Richardson Electronics Ltd (RELL) 2025 Q3 法說會逐字稿

Good day and thank you for standing by. Welcome to the Richardson Electronics earnings call for the third quarter of fiscal year 2025. (Operator Instructions)

您好，感謝您的支持。歡迎參加理查森電子 2025 財年第三季財報電話會議。（操作員指示）

Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Ed Richardson, CEO. Please go ahead, sir.

請注意，今天的會議正在錄音。現在，我想將會議交給今天的發言人，執行長 Ed Richardson。先生，請繼續。

Good morning. And thank you all for joining Richardson Electronics conference call for the third quarter of fiscal year 2025. Joining me today are Bob Ben, Chief Financial Officer; Wendy Diddell, Chief Operating Officer; Greg Peloquin, General Manager of our Power and Microwave Technologies Group, which includes Green Energy Solutions; and Jens Ruppert, General Manager of Canvys.

早安.感謝大家參加理查森電子 2025 財年第三季電話會議。今天與我一起出席的還有財務長 Bob Ben；溫蒂·迪德爾，首席營運長； Greg Peloquin，我們電力和微波技術集團（包括綠色能源解決方案）的總經理；以及 Canvys 總經理 Jens Ruppert。

Today's comments include GAAP and non-GAAP financial results. A detailed reconciliation between GAAP and non-GAAP results can be found in the press release. As a reminder, this call is being recorded and will be available for playback.

今天的評論包括 GAAP 和非 GAAP 財務結果。新聞稿中可以找到 GAAP 和非 GAAP 結果之間的詳細對帳。提醒一下，本次通話正在錄音，可供播放。

I'd also like to remind you that we'll be making forward-looking statements. They're based on current expectations and involve risks and uncertainties. Therefore, our actual results could be materially different. Please refer to our press release and FCC filings for an explanation of our risk factors.

我還想提醒您，我們將做出前瞻性陳述。它們基於當前的預期，涉及風險和不確定性。因此，我們的實際結果可能會有重大差異。請參閱我們的新聞稿和 FCC 文件以了解我們的風險因素。

During the third quarter, we saw significant growth across key segments. Our semiconductor Wafer Fab sales surged by 139% while Canvys sales increased 39.5%. We achieved positive operating cash flow for the fourth consecutive quarter, ending with no debt and $36.7 million in cash and equivalents.

第三季度，我們看到各個關鍵領域都實現了顯著成長。我們的半導體晶圓廠銷售額飆升 139%，而 Canvys 的銷售額則成長了 39.5%。我們連續第四個季度實現了正的經營現金流，期末沒有債務，現金及等價物為 3,670 萬美元。

While this was helped by $8.2 million from the healthcare asset sale in Q3 FY25, the company also generated cash from its ongoing business. We believe our strong balance sheet is an important competitive advantage with our customers and supports our long-term strategies.

雖然這得益於 2025 財年第三季醫療資產出售所獲得的 820 萬美元，但該公司也從其持續經營業務中獲得了現金。我們相信，強勁的資產負債表是我們面對客戶的重要競爭優勢，並支持我們的長期策略。

Despite the one-time $4.9 million dollar healthcare charge representing the loss on the sale of assets, we're encouraged by our fiscal Q3 2025 results. Excluding the charge, our non-GAAP operating profit for the quarter rose to $2.2 million, up from $1 million last year. This sale marks the initial step in our strategic focus on our core businesses, particularly on Green Energy Solution segments.

儘管一次性 490 萬美元的醫療費用代表了資產出售的損失，但我們對 2025 財年第三季的業績感到鼓舞。不計該費用，我們本季的非 GAAP 營業利潤從去年的 100 萬美元增至 220 萬美元。此次出售標誌著我們朝著核心業務（尤其是綠色能源解決方案領域）戰略重點邁出了第一步。

The current operating environment is extremely fluid and impacting our business in different ways. Greg, Jens, and Wendy will provide additional details in their prepared remarks on our near and long term expectations for our markets.

目前的營運環境極不穩定，以不同的方式影響我們的業務。Greg、Jens 和 Wendy 將在他們準備好的評論中提供有關我們對市場近期和長期預期的更多細節。

Overall, we believe Richardson Electronics is well positioned to capitalize on current policies intended to drive manufacturing back to the US and to increase the need for US content with our global infrastructure and strong vendor partnerships, we're prepared for the supply chain readjustments and will benefit from the larger policy environment.

總體而言，我們相信理查森電子已做好準備，利用旨在推動製造業回歸美國的現行政策，並藉助我們的全球基礎設施和強大的供應商合作夥伴關係來增加對美國內容的需求，我們已為供應鏈調整做好了準備，並將受益於更大的政策環境。

Before we discuss the sale of our healthcare business and our go-forward strategy, I'll turn the call over to Bob Ben, our Chief Financial Officer, who'll provide a detailed review of our third quarter financial results and capital position.

在我們討論醫療保健業務的出售和未來策略之前，我將把電話轉給我們的財務長鮑勃·本 (Bob Ben)，他將詳細回顧我們第三季度的財務業績和資本狀況。

Following Bob's remarks, Greg and Jens will provide updates on our business unit performance, and then, Wendy will follow up with more details on the healthcare divestiture in our future.

在鮑伯演講之後，格雷格和延斯將介紹我們業務部門的業績更新，然後，溫蒂將詳細介紹我們未來的醫療保健業務剝離。

Thank you, Ed. And good morning. I will review our financial results for our third quarter and first nine months of fiscal year 2025, followed by a review of our cash position.

謝謝你，艾德。早安.我將回顧我們 2025 財年第三季和前九個月的財務業績，然後回顧我們的現金狀況。

In addition, please note that I will be discussing non-GAAP financial measures. A reconciliation of non-GAAP items to the comparable GAAP measures is available in our third quarter fiscal year 2025 press release that was issued yesterday.

此外，請注意，我將討論非公認會計準則財務指標。我們昨天發布的 2025 財年第三季新聞稿中提供了非 GAAP 項目與可比較 GAAP 指標的對帳表。

Consolidated net sales for the third quarter fiscal 2025 increased 2.7% to $53.8 million compared to net sales of $52.4 million in the prior year's third quarter. This was our third consecutive quarterly year-over-year increase in sales.

2025 財年第三季綜合淨銷售額達 5,380 萬美元，較去年同期的 5,240 萬美元成長 2.7%。這是我們連續第三個季度銷售額年增。

Third quarter net sales growth was led by a 39.5% increase in sales for our Canvys business unit and a 6.6% increase in PMT sales, which was due to higher sales to semiconductor Wafer Fab customers.

第三季淨銷售額的成長主要得益於 Canvys 業務部門銷售額成長 39.5% 以及 PMT 銷售額成長 6.6%，這得益於半導體晶圓廠客戶的銷售額增加。

Sales growth for the third quarter of fiscal 2025 was partially offset by a $1.0 million decrease in healthcare sales from lower net sales in February 2025 after the sale, the majority of healthcare assets. In addition, there was a $2.2 million decline in GES sales, reflecting lower sales of Wind Turbine battery modules which are project based and can vary by quarter.

2025 財年第三季的銷售額成長被醫療保健銷售額減少 100 萬美元所部分抵消，因為在出售大部分醫療保健資產後，2025 年 2 月的淨銷售額較低。此外，GES 銷售額下降了 220 萬美元，反映出風力渦輪機電池模組的銷售額下降，這些模組是基於專案的，並且可能因季度而異。

Consolidated gross margin for the third quarter was 31.0% of net sales compared to 29.5% during the third quarter of fiscal 2024. The largest component of the 150-basis-point increase in consolidated gross margin was due to margin expansion in both PMT and GES.

第三季綜合毛利率為淨銷售額的 31.0%，而 2024 財年第三季為 29.5%。合併毛利率增加 150 個基點，其中最大部分是由於 PMT 和 GES 的利潤率均有所擴大。

PMT's gross margin increased to 30.8% from 28.3% as a result of an improved product mix. GES gross margin increased to 32.8% from 26.6%, also due to product mix.

由於產品組合的改善，PMT 的毛利率從 28.3% 上升至 30.8%。GES 毛利率從 26.6% 上升至 32.8%，這也得益於產品組合。

Partially offsetting these improvements in gross margin was lower gross margin for both Canvys and healthcare compared to the prior year's third quarter. Operating expenses as a percentage in net sales improved to 26.9% for the third quarter of fiscal 2025 compared to 27.6% in the third quarter of fiscal 2024.

與去年同期第三季相比，Canvys 和醫療保健業務的毛利率均有所下降，這在一定程度上抵消了毛利率的提高。2025 財年第三季度，營業費用佔淨銷售額的百分比從 2024 財年第三季的 27.6% 改善至 26.9%。

Loss on disposal of assets of $4.9 million resulted from the sale of the majority of healthcare assets to DirectMed Imaging on January 24, 2025, included in the loss was $1.4 million in excess components that are not needed once the exclusive supply agreement for manufacturing ALTA tubes is completed, [1.1 million] for intangible assets from the IMES purchased that are no longer needed. A $1.2 million margin loss on sales of ALTA tubes as detailed under the exclusive supply agreement.

2025 年 1 月 24 日，公司將大部分醫療資產出售給 DirectMed Imaging，導致資產處置損失 490 萬美元，其中包括 140 萬美元的多餘組件，這些組件在完成製造 ALTA 管的獨家供應協議後將不再需要，[110 萬美元] 則用於購買不再需要的 IMES 購買無形資產。根據獨家供應協議的詳細說明，ALTA 管的銷售利潤損失為 120 萬美元。

A $0.5 million write down of all to related fixed assets that will no longer be needed after the exclusive supply agreement ends and $0.7 million other directly related costs. In future periods, health care's financial results will no longer be a standalone segment and will be consolidated into the company's PMT business unit.

對獨家供應協議結束後不再需要的所有相關固定資產減記 50 萬美元，並減記 70 萬美元其他直接相關成本。在未來時期，醫療保健的財務表現將不再是一個獨立的部門，而將合併到公司的 PMT 業務部門。

Operating loss was $2.7 million and non-GAAP operating income was $2.2 million for the third quarter of fiscal 2025 compared to an operating income of $1.0 million in the prior year's third quarter. Net loss was $2.1 million and non-GAAP net income was $1.6 million for the third quarter of fiscal 2025 compared to a net income of $0.8 million in the third quarter of fiscal 2024.

2025 財年第三季的營業虧損為 270 萬美元，非 GAAP 營業收入為 220 萬美元，而去年同期第三季的營業收入為 100 萬美元。2025 財年第三季淨虧損為 210 萬美元，非 GAAP 淨收入為 160 萬美元，而 2024 財年第三季淨收入為 80 萬美元。

Net loss per common share diluted was $0.15, and non-GAAP earnings per share diluted were $0.11 in the third quarter of fiscal 2025 compared to earnings per share diluted of $0.05 in the third quarter of fiscal 2024.

2025 財年第三季度，每股普通股攤薄淨虧損為 0.15 美元，非 GAAP 每股攤薄收益為 0.11 美元，而 2024 財年第三季每股攤薄收益為 0.05 美元。

EBITDA for the third quarter of fiscal 2025 was a negative $2.1 million. EBITDA after adjusting to exclude the loss on sale of the majority of healthcare assets or adjusted EBITDA was $2.8 million versus $2.1 million in the prior year's third quarter.

2025 財年第三季的 EBITDA 為負 210 萬美元。經過調整以排除大部分醫療資產出售損失後的 EBITDA 或調整後的 EBITDA 為 280 萬美元，而去年同期第三季為 210 萬美元。

Turning to a review of the results for the first nine months of fiscal year 2025, net sales for the first nine months of fiscal year 2025 were $157 million, an increase of 5.3% from $149.1 million in the first nine months of fiscal year 2024, which primarily reflected higher sales in PMT and GES.

回顧 2025 財年前九個月的業績，2025 財年前九個月的淨銷售額為 1.57 億美元，較 2024 財年前九個月的 1.491 億美元增長 5.3%，這主要反映了 PMT 和 GES 銷售額的增加。

Gross margin was 30.8% in net sales, which was 50 basis points higher than the first nine months of fiscal year 2024, primarily due to product mix. As a percentage in net sales, operating expenses for the first nine months of the fiscal year were 29.7% compared to 30.0% for the first nine months of the prior fiscal year.

淨銷售額的毛利率為 30.8%，比 2024 財年前九個月高出 50 個基點，主要歸功於產品組合。以淨銷售額的百分比計算，本財年前九個月的營業費用為 29.7%，而去年同期為 30.0%。

Loss on disposal of assets of $4.9 million resulted from the sale of the majority of healthcare assets to DirectMed Imaging in January 2025. Operating loss was $3.1 million and non-GAAP operating income was $1.8 million during the first nine months of fiscal 2025 compared to operating income of $0.5 million during the first nine months of fiscal 2024.

2025 年 1 月，大部分醫療資產出售給 DirectMed Imaging，導致資產處置損失 490 萬美元。2025 財年前九個月的營業虧損為 310 萬美元，非 GAAP 營業收入為 180 萬美元，而 2,024 財年前九個月的營業收入為 50 萬美元。

Net loss was $2.2 million and non-GAAP net income was $1.4 million for the first nine months of fiscal 2025 versus a net income of $0.2 million during the first nine months of fiscal 2024. Net loss per common share diluted was $0.16, and non-GAAP earnings per share diluted was $0.10 for the first nine months of fiscal 2025 compared to $0.01 earnings per share diluted for the first nine months of fiscal 2024.

2025 財年前九個月的淨虧損為 220 萬美元，非 GAAP 淨收入為 140 萬美元，而 2,024 財年前九個月的淨收入為 20 萬美元。2025 財年前九個月，每股普通股淨虧損為 0.16 美元，非公認會計準則每股攤薄收益為 0.10 美元，而 2024 財年前九個月每股攤薄收益為 0.01 美元。

EBITDA for the first nine months of fiscal 2025 was negative $0.5 million. Adjusted EBITDA was $4.5 million versus $3.5 million in the prior year's first nine months.

2025 財年前九個月的 EBITDA 為負 50 萬美元。調整後的 EBITDA 為 450 萬美元，而去年同期前九個月為 350 萬美元。

Moving to a review of our cash position, cash and cash equivalents at the end of the third quarter of fiscal 2025 were $36.7 million and $28.5 million when excluding the sale of healthcare assets compared to $26.6 million at the end of the second quarter of fiscal 2025.

回顧我們的現金狀況，2025 財年第三季末的現金和現金等價物分別為 3,670 萬美元和 2,850 萬美元（不包括醫療資產出售），而 2025 財年第二季末為 2,660 萬美元。

Cash flow provided from operations was $4.6 million compared to cash flow used in operations of $2.5 million and the prior year's third quarter. This was the fourth consecutive quarter of positive operating cash flow.

經營活動產生的現金流為 460 萬美元，而去年第三季經營活動所使用的現金流為 250 萬美元。這是連續第四個季度實現正經營現金流。

Capital expenditures of $0.5 million in the third quarter of fiscal 2025 were primarily related to our facilities and IT systems versus $0.4 million in the third quarter of fiscal year 2024. As a result, free cash flow was $4.1 million for the third quarter of fiscal 2025. We paid $0.9 million cash dividends in the third quarter fiscal year 2025.

2025 財年第三季的資本支出為 50 萬美元，主要與我們的設施和 IT 系統有關，而 2024 財年第三季的資本支出為 40 萬美元。因此，2025 財年第三季的自由現金流為 410 萬美元。我們在 2025 財年第三季支付了 90 萬美元的現金股利。

In addition, based on our current financial position, our Board of Directors declared a regular quarterly cash dividend of $0.06 per common share, which will be paid in the fourth quarter of fiscal 2025. As to the end of the third quarter of fiscal 2025, the company had no outstanding debt on its $30 million revolving line of credit with PNC Bank.

此外，根據我們目前的財務狀況，我們的董事會宣布定期季度現金股利為每股 0.06 美元，將於 2025 財年第四季支付。截至 2025 財年第三季末，該公司在 PNC 銀行的 3,000 萬美元循環信用額度中沒有未償還債務。

And now, I will turn the call over to Greg, who will provide more details for our PMT and GES business groups.

現在，我將電話轉給 Greg，他將為我們的 PMT 和 GES 業務組提供更多詳細資訊。

Thank you, Bob. And good morning, everyone. Coming out of FY24, specifically in GES, we had a strong backlog, numerous new product introductions, expanded customer base, and several development programs transitioning from beta testing to pre-production.

謝謝你，鮑伯。大家早安。在 24 財年，特別是在 GES 方面，我們擁有大量積壓訂單、大量新產品推出、擴大的客戶群，以及多個從 Beta 測試過渡到預生產的開發項目。

Building on that positive momentum, we expected growth this year. We are pleased to report that Q3, GES sales totaled $9.3 million, a 55% increase over our most recent Q2, but down 19% year over year as a result of lower sales in the Wind Turbine battery modules which are project based and can vary by quarter.

基於這一積極勢頭，我們預計今年將實現成長。我們很高興地報告，第三季度，GES 銷售額總計 930 萬美元，比最近的第二季度增長 55%，但由於風力渦輪機電池模組的銷售額下降（基於項目並可能因季度而異），同比下降 19%。

However, on a year-to-date basis, GES sales are $23 million, an increase of 26% over the prior year. Based on our current backlog, we expect year-over-year growth in Q4 FY25 and for the full year.

然而，從年初至今，GES 的銷售額為 2,300 萬美元，比上年增長了 26%。根據我們目前的積壓訂單，我們預計 2025 財年第四季和全年將實現年增。

Our pitch energy modules and related wind energy products continue to gain market share coming from new customers and key owner operators who recently completed beta testing.

我們的瀝青能源模組和相關風能產品繼續從新客戶和最近完成 beta 測試的主要業主營運商獲得市場份額。

Today, we serve dozens of Wind Turbine owners and operators, including exclusive partnerships with the top 4 owner operators of GE wind turbines, RWE, Invenergy, Enel, and NextEra. Additionally, we continue to grow the program globally, expanding into Europe and Asia with new products and other turbine platforms such as Suzlon, Senvion, Nordex, and SSB.

如今，我們為數十家風力渦輪機所有者和營運商提供服務，包括與 GE 風力渦輪機的前四大所有者營運商、RWE、Invenergy、Enel 和 NextEra 建立獨家合作夥伴關係。此外，我們繼續在全球範圍內發展該計劃，透過新產品和其他渦輪機平台（如 Suzlon、Senvion、Nordex 和 SSB）擴展到歐洲和亞洲。

Our GES growth strategy is focused on Power Management applications. In a short time, we have designed multiple products, received several patents, and built a growing base of large, global, industry-leading customers and technology partners.

我們的 GES 成長策略專注於電源管理應用。在短時間內，我們設計了多種產品，獲得了多項專利，並建立了不斷成長的全球大型產業領先客戶和技術合作夥伴基礎。

Our success is evident in our growing global pipeline as we capitalize on numerous growth opportunities to support significant Energy Transformation and Wind Turbine repowering projects.

我們利用眾多成長機會來支持重大的能源轉型和風力渦輪機再發電項目，我們的成功體現在我們不斷成長的全球管道中。

Continuing in Q4, we will make further investments to our organization to expedite the new product introduction process and global expansion. We need to get products to market faster. And in FY26, we've been making the necessary investments to meet the strategic objectives.

在第四季度，我們將繼續對我們的組織進行進一步投資，以加快新產品的推出過程和全球擴張。我們需要更快地將產品推向市場。在26財年，我們一直在進行必要的投資以實現策略目標。

Turning to Power Microwave or PMT, which includes electron device group or EDG, our legacy tube and semiconductor Wafer Fab equipment business, and the Power and Microwave Components Group, sales were $32.2 million, up 7% compared to the prior year led by growth in our RF and Microwave components business and our semi fab equipment manufacturing customers.

談到功率微波或 PMT，其中包括電子設備組或 EDG、我們的傳統電子管和半導體晶圓廠設備業務以及功率和微波元件組，銷售額為 3220 萬美元，比上年增長 7%，這主要得益於我們的射頻和微波元件業務以及我們的半晶圓廠設備製造客戶的增長。

Our combined GES and PMT backlog remains strong at $95 million at the end of Q3. The team has done a good job making sure we have the right products at the right time, and then our inventory decreases again in the third quarter, helping the company generate positive cash flow. We remain focused on managing all aspects of the business to maximize profits while meeting the needs of our expanding customer base.

截至第三季末，我們的 GES 和 PMT 積壓訂單總額依然強勁，達到 9,500 萬美元。團隊做得很好，確保我們在正確的時間提供正確的產品，然後我們的庫存在第三季度再次減少，幫助公司產生正現金流。我們始終專注於管理業務的各個方面，以實現利潤最大化，同時滿足不斷擴大的客戶群的需求。

Heading into the fourth quarter and next fiscal year, we're excited about the opportunities within our PMT and GES businesses. While, like many companies, we are navigating a high degree of near-term uncertainty associated with the impact of new reciprocal tariffs and marketing conditions, but we are also pursuing opportunities that may come from these disruptions.

進入第四季度和下一個財年，我們對 PMT 和 GES 業務中的機會感到非常興奮。雖然與許多公司一樣，我們正在應對與新的互惠關稅和行銷條件的影響相關的高度短期不確定性，但我們也在尋求可能來自這些中斷的機會。

Throughout calendar year 2025, we expect limited market growth in the US. But we expect Richardson will continue to grow sales by grabbing market share and introducing new products. A key component of our growth strategy is selectively expanding our global technology partnerships and engineered solution products.

在整個 2025 年，我們預計美國市場的成長有限。但我們預計理查森將透過搶佔市場份額和推出新產品繼續增加銷售額。我們成長策略的關鍵組成部分是選擇性地擴大我們的全球技術合作夥伴關係和工程解決方案產品。

We continue to add new partners who address technology gaps in our offerings and align with our strategic growth priorities. Through these partnerships, we often identify opportunities for new products that we design, manufacture, and test in-house.

我們將繼續增加新的合作夥伴，以彌補我們產品中的技術差距並與我們的策略成長重點保持一致。透過這些合作關係，我們經常發現內部設計、製造和測試新產品的機會。

This approach enhances the value we provide our customers and allows us to capture more revenue while expanding and diversifying our customer base. Our technology partnerships are extremely strong.

這種方法提高了我們為客戶提供的價值，並使我們能夠在擴大和多樣化客戶群的同時獲得更多收入。我們的技術合作夥伴關係非常牢固。

And when appropriate, we collaborate on new component design and development, strategic purchases, and long-term planning. These technology partnerships are key to the customer relationships for all of our products.

在適當的時候，我們會合作進行新組件的設計和開發、策略採購和長期規劃。這些技術合作關係對於我們所有產品的客戶關係至關重要。

We're investing in the infrastructure to support our growth. This includes hiring talented design and field engineers and enhancing our design and manufacturing capabilities.

我們正在投資基礎設施以支持我們的成長。這包括聘請優秀的設計和現場工程師，並增強我們的設計和製造能力。

Our growing in-house design, engineering, and manufacturing teams are doing a good job supporting increased demand for current products and new product designs. Our field engineering team continues to identify new customers and opportunities.

我們不斷成長的內部設計、工程和製造團隊在支援現有產品和新產品設計日益增長的需求方面做得很好。我們的現場工程團隊不斷尋找新的客戶和機會。

We need to invest in the team to keep identifying, developing, and introducing innovative products and technologies for Green Energy, Power Management, and our Microwave applications.

我們需要對團隊進行投資，以不斷識別、開發和推出用於綠色能源、電源管理和微波應用的創新產品和技術。

Our unique global capabilities and global go-to market strategy set us apart in the Power Management, RF and Microwave, and Green Energy markets. We've developed a unique business model that combines legacy products with new technology partners and solutions, aligning with our growth strategy to deliver engineered solutions to a global customer base.

我們獨特的全球能力和全球市場策略使我們在電源管理、射頻和微波以及綠色能源市場中脫穎而出。我們開發了一種獨特的商業模式，將傳統產品與新的技術合作夥伴和解決方案相結合，與我們的成長策略保持一致，為全球客戶群提供工程解決方案。

This model differentiates from all of our competitors. And finally, as a global company, we are analyzing the effects of the announced tariffs. And we'll make needed adjustments to our global supply chain to continue our growth.

這種模式與我們所有的競爭對手都不同。最後，作為一家全球性公司，我們正在分析已宣布的關稅的影響。我們將對全球供應鏈做出必要的調整，以持續成長。

And with that, I'll turn it over to Jens to discuss Canvys.

接下來，我會把主題交給 Jens 來討論 Canvys。

Thanks, Greg. And good morning, everyone. Canvys engineers, manufacturers, and sales custom displays to regional equipment manufacturers across global industrial and medical markets. It is our mission to deliver high-quality display solutions tailored to our customers' needs.

謝謝，格雷格。大家早安。Canvys 的工程師、製造商和銷售客製化顯示器面向全球工業和醫療市場的區域設備製造商。我們的使命是提供根據客戶需求量身定制的高品質顯示解決方案。

Net sales increased 39.5% to $9.2 billion during the third quarter of fiscal 2025 compared to $6.6 billion in the third quarter of fiscal 2024, driven by higher sales in North American markets.

受北美市場銷售額成長的推動，2025 財年第三季淨銷售額較 2024 財年第三季的 66 億美元成長 39.5%，達到 92 億美元。

Gross margin as a percentage of net sales decreased to 33.2% during the third quarter of fiscal 2025 from 34.4% to the third quarter of fiscal 2024, primarily due to product mix. Our backlog at the end of the fiscal 2025 third quarter remains strong at $36.6 million, providing a robust foundation for future business.

2025 財年第三季度，毛利率佔淨銷售額的百分比從 2024 財年第三季的 34.4% 下降至 33.2%，主要原因是產品組合。截至 2025 財年第三季末，我們的積壓訂單仍保持強勁，達到 3,660 萬美元，為未來業務奠定了堅實的基礎。

During the quarter, Canvys received orders from both repeat and new medical EM customers for various applications. Our focus remains on robotic-assisted surgery, navigation, endoscopic, and human machine interface HMI solutions for controlling medical devices.

在本季度，Canvys 收到了來自回頭客和新醫療 EM 客戶的各種應用訂單。我們的重點仍然放在機器人輔助手術、導航、內視鏡和用於控制醫療設備的人機介面 HMI 解決方案上。

Additionally, our solutions are extensively utilized in various commercial and industrial applications. For example, our products improve passenger information systems in trains and buses. And enhanced HMI technologies employed in printing, bending, milling, and packaging equipment.

此外，我們的解決方案廣泛應用於各種商業和工業應用。例如，我們的產品改善了火車和公共汽車的乘客資訊系統。並增強了印刷、折彎、銑削和包裝設備中採用的 ​​HMI 技術。

Our strategic initiatives aim to increase Canvys' visibility and market leadership. We seek new opportunities and build connections with potential customers to drive growth and innovation. We also engage with industry peers and stakeholders to strengthen our market presence through collaboration.

我們的策略性舉措旨在提高 Canvys 的知名度和市場領導地位。我們尋求新的機會並與潛在客戶建立聯繫以推動成長和創新。我們也與業內同行和利害關係人合作，透過合作加強我們的市場影響力。

Looking ahead, we are cautiously optimistic about improving demands in our markets. Positive indicators such as increasing requests for quotes and encouraging customer feedback as a steady recovery.

展望未來，我們對市場需求的改善持謹慎樂觀的態度。積極的指標，例如報價請求的增加和客戶回饋的鼓勵，表明經濟正在穩步復甦。

Our dedicated sales team continues to explore new opportunities while I focus on implementing strategic plans to ensure sustainable growth and deliver long-term value for our shareholders. I will now turn the call over to Wendy.

我們專業的銷售團隊不斷探索新的機遇，而我則專注於實施策略計劃，以確保可持續成長並為股東創造長期價值。現在我將把電話轉給溫迪。

Thank you, Jens. And good morning, everyone. Under the terms of the January 24, 2025 asset sale, Richardson Electronics sold the healthcare business unit for $8.2 million but retained its CT tube engineering, repair, and manufacturing assets under an exclusive 10-year global supply agreement with DirectMed Imaging.

謝謝你，詹斯。大家早安。根據 2025 年 1 月 24 日資產出售條款，理查森電子以 820 萬美元的價格出售了醫療保健業務部門，但根據與 DirectMed Imaging 簽訂的 10 年全球獨家供應協議，保留了其 CT 管工程、維修和製造資產。

The company will continue to support DirectMed through the term of this agreement with repaired semen CT X-ray tubes. We will also make a limited supply of Alta CT X-ray tubes but will sunset our Ultra tube line when we complete our quantity commitment.

在本協議期限內，該公司將繼續為 DirectMed 提供修復後的精液 CT 射線管支援。我們還將限量供應 Alta CT X 射線管，但當我們完成數量承諾時，將停止我們的 Ultra 射線管生產線。

We anticipate this could take 12 to 18 months and may continue to generate a loss for the company in FY26. While the company reported a loss on sale of assets, the strategic transaction is expected to simplify the company's business, improve Richardson's financial model long term, and allow the company to prioritize profitable opportunities within higher growth markets.

我們預計這可能需要 12 到 18 個月的時間，並且可能會在 26 財年繼續為公司帶來虧損。儘管該公司報告了資產出售損失，但預計此策略交易將簡化公司的業務，長期改善理查森的財務模式，並使公司能夠優先考慮高成長市場中的獲利機會。

The remaining assets of the Richardson healthcare business, primarily CT tube manufacturing and repair, will be consolidated into the company's PMT reportable segment beginning with Q4 FY25.

理查森醫療保健業務的剩餘資產（主要是 CT 管製造和維修）將從 2025 財年第四季開始合併到公司的 PMT 報告部門。

Richardson Electronics intends to use proceeds from the asset sale to invest in the company's growth initiatives, primarily our Green Energy solutions business unit, and other high-growth complementary businesses.

理查森電子計劃利用資產出售所得投資於公司的成長計劃，主要是我們的綠色能源解決方案業務部門和其他高成長互補業務。

As we navigate a more fluid economic environment, we believe maintaining a strong balance sheet will give us the flexibility needed to expand our position with our customers. It will also allow us to pursue opportunities to emerge stronger from this economic period and with a larger market share.

隨著我們應對更加動盪的經濟環境，我們相信保持強勁的資產負債表將為我們提供擴大客戶地位所需的靈活性。這也將使我們能夠抓住機會，在這段經濟時期變得更加強大，並獲得更大的市場份額。

As Greg discussed earlier, there are many exciting opportunities for growth just within PMT and Green Energy solutions. We will continue our strategy of leveraging our core engineering capabilities and technology partnerships with our in-house and US-based manufacturing to expand higher value sales and Power Management applications.

正如 Greg 之前所討論的，PMT 和綠色能源解決方案中存在許多令人興奮的成長機會。我們將繼續我們的策略，利用我們的核心工程能力和與我們內部和美國製造業的技術合作夥伴關係來擴大更高價值的銷售和電源管理應用。

Our success in developing patented products, including our ultra-capacitor-based pitch energy modules and EV trained starter modules, is a good example of how we successfully expand our markets and grow our scale.

我們成功開發了專利產品，包括基於超級電容器的槳距能量模組和電動車訓練啟動模組，這是我們成功拓展市場和擴大規模的一個很好的例子。

We deal in markets and applications that have large TAMs. We will continue to add resources that will allow us to increase market share on a global basis. We believe our success in these large Power Management applications supports additional opportunities across other Power Management and Energy Transformation markets.

我們涉足具有較大 TAM 的市場和應用。我們將繼續增加資源，以增加我們在全球的市場份額。我們相信，我們在這些大型電源管理應用方面的成功將為其他電源管理和能源轉換市場帶來更多機會。

This includes the battery energy storage solutions Greg discussed that are supported by advancements in battery technologies and the rising demand for energy storage and grid stability. Technologies are evolving and the use cases are wide. These include renewable energy integration, peak shaving and load shifting, backup power for remote or critical sites, and EV charging.

這包括 Greg 討論的電池儲能解決方案，該解決方案受到電池技術進步以及對儲能和電網穩定性不斷增長的需求的支持。技術不斷發展，用途也很廣泛。這些包括可再生能源整合、削峰和轉移負荷、偏遠或關鍵站點的備用電源以及電動車充電。

Market size and growth rates vary but are sizable. Fortune Business Insights valued the global energy storage market at $25 billion in 2024, up from $18 billion in 2023. They projected to grow to $114 billion by 2032, reflecting a compound annual growth rate of 21% during the forecast period.

市場規模和成長率各不相同，但規模都相當可觀。《財富商業洞察》估計，2024 年全球能源儲存市場規模將達到 250 億美元，高於 2023 年的 180 億美元。他們預計到 2032 年將成長到 1,140 億美元，預測期內的複合年增長率為 21%。

With ever increasing demand for power and the company's ability to act nimbly with new technologies, Richardson Electronics is well positioned to differentiate itself in global niche markets like energy storage.

隨著電力需求的不斷增長以及公司靈活運用新技術的能力，理查森電子已準備好在能源儲存等全球利基市場中脫穎而出。

As a result of the healthcare transaction and more recent Made in America mandates, we are redefining our growth strategy that we believe will reposition the company for sustainable growth by expanding our capabilities and our patented technology and optimizing our operational efficiencies.

由於醫療保健交易和最近的美國製造授權，我們正在重新定義我們的成長策略，我們相信透過擴大我們的能力和專利技術並優化我們的營運效率，該策略將使公司重新定位為永續成長。

In the near term, we will make further investments in our business development and engineering teams to improve our reach and time to market. Longer term, we will also consider acquisitions that meet strict financial and operating requirements, including market applications, manufacturing requirements, geography, profitability, and cash flow.

短期內，我們將進一步投資於我們的業務開發和工程團隊，以提高我們的覆蓋範圍並縮短產品上市時間。從長遠來看，我們還將考慮符合嚴格財務和營運要求的收購，包括市場應用、製造要求、地理位置、獲利能力和現金流。

As technology evolves, Power Management technologies evolve with it, and our strategy is to provide flexible solutions that further differentiate the company. Selling the assets of Richardson Healthcare served as an important catalyst that is driving our efforts to look for external opportunities to add scale and new capabilities.

隨著技術的發展，電源管理技術也隨之發展，我們的策略是提供靈活的解決方案，進一步使公司脫穎而出。出售理查森醫療保健的資產是一個重要的催化劑，推動我們努力尋找外部機會來擴大規模和增強新功能。

We are in the early stages of our strategic plan development but have a solid foundation on which to build. We are positioning Richardson Electronics to be a leader in Power Management and power conversion solutions for the markets we serve.

我們的策略計劃制定尚處於早期階段，但我們已經擁有堅實的基礎。我們將理查森電子定位為我們所服務市場中電源管理和電源轉換解決方案的領導者。

Given our current priorities, we expect our M&A strategy will develop later in FY26. We look forward to sharing more on future calls. I'll now turn the call back over to Ed.

鑑於我們目前的優先事項，我們預計我們的併購策略將在 2026 財年後期制定。我們期待在未來的電話會議中分享更多內容。我現在將電話轉回給 Ed。

Thanks, Wendy. We're excited about the future of Richardson Electronics. Well, power grid tubes will always be at the heart of the organization, repositioning the company as a leader in Power Management brings a new level of focus.

謝謝，溫迪。我們對理查森電子的未來充滿期待。嗯，電網管永遠是組織的核心，將公司重新定位為電源管理領域的領導者將帶來新的焦點。

Despite persistent global economic and political challenges, we delivered 4.9% growth in Q3 from our core business units. In the near term, we continue to see good opportunities with the rising semiconductor Wafer Fab equipment demand and for many new products and geographical expansion in our Green Energy solutions business.

儘管全球經濟和政治挑戰持續存在，我們的核心業務部門在第三季仍實現了 4.9% 的成長。短期內，隨著半導體晶圓廠設備需求的不斷增長以及綠色能源解決方案業務的許多新產品和地理擴張，我們將繼續看到良好的機會。

Our cash position from the sale of health care and the team's success in converting inventory to cash puts us in an excellent position to continue investing in our growth strategies and push forward the company's agenda to be a significant player in Power Management solutions.

我們從醫療保健銷售中獲得的現金狀況以及團隊成功地將庫存轉換為現金，使我們處於有利地位，可以繼續投資於我們的成長策略，並推動公司成為電源管理解決方案重要參與者的議程。

On behalf of everyone at Richardson Electronics, we look forward to sharing more details with you in the coming quarters. We'll now open the call for questions.

我代表理查森電子全體員工，期待在未來幾季與您分享更多細節。我們現在開始提問。

Thank you, ladies and gentlemen. (Operator Instructions)

謝謝各位，女士們、先生們。（操作員指示）

Anja Soderstrom, SIDOTI.

安雅·索德斯特羅姆 (Anja Soderstrom)，SIDOTI。

Hi. And thank you for taking my questions. Nice job on the GS business here with the sequential growth. What do you mention the backlog there remains strong? But what should we expect in terms of the sequential growth going from here?

你好。感謝您回答我的問題。GS 業務表現良好，持續成長。您提到那裡的積壓情況仍然很嚴重嗎？但從現在起，我們應該對連續成長抱持怎樣的期待呢？

Well, there's a lot going on out there. But we fully expect, based on our backlog, our inventory position, as we made a strategic to make sure we had stock that we expect to grow in the fourth quarter and in FY26, probably, the best visibility I can give you. But, definitely with our backlog and current shipping schedule we expect to grow.

嗯，外面發生了很多事。但我們完全預計，基於我們的積壓訂單和庫存狀況，我們制定了策略來確保我們的庫存在第四季度和 26 財年有望增長，這可能是我能給您的最佳可見性。但是，考慮到我們的積壓訂單和當前的運輸計劃，我們預計訂單量肯定會增加。

And in terms of the pipeline, I mean the sale cycle has been quite prolonged. Are you seeing any sort of cancellations or anything? Or are the projects still viable and just being pushed out to future Paris?

就通路而言，銷售週期已經相當長了。您是否看到任何形式的取消或類似情況？或者這些項目仍然可行，只是被推向未來的巴黎？

Yeah, no cancellations. I mean, timing of things isn’t -- we're not happy with -- we don't have a lot of patience, anyway. But every one of the programs and the products that we've identified, with help from our field team and our customers and our design teams, that we feel we can win at, they're all moving forward.

是的，沒有取消。我的意思是，事情的時機並不——我們不滿意——無論如何，我們沒有足夠的耐心。但是，在我們的現場團隊、客戶和設計團隊的幫助下，我們確定的每一個專案和產品，只要我們覺得能夠成功，都在前進。

And as Wendy mentioned in FY26 specifically starting now, we're going to invest to expedite getting products to market faster, but, very positive in terms of things moving forward. No cancellations, no programs delayed.

正如溫蒂在 26 財年特別提到的那樣，從現在開始，我們將進行投資以加快將產品更快地推向市場，但就未來的發展而言，我們非常樂觀。沒有取消，沒有節目延遲。

It's just kind of on our end and then these NPI processes, these are new products, highly technical. And they just take some time, but they're all moving forward, which is very exciting.

這只是我們這邊的事情，這些 NPI 流程，這些都是新產品，技術性很強。雖然需要一些時間，但他們都在向前邁進，這非常令人興奮。

Okay, thank you. And with the fab business, I also expected that to remain strong. What are you seeing there?

好的，謝謝。並且，對於晶圓廠業務，我也預計將保持強勁勢頭。你在那裡看到了什麼？

Well, again, not a lot of visibility. We had a very strong quarter. We expect to have a growth in the fourth quarter also, and we'll have growth for the fiscal year. .

嗯，再說一次，可見度不高。我們本季表現非常強勁。我們預計第四季度也會實現成長，整個財年也會實現成長。。

I wasn't on the call, but I let Wendy add she listened in on the Lamb corporate call, and they're predicting growth in what would be RFY26.

我沒有參加電話會議，但我讓溫蒂補充說，她聽了 Lamb 公司電話會議，他們預測 2026 年 RFY 將會成長。

That’s correct, Anya. They wouldn't -- this was a call that we had yesterday, and it was predominantly regarding tariff strategies. So they're in a quiet period and they didn't comment on the balance of calendar year '25 or calendar year 2026, but they have excellent strategies in place to manage these tariffs.

沒錯，安雅。他們不會——這是我們昨天的一次通話，主要討論的是關稅策略。因此，他們正處於平靜期，他們沒有對 2025 年或 2026 年的餘額發表評論，但他們已經制定了出色的策略來管理這些關稅。

And we've been working with them really over the past year to make sure that tariffs don't impact our component prices to any extreme extent and that's really what their call was with all of their suppliers is making sure that everybody moves things around. And they're going to make some changes possibly on where they manufacture certain equipment for certain countries, but they appear to be in good shape.

在過去的一年裡，我們一直在與他們合作，以確保關稅不會對我們的零件價格產生任何極端影響，他們與所有供應商的呼籲實際上是確保每個人都能順利交貨。他們可能會對為某些國家生產某些設備的地點做出一些改變，但他們的狀況似乎很好。

And Anya, I'd like to add to that, I just want to mention that the batteries and the ultra-capacitors that we use in our ULTRA3000, our new pitch energy module, multi-brand, our starter modules for the diesel locomotive industry, they are not made in China.

安雅，我想補充一點，我們ULTRA3000中使用的電池和超級電容器、新的俯仰能量模組、多品牌以及柴油機車行業的啟動模組都不是中國製造的。

So that was a positive thing in terms of those specific products which are key to a number of our engineered solutions.

因此，對於我們許多工程解決方案的關鍵特定產品而言，這是一件積極的事情。

Okay, thank you for that. And while we're on the topic, like, how are you seeing potentially being impacted by the tariffs and how are you navigating it?

好的，謝謝你。當我們討論這個話題時，您認為關稅可能帶來哪些影響？您如何應對？

Yeah. It just seems like kind of a hold. We're doing a lot of engineering work, so that's continuing full speed. But even ourselves, obviously, there's a couple of large POs we'd like to place because of lead times. But we're just kind of maybe holding off a week or two or kind of to see what settles and as you know was, it a few hours ago or a day ago.

是的。這看起來就像是一種阻礙。我們正在進行大量的工程工作，因此工作正在全速進行。但即使是我們自己，顯然也有一些大型採購訂單需要下達，因為交貨時間較長。但我們可能只是等上一兩週，看看情況會如何發展，正如你所知，這是幾個小時前或一天前發生的事情。

The tariffs changed again. So I think a lot of people are just kind of a wait and see for a while, in terms of placing any large orders.

關稅再次改變。因此，我認為很多人在下大訂單方面只是觀望一段時間。

And Anya, I'll add to Greg's answer. China, of course, is where the largest tariffs are in place. And today and over the past year, about only 5% of our purchases that we made came from China. So our exposure in China from that perspective is a very small percentage of the total company.

安雅 (Anya)，我將補充格雷格 (Greg) 的回答。當然，中國是徵收關稅最高的國家。如今以及過去的一年裡，我們採購的商品中只有約 5% 來自中國。因此從這個角度來看，我們在中國的業務僅占公司整體業務的一小部分。

We also -- this is a wonderful time where we're going to be able to take advantage of the infrastructure that we've put in place over the last 75 years, including, we have multiple inventory hubs where we can stock inventory.

我們也——這是一個美好的時刻，我們將能夠利用過去 75 年來建立的基礎設施，包括我們擁有的多個可以儲存庫存的庫存中心。

So we're moving things and ensuring that where we put our inventory is closest to customer, where we don't incur significant tariffs. We have a robust duty drawback process in place that is still applicable for the majority of the tariffs.

因此，我們正在轉移貨物，並確保庫存存放地點最靠近客戶，並且不會產生高關稅。我們擁有完善的退稅流程，該流程仍然適用於大多數關稅。

So I think as far as tariffs go, we're in as good a position as we can be in. Obviously, we don't know the impact of the end user or the end demand level, but we are doing everything we can again to minimize the impact on our customers, and therefore, on the end-user demand.

因此我認為就關稅而言，我們處於盡可能有利的地位。顯然，我們不知道最終用戶或最終需求水準的影響，但我們正在盡一切努力將對客戶的影響降至最低，從而將對最終用戶需求的影響降至最低。

And in addition to that, we obviously -- we're an entrepreneurial company and that's set that mentality up for 75 years. We're looking at the opportunities that would come out of this and specifically, I have three, well, to our customers and one's a supplier, technology partner, coming in to look to us to potentially either build or design products quote, unquote Made in America that they're currently dealing with tariffs because they're not Made in America.

除此之外，我們顯然是一家新創公司，75 年來我們一直秉持這種理念。我們正在尋找由此帶來的機會，具體來說，我有三個客戶，一個是供應商，一個是技術合作夥伴，他們來找我們，希望我們能夠製造或設計「美國製造」的產品，但他們目前正在處理關稅，因為這些產品不是美國製造的。

So coming out of this, obviously, dealing with tariffs and purchasing and cost, but there's also opportunities, specifically for a niche company like Richardson, which has design, manufacturing, and test capabilities.

因此，顯然，要處理關稅、採購和成本問題，但也存在機會，特別是對於像理查森這樣擁有設計、製造和測試能力的利基公司。

Okay. Thank you. I'll get back in the queue.

好的。謝謝。我會回到隊列中。

Bobby Brooks, Northleaf Capital Market.

鮑比布魯克斯 (Bobby Brooks)，Northleaf 資本市場。

Hey, this is Logan on for Bobby.

嘿，我是 Logan，代替 Bobby。

(multiple speakers)

（多位發言者）

Bobby was on his honeymoon. So, hi, Logan.

鮑比正在度蜜月。嗨，洛根。

I’m filling in. But thanks for taking our question. And first, so with semi sales up 139% year over year. Can you help us contextualize that a bit more with how that performs sequentially, what drove that strength? And is that strength continuing?

我正在填寫。但感謝您回答我們的問題。首先，半拖車銷量較去年同期成長 139%。您能否幫助我們更詳細地了解其連續表現，以及是什麼推動了這種優勢？這種強勁勢頭還會持續下去嗎？

Yeah. So I mean, each quarter on quarter, the semicon rate for that business has increased. We're going to end up with a strong year. Last year was about $13 million will be way above that. And it's just that the sequential growth going forward is just a lack of visibility.

是的。所以我的意思是，每個季度，該業務的半導體費率都在增加。我們將迎來強勁的一年。去年約為 1300 萬美元，將遠高於這個數字。只是未來的連續成長仍缺乏可見性。

Everybody's looking at growing it, but this year we're coming out of a low point last year. And we're getting visibility from corporate, but also from their engineering teams, talking to our engineering teams. So we look at growing in Q4, again, like we did in Q3, probably not 139%, but it will grow, and we will grow substantially for the year. And we look to grow in FY26. And again, that's the most visibility we have right now.

每個人都希望實現成長，但今年我們已經走出了去年的低谷。我們不但從公司獲得了知名度，也從他們的工程團隊獲得了知名度，並與我們的工程團隊進行了交談。因此，我們預計第四季將再次出現成長，就像第三季一樣，可能不會達到 139%，但會成長，而且全年將大幅成長。我們期待 26 財年能實現成長。再說一次，這是我們目前所擁有的最顯著的可見性。

Perfect. Yeah, that's great to hear. Then, one more just on capital allocation. So post-closing of the healthcare sale, how should we think about allocation going forward, specifically, with the M&A strategy starting in fiscal year '26?

完美的。是的，聽到這個消息真是太好了。然後，再談一下資本配置。那麼，在醫療保健銷售結束後，我們應該如何考慮未來的分配，特別是從 26 財年開始的併購策略？

So our short term is really what we're prepared to talk more about and I think both Greg and I mentioned it in our prepared remarks, that we will be making investment in people and some technology that will allow us to expand more rapidly on some of the products that are already released like the ultra-capacitor wind energy, pitch energy modules.

因此，我們真正準備談論的是短期問題，我想格雷格和我都在準備好的發言中提到過，我們將對人才和一些技術進行投資，這將使我們能夠更快地擴展一些已經發布的產品，如超級電容器風能、瀝青能源模組。

So that's going to be our first priority with that cash. As I mentioned, we're not prepared to discuss our M&A strategy and as we get better clarity and definition on that, we'll be glad to share it with you.

因此，這將是我們利用這筆現金的首要任務。正如我所提到的，我們還沒有準備好討論我們的併購策略，隨著我們對此有了更清晰的認識和定義，我們將很樂意與您分享。

Sounds good, thank you. I'll back in the queue.

聽起來不錯，謝謝。我會回到隊列中。

Thanks, Logan.

謝謝，洛根。

Barry Mendel, Mendel Money Management.

巴里孟德爾，孟德爾資金管理公司。

I didn't hear you talk. Hi Wendy, didn't hear you guys talk about Progress Rail or [Wab] tech. Can you talk about what's going on with the two of them?

我沒聽見你說話。嗨，溫迪，沒聽到你們談論 Progress Rail 或 [Wab] 技術。能不能講一下他們兩個現在的狀況？

Well, specific to that large locomotive company, they've released a very large order. We're in the process of building that. We'll start shipping that in FY26. So that program has been a fantastic program.

嗯，具體到那家大型機車公司，他們已經發出了一筆非常大的訂單。我們正在建立這個功能。我們將於 26 財年開始出貨。所以這個項目是一個非常棒的項目。

Again, I've been in the MPI process on April 22 for 40 years. And it's one of the most amazing, quick, detailed programs with great success on their side. So, the starter modules for two of our large locomotive manufacturers is moving forward very fast. And then what was the other question? Progress Rail?

再說一次，我參與 4 月 22 日的 MPI 流程已經 40 年了。這是最令人驚奇、最快速、最詳細的程序之一，並且取得了巨大的成功。因此，我們兩家大型機車製造商的啟動模組正在快速推進。那麼另一個問題是什麼？進步鐵路？

Yeah.

是的。

Progress Rail? Yeah. On Progress Rail, yeah, we shipped, with nice shipments to them in the quarter. But that program is, will be the largest electric vehicle in the world when it's completed. And we continue to work with them on a weekly basis and we'll probably finish shipping the Long Island Railroad trains in FY26.

進步鐵路？是的。是的，我們在本季向 Progress Rail 運送了貨物，而且運送量很大。但該項目完成後將成為世界上最大的電動車。我們每週都會繼續與他們合作，我們可能會在 2026 財年完成長島鐵路列車的運輸。

You say how you say how large that order was?

您說說這個訂單有多大？

I think it's [1.3 million].

我認為130萬。

Is any progress in Australia with Progress Rail?

澳洲的進步鐵路有什麼進展嗎？

Yeah. They're still working with their end customer. Again, we've completed our program with them in terms of what they needed from us. They're now working directly with their end customer. There's been a ton of delays, for various reasons, technically, et cetera.

是的。他們仍在與最終客戶合作。再次，我們已經根據他們對我們的要求與他們一起完成了我們的計劃。他們現在直接與最終客戶合作。由於技術等各種原因，出現了大量延誤。

And the last feedback we got, which was a week ago, is they expect to ship the first vehicle to their end customer, Australian Railroad, in the fall of this year. And that's all we have from them. Again, they're dealing directly with their end customer, we're not involved in those calls. We've completed the engineering and support that they needed to complete the final train.

我們收到的最後一份回饋是，也就是一週前，他們預計今年秋天向最終客戶澳洲鐵路公司運送第一輛車。這就是我們從他們那裡得到的全部資訊。再說一次，他們直接與最終客戶打交道，我們不參與這些通話。我們已經完成了最終列車所需的工程和支援。

Okay. And one last question. In terms of health care, I think Wendy mentioned there's going to be some continuing losses there. Can you frame the size of those losses? You know what they might be.

好的。最後一個問題。在醫療保健方面，我認為溫迪提到該領域將會持續出現一些損失。您能估算一下這些損失的規模嗎？你知道它們可能是什麼。

Yeah. We're not prepared to discuss that, Barry. We're still working through that. Obviously, our objective is to minimize that to the extent possible. So as we begin in more steady fashion, releasing the repaired semen's tubes, that'll help take up some of the loss that's generated from the ALTA tube manufacturing.

是的。我們還沒準備好討論這個，巴里。我們仍在努力解決這個問題。顯然，我們的目標是盡可能地減少這種情況。因此，當我們以更穩定的方式開始釋放修復後的精液管時，這將有助於彌補 ALTA 管製造過程中產生的部分損失。

But again, bear in mind that's FY26 only, we'll be done with the ALTA tubes before the end of that period.

但再次提醒，這只是 FY26，我們將在該期間結束之前完成 ALTA 管道。

Okay. Thank you.

好的。謝謝。

Thanks, Barry.

謝謝，巴里。

(Operator Instructions)

（操作員指示）

Ross Taylor, ARS Investment Partners.

羅斯泰勒（Ross Taylor），ARS 投資夥伴。

Thank you. Sounds very much more -- how we doing? This is such a formal name. Can you talk about how you see profitability playing out? I think of most of what you do is being relatively a small piece of a bigger puzzle in most cases for your customers.

謝謝。聽起來很像——我們做得怎麼樣？這是一個非常正式的名字。您能談談您如何看待獲利能力嗎？我認為在大多數情況下，對於您的客戶來說，您所做的大部分工作都只是更大難題中的一小部分。

And would you -- looking at things like the semi Wafer Fab business, which is I believe probably been your most profitable business, would you expect that as we push through this year, you would be able to remain your most profitable business as it grows and also the same kind of thinking for like the the wind, turbine business and the like as things push forward?

您是否會 — — 看看半導體晶圓廠業務之類的事情，我相信這可能是您最賺錢的業務，您是否會期望隨著我們今年的發展，您能夠繼續保持最賺錢的業務並不斷增長，並且隨著風能、渦輪機業務等業務的發展，您是否會以同樣的想法來考慮？

Well, specifically on the Wind Turbine and really, it's Power Management products that go into Wind Turbine programs that's going to continue to grow, not only as we expand again, 95% of our business so far has been North America.

嗯，具體來說，對於風力渦輪機來說，實際上，用於風力渦輪機專案的電源管理產品將繼續成長，不僅因為我們再次擴張，到目前為止，我們 95% 的業務都在北美。

And one of the things we're talking about in terms of investment is take that model. Take that model and drop it into Europe and Asia because we've proven that the success in North America. And so, you're going to see a couple of press releases coming up this quarter on other niche products.

我們在投資方面談論的事情之一就是採用這種模式。將該模式推廣到歐洲和亞洲，因為我們已經證明它在北美取得了成功。因此，您將在本季度看到有關其他利基產品的幾份新聞稿。

So what we're seeing now is since we have the relationships with the top owner operators of Wind Turbines, GE wind turbines specifically, we're -- they're coming to us for more and more products. And again, Richardson's success has been identifying in this case, where we can be successful.

所以我們現在看到的是，由於我們與風力渦輪機的頂級所有者運營商，特別是通用電氣風力渦輪機，建立了關係，他們向我們尋求越來越多的產品。再一次，理查森在這個案例中的成功表明了我們可以在哪些方面取得成功。

I mean, we could sit here and look at 100 different products, you guys make those, no. We pick products that we can be successful on, and we've done a good job of that. And we continue to get from these owner operators and the Wind Turbine manufacturers requests for inverters, UPSs, turbine guards, all kinds of stuff that our team, which is very strong engineering wise, is able to develop.

我的意思是，我們可以坐在這裡看看 100 種不同的產品，這些都是你們製造的，不是嗎？我們選擇能夠成功的產品，並且在這方面做得很好。我們不斷從這些業主營運商和風力渦輪機製造商那裡得到對逆變器、UPS、渦輪機防護裝置等各種產品的請求，而我們的團隊憑藉其強大的工程能力，能夠開發這些產品。

So what you're going to see is not only growth in the existing products we have, but continued growth in additive products because obviously, from a profit point of view, one of the best ways to grow sales and grow profits is to sell more products to an existing customer base because one of the most costly parts of a new product introduction process is identifying customers, finding the content, and going through the NPI process itself.

因此，您將看到的不僅是我們現有產品的成長，而且還有附加產品的持續成長，因為顯然，從利潤的角度來看，增加銷售額和增加利潤的最佳方法之一就是向現有客戶群銷售更多產品，因為新產品推出過程中最昂貴的部分之一是識別客戶、尋找內容以及完成 NPI 流程本身。

So yeah, we're excited on the Wind Turbine product that has been a very pro profitable program. Internally, we call it Project Turbo. On the lamp side, we're kind of at the hands of them, it's how much market share they get.

是的，我們對風力渦輪機產品感到非常興奮，這是一個非常有利可圖的項目。在內部，我們稱之為 Project Turbo。在燈具方面，我們在某種程度上受制於他們，這取決於他們獲得多少市場份額。

The products we make for them, we've made for them for a long time, so we're pretty much exclusive, but kind of on the semi[gen]-Wafer Fab side versus the Wind Turbine side, we can add resources, go get business, gain market share for those products. On the Lamb side, we're kind of seeing where they're at in terms of market shares they gain and what their business does.

我們為他們生產的產品已經生產了很長時間，所以我們基本上是獨家的，但在半導體晶圓廠方面與風力渦輪機方面相比，我們可以增加資源、開展業務、為這些產品贏得市場份額。就 Lamb 而言，我們正在觀察他們所獲得的市場份額以及他們的業務狀況。

So Ross, let me add to that that we still have excess capacity here within the La Fox manufacturing facility. So everything Greg said is true, that we're seeing improved profit in the wind energy business. Lamb continues to be in the semiconductor market and overall continues to be a very healthy profitable part of our business.

羅斯，讓我補充一點，我們位於洛杉磯的福克斯製造工廠仍然擁有過剩產能。因此，格雷格所說的一切都是真的，我們看到風能業務的利潤正在提高。Lamb 繼續活躍在半導體市場，總體而言，它仍然是我們業務中非常健康的盈利部分。

But we are in a very good position to take advantage of these Made in America mandates and these tariffs that are asking people to do different things. And the nice thing is we don't have to do a lot to begin to realize additional profits from that.

但我們處於非常有利的位置，可以利用這些「美國製造」的強制規定和要求人們做不同事情的關稅。令人高興的是，我們不需要做很多事情就可以開始實現額外的利潤。

We still have an issue with under absorption which is impacting our gross margin. And we will be able to to reduce that as we focus those efforts on bringing more manufacturing items into this building.

我們仍然有吸收不足的問題，這影響了我們的毛利率。如果我們專注於將更多的製造產品引入這棟大樓，我們將能夠減少這個數字。

Okay, that's good. So basically, you both have -- you're looking at high-margin product. Growing the ability to push those into the market and while you do that, you're actually going to be picking up, you're getting better coverage of your fixed cost structure as well at the same time.

好的，那很好。所以基本上，你們雙方都在尋找高利潤產品。提高將這些產品推向市場的能力，當你這樣做的時候，你實際上會獲得成功，同時也會更好地涵蓋你的固定成本結構。

With regard to your backlog, your healthcare is still in your backlog. But it's really, it's a very different role that was playing. Could you give an idea of what your backlog? And how quickly you can service backlog for things like if Lamb were to come to you? How long does it take for you to fill a Lamb order?

關於您的積壓事宜，您的醫療保健事宜仍在積壓中。但實際上，它扮演著非常不同的角色。能否介紹一下您的積壓情況？如果 Lamb 來找你，你能多快處理積壓的事情？您需要多長時間才能完成一份羊肉訂單？

So in this uncertain period, might we see more short-term orders where they come in and need something. And we should be-- and you should be able to be responding inside a quarter as opposed to over an extended period of time.

因此，在這個不確定的時期，我們可能會看到更多的短期訂單，他們需要一些東西。我們應該——你應該能夠在一個季度內做出回應，而不是在很長一段時間內。

Oh, we do that with Lamb all the time. I mean, again, they're dropping in orders constantly. And yes, we can -- we certainly can respond with Human Resources, labor. We've got the capacity for that, the long pole in the tent would be any components that have long lead times.

哦，我們一直對 Lamb 這樣做。我的意思是，他們的訂單不斷減少。是的，我們可以——我們當然可以透過人力資源和勞動力來應對。我們有能力做到這一點，帳篷裡的長桿將是任何需要較長交貨時間的零件。

And we've been building products for Lamb way back in when they first bought [Novellas], so 2006, and a lot of those products that we're sole sourced on, we're able to react to their increases in orders in a very short period of time.

早在 2006 年 Lamb 首次收購 [Novellas] 時，我們就開始為其生產產品，而且很多產品都是我們獨家採購的，我們能夠在很短的時間內對其訂單的增長做出反應。

What we want to see, Ross, and this is what they keep telling us is first of all, they said we are one of their key vendors for deposition. And they will continue to bring us new opportunities to look at. So for us, it's a matter of filling their existing business that both Ed and Greg have described but also winning more of it. And that is also one of our key strategic points and we'll continue to work away at that.

羅斯，我們希望看到的是，他們一直告訴我們的是，首先，他們說我們是他們沉積物的主要供應商之一。並且它們將繼續為我們帶來新的值得關注的機會。因此，對我們來說，問題在於填補 Ed 和 Greg 所描述的現有業務，同時贏得更多業務。這也是我們的一個關鍵策略要點，我們將繼續努力。

Okay, great. Well, you guys are doing an excellent job in here, uncertain times, but it seems that you have a pretty good idea where you're going in them. Thank you.

好的，太好了。好吧，你們在這個不確定的時期做得非常出色，但看起來你們很清楚自己要去哪裡。謝謝。

We just have to get on X because apparently, that's the only place we're going to know what's happening in --

我們必須去 X，因為顯然，這是唯一能讓我們了解正在發生的事情的地方--

Or hang out at [Mar a Lago]

或者在[海湖莊園]

Thank you. And I would now like to hand the conference back over to Ed Richardson for further remarks.

謝謝。現在我想將會議交還給艾德·理查森，請他進一步發言。

Thanks, Michelle. Thanks to all of you again for joining us today. We appreciate your investment and interest in Richardson Electronics. Please don't hesitate to call us at any time. We're available and happy to talk with you.

謝謝，米歇爾。再次感謝大家今天的參加。我們感謝您對理查森電子的投資和關注。請隨時致電我們。我們很樂意與您交談。

We also posted an updated investor presentation on our website. And we look forward to our ongoing discussions on growth and to share our fourth quarter and full-year results with you in July. Thank you very much.

我們也在我們的網站上發布了更新的投資者介紹。我們期待繼續討論成長問題，並在 7 月與您分享我們的第四季和全年業績。非常感謝。

This concludes today's conference call. Thank you for participating. And you may now disconnect, everyone. Have a great day.

今天的電話會議到此結束。感謝您的參與。現在各位可以斷開連接了。祝你有美好的一天。