Orion Energy Systems Inc (OESX) 2026 Q1 法說會逐字稿

Good day and thank you for standing by. Welcome to the Orion Energy Systems fiscal 2026 first-quarter conference call. (Operator Instructions)

您好，感謝您的耐心等待。歡迎參加 Orion Energy Systems 2026 財政年度第一季電話會議。（操作說明）

I would now like to hand the conference over to your first speaker today, Bill Jones, Investor Relations. Please go ahead.

現在我謹將會議交給今天的第一位發言人，投資者關係部的比爾瓊斯。請繼續。

Good morning. Thank you all for joining us today. Sally Washlow, Orion's CEO; and Per Brodin, its CFO, will review the company's first quarter results and its fiscal '26 outlook, and then we will open the call to investor questions. Today's conference is being recorded. A replay will be posted in the Investors section of the company's website, orionlighting.com.

早安.感謝各位今天蒞臨。Orion 的執行長 Sally Washlow 和財務長 Per Brodin 將回顧公司第一季的業績和 2026 財年的展望，然後我們將開放電話會議，接受投資者提問。今天的會議正在錄影。會議錄影將發佈在公司網站 orionlighting.com 的投資者關係版塊。

As a reminder, prepared remarks and answers to questions 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 objectives or goals, company plans and outlook are also forward-looking.

提醒各位，準備好的發言和對問題的回答包含根據 1995 年《私人證券訴訟改革法案》屬於前瞻性陳述的內容。前瞻性陳述通常包含諸如預期、相信、期望、預測或類似詞語。此外，任何描述未來目標或目的、公司計劃和前景的陳述也屬於前瞻性陳述。

These statements are subject to various risks that could cause actual results to differ materially from current expectations. Risks include, among other matters, those that Orion has described in its press release issued this morning and in its SEC filings.

這些聲明受多種風險因素影響，實際結果可能與目前的預期有重大差異。風險包括Orion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述的風險。

Except as described therein, Orion disclaims any obligation to update or revise forward-looking statements made as of today. Reconciliations of certain non-GAAP financial metrics to their nearest GAAP measures are also provided in today's press release.

除文中另有說明外，Orion 不承擔更新或修改截至今日所作前瞻性聲明的任何義務。今天的新聞稿中也提供了某些非GAAP財務指標與其最接近的GAAP指標的調節表。

Now I will turn the call over to Orion's CEO, Sally Washlow.

現在我將把電話交給Orion公司的執行長Sally Washlow。

Good morning, and thank you for taking the time to join today's call. When I became CEO in April, I was confident that we could promptly establish a trajectory of year-over-year growth in revenue, profitability and shareholder value. Today, less than halfway through my first full quarter as CEO, I can say that I'm not just confident of it, I'm certain of it.

早上好，感謝您抽出時間參加今天的電話會議。今年四月我擔任執行長時，我自信我們能夠迅速建立起收入、獲利能力和股東價值逐年增長的良好勢頭。今天，在我擔任執行長的第一個完整季度還不到一半的時候，我可以說，我不僅對此充滿信心，而且對此深信不疑。

Here are the three reasons why I am certain of it. Orion Energy Systems is recognized widely for unsurpassed quality in LED lighting and electrical infrastructure for industrial and commercial facilities, unsurpassed quality. The proof of this is that some of the biggest names in the automotive industry rely on Orion and effectively only on Orion to light up its most critical facilities in North America.

我確信這一點的原因有三點。Orion Energy Systems 因其在工業和商業設施的 LED 照明和電氣基礎設施方面無與倫比的品質而廣受認可。證據就是，汽車行業的一些巨頭企業依靠 Orion，而且實際上只依靠 Orion 來照亮其在北美最重要的設施。

Orion Voltrek is recognized particularly throughout the Northeastern United States for unsurpassed quality in EV charging and electrical infrastructure. Unsurpassed quality. This too is evidenced by yesterday's announcement about our most recent deployment in the Boston Public Schools.

Orion Voltrek 因其在電動車充電和電力基礎設施方面無與倫比的品質而在美國東北部地區享有盛譽。品質卓越。昨天我們宣佈在波士頓公立學校的最新部署也證明了這一點。

Orion is also recognized widely as an ongoing partner of unsurpassed quality in our maintenance services. Unsurpassed quality, our maintenance services have been integral to our long-standing and new customer relationships. Recent headlines notwithstanding, all three markets for these business lines have tailwinds nationally and regionally.

Orion 也被廣泛認為是我們維修服務領域中品質卓越的長期合作夥伴。憑藉卓越的品質，我們的維護服務一直是維繫我們與現有客戶和新客戶關係的關鍵所在。儘管最近的新聞頭條有所負面報道，但這些業務線的三個市場在全國和地區層面都迎來了順風。

Orion has a timely opportunity to convert its quality leadership into market leadership in all three of them. We further believe that this translates into a parallel growth opportunity for reoccurring revenue and margin expansion. With a sharpened focus on growth, profitability and market penetration in each of these areas, we believe we can achieve that market leadership in this fiscal year.

Orion 擁有一個絕佳的機會，可以將其在品質方面的領先地位轉化為這三個領域的市場領先地位。我們進一步認為，這將轉化為經常性收入和利潤率擴張的同步成長機會。透過更重視在這些領域的成長、獲利能力和市場滲透率，我們相信我們能夠在本財年實現市場領先地位。

I'll have more to say about this with increasing frequency and with increasing granularity throughout this fiscal year. But for now, I believe strongly that we are on track to achieve three milestones for FY 2026. By the end of the third quarter, a positive resolution that enables publicly traded Orion to maximize its opportunity for growth and shareholder value.

在本財年內，我將就此問題發表更多看法，頻率也會越來越高，內容也會越來越詳細。但就目前而言，我堅信我們正朝著實現 2026 財年三個里程碑的目標穩步前進。到第三季末，將達成一項積極的解決方案，使上市的 Orion 能夠最大限度地抓住成長機會，提升股東價值。

By the end of the third quarter, the enactment of a growth, profitability and cost containment initiative that enables Orion to become a recognized long-term market leader in its core businesses and by the end of the fourth quarter, $84 million in revenue at a positive adjusted EBITDA for the full fiscal year.

到第三季末，Orion 將實施一項成長、獲利能力和成本控制計劃，使其成為其核心業務領域公認的長期市場領導者；到第四季末，全年調整後 EBITDA 將達到 8,400 萬美元的收入。

Walking in the door in April, I was fully cognizant that for my fellow shareholders, the Orion Saga has been a long journey. Today, I'd say only that we see no better growth opportunity in this sector than Orion and that we are now embarking on a mission that is fully capable of fulfilling it beginning in this fiscal year, and I am certain of that, too.

四月走進這扇門時，我完全意識到，對於我的其他股東來說，Orion Saga 已經是一段漫長的旅程。今天，我只想說，我們認為在這個領域沒有比 Orion 更好的成長機會了，而且我們現在正著手一項完全有能力在本財年開始實現這一目標的使命，對此我也深信不疑。

Now drilling down on Q1. Overall, the work we have been doing to enhance margins and reduce costs enabled us to deliver meaningful progress on the bottom line in Q1 '26 and puts us in a solid position for the full year. Our gross profit percentage rose to over 30% for the first time in about six years, and we achieved our third consecutive quarter of positive adjusted EBITDA.

現在深入分析第一季。總的來說，我們為提高利潤率和降低成本所做的工作，使我們在 2026 年第一季實現了利潤的顯著增長，並為全年奠定了堅實的基礎。我們的毛利率近六年來首次超過 30%，並且連續第三個季度實現了調整後 EBITDA 為正。

These improvements were achieved as the EV segment faced a tough year-over-year comparison. The decrease in EV revenue was largely offset by a solid rebound in maintenance revenue and slightly higher LED lighting revenue.

在電動車領域面臨嚴峻的同比情勢下，這些改進得以實現。電動車收入的下降很大程度上被維護收入的強勁反彈和 LED 照明收入的略微增長所抵消。

While visibility in the EV segment remains challenged, we did have the public school bus charging station project start near the end of June. Our gross profit percentage increase resulted from meaningful reductions in the cost of our LED lighting fixtures through reengineering, plant efficiency efforts and enhanced sourcing as well as from both margin and volume increases in our maintenance service business.

儘管電動車領域的可見性仍面臨挑戰，但我們的公共校車充電站計畫已於 6 月底啟動。我們的毛利率成長得益於透過重新設計、提高工廠效率和加強採購，大幅降低了 LED 照明設備的成本，以及維護服務業務的利潤率和銷售雙雙成長。

We were able to reduce total operating expenses by 10.6% to $6.9 million in Q1 '26 from $7.7 million in Q1 '25 through personnel and other cost control efforts, and we expect to benefit from other cost initiatives as we progress through the year.

透過人員和其他成本控制措施，我們得以將 2026 年第一季的總營運費用從 2025 年第一季的 770 萬美元減少 10.6%，降至 690 萬美元。我們預計，隨著今年的推進，我們將受益於其他成本控制措施。

Turning to revenue. We have made great progress in building our pipeline of contracted LED lighting projects, some of which are highlighted in today's release, and we continue to make progress building our footprint within existing maintenance service customers. We are also taking steps to improve sales performance in our lighting distribution business, which serves a different base of customers.

轉向營收。我們在建立已簽約的 LED 照明專案管道方面取得了巨大進展，其中一些專案在今天的新聞稿中重點介紹，我們還在不斷擴大我們在現有維護服務客戶中的影響力。我們也採取措施提高照明產品分銷業務的銷售業績，該業務服務於不同的客戶群。

We have had initial success in this channel with the new line of value-based LED lighting fixtures, including TritonPro, which we designed and engineered in response to feedback from channel partners and end customers. TritonPro balances high-quality design components and energy efficiency at competitive price points that are resonating with customers.

我們以全新的高性價比 LED 照明燈具系列（包括 TritonPro）在這個頻道取得了初步成功。 TritonPro 是我們根據通路合作夥伴和終端客戶的回饋而設計和研發的。TritonPro 兼具高品質的設計組件和能源效率，同時價格極具競爭力，深受顧客喜愛。

Now with a compelling product line and an investment in personnel to expand our market penetration in this channel, we expect our lighting distribution business to return to a path of growth. Another exciting potential avenue for growth for Orion is in electrical infrastructure, which falls in the sweet spot of our many decades of collective experience from large LED lighting projects, high-voltage EV charging station infrastructure and a wide range of electrical maintenance services.

現在，憑藉極具吸引力的產品線和對人員的投入，我們擴大了在該通路的市場滲透率，我們預計照明分銷業務將重回成長軌道。Orion 的另一個令人興奮的潛在成長途徑是電力基礎設施，這恰好結合了我們數十年來在大型 LED 照明項目、高壓電動車充電站基礎設施和各種電氣維護服務方面的集體經驗。

Each of our segments is involved in electrical infrastructure, and we have built a nationwide network of certified electricians with deep expertise and major project experience that is ideally suited to meet this need.

我們每個業務部門都涉及電力基礎設施，我們已經建立了一個覆蓋全國的認證電工網絡，這些電工擁有深厚的專業知識和大型專案經驗，非常適合滿足這一需求。

Increasingly, our customers have been coming to us to bid on electrical infrastructure projects that may or may not involve other areas of specialty. Electrical infrastructure work is both an ideal complement to our existing business as well as a great opportunity to add further value to our customer relationships.

越來越多的客戶前來委託我們競標電力基礎設施項目，這些項目可能涉及或不涉及其他專業領域。電氣基礎設施工程既是我們現有業務的理想補充，也是為我們的客戶關係增添更多價值的絕佳機會。

Companies across the US are making significant investments in electrical infrastructure for large-scale data centers, alternative energy generation, retail and office complexes, electrified vehicle fleet charging and other applications.

美國各地的公司正在對大型資料中心、替代能源發電、零售和辦公綜合體、電動車隊充電和其他應用領域的電力基礎設施進行大量投資。

Rapid growth in both the scope and complexity of electrical systems and the range of businesses that rely on them is starting to challenge the available pool of experienced personnel. Based on customer discussions over the past few months, we believe Orion is in a strong and unique position to serve this nationwide opportunity.

電氣系統的範圍和複雜性以及依賴電氣系統的業務範圍的快速成長，開始對經驗豐富的專業人員數量構成挑戰。根據過去幾個月與客戶的交流，我們認為 Orion 處於一個強大而獨特的地位，能夠掌握這一全國性的機會。

We are still in the early stages of creating a roadmap to evaluate this market opportunity. We have invested some time and resources to compete for such projects, and we recently secured an electrical infrastructure project from an existing customer and have submitted initial bids on a few other projects.

我們目前仍處於製定評估這一市場機會路線圖的早期階段。我們投入了一些時間和資源來競爭這類項目，最近我們從一位現有客戶那裡獲得了一個電力基礎設施項目，並且已經提交了其他幾個項目的初步投標。

I don't have much more to say at this time on this matter, but did want to share with investors that we are exploring opportunities, and we'll provide updates as warranted.

目前我對此事沒有太多要說的，但我想告訴投資者，我們正在探索各種機會，如有必要，我們會提供最新進展。

Now I'd like to follow up on the reorganization plan we discussed on our last conference call. The decision had been made prior to me becoming CEO, but after further review, both internally and externally, we have decided to retain our existing operational and reporting structure rather than reorganized into two business units.

現在我想跟進我們在上次電話會議上討論的重組計劃。該決定在我擔任執行長之前就已經做出，但經過內部和外部的進一步審查，我們決定保留現有的營運和報告結構，而不是重組為兩個業務部門。

We came to realize that we could achieve the same synergies under the current structure while keeping our team and resources focused on customer priorities and business development dialogues at the core of our growth goals.

我們逐漸意識到，在現有架構下，我們可以實現同樣的綜效，同時將團隊和資源集中在客戶優先事項和業務發展對話上，以此作為我們成長目標的核心。

We are realigning some roles and are working to better integrate our EV solutions across our national footprint to create both sales and operational efficiency benefits that were objectives of the prior plan. The most important thing is for our teams to stay in close contact with our customers and prospects and to drive increased collaboration across our segments, and we feel we can best achieve those goals under our current structure.

我們正在重新調整一些角色，並努力將我們的電動車解決方案更好地整合到我們全國範圍內的業務中，以實現先前計劃的目標，即提高銷售和營運效率。最重要的是，我們的團隊要與客戶和潛在客戶保持密切聯繫，並推動各業務板塊之間的合作，我們認為在目前的組織架構下，我們能夠最好地實現這些目標。

I believe Orion has built a strong and unique platform of high-quality and industry-leading solutions to meet our customers' goals and needs. We have made significant reduction in overhead, meaningful progress enhancing margin and have built a diversified pipeline of revenue to support our growth.

我相信Orion已經建立了一個強大而獨特的平台，提供高品質、業界領先的解決方案，以滿足客戶的目標和需求。我們大幅降低了營運成本，在提高利潤率方面取得了顯著進展，並建立了多元化的收入來源以支持我們的成長。

In the first quarter, we made progress in our goal to return Orion to profitability, trimming our Q1 net loss to $1.2 million from $3.6 million in Q1 2025 and $6.6 million in Q1 2024. As stated earlier, we believe we are on track to achieve the revenue growth and adjusted EBITDA goals of our FY26 outlook. I am both excited and confident in Orion's potential to deliver both growth and improving bottom line performance in FY26 and moving forward.

第一季度，我們在使 Orion 恢復盈利的目標上取得了進展，將第一季淨虧損從 2025 年第一季的 360 萬美元和 2024 年第一季的 660 萬美元減少到 120 萬美元。如前所述，我們相信我們能夠實現 2026 財年預期中的營收成長和調整後 EBITDA 目標。我對 Orion 在 2026 財年及以後實現增長和提高盈利能力的潛力感到既興奮又充滿信心。

With that, let me turn it over to Orion's CFO, Per Brodin, to review our financial performance and outlook.

接下來，我將把發言權交給 Orion 的財務長 Per Brodin，讓他來回顧一下我們的財務表現和前景。

Thank you, Sally. Good morning, everyone. Today, we reported fiscal Q1 '26 revenue of $19.6 million compared to $19.9 million in Q1 '25, with two of Orion's three segments growing year-over-year. LED lighting segment revenue increased 1% to $12.9 million compared to $12.8 million in Q1 '25, reflecting increased project activity, offset by lower lighting distribution channel sales.

謝謝你，莎莉。各位早安。今天，我們公佈了 2026 財年第一季的收入為 1960 萬美元，而 2025 財年第一季為 1990 萬美元，Orion 的三個業務部門中有兩個實現了同比增長。LED 照明業務收入較 2025 年第一季的 1,280 萬美元增長 1%，達到 1,290 萬美元，這反映出專案活動的增加，但被照明分銷管道銷售額的下降所抵消。

Orion's expanded LED lighting project pipeline and efforts to drive growth in the distribution channel are expected to contribute to higher revenues in fiscal '26 versus fiscal '25. Lighting achieved a Q1 '26 gross margin of 31.8% versus 22.6% in Q1 '25, with impacts from pricing increases, cost reductions and sourcing initiatives amplified by a more favorable Q1 '26 project and revenue mix.

Orion 擴大的 LED 照明專案儲備以及推動分銷管道成長的努力預計將使 2026 財年的收入高於 2025 財年。照明業務 2026 年第一季毛利率為 31.8%，而 2025 年第一季為 22.6%，這主要得益於價格上漲、成本降低和採購舉措，以及 2026 年第一季更有利的項目和收入組合。

Electrical Maintenance segment revenue increased 21% to $4 million in Q1 '26 from $3.3 million in Q1 '25, reflecting the benefit of new customer contracts and the expansion of some existing relationships. We achieved a maintenance segment gross margin of 22.4% in Q1 '26 versus 3.8% in Q1 '25 as we were still working through some of the remaining [StayLite] legacy customer contracts, which were no longer profitable in the prior year period.

2026 年第一季電氣維護部門的收入成長了 21%，達到 400 萬美元，而 2025 年第一季為 330 萬美元，這反映了新客戶合約帶來的收益以及一些現有關係的擴展。2026 年第一季度，我們的維護業務毛利率為 22.4%，而 2025 年第一季度為 3.8%，因為我們仍在處理一些剩餘的 [StayLite] 遺留客戶合同，這些合同在上一年期間已不再盈利。

EV charging solutions revenue was $2.7 million in Q1 '26 compared to $3.8 million in Q1 '25, reflecting expected variability in the timing of larger projects. For example, Q1 '25 benefited from $1.3 million of Eversource related projects that did not recur in Q1 '26, and we had nominal Q1 '26 revenue from a $3 million public school bus project that commenced in the last week of the quarter and should be completed in Q2. We expect a sequential revenue improvement in Q2 '26, primarily due to the school bus project and one other significant contract.

2026 年第一季電動車充電解決方案收入為 270 萬美元，而 2025 年第一季為 380 萬美元，這反映了大型專案時間表的預期波動。例如，2025 年第一季度受益於 Eversource 相關項目 130 萬美元，這些項目在 2026 年第一季度沒有再次發生；此外，2026 年第一季度我們從一個價值 300 萬美元的公共校車項目中獲得了名義收入，該項目於該季度最後一周開始，應該會在第二季度完成。我們預計 2026 年第二季營收將環比成長，主要得益於校車專案和另一份重要合約。

EV achieved a strong gross profit margin of 33.5% versus 33.4% in Q1 '25. Our overall gross profit margin increased 850 basis points to 30.1% versus 21.6% in Q1 '25, reflecting pricing and cost improvements in all segments, particularly LED lighting and maintenance. We expect our overall gross margin to remain strong in FY 2026, though it will likely vary on a quarterly basis due to revenue mix and volume.

電動車業務的毛利率強勁成長，達到 33.5%，而 2025 年第一季為 33.4%。我們整體毛利率較 2025 年第一季的 21.6% 成長了 850 個基點，達到 30.1%，這反映了所有業務部門（尤其是 LED 照明和維護）的價格和成本改善。我們預計 2026 財年整體毛利率將保持強勁，但由於收入結構和銷售的變化，季度毛利率可能會有所波動。

Total operating expenses declined to $6.9 million in Q1 '26 from $7.7 million in Q1 '25, reflecting ongoing overhead and personnel expense reductions. We expect continued operating expense improvement from overhead reduction efforts completed or planned in fiscal '25 and fiscal '26 with some offset by potential increases in variable operating expenses, driven by a return to growth.

2026 年第一季總營運支出從 2025 年第一季的 770 萬美元下降至 690 萬美元，反映出持續的管理費用和人員費用削減。我們預計，隨著 2025 財年和 2026 財年已完成或計劃進行的管理費用削減工作，營運費用將持續改善，但部分改善將被成長帶動的可變營運費用增加所抵消。

Reflecting stronger gross margin and lower operating expenses, Orion's Q1 '26 net loss improved to $1.2 million or $0.04 per share from a net loss of $3.8 million or $0.12 per share in Q1 '25. Adjusted EBITDA improved to positive $0.2 million in Q1 '26 versus a negative $1.8 million in Q1 '25, reflecting cost control and financial discipline.

由於毛利率提高和營運費用降低，Orion 2026 年第一季淨虧損從 2025 年第一季的 380 萬美元（每股虧損 0.12 美元）改善至 120 萬美元（每股虧損 0.04 美元）。2026 年第一季調整後 EBITDA 改善為正 20 萬美元，而 2025 年第一季為負 180 萬美元，這反映了成本控制和財務紀律。

Cash used in operating activities improved to [$0.5 million] in Q1 '26 from $3 million in the prior year period, primarily due to the improved bottom line performance. We also reduced our revolver credit borrowings by $1.75 million during Q1 '26 to $5.25 million at the close of the quarter compared to $7 million at year-end.

2026 年第一季經營活動所用現金從去年同期的 300 萬美元改善至 50 萬美元，主要原因是淨利潤有所改善。2026 年第一季度，我們的循環信貸借款減少了 175 萬美元，季度末降至 525 萬美元，而年底為 700 萬美元。

Net working capital was $6.1 million at Q1 '26 versus $8.7 million at year-end, primarily reflecting the use of cash to pay down the revolver. Available financial liquidity was $9.8 million versus $13 million at year-end. Post quarter end, we issued $1 million of common stock and made a $500,000 cash payment to partially satisfy the Voltrek earn-out obligation.

2026 年第一季淨營運資本為 610 萬美元，而年末為 870 萬美元，主要反映了用現金償還循環信貸的情況。可用流動資金為 980 萬美元，而年末為 1300 萬美元。季度末，我們發行了 100 萬美元的普通股，並支付了 50 萬美元現金，以部分履行 Voltrek 的獲利支付義務。

Turning to our fiscal '26 outlook. We have reiterated the fiscal '26 revenue growth expectation of 5% to approximately $84 million that we initiated in June. We have also reiterated that our revenue growth outlook positions Orion to approach or achieve positive adjusted EBITDA for the full fiscal year, depending on revenue mix.

接下來展望我們2026財年的前景。我們重申了我們在 6 月提出的 2026 財年營收成長預期，即成長 5% 至約 8,400 萬美元。我們也重申，根據營收結構，我們的營收成長預期將使 Orion 在整個財年接近或實現正的調整後 EBITDA。

This growth outlook anticipates modest growth in LED lighting and electrical maintenance revenues and flat to slightly lower EV charging revenues due to current uncertainty around near-term funding availability for EV charging projects despite significant long-term infrastructure requirements and other opportunities.

該成長展望預計 LED 照明和電氣維護收入將溫和成長，而電動車充電收入將持平或略有下降，這是因為儘管存在重大的長期基礎設施需求和其他機遇，但電動車充電項目近期資金可用性仍存在不確定性。

With respect to tariffs, the LED components that we source from Asia make up a small proportion of our cost of sales. We've been working to diversify our sourcing efforts in order to mitigate supply and tariff risks. Because we manufacture a large portion of our finished product in Wisconsin, we feel we are better positioned than competitors who source most or all of their products from overseas.

就關稅而言，我們從亞洲採購的 LED 組件僅占我們銷售成本的一小部分。我們一直在努力實現採購管道多元化，以降低供應和關稅風險。由於我們的大部分成品都在威斯康辛州生產，因此我們認為我們比那些大部分或全部產品都從海外採購的競爭對手更有優勢。

Given this, we believe there's enough room to adjust our pricing to cover as much or all of the cost increases that we currently expect from tariffs. So at this point, we expect to manage tariffs to a net neutral impact for the business.

有鑑於此，我們認為有足夠的空間調整價格，以彌補我們目前預期關稅帶來的全部或大部分成本成長。因此，目前我們預計能夠透過控制關稅，使其對業務產生淨中性影響。

And this concludes our prepared remarks. Operator, would you please commence the question-and-answer session.

我們的發言稿到此結束。操作員，請開始問答環節。

(Operator Instructions) Eric Stine, Craig-Hallum Capital Group.

（操作說明）埃里克·斯泰恩，克雷格-哈勒姆資本集團。

Hi, Sally. Good morning. I mean, you clearly now have the cost structure set up to drive profitability, just a number of revenue growth initiatives. So I am interested in the electrical infrastructure piece. And I know you kind of said you're somewhat limited as to what you can say.

你好，莎莉。早安.我的意思是，你們現在顯然已經建立了能夠提高獲利能力的成本結構，只需要一些增加收入的措施。我對電力基礎設施部分很感興趣。我知道你之前說過，你能說的話有些限制。

But as we think about that, I mean, is that something where you would potentially bring that under your turnkey offering, leverage those relationships with electrical contractors out there, subcontract out. I guess I'm just trying to get at what is entailed in building that out? Is there much of an investment needed on your side to do it? And any details you can share would be great.

但當我們思考這個問題時，我的意思是，這是否可以納入你的交鑰匙工程服務中，利用與電氣承包商的關係，進行分包。我只是想弄清楚建造它需要哪些步驟？你需要投入多少資金才能做到這一點？如果您能分享更多細節，那就太好了。

So we are in the early stages of it. With growth, there'll be more investment, but we feel our current infrastructure can probably manage it and then we can scale appropriately. And this could also come from some of the EV work that we do as well. So think of it beyond traditional even turnkey lighting EV as well.

所以我們還處於早期階段。隨著業務成長，投資也會增加，但我們認為我們目前的基礎設施應該能夠應對，然後我們可以適當地擴大規模。這也可能源自於我們所做的一些電動車方面的工作。所以，不要局限於傳統的照明方案，甚至不要局限於交鑰匙照明方案，電動車也可以考慮。

Got it. Okay. I guess I'll stay tuned on that one. And then secondly, I know your pipeline, you've been optimistic on that for some time, and we have seen a pickup in orders. I know that it takes time for that pipeline to flow through to actual awards.

知道了。好的。我想我會繼續關注這件事的。其次，我知道你們的供貨管道，你們對此一直很樂觀，我們也看到訂單有所回升。我知道從流程推進到最終獲獎需要時間。

But do you expect that as you get into fiscal '27 and beyond, you start to see the impact of that growing pipeline and start to see the leverage from that revenue growth?

但您是否預期，隨著進入 2027 財年及以後，您會開始看到不斷增長的專案儲備的影響，並開始看到收入成長帶來的槓桿效應？

Yeah. We do think that it will go beyond this year and into next year, absolutely. Some of the projects or things that we're working on now will continue into next year.

是的。我們認為這種情況肯定會持續到明年。我們目前正在進行的一些專案或工作將延續到明年。

So they will benefit in the current year and then years beyond.

因此，他們不僅在今年受益，而且在未來的幾年裡也將受益。

And then the pipeline -- I mean, right, the pipeline, what you've got now gets you into part of '27, but closing the pipeline to drive further growth to see further operating leverage.

然後是管道——我的意思是，對，管道，你現在擁有的管道可以讓你進入 2027 年的一部分，但關閉管道以推動進一步增長，從而獲得更大的營運槓桿。

Correct.

正確的。

And that's how we should think about it. Thank you.

我們應該這樣看待這個問題。謝謝。

Bill Dezellem, Tieton Capital Management.

Bill Dezellem，Tieton Capital Management。

Thank you. I'm probably going to break the rule of two question limit here. Let's start with the electrical infrastructure, if we could. You mentioned that you have an initial project. And to help us understand really conceptually what it is that you're talking about when you say electrical infrastructure, would you discuss kind of the actual activities that you all are doing with this contract win, please?

謝謝。我可能要打破只能問兩個問題的規定了。如果可以的話，我們先從電力基礎設施說起。你提到你有一個初步專案。為了幫助我們真正從概念上理解您所說的電力基礎設施究竟是什麼，您能否談談您在贏得這份合約後正在進行的實際活動？

Sure. We'll discuss more of it in further releases. We're in the early innings of this project, but it is beyond our retrofit lighting and doing a lot more of the electrical infrastructure work and setting up areas to even on EV, do a lot more work surrounding that. So like I've said, this has just started, and we'll be back with more details. And I think you'll see an increase in announcements from us on all the work that we're doing.

當然。我們將在後續版本中對此進行更詳細的討論。這個計畫目前還處於初期階段，但它不僅僅是改造照明，還需要進行更多的電氣基礎設施建設工作，以及設置電動車區域，圍繞這些方面進行更多工作。正如我剛才所說，這才剛開始，我們稍後會帶來更多細節。我認為你們將會看到我們發布更多關於我們正在進行的所有工作的公告。

And Sally, did we hear correctly that you have embarked on expanding the activities that you're doing in this electrical infrastructure by request from your customers?

薩莉，我們是否正確聽到，您應客戶要求，已開始擴大您在電力基礎設施領域的業務活動？

Yeah. It started from a request of a customer that we've worked with requesting us to fulfill some other services within the work that we were doing with them, and it's further expanded.

是的。事情起因是我們曾經合作過的一位客戶要求我們在與他們合作的過程中提供一些其他服務，後來這項業務又進一步擴展了。

That's helpful. Thank you. And then the Northeast bus activity, I believe that in the past, you all had -- I think it was the Boston school system, and I think that contract probably was completed. So would you relate or tie together the contract of the past versus this new win that started the last week of June. And if they're somehow related, if they're unrelated, what tie or link there is between them, please?

那很有幫助。謝謝。至於東北地區的巴士業務，我相信過去你們都有過——我想是波士頓的學校系統，而且我認為那份合約可能已經完成了。那麼，你會將過去的合約與六月最後一周開始的這場新勝利聯繫起來嗎？如果它們之間存在某種關聯，或者如果它們之間沒有任何關聯，那麼它們之間究竟存在什麼聯繫或紐帶呢？

Sure. It is further expansion of what they're doing across Boston in terms of electrification of their public school bus systems. So yesterday, we announced the work within this realm. So it's further expansion of the electrification of their fleet. And leading from the great work that we did, there's a continuation and award of more business.

當然。這是他們在波士頓地區推行的公共校車系統電氣化工作的進一步擴展。所以昨天，我們公佈了這方面的工作。這是他們車隊電氣化進程的進一步擴展。基於我們所取得的出色工作，我們獲得了更多的業務，並得以繼續發展。

And so, the announcement yesterday of $6.5 million for the Boston Public School, that is a new win. That's not the current win plus the win of the past?

因此，昨天宣布向波士頓公立學校撥款 650 萬美元，這是一項新的勝利。那不是當前的勝利加上過去的勝利嗎？

It is an ongoing win. So we've started some of the work, and it will continue throughout the year. But it had not been previously released.

這是一場持續的勝利。所以我們已經開始了一些工作，這項工作將持續一整年。但此前並未發布。

So it did not include the revenues we recognized in the prior year for Boston for what I'll call the first two phases of that project.

因此，它不包括我們在上一年確認的波士頓專案前兩個階段的收入。

And Per, to help us scale this, the first two phases, what was the revenue amount with those two?

Per，為了幫助我們擴大規模，前兩個階段的收入是多少？

Phase 1 was approximately $1.3 million. And I believe Phase 2 was another $1 million, give or take. I'm not certain of that piece of it.

第一階段大約耗資130萬美元。我相信第二階段又花了約 100 萬美元。我不太確定那部分內容。

So this is a meaningful expansion. I mean we go from $1.3 million to $1 million and then Phase 3 now is $6.5 million. Is that the right way to think about this?

所以這是一次意義重大的擴張。我的意思是，我們從 130 萬美元降到了 100 萬美元，然後第三階段現在是 650 萬美元。這樣思考是否正確？

Yes.

是的。

And maybe another way to give it more context that those first two phases I mentioned were the same location. And so, if you think it's $2 million-plus for that location, then as they're expanding to other locations, that's when the amounts can add up pretty quickly.

或許還可以換個方式來說明，我提到的前兩個階段是在同一個地點。所以，如果你認為那個地方的成本超過 200 萬美元，那麼當他們擴展到其他地方時，金額就會迅速累積起來。

Well, then that begs the question of how many different locations do they have?

那麼，這就引出了一個問題：他們到底有多少個不同的地點？

That, I don't know.

那個，我不知道。

But more than 2?

但超過2個呢？

Yes.

是的。

Okay, great. Thank you. And then one additional question for now, please. In the past, you all have talked about the fluorescent bulb ban that is to take place in certain states. Would you bring us up to speed the dynamics of that and whether any of those have been pushed out this year or pulled in? Where do we stand, please?

好的，太好了。謝謝。那麼，現在請再問一個問題。過去，你們都曾討論過某些州即將實施的螢光燈泡禁令。能否請您介紹一下這方面的最新動態，以及今年是否有任何項目被取消或新增？請問我們現在的立場是什麼？

We probably need to get back to you with a complete answer on that. I haven't seen any walk back, but we can certainly follow up with you on that.

我們可能需要稍後才能給您一個完整的答案。我還沒看到任何撤回的跡象，但我們肯定會就此與您跟進。

Do you foresee that being a driver to business for you all? And if so, when would you think that you would start to see the benefits from that?

你們預見到這會成為你們業務發展的驅動力嗎？如果是這樣，你認為什麼時候才能開始看到從中受益？

I think it's one of the drivers of the business for us, but another big driver for the business is the ROI that these projects provide to the customers that we deliver them to.

我認為這是我們業務發展的驅動力之一，但另一個重要的驅動力是這些專案為我們服務的客戶帶來的投資報酬率。

And from a timing standpoint, a number of the states began the beginning of this calendar year. So it will have started to make an impact, but others, it's not until the beginning of calendar 2026.

從時間上看，許多州都從今年年初開始。所以它已經開始產生影響，但對其他人來說，要到 2026 年初才會產生影響。

And enforcement, are you sensing that the states are enforcing the law at all? Or is this a case where businesses will just naturally deal with their lighting situation as they have problems, breakage, et cetera.

至於執法方面，你覺得各州在執法嗎？或者，這種情況是否意味著企業會在遇到照明問題、損壞等情況時自然而然地解決照明問題？

I think it's too early to tell on enforcement.

我認為現在判斷執法情況還為時過早。

Great. Thank you both for taking all the questions and congratulations on the nice margins.

偉大的。感謝二位回答所有問題，並祝賀你們取得了不錯的成績。

Thank you. This concludes the question-and-answer session. I would now like to turn it back to Sally Washlow for closing remarks.

謝謝。問答環節到此結束。現在我謹將發言權交還給薩莉·沃什洛，請她作總結發言。

I want to thank everyone again for taking the time to join us today. We look forward to updating investors on our second quarter call in early November. In the interim, we hope to have the opportunity to meet in person or virtually with many of you.

再次感謝大家今天抽空參加。我們期待在11月初的第二季財報電話會議上向投資者報告最新情況。在此期間，我們希望有機會與你們中的許多人進行面對面或線上的交流。

We will be conducting some individual investor meetings as well as participating at the H.C. Wainwright Conference on Tuesday and Wednesday, September 9 and 10 in New York City, and we'll present at the Singular Research Alpha Leaders Conference also in New York in September.

我們將於 9 月 9 日（星期二）和 10 日（星期三）在紐約市舉行一些個人投資者會議，並參加 H.C. Wainwright 會議；我們也將在 9 月於紐約舉行的 Singular Research Alpha Leaders 會議上進行演講。

We will announce details via press releases. Please also reach out to our Investor Relations team with any questions or to set up a meeting. Their contact information is at the bottom of today's press release.

我們將透過新聞稿公佈詳情。如有任何疑問或想安排會面，請聯絡我們的投資者關係團隊。他們的聯絡方式在今天新聞稿的底部。

Thank you again for your interest in Orion. I look forward to updating you on our progress next quarter. Operator, I'll turn it back to you.

再次感謝您對Orion的關注。我期待在下個季度向您報告我們的進展。操作員，我這就轉接給你。

Thank you everyone for your participation in today's conference. This does conclude the program. You may now disconnect.

感謝各位參加今天的會議。節目到此結束。您現在可以斷開連線了。