RF Industries Ltd (RFIL) 2025 Q4 法說會逐字稿

Greetings. Welcome to the RF Industries fourth quarter fiscal 2025 financial results conference call. (Operator Instructions) Please note, this conference is being recorded.

問候。歡迎參加 RF Industries 2025 財年第四季財務業績電話會議。（操作員說明）請注意，本次會議正在錄音。

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

現在我將把會議交給主持人，投資者關係部門的唐尼·凱斯。你可以開始了。

Well, thank you, John. And good afternoon, everyone, and welcome to RF Industries' fiscal fourth quarter and year-End 2025 earnings conference call. With me today are RFI's Chief Executive Officer, Rob Dawson; President and COO, Ray Bibisi; and CFO, Peter Yin. We issued our press release after market today, and that release is available on our website at rfindustries.com.

謝謝你，約翰。各位下午好，歡迎參加 RF Industries 2025 財年第四季及全年業績電話會議。今天陪同我出席的有 RFI 的執行長 Rob Dawson；總裁兼營運長 Ray Bibisi；以及財務長 Peter Yin。我們今天收盤後發布了新聞稿，該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 the call today may constitute forward-looking statements under the Securities Exchange laws. 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.

我想提醒大家，在今天的電話會議中，管理階層將發表一些涉及風險和不確定性的前瞻性聲明。請注意，今天電話會議中的資訊可能構成證券交易法意義上的前瞻性陳述。使用時，「預期」、「相信」、「期望」、「打算」、「未來」等字眼以及其他類似表達方式，都屬於前瞻性陳述。這些前瞻性陳述反映了管理層目前對未來事件和財務表現的看法，並存在風險和不確定性。

Actual results may differ materially from the outcomes contained in any forward-looking statements. 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.

實際結果可能與任何前瞻性聲明中包含的結果有重大差異。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 表格和 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，在本次電話會議中，我們將討論一些非GAAP財務指標。今天的收益報告和相關的 8-K 表格當前報告描述了我們 GAAP 和非 GAAP 報告之間的差異。

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

接下來，我將把電話會議交給執行長羅布·道森。請繼續，羅布。

Thank you, Donnie, and welcome, everyone, to our fourth quarter and fiscal year-end 2025 conference call. I'll start with our fourth-quarter highlights and observations of what our team achieved in fiscal '25. Ray will then provide a progress update on our go-to-market strategy, and Peter will cover our financial results before opening the call to your questions.

謝謝唐尼，歡迎各位參加我們2025財年第四季及財年結束電話會議。首先，我將介紹我們團隊在 2025 財年第四季的亮點和成就。接下來，Ray 將介紹我們市場推廣策略的最新進展，Peter 將介紹我們的財務業績，然後開放問答環節。

In the fourth quarter, our team kept building on the momentum we delivered throughout the year. Net sales grew 23% year over year to $22.7 million. Over the past several quarters, I highlighted how our strategic transformation was driving profitable growth. And the operating leverage from executing our plan really showed in Q4. Gross profit margin of 37% exceeded our 30% target. And adjusted EBITDA was 11.5% of net sales, above our stated goal of 10%.

第四季度，我們的團隊延續了全年取得的良好勢頭。淨銷售額年增 23%，達到 2,270 萬美元。在過去的幾個季度裡，我重點介紹了我們的策略轉型如何推動獲利成長。執行我們計劃帶來的營運槓桿效應在第四季度得到了充分體現。毛利率為 37%，超過了我們 30% 的目標。調整後的 EBITDA 佔淨銷售額的 11.5%，高於我們設定的 10% 的目標。

We controlled our fixed costs while driving strong sales growth, and that execution delivered a significant increase in profitability. As I mentioned, our results steadily accelerated throughout the year. And for the full fiscal year, net sales were $80.6 million, an increase of 24% compared to fiscal 2024. Gross profit margin for the year was 33% compared to 29% in the prior year. And we delivered adjusted EBITDA of $6.1 million, a huge increase compared to $838,000 in adjusted EBITDA in fiscal 2024.

我們在控制固定成本的同時，實現了強勁的銷售成長，而這項執行措施帶來了獲利能力的顯著提高。正如我之前提到的，我們的業績在一年中穩步提升。整個財年淨銷售額為 8,060 萬美元，比 2024 財年成長了 24%。本年度毛利率為 33%，而上年度為 29%。我們實現了調整後 EBITDA 610 萬美元，與 2024 財年調整後 EBITDA 83.8 萬美元相比，實現了巨大增長。

From both the top line and bottom-line perspective, fiscal '25 felt like a breakout year for RFI. And going forward, our goal is to prove what our operating model is capable of producing. While the general overall environment continues to have its share of uncertainties and increased costs, our team will continue to execute our long-term strategic plan to further transform RFI from a product seller to a technology solutions provider.

從營收和利潤的角度來看，2025 財年對 RFI 來說都是突破性的一年。展望未來，我們的目標是證明我們的營運模式能夠達到怎樣的成果。儘管整體環境仍然存在許多不確定因素和成本增加，但我們的團隊將繼續執行我們的長期策略計劃，進一步將 R​​FI 從產品銷售商轉型為技術解決方案提供者。

In fiscal '26, we remain intensely focused on diversifying end markets, driving further customer and market penetration, and launching new products and solutions that we believe will help deliver another year of strong sales growth and profitability.

在 2026 財年，我們將繼續高度專注於終端市場多元化、進一步拓展客戶和市場滲透率，並推出我們相信將有助於實現又一個強勁銷售增長和盈利能力的新產品和解決方案。

Now I'd like to walk you through how some key initiatives contributed to a successful fiscal '25 and how they set up RFI for future growth and profitability. The baseline story is the difference between being a solutions provider with technologically advanced products and systems versus our historical position as a downstream component supplier. Being a solutions provider, coupled with RFI's reputation and product approvals from key customers, has opened many new channels for growth and has resulted in considerable diversification of both customers and end markets. Ray will go into more detail on trends we're seeing in key end markets, including aerospace, stadiums and venues, and transportation.

現在我想帶大家了解一些關鍵舉措是如何促成 2025 財年的成功，以及它們是如何為 RFI 的未來成長和獲利能力奠定基礎的。最根本的問題是，我們作為一家擁有技術先進的產品和系統的解決方案提供商，與我們過去作為下游零件供應商的地位之間的區別。作為解決方案提供商，加上 RFI 的聲譽和主要客戶的產品認可，為公司開闢了許多新的成長管道，並實現了客戶和終端市場的顯著多元化。Ray 將更詳細地介紹我們在主要終端市場（包括航空航太、體育場館和交通運輸）中看到的趨勢。

What I want to point out is that diversification not only expands opportunity but also mitigates the risk of customer concentration. In the past, there were times when a single customer accounted for a large part of our growth during the fiscal year. While this was good for our top line and is not abnormal in a growth story, we also recognized it could be seen as a vulnerability. Since then, our team has been heavily focused on widening our horizons by innovating our product applications into new end markets and engaging new customers to drive diversification. Now our results are healthier with diversity by product, customer, and market.

我想指出的是，多元化不僅能擴大機會，也能降低客戶集中度高的風險。過去，有時單一客戶就能為我們帶來一個財年的大部分成長。雖然這對我們的營收有好處，而且在成長型企業中並不罕見，但我們也意​​識到這可能被視為一個弱點。從那時起，我們的團隊就致力於透過創新產品應用到新的終端市場並吸引新客戶來拓寬視野，從而推動多元化發展。現在，透過產品、客戶和市場的多元化，我們的業績更加健康。

Three key initiatives are helping our story evolve. First is deepening our relationships with existing customers. We want to partner more closely with our customers, which allow us to add more value and likely gain a larger share of their annual spend. With our high-value proprietary offerings, we can provide tremendous performance and cost benefits to our customers.

三大關鍵舉措正在推動我們的故事發展。首先是加深與現有客戶的關係。我們希望與客戶建立更緊密的合作關係，從而創造更多價值，並有可能獲得他們年度支出中更大的份額。憑藉我們高價值的專有產品，我們可以為客戶帶來巨大的性能和成本效益。

We've become very adept at partnering with our customers to identify a need and then using a key solution as the tip of the spear to elevate our relationship. Once we began working more collaboratively with the key technical and market resources within our customers on solving their pain points, we saw more opportunities to cross-sell and expand the value proposition of our relationships.

我們已經非常擅長與客戶合作，確定他們的需求，然後利用關鍵解決方案作為先鋒來提升我們之間的關係。當我們開始與客戶的關鍵技術和市場資源進行更密切的合作，共同解決他們的痛點時，我們發現了更多交叉銷售的機會，並擴大了我們合作關係的價值主張。

Second, leveraging our successes in markets where we have a long history helps us identify needs for similar applications in other new end markets. Once we've proven our value to keep current customers, our team has become skilled at aligning with new customers and partners to penetrate new market segments. We believe over time that these new markets and customers will build into healthy contributors to our sustainable growth and profitability.

其次，利用我們在擁有悠久歷史的市場中取得的成功，可以幫助我們識別其他新興終端市場中類似應用的需求。一旦我們證明了自身的價值，能夠留住現有客戶，我們的團隊就能夠熟練地與新客戶和合作夥伴建立聯繫，從而開拓新的市場領域。我們相信，隨著時間的推移，這些新市場和客戶將成為我們可持續成長和獲利能力的健康貢獻者。

Finally, we're expanding the value proposition we offer to our channel partners. A solid portion of our revenue comes from partners in our distribution channel, and we continue to foster very close relationships with these key companies. As our portfolio of high-value innovative products and solutions grows, our partners' product offerings to their customers are further enhanced. This has resulted in steady recurring sales for RFI.

最後，我們將擴大我們為通路合作夥伴提供的價值主張。我們相當一部分收入來自分銷管道的合作夥伴，我們將繼續與這些重要公司保持非常緊密的合作關係。隨著我們高價值創新產品和解決方案組合的成長，我們的合作夥伴向其客戶提供的產品也得到了進一步增強。這為RFI帶來了穩定的經常性銷售。

Also, our distribution partners help open the doors to customers we're targeting, just about every key contractor and integrator buys from distributors, and we appreciate being well aligned with each of those groups.

此外，我們的經銷合作夥伴幫助我們打開了通往目標客戶的大門，幾乎所有重要的承包商和整合商都從分銷商購買產品，我們很感激能與這些群體保持良好的合作關係。

In addition to our key distributors, we also made a strategic decision to partner with certain manufacturers that act as a channel to take us to new customers and markets. As I mentioned on last quarter's call, a major manufacturer of electronic cabinets and enclosures identified our thermal cooling systems as a solution for edge data center installations. And we're starting to see some real traction in these applications.

除了我們的主要經銷商之外，我們還做出了一項策略決策，與一些製造商建立合作關係，這些製造商可以作為管道，幫助我們接觸新的客戶和市場。正如我在上個季度電話會議上提到的，一家主要的電子機櫃和外殼製造商認為我們的散熱系統是邊緣資料中心安裝的解決方案。我們已經開始看到這些應用取得了一些真正的進展。

Both of our organizations believe our combined solution addresses the critical role that cooling systems play in the performance and reliability of edge equipment. While still in its early stage, this collaboration can result in a significant new opportunity for us. It's a great example of where a customer sees a problem and comes to RFI for a solution. We look forward to sharing more about these stories in coming quarters.

我們兩家機構都認為，我們的聯合解決方案能夠解決冷卻系統在邊緣設備的性能和可靠性方面所發揮的關鍵作用。雖然這項合作仍處於早期階段，但它可能會為我們帶來一個重要的全新機會。這是客戶發現問題後尋求 RFI 解決方案的絕佳範例。我們期待在接下來的幾季與大家分享更多關於這些故事的內容。

These go-to-market initiatives, along with our continued focus on constant improvement in operational excellence, provided great results in 2025. And we have solid momentum as we enter fiscal year '26. While we expect some of the normal seasonality in Q1, we also expect to accelerate throughout the year in a similar trajectory to fiscal '25. And with what we know today, we anticipate another year of sales growth.

這些市場推廣舉措，加上我們持續專注於不斷提高營運效率，在 2025 年取得了顯著成果。進入 2026 財年，我們擁有強勁的發展動能。雖然我們預計第一季會出現一些正常的季節性波動，但我們也預計全年增速將加快，與 2025 財年的發展軌跡類似。根據我們目前掌握的信息，我們預計今年的銷售額將繼續成長。

As I've noted before, we look at our business opportunity over the long term because results can flex from quarter to quarter depending on when orders are shipped out the door and a small movement of a shipment even by a day or two could have a large impact on a single quarter. Our leading indicator is having a strong and diversified pipeline to help fuel top-line growth, which in turn can deliver profitability from our operating leverage.

正如我之前提到的，我們從長遠角度看待我們的業務機會，因為業績會因訂單發貨時間的不同而逐季度波動，即使發貨時間僅相差一兩天，也可能對單個季度的業績產生重大影響。我們的主要指標是擁有強大且多元化的產品線，以幫助推動營收成長，進而透過我們的營運槓桿實現獲利。

Most important, we have a great team that's firing on all cylinders. Their enthusiasm and commitment to maximizing the opportunities ahead is driving RFI forward to our full potential.

最重要的是，我們擁有一支狀態極佳、火力全開的優秀團隊。他們充滿熱情，並致力於最大限度地把握未來的機遇，這正推動 RFI 發揮全部潛力。

Now I'll turn the call over to Ray for more detail on the tremendous progress our team has made in executing on our strategic plan.

現在我將把電話交給雷，讓他詳細介紹我們團隊在執行策略計畫方面取得的巨大進展。

Thank you, Rob, and good afternoon, everyone.

謝謝你，羅布，大家下午好。

Across our business, Q4 reinforces the progress we've made throughout the fiscal 2025. What stands out most is not just where we're seeing growth but the consistency and discipline behind our execution. Across our targeted end markets, demand remains supported by long-term infrastructure and connectivity investments. In large infrastructure markets, including stadiums, venues, and transportation, activity remained strong throughout the year. We supported more than 130 projects across these categories, delivering a meaningful contribution to revenue compared to prior years.

從我們整個業務來看，第四季度鞏固了我們在 2025 財年的進展。最突出的不僅是我們看到成長的領域，還有我們執行背後的一致性和紀律。在我們目標終端市場中，長期基礎設施和連接性投資持續支撐著需求。在包括體育場館、場館和交通運輸在內的大型基礎設施市場，全年活動依然強勁。我們支持了這些類別中的 130 多個項目，與往年相比，為收入做出了有意義的貢獻。

More importantly, this work strengthen our credibility and visibility, positioning us for future multi-year opportunities, including major global events such as the LA Olympics and the US World Cup, as well as continued airport modernization programs. Our pipeline continues to provide strong visibility across a wide range of infrastructure-related opportunities, reinforcing our confidence in demand stability.

更重要的是，這項工作增強了我們的信譽和知名度，使我們有機會參與未來的多年期項目，包括洛杉磯奧運會和美國世界盃等重大全球賽事，以及持續的機場現代化項目。我們的專案儲備持續為各種基礎設施相關機會提供了強勁的可見性，增強了我們對需求穩定性的信心。

The aerospace and defense market also remained solid. Performance here continues to be driven by close collaboration between engineering, operations, and customers to deliver solutions that meet stringent performance, quality, and compliance requirements.

航空航太和國防市場也保持穩健。在此，工程、營運和客戶之間的密切合作不斷推動著業績成長，以提供滿足嚴格的性能、品質和合規性要求的解決方案。

In telecommunications and broadband investment remains focused on densification, coverage expansion, and network reliability. Our small cell, direct air cooling, and RF passive solutions continue to see consistent traction across both OEM and carrier-driven programs. Across all these markets, our distribution channels continue to perform well, delivering consistent contributions based on improved product availability, strong partner engagement, and more disciplined commercial cadence.

在電信和寬頻領域，投資仍集中在網路密度、覆蓋範圍擴大和網路可靠性方面。我們的小型基地台、直接空氣冷卻和射頻被動解決方案在 OEM 和營運商驅動的專案中持續獲得廣泛認可。在所有這些市場中，我們的分銷管道繼續表現良好，憑藉不斷改善的產品供應、強大的合作夥伴參與和更嚴謹的商業節奏，持續做出貢獻。

From an operational standpoint, Q4 reflected continued progress towards more predictable execution and tighter operational controls across inventory, cost, and delivery. Inventory actions were focused on aligning supply chain with demand while managing tariffs and supply chain uncertainty. And our cost reduction initiatives continue to deliver tangible benefits.

從營運角度來看，第四季度反映了在庫存、成本和交付方面，在執行可預測性和營運控制方面取得的持續進展。庫存管理措施的重點是使供應鏈與需求保持一致，同時應對關稅和供應鏈的不確定性。我們的成本削減措施持續帶來實際效益。

Process and IT improvements are strengthening the forecast accuracy, visibility, and scalability across the organization. From an engineering perspective, our focus continues to be innovation aligned with market demand. A more disciplined state gauge process and cross-functional prioritization are improving on how we allocate resources to the highest value opportunities.

流程和 IT 的改進正在增強整個組織的預測準確性、可見性和可擴展性。從工程角度來看，我們的重點仍是與市場需求相符的創新。更規範的狀態評估流程和跨職能的優先順序正在改善我們向最有價值的機會分配資源的方式。

Customers are increasingly engaging with us early in their design cycles, reflecting our evolution from a component supplier to a problem-solving partner. As Rob noted, RF Industries looks very different today than it did a few years ago. That change reflects clearer accountability, stronger cross-functional alignment, and a more disciplined operating rhythm.

客戶越來越多地在設計週期的早期階段就與我們合作，這反映出我們從零件供應商轉向問題解決夥伴的轉變。正如羅布所指出的，如今的 RF Industries 與幾年前相比已經大不相同了。這項變更反映了更清晰的問責制、更強的跨職能協調以及更嚴謹的營運節奏。

Priorities are to build on this foundation: executing reliable, advancing our product roadmap, strengthening leadership, and improving predictability across the business. There are plenty of external variables we continue to manage, but our strong pipeline, disciplined operations, and aligned teams position us well moving forward. What gives me confidence today is the progress we've made in building a more predictable and scalable business with stronger execution, better visibility, and clear accountability. RF Industries is well positioned to carry momentum into 2026 and continue creating value for our customers and shareholders.

首要任務是在此基礎上繼續發展：執行可靠的業務，推進產品路線圖，加強領導力，提高整個業務的可預測性。我們仍在應對許多外部變量，但我們強大的產品線、嚴謹的營運和團結的團隊使我們在未來的發展中處於有利地位。今天讓我充滿信心的是，我們在建立一個更具可預測性和可擴展性的業務方面取得了進展，實現了更強大的執行力、更高的透明度和更清晰的問責制。RF Industries 已做好充分準備，將發展勢頭延續到 2026 年，並繼續為我們的客戶和股東創造價值。

Now I will turn the call over to Peter.

現在我將把電話交給彼得。

Thank you, Ray, and good afternoon, everyone. As Rob mentioned, we're pleased with our fourth quarter and full-year results. Starting with our fourth quarter.

謝謝你，雷，大家下午好。正如羅布所說，我們對第四季和全年的業績感到滿意。從第四季開始。

Sales increased 23% to $22.7 million year over year and 15% on a sequential basis. Gross profit margin increased to 37% from 31% year over year. That is an improvement of approximately 600 basis points that was driven by both higher sales and a more favorable product mix.

銷售額年增 23% 至 2,270 萬美元，季增 15%。毛利率年從 31% 成長至 37%。這比去年同期提高了約 600 個基點，這主要得益於更高的銷售額和更有利的產品組合。

Fourth-quarter operating income was $903,000, a considerable improvement from the operating income of $96,000 we reported last year. Consolidated net income was $174,000, or $0.02 per diluted share; and our non-GAAP net income was $2.1 million, or $0.20 per diluted share, compared to a consolidated net loss of $238,000, or $0.02 per diluted share year over year; and non-GAAP net income of $394,000, or $0.04 per diluted share for Q4 2024. Fourth quarter adjusted EBITDA was $2.6 million, compared to adjusted EBITDA of $908,000 for Q4 2024.

第四季營業收入為 903,000 美元，比去年同期的 96,000 美元營業收入有了顯著提高。合併淨利為 174,000 美元，即每股攤薄收益 0.02 美元；非 GAAP 淨利潤為 210 萬美元，即每股攤薄收益 0.20 美元，而去年同期合併淨虧損為 238,000 美元，即每股攤薄虧損 0.02 美元；2024 年第四季第四季度非0.04 美元。第四季調整後 EBITDA 為 260 萬美元，而 2024 年第四季調整後 EBITDA 為 90.8 萬美元。

Turning to fiscal year 2025 results. Full-year revenue increased 24% to $80.6 million year over year. This included finishing the year strong with shipments from our custom cabling offering to a leading aerospace company. Full-year gross profit margin increased to 33% from 29% year over year. That is an improvement of approximately 400 basis points, which was primarily driven by both higher sales and a more favorable product mix.

接下來展望2025財年業績。全年營收年增24%，達8,060萬美元。這其中包括我們為一家領先的航空航太公司提供的客製化電纜產品在年底實現了強勁的出貨量。全年毛利率年增，從上年的29%增至33%。這相當於提高了約 400 個基點，主要得益於更高的銷售額和更有利的產品組合。

Full-year operating income was $1.8 million, a significant improvement from an operating loss of $2.8 million in fiscal 2024. Full year consolidated net income was $75,000, or $0.01 per diluted share. And our non-GAAP net income was $4.4 million, or $0.40 per diluted share, compared to a consolidated net loss of $6.6 million, or $0.63 per diluted share year over year and a non-GAAP net loss of $990,000, or $0.09 per diluted share for fiscal 2024.

全年營業收入為 180 萬美元，較 2024 財年的 280 萬美元營業虧損有了顯著改善。全年合併淨利為 75,000 美元，即每股攤薄收益 0.01 美元。我們的非GAAP淨收入為440萬美元，即每股攤薄收益0.40美元，而上年同期合併淨虧損為660萬美元，即每股攤薄虧損0.63美元，2024財年非GAAP淨虧損為99萬美元，即每股攤薄虧損0.09美元。

Full year adjusted EBITDA was $6.1 million, a substantial improvement compared to adjusted EBITDA of $838,000 in fiscal 2024.

全年調整後 EBITDA 為 610 萬美元，與 2024 財年調整後 EBITDA 83.8 萬美元相比，有了顯著改善。

Moving to the balance sheet. Our working capital and overall liquidity remain very strong. Our improved results allowed us to reduce our net debt by $4.6 million compared to last year. As of October 31, 2025, we had a total of $5.1 million of cash and cash equivalents, and we had working capital of $14.1 million and a current ratio of approximately 1.7:1, with current assets of $35 million and current liabilities of $20.9 million.

接下來查看資產負債表。我們的營運資金和整體流動性依然非常強勁。業績的改善使我們的淨債務比去年減少了460萬美元。截至 2025 年 10 月 31 日，我們共有現金及現金等價物 510 萬美元，營運資金 1,410 萬美元，流動比率約 1.7:1，流動資產 3,500 萬美元，流動負債 2,090 萬美元。

As we discussed on the last call, we have been exploring ways to reduce our overall cost of capital. As a result of our significantly stronger financial results and outlook, I'm pleased that we were able to negotiate more favorable terms and flexibility for our revolving credit facility, reducing the minimum outstanding loan balance, interest rates, and reporting requirements. As of October 31, 2025, we had borrowed $7.8 million from our revolving credit facility.

正如我們在上一次電話會議上討論的那樣，我們一直在探索降低整體資本成本的方法。由於我們的財務表現和前景顯著改善，我很高興我們能夠就循環信貸額度協商出更有利的條款和靈活性，從而降低最低未償貸款餘額、利率和報告要求。截至 2025 年 10 月 31 日，我們已從循環信貸額度中藉款 780 萬美元。

Our inventory was $13.7 million, down from $14.7 million last year. The decrease in inventory reflected further operational excellence. We continue to manage our inventory levels with discipline, balancing our ability to meet strong customer demand while optimizing supply chain operations to maximize efficiency.

我們的庫存為 1370 萬美元，低於去年的 1470 萬美元。庫存下降反映了營運效率的進一步提升。我們繼續嚴格管理庫存水平，在滿足強勁客戶需求的同時，優化供應鏈運營，以最大限度地提高效率。

Moving to our backlog. As of October 31, our backlog stood at $15.5 million on bookings of $18.5 million. As of today, our backlog currently stands at $12.4 million. Our backlog is a snapshot in time and can vary based on the based on when orders are received and when orders are fulfilled. While we view backlog as a general gauge of health, it can swing significantly at times, making it a less predictable indication of our near-term sales.

移至待辦事項清單。截至 10 月 31 日，我們的積壓訂單金額為 1,550 萬美元，預訂金額為 1,850 萬美元。截至今日，我們的積壓訂單金額為 1,240 萬美元。我們的積壓訂單數量反映的是某一時刻的情況，會根據訂單接收時間和訂單履行時間而有所變化。雖然我們將積壓訂單視為衡量公司整體健康狀況的指標，但它有時會大幅波動，因此不太能預測我們近期的銷售額。

We are incredibly proud of the breakout year that we achieved in 2025 while understanding there is still work ahead of us as we see room for further improvement. We enter fiscal 2026 with strong momentum, and we are optimistic about the future and our ability to drive improved profitability as we continue to grow.

我們對 2025 年的突破性成就感到無比自豪，同時也意識到我們還有很多工作要做，因為我們看到了進一步改進的空間。我們帶著強勁的發展勢頭進入 2026 財年，我們對未來充滿信心，並相信隨著我們持續成長，我們將能夠提高獲利能力。

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

接下來，我將開放提問環節。

(Operator Instructions) Josh Nichols, B. Riley.

（操作說明）Josh Nichols，B. Riley。

Hi. This is Matthew on for Josh. Thanks for taking my questions, It's a great quarter. Yeah, I guess to start off, I mean, fiscal '25 came in above our expectations. You had strong momentum exiting the year.

你好。這是馬修替喬許發言。感謝您回答我的問題，這一季過得很棒。是的，我想首先要說的是，2025 財年的業績超出了我們的預期。你們在年底前勢頭強勁。

I'm just wondering how we should think about the growth trajectory for fiscal '26, especially now that rolls through the first quarter of your fiscal '26. So I'm just wondering how things are tracking.

我只是想知道我們應該如何看待 2026 財年的成長軌跡，特別是現在 2026 財年的第一季已經開始了。所以我想知道事情進展如何。

Yeah, appreciate that. Thanks for the question and the comment. So I think as I said in my commentary, our expectation for is another year of growth. I think the trajectory of how we get there is going to look similar to what it was in '25.

嗯，謝謝。感謝您的提問與評論。所以我認為，正如我在評論中所說，我們預期未來一年將繼續保持成長。我認為我們實現目標的軌跡將與 2025 年的情況類似。

The joy of having a first quarter that includes November, December, and January means you're always going to have tonality almost regardless of what industries you're selling into.

第一季包含 11 月、12 月和 1 月，這意味著無論你面向哪個行業銷售，你幾乎總是能保持一定的基調。

So we expect our first quarter probably to be our platform to start from as our lowest quarter of the year. Again, and if you look at what we did in 2025, you can see how quickly that accelerates and how the profitability really ratchets up. So while we're not giving specific guidance, I think if you look at our normal -- sort of our normal quarter-over-quarter growth that we see in a given year, we expect something similar in '26.

因此，我們預期第一季可能是我們全年業績最低的季度，也是我們業績開始的階段。再看看我們在 2025 年所做的事情，你會發現這種成長速度有多快，獲利能力又是如何真正地迅速提升的。所以，雖然我們沒有給出具體的指導意見，但我認為，如果你看看我們通常的——或者說，我們在特定年份看到的正常季度環比增長，我們預計 2026 年的情況也類似。

Got it. And yeah, I mean, fiscal -- I mean, this fiscal fourth quarter was really strong, and you had gross margins that expanded to 37%. So I'm just wondering, like, can you break down how much of that was mix versus operating leverage or pricing?

知道了。是的，我的意思是，就財政方面而言——我的意思是，本財年第四季業績非常強勁，毛利率增長至 37%。所以我想知道，你能具體分析一下其中有多少是產品組合因素造成的，又有多少是經營槓桿或定價因素造成的嗎？

Yeah. I think it's really a nice combination of product and solution mix, which we're starting to see a solid impact and contribution from some of the higher-margin product lines that we sell. But I can't really understate the strength of a sales number that starts to get up above $20 million a quarter.

是的。我認為這是一個非常好的產品和解決方案組合，我們已經開始看到一些高利潤產品線的實際影響和貢獻。但銷售額超過每季 2,000 萬美元，其意義之重大，我實在無法低估。

I mean that's -- we really saw it in Q4, and that's not something that we've been able to even model perfectly and say, hey, what's this going to look like if our mix does what we think it's going to do and sales go above a certain level.? Once we fully absorb our fixed overhead and our labor, we started to grow a lot of cash to the bottom line. And so I think that was as much the story in Q4 as anything else was.

我的意思是——我們在第四季度確實看到了這一點，但我們甚至無法完美地模擬這種情況，也無法說，如果我們的產品組合按照我們預期的那樣發展，銷售額超過某個水平，那會是什麼樣子？一旦我們完全消化了固定成本和勞動成本，我們的利潤就開始大幅成長。所以我覺得，這大概就是第四季最重要的故事了。

Our sales came in a little higher than even what we expected. We had some orders that were requested to be moved in a little bit, which was great. So we benefited from that. But certainly, you can really see what happens when sales creep up above $19 million, $20 million, how much of that becomes a bottom-line impact.

我們的銷售額甚至比預期還要高一些。有些訂單要求稍微提前一點發貨，這真是太好了。所以我們從中受益了。但可以肯定的是，當銷售額超過 1,900 萬美元、2,000 萬美元時，你就能清楚地看到其中有多少會對利潤產生影響。

Yeah. Actually, expanding on that bottom-line impact. I mean, similarly, EBITDA margin was 11.5%, and that was above your 10% target. Is there sort of like a new target that you think you can hit? I mean, you're expected to grow this fiscal '26. So I'd only imagine that as you continue pushing past $20 million, it will continue to be above that 10% target on a strong quarter.

是的。實際上，進一步闡述這種最終影響。我的意思是，同樣地，EBITDA 利潤率為 11.5%，高於您 10% 的目標。你覺得有沒有可以達成的新目標？我的意思是，你們預計在 2026 財年會成長。因此，我估計隨著你們的收入繼續突破 2000 萬美元，在業績強勁的季度中，成長率將繼續高於 10% 的目標。

Yeah. I appreciate that. I think -- I mean, one, I want to celebrate how great the team was to get us there in Q4. We put a goal out there of getting to 10% -- EBITDA to 10% as a percentage of sales. We put that out not long ago and said, yeah, we see an opportunity to get there. We've got to really work hard to do it, both on the cost and operational excellence side, but also on the sales side.

是的。我很感激。我認為——我的意思是，首先，我想慶祝一下團隊在第四季的成就。我們設定了一個目標，即 EBITDA 佔銷售額的 10%。我們不久前就提出了這個觀點，並表示，是的，我們看到了實現目標的契機。我們必須付出巨大的努力才能做到這一點，不僅在成本控制和卓越營運方面，而且在銷售方面也是如此。

And everything kind of came together in Q4. I think the expectation for us is we got to find ways to keep it above that 10% number. That's not an easy feat. I mean, if sales are up, that's great. But we're also up against continued cost increases and other things that are being thrown at us.

第四季所有事情都迎刃而解了。我認為我們面臨的期望是，我們必須想辦法讓它保持在 10% 以上。那可不是件容易的事。我的意思是，如果銷量上升，當然很好。但我們也面臨持續的成本上漲以及其他各種挑戰。

So we're not putting out a specific different goal than what we already have. Our job is really to keep the profitability as high a level as we can.

所以，我們並沒有提出與現有目標不同的具體目標。我們的工作就是盡可能保持高獲利水準。

Again, looking at it over the long term, I mean, if you look at what we did in Q1 through Q4 in 2025, you saw that number. Adjusted EBITDA as a percentage of sales start to crank up each quarter even as sales didn't grow a ton until you really saw in Q4 with a higher sales number.

再說，從長遠來看，我的意思是，如果你看看我們在 2025 年第一季到第四季所做的事情，你就會看到這個數字。調整後 EBITDA 佔銷售額的百分比開始逐季攀升，即使銷售額直到第四季才真正大幅成長，而第四季的銷售額則大幅上升。

So I anticipate sort of a similar approach to 2026 and how that's going to go. I mean, the quarters are hard for us to dictate specifically based on customer demand and timing of shipments around projects specifically. But I think we just want to celebrate that we exceeded that 10% for a little while before we get into what are we going to do next.

所以我預期 2026 年的情況也會類似，發展方向也未可知。我的意思是，我們很難根據客戶需求和專案相關的出貨時間來具體確定季度數。但我認為，在討論下一步要做什麼之前，我們應該先慶祝我們超過了 10% 這個數字。

And last one from me. It'd be helpful if you could expand on those cost increases you mentioned. And how much of those increases do you think can be mitigated with the new products and solutions you're looking to launch this year?

最後，我再補充一句。如果您能詳細說明您提到的那些成本上漲情況，那就太好了。您認為今年計劃推出的新產品和解決方案可以緩解其中多少成長？

Yeah. So I think -- I mean, look, it's nominal increases. It's the things that everyone is up against. We do have a lot of people building products in the United States. We've got a healthy production team that's north of 200 folks building things in multiple locations. We're proud of that.

是的。所以我覺得——我的意思是，你看，這只是名義上的成長。這是每個人都面臨的挑戰。我們確實有很多員工在美國從事產品研發工作。我們擁有一支超過 200 人的強大生產團隊，在多個地點進行生產製造。我們為此感到自豪。

And because of that, we need to keep those folks' wages keeping up with the world (technical difficulty) our size, we provide what we believe are really strong healthcare and 401(k) matching and other things like that, that in a lot of cases, they're better than companies much larger than we are. So those are the things that we see increases on sort of annually.

正因如此，我們需要讓這些員工的薪資跟上世界發展的腳步（技術難題）。以我們這樣的規模，我們提供我們認為非常強大的醫療保健、401(k) 匹配計劃以及其他類似的福利，在許多情況下，這些福利甚至比比我們規模大得多的公司還要好。所以這些就是我們看到每年都在成長的項目。

And the team has done a good job of managing those. We go in eyes wide open every year, knowing that there's these annual renewals of certain things and we have to do our best to mitigate that where we can. Some of that can be done with pricing. But to your point, some of that can be overcome with just a slightly better sales number with a solid product and solution mix. And so, we attack an annual budget with that idea that we expect some increases, and we expect that we have to overcome them because that's what we're supposed to do.

團隊在管理這些方面做得很好。我們每年都會睜大眼睛，清楚知道有些事情每年都會更新，我們必須盡最大努力減輕這種情況的影響。部分原因可以透過定價來解決。但正如你所說，只要銷售業績稍有提升，產品和解決方案組合更加完善，其中一些問題就可以迎刃而解。因此，當我們在製定年度預算時，我們會考慮到可能會出現一些成長，並且我們必須克服這些成長，因為這是我們應該做的。

So it's a normal thing you would see and then throw in just the general global chaos of things can change with one quick text message or tweet at this point. And so, we have to always be on our toes and ready for changes to things like logistics costs and other product costs that might be unexpected at this point.

所以這是件很正常的事情，再加上如今全球局勢動盪，一則簡訊或一則推文就能改變一切。因此，我們必須時刻保持警惕，隨時準備應對物流成本和其他產品成本等方面的變化，這些變化在目前可能出乎意料。

And actually just a quick follow-up on that. Can you maybe give us, I guess, in terms of those new products and solutions, like maybe a couple that you think are going to be the most impactful this year.

實際上，我還要補充一點。能否請您介紹一下，就那些新產品和解決方案而言，您認為今年最有影響力的幾個？

Yeah. Look, we continue to feel really good about the integrated systems. Product line stack and small cell are both things we've talked about for a long time that were having minimal impact on our sales and have started to really contribute more.

是的。你看，我們對整合系統仍然感到非常滿意。產品線堆疊和小基地台都是我們長期以來一直在討論的話題，它們對我們的銷售影響甚微，但現在已經開始真正做出更大的貢獻。

We also still feel really good about our legacy product lines. I mean, our custom cabling business is strong and performing extremely well. In things like the defense market and other industrial and OEM kind of markets, we're seeing nice, steady growth there and some great customer wins that. In some cases, we're putting out news on when those things come in in the aerospace and defense market.

我們仍然對我們的傳統產品線感到非常滿意。我的意思是，我們的客製化佈線業務非常強勁，業績也非常好。在國防市場以及其他工業和OEM市場等領域，我們看到了良好的、穩定的成長，並且贏得了一些重要的客戶。在某些情況下，我們會發布有關航空航太和國防市場何時出現這些產品的新聞。

So I think those three areas are probably items that are more project centric. It can be kind of a mid-year piece of our total sales, it be everything else, which has, in many cases, a distribution flavor to it as well. We expect those to continue growing and being a nice workhorse in the background, putting up solid growth and profitability there.

所以我認為這三個領域可能更側重於專案本身。它可以是我們年中總銷售額的一部分，也可以是其他所有部分，其中許多都帶有分銷的性質。我們預計這些業務將持續成長，並在幕後默默耕耘，帶來穩健的成長和獲利能力。

So it really has become for us, sort of the combination of firing on all these different systems not expecting every single product line to be perfect every quarter but expecting a nice balance from them. And when there's contribution from multiple product and solution areas that are project centric and less seasonal that starts to give us some predictability and smooth things out where it can.

所以對我們來說，這實際上變成了一種結合了所有這些不同系統的策略，我們並不期望每個產品線每季都完美無缺，而是期望它們之間能夠保持良好的平衡。當多個以專案為中心、季節性較小的產品和解決方案領域做出貢獻時，就能為我們帶來一些可預測性，並在可能的情況下使事情順利進行。

[Howard Root], private investor.

[霍華德·魯特]，私人投資者。

Congratulations, not just on the quarter, but really the transformation you've done over the last couple of years here with RF industries. It's really a great job.

恭喜你們，不僅是本季的業績，更是過去幾年你們在射頻產業所取得的成就。這真是一份很棒的工作。

First, I got a couple of questions for Peter. The income taxes and the non-cash one-time charges. Can you kind of give a quick explanation of what those were in the fourth quarter?

首先，我有幾個問題想問彼得。所得稅和非現金一次性費用。能簡單解釋一下第四季的情況嗎？

(technical difficulty) to a valuation allowance there. So not sure if that answers your question or you want me to get into a little more detail there in our footnotes to the K. We kind of have a tax provision, but note that kind of highlights that in a little more detail.

（技術難題）導致估值準備金不足。所以，我不確定這是否回答了您的問題，或者您是否希望我在K的腳註中更詳細地解釋一下。我們有一些稅務條款，但請注意，腳註中對此有更詳細的說明。

I'm just kind of -- look, going forward, the $478,000 obviously, a huge number for the income taxes. What is that? Do you strip out the unusual stuff? What's your tax rate going forward?

我只是想說——你看，展望未來，47.8萬美元顯然是一筆巨款，將用於繳納所得稅。那是什麼？你會把那些不尋常的東西剔除掉嗎？你未來的稅率是多少？

So tax rate going forward, it's hard to predict there, probably in the mid-20s if that's kind of the standard (technical difficulty) nuances with valuation allowance items kicking in for us.

所以未來的稅率很難預測，如果這是標準稅率的話，可能會在 20% 左右（技術上的困難），因為估值準備金項目對我們來說會起作用。

Okay.

好的。

The non-cash items we offer is not (technical difficulty) there the $855 million you're seeing there, we talked a little bit about, it's related to an accrual for a settlement.

我們提供的非現金項目（技術上有困難）不包括您看到的 8.55 億美元，我們之前也稍微談過，它與和解的應計款項有關。

Okay. And then in interest rate, what do you see is a decline in your interest rate kind of going forward from this new rework line of credit?

好的。那麼在利率方面，您認為隨著這項新的重組信貸額度的推出，您的利率會有所下降嗎？

Yeah. So we're -- obviously, the refinance, we've disclosed there so we're expecting a drop. But from a cash perspective or interest savings, we're expecting kind of at least $25 million in interest savings for the next year.

是的。所以，很顯然，關於再融資，我們已經披露過了，所以我們預計會下降。但從現金或利息節省的角度來看，我們預計明年至少可以節省 2,500 萬美元的利息。

Okay, great. So there's more for Rob on the diversification that you've gone through is amazing. Could you put some numbers kind of around on what percentage of your revenue and just really ballpark, Rob. Just coming from transportation, aerospace, stadium, data centers.

好的，太好了。所以羅布還有很多關於多元化發展的內容，這真是太棒了。羅布，你能大概估算一下你收入的百分比嗎？就大概估算一下吧。我來自交通運輸、航空航天、體育場館、資料中心等行業。

What can you tell us in terms of where you are and types of the revenue growth from there and getting away from your base telecommunications business?

您能告訴我們一下您目前的業務狀況以及從現有業務到擺脫電信業務的收入成長類型嗎？

Yeah, appreciate the question. I think the -- it's hard to slice that up simply because the numbers get -- they share a lot of information. I think for a company our size trying to slice into the various details. What I can tell you is, on prior years where we had major growth happening, we were seeing the wireless and telecom market in the 70% range of total sales. We're now seeing that more like 50%.

是的，感謝你的提問。我認為——很難將其細分，因為這些數字——它們共享很多資訊。我認為對於我們這樣規模的公司來說，要深入各種細節是很難的。我可以告訴你們的是，在前幾年我們實現重大成長的時候，無線和電信市場佔總銷售額的 70% 左右。我們現在看到的比例更接近 50%。

About half of our sales are coming from things that I would call telecom and wireless. The remaining half is coming from -- in many cases, similar applications maybe, but transportation, aerospace, and defense, industrial and other OEM, public safety, things like that. So I think the way that we disclose those results is slightly higher level than maybe what you're asking. But hopefully, that gives you some color around just the way we've seen the overall impact and contribution from those different markets.

我們大約一半的銷售額來自我稱之為電信和無線領域的業務。剩下的一半來自——在許多情況下，應用可能類似，但包括交通運輸、航空航天、國防、工業和其他原始設備製造商、公共安全等領域。所以我覺得我們公佈這些結果的方式可能比你所要求的還要高。但希望這能讓您更清楚地了解我們所看到的這些不同市場的整體影響和貢獻。

Great. Yeah. And then in the backlog, just to kind of explain, what part of that is seasonal? I mean, both the bookings and the backlog took a pretty big drop from Q3 to Q4, and I understand being a shareholder for a bunch of years is that -- a part of that is seasonal.

偉大的。是的。然後，在待辦事項清單中，為了解釋一下，其中哪些是季節性的？我的意思是，從第三季度到第四季度，預訂量和積壓訂單都大幅下降，我理解作為多年的股東，這種情況——一部分是季節性的。

But what part of that is seasonal? What part of that might be from the transformation of the business changes? How long you have backlog or what's your overall level of backlog would be and when your bookings are coming in? What can you say about that in terms of what that means for your business?

但其中有多少是季節性的呢？其中哪些部分可能源自於業務轉型變革？你們的積壓訂單有多少？或者說，你們的積壓訂單總量是多少？你們的訂單什麼時候開始陸續到來？就這對你的業務意味著什麼而言，你有什麼看法？

Yeah. Great question on backlog. I think for us, as we've said for years, it's a good health indicator that we have a backlog and we've got stuff coming in there. I think we also disclosed it probably deeper than most companies where we talk about end of quarter and based on the bookings that we had, what got us to that number. And then we give an update at the time of our call to make sure people are clear to elaborate a little bit on how the business does work.

是的。關於積壓工作的問題問得很好。我認為，正如我們多年來一直強調的那樣，對我們來說，積壓訂單不斷湧入是一個很好的健康指標。我認為我們也比大多數公司更深入地披露了這一點，我們在季度末討論了我們根據預訂情況得出的結論，以及是什麼讓我們達到了那個數字。然後，我們在電話會議上會進行最新情況匯報，以確保大家清楚了解業務運作方式，並稍作詳細說明。

And you're right, with the way you're thinking about it is seasonally, we expect to have a solid booking quarter in our fiscal fourth quarter. We also expect to start eating through some of that backlog in our Q1, just around the seasonality of sort of the way most markets work. We also are trying to get better at moving our backlog out the door. It doesn't hurt us to have long-standing backlog, but it also, at times, some of that backlog can get old and tired. And we want to keep that moving similar to the way we've managed our inventory by bringing it down to a more manageable healthier level and being faster with replenishing when we need to.

你說得對，按照你這種季節性的考慮方式，我們預計第四財季的預訂量將保持穩健增長。我們也預計在第一季開始消化一部分積壓訂單，這主要是由於大多數市場的季節性波動造成的。我們也在努力提高處理積壓工作的速度。積壓的工作並不會對我們造成傷害，但有時，其中一些積壓的工作也會變得陳舊乏味。我們希望保持這種勢頭，就像我們管理庫存的方式一樣，將庫存降低到一個更易於管理、更健康的水平，並在需要時更快地補貨。

Our expectation on backlog is that it sort of hit a low point in our first quarter and then starts to work its way back up as we see the project-based work on the calendar year start to kick in when people's budgets get finalized and everyone gets settled back into their seats.

我們預期積壓訂單量在第一季會達到一個低點，然後隨著年度專案工作開始啟動，人們的預算最終確定，大家都回到各自的崗位，積壓訂單量就會開始回升。

This was -- I think everyone probably felt that, this was a strange holiday season because you had Christmas and New Year both falling on a Thursday, which means you basically had two dead weeks from a people coming to work and everyone being an engaged perspective. We're finally seeing the world get back to a little more normalcy.

我想大家可能都感覺到了，這是一個奇怪的假期，因為聖誕節和新年都在星期四，這意味著基本上有兩週時間大家都不用上班，工作也無人投入。我們終於看到世界逐漸恢復正常了。

Our expectation is that that backlog will start to move back up as it normally does this time of year. But at the same time, you can see that we've been moving some of that out the door to get to a fresher level as well.

我們預計積壓的訂單會像往年這個時候一樣開始回升。但同時，你也可以看到，我們已經將其中一些內容轉移到了一個全新的層面，以達到一個更新鮮的水平。

Right. And then bookings, the $18.5 million in bookings for Q4, was that kind of according to your plan? Was that ahead of your plan or a little under your plan? How did that fit with your expectations?

正確的。那麼，第四季的預訂量為 1850 萬美元，這是否符合你們的計劃？比你計劃的提前了還是比計劃的稍慢了一點？這是否符合您的預期？

Yeah. I would say it's around our plan-ish. I think it's hard to -- Q4 is a tough one because of our October year-end doesn't really align with other people's budgets. So we generally see a larger booking level happened in our third quarter is kind of just seasonally. That's what we've historically seen.

是的。我覺得這和我們的計劃差不多。我覺得很難——第四季比較難，因為我們的財年結束時間是十月，這與其他公司的預算不太吻合。因此，我們通常看到第三季的預訂量較大，基本上只是季節性現象。從歷史經驗來看，情況確實如此。

It's starting to smooth out a bit, but the October, November, December, January time, any order that we expected in any of those months could be in another one. That's just how it falls around the year-end of the year beginning.

情況開始逐漸好轉，但十月、十一月、十二月、一月期間，我們預期在這些月份收到的任何訂單都可能在其他月份收到。這是年底到年初這段時間的規律。

So it was fine. I think we were happy with that number. And the thing that we're even happier about though is what we've got in our pipeline that still looks super healthy, Ray talked some about that. The different application areas and the different customer areas where we're seeing growth in the last couple of years, we've still got a really solid pipeline of opportunities that aren't going away. While those move around in those various months, as I just said, we only see us adding to that pipeline of opportunity and feel really good about it.

所以一切都很好。我認為我們對這個數字很滿意。不過，更讓我們高興的是，我們目前的產品線看起來仍然非常健康，Ray 也談到了這一點。在過去幾年裡，我們在不同的應用領域和不同的客戶領域都看到了成長，我們仍然擁有非常穩定的發展機遇，這些機會不會消失。正如我剛才所說，雖然這些機會在不同的月份裡會有所變化，但我們只看到機會管道不斷擴大，對此我們感到非常滿意。

Great. Well, I appreciate all the extra color there. And again, congratulations to you and the whole team on outstanding performance from where you were three or four years ago to where you are today. Thanks a lot.

偉大的。我很喜歡那裡豐富的色彩。再次恭喜你和整個團隊，你們從三、四年前到今天取得如此傑出的成就。多謝。

Thank you, Howard.

謝謝你，霍華德。

(Operator Instructions) Steven Kohl, Mangrove.

（操作說明）史蒂文·科爾，紅樹林。

I too would like to reiterate that congrats on a great performance. I'm sure -- I agree that you should at least favor the victory at least for a day or two, maybe even a week before we start looking at the next set of targets. But wanted to talk about a couple of things.

我也想再次祝賀你們取得如此精彩的成績。我確信——我同意，至少在開始專注於下一組目標之前，你應該至少享受一兩天，甚至一周的勝利喜悅。但我想談幾件事。

One thing on the balance sheet. I know if I'm doing my maths right, we're down to $3 million in net debt, which has probably been the best we've been in quite a while. How is that changing our priorities on capital allocation? We haven't done any acquisitions in a while. Do we look at share buybacks, acquisitions, dividend? Has the thought changed at all on that? Or what is the thinking today on capital allocation?

資產負債表上的一項。我知道如果我的計算沒錯，我們的淨債務已經降至 300 萬美元，這可能是我們近一段時間以來最好的情況了。這將如何改變我們在資本配置方面的優先事項？我們已經很久沒有進行任何收購了。我們是否應該關注股票回購、收購和分紅？你對此的想法有改變嗎？或者說，如今人們對資本配置的看法是什麼？

I think the -- at the moment, our priority is the same as it has been. We want to get that net debt as low as we can. Obviously, performance of the business helps, but at the same time, every time the Board meets, we talk about best shareholder value. And at the moment, we think the best thing for us short of having a strategic opportunity in front of us that make sense, we want to continue paying down that debt. That is job launch.

我認為──目前，我們的首要任務和以前一樣。我們希望盡可能降低淨債務。顯然，公司績效固然重要，但同時，每次董事會開會，我們都會討論如何為股東創造最大價值。目前，我們認為，除非有合適的戰略機會擺在我們面前，否則對我們來說最好的選擇就是繼續償還債務。這就是工作啟動儀式。

Now, we're also always looking at other opportunities to drive shareholder value and give a nice return. So all of the items that you brought up are up for discussion. Every time the Board meets, we talk about those. We haven't done an acquisition in a few years that's been on purpose. Some of that was the market, and some of it was us getting to a point where we could actually finish the integration of the ones that we had done.

現在，我們也一直在尋找其他機會來提升股東價值並帶來良好的回報。所以，你提出的所有問題都可以討論。每次董事會開會，我們都會討論這些問題。我們已經好幾年沒有進行任何收購了，這是有意為之。一部分原因是市場因素，一部分原因是我們達到了能夠真正完成已完成專案的整合的階段。

We finally got a chance to do a lot of that work, which is showing through now in our operating leverage and getting our costs as low as we can. So I think if there were an opportunity that presented itself from an M&A perspective, we might alter those priorities. But at the moment, our priority continues to be debt service and getting that to as low a point as we can.

我們終於有機會做了很多這樣的工作，現在這些工作已經體現在我們的營運槓桿和盡可能降低成本。所以我認為，如果從併購的角度來看有機會，我們可能會改變這些優先事項。但目前，我們的首要任務仍然是償還債務，並盡可能將債務降至最低。

And one follow-up just on margin for a sec. So I know, obviously, margin is doing very well. I guess, I'm curious when we look across the base, how much of the improvement of margins coming on the book to inside versus just volume running through the plan. I know you've keyed in on again today, kind of want to -- I know it depends on mix and we get to a certain level, a lot comes to the bottom line.

還有一個後續問題，就幾秒鐘的時間。所以很明顯，利潤率表現非常好。我想，我很好奇，當我們縱觀整個基數時，利潤率的提高有多少來自於帳面利潤的提升，又有多少來自於計劃中的銷售增長。我知道你今天又開始關注這個問題了，有點想——我知道這取決於組合，當我們達到某個水平時，很多事情都會影響最終結果。

But are we seeing -- is that split -- if you look at, I don't know how to phrase the question, but are we seeing a better book? Because I presume, as you're getting the aerospace defense stuff, you're getting better booked in margins there, I would think. But can you put some color around that or some granularity?

但是，如果我們看一下——這種分歧——我不知道該如何措辭，但我們看到的是一本更好的書嗎？因為我推測，當你承接航空航太國防業務時，你的利潤率應該會更高。但你能給它加點色彩或細節嗎？

Yeah. I think the best I can do there is, yeah, look, having a better product mix and solution mix with some of our newer high value, much more technology-centric product areas, really helps. I mean, that mix just as those areas perform better. Math will tell you that that will start to drag your gross margins up.

是的。我認為我能做的最好的就是，是的，你看，擁有更好的產品組合和解決方案組合，加入一些我們更新、更高價值、更以技術為中心的產品領域，真的很有幫助。我的意思是，這種混合模式在這些區域表現得更好。數學會告訴你，這將開始拉高你的毛利率。

Once we cross $18 million, $19 million, $20 million a quarter in sales, now you start to see the impact of -- you fully absorb all the labor, much of which for us hits above that gross profit line. So the better we perform top line-wise, almost regardless of product line and the mix, you're going to see more profitability, which for us, we live and die by the gross profit line. We manage ourselves really well below the line. It is a function of those things.

一旦我們的季度銷售額突破 1800 萬美元、1900 萬美元、2000 萬美元，你就會開始看到影響——你完全吸收了所有的勞動力成本，而對我們來說，其中很多成本都超過了毛利潤線。因此，無論產品線和組合如何，我們的營收表現越好，獲利能力就越強，而對我們來說，毛利就是我們的生死攸關的關鍵。我們在幕後管理得非常好。這是由這些因素造成的。

Can we sell more valuable products and solutions to our customers, and can we get that high as possible? Because when we do, you really see the impact of it. So as it's hard for you to ask the question, it's hard for me to give a specific answer on which percentage of which. But I can tell you that both those things help, although we would see a solid margin improvement just with a higher sales number and a similar product mix than what we've had historically. Wouldn't be as high as 37%, but it certainly would be better.

我們能否向客戶銷售更有價值的產品和解決方案，並且盡可能提高銷售？因為當我們這樣做的時候，你才能真正看到它的影響。既然你難以提出這個問題，我也很難給出具體的答案，說明其中的百分比是多少。但我可以告訴你，這兩件事都有幫助，儘管即使銷售額沒有成長，產品組合與以往相比沒有變化，我們也能獲得相當可觀的利潤率提升。雖然不會像 37% 那麼高，但肯定會好得多。

And last question, just touching on -- you alluded to DAC and small cell, obviously, it's taken a little while for them to get some traction. But talking about public safety for a minute and density. I know for a long time, we're talking about these buildings and venues and even people had that coverage. Are we seeing -- how is the regulatory landscape there changed? Is this still a local thing? Or is there anything -- from a bigger picture, is that market becoming more lucrative and getting more traction as people have put requirements on the books that they're actually enforceable?

最後一個問題，只是簡單提一下——你提到了DAC和小電池，顯然，它們花了一段時間才獲得一些關注。但讓我們先來談談公共安全和人口密度。我知道很長一段時間以來，我們一直在談論這些建築物和場館，甚至有人對此進行了報告。我們是否可以看到──那裡的監管環境發生了什麼樣的變化？這仍然是地方性活動嗎？或者從更宏觀的角度來看，隨著人們制定出切實可行的要求，這個市場是否變得更有利可圖，並獲得更大的發展動力？

Yeah. We like the public safety market. I mean, we have a great product offering, not just with our RF passives and some RF active gear that we have under the microlab brand, but also our kind of core connectivity product sits in there as well with fiber and coax. So we like it. We've sold to it for years. Most of that gets serviced through the distribution channel, which again, we appreciate those partnerships and getting to markets like that.

是的。我們看好公共安全市場。我的意思是，我們擁有豐富的產品線，不僅包括我們microlab品牌下的射頻被動元件和一些射頻主動元件，還包括我們的核心連接產品，例如光纖和同軸電纜。我們很喜歡。我們多年來一直向它供貨。大部分的產品都是透過分銷管道銷售的，我們再次感謝這些合作夥伴關係，也感謝能夠進入這樣市場。

I think how those decisions are made and who really dictates what though, it's still really fragmented. You've got localized ordinances. There are certain cities in the country that have mandated public safety coverage inside buildings, and that mandate is hard to force people to do and they're unwilling to find (technical difficulty) just becomes a really challenging sort of environment.

我認為這些決策是如何做出的，以及誰真正說了算，目前仍然非常分散。你們有地方性法令。國內有些城市強制要求在建築物內安裝公共安全設備，但這項規定很難強制執行，人們也不願意尋找（技術上的困難），這使得情況變得非常棘手。

That's not new. We take part in public safety forums all year long all the time and have conversations about it real time. It is similar to kind of bead funding. The federal government says, hey, we need this, and then it gets left up to states and local governments and then it just becomes a revolving door, people making decisions. And it's been challenging to pin down sort of a final addressable market there, short of saying, for us, it falls into our in-building coverage, our distributed antenna system product areas and the way we service those applications.

這並非新鮮事。我們全年都會參加公共安全論壇，並就此進行即時討論。它類似於一種串珠式融資。聯邦政府說，嘿，我們需要這個，然後就交給各州和地方政府來決定，然後就變成了一個旋轉門，決策者不斷輪換。而且，要確定一個最終的目標市場一直很有挑戰性，只能說，對我們來說，它屬於我們的室內覆蓋範圍、分散式天線系統產品領域以及我們服務這些應用的方式。

So I think it will continue to get better. New buildings being built tend to have an opportunity to put in some better public safety-based RF solutions, and we're right in the middle of many conversations around that. And I think our offer is really strong there. So we expect that to be an opportunity for us going forward, but it continues to be extremely fragmented from an ordinance and decision-making perspective.

所以我認為情況會繼續好轉。新建的建築物往往有機會安裝一些更好的基於公共安全的射頻解決方案，而我們目前正處於圍繞這一主題的諸多討論的中心。而且我認為我們的報價在那裡非常有競爭力。因此，我們預計這將是我們未來發展的機會，但從法令制定和決策的角度來看，它仍然非常分散。

We have no further questions in the queue. I will now turn the call back over to Robert Dawson for closing remarks.

隊列中沒有其他問題了。現在我將把電話轉回給羅伯特·道森，請他作總結發言。

Great. Thank you, John, and thanks, everyone, for participating in today's call. We truly appreciate your support and look forward to reporting on our progress throughout fiscal 2026. Have a great day.

偉大的。謝謝約翰，也謝謝大家參加今天的電話會議。我們衷心感謝您的支持，並期待在 2026 財年向您報告我們的進展。祝你有美好的一天。

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

今天的會議到此結束，您可以斷開線路了。感謝您的參與。