Ultralife Corp (ULBI) 2025 Q2 法說會逐字稿

Welcome to the Ultralife Corporation Second quarter 2025 conference call. (Operator Instructions) Please be advised that today's conference is being recorded.

歡迎參加 Ultralife 公司 2025 年第二季電話會議。（操作人員指示）請注意，今天的會議正在錄音。

I would now like to hand the conference order to your first speaker today, Alex Villalta of excuse me. Okay, please go ahead.

現在我謹將會議議程交給今天的第一位發言人，Alex Villalta，請原諒。好的，請繼續。

Thank you, operator. and good afternoon, everyone. Thank you for joining us for Ultralife Corporation's earnings conference call for the second-quarter of 2025. With us on today's call are Mr. Mike Manna, Ultralife's CEO; and Mr. Phil Fain. Ultralife's Chief Financial Officer. The earnings press release was issued earlier today, and if anyone has not received a copy, I invite you to visit the company's website at ultralifecorporation.com, where you will find the release in the Investor Relations section.

謝謝接線生。大家下午好。感謝您參加 Ultralife 公司 2025 年第二季財報電話會議。今天參加電話會議的有 Ultralife 的執行長 Mike Manna 先生和 Phil Fain 先生。Ultralife財務長。本公司已於今日早些時候發布了盈利新聞稿，如有任何人士尚未收到，請訪問公司網站 ultralifecorporation.com，您可以在“投資者關係”部分找到該新聞稿。

Before turning the call over to management, I'd like to remind everyone that some statements made during this conference call contain forward-looking statements based on current expectations. Actual results could differ materially from those projected as a result of various risks and uncertainties.

在將電話會議交給管理階層之前，我想提醒大家，本次電話會議中一些發言包含基於當前預期的前瞻性陳述。由於各種風險和不確定因素，實際結果可能與預測結果有重大差異。

The potential risks and uncertainties that could cause actual results to differ materially include uncertain global economic conditions reductions in revenues from key customers, delays or reductions in US and foreign military spending, acceptance of our new products on a global basis and disruptions or delays in our supply of raw materials and components due to business conflicts, global conflicts, weather or other factors not under our control.

可能導致實際結果與預期結果有重大差異的潛在風險和不確定性包括：全球經濟狀況的不確定性、主要客戶收入的減少、美國和外國軍費開支的延遲或減少、我們的新產品在全球範圍內的接受度，以及由於商業衝突、全球衝突、天氣或其他我們無法控制的因素導致原材料和零部件供應中斷或延遲。

The company cautions investors not to place undue reliance on forward-looking statements, which reflect the company's analysis only as of today's date. The company undertakes no obligation to publicly update forward-looking statements to reflect subsequent events or circumstances.

公司提醒投資人不要過度依賴前瞻性陳述，這些陳述僅反映公司截至今日的分析。本公司不承擔公開更新前瞻性聲明以反映後續事件或情況的義務。

Further information on these factors and other factors that could affect Ultralife's financial results is included in the company's filings with the SEC included in the latest quarterly form on Form 10-Q. In addition, on today's call, management will refer to non-GAAP financial measures that management considers to be useful and differ from GAAP.

有關這些因素以及其他可能影響 Ultralife 財務業績的因素的更多信息，請參閱該公司向美國證券交易委員會提交的文件中的最新季度報告（10-Q 表格）。此外，在今天的電話會議上，管理階層將提及管理階層認為有用且與公認會計準則不同的非公認會計準則財務指標。

These non-GAAP measures should be considered supplemental to corresponding GAAP figures. With that, I would now like to turn the call over to Ultralife's CEO, Mike Manna. Please go ahead, Mike.

這些非GAAP指標應被視為對應GAAP資料的補充。接下來，我將把電話交給 Ultralife 的執行長 Mike Manna。請繼續，麥克。

Good afternoon. Welcome to our call on Ultralife's Q2 operating results. Earlier this morning, we reported Q2 sales of $48.6 million with an operating income of $2.3 million including a onetime adjustment of $0.3 million. Net profit was $0.9 million, which resulted in $0.05 EPS on a GAAP basis and $0.07 on an adjusted basis.

午安.歡迎參加我們對 Ultralife 第二季經營業績的電話會議。今天早些時候，我們公佈了第二季銷售額為 4,860 萬美元，營業收入為 230 萬美元，其中包括一次性調整 30 萬美元。淨利潤為 0.9 百萬美元，以 GAAP 計算每股收益為 0.05 美元，按調整後計算每股收益為 0.07 美元。

In Q2, we faced direct headwinds from tariffs, unfavorable product mix shifts across the business, softness in our oil and gas business as customers were hesitant to commit to capital projects. and anticipated order timing challenges, particularly in our Communication Systems segment, which negatively affected gross margin.

第二季度，我們面臨關稅帶來的直接不利影響、業務範圍內不利的產品組合變化、由於客戶不願承諾資本項目而導致的油氣業務疲軟，以及預期訂單時間方面的挑戰，尤其是在通訊系統部門，這些都對毛利率產生了負面影響。

Despite these pressures, we maintained our focus on growth continuing to invest in new product development with several offerings advancing into validation and production. This is the second full quarter reporting with the Electrochem results, and as planned, we successfully transitioned their ERP and office systems to Ultralife systems in Q2.

儘管面臨這些壓力，我們仍專注於成長，並繼續投資新產品開發，目前已有多個產品進入驗證和生產階段。這是第二個包含電化學業績的完整季度報告，正如計劃的那樣，我們在第二季度成功地將他們的 ERP 和辦公系統過渡到了 Ultralife 系統。

With the Ultralife back office now in place, several manufacturing support systems related to execution and quality will finalize transition in Q3. Our overall strategy of continued diversification through M&A and new product development is key to stabilizing and increasing the profitability of the business.

隨著 Ultralife 後台系統的到位，與執行和品質相關的幾個製造支援系統將在第三季完成過渡。我們透過併購和新產品開發不斷實現多元化的整體策略是穩定和提高業務獲利能力的關鍵。

But it is important to note that we are still often a component of an accessory to a customer product, and therefore, we have limited ability to control order flow timing and mix. On the consolidation front, we completed the closure of our Mississauga operation and incurred some onetime costs associated with that effort, which will not repeat going forward.

但要注意的是，我們通常仍然是客戶產品配件的一部分，因此，我們對訂單流程的時間和組合的控制能力有限。在整合方面，我們完成了密西沙加業務的關閉，並為此產生了一些一次性成本，但這些成本以後不會再發生了。

With that said, we continue to generate cash, and I'm pleased to report that we're ahead of schedule in paying down our debt from the Electrochem acquisition, with over $0.7 million repaid in Q2.

儘管如此，我們仍在持續創造現金流，我很高興地報告，我們在償還收購 Electrochem 的債務方面進展順利，第二季已償還超過 70 萬美元。

I will now turn it over to Phil to talk through the detailed numbers.

現在我將把發言權交給菲爾，讓他詳細講解這些數字。

Thank you, Mike, and good afternoon, everyone. This morning, we released our second quarter results for the quarter ended June 30, 2025. We have also updated our investor presentation in the Investor Relations section of our website and will file our Form 10-Q with the SEC shortly. Consolidated revenues totaled $48.6 million compared to $43 million for the second quarter of 2024. Revenues from our Battery & Energy Products segment were $45.9 million compared to $36.7 million last year.

謝謝你，麥克，大家下午好。今天上午，我們發布了截至 2025 年 6 月 30 日的第二季業績報告。我們也更新了網站「投資者關係」部分的投資者演示文稿，並將很快向美國證券交易委員會提交 10-Q 表格。合併收入總計 4,860 萬美元，而 2024 年第二季為 4,300 萬美元。我們的電池和能源產品部門的收入為 4,590 萬美元，而去年同期為 3,670 萬美元。

Excluding third-party sales for Electrochem, which we acquired on October 31, 2024, sales for the segment were essentially flat year-over-year. Government defense sales for the 2025 quarter increased 61.1% reflecting strong demand from the US-based global prime. This growth was offset by a 20.4% decrease in commercial sales resulting from declines in medical battery sales of 39% due to the timing of orders and in oil and gas sales of 23.1% due to macroeconomic and geopolitical factors.

除我們於 2024 年 10 月 31 日收購的 Electrochem 的第三方銷售額外，該業務部門的銷售額與去年同期基本持平。2025 年第一季政府國防銷售額成長 61.1%，反映出美國全球主要供應商的強勁需求。這一增長被商業銷售額下降 20.4% 所抵消，其中醫療電池銷售額因訂單時間安排而下降 39%，石油和天然氣銷售額因宏觀經濟和地緣政治因素而下降 23.1%。

The sales split between commercial and government defense for our battery business was 68-32 compared to 75-25 reported for the 2024 quarter, and the domestic to international split was 73-27 compared to 53-47 for the 2024 period, representing the heightened domestic shipments of our government defense products.

我們電池業務的商業和政府國防銷售額佔比為 68-32，而 2024 年季度報告的佔比為 75-25；國內和國際銷售額佔比為 73-27，而 2024 年同期為 53-47，這反映了我們政府國防產品國內出貨量的增加。

Revenues from our Communications Systems segment of $2.7 million declined 57.2% from the $6.3 million we reported last year, primarily attributable to large shipments in the prior year of integrated systems of amplifiers and radio vehicle mounts to a major international defense contractor, magnified by delays in the timing of purchase orders during the 2025 second quarter of approximately $2.7 million, which have been pushed out to the second half by the respective customers.

我們的通訊系統部門收入為 270 萬美元，比去年報告的 630 萬美元下降了 57.2%，這主要是由於上一年向一家大型國際國防承包商大量出貨放大器和無線電車載支架集成系統，再加上 2025 年第二季度約 270 萬美元的採購訂單交付時間被相關客戶推遲到下半年，導致收入下降。

On a consolidated basis, the commercial to government defense sales split was 65-35, almost identical to 64-36 for the 2024 second quarter, highlighting our acquisition of Electrochem and lower Communication System sales. Our total backlog with high confidence orders exiting the second quarter was $89 million and remains diverse in nature across our commercial and government defense customer base.

從合併的角度來看，商業和政府國防銷售的比例為 65-35，與 2024 年第二季的 64-36 幾乎相同，這凸顯了我們收購 Electrochem 以及通訊系統銷售額的下降。在第二季末，我們高信心訂單的總積壓額為 8,900 萬美元，並且在我們的商業和政府國防客戶群中仍然保持著多樣化的性質。

The replenishment rate remains solid, especially after almost $100 million of sales in the first half of 2025. Our consolidated gross profit was $11.6 million, essentially flat with the 2024 period. As a percentage of total revenues, consolidated gross margin was 23.9%, a 300 basis points decline from the 26.9% reported for last year's second quarter. primarily related to product mix, tariffs and lower factory throughput at some of our operations. Gross profit for our Battery & Energy Products business was $10.8 million compared to $10 million last year, an increase of 8.9%.

補貨率依然穩健，尤其是 2025 年上半年銷售額接近 1 億美元後。我們的綜合毛利為 1,160 萬美元，與 2024 年同期基本持平。合併毛利率佔總收入的百分比為 23.9%，較去年第二季報告的 26.9% 下降了 300 個基點，主要與產品組合、關稅以及部分工廠產能下降有關。我們的電池和能源產品業務毛利為 1,080 萬美元，而去年為 1,000 萬美元，成長了 8.9%。

Gross margin was 23.6% compared to 27.1% last year. The year-over-year reduction resulted from sales mix, reflecting the declines in generally higher margin, medical and oil and gas sales, higher tariff costs due to the need to purchase components at inopportune times to fulfill certain orders and the onetime write-off of some discrepant materials.

毛利率為 23.6%，去年同期為 27.1%。同比下降是由於銷售組合的變化，反映出利潤率普遍較高的醫療和石油天然氣銷售的下降，由於需要在不合適的時間購買零件以完成某些訂單而導致的關稅成本上升，以及一些不合格材料的一次性註銷。

For our Communications Systems segment, gross profit was $0.8 million, compared to $1.6 million for the year earlier period. Gross margin was 28.4% compared to 25.6% last year, primarily due to favorable sales mix although negatively impacted by the lower factory volume.

就我們的通訊系統業務而言，毛利為 80 萬美元，而去年同期為 160 萬美元。毛利率為 28.4%，高於去年的 25.6%，主要原因是銷售組合有利，但受到工廠產量下降的負面影響。

Operating expenses were $9.3 million, an increase of $1.7 million or 22.2% from the year earlier quarter. The year-over-year increase is comprised of $0.7 million related to the inclusion of Electrochem, a 25.3% increase in new product development costs related to continued investments in our product offering and certain onetime nonrecurring expenses, which include costs related to our acquisition and integration of Electrochem.

營運支出為 930 萬美元，比去年同期增加 170 萬美元，增幅為 22.2%。與去年同期相比，成長了 70 萬美元，這主要歸因於納入了 Electrochem 公司；此外，由於持續投資於我們的產品，新產品開發成本增加了 25.3%；還有一些一次性非經常性支出，其中包括與我們收購和整合 Electrochem 公司相關的成本。

As a percentage of revenues, operating expenses were 19.2% compared to 17.8% for last year's second quarter. Operating income was $2.3 million compared to $3.9 million last year, reflecting the 57.2% decline in Communication Systems sales, the decline in Battery & Energy products gross margin and the onetime nonrecurring costs totaling $0.3 million. Accordingly, the operating margin decreased to 4.6% for the second quarter compared to 9.1% for the 2024 second quarter.

營業費用佔收入的百分比為 19.2%，去年第二季為 17.8%。營業收入為 230 萬美元，而去年同期為 390 萬美元，反映出通訊系統銷售額下降了 57.2%，電池和能源產品毛利率下降，以及一次性非經常性成本總計 30 萬美元。因此，第二季的營業利潤率下降至 4.6%，而 2024 年第二季的營業利潤率為 9.1%。

Other expense reported below operating income was $1.2 million for the quarter compared to $0.1 million for the year earlier period, primarily resulting from the increase in interest expense and the acquisition debt and the impact of foreign currency fluctuations. The 2024 period benefited from the receipt of $0.2 million from our insurance carrier related to the ransomware cyberattack experienced by the company in the first quarter of 2023.

本季營業收入下的其他支出為 120 萬美元，而去年同期為 10 萬美元，主要原因是利息支出和收購債務增加以及外匯波動的影響。2024 年期間，我們受惠於保險公司支付的 20 萬美元，這筆錢與公司在 2023 年第一季遭受的勒索軟體網路攻擊有關。

Our tax provision for the second quarter was $0.2 million compared to $0.9 million for the 2024 quarter, computed on a GAAP basis at statutory rates. Net income was $0.9 million or $0.05 per share on a GAAP fully diluted basis. This compares to net income of $2.7 million or $0.18 per share for the 2024 quarter.

根據 GAAP 和法定稅率計算，我們第二季的稅務準備金為 20 萬美元，而 2024 年第一季的稅務準備金為 90 萬美元。淨利潤為 0.9 百萬美元，即以 GAAP 完全稀釋後每股收益 0.05 美元。相比之下，2024 年第一季淨收入為 270 萬美元，即每股 0.18 美元。

Excluding the provision for noncash US taxes expected to be fully offset by our net operating loss carryforwards and other tax credits, adjusted fully diluted EPS was $0.07 per share for the second quarter of 2025 compared to $0.22 for the 2024 period.

不計入預計會被淨經營虧損結轉和其他稅收抵免完全抵銷的非現金美國稅款準備金，2025 年第二季調整後的完全攤薄每股收益為 0.07 美元，而 2024 年同期為 0.22 美元。

Adjusted EBITDA, defined as EBITDA, including noncash stock-based compensation expense and onetime acquisition and other costs as well as noncash purchase accounting adjustments, not reflective of our ongoing operations was $4.1 million or 8.5% of sales compared to $5.4 million or 12.6% for the prior year quarter. Adjusted EBITDA on a TTM basis is $15.4 million or 8.6% of sales.

經調整的 EBITDA（定義為 EBITDA，包括非現金股票選擇權費用、一次性收購及其他成本以及非現金購買會計調整，不反映我們持續經營的情況）為 410 萬美元，佔銷售額的 8.5%，而上年同期為 540 萬美元，佔銷售額的 12.6%。以過去12個月計算的調整後EBITDA為1,540萬美元，佔銷售額的8.6%。

Turning to our balance sheet. We ended the second quarter with working capital of $69.1 million in a current ratio of 3.3 compared to $67.9 million and $3.3 million for 2024 year-end. Our liquidity remains solid. I am happy to report that in the second quarter, we received $1.8 million from our employee retention credit, including interest, which we filed under the Coronavirus Aid Relief and Economic Security Act in June of 2023.

接下來來看看我們的資產負債表。第二季末，我們的營運資金為 6,910 萬美元，流動比率為 3.3，而 2024 年末的營運資金為 6,790 萬美元，流動比率為 330 萬美元。我們的流動性依然穩健。我很高興地報告，在第二季度，我們收到了 180 萬美元的員工留任稅收抵免，其中包括利息，這是我們在 2023 年 6 月根據《冠狀病毒援助、救濟和經濟安全法案》提交的。

These funds in their entirety were used to reduce our acquisition debt during the quarter. In the first half of 2025 we have reduced our debt principal by $3.4 million, which already exceeds the $2.8 million amortization required for the full year under our debt agreement.

本季度，這些資金全部用於償還我們的收購債務。2025 年上半年，我們減少了 340 萬美元的債務本金，這已經超過了我們債務協議規定的全年 280 萬美元的攤銷額。

While we do not have any draws on the $30 million revolver portion of our debt agreement and no plans to do so, our balance sheet provides the borrowing base capacity for this amount. Looking forward, our increasing sales funnel diversified government defense, medical and oil and gas end markets, the sheer volume and pending traction of our growth initiatives and the further actions we will be taking to improve our gross margins, including the vertical integration opportunities associated with our acquisition of Electrochem position us well to recognize the leverage of our business model.

雖然我們目前沒有動用債務協議中 3000 萬美元的循環信貸部分，也沒有動用這筆資金的計劃，但我們的資產負債表提供了這筆款項的借款基礎能力。展望未來，我們不斷擴大的銷售管道涵蓋了政府國防、醫療以及石油和天然氣終端市場，我們成長計劃的巨大規模和即將取得的成效，以及我們將採取的進一步措施來提高毛利率，包括收購 Electrochem 帶來的垂直整合機會，這些都使我們能夠更好地發揮我們商業模式的優勢。

I will now turn it back to Mike.

現在我把麥克風交還給麥克。

Thank you, Phil, for the detailed review of the Q2 2025 results. As mentioned in the last call, our priorities remain clear for 2025. First, we completed the main system transition of the Electrochem acquisition into Ultralife back office, successfully migrating e-mail office and ERP systems as planned in Q2. We are transitioning the balance of manufacturing support systems in Q3, which will conclude the onetime costs associated with these activities.

菲爾，感謝你對 2025 年第二季業績的詳細分析。如同上次通告所述，我們 2025 年的工作重點依然明確。首先，我們完成了對 Electrochem 收購的主要係統向 Ultralife 後台的過渡，按計劃在第二季度成功遷移了電子郵件辦公室和 ERP 系統。我們將在第三季完成製造支援系統的過渡，這將結束與這些活動相關的一次性成本。

We continue to expand vertical integration opportunities enabled by the acquisition of Electrochem, allowing us to incorporate Electrochem cells into existing pack assemblies and broaden our addressable market in areas such as pipeline inspection, seismic telemetry and sonobuoys. We are qualifying cells with several oil and gas customers to enable transition of their battery packs to utilize Electrochem cells and expect to see benefit of these efforts in 2026.

我們透過收購 Electrochem 繼續拓展垂直整合機會，使我們能夠將 Electrochem 電池整合到現有的電池組組件中，並擴大我們在管道檢測、地震遙測和聲納浮標等領域的潛在市場。我們正在與幾家石油和天然氣客戶合作，對電池進行認證，以使他們的電池組能夠過渡到使用電化學電池，並預計在 2026 年看到這些努力的成效。

Secondly, we are committed to improving our sales opportunity pipeline to support growth throughout 2025, while continuing to focus on strategically diversifying our business and customer base. We have made a concerted effort to improve our marketing through search engine optimization, targeted ads and contact engagement within specific customers initially focused on our transformational projects. I'm happy with the quality of leads, and the opportunity sizes are increasing as our funnel grows across a variety of end markets.

其次，我們致力於改善銷售機會管道，以支持 2025 年的成長，同時繼續專注於策略性地實現業務和客戶群的多元化。我們齊心協力地透過搜尋引擎優化、定向廣告和與特定客戶的聯繫互動來改進我們的行銷，最初專注於我們的轉型專案。我對銷售線索的品質很滿意，隨著我們的銷售管道在各種終端市場中不斷擴展，銷售機會的規模也不斷擴大。

Third, we are focused on improving and stabilizing gross margin through pricing, material cost deflation and lean productivity projects in both the Battery & Energy and Communications businesses. We experienced headwinds in both product mix and order flow in Q2 and that muted some of these efforts. We continued multiple initiatives across our facilities, including a major lean project completed in Q2 at our Electrochem site.

第三，我們致力於透過電池與能源和通訊業務的定價、材料成本通縮和精益生產項目來提高和穩定毛利率。第二季度，我們在產品組合和訂單量方面都遇到了不利因素，這削弱了我們的一些努力。我們在各工廠持續推行多項舉措，包括在第二季於電化學工廠完成的一項重大精實計畫。

This effort eliminated the need to hire 30 additional employees to support increased cell sales, including a new purchase order from a major defense contractor scheduled for delivery this year and increased sale volumes expected from the vertical integration of our oil and gas battery packs.

這項措施避免了僱用 30 名額外員工來支持電池銷售成長的需要，其中包括一家主要國防承包商計劃於今年交付的新採購訂單，以及預計透過石油和天然氣電池組的垂直整合而增加的銷售量。

Switching to the organic growth projects and new product development underway for the businesses, there is positive momentum on several fronts. The Communications Systems business is expanding the ruggedizer server case portfolio to service new programs and server brands which will provide greater opportunity to expand market share in ruggedized computing environments.

轉向企業正在進行的有機成長項目和新產品開發，多個方面都呈現出積極的勢頭。通訊系統業務正在擴展加固型伺服器機箱產品組合，以服務新的專案和伺服器品牌，這將為擴大在加固型運算環境中的市場份額提供更大的機會。

Our newest 3U portable server case is complete and now available for orders. Our recently launched DC power supply supporting various server platforms where no AC power is available, most notably tactical vehicles, is now undergoing tests with multiple customers prior to expected contract awards. The newly developed 20-Watt amplifier, which provides radio agnostic functionality to support international markets is in the hands of multiple partners for evaluation and systems tests with initial orders expected later this year.

我們最新的 3U 便攜式伺服器機箱已經完成，現在可以接受訂單。我們最近推出的直流電源，支援各種無法使用交流電源的伺服器平台，尤其是戰術車輛，目前正在與多家客戶進行測試，之後將授予預期的合約。新開發的 20 瓦擴大機具有與無線電無關的功能，可支援國際市場，目前已交付給多家合作夥伴進行評估和系統測試，預計將於今年稍後收到首批訂單。

We developed this radio agnostic amplifier to further support the needs of the war fighter with what we believe is the smallest, lightest and most power-efficient 20-watt manned portable amplifier in the marketplace. We believe our total addressable market for this amplifier starts at $5 million per year. So happy to see this out in customer testing.

我們開發了這款與無線電無關的擴大機，旨在進一步滿足作戰人員的需求，我們相信它是市場上最小、最輕、最節能的 20 瓦便攜式人員擴大機。我們認為這款擴大機的潛在市場規模從每年 500 萬美元起。很高興看到這項功能進入客戶測試階段。

Meanwhile, we are finalizing the design of our next high-performance amplifier targeting advanced radio platforms with the latest high-speed wave forms utilized by US and Allied forces. This amplifier continues our heritage of small radio agnostic high-efficiency man-worn vehicular amplification products with this new variant available in late 2025 for customer testing. Both amplifiers will be showcased at our booth at the Defense and Securities Equipment International Show in London starting September 9.

同時，我們正在最終確定下一代高性能放大器的設計，該放大器將面向美國及其盟軍使用的最新高速波形的高級無線電平台。這款擴大機延續了我們小型、與無線電無關、高效的可穿戴車載擴大機產品的傳統，這款新型號將於 2025 年底上市，供客戶測試。這兩款擴大機將於 9 月 9 日起在倫敦舉行的國際防務與安全設備展上在我們的攤位上展出。

In a project we haven't covered previously, we received the production purchase order for a new advanced speaker, which we developed for a prime partner with initial shipments completing in 2025. We expect this to be a recurring revenue stream going forward, which further diversifies the business and builds on our history of having exceptional audio quality and ruggedness found in our McDowell product line of radio speakers.

在我們之前未曾報導過的項目中，我們收到了為一家主要合作夥伴開發的新型先進揚聲器的生產採購訂單，首批產品將於 2025 年完成交付。我們預計這將成為未來的持續收入來源，進一步實現業務多元化，並鞏固我們 McDowell 系列收音機揚聲器產品線卓越的音質和堅固耐用性的歷史。

On the Battery & Energy side of the business, we have a great deal of activity across several new products with new business being the key focus. As mentioned earlier, we established initial production capabilities for our thin cell technology to support customers in the medical wearable sector and various item tracking application.

在電池和能源業務方面，我們針對多個新產品進行了大量活動，重點是拓展新業務。如前所述，我們已建立了薄細胞技術的初步生產能力，以支援醫療穿戴式裝置領域的客戶以及各種物品追蹤應用。

The sales pipeline continues to strengthen with several new projects now in the qualification phase. Our main current medical patch customer continues to build their system and test their software, and we are awaiting orders for the product. Meanwhile, we received initial purchase orders to qualify 2 thin cells for a major contract manufacturer for portable industrial tracking applications with revenue beginning in 2026 once we successfully complete validation.

銷售管道持續增強，目前有幾個新項目正處於資格審查階段。我們目前的主要醫療貼片客戶正在繼續建立他們的系統並測試他們的軟體，我們正在等待產品訂單。同時，我們收到了來自一家主要合約製造商的初步採購訂單，要求其為便攜式工業追蹤應用生產 2 個薄型電池，一旦我們成功完成驗證，收入將於 2026 年開始。

The 123 product line, which currently service the IoT and illumination markets is seeing growing interest and medical battery pack assemblies from both domestic and international customers. We have samples of both the manganese and carbon monofluoride cells being tested by multiple customers currently and these applications include flashlights night vision and tracking products.

123 產品線目前服務於物聯網和照明市場，其醫療電池組組件正受到國內外客戶的日益關注。我們有錳電池和一氟化碳電池的樣品，目前正在由多家客戶進行測試，這些應用包括手電筒、夜視儀和追蹤產品。

Meanwhile, our advanced final chloride technology metering and telemetry applications continues to progress through customer qualification and field testing with all reports to date positive. This has been a long qualification cycle, but we anticipate multiple commercial discussions in the metering space to commence in the back half of 2025 for deliveries beginning in 2026.

同時，我們先進的最終氯化物技術計量和遙測應用正在通過客戶認證和現場測試，迄今為止所有報告均為積極。這是一個漫長的資格認證週期，但我們預計在 2025 年下半年將在計量領域展開多項商業討論，並於 2026 年開始交付。

We continue to roll out the family of X5 medical care products with a prerelease of our latest product, the portable power bank that provides power to pull mounted equipment or any item that requires extended run time utilizing USB-C, mostly targeting tablet and portable computers. Samples are shipping now to various partners, with production volumes available later this year.

我們繼續推出 X5 醫療保健產品系列，並預發布了我們的最新產品——便攜式行動電源，該行動電源可使用 USB-C 為安裝設備或任何需要長時間運行的設備供電，主要面向平板電腦和便攜式電腦。樣品現已發往各合作夥伴，批量生產將於今年稍後推出。

The conformal wearable battery originally developed for the Integrated Visual Augmentation System, or IVAS, continues to evolve as a commercial product to our international our internal development efforts. We have received a new PO from an initial partner in Q2, which is expected to ship this year.

最初為整合視覺增強系統（IVAS）開發的可穿戴式電池，作為一款商業產品，在我們的國際和內部研發工作中不斷發展。我們已於第二季收到初始合作夥伴的新採購訂單，預計今年出貨。

Lastly, on the Battery & Energy side of the business, we have several ongoing projects with existing customers to modernize legacy designs, introducing the newer technologies. As reflected in increased R&D spend in Q2.

最後，在電池和能源業務方面，我們正在與現有客戶進行幾個正在進行的項目，以對傳統設計進行現代化改造，引入新技術。如第二季研發支出增加所反映的。

These initiatives are essential to sustaining our base business, strengthening customer relationships and ensuring our product lines are optimized for manufacturability and long-term component availability. Investing in new product development is essential to diversifying and strengthening our product portfolio, driving future growth and building on our legacy of delivering critical power solutions.

這些舉措對於維持我們的基礎業務、加強客戶關係以及確保我們的產品線在可製造性和長期零件供應方面達到最佳狀態至關重要。投資新產品開發對於豐富和加強我們的產品組合、推動未來成長以及鞏固我們提供關鍵電源解決方案的傳統至關重要。

Our priorities remain converting long-term development efforts into revenue, advancing vertical integration in an oil and gas segment and maintaining a strong focus on operational efficiency initiatives. While I remain cautious due to ongoing challenges with scaling, tariff impacts and product mix, I see encouraging signals pointing to growth. So I'm optimistic about the second half of the year and into 2026. Our Communication Systems Group is expected to rebound from a tough first half.

我們的首要任務仍是將長期發展成果轉化為收入，推進石油和天然氣領域的垂直整合，並持續高度重視營運效率提升措施。儘管由於規模擴張、關稅影響和產品組合方面仍存在挑戰，我仍保持謹慎，但我看到了一些令人鼓舞的成長跡象。所以我對今年下半年以及2026年都持樂觀態度。我們的通訊系統集團預計將從艱難的上半年反彈。

We're beginning to see early purchase orders from long-term new product programs selling new products to new customers, a rebound from our medical and oil and gas customers and sustained growth in global defense spending and an expanding opportunity pipeline across both businesses.

我們開始看到來自長期新產品項目的早期採購訂單，這些項目向新客戶銷售新產品；我們的醫療和石油天然氣客戶出現反彈；全球國防開支持續增長；以及這兩個業務領域的機會管道不斷擴大。

Now we'll go back to the operator for questions.

現在我們回去找接線員提問。

(Operator Instructions)

（操作說明）

John Deysher, Pinnacle.

約翰戴舍，巔峰。

Hi, good morning. Just a couple of quick questions. Do you have any feel for what the tariffs cost you this past quarter?

您好，早安。幾個簡單的問題。您是否了解上個季度關稅對您造成的損失？

Absolutely. $539,482 less $126,000 received back from customers. So bottom line hit was $400,000 and John, what hurts most about that is we were forced into a situation to purchase some components at the very peak of the China tariffs that makes you sick when you look back and you have to go through something like they have to meet certain delivery orders.

沒錯。 539,482美元減去從客戶收回的126,000美元。所以最終損失是 40 萬美元，約翰，最讓人痛心的是，我們被迫在中國關稅最高峰時期購買一些零件，現在回想起來真是令人作嘔，你不得不經歷一些事情，比如他們必須滿足某些交貨訂單。

It was bad timing of the arrival during that peak 150%-plus period.

在價格飆升150%以上的高峰期到達，時機非常糟糕。

Okay. I guess that's my second question. Based on what you know now with the current tariffs, how do you see that impacting the third quarter tariffs?

好的。我想這是我的第二個問題。根據您目前對現行關稅的了解，您認為這將對第三季關稅產生怎樣的影響？

Well, I think it's important to note, we've been -- I wouldn't say we've been experiencing the Section 301 tariffs from the first Trump's presidency the entire time. So the tariff rate that's there currently is not that much higher for us than what it's been the entire time since five, six, seven years ago, except for that period of time when it really expanded to over 100%.

嗯，我認為需要指出的是，我們——我不會說我們從川普第一任總統任期開始就一直受到第 301 條款關稅的影響。所以，目前對我們來說的關稅稅率並沒有比五、六、七年前高多少，除了那段時間稅率真的漲到了 100% 以上。

So we don't expect with what we know right today that it's going to have as much impact as it did in Q2 because we don't expect to see that really exorbinant tariffs, but we're kind of sitting and waiting with some of that goes on every day with every day, it's changing. So it's definitely a very fluid situation, I would say.

所以，就我們目前所知，我們預計它不會像第二季度那樣產生那麼大的影響，因為我們預計不會出現非常高的關稅，但我們只能坐等，因為每天都在發生一些變化。所以，我認為目前的情況瞬息萬變。

And we're also passing a tariff surcharge on to our customers as well.

而且我們還會將關稅附加費轉嫁給客戶。

You are, okay.

你沒事吧？

Yes.

是的。

Okay. That's good to hear. Regarding the employee retention credit that you received and applied to the debt, which we're happy to see, do you -- is there any more of that credit that's going to flow through in the balance of the year? Or have you captured everything?

好的。聽到這個消息真好。關於您收到並用於償還債務的員工留任抵免額，我們很高興看到這一點，請問——今年剩餘時間是否還會有更多此類抵免額發放？還是你已經全部拍下來了？

No, we captured every penny plus interest, very happy that, that came through.

不，我們不僅收回了全部款項，還收取了利息，對此我們非常滿意。

Okay. Great. And I guess, finally, in terms of the insurance reimbursement for the cyber attack, I think you said it was $200,000 in the quarter. How much have you received so far from the insurance company? And how much more are you looking to receive?

好的。偉大的。最後，關於網路攻擊的保險賠償，我想您說過本季賠償金額為 20 萬美元。你目前從保險公司收到了多少賠償金？你還希望得到多少？

Sure. It's $235,000 is what we have received. And as you probably know, John, that is now a lawsuit that we have commenced in the Supreme Court of Wayne County where we are located for a jury trial that's going to happen in 2026.

當然。我們收到了23.5萬美元。約翰，你可能也知道，我們現在已經在我們所在的韋恩縣最高法院提起訴訟，預計將於 2026 年進行陪審團審判。

So right now, we're going through all the discovery and all that. We believe our case is very, very solid and we're looking at an amount that's in the millions because it's the business interruption, the business impact that happened to our business. And which we feel is covered by the policy that we had in place. So to answer your question, it's in the millions of dollars.

所以現在，我們正在進行所有的探索和研究工作。我們相信我們的案件非常非常有力，我們預計賠償金額將達到數百萬美元，因為這是業務中斷，對我們的業務造成了影響。我們認為這已包含在我們現有的政策範圍內。所以回答你的問題，金額高達數百萬美元。

Okay. And the trial date is sometime in 2026, you say?

好的。你說審判日期在2026年的某個時候？

Yes. Discovery ends, It's all public information, the discovery ends in the first quarter of 2026, with the trial planned for midyear of 2026.

是的。調查結束，所有資訊均為公開訊息，調查將於 2026 年第一季結束，審判計劃於 2026 年年中進行。

Okay. it's all public. So is the amount that you were actually seeking to obtain disclosed in the complaint?

好的，一切都是公開的。那麼，你在起訴書中實際尋求獲得的賠償金額是否已經揭露？

In the court documents, I don't believe so. It's all in the discovery documents that's going to be coming out.

從法庭文件中來看，我認為並非如此。所有內容都將在即將公佈的調查文件中揭露。

Okay. They've not been --

好的。他們一直沒有--

Should it actually go to trial.

是否應該開庭審理？

Okay. But the complaint has been filed in the Supreme Court of New York Wayne County?

好的。但該訴訟已提交至紐約州韋恩縣最高法院？

Yes, it has. Yes.

是的，確實有。是的。

Okay. Without specifying the amount of damages that you're seeking correct?

好的。沒有具體說明你要求的賠償金額，對嗎？

I believe that, that is the case. If not, I will go through it, and I will personally call you and let you know if it is publicly disclosed.

我認為情況確實如此。如果不是，我會親自查清楚，如果此事被公開，我會親自打電話通知您。

Okay. That's great. I appreciate the color. And good luck. Thanks.

好的。那太棒了。我喜歡這個顏色。祝你好運。謝謝。

Jake Patterson, Talanta Investment Group

傑克·帕特森，塔蘭塔投資集團

Hey guys, iJust a quick question on the B&E Commercial segment. I know last time we talked, it sounded like oil and gas was pretty stable. I know the macro and whatnot has probably impacted orders there. But I mean, as we sit here today and maybe have a little more certainty than we did mid-quarter. Is there anything to call out maybe on orders returning or demand? Just any updates you can provide on the two end markets, medical and oil and gas.

大家好，我有一個關於 B&E 商業板塊的小問題。我知道上次我們談話時，聽起來石油和天然氣市場相當穩定。我知道宏觀經濟情勢等等因素可能對那裡的訂單產生了影響。但我的意思是，我們現在坐在這裡，可能比季度中期更有把握一些。關於退貨或需求方面，有什麼需要特別指出的嗎？請提供醫療和石油天然氣這兩個終端市場的最新情況。

Sure. When it comes to oil and gas, it comes down to two numbers. It comes down to what is the index and the WTI this morning was a tad under $65. And the Brent index is about $4, $5 over that. So the oil and gas customers. And believe me, we cover all of them. We cover all the blue chippers, international, domestic we cover the wildcatters and they're all playing the profit games of when they're going to order and how much they're going to make on it.

當然。談到石油和天然氣，歸根究底就是兩個數字。關鍵在於指數是多少，而今天早上WTI原油價格略低於65美元。布蘭特原油價格指數比這高出約 4 到 5 美元。所以，石油和天然氣客戶。相信我，我們涵蓋了所有這些方面。我們涵蓋所有藍籌股公司，包括國際和國內公司，我們也涵蓋那些不按常理出牌的公司，他們都在玩利潤遊戲，決定何時下單以及能從中賺取多少利潤。

And we know over the last couple of years, these companies just didn't sit around idly and wait for the WTI to go up. They've restructured. They've made improvements. They've made efficiencies. So their profit -- their breakeven point is lower than what it once was, but it's a numbers game for those, and they'll come right out and tell us that.

我們知道，在過去幾年裡，這些公司並沒有坐等 WTI 原油價格上漲。他們進行了重組。他們已經取得了一些進步。他們提高了效率。所以他們的利潤——他們的損益平衡點比以前低了，但對他們來說，這只是一場數字遊戲，他們會直接告訴我們這一點。

Got it. Okay. And then I --

知道了。好的。然後我--

It's just the for orders. And I will point, Jake, that what was interesting about the comparison, Q2 of last year of 2024 was the second largest medical sales volume in the history of the company. And it's just on the timing of the orders. And of course, we're very, very bullish with the relationships we have with the new products that have been introduced, and it's just a time game it all evens out.

這只是下單而已。傑克，我要指出的是，有趣的是，2024 年第二季是該公司史上第二高的醫療銷售額。關鍵就在於下單的時間。當然，我們對新推出的產品與市場之間的關係非常非常樂觀，這只是時間問題，一切都會趨於平衡。

Yeah. And what we've been hearing from customers is some of them are -- they're being cautious with their cash. They're trying to manage cash. They're paying for tariff charges on things that -- when they show up. So you got to make sure that you can pay your tariffs and they're being very careful and studious with their order flow.

是的。我們從顧客那裡了解到，他們中的一些人對現金的使用非常謹慎。他們正在努力管理現金。他們為那些——當它們出現時——要支付關稅。所以你必須確保你能支付關稅，而且他們在訂單流程方面非常謹慎和認真。

Got it. Okay. And then I guess kind of just staying on that discussion, the margins, I know you guys mentioned a few drivers of the decline. Is there any way to kind of bucket like where the impacts were felt the most. I know the tariffs were what, $400,000 and then probably --

知道了。好的。然後我想繼續討論利潤率，我知道你們提到了一些導致利潤率下降的因素。有沒有辦法大致劃分出受影響最嚴重的區域？我知道關稅是多少？ 40萬美元，然後可能…--

I can break that off for you. I can do that. I look at it this way. the tariffs, the net amount of the tariffs cost us 100 basis points of margin. The mix impact caused us around -- almost 200 basis points of margin. And the rest of it was throwing out some materials that we couldn't use going forward, some overtime in labor inefficiencies and just the impact of some volumes going through some of the other facilities, which in total was probably 30 basis points or 40 basis points.

我可以幫你把那件事解決掉。我可以做到。我是這麼看的，關稅，或者說關稅淨額，使我們損失了100個基點的利潤。成分股組合的影響使我們的利潤率下降了約 200 個基點。其餘部分包括丟棄一些我們以後無法使用的材料、一些因勞動力效率低下而導致的加班費，以及一些產品透過其他工廠處理所造成的影響，加起來可能相當於 30 到 40 個基點。

Okay. So I mean, I guess, visibility into those kind of higher margin markets returning is limited, but I mean if you guys get back to kind of a normalized demand environment, a reason we shouldn't see margins kind of back into a high to mid-20s range at some point?

好的。所以我的意思是，對於這類高利潤率市場的回歸，我們目前還無法預知。但是，如果需求環境恢復正常，那麼利潤率應該會在某個時候回升到 20% 到 25% 的水平吧？

Yes. In my closing remarks that I did say we are seeing a somewhat of a return on our medical and oil and gas business so far with what we have visibility to in the second half compared to Q2. So far, it's looking up.

是的。我在總結演講中提到，就我們目前對下半年的預期而言，與第二季相比，我們的醫療和石油天然氣業務已經出現了一定程度的回報。目前來看，情況正在好轉。

And then once Comm Systems, the order flows returned to a more expected level their margins are generally higher than battery and energy products. So the mix impact on the Comm Systems -- it's worth 100 basis points when all is said and done or slightly less than that, but it does have a pretty significant impact because their margins are generally in the -- approaching 30% or in some cases, higher.

隨後，隨著通訊系統訂單量恢復到預期水平，其利潤率通常高於電池和能源產品。因此，這種組合對通訊系統的影響——最終結果為 100 個基點或略低於此，但確實產生了相當大的影響，因為他們的利潤率通常在 30% 左右，在某些情況下甚至更高。

Yes. No, absolutely. That's pretty much it. I appreciate it.

是的。不，絕對的。差不多就是這樣了。謝謝。

So our focus is the officers of the company is what do we have to do, what our actions that we need to execute when the mix isn't the ideal mix of how do we get the margins up to the levels that we expect. And we're not just sitting around waiting for mix and waiting for orders. We're out there early day with looking at best alternatives for execution to get the margins up on, let's say, on a static mix.

因此，我們公司的管理階層關注的重點是，當產品組合不是理想組合時，我們必須做什麼，我們需要採取哪些行動，才能使利潤率達到我們預期的水平。我們可不是坐等配貨和訂單的。我們很早就開始研究最佳的執行方案，以提高利潤率，例如在靜態組合的基礎上。

(Operator Instructions)

（操作說明）

Will Lauber, Visionary Wealth Advisors.

威爾‧勞伯，遠見財富顧問。

Yeah. That was a pretty crappy quarter. But you did -- I've never remember you guys highlighting so many potential kind of things for later this year and next year. Can you put any kind of quantification or kind of how certain you are on some of these opportunities materializing?

是的。那真是個糟糕的季度。但你們確實做到了——我以前從未見過你們如此強調今年晚些時候和明年可能會發生的事情。你能量化一下你對這些機會最終實現的把握程度嗎？

Well, Will, and we agree, it was a crappy quarter. Let's start there. We're not proud of it by any means. The -- there's a lot going on. There has been a lot going on. I sit on these calls time after time saying we're in qual, we're in qual, we're in qual. And I get sick of hearing my voice sometimes saying it. So I'm sure it rings hollow in some cases on these calls. But Unfortunately, we're -- like I said in the open air, we're hostage to a lot of our customers' success in their product launches in some cases.

威爾，我們都同意，這季度業績很糟糕。我們就從這裡開始吧。我們絕不以此為榮。這裡——發生了很多事。最近發生了很多事。我一遍又一遍地坐在電話旁，說著我們已經通過資格賽了，我們已經通過資格賽了，我們已經通過資格賽了。有時候我都聽膩了自己的聲音說這些話。所以我相信，在某些情況下，這些電話聽起來會很空洞。但不幸的是，就像我剛才在公開場合說的那樣，在某些情況下，我們受制於許多客戶的產品發布是否成功。

So it's been a long wait, but I will say we're starting to see some initial POs. We're seeing some qualification activity beyond just we're doing testing. It's more site visits and things like that, more on the preproduction launch areas. But I don't have paper in hand to talk about dollars and figures and things like that. I wish I did.

雖然等待的時間很長，但我可以說我們已經開始看到一些初步的訂單了。我們看到除了進行測試之外，還有一些資格認證活動。更多的是實地考察之類的，更多的是關於預生產發佈區域的情況。但我手邊沒有紙本文件，沒辦法談論金額、數字之類的東西。我真希望我當時那樣做了。

But we're definitely -- we have a lot of hooks in the water, as we've talked about on every call, and it's been part of our diversification strategy is to really not rely on one growth initiative to carry us through, and we're working hard to land multiples. And I'm hoping over the next 12 to 18 months here, we land multiple large opportunities and I'm in a much different spot talking about the revenue increases and the profit increases than the waiting for Quala complete position?

但我們確實——我們有很多投資項目，正如我們在每次電話會議上談到的那樣，我們的多元化策略的一部分就是不依賴單一的成長計劃來支撐我們前進，我們正在努力實現倍數成長。我希望在接下來的 12 到 18 個月裡，我們能抓住多個大機遇，到那時，我就可以談論收入增長和利潤增長，而不是像現在這樣，只能等待 Quala 完成部署了。

I mean can you kind of -- maybe if you can't quantify it qualitatively, how you guys feel about the potential opportunities now compared to historically and --

我的意思是，你們能不能──或許你們無法進行定性量化──談談你們對當前潛在機會與歷史機會相比的看法？--

Well, we believe in all the opportunities, and we're doing them all because they're what we call chunks of additional revenue to the business. Nothing's a $1 million adder. They're all $5 million to $20 million potential adders to the business so that if we actually hit a couple of them, it becomes a meaningful increase to the bottom line and gets us closer to our scale ambitions because we're still subscale at this point.

我們相信所有的機會，並且我們正在抓住所有這些機會，因為它們是我們所說的為企業帶來額外收入的途徑。沒有什麼東西能一下子增加100萬美元。它們都能為公司帶來 500 萬到 2000 萬美元的潛在收益，所以如果我們真的實現了其中幾個，就能顯著提高利潤，並使我們更接近規模目標，因為我們目前還處於規模不足的狀態。

And we also want to be in the unique position where we're a sole supplier or we're locked in with a great relationship I guess, the testimony being we've been through it as partners for like three, four, five years with these companies, and they're depending on us. We're depending on them. And things are progressing. And that's -- the glimmer of light when you see the progress is what this is all about because we're incredibly impatient in the roles that we do and as shareholders with the insiders owning almost 40% of the company, we're incredibly impatient.

我們也希望處於獨特的地位，成為獨家供應商，或與這些公司建立牢固的合作關係。事實證明，我們已經與這些公司合作了三、四、五年，他們依賴我們。我們指望著他們呢。事情正在取得進展。而當你看到進展時，那一絲曙光就是這一切的意義所在，因為我們對自己的工作極其沒有耐心，作為股東，內部人士持有公司近 40% 的股份，我們更是極其沒有耐心。

So we're pushing as hard as we possibly can but then again, we have a much better understanding of the process and what they're going through. They're playing for the Big [W 2] in the markets with our products.

所以我們正在盡最大努力，但話說回來，我們對這個過程以及他們正在經歷的事情有了更深入的了解。他們正在利用我們的產品在市場上爭奪最大的勝利[W 2]。

Okay. So maybe you can refresh my memory. I know you guys have obviously had some big deals over time here, but you ever had multiple I would call it a couple of million plus dollars deals hit all within like the same year, year and half or two?

好的。或許你能幫我回憶一下。我知道你們這些年來肯定做過一些大單，但是你們有沒有在同一年、一年半或兩年內達成過多筆，我指的是幾百萬美元以上的交易？

Not in recent memory. No, it would be back before probably 2010 that we really were in some of those activities.

最近沒印象。不，我們真正參與其中一些活動大概是在 2010 年之前。

And so what you're saying is that is -- the potential is there for that to happen again?

所以你的意思是──這種情況有再次發生的可能性？

Well, that's the position that we're playing for.

這就是我們努力爭取的位置。

Yes. I mean we've invested a lot of money and effort in a lot of new products across both businesses, not just to spend the money. Obviously, we're spending the money ahead of revenue to fuel some of our growth ambitions. And some of these projects just take a lot longer than you ever would expect.

是的。我的意思是，我們在兩個業務領域都投入了大量資金和精力來開發許多新產品，不僅僅是為了花錢。顯然，我們是在收入尚未實現之前就投入資金，以實現我們的一些成長目標。有些專案所需的時間比你預想的要長得多。

I mean our biggest customer in medical -- it was six years from when our battery was developed before the product actually launched with the medical customer. So it was a lot of hand sitting on your hands waiting, but now they're one of our best customers and one of our bigger customers, which is fantastic, and we have a great relationship. So it takes longer than you want in some cases for sure.

我的意思是，我們最大的醫療客戶——從我們的電池研發完成到產品真正針對醫療客戶推出，花了六年時間。所以那段時間我們只能幹等著，但現在他們是我們最好的客戶之一，也是我們最大的客戶之一，這真是太棒了，我們建立了良好的關係。所以，在某些情況下，所需時間一定會比你預期的還要長。

Okay, all right, thank you.

好的，謝謝。

Thank you.

謝謝。

Thank you. I am showing no other questions at this time. So I would now like to turn it back to Mike Manna for closing remarks.

謝謝。目前我沒有其他問題要問。現在我謹將發言權交還給麥克·曼納，請他作總結發言。

Thank you, everyone, for participating in today's call. We look forward to seeing you next time on our Q3 2025 call. Have a great day. Bye now.

感謝各位參加今天的電話會議。我們期待在2025年第三季電話會議上與您再次相見。祝你有美好的一天。再見了。

This does conclude the program. You may now disconnect.

節目到此結束。您現在可以斷開連線了。