祥茂光電 (AAOI) 2024 Q1 法說會逐字稿

Good day, and welcome to the Applied Optoelectronics first-quarter 2024 financial results conference call.

大家好，歡迎參加應用光電 2024 年第一季財務業績電話會議。

(Operator Instructions)

（操作員指令）

Please note this event is being recorded.

請注意，該事件正在被記錄。

I would now like to turn the conference over to Ms. Lindsay Savarese, Investor Relations for AIO.

現在，我想將會議交給 AIO 投資者關係部門的 Lindsay Savarese 女士。

Please go ahead.

請繼續。

Thank you.

謝謝。

I'm Lindsay Savarese, Investor Relations for Applied Optoelectronics.

我是 Lindsay Savarese，應用光電子公司投資人關係部門負責人。

I am pleased to welcome you to AOI's first-quarter 2024 financial results conference call.

我很高興歡迎您參加 AOI 2024 年第一季財務業績電話會議。

After the market closed today, AOI issued a press release announcing its first-quarter 2024 financial results and provided its outlook for the second quarter of 2024.

今天收盤後，AOI發布新聞稿，公佈了其2024年第一季的財務業績，並提供了對2024年第二季的展望。

The release is also available on the company's website at ao-inc.com. This call is being recorded and webcast live.

新聞稿也可在本公司網站 ao-inc.com 上查閱。本次通話正在錄音並透過網路直播。

A link to the recording can be found on the Investor Relations section of the AOI website and will be archived for one year.

您可在 AOI 網站的投資者關係部分找到該錄音的鏈接，該鏈接將存檔一年。

Joining us on today's call is Dr. Thompson Lin, AOI's Founder, Chairman, and CEO; and Dr. Stefan Murry, AOI's Chief Financial Officer and Chief Strategy Officer.

參加今天電話會議的有 AOI 創辦人、董事長兼執行長 Thompson Lin 博士；以及 AOI 財務長兼首席策略長 Stefan Murry 博士。

Thompson will give an overview of AOI's Q1 results, and Stefan will provide financial details and the outlook for the second quarter of 2024.

湯普森將概述 AOI 第一季的業績，史蒂芬將提供財務細節和 2024 年第二季的展望。

A question-and-answer session will follow our prepared remarks.

我們準備好的發言之後將進行問答環節。

Before we begin, I would like to remind you to review AOI's Safe Harbor statement.

在我們開始之前，我想提醒您查看 AOI 的安全港聲明。

On today's call, management will make forward-looking statements.

在今天的電話會議上，管理階層將發表前瞻性聲明。

These forward-looking statements involve risks and uncertainties as well as assumptions and current expectations, which could cause the company's actual results, levels of activity, performance, or achievements of the company or its industry to differ materially from those expressed or implied in such forward-looking statements.

這些前瞻性陳述涉及風險和不確定性以及假設和當前預期，可能導致公司的實際結果、活動水平、業績或公司或其行業的成就與此類前瞻性陳述中表達或暗示的內容有重大差異。

In some cases, you can identify forward-looking statements by terminology such as believes, forecast, anticipates, estimates, suggest, intends, predicts, expects, plans, may, should, could, would, will, potential, or thinks, or by the negative of those terms or other similar expressions that convey uncertainty of future events or outcomes.

在某些情況下，您可以透過相信、預測、預期、估計、建議、打算、預期、計劃、可能、應該、可以、會、將、潛在或認為等術語，或透過這些術語的否定形式或其他類似表達未來事件或結果的不確定性的表達來識別前瞻性陳述。

The company has based these forward-looking statements on its current expectations, assumptions, estimates, and projections.

該公司根據其當前的預期、假設、估計和預測做出這些前瞻性陳述。

While the company believes these expectations, assumptions, estimates, and projections are reasonable, such forward-looking statements are only predictions and involve known and unknown risks and uncertainties, many of which are beyond the company's control.

儘管公司認為這些預期、假設、估計和預測是合理的，但這些前瞻性陳述僅為預測，涉及已知和未知的風險和不確定性，其中許多超出了公司的控制範圍。

Forward-looking statements also include statements regarding management's beliefs and expectations related to the expansion of the reach of our products into new markets and customers sponsors to our innovation as well as statements regarding the company's outlook for the second quarter of 2024.

前瞻性陳述還包括有關管理層對我們的產品覆蓋範圍擴大到新市場和客戶對我們創新的贊助的信念和期望的陳述，以及有關公司對 2024 年第二季度前景的陳述。

Except as required by law, we assume no obligation to update forward-looking statements for any reason after the date of this earnings call to conform these statements to actual results or changes in the company's expectations.

除法律要求外，我們不承擔在本次收益電話會議召開日後因任何原因更新前瞻性陳述的義務，以使這些陳述符合實際結果或公司預期的變化。

More information about other risks that may impact the company's business are set forth in the Risk Factors section of the company's reports on file with the SEC, including the company's annual report on Form 10-K and the Company's quarterly reports on Form 10-Q.

有關可能影響公司業務的其他風險的更多信息，請參閱公司提交給美國證券交易委員會的報告的“風險因素”部分，包括公司的 10-K 表年度報告和 10-Q 表季度報告。

Also, all financial results and other financial measures discussed today are on a non-GAAP basis, unless specifically noted otherwise.

此外，除非另有特別說明，今天討論的所有財務結果和其他財務指標均基於非 GAAP。

Non-GAAP financial measures are not intended to be considered in isolation or as a substitute for results prepared in accordance with GAAP.

非公認會計準則財務指標並非旨在單獨考慮或取代根據公認會計準則編制的結果。

A reconciliation between our GAAP and non-GAAP measures, as well as a discussion of why we present non-GAAP financial measures are included in our earnings press release that is available on our website.

我們的 GAAP 和非 GAAP 指標之間的對帳以及我們為何採用非 GAAP 財務指標的討論均包含在我們網站上的收益新聞稿中。

Before moving to the financial results, I'd like to announce that AOI management will virtually participate at the Needham Technology Media and Consumer Conference on May 16.

在了解財務結果之前，我想宣布 AOI 管理層將於 5 月 16 日以線上方式參加 Needham 技術媒體和消費者會議。

And I'd like to note that the date of our second-quarter 2024 earnings call is currently scheduled for August 8, 2024.

我想指出的是，我們 2024 年第二季財報電話會議的日期目前定於 2024 年 8 月 8 日。

Now, I would like to turn the call over to Dr. Thompson Lin, Applied Optoelectronics, Founder, Chairman and CEO.

現在，我想將電話轉給 Applied Optoelectronics 創辦人、董事長兼執行長 Thompson Lin 博士。

Thompson?

湯普森？

Thank you, Lindsay, and thank you for joining our call today.

謝謝你，Lindsay，謝謝你今天參加我們的電話會議。

Our revenue and gross margins for the fourth quarter came in below our expectations, and our non-GAAP EPS was in line with our expectations despite the slow start to the year.

我們第四季的營收和毛利率低於我們的預期，儘管今年開局緩慢，但我們的非 GAAP 每股盈餘符合我們的預期。

Based on our current forecast and very constructive customer interactions, we remain very positive on the improvement in the second half of the year.

根據我們目前的預測和非常有建設性的客戶互動，我們對下半年的改善仍然非常樂觀。

During the fourth quarter, we delivered revenue of $40.7 million, which was just below our guidance range of $41 million to $46 million.

第四季度，我們實現了 4,070 萬美元的收入，略低於我們 4,100 萬美元至 4,600 萬美元的預期範圍。

We delivered non-GAAP gross margin of 18.9%, which was below our guidance range of 21% to 23%, mainly driven by difference in product mix.

我們實現的非公認會計準則毛利率為 18.9%，低於我們的預期範圍 21% 至 23%，主要歸因於產品組合的差異。

Our non-GAAP loss per share was $0.31 per share, which was within our guidance range of a loss of $0.28 to a loss of $0.33 per share.

我們的非公認會計準則每股虧損為 0.31 美元，符合我們的每股虧損 0.28 美元至每股虧損 0.33 美元的指導範圍。

Total revenue for our data center products of $29 million was up 42% year over year and was down 35% sequentially. (inaudible) for our new product increased 33% year over year and (inaudible) for all four new products more than doubled in the same period.

我們的資料中心產品總收入為 2,900 萬美元，較去年同期成長 42%，較上季下降 35%。 （聽不清楚）我們的新產品的銷量同比增長了 33%，而且（聽不清楚）所有四種新產品的銷量在同一時期都增長了一倍多。

Total revenue in our CATV segment was $8.7 million, which was down 69% year over year and down 30% sequentially, largely driven by continued January slow sales of DOCSIS 3.1 equipment as the industry prepares to transition to DOCSIS 4.0.

我們有線電視部門的總收入為 870 萬美元，年減 69%，環比下降 30%，這主要是由於 1 月行業準備向 DOCSIS 4.0 過渡，導致 DOCSIS 3.1 設備銷售持續放緩。

With that, I will turn the call over to Stefan to review the details of our Q1 performance and outlook for Q2.

接下來，我將把電話轉給史蒂芬，讓他回顧我們第一季的業績細節以及第二季的展望。

Stefan?

史蒂芬？

Thank you, Thompson.

謝謝你，湯普森。

As Thompson mentioned, our first-quarter revenue and non-GAAP gross margin came in below our expectations, while our non-GAAP EPS was in line with our expectations.

正如湯普森所提到的，我們的第一季收入和非公認會計準則毛利率低於我們的預期，但我們的非公認會計準則每股收益符合我們的預期。

Based on our current forecast and very constructive customer interactions, we remain very positive on improvements in the second half of the year.

根據我們目前的預測和非常有建設性的客戶互動，我們對下半年的改善仍然非常樂觀。

We believe that the long-term demand drivers remain strong for both our data center and CATV businesses, and we believe we are well positioned to capitalize on these opportunities.

我們相信，我們的資料中心和有線電視業務的長期需求驅動力仍然強勁，我們相信我們已準備好利用這些機會。

Looking to the back half of the year, there are a few key items to note that give us a basis for our optimistic outlook despite the slow start to the year.

展望下半年，儘管開局緩慢，但仍有幾件關鍵事情值得注意，這為我們保持樂觀的前景提供了基礎。

The first is that we have begun to receive forecasted orders for the VCSEL-based 400G active optical cables for which Microsoft provided development funding last year.

首先，我們已經開始收到基於VCSEL的400G主動光纜的預測訂單，微軟去年為其提供了開發資金。

While the pace of product adoption has been somewhat slower than we anticipated, we believe that the fact that we are now receiving forecast for these products for delivery in Q3 is a significant step in seeing meaningful business improvement.

雖然產品採用的速度比我們預期的要慢一些，但我們相信，我們現在收到這些產品將在第三季交付的預測，這是實現有意義的業務改善的重要一步。

The second is that follow-on projects to our 400 AOC program, specifically for our 800G and 1.6 terabit products have been fast tracked with our customers as they address an acceleration in demand for infrastructure around AI.

第二，我們 400 AOC 計劃的後續項目，特別是針對我們的 800G 和 1.6 太比特產品的項目，已經與我們的客戶一起快速推進，以滿足對 AI 周圍基礎設施的需求加速增長。

We are being asked to compress the time from development to scale production as much as possible in order to meet this accelerated demand.

為了滿足這種加速的需求，我們被要求盡可能縮短從開發到規模生產的時間。

The third is that we have continued to experience significant traction and continue to have meaningful discussions with multiple large data center customers, some of which are new customers to AOI or customers that we have not worked with in many years.

第三，我們繼續獲得顯著的關注，並繼續與多個大型資料中心客戶進行有意義的討論，其中一些是 AOI 的新客戶或我們多年未合作的客戶。

Specifically for our 400G, 800G, and 1.6 terabit products.

專門針對我們的400G、800G和1.6太比特產品。

We expect one or more of these customers will begin to contribute meaningfully to revenue starting in Q3.

我們預計，其中一個或多個客戶將從第三季開始為收入做出有意義的貢獻。

And lastly, we believe that the transition to DOCSIS 4.0 will begin to take place in Q3 and that our products are aptly designed for the deployment of amplifiers and other network elements required for DOCSIS 4.0. We shipped our first fully production-ready DOCSIS 4.0 amplifier samples to a major customer last week and the feedback, while early, has been exceedingly positive.

最後，我們相信向 DOCSIS 4.0 的過渡將在第三季度開始，並且我們的產品專為部署 DOCSIS 4.0 所需的放大器和其他網路元素而設計。上週，我們向一位主要客戶發送了首批完全投入生產的 DOCSIS 4.0 放大器樣品，雖然還處於早期階段，但反饋非常積極。

With the improvement we expect in the second half, we continue to believe that 2024 can be our first full year of non-GAAP profitability since 2018.

隨著我們預計下半年將有所改善，我們仍然相信 2024 年可以成為我們自 2018 年以來第一個實現非 GAAP 盈利的全年。

Turning to the quarter, our total revenue for the first quarter was $40.7 million, which was down 23% year over year and 33% sequentially, and which was just below our guidance range of $41 million to $46 million.

回顧本季度，我們第一季的總收入為 4,070 萬美元，年減 23%，環比下降 33%，略低於我們 4,100 萬美元至 4,600 萬美元的預期範圍。

As we had discussed on our prior earnings call, the softness in Q1 was largely due to the combined effects of the Lunar New Year holiday in our Asian factories, along with some price reductions, which took effect in the quarter.

正如我們在先前的財報電話會議上所討論的那樣，第一季的疲軟主要是由於我們亞洲工廠的農曆新年假期以及本季度生效的一些價格下調的綜合影響。

During the first quarter of 71% of our revenue was from our data center products. 22% was from our CATV products with the remaining 7% from FTTH telecom and other.

第一季度，我們 71% 的營收來自資料中心產品。 22%來自我們的CATV產品，其餘7%來自FTTH電信和其他。

Turning to our data center business, our Q1 data center revenue came in at $29 million, which increased 42% year over year and was down 35% sequentially.

談到我們的資料中心業務，我們第一季的資料中心營收為 2,900 萬美元，年增 42%，較上季下降 35%。

In the first quarter, 73% of our data center revenue was from our 100G products, 17% was from our 200G, and 400G transceiver products, and 3% was from our 40G transceiver products.

第一季度，我們資料中心營收的73%來自100G產品，17%來自200G和400G收發器產品，3%來自40G收發器產品。

As we have discussed on several prior earnings calls, we signed two agreements with Microsoft in 2023 for the development of 400G products and beyond.

正如我們在之前的幾次財報電話會議上討論的那樣，我們在 2023 年與微軟簽署了兩項協議，用於開發 400G 及其他產品。

This included a development program to make next-generation lasers for its data center and for the development of its 400G and next-generation active optical cables.

其中包括為其資料中心製造下一代雷射以及開發 400G 和下一代主動光纜的開發計劃。

While not guaranteed, we continue to believe that the revenue opportunity for our 400G and 800G products could be greater at a longer duration than the revenue contribution we saw from this customer during the peak of the 40G products site, which suggests that revenue from these products may exceed $300 million over the several years of these build-outs.

雖然不能保證，但我們仍然相信，我們的 400G 和 800G 產品的收入機會可能會在更長的時間內比我們在 40G 產品站點高峰期從該客戶那裡看到的收入貢獻更大，這表明這些產品的收入可能會在這些建設的幾年內超過 3 億美元。

We began shipments late last year and have begun to receive new forecasted orders, which we expect to contribute to revenue later in Q2, and we believe will continue to ramp strongly in Q3 and Q4.

我們在去年年底開始發貨，並已開始收到新的預測訂單，我們預計這將在第二季度後期為收入做出貢獻，並且我們相信它將在第三季度和第四季度繼續強勁增長。

Also as a reminder, in 2023, we shipped samples of our 800G products to three different data center customers and had received initial positive feedback.

另外提醒一下，2023 年，我們向三個不同的資料中心客戶運送了 800G 產品樣品，並收到了初步的正面回饋。

As we discussed above, we are in detailed discussions with several hyperscale data center operators about ramping production for our 800G and 1.6 terabit products, starting in Q3 for 800G and early Q1 of 2025 for the 1.6 terabit products.

正如我們上面所討論的，我們正在與幾家超大規模資料中心營運商進行詳細討論，關於提高 800G 和 1.6 太比特產品的產量，800G 產品將於第三季度開始生產，1.6 太比特產品將於 2025 年第一季初開始生產。

These dates are several months earlier than we had previously been requested to deliver, and we believe the acceleration in the schedule is being driven by faster deployment of technologies needed by AI workflows.

這些日期比我們之前要求的交付日期早了幾個月，我們相信，時間表的加速是由於人工智慧工作流程所需的技術的更快部署所推動的。

Turning to our CATV business, CATV revenue in the first quarter was $8.7 million, which was down 69% year over year and down 30% sequentially, largely driven by generally slow sales of DOCSIS 3.1 equipment as the industry prepares to transition to DOCSIS 4.0. Looking forward, we continue to expect that our near-term CATV business will be down compared to the historic highs we saw in 2021 and 2022 as the MSOs transition to next-generation architecture.

談到我們的有線電視業務，第一季的有線電視收入為 870 萬美元，年減 69%，季減 30%，這主要是由於業界準備向 DOCSIS 4.0 過渡時 DOCSIS 3.1 設備的銷售普遍緩慢所致。展望未來，隨著 MSO 向下一代架構過渡，我們繼續預期近期的 CATV 業務將與 2021 年和 2022 年的歷史高點相比有所下降。

We anticipate this transition to DOCSIS 4.0 will begin to take place in Q3, and we are optimistic about the second half of the year and 2025.

我們預計向 DOCSIS 4.0 的過渡將在第三季開始，我們對今年下半年和 2025 年充滿樂觀。

As a reminder, we shipped initial test samples of our 1.8 gigahertz amplifier products to two major MSOs in Q4 of last year.

提醒一下，我們去年第四季已將 1.8 千兆赫放大器產品的初始測試樣品發送給了兩家主要的 MSO。

And we received encouraging feedback on their performance and pricing.

我們收到了關於其性能和定價的令人鼓舞的反饋。

We are pleased to report that we shipped final qualification units of various amplifiers last week, and we would expect revenue to begin as early as the end of Q2 with significant ramp in the second half as we increase manufacturing capacity for these new products.

我們很高興地報告，我們上週已經發運了各種放大器的最終合格單元，並且隨著我們提高這些新產品的生產能力，我們預計收入最早將在第二季度末開始，並在下半年顯著增加。

As Thompson mentioned, we will continue to carefully monitor MSL plans to upgrade to DOCSIS 4.0 networks.

正如湯普森所提到的，我們將繼續密切關注 MSL 升級到 DOCSIS 4.0 網路的計畫。

And we continue to believe AOI is a leader in technologies that will enable DOCSIS 4.0 and that we have the right portfolio in place to address our customers' needs.

我們始終相信 AOI 在實現 DOCSIS 4.0 的技術方面處於領先地位，而且我們擁有合適的產品組合來滿足客戶的需求。

Now turning to our telecom segment, revenue from our telecom products of $2.3 million was down 39% year over year and down 19% sequentially, largely driven by ongoing softness in 5G demand, particularly in China.

現在轉向我們的電信部門，我們的電信產品收入為 230 萬美元，年減 39％，環比下降 19％，這主要是由於 5G 需求持續疲軟，尤其是在中國。

Looking ahead, we continue to expect telecom sales to fluctuate from quarter to quarter.

展望未來，我們預期電信銷售額仍將逐季波動。

For the first quarter, our top 10 customers represented 92% of revenue, down from 93% in Q1 of last year.

第一季度，我們前十大客戶的營收佔比為 92%，低於去年第一季的 93%。

We had two greater than 10% customers, one in the data center market and one in the CATV market, which contributed 62% and 21% of our total revenue, respectively.

我們有兩個超過 10% 的客戶，一個在資料中心市場，一個在有線電視市場，分別貢獻了我們總收入的 62% 和 21%。

In Q1, we generated non-GAAP gross margin of 18.9%, which was below our guidance range of 21% to 23% and was down from 36.4% in Q4 of 2023 and down from 23.2% in Q1 of 2023.

第一季度，我們的非 GAAP 毛利率為 18.9%，低於我們的 21% 至 23% 的指導範圍，低於 2023 年第四季的 36.4% 和 2023 年第一季的 23.2%。

The decrease in gross margin was driven mainly by product mix and some price reductions which took effect during the quarter.

毛利率的下降主要由於產品組合及本季生效的部分價格下調。

Looking ahead, we expect improving gross margins throughout the year as product mix improves in our data center business and CATV revenue begins to ramp.

展望未來，隨著資料中心業務產品結構的改善和有線電視收入的開始上升，我們預計全年毛利率將會提高。

We remain committed to the long-term goal of returning gross margin to around 40% and believe that this goal is achievable.

我們仍然致力於將毛利率恢復到40％左右的長期目標，並相信這個目標是可以實現的。

Total non-GAAP operating expenses in the first quarter were $24.8 million or 61% of revenue, which compared to $19.6 million or 36.9% of revenue in Q1 of the prior year due to higher R&D spending.

第一季非公認會計準則總營業費用為 2,480 萬美元，佔營收的 61%，而去年同期為 1,960 萬美元，佔營收的 36.9%，原因是研發支出增加。

Looking ahead, we continue to expect non-GAAP operating expenses to range from $24 million to $26 million per quarter to account for the acceleration of R&D expenses to improve time to market for our 800G and 1.6 terabit data center products.

展望未來，我們繼續預期非 GAAP 營運費用將在每季 2,400 萬美元至 2,600 萬美元之間，以考慮加速研發費用以縮短我們的 800G 和 1.6 太比特資料中心產品的上市時間。

Non-GAAP operating loss in the first quarter was $17.1 million compared to an operating loss of $7.2 million in Q1 in the prior year.

第一季非公認會計準則營業虧損為 1,710 萬美元，而去年同期營業虧損為 720 萬美元。

GAAP net loss for Q1 was $23.2 million or a loss of $0.6 per basic share compared with a GAAP net loss of $16.3 million or a loss of $0.56 per basic share in Q1 of 2023.

第一季的 GAAP 淨虧損為 2,320 萬美元，即每股基本虧損 0.6 美元，而 2023 年第一季的 GAAP 淨虧損為 1,630 萬美元，即每股基本虧損 0.56 美元。

On a non-GAAP basis, net loss for Q1 was $12 million or $0.31 per share, which was within our guidance range of a loss of $10.9 million to a loss of $12.6 million and in line with our guidance range of a loss per share in the range of $0.28 to a loss of $0.33 per basic share.

以非公認會計準則計算，第一季淨虧損為 1,200 萬美元，即每股 0.31 美元，符合我們預期的虧損範圍：1,090 萬美元至 1,260 萬美元，也符合我們預期的每股虧損範圍：0.28 美元至每股基本虧損 0.33 美元。

This compares to a net loss of $7.1 million or a loss of $0.25 per basic share in Q1 of the prior year.

相比之下，去年同期淨虧損為 710 萬美元，或每股基本虧損 0.25 美元。

The fully diluted shares outstanding used for computing the earnings per share in Q1 were 38.4 million.

用於計算第一季每股收益的完全稀釋流通股為 3,840 萬股。

Turning now to the balance sheet, we ended the first quarter with $17.4 million in total cash, cash equivalents, short-term investments and restricted cash.

現在來看看資產負債表，第一季結束時，我們擁有總現金、現金等價物、短期投資和受限現金 1,740 萬美元。

This compares with $55.1 million at the end of the fourth quarter.

相比之下，第四季末的營收為 5,510 萬美元。

This cash balance reflects a few slow-paying AR receipts totaling about $11 million, which were subsequently received in the first two weeks of Q2.

該現金餘額反映了幾筆延遲支付的應收帳款，總額約為 1,100 萬美元，這些款項隨後於第二季前兩週收到。

Also note that we used almost $4 million in cash to reduce debt during the quarter.

還要注意，我們在本季使用了近 400 萬美元現金來減少債務。

We ended the quarter with total debt excluding convertible debt of $34.8 million compared to $38.7 million at the end of last quarter.

本季末，我們的總債務（不包括可轉換債務）為 3,480 萬美元，而上一季末的總債務為 3,870 萬美元。

As of March 31, we had $54.3 million in inventory compared to $63.9 million at the end of Q4.

截至 3 月 31 日，我們的庫存為 5,430 萬美元，而第四季末的庫存為 6,390 萬美元。

We made a total of $7.8 million in capital investments in the first quarter, which was mainly used for production and R&D equipment.

我們第一季共進行了780萬美元的資本投資，主要用於生產和研發設備。

Moving now to our Q2 outlook.

現在轉到我們的第二季展望。

We expect Q2 revenue to be between $41.5 million and $46.5 million and non-GAAP gross margin to be in the range of 25.5% to 27.5%.

我們預計第二季營收在 4,150 萬美元至 4,650 萬美元之間，非 GAAP 毛利率在 25.5% 至 27.5% 之間。

Non-GAAP net loss is expected to be in the range of $11.6 million to $13.5 million and non-GAAP loss per share between $0.29 per basic share and $0.34 per basic share, using a weighted average basic share count of approximately 39.2 million shares.

非公認會計準則淨虧損預計在 1,160 萬美元至 1,350 萬美元之間，非公認會計準則每股虧損預計在每股基本股 0.29 美元至每股基本股 0.34 美元之間，採用約 3,920 萬股的加權平均基本股數。

Looking ahead, as the widespread adoption of generator AI continues to place increased demands on our customer data centers, we believe these customers will ultimately need to deploy more infrastructure to meet these needs, which will provide a long tailwind of demand for the optical industry.

展望未來，隨著生成器 AI 的廣泛應用繼續對我們的客戶資料中心提出越來越高的需求，我們相信這些客戶最終將需要部署更多的基礎設施來滿足這些需求，這將為光學產業提供長期的需求順風。

Our US-based production ability, combined with our automated manufacturing capabilities and experience, puts us in a unique competitive position to address these needs.

我們在美國的生產能力，加上我們的自動化製造能力和經驗，使我們在滿足這些需求方面具有獨特的競爭優勢。

Further, as our CATV customers transition to next-generation architecture and implement new technologies like DOCSIS 4.0, we believe that we have positioned ourselves as a leader in technologies that will enable DOCSIS 4.0. And we are confident that we have the right product portfolio, team, and strategy in place to capitalize on this upcoming transition.

此外，隨著我們的有線電視客戶過渡到下一代架構並實施 DOCSIS 4.0 等新技術，我們相信我們已經成為支援 DOCSIS 4.0 的技術的領導者。我們相信，我們擁有正確的產品組合、團隊和策略來利用即將到來的轉型。

We have spent several years developing these products, and we expect that they will go to market in the next few months.

我們花了幾年時間開發這些產品，預計它們將在未來幾個月內上市。

In sum, we believe that the long-term demand drivers remain strong for both our data center and CATV businesses.

總之，我們相信，我們的資料中心和有線電視業務的長期需求驅動力依然強勁。

And we believe we are well positioned to benefit from these growing long-term trends.

我們相信，我們有能力從這些日益增長的長期趨勢中獲益。

With that, I will turn it back over to the operator for Q&A session.

說完這些，我會把話題交還給接線員，進行問答環節。

Operator?

操作員？

Thank you.

謝謝。

We will now begin the question-and-answer session.

我們現在開始問答環節。

(Operator Instructions)

（操作員指令）

Simon Leopold, Raymond James.

西蒙李奧波德、雷蒙詹姆斯。

Hey, thanks for taking the question.

嘿，謝謝你回答這個問題。

A couple of quick ones maybe.

或許是幾個簡單的。

I think on the prior conference call, you had given us some indication that you thought the full-year revenue could exceed $300 million.

我想在之前的電話會議中，您已經向我們表示過，您認為全年收入可能會超過 3 億美元。

Given the slower start to the year, it does sound like you still expect a much stronger second half, but how do you feel about that full-year $300 million target?

考慮到今年開局較為緩慢，聽起來您仍然預計下半年業績會更加強勁，但您對全年 3 億美元的目標有何看法？

Well, what we've said is that we think we can be profitable for the year.

嗯，我們說過我們認為今年我們可以獲利。

And so, you know, if you can run the numbers on that, we don't give annual guidance really.

所以，你知道，如果你能根據這個數字計算出來，你就會知道，我們實際上並沒有提供年度指導。

So I wouldn't say we're pulling back on anything.

因此我不會說我們正在撤回任何事情。

It's obviously going to be a little more challenging considering where we started the year.

考慮到我們今年的開局，這顯然會更具挑戰性。

But I think it's still very early achievable, let's say that.

但我認為，這還為時過早，可以這麼說。

Okay.

好的。

And then you did give us some indication of the operating expense expectations for the year at that $24 million to $26 million per quarter.

然後您確實給了我們一些有關今年營運費用預期的跡象，即每季 2400 萬美元至 2600 萬美元。

And I think we were anticipating more of a $22 million to $24 million per quarter, and that may simply be just extrapolating too much from the first-quarter forecast.

我認為我們預計每季的銷售額將達到 2,200 萬美元到 2,400 萬美元之間，這可能只是根據第一季的預測推斷出了過多的銷售額。

Did something change in terms of your expectation of what you need to spend on sales and marketing and R&D?

您對銷售、行銷和研發方面所需支出的預期有什麼變化嗎？

As we noted in our prepared remarks, we've increased our R&D spend a little bit.

正如我們在準備好的發言中指出的那樣，我們略微增加了研發支出。

Because as I talked about, we're getting customers that are pulling in their request for product development months ahead of schedule.

因為正如我所說的，我們的客戶提前幾個月就提出了產品開發請求。

And so we need to spend additional R&D.

因此我們需要投入額外的研發經費。

I wouldn't say it's additional overall, but we're spending it quicker than we otherwise would.

我不會說整體而言這是額外的，但我們花錢的速度比原本要快。

So it does represent a slight increase to our R&D.

所以這確實代表我們的研發略有增加。

Sales and marketing, not so much increase in sales and marketing.

銷售和行銷，銷售和行銷的成長並不多。

And then I remember at our meeting, you had talked about sort of a product roadmap going from the VCSL-based solutions to VCSLs and EMLs and ramping up to a higher per channel speed.

然後我記得在我們的會議上，您談到了一種產品路線圖，從基於 VCSL 的解決方案轉向 VCSL 和 EML，並提高每個通道速度。

Could you give us an overview of the roadmap you expect in terms of launches over the next year plus?

您能否向我們概述一下未來一年及以後發布的預期路線圖？

So the VCSL-based products are already in production and we'll likely add higher speed lane VCSLs to that portfolio next year.

因此，基於 VCSL 的產品已經投入生產，我們很可能會在明年將更高速度通道的 VCSL 添加到該產品組合中。

With respect to the EML-based products, we have some products in production now.

對於基於EML的產品，我們目前已經有一些產品正在生產中。

The higher speed data center products with EMLs will go into production late Q3, early Q4.

具有 EML 的更高速資料中心產品將於第三季末和第四季初投入生產。

And what was your 400G in the quarter?

您本季的 400G 是多少？

I missed that.

我錯過了。

17% of the data center revenue, so $29 million, 70% of that.

佔資料中心收入的 17%，即 2,900 萬美元，其中 70%。

Okay.

好的。

And that was just 400G, not about 400 --

那隻是400G，而不是大約400——

(multiple speakers)

（多位發言者）

over doubling.

增加一倍以上。

Can you say that again?

你能再說一次嗎？

That's a little overdoubling compared -- that is almost -- well, this was slightly over doubling from same period last year.

與去年同期相比，這稍微增加了一倍多。

Great.

偉大的。

Thank you very much for taking the questions.

非常感謝您回答這些問題。

Appreciate it.

非常感謝。

Michael Genovese, Rosenblatt Securities.

羅森布拉特證券公司的麥可‧吉諾維斯 (Michael Genovese)。

Great, thanks.

太好了，謝謝。

And I guess let's just start with I wanted to ask some questions about Microsoft.

我想讓我們先問一些關於微軟的問題。

If you had any more color on why you think that it's going slower than initially expected.

如果您能更詳細地解釋為什麼其進展速度比最初預期的要慢。

But then secondly, how do you expect orders to trend in the second quarter?

其次，您預期第二季的訂單趨勢如何？

Or do you see orders in the month of June being above the month of May?

或者您看到六月的訂單量高於五月？

Is there any visibility to that?

這有可見性嗎？

And then finally, it sounds like your comments on the overall size of this of $300 million-plus has maybe gotten a little bit more bullish, but maybe that's because you've added 800G to it.

最後，聽起來你對這個 3 億多美元的總體規模的評論可能變得有點樂觀了，但這可能是因為你在其中添加了 800G。

So if you could help us understand that as well.

所以如果你能幫助我們理解這一點。

Thank you.

謝謝。

Sure.

當然。

(multiple speakers) I'm sorry, what?

（多位發言者）對不起，什麼？

I was just reminding the first one was why the delay?

我只是提醒第一個問題，為什麼要延遲？

Yes, I wouldn't really say it's an overall delay.

是的，我並不認為這是一個整體的延遲。

If my prepared remarks sounded that way, that's not what I was trying to say.

如果我準備好的發言聽起來是那樣的話，那不是我想說的。

There was a slight delay in one particular program, which really just reflects the fact that it's a new product and sometimes new product launches just take a little longer than expected.

某個特定項目略有延遲，這實際上反映出它是一個新產品，有時新產品的發佈時間會比預期的要長一些。

There's nothing particular that I can point to with respect to that.

關於這一點我沒有什麼特別可以指出的。

It is positive that we're getting a new updated forecast now that would indicate shipments beginning later in Q2 and then ramping quickly in Q3 and Q4.

積極的一面是，我們現在得到了最新的預測，該預測表明出貨量將在第二季晚些時候開始，然後在第三季和第四季迅速增加。

So that's all positive.

這一切都是正面的。

I wouldn't read much into the delay.

我不會對延遲做過多的解讀。

Overall, the revenue in our data center business is about where we expected it to be in Q2.

整體而言，我們的資料中心業務收入與我們預期的第二季營收差不多。

So there's not really a significant change from our earlier thinking.

因此，與我們之前的想法相比，並沒有發生重大變化。

That small delay in the business from Microsoft is being more than compensated by other data center customers.

微軟業務的這一小小延遲已經被其他資料中心客戶所彌補。

So it's not anything overall that I'm trying to point to there.

因此，我在這裡試圖指出的並不是任何總體的事情。

Just that one particular product has got somewhat of a delay.

只是某一特定產品稍微延遲了。

Your second question had to do with the $300 million target and whether that represents a change.

您的第二個問題與 3 億美元的目標有關，以及這是否代表著變化。

No, fundamentally, other than that we mentioned that we're having to pull an 800G and 1.6 terabits faster.

不，從根本上來說，除此之外，我們提到我們必須以更快的速度拉動 800G 和 1.6 太比特。

And that 1.6 terabits won't be a factor this year, but it will be early next year.

雖然這 1.6 太比特在今年不會成為影響因素，但明年年初就會成為影響因素。

But the acceleration in 800G is certainly helpful to trying to meet that goal.

但800G的加速對於實現這一目標肯定是有幫助的。

And then I'm sorry, I forgot your third question there.

然後很抱歉，我忘了你的第三個問題。

What was it?

那是什麼？

Well, I'll add that in with my next and last question.

好吧，我將在下一個也是最後一個問題中添加這一點。

But it was about the orders, if, for instance, you think that -- if there's a reason to think as you're seeing these forecasts that (inaudible) June would be up from May, which is up from April, if you're seeing that kind of trend at this customer.

但這與訂單有關，例如，如果您認為 - 如果有理由認為，當您看到這些預測時（聽不清楚）6月份的訂單將高於5月份，而5月份的訂單又高於4月份，如果您看到該客戶呈現這種趨勢。

But I might well just ask, I mean, you said the 1Q data center revenues were about where you expected them to be.

但我還是想問一下，您說第一季資料中心的收入與您預期的差不多。

How do you see them trending in 2Q and 3Q, if you could address that?

如果您可以回答這個問題，您認為它們在第二季和第三季的趨勢如何？

And then I guess

然後我想

--

--

I want to be clear.

我想說清楚。

Yes.

是的。

Well, first of all, maybe I misspoke earlier, Q1 and Q2 data center numbers are about what we expected it to be.

嗯，首先，也許我之前說錯了，第一季和第二季的資料中心資料與我們預期的差不多。

Cable TV in Q2 is coming in a little lighter than what we had expected.

第二季有線電視的收視率比我們預期的要低一些。

And that explains to the extent that we didn't give guidance until now in Q2.

這在一定程度上解釋了為什麼我們直到現在才給出第二季度的指引。

But to the extent that there were some change in our thinking, it had to do with cable TV, not data center.

但就我們思維的改變而言，這與有線電視有關，而與資料中心無關。

Data center overall is doing almost -- actually slightly ahead of plan compared to where we thought it was going to be.

資料中心的整體運作情況實際上比我們預期的略微提前了一點。

I mentioned earlier, Microsoft had a delay in one product, but the rest of them are going fine and that slightly and that one product is more than compensated for in Q2 by growth in other customers.

我之前提到過，微軟的一款產品推遲了，但其餘產品都進展順利，只是稍微好了一些，而且第二季度其他客戶的成長彌補了這款產品不足。

(inaudible) overall (inaudible) we feel more positive right now compared to a few months ago.

(聽不清楚) 整體而言 (聽不清楚) 與幾個月前相比，我們現在感覺更加積極。

The main reason is

主要原因是

(inaudible).

（聽不清楚）。

Right now, I think the unless we can see several big customer, especially to have a SkyTerra customer are poor in the schedule for energy.

目前，我認為，除非我們能看到幾個大客戶，特別是 SkyTerra 客戶的能源計畫很差。

Our cable TV, you know cable TV is quite small because all of us are waiting for 1.0 mg product sold.

我們的有線電視，你知道有線電視很小，因為我們都在等待售出 1.0 毫克的產品。

You know, usually the delay in cable TV is not surprising as you can see from other customers.

您知道，通常有線電視的延遲並不奇怪，您可以從其他客戶那裡看到這一點。

Michael, I just want to touch on your last question there.

邁克爾，我只想談談你的最後一個問題。

I'll try to answer it directly.

我會嘗試直接回答。

Are we seeing a trend of more orders kind of month by month?

我們是否看到訂單量逐月增加的趨勢？

And the answer is yes.

答案是肯定的。

As I mentioned earlier, you know that one program, for example, from Microsoft, it's somewhat delayed.

正如我之前提到的，您知道，例如微軟的一個程序，它有些延遲。

We do expect it to pick up towards the end of this quarter.

我們確實預計它會在本季末回升。

So that would mean June month would be bigger than May, and that was certainly bigger than April.

所以這意味著六月的銷售額將比五月的銷售額大，而且肯定比四月的銷售額大。

So we are seeing that trend with that product.

所以我們看到了該產品的這種趨勢。

But overall, we expect to see that trend somewhat throughout the quarter.

但總體而言，我們預計整個季度都會看到這種趨勢。

Although, again, I would say for the most part, the data center business outside some of these new programs, and especially, the 800G products later in the year, it's relatively consistent business.

不過，我再說一遍，在大多數情況下，除了這些新項目之外的資料中心業務，特別是今年稍後的 800G 產品，它的業務相對穩定。

Okay, great.

好的，太好了。

I'll pass over now.

我現在就過去。

I might come back later or save my questions for offline.

我可能會稍後再回來或保存我的問題以供離線使用。

Thank you.

謝謝。

Sounds great.

聽起來不錯。

Thank you.

謝謝。

Tim Savageaux, Northland Capital Markets.

北國資本市場 (Northland Capital Markets) 的 Tim Savageaux 。

Tim, your line maybe muted.

提姆，你的線路可能被靜音了。

Yeah.

是的。

Sorry about that.

很抱歉。

I'm here.

我在這裡。

Can you hear me?

你聽得到我嗎？

Yes, we can hear low.

是的，我們能聽到低沉的聲音。

All right, great.

好的，太好了。

So I'd say with the new OpEx forecast, it seems like maybe in something reasonably over $300 million is what you would need to get you there.

因此我想說，根據新的營運支出預測，似乎可能需要超過 3 億美元的資金才能實現這一目標。

And so that's a pretty significant ramp in the second half, almost 3x over the first.

因此，下半年的成長相當顯著，幾乎是上半年的 3 倍。

Although, we've seen that recently, couple of different places and most recently at Coherent.

不過，我們最近在幾個不同的地方看到了這一點，最近一次是在 Coherent。

So I guess as you look at that ramp and the 800G opportunities in particular, I'm hoping you might be able to size those for us in a fashion, maybe similar or analogous to how you've been talking about Microsoft 400G opportunity?

因此，我想當您看到這個坡道，特別是 800G 的機會時，我希望您能夠以某種方式為我們衡量一下，也許與您一直在談論的 Microsoft 400G 機會類似或相似？

That's one question.

這是一個問題。

And you've talked about new data center customers or some old data center customers coming back.

您談到了新的資料中心客戶或一些舊資料中心客戶的回歸。

Should we assume this discussion around 800G and 1.60T also applies to Microsoft?

我們是否應該假設圍繞 800G 和 1.60T 的討論也適用於微軟？

Or is it more focused on the new players?

還是更加關注新球員？

No.

不。

I mean, we specifically -- maybe I wasn't totally clear from the prepared remarks.

我的意思是，我們具體地——也許我準備好的發言沒有完全表達清楚。

But our existing customers that we have now plus the new customers for those 800G and 1.6 terabit products.

但我們現在擁有的現有客戶加上 800G 和 1.6 太比特產品的新客戶。

So Microsoft clearly would be included in the category of existing customers.

因此微軟顯然會被納入現有客戶類別。

And as far as the size of the market, what we're seeing right now is that 800G is several times as large as the 400G opportunity.

就市場規模而言，我們目前看到 800G 的市場機會是 400G 的幾倍。

So it represents a dramatic expansion.

因此，它代表著一種急劇的擴張。

And that's within the same customer.

而這都是在同一個客戶內。

If you add on the new customers that we're referring to, the market size there gets commensurately larger.

如果加上我們所指的新客戶，那麼那裡的市場規模就會隨之擴大。

Great.

偉大的。

So as you look at that data center ramp into the second half, I mean, would you imagine between your current 400G -- would you imagine that to be, I don't know, have 800G?

因此，當您看到資料中心在下半年的成長勢頭時，我的意思是，您是否能想像在目前的 400G 之間——您是否能想像會有 800G？

Or how are you looking at it now?

或者您現在如何看待它？

And to what extent are you looking at a material cable TV network and contribution in the second half as part of that ramp?

您在多大程度上將有線電視網絡及其下半年的貢獻視為這一增長的一部分？

Yes, I think that's the key point really, is the cable TV has been kind of -- to the extent that there's been a disappointment in Q2.

是的，我認為這才是關鍵點，有線電視在某種程度上——第二季的表現令人失望。

It's mainly the cable TV is ramping slower than we expected, and that's just -- as Thompson mentioned, somewhat that's par for the course.

主要是有線電視的成長速度比我們預期的要慢，而這正是——正如湯普森所提到的，這是意料之中的事。

I mean, we were optimistic that the MSOs would move a little faster in the 1.8, but has taken a little longer to get through the qualification, get all the necessary training, and what have you done.

我的意思是，我們樂觀地認為 MSOs 在 1.8 中會進展得更快一些，但花了更長的時間才通過資格認證、獲得所有必要的培訓，你做了什麼？

But we do expect them to ramp in the second half of the year, and that will contribute meaningfully towards the revenue ramp.

但我們確實預期他們會在今年下半年加大力度，這將對收入成長做出有意義的貢獻。

But it also help us improve the gross margin, which is significantly higher in the cable TV segment than it is.

但它也幫助我們提高毛利率，有線電視領域的毛利率明顯高於目前水準。

And I can add one thing is for the 800G business, we can see -- we had discussion with, I think, three, four customer for sure, including Microsoft.

我可以補充一點，關於 800G 業務，我們可以看到——我們肯定與三四家客戶進行了討論，其中包括微軟。

So I would say more than $500 or $600 million next year for 800G.

因此我認為明年 800G 的市場規模將超過 5 億或 6 億美元。

Thomas, is that in the aggregate or what kind of time period or maybe we can -- or can we put some more brackets around that $500 million, $600 million I think I heard you say?

湯瑪斯，這是總量，還是哪個時間段，或者我們可以 — — 或者我們可以在 5 億美元或 6 億美元周圍加上更多的括號，我想我聽到你說了？

On, I think we are doing quite

我認為我們做得不錯

(inaudible).

（聽不清楚）。

I think we should get stuff in order by late Q3.

我認為我們應該在第三季末之前把事情安排好。

So it's our model next year, Q1 to Q4 next year, I would say.

所以我想說這是我們明年的模型，也就是明年第一季到第四季。

Just 800G only is more than $500 million or even $600 million for AOI based on this

基於此，光是 800G 的 AOI 成本就超過 5 億美元甚至 6 億美元

--

--

And that was going to be my last question, actually, in terms of the nature of these detailed discussions and kind of -- does that around qualification or where do we stand on that front?

實際上，就這些詳細討論的性質而言，這將是我的最後一個問題——這是否與資格有關，或者我們在這方面的立場是什麼？

Are we talking about putting the dotting the Is and crossing the Ts on contracts?

我們是在談論在合約中做到一絲不苟嗎？

A little more color there.

那裡顏色稍微豐富一些。

Well, I'm not sure to what extent the contracts really come into play there.

嗯，我不確定合約在那裡到底發揮了多大作用。

What we're talking about now is we're planning around deployment scenarios, when they're going to do products, how much product they're going to need, pricing, that sort of thing.

我們現在討論的是圍繞部署場景進行規劃，他們什麼時候生產產品，需要多少產品，定價等等。

Okay.

好的。

The commentary from the customers is how fast can you deliver X amount of product to for us, right?

客戶的評論是，您能多快為我們交付一定數量的產品，對嗎？

It's about how fast can we be ready to deploy or to manufacture the products that they need to deploy.

關鍵在於我們能多快做好部署準備或製造他們需要部署的產品。

And the very important key, as I say, is AOI has -- have been in best few hundred million dollar in the past as in more than 10 years of automation, including a lot of our own equipment automations.

而且正如我所說，非常重要的關鍵是 AOI 在過去 10 多年的自動化過程中投入了數億美元，其中包括我們自己的許多設備自動化。

So I think right now, we are doing a phase two, maybe I would say we do phase two light -- phase three light by end of this year and do a phase three fully.

所以我認為現在我們正在進行第二階段，也許我會說我們將在今年年底前完成第二階段的輕量級 - 第三階段的輕量級，然後全面完成第三階段。

I mentioned Q1, Q2 next year.

我提到了明年第一季和第二季。

So we can do 800G manufacture in Houston with, I would say, similar or higher costs than in Taiwan and China.

因此，我們可以在休士頓進行 800G 製造，我想說，成本與台灣和中國相似或更高。

That's very attractive to the customer, including the big customer what we used to have several years ago.

這對客戶來說非常有吸引力，包括我們幾年前的大客戶。

They're coming back.

他們回來了。

Number two, the key is the data is a key component, a key technology, the 100G 200G, the VCL, the EML.

第二，關鍵是資料是一個關鍵元件，一個關鍵技術，100G、200G、VCL、EML。

And I think [we could automate] in Houston.

我認為我們可以在休士頓實現自動化。

It's also very key factor for the customer as it is for sure is not only the cost -- the key is the risk management.

對客戶來說，這也是一個非常關鍵的因素，因為它肯定不僅僅是成本——關鍵是風險管理。

Great.

偉大的。

Thanks very much.

非常感謝。

(Operator Instructions)

（操作員指令）

Dave Kang, B. Riley FBR.

Dave Kang、B.Riley FBR。

Thank you.

謝謝。

Good afternoon.

午安.

So regarding the 800G, first question is: do you have a 200 G per lane VCSLs and YML?

那麼關於 800G，第一個問題是：您是否有每個通道 200 G 的 VCSL 和 YML？

So what's the status on that?

那麼目前情況如何？

We will have -- the volume effect should be more like Q1 next year.

我們會有－銷售效應應該更像明年第一季。

Right now, unit goes through the whole R&D, especially I think because we are very concerned about quality but that's all 1.6T (inaudible) and the

目前，該裝置經過了整個研發，特別是因為我們非常關心質量，但這就是 1.6T（聽不清楚）和

(inaudible).

（聽不清楚）。

And I'm talking about is the 800G, I'm talking about the opportunity for AOI, the $500 million to $600 million or higher, that's

我談論的是 800G，我談論的是 AOI 的機會，5 億美元到 6 億美元或更高，這是

(inaudible).

（聽不清楚）。

It's like 2 kilometer

大約2公里

[highway].

[公路]。

It's not an actual reach.

這不是一個實際的範圍。

It's AOC.

這是 AOC。

It's pretty HGMP, high gross margin product.

這是相當 HGMP 且毛利率較高的產品。

Okay?

好的？

The 1.60T, as in early next year, is more lighter.

1.60T，將於明年年初推出，重量更輕。

It would be the multi-mode and single-mode together.

它將是多模式和單模式的結合。

But for shorter distance, maybe we'll find a midterm (inaudible), but we will have all of them pretty soon.

但對於較短的距離，也許我們會找到一個中期（聽不清楚），但我們很快就會擁有它們全部。

Got it.

知道了。

And then sticking with 800G, I think you said something like maybe two customers that will ramp third quarter.

然後堅持使用 800G，我想您說過可能有兩個客戶將在第三季增加產量。

Just wondering if you've been qualified or that (inaudible) appeals already?

只是想知道您是否已經具備資格或（聽不清楚）已經提出上訴？

The reason (inaudible) Q3 or Q4.

原因（聽不清楚）Q3 或 Q4。

Do you know we are doing quite

你知道我們做得很好嗎？

(inaudible).

（聽不清楚）。

So it's a single (inaudible), 2 kilometer and higher including the PIA and two by FIFO.

因此，它是單程（聽不清楚），2 公里及以上，包括 PIA 和 2 公里 FIFO。

So I would say, more than two customers.

所以我想說，超過兩位顧客。

A hyperscaler, I would say maybe three customer, including, I guess, some others, similar costs. (inaudible) picture, for sure, they're going to push in Q3.

對於超大規模企業，我想說可能有三個客戶，我想也包括一些其他客戶，成本也差不多。 (聽不清楚) 圖片肯定是，他們會在第三季推動。

So we are trying our best to catch up the body.

所以我們正在盡最大努力追趕屍體。

It's a Q4 for sure.

肯定是 Q4。

Q3 schedule, it's a bit tight, maybe September.

Q3時間安排，有點緊，可能是9月。

Got it.

知道了。

And then regarding your press release at the beginning of OFC about that 800G AOC that you jointly develop with Credo, can you just give more color exactly what they provide and what you guys provide?

然後關於您在 OFC 開始時發布的關於您與 Credo 聯合開發的 800G AOC 的新聞稿，您能否更詳細地介紹一下他們提供什麼以及您提供什麼？

And where are we as far as sampling or even going to production?

我們的樣品以及生產進度如何？

So Credo makes the DSP and we make an active optical cable around it.

因此，Credo 製造 DSP，我們圍繞它製作有源光纜。

And we haven't commented on any production schedules for it.

我們還沒有對它的任何生產計劃發表評論。

Okay.

好的。

Thank you.

謝謝。

This concludes our question-and-answer session.

我們的問答環節到此結束。

I would like to turn the conference back over to Dr. Thomas Lin.

我想將會議交還給 Thomas Lin 博士。

Please go ahead, sir.

先生，請繼續。

Okay.

好的。

Thank you for joining us today.

感謝您今天加入我們。

As always, we want to extend a thank you to our investors, customers, and employees.

像往常一樣，我們要向我們的投資者、客戶和員工表示感謝。

We will continue to follow.

我們將繼續關注。

As we discussed today, we believe the long-term demand driver remains strong for both our data center and CATV business and we believe we are well positioned to capitalize on this opportunity.

正如我們今天所討論的，我們相信我們的資料中心和有線電視業務的長期需求驅動力依然強勁，並且我們相信我們已準備好利用這一機會。

Thank you.

謝謝。

The conference has now concluded.

會議現已結束。

Thank you for attending today's presentation.

感謝您參加今天的演講。

You may now disconnect.

您現在可以斷開連線。