Richardson Electronics Ltd (RELL) 2025 Q4 法說會逐字稿

Good day, everyone. Thank you for standing by. Welcome to the Richardson Electronics earnings call for the fourth quarter of fiscal year 2025. (Operator Instructions)

大家好。感謝您的支持。歡迎參加理查森電子 2025 財年第四季財報電話會議。（操作員指示）

I will now hand the conference over to your speaker, Mr. Ed Richardson, please go ahead, sir.

我現在將會議交給發言人艾德理查森先生，先生，請繼續。

Good morning and thank you all for joining Richardson Electronics conference call for the fourth quarter of fiscal year 2025.

早安，感謝大家參加理查森電子 2025 財年第四季電話會議。

We appreciate your continued support and interest in Richardson Electronics. Joining me today are Rob 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.

我們感謝您對理查森電子的持續支持和關注。今天與我一起出席的還有財務長 Rob Ben、營運長 Wendy Diddell、電力和微波技術集團（包括綠色能源解決方案）總經理 Greg Peloquin 以及 Canvys 總經理 Jens Ruppert。

Today's comments include GAAP and non-GAAP financial resorts. A detailed reconciliation between GAAP and non-GAAP results can be found in yesterday's 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 金融度假村。昨天的新聞稿中可以找到 GAAP 和非 GAAP 結果之間的詳細對賬，提醒一下，本次通話正在錄音，可供回放。

I'd also like to remind you that we will 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 SEC 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美國證券交易委員會 (SEC) 文件，以了解我們的風險因素。

I'm pleased with our performance in fiscal 2025 as our financial results improved throughout the year, excluding the loss and the sale of the healthcare assets. And we ended the fiscal year with the four consecutive quarters of year-over-year sales growth and five consecutive quarters of positive operating cash flow. Our performance is especially noteworthy as we navigated a difficult global environment which I believe reflects the hard work of our team and the value we provide our global customer base.

我對我們 2025 財年的表現感到滿意，因為除了醫療資產的損失和出售之外，我們的財務表現全年都有所改善。我們在本財年結束時連續四個季度實現銷售額年增，連續五個季度實現營運現金流為正。當我們應對艱難的全球環境時，我們的表現尤其值得注意，我相信這反映了我們團隊的辛勤工作以及我們為全球客戶群提供的價值。

Throughout the fiscal year we faced elevated inflation in key markets, ongoing supply chain pressures, and a growing global instability, particularly in Europe and Asia. Nonetheless, Richardson Electronics has remained focused, agile, and committed to our long-term vision.

在整個財政年度，我們面臨著主要市場通膨上升、供應鏈壓力持續增加以及全球不穩定性日益加劇（尤其是在歐洲和亞洲）的問題。儘管如此，理查森電子仍然保持專注、靈活，並致力於我們的長期願景。

Given our well-established global infrastructure, we're well positioned to minimize the impact of the ongoing tariff negotiations and other market constraints. In FY25 Q4 total sales were $51.9 million up from $47.4 million in Q4 of last year. While some headwinds impacted our ability to meet forecasted targets, we did see strong year over year growth in all three of our business units.

鑑於我們完善的全球基礎設施，我們完全有能力將正在進行的關稅談判和其他市場限制的影響降至最低。2025 財年第四季總銷售額為 5,190 萬美元，高於去年第四季的 4,740 萬美元。儘管一些不利因素影響了我們實現預測目標的能力，但我們的三個業務部門確實實現了強勁的同比增長。

PMT delivered notable sales growth year over year driven by continued strength in our semiconductor and RS power segments. Green energy was up over the prior year due to increased demand for our wind turbine modules, and Canvas posted another solid quarter exceeding both plan and prior year performance. Importantly, FY25 gross margin improved 50 basis points to 31.6%, reflecting discipline pricing strategies and operational improvements.

得益於半導體和 RS 電源部門持續強勁的表現，PMT 的銷售額同比顯著增長。由於市場對風力渦輪機模組的需求增加，綠色能源的業績比上年有所增長，而 Canvas 又公佈了一個強勁的季度，業績超出了計劃和上年的業績。重要的是，25 財年毛利率提高了 50 個基點，達到 31.6%，這反映了嚴格的定價策略和營運改善。

Particularly in PMT, our semiconductor wafer fab business, we're also pleased to report positive operating income for the fourth quarter compared to an operating loss in the same period last year. We continue to manage SG&A carefully while investing to attract and develop proven talent across our organization.

特別是在我們的半導體晶圓廠業務 PMT，我們也很高興地報告第四季度的營業收入為正，而去年同期則為營業虧損。我們持續謹慎管理銷售、一般及行政費用，同時投資吸引和培養整個組織的優秀人才。

In addition, we continue to pursue compelling growth opportunities supported by our strategic plan. Our cash position remains strong at $35.9 million providing us with flexibility to support both our ongoing operations and strategic growth opportunities. Before we discuss business unit details, I'll turn the call over to Rob Ben, our Chief Financial Officer, who'll provide a detailed review of our fourth quarter and full financial results in capital positions.

此外，我們將繼續在策略計劃的支持下尋求引人注目的成長機會。我們的現金狀況仍然強勁，達到 3590 萬美元，這為我們提供了靈活性，以支持我們的持續營運和策略成長機會。在我們討論業務部門細節之前，我將把電話轉給我們的財務長 Rob Ben，他將詳細回顧我們第四季度的資本狀況和全部財務結果。

Following Rob's remarks, Greg and Jens will provide updates on our business unit performance, and then Wendy will follow up with comments on our future growth strategies.

在 Rob 發言之後，Greg 和 Jens 將介紹我們業務部門的業績更新，然後 Wendy 將對我們未來的成長策略發表評論。

Thank you, Ed and good morning. I will review our financial results for our fourth quarter in fiscal year 2025, followed by a review of our cash position. 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 fourth quarter fiscal year 2025 press release that was issued yesterday. Consolidated net sales for the fourth quarter of fiscal 2025 increased 9.5% to $51.9 million compared to net sales of $47.4 million in the prior year's fourth quarter.

謝謝你，艾德，早安。我將審查我們 2025 財年第四季的財務業績，然後審查我們的現金狀況。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 財年第四季新聞稿中提供了非 GAAP 項目與可比較 GAAP 指標的對帳。2025 財年第四季綜合淨銷售額達 5,190 萬美元，較去年同期的 4,740 萬美元成長 9.5%。

This was our fourth consecutive quarterly year over year increase in sales. Fourth-quarter net sales growth was led by a 17.8% increase in PMT sales, which was due to higher demand from the company's semiconductor wafer fab customers and distributed products for RF and microwave applications.

這是我們連續第四個季度實現銷售額年增。第四季淨銷售額的成長主要得益於 PMT 銷售額成長 17.8%，這歸因於該公司半導體晶圓廠客戶以及射頻和微波應用分銷產品的需求增加。

Also, we experienced a 14.1% increase in our GES business unit and a 9.1% increase in sales for Canvys, which reflected improved market conditions in Europe. Sales growth for the fourth quarter of fiscal 2025 was partially offset by a $2.4 million decrease in healthcare sales that resulted from lower net sales after the sale of the majority of healthcare assets in January 2025.

此外，我們的 GES 業務部門銷售額成長了 14.1%，Canvys 銷售額成長了 9.1%，這反映了歐洲市場狀況的改善。2025 財年第四季的銷售額成長被醫療保健銷售額 240 萬美元的下降部分抵消，這是由於 2025 年 1 月出售大部分醫療保健資產後淨銷售額下降造成的。

Consolidated gross margin for the fourth quarter was 31.6% of net sales compared to 31.1% during the fourth quarter of fiscal 2024. The 50 basis point increase in consolidated gross margin was primarily due to margin expansion in both PMT and GES.

第四季綜合毛利率為淨銷售額的 31.6%，而 2024 財年第四季為 31.1%。合併毛利率增加 50 個基點主要是 PMT 和 GES 的利潤率擴大。

PMT's gross margin increased to 32.5% from 31.1% as a result of an improved product mix. GES gross margin increased to 31.6% from 25.5% also due to product mix. Lower gross margin for both Canvys and healthcare partially offset the improvement in consolidated gross margin.

由於產品組合的改善，PMT 的毛利率從 31.1% 上升至 32.5%。GES 毛利率也因產品組合而從 25.5% 上升至 31.6%。Canvys 和醫療保健的毛利率較低，部分抵消了合併毛利率的提高。

Operating expenses as a percentage in net sales improved to 30.0% for the fourth quarter of fiscal 2025 compared to 31.3% in the fourth quarter of fiscal 2024. Loss on disposal of assets of $0.2 million results from a closing adjustment to the sale of the majority of healthcare assets on January 24, 2025.

2025 財年第四季，營業費用佔淨銷售額的百分比從 2024 財年第四季的 31.3% 改善至 30.0%。資產處置損失 20 萬美元，是由於 2025 年 1 月 24 日對大部分醫療資產出售進行結算調整造成的。

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. Operating income was $0.6 million and non-GAAP operating income was $0.8 million for the fourth quarter of fiscal 2025 compared to an operating loss of $0.1 million in the prior year's fourth quarter.

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，並將合併到公司的 PMT 業務部門。2025 財年第四季的營業收入為 60 萬美元，非 GAAP 營業收入為 80 萬美元，而去年同期第四季的營業虧損為 10 萬美元。

Net income was $1.1 million and non-GAAP net income was $1.8 million for the fourth quarter of fiscal 2025 compared to a net loss of $0.1 million and the non-GAAP net income of $0.3 million in the fourth quarter fiscal 2024.

2025 財年第四季淨收入為 110 萬美元，非 GAAP 淨收入為 180 萬美元，而 2024 財年第四季淨虧損為 10 萬美元，非 GAAP 淨收入為 30 萬美元。

Earnings per share diluted were $0.08 and non-GAAP earnings per share diluted were $0.12 in the fourth quarter of fiscal 2025 compared to loss per common share diluted of a penny and non-GAAP earnings per share diluted of $0.02 in the fourth quarter of fiscal 2024.

2025 財年第四季每股攤薄收益為 0.08 美元，非 GAAP 每股攤薄收益為 0.12 美元，而 2024 財年第四季每股普通股攤薄虧損為 1 美分，非 GAAP 每股攤薄收益為 0.02 美元。

EBITDA for the fourth quarter of fiscal 2025 was $2.9 million. EBITDA after excluding the additional loss on the sale of healthcare assets or adjusted EBITDA was $3.1 million versus $1.0 million in the prior year's fourth quarter.

2025財年第四季的EBITDA為290萬美元。扣除出售醫療資產的額外損失後的 EBITDA 或調整後的 EBITDA 為 310 萬美元，而去年同期第四季為 100 萬美元。

Turning to a review of the results for fiscal year 2025. Net sales for fiscal year 2025 were $208.9 million, an increase of 6.3% from $196.5 million in fiscal year 2024, which primarily reflected higher sales in PMT and GES.

回顧 2025 財年的業績。2025 財年的淨銷售額為 2.089 億美元，較 2024 財年的 1.965 億美元成長 6.3%，主要反映了 PMT 和 GES 銷售額的增加。

Gross margin was 31.0% in net sales, which was 50 basis points higher than fiscal 2024, primarily due to product mix. As a percentage in net sales, operating expenses for the fiscal year were 29.8% compared to 30.3% for the prior fiscal year.

淨銷售額的毛利率為 31.0%，比 2024 財年高出 50 個基點，主要歸功於產品組合。以淨銷售額的百分比計算，本財年的營業費用為 29.8%，而上一財年為 30.3%。

Loss and disposal of healthcare assets was $5.1 million for fiscal year 2025. Operating loss was $2.5 million. And non-GAAP operating income was $2.6 million during fiscal 2025 compared to operating income of $0.3 million during fiscal 2024. Net loss was $1.1 million and non-GAAP net income was $3.2 million for fiscal 2025 versus net income of $0.1 million. And non-GAAP net income of $0.5 million during fiscal 2024.

2025 財政年度醫療資產的損失和處置為 510 萬美元。營業虧損為 250 萬美元。2025 財年非 GAAP 營業收入為 260 萬美元，而 2024 財年的營業收入為 30 萬美元。2025 財年淨虧損為 110 萬美元，非 GAAP 淨收入為 320 萬美元，而淨收入為 10 萬美元。2024 財年非公認會計準則淨收入為 50 萬美元。

Net loss per common share diluted was $0.08 and non-GAAP earnings per share diluted was $0.22 for fiscal 2025 compared to $0.00 earnings per share diluted. And non-GAAP earnings per common share diluted of $0.03 for fiscal 2024. EBITDA for fiscal 2025 was $2.5 million. Adjusted EBITDA was $7.5 million versus $4.5 million in the prior year.

2025 財年每股普通股淨虧損為 0.08 美元，非 GAAP 每股攤薄收益為 0.22 美元，去年每股攤薄收益為 0.00 美元。2024 財年非公認會計準則每股普通股攤薄收益為 0.03 美元。2025 財政年度的 EBITDA 為 250 萬美元。調整後的 EBITDA 為 750 萬美元，而前一年為 450 萬美元。

Moving to a review of our cash position, cash and cash equivalents at the end of fiscal 2025, we're $35.9 million compared to $36.7 million at the end of the third quarter of fiscal 2025 and $24.3 million at the end of fiscal 2024. Cash flow provided from operations was $10.6 million compared to cash flow provided from operations of $6.5 million in the prior year.

回顧我們 2025 財年末的現金狀況、現金和現金等價物，我們的現金為 3,590 萬美元，而 2025 財年第三季末為 3,670 萬美元，2024 財年末為 2,430 萬美元。經營活動產生的現金流為 1,060 萬美元，而上一年的經營活動產生的現金流為 650 萬美元。

Capital expenditures of $0.8 million in the fourth quarter fiscal 2025 were primarily related to our manufacturing business, facility improvements and IT systems versus $1.0 million in the fourth quarter fiscal year 2024. Total capital expenditures were $2.8 million in fiscal 2025 as compared to $4.0 million in fiscal 2024.

2025 財年第四季的資本支出為 80 萬美元，主要用於我們的製造業務、設施改善和 IT 系統，而 2024 財年第四季的資本支出為 100 萬美元。2025 財年總資本支出為 280 萬美元，而 2024 財年為 400 萬美元。

As a result, we are pleased to report free cash flow with $7.7 million in fiscal 2025. We paid $0.9 million in the fourth quarter and $3.4 million in fiscal year 2025 for cash dividends. 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 first quarter of fiscal year 2026. As the end of fiscal 2025, the company had no outstanding debt on its $30 million revolving line of credit with PNC Bank.

因此，我們很高興地報告 2025 財年的自由現金流為 770 萬美元。我們在第四季支付了 90 萬美元的現金股息，在 2025 財年支付了 340 萬美元的現金股息。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 2026 財年第一季支付。截至 2025 財年末，該公司在 PNC 銀行的 3,000 萬美元循環信用額度上沒有未償還債務。

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, Rob, and good morning everyone. PMT and GES are key components of our multi-year growth plan. Coming out of FY24, we had a strong backlog, launched several new products. Expanded our customer base and advanced multiple development programs from beta testing to pre-production.

謝謝你，羅布，大家早安。PMT 和 GES 是我們多年成長計畫的關鍵組成部分。在 24 財年，我們有大量積壓訂單，並推出了多款新產品。擴大我們的客戶群並推進多個開發項目從 beta 測試到預生產。

Building on that positive momentum, we expected growth in FY25. Well, we are pleased to report that for fiscal year 2025, GES grew to $28.7 million, a 23.6% increase over fiscal year 2024. With a strong book to bill of 1.25 PMT also grew to $137.8 million, up 7% year over year, with a book to bill of 1.03.

基於這一積極勢頭，我們預計 2025 財年將實現成長。好吧，我們很高興地報告，到 2025 財年，GES 增長到 2870 萬美元，比 2024 財年增長 23.6%。憑藉強勁的 1.25 PMT 訂單出貨比，銷售額也成長至 1.378 億美元，年增 7%，訂單出貨比為 1.03。

And turning to Q4, we saw double digit growth for both business units. PMT sales rose 17.8% with a book to bill of 1.03%, and GES sales increased 14.1% with a book to bill of 1.10%. Leading GES growth in Q4 was our pitch energy modules and related wind energy products.

展望第四季度，我們看到兩個業務部門都實現了兩位數的成長。PMT 銷售額成長 17.8%，訂單出貨比為 1.03%，GES 銷售額成長 14.1%，訂單出貨比為 1.10%。引領第四季度 GES 成長的是我們的瀝青能源模組和相關風能產品。

We continue to gain market share from new customers such as RWE and Excel Energy and key owner operators who have recently completed beta testing, including TransAlta. We also saw growth from our new multi-brand PEM turban platform. Today we serve dozens of wind turbine owners and operators, including inclusive partnerships with the top four owner operators of GE wind turbines in North America.

我們繼續從 RWE 和 Excel Energy 等新客戶以及包括 TransAlta 在內的最近完成 beta 測試的主要業主營運商那裡獲得市場份額。我們也看到了新的多品牌 PEM 頭巾平台的成長。如今，我們為數十家風力渦輪機所有者和營運商提供服務，包括與北美四大 GE 風力渦輪機所有者營運商建立包容性合作夥伴關係。

RWE, Inver Energy, [Eell], and [Xterra]. Additionally, we continue to grow this program internationally, expanding into Europe and Asia with new products and other turbine platforms such as Suzann, [Senvian], Nordics, and SSB. Our GES growth strategy centers on power management applications. We've rapidly designed multi-products, secured patents, and built a strong global base of customers and partners.

RWE、Inver Energy、[Eell] 和[Xterra]。此外，我們將繼續在國際上發展該項目，透過新產品和其他渦輪機平台（如 Suzann、[Senvian]、Nordics 和 SSB）擴展到歐洲和亞洲。我們的 GES 成長策略以電源管理應用為中心。我們快速設計了多種產品，獲得了專利，並建立了強大的全球客戶和合作夥伴基礎。

Our success is evident in our growing pipeline as we capitalize on numerous growth opportunities to support new power management requirements, significant energy transformation, and wind turbine repowering projects.

我們利用眾多成長機會來支持新的電力管理要求、重大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產品線中。

We're entering FY26 with solid momentum. Key initiatives include faster design to production cycles and implementing a new design center in Sweetwater, Texas. Sweetwater has one of the largest concentration of wind turbine engineers in North America. Expanding our design team to accelerate and enhance design cycles prior to transitioning work to our world-class manufacturing and testing group in Lafox, Illinois is one of the most critical strategic priorities we have.

我們正以強勁的勢頭進入 2026 財年。主要舉措包括加快設計到生產的周期以及在德克薩斯州 Sweetwater 建立新的設計中心。斯威特沃特是北美風力渦輪機工程師最集中的地方之一。在將工作轉移到位於伊利諾伊州拉福克斯的世界級製造和測試團隊之前，擴大我們的設計團隊以加速和增強設計週期是我們最重要的策略重點之一。

Turning to Power and microwave technologies Group or PMT, which includes an electron device group or EDG, our legacy tube and semi connector wafer fab equipment business and our RF power and microwave group.

轉向電力和微波技術集團或 PMT，其中包括電子設備集團或 EDG、我們的傳統管和半連接器晶圓廠設備業務以及我們的射頻電力和微波集團。

Known as PMG in the quarter, sales growth was led by double digit growth in our RF and microwave components business. As we see growth in RF and wireless applications such as SA com. And military applications including radar and drone technology.

本季的銷售額成長（稱為 PMG）主要得益於射頻和微波元件業務的兩位數成長。正如我們所見，SA com 等 RF 和無線應用正在成長。以及包括雷達和無人機技術在內的軍事應用。

We also saw continued growth in our fourth straight quarter among our semi-fab equipment manufacturing customers. GES backlog grew in the fourth quarter to $42.5 million. Our combined GES and PMT backlog ended the year strong at just over $99 million.

我們的半晶圓廠設備製造客戶連續第四個季度持續成長。GES 積壓訂單在第四季成長至 4,250 萬美元。我們合併的 GES 和 PMT 積壓訂單在年底表現強勁，金額略高於 9,900 萬美元。

The team has done a good job making sure we have the right products at the right time. We remain focused on managing all aspects of our business to maximize profits while meeting the needs of an expanding customer base.

團隊做得很好，確保我們在正確的時間提供正確的產品。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。

Looking ahead to FY26, we're excited about the strategic initiatives across PMT and GES, including our development of an ESS program, global expansion of green energy products, and new technology partnerships. While we're navigating a higher degree of uncertainty associated with the impact of new and reciprocal tariffs and market conditions, we're pursuing opportunities that may come from these disruptions.

展望26財年，我們對PMT和GES的策略性舉措感到興奮，包括我們開發的ESS計畫、綠色能源產品的全球擴張以及新的技術合作夥伴關係。雖然我們正在應對與新的互惠關稅和市場條件的影響相關的更高程度的不確定性，但我們正在尋求可能來自這些中斷的機會。

A key pillar of our growth strategy is expanding global technology partnerships that fill technology gaps. Reduce tariff risks. In align with our strategic priorities. Through these partnerships, we often identify opportunities for new products that we design, manufacture, and test in-house. This approach enhances the value we provide our customers and allows us to capture more revenue while expanding and diversifying our customer base.

我們成長策略的一個關鍵支柱是擴大填補技術空白的全球技術合作夥伴關係。降低關稅風險。與我們的策略重點保持一致。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。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。

These technology partnerships are key to our customer relationships with all products. We're investing in infrastructure, expanding our design and field engineering teams, and enhancing our in-house design and manufacturing capabilities to support the growing demand and innovation. A growing in-house design and engineering and manufacturing teams are doing an excellent job supporting increased demand for current products and new product designs.

這些技術合作關係對於我們與所有產品的客戶關係至關重要。我們正在投資基礎設施，擴大我們的設計和現場工程團隊，並增強我們的內部設計和製造能力，以支持不斷增長的需求和創新。不斷壯大的內部設計、工程和製造團隊正在出色地支持對現有產品和新產品設計日益增長的需求。

Our field engineering team continues to identify new customers and opportunities. We need to invest in the team to keep identifying, developing, and introducing innovative products and technologies for green energy, power management, and art for microwave applications.

我們的現場工程團隊不斷尋找新的客戶和機會。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 global capabilities and global go to market strategy set us apart from our competition and the power management are from microwave and green energy markets. We have developed a 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. This model differentiates us from our competition.

我們的全球能力和全球市場策略使我們在競爭中脫穎而出，而電源管理來自微波和綠色能源市場。我們開發了一種商業模式，將傳統產品與符合我們成長策略的新技術合作夥伴和解決方案相結合，為全球客戶群提供工程解決方案。這種模式使我們在競爭中脫穎而出。

Finally, we're closely monitoring the impact of new tariffs in current administration's new bill. As we've done successfully before, we're adjusting our global supply chain, emphasizing non-China sources. We've already achieved this for most of our wind turbine products, which now include less than 5% Chinese components. Our GS products and technology partners support our product strategies, as it appears federal subsidies will be harder to get under this administration.

最後，我們正在密切關注現任政府新法案中新關稅的影響。正如我們之前成功做到的那樣，我們正在調整我們的全球供應鏈，強調非中國來源。我們的大多數風力渦輪機產品已經實現了這一目標，其中中國製造的零件比例已不到 5％。我們的 GS 產品和技術合作夥伴支持我們的產品策略，因為在本屆政府的領導下，獲得聯邦補貼似乎會更加困難。

Looking at our ESS strategy, we're focused on sales in key states that will continue their very large subsidies such as Illinois, Massachusetts, and California. We're also expediting our efforts to expand market penetration of our green energy products globally into Europe and Asia, as currently about 70% of our GES sales are in North America.

從我們的 ESS 策略來看，我們專注於將繼續提供巨額補貼的關鍵州的銷售，例如伊利諾伊州、馬薩諸塞州和加利福尼亞州。我們也正在加快努力擴大我們的綠色能源產品在全球的市場滲透率，進入歐洲和亞洲，因為目前我們約 70% 的 GES 銷售額來自北美。

We are working on these initiatives alongside marketing our services to companies who need partners in the US to manufacture, test, and support products currently made in other countries throughout the world. We acknowledge that there are a lot of moving parts and unknowns, but we have successfully used our global resources and capabilities to mitigate the effects of the situation like this in the past.

我們正在進行這些舉措，同時向需要美國合作夥伴來製造、測試和支持目前在世界其他國家生產的產品的公司推銷我們的服務。我們承認存在許多不確定因素和未知因素，但我們過去曾成功利用我們的全球資源和能力來減輕此類情況的影響。

So in summary, we are entering FY26 with a strong book to build and double digit growth in Q4 sales. We have new technology partners that fill technology gaps. We've added new products in the power management area. We have a proven strategy identifying opportunities in the multibillion dollar markets we serve. As a result, we feel FY26 will be another year of growth for both PMT and GES.

總而言之，我們即將進入 26 財年，擁有強勁的業績，第四季的銷售額也將實現兩位數成長。我們有新的技術合作夥伴來填補技術空白。我們在電源管理領域增加了新產品。我們擁有一套行之有效的策略，能夠在我們所服務的數十億美元的市場中發現機會。因此，我們認為 26 財年將是 PMT 和 GES 又一個成長年。

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. And with engineers, manufacturers, and sells custom displays to original 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。並與工程師、製造商合作，並向全球工業和醫療市場的原始設備製造商銷售客製化顯示器。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。

Can misreported revenue of $9.5 million in the fourth quarter of fiscal year 2025, an increase from $8.7 million in the same quarter of the previous year, and a 2.9% sequential improvement from the $9.2 million in sales during the third quarter of fiscal year 2025.

Can 錯誤地報告了 2025 財年第四季的 950 萬美元收入，比去年同期的 870 萬美元有所增加，比 2025 財年第三季的 920 萬美元銷售額環比增長 2.9%。

In fiscal year 2025, sales increased 2.2% to $33.1 million from $32.4 million during fiscal 2024 due to higher sales in the North American markets. Our gross margin as a percentage of net sales decreased to 32.1% from 33.5% in the fourth quarter of fiscal year '24.

2025 財年，由於北美市場銷售額增加，銷售額從 2024 財年的 3,240 萬美元成長 2.2% 至 3,310 萬美元。我們的毛利率佔淨銷售額的百分比從 24 財年第四季的 33.5% 下降至 32.1%。

Our fiscal year 2025 cross March as a percentage of sales decreased to 32.9% compared to 33.8% during fiscal year 2024 due to product mix and higher freight costs. The backlog at the end of the fiscal year 2025 remains strong at $33.9 million, providing a robust foundation for future business.

由於產品組合和運費成本上升，我們 2025 財年 3 月的銷售百分比從 2024 財年的 33.8% 下降至 32.9%。2025財年末的積壓訂單量仍保持強勁，達到3,390萬美元，為未來業務奠定了堅實的基礎。

During this most recent quarter, can we secured orders from both repeat and new medical OEM customers for a range of applications. Our primary focus remains on robotic assisted surgery, navigation, endoscopy and human-machine interface HMI solutions for the control of medical devices.

在最近這個季度，我們能否從回頭客和新醫療 OEM 客戶那裡獲得一系列應用程式的訂單。我們的主要重點仍然是用於控制醫療設備的機器人輔助手術、導航、內視鏡和人機介面 HMI 解決方案。

Furthermore, our solutions are widely utilized in various commercial and industrial applications. For instance, our products enhance passenger information systems in trains and buses and improve HMI technologies used in printing, vending, 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，我們的產品增強了火車和巴士的乘客資訊系統，並改進了印刷、自動販賣機、銑削和包裝設備中使用的 HMI 技術。

Our strategic initiatives aim to boost Canvys' visibility and market leadership. We pursue new opportunities, connect with potential customers, and engage with industry peers and drive growth and innovation through collaboration.

我們的策略性舉措旨在提升 Canvys 的知名度和市場領導地位。我們尋求新的機遇，與潛在客戶建立聯繫，與行業同行互動，透過合作推動成長和創新。

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

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，例如增加報價請求和鼓勵客戶回饋，例如穩定成長。我們專業的銷售團隊繼續探索新的機遇，同時我專注於實施策略計劃，以確保可持續成長並為我們的股東創造長期價值。

I will now turn the call over to Wendy.

現在我將把電話轉給溫迪。

Thank you, Jens, and good morning, everyone. Fiscal 2025 was a year of strategic transition and execution, highlighted by the decision in January 2025 to sell most of our healthcare assets to DirectMed. As a reminder, as part of the transaction, we entered into an exclusive 10-year global agreement. Under this agreement, we supply DirectMed with repaired Siemens, CT X-ray tubes, and a limited supply of alta tubes.

謝謝你，Jens，大家早安。2025 財年是策略轉型和執行的一年，其中最突出的是 2025 年 1 月決定將大部分醫療資產出售給 DirectMed。提醒一下，作為交易的一部分，我們簽訂了為期 10 年的全球獨家協議。根據該協議，我們向 DirectMed 提供經過維修的西門子 CT 射線管以及有限量的阿爾塔射線管。

During the fourth quarter, our team did an excellent job producing alt tubes and heat exchangers. Beginning in Q1 FY26, we will report the CT tube business under our PMT business unit. Until we finish the alt tubes later in the fiscal year, this may have a slightly negative impact on PMT's overall gross margin.

第四季度，我們的團隊在生產alt管和熱交換器方面做得非常出色。從 2026 財年第一季開始，我們將在 PMT 業務部門下報告 CT 管業務。在我們在本財政年度稍後完成 alt 管之前，這可能會對 PMT 的整體毛利率產生輕微的負面影響。

Given the size of the tube business compared to PMT sales, this should not be material. With the strategic asset sale of Richardson Healthcare now behind us, more of our attention is focused on ways to accelerate growth and improve efficiency. We continue to work with management and the board on a series of strategic priorities that we believe will take our business to the next level. We are pursuing new growth opportunities, managing costs, and allocating capital in areas that we believe produce the highest rates of growth and returns.

考慮到管業務與 PMT 銷售額的對比規模，這應該不是什麼大事。隨著理查森醫療保健策略性資產出售的完成，我們將更多的注意力集中在如何加速成長和提高效率上。我們將繼續與管理階層和董事會合作制定一系列策略重點，我們相信這些重點將使我們的業務更上一層樓。我們正在尋求新的成長機會、管理成本並在我們認為能夠產生最高成長率和回報率的領域配置資本。

During the fourth quarter, we were pleased to see the success of ongoing efforts to improve cash management and working capital efficiencies. This financial discipline gives us flexibility to invest in targeted growth priorities without compromising our financial stability.

在第四季度，我們很高興看到持續改善現金管理和營運資金效率的努力取得了成功。這種財務紀律使我們能夠靈活地投資於有針對性的成長重點，而不會損害我們的財務穩定。

We remain highly intentional with how we deploy capital, balancing near term opportunity with long term value creation. As Greg mentioned, one of our primary near term investments is the expansion of our wind turbine program across Europe, the Middle East, and parts of Asia.

我們始終高度重視如何部署資本，平衡短期機會和長期價值創造。正如格雷格所提到的，我們近期的主要投資之一是將我們的風力渦輪機計畫擴展到歐洲、中東和亞洲部分地區。

In FY25, sales to win customers represented $10.7 million in revenue. We believe we can increase sales in this market for many years to come because of the available market share, our expanded product range, and the value our products provide. Our wind customers consistently report improved turbine efficiency and extended lifespan when using our products.

在 25 財年，贏得客戶的銷售額為 1,070 萬美元。我們相信，憑藉現有的市場份額、不斷擴大的產品範圍以及產品所提供的價值，我們可以在未來許多年內增加該市場的銷售額。我們的風電客戶一致反映，使用我們的產品後，渦輪機的效率有所提高，使用壽命延長。

Downtime due to battery or grid failure is one of the main reasons for lost profits and revenue. This has become increasingly important as shifting political and regulatory dynamics may delay new wind farm construction, making the performance of existing infrastructure even more critical.

由於電池或電網故障導致的停機是利潤和收入損失的主要原因之一。這一點變得越來越重要，因為不斷變化的政治和監管動態可能會推遲新的風電場建設，從而使現有基礎設施的性能變得更加關鍵。

Our experience developing new power solutions for the wind market provides us with the confidence to leverage our know-how in adjacent markets. As a result, we're making progress developing a world-class battery energy storage demonstration site at our LaFox facility.

我們為風能市場開發新電力解決方案的經驗使我們有信心在鄰近市場中利用我們的專業知識。因此，我們在 LaFox 工廠開發世界一流的電池儲能示範站方面取得了進展。

The demand for battery energy storage continues to accelerate, and our turnkey solution positions us to capitalize on that growth. At the same time, we're working to increase the US made content of our solution by leveraging our internal engineering and manufacturing capabilities. This aligns with both customer demand and broader domestic manufacturing priorities.

電池儲能的需求持續加速，我們的交鑰匙解決方案使我們能夠利用這一成長。同時，我們正在努力利用我們的內部工程和製造能力來增加我們解決方案中美國製造的內容。這既符合客戶需求，也符合更廣泛的國內製造業重點。

Another strategic focus is expanding our US-based manufacturing services. We are completing a marketing campaign launch and anticipate interest from companies looking to rapidly establish or ship production to the US. We are well positioned to support them. By leveraging our core engineering expertise and strategic technology partnerships. We're able to deliver high value solutions in critical power management and energy applications.

另一個策略重點是擴大我們在美國境內的製造服務。我們正在完成一項行銷活動的啟動，並期待那些希望迅速建立或將生產運往美國的公司感興趣。我們有能力支持他們。透過利用我們的核心工程專業知識和策略技術合作夥伴關係。我們能夠在關鍵電源管理和能源應用方面提供高價值的解決方案。

Longer term, we remain committed to pursuing a thoughtful acquisition strategy. We're looking for the right opportunities to utilize our capabilities and accelerate our growth while making full use of our global infrastructure.

從長遠來看，我們仍致力於推行深思熟慮的收購策略。我們正在尋找合適的機會來發揮我們的能力並加速我們的成長，同時充分利用我們的全球基礎設施。

At the same time, we're taking a hard look at our current organization structure, especially given today's shifting economic policies, with a focus on optimizing our operations for improved profits and resilience. As you can see, we have a growth focused strategic plan that leverages our financial strength, outstanding customer and technology partner relationships, and the efforts of our dedicated and committed team.

同時，我們正在認真審視當前的組織結構，特別是考慮到當今不斷變化的經濟政策，重點是優化營運以提高利潤和彈性。正如您所看到的，我們有一個以成長為重點的策略計劃，它利用我們的財務實力、卓越的客戶和技術合作夥伴關係以及我們敬業和忠誠的團隊的努力。

We believe the organic opportunities we are pursuing will support meaningful growth over the next several years while we consider longer term opportunities that accelerate our growth through strategic acquisitions. We are excited by our potential and I look forward to sharing the progress we are making on future calls.

我們相信，我們正在追求的有機機會將支持未來幾年的有意義的成長，同時我們考慮透過策略性收購來加速我們成長的長期機會。我們對我們的潛力感到興奮，我期待在未來的電話會議上分享我們所取得的進展。

I'll now turn the call back to Ed.

我現在將電話轉回給 Ed。

Thanks Wendy. Looking forward, we remain committed to enhancing shareholder value. We're focused on improving profitability, selectively investing in high growth areas.

謝謝溫迪。展望未來，我們將持續致力於提高股東價值。我們專注於提高獲利能力，選擇性地投資高成長領域。

While the economic environment may remain volatile over the next term, we're confident in our long-term ability to adapt, execute, and grow. Our team has navigated through uncertainty with resilience and determination, and I want to thank our employees around the world for their hard work and dedication. Now I'll open the call for questions.

儘管下一任期的經濟環境可能仍然不穩定，但我們對我們的長期適應、執行和發展能力充滿信心。我們的團隊憑藉堅韌和決心克服了不確定性，我要感謝我們在世界各地的員工的辛勤工作和奉獻精神。現在我開始回答問題。

(Operator Instructions) Bobby Brooks, Northland Capital Markets.

（操作員指示）Bobby Brooks，Northland Capital Markets。

When we had our fireside chat back in January, the dynamic of how you could not sell your ultra capacitor products to [G turbines under G service] contracts was discussed. I think Greg, you mentioned how internal how an internal GE team was reviewing this matter at the time. I get that these things can take some time, but I wanted to check in and see if there's any update on you being able to sell into those customers because that's obviously it's a substantial part of the market.

當我們在一月份的爐邊談話中，我們討論瞭如何不能將超級電容器產品出售給[G 服務下的 G 渦輪機]合約的問題。我認為，格雷格，你提到了當時的通用電氣內部團隊是如何審查此事。我知道這些事情可能需要一些時間，但我想檢查一下，看看您是否有向這些客戶銷售產品的最新消息，因為這顯然是市場的重要組成部分。

Hey, Bobby, good morning. Yeah, fantastic, we met with them, we worked with products. And then when they want to do the one last final test, we needed, this is about a month ago, we needed an NDA and a test NDA for them to do that.

嘿，鮑比，早安。是的，太棒了，我們與他們會面，並合作開發產品。然後，當他們想要做最後一次最終測試時，大約一個月前，我們需要一份保密協議和一份測試保密協議才能讓他們這樣做。

The engineering team then sent that up to GE Legal and, as we know with companies that size, it's been sitting there for months we're pushing to get that signed so they can finish up the testing and all indications that final testing will then have them.

工程團隊隨後將其發送給 GE 法務部，我們知道，對於這種規模的公司來說，它已經在那裡待了好幾個月，我們正在努力爭取簽署該協議，以便他們能夠完成測試，所有跡像都表明最終測試將會完成。

To find that the service agreements will not be jeopardized if they put our products in for the current lead acid batteries. So summary, moving forward, we're talking directly to GE to the engineers. We got to who we needed to get to. Now it's some paperwork issues which we're dealing with.

發現如果他們將我們的產品用於當前的鉛酸電池，服務協議將不會受到損害。總而言之，展望未來，我們將直接與通用電氣的工程師進行對話。我們找到了我們需要聯繫的人。現在我們正在處理一些文書問題。

That's really exciting and I guess could you just talk about what would then would you then be able would you have like a list to go after in terms of customers that were previously closed off, or how would that kind of because it would. Definitely, I mean I think it's like 50% of turbines right are these G service contracts, so I feel like it would open up a really big immediately open up a big door for you guys. Am I thinking about that right and just talk about how you would think about attacking that Opportunity.

這真的令人興奮，我想您能否談談接下來會發生什麼，那麼您能否有一個可以追蹤之前被關閉的客戶名單，或者它會是什麼樣子。當然，我的意思是，我認為 50% 的渦輪機都是這些 G 服務合同，所以我覺得這會為你們打開一扇非常大的大門。我這樣想對嗎？只說說你會如何考慮抓住這個機會。

Yeah, it almost doubles our SAM. I don't like to use tams, so our service available market where we have a product that can go in immediately.

是的，它幾乎使我們的 SAM 翻了一番。我不喜歡使用 tams，所以我們的服務可用市場是我們有產品可以立即進入的市場。

We thought it was 50%, but since we've been dealing directly with GE, I asked the question, and they said it's about 35% of their owner operators have service agreements with them. So, it would increase our SA 35%. As soon as these customers who are some of the same customers we're selling today, but other products, not the pitchy module, can move forward and start putting these in, so. Yeah, it would be a nice, definitely a nice uptick and definitely a nice increase in SAM.

我們認為這個比例是 50%，但由於我們一直直接與 GE 打交道，所以我問了這個問題，他們說大約有 35% 的業主經營者與他們簽訂了服務協議。因此，這將使我們的 SA 增加 35%。一旦這些客戶（他們與我們今天銷售的其他產品（而不是音調模組）是相同的）可以繼續前進並開始將這些產品放入其中，那麼。是的，這肯定會是一個不錯的上漲，而且肯定會是 SAM 的一個不錯的增長。

Got it then just one last one if I could squeeze it in here as. As your fiscal '25 has come to a close, could you just discuss some product wins you enjoyed during the year for green energy solutions? We've gotten a pretty consistent drip of exciting pilot projects or potential verticals to attack, but I'm more so focused on the your 25 GES results have a benefit of any new, let's say commercial opportunities where if I where I'm comparing it to the 24 results that didn't benefit from that.

明白了，如果我能把它擠到這裡，就只剩下最後一個了。隨著 25 財年的結束，您能否談談這一年您在綠色能源解決方案方面取得的一些產品優勢？我們已經獲得了一系列令人興奮的試點計畫或潛在的垂直領域，但我更關注的是您的 25 個 GES 結果是否有任何新的益處，比如說商業機會，如果我將其與沒有從中受益的 24 個結果進行比較。

Yeah, probably the biggest benefit has been market share gains. I think we did a couple of press releases. So, market share gains, we got the RWE agreement, and they're larger than Nextera, and Ever Energy, the largest of our, of the top four owner operators of GE wind turbines, the TransAlta agreement, which is exciting. That's for a new multi-brand, that's on the books, and then, I believe we announced it in December, the Xcel Energy. Agreement and we're shifting to that. That's why you saw double digit growth in the fourth quarter and we got engineering sign off on the web tech, a starter module for the locomotives and that product will start shipping in September.

是的，最大的好處可能是市場佔有率的增加。我想我們已經發布過幾份新聞稿了。因此，市場份額有所增長，我們獲得了 RWE 協議，其規模大於 Nextera 和 Ever Energy，這是我們最大的公司，也是 GE 風力渦輪機四大所有者運營商之一，我們還獲得了 TransAlta 協議，這令人興奮。這是針對一個新的多品牌，已經列入計劃，然後，我相信我們在 12 月宣布了 Xcel Energy。同意，我們正在轉向那項工作。這就是為什麼您看到第四季度出現兩位數增長，並且我們獲得了網路技術的工程批准，這是機車的啟動模組，該產品將於 9 月開始發貨。

So those are probably the four major, bookings that we did in the past, 12 months that will help us, launch FY26. And when the dust settled, Bobby.

因此，這些可能是我們在過去 12 個月內進行的四個主要預訂，它們將幫助我們推出 FY26。當塵埃落定時，鮑比。

It was 26% growth, 1.25% booked the bill, increase in gross margin from 25.5% to 31.6%. So, all parts of the business grew. The only thing that went down was inventory, which is a positive. So, we're excited with what we're able to accomplish, it's spread out, we grew 84% in Q1 and 129% in Q2. And then, 14% in Q4. So we're trying to increase our backlog and our products and then a number of new products we introduced, we did a couple of press releases, that are coming out that are getting good signs of, from alpha to beta testing, and we'll see incremental revenue from those also.

成長26%，帳面利潤1.25%，毛利率從25.5%上升至31.6%。因此，業務的各個部分都得到了成長。唯一下降的是庫存，這是一件好事。因此，我們對所取得的成就感到非常興奮，我們的業績在第一季成長了 84%，在第二季成長了 129%。然後，第四季度增長了 14%。因此，我們正在嘗試增加我們的積壓產品和產品數量，然後推出一些新產品，我們發布了幾份新聞稿，這些產品從 alpha 測試到 beta 測試都有良好的跡象，我們也將從中看到增量收入。

And then finally, the expansion into Europe and the BES program, we'll start seeing fruition that Q3, Q4. Which will help our FY26, but definitely launch us again like we are right now into FY27. So, all arrows are up, just how much is somewhat in our control and somewhat not.

最後，我們將在第三季和第四季看到向歐洲的擴張和 BES 計畫的成果。這不僅會對我們的 FY26 有所幫助，而且絕對能讓我們像現在一樣再次進入 FY27。因此，所有箭頭都向上，只是多少在我們的控制範圍內，多少則不受控制。

Anja Soderstrom, Sidoti.

安雅·索德斯特羅姆，西多蒂。

So you mentioned when you talked about the PMT that you have a lot of competitive advantages. Can you just talk a little bit about the com the main competitors within this segment and how you compare to those?

所以當您談到 PMT 時您提到您有很多競爭優勢。您能否簡單談談該領域的主要競爭對手以及您與他們的比較？

I'm sorry, for PMT? Yeah, on the tube side, I'll let Ed answer that question, but on the component side, your competitors are your standard, industrial distributors, and then, a handful of local, distributors, slash rep companies throughout the world. So, it's your [Ane, your Aero, your TTI has an RF group] and of course our biggest competitors are.

抱歉，是 PMT 嗎？是的，在管材方面，我讓 Ed 回答這個問題，但在零件方面，您的競爭對手是您的標準工業分銷商，然後是世界各地的少數本地分銷商和代表公司。所以，這是你的 [Ane，你的 Aero，你的 TTI 有一個 RF 組]，當然也是我們最大的競爭對手。

Former RFPD organization, they're still, the largest, but they're a division of Aero. So, what we're seeing is their competitors, I consider a competitor, anyone who can sell the same products I do, but their models different, they're more, contract manufacturing, and we're more in demand creation and design. And if you look at our line card, I don't think there's. A lot of competition because of the smaller niche, disruptive technology, suppliers that we have, and then of course our model is different, because we can also design in the components like our competitors can, but they don't have a world-class engineering and manufacturing group that you can also use the components to design modules, etc. And they don't have anywhere near the global infrastructure we do to support those customers worldwide, so. But they're competitors there, but in different aspects of our model.

前身是 RFPD 組織，現在仍然是最大的組織，但他們是 Aero 的一個部門。所以，我們看到的是他們的競爭對手，我認為競爭對手是任何可以銷售與我相同產品的人，但他們的模式不同，他們更多的是合約製造，而我們更多的是需求創造和設計。如果你看一下我們的產品線卡，我認為沒有。由於我們擁有的利基市場較小、技術顛覆性、供應商眾多，因此競爭非常激烈。當然，我們的模式也不同，因為我們也可以像競爭對手一樣設計組件，但他們沒有世界一流的工程和製造團隊，無法使用這些組件來設計模組等。而且，他們也沒有像我們一樣為全球客戶提供支援所需的全球基礎設施。但他們是競爭對手，只不過與我們模式的面向不同。

Okay, thank you.

好的，謝謝。

You also, if I'm back on the good performance here, I'm sorry.

你也是一樣，如果我在這裡表現不好，我很抱歉。

As far as the two businesses are concerned, we probably own 80% of the market, so there's very little competition.

就這兩家公司而言，我們可能佔有 80% 的市場份額，因此競爭很少。

And in the semiconductor wafer fab industry, there are a lot of competitors, but a lot of the products that we make we're sole source on, and we're really counting on that business in the future to be a very high margin growth area for the company.

在半導體晶圓廠產業，有許多競爭對手，但我們生產的許多產品都是唯一來源，我們真的指望這項業務在未來成為公司利潤率非常高的成長領域。

Okay, thank you. And I just have one question about the strategic opportunities. So are you looking at anything actively right now or, and what kind of opportunities are you looking at?

好的，謝謝。我只有一個關於戰略機會的問題。那麼您現在正在積極尋找什麼機會嗎？或者，您正在尋找什麼樣的機會？

Hi Anna. No, our first priority is related to the expansion of green energy, the products and programs that Greg already mentioned that are just getting well positioned in the market. Near term there is plenty of opportunity to gain market share. There to gain additional revenue from the new products and the new programs, so we've really looked at our plans for FY26 and our resource allocation towards what that team needs in order to take advantage of the development that we've already done.

你好，安娜。不，我們的首要任務是擴大綠色能源，而格雷格已經提到的那些產品和項目在市場上佔據著良好的地位。短期內有大量機會獲得市場佔有率。為了從新產品和新專案中獲得額外收入，我們認真研究了 26 財年的計劃和資源分配，以滿足團隊的需求，從而充分利用我們已經完成的開發成果。

So on the acquisition side, that will be as we pointed out, more of a longer term and more of an opportunistic approach. So, we're not out there actively today trying to find the right companies, but we remain open to the ideas of technology. Companies that would tuck in nicely with our green energy business unit and for which maybe it's a company that has products that we can manufacture in the Fox which would help our overall gross margin and also which would take advantage of the global infrastructure.

因此，在收購方面，正如我們所指出的，這將是一個更長期、更具機會主義的方法。因此，我們今天並沒有積極地尋找合適的公司，但我們仍然對技術理念持開放態度。這些公司可以與我們的綠色能源業務部門很好地融合，也許這些公司擁有我們可以在 Fox 生產的產品的公司，這將有助於提高我們的整體毛利率，同時也可以利用全球基礎設施。

Mark Mandell, Charles Lane Capital.

查爾斯萊恩資本 (Charles Lane Capital) 的馬克曼德爾 (Mark Mandell)。

Congratulations on all your hard work. I think you know where I'm going to go. The business now has a rock solid balance sheet, as you said, we're up to $35.9 million in cash.

祝賀你所有的辛勤工作。我想你知道我要去哪裡。正如您所說，該企業現在擁有穩固的資產負債表，我們的現金已達 3,590 萬美元。

You've got now consistent positive, operating cash flow. You worked on hard and we appreciated the board is better aligned through their stock ownership though I think we still need to see more courageousness at the board level, they shouldn't be just getting to the minimum they should be courageous and striving to do better.

您現在擁有持續的正營運現金流。您努力工作，我們很欣賞董事會通過股權更好地協調一致，但我認為我們仍然需要在董事會層面看到更多的勇氣，他們不應該只達到最低限度，他們應該勇敢並努力做得更好。

We would now like to see the board reward long term shareholders, and there really is no reason to be not repurchasing shares below book value with your balance sheet. So I just want to reiterate you, you've done a great job cleaning things up, you and Wendy and the team, other companies do it we'd like to see you guys be courageous.

我們現在希望看到董事會獎勵長期股東，而且沒有理由不以低於帳面價值的價格回購資產負債表上的股票。所以我只想重申一下，你們在清理工作上做得很好，你和溫蒂以及你們的團隊，其他公司也這樣做，我們希望看到你們有勇氣。

And reward long-term shareholders when the value of your business is not reflected in the long-term value of the organization. Any comments would be appreciated.

當您的企業價值未反映在組織的長期價值中時，請獎勵長期股東。任何評論都將受到歡迎。

Well, we talk about stock repurchase in every board meeting and we have a fair amount of experience with that when we sold the semiconductor business the Aero years ago.

嗯，我們在每次董事會會議上都會討論股票回購，幾年前我們出售半導體業務 Aero 時就積累了相當多的經驗。

We bought back $45 million worth of stock, and every time we would buy the stock, the price of our stock would go down. So, people were valuing the company on the amount of cash we had and didn't really give us credit for the stock buyback. So, I would say we're very cautious in buying additional stock back.

我們回購了價值 4500 萬美元的股票，每次我們回購股票時，我們的股票價格就會下跌。因此，人們根據我們擁有的現金數量來評估公司的價值，而沒有真正認可我們股票回購的價值。所以，我想說我們在回購額外庫存時非常謹慎。

Well, that's not really fair because in the past several years your stock went up to 20, so your repurchases were value added. It just takes time. I mean, the price you pay, which was a good price, was rewarded to long term shareholders and your business today is not just a one trick pony anymore. You've got multiple legs of the stool and if you guys see the future, the way we hear on the conference call of these multiple business lines. Then there's tremendous opportunity and you have to be courageous when the market is not seeing the value.

嗯，這確實不太公平，因為在過去幾年裡，你的股票漲到了 20%，所以你的回購是有附加價值的。這只是需要時間。我的意思是，你支付的價格是合理的，並且回報給了長期股東，而你的企業如今不再只是一家只有一招的企業。你們有多條腿，如果你們看到未來，我們在電話會議上聽到的這些多條業務線的方式。那裡有巨大的機會，當市場沒有看到價值時，你必須勇敢。

Well, we certainly look at it every quarter. The one thing we're probably more interested in is using our cash to expand the business into other markets for higher growth, and we keep looking at that into that area on a perpetual basis.

嗯，我們當然每個季度都會查看它。我們可能更感興趣的一件事是利用我們的現金將業務擴展到其他市場以實現更高的成長，並且我們會持續專注於該領域。

Alright, well, all we ask is that you entertained at the board level, and I think it would be a strong sense of confidence to all shareholders and constituents.

好吧，我們所要求的只是您在董事會層面進行娛樂，我認為這將為所有股東和選民帶來強烈的信心。

Well, we appreciate your recommendation and we look at it every quarter and we'll let you know how we proceed in the future.

好吧，我們感謝您的建議，我們每個季度都會查看它，我們會讓您知道我們將來的進展。

(Operator Instructions) (inaudible)

（操作員指示）（聽不清楚）

Hi Ed. Hi Wendy, a good year, kind of transition stabilizing year so it was nice to see it and your business does have kind of a multi-legged stool, but I what I see. Our two main.

嗨，艾德。嗨，溫迪，這是很好的一年，可以說是過渡期和穩定的一年，所以我很高興看到這一點。你的生意確實像一張多腳凳子，但我看到的就是這樣。我們的兩個主要。

Businesses, kind of like a double barrel shotgun that'll drive performance, for the company and for the stock when they Hit stride and I guess I want to ask a question on both of those and I'll ask them at the same time and you can divvy up the answer but first on.

企業就像一把雙管獵槍，當它們步入正軌時，它會推動公司和股票的業績，我想就這兩個問題提出一個問題，我會同時問他們，你們可以分開回答，但首先。

GES, I still think it's. Neglected and not really well known what the long-term positive could be there, especially for the wind pitch modules, it's white space growth for the company, but what's exciting is it's into an existing aftermarket. The assets are there in the field and they're working in your product improve those and longer as a service cycle. So, the question there is. And what we haven't seen is kind of consistent growth.

GES，我仍然認為是。被忽視的和不太為人所知的長期積極因素，特別是對於風力渦輪機俯仰模組，這是公司的空白增長，但令人興奮的是它進入了現有的售後市場。資產就在現場，他們正在為您的產品工作，改善這些資產並延長服務週期。所以，問題就在這裡。但我們還沒有看到持續的成長。

And when are we going to see higher quarter-over-quarter sequential growth? I mean, there's so much opportunity here and the sales levels are emerging. Are we there yet? How does the TransAlta agreement help that maybe some of the other ones you mentioned, and when can we be at a point where investors can kind of embrace this is a growth business. And not have bumps in the road as a startup business would.

我們什麼時候才能看到季度較上季更高的成長？我的意思是，這裡有如此多的機會，而且銷售水平正在不斷提高。我們到了嗎？TransAlta 協議對您提到的其他一些協議有何幫助？什麼時候我們才能讓投資人接受這是一項成長型業務？並且不會像新創企業那樣遇到困難。

And the second question is different on the semiconductor cap back side, in the lam and the players there. That's kind of a core business. It's in a protracted down cycle.

第二個問題在半導體蓋背面、在 lam 和那裡的參與者方面有所不同。這是一種核心業務。它正處於一個長期的下行週期。

And it's been a protracted down cycle, so, somebody who grew up in capital intensive industries, the longer you're in a down cycle, but the long term industry is positive, the more potential there is and so when are we going to see.

這是一個長期的下行週期，所以，對於在資本密集型行業長大的人來說，下行週期的時間越長，但長期行業是積極的，潛力就越大，所以我們什麼時候才能看到。

Inflection Off the bottom there to get back to. Even moderate to potentially strong levels and if those two pieces, wind pitch and semi Capex work. It's just great and then everything else can kick in down the road so maybe address those two points for me please.

曲調從底部返回。即使是中等至潛在的強勁水平，如果這兩部分，風力發電和半資本支出也能發揮作用。這真是太棒了，然後其他一切都會陸續開始，所以請幫我解決這兩個問題。

Okay, I'll touch on the GES program and the growth. It's still going to be project-based business for a while and like I mentioned, in FY25, we had quarters where we're sequentially up.

好的，我將談談 GES 計劃及其發展。在一段時間內，它仍將是基於專案的業務，正如我所提到的，在 2025 財年，我們的業績連續幾個季度上升。

Double digit, year over year growth of. Double digit growth through out of the four quarters, that's probably going to continue because of the size of these projects and the size of the group. Until we're multi-billion dollars like the customers we're selling to, you're going to see that for a while, but it's going to be a positive because when you have these large major orders and large major shipments, these customers did not forecast well at all.

較去年同期成長兩位數。四個季度都保持了兩位數的成長，而且由於這些項目的規模和集團的規模，這種成長態勢可能還會持續下去。直到我們的銷售額達到像我們銷售給的客戶那樣的數十億美元，你才會看到這種情況一段時間，但這將是一個積極的方面，因為當你有這些大額訂單和大額出貨量時，這些客戶的預測根本就不好。

So, you're going to see times when a product was supposed to ship. In Q1, but it's shipped in Q2, and when the product was supposed to ship in Q4, and ships in Q3. So you can get the highs and lows of that, but the end result is we put together an annual plan.

因此，您將看到產品應該發貨的時間。在第一季度，但它在第二季度發貨，而產品原本應該在第四季度發貨，但卻在第三季度發貨。因此，您可以了解其中的優缺點，但最終的結果是我們制定了年度計劃。

And that annual plan produced growth in all aspects of the business, and we fully expect that going forward. And as we implement the three main strategic initiatives, we might see some, we definitely see growth, but we might see some flattening out, quarter to quarter and year over year.

該年度計劃推動了業務各個方面的成長，我們完全期待這項計劃能夠繼續推進。隨著我們實施三項主要策略舉措，我們可能會看到一些成長，但我們也可能會看到季度與季度之間以及年度與年度之間的一些趨於平穩。

And with the global expansion, I mean, 70% of our GES business in North America, the European market is as large, if not larger than the North American market. That expansion will happen. Getting products to market faster will help. Again, manage the quarter over quarter growth and sequential, and year over year, putting together a design center where we can find the resources to get products designed faster and then get them to our the Fox manufacturing team.

隨著全球擴張，我的意思是，我們 70% 的 GES 業務在北美，歐洲市場與北美市場一樣大，甚至更大。這種擴張將會發生。更快地將產品推向市場將會有所幫助。再次，管理季度環比增長、連續增長和年度環比增長，建立一個設計中心，我們可以在其中找到資源來更快地設計產品，然後將它們交給我們的 Fox 製造團隊。

And then continue with and this will be very up and down core of a quarter is our engineered solutions. Energy storage systems in containers and that program is funded, it's up and running. We're getting the demo site together.

然後繼續，這將是一個季度的起伏核心，是我們的工程解決方案。貨櫃儲能係統，該計劃已獲得資助，並已啟動並運行。我們正在整合演示站點。

So I just think that the group, and I think they've done a great job of it so far, needs to implement the strategy and we just manage the exceptions which happened, whether it be tariffs and other things that happen with customer design cycles.

所以我認為，該集團需要實施這項策略，我認為他們迄今為止在這方面做得很好，我們只需要管理發生的例外情況，無論是關稅還是客戶設計週期中發生的其他事情。

And you mentioned TransAlta, I think, we may have, or you may have seen the press release on that, and that's a customer we were dealing with for two years. Just serviced the hell out of them. And, in the end, they finally got the budget approved, they got the capital request approved, and they bought the product and we'll be shipping that, in 2025, calendar year.

您提到了 TransAlta，我想，我們可能已經看過，或者您可能已經看過有關它的新聞稿，這是我們已經與它打交道兩年的客戶。剛剛為他們提供了極好的服務。最後，他們終於獲得了預算批准，獲得了資本請求批准，他們購買了產品，我們將在 2025 年發貨。

So that the model is very strong, and you continue to see the technology partners we're adding. So, the funnels being filled, we have an increase in demand, increase in customers, increase in new products, and it's just, how fast can we get there? And we've done this before, I've done it for 40 years, the new product introduction process. And we're doing what changes we need to make to expedite the growth, but, the growth is there, the products are there, the customer relationships are there. And that takes so much time. I mean, I know people and friends in the industry that have been trying to get into Nextera for 5 years.

因此模型非常強大，並且您將繼續看到我們正在增加的技術合作夥伴。因此，隨著漏斗的填滿，我們的需求、客戶和新產品都在增加，唯一的問題是，我們能多快到達那裡？我們以前做過這個，我已經做了 40 年，新產品的介紹過程。我們正在進行必要的變革以加快成長，但是，成長就在那裡，產品就在那裡，客戶關係就在那裡。這需要花費很多時間。我的意思是，我認識業內的一些人和朋友，他們 5 年來一直在努力進入 Nextera。

They want to talk to, and we're their major supplier, within a few short months at that time. So that's kind of what we see going forward. We fully expect double digit growth again next year. But if a handful of these programs we have going on and these quotes and projects. It could be high double digits.

他們希望在短短幾個月內進行談判，我們是他們的主要供應商。這就是我們所看到的未來​​的發展。我們完全預計明年將再次實現兩位數的成長。但是，如果我們正在進行這些計劃以及這些報價和項目。可能是兩位數。

Let me get that to Yeah.

讓我把它拿到是的。

I can talk about it if you want. In the peak years, the semiconductor wafer fab business was over $40 million. And this year, Wendy, where are we, somewhere around [20], a little bit more than $20 million. And part of that lamb was really a great customer at the end of the peak the last time around, we had a lot of inventory on hand which they bought and paid for, and we had, as we were shipping orders since then, they absorbed.

如果你願意的話我可以談論它。在巔峰時期，半導體晶圓廠業務的規模超過 4,000 萬美元。溫迪，今年我們的收入在 [20] 左右，略高於 2000 萬美元。上次高峰期結束時，部分羊肉確實是一位大客戶，我們手頭上有大量庫存，他們購買並付款，從那時起，隨著我們開始發貨訂單，他們吸收了這些庫存。

That inventory, but we weren't able to show it as sales and at the end of the fourth quarter we've absorbed all of that inventory, so the sales that we have now will be 100% and we're seeing it improve every quarter and if we could see that business again to go from $20 million plus.

但我們無法將其顯示為庫存，並且在第四季度末我們吸收了所有庫存，因此我們現在的銷售額將達到 100%，並且我們看到它每個季度都在改善，如果我們能夠再次看到業務從 2000 萬美元以上增長。

Up to $40 million, it's one of the highest margin businesses we have, so it would have a major impact, and we're sole sour in the majority of those products, there are things like IRF matches that sell for $30,000 plus, and we probably sell them 100 different components and they have monthly calls with all of their vendors and they're very optimistic about the future of the business and we think our business will grow as they grow.

高達 4000 萬美元，這是我們利潤最高的業務之一，因此將產生重大影響，並且我們對大多數產品都抱有獨到的見解，例如 IRF 火柴的售價為 30,000 美元以上，我們可能向他們出售 100 種不同的組件，他們每月都會與所有供應商通話，他們對業務的未來非常樂觀，隨著我們的未來成長而成長。

That's positive. So, you said lamb is sold through all of your inventory basically and then now kind of back to take and pay?

這是積極的。所以，您說羊肉基本上已經賣完了您所有的庫存，然後現在需要拿回去付款嗎？

That's correct.

沒錯。

Thank you. And I'm showing no further questions. I will now send the call back over to Mr. Ed Richardson for any closing remarks.

謝謝。我沒有其他問題。我現在將把電話轉回給艾德理查森先生，請他做最後發言。

Thanks, Lydia. Well, thanks again for joining us today and for your questions during the Q&A. As we wrap up the year, I want to thank all of you for your ongoing support and interest in Richardson Electronics.

謝謝，莉迪亞。好吧，再次感謝您今天加入我們，並在問答環節提出問題。值此新年即將結束之際，我想感謝大家對理查森電子的持續支持與關注。

We know this quarter came with its share of challenges, but we've made real progress and we're staying focused on what matters most running a strong business, supporting our customers, and building for the future.

我們知道本季面臨著許多挑戰，但我們取得了真正的進展，我們將繼續專注於最重要的事情：經營強勁的業務、支持我們的客戶以及建立未來。

We look forward to talking to you again in October and until then we're available any time be free to call us and we'll answer more questions for you. Thanks very much.

我們期待十月份再次與您交談，在此之前，您可以隨時致電我們，我們將為您解答更​​多問題。非常感謝。

Thank you for your participation, and you may now disconnect.

感謝您的參與，您現在可以斷開連接。