Orion Energy Systems Inc (OESX) 2026 Q4 法說會逐字稿

Good morning, everyone, and welcome to Orion Energy Systems fiscal 2026 fourth quarter and full fiscal year conference Call. (Operator Instructions) In this call, Sally Washlow, Orion's CEO; and Per Brodin, its CFO, will review the company's fourth quarter and full fiscal year results, as well as its fiscal 2027 outlook. Then we will open the call to investor questions.

各位早安，歡迎參加 Orion Energy Systems 2026 會計年度第四季暨全年財報電話會議。(接線員指示) 本次會議中，Orion 執行長 Sally Washlow 與財務長 Per Brodin 將回顧公司第四季與 2026 會計年度全年業績，以及 2027 會計年度展望。接著我們將開放投資人提問。

Today's call is being recorded. The replay will be posted in the Investors section of the company's website at orionlightning.com. I will now turn the call over to Per Brodin, Orion's CFO. Sir, please go ahead.

今天的電話會議將全程錄音。重播內容將公布於公司網站 orionlightning.com 的投資人專區。現在我把電話交給 Orion 財務長 Per Brodin。先生，請開始。

Thank you, Michelle. First, 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. These forward-looking statements are subject to various risks that could cause actual results to differ materially from current expectations.

謝謝你，Michelle。首先提醒各位，事先準備的發言與問答中包含依據 1995 年《私人證券訴訟改革法》所定義的前瞻性陳述。前瞻性陳述通常包含如 anticipate（預期）、believe（相信）、expect（預估）、project（推估）或類似字眼。此外，任何描述未來目標或目的、公司計畫與展望的陳述亦屬前瞻性陳述。這些前瞻性陳述受多項風險影響，可能導致實際結果與目前預期出現重大差異。

Risks include, among other matters, those that Orion has described in its press release issued this morning and in its SEC filings. Except as described therein, Orion disclaims any obligation to update or revise forward-looking statements made as of today. In addition, reconciliations of certain non-GAAP financial metrics to their nearest GAAP measures are also provided in today's press release.

風險包括但不限於 Orion 在今早發布的新聞稿及其向 SEC 提交之文件中所描述者。除其中所述外，Orion 不承擔更新或修訂截至今日所作前瞻性陳述的任何義務。此外，今日新聞稿亦提供若干非 GAAP 財務指標與其最接近 GAAP 衡量指標之調節表。

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

現在我把電話交給 Orion 執行長 Sally Washlow。

Thank you, Per. Good morning, everyone, and thank you for being with us today. I am pleased to report our results for Q4, our sixth consecutive quarter of positive adjusted EBITDA and for the full fiscal 2026 year. Fiscal '26 represents an exceptional year at Orion. It was a year of growth in revenue and newly achieved profitability.

謝謝你，Per。各位早安，感謝今天與會。我很高興報告我們第四季的成果——這是我們連續第六個季度調整後 EBITDA 為正——以及 2026 會計年度全年表現。2026 會計年度對 Orion 而言是非凡的一年。這一年我們營收成長，並新達成獲利。

It was a year of strengthened incumbencies in some of our most largest customers. and it was a year of product and market expansion. You may recall from earlier calls that we discussed 3 milestones for FY26. Milestone one, to maintain our NASDAQ listing and maximize our opportunity for growth in shareholder value. We achieved this goal.

這一年我們在部分最大客戶中鞏固了既有優勢地位；同時也是產品與市場擴張的一年。各位或許記得在先前的電話會議中，我們討論過 FY26 的三項里程碑。第一項里程碑：維持我們在 NASDAQ 的上市地位，並最大化股東價值成長機會。我們達成了此目標。

Milestone two, 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. We achieved that goal as well. And milestone three, by the end of the fourth quarter, $84 million in revenue at or near positive adjusted EBITDA for the full fiscal year. We beat this goal with $86 million in revenue and $2 million in positive adjusted EBITDA.

第二項里程碑：在第三季末前，推動一項成長、獲利與成本控管計畫，使 Orion 成為公認的長期市場領導者。我們也達成了該目標。第三項里程碑：在第四季末前，全年營收達 8,400 萬美元，且全年調整後 EBITDA 達到或接近轉正。我們超越此目標，營收達 8,600 萬美元，調整後 EBITDA 為正 200 萬美元。

Looking forward, Orion's FY27 outlook expects revenue of $95 million to $97 million, with potential upside in the number of opportunities. Based on our enhanced operating discipline, our growth outlook should once again enable Orion to achieve positive adjusted EBITDA for the full fiscal year.

展望未來，Orion 對 FY27 的展望為營收 9,500 萬至 9,700 萬美元，且在機會數量方面仍有潛在上行空間。基於我們強化的營運紀律，我們的成長展望應可再次使 Orion 在全年達成調整後 EBITDA 為正。

We have come a long way to get to this point. Fiscal '26 marked the first year in some time that we experienced growth and positive adjusted EBITDA. Fiscal '26 represented a pivot point for this company, a year in which we embarked on a course of increased revenue, expanded profitability and elevated prominence in our competitive market. When I arrived as CEO of Orion at the beginning of FY26, I was immediately inspired by the team that greeted me. We agreed that FY26 could be more than just a transition year of riding the ship.

我們走了很長一段路才到達今天這個位置。2026 會計年度是我們一段時間以來首次同時出現成長與調整後 EBITDA 為正的一年。2026 會計年度是公司的轉折點；我們在這一年踏上提高營收、擴大利潤並提升在競爭市場能見度的道路。當我在 FY26 初期到任 Orion 執行長時，迎接我的團隊立刻帶給我啟發。我們一致認為 FY26 可以不只是「讓船繼續航行」的過渡年。

We had a stellar reputation for quality, along with a track record of growing our business with large Fortune 50 global leaders. We had an unrivaled built from the ground up proprietary supply chain that served to insulate our customers from much of the brunt of [exogenous shocks]. And we had tailwinds from a multiyear invigoration of US manufacturing facilities, private and public sector vehicle fleets and AI-driven data centers like the data center product that we announced last week.

我們在品質方面享有卓越聲譽，並且有與《財富》50 大全球領導企業合作、推動業務成長的實績。我們擁有無可匹敵、從零打造的專有供應鏈，可使客戶在很大程度上免受[外生性衝擊] 的主要衝擊。此外，美國製造設施、民間與公部門車隊，以及 AI 驅動的資料中心（例如我們上週宣布的資料中心產品）在多年復甦下帶來順風。

To put it simply, we planned, measured and executed. And the results of FY26 represented not only a market improvement over the previous fiscal year, but a jump above our originally announced expectations. FY26 was indeed a year of rightsizing as we enacted a sustained and necessary cost containment initiative. It was a year of sharpened focus on profitable growth illustrated by our six consecutive quarters of positive adjusted EBITDA through the end of the fiscal year. And it was a year of maintaining our NASDAQ listing and bolstering our balance sheet.

簡而言之，我們規劃、衡量並執行。FY26 的成果不僅較前一會計年度呈現市場面的改善，也高於我們最初公布的預期。FY26 確實是「調整規模」的一年，我們推動了持續且必要的成本控管計畫。這一年我們更聚焦於獲利性成長，並以截至會計年度末連續六個季度調整後 EBITDA 為正作為佐證。同時也是維持 NASDAQ 上市地位並強化資產負債表的一年。

Through it all, we received a demonstratable show of support in the market by existing and new shareholders. The results and expectations we report today are testimony to Orion's success on a number of fronts, including renewed aggressiveness in acquiring and expanding within large customers, a quantum improvement in the size and quality of our sales funnel, disciplined cost containment and an ongoing build-out of our robust proprietary supply chain.

在此過程中，我們獲得市場上既有與新進股東可明確驗證的支持。我們今天所報告的成果與預期，證明 Orion 在多個面向取得成功，包括：在大型客戶的取得與擴張上重拾更積極的策略、銷售漏斗的規模與品質出現躍升式改善、嚴謹的成本控管，以及持續建置我們強健的專有供應鏈。

Today's report also speaks to some key growth parts that put us on this up and to the right trajectory. Our focus on expanding opportunities and revenues within new and existing large customers in the automotive, retail and public sectors, whether by deployments of LED lighting systems, electrical infrastructure or EV charging infrastructure.

今天的報告也反映出幾個關鍵成長要素，讓我們走上「向上且向右」的成長軌跡。我們聚焦於在汽車、零售與公部門的新舊大型客戶中擴大機會與營收，無論是透過 LED 照明系統、電力基礎設施或電動車充電基礎設施的部署。

Our focus on maximizing our service to long-term EV charging customers, which is enabling us to manage our adjustment to the present environment in the sector and our focus on adding capabilities such as battery energy storage systems and electrical contracting. Adding capabilities continues to be a theme here at Orion as last week's entry into the booming data center market demonstrated.

我們也專注於最大化對長期 EV 充電客戶的服務，這使我們得以因應該產業當前環境的調整；同時也聚焦於新增如電池儲能系統與電氣承包等能力。能力擴充仍是 Orion 的核心主題，而上週我們進軍蓬勃成長的資料中心市場即為明證。

As you undoubtedly know, there is an immense amount of new construction of data centers being driven largely by exponentially increasing demand for artificial intelligence and cloud computing. About 3,000 new data centers are being planned in the United States. ABI Research expects more than 10,000 to be operational by 2030, with another 2,000 coming online before 2035.

各位想必都知道，在人工智慧與雲端運算需求呈指數型成長的推動下，資料中心的新建工程規模極為龐大。美國約有 3,000 座新資料中心正在規劃中。ABI Research 預期到 2030 年將有超過 10,000 座投入營運，並在 2035 年前再有另外 2,000 座上線。

Orion fully intends to be the LED lighting provider of choice for many of these thousands of data centers. And as we announced last week, we have the product to do it. Orion's multipurpose linear lighting fixture brings to this current data center building boom a customizable product designed specifically to fit the architecture and floor plan of data centers.

Orion 完全有意成為這數千座資料中心中許多專案的首選 LED 照明供應商。正如我們上週所宣布，我們已具備可達成此目標的產品。Orion 的多用途線型燈具，為當前資料中心建置熱潮帶來可客製化的產品，專為符合資料中心的建築結構與平面配置而設計。

We listen to our customers. and we developed a product that fits the needs of these hyperscale data centers and ensures the flexibility and shortened lead times that come with building in-house right here in our Wisconsin manufacturing facility. And the needs of data centers are significant. Energy-efficient lighting is a priority in data centers whose AI-driven applications impose unprecedented demands on energy, requiring unprecedented levels of power data centers are prioritizing solutions to minimize their electricity consumption and carbon footprint.

我們傾聽客戶需求，並開發出符合這些超大規模（hyperscale）資料中心需求的產品；同時也確保在威斯康辛製造基地內部生產所帶來的彈性與更短交期。而資料中心的需求相當可觀。在資料中心中，節能照明是優先事項；其 AI 驅動的應用對能源提出前所未有的需求、需要前所未有的電力水準，因此資料中心正優先採用可降低用電量與碳足跡的解決方案。

Hyperscale data centers emphasize 3 particular themes that we address squarely in the development of the product. AI workloads are increasing power density and uptime requirements across data centers. expanding demand for infrastructure solutions that can improve efficiency and lower total operating costs. For operators and investors alike, solutions that reduce energy consumption can offer meaningful economic value when deployed at scale across large footprint facilities.

超大規模資料中心特別強調三個主題，而我們在產品開發中正面回應。AI 工作負載正提高資料中心的功率密度與可用性（uptime）要求，進而擴大對可提升效率並降低總營運成本之基礎設施解決方案的需求。對營運商與投資人而言，能降低能源消耗的解決方案，若能在大面積設施中以規模化部署，便可帶來可觀的經濟價值。

As AI-driven data center construction accelerates, products that combine performance, scalability, cost effectiveness and ease of integration may be positioned to benefit from a long-term infrastructure upgrade cycle. Hyperscale data centers can count on Orion because we are known for delivering on these points. We are reliable, durable and scalable. We are on time and on budget and we do it with our own proprietary supply chain, which serves to reduce customers' exposures to choke points, lengthening dwell times and market disruptions.

隨著 AI 驅動的資料中心建置加速，兼具效能、可擴充性、成本效益與易於整合的產品，可能有望受惠於長期的基礎設施升級循環。超大規模資料中心可以信賴 Orion，因為我們以在這些面向的交付能力而聞名。我們可靠、耐用且具可擴充性。我們準時且在預算內交付，並透過我們自有的專有供應鏈來完成，這有助於降低客戶在瓶頸、停留時間拉長以及市場擾動方面的曝險。

Data centers are now learning what other large industrial facilities in retail, automotive and public sectors already know, Orion can provide the most energy efficient and reliable LED lighting solutions in the marketplace. We intend to become a provider of choice in this growing and long-term market opportunity. We have the same ambitions for incumbency and data centers that we have in our long-time historic markets. Decade after decade long-time customers stay with us and expand their scope of work with us because we are consistently deliver unsurpassed quality, unsurpassed reliability unsurpassed scalability and unsurpassed ROI. Again, today's report marks a milestone for Orion, and I am extremely optimistic about our future.

資料中心如今正逐步了解，零售、汽車與公共部門等其他大型工業設施早已知道的事：Orion 能提供市場上最節能且最可靠的 LED 照明解決方案。我們打算在這個成長中且具長期性的市場機會中，成為首選供應商之一。我們對於成為既有供應商（incumbency）以及資料中心市場的企圖心，與我們在長期歷史市場中的企圖心相同。數十年來，長期客戶之所以持續與我們合作並擴大與我們的合作範圍，是因為我們一貫提供無與倫比的品質、無與倫比的可靠性、無與倫比的可擴充性，以及無與倫比的投資報酬率（ROI）。再次強調，今天的報告是 Orion 的一個里程碑，我對我們的未來極為樂觀。

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

接下來，讓我把時間交給 Orion 的財務長 Per Brodin，請他回顧我們的財務表現與展望。

Thank you, Sally. Today, we reported fiscal Q4 '26 revenue of $25.7 million as compared to $20.9 million in Q4 '25. For fiscal '26 as a whole, we reported $86.3 million in revenue compared with $79.7 million in fiscal '25. LED segment revenue in Q4 '26 was $20.3 million compared to $20.9 million in Q4 '25.

謝謝你，Sally。今天，我們公布 2026 會計年度第四季營收為 2,570 萬美元，相較於 2025 會計年度第四季的 2,090 萬美元。就 2026 會計年度全年而言，我們營收為 8,630 萬美元，相較於 2025 會計年度的 7,970 萬美元。2026 會計年度第四季 LED 事業部營收為 2,030 萬美元，相較於 2025 會計年度第四季的 2,090 萬美元。

For fiscal '26 as a whole, LED lighting segment revenue was $55.9 million compared to $47.7 million in fiscal '25. Q4 lighting segment revenue performance reflected increased project activity and distribution channel sales, partially offset by a decrease in ESCO channel sales.

就 2026 會計年度全年而言，LED 照明事業部營收為 5,590 萬美元，相較於 2025 會計年度的 4,770 萬美元。第四季照明事業部營收表現反映專案活動增加與經銷通路銷售成長，但部分被 ESCO 通路銷售下滑所抵銷。

Orion's expanded LED line project pipeline and efforts to drive growth in the distribution channel are continuing to contribute to higher expected revenues in fiscal '27. Lighting achieved a Q4 '26 gross margin of 40.4% versus 28.3% in Q4 '25. Lighting margin benefited from a contract amendment payment of $1.3 million, which did not have any associated cost of sales.

Orion 擴增的 LED 產品線專案管線，以及推動經銷通路成長的努力，持續促成 2027 會計年度更高的預期營收。照明事業部在 2026 會計年度第四季的毛利率達 40.4%，相較於 2025 會計年度第四季的 28.3%。照明毛利率受惠於 130 萬美元的合約修訂款項，該款項未伴隨任何銷貨成本。

Excluding the effect of that payment, lighting segment margin would still have exceeded 30%. For fiscal '26 as a whole, lighting recorded gross margin of 33.8% compared to 26.6% in fiscal '25. Maintenance segment revenue decreased to $3.2 million in Q4 '26 from $4.1 million in Q4 '25, reflecting the timing of some seasonal work.

即使排除該筆款項的影響，照明事業部毛利率仍會超過 30%。就 2026 會計年度全年而言，照明事業部毛利率為 33.8%，相較於 2025 會計年度的 26.6%。維護事業部營收在 2026 會計年度第四季降至 320 萬美元，低於 2025 會計年度第四季的 410 萬美元，反映部分季節性工作的時點因素。

We achieved a maintenance segment gross margin of 22.1% in Q4 '26 versus 24.6% in Q4 '25. For the entirety of fiscal '26, Maintenance segment revenue increased 6% to $16 million while gross margin came in at 23.7% in fiscal '26 versus 18.2% in the year-ago period. EV charging solutions revenue was $2.3 million in Q4 '26 compared to $5.8 million in Q4 '25 reflecting the sector-wide uncertainty regarding the market environment in the United States and a very strong performance in Q4 '25. EV achieved a gross margin of 27.5% in Q4 '26 versus 27.9% in Q4 '25. For fiscal '26 as a whole, the EV charging segment revenue was $14.4 million versus $16.8 million in fiscal '25, while gross margin came in at 37.7% in fiscal '26 versus 28.3% in the year ago period.

我們在 2026 會計年度第四季達成維護事業部毛利率 22.1%，相較於 2025 會計年度第四季的 24.6%。就 2026 會計年度全年而言，維護事業部營收成長 6% 至 1,600 萬美元，而毛利率在 2026 會計年度為 23.7%，相較於去年同期的 18.2%。2026 會計年度第四季電動車充電解決方案營收為 230 萬美元，相較於 2025 會計年度第四季的 580 萬美元，反映美國市場環境的不確定性為全產業所面臨，且 2025 會計年度第四季表現非常強勁。電動車事業部在 2026 會計年度第四季的毛利率為 27.5%，相較於 2025 會計年度第四季的 27.9%。就 2026 會計年度全年而言，電動車充電事業部營收為 1,440 萬美元，相較於 2025 會計年度的 1,680 萬美元；毛利率在 2026 會計年度為 37.7%，相較於去年同期的 28.3%。

Our overall gross profit margin increased to 37% in Q4 '26 versus 27.5% in Q4 '25. For the entirety of fiscal '26, gross margin came in at 32.6% compared to 25.4% in fiscal '25. We expect our overall gross margin to remain strong throughout fiscal '27 although it will likely vary on a quarterly basis due to revenue mix and volume. Total operating expenses increased to $10.3 million in Q4 '26 from $8.4 million in Q4 '25. Q4 '26 OpEx included $1.7 million of earn-out true-up expense and $1.1 million for a noncash write-off of solar assets, while Q4 '25 included $0.5 million of earn-out expense and $0.9 million for severance.

我們整體毛利率在 2026 會計年度第四季提升至 37%，相較於 2025 會計年度第四季的 27.5%。就 2026 會計年度全年而言，毛利率為 32.6%，相較於 2025 會計年度的 25.4%。我們預期整體毛利率在 2027 會計年度將維持強勁，但可能因營收組合與出貨量而在各季間有所波動。總營業費用在 2026 會計年度第四季增至 1,030 萬美元，高於 2025 會計年度第四季的 840 萬美元。2026 會計年度第四季的營業費用包含 170 萬美元的或有對價（earn-out）調整費用，以及 110 萬美元的太陽能資產非現金沖銷；而 2025 會計年度第四季則包含 50 萬美元的或有對價費用與 90 萬美元的資遣費。

For the year as a whole, total operating expenses declined to $29.7 million in fiscal '26 from $30.8 million in fiscal '25, with fiscal '26 reflecting ongoing overhead and personnel expense reductions and the $1.7 million of earn-out expense and $1.1 million of noncash solar asset write-off and $500,000 of executive sign-on bonus.

就全年而言，2026 會計年度總營業費用降至 2,970 萬美元，低於 2025 會計年度的 3,080 萬美元；2026 會計年度反映持續的管理費用與人事費用削減，以及 170 萬美元的或有對價費用、110 萬美元的太陽能資產非現金沖銷，與 50 萬美元的高階主管到職簽約獎金。

With stronger gross margin and lower operating expenses, Orion's Q4 '26 net loss was $1.5 million or $0.39 per share compared to a net loss of $2.9 million or $0.88 per share in fiscal Q4 '25. For the fiscal year as a whole, FY26 net loss was $3.2 million or $0.89 per share compared to a net loss of $11.8 million or $3.59 per share in fiscal '25. Adjusted EBITDA improved to a positive $0.8 million in Q4 '26 versus $0.2 million in Q4 '25. As for the full year, adjusted EBITDA improved to positive $2.2 million in fiscal '26 versus a negative $2.9 million in fiscal '25, reflecting increased gross profit cost control and financial discipline.

在毛利率更強勁且營業費用較低的情況下，Orion 2026 會計年度第四季淨損為 150 萬美元（每股 0.39 美元），相較於 2025 會計年度第四季淨損 290 萬美元（每股 0.88 美元）。就 2026 會計年度全年而言，FY26 淨損為 320 萬美元（每股 0.89 美元），相較於 2025 會計年度淨損 1,180 萬美元（每股 3.59 美元）。調整後 EBITDA 在 2026 會計年度第四季改善至正 80 萬美元，相較於 2025 會計年度第四季的 20 萬美元。就全年而言，調整後 EBITDA 在 2026 會計年度改善至正 220 萬美元，相較於 2025 會計年度的負 290 萬美元，反映毛利增加、成本控管與財務紀律。

As Sally mentioned, this was Orion's sixth consecutive quarter of positive adjusted EBITDA. Year-to-date, cash used by operation activities was $1.1 million in fiscal '26 compared to cash provided by operations of $0.6 million in fiscal '25. During fiscal '26, we also had a net paydown on our revolving credit borrowings in the amount of $4 million. Net working capital was $11 million at Q4 '26 versus $8.7 million at year-end fiscal '25. Available financial liquidity at the end of fiscal '26 was $15.4 million versus $13 million at the previous year-end.

如 Sally 所提，這是 Orion 連續第六個季度調整後 EBITDA 為正。年初至今，2026 會計年度營運活動使用現金為 110 萬美元，相較於 2025 會計年度營運活動提供現金 60 萬美元。在 2026 會計年度期間，我們也將循環信用借款淨償還 400 萬美元。2026 會計年度第四季的淨營運資金為 1,100 萬美元，相較於 2025 會計年度年末的 870 萬美元。2026 會計年度年末可用財務流動性為 1,540 萬美元，相較於前一年度年末的 1,300 萬美元。

Of additional note, we raised net proceeds of $6.4 million in fiscal '26 through the issuance of 500,000 shares of common stock which provides us with growth capital and the ability to pay down amounts outstanding on our revolving credit facility. Plus, effective in May, we extended the maturity of our credit facility from June 30, 2027 to June 30, 2030.

另外值得一提的是，我們在 2026 會計年度透過發行 50 萬股普通股，募集淨收益 640 萬美元，為我們提供成長資金，並具備償還循環信用額度未償餘額的能力。此外，自 5 月起，我們將信用額度到期日自 2027 年 6 月 30 日延長至 2030 年 6 月 30 日。

Regarding our outlook, as Sally noted, we have increased our expectations for growth and profitability for our current fiscal year, which began April 1, having announced that we expect a continued increase in profitable growth in fiscal '27 with positive adjusted EBITDA on revenue of between $95 million and $97 million.

關於我們的展望，如 Sally 所述，我們已上調對本會計年度（自 4 月 1 日開始）的成長與獲利預期；我們並宣布，預期 2027 會計年度將持續提升具獲利性的成長，在營收介於 9,500 萬至 9,700 萬美元的情況下，調整後 EBITDA 為正。

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

以上為我們事先準備的發言內容，至此結束。接線員，請開始問答環節。

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

(接線員指示) Craig-Hallum Capital Group 的 Eric Stine。

So I mean, obviously, strongest backlog that you've had in four or five years. I'm just curious if you can give any commentary on what you're seeing early in fiscal '27. And I know things are hard to predict, but is it fair to say that, I mean, your confidence level is quite high. I mean, do you expect to see these order trends and this backlog growth continue throughout fiscal '27?

所以我的意思是，很明顯，你們的在手訂單是過去四、五年來最強的。我只是好奇，能否談談你們在 2027 會計年度初期看到的情況。我知道事情很難預測，但是否可以說，你們的信心程度相當高。也就是說，你們是否預期這些接單趨勢與在手訂單的成長會在 2027 會計年度全年持續？

Yes. Fiscal '27, as noted in our backlog, and we're optimistic about it. It started strong. And when we look at the backlog, it's pretty distributed amongst our various segments as well. So we think we're off to a good start, and we'll continue to grow that backlog and execute the projects that we need to deliver on.

是的。如同我們在在手訂單中所提到的，2027 會計年度我們對此感到樂觀。一開始就很強勁。而且當我們看在手訂單時，也相當分散在我們各個不同的業務部門之間。因此我們認為開局良好，並將持續擴大在手訂單，同時執行我們需要交付的專案。

Okay. And maybe just on the -- you're executing on the outdoor lighting opportunity with one of your long-term customers. Maybe just an update on -- that was going to be split between Q4 and Q1 and maybe some in Q2. So maybe talk about the linearity of the revenues that you expect in fiscal '27 when you factor that in.

好的。另外可能想問一下——你們正在與一位長期客戶執行戶外照明的機會。也許更新一下——那原本會分在第四季與第一季，可能還有一些在第二季。所以把這個因素納入後，請談談你們對 2027 會計年度營收在全年分布（線性）的預期。

I guess I'll take that as speaking to overall revenue expectations for the year. I think we just completed Q4, which had revenue north of $25 million. And if you look at our guidance for '26 -- I'm sorry, for '27, I think our expectation is the revenue will play out relatively evenly over the year.

我想我會把這題視為在問全年整體營收預期。我想我們剛完成第四季，營收超過 2,500 萬美元。如果你看我們對 '26——抱歉，對 '27 的指引，我想我們的預期是營收在全年會相對平均地呈現。

Okay. Got it. And I guess for my last one, I'll just ask about -- I know that this is an opportunity with a long-term customer. You've done 2,000-plus sites, and I know that there was some opportunity that you could expand in these specific 200-plus locations and maybe expand to some indoor work. Just any commentary on where that stands.

好的。了解。那我最後一題想問——我知道這是與一位長期客戶的機會。你們已經做了 2,000 多個據點，我也知道在其中 200 多個特定地點，你們可能有機會擴大範圍，甚至延伸到一些室內的工作。想請問目前進展如何，有沒有任何評論？

Yes. Those -- that opportunity continues to move along in what I'd say a positive way. There's testing going on to finalize selections, and we're optimistic that we'll continue with that opportunity.

是的。那個——我會說那個機會仍在以正面的方式持續推進。目前正在進行測試以完成最終選擇，我們也樂觀認為會持續推進這個機會。

And when you say testing, I mean, is that testing -- is it you being considered versus someone else? Or is it just testing kind of to figure out next steps?

你提到測試，我的意思是，那個測試——是你們在與其他人競爭、被拿來比較嗎？還是只是為了釐清下一步而做的測試？

Good clarification point. Within locations. So we don't believe anyone is in the mix.

這個釐清得很好。是在各個據點內部的測試。所以我們不認為有其他人也在競爭之列。

Sameer Joshi, H.C. Wainwright.

H.C. Wainwright 的 Sameer Joshi。

Congratulations on a strong year and the outlook looks pretty good as well. On the fourth quarter '26, the LED lighting revenue, in particular, were pretty strong $20 million plus relative to $11 million to $13 million in the prior four quarters. Was this because of some contract timing? Or are we seeing this strong performance and expecting it for the next few quarters?

恭喜你們年度表現強勁，展望看起來也相當不錯。關於 2026 會計年度第四季，LED 照明營收特別強勁，超過 2,000 萬美元，相較於前四個季度的 1,100 萬到 1,300 萬美元。這是因為某些合約時點的因素嗎？還是我們看到的是這種強勁表現，並且預期未來幾季也會持續？

I'll start with this question. So the -- we expect this strength to continue within the segment, not only from the fourth quarter, but the coming quarters as well. And it was really from a mix of the projects that we delivered, some of the electrical contracting that we've been talking about was in there and along with the services that we deliver within the segment as well. So our expectation is for this to continue in the coming quarters.

我先回答這題。所以——我們預期這個業務部門的強勁態勢會延續，不僅是第四季，接下來幾季也會如此。這主要來自我們交付的專案組合，其中也包含我們一直在談的部分電氣承包業務，以及我們在該部門提供的服務。因此我們的預期是，未來幾季會持續。

Yes, I'm glad you mentioned the electrical contracting business. I think you have around $21 million in array of those projects with seven customers. Can you give us a little bit insight into what that electric contracting work entails? And also, do you have working capital to service this kind of a backlog?

是的，我很高興你提到電氣承包業務。我想你們大約有 2,100 萬美元的這類專案，來自七個客戶。你能否多分享一些這些電氣承包工作具體包含哪些內容？另外，你們是否有足夠的營運資金來支應這樣的在手訂單？

So yes, we have the working capital to service the backlog. In terms of more color on what some of these contracts look like, examples are with some of our larger customers, work that we have not been doing before, but in terms of new store build-out and doing all of the electrical contracting within their new stores. Other examples are expanding work that we have within EV infrastructure and doing electrical contracting work in that realm as well. So we're seeing it from logistics customers, retailers, within some of the EV contracts that we have as well, where we're adding on additional work to those contracts.

是的，我們有足夠的營運資金來支應在手訂單。至於這些合約的更多細節，例子包括：與我們一些較大型客戶合作，進行我們過去未曾承作的工作，例如新門市建置（build-out），並負責其新門市內所有電氣承包工程。其他例子則是擴大我們在電動車（EV）基礎設施領域的工作，在該領域也承作電氣承包工程。因此我們看到來自物流客戶、零售商，以及我們部分 EV 合約的需求，我們也在那些合約上增加額外的工作內容。

Understood. And then you -- earlier this week or last week, you announced the entry into the data center AI domain, and you highlighted it on this call as well. Does the backlog that you spoke of include any of this? I mean I know it's early days, but should we expect upside to this $95 million to $97 million based on your success potential success in the data center market?

了解。另外，你們在本週稍早或上週宣布進入資料中心 AI 領域，今天的電話會議也有提到。你們所談到的在手訂單是否包含這部分？我的意思是，我知道還在早期階段，但基於你們在資料中心市場的成功潛力，我們是否應該預期在 9,500 萬到 9,700 萬美元之上還有上行空間？

So our backlog really reflects that -- does not reflect that currently. We do have high expectations for this segment. As you can imagine, though, we developed the product. We've been working closely with customers on this product. but we think that a lot of the revenue will come later in the year as these come online -- sorry, later in our fiscal year and then in the coming years as well.

所以我們的在手訂單其實反映的是——目前並未反映這部分。我們對這個業務部門有很高的期待。如你所想像，我們已經開發出產品。我們也一直與客戶就這項產品密切合作，但我們認為相當多的營收會在今年稍晚、當這些專案上線時才會出現——抱歉，是在我們會計年度稍晚，以及未來幾年也會逐步貢獻。

Okay. And just last one. I think you have mentioned it in the commentary in the press release. But is the Voltrek earn-out payment done? I mean are all the payments done and no more earn-outs should be expected in the coming quarters?

好的。最後一題。我想你們在新聞稿的評論中有提到。但 Voltrek 的或有對價（earn-out）付款是否已經結束？也就是說，所有付款都完成了，未來幾季不應再有任何 earn-out 需要支付？

Yes. And Per can expand on it.

是的。Per 可以再補充說明。

Yes. All payment requirements are fully satisfied so that you'll see none of that carrying into fiscal '27 or beyond.

是的。所有付款義務都已完全履行，因此你不會看到任何款項延續到 2027 會計年度或之後。

Congrats on the progress and good luck.

恭喜你們的進展，祝順利。

Gowshi Sri, Singular Research.

Singular Research 的 Gowshi Sri。

Sally, congratulations to you and to your team completing your first year as CEO. Seemingly, a genuine turnaround is in progress. Impressive set of results. I just wanted to have a few questions. A few questions designed to kind of stress test the momentum going into fiscal '27.

Sally，恭喜你以及你的團隊完成你擔任執行長的第一年。看起來，一個真正的轉型正在進行中。成果令人印象深刻。我有幾個問題想請教。這幾個問題主要是想對進入 2027 會計年度的動能做一些壓力測試。

I know the gross margin came in at 37%. If we strip out the solar revenue, it looks like it's around 33%-34%. But even if it's around 31%, as we think about fiscal '27, is that 31%-32% still kind of the right structural flow or does the mix shift towards electrical contracting, larger LED projects give you confidence that it can be sustained at a higher level?

我知道毛利率是 37%。如果把太陽能營收剔除，看起來大約是 33%–34%。但即使大約是 31%，當我們思考 2027 會計年度時，31%–32% 是否仍是大致正確的結構性水準？還是產品/業務組合轉向電氣承包、更大型的 LED 專案，讓你們有信心可以在更高水準上維持？

I think we can sustain at what would be a high level for us. And we think we're very proud of the margins we achieved in fiscal '26. In '27, I think a round number of 30% is probably the way to think about this as we enter the year. And as I mentioned, somewhat subject to quarter-by-quarter mix shifts that can occur. But based on our, say, the infrastructure we put in place a year or so ago, plus some of the other changes we've made with the increases in sales volume, we believe that we can achieve margin at that level.

我認為我們可以維持在對我們而言屬於較高的水準。我們也為 2026 會計年度達成的毛利率感到非常自豪。在 '27，我想以整數來看，大約 30% 可能是進入年度時思考這件事的方式。如我提到的，這在某種程度上會受到每季可能出現的組合變動影響。但基於我們大約一年前建立的基礎設施，加上我們隨著銷售量提升所做的其他一些調整，我們相信可以在該水準達成毛利率。

Got you. And net-net, is Orion exiting the solar business? Is there -- will there be any noise still embedded in the fiscal '27 numbers?

了解。那麼總體而言，Orion 是否正在退出太陽能業務？在 2027 財年的數字中，是否仍會有任何雜訊被包含在內？

That was the last remaining bit of solar business we had left. That was a 30-year contract that we amended to essentially stop any further activity in the solar business. So there will be no carryforward activity in that area.

那是我們剩下的最後一點太陽能業務。那是一份 30 年合約，我們已修訂該合約，基本上是停止在太陽能業務上的任何進一步活動。因此該領域不會有任何延續性的活動。

Yes. I know you guys in your last call, you were still at the early stages of electrical infrastructure. This seems like kind of a genuine segment now. Are you at a point where you're considering reporting it separately? And what kind of revenue run rate should we think of as we kind of think about fiscal '27 and beyond?

是的。我知道你們在上一次電話會議中，電力基礎設施還處於早期階段。現在看起來已經像是一個真正的業務部門了。你們是否已經在考慮將其單獨揭露？而當我們思考 2027 財年及之後時，應該以什麼樣的營收運行水準來看待？

Yes. It's really something we haven't thought about breaking out separately at this point. It certainly has some momentum behind it as we've stated in different releases that we put out. That is managed largely in our services group. That's part of the turnkey services.

是的。目前我們其實還沒有考慮把它單獨拆分出來揭露。正如我們在不同的新聞稿中所提到的，它確實有一些動能。它主要由我們的服務團隊管理。那是交鑰匙服務的一部分。

So at this point, we think that would remain managed by that group and reported. And to the extent we have significant projects that come along, we would announce those as they -- the orders are received.

所以目前我們認為它會繼續由該團隊管理並進行揭露。而如果有重大專案出現，我們會在收到訂單時對外公告。

Got you. And I'll sneak in a last one on the EV side. With the battery energy storage deployment in California, what is the approximate revenue per site? And do you have a target number by -- for '27? And is it embedded in the $95 million, $97 million? Or is it kind of still an upside to it?

了解。我再偷偷問最後一個關於 EV 的問題。在加州的電池儲能部署中，每個站點的約略營收是多少？你們對 2027 年的目標數量是多少？它是否已包含在 9,500 萬到 9,700 萬美元之中？還是說它仍屬於上行空間？

It's part of our $95 million to $97 million. We think there's a lot of opportunity within that segment, whether it's through the EV work that we do or other work that we do. with customers as well. But we're pretty early in that solution.

它是我們 9,500 萬到 9,700 萬美元的一部分。我們認為該領域有很多機會，不論是透過我們所做的 EV 工作，或是我們與客戶進行的其他工作。但我們在這個解決方案上仍處於相當早期的階段。

Bill Dezellem, Tieton Capital Management.

Bill Dezellem，Tieton Capital Management。

Two questions to begin with. First of all, I have never gone into a data center and looked at the roof or the ceiling as the case may be, would you walk us through what's different about your data center product and why they need anything different or special than any other four-wall box that has a ceiling?

先問兩個問題。首先，我從未走進資料中心並抬頭看屋頂或天花板（視情況而定），你能否帶我們了解一下你們的資料中心產品有何不同？為什麼他們需要與任何其他有天花板的四面牆盒子不同或特別的東西？

Well, I won't get too technical on the call, but what we've done is we had a multipurpose linear light that we worked closely with the end users to make sure that it was hitting the right efficiency that they needed as well as some certain other requirements that they had that were under NDA for some of it. And so it's a product that we've made that we have customized for data centers. And then another part of the interest from data centers was our ability to customize and make it within our Wisconsin facility to shorten the lead times as well as their rollouts and their needs grow.

我不會在電話會議上講得太技術性，但我們所做的是：我們開發了一款多用途線型燈具，並與終端使用者密切合作，以確保它達到他們所需的效率，以及他們的一些其他特定要求，其中部分內容受 NDA 約束。因此，這是一款我們為資料中心客製化打造的產品。此外，資料中心對我們的另一個興趣點在於：我們能在威斯康辛州的工廠進行客製化與製造，以縮短交期，並配合他們的部署節奏與需求成長。

Great. And that sales effort, is that taking place through ESCO partners? Or are you going direct? How does that sales process look like it will unfold?

很好。那麼這個銷售推進，是透過 ESCO 合作夥伴進行嗎？還是你們會直接銷售？這個銷售流程看起來會如何展開？

In particular, this started with our distribution channel, and the partners within that channel, although because of our manufacturing and ability to customize, we think that this solution could be utilized by our other channels as well.

就這個案例而言，它一開始是透過我們的經銷通路，以及該通路內的合作夥伴啟動的；不過，基於我們的製造能力與客製化能力，我們認為這個解決方案也可以被我們其他通路所採用。

Great. And then relative to the (inaudible) and partner channels, you, in the last several quarters, enhanced the leadership in that arena. Would you bring us up to speed as to those activities and what -- where we're at in the process of bringing that back to a well-oiled machine?

很好。另外，關於（聽不清）以及合作夥伴通路，你們在過去幾個季度強化了該領域的領導團隊。你能否向我們更新一下這些活動，以及我們在把它恢復成一部運轉順暢的機器的過程中，目前進展到哪一步？

So Bill, you cut out at the beginning of your question, but I think it is surrounding that channel specifically the distribution channel.

Bill，你在問題一開始的部分斷線了，但我想你是在問那個通路，特別是經銷通路。

It is and the leadership changes that you made and the implications.

是的，還有你們所做的領導層變動及其影響。

Yes, yes. So month-over-month, we're growing in that channel and specifically working closely with customers, that the leader of that channel brought this opportunity to us, and we've been working, obviously, for quite some time to bring it together. And it is leadership like that, that will help us expand in that channel and continue to grow and have the right strategy to not only the strategy to service that channel but then also what other products do we need to bring to help us be stronger in that channel as well. So we think there's a lot of opportunity there.

是的，是的。就月對月而言，我們在該通路持續成長，並且與客戶密切合作；該通路的負責人把這個機會帶給我們，而我們顯然已經花了相當長的時間把它整合到位。而正是這樣的領導力，將幫助我們在該通路擴張、持續成長，並制定正確的策略——不僅是服務該通路的策略，也包括我們還需要推出哪些其他產品，讓我們在該通路更具競爭力。因此我們認為那裡有很多機會。

Sally, I will follow up on that last comment relative to products to service that channel. There are gaps that are meaningful revenue opportunities that you all are in process of addressing with your product lineup?

Sally，我想就你剛才關於「用產品來服務該通路」的最後一句話追問一下。你們的產品線中是否存在一些缺口，而這些缺口是具意義的營收機會，你們正在著手補齊？

I think another product to speak to that we've talked about is a roadway product and that's another opportunity that we're working through the distribution channel as well. So that's a product that goes on the streets and highways of America. So we think that there's opportunity as well there.

我認為另一個可以談的產品是道路照明產品，我們也正在透過經銷通路推進這個機會。這是一種用在美國街道與高速公路上的產品。因此我們也認為那裡同樣有機會。

This concludes our question-and-answer session, and I will turn the call back to Sally Washlow for concluding remarks.

問答環節到此結束，我將把電話交回給 Sally Washlow 作結語。

I want to thank everyone again for taking time today to join us. We look forward to updating investors on our first quarter FY27 call in August. We look forward to meeting with many of you, whether in person or virtually between now and then. We will be presenting at a number of conferences, so please watch for our forthcoming announcements regarding scheduling. Please also reach out to our Investor Relations team to set up a meeting for any other information.

再次感謝各位今天撥冗參與。我們期待在 8 月的 2027 財年第一季電話會議上向投資人更新。我們也期待在此之前，無論是面對面或線上，與各位中的許多人會面。我們將參加多場會議，請留意我們後續關於行程安排的公告。如需任何其他資訊，也請聯繫我們的投資人關係團隊以安排會議。

Their contact information is at the bottom of today's press release. Many thanks again for your interest in Orion. I look forward to continuing to update you on our progress.

他們的聯絡資訊在今天新聞稿的底部。再次非常感謝各位對 Orion 的關注。我期待持續向各位更新我們的進展。

This concludes today's conference call. Thank you for participating, and you may now disconnect. Everyone, have a great day.

今天的電話會議到此結束。感謝各位參與，現在可以掛線。祝各位有美好的一天。