One Stop Systems Inc (OSS) 2025 Q3 法說會逐字稿

Good day and welcome to the One Stop Systems Inc. third quarter 2025 earnings conference call. (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, the company's multiyear strategy, business objectives and expectations.

大家好，歡迎參加 One Stop Systems Inc. 2025 年第三季財報電話會議。（操作員說明）提醒您，本次通話正在錄音。作為今天討論的一部分，OSS 的代表將就公司未來的財務和經營業績做出一些前瞻性聲明，包括與收入增長以及業務計劃、預訂、公司多年戰略、業務目標和預期相關的聲明。

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 for these statements.

這些聲明是基於公司目前的信念和預期，不應被視為 OSS 對其任何計劃或預期將會實現的保證。請注意，這些前瞻性陳述受 1995 年《私人證券訴訟改革法案》安全港條款的保護，OSS 希望利用該安全港條款對這些陳述提供保護。

Also, please be advised that the 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.

此外，請注意，由於某些風險和不確定性，實際結果可能與前瞻性聲明中所述或暗示的結果有重大差異，這些風險和不確定性包括公司最新年度報告（10-K 表格）、後續季度報告（10-Q 表格）和最近的新聞稿中描述的風險和不確定性。

Please read these reports and other future filings that OSS will make with the SEC. 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. Mike Knowles. Please go ahead, sir.

請閱讀這些報告以及OSS未來將向美國證券交易委員會提交的其他文件。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 的總裁兼執行長邁克·諾爾斯先生。請繼續，先生。

Thank you, [Andrew]. Thank you, Andrew. Good morning, everyone, and thank you for joining today's call. OSS delivered a strong third quarter with significant consolidated revenue growth, higher gross margin and positive EBITDA and net income.

謝謝你，[安德魯]謝謝你，安德魯。各位早安，感謝各位參加今天的電話會議。OSS 第三季業績強勁，綜合營收大幅成長，毛利率提高，EBITDA 和淨利均為正值。

Our third quarter and year-to-date performance underscore 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. Since implementing several strategic actions in 2023 and 2024 to reposition OSS for growth, we have seen continued improvements in our financial and operating results.

第三季和年初至今的業績凸顯了我們所建立的堅實基礎，我們充分利用了國防和商業客戶對我們堅固耐用的企業級運算解決方案日益增長的需求。自 2023 年和 2024 年實施多項策略行動以重新定位 OSS 實現成長以來，我們的財務和營運績效持續改善。

These actions 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.

這些措施包括：透過吸收經驗豐富的國防工業主管來加強我們的領導團隊，啟動多年戰略計劃，重建我們的市場進入策略，擴大我們的銷售管道，並推動更高的毛利率。

As a result, we have experienced positive bookings momentum over the past 12 months, translating into increased sales and positive operating leverage. I'm extremely proud of what our teams have accomplished and believe we're well positioned for continued growth and strong profitability in the remainder of 2025 and into 2026.

因此，在過去的 12 個月裡，我們的預訂量呈現正面成長勢頭，轉化為銷售額的成長和正面的營運槓桿效應。我為我們團隊的成就感到無比自豪，並相信我們已經做好充分準備，在 2025 年剩餘時間和 2026 年繼續保持增長和強勁的盈利能力。

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，利用我們高效能的邊緣運算解決方案來滿足人工智慧、機器學習、自主性和邊緣感測器融合日益增長的需求。我們的客戶群正在擴大，涵蓋領先的國防組織和先進的商業企業，他們都在尋找像 OSS 這樣值得信賴、久經考驗的合作夥伴。

On a trailing 12-month basis, our OSS segment had a book-to-bill ratio of 1.4. After a historic level of bookings in the second quarter, third quarter trends reflected expected quarter-to-quarter variability. Our growing pipeline and customer engagement activities remain strong across both defense and commercial markets.

過去 12 個月，我們的 OSS 業務部門的訂單出貨比為 1.4。在第二季訂單量達到歷史新高之後，第三季的趨勢反映了預期的季度間波動。我們在國防和商業市場的業務成長和客戶互動活動仍然強勁。

Our second quarter performance also reflects our continued focus on fulfilling recent awards, investing in next-generation product development and advancing new program opportunities that are expected to contribute to positive bookings growth in 2026 and 2027. Overall, we are tracking ahead of our plan in product development milestones, which gives us confidence in our long-term growth trajectory.

我們第二季的業績也反映了我們持續專注於履行近期獲得的合約、投資下一代產品開發以及推進新的專案機會，這些都有望在 2026 年和 2027 年為預訂量的成長做出積極貢獻。總體而言，我們在產品開發里程碑方面進展順利，這讓我們對公司的長期成長前景充滿信心。

During the third quarter, we continued to support and increase our exposure on the P-8 Poseidon Reconnaissance aircraft. To date, we have recognized lifetime contracted revenue over $50 million on the P-8 platform.

第三季度，我們繼續支持並加強對 P-8 海神偵察機的投資。迄今為止，我們在 P-8 平台上已確認超過 5000 萬美元的終身合約收入。

In addition, we had previously announced a 5-year sole-source supplier agreement and a five year extension support, which involves equipping the P-8 aircraft and ground base stations with high-capacity flash storage systems, spare flash storage canisters and related support services. We expect continued orders from both the U.S. Navy and our defense prime customer into 2026.

此外，我們先前已宣布了一項為期 5 年的獨家供應商協議和一項為期 5 年的延期支援協議，其中包括為 P-8 飛機和地面基地台配備高容量閃存儲存系統、備用閃存儲存罐和相關支援服務。我們預計到 2026 年，美國海軍和我們的國防主要客戶將繼續下訂單。

Another highlight is our growing relationship with the leading medical imaging OEM, underscoring the growing relevance of our compute and storage solutions in health care. We believe there are opportunities to expand our presence with this customer beyond the current five year expected program value of over $25 million.

另一個亮點是我們與領先的醫療影像 OEM 廠商之間日益密切的關係，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重要性。我們相信，除了目前五年內預計超過 2500 萬美元的專案價值之外，還有機會擴大我們與這位客戶的合作。

Additional booking highlights include the September announcement of an initial $500,000 contract with Safran Federal System with additional orders expected totaling over $3 million. While smaller in size, this award establishes a new relationship with one of the world's leading high-technology defense contractors, and we see meaningful opportunity to expand this partnership over time.

其他訂單亮點包括 9 月宣布與 Safran Federal System 簽訂價值 50 萬美元的初始合同，預計後續訂單總額將超過 300 萬美元。雖然金額較小，但這項合作標誌著我們與世界領先的高科技國防承包商之一建立了新的關係，我們看到了隨著時間的推移擴大這種合作關係的重大機會。

In October, we announced an initial $1.5 million order from a Canadian-based integrator of passenger cabin systems for the commercial aerospace industry. We expect this platform to contribute approximately $6 million in total revenue over the next three years. This award highlights the growing demand for high-performance compute in the commercial aerospace sector, an increasingly important component of our commercial market strategy.

10 月份，我們宣布從總部位於加拿大的商用航空航太客艙系統整合商獲得首筆 150 萬美元的訂單。我們預計該平台在未來三年內將貢獻約 600 萬美元的總收入。該獎項凸顯了商業航空航太領域對高效能運算日益增長的需求，而高效能運算是我們商業市場策略中越來越重要的組成部分。

Across our pipeline, demand remains strong, supported by growing interest for our Enterprise Class compute solutions. While the ongoing government shutdown may impact the timing of near-term bookings, we view this as a timing issue, not a demand issue since OSS remains the sole source provider on affected platforms.

在我們的產品線中，需求依然強勁，這得益於市場對我們企業級運算解決方案日益增長的興趣。雖然持續的政府停擺可能會影響近期預訂的時間表，但我們認為這是一個時間問題，而不是需求問題，因為 OSS 仍然是受影響平台上的唯一供應商。

As a result, we expect defense-related bookings to improve as conditions normalize, though timing may remain uncertain. We also continue to see signs of stabilization in our European markets that are served by our Bressner operating unit. 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.

因此，我們預計隨著情況恢復正常，國防相關預訂量將會改善，但具體時間可能仍不確定。我們也看到，由 Bressner 營運部門服務的歐洲市場也持續出現穩定跡象。最近，我們 Bressner 業務部門的預訂量和收入均符合我們的目標，Bressner 仍有望在 2025 年實現比去年更高的銷售額和盈利能力。

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. 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.

展望未來，我們相信 OSS 擁有獨特的優勢，能夠抓住人工智慧、機器學習、自主技術和邊緣感測器融合技術加速普及所帶來的多年成長機會。隨著這些需求對國防和商業創新變得越來越重要，客戶正在轉向像 OSS 這樣在堅固耐用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。

In support of this, we increased R&D investments in 2025 to capitalize on emerging opportunities we see developing within our markets. Our high-wattage, high-density expansion products such as Ponto are currently under evaluation with several potential commercial customers as we focus on delivering high-density, high-wattage GPU, and AI accelerator solutions that address the growing need for performance-intensive compute in data-rich environments.

為了支持這一目標，我們增加了 2025 年的研發投入，以抓住我們在市場中看到的正在湧現的新機會。我們目前正與幾位潛在的商業客戶一起評估我們的高功率、高密度擴展產品（如 Ponto），因為我們專注於提供高密度、高功率 GPU 和 AI 加速器解決方案，以滿足數據豐富環境中對高效能運算日益增長的需求。

We're also encouraged by recent traction in commercial aerospace, highlighted by our recent award, which underscores how OSS technology is extending into new regulated markets where reliability and compute performance are critical. Looking ahead, we expect to further broaden our commercial product lineup with the planned launch of two new Gen 6 systems in November, designed to bring even greater processing capability and efficiency to our customers.

我們也對近期在商業航空航太領域的進展感到鼓舞，最近獲得的獎項更是凸顯了 OSS 技術如何擴展到可靠性和運算效能至關重要的新興監管市場。展望未來，我們計劃在 11 月推出兩款全新的第六代系統，進一步拓展我們的商業產品線，旨在為我們的客戶帶來更強大的處理能力和更高的效率。

Together, these initiatives demonstrate how we are executing on our strategy to leverage our rugged Enterprise Class engineering heritage into fast-growing commercial segments, driven by AI and data-centric workloads.

這些舉措共同表明，我們正在執行我們的策略，將我們強大的企業級工程技術傳承應用於由人工智慧和以資料為中心的工作負載驅動的快速成長的商業領域。

We continue to execute against a growing pipeline in both commercial and defense markets. We recently attended the Association of the U.S. Army or AUSA conference in Washington, D.C. and introduced a newly developed portfolio of products that leverage the advanced compute and low latency advantages of commercial data centers.

我們持續推進在商業和國防市場不斷成長的專案儲備。我們最近參加了在華盛頓特區舉行的美國陸軍協會（AUSA）會議，並推出了一系列新開發的產品，這些產品利用了商業資料中心的先進運算和低延遲優勢。

In addition, we showcased our wide array of scalable AI/ML, sensor fusion and autonomy compute solutions, delivering leading compute and latency capability and advantage size, weight, power and cost, or SWAPC. These solutions generated strong interest and multiple new engagements across Army and OEM programs.

此外，我們還展示了我們種類繁多的可擴展 AI/ML、感測器融合和自主運算解決方案，提供領先的運算和延遲能力以及尺寸、重量、功耗和成本優勢（即 SWAPC）。這些解決方案引起了陸軍和OEM計畫的強烈興趣，並促成了多項新的合作。

We also recently attended the NVIDIA GTC Conference in Washington, D.C., where we highlighted OSS' expanding capabilities in high-performance GPU, and AI accelerator expansion systems. Our participation at GTC reinforced OSS' growing presence within the AI compute ecosystem, where our technology complements leading platforms from NVIDIA, Broadcom and Astera Labs.

我們最近也參加了在華盛頓特區舉行的 NVIDIA GTC 大會，會上我們重點介紹了 OSS 在高效能 GPU 和 AI 加速器擴展系統方面不斷擴展的能力。我們參與 GTC 進一步鞏固了 OSS 在 AI 運算生態系統中日益增長的地位，我們的技術與 NVIDIA、Broadcom 和 Astera Labs 等領先平台相輔相成。

The conference provided valuable engagement with commercial and government customers exploring next-generation architectures for AI, machine learning and data analytics at the edge and further validated the role OSS can play in enabling high-bandwidth, low-latency compute for commercial applications.

本次會議為商業和政府客戶提供了寶貴的交流機會，他們正在探索用於邊緣人工智慧、機器學習和數據分析的下一代架構，並進一步驗證了開源軟體在為商業應用實現高頻寬、低延遲運算方面可以發揮的作用。

The visibility relationships we're developing through these engagements are creating meaningful opportunities to expand our role on next-generation platforms. For example, our delivery of a rugged compute solution for combat vehicles for the U.S. Army remains under test and evaluation, which is expected to continue for the remainder of the year.

我們透過這些合作建立的知名度關係，為我們在下一代平台上拓展影響力創造了有意義的機會。例如，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，預計將持續到今年年底。

We are encouraged by the growing number of multiyear platforms we now support, adding to our portfolio that includes the likes of the P-8 for the U.S. Navy, the medical imaging platform and the Autonomous Maritime program for a leading defense prime in Asia.

我們很高興看到我們支持的多年期平台數量不斷增加，這豐富了我們的產品組合，其中包括美國海軍的 P-8、醫療成像平台以及亞洲領先的國防巨頭的自主海上項目。

Pursuing these types of recurring programmatic opportunities remain central to our long-term strategy. To accelerate our growth initiatives, we strengthened our balance sheet after quarter end through a registered direct offering, raising approximately $12.5 million in gross proceeds. This enhanced financial position, combined with improving fundamentals provides the flexibility to fund operations, pursue strategic opportunities and capitalize on expanding global demand.

尋求此類持續性的專案機會仍然是我們長期策略的核心。為了加速我們的成長計劃，我們在季度末透過註冊直接發行加強了資產負債表，籌集了約 1,250 萬美元的總收益。財務狀況的改善，加上基本面的改善，使公司能夠靈活地為營運提供資金，抓住策略機遇，並利用不斷增長的全球需求。

Looking ahead, our solid execution and year-to-date performance give us the confidence to raise our full year 2025 consolidated revenue guidance range from $59 million to $61 million to $63 million to $65 million, while reaffirming our expectation to achieve positive annual EBITDA. I'm pleased with how 2025 is shaping up.

展望未來，我們穩健的執行力和年初至今的業績使我們有信心將 2025 年全年合併收入預期範圍從 5900 萬至 6100 萬美元提高到 6300 萬至 6500 萬美元，同時重申我們實現年度 EBITDA 為正的預期。我對2025年的發展前景感到滿意。

Our turnaround strategies are progressing faster than expected, reflecting strong demand and operational execution. As we look ahead, we remain focused on accelerating growth, expanding profitability and creating long-term value for our shareholders. Finally, I want to thank our entire team for their dedication, innovation and relentless focus on delivering results for our customers and shareholders.

我們的轉虧為盈策略進展比預期更快，反映出強勁的市場需求和高效率的營運執行。展望未來，我們將繼續專注於加速成長、擴大獲利能力，並為股東創造長期價值。最後，我要感謝我們整個團隊的奉獻精神、創新精神以及為客戶和股東創造業績的不懈努力。

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

綜上所述，現在我想把電話交給丹。擔？

Thank you, Mike, and good morning to everyone on today's call. Our Q3 results reflect a number of important financial milestones. One, we achieved robust top line growth, increasing revenue year-over-year by 36.9% at a consolidated level and by 43.4% for the OSS segment. This growth reflects strong demand for our products as well as our ability to execute on that demand to meet our customers' needs.

謝謝你，麥克，也祝今天參加電話會議的各位早安。我們第三季的業績反映了多項重要的財務里程碑。第一，我們實現了強勁的營收成長，合併層級營收年增 36.9%，OSS 業務部門營收年增 43.4%。這一成長反映了市場對我們產品的強勁需求，以及我們滿足客戶需求、實現此需求的能力。

Two, we achieved positive quarterly EBITDA in both of our operating segments and positive GAAP net income at a consolidated level. These results were supported by strong gross margins, reflecting the value that customers place on our differentiated technology. After the quarter closed, we also strengthened our balance sheet by securing $12.5 million of gross proceeds through a registered direct offering of common stock.

第二，我們在兩個營運部門均實現了正的季度 EBITDA，並且在合併層面實現了正的 GAAP 淨利潤。這些業績得益於強勁的毛利率，反映了客戶對我們差異化技術的重視。本季結束後，我們也透過註冊直接發行普通股籌集了 1,250 萬美元的總收益，從而加強了資產負債表。

This offering strengthens our balance sheet, provides flexibility around working capital to support our growth and positions us to pursue a disciplined M&A strategy in 2026 and beyond. We believe the company is in a strong position. And with a solid backlog of orders, we are on track to achieve our increased full year guidance and to execute on our robust growth and profitability objectives.

此次發行增強了我們的資產負債表，為我們的營運資金提供了靈活性，以支持我們的成長，並使我們能夠在 2026 年及以後推行穩健的併購策略。我們認為公司處於強勢地位。憑藉充足的訂單儲備，我們預計將實現上調後的全年業績預期，並達成強勁的成長和獲利目標。

Now, for a quick overview of Q3 2025 financial performance. For the third quarter, we reported consolidated revenue of $18.8 million compared to $13.7 million last year and $14.1 million for the 2025 second quarter. The 36.9% year-over-year increase in consolidated revenue was a result of approximately $2.8 million of higher OSS segment revenue and $2.3 million of higher Bressner segment revenue.

現在，讓我們快速概覽一下 2025 年第三季的財務表現。第三季度，我們公佈的合併收入為 1,880 萬美元，而去年同期為 1,370 萬美元，2025 年第二季為 1,410 萬美元。合併收入年增 36.9%，其中 OSS 部門營收成長約 280 萬美元，Bressner 部門營收成長約 230 萬美元。

Third quarter sales were above our expectations, and we expect continued strength in both revenue and profitability in the fourth quarter of 2025. Consolidated gross margin in the third quarter was 35.7%. As a reminder, gross margin in the prior year quarter included a $6.1 million inventory charge in our OSS segment.

第三季銷售額超出預期，我們預計 2025 年第四季營收和獲利能力將持續保持強勁成長。第三季綜合毛利率為35.7%。提醒一下，去年同期毛利率包含 OSS 部門 610 萬美元的庫存費用。

Excluding the inventory charge, gross margin for the 2024 third quarter was 32%. On a segment basis, gross margin for the company's OSS segment improved to 45.6% compared to gross margin adjusted for the inventory charge of 43.2% for the same period a year ago. The 2.4 percentage point increase was primarily due to a more profitable mix of products shipped this year.

不計入存貨費用，2024 年第三季的毛利率為 32%。從業務部門來看，該公司 OSS 業務部門的毛利率提高至 45.6%，而去年同期經庫存費用調整後的毛利率為 43.2%。成長 2.4 個百分點主要是因為今年出貨的產品組合利潤較高。

Year-to-date, OSS segment gross margin has benefited from both operational efficiency and a favorable product mix. We continue to expect some level of variability in gross margins quarter-to-quarter based on absorption, product mix and program life cycle.

今年以來，OSS業務部門的毛利率受益於營運效率的提高和有利的產品組合。我們預計，根據吸收率、產品組合和專案生命週期，毛利率仍會存在一定程度的季度間波動。

On a sustaining basis, we continue to target OSS segment margin in the mid-30s to low to mid-40s. In the fourth quarter of 2025, we anticipate OSS segment margins in the upper end of that range. The company's Bressner segment had gross margin percentage of 26% in the third quarter.

從永續發展的角度來看，我們繼續將 OSS 業務利潤率目標設定在 30% 到 40% 之間。我們預計 2025 年第四季 OSS 業務部門的利潤率將處於該範圍的上限。該公司旗下 Bressner 業務部門第三季的毛利率為 26%。

The 400-basis point increase from the same period last year was primarily due to a more profitable mix of products shipped in the quarter. Total third quarter operating expenses increased 22% to $6.1 million. This increase was predominantly attributable to higher R&D expenditures, reflecting targeted investment in new product development.

與去年同期相比成長了 400 個基點，主要是由於本季出貨的產品組合獲利能力更強。第三季總營運支出成長 22%，達到 610 萬美元。這一增長主要歸因於研發支出增加，反映了對新產品開發的定向投資。

For the third quarter, the company reported GAAP net income of $0.3 million or $0.01 per diluted share compared to a net loss of $6.8 million or $0.32 per share in the prior quarter -- prior year quarter. The company reported non-GAAP net income of $0.7 million or $0.03 per share compared to a non-GAAP net loss of $6.4 million or $0.30 per share in the prior year quarter.

第三季度，該公司公佈的GAAP淨利為30萬美元，即每股攤薄收益0.01美元，而上一季（上年同期）淨虧損為680萬美元，即每股虧損0.32美元。該公司公佈的非GAAP淨利潤為70萬美元，即每股0.03美元，去年同期非GAAP淨虧損為640萬美元，即每股0.30美元。

Adjusted EBITDA, a non-GAAP metric, was $1.2 million compared to an adjusted EBITDA loss of $6 million in the prior year third quarter. Turning to the balance sheet. As of September 30, 2025, OSS had total cash and short-term investments of $6.5 million, $1 million of borrowings outstanding on our $2 million revolving line of credit and a consolidated balance outstanding on our term loans of $1.2 million.

經調整的 EBITDA（非 GAAP 指標）為 120 萬美元，而上年同期經調整的 EBITDA 虧損為 600 萬美元。接下來看一下資產負債表。截至 2025 年 9 月 30 日，OSS 的現金和短期投資總額為 650 萬美元，200 萬美元循環信貸額度中未償還借款 100 萬美元，定期貸款未償還合併餘額為 120 萬美元。

After the third quarter ended on October 1, 2025, OSS completed a registered direct offering with participation from certain new and existing institutional investors, resulting in gross proceeds of approximately $12.5 million before deducting placement agent commissions and other operating expenses.

2025 年 10 月 1 日第三季結束後，OSS 完成了一項註冊直接發行，部分新舊機構投資者參與其中，在扣除配售代理佣金和其他營運費用之前，總收益約為 1,250 萬美元。

For the nine months ended September 30, 2025, OSS used $4.9 million in cash from operating activities compared to operating cash flow of $2.1 million for the nine months ended September 30, 2024. The change from prior year period was primarily due to the timing of working capital, particularly receivables associated with our revenue ramp, partially offset by higher net income.

截至 2025 年 9 月 30 日的九個月，OSS 經營活動產生的現金為 490 萬美元，而截至 2024 年 9 月 30 日的九個月，經營活動產生的現金為 210 萬美元。與去年同期相比，變動的主要原因是營運資金到位時間，特別是與收入成長相關的應收帳款，部分被更高的淨收入所抵銷。

As Mike mentioned, the company has increased its 2025 full year financial guidance due to stronger-than-expected bookings over the trailing 12 months. We now anticipate consolidated revenue of $63 million to $65 million for the full year 2025, compared to prior guidance of $59 million to $61 million.

正如麥克所提到的，由於過去 12 個月的預訂量強於預期，該公司提高了 2025 年全年財務預期。我們現在預計 2025 年全年合併收入為 6,300 萬美元至 6,500 萬美元，而先前的預期為 5,900 萬美元至 6,100 萬美元。

We expect OSS segment revenue in the range of $30 million to $32 million, representing a 22% to 30% increase in annual OSS segment revenue. and we expect the company to achieve positive EBITDA at a consolidated level. As we move through the final quarter of the year, we remain focused on disciplined execution, including managing our supply chain and achieving our planned production ramp.

我們預期OSS業務部門的營收將在3,000萬美元至3,200萬美元之間，較上年同期成長22%至30%。我們預計公司合併後的EBITDA將為正值。隨著我們進入今年最後一個季度，我們將繼續專注於嚴謹的執行，包括管理我們的供應鏈和實現我們計劃的生產爬坡目標。

We also remain focused on continuing to drive growth by investing in our technology, and securing new platform opportunities that can provide sustained multiyear revenue stream. I look forward to updating you on our success. This completes our prepared remarks. Operator, please open the call for questions.

我們將繼續專注於透過投資技術來推動成長，並確保獲得能夠提供多年持續收入來源的新平台機會。我期待著向您報告我們的進展。我們的發言稿到此結束。接線員，請開啟提問環節。

(Operator Instructions)

（操作說明）

Brian Kinstlinger, AGP / Alliance Global Partners Corp

Brian Kinstlinger，AGP / Alliance Global Partners Corp

Great. Thanks so much and solid results. As we think about the uptick of revenue in the second half of the year, how should investors think about the seasonality going forward for Core OSS in light of the strong bookings' execution, but also as we think about the government shutdown?

偉大的。非常感謝，效果很好。考慮到下半年營收的成長，投資人應該如何看待Core OSS業務在強勁的預訂執行情況以及政府停擺的影響下的未來季節性變化？

Yeah. I'll start with the seasonality and then Mike can talk a little bit more about the government shutdown. So, in general, we've seen this consistent pattern where we tend to see higher revenues in the second half of the year just based on timing of bookings.

是的。我先從季節性因素說起，然後麥克可以再多談談政府停擺的問題。因此，總的來說，我們看到了一個一致的模式，即下半年的收入往往會更高，這僅僅是因為預訂時間的原因。

As the government goes into the holiday period, you tend to see a bit of a slowdown in bookings, and so, just the timing of that tends to drive second quarter revenue or second half revenue higher than first half. We'd expect that to continue as we go into 2026, probably a somewhat moderated ramp compared to what we saw in 2025, but still somewhat of a ramp as we go through the year.

隨著政府進入假期，預訂量往往會放緩，因此，這個時間因素往往會推動第二季或下半年的收入高於上半年。我們預計這種情況會持續到 2026 年，與 2025 年相比，成長速度可能會有所放緩，但全年仍會保持一定程度的成長。

Yes, Brian, and we're -- with the kind of the strong bookings we've had this year and as we close out the year, we'll expect to be starting next year with a little bit more backlog. So, we think while we had a fairly decent sized ramp this year, as Brian mentioned -- or as Dan mentioned, hopefully that, that backlog and the way we'll prosecute will soften that.

是的，布萊恩，鑑於我們今年的預訂情況良好，而且隨著年底臨近，我們預計明年年初的訂單積壓會更多一些。所以，我們認為雖然今年我們有了相當可觀的坡度，正如布萊恩所提到的——或者正如丹所提到的，希望積壓案件以及我們將採取的起訴方式能夠緩解這種情況。

A bunch of that will be dependent on the government shutdown here. As we may have noted prior, we have everything in backlog we need to achieve our guidance for 2025. And the bookings that we are making now are -- will further support that and/or build into backlog for next year.

其中很多事情都取決於英國政府的停擺情況。正如我們之前可能已經指出的那樣，我們擁有實現 2025 年目標所需的一切儲備。我們現在進行的預訂將進一步支持這一點，並/或為明年的訂單積壓做好準備。

And the main bookings that are affected for us by the government shutdown are anticipated sole source awards. So, we won't be losing opportunity. We'll just -- we'll be affected by time.

政府停擺對我們造成影響的主要訂單是預期中的單一來源採購訂單。所以，我們不會錯失良機。我們終究會受到時間的影響。

Got it. And then, maybe you can update us on the data center market opportunity and the advancements you're making. I mean that market has seen unprecedented demand in the last few months. And then, maybe also at a high level, touch on the situational awareness technology procurement evaluation by the Army. I don't know if that's been able to progress, given the government shutdown, but that was something obviously of importance to the company.

知道了。然後，或許您可以向我們介紹一下資料中心市場的機會以及您正在取得的進展。我的意思是，近幾個月來，該市場的需求出現了前所未有的成長。然後，或許還可以從宏觀層面談談陸軍對態勢感知技術採購的評估。鑑於政府停擺，我不知道這件事是否取得了進展，但這顯然對公司來說是一件非常重要的事情。

Yes. Great, Brian. Yes, on the data center side, as we had noted prior and, in the remarks, here, we launched Ponto, which is a bigger version of our standard 4U GPU expansion solution. And so that product is under evaluation by a couple of customers, specifically in these kind of data center markets where they're looking for this opportunity for big GPU and compute expansion. So we're -- we've got product in that market.

是的。太好了，布萊恩。是的，在資料中心方面，正如我們之前提到的，並且在這裡的備註中，我們推出了 Ponto，它是我們標準 4U GPU 擴充解決方案的更大版本。因此，目前有幾位客戶正在評估該產品，特別是那些在資料中心市場尋求大型 GPU 和運算擴展機會的客戶。所以，我們——我們已經在這個市場上推出了產品。

We've got outreach. We've got interest. We have people testing. So, we'll look through the end of this year and into the first half of next year to likely and hopefully see that transition into awards and in backlog. And then as we noted in this call, we'll be augmenting that with bringing forward some of the new PCIe Gen 6 and some of the other new technologies that will be launching into those data center architectures.

我們已經進行了外展工作。我們收到回覆了。我們已經安排人員進行測試。所以，我們將展望今年年底和明年上半年，希望能夠看到這種情況轉化為獎項和積壓訂單。正如我們在本次電話會議中所提到的，我們將透過引入一些新的 PCIe Gen 6 和其他一些新技術來增強這些技術，這些技術將應用於這些資料中心架構中。

So, we'll be well positioned with multiple products across that to leverage into that market. On the Army situation awareness side, that testing continues on. As you noted, yes, anything that had been going on now has stalled as a result of the government shutdown. So we'll be losing time on their evaluation as they went through. Things are being progressing and tracking well.

因此，我們將憑藉涵蓋該領域的多種產品，在該市場佔據有利地位。在陸軍態勢感知方面，測試仍在進行中。正如你所指出的，是的，由於政府停擺，所有正在進行的事情都停滯了。所以，隨著他們接受評估，我們會浪費一些時間。事情進展順利，一切都在按計劃進行。

The Army has also seen how they could use our distributed compute system for that solution in multiple other ways. So it's created other opportunities that we will look to prosecute coming into 2026, and beyond to leverage our position in the technology across those. So we'll look for hopefully more news on that in the coming year and where that could progress to.

陸軍也看到瞭如何利用我們的分散式運算系統以多種其他方式解決這個問題。因此，這創造了其他機會，我們將在 2026 年及以後尋求把握這些機會，以利用我們在科技領域的地位。所以我們希望明年能有更多相關消息，看​​看事情會如何發展。

Great. I got some more questions, but I'll get back in the queue and ask some more after.

偉大的。我還有些問題，不過我稍後會重新排隊再問。

All right. Thank you, Brian. Thanks Brian.

好的。謝謝你，布萊恩。謝謝你，布萊恩。

Eric Martinuzzi, Lake Street Capital Markets LLC.

Eric Martinuzzi，Lake Street Capital Markets LLC。

Yeah. It was good to see the OSS segment come back so strong there. That was a terrific recovery. Obviously, that was something that you guys have been -- or investors have been patiently waiting for. But actually, I wanted to ask about Bressner.

是的。很高興看到OSS業務板塊在那裡強勢復甦。那真是一次了不起的康復。顯然，這是你們——或者說投資者——一直耐心等待的事情。但實際上，我想問的是布雷斯納的情況。

That was outperformance at least versus what I was estimating for the third quarter. Can you tell us what was behind that? And then if -- were there any pull forwards out of Q4 or maybe point us in a direction for where we expect the final quarter of the year for Bressner?

至少比我之前對第三季的預期要好。能告訴我們這背後發生了什麼事嗎？那麼，第四季是否有任何提前跡象，或者能否為我們指明布雷斯納今年最後一個季度的預期方向？

Yes. Bressner has been performing strong. We've seen some nice recovery in their industrial end markets and expect continued strength as we go through the year. FX has been a tailwind to Bressner's segment revenue. In the third quarter, they grew by about $2.3 million, about $600,000 of that was due to FX.

是的。布雷斯納表現一直都很出色。我們看到他們的工業終端市場出現了一些不錯的復甦，並預計今年以來這種強勁勢頭將持續下去。外匯市場一直是布雷斯納部門收入的利多因素。第三季度，他們的收入成長了約 230 萬美元，其中約 60 萬美元是由於外匯波動造成的。

The other $1.7 million was growth on a constant currency basis, just really based on strength in their end markets and some of the larger products or projects that they've been executing on. And so, we continue to see Bressner performing well and see strength as we close out the year and go into '26.

其餘 170 萬美元是按固定匯率計算的成長，這主要得益於其終端市場的強勁表現以及他們正在執行的一些大型產品或專案。因此，我們繼續看到布雷斯納表現出色，並在年底和進入 2026 年之際看到了他的實力。

Yes, Eric. I'd just add, right, the economy hasn't fully recovered across the EU, and Germany to the growth expectations they had at the start of the year. But Bressner has been able to find some strength in its markets to keep them on our targets and on our plans for the year. And they've seen some pockets of people generating some bigger orders, which has helped keep them on plan through the year.

是的，埃里克。我還要補充一點，歐盟經濟尚未完全復甦，德國的經濟也未達年初的成長預期。但 Bressner 已經能夠在其市場中找到一些優勢，使其保持在我們今年的目標和計劃之內。他們發現一些客戶群下了更大的訂單，這有助於他們全年按計劃完成目標。

Okay. Well, just sequentially then, is it your expectation that we're in line to better with the final quarter of the year? Or what...

好的。那麼，就季度而言，您預計我們今年最後一個季度的業績會更好嗎？或者…

Yes, I would model -- so there's a few shipments in Bressner that are going to be right on the cusp between this year and next year. So where those fall will kind of impact Q4. But I would model Q4 as being basically flat to Q3 for Bressner.

是的，我會進行建模——因此，布雷斯納有幾批貨物的交付時間將正好處於今年和明年的交界處。所以這些因素的分佈會對第四季產生一定影響。但我認為布雷斯納的第四季業績與第三季基本持平。

Got you. Okay. And then you talked about the registered direct offering that closed on October 1, and the $12.5 million of gross cash raised. Just curious to know how are we -- at least here in the near term, how are we deploying the cash? Are you sitting on it? Are you investing in inventory, sales channel investments? What can you tell us?

抓到你了。好的。然後您談到了 10 月 1 日結束的註冊直接發行，以及籌集到的 1250 萬美元總現金。我只是好奇想知道，至少在短期內，我們是如何部署資金的？你正坐在上面嗎？您是否在庫存和銷售管道方面進行投資？您能告訴我們些什麼？

Yeah, absolutely. So, the cash raise did a couple of things for us. One, it supported our working capital ramp as we're going through this growth phase. So you can see that in our results this quarter, particularly in AR. So we have, I think, good visibility towards collecting that AR this year. I expect that as we go into Q4, we'll see positive cash flow.

是的，絕對的。所以，這次融資對我們產生了兩方面的影響。第一，它支持了我們在這個成長階段的營運資金成長。所以你可以從我們本季的業績看出這一點，尤其是在AR方面。所以我認為，我們今年在實現AR目標方面有很好的前景。我預計進入第四季後，我們將看到正現金流。

We'll have a number of shipments that will be going out between the end of November, and the beginning of December. So where those shipments fall within that range will somewhat impact where we -- where our cash flow is for Q4, but I do expect that it will be positive.

從11月底到12月初，我們將有多批貨物發出。因此，這些出貨量落在該範圍內的哪個位置，將在一定程度上影響我們——影響我們第四季的現金流，但我預計會是正的。

And then in terms of the cash rate, so as we support the working capital ramp, we're using it for that. But then companies generating positive EBITDA will be generating positive cash flow. So then we look to redeploy that cash rate towards a disciplined M&A strategy as we go into 2026.

至於現金利率，為了支持營運資金的成長，我們正在將其用於此目的。但這樣一來，EBITDA為正的公司就會產生正現金流。因此，展望 2026 年，我們將把這部分現金重新投入到有紀律的併購策略中。

Yeah. Thanks for taking my questions.

是的。謝謝您回答我的問題。

Alright. Thanks Eric.

好吧。謝謝你，埃里克。

Scott Searle, Roth Capital Partners LLC

Scott Searle，Roth Capital Partners LLC

Hey, good morning. Thanks for taking my questions. Congrats on the quarter, guys. Hey, Mike, maybe just to get some clarifications on the government shutdown. I want to understand a little bit better about what's still operating and what isn't. It sounds like some larger sole-source opportunities might just be delayed from a timing standpoint.

嘿，早安。謝謝您回答我的問題。恭喜各位，本季業績圓滿完成。嘿，麥克，或許我想了解政府停擺的一些情況。我想更清楚地了解哪些項目仍在運營，哪些項目已經停止運作。聽起來，一些規模較大的單一來源採購機會可能會因為時間安排而被推遲。

But I'm just kind of wondering what you're able to do in concert with government entities at the current time. And I think given the backlog you've talked about in the past, you felt pretty good for the next six months or so. I'm wondering if that still holds and when the shutdown becomes a little bit more concerning for me as you start to look into '26?

但我只是有點好奇，目前您能與政府機構合作做些什麼。考慮到你之前提到的積壓工作，我想你對接下來六個月左右的情況應該感覺很好。我想知道這種情況是否仍然成立，以及當你開始關注 2026 年時，停擺何時會讓我更加擔憂？

Yes. Thanks, Scott, for your question. So, what we're seeing today generally is major organizations are shut down and really not responding. So, any contract awards or deliveries we need to make, if the government is using a third-party services independent company, we're still able to operate with them. And so we still have some of that ongoing.

是的。謝謝斯科特的提問。所以，我們現在普遍看到的是，各大機構都已關閉，而且幾乎沒有做出任何回應。因此，如果政府使用第三方服務獨立公司，我們仍然可以與他們合作，完成任何合約授予或交付工作。所以，我們還有一些這類工作正在進行中。

We still can make deliveries to the customers, and the government is set up to pay for delivery on stuff that's under contract. So deliveries we have planned for this quarter through defense primes and -- or directly to the end services, we will be able to ship and deliver those, and we should be able to get payment for those understanding standard payment timings.

我們仍可向客戶送貨，政府也已安排支付合約項下貨物的運費。因此，我們計劃在本季度透過國防主要承包商或直接向最終服務機構交付的貨物，我們將能夠發貨和交付，並且我們應該能夠按照標準的付款時間收到款項。

As we -- so the biggest effect for us really at the end of this year is just planned awards we were intended to get -- so we'll have some backlog to start in the first half of next year. So that number will be fairly higher if we can get the government bookings in when the government reopens. And -- but as long as -- realistically, as long as those bookings get in here before the end of Q2 next year, we still have plenty of time and runway to convert that to revenue.

所以，對我們而言，今年年底最大的影響就是我們原本計劃獲得的獎項——因此，明年上半年我們將有一些積壓的工作需要處理。如果政府重新開放後我們能獲得政府的預訂，那麼這個數字將會更高。但實際上，只要這些預訂能在明年第二季末之前到位，我們仍然有足夠的時間和空間將其轉化為收入。

So we've got some runway to watch and plan where that goes.

所以我們還有一定的時間來觀察和規劃下一步的發展方向。

Great. That great clarification really helps to see that we got visibility then through the first half. Looking to the fourth quarter and the guidance, it really implies that the core OSS is either flat to up $2 million. So, you're starting to get to new highs in terms of the business, which I guess brings sustained EBITDA profitability with it.

偉大的。這項重要澄清確實有助於我們理解，我們在上半場就取得了進展。展望第四季和業績指引，這實際上意味著核心 OSS 業務要么持平，要么增長 200 萬美元。所以，你們的業務開始達到新的高峰，我想這會帶來持續的 EBITDA 獲利能力。

So, I guess as we're looking into 2026 now. Is that sustainable? And are you thinking about the core OSS business now being EBITDA positive for the year, which is, I think, well ahead of prior expectations. Just some clarification on the early thoughts there.

所以，我想我們現在應該要展望一下2026年了。這種做法可持續嗎？您是否考慮過核心 OSS 業務今年實現 EBITDA 為正的情況？我認為這遠遠超出了先前的預期。關於之前的一些想法，這裡做一些澄清。

Yeah. I'll let Dan follow up on it, too. But yes, in general, as we've kind of highlighted, we believe based on our pipeline and everything we've been looking at that the core OSS segment has this opportunity to grow at 20% to 30% a year.

是的。我也會讓丹跟進此事。但是，總的來說，正如我們所強調的，根據我們的產品線和我們一直在關注的一切，我們相信核心開源軟體領域有機會以每年 20% 到 30% 的速度成長。

And so the bookings this year, the pipeline for next year, how we've been performing still gives us confidence that we should see growth into 2026 for the OSS segment in that range. Clearly, that opportunity would give us opportunity to get OSS into the positive EBITDA range next year that actually would be accelerating our plans a little bit.

因此，今年的預訂情況、明年的訂單儲備以及我們目前的業績仍然讓我們有信心，到 2026 年，OSS 業務板塊將在該範圍內實現成長。顯然，這個機會將使我們有機會在明年使 OSS 的 EBITDA 達到正值，這實際上會稍微加快我們的計劃。

But given where we are and how we're performing the opportunity, I think it would be our intent that if bookings can play through and the timing can work out correctly would be to try to accelerate that plan and work into that because we are now kind of at that -- we are kind of at that nexus point where the revenue inside of OSS segment would support that kind of outcome. Dan, anything?

但鑑於我們目前的狀況以及我們把握機會的方式，我認為，如果預訂能夠順利進行，時間安排也合適，我們的目標就是嘗試加快該計劃的實施，因為我們現在正處於這樣一個關鍵節點——OSS 部門的收入將支持這樣的結果。丹，有什麼事嗎？

Yeah. No, the only thing I'd add, just kind of reiterating that high-level parameters for '26 revenue growth, that 20% to 30% that we've been targeting. Gross margins for the OSS segment, we continue to see it in that mid-30s to low to mid-40s range for the segment. OpEx, we would see as being roughly flattish, but we did make some one-time investments to accelerate our R&D in '25.

是的。不，我唯一要補充的是，重申 2026 年營收成長的高階參數，也就是我們一直設定的 20% 到 30% 的目標。OSS 業務板塊的毛利率，我們繼續看到該板塊的毛利率在 30% 到 40% 之間。營運支出方面，我們認為大致保持平穩，但我們在 2025 年進行了一些一次性投資，以加速我們的研發工作。

So, I think you'll see some moderation or normalization of R&D expenditures as we go into 2026. And then Bressner segment, we model growth in the range of 5% a year and stable gross margin.

所以，我認為進入 2026 年後，研發支出將會出現一定的緩和或正常化趨勢。至於 Bressner 業務板塊，我們預計其年增長率在 5% 左右，毛利率保持穩定。

Got you. And lastly, if I could, Mike, just kind of looking at the opportunity pipeline, certainly have been a lot of government and military opportunities. But commercial as well now kind of given the slowdown with the current government infrastructure.

抓到你了。最後，如果可以的話，麥克，就目前的機會管道來看，肯定有很多政府和軍隊方面的機會。但由於目前政府基礎建設放緩，商業領域也出現了類似的趨勢。

Are some more of those commercial opportunities kind of accelerating to the forefront? I think you referenced some in-flight entertainment opportunities in commercial aviation. But are there some bigger things that we should be thinking about in the 2026 timeframe on the commercial side?

是否有一些商業機會正在加速湧現？我想你提到了商業航空領域的一些機上娛樂機會。但是，在 2026 年的商業發展階段，我們是否應該考慮一些更重要的事情呢？

Yeah. I think consistent with what we said in the earnings call here was we're seeing that movement. We've got some product placement, right? That was all about trying to continue to advance the commercial side of the strategy. We're probably a little bit slow to where we thought some commercial opportunity would have showed up.

是的。我認為，正如我們在財報電話會議上所說，我們正在看到這種趨勢。我們這裡有產品植入，對吧？這一切都是為了繼續推進該策略的商業化。我們可能有點反應遲鈍，沒能及時發現一些商業機會。

And so, we're thinking that hopefully, that we'll start to see that come to fruition in 2026, where we thought we might have seen it closer to the back end of 2025. But we're positioned well, I think, now with the products. We've got contacts, engagements across a number of fronts, as we mentioned, not only around data centers, but around medical imaging and some of the work we were doing with commercial aerospace.

因此，我們希望能在 2026 年看到這一目標實現，而我們原本以為會在 2025 年底看到這一目標實現。但我認為，就目前的產品而言，我們的定位很有利。正如我們之前提到的，我們在許多方面都有聯繫和合作，不僅涉及資料中心，還涉及醫學影像以及我們與商業航空航太領域的一些合作。

So, we're starting to see some of that expansion. And as long as the economy and the investments in those markets continue to go, I think we'll start -- we'll continue to see us being able to operate in those markets.

所以，我們開始看到這種擴張的跡象了。只要經濟和這些市場的投資持續保持成長勢頭，我認為我們就能繼續在這些市場開展業務。

Okay. Thanks so much.

好的。非常感謝。

All right. Thank you, Scott.

好的。謝謝你，斯科特。

(Operator Instructions) There are no further questions at this time. Please proceed with closing remarks.

（操作說明）目前沒有其他問題。請繼續作總結發言。

[Andrew], that completes our remarks for today. We appreciate everybody's support of the company and the questions. You can end the conference call.

安德魯，我們今天的演講就到此結束了。我們感謝大家對公司的支持與提出的問題。您可以結束電話會議了。

Ladies and gentlemen, this concludes your conference call for today. We thank you for participating and ask that you please disconnect your lines.

女士們、先生們，今天的電話會議到此結束。感謝您的參與，請您斷開線路。