Financial Data and Key Metrics Changes - Total revenue for Q4 was $177 million, near the midpoint of guidance, while service revenue totaled $171.6 million, also near guidance [31] - Year-over-year growth in service revenue, excluding Fuse, accelerated to 4.6% from 2.7% in Q3, marking the highest growth rate in 10 quarters [11] - Combined cash flow from operations for fiscal years 2024 and 2025 is the highest ever at 8x8, exceeding half of the market capitalization as of the last Friday [12] Business Line Data and Key Metrics Changes - The number of customers with three or more products increased by 13% year-over-year to over 700 customers, indicating successful cross-selling [12] - Sales of Microsoft Teams integration saw new license sales up 72% in Q4, with cumulative licenses sold growing 30% year-over-year to over 550,000 seats [13] - The gross margin for Q4 was 69%, driven by a revenue mix with lower margin platform usage revenue growing to approximately 13.5% of total revenue [32] Market Data and Key Metrics Changes - The company noted a shift in the economic picture due to recent tariff actions and global uncertainty, impacting sales cycles and spending [7][45] - The UK market showed strong performance with improved execution and higher retention rates compared to the U.S. market [71] Company Strategy and Development Direction - The company is focused on building a durable, cash-generative business that creates long-term value through disciplined execution and platform innovation [7] - A significant transformation began in fiscal 2023, with a focus on fixing the financial model, investing in innovation, and enhancing customer experience [10] - The company aims for high single-digit revenue growth and double-digit operating margins in the coming years, with expectations of continued execution and product adoption [26] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's direction despite macroeconomic challenges, emphasizing the importance of operational discipline and innovation [6][8] - The company anticipates that the headwinds from the Fuse platform will lessen significantly in fiscal 2027, allowing for improved growth rates [27] - Management highlighted the importance of transitioning customers from the legacy Fuse platform to enhance customer engagement and operational efficiency [31][25] Other Important Information - The company has made significant progress in upgrading customers from the Fuse platform, reducing revenue from Fuse to under 5% of service revenue [31] - Stock-based compensation has declined to 4.6% of total revenue, reflecting a shift to primarily cash-based compensation [33] - The company is investing in AI capabilities and expanding its technology partner ecosystem to enhance customer experience [19][20] Q&A Session Summary Question: What are the macro impacts on sales cycles and spending? - Management noted elongated deal cycles and some shrinking depending on urgency, with a calmer environment observed in May compared to March and April [45] Question: What remains in terms of go-to-market changes? - The company is approximately 60-70% through the go-to-market rebuild, focusing on solution selling and fine-tuning processes [48] Question: What is the adjusted service revenue growth forecast for fiscal 2026, excluding Fuse? - The company expects positive growth rates for fiscal 2026, with specific numbers not provided but indicating a positive outlook [56] Question: How much of the growth is driven by go-to-market changes versus customer demand? - Management emphasized that growth is primarily driven by internal factors, including an increase in multiproduct customers and improved retention rates [61] Question: What is the status of cash flow guidance for fiscal 2026? - The company provided a cash flow guidance range of $40 million to $50 million for the full year, reflecting ongoing investments [40] Question: Why is the company winning in the CCaaS space? - The company offers a complete solution with best-in-breed technology from a single vendor, which is appealing to mid-market and enterprise customers [68]

Financial Data and Key Metrics Changes - Total revenue for Q4 was $177 million, near the midpoint of guidance, while service revenue totaled $171.6 million, also near the midpoint of guidance [29] - Year-over-year growth in service revenue, excluding Fuse customers, accelerated to 4.6% from 2.7% in Q3, marking the highest growth rate in 10 quarters [10] - For fiscal year 2025, service revenue excluding Fuse customers grew 2.8%, compared to 1.8% in fiscal year 2024 [10] - Gross margin for the quarter was 69%, at the low end of guidance, driven by a revenue mix with lower margin platform usage revenue growing to approximately 13.5% of total revenue [30] - Operating margin was 10%, at the high end of guidance, with stock-based compensation declining to 4.6% of total revenue, a multiyear low [31] Business Line Data and Key Metrics Changes - The number of customers with three or more products increased 13% year-over-year to over 700 customers, indicating successful cross-selling [11] - Sales of Microsoft Teams integration saw new license sales up 72% in Q4, with cumulative licenses sold growing 30% year-over-year to over 550,000 seats [12] - The transition from the legacy Fuse platform is on track, with remaining revenue from Fuse customers reduced to under 5% of service revenue, down from approximately 11% in Q4 2024 [29] Market Data and Key Metrics Changes - The company noted a shift in the economic picture due to recent tariff actions and global uncertainty, impacting sales cycles and spending [7] - The U.S. market experienced some chaos in March and April, with elongated deal cycles, while the rest of the world continued to perform steadily [44] Company Strategy and Development Direction - The company is focused on building a durable, cash-generative business that creates long-term value, emphasizing disciplined execution and platform innovation [7] - A massive transformation began in fiscal year 2023, with a clear plan to fix the financial model, invest in innovation, and improve customer experience outcomes [9] - The go-to-market model has been rebuilt around solution selling and partner enablement, with ongoing adjustments to improve performance [22] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's future, citing a solid foundation for growth and the expectation of high single-digit revenue growth and double-digit operating margins in the coming years [25] - The company anticipates that the headwinds from the Fuse platform will lessen significantly in fiscal year 2027, allowing for improved growth rates [25] - Management remains realistic about challenges ahead but sees signs of a tailwind, with growth accelerating in the core business [24] Other Important Information - The combined cash flow from operations for fiscal years 2024 and 2025 is the highest in the company's history, representing over half of its market capitalization [10] - The company has made significant progress in debt reduction, with over $209 million reduced since August 2022, enhancing financial flexibility [28] Q&A Session Summary Question: What are you hearing from your field reps regarding macro impacts? - Management noted elongated deal cycles and some shrinking depending on urgency, with a calmer environment in May compared to earlier months [42][43] Question: Can you clarify the status of your go-to-market changes? - The company is approximately 60-70% through the go-to-market rebuild, focusing on solution selling and fine-tuning processes [46] Question: What is the adjusted service revenue growth forecast for fiscal year 2026, excluding Fuse? - The company expects positive growth rates for fiscal year 2026, with the headwinds from Fuse expected to diminish [48][52] Question: What is driving the expected high single-digit growth by fiscal year 2028? - Growth is anticipated from increased multi-product customers, improved retention rates, and the rollout of new products [76][80] Question: How is the cash flow guidance for fiscal year 2026 structured? - The guidance reflects investments in growth, with a focus on maintaining stable net income despite some margin compression [60] Question: Why is the company winning in the CCaaS space? - The company offers a complete solution with best-in-breed technology from a single vendor, which is appealing to mid-market and enterprise customers [64][66]

Investment Rating - Industry Rating: Outperform the market (maintained rating) [6] Core Views - The report maintains a positive outlook on the AI industry as a key investment theme for the year, anticipating that 2025 may become a pivotal year for domestic AI infrastructure competition and application development [3][25] - The report highlights the strong performance of Alibaba and Tencent, driven by robust AI demand, with Alibaba's cloud revenue growing by 18% and Tencent's R&D spending increasing by 21% [3][17] - The report emphasizes the importance of monitoring AI industry dynamics and investment opportunities, particularly in the context of ongoing advancements in AI applications and infrastructure [3][25] Summary by Sections 1. Artificial Intelligence and Digital Economy - Key recommendations include: - Optical modules & optical devices: Focus on companies like Zhongji Xuchuang, Xinyi Sheng, Tianfu Communication, and Yuanjie Technology [4][28] - Switch server PCB: Recommended companies include Hudian Co., ZTE, and Unisplendour [4][28] - Low valuation, high dividend: China Mobile, China Telecom, and China Unicom are highlighted for resource revaluation [4][28] - AIDC & cooling: Key recommendations include Yingweike, Runze Technology, and Guanghuan New Network [4][28] - AIGC applications/edge computing: Focus on companies like Guohua Tong and Meige Intelligent [4][28] 2. Marine Wind Cable & Intelligent Driving - Marine wind cable: Recommended companies include Hengtong Optic-Electric, Zhongtian Technology, and Oriental Cable [5][30] - Recovery in overseas markets: Key recommendations include Huace Navigation and Weisheng Information [5][30] - Intelligent driving: Suggested companies include Guanghuan Tong and Meige Intelligent [5][30] 3. Satellite Internet & Low-altitude Economy - The report notes the acceleration of national defense information construction and low-orbit satellite development, recommending companies like Huace Navigation and Haige Communication [6][31] 4. Recent Industry Dynamics - The report discusses the recent financial performance of Alibaba and Tencent, highlighting significant revenue growth driven by AI-related products [15][17] - It also mentions the U.S. decision to revoke AI chip export restrictions, which may impact the semiconductor industry [19][20] 5. Market Performance Review - The communication sector showed a slight increase of 0.22% during the week, underperforming compared to the CSI 300 index [32][33]

证券研究报告|行业点评报告 [Table_Date] 2025 年 05 月 18 日 [Table_Title] 持续推动 5G-A 与 AI 网络连接 随着 5G-A 商用进程的加速与 AI 技术的普惠，以 AI 为中心网 络有望助力运营商从"流量经营"单一模式向"差异化体验经 营"多维模式跨越，深度释放网络连接潜能。 2、投资建议 1）针对 5.5G 网络商用，在应用催化下，5G-A 建设有望带来上游 元器件催化，相关上游核心部件包括天线、滤波器、高阶 PCB、 光模块等有望受益。 相关受益标的包括灿勤科技、通宇通信、盛路通信、武汉凡谷、 普天科技等。 2）在应用方面，持续关注 RedCap 模组、通感一体、卫星以及 XR 等领域，相关市场空间有望释放。 RedCap 模组相关受益标的包括移远通信、美格智能等； [Table_Title2] 通信行业 [Table_Summary] 1、5G-A 与 AI 技术持续推进，深度释放网络连接潜能 5 月 17 日，工信部副部长、中国通信学会理事长张云明表示， 加速推进 5G-A、6G 技术研发、产业培育和应用发展，赋能现 代化产业体系建设。 活动期间，三大运 ...

Core Viewpoint - Viasat, Inc. is collaborating with Blue Origin to demonstrate its InRange launch telemetry relay service, which aims to enhance launch communication capabilities and support NASA's transition to commercial satellite communications solutions [1][4]. Group 1: Collaboration and Technology - Viasat is partnering with Blue Origin to showcase its InRange launch telemetry relay service using the Glenn rocket [1]. - The InRange solution is designed to provide continuous relay connections between launch vehicles and ground systems via Viasat's global L-band satellite network, enabling real-time data transmission during flight [3]. - This technology addresses limitations of traditional ground-based telemetry systems, which require direct line of sight and can lead to communication gaps during launches [2][3]. Group 2: Strategic Alignment with NASA - The partnership aligns with NASA's Communications Services Project, which seeks to develop commercial alternatives to the existing Tracking and Data Relay Satellite (TDRS) system [4]. - Viasat's efforts will support NASA's Launch Services Program, which has historically managed telemetry data reception and distribution [4]. Group 3: Future Launch Plans - Viasat's Space and Mission Systems team will collaborate with Blue Origin on two planned launches using the New Glenn vehicle, with the first launch expected later this year [5]. - The second mission, a full demonstration of the InRange service, is currently scheduled for 2026 [5]. Group 4: Market Position and Financial Outlook - Viasat has faced soft demand trends in some markets and intense competition in its communication service business [6]. - As NASA phases out the TDRS system, the demand for commercial alternatives is expected to rise, potentially providing Viasat with a competitive edge and leading to increased revenues [7]. - Viasat's stock has declined by 41.6% over the past year, contrasting with the industry's growth of 42.2% [8].

今天A股高开高走，市场逾4100股上涨。截至收盘，上证指数收涨0.82%，深证成指涨1.72%，创业板指 涨2.63%，A股成交1.34万亿元。从盘面上看，军工板块再度大涨，机器人、通信等板块涨幅居前。黄 金、创新药等板块表现不佳。 央视新闻报道，中美经贸高层会谈5月10日至11日在瑞士日内瓦举行。中美经贸中方牵头人、国务院副 总理何立峰当地时间11日晚在出席中方代表团举行的新闻发布会时表示，此次中美经贸高层会谈坦诚、 深入、具有建设性，达成重要共识，并取得实质性进展。双方一致同意建立中美经贸磋商机制。经过中 美双方的共同努力，会谈富有成效，迈出了通过平等对话协商解决分歧的重要一步，为进一步弥合分歧 和深化合作打下了基础、创造了条件。 今天早些时候，商务部发布中美日内瓦经贸会谈联合声明，双边关税水平将大幅降低，美方取消了共计 91%的加征关税，中方相应取消了91%的反制关税；美方暂停实施24%的"对等关税"，中方也相应暂停 实施24%的反制关税。此举标志着这两个全球最大经济体之间的贸易紧张局势出现重大缓和。 近期引导中长期资金入市政策出台，在政策端稳市场力度较强的背景下，市场底部存在一定支撑。前期 关税扰动冲 ...

Financial Data and Key Metrics Changes - The company reported Q1 sales of $50.7 million, an increase from $41.9 million in the same quarter last year, representing a year-over-year growth of 21% [10] - Operating income for Q1 was $3.4 million, down from $4.1 million in the previous year, leading to a decrease in operating margin to 6.7% from 9.7% [15] - Net income was $1.9 million or $0.11 per share on a GAAP basis, compared to $2.9 million or $0.18 per share for the same quarter last year [15][16] - Adjusted EBITDA was $5.4 million, or 10.7% of sales, compared to $5.2 million or 12.5% for the prior year quarter [16] Business Line Data and Key Metrics Changes - Revenues from the Battery and Energy Products segment were $46.3 million, up from $35 million last year, with a 10.6% organic growth excluding Electrochem sales [10][11] - Government defense sales in the Battery segment increased by 53.6%, while medical battery sales decreased by 12.3% [11] - The Communications Systems segment saw revenues decline by 36.2% to $4.4 million, primarily due to large shipments in the prior year [12] Market Data and Key Metrics Changes - The sales split between commercial and government defense for the battery business was 64% to 36%, with a domestic to international sales split of 78% to 22% [11] - The total backlog exiting Q1 was $95 million, representing 55% of trailing twelve-month sales, indicating a healthy demand outlook [12] Company Strategy and Development Direction - The company is focused on completing the integration of the Electrochem acquisition, including ERP system setup, by the end of Q2 [18][26] - There is a commitment to improve sales pipelines and stabilize gross margins through pricing adjustments and lean productivity projects [19][20] - The company aims to leverage vertical integration opportunities from the Electrochem acquisition to enhance product offerings and market reach [18][37] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in profitable growth despite macroeconomic uncertainties, citing a strong backlog and expected recovery in medical sales in the latter half of the year [40][52] - The government defense sector is expected to remain robust, with potential increases in spending due to global conflicts and NATO commitments [52] - The company anticipates consistent free cash flow throughout 2025, with plans to pay down acquisition debt ahead of schedule [53][54] Other Important Information - The company is actively managing tariff impacts by passing along known costs as surcharges and exploring alternative supply sources [8][34] - The integration of Electrochem is expected to yield favorable contribution margins and enhance overall profitability [38] Q&A Session Summary Question: How have conversations with customers on tariff pass-throughs evolved? - Management noted that customers are concerned about cash flow impacts due to tariffs, which could affect their ability to invest in product development [32][33] Question: What are the major milestones left for the Electrochem integration? - The integration is on track, with most systems set up and the focus now on finalizing the ERP system [35][36] Question: What markets are targeted for the IVAS battery? - The primary focus is on foreign military markets, with some commercial engagements anticipated [39] Question: Can you discuss trends across key end markets? - The medical market is steady with known replacement cycles, while government defense remains strong with no expected downturn [50][52] Question: How do you expect free cash flow to trend over 2025? - Free cash flow is expected to be consistent, with a focus on maintaining a positive cash gap and paying down debt [53][54]

Core Insights - Bandwidth (BAND) reported revenue of $174.24 million for the quarter ended March 2025, reflecting a year-over-year increase of 1.9% and surpassing the Zacks Consensus Estimate of $168.87 million by 3.18% [1] - The company's EPS was $0.36, up from $0.27 in the same quarter last year, resulting in an EPS surprise of 24.14% compared to the consensus estimate of $0.29 [1] Financial Performance Metrics - Net retention rate was reported at 116%, exceeding the average estimate of 115.3% from three analysts [4] - Geographic Revenue from International markets was $22.45 million, significantly higher than the average estimate of $14.79 million, marking a year-over-year increase of 4.1% [4] - Geographic Revenue from North America was $151.79 million, slightly below the average estimate of $154.45 million, with a year-over-year change of 1.6% [4] - Revenue from Messaging surcharges reached $40.78 million, surpassing the four-analyst average estimate of $37.29 million [4] - Revenue from Cloud communications was $133.46 million, exceeding the four-analyst average estimate of $131.64 million [4] Stock Performance - Over the past month, Bandwidth's shares have returned +5.3%, while the Zacks S&P 500 composite has seen a +10.6% change [3] - The stock currently holds a Zacks Rank 5 (Strong Sell), indicating potential underperformance relative to the broader market in the near term [3]

TELUS contributed insights from its award-winning, human-centric AI program in support of accountability and trust-building worldwide Contributions of early reporting framework respondents are critical to ongoing global discussions, including the G7 Leaders' Summit and the OECD's Global Partnership on Artificial Intelligence Plenary later this yearTORONTO, April 30, 2025 /PRNewswire/ - TELUS today announces its submission to the Hiroshima AI Process (HAIP) Reporting Framework, sharing its proven approaches ...

4月30日，五一节前A股风险偏好提升，传媒、电子、计算机、通信等TMT板块行业领涨市场。截 至10点51分，聚焦AI算力+消费电子终端硬件的5G通信ETF（515050）涨超1.2%，持仓股中，移远通 信、东山精密、网宿科技、紫光股份等领涨。 兴业证券近日研报指出，近期，国内大厂在AI产品层面取得了新的进展，飞猪推出旅行AI"问一 问"，字节跳动发布AI协同办公平台"扣子空间"，百度推出通用超级智能体"心响"。后续伴随大模型持 续迭代，其在各类应用场景中的落地有望进一步加速，并催生出大量的具备高价值的AI产品，建议持 续重点跟踪AI产业变化，并积极布局应用、模型、算力等核心环节头部公司。 资金低位布局AI高景气赛道，近2个交易日，5G通信ETF（515050）获得资金持续净流入超1600万 元。5G通信ETF（515050）是全市场规模最大的5G通信主题ETF，深度聚焦5G、算力产业链龙头标 的，覆盖了多个AI算力、6G、消费电子、PCB、通信设备、服务器、光模块、物联网等细分行业的龙 头个股。 相关ETF全称：华夏中证5G通信主题ETF（515050），场外联接(A类：008086；C类：008087)。 ...