One Stop Systems Inc (OSS) 2026 Q2 法說會逐字稿

Good day and welcome to the One Stop Systems second quarter 2026 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, the company's multiyear strategy, business objectives, and expectations.

大家好，歡迎收聽 One Stop Systems 2026 年第二季電話會議與網路直播。(操作員指示) 提醒各位，本次通話將被錄音。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（bookings）、公司多年期策略、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 and 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 對其任何計畫與預期必將達成的表示。亦請注意，這些前瞻性陳述受 1995 年《私人證券訴訟改革法》（Private Securities Litigation Reform Act of 1995）之安全港條款所涵蓋，且 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 OSS 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有重大差異，包括公司最近一期 Form 10-K 年報、後續 Form 10-Q 季報、Form 8-K 當期報告及近期新聞稿中所描述者。請閱讀上述報告以及 OSS 未來將向美國證券交易委員會（SEC）提交的其他文件。除非適用法律要求，OSS 不承擔更新或修訂其前瞻性陳述之任何義務。

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, Sylvie. Good morning, everyone, and thank you for joining today's call. We believe our second quarter performance builds upon the strong start we established in the first quarter and demonstrates the continued success of our multi-year strategic growth plan and growing demand for rugged enterprise-class compute at the edge.

謝謝你，Sylvie。各位早安，感謝各位參加今天的電話會議。我們認為第二季的表現延續了第一季所建立的強勁開局，並展現我們多年期策略性成長計畫的持續成功，以及市場對邊緣端（edge）耐用型企業級運算需求的增加。

In fact, our year-over-year rate in revenue for the second quarter accelerated from what we delivered in the first quarter, and we achieved the strongest quarterly bookings result in our history. Before discussing our second quarter performance in greater detail, I want to remind everyone that our second quarter results reflect the opportunistic sale of our wholly owned subsidiary, Bressner, in December of 2025 for proceeds of $22.4 million.

事實上，我們第二季的營收年增率較第一季進一步加速，並創下公司史上最強的單季訂單（bookings）成果。在更詳細討論第二季表現之前，我想提醒各位，我們第二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 的機會性交易所得。

As a result, Bressner's historical financial results are now reported as discontinued operations, and the results are not yet available. The results we are discussing today reflect the performance of the remaining core OSS business. Today, OSS is a pure-play provider of ruggedized AI and high-performance compute platforms for edge applications.

因此，Bressner 的歷史財務結果現已列為停業單位（discontinued operations）揭露，且相關結果目前尚未提供。我們今天討論的結果反映的是 OSS 剩餘核心業務的表現。目前，OSS 是專注於為邊緣端應用提供耐用型 AI 與高效能運算平台的純粹型（pure-play）供應商。

We entered 2026 as a more focused and scalable company, fully aligned around delivering market-leading, enterprise-class compute solutions to defense and commercial customers. We believe our performance during the first half of 2026 is already demonstrating the benefits of this transition and reinforcing the earnings potential of our go-forward strategy.

我們以更聚焦且更具可擴展性的公司樣貌進入 2026 年，全面聚焦於為國防與商業客戶提供市場領先的企業級運算解決方案。我們認為 2026 年上半年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潛力。

Looking at our operational performance in the second quarter, we delivered strong results, with revenue increasing 62.3% year-over-year to $9.3 million, reflecting growth across both our defense and commercial businesses. Second quarter revenue growth was primarily driven by increased sales of liquid-cooled server products to a medical imaging OEM supporting a breast cancer screening application, sales of short-depth server products engineered for military applications aboard naval vessels and aircraft, and sales of compute products supporting autonomous construction and mining equipment.

就第二季的營運表現而言，我們交出強勁成果，營收年增 62.3% 至 930 萬美元，反映國防與商業兩大業務均有成長。第二季營收成長主要來自：向支援乳癌篩檢應用的醫療影像 OEM 增加液冷伺服器產品銷售；銷售為海軍艦艇與軍用航空器上軍事應用所設計的短深度（short-depth）伺服器產品；以及銷售支援自主化建築與採礦設備的運算產品。

Importantly, each of these programs began with development, engineering, and qualification work performed over the past several years and has now advanced into larger-scale, multi-year production and deployment orders. We are also seeing meaningful progress in expanding our customer base with multiple new customers contributing to revenue in Q2 '26. We believe the combination of an expanding customer base and a growing number of large multi-year programs provides evidence that our strategic plan is working.

重要的是，這些專案皆始於過去數年所進行的開發、工程與認證工作，如今已推進至更大規模、跨多年期的量產與部署訂單。我們也看到在擴大客戶基礎方面取得顯著進展，2026 年第二季有多家新客戶開始貢獻營收。我們認為，客戶基礎擴大與大型多年期專案數量增加的組合，證明我們的策略計畫正在奏效。

These positive trends have also built longer-duration relationships that we believe are providing greater visibility into our business with more predictable recurring revenue. For the second quarter of 2026, customer-funded development was also an important contributor to our revenue growth, increasing 145% year-over-year to approximately $944,000. These engagements allow us to work closely with customers early in the development of next-generation platforms, designing and qualifying purpose-built compute solutions for their specific applications.

這些正向趨勢也建立了更長期的合作關係，我們相信這將為業務帶來更高的能見度，並帶來更可預測的經常性收入。在 2026 年第二季，客戶出資的開發（customer-funded development）亦是營收成長的重要貢獻來源，年增 145% 至約 94.4 萬美元。這些合作使我們能在下一代平台開發初期即與客戶密切合作，為其特定應用設計並完成專用運算解決方案的認證。

While the timing and ultimate production opportunity associated with each engagement can vary, we believe this work strengthens our customer relationships, expands our tech position within their platforms, and creates a pathway to potential future production revenue. During the quarter, our revenue mix included a higher level of customer-funded development, early prototype, and low-rate initial production activity.

雖然每項合作的時程與最終量產機會可能有所不同，但我們認為這些工作能強化客戶關係、擴大我們在其平台中的技術地位，並為未來潛在的量產營收建立途徑。本季我們的營收組合包含較高比重的客戶出資開發、早期原型，以及低速率初期量產（low-rate initial production）活動。

These earlier-stage programs generally carry lower initial gross margins due to smaller production volumes and higher levels of engineering and manufacturing activity. As these programs mature and transition into higher-volume production, we believe they have the potential to generate both greater revenue contributions and improve gross margins over time.

這些較早期階段的專案通常因產量較小、工程與製造活動較多，而在初期具有較低的毛利率。隨著這些專案成熟並轉入更高產量的量產階段，我們相信其有潛力在時間推移中同時帶來更高的營收貢獻並改善毛利率。

Progression from development to production that is contributing to our revenue growth is also evident in our strong bookings performance. During the quarter, we generated over $15 million in new bookings that we expect to deliver in 2026 and 2027. Year-to-date, we have secured more than $30 million in new bookings, resulting in a book-to-bill ratio of approximately 1.7.

從開發推進至量產、並帶動營收成長的進展，也反映在我們強勁的訂單（bookings）表現上。本季我們新增訂單超過 1,500 萬美元，預期將於 2026 年與 2027 年交付。年初至今，我們已取得超過 3,000 萬美元的新訂單，使得接單出貨比（book-to-bill ratio）約為 1.7。

Bookings for both second quarter and year-to-date periods are record amounts for the company, and to put this performance into perspective, our bookings through the first six months of 2026 nearly equaled our total product revenue for the full year of 2025. Second quarter bookings were driven by several important program wins across both defense and commercial markets.

無論是第二季或年初至今的訂單金額，皆為公司創紀錄水準；為了讓各位更了解此表現的意義，我們在 2026 年前六個月的訂單金額幾乎等同於 2025 年全年的產品營收總額。第二季訂單主要由國防與商業市場的數個重要專案得標所帶動。

First, we announced an $8.4 million initial contract from a leading defense and technology solutions company. We expect the first shipments to commence in 2026 and to contribute to revenue throughout the year. We believe this platform has the potential to contribute approximately $44 million in total revenue over the next 4 years.

第一，我們宣布與一家領先的國防與科技解決方案公司簽訂 840 萬美元的初始合約。我們預期首批出貨將於 2026 年開始，並在全年貢獻營收。我們認為該平台在未來 4 年內有潛力貢獻約 4,400 萬美元的總營收。

Second, we received an initial order valued at over $500,000 from a renewable energy technology company that focuses on generating clean energy for data center applications. Follow-on orders are expected to exceed $1 million year-over-year and anticipated to scale to a $10 million opportunity over the next five years.

第二，我們收到一家再生能源技術公司的初始訂單，金額超過 50 萬美元；該公司專注於為資料中心應用產生潔淨能源。預期後續訂單年增將超過 100 萬美元，並有望在未來五年擴大至 1,000 萬美元的機會。

Since announcing the initial order in April, we received an additional order of nearly $1 million as the customer prepares for the commercial launch of its renewable energy-powered data center solution. Third, we received a $1.4 million order for short-depth servers from a government systems integrator. This order from the second quarter was on top of a nearly $600,000 order in the first quarter.

自我們於 4 月宣布初始訂單以來，隨著客戶為其以再生能源供電的資料中心解決方案進行商業化上市準備，我們又收到一筆近 100 萬美元的追加訂單。第三，我們收到一筆來自政府系統整合商的 140 萬美元短深度伺服器訂單。此第二季訂單是在第一季近 60 萬美元訂單的基礎上再增加的。

Our relationship with this customer is expanding, and we expect continued demand into the future. Subsequent to quarter end in July, we announced a $2.2 million initial production order from a commercial robotics customer. This order followed an initial purchase order received in February and marked the successful transition of the program from prototype development into production deployment.

我們與該客戶的合作關係正在擴大，且我們預期未來需求將持續。在季度結束後的7月，我們宣布獲得一位商用機器人客戶下達的220萬美元初始量產訂單。該訂單緊接著我們於2月收到的初始採購訂單，並標誌著該專案已成功從原型開發階段轉入量產部署。

Based on the customer's anticipated deployment plans, we believe this program could generate cumulative orders of approximately $10 million to $15 million over the next five years. Taken together, these program wins reflect a combination of expansion within existing customer platforms and the addition of new customers across defense and commercial markets.

根據客戶預期的部署計畫，我們認為該專案在未來五年內可望帶來約1,000萬至1,500萬美元的累計訂單。綜合而言，這些專案斬獲反映了既有客戶平台內的擴張，以及在國防與商用市場新增客戶的雙重成果。

They also demonstrate a clear shift in the size, duration, and composition of our bookings. As I discussed in our first quarter call, our orders are becoming larger, more programmatic, and increasingly connected to multi-year deployments across a broader customer base. Since 2023, our average order size has nearly tripled, and during the past 12 months, we have added a growing number of programs with meaningful multi-year revenue potential.

它們也清楚顯示我們訂單（bookings）的規模、期間與組成正在轉變。如我在第一季電話會議中所述，我們的訂單正變得更大、更具專案化特徵，並且日益與更廣泛客戶群的多年期部署相連結。自2023年以來，我們的平均訂單規模幾乎成長至原來的三倍；在過去12個月中，我們新增了愈來愈多具備可觀多年期營收潛力的專案。

In fact, to date, OSS is supporting 14 programs with estimated multi-year revenue potential exceeding $42 million compared to just one program three years ago. Supporting the momentum we are seeing in revenue and bookings is the continued expansion and maturation of our pipeline of opportunities. We continue to take steps to build a more disciplined pipeline aligned with our defense and commercial go-to-market strategies, technology roadmap, and applications that we believe can scale into meaningful multi-year production programs.

事實上，截至目前，OSS 正在支援14個專案，其估計多年期營收潛力超過4,200萬美元；相較之下，三年前僅有一個專案。支撐我們在營收與訂單方面所見動能的，是我們機會管線持續擴張並日益成熟。我們持續採取措施，建立更具紀律的管線，使其與我們的國防與商用市場進入策略、技術路線圖，以及我們認為可擴展為具意義多年期量產專案的應用相一致。

Within the defense market, we are pursuing a growing number of opportunities within the US department of Defense research laboratories and defense organizations that are evaluating future compute architectures for advanced AI, sensor processing, autonomy, and situational awareness applications. These engagements position OSS early in the development life-cycle and provide opportunities to work alongside customers as they define requirements, test new technologies, and prepare next-generation platforms for deployment. We are also advancing a new classified program opportunity and pursuing additional programs across the US Army, including applications that require high-performance compute and data processing in rugged and space-constrained environments.

在國防市場方面，我們正追求愈來愈多的機會，涵蓋美國國防部研究實驗室與國防機構；這些單位正在評估用於先進AI、感測器處理、自主化與態勢感知等應用的未來運算架構。這些合作使 OSS 能在開發生命週期早期即參與其中，並提供與客戶並肩合作的機會，協助其定義需求、測試新技術，並為部署下一代平台做準備。我們也在推進一項新的機密專案機會，並在美國陸軍範疇內追求更多專案，包括需要在堅固耐用且空間受限環境中進行高效能運算與資料處理的應用。

We believe this activity reflects growing awareness of OSS and the increasing relevance of our enterprise-class compute capabilities across next-generation war-fighting platforms. In parallel, we are seeing encouraging customer interest in commercial and defense applications designed to harness our PCIe Gen 6 architecture. PCIe Gen 6 represents an important advancement in data transfer performance and is expected to support increasingly demanding AI, machine learning, and sensor-intensive workloads. We are actively engaged with prospective customers on initial Gen 6 opportunities and expect the first customer programs to emerge in the near future.

我們認為，這些活動反映出市場對 OSS 的認知度提升，以及我們企業級運算能力在下一代作戰平台上的相關性日益提高。同時，我們也看到客戶對於可運用我們 PCIe Gen 6 架構的商用與國防應用展現令人鼓舞的興趣。PCIe Gen 6 代表資料傳輸效能的重要進展，預期可支援日益嚴苛的AI、機器學習與感測器密集型工作負載。我們正積極與潛在客戶就初期 Gen 6 機會展開合作，並預期首批客戶專案將在不久的將來出現。

Underlying this pipeline growth are strong and durable market dynamics. AI, machine learning, and sensor fusion workloads are increasingly moving beyond traditional data centers and into vehicles, aircraft, ships, and other edge environments. The combination of higher revenue, strong bookings, and stable gross margin provide OSS with greater capacity to invest in people, technology, and sales capabilities needed to support our continued growth.

支撐此一管線成長的，是強勁且持久的市場動態。AI、機器學習與感測器融合的工作負載正日益從傳統資料中心延伸至車輛、飛機、船舶及其他邊緣環境。更高的營收、強勁的訂單以及穩定的毛利率，使 OSS 具備更大的能力投資於人才、技術與銷售能力，以支援我們的持續成長。

An important personnel addition during the quarter was Paul PK Averna, who joined OSS as Vice President of Business Development and Growth. PK brings more than 30 years of experience across defense, commercial technology, and mission-critical applications. He will focus on expanding our market reach, deepening engagement with defense and commercial customers and helping convert our growing pipeline into new development and production opportunities.

本季度一項重要的人才補強是 Paul PK Averna 加入 OSS，擔任業務開發與成長副總裁。PK 在國防、商用科技與關鍵任務應用領域擁有超過30年的經驗。他將專注於擴大我們的市場觸及、深化與國防及商用客戶的互動，並協助將我們不斷成長的管線轉化為新的開發與量產機會。

PK will also assume the responsibility previously held by Robert Kalebaugh, our Vice President of Sales, who intends to retire following several years of dedicated service to OSS. We sincerely thank Robert for his leadership and significant contributions to the company. Robert will remain engaged with OSS on a part-time consulting basis, helping facilitate a seamless transition and supporting our continued growth initiatives. Given PK's extensive industry experience, familiarity with our team, and understanding of our markets, we believe he is a natural successor who will help us maintain our momentum and continue advancing our growth strategy.

PK 也將接手先前由我們銷售副總裁 Robert Kalebaugh 負責的職責；Robert 計畫在為 OSS 服務數年後退休。我們由衷感謝 Robert 的領導以及對公司的重大貢獻。Robert 將以兼職顧問身分持續與 OSS 保持合作，協助促成順利交接並支援我們持續的成長計畫。鑑於 PK 豐富的產業經驗、對我們團隊的熟悉度以及對市場的理解，我們相信他是自然的接班人，將協助我們維持動能並持續推進成長策略。

We are also continuing to invest in advancing our technology platform to support the next generation of AI-enabled systems operating at the edge. Research and development remains a critical component of our strategy, and we are increasingly working alongside customers through customer-funded development programs to design purpose-built compute architectures for emerging applications. These development programs position OSS early in the life-cycle of next-generation platforms, deepen our customer relationships, and create a potential pathway to future production programs.

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，我們也日益透過客戶出資的開發專案與客戶並肩合作，為新興應用設計量身打造的運算架構。這些開發專案使 OSS 能在下一代平台生命週期早期即參與其中，深化客戶關係，並為未來量產專案創造潛在路徑。

As we discussed earlier, a majority of our second quarter revenue and recent bookings can be traced back to internal research and development and customer-funded development efforts initiated two, three, or four years ago that have now progressed into deployment and production. That history reinforces why we intend to continue growing customer-funded development activity and investing in our technology roadmap during the second half of the year.

如先前所述，我們第二季的大部分營收與近期訂單，皆可追溯至兩年、三年或四年前啟動的內部研發與客戶出資開發工作，而這些工作如今已推進至部署與量產階段。這段歷程也強化了我們的意圖：在今年下半年持續擴大客戶出資的開發活動，並投資於我們的技術路線圖。

The development work we undertake today is intended to create the next generation of test and pilot programs, production deployments, sustainment revenue, and future technology refresh opportunities. Following quarter end, we reached an agreement to resolve a commercial dispute involving a former customer relationship related to events dating back several years ago.

我們今日所進行的開發工作，旨在打造下一代測試與試點專案、量產部署、維持性營收，以及未來技術更新換代的機會。在季度結束後，我們達成協議以解決一項商業爭議，該爭議涉及一段前客戶關係，並與數年前的事件相關。

While OSS disputed the claims, after evaluating the relevant business, financial, and other considerations, the company determined that resolving the matter for approximately $6.25 million was in the best interest of the company and its shareholders. The financial impact of this settlement is reflected in our second quarter fiscal 2026 results. The settlement does not constitute an admission of liability, is unrelated to our current operations and growth programs and fully resolves the dispute.

儘管 OSS 對相關主張提出爭議，但在評估相關的業務、財務及其他考量後，公司認定以約625萬美元解決此事符合公司及股東的最佳利益。此和解的財務影響已反映於我們2026會計年度第二季的業績結果中。該和解不構成承認責任，與我們目前的營運及成長專案無關，並已完全解決該爭議。

Importantly, we believe this resolution allows the management team to remain focused on executing our strategy and supporting the significant opportunities we see across our defense and commercial markets. I also want to briefly address a housekeeping matter, an upcoming renewal of our shelf registration statement, which is scheduled to expire later this month.

重要的是，我們相信此一解決方案使管理團隊得以持續專注於執行策略，並把握我們在國防與商用市場看到的重大機會。我也想簡要說明一項例行事項：我們的擱置式註冊聲明（shelf registration statement）即將續期，預計於本月稍晚到期。

Maintaining an effective shelf registration statement is a routine element of prudent corporate and financial planning and provides OSS with appropriate flexibility as we execute our strategic plan. The renewal itself should not be viewed as an indication that the company has decided to undertake a financing transaction. Overall, we continue to believe OSS is well positioned for long-term sustained growth, and the first half of 2026 has exceeded our initial expectations.

維持有效的擱置式註冊聲明是審慎公司與財務規劃的例行要素，並在我們執行策略計畫時，為 OSS 提供適當的彈性。續期本身不應被視為公司已決定進行融資交易的訊號。整體而言，我們仍相信 OSS 已為長期且可持續的成長做好布局，而2026年上半年表現已超出我們的初始預期。

As a result, based on our current performance and business outlook, we are increasing our full-year 2026 revenue growth guidance. We now expect revenue growth in the range of 25% to 30%, up from our prior full-year guidance of 20% to 25%. Our higher revenue expectation is supported by our strong bookings, growing pipeline of platform opportunities, increasing customer engagement, higher customer-funded development activities, and the continued transition of customer-funded development programs into production deployment.

因此，基於我們目前的表現與業務展望，我們上調2026年全年營收成長指引。我們目前預期營收成長介於25%至30%，高於先前全年指引的20%至25%。我們較高的營收預期，來自強勁的訂單、持續成長的平台機會管線、客戶互動增加、客戶出資開發活動提升，以及客戶出資開發專案持續轉入量產部署。

We continue to expect full-year gross margins of approximately 40%, reflecting product mix and an increasing contribution from customer-funded development programs. At the same time, we expect to generate positive EBITDA and adjusted EBITDA, inclusive of planned strategic investments in personnel and research and development to support continued growth and technology leadership.

我們仍預期全年毛利率約為40%，反映產品組合以及客戶出資開發計畫貢獻度的提升。同時，我們預期將實現正的EBITDA與調整後EBITDA，並已納入對人員與研發的既定策略性投資，以支持持續成長與技術領先。

We are encouraged that 2026 has started stronger than we initially expected, with accelerating revenue growth, record quarterly and year-to-date bookings, and continued progress converting multiple development programs into larger multi-year production opportunities. With a strong balance sheet, expanding customer relationships, and a growing pipeline driven by the adoption of AI-enabled systems at the edge, we believe OSS is well positioned to build on this momentum through the second half of the year and beyond.

我們感到振奮的是，2026年的開局比我們最初預期更強勁，營收成長加速、單季及年初至今接單創新高，且在將多個開發計畫轉化為更大型的多年期量產機會方面持續取得進展。憑藉強健的資產負債表、持續擴大的客戶關係，以及由邊緣端採用AI賦能系統所帶動的成長中管線，我們相信OSS已具備良好條件，可在今年下半年及更長遠的未來延續這股動能。

Our strengthened financial position also provides the flexibility to continue investing in our people, technology, and go-to-market capabilities, while selectively evaluating strategic acquisitions that could complement our technology platform, expand our customer base, and enhance our long-term growth opportunity. Finally, I want to thank our entire team for their dedication, innovation, and relentless focus on delivering results for our customers and shareholders.

我們更強化的財務狀況也提供了彈性，使我們能持續投資於人才、技術與市場拓展能力，同時有選擇性地評估可補強我們技術平台、擴大客戶基礎並提升長期成長機會的策略性併購。最後，我要感謝全體團隊的投入、創新，以及始終如一地專注於為客戶與股東交付成果。

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

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. The performance of the business exceeded our expectations in Q2, reflecting both strong customer demand and disciplined operational execution. Q2 results reflect a number of key accomplishments, first, we achieved accelerated top-line growth of 62%; second, we achieved record bookings of $15.1 million for the second quarter and $30 million year-to-date; third, revenue and bookings have diversified across a growing number of programs, customers and end markets, reflecting growing adoption for our rugged enterprise-class compute solutions; and fourth, profitability, excluding the legal settlement charge Mike previously mentioned, is in line with our 2026 expectations, reflecting operational improvement and prudent expense management.

謝謝你，Mike，也向今天參與電話會議的各位道早安。第二季的業務表現超出我們預期，反映了強勁的客戶需求以及嚴謹的營運執行。第二季成果反映多項關鍵成就：第一，我們達成62%的營收加速成長；第二，我們在第二季創下1,510萬美元的接單新高，年初至今接單達3,000萬美元；第三，營收與接單已分散至更多計畫、客戶與終端市場，反映我們耐用型企業級運算解決方案的採用度提升；第四，若排除Mike先前提到的法律和解費用，獲利能力符合我們對2026年的預期，反映營運改善與審慎的費用管理。

Currently, variation in gross margin reflects a higher mix of customer-funded development and early prototype and first-time production awards. We believe this company has never been in a stronger position, and with a strong cash position, a solid backlog, and a robust pipeline, we believe we are on track to achieve our expanded 2026 revenue guidance and to execute on our growth and profitability objectives.

目前，毛利率的波動反映了客戶出資開發以及早期原型與首次量產得標占比提高。我們相信公司從未處於更強勢的位置；憑藉充裕的現金部位、穩健的積壓訂單以及強勁的業務管線，我們認為我們正按計畫達成上調後的2026年營收指引，並落實成長與獲利目標。

Now for a quick overview of Q2 2026 financial performance. For the second quarter, we reported total revenue from continuing operations of $9.3 million compared to $5.8 million last year. The 62.3% year-over-year increase in total revenue was primarily due to higher sales to a medical imaging OEM of liquid-cooled server products to support a breast cancer screening application as the customer moved from initial prototypes in 2025 to production in 2026.

接下來簡要說明2026年第二季的財務表現。第二季，我們持續營運的總營收為930萬美元，去年同期為580萬美元。總營收年增62.3%主要來自對一家醫療影像OEM客戶的液冷伺服器產品銷售增加，用於支援乳癌篩檢應用；該客戶於2025年仍處於初期原型階段，並於2026年轉入量產。

Sales, with a new customer for short-depth server products engineered for military applications onboard naval vessels and aircraft, and sales with another new customer for compute products to support autonomous construction and mining equipment. Gross margin from continuing operations in the second quarter was 39.1%, compared to 41.3% in the prior-year quarter.

此外，亦包括與一位新客戶的銷售：其為海軍艦艇與飛機上的軍用應用所設計的短深度伺服器產品；以及與另一位新客戶的銷售：用於支援自主化施工與採礦設備的運算產品。第二季持續營運的毛利率為39.1%，去年同期為41.3%。

The 2.2 percentage point decrease from the prior year was primarily driven by product mix, including a higher level of customer-funded development, early prototype, and low-rate initial production activities, partially offset by more favorable manufacturing absorption due to higher production volume and higher usage of reserved inventory to fulfill customer orders.

相較去年下降2.2個百分點，主要由產品組合所致，包括客戶出資開發、早期原型以及低速率初期量產活動占比提高；部分被較有利的製造吸收所抵銷，該吸收改善來自更高的產量，以及為履行客戶訂單而提高使用預留庫存。

We continue to expect some level of variability in gross margins quarter-to-quarter based on absorption, product mix, and program life cycle. On a sustaining basis, we continue to target margins in the mid-30s to mid-40s. We expect full-year 2026 gross margins of approximately 40%. Total Q2 operating expenses from continuing operations increased 129.8% to $11.3 million and included the $6.25 million legal settlement charge.

我們仍預期毛利率將因吸收、產品組合與計畫生命週期而在各季之間出現一定程度的波動。在常態基礎上，我們仍以毛利率落在30%中段至40%中段為目標。我們預期2026年全年毛利率約為40%。第二季持續營運的總營業費用增加129.8%至1,130萬美元，其中包含625萬美元的法律和解費用。

Excluding this charge, total operating expenses from continuing operations increased 2.9% to $5.1 million, driven primarily by higher general and administrative and marketing and selling expenses, partially offset by lower R&D expenses. Not including the legal settlement charge, operating expenses were 54.3% of total revenue compared to 85.5% in Q2 of last year. The 31.2-percentage-point year-over-year improvement reflects significant operating leverage on higher revenue levels.

若排除該費用，持續營運的總營業費用增加2.9%至510萬美元，主要由較高的一般及行政費用與行銷及銷售費用所帶動，部分被較低的研發費用所抵銷。不含法律和解費用，營業費用占總營收比重為54.3%，去年第二季為85.5%。年對年改善31.2個百分點，反映在較高營收水準下顯著的營運槓桿。

For the second quarter, the company reported a GAAP net loss from continuing operations of $7.3 million, or $0.29 per share, compared to a net loss from continuing operations of $2.5 million, or $0.11 per share in the prior year. The company reported a non-GAAP net loss from continuing operations of $0.2 million, or $0.01 per share, compared to a non-GAAP net loss from continuing operations of $2 million, or $0.09 per share, in the prior-year quarter.

第二季，公司持續營運的GAAP淨損為730萬美元，或每股0.29美元；去年同期持續營運淨損為250萬美元，或每股0.11美元。公司持續營運的非GAAP淨損為20萬美元，或每股0.01美元；去年同期持續營運的非GAAP淨損為200萬美元，或每股0.09美元。

Adjusted EBITDA loss from continuing operations, a non-GAAP metric, was $0.3 million compared to an adjusted EBITDA loss from continuing operations of $1.8 million in the prior year's second quarter. Turning to the balance sheet and statement of cash flow. Our balance sheet remains strong with $31.4 million of total cash, cash equivalents, and short-term investments, and no debt outstanding at June 30, 2026. Working capital was $38.1 million at June 30, 2026, compared to $45.3 million at December 31, 2025.

持續營運的調整後EBITDA虧損（非GAAP指標）為30萬美元，去年第二季持續營運的調整後EBITDA虧損為180萬美元。接著看資產負債表與現金流量表。截至2026年6月30日，我們的資產負債表仍然強健，現金、約當現金與短期投資合計3,140萬美元，且無任何未償還債務。截至2026年6月30日，營運資金為3,810萬美元，較2025年12月31日的4,530萬美元下降。

For the six months ended June 30, 2026, we used $629,000 in cash from continuing operations compared to net cash used in continuing operations of $2.8 million in the prior-year period. The use of cash during the 2026 six month period was primarily driven by a $7.1 million investment in inventory in the second quarter to support expected sales growth as well as our efforts to prudently navigate supply chain constraints affecting certain components, including memory.

截至2026年6月30日止六個月，持續營運使用現金62.9萬美元，去年同期持續營運使用現金淨額為280萬美元。2026年上半年現金使用主要來自第二季投入7.1百萬美元增加存貨，以支援預期的銷售成長，並協助我們審慎因應影響特定零組件（包括記憶體）的供應鏈限制。

As Mike mentioned, based on higher-than-expected sales and bookings, we're increasing our revenue guidance for the year from a prior range of 20% to 25% to a new range of 25% to 30%. We continue to expect full-year gross margin of approximately 40% and positive EBITDA for the full year, inclusive of planned strategic investments in personnel and research and development to support continued growth in technology leadership.

如Mike所提，基於銷售與接單高於預期，我們將全年營收指引由原先的20%至25%上調至25%至30%。我們仍預期全年毛利率約為40%，且全年EBITDA為正，並已納入對人員與研發的既定策略性投資，以支持技術領先的持續成長。

As we enter the third quarter, we remain focused on disciplined execution, including managing our supply chain to convert customer demand into revenue, profit, and cash. 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. This completes our prepared remarks.

隨著我們進入第三季，我們仍專注於嚴謹的執行力，包括管理供應鏈，將客戶需求轉化為營收、獲利與現金流。我們也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，以推動成長。以上為我們預先準備的發言。

Operator, please open the call for questions.

接線員，請開放提問。

(Operator instruction)

(接線員指示)

Brian Kinstlinger, AGP.

Brian Kinstlinger，AGP。

Hi, guys. Thanks for taking my questions. Can you provide an update on two opportunities for the 360-degree vision solution at Army vehicles? Where in the procurement lifecycle are these programs and when is a reasonable timeline for these?

嗨，各位。謝謝讓我提問。能否就陸軍車輛的 360 度視野解決方案的兩個機會提供最新進展？這些專案目前在採購生命週期中的哪個階段？合理的時程大概是什麼時候？

Yeah, thanks for the question. So as we indicated before, both those programs that are now essentially into test and evaluation by the Army on representative vehicles. So they will continue through that testing phase. It's more or less an undefined testing phase.

好的，謝謝你的問題。如同我們先前所提到，這兩個專案目前基本上都已進入由陸軍在具代表性的車輛上進行測試與評估的階段。因此它們會持續進行該測試階段。這個測試階段在某種程度上並沒有明確定義。

As they do that, they can identify new requirements. They can identify applications. They can extend the technology to other elements if they chose, while at the same time, all of the acquisition vehicle classes can make a determination on their needs and requirements, timing, and funding. So both are progressing well. We're a company that has a solution that's tested, rugged, and is production-ready, so we would be ready to move as soon as the army was to make a definitive solution to move forward.

在此過程中，他們可能會辨識出新的需求。也可能辨識出新的應用。若他們選擇，也可以將技術延伸到其他項目；同時，各類採購載具（acquisition vehicle）也能就其需求與要求、時程與資金做出判定。因此兩者進展都很順利。我們公司提供的解決方案已完成測試、具備耐用強固性，且可量產就緒，因此只要陸軍做出明確決定要推進，我們就能立即配合。

I can't give an exact estimate onto the timeline of how soon or how late we would see something progress, but we do continue with our capture efforts in working with the army in looking to fulfill their requirements and potential to accelerate these technologies into field of programs.

我無法對時程給出精確估計，無論是會多快或多晚看到進展；但我們確實持續進行相關的爭取（capture）工作，與陸軍合作以滿足其需求，並評估將這些技術加速導入實際計畫（programs）的可能性。

Great, thank you. And my follow-up question is, you've had two consecutive quarters of $15 million of bookings, which is great to see. As you look at the next 6, 12, 18 months, how should we think about your goals for bookings, and what's reasonable to assume? Should we think about, given the size of your pipeline, equal or even stronger bookings going forward? Will it be lumpy? Just maybe speak to how you're viewing that?

很好，謝謝。我的追問是，你們已連續兩季取得 1,500 萬美元的訂單（bookings），很高興看到這點。展望未來 6、12、18 個月，我們應該如何看待你們對訂單的目標？合理的假設是什麼？考量你們管線規模，未來的訂單應該持平甚至更強嗎？會不會有波動（lumpy）？請談談你們的看法。

Yes, as we mentioned, I mean, we're encouraged by the strong bookings in the first half of this year, not to mention just the total volume, but the expanded customer set, the increased value of each, and the fact that we're expanding onto these platforms with not only initial positions and design, but converting those to production orders, and that'll lead to long-term sustainment.

是的，如我們提到的，我們對今年上半年強勁的訂單表現感到鼓舞；不僅是總量，還包括客戶組合的擴大、每筆訂單價值的提升，以及我們正在這些平台上擴展——不只是取得初始導入與設計位置，也把它們轉換為量產訂單，進而帶來長期的維持與支援（sustainment）。

So that part of the engine and the strategy, we're happy with coming into view and into fruition. So going forward, we've been comfortable indicating that our pipeline indicates that we believe we can be on that 30% a year growth. Bookings can be very lumpy. You can see very strong periods of bookings, and then they can fade off based on timing.

因此，這部分的成長引擎與策略，我們很高興看到逐步成形並開始落地。展望未來，我們一直很有信心地表示，從管線來看，我們相信可以達到每年約 30% 的成長。訂單可能會非常不均勻。你可能會看到某些期間訂單非常強勁，然後又會因時點因素而回落。

So you know, we generally monitor that year-to-date slash trailing 12-month book-to-bill ratio, and that's been fairly consistent here over the last year or so in showing that kind of 30% a year growth. The pipeline continues to be very manageable. We're starting to convert, as I said, more elements out of that. So we kind of retain on that view of what we think it can do, but as we've noted, we've had more customers coming into view. The orders have been increasing.

因此，我們通常會觀察年初至今／過去 12 個月的接單出貨比（book-to-bill ratio），而在過去一年左右，這個指標相當一致，顯示出那種每年約 30% 的成長。管線仍然非常可控。如我所說，我們也開始把其中更多項目轉換出來。因此我們大致維持對其可達成表現的看法；但如我們所指出的，更多客戶正在浮現。訂單也在增加。

So we're starting to fill in our growth with spread out about a very wide customer set, which in some respects gives us more optimism because of our reach rather than necessarily finding, you know, one or two really big large orders, though we still pursue those and they are still present in the pipeline. So I think we look forward to, you know, kind of continued performance. Expect that, you know, we will see some lumpiness quarter-to-quarter in the bookings.

因此，我們的成長正逐步由非常廣泛的客戶群來填補；在某些方面，這讓我們更樂觀，因為這代表我們的觸及面更廣，而不一定要依賴一、兩筆非常大的大額訂單——雖然我們仍在追求那些機會，而且它們仍存在於管線中。所以我認為我們期待持續的表現。也預期接單在各季之間會有一些波動。

Got it. Thanks so much.

了解。非常感謝。

Eric Martinuzzi, Lake Street Capital.

Eric Martinuzzi，Lake Street Capital。

I wanted to focus on the customer-funded development that was around 10% of revenue this quarter. Is the expectation here that will be at that kind of similar run rate? I know it's hard to predict these things, but it's become a meaningful amount of the top line.

我想聚焦在本季約占營收 10% 的客戶出資開發（customer-funded development）。這裡的預期是會維持在類似的運行水準（run rate）嗎？我知道這很難預測，但它已成為營收中相當有意義的一部分。

Yes, Eric, we're definitely happy with the demand that we're seeing for customer-funded development. All of that is a good forward-looking indicator of future growth. As we go through the year, we have a number of opportunities that we're working. I do expect that it will continue to be strong throughout the year. I think that the level that you're seeing in the first half should continue in the second half, and depending on some opportunities, we could see some variability around that, but I think it'll be strong in the second half.

是的，Eric，我們對目前看到的客戶出資開發需求感到非常滿意。這些都是未來成長的良好前瞻指標。在今年接下來的時間裡，我們正在推進多個機會。我確實預期它在全年都會維持強勁。我認為你在上半年看到的水準應會延續到下半年；視某些機會而定，可能會有些波動，但我認為下半年會很強。

Okay, and then one of the things that you mentioned was also just the diversity of your customer base, which is a good thing. Nobody likes to be too concentrated in any particular vertical. What's really behind this? Was this a proactive effort on your part, a sales effort to proactively diversify the customer base, or is this to say, you know, people move around the industry, they know where to come back to get a reliable ruggedization partner?

好的，另外你也提到客戶基礎的多元化，這是好事。沒有人喜歡在任何特定垂直領域過度集中。這背後主要原因是什麼？這是你們主動的作為——例如銷售端主動推動客戶多元化——還是說，產業內的人才流動，他們知道要回來找可靠的強固化（ruggedization）合作夥伴？

Yes, Eric,I think it's a culmination of all the hard work the company's been putting in, in the strategy and that early step we took when we joined the company to build out a pipeline of a five year look at where opportunities would exist and where we could go and aligning the strategy with our sales force and team. And as we started to prosecute that pipeline and getting into different markets, then you start to gain some recognition, and then that increases your reach to people who understand what you're doing, and we're able to then prosecute each of that to an expanding element.

是的，Eric，我認為這是公司投入所有努力的累積成果：包括策略上的努力，以及我們加入公司時採取的早期步驟——建立一個以五年為期、檢視機會存在之處與我們可切入方向的管線，並讓策略與我們的銷售團隊與人力配置對齊。當我們開始推進該管線、進入不同市場後，就會逐步獲得一些能見度，進而擴大觸及到理解我們在做什麼的人，並能把每一項機會推進成為更擴大的成果。

And then now we're getting to a point where multiple customer sets have had systems delivered in production and seeing that performance, others take note of that. And so then we start getting that flywheel momentum moving off of notoriety and what we're delivering, and it starts to spread widely across the market. The other thing I'll note is that we really run that benefit of our product line is quite agnostic to market application.

而現在我們也來到一個階段：多個客戶群已在量產中收到系統交付並看到其表現，其他人也會注意到。因此，我們開始看到由知名度與交付成果所帶動的飛輪動能，並在市場上更廣泛地擴散。另外我也要指出，我們產品線的一大優勢是對市場應用相當中性（agnostic）。

So we can, as customers hear about us as we reach into markets where we see this demand, AI, sensor fusion, and autonomy, we're very quickly able to adapt a product to the performance and compute and ruggedization that's needed, which allows us to diversify quickly across markets and customer sets. So this is really all built into the strategy and the plan, and I think we're seeing that. We're actually, you know, have built more optimism because we're seeing that diversification across, you know, decent-sized programs and not having to necessarily weigh down one or two really large ones.

因此，當客戶在我們切入、且我們看到有這類需求的市場中聽到我們時——AI、感測器融合與自主化——我們能非常快速地把產品調整到所需的效能、運算能力與強固化等級，這讓我們能在不同市場與客戶群之間迅速多元化。所以這其實都已納入策略與計畫之中，我認為我們也正在看到成果。事實上，我們的樂觀程度更高了，因為我們看到在一些規模不小的專案之間實現了多元化，而不必一定要被一兩個非常大型的專案所牽制。

Last question for me is on the supply chain side. Given the upward revision to your revenue as well as the reiteration of the gross margins, it would seem like you're in pretty good shape for FY 2026. Just curious to know if you've taken steps that have you confident that the memory motherboards, the kinds of nuts and bolts things that have gone up in price for a lot of tech hardware manufacturers, if those are things that you feel in good shape for FY27.

我這邊最後一個問題是供應鏈方面。鑑於你們上修營收，同時也重申毛利率目標，看起來你們在 2026 財年狀況相當不錯。想請教你們是否已採取一些措施，讓你們對 2027 財年在記憶體、主機板，以及那些對許多科技硬體製造商而言價格上漲的螺絲螺帽等零組件方面，仍然有信心、覺得供應狀況良好。

Yeah, I think as we're closing out this year into 2027, the strategies that have worked for us this year should continue to help us work into next year. The early bookings clearly helps with that also, with customers and setting the expectation. So the methodologies and strategies that we've used this year have been helping. The memory market hasn't necessarily gotten any better in lead times, it's just how we've been able to, as I mentioned, use the strategies that we've had to help us be able to generate the revenue and the growth that we have.

是的，我想當我們在今年結束、邁向 2027 年時，今年對我們有效的策略應該會持續在明年發揮幫助。提前接單（early bookings）也明顯有助於這點，能與客戶溝通並設定預期。所以我們今年採用的方法與策略一直在提供幫助。記憶體市場在交期方面不見得有變好；只是如我提到的，我們如何運用既有策略，讓我們仍能達成目前的營收與成長。

It's always still a little bit metering as we continue to see such strong bookings as to how fast and what we convert. But as you mentioned, we're already building in and focusing on the first half of 2027 and beyond and laying those elements in so that we can be prepared to support our customers and our growth.

在我們持續看到如此強勁的接單之下，轉換速度與轉換量仍然需要一些節奏控管。但如你所提，我們已經在規劃並聚焦 2027 年上半年及之後，並把相關要素先行布局，讓我們能準備好支援客戶與我們的成長。

Yeah, I'd just add, Eric, so as Mike mentioned, we are still seeing the long lead times quoted, but we are seeing some opportunities to bring in particularly memory ahead of those lead times. And that is part of what you saw in the Q2 inventory increase, where we were able to bring in some memory products ahead of quoted lead times and really de-risk some of the deliveries for the year. So we are kind of keeping our eye out for those opportunities to de-risk delivery profiles by bringing in memory ahead of lead time.

是的，我再補充一下，Eric。正如 Mike 提到的，我們仍然看到供應商報出的交期很長，但我們也看到一些機會，特別是能在交期之前提前把記憶體拉進來。這也是你在第二季庫存增加中看到的一部分原因：我們能在報價交期之前先進一些記憶體產品，實質降低今年交付的風險。所以我們會持續留意這些機會，透過在交期前提前備入記憶體，來降低交付曲線（delivery profiles）的風險。

Got it. Thanks for taking my questions and congratulations on the strong bookings.

了解。謝謝回答我的問題，也恭喜你們接單表現強勁。

Yeah, thanks, Eric. Appreciate it.

好的，謝謝你，Eric。感謝。

Brian Dobson, Clear Street.

Brian Dobson，Clear Street。

Hey, thanks. Congrats on a good quarter in Outlook. As you're thinking about defense spending over this year and over the next few years, what do you think has changed recently about how defense customers are thinking about rugged AI compute? And do you think that there's more opportunity in terms of level of compute per vehicle or aircraft, so on and so forth?

嗨，謝謝。恭喜本季表現不錯，展望也很好。當你們思考今年以及未來幾年的國防支出時，你認為近期國防客戶對強固型 AI 運算的看法有什麼改變？你是否認為在每一台車輛或飛機等平台上的運算量（compute per vehicle or aircraft）方面，還有更多機會？諸如此類。

Yeah, Brian, thanks for calling. Appreciate you joining coverage on OSS. Yes, so I think the intriguing thing, and which is part of why we feel the company is so well set in this market, is this inevitable transition as AI, ML, sensor processing, sensor fusion, and autonomy are becoming so exponentially adopted. We're seeing that across existing platforms to increase and enhance capability that can emerge in new platforms, air, land, sea, and space. And those elements really need the kind of architectures and compute that we deliver.

是的，Brian，謝謝來電。也感謝你開始追蹤 OSS。我想有趣之處、也是我們為何認為公司在這個市場定位很好的原因，在於這種不可避免的轉型：AI、機器學習（ML）、感測器處理、感測器融合與自主化正以指數級速度被採用。我們看到這些在既有平台上用來提升與強化能力，也會在新的平台上出現，涵蓋空中、陸上、海上與太空。而這些要素確實需要我們所提供的那種架構與運算能力。

So we're seeing that generated in a number of ways, though oftentimes the Department of Defense is slow in their movement. But you can see from our customer-funded development stuff that we have operating in labs and under test is you're seeing the communities across the services assessing and addressing architectures and solutions and what will work. And then those will slowly continue then to transition into ultimately production into existing and new and future platforms.

因此，我們看到這股需求以多種方式被帶動，儘管國防部（DoD）的推進往往較慢。但從我們由客戶出資的開發專案可以看出——我們在實驗室與測試環境中運作的那些——你會看到各軍種社群正在評估並處理架構與解決方案，以及哪些可行。接著這些將會逐步轉入量產，導入既有平台以及新的與未來的平台。

So we're helping that technology and that timing move forward. We're also seeing in some of the kind of existing standard operating open system architectures that have been around for close to a decade, that we're starting to see the services now opening up to reevaluate the elements of those open systems architectures to move in some of the elements from commercial data center and high-performance enterprise-class compute open architectures, the things that we excel in, starting to move those in, realizing that the only way they're going to be able to keep up with sensors, technologies, and capabilities is with those standards and technologies.

所以我們正在協助推動這項技術與時程往前走。我們也看到，在一些已存在近十年的既有標準作業開放式系統架構中，各軍種現在開始願意重新評估這些開放式系統架構的要素，把商用資料中心與高效能企業級運算的開放式架構元素導入——這正是我們擅長的——並開始把它們納入，因為他們意識到，若要跟上感測器、技術與能力的發展，唯一的方法就是採用這些標準與技術。

So it's all opening and paving the way for them to start to align their spend, their future developments, and weapon system and platform roadmaps to include this technology. And a lot of that becomes further strengthened by, I think you can see in a lot of the reports of what's going on in the Gulf and the Straits and with Iran now, just the application of autonomous systems, the weapon system application and all.

因此，這一切都在打開局面並鋪路，讓他們開始調整其支出、未來研發，以及武器系統與平台的路線圖，把這項技術納入其中。而其中很大一部分也因為——我想你從許多報告中可看到——目前在波斯灣、海峽以及與伊朗相關的情勢，只要看自主系統的應用、武器系統的應用等等，就會進一步強化。

So I think you'll see this continue to feedback and strengthen, again, this movement towards the compute that's going to be needed to support not only the compute, those extremely low latency for that. But there's going to be a need as our company has demonstrated, we can move these technologies significantly faster than industry has been able to do with current systems. We have been able to do in months what has taken other people years to deliver these capabilities.

所以我認為你會看到這些持續回饋並強化——再次強化——朝向所需運算能力的趨勢，以支援不僅是運算本身，還包括對極低延遲的需求。但同時也會需要——正如我們公司所展示的——我們能以顯著更快的速度推進這些技術，超越產業在現有系統下所能做到的。我們能在幾個月內完成的能力交付，其他人可能需要數年。

And in a fast-moving operational tempo environment like the US and its allies are seeing, the ability to deliver these high-end computing systems to move more capabilities out to the field is going to be important. I think we'll see that continue to be backed and growing strength as the years come.

在美國及其盟友所面臨的這種快速變動的作戰節奏環境中，能夠交付這些高階運算系統、把更多能力推向前線，將會非常重要。我認為未來幾年你會看到這點持續獲得支持，且力道愈來愈強。

Yeah, great. And then just one follow-up question on the pipeline. Those numbers look good, but how do you see the composition of the pipeline evolving over the next year or two, and could that be a contributor to margin expansion?

好的，很棒。接著我有一個關於商機管線（pipeline）的追問。那些數字看起來不錯，但你如何看待未來一到兩年管線的組成變化？這是否可能成為毛利率擴張的貢獻因素？

Yeah, I believe so, Brian. So you know, the pipeline we established continues to grow with opportunities. Realistically, it still kind of moves in that 50-50 commercial defense space. You know, we don't purposely drive it to that, but it's generally continued over the three years since we started that three and a half years, to be in that range. You will see now, too, especially in the out years, we're starting to identify not only initial new opportunities, but the platform positions that we're winning now, we're able to start weaving in the longer-term production and expected very long-term sustainment on the back end of that.

是的，Brian，我相信會。所以你知道，我們建立的商機管線持續隨著機會而成長。實際上，它仍大致維持在商用與國防各半（50-50）的區間。我們並非刻意把它推到那個比例，但自從我們在三年前、三年半前開始建立以來，整體一直大致落在這個範圍。你也會看到，尤其是在較遠期的年度，我們開始辨識的不僅是初期的新機會；同時，對於我們現在正在贏得的平台席位（platform positions），我們也能開始把更長期的量產，以及後端預期非常長期的維保（sustainment）需求，逐步編織進來。

So part of that growth in the pipeline is just those elements. So we're seeing that start to weave all together, which is also now giving us a little bit of ability to be able to see more certainty in the future about platforms that we're on and what that will generate versus just, you know, winning new opportunities. So we're encouraged by that.

因此，管線中的部分成長只是來自那些要素。所以我們看到這些開始交織在一起，這也讓我們現在能夠更有能力，對我們所處的平台以及其將帶來的產出，在未來有更高一些的確定性，而不只是，你知道，贏得新的機會。所以我們對此感到鼓舞。

Great. Thanks very much for the call.

很好。非常感謝這通電話。

Yeah, thank you, Brian.

是的，謝謝你，Brian。

Austin Moeller, Canaccord Genuity.

Austin Moeller，Canaccord Genuity。

Hi, good morning. If we look at the fiscal year '27, budget that's coming together after the CR, does the 50% projected increase in the shipbuilding budget, is that more beneficial to you just given the needs for network computing and C5ISR at the edge, or is there more opportunity on the Golden Dome and short-range air defense side?

嗨，早安。如果我們看 2027 會計年度，在持續決議（CR）之後正在整合的預算中，造船預算預計增加 50%，考量到邊緣端對網路運算與 C5ISR 的需求，這對你們是否更有利？還是說在 Golden Dome 與短程防空那一側有更多機會？

Yeah, Austin, thanks for the question and being on the call. Ironically, we're engaged in all those areas. So the opportunities exist for both for similar reasons we've continued to identify. They're both moving forward heavy with sensors and compute and applications and AI and ML, and they all need high-end compute, low latency, generally fit into a rugged environment. And so we're able to deliver those.

是的，Austin，謝謝你的提問，也謝謝你參與這通電話。有點諷刺的是，我們在所有那些領域都有參與。所以機會兩邊都有，原因也與我們持續辨識到的相似。它們都在大步推進，重度依賴感測器、運算、應用、AI 與 ML，而且都需要高階運算、低延遲，通常還要能適應嚴苛環境。因此我們能夠交付這些能力。

On the Navy shipboard elements, we're actually engaged in a number of areas with customers as they're evaluating what the architectures of the future can be on both surface and subsurface vessels for the Navy. As they're looking, as you know, they make investment on the ships and subs as they go out. Those tend to be there for a number of years.

在海軍艦載的部分，我們其實在多個領域與客戶合作，因為他們正在評估未來海軍水面與水下艦艇的架構可能會是什麼樣子。如你所知，他們在艦艇與潛艦出航部署時會進行投資。而這些通常會使用很多年。

So they really want to look to take advantage of putting in, you know, the best system they can that will sustain ability to increase capability without huge updates every few years in technology, and that has really been the promise of what we're doing. So we're engaged in a lot of early discussions, activities, and assessments for customers on those fronts.

所以他們真的希望能善用機會，導入你知道、他們所能採用的最佳系統，讓能力可以持續提升，而不必每隔幾年就因科技變化而進行大幅更新；而這正是我們所做事情的承諾。因此，我們在這些面向上，正與客戶進行許多早期討論、活動與評估。

Same thing as we are engaging with companies participating in Golden Dome. There's many, many layers into the Golden Dome concept, many people participating across each of those layers. And so we've been managing our way through that, identifying the key systems, where compute is the most important and the most critical to that solution, who the prime integrators are in those solutions and the weapon systems and sensor systems that'll go into there. So similarly, we're engaged there with how our compute and low latency can really help facilitate the performance needed to make that system wildly successful.

同樣地，我們也在與參與 Golden Dome 的公司合作。Golden Dome 的概念有非常非常多層面，每一層都有很多人參與。因此我們一直在其中推進，辨識關鍵系統、運算在哪裡最重要且最關鍵、這些解決方案中的主承包整合商是誰，以及將納入其中的武器系統與感測器系統。所以同樣地，我們也在那裡投入，探討我們的運算與低延遲如何真正協助促成所需的效能，讓該系統能夠非常成功。

Okay, and there's a lot of new contract awards that are starting to come out of the fiscal year '26, budget in Q2 and Q3 here. So if we just think about your pipeline going forward, when might we start seeing some of the programs that you're involved in on the R&D evaluation stage flip to LRIP or serial production with higher margins? And do you anticipate doing advanced procurement of component inventory if that starts to inflect into serial production?

了解，而且在這裡的第 2 季與第 3 季，2026 會計年度預算開始出現很多新的合約得標。所以如果我們只從你們未來的管線來看，你認為我們何時可能開始看到你們參與、仍在研發評估階段的部分專案，轉入 LRIP（低率初期生產）或量產，並帶來較高毛利？另外，如果開始轉入量產，你們是否預期會進行零組件庫存的預先採購？

Yeah, we don't have exact view into the timeline of when these early-stage systems that we have with the army under test would flow into a program of record, you know, low-rate initial production followed by production. We continue to work with them and advise that. Those elements could come out any number of ways from small buys to a huge program of record.

是的，我們無法精準掌握這些與陸軍合作、仍在測試中的早期系統，何時會轉入正式建案（program of record），也就是低率初期生產，接著進入量產。我們會持續與他們合作並提供建議。這些要素可能以多種方式落地，從小量採購到一個龐大的正式建案都有可能。

So that'll continue to be kind of evaluated over time. So I don't have the ability really to give a timeframe or a period of timeframe on when that might come to fruition. I can say, though, that when and if it does, that generally the programs will be set up such that we would be able to be covered under the contract for our inventory and long lead purchase orders to support that.

所以這會隨時間持續被評估。因此我確實無法提供一個時間點或時間區間，說它何時可能實現。不過我可以說，若且當它發生時，通常這些專案的合約設計會讓我們的庫存與長交期採購單能夠在合約下獲得保障，以支援該專案。

The government is generally very supportive, especially once they've identified a program, oftentimes placing orders for long lead parts in advance of final contract line items for final end items. That's part of what working early with a customer is about. So we wouldn't necessarily anticipate having to stock up inventory in advance of contract and funding from the government on something like that.

政府通常非常支持，尤其是一旦他們確定某個專案後，往往會在最終合約的最終成品項目（contract line items for final end items）確定之前，就先行下單採購長交期零件。這也是為什麼要在早期就與客戶合作。因此，我們不一定會預期在政府合約與資金到位之前，就必須先行囤積這類庫存。

Awesome. Thanks for all the color.

太棒了。謝謝你提供這麼多補充說明。

Yeah, thanks, Austin.

好的，謝謝你，Austin。

Thanks, Austin.

謝謝你，Austin。

Thank you. And at this time, we have no further questions registered, so that will conclude our question-and-answer session as well as our conference call for today. We would like to thank you all for attending and ask that you, please, disconnect your lines. Enjoy the rest of your day.

謝謝。此時我們沒有登記的其他問題，因此我們將結束問答環節，也結束今天的電話會議。感謝各位的參與，並請各位掛斷電話線。祝各位今天剩下的時間愉快。