祥茂光電 (AAOI) 2025 Q2 法說會逐字稿

Good afternoon. I will be your conference operator. At this time, I would like to welcome everyone to Applied Optoelectronics Second Quarter 2025 Earnings Conference Call. (Operator Instructions) Please note that today's event is being recorded.

午安.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年第二季業績電話會議。 （主持人指示）請注意，今天的活動正在錄音中。

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

現在我將把電話轉給Applied Optoelectronics公司投資者關係部門的Lindsay Savarese。 Savarese女士，您可以開始發言了。

Thank you. I'm Lindsay Savarese, Investor Relations for Applied Optoelectronics. I'm pleased to welcome you to AOI's Second Quarter 2025 Financial Results Conference Call. After the market closed today, AOI issued a press release announcing its second quarter 2025 financial results and provided its outlook for the third quarter of 2025. The release is also available on the company's website at ao-inc.com.

謝謝。我是 Lindsay Savarese，Applied Optoelectronics 投資者關係部。歡迎您參加 AOI 2025 年第二季財務業績電話會議。今天收盤後，AOI 發布了一份新聞稿，公佈了 2025 年第二季的財務業績，並提供了 2025 年第三季的業績展望。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. 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.

本次電話會議將會錄音並進行網路直播。錄音連結可在AOI網站的「投資者關係」板塊找到，並將存檔一年。參加今日電話會議的嘉賓包括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 Q2 results, and Stefan will provide financial details and the outlook for the third quarter of 2025. A question-and-answer session will follow our prepared remarks. 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.

湯普森將概述AOI第二季的業績，史蒂芬將提供財務細節以及2025年第三季的展望。在我們準備好的發言之後，將進行問答環節。在開始之前，我想提醒大家先看看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。

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, suggests, intends, predicts, expects, plans, may, should, could, would, will, potential or think 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類似表達來識別前瞻性陳述，這些表達傳達了對未來事件或結果的不確定性。

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.

本公司基於其當前的預期、假設、估計和預測做出這些前瞻性陳述。儘管本公司認為這些預期、假設、估計和預測合理，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，其中許多因素超出本公司的控制範圍。

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 innovation as well as statements regarding the company's outlook for the third quarter of 2025. 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.

前瞻性陳述還包括有關管理層對其產品在新市場中的覆蓋範圍擴展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 年第三季度的展望的陳述。除法律要求外，AOI 不承擔在本次收益電話會議日期之後以任何理由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 reports on file with the SEC, including the company's annual report on Form 10-K and quarterly reports on Form 10-Q. 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.

有關可能影響公司業務的其他風險的更多信息，請參閱提交給美國證券交易委員會 (SEC) 的 AOI 報告的“風險因素”部分，包括公司 10-K 表年度報告和 10-Q 表季度報告。此外，除非另有說明，今天討論的所有財務業績和其他財務指標均基於非 GAAP 編制。非 GAAP 財務指標不應單獨考慮，也不應取代根據 GAAP 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. Before moving to the financial results, I'd like to note that the date of AOI's third quarter 2025 earnings call is currently scheduled for November 6, 2025.

我們的 GAAP 和非 GAAP 指標之間的對比，以及我們為何採用非 GAAP 財務指標的討論，均包含在公司財報新聞稿中，該新聞稿可在 AOI 網站上查閱。在發布財務表現之前，我想指出的是，AOI 2025 年第三季財報電話會議的日期目前定於 2025 年 11 月 6 日舉行。

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

現在我想把電話轉給AOI的創辦人、董事長兼執行長Thompson Lin博士。 Thompson？

Thank you, Lindsay, and thank you for joining our call today. While EPS came in below our expectations, primarily due to elevated operating expense, the inherent strength of our business fundamentals was apparent with strong year-over-year top line growth and gross margin expansion. The rise in our operating expense is a direct result of strategic investment in R&D and SG&A expense driven by increased business activity, including new customer qualification efforts for 800G and 1.6Tb transceivers.

謝謝Lindsay，也感謝您今天參加我們的電話會議。雖然每股盈餘低於我們的預期，主要是因為營運費用增加，但我們業務基本面的內在優勢顯而易見，營收年增強勁，毛利率也隨之上升。營運費用的上升直接源自於對研發的策略性投資以及銷售、一般及行政費用的增加，而這主要源自於業務活動的增加，包括800G和1.6Tb收發器的新客戶認證工作。

As you can see from our results as well as some of our recent announcements, these expenditures are already translating into higher level of customer engagement, certifications and ultimately revenue opportunities. During the quarter, we saw steady growth in our datacenter business. We completed our first volume shipment of high-speed single- mode 400G datacenter transceiver to a recently reengaged major hyperscale customer, and we are seeing increased sequential demand from other hyperscalers for this product as well.

從我們的業績以及近期發布的一些公告中可以看出，這些支出已轉化為更高水準的客戶參與度、認證以及最終的收入機會。本季度，我們的資料中心業務穩步成長。我們已向一家近期重新簽約的大型超大規模客戶完成了首批高速單模400G資料中心收發器的批量出貨，並且我們也看到其他超大規模客戶對該產品的需求也在持續增長。

We continue to make progress on customer qualification on our 800G product, and we continue to have confidence in the second half ramp in 800G sales. In our CATV business, we continue to see strong demand in this market, and we announced that we completed testing and certification with Charter for our plan to deploy our 1.8 gigahertz amplifiers and QuantumLink remote management software.

我們在800G產品的客戶認證方面持續取得進展，我們對下半年800G銷售量的成長充滿信心。在有線電視業務方面，我們持續看到市場需求強勁，並宣布已完成Charter的測試和認證，以部署1.8 GHz放大器和QuantumLink遠端管理軟體。

During the second quarter, we delivered revenue of $103 million, which was in line with our guidance range of $100 million to $110 million. We recorded non-GAAP gross margin of 30.4%, which was in line with our guidance range of 29.5% to 31%. Our non-GAAP loss per share of $0.16 was below our guidance range of a loss of $0.09 to a loss of $0.03 due to larger-than-anticipated operating expense, as I mentioned earlier.

第二季度，我們的營收為1.03億美元，符合我們1億至1.1億美元的預期範圍。非公認會計準則下的毛利率為30.4%，符合我們29.5%至31%的預期範圍。非公認會計準則下的每股虧損為0.16美元，低於我們0.09美元至0.03美元的預期範圍，這主要是由於我之前提到的營運支出高於預期。

Total revenue for our datacenter product of $44.8 million increased 30% year-over-year and 40% sequentially, largely due to increased demand for our 100G and 400G products. Revenue for 100G product increased 25% year-over-year, while revenue for our 400G product increased 43% year-over-year. Total revenue in our CATV segment of $56 million increased more than 8 times year-over-year, in line with our expectations.

我們的資料中心產品總營收為4,480萬美元，較去年同期成長30%，較上季成長40%，這主要得益於市場對100G和400G產品的需求成長。 100G產品營收年增25%，400G產品營收年增43%。有線電視業務總收入為5,600萬美元，年成長逾8倍，符合我們的預期。

Our CATV revenue decreased 13% sequentially off a seasonally strong Q1 and as we retooled production to our Motorola-style amplifier product.

由於我們將生產轉向摩托羅拉風格的擴大機產品，我們的有線電視收入與季節性強勁的第一季相比較上季下降了 13%。

With that, I will turn the call over to Stefan to review the details of our Q2 performance and outlook for Q3. Stefan?

接下來，我會把電話交給 Stefan，讓他回顧我們第二季的業績細節以及第三季的展望。 Stefan？

Thank you, Thompson. As Thompson mentioned, while EPS came in below our expectations, primarily due to elevated operating expenses, the inherent strength of our business fundamentals was apparent with strong year-over-year top line growth and gross margin expansion. The rise in our operating expenses is a direct result of strategic investments in R&D and SG&A expenses driven by increased business activity, including new customer qualification efforts for 800G and 1.6 terabit transceivers.

謝謝湯普森。正如湯普森所說，雖然每股盈餘低於我們的預期，主要是由於營運費用增加，但我們業務基本面的內在優勢顯而易見，營收年增強勁，毛利率也隨之上升。營運費用的上升直接源自於公司在研發和銷售、一般及行政費用方面的策略性投資，而這些投資是由業務活動的增加所驅動的，包括針對800G和1.6Tb收發器的新客戶認證工作。

As you can see from our results as well as some of our recent announcements, these expenditures are already translating into higher levels of customer engagement, satisfaction and ultimately, revenue opportunities. In Q2, we delivered revenue of $103 million, which was in line with our guidance range of $100 million to $110 million. We recorded non-GAAP gross margin of 30.4%, which was in line with our guidance range of 29.5% to 31%.

從我們的業績以及近期發布的一些公告中可以看出，這些支出已經轉化為更高水準的客戶參與度和滿意度，並最終帶來收入成長機會。第二季度，我們的營收為1.03億美元，符合我們1億至1.1億美元的預期範圍。非公認會計準則下的毛利率為30.4%，符合我們29.5%至31%的預期範圍。

Our non-GAAP loss per share of $0.16 was below our guidance range of a loss of $0.09 to a loss of $0.03. This bottom line miss was due to higher-than- expected operating expenses in the quarter, mainly stemming from additional R&D and SG&A expenses in support of new customer opportunities. R&D expenses were up $2.6 million compared to Q1 due mostly to increases in project expenses like prototypes and samples, which tend to be directly correlated with near-term revenue generation.

我們的非公認會計準則每股虧損0.16美元，低於我們0.09美元至0.03美元的預期區間。本季淨利未達預期，主要原因是本季營運費用高於預期，主要原因是為支援新客戶機會而增加的研發費用和銷售、一般及行政費用。研發費用較第一季增加260萬美元，主要原因是原型和樣品等項目費用的增加，這些項目費用往往與短期收入產生直接相關。

As we've discussed in prior quarters, as customer demand for new products emerge or time lines get pulled in, R&D expenses necessarily increase to support the product customization and qualification efforts necessary to realize revenue from these new opportunities. In addition to R&D, SG&A costs also increased by $2.5 million compared to Q1, which is mostly due to increased shipping costs as we imported certain products ahead of tariff increases and supported shipping of samples and prototypes to customers, along with expenses from the OFC trade show in April.

正如我們在前幾個季度所討論的那樣，隨著客戶對新產品的需求不斷湧現或時間線不斷縮短，研發費用必然會增加，以支持從這些新機會中實現收入所需的產品定制和認證工作。除研發費用外，銷售、一般及行政費用（SG&A）也較第一季度增加了250萬美元，這主要是由於我們在關稅上調前進口了某些產品，並支持將樣品和原型運送給客戶，導致運輸成本增加，此外還增加了4月份OFC展會的費用。

Notably, tariffs were not a material factor to our income statement in Q2. Overall OpEx was also unfavorably impacted by the rapid strengthening of the Taiwan dollar in the quarter. Slightly under 10% of the increase in OpEx was due to this currency fluctuation. Notably, we have recently seen some weakening of the NTD, so we believe the impact on Q3 will be muted.

值得注意的是，關稅並非我們第二季損益表的重大影響因素。本季新台幣的快速升值也對整體營運支出產生了不利影響。營運支出增幅中略低於10%的部分是由於匯率波動所造成的。值得注意的是，我們最近看到新台幣有所貶值，因此我們認為其對第三季的影響將較小。

Our performance continues to be driven by strength in both our datacenter and CATV businesses, underscoring the strategic value of our diversified revenue streams. Our focused efforts on the key initiatives we set in motion over the past couple of years are translating into tangible business momentum and the long-term strength of our business.

我們的業績持續受到資料中心和有線電視業務強勁表現的驅動，凸顯了我們多元化收入來源的策略價值。過去幾年，我們專注於實施的關鍵舉措，這些舉措正在轉化為切實的業務成長動力和業務的長期優勢。

We've remained focused on enhancing the company's resilience, broadening our manufacturing capabilities, deepening customer engagement, strengthening supply chain diversity and scaling our production capacity. During the quarter, we saw steady growth in our datacenter business. We completed our first volume shipment of high-speed, single- mode 400G datacenter transceivers to a recently reengaged major hyperscale customer, marking the first significant shipments to this customer in several years.

我們始終專注於提升公司的韌性、拓展製造能力、深化客戶互動、增強供應鏈多元化以及擴大產能。本季度，我們的資料中心業務穩步成長。我們向一家近期重新簽約的大型超大規模客戶完成了首次高速單模400G資料中心光模組的批量出貨，這是該客戶多年來首次實現大批量出貨。

This milestone supports our expectations for increased transceiver sales in the second half of the year driven by growing demand and ongoing US-based capacity expansion. We also saw a notable increase in 400G demand from other customers as well. Also, as a reminder, the vast majority of our 400G business is for single-mode transceivers, which carry higher ASP and gross margin than is typical of short-reach transceivers based on multimode optics.

這一里程碑支持了我們對下半年光模組銷售成長的預期，這得益於不斷增長的需求和美國市場持續的產能擴張。我們也看到其他客戶對400G的需求也顯著成長。另外，要提醒的是，我們400G業務的絕大部分是單模光模組，其平均售價和毛利率都高於基於多模光纖的短距離光模組。

We continue to make progress on customer qualifications on our 800G products. During the quarter, one of our major hyperscale customers completed an extensive audit of our factory in Taiwan and approved this factory for 800G production. This was a positive step forward, and we're approaching what we believe are the final stages for securing 800G product qualification. And we believe the factory qualification demonstrates their intent to move forward with our products.

我們在 800G 產品的客戶認證方面持續取得進展。本季度，我們的一位主要超大規模客戶對我們位於台灣的工廠進行了全面的審核，並批准該工廠進行 800G 生產。這是一個積極的進步，我們即將進入 800G 產品認證的最後階段。我們相信，工廠認證表明了他們有意繼續推廣我們的產品。

We continue to believe that we will produce meaningful shipments of 800G products sometime in the second half of 2025, likely in late Q3 or Q4. The schedule is constrained by our ability to build and qualify production capacity. We believe that the demand for 800G is strong, and we expect that when our production is ready, we will see a fairly quick ramp in revenue for 800G.

我們仍然相信，我們將在2025年下半年某個時候（可能是第三季末或第四季）實現800G產品的出貨量。但時間表受限於我們建立和驗證產能的能力。我們相信800G的需求強勁，我們預計，一旦生產準備就緒，800G的營收將快速成長。

While immaterial to our overall revenue, we did record some revenue for the second quarter in a row for our 800G products related to deliveries for customer qualification activity. In our CATV business, we continued to see strong demand in Q2. On our past several earnings calls, we have discussed the continued shipments of our 1.8 gigahertz amplifiers for one of our major MSO customers.

雖然這對我們的整體收入來說並不重要，但我們的800G產品連續第二季實現了與客戶認證活動交付相關的收入。有線電視業務在第二季持續保持強勁需求。在過去的幾次財報電話會議上，我們討論了持續向一家主要的MSO客戶交付1.8 GHz擴大機的情況。

Our recent press release gives additional details on our 1.8 gigahertz amplifier deployments with Charter, who has been a valued long-standing customer of ours. Early in the quarter, we completed testing and certification with Charter for our 1.8 gigahertz amplifiers and QuantumLink remote management software. We also recently announced plans for deployment of these products in Charter's network.

我們最近發布的新聞稿詳細介紹了我們與Charter公司合作部署1.8 GHz放大器的細節。 Charter公司一直是我們重要的長期客戶。本季初，我們與Charter公司完成了1.8 GHz放大器和QuantumLink遠端管理軟體的測試和認證。我們最近也宣布了在Charter網路中部署這些產品的計畫。

Our products are designed to help them continue to deliver the capacity and speeds that their customers need and expect. We shipped a significant quantity of 1.8 gigahertz amplifiers to Charter in the quarter and demand continues to be robust. In addition to Charter, we have six other MSO customers who have already begun to order and deploy our 1.8 gigahertz products or are in various stages of qualification of these products.

我們的產品旨在幫助他們持續提供客戶所需和期望的容量和速度。本季度，我們向Charter交付了大量1.8 GHz放大器，需求持續強勁。除Charter外，我們還有另外六家MSO客戶已經開始訂購和部署我們的1.8 GHz產品，或正處於產品認證的不同階段。

We are very excited to see the broad-based appeal of our amplifiers and QuantumLink software across our potential customer base. Feedback from customers has been that our amplifiers are game-changing in terms of performance, ease of setup and control and monitoring capabilities. And we feel very good about our prospects with these 6 customers in addition to our very strong position with Charter.

我們非常高興地看到我們的擴大機和 QuantumLink 軟體在潛在客戶群中擁有廣泛的吸引力。客戶回饋稱，我們的擴大機在性能、易設定性以及控制和監控能力方面都具有顛覆性的意義。除了我們在 Charter 的強勁市場地位外，我們對這 6 家客戶的前景充滿信心。

During the second quarter, tariffs had less than a $1 million impact on our income statement. While tariff developments continue to evolve, one thing remains certain: products manufactured in the US are not subject to tariffs. This makes having a cost-effective domestic production a strategic advantage.

第二季度，關稅對我們的損益表的影響不到100萬美元。儘管關稅情況不斷變化，但有一點是肯定的：在美國生產的產品無需繳納關稅。這使得擁有成本效益高的國內生產成為一項戰略優勢。

As it relates to tariffs, also, as I mentioned on our Q1 earnings call, while we do utilize some imported components in our transceivers, many key components like our laser chips are already manufactured in the US 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.

至於關稅，正如我在第一季財報電話會議上提到的那樣，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。重要的是，在我們的 800G 和 1.6 太比特收發器設計中，目前所用組件價值的不到 10% 來自中國，隨著生產規模的擴大，我們有一條途徑可以進一步將中國成分最終降低到接近零。

We also are in discussion with several key suppliers about onshoring their production to the US to support a robust domestic supply chain. As part of our strategic efforts, during the second quarter, we made good progress on adding production capacity for 800G and higher transceivers at our existing facility in Texas. This initiative was part of the strategic plan we outlined earlier this year at OFC for adding production capacity for 800G and higher transceivers in both our US and Taiwan factories.

我們也正在與幾家主要供應商商討將生產轉移至美國，以支持穩健的國內供應鏈。作為我們策略舉措的一部分，在第二季度，我們在德州現有工廠提升800G及更高速率光模組產能方面取得了良好進展。這項舉措是我們今年稍早在OFC大會上概述的戰略計畫的一部分，該計畫旨在在美國和台灣工廠提升800G及更高速率光模組的產能。

We remain on track to achieve the targets that we laid out. As a reminder, we expect this 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.

我們仍在穩步實現既定目標。需要提醒的是，我們預計今年稍後產能將達到頂峰，屆時我們將擁有國內最大的產能，預計每月產量約為4萬個光模組，約占我們先進800G光模組總產能的40%。

It's important to note that we will be able to accommodate this expansion in our current Texas facility footprint. This initial US-based production is currently on track for beginning production later this summer. Equipment has begun to arrive for this expansion and bring-up is ongoing. Further, by mid-2026, we continue to expect to be able to produce over 200,000 pieces per month with the majority produced in Texas.

值得注意的是，我們目前位於德州的工廠能夠容納此次擴建。目前，美國工廠的初始生產計畫將於今年夏末投產。擴建所需的設備已陸續抵達，調試工作正在進行中。此外，到2026年中期，我們預計每月產量將超過20萬件，其中大部分將在德克薩斯州生產。

Just to reiterate, 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. As you may have heard me say at OFC, we expect to increase total production of 800G and 1.6 terabit products by 8.5x by the end of the year, and we are dedicated to achieving this goal.

再次重申，我們目前有三個生產基地：一個位於德州的Sugar Land，我們的總部所在地；一個位於中國寧波；還有一個位於台灣台北。正如你們可能在OFC上聽到我所說的，我們預計到今年年底將800G和1.6Tbps產品的總產量提高8.5倍，我們致力於實現這一目標。

During the quarter, we are pleased to have received a 10-year $2 million incentive from the City of Sugar Land, Texas, Office of Economic Development for the onshoring of our manufacturing as we look to expand our manufacturing footprint in the area. Having achieved this economic incentive package, this opens the door for us to finalize lease negotiations and begin construction.

本季度，我們很高興獲得了德州糖城經濟發展辦公室提供的為期10年、價值200萬美元的激勵計劃，用於支持我們擴大在該地區的生產佈局，並將生產業務轉移到本地。獲得這項經濟激勵計劃的批准，為我們最終完成租賃談判並開始建設打開了大門。

We also made continued progress in outfitting our Taiwan facility for increased production, as I mentioned earlier. One of our potentially largest customers recently qualified this facility for production of 800G after having previously qualified it for 400G production. With the factory qualified for both 400G and 800G, we currently expect that this customer could become a greater than 10% customer in Q3.

正如我之前提到的，我們在台灣工廠的裝備升級方面也取得了持續進展，以提高產量。我們潛在的最大客戶之一最近也獲得了該工廠800G的生產資格，此前該工廠已獲得400G的生產資格。由於該工廠同時具備400G和800G的生產資格，我們目前預計該客戶在第三季的市佔率將超過10%。

As I mentioned on our last earnings call, we signed an agreement to lease an additional building in Taiwan late last year, which we began outfitting in Q1 and which we continued to outfit further in Q2 in order to increase production of our 100G, 400G and 800G datacenter transceivers and CATV products there. Turning to our second quarter results.

正如我在上次財報電話會議上提到的，我們在去年年底簽署了一項協議，將在台灣租賃一棟新的廠房。我們在第一季開始對其進行設備配備，並在第二季度繼續進行進一步的設備配備，以提升我們在台灣100G、400G和800G數據中心收發器以及有線電視產品的產量。接下來是第二季的業績。

Our total revenue was $103 million, which more than doubled year-over-year and increased 3% sequentially off a strong Q1 and was in line with our guidance range of $100 million to $110 million. During the second quarter, 54% of revenue was from CATV products, 44% was from datacenter products, with the remaining 2% from FTTH, telecom and other.

我們的總收入為1.03億美元，年成長逾一倍，季增3%，符合我們1億至1.1億美元的預期範圍。第二季度，54%的營收來自有線電視產品，44%來自資料中心產品，其餘2%來自光纖到府（FTTH）、電信及其他業務。

In our datacenter business, Q2 revenue came in at $44.8 million, which was up 30% year-over-year and 40% sequentially. Sales for our 100G products increased 25% year-over-year, while sales for our 400G products increased 43% year-over-year. In the second quarter, 70% of datacenter revenue was from 100G products, 20% was from 200G and 400G transceiver products and 9% was from 10G and 40G transceiver products.

資料中心業務第二季營收為4,480萬美元，較去年同期成長30%，較上季成長40%。 100G產品銷售額年增25%，400G產品銷售額年增43%。第二季度，資料中心業務70%的營收來自100G產品，20%來自200G和400G收發器產品，9%來自10G和40G收發器產品。

Looking ahead to Q3, we expect a sequential increase in our datacenter revenue, driven by continued growth in our 100G and 400G products with the possibility of layering some additional increased 800G revenue late in the quarter. In our CATV business, CATV revenue in the second quarter was $56 million, which was up more than eight times year-over-year and, in line with our expectations, was down 13% sequentially from a record Q1.

展望第三季度，我們預計資料中心營收將環比成長，這得益於100G和400G產品的持續成長，並且800G產品的營收可能在本季末進一步成長。有線電視業務方面，第二季有線電視營收為5,600萬美元，年成長逾八倍，與創紀錄的第一季相比季減13%，符合我們的預期。

This significant year-over-year increase is due to the continued ramp in orders for our 1.8 gigahertz amplifier products. As we explained on our last earnings call, we expected a modest pullback sequentially in CATV revenue as we retooled production to our Motorola-style amplifier products. As I mentioned earlier, we are pleased to have completed testing and received certification for both our Motorola- and GameMaker-style amplifiers from Charter Communications and announced their plans to deploy our 1.8 gigahertz amplifiers and QuantumLink remote management software.

這一同比大幅增長得益於我們1.8 GHz放大器產品訂單的持續增長。正如我們在上次財報電話會議上所解釋的那樣，由於我們將生產轉向摩托羅拉式擴大機產品，我們預計有線電視收入將比去年同期略有下降。正如我之前提到的，我們很高興完成了摩托羅拉和GameMaker式放大器的測試並獲得Charter Communications的認證，並宣布他們計劃部署我們的1.8 GHz放大器和QuantumLink遠端管理軟體。

As a reminder, Digicomm International continues to play an important role in supporting the end-to-end experience for ongoing installations as we utilize their logistics services to continue to support our products. Looking ahead to Q3, we expect record or near- record revenue in our CATV business. Now turning to our telecom segment.

需要提醒的是，Digicomm International 將繼續在支援持續安裝的端到端體驗方面發揮重要作用，我們利用他們的物流服務來繼續支援我們的產品。展望第三季度，我們預期有線電視業務的營收將創下或接近歷史新高。現在我們來談談電信業務。

Revenue from our telecom products of $1.9 million was down 34% year-over-year and 18% sequentially. As we have said before, we expect telecom sales to fluctuate from quarter-to-quarter. For the second quarter, our top 10 customers represented 98% of revenue, up from 94% in Q2 of last year. We had two greater than 10% customers: one in the CATV market, which contributed 54% of total revenue; and one in the datacenter market, which contributed 34% of total revenue.

我們的電信產品收入為190萬美元，年減34%，較上季下降18%。正如我們之前所說，我們預期電信銷售額將逐季波動。第二季度，我們前十大客戶貢獻了98%的收入，高於去年同期的94%。我們有兩位客戶貢獻率超過10%：一位來自有線電視市場，貢獻了總收入的54%；另一位來自資料中心市場，貢獻了總收入的34%。

In Q2, we generated non-GAAP gross margin of 30.4%, which was in line with our guidance range of 29.5% to 31%, and was up from 22.5% in Q2 2024 and compared to 30.7% in Q1 2025. The year-over-year increase in our gross margin was driven primarily by our favorable product mix, including growth in our CATV revenue as well as growth of our newer-generation datacenter products.

在第二季度，我們的非 GAAP 毛利率為 30.4%，符合我們 29.5% 至 31% 的預期範圍，高於 2024 年第二季的 22.5%，而 2025 年第一季為 30.7%。我們毛利率的年增率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以及新一代資料中心產品的成長。

Looking ahead, we continue to expect that our gross margin will improve 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，隨著有線電視生產效率的提升和產品組合的優化，我們預期毛利率將持續提升。我們將繼續致力於實現非公認會計準則毛利率恢復至40%左右的長期目標，並堅信這一目標是可以實現的。

Total non-GAAP operating expenses in the second quarter were $42.1 million or 41% of revenue, which compared to $26 million or 60% of revenue in Q2 of the prior year. While operating expenses increased this quarter, as I discussed at length earlier, the rise is a direct result of strategic investments in R&D and G&A expenses driven by increased business activity. Looking ahead, we expect non-GAAP operating expenses to be in the range of $41 million to $44 million per quarter.

第二季非公認會計準則營運費用總額為4,210萬美元，佔營收的41%，去年同期為2,600萬美元，佔營收的60%。雖然本季營運費用有所增加（正如我之前詳細討論的那樣），但這一增長直接源於業務活動增加帶來的研發策略投資以及一般行政費用。展望未來，我們預計每季非公認會計準則營運費用將在4,100萬美元至4,400萬美元之間。

Non-GAAP operating loss in the second quarter was $10.8 million compared to an operating loss of $16.2 million in Q2 of the prior year. GAAP net loss for Q2 was $9.1 million or a loss of $0.16 per basic share compared with a GAAP net loss of $26.1 million or a loss of $0.66 per basic share in Q2 of 2024. On a non-GAAP basis, net loss for Q2 was $8.8 million or $0.16 per share, which compared to our guidance range of a loss of $4.8 million to a loss of $1.7 million or non-GAAP income per share in the range of a loss of $0.09 to a loss of $0.03.

第二季非公認會計準則 (Non-GAAP) 營運虧損為 1,080 萬美元，而去年同期營運虧損為 1,620 萬美元。第二季 GAAP 淨虧損為 910 萬美元，即每股基本虧損 0.16 美元，而 2024 年第二季 GAAP 淨虧損為 2,610 萬美元，即每股基本虧損 0.66 美元。非公認會計準則 (Non-GAAP) 淨虧損為 880 萬美元，即每股 0.16 美元，而我們的預期範圍為虧損 480 萬美元至 170 萬美元，或非公認會計準則每股收益在虧損 0.09 美元至 0.03 美元之間。

This compares to a non-GAAP net loss of $10.9 million or $0.28 per basic share in Q2 of the prior year. The basic shares outstanding used for computing the earnings per share in Q2 were 56.8 million. For the full year, we continue to expect achieving positive non-GAAP net income, if possible. Turning now to the balance sheet.

相較之下，去年第二季的非公認會計準則淨虧損為1,090萬美元，即每股0.28美元。用於計算第二季每股收益的基本流通股為5680萬股。如果可能的話，我們預計全年非公認會計準則淨利潤將為正。現在來看資產負債表。

We ended the second quarter with $87.2 million in total cash, cash equivalents, short-term investments and restricted cash. This compares with $66.8 million at the end of the first quarter of 2025. We ended the quarter with total debt, excluding convertible debt, of $54.3 million compared to $46.1 million at the end of last quarter. Post quarter, we announced a new revolving loan facility with BOK Financial of $35 million, which we intend to use to meet some of our working capital needs going forward.

截至第二季末，我們的現金、現金等價物、短期投資及限制性現金總額為8,720萬美元。相比之下，2025年第一季末為6,680萬美元。本季末，我們的總債務（不包括可轉換債務）為5,430萬美元，而上季末為4,610萬美元。季度結束後，我們宣布與BOK Financial簽訂了一項3500萬美元的新循環貸款協議，我們計劃用這筆貸款來滿足我們未來的部分營運資金需求。

As of June 30, we had $138.9 million in inventory, which compared to $102.3 million at the end of Q1. The increase in inventory is almost entirely due to purchases of raw materials to be used in production of our products over the next several months. During the quarter, we completed our ATM program, which raised $98 million net of commissions and fees.

截至6月30日，我們的庫存為1.389億美元，而第一季末為1.023億美元。庫存增加幾乎全部源自於未來幾個月用於生產產品的原料採購。本季度，我們完成了ATM項目，扣除佣金和費用後籌集了9800萬美元。

As we have discussed previously, 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. We made a total of $38.8 million in capital investments in the second quarter, which was mainly used for manufacturing capacity expansion for our 400G and 800G transceiver products.

正如我們之前討論過的，我們計劃利用這些收益繼續投資業務，包括購買用於生產和研發的新設備和機器，包括先前提到的德州的生產擴張。我們在第二季度共進行了3880萬美元的資本投資，主要用於擴大400G和800G收發器產品的產能。

On our last couple of earnings calls, we have 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 production in 2025. 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.

在最近的幾次財報電話會議上，我們討論了未來幾季進行大規模資本支出的計劃，為2025年400G、800G和1.6TB資料中心產能的提升做準備。我們預計今年的總資本支出仍將在1.2億至1.5億美元之間。雖然這些成本可能會受到關稅的影響，但鑑於關稅的不斷變化，很難預測其影響類型和程度。

Notably, we source equipment from all over the world, including both from domestic and international locations. We will continue to do our best to minimize any impacts. It remains evident that US-based production is a priority for our customers, and we are fully committed to building out this capacity. Moving now to our Q3 outlook.

值得注意的是，我們從世界各地採購設備，包括國內和國外。我們將繼續竭盡全力，將任何影響降至最低。顯而易見，在美國生產是我們客戶的優先考慮，我們也將全力以赴地擴大這一產能。現在，我們來展望一下第三季。

We expect Q3 revenue to be between $115 million and $127 million, accounting for a modest sequential increase in CATV revenue as well as a sequential increase in datacenter revenue. 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 $5.9 million to a loss of $2 million and non-GAAP earnings per share between a loss of $0.10 per share and a loss of $0.03 per share using a weighted average basic share count of approximately 62.3 million shares.

我們預計第三季營收將在1.15億美元至1.27億美元之間，有線電視業務營收將環比小幅成長，資料中心業務營收也將季增。我們預計非公認會計準則毛利率將在29.5%至31%之間。非公認會計準則淨利潤預計在虧損590萬美元至200萬美元之間，非公認會計準則每股收益預計在虧損0.10美元至0.03美元之間（基於約6230萬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，我將把時間交還給接線員，進行問答環節。接線生？

(Operator Instructions) Ryan Koontz, Needham.

（操作員指示）Ryan Koontz，尼德姆。

Congrats on a nice quarter. Can we start with cable TV? How are you feeling about customer inventories? For a while there, you were capacity constrained. Are you still looking to expand that in your conversion over to the Motorola housings? And then lastly, do you still have plans to enter the node market? And any rough timing on when that might happen?

恭喜您本季業績喜人。我們可以先從有線電視說起嗎？您對客戶庫存有什麼看法？有一段時間，您的產能受到限制。在轉向摩托羅拉外殼的過程中，您是否仍希望擴大產能？最後，您還有進入節點市場的計畫嗎？大概什麼時候會進入？

Yes. Great questions, Ryan. Thanks for asking. So let's see. The first question is relative to our capacity. We're not exactly switching to the Motorola. That's a little bit of a misstatement there. We're producing both Motorola and GameMaker. In the quarter, though, we'd already produced a significant quantity of GameMaker.

是的。 Ryan，這個問題問得很好。謝謝你的提問。那麼，我們再看看。第一個問題與我們的產能有關。我們並沒有完全轉向摩托羅拉。這麼說有點不實。我們同時生產摩托羅拉和 GameMaker。不過，在本季度，我們已經生產了相當數量的 GameMaker。

So we needed to produce enough inventory of Motorola to have both products available as our customers' needs evolve. So we've pretty much completed the inventory build-out on those two, and now we're going to be sort of managing both of those platforms going forward. So we will continue to have production of both the Motorola and GameMaker moving forward.

因此，我們需要生產足夠的摩托羅拉庫存，以便隨著客戶需求的變化，同時提供這兩種產品。目前，我們基本上已經完成了這兩款產品的庫存建設，現在我們將同時管理這兩個平台。因此，我們將繼續生產摩托羅拉和 GameMaker。

As we mentioned in our prepared remarks a minute ago, we do expect to see some modest sequential increase in the cable TV business. So we continue to ship those amplifier products, both platforms as well as the QuantumLink software and some of the accessories that go with it, as we mentioned in our prepared remarks.

正如我們剛才在準備好的發言中提到的，我們確實預計有線電視業務將出現一些環比增長。因此，我們將繼續銷售這些擴大機產品，包括兩個平台以及QuantumLink軟體和一些配套配件，正如我們在準備好的演講中所提到的那樣。

With respect to the node, yes, we do expect to have the node product launching in Q4. And it will take some time, as with the amplifiers, to go through the qualification process, but I do expect that to be generating revenue, if not in Q4, certainly by Q1. I think I answered all your questions.

關於節點，是的，我們確實預計將在第四季度推出節點產品。與擴大機一樣，它需要一些時間才能完成認證流程，但我確實預計它能夠帶來收入，即使不是在第四季度，也肯定會在第一季。我想我已經回答了你所有的問題。

That's great. And then quickly flipping to datacenter. On the 800-plus transceivers, how many engagements do you have there with Tier 1s on the 800-plus?

太棒了。然後快速轉到資料中心。在800多個收發器上，您與800多個收發器上的一級供應商有多少次合作？

I would say right now, we have minimum three Tier 1s potential big customers. And right now, the good news is, I think, we'll start volume manufacturing either in this quarter or next quarter. But more important is 1.6Tb. I think we expect to start volume manufacturing maybe around June, July next year. I think that's a really good news for us because we've been working with several customers for 1.6Tb.

我想說，目前我們至少有三家一級供應商的潛在大客戶。目前，好消息是，我認為我們將在本季或下個季度開始量產。但更重要的是1.6Tb。我們預計大概在明年六、七月開始量產。我認為這對我們來說是個好消息，因為我們已經與幾家客戶就1.6Tb的量產展開了合作。

So right now, at least we got the two, three series engagement, not only for sampling, but we are talking about some kind of volume manufacturing, all right, in, I would say, Q2 for sure, Q3. So that's why we really need to increase the capacity in Taiwan, especially United States.

所以現在，至少我們得到了兩到三個系列的訂單，不僅僅是樣品，我們還在討論某種形式的量產，我想說，肯定在第二季度，第三季度。這就是為什麼我們真的需要增加台灣，尤其是美國的產能。

Yes. And Ryan, just to emphasize what we said before, just to be clear, the production capacity that we're building for 800 gig will also work for 1.6. It's a combination of both. So all the production expansion activity that we're undergoing now can be used for either of those platforms.

是的。 Ryan，為了強調我們之前說過的，需要先明確的是，我們正在建造的800G產能也適用於1.6G。兩者兼而有之。因此，我們現在正在進行的所有產能擴展活動都可以用於這兩個平台中的任何一個。

Yes. The only difference is testing equipment. So 1.6T is 200G per lambda. But 400G and 800G can be shared, too, because they are all 100G per lambda. So that's good. Now the aforementioned equipment for assembly can be shared, okay? It doesn't matter it's 400G, 800G or 1.6Tb. The only difference is testing between 100G to 200G per wavelength. That's it.

是的。唯一的差別在於測試設備。 1.6T 是每波長 200G。但 400G 和 800G 也可以共享，因為它們都是每波長 100G。這樣就很好了。現在前面提到的組裝設備可以共享了，對吧？ 400G、800G 還是 1.6Tb 都沒關係。唯一的區別在於每波長 100G 到 200G 之間的測試。就是這樣。

Simon Leopold, Raymond James.

西蒙李奧波德、雷蒙詹姆斯。

The first thing I wanted to ask you about was the level of vertical integration you've achieved within the datacenter business. And where this is going is I think, at one point, you were sourcing, buying EML lasers from others and had been ramping your own production or plans to ramp. Just want to get a better understanding of, one, are you doing EMLs or silicon photonics? And two, are you in-sourced or outsourced? And what's the trajectory of in-sourcing?

我想問的第一件事是，你們在資料中心業務中實現了多大的垂直整合。我認為，你們曾經從其他公司採購 EML 雷射器，並且一直在提高自己的產量或計劃提高產量。我想進一步了解：第一，你們是在做 EML 還是矽光子學？第二，你們是自營還是外包？自營的發展軌跡是怎麼樣的？

Sure. So the answer to that first question, are we doing EMLs or silicon photonics, is we're doing both platforms. We do have our own production capacity for EMLs, but we also do buy EMLs externally. We've talked about this in the past as well, but just to reiterate, most of our customers require us to have multiple sources.

當然。所以第一個問題，我們是在做EML還是矽光子，答案是，我們兩個平台都在做。我們確實有自己的EML生產能力，但我們也從外部購買EML。我們過去也討論過這個問題，但需要重申的是，我們的大多數客戶都要求我們有多個貨源。

Even if one of those sources is internal, we're usually required to have a second source as well, which you can imagine is prudent for risk management purposes. So not everything is in-sourced, but we're in- sourcing what we can based on our customer commitments. And again, the silicon photonics, the lasers that are used there are CW lasers.

即使其中一個來源是內在的，我們通常也需要第二個來源，你可以想像，出於風險管理的目的，這樣做是謹慎的。因此，並非所有產品都是內部採購的，但我們會根據客戶承諾盡可能進行內部採購。再次強調，矽光子學中使用的雷射是連續波雷射。

We also produce those in-house as well. And I think I answered your question there. Did you have another one, Simon? I forgot the second.

我們也自己生產這些產品。我想我已經回答你的問題了。西蒙，你還有其他產品嗎？我忘了第二個了。

So let me add a few more points. One, I think we are increasing our high-power CW laser for silicon photonics to maybe 2.5 million lasers per month by sometime next year. So right now, our in-house capacity is 100 EML. We should have 200 EML sometime soon, next year, for sure, the high-power laser for silicon photonics and VCSEL, the other new project, the 200G photo detector, okay?

所以讓我再補充幾點。首先，我認為到明年某個時候，我們計劃將用於矽光子學的高功率連續波雷射的月產量提高到250萬台。目前，我們的內部產能是100台EML。明年，我們肯定很快就會達到200台EML，用於矽光子學的高功率雷射和VCSEL，以及另一個新項目，200G光電探測器，對嗎？

So this is all manufactured, 100%, in Houston. VCSEL will be manufactured by our partner in Taiwan. The other is we have one new project. It's developed special silicon photonics with our big customer. For sure, we don't do silicon photonics, but we involve in the design, the testing, the assembly.

所以這些全部100%在休士頓製造。 VCSEL將由我們在台灣的合作夥伴生產。另一個是我們有一個新項目，是與我們的大客戶合作開發的特殊矽光子技術。當然，我們不做矽光子技術，但我們參與了設計、測試和組裝。

Yes. Where I was trying to go with the question was to try to get a better sense of one of the elements to help the gross margin move towards that long term of 40%. So what I was trying to tease out in this question was the degree that you're outsourcing today versus a change towards more vertical integration in the future as a lever for gross margin improvement. So maybe the question is off-base and maybe I'm going down the wrong path. More bluntly, what will help the gross margin improve?

是的。我提出這個問題的目的是為了更好地理解哪些因素能夠幫助毛利率長期朝40%的目標邁進。所以，我試著透過這個問題梳理出，你目前的外包程度與未來轉向更垂直整合的程度，兩者之間孰輕孰重，才能提升毛利率。所以，這個問題可能有點問題，我可能走錯方向了。更直白地說，什麼因素可以幫助毛利率提升？

Yes. I think the key is wafer, okay? Right now, we are doing two-inch wafer. But we're going to 3-inch wafers. The cost will reduce by, I don't know, 50%, 60%. Then we'll go to four-inch wafer by end of next year. This is a major, much bigger cost savings than what you're talking about. I think right now, yes, we're only maybe using 30% to 40% of our lasers.

是的。我認為關鍵在於晶圓，對吧？目前我們正在生產2吋晶圓。但我們計劃轉向3吋晶圓。成本將降低，我不知道，50%還是60%。到明年年底，我們將轉向4吋晶圓。這將是一個比你所說的更大的成本節省。我認為目前，我們的雷射可能只使用了30%到40%。

We were using, I would say, 2/3 of AOI lasers, okay? It will depend on customer by customer. Some customers prefer all the AOI lasers. Some customers prefer 50-50, okay? So that's why it's different. But more importantly, the cost funnel of AOI lasers changed from two-inch to three-inch to four-inch.

我們之前用的是2/3的AOI雷射器，懂嗎？這取決於每個客戶的情況。有些客戶喜歡全套AOI雷射。有些客戶則喜歡一半一半的AOI雷射器，懂嗎？這就是差別所在。但更重要的是，AOI雷射的成本漏斗從2英寸變成了3英寸，再變成了4英寸。

That's really, really helpful. And then I want to follow up on the cable TV side. You've talked to us about production capacity on datacenter. And I'm just wondering whether or not we need a better understanding of your production capacity if there are constraints on cable TV. And the other aspect is just understanding whether -- I assume you've got visibility into channel inventory because I think when customers deploy your amplifiers, you would know when they're turned up.

這真的非常有幫助。然後我想跟進有線電視方面的問題。您之前跟我們討論過資料中心的生產能力。我想知道，如果有線電視有限制，我們是否需要更了解您的生產能力。另一方面，我想了解您是否了解渠道庫存，因為我認為當客戶部署您的擴大機時，您會知道它們何時啟動。

I believe that's the case. So I'm just trying to get a sense of how much of your revenue is perhaps not deployed yet and somewhere in the channel just to assess the risk of sell-in from a channel buildup.

我認為確實如此。所以我只是想了解一下，你們有多少收入可能還沒部署，有多少在通路中，以便評估通路建立帶來的銷售風險。

Right. So let me touch on one thing real quick at kind of the tail end of your last question regarding gross margin expansion, and it relates to the cable TV business as well. There is still significant cost savings that we expect to achieve over the next few quarters in the cable TV business. That business is not yet hitting its gross margin targets, but we have a pathway to get there.

好的。那麼，讓我快速談談你最後一個問題關於毛利率擴張的最後部分，這也與有線電視業務有關。我們預計有線電視業務在未來幾季仍將實現顯著的成本節約。該業務目前尚未達到其毛利率目標，但我們有實現目標的途徑。

The other thing that will help on the cable TV side relative to gross margin is a greater impact on software as part of our revenue mix. Software will come in with a significantly higher gross margin level. So a couple of other things to add on the gross margin line, even though that's sort of a follow-on to your previous question.

有線電視業務毛利率的另一個提升因素是軟體業務在我們收入結構中的佔比將進一步提升。軟體業務的毛利率將顯著提高。所以，雖然這算是你上一個問題的延續，但關於毛利率，我還需要補充幾點。

Regarding the manufacturing capacity for cable TV, we're pretty much -- I've said this before, I mean, we're pretty much at the level that we expect to be at. Our goal with cable TV production is really to kind of match what we see all of our customers' aggregate demand being, and we're more or less there. We had a little bit of a pullback last quarter as we retooled, we're expecting a sequential increase this quarter, and that's about the same level that we were at the prior quarter. So we're kind of at that level right now.

關於有線電視的生產能力，我們基本上——我之前說過，我的意思是，我們基本上達到了預期的水平。我們有線電視生產的目標是，基本上滿足我們所有客戶的總需求，而我們基本上已經達到了這個目標。上個季度，由於我們進行了重組，產量略有回落，我們預計本季產量將環比增長，與上一季的水平大致相同。所以，我們現在基本上處於這個水平。

Regarding channel inventory, yes, we do have a pretty clear line of sight into what the customer is using. We're very comfortable with the level of inventory that we have. And as we discussed in our prepared remarks, it's not just one customer that we have. We have multiple customers now that are buying these products. And we have a number of other customers in the pipeline.

關於通路庫存，是的，我們確實非常清楚客戶使用情況。我們對目前的庫存水準非常滿意。正如我們在準備好的發言中所討論的那樣，我們擁有的客戶不只一個。現在有多個客戶正在購買這些產品。此外，我們還有許多其他客戶正在洽談中。

As we talked about, we have six different customers that are either buying or in various stages of qualification of the products right now. So we're pretty comfortable with the inventory that we have in the channel. It is substantial, but it's in line with our customers' demand in aggregate.

正如我們之前提到的，目前我們有六家不同的客戶，他們要么正在購買產品，要么正處於產品認證的不同階段。因此，我們對通路庫存非常滿意。庫存量很大，但整體上符合我們客戶的需求。

And Simon, let me add a few more points. So right now, next year, we are very comfortable, besides Charter, we should have more than 10 customers next year. And right now, based on the feedback from this customer, I think the real demand from this customer next year is, I would say, minimum $300 million to $350 million. And because the shipping is by ship, so usually it takes more than six-weeks, seven-weeks.

西蒙，我再補充幾點。目前，我們對明年的情況非常有信心，除了Charter之外，明年我們應該會有超過10個客戶。目前，根據這位客戶的回饋，我認為明年這位客戶的實際需求至少在3億到3.5億美元之間。由於運輸是透過船舶進行的，所以通常需要六到七週以上的時間。

That's why we need inventory in US because the customer demand is like three-days to five-days, okay? So we can't say we got an order then we manufacture in Taiwan and then ship here, it will easily take two-months, three-months. It doesn't work for this cable TV industry, okay? So that's the purpose: to meet the customer demand.

這就是為什麼我們需要在美國有庫存，因為客戶需求大概是三天到五天，懂嗎？所以我們不能說，我們接到訂單後，在台灣生產，然後出貨到這裡，這很容易就需要兩三個月的時間。這對有線電視產業來說行不通，懂嗎？所以，我們的目標就是：滿足客戶需求。

But the demand is pretty big, all right? Just next year, that's the number we see right now, $300 million to $350 million of real demand, all right, for this customer in, I would say, US, Canada, all right?

但需求量確實很大，對吧？就明年而言，我們現在看到的數字是，對於美國、加拿大的客戶來說，實際需求量大概在3億到3.5億美元之間，對吧？

Michael Genovese, Rosenblatt.

麥可·吉諾維斯，羅森布拉特。

So on the prepared remarks, there was a lot of talk about qualification activity, 400G and 800G, it sounds like with this customer who should become a 10% customer in the third quarter and beyond. I guess I just wanted to ask. And then somebody else asked about sort of engagement with other Tier 1s. But I just wanted to ask sort of very specifically if there's qualification activity going on at 400G and above with other customers besides that one that I think you spoke a lot about on the call.

所以在準備好的演講稿中，我們討論了很多關於400G和800G的認證活動，聽起來這位客戶應該會在第三季及以後成為10%的客戶。我想我只是想問一下。然後有人問到與其他一級供應商的合作情況。但我想非常具體地問一下，除了您在電話會議上多次提到的那位客戶之外，是否還有其他客戶在400G及以上速率下進行認證活動。

Absolutely. 100%, yes. All three of those that Thompson mentioned earlier are in qualification at various stages.

絕對的。 100% 肯定的。湯普森之前提到的三個人都處於不同的資格階段。

And are those all existing customers or anybody brand new to the company?

這些都是現有客戶嗎？還是公司新客戶？

Those are all existing customers. I want to be sure that we're not mischaracterizing this. We also have a number of engagements with smaller Tier 2 operators as well. So it's not just like those are the only customers that we have, but all three of those customers are existing customers.

這些都是現有客戶。我想確保我們沒有誤解。我們也與一些規模較小的二級營運商有合作。所以，我們並非只有這些客戶，而是這三個客戶都是現有客戶。

Yes. Great. I think my question might have been answered on the last question, but I just want to verify that I heard it correctly. That right. And any sense of how much of that is -- I imagine the large majority of that is amplifiers but is there any significant amount of timing maybe of not all the way to 40%, but maybe like mid-30s. Is there any kind of timing expectation you'd want to set there?

是的，太好了。我想我的問題可能在上一個問題上已經得到了解答，但我只是想確認一下我沒聽錯。沒錯。請問一下，這其中有多少是——我想這其中很大一部分是放大器，但有沒有顯著的時序影響，可能不是全部到40%，但可能是30%左右。您希望設定什麼樣的時序預期？

Or is. No. I mean I think our guide right now, as you could see, is kind of consistent at around 30%. It's going to take us a couple of quarters to see a bigger impact from 800G business and the impact of some of the cost reduction efforts and increased software revenue that we. It's not really Tier 2 it could be Tier 1.

或者是。不。我的意思是，正如你所看到的，我認為我們目前的指導價基本上穩定在30%左右。我們還需要幾個季度才能看到800G業務的更大影響，以及一些成本削減措施和軟體收入增加的影響。這其實不是二線業務，可能是第一線業務。

Depending on where you draw the line.

取決於你在哪裡劃線。

Based on the investment they announced, the next few could become Tier 1 and Tire 2.

根據他們宣布的投資，接下來的幾家公司可能會成為 Tier 1 和 Tire 2。

Still to the primary customer only?

仍然只針對主要客戶嗎？

More than one customer.

不只一個客戶。

$300 million to $350 million that Thompson was talking about, that's a cable TV revenue target for 2026, is that correct?

湯普森所說的 3 億到 3.5 億美元是 2026 年有線電視的收入目標，對嗎？

Yes. But that's not only Charter. That's Charter plus more than 10 other customers.

是的。但這不僅僅是Charter。這包括Charter自己，以及其他10多家客戶。

Nodes in there?

那裡有節點嗎？

There should be some node business as well, but we haven't broken that out for you.

應該還存在一些節點業務，但我們還沒有為您分解。

And then I thought Simon's questions about the gross margins were super helpful. But I guess now I'm just wondering about the it like a one quarter at a time, wait-and-see?

然後我覺得西蒙關於毛利率的問題非常有幫助。不過現在我只能一個季度一個季度地觀望一下了。

Talked about on the cable TV side. So a few quarters to get kind of the next uptick in gross margin.

剛才談到了有線電視方面。所以，未來幾季，毛利率將會上升。

Yes. I would say maybe Q2 or Q3, especially the volume is picking up very strongly in the next quarter, every quarter. Then 1.6Tb, I'd say will start in, I would say, June, July next year. And cable TV gross margin will improve, too. So I would say Q2, Q3 next year. Our target is 40%. So we hope we could be there by end of next year or early 2027. That's our target.

是的。我估計可能是第二季或第三季度，尤其是下個季度，每季的銷售量都在強勁成長。然後，我估計1.6Tb的容量會在明年六、七月開始。有線電視的毛利率也會提高。所以我預計明年第二季或第三季會實現。我們的目標是40%。我們希望明年年底或2027年初能達到這個目標。這就是我們的目標。

(Operator Instructions) Dave Kang, B. Riley FBR.

（操作員指示）Dave Kang，B. Riley FBR。

First question is regarding receivables. So they went up, what, like $50 million, over $50 million, last quarter, first quarter, and now it's another approximately $40 million. Just can you go over the dynamics why receivables are going up? And I'm assuming that's related to a cable TV customer.

第一個問題是關於應收帳款的。上個季度，也就是第一季度，應收帳款增加了大概5,000萬美元，現在又增加了約4,000萬美元。您能解釋一下應收帳款上漲的具體原因嗎？我猜想這與有線電視客戶有關。

I mean a lot of it is. Receivables are going up because business is going up, right? We more than doubled our revenue over last year. So naturally, the receivables are going to go up as well. We talked about the dynamics, because we wanted to get some of the cable TV products in particular into the country and ready to be staged, ready for customer acceptance.

我的意思是，很多都是這樣。應收帳款正在增加，是因為業務正在成長，對吧？我們的收入比去年增加了一倍以上。所以自然而然地，應收帳款也會增加。我們討論了動態，因為我們希望將一些有線電視產品（特別是有線電視產品）引入國內，並做好分階段推廣、爭取客戶認可的準備。

We have offered some extended payment terms to certain customers in that channel chain to be able to accommodate that additional amount of revenue so that it's here when the customers need it. So I mean that's the story, increased revenue, slightly larger payment terms equals increased receivables.

我們為此通路鏈中的某些客戶提供了一些延長付款期限的方案，以便能夠容納這些額外的收入，以便在客戶需要時及時到位。所以，我的意思是，收入增加，付款期限略長，就等於應收帳款增加。

Got it. And then just a question on gross margin. Can you talk about the difference between transceiver versus the cable TV? Right now, you're at 30%. Maybe what the difference is and then your long-term 40%, what margins will be for cable TV and transceivers?

明白了。接下來我問一個關於毛利率的問題。能談談收發器和有線電視之間的差異嗎？目前，你們的毛利率是30%。請問差別是什麼？如果你們的長期目標是40%，有線電視和收發器的毛利率會是多少？

Yes. So I mean, cable TV right now is kind of in the low to mid-30% range. And obviously, the transceivers are below 30% at this point. So they average out to be around 30%. I think we can get -- I mean, we've been pretty consistent that our expectation for gross margin in cable is to get above 40%, and we think we can achieve that. So that's where that is heading. With respect to the transceivers, again, mid- to upper 30% is, I think, where it can be such that we can blend out to around 40%.

是的。我的意思是，有線電視目前的毛利率大概是30%左右。顯然，收發器目前的毛利率低於30%。所以平均下來大概在30%左右。我認為我們可以實現——我的意思是，我們一直非常一致地預期有線電視的毛利率會超過40%，而且我們認為我們可以實現這個目標。所以這就是我們未來的發展方向。至於收發器，我認為30%左右的毛利率可以達到40%左右，這樣我們的毛利率就可以達到40%左右。

Especially the 1.6Tb, the gross margin should be more than 40%. The 800G should be close to 40%. That's why we said the gross margin should be 35% to 40% by end of next year.

尤其是1.6Tb，毛利率應該超過40%。 800G應該接近40%。這就是為什麼我們預測明年年底毛利率應該會達到35%到40%。

Got it. And my last question is regarding that major customer qualifying your facility. So what's left for, I guess, when companies say our 400-gig, 800-gig products are qualified, what else is left, I guess? And how long does it typically take between facility qualification versus product qualification?

明白了。我的最後一個問題是關於主要客戶對你們設施進行認證的問題。那麼，當客戶說我們的 400G、800G 產品通過認證後，還有什麼需要注意的呢？設施認證和產品認證之間通常需要多長時間？

Right. So 400G is already qualified. We talked about the first volume shipments occurring this quarter -- I mean, last quarter, the quarter that we're reporting on, Q2. So that's already happened. 800-gig, there's really not much that has to happen. But as we discussed in our prepared remarks, we have to have production capacity available for 800G, meaningful production capacity available for 800G, before there's any need for them to give us the green light to go ahead and produce.

是的。所以 400G 已經合格了。我們談到了本季——也就是上個季度，也就是我們報告的第二季度——的首批出貨。所以這已經發生了。 800G，其實不需要做太多事。但正如我們在準備好的發言稿中所討論的，我們必須擁有 800G 的生產能力，有意義的 800G 生產能力，然後他們才需要給我們開綠燈來繼續生產。

We're pretty close to that right now. We outlined our targets at OFC, and we're sticking to that. We're tracking pretty well to those targets. So really, what has to happen is we've got to have enough production capacity to be able to accept meaningful orders for them to finish the qualification.

我們現在已經非常接近這個目標了。我們在OFC上概述了我們的目標，並且會堅持下去。我們正在很好地跟踪這些目標。所以，實際上，我們必須擁有足夠的產能來接受有意義的訂單，以便他們完成認證。

So as in this quarter, this customer maybe will become 10% customer. And by Q4, I would say 400G may become our biggest revenue creator for datacenter, bigger than 100G in Q4. So you can see how fast the 400G revenue is coming up in this year. But for sure, the 800G will become the biggest contributor by, I would say, Q2 next year; for sure, Q3.

因此，在本季度，這類客戶可能會占到10%。到第四季度，我認為400G可能會成為我們資料中心最大的收入來源，甚至超過第四季的100G。所以你可以看到今年400G的營收成長速度有多快。但可以肯定的是，到明年第二季度，800G將成為最大的收入貢獻者；當然，第三季也是如此。

So you can see overall how fast the revenue -- and 100G is not going down, okay, don't take me wrong. I would say 100G will stay similar, but 400G is picking up so strong in Q3, Q4. And Q4, 400G become the biggest, even bigger than 100G. But at the same time, by Q2, Q3 next year, 800G will be even bigger than 400G, okay? That's my point.

所以你可以看到整體營收成長有多快——而且100G並沒有下降，好嗎，別誤會我的意思。我想說100G會保持類似水平，但400G在第三季和第四季成長強勁。第四季度，400G將成為最大的市場，甚至超過了100G。但同時，到明年第二季和第三季度，800G的市場規模將超過400G，好嗎？這就是我的觀點。

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

目前，我們沒有其他問題，我會把電話交給 Thompson Lin 博士做結束語。

Again, thank you for joining us today. As always, we want to extend a thank you to our investors, customers and employees for your continued support. As we discussed today, we believe the fundamental driver of long-term demand of our business remains robust, and we are in a unique position to drive value from this opportunity. We look forward to seeing many of you at upcoming investor conferences. Thank you.

再次感謝各位今天的到來。一如既往，我們要感謝各位投資人、顧客和員工一直以來的支持。正如我們今天所討論的，我們相信，我們業務長期需求的根本驅動力依然強勁，並且我們擁有獨特的優勢，能夠從這一機會中創造價值。我們期待在即將舉行的投資者會議上與各位見面。謝謝。

The conference has now concluded. Thank you for attending today's presentation, and you may now disconnect.

會議現已結束。感謝您參加今天的演講，現在您可以斷開連接了。