0001111928-26-000098
SEC filingQ1营收增16.6%但净利降58%，受13.5M诉讼和解费拖累，经营转亏。
| 指标 | 本期 | 去年同期 | 同比 |
|---|---|---|---|
| Net Sales | $265.5M | $227.8M | +16.6% |
| Gross Profit | $99.5M | $89.8M | +10.8% |
| Gross Margin | 37.5% | 39.4% | -190bps |
| Operating Income | -$7.7M | $1.8M | -$9.6M |
| Operating Margin | -2.9% | 0.8% | -373bps |
| Net Income | $1.6M | $3.8M | -57.9% |
| Diluted EPS | $0.04 | $0.09 | -55.6% |
| Operating Cash Flow | -$5.5M | $13.4M | -$18.9M |
| Free Cash Flow | -$21.8M | -$11.4M | -$10.4M |
Q1营收$265.5M，同比+16.6%，主要受Industrial Solutions增长21.0%驱动，其中切割、焊接、清洗、打标应用表现强劲。Advanced Solutions营收下降4.7%，微加工和先进应用疲软，但医疗激光设备需求增长部分抵消。
毛利率37.5%，同比下滑190bps，主因关税影响约160bps，以及成本增速（+20.3%）高于营收增速。经营利润转亏，主要受$13.5M的Trumpf诉讼和解费拖累，剔除该一次性费用后，经营利润约$5.8M，仍低于去年同期。
盈利质量方面，净利$1.6M，同比-58%，但有效税率-55.4%带来$1.1M离散税收优惠，部分抵消了经营亏损。经营现金流-5.5M，主因奖金支付增加及营运资本占用，与净利润背离。
| 分部 | 营收 | 同比 | 驱动 |
|---|---|---|---|
| Industrial Solutions | $227.6M | +21.0% | 切割、焊接、清洗、打标增长 |
| Advanced Solutions | $37.9M | -4.7% | 微加工、先进应用下降，医疗设备增长 |
| 项目 | 本期 | 上期/变化 |
|---|---|---|
| Cash & ST investments | $812.9M | $839.3M |
| Total Debt | $0 | $0 |
| Inventory | $319.0M | $313.4M |
| Contract liabilities (current) | $67.8M | $66.2M |
| Operating Cash Flow | -$5.5M | +$13.4M |
| Capex | $16.3M | $24.8M |
| Free Cash Flow | -$21.8M | -$11.4M |
公司无有息负债，净现金充裕。经营现金流恶化主因奖金支付、库存增加及应收增长。