祥茂光電 (AAOI) 2025 Q1 法說會逐字稿

Good afternoon. I will be your conference operator today. At this time, I would like to welcome everyone to Applied Optoelectronics' first-quarter 2025 earnings conference call.

午安.今天我將擔任您的會議主持人。現在，我歡迎大家參加應用光電公司 2025 年第一季財報電話會議。

(Operator Instructions) Please note this event is being recorded.

（操作員指示）請注意，此事件正在被記錄。

I will now turn the call over to Lindsay Savarese, Investor Relations for AOI. Ms. Savarese, you may begin.

現在我將把電話轉給 AOI 投資者關係部門的 Lindsay Savarese。薩瓦雷斯女士，您可以開始。

Thank you. I'm Lindsay Savarese, Investor Relations for Applied Optoelectronics. I am pleased to welcome you to AOI's first-quarter 2025 financial results conference call.

謝謝。我是 Lindsay Savarese，應用光電子公司投資人關係部門負責人。我很高興歡迎您參加 AOI 2025 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 2025 financial results and provided its outlook for the second quarter of 2025. The release is also available on the company's website at ao-inc.com.

今天收盤後，AOI發布新聞稿，公佈了其2025年第一季的財務業績，並提供了對2025年第二季的展望。新聞稿也可在本公司網站 ao-inc.com 上查閱。

This call is being recorded and webcast live. A link to the recording can be found on the Investor Relations section of the AOI website and will be archived for one year.

本次通話正在錄音並進行網路直播。您可以在 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 2025. A question-and-answer session will follow our prepared remarks.

湯普森將概述 AOI 第一季的業績。史蒂芬將提供財務細節和2025年第二季的展望。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. On today's call, management will make forward-looking statements. 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.

在我們開始之前，我想提醒您查看 AOI 的安全港聲明。在今天的電話會議上，管理階層將做出前瞻性陳述。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, forecasts, 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、將會、潛在或認為等術語，或透過這些術語的否定形式，或其他傳達未來事件或結果不確定性的類似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. 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.

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。儘管公司認為這些預期、假設、估計和預測是合理的，但此類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 second quarter of 2025.

前瞻性陳述還包括有關管理層對其產品擴展到新市場和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 年第二季度的展望的陳述。

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.

除法律要求外，AOI 不承擔在本次收益電話會議召開日期之後以任何理由更新這些前瞻性陳述的義務，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 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 向美國證券交易委員會提交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. Non-GAAP financial measures are not intended to be considered in isolation or as a substitute for results prepared in accordance with GAAP.

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。非公認會計準則財務指標不應被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 指標之間的對賬，以及我們為何採用非 GAAP 財務指標的討論，均包含在公司的收益新聞稿中，該新聞稿可在 AOI 的網站上查閱。

Before moving to the financial results, I'd like to note that the date of AOI's second-quarter 2025 earnings call is currently scheduled for August 7, 2025.

在了解財務結果之前，我想指出的是，AOI 2025 年第二季財報電話會議的日期目前定於 2025 年 8 月 7 日。

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

現在，我想將電話轉給 AOI 的創辦人、董事長兼執行長 Thompson Lin 博士。湯普森？

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

謝謝你，林賽。感謝您今天參加我們的電話會議。

We are pleased to deliver first-quarter results that were in line or better than our expectations. We continued to see strong demand in the CATV market and achieved the highest quarterly CATV revenue in AOI's history.

我們很高興地宣布第一季的業績符合甚至好於我們的預期。我們繼續看到有線電視市場的強勁需求，並實現了AOI歷史上最高的季度有線電視收入。

During the first quarter, we continued to make progress on our Datacenter business, with new design wins with an existing hyperscale datacenter customer during the quarter.

在第一季度，我們的資料中心業務繼續取得進展，並在本季度贏得了現有超大規模資料中心客戶的新設計。

During the first quarter, we delivered revenue of $99.9 million, which was in line with our guidance range of $94 million to $104 million.

第一季度，我們的營收為 9,990 萬美元，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 30.7%, which was above the top end of our guidance range of 29% to 30.5%. Our non-GAAP loss per share of $0.02 was in line with our guidance range of a loss of $0.07 to breakeven.

我們記錄的非 GAAP 毛利率為 30.7%，高於我們預期範圍的上限 29% 至 30.5%。我們的非公認會計準則每股虧損 0.02 美元，符合我們的虧損 0.07 美元至損益兩平的指導範圍。

Total revenue for our Datacenter products of $32 million increased 11% year over year but was down 20% sequentially, due to inventory digestion on one product by one of our customers.

我們的資料中心產品總收入為 3,200 萬美元，年增 11%，但環比下降 20%，原因是我們的一個客戶消化了一款產品的庫存。

During the quarter, we began several new qualification efforts while supporting existing qualification on 800G products with several large hyperscale customers.

在本季度，我們開始了幾項新的資格認證工作，同時為幾家大型超大規模客戶提供 800G 產品的現有資格認證支援。

Total revenue in our CATV segment was $64 million, which increased more than 6 times year over year and increased 24% sequentially, largely driven by continued shipment of our 1.8 gigahertz amplifiers for one of our major MSO customers.

我們的有線電視部門總收入為 6,400 萬美元，年增 6 倍多，季增 24%，這主要得益於我們繼續向其中一家主要 MSO 客戶出貨 1.8 千兆赫放大器。

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 the return (inaudible) direction and eventually enable DOCSIS 4.0.

正如我們在先前的收益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，以便他們能夠在返回（聽不清楚）方向支援更高的頻寬，並最終啟用 DOCSIS 4.0。

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

說完這些，我將把電話交給史蒂芬，讓他回顧我們第一季的業績細節以及第二季的展望。史蒂芬？

Thank you, Thompson.

謝謝你，湯普森。

We are pleased to deliver results that were in line or better than our expectations in the first quarter.

我們很高興看到第一季的業績符合甚至好於我們的預期。

We started the year with a considerable momentum. Compared to Q1 of last year, our revenue more than doubled. And we expanded our gross margin by over 1,000 basis points. We also generated positive non-GAAP EBITDA in the quarter.

我們以強勁的勢頭開啟了新的一年。與去年第一季相比，我們的營收成長了一倍以上。我們的毛利率提高了 1,000 多個基點。本季我們也實現了正的非 GAAP EBITDA。

We continue to see strong demand in the CATV market and achieved the highest quarterly CATV revenue in AOI's history during the first quarter. Further, we continue to make progress on our Datacenter business with 3 new design wins with an existing hyperscale datacenter customer during the quarter.

我們繼續看到有線電視市場的強勁需求，並在第一季實現了AOI歷史上最高的季度有線電視收入。此外，我們的資料中心業務繼續取得進展，本季與現有的超大規模資料中心客戶贏得了 3 項新的設計勝利。

Looking ahead, we continue to believe that these positive long-term growth trends in both our CATV and datacenter markets will benefit our business.

展望未來，我們仍然相信有線電視和資料中心市場的長期積極成長趨勢將有利於我們的業務。

While we continue to closely monitor news of tariffs, in Q1, tariffs had no material impact on our financials. We do not expect significant impact in Q2, based on what we know at this point.

雖然我們繼續密切關注關稅消息，但在第一季度，關稅對我們的財務狀況沒有重大影響。根據目前掌握的情況，我們預計第二季不會受到重大影響。

We are maintaining a posture of flexibility and vigilance. We are continuously assessing our supply chain and manufacturing operations, with an eye towards minimizing tariff impacts.

我們保持靈活和警惕的姿態。我們正在不斷評估我們的供應鏈和製造業務，以盡量減少關稅的影響。

At OFC, we unveiled our near-term targets for adding production capacity for 800G and higher transceivers at our existing plant in Texas.

在 OFC 上，我們公佈了近期目標，即在德州現有的工廠增加 800G 及更高收發器的生產能力。

I am pleased to report that we remain on track for these targets, which will culminate later this year, with what we believe will be the largest domestic production capacity, expected to be approximately 40,000 transceivers per month or roughly 40% of our overall capacity for these advanced 800G optical transceivers.

我很高興地報告，我們仍在朝著這些目標前進，並將在今年稍後達到頂峰，我們相信這將是國內最大的生產能力，預計每月約為 40,000 個收發器，約佔這些先進 800G 光收發器總產能的 40%。

By mid-2026, we expect to be able to produce over 200,000 pieces per month, with the majority produced in Texas.

到 2026 年中期，我們預計每月能夠生產超過 200,000 件，其中大部分在德克薩斯州生產。

Currently, we have already begun to order the equipment necessary to bring up production of our 800G at our current facility outside of Houston; and initial production capacity is on track to be shipping product later this summer.

目前，我們已經開始訂購必要的設備，以便在我們位於休士頓郊外的現有工廠生產 800G；初始生產能力預計將在今年夏天晚些時候發貨。

We believe that our largely in-house developed production automation capabilities uniquely position us to be able to rapidly scale manufacturing in the US. And we remain committed to offering our customers the option to purchase these products onshore.

我們相信，我們主要內部開發的生產自動化能力使我們能夠在美國迅速擴大製造業規模。我們仍然致力於為客戶提供在岸購買這些產品的選擇。

In addition, while we do utilize some imported components in our transceivers, many key components like our laser chips are already manufactured in the US.

此外，雖然我們的收發器確實使用了一些進口組件，但許多關鍵組件（例如雷射晶片）已經在美國製造。

Importantly, in our 800G and 1.6 terabit transceiver designs, less than 10% of the value of the components used is currently sourced from China. And we have a pathway, as we scale production, to further reducing this China content, ultimately, to near zero.

重要的是，在我們的 800G 和 1.6 太比特收發器設計中，目前使用的組件價值中只有不到 10% 來自中國。隨著生產規模的擴大，我們有辦法進一步減少中國成分，最終將其降至接近零。

We are also in discussion with several key suppliers about onshoring their production to the US to support a robust domestic supply chain.

我們也正在與幾家主要供應商討論將其生產轉移到美國，以支持強大的國內供應鏈。

Our customers have indicated their need for a reliable domestic manufacturer of next-generation optics. And we continue to receive very positive feedback from them regarding our plans.

我們的客戶表示，他們需要一家可靠的國內下一代光學產品製造商。我們繼續收到他們對我們的計劃的非常積極的回饋。

As Thompson mentioned earlier, our Q1 highlights include delivering revenue of $99.9 million, which was in line with our guidance range of $94 million to $104 million; and non-GAAP gross margin of 30.7%, which was above our guidance range of 29% to 30.5%. And, lastly, our non-GAAP loss per share of $0.02 was within our guidance range of a loss of $0.07 to breakeven.

正如湯普森先前所提到的，我們第一季的亮點包括實現 9,990 萬美元的收入，符合我們 9,400 萬美元至 1.04 億美元的預期範圍；非公認會計準則毛利率為 30.7%，高於我們的預期範圍 29% 至 30.5%。最後，我們的非公認會計準則每股虧損 0.02 美元，符合我們的虧損 0.07 美元至損益兩平的指導範圍。

During the first quarter, we continued to deliver on our initiatives that we had previously laid out. We continue to believe that the long-term demand drivers for our Datacenter business are strong, as our customers continue to build out their next-generation AI-focused datacenter architectures.

第一季度，我們繼續履行先前製定的措施。我們仍然相信，隨著我們的客戶繼續建立下一代以人工智慧為中心的資料中心架構，我們的資料中心業務的長期需求驅動力仍然強勁。

We believe that we are uniquely positioned to benefit from these tailwinds. And our efforts are centered on fulfilling our customers' needs, with high quality and speed.

我們相信，我們擁有獨特的優勢，能夠從這些順風中獲益。我們的努力以高品質和快速滿足客戶的需求為中心。

In our Datacenter business, on the back of the announcement we made with Amazon in mid-March, we're working diligently to deliver the products, which they are going to need to be qualified in their datacenter.

在我們的資料中心業務中，根據我們三月中旬與亞馬遜發布的公告，我們正在努力交付他們需要在其資料中心認證的產品。

We continue to expand the depth and breadth of our interactions with Amazon, as we mutually look to expand revenue opportunities for AOI to reach the $400 million or more annually that it will take to fully earn the warrants that we agreed to in March.

我們將繼續擴大與亞馬遜互動的深度和廣度，因為我們共同尋求擴大 AOI 的收入機會，以達到每年 4 億美元或更多，從而完全獲得我們在 3 月同意的認股權證。

We saw impressive turnout at the OFC Trade Show, where we continue to engage in meaningful dialogue with our customers, particularly with some of our larger hyperscale customers; and demonstrated our next-generation technology, including CPO.

我們在 OFC 貿易展上看到了令人印象深刻的出席率，在那裡我們繼續與我們的客戶進行有意義的對話，特別是與一些較大的超大規模客戶；並展示了包括CPO在內的我們的下一代技術。

Further, we received positive feedback from our 800G and 1.6 terabit product demos. We are active in building out our capacity to address 400G and 800G product demand, which I will touch on further in a moment. And we are seeing a growing demand for both of these products.

此外，我們的 800G 和 1.6 太比特產品演示也獲得了正面的回饋。我們正在積極擴大產能以滿足 400G 和 800G 產品需求，稍後我將進一步討論這一點。我們看到這兩種產品的需求都在不斷增長。

In Q1, demand for certain 100G products unexpectedly surged in the quarter, which we believe may be related to tariff concerns. Our production capacity on these 100G products was limited by supply constraints, as we worked to meet this increased demand. We are working with our supplier on these parts and expect partial recovery in Q2 and a full recovery by Q3, which will be positive for both our revenue and gross margin.

第一季度，某些 100G 產品的需求意外激增，我們認為這可能與關稅問題有關。由於我們努力滿足日益增長的需求，這些 100G 產品的生產能力受到供應限制的限制。我們正在與供應商就這些零件進行合作，預計第二季將部分恢復，第三季將全面恢復，這對我們的收入和毛利率都有利。

We continue to make progress on customer qualifications on our 800G products and are being asked by several customers to expedite production earlier than previously requested, especially as we expect to bring US production online in Q3 of this year. This demand pull-in continues to increase our confidence in a second half 2025 ramp for 800G.

我們在 800G 產品的客戶資格認證方面繼續取得進展，並且有幾位客戶要求我們比之前的要求更早地加快生產速度，特別是我們預計將於今年第三季度在美國上線生產。這種需求拉動持續增強了我們對 2025 年下半年 800G 成長的信心。

While immaterial to our overall revenue, we did record some revenue for our 800G products in the first quarter, related to deliveries for customer qualification activity.

雖然對我們的整體收入來說並不重要，但我們在第一季確實記錄了一些 800G 產品的收入，這些收入與客戶資格認證活動的交付有關。

Turning to our CATV business. As Thompson mentioned, after receiving a substantial order for our Quantum Bandwidth networking products from a top North American cable operator last quarter, our product shipments have begun to ramp.

談到我們的有線電視業務。正如湯普森所提到的，在上個季度從北美頂級有線電視營運商收到大量量子頻寬網路產品訂單後，我們的產品出貨量開始增加。

We are currently being deployed in multiple geographic markets by a major North American MSO. And new markets are being added regularly, as technicians are trained and products are staged for deployment.

目前，北美一家大型 MSO 正在向多個地理市場部署我們。隨著技術人員的培訓和產品的部署，新的市場也不斷出現。

Our Motorola Housing-style amplifier products are slated for full qualification and field trial this month. And forecasts for delivery of these products begin in June. This nearly doubles our available market, from what we are currently seeing on only GameMaker-style amplifiers.

我們的摩托羅拉外殼式擴大機產品計劃於本月進行全面鑑定和現場試驗。預計這些產品的交付將於六月開始。這幾乎使我們的可用市場翻了一番，而我們目前僅在 GameMaker 風格的擴大機上看到過這種情況。

In Q2, we are balancing production to ensure we have sufficient stock of both types of amplifiers in the US by late June.

在第二季度，我們正在平衡生產，以確保到 6 月底我們在美國有足夠的兩種類型的放大器庫存。

Lastly, during the quarter, we expanded our production capacity to further diversify our manufacturing capabilities and to add additional resilience to our business model.

最後，在本季度，我們擴大了生產能力，以進一步實現製造能力多樣化，並為我們的業務模式增添額外的彈性。

As a reminder, we currently have three manufacturing sites: one here in Sugar Land, Texas, where our headquarters is; one in Ningbo, China; and one in Taipei, Taiwan.

提醒一下，我們目前有三個製造基地：一個位於我們的總部所在地德州的糖城；一個在中國寧波；其中一個位於台灣台北。

As we mentioned on our last earnings call, we have been retrofitting our facility in Sugar Land, Texas to accommodate new automated production equipment, which we plan to receive, beginning in June. This equipment will be used for the production of both 800G and 1.6 terabit transceiver products, which we expect will be produced and delivered from Sugar Land, beginning later this summer.

正如我們在上次收益電話會議上提到的那樣，我們一直在改造位於德克薩斯州糖城的工廠，以容納新的自動化生產設備，我們計劃從六月開始接收這些設備。該設備將用於生產 800G 和 1.6 太比特收發器產品，我們預計這些產品將於今年夏天晚些時候開始從糖城生產和交付。

During the fourth quarter, as I mentioned on our last call, we signed an agreement to lease an additional building in Taiwan, which we began outfitting in Q1 in order to increase production of our 100G, 400G, and 800G datacenter transceivers and CATV products there.

正如我在上次電話會議上提到的，在第四季度，我們簽署了一項協議，在台灣租賃一棟額外的建築，並從第一季開始對其進行裝備，以增加我們在那裡的 100G、400G 和 800G 資料中心收發器和 CATV 產品的產量。

As you may have heard me say at OFC, we expect to increase production in both our US and Taiwan locations by 8.5 times by the end of the year. And we are dedicated to achieving this goal. We have already begun ordering equipment to enable this ramp.

您可能已經聽我在 OFC 說過，我們預計到今年年底，美國和台灣工廠的產量將提高 8.5 倍。我們致力於實現這一目標。我們已經開始訂購設備來啟用這個坡道。

Turning to our first-quarter results.

談談我們的第一季業績。

Our total revenue was $99.9 million, which more than doubled year over year and was essentially flat sequentially, off a strong Q4; and was in line with our guidance range of $94 million to $104 million.

我們的總營收為 9,990 萬美元，年成長一倍多，與上一季基本持平，得益於第四季的強勁表現；並符合我們 9,400 萬美元至 1.04 億美元的指導範圍。

During the first quarter, 65% of revenue was from CATV products; 32% was from Datacenter products; with the remaining 3% from FTTH, Telecom, and Other.

第一季度，65%的營收來自CATV產品；32%來自資料中心產品；其餘 3% 來自 FTTH、電信和其他。

In our Datacenter business, Q1 revenue came in at $32 million, which was up 11% year over year and was down 28% sequentially. The sequential decrease was due to seasonality, as well as inventory digestion from one of our largest hyperscale customers.

在我們的資料中心業務中，第一季的營收為 3,200 萬美元，較去年同期成長 11%，較上季下降 28%。環比下降是由於季節性因素以及我們最大的超大規模客戶之一的庫存消化。

Also, as I mentioned above, demand for some of our legacy 100G products surged in the quarter. But supply constraints on one of the components used prevented us from fully delivering on this demand. And we are working to rectify the supply constraint, as we move into Q2 and beyond.

另外，正如我上面提到的，本季我們一些傳統 100G 產品的需求激增。但所用組件之一的供應限制使我們無法完全滿足這項需求。隨著進入第二季及以後，我們正在努力糾正供應限制。

Looking ahead to Q2, we expect a sequential increase in our Datacenter revenue.

展望第二季度，我們預期資料中心營收將季增。

In the first quarter, 78% of Datacenter revenue was from 100G products, 10% was from 200G and 400G transceiver products, and 10% was from 40G transceiver products.

第一季度，資料中心營收的78%來自100G產品，10%來自200G和400G收發器產品，10%來自40G收發器產品。

In our CATV business, CATV revenue in the first quarter was $64.5 million, which was up more than 6 time year over year and increased 24% sequentially. This significant increase is due to the continued ramp in orders for our 1.8 gigahertz amplifier products.

在我們的有線電視業務中，第一季有線電視收入為 6,450 萬美元，年增 6 倍多，環比成長 24%。這一顯著增長是由於我們 1.8 千兆赫放大器產品訂單的持續增加。

In Q1, we were essentially at our manufacturing capacity for CATV production, given current production equipment and staffing. But we believe that our current capacity approximates demand from our customer base.

在第一季度，考慮到目前的生產設備和人員配備，我們基本上已經達到了有線電視生產的產能。但我們相信，我們目前的產能接近客戶群的需求。

Looking ahead to Q2, we expect a modest pullback in CATV revenue, as we retool production to our Motorola-style amplifier products.

展望第二季度，我們預計有線電視收入將略有下降，因為我們將把生產轉向摩托羅拉風格的擴大機產品。

Now, turning to our Telecom segment. Revenue from our telecom products of $2.9 million was up 29% year over year and down 17% sequentially.

現在，轉向我們的電信部門。我們的電信產品營收為 290 萬美元，年增 29%，季減 17%。

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 97% of revenue, up from 92% in Q1 of last year. We had two greater than 10% customers: one in the CATV market, which contributed 64% of total revenue; and one in the datacenter market, which contributed 27% of total revenue.

第一季度，我們的十大客戶貢獻了 97% 的收入，高於去年第一季的 92%。我們有兩個超過 10% 的客戶：一個在有線電視市場，貢獻了總收入的 64%；資料中心市場貢獻了總收入的27%。

In Q1, we generated non-GAAP gross margin of 30.7%, which was above our guidance range of 29% to 30.5% and was up from 28.9% in Q4 of 2024 and 18.9% in Q1 of 2024. The increase in our gross margin was driven primarily by our favorable product mix, including growth in our CATV revenue.

第一季度，我們的非公認會計準則毛利率為 30.7%，高於我們的預期範圍 29% 至 30.5%，高於 2024 年第四季的 28.9% 和 2024 年第一季的 18.9%。我們的毛利率成長主要得益於我們良好的產品組合，包括有線電視收入的成長。

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

展望未來，我們繼續預期我們的毛利率將進一步提高，因為我們看到製造效率的提高和產品組合的改善對有線電視生產的影響。我們仍然致力於我們的長期目標，即將我們的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 first quarter were $35.5 million or 36% of revenue, which compared to $24.8 million or 61% of revenue in Q1 of the prior year, primarily due to increases in R&D and G&A being driven by increased business activity.

第一季非公認會計準則營運費用總額為 3,550 萬美元，佔營收的 36%，而去年同期為 2,480 萬美元，佔營收的 61%，這主要由於業務活動增加帶動研發和一般及行政費用增加。

Looking ahead, we expect non-GAAP operating expenses to be in the range of $36 million to $40 million per quarter.

展望未來，我們預計非 GAAP 營運費用每季將在 3,600 萬美元至 4,000 萬美元之間。

Non-GAAP operating loss in the first quarter was $4.8 million, compared to an operating loss of $17.1 million in Q1 of the prior year. GAAP net loss for Q1 was $9.2 million or a loss of $0.18 per basic share, compared with a GAAP net loss of $23.2 million or a loss of $0.60 per basic share in Q1 of 2024.

第一季非公認會計準則營業虧損為 480 萬美元，而去年同期營業虧損為 1,710 萬美元。第一季的 GAAP 淨虧損為 920 萬美元，即每股基本虧損 0.18 美元，而 2024 年第一季的 GAAP 淨虧損為 2,320 萬美元，即每股基本虧損 0.60 美元。

On a non-GAAP basis, net loss for Q1 was $0.9 million or $0.02 per share, which compared to our guidance range of a loss of $3.6 million to breakeven or a loss per share in the range of $0.07 to breakeven per basic share. This compares to a non-GAAP net loss of $12 million or $0.31 per basic share in Q1 of the prior year.

以非公認會計準則計算，第一季淨虧損為 90 萬美元，即每股 0.02 美元，而我們的預期範圍是虧損 360 萬美元至損益平衡，或每股虧損在 0.07 美元至基本每股盈餘平衡之間。相較之下，去年同期非公認會計準則淨虧損為 1,200 萬美元，即每股 0.31 美元。

The basic shares outstanding used for computing the earnings per share in Q1 were $50 million.

用於計算第一季每股收益的基本流通股為 5,000 萬美元。

For the full year, we expect to generate positive non-GAAP net income.

我們預計全年非公認會計準則淨收入為正。

Turning, now, to the balance sheet. We ended the first quarter with $66.8 million in total cash, cash equivalents, short-term investments, and restricted cash. This compares with $79.1 million at the end of the fourth quarter of 2024.

現在來看資產負債表。第一季結束時，我們的現金、現金等價物、短期投資和受限現金總額為 6,680 萬美元。相較之下，2024 年第四季末的營收為 7,910 萬美元。

We ended the quarter with total debt, excluding convertible debt, of $46.1 million, compared to $46 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 4,610 萬美元，而上季末為 4,600 萬美元。

As of March 31, we had $102.3 million in inventory, which compared to $88.1 million at the end of Q4. The increase in inventory is primarily for raw materials needed for production of both CATV and datacenter products.

截至 3 月 31 日，我們的庫存為 1.023 億美元，而第四季末的庫存為 8,810 萬美元。庫存增加主要用於生產有線電視和資料中心產品所需的原料。

As we disclosed in February, we initiated a new at-the-market offering. To date, we have raised $98 million net of commissions and fees under this new program. We intend to use these proceeds to continue to make investments in the business, including new equipment and machinery for production and research and development use, including the earlier mentioned production expansion in Texas.

正如我們在二月所揭露的那樣，我們推出了一項新的市場發行計劃。到目前為止，我們已根據這項新計劃籌集了 9,800 萬美元（扣除佣金和費用）。我們打算利用這些收益繼續對業務進行投資，包括用於生產和研發的新設備和機械，包括前面提到的德克薩斯州的生產擴張。

We made a total of $30.5 million in capital investments in the first quarter, which was mainly used for manufacturing capacity expansion for our 400G and 800G transceiver products.

我們在第一季共進行了3,050萬美元的資本投資，主要用於擴大400G和800G收發器產品的製造產能。

On our last earnings call, we discussed our plans 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.

在上次財報電話會議上，我們討論了未來幾季進行大規模資本支出投資的計劃，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 continue to expect between $120 million and $150 million in total CapEx. While these costs could be impacted from the tariffs, given the evolving nature, it is difficult to predict what type of impact or by how much.

我們預計今年的總資本支出仍將在 1.2 億美元至 1.5 億美元之間。雖然這些成本可能會受到關稅的影響，但考慮到不斷變化的性質，很難預測會產生何種影響或影響有多大。

We will continue to do our best to minimize any impacts. In any event, it's clear to us that US-based production is top of mind for our customers. And we remain committed to building out this capacity, with production expected to start later this summer.

我們將繼續盡最大努力將影響力降至最低。無論如何，我們很清楚，美國生產是我們客戶最關心的問題。我們將繼續致力於擴大這一產能，預計今年夏天晚些時候開始生產。

Moving now to our Q2 outlook. We expect Q2 revenue to be between $100 million and $110 million, accounting for a modest sequential decrease in CATV revenue and sequential increase in Datacenter revenue.

現在轉到我們的第二季展望。我們預計第二季的營收將在 1 億美元至 1.1 億美元之間，其中有線電視收入將環比小幅下降，而資料中心收入將環比增加。

We expect non-GAAP gross margin to be in the range of 29.5% to 31%. Non-GAAP net income is expected to be in the range of a loss of $4.8 million to a loss of $1.7 million; and non-GAAP earnings per share between a loss of $0.09 per share and a loss of $0.03 per share, using a weighted average basic share count of approximately 55.7 million shares.

我們預計非公認會計準則毛利率將在 29.5% 至 31% 之間。非公認會計準則淨收入預計在每股虧損 480 萬美元至虧損 170 萬美元之間；非公認會計準則每股收益在每股虧損 0.09 美元至每股虧損 0.03 美元之間，使用約 5,570 萬股的加權平均基本股數。

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

說完這些，我會把話題交還給接線員，進行問答環節。操作員？

(Operator Instructions)

（操作員指示）

Simon Leopold, Raymond James.

西蒙李奧波德、雷蒙詹姆斯。

I first wanted to ask about your understanding of the channel inventory for your Cable TV products. In other words, do you have some telemetry features that allow you to know when products are deployed versus sitting in a warehouse? Just trying to understand what's the risk or the knowledge of the status of the gear you've shipped.

我首先想問一下您對有線電視產品通路庫存的了解。換句話說，您是否具有一些遙測功能，讓您知道產品何時部署而不是存放在倉庫中？只是想了解您所運送的裝備的風險或狀況。

And then, I've got a follow-up.

然後，我有一個後續行動。

Yeah. We do have telemetry features that, in principle, could allow us to have access to that. But we have a more direct way of knowing.

是的。我們確實擁有遙測功能，原則上可以讓我們存取它。但我們有更直接的了解方式。

We get reports from the MSO involved and from our channel partner that account for that inventory. So we have a pretty good knowledge of where that inventory is.

我們從相關的 MSO 和我們的通路合作夥伴那裡獲得了有關該庫存的報告。因此，我們非常清楚庫存的所在位置。

It's a higher level than we would normally expect. Clearly, given the evolving tariff situation, it's beneficial for us to have as much inventory as we can, stateside, in anticipation of the revenue ramp that we're seeing.

這比我們通常預期的要高。顯然，鑑於不斷變化的關稅形勢，為了預期收入的成長，我們在美國本土擁有盡可能多的庫存是有利的。

So it's an intentional inventory build-up there. But we definitely have insight into what level that is and what the future holds for that.

所以這是故意增加庫存。但我們確實了解這個水平以及未來會怎樣。

And so, let me just make sure this is clear: you're saying that there is a bit of an inventory build because of the tariff situation but you're comfortable with your knowledge of that inventory level?

因此，讓我確保這一點清楚：您是說由於關稅情況導致庫存增加，但您對庫存水準的了解是否滿意？

Yeah. Exactly. We know what the inventory level is. We know how much is coming out, how much is going in, where the demand is going.

是的。確切地。我們知道庫存水準是多少。我們知道有多少輸出，有多少輸入，需求流向哪裡。

We even know where, within the MSOs network, those products are being deployed.

我們甚至知道這些產品在 MSO 網路中的部署位置。

Okay. Great. And then, on the 800 gig -- sorry, go ahead.

好的。偉大的。然後，關於 800 演出 — — 抱歉，請繼續。

As we said, we have received the volume order from MSO and a lot of them are being consumed. So all the remaining inventory we have now -- to be completely consumed by, I would say, sometime in Q3; so, maybe, like August.

正如我們所說，我們已經收到了 MSO 的大量訂單，其中許多正在被消耗。所以，我們現在剩餘的所有庫存——我想說，將在第三季的某個時候被完全消耗掉；所以，也許，就像八月一樣。

It's not a lot of inventory, okay? The inventory view is based on the customer demand, one of the biggest MSO in the US.

庫存不多，好嗎？庫存視圖基於客戶需求，是美國最大的 MSO 之一。

Okay. And then, on the progress with 800 gig. It sounds like you're still in the qualification; modest revenue in the first half of the year, with a ramp in the second half.

好的。然後，談談 800Gig 的進展。聽起來你仍處於資格審查階段；上半年收入適中，下半年收入上升。

Could you help us think about how to quantify or model what that second half 800-gig contribution should be?

您能否幫助我們思考如何量化或模擬下半年 800Gig 的貢獻應該是多少？

Well, as we noted earlier, by the end of the year, we expect to have capacity about 100,000 pieces a month of either 800 gig or 1.6 terabits. The vast majority of that for us is likely to be 800 gig.

嗯，正如我們之前提到的，到今年年底，我們預計每月的產能將達到約 100,000 件，容量為 800GB 或 1.6TB。對我們來說，其中絕大部分可能是 800 千兆。

So you'll see a ramp from near zero now to something like that level by the end of the year.

因此，到今年年底，你會看到從現在的接近零上升到類似的水平。

But rough math, at $0.75 a gig, that would be well over $100 million in a quarter. Am I doing something wrong in that thinking?

但粗略計算，以每演出 0.75 美元計算，一個季度的收入將遠遠超過 1 億美元。我這樣想是不是有什麼不對？

Yeah. That will be about production capacity. That will lag.

是的。那將與生產能力有關。那將會滯後。

Obviously, the deliveries will lag, maybe, a quarter or something like that on that because we have some cycle time for actual deliveries. But you'll see a ramp, again, in the second half of the year up to that level.

顯然，交貨可能會滯後一個季度或類似的時間，因為我們的實際交貨有一定的周期時間。但到今年下半年，你會看到成長再次上升至這一水平。

Great. And then, maybe, one last one, if I may. Are you manufacturing anything in China that gets shipped to the US today? Any color on that?

偉大的。然後，如果可以的話，也許我還有最後一個問題。您在中國生產的產品今天會運往美國嗎？有顏色嗎？

We're not manufacturing any products that have a country of origin in China for tariff purposes. We do certain manufacturing operations there. But the ultimate country of origin is not China.

出於關稅目的，我們不生產任何原產國為中國的產品。我們在那裡進行某些製造業務。但最終的原產國並不是中國。

Michael Genovese, Rosenblatt Securities.

羅森布拉特證券公司的麥可‧吉諾維斯 (Michael Genovese)。

My question on Cable TV will be: Can you flesh out your retooling to Motorola-style amplifiers so we can understand that a little bit better?

我關於有線電視的問題是：您能否詳細說明一下對摩托羅拉式擴大機的改造，以便我們更好地理解這一點？

I'm sorry. I didn't quite understand your question. Can we flesh out the tooling? I'm not sure I understand what you're asking in that.

對不起。我不太明白你的問題。我們能充實工具嗎？我不確定我是否明白你在問什麼。

Yeah. I think you're saying that Cable TV will be down sequentially because you're retooling to another style of product. And I just wonder what that meant.

是的。我認為您說的是有線電視業務將連續下滑，因為您正在轉向另一種風格的產品。我只是想知道那是什麼意思。

Yeah. Sure. It just means that -- so we've produced a significant amount of product for the GameMaker platform. As Thompson mentioned, that will be consumed pretty quickly but we have sufficient inventory of that, right now, for the near future.

是的。當然。這只是意味著——我們已經為 GameMaker 平台生產了大量產品。正如湯普森所提到的，這些很快就會被消耗掉，但我們現在有足夠的庫存，可以滿足近期的需求。

So during this quarter, during Q2, we're shifting our production to primarily the Motorola-style, which, as I noted in our prepared remarks earlier, we're expecting the final field trial and qualification really imminently in the next few weeks.

因此，在本季度，也就是第二季度，我們將把生產轉向主要採用摩托羅拉風格，正如我在之前的準備好的發言中提到的那樣，我們預計最終的現場試驗和鑑定將在未來幾週內完成。

Then, we'll ship that product out. So that way, we'll have a significant inventory of both products, stateside, by the end of June.

然後，我們會將該產品運出。這樣，到六月底，我們在美國就會擁有這兩種產品的大量庫存。

Great. And then, for those that would push back and say: by the time you have volume of 800G in the second half of the year, others in the industry will be moving on to focusing on 1.6; and why or why not that you're intersecting the market in a good place where it's going to grow for some time, rather than coming in too late.

偉大的。然後，對於那些反對的人來說，他們會說：當你在下半年擁有 800G 的銷售時，業內其他人將轉而關注 1.6；以及為什麼你選擇在一個好的位置進入市場，讓市場在未來一段時間內保持增長，而不是進入得太晚。

Can we get your view and the data that you're looking at on the long-term 800G market, from the time you enter for several years forward -- what you think the market is going to look like?

我們能否了解一下您對長期 800G 市場的看法和數據？從您進入市場幾年後，您認為市場會是什麼樣子？

Yeah. The market is enormous for 800 gig. And it's going to continue to grow, based on what we're hearing from our customers.

是的。800G 的市場非常巨大。根據我們從客戶那裡聽到的信息，這一數字還將繼續增長。

1.6 terabits is a product that is starting to come out now and will ramp, as well. But that doesn't take away from the growth prospects that we're seeing and hearing from our customers for 800G.

1.6 太比特的產品現在才剛開始推出，也將逐步普及。但這並沒有影響我們從客戶那裡看到和聽到的 800G 的成長前景。

Let me emphasize. Remember, we just signed the deal with Amazon. And as we said, it's about maybe -- our belief, it's much more than $4 billion in the next 10 years.

讓我強調一下。記住，我們剛剛與亞馬遜簽署了協議。正如我們所說，我們相信，未來 10 年內這一數字將遠遠超過 40 億美元。

The main focus? 800G, for sure. We have 400G business too from Q3 in volume manufacturer; and then, go to 1.6T.

主要焦點？800G，肯定的。從第三季開始，我們在大量製造商中也有 400G 業務；然後，轉到1.6T。

For 1.6T, right now, the only big volume, we believe, is only for NVIDIA. Maybe, later on, from Google. That's it. But not for the customer we have.

對於 1.6T，目前，我們認為唯一大量生產的只有 NVIDIA。也許，稍後會從谷歌獲得。就是這樣。但對於我們現有的客戶來說並非如此。

The customer we have, right now -- they are not really buying 1.6T transceiver.

我們目前的客戶實際上並沒有購買 1.6T 收發器。

Okay. And then, finally, for me, is just: Are there any other ways of approaching the CapEx needs of the company, outside of the ATM? Or is that really going to be the key mechanism to raise the funds?

好的。最後，對我來說，問題是：除了 ATM 之外，還有其他方法可以滿足公司的資本支出需求嗎？或者這真的會成為籌集資金的關鍵機制嗎？

Well, we announced, just a moment ago, that we've substantially completed the ATM, $98 million net of fees. So that's basically the $100 million gross.

嗯，我們剛剛宣布，我們已經基本完成了 ATM 的建設，扣除費用後淨成本為 9800 萬美元。所以這基本上就是 1 億美元的總收入。

We haven't announced plans for any other future fundraising. So --

我們尚未宣布任何其他未來籌款計劃。所以--

We're still very aggressive working on with customers and potential customers for potential investment. But, now, we are still looking for some other solution for -- if we need any funding.

我們仍在積極與客戶和潛在客戶合作，爭取潛在投資。但是，現在，我們仍在尋找其他解決方案——如果我們需要資金的話。

But as we said, we still believe we'll be profitable this year. And you will see we have delivered positive EBITDA. So operating cash flow should be positive.

但正如我們所說，我們仍然相信今年我們將實現盈利。您將會看到我們實作了正的 EBITDA。因此經營現金流應該為正。

[We] still need to raise money for the CapEx because we need to increase the capacity very fast, especially for 800G, 1.6T for the strong demand from the customers, especially like Amazon.

我們仍然需要為資本支出籌集資金，因為我們需要快速增加產能，尤其是 800G、1.6T，以滿足客戶的強勁需求，尤其是像亞馬遜這樣的客戶。

And we still believe we'll become their major supplier. Maybe, I would say one year for 800G and higher.

我們仍然相信我們會成為他們的主要供應商。也許，我想說 800G 及更高版本需要一年。

And that's why there are a lot of things going on. But quality is still the key issues.

這就是為什麼會發生很多事情。但品質仍然是關鍵問題。

That's why with AI demand, we need to go through, step by step. But, right now, I think: so far, so good. We are very confident.

這就是為什麼對於人工智慧的需求，我們需要一步一步去實現。但是，現在，我認為：到目前為止，一切都很好。我們非常有信心。

Tim Savageaux, Northland Capital Markets.

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

Looking at what you discussed at OFC, in terms of capacity additions, it looks like you've got some additions planned. You talked about 400 gig earlier in the year; but 800 gig in Taiwan, here, in May and June.

從您在 OFC 上討論的內容來看，就容量增加而言，看起來您已經計劃進行一些增加。您在今年稍早談到了 400 千兆；但五月和六月，台灣的演出數量為 800 場。

Would you expect to be able to deliver material 800-gig revenue in Q3? And by material, I mean, say, tens of millions?

您預計第三季能夠實現 800G 的營收嗎？我所說的材料是指數千萬嗎？

Well, I won't comment on the exact magnitude. But it's certainly material revenue from 800 gig in Q3, yes.

嗯，我不會評論具體幅度。但這肯定是第三季 800 千兆位元組的收入，是的。

Great. And, obviously, relative to what you announced in the Warren agreement, that capacity that you're ramping to would seem to be 100% occupied by Amazon. And, of course, you'd look to be going beyond that.

偉大的。而且，顯然，相對於你們在沃倫協議中宣布的內容，你們正在擴大的產能似乎已被亞馬遜 100% 佔用。當然，你也希望超越這一點。

But I wonder if I could ask you about your opportunities with other major cloud provider customers and, specifically, whether the design wins you mentioned in the quarter -- should we assume that's with Amazon or with other potential customers?

但我想知道我是否可以問一下您與其他主要雲端供應商客戶合作的機會，特別是您在本季度提到的設計是否成功——我們應該假設是與亞馬遜合作還是與其他潛在客戶合作？

Those design wins, none of them were with Amazon in this quarter. They were with other hyperscaler customers.

本季度，這些設計上的勝利均未歸屬於亞馬遜。他們與其他超大規模客戶在一起。

To get at your question more directly, what I think you're asking is: Do we think we have significant opportunities with other hyperscale customers? The answer is absolutely, yes.

為了更直接地回答您的問題，我認為您問的是：我們是否認為我們與其他超大規模客戶有重大合作機會？答案是肯定的。

We've had very productive discussions with other customers -- other datacenter customers, hyperscale customers, besides Amazon.

除了亞馬遜之外，我們還與其他客戶（其他資料中心客戶、超大規模客戶）進行了非常有成效的討論。

We think that the uncertainty around tariffs gives the US-based production, that we're adding, an advantage. I think all of the hyperscalers that we've talked to have been very excited about the prospect of being able to purchase at least a portion of their supply from a domestic supplier, just for continuity sake, for security of supply chain.

我們認為，關稅的不確定性為我們增加的美國生產帶來了優勢。我認為，我們交談過的所有超大規模企業都對能夠從國內供應商購買至少一部分供應的前景感到非常興奮，這只是為了連續性和供應鏈的安全。

We already make the lasers here. They like the idea that we can assemble transceivers here, as well.

我們已經在這裡製造雷射了。他們也喜歡我們在這裡組裝收發器的想法。

And the last thing I want to emphasize is the PA. That is the requirement if you are doing business with US government.

最後我想強調的是 PA。如果您與美國政府有生意往來，這就是要求。

You cannot manufacture in Thailand, Malaysia, China. So we believe, right now, AOI is one of very few transceiver suppliers that meet PA requirement.

你不能在泰國、馬來西亞、中國進行生產。因此我們相信，目前，AOI 是極少數滿足 PA 要求的收發器供應商之一。

[We] will manufacture either in Taiwan or in Houston. And that's another key, especially for high-end transceiver products, especially for AOI.

[我們]將在台灣或休斯頓進行生產。這是另一個關鍵，特別是對於高端收發器產品，特別是對於 AOI。

Got it. Going back to design wins, I think you mentioned there were three with one existing hyperscaler customer. Can you say whether those are 800-gig design wins?

知道了。回到設計勝利，我想您提到有三個，其中一個是現有的超大規模客戶。你能說一下這些是否是 800G 設計的勝利嗎？

None of them were 800 gig.

其中沒有一個是 800 千兆的。

Okay.

好的。

We have other qualification with several hyperscaler datacenter. Let me say that, right now, when we say design win, we need to go through the three phase.

我們擁有多個超大規模資料中心的其他資格。我要說的是，現在，當我們說設計獲勝時，我們需要經歷三個階段。

So, right now, for some products, some customers we are doing in the final phase, that means you need to deliver like -- something like a few thousand or 10,000.

因此，目前，對於某些產品、某些客戶，我們正在進入最後階段，這意味著你需要交付數千或一萬個這樣的產品。

You need to put in datacenter for final qualification for one month and make sure quality is okay. You just recall them. Then, you start to get into volume delivery.

您需要將資料中心放置一個月進行最終鑑定，並確保品質沒問題。你只要回憶起它們就可以了。然後，您開始進行批量交付。

But for the lab qualification, we have passed already. So for several customers, we are in the final qualification phase. Or you can say it's the final phase, okay?

但對於實驗室資格，我們已經通過了。因此，對於一些客戶來說，我們正處於最後的資格認證階段。或者你可以說這是最後階段，好嗎？

Which is why we talked about having some revenue. Not big material revenue. But some revenue in 300G in the quarter.

這就是我們談論收入的原因。物質收入不大。但本季的一些收入在300G左右。

Yes. But they're not so bad, okay? Still like, maybe, 5,000 piece or 10,000 piece, okay?

是的。但它們並沒有那麼糟糕，好嗎？可能還是 5,000 件或 10,000 件，可以嗎？

So it's not like 100 or 200 piece, okay?

所以它不像 100 或 200 件，好嗎？

Got it. And, Stefan, you alluded to it but my last question was going to be around what share you think that agreement at Amazon gives you, relative to their total consumption?

知道了。史蒂芬，您提到了這一點，但我的最後一個問題是，您認為亞馬遜的協議給您帶來了多少份額，相對於他們的總消費量而言？

Well, I think, as Thompson mentioned a few moments ago, our belief, our expectation is that we can grow to be the largest supplier of 800G and faster, higher data rate optics for Amazon.

嗯，我認為，正如湯普森剛才提到的，我們的信念、我們的期望是，我們能夠成長為亞馬遜最大的 800G 以及更快、更高數據速率光學器件供應商。

Now, that's not guaranteed, by any means. But I don't see any reason why we couldn't be there.

現在，無論如何，這都不能保證。但我不明白為什麼我們不能去那裡。

And that would imply a market share -- typically, they're going to have two or three suppliers. So that would be maybe 30%, maybe even up to 40%.

這意味著市場份額——通常他們會有兩到三家供應商。所以這個比例可能是 30%，甚至可能高達 40%。

I'd say, right now, with tariff -- and as I said -- [TAA] is very important, as I said, space for high-end AI transceiver. And that's why I say we are much more confident.

我想說，現在，關稅——正如我所說——[TAA] 非常重要，正如我所說，高端 AI 收發器的空間很大。這就是為什麼我說我們更有信心。

I cannot say 100%. But, ultimately, I believe more than 90%, 95% AOI will become the major supplier for Amazon, including other hyperscaler datacenter.

我無法說100%。但最終，我相信超過 90%、95% 的 AOI 將成為亞馬遜的主要供應商，包括其他超大規模資料中心。

We see, now, by sometime next year, Q2, Q3, I would say, more than 40% market share.

我們現在看到，到明年第二、第三季度，我想說市佔率將超過 40%。

Dave Kang, B. Riley FBR.

Dave Kang，B.Riley FBR。

First question is regarding the inventory digestion situation. Just wondering if that was 400 gig. And do you expect that to recover in the second quarter? How long will that go on?

第一個問題是關於庫存消化的情況。我只是想知道那是不是 400 千兆。您預計第二季會恢復嗎？這種情況會持續多久？

Yes, it was 400 gig. And, yes, we expect it to largely resolve in the second quarter.

是的，是 400 千兆。是的，我們預計這個問題將在第二季度基本解決。

Got it. And then, just on the margin situation: What's the margin differential between Cable TV and Datacenter transceivers? Is there any difference between 400 gig and, maybe, 800 gig, when you start to ship next quarter?

知道了。然後，僅就利潤情況而言：有線電視和資料中心收發器之間的利潤差異是多少？當你們下個季度開始出貨時，400G 和 800G 之間有什麼區別嗎？

I'm sorry. Your first question was about the margin difference between -- ?

對不起。你的第一個問題是關於-- ？

Yeah. Cable TV and transceivers.

是的。有線電視和收發器。

Yeah. The margin on Cable is somewhat higher. It varies a little bit, based on product mix within the datacenter market.

是的。有線電視的利潤率略高一些。根據資料中心市場內的產品組合，它會略有不同。

The cable market, relatively speaking, has a lot less product diversity in there. There's just a few products versus datacenter, which has a lot more. So the mix affects the datacenter overall margin a little bit more.

相對而言，有線電視市場的產品多樣性要少得多。與資料中心相比，產品種類較少，而資料中心則多得多。因此，這種混合對資料中心的整體利潤影響更大一些。

But it's anywhere from, I would say, I don't know, 300 basis points, 400 basis points to, maybe, 600 basis points higher for Cable, right now. And we expect that Cable will expand, as we continue to bring efficiencies out of our manufacturing process.

但我想說，目前英鎊的匯率大概會高出 300 個基點、400 個基點，甚至 600 個基點。我們預計，隨著我們不斷提高製造流程的效率，Cable 的業務將會擴大。

Datacenter will expand -- the margin there will expand, based, somewhat, on economies of scale; but more likely on the transition to 800 gig and, eventually, 1.6 terabit.

資料中心將會擴大——其利潤率將會擴大，這在一定程度上基於規模經濟；但更有可能的是過渡到 800G，並最終過渡到 1.6T 位元。

Got it. And then, just regarding your 800-gig qualification status. Can you just remind us how many you got going? It sounds like they've been going on for a while, right?

知道了。然後，僅關於您的 800-Gig 資格狀態。你能提醒我們一下你有多少人嗎？聽起來他們已經持續了一段時間了，對嗎？

At least, last summer. So, maybe, I don't know, eight, nine months. Is that a typical process?

至少，去年夏天是這樣。所以，也許，我不知道，八、九個月。這是一個典型的過程嗎？

And in your prepared remarks, you talked about how you got some new qualifications. So should we expect similar eight to nine months? Any thoughts on that?

在您的準備好的演講中，您談到了您如何獲得一些新的資格。那麼我們是否應該期待類似的八到九個月？對此有什麼想法嗎？

I think -- the number of qualification, I don't have the exact number in hand. But it's more than 5, less than 10, I would say, somewhere in that range. I'd have to get the exact number for you.

我認為——資格數量，我手邊沒有確切的數字。但我想說，這個數字應該大於 5，小於 10，在這個範圍內。我必須為你找到準確的數字。

As Thompson mentioned, it's a multi-stage process. Our process -- we're pretty strict about when we qualify a design win or when we report a design win.

正如湯普森所提到的，這是一個多階段的過程。我們的流程－我們對何時確定設計勝利或何時報告設計勝利非常嚴格。

And it requires full qualification: an order from the customer and forecast that continued orders will be ongoing, right? And so, we're somewhere in that process: between finishing up the qualification -- as Thompson mentioned, multi-stage qualification -- and actually log in the design win.

並且它需要完全的資格：來自客戶的訂單並且預測持續的訂單將會持續下去，對嗎？因此，我們正處於這個過程的某個階段：在完成資格認證（正如湯普森所提到的，多階段資格認證）和實際記錄設計勝利之間。

So we'll have more to report back once we have those design wins in place but let's just say we're feeling very good about the progress that we're making with the customers on 800 gig. It's going quite well.

因此，一旦我們獲得這些設計勝利，我們就會有更多報告，但我們只能說，我們對與客戶在 800 千兆上的進展感到非常滿意。一切進展順利。

(inaudible) phase. The phase 1 is called third party, all right?

（聽不清楚）階段。第一階段叫做第三方，好嗎？

We test them. And then, the customer -- we have some kind of a much bigger volume of in-house interoperability qualification. We tested some of them already.

我們對它們進行測試。然後，對於客戶——我們擁有某種更大規模的內部互通性資格。我們已經測試了其中一些。

As I said, really, the last one is you need 5,000 or even 10,000, 20,000 transceiver through the final phase of qualification in the datacenter for at least month; and make sure almost no failure, okay?

正如我所說，實際上，最後一個是您需要 5,000 個甚至 10,000 個、20,000 個收發器在資料中心通過最後的資格認證階段至少一個月；並確保幾乎沒有失敗，好嗎？

Because, as I said, right now, with AI, the requirement for quality is really high; much higher than, like, two, three years ago for the transceiver.

因為正如我所說，現在對於人工智慧來說，對品質的要求非常高；比兩三年前的收發器價格高得多。

And my last question is you talked about Texas versus Taiwan -- transceivers coming out of Texas versus those from Taiwan. What do you think the margin differential will be?

我的最後一個問題是，您談到了德克薩斯州與台灣之間的情況——德克薩斯州發出的收發器與台灣發出的收發器之間的情況。您認為利潤差異會是多少？

I think there's a good chance the margins in Texas will be higher, actually.

事實上，我認為德州的利潤率很有可能更高。

They may probably be higher, okay? Because customers are willing to pay, I would say, 10% higher or even 15%.

它們可能還會更高，好嗎？因為客戶願意支付，我想說，高出 10% 甚至 15%。

I'd say, around with tariff, I think it will be much cheaper than tariff, let me say. So based on the current, it could be the lowest cost to manufacture in Houston.

我想說，加上關稅，我認為它會比關稅便宜得多，所以讓我這麼說吧。因此，根據目前的情況，這可能是在休士頓製造成本最低的。

Don't forget the key is automation, all right? And we are almost fully automated for [energy].

別忘了關鍵是自動化，好嗎？我們幾乎完全自動化[活力]。

So we did the demo and qualified (inaudible) in Taiwan in this quarter. US will, sometime in Q3.

因此我們本季在台灣進行了演示並獲得認證（聽不清楚）。美國將會在第三季的某個時候。

At this time, we have no further questions

目前我們沒有其他問題

I will turn the call over to Dr. Thompson Lin for any closing remarks.

我將把電話轉給 Thompson Lin 博士，請他做最後發言。

Okay. Thank you for joining us, today.

好的。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，感謝你們的持續支持。

As we discussed today, we believe the fundamental driver of long-term demand for our business remains robust. And we are uniquely positioned to drive value from this opportunity.

正如我們今天所討論的，我們相信我們業務的長期需求的根本驅動力仍然強勁。我們擁有獨特的優勢，能夠利用這個機會創造價值。

We look forward to seeing many of you at upcoming investor conference. Thank you.

我們期待在即將召開的投資者會議上見到你們。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。