Sep 10, 2026 earnings call — Record revenue and backlog growth
Record quarterly revenue of $21.2 million and adjusted EBITDA of $2.1 million, 10% of revenue.
Revenue $0.0B (est $0.0B) · EPS $-0.02 (est $-0.01)
Key quotes
"All of which leverage our Black Diamond glass and make use of our supply chain resilience, and having alternative materials instead of depending on germanium."
"Demand for glass is running ahead of supply even after the acquisition. So we are adding melting capacity in Orlando and Texas"
"And backlog finished at $110.9 million up 197% from where we started the year."
Analyst Q&A 5
2027 deliveries and G5 redesign timing
Q (Piper Sandler): Analyst asked which major programs make up the $86 million planned for 2027 and asked why the G5 redesign was delayed and when redesigned products might contribute.
A: Management said the two large July contracts are already in production and deliveries are spread over months, and they expect those contracts to be renewed in future years as programs of record. They said the 2027 mix is driven mainly by Counter UAS and growing drone optics and assemblies, and that the G5 redesign was slowed by stretched supply chains, required mechanics and lens changes, and the need to fine tune melting the novel glass.
"the redesign, while you know, does not require redesigning the entire camera, there is still mechanics and some other lenses that need to be redesigned and some changes" — Shmuel Rubin (CEO)
Foreign buyers and SPEIR Navy shipments
Q (Austin Moeller · Canaccord): Analyst asked whether overseas camera opportunities are foreign military sales or U.S. forces deployments and asked how many SPEIR cameras can be made available to the Navy in the next one to two months.
A: Management said those overseas opportunities are mostly foreign military sales to allies, including border towers in the Middle East and North Africa, and that deals for those systems are usually in the tens of millions for the company. He said they shipped the first one or two SPEIR cameras and have another five cameras in dispatch expected to ship in the next few weeks, but he has no visibility on the Navy's installation process once shipped.
"We did ship, I believe, the first camera or maybe 2 and I think we have another 5 cameras in dispatch before we get another order." — Shmuel Rubin (CEO)
NGSRI risk and missile program opportunities
Q (Richard Shannon · Craig Hallum): Analyst asked why management views the NGSRI contracting notice as low risk and whether others could meet the requirements, and asked for detail on the missile programs and timing.
A: Management said the new missile must be reverse compatible with tens of thousands of existing Stinger launchers, and the program has been in the works for 3 years, so it is unlikely a ready, fitting solution can appear quickly. He added the army needs a layered air defense across short, mid, long and even space ranges, and the company is involved in many types of interceptors and precision munitions but cannot share numbers now.
"I will point out that this program has been in the works for 3 years already or even more." — Shmuel Rubin (CEO)
Zoom camera meaning and germanium supply timing
Q (Jon Hickman · Ladenburg Thalmann): Analyst asked what a zoom camera is and asked whether new germanium supply options shorten the company's runway before alternatives appear.
A: Management said a zoom camera can change its field of view, like zooming in and out on an iPhone, while small-drone optics are usually fixed and larger platforms can zoom. He said he now expects more time before germanium alternatives appear, noting Umicore currently produces only 3 to 4 tons of germanium a year and expects increases in 4 to 5 years, and U.S. projects are talking about single-digit tons, so the supply shortfall is not solved soon.
"Zoom camera means it can change its field of view." — Shmuel Rubin (CEO)
Main supply bottlenecks and timing to add capacity
Q (Richard Shannon · Craig Hallum): Analyst asked which parts are the hardest to scale and over what time frame the company expects capacity increases to complete.
A: Management said glass is by far the biggest capacity constraint and their CapEx is focused on adding glass capacity mainly for their systems and some subsystems. He said detectors are the next long pole with lead times growing from 6 months to 10 months or more, and after that many smaller items like mechanics and motors have become difficult because of magnet availability.
"However, right now, by far, glass is our biggest capacity constraint." — Shmuel Rubin (CEO)