Richardson Electronics Ltd (RELL) 2026 Q4 法說會逐字稿

Good day, and welcome to the Richardson Electronics earnings call for the fourth quarter of fiscal year 2026. [Operator Instructions] Please be advised that today's conference is being recorded. It is now my pleasure to introduce CEO and Chairman of the Board, Ed Richardson.

各位好，歡迎參加 Richardson Electronics 2026 會計年度第四季財報電話會議。[Operator Instructions] 請注意，今天的會議將被錄音。現在很榮幸為各位介紹執行長暨董事長 Ed Richardson。

Good morning, and thank you all for joining Richardson Electronics' conference call for the fourth quarter and full fiscal year of 2026. We appreciate your continued support and interest in Richardson Electronics. Joining me today are Bob Ben, Chief Financial Officer; Wendy Diddell, Chief Operating Officer; Greg Peloquin, General Manager of our Power and Microwave Technologies and Green Energy Solutions Groups; and Jens Ruppert, General Manager of Canvys.

各位早安，感謝各位參加 Richardson Electronics 2026 會計年度第四季及全年財報電話會議。我們感謝各位持續對 Richardson Electronics 的支持與關注。今天與我一同出席的有：財務長 Bob Ben；營運長 Wendy Diddell；電力與微波技術（Power and Microwave Technologies）及綠色能源解決方案（Green Energy Solutions）事業群總經理 Greg Peloquin；以及 Canvys 總經理 Jens Ruppert。

As a reminder, this call is being recorded and will be available for playback. I would also like to remind you that we are making forward-looking statements, and they're based on current expectations and involve risks and uncertainties.

提醒各位，本次電話會議將被錄音並提供回放。同時也提醒各位，我們將發表前瞻性陳述，這些陳述係基於目前的預期，並涉及風險與不確定性。

Therefore, our actual results could be materially different. Please refer to our press release and SEC filings for an explanation of our risk factors. I'm pleased to report that Richardson Electronics delivered both a strong fourth quarter and finished the fiscal year 2026. While Bob will provide the detailed financial review shortly, I want to begin by highlighting the broader message from the year. We delivered significant year-over-year revenue growth, improved gross margin, and strengthened our operating performance.

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與向 SEC 提交的文件，以了解風險因素的說明。我很高興報告，Richardson Electronics 在第四季表現強勁，並順利完成 2026 會計年度。Bob 稍後將提供詳細的財務回顧，但我想先從今年的整體訊息開始。我們實現了顯著的年對年營收成長、提升了毛利率，並強化了營運表現。

Those results reflect continued execution of the multi-year strategy we've discussed with you over the past few quarters. Our performance was not driven by a single product line, customer, or end market. We saw strength across all three of our business units from both new and existing customers. Power and Microwave Technologies continued to benefit from demand in semi-fab equipment, defense, healthcare, and other industrial applications. Green Energy Solutions continue to advance programs tied to wind, EV, power conversion, and other power management markets.

這些成果反映了我們在過去幾季與各位討論的多年期策略持續落實執行。我們的表現並非由單一產品線、客戶或終端市場所驅動。我們在三個事業單位皆看到來自新舊客戶的強勁需求。電力與微波技術持續受惠於半導體晶圓廠設備、國防、醫療保健及其他工業應用的需求。綠色能源解決方案持續推進與風電、電動車（EV）、電力轉換及其他電源管理市場相關的專案。

Canvys remained an important and profitable part of the company with customized display solutions serving medical, industrial, and other specialized OEM customers. Importantly, we also made progress in improving the quality of our revenue. We continue to align our strategic focus on pursuing higher-value engineered solutions, repeatable sales opportunities, and customer programs where our technical knowledge, application engineering, global sourcing capabilities, and inventory position create real value.

Canvys 仍是公司重要且具獲利能力的一部分，提供客製化顯示解決方案，服務醫療、工業及其他專業 OEM 客戶。同樣重要的是，我們也在提升營收品質方面取得進展。我們持續將策略重點聚焦於追求更高價值的工程化解決方案、可重複的銷售機會，以及能讓我們的技術知識、應用工程、全球採購能力與庫存優勢創造實質價值的客戶專案。

The more profitable mix of business together with operating disciplines supported the margin process we achieved during the year. We've also continued to invest in our current and emerging opportunities with Green Energy Solutions, and we are now advancing our efforts around battery energy storage.

更高獲利的業務組合，加上營運紀律，支撐了我們今年達成的毛利率改善。我們也持續投資於綠色能源解決方案的現有與新興機會，並正推進在電池儲能方面的布局。

We believe this is a natural extension of our capabilities in power conversion and energy-related applications. Customers are looking for ways to manage growing power demand, improve reliability, support renewable generation, and reduce exposure to grid constraints and energy cost volatility. We believe Richardson Electronics is well positioned to support those needs over time.

我們相信這是我們在電力轉換與能源相關應用能力的自然延伸。客戶正在尋找方法以管理日益成長的用電需求、提升可靠性、支援再生能源發電，並降低電網限制與能源成本波動所帶來的曝險。我們相信 Richardson Electronics 長期而言具備良好條件來支援這些需求。

The opportunity around battery energy storage is still developing and is strategically important. We're working to build the right supplier relationships, technical capabilities, and customer engagement model before scaling the business. We're taking a disciplined approach as we believe the market has attractive long-term potential, particularly as utilities, commercial operators, industrial customers, data centers, and renewable energy developers look for practical solutions to improve power availability and resilience.

電池儲能相關的機會仍在發展中，且具有策略性重要性。在擴大業務規模之前，我們正致力於建立合適的供應商關係、技術能力與客戶互動模式。我們採取審慎且有紀律的方法，因為我們相信該市場具備吸引人的長期潛力，尤其當公用事業、商業營運商、工業客戶、資料中心與再生能源開發商尋求可行方案以提升供電可用性與韌性之際。

From an overall market perspective, the global environment remains mixed, and we're managing the business accordingly. Tariff uncertainty, geopolitical risks, inflation, and uneven industrial demand continue to create challenges for many companies.

從整體市場角度來看，全球環境仍然好壞參半，我們也據此調整經營管理。關稅不確定性、地緣政治風險、通膨以及不均衡的工業需求，持續為許多公司帶來挑戰。

At the same time, we believe several long-term demand drivers are positive for Richardson Electronics. Electrification, grid reliability, renewable energy integration, AI and data center power requirements, semiconductor capacity investment, defense spending, and the need for customized medical and industrial display solutions all align well with the areas we have experienced in technical capability.

同時，我們認為有數項長期需求驅動因素對 Richardson Electronics 有利。電氣化、電網可靠性、再生能源併網、AI 與資料中心的電力需求、半導體產能投資、國防支出，以及對客製化醫療與工業顯示解決方案的需求，皆與我們具備技術能力與經驗的領域高度契合。

We remain disciplined in sourcing, pricing, inventory management, customer commitments, and operating expense control. We believe this discipline together with our strong balance sheet and technical sales organization positions us well to navigate uncertainty while continuing to pursue growth opportunities. Our growth in backlog and improved cash flow from operation highlights this disciplined approach, and we're taking time to manage the business.

我們在採購、定價、庫存管理、客戶承諾與營運費用控管方面維持紀律。我們相信，這份紀律加上我們強健的資產負債表與技術型銷售組織，使我們能在不確定性中穩健前行，同時持續追求成長機會。我們的在手訂單（backlog）成長以及營運現金流改善，凸顯了這種有紀律的做法，而我們也正投入時間來妥善管理業務。

The fourth quarter, our results reflected continued positive momentum and a strong close to the year. For the full year, we made meaningful progress against our strategic priorities. We believe the company is entering fiscal 2027 with a stronger operating platform, broader customer engagements, and improved visibility in several attractive end markets.

第四季的結果反映出持續的正向動能，並為全年畫下強勁句點。就全年而言，我們在策略優先事項上取得了實質進展。我們相信公司正以更強健的營運平台、更廣泛的客戶互動，以及在多個具吸引力的終端市場中更佳的能見度，邁入 2027 會計年度。

I'll now turn the call over to Bob Ben, our Chief Financial Officer, who will provide a detailed review of our fourth quarter and full fiscal year results and capital position. Following Bob's remarks, Greg and Jens will provide updates on our business units, and then Wendy will follow with the progress we're making executing against our multi-year strategies.

接下來我將把電話會議交給財務長 Bob Ben，他將就我們第四季與 2026 會計年度全年業績及資本狀況提供詳細回顧。在 Bob 發言後，Greg 與 Jens 將更新各事業單位的進展，接著 Wendy 會說明我們在執行多年期策略方面的進度。

Thank you, Ed, and good morning. I will review our financial results for our fourth quarter and fiscal year 2026, 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 2026 press release that was issued yesterday after the market closed.

謝謝你，Ed，各位早安。我將回顧我們 2026 會計年度第四季與全年財務結果，之後再說明我們的現金部位。另外請注意，我將討論非 GAAP 財務衡量指標。非 GAAP 項目與可比較 GAAP 指標之間的調節表，已刊載於我們昨日收盤後發布的 2026 會計年度第四季新聞稿中。

Consolidated net sales increased 27.6% to $66.2 million compared to net sales of $51.9 million in the prior year's fourth quarter. This was our eighth consecutive quarterly year-over-year increase in sales and the highest quarterly net sales since the third quarter of fiscal 2023. The fourth quarter was led by a 28.1% increase in PMT sales, driven by strong growth in semiconductor wafer fab and RF and microwave products.

合併淨銷售額年增 27.6% 至 6,620 萬美元，較去年第四季的 5,190 萬美元增加。這是我們連續第八個季度淨銷售額年對年成長，也是自 2023 會計年度第三季以來最高的單季淨銷售額。第四季主要由 PMT 銷售額成長 28.1% 所帶動，受惠於半導體晶圓廠與 RF 及微波產品的強勁成長。

Sales for GES were $1.1 million or 20.4% above the fourth quarter of fiscal 2025 as a result of higher sales of wind products. Canvys sales increased $2.8 million or 29.5%, reflecting higher sales in North America. Consolidated gross margin for the fourth quarter was 31.2% of net sales compared to 31.6% during the fourth quarter of fiscal 2025.

GES 銷售額為 110 萬美元，較 2025 會計年度第四季增加 20.4%，主要因風電產品銷售提高。Canvys 銷售額增加 280 萬美元或 29.5%，反映北美地區銷售提升。第四季合併毛利率為淨銷售額的 31.2%，相較 2025 會計年度第四季的 31.6%。

The 40 basis point decrease in consolidated gross margin was due to lower margin in PMT and GES as a result of product mix, partially offset by higher margin in Canvys due to improved freight costs as a percentage of net sales.

合併毛利率下降 40 個基點，主要因產品組合影響導致 PMT 與 GES 毛利率較低；部分被 Canvys 毛利率較高所抵銷，原因是運費占淨銷售額的比率改善。

Operating expenses were $17.6 million compared to $15.6 million in the fourth quarter of fiscal 2025. The increase in operating expenses resulted from higher salaries and incentives driven by the significant sales growth in both the fourth quarter and fiscal year 2026. Also included in operating expenses for the fourth quarter fiscal 2026 was a $0.4 million unclaimed property state audit settlement.

營業費用為 1,760 萬美元，較 2025 會計年度第四季的 1,560 萬美元增加。營業費用增加主要來自薪資與獎酬提高，係因第四季及 2026 會計年度全年銷售大幅成長所致。此外，2026 會計年度第四季的營業費用亦包含 40 萬美元的無人認領財產州政府稽核和解金。

As a percentage of net sales, operating expenses improved to 26.6% in the fourth quarter fiscal 2026 versus 30.0% in the prior year's fourth quarter.

以淨銷售額百分比計，2026 會計年度第四季營業費用比率改善至 26.6%，相較去年第四季為 30.0%。

Operating income improved significantly and was $3.9 million and non-GAAP operating income was $3.5 million for the fourth quarter fiscal 2026 compared to an operating income of $0.6 million and non-GAAP operating income of $0.8 million in the prior year's fourth quarter.

2026 會計年度第四季營業利益顯著改善，達 390 萬美元，非 GAAP 營業利益為 350 萬美元；相較於前一年度第四季營業利益 60 萬美元及非 GAAP 營業利益 80 萬美元。

Net income was $3.7 million and non-GAAP net income was $3.0 million for the fourth quarter fiscal 2026 compared to net income of $1.1 million and non-GAAP net income of $1.8 million for the fourth quarter of fiscal 2025.

2026 會計年度第四季淨利為 370 萬美元，非 GAAP 淨利為 300 萬美元；相較於 2025 會計年度第四季淨利 110 萬美元及非 GAAP 淨利 180 萬美元。

Earnings per common share diluted were $0.25 and non-GAAP earnings per common share diluted were $0.21 in the fourth quarter of fiscal 2026 compared to earnings per common share diluted of $0.08 and non-GAAP earnings per common share diluted of $0.12 in the fourth quarter of fiscal 2025. EBITDA was $5.0 million in the fourth quarter of fiscal 2026 versus $2.9 million in the fourth quarter of fiscal 2025. Adjusted EBITDA was $4.2 million in the fourth quarter of fiscal 2026 versus $3.1 million in the fourth quarter of fiscal 2025.

2026 會計年度第四季普通股稀釋後每股盈餘為 0.25 美元，非 GAAP 普通股稀釋後每股盈餘為 0.21 美元；相較於 2025 會計年度第四季普通股稀釋後每股盈餘 0.08 美元及非 GAAP 普通股稀釋後每股盈餘 0.12 美元。2026 會計年度第四季 EBITDA 為 500 萬美元，而 2025 會計年度第四季為 290 萬美元。2026 會計年度第四季調整後 EBITDA 為 420 萬美元，而 2025 會計年度第四季為 310 萬美元。

Turning to a review of the results for fiscal year 2026. Net sales were $228.6 million, an increase of 9.4% from $208.9 million in fiscal year 2025, which reflected higher sales across all three of our business segments. Gross margin was 31.2% of net sales, which was a 20 basis point increase from fiscal 2025. As a percentage of net sales, operating expenses for the fiscal year improved to 28.8% from 29.8% for the prior fiscal year.

接下來回顧 2026 會計年度的業績。淨銷售額為 2.286 億美元，較 2025 會計年度的 2.089 億美元成長 9.4%，反映我們三大業務部門的銷售均有所提升。毛利率為淨銷售額的 31.2%，較 2025 會計年度提高 20 個基點。以淨銷售額百分比計，該會計年度營業費用改善至 28.8%，前一會計年度為 29.8%。

Operating income was $6.5 million and non-GAAP operating income was $6.1 million during fiscal 2026 compared to an operating loss of $2.5 million and non-GAAP operating income of $2.6 million during fiscal 2025.

2026 會計年度營業利益為 650 萬美元，非 GAAP 營業利益為 610 萬美元；相較於 2025 會計年度營業損失 250 萬美元及非 GAAP 營業利益 260 萬美元。

The company reported net income of $6.4 million and non-GAAP net income of $5.7 million for fiscal 2026 versus a net loss of $1.1 million and non-GAAP net income of $3.2 million during fiscal 2025. Earnings per common share diluted were $0.44 and non-GAAP earnings per common share diluted were $0.40 for fiscal 2026 compared to $0.08 net loss per common share diluted and non-GAAP earnings per common share diluted of $0.22 for fiscal 2025.

公司 2026 會計年度淨利為 640 萬美元，非 GAAP 淨利為 570 萬美元；相較於 2025 會計年度淨損 110 萬美元及非 GAAP 淨利 320 萬美元。2026 會計年度普通股稀釋後每股盈餘為 0.44 美元，非 GAAP 普通股稀釋後每股盈餘為 0.40 美元；相較於 2025 會計年度普通股稀釋後每股淨損 0.08 美元及非 GAAP 普通股稀釋後每股盈餘 0.22 美元。

EBITDA was $11.3 million and adjusted EBITDA was $10.4 million for fiscal 2026 versus EBITDA of $2.5 million and adjusted EBITDA of $7.5 million in the prior fiscal year.

2026 會計年度 EBITDA 為 1,130 萬美元，調整後 EBITDA 為 1,040 萬美元；相較於前一會計年度 EBITDA 250 萬美元及調整後 EBITDA 750 萬美元。

Turning to a review of our cash position. Cash and cash equivalents at the end of fiscal 2026 were $31.8 million compared to $29.5 million at the end of the third quarter of fiscal 2026 and $35.9 million at the end of fiscal 2025. The increase in cash and cash equivalents from the third quarter related to net income, adjusted for depreciation and amortization, and lower inventory, partially offset by higher accounts receivable.

接下來回顧我們的現金部位。截至 2026 會計年度末，現金及約當現金為 3,180 萬美元；相較於 2026 會計年度第三季末的 2,950 萬美元，以及 2025 會計年度末的 3,590 萬美元。相較第三季，現金及約當現金增加主要來自淨利（並就折舊與攤銷調整）以及存貨下降，部分被應收帳款增加所抵銷。

Capital expenditures of $1.0 million in the fourth quarter of fiscal 2026 were primarily related to our manufacturing business, facilities improvements, and IT systems versus $0.8 million in the fourth quarter of fiscal 2025. Total capital expenditures were $4.4 million in fiscal 2026 as compared to $2.8 million in fiscal 2025.

2026 會計年度第四季資本支出為 100 萬美元，主要與我們的製造業務、廠房改善及 IT 系統相關；相較於 2025 會計年度第四季的 80 萬美元。2026 會計年度資本支出合計為 440 萬美元，而 2025 會計年度為 280 萬美元。

We paid $0.9 million in the fourth quarter and $3.4 million in fiscal 2026 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 2027.

我們於第四季支付現金股利 90 萬美元，2026 會計年度合計支付 340 萬美元現金股利。此外，基於我們目前的財務狀況，董事會宣告每股普通股 0.06 美元的例行季度現金股利，將於 2027 會計年度第一季支付。

As of the end of fiscal 2026, the company had no outstanding debt on its revolving line of credit with PNC Bank.

截至 2026 會計年度末，公司在與 PNC Bank 的循環信用額度項下並無未償還債務。

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

現在，我將把電話會議交給 Greg，他將就我們的 PMT 與 GES 業務群提供更多細節。

Thank you, Bob, and good morning, everyone. GES and PMT are key components of the corporation's multi-year growth plan, and we are encouraged by the continued progress we are making. Moving into FY26, we had a number of strategic imperatives, including developing a strong backlog, launching several new products, expanding our customer base, and advancing multiple development programs from beta testing to pre-production.

謝謝你，Bob，各位早安。GES 與 PMT 是公司多年期成長計畫的關鍵組成，我們對持續取得的進展感到振奮。進入 FY26，我們有多項策略要務，包括建立強勁的在手訂單、推出數項新產品、擴大客戶基礎，以及推進多個開發專案從 Beta 測試走向量產前階段。

I am pleased to report that we made excellent progress towards our goals throughout all FY26, and we are accelerating momentum as we experienced in the fourth quarter. Starting with GES, I'm pleased with both the year-over-year and sequential trends we are seeing as we continue to grow the pipeline of opportunities through both current and new technology partners, products developed by our field sales engineers and design team.

我很高興報告，我們在整個 FY26 期間朝目標取得了極佳進展，且如同第四季所見，我們正加速累積動能。先從 GES 談起，隨著我們透過既有與新的技術合作夥伴、以及由我們的外勤銷售工程師與設計團隊所開發的產品，持續擴大機會管線，我對我們看到的年增與季增趨勢都感到滿意。

GES sales in the quarter grew 20.4% year-over-year, as more companies adopted our key products across a broader set of applications. The strong fourth quarter helped us grow FY26 sales by 7.3% versus FY25. Continued sales growth, coupled with a growing backlog, positions us well going into FY27. Within GES, we saw continued progress across key growth opportunities. First, we're experiencing growth adoption of our PEM modules across multiple wind turbine platforms.

本季 GES 銷售額年增 20.4%，因為更多公司在更廣泛的應用中採用我們的核心產品。強勁的第四季表現協助我們 FY26 銷售額較 FY25 成長 7.3%。持續的銷售成長，加上在手訂單增加，使我們在邁入 FY27 時具備良好態勢。在 GES 內部，我們在關鍵成長機會上持續取得進展。首先，我們的 PEM 模組在多個風力渦輪機平台上的採用正持續成長。

We serve dozens of wind turbine owners and operators, including exclusive partnerships with the top four owner-operators of GE wind turbines such as RWE, Invenergy, Enel, and NextEra. We also saw growth from our new multi-brand PEM turbine platforms. We continue to grow this program internationally, expanding into Europe and Asia with new products for other turbine platforms such as Suzlon, Senvion, Nordex, and SSB. We have now received orders outside of North America from customers in Brazil, Australia, India, France, and Italy, adding to our strong rollout in North America.

我們服務數十家風力渦輪機的所有者與營運商，包括與 GE 風力渦輪機前四大所有者／營運商（如 RWE、Invenergy、Enel 與 NextEra）的獨家合作夥伴關係。我們也看到來自新多品牌 PEM 渦輪機平台的成長。我們持續在國際上擴展此計畫，透過針對其他渦輪機平台（如 Suzlon、Senvion、Nordex 與 SSB）的新產品，拓展至歐洲與亞洲。目前我們已收到來自北美以外客戶（巴西、澳洲、印度、法國與義大利）的訂單，進一步強化我們在北美的強勁推廣。

Second, we shipped our first BESS program in Q4. This milestone highlights the accelerating momentum of our BESS strategy, supported by a growing pipeline of nearly 50 active opportunities as of today. We believe we are attracting interest in our BESS capabilities as a result of our engineering and manufacturing experience within niche power management markets, our unique technology partners, our US-based footprint, and nearly 80-year corporate history.

第二，我們在第四季出貨了首個 BESS 專案。此一里程碑凸顯我們 BESS 策略的加速動能，截至今日，我們的機會管線支持近 50 個活躍機會。我們相信，憑藉我們在利基電力管理市場的工程與製造經驗、獨特的技術合作夥伴、以美國為基地的布局，以及近 80 年的公司歷史，我們正吸引市場對我們 BESS 能力的興趣。

Today, our pipeline includes data centers and industrial applications throughout North America, and we believe there are many opportunities to increase our pipeline throughout FY27 and beyond. We are also focused on converting this growing pipeline into sales, with several exciting opportunities expected to close shortly. In fact, we expect to announce a multimillion-dollar order for our BESS systems in Q1.

目前，我們的機會管線涵蓋北美各地的資料中心與工業應用，我們相信在 FY27 及其後仍有許多機會可擴大管線。我們也專注於將這個持續成長的管線轉化為銷售，並預期數個令人振奮的機會將在短期內成交。事實上，我們預期在第一季宣布一筆數百萬美元的 BESS 系統訂單。

Our overall GES growth strategy remains centered on power management applications. We rapidly designed multiple products, secured patents, and built a strong global base of customers and technology partners.

我們整體的 GES 成長策略仍以電力管理應用為核心。我們快速設計多項產品、取得專利，並建立了強大的全球客戶與技術合作夥伴基礎。

Our success is evident in our growing sales pipeline as we capitalize on numerous growth opportunities tied to evolving power management requirements and significant energy transformation initiatives. With these programs, testing and deployment continue to progress well with our key customers, and we feel that this will help us achieve stronger growth in FY27.

我們的成功可從不斷成長的銷售管線中清楚看見，因為我們正把握眾多成長機會，這些機會與不斷演進的電源管理需求以及重大的能源轉型計畫密切相關。透過這些專案，與我們主要客戶的測試與部署持續順利推進，我們認為這將有助於我們在 FY27 實現更強勁的成長。

Turning to PMT, excluding the legacy healthcare business, sales were $47.1 million in the quarter, a 31.1% increase over the prior year's fourth quarter. This reflects strong growth in the RF and wireless components product line, specifically in SATCOM, radar, and communication markets, and we again saw very strong growth in the semiconductor wafer fab market. This continued quarter-over-quarter growth trend in Q4 allowed us to expand sales at a double-digit rate in FY26, finishing the fiscal year with 14.2% growth versus FY25.

談到 PMT，若排除傳統醫療保健業務，本季銷售額為 4,710 萬美元，較去年第四季成長 31.1%。這反映出 RF 與無線元件產品線的強勁成長，特別是在衛星通訊（SATCOM）、雷達與通訊市場；同時我們在半導體晶圓廠市場也再次看到非常強勁的成長。第四季延續的季對季成長趨勢，使我們在 FY26 以雙位數速度擴大銷售，並以較 FY25 成長 14.2% 的表現結束本會計年度。

We are excited about the positive feedback from our semi-fab customers who are expressing ongoing optimism and continued growth into calendar year 2027. Across both GES and PMT, one of the most important priorities is accelerating the design-to-production cycles. We're expanding our design capabilities to move products more quickly from concept into manufacturing and test in LaFox.

我們對半導體晶圓廠客戶的正面回饋感到振奮，他們對一路延續至 2027 曆年的持續樂觀與成長表達了信心。在 GES 與 PMT 兩個事業中，最重要的優先事項之一是加速從設計到量產的週期。我們正在擴充設計能力，以便更快速地將產品從概念推進到 LaFox 的製造與測試。

Our Sweetwater, Texas location is one of the investments we expect will accelerate product development opportunities. We're also adding experienced industry talent to help expedite growth.

我們位於德州 Sweetwater 的據點，是我們預期將加速產品開發機會的投資之一。我們也正在延攬具經驗的產業人才，以協助加快成長。

More broadly, we are investing in infrastructure, expanding our design and field engineering teams, and enhancing our in-house design and manufacturing capabilities to support growing demand and innovation. Our field engineering team continues to identify new customers and opportunities across our end markets. We continue to gain market share by developing new products and solutions that are accepted by our customer.

更廣泛而言，我們正投資基礎設施、擴編設計與現場工程團隊，並強化內部設計與製造能力，以支援不斷成長的需求與創新。我們的現場工程團隊持續在各終端市場辨識新客戶與新機會。我們透過開發獲客戶採用的新產品與解決方案，持續提升市占率。

Looking ahead, we are encouraged by the strategic initiatives underway across PMT and GES, including our new BESS program, global expansion of our key engineered solutions products, and new technology partnerships. Our global capabilities and global go-to-market strategy continue to differentiate us from our competition in the power management, RF and microwave, and green energy markets.

展望未來，我們對 PMT 與 GES 正在推動的策略性計畫感到鼓舞，包括我們新的 BESS 專案、關鍵工程解決方案產品的全球擴張，以及新的技術合作夥伴關係。我們的全球能力與全球市場推進（go-to-market）策略，持續使我們在電源管理、RF 與微波，以及綠能市場中有別於競爭對手。

By combining legacy products and new technology partners and engineered solutions, we believe we are well positioned to deliver continued growth.

透過結合既有產品、新的技術合作夥伴以及工程解決方案，我們相信我們已具備良好定位，可帶來持續成長。

So in summary, we remain optimistic about the growing project-based business. We continue to expand our technology partners, design opportunities, and engineering resources while addressing technology gaps with our new partners and solutions.

總結來說，我們對以專案為主的業務持續成長仍保持樂觀。我們持續擴大技術合作夥伴、設計機會與工程資源，同時透過新的合作夥伴與解決方案來補足技術缺口。

Coming out of a year with increased sales, new products, increased customer base, and new technology partners, and a 24.8% increase in the combined backlog of the two SBUs, we believe FY27 will be another year of growth for both PMT and GES. And with that, I'll turn it over to Jens to discuss Canvys.

在經歷銷售成長、新產品推出、客戶基礎擴大與新增技術合作夥伴的一年後，且兩個策略事業單位（SBU）的合併在手訂單（backlog）增加 24.8%，我們相信 FY27 將是 PMT 與 GES 另一個成長年度。接下來我把時間交給 Jens，請他談談 Canvys。

Thanks, Greg, and good morning, everyone. Canvys designs, engineers, manufactures, and sells custom displays to original equipment manufacturers across global industrial and medical markets. It's our mission to deliver high-quality display solutions tailored to our customers' needs. Canvys reported revenues of $12.3 million in the fourth quarter of fiscal year 2026, up 29.5% from $9.5 million in the same quarter of the previous year, setting a new quarterly revenue record for the business. Our business remains project-focused and can vary from quarter to quarter based on customer program timing.

謝謝你，Greg，各位早安。Canvys 為全球工業與醫療市場的原始設備製造商（OEM）設計、工程開發、製造並銷售客製化顯示器。我們的使命是提供符合客戶需求的高品質顯示解決方案。Canvys 在 2026 會計年度第四季的營收為 1,230 萬美元，較去年同期的 950 萬美元成長 29.5%，創下該業務新的單季營收紀錄。我們的業務仍以專案為主，會因客戶專案時程而在各季之間有所波動。

For the full fiscal year, revenues were $37.3 million, up 12.4% from $33.1 million in the comparable period last year. The gross margin was 32.3% of net sales in the fourth quarter compared with 32.1% in the same quarter last year. For the full fiscal year, gross margin was 32.0%, down from 32.9% in fiscal 2025. The product mix continued to create pressure, but margins remain solid. The backlog at the end of the fourth quarter of fiscal 2026 increased to $40.8 million, up from $38.2 million at the end of the third quarter.

就全年而言，營收為 3,730 萬美元，較去年同期的 3,310 萬美元成長 12.4%。第四季毛利率為淨銷售額的 32.3%，去年同期為 32.1%。就全年而言，毛利率為 32.0%，低於 2025 會計年度的 32.9%。產品組合持續帶來壓力，但毛利率仍維持穩健。截至 2026 會計年度第四季末，在手訂單（backlog）增至 4,080 萬美元，高於第三季末的 3,820 萬美元。

With a Q4 book-to-bill ratio of 1.3, we entered the new fiscal year with a solid order book and improved visibility. The quarter unfolded in a resilient but uneven global economy, with tariffs, trade policy changes, and logistics conditions creating continued uncertainty.

第四季接單出貨比（book-to-bill）為 1.3，使我們在新會計年度開始時擁有穩健的訂單量與更佳的能見度。本季在具韌性但不均衡的全球經濟中展開，關稅、貿易政策變動與物流狀況帶來持續的不確定性。

We focus on disciplined execution, customer collaboration, and flexibility to support customer schedules. During the most recent quarter, Canvys 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 solutions for the control of medical devices.

我們專注於嚴謹的執行、與客戶協作，以及維持彈性以支援客戶時程。在最近一季，Canvys 取得來自既有與新醫療 OEM 客戶的訂單，涵蓋多種應用。我們的主要重點仍在於機器人輔助手術、導航、內視鏡，以及用於醫療設備控制的人機介面（HMI）解決方案。

At the same time, our solutions continue to support a broad set of commercial and industrial applications, including passenger information systems in trains and buses, as well as HMI technologies used in printing, vending, milling, and packaging equipment. Our initiatives remain centered on increasing Canvys' visibility and market leadership by developing new opportunities, deepening customer relationships, and converting our pipeline into additional design wins and production programs.

同時，我們的解決方案也持續支援廣泛的商業與工業應用，包括火車與巴士的乘客資訊系統，以及用於印刷、販賣、研磨與包裝設備的 HMI 技術。我們的各項措施仍聚焦於透過開發新機會、深化客戶關係，並將管線轉化為更多設計導入（design wins）與量產專案，以提升 Canvys 的能見度與市場領導地位。

We continue to strengthen our supply chain flexibility and execution capabilities so we can respond effectively as customer demand patterns and trade conditions evolve. If we look to the new fiscal year, we expect custom investment decisions to continue, varying by the market, and be subject to program timing. Even so, we are encouraged by the strength of our customer engagement, the level of requests for productivity, and our opportunity pipeline.

我們持續強化供應鏈的彈性與執行能力，以便在客戶需求型態與貿易條件演變時有效回應。展望新會計年度，我們預期客戶的投資決策仍將持續，並會因市場而異，且受專案時程影響。即便如此，我們仍對客戶互動的強度、生產力相關需求的請求量，以及我們的機會管線感到鼓舞。

Our record fourth quarter revenue, $40.8 million backlog, and Q4 book-to-bill of 1.3 provide a solid foundation for continued momentum. Our sales team remains focused on developing new opportunities while I remain committed to executing our strategic plans, sustainable growth, and create long-term shareholder value.

我們創紀錄的第四季營收、4,080 萬美元的在手訂單（backlog），以及第四季 1.3 的接單出貨比（book-to-bill），為持續動能奠定了穩固基礎。我們的銷售團隊仍專注於開發新機會，而我也將持續致力於執行我們的策略計畫、推動永續成長，並創造長期股東價值。

Now I'll turn the call over to Wendy.

現在我把電話會議交給 Wendy。

Thanks, Jens, and good morning, everyone. Let's begin with a quick CT tube update. As I mentioned last quarter, we're now focused entirely on repairing Siemens tubes. We continued to ship a limited number of repaired Straton Z tubes during the quarter. We also completed life testing on the MX series.

謝謝你，Jens，各位早安。我們先快速更新一下 CT 管（CT tube）的進展。如同我在上季提到的，我們目前已完全聚焦於維修西門子（Siemens）管。本季我們持續出貨少量維修後的 Straton Z 管。我們也完成了 MX 系列的壽命測試。

At the end of the quarter, we repaired several Siemens MX beta tubes, have recently shipped, and will be deployed for final review prior to full release. During the fourth quarter of fiscal 2026, we sold most of our assets dedicated to the ALTA tube program, we completed production on this program in March of 2026.

在本季末，我們維修了數支西門子 MX 測試版（beta）管，近期已出貨，並將在全面放行前部署進行最終審查。在 2026 會計年度第四季，我們出售了大部分專用於 ALTA 管專案的資產；我們已於 2026 年 3 月完成該專案的生產。

We also downsized our CT healthcare team. We remain optimistic that bottom-line results from this program will be significantly improved in FY27. Stepping back to our multi-year strategy, we remain focused on two primary operating priorities: accelerating growth and improving efficiency.

我們也縮編了 CT 醫療保健團隊。我們仍樂觀預期，該專案在 FY27 的獲利（bottom-line）成果將顯著改善。回到我們的多年策略，我們仍聚焦於兩項主要營運優先事項：加速成長與提升效率。

Accelerating growth is evident by our revenue trends and growing backlog. Even though a portion of our revenue is booked and shipped during the quarter, we view backlog as an important indicator of demand and future revenue visibility. A growing backlog is directionally positive because it reflects customer orders that are already committed or scheduled, and it gives us greater confidence in the pipeline.

加速成長可從我們的營收趨勢與不斷增加的在手訂單（backlog）中看出。儘管我們有一部分營收會在當季入帳並出貨，我們仍將在手訂單視為衡量需求與未來營收能見度的重要指標。在手訂單增加在方向上是正面的，因為它反映了已承諾或已排程的客戶訂單，並讓我們對管線更具信心。

At the same time, backlog does not convert to revenue on a perfectly linear quarterly basis. The timing of conversion depends on product mix, customer delivery schedules, supply availability, and program schedules. So, while we view backlog as an indicator of underlying demand and future revenue, we do not use backlog in isolation as a precise quarterly sales forecast.

同時，積壓訂單並不會在每一季以完全線性的方式轉換為營收。轉換時點取決於產品組合、客戶交付排程、供應可得性以及專案時程。因此，雖然我們將積壓訂單視為潛在需求與未來營收的指標，但我們不會單獨以積壓訂單作為精確的季度銷售預測。

Turning to efficiency and cash generation, in addition to downsizing our CT healthcare team at the end of the quarter, we also closed our Powerlink Dubai operations, with all work being transferred to our Powerlink UK location. Our fourth quarter performance also reflects the culmination of the Thales inventory build, an ability to generate cash from on-hand inventory.

談到效率與現金創造，除了在本季末縮編我們的 CT 醫療保健團隊外，我們也關閉了 Powerlink 杜拜的營運，並將所有工作移轉至 Powerlink 英國據點。我們第四季的表現也反映了 Thales 庫存建置的告一段落，以及從手上庫存創造現金的能力。

It also reflects our ongoing efforts to take a conservative approach to new inventory. The entire management team continues to look for ways to free up cash for our critical growth initiatives by becoming more efficient in our core operations.

這也反映了我們持續以保守方式處理新增庫存的努力。整個管理團隊持續尋找方法，透過提升核心營運效率來釋放現金，以支持我們關鍵的成長計畫。

During the quarter, we completed the 90-day AI Advisory Engagement focused on AI readiness, building internal capabilities, and identifying practical use cases across the company. The engagement included four working groups: supply chain, manufacturing and engineering, sales, and finance, and resulted in 47 AI opportunities being identified and triaged.

本季期間，我們完成了為期 90 天的 AI 顧問諮詢專案，聚焦於 AI 就緒度、建立內部能力，以及在全公司辨識可落地的應用情境。該專案包含四個工作小組：供應鏈、製造與工程、銷售與財務，並辨識與分級了 47 項 AI 機會。

Of those, 32 were classified as ready to execute using our existing AI tools, with no additional technology investment required. 11 were identified as potential future agent build opportunities. We also saw meaningful AI adoption across the company during the engagement period.

其中有 32 項被歸類為可使用我們既有 AI 工具立即執行，無需額外的技術投資；另有 11 項被認定為未來可能建置代理（agent）的機會。在專案期間，我們也看到全公司對 AI 的採用有顯著提升。

Users increased by 46%, message volume increased by 60%, and the use of projects expanded significantly. It is clear employees are beginning to incorporate AI into their daily work. Six initial pilot programs have been validated and are ready for execution, including use cases in at-risk account analysis, RMA tracking, supplier compliance, performance review support, and change log analysis.

使用者增加 46%，訊息量增加 60%，且專案（projects）的使用大幅擴展。很明顯員工正開始把 AI 納入日常工作。六個初始試點專案已完成驗證並可開始執行，包含高風險客戶帳戶分析、RMA 追蹤、供應商合規、績效評核支援，以及變更紀錄分析等應用。

We believe this work establishes a practical foundation for using AI to improve productivity, strengthen workflow consistency, and support process improvement over time. We continue to advance our Made in America strategy with a focus on opportunities where US-based manufacturing, engineered solutions, and power management capabilities create a competitive advantage.

我們相信這項工作為運用 AI 提升生產力、強化工作流程一致性，並隨時間推進流程改善建立了務實的基礎。我們持續推進「美國製造」策略，聚焦於美國在地製造、工程化解決方案與電源管理能力可形成競爭優勢的機會。

This position is increasingly relevant to customers seeking a more reliable supply chain, reduced tariff exposure, faster response times, and stronger quality control. During the quarter, we converted several customer discussions into commercial activities across aerospace, unmanned defense systems, defense electronics, and US-based industrial manufacturing.

對於尋求更可靠供應鏈、降低關稅曝險、更快回應時間與更強品質控管的客戶而言，這一定位愈發重要。本季期間，我們將多項客戶洽談轉化為商業活動，涵蓋航太、無人防禦系統、國防電子，以及美國在地工業製造。

The broader pipeline remains active. Key opportunities include a US-made self-checkout kiosk program for a major national restaurant chain that is currently under final consideration. Also, we have confirmed competitive pricing and received initial approval to begin work tied to a major US defense program. These opportunities are expected to convert to revenue beginning later in the fiscal year.

整體商機管道仍然活躍。關鍵機會包括：為一家全國性大型餐飲連鎖品牌提供美國製自助結帳亭（kiosk）方案，目前正進入最終評估。此外，我們已確認具競爭力的價格，並取得初步核准，可開始與一項美國重大國防計畫相關的工作。預期這些機會將於本會計年度稍晚開始轉換為營收。

The key takeaway is that our Made in America initiative is moving from prospecting into execution. We are converting customer interest into sample builds, purchase orders, and supplier onboarding activity. Our near-term focus is to stabilize early production, close open approvals, and continue building momentum in aerospace, defense, industrial, and power management applications while maintaining the financial flexibility and operating capacity needed to support project-specific purchases, technology partner requirements, and potential facility expansion.

重點是，我們的「美國製造」計畫正從開發潛在客戶轉向執行落地。我們正把客戶興趣轉化為樣品製作、採購訂單與供應商導入活動。我們短期的重點是穩定初期量產、完成尚未結案的核准事項，並在航太、國防、工業與電源管理應用持續累積動能，同時維持支援專案特定採購、技術合作夥伴要求，以及潛在廠房擴充所需的財務彈性與營運產能。

Looking further out, we remain focused on driving growth through organic initiatives while maintaining a disciplined and selective approach to capital allocation. While acquisitions are not a near-term priority, should the right opportunity arise, particularly one that supports growth in power management or expands our engineered solutions capabilities, we would evaluate it thoughtfully.

展望更長期，我們仍專注於透過有機成長計畫推動成長，同時維持審慎且具選擇性的資本配置策略。雖然併購並非短期優先事項，但若出現合適機會，特別是能支持電源管理成長或擴大我們工程化解決方案能力的機會，我們將審慎評估。

At this stage, our priority is to maintain a strong cash position to support growth in battery energy storage, including key purchases tied to projects and potential facility expansion to accommodate increased demand with our technology partners. We are encouraged by the direction we are headed and believe initiatives underway position us well to continue revenue growth and improve profitability over time.

在現階段，我們的優先事項是維持強勁的現金部位，以支持電池儲能的成長，包括與專案相關的關鍵採購，以及為配合技術合作夥伴、因應需求增加而可能進行的廠房擴充。我們對目前前進方向感到鼓舞，並相信正在推動的各項計畫使我們具備良好條件，可持續推動營收成長並隨時間改善獲利能力。

With that, I'll turn it back to Ed.

接下來我把時間交還給 Ed。

Thanks, Wendy. In closing, fiscal 2026 was an important year for Richardson Electronics. We delivered significant year-over-year revenue growth, improved gross margin, and strengthened operating performance, as well as continuing to invest in areas that we believe can support sustainable long-term growth.

謝謝你，Wendy。最後總結，2026 會計年度對 Richardson Electronics 而言是重要的一年。我們實現了顯著的年對年營收成長、提升毛利率並強化營運表現，同時持續投資於我們相信能支持可持續長期成長的領域。

We're encouraged by the strength across all three business units and by the market trends supporting demand for power management, electrification, energy storage, data center infrastructure, semiconductor manufacturing, defense, and customized solutions. We also recognize that the macro environment remains uncertain.

我們對三個事業單位的整體強勁表現，以及支撐電源管理、電氣化、儲能、資料中心基礎設施、半導體製造、國防與客製化解決方案需求的市場趨勢感到鼓舞。我們也認知到總體環境仍充滿不確定性。

We'll continue to manage the business with discipline. With a strong balance sheet, a growing base of higher-value engineered solutions, a continued focus on repeatable sales, and a team that's executing well, we believe Richardson Electronics is well positioned to build on the progress we made in fiscal 2026. We remain committed to improving profitability and creating sustainable value for our shareholders, customers and employees, as we move forward.

我們將持續以紀律管理業務。憑藉強健的資產負債表、持續擴大的高附加價值工程化解決方案基礎、對可重複銷售的持續聚焦，以及一支執行力良好的團隊，我們相信 Richardson Electronics 已具備良好條件，可在 2026 會計年度所取得的進展上再接再厲。展望未來，我們仍致力於提升獲利能力，並為股東、客戶與員工創造可持續的價值。

We'll now open the call for questions.

現在我們開放提問。

Anja Soderstrom, Sidoti.

Anja Soderstrom，Sidoti。

Hi, good morning. Congratulations on the strong quarter. And thank you for taking my questions. I'm just curious for the semi-fab demand. What kind of visibility do you have there? And what do you see now into the first quarter?

嗨，早安。恭喜本季表現強勁。也謝謝你們回答我的問題。我想請教半導體晶圓廠（semi-fab）的需求。你們在那方面的能見度如何？以及你們目前對第一季的看法是什麼？

Yes, we still have limited visibility. You know, people have a hard time forecasting, but the feedback we're getting from our customers in that space and then their customers' customers is very, very positive. We saw, as you know, excellent growth in Q3 and Q4, and that, according to the customer and their end customers, should continue throughout FY27.

是的，我們目前的能見度仍然有限。你知道，大家都很難做預測，但我們從該領域的客戶，以及他們的客戶的客戶那邊收到的回饋非常、非常正面。如你所知，我們在第三季與第四季看到極佳的成長，而根據客戶及其終端客戶的說法，這樣的趨勢應會在 FY27 全年持續。

And sort of what lead time do you have there if something comes up in quarter?

如果在季度中有需求突然出現，你們那邊的交期大概是多久？

Lead time in terms of building the product for a new order?

你指的是針對新訂單製作產品的交期嗎？

Yes, the team, we're very aggressive on inventory. We try to make sure we actually, you know, have weekly, monthly calls with the customer. So we have the piece parts in stock and just waiting for releases from the customer.

是的，我們團隊在庫存策略上非常積極。我們會確保，嗯，你知道，我們每週、每月都會與客戶開會。因此我們把零組件備在庫存中，只等客戶下達放行指令。

Okay, thank you. And then at Canvys was quite the surprise with a record quarter. What's the price there and do you see that continuing into the first quarter?

好的，謝謝。另外，Canvys 出現創紀錄的一季，這相當令人意外。那邊的價格（定價）情況如何？你們認為第一季能否延續？

So, I mean, I'm really pleased with that record quarter, you know, we had, and then a book-to-bill of 1.3. You know, when you have a record quarter and the book-to-bill is up, it's really a great momentum. Obviously, our business is, you know, project-driven. So, you know, we have sometimes larger call-offs, you know, really project business. It's really hard to say, but obviously, you know, we all foresee a cross next year.

所以，我的意思是，我對這個創紀錄的季度非常滿意，你知道，我們的接單出貨比（book-to-bill）達到 1.3。你知道，當你創下單季新高且接單出貨比又上升時，這代表非常好的動能。很明顯，我們的業務，你知道，是以專案驅動為主。所以，你知道，我們有時會出現較大的分批拉貨（call-offs），你知道，確實是專案型業務。這真的很難說，但很明顯，你知道，我們都預期明年會有成長。

Okay, thank you. I'll get back into queue.

好的，謝謝。我回到排隊序列。

Bobby Brooks, Northland Capital.

Bobby Brooks，Northland Capital。

Hey, can you guys hear me now? Sorry about that.

嘿，你們現在聽得到我嗎？不好意思，剛剛那樣。

You must be sleep-deprived, Bobby. That happens.

你一定是睡眠不足了，Bobby。這種事會發生。

Yes, I appreciate it. So, Ed, you talked about pursuing higher-value engineered solutions in your prepared remarks, and maybe I'm wrong here, but I feel like that's been a focus for the business for several years. So, if that is the case and it seems like this is kind of turning the corner, maybe just like could you expand on like what it can -- it seems like something really kind of clicked in the quarter or over the last several months that's kind of helped unlock growth with that. Just was curious to hear a more expanded view there.

是的，我很感激。所以，Ed，你在事先準備的發言中談到追求更高價值的工程化解決方案；也許我理解有誤，但我覺得這一直是公司過去幾年來的重點。所以，如果確實如此，而且看起來現在有點像是開始轉折了，能否請你再多展開說明一下——似乎在本季或過去幾個月裡有些事情真的「打通了」，幫助解鎖了這方面的成長。只是想聽聽更完整的看法。

Well, I think the thing that we're seeing is lots of new opportunities in new areas. Let Greg tell you about some of the new products that we're working on.

嗯，我認為我們看到的是在新領域出現了大量新的機會。讓Greg跟你談談我們正在開發的一些新產品。

Yes, I think Ed's comment was based on from an investment point of view going forward, it will be focused on these higher engineered solution type products. And we continue to get, first of all, the existing products that we've introduced over the years are gaining market share globally, as I said in my comments.

是的，我想Ed的評論是基於未來投資的角度，將會聚焦在這些更高工程化解決方案類型的產品上。而且我們持續看到，首先，我們多年來推出的既有產品正如我在評論中所說，正在全球取得市占率。

But in addition to that, we're getting more and more opportunities from customers that we did work for. For example, on the electric locomotive, we now have gotten a number of opportunities for other products for Progress Rail, Caterpillar.

但除此之外，我們也從曾經合作過的客戶那裡獲得越來越多的機會。例如在電力機車方面，我們現在又為Progress Rail（卡特彼勒）取得了多項其他產品的機會。

So some of these are different than we've currently done, and they might take a different piece of equipment, maybe a different type of person in terms of engineer, software engineer, mechanical, electrical. So I think that's what we talk about here in terms of long-term three- or five-year growth is where do we invest in, and that investment would be in these higher technology and higher integrated type products.

所以其中一些與我們目前做過的不同，可能需要不同的設備，也可能需要不同類型的人才，例如工程師、軟體工程師、機械或電機等。因此我認為我們在談到長期三到五年的成長時，重點在於我們要投資在哪裡，而這些投資將會放在更高科技、整合度更高的產品上。

Got it. That makes a lot of sense. Then I know last quarter, your ultracapacitor replacements for the GE turbines, those became an approved product for GE service turbines, right? And so I was just curious to hear how that opportunity developed there during the quarter.

了解。這很有道理。那我知道上個季度，你們用於GE渦輪機的超級電容替換方案，已成為GE維修渦輪機的核准產品，對吧？所以我想了解一下，這個機會在本季度是如何發展的。

Yes, so as you know, Bobby, we kind of worked with them. They wanted to do some testing. GE site installers could use these products. Our product passed with flying colors. In fact, based on the data, it was proven safer than dealing with the discharge of the current lead-acid batteries in the turbine.

是的，如你所知，Bobby，我們算是與他們一起合作。他們希望做一些測試。GE現場安裝人員可以使用這些產品。我們的產品以非常優異的成績通過。事實上，根據數據證明，相較於處理渦輪機中現有鉛酸電池的放電，我們的方案更安全。

That was very, very positive. So what GE decided to do, and we have no control over that, we've done our job, we've created a product that works and is safe and is in high demand by owner-operators. It's site-specific. And so yes, they've approved a site in Canada for this because it's up to your owner-operators now to go back to GE and say, Hey, this thing's now been approved by you. We'd like to install it, but it's going to be site-specific and we have no control over that.

這非常、非常正面。所以GE決定怎麼做——我們無法控制——我們已經完成了我們的工作，打造出一個可用、安全，且受到業主營運方高度需求的產品。它是依據站點而定的。因此是的，他們已核准加拿大的一個站點使用，因為現在要由業主營運方回到GE那裡說：嘿，這個東西現在已經被你們核准了。我們想要安裝它；但它會是站點特定的，而我們無法控制。

But anyway, yes, they released an order for a site in Canada to one of our large owner-operators. We did ship that in Q1. It was a nice start to Q1, so it's not even in the fourth quarter numbers.

不過總之，是的，他們已針對加拿大的一個站點，向我們的一家大型業主營運方下了訂單。我們已在第一季出貨。這是第一季一個不錯的開局，所以甚至不在第四季的數字裡。

That's great to hear. And then I just wanted to maybe get a little bit more context around the battery energy storage solutions and its relation to the data center opportunity. It seems like you guys kind of spoke to that a little bit more today than in past quarters.

很高興聽到。另外我也想多了解一下電池儲能解決方案，以及它與資料中心機會之間的關聯。感覺你們今天對此的著墨比過去幾季多一些。

So is that like, for my context and other people on the call, like you're not necessarily focusing on these like mega projects where it's, you know, folks are looking to secure like 700 megawatts, a gigawatt plus of power, but maybe kind of smaller installations? Or maybe I'm off base, but I was thinking that or under the impression that your battery energy solutions are more like single-digit megawatt or maybe even kilowatt size. Could you just refresh us there and maybe just frame what type of data centers you'd be looking to service there?

所以就我以及其他與會者的理解，你們不一定是聚焦在那種超大型專案——例如有人想要確保700兆瓦、甚至1吉瓦以上的電力——而是偏向較小型的建置？或者也可能我理解有誤，但我原本以為你們的電池儲能方案比較像是個位數兆瓦，甚至是千瓦等級。能否請你再幫我們更新一下，並說明你們會想服務哪一類型的資料中心？

Yes, so Bobby, you're correct. The mega data centers is not really our focus today. It's more the C&I, commercial and industrial type products and applications. Our first offering as we develop these relationships with technology partners such as Gotion and others, will be one product is 760 kilowatts, and the other one is 5 megawatts. And so somebody wants 10 megawatts, it just stacks up.

是的，Bobby，你說得沒錯。超大型資料中心目前並不是我們的重點。我們更聚焦在工商業（C&I，商業與工業）類型的產品與應用。隨著我們與像Gotion等技術夥伴建立關係，我們的第一批產品供應將包括：一款760千瓦，另一款5兆瓦。所以如果有人要10兆瓦，就把它堆疊起來即可。

But it's smaller niche applications that, not surprisingly, the current people involved in this market want nothing to do with. And that opportunity I mentioned that we have now booked is for 17 units, containers, but it's a unique facility. It's actually, the press release will come out. It's for a federal reservation in Alaska, and they'll put 1 or 2 in each of the towns on that reservation to help balance a grid, give them backup power, et cetera.

但這些是較小的利基應用；不意外地，目前在這個市場的既有業者其實不太想做。而我提到我們現在已經拿下的那個機會，是17個單位、17個貨櫃，但它是一個特殊設施。其實新聞稿會發布。那是阿拉斯加的一個聯邦保留地，他們會在保留地內各個城鎮各放1到2套，用來協助電網平衡、提供備援電力等等。

So the opportunities we have in our pipeline, and we're now over 50, are mainly for municipal buildings. That was the first one we booked, with Goleta in California for their municipal building. Utility applications, commercial applications, and the demo center that we're putting here in Lafox is actually a working unit, and it is for us to use to keep backup power, but also store, balance the grid, and sell it back to the grid, and to make some money that way, which the state of Illinois has the best subsidies and grants.

所以我們管線中的機會——現在已超過50個——主要是市政建築。我們第一個拿下的是加州Goleta的市政大樓。另外還有公用事業應用、商業應用；而我們在Lafox這裡正在建置的示範中心其實是一套可運作的設備，我們會用它來維持備援電力，同時也能儲能、平衡電網，並把電回售給電網，藉此賺取一些收入；伊利諾伊州在補貼與補助方面是最好的。

So you're exactly right. Right now there's more than enough opportunities for these smaller niche, I'll call them niche applications, that we seem to have a fit with our global capabilities, with being around 75 years. A lot of people that go after these smaller opportunities are LLCs. Just in 2023, over 100 LLCs went bankrupt. So these companies are really happy to work with a company that's been around for 80 years, no debt, and will service these niche applications with these products.

所以你說得完全正確。目前這些較小的利基——我稱之為利基應用——機會已經綽綽有餘，而以我們約75年的全球能力來看，似乎很契合。很多去追逐這些較小機會的公司是LLC（有限責任公司）。光是2023年，就有超過100家LLC破產。因此這些客戶真的很樂意與一家成立80年、零負債，並願意用這些產品服務利基應用的公司合作。

That's very helpful, Greg. And I think that's a great point on the niche of where you're playing. And then the competition that you're facing, you have a significant advantage over them, it seems. I'll jump back into the queue and congratulations on a really strong quarter.

這非常有幫助，Greg。我也覺得你提到你們所切入的利基市場這點很棒。而且看起來你們相對於競爭對手確實有顯著優勢。我先回到提問隊列，並恭喜你們本季表現非常強勁。

Thanks, Bobby.

謝謝，Bobby。

[Joseph Midkiff], Independent.

[Joseph Midkiff]，獨立分析人士。

Hey, good morning. Congrats on the excellent quarter and really a long-term positive trajectory. I am a long-term retail shareholder. And my question was really about capital and capital deployment. I was curious as to whether there's been any consideration made to returning additional capital to shareholders.

嗨，早安。恭喜你們交出非常出色的一季，且長期走勢也相當正向。我是長期的散戶股東。我的問題主要是關於資本以及資本配置。我想了解是否曾考慮向股東返還更多資本。

I know the company has historically had a very conservative approach to the market, and I'm sure there's some strategic purpose, but I wondered if you could speak to what that strategic purpose may be and whether any indicators in the business would give you confidence to deploy additional capital into buybacks or dividends. Thank you.

我知道公司過去在市場上的作法一向非常保守，我也確信這背後有一些策略目的，但我想請您談談這個策略目的可能是什麼，以及業務上是否有任何指標能讓您有信心投入更多資本進行庫藏股回購或發放股利。謝謝。

That's a question that we hear every quarter, and every quarter when the board gets together, we talk about it. We've always come to the same conclusion that we're better off to employ our capital and new opportunities such that Greg was talking about rather than buying our own stock back.

這個問題我們每一季都會聽到，而每一季董事會聚在一起時，我們也都會討論。我們一直得出相同的結論：相較於回購自家股票，我們更應該把資本用在 Greg 剛才提到的那些新機會上。

Is there anything in the business or are there particular hallmarks that would lead you to reevaluate that?

那麼，業務上是否有任何事情或特定的特徵，會讓你們重新評估這件事？

Not that we presently have visibility to.

目前我們沒有可見度能看到那樣的情況。

Okay. Thank you very much. And, again, congrats on the great quarter and the fantastic long-term run.

好的。非常感謝。另外，再次恭喜本季表現出色，以及長期以來的精彩成績。

[Arian Schelke, Velta Research].

[Arian Schelke，Velta Research]。

Hi, team. Just wanted to say solid work on this quarter. I did have a few questions. First question would be, could you guys provide the manufactured and distribution split within PMT? I was just hoping to get a gauge on the durability of the mix shift.

嗨，各位團隊成員。先說一句，本季做得很扎實。我有幾個問題。第一個問題是，你們能否提供 PMT 內製造與通路（分銷）的拆分比例？我主要是想衡量產品組合轉移的耐久性。

No, we don't provide that at that level.

不，我們不會提供到那個層級的資訊。

Okay, that's no problem. I guess my next question would be more so on backlog. How much of it would you say is expected to fill within the next four quarters, like ballpark?

好的，沒問題。那我下一個問題比較是關於在手訂單（backlog）。你們認為其中大約有多少會在接下來四個季度內出貨？大概的區間就好。

I'll speak to PMT. Most of our backlog is because of the project-based nature of it is scheduled and the contracts that we sign are a year. So it depends on when we signed it, whether it will ship in this fiscal year or not. But there's no 3-, 4-, 5-year type contracts. Most of the backlog should ship within the fiscal year or within 5 quarters for PMT. And then GES. Jens, do you want to?

我先談 PMT。我們大部分的在手訂單，因為其專案型的特性，都是已排程的，而且我們簽的合約通常是一年期。所以要看我們是在什麼時候簽約，才會決定是否會在本會計年度出貨。但我們沒有那種 3 年、4 年、5 年期的合約。就 PMT 而言，大多數在手訂單應該會在本會計年度內或 5 個季度內出貨。接著是 GES。Jens，你要補充嗎？

Yes, so our backlog because of project-specific, and you know, we sell to large medical OEMs, it's a little different. So we have sometimes contracts to deplete the backlog over two or three years even. However, we expect every quarter new orders to make more than that backlog is right now. So backlog is going up for a while, and we are very positive on that.

好的。我們的在手訂單因為是專案別的，而且你也知道，我們銷售給大型醫療 OEM，所以情況有點不同。因此我們有時候會有合約，讓在手訂單在兩到三年、甚至更長時間內逐步消化。不過，我們預期每一季的新接單都會超過目前的在手訂單水準。所以在手訂單還會上升一段時間，我們對此非常正向。

Okay, awesome. Thank you so much and congratulations again.

好的，太棒了。非常感謝，再次恭喜。

Bobby Brooks, Northland Capital.

Bobby Brooks，Northland Capital。

Hey, just a quick one. I know, I think it's in the release, GES backlog was up 5% year-over-year. Greg, could you speak to what the PMT specific backlog was? Because I know Canvys was really great growth. I'm just trying to square off where PMT landed.

嗨，我只有一個簡短問題。我知道——我想新聞稿裡有提到——GES 的在手訂單年增 5%。Greg，你能談談 PMT 的在手訂單具體情況嗎？因為我知道 Canvys 成長非常亮眼。我只是想釐清 PMT 最後落在哪裡。

Yes, the backlog increase, and the backlog itself, there's no one-hit wonders, which is so... We're adamant about that. We want to have nice, consistent growth when we invest in a product or a product line that that's consistent long-term and short-term growth very fast. So the backlog today, it's a combination of both our technology partners on the power management side within GES.

是的，在手訂單的增加，以及在手訂單本身，沒有任何一次性的「一擊即中」案子，這點非常……我們對此很堅持。我們希望在投資某個產品或產品線時，能帶來穩健、持續的成長，並且在長期與短期都能維持一致且快速的成長。所以目前的在手訂單，是我們在 GES 內、電源管理端兩個技術合作夥伴的綜合成果。

We did see a large increase in our pitch energy modules with a very large order internationally. That was part of the growth, and then a handful of niche products that we have, such as the temperature monitoring device, the shunts, et cetera.

我們確實看到槳距能源模組（pitch energy modules）因為一筆非常大的國際訂單而大幅增加。那是成長的一部分，另外還有我們一些利基產品，例如溫度監測裝置、分流器（shunts）等等。

The backlog growth was across the board, both in components and engineered solutions. But if you look at the overall percent, it's that pitch energy module business that continues to gain market share. As you know, Bobby, it's a very large market that we're in.

在手訂單的成長是全面性的，涵蓋元件與工程解決方案兩邊。但如果看整體百分比，主要還是槳距能源模組業務持續取得市占。如你所知，Bobby，我們所在的是一個非常大的市場。

Got it. And so was like PMT backlog up double digits in the fourth quarter, fair to say?

了解。所以可以說 PMT 在第四季的在手訂單是雙位數成長，這樣說合理嗎？

Our PMT backlog was up double digits in the quarter. Yes.

我們 PMT 的在手訂單在本季是雙位數成長。是的。

Yes, great. And then maybe just one last one.

是的，很好。那我最後再問一個。

Go ahead, Bobby. Sorry.

請說，Bobby。不好意思。

Oh, you said up $10 million.

喔，你剛剛說增加了 1,000 萬美元。

Yes, I believe it was up $10 million in the quarter.

是的，我相信本季增加了 1,000 萬美元。

Awesome. And just the last one for me is, it seems like, would it be fair, is it a fair read-through to say, you know, if we rewound the story to 2024, a lot of the focus was on the pitch energy modules and the wind turbine solution opportunity.

太棒了。我最後一個問題是：看起來——這樣解讀是否合理——如果我們把故事倒回到 2024 年，當時很多焦點都放在槳距能源模組以及風力渦輪機解決方案的機會上。

But now today, and especially over just the last two prints, it seems like that continues to be a great growth opportunity, but it seems like there's more shots on goal per se. Is that a fair way to think, or maybe it's just something I missed two years ago, but just curious to kind of hear your guys' thoughts there.

但到了今天，尤其是最近兩次財報發布，看起來那仍然是很好的成長機會，但似乎也出現了更多「射門機會」（shots on goal）之類的機會。這樣想是否合理？或者可能是兩年前我漏看了什麼，只是想聽聽你們的看法。

Yes, Bobby, you broke up pretty bad, but I think I understood your question in that our focus was never on wind turbines or solar or anything like that. It's been on power management applications. And what we're finding as we even add new technology partners, we're finding other niche power management applications. I think you saw the press release on C-Motive, where we'll be building power supplies and motor drives for them. Also, you know about the starter modules.

是的，Bobby，你的訊號斷斷續續得很嚴重，但我想我理解你的問題：我們的焦點從來不在風力渦輪或太陽能或諸如此類的領域。我們一直專注在電源管理（power management）應用。而我們發現，隨著我們新增技術合作夥伴，我們也找到了其他利基的電源管理應用。我想你有看到關於 C-Motive 的新聞稿，我們將為他們製造電源供應器與馬達驅動器。另外，你也知道起動模組（starter modules）。

We have another large locomotive manufacturer that is also having us design one for them. Of course, the pitch energy module was one part, it was one customer, but the goal is to expand that globally because we are a global company with 60% of our sales outside of North America. And that's into effect. And then with that, you know, the whole growth concept in our model for 80 years has been, what can you sell to an existing customer base? Because that's the most cost-effective way to bring new products to market.

我們還有另一家大型機車（locomotive）製造商，也請我們為他們設計一款。當然，槳距能源模組只是其中一部分、也只是其中一個客戶，但目標是把它擴展到全球，因為我們是一家全球性公司，60% 的銷售額來自北美以外地區。而這正在發生。此外，我們這個模式的整體成長概念在過去 80 年一直是：你能賣什麼給既有客戶群？因為那是把新產品推向市場最具成本效益的方法。

So we're identifying what I call niche, but they're very large. The 20-newton meter product that we're coming out with for 20-newton meter wind turbines, that'll be out in Q1, allows us to sell pitch energy modules in that application. We got the TurbineGuard. We've got the UPS now in an agreement with KK Wind Solutions. So these are the things that are going to be coming out.

所以我們正在辨識我所稱的利基市場，但其實規模非常大。我們即將推出用於 20 牛頓米風力渦輪機的 20 牛頓米產品，會在第一季推出，讓我們能在該應用中銷售槳距能源模組。我們有 TurbineGuard。我們現在也與 KK Wind Solutions 達成協議，推出 UPS。這些都是接下來會推出的項目。

You'll see the press releases, but it's more power management type applications that just happened the first large one we had was in a wind turbine. So I would always look at it as we have a very unique capability with all these new products that are out there. All of them either need a power management section or a new power management section based on the frequency or power levels.

你會看到相關新聞稿，但這更偏向電源管理類型的應用；只是我們第一個大型案子剛好是在風力渦輪機上。所以我一直會把它看作：面對這些新產品，我們具備非常獨特的能力。它們全部都需要電源管理模組，或是基於頻率或功率等級而需要新的電源管理模組。

And we've done years and years and years of ultracapacitor experience, high-power tubes, high-power industrial components, so in a very strong and growing design and manufacturing team. So that's kind of the direction.

而且我們在超級電容器、高功率真空管、高功率工業元件方面累積了多年又多年的經驗，因此我們擁有一支非常強大且持續成長的設計與製造團隊。所以這大概就是我們的方向。

We're not focused on wind turbines, we're focused on power management, in this case, the initial growth was in wind turbines. But you're right, that percent, even though that's going to keep growing, the percent will probably be in other products going forward.

我們並不是聚焦在風力發電機，我們聚焦在電力管理；在這個案例中，最初的成長來自風力發電機。但你說得對，那個百分比即使會持續成長，未來該比例可能會更多來自其他產品。

Super helpful context. Great. Thank you guys.

這些背景資訊非常有幫助。很好。謝謝各位。

Hey, let me jump in and correct something. The question was asked, I think maybe we misunderstood it, about what's the percentage of our manufactured product versus distribution product, and we said that we don't discuss that. We actually have reported that, and it is in the range of 55% to 60% of the products that we sell are products that we either manufacture directly or are manufactured exclusively for us to our specifications. So we wanted to follow up with that. Thanks.

嘿，讓我插一句更正一下。剛才的問題是問到，我想我們可能誤解了，是關於我們自製產品相對於經銷/分銷產品的比例，而我們回答說我們不討論這個。其實我們有揭露過，約有55%到60%我們所銷售的產品，是我們直接製造，或是依照我們規格為我們獨家代工製造的產品。所以我們想就此補充說明。謝謝。

Joseph Nerges, Segren Investments.

Joseph Nerges，Segren Investments。

Well, first, let me congratulate you on a great quarter and on the prospects that you've enumerated on this call. My call is basically on, I'll call it before Gotion and after Gotion, after the press release with Gotion. In the last conference call, I guess you talked about quite a few quotes out there on the battery energy solution issue quite a bit. Were you utilizing Gotion batteries previous to their press release, our partnership with them?

首先，恭喜你們本季表現出色，也恭喜你們在這通電話中所列舉的各項前景。我的問題基本上是，我稱之為「Gotion之前」與「Gotion之後」，也就是在與Gotion合作的新聞稿發布之後。在上一場法說會上，我想你們談到在電池儲能解決方案（battery energy solution）方面有不少報價/報價案在外面。在他們發布新聞稿、以及我們與他們建立合作關係之前，你們是否就已經在使用Gotion的電池？

Yes, we were working with Gotion on and that's how we got to know them. And once we shared both of our capabilities, and as maybe you know, they're about 30 minutes from here. We talked to them about the batteries as we were looking at some of these opportunities. But during those discussions, they needed us to help bring their batteries to market, being again, a North American company, and to meet all of those BABA, Build America, Buy America, federal entity, et cetera, made in America.

是的，我們當時就在與Gotion合作，這也是我們認識他們的方式。在我們分享彼此能力之後，而且如你可能知道的，他們離這裡大概30分鐘車程。當我們在評估其中一些機會時，也與他們討論過電池。但在那些討論中，他們需要我們協助把他們的電池推向市場；畢竟我們是北美公司，並且能符合所有BABA（Build America, Buy America）、聯邦機構等「美國製造」的要求。

And so our relationship with Gotion in the beginning was, yes, just buy batteries from them and build a product. And it was an application we're working on. But it has evolved to they'll be a technology partner of ours. They will give us the batteries and we will build the containers and integrate them here.

因此一開始我們與Gotion的關係是：是的，向他們採購電池並打造產品。那是一個我們正在推進的應用案。但這段關係已經演進為：他們將成為我們的技術合作夥伴。他們提供電池，我們在這裡製作機櫃/集裝箱並進行整合。

So we'll either design or build our own PCS, the transformer, and all the other products that would go in that and use Gotion as our technology partner for their batteries. And again, the good thing is with their batteries being built here in North America, we meet all the qualifications that the larger OEMs need to put that product and get the subsidies from the various states or grants based on the made in America concept.

所以我們會自行設計或製造PCS、變壓器，以及其中所需的其他所有產品，並以Gotion作為其電池的技術合作夥伴。而且再次強調，好處是他們的電池在北美生產，因此我們符合大型OEM把該產品導入並取得各州補貼或補助（grants）所需的所有資格，這些都基於「美國製造」的概念。

So it's a good match, and we just had a meeting about a month ago with the Gotion CEO and I, and the whole troop was out there, and we signed an MOU, and we're going to help them bring their batteries to market, and they're going to help us bring BESS products to market.

所以這是很好的搭配；大約一個月前我和Gotion的CEO開會，整個團隊都在場，我們簽署了一份MOU（合作備忘錄），我們將協助他們把電池推向市場，而他們將協助我們把BESS產品推向市場。

That's terrific. And so, Gotion has a sales force too. Are they pursuing the sales independent of you guys on some of these projects, and then they come to you?

太棒了。那麼，Gotion也有銷售團隊。他們是否會在某些專案上獨立於你們之外去推進銷售，然後再來找你們？

I mean, they have a handful of people that talk to some of the larger things, like one of the other callers talked about these 100-megawatt, you know, sites, large. Yes, we'll be exclusive for certain size containers, and all referrals would come to us. We'll work together, but we have a much larger, much more knowledgeable sales force for North American opportunities than they do. So it, but they have the technology and a 2 million square feet manufacturing location. Was it 2 million square feet?

我的意思是，他們有少數幾個人會去接觸一些較大型的案子，例如其他來電者提到的這些100MW的場址、很大型的。是的，對於某些尺寸的機櫃/集裝箱，我們會是獨家，所有轉介都會到我們這裡。我們會一起合作，但就北美機會而言，我們的銷售團隊規模更大、也更了解市場。所以是這樣；但他們擁有技術，以及一座200萬平方英尺的製造基地。是200萬平方英尺嗎？

Oh yes. But it's billion dollars, right? Yes, 2 million square feet facility. So that's our relationship with Gotion, and they'll be our partner bringing BESS. The opportunity I just talked about that we booked, those will be Gotion batteries in those products.

喔，是的。但那是十億美元等級的投資，對吧？是的，200萬平方英尺的設施。所以這就是我們與Gotion的關係，他們會是我們推動BESS的合作夥伴。我剛才提到我們已經拿下/入帳的那個機會，那些產品都會使用Gotion的電池。

Just one other follow-up. Subsequent to your announcement on the press release on the Gotion partnership, Gotion announced another battery, say it right, they're going to a solid-state sodium-ion battery that they're introducing. And that seems like to me anyway, a game-changing potential product. I understand they're going to be manufacturing that battery in China. Do we know if there's any possibility that that will be manufactured in Illinois, let's say, over the next year or so?

再追問一點。在你們發布與Gotion合作的新聞稿之後，Gotion又宣布了另一款電池，我說得準確一點，他們要推出固態鈉離子電池。至少在我看來，那似乎是一個可能改變遊戲規則的產品。我了解他們將在中國製造那款電池。我們是否知道，未來一年左右是否有任何可能會在伊利諾伊州（例如）生產？

Yes, we've had conversations with them about that. Right now, the product they had fits the technical needs and cost needs of our current opportunities. So they showed us our roadmap. The goal is to eventually bring that to North America.

是的，我們已經就此與他們談過。目前他們現有的產品符合我們當前機會的技術需求與成本需求。所以他們向我們展示了他們的產品路線圖。目標是最終把那款產品帶到北美生產。

And again, for the same reasons we talked about, obviously it's a huge market for BESS products and the whole build in America, subsidies and grants, but their goal is to, yes, bring that to America eventually, but they're about a $3.5 billion, $4 billion company.

而且同樣基於我們剛才談到的原因，顯然BESS產品是一個巨大的市場，加上整個「在美國製造」、補貼與補助等因素；他們的目標是，是的，最終把它帶到美國，但他們是一家約35億到40億美元規模的公司。

They have a huge facility in China. Now, they just think they're using that to get it introduced and get it designed, and then they can transfer the production to North America.

他們在中國有一座非常大的工廠。現在，他們認為先利用那邊把產品導入市場並完成設計，之後就能把生產轉移到北美。

All right. Again, congratulations. Terrific quarter, and looking forward to see what happens over the course of this fiscal year. Thank you for the opportunity.

好的。再次恭喜。本季非常出色，也期待看看在本會計年度接下來會有什麼進展。謝謝你們提供這個機會。

Thank you. I would now like to hand the call back over to CEO and Chairman of the Board, Ed Richardson, for closing remarks.

謝謝。現在我想把電話交回給執行長兼董事長Ed Richardson，請他做結語。

Well, thanks again for joining us today and for your questions during the Q&A portion of the call. We look forward to talking to you again next quarter, but if you have any questions at any time, you're welcome to call us directly. Thank you.

好的，再次感謝各位今天加入，也謝謝各位在問答環節提出的問題。我們期待下個季度再與各位交流；不過如果你們在任何時間有任何問題，歡迎直接致電給我們。謝謝。

Ladies and gentlemen, thank you for participating. This does conclude today's program, and you may now disconnect.

各位女士、先生，感謝各位參與。今天的會議到此結束，您現在可以掛線。