Ocean Power Technologies Inc (OPTT) 2025 Q2 法說會逐字稿

Good morning, and welcome to the Ocean Power Technologies second quarter of fiscal year 2025 earnings conference call. A webcast of this call is also available and can be accessed via a link on the company's website at www.oceanpowertechnologies.com. This conference call is being recorded and will be available for replay shortly after its completion.

早安，歡迎參加 Ocean Power Technologies 2025 財年第二季財報電話會議。本次電話會議的網路直播也已上線，可透過公司網站 www.oceanpowertechnologies.com 上的連結觀看。本次電話會議已錄製，結束後即可重播。

On the call today are Dr. Philipp Stratmann, President and Chief Executive Officer, and Bob Powers, Senior Vice President and Chief Financial Officer. (Operator Instructions)

今天參加電話會議的有總裁兼執行長 Philipp Stratmann 博士和資深副總裁兼財務長 Bob Powers。（操作員指示）

I'm now pleased to introduce Bob Powers.

我現在很高興介紹鮑勃鮑爾斯。

Thank you, and good morning. After the market closed yesterday, we issued our earnings press release and filed our quarterly report on Form 10-Q for the period ended October 31, 2024. Our public filings are available on the SEC website and within the Investor Relations section of the OPT website.

謝謝，早安。昨天市場收盤後，我們發布了收益新聞稿，並提交了截至 2024 年 10 月 31 日的 10-Q 表格季度報告。我們的公開文件可在美國證券交易委員會 (SEC) 網站和 OPT 網站的投資者關係部分查閱。

During this call, we will make forward-looking statements that are within the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may include financial projections or other statements of the company's plans, objectives, expectations or intentions.

在本次電話會議中，我們將做出符合 1995 年《私人證券訴訟改革法案》安全港條款的前瞻性聲明。前瞻性陳述可能包括財務預測或公司計劃、目標、期望或意圖的其他陳述。

These statements are based on assumptions made by management regarding future circumstances over which the company may have little or no control and involve risks, uncertainties and other factors that may cause actual results to be materially different from any future results expressed or implied by such forward-looking statements.

這些聲明是基於管理層對未來情況的假設，公司對這些情況可能幾乎沒有或根本沒有控制權，並且涉及風險、不確定性和其他因素，這些因素可能導致實際結果與此類前瞻性聲明表達或暗示的任何未來結果存在重大差異。

Additional information about these risks and uncertainties can be found in the company's Form 10-K and subsequent filings with the SEC. The company disclaims any obligation or intention to update the forward-looking statements made on this call. Finally, we posted an updated investor presentation on our IR website. Please take a moment to review it as it provides a nice overview of our company and strategy.

有關這些風險和不確定性的更多信息，請參閱公司的 10-K 表格以及隨後向美國證券交易委員會提交的文件。本公司不承擔更新本次電話會議中前瞻性陳述的任何義務或意圖。最後，我們在 IR 網站上發布了更新的投資者介紹。請花一點時間查看它，因為它提供了我們公司和策略的良好概述。

Now I am pleased to introduce Dr. Philipp Stratmann.

現在我很高興介紹 Philipp Stratmann 博士。

Good morning, and thank you for joining us today. I'm thrilled to share that the second quarter of fiscal 2025 was another transformational period for OPT. Our business remains on track toward achieving positive cash flow by the end of calendar year 2025. And this quarter, we delivered outstanding results across key financial and operational metrics.

早安，感謝您今天加入我們。我很高興地告訴大家，2025 財年第二季是 OPT 的另一個轉型期。我們的業務仍有望在 2025 年底實現正現金流。本季度，我們在關鍵財務和營運指標方面取得了出色的成績。

We achieved remarkable revenue growth, significantly reduced operating expenses and advanced our strategic partnerships and technological innovations. These milestones reinforce our current trajectory and position us for continued leadership in the rapidly evolving maritime and renewable energy sectors.

我們實現了顯著的收入成長，大幅降低了營運費用，並推動了策略合作夥伴關係和技術創新。這些里程碑鞏固了我們目前的發展軌跡，並使我們在快速發展的海事和再生能源領域繼續保持領先地位。

Today, I will highlight the quarter's most notable achievements, the momentum they create and the exciting opportunities ahead as we pursue our strategic goals for fiscal 2025.

今天，我將重點介紹本季最顯著的成就、它們所創造的勢頭以及我們在追求 2025 財年戰略目標過程中所面臨的激動人心的機會。

To start, I'm excited to share that we achieved record quarterly revenue of $2.4 million, our highest ever. This represents 170% increase compared to the same period last year, a testament to the effectiveness of our focused strategy and the growing demand for our solutions.

首先，我很高興地告訴大家，我們實現了創紀錄的 240 萬美元季度收入，這是我們有史以來的最高水準。與去年同期相比，這一數字增長了 170%，證明了我們重點策略的有效性以及對我們解決方案日益增長的需求。

Our strategic emphasis on national security, critical infrastructure and international market expansion continues to deliver results. This reflects not just broader macroeconomic trends, but our ability to penetrate diverse markets and execute for new customers.

我們對國家安全、關鍵基礎設施和國際市場擴張的戰略重點繼續取得成果。這不僅反映了更廣泛的宏觀經濟趨勢，也反映了我們滲透不同市場並為新客戶提供服務的能力。

We are successfully converting our expanding pipeline into revenue, driven by increasing domestic and international demand. Our ability to scale and deliver on large contracts positions us for sustained growth, and we're confident in our ability to capitalize and build on this momentum.

在不斷增長的國內外需求的推動下，我們成功地將不斷擴大的管道轉化為收入。我們擴大規模和履行大型合約的能力使我們實現了持續成長，我們有信心利用和鞏固這一勢頭。

On the cost side, we're maintaining a disciplined approach to operational efficiency. Through strategic headcount optimization and rigorous management of third-party spending, we reduced year-over-year operating expenses by 41% and operating cash burn by 39%. These results underscore our proven ability to manage resources effectively while scaling the business for long-term growth. As a result, we remain on track to achieve profitability in the fourth quarter of calendar 2025, a pivotal milestone that we approach with firm resolve and confidence.

在成本方面，我們保持嚴謹的營運效率方法。透過策略性的員工隊伍優化和對第三方支出的嚴格管理，我們將營運費用年減了 41%，營運現金消耗減少了 39%。這些結果強調了我們在擴大業務以實現長期成長的同時有效管理資源的能力。因此，我們仍有望在 2025 年第四季實現盈利，這是我們以堅定的決心和信心迎接的關鍵里程碑。

Strategic partnerships remain central to our growth strategy. This quarter, we made significant progress in expanding our market presence. In Latin America, we announced a partnership that includes $3 million in purchase order commitments over 36 months. This highlights the growing demand for our WAM-V USVs and reinforces our leadership in cutting-edge maritime technology.

策略夥伴關係仍然是我們成長策略的核心。本季度，我們在擴大市場佔有率方面取得了重大進展。在拉丁美洲，我們宣布了一項合作夥伴關係，其中包括 36 個月內 300 萬美元的採購訂單承諾。這凸顯了我們對 WAM-V USV 日益增長的需求，並鞏固了我們在尖端海事技術領域的領導地位。

In the Middle East, OPT partnered with Unique Group to exhibit our WAMV at ADIPEC and to provide services to commercial customers. We also signed a distributor agreement with Remo International Group in the UAE to focus on defense and security applications. Finally, we entered into a partnership with 3B General Trading and Contracting Co to explore offshore energy and maritime projects in Kuwait.

在中東，OPT與Unique Group合作，在ADIPEC展示我們的WAMV，並為商業客戶提供服務。我們也與阿聯酋的雷莫國際集團簽署了分銷協議，專注於國防和安全應用。最後，我們與 3B General Trading and Contracting Co 建立合作夥伴關係，共同探索科威特的海上能源和海事計畫。

Our innovative solutions such as PowerBuoys and AI-powered WAMVUSBs equipped with MES systems are uniquely positioned to meet the region's need for sustainable, efficient offshore energy across commercial and defense industries. Domestically, we remain steadfast in our commitment to support national defense.

我們的創新解決方案（例如配備 MES 系統的 PowerBuoys 和 AI 驅動的 WAMVUSB）具有獨特的優勢，可滿足該地區商業和國防工業對可持續、高效海上能源的需求。在國內，我們堅定不移地支持國防。

This quarter, we successfully completed a second set of exercises under our follow-on contract with Episai as part of Project Overmatch. These exercises showcase the power of our WAMV technology in military applications, validating its operational reliability and further solidifying our position in the defense sector.

本季度，我們根據與 Episai 簽訂的後續合同，作為 Overmatch 項目的一部分，成功完成了第二組演習。這些演習展示了我們的WAMV技術在軍事應用中的威力，驗證了其運作可靠性，並進一步鞏固了我們在國防領域的地位。

We are encouraged by the broader trends in defense procurement, which are increasingly shifting towards nontraditional and dual-use technology providers like OPT. This shift aligns with our strengths in delivering innovative, adaptable solutions for military and commercial applications. Importantly, we believe these changes represent significant upside as governments prioritize agility and innovation in their procurement strategies.

國防採購領域的廣泛趨勢令我們感到鼓舞，該趨勢正日益轉向 OPT 等非傳統和兩用技術提供者。這種轉變與我們在為軍事和商業應用提供創新、適應性解決方案方面的優勢相一致。重要的是，我們相信這些變化代表著顯著的優勢，因為政府在採購策略中優先考慮敏捷性和創新性。

Our advancements and partnerships demonstrate our continuing leadership in the maritime, AI and autonomous vehicle space. With sectors such as national security, offshore energy and marine intelligence poised for significant growth, we are well positioned to make the most of these opportunities and drive innovation forward.

我們的進步和合作夥伴關係證明了我們在海事、人工智慧和自動駕駛汽車領域的持續領導地位。隨著國家安全、海上能源和海洋情報等領域即將大幅成長，我們已準備好充分利用這些機遇，推動創新。

In conclusion, I am incredibly proud of the progress we've made this quarter. Our strategic execution, cost discipline and innovative partnerships are driving us toward our goal of profitability by the end of calendar 2025. The momentum we have built gives us confidence in an even brighter and promising future.

總而言之，我對我們本季的進展感到無比自豪。我們的策略執行、成本控制和創新合作夥伴關係正在推動我們實現 2025 年底實現盈利的目標。我們已經建立的勢頭使我們對更光明和充滿希望的未來充滿信心。

Thank you for your continued support. I will now hand it over to Bob, who will provide a detailed review of our financial performance.

感謝您一直以來的支持。現在我將把它交給鮑勃，他將對我們的財務表現進行詳細的審查。

Thanks, Philip. Let's begin with revenue. As Philip noted earlier, this quarter, we achieved record revenue of $2.4 million, marking a 170% increase year-over-year and a 142% increase sequentially. This represents a significant achievement for Ocean Power Technologies illustrating the fundamental strength of our strategy, the disciplined execution of our team and the growing demand for our solutions.

謝謝，菲利普。讓我們從收入開始。正如菲利普先前指出的，本季度，我們實現了創紀錄的 240 萬美元收入，年增 170%，季增 142%。這對 Ocean Power Technologies 來說是一項重大成就，體現了我們策略的根本實力、我們團隊的嚴謹執行力以及對我們解決方案日益增長的需求。

Our strategic focus on expanding in Latin America proved instrumental this quarter, with sales from the region contributing approximately 1/3 of our total revenue, a new high for us. This performance validates our efforts to diversify revenue streams and take advantage of opportunities in high-growth markets.

本季度，我們對拉丁美洲擴張的戰略重點發揮了重要作用，該地區的銷售額約占我們總收入的 1/3，這對我們來說是一個新高。這項業績證明了我們為實現收入來源多元化和利用高成長市場機會所做的努力。

Looking ahead, achieving record revenue is an important step forward in our foundation for sustained growth. To that end, we remain focused on executing our strategy to deliver consistent results and build long-term value for our shareholders.

展望未來，實現創紀錄的收入是我們持續成長基礎的重要一步。為此，我們將繼續專注於執行我們的策略，以提供持續的成果並為股東創造長期價值。

Turning to expenses. Our operating expenses for the second quarter of fiscal 2025 totaled $4.7 million, a 41% reduction compared to the $8 million in the same period last year. This $3.3 million decrease reflects deliberate efforts to optimize headcount, significantly reduce third-party spending and tightly controlled costs across the organization.

談到費用。我們 2025 財年第二季的營運費用總計 470 萬美元，與去年同期的 800 萬美元相比減少了 41%。這 330 萬美元的減少反映了整個組織為優化員工人數、大幅減少第三方支出和嚴格控製成本所做的努力。

As Philip noted, the reduction in operating expenses, coupled with a 170% revenue increase, reinforces our proven ability to scale operations efficiently. We're confident this model will support our path to profitability as we continue to grow. As a result of these measures, our net loss for the quarter decreased by 46% from $7.2 million in Q2 of last year to $3.9 million this year.

正如菲利普所指出的，營運費用的減少，加上 170% 的收入成長，增強了我們有效擴展營運的能力。我們相信，隨著我們繼續發展，這種模式將支持我們實現盈利。由於採取了這些措施，我們本季的淨虧損從去年第二季的 720 萬美元減少了 46% 至今年的 390 萬美元。

This improvement shows our continued commitment to driving financial discipline while supporting our dramatic growth. On the balance sheet front, our combined cash, restricted cash, cash equivalents and short-term investments totaled $2.3 million as of October 31, 2024, compared to $3.3 million at the close of the prior quarter.

這項改善顯示我們在支持我們大幅成長的同時，繼續致力於推動財務紀律。在資產負債表方面，截至 2024 年 10 月 31 日，我們的現金、受限現金、現金等價物和短期投資總額為 230 萬美元，而上一季末為 330 萬美元。

In terms of cash flow, year-to-date, net cash used in operating activities totaled $10.9 million, a 30% improvement compared to the $15.5 million in the prior year. This reduction reflects the positive impact of our cost management initiatives, offset by payouts related to employment bonuses and earnouts accrued during fiscal 2024.

現金流方面，年初至今，經營活動所用淨現金總計 1,090 萬美元，較上年的 1,550 萬美元成長 30%。這項減少反映了我們的成本管理措施的正面影響，但被 2024 財年期間累積的與就業獎金和獲利相關的支出所抵消。

That concludes our financial update for the quarter. Looking ahead, we are encouraged by the compelling demand signals underlying our strong quarter, and we have several promising opportunities in our pipeline. Additionally, new initiatives such as the partnerships Philip discussed, position us to address emerging customer needs and expand our footprint globally.

這就是我們本季的財務更新內容。展望未來，我們受到強勁季度背後強勁需求訊號的鼓舞，我們擁有多個充滿希望的機會。此外，菲利普討論的合作夥伴關係等新措施使我們能夠滿足新興的客戶需求並擴大我們的全球影響力。

Thank you for your attention and your continued support of Ocean Power Technologies. With that, we'll open the floor to your questions.

感謝您對Ocean Power Technologies的關注與持續支持。接下來，我們將開始回答大家的提問。

(Operator Instructions)

（操作員指示）

Shawn Severson, Water Tower Research.

肖恩‧塞弗森 (Shawn Severson)，水塔研究公司。

Phil, can you talk a little bit about how the recurring revenue side and the as a service strategy is going? It seems like you're getting a lot more deployments even outside of some defense applications. How is this -- how is the recuring revenue model fitting into the commercialization you're seeing now of the business?

菲爾，您能否談談經常性收入方面和服務策略的進展？看起來，即使在一些國防應用之外，您也獲得了更多的部署。這是怎麼回事——經常性收入模式如何適應您現在看到的業務商業化？

Shawn, thanks for the question. We are definitely seeing an increase in leases as-a-service type models, exercises, various deployments that we're doing and that certainly helps in terms of the recurring revenues that we're seeing and our ability to project forward, where we are seeing this -- and we are seeing this on both sides of the sense being one side being defense and security and the other one being civilian/commercial applications. And it is for a range of customers around offshore energy and certainly for larger-term exercises.

肖恩，謝謝你的提問。我們確實看到租賃即服務類型的模型、演習和我們正在進行的各種部署有所增加，這無疑有助於我們看到經常性收入和我們的前瞻性預測能力，我們看到了這一點——我們從兩個方面都看到了這一點，一方面是國防和安全，另一方面是民用/商業應用。它適用於一系列海上能源客戶，當然也適用於更長期的活動。

I would add that in addition to the leases, we are still maintaining and seeing a steady drumbeat of interest that comes from the sell side. And as we've said previously, in a kind of further step changes in overall revenue will come from some larger project-based sales, which then enable us to provide additional service revenues into that installed base.

我想補充一點，除了租賃之外，我們仍然保持並看到來自賣方的穩定興趣。正如我們之前所說，整體收入的進一步變化將來自一些更大的基於項目的銷售，這使我們能夠為該安裝基礎提供額外的服務收入。

And you probably saw that over the course of the last few months, we launched our formal service offering, and we've got our first couple of customers under contract. So this is for vehicles where they sold or leased and we're equally applied to Buoys whether sold or leased, where we then provide maintenance services at different tier levels the way you would expect it from kind of any other kind of asset that you're utilizing?

您可能已經看到，在過去的幾個月裡，我們推出了正式的服務，並且已經與第一批客戶簽訂了合約。那麼，這是針對銷售或租賃的車輛，而且我們同樣適用於銷售或租賃的浮標，然後我們在不同層級提供維護服務，就像您期望從您正在使用的任何其他類型的資產中獲得的那樣？

So as I think about a model going out, every time you get these equipment, the equipment sales themselves, right? Should we start thinking about or are you going to start guiding towards some type of a reoccurring revenue pattern that we should think of?

因此，當我考慮推出一款模型時，每次你獲得這些設備，設備本身就會銷售，對嗎？我們是否應該開始考慮或您要開始引導我們應該考慮的某種經常性收入模式？

So as you get towards your cash flow breakeven that coming, I assume mostly from equipment sales, but then we can look at it and think of these tails of cash flow that come out from the equipment sales. Is there any framework or reference around how we should model that or think about that from equipment sales to recurring revenue.

因此，當您實現現金流收支平衡時，我認為主要來自設備銷售，但我們可以看看並想想來自設備銷售的現金流尾部。是否有任何框架或參考關於我們應如何建模或思考從設備銷售到經常性收入的問題。

Yes. If you look at the businesses that exist in the ocean and maritime technology space, particularly in kind of oilfield services to a large extent. I think there's some fairly reasonably established guidelines around how once a system is sold and put into use what additional tell revenues come with that. And these tell revenues will exist over the useful economic life of the asset and whilst it is deployed by the customer. So I think we're definitely going to start seeing more of that.

是的。如果你看一下海洋和海事技術領域的業務，你會發現，很大程度上，它主要是油田服務。我認為，關於系統出售並投入使用後如何獲得額外收入，已經有一些相當合理的指導方針。這些收入將存在於資產的有效經濟壽命內以及客戶部署資產期間。所以我認為我們肯定會開始看到更多這樣的情況。

We just recently launched that service offering. So I think as the next series of quarters developed, where we're able to provide more of a kind of trend on how that is developing and in terms of how that shapes out over the years. As I said, these are definitely long-term revenues that maintain a stable base and footing for the company.

我們最近剛推出了這項服務。因此，我認為隨著接下來幾季的發展，我們能夠提供更多關於其發展趨勢以及未來幾年如何形成的趨勢。正如我所說，這些絕對是維持公司穩定基礎和立足點的長期收入。

My last question is you talked a little bit about Latin America and South America. Are these projects that you're working on or getting deployments in, are these -- you have the potential to go global, I guess? I mean, are you working with the customers, obviously, in this location.

我的最後一個問題是您談到了拉丁美洲和南美洲。這些是您正在進行或部署的專案嗎？我想，這些計畫有走向全球的潛力嗎？我的意思是，你顯然是在這個地方與客戶合作嗎？

But do you view this as a -- not really a test -- nothing to test anymore, but really like rollouts of seeing how this works and that you'd be able to follow that customer around the world for other oil and gas development projects or ongoing ones?

但是，您是否認為這並非真正的測試，不再需要進行任何測試，而是真正地了解其工作原理，並且您是否能夠在世界各地跟踪該客戶的其他石油和天然氣開發項目或正在進行的項目？

I think it is a mix of both, Shawn. I think there is -- especially in the offshore energy space. Some of the work is very region-specific. But as we've seen in the past, once you demonstrate it with one customer that sits at kind of Tier 1, Tier 2, Tier 3 in that value chain.

我認為這是兩者的結合，肖恩。我認為有—特別是在海上能源領域。有些工作非常有地域特色。但正如我們過去所看到的，一旦你向位於該價值鏈中的第 1 層、第 2 層、第 3 層的客戶展示了這一點。

Other customers become way more willing to go and replicate that in their parts. I think the approach we've taken is that we are very deliberately targeting specific regions in Latin and South America. Oftentimes, there are regions where there is a direct overlap between security and offshore energy and we're taking the same approach in the Middle East.

其他客戶則更願意在自己的產品中複製這種做法。我認為我們採取的方法是，我們非常刻意地針對拉丁美洲和南美洲的特定地區。通常，有些地區的安全與海上能源直接重疊，我們在中東也採取了同樣的做法。

I think as we continue to scale, I think once we are proving out these projects in those areas and regions. We will then look at where the next set of logical geographic regions are for us to start replicating those efforts on that approach. What that approach allows us to do is to stay lean in the way that we're now structured but still capitalize on regional specific opportunities.

我認為隨著我們不斷擴大規模，一旦我們在這些地區和區域證明了這些項目。然後，我們將研究下一組邏輯地理區域在哪裡，以便我們開始按照該方法複製這些努力。這種方法使我們能夠保持現有結構的精簡，但仍可以利用特定區域的機會。

Jeff Gramp, Alliance Global Partners.

傑夫‧格蘭普 (Jeff Gramp)，Alliance Global Partners。

I want to start on the Middle East. You guys highlighted a number of partnerships that you're kind of stacking together out there, and I know you've highlight of that area in particular, as a big opportunity for you going forward. What do you really think is kind of the path forward there in terms of kind of getting more orders and scaling that from a revenue standpoint, converting that pipeline.

我想先從中東問題說起。你們強調了你們正在建立的許多合作關係，我知道你們特別強調了這一領域，認為這是你們未來發展的一大機會。您認為，從獲得更多訂單、從收入角度擴大規模、轉換管道方面來看，前進的道路是什麼？

Is that something that happens in kind of the nearest term, maybe calendar '25? Is that something that takes a little bit of a longer timeline to ripe in? How should we think about the maturation of that market, in particular for you?

這是在最近一段時間內會發生的事情嗎，也許是 25 年？這是否需要更長的時間才能成熟？我們應該如何看待該市場的成熟，特別是對您而言？

Thanks for the question, Jeff. I think we feel confident that we will see a lot more activity certainly in terms of bookings and also, to some extent, revenues over calendar 2025 in that region. And it's been enabled by two main factors. One is we had a vehicle with US Navy for close to two years, I want to say with Talos 59 or in Bahrain. That enabled us to carry out the hot weatherization of those systems for the vehicles.

謝謝你的提問，傑夫。我認為我們有信心，到 2025 年，我們將在該地區看到更多的活動，包括預訂量，以及某種程度上收入的成長。這是由兩個主要因素促成的。一是我們的車輛與美國海軍合作了近兩年，我想說的是與 Talos 59 或在巴林。這使我們能夠對車輛的系統進行防熱處理。

And equally, the developments that we made that enabled us to add solar and small wind turbines on top of our Buoys and able to start marketing and demonstrating Buoys for that region specifically. Again, taking into account hot weather lessons, but also the fact that there's very little wave activity.

同樣，我們所做的開發使我們能夠在浮標頂部添加太陽能和小型風力渦輪機，並能夠開始專門針對該地區行銷和展示浮標。再次，考慮到炎熱天氣的教訓，但也要考慮到波浪活動很少的事實。

The fact that we have chosen strong partners, I think gives us confidence that we will see more over calendar 2025. And we recently, together with unique group exhibited the 22-foot vehicle that we have at Adipecin at Abu Dhabi. We are currently working on some defense demonstrations to take place in late winter, early spring of calendar 2025. And then I think that will rapidly lead to follow-on opportunities.

事實上，我們選擇了強大的合作夥伴，我認為，這讓我們有信心在 2025 年取得更大的成就。最近，我們與獨特的團隊一起在阿布扎比的阿迪佩辛展出了我們的 22 英尺長的汽車。我們目前正在籌備一些防禦演示，預計將於 2025 年冬末春初進行。我認為這將迅速帶來後續機會。

What we are benefiting from is that we are demonstrating commercially proven solutions that somebody can then place a PO pretty much straight away because we're not in that region to try and find R&D funding. We're in that region to try and help our customers solve the problem that they actually have right in front of them today.

我們的優勢在於，我們正在展示經過商業驗證的解決方案，人們可以立即下達採購訂單，因為我們不在該地區尋找研發資金。我們在該地區試圖幫助我們的客戶解決他們今天面臨的實際問題。

Great. That's really helpful. For my follow-up, what would you guys say this path to profitability over the next, let's call it, 12 months? what's the biggest risk or hurdle to maintaining the trajectory that you guys are building on there? What are the, I guess, main factors that keep you guys up at night that could derail that? And then what are you guys doing maybe preemptively to mitigate any of those risks and keep you guys on track?

偉大的。這真的很有幫助。接下來，你們認為未來 12 個月內獲利的途徑是什麼？維持你們正在建構的軌跡的最大風險或障礙是什麼？我想，哪些主要因素會導致你們夜不能寐，無法達成這個目標？那麼，你們會採取哪些先發制人的措施來減輕這些風險，並讓你們保持在正軌上呢？

Yes. No, it's a great question. Thanks, Jeff. I think, obviously, the ability to continue scaling and maintaining the growth pattern that we've set out, converting what we have in the pipeline to backlog to revenues is obviously always something that we take a very close look at and how we do that in a manner that maintains the cost effectiveness that we've introduced at the company.

是的。不，這是一個很好的問題。謝謝，傑夫。我認為，顯然，我們始終密切關注的是繼續擴大規模和維持我們設定的成長模式的能力，將我們現有的積壓訂單轉化為收入，以及如何以保持我們在公司引入的成本效益的方式做到這一點。

So what we're very aware of is pushing the team that we have to the very limit and then looking at what point is the right time to scale up to meet the increased demand that we're seeing, but not getting ahead of ourselves so that we maintain cost effectiveness and efficiency in terms of delivering the revenues that would come from the backlog and from the pipeline.

因此，我們非常清楚，我們要將團隊推向極限，然後看看什麼時候是擴大規模的正確時機，以滿足我們看到的不斷增長的需求，但不要超越自己，這樣我們才能保持成本效益和效率，從而實現積壓訂單和渠道帶來的收入。

Brian Gordon, Water Tower Research.

布萊恩·戈登（Brian Gordon），水塔研究公司。

Sorry about that. I was hoping we could get a bit of an update of where we are in terms of the backlog and the pipeline. And kind of my follow-up question would be, how should we think about how those two revenue streams get converted into actual recognized revenue?

很抱歉。我希望我們能夠了解一下積壓工作和管道方面的進展。我的後續問題是，我們應該如何考慮將這兩種收入來源轉化為實際確認的收入？

Yes, absolutely. As I said, we said, we announced record revenues for the last quarter. And at the same time, our pipeline has remained at a very similar level to where it's been for a while. What that shows is that for everything that we pull out of the pipeline, which then becomes a backlog and then we converted into revenues, we add more things into the hopper at the top of the pipeline, so we're maintaining traction.

是的，絕對是。正如我所說，我們宣布了上個季度創紀錄的收入。同時，我們的管道一直保持在與之前非常相似的水平。這表明，我們從管道中拉出的所有東西，都會變成積壓，然後我們將其轉化為收入，我們會將更多的東西添加到管道頂部的料斗中，因此我們保持了牽引力。

We're seeing leases converting into backlog, but they're all similar to Shawn's question earlier, they'll convert into revenue at a lower pace but are a longer-term horizon from a recurring opportunity side. And we're going to start seeing larger sales converting into revenues at a quicker pace. But obviously, the only recurring part of that is then the maintenance revenues that come behind it.

我們看到租賃正在轉化為積壓訂單，但它們都與 Shawn 之前提出的問題類似，它們將以較低的速度轉化為收入，但從經常性機會的角度來看，這是一個長期的視野。我們將開始看到更大的銷售額以更快的速度轉化為收入。但顯然，其中唯一經常性的部分是其後的維護收入。

Now that we've put behind us the merit list activism campaign that the company had faced over the past 15-plus month, we are able to fully concentrate on converting pipeline to backlog and then delivering that backlog in a timely fashion to our customers who depend on our systems to carry out their jobs for their customers.

現在，我們已經擺脫了公司在過去 15 個多月中面臨的功績名單激進主義運動，我們可以完全集中精力將渠道轉化為積壓訂單，然後及時將積壓訂單交付給依賴我們的系統為其客戶完成工作的客戶。

Definitely. That makes sense. Have you announced though, like what the actual backlog is given that the pipeline is roughly at that kind of $90 million plus number?

確實。這很有道理。但是，您是否宣布過，鑑於管道訂單量約為 9000 萬美元以上，實際積壓訂單量是多少？

Yes. We're -- for the quarter end, we're at about $3.6 million. So that's down a little bit sequentially from where we were. But with some of the opportunities that Philip mentioned earlier, the anticipation is that will tick up shortly.

是的。截至本季末，我們的營收約為 360 萬美元。因此，與我們之前的情況相比，這一數字略有下降。但隨著菲利普先前提到的一些機會的出現，人們預計這種情況很快就會好轉。

Great. And I guess if I could sneak in one last question. You guys have talked for the last couple of quarters at least about breakeven in the fourth quarter of this fiscal year. Have you talked about what that OpEx number will be that you guys will reach that break even on?

偉大的。我想我可以偷偷問最後一個問題。你們至少在過去幾季中談論過本財年第四季的損益平衡。您是否曾討論過達到收支平衡所需的營運支出金額是多少？

I think we've mentioned it's breakeven in the calendar year, not the fiscal year, obviously, our fiscal year is on from the end of April. So we've been talking about breakeven in fourth quarter of calendar 2025. So for the question, I think, from Jeff, it was earlier in about -- in that kind of next 12-month horizon.

我想我們已經提到這是在日曆年而不是財政年度實現收支平衡，顯然，我們的財政年度是從四月底開始的。因此，我們一直在談論 2025 年第四季的收支平衡。所以對於傑夫提出的問題，我認為，這是早先提出的——在未來 12 個月內。

And as I just mentioned, we are working very hard to maintain OpEx the now very cost-effective, cost-efficient levels where it is at. We don't see any reason for material expansions in OpEx that would get ahead of anything that couldn't be reflected directly related to revenues. And we make very efficient use of the space that we have.

正如我剛才提到的，我們正在努力將營運支出維持在目前非常具有成本效益的水平。我們認為沒有任何理由將營運支出的實質擴張置於無法直接反映在收入中的支出之上。我們非常有效地利用了現有的空間。

So we don't foresee any -- obviously, extraordinary expenses, notwithstanding. We don't foresee there to be any need to add in costs into this business that isn't directly related to delivery of revenues.

因此，儘管如此，我們顯然預計不會有任何額外開支。我們預計這項業務不需要增加任何與收入交付無直接關係的成本。

Ladies and gentlemen, this concludes our question-and-answer session. I'll turn the floor back to Mr. Stratmann for any final comments.

女士們、先生們，我們的問答環節到此結束。我將把發言權交還給斯特拉特曼先生，請他發表最後的評論。

Thank you for being a shareholder for supporting our ongoing growth and execution of our strategy. We look forward to continuing to deliver for you, our customers and all of our stakeholders. Thank you.

感謝您作為股東支持我們持續發展和策略執行。我們期待繼續為您、我們的客戶和所有利害關係人提供服務。謝謝。

Thank you. This concludes today's conference call. You may disconnect your lines at this time. Thank you for your participation.

謝謝。今天的電話會議到此結束。現在您可以斷開線路。感謝您的參與。