TSS Inc (TSSI) 2025 Q3 法說會逐字稿

Greetings. Welcome to the TSS, Inc., third-quarter 2025 earnings results conference call. (Operator Instructions)

問候。歡迎參加 TSS 公司 2025 年第三季收益業績電話會議。（操作說明）

I will now turn the conference over to your host, James Carbonara. You may begin.

現在我將把會議交給主持人詹姆斯·卡博納拉。你可以開始了。

Thank you, operator, and good afternoon, everyone. Joining me on this call are Darryll Dewan, President and CEO; and Danny Chism, the company's CFO.

謝謝接線員，大家下午好。與我一同參加本次電話會議的有總裁兼執行長達裡爾·德萬，以及公司財務長丹尼·奇斯姆。

As we begin the call, I would like to remind everyone to take note of the cautionary language regarding forward-looking statements contained in the press release we issued today. That same language applies to comments and statements made on today's conference call. This call will contain time-sensitive information as well as forward-looking statements, which are accurate only as of today, November 13, 2025. TSS expressly disclaims any obligation to update, amend, supplement, or otherwise review any information or forward-looking statements made on this conference call or the replay to reflect events or circumstances that may change or arise after the date indicated, except as otherwise required by applicable law. For a list of the risks and uncertainties that may affect the company's future performance, please refer to the company's periodic filings with the SEC.

在電話會議開始之前，我想提醒大家注意我們今天發布的新聞稿中有關前瞻性聲明的警示性措辭。同樣的措詞也適用於今天電話會議上發表的評論和聲明。本次電話會議將包含有時效性的資訊以及前瞻性陳述，這些陳述僅截至 2025 年 11 月 13 日為止是準確的。TSS明確聲明，除適用法律另有規定外，TSS沒有義務更新、修改、補充或以其他方式審查本次電話會議或重播中作出的任何資訊或前瞻性聲明，以反映在指定日期之後可能發生的變更或情況。有關可能影響公司未來業績的風險和不確定性的列表，請參閱公司向美國證券交易委員會提交的定期報告。

In addition, we will be referring to non-GAAP financial measures. A reconciliation of the differences between these measures and the most directly comparable financial measures calculated in accordance with US GAAP is included in today's press release.

此外，我們也會參考非GAAP財務指標。今天的新聞稿中包含了這些指標與根據美國通用會計準則計算的最直接可比較財務指標之間的差異的調節表。

With that, Darryll, I will turn the call over to you.

那麼，達裡爾，我把電話交給你了。

James, thank you very much. Good afternoon, everyone. Thank you for joining us today for our third-quarter 2025 earnings conference call. The past 1.5 years and especially the past couple of quarters have been transformational for TSS as we scale our business and rack integration and strengthen our position as a leading integrator of AI and high-performance computing infrastructure. Through the first nine months of '25, we delivered exceptional growth with revenues up 88% and adjusted EBITDA up 59% compared to the same period last year, and we generated positive cash flow from operations of $18.5 million.

詹姆斯，非常感謝你。大家下午好。感謝您今天參加我們2025年第三季財報電話會議。過去 1.5 年，尤其是最近幾個季度，對於 TSS 而言是具有變革意義的，我們擴大了業務規模，提高了機架整合能力，並鞏固了我們作為人工智慧和高效能運算基礎設施領先整合商的地位。2025 年前九個月，我們實現了卓越的成長，營收比去年同期成長了 88%，調整後 EBITDA 成長了 59%，並且我們從經營活動中產生了 1850 萬美元的正現金流。

These results highlight both the strength and momentum of our business. That said, our third quarter revenues were down year over year, primarily due to lower revenues from procurement services. This business segment contributed over $30 million in revenue this quarter, but the exceptionally high revenue attainment in Q3 of last year created an unusual challenging year-over-year comparison. As we have discussed in prior calls and filings, procurement can fluctuate wildly from quarter-to-quarter, depending on the timing, the size and the revenue recognition method of the customer order. These effects can create quarterly variability, but they do not reflect changes in customer demand or the underlying strength of our business outlook.

這些結果凸顯了我們業務的實力和發展動能。儘管如此，我們第三季的營收年減，主要原因是採購服務收入減少。該業務部門本季貢獻了超過 3,000 萬美元的收入，但去年第三季異常高的收入水準造成了同比比較異常困難。正如我們在先前的電話會議和文件中所討論的那樣，採購可能會因客戶訂單的時間、規模和收入確認方法的不同而出現季度間的劇烈波動。這些因素可能會造成季度波動，但並不反映客戶需求的變化或我​​們業務前景的潛在強勁程度。

Year-to-date, revenues from procurement services have more than doubled. The bulk of our procurement business is with the Department of Defense. In the last 30 days, we have felt the impact of the government shutdown. Early in the shutdown, when its duration was uncertain, processing of certain deals stopped, although we remained optimistic we would close more business in Q3 and Q4. Now with Congress voting to reopen the government after a longer-term shutdown, the question is how long will it take to process the pipeline of paperwork on deals that were in motion.

今年迄今為止，採購服務收入已成長超過一倍。我們的採購業務大多來自國防部。過去30天裡，我們感受到了政府停擺的影響。在疫情封鎖初期，由於封鎖持續時間尚不確定，某些交易的處理工作停止了，儘管我們仍然樂觀地認為我們會在第三季和第四季完成更多業務。現在國會投票決定在長期停擺後重新開放政府，問題是處理正在進行的交易的相關文件需要多長時間。

There is ample demand, and we do not expect deals to be lost in this process. However, without any information on the timing of closing of these jobs, we are going to be slightly more cautious about our Q4 forecast in this business segment. So now let's turn to our Systems integration business, where we provide AI rack integration services for many of the world's largest AI data centers. We delivered another quarter of solid revenue growth of 20%, fueled by growing demand for AI-enabled infrastructure. This segment continues to be a key driver of our higher-margin revenue and demonstrates the expanding footprint of TSS in AI and high-performance computing solutions.

市場需求旺盛，我們預期過程中不會出現交易失敗的情況。然而，由於沒有關於這些職位何時關閉的任何信息，我們將對該業務部門的第四季度預測持更加謹慎的態度。現在讓我們來看看我們的系統整合業務，我們為世界上許多最大的人工智慧資料中心提供人工智慧機架整合服務。由於對人工智慧基礎設施日益增長的需求，我們實現了另一個季度20%的穩健營收成長。該業務板塊繼續成為我們高利潤收入的關鍵驅動力，並展現了 TSS 在人工智慧和高效能運算解決方案領域不斷擴大的影響力。

We opened up our new facility in Georgetown in May of this year after a very rapid build-out. We accelerated the build-out based on customer demand. While the full suite of capabilities was ready in June, we learned in Q3, there was more service and systems process work needed to complete before our primary OEM customer is ready to move larger volumes of racks to us. These improvements range from reworking certain shop floor process, integration with our ERP system with our customers, hiring of additional resources than previously believed would be needed, even working through physical security additions given the value of customer-owned equipment flowing through our four walls. These steps were all addressed in Q3.

經過快速建設，我們位於喬治城的新工廠今年五月正式啟用。我們根據客戶需求加快了建置進度。雖然所有功能在 6 月就已準備就緒，但我們在第三季度了解到，在我們的主要 OEM 客戶準備好向我們交付更多機架之前，還需要完成更多的服務和系統流程工作。這些改進措施包括重新設計某些車間流程、將我們的 ERP 系統與客戶系統整合、僱用比之前認為需要的更多資源，甚至考慮到客戶擁有的設備在我們公司內部流動所帶來的價值，還考慮增加實體安全措施。這些步驟都在第三季討論過了。

As a result, our rack volume processed in Q3 were well below what we had expected. It is important to note, however, this is not the result of a lack of customer demand, but rather more of a timing issue. I consider it a quarter of delay in ramping with significant learning by us along the way. Our constant focus is to deliver the best service possible to our OEM customer, and we are fortunate to have customers who truly view us as a partner and are very active participants in determining our operational requirements. I will elaborate further in a moment, but let me say we are seeing Q4 rack volumes significantly greater than we saw in Q3.

因此，我們第三季的貨架加工量遠低於預期。但要注意的是，這並非由於客戶需求不足，而更多的是時機問題。我認為這是產能爬坡過程中的四分之一延遲，但我們在這個過程中也學到了很多。我們始終致力於為 OEM 客戶提供最好的服務，我們很幸運擁有真正將我們視為合作夥伴並積極參與確定我們營運需求的客戶。我稍後會詳細說明，但我想說的是，我們看到第四季的機架銷售量明顯高於第三季。

On the cost side, we are again asked by our primary OEM customer to add more electricity capacity to the building to serve the next generation of chip technology. We have reached a point where the amount of equipment on site from our utility has caused higher monthly fixed charges irrespective of usage. There were some significant unabsorbed costs in the quarter as a result. Danny will provide more detail. But we must continue to make these investments to position ourselves to meet the trending demand of customers.

在成本方面，我們的主要 OEM 客戶再次要求我們為建築物增加更多電力容量，以滿足下一代晶片技術的需求。目前，由於公用事業公司提供的現場設備數量過多，導致每月固定費用增加，而與使用情況無關。因此，本季出現了一些未消化的重大成本。丹尼會提供更多細節。但我們必須繼續進行這些投資，以便更好地滿足客戶不斷變化的需求。

In our Facilities management business, which includes our modular data center operations, revenues declined 19% year over year, but were sequentially up 7%. This segment represents the smallest portion of our overall business, approximately 4% of total revenue in the quarter, but it continues to drive and deliver high-margin contribution. We believe this business can grow. We're making strategic investments in it and are seeing early signs of new demand. We expected one more significant delivery in Q3, but that was delayed due to supply chain issues.

在我們的設施管理業務（包括我們的模組化資料中心營運）中，營收年減了 19%，但較上季成長了 7%。該業務板塊在我們整體業務中所佔比例最小，約佔本季總營收的 4%，但它持續推動並帶來高利潤貢獻。我們相信這項業務有發展潛力。我們正在對該領域進行策略性投資，並且已經看到了新需求的早期跡象。我們原本預計第三季還會有一次重要的貨物交付，但由於供應鏈問題而推遲了。

We expect that business to flow in Q4. The AI data center market is expanding at a very rapid pace, well noted in all the business news. Over the past two years, our growth, operational excellence and deep relationships with key partners have positioned us extremely well to capitalize on this first wave of AI-driven investment. It seems to be accepted that we are in using my favorite metaphor, the first quarter of the AI game. There has been so much focus on AI training infrastructure and hundreds of billions and trillions of dollars being spent.

我們預計第四季業務量將會增加。人工智慧資料中心市場正在以非常快的速度擴張，這一點在各大商業新聞中都有報導。過去兩年，我們的成長、卓越的營運以及與主要合作夥伴的深厚關係，使我們處於非常有利的地位，能夠充分利用第一波人工智慧驅動的投資浪潮。似乎大家都認同，我們正處於我最喜歡的比喻──人工智慧遊戲的第一階段。人們非常關注人工智慧訓練基礎設施，並為此投入了數千億甚至數兆美元。

Broad focus is beginning to shift to how AI infrastructure will evolve to include competing technologies serving various purposes. The market is seeing new blends of traditional, hybrid and edge systems. With our new facility purpose-built for AI integration, meaning very dense computing with extreme cooling requirements, we at TSS are well positioned to support the architectural evolution. We will continue to invest in facilities and expertise to meet the growing demand for the infrastructure to support new racks and systems that are designed for high-density compute and more efficient cooling and power consumption, aligning with our partners and industry trends. Certainly, the extended focus in AI is toward how we will ultimately be deployed and how those investing in AI software technology as well as required infrastructure will profit from their investments.

人們的關注點開始廣泛轉向人工智慧基礎設施將如何發展，以涵蓋服務於各種用途的競爭技術。市場正在湧現出傳統系統、混合系統和邊緣系統的新整合形式。TSS 擁有專為 AI 整合而新建的設施，這意味著極高的運算密度和極強的冷卻需求，因此我們 TSS 完全有能力支援架構的演進。我們將繼續投資於設施和專業知識，以滿足對支援新型機架和系統的基礎設施日益增長的需求，這些機架和系統是為高密度計算以及更高效的冷卻和電力消耗而設計的，這與我們的合作夥伴和行業趨勢保持一致。當然，人工智慧領域更廣泛的關注點在於我們最終將如何部署人工智慧技術，以及那些投資於人工智慧軟體技術及所需基礎設施的人將如何從他們的投資中獲利。

This second quarter of innovation is extremely exciting. We expect it will bring new opportunities to the company. We at TSS have to remind ourselves how far we've come in a short period of time. Financial stability and strength to invest further in our capabilities and people is critical to our customers. Over 18 months, we have grown dramatically in terms of revenue, but also importance and our OEM customers want to see we have the wherewithal to invest alongside them.

第二季的創新令人振奮。我們預計這將為公司帶來新的機會。TSS 的全體員工都必須隨時提醒自己，在短短的時間內，我們已經取得了多大的進步。財務穩定性和實力，以及進一步投資於我們的能力和人才的能力，對我們的客戶至關重要。在過去的 18 個月裡，我們的收入和重要性都取得了巨大的成長，我們的 OEM 客戶希望看到我們有能力與他們一起投資。

The successful completion of our recent secondary offering strengthening our balance sheet and provides us with additional capital to pursue and invest in strategic new opportunities and services that enhance shareholder value and improve consistency of revenue growth. As for the remainder of '25, we are on track for what we believe will be a record year for the company. We expect to set a strong rebound in adjusted EBITDA in Q4, reflecting higher rack volumes in SI. Given the lower Q3 revenues in SI and procurement, combined with the investments we made in additional electrical power to fuel continued future growth, we now expect full year '25 adjusted EBITDA outlook of 50% to 75% growth compared to '24. I will comment further on 2026 outlook in a few moments.

我們近期成功完成的二次發行增強了我們的資產負債表，並為我們提供了額外的資金，以尋求和投資於能夠提升股東價值和提高收入成長穩定性的策略性新機會和服務。至於 2025 年剩餘的時間，我們正朝著公司創紀錄的一年穩步前進。我們預計第四季度調整後 EBITDA 將強勁反彈，反映出 SI 的貨架銷售增加。鑑於系統整合和採購業務第三季營收下降，加上我們為推動未來持續成長而對額外電力進行的投資，我們現在預計 2025 年全年調整後 EBITDA 將比 2024 年成長 50% 至 75%。稍後我將進一步評論2026年的展望。

At the same time, we're actively exploring strategic acquisitions, new partnerships and portfolio expansion, particularly in AI, edge computing and modular, which we believe can drive new and potentially faster organic growth in quarters and years ahead. Despite this speed of innovation and adoption, we believe we are still in the early days of AI and demand for high-performance computing and hybrid systems continues to accelerate. Our capabilities and partnerships are expanding, our pipeline is strengthening, and we are successfully executing the business strategy that has driven our success while planning and investing in a strategy that will drive our future. We are scaling our operations and positioning the company to capture a meaningful share of the rapidly growing and complex AI infrastructure market.

同時，我們正在積極探索策略性收購、新的合作夥伴關係和產品組合擴展，尤其是在人工智慧、邊緣運算和模組化領域，我們相信這些可以在未來幾個季度和幾年內推動新的、可能更快的內生成長。儘管人工智慧的創新和應用速度如此之快，但我們認為我們仍處於人工智慧的早期階段，對高效能運算和混合系統的需求仍在加速成長。我們的能力和合作夥伴關係正在擴大，我們的業務管道正在加強，我們正在成功執行推動我們成功的業務策略，同時也在規劃和投資一項將推動我們未來的策略。我們正在擴大營運規模，並使公司定位為在快速成長且複雜的 AI 基礎設施市場中佔據有意義的份額。

With that, let me turn the call over to Danny for a more detailed discussion of our financial results. Danny?

接下來，我將把電話交給丹尼，讓他更詳細地討論我們的財務表現。丹尼？

Thanks, Darryll. I'll start with a look at the income statement for the quarter and year-to-date period, then provide a few brief thoughts on the balance sheet and liquidity. Consolidated total revenue in the third quarter of '25 was $41.9 million, down from $70.1 million in the same period last year. As Darryll mentioned, the decrease was primarily driven by variability in our procurement service line with non-procurement revenues up $1.2 million, or 13%. Revenue from procurement services totaled $31.1 million, compared to $60.5 million in the year-ago quarter.

謝謝你，達裡爾。我將首先看一下本季和年初至今的損益表，然後簡要地談談資產負債表和流動性。2025 年第三季綜合總營收為 4,190 萬美元，低於去年同期的 7,010 萬美元。正如達裡爾所提到的，下降的主要原因是採購服務線的波動，而非採購收入增加了 120 萬美元，增幅達 13%。採購服務收入總計 3,110 萬美元，而去年同期為 6,050 萬美元。

Revenue in this segment is driven primarily by purchases from the federal government. As a reminder, revenue in this segment reflects a mix of gross and net deals with revenue recognized based on whether we modify the product or act solely as an agent. Revenue from Facilities management totaled $1.6 million, down 19% from $2 million in the same quarter last year. Facilities management continues to have strong strategic potential despite remaining our smallest segment. As Darryll mentioned, we see new opportunities emerging and expect to see a year-over-year increase in Facilities management revenues and gross profit in Q4, driven by discrete projects we foresee in the quarter's pipeline.

此業務板塊的收入主要來自聯邦政府的採購。提醒一下，該部分的收入反映了毛收入和淨收入的混合，收入的確認取決於我們是修改產品還是僅僅作為代理商。設施管理收入總計 160 萬美元，比去年同期的 200 萬美元下降了 19%。儘管設施管理仍然是我們規模最小的業務板塊，但它仍然具有強大的策略潛力。正如達裡爾所提到的，我們看到了新的機會正在湧現，預計第四季度設施管理收入和毛利將同比增長，這主要得益於我們預見的本季度即將啟動的獨立項目。

Revenue from systems integration totaled $9.2 million, up 20% from $7.6 million in Q3 2024, driven primarily by the continued integration of AI-enabled racks for our largest customer. As Darryll mentioned, this growth was lower than we originally planned for the quarter. However, we expect this segment's revenue to grow substantially in Q4 and in 2026. Consolidated gross margin was 11.1% this quarter, roughly unchanged from 11.3% in the third quarter of last year. In the current quarter, we first started allocating the operations-related depreciation of our Georgetown facility to cost of revenues impacting the margin reported in the current quarter.

系統整合收入總計 920 萬美元，比 2024 年第三季的 760 萬美元成長了 20%，主要得益於我們最大的客戶持續整合人工智慧機架。正如達裡爾所提到的那樣，這一增長低於我們最初為該季度製定的計劃。不過，我們預期該業務部門的營收將在第四季和 2026 年大幅成長。本季綜合毛利率為 11.1%，與去年第三季的 11.3% 基本持平。在本季度，我們首次開始將喬治城工廠的營運相關折舊計入收入成本，這影響了本季報告的利潤率。

Breaking our gross margin down by segment. Based on recorded GAAP values, procurement gross margins improved to 8.3% in the current quarter from 6.1% in the prior year quarter. When viewed using the non-GAAP gross value of all transactions, which we see as more of an apples-to-apples comparison because it puts gross and net deals on an even playing field, gross margins improved from 4.7% in the prior year quarter to 5.3% in the current quarter. Facilities management gross margins improved from 37% in the year ago quarter to 55% in the current quarter. As a result, gross profit from the FM business increased to $881,000 from $726,000 this quarter last year, even on 19% less total revenues.

依業務板塊細分毛利率。根據記錄的 GAAP 值，本季採購毛利率從去年同期的 6.1% 提高到 8.3%。如果採用所有交易的非GAAP總價值來比較，我們認為這樣更公平，因為它使毛利和淨利交易處於同一起跑線上，毛利率從上年同期的4.7%提高到本季度的5.3%。設施管理毛利率從去年同期的 37% 提高到本季的 55%。因此，儘管總收入減少了 19%，但 FM 業務的毛利仍從去年同期的 726,000 美元增加到 881,000 美元。

Systems integration gross margins decreased from 45% in last year's -- in the year ago quarter to 13% in the current quarter. As mentioned a moment ago, we first started allocating operations-related depreciation to this segment in the current quarter, accounting for 11 percentage points or about 1/3 of the overall decrease in margins in this segment. Additionally, in anticipation of higher volumes in future periods, we made incremental investments in CapEx this year beyond our original expectations. This is reflected in our $1 million operations-related depreciation expense this quarter. Looking forward, we expect operations-related depreciation in future periods to be at roughly this level as this represents a full quarter's depreciation of the new factory.

系統整合毛利率從去年同期的 45% 下降到本季的 13%。正如剛才所提到的，我們在本季首次開始將與營運相關的折舊分配到該業務板塊，這佔該業務板塊整體利潤率下降的 11 個百分點，約佔該板塊整體利潤率下降的三分之一。此外，考慮到未來時期銷售量可能會更高，我們今年在資本支出方面進行了超出原先預期的額外投資。這反映在我們本季100萬美元的營運相關折舊費用中。展望未來，我們預計未來期間與營運相關的折舊將大致維持在這一水平，因為這代表了新工廠一個季度的折舊。

It will increase in future periods if and when we make further investments, which we would make primarily with line of sight on any such investments further enhancing revenues and earnings. We also significantly ramped up the available electrical power in the building, which was 12 megawatts during Q3 2025 and now stands at 15 megawatts compared to just 6 megawatts when we first moved into the new Georgetown facility in May. This compares to only 2.7 megawatts we had available in our prior Round Rock facility. We anticipate the enhanced power availability will enable us to integrate future generations of rack technology, further driving incremental revenues in future periods. During Q3 2025, electrical power costs were just over $900,000 with almost $800,000 of that being fixed costs regardless of the power actually consumed.

未來，如果我們進行進一步投資，收入和利潤將會增加。我們進行這些投資的主要目的是為了進一步提高收入和利潤。我們也大幅提高了大樓的可用電力，2025 年第三季為 12 兆瓦，現在為 15 兆瓦，而 5 月我們剛搬進喬治城新廠房時只有 6 兆瓦。相比之下，我們之前的朗德羅克工廠只有 2.7 兆瓦的可用電力。我們預計，增強的電力供應將使我們能夠整合未來幾代的機架技術，從而在未來時期進一步推動營收成長。2025 年第三季度，電力成本略高於 90 萬美元，其中近 80 萬美元為固定成本，與實際消耗的電量無關。

We anticipate revenues in future periods will more than offset the incremental power costs. But in the current quarter, we estimate only about 20% of those costs were recouped through charges to our customer. Our contract with the City Power Company stipulates the quarterly fixed power costs of the 15 megawatts currently available to us will increase to approximately $866,000 quarterly beginning in the fourth quarter plus the variable rate of power actually consumed. SG&A expenses of $5.2 million in the third quarter of 2025 increased 35%, or $1.4 million over this quarter last year. Just over half of that increase relates to noncash stock compensation with the remainder related to higher headcount and related compensation costs to support the growing scale of the organization, combined with higher accruals for incentive compensation tied directly to the year-to-date improvements in sales and earnings.

我們預計未來時期的收入將足以抵銷新增的電力成本。但在本季度，我們估計只有大約 20% 的成本透過向客戶收費收回。我們與城市電力公司簽訂的合約規定，從第四季度開始，我們目前可用的 15 兆瓦電力的季度固定電費將增加到每季約 866,000 美元，外加實際消耗電力的可變費率。2025 年第三季銷售、一般及行政費用為 520 萬美元，比去年同期成長 35%，即 140 萬美元。其中略多於一半的成長與非現金股票補償有關，其餘部分與員工人數增加以及為支持組織規模不斷擴大而產生的相關補償成本有關，再加上與年初至今銷售額和收益增長直接相關的激勵性薪酬的增加。

Also included in the current quarter are incremental costs for the 2025 annual audit and ongoing SOX 404(b) implementation. Depreciation and amortization expenses not allocated to COGS were $328,000, up only about $120,000 compared to $208,000 this quarter last year. The increase is related to amortization of our ERP implementation costs, along with depreciation in other assets related to the overall growth of the business. In the third quarter of 2025, we reported an operating loss of $931,000 compared to operating income of $3.8 million in the year-ago quarter. The change was driven primarily by the $3.3 million decrease in gross profit, including the impact of higher ops-related depreciation and power costs discussed a moment ago, combined with the $1.4 million increase in SG&A expenses.

本季度還包括 2025 年年度審計和正在進行的 SOX 404(b) 實施的增量成本。未計入銷售成本的折舊和攤銷費用為 328,000 美元，與去年同期的 208,000 美元相比，僅增加了約 120,000 美元。成長與我們的 ERP 實施成本攤銷以及與業務整體成長相關的其他資產折舊有關。2025 年第三季度，我們報告營業虧損 93.1 萬美元，而去年同期營業收入為 380 萬美元。這項變更主要是由於毛利減少了 330 萬美元，其中包括剛才討論過的營運相關折舊和電力成本增加的影響，再加上銷售、一般及行政費用增加了 140 萬美元。

Even after absorbing the cost of incremental operations-related depreciation and power expansion, we continue to expect operating income for the full year to exceed last year's operating income of $8.2 million. Interest expense decreased to just under $1 million in the third quarter of 2025, compared to $1.3 million in the year-ago quarter. The decrease was due primarily to the lower factoring costs on our receivables, which scales directly with gross billings. Looking ahead to the fourth quarter, we expect interest expense on the bank debt to tick up as the $5 million borrowed in the middle of Q3 will be outstanding for the full quarter plus higher factoring costs related to what we expect to be additional revenues in Q4. Most of the Q3 interest on the bank loan was capitalized into construction costs during the quarter.

即使計入與營運相關的折舊和電力擴張的增量成本，我們仍然預計全年營業收入將超過去年的 820 萬美元營業收入。2025 年第三季利息支出減少至略低於 100 萬美元，去年同期為 130 萬美元。下降的主要原因是應收帳款的保理成本降低，而保理成本與總帳單金額成正比。展望第四季度，我們預計銀行債務的利息支出將有所增加，因為第三季中期借入的 500 萬美元將在整個季度內未償還，再加上我們預計第四季度額外收入相關的更高保理成本。第三季銀行貸款的大部分利息已計入當季的建築成本。

Because construction was completed in Q3, Q4 will show a full quarter of just over $400,000 of interest expense related to the outstanding debt plus any cost from the factoring of our receivables. The net result of these key items is a net loss for the third quarter of 2025 of $1.5 million and a diluted loss per share of $0.06, which compares to net income of $2.6 million and diluted EPS of $0.10 in the year ago quarter. Adjusted EBITDA, which excludes interest, taxes, depreciation, amortization and stock-based compensation, was $1.5 million compared to $4.3 million in the prior year quarter.

由於建設工作已於第三季完成，因此第四季將顯示與未償債務相關的利息支出略高於 40 萬美元，加上應收帳款保理的任何成本。這些關鍵項目的最終結果是，2025 年第三季淨虧損 150 萬美元，稀釋後每股虧損 0.06 美元，而去年同期淨利潤為 260 萬美元，稀釋後每股收益為 0.10 美元。經調整的 EBITDA（不含利息、稅金、折舊、攤提和股票選擇權費用）為 150 萬美元，而去年同期為 430 萬美元。

Now let's take a brief look at the year-to-date results. For the nine months ended September 30, '25, total revenues were up 88% to just under $185 million, compared to $98 million in the year ago period. By segment, procurement revenues increased by 100% and Systems integration revenues increased by 78%. These increases were somewhat offset by a 32% year-to-date decrease in revenue from Facilities management, primarily due to the timing of discrete projects and a smaller decrease in ongoing maintenance revenues.

現在讓我們簡要地看一下今年迄今為止的業績。截至 2025 年 9 月 30 日的九個月，總營收成長 88%，略低於 1.85 億美元，而去年同期為 9,800 萬美元。以業務板塊劃分，採購收入成長了 100%，系統整合收入成長了 78%。這些成長被設施管理收入年初至今下降 32% 所部分抵消，這主要是由於個別項目的時間安排以及持續維護收入的小幅下降。

Gross profit for the first nine months of 2025 increased 39% to $21 million, including the effect of absorbing $1.6 million of operations-related depreciation in the current year-to-date period, which we did not see this period last year. SG&A costs were 74% of gross profit in the 2025 year-to-date period, compared to 62% in the same period a year ago. Just over 1/3 of the increase in SG&A is related to noncash stock compensation for the year-to-date period. After a $650,000 increase in net interest expense, year-to-date net income was $3 million, compared to $4.1 million in the first 9 months of 2024. Year-to-date diluted EPS was $0.11 in the current period, compared to $0.16 last year.

2025 年前九個月的毛利成長了 39%，達到 2,100 萬美元，其中包括吸收了本年度迄今為止的 160 萬美元營運相關折舊的影響，而去年同期我們並沒有看到這種情況。截至 2025 年 1 月 1 日，銷售、一般及行政費用佔毛利的 74%，而去年同期為 62%。截至目前，銷售、一般及行政費用成長的三分之一多一點與非現金股票補償有關。由於淨利息支出增加了 65 萬美元，今年迄今的淨收入為 300 萬美元，而 2024 年前 9 個月的淨收入為 410 萬美元。本期迄今的稀釋後每股收益為 0.11 美元，而去年同期為 0.16 美元。

Now taking a quick look at the balance sheet. As of September 30, 2025, we had $70.7 million of unrestricted cash and cash equivalents, plus another $5 million of restricted cash securing our bank loan, up from just $23.2 million at year-end 2024. (technical difficulty) from a stock offering, which we anticipate will allow us to make strategic investments to grow and diversify our business, as Darryll mentioned.

現在快速看一下資產負債表。截至 2025 年 9 月 30 日，我們擁有 7,070 萬美元的非限制性現金及現金等價物，另有 500 萬美元的限制性現金用於擔保我們的銀行貸款，而 2024 年底僅為 2,320 萬美元。 （技術難題）我們預計，透過股票發行籌集的資金將使我們能夠進行策略性投資，以發展和多元化我們的業務，正如達裡爾所提到的。

And year-to-date, we've drawn down $16.3 million on our construction loan, including $5 million in the current quarter when we exercised the accordion feature on our bank loan. Combined with $18.5 million of cash flow from operations, these sources of cash funded the $32.2 million of CapEx year to date, primarily for the build-out of our state-of-the-art integration facility in Georgetown, Texas, along with $4.9 million of treasury stock repurchases pursuant to employees' net settlement upon investing in restricted stock and option exercises. Net working capital significantly improved from $1.3 million at the end of 2024 to $34.3 million at September 30, 2025, primarily reflecting the capital raise just mentioned and operating cash flows, net of cash used to fund long-term capital assets and treasury stock repurchases.

今年迄今為止，我們已經從建築貸款中提取了 1,630 萬美元，其中包括本季度我們行使銀行貸款的增額條款時提取的 500 萬美元。加上經營活動產生的 1850 萬美元現金流，這些現金來源為今年迄今為止的 3220 萬美元資本支出提供了資金，主要用於在德克薩斯州喬治城建設我們最先進的集成設施，以及根據員工投資受限股票和行使期權的淨結算，回購 490 萬美元的庫存股。淨營運資本從 2024 年底的 130 萬美元大幅改善至 2025 年 9 月 30 日的 3,430 萬美元，主要反映了前面提到的融資和營運現金流，扣除用於長期資本資產和庫存股回購的現金。

Due to the conversion of our debt to a term loan in July 2025, $5 million of cash that is a deposit securing our loan was reclassified from a current asset to a noncurrent asset restricted cash. As of September 30, 2025, we met all obligations to receive $6.8 million of tenant improvement funds from our landlord, reimbursing us for CapEx we've already invested to date.

由於我們在 2025 年 7 月將債務轉換為定期貸款，因此作為貸款擔保的 500 萬美元現金存款從流動資產重新分類為非流動資產受限現金。截至 2025 年 9 月 30 日，我們已履行所有義務，從房東收到 680 萬美元的租戶裝修資金，用於補償我們迄今為止已投入的資本支出。

We anticipate receiving those funds this month, further enhancing our liquidity and working capital. For the first 9 months of 2025, we generated net cash inflows from operations of $18.5 million, compared to $36.9 million provided in the first nine months of last year. The most significant driver of the change was a $5.3 million paydown of accounts payable and accrued liabilities in the current year-to-date period compared to a $37.6 million increase in payables year-to-date 2024, partially offset by higher cash flows in the current period related to outstanding inventory balances and deferred revenues.

我們預計本月將收到這些資金，這將進一步增強我們的流動性和營運資金。2025 年前 9 個月，我們的經營活動產生的淨現金流入為 1,850 萬美元，而去年同期為 3,690 萬美元。導致這項變更的最主要原因是，本年度迄今應付帳款和應計負債減少了 530 萬美元，而 2024 年迄今應付帳款增加了 3,760 萬美元，部分被本期與未結清存貨餘額和遞延收入相關的較高現金流所抵銷。

With that, I'll turn the call back over to Darryll for some closing thoughts.

接下來，我將把電話轉回給達裡爾，請他做一些總結性發言。

Danny, thank you very much. In summary, while we are pleased with the overall trajectory of our business, year-to-date revenues have more than doubled, highlighting strong underlying demand. Our balance sheet is stronger. Our pipeline is growing. Our customer relationships are deeper.

丹尼，非常感謝你。總而言之，雖然我們對公司的整體發展軌跡感到滿意，但今年迄今的營收已經翻了一番多，這凸顯了強勁的潛在需求。我們的資產負債表更加穩健。我們的業務拓展正在成長。我們與客戶的關係更加深入。

We're not satisfied, and we know we've got work to do. Our investments in our facility and people have positioned us well to capture more share of the accelerating demand of the AI marketplace and high-performance computing infrastructure, and we're exploring new ways and paths to accelerate even more quickly. The additional funds we raised this quarter enable us to move quickly to act on opportunities they arise and invest strategically for our long-term growth and diversification. A press release went out a little while ago announcing that Vivek Mohindra has joined our Board. We are very excited about Vivek joining.

我們並不滿足，我們知道還有很多工作要做。我們對設施和人員的投資使我們能夠更好地滿足人工智慧市場和高效能運算基礎設施日益增長的需求，我們正在探索新的方法和途徑，以更快地實現這一目標。本季籌集的額外資金使我們能夠迅速抓住機遇，並進行策略性投資，以實現我們的長期成長和多元化。不久前我們發布了一份新聞稿，宣布 Vivek Mohindra 已加入我們的董事會。我們非常高興Vivek加入我們。

Vivek is a visionary industry. He has led strategy at Dell Technologies, and he currently serves as Strategic Advisor to the Chief Operating Officer and Vice Chairman of Dell, focusing on the trends and direction of the AI infrastructure market. As you know, Dell is leading the industry, providing solutions to modernize data centers and is committed to delivering AI innovation. Vivek will be an incredible resource for us as we work towards broadening our capabilities and our customer base. Turning to our outlook for Q4 and '26.

Vivek 是一位具有遠見卓識的業界人士。他曾領導戴爾科技公司的策略工作，目前擔任戴爾首席營運長兼副董事長的策略顧問，專注於人工智慧基礎設施市場的趨勢和方向。如您所知，戴爾在業界處於領先地位，提供資料中心現代化解決方案，並致力於人工智慧創新。在我們努力拓展自身能力和客戶群的過程中，Vivek 將成為我們寶貴的資源。接下來展望我們對第四季和2026年的展望。

As I said earlier, as a result of the lower rack volumes and incremental investments we made in Q3, our annual EBITDA growth may be modestly lower than we previously guided. Again, ramping a new facility is imperfect, and I'm pleased we are now seeing volumes climbing quickly. Based on the current pace of rack volumes in SI, we expect full year 2025 EBITDA growth of 50% to 75% over last year. This still represents a very healthy quarter -- fourth quarter for an SI, although it also reflects a more conservative approach to procurement as we wait to see how the government gets back to work. As the Q4 strength carries us into the New Year, we expect organic growth to result in another record year in 2026, and we are providing initial guidance of 40% to 50% organic growth on EBITDA year-over-year, compounded on top of what we expect already to be a record year this year.

正如我之前所說，由於第三季貨架銷量下降以及我們進行的額外投資，我們的年度 EBITDA 成長可能會略低於我們先前預期的水平。再次強調，新廠的投產過程並非完美無缺，但我很高興看到產量正在迅速攀升。根據SI目前的貨架銷售成長速度，我們預計2025年全年EBITDA將比上年增長50%至75%。這仍然代表著一個非常健康的季度——對於一家系統整合商而言，這是第四季度，儘管這也反映出我們在採購方面採取了更保守的態度，因為我們還在等待政府如何復工復產。第四季強勁的勢頭將引領我們進入新的一年，我們預計2026年有機成長將再創佳績，我們初步預測EBITDA將實現40%至50%的同比增長，這還不包括我們預計今年已經創下的紀錄。

This guidance reflects strong but realistic growth in annual rack volumes and modest growth in procurement. We will actively pursue inorganic options, including strategic acquisitions, partnerships and portfolio expansion to drive future performance beyond this level. And we recently raised capital will help us specifically give us the ability to seize such opportunities. As always, we appreciate your support, and we thank you for your time today. I'm very proud of our team, and we remain committed to executing our game plan.

該指導意見反映了年度貨架銷售強勁但務實的增長以及採購量的適度增長。我們將積極尋求非有機成長途徑，包括策略性收購、合作和投資組合擴張，以推動未來的績效超越目前的水準。我們最近籌集的資金將有助於我們抓住這樣的機會。一如既往，我們感謝您的支持，也感謝您今天抽出時間。我為我們的團隊感到非常自豪，我們將繼續致力於執行我們的比賽計劃。

Thank you for joining us on this journey. Operator, we can now open the call up for questions.

感謝祢與我們一同踏上這段旅程。接線員，現在可以開始接受提問了。

(Operator Instructions) Kris Tuttle, Blue Caterpillar.

（操作說明）克里斯·塔特爾，藍色毛毛蟲。

Congratulations on all the work that you did this quarter. I know that the financial results were not what you wanted, but you accomplished a lot in the quarter with the new facility. A couple of questions. One of them is just in terms of what you're seeing in your end markets, that is the customers you're delivering the servers to. There's been a lot of discussion around a shift to more inference away from training and more enterprise demand from companies other than the hyperscalers.

恭喜你本季完成的所有工作。我知道財務表現沒有達到你的預期，但你在本季憑藉新設施取得了巨大的成就。幾個問題。其中之一就是你在終端市場看到的情況，也就是你向其交付伺服器的客戶。圍繞著從訓練轉向推理以及除超大規模資料中心之外的其他公司對企業級應用的需求不斷增長，已經有很多討論。

So I'd be interested in your commentary around that. And then the second question is, I apologize for not getting this, but congratulations on your new Board member, but you also mentioned that, that was something you expected to help you grow and diversify your customer mix. And obviously, you have a pretty good customer in Dell already. So maybe you could give some additional color on that.

我很想聽聽你對此的看法。第二個問題是，很抱歉我沒聽懂，但還是要祝賀你們迎來了新的董事會成員，不過您也提到過，您期望這能幫助你們發展壯大，並使客戶群更加多元化。顯然，戴爾已經是你們非常好的客戶了。或許您可以就此補充一些細節。

Yeah, happy to, Kris. Good to hear from you. Thanks for the questions. On your first question, it's -- we've been blessed that we've been very focused on the more complex, larger CSP solution providing. And that demand has not gone away.

是的，我很樂意，克里斯。很高興收到你的來信。謝謝大家的提問。關於你的第一個問題，我們很幸運，因為我們一直專注於提供更複雜、更大規模的 CSP 解決方案。而這種需求並沒有消失。

But we are experiencing and we expect to see more enterprise activity. And we're starting to see some of that as we speak. The AI industry and how the technology is moving from GenAI to agentic, the whole transition is underway. I think like I said earlier, we're still kind of early in the game to really understand what that end user customer is going to do, but there's clearly an uptick in the interest and demand on technology. So that's number one.

但我們正在經歷，並且預計會看到更多的企業活動。我們現在已經開始看到一些這樣的跡象了。人工智慧產業以及該技術如何從 GenAI 向智能體發展，整個轉型正在進行中。我覺得就像我之前說的，我們目前還處於早期階段，還無法真正了解最終用戶客戶會做什麼，但很明顯，人們對科技的興趣和需求正在上升。這是第一點。

Number two, as it relates to Vivek, if you look at his background coming from McKinsey and Freescale and M&A and venture world, Vivek presents an incredible experience level that frankly goes beyond his current assignment with Dell. There's no inference in between what we're doing here. If you can read between the lines, we're very serious about expanding our routes to market. We've done some preliminary planning with Vivek already, and we're going to do more soon. And I think what this really underscores is very candidly, we've been talking about growing and doing some strategic things.

第二點，就 Vivek 而言，如果你看看他來自麥肯錫、飛思卡爾以及併購和風險投資領域的背景，Vivek 展現出了令人難以置信的經驗水平，坦白說，這遠遠超出了他目前在戴爾的工作職責。我們在這裡所做的事情之間沒有任何推論。如果你能領會言下之意，就會知道我們非常認真地致力於拓展市場通路。我們已經和維韋克進行了一些初步規劃，很快我們還會進行更多規劃。我認為這真正強調的是，坦白說，我們一直在談論發展壯大和進行一些策略性的事情。

We've tried a couple of things. We are now positioned better than ever to take the steps to go make that happen. And I'm excited about Vivek helping us not only with our current customer but beyond.

我們嘗試了一些方法。我們現在比以往任何時候都更有能力採取措施來實現這一目標。我很高興 Vivek 不僅能幫助我們服務現有客戶，還能幫助我們拓展業務。

Okay. All right. Great. Well, listen, like I said, a lot accomplished this quarter. It's all about the numbers.

好的。好的。偉大的。嗯，聽著，就像我說的，這個季度我們取得了許多成就。一切都與數字有關。

So I'll follow-up with you later on, and I'll get off the soapbox here and let other people ask questions.

所以我稍後會再跟你聯繫，我就此打住，讓其他人提問吧。

(Operator Instructions) [Chris Benjamin] Private Investor.

（操作員說明）[克里斯·本傑明] 私人投資者。

I've been a shareholder now for the better part of a year. And I realize that basically, you're a Dell client. What I'd like to know is you've mentioned in your conference call that you have clients, how many clients do you have would be the first question. The second question I have is that related to the first question, when you -- if you win a new client, why don't you announce or make a public announcement that you have a new client on board, I think that would help the stock price. And the last question I have is, do you plan on any more capital raises?

我持有這家公司的股份已經快一年了。我意識到，你基本上就是戴爾的客戶。我想知道的是，您在電話會議中提到您有客戶，那麼我的第一個問題是，您有多少客戶？我的第二個問題與第一個問題有關，當你贏得一個新客戶時，為什麼不宣布或公開宣布你獲得了一個新客戶？我認為這會有助於股價上漲。最後一個問題是，你們是否計劃進行更多融資？

Chris, good questions. The first one on -- if I can answer that is we really -- we have other clients. We don't really talk about our clients even though they're non, if you will, other than Dell. And we've got multiple lines of our business. If you recall, we've got our rack integration business, the systems integration business.

克里斯，問得好。第一個問題——如果我可以回答的話——我們確實還有其他客戶。我們很少談論我們的客戶，儘管除了戴爾之外，他們並不算客戶。我們擁有多條業務線。如果你還記得的話，我們有機架整合業務和系統整合業務。

We have the modular business, and we also have the procurement services business. We do a lot of business in procurement services directly with a channel partner, if you will, who's related to Dell, but it goes to an end-user customer. And still quasi, if you will, not quasi. It is a Dell transaction. The facilities management business, the modular data center business, we actually work with other OEMs.

我們有模組化業務，也有採購服務業務。我們透過通路夥伴（如果可以這麼說的話）直接進行許多採購服務業務，該合作夥伴與戴爾有關聯，但最終服務對像是最終用戶客戶。而且，即便不是準準，也可以說是準的。這是一筆戴爾公司的交易。在設施管理業務、模組化資料中心業務方面，我們實際上與其他原始設備製造商 (OEM) 合作。

And -- but we don't talk about it. We don't -- I mean, it's a good question why we don't broadcast it. We really don't broadcast a whole lot of anything to be quite blunt. We just stay focused and try and do our job. I mean that's right now where we're at.

但是——我們不談論這件事。我們不——我的意思是，為什麼我們不播出這件事，這確實是個好問題。坦白說，我們真的很少公開宣傳什麼內容。我們只需保持專注，並努力做好自己的工作。我的意思是，這就是我們目前的處境。

But at the same time, as we strategically grow and do the things we're talking about doing, i.e., M&A or joint ventures or expanding, you will hear more about that activity. That's in the game plan. So I don't know if that answers all your questions, but I think I did. You're talking about Dell and new customers. We will definitely speak more loudly as we grow and gain new routes to market.

但同時，隨著我們進行策略性成長並進行我們正在談論的事情，例如併購、合資或擴張，您將會聽到更多關於這些活動的消息。這是計劃之內的。我不知道這是否解答了你所有的問題，但我認為我已經解答了。你們在談論戴爾和新客戶。隨著公司發展壯大，拓展新的市場管道，我們一定會提高發聲的力道。

I appreciate that. I realize that -- well, as far as the stock price is concerned, it just seems that -- and I know I'm just an individual investor, but I've got a couple of thousand shares. It just seems that someone else is pushing the stock price around. And if there was just more talk on your side, just announcing anything, maybe it would just help the total lack of information coming out of the company with the exception of your quarterly conference calls. And the only other question I have was, do you plan on any more capital raises?

我很感激。我知道——嗯，就股價而言，看起來就是這樣——我知道我只是個個人投資者，但我有數千股股票。感覺好像有人在背後操縱股價。如果你們這邊能多說些話，哪怕只是宣布一些事情，或許就能改善公司除了季度電話會議之外完全缺乏資訊的現狀。我還有一個問題，你們是否計劃進行更多融資？

Right now, the answer to that is no. We think we're well positioned with what we've done for the short period. Eventually, maybe. But right now, we don't have any plans. And I've said before that I'm very conscious of our investor base.

目前來看，答案是否定的。我們認為，就短期而言，我們所做的一切都讓我們處於有利地位。最終或許會這樣。但目前我們還沒有任何計劃。我之前說過，我非常重視我們的投資人群體。

And the last thing I want to do is dilute our investors. But at the same time, we want to grow and we want to take strategic -- make strategic decisions to grow. And the converse is if we didn't do what we're doing here, we go out of business, period end of story. So we wouldn't even have a story. So I think where we're going is we could raise more money, but there's nothing planned at the moment.

我最不想做的就是稀釋我們投資人的權益。但同時，我們希望發展壯大，我們希望採取策略性決策來實現成長。反過來說，如果我們不做現在正在做的事情，我們就會倒閉，就這麼簡單。所以我們甚至連個故事都沒有。所以我覺得我們未來的方向是可以籌集更多資金，但目前還沒有任何計畫。

And by the way, going back to your question, if I can add one more thing about speaking more loudly, we would love to do that, and we plan to do that. And I don't think any of us sit here during the day and let's go figure out how we can -- we don't worry about the stock price. We worry about the long game and what we're trying to do to create value.

順便說一下，回到你的問題，關於提高說話音量，我再補充一點，我們很樂意這樣做，我們也計劃這樣做。而且我認為我們當中沒有人會在白天坐在這裡想辦法——我們不會擔心股價。我們關注的是長遠發展以及我們為創造價值所做的努力。

Kris Tuttle, Blue Caterpillar.

克里斯‧塔特爾，《藍色毛毛蟲》。

One thing I just neglected to ask about is, could you talk about your -- the mixed vendor rack integration that you do? I know it's a small part of the business today, but could you talk about what it was in the quarter and what your expectations are for that going forward?

我剛才忘了問的一件事是，您能談談您所做的混合供應商機架整合嗎？我知道這在目前業務中只佔很小一部分，但您能否談談本季的情況以及您對未來發展的預期？

Sorry, Kris, your questions, you expired to the number of questions you could ask. Call back next quarter.

抱歉，克里斯，你的問題數已經達到上限了。下個季度再聯繫。

Jump back on, but I felt like I got a little tiny bit of a window here.

重新振作起來，但我感覺我在這裡找到了一絲機會。

I'm not sure I understand what you mean by the mix of the vendor

我不太明白您說的供應商組合是什麼意思。

Mixed vendor.

混合商戶。

Rack integration, where it's a -- it's not all Dell, it's other stuff. So it's -- I think it's a small part of the business today, single-digit millions, but something we talked about when I was down there. So maybe I'm mistaken, but you had that business that seemed like an interesting part, small though it is, that could expand.

機架集成，其中——它不全是戴爾的產品，還有其他產品。所以——我認為這只是目前業務的一小部分，幾千萬美元，但這是我在那裡的時候我們討論過的事情。所以也許我錯了，但你之前提到的那項業務雖然規模不大，但看起來很有發展潛力，很有意思。

Yes. We don't talk about it because it's really kind of confidential to the company. I mean it sounds like I'm trying to hide behind a wall, but I mean we just don't talk about it. And it's as you know, this facility is a very secure facility. It's very tight with our existing customer, and we don't want to do anything that would jeopardize our relationship in that way, and we don't.

是的。我們不談論這件事，因為它對公司來說確實屬於機密。我的意思是，聽起來好像我在躲在牆後，但我的意思是，我們只是不談論這件事。如你所知，這個設施非常安全。我們與現有客戶的關係非常密切，我們不想做任何會以這種方式危及我們關係的事情，我們也確實沒有這樣做。

So the configuration services business is a little bit more in the multiple providers, but largely, it's all done with the teamwork and collaboration with our customer, our key customers. So there's not much else going on in terms of the other technology that you're asking about.

因此，配置服務業務更涉及多個供應商，但總體而言，這一切都是透過與我們的客戶，特別是我們的主要客戶進行團隊合作來完成的。所以，就你提到的其他技術而言，並沒有太多其他進展。

Yes. The other one, Kris, that I'd point out, when you think about, particularly with the AI rack integration, there aren't that many companies -- that many computer OEMs out there doing that, right? So while we deal primarily with one customer, we are integrating racks that end up at many different companies. So we're directly contracting with them, but yet our -- what we touch, what we integrate ends up in a lot of different places. So there's actually a little more diversification just by virtue of that, even though we have to formally disclose that our business is technically with one customer.

是的。克里斯，我想指出的另一點是，當你仔細想想，特別是人工智慧機架整合方面，並沒有那麼多公司——沒有那麼多電腦OEM廠商在做這件事，對吧？因此，雖然我們主要服務於一個客戶，但我們整合的貨架最終會被許多不同的公司使用。所以我們是直接與他們簽訂合同，但是我們——我們所接觸的、我們整合的東西最終會出現在許多不同的地方。因此，實際上僅憑這一點就實現了更多的多元化，儘管我們必須正式披露，從技術上講，我們的業務只服務於一個客戶。

Yes. That's helpful. I didn't mean to put you guys on the spot, and that is helpful.

是的。那很有幫助。我無意讓你們難堪，這很有幫助。

(Operator Instructions) [Brad Stevenson] with Breakout Investors.

（操作員說明）[Brad Stevenson] 與 Breakout Investors 合作。

So I had a couple of questions. I saw -- you talked about operational requirements or unforeseen operational requirements in Q3 that affected your rack volumes. Can you -- I guess a couple of things around that. Could you elaborate a little bit more about what that means? Is it just strictly related to -- I would assume it's not strictly related to power availability, but maybe something else.

我有幾個問題。我看到—您談到了第三季影響機架容量的營運需求或不可預見的營運需求。你能——我想是關於這方面的一些事情。能再詳細解釋一下這代表什麼嗎？這是否僅僅與…有關？ ——我猜想這並非僅僅與電力供應有關，而是可能與別的因素有關。

But then kind of a second part to that question, do those volumes get pushed into a future quarter? Or were they handled somewhere else? Or do you know?

但這個問題還有第二個方面，這些銷售是否會被推遲到未來的季度？還是這些案件在其他地方處理了？或者你知道嗎？

So two parts to your question. The first part is it's a little embarrassing to say this, but it's fact. We -- its power did play into it. We needed more juice, and we made that investment in Q3 to get out in front of things. Number two is as we were integrating our ERP system here, the ability to better manage and tightly manage our inventory and reporting did play a factor.

所以你的問題包含兩個部分。首先，雖然有點難以啟齒，但這是事實。我們——它的力量確實在其中發揮了作用。我們需要更多動力，因此我們在第三季度進行了投資，以搶佔先機。第二點是，在我們整合 ERP 系統的過程中，更好地管理和嚴格管理庫存和報告的能力確實發揮了作用。

So we've got that fixed, and that did get in the way of volume. Third is we had a lot of new people, and we were -- we just fixed that by hiring a Director of Operations that reports to Todd Marrott, our Chief Operating Officer, to expand his management team. And that's been -- we've got a new fell on Board, and he's done a phenomenal job in a very short period of time. Another piece, which we didn't have -- soon enough, if you will, was a communications vehicle where we put everybody that needed to be in the room at the same time. And we relied a little too much on the presumption that everybody that needed to know knew, and they didn't.

我們已經解決了這個問題，這個問題確實影響了銷售量。第三，我們有很多新員工，而我們——我們透過聘請一位營運總監來解決這個問題，這位營運總監將向我們的營運長托德·馬羅特匯報工作，以擴大他的管理團隊。事情就是這樣——我們迎來了一位新成員，他在很短的時間內就取得了驚人的成就。另一個我們之前沒有的東西——如果你願意這麼說的話——是一個通訊工具，我們可以把所有需要同時到場的人都放在這個工具裡。我們過於依賴「所有需要知道的人都知道」這個假設，但事實並非如此。

That's a nice way of saying, now we've got that fixed. We do a daily morning and a daily afternoon session with all the people involved, not only with our company, but our key customer, and that's proven to be phenomenally beneficial. So it's like the old story, the little things make the big things. It wasn't one thing, but we needed to improve and we've taken steps to go do that. So we lump that into procedures and process improvements, and we're good.

換句話說，現在這個問題已經解決了。我們每天上午和下午都會與所有相關人員進行一次會議，不僅包括我們公司的員工，還包括我們的主要客戶，事實證明，這非常有益。所以就像老話說的那樣，小事成就大事。這不是單一因素造成的，但我們需要改進，我們也已經採取措施來實現這一目標。所以我們把這些都歸類在程序和流程改善的範疇，這樣就沒問題了。

So it's a learning opportunity for us. And unfortunately, it did get in the way of some volume. And where that volume went and went -- I can't tell you where it went, but it didn't come to us. I can tell you that much. And we're going to do everything we can to prevent that from happening again.

所以這對我們來說是一個學習的機會。但遺憾的是，這確實影響了一些銷售量。至於那批貨去了哪裡——我無法告訴你它去了哪裡，但它並沒有送到我們這裡。我可以告訴你這些。我們將竭盡全力防止此類事件再次發生。

Okay. Well, that's good news. That's solves things that can be corrected, right?

好的。那真是個好消息。這樣解決的都是可以糾正的問題，對吧？

Yes. And I'll say that I know you're going to probably probe at this one, and we were having a conversation about how far you're going to let me talk today. We will do more rack opportunities and integrations in Q4 than we've ever done before. So we're on the right track.

是的。我知道你可能會追問這個問題，我們之前也討論過今天你會讓我說多少。我們將在第四季度開展比以往任何時候都多的機架安裝和整合項目。所以我們走在正確的道路上。

Awesome. I appreciate that. That's great color. I was -- I want to say pleasantly surprised that you -- I think I heard you give guidance for the full year 2026, 40% to 50%.

驚人的。我很感激。顏色真好看。我——我想說，我驚喜地發現——我想我聽到你對 2026 年全年的業績給出了 40% 到 50% 的預期。

You're right. Yes, sir.

你說得對。是的，先生。

And so -- of course, in my brain, it caused me to automatically think has visibility gotten that much better? Or what would you say would allow you to be able to forecast that far out now?

所以——當然，在我的腦海裡，它自動讓我思考：能見度真的改善了那麼多嗎？或者說，您認為現在要怎麼樣才能做出那麼長遠的預測？

If you go by segment, the answer to your question across the board is yes. We're very good and we've improved significantly on our communications and our visibility in each business segment. And so the answer is yes. I mean I can -- there's no magic to it other than we've got a little bit -- we got a lot more visibility going on. And I think if you go to a month ago when marquee customer did their analyst meeting in New York City, they raised their guidance, their pipeline.

如果按細分市場來看，你的問題的答案是肯定的。我們做得非常好，我們在各個業務領域的溝通和知名度都得到了顯著提升。所以答案是肯定的。我的意思是，這其中並沒有什麼神奇之處，只是我們現在有了更多的關注。我認為，如果你回顧一個月前，當時我們的旗艦客戶在紐約市召開分析師會議，他們提高了業績預期和專案儲備。

You've heard their executives talk about the visibility they have in the number of customers that are buying servers and ultimately racks. And I think it's going in the right direction for all of us, and we're happy about that.

你肯定聽過他們的高階主管談論他們如何掌握購買伺服器乃至最終購買機架的客戶數量。我認為這對我們所有人來說都是朝著正確方向發展，我們對此感到高興。

Awesome. And then I've got one more. The equity raise using it for expansion for growth outside of Dell, I think, is the general theme there. Do you see or kind of fast forward or looking at your crystal ball, do you see a time when we're going to -- when you'll release a PR telling us, hey, we've done this deal or that deal, and this is what some of this money is being used for. Will we get that kind of an answer to that?

驚人的。然後我還有一個。我認為，利用股權融資來實現戴爾以外的業務擴張和成長，是此次融資的整體主題。你有沒有預見到，或者說，你有沒有預知未來，看到有一天我們會發布新聞稿告訴我們，嘿，我們已經完成了這筆交易或那筆交易，以及這筆錢的部分用途是什麼？我們能得到這樣的答案嗎？

Or will we just sort of see it over the course of quarterly results on a go-forward basis?

或者我們會在未來的季度業績報告中逐步看到這一點？

That's a very good question. And the answer in a short answer is yes. And we expect -- we expect to make things happen sooner than later. There's multiple different paths that we're exploring M&A in a way that's complementary to what we do today. Joint venture is another discussion.

這是一個很好的問題。簡而言之，答案是肯定的。我們期望－我們期望事情能盡快發生。我們正在探索多種不同的併購途徑，以與我們目前所做的事情互補。合資企業是另一個話題。

And expanding into areas that -- I don't want to give away too much here, but expanding into ways that we can leverage what we do to the benefit of our current customer also to others, to the end user customer directly is of interest to us. So we're going to map that plan out. I'm pleased that -- I mean, I'm very excited. We are very excited about Vivek joining the Board. He's a great addition to the Board that we have today.

拓展到其他領域——我不想在這裡透露太多，但我們感興趣的是拓展到我們可以利用自身優勢，不僅造福現有客戶，還能造福其他人，直接造福最終用戶客戶的方式。所以我們要訂定這個計劃。我很高興——我是說，我非常興奮。我們非常高興Vivek加入董事會。他的加入對我們現有的董事會來說是一大助力。

We're blessed that we've got a good team. And Vivek brings an exceptional amount of focus on the strategic planning part and understands our industry. So there's things we can do. There's things we shouldn't do. And someone once told all of us that you start off by building a strategy by deciding what you're not going to do.

我們很幸運擁有一支優秀的團隊。Vivek 在策略規劃方面展現出非凡的專注力，並且了解我們所在的產業。所以，我們還是可以做些事情的。有些事我們不該做。曾經有人告訴我們，制定策略的第一步是決定你不做什麼。

And there are certain things we know we're not going to do. I know we're not going to put somebody on the moon. So we can go plan from there. But we're very serious about doing the expansion, as we talked about to get new routes to market, new revenue. And I would expect that you'll see something sooner than later.

有些事情我們知道自己是不會做的。我知道我們不可能把人送上月球。所以我們可以從那裡開始製定計劃。但我們非常認真地對待擴張這件事，正如我們之前討論的那樣，是為了獲得新的市場管道和新的收入。我估計你很快就會看到一些結果。

Okay. Great. Great. And then do you -- I said that was my last question, but your answer caused me to have a follow-up on that. Do you see being able to use the current facility for others, maybe for some of that expansion besides Dell?

好的。偉大的。偉大的。然後你——我說過這是我的最後一個問題，但你的回答讓我又有了後續問題。您認為除了戴爾之外，其他公司是否也可以利用現有設施進行一些擴張？

Or is that going to have to take place in another location? Or do we know that yet?

或者說，這件事必須在另一個地點進行？或者我們已經知道答案了嗎？

It really depends -- good question. It really depends on what the opportunity is. Remember, we also have the other facility in Round Rock that you're probably going to ask another question, what do you plan to do with it? Well, we can sublease it, and we're talking to people about doing that. And I have a feeling that we're going to use some of that space to broaden our go-to-market footprint.

這真的要看情況——問得好。這真的取決於機會是什麼。別忘了，我們在朗德羅克還有另一個設施，你可能會問另一個問題，你們打算怎麼利用它？我們可以轉租，我們正在和一些人洽談轉租事宜。我感覺我們會利用其中的一些空間來擴大我們的市場覆蓋範圍。

So we're not rushing out the door to go rent that out and sublease it. But more than likely, it would involve doing something somewhere else.

所以我們並不急著把房子租出去或轉租出去。但更有可能的是，這需要你在別的地方做點什麼。

Okay. Well, I appreciate that, and that's -- those are great answers. I'm going to go through -- I didn't have time to go through your 10-Q and all that yet, but I'm going to do all that and then send you a whole bunch more questions probably, but I appreciate it.

好的。嗯，我很感激，這些回答都很棒。我會仔細閱讀——我還來不及仔細閱讀你的 10-Q 問卷等等，但我會盡快完成，之後可能還會給你發一大堆問題，不過非常感謝。

You couldn't consume 40 pages of detailed documents in an hour? Come on, Brad.

你一小時內都看不完40頁細部文件嗎？拜託，布拉德。

I mean, well, AI does help with that. You can't -- yes -- but yes, I like to read it myself, so.

我的意思是，人工智慧確實能在這方面有所幫助。你不能——是的——但是，是的，我自己也喜歡讀它，所以。

David Bastian, Kingdom Capital Advisors.

David Bastian，王國資本顧問公司。

So looking at your guide here, kind of what you're saying about the fourth quarter and then about 2026, it seems like you're basically saying the run rate on this facility is somewhere in the $5 million to $7 million of EBITDA per quarter. Am I interpreting you correctly?

所以，根據你提供的指南，以及你對第四季和 2026 年的描述，你似乎基本上是在說該設施的運作率大約是每季 500 萬至 700 萬美元的 EBITDA。我理解你的意思對嗎？

Yes.

是的。

Okay. And I guess, does that represent running mostly at full capacity? I think a lot of us were expecting this is kind of going to be our first quarter to see what full capacity look like. Obviously, there's been a few weeks of delays here, but you're talking about Q4 and the guidance you're giving suggests that, that is going to be what we're seeing here once that quarter is finished.

好的。那我猜，這是否意味著大部分時間都在滿載運轉？我認為我們很多人都預料到，這將是我們第一次看到滿載運轉是什麼樣子。顯然，這段期間出現了幾週的延誤，但你談到的是第四季度，而你給出的指導意見表明，一旦該季度結束，我們就會看到這樣的結果。

No. It's not full capacity. I'm not being feisty with you. I'm just trying to answer your question.

不。尚未滿載運轉。我不是跟你耍脾氣。我只是想回答你的問題。

No, I just want to understand how much -- go ahead.

不，我只是想了解具體金額——請繼續。

No, Darryll's point is spot on. We've got significant additional capacity that we could grow into.

不，達裡爾的觀點完全正確。我們還有很大的發展空間。

Okay. So yes, because I mean again, the 40%, 50%, are we thinking about that as growth off of this full year or off of Q4? Again, just to make sure I'm not misinterpreting what you're saying here.

好的。所以，是的，因為我的意思是，40%、50% 這個數字，我們是指今年全年的成長，還是指第四季的成長？再次確認一下，確保我沒有誤解你的意思。

Full year.

全年。

Full year. Okay. And so then based on that, if you guys are going to go do M&A, are there opportunities in the market right now that are available to you that would be accretive to -- if you're around $25 million to $30 million of EBITDA next year on what is right now, roughly $300 million, $350 million market cap. I mean that's -- are there opportunities out there that are accretive for you guys at that valuation? Or do you think you can grow that incrementally by doing M&A here?

全年。好的。那麼，基於此，如果你們打算進行併購，目前市場上是否有機會可以增加你們的收益——假設你們明年的 EBITDA 約為 2500 萬至 3000 萬美元，而目前的市值約為 3 億至 3.5 億美元。我的意思是──以你們目前的估值來看，是否存在著能帶來收益的機會？還是你認為可以透過併購逐步成長？

What I've learned, David, is that there's a lot of work that needs to go on to do a deal. It's not easy, but it's doable, and it happened all the time. So we're prepared for that. And the answer to your question is yes. We've got some line of sight.

大衛，我學到的是，要達成一筆交易，還有很多工作要做。這並不容易，但並非不可能，而且這種情況屢見不鮮。所以我們已經做好準備了。你的問題的答案是肯定的。我們能看到一些東西。

And yes, accretive and yes, exciting. And it's -- I think going back to a comment earlier, it's the little ones that add up. I mean, a little bit here, a little bit there, given the size of our company and the money we've raised, I think it's -- there are some -- there's a couple that are really exciting to us. So the answer is yes.

是的，具有成長潛力，而且令人興奮。而且──我覺得回到我之前的評論，正是這些小事累積起來才造成了極大的影響。我的意思是，這裡一點，那裡一點，考慮到我們公司的規模和我們籌集的資金，我認為——有一些——有幾個項目真的讓我們很興奮。所以答案是肯定的。

I would now like to turn the floor back to management for any closing remarks.

現在我把發言權交還給管理階層，請他們作總結性發言。

Okay. Thank you, everybody. It's Darryll. I think what I want to say is over the period of time recently, we've taken some very methodical steps intentional and designed to position us to scale and grow. As many of you know, we uplisted on NASDAQ.

好的。謝謝大家。是達裡爾。我想說的是，最近一段時間，我們採取了一些非常有條不紊的步驟，這些步驟是有計劃、有目的的，旨在讓我們能夠擴大規模並實現成長。正如你們許多人所知，我們已在納斯達克上市。

We raised money. We've had some very powerful people to our Board. We've invested in our facility and infrastructure. And we're playing the long game, but we're playing to win. And what we're trying to do is make sure that we're as open as we can be in these calls.

我們籌集到了資金。我們董事會曾經迎來過一些非常有影響力的人物。我們已對工廠設施和基礎設施進行了投資。我們著眼於長遠，但我們的目標是贏得勝利。我們正在努力確保在這些通話中盡可能地坦誠相待。

But I just want to make sure that everybody knows that we are very optimistic about our future. We're very focused on execution. At the end of the day, it doesn't matter if you don't put points on the board as we know, as we're sitting here today having this conversation. We've got a long-term view, but we know that we're growing, and we need to keep ahead of what's going on in the marketplace, and we need to move quickly. So we're very committed to that.

但我只想讓大家知道，我們對未來非常樂觀。我們非常注重執行。歸根結底，正如我們今天坐在這裡進行這場對話一樣，你是否取得分數並不重要。我們著眼於長遠，但我們也知道我們正在發展壯大，我們需要時刻關注市場動態，並且需要快速行動。所以我們對此非常重視。

And I just want to make sure that everybody on the call knows that we thank you for your support and glad you're coming on this journey with us. So thank you for your time.

我只想確保所有參與通話的人都知道，我們感謝你們的支持，很高興你們能和我們一起踏上這段旅程。非常感謝您抽出時間。

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

謝謝。今天的會議到此結束，您可以斷開線路了。感謝您的參與。