RF Industries Ltd (RFIL) 2025 Q3 法說會逐字稿

Welcome to the RF Industries' third-quarter fiscal 2025 financial results conference call.

歡迎參加 RF Industries 2025 財年第三季財務業績電話會議。

(Operator Instructions) Please note, this conference is being recorded.

（操作員指示）請注意，本次會議正在錄音。

I will now turn the conference over to your host, Donni Case, Investor Relations. You may begin.

現在我將會議交給主持人、投資人關係部唐尼‧凱斯 (Donni Case)。你可以開始了。

Thank you, [John]. Good afternoon, everyone. Welcome to RF Industries' fiscal third-quarter 2025 earnings conference call.

謝謝你，[約翰]。大家下午好。歡迎參加 RF Industries 2025 財年第三季財報電話會議。

With me today are RFI's Chief Executive Officer, Rob Dawson; President and COO, Ray Bibisi; and CFO, Peter Yin. We issued in our press release after market today. That release is available on our website at rfindustries.com.

今天與我一起出席的有 RFI 執行長 Rob Dawson、總裁兼營運長 Ray Bibisi 和財務長 Peter Yin。我們在今天盤後發布了新聞稿。新聞稿可在我們的網站 rfindustries.com 上查閱。

I want to remind everyone that during today's call, management will make forward-looking statements that involve risks and uncertainties. Please note that information on this call today may constitute forward-looking statements under the Securities & Exchange's laws.

我想提醒大家，在今天的電話會議中，管理階層將做出涉及風險和不確定性的前瞻性陳述。請注意，今天電話會議中的資訊可能構成美國證券交易法規定的前瞻性聲明。

When used, the words anticipate, believe, expect, intend, future, and other similar expressions identify forward-looking statements. These forward-looking statements reflect management's current views with respect to future events and financial performance and are subject to risks and uncertainties. Actual results may differ materially from the outcomes contained in any forward-looking statements.

使用時，預期、相信、期望、打算、未來和其他類似表達均表示前瞻性陳述。這些前瞻性陳述反映了管理層對未來事件和財務表現的當前看法，並受風險和不確定性的影響。實際結果可能與任何前瞻性陳述中的結果有重大差異。

Factors that could cause these forward-looking statements to differ from actual results include the risks and uncertainties discussed in the company's reports on Form 10-K and 10-Q and other filings with the SEC. RF Industries undertakes no obligation to update or revise any forward-looking statements.

可能導致這些前瞻性陳述與實際結果不同的因素包括公司在 10-K 和 10-Q 表格報告以及向美國證券交易委員會提交的其他文件中討論的風險和不確定性。RF Industries 不承擔更新或修改任何前瞻性聲明的義務。

Additionally, throughout this call, we will be discussing certain non-GAAP financial measures. Today's earnings release and related current report on Form 8-K describe the differences between our GAAP and non-GAAP reporting.

此外，在整個電話會議中，我們將討論某些非公認會計準則財務指標。今天的收益報告和 8-K 表上的相關當前報告描述了我們的 GAAP 和非 GAAP 報告之間的差異。

With that, I'll now turn the conference over to Rob Dawson, Chief Executive Officer. Go ahead, Rob.

現在，我將會議交給執行長 Rob Dawson。繼續吧，羅布。

Thank you, Donni. Welcome to our third-quarter fiscal 2025 conference call.

謝謝你，唐尼。歡迎參加我們的 2025 財年第三季電話會議。

I'll start with our third-quarter highlights and some thoughts on the current environment. Our COO, Ray Bibisi, will expand on our go-to-market strategy and trends we're seeing in newer markets. And our CFO, Peter Yin, will cover our financials before opening the call to your questions.

我將從我們第三季的亮點和對當前環境的一些想法開始。我們的營運長 Ray Bibisi 將詳細介紹我們的市場進入策略以及我們在新市場中看到的趨勢。我們的財務長 Peter Yin 將在回答您的問題之前介紹我們的財務狀況。

Now, to the third quarter. Our team continued to deliver strong results for the third consecutive quarter of fiscal 2025. Third-quarter net sales grew 17.5% year over year to $19.8 million. Gross profit margin was 34%, which is a 450 basis points improvement over Q3 last year and 400 basis points above our target margin goal of 30%. We realized an operating profit of $719,000 versus a loss of $419,000 for the comparable period, which puts us in positive territory for four quarters in a row.

現在，進入第三季。我們的團隊在 2025 財年連續第三個季度持續強勁業績。第三季淨銷售額年增 17.5% 至 1,980 萬美元。毛利率為 34%，比去年第三季提高了 450 個基點，比我們的目標利潤率 30% 高出 400 個基點。我們實現了營業利潤 719,000 美元，而同期的虧損為 419,000 美元，這使我們連續四個季度保持盈利。

Adjusted EBITDA of $1.6 million was 8% of net sales in the quarter, which is an important metric we use to evaluate our operational efficiency. While this metric may vary from quarter to quarter, depending on product mix and shipments, achieving 8% adjusted EBITDA as a percentage of net sales supports our conviction that our stated goal of at least 10% is within reach.

調整後的 EBITDA 為 160 萬美元，佔本季淨銷售額的 8%，這是我們評估營運效率的重要指標。雖然該指標可能因產品組合和出貨量而每個季度有所不同，但實現 8% 的調整後 EBITDA 佔淨銷售額的百分比支持了我們的信念，即我們所述的至少 10% 的目標是可以實現的。

Even through challenging times, we've been laser-focused on profitability. We now have a cost structure that gives us the operating leverage to continue improving profitability without diminishing quality, which we believe is the true path to value creation.

即使面臨挑戰，我們也始終專注於獲利。我們現在擁有的成本結構為我們提供了經營槓桿，可以在不降低品質的情況下繼續提高獲利能力，我們相信這是創造價值的真正途徑。

Finally, we ended the quarter with a backlog of $19.7 million on third-quarter bookings of $24.5 million. As of today, the backlog stands at $16.1 million.

最後，我們在本季結束時的積壓訂單為 1,970 萬美元，而第三季的訂單為 2,450 萬美元。截至今天，積壓金額已達 1,610 萬美元。

Our team's commitment to strong execution is [sprinting] through our financial results. We're all energized by the opportunity we see ahead.

我們團隊對強力執行的承諾將推動我們的財務表現。我們都為眼前的機會充滿活力。

For those who followed RFI for a while, first, thank you; second, you've witnessed how our long-term strategy has transformed our company from a component supplier to a technology solutions provider. You also know this is no easy feat but our commitment to delivering on what we said we would do has always been our focus.

對於那些關注 RFI 一段時間的人，首先，感謝你們；其次，你們見證了我們的長期策略如何將我們公司從一家零件供應商轉變為一家技術解決方案提供者。您也知道這絕非易事，但我們始終致力於兌現我們的承諾。

Now, I want to spend some time on why we think RFI is in a great position to grow profitably, going forward. The top-line story here has three important drivers: one, diversification in products, customers, and end markets; two, deeper relationships with our traditional customers; and three, the value of new partnerships.

現在，我想花點時間解釋為什麼我們認為 RFI 在未來將處於有利的獲利成長位置。這裡的最重要的故事有三個重要的驅動因素：一、產品、客戶和終端市場的多樣化；二、與傳統客戶建立更深層的關係；三、新合作關係的價值。

On our third-quarter call last year, I talked about how our team was working hard to evolve our business to be more diverse in our products, end markets, and applications; and less reliant on the CapEx spend of our Tier 1 carrier customers. One year later, we can proudly say that fast-growing markets like aerospace, transportation, and data centers are now contributing to our sales pipeline, in addition to our strong standing in our traditional markets. Ray will go into more detail on our product innovation and go-to-market strategy and trends we're seeing across our end markets.

在去年第三季的電話會議上，我談到了我們的團隊如何努力發展我們的業務，使我們的產品、終端市場和應用更加多樣化；並減少對一級營運商客戶的資本支出的依賴。一年後，我們可以自豪地說，除了我們在傳統市場中佔據強勢地位之外，航空航太、交通運輸和資料中心等快速成長的市場也正在為我們的銷售管道做出貢獻。Ray 將更詳細地介紹我們的產品創新和市場進入策略以及我們在終端市場看到的趨勢。

In Aerospace, we continue to win repeat orders from a leader in this market. With mission-critical components, failure is not an option. You don't get a second chance. So our success here continues to add to our credibility and reputation.

在航空航太領域，我們繼續贏得該市場領導者的重複訂單。對於任務關鍵型元件來說，故障是不允許的。你沒有第二次機會。因此，我們在這裡的成功繼續增強了我們的信譽和聲譽。

The Transportation market, including both in vehicles and in transportation hubs, is a wide open field for us. For example, we've already received a meaningful order for a terminal infrastructure project at a major US airport. As you know, the current administration justifiably wants to see our airport terminals upgrade their functionality, in line with world-class airports, so this could evolve into a significant opportunity for us.

交通運輸市場，包括車輛和交通樞紐，對我們來說是一個廣泛的領域。例如，我們已經收到了一份重要的美國主要機場航站樓基礎設施項目訂單。如您所知，現任政府理所當然地希望看到我們的機場航站樓升級其功能，與世界一流的機場保持一致，因此這對我們來說可能是一個重要的機會。

Municipal governments also want to upgrade their transportation infrastructures with distributed antenna deployments that will improve communication connectivity and efficiencies for their bus and train systems.

市政府還希望透過分散式天線部署升級其交通基礎設施，以提高其公車和火車系統的通訊連接性和效率。

We've only just scratched the surface of our product applications for transportation.

我們對於運送產品應用的探索才剛開始。

Our DAC, or Direct Air Cooling system, continues to attract wide attention with a variety of applications across several end markets. As I mentioned last quarter, we launched a next-gen system that has advanced control capabilities and a [NEMA] certification for more rugged environments that expands our opportunity set in wireline telecom, edge data centers, energy, and transportation. More on data centers, shortly.

我們的 DAC（直接空氣冷卻系統）繼續受到廣泛關注，並在多個終端市場中有多種應用。正如我上個季度提到的，我們推出了下一代系統，該系統具有先進的控制功能和針對更惡劣環境的 [NEMA] 認證，這擴大了我們在有線電信、邊緣資料中心、能源和運輸領域的機會。稍後將詳細介紹資料中心。

Stadium and venue build-outs are undergoing a significant revival, especially in the United States, playing host to major events like the Olympics and World Cup in coming years. With our well-established reputation in this end market, we have a pipeline of over 100 venues, including some very intriguing projects around corporate and university campuses, where greater connectivity is both an essential and competitive advantage.

體育場館和場館建設正在經歷顯著的復興，尤其是在美國，未來幾年將舉辦奧運和世界盃等重大賽事。憑藉我們在這個終端市場的良好聲譽，我們擁有超過 100 個場館的儲備，其中包括一些圍繞企業和大學園區的非常有趣的項目，在這些項目中，更強的連通性既是必要的也是競爭優勢。

It's exciting to be at that inflection point when our technology, know-how, and reputation creates several opportunities to diversify our customer base. Yet equally important is building deeper relationships with our existing customers.

當我們的技術、專業知識和聲譽為多樣化我們的客戶群創造了許多機會時，處於這個轉折點是令人興奮的。但同樣重要的是與現有客戶建立更深層的關係。

Wired and Wireless Communication customers have been our bread-and-butter for many years. However, we were mostly a downstream supplier, away from the center of action and key decision makers.

多年來，有線和無線通訊客戶一直是我們的主要客戶。然而，我們主要是一個下游供應商，遠離行動中心和關鍵決策者。

Now, that has changed dramatically. With our advanced technology and problem-solving approach, we've elevated our value proposition to this important customer base, which, in turn, has resulted in a greater share of their bill of materials, especially in our higher-value solutions.

現在，情況發生了巨大變化。憑藉我們先進的技術和解決問題的方法，我們提升了對這個重要客戶群的價值主張，從而導致他們的物料清單份額更大，特別是在我們的高價值解決方案中。

While Telecom CapEx spending is still short of historical levels, we've diversified our revenue sources within these organizations to capture a share of the OpEx budgets, a direct result of building and expanding our relationships. Plus, we continue to drive growth with many longstanding customers in our OEM and industrial markets, where we design and build custom assemblies and wire harnesses.

雖然電信資本支出仍低於歷史水平，但我們已經在這些組織內實現了收入來源多元化，以獲取營運支出預算的一部分，這是建立和擴展我們關係的直接結果。此外，我們繼續與 OEM 和工業市場中的許多長期客戶一起推動成長，我們在這些市場中設計和製造客製化組件和線束。

The third driver is the value of partnerships, both old and new. We're proud of our longstanding relationships with all the Tier 1 carriers, the major installers and integrators, and especially, our distribution partners. The trust we've earned for innovation, collaboration, and service has attracted new partners, which opens the door to additional diverse customer and market opportunities.

第三個驅動因素是合作關係的價值，包括新舊合作關係。我們為與所有一級運營商、主要安裝商和整合商，尤其是我們的分銷合作夥伴建立的長期合作關係感到自豪。我們在創新、協作和服務方面贏得的信任吸引了新的合作夥伴，這為更多不同的客戶和市場機會打開了大門。

For example, a major manufacturer of electronic cabinet and enclosures identified our DAC systems as a solution for edge data center installations, which are small decentralized facilities located closer to where data is generated and consumed. While hyperscaler data centers are multibillion-dollar installations requiring technologies like liquid cooling systems, facilities on the edge also need energy-efficient cooling. RFI has a great solution for this. We currently have market trials in process.

例如，一家主要的電子機櫃和外殼製造商將我們的 DAC 系統確定為邊緣資料中心安裝的解決方案，邊緣資料中心是位於資料產生和使用地點附近的小型分散設施。雖然超大規模資料中心是耗資數十億美元的設施，需要液體冷卻系統等技術，但邊緣設施也需要節能冷卻。RFI 對此有一個很好的解決方案。我們目前正在進行市場試驗。

Before I turn the call over to Ray, a final note on diversification: we worked long and hard to diversify our supply chain, both domestically and internationally. Although our finished products are American-made, there are certain vital components that are generally only available from outside of the US, which means we must deal with the uncertainty of the evolving tariff landscape.

在我將電話轉給雷之前，最後要說一下多元化：我們長期努力實現國內和國際供應鏈的多元化。雖然我們的成品是美國製造的，但某些重要零件通常只能從美國以外的地方獲得，這意味著我們必須應對不斷變化的關稅情況的不確定性。

So far, our team has done a great job in mitigating tariff impacts. We've only had nominal price increases on certain products. Putting this uncertainty aside, we're focused on what's in our control: maximizing the great opportunity ahead of us and delivering one of the best full fiscal year results in RFI's history.

到目前為止，我們的團隊在減輕關稅影響方面做得很好。我們僅對某些產品進行了名義上的漲價。撇開這些不確定性，我們專注於我們能夠控制的事情：最大限度地利用我們面前的巨大機遇，並實現 RFI 歷史上最好的全年業績之一。

We now have three great quarters under our belt for fiscal 2025. Based on what we know today, we expect that our fiscal fourth-quarter net sales will be similar to what we delivered in Q3.

2025 財年我們已經取得了三個出色的季度業績。根據我們今天所了解的情況，我們預計第四財季的淨銷售額將與第三季的淨銷售額相似。

Finally, thank you to the entire RFI team for executing on the plan and keeping our momentum going. I'm honored to get to work with all of you. Great job. We will continue to stick to the strategy, work hard, be kind and keep a sense of humor. It certainly seems like we can all use a little more kindness.

最後，感謝整個 RFI 團隊執行該計劃並保持我們的發展勢頭。我很榮幸能與大家一起工作。幹得好。我們將繼續堅持這項策略，努力工作，友善待人，保持幽默感。看來我們確實都需要多一點善意。

Now, here's Ray.

現在，這是雷。

Thank you, Rob. Good afternoon, everyone.

謝謝你，羅布。大家下午好。

As you've just heard, we believe we are entering an exciting period of growth and opportunity. A key driver of our performance this quarter has been the deep engagement of our sales team. Their collaboration with engineering and marketing has allowed us to deliver fully integrated solutions that address critical needs across our target markets.

正如您剛才聽到的，我們相信我們正在進入一個令人興奮的成長和機會。本季業績表現的關鍵驅動因素是我們銷售團隊的深入參與。他們與工程和行銷部門的合作使我們能夠提供完全整合的解決方案，滿足目標市場的關鍵需求。

This quarter, we saw strong growth across Aerospace, Venues, Telecommunication, and Broadband networks, supported by consistent contributions from our distribution channels.

本季度，在分銷通路的持續貢獻下，航空航太、場館、電信和寬頻網路均實現了強勁成長。

Our target initiatives in Venues and Broadband delivered meaningful bookings and revenue, demonstrating the effectiveness of our market-driven strategy. Marketing and product management played a critical role in reinforcing these efforts through impactful campaigns, events, and partner engagements. These activities strengthened our presence in the market and supported pipeline conversion.

我們在場館和寬頻方面的目標措施帶來了可觀的預訂量和收入，證明了我們市場驅動策略的有效性。行銷和產品管理透過有影響力的活動、事件和合作夥伴參與在加強這些努力方面發揮了關鍵作用。這些活動加強了我們在市場上的地位並支持了管道轉換。

On the operations side, execution remains disciplined and strategic. We increased inventory levels in certain product categories to mitigate pending tariff impacts, while our ongoing cost reduction programs remain on track. At the same time, process improvements and IT enhancements are enabling real-time decision making and building scalability to meet growing demand.

在營運方面，執行仍然嚴謹且具策略性。我們增加了某些產品類別的庫存水平，以減輕即將發生的關稅影響，同時我們正在進行的成本削減計劃仍在進行中。同時，流程改善和 IT 增強正在實現即時決策並建立可擴展性以滿足不斷增長的需求。

From an engineering standpoint, our focus continues on Small Cell concealment, Direct Air Cooling, and [RF-passive] solutions. While aligning engineering output with market demand is still a challenge, our improved processes on stage-gate discipline in [insuring] resources are directed towards the highest-value opportunities.

從工程角度來看，我們繼續關注小型基地台隱蔽性、直接風冷和[RF-passive]解決方案。雖然將工程產出與市場需求結合仍然是一個挑戰，但我們在確保資源方面改進的階段門紀律流程正朝著最高價值的機會發展。

As Rob mentioned earlier, the story today looks very different than it was just a year ago. I couldn't even agree more. The change has been dramatic. From my vantage point, the real difference is how we are pairing advanced technology with a problem-solving approach.

正如羅布之前提到的，今天的情況與一年前相比有很大不同。我完全同意。變化是巨大的。從我的角度來看，真正的區別在於我們如何將先進技術與解決問題的方法結合。

We're no longer just responding to customer needs or helping them anticipate in shaping the solutions that drive their success. The shift has fundamentally strengthened how customers view RFI and the role we play in their strategic planning.

我們不再只是滿足客戶的需求或幫助他們預測推動他們成功的解決方案。這種轉變從根本上強化了客戶對 RFI 的看法以及我們在其策略規劃中所扮演的角色。

Looking ahead to Q4, we expect revenue to remain steady, with continued strength in Small Cell, DAC, Aerospace, Venues, and Broadband markets. We are mindful of the potential tariff impacts and ongoing supply chain constraints but our robust sales pipeline, disciplined operations, and strong cross-functional alignment position us to finish the year strong and carry momentum into 2026.

展望第四季度，我們預計營收將保持穩定，小型基地台、DAC、航空航太、場館和寬頻市場將持續保持強勁勢頭。我們注意到潛在的關稅影響和持續的供應鏈限制，但我們強大的銷售管道、嚴謹的營運和強大的跨職能協調使我們能夠強勢結束今年並將勢頭延續到 2026 年。

Ultimately, execution is the bridge between potential and results. As COO, I am proud of how our team continues to execute with focus, discipline, and collaboration.

最終，執行是潛力與結果之間的橋樑。身為營運官，我為我們的團隊能夠繼續專注、自律、協作地執行任務而感到自豪。

I now turn the call over to Peter.

現在我把電話轉給彼得。

Thank you, Ray. Good afternoon, everyone.

謝謝你，雷。大家下午好。

As Rob described, we've had strong momentum across our business for three consecutive quarters in fiscal 2025. Before I review the financials, the overall theme to note is continuous improvement, both top line and bottom line.

正如 Rob 所描述的，2025 財年我們的業務連續三個季度保持強勁勢頭。在我審查財務狀況之前，要注意的總體主題是持續改進，包括營收和利潤。

Our sales continue to increase. This drives better margins and operating leverage as our fixed costs are spread over higher sales levels. In the third quarter, revenue grew 17.5% to $19.8 million year over year and 4.7% on a sequential basis. Gross profit margin was up 450 basis points to 34% from 29.5% year over year, primarily driven by an overall increase in sales, as well as a higher-margin product mix and our ongoing efforts to drive cost savings and operating efficiencies.

我們的銷售額持續成長。由於我們的固定成本分攤到更高的銷售水平，這帶來了更好的利潤率和營運槓桿。第三季度，營收年增 17.5% 至 1,980 萬美元，季增 4.7%。毛利率從去年同期的 29.5% 上升 450 個基點至 34%，主要得益於整體銷售額的成長、利潤率更高的產品組合以及我們持續努力節約成本和提高營運效率。

Operating income was $720,000 compared to an operating loss of $419,000 we reported last year. That's over a $1.1 million improvement year over year. Consolidated net income was $392,000 or $0.04 per basic and diluted share. Non-GAAP net income was $1.1 million or $0.10 per basic and diluted share. This compared to a net loss of $705,000 or $0.07 per basic and diluted share and a non-GAAP net loss of $95,000 or $0.01 per basic and diluted share for Q3 2024. Adjusted EBITDA was $1.6 million, a significant improvement compared to adjusted EBITDA of $460,000 in Q3 2024.

營業收入為 720,000 美元，而去年報告的營業虧損為 419,000 美元。與去年同期相比，這一數字增加了 110 多萬美元。合併淨收入為 392,000 美元，即每股基本收入和稀釋收入 0.04 美元。非公認會計準則淨收入為 110 萬美元，即每股基本收入和稀釋收入 0.10 美元。相比之下，2024 年第三季的淨虧損為 705,000 美元，即每股基本虧損和稀釋虧損 0.07 美元，非 GAAP 淨虧損為 95,000 美元，即每股基本虧損和稀釋虧損 0.01 美元。調整後的 EBITDA 為 160 萬美元，與 2024 年第三季的 46 萬美元調整後 EBITDA 相比有顯著改善。

Thus far, our financial results this fiscal year reflect both our focus on profitability and strong execution against our plan to diversify our customer base and expand our presence in new end markets.

到目前為止，本財年的財務表現既反映了我們對獲利能力的關注，也反映了我們多元化客戶群和擴大新終端市場影響力計畫的強勁執行。

Moving to the balance sheet, we closed the quarter with a strong balance sheet, including $3 million of cash and cash equivalents, working capital of $13.1 million, and a current ratio of approximately 1.6:1, with current assets of $34.1 million and current liabilities of $21 million.

轉向資產負債表，我們在本季結束時擁有強勁的資產負債表，包括 300 萬美元的現金和現金等價物、1,310 萬美元的營運資金以及約為 1.6:1 的流動比率，其中流動資產為 3,410 萬美元，流動負債為 2,100 萬美元。

At quarter end, we had borrowed $7.8 million on our revolving credit facility. As previously mentioned, we continue to manage our working capital to strengthen our liquidity and overall capital structure. We are actively assessing our borrowing costs and see near-term opportunities for more advantageous financing arrangement.

截至季末，我們已透過循環信貸額度借入 780 萬美元。如前所述，我們繼續管理我們的營運資金，以加強我們的流動性和整體資本結構。我們正在積極評估我們的借貸成本，並尋找更有利的融資安排的近期機會。

At the end of Q3, our inventory was $14.2 million, down from $14.7 million last year. However, our inventory is up when compared to last quarter's $12.6 million. While our inventory may fluctuate from quarter to quarter, we continue to carefully manage inventory levels while we improved procurement and supply chain processes.

截至第三季末，我們的庫存為 1,420 萬美元，低於去年的 1,470 萬美元。然而，與上一季的 1260 萬美元相比，我們的庫存有所增加。雖然我們的庫存可能每個季度都會波動，但我們會在改善採購和供應鏈流程的同時繼續謹慎管理庫存水準。

We are very mindful of our value proposition of inventory availability and believe our current inventory level supports both our strategic business model of inventory availability and the continued healthy demand that we see for the balance of 2025 and beyond.

我們非常重視庫存可用性的價值主張，並相信我們目前的庫存水準既支持我們的庫存可用性策略業務模式，也支持我們在 2025 年及以後看到的持續健康需求。

Moving on to our backlog, as of July 31, our backlog stood at $19.7 million on bookings of $24.5 million. We have been successful in working through a portion of our backlog since quarter end. As of today, our backlog currently stands at $16.1 million. We are looking forward to closing out 2025 with solid momentum in our business.

說到我們的積壓訂單，截至 7 月 31 日，我們的積壓訂單金額為 1,970 萬美元，訂單總額為 2,450 萬美元。自季度末以來，我們已成功處理了部分積壓工作。截至今天，我們的積壓訂單目前已達 1,610 萬美元。我們期待在 2025 年結束時，我們的業務能夠保持強勁勢頭。

Our team's execution is sprinting through with strong financial results. We are well positioned to capitalize on the opportunities that are ahead of us.

我們團隊的執行力正在快速提升，並且取得了強勁的財務表現。我們已做好準備，充分利用眼前的機會。

With that, I'll open up the call for your questions.

好了，現在我開始回答你們的提問。

(Operator Instructions)

（操作員指示）

Josh Nichols, B. Riley Securities.

喬許‧尼可斯 (Josh Nichols)，B. Riley 證券。

This is Matthew, on for Josh.

我是馬修，代替喬希。

To start off, the 34% gross margin is impressive. It's well above the 30% target. Can you help us understand how much of that improvement is driven by DAC systems and Small Cells versus mix?

首先，34%的毛利率令人印象深刻。這遠高於30%的目標。您能否幫助我們了解這種改進有多少是由 DAC 系統和小型基地台而不是混合系統推動的？

Yeah. I think that's good question. Thanks, Matthew.

是的。我認為這是個好問題。謝謝，馬修。

The mix including those two product lines is increasing, right? So you've got those two things and some of our other high-value items. We talked about -- obviously, last quarter, we put out some press on winning some new Aerospace projects. Those are also some of the higher value, more technical solutions. So overall, the mix is leaning towards higher-value items, which help take that up.

包括這兩條產品線在內的組合正在增加，對嗎？所以你已經得到了這兩件東西和我們的一些其他高價值物品。我們談到了——顯然，上個季度，我們發布了一些關於贏得一些新的航空航天項目的新聞。這些也是一些價值更高、技術性更強的解決方案。因此總體而言，產品組合傾向於更高價值的商品，這有助於提高這一水平。

The other piece I would just mention is -- and Peter mentioned in his comments -- a higher sales number is hugely helpful for us too because once we absorb all those fixed costs, including the labor that we do, again, to build products in the United States -- once we do that, it's heavily profitable beyond a certain level.

我想提到的另一點是——彼得在他的評論中提到——更高的銷售額對我們也有很大幫助，因為一旦我們吸收了所有這些固定成本，包括我們在美國生產產品所需的勞動力——一旦我們這樣做，超過一定水平就會獲得巨額利潤。

And so you're starting to see that operating leverage that kicks in as we move between these 18%-, 19%-plus sales levels. You get some help from that operating leverage also, in addition to the mix.

因此，當我們的銷售水準在 18% 至 19% 以上之間波動時，您會開始看到經營槓桿開始發揮作用。除了組合之外，您還可以從經營槓桿中獲得一些幫助。

Got it. As a follow-up to that, you guys mentioned you expect Q4 to be a similar revenue base. So I'm assuming, should gross margin -- assuming that DAC and other high-value items keep up this percentage of mix and the revenue base being steady, should we expect gross margins in Q4 to be similar to Q3?

知道了。作為後續，你們提到預計第四季的營收基礎將會相似。所以我假設，毛利率——假設 DAC 和其他高價值項目保持這一組合百分比，並且收入基礎保持穩定，我們是否應該預期第四季度的毛利率與第三季度相似？

And then, going into fiscal '26, how should that change as you grow and that mix probably continues to shift?

那麼，進入 26 財年，隨著公司的發展以及組合的不斷變化，這種情況應該如何改變？

Yeah. I think, as we've talked about in the past, the mix will change quarter to quarter. It doesn't take much of a little movement in top-line dollars to wildly swing our margins. We're talking about $50,000 here, $70,000 there. Like, those numbers are material against our total dollars that are being delivered.

是的。我認為，正如我們過去所討論的那樣，這種組合將每個季度發生變化。營業收入的微小變動並不會對我們的利潤率造成太大的影響。我們在這裡談論的是 5 萬美元，那裡談論的是 7 萬美元。就像，這些數字對於我們交付的總金額來說很重要。

So I think our belief is that we've moved into this world where 30% and above is where we should be all the time. I don't have specific expectations quarter by quarter based on the fluctuations but it's not out of the question to stay at the low- to mid-30% levels where we've been performing.

所以我認為我們的信念是，我們已經進入了這樣一個世界，我們應該一直保持 30% 及以上的水平。根據波動情況，我沒有對每個季度的具體預期，但保持在我們目前的 30% 左右的低位水平並非不可能。

Look, we're happy to be at 34%, obviously. You see not just the mix but also the leverage really kicking in. It's not out of the question to do that again. But I think from a specific commitment perspective, it's tough to nail exactly what that number will be. It's short of saying we certainly expect it to be north of 30%.

瞧，顯然我們很高興能達到 34%。您不僅會看到混合效應，還會看到槓桿效應真正發揮作用。再次這樣做並非不可能。但我認為從具體承諾的角度來看，很難確定這個數字到底是多少。簡而言之，我們預計該比例肯定會超過 30%。

Very helpful. And then, shifting over to the strong bookings, can you characterize the composition between Traditional Wireless business versus the newer end markets where you're seeing strength like Aerospace, Transportation, and Data Center?

非常有幫助。然後，轉向強勁的預訂量，您能否描述一下傳統無線業務與較新的終端市場之間的組成，在這些市場中，您看到航空航太、運輸和資料中心等業務表現強勁？

Yeah. I think we're seeing a contribution from all of them. The helpful part is, in the past, we've had some, if we go back six or seven years, big quarters and some big wins. When you dug into our [queue], you'd see some concentration within that.

是的。我認為我們看到了他們所有人的貢獻。有幫助的是，在過去，如果我們回顧六、七年，我們曾經有過一些大的季度和一些大的勝利。當你深入研究我們的[隊列]時，你會看到其中的一些集中。

I think we're seeing a different scenario play out, right now. It's coming from several different areas, several different product lines; not just within one market but within individual customers. We're selling multiple of these newer, higher-value product lines as well.

我認為我們現在看到的是不同的場景。它來自幾個不同的領域、幾條不同的產品線；不僅在一個市場內，而且在單一客戶內。我們也正在銷售多種更新、更高價值的產品系列。

So I think the diversity is probably the biggest story around that. That's also helpful quarter to quarter because one quarter, a certain customer might be our largest; and in the next quarter, there may be a different customer.

所以我認為多樣性可能是最大的問題。這對每個季度來說也是有幫助的，因為在一個季度，某個客戶可能是我們最大的客戶；而在下個季度，可能會有不同的客戶。

That's a world that, for a growing company, you want to be. You want that spread out. It's a who's who of who you'd like to have for customers. For a company our size -- and we talk about this often, internally -- we don't do a lot of disclosing who all of these customers are. It's short of saying things like the Tier 1 wireless carrier ecosystem or a large well-known aerospace company. For us, those are marquee names that we're putting up.

對於一家成長中的公司來說，這就是你想要的世界。您希望它傳播開來。這是一份您希望擁有的客戶名單。對於我們這種規模的公司來說——我們經常在內部談論這個問題——我們不會透露所有這些客戶是誰。它缺少諸如一級無線運營商生態系統或大型知名航空航天公司之類的說法。對我們來說，這些都是我們所推崇的知名品牌。

And so I think that's the helpful part -- is our core business, in the background, is crank and doing its thing; helpful, grinding out the book-and-ship business and doing a great job on the wire harnesses and other custom cabling to the good industrial OEM customers we've had a long time.

所以我認為這是有幫助的部分——我們的核心業務在幕後運作，發揮作用；有幫助，磨練書籍和運輸業務，並為我們長期以來的優質工業 OEM 客戶在線束和其他定制電纜方面做得很好。

These newer growth markets for us, our growth product lines, are coming from a diverse set of customers, on top of that. That really is, I think, the bigger story, overall.

對我們來說，這些較新的成長市場、我們的成長產品線都來自多元化的客戶群。我認為，總的來說，這確實是一個更大的故事。

Right. Yeah. I agree. You mentioned being well positioned for the Olympics and World Cup build-outs. You also mentioned the 100-plus venue pipeline. Are we talking calendar Q1 2026 for meaningful bookings? Or could we see acceleration even sooner than that?

正確的。是的。我同意。您提到了為奧運和世界盃做好充分準備。您還提到了 100 多個場館的管道。我們談論的是 2026 年第一季的有意義的預訂嗎？或者我們能更早看到加速嗎？

Yes. When we talk about the pipeline, overall, the great thing about the pipeline and whether it's Venues or other of the newer project-based product lines, they're long term. The sales cycle can be lengthy, which is fine. It starts to compound itself, though, quarter to quarter. So we're expecting contribution from those deployments and solutions, certainly, into fiscal '26.

是的。當我們談論管道時，總的來說，管道的優點在於，無論是場地還是其他較新的基於項目的產品線，它們都是長期的。銷售週期可能很長，沒關係。然而，隨著季度的推移，這一趨勢開始加劇。因此，我們預計這些部署和解決方案肯定會為 26 財年帶來貢獻。

In some cases, those are going to be multiyear deployments. If you think about a brand-new stadium, for example, being built for an NFL market or being built for something like the World Cup, when they build those, the last thing really to go in -- once the infrastructure of the actual building itself is put in place, then they start throwing in the wires again and the antennas and the overall communications piece.

在某些情況下，這些部署將是多年的。例如，如果你想想一個全新的體育場，它是為 NFL 市場或世界盃等賽事而建造的，當他們建造這些體育場時，最後要做的就是——一旦實際建築物本身的基礎設施到位，他們就會開始再次安裝電線、天線和整體通訊設備。

So it can be certainly over several quarters for us. But we think that that pipeline that we're talking about is continuing to grow. We feel like that's a long-term indicator of whether it happens in one quarter or six quarters, we always need to have that pipeline being added to and growing.

因此，對我們來說，這肯定需要幾個季度的時間。但我們認為，我們所談論的管道正在繼續增長。我們認為這是一個長期指標，無論它是在一個季度還是六個季度內發生，我們總是需要增加和發展這個管道。

Awesome. Last question for me. You hit 8% EBITDA margin this quarter, with revenue just under $20 million. Can you walk us through the bridge to your 10% target? Is it mainly just from a higher sales base? Or are there more operational improvements in the works?

驚人的。我的最後一個問題。本季您的 EBITDA 利潤率達到 8%，營收略低於 2,000 萬美元。能向我們介紹如何達成 10% 的目標嗎？這主要只是因為更高的銷售基礎嗎？或正在實施更多的營運改善措施？

Yeah. We're always doing operational improvements. One of the things you heard Ray said is we're constantly working on what's next there and getting better and smarter about how we do things. There's always opportunity there to streamline the operations overall to get more profitable there.

是的。我們一直在進行營運改善。您聽到雷說過的一件事是，我們一直在為下一步的發展而努力，並使我們做事的方式變得更好、更聰明。總是有機會簡化整體營運以獲取更多利潤。

Certainly, a higher sales number, as we just showed a number just short of $20 million, on its own, can produce some pretty significant upside results for us.

當然，更高的銷售額（正如我們剛剛展示的略低於 2000 萬美元的銷售額）本身就可以為我們帶來相當顯著的上行收益。

So we think it's probably a mix of those two things. We're obviously pushing to have higher sales numbers all the time. That's an obvious statement.

所以我們認為這可能是這兩件事的混合。顯然，我們一直在努力實現更高的銷售數字。這是一個顯而易見的陳述。

But also, at the same time, we do believe there's some more efficiencies that we can continue to find. The better that we do with that product mix of driving these larger project-based long-term customer relationships will help both those things.

但同時，我們也確實相信自己可以繼續發現更多效率。我們更好地利用產品組合來推動這些更大的基於專案的長期客戶關係，將有助於實現這兩點。

The more you can predict what you're going to ship out in a quarter or two, it makes it way easier to manage that supply chain, which is one of those examples of the operating leverage that we have.

你越能預測一兩個季度內要出貨的產品，就越容易管理供應鏈，這是我們擁有的經營槓桿的一個例子。

Got it. Thanks for taking my questions. Have a great quarter.

知道了。感謝您回答我的問題。祝您本季一切順利。

(Operator Instructions)

（操作員指示）

Okay. We have no further questions in the queue. This completes the question-and-answer session of the call.

好的。我們沒有其他問題了。本次電話問答環節到此結束。

I'd like to turn the floor back to Rob Dawson for any closing remarks.

我想把發言權交還給 Rob Dawson，請他做最後發言。

Great. Thank you, John. Appreciate it. Thanks to all of you for joining us today. Thanks for your support.

偉大的。謝謝你，約翰。非常感謝。感謝大家今天的參與。感謝您的支持。

As always, on our next conference call, we look forward to sharing our full fiscal year results and the initiatives for fiscal 2026.

像往常一樣，在下次電話會議上，我們期待分享我們整個財年的業績和 2026 財年的計劃。

Thanks, everybody, for your time. Have a good day.

謝謝大家抽出時間。祝你有美好的一天。

This concludes today's conference. You may disconnect your lines at this time. Thank you for your participation.

今天的會議到此結束。現在您可以斷開線路。感謝您的參與。