One Stop Systems Inc (OSS) 2025 Q1 法說會逐字稿

Good day and welcome to the one stop system's first quarter 2025 conference call and webcast. At this time, (Operator Instructions). As a reminder, this call is being recorded as part of the discussion today, the representatives from OSS. We will be making certain forward-looking statements regarding the company's future financial and operating results, including those relating to revenue growth, as well as business plans, bookings.

大家好，歡迎參加一站式系統 2025 年第一季電話會議和網路廣播。此時，（操作員指令）。提醒一下，本次通話是 OSS 代表今天討論的一部分，正在錄音。我們將對公司未來的財務和經營業績做出某些前瞻性的陳述，包括與收入成長以及業務計劃、預訂有關的陳述。

The company's multi-year strategy, business objectives and expectations. These statements are based on the company's current beliefs and expectations and should not be. Regarded as a representation by OSS that any of its plans or expectations will be achieved. Please be advised that these forward-looking statements are covered under the safe harbor provisions of the Private Securities Litigation Reform Act of 1,995 and the OSS desires to avail itself of the protections of the safe harbor for this statement.

公司的多年策略、經營目標和期望。這些聲明是基於公司當前的信念和期望，但不應如此。被視為 OSS 表示其任何計劃或期望將會實現。請注意，這些前瞻性陳述受到 1995 年私人證券訴訟改革法案的安全港條款的保護，並且 OSS 希望利用安全港對本聲明的保護。

Please also be advised that actual results could differ materially from those stated or implied by the forward-looking statements due to certain risks and uncertainties, including those described in the company's most recent annual report on Form 10-K, subsequent quarterly reports on Form 10-Q, and recent press releases. Please. Read these reports and other future filings that OSS will make with the SEC.

另請注意，由於某些風險和不確定性，包括公司最近的 10-K 表年度報告、後續 10-Q 表季度報告和最近的新聞稿中所描述的風險和不確定性，實際結果可能與前瞻性陳述中明示或暗示的結果存在重大差異。請。閱讀這些報告以及 OSS 將向 SEC 提交的其他未來文件。

OSS disclaims any duty to update or revise its forward-looking statements except as required by applicable law. It is now my pleasure to turn the conference over to OSS President and CEO Mr. Michael Knowles. Please go ahead, sir.

除適用法律要求外，OSS 不承擔更新或修改其前瞻性聲明的任何義務。現在我很高興將會議交給 OSS 總裁兼執行長 Michael Knowles 先生。先生，請繼續。

Thank you, Angeline.

謝謝你，安吉琳。

Good morning, everyone, and thank you for joining today's call.

大家早安，感謝大家參加今天的電話會議。

I'm pleased to report on the progress we made during the 2025 1st quarter, highlighted by both year over year and sequential improvements in gross margin, stable year over year revenue, and strong OSS segment bookings and demand trends.

我很高興地報告我們在 2025 年第一季的進展，突出表現是毛利率同比和環比提高、收入同比穩定以及 OSS 部門預訂量和需求趨勢強勁。

For the first quarter of 2025, consolidated gross margin increased year over year 320 basis points to 32.6%, driven by a strong gross margin of 45.5% within our OSS segment.

2025 年第一季度，綜合毛利率年增 320 個基點，達到 32.6%，這得益於 OSS 部門 45.5% 的強勁毛利率。

We also announced a single record contract award of $6.5 million with a large defense prime, as well as new order multi-year relationship with an innovative medical imaging OEM, and two renewals with a combined value of $6 million from existing US Department of Defense programs.

我們還宣布與一家創新型醫學成像 OEM 簽訂了價值 650 萬美元的創紀錄單筆合同，並與一家大型國防項目簽訂了多年期新訂單，並與美國國防部現有項目簽訂了兩份總價值 600 萬美元的續約合同。

As expected, near term market conditions affected the timing of certain OSS segment orders anticipated for the 1st and 2nd quarters of 2025. However, based on recent orders as well as future booking expectations, we believe we are on track to achieve our 2025 annual guidance, which includes consolidated revenue of $59 to $61 billion and even a break even for the full year. We believe the second half of 2025 is setting up to be a period of growth and transformation, and I want to use my time to review our expectations for 2025 and beyond.

正如預期的那樣，近期市場狀況影響了預計在 2025 年第一季和第二季發布的某些 OSS 部門訂單的時間。然而，根據最近的訂單以及未來的預訂預期，我們相信我們預計將實現 2025 年年度目標，其中包括 590 億美元至 610 億美元的綜合收入，甚至全年實現收支平衡。我們相信，2025 年下半年將是一個成長和轉型的時期，我想利用這段時間來回顧我們對 2025 年及以後的期望。

As I mentioned before, we are pursuing strategic growth opportunities that leverage our high performance edge compute solutions to meet the growing demands of AI, machine learning, autonomy, and sensor fusion at the edge.

正如我之前提到的，我們正在尋求策略性成長機會，利用我們的高效能邊緣運算解決方案來滿足邊緣人工智慧、機器學習、自主性和感測器融合日益增長的需求。

Over the past 2 years we have invested in our organization, technology, and team, which has created the necessary platform to pursue a large multi-year pipeline of commercial and defense sales. We have a strong and growing pipeline of opportunities across leading defense organizations and advanced commercial enterprises that are looking for partners like OSS to support their need for high performance edge compute solutions.

在過去的兩年裡，我們對組織、技術和團隊進行了投資，為多年的大型商業和國防銷售創造了必要的平台。我們在領先的國防組織和先進的商業企業中擁有強大且不斷增長的機會，他們正在尋找像 OSS 這樣的合作夥伴來支持他們對高效能邊緣運算解決方案的需求。

Our sales approach has been focused on driving adoption of our products through 3 main business development initiatives. Our first strategy aims at identifying applications and customers early in the engineering cycle to pursue collaborative relationships through customer funded development programs. We believe this will establish incumbent positions on platforms that will lead to follow on production and long-term sustainment positions.

我們的銷售方法專注於透過 3 項主要業務發展措施來推動我們產品的採用。我們的首要策略是在工程週期的早期識別應用程式和客戶，以便透過客戶資助的開發計劃建立合作關係。我們相信這將在平台上建立現任職位，從而帶來後續的生產和長期維持職位。

We believe development relationships will take one to two years before leading to production orders. As a result, we expect certain development programs that we worked on during 2024 to transition to orders and sales in 2025 and beyond.

我們相信開發關係需要一到兩年的時間才能產生生產訂單。因此，我們預計 2024 年開展的某些開發案將在 2025 年及以後轉化為訂單和銷售。

Our second key business development initiative is focused on land and expand strategy. This is supported by the best in class ruggedized enterprise class compute solutions we offer and our differentiated engineering capabilities.

我們的第二個關鍵業務發展舉措是專注於土地和擴張策略。這得歸功於我們提供的一流加固型企業級運算解決方案和差異化的工程能力。

We've engineered solutions that compress data center scale performance into compact, ruggedized systems that are capable of thriving in harsh environments and significant size, weight, power, and cost advantages to competing solutions. In fact, our solutions are 350% faster, can run 28 times the number of AI applications, and have 130 times better computational performance than competing offerings.

我們設計的解決方案將資料中心規模的效能壓縮到緊湊、堅固的系統中，這些系統能夠在惡劣的環境下蓬勃發展，並且與競爭解決方案相比具有顯著的尺寸、重量、功率和成本優勢。事實上，我們的解決方案比競爭產品的速度快 350%，可以運行 28 倍的 AI 應用程序，計算效能高出 130 倍。

As a result, we are developing meaningful relationships with customers and engineering teams who are looking for the types of enterprise class solutions we provide.

因此，我們正在與尋求我們提供的企業級解決方案類型的客戶和工程團隊建立有意義的關係。

For example, a couple of weeks ago, we announced the 3rd program when over the past 8 months with a defense customer that is embedding our enterprise class compute and storage products deeper into next generation US Department of Defense initiatives.

例如，幾週前，我們在過去 8 個月內與國防客戶宣布了第三個項目，該項目將我們的企業級計算和儲存產品更深入地嵌入到下一代美國國防部計劃中。

On the commercial side, as we previously announced, we are further extending our relationship with a customer in the medical field to transition their medical sensing solution to an enterprise class solution. Our hardware will process sensor data and use AI applications to bring significantly better medical information to the doctors and patients to address cancer treatment.

在商業方面，正如我們之前宣布的那樣，我們正在進一步擴展與醫療領域客戶的關係，將他們的醫療感測解決方案轉變為企業級解決方案。我們的硬體將處理感測器數據並使用人工智慧應用程式為醫生和患者提供更好的醫療信息，以解決癌症治療問題。

Our 3rd sale strategy underway leverages the company's integration of compute and storage architecture capabilities, which is allowing us to address more integrated solutions. Providing integrated solutions helps OSS solve additional customer problems and creates opportunities to expand beyond just supporting prime contracts by delivering OSS products directly to end customers.

我們正在進行的第三次銷售策略利用了公司計算和儲存架構功能的集成，這使我們能夠提供更多集成的解決方案。提供整合解決方案有助於 OSS 解決更多客戶問題，並透過將 OSS 產品直接交付給最終客戶，創造了超越僅僅支持主要合約的擴展機會。

As momentum builds, our expanding pipeline and recent awards reinforce our belief in the scalability and long-term value of our business model. Higher OSS segment orders are particularly encouraging amid ongoing uncertainty in business and government spending.

隨著勢頭的增強，我們不斷擴大的產品線和最近獲得的獎項增強了我們對商業模式的可擴展性和長期價值的信心。在商業和政府支出持續不確定的背景下，OSS部門訂單的增加尤其令人鼓舞。

Longer term, we believe our sales strategies will build highly valuable, predictable, and recurring revenue streams as we pursue a growing number of platforms and program opportunities across our commercial defense markets. This creates an attractive business model where in any given year we have platform programs in development, others transitioning or in production, and a backlog of programs and sustainment and support.

從長遠來看，我們相信，隨著我們在商業國防市場中追求越來越多的平台和專案機會，我們的銷售策略將建立高度有價值、可預測和經常性的收入來源。這創造了一個有吸引力的商業模式，在任何一年中，我們都有處於開發中的平台程序，其他處於轉換或生產中的程序，以及積壓的程序、維持和支持。

We experienced strong bookings within our OSS segment during the first quarter with a book to bill ratio of 2.0, which contributed to a trailing 12-month book to bill ratio of 1.33. Recent award highlights within our OSS segment include an initial $1.4 million dollar contract award for radar processing systems on the P-8 Poseidon aircraft, including a five year support agreement. An initial $1.6 million in contract awards to upgrade sonar sensor processing for the Virginia class submarine, including enhancements to PCIE accelerator systems with next generation technology that extends program viability for at least another 10 years.

第一季度，OSS 部門的預訂量強勁，訂單出貨比達到 2.0，這使得過去 12 個月的訂單出貨比達到 1.33。我們 OSS 部門最近獲得的獎項亮點包括為 P-8 Poseidon 飛機的雷達處理系統授予的初始 140 萬美元合同，其中包括一份為期五年的支援協議。初始合約金額為 160 萬美元，用於升級維吉尼亞級潛艇的聲納感測器處理，包括使用下一代技術增強 PCIE 加速器系統，從而將專案可行性延長至少 10 年。

A $500,000 contract with a leading medical OEM with anticipated follow-on production orders valued at over $25 million over the next five years and a record $6.5 million dollar reward from a leading defense and technology solutions company to support next generation mobile intelligence platform.

與一家領先的醫療 OEM 簽訂了價值 50 萬美元的合同，預計未來五年的後續生產訂單價值將超過 2500 萬美元，並且從一家領先的國防和技術解決方案公司獲得了創紀錄的 650 萬美元獎勵，以支持下一代移動智能平台。

Order activity remains strong, supported by growing demand for our enterprise class compute solutions, and we anticipate further commercial and defense announcements in the coming months.

訂單活動依然強勁，這得益於對我們企業級運算解決方案不斷增長的需求，我們預計未來幾個月將發布更多商業和國防公告。

While the German and EU economies were challenged in 2023 and 2024, we are starting to see more stability in the region. Recent bookings and revenue within our Brezner segment have been in line with our targets, and Brezner remains on track to achieve consistent sales and profitability for 2025 compared to last year's results.

儘管德國和歐盟經濟在 2023 年和 2024 年面臨挑戰，但我們開始看到該地區更加穩定。我們 Brezner 部門的近期預訂量和收入均符合我們的目標，與去年的業績相比，Brezner 仍有望在 2025 年實現穩定的銷售和盈利。

We do not currently expect terrorists to have a material impact on our operations or cost structure. In fact, we are seeing potential in both our OSS and Brezner segments.

我們目前預計恐怖分子不會對我們的營運或成本結構產生重大影響。事實上，我們在 OSS 和 Brezner 領域都看到了潛力。

In the OSS segment, tariffs provide a competitive advantage against lower cost Asian manufacturers in many of our markets. We are actively pursuing opportunities to displace these competitors in the US markets. Additionally, we are exploring partnerships with international companies seeking US-based manufacturing options, leveraging our excess capacity and technical capabilities.

在OSS領域，關稅為我們在許多市場上相對於成本較低的亞洲製造商提供了競爭優勢。我們正在積極尋求機會在美國市場上取代這些競爭對手。此外，我們正在探索與尋求美國製造選擇的國際公司建立合作夥伴關係，以利用我們的過剩產能和技術能力。

Within our Brezner segment, we see opportunities to capture new business as European customers reassess supply chain dependencies and prioritize partners with secure, tariff resilient logistics. We are also targeting OEMs that are shifting production strategies due to geopolitical and cost pressures, positioning Brezner as a trusted integration and distribution partner.

在我們的 Brezner 部門內，我們看到了獲得新業務的機會，因為歐洲客戶重新評估供應鏈依賴性並優先考慮擁有安全、關稅彈性物流的合作夥伴。我們也瞄準了那些由於地緣政治和成本壓力而改變生產策略的原始設備製造商，將 Brezner 定位為值得信賴的整合和分銷合作夥伴。

In addition, the newly heightened desire within NATO and the EU to increase defense spending could create expanded defense opportunities for Brezner and OSS products in 2026 and beyond. Indications are that while budgets are likely to show a significant increase, it will take some time for those budgets to work through procurement channels to actual awarded efforts.

此外，北約和歐盟內部增加國防開支的願望日益強烈，這可能為 Brezner 和 OSS 產品在 2026 年及以後創造更大的國防機會。有跡象表明，雖然預算可能會大幅增加，但這些預算透過採購管道轉化為實際授予的資金仍需要一段時間。

While tariffs and shifts in government spending have delayed certain programs for the second half of 2025, underlying demand remains trend remains strong. We continue to see solid engagement across key programs and remain confident in our ability to meet our full year 2025 guidance.

儘管關稅和政府支出的變化推遲了 2025 年下半年的某些項目，但潛在需求仍然保持強勁趨勢。我們持續看到各主要項目的積極參與，並對我們實現 2025 年全年目標的能力充滿信心。

Looking ahead, we believe OSS is uniquely positioned to capitalize on a multi-year growth opportunity driven by accelerating adoption of artificial intelligence, machine learning, autonomy, and sensor fusion at the edge. As these requirements become increasingly central to defense and commercial innovation, customers are turning to trusted partners with proven expertise in rugged enterprise class compute solutions.

展望未來，我們相信 OSS 具有獨特的優勢，可以利用人工智慧、機器學習、自主性和邊緣感測器融合的加速應用所推動的多年成長機會。隨著這些要求對於國防和商業創新變得越來越重要，客戶正在轉向在堅固的企業級運算解決方案方面擁有成熟專業知識的值得信賴的合作夥伴。

With the right products, a highly capable team, and a focused strategy, we remain well positioned to capture growing demand across our core markets, and we are energized by the scale of the opportunities ahead.

憑藉合適的產品、高能力的團隊和專注的策略，我們始終能夠抓住核心市場日益增長的需求，並且未來的機會規模也讓我們充滿活力。

So with this overview, I'd like to turn the call over to Dan.

因此，有了這個概述，我想把電話交給丹。

Dan, thank you, Mike, and good morning to everyone on today's call. Since joining OSS in November 2024, I've been continuously impressed by the company's differentiated technology, customer focused, and by the momentum that we're seeing across the business.

丹，謝謝你，麥克，今天電話會議中的各位早安。自 2024 年 11 月加入 OSS 以來，公司差異化的技術、以客戶為中心的理念以及我們在整個業務中看到的勢頭一直給我留下了深刻的印象。

In the first quarter of 2025, I was particularly pleased by the momentum that we achieved toward two of our key financial objectives growth and profitability.

2025 年第一季度，我們在實現兩個關鍵財務目標——成長和獲利——方面取得的勢頭令我感到特別高興。

On growth, our OSS segment 2.0 book to build in the quarter and 1.33 trailing 12-month book to build demonstrates that our technology is resonating with customers and positions us to achieve our growth objectives for the second half of the year.

在成長方面，我們的 OSS 部門本季的帳面價值為 2.0，過去 12 個月的帳面價值為 1.33，這表明我們的技術引起了客戶的共鳴，並使我們能夠實現下半年的成長目標。

On profitability. OSS segment gross margins of 45.5% in the quarter demonstrate the value that customers place on our differentiated products, as well as our continued commitment to operational efficiency.

關於盈利能力。本季 OSS 部門的毛利率為 45.5%，反映了客戶對我們差異化產品的重視，以及我們對營運效率的持續承諾。

There's always work to do, but we're off to a strong start and we're well positioned both operationally and financially to execute against our 2025 goals and to unlock long-term value for our shareholders.

總有工作要做，但我們已經有了良好的開端，並且在營運和財務上都處於有利地位，可以實現我們的 2025 年目標並為股東釋放長期價值。

And now for a quick overview of Q1 2025 financial performance.

現在來快速概述一下 2025 年第一季的財務表現。

For the first quarter, we reported consolidated revenue of $12.3 million. The 3.1% year over year decrease in consolidated revenue was a result of approximately $330k of lower OSS segment revenue and $66 k of lower Brezner segment revenue.

第一季度，我們的綜合收入為 1230 萬美元。合併營收年減 3.1% 是由於 OSS 部門營收下降約 33 萬美元，Brezner 部門營收下降 6.6 萬美元。

As we mentioned last quarter, we expect revenue and profitability to improve at a higher rate in the second half of 2025.

正如我們上個季度所提到的，我們預計 2025 年下半年營收和獲利能力將以更高的速度成長。

The consolidated gross margin in the first quarter expanded to 32.6% compared to 29.4% in the prior year quarter.

第一季綜合毛利率由去年同期的29.4%擴大至32.6%。

The 320 basis point improvement reflects the more profitable mix of revenue in the OSS segment.

320 個基點的提升反映了 OSS 部門收入組合的獲利能力增強。

On a segment basis, gross margins for the company's OSS segment improved to 45.5% compared to 34.2% for the same period a year ago.

從分部來看，該公司OSS分部的毛利率從去年同期的34.2%提高至45.5%。

The increase was primarily due to a larger volume of certain higher margin products shipped in the quarter.

成長的主要原因是本季某些高利潤產品的出貨量增加。

OSS gross margins also benefited from a $212k reduction in inventory reserves in the segment, due primarily to the usage of certain previously reserved inventory items to satisfy a new customer order received in the quarter.

OSS 毛利率還受益於該部門庫存儲備減少 212,000 美元，這主要是由於使用了某些先前預留的庫存物品來滿足本季度收到的新客戶訂單。

On a full year basis, we continue to expect OSS segment margins to be in the mid to upper 30% range.

從全年來看，我們仍然預計 OSS 部門的利潤率將在 30% 左右。

The company's Brezner segment had gross profit margin of 23.1%. The 260 basis point decrease from the same period last year was primarily due to product mix.

該公司 Brezner 部門的毛利率為 23.1%。與去年同期相比下降了260個基點，主要是因為產品組合。

Total first quarter operating expenses increased 19.2% to $5.9 million compared to the year ago quarter.

第一季總營運費用與去年同期相比成長 19.2%，達到 590 萬美元。

This increase was predominantly attributable to higher marketing and selling costs due to an increase in personnel costs from the additions in headcount made during the course of 2024, as well as an increase in research and development costs driven by higher engineering labor to support new product development.

這一增長主要歸因於 2024 年期間員工人數增加導致人員成本增加而導致的營銷和銷售成本增加，以及為支持新產品開發而增加的工程勞動力導致的研發成本增加。

For the first quarter, the company reported a GAAP net loss of $2 million or $0.09 per share compared to a net loss of $1.3 million or $0.06 per share in the prior year quarter.

第一季度，該公司報告的 GAAP 淨虧損為 200 萬美元或每股 0.09 美元，而去年同期的淨虧損為 130 萬美元或每股 0.06 美元。

The company reported a non-GAAP net loss of $1.4 million or $0.07 per share compared to a non-GAAP net loss of 9,310 or $0.04 per share in the prior year quarter.

該公司報告非公認會計準則淨虧損為 140 萬美元或每股 0.07 美元，而去年同期非公認會計準則淨虧損為 9,310 萬美元或每股 0.04 美元。

Adjusted EBITDA, a non-GAAP metric was a loss of $1.1 million compared to an adjusted EBITDA loss of about $500k in the prior year of first quarter.

調整後的 EBITDA（非 GAAP 指標）虧損 110 萬美元，而去年同期第一季調整後的 EBITDA 虧損約 50 萬美元。

Turning to the balance sheet, as of March 30, 2025, OSS had total cash and short-term investments of $9.1 million no borrowings outstanding on our $2 million revolving line of credit, and a consolidated balance outstanding on our term loans of $1.1 million.

談到資產負債表，截至 2025 年 3 月 30 日，OSS 的現金和短期投資總額為 910 萬美元，我們的 200 萬美元循環信貸額度中沒有未償還的借款，我們的定期貸款的未償還合併餘額為 110 萬美元。

For the three months ended March 30th, 2025, OSS used $1.1 million in cash from operating activities compared to operating cash flow of $2 million for the three months ended March 30th, 2024. The change from the prior year quarter was primarily due to the timing of working capital.

截至 2025 年 3 月 30 日的三個月，OSS 從經營活動中獲得的現金為 110 萬美元，而截至 2024 年 3 月 30 日的三個月的經營現金流為 200 萬美元。與去年同期相比的變化主要是由於營運資本的時間安排。

As Mike mentioned, we believe we are on track to achieve our 2025 annual guidance. We expect bookings to remain strong throughout the year within our OSS segment, which we believe will support profitable revenue growth in the second half of 2025 and into 2026.

正如麥克所說，我們相信我們有望實現 2025 年年度目標。我們預計 OSS 部門全年的預訂量將保持強勁，我們相信這將支持 2025 年下半年和 2026 年的獲利收入成長。

As we guided last quarter, we expect our revenue and profitability growth to accelerate in the second half of 2025, with the first half roughly flat to the prior year.

正如我們上個季度所預測的那樣，我們預計 2025 年下半年我們的營收和獲利成長將加速，而上半年將與去年基本持平。

This completes our prepared remarks, operator, please open up the call to questions.

我們的準備好的演講到此結束，接線員，請開始提問。

President We are now.

總統先生 我們現在是。

Open for Q&A.

開放問答。

(Operator Instructions)

（操作員指示）

Brian Kinstlinger, Alliance Global Partners

布萊恩·金斯特林格（Brian Kinstlinger），Alliance Global Partners

Much, my first question relates to the visibility on the $30 million of core OSS revenue expect this year. How much of that is coming from contracts or orders that have already been signed versus new business you still need to win this year?

我的第一個問題與今年預計的 3000 萬美元核心 OSS 收入的可見度有關。其中有多少來自已經簽署的合約或訂單，有多少來自今年仍需要贏得的新業務？

Yeah, it's a little bit of a mix of both. Brian.

是的，兩者有點混合。布萊恩。

Thanks for the question. As we noted in the comments, right, we've we're generating bookings now here in the first half. That would lead to expected revenue in the second half of the year, and we had a smaller percentage of backlog left over from the end of 2024 that's looking at deliveries more in the second half of the year.

謝謝你的提問。正如我們在評論中指出的那樣，我們在上半年就已經開始產生預訂了。這將導致下半年出現預期收入，而我們從 2024 年底開始積壓的訂單比例較小，因此我們預計下半年的交付量將更大。

Okay and then.

好的然後呢。

The announcement for the 80 best in class high performance servers for $6.5 million.

宣布將以 650 萬美元的價格提供 80 台同類最佳的高效能伺服器。

I couldn't tell based on the press release. Will all of that be delivered in 2025, or if not over what time period will that be?

根據新聞稿我無法判斷。所有這些會在 2025 年實現嗎？如果不是，那會在什麼時間段實現？

Yeah, Brian, we expect all of that to be delivered and to convert to revenue within 2025. We'll see some spread between Q2, Q3, Q4, but we expect to finish all of those deliveries within the year.

是的，布萊恩，我們預計所有這些都將在 2025 年內實現並轉化為收入。我們將看到第二季、第三季和第四季之間存在一些差距，但我們預計將在年內完成所有交付。

Great, and then in terms of the pipeline, can you share with us maybe how many opportunities are of size and maybe $20 million and what I need to be adjudicated this year.

太好了，那麼就管道而言，您能否與我們分享一下有多少機會是規模較大、價值大概為 2000 萬美元的，以及我今年需要裁決哪些機會。

Yeah, Brian, I don't have an exact number here in front of me, but the pipeline is made up of a number of opportunities and programs that weigh in value from different sides. Our expectation in growing the company really is along the lines of finding more programs like the one we've just. Recently announced where we have a longer run of development and larger production runs in the back end, so we expect, especially as we as we build out of 2025 into 2026, that we'll start to see more program values representative of our most recent announcement.

是的，布萊恩，我面前沒有確切的數字，但這個管道是由許多機會和項目組成的，這些機會和項目從不同的角度衡量價值。我們對公司發展的期望實際上是找到更多像我們剛才這樣的項目。我們最近宣布，在後端我們將進行更長的開發週期和更大的生產週期，因此我們預計，特別是當我們從 2025 年到 2026 年進行建設時，我們將開始看到更多代表我們最近宣布的項目價值。

Right. Lastly, maybe touch on in your open letter. I didn't hear you talk about it. You discuss a $200 million dollar opportunity with the army for situational awareness. Maybe take us through, that opportunity and how you're situated in terms of competitiveness and then separately talk about the data centerop opportunity which I think is more of a market opportunity as opposed to one customer.

正確的。最後，也許可以在你的公開信中提及這一點。我沒聽見你談論這件事。您與軍隊討論了一項價值 2 億美元的態勢感知機會。也許可以帶我們了解這個機會以及您在競爭方面的處境，然後分別談談資料中心營運機會，我認為這更多的是一個市場機會，而不是一個客戶機會。

Yeah, thank you. And so highlighting both of those in our open letter, we wanted to really identify based on questions and interests we've gotten where there may be transform transformative opportunity in the pipeline of values that we are addressing.

是的，謝謝。因此，我們在公開信中強調了這兩點，希望根據我們所得到的問題和興趣，真正確定在我們正在解決的價值觀管道中可能存在變革機會的地方。

And so the first one was a program with the Army where we had developed under customer funded NRE a rugged solution to bring processing switch capability and. Processing capability to combat vehicle architectures for the US Army for a specific application in moving video or camera video from around the vehicle into the work centers workstations inside the vehicle.

因此，第一個項目是與陸軍合作的，我們在客戶資助的 NRE 下開發了一個堅固的解決方案，以提供處理交換能力。為美國陸軍作戰車輛架構提供處理能力，用於將車輛周圍的視訊或攝影機視訊移至車輛內部的工作中心工作站。

So, that system was delivered at the end of 2024. It's been under evaluation and tests in the Army evaluation labs and under review from Multiple combat vehicle types inside the US Army. The US Army will evaluate that should they determine a final requirement for that, then they would transition to an acquisition and fielding plan.

因此，該系統將於 2024 年底交付。它已經在陸軍評估實驗室接受評估和測試，並且正在接受美國陸軍內部多種作戰車輛類型的審查。美國陸軍將進行評估，如果他們確定了最終要求，那麼他們將轉向採購和部署計劃。

Across any combat vehicle, as we know, the US Army doesn't have tens or hundreds of vehicles. They have thousands of vehicles.

就任何作戰車輛而言，眾所周知，美國陸軍沒有數十輛或幾百輛。他們有數千輛汽車。

So for us that would represent a transformative opportunity in that buying thousands of assistance. Like that would create opportunities on the order of hundreds of millions of dollars across a 3 to 5 year period and then long term support on the back end of that. So transformational opportunities like that again, nothing certain or fielded or in the in the budget yet, but the fact that an existing solution is already under test and evaluation puts us in a good position to help influence that and move it forward.

因此，對我們來說，購買數千件援助物資代表著一次改變的機會。這樣一來，就可以在 3 到 5 年的時間內創造數億美元的機會，並在後期提供長期支援。因此，像這樣的轉型機會，目前還沒有任何確定或部署，也沒有在預算中，但事實是，現有的解決方案已經在測試和評估中，這讓我們處於有利地位，可以幫助影響並推動它向前發展。

Similarly, on the commercial side, we've launched and noted some recent products in our GPU expansion product line where we achieved significantly high density of GPUs in in a single expansion chassis, and what we're seeing is for some areas of the data center market where people have a smaller footprint or looking for mobile or extended data center capabilities.

同樣，在商業方面，我們已經推出並注意到了 GPU 擴展產品線中的一些最新產品，我們在單個擴展機箱中實現了非常高的 GPU 密度，而我們看到的是數據中心市場中一些佔地面積較小的領域或尋求移動或擴展數據中心功能的領域。

This High density of GPUs is highly attractive to be able to extend off of a single server rather than purchasing multiple servers. And so this market opportunity is we've been seeing growing increase in terms of its demand and application across multiple vendors and customers. And so we see a similar market opportunity there that we believe could lead to multi-year contracts for those products.

這種高密度 GPU 非常有吸引力，因為它可以從單一伺服器擴展，而不需要購買多台伺服器。因此，我們看到這個市場機會在多個供應商和客戶中的需求和應用不斷增長。因此，我們在那裡看到了類似的市場機會，我們相信這可能會帶來這些產品的多年合約。

One last follow up in terms of that army contract, is it, are other solutions being evaluated or is it just an OSS solution and with your partners? And then the book to build, I was confused. I thought it was 2.0 based on $10 million over the revenue for core OSS. How did you get to 1.33?

關於軍隊合約的最後一個後續問題，是否有其他解決方案正在被評估，或者它只是一個 OSS 解決方案並且與您的合作夥伴一起？然後這本書要蓋起來，我感到很困惑。我認為它是 2.0，基於核心 OSS 收入超過 1000 萬美元。你是怎麼達到 1.33 的？

Yeah, on the first one, Brian, right now we're the only solution for the US Army. They're evaluating on this system in part because they weren't able to solve the concept with the prior architectures that they were using. The switch to enterprise class architecture allowed them to meet their system requirements in processing and latency.

是的，首先，布萊恩，現在我們是美國陸軍唯一的解決方案。他們對這個系統進行評估的部分原因是他們無法用他們之前使用的架構來解決這個問題。轉向企業級架構使他們能夠滿足系統在處理和延遲方面的要求。

So that was very positive for us. So we're the only company right now with a system that achieves those directives, and we have also been now been able to implement a few of the noted standards that the Army's looking for in their network architectures.

這對我們來說非常有利。因此，我們是目前唯一一家擁有能夠滿足這些指令的系統的公司，而且我們現在也能夠實施陸軍在其網路架構中尋求的一些著名標準。

So, our system is one of the first that embeds that into the overall processing architecture. So we feel good about our position there in terms of in terms of that. And then the book to bill ratio, the 2.0 was for this quarter, so you're correct, it was the OSS segment bookings against the revenue and the 1.33 is the OSS segment book to bill ratio for the trailing 12 months. So we go back and yeah.

因此，我們的系統是首批將其嵌入到整體處理架構中的系統之一。因此，就這一點而言，我們對自己的地位感到滿意。然後是訂單出貨比，2.0 是本季度的，所以您說得對，這是 OSS 部門的訂單量與收入之比，而 1.33 是過去 12 個月的 OSS 部門訂單出貨比。所以我們回去吧，是的。

Yeah, thank you so much.

是的，非常感謝。

Scott Searle, ROTH Capital Partners, LLC

塞爾（Scott Searle），羅仕證券資本合夥有限責任公司

Taking my questions. Hey Mike, maybe just to dive in on the data center opportunity, could you give us some timeline that might be attached to that when we see the first revenues from that? And then maybe following up on some of the tariff in partnerships with international players. What's the timeline associated with that? How actively engaged, when can we start to see that impacting the pipeline and ultimately the P&L?

回答我的問題。嘿，麥克，也許只是為了深入了解資料中心的機會，當我們看到第一筆收入時，您能否給我們一些可能與之相關的時間表？然後可能會與國際參與者合作跟進一些關稅。與此相關的時間表是怎樣的？參與程度如何？我們什麼時候才能開始看到它對通路和最終的損益產生影響？

Yeah, great, thanks guys and appreciate the call and the questions so on the on the on the.

是的，太好了，謝謝大家，也謝謝你們的來電和提問。

Data center stuff of the expansions I was talking about. So we've had a consistent expansion capability there. So we have been delivering some of our existing standard products in our what we call our 4 UP product line range.

我剛才談到的資料中心擴充內容。因此我們在那裡擁有持續的擴張能力。因此，我們一直在所謂的 4 UP 產品線範圍內提供一些現有的標準產品。

We have also announced a 6U unit that that increases the density of GPs and those expansions.

我們也宣布推出一款 6U 單元，可提高 GP 和擴展的密度。

That product is available now this year, so what we're looking to.

該產品今年現已上市，因此我們期待。

Extended sales across both the 4U and 6U product line in the second half of the year. So we have some existing contracts we announced one last year with a with a customer that we would look to pull down orders in the second half of the year with these product lines against there. And then we have active engagements with multiple customers now going on to look to place orders on those systems as they would roll into production viability here in the late Q2 and into Q3 and Q4.

下半年 4U 和 6U 產品線的銷售均有所擴大。因此，我們與去年宣布的某位客戶簽訂了一些現有合同，我們希望在今年下半年透過這些產品線減少訂單。然後，我們與多個客戶進行了積極的接觸，現在正在尋求訂購這些系統，因為它們將在第二季末以及第三季和第四季投入生產。

On the on the tariff and adjustment on the question for manufacturing, so we're in discussions with a couple companies, one particularly further along with the with the decision to move forward with that concept, again, we would probably see something late Q2, early Q3 is where we'd start generating revenue from that concept.

關於關稅和製造業調整的問題，我們正在與幾家公司進行討論，其中一家公司特別進一步決定推進這一概念，我們可能會在第二季度末、第三季度初看到一些進展，屆時我們將開始從這一概念中創造收入。

Very helpful, thank you. And maybe to shift gears over to AI for a second, you've been working with some different vendors on software partnerships to TRY and develop more of that channel. Could you give us an update on that front, what you're seeing and how active things are on that front?

非常有幫助，謝謝。也許暫時將焦點轉移到人工智慧上，您一直在與一些不同的供應商建立軟體合作夥伴關係，以嘗試開發更多的該管道。您能否向我們介紹一下這方面的最新情況，您所看到的情況以及這方面的活躍程度？

Yes, continue down those paths actively engaged again we meet with AI companies generally for two reasons. One, a lot of AI companies are looking to standardize their AI processing on a set of hardware.

是的，繼續沿著這些道路積極參與，我們與人工智慧公司會面通常有兩個原因。首先，許多人工智慧公司都希望在一套硬體上標準化他們的人工智慧處理。

And then secondly, it allows us to identify more integrated solutions we can offer our end customers so we can deliver a more fully capable systems. So, We continue that effort of finding new opportunities developing existing ones.

其次，它使我們能夠找到可以為最終客戶提供的更多整合解決方案，從而提供功能更齊全的系統。因此，我們將繼續努力尋找新的機會來發展現有的機會。

We've reached some capabilities where we've expanded our ability to work with customers to actually test and validate their AI or processing algorithms and actually provide them an output on optimizing their software on a hardware platform specific to their application.

我們已經達到了一些能力，擴展了我們與客戶合作的能力，以實際測試和驗證他們的人工智慧或處理演算法，並實際上為他們提供在特定於其應用的硬體平台上優化軟體的輸出。

We've engaged with a number of companies on the first model where they're looking to standardize their processing on our hardware. We have a couple extended relationships there that we're hoping could lead to product releases and program positions in the back half of this year and into next year.

我們已經與多家公司就第一種模型進行了合作，他們希望在我們的硬體上實現處理標準化。我們在那裡已經建立了一些長期合作關係，希望能夠在今年下半年和明年推出產品並取得專案進度。

Okay, great, thank you. And lastly if I could just two more, the current government, discretionary budgets, I'm wondering how that impacts you or doesn't impact you. I'm sure you've had an opportunity to peruse it in terms of your program exposure, and also. In terms of customer funded opportunities, I'm wondering if there's a rule of thumb to look at that in terms of the multiplier effect once you look out then 2 years in terms of what 500,000 of customer development funded translates into in terms of products longer term.

好的，太好了，謝謝。最後，如果我可以再問兩個問題，當前政府的自由支配預算，我想知道這對您有何影響或不影響您。我相信您已經有機會從程式曝光的角度仔細閱讀它了。就客戶資助機會而言，我想知道是否有一個經驗法則可以根據乘數效應來看待這一點，即在兩年內，500,000 個客戶開發資助在長期產品方面會轉化為什麼。

Yeah, sure, Scott. So watching the budgets on the defense side for this year, the government is still working under a full year of continuing resolution. It does allow for program new starts. So there's still a little bit of a grayness, if you will, inside the defense budgets and how they're allocating their discretionary budgets across that.

是的，當然，斯科特。因此，從今年國防方面的預算來看，政府仍然在全年持續決議的框架下工作。它確實允許程式重新開始。因此，如果你願意的話，國防預算以及他們如何分配可自由支配的預算仍然存在一些模糊之處。

So, it's requiring a little bit more work and effort. Rather than normal advised budgets would roll down through program element line numbers specifically to end programs on new starts. So a little bit of a little bit of extra work around the DOD to move budgets and elements out. We're seeing some of that is resulting in delayed program awards this year, so we're working through that.

因此，這需要更多的工作和努力。與通常的建議預算不同，預算將透過程式元素行號向下捲動，專門用於在新開始時結束程式。因此，國防部需要做一些額外的工作來轉移預算和要素。我們發現其中一些問題導致今年的專案獎勵延遲，因此我們正在努力解決這個問題。

But we are seeing now that the 2026 budget cycle is accelerating back to on schedule. It had a slow start, but in the last six weeks, the efforts inside the process have accelerated to work to get the 2026 budgeting plan back on track. So I'm hopeful that that will prove to make 2026 a normal year, maybe even see a budget without a continuing resolution. We can only hope.

但我們現在看到，2026 年預算週期正在加速回到計畫中。雖然起步緩慢，但在過去六週內，流程內部的努力已經加快，以使 2026 年預算計畫重回正軌。因此，我希望這將使 2026 年成為一個正常的年份，甚至可能看到沒有持續決議的預算。我們只能希望。

And then the Last part on customer funded leading the program I think a great way to look at that is maybe to look at an example program that we have had in the company for a number of years now, the. AP 8 program, that program we started with a small dollar value like around a million dollars dollar customer funded development effort lasted about a year and in development and then led itself into low rate initial production, full rate production, and it's now transitioning into a sustainment support.

然後，關於客戶資助領導計畫的最後一部分，我認為一個很好的觀察方法可能是看看我們公司多年來一直在使用的範例計畫。AP 8 計劃，我們以少量資金啟動該計劃，大約一百萬美元，由客戶資助的開發工作持續了大約一年，然後進入低速率初始生產、全速率生產，現在正在過渡到持續支持。

That program we've generated about $40 million in. Revenue since it started in 2018 and we just signed a 5 year extension for sustainment and support on that on that program. So that's kind of representative of how we see platform positions, especially on DOD platforms and the scalability of size of those would just depend on the overall compute system and or the number of platforms in the inventory for that.

透過這個計畫我們已經創造了約 4000 萬美元的收入。自 2018 年啟動以來，我們一直在努力創造收入，我們剛剛簽署了一份為期 5 年的延期協議，以維持和支持該計劃。因此，這代表了我們如何看待平台位置，特別是在國防部平台上，而這些平台規模的可擴展性僅取決於整體運算系統和庫存中的平台數量。

Gotcha. Very helpful. And lastly, if I could just on the gross margins for the OSS front, certainly a high number this quarter. I'm just wondering if you could remind us in terms of what was the like because it looks like you're talking about 38% to 40% is high 30s is the ongoing number, but customer funded R&D is in there as well. So wondering what the OSS component without customer funded programs looks like on a sustainable ongoing basis. Thanks.

明白了。非常有幫助。最後，如果我能談談 OSS 方面的毛利率，那麼本季的毛利率肯定會很高。我只是想知道您是否可以提醒我們具體情況，因為看起來您所說的 38% 到 40% 是持續的數字，但客戶資助的研發也在其中。因此想知道沒有客戶資助計劃的 OSS 組件在可持續持續的基礎上會是什麼樣子。謝謝。

Yeah, so overall we continue to expect gross margins in the mid to upper 30% range. The way I would model that is products gross margins in the low high 30s to low 40s and then customer funded development in the 15% to 20% range.

是的，所以總體而言，我們繼續預計毛利率在 30% 左右。我的模型是產品毛利率在 30% 到 40% 之間，而客戶資助的開發費用在 15% 到 20% 之間。

Okay thanks so much.

好的，非常感謝。

Thanks.

謝謝。

TEric Martinuzzi, Lake Street Capital Partners

TEric Martinuzzi，Lake Street Capital Partners

Yeah, I wanted to better understand the near term market conditions that pushed out the first half orders. Can you give me either an example or maybe just an overall.

是的，我想更了解導致上半年訂單延後的近期市場狀況。您能否給我舉個例子或只是一個總體情況？

Industry commentary that helps better understand that because I had flat OSS for Q1 and obviously that was a misfire in my model.

行業評論有助於更好地理解這一點，因為我的第一季 OSS 表現平平，顯然這是我的模型中的一個失誤。

Yeah, Eric, good morning. Thanks for the question.

是的，埃里克，早安。謝謝你的提問。

I guess an example maybe on both sides really on the Department of Defense side, as I mentioned when the year started, where government was still struggling with budgets and so it wasn't until the end of Q1 before they settled in on a full year continuing resolution.

我想舉個例子，也許雙方都這樣，比如國防部方面，正如我在今年年初提到的那樣，政府仍在為預算而苦苦掙扎，所以直到第一季末，他們才確定了全年的持續決議。

So, we just saw a delay in some DOD programs that were smaller in value, but we're Opportunities to book and ship in the quarter, so those have delayed into Q2 or Q3 for this year.

因此，我們剛剛看到一些價值較小的國防部項目被推遲，但我們有機會在本季度預訂和發貨，所以這些項目已經推遲到今年第二季或第三季。

And then on the commercial side we had a we had an existing contract and that we had planned a couple of deliveries on in the quarter that the customer decided to realign with their end customer later in the year, back half of Q2 into Q3.

然後在商業方面，我們有一份現有的合同，我們計劃在本季度進行幾次交付，客戶決定在今年晚些時候與他們的最終客戶重新調整，將第二季度的一半推遲到第三季度。

Okay, and then the $6.5 million dollar contract that you got from the leading defense and tech company, was there a large element of the design work first, if you could give me just kind of a size and term that you've been working if that was the case?

好的，那麼您從領先的國防和科技公司獲得的價值 650 萬美元的合約中，是否首先包含大量設計工作，如果是的話，您能否告訴我您一直在進行的合約的規模和期限？

Yeah, so this one came with a little bit less customer funded NRE. It's a fractional amount of that value, some modest adjustments to some standard product that we have similar to what they've used in the past contracts that we've done with them. So this one is the majority of it really is production, and as Dan noted, we'll be able to deliver all of that this year.

是的，因此這個客戶資助的 NRE 稍微少一些。這只是該價值的一小部分，是我們對一些標準產品進行的一些適度調整，類似於我們與他們在過去簽訂的合約中使用的產品。因此，這其中的大部分實際上是生產，正如丹所說，我們今年就能完成所有這些。

Okay, and then you talked about a more profitable product mix for the higher margin data storage units and componentry any verticals that we should be better to better understand that was that a defense was that enterprise side, a mix of both.

好的，然後您談到了針對利潤率更高的資料儲存單元和組件的任何垂直行業的更有利可圖的產品組合，我們應該更好地理解，防禦是企業方面的，兩者的混合。

The high margin data storage products were for a defense customer, but in general across defense and commercial we see variability, but overall those two markets we target similar margins for products.

高利潤的資料儲存產品是針對國防客戶的，但總體而言，在國防和商業領域我們看到了變化，但總體而言，這兩個市場我們的產品利潤目標相似。

Got it, okay, and then the yeah, it's just it is a pretty steep ramp in the second half. Do we have any kind of just recent history with where there's complete follow through here because if bookings was revenue we'd be rolling in it. It just seems like it's a logjam where it's about to burst upon us here. So just trying to get a better sense for your confidence in the second half.

明白了，好的，然後是的，下半場的坡度相當陡峭。我們最近是否有過類似的完整後續記錄，因為如果預訂量是收入，我們就會從中獲利。看起來就像是一場僵局，即將向我們襲來。所以只是想更了解你下半場的信心。

Yeah, a little bit of a logjam into the second half, as we noted, the forecast and the view we have into the year still gives us confidence to achieve the plan.

是的，正如我們所指出的，下半年會有一些僵局，但預測和對今年的看法仍然讓我們有信心實現計劃。

We had a strong Q4 in terms of revenue in 2024, so the revenue values and the shipment values of what we need to do in Q3 and Q4 are all are all definitely. Achievable, we have more than enough staff, more than enough capacity to be able to achieve that amount of revenue and shipments in those two quarters.

就營收而言，我們在 2024 年第四季表現強勁，因此我們在第三季和第四季需要完成的營收價值和出貨量價值都是肯定的。這是可以實現的，我們擁有足夠的員工和足夠的產能，能夠在這兩個季度實現那麼多的收入和出貨量。

So, I'm not worried about availability or capacity to meet that. We've got insight and view. We can continue to manage the supply chain so as long as we can maintain on the bookings run with the identified customers and planning the forecast, we should still be able to achieve our objectives.

所以，我並不擔心可用性或滿足這項要求的能力。我們有洞察力和觀點。我們可以繼續管理供應鏈，只要我們能夠與已確定的客戶保持預訂並制定預測計劃，我們仍然能夠實現我們的目標。

Okay, lastly, you did talk about tariffs and actually having a potential positive impact on the revenue side. Just curious on the supply chain side, anything, even on the margin where you guys maybe are sourcing something from overseas where you might not be able to get that domestically.

好的，最後，您確實談到了關稅以及它實際上對收入的潛在積極影響。只是對供應鏈方面感到好奇，任何事情，甚至在邊緣，你們可能從海外採購一些東西，而這些東西在國內可能無法買到。

Yeah, because of the fact that we're doing commercial defense work, we've got a fairly diversified supply chain inside and outside the US and in both component supply and in contract manufacturing for board bills and all. So while our days for our procurement team have gotten much busier as they TRY to work the open market on where to where to source supply.

是的，由於我們從事商業國防工作，我們在美國國內外擁有相當多樣化的供應鏈，包括零件供應和電路板合約製造等。因此，我們的採購團隊的日子變得更加忙碌，因為他們試圖在公開市場上尋找供應來源。

We've done they've done a pretty admirable job in managing tariffs and managing supply chain and where we move things in from. And then it's long been a policy in the terms and conditions of the work that we do for. That we pass on tariff impacts to customers and we have not we have not seen a pushback on that as we worked through the system, but to be fair, we've done a very good job at working supply chain and keeping tariff impacts to a minimum and within a range that's been acceptable to our customers.

我們在管理關稅、管理供應鏈以及貨物運輸方面做得非常出色。這一直是我們所做工作的條款和條件中的一項政策。我們將關稅影響轉嫁給客戶，在我們處理整個系統的過程中，我們並沒有看到任何阻力，但公平地說，我們在供應鏈運作方面做得非常好，將關稅影響降至最低，並保持在客戶可以接受的範圍內。

Got it. Thanks for taking my questions.

知道了。感謝您回答我的問題。

Thank you very much, Eric.

非常感謝，埃里克。

Thank you.

謝謝。

There are no further questions at this time.

目前沒有其他問題。

Ladies and gentlemen, this concludes today's conference call.

女士們、先生們，今天的電話會議到此結束。

Thank you for your participation. You may now disconnect.

感謝您的參與。您現在可以斷開連線。