Orion Energy Systems Inc (OESX) 2025 Q3 法說會逐字稿

Good morning, everyone and welcome to Orion Energy Systems fiscal 2025 third quarter conference call. (Operator Instructions).

大家早安，歡迎參加 Orion Energy Systems 2025 財年第三季電話會議。（操作員指令）。

I will now turn the call over to Bill Jones, Investor Relations to begin.

現在我將把電話轉給投資者關係部的比爾瓊斯 (Bill Jones)。

Thank you, Libya and good morning to everyone joining this call today.

謝謝利比亞，今天參加電話會議的各位早安。

Mike Jenkins, Orion CEO and Per Brodin, CFO.

Orion 執行長 Mike Jenkins 和財務長 Per Brodin。

We'll review the company's Q3 '25 results and outlook, and following the prepared remarks, we'll open the call to investor questions.

我們將回顧該公司 2025 年第三季的業績和展望，並在準備好發言後開始回答投資者的問題。

Today's conference is being recorded. A replay will be posted on Orion's corporate website, orionlighting.com in the investor section.

今天的會議正在錄製中。重播將在 Orion 的公司網站 orionlighting.com 的投資者部分發布。

As a reminder, prepared remarks and answers to questions that follow will include statements that are forward-looking under the Private Securities Litigation Reform Act of 1995. Forward-looking statements generally include words such as anticipate, believe, expect, project, or similar words. Also, any statements describing future goals or objectives, company plans or outlook are also forward-looking.

提醒一下，接下來的準備好的評論和問題的答案將包括根據 1995 年《私人證券訴訟改革法》做出的前瞻性聲明。前瞻性陳述通常包括預期、相信、期望、預期或類似的字詞。此外，任何描述未來目標、目的、公司計劃或前景的陳述也都是前瞻性的。

Such forward-looking statements are subject to various risks that could cause actual results to differ materially from current expectations.

此類前瞻性陳述受各種風險的影響，可能導致實際結果與目前預期有重大差異。

Risks include, among other matters, those that Orion has described in its press release issued this morning and in its filings with the Securities and Exchange Commission, except as described therein, Orion disclaims any obligation to update or revise forward-looking statements which are made as of today.

風險包括但不限於 Orion 在今天早上發布的新聞稿和提交給美國證券交易委員會的文件中所描述的風險，除其中所描述的內容外，Orion 不承擔更新或修改截至今天所作的前瞻性陳述的任何義務。

Reconciliations of certain non-GAAP financial metrics to the nearest GAAP measures are also provided in today's press release, and with that, I will now turn the call over to Orion CEO, Mr. Mike Jenkins.

今天的新聞稿中還提供了一些非 GAAP 財務指標與最接近的 GAAP 指標的對賬，現在我將電話轉給 Orion 執行長 Mike Jenkins 先生。

Thanks, Bill, and thank you all for joining us today.

謝謝，比爾，也謝謝大家今天加入我們。

As highlighted in today's press release, we have had significant developments and progress in quarter three, yet our revenue performance was disappointing. I believe the actions we have taken over the past year have put Orion in a stronger position for substantially improved performance in fiscal '26 on both top and bottom lines.

正如今天的新聞稿中所強調的那樣，我們在第三季度取得了重大發展和進步，但我們的收入表現卻令人失望。我相信，我們在過去一年採取的行動將使 Orion 處於更有利的地位，從而大幅提高 26 財年的營收和利潤表現。

I will let walk you through our Q3 results, and I will focus my remarks on actions we have taken to position Orion for meaningful revenue growth, as well as substantial bottom line improvements as we move forward.

我將向您介紹我們的第三季業績，並將重點介紹我們為實現 Orion 有意義的收入成長以及未來大幅改善獲利狀況而採取的行動。

On the revenue side, over the past few months, we have landed seven new LED lighting contracts and opportunities with revenue potential of $100million to $200 million over the next five years. This new business is the result of changes we have been. In our sales, marketing product and services offerings to better meet customer needs.

在收入方面，過去幾個月，我們獲得了七份新的 LED 照明合約和機會，未來五年的收入潛力將達到 1 億至 2 億美元。這項新業務是我們不斷改變的結果。在我們的銷售、行銷產品和服務中更好地滿足客戶的需求。

Building on this success, we are reorganizing our operations to further enhance and focus our go to market approaches, which has been resonating with long term and new customers.

在此成功的基礎上，我們正​​在重組業務，以進一步加強和集中我們的行銷方法，這已經引起了長期和新客戶的共鳴。

We have also continued to work on business process improvements that lower our overall fixed operating costs to reduce our revenue breakeven level and increase the contribution from incremental revenue.

我們也持續致力於業務流程改進，以降低我們的整體固定營運成本，從而降低我們的營收損益平衡水準並增加增量收入的貢獻。

This is work that we needed to do as it is important in helping us to manage through inevitable variability in the timing of large orders.

這是我們需要做的工作，因為它對於幫助我們管理大訂單時間不可避免的變化非常重要。

We have also made substantial progress over the past 18 months in improving product and service margins. In our lighting business, cost engineering, enhancing our plant layout and supply chain strategies have allowed us to redesign products and processes so that we are able to deliver the same high performance but at lower cost of goods. As a result, we have been able to remove total cost from our manufacturing site.

在過去的 18 個月中，我們在提高產品和服務利潤率方面也取得了實質進展。在我們的照明業務中，成本工程、改進工廠佈局和供應鏈策略使我們能夠重新設計產品和流程，以便我們能夠以更低的商品成本提供相同的高性能。因此，我們能夠消除製造工廠的總成本。

This engineering and product know-how has also helped us produce Trient Pro, which is a line of products designed to provide more price sensitive customers with a competitive product line with strong performance. Trient Pro margins are creative to our overall lighting margin, considering they do not require a lot of fixed cost, as they are produced through a network of contract manufacturers to Orion specifications.

這種工程和產品專業知識也幫助我們生產了 Trient Pro，這是一系列旨在為對價格更敏感的客戶提供具有強大性能的競爭性產品線的產品。Trient Pro 的利潤率對於我們的整體照明利潤率來說很有創意，因為它們不需要大量的固定成本，因為它們是透過合約製造商網路按照 Orion 規格生產的。

As we have discussed at length, margins in our maintenance business have made a substantial rebound due to strategic pricing and restructuring decisions made last year.

正如我們詳細討論過的，由於去年做出的策略定價和重組決策，我們的維護業務的利潤率已經大幅反彈。

Orion's total quarter three '25 blended gross margin percentage improved 490 basis points to 29.4%. This is the second highest quarterly rate in seven years as a result of all of our work in the above areas.

Orion 25 年第三季的綜合毛利率提高了 490 個基點，達到 29.4%。由於我們在上述領域進行了許多工作，這是七年來第二高的季度利率。

Considering the increase in gross margin as well as reductions to fixed costs, we have reduced Orion's annual break-even point by at least 20%, between $78million to $85 million dollars, depending on our revenue mix, from approximately $105million to $115 million over the past two years.

考慮到毛利率的提高以及固定成本的降低，我們已將 Orion 的年度盈虧平衡點降低了至少 20%，即在 7800 萬美元至 8500 萬美元之間（具體取決於我們的收入結構），在過去兩年中從約 1.05 億美元降低至 1.15 億美元。

Progress on our revenue break-even was reflected in slightly positive quarter three adjusted EBITDA.

我們營收收支平衡的進展反映在第三季調整後的略微正向 EBITDA 上。

Stepping back to look at larger industry trends, the lighting industry as a whole has faced headwinds due to higher interest rates, a slowing slowdown in new commercial construction projects, and uncertainty around the economy. Despite this backdrop, as I mentioned, Orion has landed a strong base of new projects that we outlined in today's press release.

回顧更大的行業趨勢，由於利率上升、新商業建築項目放緩以及經濟不確定性，整個照明行業都面臨阻力。儘管存在這樣的背景，但正如我所提到的，Orion 已經獲得了強大的新專案基礎，我們在今天的新聞稿中概述了這些專案。

Looking forward, the substantial return on investment, typically one year to four years moving from fluorescent to LED, and better light quality that are provided by our LED lighting solutions should continue to make LED retrofit projects compelling capital investments.

展望未來，從螢光燈到 LED 的轉換通常需要一到四年的時間，而我們的 LED 照明解決方案所提供的更佳光質將使 LED 改造項目繼續成為引人注目的資本投資。

Adding urgency for LED retrofits is the rollout of mandates that prohibit the sale of fluorescent lighting fixtures and the replacement tubes due to the safety and environmental issues they pose.

由於螢光照明燈具和替換燈管存在安全和環境問題，政府推出的禁令也增加了 LED 改造的緊迫性。

A particular concern is the danger of mercury utilized in fluorescent tubes and the safety challenges of handling and disposing them.

特別令人擔憂的是螢光燈管中使用的汞的危險以及處理和處置它們的安全挑戰。

In addition, there are substantial energy efficiency, maintenance, and illumination benefits from converting to LED lighting. There are now 14 states which have either or are in the process of adopting these fluorescent bands. It is important to note that these mandates are fully state driven and are not tied to federal regulations nor funding.

此外，轉換為 LED 照明還可顯著提高能源效率、維護和照明效益。目前已有 14 個州已經或正在採用這些螢光帶。值得注意的是，這些任務完全由國家推動，與聯邦法規或資金無關。

Please go to our website at orionlighting.com for more information regarding these bans.

請造訪我們的網站 orionlighting.com 以獲取有關這些禁令的更多資訊。

Turning to our Voltrek EV charging solutions business, we expect a strong close to fiscal '25 from projects, including some under Eversource Energy's EV Make Ready program that were previously expected in quarter three '25. Revenue from the EV charging segment is up 48% year-to-date, and Voltrek, a pioneer in EV charging solutions, is well positioned to continue its growth trajectory in fiscal '26.

談到我們的 Voltrek 電動車充電解決方案業務，我們預計 25 財年結束時一些項目將表現強勁，其中包括一些 Eversource Energy 電動車準備就緒計劃下的項目，這些項目之前預計在 2025 年第三季度完成。今年迄今為止，電動車充電部門的收入成長了 48%，而作為電動車充電解決方案的先驅，Voltrek 已做好準備，在 26 財年繼續保持成長軌跡。

Of course, the prospect of federal funding for EV charging is now unclear as the new administration has sought to halt disbursements under the $5 billion Electric Vehicle Infrastructure Act, or NEVI program.

當然，由於新政府試圖停止根據 50 億美元的《電動車基礎設施法案》（NEVI 計畫）撥款，聯邦政府為電動車充電提供的資金前景目前尚不明朗。

It is too early to tell ultimately where the NEVI funding program is going.

現在判斷 NEVI 資助計畫的最終走向還為時過早。

Importantly, Orion has very little exposure to NEVI funded projects in our fiscal '26 outlook.

重要的是，在我們的 26 財年展望中，Orion 很少接觸 NEVI 資助的計畫。

Though the elimination or reduction of funding, tax credits, and rebates could impact the plans of some customers.

但資金、稅收抵免和回扣的取消或減少可能會影響一些客戶的計劃。

Despite this near-term uncertainty, we remain bullish about our growth prospects in our EV charging business, as evidenced by the value of our pipeline growing sequentially in the quarter.

儘管存在短期不確定性，但我們仍然看好電動車充電業務的成長前景，這從本季我們的管線價值連續成長就可以看出。

Orion Voltrek is a strong player in the EV charging solution space with a broad portfolio of successful projects across the country. As a result, we believe we are uniquely positioned to address the EV charging station needs of larger corporate and public sector organizations with large footprints.

Orion Voltrek 是電動車充電解決方案的強大參與者，在全國各地擁有大量成功的專案。因此，我們相信，我們擁有獨特的優勢，可以滿足大型企業和公共部門組織對電動車充電站的需求。

Even today, there is a very pressing need to build out additional infrastructure to properly support the current installed base of EVs, and that need grows each day as new vehicle shipments continue to expand the installed base of commercial and consumer electric vehicles.

即使在今天，仍然迫切需要建造額外的基礎設施來適當支持當前電動車的安裝基礎，而且隨著新車出貨量繼續擴大商用和消費電動車的安裝基礎，這種需求每天都在增長。

Even with reduced federal support, we believe the market opportunity is sufficiently large to continue Voltrek's growth in fiscal '26 and the longer term.

即使聯邦政府的支持減少，我們相信市場機會仍然足夠大，足以讓 Voltrek 在 26 財年及更長時間內繼續成長。

Whether EVs eventually comprise 25% or 50% or more of all domestic vehicles, the infrastructure to properly support those vehicles will still need to be substantially expanded.

無論電動車最終佔國內汽車總量的 25% 還是 50% 或更多，為這些汽車提供適當支援的基礎設施仍需要大幅擴建。

Turning to our electrical maintenance business, we believe it provides a very solid long-term platform on which to build a growing base of recurring revenue with excellent cross fertilization potential with LED lighting.

談到我們的電氣維護業務，我們相信它提供了一個非常堅實的長期平台，可以在此基礎上建立不斷增長的經常性收入基礎，並且與 LED 照明具有極好的交叉融合潛力。

We also believe this business will benefit from the increased increasing complexity, interactivity and importance of electrical systems, monitoring and controls.

我們也相信，這項業務將受益於電氣系統、監控和控制日益增加的複雜性、互動性和重要性。

Following our restructuring of this business, we are now in a position to begin adding new customers, and we have closed one significant account, which will begin in Q4 and is expected to grow to $2million to $5 million per annum.

在我們重組這項業務之後，我們現在可以開始增加新客戶，並且我們已經關閉了一個重要帳戶，該帳戶將從第四季度開始，預計每年將增長到 200 萬至 500 萬美元。

As we often mentioned, our year-to-date maintenance revenue has been impacted by pricing increases that resulted in the intentional loss of a few large unprofitable customers.

正如我們經常提到的，我們年初至今的維護收入受到了價格上漲的影響，導致我們故意失去了一些無利可圖的大客戶。

Importantly, these actions have allowed us to solidify our business and bring our gross margin percentage back into the range that is positively contributing to our company. The gross margin in maintenance rebounded over 2000 basis points to 26.4% in Q3 '25, up from 6.2% in Q3 '24.

重要的是，這些舉措使我們能夠鞏固業務，並使我們的毛利率回到對公司有積極貢獻的範圍內。維護毛利率從 2024 年第三季的 6.2% 反彈超過 2000 個基點至 2025 年第三季的 26.4%。

In addition, we have begun to win new business from existing and new customers that provides a solid base to grow upon.

此外，我們已經開始從現有客戶和新客戶那裡贏得新業務，這為我們的發展奠定了堅實的基礎。

With that as a backdrop, I'd like to discuss the reorganization of our business that we disclosed in today's release. The purpose of this reorganization is to focus our team and resources to better serve our customers and enhance our revenue and profit opportunities while also working to streamline our operating overhead.

在此背景下，我想討論我們在今天的新聞稿中披露的業務重組。重組的目的是集中我們的團隊和資源，更好地服務我們的客戶，提高我們的收入和利潤機會，同時努力精簡我們的營運開銷。

We anticipate $1.5 million of further annual cost reductions through targeted staffing eliminations. Also, senior management and the board have agreed to forego 10% of their salaries and retainers to the balance of fiscal 25% and until business performance improves.

我們預計透過有針對性的裁員，每年可進一步削減 150 萬美元的成本。此外，高階管理層和董事會已同意放棄 10% 的薪酬和留任金，其餘 25% 的財政收入，直到業務績效改善為止。

We are reorganizing our three business segments into 2 commercial business units or CBUs that target very different and customer needs. The first unit, solutions, is focused on developing and executing our LED lighting, EV charging, and maintenance services business for large and complex corporate, government, and super ESCOs where we provide turnkey solutions as well as to other sectors, private sector accounts.

我們正在將我們的三個業務部門重組為兩個商業業務單位或 CBU，以滿足截然不同的客戶需求。第一個部門，解決方案，專注於為大型複雜的企業、政府和超級能源服務公司開發和執行我們的 LED 照明、電動車充電和維護服務業務，我們為這些企業、政府和超級能源服務公司以及其他部門和私營部門客戶提供交鑰匙解決方案。

The solution CBU focuses on combining leading products and technology with services to create a strong value proposition. Services provided included, include activities like site audits, custom products and systems engineering, installation, commissioning, system maintenance, and overall project management.

解決方案 CBU 專注於將領先的產品和技術與服務結合，以創造強大的價值主張。提供的服務包括現場審核、客製化產品和系統工程、安裝、調試、系統維護和整體專案管理等活動。

The second unit partners will focus on accelerating LED lighting and EV charging product sales by catering to the unique needs and dynamics of Orion's distribution partners, including energy service companies or ESCOs and our distributors and agents.

第二單位合作夥伴將專注於滿足 Orion 分銷合作夥伴（包括能源服務公司或 ESCO 以及我們的經銷商和代理商）的獨特需求和動態，加速 LED 照明和電動車充電產品的銷售。

These channels require portfolio products to meet their needs for levels of efficiencies and price points.

這些通路需要組合產品來滿足其效率水準和價格點的需求。

To better serve this market, Orion has developed new product lines such as Trient Pro that balance smart design, performance, and energy efficiency with more competitive price points. These new products have been well received, and our partners have built a significant mutual pipeline of new projects using Trient Pro.

為了更好地服務這個市場，Orion 開發了 Trient Pro 等新的產品線，在智慧設計、性能和能源效率與更具競爭力的價格之間取得平衡。這些新產品受到了廣泛好評，我們的合作夥伴也利用 Trient Pro 建立了重要的共同新專案管道。

Our focus through the new structure is to get even closer with our customers through dedicated teams to discover our customers' unmet and future needs. We will be able to take this insight into our product and services development process to provide greater value and the ability to capture more new business.

透過新的結構，我們的重點是透過專門的團隊與客戶建立更緊密的聯繫，以發現客戶尚未滿足的需求和未來的需求。我們將能夠將這些洞察力融入我們的產品和服務開發流程中，以提供更大的價值並獲得更多新業務的能力。

Orion has already commenced these realignments and expects the new structure to be fully implemented and effective as financial reporting segments as of April 1, 2025.

Orion 已開始進行這些調整，並預計新結構將於 2025 年 4 月 1 日起全面實施並作為財務報告分部生效。

Orion has built a strong platform of very competitive product and service solutions that help our customers meet their energy savings, workplace safety, and sustainability goals. In addition, we deliver the highest levels of lighting and electrical project expertise with lead customer service and delivery.

Orion 已建立了一個強大的平台，其中包含極具競爭力的產品和服務解決方案，可協助我們的客戶實現節能、工作場所安全和永續發展目標。此外，我們還透過領先的客戶服務和交付提供最高水準的照明和電氣專案專業知識。

We now have an expanding project pipeline of opportunities across our business which give us strong confidence for the coming quarters.

目前，我們業務範圍內的專案機會不斷擴大，這讓我們對未來幾季充滿信心。

Reflecting the impact of the change in timing of new business projects, we have reduced our fiscal '25 revenue outlook to a range of $77million to $83 million. This outlook implies Q4 '25 revenue of $19million to $25 million which would be approximately in line or better than any of our first three quarters of this year.

考慮到新業務項目時間變化的影響，我們將 25 財年的營收預期下調至 7,700 萬美元至 8,300 萬美元之間。這一前景意味著 2025 年第四季的營收將達到 1,900 萬美元至 2,500 萬美元，這將與今年前三個季度的任何一個季度大致持平或更好。

This outlook is based on the current business climate, initial revenue expected from large national LED projects, as well as significant sequential rebound in Orion's Voltrek EV charging solutions business.

這項展望基於當前的商業環境、大型國家 LED 專案預期的初始收入，以及 Orion 的 Voltrek EV 充電解決方案業務的顯著連續反彈。

Due to stronger than anticipated new maintenance service opportunities, we now expect fiscal '25 maintenance services revenue to decrease by approximately $2million to $3 million in fiscal '25 versus our initial expectation of a $4million to $5 million dollar decline.

由於新的維護服務機會強於預期，我們現在預計 25 財年的維護服務收入將減少約 200 萬至 300 萬美元，而我們最初預計的減少額為 400 萬至 500 萬美元。

Looking ahead and considering a growing base of customers and large projects expected to engage over the next several quarters, we believe Orion is well positioned to achieve double digit revenue growth and positive adjusted EBITDA in fiscal 2026. We plan to provide a more specific fiscal '26 revenue outlet when we report Q4 '25 results in June.

展望未來，考慮到未來幾季預計不斷成長的客戶群和大型項目，我們相信 Orion 完全有能力在 2026 財年實現兩位數的營收成長和正調整後 EBITDA。我們計劃在 6 月報告 25 年第四季業績時提供更具體的 26 財年收入來源。

Now I'll turn it over to Per Brodin.

現在我將把發言權交給 Per Brodin。

Thanks, Mike.

謝謝，麥克。

As we reported, our Q3 revenue of $19.6 million was impacted by customer changes in the timing in LED and EV charging project starts, as well as reduced activity in the lighting distribution channel, which impacted Orion and the overall industry partly due to slower new construction and economic uncertainties.

正如我們所報道的，我們第三季度的 1960 萬美元收入受到客戶在 LED 和電動汽車充電項目啟動時間上的變化以及照明分銷渠道活動減少的影響，這在一定程度上影響了 Orion 和整個行業，原因是新建築速度放緩和經濟不確定性。

Q3 revenue in 2025 was $19.6 million versus $26 million in Q3 '24 and $19.4 million last quarter.

2025 年第三季的營收為 1,960 萬美元，而 2024 年第三季為 2,600 萬美元，上一季為 1,940 萬美元。

The year over year comparison was impacted by delays, as well as a large Department of Defense project in Europe that had benefited the prior year period.

與去年同期相比，這一情況受到了延誤以及美國國防部在歐洲的一個大型項目的影響，而該項目在去年同期已經受益。

As highlighted in today's press release and Mike's remarks, there are several LED lighting projects that we expect to begin in the coming months that will benefit our fiscal Q4 and 2026 results.

正如今天的新聞稿和麥克的演講中所強調的那樣，我們預計將在未來幾個月內啟動幾個 LED 照明項目，這將有利於我們第四季度和 2026 年的財年業績。

Our EV charging segment, which is up 48% year-to-date, was also impacted by project timing in the quarter with Q3 '25 revenues of $2.4 million versus $2.8 million in Q3 '24. We expect a strong Q4, which will benefit from construction service contracts related to Eversource Energy's EV Make Ready program. And a large public school bus EV project for Boston public schools.

我們的電動車充電部門今年迄今已成長了 48%，但該部門也受到本季專案時間的影響，2025 年第三季的營收為 240 萬美元，而 2024 年第三季為 280 萬美元。我們預計第四季度業績將表現強勁，這將受益於與 Eversource Energy 的 EV Make Ready 計劃相關的建設服務合約。以及為波士頓公立學校提供的大型公立校車電動車計畫。

In maintenance, $3.9 million of Q3 revenues were higher than expected, driven by new opportunities with existing customers.

在維護方面，第三季的營收為 390 萬美元，高於預期，這得益於現有客戶的新機會。

Though below Q4 '24 revenues due to the intentional roll off of unprofitable stay light legacy contracts.

儘管由於有意取消無利可圖的輕裝舊式合同，收入低於 24 年第四季。

Our overall gross profit percentage or gross profit margin increased nearly 500 basis points to 29.4% from 24.5% in Q3 '24.

我們的整體毛利率或毛利率從 24 年第三季的 24.5% 增加近 500 個基點至 29.4%。

Sequentially, gross margin improved more than 600 basis points from Q2.

與第二季相比，毛利率提高了 600 多個基點。

A large portion of that was due to profitability improvement in maintenance services as we've discussed.

正如我們所討論的，其中很大一部分是由於維護服務的獲利能力的提高。

Also, as we demonstrated, marginal improvement in lighting, where gross profit was 30.1% versus 27.4% in Q3 '24, even on lower revenues in the current year period.

此外，正如我們所展示的，照明業務略有改善，即使本年度收入較低，其毛利仍為 30.1%，而 24 年第三季為 27.4%。

That improvement is due to both mix and structure. By structure, I mean we've taken steps to lower our manufacturing costs on our base products to re-engineering and efficiency efforts in the plant. Mixtures to revenue that includes more sourced product, which carries less fixed cost and more variable cost and is above 30% margin, so it's accretive overall.

這種改善是由於混合和結構共同作用的結果。我所說的結構是指我們已經採取措施降低基礎產品的製造成本，並對工廠進行重新設計並提高效率。混合物的收入包括更多的採購產品，其固定成本較少，變動成本較多，利潤率超過 30%，因此整體上是增值的。

This bend toward more source product is a testament to the strength of our Trient Pro line and the strategic decision that we made in 2023 with its launch that expanded our reach and leadership in more value-oriented LED market segments.

這種向更多源頭產品的轉變證明了我們的 Trient Pro 系列的實力以及我們在 2023 年推出該系列產品時做出的戰略決策，該決策擴大了我們在更注重價值的 LED 市場領域的影響力和領導地位。

We expect this mixed shift and structural changes to continue to positively impact our lighting margins into the future, which should become even more evident in stronger revenue quarters.

我們預計，這種混合轉變和結構性變化將在未來繼續對我們的照明利潤率產生積極影響，這在收入更強勁的季度中將變得更加明顯。

On prior calls, we've talked a lot about the gross margin improvement in our maintenance business and we said we expected to reach a normalized level in Q3 '25, more in line with the overall business.

在先前的電話會議上，我們多次談到維護業務的毛利率提高，並表示預計在2025年第三季達到正常水平，與整體業務更加一致。

We demonstrated this in Q3 with a 26.4% gross margin, which is more in line with where our overall business has been and within the range that we expect for maintenance going forward.

我們在第三季以 26.4% 的毛利率證明了這一點，這更符合我們整體業務的狀況，並且在我們預期的未來維持範圍內。

Our EV gross margin was 30% and Q3 '25, also very strong.

我們的電動車毛利率為 30%，25 年第三季的表現也非常強勁。

And of course, our gross margins will continue to vary some depending on projects and revenue level due to fixed costs.

當然，由於固定成本，我們的毛利率將繼續根據項目和收入水平而有所不同。

Reflecting on the turnaround and maintenance and our overall outlook, we expect Orion's blended gross margin to remain strong in Q4 '25 and sustained through fiscal 2026.

考慮到扭虧為盈和維護以及我們的整體前景，我們預計 Orion 的混合毛利率將在 2025 年第四季保持強勁，並持續到 2026 財年。

Operating expenses decreased 16.9% or $1.4 million to $7 million in Q3 '25 from $8.4 million in Q3 '24, due mainly to lower fixed costs, including employee and compensation-related reductions and a [$600,000] reduction in Voltrek earnout expense accrual.

2025 年第三季的營運費用從 2024 年第三季的 840 萬美元下降 16.9%（即 140 萬美元）至 2025 年第三季的 700 萬美元，主要原因是固定成本降低，包括員工和薪酬相關的減少以及 Voltrek 獲利費用應計減少 [60 萬美元]。

As mentioned previously, Orion has been working hard on process improvement, which enables us to remove inefficiencies and costs from our business.

如前所述，Orion 一直在努力改進流程，這使我們能夠消除業務中的低效率和成本。

The improvement in gross margin combined with lower operating expenses led to Orion's Q3 '25 net operating loss, improving to $1.5 million or $0.05 per share from $2.3 million or $0.07 per share in Q3 '24.

毛利率的提高加上營運費用的降低導致 Orion 25 年第三季的淨營運虧損從 24 年第三季的 230 萬美元或每股 0.07 美元改善至 150 萬美元或每股 0.05 美元。

Cash generated from operations was $3.8 million in Q3 '25 due to strong accounts receivable conversion.

由於應收帳款轉換強勁，2025 年第三季經營活動產生的現金為 380 萬美元。

Here to date, we generated $1.3 million of cash and operating activities and paid down $2.5 million under our revolving credit facility, including $1.5 million paid in Q3 '25.

到目前為止，我們已產生 130 萬美元的現金和經營活動，並根據循環信貸安排償還了 250 萬美元，其中包括 25 年第三季支付的 150 萬美元。

Our cash balance increased to $7.5 million in Q3 from $5.2 million at prior year end.

我們的現金餘額從去年年底的 520 萬美元增加到第三季的 750 萬美元。

Also, in early Q3, we extended the maturity date of our revolving credit line with Bank of America by a year and a half from December 2025 to June 2027.

此外，在第三季初，我們將與美國銀行的循環信貸額度的到期日延長了一年半，從 2025 年 12 月延長至 2027 年 6 月。

Current assets, less current liabilities, or networking capital was $10.5 million at the close of Q3 '25 compared to $13.1 million last quarter, and $16.7 million at year end.

2025 年第三季末的流動資產減去流動負債或網路資本為 1,050 萬美元，而上一季為 1,310 萬美元，年底為 1,670 萬美元。

Lower current assets reflect our significant efforts to drive our inventory levels down.

較低的流動資產反映了我們為降低庫存水準所做的巨大努力。

Considering our growth expectations and Orion's financial liquidity, we believe we are well positioned to fund our business and growth goals through fiscal '25 and beyond.

考慮到我們的成長預期和 Orion 的財務流動性，我們相信我們有能力在 25 財年及以後為我們的業務和成長目標提供資金。

And now Libya, you may begin the Q&A session.

現在，利比亞問題，您可以開始問答環節。

Thank you, ladies and gentlemen, (Operator Instructions)

謝謝各位，女士們，先生們，（操作員指示）

Now first question coming from the line of Eric Stine with Craig-Hallum Capital Group. Your line is now open.

現在第一個問題來自 Craig-Hallum Capital Group 的 Eric Stine。您的線路現已開通。

Hi Mike, Per. Good morning.

你好，Mike，Per。早安.

Hey Eric.

嘿，艾瑞克。

Hey, so maybe can we just talk about the pipeline first? I just want to make sure I'm clear on this. So you talked about 7 new customers and projects $100million to $200 million.

嘿，那我們可以先討論一下管道嗎？我只是想確保我清楚這一點。所以您談到了 7 個新客戶和 1 億到 2 億美元的專案。

Are those in your pipeline? Are you saying that's what you think that the no you mean you've had a number of. Announcements both maintenance and project here of the last couple months.

這些都在你的管道內嗎？你是說這就是你的想法，不，你的意思是你已經有很多了。這裡發布過去幾個月的維護和專案公告。

Are you referring to what you think that those awards can become? I'm just trying to figure out, is that business you have in hand, do you need to still close that? And you also talk about a number of large opportunities approaching final stages of negotiations. So just wondering what's in each bucket.

您指的是您認為這些獎項能夠成為什麼嗎？我只是想知道，這是您手頭上的業務嗎？您是否還需要關閉它？您還談到了談判即將進入最後階段的許多重大機會。所以只是想知道每個桶子裡有什麼。

Yeah, thanks Eric. Good question. So, what we talked about and what we've released is closed one business, and so those projections are of the closed one, which means we do believe that we will actualize revenue in that range from $100 million to $200 million over the next five years as a result.

是的，謝謝艾瑞克。好問題。因此，我們所談論的和我們所發布的是已關閉的一項業務，因此這些預測也是針對已關閉的業務的，這意味著我們確實相信我們將在未來五年內實現 1 億美元至 2 億美元的收入。

Separate from that, as you referenced, there are several other large significant opportunities which are in the final stages of the pipeline, and we hope to make further announcements in the near future.

除此之外，正如您所提到的，還有其他幾個重大機會正處於最後的籌備階段，我們希望在不久的將來發布進一步的公告。

Got it. And so, I mean any colour and I, if you can't I get it, but any colour on, maybe you're talking about large projects and getting close. How much that might. Increase that $100million to $200 million, maybe how that spread across lighting, charging maintenance, any colour would be great.

知道了。所以，我的意思是任何顏色，如果你不明白，但任何顏色，也許你正在談論大型項目並且接近。那可能有多少。將這一金額增加 1 億美元到 2 億美元，也許將其分攤到照明、充電維護和任何顏色上都會很棒。

Sure. I would say that the magnitude of those opportunities is certainly in the eight figures per annum. And that's about kind of as tight a range as I want to give it at this point, being that they're still in the pipeline and not yet closed.

當然。我想說，這些機會的數量肯定是每年八位數。這是我目前想給的一個比較窄的範圍，因為它們仍然在籌備中，還沒有結束。

These, what we are seeing is these opportunities between the close and pipeline are coming from what I would say is a pretty diverse customer base. So, when you look through what has already been announced and one, it was in the press release today, you see sectors such as building products, retailers, a couple of very significant escrow opportunities,

我們所看到的是，這些在關閉和管道之間的機會來自於我認為相當多樣化的客戶群。因此，當你瀏覽已經宣布的內容時，你會發現，在今天的新聞稿中，你會看到建築產品、零售商等領域，有一些非常重要的託管機會，

One that is very involved in what we would call the mush market, which is the municipal. Universities, schools and hospital space, additional expansion with core customers and of course our automotive business rebounding, continuing to rebound as well heading into fiscal '26. The new, the other projects which are in the pipeline also involve some additional sectors as well.

其中一個與我們所說的蘑菇市場（即市政市場）密切相關。大學、學校和醫院空間，核心客戶的額外擴張，當然還有我們的汽車業務的反彈，並在進入26財年時繼續反彈。正在籌備的其他新項目也涉及一些其他領域。

Got it okay and then, maybe last one for me just, I know it's been an ongoing source of frustration just the project pushouts, is there any thought you've given or ways that you think you could better.

明白了，好的，然後，也許對我來說這是最後一個，我知道專案推遲一直是令人沮喪的根源，您有什麼想法或方法可以改進嗎？

Maybe anticipate some of these project changes or I mean potentially when you're thinking about annual guidance you know maybe factoring that in better or just some thoughts because I know I mean this is this has been a pretty frequent occurrence here over the last you know number of quarters and longer.

也許可以預見一些專案變化，或者我的意思是，當您考慮年度指導時，您可能會更好地考慮到這一點，或者只是一些想法，因為我知道，我的意思是，在過去幾個季度甚至更長時間內，這種情況經常發生。

Sure. Yeah, for sure, it is a source of frustration, for management as well, when some of these projects, either new business coming in, despite our, constant communication, those things can slip based on the customer's timeline, or, in some cases, projects which have been well planned. Are postponed for other reasons.

當然。是的，當然，這對管理層來說也是一個令人沮喪的事情，當這些項目中的一些，無論是新業務進來，儘管我們不斷溝通，這些事情可能會根據客戶的時間表而延誤，或者在某些情況下，已經精心計劃的項目。因其他原因延期。

One of the things certainly that we plan to do for fiscal '26 is to take a, and we announced it in this today's release as well, is to really reset our costs and our break-even point so that even should we get impacted by any delays. In revenue that we can be profitable and that's really our focus.

我們計劃在 26 財年採取的措施之一就是重新設定我們的成本和損益平衡點，這樣即使受到任何延誤的影響，我們也會在今天的發布會上宣布這一點。在收入方面我們可以實現獲利，這才是我們真正關注的重點。

We do believe we can with all this new business that has already been won, and it is in the pipe that we can continue to, we can grow the top line double digits, but we're also focusing on being very sharp on costs and establishing a new break-even point so that we're assured that we will be profitable.

我們確實相信，憑藉已經贏得的所有這些新業務，我們可以繼續實現兩位數的營收成長，但我們也非常注重控製成本，並建立新的盈虧平衡點，以確保我們能夠獲利。

Okay, thank you.

好的，謝謝。

Thank you, Eric.

謝謝你，埃里克。

Thank you.

謝謝。

Our next question coming from the lineup, Amit Dayal with H.C. Wainwright line is now open.

我們的下一個問題來自陣容，H.C. Wainwright 陣容的 Amit Dayal 現已開放。

Thank you. Good morning, everyone. I'm just following up on Eric's question about the $100million to $200 million, outlook, from the backlog side of things.

謝謝。大家早安。我只是在從積壓訂單方面回答 Eric 關於 1 億到 2 億美元前景的問題。

How much of that is, exposure to any government contracts or opportunities?

其中有多少是獲得政府合約或機會的？

Yeah, there, none of that pipeline is really focused at all on the federal space. As I mentioned earlier, some of it is in the municipal space, but really none of it is tied to federal.

是的，那裡的管道實際上根本沒有集中在聯邦領域。正如我之前提到的，其中一些屬於市政領域，但實際上都與聯邦政府無關。

Understood thank you and then you know with respect to the inventory, maybe can you share. What the inventory is comprised of right now and is there anything within that may be written off as you go through the reorganization process?

明白了，謝謝，然後您知道關於庫存，也許您可以分享。目前的庫存包括哪些內容？在重組過程中，是否有東西可以註銷？

No, we have been working very hard on our inventory as a company over the last 18 months and have reduced it substantially. I think we've got a very productive inventory at this point in time, and we're not expecting any significant write-offs as a result of the restructuring.

不，在過去 18 個月裡，我們公司一直在努力減少庫存，並大幅減少了庫存。我認為我們目前的庫存非常高效，而且我們預計重組不會帶來任何重大的減損。

Understood. And, on the maintenance side, how are you sort of, targeting new you know customer wins are you using maybe. Outside help for this, or is it just an internal sales force that, is trying to go and get deals done, to build that customer base out?

明白了。並且，在維護方面，您如何瞄準新客戶，您是否正在使用？是否需要外部幫助，或只是內部銷售人員試圖完成交易，以建立客戶群？

Yeah, we're always looking to use partners and and kind of network for opportunities, but the ones that have been announced thus far have been internally generated. Certainly, we've bolstered our sales team with some experienced people from the industry, and those individuals have helped provide some new opportunities to us.

是的，我們一直在尋找利用合作夥伴和人脈的機會，但迄今為止宣布的機會都是內部產生的。當然，我們已經從行業中吸收了一些經驗豐富的人才來增強我們的銷售團隊，這些人幫助我們獲得了一些新的機會。

We think that we've got the right infrastructure capabilities, capacity now to leverage for new business. And now that we've solidified the base, we are profitable. I think we're in a good position to start moving forward with new business.

我們認為我們已經擁有了正確的基礎設施能力，可以利用這些能力來開展新業務。現在我們已經鞏固了基礎，並且實現了盈利。我認為我們已處於良好的狀態，可以開始開展新業務。

Understood, but that's all I have. I'll take my other questions Offline. Thank you.

我明白，但我只有這些。我將離線回答其他問題。謝謝。

Thank you.

謝謝。

Thank you.

謝謝。

Our next question coming from the lineup [because she is 3] with Singular research and your line is now open.

我們的下一個問題來自 Singular Research 的陣容（因為她 3 歲），您的陣容現在開放。

Hey, good morning, guys. Thanks for taking my question.

嘿，大家早安。感謝您回答我的問題。

Sure, good morning

當然，早安

Can you hear me? Right, on the, on. The $100million to $200 million, revenue potential, what's the assumptions that are driving the low end to the high end and how much of that is pricing and how much of that is ED growth?

你聽得到我嗎？對，在，在。1 億到 2 億美元的營收潛力，推動低端到高端的假設是什麼？其中有多少是定價？有多少是 ED 成長？

Sure, so in a range like that, we have timing, these projects and these new customers obviously have phases to them. These are quite large, and there's a series of rollout assumptions that go into them. So what we're trying to be is transparent.

當然，在這樣的範圍內，我們有時間安排，這些專案和這些新客戶顯然都有階段。這些規模相當大，並且包含一系列的推出假設。因此，我們努力做到透明。

That there is a range of outcomes in the new business that are, not always within our control and so we're just trying to do a better job of exposing the range of what we think these could be. We do think that that's a realistic range at this point in time.

新業務的一系列結果並不總是在我們的控制範圍內，因此我們只是試圖更好地揭示我們認為這些結果可能的範圍。我們確實認為這是目前現實的範圍。

Regarding EV, a lot of these opportunities are more on the lighting side we have, and I referenced this in my comments earlier that we have expanded our pipeline of EV opportunities sequentially quarter over quarter. So despite, the obvious.

關於電動車，很多機會都集中在照明方面，我之前在評論中提到過，我們已經逐季度擴大了電動車機會管道。儘管如此，這是顯而易見的。

Noise, coming around the federal space right now, we continue to expand our pipeline. So, we think we've got some nice growth opportunities in that area as well, but they're not listed in the 100 to 200.

噪音，現在正在聯邦空間周圍出現，我們繼續擴大我們的管道。因此，我們認為我們在該地區也有一些不錯的成長機會，但它們並未列在 100 到 200 個之中。

Awesome, in terms of the project delays, I know you've mentioned most of that is, factor on the macro factors and, is that customer readiness and is that funding availability, as you, are there any in order to kick start these projects, are you guys, as you look forward, is there any discussion around pricing adjustments or enhanced services as you, Try to motivate the clients to proceed with their projects?

太棒了，就項目延遲而言，我知道您提到的大部分因素都是宏觀因素，包括客戶準備情況和資金可用性，為了啟動這些項目，你們展望未來，是否有關於價格調整或增強服務的討論，您是否試圖激勵客戶繼續他們的項目？

Yeah, most of our projects, I mean, substantially all of our projects have a very good ROI for customers, so they are motivated. Typically the factors that create delays are not influenced by necessarily our pricing, finance can influence it. Along with the overall macro factors we discussed or just things going on in their own business.

是的，我們的大多數項目，我的意思是，基本上我們所有的項目都為客戶帶來了非常好的投資回報率，所以他們很有動力。通常造成延誤的因素不一定受我們的定價影響，但財務因素會影響它。除了我們討論的整體宏觀因素之外，還有他們自己業務中發生的事情。

And so therefore they shift their capital from one area to another and defer a project for a little bit. So there's a wide variety of those things we're constantly looking at opportunities obviously to where opportunities are closed, if there's a delay to see what the source of that delay is and whether or not it's something we can solve, that includes financing options through third parties, that we work with quite regularly.

因此，他們將資本從一個地區轉移到另一個地區，並暫時推遲專案。因此，我們不斷尋找各種各樣的機會，顯然是為了尋找機會被關閉的地方，如果出現延遲，看看延遲的原因是什麼，以及我們是否可以解決這個問題，包括透過第三方提供融資選擇，我們經常與他們合作。

Okay, and can you give us any color on that $5 million project with the auto automotive OEMs that you guys have mentioned in your press release?

好的，您能否向我們詳細介紹一下您在新聞稿中提到的與汽車原始設備製造商合作的 500 萬美元項目？

Yeah, so that's just an indication that we have two primary OEMs that we do a lot of work with. We cycle through their, we do their new facilities.

是的，這只是顯示我們與兩家主要的 OEM 廠商進行了大量合作。我們循環使用他們的設施，我們了解他們的新設施。

We cycle through and do retrofits throughout their footprints every probably seven years, and we're seeing that cycle improve, number one. In terms of going through all the facilities, and number two, I would say and as referenced before, one of these OEMs is very focused on the fluorescent bands which are coming, and

我們大約每七年就會對它們的足跡進行一次循環和改造，而且我們看到這個循環正在改善，這是第一點。說到所有設施，第二點，我想說，正如之前提到的，其中一家原始設備製造商非常關注即將推出的螢光帶，

so we're seeing an acceleration of their footprint as a result of the fluorescent bands, any areas that have not yet been touched to get those converted to LED.

因此，我們看到螢光燈帶的出現加速了它們的覆蓋範圍，任何尚未被觸及的領域都將轉換為 LED。

Oh, okay. And on the final question, with the current political climate as it is, I know you have had a few federal governments, BOD like projects, is there any Colour on that front in times of engagement in terms of the change in the policy.

哦好的。關於最後一個問題，在當前的政治氣候下，我知道您已經有幾個聯邦政府、董事會之類的項目，在政策變化方面，參與期間在這方面是否有任何色彩。

Yeah, I think we're going to have to wait and see where this all shakes out. Clearly, it's rapidly evolving.

是的，我想我們必須拭目以待，看看這一切將如何發展。顯然，它正在迅速發展。

I can say, as mentioned in my remarks, we're not really, you don't see any impacts directly from NEVI or federal funding on our projects, and none of that should impact our fiscal '26 outlook.

我可以說，正如我在演講中提到的那樣，我們實際上並沒有看到 NEVI 或聯邦資金對我們的項目產生任何直接影響，而且這些都不會影響我們 26 財年的前景。

We were impacted with one project and that was basically for a government entity that went through and as doge kind of went into that entity and restructured things, that project was placed on hold, and that was a seven-figure project.

我們受到了一個項目的影響，這個項目基本上是一個政府實體的項目，當 DOGE 進入該實體並進行重組時，該項目被擱置，這是一個七位數的項目。

It was not due to federal funding, but it was due to essentially that organization getting reorganized. So that's the only impact that we've seen. Which was unfortunate, but, we don't see anything moving forward.

這並不是由於聯邦政府的資助，而是由於該組織進行了重組。這就是我們所看到的唯一影響。這很不幸，但是，我們沒有看到任何進展。

Awesome thank you so much. I'll take.

太棒了，非常感謝。我會接受的。

Yeah. Maybe one other, sorry, follow on point to that last point is we do continue to see great opportunities, that we've worked with the Department of Defense, and some other entities in the government, on the lighting projects. We do see projects moving forward on both those fronts, unaffected, so

是的。也許還有一點，抱歉，請繼續關注最後一點，那就是我們確實繼續看到了巨大的機遇，我們已經與國防部以及政府中的一些其他實體合作開展照明項目。我們確實看到這兩個方面的項目都在向前推進，沒有受到影響，所以

Thank you.

謝謝。

Our next question coming from the line up. Bill with [in capital management] your line is now open.

我們的下一個問題來自排隊。比爾（資本管理部門）的線路現已開通。

Thank you.

謝謝。

First of all, relative to the the new business unit structure that you're doing, would you please walk us through the practical benefits of that new structure and What that ultimately will accomplish from the customer perspective and what the customer will see that's different.

首先，關於您正在實施的新業務部門結構，您能否向我們介紹新結構的實際好處，以及從客戶角度來看它最終將實現什麼，以及客戶將看到什麼不同。

Sure, good morning, Bill. The new structure, essentially what it does is it aligns our sales primarily our sales and demand creation teams with execution capabilities and creates distinct focus between what we're calling the solutions or turnkey business and our partner business.

當然，早上好，比爾。新的結構本質上的作用是將我們的銷售（主要是銷售和需求創造團隊）與執行能力結合起來，並在我們所謂的解決方案或交鑰匙業務與我們的合作夥伴業務之間建立明確的重點。

Traditionally, this organization has been more functionally focused, so you have one sales team, and that sales team has, some opportunities which are partners, some opportunities which are turnkey. What we're trying to do is create very strong alignment between the front end of our business and the operational and execution side of our business so that we really are embedded with our customers.

傳統上，這個組織更注重功能，因此你有一個銷售團隊，而這個銷售團隊擁有一些合作夥伴機會和一些交鑰匙機會。我們正在努力在業務前端和業務營運及執行端之間建立非常緊密的協調，以便我們真正融入客戶。

We understand their needs and where we need to have some divergent strategies when it comes to product lines, pricing, ways we pro promote things or other service offerings that we're able to do that because we have very crystal-clear vision of what our customer needs are and how to sell and execute against those.

我們了解他們的需求，並且知道在產品線、定價、專業推廣方式或其他服務產品方面我們需要製定一些不同的策略，我們之所以能夠做到這一點，是因為我們非常清楚客戶的需求以及如何銷售和滿足這些需求。

And Mike, how is that different from the way you were either are structured now or before you began implementing those changes?

麥克，這與您現在的結構或開始實施這些變革之前的結構有何不同？

Sure, so again this is primarily on the front side of our business and particularly, our sales organization.

當然，這主要涉及我們業務的前端，特別是我們的銷售組織。

Has, again, had the ability to focus on a wide variety of opportunities, whether they be, ESCOs or distribution or solutions oriented. What this does is it basically creates clean lines for our sales and go to market approach that everybody is focused on either. Partner side of the business or the solution side.

再次，有能力專注於各種各樣的機會，無論是能源服務公司、分銷或解決方案導向。這樣做基本上為我們的銷售和行銷方法創造了清晰的界限，讓每個人都能集中精力。業務的合作夥伴方或解決方案方。

So again, going back to Trient Pro as an example, one of the things that we were hearing loud and clear from our partners was that the market was shifting. They needed additional competitive offerings, which we responded to. I think we did that quite well, and that's driven some growth and opportunities on.

再次回到 Trient Pro 的例子，我們從合作夥伴那裡聽到的一個明確消息是市場正在改變。他們需要額外的競爭性產品，我們對此做出了回應。我認為我們做得很好，這推動了一些成長和機會。

That side of the business and that's something that if we had just focused on the solution side, we probably would have got there, but it probably would have been later than having that insight coming from the ESCOs and then reacting to it. So, I think moving forward, this will allow us to be even faster in terms of reacting to market needs and be very tailored in our offering to them.

對於業務的這一方面，如果我們只專注於解決方案方面，我們可能已經實現了，但這可能比從 ESCO 獲得洞察力並對其做出反應要晚。因此，我認為展望未來，這將使我們能夠更快地響應市場需求，並為他們提供量身定制的產品。

And are you finding with your salespeople that some of them are just better suited, whether it's their genetic makeup or their relationships that they have for direct business or through ESCOs.

您是否發現您的銷售人員中有些人更適合這個職位，無論是他們的基因組成，還是他們與直接業務或透過 ESCO 建立的關係。

Absolutely, great question. So, yes, I mean, some people are absolutely better based on their experience and how to manage things because it is a difference in how to manage, solutions-based service-oriented, selling versus. Through partners and with partners. And so, yes, the team is, we're aligning our people based on their capabilities, experience, and aptitude to one of those two segments moving forward.

絕對如此，好問題。所以，是的，我的意思是，有些人根據他們的經驗和如何管理事物絕對更優秀，因為管理方式、基於解決方案的服務導向、銷售方式之間存在差異。透過合作夥伴以及與合作夥伴。是的，我們會根據員工的能力、經驗和才能，將他們分配到這兩個部門中的一個部門。

Maybe taking this one step further, it appears that you are winning new business at a faster rate, so congratulations on that success.

也許更進一步說，您似乎正在以更快的速度贏得新業務，因此請祝賀您取得成功。

The question is why and how repeatable is that and maybe tied into that question is to what degree have you already been at some level, your salespeople been kind of falling into line of focused on the OEMs or focused on the partners and as a result. That's actually what's leading to this success of closing business.

問題是為什麼以及如何重複這種情況，也許與這個問題相關的是，在多大程度上你已經在某種程度上，你的銷售人員已經開始關注 OEM 或關注合作夥伴，結果如何。這實際上就是導致此次業務成功結束的原因。

Yeah, we have added some new salespeople as I referenced before, some other people from the industry. I think they've brought us some great, skills, talents and accounts, that we could go after and win. As often is the case, it's not one single thing that we do.

是的，正如我之前提到的，我們增加了一些新的銷售人員，還有一些來自該行業的其他人員。我認為他們為我們帶來了一些很棒的技能、人才和客戶，我們可以去追求並贏得它們。通常情況下，我們所做的並不是單一的事情。

It's a combination or accumulation of actions that we've been taking both on the marketing side of the business and in the sales side of the business that is allowing us to pick up these new accounts. Certainly moving forward, we see the value of focus. And that's really what we want to do, and we believe through that focus in the organization we'll continue to see this level of momentum and acceleration.

這是我們在業務行銷方面和業務銷售方面採取的一系列行動的組合或積累，使我們能夠獲得這些新客戶。當然，展望未來，我們看到了專注的價值。這確實是我們想要做的，我們相信，透過組織的關注，我們將繼續看到這種勢頭和加速。

Great. And then additionally, relative to the incentives, and I guess this question is most focused on the lighting side of the business, the incentives that your customers are receiving, are those coming from the federal level, the state level, the utilities themselves, where are the predominant originators of the incentives?

偉大的。此外，關於激勵措施，我想這個問題主要集中在業務的照明方面，您的客戶所獲得的激勵措施是來自聯邦層級、州層級還是公用事業本身，這些激勵措施的主要發起者在哪裡？

Great question. It's primarily the utilities, local utilities, which are providing the vast majority of lighting incentives.

好問題。主要是公用事業、地方公用事業提供了絕大多數的照明激勵措施。

And so all of the things that we're hearing in the news relative to the federal government and cutting back really has no impact. This is all tied to the utilities trying to manage the the additional watts that they need to produce as as time goes forward.

因此，我們在新聞中聽到的所有有關聯邦政府削減開支的消息實際上都沒有影響。這一切都與公用事業公司試圖管理隨著時間的推移他們需要生產的額外瓦特有關。

Absolutely, yeah, well said.

絕對如此，是的，說得好。

Okay, thank you. Appreciate the time and congratulations on the margin improvement.

好的，謝謝。感謝您的時間並祝賀利潤率的提高。

Thanks, Bill.

謝謝，比爾。

Thank you. (Operator Instructions)

謝謝。（操作員指示）

Now next question coming from the line of Andrew Shapiro with Lawndale Capital Management. Your line is now open.

下一個問題來自 Lawndale Capital Management 的 Andrew Shapiro。您的線路現已開通。

Hi, thank you, just to follow up, questions, with your respect to your press release, one was the management and board were taking a 10% salary and retainer cut. Can you clarify, is this a deferral and thus accrual or a, complete, give up or give back?

你好，謝謝，我只是想跟進一下問題，關於你的新聞稿，其中之一是管理層和董事會的薪水和留任金被削減了 10%。您能否澄清一下，這是一種延期並因此而累積，還是完全放棄或退還？

Yeah, we're foregoing that for the balance of this year and then until business performance improves in general, so we're foregoing it.

是的，我們將在今年餘下時間放棄這一點，直到業務表現整體改善為止，所以我們將放棄這一點。

Can you clarify the word forego again? Is it a give back or is it deferral and accrual, meaning the cash savings only, for the time being?

您能再解釋一下「放棄」這個詞嗎？這是回饋還是遞延和應計，即暫時只節省現金？

It's a give up.

這是一種放棄。

Will not be accruing for the compensation.

不會累積賠償金。

Okay, thank you for that. And then, appreciate you sharing the pain and can you update us on the company's Nasdaq listing status, the timeline and various milestones and where we're at on the clock.

好的，謝謝你。然後，感謝您分享痛苦，您能否向我們更新公司在納斯達克的上市狀態、時間表和各個里程碑以及我們所處的位置。

We are in the I'll call it the initial 180-day period in which we're allowed to regain compliance that 180-day period expires in mid-March, I believe it's March 19, to if we are not in compliance by the end of that period we are allowed to. Apply for an extension for another 180 days if we're not in compliance by mid-March, yeah, I believe we would. Apply for that 180-day extension and you know our thought is that with.

我們正處於最初的 180 天期限，在此期間我們可以重新遵守規定，該 180 天期限將於 3 月中旬到期，我相信是 3 月 19 日，如果我們在該期限結束前仍未遵守規定，我們將被允許。如果我們在 3 月中旬之前仍未遵守規定，則申請再延長 180 天，是的，我相信我們會的。申請 180 天的延期，你就會知道我們的想法是這樣的。

Execution on our plan that within that, either within this period or the next period, our hope and thought is that we would regain compliance and move on from there.

執行我們的計劃，無論是在這個時期還是下一個時期，我們的希望和想法是，我們將重新獲得遵守並繼續前進。

And in an application for extension typically you have to present a road map or a a plan for what the company would do to regain compliance is the thought as you just described solely based on execution of said plan or there other options that you are preparing to or would be prepared to put on the table to maintain said listing.

在延期申請中，通常您必須提供路線圖或計劃，說明公司將採取哪些措施來重新獲得合規性，正如您剛才所描述的，這完全基於上述計劃的執行，或者您準備或準備提出的其他選擇，以維持上述上市。

That's something that is subject to further evaluation as we move toward that time frame, but if there are other things that we believe we need to do, we would include that in that application.

隨著我們接近這個時間框架，這將需要進一步評估，但如果我們認為還有其他事情需要做，我們也會將其納入申請中。

Okay, and when's the company's annual meeting typically take place and when you'd have to decide whether you're putting forward, reverse split or some other kind of, shareholder vote action?

好的，那麼公司的年度會議通常在什麼時候舉行？什麼時候需要決定是否提出反向分割或其他類型的股東投票行動？

Not sure I heard that quite right, but if the question was when our typical annual meeting timing is, that's usually in early August of each year.

我不確定我聽到的是否正確，但如果問題是我們的典型年度會議時間是什麼時候，那通常是在每年的八月初。

Okay, so in the next, yeah, so in the next window if you were to pursue a reverse stock split, which isn't necessarily the optimal way of dealing with the issue, but it is a way of dealing with it, but that's I guess when you'd have to decide you're going to put a matter up for vote for the Shareholders.

好的，所以在下一個，是的，所以在下一個視窗中，如果您要進行反向股票分割，這不一定是處理該問題的最佳方式，但它是一種處理方式，但我想那時您必須決定是否將此事提交股東投票。

Yes, I believe that's true

是的，我相信這是真的

Okay, thank you.

好的，謝謝。

Thank you

謝謝

Thank You.

謝謝。

Thank you.

謝謝。

This concludes our Q&A session. I'll now attend a conference back to Mike Jenkins for closing remarks.

我們的問答環節到此結束。我現在將參加會議並向麥克詹金斯致閉幕詞。

Thank you all again for joining us today. We look forward to updating investors on our fiscal 2025 fourth quarter call, and we hope to see or speak with you at upcoming investor conferences, which we will announce separately via press release.

再次感謝大家今天的參與。我們期待在 2025 財年第四季電話會議上向投資者更新最新情況，並希望在即將召開的投資者會議上見到您或與您交談，我們將透過新聞稿另行宣布。

Please contact our investor relations team for any additional questions regarding today's call or to schedule a meeting. Their contact information is in today's press release. Once again, thank you for attending our call.

如果您對今天的電話會議有任何其他疑問或想安排會議，請聯絡我們的投資者關係團隊。他們的聯絡資訊在今天的新聞稿中。再次感謝您參加我們的電話會議。

Thank you. That concludes today's conference call.

謝謝。今天的電話會議到此結束。

Thank you all for your participation. You may not disconnect.

謝謝大家的參與。您不能斷開連線。