Optex Systems Q3 2026 Earnings Report

Optex Systems EPS Results

• Actual EPS: $0.18
• Consensus EPS: N/A
• Beat/Miss: N/A
• One Year Ago EPS: N/A

Optex Systems Revenue Results

• Actual Revenue: $9.73 million
• Expected Revenue: N/A
• Beat/Miss: N/A
• YoY Revenue Growth: N/A

Optex Systems Announcement Details

• Quarter: Q3 2026
• Date: 8/11/2026
• Time: After Market Closes
• Conference Call Date: Tuesday, August 11, 2026
• Conference Call Time: 5:30PM ET

Optex Systems (NASDAQ:OPXS) Holdings, Inc. (NASDAQ: OPXS) is a defense contractor that designs, manufactures and sells optical and electro-optical systems, assemblies and components. The company primarily serves the U.S. military and defense markets, while also supporting commercial customers with specialized precision optical products.

Its products include periscopes, sighting systems, weapon sights and other optical assemblies used in armored vehicles, military platforms and related defense applications. Optex Systems also provides engineering, manufacturing and refurbishment services for optical equipment and assemblies.

The company is headquartered in Richardson, Texas, and has historically supplied products to the U.S. Department of Defense, defense contractors and other government-related customers. Its business has developed around specialized optical manufacturing and the production of mission-critical equipment for military and security applications.

Optex Systems Q3 2026 Earnings Call Transcript

Key Takeaways

• Positive Sentiment: Revenue and profitability increased: Nine-month revenue rose 22.3% to $30.1 million, while net income increased 46% to $4.1 million and adjusted EBITDA grew to $5.7 million, driven by higher periscope production and military laser-filter demand.
• Positive Sentiment: The company ended the quarter with $4.9 million in cash, no outstanding line-of-credit balance, and $5.4 million of operating cash flow; management later reported approximately $6 million of cash as of August 5 and is evaluating acquisitions, investment, dividends, and buybacks.
• Positive Sentiment: Backlog recovered to approximately $45 million as of August 5 after new awards, including a $2.8 million XM30 order, a $10.2 million five-year optical sighting systems contract, and a $1.6 million laser-filter order; however, the $10.2 million award is an unfunded, “up to” requirement contract and only $4.2 million had initially been funded.
• Negative Sentiment: Reported backlog at June 29 was $38.3 million, down 16% year over year, while nine-month gross margin declined to 28% from 29%; the company also increased loss reserves on legacy IDIQ programs because labor hours exceeded initial estimates, although those programs are expected to wind down within the next fiscal year.

Presentation

[Operator]

Good day, and welcome to the Optex Systems Holdings, Inc 3Q earnings call. At this time, all participants have been placed on a listen-only mode. The floor will be open for your questions and comments following the presentation. It is now my pleasure to turn the floor over to your host, Danny Schoening, Chairman and CEO at Optex Systems. Danny, the floor is yours.

[Danny Schoening, Chairman and CEO at Optex Systems Holdings Inc]

Thank you, Paul. Hello. My name is Danny Schoening, and I am the Chairman and CEO of Optex Systems. I would like to begin by introducing Karen Hawkins, our CFO, who will walk you through the financials, and then I will come back to talk a little more about the business. Karen?

[Karen Hawkins, CFO at Optex Systems Holdings Inc]

Thank you, Danny. Hi, this is Karen Hawkins, and before we begin, I would first like to briefly discuss the use of forward-looking statements during this call. Statements made during today's call and our responses during Q&A may include forward-looking statements, and these forward-looking statements are subject to known and unknown risks and uncertainties that may cause actual results to differ materially from the statements made.

[Karen Hawkins, CFO at Optex Systems Holdings Inc]

Factors that could cause actual results to differ are described in our annual filings with the SEC, including the Risk Factors section of our annual report on Form 10-K filed with the SEC. Now that the legalese is out of the way, we will move on to discuss the financial information. On our balance sheet, we ended June 29, 2025, with a strong cash balance of $4.9 million, up from $1.0 million as of the year ended September 29, 2024.

[Karen Hawkins, CFO at Optex Systems Holdings Inc]

Our accounts receivable increased $0.4 million-$4.1 million from $3.8 million as of September year-end on higher revenue. Accounts payable increased $0.6 million-$1.8 million from $1.2 million as of September year-end on material purchases in support of increased revenue.

[Karen Hawkins, CFO at Optex Systems Holdings Inc]

Our accrued loss reserves for contracts increased $0.4 million in June from $0.3 million as of September year-end, primarily due to additional orders against our legacy IDIQ multi-year contracts, combined with the higher direct labor hours than anticipated in our original estimate.

[Karen Hawkins, CFO at Optex Systems Holdings Inc]

We expect these programs to wind down within the next fiscal year. During the nine months, we paid $1 million against the line of credit, bringing the balance to zero from the September year-end $1.0 million balance. The $3 million line of credit was renewed on May 21, 2025, for an additional 24 months through May 2026.

[Karen Hawkins, CFO at Optex Systems Holdings Inc]

Our total working capital was $19.4 million as compared to September year-end balance of $15.1 million with the increased cash. For the cash flow, our operating cash flow for the nine months was $5.4 million compared to $1.0 million in the prior year nine months, driven primarily by higher net income and other changes in working capital.

[Karen Hawkins, CFO at Optex Systems Holdings Inc]

During the nine months, our capital spending was $0.5 million compared to $1.5 million in the prior year period, which included the $1 million for the acquisition of the Speedtracker product line. For the nine months, we paid $1 million in taxes comparable with the prior year period. On stockholders' equity, our ending outstanding share balance was 6,912,919 shares as of June 29th, 2025, as compared to 6,896,738 as of March 30th, 2025, excuse me, and 6,873,938 as of September 29th, 2024.

[Karen Hawkins, CFO at Optex Systems Holdings Inc]

During the three months, we issued 16,181 shares to employees, net of the taxes withheld for 23,000 shares of vested restricted stock units against our stock compensation plan. During the nine months, we issued 38,981 shares, which included an additional 22,800 restricted shares issued to three independent board members, vesting on January 1st, 2026.

[Karen Hawkins, CFO at Optex Systems Holdings Inc]

Moving to the statement of operations. For the three months ended June 29th, 2025, our total revenue increased by $2.1 million or 22.6% compared to the prior year period. For the nine months ended June 29th, 2025, our total revenue increased by $5.5 million or 22.3% compared to the prior year period.

[Karen Hawkins, CFO at Optex Systems Holdings Inc]

The increase in revenue was primarily driven by higher periscope production levels at the Optex Richardson segment, combined with increased customer demand across both the Optex Richardson and the Applied Optics operating segments.

[Karen Hawkins, CFO at Optex Systems Holdings Inc]

Revenue for the Optex Richardson segment increased 46.3% and 34.3% for the three and nine months as compared to the prior year periods. Revenue for the Applied Optics Center decreased 2.6% for the three month and increased 10.3% for the nine-month period as compared to the prior year.

[Karen Hawkins, CFO at Optex Systems Holdings Inc]

During the nine months, our periscope revenue levels at the Optex Richardson segment have increased 76% or $6 million, and the Applied Optics Center segment has seen a 32% increase or $2.3 million in military laser filter demand over the corresponding period in the fiscal year 2024. These increases are somewhat offset by lower demand for other military products at Optex Richardson and commercial optical assemblies at the Applied Optics Center segments.

[Karen Hawkins, CFO at Optex Systems Holdings Inc]

For gross profits, consolidated gross profit for the three months ended June 29th, 2025, increased by $0.3 million or 10% to $3.2 million compared to the prior year period of $2.9 million. Consolidated gross profit for the nine months ended June 29th, 2025, increased $1.5 million or 21.6% to $8.7 million compared to the prior year period of $7.1 million.

[Karen Hawkins, CFO at Optex Systems Holdings Inc]

The increase in the most recent three and nine-month period gross profit was primarily attributable to increased revenue and changes in product mix. Our nine-month gross margin was 28% as compared to 29% in the prior year period, with shifts between segments and product lines. We've held our general and administrative spending consistent with the prior year at $1.3 million for the three month and $3.6 million for the nine-month periods.

[Karen Hawkins, CFO at Optex Systems Holdings Inc]

Our operating income for the three months ended June 29, 2025 increased by $0.3 million or 18.3% to $1.9 million compared to the prior year period of $1.6 million. Our operating income for the nine months ended June 29, 2025 increased by $1.5 million or 43.8% to $5.1 million compared to the prior year period of $3.5 million.

[Karen Hawkins, CFO at Optex Systems Holdings Inc]

The increase in operating income was primarily driven by higher revenue and gross profit with no increase in general administrative costs. Net income and EBITDA. Our net income increased by $0.2 million-$1.5 million for the three months ended June 29, 2025 as compared to the net income of $1.3 million for the prior year period. Our adjusted EBITDA increased by $0.3 million-$2.1 million for the three months ended June 29, 2025 as compared to adjusted EBITDA of $1.8 million for the prior year period.

[Karen Hawkins, CFO at Optex Systems Holdings Inc]

Our net income increased by $1.3 million-$4.1 million for the nine months ended June 29, 2025 compared to a net income of $2.8 million for the prior year period. Our adjusted EBITDA increased by $1.5 million-$5.7 million for the nine months ended June 29, 2025 as compared to adjusted EBITDA of $4.2 million for the prior year period. The increase in net income and adjusted EBITDA for the most recent three and nine-month periods compared to the prior year periods is primarily driven by the increased revenue and gross profit.

[Karen Hawkins, CFO at Optex Systems Holdings Inc]

We currently do not anticipate any material adverse effects on our business from the recent tariff uncertainties or China's export restrictions on rare earth metals. Our defense products are primarily sourced domestically, but those which are imported are generally not subject to tariffs or duties.

[Karen Hawkins, CFO at Optex Systems Holdings Inc]

We produce some commercial optical assemblies with selective components sourced from Taiwan. However, our current customer backlog is covered with existing material and inventory. We anticipate any future orders for these commercial products will be subject to revised pricing inclusive of any potential tariff impact. On the backlog. The backlog as of June 29, 2025 was $38.3 million compared to a backlog of $45.6 million as of June 30, 2024, representing a decrease of $7.3 million or 16% from the prior year June period. We believe this decrease in backlog is primarily due to the timing of awards rather than any new trend.

[Karen Hawkins, CFO at Optex Systems Holdings Inc]

Subsequent to the period ended June 29, 2025, the company announced several new awards, including a $2.8 million order for the XM30 program, a $10.2 million five-year requirement type contract award for optical sighting systems, and a $1.6 million order for laser filters, bringing our total backlog to $45 million as of August 5, 2025.

[Karen Hawkins, CFO at Optex Systems Holdings Inc]

I would also like to highlight the subsequent events occurring after the June 29, 2025 period, which include changes to the company's bylaws to create a new chief executive officer and president, allowing for the positions to be held by different individuals. In addition, effective on August 11, Chad George has assumed the position of president, reporting to Danny Schoening, where he will continue to serve as chief executive officer. In connection with his appointment to president, the company entered into an employment agreement with Mr. George through July 1, 2028.

[Karen Hawkins, CFO at Optex Systems Holdings Inc]

Mr. George was granted 10,000 shares of restricted stock as a part of his employment package, which will vest on January 1, 2026. Last, the board of directors approved amendments to the charters of nominating and corporate governance committees, audit committees, and compensation committees.

[Karen Hawkins, CFO at Optex Systems Holdings Inc]

These events and corresponding documents have been filed on the 8-Ks and the updated committee charters have been published to our company website located at www.optexsys.com. That concludes the financial portion of this call. I will now turn the perch over to Danny Schoening for his comments on the period performance.

[Danny Schoening, Chairman and CEO at Optex Systems Holdings Inc]

Thank you for all those numbers, Karen. This is our second earnings call. I would like to do a quick review of the products and services we provide for both divisions, which Karen just highlighted. The Applied Optics division or AOC's core technology is thin film coatings. We apply these coatings to either absorb or reflect certain wavelengths of light. Common use of this technology would be to protect soldiers' eyes, image intensifier tubes used in night vision goggles, and also used to protect sensitive sensors from these same laser sources.

[Danny Schoening, Chairman and CEO at Optex Systems Holdings Inc]

AOC supplies these both externally to customers like Elbit and L3Harris, or they supply them internally to our Richardson division. Recapping the products from our Optex division. Optex uses these same filters and builds them into laser protected periscopes and other sighting systems.

[Danny Schoening, Chairman and CEO at Optex Systems Holdings Inc]

If you would like to learn more about their products or their customers, I suggest you go back and listen to our Q2 earnings call where I go into more depth on both divisions. I would like to spend a little more time adding color to several of our recent press releases. In July, we announced a contract win in support of the XM30 vehicle. The significance of this win is that it supports the fundamentals of our growth strategy.

[Danny Schoening, Chairman and CEO at Optex Systems Holdings Inc]

Our revenues and earnings grow as we continue to get designed in on new vehicles while continuing to support the ongoing maintenance and upgrades of previous platforms. For a more comprehensive list of these vehicles that we support, I again refer you to our website and specifically we lay out the number of vehicles fielded in the investor presentation.

[Danny Schoening, Chairman and CEO at Optex Systems Holdings Inc]

This is a great win for Optex and highlights our core competencies around complex optical and mechanical systems used in these mission critical applications. Also in July, we announced a $10.2 million contract. This was for the muzzle reference sensor that sits out on the end of the barrel on the Abrams tank, which allows the gunner to stay on target after multiple shots.

[Danny Schoening, Chairman and CEO at Optex Systems Holdings Inc]

When announced, it was similar to an IDIQ that identified as a requirement type contract, but it was unfunded at the time of the award. We sometimes struggle as to when to announce these type of contracts, debating on whether to announce them at award or announce them after the first period orders have been funded and awarded.

[Danny Schoening, Chairman and CEO at Optex Systems Holdings Inc]

But given the unfunded award is visible through the government's website, we choose to announce awards as this information is technically already available out in the public domain. We apologize if there is any confusion from this, but mainly because of the award, the backlog does not immediately increase by this amount, but that is the nature of the business.

[Danny Schoening, Chairman and CEO at Optex Systems Holdings Inc]

This leads me into another announcement that we posted in early August of a $1.6 million award from General Dynamics Land Systems, Canada, in support of their armored vehicles. You will notice that after backlog increased from $39.2 million up to $45 million after this award. This was due to the fact that in between those two awards, the U.S. government funded the first-year order of the MRS units from the $10.2 million press release for $4.2 million.

[Danny Schoening, Chairman and CEO at Optex Systems Holdings Inc]

To summarize, we announce these awards one time, and we report the up-to amount called out on the award and the expected delivery period for the award. We do not announce the individual period awards for these contracts because we think this would cause further confusion around multiple announcements on the same contract.

[Danny Schoening, Chairman and CEO at Optex Systems Holdings Inc]

Finally, as you saw from yesterday's announcement, I would like to welcome Chad George as our new President to the organization. This is only Chad's second day with us, but he is here listening in with Karen and me, and he will play a stronger role in our 10-K earnings call in December. Welcome, Chad.

[Chad George, President at Optex Systems Holdings Inc]

Thank you, Danny.

[Danny Schoening, Chairman and CEO at Optex Systems Holdings Inc]

With that, I would like to answer one question that was sent in early, and then hopefully we will have additional questions that are called in. The first question comes from Chris Chang. "Congratulations, Chad, on your recent appointment. Can you share your perspective on the growth opportunities under the proposed defense budget, and specifically how Optex Systems will address specific needs on the ambitious Golden Dome initiative?

[Danny Schoening, Chairman and CEO at Optex Systems Holdings Inc]

Optex's specialized precision optical systems seem uniquely suited to this development of advanced missile defense capabilities. Does your outlook factor in significant investments for R&D in these areas? If so, can you provide a dollar range or timings of the investment? We look forward to hearing more from you.

[Chad George, President at Optex Systems Holdings Inc]

I am very familiar with the Golden Dome and the advanced missile defense capabilities. However, at this point in time, I am not sure if our capabilities align well with this initiative. However, we recognize it as a growth vector for our business, and we will continue to investigate our capabilities and how we support this initiative going forward.

[Danny Schoening, Chairman and CEO at Optex Systems Holdings Inc]

Very good. Thank you. Paul, I guess I would turn it back to you. Are there any questions that came in?

[Operator]

Certainly. Thank you. At this time, we will be conducting a question and answer session. If you have any questions or comments, please press star one on your phone at this time. We ask that while posing your question, you please pick up your handset of listening on speakerphone to provide optimum sound quality.

[Operator]

Again, that is star one on your phone at this time if you wish to ask a question. Please hold while we poll for questions. Once again, that will be star one on your phone at this time if you wish to ask a question. We did have a question coming from Richard Westcott, who is a private investor. Richard, your line is live.

[Richard Westcott, Shareholder at Private Investor]

Hi. I am just curious if anything was going on with the Speedtracker system you guys had started about a year ago.

[Danny Schoening, Chairman and CEO at Optex Systems Holdings Inc]

Yes. The Speedtracker?

[Richard Westcott, Shareholder at Private Investor]

Yes, the Speedtracker.

[Danny Schoening, Chairman and CEO at Optex Systems Holdings Inc]

Yeah, very good. So this was a little bit of an investment from a standpoint of not only a product line, but technology, so that we sometimes think about having both support from the military perspective and also commercial applications. We saw that this aligned fairly well with our support for Nightforce Optics in the rifle scope space.

[Danny Schoening, Chairman and CEO at Optex Systems Holdings Inc]

That's why we made the investment. We have been in the process of transferring that product line from the Czech Republic to Texas, where we're now building the products. There was some confusion along the lines of in between when we started transferring along the tariffs and import and export side of that. But we're just getting to the point where we're launching that release now. Sometime in the next 30 days, you'll see them advertised on Amazon.

[Danny Schoening, Chairman and CEO at Optex Systems Holdings Inc]

We set up the same distribution channel that was created before. We wanted things to move a little bit quicker along that path than what they were, but we still think it's a nice investment, and we still think from the standpoint of commercial applications that could easily be used in military units. If you think about what the unit provides to a shooter and how that could be used to increase the accuracy of military weapons, they all play well together. That's really the secondary play. So there you go.

[Richard Westcott, Shareholder at Private Investor]

Oh, thank you. Sounds good.

[Danny Schoening, Chairman and CEO at Optex Systems Holdings Inc]

You're welcome.

[Operator]

Thank you. Once again, it will be star one if you do wish to ask a question today. We have another question coming from Lawrence Bogart, who's a private investor. Lawrence, your line is live.

[Lawrence Bogart, Shareholder at Private Investor]

Hi. I'm calling to get the current cash on hand that you have and any insight as to whether you're going to be doing dividends, potential stock buybacks, or are you looking for acquisitions out there? You guys are loading up on cash, so some insight would be great. Cash number?

[Karen Hawkins, CFO at Optex Systems Holdings Inc]

$6 million as of yesterday.

[Danny Schoening, Chairman and CEO at Optex Systems Holdings Inc]

There you go, $6 million as of yesterday. We have discussed this at the board level. I think all companies have several things they can do with cash. One, we can pay down debt. We do not have any debt. We can continue to invest in the organization through salaries and new hires and new equipment, new capabilities, which we have done.

[Danny Schoening, Chairman and CEO at Optex Systems Holdings Inc]

We also can do dividends. We have done that in the past. Stock buyback is an option. We have also done that in the past, and we have also made some acquisitions. Not a lot, but we have made some acquisitions. In general, I think the answer is that we have shown that we are capable of doing all of those things that companies can do with cash.

[Danny Schoening, Chairman and CEO at Optex Systems Holdings Inc]

Lots of times when I have one-on-one conversations with investors, I get a little bit of a mix of their opinions and what they recommend. But I would say most of the investors recommend that we continue to hold the cash and use it for opportunistic acquisitions as they arise. Again, acquisitions are extremely tough.

[Danny Schoening, Chairman and CEO at Optex Systems Holdings Inc]

If you have ever been through them before, they are a lot of work. We look at acquisitions from a standpoint of if it is synergistic with what we are doing, does it match with our core competencies? Is it a backwards integration play, like the Applied Optics Center was? Or is it a parallel product line which may help us?

[Danny Schoening, Chairman and CEO at Optex Systems Holdings Inc]

We have approached our customers like GDLS and BAE Systems and these guys and said, "Hey, if you run into any other companies that you think might be either interested in selling or divesting product lines which match up to the same product platforms that we support for them, let us know." We are open to that. But I will say we are somewhat conservative on the acquisition side.

[Danny Schoening, Chairman and CEO at Optex Systems Holdings Inc]

We are not going to run right out and pay 12x-15x EBITDA to acquire something shiny. We are more conservative, and if it makes sense and it aligns with what we are already doing, we are certainly open to use cash in that direction. I should say, we also have a very good working relationship with Texas Capital Bank.

[Danny Schoening, Chairman and CEO at Optex Systems Holdings Inc]

We've already discussed a couple potential acquisitions with them, and we kind of set up our own boundaries of how much and what percentage they would loan in case it exceeds the amount of cash we'd have on hand at the time. I think we've done everything that you can do with cash in the past.

[Danny Schoening, Chairman and CEO at Optex Systems Holdings Inc]

But right now, I'll say from a cash policy, we haven't made any decisions that if we hit some level, that we'd do something like a special dividend or something like that. We haven't made that call yet. But we do recognize that we are building up the cash. The cash is earning some interest for us now. But right now, I'd say I added a lot of words there, but I didn't tell you what we're going to do because there is no specific plan for it yet.

[Lawrence Bogart, Shareholder at Private Investor]

Do you see any particular catalyst that could help us get into maybe the $50 million backlog range? Because we've been kind of stuck in a little channel here between the $35 million-$45 million mark for the last year or so.

[Lawrence Bogart, Shareholder at Private Investor]

A lot of investors kind of use that number as a gauge, and that was great that you guys further explained how it worked earlier, because I too, was a little bit confused when I wouldn't see the backlog go up by the amount of the contract. I appreciate that insight also earlier.

[Danny Schoening, Chairman and CEO at Optex Systems Holdings Inc]

Yeah. We've struggled with that. When we announce and how much do you announce? So we try to put everything in the, obviously the K's and Q's and as much information as possible in the press releases.

[Danny Schoening, Chairman and CEO at Optex Systems Holdings Inc]

But we've also kicked around, and I think we probably should do this, we should probably maybe put an extra link in our website that says, "Hey, a further explanation of when we count an order."

[Danny Schoening, Chairman and CEO at Optex Systems Holdings Inc]

But to us, backlog is an order with a part number for a very specific ship date at a very specific sales price. So it's on the books. When we announce an IDIQ contract, the government will say, "That's an up to amount." So we really try to emphasize that specific number.

[Danny Schoening, Chairman and CEO at Optex Systems Holdings Inc]

Getting back to your original question, we continue to look at the core competencies that we have, and so when we look at the AOC division, we've proven that we are now applying coatings that are protecting sensors. So if you think about how that's used and where it could be used, there's a lot of potential.

[Danny Schoening, Chairman and CEO at Optex Systems Holdings Inc]

There's a lot of sensors on a lot of products right now, and if they can be damaged by a laser strike, and if the camera is expensive enough to warrant the protection, then that's certainly an opportunity for us there. We're also using the same type of technology for reduction of an IR imprint. In other words, vehicles typically have an exhaust if they're a larger vehicle or aircraft.

[Danny Schoening, Chairman and CEO at Optex Systems Holdings Inc]

If we want to reduce that IR signature, then we can apply certain coatings to certain piece parts on the vehicle to reduce that signature, which enables higher safety for the soldiers inside the vehicle.

[Danny Schoening, Chairman and CEO at Optex Systems Holdings Inc]

We see other opportunities, and as a matter of fact, that is part of the reason why we have brought Chad on is because we want to look at alternative markets, we want to look at other sources. We are going to be placing that load onto his very capable shoulders. Thank you.

[Lawrence Bogart, Shareholder at Private Investor]

Perfect. One last question. Do you think maybe on future releases you could further elaborate on the backlog? Maybe say, for example, $45 million realized or funded with $10 million potential or et cetera, just so we can gauge the bigger picture.

[Lawrence Bogart, Shareholder at Private Investor]

Because we are losing a lot of perspective with just one number of backlog. I think some investors, when they see a negative tick in backlog, they are assuming momentum is lost, which in this case is not correct.

[Danny Schoening, Chairman and CEO at Optex Systems Holdings Inc]

Let me say we will take it under consideration. One thing I would comment on is there is no multiple numbers of backlog. It is a single number. It is what is the current backlog that we have at the time of the press release?

[Danny Schoening, Chairman and CEO at Optex Systems Holdings Inc]

It is a little bit difficult if we start to say that we are projecting backlog, then we are mixing apples and oranges here. Let me start with taking the action of actually putting something more detailed onto our website that describes the actual purchase orders versus backlog. Karen, do you have anything to add to that?

[Karen Hawkins, CFO at Optex Systems Holdings Inc]

Yeah, just one thing. We do on our 10-K, there is a chart that we include with our 10-K that does give a little bit more of an in-depth picture of the long-running IDIQ-type contracts that we have. It is a pretty cumbersome chart. We only do it once a year, but it does list out all of the long-running IDIQ contracts, what the maximum quantities are, how much of that has been funded, or how much has been awarded to date.

[Karen Hawkins, CFO at Optex Systems Holdings Inc]

Some of these five-year contracts, well, they only come around every five years, but that is a good tool or a guide if you refer back to that 10-K and this upcoming 10-K to say, "Here is what contracts they have on the books that we could expect to see future awards against.

[Lawrence Bogart, Shareholder at Private Investor]

Okay. I will take a look at that, definitely. Thank you for that.

[Danny Schoening, Chairman and CEO at Optex Systems Holdings Inc]

Okay. Thank you. Paul?

[Lawrence Bogart, Shareholder at Private Investor]

Thank you.

[Operator]

Thank you. There were no other questions in queue at this time. I would now like to hand the call back to Danny Schoening for closing remarks.

[Danny Schoening, Chairman and CEO at Optex Systems Holdings Inc]

Very good. Thank you everyone for calling in. We appreciate your support. We have a lot of momentum right now in the company, and we are pretty excited about the opportunities ahead of us. Thank you for joining us on this journey. Thank you. Take care. Goodbye.

[Operator]

Thank you. This does conclude today's conference call. You may disconnect your lines after sign and have a wonderful day. Thank you for your participation.

Participants

Executives

• Karen Hawkins, CFO
• Chad George, President

Analysts

• Danny Schoening, Chairman and CEO at Optex Systems Holdings Inc
• Richard Westcott, Shareholder at Private Investor
• Lawrence Bogart, Shareholder at Private Investor