Precision Optics Corporation Inc (POCI) 2026 Q3 法說會逐字稿

Good day, and welcome to the Precision Optics reports third quarter fiscal year 2026 financial results conference call. (Operator Instructions) Please note this event is being recorded. I would now like to hand the conference over to Mr. Robert Blum, Lytham Partners. Please go ahead.

大家好，歡迎參加 Precision Optics 2026 會計年度第三季財務結果電話會議。(接線員指示) 請注意，本活動將被錄音。現在我想將會議交給 Lytham Partners 的 Robert Blum 先生。請開始。

All right. Thank you, Darcy, and thank you to everyone joining the call today. As the operator mentioned, on today's call, we will discuss Precision Optics' third quarter fiscal year 2026 financial results and it's for the period ended March 31, 2026.

好的。謝謝你，Darcy，也感謝今天加入電話會議的各位。如接線員所提及，今天的電話會議我們將討論 Precision Optics 2026 會計年度第三季的財務結果，涵蓋截至 2026 年 3 月 31 日止期間。

With us on the call representing the company today are Dr. Joe Forkey, Precision Optics' Chief Executive Officer; and Wayne Coll, the company's Chief Financial Officer. At the conclusion of today's prepared remarks, we will open the call for a question-and-answer session (Event Instructions)

今天代表公司出席電話會議的有 Precision Optics 執行長 Joe Forkey 博士，以及公司財務長 Wayne Coll。在今天的預備發言結束後，我們將開放問答環節。(活動指示)

Before we begin with prepared remarks, we submit, for the record, the following statement. Statements made by the management team of Precision Optics during the course of this conference call may contain forward-looking statements within the meaning of Section 27A of the Securities Act 1933 as amended and Section 21E of the Securities Exchange Act 1934 as amended, and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.

在開始預備發言之前，我們先提交以下聲明以供記錄。Precision Optics 管理團隊在本次電話會議期間所作之陳述，可能包含《1933 年證券法》（修訂後）第 27A 條及《1934 年證券交易法》（修訂後）第 21E 條所定義之前瞻性陳述；此等前瞻性陳述係依據《1995 年私人證券訴訟改革法》之安全港條款作出。

Forward-looking statements describe future expectations, plans, results or strategies and are generally preceded by words such as may, future, plan or planned, will or should, expected, anticipates, draft, eventually or projected. Listeners are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements as a result of various factors and other risks identified in the company's filings with the Securities and Exchange Commission.

前瞻性陳述描述未來的預期、計畫、結果或策略，通常以「可能」、「未來」、「計畫」或「已規劃」、「將」或「應」、「預期」、「預見」、「草擬」、「最終」或「預測」等字眼作為引導。提醒聽眾注意，此類陳述受多項風險與不確定性影響，可能導致未來情況、事件或結果與前瞻性陳述中所預測者出現重大差異；其中包括因各種因素而使實際結果可能與前瞻性陳述所預測者有重大差異之風險，以及公司向美國證券交易委員會提交之文件中所識別的其他風險。

All forward-looking statements contained during this conference call speak only as of the date in which they were made and are based on management's assumptions and estimates as of such date. The company does not undertake any obligation to publicly update any forward-looking statements, whether as a result of the receipt of new information, the occurrence of future events or otherwise.

本次電話會議中所包含之所有前瞻性陳述，僅截至其作出之日有效，並以管理層於該日之假設與估計為基礎。公司不承擔公開更新任何前瞻性陳述之義務，不論係因取得新資訊、未來事件發生或其他原因。

All right, with that said, let me turn the call over to Dr. Joe Forkey, Chief Executive Officer, Precision Optics. Joe, please proceed.

好的，說到這裡，讓我把電話會議交給 Precision Optics 執行長 Joe Forkey 博士。Joe，請開始。

Thank you, Robert, and thank you all for joining our call today. Last quarter, we said Precision Optics had strong production demand, but we're still working through the challenges of scaling a much larger manufacturing business. In the third quarter, revenue continued to grow, and we began to see the payoff of the investments we've made in the last few quarters, improving manufacturing processes and efficiency.

謝謝你，Robert，也感謝各位今天加入我們的電話會議。上一季我們提到 Precision Optics 的生產需求強勁，但我們仍在克服將製造業務擴大到更大規模所面臨的挑戰。在第三季，營收持續成長，我們也開始看到過去幾季所做投資的回報，製造流程與效率有所改善。

Revenue was $8.7 million, a new quarterly record for Precision Optics and more than double the quarterly revenue of a year ago. More importantly, we achieved positive adjusted EBITDA, a major milestone that reflects both the strength of our core production programs and the manufacturing improvements we've made over the last several quarters.

營收為 870 萬美元，創 Precision Optics 單季新高，且較一年前的單季營收增加逾一倍。更重要的是，我們達成正向的調整後 EBITDA，這是一項重要里程碑，反映出我們核心量產專案的強勁表現，以及過去幾季所推動的製造改善。

Our two largest production programs continue to drive the business. Revenue from our top-tier aerospace customer reached $3.6 million, a new record, representing 44% sequential growth. This was the result of our investment in production capacity now achieving improved efficiency. Production yields on this line have now increased to 97% consistently, a significant improvement from previous months that were typically in the 85% to 95% range. Because our customer has faced bottlenecks elsewhere in their deployment process, they have asked us to slow production against our existing backlogs in Q1 and Q2 of fiscal 2027 with new orders expected for Q3. All indications are that we continue to be the sole source for this assembly and that the long-term prospects for this program remain extremely high.

我們兩個最大的量產專案持續帶動業務成長。來自我們頂級航太客戶的營收達到 360 萬美元，創新高，較前一季成長 44%。這是我們投資產能後、效率提升所帶來的成果。該產線的生產良率目前已穩定提升至 97%，相較於先前數月通常落在 85% 至 95% 的區間，為顯著改善。由於客戶在其部署流程的其他環節遭遇瓶頸，他們要求我們在 2027 會計年度第一季與第二季，針對既有積壓訂單放緩生產，並預期在第三季下新訂單。各項跡象顯示，我們仍是該組件的唯一供應來源，且此專案的長期前景依然極為看好。

Our single-use cystoscope program also contributed record revenue at $2.2 million in the third quarter, an all-time high and representing approximately 10% sequential growth. More importantly, we have made dramatic progress in terms of production yields and costs. Here too, yields have increased to current rates above 90%, but not yet to the targeted 95% level, which we expect to achieve in Q4. Beyond those two lead programs, we continue to advance newer programs, including our single-use ophthalmic endoscope program, supported by a $3.5 million follow-on production order that we just announced last week. Our Ross Optical division also contributed significantly to the quarter's improved bottom line.

我們的一次性使用膀胱鏡專案在第三季也貢獻了創紀錄的 220 萬美元營收，為歷史新高，約較前一季成長 10%。更重要的是，我們在生產良率與成本方面取得了顯著進展。同樣地，良率已提升至目前 90% 以上，但尚未達到目標的 95% 水準，我們預期將在第四季達成。除這兩個主要專案外，我們也持續推進較新的專案，包括我們的一次性使用眼科內視鏡專案，並由我們上週剛宣布的 350 萬美元追加量產訂單所支持。我們的 Ross Optical 事業部也對本季獲利改善做出重要貢獻。

Revenue for Ross Optical was approximately $1.3 million compared to $1.0 million in Q2 and $0.8 million a year ago, representing 65% year-over-year growth. This is important because this business can support higher revenue without a proportional increase in headcount or other fixed costs, so incremental revenue contributes meaningfully to gross profit and adjusted EBITDA. As a result of revenue growth and production improvements, our overall gross margin improved to 24% compared to 10% a year ago and 3% in Q2. While we still have work to do, the quarter showed that our operational improvements are beginning to translate into stronger financial performance as our production lines become more stable and the higher revenue levels leverage the manufacturing infrastructure we've built over recent quarters. The process and personnel updates that have driven the results are directly attributable to the change we made in our operating leadership, bringing on Joe Traut as Chief Operating Officer in October of last year.

Ross Optical 的營收約為 130 萬美元，相較於第二季的 100 萬美元以及一年前的 80 萬美元，年增 65%。這點很重要，因為該業務在不需按比例增加人力或其他固定成本的情況下即可支撐更高營收，因此新增營收能對毛利與調整後 EBITDA 做出顯著貢獻。受惠於營收成長與生產改善，我們整體毛利率提升至 24%，相較於一年前的 10% 以及第二季的 3% 有明顯改善。雖然我們仍有工作要做，但本季顯示，隨著產線更趨穩定、且更高的營收水準得以運用我們近幾季建立的製造基礎設施，我們的營運改善正開始轉化為更強的財務表現。推動這些成果的流程與人員更新，直接歸因於我們在營運領導層所做的調整——於去年 10 月聘任 Joe Traut 擔任營運長。

Joe has rebuilt the operations team, making changes where needed and empowering others to act with urgency to deliver more products with greatly improved efficiency. Joe and his team have made great progress in six months, and I am confident we are seeing just the beginning of what they can accomplish going forward. We also strengthened our balance sheet in March through an oversubscribed $10 million public offering led by existing and new investors and including participation from directors and officers. This capital supports our growth plans, and I want to thank all of our investors for their support.

Joe 已重建營運團隊，在需要之處進行調整，並授權其他人以更高的急迫感採取行動，以大幅提升效率、交付更多產品。Joe 與其團隊在六個月內取得了很大進展，我有信心我們目前看到的只是他們未來可達成成果的開始。我們也在 3 月透過一項超額認購的 1,000 萬美元公開發行強化了資產負債表，該發行由既有與新投資人共同主導，並包含董事與高階主管的參與。這筆資金支持我們的成長計畫，我也要感謝所有投資人的支持。

Given the strength of our results and our visibility into the remainder of the fiscal year, we are increasing fiscal 2026 revenue guidance to a range of $29 million to $31 million compared to our previous guidance of $26 million to $28 million. This represents 52% to 62% growth over fiscal 2025 revenue of $19.1 million. We are also increasing fiscal 2026 adjusted EBITDA guidance to a range of negative $2.5 million to negative $2.7 million compared to our previous guidance of negative $2.5 million to negative $3.0 million. This translates into another quarter of roughly breakeven adjusted EBITDA in Q4. For comparison, adjusted EBITDA was negative $3.7 million in fiscal 2025 and negative $2.7 million in the first six months of the current fiscal year.

鑑於我們的業績表現強勁，且對本會計年度剩餘期間具備可見度，我們將 2026 會計年度營收指引上調至 2,900 萬至 3,100 萬美元區間，先前指引為 2,600 萬至 2,800 萬美元。這代表相較於 2025 會計年度 1,910 萬美元的營收，成長 52% 至 62%。我們也將 2026 會計年度調整後 EBITDA 指引上調至負 250 萬至負 270 萬美元區間，先前指引為負 250 萬至負 300 萬美元。這意味著第四季調整後 EBITDA 仍將約略損益兩平。作為比較，2025 會計年度調整後 EBITDA 為負 370 萬美元，而本會計年度前六個月為負 270 萬美元。

As we look forward to Q4 and into fiscal 2027, we anticipate continued strong performance from our lead aerospace and cystoscopy production lines, along with our quickly ramping single-use ophthalmic endoscope line.

展望第四季並進入2027會計年度，我們預期我們的主力航太與膀胱鏡生產線將持續展現強勁表現，同時我們的一次性使用眼科內視鏡產線也正快速爬坡。

And with the highest backlog in many quarters, we believe that the recent increases in Ross Optical revenues are sustainable and will continue to contribute to positive margins and bottom line profitability going forward. In addition to the continuation of these strong revenue-producing programs, we expect as many as five to six programs in the development pipeline to move to production in fiscal 2027.

此外，在多個季度以來最高的在手訂單支撐下，我們相信近期Ross Optical營收的成長具有可持續性，並將在未來持續為正向毛利率與最終獲利作出貢獻。除了這些強勁創收專案的延續之外，我們預期在研發管線中多達五到六個專案將於2027會計年度轉入量產。

Three of these are scheduled to enter production over the next six months, a low-volume single-use device for small joint arthroscopy, an upper GI scope and a robotic surgery articulating rigid scope. While there are always time line, yields and efficiency challenges when development programs are transitioning to production, our new operations team is deeply experienced and already working closely with the production and product development teams to ensure a smooth transfer and efficient drive to profitable volume production. This was a fantastic quarter for POC, and we believe it's just the beginning of leveraging our improved operational infrastructure.

其中三個預計在未來六個月內進入量產：一款用於小關節關節鏡的一次性低產量器材、一款上消化道（upper GI）內視鏡，以及一款機器人手術用可擺動關節的硬式內視鏡。雖然研發專案轉入量產時，時間表、良率與效率方面總會面臨挑戰，但我們的新營運團隊具備深厚經驗，且已與生產與產品開發團隊緊密合作，以確保順利移轉並有效推進至具獲利性的量產規模。這對POC而言是一個非常出色的季度，我們相信這只是開始，將進一步發揮我們已改善的營運基礎設施。

With high revenue supported by our existing programs, new programs entering production today and new production slated for the next 6 to 12 months, along with a strong outlook for Ross Optical revenue and high variable margins, we believe the recent positive trends will continue to drive growing profitability.

在既有專案支撐的高營收、目前正進入量產的新專案、未來6至12個月預計導入的新量產，以及Ross Optical營收的強勁展望與較高的變動毛利率之下，我們相信近期的正向趨勢將持續推動獲利能力成長。

In light of our operating performance and growing confidence in our production capabilities, which contributed to our successful capital raise, we are thinking about strategic investments in our business in two specific areas. First, we are investing in capabilities required to become the leading production company in micro-optics, including components and systems, especially those that are small and complex. We have learned through the ramp of the production programs I spoke to before that there are greater requirements to becoming a premier production company than we initially expected. Investments go beyond simply increased production capacity. We require investment in quality assurance, manufacturing engineering, supply chain management and other functions.

鑑於我們的營運表現以及對生產能力日益提升的信心（這也促成我們成功完成募資），我們正考慮在兩個特定領域對業務進行策略性投資。第一，我們將投資成為微型光學（micro-optics）領先量產公司的所需能力，涵蓋元件與系統，尤其是小型且複雜的產品。透過我先前提到的量產專案爬坡經驗，我們了解到，要成為一流的量產公司，其要求比我們最初預期更高。投資不僅僅是提升產能。我們也需要在品質保證、製造工程、供應鏈管理及其他職能方面投入。

We have made several of these out of necessity in recent months, and we'll continue on this path to enhance and stabilize these capabilities to be well prepared for the anticipated ongoing increase in production volume. Along with this, we continue to evaluate multiple options for potential updates to our manufacturing facilities. Second, we want to grow within the markets we currently serve, all of which continue to exhibit strong growth trajectories able to support the substantial long-term growth of POC. We participate in three primary markets: medical device, defense and aerospace and satellite communications. We have previously considered satellite communications as part of aerospace, but have begun to treat that segment separately as we work to better understand market drivers and primary participants.

過去幾個月我們已因應需求進行了其中若干投資，並將持續沿著這條路徑強化並穩定相關能力，以充分準備迎接預期中持續增加的生產量。同時，我們也持續評估多種方案，以因應製造設施可能的更新。第二，我們希望在目前服務的市場中擴大成長；這些市場皆持續呈現強勁成長軌跡，足以支撐POC長期的顯著成長。我們參與三個主要市場：醫療器材、國防與航太，以及衛星通訊。過去我們將衛星通訊視為航太的一部分，但隨著我們致力於更深入理解市場驅動因素與主要參與者，我們已開始將該區隔獨立看待。

Medical device, which remains our largest and most immediate opportunity, continues to move toward minimally-invasive procedures, smaller imaging systems and single-use devices. This aligns directly with our core strengths, particularly in micro-optics and digital imaging. Market data continues to support these observations with recent reports estimating the disposable income market will grow at a compound annual growth rate of approximately 15% to 20% over the next 10 years. This is also where our Unity platform becomes important. Unity was designed to reduce development costs, time to market and execution risk through a modular imaging architecture that can support reusable and single-use endoscopic systems.

醫療器材仍是我們最大且最即時的機會，並持續朝向微創手術、更小型的影像系統與一次性使用器材發展。這與我們的核心優勢高度一致，特別是在微型光學與數位影像方面。市場數據持續支持這些觀察；近期報告估計，一次性使用市場在未來10年將以約15%至20%的年複合成長率成長。這也是我們Unity平台變得重要之處。Unity的設計目的，是透過可模組化的影像架構降低開發成本、縮短上市時間並降低執行風險，該架構可支援可重複使用與一次性使用的內視鏡系統。

As more customers look to bring advanced imaging products to market efficiently, we believe Unity can enhance our role as a development and production partner and provide a strong competitive advantage. Today, we have one Unity program in our product development pipeline and are in discussions with four additional sales prospects today. The second major market is defense/aerospace, which is increasingly driving optical systems to smaller size, weight and power or SWaP. We believe there are opportunities in a broad range of products from autonomous vehicles to directed energy weapons. Interest and budgets for these types of systems have increased substantially given the wars in Ukraine and Iran.

隨著更多客戶希望以更高效率將先進影像產品推向市場，我們相信Unity能強化我們作為開發與量產合作夥伴的角色，並提供強而有力的競爭優勢。目前，我們的產品開發管線中有一個Unity專案，並且正與另外四個潛在銷售客戶進行洽談。第二個主要市場是國防/航太，該領域正日益推動光學系統朝更小的尺寸、重量與功耗（SWaP）發展。我們相信在從自主載具到定向能武器等廣泛產品上都存在機會。鑑於烏克蘭與伊朗的戰事，市場對此類系統的興趣與預算已大幅增加。

We are adding resources and emphasis here as evidenced by our recent participation at the SPIE Defense and Security Conference at the National Harbor in Maryland just two weeks ago. Our recently announced development agreement for a high-end jet engine inspection borescope is a good example of the complex optical opportunities where Precision Optics can be highly competitive.

我們正在增加資源並提高在此領域的投入，這可從我們兩週前於馬里蘭州National Harbor參加SPIE國防與安全會議的行動中看出。我們近期宣布的高階噴射引擎檢測用內視鏡（borescope）開發協議，就是Precision Optics在複雜光學機會中具高度競爭力的良好例證。

The third market focus is satellite communications and related infrastructure. Current market studies estimate this market to be growing at 15% to 25% per year. We see opportunities similar to the program, which is currently our largest revenue generator in both ground-based and space-based systems as satellite networks continue to expand.

第三個市場重點是衛星通訊及相關基礎設施。目前市場研究估計該市場每年成長15%至25%。隨著衛星網路持續擴張，我們在地面端與太空端系統中都看到了與該專案類似的機會；該專案目前是我們最大的營收來源。

Across medical device, defense/aerospace and satellite communications, we are finding a common theme that customers need smaller, more precise, higher-performance optical systems. We will be investing in go-to-market resources to expand our presence and customer reach within these sectors, and we will consider add-on capabilities as needed to complement and broaden our current offerings. Investments will be made with discipline and high expectations of returns, which we think is achievable given current market dynamics.

在醫療器材、國防/航太與衛星通訊三大領域，我們發現一個共同主題：客戶需要更小、更精密、效能更高的光學系統。我們將投資市場拓展（go-to-market）資源，以擴大我們在這些產業的能見度與客戶觸及範圍，並將在需要時考慮補強型能力，以補足並拓展我們目前的產品與服務。我們將以紀律進行投資，並對投資報酬抱持高標準；鑑於目前的市場動態，我們認為這是可達成的。

With that overview, let me turn it over to Wayne to review the financials in more detail. Wayne?

以上為概述，接下來我把時間交給Wayne，請他更詳細地說明財務表現。Wayne？

Thank you, Joe. Let me expand on some of Joe's comments on the financial results. Starting with revenue. For the third quarter, total revenue was $8.7 million compared to $4.2 million in the year ago third quarter, an increase of $4.5 million or 108%. Revenue was also up compared to $7.4 million in the prior sequential quarter.

謝謝你，Joe。我來延伸說明Joe對財務結果的一些評論。先從營收開始。第三季總營收為870萬美元，相較去年同期第三季的420萬美元，增加450萬美元，增幅為108%。營收也較前一個連續季度的740萬美元增加。

Breaking it down, production revenue was approximately $7.6 million compared to $3.3 million in the year ago quarter and $6.4 million in the prior sequential quarter. Product development or engineering revenue was $1.1 million compared to $900,000 in the year ago quarter and $1 million in the previous quarter. Our aerospace program contributed $3.6 million in revenue during the quarter, while the single-use cystoscope program contributed $2.2 million in revenue, net of tariffs. Ross Optical revenue was $1.3 million in the quarter compared to $1 million in the sequential second quarter and $800,000 in the year ago third quarter. Both represented quarterly records.

進一步拆解，量產營收約為760萬美元，相較去年同期季度的330萬美元，以及前一個連續季度的640萬美元。產品開發或工程營收為110萬美元，相較去年同期季度的90萬美元，以及上一季度的100萬美元。本季航太專案貢獻360萬美元營收，而一次性使用膀胱鏡專案貢獻220萬美元營收（已扣除關稅影響）。本季Ross Optical營收為130萬美元，相較連續第二季的100萬美元，以及去年同期第三季的80萬美元。兩者皆創下單季新高。

As we discussed last quarter, we successfully negotiated agreements with these customers to pass through tariffs without markup. Total revenue net of tariffs would have been $8.3 million. For the quarter, gross margin was 23.6% compared to 10% in the year ago third quarter and 2.8% in the prior sequential quarter. Gross profit increased to $2.1 million compared to $418,000 in the year ago quarter. As Joe discussed, the improvement was especially meaningful because it reflects the operational progress we had made in the business.

如同我們上季所討論的，我們已成功與這些客戶協商達成協議，以不加價方式轉嫁關稅。若以扣除關稅後計算，總營收將為830萬美元。本季毛利率為23.6%，相較去年同期第三季的10%以及前一個連續季度的2.8%。毛利增加至210萬美元，相較去年同期季度的41.8萬美元。如Joe所述，這項改善特別有意義，因為它反映了我們在業務營運上所取得的進展。

Higher production volumes, better throughput and improved yields all contributed to stronger gross profit performance. The gross margin was also impacted by the recording of a $225,000 refundable credit from the Commonwealth of Massachusetts Economic Development Incentive program, which is earned by POC as we increase the number of employees at our Massachusetts locations. Given our anticipated growth, we expect additional refundable credits from the EDIP program in future periods. Total operating expenses were approximately $2.1 million during the third quarter compared to approximately $2.5 million in the year ago third quarter. Breaking it down, SG&A expenses were $1.9 million during this quarter compared to $2.2 million in the year ago quarter.

更高的產量、更好的產出效率以及良率提升，皆促成毛利表現轉強。毛利率亦受到認列麻薩諸塞州聯邦（Commonwealth of Massachusetts）經濟發展獎勵計畫（Economic Development Incentive program）所提供之225,000美元可退還抵免額的影響；該抵免額係POC隨著我們在麻薩諸塞州據點增加員工人數而取得。鑑於我們預期的成長，我們預期未來期間將自EDIP計畫取得額外的可退還抵免額。第三季總營業費用約為210萬美元，去年同期第三季約為250萬美元。拆解來看，本季SG&A費用為190萬美元，去年同期為220萬美元。

The decrease was primarily due to lower stock-based compensation and recruiting costs, partially offset by increased consulting, bonuses and bad debt expense. R&D expenses were $267,000 during the quarter compared to $211,000 in the year ago quarter, an increase of $56,000. R&D expenses primarily represent employee-related expenses to support product improvements, development of new technologies and standardized approaches to address opportunities in our three primary markets. As a result of the factors I've discussed, our net loss for the quarter was $108,000 compared to a net loss of $2.1 million in the year ago third quarter compared to a net loss of $1.8 million in the sequential second quarter.

下降主要係因股票基礎給付與招募成本降低，部分被顧問費、獎金及壞帳費用增加所抵銷。本季研發（R&D）費用為267,000美元，去年同期為211,000美元，增加56,000美元。研發費用主要為員工相關費用，用以支援產品改良、新技術開發，以及建立標準化方法以因應我們三大主要市場中的機會。基於我所討論的因素，本季淨損為108,000美元，相較去年同期第三季淨損210萬美元；亦相較於前一季第二季淨損180萬美元。

Adjusted EBITDA, which excludes stock-based compensation, interest expense, depreciation and amortization was positive $300,000 in the third quarter compared to negative $1.3 million in the year ago third quarter and negative $1.5 million in the sequential second quarter. This was a major milestone for the company and reflects the combination of record revenue, improved manufacturing performance, better yields and continued operating expense discipline.

調整後EBITDA（排除股票基礎給付、利息費用、折舊及攤銷）在第三季為正300,000美元，相較去年同期第三季為負130萬美元，且相較前一季第二季為負150萬美元。這是公司的一項重大里程碑，反映創紀錄營收、製造表現改善、良率提升以及持續的營業費用控管紀律之綜合成果。

As Joe discussed, we believe the third quarter provides evidence that the investments we have made in operations leadership, manufacturing infrastructure and production capacity are beginning to translate into improved profitability. Cash at March 31, 2026 was $10.7 million compared to approximately $900,000 at December 31, 2025. During the quarter, we completed an oversubscribed $10 million public offering to support our growth plans.

如Joe所述，我們認為第三季提供證據顯示，我們在營運領導、製造基礎設施與產能方面所做的投資，正開始轉化為獲利能力的提升。截至2026年3月31日，現金為1,070萬美元，相較2025年12月31日約為90萬美元。本季我們完成一項超額認購的1,000萬美元公開發行，以支持我們的成長計畫。

The offering included participation from both existing and new investors as well as participation from directors and officers. This financing significantly strengthened our balance sheet and provides additional flexibility as we continue to scale production, support working capital needs and invest in the growth opportunities Joe discussed earlier.

本次發行包含既有與新投資人參與，亦包含董事與高階主管的參與。此融資大幅強化我們的資產負債表，並在我們持續擴大產量、支援營運資金需求，以及投資Joe先前提到的成長機會之際，提供額外的彈性。

Bank debt at March 31, 2026 was approximately $1.5 million. We continue to engage in productive discussions with our current as well as alternate commercial banks to improve our loan facilities commensurate with our growth plan. As Joe mentioned, based on the strength of our third quarter results and our visibility into the remainder of the fiscal year, we are increasing our fiscal 2026 revenue guidance to a range of $29 million to $31 million compared to our previous guidance of $26 million to $28 million.

截至2026年3月31日，銀行借款約為150萬美元。我們持續與現有及替代的商業銀行進行具建設性的討論，以依據我們的成長計畫改善貸款額度與條件。如Joe所提，基於第三季結果的強勁表現以及我們對本會計年度剩餘期間的能見度，我們將2026會計年度營收指引上調至2,900萬至3,100萬美元，先前指引為2,600萬至2,800萬美元。

We are also increasing our fiscal 2026 adjusted EBITDA guidance to a range of negative $2.5 million to negative $2.7 million compared to our previous guidance of negative $2.5 million to negative $3 million. With year-to-date revenue of $22.8 million and positive adjusted EBITDA achieved in the third quarter, our updated outlook reflects the improved operating performance of the business, continued strength in our core production programs and our expectation that the recent positive trends will continue into the fourth quarter.

我們亦將2026會計年度調整後EBITDA指引上調至負250萬至負270萬美元，先前指引為負250萬至負300萬美元。在年初至今營收2,280萬美元且第三季達成調整後EBITDA轉正的情況下，我們更新後的展望反映業務營運表現改善、核心量產專案持續強勁，以及我們預期近期正向趨勢將延續至第四季。

I will now turn the call back over to Joe for some final comments.

接下來我把電話交回Joe，請他做一些最後的評論。

Thank you, Wayne. Before we take questions, let me recap just a few points. First, Q3 revenue reached a new quarterly record of $8.7 million, driven by continued strength in our core production programs. Second, we achieved positive adjusted EBITDA, which is a major milestone for Precision Optics and demonstrates the impact of our strong production volumes, improved yields, better throughput and overall impact of the operational changes we have put in place.

謝謝你，Wayne。在我們開始提問之前，我先簡要回顧幾點。第一，第三季營收達到新的單季紀錄8,700,000美元，主要受惠於核心量產專案持續強勁。第二，我們達成調整後EBITDA轉正，這是Precision Optics的一項重大里程碑，並展現我們強勁的產量、良率提升、產出效率改善，以及我們所推動之營運變革的整體影響。

Third, with the ongoing strength of our base production programs, newer production programs ramping today and a number of programs slated to move from development to production in fiscal 2027, we anticipate continued profitable growth. And finally, we strengthened the balance sheet through our oversubscribed $10 million public offering and increased our full year guidance based on the strength of our results and visibility into the fourth quarter.

第三，隨著基礎量產專案持續強勁、較新的量產專案目前正在爬坡，以及多項專案預計於2027會計年度由開發轉入量產，我們預期獲利性成長將持續。最後，我們透過超額認購的1,000萬美元公開發行強化資產負債表，並基於我們結果的強勁表現與對第四季的能見度，上調全年指引。

In many ways, this quarter demonstrates the business model we have been building towards. Our production programs are scaling, our operations are improving, our pipeline remains active, and our financial performance is beginning to reflect that progress. We still have work ahead of us, but we are encouraged by the trajectory of the business and believe Precision Optics is well positioned to create significant long-term value for shareholders.

在許多方面，本季展現了我們一直努力打造的商業模式。我們的量產專案正在擴大規模、營運持續改善、專案管線仍然活躍，而我們的財務表現也開始反映這些進展。我們仍有工作要做，但我們對業務走勢感到鼓舞，並相信Precision Optics已具備良好定位，可為股東創造可觀的長期價值。

With that, we'd be happy to take any questions.

接下來，我們很樂意回答任何問題。

(Operator Instructions)

（接線員指示）

All right. Darcy, this is Robert. While we wait to see if anyone queues up through the live teleconference line, we want to remind everyone that's listening through the webcast (Operator Instructions) We do have a couple of questions online, Joe and Wayne. So why don't we get to those first here. The first question here is, can you comment on revenue expectations in Q4 for aerospace and the cystoscope? And what do we expect in Q1 for this as well?

好的。Darcy，我是Robert。在我們等待是否有人透過即時電話會議線路排隊提問的同時，我們想提醒所有透過網路直播收聽的朋友（接線員指示）。我們線上確實有幾個問題，Joe和Wayne。所以我們先從這些問題開始。第一個問題是：你們能否評論第四季在航太與膀胱鏡（cystoscope）方面的營收預期？另外第一季對此的預期為何？

So, generally speaking, we expect both of those programs to continue at similar levels that we saw in Q3 with the one caveat that the aerospace program, our customers asked us to pull back a bit in Q1 and Q2. So for that particular program, we may see, I don't know, 15%, 20% pullback in Q1 and Q2. We expect that some of these other programs that are coming online will make up that difference. But, generally speaking, over the long run, we expect both of those programs to continue at the same levels and even to continue growing.

一般而言，我們預期這兩個專案將延續第三季所見的相近水準，但有一個但書：航太專案方面，我們的客戶要求我們在第一季與第二季稍微放緩一些。因此就該特定專案而言，我們可能會在第一季與第二季看到，我不確定，大約15%、20%的回落。我們預期其他一些正在上線的專案將彌補這個差額。但整體來說，從長期角度，我們預期這兩個專案將維持在相同水準，甚至持續成長。

All right. Very good. The next question here is, can you discuss more about the customer requested slowdown, and what happens if it moves to a license model?

好的。非常好。下一個問題是：你們能否更進一步說明客戶要求放緩的情況，以及如果轉為授權（license）模式會發生什麼事？

So, the customer requested slowdown is for the aerospace program for which there is no licensing model. And I guess what I can say is that we've heard from our customer that they take the assembly that we make and then they combine it with components from many other suppliers and build it into satellites. And that process of combining it and building it into satellites is running slower than they anticipated.

所以，客戶要求放緩的是航太專案，而該專案並不存在授權模式。我想我可以說的是，我們從客戶那邊得知，他們會把我們製作的組件，與許多其他供應商的零組件結合，並將其整合到衛星中。而將其結合並整合到衛星中的流程，進度比他們原先預期的更慢。

So they've had some challenges on their side. And because of that, they have excess inventory of the parts that we're building, and that's the reason for the slowdown. They've also said very clearly that they expect to be back up to similar levels as before once we get through these next couple of quarters. So we see this as a bit of a blip and not a long-term issue.

所以他們那邊確實遇到了一些挑戰。也因此，他們對於我們正在生產的零組件出現了過剩庫存，這就是放緩的原因。他們也非常清楚地表示，一旦我們度過接下來這幾個季度，他們預期會回到與先前相近的水準。因此我們把這視為一個小波動，而不是長期性的問題。

And then maybe just on the licensing side.

接著也許談一下授權方面。

So there is no licensing for the aerospace program.

所以航太專案沒有授權。

Sorry, I think he was referring to the medical device side.

抱歉，我想他指的是醫療器材那一塊。

To the other product, I'm sorry. So there is a licensing option for both of our single-use programs, and that licensing option is that we'll stand up -- we'll duplicate our production line in our customers' facility or another facility of their choice. We didn't talk about it today, but the cystoscope customer has funded us to build out another production line in our facility and has asked us to build a production line in their facility. So we've been working on that. We see this as a positive for a couple of reasons.

是另一個產品，抱歉。所以我們兩個一次性使用（single-use）專案都有授權選項；該授權選項是我們會建置——我們會在客戶的廠內或其選擇的其他設施中，複製我們的生產線。我們今天沒有談到，但膀胱鏡（cystoscope）客戶已出資讓我們在自家廠內再建置一條生產線，並要求我們在他們的廠內建置一條生產線。所以我們一直在推進這件事。我們認為這在幾個方面是正面的。

The first one is, they invoked this clause by building the production line in their facility, not a third party. We always expected that they would want to have duplication of supply for this critical component. So duplicating it within their own facility is the ideal situation for us as opposed to going to a competitor.

第一，他們是透過在自家廠內建置生產線來啟動這項條款，而不是交由第三方。我們一直預期他們會希望對這個關鍵零組件有重複供應來源。因此在他們自家廠內複製產能，對我們而言是最理想的情況，相較之下不必轉向競爭對手。

And the third piece is that for the units that they build in their facility, we'll collect a royalty. So at the end of the day, we benefit financially when we're either building things in our facility or when they're building things in their facility. We've always known that there would be some mix. Right now, we'll be running basically three shifts on two lines. They'll be running 1 shift, maybe 1.5 shifts on their line.

第三點是，他們在自家廠內生產的那些單位，我們會收取權利金（royalty）。所以歸根結底，不論是我們在自家廠內生產，或是他們在自家廠內生產，我們在財務上都能受益。我們一直都知道會有一定的組合比例。目前我們基本上會在兩條產線上跑三班。他們在自己的產線上會跑一班，可能一班半。

So that ends up being a pretty good mix. And so we see this as a way of that product continuing -- the impact from that product continuing to grow even as our production levels stay the same or grow by just a small amount.

所以最後形成的是一個相當不錯的組合。因此我們把這視為一種方式：即使我們的產量維持不變或僅小幅成長，該產品的影響力仍能持續——也就是持續擴大。

All right. Very good. So that investor question is -- needs to be expanded upon, please let us know. Again, if you're in the webcast portal, please type your question into the Ask a question feature there on the screen. Next question pertains to Unity. With the adoption of Unity, is the time frame for conversion of R&D into production shortened?

好的。非常好。如果那位投資人的問題——需要進一步延伸說明，請告訴我們。再次提醒，如果您在網路直播入口，請在畫面上的「Ask a question」功能中輸入您的問題。下一個問題與 Unity 有關。隨著採用 Unity，將研發（R&D）轉換為量產的時間是否縮短？

It is. So that's one of the main benefits of the Unity program, the Unity platform, and that's one of the reasons that we put Unity together because we expected that the reduction in time to market would be attractive to our customers. And certainly, it's attractive to us. We want to move things through the engineering pipeline and into production. We're starting to see this bear out.

是的，會縮短。這是 Unity 專案、Unity 平台的主要優勢之一；這也是我們建立 Unity 的原因之一，因為我們預期縮短上市時間（time to market）會對客戶具有吸引力。當然，這對我們也很有吸引力。我們希望把專案從工程管線推進到量產。我們開始看到這點正在得到驗證。

We only have one program right now in the engineering pipeline that's using Unity. It has benefited from the Unity platform. So the time to production is shorter. I guess I would expand on this answer a little bit and say that we launched Unity a little over a year ago, about 15 months ago. And I have to say I expected that by now we would have a product development pipeline full of Unity projects and we don't.

目前在工程管線中使用 Unity 的專案只有一個。它已經從 Unity 平台中受益。所以導入量產的時間更短。我想我可以把這個回答再延伸一點：我們在一年多前、約 15 個月前推出 Unity。我必須說，我原本預期到現在我們的產品開發管線會充滿 Unity 專案，但事實並非如此。

We have one. But the good news is that our sales and marketing team, I think, has done a good job. We frankly had to figure out the best way to market the Unity platform because it is a little bit different than simply going out and saying we can design an endoscope and then build it for you. Going out and saying we're starting with the platform is a slightly different message. And so the way that we bring that messaging to the market took us a little while to figure out.

我們只有一個。但好消息是，我認為我們的銷售與行銷團隊做得不錯。坦白說，我們必須找出行銷 Unity 平台的最佳方式，因為它與單純對外說「我們可以為你設計一支內視鏡，然後替你生產」有些不同。對外說「我們從平台開始」是一個略有不同的訊息。因此，我們花了一點時間才摸索出如何把這個訊息帶到市場上。

The good news is that, as I mentioned in the comments today, we have four customers now that our sales team is talking to about potential Unity projects. There's no guarantee that they'll all come into the engineering pipeline, but we are starting to see some more traction with Unity. And so we do expect that as we move forward, it will contribute to an increase in the programs in the product development pipeline, and it will have that benefit of moving things through the pipeline and into production faster than we've been able to do in the past.

好消息是，如同我今天在評論中提到的，我們現在有四位客戶，銷售團隊正在與他們洽談潛在的 Unity 專案。並不保證他們都會進入工程管線，但我們確實開始看到 Unity 有更多進展。因此我們預期，隨著我們往前推進，它將有助於增加產品開發管線中的專案數量，並帶來那項效益：比過去更快地把專案從管線推進到量產。

All right. Very good. Next question here is on Ross Optical. Do you view the significant increase in sales for Ross Optical this quarter as sort of a new run rate for that business?

好的。非常好。下一個問題是關於 Ross Optical。您是否將本季 Ross Optical 銷售額的大幅成長視為該業務的新常態（run rate）？

Yes, that's a great question. We -- I wish I had a very precise and certain answer. We've been having discussions internally about what the causes are. So there are a couple of things we're thinking about. One is that we know that people were holding back earlier in this fiscal year and really over the last 12 months because of uncertainties surrounding the tariffs.

是的，這是個很好的問題。我們——我希望我能給出非常精準且確定的答案。我們內部一直在討論原因是什麼。所以我們正在思考幾個因素。其中之一是，我們知道在本會計年度較早的時候、其實在過去 12 個月裡，因為關稅相關的不確定性，人們一直在觀望、延後採購。

With the Supreme Court ruling, there seems to be some settling of where the tariffs are going to be. And people can only -- customers can only hold out so long before their inventory gets to a level where they have to reorder. So we think some of it is coming from that, that there is some dip because people were holding back because of the tariffs, and now they're coming back online. There is some thought that there could be some folks who are doing what we saw after the pandemic when there were supply chain disruptions because of the war in Iran that we could be seeing some people building excess inventory because of the concerns over supply chain.

隨著最高法院的裁決，關稅走向似乎逐漸明朗。而客戶不可能一直撐著不下單；當他們的庫存降到某個水位，就必須重新下單補貨。所以我們認為其中一部分來自於此：先前因關稅而延後造成的下滑，現在需求回來了。也有人認為，可能有些客戶正在做我們在疫情後看到的那種行為——當時因伊朗戰爭導致供應鏈中斷——我們可能正在看到一些人因擔憂供應鏈而建立過多庫存。

That one, we think, is a little less likely because the supply chain disruptions, of course, are specific to the Middle East and not a lot of optics come through the Middle East. But there is a concern that, that could be part of it as well, that people could be building up their inventory to an excessive amount. So it could be either of those things. We also are seeing, however, that we're getting new customers with meaningful-size new orders. So given everything that we're seeing and especially because we are seeing some new customers and new orders, we're seeing some customers who have been ordering at small volumes starting to pick up their volumes because their business is starting to grow some more.

我們認為這種可能性稍低，因為供應鏈中斷當然是針對中東地區，而並沒有太多光學產品會經由中東運輸。但確實存在這樣的擔憂：這也可能是其中一部分原因，也就是有人可能把庫存堆到過高的水位。所以可能是上述兩種因素之一。不過我們也看到，我們正在獲得新客戶，且有具一定規模的新訂單。因此綜合我們看到的一切，尤其是因為我們確實看到一些新客戶與新訂單，我們也看到一些原本小量下單的客戶開始提高訂購量，因為他們的業務又開始成長。

We do believe that the majority of it is coming from an increase in the need in that marketplace. And so we do believe that this is sustainable and that it will continue.

我們確實相信，其中大部分是來自該市場需求增加所致。因此，我們確實相信這是可持續的，並且將會持續下去。

All right. Very good. Next question here is about sort of manufacturing capacity. Can you talk more about growing out the facilities, where the company stands now square footage-wise or other? And where we will be roughly a year from now? And as an extension to that, what is the capacity utilization currently, and where can we get to on that?

好的。非常好。下一個問題是關於製造產能。您能否多談談擴建廠房設施、公司目前在面積（平方英尺）或其他方面的現況？以及大約一年後我們會到什麼程度？另外延伸問一下，目前的產能利用率是多少，以及我們最高可以提升到什麼水準？

Yes. That's a great question. So we've talked in previous calls about the facilities updates that we've already made. So a facility update in Massachusetts, moving the professional roles, if you like, the roles other than manufacturing to a new facility closer to Boston. We made a move of -- similarly in Maine to a new facility in South Portland for the engineering team.

是的。這是個很好的問題。我們在先前的電話會議中談過我們已經完成的設施更新。例如麻薩諸塞州的設施更新：把專業職能（如果你願意這麼稱呼的話），也就是製造以外的職能，搬到更靠近波士頓的新設施。我們也在緬因州做了類似的搬遷，把工程團隊搬到南波特蘭的新設施。

We moved the production from Maine down to our Massachusetts facilities, a little farther west of Massachusetts in Gardner, Mass, where our headquarters was. And we've talked a couple of times about the need to update the facilities that are in Gardner, and so -- the manufacturing facilities. And we're looking at multiple options now for what the best approach is to update those facilities. In terms of capacity, we have -- today, we're in three buildings in that location in Gardner.

我們把生產從緬因州移到麻薩諸塞州的設施，位置在麻州稍偏西的加德納（Gardner, Mass），那裡也是我們總部所在地。我們也談過幾次，需要更新加德納的設施，也就是製造設施。目前我們正在評估多種方案，看看更新這些設施的最佳做法是什麼。就產能而言，我們目前在加德納該地點有三棟建築。

One of those buildings has an enormous amount of space that our landlord rents out to various different people, and there's always additional space available for us. So instead of giving a capacity number today, what I would say is, if we decided to and we needed to, we could expand the footprint of the Gardner facility to double the size that it is today.

其中一棟建築有非常大的空間，我們的房東出租給各種不同的租戶，而我們也一直都有額外空間可用。因此，我今天不直接給出一個產能數字；我想說的是，如果我們決定要擴、而且也確實需要擴，我們可以把加德納廠區的占地面積擴大到目前的兩倍。

So we don't expect that the facility question will impede our ability to continue to roll out the new production programs. Having said that, being in three buildings in Gardner is not ideal. Some of the space in the facilities that we're in, in Gardner is not quite at the level that we would like it to be in terms of the modernness of the clean room, air handlers and those sorts of things. So there clearly needs to be some update. The big question is, how do we do the update?

所以我們不預期設施問題會妨礙我們持續推進新的量產專案。話雖如此，在加德納分散在三棟建築並不理想。我們在加德納使用的部分空間，就無塵室的現代化程度、空調處理系統（air handlers）等方面，還沒有達到我們希望的水準。因此顯然需要做一些更新。最大的問題是：我們要如何進行更新？

Do we keep everything in Gardner? Do we move to a different facility? Do we pull it all together into one building? And those are exactly the questions that we're looking at now. Again, we don't expect the answer to any of these questions to delay us in being able to roll the new programs into production, but it is part of what we'll be looking at over the next 12 months in order to update the facility, so we'll be ready for the ongoing continuous growth in the long run that we continue to expect.

我們要把所有東西都留在加德納嗎？我們要搬到另一個設施嗎？我們要把它全部整合到同一棟建築裡嗎？這些正是我們目前正在評估的問題。同樣地，我們不預期這些問題的答案會延誤我們把新專案導入量產的能力，但這將是我們未來 12 個月會持續推進的一部分，用以更新設施，讓我們能在長期持續成長（我們仍然預期會如此）的情況下做好準備。

All right. Very good. (Operator Instructions) The next question here is regarding pipeline. It says here, you mentioned four projects in the pipeline. Is that correct? Over what time frame will you get answers on these? And where in magnitude of revenue potential do these projects fit compared to other projects?

好的。非常好。(接線員指示) 下一個問題是關於管線（pipeline）。這裡說你提到管線中有四個專案。是這樣嗎？你們會在什麼時間範圍內得到這些專案的結果？而就營收潛力的量級而言，這些專案相較於其他專案落在什麼位置？

So I think this question is referring to the four programs that I mentioned are in the sales prospect, sales pipeline; differentiated from our engineering pipeline, which is robust and moving programs into production. Assuming I have that right, these four programs are the four Unity programs. There are many more programs beyond that, that are in our sales funnel, our sales pipeline, if you like.

我想這個問題指的是我提到的四個在銷售機會／銷售管線中的專案；這與我們的工程管線不同，工程管線很強勁，並且正把專案推進到量產。如果我理解正確，這四個專案就是四個 Unity 專案。除此之外，在我們的銷售漏斗、銷售管線中還有更多其他專案。

And our general target when we look at new programs coming into the engineering pipeline or that we're targeting with our sales team is that these programs, particularly when they're a Unity program, would be programs that ultimately in production would lead to $1 million to $3 million a year in revenue when they get into production. As they go through the engineering pipeline, they typically run anywhere from $1 million to $2 million over a couple of years as they move through the engineering pipeline.

我們在評估要導入工程管線的新專案，或由銷售團隊鎖定的目標時，一般的目標是：這些專案，特別是 Unity 專案，最終在量產後每年可帶來約 100 萬到 300 萬美元的營收。而在它們走工程管線的過程中，通常在幾年內累計約 100 萬到 200 萬美元的規模，隨著它們在工程管線中推進。

All right. Very good. The next question here is regarding tariffs. What is the scale of tariff refunds you expect? And will those be passed on to customers?

好的。非常好。下一個問題是關於關稅。你們預期關稅退稅的規模有多大？而這些會轉嫁（回饋）給客戶嗎？

Yes. So we're still in the process of reviewing what that all looks like. There is a part of those tariff refunds, for instance, in the situations where we've negotiated agreements with our customers, both for the cystoscope and the satellite line, where we'll be refunding those tariffs. We do expect to not have to refund all of those tariff refunds. And so we think it will be a net positive in terms of the bottom line, but it will, of course, reduce sales at the time those credit memos are issued.

是的。我們仍在檢視整體情況會是什麼樣子。其中一部分關稅退稅，例如在我們已與客戶談妥協議的情況下（包括膀胱鏡與衛星產品線），我們會把這些關稅退還給客戶。我們預期不需要把所有的關稅退稅都退回去。因此我們認為就損益底線而言會是淨正面，但當那些貸項通知單（credit memos）開立時，當期銷售額當然會因此降低。

All right. Next question here, I guess, more of a comment here, but maybe a question here. When will you be able to talk more about specific customers and projects in order to -- as other optics companies are able to highlight specifically the contracts to more of a degree, when you're able to provide more color to attract investor and customer interest? So I think specifically he is referencing the ability to name customers and projects here.

好的。下一個問題，我想比較像是一個評論，但也可能是個問題。你們何時能更具體地談論特定客戶與專案——因為其他光學公司能更明確地強調合約細節；你們何時能提供更多資訊，以吸引投資人與客戶的興趣？我想他特別指的是能否在這裡點名客戶與專案。

Yes. We would love to name specific customers. And we talk with our customers about that routinely. The challenge we have, particularly with our very large customers is that they're always hesitant, and frankly, don't allow us to do that. I think as we move forward, in some cases, it becomes obvious to everyone in the industry because of the characteristics of the product and the ramp and the timing of the ramp that we're going through and that our customers are going through, sometimes it becomes fairly general knowledge, and I think we can probably confirm things when we get to that level.

是的。我們很希望能點名特定客戶。我們也經常就此與客戶溝通。我們面臨的挑戰是，特別是對於非常大型的客戶，他們總是很猶豫，而且坦白說，不允許我們這麼做。我認為隨著我們往前推進，在某些情況下，由於產品特性、爬坡（ramp）以及我們與客戶正在經歷的爬坡時點，有時候對產業內所有人而言會變得相當明顯，甚至成為相對公開的常識；我想當到達那個程度時，我們可能就能確認一些事情。

We will continue to work with our customers to be able to name specific names. But as of right now, we haven't been able to do that. We would love to do it. We'll continue pushing on it, but I don't have any prediction for when we'll be successful.

我們會持續與客戶合作，爭取能夠點名。但截至目前，我們還做不到。我們很希望能做到。我們會繼續推動，但我無法預測何時能成功。

All right. Next question here regarding the cystoscope line. As you mentioned in previous calls, pending improvements in the cystoscope line. Have all of these improvements been realized in the third quarter?

好的。下一個問題是關於膀胱鏡產品線。如你在先前電話會議中提到，膀胱鏡產品線仍有待改善。這些改善在第三季是否都已經實現？

They have not been. So as I said in my comments, we've made significant progress on that line, in particular, with the yield now at over 90% consistently and continuing to grow. That's compared to previous times when we've had yields typically in the 80% range, sometimes even below that. So getting to 90% in the third quarter was a huge accomplishment. But we have a whole series of additional improvements that we are looking at and that our customers is looking at with us.

他們並沒有。因此，正如我在評論中所說，我們在那條產線上已取得顯著進展，特別是目前良率已穩定且持續提升地維持在 90% 以上。這與先前我們的良率通常在 80% 區間、甚至有時更低的情況相比。因此在第三季達到 90% 是一項巨大的成就。但我們還有一系列額外的改善正在評估中，我們的客戶也正與我們一同檢視。

It really is a great partnership. To be able to get us consistently above 95%, and I think there's a good chance we could even get to 97%, 98%. So there are plenty of improvements from a yield standpoint. The other thing we continue to look at, and we haven't emphasized this as much, but it certainly is part of what's been happening is that there are updates to the procedures that we're using to the tools and to the fixtures. These things take a little bit longer to update because it's not simply training people better, it's actually changing the process a little bit.

這確實是一個很棒的合作夥伴關係。能夠讓我們穩定地超過 95%，而且我認為很有機會甚至可以達到 97%、98%。所以就良率而言，仍有很多改善空間。另外一件我們持續在看的事情，我們沒有那麼強調，但它確實也是正在發生的一部分：我們正在更新所使用的作業程序、工具與治具。這些更新需要更長時間，因為不只是把人訓練得更好，而是要稍微改變流程本身。

And so there are a series of updates to the procedures that we're using and the tools and the fixtures that we expect will continue to allow us to reduce the touch time or the other way to say it is to increase the throughput with the same number of technicians. And so we've seen some improvements there. But again, there's more to be done. I think we will see significant increase again in Q4 and then I think we'll continue to see increase even beyond that into Q1, Q2 into next year.

因此，我們正在對所使用的作業程序、工具與治具進行一系列更新，我們預期這將持續讓我們降低接觸時間（touch time），或者換句話說，在相同技術人員數量下提高產出吞吐量。我們已經看到一些改善。但同樣地，還有更多工作要做。我認為我們會在第四季再次看到顯著提升，之後我也認為明年第一季、第二季仍會持續提升。

The other thing is, as the volumes continue to increase, we will get to points where the volumes are high enough that the return on investment for more significant changes in the tools and fixtures, again, to drive down the touch time even more will become possible. So I think this is one of those cases where we'll see continuous improvement over the long run.

另外，隨著出貨量持續增加，我們會到達某些點：當量體高到足以支撐更大幅度的工具與治具變更之投資報酬時，就會變得可行；同樣是為了進一步降低接觸時間。所以我認為這是那種長期會看到持續改善的案例。

All right. Very good. (Operator Instructions) Question here is, does the industry recognize your momentum? And if so, at what point do you expect revenue to hockey stick?

好的。非常好。(接線員指示) 這裡的問題是：產業是否認可你們的動能？如果是，你們預期營收會在什麼時點出現「曲棍球棒式」成長？

I'm not going to predict when the hockey stick will come. We're focused on continuing to drive programs into the engineering pipeline and continue to drive the engineering pipeline programs into production. We see revenue continuing to increase in a nice healthy way as we move forward.

我不會預測曲棍球棒何時會出現。我們專注於持續把專案推進工程管線，並持續把工程管線中的專案推進到量產。我們看到營收在往前推進的過程中，會以良好且健康的方式持續增加。

The question about whether the industry recognizes us is an interesting one. I think that with some of the marketing work that we've done around Unity, we're getting better exposure out there in the marketplace. I also think that with the new facilities that we have in Portland and the new facilities that we have in Massachusetts, having customers come and see us here helps with the impression that they get of the company, having them see the production lines that we already have running gives us added credibility that we can not only do the top-notch engineering, which we've been known for, for many years, but now customers can see that we can roll those into production and be very successful with production.

關於產業是否認可我們，這是個有趣的問題。我認為，透過我們圍繞 Unity 所做的一些行銷工作，我們在市場上的曝光度正在提升。我也認為，隨著我們在波特蘭的新設施以及在麻薩諸塞州的新設施，讓客戶來訪並在此看到我們，有助於他們對公司的印象；讓他們看到我們已經在運轉的生產線，也為我們增添可信度：我們不僅能做一流的工程（這是我們多年來為人所知的），現在客戶也能看到我們可以把這些導入量產，並且在量產上非常成功。

So all of these improvements that we've talked about here from a financial standpoint also roll into improvements in our ability to market ourselves to the industry. So I can't give specific predictions on hockey sticks or specific numbers on how much better we're being recognized today. But we do see that. We do sense the momentum in the marketplace that people will come and talk to us and talk about things that we're talking about publicly and recognize that we've made progress.

因此，我們在此談到的所有這些財務面的改善，也會轉化為我們向產業行銷自身能力的提升。所以我無法對曲棍球棒或我們今天被認可程度提升多少給出具體預測或具體數字。但我們確實看得到。我們確實感受到市場上的動能：人們會來找我們交流，談論我們公開談到的事情，並認可我們已取得進展。

So I think all of those things are just going to help to accelerate the rate at which we can pull new programs into the engineering pipeline and of course, those rolling through into production to help grow their revenue. So we're pretty excited about it.

所以我認為，所有這些事情都將有助於加速我們把新專案導入工程管線的速度，當然也會讓這些專案推進到量產，進而幫助他們的營收成長。所以我們對此相當振奮。

All right. Very good. A question here and more broadly, talk about expectations for profitability here.

好的。非常好。這裡有一個問題，更廣泛地談談對獲利能力的預期。

So I guess what I would say is, this quarter was basically breakeven, a little bit positive from breakeven. At the same revenue levels that we're at now with the improvements that we continue to make, we would expect that, that would continue to grow in the positive direction.

我想我會這麼說：本季基本上是損益兩平，略微高於損益兩平。在我們目前這樣的營收水準下，隨著我們持續進行的改善，我們預期獲利會持續朝正向成長。

We have a little bit of slowdown on the aerospace program that we have to manage through. We've got some other programs coming online. So I think we'll see things continue to grow there, but it will be close to breakeven. But in general, as we have new programs going into production and as we have more programs coming into Ross Optical, those will have a very high variable margin.

我們有一個航太專案出現些許放緩，需要我們加以管理度過。我們也有其他一些專案即將上線。所以我認為那方面會持續成長，但會接近損益兩平。但整體而言，隨著新專案進入量產，以及更多專案導入 Ross Optical，這些都會帶來非常高的變動毛利。

So I think getting to breakeven is one thing. Moving beyond breakeven, I think, can accelerate pretty quickly because of the fact that we're leveraging the infrastructure that we've already put in place. So, we do see this quarter that we're reporting on here as really an inflection point, and we expect to see growing profitability as we move forward.

所以我認為達到損益兩平是一回事。而超越損益兩平，我認為可以相當快速地加速，因為我們正在槓桿運用既有已建置的基礎設施。因此，我們確實把目前所報告的這一季視為一個真正的拐點，並預期隨著我們往前推進，獲利能力將持續成長。

All right. Very good. Well, with that, Joe, I will turn it over to you for any closing remarks.

好的。非常好。那麼，Joe，我把時間交給你做任何結語。

Thank you, Robert. Thanks, everyone, for joining us on the call today. We look forward to speaking with you again in a couple of months. Thanks, everyone. Have a good evening.

謝謝你，Robert。也謝謝各位今天參與這通電話會議。我們期待在幾個月後再次與各位交流。謝謝大家。祝各位晚安。

The conference has now concluded. Thank you for attending today's presentation. You may disconnect.

本次電話會議到此結束。感謝各位參加今天的簡報。您可以掛線。