One Stop Systems Inc (OSS) 2026 Q1 法說會逐字稿

Good day, and welcome to the One Stop Systems first-quarter 2025 conference call and webcast. (Operator Instructions)

各位好，歡迎參加 One Stop Systems 2025 年第一季財報電話會議與網路直播。(操作員指示)

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 multi-year strategy, business objectives, and expectations.

在今天的討論中，OSS 的代表將就公司未來的財務與營運結果發表若干前瞻性陳述，包括與營收成長相關者，以及業務計畫、訂單、公司的多年期策略、業務目標與預期。

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.

這些陳述係基於公司目前的信念與預期，不應被視為 OSS 對其任何計畫或預期必將達成的表示。敬請注意，這些前瞻性陳述受 1995 年《私人證券訴訟改革法案》的安全港條款所涵蓋，OSS 希望就此等陳述適用安全港保護。

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 OSF will make with the SEC. OSS disclaims any duty to update or revise its forward-looking statements, except as required by applicable law.

另請注意，由於若干風險與不確定性，實際結果可能與前瞻性陳述所述或所暗示者存在重大差異，包括公司最近一期 Form 10-K 年報、後續 Form 10-Q 季報、Form 8-K 當期報告以及近期新聞稿中所述之風險與不確定性。請閱讀上述報告以及 OSF 未來將向美國證券交易委員會（SEC）提交的其他文件。除適用法律要求外，OSS 不承擔更新或修訂其前瞻性陳述的任何義務。

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

現在我很榮幸將會議交給 OSS 總裁兼執行長 Mike Knowles 先生。先生，請開始。

Thank you, Julie. Good morning, everyone, and thank you for joining today's call. I'm pleased to report that 2025's positive momentum has carried into 2026, and we are off to a strong start with significant year-over-year growth in both revenue and profitability. These results reflect disciplined execution by our team and suggest accelerating demand for our enterprise-class ruggedized compute platforms across both defense and commercial markets.

謝謝你，Julie。各位早安，感謝各位參加今天的電話會議。我很高興報告，2025 年的正向動能延續至 2026 年，我們以強勁的開局展開新年度，營收與獲利能力皆實現顯著的年增成長。這些成果反映團隊有紀律的執行力，也顯示我們的企業級強固型運算平台在國防與商業市場的需求正在加速。

Importantly, we believe these trends further validate OSS' position as a critical enabler of next-generation AI, autonomy, and sensor-driven applications at the edge, markets that we expect to drive sustained long-term growth for years to come.

更重要的是，我們認為這些趨勢進一步驗證 OSS 作為下一代 AI、自主化與感測器驅動之邊緣端應用的關鍵推動者之地位；我們預期這些市場將在未來多年帶來可持續的長期成長。

Before we review the specifics of the first quarter, I want to remind everyone on today's call that our first-quarter results reflect the opportunistic sale of our wholly owned subsidiary, Bressner, in December of 2025 for proceeds of $22.4 million, subject to final closing working capital balances. As a result, Bressner's historical financial results are now reported as discontinued operations, and the results we are discussing today reflect the performance of the remaining core OSS business.

在我們檢視第一季細節之前，我想提醒今天與會的各位，我們第一季的結果反映了我們於 2025 年 12 月以 2,240 萬美元出售全資子公司 Bressner 的機會性交易，該金額仍需依最終交割時的營運資金結餘調整。因此，Bressner 的歷史財務結果現已列為終止營業（discontinued operations），而我們今天討論的結果反映的是剩餘 OSS 核心業務的表現。

The sale of Bressner was a strategic transaction that we believe unlocked value for shareholders, simplified our operating structure, strengthened our balance sheet and sharpened our focus on higher margin, higher growth opportunities within our core business. We believe our first-quarter performance is already demonstrating the benefits of this transition and reinforcing the earning power of our go-forward strategy.

出售 Bressner 是一項策略性交易，我們相信此舉為股東釋放了價值、簡化了營運架構、強化了資產負債表，並使我們更聚焦於核心業務中毛利更高、成長性更佳的機會。我們認為第一季的表現已展現此一轉型的效益，並強化我們未來策略的獲利能力。

Today, OSS is a pure-play provider of ruggedized AI compute platforms for edge applications. As a result, we entered 2026 as a more focused and scalable company, fully aligned around delivering market-leading enterprise-class compute solutions to both defense and commercial markets, and I'm very pleased with our strong start to the year.

如今，OSS 是專注於邊緣端應用之強固型 AI 運算平台的純粹型供應商。因此，我們以更聚焦且更具可擴展性的公司樣貌進入 2026 年，全面對齊於向國防與商業市場提供市場領先的企業級運算解決方案；我對我們今年強勁的開局感到非常滿意。

Looking at our operational performance in the first quarter, we delivered strong results with revenue increasing 55% year-over-year to $8.1 million, reflecting growth across both our defense and commercial businesses. Highlights in the defense market include increased shipments to support the P-8 Poseidon aircraft, a long-range multi-mission maritime control aircraft used for anti-submarine warfare surveillance and reconnaissance operations.

就第一季的營運表現而言，我們交出亮眼成績，營收年增 55% 至 810 萬美元，反映國防與商業兩大業務均有成長。國防市場的亮點包括為支援 P-8「波賽頓」（Poseidon）飛機而增加出貨；該機為長程多任務海上管制飛機，用於反潛作戰的監視與偵察任務。

In addition, we benefited from increased activity related to the design, development and delivery of prototype compute for next-generation enhanced vision systems for US Army combat vehicles. These programs highlight our role supporting mission-critical applications and our ability to scale alongside large multi-year defense platforms.

此外，我們也受惠於與美國陸軍戰鬥車輛之下一代增強視覺系統相關的原型運算平台設計、開發與交付活動增加。這些專案凸顯我們在支援任務關鍵型應用上的角色，以及我們能隨大型多年期國防平台一同擴大規模的能力。

On the commercial side, we experienced increase in demand from a medical imaging OEM, including shipments of our liquid-cooled server platforms, reflecting the growing adoption of our solutions in high-performance, data-intensive environments. Taken together, these drivers demonstrate both production-level demand and early-stage program engagement, which we believe will position us well for continued growth.

在商業端，我們看到來自某醫療影像 OEM 的需求增加，包括我們液冷伺服器平台的出貨，反映我們的解決方案在高效能、資料密集型環境中的採用正在提升。綜合而言，這些動能同時展現量產層級的需求與早期專案的導入，我們相信這將使我們具備持續成長的良好定位。

As our sales grow, we are seeing increased market awareness and stronger customer engagement with the growing number of organizations turning to OSS for enterprise-class deployable compute solutions. During the quarter, we generated nearly $15 million in new bookings that we expect to deliver in 2026 and 2027. I am pleased to report that this was one of the strongest quarters in our history, and resulted in a book-to-bill ratio of 1.8, supporting our goal to maintain a trailing 12-month book-to-bill ratio above 1.2.

隨著銷售成長，我們看到市場能見度提升，且越來越多組織轉向 OSS 尋求企業級可部署運算解決方案，客戶互動也更為強勁。本季我們新增訂單接近 1,500 萬美元，預計將於 2026 年與 2027 年交付。我很高興報告，這是我們歷史上表現最強的季度之一，並使訂單出貨比（book-to-bill ratio）達到 1.8，支持我們維持過去 12 個月滾動訂單出貨比高於 1.2 的目標。

Bookings during the quarter were driven by several key program wins across both defense and commercial markets. First, we announced aggregate new awards of $10.5 million from the US Navy and a leading US-based prime defense contractor in support of the P-8 Poseidon reconnaissance aircraft, $7.5 million of which was booked during the first quarter, with the remainder falling in last year's fourth quarter.

本季的訂單主要由國防與商業市場的數個關鍵專案得標所帶動。首先，我們宣布獲得美國海軍與一家美國領先的國防主承包商合計 1,050 萬美元的新合約，用於支援 P-8 Poseidon 偵察機；其中 750 萬美元於第一季入帳為訂單，其餘則落在去年第四季。

With these latest wins, OSS has secured more than $65 million in total contracted revenue associated with this mission-critical aircraft to date, including over $23 million awarded since the beginning of 2025.

憑藉這些最新得標，迄今為止 OSS 已取得與此任務關鍵型飛機相關的合約營收累計超過 6,500 萬美元，其中自 2025 年初以來獲得的金額超過 2,300 萬美元。

Second, we received a new $1.1 million initial order from a top-tier commercial aerospace prime contractor to support next-generation in-flight entertainment systems, which is expected to be delivered by the fourth quarter of 2022. We believe this platform has the potential to generate more than $6.5 million in total revenue over the next five years.

第二，我們收到一家頂級商用航太主承包商 110 萬美元的新初始訂單，用於支援下一代機上娛樂系統，預計於 2022 年第四季交付。我們相信該平台在未來五年有潛力帶來超過 650 萬美元的總營收。

Third, we secured a new engagement with a commercial robotics customer manufacturing autonomous construction and mining equipment. We expect this program to generate approximately $2 million in orders in 2026 with a five-year opportunity in the range of an aggregate $10 million to $15 million. Importantly, we displaced an incumbent solution to win this business. We believe highlighting the strength of our technology.

第三，我們與一家商用機器人客戶建立新的合作，該客戶製造自主化的建築與採礦設備。我們預期此專案在 2026 年將帶來約 200 萬美元的訂單，並在五年內形成合計約 1,000 萬至 1,500 萬美元的機會。重要的是，我們取代了既有供應商的解決方案而贏得此業務。我們相信這凸顯了我們技術的優勢。

More recently, in April 2026, we announced a new relationship with a company building a network of autonomous energy nodes for emerging alternative energy-powered data centers. While the initial order was valued at over $500,000, we expect this customer to scale to an aggregate $10 million opportunity over the next five years.

更近期地，在 2026 年 4 月，我們宣布與一家正在為新興的替代能源供電資料中心建置自主能源節點網路的公司建立新合作關係。雖然初始訂單金額超過 50 萬美元，但我們預期該客戶在未來五年可擴大至合計 1,000 萬美元的機會。

We believe this opportunity reflects how our solutions are increasingly being deployed in next-generation data center architectures, where power efficiency, scalability. And enterprise-class compute are critical to supporting AI and data-intensive workloads.

我們認為此一機會反映出，我們的解決方案正日益部署於下一代資料中心架構中，在這些架構裡，電力效率、可擴展性。以及企業級運算能力，對於支援 AI 與資料密集型工作負載至關重要。

Recent program wins reflect both expansion within existing platforms and new customer additions, underscoring the breadth and durability of demand we are seeing across our markets. We are also seeing a clear shift in the size and composition of our bookings.

近期專案中標反映出我們在既有平台內的擴張以及新增客戶，凸顯我們在各市場看到的需求廣度與持久性。我們也看到訂單規模與組成出現明顯轉變。

Orders are becoming larger, more programmatic, and increasingly tied to multi-year deployments across a broader set of customers. In fact, our first-quarter bookings of $15 million nearly equal the total bookings we generated for the full year of 2023. In addition, our average order size has increased nearly three times since 2023, and over the past 12 months, we have added a growing number of new programs and projects, further strengthening our long-term growth profile.

訂單正變得更大、更具專案化特徵，且愈來愈多與更廣泛客戶群的多年期部署綁定。事實上，我們第一季的訂單金額為1,500萬美元，幾乎等同於我們2023年全年所創造的總訂單金額。此外，自2023年以來，我們的平均訂單規模已增加近三倍；在過去12個月，我們新增了愈來愈多的新專案與計畫，進一步強化我們的長期成長輪廓。

Supporting the momentum, we are seeing in both sales and bookings is the continued expansion of our pipeline of opportunities. Three years ago, we believed our pipeline lacked structure, consistency, and alignment with our long-term strategy.

支撐我們在銷售與訂單兩方面動能的，是我們商機管線的持續擴張。三年前，我們認為我們的管線缺乏結構、一致性，以及與長期策略的對齊。

Since then, we have made a deliberate effort to build a more strategic and disciplined pipeline, one that is closely aligned with our commercial and defense go-to-market strategy, our technology roadmap, and applications that we can believe can scale across both markets.

自那時起，我們刻意打造更具策略性且更有紀律的管線，使其與我們的商用與國防市場進入策略、技術路線圖，以及我們相信可在兩個市場規模化的應用緊密對齊。

I'm pleased with the progress we have made, and more companies across our core defense and commercial end markets are pursuing the company's rugged enterprise-class compute solutions. As a result, we believe our pipeline has expanded significantly from roughly $1 billion previously. These opportunities are primarily concentrated in North America. However, we are starting to see more international opportunities emerge. This has the potential to further increase the size and diversity of our pipeline materially over time.

我對我們取得的進展感到滿意，且在我們核心的國防與商用終端市場中，愈來愈多公司正在採用本公司的強固型企業級運算解決方案。因此，我們認為我們的管線已自先前約10億美元顯著擴大。這些機會主要集中在北美。不過，我們也開始看到更多國際機會浮現。隨時間推進，這有潛力實質提升我們管線的規模與多元性。

We believe that underlying this growth are strong and durable market dynamics, demand for enterprise-class compute is accelerating as AI, machine learning, and sensor fusion applications increasingly move from data center to the edge. This shift is driving a new generation of mission-critical applications across both defense and commercial market areas, where OSS is well-positioned given our expertise in ruggedized compute platforms.

我們認為此成長背後有強勁且持久的市場動能：隨著AI、機器學習與感測器融合應用愈來愈多從資料中心移往邊緣端，企業級運算的需求正在加速。此一轉變正推動國防與商用市場領域的新一代關鍵任務應用；憑藉我們在強固型運算平台的專業，OSS具備良好定位。

Alongside the growth in our pipeline, we are continuing to invest in advancing our technology platform to support the next generation of AI-enabled systems operating at the edge. R&D remains a critical component of our strategy, and we are increasingly working alongside customers on customer-funded development programs that allow us to design and deploy purpose-built compute architectures for emerging applications.

在管線成長的同時，我們也持續投資推進技術平台，以支援在邊緣端運行的下一代AI賦能系統。研發仍是我們策略的關鍵組成，我們也愈來愈多與客戶並肩合作，參與由客戶出資的開發專案，使我們能為新興應用設計並部署量身打造的運算架構。

These engagements are a key driver of our long-term growth. We believe they position OSS early in the lifecycle of next-generation platforms, deepen our relationship with key customers, and create a clear pathway to the future of production programs as these technologies move from development to deployment.

這些合作是我們長期成長的重要驅動力。我們相信，這些合作讓OSS能在下一代平台生命週期的早期即取得位置，加深與關鍵客戶的關係，並在技術從開發走向部署時，為未來量產專案建立清晰路徑。

We are seeing growing traction within US Army labs, defense research organizations and large defense primes as they reassess current requirements and plan for future compute architectures. And OSS is becoming increasingly embedded as a trusted provider of enterprise-class compute solutions supporting next-generation warfighting capabilities.

我們看到在美國陸軍實驗室、國防研究機構以及大型國防主承包商（primes）中，隨著他們重新評估現行需求並規劃未來運算架構，牽引力正持續提升。而OSS也正愈來愈深度嵌入，成為支援下一代作戰能力之企業級運算解決方案的可信賴供應商。

These efforts span a range of applications, including advanced vision systems, sensor and data processing, autonomy, and AI-enabled situational awareness. While these development programs typically take multiple years to mature, we are encouraged by our expanding role within the Department of War ecosystem, and we believe these engagements position OSS to participate in a growing number of future production programs.

這些工作涵蓋多種應用，包括先進視覺系統、感測與資料處理、自主化，以及AI賦能的態勢感知。雖然這些開發專案通常需要多年才能成熟，我們仍對我們在國防部作戰生態系中的角色擴大感到鼓舞，並相信這些合作使OSS有望參與愈來愈多未來的量產專案。

Many of the programs we discussed earlier today began as development efforts where we worked alongside customers to design highly specialized compute solutions for demanding applications. As those systems mature and transition into production platforms, we believe they can create multi-year revenue opportunities for OSS.

我們今天稍早討論的許多專案，最初都是開發工作；我們與客戶並肩合作，為高要求的應用設計高度專用的運算解決方案。隨著這些系統成熟並轉入量產平台，我們相信它們可為OSS創造多年期的營收機會。

Customer-funded development increased 145% year-over-year in the first quarter, and we expect additional growth through 2026, supported by new defense and commercial development efforts. At the same time, we continue to advance our core technology roadmap.

第一季由客戶出資的開發年增145%，我們預期在新的國防與商用開發工作帶動下，至2026年仍將持續成長。同時，我們也持續推進核心技術路線圖。

During the fourth quarter of 2025, we led the way in our market with the introduction of our next-generation PCIe Gen 6 product portfolio that is designed to address the rapidly increasing bandwidth and data processing requirements associated with artificial intelligence, machine learning, and sensor-driven workloads.

在2025年第四季，我們率先於市場推出下一代PCIe Gen 6產品組合，旨在因應與人工智慧、機器學習及感測器驅動工作負載相關、快速攀升的頻寬與資料處理需求。

PCIe Gen 6 significantly expands data throughput capabilities and will play an important role in enabling the next generation of AI accelerators and GPUs, high-speed storage systems, and advanced compute architectures required for AI applications at the edge.

PCIe Gen 6大幅提升資料吞吐能力，並將在促成下一代AI加速器與GPU、高速儲存系統，以及邊緣端AI應用所需的先進運算架構方面扮演重要角色。

We continue to believe these technology investments position OSS well to support the growing demand for high-performance compute infrastructure as AI-enabled systems continue to expand across both defense and commercial platforms.

我們仍然相信，這些技術投資使OSS具備良好定位，可支援隨著AI賦能系統在國防與商用平台持續擴張而帶動的高效能運算基礎設施需求成長。

We believe that OSS is well-positioned for long-term growth, and we are encouraged by the strong start to 2026. As we move through the year, we are focused on helping provide the compute and storage needs of our customers, supporting our customers' development efforts, and converting our pipeline to sales.

我們相信OSS具備長期成長的良好定位，且對2026年強勁的開局感到鼓舞。隨著年度推進，我們聚焦於協助滿足客戶的運算與儲存需求、支援客戶的開發工作，並將管線轉化為銷售。

We also continue to closely manage operational factors, including supply chain dynamics. In particular, we are seeing longer lead times for certain components, including memory, which may impact the timing of certain shipments throughout the year.

我們也持續密切管理營運因素，包括供應鏈動態。特別是，我們看到部分零組件（包括記憶體）的交期拉長，可能影響全年部分出貨的時點。

As a result, we are maintaining our guidance for 2026, and we expect revenue growth in the range of 20% to 25%, supported by our growing pipeline of platform opportunities, increasing customer engagement, higher customer-funded development activities, and the continued transition of development programs into production deployments.

因此，我們維持2026年指引不變，並預期營收成長介於20%至25%，成長動能來自我們不斷擴大的平台型商機管線、提升的客戶互動、更高的客戶出資開發活動，以及開發專案持續轉入量產部署。

We expect gross margins of approximately 40%, reflecting product mix and an increasing contribution to customer-funded development programs, which is an important component of our strategy to advance new technologies alongside our customers.

我們預期毛利率約為40%，反映產品組合，以及客戶出資開發專案貢獻度提升；這是我們與客戶共同推進新技術策略中的重要一環。

At the same time, we expect to generate positive EBITDA and adjusted EBITDA while continuing to invest in key areas of the business, including sales expansion and customer support resources that support our growing pipeline and deepen relationships with strategic customers.

同時，在持續投資業務關鍵領域（包括擴大銷售與客戶支援資源，以支援我們成長中的管線並加深與策略客戶的關係）的同時，我們預期將產生正向EBITDA與調整後EBITDA。

With a strong balance sheet, expanding customer relationships, and a growing pipeline of opportunities, driven by the adoption of AI-enabled systems, we believe OSS is well-positioned to continue building momentum and delivering long-term value for our shareholders.

憑藉強健的資產負債表、持續擴大的客戶關係，以及在AI賦能系統採用帶動下不斷成長的商機管線，我們相信OSS具備良好定位，可持續累積動能並為股東創造長期價值。

We also believe our strengthened balance sheet provides the flexibility to make strategic investments in our business and pursue selective strategic acquisitions that could complement our technology platform, expand our customer base, and enhance our capabilities overtime.

我們也相信，強化後的資產負債表為我們提供彈性，可對業務進行策略性投資，並推動選擇性的策略併購，以補強我們的技術平台、擴大客戶基礎，並隨時間提升我們的能力。

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 now turn the call over to Dan.

最後，我要感謝我們整個團隊的投入、創新，以及對為客戶與股東交付成果的堅定專注。在以上概述之後，我想把電話會議交給Dan。

Thank you, Mike, and good morning to everyone on today's call. Financial performance in Q1 exceeded our expectations, reflecting both strong customer demand and disciplined operational execution.

謝謝你，Mike，也向今天參與電話會議的各位道早安。第一季的財務表現超出我們預期，反映強勁的客戶需求與嚴謹的營運執行。

Q1 results reflect a number of key accomplishments. First, we achieved strong top-line growth of 55%. Second, we achieved robust bookings of nearly $15 million for the first quarter. Third, gross margin of 51.6% remained above our expectations, reflecting favorable mix in pricing, operational improvement and showcasing the strong value that we provide to our customers.

第一季結果反映多項關鍵成果。第一，我們達成55%的強勁營收成長。第二，我們第一季取得近1,500萬美元的強勁訂單。第三，毛利率51.6%仍高於我們預期，反映有利的定價組合、營運改善，並展現我們為客戶提供的強大價值。

Third, higher sales, strong gross margin and disciplined expense management produced positive adjusted EBIT in the first quarter. And finally, strong collections and working capital management drove a record amount of free cash flow from continuing operations.

第三，更高的銷售額、強勁的毛利率以及嚴謹的費用管理，使我們在第一季實現了正向的調整後 EBIT。最後，強勁的回款與營運資金管理，帶動持續營運創下紀錄的自由現金流。

We believe that the company has never been in a stronger position, and with a strong cash position, a solid backlog, and a robust pipeline, we believe we're on track to achieve our 2026 guidance and to execute on our growth and profitability objectives.

我們相信公司從未處於更強勢的位置；憑藉充沛的現金部位、穩健的在手訂單，以及強勁的商機管線，我們相信正按計畫達成 2026 年指引，並落實我們的成長與獲利目標。

Now, for a quick overview of Q1 2026 financial performance. For the first quarter, we reported total revenue of $8.1 million compared to $5.2 million last year. The 55% year-over-year increase in total revenue was primarily due to higher sales to a defense prime customer of data storage products to support the P8 aircraft, higher sales to a medical imaging OEM of liquid-cooled server products, and sales to a defense prime customer related to the design, development, and delivery of prototype compute systems for an enhanced vision system for combat vehicles.

接下來，簡要概述 2026 年第一季的財務表現。第一季我們的總營收為 810 萬美元，去年同期為 520 萬美元。總營收年增 55% 主要來自：對某國防主承包商銷售用於支援 P8 飛機的資料儲存產品增加；對某醫療影像 OEM 銷售液冷伺服器產品增加；以及對某國防主承包商與戰鬥車輛增強視覺系統之原型運算系統的設計、開發與交付相關之銷售。

Gross margin in the first quarter was a first-quarter record of 51.6% compared to 45.5% in the prior-year quarter. The 6.1 percentage point increase from the prior year was primarily due to a more profitable mix of products shipped this year, engineering efficiencies in customer-funded development programs, and improved manufacturing absorption due to higher production volume. We continue to expect some level of variability in gross quarter-to-quarter based on absorption, product mix and program life cycle.

第一季毛利率為 51.6%，創第一季新高，去年同期為 45.5%。較去年增加 6.1 個百分點，主要因今年出貨產品組合更具獲利性、客戶出資開發計畫的工程效率提升，以及因產量提高而帶來更佳的製造吸收。我們仍預期毛利率將因吸收率、產品組合與計畫生命週期而在各季之間呈現一定程度的波動。

On a sustaining basis, we continue to target margins in the mid-30s to mid-40s. We expect that second quarter gross margins will normalize into this range.

在維持性（sustaining）基礎上，我們仍以毛利率落在 30% 中段至 40% 中段為目標。我們預期第二季毛利率將回歸並正常化至此區間。

Total first quarter operating expenses increased 2.5% to $4.8 million. This increase was predominantly attributable to higher general and administrative expenses, partially offset by lower marketing and selling and R&D expenses.

第一季營業費用總額增加 2.5% 至 480 萬美元。此增幅主要來自一般及行政費用上升，部分被行銷與銷售費用及研發費用下降所抵銷。

For the first quarter, the company reported a GAAP net loss from continuing operations of $0.4 million or $0.01 per diluted share, compared to a net loss from continuing operations of $2.3 million or $0.11 per share in the prior year quarter.

第一季公司持續營運的 GAAP 淨損為 40 萬美元，或稀釋後每股虧損 0.01 美元；相較去年同期持續營運淨損 230 萬美元，或每股虧損 0.11 美元。

The company reported non-GAAP net income from continuing operations of $0.3 million or $0.01 per diluted share, compared to non-GAAP net loss from continuing operations of $1.7 million or $0.08 per share in the prior-year quarter.

公司第一季持續營運的非 GAAP 淨利為 30 萬美元，或稀釋後每股盈餘 0.01 美元；相較去年同期持續營運的非 GAAP 淨損 170 萬美元，或每股虧損 0.08 美元。

Adjusted EBITDA from continuing operations, a non-GAAP metric, was $0.2 million, compared to an adjusted EBITDA loss from continuing operations of $1.6 million in the prior-year first quarter.

持續營運的調整後 EBITDA（非 GAAP 指標）為 20 萬美元；相較去年第一季持續營運的調整後 EBITDA 虧損 160 萬美元。

Turning to the balance sheet. Cash flow from continuing operating activities was a record for a three-month period as we saw a robust quarter of collections and prudently managed inventory levels. Net cash provided by continuing operations for the three months ended March 31, 2026, was $4 million, compared to net cash used in continuing operations of $1.5 million in the prior-year period.

接著看資產負債表。由於本季回款強勁，且我們審慎管理庫存水位，持續營運的營業活動現金流在三個月期間創下紀錄。截至 2026 年 3 月 31 日止三個月，持續營運提供的淨現金為 400 萬美元；相較去年同期持續營運使用的淨現金為 150 萬美元。

As of March 31, 2026, OSS had total cash, cash equivalents, and short-term investments of $34.4 million, restricted cash of $2.2 million, and no debt outstanding. Working capital was $44.7 million as of March 31, 2026, compared to $45.3 million at December 31, 2025.

截至 2026 年 3 月 31 日，OSS 的現金、約當現金及短期投資合計為 3,440 萬美元，受限制現金為 220 萬美元，且無任何未償債務。截至 2026 年 3 月 31 日的營運資金為 4,470 萬美元，較 2025 年 12 月 31 日的 4,530 萬美元略降。

As Mike mentioned, we're reaffirming our guidance for the full year, including revenue growth in the range of $20 million to. 5%, gross margin of approximately 40%, and positive EBITDA. We believe our strong performance in Q1 supports our planned ramp in the second half of the year. We're seeing strong demand, and our first-quarter performance establishes strong operational momentum.

如 Mike 所提，我們重申全年指引，包括：營收成長落在 2,000 萬美元至……5% 的區間、毛利率約 40%，以及 EBITDA 為正。我們相信第一季的強勁表現支持我們在下半年按計畫加速放量。我們看到需求強勁，而第一季表現也建立了良好的營運動能。

At this time, we are maintaining our guidance as we continue to navigate a dynamic supply chain environment. As we enter the second quarter, we remain focused on disciplined execution, including managing our supply chains to convert customer demand into revenue, profit, and cash.

目前，在我們持續因應多變的供應鏈環境之際，我們維持既有指引不變。進入第二季，我們仍專注於嚴謹執行，包括管理供應鏈，將客戶需求轉化為營收、獲利與現金。

We also remain focused on continuing to drive growth by investing in our technology, pursuing M&A opportunities, and securing new platforms that may provide sustained multi-year revenue streams. As always, we look forward to updating you on our success.

我們也將持續專注於透過投資技術、尋求併購（M&A）機會，以及取得可能帶來可持續多年營收來源的新平台，來推動成長。一如既往，我們期待向各位更新我們的成果。

To complete our prepared remarks. Julie, please open the call for questions.

以上為我們事先準備的發言。Julie，請開放提問。

Thank you. (Operator Instructions)

謝謝。（接線員指示）

Scott Searle, Roth Capital.

Scott Searle，Roth Capital。

Hey, good morning. Thanks for taking the questions. Congrats on the quarter and the outlook. Maybe just for starters, Mike, Dan, could you give us a little bit of an idea of the mix of the business in the quarter between defense and commercial?

嗨，早安。謝謝讓我提問。恭喜本季表現以及展望。先從基本面開始，Mike、Dan，你們能否談談本季業務組合中，國防與商業的占比概況？

And then maybe to dig in a little bit on the supply chain front, it sounds like there are some headwinds. I'm wondering if you could dig in a little bit more detail to give us some color in terms of where does memory fit in the BOM? Is it a cost issue from a BOM standpoint and gross margins or just general availability as you look out into the second half of this year? And is that the primary constraint?

另外想再深入一點供應鏈面向，聽起來似乎有一些逆風。我想請你們更具體說明一下：記憶體在 BOM（物料清單）中扮演什麼角色？從 BOM 與毛利率角度來看，這是成本問題，還是你們展望今年下半年時更偏向整體供應可得性的問題？而這是否是主要的限制因素？

And Mike, as well, ongoing military activities, I think there have been some concerns that potentially, it's a distraction in terms of the ability to progress existing opportunities. Based on your comments, it doesn't sound like that's been the case as you started to move forward on a couple of different fronts and expand that pipeline. I'm wondering if you could just expand on that a little bit, and then I had a follow-up.

另外 Mike，關於持續的軍事活動，我認為市場上有些擔憂，可能會分散注意力、影響推進既有商機的能力。但從你的評論來看，似乎並非如此，因為你們在幾個不同面向持續推進並擴大管線。想請你再多談一些，之後我還有一個追問。

I'll let Dan start with the mix, and then I'll jump in with the supply chain and the ongoing defense activities.

我先請 Dan 談業務組合，接著我再補充供應鏈與持續的國防相關活動。

Yeah. Thanks, Mike. So starting on the mix, so in Q1, we saw growth across multiple areas. So customer-funded development was up, production was also up. From -- in production, we did see a higher mix of some of our more mature production programs, and those tend to carry higher margins. So that's part of what you're seeing. But on the bookings front, we also announced some new wins, including on the commercial side, that are expected to scale over time as we go through the year and into future years.

好的。謝謝，Mike。先談組合面，第一季我們在多個領域都看到成長。客戶出資的開發增加，量產也增加。在量產方面，我們確實看到部分較成熟的量產計畫占比提高，而這些通常具有較高毛利率。因此這也是你所看到的部分原因。不過在接單方面，我們也宣布了一些新的得標案，包括商業端，預期會隨著今年進展並延伸至未來年度而逐步放量。

I'll comment briefly on supply chain before I turn it over to Mike. So what we're seeing there, primarily memory, extended lead times for other components, including CPUs, but certainly, the critical path for many of our deliveries runs through that memory supply chain. Lead times are longer than what we saw last year, pricing has certainly moved up, I think there's still some volatility, but relative to three months ago, I think that volatility has moderated, sort of plateaued at a higher level.

在我把話交給 Mike 之前，我先簡要評論一下供應鏈。我們目前看到的情況主要是在記憶體方面，其他元件（包括 CPU）也出現交期拉長，但可以確定的是，我們許多交付的關鍵路徑都取決於記憶體供應鏈。交期比去年更長，價格確實上升了，我認為仍有一些波動，但相較於三個月前，我覺得波動已經趨緩，算是以較高水準進入平台期。

From a pricing perspective, in general, we don't aim to absorb those price increases. We pass them along to our customers. And this is certainly a market-wide dynamic, not unique to OSS. So generally, we've been successful in doing that. But every bid has its own customer and competitive dynamics, and so we evaluate those bids individually.

從定價角度來看，一般而言，我們不會以吸收這些漲價為目標。我們會把成本上升轉嫁給客戶。而這當然是整個市場的普遍現象，並非 OSS 獨有。因此整體來說，我們在這方面做得相當成功。但每一個投標案都有其客戶與競爭態勢，所以我們會逐案評估。

Yeah. Great, Dan, summary on the supply chain. Scott, I would just add that it really the biggest long-term impact has really been on the. And it's a moderate portion of the BOM, we've been able to manage the rest of the building material in our products, whether standard or purpose-built with supply chain quite well. So it's really just in those components. And we've got a number of risk mitigation actions we've been working to help mitigate the risk of those delivering timeframe, so we will assess and continue to work that as it goes through.

是的。Dan，對供應鏈的總結很棒。Scott，我想補充的是，真正最大的長期影響其實是在那一塊。它在 BOM（物料清單）中占比適中；至於我們產品中其餘的建材/物料，不論是標準品或客製化品，我們都能在供應鏈面向上管理得相當好。所以主要就是那些元件。我們也在推動多項風險緩解措施，以降低交付時程的風險；我們會持續評估並隨進展持續處理。

And as Dan mentioned, we've been able to pass the price on. So financially, we've been able to manage that impact. And now we'll just be working the continue to work the timing impact across our systems. And it really is just one component. Unfortunately, it's a fairly standard component in server memory.

而且如 Dan 所提到的，我們已能把價格上調轉嫁出去。因此在財務面，我們已能管理這項影響。接下來我們會持續處理並管理各系統上的時程影響。而且其實就只有一個元件。不幸的是，它是伺服器記憶體中相當標準的元件。

On the change in the defense environment, with the ongoing operations in the Middle East and around Iran, given that the budget for 2026 on the defense side was already passed and people are executing against obligations, we really haven't seen an impact on bookings or planned orders for the year. We've built into the plan and anticipated there may be some slight delays in award timing. And that is just based on the fact that there is an increased overall movement to move standard logistics and material that's needed in support of the forces over in the Middle East, that has to get contracted and put out, so there is a time factor.

關於國防環境的變化，隨著中東地區及伊朗周邊的持續行動，鑑於 2026 年國防預算已經通過，且各單位正依既有義務執行，我們確實尚未看到對今年接單或計畫訂單的影響。我們已在計畫中納入並預期授標時點可能會有些微延遲。這主要是因為整體上需要把支援中東前線部隊所需的標準後勤與物資加速調度；這些都必須完成採購與發包，因此存在時間因素。

But to date, so far, we have not seen a big impact on timing or elements of programs or plans that were already budgeted or planned for 2026. In these kinds of experiences, we've also seen that as these protract, there generally starts to be indications back from the conflict on what are the technology applications that could be used to better facilitate execution of the battle plans in the area and to become more efficient in the very specific battle or environment that's being fought.

但截至目前，我們尚未看到對時程造成重大影響，也未看到對已編列預算或已規劃於 2026 年的計畫/方案要素造成重大影響。在這類情況下，我們也觀察到，當衝突拉長時，通常會開始從戰場回饋出一些訊號：有哪些技術應用可用來更有效地支援該區域作戰計畫的執行，並在特定作戰或環境中提升效率。

And we, generally being in the lab in some of the places we're positioned, we are looking for that to hopefully turn to opportunity for us into this year and next year as we have the opportunity to leverage high-performance computing, commercial-based solutions to readily support any of those applications, which generally will come in and around software or sensors capabilities. And to go with that, you'll need the right level of compute and low latency, which is where we sit.

而我們通常在實驗室以及我們所處的一些位置上，會尋找這些訊號，希望它能在今年與明年轉化為我們的機會；因為我們可以運用高效能運算、商用基礎的解決方案，快速支援這些應用，而這些應用通常會落在軟體或感測器能力周邊。配合這些，你會需要適當等級的運算能力與低延遲，而這正是我們的定位。

So we monitor those into the labs, and we'll keep an eye out for them, but oftentimes, it starts to create opportunity for specific solutions that would enable the current conflicts operation execution.

所以我們會在實驗室端持續監測並留意；但很多時候，這會開始為能支援當前衝突作戰執行的特定解決方案創造機會。

Very helpful. And if I could, to just follow-up on the opportunity, the unfactored opportunity pipeline, I think you indicated that it's up significantly from the prior number you guys had talked about it being $1 billion. And it sounds like there are growing size opportunities within that. I'm wondering if you could expand on that a little bit.

非常有幫助。如果可以的話，我想就機會再追問一下：未納入加權的機會管線（unfactored opportunity pipeline），我記得你提到它相較於你們先前談到的約 10 億美元，已大幅增加。而且聽起來其中也有規模更大的機會在成長。想請你再多展開說明一些。

And as it relates to some of the near-term opportunities, particularly the advanced vision systems for military vehicles, kind of a timeline for that to convert maybe into production. And then as we look to 2027, I think the long-term targets you guys have talked about for growth of 20% to 30%, given all the activity that's going on in the pipeline, given how you're starting to convert some of that into orders, do we see an inflection in 2027 toward the higher end of that long-term target range?

另外，關於一些短期機會，特別是軍用車輛的先進視覺系統，大概的時程是何時可能轉換為量產？再來看 2027 年，考量你們先前談到的長期成長目標為 20% 到 30%，在管線活動如此活躍、且你們開始把部分轉成訂單的情況下，2027 年是否會出現拐點，朝向該長期目標區間的較高端發展？

Yes, thanks, Scott. So talking about the pipeline, yes, we continue to monitor that. That's our source of identification of opportunities. As we have spoken before, we rate those on probabilities of go that they'll be funded, awarded and happen and probably a win -- probably that we win. And that helps identify our orders of priority in terms of where we'll be addressing opportunities.

是的，謝謝你，Scott。談到管線，是的，我們持續監控。那是我們辨識機會的來源。如同我們之前提過的，我們會依其「成案」機率來評等：是否會獲得資金、是否會授標並實際發生，以及我們得標的機率。這有助於我們在要投入處理哪些機會時，辨識優先順序。

So we continue to see elements moving in into the pipeline, I'm probably most encouraged that we're seeing a diversity across that pipeline that would include a multitude of new customers, new opportunities, all at moderate values comparative to when we started the pipeline three years ago, as I noted in my comments, just the growing number of booking size and multi-year programs.

因此我們持續看到有項目進入管線；我最受鼓舞的是，我們看到管線的多元性提升，包含許多新客戶、新機會，其金額規模相較於三年前我們開始建立管線時，整體都屬於中等水準；正如我在評論中提到的，接單規模與多年期專案的數量正在增加。

The other thing I would say that's starting to appear in that pipeline is we're seeing probably an increased number of potential transitional or transformational opportunities that we have factored down appropriately, but it's creating more opportunities for us to find potential transformational organic growth out of things that we're doing. And that's leading us to have that as we move through the factored elements of that is what's continuing to strengthen our positive feeling about the ability to grow at that 20% to 30% range.

另外一點是，管線中也開始出現：我們看到可能的過渡型或轉型型機會數量增加；我們已適當地把它們在加權上往下調整，但這為我們創造了更多機會，去從我們正在做的事情中找出潛在的、具轉型意義的內生成長。而這也使得當我們把管線中加權後的部分逐步推進時，持續強化我們對於能在 20% 到 30% 區間成長的正向感受。

But as I mentioned, there are those transformational opportunities and some long programs of record that were we to see those come to fruition would represent substantially greater growth than what we're seeing in the probability weighting factors today. Some of those, as we had mentioned in the past, are in and around Army programs.

但如我所提到的，確實存在那些轉型型機會，以及一些長期的正式列裝計畫（programs of record）；若我們看到它們落地成真，其成長幅度將會遠高於我們目前在機率加權因素中所反映的水準。其中一些，如同我們過去提過的，與陸軍計畫相關。

The current elements we had talked about in the past with the 360-degree situational awareness system, that architecture solution still remains under test and evaluation by the US Army. They will make decisions as appropriate and timing and priority for them.

我們先前談到的 360 度態勢感知系統，目前該架構解決方案仍在接受美國陸軍的測試與評估。他們會依其適當的時程與優先順序做出決策。

This is the joy of working in the Defense Department, sometimes these things can happen fast, sometimes they can be protracted, sometimes they can come in multiple phases. The benefit we stand is that we have a solution that is present, under test, available, and is the only solution that can provide the capabilities that were written to the requirements that we've delivered against.

這就是在國防部門工作的「樂趣」：有時候事情進展很快，有時候會拖得很久，有時候會分多個階段推進。對我們有利的是，我們已有一套解決方案，已經到位、正在測試、可供使用，而且是唯一能提供那些寫入需求、且我們已依需求交付之能力的解決方案。

That architecture has now expanded into multiple additional sensor-based processing applications where the demand for the high-performance compute and sensor processing and the demand for low latency to move that data has become a requirement across a couple other capabilities we mentioned one in our press release about the enhanced vision system, and we continue to work with some additional opportunities where that compute infrastructure is starting to form the basis for sensor distribution at extremely low latency.

該架構如今已擴展至多個額外的、以感測器為基礎的處理應用；在這些應用中，對高效能運算與感測器處理的需求，以及以低延遲搬移該等資料的需求，已成為我們先前提到的其他幾項能力中的必要條件。我們在關於強化視覺系統的新聞稿中提到其中一項；同時我們也持續推進一些額外機會，在那些機會中，這套運算基礎設施正開始成為以極低延遲進行感測器分發的基礎。

So we continue to prosecute those, we're seeing them across opportunities across the other services where we could find these potential larger transformational programs of record, but no distinct timing on any of those quite yet.

因此我們會持續推進這些案子；我們在其他服務的各種機會中也看到了它們，這些機會可能帶來更大型、具轉型性的正式計畫（programs of record），但目前對任何一項仍沒有明確的時程。

Great. Thanks so much. Congrats on the quarter and outlook again. I'll get back in the queue.

很好。非常感謝。再次恭喜本季表現與展望。我回到排隊等候。

All right. Thanks, Scott.

好的。謝謝你，Scott。

Thanks, Scott.

謝謝你，Scott。

Eric Martinuzzi, Lake Street.

Eric Martinuzzi，Lake Street。

Yeah, I wanted to ask sort of a guidance philosophy question. It sounds like if there were not the supply chain issues, there's a chance you could have actually bumped up your outlook for 2026. Am I reading that the right way?

是的，我想問一個關於指引（guidance）理念的問題。聽起來如果沒有供應鏈問題，你們其實有可能上調 2026 年的展望。我這樣理解對嗎？

Yes, I think that's right, Eric. We're definitely seeing strength on the demand side. You can see that in our bookings. As we look toward guidance, we're remaining cautious as we navigate this dynamic supply chain environment. The other thing I'd add, our guidance was back half-weighted for the year. I think the strong performance in Q1 helps to moderate that ramp. It certainly increases our confidence in the guidance.

是的，Eric，我認為你說得對。我們確實看到需求端的強勁。你可以從我們的訂單（bookings）中看出來。在制定指引時，面對這個動態的供應鏈環境，我們仍保持審慎。另外補充一點，我們今年的指引是下半年權重較高。我認為 Q1 的強勁表現有助於緩和那個爬坡。這也確實提升了我們對該指引的信心。

But we have seen and we're continuing to see extended and variable lead times for components, including memory. So the timing of revenue conversion remains our biggest risk for the year. It's a risk that our guidance takes into account. We'll continue to drive that supply chain, and I think we'll have increasing visibility into that as we move through Q2.

但我們已經看到、而且仍持續看到零組件（包含記憶體）交期延長且波動。因此，營收轉換時點仍是我們今年最大的風險。我們的指引已將這項風險納入考量。我們會持續推動供應鏈改善；我認為隨著進入 Q2，我們對此會有更高的能見度。

And is there with the booking success you had in Q1, was any of that kind of, I don't know, Q2 or Q3 or pull forward or was it just normal course?

另外，Q1 訂單表現不錯，其中是否有一些是把原本 Q2 或 Q3 的需求提前拉貨（pull forward），還是只是正常進度？

Yeah, I think it was a combination. I think there was probably some pull forward that we saw. And I think there were also some new wins. We have factored and maybe the initial awards weren't huge, but those will grow over the time. So overall, I think Q1 bookings were a very positive story for us.

是的，我認為是兩者的組合。我想我們確實看到一些提前拉貨。同時也有一些新案子得標。我們已將其納入考量；而且也許初始授標金額不大，但隨著時間推移會成長。總體而言，我認為 Q1 的訂單對我們來說是非常正面的故事。

Yes, I'd agree with exactly what Dan said. Across the board, it was a good bookings quarter for us.

是的，我完全同意 Dan 的說法。整體來看，這一季對我們而言是訂單表現很好的季度。

Thanks for taking my questions.

謝謝回答我的問題。

Thank you, Eric.

謝謝你，Eric。

Brian Kinstlinger, Alliance Global Partners.

Brian Kinstlinger，Alliance Global Partners。

This is Kevin for Brian. Thanks for taking our questions. First, can you provide updates on both the autonomous robotics for construction and mining, as well as the aerospace programs for passenger cabin systems? When do you expect each might move into production from LRIP ?

我是 Kevin，代 Brian 發問。謝謝讓我們提問。首先，能否提供建築與採礦用自主機器人，以及乘客客艙系統的航太專案的最新進展？你們預期各自何時會從 LRIP 轉入量產？

Yeah, thanks, Brian. So on the robotics front, we've successfully completed prototype and early prototype build and delivery test and validation in the environment, and we'll be transitioning that program to production here in 2026. So we'll start to see news on that coming in the coming months and quarters as that program starts to transition into production. The commercial aerospace now has actually transitioned into production. Deliveries have started this year, 2026, and will continue through this year, and then we'll look to 2027.

好的，謝謝你，Brian。在機器人方面，我們已成功完成原型與早期原型的建置與交付、測試與驗證（在實際環境中），並將於 2026 年把該專案轉入量產。因此，隨著該專案開始轉入量產，未來幾個月與幾個季度你們會看到相關消息。商用航太方面其實已經轉入量產。交付已於今年 2026 年開始，並將在今年持續，之後我們再看 2027 年。

Thanks. And then are there any can you provide any updates on the liquid cooling system for medical imaging where a tech refresh is pending? How will a tech refresh impact this production program?

謝謝。另外，能否提供醫療影像用液冷系統（有待技術更新）的最新進展？技術更新將如何影響這個量產專案？

Yes, well said on production forecast for the year with the medical imaging company on the liquid cold server, so we have that laid in. We saw a ramp in production demand from last year. So we're positive about the momentum of that program and that's where it's going. And we do continue to explore the opportunity where we can in our systems, in our configurations, while they're based on a lot of commercial open system architectures, the ability for tech refresh and upgrades, being able to put in even additionally more computer lower latency can help with the overall performance of systems.

是的，你提到的重點很好：就該醫療影像公司在液冷伺服器上的年度量產預測，我們已納入規劃。相較去年，我們看到量產需求的爬坡。因此我們對該專案的動能及其發展方向持正面看法。同時我們也持續探索機會：在我們的系統與配置中，雖然多以商用開放式系統架構為基礎，但技術更新與升級的能力——例如導入更多運算、降低延遲——能有助於提升系統整體效能。

So we always continue, much like with this customer, with all our customers to engage in the opportunity where and if needed to be able to provide quick updates in compute and latency to further enhance the performance of those systems.

因此我們一向會持續與這位客戶、以及所有客戶合作，評估在需要時提供快速的運算與延遲更新，以進一步強化這些系統的效能。

Great, thanks. And then lastly, could you provide an update on the autonomous maritime application? Has testing been completed and do you still expect production orders this year?

很好，謝謝。最後，能否更新一下自主海事應用？測試是否已完成？你們仍預期今年會收到量產訂單嗎？

Yeah, on the autonomous maritime systems delivered under test and evaluation in discussions with the customer, we would expect to see production orders this year. Given that the production orders are received early enough, we should be able to generate revenue on that this year.

是的，關於自主海事系統，我們已在測試與評估（test and evaluation）階段交付，並正與客戶討論；我們預期今年會看到量產訂單。若量產訂單能夠足夠早收到，我們今年應可就此確認營收。

Great. Thanks. That's all from us.

很好。謝謝。我們這邊就這些問題。

All right. Thanks, Brian.

好的。謝謝你，Brian。

And there are no further questions at this time. Ladies and gentlemen, this concludes today's conference call. You may now disconnect. Thank you.

目前沒有其他問題。各位女士、先生，今天的電話會議到此結束。您現在可以掛線。謝謝。