RF Industries Ltd (RFIL) 2026 Q3 法說會逐字稿

Greetings. Welcome to the RF Industries Third Quarter Fiscal 2026 Financial Results Conference Call. (Operator Instructions) Please note, this conference is being recorded. I would now like to turn the conference over to your host, Donni Case, Investor Relations for RF Industries. You may begin.

各位好。歡迎參加 RF Industries 2026 會計年度第三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本次會議主持人、RF Industries 投資人關係 Donni Case。您可以開始了。

Thank you, Holly, and good morning, everyone. Joining me today are Rob Dawson, Chief Executive Officer; Ray Bibisi, President and Chief Operating Officer; and Peter Yin, Senior Vice President and Chief Financial Officer.

謝謝你，Holly，大家早安。今天與我一同出席的有：執行長 Rob Dawson；總裁兼營運長 Ray Bibisi；以及資深副總裁兼財務長 Peter Yin。

Before we begin, please note that today's discussion contains forward-looking statements under federal securities laws. Forward-looking statements are identified by the words such as will, be, intend, believe, expect, anticipate or other comparable words and phrases. Actual results may differ materially due to risks and uncertainties described in RF Industries' filings with the SEC, including reports on Form 10-K and 10-Q. The company undertakes no obligation to update forward-looking statements, except as required by law.

在開始之前，請注意今天的討論包含依據聯邦證券法所定義的前瞻性陳述。前瞻性陳述可由「將」、「會」、「打算」、「相信」、「預期」、「預估」、「預見」或其他類似字詞與片語辨識。由於 RF Industries 向美國證券交易委員會（SEC）提交之文件（包括 10-K 與 10-Q 表格報告）中所述的風險與不確定性，實際結果可能與前瞻性陳述存在重大差異。除法律要求外，公司不承擔更新前瞻性陳述之義務。

During the call, management will also discuss certain non-GAAP financial measures, including adjusted EBITDA, non-GAAP net income and non-GAAP earnings per share. Reconciliations to the most direct comparable GAAP measures are included in today's earnings release as well as the company's SEC filings.

在本次電話會議中，管理層亦將討論若干非 GAAP 財務衡量指標，包括調整後 EBITDA、非 GAAP 淨利以及非 GAAP 每股盈餘。與最直接可比之 GAAP 指標的調節表已包含於今日的財報新聞稿以及公司向 SEC 提交的文件中。

And with that, I'll turn the call over to Rob.

接下來，我把電話交給 Rob。

Thank you, Donni, and good morning, everyone. I'm on the East Coast today, so I appreciate you tuning in for something a little different with us, morning call today. So good morning. As I've said several times over the years, we like to communicate exactly what we're going to do as part of our long-term strategy and then we execute.

謝謝你，Donni，大家早安。我今天人在美國東岸，因此感謝各位收聽我們這場稍微不同的早晨電話會議。所以，早安。正如我多年來多次提到的，我們喜歡清楚溝通長期策略中我們要做的事，然後付諸執行。

Fiscal year 2026 is unfolding as we anticipated and communicated to you. Our third quarter results continue to demonstrate the earnings power we've been building across RF Industries. We delivered record high quarterly revenue of $24 million, up 21% year-over-year and 16% sequentially. We don't spend a lot of time talking about records while we're working hard on the business, but I think this deserves some acknowledgment. $24 million in sales is a new high watermark for RFI.

2026 會計年度的進展如同我們所預期並向各位溝通的一樣。我們第三季的結果持續展現我們在 RF Industries 全面打造的獲利能力。我們創下單季營收新高 2,400 萬美元，年增 21%，季增 16%。在我們努力經營業務時，通常不會花太多時間談論紀錄，但我認為這值得肯定。2,400 萬美元的銷售額是 RFI 的新里程碑。

And of course, our goal now is to break that record. Great work by the team.

當然，我們現在的目標是打破這項紀錄。團隊做得非常好。

With quarterly revenue above $20 million and increasing, our results are benefiting from the operating leverage we have long discussed, driving increased margins and allowing more dollars to flow through to the bottom line and producing significantly stronger profitability across the income statement. In Q3, we delivered profits that, in many cases, set a new standard for RFI performance. Operating income was $1.8 million. Non-GAAP net income was $2.2 million or $0.19 per diluted share, and adjusted EBITDA was $2.7 million or 11.1% of sales, above our 10% goal.

隨著單季營收突破 2,000 萬美元並持續成長，我們的成果正受惠於我們長期討論的營運槓桿效應，推動毛利率提升，並讓更多金額流向最終盈餘，使損益表各項獲利能力顯著增強。在第三季，我們交出在多個面向上為 RFI 表現樹立新標竿的獲利成果。營業利益為 180 萬美元。非 GAAP淨利為 220 萬美元，或稀釋後每股 0.19 美元；調整後 EBITDA 為 270 萬美元，約占銷售額的 11.1%，高於我們 10% 的目標。

Combined with a gross profit margin of 35.6%, exceeding our 30% gross margin objective in six of the last seven quarters, we believe these results reinforce that our transition toward higher-value solutions is creating a stronger, more profitable business. This is especially evident as our higher-value integrated systems and custom cabling solutions continue to gain traction. These offerings carry more engineering content, address larger project scopes and deepen our customer relationships. And in the third quarter, they made a significant contribution to our results.

再加上 35.6% 的毛利率（在過去七個季度中有六個季度超越我們 30% 的毛利率目標），我們認為這些結果進一步印證：我們朝向更高價值解決方案的轉型，正在打造更強健、獲利能力更高的企業。這點在我們更高價值的整合式系統與客製化線纜解決方案持續獲得市場動能時尤其明顯。這些產品與方案包含更多工程內容、涵蓋更大的專案範疇，並加深我們與客戶的關係。而在第三季，它們對我們的業績做出了顯著貢獻。

While our business mix can vary each quarter based on shipments and pipeline conversion, we believe the underlying strength and growing diversity in our business will carry forward. As customers increasingly seek fewer, more capable partners, we have expanded our offering to deliver turnkey solutions that span design, product fulfillment and site installation management. Ray will discuss this in more detail and share some of the behind-the-scenes execution that continues to strengthen our value proposition and business opportunities.

雖然我們的業務組合可能會因出貨與管線轉換而在每季有所變動，但我們相信業務的基本面強勁且多元化程度持續提升，將可延續至未來。隨著客戶愈來愈傾向選擇更少但能力更強的合作夥伴，我們已擴大產品與服務範疇，提供涵蓋設計、產品交付與現場安裝管理的一站式交鑰匙解決方案。Ray 將更詳細說明，並分享一些幕後的執行工作，這些工作持續強化我們的價值主張與商機。

Our strategy to diversify RFI's end markets and customer base is working. Today, our solutions support applications across aerospace, edge data centers, AI infrastructure, industrial manufacturing, medical imaging, transportation and public safety, many of which are rapidly growing markets. Our business platform is now broader, more resilient and has multiple avenues for growth.

我們分散 RFI 終端市場與客戶基礎的策略正在奏效。目前，我們的解決方案支援航太、邊緣資料中心、AI 基礎設施、工業製造、醫療影像、運輸與公共安全等多種應用，其中許多都是快速成長的市場。我們的業務平台如今更廣、更具韌性，並擁有多條成長路徑。

In closing, we're very excited about the future. Going forward, we remain focused on disciplined execution, serving our customers and building durable long-term value for shareholders. As I mentioned on our Q2 call, we expected a strong second half. And with one quarter to go, we're on target to achieve exactly that. With what we know today, we expect sales in our current fiscal fourth quarter to be roughly the same or above our Q3 sales level.

最後，我們對未來感到非常振奮。展望未來，我們仍將專注於紀律性的執行、服務客戶，並為股東打造可持續的長期價值。如同我在第二季電話會議中提到的，我們預期下半年將表現強勁。而在只剩一個季度的情況下，我們正朝著達成該目標前進。以我們目前掌握的資訊，我們預期本會計年度第四季的銷售額大致與第三季相當或高於第三季。

I want to thank the entire RF Industries team for their continued hard work and commitment. And as always, we appreciate the trust and partnership of our customers and the support of our shareholders.

我要感謝 RF Industries 全體團隊持續的努力與投入。一如既往，我們也感謝客戶的信任與合作，以及股東的支持。

Now I'll turn the call over to Ray to expand on our operational and go-to-market progress.

現在我把電話交給 Ray，請他進一步說明我們在營運與市場推進方面的進展。

Thank you, Rob, and good morning, everyone. I want 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. I will take you through sales, product management, engineering and operations and the levers driving our strategy forward.

謝謝你，Rob，大家早安。我想花幾分鐘帶各位了解，我們如何積極管理公司各項關鍵槓桿，以推動成長、降低脆弱性並創造持久的股東價值。我將從銷售、產品管理、工程與營運等面向，說明推動我們策略向前的槓桿。

Let me begin with our commercial results. And this quarter, I am pleased to say the results speak for themselves. As Rob highlighted, we delivered and delivered big. Q3 revenue came in at $24 million, exceeding expectations. But what I'm most proud of is not just the number, it's how we got there.

我先從商業成果談起。而在本季，我很高興地說，成果不言自明。正如 Rob 所強調的，我們交出成績，而且是大幅超標。第三季營收達 2,400 萬美元，超出預期。但我最自豪的不只是數字，而是我們如何做到的。

May, June, July, 3 consistent months, no slow start, no late quarter heroics, just steady disciplined execution from day 1 to the last. That is what we have been building toward. And in Q3, we delivered it. If Q1 and Q2 showed you the direction we were headed, Q3 shows you what this team is capable of. Our year-to-date revenue was solid, and I feel the momentum behind our team's determination to win.

5 月、6 月、7 月，連續三個月表現一致，沒有開局疲弱，也沒有靠季末衝刺的戲劇性逆轉，而是從第一天到最後一天都穩健且有紀律地執行。這正是我們一直努力打造的狀態。而在第三季，我們做到了。如果第一季與第二季讓各位看到我們前進的方向，第三季則讓各位看到這個團隊的能力。我們年初至今的營收表現穩健，我也感受到團隊決心取勝所帶來的動能。

Regarding bookings, Q3 was another strong quarter following the record-setting Q2 bookings. Importantly, our year-to-date bookings are ahead of our year-to-date sales, reflecting continued strong demand across our end markets and our backlog heading into Q4 gives us line of sight for the balance of the year.

在接單方面，第三季在第二季創紀錄的接單之後，再度交出強勁的一季。重要的是，我們年初至今的接單量高於年初至今的銷售額，反映終端市場需求持續強勁；而我們進入第四季的在手訂單也讓我們能清楚掌握本年度剩餘期間的能見度。

We've been saying diversification would be our strength and Q3 reinforced it. This quarter, every segment contributed meaningfully to our results and the contribution balance across the portfolio is improving. Custom Cabling continued to lead and deliver. Interconnect stepped up from Q2 and integrated systems continue to gain traction, demonstrating that the work that we have been doing across that segment is showing up in the results. This balance matters.

我們一直說多元化將是我們的優勢，而第三季再次印證了這點。本季每個事業部門都對業績做出實質貢獻，且整體產品組合的貢獻平衡正在改善。客製化線纜（Custom Cabling）持續領先並交出成果。互連（Interconnect）相較第二季有所提升，而整合式系統（Integrated Systems）持續獲得市場動能，顯示我們在該部門所做的工作正反映在成果上。這種平衡很重要。

We are a company where every segment contributes, every function executes and the whole is greater than the sum of its parts, and our team's performance in Q3 is evidence of that.

我們是一家每個部門都有貢獻、每個職能都能落實執行的公司；整體的成果大於各部分之和，而我們團隊在第三季的表現就是最好的證明。

Our customer base continues to broaden as well. This quarter, we saw meaningful contributions from customers across aerospace and defense, telecommunications, industrial and distribution channels with several new contributors emerging across our end markets. That breadth is what a healthy diversified business looks like, and I believe we are just getting started.

我們的客戶基礎也持續擴大。本季，我們看到來自航太與國防、電信、工業以及經銷通路等客戶的顯著貢獻，且在我們的終端市場中出現了數位新的貢獻者。這種廣度正是健康且多元化業務的樣貌，我相信我們才正要開始。

Turning to engineering and product management. This quarter, we made a significant and deliberate organizational move that I believe will be a meaningful driver of performance in quarters ahead. We unified our engineering and product line management teams under a single integrated structure within our Interconnect and Integrated Systems segments. When people who design our products and the people accountable for the commercial success sit on the same team, decisions get made faster, trade-offs get resolved sooner, and there is a clear ownership behind every product line.

接著談工程與產品管理。本季，我們進行了一項重大且經深思熟慮的組織調整，我相信這將在未來幾季成為推動績效的重要動能。我們將工程團隊與產品線管理團隊，在我們的互連（Interconnect）與整合系統（Integrated Systems）事業部門內，統一整合至單一的一體化架構之下。當設計產品的人與對商業成功負責的人同在一個團隊時，決策會更快做出、取捨更早釐清，且每一條產品線背後都有清楚的責任歸屬。

This is not just an organizational change, it's a direct commitment to our innovation trajectory and our ability to compete and win; built to deliver faster product launches, clearer accountability, stronger execution on complex programs and better solutions for our customers, all designed to ensure our engineering efforts translate into measurable revenue impact. Our product road map is not developed in isolation. It is directly linked to our market diversification strategy. When engineering, product management and sales are aligned around the same growth priorities, product development becomes a direct driver of market expansion. That alignment is what we believe will make RF Industries the trusted partner of choice across the markets that we serve.

這不僅是組織變革，更是我們對創新軌跡以及競爭、取勝能力的直接承諾；其設計旨在更快推出產品、更清楚的責任歸屬、更強的複雜專案執行力，並為客戶提供更好的解決方案，確保我們的工程投入能轉化為可衡量的營收影響。我們的產品路線圖並非在孤立狀態下制定。它與我們的市場多元化策略直接連結。當工程、產品管理與銷售圍繞相同的成長優先事項對齊時，產品開發就會成為市場擴張的直接驅動力。我們相信，這種對齊將使 RF Industries 成為我們所服務市場中值得信賴的首選合作夥伴。

We believe that our operations team and processes are also key differentiators for us. This quarter, there were no dramatic changes, and that is exactly the point. They are now firing on all cylinders. Our teams continue to execute against the same operational priorities we have outlined and the results continue to show up. Our U.S.-based manufacturing footprint, combined with a deliberate diversified supply chain gives us the flexibility to respond quickly to changing demand as well as managing our ever-shifting tariff and geopolitical landscape.

我們相信，我們的營運團隊與流程同樣是我們的關鍵差異化優勢。本季沒有出現戲劇性的變化，而這正是重點所在。它們現在正全速運轉。我們的團隊持續依照我們已闡述的相同營運優先事項執行，成果也持續展現。我們以美國為基地的製造佈局，加上刻意打造的多元化供應鏈，使我們能靈活快速回應需求變化，同時管理不斷變動的關稅與地緣政治環境。

Built to scale, built to deliver, that remains the operational foundation of this business.

可擴展、可交付，這仍是本業務的營運基礎。

Before I turn to our strategic levers, I want to highlight an area of growing focus for us, artificial intelligence. This quarter, we continue to make meaningful strides in developing AI as a business enablement tool, not simply for administrative efficiencies, but at the front lines of our business. Our initial focus has been on sales and customer-facing functions where AI is helping our teams work smarter, respond faster and engage more effectively with customers and prospects. This is just the beginning. Our road map will extend AI into engineering, operations and supply chain in quarters ahead.

在我談到我們的策略槓桿之前，我想強調一個我們日益聚焦的領域：人工智慧。本季，我們持續在將 AI 發展為業務賦能工具方面取得實質進展，不僅用於行政效率提升，更用在業務第一線。我們的初期重點放在銷售與面向客戶的職能，AI 正協助團隊更聰明地工作、更快速回應，並更有效地與客戶及潛在客戶互動。這只是開始。在未來幾季，我們的路線圖將把 AI 延伸至工程、營運與供應鏈。

We believe this will be a meaningful competitive differentiator, and we are committed to this initiative as we work faster and smarter to win.

我們相信這將成為重要的競爭差異化因素，並且在我們以更快、更聰明的方式取勝之際，將全力投入這項計畫。

When I step back and look at what we're building, diversified revenue streams, disciplined operations and the culture of innovation, it all connects. These aren't independent efforts. They work together to reduce vulnerability, create opportunity and convert our pipeline and backlog into real performance gains. And importantly, we are doing it without compromising our margins or our operational integrity.

當我退一步看我們正在打造的內容——多元化的營收來源、嚴謹的營運，以及創新文化——一切都彼此相連。這些並非各自獨立的努力。它們共同作用以降低脆弱性、創造機會，並將我們的商機管線與在手訂單轉化為實際的績效提升。而且重要的是，我們在不犧牲毛利率或營運健全性的前提下做到這一點。

I will categorize Q3 as a quarter where it all came together, and we did it with consistency. The revenue growth is real. The bookings are strong. The backlog gives us visibility and perhaps most importantly, every segment, every function, every person showed up. I want to take a moment to recognize the RF Industries team.

我會將第三季歸類為一個一切到位、且我們以一致性做到的季度。營收成長是真實的。接單表現強勁。在手訂單讓我們具備能見度，而或許最重要的是，每個事業部、每個職能、每個人都全力以赴。我想花點時間表揚 RF Industries 團隊。

You delivered. This quarter belongs to all of you. And to our customers, thank you for your continued trust.

你們做到了。本季的成果屬於你們每一位。也感謝我們的客戶，謝謝你們持續的信任。

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

接下來我把電話會議交給 Peter，請他帶大家回顧我們的財務結果。Peter？

Thank you, Ray, and good morning, everyone. As you heard from Rob, we hit some historic highs in our fiscal third quarter. Sales increased 21% year-over-year and 16% sequentially to a record $24 million. Gross profit increased 27% to $8.5 million and gross profit margin expanded 160 basis points to 35.6% from 34% in the prior year period. This improvement reflected our team's strong execution in driving new business, realizing the benefits of our higher-value offerings and maintaining disciplined cost control.

謝謝你，Ray，各位早安。正如各位從 Rob 那裡聽到的，我們在本會計年度第三季創下了一些歷史新高。銷售額年增 21%、季增 16%，達到創紀錄的 2,400 萬美元。毛利增加 27% 至 850 萬美元，毛利率較去年同期的 34% 擴大 160 個基點至 35.6%。這項改善反映了我們團隊在推動新業務、實現更高價值產品組合的效益，以及維持嚴謹成本控管方面的強勁執行力。

We have long believed our business carries significant operating leverage, and our Q3 results provided further evidence of that leverage.

我們長期以來一直相信，我們的業務具備顯著的營運槓桿，而第三季的結果進一步證明了這一點。

Third quarter operating income was $1.8 million compared to $720,000 in the prior year quarter. Operating margin improved to 7.3% from 3.6% last year. Consolidated net income was $1.4 million or $0.12 per diluted share. On a non-GAAP basis, net income was $2.2 million or $0.19 per diluted share. This compares with consolidated net income of $392,000 or $0.04 per diluted share and non-GAAP net income of $1.1 million or $0.10 per diluted share in the third quarter of fiscal 2025.

第三季營業利益為 180 萬美元，去年同期為 72 萬美元。營業利益率由去年的 3.6% 提升至 7.3%。合併淨利為 140 萬美元，或稀釋後每股 0.12 美元。以非 GAAP 基礎計算，淨利為 220 萬美元，或稀釋後每股 0.19 美元。相較之下，2025 會計年度第三季合併淨利為 39.2 萬美元，或稀釋後每股 0.04 美元；非 GAAP 淨利為 110 萬美元，或稀釋後每股 0.10 美元。

Third quarter adjusted EBITDA was $2.7 million compared with adjusted EBITDA of $1.6 million in the prior year quarter, representing an increase of approximately 71%. Adjusted EBITDA as a percentage of sales improved to 11.1% from 7.9% last year, exceeding our long stated long-term goal of 10%.

第三季調整後 EBITDA 為 270 萬美元，去年同期調整後 EBITDA 為 160 萬美元，約增加 71%。調整後 EBITDA 佔銷售額比重由去年的 7.9% 提升至 11.1%，超越我們長期以來所設定的 10% 長期目標。

Turning to our year-to-date results. For the first nine months, sales increased 10% to $63.6 million. Gross profit increased 19% to $21.9 million, with gross profit margin expanding to 34.5% from 31.8% in the prior year period. Operating income increased to $3 million from $882,000 and adjusted EBITDA increased 61% to $5.7 million from $3.5 million.

接著看年初至今的結果。前九個月，銷售額增加 10% 至 6,360 萬美元。毛利增加 19% 至 2,190 萬美元，毛利率由去年同期的 31.8% 擴大至 34.5%。營業利益由 88.2 萬美元增加至 300 萬美元，調整後 EBITDA 由 350 萬美元增加 61% 至 570 萬美元。

Moving on to the balance sheet. As of July 31, 2026, we had $4.5 million of cash and cash equivalents, working capital of $18.3 million and a current ratio of approximately 2.0:1 with current assets of $36.4 million and current liabilities of $18.1 million. At the end of the third quarter, we had $5.7 million outstanding on our revolving credit facility, down from $6.1 million at the end of the second quarter. Cash increased by approximately $1.1 million during the quarter, while revolver borrowings declined by approximately $400,000, resulting in a meaningful improvement in our net debt position.

接著看資產負債表。截至 2026 年 7 月 31 日，我們持有現金及約當現金 450 萬美元，營運資金 1,830 萬美元，流動比率約 2.0:1；其中流動資產 3,640 萬美元、流動負債 1,810 萬美元。在第三季末，我們在循環信用額度項下的未償餘額為 570 萬美元，較第二季末的 610 萬美元下降。本季現金增加約 110 萬美元，同時循環額度借款減少約 40 萬美元，使我們的淨負債部位出現顯著改善。

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 our net debt to a level we view as immaterial relative to our balance sheet. Inventory was $13.2 million compared to $14.4 million at the end of the second quarter and $13.7 million at the beginning of the fiscal year. We continue to monitor inventory levels closely and maintain a prudent approach to inventory management that balances discipline with customer demand. Inventory levels may fluctuate from quarter-to-quarter based on the timing of inventory receipts, expected shipments and potential customer or supply chain delays.

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。隨著我們持續產生正向現金流，我們預期將把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。存貨為 1,320 萬美元，較第二季末的 1,440 萬美元下降，亦低於本會計年度初的 1,370 萬美元。我們持續密切監控存貨水位，並維持審慎的存貨管理方式，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、預期出貨，以及潛在的客戶或供應鏈延遲，而在各季度間波動。

Demand remained healthy during the quarter. Third quarter bookings were $22.5 million, representing a book-to-bill ratio of approximately 0.94 times, and backlog at July 31 was $18.6 million. As of today, backlog stands at $19.8 million. As always, backlog can fluctuate based on order timing and fulfillment, but we believe our current backlog and opportunity pipeline provide a solid foundation as we enter the final quarter of our fiscal year.

本季需求維持健康。第三季接單金額為2,250萬美元，約當接單出貨比（book-to-bill）0.94倍，7月31日的在手訂單（backlog）為1,860萬美元。截至今日，在手訂單為1,980萬美元。一如既往，在手訂單會因訂單時點與履約交付而波動，但我們相信目前的在手訂單與商機管線為我們進入本會計年度最後一季提供了穩固基礎。

Overall, our third quarter results reinforce the confidence we have in our business model and demonstrate the operating leverage we are realizing at higher revenue levels. With quarterly sales reaching approximately $24 million, gross profit margin remaining above 35% and adjusted EBITDA as a percentage of sales exceeding 11%, we delivered another quarter of meaningful improvement in profitability and cash generation. We remain focused on converting our backlog and pipeline into revenue, maintaining disciplined cost management and delivering continued growth and shareholder value.

整體而言，我們第三季的成果強化了我們對商業模式的信心，並展現在較高營收水準下所實現的營運槓桿。在單季銷售額達到約2,400萬美元、毛利率維持在35%以上，且調整後EBITDA占銷售額比重超過11%的情況下，我們再度交出一季在獲利能力與現金創造方面具實質改善的表現。我們仍將專注於把在手訂單與商機管線轉化為營收，維持嚴謹的成本管理，並持續帶來成長與股東價值。

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

接下來，我將開放各位提問。

At this time, we will be conducting a question-and-answer session. (Operator Instructions)

此刻我們將進行問答環節。(接線員指示)

Tyler Burmeister, Lake Street.

Tyler Burmeister，Lake Street。

Hey, good morning. Congrats on the solid quarter and continued strong momentum here. Maybe first, I want to ask about the Integrated Systems, the small cell business in particular. Did that improve as you expected? And I guess just looking forward, some of the disruptions in the first half, is that completely behind you guys now?

嗨，早安。恭喜本季表現穩健，且動能持續強勁。我想先問整合系統（Integrated Systems），特別是小型基地台（small cell）業務。它的改善是否符合你們的預期？另外往前看，上半年的一些干擾因素，現在是否已經完全過去了？

Yes, good question. So yes, on the small cell side, that market has been a tough market for a while, just predictability, I think, of deployments for technology reasons and a variety of other things. I think it started to do what we thought it was going to do during the third quarter. We see it picking up momentum into the fourth and certainly into next fiscal year. So it's doing what we thought.

是的，好問題。小型基地台這一塊，那個市場一段時間以來都相當艱難，主要是可預測性問題，我想與技術部署的原因以及其他各種因素有關。我認為第三季開始出現我們原先預期的走勢。我們看到它在第四季動能回升，並且在下一個會計年度更為明顯。所以它正在朝我們預期的方向發展。

It's behind -- look, the dollars delivered there are behind what we thought they would be at the beginning of the year. But with a little bit of delay, it's now starting to accelerate, and we feel really bullish on it as we go into the end of this year and into fiscal '27.

它確實落後——你看，該業務實際交付的金額低於我們年初的預期。但在稍有延遲之後，現在開始加速，我們對於今年底以及進入2027會計年度（fiscal '27）都非常看多。

Good. Great to hear that. And on the DAC systems, now with just a quarter left in your fiscal year, I was wondering if you could maybe bracket what you expect the size of the DAC business to be for you guys this year? And any comments about growth expectations for that in particular as we head into the next fiscal year would be helpful?

很好。很高興聽到。再談DAC系統，現在你們的會計年度只剩一季，我想請你們大概框一下今年DAC業務規模你們預期會是多少？另外，對於下一個會計年度該業務的成長預期，有任何評論也會很有幫助。

Sure. Yes. While we don't give specific dollars by product line, generally, I think if you go back a couple of years ago, our DAC business was relatively immaterial against our total sales. And we've seen significant growth where it's now in the millions of dollars per quarter being delivered. So our expectation is to be north of $10 million in sales and accelerating.

當然。是的。雖然我們不會按產品線提供具體金額，但一般來說，如果你回顧兩三年前，我們的DAC業務相對於總銷售額而言並不顯著。而我們已看到顯著成長，目前每季交付已達數百萬美元。因此我們預期銷售額將超過1,000萬美元，且仍在加速。

I think we view that, as we've said for several quarters, as one of the big driving growth engines.

我想我們的看法是——正如我們過去幾季所說——這是其中一個主要的成長驅動引擎。

It's sticky. We're getting connected with our customers. We're performing well. We're starting to show more customers there outside of the kind of the traditional telecom space where we've -- in wireless where we've existed for years. We're starting to spread out into other markets as we've talked about in prior calls.

它具有黏著度。我們與客戶的連結正在加深。我們表現良好。我們也開始在傳統電信領域之外，接觸更多客戶——過去多年我們主要在無線領域深耕。如同先前電話會議所談，我們正開始擴展到其他市場。

So I think we -- that's another one that we feel very, very strong about and think it has not just short-term opportunity, but long-term growth with current and new customers both.

所以我認為——這也是我們非常、非常有信心的一塊，不僅有短期機會，對於現有與新客戶而言也具備長期成長性。

Great. Great. I appreciate that color. Maybe just one last one for me. The aerospace -- large aerospace customer, I guess, seems to continue to be very strong there.

很好。很好。謝謝你提供這些補充說明。我最後再問一題。航太——那家大型航太客戶，看起來仍然非常強勁。

Just want to make sure as we think about next year, that strength and that backdrop is a strong backdrop. I just want to make sure there's no potential pockets of weakness that we should be thinking about as we head into next year. And then kind of second on that, that one large customer, has your success there led to any further conversations with potentially other customers that you could expand that aerospace business in as well?

我想確認一下，當我們思考明年時，這樣的強勢與大環境仍是很好的支撐。我只是想確保，進入明年時沒有任何可能的疲弱區塊是我們需要留意的。另外第二點，針對那一家大型客戶，你們在那裡的成功是否帶來與其他潛在客戶的進一步對話，讓你們也能擴大航太業務？

Sure. Yes. I mean I'll take the first part of that first, and then we'll go into the other piece. So I think we feel very strongly about the relationship we have with that customer. I think our team -- the majority of that work, if not all, being performed in Long Island by our team there.

當然。是的。我先回答第一部分，然後再談另一部分。我想我們對與該客戶的合作關係非常有信心。我認為我們團隊——那項工作大部分、甚至全部，都是由我們在長島（Long Island）的團隊執行。

They're doing a great job. And I think that it's design work, it's engineering, it's technical involvement. I think that makes it a very connected relationship where we don't see reasons why that would have pockets of weakness. There can always be timing of order placement and fulfillment on those. But I think with what we know today, as long as we keep performing, we expect that, that's a long-term relationship and that the team is doing a great job there.

他們做得非常出色。而且我認為那是設計工作、工程作業與技術參與。這使得合作關係非常緊密，因此我們看不出會出現疲弱區塊的理由。當然，訂單下達與履約交付的時點仍可能有波動。但以我們目前所掌握的情況，只要我們持續交出表現，我們預期那會是一段長期關係，而團隊在那裡也做得非常好。

So on the second piece of it, we always find when we get wins in new markets or new product areas, immediately, that's the tip of the spear to go after other opportunities and try to break in. And so that's worked across all of our product lines at different times. And I think the experience and the relationship that we have there with that aerospace customer and the design work and expertise just makes us that much stronger. So certainly, it's allowing us to have different communications with new customers and share the story. One success tends to breed more.

至於第二部分，我們一向發現，當我們在新市場或新產品領域取得勝利時，那會立刻成為我們去爭取其他機會、嘗試打入更多客戶的尖兵。而這在我們各產品線於不同時期都曾奏效。我認為我們與該航太客戶的經驗與關係，以及設計工作與專業能力，讓我們更具優勢。因此，這確實讓我們能與新客戶進行不同的溝通並分享成功故事。一個成功往往會帶來更多成功。

And I think that's how you grow a small company into a bigger company is you get some wins and then you leverage that. And that's what we're in the throes of right now and hope to be able to share some successes in coming quarters.

我認為小公司成長為大公司的方式，就是先取得一些勝利，然後加以槓桿運用。而這正是我們目前正在全力推進的事情，也希望能在接下來幾季分享一些成果。

That sounds great. That sounds great. Well I appreciate all the color. Thanks guys.

聽起來很棒。聽起來很棒。謝謝你提供這些補充說明。謝謝各位。

Thanks Tyler. Appreciate it.

謝謝你，Tyler。感謝。

Matthew Maus, B. Riley.

Matthew Maus，B. Riley。

Good morning. Thanks for taking my questions. I'll start off. So there was a wireless carrier that was about back to like 17% of sales this quarter. Do you think that's the outdoor build season kicking in the way you've talked about? And do you see that level of carrier activity something that carries into the fourth quarter? How should we think about that?

早安。謝謝回答我的問題。我先從這裡開始。本季有一家無線電信商約占銷售額的17%。你認為這是你們提到的戶外建置季節開始發力嗎？你是否認為這樣的電信商活動水準會延續到第四季？我們應該如何看待？

Yes. I think it's interesting. We see -- if you look at our top 5 to 10 customers, there's some movement within those, certainly top three and even beyond where depending on project timing of some of the bigger spend, they move around depending on who is the first, second, third as far as largest customers. In this case, I think what makes us very comfortable with continuation of meaningful contribution of dollars from this customer and many of our big ones is that they're not just buying one product line from us.

是的。我覺得這很有意思。我們看到——如果你看我們前5到10大客戶，名單內部確實會有一些變動，尤其是前三大，甚至更往後也一樣；取決於某些大型專案支出的時點，他們在最大客戶排名上會在第一、第二、第三之間互換。在這個案例中，讓我們對該客戶以及我們許多大型客戶能持續帶來可觀金額貢獻感到很安心的一點是：他們不只是向我們採購單一產品線。

And so it starts to make it much healthier when you're selling four or five different critical items into customer need in different applications and different markets, different budgets that are -- where the spend is coming from. So it's -- while it's not always easy to predict exactly which customer is going to be -- have a higher spend in a given 90-day window of time, I think annually, we see our customers growing with us because we are getting into more applications and more markets and more locations and budget opportunities, which does give us comfort to your point, of seeing continuation into Q4 and into fiscal '27.

因此，當你把四到五項不同的關鍵產品，針對客戶在不同應用與不同市場、不同預算下的需求進行銷售——也就是支出來源所在——整體就會健康得多。所以——雖然在任何一個 90 天的時間窗內，要精準預測哪一位客戶會有較高支出並不總是容易，但我認為以年度來看，我們看到客戶會隨著我們一起成長，因為我們切入了更多應用、更多市場、更多地點與更多預算機會；這也如你所說，讓我們對 Q4 以及延續到 2027 財年感到更有信心。

Got it. And as for DAC trials and the NEMA 4 opportunities, I'm wondering like when does that start to show up as a real revenue contributor? And like what the time line looks like there, if there's any update?

了解。另外，關於 DAC 試點以及 NEMA 4 的機會，我想問的是：這些什麼時候會開始成為實質的營收貢獻？以及那邊的時間表大概長什麼樣子，有沒有任何更新？

Yes. So I think on the DAC side, as we mentioned earlier, we're seeing significant growth overall in that solution set and the product line sort of across the board with several different kinds of customers. When we talk about the NEMA 4 and some of the specific different maybe than traditional wireless applications, which is where that's playing out, we expect a much more material contribution from those kinds of customers that are more, I'll call them, wireline, edge data center, telecom, traditional telco, edge AI, however you want to bucket that, we kind of look at all those as the same application where it's a small building enclosure or box at the edge of a network that's filled with hot equipment that needs to be cooled.

是的。所以我想在 DAC 這一塊，如同我們先前提到的，我們看到整體在該解決方案組合與產品線上、面向多種不同類型客戶，都出現顯著成長。當我們談到 NEMA 4，以及一些可能不同於傳統無線應用的特定場景（這正是它發揮作用之處）時，我們預期來自這類客戶會有更具實質性的貢獻；我會把他們稱為有線（wireline）、邊緣資料中心、電信、傳統電信業者（telco）、邊緣 AI——不管你想怎麼分類——我們基本上把這些都視為同一種應用：在網路邊緣有一個小型建築外殼或箱體，裡面放滿高溫設備，需要被冷卻。

So for us, while it's not all NEMA 4, that's one specific product type that meets a certain customer need. We kind of put all those into the same area where those markets and that application for us is proving success and the deployment schedules that we're looking at with customers jointly start to accelerate into fiscal '27. So not a huge material contribution this fiscal year. But I think when we look at -- to Ray's comments earlier, we look at levers of growth, that's certainly one of those that we see adding on to the traditional markets that we've been in and performing very well with DAC.

所以對我們而言，雖然不全都是 NEMA 4，但那是一種符合特定客戶需求的特定產品類型。我們把這些都歸在同一個領域；對我們來說，這些市場與應用正在證明其成功，而我們與客戶共同檢視的部署時程，會在 2027 財年開始加速。因此在本財年不會有很大的實質貢獻。但我認為，正如 Ray 先前的評論，當我們看成長槓桿時，這確實是其中之一；我們看到它會在我們既有且以 DAC 表現非常好的傳統市場之外，帶來額外增量。

Got it. And kind of related news -- related industry news. I mean, about a month ago, there was a Verizon-Google Edge deal. I'm wondering, are deals like that starting to translate into demand for your DAC and edge products? Or like what's the sort of connect there for you guys?

了解。另外有些相關消息——產業相關的消息。大概一個月前，有一筆 Verizon 與 Google 的 Edge 合作案。我想問，像那樣的交易是否開始轉化為對你們 DAC 與邊緣產品的需求？或者說，對你們而言其中的連結是什麼？

Yes. So it's not always a one-for-one, but I think directionally, any time you see a deal like that, it's encouraging. It means that sort of the recognition that we've spoken about for several quarters that there's a lot of demand happening at the edge of the networks. Not everyone can build the hyperscale data center that they may want to, whether that's because it doesn't meet their need or because of one of the things we're experiencing now is local pushback on the builds happening for these.

是的。所以不一定是一對一的關係，但我認為方向上來說，任何時候看到那樣的交易都令人鼓舞。這代表我們過去幾季一直在談的那個認知正在形成：網路邊緣正在出現大量需求。並不是每個人都能建他們可能想要的超大規模資料中心（hyperscale data center），不論是因為那不符合其需求，或是因為我們現在也正在經歷的一件事：在當地對這些建設出現反對聲浪。

So we believed for a long time that there was going to be this sort of dissemination of technology moving from the core to the edge. We've seen that for years in several different generations of deployments. I think the AI pushback on hyperscale data centers was an unexpected help there, which I think probably helps push some of that spend and helped accelerate that deal. So I mean that was a great win, obviously, for Verizon and helpful for Google. I think for us, it's another reason why finding additional ways to cool much more cost effectively.

所以我們長期以來一直相信，技術會以某種方式從核心向邊緣擴散。在好幾個不同世代的部署中，我們多年來都看到了這點。我認為，AI 對超大規模資料中心的反彈是一個意料之外的助力，這可能把部分支出推向邊緣，也幫助加速了那筆交易。所以我的意思是，那顯然是 Verizon 的一個重大勝利，對 Google 也有幫助。我認為對我們而言，這也再次說明為什麼要找到更多方式，以更具成本效益的方式進行冷卻。

I mean that's one of the pushbacks, is there's a lot of water. There's a lot of electricity needed for the bigger data centers. We've got a way when you get to the edge of the network that it can be 70% or 80% more cost effective. That's a great thing in one of the major key reasons why it's not that easy to deploy these sometimes. So we're seeing these deployments accelerate at the edges.

我的意思是，其中一個反對點在於用水量很大。大型資料中心也需要大量電力。而當你走到網路邊緣時，我們有一種方式可以做到成本效益高出 70% 或 80%。這是一件很棒的事，也是其中一個主要關鍵原因，說明為什麼這些部署有時並不那麼容易推進。因此我們看到邊緣端的部署正在加速。

We're being included in more discussions across several different customer types, including the kinds involved in this deal. And we feel extremely comfortable that we've got a great solution that should benefit from that kind of increased focus and spend.

我們也被納入更多討論，涵蓋多種不同客戶類型，包括參與這類交易的那些客戶。而且我們非常有信心，我們擁有很好的解決方案，應能受惠於這種更高的關注度與支出。

Very informational. Just one more quick one, kind of similar to the first question I asked about carrier spend. So in terms of like carrier CapEx or OpEx spend and how that -- how you expect that to kind of trend over this fourth quarter and I guess, fiscal '27, like how should we think about that compared to where it's been at over the past year or so, like in terms of looking over the next 12 months, how should we see that changing, if at all?

資訊非常充分。再快速問最後一個，跟我第一個關於電信業者支出的問題有點類似。所以就電信業者的資本支出（CapEx）或營運支出（OpEx）而言，以及你們預期它在第四季、以及我想 2027 財年會如何走勢——相較於過去一年左右的水準，我們應該怎麼看？也就是往後 12 個月來看，這會如何變化（如果會變的話）？

Yes. I think from a carrier CapEx on the wireless side, in particular, all the projections that have been out there for several months say that, that spend is going to largely be flat. Does that mean slightly up, slightly down or no change? It really depends on the carrier and what exactly they're working on. I think the spend that's happening now, though, is very focused on critical items.

是的。我認為就無線端、特別是電信業者的資本支出而言，過去幾個月市場上所有的預測都指出，這項支出大致會持平。這代表小幅上升、小幅下降，或是沒有變化嗎？這真的取決於各家電信業者，以及他們具體在推進什麼。不過我認為，目前正在發生的支出非常聚焦在關鍵項目上。

There was a big run-up years ago around 5G. I think that becomes -- as we've said for years, we're less interested in 4G, 5G, 6G. We're more interested in densification and filling in the gaps in the network and better quality. Now there's a big push for including fiber in those discussions as well. To your point, the Verizon deal is a good example of that.

幾年前在 5G 周期曾有一波大幅拉升。我認為那會變成——如同我們多年來所說，我們對 4G、5G、6G 的興趣較低。我們更關注的是網路加密（densification）、補足網路缺口，以及提升品質。現在也有一股很大的推力，將光纖也納入這些討論。如你所說，Verizon 那筆交易就是一個很好的例子。

So I think we look at the different applications that we're aligned with across our portfolio and feel very comfortable that the CapEx spend that's happening is more than enough to support our growth, both as we break into new areas of opportunity as we take share in some cases. And we also have product lines that are more on the OpEx side of things and not necessarily coming out of a bucket of CapEx spend.

所以我認為，我們看的是整個產品組合所對齊的不同應用，並且非常有信心：目前正在發生的資本支出，已經綽綽有餘足以支撐我們的成長——不論是我們切入新的機會領域，或是在某些情況下取得市占。而且我們也有一些產品線更偏向營運支出（OpEx）端，不一定是從資本支出（CapEx）的預算桶裡支出。

So I don't think -- we don't tie at least for us a one-for-one carrier CapEx to our opportunity. And certainly, this year and last year, there was not a significant increase in carrier CapEx, yet we're showing an increase across those customers. So I think we feel comfortable that there's enough spend happening for us to perform and do what we're supposed to do as a company, and the team is doing a really good job of getting our fair share.

所以我不認為——至少對我們而言——我們不會把電信業者的 CapEx 與我們的機會做一對一的連結。而且可以確定的是，今年與去年電信業者 CapEx 並沒有顯著增加，但我們在這些客戶上的表現仍呈現成長。因此我認為，我們有信心市場上有足夠的支出，讓我們能夠表現並完成公司該做的事，而團隊也做得非常好，拿到我們應得的份額。

Great, that was all for me. Thanks.

很好，我這邊就到這裡。謝謝。

Alright, thanks Matt.

好的，謝謝 Matt。

We have reached the end of the question-and-answer session, and I will now turn the call over to Robert for closing remarks.

我們已經到達問答環節的結束，接下來我將把電話交給 Robert 進行結語。

Great. Thanks, Holly, and thanks, everyone, for joining today's call and for all the questions. We look forward to reporting our fourth quarter and full year results for fiscal 2026 in a few months. We'll talk to you then. Have a great day.

很好。謝謝 Holly，也謝謝各位參加今天的電話會議並提出所有問題。我們期待在幾個月後公布 2026 財年第四季與全年業績。到時再與各位交流。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.

今天的會議到此結束，您現在可以掛斷電話線。感謝您的參與。