Precision Optics Corporation Inc (POCI) 2026 Q4 法說會逐字稿

Good day, and welcome to the Precision Optics Reports fourth quarter and fiscal year 2026 financial results conference call. (Operator Instructions) Please note this event is being recorded.

各位好，歡迎參加 Precision Optics 第四季及 2026 會計年度財務結果電話會議。(接線員指示) 請注意，本活動將被錄音。

I would now like to turn the conference over to Robert Blum with Lytham Partners. Please go ahead.

現在我想將會議交給 Lytham Partners 的 Robert Blum。請開始。

All right. Thank you, Nick, and to everyone joining the call today. As the operator mentioned, on today's call, we will discuss Precision Optics fourth quarter and fiscal year 2026 financial results and is for the period ended June 30, 2026.

好的。謝謝你，Nick，也感謝今天加入電話會議的各位。如接線員所提及，今天的會議我們將討論 Precision Optics 第四季及 2026 會計年度的財務結果，涵蓋截至 2026 年 6 月 30 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'll open the call for a question-and-answer session.

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。在今天的事先準備發言結束後，我們將開放問答環節。

(Event Instructions)

(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 of 1933, as amended, and Section 21E of the Securities Exchange Act of 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.

在開始事先準備的發言之前，我們先就紀錄提交以下聲明。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」，且該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.

前瞻性陳述描述未來的預期、計畫、結果或策略，通常會以「可能」、「未來」、「計畫」或「已規劃」、「將」或「應」、「預期」、「預見」、「草擬」、「最終」或「預測」等字眼作為開頭。

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 risk 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.

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：由於各種因素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，實際結果可能與前瞻性陳述所預測者存在重大差異之風險。

All forward-looking statements contained during this conference call speak only as of the date on which they are made and are based on management's assumptions and estimates as of such date.

本次電話會議中所包含的所有前瞻性陳述，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。

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.

公司不承擔任何公開更新任何前瞻性陳述之義務，無論係因取得新資訊、未來事件發生或其他原因。

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

話不多說，讓我把電話交給 Precision Optics 執行長 Joe Forkey 博士。Joe，請開始。

Thank you, Robert, and thank you all for joining the call today. Fiscal 2026 was a year of transformation for Precision Optics.

謝謝你，Robert，也感謝各位今天加入電話會議。2026 會計年度對 Precision Optics 而言是轉型的一年。

We began the year with strong production demand and considerable work to prepare for higher volume production with improved manufacturing efficiency.

我們在年初即面臨強勁的生產需求，並投入大量工作，為更高產量的生產做準備，同時提升製造效率。

We ended the year with record revenue and two consecutive quarters of positive adjusted EBITDA. The second half demonstrated what the business can accomplish as the investments we have made over the past two years begin to deliver results.

我們在年末以創紀錄的營收收官，並連續兩季達成正向的調整後 EBITDA。下半年展現了企業在過去兩年所做投資開始產生成果後，所能達成的表現。

The foundations are in place for long-term revenue growth, and we are very excited about recent developments in our growing satellite communications vertical.

長期營收成長的基礎已經到位，而我們對於持續成長的衛星通訊垂直領域近期的發展感到非常振奮。

Much of that progress is directly attributable to Joe Traut and his team. Since Joe joined as Chief Operating Officer in October, we have strengthened operations and engineering leadership, improved execution, addressed production bottlenecks and helped our people deliver substantially higher volumes more efficiently.

上述進展多數可直接歸功於 Joe Traut 及其團隊。自 Joe 於 10 月加入擔任營運長以來，我們強化了營運與工程領導團隊、改善執行力、解決生產瓶頸，並協助同仁以更高效率交付大幅提升的產量。

Last month's addition of Peter Thier as Senior Vice President of Sales and Marketing adds urgency to increasing our pipeline to drive higher sales and optimize utilization of the improved operational infrastructure.

上個月任命 Peter Thier 擔任銷售與行銷資深副總裁，為擴大我們的商機管線增添了緊迫感，以推動更高銷售並最佳化已改善之營運基礎設施的稼動率。

We entered fiscal 2027 with a stronger organization and a manufacturing business operating at a very different scale compared to just a year ago.

我們以更強健的組織進入 2027 會計年度，且相較於一年前，我們的製造業務已在截然不同的規模下運作。

The anticipated slowdown we discussed last quarter for our existing satellite customer will affect our results, but we are confident that this is temporary.

我們在上一季所討論、來自既有衛星客戶的預期放緩將影響我們的業績，但我們有信心這是暫時性的。

As a reminder, this reduction in the rate of orders resulted from constrained satellite launch capacity unrelated to the solutions that we provide.

提醒各位，訂單速率的下降係源於衛星發射能力受限，且與我們所提供的解決方案無關。

At the same time, new orders are coming into the development pipeline, programs are transferring from the pipeline to production, and we now have a stronger team to pursue new opportunities.

同時，新的訂單正進入開發管線，專案也正從管線轉入量產，而我們現在擁有更強的團隊來追求新的機會。

On our call today, I'll focus my comments primarily on four topics: First, our fourth quarter performance; second, updates to our sales and marketing approach; third, our growing understanding of the satellite communications market; and finally, our outlook for fiscal 2027. Fourth quarter of fiscal 2026 revenue reached a record $8.8 million, up approximately 42% from a year ago.

在今天的電話會議中，我將主要聚焦於四個主題：第一，我們第四季的表現；第二，我們銷售與行銷方法的更新；第三，我們對衛星通訊市場日益加深的理解；最後，我們對 2027 會計年度的展望。2026 會計年度第四季營收達到創紀錄的 880 萬美元，較去年同期成長約 42%。

Gross margin improved to 25.3% and adjusted EBITDA was positive $355,000. For the full year, revenue increased approximately 65% to $31.5 million, exceeding our most recent guidance.

毛利率提升至 25.3%，調整後 EBITDA 為正 35.5 萬美元。全年營收約成長 65% 至 3,150 萬美元，超出我們最近一次的財測指引。

We also finished the year with a smaller adjusted EBITDA loss than we had projected due to the strong fourth quarter performance.

由於第四季表現強勁，我們也以較原先預估更小的調整後 EBITDA 虧損結束本年度。

The strong Q4 numbers resulted from much higher production volumes, along with improved efficiency, demonstrating that we can manufacture profitably at high volume. We have spent considerable time discussing the cost of expanding manufacturing capacity.

第四季強勁的數字來自於更高的生產量以及效率改善，顯示我們能在高產量下實現具獲利性的製造。我們已花費相當多時間討論擴充製造產能的成本。

We are now seeing the benefits of that work, benefits that not only improve the profitability of existing production lines, but also other lines starting production now and in the future.

我們現在正看到這些工作的效益；這些效益不僅提升既有生產線的獲利能力，也將惠及目前開始投產以及未來將投產的其他產線。

Our single-use Cystoscope program continued to improve in terms of yield and throughput with two production lines now operating multiple shifts.

我們的一次性使用膀胱鏡（Cystoscope）專案在良率與產出節拍方面持續改善，目前已有兩條生產線以多班制運作。

We are completing the existing order and expect a follow-on order with no interruption in production. Our existing satellite communications program delivered record quarterly revenue in Q4.

我們正在完成現有訂單，並預期將取得後續訂單，生產不中斷。我們既有的衛星通訊專案在第四季創下單季營收新高。

The manufacturing processes and alignment capabilities we developed for this customer have allowed us to support a significant increase in volume even while achieving record yield of 99% for Q4 overall.

我們為該客戶所開發的製造流程與對準能力，使我們即使在達成第四季整體創紀錄 99% 良率的同時，仍能支援產量的大幅提升。

This program has also given us practical experience that we can bring to other satellite customers from understanding the optical requirements to establishing repeatable production processes for these types of assemblies.

此專案也讓我們獲得可應用於其他衛星客戶的實務經驗，從理解光學需求到建立此類組裝件可重複的量產流程。

More on that in just a minute. We're now leveraging the improvements made to our single-use cystoscope line to improve the efficiencies of our single-use ophthalmic line, where production continues to ramp under the previously announced $3.5 million follow-on order.

稍後我會再多談一些。我們目前正運用在一次性使用膀胱鏡產線所做的改善，來提升一次性使用眼科產線的效率；該產線的產能仍在爬坡，對應先前公告的 350 萬美元後續訂單。

Fourth quarter revenue for this line was $413,000 with overall yield at 90%. Currently, this line is running consistently at 94% yield.

該產線第四季營收為 41.3 萬美元，整體良率為 90%。目前，該產線穩定維持在 94% 的良率。

Ross Optical also had a strong quarter with revenue of approximately $1.5 million, up 55% from a year ago. Full year revenue increased approximately 32% to $4.9 million.

Ross Optical 也有強勁的一季，營收約 150 萬美元，較去年同期成長 55%。全年營收約成長 32% 至 490 萬美元。

As we've discussed before, Ross can support additional volume without a proportional increase in fixed costs, making growth in that part of the business a meaningful contributor to our overall profitability.

如同我們先前所討論，Ross 能在不按比例增加固定成本的情況下支援更多產量，使該業務部分的成長成為我們整體獲利能力的重要貢獻來源。

Looking beyond the quarter, the $1.3 million follow-on order from our large defense customer is another encouraging development.

放眼本季之外，來自我們大型國防客戶的 130 萬美元後續訂單，也是另一項令人鼓舞的發展。

The order took longer to arrive than originally expected, but our customer has told us that their program has received a multiyear renewal, and we should expect ongoing orders for many years.

該筆訂單到貨時間比原先預期更久，但我們的客戶已告知其專案已獲得多年期續約，我們預期未來多年將持續有訂單。

They have also agreed to work together to establish a manufacturing agreement that supports more continuous production. With the manufacturing organization on a stronger footing, we are putting greater emphasis on the front end of the business.

他們也同意共同合作建立一項製造協議，以支持更連續的生產。隨著製造組織基礎更為穩固，我們正更加著重於業務的前端。

Peter Thier's appointment as SVP of Sales and Marketing is an important part of that effort. He brings more than 30 years of experience in sales, business development and commercial leadership, and his experience selling engineering services that lead to manufacturing fits our business model very well. Peter is joining a commercial organization we have been building over the past year.

任命 Peter Thier 擔任銷售與行銷資深副總裁（SVP）是該項努力的重要一環。他在銷售、業務開發與商業領導方面擁有超過30年的經驗，且其銷售可帶動製造的工程服務之經驗，與我們的商業模式非常契合。Peter 將加入我們在過去一年所建立的商務組織。

We added a sales development representative in January to research markets and identify prospective customers. We also expanded our outbound marketing through webinars, a blog, updated websites and LinkedIn activity.

我們於1月增聘一名銷售開發代表，以研究市場並辨識潛在客戶。我們也透過網路研討會、部落格、更新網站以及 LinkedIn 活動，擴大對外行銷。

Charlie Metzger, a sales rep focusing on Ross Optical and our micro-optics products, has also returned to the organization, bringing optics experience and relationships in aerospace and defense from his prior work at Ross Optical and elsewhere. The purpose of these investments is straightforward.

此外，專注於 Ross Optical 與我們微光學產品的業務代表 Charlie Metzger 也已回到組織中，帶來其先前在 Ross Optical 及其他公司累積的光學經驗，以及在航太與國防領域的人脈關係。這些投資的目的很直接。

Our product development pipeline has focused too heavily on a few engagements, leaving engineering resources underutilized when those engagements move to production.

我們的產品開發管線過度集中於少數幾個合作案，導致當這些合作案轉入量產時，工程資源出現閒置未充分利用的情況。

While we have utilized some of our engineering capacity to support manufacturing improvements, going forward, we will be more focused on new programs.

雖然我們已運用部分工程產能來支援製造改善，但展望未來，我們將更聚焦於新專案。

We will focus our attention and investments on opportunities in the fastest-growing, highest-value markets aligned with our current capabilities. We have already begun to target the satellite communications market, building on the success we've had with our first program in this area.

我們將把注意力與投資聚焦於與我們現有能力相符、成長最快且價值最高的市場機會。我們已開始鎖定衛星通訊市場，並以我們在此領域首個專案的成功為基礎持續拓展。

I'll talk more about the market in general in just a minute. But first, let me comment on the new order in this area that we announced just a couple weeks ago.

我稍後會再用幾分鐘談談整體市場。但首先，讓我先評論一下我們在幾週前宣布的該領域新訂單。

The $50,000 order was an initial engineering order from a US space technology development company developing a new satellite constellation.

這筆5萬美元的訂單，是一家美國太空技術開發公司（正在開發新的衛星星座）所下的初始工程訂單。

It was structured on a time and materials basis so that work could begin promptly. Since our announcement, we have received a second order for approximately $50,000 for additional engineering work.

該訂單採按工時與材料（time and materials）計價的方式架構，以便能迅速展開工作。自我們公告以來，我們又收到第二筆約5萬美元的訂單，用於額外的工程工作。

The scope of both orders supports design and manufacturing planning and is expected to take a few months.

兩筆訂單的工作範圍均涵蓋設計與製造規劃，預計將耗時數個月。

We anticipate follow-on engineering and prototype work to finalize designs and establish production lines. The customer's stated goal is to begin production within approximately 6 to 12 months with a potential significant impact to our fourth fiscal quarter in fiscal 2027.

我們預期後續還會有工程與原型製作工作，以完成設計定案並建立生產線。客戶表示其目標是在約6至12個月內開始量產，並可能對我們2027會計年度第四季帶來顯著影響。

This new customer came to us in part because of our reputation in supplying very precise opto-mechanical assemblies required for satellite communication systems.

這位新客戶之所以部分選擇我們，是因為我們在供應衛星通訊系統所需的高精度光機組件方面享有聲譽。

While our discussion with this customer started with subassemblies similar to what we manufacture for our existing customer, it quickly progressed to include additional higher-level assemblies, some including electro-optics and electronic circuits along with optics and mechanics.

雖然我們與該客戶的討論起初是從與我們為既有客戶所製造之類似子組件開始，但很快便進一步擴展至更多更高階的組件，其中部分包含電光元件與電子電路，並與光學與機構件整合。

These higher-level assemblies could allow us to provide more content per unit and take on a broader role in this new customer system as compared to our existing customers.

相較於我們的既有客戶，這些更高階的組件可使我們在每台（每個單位）產品中提供更多內容價值，並在該新客戶系統中扮演更廣泛的角色。

Based on those discussions, we believe the eventual opportunity could be larger than our existing satellite program, although it is too early to quantify.

基於上述討論，我們認為最終的機會規模可能大於我們現有的衛星專案，但目前仍言之過早，尚無法量化。

Let me spend a few minutes now explaining why we are so excited about satellite communications. Everyone has heard of SpaceX's Starlink system, which was the first to provide internet access through the use of a satellite constellation.

接下來我用幾分鐘說明，為何我們對衛星通訊如此振奮。大家都聽過 SpaceX 的 Starlink 系統，它是第一個透過衛星星座提供網際網路存取的系統。

Since starlight -- Starlink service was launched 6 years ago, the potential for commercial and military applications has become widely recognized with multiple private and government networks now in orbit and many more being deployed.

自 Starlink 服務於6年前推出以來，其在商業與軍事應用上的潛力已被廣泛認可；目前已有多個民間與政府網路在軌運行，且還有更多正在部署中。

Virtually all of these low earth orbit systems utilize laser communications between satellites, which require very precise design and assembly of electro-opto-mechanical systems embedded in so-called laser or optical communication terminals.

幾乎所有這些低地球軌道系統都採用衛星間的雷射通訊，這需要在所謂的雷射或光學通訊終端內嵌的電-光-機系統具備極高精度的設計與組裝。

These systems are ideally suited to Precision Optics' proprietary design and manufacturing techniques. As these communication protocols become more standardized and as applications become more widespread, the market for laser communication terminals will expand beyond satellite constellation builders to include many systems that link to these constellations.

這些系統非常適合 Precision Optics 的專有設計與製造技術。隨著這些通訊協定逐漸標準化、應用更為普及，雷射通訊終端的市場將不僅限於衛星星座建置者，還將擴展至許多與這些星座連結的系統。

This is anticipated to initially include other satellites and eventually commercial and military aircraft, ships and potentially ground-based users as well.

預期初期將包括其他衛星，最終也將涵蓋商用與軍用飛機、船舶，並可能包括地面用戶。

Today, POC's business in this area is supported by two large constellation programs, each with plans for thousands of satellites with four to five communication terminals in each satellite.

目前，POC 在此領域的業務由兩個大型星座計畫所支撐；每個計畫皆規劃部署數千顆衛星，且每顆衛星配備四到五個通訊終端。

Because low earth orbit satellites have a limited lifetime of three to five years, the work we are doing now to support constellation build-out will continue indefinitely as one-third to one-fifth of each steady-state constellation is replaced each year.

由於低地球軌道衛星的壽命有限，約為三到五年，我們目前為支援星座建置所進行的工作將會無限期持續，因為在穩態運行下，每年約有三分之一到五分之一的星座衛星需要汰換。

Sending a narrow laser beam between moving satellites hundreds or thousands of miles apart requires exceptional optical precision.

要在相距數百或數千英里、且彼此移動的衛星之間傳送狹窄的雷射光束，需要極高的光學精度。

Some of our assemblies in this area require alignment precision as tight as five microns. That's one-tenth the width of a human hair.

我們在此領域的部分組件所需的對準精度可嚴苛到僅五微米。這相當於人類頭髮寬度的十分之一。

And the assembly needs to survive the stresses and vibrations associated with rocket launch as well as the complex thermal and vacuum environments in space.

此外，該組件還必須承受火箭發射所伴隨的應力與振動，以及太空中複雜的熱環境與真空環境。

We believe the subassemblies we build, which are part of the communication terminals, are critical and challenging to source.

我們認為，我們所製造、作為通訊終端一部分的子組件至關重要，且採購來源取得具有挑戰性。

When Rocket Lab acquired Mynaric in April of this year, Peter Beck, Rocket Lab's CEO, commented, Laser communication is a key enabler for satellite constellations, but it has long been a supply chain pain point for commercial and government constellation operators. High-performing and cost-effective products simply have not been available in high volumes.

今年4月 Rocket Lab 收購 Mynaric 時，Rocket Lab 執行長 Peter Beck 表示：「雷射通訊是衛星星座的關鍵促成技術，但長期以來一直是商業與政府星座營運商供應鏈的痛點。高效能且具成本效益的產品一直無法以高產量供應。」

Industry research firm Novaspace projects that the number of laser communication terminals in orbit will reach approximately 118,000 by 2035 with cumulative global terminal revenue of $12.9 billion through that period.

產業研究機構 Novaspace 預估，到2035年在軌的雷射通訊終端數量將達約118,000套，且截至該期間的全球終端累計營收將達129億美元。

That's the market for complete terminals and likely does not include the ongoing revenue for replacement systems required due to limited satellite lifetime.

上述數據是完整終端的市場規模，且很可能未包含因衛星壽命有限而需要更換系統所帶來的持續性收入。

Today, our subassembly products address a few percent of the overall terminal market. But as we begin to supply higher-level subassemblies, our addressable market will grow quickly.

目前，我們的子組件產品涵蓋整體終端市場的幾個百分點。但隨著我們開始供應更高階的子組件，我們可服務的市場規模將快速成長。

With the market for these systems expanding, with the shortage of suppliers and with POC's demonstrated capability to design and manufacture critical subsystems, it's an ideal time for us to continue and expand our presence in this market.

在這些系統市場持續擴張、供應商短缺，以及 POC 已證明具備設計與製造關鍵子系統能力的背景下，現在正是我們持續並擴大在此市場布局的理想時機。

Turning to fiscal 2027, our outlook reflects both progress across the business and the anticipated temporary reduction in production for our existing satellite customer.

談到2027會計年度，我們的展望反映了整體業務的進展，以及我們既有衛星客戶預期將出現的暫時性減產。

We continued to believe in the long-term opportunity with this customer despite an anticipated 40% reduction in revenue in the first quarter of fiscal 2027 and an additional reduction in the second quarter.

儘管預期2027會計年度第一季營收將下滑40%，且第二季將進一步下滑，我們仍持續看好與該客戶合作的長期機會。

While the timing and extent of the recovery remains uncertain, the most recent communications indicate a recovery by the end of fiscal 2027.

雖然復甦的時點與幅度仍不確定，但最新的溝通顯示，至2027會計年度末可望恢復。

We expect the impact of this to be most pronounced in the first half of the fiscal year with a stronger second half supported by growth in single-use medical devices, renewed defense production, additional programs moving into production, and new engineering engagements.

我們預期其影響在會計年度上半年最為明顯；下半年則可望更為強勁，並由一次性使用醫療器材的成長、國防生產的恢復、更多專案轉入量產、以及新的工程合作案所支撐。

The product mix also matters. The existing satellite program is a higher-margin contributor, so replacing its revenue with other business does not immediately replace the same amount of profit. For fiscal 2027, we expect revenue of $30 million to $33 million, similar to fiscal 2026.

產品組合也很重要。現有的衛星專案是較高毛利的貢獻來源，因此以其他業務取代其營收，並不會立即帶來同等金額的利潤替代。就2027會計年度而言，我們預期營收為3,000萬至3,300萬美元，與2026會計年度相近。

We expect adjusted EBITDA to range from negative $1.2 million to negative $1.7 million, an improvement from fiscal 2026 with quarterly losses early in the year before a return to quarterly profitability by the end of the year.

我們預期調整後EBITDA將介於負120萬至負170萬美元，相較2026會計年度有所改善；年初各季仍可能虧損，但預計在年底前可恢復為單季獲利。

We expect the new satellite relationship will contribute near-term product development revenues and a long-term production opportunity.

我們預期新的衛星合作關係將在短期內貢獻產品開發營收，並在長期帶來量產機會。

We are encouraged by the broader set of opportunities taking shape, and our focus is on converting them into orders and executing them successfully. Over the long term, our opportunities for growth and profitability are as great as ever.

我們對更廣泛的一系列機會逐步成形感到鼓舞，我們的重點是將其轉化為訂單並成功執行。從長期來看，我們在成長與獲利方面的機會一如既往地龐大。

With that, let me turn the call over to Wayne to review the financial results.

接下來，我把電話會議交給Wayne，請他回顧財務結果。

Thank you, Joe. Let me expand on the financial results, covering both the fourth quarter and full year. Fourth quarter revenue was $8.8 million compared to $6.2 million a year ago, an increase of approximately 42% and up slightly from $8.7 million in the sequential third quarter.

謝謝你，Joe。讓我進一步說明財務結果，涵蓋第四季與全年。第四季營收為880萬美元，較去年同期的620萬美元增加約42%，也較前一季第三季的870萬美元略增。

Full year revenue was $31.5 million compared to $19.1 million last year, an increase of approximately 65%. As Joe mentioned, full year revenue surpassed the increased guidance we provided earlier.

全年營收為3,150萬美元，較去年的1,910萬美元增加約65%。如Joe所提，全年營收超過我們先前上調後提供的指引。

Production revenue, which includes systems manufacturing, our micro-optics lab and Ross Optical, was $8.0 million for the quarter, up approximately 57%.

生產營收（包含系統製造、我們的微光學實驗室以及Ross Optical）本季為800萬美元，約成長57%。

For the year, production revenue doubled to $28.1 million from $14.2 million. Engineering revenue was approximately $800,000 for the quarter compared to $1.1 million, while full year engineering revenue was $3.5 million compared to $4.9 million in the prior year.

就全年而言，生產營收由1,420萬美元倍增至2,810萬美元。工程營收本季約為80萬美元，較去年同期的110萬美元下降；全年工程營收為350萬美元，較前一年的490萬美元下降。

Fourth quarter gross margin was 25.3% compared to 13.0% a year ago and 23.6% in the third quarter. Gross profit was $2.2 million compared to approximately $800,000 a year ago.

第四季毛利率為25.3%，高於去年同期的13.0%，也高於第三季的23.6%。毛利為220萬美元，較去年同期約80萬美元增加。

For the full year, gross profit increased to $5.4 million from $3.4 million, while gross margin was 17.2% compared to 17.8%.

就全年而言，毛利由340萬美元增加至540萬美元，而毛利率為17.2%，相較之下去年為17.8%。

The annual margin reflects the cost of ramping production in the first half, followed by substantial improvement in the second half. IEEPA tariff refunds impacted the quarterly results.

全年毛利率反映了上半年產能爬坡的成本，並在下半年出現顯著改善。IEEPA關稅退稅影響了本季結果。

Net tariff billings and customer refunds reduced our reported revenue by approximately $558,000. Separately, tariff refunds retained by the company reduced COGS by approximately $707,000, together equating to a roughly 3 percentage point increase of quarterly margin.

關稅淨計費與對客戶的退款使我們的報告營收減少約55.8萬美元。另外，公司保留的關稅退稅使銷貨成本（COGS）減少約70.7萬美元；兩者合計相當於本季毛利率約提升3個百分點。

These benefits should be distinguished from the ongoing manufacturing improvements Joe discussed. Total operating expenses were approximately $2.3 million in the fourth quarter compared to approximately $2.2 million a year ago.

這些效益應與Joe所談到的持續製造改善加以區分。第四季營業費用合計約230萬美元，較去年同期約220萬美元略增。

Full year operating expenses were approximately $8.9 million, essentially unchanged from $9.0 million in the prior year.

全年營業費用合計約890萬美元，與前一年的900萬美元基本持平。

For the year, SG&A was approximately $7.9 million compared to $7.8 million, while R&D was approximately $1.0 million compared to $1.2 million.

就全年而言，SG&A約為790萬美元，較前一年的780萬美元略增；研發（R&D）約為100萬美元，較前一年的120萬美元下降。

The broader point is that we supported a significant increase in annual revenue while keeping total operating expenses at the prior year's level.

更重要的是，在全年營收大幅成長的同時，我們仍將營業費用總額維持在與去年相同的水準。

Our R&D investment supports product improvements, new technologies and approaches we can apply across customer programs.

我們的研發投入支持產品改良、新技術，以及可跨客戶專案應用的方法。

We continue to manage operating expenses while supporting the engineering capabilities and commercial initiatives that are important to future growth.

我們持續控管營業費用，同時支援對未來成長至關重要的工程能力與商業推進計畫。

The fourth quarter net loss was approximately $100,000 compared to a net loss of $1.4 million a year ago and a net loss of approximately $108,000 in the third quarter.

第四季淨損約10萬美元，較去年同期淨損140萬美元大幅改善，亦與第三季約10.8萬美元的淨損相近。

For the year, our net loss narrowed to $3.6 million or $0.43 per share from $5.8 million or 85% -- or $0.85 per share. Adjusted EBITDA was positive $355,000 in the fourth quarter compared to negative $857,000 a year ago.

就全年而言，我們的淨損收斂至360萬美元（每股0.43美元），相較前一年的580萬美元（每股0.85美元）。第四季調整後EBITDA為正35.5萬美元，較去年同期的負85.7萬美元改善。

Together with the positive third quarter, this produced over $600,000 of positive adjusted EBITDA for the second half of our fiscal year.

加上第三季也為正，使得我們會計年度下半年調整後EBITDA合計超過60萬美元為正。

Full year adjusted EBITDA improved to negative $2.1 million from negative $3.7 million, outperforming our most recent guidance of negative $2.5 million to negative $2.7 million.

全年調整後EBITDA改善至負210萬美元，較前一年的負370萬美元改善，並優於我們最近一次指引的負250萬至負270萬美元。

Cash and cash equivalents were $9.8 million on June 30 compared to $1.8 million a year earlier and $10.7 million on March 31.

截至6月30日，現金及約當現金為980萬美元，較一年前的180萬美元增加，較3月31日的1,070萬美元略低。

Our March public offering substantially strengthened the balance sheet. Bank debt was approximately $1.3 million at year-end with no borrowings under the line -- revolving line of credit.

我們3月的公開發行大幅強化了資產負債表。年末銀行借款約130萬美元，且在循環信用額度（revolving line of credit）項下沒有動用借款。

As Joe outlined, fiscal 2027 reflects a lower contribution from our existing satellite customer with other programs expected to support a stronger second half. Our focus is on managing working capital and expenses while supporting those opportunities.

如Joe所概述，2027會計年度反映現有衛星客戶的貢獻降低，而其他專案預期將支撐更強勁的下半年表現。我們的重點是在支持這些機會的同時，管理營運資金與費用。

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

現在我把電話會議交回給Joe，請他做一些最後的補充。

Thank you, Wayne. Before we take questions, I wanted to come back to what changed in fiscal 2026. We demonstrated that Precision Optics can support substantially higher production volumes and improve profitability as our manufacturing revenue grows and operations become more efficient.

謝謝你，Wayne。在我們開始提問之前，我想回到2026會計年度有哪些改變。我們證明了Precision Optics能支援顯著更高的生產量，並且隨著製造營收成長與營運效率提升而改善獲利能力。

Our next priority is to build more business to leverage the value of this operational foundation. We have strengthened sales and marketing.

我們下一個優先事項是建立更多業務，以發揮這個營運基礎的價值。我們已強化銷售與行銷。

We are pursuing larger medical device opportunities, and we are expanding our reach in adjacent markets, particularly in laser-based satellite communications.

我們正追求更大型的醫療器材機會，並擴大在相鄰市場的觸及，特別是在以雷射為基礎的衛星通訊領域。

While we have work ahead of us to capitalize on this potential, we believe the team and capabilities now in place position Precision Optics well for the significant opportunities before us. I want to thank you all for your continued support.

雖然我們仍有工作要做以把握這些潛力，但我們相信目前到位的團隊與能力，讓Precision Optics在眼前的重大機會中具備良好定位。感謝各位持續的支持。

And we'd be happy to take questions now.

現在我們很樂意開始回答問題。

(Operator Instructions) Milo Date, Private Investor.

（接線生指示）Milo Date，私人投資人。

How's it going? As you shift into higher-value assemblies, when should we expect that higher margin program to actually start flowing to the bottom line?

近況如何？當你們轉向更高價值的組裝件時，我們應該在什麼時候預期那個較高毛利的專案會真正反映到最終獲利上？

So I think you're referring to the higher-level subassemblies for the laser comms. Is that right?

我想你指的是雷射通訊的較高階次組件（subassemblies）。是這個意思嗎？

Yes.

是。

Yes. Okay. So that program just started with the order that we announced a couple of weeks ago. The customer is looking to have us start production in 6 to 12 months.

是。好的。那個專案剛剛隨著我們在幾週前公告的訂單而啟動。客戶希望我們在6到12個月內開始量產。

So I would expect towards the latter half of fiscal '27, we ought to be able to see the beginnings of the higher margins and the higher dollar content of those higher-level assemblies.

因此我預期在2027會計年度的後半段，我們應該能看到較高毛利以及那些較高階組裝件帶來的更高美元含量開始顯現。

And just to follow-up on that. How scalable do you see these tighter -- larger assemblies, and do you think your manufacturing floor can handle that at scale?

再追問一下。您認為這些更緊密、規模更大的組裝件可擴展性如何？您覺得你們的製造產線在大規模量產時能夠承載嗎？

So this is where we can use everything that we learned over the last two years about how to scale these kinds of production lines in order to be able to scale this one very quickly. So I don't foresee any challenges in being able to scale those lines. I think we'll be able to scale them as quickly as the customer would like us to.

這正是我們可以運用過去兩年所學到的一切：如何擴展這類生產線，從而能非常快速地把這條線擴起來。因此我不預期在擴產這些產線方面會有任何挑戰。我認為我們能以客戶希望的速度來擴產。

(Operator Instructions)

（接線員指示）

Nick, this is Robert here. While we wait to see if anyone else comes into the live question queue, we do have questions coming in through the webcast portal.

Nick，我是 Robert。在我們等待看看是否還有人加入現場提問隊列的同時，我們也有透過網路直播入口送進來的問題。

(Event Instructions)

（活動指示）

So Joe and Wayne, the first question here is, you mentioned directed energy weapons at a recent conference. Can you talk about any updates on that?

Joe 和 Wayne，這裡第一個問題是：你們在最近的一場會議上提到定向能武器。可以談談這方面有沒有任何最新進展嗎？

Yeah, sure. The simple answer there is we don't have any updates. So I think we said before that we've made prototypes for some companies for those -- for some optics that we make that can be used in directed energy weapons.

好的，當然可以。簡單的答案是：我們沒有任何更新。我想我們之前提過，我們曾為一些公司製作過原型——也就是我們生產的一些可用於定向能武器的光學元件原型。

And we haven't heard anything further about whether they will ask us for more prototypes or if they'll give us an order. So it's really no news on that front right now.

但我們尚未再聽到後續消息，不確定他們是否會要求更多原型，或是否會下訂單。所以目前在這方面確實沒有新消息。

Okay. The next question here is, could you elaborate a little more on the potential size of the recently announced satellite order?

了解。下一個問題是：能否再多說一些最近宣布的衛星訂單，其潛在規模可能有多大？

So it's a little difficult to get very specific there because we haven't finalized all of the design work in order to fully understand the size of the subassemblies and the cost and pricing that we would use for that.

這點要講得非常具體有點困難，因為我們尚未完成所有設計工作，還無法完全掌握子組件的尺寸，以及我們會採用的成本與定價。

I guess the one thing I could say is that the size of the constellations that we're talking about with this customer are similar or even higher, even larger than the customer that we've been working with.

我想我能說的一點是：我們與這位客戶所談的星座規模，與我們目前合作的那位客戶相近，甚至更高、也就是更大。

In the end of Q4, we were running at a run rate of, I think, $13 million a year for our existing satellite customer, somewhere around there, $12 million, $13 million or so.

在第四季末，我們現有衛星客戶的年化營收運行率，我記得大約是每年 1,300 萬美元左右，大概在 1,200 萬到 1,300 萬美元之間。

In this other customer, this new customer, we expect the product that we make will be higher on the value chain.

而對於另一位、也就是這位新客戶，我們預期我們所製作的產品會位於價值鏈更上游。

So I would expect it to be higher from that standpoint, especially since the size of their satellite constellation will be similar or larger than the others. So I would -- all we can really say right now is it will be north of that $13 million we expect, but it's difficult to say just how much higher it will be.

因此從這個角度來看，我預期金額會更高，尤其是他們的衛星星座規模將與其他客戶相近或更大。所以——我們目前真正能說的是，我們預期會高於那個 1,300 萬美元的水準，但很難說會高出多少。

All right. Staying on the satellite communication order topic here. Another question regarding the new satellite optical communications customer and the broader optical terminal opportunity, can you help investors understand the expected path from the current engineering orders to commercial production?

好的。延續衛星通訊訂單這個主題。另一個問題是：關於新的衛星光學通訊客戶以及更廣泛的光學終端機會，能否協助投資人理解從目前的工程訂單走向商業量產的預期路徑？

Specifically, what milestones should we look for over the next 12 to 18 months that would indicate these programs are becoming meaningful revenue contributors?

具體來說，未來 12 到 18 個月我們應該關注哪些里程碑，才能顯示這些專案正成為有意義的營收貢獻來源？

Yes, sure. So for the first customer that we already have that has pulled back a little bit, we're anticipating that they will give us new production orders when they're ready to restart, and we'll announce those.

可以。對於我們已經合作、但近期稍微放緩的第一位客戶，我們預期當他們準備重新啟動時，會給我們新的量產訂單，我們也會對外公告。

So the investment community should expect that once we have an order from that existing customer that we would announce it, and that will give lots of information about when that order will restart and how quickly it will get going again.

因此投資界可以預期：一旦我們收到該既有客戶的訂單，我們就會公告，而公告內容也會提供大量資訊，包括該訂單何時重啟，以及重新推進的速度。

There's a supply chain limitation there, which would likely require us to have somewhere between two and four months to be able to restart production. So the milestones there would be an order from the customer, which we would announce and then restarted production in two to four months after that.

那裡存在供應鏈限制，這很可能需要我們大約 2 到 4 個月才能重新啟動生產。所以那邊的里程碑會是：客戶下單（我們會公告），然後在其後 2 到 4 個月內恢復生產。

For the new satellite customer, this customer is very anxious to get things moving as quickly as possible. I expect there will be a series of orders from them as we continue to do the engineering development work.

至於新的衛星客戶，這位客戶非常希望盡快推動進展。我預期在我們持續進行工程開發工作的同時，他們會陸續下達一系列訂單。

And I would expect that over the next few months. And then I would expect that we would receive initial production orders with a similar two to four month supply chain start-up on the new orders from them. So those are the milestones that I would be looking for in terms of public announcements.

我預期這會發生在接下來幾個月內。接著我也預期我們會收到初期量產訂單，而這些新訂單同樣會有類似的 2 到 4 個月供應鏈啟動期。因此，就公開公告而言，這些就是我會關注的里程碑。

Okay. Another topic -- another question on this topic here. With your current optical terminal components, would you say the primary advantage is in capacity and yield or IP and process knowledge?

了解。另一個主題——同一主題下的另一個問題。就你們目前的光學終端元件而言，你會說主要優勢是在產能與良率，還是在智慧財產（IP）與製程知識？

Our major competitive advantage is in IP around the way that we design and manufacture the subassemblies to be able to hold the super tight tolerances that are required in order to achieve the communication of these satellites, which are hundreds of thousands of miles apart.

我們最主要的競爭優勢在於智慧財產（IP）：也就是我們如何設計並製造子組件，使其能維持達成衛星通訊所需的極其嚴苛公差——這些衛星彼此相距數十萬英里。

What I would add to that is that the capacity and yields that we've demonstrated, particularly over the last couple of quarters, I would say, are sort of secondary competitive advantage.

我補充一點：我們所展現的產能與良率，特別是在過去幾個季度，我會說算是次要的競爭優勢。

It still is a competitive advantage, but the strongest part of our competitive advantage is in the IP. There are very few companies that can build these kinds of subassemblies at all.

它仍然是競爭優勢，但我們競爭優勢中最強的部分是在 IP。能夠製造這類子組件的公司其實非常少。

And then once you take the number of companies who can build the subassemblies, there are even fewer that can do it at capacity and yield that we've demonstrated over the last couple of quarters.

而且在能製造這些子組件的公司之中，能做到我們在過去幾個季度所展現的產能與良率水準的公司就更少了。

So it's really both, but the IP around the design and techniques for manufacturing are the primary competitive advantage that we have.

所以其實兩者都有，但圍繞設計與製造技術的 IP 才是我們最主要的競爭優勢。

All right. (Event Instructions) Next question here is, do all satellite systems utilize laser-based comms? And what about radio or microwave communications?

好的。（活動指示）下一個問題是：是否所有衛星系統都使用以雷射為基礎的通訊？那無線電或微波通訊呢？

Yes. So traditionally, with older satellites, especially satellites that are higher, that are not in low Earth orbit, most of the communication was RF or microwave. For these low Earth orbit constellations, virtually all of the communication satellite to satellite has now become laser-based, and that's because the laser is more directed, and so it's more energy efficient.

是的。傳統上，較舊的衛星，特別是軌道較高、不是在近地軌道的衛星，多數通訊是使用 RF（射頻）或微波。但對於這些近地軌道星座而言，幾乎所有的衛星對衛星通訊現在都已轉為雷射為主，因為雷射指向性更強，因此能量效率更高。

But also more importantly, you can support much faster communication speeds or higher bandwidth that are reported to be hundreds or even 1,000times faster than you can with RF or microwaves.

但更重要的是，雷射能支援更快的通訊速度或更高的頻寬，據報導可比 RF 或微波快上數百倍，甚至 1,000 倍。

The communication from the satellite systems, the constellation systems to and from the ground continues to be dominated by RF and microwave. And the reason for that is because the lasers interfere with the atmosphere.

至於衛星系統（星座系統）與地面之間的上下行通訊，目前仍以 RF 與微波為主。原因在於雷射會受到大氣干擾。

And so that makes laser comms from the ground to the satellite or satellite to ground more challenging. There are -- there's technology that's being developed now that would make communications to and from the ground also laser-based.

因此，從地面到衛星或衛星到地面的雷射通訊更具挑戰性。目前也正在開發一些技術，將使地面與衛星之間的通訊也能以雷射為基礎。

And when that becomes mature, the size of the laser-based comms market will grow even larger because at that point, you'll end up with the ground to satellite, satellite to ground comms as well.

當那項技術成熟後，以雷射為基礎的通訊市場規模將會進一步擴大，因為屆時也會涵蓋地面到衛星、以及衛星到地面的通訊。

So the short answer is today, virtually all of the low earth orbit satellite constellations use laser comms to communicate between the satellites. There's still some RF and microwave going to and from the ground. But I think eventually, all of that will turn to laser comms and expand the market even further.

所以簡短的答案是：截至今天，幾乎所有低地球軌道（LEO）衛星星座都使用雷射通訊在衛星之間進行通信。地面與衛星之間仍然有一些射頻（RF）與微波通訊。但我認為最終這些都會轉向雷射通訊，並進一步擴大市場。

All right. Series of questions here, I guess, again, coming back to the satellite order here that says, which is it? Are they sitting on inventory of your assembly, the next-gen design changed or their launches slipped?

好的。這裡有一連串問題，我想同樣回到衛星訂單這件事：到底是哪一種情況？他們是囤積了你們的組裝件庫存、下一代設計有變更，還是他們的發射時程延後了？

And as a follow-up, it says, is any of the $2.5 million in customer advances theirs? And finally, under your own EBITDA guidance, do you anticipate raising equity in fiscal year 2027?

另外追問一下：2,500,000 美元的客戶預收款中，有任何一部分是他們的嗎？最後，在你們自己的 EBITDA 指引之下，你們是否預期在 2027 會計年度需要增資發行股權？

So I'll take the first and last of those questions. I'm going to let Wayne comment on the customer advances. So the answer is sort of a combination of the answers that were given as the choices.

我先回答第一個和最後一個問題。我會讓 Wayne 來說明客戶預收款的部分。所以答案算是把剛才列出的幾個選項綜合起來。

Our customer has excess inventory of the subassemblies that we build -- that we've built for them. And our belief is that the reason they have excess inventory is because their launch schedules have been restricted by restricted launch capacity sort of worldwide.

我們的客戶確實有我們為他們製造的次組件（subassemblies）庫存過多——也就是我們先前為他們生產的那些。我們認為他們之所以庫存過多，是因為全球範圍內的發射能力受限，導致他們的發射排程受到限制。

So we believe that, that's the downstream bottleneck. And once that bottleneck is resolved, we expect that the number of units that they need is going to resume back up to where it was before. Let's see -- I'm going to let Wayne answer the question about customer advances.

因此我們相信，下游的瓶頸就在那裡。一旦這個瓶頸解決，我們預期他們所需的數量會回升到先前的水準。我讓 Wayne 來回答關於客戶預收款的問題。

Yeah. We don't require customer advances from all of our customers. It's always based on the risk profile. And based on the satellite communications doesn't fit that profile. So we don't have deposits related to that business.

是的。我們並不要求所有客戶都支付預收款。這一向是依風險輪廓而定。而衛星通訊這個業務不符合需要預收款的風險輪廓。所以我們沒有與該業務相關的訂金。

And then, Robert, remind me of the third part of that question.

然後，Robert，提醒我一下那個問題的第三部分是什麼？

Under your own EBITDA guidance, do you anticipate having to raise equity in fiscal year 2024?

在你們自己的 EBITDA 指引之下，你們是否預期在 2024 會計年度必須增資發行股權？

Yeah, that's right. No, we don't have any particular plans unless we have some unusual events, but we don't have any plans for that now.

對，沒錯。不，我們目前沒有任何特別計畫，除非發生一些不尋常的事件；但就目前而言，我們沒有這方面的計畫。

Okay. Next question here is a little bit of maybe a follow-up here. Was the pause in orders from the existing contract the primary reason for the somewhat flat guidance? Or are there additional variables at play?

好的。下一個問題可能算是延伸追問。現有合約的訂單暫停，是否是指引看起來相對持平的主要原因？還是還有其他變數在影響？

No, that's a great question. It is -- I would say it's fair to say it was entirely because of the pause in that program. The reason why it's flat is because that program is pulling back, but a number of other programs are coming online.

不，這是個很好的問題。我會說——可以公平地說，完全就是因為那個專案的暫停。之所以持平，是因為那個專案在縮減，但同時有其他一些專案正在上線。

So if it weren't for that pullback, we would have substantial growth year-over-year. And as we think about the potential for the company, we believe once this customer comes back online and we see the second satellite communication customer come online with production, and we see a number of programs going into production from the engineering pipeline that we didn't even talk about today, we think the potential for growth is quite substantial.

所以如果不是因為那個縮減，我們的年增率會相當可觀。而當我們思考公司的潛力時，我們相信一旦這位客戶恢復上線、第二位衛星通訊客戶開始量產，以及工程管線中還有多個我們今天甚至沒提到的專案進入量產，我們認為成長潛力相當可觀。

On top of that, we firmly believe that we have the right team in place now, and that was a lot of what we had to get through over the last couple of years.

除此之外，我們堅信現在已經有合適的團隊到位，而這也是我們過去幾年必須先克服的一大部分。

So the question is -- it's a great question. It's right on. The short answer is the flat guidance is entirely caused by the pullback on this one customer, which we fully believe is temporary because there's no chance they're not going to continue building out their constellation.

所以這個問題——確實是個好問題。切中要點。簡短的答案是：指引持平完全是因為這一位客戶的縮減；而我們完全相信這是暫時的，因為他們不可能不繼續建置他們的星座。

All right. (Event Instructions) Next question here. Are you pursuing any opportunities in the AI data center market?

好的。（活動指示）下一個問題。你們是否在 AI 資料中心市場尋求任何機會？

There are no specific -- let's see, there is nothing that is well enough developed for us to say that we're pursuing things in that area. We look at all adjacent markets that use optics.

目前沒有具體的——讓我想一下，目前沒有任何發展到足以讓我們說正在追求該領域機會的事項。我們會關注所有使用光學的相鄰市場。

And certainly, there are some systems in AI data centers that use optics. And so we're taking a look at them, but none of them are at a level that I would call programs that we're specifically pursuing at this point.

當然，AI 資料中心裡確實有一些系統會使用光學。因此我們正在觀察，但目前還沒有任何一項達到我會稱之為我們正在特別追求的「專案」的程度。

I will add sort of parenthetically that there are -- as everyone I suspect is aware, there's talk about AI data centers and space, and there are even some companies who have put together proposals and talked about proposals for AI data centers and space, which would be made up of multiple satellites.

我順帶補充一下：我想大家都知道，市場上有人在談 AI 資料中心與太空的結合，甚至有一些公司已經提出提案、也談過在太空建置 AI 資料中心的提案，而這會由多顆衛星組成。

And as you can imagine, those satellites, again, would communicate with laser comms. Those would be very similar to the things that we're doing now for the Internet communication satellite comms.

如你所想像，那些衛星同樣會用雷射通訊來互相通信。那會與我們目前為網際網路通訊衛星所做的衛星通訊非常相似。

So if that ever came to pass, that would be another place where the market size for laser comms would grow dramatically and the things we're doing now for the constellations, I believe, could also be used for AI data centers and space.

所以如果未來真的成真，那將是雷射通訊市場規模大幅成長的另一個領域；而我相信，我們現在為星座所做的事情，也可以用於太空中的 AI 資料中心。

All right. Our next question here is, can you give investors a sense of the long-term growth potential of your single-use endoscopy business and what milestones we should watch for over the next 12 to 24 months?

好的。下一個問題是：你能否讓投資人了解你們一次性使用內視鏡業務的長期成長潛力，以及未來 12 到 24 個月我們應該關注哪些里程碑？

Yes. So we talked a lot today about satellite communications. We see lots of opportunity there, of course, and this is a somewhat new area for us, which is why we spent a lot of time talking about it. We're still very excited about single-use endoscopes.

可以。所以我們今天談了很多衛星通訊。我們當然看到那裡有很多機會，而且這對我們來說是相對新的領域，這也是我們花很多時間談它的原因。我們對一次性使用內視鏡仍然非常興奮。

And we talked briefly about our initial single-use endoscope line continuing to grow in terms of volume and in terms of yield, that's the cystoscope line.

我們也簡要提到，我們最初的一次性使用內視鏡產品線在出貨量與良率方面持續成長，也就是膀胱鏡（cystoscope）產品線。

We also talked about the ophthalmic line ramping and learning everything that we use from the cystoscope line to be able to ramp the ophthalmic line more quickly than we did the cystoscope line and also to improve yields more quickly.

我們也談到眼科產品線正在爬坡量產，並把我們從膀胱鏡產品線學到的一切運用過來，使眼科產品線能比膀胱鏡更快地爬坡，同時也更快改善良率。

So everything we've learned there is applicable to future programs. We do still see the single-use endoscope market as growing quickly.

因此，我們在那裡學到的一切都可以套用到未來的專案。我們仍然認為一次性使用內視鏡市場正在快速成長。

The estimates are still 10% to 20% per year. We do have new customers that we're talking to about those kinds of programs.

市場估計仍是每年 10% 到 20%。我們也正在與新客戶洽談這類專案。

And so again, what I would expect the investment community to be watching for would be new development programs that we announced that are in the single-use endoscope area and with an expectation that it would take a couple of years to get those programs from development into production.

因此，我預期投資社群應該關注的是：我們在一次性使用內視鏡領域所宣布的新開發專案；並且要有心理預期，這些專案從開發到量產可能需要幾年時間。

We haven't talked about it on this call, but our Unity platform is still a part of our marketing approach to the single-use endoscope market.

我們在這通電話中沒有談到，但我們的 Unity 平台仍然是我們針對一次性使用內視鏡市場的行銷策略之一。

And that, of course, continues to reduce the times to market. So where our first single-use endoscope program took four or five years and then our second one took two or three years, we expect that the Unity platform will bring that down to one to two years.

而這當然會持續縮短上市時間。因此，我們第一個一次性內視鏡專案花了四到五年，第二個花了兩到三年；我們預期 Unity 平台將把時間縮短到一到兩年。

So the milestones, again, would be to see new announcements about engagement on the development program and then a year or so after that, rolling those into production.

所以里程碑同樣會是：看到關於參與該開發專案的新公告，然後大約一年左右之後，把這些導入量產。

Follow-up on medical here is medical is trucking along. Will that continue to be viewed as baseline revenue? Or are there new opportunities in play?

關於醫療這邊再追問一下：醫療業務目前進展順利。這會繼續被視為基礎收入嗎？還是有新的機會正在出現？

So the nice thing about the programs we've been talking about, again, those two single-use programs that are in production is that we expect those to continue for a long, long time, which again is part of our business model.

我們一直在談的這些專案有個好處是——同樣地，那兩個已在量產的一次性專案——我們預期它們會持續很長、很長一段時間，這也再次符合我們的商業模式。

We're also seeing some of the older products, in particular, we have a reusable product that's used for otolaryngology. It's been -- we've been running that program for a couple of decades, and that one is seeing some growth even over the next 6 to 12 months.

我們也看到一些較舊的產品，特別是我們有一款用於耳鼻喉科的可重複使用產品。那個專案——我們已經運行了幾十年——而且在接下來 6 到 12 個月內也會看到一些成長。

So consistent with our business model, the programs that are in production, I would say, we see as a nice base that it's a good way that the questioner phrased it. They're just trucking along and some of the newer ones, the single-use programs are continuing to grow.

因此，符合我們的商業模式，我會說，已在量產的專案，我們視為一個很好的基礎；提問者這樣表述很貼切。它們就是穩定地往前走，而一些較新的——一次性專案——則持續成長。

But as I just answered on the last one, we still see single-use market growing at 10% to 20% year-over-year. And so we still see that as absolutely as an opportunity to bring more programs into the pipeline. We're talking with a number of customers now, some big names.

但正如我剛才在上一題回答的，我們仍然看到一次性市場年增率有 10% 到 20% 的成長。因此我們仍然認為，這絕對是一個把更多專案導入管線的機會。我們目前正與多家客戶洽談，其中不乏大品牌。

And so we absolutely see that as the things in production as a solid base with the potential for continued growth, but then new programs coming into production as an absolute area that we're going to continue to target to bring new programs on and continue to grow the product development pipeline.

所以我們絕對認為：量產中的項目是穩固的基礎，且有持續成長的潛力；同時，新專案導入量產也是我們將持續鎖定的重點領域，以便導入更多新專案並持續擴大產品開發管線。

All right. Very good. Operator, let me turn it back over to you for any questions for the traditional teleconference line at this point.

好的。非常好。接線員，現在請你把電話交回去，看看傳統電話會議線上是否還有任何問題。

Chris Machovsky, Private Investor.

Chris Machovsky，私人投資人。

Hello, and congratulations on the progress you've been making on your efficiency and the yields. And about that, your guidance is for about flattish or slightly decreasing revenue, but for a better EBITDA. Is that because of improving yields?

你好，也恭喜你們在效率與良率方面取得的進展。關於這點，你們的指引是營收大致持平或略微下滑，但 EBITDA 會更好。這是因為良率改善嗎？

Yes. It's improving yields and improving utilization, both. So if you remember, I know you've been on the calls for a while.

是的。良率改善與產能利用率提升兩者都有。所以如果你還記得——我知道你參加我們的電話會議有一段時間了。

So if you remember the challenges that we had in the beginning of fiscal '26 had substantial impact on the EBITDA for the first and second quarter of fiscal '26. The latter half of the year, of course, was a much better performance.

所以如果你還記得，我們在 26 財年初期遇到的挑戰，對 26 財年第一季與第二季的 EBITDA 造成了重大影響。當然，下半年表現就好得多。

It's all about having the infrastructure in place, having the right people and the right tools to be able to run those operations efficiently. So yield is certainly part of it.

關鍵在於把基礎設施建置到位，配備合適的人員與工具，才能有效率地運行這些營運。所以良率當然是其中一部分。

As the lines get more mature, they get better in terms of efficiency and yield. We've done some engineering work to improve the yields, but it's also just generally running that part of the operation more efficiently with the right people, with the right experience running those lines.

隨著產線愈趨成熟，在效率與良率方面就會變得更好。我們做了一些工程工作來提升良率，但同時也只是整體上用對的人、具備合適經驗的人來運行這些產線，使這一部分的營運更有效率。

So it's both of those things creating greater efficiency. And you're absolutely right, even though the guidance is about flat on revenue, the EBITDA, while it's still a loss is better than this fiscal year that we're just reporting for fiscal '26 because the lines are running much better than they were before.

所以這兩方面共同帶來更高的效率。你說得完全正確：即使指引顯示營收大致持平，EBITDA 雖然仍為虧損，但會比我們剛報告的 26 財年更好，因為產線運作比以前順暢得多。

And this is all about the investments that we've made over the last few years. We often talked about this being sort of like building a start-up manufacturing capability inside of the company to manufacture at these higher volumes with the efficiencies we need.

而這一切都與我們過去幾年所做的投資有關。我們常說，這有點像是在公司內部打造一個新創的製造能力，以便在更高的產量下，達到我們所需的效率。

Yes, I -- through those two quarters. And would that mean that in the new medical programs, such as the ophthalmic program that we're talking about, when that one ramps, we won't have that kind of -- those kind of programs?

是的，我——經歷了那兩個季度。那是否意味著，在我們談到的新醫療專案（例如眼科專案）爬坡時，我們不會再遇到那種——那類問題？

Yes. So there's always going to be some start-up challenges. But if you -- I think we had it embedded in some of our comments for the last couple of quarters.

是的。所以一定還是會有一些啟動期的挑戰。但如果你——我想我們在過去幾個季度的一些評論中已經提到過。

The ophthalmic program ramped, it had about a quarter's worth of what I would say, sort of excessive challenges in rolling from engineering to production. But once it started ramping, it got -- very quickly it got to profitable margins for that product.

眼科專案在爬坡時，大約有一個季度出現了我所說的、從工程轉入量產時偏多的挑戰。但一旦開始爬坡，它——很快就達到該產品具獲利性的毛利水準。

And as we continue to ramp, the rate at which the efficiency goes up and the yields go up is much faster than with the first couple of quarters for the cystoscopy program. So the short answer to your question is yes. As that one ramps, you should expect to see the contribution to profitability come in much faster than the cystoscope program did a year or two years ago.

而且隨著我們持續爬坡，效率提升與良率提升的速度，會比膀胱鏡專案最初那幾個季度快得多。所以對你問題的簡短回答是：是的。當那個專案爬坡時，你應該會看到對獲利的貢獻，比一到兩年前膀胱鏡專案來得快得多。

Should we be looking at satellite launch window availability is kind of like a very early sign of recovery of your business? Or is that kind of unrelated?

我們是否可以把衛星發射窗口的可用性，視為你們業務復甦的一個非常早期的訊號？還是說那其實不太相關？

It is related, and we do watch that, yes. We believe it's related to the recovery of the -- our primary satellite communication program, yes.

這是相關的，我們也確實會關注，是的。我們相信這與——我們主要的衛星通訊專案——的復甦有關，是的。

All right. Well, hopefully, they will recover quickly. Well, thanks for taking questions from us and good luck.

好的。那希望他們能夠快速復甦。謝謝你們回答我們的問題，祝好運。

My pleasure. Thanks for the questions.

不客氣。謝謝提問。

This concludes our question-and-answer session. I would like to turn the conference back over to management for any closing remarks.

問答環節到此結束。我想把會議交回管理層，請問是否有任何結語。

Thank you, operator, and thank you, everyone, for joining us today. I look forward to speaking with everyone again in just a few weeks. Have a good evening.

謝謝你，接線員，也謝謝各位今天加入我們。我期待在幾週後再次與各位交流。祝各位晚安。

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

本次電話會議到此結束。感謝各位參加今天的簡報。您現在可以掛線。