Ocean Power Technologies Inc (OPTT) 2026 Q3 法說會逐字稿

Good morning, and welcome to the Ocean Power Technologies' third quarter fiscal 2026 earnings conference call. A webcast of this call is also available and can be accessed by 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 2026 會計年度第三季財報電話會議。本次電話會議亦提供網路直播，可透過公司網站 www.oceanpowertechnologies.com 上的連結收看。本次電話會議將被錄音，並將於結束後不久提供重播。

On the call today are Dr. Philipp Stratmann, President and Chief Executive Officer; and Bob Power, Senior Vice President and Chief Financial Officer. Following the prepared remarks, there will be a question-and-answer session.

今天與會者包括總裁兼執行長 Philipp Stratmann 博士，以及資深副總裁兼財務長 Bob Power。在事先準備的發言之後，將進行問答環節。

Now I am pleased to introduce Bob Powers.

現在我很高興介紹 Bob Powers。

Thank you, and good morning. Last evening, post market close, we issued our earnings press release for the third quarter of fiscal 2026 ended January 31, 2026, and filed our Form 10-Q with the SEC. Our public filings are available on the SEC website and within the Investor Relations section of the OPT website.

謝謝，早安。昨晚在收盤後，我們發布了截至 2026 年 1 月 31 日止之 2026 會計年度第三季財報新聞稿，並向美國證券交易委員會（SEC）提交了 Form 10-Q。我們的公開申報文件可於 SEC 網站以及 OPT 網站的投資人關係（Investor Relations）專區查閱。

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. These statements are based on assumptions made by management regarding future circumstances and involve risks and uncertainties that may cause actual results to differ materially.

在本次電話會議中，我們將發表前瞻性陳述，該等陳述符合 1995 年《私人證券訴訟改革法》（Private Securities Litigation Reform Act of 1995）之「安全港」條款。前瞻性陳述可能包括財務預測或公司計畫、目標、預期或意圖等其他陳述。這些陳述係基於管理層對未來情況所作之假設，並涉及風險與不確定性，可能導致實際結果與所述內容出現重大差異。

Additional information about these risks can be found in the company's SEC filings. The company disclaims any obligation to update the forward-looking statements made on this call. Finally, we've posted an updated investor presentation on our IR website.

有關上述風險的更多資訊，請參閱公司向 SEC 提交的文件。公司不承擔更新本次電話會議中所作前瞻性陳述的任何義務。最後，我們已在投資人關係網站上發布更新版投資人簡報。

With that, I'll turn the call over to our CEO, Dr. Philipp Stratmann.

接下來，我把電話交給我們的執行長 Philipp Stratmann 博士。

Good morning, and thank you for joining us. OPT continues to see increasing traction across our core markets. Backlog reached a record $19.9 million, and our pipeline expanded to almost $164 million, reflecting growing engagement with government and commercial customers globally. Importantly, a significant portion of this pipeline is associated with defense and security programs.

早安，感謝各位加入我們。OPT 持續在我們的核心市場看到日益增加的進展與動能。截至目前，未完成訂單（backlog）達到創紀錄的 1,990 萬美元，而我們的商機管線（pipeline）擴大至接近 1.64 億美元，反映出全球政府與商業客戶的互動與參與度持續提升。重要的是，這條管線中有相當大一部分與國防與安全計畫相關。

This quarter reflects more than contract wins. It highlights the role OPT is beginning to play in the evolving architecture of maritime security and autonomy. Our $6.5 million DHS award, together with our integration with Anduril positions our PowerBuoy systems within the next-generation defense sensing network. We believe this validates our role as a provider of persistent offshore infrastructure supporting US national security missions. The first of these systems is being ready for shipment, and we expect to ship several more in the coming weeks.

本季不僅反映合約得標。它也凸顯 OPT 正開始在海事安全與自主化演進架構中扮演的角色。我們獲得的 650 萬美元美國國土安全部（DHS）獎項，加上與 Anduril 的整合，使我們的 PowerBuoy 系統得以納入下一代國防感測網路。我們相信，這驗證了我們作為提供持續性離岸基礎設施、支援美國國家安全任務之供應商的角色。其中第一套系統已準備出貨，我們預期在未來幾週內還將出貨數套。

At the same time, we continue advancing what we believe represents a new category in the maritime domain, scalable autonomy infrastructure at sea. Our goal is to enable autonomous systems to power, recharge and operate persistently offshore, supporting long duration missions without the need for traditional logistics support.

同時，我們也持續推進我們認為代表海事領域新類別的方案：可擴展的海上自主化基礎設施。我們的目標是讓自主系統能在離岸環境中持續供電、充電並運作，支援長時間任務，而無需傳統後勤支援。

During the quarter, OPT expanded its global operational footprint. We shipped WAM-V autonomous service vehicle to Greece to support ongoing customer operations, further strengthening our presence in international defense and commercial markets. In parallel, we advanced development of our integrated autonomous docking and charging solution, transitioning the system from prototype into full scale build.

本季，OPT 擴大了全球營運版圖。我們將 WAM-V 自主服務載具運送至希臘，以支援客戶持續進行的作業，進一步強化我們在國際國防與商業市場的布局。同時，我們也推進整合式自主靠泊與充電解決方案的開發，將系統從原型階段轉入全尺寸建置。

We are targeting an early access commercial launch in calendar year 2026, designed to allow autonomous systems to dock, recharge, and redeploy in support of persistent offshore missions. OPT also progressed system integration and open water validation activities through our collaboration with Mythos AI, enhancing autonomous navigation and control capabilities across our platforms. Taken together, these initiatives support our broader strategy of enabling persistent multi-domain offshore autonomy.

我們目標在 2026 曆年推出早期商用（early access）版本，使自主系統能夠靠泊、充電並再次部署，以支援持續性的離岸任務。OPT 亦透過與 Mythos AI 的合作，推進系統整合與開放水域驗證活動，提升我們各平台的自主導航與控制能力。綜合而言，這些舉措支持我們更廣泛的策略：實現持續性的多域離岸自主化。

We are seeing several opportunities within our pipeline progress into more advanced stages of customer engagement. As deployments increase, we expect a growing portion of our business to include services, data, and system support associated with long duration offshore operations. Our capabilities align closely with expanding defense priorities around distributed sensing, autonomous systems, and persistent maritime domain awareness.

我們看到管線中的多項機會正推進至更深入的客戶互動階段。隨著部署增加，我們預期業務中將有更大比重來自與長時間離岸作業相關的服務、數據與系統支援。我們的能力與國防領域日益擴大的優先事項高度契合，包括分散式感測、自主系統，以及持續性的海事領域態勢感知。

At the same time, our systems continue to accumulate operational hours in real-world maritime environment, generating valuable operational data that supports product improvements, enhances mission readiness for our customers and informs the continued scaling of our maritime autonomy infrastructure.

同時，我們的系統持續在真實海事環境中累積運行時數，產生寶貴的營運數據，支持產品改良、提升客戶任務整備度，並為我們海事自主化基礎設施的持續擴展提供資訊。

More broadly, this progress reflects the business that is steadily building capability, operational experience, and customer confidence. Our focus remains consistent, deliver reliable systems, support our customers' missions, and execute against the opportunities we see developing across our core markets.

更廣泛而言，這些進展反映出我們的業務正穩步建立能力、累積營運經驗並提升客戶信心。我們的重點始終一致：交付可靠的系統、支援客戶任務，並把握我們在核心市場中看到的各項機會並加以執行。

From architecture refining projects, such as our DHS award, to expanding international WAM-V deployments to advancing autonomous docking and AI-enabled capabilities, we believe we are building the foundation for what could become a global maritime autonomy infrastructure layer. Over time, this strategy positions OPT not simply as a product provider, but as a platform supporting the future of offshore autonomy.

從架構精煉專案（例如我們的 DHS 獎項），到擴大國際 WAM-V 部署，再到推進自主靠泊與 AI 賦能能力，我們相信我們正在為可能成為全球海事自主化基礎設施層奠定基礎。隨著時間推進，這項策略使 OPT 不僅是產品供應商，更是支援離岸自主化未來的平台。

With that, I'll turn it over to Bob to discuss backlog in more detail and review the quarter's financial results.

接下來，我把時間交給 Bob，請他更詳細說明未完成訂單，並回顧本季財務結果。

Thanks, Philipp. I'll begin with backlog, which provides the clearest view of our future revenue. As Philipp mentioned, backlog as of January 31 was approximately $19.9 million, an increase of $12.4 million and 165% from the same time last year. This reflects conversion of opportunities across defense, government security, offshore energy, and commercial applications. Our pipeline for the quarter ended at $163.9 million, up $74.7 million and 84% year over year.

謝謝你，Philipp。我先從未完成訂單（backlog）談起，這能最清楚地反映我們未來的營收。如 Philipp 所提，截至 1 月 31 日的未完成訂單約為 1,990 萬美元，較去年同期增加 1,240 萬美元，年增 165%。這反映出我們在國防、政府安全、離岸能源與商業應用等領域的機會轉化。本季結束時，我們的商機管線為 1.639 億美元，較去年同期增加 7,470 萬美元，年增 84%。

The pipeline includes larger and more strategic opportunities, including multi-vehicle USV programs, integrated buoy, and USV surveillance solutions in autonomy enabled missions. These indicators reinforce the momentum we are seeing in customer engagements.

該管線包含規模更大且更具策略性的機會，包括多載具無人水面載具（USV）計畫、整合式浮標，以及在自主化任務中使用的整合浮標與 USV 監視解決方案。這些指標強化了我們在客戶互動中所看到的動能。

Production throughput remains stable, and we are prepared to meet scaling requirements as additional programs move forward. Revenue for the three and nine months ended January 31, 2026, were $0.5 million and $2.1 million, respectively. Revenues for the three and nine months ended January 31, 2025, were $0.8 million and $4.5 million, respectively. The year-over-year decline in revenue was largely driven by timing impacts associated with the US federal government shutdown in October and November 2025.

生產吞吐量維持穩定，我們已準備好在更多計畫推進時滿足擴產需求。截至 2026 年 1 月 31 日止的三個月與九個月營收分別為 50 萬美元與 210 萬美元。截至 2025 年 1 月 31 日止的三個月與九個月營收分別為 80 萬美元與 450 萬美元。營收年減主要係由 2025 年 10 月與 11 月美國聯邦政府停擺所造成的時點影響所致。

These disruptions shifted a number of OPT deliverables and development activities into subsequent quarters, which reduced our revenue. These timing effects are not indicative of underlying demand, and we expect a portion of the delayed work to convert later in the fiscal year.

這些干擾使多項 OPT 交付項目與開發活動延後至後續季度，進而降低了我們的營收。這些時點效應並不代表基本需求走弱，我們預期部分延後的工作將在本會計年度稍後轉為營收。

Gross profit for the three and nine months ended January 31, 2026, was a loss of $0.8 million and $2.2 million, respectively, as compared to a gross profit of $0.2 million and $1.4 million for the corresponding period in the prior year.

截至2026年1月31日止三個月及九個月的毛利分別為虧損0.8百萬美元及2.2百萬美元，相較於上一年度同期的毛利分別為0.2百萬美元及1.4百萬美元。

Gross margin for the quarter includes recognition of one-time losses associated with certain strategic contracts in accordance with US GAAP. The expenses associated with these projects are now substantially complete, although that we continue to generate revenue over the next several months. Importantly, our core programs and commercial pipeline continue to demonstrate improving margin and operating leverage.

本季毛利率包含依據美國一般公認會計原則（US GAAP）認列與特定策略性合約相關的一次性損失。與這些專案相關的費用目前已大致完成，儘管我們在未來數月仍將持續產生營收。重要的是，我們的核心計畫與商業管線持續展現毛利率改善與營運槓桿提升。

Operating expenses increased primarily due to higher non-cash stock-based compensation, which rose by $1.8 million for the three-month period and $6.5 million for the nine-month period compared to the prior year. Increases in head count necessary to convert pipeline into backlog and strengthen the company's competitive position also contributed to the year-over-year increases.

營業費用增加主要由於較高的非現金股票基礎薪酬所致，與前一年度相比，三個月期間增加1.8百萬美元，九個月期間增加6.5百萬美元。為將管線轉化為在手訂單並強化公司競爭地位所需的人員編制增加，也促成了年增幅度。

Including the non-cash amounts, operating expenses were $8.4 million for the three months ended January 31, 2026, versus $6.1 million in the same period of 2025; and $24.2 million for the nine months ended January 31, 2026, compared to $15.7 million in the prior year period.

包含非現金金額在內，截至2026年1月31日止三個月的營業費用為8.4百萬美元，對比2025年同期為6.1百萬美元；截至2026年1月31日止九個月的營業費用為24.2百萬美元，對比上一年度同期為15.7百萬美元。

Excluding stock-based compensation, operating expenses increased approximately 9% for the three-month period and 14% for the nine-month period, with employee-related expenses being the primary driver for both periods. Net losses for the three and nine months ended January 31, 2026, were $11.4 million and $29.6 million, respectively. Net losses for the three and nine months ended January 31, 2025, were $6.7 million and $15.1 million, respectively.

若排除股票基礎薪酬，營業費用於三個月期間約增加9%，於九個月期間增加14%，兩個期間的主要驅動因素皆為員工相關費用。截至2026年1月31日止三個月及九個月的淨損失分別為11.4百萬美元及29.6百萬美元。截至2025年1月31日止三個月及九個月的淨損失分別為6.7百萬美元及15.1百萬美元。

Combined cash, unrestricted cash, cash equivalents, and short-term investments as of January 31, 2026, was $7.2 million, which compares to $6.9 million at the beginning of the fiscal year. Net cash used in operating activities for the nine months ended January 31, 2026, was approximately $19.9 million compared to $14.6 million for the same period in the prior year.

截至2026年1月31日，合併現金、非受限制現金、約當現金及短期投資為7.2百萬美元，對比會計年度期初為6.9百萬美元。截至2026年1月31日止九個月，用於營業活動的淨現金約為19.9百萬美元，對比上一年度同期為14.6百萬美元。

With that, I'll turn the call back to Philipp for closing remarks before Q&A.

接下來，我把電話交回給Philipp，在問答前做結語。

Thanks, Bob. Stepping back, we are seeing continued positive momentum across our business. Demand signals across our core markets remain strong with backlog and pipeline levels significantly higher than a year ago. Government engagement is increasing, supported by new programs and initiatives across several agencies. And our international demonstrations are expanding market awareness while validating our capabilities in the field.

謝謝，Bob。退一步來看，我們看到公司整體業務持續呈現正向動能。核心市場的需求訊號依然強勁，在手訂單與管線水準顯著高於一年前。在多個機構推出新計畫與倡議的支持下，政府端的互動正在增加。同時，我們的國際示範正在提升市場認知，並在實地驗證我們的能力。

At the same time, we have aligned our organization to support this growth. Our focus remains on execution, reliability, and delivering solutions that performed consistently in mission-critical environments.

同時，我們也已調整組織以支援這項成長。我們的重點仍在於執行力、可靠性，以及交付能在任務關鍵環境中穩定運作的解決方案。

(Operator Instructions) Sameer Joshi, H.C. Wainwright.

(接線員指示) Sameer Joshi，H.C. Wainwright。

Starting off with the backlog, the $19.9 million is a solid backlog, do we have a visibility in terms of the cadence of delivering this backlog? And also, can you -- are you able to categorize this in by geography or type of customer?

先從在手訂單開始，1,990萬美元是一個不錯的在手訂單，我們是否能見度可掌握交付這些在手訂單的節奏？另外，你們是否能按地理區域或客戶類型來分類？

Yeah. Good morning, Sameer. Thanks for your question. Absolutely. So of that $19.9 million in the contracted backlog, some of that is due for immediate delivery. As we stated in the past, we are working on shipping out the systems for the Department of Homeland Security, which we announced in January with the follow-up contract for the installation a couple of weeks ago. We're talking days and weeks here for those to leave our facility here and get ready for in-store.

是的。早安，Sameer。謝謝你的提問。當然可以。在這1,990萬美元的已簽約在手訂單中，有一部分是需要立即交付的。如我們過去所述，我們正在出貨給國土安全部的系統；我們在1月已公告，並在幾週前公告了後續的安裝合約。就這些而言，從我們這裡出廠並準備就位的時間是以天與週來計算。

And if you talk in terms of cadence, that is, as we announced, that is a contractor-owned, contractor-operated contract for a 15-month period of performance. So once these are installed over the course of the next couple of weeks, that's when we're going to start recognizing revenue from them, essentially as if it was a lease contract over that 15-month period of performance.

若以節奏來談，正如我們所公告的，那是一份「承包商自有、承包商營運」（contractor-owned, contractor-operated）的合約，履約期間為15個月。因此，一旦在接下來幾週內完成安裝，我們就會開始認列其營收，基本上會像租賃合約一樣，在該15個月的履約期間內分期認列。

The other part of that backlog have slightly longer conversion cycles. And if you were to categorize them geographically, I'd say about roughly half of it is North America and the rest is sort of split between Latin America and parts of the Middle East with a couple of outliers in various other parts of the world.

在手訂單的另一部分轉換週期會稍長一些。若按地理區域分類，我會說大約一半在北美，其餘則大致分布於拉丁美洲與中東部分地區，另外在世界其他地區也有少數零星案例。

Got it. And this next question could be sensitive, but you do have some activity in UAE waters. Is there any prospect of getting more contracts from there? Like are you in talks? If you cannot answer this, that is fine.

了解。下一個問題可能較敏感，但你們在阿聯酋（UAE）水域確實有一些活動。那邊是否有機會取得更多合約？例如你們是否正在洽談？如果你不能回答也沒關係。

I think what we can say on that is we have assets in country. We have several vehicles and a buoy in the country. We also do have local-based staff who are working -- first and foremost, they're all safe. And secondly, they're working tirelessly on efforts to help support shipping and safe port operations.

我想我們能說的是，我們在當地有資產。我們在該國有數輛載具以及一個浮標。我們也有在地員工正在工作——首先，他們都很安全。其次，他們正不懈努力，協助支援航運與安全港口作業。

Got it. And just going back to sort of the backlog. I just want to make sure it includes revenues expected from the Merrows, which is likely to be a recurring revenues. What portion -- like what level of revenues do you expect? And what is the contracted period for the -- specifically Merrows orders?

了解。再回到在手訂單。我想確認其中是否包含預期來自Merrows的營收，這可能會是經常性營收。你們預期的營收占比——大概會是多少？另外，特別是Merrows訂單的簽約期間是多久？

That's a great question. It's not like there is specific Merrows contracts in there, but there are contracts like the home and security efforts that utilize the Merrows platform. Take the Homeland Security contract, again, as a great example. It utilizes all of our systems, which then go via Merrows into other data-enabling platforms. That utilizing Merrows on the systems that we're providing enables us to do two things.

這是個很好的問題。其中並沒有特定的Merrows合約，但有一些合約（例如國土安全相關的工作）會使用Merrows平台。以國土安全部合約再次作為很好的例子。它使用我們所有的系統，並透過Merrows連接到其他可啟用資料的平台。在我們提供的系統上使用Merrows，使我們能做兩件事。

One is to stream data to Coast Guard directly. The other one is to stream data to Anduril who is another party on a separate portion of these contracting mechanisms and integrate our data with their system, fortress lattice in order to kind of provide a unified operating picture. The fact that we have Merrows enables us to have multiple streaming efforts from one platform into a multiple kind of common operating pictures.

第一是將資料直接串流給海岸防衛隊（Coast Guard）。第二是將資料串流給Anduril；他們是這些合約機制中另一部分的另一方，並將我們的資料與其系統fortress lattice整合，以提供某種統一的作業態勢圖。我們擁有Merrows，使我們能從單一平台進行多路串流，輸出到多個共通作業態勢圖。

Got it. Understood. And then, on the gross margin front, should we -- these onetime or rather -- yeah, onetime effects have been taken care of, going forward, should we expect to see positive gross margins?

了解。明白。接著，在毛利率方面，我們是否——這些一次性、或者說——對，是一次性影響已經處理完畢；往後看，我們是否應該預期毛利率會轉為正值？

Yeah. I think, as Bob stated in his remarks, several of the contracts are recently completed, had a lot of their costs already recognized due to GAAP impact with future revenues still to be reflected. So I think particularly on lease contracts or cocoa type contracts, if we're talking US government, we're going to start seeing and working toward -- we're certainly working towards them. We should start seeing an improvement in the gross margin again as we move to larger scale deployments.

是的。我認為，如同 Bob 在他的發言中所說，幾個合約最近已完成，其中許多成本因 GAAP 的影響已經認列，而未來的收入仍將在後續反映。所以我認為，特別是在租賃合約或 cocoa 類型合約方面，如果我們談的是美國政府，我們將開始看到並朝著——我們確實正在朝著這個方向努力。隨著我們推進到更大規模的部署，我們應該會再次看到毛利率改善。

Understood. And last question. The pipeline is also pretty strong, and it has grown year over year, of course, but also quarter over quarter. Who are the kind of -- rather, what is the kind of competition that you are seeing for these potential sort of orders? And what confidence or probability do you assign to conversion of this $164 million pipeline into backlog?

明白。最後一個問題。你們的商機管線也相當強勁，當然年增，也呈現季增。對於這些潛在訂單，你們看到的競爭對手大概是哪些類型——或者說，競爭態勢是什麼？以及，你們對於將這 1.64 億美元的商機管線轉換為在手訂單（backlog）的信心或機率評估為何？

Yeah. We recently stated -- we sort of largely completed the retooling of several parts of our team. That has included the commercial team, which now consists of many veterans of the US armed forces. So that has enabled us to truly position the OPT suite of products, be that the underlying fixed assets or be that Merrows into the appropriate parts of the defense and security industry.

是的。我們最近提到——我們在某種程度上已大致完成團隊若干部分的重整。其中包括商務團隊，現在由許多美國武裝部隊的資深退役人員組成。因此，這使我們能夠真正把 OPT 的產品套件定位到國防與安全產業的適當部門，不論是底層的固定資產，或是 Merrows。

And the same holds true, obviously, for private customers in the commercial industry. So it's -- we're seeing lots of collaboration in certain aspects of the industry. But competitively, I think OPT is positioned in a good place because we are going after a section of the market that isn't us heavily competed over as the big Navy fast interceptor, far reaching, kinetic-type USVs. And that is enabling us to have, A, grow the pipeline; but also, B, gaining greater confidence in the conversion of that pipeline to backlog.

同樣地，這點顯然也適用於商業產業中的民間客戶。所以——我們在產業的某些面向看到大量合作。但就競爭而言，我認為 OPT 的定位相當有利，因為我們鎖定的是市場中的一個區塊，並非像大型海軍高速攔截、遠程、動能型 USV 那樣競爭激烈。這讓我們一方面能擴大商機管線；另一方面，也更有信心將該管線轉換為在手訂單（backlog）。

Peter Gastreich, Water Tower Research.

Peter Gastreich，Water Tower Research。

Also, congratulations on the great momentum in your pipeline and backlog. It's very encouraging. Just a few questions. A follow-up on the international defense engagements. Can you update us on the status of your defense engagements in Latin America? And are there any multi-asset opportunities there that are comparable and scaled to the DHS contract?

另外，恭喜你們的商機管線與在手訂單動能非常強。這非常令人鼓舞。我有幾個問題。先追問一下國際國防合作案。能否更新你們在拉丁美洲的國防合作進展狀況？以及那邊是否有任何多資產（multi-asset）的機會，可與 DHS 合約相當並具備相似的規模？

Yeah. Good morning, Peter. Absolutely. We recently completed several exercises in Latin America. One was in Brazil, and that was around Aramis, which was demonstrating the capabilities of our USV platforms as a broader tool in part -- for mine countermeasures over there. We also completed a submarine surgeon rescue exercise using 1 of our 8-foot WAM-V in Chile, where we demonstrated the ability to be launched from a manned asset from the Navy in order to locate in a simulated bottomed submarine.

是的。早安，Peter。當然可以。我們最近在拉丁美洲完成了幾項演訓。其中一項在巴西，圍繞 Aramis，展示我們 USV 平台的能力，作為更廣泛工具的一部分——用於當地的水雷反制。我們也在智利使用我們的一艘 8 英尺 WAM-V 完成了一項潛艦救援演練，在該演練中我們展示了可由海軍的有人載具發射，以在模擬的坐底潛艦情境中進行定位。

And we've got several discussions ongoing around buoys to be deployed for either underwater or surface surveillance operations. Can't comment on the specific countries or use cases where we have detailed dialogues ongoing. But it is fair to say that we continue at pace operating in Latin America and working on converting the backlog to meaningful revenues in the near future.

此外，我們也就浮標部署進行多項持續討論，這些浮標可用於水下或水面監視作業。我無法評論我們正在進行深入對話的具體國家或使用情境。但可以合理地說，我們持續以既定節奏在拉丁美洲運作，並致力於在近期將在手訂單轉化為具意義的營收。

Okay. Just my next question is just about inventories. So you mentioned before about prebuilding buoys ahead of the contract awards to accelerate delivery. How should we think about your inventory strategy going forward? And does the balance sheet reflect additional prebuild activity for anticipated orders?

好的。下一個問題是關於存貨。你們先前提到會在合約授予前預先製造浮標，以加速交付。我們應該如何看待你們未來的存貨策略？以及資產負債表是否反映了為預期訂單而進行的額外預製活動？

Hey, Peter. Thank you. Yeah, absolutely. So you can see a little bit of a growth on our balance sheet versus where we were at the end of our fiscal 2025 and that absolutely reflects some buildup, particularly on the buoy side with regard to both current deliveries for what we have in our backlog as well as anticipated builds for what we see coming through in our pipeline. So yeah, you can expect to see more of that going forward. That is certainly part of our plan and strategy to build out that inventory in order to react quickly to our orders as they come in.

嗨，Peter。謝謝。是的，當然。所以你可以看到，與我們 2025 會計年度末相比，我們的資產負債表有些許成長，這確實反映了一些備貨增加，特別是在浮標端，既包括我們在手訂單中目前交付所需，也包括針對我們在商機管線中看到的需求所做的預期製造。所以，是的，你可以預期未來會看到更多這類情況。這確實是我們計畫與策略的一部分：建立該存貨，以便在訂單進來時能快速反應。

Okay. Just one more, a question about your team. So can you discuss how your facility clearance and government-focused team are positioning you to expand beyond coast guards, potentially into other DHS components like CVP? And how is that pipeline developing?

好的。再一個問題，關於你們的團隊。你能否談談你們的設施安全許可（facility clearance）與以政府為導向的團隊，如何讓你們得以在海岸防衛隊之外擴張，可能進入 DHS 的其他單位，例如 CVP？以及那條商機管線目前發展得如何？

Yeah. Absolutely, obviously with our SVP for commercial sales, Jason Weed, obviously, retired navy captain. And below him, we have a team of mainly Navy and other parts of the defense and security apparatus veterans. Given our clearance, that is enabling us to participate in conversations where there is real needs and real today use cases being discussed, which is positioning us to deliver for the hemispheric defense of our nation and to support our allies in other parts of the world.

是的。當然，顯然我們的商業銷售資深副總裁（SVP）Jason Weed 是退役海軍上校。在他之下，我們有一支主要由海軍及國防與安全體系其他部門的退役資深人員所組成的團隊。憑藉我們的安全許可，這使我們能夠參與那些正在討論真實需求與當下實際使用情境的對話，進而讓我們具備為我國的半球防衛提供交付能力，並支援世界其他地區的盟友。

We have reached the end of our question-and-answer session. I would now like to hand the call back over to Philipp Stratmann for any closing comments.

我們的問答環節到此結束。現在我想把電話交回給 Philipp Stratmann，請他做任何結語。

Thank you. Before concluding, I'd like to thank our shareholders for their continued support. Our team remains focused on executing our strategy, advancing our technology, and delivering reliable solutions that meet the evolving operational needs of our customers.

謝謝。在結束之前，我想感謝股東們持續的支持。我們的團隊仍專注於執行我們的策略、推進我們的技術，並提供可靠的解決方案，以滿足客戶不斷演進的營運需求。

We believe our continued progress in strengthening the company's position in the market and building a solid foundation for long-term growth. We appreciate your support and look forward to updating you on our progress in the quarters ahead.

我們相信，我們在強化公司市場地位與建立長期成長的穩固基礎方面持續取得進展。感謝各位的支持，我們期待在未來幾季向各位更新我們的進度。

Ladies and gentlemen, thank you so much. This does conclude today's teleconference. We appreciate your participation. You may disconnect your lines at this time. Enjoy the rest of your day.

各位女士先生，非常感謝。今天的電話會議到此結束。感謝各位的參與。此時您可以掛斷電話。祝各位今天剩下的時間愉快。