One Stop Systems Inc (OSS) 2025 Q2 法說會逐字稿

Good day, and welcome to the One Stop Systems second-quarter 2025 conference call and webcast. (Operator Instructions) As a reminder, this call is being recorded. As part of the discussion today, the representatives from OSS 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 and the company's multiyear strategy, business objectives and expectations.

大家好，歡迎參加 One Stop Systems 2025 年第二季電話會議和網路廣播。（操作員指示）提醒一下，此通話正在被錄音。作為今天討論的一部分，OSS 的代表將對公司未來的財務和營運績效做出某些前瞻性的陳述，包括與收入成長以及業務計劃、預訂和公司的多年戰略、業務目標和期望有關的陳述。

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 1995 and that OSS desires to avail itself of the protections of the safe harbor of these statements.

這些聲明是基於公司當前的信念和期望，不應被視為 OSS 對其任何計劃或期望將會實現的陳述。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 希望利用這些陳述的安全港保護。

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, current reports on Form 8-K and recent press releases. Please read these reports and other future filings that OSS will make with the SEC. OSS disclaims any duty to update or revise it forward-looking statements, except as required by applicable law.

另請注意，由於某些風險和不確定性，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，包括公司最近的 10-K 表年度報告、10-Q 表後續季度報告、8-K 表當前報告和最近的新聞稿中描述的風險和不確定性。請閱讀這些報告以及 OSS 將向 SEC 提交的其他未來文件。OSS 不承擔更新或修改其前瞻性陳述的任何義務，除非適用法律要求。

It is now my pleasure to turn the conference over to OSS President and CEO, Mike Knowles. Please go ahead, sir.

現在我很高興將會議交給 OSS 總裁兼執行長 Mike Knowles。先生，請繼續。

Thank you, Aaron. Good morning, everyone, and thank you for joining today's call. I'm pleased to report another quarter of progress, highlighted by year-over-year growth in both revenue and gross margin for the second quarter. Most notably, we ended the quarter with one of the highest level of bookings in our history. This strong start to 2025 underscores the solid foundation we have built as we capitalize on increasing demand from both defense and commercial customers for our rugged enterprise-class compute solutions.

謝謝你，亞倫。大家早安，感謝大家參加今天的電話會議。我很高興地報告又一個季度的進展，其中最突出的是第二季度的收入和毛利率同比增長。最值得注意的是，我們在本季結束時的預訂量是我們歷史上最高的水平之一。2025 年的強勁開局凸顯了我們建立的堅實基礎，因為我們利用了國防和商業客戶對我們堅固的企業級運算解決方案日益增長的需求。

As a reminder, we implemented several strategic actions in 2023 and 2024 to reposition OSS for growth. These included strengthening our leadership team with proven defense industry executives, launching a multiyear strategic plan rebuilding our go-to-market approach, expanding our sales pipeline and driving higher gross margins. I'm proud of what our teams have accomplished across each of these initiatives and believe we're well positioned for strong growth and improved profitability in the second half of 2025 and beyond.

提醒一下，我們在 2023 年和 2024 年實施了多項策略行動，以重新定位 OSS 以實現成長。這些措施包括聘請經驗豐富的國防工業高管來加強我們的領導團隊，啟動多年期戰略計劃，重建我們的行銷方式，擴大我們的銷售管道並提高毛利率。我為我們的團隊在每項舉措中取得的成就感到自豪，並相信我們已做好準備，在 2025 年下半年及以後實現強勁增長和盈利能力的提高。

We continue to pursue 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. Our pipeline is expanding across leading defense organizations and advanced commercial enterprises that seek trusted proven partners like OSS.

我們將繼續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。我們的通路正在向領先的國防組織和先進的商業企業擴展，這些組織和企業正在尋求像 OSS 這樣值得信賴的合作夥伴。

As I outlined last quarter, our sales strategy centers on three priorities. First, we are pursuing development work with prime platform vendors to design OSS into key platforms and become the incumbent supplier. We believe this will result in positioning OSS as the best value and provider of choice going forward. Next, we are focused on expanding the number of OSS systems that are integrated into existing platforms and customer systems. Finally, we are leveraging our integrated compute and storage architecture to deliver higher-value turnkey solutions.

正如我上個季度所概述的，我們的銷售策略圍繞著三個重點。首先，我們正在與主要平台供應商進行開發工作，將 OSS 設計到關鍵平台中並成為現有供應商。我們相信這將使 OSS 成為未來最有價值和首選的提供者。接下來，我們致力於擴大整合到現有平台和客戶系統中的OSS系統的數量。最後，我們利用整合的運算和儲存架構來提供更高價值的交鑰匙解決方案。

Balancing the success of these priorities, our OSS segment has generated one of the highest levels of bookings in our history over the first half of the year, totaling $25.4 million and representing a book-to-bill ratio of 2.3.

在這些優先事項取得成功的基礎上，我們的 OSS 部門在今年上半年創造了史上最高的訂單量之一，總額達 2,540 萬美元，訂單出貨比為 2.3。

In Q1, we secured a record $6.5 million contract from a leading defense and technology company for 80 high-performance servers and field programmable gate array systems, engineered for mobile tactical military environments. This win represents the first large-scale success from our strategy aimed at our goal of establishing OSS as an incumbent supplier on next-generation defense platform.

在第一季度，我們從一家領先的國防和技術公司獲得了創紀錄的價值 650 萬美元的合同，其中包括 80 台高性能伺服器和現場可編程門陣列系統，專為移動戰術軍事環境而設計。這場勝利代表著我們旨在將 OSS 確立為下一代國防平台現有供應商的策略取得的首次大規模成功。

We also received a third order from a major defense contractor in Asia for an autonomous maritime application. The latest $340,000 order follows a $200,000 award in December 2024 and signals a transition from system development to production deployment.

我們也收到了來自亞洲一家大型國防承包商的第三個自主海事應用訂單。最新的 34 萬美元訂單是在 2024 年 12 月獲得 20 萬美元獎勵之後的，這標誌著從系統開發到生產部署的過渡。

Based on current forecast and the expected expansion of our customers' product line production, we expect approximately $4 million in cumulative sales between 2026 and 2029. In Q2, we received new awards from the US Navy and a leading prime defense contractor to support the P-8A Poseidon reconnaissance aircraft. These awards for $5 million and $3.9 million, respectively, showcase our intent to become the compute and storage provider of choice for next-generation AI-driven applications at the edge as well as our platform-focused growth strategy. To date, we have recognized lifetime contracted revenue of over $50 million on the P-8 platform.

根據目前的預測以及我們客戶產品線生產的預期擴張，我們預計 2026 年至 2029 年期間累計銷售額約為 400 萬美元。第二季度，我們獲得了美國海軍和一家領先的國防總承包商的新合同，為 P-8A 波塞冬偵察機提供支援。這兩個金額分別為 500 萬美元和 390 萬美元的獎項表明了我們致力於成為下一代邊緣人工智慧驅動應用的首選運算和儲存提供者的意圖，以及我們以平台為中心的成長策略。迄今為止，我們已在 P-8 平台上確認了超過 5000 萬美元的終身合約收入。

In addition, we have previously announced a five-year sole-source supplier agreement and a 5-year extension for support, which involves equipping the P-8 aircraft and ground base stations with high-capacity flash storage systems, fare flash storage canisters and related support services. We also received a $2 million production order from a leading medical imaging OEM, underscoring the growing relevance of our compute and storage solutions in healthcare.

此外，我們先前已宣布了一項為期五年的單一來源供應商協議和為期五年的支援延期，其中包括為P-8飛機和地面基地台配備大容量閃存系統、票價閃存儲存罐和相關支援服務。我們還收到了一家領先的醫學影像 OEM 的價值 200 萬美元的生產訂單，這凸顯了我們的運算和儲存解決方案在醫療保健領域日益增長的相關性。

We believe the total value of this program will represent over $25 million of revenue over the next five years. Across our pipeline, demand remains strong, supported by growing interest for our enterprise-class compute solutions, and we anticipate further commercial and defense announcements in the coming months. In addition, we are seeing signs of stabilization in our European markets that are served by our Bressner operating unit.

我們相信，該計劃的總價值在未來五年將帶來超過 2,500 萬美元的收入。在我們的整個產品線中，需求依然強勁，這得益於對我們的企業級運算解決方案日益增長的興趣，我們預計未來幾個月將發布更多商業和國防公告。此外，我們看到由我們的 Bressner 營運部門服務的歐洲市場出現穩定跡象。

Recent bookings and revenue within our Bressner segment have been in line with our targets, and Bressner remains on track to achieve higher sales and profitability for 2025 as compared to last year's results. Looking ahead, we believe OSS is uniquely positioned to capitalize on multiyear growth opportunities driven by accelerating adoption of artificial intelligence, machine learning, autonomy and sensor fusion at the edge.

我們 Bressner 部門最近的預訂量和收入均符合我們的目標，與去年的業績相比，Bressner 仍有望在 2025 年實現更高的銷售額和盈利能力。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。

As these requirements become increasingly central to defense and commercial innovation, customers are turning to trusted partners like OSS with proven expertise in rugged enterprise-class compute solutions. In support of this, we've increased R&D investments in 2025 to capitalize on emerging opportunities we see developing within our markets. In July, we announced Ponto, the world's first PCIe Gen 5 GPU expansion platform purpose-built for commercial data centers.

隨著這些要求對於國防和商業創新變得越來越重要，客戶開始轉向 OSS 等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。為了支持這一點，我們在 2025 年增加了研發投資，以利用我們在市場中看到的新興機會。7 月，我們發布了 Ponto，這是世界上第一個專為商業資料中心打造的 PCIe Gen 5 GPU 擴充平台。

This product was designed to address the growing composable infrastructure market, a market expected to grow from $5.87 billion in 2024 to $28.44 billion by 2031, according to verified market research. This launch is aligned with our commercial strategy to deliver standard products in addition to customized solutions and marks pivotal steps in OSS' evolution toward leading the transformation of composable infrastructure and enterprise-scale AI compute while also generating new commercial opportunities.

該產品旨在滿足不斷增長的可組合基礎設施市場的需求，根據經過驗證的市場研究，該市場預計將從 2024 年的 58.7 億美元增長到 2031 年的 284.4 億美元。此次發布符合我們提供標準產品和客製化解決方案的商業策略，標誌著 OSS 在引領可組合基礎設施和企業級人工智慧運算轉型的同時，創造新的商業機會方面邁出了關鍵一步。

Ponto is engineered to bring high-density enterprise-class compute optimized for composable infrastructure environments. It enables dynamic resource pooling and real-time orchestration of compute, storage and networking to efficiently scale workloads up or down based on application demand. Ponto is ideally suited for space-constrained deployments such as remote data centers, corporate campuses, hospitals and research-intensive universities where performance, density and operational flexibility are critical.

Ponto 旨在提供針對可組合基礎設施環境最佳化的高密度企業級運算。它支援動態資源池和運算、儲存和網路的即時編排，以根據應用程式需求有效地擴大或縮小工作負載。Ponto 非常適合空間受限的部署，例如遠端資料中心、企業園區、醫院和研究密集型大學，這些地方的效能、密度和操作靈活性至關重要。

We're excited about the long-term commercial opportunity this product and platform represents. We're actively engaged with potential customers about deploying our new data center solution, which we expect will begin contributing to revenue in 2026.

我們對該產品和平台所代表的長期商業機會感到非常興奮。我們正在積極與潛在客戶合作，部署我們的新資料中心解決方案，預計該解決方案將在 2026 年開始為收入做出貢獻。

Beyond the potential of our Ponto product, we are executing against a growing pipeline in both commercial and defense markets. Our delivery of a rugged compute solution for combat vehicles for the US Army remains under test and evaluation, which is expected to continue for the remainder of the year.

除了 Ponto 產品的潛力之外，我們還在商業和國防市場中不斷增長的管道。我們為美國陸軍作戰車輛提供的堅固型計算解決方案仍在測試和評估中，預計將在今年剩餘時間內繼續進行。

We continue to transform the business, and I'm encouraged by the growing number of multiyear platforms we are now supporting as demonstrated by the continued growth on the P-8 for the US Navy and recently announced ongoing production orders for medical imaging device company and the autonomous maritime product for a leading defense prime in Asia.

我們繼續進行業務轉型，令我感到鼓舞的是，我們目前支持的多年期平台數量不斷增加，這體現在美國海軍 P-8 的持續增長、最近宣布的醫療成像設備公司正在進行的生產訂單以及亞洲領先國防企業的自主海事產品上。

Pursuing these types of platform opportunities is an important component of our strategy. We believe that our bookings growth to date in 2025 points to sustained demand for our products. We are receiving a more diverse mix of larger orders that are extending over multiple periods compared to order trends in prior years.

追求這些類型的平台機會是我們策略的重要組成部分。我們相信，2025 年迄今的預訂量成長顯示我們的產品需求持續成長。與前幾年的訂單趨勢相比，我們收到的較大訂單種類更加多樣化，並且跨越多個時期。

These higher-quality orders further support our strategy to build more predictable revenue streams, and we are building backlog for 2026 as our business scales to meet rising market demand. Consistent with our expectation for stronger second half performance in 2025, we expect OSS segment revenue of approximately $19 million in the second half of the year compared to $11 million in the first half of this year. At this level of second half revenue, we would expect positive EBITDA in our OSS segment in the second half of 2025.

這些更高品質的訂單進一步支持了我們建立更可預測的收入流的策略，並且隨著我們的業務規模擴大以滿足不斷增長的市場需求，我們正在為 2026 年累積訂單。與我們對 2025 年下半年業績更強勁的預期一致，我們預計下半年 OSS 部門營收約為 1,900 萬美元，而今年上半年為 1,100 萬美元。依照下半年的這個收入水平，我們預計 2025 年下半年 OSS 部門的 EBITDA 將為正值。

As a result, we expect full year revenue within our OSS segment of approximately $30 million, representing over 20% year-over-year growth. On a consolidated basis, we continue to expect revenue of $59 million to $61 million for the full year of 2025, based on current bookings, orders and market conditions. In addition, we expect EBITDA breakeven for the full year of 2025. I'm excited about the opportunities ahead and look forward to reporting on continued execution and success in the quarters to come.

因此，我們預計 OSS 部門全年營收約為 3,000 萬美元，年增 20% 以上。在合併基礎上，根據目前的預訂、訂單和市場狀況，我們繼續預計 2025 年全年收入為 5,900 萬至 6,100 萬美元。此外，我們預計 2025 年全年 EBITDA 將達到損益兩平。我對未來的機會感到興奮，並期待在未來幾季報告持續的執行情況和成功。

Finally, I want to thank our entire team for their dedication, innovation and relentless focus on delivering results for our customers and shareholders. So with this overview, I'd like to turn the call over to Dan.

最後，我要感謝我們整個團隊的奉獻、創新和不懈努力，為我們的客戶和股東帶來成果。因此，有了這個概述，我想把電話交給丹。

Thank you, Mike, and good morning to everyone on today's call. In Q2, we achieved strong operating performance and continued to build momentum for sustained growth. We believe that OSS segment book-to-bill of 2.6 for the second quarter and 1.63 for the trailing 12 months, demonstrates that our technology is resonating with customers and validates our strategic focus on securing platform position with differentiated edge computing technology.

謝謝你，麥克，今天電話會議中的各位早安。第二季度，我們取得了強勁的經營業績，並持續累積持續成長的勢頭。我們相信，OSS 部門第二季的訂單出貨比為 2.6，過去 12 個月的訂單出貨比為 1.63，表明我們的技術引起了客戶的共鳴，並驗證了我們透過差異化邊緣運算技術確保平台地位的策略重點。

With record bookings in the first half of 2025, we are on track to achieve our full year guidance and to execute on our robust growth and profitability objectives for the second half. Now for a quick overview of Q2 2025 financial performance.

憑藉 2025 年上半年創紀錄的預訂量，我們預計將實現全年預期，並實現下半年強勁的成長和獲利目標。現在來快速概覽一下 2025 年第二季的財務表現。

For the second quarter, we reported consolidated revenue of $14.1 million compared to $13.2 million last year and $12.3 million for the 2025 first quarter. The 6.9% year-over-year increase in consolidated revenue was a result of approximately $239,000 of higher OSS segment revenue and $669,000 of higher Bressner segment revenue.

第二季度，我們的綜合收入為 1,410 萬美元，而去年同期為 1,320 萬美元，2025 年第一季為 1,230 萬美元。合併收入年增 6.9%，這是由於 OSS 部門收入增加約 239,000 美元以及 Bressner 部門收入增加 669,000 美元。

Second quarter sales were in line with our expectations. And as Mike outlined in his prepared remarks, we continue to expect revenue and profitability to grow at a higher rate in the second half of 2025. Consolidated gross margin in the second quarter expanded 610 basis points to 31.3% compared to 25.2% in the prior year quarter.

第二季的銷售額符合我們的預期。正如麥克在其準備好的演講中所概述的那樣，我們仍然預計 2025 年下半年的收入和盈利能力將以更高的速度增長。第二季綜合毛利率擴大 610 個基點至 31.3%，去年同期為 25.2%。

On a segment basis, gross margin for the company's OSS segment improved to 41.3% compared to 24.9% for the same period a year ago. The 16.4 percentage-point increase was due to the nonrecurrence of an inventory charge recognized in last year's second quarter as well as a more profitable mix of products shipped this year.

從分部來看，該公司OSS部門的毛利率從去年同期的24.9%提高至41.3%。16.4個百分點的成長是由於去年第二季確認的庫存費用不再發生，以及今年出貨的產品組合利潤更高。

Year-to-date, OSS segment gross margin has benefited from both operational efficiency and a favorable product mix. We do expect some level of variability in gross margins quarter-to-quarter based on absorption, product mix and program life cycle. On a sustained basis, we continue to target OSS segment margins in the mid-30s to low 40s.

年初至今，OSS 部門的毛利率得益於營運效率和良好的產品組合。我們確實預計，根據吸收率、產品組合和專案生命週期，毛利率會逐季度出現一定程度的變化。在持續的基礎上，我們繼續將 OSS 部門的利潤率目標定在 35% 左右到 45% 出頭。

For full year 2025, we now expect OSS segment margins in the 40% range, up from our prior guidance of mid- to upper 30s. The company's Bressner segment had gross margin percentage of 24.3% in the second quarter. The 120 basis point decrease from the same period last year was primarily due to product mix. Total second quarter operating expenses increased 11.6% to $6.2 million. This increase was predominantly attributable to higher R&D expenditures, reflecting targeted investment in new product development.

對於 2025 年全年，我們目前預計 OSS 部門利潤率將在 40% 左右，高於我們先前預測的 30% 左右。該公司 Bressner 部門第二季的毛利率為 24.3%。與去年同期相比下降了 120 個基點，主要是因為產品組合。第二季總營運費用成長 11.6%，達到 620 萬美元。這一增長主要歸因於研發支出的增加，反映了對新產品開發的目標投資。

For the second quarter, the company reported a GAAP net loss of $2 million or $0.09 per share compared to a net loss of $2.3 million or $0.11 per share in the prior year quarter. The company reported a non-GAAP net loss of $1.5 million or $0.07 per share compared to a non-GAAP net loss of $1.8 million or $0.09 per share in the prior year quarter.

第二季度，該公司報告的 GAAP 淨虧損為 200 萬美元，即每股 0.09 美元，而去年同期的淨虧損為 230 萬美元，即每股 0.11 美元。該公司報告的非 GAAP 淨虧損為 150 萬美元或每股 0.07 美元，而去年同期的非 GAAP 淨虧損為 180 萬美元或每股 0.09 美元。

Adjusted EBITDA, a non-GAAP metric, was a loss of $1 million compared to an adjusted EBITDA loss of $1.4 million in the prior year second quarter. Turning to the balance sheet. As of June 30, 2025, OSS had total cash and short-term investments of $9.5 million, no borrowings outstanding on our $2 million revolving line of credit, and a consolidated balance outstanding on our term loans of $1.2 million.

調整後的 EBITDA（非 GAAP 指標）虧損 100 萬美元，而去年同期調整後的 EBITDA 虧損 140 萬美元。轉向資產負債表。截至 2025 年 6 月 30 日，OSS 的現金和短期投資總額為 950 萬美元，200 萬美元循環信貸額度中沒有未償還借款，定期貸款的合併未償還餘額為 120 萬美元。

For the 6 months ended June 30, 2025, OSS used $1.5 million in cash from operating activities compared to operating cash flow of $1.2 million for the six months ended June 30, 2024. The change from the prior year period was primarily due to the timing of working capital.

截至 2025 年 6 月 30 日的 6 個月內，OSS 的經營活動現金流為 150 萬美元，而截至 2024 年 6 月 30 日的六個月內，經營現金流為 120 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, including 20%-plus year-over-year revenue growth for the OSS segment and EBITDA breakeven at a consolidated level. Our strong first half bookings give us valuable visibility into our second half ramp.

正如 Mike 所提到的，我們相信我們有望實現 2025 年年度目標，包括 OSS 部門營收年增 20% 以上，以及合併後的 EBITDA 收支平衡。我們上半年的強勁預訂量為我們下半年的成長提供了寶貴的前景。

As we move through the second half of the year, we are focused on disciplined execution, including managing our supply chain and achieving our planned production ramp. We also remain focused on continuing to drive growth by investing in our technology and securing new platform opportunities that will provide sustained multiyear revenue streams.

隨著下半年的到來，我們將專注於嚴格的執行，包括管理我們的供應鏈和實現我們計劃的生產提升。我們也將繼續致力於透過投資我們的技術和確保新的平台機會來繼續推動成長，從而提供持續的多年收入來源。

I look forward to updating you on our success. This completes our prepared remarks. Operator, please open the call to questions.

我期待向您報告我們的成功。我們的準備好的演講到此結束。接線員，請打開電話詢問。

(Operator Instructions)

（操作員指示）

Scott Searle, Roth capital.

史考特·塞爾，羅斯資本。

Hey, good morning. Thanks for taking my questions. Great job on building the backlog and providing that outlook into the second half of this year. And maybe, Mike, to dive in, in terms of the OSS outlook or core OSS outlook implies a pretty significant ramp-up on that front. The counterweight to that, I guess, is maintaining your existing 2025 guidance implies that there's some decline on the Bressner side of the equation.

嘿，早安。感謝您回答我的問題。在建立積壓工作並為今年下半年提供前景方面做得很好。也許，麥克，深入研究 OSS 前景或核心 OSS 前景意味著該方面的顯著提升。我想，與此相反的是，維持現有的 2025 年指導方針意味著 Bressner 方面會出現一些下滑。

Wondering if anything is going on, on that front, specifically in Europe or otherwise? It sounded like things were getting better there? Or are you guys just being conservative? And then looking out to 2026, I know it's early, but you're building a nice pipeline and opportunity set. Does that mix in terms of OSS and Bressner continue off of the second half base?

想知道在這方面是否發生了什麼事情，特別是在歐洲或其他地方？聽起來那裡的情況正在好轉？或者你們只是保守而已？然後展望 2026 年，我知道現在還為時過早，但你正在建立一個很好的管道和機會集。OSS 和 Bressner 的這種組合是否會在下半場繼續延續？

Yes. Thank you, Scott, for your question. I'll let Dan give you a quick summary of how the Bressner line is coming in. But we've seen -- we've been happy with their performance compared to last year and the growth they're showing. And we have seen market recovery in the economic outlook in Germany and Europe.

是的。謝謝斯科特的提問。我請丹給你簡單介紹一下布雷斯納線的進展。但我們已經看到——與去年相比，我們對他們的表現以及他們所展現的成長感到滿意。而我們看到德國和歐洲的經濟前景出現市場復甦。

But also if you've been watching the news, the increased interest in the defense market in Germany and Europe now has started to pose opportunities that would go into 2026 and beyond. So we'll be looking to hopefully take advantage of some of those. But I'll let Dan give you some color on the mix between OSS and Bressner.

但如果你一直在關注新聞，你會發現，德國和歐洲對國防市場的興趣日益濃厚，這已經開始帶來持續到 2026 年及以後的機會。因此，我們希望能夠利用其中的一些優勢。但我會讓丹跟你講講 OSS 和 Bressner 之間的混合情況。

Yes, Scott. What I'd add, so in our guidance, we've modeled Bressner second half roughly in line with the first half. Certainly, as we put our guidance together, we track a range of opportunities and risks and the strong backlog, strong bookings in the first half of the year do give us a lot of opportunity to drive some upside.

是的，斯科特。我想補充的是，在我們的指導中，我們對布雷斯納下半年的表現進行了大致與上半年一致的建模。當然，當我們制定指導方針時，我們會追蹤一系列機會和風險，而上半年強勁的積壓訂單和強勁的預訂量確實為我們提供了許多推動上漲的機會。

But we are remaining cautious in our outlook at this point, mostly because of the significant ramp that we have in the second half of the year and all the work that we have to do with our supply chain and with our production to make sure we're able to achieve that. So I think there's opportunities, but we are remaining cautious in our guidance.

但目前我們對前景仍持謹慎態度，主要是因為下半年我們的產量將大幅增加，而且我們必須在供應鏈和生產方面開展大量工作，以確保能夠實現這一目標。所以我認為有機會，但我們仍對指導持謹慎態度。

Got you. And just in extrapolating the strength in core OSS of 20% growth, does that continue into 2026, given what you're seeing right now in terms of the early tea leaves of wins in the existing pipeline?

明白了。僅從核心 OSS 20% 的成長實力推斷，根據您目前看到的現有管道早期勝利的跡象來看，這種成長勢頭是否會持續到 2026 年？

Yes. For OSS segment, the way our pipeline looks out for multiple years, we continue to believe there's opportunity for us to continue to grow OSS at that rate. So the ratio of revenue comparatively between OSS and Bressner will change as time goes forward because of the anticipated larger growth rates in OSS compared to the growth we'll see in Bressner. The growth rates expected for Bressner will be consistent with historical growth that we've seen in Bressner that they're back in line to forecast to achieve this year.

是的。對於 OSS 領域，從我們多年的產品線來看，我們仍然相信我們有機會以這樣的速度繼續發展 OSS。因此，OSS 和 Bressner 之間的收入比率將隨著時間的推移而變化，因為預計 OSS 的成長率將高於 Bressner 的成長成長率。布雷斯納的預期成長率將與我們在布雷斯納看到的歷史成長率一致，即今年布雷斯納的成長率將回到預期水準。

Great. Very helpful. And Mike, on the data center front, you've had some comments in the past this opportunity is starting to open up to you guys. I'm wondering if you could provide us with some quick thoughts and comments in terms of what you're seeing in that pipeline and what's going on from an AI partnership standpoint?

偉大的。非常有幫助。麥克，在資料中心方面，你過去曾說過這個機會開始向你們開放。我想知道您是否可以就您在該頻道中看到的情況以及從人工智慧合作夥伴的角度發生的事情，為我們提供一些快速的想法和評論？

Yes. Yes, we're excited about these products. So we've seen the data center markets making a quick shift here recently into higher wattage available GPUs and card sets. And so we've adjusted some of our product lines to quickly take advantage of that and being able to provide high-density GPU and card at a much higher wattage card sets. And so dissipating that heat making available.

是的。是的，我們對這些產品感到很興奮。因此，我們看到資料中心市場最近迅速轉向更高瓦數的 GPU 和卡組。因此，我們調整了部分產品線，以便快速利用此優勢，並能夠提供高密度 GPU 和更高瓦數的卡組。從而散發熱量。

So we've been able to rush some of those markets, those products like Ponto to the market to help some of our customers and partners in that field. So we're -- as I mentioned in the comments, we're looking into 2026 to see those start to move forward, along with just some of our standard products that we have aligned to the data center, especially around GPU expansion servers. And then we'll start to see the next generation of PCIe start to come to the market, and we'll have products aligned for that also. So we're hopeful to see a pickup in the data center business as we continue through the quarters. We'll keep you updated on that.

因此，我們能夠迅速將其中一些市場、像 Ponto 這樣的產品推向市場，以幫助該領域的一些客戶和合作夥伴。因此，正如我在評論中提到的那樣，我們正在展望 2026 年，看看這些產品是否能開始向前發展，以及我們的一些與資料中心相適應的標準產品，特別是圍繞 GPU 擴展伺服器。然後我們將開始看到下一代 PCIe 進入市場，我們也將推出相應的產品。因此，我們希望看到資料中心業務在接下來的幾季中出現回溫。我們將及時向您通報最新情況。

And then -- I'm sorry, Scott, the last part of your question was?

然後——對不起，斯科特，你問題的最後一部分是什麼？

AI partnerships from the software vendors. I think you've been talking to various guys to help pull you through the channel.

來自軟體供應商的人工智慧合作夥伴關係。我認為你已經和不同的人交談過，以幫助你通過這個管道。

Yes, exactly. So we continue those as a normal course of business. We continue to align with new and existing AR partners as they roll through there and align on either more fully integrated solutions for our customers and/or if our product sets can serve as the base of compute for AI companies. We continue to move through those. As we formalize more strategic relationships, we'll look to announce those.

是的，確實如此。因此，我們會繼續正常開展這些業務。我們將繼續與新的和現有的 AR 合作夥伴保持一致，並為我們的客戶提供更全面整合的解決方案，或者我們的產品集是否可以作為 AI 公司的運算基礎。我們將繼續努力。隨著我們正式建立更多戰略關係，我們將期待宣布這些關係。

Great. And lastly, if I could, Mike, you mentioned about higher watch GPUs, but there's some architectural shifts that are going into the data center as well in terms of inference processing or AI accelerators. Are you seeing design requests and activity on that front to potentially expand your product portfolio from GPU-centric architectures to something else? And Dan, just a quick clarification in terms of supply chain otherwise tariff impact. Any updated thoughts on that front in terms of limited component availability or pricing headwinds? Thanks.

偉大的。最後，如果可以的話，麥克，您提到了更高效能的 GPU，但在推理處理或 AI 加速器方面，資料中心也發生了一些架構轉變。您是否看到這方面的設計請求和活動可能會將您的產品組合從以 GPU 為中心的架構擴展到其他架構？丹，請簡單澄清一下供應鏈和關稅的影響。就零件供應有限或定價阻力而言，您對此有何最新看法？謝謝。

Yes, Scott, quickly on the data center market. We continue to watch those elements of technology around AI accelerators and other. And yes, we adjust and work adjusting our product line and strategy as we go through as that market adopts. We have a number of core customers that we keep aligned with and where their product road map needs go. And so our Chief Product Officer and their team stay aligned for that.

是的，斯科特，很快就進入數據中心市場。我們將持續關注人工智慧加速器等相關技術元素。是的，隨著市場的變化，我們會不斷調整我們的產品線和策略。我們擁有一群核心客戶，我們與他們保持一致，並了解他們的產品路線圖需要走向哪裡。因此，我們的首席產品長和他們的團隊對此保持一致。

So I think you'll see us continue to make announcements about new products and product alignment as we continue through the quarters and well into next year.

因此，我認為您會看到我們在本季以及明年繼續發布有關新產品和產品調整的公告。

Yes. And on the supply chain front, I'd just add. So certainly, with the higher production that we have in the second half of the year, we're ordering larger volumes from our suppliers. And so that is impacting lead times. We are seeing longer lead times for some of those components.

是的。關於供應鏈方面，我只想補充一點。因此，隨著下半年產量的增加，我們肯定會向供應商訂購更多的產品。這會影響交貨時間。我們發現某些組件的交貨時間正在延長。

We're working really closely with our supply chain, driving our suppliers to make sure we're able to mitigate those lead time risks. And we think that all those risks are kind of captured in our guidance. But it's a key focus. Supply chain execution will be a key driver for our second half performance.

我們正在與我們的供應鏈密切合作，推動我們的供應商確保我們能夠減輕這些交貨時間風險。我們認為所有這些風險都已在我們的指導範圍內。但這是一個重點。供應鏈執行將成為我們下半年業績的關鍵驅動力。

Great. Thanks so much.

偉大的。非常感謝。

Eric Martinuzzi, Lake Street.

馬丁努齊 (Eric Martinuzzi)，湖街。

Yes. I just wanted to clarify your comment on the Bressner. You talked about kind of anticipating normal growth rates. I've just got -- I'm struggling with what's normal because we had -- we were up 10% in 2023, down 6% in 2024. And based on 2025, I'm looking at maybe up 2%.

是的。我只是想澄清一下你對布雷斯納的評論。您談到了對正常成長率的期望。我只是——我正在努力適應正常情況，因為我們——我們在 2023 年上漲了 10%，在 2024 年下跌了 6%。而基於 2025 年，我預計可能會上漲 2%。

But I thought I've heard you describe it to kind of grow at the rate of the overall IT rate, which I would put in the kind of 5% to 9% range. So just help me out there, what is normalized growth for Bressner.

但我想我聽過你將其描述為以整體 IT 率的速度成長，我認為其成長率在 5% 到 9% 之間。所以請您幫幫我，布雷斯納的正常成長是多少。

Yes. So for our guidance, we've guided consolidated revenue of $59 million to $61 million, $30 million for OSS segment. So that implies Bressner segment at about $30 million to $31 million for the year. As I said before, we track a range of risks and opportunities to that. Right now, that's probably biased towards opportunity.

是的。因此，根據我們的指導，我們預計綜合收入為 5,900 萬美元至 6,100 萬美元，OSS 部門為 3,000 萬美元。因此，這意味著 Bressner 部門今年的銷售額約為 3,000 萬至 3,100 萬美元。正如我之前所說，我們追蹤了一系列風險和機會。目前，這可能偏向機會。

But particularly because of the supply chain lead times that we've seen on the OSS segment and the significant production ramp that we have, we've kind of taken the conservative position and held our guidance. But we are continuing to strive for opportunity.

但特別是由於我們在 OSS 領域看到的供應鏈交付週期以及我們的產量大幅提升，我們採取了保守的立場並維持了我們的指導。但我們仍在繼續努力爭取機會。

But I'm asking more of a 2026 question, I guess, for what is --

但我更想問的是 2026 年的問題，--

Yes. So in general, our longer-term outlook as we look into '26, '27, we see the OSS segment growing at about 20% a year, 20%, 25% and the Bressner segment, we model in the range of 7% to 9%.

是的。因此，總體而言，當我們展望 26 年和 27 年的長期前景時，我們看到 OSS 部門每年的成長率約為 20%、20%、25%，而 Bressner 部門的成長率預計在 7% 到 9% 之間。

Okay, that's what I was looking for thanks. Mike, you, you've had a chance or I guess maybe your customers have had a chance to digest the one Big Beautiful Bill act on their business. I'm just curious to know, since the passage on the 4th of July and today, what are you hearing about the potential impact to your pipeline in 2026, 2027?

好的，這就是我想要的，謝謝。麥克，你，或者我猜也許你的客戶有機會消化《美麗大法案》對他們業務的影響。我只是好奇，自 7 月 4 日通過該法案以來，到今天為止，您聽到了哪些有關該法案對您 2026 年、2027 年的管道可能產生的影響的消息？

Yes, Eric, not seeing significant change to kind of the pipeline and the way we figured out in the forecast we're looking at '26 and '27. The markets inside of defense are fairly well aligned, especially the markets where we pursue that have to do with sensor processing fusion, AI and autonomy. So those markets have held strong, continued investment. We specifically more aligned to watching the timing of when the bills will be released into 2025 or into 2026. As you know, we were on a full year continuing resolution this year.

是的，埃里克，我們沒有看到管道類型發生重大變化，我們在預測中也看到了 26 年和 27 年的情況。國防內部的市場相當協調，特別是我們所追求的與感測器處理融合、人工智慧和自主有關的市場。因此這些市場保持強勁，並持續投資。我們特別關注法案發布的時間是 2025 年還是 2026 年。如您所知，我們今年制定了全年持續決議。

That caused some delays in new program launches that we've had to work through, and it's just caused some delays in existing funding. It seems like 2026, the current process is on track for a bill to be on schedule for the year a few short months CR to start off 2026.

這導致我們必須努力解決的新專案啟動出現一些延遲，也導致現有資金出現一些延遲。看起來，2026 年，目前的進程正在按計劃進行，一項法案將在短短幾個月內按計劃完成，CR 將於 2026 年開始。

So I would say we're more concerned about the timing of CRs and new program releases than we are the effects on the scale or opportunity of the markets and where they're going. And if anything, we're probably more opportunistic on the overall pipeline and outlook because we have seen -- it existed prior before this administration, the desire and need to move into some more commercial applications. Under the new administration, that desire has increased and their hope is really to accelerate some of that timing.

因此我想說，我們更關心 CR 和新計劃發布的時間，而不是對市場規模或機會及其走向的影響。如果有什麼不同的話，那就是我們可能對整體管道和前景抱持更多機會主義的態度，因為我們已經看到——在本屆政府執政之前，這種願望和需要就已經存在，希望並需要轉向一些更商業化的應用。在新政府的領導下，這種願望更加強烈，他們希望能夠加快實現這一目標的步伐。

So we have seen some early precursor requests for information, requests for architecture thoughts permeating out. So hopefully, that will transition into awards. And as I mentioned, it's really the timing, I would say, that we keep an eye on more so than the -- than our concerns about any growth or change to the pipeline or scope in the future.

因此，我們已經看到一些早期的資訊請求、建築思想請求滲透出來。所以希望這能夠轉化為獎項。正如我所提到的，我想說，我們真正關注的是時機，而不是對未來管道或範圍的任何成長或變化的擔憂。

Got you. You talked about the US Army Combat vehicle opportunity that you're kind of they're kicking the tires on what you guys can offer them. Any sense of the size as well as the timing of some kind of -- I'm just not familiar. I know it's a terrific opportunity.

明白了。您談到了美國陸軍作戰車輛的機會，他們正在對您們能為他們提供什麼進行測試。對於某種規模以及時間的任何感覺——我只是不太熟悉。我知道這是一個絕佳的機會。

I don't know if it would be a one or two year sample set and then you get into full production, even if you do win it. So just help me size that opportunity as well as the timing.

我不知道它是否會是一個為期一兩年的樣品集，然後你就會進入全面生產階段，即使你贏了。所以請幫我評估這個機會以及時機。

Yes. We're very early stage on this. As we had noted in a number of other investor presentations, we had identified opportunities in our pipeline that had opportunity to be larger in nature than our normal work, but there was time to go, and we had aligned the probability of those accordingly.

是的。我們對此還處於非常早期的階段。正如我們在許多其他投資者演示中指出的那樣，我們已經確定了我們管道中的機會，這些機會的性質比我們的正常工作更大，但還有時間，我們已經相應地調整了這些機會的可能性。

So we're early stages of an opportunity here with the Army. We're in the research labs who are sharing the technology and their test and evaluation with the acquisition offices who are evaluating those against their requirements, needs and funding.

因此，我們與陸軍的合作仍處於早期階段。我們在研究實驗室與採購辦公室分享技術、測試和評估，採購辦公室根據他們的要求、需求和資金對這些技術進行評估。

So as I noted in our comments, I would anticipate from what we're seeing in their schedule, they'll continue testing through the remainder of this year. That will start to inform their requirements definition and budget building for 2026 and beyond. The speed or size or volume of which those will go will be dependent on the need of the demand and how they want to utilize existing funds or new funds.

因此，正如我在評論中指出的那樣，根據他們的日程安排，我預計他們將在今年剩餘時間內繼續進行測試。這將開始為他們 2026 年及以後的需求定義和預算制定提供資訊。這些資金的流向速度、規模或數量將取決於需求的需要以及他們希望如何利用現有資金或新資金。

So it's a little bit early for me to say how that would -- how long or what the scope and value of that would be. I think we'll know more in the quarters to come as we see the culmination of the testing and the requirements generation on the acquisition side.

因此，現在我說這將持續多久、範圍和價值如何還為時過早。我認為，隨著我們看到測試的完成和收購方面的需求生成，我們將在未來幾個季度中了解更多。

Okay. And last question for me is on the gross margin side. I was encouraged to see that OSS segment that you're comfortable with the 40% plus on the gross margins there. Can we extrapolate that out given the 2026, we're looking for a faster growth rate in the OSS segment versus Bressner that there's -- that the gross margins for the business would increase in 2026 as well.

好的。我的最後一個問題是關於毛利率方面。我很高興看到您對 OSS 部門 40% 以上的毛利率感到滿意。我們是否可以推斷出，到 2026 年，OSS 部門的成長率將比 Bressner 更快，2026 年該業務的毛利率也將增加。

Yes. I think from a gross margin perspective, so we look at gross margin is really being driven by 2 things. One is absorption. As we get better volume, we get better absorption. And the other is product mix and program life cycle.

是的。我認為從毛利率的角度來看，毛利率實際上是由兩個因素所驅動的。一是吸收。隨著體積的增加，吸收效果也會更好。另一個是產品組合和專案生命週期。

So from a product mix perspective, straightforward, we have some products that are higher margin, some products that are lower margin. So we see some variability from quarter-to-quarter. From a program life cycle perspective, we typically see early in the program, you have customer-funded development that tends to be lower margin. You move maybe to some prototype builds. Those also tend to be lower margin.

因此，從產品組合的角度來看，很簡單，我們有一些產品利潤率較高，有些產品利潤率較低。因此，我們看到季度與季度之間存在一些差異。從專案生命週期的角度來看，我們通常會看到，在專案早期，客戶資助的開發往往利潤較低。您可能會轉向一些原型構建。這些的利潤率也往往較低。

You don't have as much opportunity for learning curve and supply chain efficiencies. And then you get into low rate, full rate production, tech refresh and sustainment. And that's really where you see the expanding margin. So as we model '26, we kind of weigh all of those factors. I think that for the OSS segment overall, we continue to guide mid-30s to low to mid-40s.

您沒有太多機會學習曲線和提高供應鏈效率。然後你進入低速率、全速率生產、技術更新和維持階段。這就是利潤率不斷擴大的地方。因此，當我們模擬 26 年時，我們會權衡所有這些因素。我認為，對於整個 OSS 領域來說，我們將繼續引導 30 多歲到 40 多歲之間的成長。

I think that will sustain through 2026, but there could be some variability from quarter-to-quarter on where in that range of mid-30s to low to mid-40s we land.

我認為這種情況將持續到 2026 年，但每個季度之間可能會有所不同，具體數值將在 35 到 45 左右之間。

Got it. Thanks for taking my questions.

知道了。感謝您回答我的問題。

Thank you.

謝謝。

Brian Kinstlinger with Alliance Global Partners.

聯盟全球合作夥伴的 Brian Kinstlinger。

Great, thank you. Sorry, I joined late if it's already been discussed. Several companies have been sharing that government short-term awards have been hurt by an uncertain government funding year, which I know you know and have discussed that. What was the mix of government to commercial bookings in the first half that's been so strong? And then in terms of your bid and proposal activity, how is it being impacted on the government side?

太好了，謝謝。抱歉，如果已經討論過了，那我加入晚了。有幾家公司表示，政府短期獎勵因政府資助年度不確定而受到影響，我知道您知道這一點，並且已經討論過這一點。上半年政府和商業預訂量為何如此強勁？那麼就您的投標和提案活動而言，它對政府方面有何影響？

Yes. Thanks, Brian. On the bookings side, the percentage has been a little more weighted to defense over commercial as we've gone through the first half of the year. And part of that was driven by we saw a pickup in defense orders in the second half of the second quarter of this year. So look, we started to see the government start to pull out and then as they got getting closer to the end of their fiscal year to start aligning and moving budget and making awards.

是的。謝謝，布萊恩。在預訂方面，今年上半年，國防預訂的佔比略高於商業預訂。部分原因是我們看到今年第二季下半年國防訂單回升。所以，我們開始看到政府開始撤出，然後隨著財政年度接近尾聲，他們開始調整和移動預算並做出獎勵。

So we were encouraged by that movement through the year. And as we look forward, our way our company build as we're aligning bid and proposals, we look into 2026 and beyond, the opportunity set that's in there, I think we're well aligned with the teams and the bid and proposal budgets we have set to capture the opportunities we're in. So I think we're still well aligned. As I mentioned earlier, for us, we continue to monitor the timing on how the government will be able to move its budgets down to awardable releases.

因此，我們對這一年的運動感到鼓舞。展望未來，隨著我們協調投標和提案，我們將以公司建設的方式展望 2026 年及以後，展望其中蘊含的機遇，我認為我們與團隊以及我們設定的投標和提案預算已經很好地協調一致，以抓住我們所處的機遇。所以我認為我們仍然保持一致。正如我之前提到的，對於我們來說，我們將繼續監控政府如何將其預算下調至可授予的發放時間。

I mean how do you think about bid and proposal? Is the goal to be bidding 3 times your kind of revenue rate? Is it -- do you have a number in the pipeline that you think is addressable through 2026? Maybe anything you can share on that would be helpful, maybe compared to where you've been in 2024 and 2025.

我的意思是您如何看待投標和提案？目標是出價達到您的收益率的三倍嗎？您認為到 2026 年為止，您是否有可以實現的目標數字？也許您分享的任何內容都會有所幫助，也許可以與您在 2024 年和 2025 年的情況進行比較。

Yes, Brian, I'll lay it out this way how we work the process. So you've heard me talk that we have a 5-year factored and unfactored pipeline. So in any given year, we have a factored and unfactored forecast or pipeline that we're going after the year. The unfactored and the factored pipeline numbers, both -- the factored pipeline number really represents where we've been able to achieve that 20% or greater growth. And so we have significantly more factored opportunities in a quarter to drive the revenue that we get in any quarter, and that same holds for the year.

是的，布萊恩，我會這樣闡述我們的工作流程。所以您聽我說過，我們有一個 5 年的分解和非分解管道。因此，在任何一年中，我們都會對這一年進行考慮因素和未考慮因素的預測或規劃。未分解和分解後的管道數量——分解後的管道數量確實代表了我們能夠實現 20% 或更高的增長程度。因此，我們在一個季度中擁有比任何季度都多得多的因素機會來推動我們獲得的收入，並且全年也是如此。

So as we process that out, we have that significantly greater opportunity to bid down. The ratio of bid and proposal, how much we're bidding versus how much we pull in, changes quarter-to-quarter and by the year just based on the size and the probability of program happening and our probability of win. But I'll say we've been able to convert well. The majority of the stuff that we win is generally sole source. Customers see what we have to offer, and there's not a comparative competitor offering the same thing.

因此，當我們處理這個問題時，我們就有更大的機會降低出價。投標和提案的比例，即我們的投標金額與我們獲得的金額，每個季度和每年都會發生變化，這取決於項目規模和發生的可能性以及我們獲勝的可能性。但我想說我們已經能夠很好地轉變。我們贏得的大部分東西通常都是單一來源的。客戶看到了我們所提供的產品，並且沒有競爭對手提供相同的東西。

We're usually competing against an incumbent or an existing architecture. So we tend to win our stuff sole source. Where we are competing head-to-head, we've been winning a little bit more than 70% to 75% of the programs that we bid. So we've been getting a fairly good transition rate out of our pipeline and into revenue.

我們通常與現任者或現有的架構競爭。因此，我們傾向於從單一來源贏得我們的東西。在我們正面競爭的項目中，我們贏得了 70% 到 75% 以上的份額。因此，我們的通路和收入轉換率一直相當不錯。

So our biggest thing I go back to the thing we tend to worry about more is what's the probability of the timing that something is funded, ready to go and it's going to be released in the time that our customers identify versus when they actually happen.

因此，我們最大的問題是，我們更擔心的是，某項計劃獲得資助、準備就緒並在我們的客戶確定的時間內發布的可能性有多大，而不是在實際發生的時間。

Just to make sure I understand what I heard because I thought it was a big takeaway there. Are you saying that a factor proposal you're winning 70% to 75% of those?

只是為了確保我理解了我所聽到的內容，因為我認為這是一個很大的收穫。您是說，您贏得的因素提案佔其中的 70% 到 75% 嗎？

In the competitions that we bid that are competitions, we're winning 75% or more of those.

在我們競標的比賽中，我們贏得了 75% 或更多。

Wow. That's really telling. The last question I have is -- just to be clear, is proposal activity in the pipeline near term kind of steady? Is it rapidly increasing? Is it steadily?

哇。這確實很有說服力。我的最後一個問題是──只是想明確一點，近期的提案活動是否穩定？它是否正在快速增加？是穩定嗎？

Could you just maybe give some discussion on the trends you're seeing in near-term pipeline?

您能否就您在近期看到的趨勢進行一些討論？

Yes. We've seen -- as the company has grown from '24 quarter-on-quarter into 2025 with the book-to-bill ratios you're seeing, we've seen a steady increase in the activity in our bids and proposals. So that starts out with early request for information, early engagements with customers into architecture ideas and concepts. We've seen the request for information or request for white papers. We've seen a significant steady increase in that from '24 into 2025.

是的。我們已經看到——隨著公司從 24 年季度環比增長到 2025 年，隨著訂單出貨比的提高，我們的投標和提案活動也在穩步增加。因此，這始於早期的資訊請求，以及與客戶就架構理念和概念的早期接觸。我們已經看到了資訊請求或白皮書請求。我們看到從 2024 年到 2025 年這一數字呈現顯著的穩定成長。

It looks like it's going to continue well into the second half of 2025. The result of that also then is that we're putting out more proposals that come from the first engagements through request for information. And we're also seeing as our pipeline continues to expand out through the years each year that our opportunities for bids are also increasing. So yes, we're seeing a steady increase in the amount of proposals and request for information quarter-to-quarter.

看起來這種情況將持續到 2025 年下半年。這樣做的結果就是，我們透過資訊請求提出了更多來自首次接觸的提案。我們也看到，隨著我們的管道逐年擴大，我們的投標機會也在增加。是的，我們看到提案和資訊請求的數量逐季度穩定成長。

Great. Congratulations on the progress over the last couple of years of turning the business around.

偉大的。恭喜您在過去幾年在扭轉業務方面取得的進展。

Thanks Brian.

謝謝布萊恩。

And this does conclude our question-and-answer session. I'd like to turn the program back over to our presenters for any closing remarks.

我們的問答環節到此結束。我想將節目交還給我們的主持人，請他們做最後的總結發言。

No closing remarks, Aaron. You can close the call.

沒有結束語，Aaron。您可以結束通話。

Thank you for your participation. This does conclude today's program. You may disconnect at any time.

感謝您的參與。今天的節目到此結束。您可以隨時斷開連線。