RF Industries Ltd (RFIL) 2026 Q1 法說會逐字稿

Greetings. Welcome to the RF Industries First Quarter Fiscal 2026 Financial Results Conference Call. (Operator Instructions) As a reminder, this conference call is being recorded. Now, I would like to turn the call over to our host, Donnie Case, Investor Relations. Please go ahead.

各位好。歡迎參加 RF Industries 2026 會計年度第一季財務結果電話會議。（接線員指示）提醒各位，本次電話會議將被錄音。現在，我想把電話交給我們的主持人——投資人關係 Donnie Case。請開始。

Thank you, Tom, and good afternoon, everyone, and welcome to RF Industries' first-quarter Fiscal 2026 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，Tom。各位下午好，歡迎參加 RF Industries 2026 會計年度第一季財報電話會議。今天與我一同出席的有 RFI 執行長 Rob Dawson；總裁兼營運長 Ray Bibisi；以及財務長 Peter Yin。我們已於今日收盤後發布新聞稿，該新聞稿可於我們網站 rfindustries.com 查閱。

I want to remind everyone that during today's call, management will be making 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 laws. When used, the words anticipate, believe, expect, intend, future, and other similar expressions identify forward-looking statements.

我想提醒各位，在今天的電話會議中，管理層將作出涉及風險與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依證券交易法規構成前瞻性陳述。當使用「預期」、「相信」、「預估」、「打算」、「未來」及其他類似用語時，即用以辨識前瞻性陳述。

These forward-looking statements reflect management's current views with respect to future events and financial performance and are subject to risk and uncertainties. Actual results may differ materially from the outcomes contained in any forward-looking statements.

這些前瞻性陳述反映管理層對未來事件與財務表現的目前看法，並受風險與不確定性影響。實際結果可能與任何前瞻性陳述所包含的結果存在重大差異。

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. Additionally, throughout the call, we will be discussing certain non-GAAP financial measures.

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 Form 10-K、Form 10-Q 及其他向美國證券交易委員會（SEC）提交之文件中所討論的風險與不確定性。RF Industries 不承擔更新或修訂任何前瞻性陳述之義務。此外，在整場電話會議中，我們將討論若干非 GAAP 財務衡量指標。

Today's earnings release and related current report on Form 8-K describe the differences between our GAAP and non-GAAP reporting.

今日的財報新聞稿及相關的 Form 8-K 當期報告，說明了我們 GAAP 與非 GAAP 報導之間的差異。

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

接下來，我把電話會議交給執行長 Rob Dawson。Rob，請開始。

Thank you, Donnie. Good afternoon, everyone. Welcome to our first-quarter fiscal 2026 conference call. I'll lead off with highlights from the quarter. Ray will provide a progress report on sales and operations, and Peter will cover our financial results, before we open the call to your questions. I'm pleased to report that we're off to a great start in fiscal 2026.

謝謝你，Donnie。各位下午好。歡迎參加我們 2026 會計年度第一季電話會議。我先從本季重點開始。Ray 將提供銷售與營運進展報告，Peter 將說明我們的財務結果，之後我們將開放提問。我很高興報告，我們在 2026 會計年度有個非常好的開局。

Net sales were $19 million in the quarter. This was just shy of our record first quarter last year in absolute numbers, but for totally different reasons. Last year in fiscal Q1, we had a large project that created a welcome anomaly and produced increased sales in what is historically a seasonally softer period. Net sales for Q1 this year, however, reflected a far greater diversity of products, customers, and end markets, which I believe will set the stage for upcoming quarters.

本季淨銷售額為 1,900 萬美元。以絕對金額來看，這略低於去年創紀錄的第一季，但原因完全不同。去年會計年度第一季，我們有一個大型專案，帶來令人欣喜的異常表現，使得在歷來季節性較疲弱的期間仍能推升銷售。然而，今年第一季的淨銷售反映出產品、客戶與終端市場的多元化程度大幅提高，我相信這將為接下來幾季奠定基礎。

That said, for me, the big takeaway for this quarter was the meaningful expansion in profitability. Compared to the first quarter last year with similar net sales, gross profit margin improved 250 basis points to 32.3%. Operating income tripled to $177,000. And adjusted EBITDA decreased sorry -- adjusted EBITDA increased -- wouldn't be positive if I said decreased, increased EBITDA increased 22% to nearly $1.1 million.

話雖如此，對我而言，本季最大的重點是獲利能力的顯著擴張。與去年第一季在淨銷售相近的情況下相比，毛利率提升 250 個基點至 32.3%。營業利益成長至 177,000 美元，為去年的三倍。而調整後 EBITDA 下降，抱歉——調整後 EBITDA 是上升——如果我說下降就不會是正面了；調整後 EBITDA 上升 22%，接近 110 萬美元。

To our long-term shareholders, thank you for your patience and confidence that we would deliver on what we promised. A more diversified sales base, and increased profits from our significant operating leverage. What's exciting to me is that our entire team is feeling the momentum. And in our business, momentum doesn't just happen. It's earned when strategy and execution move together in lockstep.

對我們的長期股東，感謝各位的耐心與信心，相信我們能兌現承諾。也就是更為多元化的銷售基礎，以及透過顯著的營運槓桿帶來更高的獲利。令我振奮的是，我們整個團隊都感受到這股動能。而在我們的業務中，動能不會憑空出現。當策略與執行步調一致、齊頭並進時，動能才會被「贏得」。

Over the past few years, we've worked hard to reach this inflection point, where we have a clear line of sight to scale both our business and profitability. As you saw in our earnings press release, I'd also like to note that that momentum has produced a huge increase in our backlog, which currently stands at $18.6 million. That's an increase of over $6 million since we last reported earnings in mid-January when the backlog was $12.4 million.

過去幾年，我們努力達到這個拐點——我們已能清楚看見同時擴大業務規模與提升獲利的路徑。如同各位在財報新聞稿中所見，我也想指出，這股動能帶動我們的在手訂單（backlog）大幅增加，目前為 1,860 萬美元。相較於我們在 1 月中旬上次公布財報時的 1,240 萬美元，在手訂單增加超過 600 萬美元。

Now I'll share specifics on why our business model and strategy are working and why we believe it's sustainable. First, we've worked our way up the food chain with the largest communications companies in the country. We're no longer just a vendor, but a solutions provider with a portfolio of technology-forward products and solutions that address many applications within telecom.

接下來我將分享具體內容，說明為何我們的商業模式與策略正在奏效，以及為何我們相信這是可持續的。首先，我們已在美國最大的通訊公司體系中逐步向上提升。我們不再只是供應商，而是解決方案提供者，擁有一系列技術導向的產品與解決方案組合，可滿足電信領域內多種應用。

This expanded access and our high-value product portfolio led to new opportunities that in some cases, fall squarely into the operating budgets versus the CapEx spend. This makes us far less reliant on the cyclical Tier 1 wireless capital spending and aligns RFI to participate more consistently in the year-round maintenance and replacement schedule that's critical to maintaining network quality and integrity.

這種更廣泛的接觸面與我們的高價值產品組合帶來新的機會，其中部分機會在某些情況下明確屬於營運預算（OpEx）而非資本支出（CapEx）。這使我們對第一級（Tier 1）無線資本支出的週期性波動依賴度大幅降低，並使 RFI 能更穩定地參與全年持續的維護與汰換排程，而這對維持網路品質與完整性至關重要。

Next, our state-of-the-art systems like direct air cooling and small cell are gaining traction. Our DAC systems are especially adaptable to many applications in new end markets. Equipment at the edges of networks requires temperature control to operate efficiently, and our DAC's ability to lower energy costs by up to 75%, while being rugged and easy to maintain, delivers a compelling customer proposition.

其次，我們的先進系統（如直接空氣冷卻與小型基地台）正逐步獲得市場採用。我們的 DAC 系統尤其能靈活適用於新終端市場中的多種應用。網路邊緣的設備需要溫控才能高效率運作，而我們的 DAC 具備最高可降低 75% 能源成本的能力，同時堅固耐用且易於維護，為客戶提供極具吸引力的價值主張。

We're serving an impressive and growing customer list here. These solutions have opened doors to many new customers and markets. We're now reinforcing our presence in new verticals, such as wireline, cable, and edge data centers. We believe that we've identified a significant unmet need at the edge of the network, close to where data is generated and consumed.

我們在此領域服務的客戶名單令人印象深刻且持續成長。這些解決方案為我們打開了許多新客戶與新市場的大門。我們目前正強化在新垂直領域的布局，例如有線通訊（wireline）、有線電視（cable）以及邊緣資料中心。我們相信，我們已在網路邊緣——也就是資料生成與被消費的近端——辨識出一項重要且尚未被滿足的需求。

While most know that hyperscale data centers require massive pooling systems, we believe that the small buildings, cabinets, and enclosures at the edges of networks are just as important, and our DAC systems provide a powerful and cost-efficient solution. Additionally, our custom cabling solutions team is engineering, producing, and delivering high-quality, mission-critical solutions to customers across several markets, including industrial, communications, and aerospace, where we continue to win repeat orders from a leader in this market.

雖然多數人都知道超大規模（hyperscale）資料中心需要龐大的冷卻系統，但我們認為，位於網路邊緣的小型建物、機櫃與機箱同樣重要，而我們的 DAC 系統提供強大且具成本效益的解決方案。此外，我們的客製化線纜解決方案團隊正為多個市場的客戶進行工程設計、生產並交付高品質、任務關鍵（mission-critical）的解決方案，包括工業、通訊與航太等領域；在其中一個市場，我們也持續自該領域的領導廠商取得重複訂單。

The strong performance and commitment to innovation and quality from our team continues to add to our credibility and reputation. We refined our go-to-market strategy to specifically target new markets for RFI. Our sales team is doing a terrific job of developing relationships in our target markets and have opened doors and elevated our opportunity set.

我們團隊的強勁表現，以及對創新與品質的承諾，持續提升我們的可信度與聲譽。我們也精進了上市推廣（go-to-market）策略，以更精準地鎖定 RFI 的新市場。我們的銷售團隊在目標市場中建立關係方面表現出色，已打開多扇大門並提升我們的機會版圖。

Our customer roster is amazing. It includes a host of well-known names. For competitive reasons, we generally don't name customers, but our client list certainly makes the team proud. Ray will talk more about our go-to-market progress and operations in his remarks shortly. Structurally, our company is in great shape.

我們的客戶名單令人驚豔。其中包含眾多知名品牌。基於競爭因素，我們通常不會點名客戶，但我們的客戶清單確實讓團隊深感自豪。Ray 稍後將在他的發言中進一步談到我們的市場推進（go-to-market）進展與營運狀況。從結構面來看，我們公司狀況非常良好。

Our team has done an outstanding job in diversifying our supply chain with redundant manufacturing sources, both international and domestic, that feed into our U.S. production operations. This allows us to flex up for more demand without incurring any material increase in overhead or CapEx. This capital-light approach has been a big factor in increasing our operating leverage.

我們的團隊在分散供應鏈方面表現出色，建立了具備備援的製造來源，涵蓋國際與國內，並供應至我們在美國的生產營運。這使我們能在不產生任何重大間接費用或資本支出（CapEx）增加的情況下，彈性提升產能以因應更高需求。這種輕資本（capital-light）策略一直是提升我們營運槓桿的重要因素。

Financially, RFI is also in good shape. We significantly improved our free cash flow over the past several quarters, reflecting our operational execution, margin expansion, and tighter capital discipline. Last year, we renegotiated our revolving credit facility with improved terms, which should drive significant annual savings.

在財務面，RFI 也處於良好狀態。過去幾個季度，我們的自由現金流顯著改善，反映出我們的營運執行力、毛利率擴張，以及更嚴謹的資本紀律。去年，我們以更佳條款重新協商循環信用額度（revolving credit facility），預期將帶來可觀的年度節省。

All of this has allowed us to greatly reduce our net debt. While fiscal '25 was a breakout year for RFI, our team is even more excited about 2026. We feel confident that we can execute against our strategic priorities, and similar to the trajectory in 2025 and supported by the large increase in our backlog. With what we know today, we expect revenue growth to accelerate in the back half of the year.

這一切使我們得以大幅降低淨負債。儘管 2025 財年（fiscal '25）是 RFI 的突破性一年，我們的團隊對 2026 年更感到振奮。我們有信心能落實我們的策略優先事項，並且與 2025 年的發展軌跡相似，同時也受到在手訂單（backlog）大幅增加的支持。以我們目前所掌握的資訊來看，我們預期營收成長將在下半年加速。

Finally, I want to thank the RFI team that continues to execute and deliver great results. Thank you to our customers for allowing us to partner with you and to our shareholders for your support. With that, I'll turn the call over to Ray.

最後，我要感謝持續落實執行並交出優異成果的 RFI 團隊。也感謝我們的客戶讓我們有機會與各位合作，以及感謝股東們的支持。接下來，我把電話會議交給 Ray。

Good afternoon, Rob, and good afternoon, everyone. As Rob highlighted, the momentum we are feeling across this organization is real, and it is earned. I'd like to take a few minutes to walk you through how we are actively managing the key levers across our business to drive growth, reduce vulnerability, and create lasting shareholder value.

下午好，Rob，也向各位下午好。正如 Rob 所強調的，我們在整個組織感受到的動能是真實的，而且是靠努力贏得的。我想花幾分鐘帶各位了解，我們如何主動管理業務中的關鍵槓桿，以推動成長、降低脆弱性，並創造長期的股東價值。

I will take you through sales, product management, engineering, and operations, and the levers driving our strategy forward. Let me begin with the commercial momentum and market position. With the focus and execution of our team, we can maintain momentum even when specific opportunities take longer to close. Something in prior years could have had a significant impact on quarterly results.

我將依序說明銷售、產品管理、工程與營運，以及推動我們策略前進的各項槓桿。我先從商業動能與市場地位談起。在團隊的專注與執行下，即使某些特定機會需要更長時間才能成交，我們仍能維持動能。在過去幾年，這類情況可能會對季度業績造成顯著影響。

This resilience comes directly from the diversification we have deliberately built across markets, product areas, and customers, which allows us to manage possible softness or delays in one area with strength in others. Revenue and bookings are, without question, the scoreboard, but they don't tell the whole story. Equally important is how we achieve these results. A big part of that answer is diversification.

這種韌性直接來自我們有意識地在市場、產品領域與客戶面向所建立的多元化，使我們能以其他領域的強勁表現，來管理某一領域可能出現的疲弱或延遲。營收與接單（bookings）毫無疑問是成績單，但它們並不能說明全部。同樣重要的是，我們如何達成這些成果。而其中很大一部分答案就是多元化。

As Rob mentioned, this diversification is real, and it is working. Today, we are actively serving and winning business across aerospace, telecommunication, industrial, medical, data centers, and government and military markets, amongst others. And the strength of that diversification showed in Q1, where strong performance in our custom cable segment help offset timing delays in integrated systems.

如 Rob 所提到，這種多元化是真實存在的，而且正在發揮作用。目前，我們正積極在航太、電信、工業、醫療、資料中心，以及政府與軍事等市場（及其他領域）提供服務並贏得業務。多元化的優勢在第一季（Q1）也有所展現：我們客製化電纜（custom cable）業務的強勁表現，協助抵消整合系統（integrated systems）因時程造成的延遲。

This is not accidental. It is the result of our strategic and deliberate effort to broaden RF Industry's addressable market and reduce concentration risk. We are also seeing a resurgence in previous delayed opportunities, which is strengthening both our pipeline and our backlog. This improved visibility gives us real confidence heading into upcoming quarters, and positions us well to capture growth, manage risk, and continue building sustained shareholder value.

這並非偶然。這是我們策略性且有計畫地擴大 RF Industries 可服務市場（addressable market）並降低集中度風險的成果。我們也看到先前延宕的機會正在回流，進一步強化我們的商機管道（pipeline）與在手訂單（backlog）。能見度的提升讓我們對未來幾個季度更有信心，也使我們處於有利位置以掌握成長、管理風險，並持續打造可持續的股東價值。

Turning to engineering and product management, this is an area of significant focus and investment for us, and one where I believe the work we are doing today will be a key differentiator for RF Industries going forward. We remain focused on delivering high-value, high-quality solutions that address evolving customer needs. By streamlining our development process and prioritizing high-impact projects, we are driving towards faster time to market and more predictable revenue streams.

接著談工程與產品管理，這是我們高度聚焦並投入資源的領域；我相信我們今天所做的工作，將成為 RF Industries 未來的重要差異化優勢。我們仍專注於提供高價值、高品質的解決方案，以滿足客戶不斷演進的需求。透過精簡開發流程並優先推動高影響力專案，我們正朝向更快的上市時間（time to market）與更可預測的營收來源邁進。

Close collaboration between product management, engineering, and sales ensures that our innovation aligns tightly with market demands. This allows us to respond quickly to shifts in customer requirements and capture new opportunities as they emerge.

產品管理、工程與銷售之間的緊密協作，確保我們的創新能與市場需求高度一致。這使我們能快速回應客戶需求的變化，並在新機會出現時即時掌握。

During the quarter, we continued to advance our new product roadmap through development, qualification, and gate stages. Our work on small cell configurations resulted in meaningful bookings this quarter, demonstrating how close collaboration between engineering, product management, and sales translates into revenue. Our engineering team is building solutions designed not just for today's requirements, but for where our customers are headed.

本季度，我們持續推進新產品藍圖（roadmap），依序完成開發、認證（qualification）與關卡（gate）階段。我們在小型基地台（small cell）配置方面的工作，本季度帶來具意義的接單，展現工程、產品管理與銷售的緊密協作如何轉化為營收。我們的工程團隊打造的解決方案，不僅著眼於今日的需求，也面向客戶未來的發展方向。

That forward-looking mindset is what we believe will make RF Industries the trusted partner of choice across the markets that we serve. A good example of this is our thermal cooling solutions, which are gaining traction in edge data center and industrial applications. This demonstrates our ability to anticipate customer needs and leverage core capabilities across diverse end markets.

我們相信，這種前瞻思維將使 RF Industries 成為我們所服務市場中客戶首選且值得信賴的合作夥伴。一個很好的例子是我們的熱管理散熱（thermal cooling）解決方案，正在邊緣資料中心與工業應用中獲得更多採用。這展現了我們預判客戶需求的能力，並能將核心能力延伸至多元終端市場。

Operations is a key differentiator for us, and I want to be clear about how serious we take it. Across all areas of our business, we are enhancing process efficiency, improving visibility, and reinforcing execution discipline. This ensures that we can scale quickly, maintain constant quality. And protect margins as demand grows.

營運是我們的關鍵差異化優勢，我想清楚表達我們對此的重視程度。在業務的各個面向，我們正提升流程效率、改善可視性，並強化執行紀律。這確保我們能快速擴張規模、維持一致的品質。並在需求成長時保護利潤率。

Aligning our resources tightly with our strategic priorities creates the foundation for predictable, sustainable performance, even as we manage multiple moving parts across the portfolio. On the supply chain side, we have taken deliberate steps to strengthen supplier relationships, improving inventory position, and reducing single-source dependencies where possible.

將資源與策略優先事項緊密對齊，為可預測且可持續的表現奠定基礎，即使我們同時管理產品組合中多個變動因素亦然。在供應鏈方面，我們採取了有計畫的措施來強化供應商關係、改善庫存水位，並在可行之處降低對單一來源的依賴。

And as the tariff environment continues to evolve, be assured that we have a close eye on the impact and continue to proactively take steps to mitigate risk. This isn't new work. It's an effort we've been advancing for some time. In this quarter alone, we continue the ongoing strategic qualification of alternative suppliers in different regions and the proactive repositioning of our supply chain to reduce exposure.

此外，隨著關稅環境持續演變，請放心，我們正密切關注其影響，並持續主動採取措施以降低風險。這並不是新的工作。這是我們推進已久的努力。僅在本季度，我們就持續進行不同地區替代供應商的策略性認證（qualification），並主動重新配置供應鏈，以降低曝險。

Based on this executed supplier transitions of certain key components categories. We continue this discipline approach across as the trade environment evolves, all aimed at making our operations more resilient and our customer commitments more reliable. These are not onetime actions they reflect a sustained commitment to running a leaner, more agile organization.

基於此，我們已完成部分關鍵零組件類別的供應商轉換。隨著貿易環境演變，我們將持續以這種紀律化的方法推進，目標是讓營運更具韌性，並使我們對客戶的承諾更可靠。這些並非一次性的行動，而是反映我們對打造更精實、更敏捷組織的長期承諾。

Collectively, the levers we are pulling across the organization, diversified revenue streams, disciplined operations and market-driven innovation work together to reduce vulnerability and gain opportunities. This approach allows us to manage risk while capitalizing on new opportunities.

整體而言，我們在全組織推動的各項槓桿、多元化的營收來源、嚴謹的營運管理以及以市場為導向的創新，彼此相互配合，以降低脆弱性並掌握機會。此一方法讓我們在管理風險的同時，也能把握新的機會。

Importantly, it positions the company to convert pipeline and backlog momentum into measurable performance gains without compromising margin or operational integrity. In closing, I would categorize Q1 2026 as a quarter of meaningful progress made during a period when customers and markets were still settling into the new year. We are executing with discipline while preparing to capture the opportunities ahead.

更重要的是，這使公司能在不犧牲毛利率或營運健全性的前提下，將商機管線與在手訂單的動能轉化為可衡量的績效提升。總結而言，我會將 2026 會計年度第一季歸類為在客戶與市場仍在適應新年度之際，所取得的具實質意義的進展的一季。我們以紀律執行，同時為把握未來機會做好準備。

Our diversified portfolio, operational focus, an innovation mindset, create a unique platform for growth, reducing vulnerability and delivering shareholder value. We are confident in our ability to deliver results and unlock the full potential of our business -- across all segments.

我們多元化的產品組合、對營運的專注以及創新思維，打造出獨特的成長平台，降低脆弱性並為股東創造價值。我們有信心交付成果，並在所有事業部門全面釋放業務的全部潛力。

I will now turn the call over to Peter to walk you through the financial results. Peter?

接下來我把電話會議交給 Peter，請他帶各位回顧財務結果。Peter？

Thank you, Ray, and good afternoon, everyone. As Rob mentioned, we are pleased with our first quarter results. First quarter sales were relatively flat at $19 million compared to $19.2 million year-over-year. As expected, sales were down 16% from $22.7 million on a sequential basis, reflecting our seasonally slow first quarter. Our gross profit margin increased 250 basis points to 32.3% from 29.8% year-over-year.

謝謝你，Ray，各位下午好。如 Rob 所提到的，我們對第一季的結果感到滿意。第一季銷售額約為 1,900 萬美元，與去年同期的 1,920 萬美元相比大致持平。如預期，按季比較銷售額自 2,270 萬美元下滑 16%，反映第一季為我們季節性較淡的一季。我們的毛利率較去年同期提升 250 個基點，從 29.8% 提升至 32.3%。

This improvement reflected our team's strong execution to drive price realization and operational efficiencies, while also focusing on cost control. As a result of this, we see improved operating income, consolidated net loss, non-GAAP net income and adjusted EBITDA. First quarter operating income was $177,000, up from the $56,000 we reported last year.

此一改善反映團隊在推動價格落實與營運效率方面的強勁執行力，同時也專注於成本控管。因此，我們看到營業利益、合併淨損、非 GAAP 淨利以及調整後 EBITDA 均有所改善。第一季營業利益為 17.7 萬美元，高於去年我們所報告的 5.6 萬美元。

First quarter consolidated net loss was $50,000 or $0.00 per diluted share, and our non-GAAP net income was $659,000 or $0.06 per diluted share. This compares to a net loss of $245,000 or $0.02 per diluted share and a non-GAAP net income of $397,000 or $0.04 per diluted share in Q1 of 2025. First quarter adjusted EBITDA was $1.1 million or 5.6% of net sales compared to adjusted EBITDA of $867,000 or 4.5% of net sales in Q1 2025.

第一季合併淨損為 5 萬美元，或每股稀釋後 0.00 美元；非 GAAP 淨利為 65.9 萬美元，或每股稀釋後 0.06 美元。相較之下，2025 年第一季淨損為 24.5 萬美元，或每股稀釋後 0.02 美元；非 GAAP 淨利為 39.7 萬美元，或每股稀釋後 0.04 美元。第一季調整後 EBITDA 為 110 萬美元，約占淨銷售額的 5.6%；相較 2025 年第一季調整後 EBITDA 為 86.7 萬美元，約占淨銷售額的 4.5%。

We continue to focus on delivering adjusted EBITDA of 10% or greater as a percentage of net sales. Moving to the balance sheet. As of January 31, 2026, our balance sheet remains healthy with a total of $5.1 million of cash and cash equivalents and working capital of $14.6 million. Our current ratio was approximately 1.8:1 with current assets of $33 million and current liabilities of $18.4 million.

我們持續專注於將調整後 EBITDA 維持在淨銷售額的 10% 或以上。接著看資產負債表。截至 2026 年 1 月 31 日，我們的資產負債表仍然健全，現金及約當現金合計 510 萬美元，營運資金為 1,460 萬美元。流動比率約為 1.8:1，流動資產為 3,300 萬美元，流動負債為 1,840 萬美元。

As of January 31, 2026, we had borrowed $7.1 million from our revolving credit facility. We continue to manage our working capital to strengthen our liquidity and overall capital position. Our net debt was reduced by $4.8 million compared to Q1 '25 and down $744,000 compared to our Q4 2025.

截至 2026 年 1 月 31 日，我們自循環信用額度借款 710 萬美元。我們持續管理營運資金，以強化流動性與整體資本狀況。與 2025 年第一季相比，我們的淨負債減少 480 萬美元；與 2025 年第四季相比，淨負債減少 74.4 萬美元。

Our inventory remained relatively consistent at $13.8 million compared to $13.7 million last year, reflecting a prudent approach to inventory management that balances discipline with customer demand. Moving on to our backlog. As of January 31, our backlog stood at $14.4 million on bookings of $17.9 million. As of today, our backlog currently stands at $18.6 million.

我們的存貨維持相對一致，為 1,380 萬美元，去年為 1,370 萬美元，反映我們在存貨管理上採取審慎作法，在紀律與客戶需求之間取得平衡。接著談在手訂單。截至 1 月 31 日，我們在手訂單為 1,440 萬美元，訂單額（bookings）為 1,790 萬美元。截至今日，我們的在手訂單目前為 1,860 萬美元。

While we are pleased with the increase since quarter end, as I've mentioned before, our backlog is a snapshot in time, and it can vary based on when orders are received and when orders are fulfilled. We view backlog as a general gauge of health. We know that it can swing significantly between reporting periods and therefore, may not accurately indicate our near-term sales outlook.

雖然我們對季末以來的增加感到滿意，但如我先前提到的，在手訂單只是某一時間點的快照，會因訂單接收與履約時點而有所波動。我們將在手訂單視為整體健康狀況的一般性指標。我們也知道它在不同報告期間之間可能大幅擺動，因此未必能準確反映我們的短期銷售展望。

Overall, we are excited to start fiscal 2026 with an upbeat quarter that builds upon the operational momentum that we achieved in fiscal 2025. We are heads down on execution, and we believe we are well positioned for the periods ahead.

整體而言，我們很高興以一個正向的季度展開 2026 會計年度，並在 2025 會計年度所取得的營運動能基礎上持續推進。我們正全力以赴落實執行，並相信我們已為未來各期間做好良好布局。

With that, I'll open the call to your questions. Operator?

接下來，我開放各位提問。接線員？

(Operator Instructions)

（接線員指示）

Josh Nichols, B. Riley Securities.

Josh Nichols，B. Riley Securities。

Hi. This is Matthew on for Josh. Thanks for taking my questions. I guess to start off, coming off a breakout in fiscal '25 with revenue up 24%, you ended the year with a double-digit EBITDA margin. I'm wondering like how are you thinking about the full year growth trajectory for fiscal '26? And where do you see the meaningful drivers? .

嗨。我是 Matthew，代 Josh 發言。謝謝讓我提問。我想先從這裡開始：在 2025 會計年度表現亮眼、營收成長 24% 之後，你們在年底達到雙位數的 EBITDA 利潤率。我想請教你們如何看待 2026 會計年度全年的成長軌跡？你們認為主要的驅動因素會是哪些？.

Yeah. Thanks for the question. Thanks for the question. So I think -- I mean, as I tried to share in my comments. I think we expect the trajectory of growth to be similar sort of quarter-to-quarter movement as we had last year. And it's important to note, last year first quarter was actually a few hundred thousand dollars larger than our second quarter.

是的。謝謝你的問題。謝謝你的問題。我想——我的意思是，正如我在評論中試著分享的。我認為我們預期成長軌跡會與去年相近，呈現類似的逐季變動。而且要特別注意的是，去年第一季其實比第二季還高出幾十萬美元。

So I think this year, we expect to be more sequential sort of in the growth that we have and sort of our normal trajectory starting with Q1, which is always seasonally an interesting quarter to navigate. So we expect to accelerate through the year.

所以我認為今年我們預期成長會更呈現逐季遞增，並更符合我們從第一季開始的正常軌跡；第一季一向在季節性上是較需要因應的一季。因此我們預期全年會逐步加速。

The backlog increase is obviously a nice sign to show the support of that, that it's not just words, but we're actually seeing the orders and the items that have been in our pipeline for some time, starting to print through as actual orders and going into our system with timing and expected time frame for shipments. So, we expect to accelerate in Q2 versus Q1, and then we think it's going to continue going from there, similar to what we saw last year.

在手訂單的增加顯然是個好跡象，顯示這些支撐不只是口頭說說；我們確實看到訂單，以及那些在我們商機管線中存在一段時間的項目，開始轉化為實際訂單並進入系統，且附帶出貨時點與預期出貨時間範圍。因此，我們預期第二季相較第一季會加速，並且我們認為之後會持續延伸，與去年所見的情況相似。

The drivers of that really are across the various product lines. Our diversity, I think, is starting to not just print through, as Ray talked about in some detail, but it really helps to smooth out the interesting periods where may not be projects in one market that are seasonally driven, or CapEx driven. We're starting to see that, get a little more consistent throughout the year.

其驅動因素其實來自各個產品線。我認為我們的多元化開始不只是如 Ray 詳細談到的那樣逐步反映出來，它也確實有助於平滑一些較具波動的期間，例如某些市場可能因季節性或資本支出（CapEx）驅動而缺乏專案。我們開始看到這種情況在全年變得更一致一些。

And I think with that product lines that are coming from different customers in different markets, give us a lot of comfort that sort of the pistons can all be running on at different speeds and paces, but it will start to smooth out those results and make them predictable and much easier to manage the supply chain and give us some visibility certainly to get into the later part of the year.

而且我認為，隨著這些來自不同客戶、不同市場的產品線，我們更有信心：各個「活塞」可以用不同的速度與節奏運轉，但最終會開始把結果平滑化，讓它們更可預測、也更容易管理供應鏈，並且讓我們更有能見度，確實能一路看到今年較後段的情況。

Excellent info. Thank you. And gross margin came in especially strong this quarter. I'm wondering how durable are the factors driving that improvement? And how do you think we should -- how should we see that flowing throughout the rest of the year?

資訊非常棒。謝謝。另外，本季毛利率表現特別強勁。我想了解，推動這項改善的因素有多持久？以及你認為我們應該——我們應該如何看待它在今年剩餘期間的走勢？

Yeah. Great question on gross margin. I think the big thing for us is sales compared to last year's first quarter were roughly flat, down a little, not surprising, but with that, our margins went up almost three full points, which is great to see. And I think there was a lot of questions on the last earnings call about how sustainable the 30%-plus margins are. We feel pretty good about those and our ability to stay there.

是的。毛利率的問題問得很好。我認為對我們來說，重點是：相較去年第一季，銷售額大致持平、略有下滑，這不意外；但在此同時，我們的毛利率卻提升了將近整整三個百分點，這很令人振奮。而且我記得上次財報電話會議上，大家對於30%以上的毛利率是否可持續有很多疑問。我們對此相當有信心，也有能力維持在那個水準。

I think the things that have gotten us consistently above those numbers, above that 30% level, really are things like being good at pricing for the value that we believe we're providing to our customers. The mix of products a lot of times helps us, just some of our items have higher value maybe than the historical, more fragmented product lines that we're selling.

我認為讓我們能夠持續高於那些數字、也就是高於30%水準的因素，主要是像：我們很擅長依據我們相信能為客戶提供的價值來進行定價。產品組合也常常對我們有利；我們有些品項的價值可能高於過去我們所銷售、較為零散的歷史產品線。

And then lastly, I think it's just -- look, the higher the sales number, the better those margins are going to be. We have a pretty simple pretty simple P&L when you break it down with a lot of operating leverage below the line that's largely driven by what happens on the top line, and then the gross margins that go along with it based on pricing and mix and just overall efficiency of building things.

最後，我認為就是——你看，銷售額越高，毛利率通常就會越好。把損益表拆開來看，我們的結構其實相當簡單：在毛利以下有很大的營運槓桿，主要由營收端的表現所驅動；而毛利率則取決於定價、產品組合，以及整體製造效率。

Got it. Got it. And you mentioned the backlog, how it balanced post quarter, you're sitting around $18.6 million today. That's mainly a timing thing based on contracts, but I'm wondering if you can kind of give us an idea on the composition of that backlog and what's driving most of that replenishment, especially after the quarter?

了解。了解。你也提到積壓訂單在季後趨於平衡，目前大約是1,860萬美元。這主要是合約時點造成的，但我想請你大概說明一下這些積壓訂單的組成，以及在本季之後主要是什麼在推動補回，尤其是季後？

Yeah, so sure. The backlog usually has a pretty healthy mix of different items in it. I think the increase that we've seen is especially healthy. You have four different significant product lines across several customers.

好的，當然。積壓訂單通常會包含相當健康的多元品項組合。我認為我們看到的這次增加尤其健康。你會看到跨越多位客戶的四條重要產品線。

So we're seeing it in our integrated systems, in our custom cabling, which are the two areas that we expect sort of larger percentage growth than what we get out of our interconnect product that are -- those are largely distribution-friendly on the interconnect side, and we expect growth there, but a lot of times, those aren't project-based and things that are going to show in sort of a backlog increase.

所以我們在整合式系統、以及客製化線纜這兩個領域都看得到——這兩塊是我們預期成長占比會高於互連產品的部分；互連產品那邊主要更適合透過通路分銷，我們也預期會成長，但很多時候那類不是專案型，因此不一定會反映在積壓訂單的增加上。

They may come and go in a short period of time. So the increases we've seen, you've got some small cell in there, you've got some DAC thermal cooling, you have some custom cabling in the aerospace market. You've got some custom cabling in the industrial market, where we continue to see some great blue-chip customers ordering from us that have been with us for years. So it's a good healthy mix, I think, across the different product lines that drove that increase in backlog.

它們可能在短時間內進進出出。因此我們看到的增加裡面，有一些小型基地台（small cell）、有一些DAC熱冷卻、也有一些航太市場的客製化線纜。也有一些工業市場的客製化線纜；我們持續看到一些很優質的一線（blue-chip）客戶向我們下單，這些客戶多年來一直與我們合作。所以我認為，推動積壓訂單增加的是跨不同產品線的良好、健康的組合。

Great. I guess just one last question. I mean regarding back thermal cooling. I'm wondering if there's an update on how that's progressing in terms of customer interest in the NEMA 4 product? .

很好。我想最後一個問題。關於後端熱冷卻。我想了解一下，客戶對NEMA 4產品的興趣方面，目前進展如何？.

Yeah, thanks for that. Thanks for that. So the Dac thermal cooling product is one that we've seen significant growth. We saw significant growth in '25 compared to prior years. We continue to see that trajectory increase. And we're seeing a lot of interest. I think we're going to see customers making installations and trials to see how well it works in their various systems.

好的，謝謝你提這個。謝謝。DAC熱冷卻產品是我們看到顯著成長的一項。相較於前幾年，我們在'25年看到顯著成長。我們也持續看到這個趨勢在上升。而且我們看到很多興趣。我認為我們會看到客戶開始進行安裝與試用，來看看它在他們各種系統中的效果。

In a lot of cases, these are edge data center applications. The system is performing great, whether that's the [NEMA 4] or some of the other versions. We're basically producing exactly what we say we're going to do, significant savings and the equipment runs flawlessly without having to use air conditioning all the time, which is expensive and high maintenance as well.

在很多情況下，這些是邊緣資料中心（edge data center）的應用。不論是[NEMA 4]或其他版本，系統表現都非常好。我們基本上做到我們所承諾的：帶來顯著節省，而且設備運轉非常順暢，不需要一直使用空調——空調既昂貴又需要高維護。

So we're seeing some early stages of newer applications in cable and edge data centers that are new markets for us. They're new customers for us. I expect that will be a meaningful part of our growth, not only later this year, but in the subsequent years.

因此我們在電纜與邊緣資料中心等較新的應用上，正看到一些早期階段的進展——這些對我們而言是新市場。它們也是我們的新客戶。我預期這將成為我們成長的重要一環，不僅在今年較後段，也會在接下來幾年持續發酵。

Great. That was it for me. Thanks for taking my questions.

很好。我這邊就這些。謝謝你回答我的問題。

Thanks, Matt.

謝謝你，Matt。

(Operator Instructions) And there are no further questions in queue at this time. I would now like to turn the floor back to Rob Dawson for closing remarks.

(接線員指示) 目前隊列中沒有其他問題。我現在想把時間交回給Rob Dawson做結語。

Thank you, Tom. Appreciate it. I was hoping for a lot more questions because I have a lot of other answers, but I'll save those for the next call. I want to thank everyone for participating in today's call. We appreciate your support and look forward to sharing our progress on our Q2 earnings call in June. Have a great day.

謝謝你，Tom。非常感謝。我原本希望有更多問題，因為我還有很多其他答案，但我會留到下一次電話會議再說。我要感謝各位參與今天的電話會議。我們感謝各位的支持，也期待在6月的第二季財報電話會議上與各位分享我們的進展。祝各位有美好的一天。

Thank you. This does conclude today's conference call. You may disconnect at this time and have a wonderful day. Thank you once again for your participation.

謝謝。今天的電話會議到此結束。您現在可以掛線，祝您有美好的一天。再次感謝您的參與。