Syntec Optics Holdings, Inc (OPTX) 2025 Q4 法說會逐字稿

Good day, and welcome to Syntec Optics Holdings, Inc. fourth-quarter and full-year 2025 earnings conference call. (Operator Instructions) Please note that today's call is being recorded and will be available for download later from the company's website, www.syntecoptics.com.

大家好，歡迎參加 Syntec Optics Holdings, Inc. 2025 年第四季與全年財報電話會議。(接線員指示) 請注意，今天的電話會議將被錄音，並將於稍後在公司網站 www.syntecoptics.com 提供下載。

Before we begin, please note that today's discussion will include forward-looking statements within the meaning of the federal securities laws. These statements are based on the current expectations and involve risks and uncertainties that may cause actual results to differ materially. For a discussion of these risks, please refer to our filings with the Securities and Exchange Commission, including our Form 10-K and Form 10-Q filings. Syntec Optics undertakes no obligation to update any forward-looking statements.

在開始之前，請注意今天的討論將包含符合聯邦證券法定義的前瞻性陳述。這些陳述係基於目前的預期，並涉及可能導致實際結果出現重大差異的風險與不確定性。關於這些風險的討論，請參閱我們向美國證券交易委員會（SEC）提交的文件，包括 Form 10-K 與 Form 10-Q 申報。Syntec Optics 不承擔更新任何前瞻性陳述的義務。

Joining us today are Dean Rudy, Chief Financial Officer; and Al Kapoor, Chief Executive Officer of Syntec Optics. I will now turn the call over to Dean Rudy. Dean, please go ahead.

今天與會者包括 Syntec Optics 財務長 Dean Rudy，以及執行長 Al Kapoor。現在我把電話交給 Dean Rudy。Dean，請開始。

Thank you, operator, and good day, everyone. We appreciate you joining us today to discuss Syntec's fourth-quarter and full-year 2025 results. Before we begin, I would like to remind everyone that today's discussion contains forward-looking statements subject to risks and uncertainties, which are described in our SEC filings.

謝謝接線員，大家好。感謝各位今天加入我們，一同討論 Syntec 2025 年第四季與全年業績。在開始之前，我想提醒各位，今天的討論包含前瞻性陳述，並受風險與不確定性影響；相關內容已在我們向 SEC 提交的文件中說明。

Financial overview, Q4 of 2025 highlights. Revenue for the quarter of $7.5 million was up $0.2 million or 2.5% over prior year same quarter and was up $0.6 million over the same year previous quarter. Sales were up over both comparative periods for our Low Earth Orbiting satellite-related production, our defense-related precision glass molding, and our biomedical-related products.

財務概覽，2025 年第四季重點。本季營收為 750 萬美元，較去年同期增加 20 萬美元（增幅 2.5%），亦較同年度前一季增加 60 萬美元。我們的近地軌道（LEO）衛星相關量產、國防相關精密玻璃模壓，以及生醫相關產品之銷售額，較上述兩個比較期間皆呈現成長。

Gross margin for the quarter of $1.8 million saw significant expansion, more than doubling compared to the same year previous quarter and increasing 80% over prior-year quarter. Reductions in material and labor costs reflected improved production yields.

本季毛利為 180 萬美元，顯著擴張，較同年度前一季增加逾一倍，並較去年同期增加 80%。材料與人工成本的下降反映出製程良率的提升。

SG&A expense also saw significant improvements, decreasing 30% sequentially and decreasing by 40% compared to the prior year. SG&A expense for Q4 of 2024 was $2.4 million, Q3 2025 was $2.1 million, and Q4 2025 was $1.5 million. As a result of the above improvements, adjusted EBITDA of $0.9 million increased by nearly $1 million versus both same quarter prior year and same year previous quarter. Results for the year-end followed a similar path, reflecting enhanced yields, cost discipline, and operational execution.

銷售、一般及行政（SG&A）費用亦有顯著改善，較前一季下降 30%，並較去年同期下降 40%。2024 年第四季 SG&A 費用為 240 萬美元，2025 年第三季為 210 萬美元，2025 年第四季為 150 萬美元。由於上述改善，調整後 EBITDA 為 90 萬美元，較去年同期與同年度前一季皆增加近 100 萬美元。全年期末結果亦呈現類似走勢，反映良率提升、成本紀律與營運執行力的強化。

Full-year 2025 highlights. Gross margin increased by 3.3 percentage points from 20.0% to 23.3%, driven by continuous improvement in efficiency projects. These improvements drove a 13% increase in gross profit from $5.7 million to $6.5 million. SG&A expenses of $7.0 million decreased by $1.2 million as compared to the prior year. Improvements included reductions in insurance expenses, outside services, and consultants, as well as cost economizing across all categories.

2025 年全年重點。毛利率由 20.0% 提升至 23.3%，增加 3.3 個百分點，主要受效率改善專案持續推動所帶動。這些改善使毛利由 570 萬美元增加 13% 至 650 萬美元。SG&A 費用為 700 萬美元，較去年減少 120 萬美元。改善項目包括保險費用、外部服務與顧問費用的降低，以及各類別全面的成本節約。

Adjusted EBITDA also saw significant improvement. It increased by 37% versus the prior year. These improvements for the full year were achieved even with net sales of $28.1 million, which was down $0.4 million from full-year 2024. As a result of the improvements above, earnings per share of negative $0.05 in 2025 improved from negative $0.07 in 2024.

調整後 EBITDA 亦顯著改善。較去年增加 37%。即使全年淨銷售額為 2,810 萬美元，較 2024 年全年減少 40 萬美元，仍達成上述全年改善。由於上述改善，2025 年每股盈餘為負 0.05 美元，較 2024 年的負 0.07 美元有所改善。

Cash provided by operation increased to $0.7 million for the year and was used for facility improvements and equipment. Cash, including available line of credit, was $1.1 million.

全年營運活動提供的現金增加至 70 萬美元，並用於廠房改善與設備投資。現金（含可用信用額度）為 110 萬美元。

Near-term guidance. Compared to Q4 2025 net sales of $7.5 million, Q1 2026 net sales are expected to be below $7.5 million and Q2 2026 net sales are expected to be above $7.5 million. 2026 started with space optics production increases to a Record level.

短期指引。相較於 2025 年第四季淨銷售額 750 萬美元，預期 2026 年第一季淨銷售額將低於 750 萬美元，而 2026 年第二季淨銷售額預期將高於 750 萬美元。2026 年以太空光學產品產量提升開局，達到創紀錄水準。

The beginning of the production stage for an artificial intelligence data center product line, And the previously announced addition of a new product in defense tech. Additionally, product lines for defense tech are anticipated to add net sales in Q2 and beyond.

人工智慧資料中心產品線進入生產階段的開始，以及先前宣布在國防科技新增一項新產品。此外，預期國防科技產品線將在第二季及之後帶來淨銷售額的增加。

Overall, we believe the fourth quarter reflects a clear inflection point in both execution and profitability, and we are entering 2026 with improved momentum with space optics, launch of new product lines in defense tech, and going into initial production runs on AI data center optics.

整體而言，我們認為第四季在執行與獲利能力方面都反映出明確的拐點；隨著太空光學、國防科技新產品線的推出，以及AI資料中心光學進入初期量產試跑，我們以更強的動能邁入2026年。

With that, I'll turn the call over to our CEO, Al Kapoor.

接下來，我把電話會議交給我們的執行長 Al Kapoor。

Thank you, Dean. Good day, everyone. As Dean mentioned, while 2024 and parts of 2025 reflected some operational inconsistencies, the fourth quarter marked a clear turning point for the company. We are now seeing the results of improved manufacturing execution, better cost structure alignment, and growing pipeline of programs transitioning into production.

謝謝你，Dean。各位大家好。如同Dean提到的，雖然2024年及2025年的部分期間反映出一些營運上的不一致，但第四季對公司而言是明確的轉折點。我們現在正看到製造執行改善、成本結構更佳對齊，以及更多計畫管線正轉入生產的成果。

Let me provide you a few comments about defense tailwinds. We are seeing positive momentum in defense tech. Recent developments, including the four-year 2026 Defense Authorization Act, are driving a structural shift towards domestic sourcing of optical systems specifically. This legislation effectively requires defense contractors to map supply chains, eliminate reliance on adversary of nations, and transition to US-based suppliers by 2030.

我先就國防領域的利多動能補充幾點。我們在國防科技方面看到正向動能。近期發展（包括為期四年的《2026國防授權法案》）正推動結構性轉變，特別是光學系統朝向國內採購。該法案實質上要求國防承包商盤點供應鏈、消除對敵對國家的依賴，並在2030年前轉向以美國本土供應商為主。

Let me switch to talking about operational execution that has been mentioned. Yields and throughput improvements across key programs, including LEO satellite optics, night vision optics, integrated optical systems, all continue. Night shift staffing expanded to support scalable production capacity. Multiple programs advanced from design to pilot to initial production. Ongoing cost reduction initiatives contributed to margin expansion.

接著我談談先前提到的營運執行。在多項關鍵計畫上（包括LEO低軌衛星光學、夜視光學、整合式光學系統），良率與產出吞吐量的改善仍在持續。我們擴增夜班人力配置，以支援可擴充的產能。多個計畫從設計推進到試產，再到初期量產。持續的降本措施也促成毛利率擴張。

Let me describe to you our value creation methodologies we are using in execution. Syntec has developed a methodology called Work Center Focused Effort, which delivers higher profitability from organic growth. And also another methodology called Macro Societal View, or MSV, which is effective in our selection criteria for potential business combinations for inorganic growth. The company intends to use these methodologies to continue build the business organically as well as inorganically going forward.

我來說明我們在執行上所採用的價值創造方法論。Syntec已建立一套稱為「工作中心聚焦投入」（Work Center Focused Effort）的方法論，可透過內生成長帶來更高的獲利能力。另外還有一套稱為「宏觀社會觀」（Macro Societal View，MSV）的方法論，能有效用於我們在非內生成長（併購等）方面，對潛在業務組合的篩選標準。公司計畫未來持續運用這些方法論，同時推動內生與外延（非內生）成長來建構業務。

WCFE, which was the Work Center Focused Effort, Involves execution of factors including Gemba walk charts for daily batch sizes and inventory buffers for product flow monitoring by the work center. Daily technician allocations and effort assessments by work center, daily cost of work quality and in-process inspection measurements, daily cost savings mapping for cost containment, and alignment of daily goals to meet monthly goals. This has created significant improvement.

WCFE（即工作中心聚焦投入）涵蓋多項執行要素，包括：以工作中心為單位，透過Gemba現場走動（看板）圖表追蹤每日批量與庫存緩衝，以監控產品流程。並包含：按工作中心進行每日技術人員配置與投入評估、每日作業品質成本與製程中檢驗量測、每日節省成本對應圖以控管成本，以及將每日目標對齊以達成每月目標。這帶來了顯著的改善。

The MSV methodology for inorganic growth that I mentioned involves assessment of business combination possibilities based on the following factors like science being used, chosen technology concept, business models deployed, regulatory, environment, positive social transformation.

我先前提到的、用於外延成長的MSV方法論，會基於以下因素評估業務組合（併購）可能性，例如所運用的科學、選定的技術概念、採用的商業模式、法規、環境，以及正向的社會轉型。

Finally, let me provide you a few comments on 2026 outlook that Dean mentioned. Syntec expects growth in 2026, which is supported by ramp up of next-generation space and AI data center optics products, expansion in defense tech programs driven by onshoring tailwinds, steady growth across biomedical and consumer end markets, and conversion of design-stage programs into production revenue.

最後，我就Dean提到的2026年展望補充幾點。Syntec預期2026年將成長，成長動能來自：新一代太空與AI資料中心光學產品的放量爬坡、在回流本土（onshoring）利多帶動下國防科技專案的擴張、生醫與消費終端市場的穩健成長，以及將設計階段的專案轉化為生產營收。

In summary, the fourth quarter demonstrated a clear improvement in execution and profitability and our positioning across defense, AI, and space optics gives us opportunity to serve the society and puts us on a growth trajectory. We are encouraged by the progress we've made and excited about the opportunities ahead.

總結而言，第四季在執行與獲利能力方面展現出明確改善；而我們在國防、AI與太空光學的布局，使我們有機會服務社會，並讓公司走上成長軌道。我們對已取得的進展感到振奮，也對未來的機會充滿期待。

With that, I will hand it back to the operator.

接下來，我把會議交回給主持人。

Thank you, Al and Dean, for your comments today. Should you have any questions regarding our earnings or initiatives. Please e-mail our Investor Relations at investorrelations@syntecoptics.com. That's investorrelations, one word, at syntecoptics.com.

感謝Al與Dean今天的評論。若您對我們的財報或各項計畫有任何問題，請寄電子郵件至我們的投資人關係信箱 investorrelations@syntecoptics.com。也就是 investorrelations（單一字）@ syntecoptics.com。

Thank you for joining us and have a great day.

感謝各位參與，祝各位有美好的一天。