【文/观察者网 王世纯】综合《华盛顿时报》网站，《星条旗报》网站10月12日报道，新任美国空军参谋长，空军上将肯尼斯·f·威尔斯巴赫（Kenneth F． Wilsbach）透露，五角大楼现在预计，到2030年，中国的核弹头数量将达到1500枚，达到美俄同等水平。他警告参议院军事委员会，中国的核武器和导弹威 胁正在增长。 东风-31BJ 在本周的提名听证会上，参议院军事委员会的议员们询问美国空军对中国未来核弹头增长的新评估时，他进行了一系列回答。 谋长威尔斯巴赫 美国空军新任参 今年6月份，这位62岁美空军空战司令部司令和四星上将在退役前最后一次飞行F-22隐形战机，宣告自己告别天空。不过，待到2025年特朗普政府走马上 任，这位老将被美国防长海格赛斯请回一线，返聘成空军一把手空军参谋长。 特朗普邀请威尔斯巴赫出任空军参谋长的原因可能和他长期部署在中国方向有关。作为美国空军内的"知华派"，这位空军高官在任期内多次指挥麾下美军和 解放军先进机型"接触"。 2022年3月，威尔斯巴赫空军上将在米歇尔空天研究所在线研讨会上透露， 美国F-35与中国歼-20在西太平洋多次遭遇，不是交战，但距离非常近。随后他话 锋一转 ...

Financial Data and Key Metrics Changes - The company reported Q1 net sales of $130.1 million and adjusted EBITDA of $20.5 million, both exceeding expectations [25] - First quarter gross margin improved by 130 basis points year over year, driven by favorable pricing and prior year inventory step-up amortization [26][70] - The company expects full-year revenue and adjusted EBITDA growth of 11% to 11.5% at the midpoints, reflecting the recent acquisition [27] Business Line Data and Key Metrics Changes - Orders backlog increased by $22.4 million during the quarter, primarily driven by EOD and Silume demand [13] - The armor business generated more revenue than expected in Q1, contributing positively to overall performance [72] - The EOD space was noted to be light in Q1, which is atypical, but the company managed to execute orders more quickly than anticipated [70] Market Data and Key Metrics Changes - The law enforcement market is expected to continue positive spending trends, supported by bipartisan support for public safety [16] - The nuclear market is anticipated to grow at a rate of 4% to 6% over time, with consistent demand observed [62] - The company is seeing multidirectional support for nuclear initiatives, including federal appointments and regulatory reforms [17] Company Strategy and Development Direction - The company aims to evolve into a multi-vertical provider of engineered mission-critical safety products, with a focus on nuclear and law enforcement sectors [4][5] - The recent acquisition of the engineering division from KARS is seen as a critical step in expanding the nuclear vertical and enhancing international presence [5][24] - The company maintains a robust M&A pipeline across all current verticals, indicating a strategic focus on both organic and inorganic growth opportunities [6][24] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's long-term outlook despite current economic uncertainties, highlighting resilience as a key differentiator [7] - The company is proactively strategizing to mitigate tariff impacts and is optimistic about offsetting any potential pressures [29] - Management noted that the second half of the year is expected to be stronger than the first half, driven by armor and EOD project timing [30] Other Important Information - The company has increased its dividend by 9% this year, marking the fourteenth consecutive increase, reflecting confidence in business strength [14][15] - The company is actively monitoring broader market trends, particularly in the consumer channel, which represents approximately 7% of contract sales [19] Q&A Session Summary Question: Pricing commentary and contribution to the quarter - Management indicated that normal pricing adjustments were made at the start of the year, with expectations to fully offset tariffs moving forward [34][35] Question: Revenue synergy opportunities from the engineering acquisition - The acquisition is expected to enhance geographic expansion and customer relationships, particularly with existing clients in the nuclear sector [36] Question: Timing and flow of business for the rest of the year - Management noted limited backlog visibility but expects Q2 to be up from Q1, with Q4 anticipated to be the strongest quarter of the year [40][42] Question: Tariff mitigation strategies - The company is exploring various options to mitigate costs, including productivity acceleration and potential shifts in product lines between facilities [44][46] Question: Nuclear market demand and M&A focus - Management confirmed a robust funnel for both nuclear and law enforcement M&A opportunities, with no specific emphasis on one over the other [56][58] Question: Q1 results and year-over-year drop explanation - The year-over-year decline was attributed to tough comparisons from a strong Q1 last year, particularly in the armor business [68][70] Question: Margin improvements and future opportunities - Management highlighted strong execution on pricing and productivity as key drivers for margin improvements, with expectations for continued growth [73][74] Question: Adjusted EBITDA margin expectations post-acquisition - The engineering division is expected to be slightly dilutive initially, but management anticipates improvements in gross margins as synergies are realized [86][88] Question: Production footprint reconsideration due to tariff changes - Management expressed satisfaction with the current production footprint and noted ongoing efforts to mitigate costs in specific locations [94][96]

Financial Data and Key Metrics Changes - The company reported Q1 net sales of $130.1 million and adjusted EBITDA of $20.5 million, both exceeding expectations [25] - First quarter gross margin improved by 130 basis points year-over-year, driven by prior year inventory step-up amortization and favorable pricing [26][70] - The company expects full-year revenue and adjusted EBITDA growth of 11% to 11.5% at the midpoints, reflecting the completed acquisition of the engineering division [27] Business Line Data and Key Metrics Changes - Orders backlog increased by $22.4 million during the quarter, primarily driven by EOD and Silume demand [13] - The armor business generated more revenue than expected in Q1, contributing to the overall positive results [72] - The EOD space was noted to be light in Q1, which is not typical for the business, indicating variability in project availability [70] Market Data and Key Metrics Changes - The law enforcement sector is expected to continue seeing positive spending related to personal protection equipment, supported by bipartisan support for public safety [16] - The nuclear market is anticipated to grow at a rate of 4% to 6% over time, with consistent demand observed [62] - The company is monitoring broader weakening trends in the consumer channel, which represents approximately 7% of contract sales [19] Company Strategy and Development Direction - The company aims to evolve into a multi-vertical provider of engineered mission-critical safety products, with a focus on nuclear and law enforcement markets [4][5] - The recent acquisition of the engineering division is seen as a critical step to deepen exposure to the nuclear market and expand into new sub-verticals [5][24] - The company maintains a robust pipeline of M&A opportunities across all current verticals, including nuclear, law enforcement, first responders, and military markets [6] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's long-term outlook, emphasizing resilience in navigating economic turbulence [7] - The current operating environment is characterized by unpredictability, but the company has delivered consistent and stable growth [6] - Management is optimistic about the potential for organic and inorganic growth opportunities moving forward [7] Other Important Information - The company has increased its dividend by 9% this year, marking the fourteenth consecutive increase, reflecting confidence in business strength [14][15] - The company is actively evaluating attractive M&A opportunities to add complementary businesses with strong margins and recurring revenue profiles [31] Q&A Session Summary Question: Pricing commentary and contribution in Q1 - Management indicated that normal pricing adjustments were made at the start of the year, with expectations to fully offset tariffs moving forward [34][35] Question: Revenue synergy opportunities from the engineering acquisition - The acquisition is expected to enhance geographic expansion and customer relationships, particularly in the nuclear sector [36] Question: Timing and flow of business for the rest of the year - Management expects Q2 to be up from Q1, with Q4 anticipated to be the strongest quarter of the year [40][42] Question: Tariff mitigation strategies - The company is implementing various strategies, including productivity acceleration and product line shifts, to mitigate tariff impacts [44][47] Question: Nuclear market demand and M&A focus - The company has a robust funnel for both nuclear and law enforcement M&A opportunities, with consistent demand observed in the nuclear sector [56][62] Question: Q1 results and year-over-year drop - The year-over-year drop was primarily due to tough comparisons from a strong Q1 last year, particularly in the armor business [68][70] Question: Margin improvements and future opportunities - Management noted that margin improvements were driven by strong execution on pricing and productivity, with expectations for continued improvement [73] Question: Cars acquisition and outlook - The company is taking a practical approach to guidance post-acquisition, maintaining core organic guidance flat while assessing future opportunities [75][77] Question: Production footprint reconsideration - The company is satisfied with its current production footprint and has made adjustments to mitigate costs in specific locations [93][96]