RF Industries Ltd (RFIL) 2026 Q2 法說會逐字稿

Greetings. Welcome to the RF Industries second quarter fiscal 2026 financial results conference call. (Operator Instructions) Please note, this conference is being recorded. I will now turn the conference over to your host, Donnie Case, Investor Relations again.

各位好。歡迎參加 RF Industries 2026 會計年度第二季財務業績電話會議。(接線員指示) 請注意，本次會議將被錄音。現在我將把會議交給您的主持人，投資人關係的 Donnie Case。

Thank you, John, and good afternoon, everyone, and welcome to RF Industries' second 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.

謝謝你，John。各位下午好，歡迎參加 RF Industries 2026 會計年度第二季財報電話會議。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。

We issued our press release after market today, and that release is available on our website at rfindustries.com. 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.

我們已於今日收盤後發布新聞稿，並可於我們的網站 rfindustries.com 查閱。我想提醒各位，在今天的電話會議中，管理層將發表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，即可辨識為前瞻性陳述。

These forward-looking statements reflect management's current views with respect to future events and financial performance and are subject to risk and uncertainties.

這些前瞻性陳述反映管理層目前對未來事件與財務表現的看法，並受風險與不確定性影響。

Actual results may differ materially from the outcomes contained in the 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.

實際結果可能與前瞻性陳述所載結果存在重大差異。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 Form 10-K 與 10-Q 報告及其他向美國證券交易委員會（SEC）提交文件中所討論的風險與不確定性。

RF industry undertakes no obligation to update or revise any forward-looking statements. 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.

RF Industries 不承擔更新或修訂任何前瞻性陳述的義務。此外，在本次電話會議中，我們將討論若干非 GAAP 財務衡量指標。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。

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

接下來，我將把會議交給執行長 Rob Dawson。Rob，請。

Thanks, Donnie. Good afternoon, everyone. Thanks for joining us. The RFI team delivered another quarter of solid execution in Q2, continuing the steady progression we've outlined over the last several quarters. As we've consistently communicated, our focus has been on improving profitability, diversifying our end markets, and scaling the business in a disciplined way.

謝謝你，Donnie。各位下午好。感謝各位加入我們。RFI 團隊在第二季再次展現穩健的執行力，延續我們過去幾季所勾勒的穩步進展。正如我們一貫所傳達的，我們的重點在於提升獲利能力、分散終端市場，以及以嚴謹的方式擴大業務規模。

And we're now delivering tangible results across each of those priorities that are converting into meaningful year-over-year improvement in both revenue and profitability.

而我們現在已在上述各項優先事項上交出具體成果，並轉化為營收與獲利能力在年對年上的顯著改善。

As a quick summary, second quarter revenue of nearly $21 million increased both year-over-year and sequentially. And gross profit margin expanded to 35.1%, a 360-basis point gain over the same period last year. Adjusted EBITDA nearly doubled year-over-year to $2 million. And we also delivered positive consolidated net income of $879,000 versus a loss of $245,000 in the second quarter of fiscal 2025.

簡要總結，第二季營收接近 2,100 萬美元，年對年與季對季皆成長。毛利率擴大至 35.1%，較去年同期提升 360 個基點。調整後 EBITDA 年對年幾乎倍增至 200 萬美元。我們也實現合併淨利 87.9 萬美元，相較於 2025 會計年度第二季淨損 24.5 萬美元。

Our team continued to generate robust bookings, driving backlog to $20 million at quarter end, and as of today, it sits at $20.1 million, which helps provide better visibility into the second-half of the fiscal year and supports our expectation of continued growth.

我們的團隊持續取得強勁的接單，帶動期末在手訂單（backlog）達 2,000 萬美元；截至今日為 2,010 萬美元，這有助於提升對本會計年度下半年的能見度，並支持我們對持續成長的預期。

Most notably, we're seeing the power in our operating leverage, with incremental revenue contributing disproportionately to the bottom line. These results reflect both the improved mix and operational discipline we've implemented across the business.

最值得注意的是，我們正看到營運槓桿的威力，增量營收對最終獲利的貢獻呈現不成比例的提升。這些成果反映了我們在全公司推動的產品組合改善與營運紀律。

From a momentum perspective, we're seeing clear validation of our strategy to position RFI as a solutions provider versus a component supplier. Customer engagement has increased meaningfully, especially in the wireless carrier ecosystem and with the related infrastructure providers.

從動能角度來看，我們清楚看到市場對我們策略的驗證：將 RFI 定位為解決方案供應商，而非僅是零組件供應商。客戶互動明顯增加，特別是在無線電信業者生態系以及相關基礎設施供應商方面。

We're receiving more targeted inbound interest with customers approaching us around specific use cases and deployments rather than general inquiries. I think this indicates that we're gaining visibility in our target end markets, which are among the most dynamic sectors in the US economy.

我們收到更多具針對性的主動洽詢，客戶是就特定使用情境與部署需求來找我們，而非一般性詢問。我認為這顯示我們在目標終端市場的能見度正在提升，而這些市場正是美國經濟中最具活力的領域之一。

These are markets like aerospace, data center infrastructure, venues, and transportation, which includes airport settings, rail, and other mass transit, for example.

這些市場包括航太、資料中心基礎設施、場館，以及交通運輸（例如機場環境、鐵路與其他大眾運輸）。

Our long-standing reputation for quality and service, our talented technical engineering teams and our commitment to the American workforce have created a strong value proposition to current and prospective customers.

我們長期以來在品質與服務方面的聲譽、優秀的技術工程團隊，以及對美國勞動力的承諾，為現有與潛在客戶創造了強而有力的價值主張。

Importantly, this is translating into increased demand. We continue to see steady activity across our pipeline, recurring order flow from key customers, including our largest accounts and continued strength in our distribution channels.

重要的是，這正轉化為需求的增加。我們持續看到管線活動穩定、關鍵客戶（包括我們最大的客戶）帶來的經常性訂單流，以及我們經銷通路的持續強勁表現。

Our pipeline remains a key source of confidence. We're actively engaged in several large potential opportunities, including multi-site deployments of our integrated systems that could represent meaningful incremental revenue if awarded. These opportunities are driven by large-scale network deployments and upgrades, and they include turnkey solutions that combine our products and technical know-how with installation and logistics support.

我們的商機管線仍是信心的重要來源。我們正積極參與數個大型潛在機會，包括我們整合式系統的多據點部署；若成功得標，可能帶來可觀的增量營收。這些機會由大規模網路部署與升級所驅動，並包含交鑰匙解決方案，將我們的產品與技術專長結合安裝與物流支援。

And of course, with each new solution or application, we fine-tune and expand our product and services roadmap.

當然，隨著每一項新解決方案或應用落地，我們也會持續微調並擴展我們的產品與服務藍圖。

Across our end markets, we're seeing visibility improve going forward. Regarding small cells, deployments were slower in the quarter based on timing from some key customers as they work through restructuring or other M&A-related details. We view this as a temporary timing issue, not a structural change in underlying demand. And we expect activity to resume and increase through the balance of the year.

在各終端市場方面，我們看到未來的能見度正在改善。就小型基地台（small cells）而言，本季部署速度較慢，主要是部分關鍵客戶因重整或其他併購（M&A）相關細節的時程所致。我們認為這是暫時性的時程問題，而非基礎需求出現結構性改變。我們預期相關活動將在今年其餘期間恢復並增加。

In early May, RFI participated in ConnectX, which is widely considered to be a premier US event for communication infrastructure and connectivity. It brings the entire wireless ecosystem together, carriers, tower companies, integrators, distributors and manufacturers in a single venue.

5 月初，RFI 參加了 ConnectX，該活動普遍被視為美國通訊基礎設施與連線領域的頂級盛會。它在同一場域匯聚整個無線生態系，包括電信業者、鐵塔公司、系統整合商、經銷商與製造商。

Our booth was extremely active and our customer discussions were specific and actionable. If customer engagement and booth traffic are real-time demand indicators, our telecom pipeline should continue to grow.

我們的攤位非常熱絡，與客戶的討論也具體且可執行。如果客戶互動與攤位人流可作為即時需求指標，我們的電信商機管線應可持續成長。

Custom cabling solutions continue to be a big contributor in the second quarter. To be clear, these are engineered builds rather than commodity items and are typically designed to meet exact specs for performance, durability or regulatory requirements.

客製化線纜解決方案在第二季仍是重要貢獻來源。需要說明的是，這些是工程設計製作，而非大宗商品，通常是為了符合性能、耐用性或法規要求等精確規格而設計。

RFI's reputation in this business is second to none. And a big reason that major aerospace and industrial manufacturing companies are repeat customers for mission-critical cabling systems, which is driving overall demand to near peak levels historically.

RFI 在此業務領域的聲譽首屈一指。這也是大型航太與工業製造公司成為關鍵任務線纜系統回購客戶的重要原因，並推動整體需求接近歷史高峰水準。

As you've heard from me before, we believe our DAC or direct air cooling systems are a game changer. We're seeing adoption expand across a broader set of use cases, many of which have been identified by our customers and partners. DAC is uniquely efficient and cost effective for both small and large deployments. And we're finding new ways to add incremental value, such as remote monitoring and installation services.

正如各位先前聽我提過的，我們相信 DAC（直接氣冷）系統將改變遊戲規則。我們看到其採用正擴展至更廣泛的使用情境，其中許多是由客戶與合作夥伴所辨識。DAC 對於小型與大型部署皆具備獨特的高效率與成本效益。我們也正在發掘新的方式來增加增量價值，例如遠端監控與安裝服務。

I've been asked about our DAC's competitive position. And while traditional HVAC is still an obvious competitive solution, we believe we have an edge on adaptability, functionality, and cost efficiency.

有人問到我們 DAC 的競爭定位。雖然傳統 HVAC 仍然是明顯具競爭力的解決方案，但我們相信在適應性、功能性與成本效率方面，我們更具優勢。

Technologies like liquid cooling, which is often used in hyperscale data centers. Is more likely to complement our offering rather than economically replace it. This is why we are leaning into edge data center market versus the massive hyperscale data centers. We believe our product portfolio is better understood and more visible in the market. Hats off to our marketing and technical teams who are making this happen.

像是液冷等技術，常用於超大規模資料中心。更可能是補強我們的產品供應，而非在經濟上取代它。這也是為什麼我們更著重於邊緣資料中心市場，而不是龐大的超大規模資料中心。我們相信我們的產品組合在市場上更容易被理解、也更具能見度。要向促成這一切的行銷與技術團隊致敬。

From an operational perspective, we continue to believe in the scalability of our manufacturing footprint and our capacity to meet growing demand. Ray will go into more detail on some of the areas that I've discussed, but let me give a quick summary before I hand the call off to Ray.

從營運角度來看，我們仍然相信製造據點具備可擴充性，並有能力滿足持續成長的需求。Ray 會就我提到的一些領域做更深入的說明，但在我把電話交給 Ray 之前，先做個簡要總結。

Looking ahead, we're feeling confident in our trajectory. With what we know today, we expect fiscal third quarter sales to increase sequentially over Q2. Integrated systems activity should accelerate in the back half of the year. Our diversified end market exposure provides durability, operating leverage to continue to drive margin expansion, and most importantly we're executing against the same strategic priorities we've outlined and delivering measurable results.

展望未來，我們對自身的發展軌跡感到有信心。以我們目前所掌握的資訊，我們預期會計年度第三季的銷售額將較第二季呈現季增。整合系統的活動應會在下半年加速。我們多元化的終端市場曝險提供了韌性，並帶來營運槓桿以持續推動毛利率擴張；更重要的是，我們正依照先前所闡述的相同策略優先事項執行，並交出可衡量的成果。

On a final note, we are pleased to learn that RFI is set to be included in the Russell 3000 beginning on June '26. Being included in this index should help to expand our visibility with institutional investors, enhance our liquidity and lead to a broader shareholder base.

最後補充一點，我們很高興得知 RFI 預計自 6 月 26 日起納入 Russell 3000 指數。納入該指數應有助於提升我們在機構投資人間的能見度、增進流動性，並帶來更廣泛的股東基礎。

Now let me turn the call over to Ray.

現在我把電話交給 Ray。

Thank you, Rob, and good afternoon, everyone. As Rob highlighted, the RFI team is executing very well. I want to take the next several minutes to walk you through how we are actively managing key levers of our business to drive growth, reduce vulnerability and create lasting shareholder value. I'll take you through sales, product management, engineering and operations and the levers driving our strategy forward.

謝謝你，Rob，各位下午好。如 Rob 所強調，RFI 團隊的執行表現非常出色。接下來幾分鐘，我想帶各位了解我們如何主動管理業務的關鍵槓桿，以推動成長、降低脆弱性並創造長期股東價值。我將依序說明銷售、產品管理、工程與營運，以及推動我們策略向前的各項槓桿。

Let me begin with our commercial results. The growth trajectory we have been building is showing up in our numbers. When you look at where we've come from, $18.8 million in Q2 of last year, $19.1 million last quarter and $20.7 million this quarter, the direction is clear. That's not a coincidence, it's our strategy working exactly as designed.

我先從商業成果談起。我們一路打造的成長軌跡已反映在數字上。回頭看我們走過的路：去年第二季 1,880 萬美元、上一季 1,910 萬美元、而本季 2,070 萬美元，方向非常明確。這不是巧合，而是我們的策略正如設計般發揮作用。

But the number I want you to focus on is our bookings. In Q2, we achieved over $26 million in bookings, our strongest bookings quarter in many years. Let that sink in. That performance drove our backlog to over $20 million, giving us the visibility and the confidence that the back half of 2026 is set up well.

但我希望各位聚焦的數字是我們的接單。在第二季，我們達成超過 2,600 萬美元的接單，這是多年來最強的一季接單表現。請好好消化一下。這樣的表現使我們的在手訂單（backlog）提升至超過 2,000 萬美元，讓我們對 2026 年下半年的展望更具能見度與信心。

We've been saying diversification would be our strength. And in Q2, proved it again. When one area faces timing pressures, others step up. That's not luck. That's a portfolio working exactly as it was designed.

我們一直說多元化將是我們的強項。而在第二季，我們再次證明了這點。當某一領域面臨時程壓力時，其他領域就會挺身而出。這不是運氣。這是產品組合正如設計般運作。

Custom cabling once again led the way, delivering strong results driven by contributions from both our Connecticut and Long Island teams. Interconnect put up solid combined numbers and continues to build a healthy backlog. And in integrated systems, these product areas continue to build momentum. The team delivered strong bookings during Q2, bolstering the backlog headed into the second-half of the year.

客製化線纜再次領先，康乃狄克與長島團隊的貢獻共同帶動了強勁成果。互連（Interconnect）交出穩健的合併數字，並持續建立健康的在手訂單。而在整合系統方面，這些產品領域也持續累積動能。團隊在第二季取得強勁接單，強化了進入下半年時的在手訂單。

Turning to engineering and product management, this remains an area of significant focus and I am pleased to report that the work we have been doing is translating directly into results. Our engineering road map continues to grow, spanning strategic initiatives, tactical developments and cost reduction efforts, representing meaningful revenue potential over the next few years.

接著談工程與產品管理，這仍是我們高度聚焦的領域；我很高興回報，我們所做的工作正直接轉化為成果。我們的工程藍圖持續擴大，涵蓋策略性計畫、戰術性開發與降本措施，未來幾年代表可觀的營收潛力。

What excites me is the innovation is already showing up in our numbers. Newly engineered products and solutions released in the first half have generated strong bookings and shipments, and we expect that momentum to continue to build as we move through the year.

讓我感到振奮的是，創新已經反映在我們的數字上。上半年推出的新設計產品與解決方案帶來強勁的接單與出貨，我們預期這股動能將在今年持續累積。

In Q2 specifically, we launched new products across thermal cooling and RF passives, proof that our road map is executing on schedule and delivering customer value. On the strategic side, we are advancing DAC trials with new customers, markets, and application, exciting developments that continue to validate our thermal cooling solutions.

就第二季而言，我們在散熱冷卻與 RF 被動元件領域推出新產品，證明我們的藍圖按計畫推進並為客戶創造價值。在策略面，我們正與新客戶、新市場與新應用推進 DAC 試用，這些令人振奮的進展持續驗證我們的散熱冷卻解決方案。

Our product roadmap is focused on developing and enhancing solutions that anticipate customer needs and expand the value we deliver across our end markets. Our engineering teams are building solutions designed not just for today's requirements, but for where our customers are headed. That forward-looking mindset is what we believe will make RF Industries the trusted partner of choice across the markets that we serve.

我們的產品藍圖聚焦於開發與強化能預先滿足客戶需求的解決方案，並擴大我們在各終端市場所提供的價值。我們的工程團隊打造的解決方案，不僅是為了滿足今天的需求，更是為了因應客戶未來的走向。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、值得信賴的合作夥伴。

Operations continues to be a key differentiator for us. Our US-based manufacturing footprint spanning both East and West Coast facilities combined with our deliberately diversified supply chain gives us the flexibility to respond quickly to changing demand while avoiding disruptions, built to scale, built to deliver, that is the operational foundation we have put in place.

營運持續是我們的關鍵差異化優勢。我們以美國為基地的製造版圖橫跨東、西岸廠區，再加上我們刻意多元化的供應鏈，使我們能在避免中斷的同時，靈活快速回應需求變化；可擴充、可交付，這就是我們所建立的營運基礎。

Two other areas worth highlighting first. Our cost reduction program is delivering strong results in the first half, driven by supplier negotiation, transformation initiatives, and tariff management through source relocation. That said, we are not naive about the tariff environment. With key decisions still ahead in July, we are monitoring the situation closely and are prepared to adapt as needed.

另外還有兩個值得先強調的領域。我們的降本計畫在上半年交出強勁成果，主要來自供應商議價、轉型計畫，以及透過移轉採購來源來管理關稅。話雖如此，我們對關稅環境並不天真。由於 7 月仍有關鍵決策待定，我們正密切監控情勢，並已準備好視需要調整。

The diversification of our supply chain and our ongoing strategic sourcing efforts position us well to manage whatever comes next.

我們供應鏈的多元化，以及持續進行的策略性採購工作，使我們能妥善因應接下來可能發生的任何變化。

Second, on inventory. It was slightly up this quarter due to timing. We had products built and ready to ship in Q2, but customer releases moved into Q3. As those releases come through, we expect inventory turns and working capital to improve.

第二點，關於庫存。本季因時點因素略有上升。我們在第二季已完成產品製造並準備出貨，但客戶的放行（release）延後到第三季。隨著這些放行逐步到位，我們預期庫存周轉與營運資金將改善。

Across all areas of our business, we are enhancing process efficiency, improving visibility and reinforcing execution discipline. Our teams are aligned, our tools are improving and our real-time visibility across all business units is giving us the insight to make faster, smarter decisions.

在業務的各個面向，我們都在提升流程效率、改善可視性並強化執行紀律。我們的團隊步調一致、工具持續改善，而我們對各事業單位的即時可視性，讓我們能更快、更聰明地做出決策。

This is the operational foundation that allows us to scale quickly, maintain consistent quality (inaudible) as demand grows. We are building an organization that is not just executing for today, but is structured to perform as we grow.

這就是讓我們能快速擴張、在需求成長時維持一致品質的營運基礎（聽不清）。我們正在打造一個不僅能應對當下、也具備隨成長而持續發揮表現之組織架構。

When I step back and look at what we are building, diversified revenue streams, disciplined operations, and a culture of innovation, it all connects. These aren't independent efforts. They work together to reduce vulnerability, create opportunities, and convert our pipeline and backlog into real performance gains, and importantly, we are doing it while closely (inaudible) and maintaining our operational integrity.

當我退一步回頭看我們正在打造的東西——多元化的營收來源、嚴謹的營運，以及創新文化——這一切彼此相連。這些並不是各自獨立的努力。它們相互配合，以降低脆弱性、創造機會，並將我們的商機管道與在手訂單轉化為實際的績效提升；而且重要的是，我們是在密切（聽不清）並維持我們的營運完整性的同時做到這一點。

I would categorize Q2 as a quarter that reinforced the growth trajectory of our business and quite frankly, it has us excited as we move into the second-half. The revenue growth is consistent, the bookings are at levels we haven't seen in many years, the backlog gives us real visibility and the team is executing.

我會將第二季歸類為一個強化我們業務成長軌跡的季度，坦白說，當我們邁入下半年時，這讓我們感到振奮。營收成長一貫穩健，接單達到我們多年未見的水準，在手訂單讓我們具備真正的能見度，而團隊也在落實執行。

That combination doesn't happen by accident. It happens when strategy, people, and execution align, and right now they are aligned.

這樣的組合不是偶然發生的。當策略、人員與執行一致時就會發生，而現在它們正是一致的。

I want to take a moment to recognize the RF Industries team across every segment and every function whose commitment and hard work made this quarter possible. They are the reason we are having this conversation today. And to our customers, your trust and partnership mean everything to us. We are confident in our ability to deliver results and unlock the full potential of our business and I can't wait to share what the second-half looks like.

我想花點時間表揚 RF Industries 團隊——涵蓋每個事業部與每個職能——正是他們的投入與辛勤工作讓本季成為可能。他們就是我們今天能進行這場電話會議的原因。也對我們的客戶而言，你們的信任與合作夥伴關係對我們至關重要。我們對於交付成果、釋放業務全部潛力充滿信心，也迫不及待想分享下半年將會是什麼樣貌。

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

接下來我把電話交給 Peter，請他說明財務結果。Peter？

Thank you, Ray, and good afternoon, everyone. As you just heard from Rob and Ray, our team continued to deliver strong results in our fiscal second quarter. Sales increased 9% on both a year-over-year and sequential basis to $20.7 million.

謝謝你，Ray，各位下午好。正如你們剛才從 Rob 和 Ray 那裡聽到的，我們團隊在本會計年度第二季持續交出強勁成果。銷售額年增與季增皆為 9%，達到 2,070 萬美元。

Gross profit margin increased 360 basis points to 35.1% from 31.5% year-over-year. The improvement reflected our team's strong execution to drive new business with price realization along with operational efficiencies focusing on cost control.

毛利率較去年同期提升 360 個基點，從 31.5% 升至 35.1%。這項改善反映了團隊強而有力的執行：透過價格落實推動新業務，同時藉由聚焦成本控管的營運效率提升。

We have long believed our business carries significant operating leverage above $20 million in quarterly revenue, and our Q2 results reflected exactly that.

我們長期以來一直相信，當單季營收高於 2,000 萬美元時，我們的業務具有顯著的營運槓桿，而第二季的結果正好印證了這一點。

Second quarter operating income was $1.1 million, a significant improvement from the $106,000 we reported last year. Consolidated net income was $879,000 or $0.08 per diluted share. On a non-GAAP basis, net income was $1.6 million or $0.14 per diluted share.

第二季營業利益為 110 萬美元，較去年我們報告的 10.6 萬美元大幅改善。合併淨利為 87.9 萬美元，或稀釋後每股 0.08 美元。以非 GAAP 基礎計算，淨利為 160 萬美元，或稀釋後每股 0.14 美元。

This compares to a consolidated net loss of $245,000 or $0.02 per diluted share and non-GAAP net income of $701,000 or $0.07 per diluted share in Q2 fiscal 2025. Second quarter adjusted EBITDA was $2 million, compared to adjusted EBITDA of $1.1 million in Q2 2025.

相較之下，2025 會計年度第二季合併淨損為 24.5 萬美元，或稀釋後每股 0.02 美元；非 GAAP 淨利為 70.1 萬美元，或稀釋後每股 0.07 美元。第二季調整後 EBITDA 為 200 萬美元，而 2025 年第二季調整後 EBITDA 為 110 萬美元。

Moving to the balance sheet, as of April 30, we had a total of $3.4 million of cash and cash equivalents, and we had working capital of $16.5 million and a current ratio of approximately 1.9 to 1. With current assets of $35.1 million and current liabilities of $18.6 million.

接著看資產負債表，截至 4 月 30 日，我們現金及約當現金合計為 340 萬美元，營運資金為 1,650 萬美元，流動比率約為 1.9 比 1。流動資產為 3,510 萬美元，流動負債為 1,860 萬美元。

At our second quarter end, we had $6.1 million outstanding on our revolving credit facility. We continue to actively manage working capital to strengthen our liquidity and overall capital position. As we continue to generate positive cash flow. We expect to reduce net debt to a level we view as immaterial relative to our balance sheet.

在第二季季末，我們循環信用額度項下尚有 610 萬美元未償。我們持續積極管理營運資金，以強化流動性與整體資本狀況。同時我們也持續產生正向現金流。我們預期將淨負債降至相對於資產負債表而言我們認為可忽略不計的水準。

Our inventory was $14.4 million, up from $12.6 million last year. We continue to monitor inventory levels closely, and we have a prudent approach to inventory management that balances discipline with customer demand. Inventory levels may fluctuate quarter to quarter based on timing of inventory received relative to expected shipments and any delays.

我們的存貨為 1,440 萬美元，高於去年的 1,260 萬美元。我們持續密切監控存貨水位，並以審慎方式管理存貨，在紀律與客戶需求之間取得平衡。存貨水位可能會因存貨到貨時點相對於預期出貨，以及任何延遲，而在各季度間波動。

Moving on to our backlog, bookings for the second quarter were $26.3 million, up $8.4 million versus the previous quarter, driving backlog to $20 million as of April 30, a $5.6 million increase quarter over quarter. As of today, our backlog currently stands at $20.1 million. As always, backlog can fluctuate based on order timing and fulfillment, but we view the increase as a strong indicator of second-half momentum.

再來談在手訂單，第二季接單為 2,630 萬美元，較前一季增加 840 萬美元，使得截至 4 月 30 日的在手訂單達到 2,000 萬美元，季增 560 萬美元。截至今天，我們的在手訂單目前為 2,010 萬美元。一如既往，在手訂單會因訂單時點與履約而波動，但我們認為這次增加是下半年動能強勁的指標。

Overall, our first half results reinforce the confidence we have in our business model and the operating leverage we are now realizing above $20 million in sales. With bookings accelerating and backlog building as we enter the second half of our fiscal year, we believe the margin and earnings trajectory we demonstrated in Q2 is sustainable, and we are committed to delivering continued growth and shareholder value going forward.

整體而言，上半年結果強化了我們對商業模式的信心，也印證了我們在銷售額高於 2,000 萬美元後正開始實現的營運槓桿。隨著接單加速、在手訂單在進入本會計年度下半年之際持續累積，我們相信第二季所展現的毛利率與獲利走勢具有可持續性，並承諾未來將持續帶來成長與股東價值。

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

接下來，我開放各位提問。

(Operator Instructions) Josh Nichols with B. Riley.

(接線員指示) B. Riley 的 Josh Nichols。

Hi, this is Matthew on for Josh. Thanks for taking my questions. I guess just to start off on the custom cabling side, it's basically now your largest product line. I'm wondering, like, is this the new shape of the business or do you expect integrated systems to come back and rebalance the mix.

嗨，我是 Matthew，代 Josh 發問。謝謝讓我提問。我想先從客製化線纜這一塊開始，它基本上現在是你們最大的產品線。我想了解，這是否就是業務的新樣貌，還是你們預期整合式系統會回升並重新平衡產品組合。

Hey, Matthew, thanks for the question. So look, we're really happy with the way custom cabling is performing. The team is doing amazing work, both with existing long-term customers and with new that we've acquired.

嗨，Matthew，謝謝你的問題。我們對客製化線纜的表現非常滿意。團隊做得非常出色，無論是既有的長期客戶，或是我們新取得的客戶。

I think when you look at the sort of the breakdown of the quarter from a product set. Integrated systems underperformed sort of our expectations in Q2, largely to my comments, just based on in the small cell world, we had some things that we expected would have been a little would have had more shipments in the quarter and some of those got pushed out to later in the year.

我想當你從產品組合的角度來看本季的拆分時，整合式系統在第二季的表現低於我們的預期，主要如我先前所說，在小型基地台領域，我們原本預期本季會有一些項目出貨量更高，但其中部分被延後到今年稍晚。

So I think we expect integrated systems is going to continue to grow for us and be a nice growth part of the business. That's not taking anything away from how great the custom cabling business is and can also be a growth engine. I mean, I think that's kind of all along is to raise comments.

因此我認為，整合式系統將會持續成長，並成為我們業務中一個不錯的成長板塊。這並不是要否定客製化線纜業務有多出色、也同樣可以成為成長引擎。我的意思是，我想這一直以來就是我想表達的重點。

We've tried to diversify in such a way that not every quarter is going to look exactly the same from a largest customer or two perspective nor from a sort of a product makeup. We're enjoying the fact that the systems are kind of firing in all different places and we're seeing that diversity hit.

我們一直嘗試以多元化的方式布局，讓每一季不會在最大客戶一兩家的占比，或產品組成上都長得一模一樣。我們很享受看到各個系統在不同領域同時發力，也看到這種多元性開始顯現。

Got it. And on that significant customer side, I mean, you have a large A&D customer that's been making up 10% of revenue since last quarter, around like 14% now.

了解。另外在那個重要客戶方面，我是說，你們有一個大型的航太與國防（A&D）客戶，從上季開始就占營收的10%，現在大約到14%左右。

I'm just wondering, how do you expect that ramp continuing through, I guess, like the fiscal third quarter, and like where does that run rate land realistically from here?

我只是想請教，你們預期這個爬坡在我想大概到會計年度第三季會如何延續？以及從現在起，這個營收占比的穩態水準實際上會落在什麼位置？

Yeah, I think it's look, it's a still somewhat newly acquired customer, that was last year we started doing material levels of business with the aerospace customer in particular and we're pleased with that relationship, we seem to be performing really well for them.

是的，我想是這樣：你看，這仍然算是相對新取得的客戶；去年我們開始特別是與那家航太客戶展開具規模的業務往來，我們對這段合作關係很滿意，我們似乎也為他們交付得非常好。

We've been working on unique designs specifically with them, that's the kind of business we do in our custom cabling product areas. Our expectation is that we're going to continue performing at solid levels there. It's not something we spend a lot of time trying to predict because it is really based on their schedule of need. But as long as we keep performing, we feel like it will be a consistent part of our business.

我們一直在與他們合作開發一些獨特的設計，這正是我們在客製化線纜產品領域所做的業務類型。我們的預期是，我們會持續在那裡維持穩健的表現水準。這不是我們會花很多時間去嘗試預測的事情，因為它確實取決於他們的需求排程。但只要我們持續表現良好，我們就覺得它會成為我們業務中一個穩定且持續的部分。

Got it. Thanks. And I guess it's shifting over. DAC seems like a long-term strong growth driver and I guess maybe you can you mentioned this a bit in the call but I'm wondering if you can expand more on like how on liquid cooling and thermal cooling and how the DAC solution kind of factors into data centers and the AI infrastructure play in general and I guess just kind of following on that is just in terms of like how the data center and AI infrastructure opportunity looks today and how that can change over the next 12 to 4 months for you guys?

了解。謝謝。我想接著換個話題。DAC 看起來是長期強勁的成長驅動因素；我想你們在電話會議中有稍微提到，但我想請你們再多展開說明一下：關於液冷與散熱冷卻，以及 DAC 解決方案如何融入資料中心與整體 AI 基礎設施的布局；另外延伸問一下，就你們而言，目前資料中心與 AI 基礎設施的機會看起來如何？以及未來 12 到 4 個月內可能會如何變化？

Yeah, sure. So look, we think our specific DAC solution is a really strong entry into the market in the last few years for edge data center applications. And to my comment. This is not the hyperscale 100,000-foot or larger, huge data centers that are a big topic at the moment. As more of those continue to get installed, they're also finding the people installing that equipment and those networks, they're finding that they need to push equipment closer to the users.

好的，當然。你看，我們認為我們特定的 DAC 解決方案，是我們近幾年切入邊緣資料中心應用市場的一個非常強的切入點。呼應我剛才的評論。這不是目前大家熱議的那種超大規模、10 萬平方英尺或更大、巨型資料中心。隨著更多這類資料中心持續建置，他們也發現，安裝那些設備與網路的人員發現他們需要把設備推得更靠近使用者。

And so that's the play we've been involved in for some period of time, starting with the wireless carrier ecosystem where we're entrenched, we know the people, we have agreements. That's sort of where we started getting our first wins, and that's now starting to expand into the folks that I would call more traditional data center players, both wireline and really the data center names that we talk about all the time in the news.

因此這就是我們一段時間以來參與的切入點，最初是從我們深耕的無線電信業者生態系開始——我們在那裡根基很深，我們認識相關的人，也有合作協議。那算是我們拿下第一批案子的起點，而現在也開始擴展到我稱之為較傳統的資料中心業者，包括有線網路（wireline）以及那些我們在新聞裡經常聽到的資料中心品牌。

So for us, it's focusing on those edge deployments. There's been a lot of chatter lately of certain municipalities and states coming out with rulings saying, hey, you can't build a data center here. As those large data centers get deferred or pushed maybe to a location that wasn't in the plan, we think the edge of the network is a great place to be. And so when you look at those buildings, cabinets, and enclosures that exist currently or that are being installed, they're less obtrusive.

所以對我們而言，重點在於那些邊緣端的部署。最近有很多討論提到，某些市政單位與州政府發布裁定說：嘿，你不能在這裡蓋資料中心。當那些大型資料中心被延後或可能被推到原本計畫之外的地點時，我們認為網路邊緣是一個很好的位置。因此當你看那些目前存在或正在安裝的建物、機櫃與機箱（enclosures）時，它們相對不那麼顯眼、干擾性較低。

They may not have equipment in them today, but they're going to need to. That's a place that our DAC systems really can benefit, both from a functionality perspective, but also just from a cost efficiency. We have the data that shows we're up to 75% more cost effective than traditional HVAC deployments in those kinds of environments.

它們今天可能還沒有放設備，但未來會需要。那正是我們的 DAC 系統能帶來效益的地方，既有功能面的優勢，也有成本效率上的優勢。我們有數據顯示，在這類環境中，相較傳統 HVAC 部署，我們最高可達 75% 的成本效益提升。

So we feel good about it. We think there's a nice growth trajectory ahead of us in that one to two years and beyond. We also see opportunities to reinvent what we're putting out there in the market today, related products and then upgrades to the things that we have today. It's really becoming a workhorse and it's nice growth trajectory from a few years ago where we were seeing minimal at any contribution from those product lines to what we're now seeing today.

所以我們對此感到樂觀。我們認為在未來一到兩年以及更長期，會有不錯的成長軌跡。我們也看到機會去重新打造我們目前投放市場的產品，包括相關產品，以及對現有產品的升級。它真的正在成為一個主力產品線；從幾年前這些產品線對營收幾乎沒有貢獻，到我們今天所看到的狀況，成長軌跡很令人欣慰。

Got it. Really insightful. I guess just final question for me, mainly on working capital and free cash flow. Looks like we're in capital absorbs some cash in the first half. I'm just wondering how we should think about those drivers changing in the second-half and I guess free cash flow conversion in general?

了解。非常有洞見。我想我最後一個問題，主要是關於營運資金與自由現金流。看起來上半年營運資金占用了部分現金。我想請教，我們應該如何看待下半年這些驅動因素的變化？以及整體自由現金流轉換率該怎麼看？

Yeah, thanks for the question. So as you saw, the cash came down a bit that was to pay the line down, right? Helping us with the interest expense line there. So as we continue, if you kind of exclude that, it's positive cash flow, but we plan on utilizing the cash to pay down the line closer to that minimum balance. And from there, we should start seeing kind of cash build.

好的，謝謝你的問題。如你所見，現金餘額下降了一些，那是用來償還循環信貸額度（line）的餘額，對吧？這也有助於降低利息費用那一項。所以接下來，如果你把那部分先排除，其實是正向現金流；但我們計畫運用現金把循環信貸額度償還到更接近最低餘額。之後，我們應該就會開始看到現金逐步累積。

Got it. That was all for me. Thanks for taking my questions.

了解。我這邊就這些。謝謝回答我的問題。

Thanks, Matthew.

謝謝你，Matthew。

(Operator Instructions)

（接線員指示）

We currently have no further questions in the queue. I'd like to turn the floor back over to Robert Dawson for closing remarks.

目前隊列中沒有其他提問。我想把時間交回給 Robert Dawson 作結語。

Thank you, John, and thanks, everyone, for joining us today. We appreciate your continued interest and support of RF Industries, and we look forward to sharing our third quarter results in September. Have a great day.

謝謝你，John，也謝謝各位今天加入我們。我們感謝各位持續關注並支持 RF Industries，也期待在 9 月與各位分享我們第三季的業績結果。祝各位有美好的一天。

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

今天的電話會議到此結束，您現在可以掛斷電話線。感謝您的參與。