Syntec Optics Holdings, Inc (OPTX) 2026 Q1 法說會逐字稿

Good day, welcome to the Syntec Optics Holdings Inc. first-quarter 2026 earnings conference call. (Operator Instructions) Please note that today's call is being recorded and will be available for replay on the company's website at www.syntecoptics.com.

大家好，歡迎參加 Syntec Optics Holdings Inc. 2026 年第一季財報電話會議。(接線員指示) 請注意，今天的電話會議將被錄音，並可於公司網站 www.syntecoptics.com 回放收聽。

Before we begin, please note that today's discussion includes forward-looking statements within the meaning of the federal securities laws. These statements are based on 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, except as required by law.

在開始之前，請注意今天的討論包含依據聯邦證券法所定義的前瞻性陳述。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提交的文件，包括 Form 10-K 與 Form 10-Q 申報。除法律要求外，Syntec Optics 不承擔更新任何前瞻性陳述之義務。

Joining us today are Dean Rudy, Chief Financial Officer; and Paul Opela, Controller of Syntec Optics. I will now turn the call over to Dean Rudy.

今天與會者包括財務長 Dean Rudy，以及 Syntec Optics 會計主管（Controller）Paul Opela。接下來我把電話交給 Dean Rudy。

Thank you, operator, and good afternoon, everyone. We appreciate everyone joining us today to discuss Syntec Optics' first-quarter 2026 results and recent strategic developments. While our Q1 financial results reflected temporary shipment timing delays associated with biomedical end-market purchase order [revisions], we believe the quarter also demonstrated continued operational progress and positioned the company for stronger performance moving forward.

謝謝接線員，大家午安。感謝各位今天加入我們，一同討論 Syntec Optics 2026 年第一季業績以及近期策略性發展。雖然我們第一季財務結果反映了與生醫終端市場採購訂單[修訂]相關的短期出貨時點延遲，但我們認為本季也展現了持續的營運進展，並使公司在未來具備更強勁的表現基礎。

Importantly, subsequent to quarter end, we completed a transformational public offering, which significantly strengthened our balance sheet. We believe the company's achievement of the capital raise milestone enabled the optimization of the capital structure and provided additional flexibility to acquire or invest in complementary businesses, technologies, products, or assets, as well as for working capital and capital expenditures.

更重要的是，在季末之後，我們完成了一項具轉型意義的公開發行，顯著強化了資產負債表。我們相信，公司達成此次募資里程碑，使資本結構得以最佳化，並提供額外彈性，用於收購或投資互補性的企業、技術、產品或資產，以及作為營運資金與資本支出之用。

Operationally, we continued executing across several important strategic growth markets, including defense tech display windows for artificial intelligence, AR/VR glasses for our soldiers. First set of production built orders were delivered on time, and the company is now adding more ballistic windows. AI data center optics. We continued production of the initial builds with our micro optic splitter/combiner, light pipe, and cover to support the growing needs for connectors in hyperscale expansion of data centers.

在營運方面，我們持續在多個重要的策略性成長市場推進執行，包括：用於人工智慧的國防科技顯示窗，以及供士兵使用的 AR/VR 眼鏡之防護視窗。第一批量產建置訂單已準時交付，公司目前正增加更多防彈視窗。AI 資料中心光學。我們持續進行微型光學分光/合光器、導光管與保護蓋的初期建置生產，以支援超大規模資料中心擴張下對連接器日益成長的需求。

Space and LEO satellite optics. In March 2026, we achieved a major milestone celebrated across the company to deliver quadruple as compared to March 2025, the number of satellite optics product we launched two years ago. Microcameras for US soldiers' AI, AR/VR systems. We successfully produced a design and manufacturing plan to support a decade-long product modernization effort by the US Department of War. First sets of product will roll out in Q2 and Q4 of this year, requiring all of our capability and depending on our one of its kind capabilities in the US.

太空與近地軌道（LEO）衛星光學。2026 年 3 月，我們達成公司內部共同慶祝的一項重大里程碑：相較於 2025 年 3 月，我們兩年前推出的衛星光學產品交付量提升至四倍。用於美軍士兵 AI、AR/VR 系統的微型相機。我們成功制定設計與製造計畫，以支援美國戰爭部（US Department of War）為期十年的產品現代化工作。首批產品將於今年第二季與第四季推出，這將需要我們所有的能力，並仰賴我們在美國獨一無二的能力。

Biomedical optics. We successfully retooled production and realigned our supply chain for continued improvement efforts. We also continued implementing operational efficiencies and cost reduction initiatives intended to improve throughput, scalability, gross margin, and EBITDA performance over the long term.

生醫光學。我們成功完成產線改造（retooling）並重新調整供應鏈，以持續推動改善工作。我們也持續導入營運效率提升與成本降低措施，旨在長期改善產出效率、可擴展性、毛利率與 EBITDA 表現。

Although first-quarter revenue was impacted by temporary timing delays and prolonged holiday shutdown of unusual Christmas and New Year falling middle of two different weeks, shipments normalized beginning in April, and we currently expect sequential improvement in Q2 and additional strengthening into Q3 as recently launched programs continue ramping production to higher than $7.5 million in net sales previously announced.

儘管第一季營收受到短期時點延遲影響，以及因聖誕節與新年不尋常地落在兩個不同週的中間而導致較長的假期停工，出貨自 4 月起已恢復正常；目前我們預期第二季將呈現季增改善，並在第三季進一步走強，因近期啟動的專案持續放量，產量提升至先前公告之淨銷售額高於 750 萬美元的水準。

Before discussing the strategic positioning of the company and the significance of the recent public offering, I'll turn the call over to Paul Opela to review the quarter's financial results in greater detail.

在討論公司的策略定位以及近期公開發行的重要性之前，我先把電話交給 Paul Opela，請他更詳細地回顧本季財務結果。

Thank you, Dean, and good afternoon, everyone. Revenue for the first quarter of 2026 was approximately $6.5 million, compared to approximately $7.1 million in the same quarter of the prior year. As Dean previously mentioned, the decrease was primarily attributable to temporary shipment delays associated with biomedical purchase order revisions requested by Syntec so as to be in line with our continuous improvement efforts.

謝謝你，Dean，各位午安。2026 年第一季營收約為 650 萬美元，較去年同期約 710 萬美元。如 Dean 先前提到，下降主要歸因於短期出貨延遲，該延遲與 Syntec 為配合我們持續改善工作而要求生醫客戶修訂採購訂單有關。

Importantly, subsequent to quarter end, the company has received updated purchase orders, and shipments have returned to normal levels beginning in April 2026. Gross profit for the quarter was approximately $1 million, compared to approximately $2.3 million during the prior-year same period.

重要的是，在季末之後，公司已收到更新後的採購訂單，出貨自 2026 年 4 月起已回到正常水準。本季毛利約為 100 萬美元，較去年同期約 230 萬美元。

Gross margin performance was primarily impacted by lower production volumes during the quarter, which reduced the absorption of fixed manufacturing overhead costs. However, direct labor and material costs remained generally stable as a percentage of revenue, reflecting continued operational discipline across our core manufacturing operations.

毛利率表現主要受到本季產量較低影響，導致固定製造間接費用的吸收（分攤）降低。然而，直接人工與材料成本占營收比重整體維持穩定，反映我們在核心製造營運上持續的營運紀律。

Selling, general, and administrative expenses were approximately $1.7 million for the quarter, an improvement when compared to approximately $1.8 million in the same period prior-year quarter. The company continued implementing cost containment and operational efficiency initiatives intended to support long-term profitability improvement.

本季銷售、一般及行政費用約為 170 萬美元，較去年同期約 180 萬美元有所改善。公司持續推動成本控管與營運效率提升措施，以支援長期獲利能力改善。

Net loss for the quarter was approximately $900,000, or a loss of $0.02 per diluted share, compared to net income of approximately $300,000, or $0.01 per diluted share, during the first quarter of 2025. Despite the temporary shipment delays during the quarter, the company generated approximately a $0.5 million of positive cash flow from operating activities during Q1 2026. Cash at quarter end was approximately $600,000, and total liquidity, including availability under the company's revolving line of credit, was approximately $1.3 million as of March 31, 2026.

本季淨損約為 90 萬美元，或稀釋後每股虧損 0.02 美元；相較之下，2025 年第一季淨利約為 30 萬美元，或稀釋後每股盈餘 0.01 美元。儘管本季出貨出現短期延遲，公司在 2026 年第一季仍由營運活動產生約 50 萬美元的正向現金流。季末現金約為 60 萬美元；截至 2026 年 3 月 31 日，包含公司循環信用額度可用額度在內的總流動性約為 130 萬美元。

As previously stated, subsequent to quarter end, the company completed a public stock offering that generated approximately $23 million of gross proceeds, including the execution of the underwriter's greenshoe option the very next day, significantly strengthening the company's liquidity profile and balance sheet. Following the offering, the company paid down its revolving line of credit balance to zero.

如先前所述，在季度結束後，公司完成了一次公開股票發行，產生約2,300萬美元的總募集資金（含隔日即執行之承銷商超額配售權），大幅強化公司的流動性結構與資產負債表。發行完成後，公司已將循環信用額度借款餘額償還至零。

We maintained access to the full $7.5 million revolving credit facility to be used as needed, and we extended the maturity of the facility to June 2027. As a result of the above optimization, going forward, there are no leverage or fixed charge coverage covenant requirements. Management believes these actions substantially improve the company's financial flexibility while reducing ongoing interest expense.

我們仍保有完整的750萬美元循環信用融資額度，可視需要動用，並將該融資到期日延長至2027年6月。由於上述優化措施，未來將不再有槓桿比率或固定費用覆蓋率的契約要求。管理層認為，這些行動在降低持續利息費用的同時，亦大幅提升公司的財務彈性。

I will now turn the call back over to Dean Rudy.

我現在把電話交回給Dean Rudy。

Thank you, Paul. From an operational standpoint, we continued making meaningful progress during the quarter despite the temporary shipment timing disruption. We achieved continued yield and throughput improvements across several strategic production programs, including LEO satellite laser optics, night vision optics, integrated optical assemblies, and AI data center optic connectors.

謝謝你，Paul。就營運面而言，儘管出貨時點受到短期干擾，我們在本季度仍持續取得具體且有意義的進展。我們在多項策略性生產專案上持續提升良率與產能吞吐量，包括LEO低地球軌道衛星雷射光學、夜視光學、整合式光學組件，以及AI資料中心光學連接器。

We also continued selective investments in staffing, manufacturing infrastructure, and production scalability intended to support anticipated growth beginning in the second quarter and accelerating through the remainder of 2026. Several customer programs also continued progressing from initial launch volumes into larger production manufacturing volumes, strengthening our future revenue pipeline.

我們也持續在人力配置、製造基礎設施與產能擴充的可擴展性方面進行選擇性投資，以支援預期自第二季開始並於2026年其餘期間加速的成長。多項客戶專案亦持續由初期導入出貨量推進至更大規模的量產製造出貨量，強化我們未來的營收管線。

Importantly, we believe Syntec is well-positioned at the intersection of several powerful long-term technology and defense trends. AI defense infrastructure expansion, data center optic demand growth, space and satellite optics systems growth, defense supply chain onshoring due to optical system-specific call-out and NDAA passed by the House and Senate and signed into law by the President, and finally, precision optical manufacturing trends within the United States.

重要的是，我們認為Syntec正處於多項強勁長期科技與國防趨勢的交會點上，具備良好定位。包括AI國防基礎設施擴張、資料中心光學需求成長、太空與衛星光學系統成長、因光學系統特定條款要求以及《NDAA》已由眾議院與參議院通過並由總統簽署成法而推動的國防供應鏈回流（onshoring），以及最後，美國境內精密光學製造的趨勢。

We continue to see increasing opportunities associated with domestic sourcing initiatives and mission-critical optical manufacturing requirements across defense and advanced space and data center applications.

我們持續看到與國內採購（domestic sourcing）倡議以及國防、先進太空與資料中心應用中任務關鍵（mission-critical）的光學製造需求相關的機會正在增加。

Public offering and liquidity transformation. I'd now like to spend a few minutes discussing the successful completion of our public offering and why we believe this was a very important milestone for Syntec. The offering generated approximately $21.5 million of net proceeds and materially strengthened the company's balance sheet and liquidity position. We believe the transaction creates several important long-term benefits for the company.

公開發行與流動性轉型。接下來我想花幾分鐘談談我們成功完成公開發行，以及為何我們認為這是Syntec非常重要的里程碑。本次發行帶來約2,150萬美元的淨募集資金，並實質強化公司的資產負債表與流動性部位。我們相信此交易為公司帶來數項重要的長期效益。

First, reduced financial risk. We reduced our revolving line of credit balance to zero, significantly lowering ongoing interest expense and improving overall financial flexibility. At the same time, we maintained access to the full $7.5 million revolving credit facility, giving the company additional availability -- available liquidity to support working capital and future growth opportunities.

第一，降低財務風險。我們已將循環信用額度借款餘額降至零，顯著降低持續利息費用並提升整體財務彈性。同時，我們仍保有完整的750萬美元循環信用融資額度，為公司提供額外可用額度——可用流動性，以支援營運資金與未來成長機會。

Second, improved strategic flexibility. The strengthened liquidity profile allows Syntec to support larger production ramps, fund strategic capital expenditures, expand operational scalability, pursue more organic growth initiatives, and evaluate potential inorganic growth opportunities where appropriate.

第二，提升策略彈性。更強健的流動性結構使Syntec得以支援更大規模的量產爬坡、投入策略性資本支出、擴大營運可擴展性、推動更多有機成長計畫，並在適當情況下評估潛在的非有機成長機會。

Third, enhanced customer positioning. In many of our end markets, we serve defense tech, space tech customers that value financially stable domestic manufacturing partners capable of scaling alongside their long-term programs with added technology and facilities through add-on acquisitions for future newer product lines. We believe the strengthened balance sheet enhances our positioning with both existing and prospective customer bases.

第三，強化客戶定位。在我們許多終端市場中，我們服務的國防科技與太空科技客戶重視財務穩健的國內製造合作夥伴，能夠隨其長期專案一同擴張，並可透過附加式併購（add-on acquisitions）為未來較新的產品線增加技術與設施。我們相信，更強健的資產負債表將提升我們在既有與潛在客戶群中的定位。

Fourth, long-term growth infrastructure. The capital raise allows us to continue investing in advanced manufacturing capabilities, operational efficiency improvements, capacity expansion, process automation, talent acquisition, and strategic optical technologies. We believe these investments can support long-term revenue growth and future EBITDA expansion.

第四，長期成長基礎建設。本次募資使我們得以持續投資先進製造能力、營運效率改善、產能擴張、製程自動化、人才招募，以及策略性光學技術。我們相信這些投資可支援長期營收成長與未來EBITDA擴張。

Overall, while Q1 reflected temporary shipment timing variability, we believe the underlying operational trends, improving production activity, expanding strategic programs, and significantly strengthened balance sheet position the company well for the remainder of 2026 and beyond.

整體而言，儘管第一季反映出短期出貨時點的波動，我們認為基本的營運趨勢、改善中的生產活動、擴大的策略性專案，以及顯著強化的資產負債表，使公司在2026年其餘期間及更長遠的未來具備良好發展條件。

Outlook. Looking ahead, management currently expects Q2 2026 net sales to improve sequentially from Q1 levels and to be $7.5 million to $8.5 million, Q3 2026 net sales to strengthen further as recently launched programs continued ramping production. Growth drivers for 2026 are expected to include continued expansion of AI and data center optics, increased defense-related optics production and expansion with a major new defense customer, growth in space and LEO satellite optics, conversion of additional design stage programs into production revenue, ongoing operational efficiency and cost reduction initiatives.

展望。展望未來，管理層目前預期2026年第二季淨銷售額將較第一季呈現季增，並落在750萬至850萬美元之間；2026年第三季淨銷售額則可望隨近期導入的專案持續爬坡量產而進一步走強。2026年的成長動能預期包括：AI與資料中心光學的持續擴張、國防相關光學生產增加並與一位新的主要國防客戶擴大合作、太空與LEO低地球軌道衛星光學成長、更多設計階段專案轉化為量產營收、持續推動營運效率與成本降低措施。

We remain focused on improving operational execution, expanding gross profit, increasing EBITDA performance, strengthening long-term shareholder value, identifying targets to acquire or invest in complementary businesses, technologies, products, or assets, as well as for working capital and capital expenditures.

我們仍專注於提升營運執行力、擴大毛利、提高EBITDA表現、強化長期股東價值，並辨識可收購或投資之互補性業務、技術、產品或資產的標的，同時也用於營運資金與資本支出。

We intend to have a more detailed press release on how Syntec is also working on the next frontier, product strategy of implementing scalability of production for technologies of today and simultaneously investing efforts in deep tech of tomorrow continues to be advantageous. Today's scalable tech of LEO satellite laser optics, AI, AR/VR display windows and microcameras, and AI data center optic connectors started with a breakthrough five years ago.

我們計畫發布更詳細的新聞稿，說明Syntec如何也在開拓下一個前沿：一方面推動當今技術的量產可擴展性產品策略，同時投入對明日深科技（deep tech）的努力，持續帶來優勢。今日可擴展的技術——LEO低地球軌道衛星雷射光學、AI、AR/VR顯示視窗與微型相機，以及AI資料中心光學連接器——皆源自五年前的一項突破。

With that, I'll turn the call back over to the operator.

接下來，我把電話交回給主持人。

Thank you, Dean and Paul, for your comments today. Should you have any questions regarding our earnings results or strategic initiatives, please contact Investor Relations at investorrelations@syntecoptics.com. Thank you for joining us today, and have a great evening.

感謝Dean與Paul今天的評論。若您對我們的財報結果或策略性計畫有任何問題，請聯絡投資人關係部：investorrelations@syntecoptics.com。感謝您今天加入我們，祝您今晚愉快。