TSS Inc (TSSI) 2026 Q1 法說會逐字稿

Good afternoon, and welcome to the TSS Inc., first quarter 2026 earnings results conference call. (Operator Instructions)

下午好，歡迎參加 TSS Inc. 2026 年第一季財報結果電話會議。(接線員指示)

It is now my pleasure to turn the floor over to your host, James Carbonara, Investor Relations at Hayden IR. James, the floor is yours.

現在我很榮幸將會議交給今天的主持人——Hayden IR 投資人關係的 James Carbonara。James，請開始。

Thank you, operator, and good afternoon, everyone. Once again, thank you for joining us for TSS conference call to discuss the company's first quarter 2026 financial results. Joining me today on this call are Darryll Dewan, President and CEO of PSS; and Danny Chism, the company's CFO.

謝謝接線員，大家下午好。再次感謝各位參加 TSS 的電話會議，討論公司 2026 年第一季財務結果。今天與我一同出席的有：PSS 總裁暨執行長 Darryll Dewan，以及公司財務長 Danny Chism。

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, May 7, 2026.

在我們開始之前，我想提醒各位留意我們今天發布之新聞稿中關於前瞻性陳述的警示性用語。同樣的用語也適用於今天電話會議中的評論與陳述。本次電話會議將包含具時效性的資訊以及前瞻性陳述，且僅截至今天——2026 年 5 月 7 日——為準。

TSS expressly disclaims any obligations 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.

除非適用法律另有規定，TSS 明確聲明不承擔任何義務更新、修訂、補充或以其他方式檢視本次電話會議或重播中所作的任何資訊或前瞻性陳述，以反映在所示日期之後可能變更或發生的事件或情況。有關可能影響公司未來表現之風險與不確定性清單，請參閱公司向美國證券交易委員會（SEC）提交的定期申報文件。

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

此外，我們將提及非 GAAP 財務衡量指標。這些指標與依照美國 GAAP 計算之最直接可比財務衡量指標之差異調節表，已包含於今天的新聞稿中。

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

接下來，Darryll，我把電話會議交給你。

Thank you, James, and welcome, everyone. We are off to a fast, strong start in 2026. Our first quarter results reinforce continued execution of our growth plan and accelerating momentum in our systems integration business.

謝謝你，James，也歡迎各位。我們在 2026 年開局迅速且強勁。第一季的結果再次印證我們持續落實成長計畫，並且在系統整合業務上動能加速。

Our performance continues to benefit from strong demand for AI-related infrastructure, where customers are scaling deployments to address demand for AI services and servers. We're executing effectively against our customers' demand with expanded capacity to create sustainable long-term value and making strategic investments to set the stage for future growth.

我們的表現持續受惠於 AI 相關基礎設施的強勁需求，客戶正擴大部署以因應對 AI 服務與伺服器的需求。我們透過擴充產能有效回應客戶需求，以創造可持續的長期價值，並進行策略性投資，為未來成長奠定基礎。

Revenue of $55.3 million in the first quarter was driven by the strength in our higher-margin systems integration business. It increased 88% year-over-year and represents a larger portion of total revenue at 25% compared to 8% in the prior year period when we had an outsized contribution from procurement.

第一季營收為 5,530 萬美元，主要由我們高毛利的系統整合業務強勁表現所帶動。營收年增 88%，且系統整合占總營收比重提升至 25%，相較去年同期為 8%；去年同期因採購業務貢獻異常偏高。

Adjusted EBITDA was $5.3 million, up 1% year-over-year, reflecting a more favorable sales mix and the impact of growth investments related to our new facility. Systems integration remains the primary driver of growth and margin expansion in our business and our ability to execute consistently in an increasingly complex operating environment is a key differentiator. Demand for AI infrastructure remains at an all-time high and is showing no signs of abating.

調整後 EBITDA 為 530 萬美元，年增 1%，反映較有利的銷售組合，以及與新廠相關的成長投資影響。系統整合仍是我們業務成長與毛利擴張的主要驅動力；在日益複雜的營運環境中持續穩定執行的能力，是我們的關鍵差異化優勢。AI 基礎設施需求仍處於歷史高點，且未見趨緩跡象。

Based on reports from many participants in the AI supply chain from frontier model companies and hyperscalers to the equipment OEMs and down to the chip providers, it is clear demand is far outstripping supply. There are strong indications that frontier model companies' revenues are limited by the amount of compute they have access to and the deals between large companies to secure data center capacity continue to make weekly headlines.

根據 AI 供應鏈中眾多參與者的報告——從前沿模型公司與超大規模雲端業者（hyperscalers），到設備 OEM，再到晶片供應商——很明顯需求遠遠超過供給。有強烈跡象顯示，前沿模型公司的營收受限於其可取得的算力；而大型企業為確保資料中心容量所達成的交易，也持續成為每週新聞焦點。

We've been working to reconsider our definition of the markets we serve. Currently, we have three primary offerings: systems integration, facilities management, which includes our modular data center services business and procurement.

我們一直在重新思考我們所服務市場的定義。目前我們有三項主要產品／服務：系統整合、設施管理（包含我們的模組化資料中心服務業務）以及採購。

In systems integration, we're experiencing very rapid growth in the higher-margin offerings. Our primary customers in the past have been computer equipment OEMs. These have been and continue to be wonderful customers who themselves are experiencing very rapid growth. However, there's a large part of the market the OEMs currently do not serve. We are working to understand the potential for us to serve the rack integration requirements of the rest of the overall market.

在系統整合方面，我們的高毛利產品／服務正經歷非常快速的成長。過去我們的主要客戶是電腦設備 OEM。這些客戶一直以來、並且仍然是非常優秀的客戶，而他們自身也正經歷非常快速的成長。然而，市場上仍有相當大的一部分目前並非 OEM 所服務。我們正著手了解我們為整體市場其餘部分提供機櫃整合（rack integration）需求的潛力。

Further, the complexity of data centers being built today is far greater than those built just a few short years ago. The amount of power required to serve more dense compute environments and the systems to cool dense compute are changing data center designs.

此外，當今所建置的資料中心複雜度，遠高於僅僅幾年前所建置者。為支援更高密度的運算環境所需的電力，以及為高密度運算降溫的系統，正在改變資料中心的設計。

Beyond that, the networking requirements within the data center are rapidly evolving. In AI training data centers, all the GPUs are connected and the amount of data flow is pushing the industry towards optical networking. NVIDIA announced substantial investments in this area in recent months. And all of this is done to achieve greater efficiency as frontier model companies rushing to IPOs are measured on cost per token basis.

除此之外，資料中心內部的網路需求也在快速演進。在 AI 訓練資料中心中，所有 GPU 彼此互連，資料流量的規模正推動產業走向光學網路。NVIDIA 在近幾個月宣布在此領域進行大規模投資。而這一切都是為了提升效率，因為正加速推進 IPO 的前沿模型公司，是以每 token 成本作為衡量基準。

There are two meaningful consequences for our company. One, first, the technical burden is being disseminated out from primary technology providers like NVIDIA to the supplier community. Rack design, server configuration, networking solutions still have reference designs from OEMs, but the details of the solutions for deployment are done by suppliers like TSS.

這對我們公司有兩個重要影響。第一，技術負擔正從 NVIDIA 等主要技術供應商向供應商社群擴散。機櫃設計、伺服器配置、網路解決方案仍有來自 OEM 的參考設計，但部署所需解決方案的細節則由像 TSS 這樣的供應商來完成。

Second, we believe the pace of change lends itself to opportunities to both expand how we perform rack integration and to consider offering additional services beyond Rack integration. For these two reasons, we have made important additions to our leadership team that I'm proud to expand on in just a few minutes. Importantly, we are scaling our operations along this demand.

第二，我們認為變化的速度帶來機會：一方面擴展我們執行機櫃整合的方式，另一方面也可考慮在機櫃整合之外提供更多服務。基於這兩點，我們已為領導團隊增添重要成員，我也很自豪能在幾分鐘後進一步說明。同樣重要的是，我們正隨著這股需求擴大營運規模。

Let's recall, our Georgetown, Texas facility opened the doors less than a year ago and really began flowing orders six to seven months ago. We have expanded our capacity and execution capabilities, including scaling Rack integration throughput, optimizing our facility footprint and increasing operational readiness to support higher volume.

回顧一下，我們位於德州喬治城（Georgetown）的廠房在不到一年前才正式啟用，並在 6 到 7 個月前才真正開始接單出貨。我們已擴充產能與執行能力，包括提升機櫃整合產出（throughput）、優化廠房使用面積，以及提高營運就緒度以支援更高的出貨量。

As a result, within this month, we will have completed more Rack integrations in 2026 than we delivered all of last year. And importantly, we have remaining capacity within our existing footprint to support additional growth as demand requires. In other words, we are executing in line with our expectations and remain on track with our internal plan for the year.

因此，在本月內，我們在 2026 年完成的機櫃整合數量將超過去年全年交付的總量。更重要的是，在現有場地範圍內，我們仍保有剩餘產能，可在需求需要時支援進一步成長。換言之，我們的執行符合預期，並仍按計畫推進年度內部營運規劃。

In addition, we're continuing to optimize our operational footprint. Since we moved rack integration operations 9 miles north from Round Rock to Georgetown, our Round Rock facility has been idle. In line with our 2026 operating plan, we have now dedicated the entire Round Rock facility to warehousing AI rack material for our largest OEM customer. We began providing this service May 1 of this year, and the contribution from this activity is included in our adjusted EBITDA guidance for the year. Last week, we announced a significant strengthening of our leadership team to support our next phase of growth.

此外，我們也持續優化營運據點配置。自從我們將機櫃整合作業從 Round Rock 北移 9 英里至 Georgetown 之後，Round Rock 廠房一直處於閒置狀態。依照我們 2026 年營運計畫，我們現已將整個 Round Rock 廠房專用作為倉儲用途，用於存放我們最大 OEM 客戶的 AI 機櫃物料。我們已於今年 5 月 1 日開始提供此項服務，且該活動的貢獻已納入我們今年的調整後 EBITDA 指引。上週，我們宣布大幅強化領導團隊，以支援下一階段的成長。

I'm pleased to announce and proud to have Matt Wallace appointed to the Chief Strategy Officer and as well David Ho appointed to the Chief Technology Officer. Matt brings deep experience in corporate strategy, business transformation and strategic partnerships with a track record of driving growth initiatives across the infrastructure technology sector. David brings extensive engineering and infrastructure leadership experience, including scaling technical organizations and developing integration capabilities for large-scale deployments.

我很高興宣布，並以任命 Matt Wallace 擔任首席策略長（Chief Strategy Officer）以及任命 David Ho 擔任首席技術長（Chief Technology Officer）為榮。Matt 在企業策略、業務轉型與策略性合作夥伴關係方面具備深厚經驗，並在基礎設施科技領域推動成長計畫方面擁有可驗證的實績。David 擁有豐富的工程與基礎設施領導經驗，包括擴大技術組織規模，以及為大規模部署打造整合能力。

Both of these executives bring established industry relationships to TSS that enhance our ability to engage across customers and partners. Most importantly, these additions are aligned with our focus on disciplined growth, both organic and strategic. These roles are intended to strengthen execution, expand our partnerships and support long-term scaling of the business. So as we look ahead, we are well positioned for another record year.

這兩位高階主管皆為 TSS 帶來既有的產業人脈關係，強化我們與客戶及合作夥伴的互動能力。更重要的是，這些人事增補與我們對「有紀律的成長」（包含有機成長與策略性成長）的聚焦一致。設立這些職務旨在強化執行力、擴大合作夥伴關係，並支持業務的長期擴張。因此展望未來，我們已為再創紀錄的一年做好充分準備。

Our outlook for adjusted EBITDA in the range of $20 million to $22 million for the full year is supported by a multiyear agreement that provides both revenue visibility, downside protection, expanding capacity and capabilities and a strengthening leadership team. We expect our full year results to be at the high end of the previously set range.

我們對全年調整後 EBITDA 的展望區間為 2,000 萬至 2,200 萬美元，該展望受到一項多年期協議的支持；該協議同時提供營收能見度、下行保護、擴充產能與能力，以及更強化的領導團隊。我們預期全年結果將落在先前所設定區間的高端。

Importantly, we operate in an addressable market that is massive and growing rapidly, and we remain focused on disciplined execution across the business. We are working on strategies to position the company in 2026 to address a wider market of customers with an expanded set of services.

重要的是，我們所處的可服務市場規模龐大且快速成長，而我們仍專注於全公司範圍內的有紀律執行。我們正制定策略，讓公司在 2026 年能以更擴大的服務組合，觸及更廣泛的客戶市場。

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

那麼接下來，我把電話會議交給 Danny，請他更詳細說明我們的財務結果。Danny？

Thanks, Darryl. Consolidated total revenue in the first quarter was $55.3 million, down from $99 million in the year ago quarter. The decrease was driven primarily by the lower level of procurement services activities with systems integration revenues up 88% and facilities management revenues in line with the prior year. It was encouraging to see strong year-over-year growth this quarter in our systems integration business, which carries richer margins than the procurement business.

謝謝你，Darryl。第一季合併總營收為 5,530 萬美元，低於去年同期的 9,900 萬美元。下滑主要是因採購服務活動水準較低所致；系統整合營收年增 88%，而設施管理營收與去年同期大致持平。令人鼓舞的是，本季我們的系統整合業務呈現強勁的年增成長；相較於採購業務，系統整合具備更高的毛利率。

As you may recall, procurement service revenue is a meaningful yet inherently variable component of our business with the narrowest margins of all our business lines. with volume variances driven primarily by the timing and scale of customer infrastructure purchasing. While periods of elevated procurement activity like we experienced in the first quarter of last year can occur in response to large-scale deployment cycles, the revenue stream is not linear and can fluctuate significantly from quarter-to-quarter depending on customer ordering patterns and program timing.

如各位所記得，採購服務營收是我們業務中重要但本質上波動的組成部分，且在所有業務線中毛利率最窄；其量的變動主要受客戶基礎設施採購的時點與規模所驅動。雖然像去年第一季那樣的採購活動高峰期，可能因應大規模部署週期而出現，但該營收流並非線性，會因客戶下單模式與專案時程而在各季之間大幅波動。

Revenue from procurement services totaled $40 million, down 56% year-over-year from $90.2 million. This represented a return to a more typical level of procurement activity compared to the extraordinarily high record level seen in the first quarter of last year.

採購服務營收合計 4,000 萬美元，較去年同期的 9,020 萬美元年減 56%。相較於去年第一季所見的異常偏高、創紀錄水準，本季反映採購活動回到較典型的水準。

Revenue from our Systems Integration segment increased 88% year-over-year from $7.5 million in the first quarter of 2025 to $14.1 million in Q1 of this year, reflecting continued strong demand and execution across large-scale infrastructure deployments. This also reflects the positive impact of the renegotiation of our long-term AI rack integration agreement in Q4 2025, taking into account our full CapEx investment and increased electrical power availability. We've also continued to see an increase in the number of AI racks coming to us for integration.

我們系統整合部門的營收年增 88%，由 2025 年第一季的 750 萬美元增至今年第一季的 1,410 萬美元，反映大型基礎設施部署持續強勁的需求與執行表現。這也反映我們於 2025 年第四季重新協商長期 AI 機櫃（rack）整合協議的正面影響，並已將我們完整的資本支出（CapEx）投資與更高的可用電力納入考量。我們也持續看到送至我們進行整合的 AI 機櫃數量增加。

Systems integration is a core growth and value driver for our business. As customers continue to move towards increasingly complex and higher volume infrastructure deployments, we continue to see a corresponding and sustained shift in demand and revenue mix towards integration services, which are higher value, more scalable and more directly linked to the long-term growth and margin expansion. Sequentially, the current quarter systems integration revenues looked relatively flat at $14.1 million compared to $14.2 million in the fourth quarter of 2025.

系統整合是我們業務的核心成長與價值驅動因素。隨著客戶持續走向更複雜且更高量的基礎設施部署，我們也持續看到需求與營收組合相應且持久地轉向整合服務；整合服務價值更高、可擴展性更強，且與長期成長與毛利率擴張的連結更直接。以季比來看，本季系統整合營收為 1,410 萬美元，與 2025 年第四季的 1,420 萬美元相比大致持平。

If you recall my comments from last quarter, the fourth quarter systems integration revenues included approximately $1 million related to costs that we had incurred and recorded in periods prior to Q4 before which we could not invoice or recognize revenue until the amendment was signed to our long-term agreement.

如果各位還記得我上季的評論，第四季的系統整合營收包含約 100 萬美元，係我們在第四季之前期間已發生並入帳的成本；在長期協議修訂案簽署之前，我們無法開立發票或認列該等營收。

It also included approximately $800,000 of accelerated recognition of enablement costs reimbursed to us by one of our customers, which we originally anticipated amortizing into revenues mostly in 2026. Excluding those two amounts from the Q4 systems integration revenues, the current quarter's $14.1 million represents a $1.7 million or 14% increase compared to Q4 2025.

其中也包含約 80 萬美元，係我們為其中一位客戶所代墊並由其償付的啟用（enablement）成本之加速認列；我們原先預期將其多數在 2026 年攤銷認列為營收。若將上述兩項自第四季系統整合營收中排除，本季的 1,410 萬美元相較 2025 年第四季增加 170 萬美元，或成長 14%。

Revenue from Facilities Management totaled $1.3 million, in line with the prior year quarter. Maintenance revenue in this segment decreased by $166,000 or 19% as certain customers opted not to renew maintenance agreements on some older MDCs, offset by $158,000 or 37% increase in discrete project work in the quarter.

設施管理營收合計 130 萬美元，與去年同期持平。本部門的維護營收減少 16.6 萬美元（-19%），原因是部分客戶選擇不續約某些較舊 MDC 的維護合約；但本季離散型專案工作增加 15.8 萬美元（+37%），抵銷了部分影響。

Consolidated gross margin was 15.9% in the current quarter, up from 9.3% in the first quarter of last year. The improvement was primarily due to a measurable shift in our revenue mix compared to the prior year with less reliance on lower-yielding services. As Darryll mentioned, at 25%, systems integration revenues represented a much larger percentage of our total revenue in the current quarter compared to only 8% in the prior year quarter.

本季合併毛利率為 15.9%，高於去年第一季的 9.3%。改善主要來自相較去年同期，我們的營收組合出現可衡量的轉變，對較低收益服務的依賴降低。如 Darryll 所提及，本季系統整合營收占總營收比重為 25%，明顯高於去年同期的 8%。

Systems integration is the key growth driver for the company and represents a structurally higher-margin business relative to procurement. As this segment continues to scale and represent a larger share of our total revenue, we expect it to remain a primary contributor to both margin expansion and overall profitability. This mix shift reflects not only strong demand for our integration services, but also the increasing complexity and value of the work we're performing for customers as they deploy larger and more sophisticated infrastructure environments.

系統整合是公司的關鍵成長驅動因素，且相較於採購業務，屬於結構性毛利率更高的業務。隨著該部門持續擴張並在總營收中占比提高，我們預期其將持續成為毛利率擴張與整體獲利能力的主要貢獻來源。這樣的組合轉變不僅反映整合服務的強勁需求，也反映客戶部署更大規模、更精密的基礎設施環境時，我們所執行工作的複雜度與價值正在提升。

Blended margins will continue to fluctuate a bit from quarter-to-quarter, depending on the level of procurement activity in any individual quarter. So it makes the most sense to evaluate the margins of each business line individually. Procurement gross margin was 6.7% in the current quarter, down 110 basis points from the prior year quarter.

綜合毛利率仍會因單一季度的採購活動水準不同，而在各季之間略有波動。因此，逐一評估各業務線的毛利率最為合理。本季採購毛利率為 6.7%，較去年同期下降 110 個基點。

When viewed using the non-GAAP gross value of all transactions, which we see as more of an apples-to-apples comparison, gross margin likewise decreased 110 basis points from 6.6% in the prior year quarter to 5.5% in the current quarter. The prior year quarter included a large sale with a larger margin than is normal in the business, whereas the current quarter is more in line with normal expectations. Sequentially, the 5.5% margin in the current quarter compares favorably to the 5.2% in the fourth quarter of last year and 5.4% for the full year 2025, all when viewed on a gross basis.

若以所有交易的非 GAAP 交易總額（gross value）來看（我們認為這更接近同口徑比較），毛利率同樣下降 110 個基點，從去年同期的 6.6% 降至本季的 5.5%。去年同期包含一筆毛利率高於業務常態的大型銷售，而本季則更符合正常預期。以季比來看，本季 5.5% 的毛利率優於去年第四季的 5.2%，也高於 2025 全年的 5.4%，以上皆以總額口徑觀察。

At 64.7%, the gross margin in Facilities Management represents a substantial improvement from 40.9% in the prior year quarter. This reflects a greater use of internal resources rather than subcontractors, particularly on the discrete projects in the period. As a result, gross profit from the FM business was $835,000 compared to $531,000 in the first year quarter -- first quarter of last year, even on slightly lower total revenues. Systems integration gross margins increased more than 1,500 basis points from 22.1% in the first quarter of last year to 37.5% in the current quarter.

設施管理的毛利率為 64.7%，較去年同期的 40.9% 大幅改善。這反映我們更多使用內部資源而非分包商，特別是在本期的離散型專案上。因此，FM 業務的毛利為 83.5 萬美元，相較於去年第一季的 53.1 萬美元——即使總營收略低。系統整合毛利率較去年第一季的 22.1% 提升超過 1,500 個基點，至本季的 37.5%。

As mentioned in our last earnings announcement, we renegotiated our agreement in December 2025, covering most of our AI Rack integration services, increasing the rate we now charge to recapture incremental investments we made last year in CapEx and additional power availability.

如同我們在上次財報公告中提到的，我們於2025年12月重新協商了協議，涵蓋我們大部分的AI機櫃整合服務，並提高了我們目前收取的費率，以回收我們去年在資本支出（CapEx）及額外電力可用性方面所做的增量投資。

We also earn a higher margin with the increased volume of AI racks built as we saw this quarter compared to Q1 of last year. We anticipate the higher volumes and wider margins to continue into future periods. SG&A expenses in the first quarter of 2026 were $5.5 million, an increase of $635,000 or 13% over the prior year period. Approximately $130,000 of the increase relates to noncash stock-based compensation, with the remainder related primarily to higher headcount and related compensation costs to support our growth.

此外，與去年第一季相比，我們在本季看到建置的AI機櫃量增加，因此也獲得更高的利潤率。我們預期較高的出貨量與更寬的利潤率將延續至未來期間。2026年第一季的銷售、一般及行政（SG&A）費用為550萬美元，較去年同期增加63.5萬美元（約13%）。其中約13萬美元的增幅與非現金的股票基礎薪酬有關，其餘主要與為支持成長而增加的人力編制及相關薪酬成本有關。

Depreciation and amortization expenses not allocated to COGS were $306,000 compared to $210,000 in the prior year. This increase is related to depreciation of assets added over the last year to support the overall growth of the business. Bank factoring fees decreased from $1.5 million in the first quarter of 2025 to $704,000 in the first quarter of '26 due to favorable shifts in interest rates compounded by a lower volume of receivables factored. As a percentage of GAAP revenues, these fees improved 20 basis points from 1.5% in the prior year quarter to 1.3% in the current quarter. As these fees are charged on the non-GAAP gross value of all transactions, we find reviewing these fees as a percentage of those gross sales values as more meaningful.

未分攤至銷貨成本（COGS）的折舊與攤銷費用為30.6萬美元，去年同期為21.0萬美元。此增加與過去一年為支持整體業務成長而新增資產的折舊有關。由於利率走勢有利的變化，加上承作保理的應收帳款量較低，銀行保理費用自2025年第一季的150萬美元降至2026年第一季的70.4萬美元。以GAAP營收百分比計，該費用較去年同期改善20個基點，從1.5%降至本季的1.3%。由於這些費用係按所有交易的非GAAP交易總額計收，我們認為以其占該等總銷售額的百分比來檢視更具意義。

On that basis, factoring fees improved from 1.3% of gross transaction value in Q1 of last year to 1.1% in the first quarter of this year. As a net result of these factors, operating income decreased 14% from $2.6 million in the prior year quarter to $2.3 million in the first quarter of 2026.

以此基礎計算，保理費用占交易總額的比例由去年第一季的1.3%改善至今年第一季的1.1%。綜合上述因素，營業利益由去年同期的260萬美元下降14%至2026年第一季的230萬美元。

Interest on our bank debt was all capitalized in Q1 2025 during the construction period of our Georgetown facility. So we recorded no interest expense on our income statement in that period. This compares to $333,000 in the current quarter, reflecting primarily the interest cost on our fully amortizing bank loan. Reflecting the higher average cash balance on hand this quarter compared to Q1 last year, interest income increased from $383,000 this quarter last year to $725,000 in the current quarter.

在2025年第一季，我們於喬治城（Georgetown）設施的建造期間，銀行債務利息全數資本化。因此該期間我們在損益表上未認列利息費用。相較之下，本季為33.3萬美元，主要反映我們全額攤還型銀行貸款的利息成本。由於本季手上平均現金餘額高於去年第一季，利息收入由去年同期本季的38.3萬美元增加至本季的72.5萬美元。

Following the Q4 2025 reversal of the valuation allowance on our deferred tax asset, our tax expense now reflects federal and state income taxes net of discrete items, where prior periods taxes represented almost exclusively the Texas gross margins tax. The income tax expense in the current quarter was $391,000 or 14.7% of pretax income compared to $49,000 or 1.6% of pretax income in the prior year quarter.

在2025年第四季轉回遞延所得稅資產的評價備抵後，我們目前的稅費反映扣除一次性項目後的聯邦與州所得稅；而先前期間的稅負幾乎完全代表德州毛利稅。本季所得稅費用為39.1萬美元，約占稅前利益的14.7%，相較去年同期為4.9萬美元、約占稅前利益的1.6%。

The current quarter effective tax rate is comprised of federal and state income taxes of 28.2% of pretax income, net of a large discrete tax benefit in the period related to the vesting of employee stock. We expect the effective tax rate in the second through fourth quarters to be approximately 26%, yielding a full year effective tax rate of approximately 22.7%. This could be affected by large discrete items in future periods.

本季有效稅率由稅前利益的28.2%之聯邦與州所得稅構成，並扣除本期與員工股票歸屬相關的一筆較大一次性稅務利益。我們預期第二至第四季的有效稅率約為26%，使全年有效稅率約為22.7%。未來期間若出現較大的一次性項目，可能影響該稅率。

The net result of these key items is a net income for the first quarter of $2.3 million, down 24% from $3 million in the year ago quarter, driven primarily by the more normalized level of procurement activity in the current quarter and higher recorded income tax expense. Our diluted EPS was $0.08 per share compared to $0.12 per share last year. Adjusted EBITDA was $5.3 million, a 1% increase compared to $5.2 million in the prior year quarter.

上述關鍵項目的淨結果為第一季淨利230萬美元，較去年同期的300萬美元下降24%，主要受本季採購活動回到較正常水準，以及認列較高所得稅費用所致。稀釋後每股盈餘（EPS）為每股0.08美元，去年為每股0.12美元。調整後EBITDA為530萬美元，較去年同期的520萬美元增加1%。

Now taking a quick look at a few things from our balance sheet. Our net working capital improved by over $2 million in the current quarter, ending at $48.1 million, primarily due to the $2.3 million net income in the current period. We used roughly $20 million of cash to pay off accounts payable and accrued expenses in the period, while reductions in inventories and costs in excess of billings on work in process at year-end roughly offset the reduction in deferred revenues.

接著快速看幾個資產負債表項目。本季淨營運資金增加逾200萬美元，期末為4,810萬美元，主要來自本期230萬美元的淨利。本期我們使用約2,000萬美元現金償付應付帳款與應計費用；同時，年末存貨以及在製品超過開立帳單之成本的下降，大致抵銷了遞延收入的減少。

Also reflected in the ending cash balance is the use of $1 million to repay long-term debt and $1.4 million to repurchase stock from employees upon the vesting of their restricted stock as a means for them to meet their tax obligations upon vesting.

期末現金餘額亦反映：本期使用100萬美元償還長期債務，以及在員工限制型股票歸屬時，為協助其履行歸屬時的稅務義務而以140萬美元向員工回購股票。

In summary, our results for the quarter reflect the impact of a meaningful shift in revenue mix in line with our long-term strategy. While total revenue was affected by a challenging comparison to record level procurement revenues in Q1 last year, the increasing contribution from systems integration and facilities management all but offset that dynamic from a profitability standpoint.

總結而言，本季業績反映了營收組合出現重大轉變，並與我們的長期策略一致。雖然總營收受到去年第一季創紀錄採購營收所帶來的高基期比較影響，但系統整合與設施管理的貢獻提升，從獲利角度幾乎完全抵銷了該不利因素。

As systems integration represented a larger share of total revenue in the quarter, there was a corresponding expansion in both gross margin and adjusted EBITDA. This highlights the underlying strength of the business and reinforces the importance of systems integration as the primary driver of both growth and profitability going forward.

由於本季系統整合占總營收比重提高，毛利率與調整後EBITDA亦相應擴張。這凸顯了業務的內在韌性，並強化系統整合在未來作為成長與獲利主要驅動力的重要性。

Lastly, I'll mention that our primary customer recently requested that we invest roughly another $17 million into CapEx to support the next generation of AI racks. We've just started that process and expect to add those assets between now and the third quarter. Once that investment is complete and the assets are put in use, we expect the revenues we earn from our primary AI systems integration customer to once again increase over the next several years, reflecting our recapture of these investments, the related cost of capital and related profit.

最後我補充一點：我們的主要客戶近期要求我們再投入約1,700萬美元的資本支出（CapEx），以支援下一代AI機櫃。我們剛開始啟動該流程，並預期在現在到第三季之間新增這些資產。待投資完成且資產投入使用後，我們預期未來數年自主要AI系統整合客戶取得的營收將再次增加，反映我們對這些投資的回收、相關資金成本以及相應利潤。

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

接下來，我把電話交回給Darryll做一些結語。

Great. Thank you, Danny. Well done. I'd like to summarize our call by reinforcing three key points. First, the quarter reflects continued execution and a business that is evolving in the right direction. Systems integration continues to scale. And as it becomes a larger part of our business, it is driving both margin expansion and overall profitability.

很好。謝謝你，Danny。做得很好。我想以三個重點來總結本次電話會議。第一，本季反映我們持續落實執行，且業務正朝正確方向演進。系統整合持續擴張。隨著其成為我們業務中更大的一部分，它正推動利潤率擴張與整體獲利能力提升。

Second, our demand remains strong. We are operating in an environment where customers are deploying increasingly complex infrastructure at greater scale, and we are well positioned to support that demand, and we're working hard to do that. Just as importantly, we have built the operational capacity and capabilities to continue scaling alongside our customers.

第二，我們的需求仍然強勁。我們所處的環境中，客戶正以更大規模部署日益複雜的基礎設施；我們具備良好定位以支援該需求，並且正努力做到這一點。同樣重要的是，我們已建立營運產能與能力，能夠與客戶一同持續擴張。

And third, we are being very deliberate in how we position the business for the next phase of growth. We expanded capacity, optimized our footprint, strengthened our leadership team with additions that bring both experience and industry connectivity. These investments are directly aligned with our focus on disciplined execution and long-term growth.

第三，我們在為下一階段成長定位業務方面非常審慎。我們擴充產能、優化據點布局，並透過新增具備經驗與產業連結的人才來強化領導團隊。這些投資與我們對嚴謹執行與長期成長的聚焦直接一致。

So operator, I'll hand the call back to you for questions.

那麼，接線生，我把電話交回給你來進行提問。

(Operator Instructions) Matt Calitri, Needham & Company.

(接線生指示) Needham & Company 的 Matt Calitri。

Matt Calitri from Needham here. Danny, you kind of buried the lead there on us, but awesome to hear on the increased CapEx investment. Can you give a little more color there? Like -- is that going to be a new facility or expansion of existing? And then what did you say the timeline was there?

我是 Needham 的 Matt Calitri。Danny，你剛才有點把重點藏在後面了，不過很高興聽到資本支出（CapEx）投資增加。你能再多補充一些細節嗎？例如——這會是新建廠房，還是擴建既有設施？另外你剛才說的時程是什麼？

No, not a new facility. It's really in recognition of technology moving to [Vera Rubin]. So higher power, more cooling requirement. So it's going to require an investment. And I said we're expecting about $17 million. That may move a little bit up or down as we go through that process, but we anticipate that being completed at some point in the third quarter and starting to put that into use relatively quickly at that point.

不，不是新設施。這主要是因應技術轉向[Vera Rubin]。因此需要更高功率、也需要更多散熱。所以會需要一筆投資。我說我們預期大約是 1,700 萬美元。在推進過程中金額可能會略有上下浮動，但我們預期會在第三季某個時間點完成，並在那之後相對快速地開始投入使用。

Generally, the way we structure that with our customers, we spend that money upfront. It's part of why we raised the money last year was to be able to make strategic investments like this, both organic and inorganic. But we anticipate that returning a pretty healthy return on that investment over the next several years as we recapture that through higher pricing.

一般而言，我們與客戶的合作架構是：我們先行投入這筆資金。這也是我們去年募資的部分原因，好讓我們能進行像這樣的策略性投資，包含內生成長與外延併購。但我們預期在未來幾年，透過較高的定價把這些回收回來，並在這項投資上取得相當可觀的報酬。

Awesome. Yes, and plenty of cash on the balance sheet, like you said. So it's -- like you said, it's related to the Vera Rubin some new technology. Will you get increased capacity out of this, too? Or it's the same amount of capacity, but it requires a higher load to support?

太好了。是的，而且如你所說，資產負債表上現金也很充裕。所以——如你所說，這與 Vera Rubin 的一些新技術有關。這也會帶來產能提升嗎？還是產能相同，但為了支援它需要更高的負載？

Matt, Darryll, good question. I think it will be a TBD, to see how it plays out. Increased capacity potential above and beyond what we have today with the technology that's coming through the doors today. it's a very powerful solution, as you know. And we're positioning ourselves to make sure that we continue to compete for that increased technology advancement.

Matt，我是 Darryll，這是個好問題。我想這還有待觀察（TBD），要看實際推進後的情況。隨著目前進到我們這裡的技術，我們有機會在現有基礎上進一步提升產能；如你所知，那是一個非常強大的解決方案。我們正在定位自己，確保能持續競爭並掌握這些更進一步的技術進展。

And I think that it will be determined whether or not it eats into the existing business line. I don't think it will. I think it will be net incremental in some degree, but we'll see. So there's -- I know there's a lot of demand for it. And I know that we wouldn't be chasing it if we didn't make these investments. So we're all in.

另外，也要看它是否會侵蝕既有的業務線。我認為不會。我覺得在某種程度上會是淨增量，但我們再觀察。所以——我知道市場需求很大。也知道如果不做這些投資，我們就不會去追這個機會。所以我們是全力投入。

Got it. No, that's great. And then I guess, like -- so in the meantime, with the capacity you do have, you noticed that -- you had noted that there's still -- you still have excess capacity in Georgetown. Is there any way to think about like how much capacity that is and like what that could translate to in revenue?

了解。不，這很棒。然後我想——同時，就你們目前的產能而言，你們提到 Georgetown 仍然有閒置產能。有沒有辦法大概說明那大概是多少產能，以及可能對應到多少營收？

I don't think we're going to go on the revenue side at the moment. But we've said before, Matt, that we can scale in this facility, given the current mix of technology, the current validation test times, which we're working on reducing the time that it takes to validate a rack. We reduce the time, we get more throughput. And we can grow multiples over where we're at today. in this facility.

我想我們目前不會談到營收端的數字。但我們之前說過，Matt，以目前的技術組合、目前的驗證測試時間來看——我們也正在努力縮短驗證一個機櫃（rack）所需的時間——在這個設施裡我們是可以擴充規模的。我們把時間縮短，就能提高吞吐量。而在這個設施中，我們的規模可以成長到目前的數倍。

Matt, one to remember there, too, as you think about the financial impact of that. Remember, we've got an agreement that gives us some pretty good downside protection when volumes fall off a bit. So until we hit kind of guaranteed minimums, you don't see a huge uplift in the revenue. There is some, but that gets really much more dramatic as we get over those minimums.

Matt，另外你在思考其財務影響時也要記得一點。我們有一份協議，在出貨量下滑時提供相當不錯的下行保護。所以在我們達到某些保證最低量之前，你不會看到營收有很大的上升幅度。會有一些，但當我們超過那些最低量時，增幅就會變得明顯得多。

And that's where that starts getting pretty exciting. And so to be clear, you have not cleared those minimums yet?

而那時候就會開始變得相當令人興奮。所以確認一下，你們目前還沒有超過那些最低量，對嗎？

Yes, Matt, there are opportunity -- the answer is, without going into a whole lot of detail, we have on occasion, and it's measured on a weekly basis. And we are prepared, and we're doing everything we can to drive more business volume.

是的，Matt，有一些機會——在不透露太多細節的前提下，答案是：我們偶爾有達到，而且是以每週為單位衡量。我們也已經做好準備，並且正在盡一切努力推動更多業務量。

And that means making sure we have the right people in the factory, making sure we have the right process from receiving all the way to shipment, making sure we're doing the right thing in QA, making sure that we're optimizing the validation test time, making sure we've got the right, as I mentioned earlier, the right team. And I think we've come a long way. So the -- I don't know if that helps any. I just want to make sure you heard that.

這代表要確保工廠裡有合適的人力，確保從收貨到出貨的流程正確，確保我們在品保（QA）上做對事情，確保我們在最佳化驗證測試時間，並確保——如我先前提到——有正確的團隊。我認為我們已經進步很多。所以——我不知道這樣是否有幫助。我只是想確保你有聽到這點。

Alex Fuhrman, Lucid Capital Markets.

Lucid Capital Markets 的 Alex Fuhrman。

Congratulations on a strong start to the year. Something you guys mentioned in your prepared remarks that integration demand is continuing to exceed the volume that's incorporated into your outlook. Can you help us understand that a little bit more? Is the takeaway here just that the guidance is more likely conservative? Or is there demand out there that you're not able to meet because of availability of components or labor or some other constraints out there?

恭喜今年開局表現強勁。你們在事先準備的講稿中提到，整合（integration）需求持續高於你們展望中所納入的量。能否幫我們更理解這點？重點是否在於指引更偏保守？還是市場上有你們無法滿足的需求，原因可能是零組件供應、人力，或其他限制？

Alex, this is Darryll. I'm going to let Danny handle that one. I'm just a sales guy. He's the numbers guy.

Alex，我是 Darryll。這題我讓 Danny 來回答。我只是做銷售的。他才是管數字的。

I'm running number not a punter. Yes. So it's not so much a capacity limitation. Really, it's trying to be conservative in the forecasting.

我在跑數字，不是踢球員——不是雙關語。是的。所以這不太是產能限制。主要是我們在預測上希望保持保守。

The last thing I want to do is get out over our skis and create disappointments. So we try to remain conservative and provide opportunity to exceed that guidance. And some of that is not getting the market ahead of itself in productivity as well. So it's really more reflective probably of just the conservative nature of trying not to stick the neck out too much on guidance and always set it up to where we cannot disappoint. Okay.

我最不想做的就是把預期拉得太高，最後造成失望。所以我們會盡量保持保守，並保留超越指引的空間。其中一部分也在於，不要讓市場在生產力提升方面過度超前。所以這更可能反映的是：我們在給指引時偏向保守，不想把脖子伸得太長，並且總是把設定放在不會讓人失望的位置。好的。

That's really helpful. And then I think you guys have talked about taking a prudent view on the availability of some components. Is there anything in particular that is either pressuring margins or just any components that you want to make sure to get ahead of any potential shortages of?

這很有幫助。另外我想你們也談到，對某些零組件的可得性採取審慎看法。有沒有特別哪一些零組件正在壓抑毛利，或是你們想提前因應任何潛在短缺的項目？

Alex, our key customer handles that better than anybody. And they are constantly moving amongst their supply chain to go capitalize on product availability, the best price. And we're the recipients of that good work. So we're not really out there negotiating or trying to influence that.

Alex，我們的主要客戶在這方面做得比任何人都好。他們會在供應鏈中不斷調整，以掌握產品供應、以及最好的價格。而我們是他們這些努力的受益者。所以我們並沒有在外面去談判或試圖影響那件事。

We just do the best we can that when all of that gets to our facility, we put it together as fast as with as much quality as we can to get it out the door. So there's a lot of stuff that's a challenge in the market. Everybody knows that there's supply and there's an incredible amount of demand. But our customers do a really good job of managing that.

我們只是盡我們所能，當所有這些東西送到我們的廠區時，我們以最快速度、在可達到的最高品質下把它組裝完成並出貨。所以市場上有很多事情都很具挑戰。大家都知道供給有限、需求卻非常驚人。但我們的客戶在管理這些方面做得非常好。

Okay. That's really helpful. And then, Darryl, just curious, you said something towards the end there that if you could get the testing of your racks done faster, it sounds like you got a pretty substantial increase in output.

好的。這真的很有幫助。然後，Darryl，我只是好奇，你在最後提到，如果你們能更快完成機櫃的測試，聽起來你們的產出會有相當可觀的提升。

I think you even mentioned maybe doubling in some areas. Can you help unpack that a little bit more? Is that just because power is a bottleneck here and how much power it takes to test the racks? Just can you help me understand that a little bit more?

我想你甚至提到某些領域可能會翻倍。你能再多拆解說明一下嗎？這只是因為電力在這裡是瓶頸，以及測試機櫃需要多少電力嗎？你能幫我更理解一下嗎？

Yes. I try to come up with an analogy, and I'm not sure it's a good one. But if you've got a V8 engine, you're testing the engine to make sure all the cylinders are working at the right time in concert with one another. So the validation testing that goes on is similar to that. When you have a rack all put together with all the GPUs and all the servers and everything cabled and labeled, -- we run -- and our customer is responsible for providing the test sequence to validate that everything is working as advertised and as planned.

是的。我試著想一個類比，但不確定是不是個好類比。但如果你有一具 V8 引擎，你會測試引擎以確保所有汽缸在正確的時間點彼此協同運作。所以進行的驗證測試與此類似。當你把一個機櫃完整組裝好，包含所有 GPU、所有伺服器，以及所有線材都接好並貼標後，——我們會進行——而且我們的客戶負責提供測試序列，用來驗證所有東西是否如宣稱與規劃般運作。

And that sometimes can take longer than we'd like and they would like. So if we could arguably cut that in half, think about it, we could push more volume through the business and get to maybe even 2 times the volume with current load. It's just -- it's really that simple. And we're working hard with that, by the way. We're engaging a lot of latest and greatest AI technology to find ways to make that -- accelerate that evaluation test time.

而那有時會比我們希望的、以及他們希望的花更久時間。所以如果我們可以說把它砍半，想想看，我們就能讓更多量能通過這個業務流程，在目前負載下甚至可能達到 2 倍的量。就是——真的就這麼簡單。順帶一提，我們也正在為此努力。我們正在導入許多最新、最先進的 AI 技術，尋找方法來加速那個評估測試時間。

Mac Furst, Singular Research.

Mac Furst，Singular Research。

This is Mac Furst with Singular Research. Congratulations on the quarter. Thanks, Matt. Yes. My background is more IT than accounting, but I do have an accounting question for Danny. You said that the federal taxes increased eightfold. Can you give us a little bit of background and color on why they increased eightfold, please?

我是 Singular Research 的 Mac Furst。恭喜本季表現。謝謝你，Matt。是的。我的背景比較偏 IT 而不是會計，但我有一個要問 Danny 的會計問題。你提到聯邦稅增加了八倍。你能否提供一些背景與說明，為什麼會增加八倍？謝謝。

Yes, absolutely. So we previously had a full valuation allowance on our deferred tax asset. Our DTA is close to $8 million. And up until the fourth quarter of last year, we kept a full valuation allowance on it. So any -- other than Texas franchise tax, which runs around 2% as an effective tax rate.

是的，當然可以。我們先前對遞延所得稅資產計提了全額估值備抵。我們的 DTA 接近 800 萬美元。直到去年第四季為止，我們一直對它維持全額估值備抵。因此，任何——除了德州特許經營稅（Texas franchise tax），其有效稅率約為 2%）之外。

Other than that, any federal income taxes that we would have had or other state income taxes were largely offset by utilization of a deferred tax asset. But because we had a full valuation allowance on it, we would just relieve a piece of that valuation allowance every period. So what actually hit our income statement was really just the Texas franchise tax.

除此之外，我們本來應繳的任何聯邦所得稅或其他州所得稅，大多都會透過使用遞延所得稅資產而被抵銷。但因為我們對它有全額估值備抵，我們每一期只會沖回（解除）一部分估值備抵。所以實際反映在損益表上的，基本上就只有德州特許經營稅。

In the fourth quarter of last year, we made the determination that we now have a long enough earnings trend, taxable income trend and expected taxable income in the future that we remove that full valuation allowance. So that's why you saw net income spike.

在去年第四季，我們判定目前已具備足夠長的獲利趨勢、課稅所得趨勢，以及對未來課稅所得的預期，因此我們移除了那個全額估值備抵。所以你才會看到淨利大幅跳升。

Almost half of our net income last fiscal year was recorded in the fourth quarter as a reversal of that valuation allowance. So now every period going forward, we no longer have that valuation allowance to absorb the federal income tax. So now we're actually recording that in the income statement. So not really a change in the cash taxes that we're paying. It's just a change in what gets recognized in the income statement now.

我們上一個會計年度的淨利，幾乎有一半是在第四季因沖回該估值備抵而認列。因此，從現在起往後的每一期，我們不再有那個估值備抵來吸收聯邦所得稅。所以現在我們會把它實際認列在損益表中。因此，這並不是我們實際支付的現金稅額有變化。只是現在損益表上認列的項目有所改變。

And there are no further questions in queue at this time. So this does conclude our question-and-answer session. I would now like to pass the floor back to Darryll Dewan for closing remarks.

目前排隊中沒有其他問題。因此，我們的問答環節到此結束。接下來我想把時間交還給 Darryll Dewan 作結語。

Okay. Thank you for that. Thanks, everybody, for being on the call. We really appreciate your continued interest and your support. We're expanding the margins in our growing business, especially in our systems integration business, and we're continuing to shift a greater proportion of our total revenues to that segment. Combined with the continued increase in rack volumes, we're going to carry a strong momentum into Q2 and beyond.

好的。謝謝。謝謝各位參與這通電話會議。我們非常感謝各位持續的關注與支持。我們正在擴大成長型業務的毛利，尤其是在系統整合業務方面，並且持續把我們總營收中更高的比重轉向該部門。再加上機櫃出貨量持續增加，我們將把強勁動能延續到第二季以及之後。

While we're excited about all of this and the organic growth, we're also excited to get to work with our new executives to explore how to further diversify our revenues and opportunities to take the company to the next level. As I've said in the past, I'm very proud of the team, I thank our Board. I appreciate the investor community that's following us and know that we're very committed to continued execution and profitable growth. So with that, I thank you, and I guess we're done for today, right?

在我們對這一切以及內生成長感到振奮的同時，我們也很期待與新加入的高階主管一起展開工作，探索如何進一步多元化我們的營收與機會，將公司帶到下一個層級。如同我過去所說，我為團隊感到非常自豪，也感謝董事會。我也感謝持續關注我們的投資人社群，並且知道我們非常致力於持續落實執行與獲利成長。所以，就此我謝謝各位，我想我們今天就到這裡了，對吧？

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

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