Optex Systems Holdings Inc (OPXS) 2026 Q2 法說會逐字稿

Please stand by. Your meeting is about to begin.

請稍候。您的會議即將開始。

Hello and welcome to today's Optex System Holdings, Inc second quarter earnings call. (Operator Instructions) Please note that this call is being recorded and I'll be standing by should you need any assistance.

您好，歡迎參加 Optex System Holdings, Inc 今日的第二季財報電話會議。（接線員指示）請注意，本次通話將被錄音；如您需要任何協助，我將隨時待命。

It is now my pleasure to turn the meeting over to Chad George, CEO. Please go ahead, sir.

現在我很榮幸將會議交給執行長 Chad George。先生，請開始。

Thank you. Hello. My name is Chad George, and I'm the CEO of Optex Systems. I'd like to begin by introducing Karen Hawkins, our CFO, who will take the opportunity to walk us through our second-quarter fiscal 2026 financials. I'll then return later to add additional perspective on our business and a path forward. Karen.

謝謝。大家好。我叫 Chad George，是 Optex Systems 的執行長。我想先介紹我們的財務長 Karen Hawkins，她將藉此機會帶領大家回顧我們 2026 會計年度第二季的財務表現。稍後我會再回來，補充對我們業務的更多觀點以及未來的前進方向。Karen。

Thank you, Chad. Before we begin, I'd like to note that statements made during today's call, including our responses during the Q&A session, may include forward-looking statements. These statements are subject to known and unknown risks and uncertainties that may cause actual results to differ materially.

謝謝你，Chad。在開始之前，我想先說明，今天電話會議中的陳述（包括我們在問答環節中的回應）可能包含前瞻性陳述。這些陳述受到已知與未知的風險與不確定性影響，可能導致實際結果出現重大差異。

Factors that could cause such differences are described in our filings with the SEC, including risk factors section of our most recent 10-K. We will also make reference to non-GAAP measures such as adjusted EBITDA, reconciliations to GAAP results are available in our filings.

可能造成此類差異的因素已在我們向美國證券交易委員會（SEC）提交的文件中說明，包括我們最新 10-K 的風險因素章節。我們也會提及非 GAAP 指標，例如調整後 EBITDA；與 GAAP 結果的調節表可在我們的申報文件中取得。

For the second quarter of fiscal year 2026, revenue was $96 million compared to $10.7 million in the prior year period. For the six months, revenue totaled $18.8 million compared to $18.9 million last year, essentially flat year over year.

2026 會計年度第二季營收為 960 萬美元，去年同期為 1,070 萬美元。上半年營收合計 1,880 萬美元，去年為 1,890 萬美元，年對年基本持平。

The first half of the year was impacted by the federal government shutdown and delays in approval of the fiscal year 2026 appropriations bill. These factors pushed several contract awards into the second-half of the year. Looking ahead, we expect a stronger second-half of fiscal year 2026 as delayed awards move forward. We continue to project full-year revenue in the range of $43 million to $45 million.

上半年受到聯邦政府停擺以及 2026 會計年度撥款法案核准延遲的影響。這些因素使數項合約授標延後至下半年。展望未來，隨著延後的授標案推進，我們預期 2026 會計年度下半年將更為強勁。我們仍預估全年營收將落在 4,300 萬至 4,500 萬美元區間。

Gross profit was $3.4 million for the quarter and $5.5 million for the six months, consistent with prior-year periods despite the lower revenue. Gross margin improved meaningfully, 35.2% for the quarter, up from 31.3%, 29.2% for the six months compared to 29.0% in the prior-year period. This improvement was driven by completion of legacy loss-making periscope contracts, improved pricing on newer programs, and continued operational efficiencies.

本季毛利為 340 萬美元，上半年毛利為 550 萬美元；儘管營收較低，仍與去年同期一致。毛利率顯著改善：本季為 35.2%，高於去年的 31.3%；上半年為 29.2%，去年同期為 29.0%。改善主要來自於完成先前虧損的潛望鏡合約、較新專案的定價改善，以及持續的營運效率提升。

Operating expenses were $1.7 million for the quarter, compared to $1.1 million last year, an increase of $0.6 million. For the first six months, operating expenses were $3.7 million, compared to $2.3 million, an increase of $1.4 million.

本季營業費用為 170 萬美元，去年為 110 萬美元，增加 60 萬美元。上半年營業費用為 370 萬美元，去年為 230 萬美元，增加 140 萬美元。

The increase was driven primarily by leadership transition costs and organizational changes, higher stock-based compensation, increased research and development investment, ongoing compliance and systems upgrades, and to a lesser extent, inflationary pressures.

增加主要來自領導階層交接成本與組織調整、較高的股份基礎給付費用、研發投資增加、持續的法遵與系統升級，以及在較小程度上受到通膨壓力影響。

We expect operating expenses to remain elevated as we continue to invest in R&D, meet cybersecurity maturity model certification requirements, and enhanced internal reporting systems. Net income for the quarter was $1.3 million or $0.19 per diluted share, compared to $1.8 million last year. For the first month, net income was $1.6 million or $0.23 per diluted share, compared to $2.6 million in the prior-year period.

我們預期營業費用將維持在較高水準，因為我們將持續投入研發、滿足網路安全成熟度模型認證（CMMC）要求，並強化內部報告系統。本季淨利為 130 萬美元，稀釋後每股盈餘 0.19 美元，去年為 180 萬美元。前六個月淨利為 160 萬美元，稀釋後每股盈餘 0.23 美元，去年同期為 260 萬美元。

Adjusted EBITDA was $2.0 million for the quarter versus $2.4 million last year. And $2.8 million for the six months versus $3.6 million last year. The year-over-year decline reflects lower revenue volumes and increased operating expenses. We continue to expect full-year adjusted EBITDA in the range of $7.5 million to $8.5 million.

本季調整後 EBITDA 為 200 萬美元，去年為 240 萬美元；上半年為 280 萬美元，去年為 360 萬美元。年對年下滑反映營收量較低以及營業費用增加。我們仍預期全年調整後 EBITDA 將落在 750 萬至 850 萬美元區間。

For the balance sheet and cash flow, we ended the quarter with $4.2 million in cash and cash equivalents, compared to $6.4 million at fiscal year end, with no outstanding debt on our revolving credit facility. We used $1.3 million in operating cash flow compared to $4.0 million generated in the prior year period.

就資產負債表與現金流而言，本季末現金及約當現金為 420 萬美元，較會計年度期末的 640 萬美元下降；循環信用額度項下無未償債務。營運現金流出 130 萬美元，去年同期則為營運現金流入 400 萬美元。

This reflects higher operating expenses, increased inventory and increased inventory purchases to support the expected second-half revenue. Working capital remained strong at $22.6 million compared to $21.1 million at fiscal year end.

這反映較高的營業費用、存貨增加，以及為支應預期下半年營收而增加的存貨採購。營運資金仍維持強勁，為 2,260 萬美元，較會計年度期末的 2,110 萬美元增加。

Orders and backlog. New orders increased 3.8% year-over-year to $16.3 million for the first half. Ending backlog was approximately $36.6 million, providing good visibility into the remainder of fiscal year 2026. We continue to see steady bookings tied to defense programs.

訂單與在手訂單（backlog）方面：上半年新訂單年對年增加 3.8% 至 1,630 萬美元。期末在手訂單約為 3,660 萬美元，為 2026 會計年度剩餘期間提供良好能見度。我們持續看到與國防專案相關的穩定接單。

We invested $0.8 million in capital equipment during the first half and have $1.1 million in additional committed investments. We expect full-year capital expenditures to range between $2 million and $2.5 million. These investments support capacity expansion, new product lines, research and development, and enhanced prototyping capabilities.

上半年我們在資本設備上投資 80 萬美元，另有 110 萬美元的額外承諾投資。我們預期全年資本支出將介於 200 萬至 250 萬美元。這些投資將支援產能擴充、新產品線、研發，以及強化原型製作能力。

That concludes the financial portion of our remarks. I will now turn the call back over to Chad for closing comments.

以上為財務部分的說明。接下來我把電話交回 Chad 進行結語。

Thank you, Karen. While the first half of fiscal 2026 was impacted by delays in government funding and contract timing, we remain encouraged by the strength of our backlog, improving gross margins, and continued demand across our core defense programs.

謝謝你，Karen。雖然 2026 會計年度上半年受到政府資金撥付延遲與合約時點影響，我們仍對在手訂單的強度、毛利率改善，以及核心國防專案持續需求感到鼓舞。

We have made significant investments in research and development, manufacturing capabilities, and organizational structure that we believe position Optex for long-term growth and expanded market opportunities.

我們已在研發、製造能力與組織架構方面進行重大投資，我們相信這些投入將使 Optex 具備長期成長與擴大市場機會的有利定位。

As funding activity normalizes and recently awarded programs ramp into production, we expect stronger revenue performance during the second-half of the fiscal year. Our team remains focused on execution, operational efficiency, and delivering value to our customers, warfighters, and shareholders, and we are confident in the long-term direction of the business.

隨著資金活動回歸常態，以及近期授標的專案逐步放量進入量產，我們預期本會計年度下半年營收表現將更強勁。我們的團隊仍專注於執行力、營運效率，以及為客戶、前線作戰人員與股東創造價值；我們對公司長期發展方向充滿信心。

With that, I'd like to open it up for questions.

接下來，我想開放提問。

Thank you. (Operator Instructions)

謝謝。（接線員指示）

I am currently showing no questions in the queue at this time.

目前我這邊顯示隊列中沒有任何提問。

Okay.

好的。

Any closing remarks?

有任何結語嗎？

No. Thank you. I appreciate it. Thanks for your time.

沒有。謝謝。我很感謝。謝謝大家撥冗參與。

Thank you. That brings us to the end of today's meeting. We appreciate your time and participation. You may now disconnect.

謝謝。今天的會議到此結束。感謝各位的時間與參與。您現在可以中斷連線。