Financial Data and Key Metrics Changes - The company reported a record quarterly revenue of $6.2 million for Q4 of fiscal 2025, compared to $4.2 million in the previous quarter and $4.7 million in Q4 of fiscal 2024, leading to an annualized run rate of approximately $25 million [5][23] - Gross margins for Q4 were 13%, up from 10% in the prior quarter but down from 22% in the same quarter last year, with annual gross margins at 18% compared to 30% in the prior year [25][28] - The company expects fiscal 2026 revenue to reach approximately $25 million, an increase of over 30% from $19 million in fiscal 2025, with gross margins projected to improve to around 30% [21][25] Business Line Data and Key Metrics Changes - Production revenue for Q4 was $5.1 million, up from $3.3 million in the previous quarter and $2.8 million in the year-ago quarter, while engineering revenue was $1.1 million, down from $1.9 million year-over-year [23] - The systems manufacturing business is expected to grow at least 75% in fiscal 2026, driven by the expansion of two major production programs [14][21] - Revenue from the micro-optics lab is projected to decline from $2.1 million in fiscal 2025 to $1.3 million in fiscal 2026 due to timing of a large defense customer reorder [24] Market Data and Key Metrics Changes - The company has seen a significant increase in production demand from its aerospace and surgical robotics customers, with a backlog for the aerospace program reaching nearly $9 million [10][24] - The transition of two major programs from development to production has provided increased visibility and confidence in future revenue growth [6][7] Company Strategy and Development Direction - The company is focusing on expanding its production capabilities and has invested in new facilities to support growth, including a move to a new headquarters in Littleton, Massachusetts [7][8] - The management is optimistic about the future, citing a strong backlog and the potential for substantial growth as production programs expand [30] Management's Comments on Operating Environment and Future Outlook - Management acknowledged challenges with gross margins in Q3 and Q4 of fiscal 2025 but expressed confidence in recovery and improvement in fiscal 2026 [15][21] - The company is taking steps to address production yield issues and has renegotiated pricing with customers to improve profitability [12][13] Other Important Information - The company has hired new manufacturing and quality engineers to strengthen its operations team and improve manufacturing efficiency [19][20] - The company expects to recover positive adjusted EBITDA in the range of half a million dollars for fiscal 2026 [21] Q&A Session Summary Question: Guidance on revenue for 2026 - Management acknowledged being conservative in their guidance, noting a decline in revenue from the micro-optics lab but expecting higher margin production revenue to replace lower margin tooling and fixturing revenue [35][37] Question: Medical program pricing adjustments - Management explained that they have negotiated higher costs with their medical program customer to cover initial production difficulties, with a plan to ramp down prices as issues are resolved [40][41] Question: Tariff reimbursements - Management confirmed they are in verbal agreements for tariff reimbursements and are finalizing documentation [42][43] Question: Engineering resources and project pipeline - Management indicated that engineering resources will be progressively filled throughout 2026, with multiple programs lined up for production [49][50] Question: Challenges with the second single-use program - Management reported that the second single-use program is progressing well, learning from challenges faced in the cystoscope program, and expects a smoother ramp-up [62]

Group 1 - Company "Maitalans" has recently completed several million yuan in A+ round financing, with investors including Xiaomi, Shunwei Capital, Chengmei Capital, and Shanghai Angel Club [1] - The financing will primarily be used for the continuous construction of mass production lines for superlenses, expansion of infrared lens production, and research and development of visible light [1] - Maitalans, established in 2020, is the first company globally to achieve mass production in both far-infrared and near-infrared fields, as well as breakthroughs in visible light technology [1][2] Group 2 - The demand for lightweight, compact, and low-cost optical lenses is increasing due to the rapid development of emerging consumer electronics, automotive electronics, and drones [2] - Superlenses address the disadvantages of traditional lenses by utilizing semiconductor chip processes, ensuring high production capacity, yield, and stability [2] - Currently, Maitalans' commercial superlenses are mainly focused on the infrared field, with applications in infrared temperature measurement, security monitoring, and facial recognition [2] Group 3 - In addition to optical lenses, Maitalans is also developing spectral devices, particularly color routing products that can enhance the light efficiency of image sensors by 1-2 times [3] - The company is actively working on the deployment of optical computing, designing large-scale optical computing chips to meet the computational demands of the AI era [3] - Maitalans has established the world's first mass production delivery line for superlenses in Huzhou, with a factory area of 6,000 square meters, capable of supporting the demand for millions of lenses monthly [3]