祥茂光電 (AAOI) 2025 Q3 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 third quarter 2025 earnings conference call. (Operator Instructions) Please note this call is being recorded.

午安.我今天將擔任你們的會議接線生。在此，我謹代表Applied Optoelectronics公司歡迎各位參加2025年第三季財報電話會議。（操作員指示）請注意，本次通話正在錄音。

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

現在我將把電話轉交給應用光電公司的投資者關係負責人林賽·薩瓦雷斯。薩瓦雷女士，您可以開始了。

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

謝謝。我是 Lindsay Savarese，應用光電子公司的投資人關係負責人。歡迎各位參加AOI 2025年第三季財務業績電話會議。今天市場收盤後，AOI發布新聞稿，公佈了其2025年第三季財務業績，並提供了2025年第四季的展望。新聞稿也可在本公司網站 ao-inc.com 上取得。

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. Thompson will give an overview of AOI's Q3 results, and Stefan will provide financial details and the outlook for the fourth quarter of 2025.

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錄音鏈接，該錄音將存檔一年。今天參加電話會議的有AOI創辦人、董事長兼執行長林湯普森博士，以及AOI財務長兼首席策略長斯特凡·莫瑞博士。湯普森將概述 AOI 第三季的業績，斯特凡將提供財務細節和 2025 年第四季的展望。

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. 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.

在我們的發言結束後，將進行問答環節。在開始之前，我想提醒各位查看AOI的安全港聲明。在今天的電話會議上，管理階層將發表前瞻性聲明。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，這可能導致公司的實際業績、活動水平、表現或成就，或公司所在行業的業績、活動水平、表現或成就與此類前瞻性陳述中明示或暗示的內容存在重大差異。

In some cases, you can identify forward-looking statements by terminology such as believe, forecast, anticipate, 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. The company has based these forward-looking statements on its current expectations, assumptions, estimates and projections.

在某些情況下，你可以透過諸如「相信」、「預測」、「預期」、「估計」、「建議」、「打算」、「預言」、「期望」、「計畫」、「可能」、「應該」、「可以」、「將會」、「潛在」或「認為」之類的術語，或透過這些術語的否定形式或其他類似事件表達來識別了對未來的結果。該公司基於其當前的預期、假設、估計和預測做出了這些前瞻性聲明。

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.

雖然公司認為這些預期、假設、估計和預測是合理的，但此類前瞻性聲明只是預測，涉及已知和未知的風險和不確定性，其中許多風險和不確定性超出公司的控制範圍。

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 fourth 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.

前瞻性聲明還包括有關管理層對產品拓展至新市場以及客戶對其創新產品的反應的信念和預期的聲明，以及有關公司對 2025 年第四季度展望的聲明。除法律要求外，AOI 不承擔在本次盈利電話會議日期之後因任何原因更新這些前瞻性聲明的義務，以使這些聲明與實際結果或公司預期的變化相符。

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

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中的“風險因素”部分，包括公司 10-K 表格年度報告和 10-Q 表格季度報告。此外，除非另有特別說明，今天討論的所有財務業績和其他財務指標均以非公認會計準則為基礎。

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

非公認會計準則財務指標不應單獨考慮，也不應取代依照公認會計準則編製的結果。本公司獲利新聞稿中包含了 GAAP 與非 GAAP 指標之間的調整表，以及我們為何列示非 GAAP 財務指標的討論，該新聞稿可在 AOI 網站上查閱。

Before moving to the financial results, I'd like to note that the date of AOI's fourth quarter and full year 2025 earnings call is currently scheduled for February 26, 2026. Now I would like to turn the call over to Dr. Thompson Lin, AOI's Founder, Chairman and CEO. Thompson?

在介紹財務表現之前，我想指出，AOI 2025 年第四季和全年財報電話會議目前定於 2026 年 2 月 26 日舉行。現在，我想把電話交給AOI的創辦人、董事長兼執行長林湯普森博士。湯普森？

Thank you, Lindsay, and thank you for joining our call today. We successfully deliver revenue, gross margin and non-GAAP loss per share in line with our expectations. In fact we recorded the highest quarterly revenue in our history, driven by strong demand in CATV market, which also achieved record revenue in the third quarter. The strength we saw in our CATV business more than offset our datacenter revenue is trending a touch with our expectations, largely due to the timing of certain shipment at quarter end.

謝謝你，琳賽，也謝謝你今天參加我們的電話會議。我們成功實現了營收、毛利率和非GAAP每股虧損均符合預期。事實上，在有線電視市場強勁需求的推動下，我們錄得了公司歷史上最高的季度收入，有線電視市場在第三季也實現了創紀錄的收入。我們在有線電視業務方面取得的強勁表現，足以彌補資料中心收入的不足，這與我們的預期基本相符，主要是因為某些貨物的出貨時間恰好在季度末。

In [Papilion] we were approximately $6.6 million, in Shipment, our of 400G transceiver to a large hyperscale customer, who was not able to return into revenue during the quarter due to various shipping and receiving delays and which we have took in Q4. Despite this delay, our financial results clearly highlight the range of having diversified revenue stream as a result of a revenue on a combined basis increased 15% sequentially and 82% year-over-year.

在 [Papilion] 專案中，我們的出貨量約為 660 萬美元，其中 400G 收發器交付給一家大型超大規模客戶，由於各種發貨和收貨延誤，該客戶在本季度未能恢復收入，我們在第四季度收回了這部分收入。儘管有所延遲，但我們的財務表現清楚地表明了多元化收入來源的優勢，合併後的收入環比增長 15%，同比增長 82%。

Number three, we continue to make profits on customer colocation on our 800G. As we mentioned last quarter, we believe we are near the final stage of qualifications with several customers. We expect qualifications in the near-term based on conversations that we are having with our customers, and we continue to believe that we will produce meaningful shipment of AOI product in the fourth quarter.

第三，我們繼續透過 800G 上的客戶託管服務獲得利潤。正如我們上個季度提到的那樣，我們相信我們已經接近與幾位客戶進行資格認證的最後階段。根據我們與客戶的溝通，我們預計近期內將獲得資格認證，我們仍然相信，我們將在第四季度實現AOI產品的重要出貨量。

Total third quarter would be the revenue of $118.6 million which was in line with that kind of a range of $115 million to $127 million. We recorded non-GAAP gross margin of 31%.

第三季總營收為 1.186 億美元，與先前預期的 1.15 億美元至 1.27 億美元區間相符。我們錄得非GAAP毛利率為31%。

This was in line with our guidance range of 29.5% to 31%. And on net loss per share of $0.09 compared in line with our guided range or a loss of $0.10 to a loss of $0.13. Total revenue for our datacenter of $43.9 million increased 7% year-over-year, but was down sequentially. Revenue for our other products includes 32% year-over-year, while revenue for our 400G product was down 65% year-over-year or $7.1 million due to the timing of certain shipment this quarter end that I just mentioned.

這與我們先前預測的 29.5% 至 31% 的範圍相符。每股淨虧損為 0.09 美元，與我們預期的虧損範圍一致，即虧損 0.10 美元至 0.13 美元。資料中心總收入為 4,390 萬美元，年增 7%，但環比下降。我們其他產品的營收年增了 32%，而我們的 400G 產品的營收年減了 65%，即 710 萬美元，這是由於我剛才提到的本季末某些產品的出貨時間安排所致。

Total revenue in Q3 in our CATV segment was a record $70.6 million with more than triple year-over-year and was up 26% sequentially from a strong Q2. This increase is due to the continued ramp in orders for our 1.8GHz amplifier product for both existing as well as new customers. With that, I will turn the call over to Stefan to review the details of our Q3 performance and outlook for Q4. Stefan?

第三季度，我們有線電視業務的總收入創下 7,060 萬美元的紀錄，年增超過三倍，比強勁的第二季度環比增長 26%。這一增長是由於現有客戶和新客戶對我們 1.8GHz 放大器產品的訂單持續增加。接下來，我將把電話交給 Stefan，讓他詳細介紹我們第三季的業績以及對第四季的展望。斯特凡？

Thank you, Thompson. As Thompson mentioned, we successfully delivered revenue, gross margin and a non-GAAP loss per share in line with our expectations. In fact, we recorded the highest quarterly revenue in our history, driven by strong demand in the CATV market, which also achieved record revenue in the third quarter. The strength that we saw in our CATV business more than offset our data center revenue, which came in a touch below our expectations, largely due to the timing of certain shipments at quarter end.

謝謝你，湯普森。正如湯普森所提到的，我們成功實現了收入、毛利率和非GAAP每股虧損，兩者都符合我們的預期。事實上，在有線電視市場強勁需求的推動下，我們錄得了公司歷史上最高的季度收入，有線電視市場在第三季也實現了創紀錄的收入。我們在有線電視業務方面取得的強勁表現，足以彌補資料中心收入的不足。資料中心收入略低於預期，主要是由於某些貨物的出貨時間在季度末所致。

In particular, we had approximately $6.6 million in shipments of 400G transceivers to a large hyperscale customer, which was not able to be turned into revenue during the quarter due to various shipping and receiving delays, and which we have booked in Q4. Despite this delay, our financial results clearly highlight the advantage of having diversified revenue streams.

具體來說，我們向一家大型超大規模客戶交付了價值約 660 萬美元的 400G 收發器，由於各種發貨和收貨延誤，本季度未能轉化為收入，我們已將其計入第四季度。儘管有所延誤，但我們的財務表現清楚地表明了擁有多元化收入來源的優勢。

As a result, our total revenue on a combined basis increased 15% sequentially and 82% year-over-year. In Q3, we delivered revenue of $118.6 million, which was in line with our guidance range of $115 million to $127 million. We recorded non-GAAP gross margin of 31%, which was in line with our guidance range of 29.5% to 31%.

因此，我們的合併總收入較上季成長 15%，較去年同期成長 82%。第三季度，我們實現了 1.186 億美元的收入，符合我們先前 1.15 億美元至 1.27 億美元的預期範圍。我們錄得非GAAP毛利率為31%，與我們先前29.5%至31%的預期範圍相符。

Our non-GAAP loss per share of $0.09 was also in line with our guidance range of a loss of $0.10 to a loss of $0.03. We continue to make progress on customer qualifications on our 800G products. As we mentioned last quarter, we believe we are near the final stages of qualification with several customers. We expect qualification in the near term based on conversations that we are having with our customers, and we continue to believe that we will produce meaningful shipments of 800G products in the fourth quarter.

我們的非GAAP每股虧損為0.09美元，也符合我們先前預測的每股虧損0.10美元至0.03美元的範圍。我們的800G產品在客戶認證方面持續取得進展。正如我們上個季度提到的那樣，我們相信我們已經接近與幾位客戶完成資格認證的最後階段。根據我們與客戶的溝通，我們預計近期內就能獲得認證，並且我們仍然相信，我們將在第四季度實現 800G 產品的重要出貨量。

For the third quarter in a row, we did record immaterial revenue for our 800G products related to deliveries for customer qualification activity. As we have mentioned before, our schedule on ramping up our production is largely constrained by our ability to build and qualify production capacity.

連續第三個季度，我們確認了與客戶資格認證活動相關的 800G 產品交付的微不足道的收入。正如我們之前提到的，我們提高產量的計畫很大程度上受限於我們建造和驗證生產能力的能力。

On that front, we are pleased to report that we made good progress on getting our production ready during the third quarter and remain nearly on track to achieve the targets that we laid out at OFC. As a reminder, we expect this will culminate later this year with what we believe will be the largest domestic production capacity for 800G or 1.6 terabit transceivers, approximately 35,000 transceivers per month or roughly 35% of our overall capacity for these advanced optical transceivers.

在這方面，我們很高興地報告，我們在第三季生產準備方面取得了良好進展，並且基本上按計劃實現了我們在OFC制定的目標。再次提醒大家，我們預計今年晚些時候，我們將實現國內最大的 800G 或 1.6 太比特收發器產能，每月約 35,000 個收發器，約占我們這些先進光收發器總產能的 35%。

Notably, we will be able to accommodate this expansion in our current Texas facility footprint. 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. As I just mentioned, we made solid headway towards these targets for next year.

值得一提的是，我們目前在德州的廠房面積足以滿足此擴建需求。此外，到 2026 年年中，我們仍然預計每月能夠生產超過 20 萬件產品，其中大部分將在德州生產。正如我剛才提到的，我們在實現明年目標方面取得了堅實的進展。

As you may have seen, we announced last week that we signed an agreement to lease an additional building in Sugar Land, Texas. We will begin construction on this new facility later this year and are confident in our ability to scale our production towards the middle to end of next year to achieve our 2026 targets.

正如您可能已經看到的，我們上周宣布，我們已簽署協議，租賃位於德克薩斯州舒格蘭市的另一棟建築物。我們將於今年稍晚開始建造這座新工廠，並有信心在明年年中至年底擴大生產規模，以實現我們2026年的目標。

It's also important to note that AOI has had an in-house laser manufacturing capability for many years, and we have been expanding and improving this capability recently. While we have heard talks about laser shortages, having a laser production capability in-house gives us an advantage. And to date, we have not experienced a shortage of lasers that has affected our ability to deliver products according to our customers' requests.

值得注意的是，AOI 多年來一直擁有內部雷射製造能力，我們最近一直在擴展和改進這項能力。雖然我們聽說過雷射短缺的說法，但擁有內部雷射生產能力使我們具有優勢。到目前為止，我們還沒有遇到雷射器短缺的情況，這影響了我們根據客戶要求交付產品的能力。

We've spent years developing our automated manufacturing capabilities, which gives us an advantage in the ability to do manufacturing virtually anywhere in the world that we would like to and makes building out another facility in a cost-effective way in Texas possible. The message from our customers is consistent. Many of them have a strong preference for production in North America.

我們花費多年時間發展自動化製造能力，這使我們能夠在幾乎世界任何地方進行製造，從而在德克薩斯州以經濟高效的方式建立另一家工廠成為可能。來自客戶的回饋是一致的。他們中的許多人強烈傾向於在北美進行生產。

And so that's what we have been and are currently focused on. When we talk about adding capacity, the lead time for us to add new equipment and add machinery to our production process is typically less than the lead time it would take to hire and train the types of skilled operators that are needed to do the manual processes that are used by most of our competitors.

所以，這就是我們過去和現在一直在關注的重點。當我們談到增加產能時，我們為生產流程添加新設備和機械所需的準備時間通常比我們大多數競爭對手所採用的手動流程所需的熟練操作人員的招聘和培訓所需的準備時間要短。

Just to reiterate, we currently have three manufacturing sites, one here in Sugar Land, Texas, where our headquarters is and which will soon involve two facilities, one in Ningbo, China and two in Taipei, Taiwan with an additional one under construction. As you may have heard me say at OFC, we expect to increase the total production of 800G and 1.6 terabit products by 8.5 times by the end of the year, and we are on track and dedicated to achieving this goal.

再次重申一下，我們目前有三個生產基地，一個位於德克薩斯州舒格蘭，也就是我們的總部所在地，不久將新增兩個工廠，一個位於中國寧波，兩個位於台灣台北，還有一個正在建設中。正如你們可能在OFC上聽到我所說，我們預計到今年年底，800G和1.6太比特產品的總產量將增長8.5倍，我們正按計劃推進，並致力於實現這一目標。

During the third quarter, direct tariffs had a $1.1 million impact on our income statement. As it relates to tariffs, also, as I mentioned on our prior couple of earnings calls, while we do utilize some imported components in our transceivers, many key components like our laser chips are already manufactured in the U.S. 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.

第三季度，直接關稅對我們的損益表造成了 110 萬美元的影響。關於關稅問題，正如我在前幾次財報電話會議上提到的，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，例如我們的雷射晶片，已經在美國製造。重要的是，在我們800G和1.6太比特收發器設計中，目前只有不到10%的組件價值來自中國，而且隨著我們擴大生產規模，我們有辦法進一步降低中國組件的佔比，最終接近零。

We are also in discussion with several key suppliers about onshoring their production to the U.S. to support a robust domestic supply chain. Turning to our third quarter results. Our total revenue was $118.6 million, which increased 82% year-over-year and increased 15% sequentially off a strong Q2, and was in line with our guidance range of $115 million to $127 million.

我們也正在與幾家主要供應商商討將生產轉移到美國本土，以支持強大的國內供應鏈。接下來來看看我們第三季的業績。我們的總營收為 1.186 億美元，年成長 82%，季增 15%，這得益於強勁的第二季業績，符合我們先前 1.15 億美元至 1.27 億美元的預期範圍。

During the third quarter, 60% of revenue was from CATV products, 37% was from data center products, with the remaining 3% from FTTH, telecom and other. In our datacenter business, Q3 revenue came in at $43.9 million, which was up 7% year-over-year and was down 2% sequentially. Sales of our 100G products increased 32% year-over-year, while sales for our 400G products decreased 65% year-over-year or $7.1 million, which was primarily driven by the timing of certain shipments at quarter end that I previously discussed.

第三季度，60% 的營收來自有線電視產品，37% 來自資料中心產品，其餘 3% 來自光纖到府、電信和其他。在我們的資料中心業務中，第三季營收為 4,390 萬美元，年增 7%，季減 2%。我們的 100G 產品銷售額年增 32%，而我們的 400G 產品銷售額年減 65%，即 710 萬美元，這主要是由於我之前討論過的某些產品在季度末的出貨時間所致。

In the third quarter, 83% of datacenter revenue was from 100G products, 9% was from 200G and 400G transceiver products and 7% was from 10G and 40G transceiver products. Looking ahead to Q4, we expect a substantial sequential increase in our data center revenue, driven by growth in 400G revenue as well as layering in some increased 800G revenue.

第三季度，資料中心收入的 83% 來自 100G 產品，9% 來自 200G 和 400G 收發器產品，7% 來自 10G 和 40G 收發器產品。展望第四季度，我們預計資料中心收入將大幅環比成長，這主要得益於 400G 收入的成長以及 800G 收入的增加。

In our CATV business, we saw exceptionally strong demand in Q3. CATV revenue in the third quarter was a record $70.6 million, which more than tripled year-over-year and was up 26% sequentially from a strong Q2. This increase is due to the continued ramp in orders for our 1.8 gigahertz amplifier products. Similar to last quarter, we shipped a significant quantity of 1.8 gigahertz amplifiers to Charter in the quarter and demand continues to be robust.

在我們的有線電視業務中，第三季需求異常強勁。第三季有線電視營收創下 7,060 萬美元的紀錄，年成長超過三倍，比強勁的第二季季增 26%。這一增長是由於我們 1.8 吉赫茲放大器產品的訂單持續增長所致。與上個季度類似，本季我們向Charter公司交付了大量1.8吉赫茲放大器，市場需求依然強勁。

On our last earnings call, we had discussed how in addition to Charter, we had six other MSO customers who had already begun to order and deploy our 1.8 gigahertz products or are in various stages of qualification of these products. We were pleased to see continued momentum with these new customers and are excited to see the broad-based appeal of our amplifiers and QuantumLink software.

在上次財報電話會議上，我們討論了除了 Charter 之外，我們還有其他六家 MSO 客戶已經開始訂購和部署我們的 1.8 吉赫茲產品，或者正在對這些產品進行不同程度的認證。我們很高興看到這些新客戶持續成長，並對我們的擴大機和 QuantumLink 軟體的廣泛吸引力感到興奮。

During the quarter, we announced the addition of four new software modules to our QuantumLink HFC remote management solution which offers our customers actionable intelligence to optimize network performance, reduce operational costs and improve the broadband experience.

本季度，我們宣佈在 QuantumLink HFC 遠端管理解決方案中新增四個軟體模組，為客戶提供可操作的智慧訊息，以優化網路效能、降低營運成本並改善寬頻體驗。

The new suite of software modules are add-ons to our existing QuantumLink Central, providing telemetry, adding unified visibility, predictive diagnostics and automated controls to our remote amplifier management platform. Most software features will be available this quarter. The feedback we are hearing from our customers is very positive.

這套全新的軟體模組是我們現有 QuantumLink Central 的附加元件，可為我們的遠端擴大機管理平台提供遙測功能、統一的視覺性、預測性診斷和自動化控制。大部分軟體功能將於本季推出。我們從客戶那裡得到的回饋非常積極。

In September, we attended the Society of Cable Telecommunications Engineering Expo. We had great interactions with customers and potential customers during the expo. And as I just mentioned, feedback from our customers continues to be very positive with many noting that our amplifiers are groundbreaking in terms of performance, ease of setup and control and monitoring capabilities.

9月份，我們參加了有線電視工程協會博覽會。展會期間，我們與現有客戶和潛在客戶進行了良好的互動。正如我剛才提到的，我們客戶的回饋一直非常積極，許多客戶都指出，我們的擴大機在性能、易於設定和控制以及監控功能方面具有突破性意義。

As cable operators prepare for substantial upgrades to their infrastructure to meet increased spectrum and bandwidth demand, it's clear that the deployment of next-generation amplifiers and related equipment has become essential. Looking ahead to Q4, we expect strength in our CATV business to continue, although we expect revenue in this business to moderate to between $50 million and $55 million next quarter, following this quarter's exceptionally strong results.

隨著有線電視營運商準備對其基礎設施進行重大升級以滿足不斷增長的頻譜和頻寬需求，很明顯，部署下一代放大器和相關設備已變得至關重要。展望第四季度，我們預計有線電視業務將繼續保持強勁勢頭，但鑑於本季業績異常強勁，我們預計下季該業務的營收將放緩至 5,000 萬美元至 5,500 萬美元之間。

Now turning to our Telecom segment. Revenue from our Telecom products of $3.7 million was up 34% year-over-year and 93% sequentially. As we have said before, we expect telecom sales to fluctuate from quarter-to-quarter. For the third quarter, our top 10 customers represented 97% of revenue, up from 96% in Q3 of last year. We had two greater than 10% customers, one in the CATV market, which contributed 66% of total revenue and one in the data center market, which contributed 24% of total revenue.

現在我們來看看電信板塊。我們的電信產品收入為 370 萬美元，較去年同期成長 34%，較上季成長 93%。正如我們之前所說，我們預期電信銷售額會逐季度波動。第三季度，我們前 10 大客戶的營收佔比為 97%，高於去年第三季的 96%。我們有兩家客戶佔比超過 10%，一家在有線電視市場，貢獻了總收入的 66%；另一家在資料中心市場，貢獻了總收入的 24%。

In Q3, we generated non-GAAP gross margin of 31%, which was in line with our guidance range of 29.5% to 31%, and was up from 25% in Q3 2024, and compared to 30.4% in Q2 2025. The year-over-year increase in our gross margin was driven primarily by our favorable product mix. Looking ahead, we expect continued gradual improvement in gross margin although we expect that the revenue mix in data center in the next few quarters will be a slight headwind.

第三季度，我們的非GAAP毛利率為31%，符合我們29.5%至31%的預期範圍，高於2024年第三季的25%，也高於2025年第二季的30.4%。我們毛利率年增的主要原因是產品組合的最佳化。展望未來，我們預計毛利率將繼續逐步改善，儘管我們預計未來幾季資料中心的收入結構將略微構成不利因素。

We remain committed to our long-term goal of returning our non-GAAP gross margin to around 40%. The progress we have made so far demonstrates that we're on the right track, and we continue to believe that this goal is achievable. The revenue figures presented above are net of a contra revenue amount due to the accounting for warrants provided to customers.

我們仍致力於實現長期目標，即把非GAAP毛利率恢復到40%左右。我們目前的進展表明我們走在正確的道路上，我們仍然相信這個目標是可以實現的。以上列出的收入數據已扣除因向客戶提供認股權證而產生的抵減收入金額。

As a reminder, this amounts to approximately 2.5% of revenue derived from certain customers to whom AOI has provided warrants in exchange for future revenue. In Q3, the amount of this contra revenue was immaterial at about $50,000. Total non-GAAP operating expenses in the third quarter were $47.1 million or 40% of revenue, which compared to $27.9 million or 43% of revenue in Q3 of the prior year.

提醒一下，這相當於 AOI 從某些客戶提供的認股權證所獲得的收入的約 2.5%，這些客戶承諾在未來獲得收入。第三季度，這部分抵減收入金額微不足道，約 5 萬美元。第三季非GAAP營運總支出為4,710萬美元，佔營收的40%，去年同期為2,790萬美元，佔營收的43%。

While operating expenses increased this quarter and were a bit higher than our forecast, this rise was largely driven by increased shipping costs related to increased business activity in our CATV business this quarter. Looking ahead, we expect non-GAAP operating expenses to be in the range of $48 million to $50 million per quarter.

雖然本季營運費用有所增加，略高於我們的預期，但這一增長主要是由於本季有線電視業務活動增加導致運輸成本上升所致。展望未來，我們預計非GAAP營運費用每季將在4,800萬美元至5,000萬美元之間。

Non-GAAP operating loss in the third quarter was $10.3 million, compared to an operating loss of $11.7 million in Q3 of the prior year. GAAP net loss for Q3 was $17.9 million, or a loss of $0.28 per basic share compared with a GAAP net loss of $17.8 million, or a loss of $0.42 per basic share in Q3 of 2024.

第三季非GAAP營業虧損為1,030萬美元，而上年同期營業虧損為1,170萬美元。第三季 GAAP 淨虧損為 1,790 萬美元，即每股虧損 0.28 美元，而 2024 年第三季 GAAP 淨虧損為 1,780 萬美元，即每股虧損 0.42 美元。

On a non-GAAP basis, net loss for Q3 was $5.4 million or $0.09 per share, which was in line with our guidance range of a loss of $5.9 million to a loss of $2 million or non-GAAP income per share in the range of a loss of $0.10 to a loss of $0.03. This compares to a non-GAAP net loss of $8.8 million or $0.21 per share in Q3 of the prior year. The basic shares outstanding used for computing the earnings per share in Q3 were $63.3 million.

以非GAAP準則計算，第三季淨虧損為540萬美元，即每股虧損0.09美元，與我們先前預測的虧損590萬美元至200萬美元（或非GAAP每股收益虧損0.10美元至0.03美元）的範圍相符。相較之下，上年同期非GAAP淨虧損為880萬美元，即每股虧損0.21美元。第三季用於計算每股盈餘的基本流通股數為 6,330 萬美元。

Turning now to the balance sheet. We ended the third quarter with $150.7 million in total cash, cash equivalents, short-term investments and restricted cash. This compares with $87.2 million at the end of the second quarter of 2025. We ended the third quarter with total debt, excluding convertible debt of $62 million compared to $54.3 million at the end of last quarter.

現在來看資產負債表。第三季末，我們持有的現金、現金等價物、短期投資和受限現金總額為 1.507 億美元。相比之下，2025 年第二季末的金額為 8,720 萬美元。第三季末，不包括可轉換債務在內，我們的總債務為 6,200 萬美元，而上一季末為 5,430 萬美元。

As I mentioned on our prior earnings call, earlier this year, we announced a revolving loan facility with BOK Financial of $35 million, which we intend to use to meet some of our working capital needs going forward. As of September 30, we had $170.2 million in inventory, which compared to $138.9 million at the end of Q2. This 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.

正如我在之前的財報電話會議上提到的，今年早些時候，我們宣布與 BOK Financial 達成一項 3500 萬美元的循環貸款協議，我們打算用這筆資金來滿足我們未來的一些營運資金需求。截至 9 月 30 日，我們的庫存為 1.702 億美元，而第二季末的庫存為 1.389 億美元。庫存增加幾乎完全是由於採購了未來幾個月用於產品生產的原材料。

During the quarter, we initiated a new ATM program. We completed this program during the quarter, raising $147 million net of commissions and fees, which we intend to use mainly for new equipment and machinery for production and research and development use, including the earlier mentioned production expansion in Texas.

本季度，我們啟動了一項新的ATM計畫。本季度我們完成了該計劃，淨籌集了 1.47 億美元（扣除佣金和費用後），我們打算主要將其用於生產和研發的新設備和機械，包括前面提到的在德克薩斯州的生產擴張。

We made a total of $49.9 million in capital investments in the third quarter, which was mainly used for manufacturing capacity expansion for our 400G and 800G transceiver products. On our last few 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.

第三季度，我們總共進行了 4,990 萬美元的資本投資，主要用於擴大 400G 和 800G 收發器產品的生產能力。在最近幾次財報電話會議上，我們討論了未來幾季進行大量資本支出投資的計劃，為2025年400G、800G和1.6太比特資料中心產能的提升做好準備。

To date, this year, we have made a total of $124.9 million in capital investments and we are tracking at or above our CapEx projections we gave earlier this year of $120 million to $150 million in total CapEx. We have noted on our prior couple of earnings calls that these costs could be impacted from tariffs, but that given the evolving nature, it is difficult to predict what type of impact or by how much.

今年迄今為止，我們已累計投入 1.249 億美元資本，目前正朝著今年稍早設定的 1.2 億美元至 1.5 億美元的資本支出目標穩步前進。我們在之前的幾次財報電話會議上都提到過，這些成本可能會受到關稅的影響，但鑑於關稅的不斷變化，很難預測會產生什麼樣的影響或影響程度。

In Q3, the direct tariff impact on capital equipment was $1.9 million or roughly 4%, but tariff rates and equipment import mix may cause future results to vary materially. We source equipment from all over the world, including both from domestic and international locations. We have and will continue to do our best to minimize any impacts. It's clear that U.S.-based production is a priority for our customers, and we remain fully committed to expanding our capacity to meet that demand.

第三季度，關稅對資本設備的直接影響為 190 萬美元，約佔 4%，但關稅稅率和設備進口結構可能會導致未來的結果出現重大差異。我們從世界各地採購設備，包括國內和國際供應商。我們過去一直並將繼續盡最大努力將任何影響降到最低。很顯然，美國本土生產是客戶的優先事項，我們將繼續全力以赴擴大產能，以滿足這一需求。

Moving now to our Q4 outlook. We expect Q4 revenue to be between $125 million and $140 million, accounting for a sequential decrease in CATV revenue as well as a more substantial sequential increase in our datacenter revenue.

接下來我們來看第四季展望。我們預計第四季度營收將在 1.25 億美元至 1.4 億美元之間，這主要是由於有線電視收入環比下降以及數據中心收入環比大幅增長所致。

We expect non-GAAP gross margin to be in the range of 29% to 31%. Non-GAAP net income is expected to be in the range of a loss of $9 million, to a loss of $2.8 million and non-GAAP earnings per share between a loss of $0.13 per share, and a loss of $0.04 per share using a weighted average basic share count of approximately 70.3 million shares.

我們預計非GAAP毛利率將在29%至31%之間。根據加權平均基本股數約 7,030 萬股，預計非 GAAP 淨利潤將在虧損 900 萬美元至虧損 280 萬美元之間，非 GAAP 每股收益將在虧損 0.13 美元至虧損 0.04 美元之間。

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

接下來，我將把答疑環節交還給接線生。操作員？

(Operator Instructions)

（操作說明）

Simon Leopold, Raymond James.

西蒙·利奧波德，雷蒙德·詹姆斯。

Thanks for taking the question. I'm going to ask two and start with the cable TV side. So clearly, a strong blowout number here this quarter. So the moderation makes sense. And I guess where I'd like to go is to understand how you're thinking about the broader outlook for CATV in that I recall last quarter, we talked about the potential to do over $300 million in 2026.

感謝您回答這個問題。我要問兩個問題，先從有線電視方面說起。顯然，本季業績出現了強勁下滑。所以適度的做法是合理的。我想了解的是您如何看待有線電視的更廣泛前景，因為我記得上個季度我們討論過到 2026 年實現超過 3 億美元的潛力。

If we sort of run rate out what you're doing, you're certainly on that trajectory. But I want to assess this given the lumpy nature of cable TV.

如果我們大致計算一下你目前的表現，你肯定正朝著這個方向發展。但考慮到有線電視的參差不齊的特性，我想對此進行評估。

Yeah, Simon. Thanks for bringing that up. So yes, I mean, we do think $300 million plus in cable TV revenue is still achievable next year. As you pointed out, we're kind of approaching a run rate there in this quarter.

是的，西蒙。謝謝你提出這個問題。所以，是的，我的意思是，我們認為明年有線電視收入超過 3 億美元仍然是可以實現的。正如你所指出的，我們本季已經接近達到預期的運行率了。

What I think is significant to point out, though, and we pointed this out on the last earnings call as well, that a lot of that growth is going to come from new products that we've announced, and we discussed in our prepared remarks a few minutes ago, about the great success that we had at the Society of Cable Telecommunications Engineering Show, showcasing some of our new products, including the software products that we highlighted.

不過，我認為需要指出的是，我們在上次財報電話會議上也指出了這一點，那就是很多增長將來自我們已經發布的新產品，我們在幾分鐘前的準備好的發言稿中也討論了我們在有線電視工程協會展上取得的巨大成功，展示了我們的一些新產品，包括我們重點介紹的軟體產品。

So yes, I think the $300 million plus mark is achievable next year. However, it's not likely to come just from the amplifier products, although again, we expect strong results in the amplifiers, but the additional revenue that we expect to see from those other products should get us up to that $300 million mark.

所以，我認為明年實現 3 億美元以上的目標是可能的。然而，這筆收入不太可能只是來自擴大機產品，儘管我們預期擴大機產品將取得強勁的業績，但我們預期其他產品帶來的額外收入應該能讓我們達到 3 億美元的目標。

Well, Simon, this is Thompson. As we said in the script, we expect the cable TV revenue in Q4 will be reduced to maybe $50 million to $55 million. So that means the datacenter growth should be a lot, okay? Since the revenue increased by about 10% compared to Q3. So revenue will increase by $25 million to $40 million in Q4.

西蒙，這位是湯普森。正如我們在腳本中所說，我們預計第四季有線電視收入可能會減少到 5,000 萬美元至 5,500 萬美元。所以這意味著資料中心的成長應該會很大，對吧？與第三季相比，營收成長了約 10%。因此，第四季營收將增加2500萬美元至4000萬美元。

Because the season (multiple speakers) -- Yeah, sorry, go ahead.

因為季節（多位發言者）－好的，抱歉，請繼續。

Yes. No. So that's why I wanted to follow up on the data center, particularly around your comment about 400 and 800 gig being up, given 800 gig is teeny right now, I'd like to unpack that a little bit because I don't think you've announced certifications, qualifications on [800 gig] yet. It sounds like that's somewhat imminent, but I don't want to over interpret.

是的。不。所以，這就是我想跟進資料中心的原因，特別是關於您提到的 400 和 800 GGB 的部署情況，考慮到 800 GGB 目前還很小，我想稍微解釋一下，因為我認為您還沒有公佈 [800 GGB] 的認證或資格。聽起來這件事似乎即將發生，但我不想過度解讀。

So, maybe just drill down specifically to how you think about [800 gig] in that 4Q? And then, of course, how should we think about the timing of when to start thinking about 1.6T? I understand that's not in 4Q, but should we be thinking about that for next year? Thank you.

那麼，或許我們可以具體探討一下您在第四季是如何看待[800 GB]的？那麼，我們又該如何考慮何時開始考慮 1.6T 呢？我知道這不在第四季度，但我們是否應該考慮明年要考慮這件事？謝謝。

Yes. So 800 gig, we do expect meaningful shipments in the fourth quarter, as we said in our prepared remarks. Now the growth in Q4 is largely going to come from 400 gig, but we do expect meaningful revenue from 800 gig in this quarter. And as you pointed out, that would require product qualification to be pretty imminent, which is what we believe.

是的。所以，正如我們在準備好的演講稿中所說，我們預計第四季將有可觀的 800G 出貨量。第四季的成長主要將來自 400 GB 業務，但我們預計本季 800 GB 業務也將帶來可觀的收入。正如您所指出的，這需要產品認證很快就能完成，而我們也相信這一點。

With respect to 1.6 terabits, yes, we do think that we'll see revenue from 1.6 terabit later next year, but it's not going to be a factor in Q4, as you pointed on, and probably not in the first half of next year.

關於 1.6 太比特的容量，是的，我們認為明年晚些時候會從 1.6 太比特的容量中獲得收入，但正如您所指出的，它不會是第四季度的因素，而且可能也不會是明年上半年的因素。

So the AOI single mode, especially, as in most of them will be from the two by four. The AOI CATV single mode transceiver in Q4 will (inaudible), I would say, maybe $4 million to $8 million. So, most of the growth is from 400G single mode transceiver. The 1.6T single mode transceiver we have right now, I would say, around four customer. So we are working very hard.

所以 AOI 單模式，尤其是大多數情況下，都是從 2x4 開始的。AOI CATV 單模收發器在第四季的價格（聽不清楚），我估計大概在 400 萬美元到 800 萬美元之間。因此，大部分增長來自 400G 單模收發器。我們現在擁有的 1.6T 單模收發器，我估計大概有四位客戶。所以我們正在非常努力地工作。

So, I would deliver the sample either by end of this year early next year. The volume manufacture will be more like I would say, June, July next year for 1.6T. And we have several, I would say four, five different products for 1.6T single mode transceiver and we will announced pretty soon in short term.

因此，我會在今年年底或明年年初交付樣品。1.6T的量產大概會在明年六、七月開始。我們有好幾款，大概四、五款不同的1.6T單模收發器產品，很快就會發表。

Also, Simon, I just want to reiterate something that we've mentioned repeatedly and talked about a little bit on the call. But just for clarity, the factory that we're building both here as well as the increased capacity that we've been adding in Taiwan is capable of manufacturing both 800G, and 1.6 terabit on the same production line. The only difference really is in the final testing in terms of the type of equipment that we need.

另外，西蒙，我只想重申我們反覆提到並在電話會議中稍微討論過的事情。但為了明確起見，我們正在這裡建造的工廠以及我們在台灣增加的產能，都能夠在同一條生產線上生產 800G 和 1.6 太比特的數據。唯一的區別在於最終測試所需的設備類型。

Great. Thank you.

偉大的。謝謝。

George Notter, Wolfe Research.

喬治諾特，沃爾夫研究公司。

Hi guys, thanks very much. I was just curious if you could tell us more about the shipping and receiving delay at the end of the quarter. I'm just wondering what that was. And can you confirm that it was a single customer? Was it multiple customers? Any insights there would be great. And I've got a follow-up, too.

大家好，非常感謝。我只是想了解一下您能否詳細介紹一下季度末的收發貨延遲情況。我只是好奇那是什麼。你能確認一下是不是只有一位顧客嗎？是多位顧客嗎？任何見解都將不勝感激。我還有一個後續問題。

Sure. It was a single customer, a single hyperscale customer, which is a relatively new customer addition for us. And as a result of that, some of the shipments at the end of the quarter -- I can't go into too many details because it's obviously nondisclosure agreements and such.

當然。這是一個單一客戶，一個超大規模客戶，這對我們來說是一個相對較新的客戶類型。因此，本季末的一些出貨情況——我不能透露太多細節，因為這顯然涉及保密協議之類的東西。

But let's just say that not all the systems that were -- all the inventory management systems and all that have been properly configured at that point to be able to receive those goods in time for us to book them as revenue in the third quarter.

但需要說明的是，並非所有系統——所有庫存管理系統等等——都已正確配置，以便能夠及時收到這些貨物，以便我們在第三季將其計入收入。

So we resolved that in the first few days of the fourth quarter and have booked that revenue since then. So it wasn't anything that we expect to recur or anything like that. It was just kind of unique to this, I would say, sort of start-up business, if you will, with this particular large hyperscale customer.

因此，我們在第四季度初的幾天內解決了這個問題，並從那時起確認了這筆收入。所以這並不是我們預期會再發生的事情。我覺得這對我們這種新創企業來說有點特殊，因為我們有這樣一個超大規模的客戶。

Got it. Okay. I'm sorry. So the products were delivered to the customer, but it sounds like ownership couldn't transition because it hadn't been through their inventory management system. Is that the right view?

知道了。好的。對不起。因此，產品已交付給客戶，但所有權似乎無法轉移，因為尚未通過他們的庫存管理系統。這種觀點正確嗎？

Yeah, basically. I mean there's a system integrator that's involved, again, without going into too many details, but it essentially comes down to just a timing issue with the computer systems on all sides that need to be synced up.

是的，基本上就是這樣。我的意思是，這裡面涉及到一個系統整合商，同樣，我不想透露太多細節，但本質上只是各方電腦系統需要同步的時序問題。

Okay. Got it. And then can you give us an update on the capital spend? I mean you said you're tracking ahead of the $120 million to $150 million for the year. What does that look like now when you layer in Q4?And then how about 2026? Do you have an initial view on what CapEx would look like next year?

好的。知道了。那麼，您能否向我們介紹一下資本支出的最新情況？我的意思是，你說過你今年的業績已經超過了 1.2 億至 1.5 億美元的目標。現在，當你把第四季的資料分層後，情況會是怎麼樣的？那麼2026年呢？您對明年的資本支出有初步看法嗎？

Thanks. Yeah. So we don't have -- a lot of the Q4 guidance comes down to sort of timing on when we're going to receive a lot of the equipment. So we're still looking at that. It's probably going to be ahead of that $150 million top end that we said before, but it's unclear at this point exactly how much of that equipment will really be able to be delivered in this quarter. So we'll get back to you on that.

謝謝。是的。所以我們沒有——第四季度的許多業績預期都取決於我們何時能收到很多設備。所以我們仍在研究這個問題。很可能超過我們之前所說的 1.5 億美元的上限，但目前還不清楚本季究竟能交付多少設備。我們會盡快回覆您。

Similarly, for 2026, we're still working on the CapEx plans for 2026. So I would expect it to be above what we're seeing in 2025, but I don't have a precise number yet on that. We're still going through this time.

同樣，對於 2026 年，我們仍在製定 2026 年的資本支出計畫。所以我預計到 2025 年它會高於我們目前看到的水平，但我目前還沒有確切的數字。我們仍在經歷這段時期。

Okay. Super. Thanks very much.

好的。極好的。非常感謝。

Mike Genovese, Rosenblatt Securities Inc.

Mike Genovese，Rosenblatt Securities Inc.

I'm great, thanks. I guess for 400G with that customer becoming a run rate business. And if I'm not mistaken, I was thinking about 100,000 units per month. So maybe you could update on that. But is that the right way to think about it? And is it getting there in the fourth quarter?

我很好，謝謝。我猜對於 400G 來說，如果該客戶能成為長期客戶就好了。如果我沒記錯的話，我當時想的是每月10萬台。或許您可以更新這方面的資訊。但這種思考方式正確嗎？第四節比賽狀況如何？

And then we should think about that customer being at the same level of 400G per quarter all year in 2026. Am I thinking about that the right way?

然後我們應該考慮，到 2026 年，該客戶全年每季的流量都保持在 400G 的水平。我這樣想對嗎？

So it is approaching -- I mean, it is on track to becoming sort of a run rate business, as you mentioned, that is -- when I hear the term run rate business, so I'm assuming you mean is sort of capacity limited, right? That is we can -- we'll be selling a relatively consistent amount every quarter based on our capacity. So it's on -- it is moving in that direction.

所以它正接近——我的意思是，它正朝著你提到的那種以運行速率為主的業務發展——當我聽到“以運行速率為主的業務”這個詞時，我猜你的意思是產能有限，對嗎？也就是說，我們可以——根據我們的產能，每個季度都能銷售相對穩定的銷售量。所以事情已經開始了——它正朝著那個方向發展。

We will not be fully at capacity in Q4, not to mention the fact that we're continuing to add some capacity, especially in Taiwan, like we talked about earlier. So it won't reach its maximum potential in Q4 by any means, but it will be a meaningful contributor to revenue.

第四季我們不會滿載運轉，更何況我們還在繼續增加產能，尤其是在台灣，就像我們之前談到的那樣。因此，它肯定不會在第四季度達到其最大潛力，但它將對收入做出重要貢獻。

As Thompson mentioned earlier, if you think about the guidance that we gave, right, cable TV has an implied decline of, let's just say, $15 million roughly, give or take, while the overall revenue is going to be up roughly $15 million, again, give or take, within the ranges that we specified.

正如湯普森之前提到的，如果你想想我們給出的指導意見，對吧，有線電視收入預計會下降大約 1500 萬美元，上下浮動，而整體收入將增長大約 1500 萬美元，同樣，上下浮動，在我們指定的範圍內。

And so the rest of that growth is going to come from datacenter. And most of that is going to come from 400G as we discuss earlier. A little bit of 800G, but not a lot. Most of it is going to come from 400G.

因此，其餘的成長將來自數據中心。正如我們之前討論的那樣，其中大部分將來自 400G。有一點點800G，但不多。大部分將來自 400G。

Basically it is limited our capacity. So right now, for 400G single mode transceiver in Q4, we can maybe close to 60,000 per month. Then Q2, I think our target go to 110,000 to 120,000 per month. So it depends on our capacity. That is why we spend our CapEx.

基本上，這限制了我們的能力。所以目前來看，在第四季度，400G 單模收發器的月產量可能接近 6 萬個。然後，我認為第二季我們的目標是每月達到 11 萬到 12 萬。所以這取決於我們的能力。這就是我們進行資本支出的原因。

We spend the CapEx in Taiwan and U.S. The other is, for sure, very important, is the laser capacity. It's very important, as you know, it's a shorter laser. Good news, we have laser capacity. That's why AOI right now is doing three inch, we'll go to four inch next year.

我們在台灣和美國投入了資本支出。另一個非常重要的方面是雷射產能。如你所知，這一點非常重要，因為它的雷射波長更短。好消息，我們具備雷射加工能力。這就是為什麼 AOI 目前採用三英寸厚度，明年我們將採用四英寸厚度的原因。

At the same time our targets go to maybe -- not to mention the other laser our 25G, 50G high power CW laser for the single photonics, we are talking about our target by December next year is at least more than $2 million per month. That's where we spend all the CapEx, (inaudible), all kind of stuff. And for sure, we are working on six-inch wafer, but it will be more like a two-year project. But I think four inch probably is ongoing and it's pretty smooth.

同時，我們的目標可能是——更不用說我們用於單光子學的 25G、50G 高功率連續波雷射了，我們的目標是到明年 12 月每月至少超過 200 萬美元。我們所有的資本支出都花在那裡，（聽不清楚），各種各樣的東西。當然，我們正在研發六吋晶圓，但這更像是一個為期兩年的計畫。但我認為四吋的增幅可能還在持續，而且相當平緩。

Okay. Great. And then it sounds like you've got pretty high confidence of an 800G qualification coming soon if you're putting some in the fourth quarter guidance. So I just want to double click on that confidence. But then also if we just back up three months ago, is this process going the way you expected?

好的。偉大的。如果你們在第四季業績預期中加入了 800G 認證，那麼聽起來你們對 800G 認證即將到來抱持著很高的信心。所以，我只想進一步增強這種自信。但是，如果我們把時間倒回三個月前，這個過程是否按照你預期的方向發展呢？

I know matter of a couple of weeks on either side of no big deal, but did you think you have it by now? Or is this kind of going the way you thought it would go?

我知道前後兩週的時間差沒什麼大不了的，但你覺得你現在已經掌握了訣竅嗎？或者，事情的發展方向跟你預想的差不多？

I think we should get order pretty soon. We will send several batch for qualification for DIL and [2 by FR4]. So we believe we should get some volume order in maybe, I would say, three, four weeks or even sooner. Let me say that we have delivered thousands of samples, okay? That’s just four batches of samples, okay, to several customers.

我覺得我們應該很快就能收到訂單了。我們將派出幾批貨物參加DIL資格認證。[FR4 的 2 個]。所以我們相信，或許三到四周，甚至在更短的時間內，我們應該可以獲得一些大宗訂單。我想說的是，我們已經交付了數千個樣品，好嗎？這只是四批樣品，好嗎？給幾個客戶而已。

So finally, they get into volume, but really not so big volume because the big volume is talking maybe 150,000 per month or even 250,000 a month. But now we are talking about maybe 10,000, 20,000. So it's not -- It's volume away from, quite away from. That's why I say end of December we should have 100,000 per month. By end of June next year we have 20,000 per month.

最後，他們談到了銷量，但實際上銷量並不算大，因為大銷量可能指的是每月 15 萬甚至 25 萬。但現在我們說的可能是 1 萬到 2 萬。所以不是——它與音量相差甚遠，相差甚遠。所以我說到12月底我們應該可以達到每月10萬的目標。到明年六月底，我們每個月將達到 2 萬。

We spend money is based on customer commitment, okay? It's not based on our wish list, let me say that, okay? And don't forget, especially in U.S. (inaudible) space, the capacity, the equipment, it's a lot of money. So, we spend that money based on customer very strong commitment The reorder, the fourth volume order, we should receive pretty soon, within a few weeks.

我們的支出是基於客戶的忠誠度，懂嗎？這不是根據我們的願望清單來定的，我得先說明這一點，好嗎？別忘了，尤其是在美國（聽不清楚）太空，容量、設備，都需要很多錢。因此，我們根據客戶的堅定承諾來花這筆錢。第四筆訂單，也就是補貨訂單，我們應該很快就能收到，幾週內就能到帳。

I might directly answer your question about relative to expectations. I think we said that we expected the qualifications to be coming in, in the late Q3 or early Q4. And so we're still in that range, but I would consider what we expected and we're basically still on track for that schedule.

我或許可以直接回答你關於與預期相關的問題。我想我們說過，我們預計資格考試結果會在第三季末或第四季初公佈。所以，我們仍然在這個範圍內，但考慮到我們的預期，我們基本上仍然在按計劃進行。

Okay. If I can ask another, what should 100G be doing in '26 versus '25? And just when you compare the ASP of 100G to 800G are we at an eight times multiple? Or is it even higher than that for the ASP of 800 versus 100?

好的。如果我能再問一個問題，100G 在 2026 年該做什麼，與 2025 年相比又該做什麼？如果將 100G 和 800G 的平均售價進行比較，我們是否發現價格相差了八倍？或者，平均售價為 800 比 100 時，實際價格甚至更高？

It's not an eight times multiple. It's less than that. With respect to what 800G -- what 100G will do next year, I think it's going to be pretty consistent. I don't see a big falloff for sure. It could even go up a little bit. There continue to be new deployments of 100G. So -- but I think the best scenario that I would model in is sort of a flat 100G business next year.

這不是八倍。實際數量比這少。至於明年 800G 和 100G 的發展前景，我認為會相當穩定。我並不認為會大幅下滑。甚至可能還會小幅上漲。100G 網路的部署仍在繼續。所以——但我認為我能模擬的最佳情景是明年業務量保持在 10 億美元左右。

Okay. If I could just ask one more. How are you guys feeling about the -- with the CapEx plans and the expansion plans, you've gone to the market a few times this year. Are you at a good place for your spending next year? Or do you think you're going to have to do more fundraising?

好的。如果我能再問一個問題的話。你們對資本支出計畫和擴張計畫有何感想？今年你們已經多次進入市場進行融資。您覺得明年的支出狀況如何？還是你認為你需要進行更多募款活動？

I think we're going to continue to raise the capital that we need to fund the CapEx. I mean our plans continue to expand. What we're hearing from our customers is more and more bullish in terms of the volume that they need and particularly the volume that they'd like to have out of U.S.-based factories, which we don't have yet.

我認為我們將繼續籌集所需的資金，以滿足資本支出需求。我的意思是，我們的計劃還在不斷擴展。我們從客戶那裡聽到的回饋越來越樂觀，他們希望獲得所需的產量，尤其是希望從美國本土工廠獲得產量，而我們目前還沒有達到這個產量。

I mean we just announced the lease a week or two ago of the new facility, which still has yet to be built out. So that's basically a 2026 event. So, we're going to continue to add capacity as we see that demand coming from our customers, and it's very strong right now.

我的意思是，我們一兩週前才宣布了新廠房的租賃事宜，而新廠房至今尚未建成。所以這基本上是2026年才會發生的事。因此，我們將持續增加產能，以滿足客戶的需求，而目前客戶的需求非常強勁。

But let me just report on one. We have some discussion with one or two major customers especially for the U.S. capacity. I think maybe customers will invest AOI, maybe $200 million under discussion. Number two, we are working very close with Texas State for some fund raising, some support, including the U.S. government (inaudible).

但我只報道其中一個例子。我們正在與一兩家主要客戶進行一些討論，特別是關於美國產能方面。我認為客戶可能會投資 AOI，目前正在討論的投資金額可能是 2 億美元。第二，我們正與德州州立大學密切合作，進行一些募款活動，並獲得一些支持，包括美國政府的支持。（聽不清楚）

So I think maybe we can get some good money from both Texas and the U.S. government. But number three, don't forget next year, we should be profitable quite a lot. I would say no surprise; our net profit should be more than $150 million next year or even higher. So some of the expansion can be paid by our profit.

所以我覺得我們或許可以從德州和美國政府獲得一些不錯的資金。但第三點，別忘了明年，我們應該會獲利豐富。我覺得這並不令人意外；我們明年的淨利潤應該會超過1.5億美元，甚至更高。因此，部分擴張費用可以用我們的利潤支付。

Perfect. Great. Love it. Yeah, sounds exciting for the future. Thanks for answering the questions.

完美的。偉大的。愛它。是啊，聽起來未來令人興奮。謝謝你回答這些問題。

Ryan Koontz, Needham & Company LLC.

Ryan Koontz，Needham & Company LLC。

Great. Thanks. On the follow-up on the transceiver products here and it sounds like you guys are doing well in silicon photonics. I wanted to ask your view on kind of the macro of SiPho versus EML versus VCSELs and what you're hearing from your customers about their interest as the data rates move up here to 800 to 1.6?

偉大的。謝謝。關於你們的收發器產品，聽起來你們在矽光子學領域做得很好。我想請教您對 SiPho、EML 和 VCSEL 這三者之間宏觀關係的看法，以及隨著數據速率從 800 提升到 1.6，您的客戶對這些技術的興趣有何反饋？

Well, I would say, first of all, what we're hearing from our customers may just be a function of where they view us in terms of our technological capabilities and what they need. So that is to say, I'm not saying that, for example, when I tell you that our customers like SiPho, they like our SiPho solution for sure. That's not to imply that they're going to switch all their products over to SiPho. They have other vendors that are working with EMLs, for example.

首先，我想說，我們從客戶那裡聽到的回饋可能只是反映了他們對我們的技術能力以及他們自身需求的看法。也就是說，例如，當我說我們的客戶喜歡 SiPho 時，我並不是說他們一定喜歡我們的 SiPho 解決方案。但這並不意味著他們會將所有產品都換成 SiPho。例如，他們還有其他供應商也使用 EML。

So -- but all that being said, I think broadly speaking, I think SiPho is seen as a technology that has more scalability in terms of its ability to go to higher data rates in the future. I think we're at the early stages of implementing silicon photonics in terms of volume manufacturing and all that. So it's going to take some time for them to become sort of comfortable and let that technology ramp up, but it certainly has more legs in terms of higher data rate than EMLS do.

所以——但綜上所述，我認為總體而言，SiPho 被視為一種具有更大可擴展性的技術，因為它未來能夠實現更高的數據速率。我認為，就批量生產等方面而言，我們目前還處於矽光子學應用的早期階段。所以他們需要一些時間來適應並讓這項技術發展壯大，但就更高的數據速率而言，它肯定比 EMLS 更有發展潛力。

Especially you need less laser for SiPho. Right now you know there's a very serious problem shortage of lasers, especially for EML, okay? Not to mention 200G even 100G EML. So for example the 800G DIL, if you use EML, you need, I would say, 8 EML. If you’ are using silicon photonics, you only need two high-power CW lasers.

特別是對於矽磷而言，所需的雷射功率較少。現在你知道雷射短缺是一個非常嚴重的問題，特別是用於 EML 的雷射器，懂嗎？更別提 200G 甚至 100G EML 了。例如，對於 800G DIL，如果您使用 EML，那麼我認為您需要 8 個 EML。如果你使用矽光子學，你只需要兩台高功率連續波雷射。

That is a very good reason to use SiPho, you know? Yep. Because you can get enough EML. What you can do, you got all the order, you got everything, but no laser. You can make no way you can make in the 800G or 1.6T transceiver.

這就是使用 SiPho 的一個非常好的理由，你知道嗎？是的。因為你可以獲得足夠的EML。你可以做的，你已經擁有了所有東西，你擁有了一切，但就是沒有雷射。你無法像在 800G 或 1.6T 收發器中那樣做到這一點。

Great stuff. And maybe shifting gears to cable. How are you feeling about share there at your larger customers? Do you feel like the uptick in demand here for cable is this share gain? Is this higher deployment rates? Any view on how you feel about share versus customer spend?

太棒了。或許還會改用電纜傳動。您對與大客戶的合作有何感想？你覺得目前有線電視需求的成長是市場佔有率的提升嗎？這是更高的部署率嗎？您對市場佔有率和客戶支出之間的關係有什麼看法？

I would say it's share gain primarily. We the customers' plans continue to evolve. But as I mentioned, we've had some very, very successful interaction with our major customers, including the larger MSOs like we talked about with Charter and others, but also with a number of smaller operators.

我認為主要是市場佔有率的成長。我們客戶的計劃也在不斷變化。但正如我所提到的，我們與主要客戶進行了非常非常成功的互動，包括像我們之前與 Charter 等公司討論過的大型 MSO，以及一些規模較小的營運商。

The Society of Cable Telecommunications Engineers show that we were at was really very, very positive for us. So I think we're taking slacks that could have potentially gone somewhere else and gaining that share.

有線電視工程師協會的研究表明，我們所處的環境對我們來說確實非常非常有利。所以我認為我們正在爭取那些原本可能流向其他地方的潛在客戶，並最終獲得這部分市場份額。

So besides Charter, we have six other customers, and we sized order from two of them. So total, we have seven customers right now for cable TV, 1.8 gigahertz, okay, not including 1.2 gigahertz. But next year, we're talking about another 10. So that means by end of next year total we have 17 customers in cable TV in North America, Latin, Australia, even Asia. So not only one customer. I need to emphasize that.

除了 Charter 之外，我們還有其他六位客戶，我們已經向其中兩位客戶下了訂單。所以目前我們總共有 7 位有線電視客戶，頻寬為 1.8 吉赫茲，好的，不包括 1.2 吉赫茲。但明年，我們計劃再增加 10 個。所以這意味著到明年年底，我們在北美、拉丁美洲、澳洲甚至亞洲的有線電視客戶總數將達到 17 家。所以不只一位顧客。我需要強調這一點。

Great stuff. And when you talked about the new products coming in cable, are you referring to nodes or the software products for the amps that you mentioned earlier?

太棒了。您剛才提到的線纜新產品，是指節點還是您之前提到的擴大機軟體產品？

Both, yes.

兩者都是。

Got it. Super. That's all I got. Appreciate it. Thank you.

知道了。極好的。我掌握的就這些。謝謝。謝謝。

Yeah. And don't forget software is pretty good. That's very important. QuantumLink and Quantum Bridge customers really like a lot of problem of the customer. They solve a lot of issues. They can take a lot of operating expense, and that's why they like it. That's why AOI would say, become the number one supplier in cable TV. It's only hardware, but integration of hardware and software and the management system.

是的。別忘了，軟體現在也相當不錯。這非常重要。QuantumLink 和 Quantum Bridge 的客戶非常喜歡解決客戶遇到的許多問題。它們解決了許多問題。它們可以承擔很多營運費用，這就是它們喜歡它的原因。這就是為什麼AOI會說，要成為有線電視領域的第一大供應商。雖然只是硬件，但涉及硬體和軟體的整合以及管理系統。

Appreciate that. Thank you.

謝謝。謝謝。

Tim Savageaux, Northland Capital Markets.

Tim Savageaux，北地資本市場。

Hey, good afternoon. A couple of questions, but I want to start with what we've been hearing pretty much all week here is about a pretty dramatic kind of step function increase and really across a lot of the different areas in AI optical, including inside the datacenter for modules. Focused on 1.6 to some degree, but pretty broad-based seeing.

嘿，下午好。我有幾個問題，但我想先談談我們這週幾乎一直在聽到的關於人工智慧光學領域（包括資料中心內部的模組）出現非常劇烈的階躍式增長。雖然主要集中在1.6級視寧度上，但視寧度範圍相當廣泛。

My first question is, are you seeing that in terms of your conversations with customers about overall levels of transceiver demand, just I don't know, in the last four to six weeks.

我的第一個問題是，在過去四到六週的時間裡，您在與客戶討論收發器整體需求水準時，是否也看到了這種情況？

Just look at our -- I'm sorry, I cut you off there. I didn't hear the first part of your question.

看看我們的——抱歉，我打斷你了。我沒聽清楚你問題的第一部分。

No, all good. Go ahead. Sorry.

沒事，一切都好。前進。對不起。

Yeah. So yes, I mean, we're seeing very strong increase in demand. If you look at our guidance, again, just kind of go back to the segment guidance that we gave, it implies a dramatic ramp in data center revenue in the fourth quarter. And we didn't give annual guidance for next year, but we certainly believe that's the beginning of a sustained ramp.

是的。是的，我的意思是，我們看到需求出現了非常強勁的成長。如果你看一下我們的業績指引，再看看我們給予的分部業績指引，就會發現這意味著第四季資料中心營收將大幅成長。我們沒有給出明年的年度業績指引，但我們堅信這將是持續成長的開始。

So I think we're exactly in sync with what you described. We're seeing that ramp first at 800 gig. But as we talked about later next year, we expect 1.6 to be a strong contributor as well. Does that answer your question, Tim?

所以我覺得我們完全同意你的說法。我們首先在 800 GB 處看到了這種成長勢頭。但正如我們明年晚些時候所討論的那樣，我們預計 1.6 也將是一個重要的貢獻者。提姆，這樣回答你的問題了嗎？

Yeah. And I wanted to follow up on your capacity targets exiting the year, I think at 100,000 units a month. And Thompson had mentioned before commitments from customers, I guess. And I want to kind of dig into that a little bit more, which is would you be in a position to ship that full -- given there's -- we're running out a year a little bit here, but would you be in a position to ship that full capacity in the first quarter?

是的。我想跟進你們年底的產能目標，我記得是每月 10 萬台。我猜湯普森之前也提到客戶的承諾。我想更深入地探討一下這個問題，那就是——考慮到時間已經不多了——你們是否有能力在第一季交付全部產能？

And do you have either orders on hand, commitments, however you want to describe it to kind of cover those type of volumes starting in Q1 next year?

那麼，你們目前是否有任何訂單、承諾或其他任何形式的供應，可以滿足明年第一季開始的這類訂單量？

I would say more like Q2. Don't forget the Chinese New Year and the major cycle time is one and a half months. So we got all equipment ready, we are doing the pilot right now, both in Taiwan and U.S. And so even if the customer gives us order because of major cycle time, I would say you're going to see maybe 90,000 to 100,000 pieces per month of revenue, more like Q2.

我覺得更像是Q2。別忘了春節，主要週期是一個半月。我們已經準備好所有設備，目前正在台灣和美國進行試驗。因此，即使客戶因為生產週期長而下訂單，我認為你們可能只會看到每月 9 萬到 10 萬件的收入，更像是第二季的收入。

And to answer your first question, right now customers give us crazy number, okay? Just AOI share, not total demand. A total more than 300,000 of 800G plus 1.6T single mode transceiver, just AOI share. So for sure, we spend money until we got the commitment. So yes, it's true.

至於你的第一個問題，目前客戶給我們的訂單數量非常驚人，好嗎？僅指AOI份額，而非總需求。光是 AOI 就共享了超過 30 萬個 800G 加 1.6T 單模收發器。所以，我們一定會先花錢，直到得到承諾為止。是的，這是真的。

Right now, all the hyperscale datacenter customers are really serious. It’s not bubble, let me say that. It’s not a bubble. It’s a real demand, okay? For all of them.

目前，所有超大規模資料中心客戶都非常認真。這不是泡沫，我可以這麼說。這不是泡沫。這是真正的需求，好嗎？對他們所有人來說。

Tim, I just wanted to touch on one thing that your question asked earlier. I want to make sure we're on the same page. So you mentioned the capacity of 100,000 per month. That is our 800 gig or 1.6 terabit, but again, 800 gig primarily this year capacity. In addition to that, we also have capacity for 400 gig.

提姆，我只想就你之前提出的問題做一點補充說明。我想確保我們理解一致。你曾提過每月產能 10 萬。那是我們的 800 GB 或 1.6 Tb，但再次強調，這主要是今年的 800 GB 容量。除此之外，我們還有 400G 的儲存容量。

Those are not shared, right? So the 400-gig capacity, as Thompson mentioned, should be 120,000 pieces or more early next year. And we do have customer commitments that would cover that.

這些資訊不共享，對吧？因此，正如湯普森所提到的那樣，400G 的容量在明年年初應該可以達到 12 萬件或更多。我們確實有客戶承諾可以涵蓋這部分費用。

Great. Thanks very much.

偉大的。非常感謝。

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

目前我們沒有其他問題，我將把電話轉回給湯普森·林博士，請他作總結發言。

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. We continue to believe the fundamental driver of long-term demand for our business remain robust, and we are unique position to drive value from these opportunities. We look forward to welcome some of you to our Texas factory tour next week and seeing many of you at the upcoming investor conference. Thank you.

再次感謝您今天蒞臨。一如既往，我們要感謝各位投資人、顧客和員工的持續支持。我們仍然相信，推動我們業務長期需求的根本動力仍然強勁，而且我們擁有獨特的優勢，能夠從這些機會中創造價值。我們期待下週歡迎各位前來參觀我們在德州的工廠，也期待在即將舉行的投資者大會上見到各位。謝謝。

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

會議已經結束。感謝您參加今天的演講，現在可以斷開連接了。