祥茂光電 (AAOI) 2024 Q4 法說會逐字稿

Good afternoon.

午安.

I will be your conference operator.

我將擔任您的會議主持人。

(Operator Instructions)

（操作員指令）

Please note that this call is being recorded.

請注意，本次通話正在錄音。

I would now like to turn the call over to Lindsay Savarice, investor relations for AOI.

現在我想將電話轉給 AOI 投資者關係部門 Lindsay Savarice。

Miss Savarice, you may begin.

薩瓦里斯小姐，你可以開始啦。

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'm pleased to welcome you to AOI's fourth quarter and full year 2024 financial results conference call.

我很高興歡迎您參加 AOI 2024 年第四季和全年財務業績電話會議。

After the market closed today, AOI issued a press release announcing its fourth quarter and full year 2024 financial results and provided its outlook for the first quarter of 2025.

今天收盤後，AOI發布新聞稿，公佈了其2024年第四季和全年財務業績，並提供了2025年第一季的展望。

The release is also available on the company's website at ao-inc.com.

新聞稿亦可在本公司網站 ao-inc.com 上查閱。

This call is being recorded and webcast live.

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 1 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 1 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 Q4 results, and Stefan will provide financial details and the outlook for the first quarter of 2025.

湯普森將概述 AOI 第四季的業績，史蒂芬將提供財務細節和 2025 年第一季的展望。

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

問答環節將在我們準備好的發言之後進行。

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、公司或其行業的業績或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, forecasts, anticipates, estimates, suggest, intends, predicts, expects, plans, may, should, could, would, will, potential or thinks, or by the negative those terms -- 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詞（這些術語或其他類似表達未來事件或結果的不確定性）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 its products into new markets and customer responses to its innovations, as well as statements regarding the company's outlook for the first quarter of 2025.

前瞻性陳述還包括有關管理層對其產品在新市場範圍擴張以及客戶對其創新的反應的信念和期望的陳述，以及有關公司對 2025 年第一季的展望的陳述。

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

除法律另有規定外，AOI 不承擔在本次收益電話會議召開之日後因任何原因更新這些前瞻性陳述以使這些陳述符合實際結果或公司預期變化的義務。

More information about other risks that may impact the company's business are set forth in the Risk Factors section of AOI's reports on file with the SEC, including the company's annual report on Form 10-K and 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 AOI 提交給美國證券交易委員會的報告的“風險因素”部分，其中包括公司的 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 the company's earnings press release that is available on AOI's website.

我們的 GAAP 和非 GAAP 指標之間的調節，以及為何採用非 GAAP 財務指標的討論，均包含在本公司的收益新聞稿中，可在 AOI 網站上查閱。

Before moving to the financial results, I'd like to note that AOI management is attending the Susquehanna Annual Technology Conference virtually on Friday, February 28.

在了解財務結果之前，我想指出的是，AOI 管理層將於 2 月 28 日星期五參加 Susquehanna 年度技術會議。

Management will host an investor session at OFC on Tuesday, April 1 in San Francisco.

管理層將於 4 月 1 日星期二在舊金山的 OFC 舉辦投資者會議。

This discussion will be webcast live and a link to the webcast will be available on the Investor Relations section of the AOI website.

該討論將透過網路直播，網路直播的連結將在 AOI 網站的投資者關係部分提供。

We would also like to note that the date of AOI's first quarter 2025 earnings call is currently scheduled for May 8, 2025.

我們還想指出，AOI 2025 年第一季財報電話會議的日期目前定於 2025 年 5 月 8 日。

Now I would like to turn the call over to Dr. Thompson Lin, AOI's Founder, Chairman and CEO.

現在我想將電話轉給 AOI 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。

During the fourth quarter, we delivered revenue of $100 million, which was in line with our guidance range of $94 million to $104 million.

第四季度，我們實現了 1 億美元的營收，符合我們 9,400 萬美元至 1.04 億美元的預期範圍。

We recorded non-GAAP gross margin of 28.9%, which was in line with our guidance range of 27.5% to 29.5%.

我們記錄的非 GAAP 毛利率為 28.9%，符合我們的 27.5% 至 29.5% 的預期範圍。

Our non-GAAP loss per share of $0.02 was in line with our guidance range of a loss of $0.04 to earnings of $0.04 per share.

我們的非公認會計準則每股虧損 0.02 美元，符合我們的每股虧損 0.04 美元至每股收益 0.04 美元的指導範圍。

Total revenue for our datacenter products of $44.2 million was essentially flat year-over-year and was up 8% sequentially. [indiscernible] for our [indiscernible] products increased 40% year-over-year and 70% sequentially.

我們的資料中心產品總營收為 4,420 萬美元，與去年同期基本持平，比上一季成長 8%。我們的[聽不清楚]產品的銷量年增了40％，比上一季增長了70％。

The growth was primarily driven by increased adoption of 400G products by our datacenter customers along with new customers that we began shipping to during the year.

成長主要得益於我們的資料中心客戶對 400G 產品的採用增加以及我們在年內開始向新客戶出貨。

Total revenue in our CATV segment was $52.2 million, which increased more than 4x year-over-year and more than doubled sequentially, largely driven by shipment of our 1.8 gigahertz [indiscernible] for one of our major MSO customers.

我們 CATV 部門的總收入為 5,220 萬美元，比去年同期增長了 4 倍多，比上一季度增長了一倍多，這主要得益於我們向一家主要 MSO 客戶出貨了 1.8 千兆赫 [音頻不清晰]。

As we have discussed on our prior earnings calls, our MSO customers are in the process of upgrading their outside networks so that they can support higher bandwidth in [indiscernible] direction and eventually enable DOCSIS 4.0.

正如我們在先前的財報電話會議上所討論的那樣，我們的 MSO 客戶正在升級他們的外部網絡，以便他們能夠支援 [聽不清楚] 方向的更高頻寬，並最終啟用 DOCSIS 4.0。

We are pleased to announce that during the quarter we received a substantial order for our [indiscernible] bandwidth networking products from a top North American cable operator.

我們很高興地宣布，本季我們從北美頂級有線電視業者收到了大量[音訊不清晰]頻寬網路產品訂單。

This order is for product that began shipping this month.

此訂單針對的是本月開始出貨的產品。

With that, I will turn the call over to Stefan to review the details of our Q4 performance and outlook for Q1.

說完這些，我將把電話轉給史蒂芬，讓他回顧我們第四季的業績細節以及第一季的展望。

Stefan?

史蒂芬？

Thank you, Thompson.

謝謝你，湯普森。

We're pleased to end the year on a high note, driven by strength in both our datacenter and CATV businesses and with solid momentum heading into 2025.

我們很高興以高調結束這一年，這得益於我們的資料中心和有線電視業務的強勁成長以及邁向 2025 年的強勁勢頭。

As Thompson mentioned, our Q4 results were in line with our expectations.

正如湯普森所提到的，我們的第四季業績符合我們的預期。

We delivered revenue of $100 million, which was in line with our guidance range of $94 million to $104 million.

我們實現了 1 億美元的營收，符合我們 9,400 萬美元至 1.04 億美元的預期範圍。

We recorded non-GAAP gross margin of 28.9%, which was in line with our guidance range of 27.5% to 29.5%.

我們記錄的非 GAAP 毛利率為 28.9%，符合我們的 27.5% 至 29.5% 的預期範圍。

And lastly, our non-GAAP loss per share of $0.02 was within our guidance range of a loss of $0.04 to earnings of $0.04 per share.

最後，我們的非公認會計準則每股虧損 0.02 美元，符合我們的預期範圍，即每股虧損 0.04 美元至每股收益 0.04 美元。

During the fourth quarter, we continued to execute on many of the initiatives that we laid out last year.

第四季度，我們繼續執行去年制定的許多計劃。

In our datacenter business, on our last few calls we discussed how we had begun to receive orders for 400G products from another large hyperscale customer.

在我們的資料中心業務中，我們在最近的幾次電話會議中討論了我們如何開始從另一個大型超大規模客戶那裡接到 400G 產品的訂單。

In line with our expectations, we continue to see increasing orders for 400G products both from long-term hyperscale customers as well as from this new hyperscaler that we've been talking about for the last several quarters.

正如我們的預期，我們看到長期超大規模客戶以及過去幾個季度我們一直在談論的新超大規模客戶對 400G 產品的訂單不斷增加。

We continued to make good progress on our 800G products with customers beginning to give us clear demand forecasts, which indicate ramping demand beginning in the second half of 2025, in line with our expectations.

我們的 800G 產品持續取得良好進展，客戶開始給我們明確的需求預測，這表明從 2025 年下半年開始需求將會激增，這符合我們的預期。

In our CATV business, as Thompson mentioned, we received a substantial order for our Quantum Bandwidth networking products from a top North American cable operator.

在我們的有線電視業務中，正如湯普森所提到的，我們從北美頂級有線電視營運商那裡獲得了大量量子頻寬網路產品訂單。

These products began to ship this month and we expect additional orders throughout the year based on forecasts we have received from this customer.

這些產品本月開始出貨，根據我們從該客戶收到的預測，我們預計全年還會有更多訂單。

We are encouraged by the demand that we are seeing for our CATV products and are very excited to announce that our next-gen Quantum Bandwidth amplifiers have already begun to be deployed by a major North American MSO as part of its publicly announced network upgrade project.

我們對 CATV 產品的需求感到鼓舞，並非常高興地宣布，我們的下一代量子頻寬放大器已經開始被北美一家大型 MSO 部署，作為其公開宣布的網路升級專案的一部分。

Lastly, during the quarter, we took steps to expand our production capabilities.

最後，在本季度，我們採取措施擴大我們的生產能力。

We have been retrofitting our facility in Sugar Land, Texas to accommodate new automated production equipment, which we expect to begin to receive next month.

我們一直在改造位於德州糖城的工廠，以容納新的自動化生產設備，預計下個月將開始接收這些設備。

This equipment will be used for the production of both 400G and 800G transceiver products.

該設備將用於400G和800G收發器產品的生產。

We also signed an agreement to lease an additional building in Taiwan, which we are outfitting in order to increase production of our datacenter and CATV products there.

我們還簽署了一項協議，在台灣租賃另一棟建築，我們正在對其進行裝修，以增加我們在那裡的資料中心和有線電視產品的產量。

Turning to our fourth quarter results.

談談我們第四季的業績。

Our total revenue was $100 million, which was up 66% year-over-year and up 54% sequentially, and was in line with our guidance range of $94 million to $104 million.

我們的總營收為 1 億美元，年增 66%，季增 54%，符合我們 9,400 萬美元至 1.04 億美元的預期範圍。

During the fourth quarter, 44% of revenue was from datacenter products, 52% was from CATV products, with the remaining 4% from FTTH, telecom and other.

第四季度，44%的營收來自資料中心產品，52%來自CATV產品，其餘4%來自FTTH、電信和其他。

In our datacenter business, Q4 revenue came in at $44.2 million, which was essentially flat year-over-year and increased 8% sequentially.

在我們的資料中心業務中，第四季的營收為 4,420 萬美元，與去年同期基本持平，較上季成長 8%。

The sequential increase was due to shipments to existing customers along with the new hyperscale datacenter customer that we've talked about for the last several quarters.

連續的成長是由於對現有客戶以及我們過去幾季談到的新的超大規模資料中心客戶的出貨量。

In the fourth quarter, 61% of datacenter revenue was from 100G products, 32% was from 200G and 400G transceiver products, and 8% was from 40G transceiver products.

第四季度，資料中心營收的61%來自100G產品，32%來自200G和400G收發器產品，8%來自40G收發器產品。

As our datacenter customers work on building out their next-generation, AI-focused data center architectures, we remain active in our 800G-fication efforts with several hyperscale customers.

隨著我們的資料中心客戶致力於建立下一代以人工智慧為中心的資料中心架構，我們仍積極與多家超大規模客戶合作 800G 化工作。

During the quarter, we received the first significant demand forecast from one of our hyperscale customers that bolsters our previously-held expectation of a second half 2025 ramp in 800G sales.

在本季度，我們從一位超大規模客戶那裡收到了第一個重要的需求預測，這增強了我們先前對 2025 年下半年 800G 銷售成長的預期。

In our CATV business, with the explosive growth of data consumption and rising user expectations, we are already being recognized by cable operators as a preferred partner to ensure that these upgrades minimize cable subscribers' network interruptions and also optimize performance.

在我們的有線電視業務中，隨著數據消費的爆炸式增長和用戶期望的不斷提高，我們已經被有線電視運營商視為首選合作夥伴，以確保這些升級最大限度地減少有線電視用戶的網絡中斷並優化性能。

As a result, CATV revenue in the fourth quarter was $52.2 million, which was up more than 4x year-over-year and more than doubled sequentially.

結果，第四季的有線電視收入為 5,220 萬美元，年增 4 倍多，環比成長一倍多。

This significant increase is due to the ramp in orders for our 1.8 gigahertz amplifier products.

這一顯著增長是由於我們 1.8 千兆赫放大器產品訂單的增加。

We continue to believe our CATV revenue will ramp further in Q1 and will remain elevated throughout 2025.

我們仍然相信，我們的有線電視收入將在第一季進一步增加，並將在 2025 年全年保持在高位。

Now turning to our telecom segment.

現在轉向我們的電信領域。

Revenue from our telecom products of $3.5 million was up 26% year-over-year and up 25% sequentially.

我們的電信產品收入為 350 萬美元，年增 26%，季增 25%。

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

展望未來，我們仍預期電信銷售額將逐季波動。

For the fourth quarter, our top 10 customers represented 97% of revenue, up from 95% in Q4 of last year.

第四季度，我們前十大客戶的營收佔比為 97%，高於去年第四季的 95%。

We had 3 greater than 10% customers, 2 in the datacenter market, which contributed 31% and 11% of total revenue, respectively; and 1 in the CATV market, which contributed 52% of total revenue.

我們有3個超過10%的客戶，其中2個在資料中心市場，分別貢獻了總收入的31%和11%；有線電視市場位居第一，貢獻了總收入的52%。

In Q4, we generated non-GAAP gross margin of 28.9%, which was within our guidance range of 27.5% to 29.5% and was up from 25% in Q3 of 2024 and down from 36.4% in Q4 of 2023.

第四季度，我們的非 GAAP 毛利率為 28.9%，在我們的 27.5% 至 29.5% 的指導範圍內，高於 2024 年第三季的 25%，低於 2023 年第四季的 36.4%。

The sequential increase in our gross margin was driven primarily by our favorable product mix, including growth in our CATV revenue.

我們的毛利率持續成長主要得益於我們有利的產品組合，包括有線電視收入的成長。

Looking ahead, we continue to expect that our gross margins will improve as we see the impact of manufacturing efficiencies in our CATV production and improving product mix.

展望未來，隨著製造效率的提高和產品組合的改善，我們預期毛利率將繼續提高。

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

我們仍然致力於我們的長期目標，即把非公認會計準則毛利率恢復到 40% 左右，並繼續相信這一目標是可以實現的。

Total non-GAAP operating expenses in the fourth quarter were $31.5 million or 31.4% of revenue, which compared to $21.6 million or 35.7% of revenue in Q4 of the prior year, primarily due to increased R&D spending in 800G, 1.6 terabit and Quantum Bandwidth products.

第四季非公認會計準則總營業費用為 3,150 萬美元，佔營收的 31.4%，而去年同期為 2,160 萬美元，佔營收的 35.7%，這主要由於 800G、1.6 太比特和量子頻寬產品的研發支出增加。

Looking ahead, we expect non-GAAP operating expenses to increase slightly next quarter and range from $32 million to $33 million.

展望未來，我們預計下個季度非 GAAP 營業費用將小幅增加，範圍在 3,200 萬美元至 3,300 萬美元之間。

In 2025, we anticipate modest additional increase varying with quarter-by-quarter fluctuations, mainly in R&D expenditures.

2025 年，我們預期會出現小幅額外成長，且逐季有所波動，主要體現在研發支出。

Non-GAAP operating loss in the fourth quarter was $2.5 million, compared to an operating income of $0.4 million in Q4 of the prior year.

第四季非公認會計準則營業虧損為 250 萬美元，而去年同期營業收入為 40 萬美元。

GAAP net loss for Q4 was $119.7 million or a loss of $2.60 per basic share, compared with a GAAP net loss of $13.9 million or a loss of $0.38 per basic share in Q4 of 2023.

第四季的 GAAP 淨虧損為 1.197 億美元，或每股基本虧損 2.60 美元，而 2023 年第四季的 GAAP 淨虧損為 1,390 萬美元，或每股基本虧損 0.38 美元。

Our GAAP net loss in the fourth quarter of 2024 included a onetime charge of $112 million related to the exchange of our convertible notes in Q4.

我們 2024 年第四季的 GAAP 淨虧損包括與第四季可轉換票據交換相關的 1.12 億美元的一次性費用。

On a non-GAAP basis, net loss for Q4 was $1 million or $0.02 per share, which compared to our guidance range of a loss of $1.9 million to income of $1.7 million or a loss per share in the range of $0.04 to earnings of $0.04 per basic share.

以非公認會計準則計算，第四季淨虧損為 100 萬美元，即每股 0.02 美元，而我們的預期範圍為虧損 190 萬美元至收入 170 萬美元，或每股虧損 0.04 美元至每股基本收益 0.04 美元之間。

This compares to a non-GAAP net income of $1.6 million or $0.04 per basic share in Q4 of the prior year.

相比之下，去年同期非 GAAP 淨收入為 160 萬美元，或每股基本收入 0.04 美元。

The basic shares outstanding used for computing the earnings per share in Q4 were 46.1 million.

用於計算第四季每股收益的基本流通股為4610萬股。

Turning now to the balance sheet.

現在來看看資產負債表。

We ended the fourth quarter with $79.1 million in total cash, cash equivalents, short-term investments and restricted cash.

截至第四季度，我們的現金、現金等價物、短期投資和受限現金總額為 7,910 萬美元。

This compares with $41.4 million at the end of the third quarter of 2024.

相比之下，2024 年第三季末的營收為 4,140 萬美元。

We ended the quarter with total debt, excluding convertible debt, of $46 million, compared to $39.4 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 4,600 萬美元，而上一季末的總債務為 3,940 萬美元。

As of December 31, we had $88.1 million in inventory, which compared to $64.4 million at the end of Q3.

截至 12 月 31 日，我們的庫存為 8,810 萬美元，而第三季末為 6,440 萬美元。

The increase in inventory is primarily for raw materials purchased for customer orders.

存貨增加主要係為客戶訂單而採購的原料。

During the quarter, we raised $53.9 million net of costs and fees on our previously announced at-the-market program.

在本季度，我們透過先前宣布的按市場計劃籌集了 5,390 萬美元，扣除成本和費用。

We made a total of $25.7 million in capital investments in the fourth quarter, which was mainly used for manufacturing capacity expansion for our 400G and 800G transceiver products.

我們在第四季共進行了 2,570 萬美元的資本投資，主要用於擴大我們的 400G 和 800G 收發器產品的製造產能。

This brings our total CapEx for the year to $48.8 million, which was up compared to 2023 of $12.6 million, reflecting higher capital needs as we expand production to accommodate increased demand.

這使得我們今年的總資本支出達到 4,880 萬美元，比 2023 年的 1,260 萬美元有所增加，這反映出隨著我們擴大生產以滿足不斷增長的需求，資本需求也隨之增加。

Going forward, we expect to make sizable CapEx investments over the next several quarters as we prepare for increased 400G, 800G and 1.6 terabit datacenter product production in 2025.

展望未來，我們預計在未來幾季進行大規模資本支出，為 2025 年增加 400G、800G 和 1.6 太比特資料中心產品的產量做準備。

For the year, we expect between $120 million and $150 million in total CapEx.

我們預計今年的總資本支出將在 1.2 億至 1.5 億美元之間。

We expect to finance these investments through a combination of cash on hand, cash generated from operations and some equity sales, including ongoing advanced discussions for possible strategic investments.

我們預計透過庫存現金、經營活動產生的現金和部分股權出售來為這些投資提供資金，包括正在進行的關於可能的策略投資的深入討論。

This will mark the most significant capital expansion plan in our company's more than 27-year history.

這將是我們公司27年多史上最重要的資本擴張計畫。

Included in this plan is adding significant production capacity in Texas, which we expect will make us one of the largest, if not the largest, domestic producer of datacenter transceivers for AI applications.

該計劃包括在德克薩斯州增加大量生產能力，我們預計這將使我們成為國內最大的人工智慧應用資料中心收發器生產商之一，甚至是最大的生產商之一。

We continue to believe that we are poised for a sustained period of growth in both our datacenter and CATV businesses and that these capital commitments will be transformational to our company as we execute on these opportunities.

我們始終相信，我們的資料中心和有線電視業務將持續成長，隨著我們抓住這些機會，這些資本承諾將為我們的公司帶來變革。

Moving now to our Q1 outlook.

現在轉到我們的第一季展望。

We expect Q1 revenue to be between $94 million and $104 million and non-GAAP gross margin to be in the range of 29% to 30.5%.

我們預計第一季營收在 9,400 萬美元至 1.04 億美元之間，非 GAAP 毛利率在 29% 至 30.5% 之間。

Non-GAAP net income is expected to be in the range of a loss of $3.6 million to breakeven and non-GAAP earnings per share between a loss of $0.07 per share and breakeven, using a weighted average basic share count of approximately 49.6 million shares.

採用約 4,960 萬股的加權平均基本股數，預計非 GAAP 淨收入將在虧損 360 萬美元至損益兩平之間，非 GAAP 每股收益將在虧損 0.07 美元至損益平衡之間。

With that, I will turn it back over to the operator for the 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？

(Operator Instructions)

（操作員指令）

Timothy Savageaux from Northland Capital Markets.

來自 Northland Capital Markets 的 Timothy Savageaux。

Hey, good afternoon, and congrats on the ramp in cable, in particular, in the quarter.

嘿，下午好，恭喜本季電纜業務的成長。

I wanted to ask about the capacity investments, I guess, 135-or-so million mid-range, and pretty substantial in Q4 as well.

我想問產能投資，我猜，1.35 億左右的中檔投資，而且在第四季也相當可觀。

I guess, to what extent is that -- I mean, I imagine it's principally focused on datacenter, but maybe you could provide some color datacenter versus cable because it looks like you're going to continue to ramp there.

我想，這在多大程度上——我的意思是，我想它主要集中在資料中心，但也許你可以提供一些彩色資料中心與電纜，因為看起來你會繼續在那裡發展。

And within datacenter, could you give us an estimate of the kind of capacity you're heading towards, whether that's revenue or incremental revenue capacity or unit volumes or however you'd like to discuss it?

在資料中心內，您能否給我們估算您所追求的容量類型，無論是收入或增量收入容量還是單位數量，或者您想如何討論？

And as you close the year, what kind of annual revenue capacity are you targeting in the U.S?

今年即將結束之際，您在美國設定的年收入目標為​​何？

Okay.

好的。

So there's a lot embedded in there.

這裡麵包含了很多內容。

As far as the application of the capital expenditures, it's going to be almost entirely for datacenter.

就資本支出的應用而言，它幾乎全部用於資料中心。

There'll be some spending on cable TV as well, but most of that ramp has already been accommodated in terms of production capacity.

在有線電視方面也會有一些支出，但大部分成長已經在生產能力方面得到了滿足。

As far as what this would bring to us in terms of incremental capacity, it's going to be designed for production of primarily 800 gig and 1.6 terabits.

就增量容量而言，這將為我們帶來什麼，它將主要設計用於生產 800G 和 1.6T 位元。

We're still working with our customers and other related parties to figure out exactly how much of that capacity is going to be built in the U.S. versus other locations.

我們仍在與客戶和其他相關方合作，以確定在美國和其他地區究竟將建造多少產能。

So I can't answer that question directly.

所以我無法直接回答這個問題。

But it's going to be substantially targeted at U.S. investment, and again, mostly for 800 gig and 1.6 terabit.

但它的主要目標是美國的投資，而且主要針對 800Gb 和 1.6Tb。

So let me a few to answer the other is so.

因此，讓我來回答幾個其他的問題。

For the laser, the manufacturer in Houston, so we're getting into the 4 inch the manufacturer for the EML.

對於雷射器，製造商在休斯頓，所以我們進入了 4 英寸 EML 的製造商。

And the high powered single mode laser for 800 1.60 (inaudible) I now plan to have maybe 100 more than. 120,000 or even 140,000 per month of capacity by end of this year or early next year.

而對於 800 1.60（聽不清楚）的高功率單模雷射器，我現在計劃擁有可能超過 100 個。今年底或明年初，月產能將達到12萬甚至14萬。

There's a single mode transceiver for data center.

資料中心有一個單模收發器。

Okay.

好的。

That's super helpful and kind of a good segue to the next question, which is, Stefan, you mentioned some demand forecasts coming in from hyperscale customers for 800 gig.

這非常有幫助，並且很好地引出了下一個問題，Stefan，您提到了一些來自超大規模客戶對 800G 的需求預測。

I imagine that's related to your capacity planning.

我想這與您的容量規劃有關。

But any chance you can quantify that type of demand?

但您能量化這種類型的需求嗎？

Or should we assume it's in line with the monthly production figures that Thompson just mentioned?

或者我們應該假設它與湯普森剛才提到的月產量數據一致？

Yeah, it's in line with those production figures.

是的，這與那些生產數據一致。

I mean, obviously, we're not planning on targeting our entire CapEx at one particular customer, so there's some aggregated demand across a number of different hyperscale customers.

我的意思是，顯然，我們不會計劃將我們的全部資本支出都用於某個特定的客戶，因此，許多不同的超大規模客戶都會有一些總體需求。

But certainly, the aggregate demand is consistent with the numbers that Thompson mentioned.

但可以肯定的是，總需求與湯普森提到的數字是一致的。

Okay, I'll pass it on to me to come back later.

好的，那我就傳給我，待會再回來。

(Operator Instructions)

（操作員指令）

Michael Genovese from Rosenblatt Securities.

羅森布拉特證券公司的麥可‧吉諾維斯 (Michael Genovese)

I'm great, thanks very much.

我很好，非常感謝。

I guess first question on the Quantum Bandwidth to a North American cable order that you referenced in the quarter.

我想第一個問題是關於您在本季度提到的北美電纜訂單的量子頻寬。

Just explain to us, how is that similar or different from the 1.8 gigahertz amplifiers that drove the sequential increase in the quarter?

請向我們解釋一下，這與推動本季連續成長的 1.8 千兆赫放大器有何相似或不同之處？

Is that a different product and a different customer, or is it related?

這是不同的產品、不同的客戶，還是相關的？

No.

不。

It's the same.

是一樣的。

Quantum Bandwidth is a suite of products that include amplifiers and other things.

量子頻寬是一套包含放大器和其他產品的產品。

This was specifically for our 1.8 gigahertz Quantum Bandwidth amplifier products.

這是專門針對我們的 1.8 千兆赫量子頻寬放大器產品。

So yes, it's the same product that we're talking about here.

是的，它是我們在這裡談論的同一產品。

Okay.

好的。

And then I guess, just could you kind of give us any more color on -- I mean, obviously, the datacenter opportunity is a multiyear opportunity, and we're -- identified some targets sort of for the second half of the year.

然後我想，您能否給我們更多關於——我的意思是，顯然，資料中心機會是一個多年期的機會，我們已經確定了今年下半年的一些目標。

But if we think about the quarter itself and the first quarter, with 3 hyperscale customers that we sort of know about, just -- how is the quarter versus your expectations?

但如果我們考慮本季本身和第一季度，我們有 3 個超大規模客戶，那麼本季與您的預期相比如何？

Are things going slower in the near term or are they going according to your expectations?

短期內事情進展會比較慢還是會按照你的預期進行？

Just a little bit more color on datacenter would be helpful.

只要在資料中心多一點顏色就會很有幫助。

I think it's pretty much in line with our expectations.

我認為這完全符合我們的預期。

I mean we said for -- pretty consistently for a while that 400 gig was going up, which it is.

我的意思是，我們曾經一度表示，400G 的數量將會增加，事實也確實如此。

It's up almost 4x year-over-year.

與去年同期相比，成長了近 4 倍。

Meanwhile, 100 gig is gradually declining, which is what we've said for a while as well.

與此同時，100Gb 的數量正在逐漸減少，這也是我們一段時間以來一直在說的。

And that 800 gig and 1.6 terabit will start ramping -- I mean, 800 gig later this year, 1.6 terabits maybe later this year, more likely 2026.

800G 和 1.6T 兆位元將開始成長 —— 我的意思是，800G 會在今年稍後實現，1.6T 兆位元可能也會在今年稍後實現，更有可能是在 2026 年。

So all this is in line with what we've expected.

這一切都符合我們的預期。

And for your 400G result in the quarter or what 400G could be in 1Q, is that gated by capacity?

您本季的 400G 業績或第一季的 400G 業績是否受容量限制？

Or is capacity not an issue in 400 gig?

或者 400G 的容量不是問題？

The capacity is sort of a moving target, right?

容量就像是移動的目標，對嗎？

We're adding capacity as demand shows that to be prudent, right?

我們正在增加產能，因為需求顯示這是謹慎的，對嗎？

In other words, we're not getting too far ahead on the capacity expansion plan.

換句話說，我們的產能擴張計畫還沒有太大進展。

So there's a number of different products that go into the 400 gig mix.

因此，有許多不同的產品可以納入 400G 組合。

Some of those were at capacity, others were a little below.

其中一些已滿員，其他則略有不足。

But in general, we're trying to keep capacity in line with demand

但整體而言，我們正努力維持產能與需求一致

Okay.

好的。

And then just last quick one for me.

接下來是我最後一個簡短的發言。

The $120 million to $150 million CapEx target in 2025, I actually suspected that maybe it could have even been higher than that.

2025 年的資本支出目標為 1.2 億至 1.5 億美元，我實際上懷疑甚至可能更高。

So I'm kind of wondering, is that like a number that would have to be repeated in the next year?

所以我有點想知道，這個數字是否在明年必須重複？

Or does that get you multiple years of revenue growth for, let's say, $150 million?

或者這能為你帶來多年的收入成長，比如說 1.5 億美元？

Let's put it this way.

我們就這麼說吧。

Our hope is that we're going to continue to make sizable capital investments because that means that our revenue in the future is expected to continue to ramp, which is what I think, based on what we're hearing from our datacenter customers, this is a multiyear upgrade cycle that they're going through with respect to their AI datacenters.

我們希望繼續進行大規模的資本投資，因為這意味著我們未來的收入預計將繼續增長，根據我們從資料中心客戶那裡聽到的信息，我認為這是一個他們在人工智慧資料中心方面正在經歷的多年升級週期。

And to that extent, if we're participating in that, then our expectation is that we would continue to see increased demand, not just 2025 and we're done.

從這個程度上來說，如果我們參與其中，那麼我們預計需求將繼續增加，而不僅僅是到 2025 年就完成了。

So I can't give you any kind of guidance on what we're going to be in 2026 in terms of CapEx.

因此，我無法給你任何關於我們 2026 年資本支出的指導。

But I think it would be a very good sign if we continue to invest substantial amounts.

但我認為，如果我們繼續大量投資，這將是一個非常好的跡象。

Or let me say that based on the information we have from four, five customers, I think by end of next year, the demand for the (inaudible) 1.6 T single transceiver could be more than 200,000 per month or even 250,000 per month.

或者讓我說，根據我們從四到五個客戶那裡獲得的信息，我認為到明年年底，（聽不清楚）1.6 T 單收發器的需求量可能會超過每月 200,000 個，甚至每月 250,000 個。

But I think we want to be conservative because the demand change from time to time.

但我認為我們應該採取保守的態度，因為需求會時常改變。

We will not invest until we cut the commitment or maybe the [indiscernible] from customers.

除非我們取消對客戶的承諾或[音訊不清楚]，否則我們不會進行投資。

But this year, I think we are very confident the demand there.

但今年，我認為我們對那裡的需求非常有信心。

And that's why we need to speed up the investment, especially in Houston.

這就是為什麼我們需要加快投資，特別是在休士頓。

I think really we need to make the transceiver in Houston because I think that's required by the customers.

我認為我們確實需要在休士頓製造收發器，因為我認為這是客戶的要求。

All right?

好的？

Thanks so much.

非常感謝。

Simon Leopold from Raymond James.

雷蒙詹姆斯 (Raymond James) 的西蒙·利奧波德 (Simon Leopold)。

Yes thanks this is Jeff Koche in for Simon.

是的，謝謝，我是 Jeff Koche，代替 Simon。

So I just wanted to hit on 400 gig for a little bit.

所以我只是想稍微達到 400Gig。

Maybe you could break out, of the $14 million, like how much was the Microsoft AOC agreement?

也許您可以算一下，1400 萬美元中，微軟 AOC 協議的金額是多少？

And then thinking just about how the -- maybe the front end, the 400 gig demand there, how you expect that to trend into March?

然後想想——也許是前端，那裡有 400G 的需求，您預計到 3 月其趨勢會如何？

And I have a follow-up.

我還有一個後續問題。

Yeah, I can't really comment on customer-specific products, and all that would be covered under NDA.

是的，我實際上無法對特定客戶的產品發表評論，所有這些都在保密協議 (NDA) 的涵蓋範圍內。

But I can say that we've been pretty consistent that the Microsoft program would ramp later this year, and that's consistent with the forecast that we're continuing to see.

但我可以說，我們非常一致地認為微軟的計畫將在今年稍後加速，這與我們繼續看到的預測一致。

But with respect to exactly how much we sold this quarter, we don't break that out.

但至於本季的具體銷量，我們並未透露。

And I'm sorry, your second question was what?

抱歉，您的第二個問題是什麼？

Just the I know that that was targeted more to the back end.

我只是知道這更多是針對後端。

I'm just thinking the 400 gig, that's front more front-end related.

我只是認為 400 千兆與前端更相關。

Or is some of the 400 gig that you're getting in the business, is that -- should we consider that back end?

或者您在業務中獲得的 400G 中的一部分是——我們應該考慮後端嗎？

And how do you expect that dynamic to trend into March?

您預計這種動態在三月會如何發展？

Thank you.

謝謝。

Well, again, we don't give forward guidance by product line either, so I can't really comment on exactly what we'd expect to.

嗯，再說一次，我們也不會根據產品線提供前瞻性指引，所以我無法真正評論我們到底期望什麼。

Let me say.

讓我說一下。

Right now, we can see very strong demand for 400G single-mode transceiver for maybe 2 kilometers or 10 kilometer.

目前，我們可以看到2公里或10公里的400G單模收發器的需求非常強勁。

That's why we are adding our capacity too, all right?

這就是我們也增加產能的原因，好嗎？

Not only [indiscernible] but that's not the majority of this year because -- so basically, I will say we see in a few months, I would say, by June or July, I think the single-mode capacity, we need to be maybe, I would say, maybe 50,000 to 70,000 per month.

不僅 [音訊不清晰]，而且這還不是今年的大部分時間，因為——所以基本上，我會說我們會在幾個月後看到，我想到六月或七月，我認為單模容量，我們需要的可能是，我想到，每月 50,000 到 70,000 架。

The multimode, I think we have to work maybe 100,000 per month maybe by similar times, all right, June, July, August.

多模式，我認為我們可能每月要工作 100,000 個，可能在類似的時間，好的，六月，七月，八月。

This is based on the demand we see.

這是基於我們看到的需求。

That's how far I can say.

我只能說這麼多。

But we have many customers, okay, maybe five or six, seven customers, all right, all U.S. customers, all right?

但我們有很多客戶，好吧，可能有五、六、七個客戶，好吧，都是美國客戶，好嗎？

Yeah, Maybe just clarify based -- I'm sorry if I missed this, but like embedded within the guidance for March, where do you see CATV versus datacenter sales?

是的，也許只是澄清一下——如果我錯過了這一點，我很抱歉，但就像 3 月份的指導中所嵌入的那樣，您認為有線電視與資料中心的銷售情況如何？

Datacenter should be up, I'm assuming, and maybe some moderation in CATV?

我認為資料中心應該已經啟動，也許有線電視也需要一些節制？

That's it.

就是這樣。

Yeah, I mean, again, we don't really break it out by product line like that.

是的，我的意思是，我們實際上並沒有按照產品線進行分類。

But I think we said pretty consistently that we're going to reach a kind of plateau in CATV revenue.

但我認為我們一直都表示，有線電視收入將會達到某種平台期。

I mean I've been pretty consistent in past calls talking about how, at some level, our CATV revenue is limited by the rate at which our customers can deploy the product, right?

我的意思是，我在過去電話會議中一直在談論，在某種程度上，我們的有線電視收入受到客戶部署產品的速度的限制，對嗎？

This is not like datacenter where a technician can just go into the data center and replace a bunch of product all at once.

這不像是資料中心，技術人員可以直接進入資料中心並一次更換一堆產品。

Each one of these amplifiers needs to have a crew, a bucket, trucks and a lot of infrastructure is required to do that.

每個擴大機都需要有工作人員、鏟鬥、卡車，還需要大量的基礎設施才能完成。

So there's just a natural limit to how much of that can be installed in a given quarter.

因此，在一個特定季度內可以安裝的數量自然是有限的。

So we expect to see kind of a plateauing in the CATV business.

因此我們預期有線電視業務將進入穩定期。

And as Thompson mentioned, the cable -- I mean, excuse me, the datacenter business is where we expect to see most of the growth going forward.

正如湯普森所提到的，電纜——對不起，我的意思是，資料中心業務是我們預計未來成長最快的業務。

And by the way, the Q1 guidance is not limited by demand.

順便說一句，第一季的指引並不受需求的限制。

It's because it's [indiscernible] New Year, as you know, so there's 2, 3 weeks or even 1 month including the manpower issues.

如你所知，因為現在是[音訊不清楚]新年，所以包括人力問題在內，會有2、3週甚至1個月的時間。

So otherwise, I think the revenue will be much, much higher.

所以除此之外，我認為收入將會高很多。

So in Q1, the revenue is limited by our capacity, especially in manpower, okay, not the demand.

因此，在第一季度，收入受到我們產能的限制，尤其是人力，而不是需求。

So that's why we are working very hard to catch up the demand for the customers, especially in datacenter 100G, 400G, then 800G [indiscernible] start getting to [indiscernible] manufacturer in Q2, for sure Q3.

所以這就是為什麼我們正在努力滿足客戶的需求，特別是資料中心 100G、400G，然後 800G [聽不清楚] 在第二季開始到達 [聽不清楚] 製造商，肯定在第三季。

Dave Kang from B. Riley Securities

B. Riley Securities 的 Dave Kang

First question is on cable TV.

第一個問題是關於有線電視的。

You've got that 52% customer.

您已經擁有那 52% 的客戶。

Is that a disti or can you talk more about that customer, because it's not ATX, right?

那是一個分銷商嗎？

No, it's the same big customer we've had for the last few quarters in cable, and it's, it is a stocking distributor for cable TV products in the US yeah.

不，它是我們過去幾季在有線電視領域的大客戶，它是美國有線電視產品的庫存分銷商。

So how is that, can you talk about the difference between the demand difference between your product versus say like a DAA, from Harmonic and investing where, they're talking about, slowing down where you guys seem to be kind of immune from that.

那麼，您可以談談您的產品與 Harmonic 的 DAA 之間的需求差異以及他們所談論的投資放緩，而您似乎對此免疫。

Yeah, I mean I think we've mentioned this on the last few calls, but I'll kind of reiterate that.

是的，我認為我們在最近的幾次通話中已經提到過這一點，但我還是要重申這一點。

So the DAA, the element that is principally causing the DAA deployments to slow down is a Remote PHY module.

因此，DAA，導致 DAA 部署速度減慢的主要因素是遠端 PHY 模組。

It goes out in the node and it translates the digital input and output signals into analog signals that can be carried over the rest of the co-ax portion of the HFC network, okay?

它從節點出去，將數位輸入和輸出訊號轉換成類比訊號，可以透過 HFC 網路的其餘同軸部分進行傳輸，好嗎？

That particular device has had some challenges, okay?

那個特定的設備遇到了一些挑戰，好嗎？

And so our products are downstream of that device.

因此我們的產品位於該設備的下游。

Right now, what we're selling are the amplifier products that go downstream of the node, okay?

現在我們賣的是節點下游的擴大機產品，好嗎？

So those -- the upgrade of those amplifiers is independent of the DAA aspect of the network, okay?

所以這些擴大機的升級與網路的 DAA 方面無關，好嗎？

And carriers can get benefits from deploying the amplifiers independent of whether or not the node has been upgraded.

無論節點是否升級，營運商都可以從部署放大器中獲益。

And so that's what they're doing.

這就是他們正在做的事情。

As they work their way through whatever the issues are with the Remote PHY deployment, they're going full speed ahead on their amplifier upgrades.

在他們努力解決遠端 PHY 部署中存在的問題的同時，他們正全速推進擴大機的升級。

So that when the Remote PHY devices and the nodes are ready, then they'll be able to immediately or more quickly turn on DOCSIS 4.0 services.

這樣，當遠端 PHY 設備和節點準備就緒時，它們將能夠立即或更快地啟動 DOCSIS 4.0 服務。

Got it.

知道了。

And then regarding your top customer that Disney customer or cable TV customer, I mean, who are their major customers?

然後關於您的最大客戶，即迪士尼客戶或有線電視客戶，我的意思是，他們的主要客戶是誰？

I mean, do they sell to major MSOs like Charter and Comcast or any more color on their customer base?

我的意思是，他們是否向 Charter 和 Comcast 等主要 MSO 銷售產品，或者是否向其客戶群提供其他產品？

I mean, yes, they do sell to large MSOs, including the ones that you mentioned, and a variety of others.

我的意思是，是的，他們確實向大型 MSO 銷售產品，包括您提到的那些，以及其他各種 MSO。

The units that we have been selling are principally destined for large North American MSOs who are doing upgrade projects.

我們銷售的設備主要銷往正在進行升級專案的北美大型 MSO。

Got it.

知道了。

And then I'm assuming when you talk about second half regarding 800 gig ramping in second half, I'm assuming third quarter, what's your lead time or expected lead times for 800 gig?

然後我假設當您談到下半年關於 800Gig 的增加時，我假設是第三季度，您的 800Gig 的交貨時間或預期交貨時間是多少？

Is that like maybe 10 weeks or 8 weeks?

那大概是 10 週還是 8 週？

Something like that.

類似這樣的。

I mean that's been -- I mean, typically, our lead time in the datacenter business has been something -- we're around 8 to 10 weeks.

我的意思是，通常，我們的資料中心業務的交付週期是大約 8 到 10 週。

I guess that would be what we would expect to the 800 gig as well.

我想這也是我們對 800G 的期望。

There's no principal reason why 800 gig would differ from that.

800G 與此沒有什麼不同。

Got it.

知道了。

Okay, sounds good thank you.

好的，聽起來不錯，謝謝。

Yeah.

是的。

The next question is a follow up from Tim Savago with Northland Capital Markets.

下一個問題是來自 Northland Capital Markets 的 Tim Savago 的後續問題。

Please go ahead.

請繼續。

Thanks, and this kind of follows on to Thompson's comments about midyear capacity.

謝謝，這類似於湯普森關於年中產能的評論。

And so it sounds like a lot of this is going to need to happen pretty quickly.

因此，聽起來很多事情都需要很快發生。

I guess that, talking about the potential for a strategic investment, it seems like if that's going to happen, that would need to happen pretty soon to be part of the financing of the capacity.

我想，談到戰略投資的潛力，似乎如果要發生這種情況，那麼就需要很快發生，才能成為產能融資的一部分。

I just want to get any color on that, on any expectations you might have.

我只是想了解一下這方面的情況以及你們可能抱持的期望。

Look, I mean, we've been adding -- I mean, as you can see, our CapEx numbers are -- have ramped fairly dramatically over the last couple of quarters already.

你看，我的意思是，我們一直在增加——我的意思是，正如你所看到的，我們的資本支出數字——在過去幾個季度已經大幅增加。

So we're not holding back on investments that we need to make until we get a strategic investment.

因此，在獲得策略性投資之前，我們不會抑制需要進行的投資。

What I was trying to say in our prepared remarks is simply that those discussions are ongoing and that that could be a part of our financing plan.

我在準備好的發言中試圖表達的是，這些討論正在進行中，而且這可能是我們融資計劃的一部分。

And let me add something too.

我也想補充一些內容。

For the 400G multimode, demand was actually, it's not storage, it's AOC.

對於400G多模，需求實際上不是存儲，而是AOC。

But the same capacity can be used for 800G AOC too.

但相同容量也可用於800G AOC。

So if it comes to the capacity is 240,000 per month of storage 120,000 per month AOC by June or July, and for both 400G and 800G, and that's based on the demand from the customer.

因此，如果到 6 月或 7 月，容量為每月 240,000 個存儲，那麼每月 AOC 為 120,000 個，並且同時為 400G 和 800G，這取決於客戶的需求。

The other is most of this new production line will be almost fully automated, not like 100G [indiscernible] it's totally different.

另一個是這條新生產線的大部分將幾乎完全自動化，不像 100G [音訊不清晰]，它是完全不同的。

So we can set minimal 80% to 90% manpower.

所以我們可以設定最低80%到90%的人力。

And that's why we are very confident we can make in Q3.

這就是我們非常有信心能在第三季取得成功的原因。

All right.

好的。

Thank you.

謝謝。

Michael Genovese from Rosenblatt Securities

羅森布拉特證券公司的麥可‧吉諾維斯

Hello Michael, you're on the the podium again.

你好，邁克爾，你再次登上頒獎台。

Oh. Oh sorry

哦。哦，抱歉

I was on mute there thanks again last Just last follow-up question for me.

我當時處於靜音狀態，再次感謝，這只是我最後一個後續問題。

I just want to ask directly, have you guys qualified 800G products with any customer yet?

我只是想直接問一下，你們已經為任何客戶提供了 800G 產品的認證了嗎？

And have you shipped any 800-gig revenue in the fourth quarter?

您在第四季有出貨 800G 的產品嗎？

We are almost there, we ship out a lot of the 800g but it's a few 100 a few 1,000 that's called the final qualification beside the lab it's more likely than the qualification, something like that.

我們快要完成了，我們運出了很多 800 克的產品，但除了實驗室之外，還有幾百到幾千個產品被稱為最終認證，這比認證更有可能，諸如此類。

A customer.

一位顧客。

To to more than one customer.

針對多個客戶。

You said?

你說呢？

33 or 443 or 4, okay.

33 或 443 或 4，好的。

Okay, that, that's all for me.

好的，對我來說就這些了。

Thanks again.

再次感謝。

Yeah, single mode and not mode.

是的，單一模式和非模式。

At this time we have no further questions, and I will turn the call back over to Doctor Thompson Lynn for closing remarks.

目前我們沒有其他問題，我將把電話轉回給湯普森林恩博士作結束語。

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 for your continued support.

像往常一樣，我們要向我們的投資者、客戶和員工表示感謝，感謝你們一直以來的支持。

As we discussed today, we believe the long-term demand driver remains strong for both our datacenter 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仍然強勁，並且我們相信我們已準備好利用這一機會。

We look forward to seeing many of you at OFC.

我們期待在 OFC 見到你們。

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。