祥茂光電 (AAOI) 2025 Q4 法說會逐字稿

Good afternoon. I'll be your conference operator on today's call.

午安.我將擔任今天電話會議的接線生。

At this time, I would like to welcome everyone to Applied Optoelectronics fourth quarter in full year 2025 earnings conference call.

在此，我謹代表應用光電公司歡迎各位參加 2025 年第四季及全年業績電話會議。

(Operator Instructions)

（操作說明）

I'm now turning the call over to Lindsay Savarese, investor relations for AOI.

現在我將電話轉交給AOI的投資者關係負責人Lindsay Savarese。

Ms. Savarese, you may begin.

薩瓦雷塞女士，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 fourth quarter and full year 2025 financial results conference call.

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年第四季及全年財務績效電話會議。

After the market closed today, AOI issued a press release announcing its fourth quarter and full year 2025 financial results and provided its outlook for the first quarter of 2026. The release is also available on the company's website at AO-inc.com.

今天市場收盤後，AOI發布新聞稿，公佈了其2025年第四季和全年財務業績，並提供了2026年第一季的展望。新聞稿也可在本公司網站 AO-inc.com 上查閱。

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

本次通話正在錄音並進行網路直播。您可以在AOI網站的投資者關係部分找到錄音鏈接，該錄音將存檔一年。

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

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首席財務長兼首席策略長斯特凡·穆雷博士。

Thompson will give an overview of AOI's Q4 results, and Stefan will provide financial details and the outlook for the first quarter of 2026. A question-and-answer session will follow our prepared remarks.

湯普森將概述 AOI 第四季業績，斯特凡將提供財務細節和 2026 年第一季的展望。在我們的發言結束後，將進行問答環節。

Before we begin, I would like to remind you to review AOI's safe harbor statement. On today's call, Management will make forward-looking statements. These forward-looking statements involve risks and uncertainties, as well as assumptions and current expectations, which could cause the company's actual results, levels of activity, performance or achievements of the company or its industry to differ materially from those expressed or implied in such forward-looking statements.

在開始之前，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 be believes, forecasts, anticipates, estimates, suggests, intends, predicts, expects, plans, may, should, could, would, will, potential, or thinks, or by the negative of those terms or other similar expressions that convey uncertainty of future events or outcomes.

在某些情況下，你可以透過諸如「相信」、「預測」、「預期」、「估計」、「建議」、「打算」、「預期」、「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表達來識別前瞻性陳述，這些結果的不確定性表達了對未來事件的否定形式或其他類似表達來識別前瞻性事件。

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

該公司基於其當前的預期、假設、估計和預測做出了這些前瞻性聲明。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 first quarter of 2026 and for the full year of 2026. 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.

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成果的反應的信念和預期的聲明，以及有關公司對 2026 年第一季和 2026 年全年的展望的聲明。除法律要求外，AOI 不承擔在本次財報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。

If inform these statements to actual results or to changes in the company's expectations.

如果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 10k and quarterly reports on Form 10K.

有關可能影響公司業務的其他風險的更多信息，請參閱 AOI 向美國證券交易委員會提交的報告的風險因素部分，包括公司 10-K 表格年度報告和 10-K 表格季度報告。

Also, all financial results and other financial measures discussed today are on a non-GAAP basis unless specifically noted otherwise. Non-GAAP financial measures are not intended to be considered in isolation or as a substitute for results prepared in accordance with GAAP.

此外，除非另有特別說明，今天討論的所有財務業績和其他財務指標均以非公認會計準則為基礎。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。

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.

本公司獲利新聞稿中包含了 GAAP 與非 GAAP 指標之間的調整表，以及我們為何要列示非 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 would like to note that AOI management is attending the Susquehanna annual Technology Conference virtually tomorrow, as well as the Raymond James annual Institutional Investors Conference on March 3rd. Additionally, management will host an investor session at OFC on Tuesday, March 17th in Los Angeles. This discussion will be webcast live, and a link to the webcast is available on the investor relations section of the AOI website.

在介紹財務表現之前，我想指出，AOI 管理層將於明天以線上方式參加 Susquehanna 年度技術大會，並於 3 月 3 日參加 Raymond James 年度機構投資者大會。此外，管理層將於 3 月 17 日星期二在洛杉磯的 OFC 舉辦投資者會議。本次討論將進行網路直播，網路直播連結可在AOI網站的投資者關係版塊找到。

Lastly, I'd like to note that the date of AOI's first quarter 2026 earnings call is currently scheduled for May 7th, 2026. Now, I would like to turn the call over to Doctor Thompson Lin, AOI's founder, Chairman and CEO Thompson.

最後，我想指出，AOI 2026 年第一季財報電話會議目前定於 2026 年 5 月 7 日舉行。現在，我想把電話交給AOI的創辦人、董事長兼執行長湯普森‧林博士。

Thank you, Lindsay.

謝謝你，琳賽。

Thank you for joining our call today. We are pleased to deliver regular fourth quarter results that were in line with or better than our expectations and which came off the strongest year in our company history. Our results were driven by robust demand in both our CATV and data center business.

感謝您今天參加我們的電話會議。我們很高興地宣布，第四季度業績符合或超出預期，而這一業績是在公司歷史上業績最強勁的一年之後取得的。我們的業績得益於有線電視和資料中心業務的強勁需求。

In 2025, total revenue increased 83% compared to 2024 to a record $456 million. There's a revenue of $196 million increased 32% compared to 2024, while our CAT revenue nearly tripled to $245 million in the same period, we entered 2026 with strong momentum, and due to the softball investment we have made, we have materially expanded our manufacturing capacity. We build this position as well to meet increasing customer demand, and we will lead to accelerating growth this year.

2025 年總營收比 2024 年成長 83%，達到創紀錄的 4.56 億美元。2026 年，公司營收達到 1.96 億美元，比 2024 年成長 32%；同期，CAT 業務營收幾乎成長了兩倍，達到 2.45 億美元。我們以強勁的勢頭進入 2026 年，由於我們進行了小規模投資，我們的製造能力得到了顯著提升。我們建立這一地位也是為了滿足不斷增長的客戶需求，並將引領今年的加速成長。

During the quarter we announced that we'd received our fourth ANZG volume order from one of our major hyperscale customers to support its AI data center growth.

本季度我們宣布，我們已收到來自我們一家大型超大規模客戶的第四份 ANZG 批量訂單，以支持其 AI 資料中心的成長。

This was an important milestone in our next generation data center roadmap and followed the successful qualification of our energy products by the cost.

這是我們下一代資料中心路線圖的一個重要里程碑，此前我們的能源產品已成功通過成本認證。

It also reflects both the strengths of our product portfolio and the deepened relationship we have with this hyperscale customers.

這也體現了我們產品組合的優勢以及我們與這些超大規模客戶之間日益加深的關係。

We continue to work with this customer to finalize the firmware used in this module to ensure interoperability across their network.

我們將繼續與該客戶合作，最終確定該模組中使用的固件，以確保其網路的互通性。

Which we believe will be completed in March. We have ramping up production of this 800 module in animation of a strong volume ramp starting in Q2.

我們相信這項工程將於三月完成。我們正在加大這款 800 模組的產量，預計從第二季開始產量將大幅成長。

Forecast demand for AG module are projected to increase our production capacity through mid 2027.

預計到 2027 年年中，對 AG 模組的需求將推動我們的產能成長。

And we are working to get additional capacity to meet this demand.

我們正在努力增加產能以滿足這一需求。

During the quarter, we saw particular strengths for our 400G products with this customer, which more than offset our 800G revenue.

本季度，我們400G產品在該客戶處表現出特別強勁的勢頭，其帶來的收入超過了800G產品的收入。

Which came in below our expectation of $4 million to $10 million.

實際金額低於我們預期的 400 萬至 1000 萬美元。

Due to the ongoing firmware optimization I mentioned above, looking ahead, we expect continuous strength in our 400G fitness. Also, 800 is expected to dominate our revenue beginning in Q2.

由於我上面提到的持續韌體優化，展望未來，我們預計我們的 400G 健身產品將保持強勁勢頭。此外，預計從第二季開始，800 將主導我們的收入。

As a reminder, our Taiwan facility was already qualified for production of several 800G product types from this hyperscale customers during 2025. Our Texas facility was also qualified for production of some of our 800G products during the quarter. We made an investment with qualifying additional product from our Texas facility with this.

提醒一下，我們的台灣工廠已經具備在 2025 年為這家超大規模客戶生產幾種 800G 產品類型的資格。本季度，我們位於德克薩斯州的工廠也獲得了生產我們部分 800G 產品的資格。我們利用德州工廠的合格額外產品進行了投資。

And expect full qualification by mid-year.

預計年中將獲得全部資格。

We expect that we move throughout the year to ship an increasing amount of air energy product from our Texas facility as we expand our capacity.

我們預計，隨著產能的擴大，我們將在一年內從我們在德州的工廠運送越來越多的空氣能源產品。

In addition to this fourth major 8G customer, we have had indications from another existing hyperscale customer that they intend to begin to order 800G from us soon.

除了這第四位主要的 8G 客戶之外，我們還從另一位現有的超大規模客戶那裡得到消息，他們打算很快開始向我們訂購 800G 服務。

Finally, a new hyperscale customer has begun discussion about qualifying our 800G and 1.60 products just within the next few weeks.

最後，一家新的超大規模客戶已經開始討論在未來幾週內對我們的 800G 和 1.60 產品進行認證事宜。

So we feel increasing confident about our trajectory in 800 and 1.60 receiver with multiple costs.

因此，我們對採用多種成本的 800 和 1.60 接收器的發展軌跡越來越有信心。

During the fourth quarter we delivered revenue of $134.3 million which was in line with our guidance range of $125 million to $140 million. We recorded non-GAAP gross margin of 31.4%, which was above the high end of al Qaeda's range of 29% to 31%, and now Nang lost a share of $0.01. Was narrower than our current range, our loss of $0.13 to a loss of $0.04.

第四季度，我們的營收為 1.343 億美元，符合我們先前 1.25 億美元至 1.4 億美元的預期範圍。我們錄得非GAAP毛利率為31.4%，高於蓋達組織29%至31%的預期範圍上限，而Nang每股虧損0.01美元。虧損範圍比我們目前的預期範圍（每股虧損0.13美元至0.04美元）要窄。

Total revenue for our data center product of $74.9 million increased 69% year over year and 70% sequentially. Sales of our 100 products increased 54% year over year and sales for 400 products increased 141% year over year.

我們的資料中心產品總收入為 7,490 萬美元，較去年同期成長 69%，較上季成長 70%。我們 100 種產品的銷售額年增 54%，400 種產品的銷售額年增 141%。

Total revenue in Q4 in our CATV segment was $54 million which was up 3% year over year and in line with our expectations, was down 24% sequentially from a record Q3.

第四季度，我們有線電視業務的總收入為 5,400 萬美元，年增 3%，符合我們的預期，但較創紀錄的第三季環比下降 24%。

Similar to a less car quarters, we shi a significant quantity of 1.8 gigahertz amplifier to our largest DATV customers in Q4.

與汽車銷量較低的情況類似，我們在第四季度向我們最大的 DATV 客戶交付了大量的 1.8 吉赫茲放大器。

And demand from them continue to be robust. In addition to this customer, we continue to see momentum from a new set of MSO customers. With that, I will turn the call over to Stefan to review the details of our Q4 performance and outlook for Q1.

他們的需求依然強勁。除了這位客戶之外，我們還持續看到來自一群新的MSO客戶的成長勢頭。接下來，我將把電話交給 Stefan，讓他詳細介紹我們第四季的業績以及對第一季的展望。

Stephen, thank you, Thompson.

史蒂芬，謝謝你，湯普森。

As Thompson mentioned, we are pleased to deliver record fourth quarter results that were in line with or better than our expectations and which capped off the strongest year in our company's history.

正如湯普森所說，我們很高興地宣布第四季度業績創下歷史新高，達到或超過預期，並為我們公司歷史上最強勁的一年畫上了圓滿的句號。

Our performance was driven by robust demand in both our CATV and data center businesses.

我們的業績成長得益於有線電視和資料中心業務的強勁需求。

We entered 2026 with strong momentum and due to the thoughtful investments we have made, we have materially expanded our manufacturing capacity.

進入 2026 年，我們勢頭強勁，由於我們進行了深思熟慮的投資，我們的生產能力得到了實質性的提升。

We believe this positions us well to meet increasing customer demand and will lead to accelerating growth this year.

我們相信這將使我們能夠更好地滿足不斷增長的客戶需求，並將有助於今年實現加速成長。

Throughout 2025, our focus remained on a few key priorities. One, scaling our next generation data center products including both our 400G and 800G solutions.

2025年全年，我們的工作重點仍然是幾個關鍵優先事項。第一，擴大我們的下一代資料中心產品規模，包括我們的 400G 和 800G 解決方案。

2, expanding our production capacity in a disciplined manner to support anticipated demand, particularly in our Texas factory.

2、以嚴謹的方式擴大我們的生產能力，以滿足預期需求，尤其是在我們德州的工廠。

3 diversifying our revenue base.

3. 實現收入來源多元化。

And 4 strengthening operational execution to improve our margins and long-term profitability.

4. 加強營運執行，以提高我們的利潤率和長期獲利能力。

I'm pleased to report that we made significant progress on each of these fronts, and these will continue to be key priorities in 2026.

我很高興地報告，我們在這些方面都取得了重大進展，這些仍將是 2026 年的重點工作。

Importantly, we saw and continued, continue to see strong customer engagement around 800G and 1.6 terabit products, particularly as AI-driven data center investments accelerate.

重要的是，我們看到並將繼續看到客戶對 800G 和 1.6 太比特產品的強烈參與，尤其是在人工智慧驅動的資料中心投資加速成長的情況下。

In 2025, total revenue increased 83% compared to 2024 to a record $456 million.

2025 年總營收比 2024 年成長 83%，達到創紀錄的 4.56 億美元。

Data center revenue of $196 million increased 32% compared to 2024, while our CATV revenue nearly tripled to $245 million in the same period.

資料中心營收為 1.96 億美元，比 2024 年成長了 32%；同期，有線電視營收幾乎成長了兩倍，達到 2.45 億美元。

Additionally, we expanded our gross margins and made progress on our path to profitability.

此外，我們提高了毛利率，並在實現盈利的道路上取得了進展。

Turning to the quarter.

轉向四分之一。

In Q4 we delivered revenue of $134.3 million which was in line with our guidance range of $125 million to $140 million.

第四季度，我們的營收為 1.343 億美元，符合我們先前 1.25 億美元至 1.4 億美元的預期範圍。

We recorded non-GAAP gross margin of 31.4%, which was above our guidance range of 29% to 31%.

我們錄得非GAAP毛利率為31.4%，高於先前29%至31%的預期範圍。

Our non-GAAP loss per share of $0.01 was narrower than our guidance range of a loss of $0.13 to a loss of $0.04.

我們非GAAP每股虧損0.01美元，低於先前預測的虧損0.13美元至虧損0.04美元的範圍。

During the quarter, we announced that we received our first 800G volume order from one of our major hyperscale customers to support its AI data center growth.

本季度，我們宣布從我們的一家大型超大規模客戶那裡獲得了首個 800G 大批量訂單，以支援其 AI 資料中心的成長。

This was an important milestone in our next generation data center roadmap and follows the successful qualification of our 800G products by this customer.

這是我們下一代資料中心路線圖上的一個重要里程碑，此前該客戶已成功對我們的 800G 產品進行了認證。

It also reflects both the strength of our product portfolio and the deepening relationship we have with this hyperscale customer.

這也體現了我們強大的產品組合以及我們與這位超大規模客戶之間不斷加深的關係。

We continue to work with this customer to finalize the firmware used in these modules to ensure interoperability across their network, which we believe will be completed in March.

我們將繼續與該客戶合作，最終確定這些模組中使用的固件，以確保其網路的互通性，我們相信這項工作將在 3 月完成。

We have begun ramping our production of these 800G modules in anticipation of a strong volume ramp starting in Q2.

我們已開始逐步提高這些 800G 模組的產量，預計從第二季開始產量將大幅成長。

Forecast demand for 800G modules are projected to exceed our production capacity through mid-2027.

預計到 2027 年年中，800G 模組的需求將超過我們的產能。

And we are working to add additional capacity to meet this demand.

我們正在努力增加產能以滿足這一需求。

During the quarter we saw particular strength for our 400G products with this customer, which more than offset our 800G revenue, which came in below our expectations of $4 million to $8 million due to the ongoing firmware optimization I mentioned above.

本季度，我們與該客戶的 400G 產品表現尤為強勁，這完全彌補了 800G 產品的收入。由於我上面提到的持續韌體優化，800G 產品的收入低於我們預期的 400 萬至 800 萬美元。

We expect continued strength in our 400G business, although 800G is expected to dominate our revenue beginning in Q2.

我們預計 400G 業務將繼續保持強勁勢頭，儘管從第二季開始，800G 預計將成為我們收入的主要來源。

As a reminder, our Taiwan facility was already qualified for production of several 800G product types from this hyperscale customer during 2025.

提醒一下，我們的台灣工廠已經具備了為這家超大規模客戶生產幾種 800G 產品類型的資格，生產週期為 2025 年。

Our Texas facility was also qualified for production of some of our 800G products. During the quarter, we made advancements with qualifying additional products from our Texas facility with this customer and expect full qualification by mid-year.

我們在德州的工廠也具備生產我們部分 800G 產品的資格。本季度，我們與該客戶合作，在德克薩斯州工廠對更多產品進行認證方面取得了進展，預計到年中將完成全面認證。

We expect as we move throughout the year to ship an increasing amount of 800G products from our Texas facility as we expand our capacity.

隨著我們產能的擴大，我們預計今年從德州工廠出貨的 800G 產品數量將持續增加。

Given the strong demand, we have continued to invest in our manufacturing capacity to support current and future demand.

鑑於市場需求強勁，我們持續投資於生產能力建設，以滿足當前和未來的需求。

During the fourth quarter, we made solid progress on the production capacity ramp we outlined last year at OFC.

第四季度，我們在去年OFC會議上製定的產能提升計畫方面取得了實質進展。

Over the past several years, we have purposefully developed and scaled automation across key elements of our production process from laser fabrication to transceiver assembly and testing.

過去幾年，我們有意識地在生產流程的關鍵環節中開發和擴展了自動化，從雷射製造到收發器組裝和測試。

This automation not only improves yield, but it also supports rapid scale up with greater flexibility in terms of geographic location of production and lower geographically indexed labor cost relative to many of our competitors who rely on traditional, more labor intensive manual operations.

這種自動化不僅提高了產量，而且與許多依賴傳統、勞動密集型手工操作的競爭對手相比，它還支援快速擴大規模，在生產地理位置方面具有更大的靈活性，並且降低了與地理位置相關的勞動力成本。

As we continue to bring new automated lines into production, we expect this differentiation to increasingly translate into execution strength and significant revenue expansion.

隨著我們不斷將新的自動化生產線投入生產，我們預計這種差異化將日益轉化為執行力和顯著的收入成長。

As we discussed at length at OFC last year, our focus remains on scaling manufacturing capacity for our next generation transceivers, particularly 800G and 1.6 terabit products.

正如我們去年在OFC上詳細討論的那樣，我們的重點仍然是擴大下一代收發器的製造能力，特別是800G和1.6太比特產品。

And we remain on track with the milestones we previously discussed.

我們仍按計劃推進之前討論過的各個里程碑。

As we exited the year, we neared our target of 100,000 units per month of 800G capacity with approximately 90,000 units per month of 800G capacity at year end with roughly 31% of that production based in the US.

到年底時，我們已接近每月 800G 產能 10 萬台的目標，到年底時每月 800G 產能約為 9 萬台，其中約 31% 的產量來自美國。

We made tangible progress during the quarter through facility expansion and equipment installation, both of which are critical steps as we prepare for higher volume production.

本季度，我們在設施擴建和設備安裝方面取得了實際進展，這兩項都是我們為提高產量做準備的關鍵步驟。

Our production capacity in the US is currently in our existing footprint in Texas.

我們目前在美國的生產能力僅限於我們在德克薩斯州的現有廠房。

During the fourth quarter, we announced that we signed an agreement to lease an additional building in Sugar Land.

第四季度，我們宣布已簽署協議，租賃位於舒格蘭的另一棟建築物。

We began construction on this new facility earlier this month and are working hard to scale our production towards the middle to end of this year to achieve our 2026 targets.

本月初，我們開始建造這座新工廠，並正努力在今年年中到年底擴大生產規模，以實現我們2026年的目標。

Looking further ahead, we expect that by the end of this year we will be capable of producing over 500,000 pieces of 800G and 1.6 terabit products per month, with about a quarter of that output coming from Texas as we expand into additional facility space and bring new production online.

展望未來，我們預計到今年年底，我們將能夠每月生產超過 50 萬件 800G 和 1.6 太比特的產品，其中約四分之一的產量將來自德克薩斯州，因為我們將擴大工廠規模並投產新的生產線。

These investments reflect measured scaling of our footprint while aligning with strong and growing customer demand and qualification progress across both 800G and 1.6 terabit products.

這些投資體現了我們穩步擴大業務規模的舉措，同時與不斷增長的客戶需求以及 800G 和 1.6 太比特產品的認證進展保持一致。

Further, we have recently had dialogue with another large hyperscale customer who has been a long-term customer of ours and who is eager to begin qualification efforts for our 1.6 terabit products.

此外，我們最近還與另一家大型超大規模客戶進行了對話，該客戶是我們的長期客戶，並且渴望開始對我們的 1.6 太比特產品進行認證工作。

This customer has also indicated a desire to purchase potentially significant quantities of 800G products from us in 2026 and 2027.

該客戶還表示有意在 2026 年和 2027 年向我們購買數量可能相當可觀的 800G 產品。

We continue to discuss capacity availability and expect orders for 800G from this customer soon.

我們將繼續討論產能可用性，並預計很快就會收到該客戶 800G 的訂單。

It's also important to note our 800G and 1.6 terabit products can be manufactured on the same production line with the same process.

值得注意的是，我們的 800G 和 1.6 太比特產品可以在同一條生產線上採用相同的製程製造。

While our 1.6 terabit products will require a different final testing, our 800G automated manufacturing lines have been developed with an architecture that will allow us to support future higher speed products as customer demand materializes and evolves over time.

雖然我們的 1.6 太比特產品需要不同的最終測試，但我們的 800G 自動化生產線採用的架構使我們能夠隨著客戶需求的出現和發展，支援未來更高速度的產品。

While we are encouraged by the conversations we are having with our customers pertaining to our 1.6 terabit products, we continue to believe that our 800G products will drive the near term data center ramp, and our 1.6 terabit products are on track to begin to contribute to our overall revenue later this year.

儘管我們與客戶就我們的 1.6 太比特產品進行的對話令人鼓舞，但我們仍然相信，我們的 800G 產品將在近期推動資料中心的發展，而我們的 1.6 太比特產品預計將在今年稍後開始為我們的整體收入做出貢獻。

Before moving on to our fourth quarter results, I'd also like to reemphasize our in-house laser capabilities, which we believe continue to be a strategic advantage for the company.

在介紹第四季業績之前，我還想再次強調我們公司內部的雷射技術能力，我們相信這仍然是公司的一項策略優勢。

As we have mentioned before, we've been manufacturing lasers internally for many years. Having these capabilities has allowed us to avoid some of the shortages that affect others in the industry.

正如我們之前提到的，我們多年來一直在內部生產雷射。擁有這些能力使我們能夠避免業內其他公司面臨的一些短缺問題。

As we continue to expand our footprint in Texas, our in-house laser manufacturing positions us well to support both near-term customer needs and longer-term growth.

隨著我們在德州的業務不斷擴大，我們內部的雷射製造能力使我們能夠很好地滿足客戶的近期需求和長期發展需求。

We believe that in the future CPO will continue to drive increased demand for high powered lasers and plan to continue to expand our laser manufacturing capacity in Texas in order to accommodate these future growth drivers.

我們相信，未來CPO將繼續推動對高功率雷射的需求成長，並計劃繼續擴大我們在德克薩斯州的雷射器製造能力，以滿足這些未來的成長驅動因素。

During the fourth quarter, direct tariffs had a $1.2 million dollar impact on our income statement.

第四季度，直接關稅對我們的損益表造成了 120 萬美元的影響。

As it relates to tariffs, as I have previously mentioned, while we do utilize some imported components in our transceivers, many key components like our laser chips are already manufactured in the United States.

關於關稅問題，正如我之前提到的，雖然我們的收發器中使用了一些進口組件，但許多關鍵組件，如我們的雷射晶片，已經在美國製造。

Importantly, in our 800G and 1.6 terabit transceiver designs, less than 10% of the value of these components used is currently sourced from China, and we have a path to further reduce that exposure to near zero that we have discussed on our prior earnings calls.

重要的是，在我們 800G 和 1.6 太比特收發器設計中，目前這些組件價值中只有不到 10% 來自中國，而且我們有辦法進一步將這種依賴降低到接近零，我們在之前的財報電話會議上討論過這個問題。

Given the recent court decision on IEPA tariffs, it's worth noting that AOI acted as the importer of record for many, if not most, of the tariff shipments we incurred in 2025.

鑑於最近法院對 IEPA 關稅的裁決，值得注意的是，AOI 是我們 2025 年產生的許多（如果不是大多數）關稅貨物的登記進口商。

Turning to our fourth quarter results.

接下來來看看我們第四季的業績。

Our total revenue was a record $134.3 million which increased 34% year over year and increased 13% sequentially off a strong Q3 and was in line with our guidance range of $125 million to $140 million.

我們的總營收達到創紀錄的 1.343 億美元，年成長 34%，季增 13%，這得益於強勁的第三季業績，符合我們 1.25 億美元至 1.4 億美元的預期範圍。

During the fourth quarter, 56% of revenue was from data center products, 40% was from CATV products, and the remaining 4% was from FTTH, telecom, and other.

第四季度，56% 的營收來自資料中心產品，40% 來自有線電視產品，其餘 4% 來自光纖到府、電信和其他業務。

In our data center business, Q4 revenue came in at $74.9 million which was up 69% year over year and 70% sequentially.

在我們的資料中心業務中，第四季營收為 7,490 萬美元，較去年同期成長 69%，較上季成長 70%。

Sales of our 100G products increased 54% year over year and sales of our 400G products increased 141% year over year.

我們的 100G 產品銷量較去年同期成長 54%，400G 產品銷量較去年同期成長 141%。

In the fourth quarter, 51% of data center revenue was from 100G products, 41% was from 200G and 400G transceiver products, and 8% was from 10G and 40G transceiver products.

第四季度，資料中心收入的 51% 來自 100G 產品，41% 來自 200G 和 400G 收發器產品，8% 來自 10G 和 40G 收發器產品。

In our CATV business, CATV revenue was $54 million which was up 3% year over year but was down 24% sequentially from a record Q3 and was in line with our expectations of $50 million to $55 million.

在我們的有線電視業務中，有線電視收入為 5,400 萬美元，年增 3%，但較創紀錄的第三季環比下降 24%，符合我們 5,000 萬美元至 5,500 萬美元的預期。

Similar to the last couple of quarters, we shipped a significant quantity of 1.8 gigahertz amplifiers to our largest CATV customer in Q4, and demand continues to be robust.

與前幾季類似，我們在第四季度向我們最大的有線電視客戶交付了大量的 1.8 吉赫茲放大器，市場需求仍然強勁。

In addition to this customer, we continued to see momentum with a newer set of MSO customers that we have talked about on our prior couple of earnings calls.

除了這位客戶之外，我們還看到我們在前幾次財報電話會議上提到的一群新的 MSO 客戶也保持著成長勢頭。

Looking ahead to Q1, we expect our CATV revenue will be between $61.67 million dollars.

展望第一季度，我們預計有線電視營收將達到 6,167 萬美元。

Looking further ahead, the broad-based appeal of our CATV amplifiers and software solutions has been evident in these customer engagements. And we see software as an increasingly important part of our CATB offering.

展望未來，我們的 CATV 放大器和軟體解決方案的廣泛吸引力已在這些客戶互動中得到體現。我們認為軟體是我們 CATB 產品中越來越重要的組成部分。

Our quantum link software suite is designed to provide operators with enhanced remote management, visibility and control over HFC network elements, reducing operational costs and improving service quality.

我們的量子鏈路軟體套件旨在為營運商提供對 HFC 網路元素的增強型遠端管理、可視性和控制，從而降低營運成本並提高服務品質。

If current momentum continues and while it is still early in the year, we still believe that it's feasible that we could generate nearly $300 million annually.

如果目前的動能持續下去，雖然現在還只是年初，但我們仍然相信，每年創造近 3 億美元的收入是完全有可能的。

While the vast majority of our CATV revenue expectations for this year are related to our amplifiers, we do anticipate that we will generate some revenue from our software solutions this year, and we will share more on the amount and timing as we progress throughout the year.

雖然我們今年的有線電視收入預期絕大部分都與我們的擴大機有關，但我們預計今年我們的軟體解決方案也將產生一些收入，我們將在今年稍後分享更多關於金額和時間的資訊。

Now turning to our telecom segment, fourth quarter revenue from our telecom products of $5.1 million was up 45% year over year and 37% sequentially. As we have said before, we expect telecom sales to fluctuate from quarter to quarter.

現在來看看我們的電信業務，第四季電信產品營收為 510 萬美元，年增 45%，季增 37%。正如我們之前所說，我們預期電信銷售額會逐季度波動。

For the fourth quarter, our top 10 customers represented 96% of revenue compared to 97% of revenue in Q4 of 2024.

第四季度，我們前 10 位客戶的營收佔總營收的 96%，而 2024 年第四季這一比例為 97%。

We had 3 greater than 10% customers, one in the CATV market which contributed 39% of total revenue, and 2 in the data center market, which contributed 31% and 21% of total revenue respectively.

我們有 3 個佔比超過 10% 的客戶，其中 1 個在有線電視市場，貢獻了總收入的 39%；2 個在資料中心市場，分別貢獻了總收入的 31% 和 21%。

Of note, one of these data center customers became a 10% customer for the first time in a long time and is a US-based large hyperscale customer.

值得注意的是，這些資料中心客戶中有一家是多年來首次成為 10% 的客戶，而且是總部位於美國的超大規模客戶。

In Q4, we generated non-GAAP gross margin of 31.4%, which was above the high end of our guidance range of 29% to 31% and was up from 31% in Q3 of 2025 and 28.9% in the prior year quarter.

第四季度，我們的非GAAP毛利率為31.4%，高於我們先前29%至31%的指導範圍上限，高於2025年第三季的31%和去年同期的28.9%。

The year over year increase in our gross margin was driven primarily by our favorable product mix and our cost reduction efforts.

我們的毛利率年增主要得益於我們有利的產品組合和成本削減措施。

Looking ahead, we expect continued gradual improvement in gross margins, although we continue to expect that the revenue mix in data center in the next few quarters will be a slight headwind.

展望未來，我們預計毛利率將繼續逐步改善，儘管我們仍然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 objective of returning non-GAAP gross margins to around 40%. And we believe that this goal is achievable as our mix shifts towards higher margin products and as we capture additional efficiencies across our operations.

我們仍致力於實現將非GAAP毛利率恢復到40%左右的長期目標。我們相信，隨著我們的產品組合向高利潤產品轉變，以及我們在營運中不斷提高效率，這一目標是可以實現的。

That margin expansion combined with increased scale positions us to move towards sustainable profitability, which we currently expect to achieve on a non-GAAP basis beginning in Q2 of this year.

利潤率的提升加上規模的擴大，使我們朝著可持續獲利能力邁進，我們目前預計從今年第二季開始，以非GAAP準則實現這一目標。

The revenue figures presented above are net of a contra revenue amount due to the accounting for warrants provided to customers. 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.

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。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。

In Q4, the amount of this Contra revenue was $0.73 million.

第四季度，Contra 的營收為 0.73 億美元。

Total non-GAAP operating expenses in the fourth quarter were $49.3 million or 37% of revenue, which compared to $31.5 million or 31% of revenue in Q4 of the prior year and were in line with our expectations of $48 million to $50 million.

第四季非GAAP營運總支出為4,930萬美元，佔營收的37%，而上年同期為3,150萬美元，佔營收的31%，符合我們先前4,800萬美元至5,000萬美元的預期。

Looking ahead, we expect non-GAAP operating expenses to be in the range of $50 million to $57 million per quarter.

展望未來，我們預計非GAAP營運費用每季將在5,000萬美元至5,700萬美元之間。

Non-GAAP operating loss in the fourth quarter was $7.1 million compared to an operating loss of $2.5 million in Q4 of the prior year.

第四季非GAAP營業虧損為710萬美元，而去年同期營業虧損為250萬美元。

GAAP net loss for Q4 was $2 million or a loss of $0.03 per basic share compared with the GAAP net loss of $119.7 million or a loss of $2.60 per basic share in Q4 of the prior year.

第四季GAAP淨虧損為200萬美元，即每股虧損0.03美元，而去年同期GAAP淨虧損為1.197億美元，即每股虧損2.60美元。

On a non-GAAP basis, net loss for Q4 was $0.6 million or $0.01 per share, which was narrower than our guidance range of a loss of $9 million to a loss of $2.8 million or non-GAAP income per share in the range of a loss of $0.13 to a loss of $0.04.

以非GAAP準則計算，第四季淨虧損為60萬美元，即每股虧損0.01美元，比我們先前預測的虧損900萬美元至虧損280萬美元，或非GAAP每股盈餘虧損0.13美元至虧損0.04美元的範圍要窄。

This compares to a non-GAAP net loss of $1 million or $0.02 per share in Q4 of the prior year.

相較之下，上年同期非GAAP淨虧損為100萬美元，即每股虧損0.02美元。

The basic shares outstanding used for computing the earnings per share in Q4 were $70.3 million.

第四季用於計算每股盈餘的基本流通股數為 7,030 萬美元。

Turning now to the balance sheet, we ended the fourth quarter with $216 million in total cash equivalents, short-term investments, and restricted cash.

現在來看資產負債表，截至第四季末，我們的現金等價物、短期投資和受限現金總額為 2.16 億美元。

This compares with $150.7 million at the end of the third quarter of 2025.

相比之下，2025 年第三季末的金額為 1.507 億美元。

We ended the fourth quarter with total debt, excluding convertible debt of $67.3 million compared to $62 million at the end of last quarter.

截至第四季末，不包括可轉換債務在內，我們的總債務為 6,730 萬美元，而上一季末為 6,200 萬美元。

As of December 31, we had $183.1 million in inventory, which compared to $170.2 million at the end of Q3.

截至 12 月 31 日，我們的庫存為 1.831 億美元，而第三季末的庫存為 1.702 億美元。

The increase in inventory is primarily due to raw material purchases or increasing production.

庫存增加主要是由於原料採購或產量增加所致。

We made a total of $84 million in capital investments in the fourth quarter, which was mainly used for manufacturing capacity expansion for our 400G and 800G transceiver products.

我們在第四季度總共進行了 8,400 萬美元的資本投資，主要用於擴大 400G 和 800G 收發器產品的製造能力。

In 2025, we made a total of $209 million in capital investments, which was above the CapEx projections we gave on our QA call last year of $120 million to $150 million for the full year.

2025 年，我們總共進行了 2.09 億美元的資本投資，高於我們去年在品質保證電話會議上給出的全年資本支出預測值 1.2 億美元至 1.5 億美元。

This was primarily due to increased customer demand projections.

這主要是由於客戶需求預測增加所致。

In Q4, the direct tariff impact on capital equipment was $3.1 million.

第四季度，關稅對資本設備的直接影響為 310 萬美元。

As we have mentioned before, while we will continue to do our best to minimize any impacts, tariff rates and equipment import mix may cause future results to vary materially.

正如我們之前提到的，雖然我們將繼續盡最大努力減少任何影響，但關稅稅率和設備進口組合可能會導致未來的業績出現重大差異。

Notably, we source equipment from all over the world, including from both domestic and international locations.

值得一提的是，我們的設備來自世界各地，包括國內和國際地區。

Going forward, we believe we are well positioned for sustained growth across both our data center and CATV businesses.

展望未來，我們相信我們在資料中心和有線電視業務方面都已做好充分準備，以實現持續成長。

And the capital investments underway are expected to fundamentally strengthen the company as we execute on these opportunities.

目前正在進行的資本投資預計將從根本上增強公司實力，因為我們將抓住這些機會。

Given the recent surge in customer inquiries and apparent rising demand, We believe that by mid 2027, 100G and 400G revenue will be approximately $90 million 800G revenue will be approximately $217 million and 1.6 terabit revenue will be approximately $71 million monthly.

鑑於近期客戶諮詢量激增和需求顯著上升，我們認為到 2027 年年中，100G 和 400G 的收入將約為 9,000 萬美元，800G 的收入將約為 2.17 億美元，1.6 太比特的收入將約為每月 7,100 萬美元。

Altogether this represents $378 million in monthly revenue for transceiver products.

總計而言，這代表收發器產品每月收入達 3.78 億美元。

However, we believe that the customer demand is even larger than this.

然而，我們認為客戶的需求甚至比這還要大。

In order to accommodate this expected surge in demand, we plan to more than triple our laser manufacturing in Texas.

為了滿足預期中的需求激增，我們計劃將我們在德克薩斯州的雷射製造規模擴大三倍以上。

We are evaluating our CapEx projections for 2026 and we intend to share those at a later date.

我們正在評估 2026 年的資本支出預測，並計劃在稍後公佈這些預測結果。

Moving now to our Q1 outlook, we expect Q1 revenue to be between $150 million and $165 million accounting for a sequential increase in CATV revenue, as well as a sequential increase in our data center revenue.

現在來看看我們第一季的展望，我們預計第一季營收將在 1.5 億美元至 1.65 億美元之間，這包括有線電視收入的環比增長以及數據中心收入的環比增長。

We expect non-GAAP gross margin to be in the range of 29% to 31%.

我們預計非GAAP毛利率將在29%至31%之間。

Non-GAAP net income is expected to be in the range of a loss of $7 million to a loss of $0.3 million and non-GAAP earnings per share between the loss of $0.09 per share and break even using a weighted average basic share count of approximately $76.4 million shares.

預計非GAAP淨利將在虧損700萬美元至虧損30萬美元之間，非GAAP每股盈餘將在虧損0.09美元至損益兩平之間，加權平均基本股數約為7,640萬股。

Looking more broadly at 2026, while it's still early in the year.

現在只是年初，讓我們更廣泛地展望一下 2026 年。

We expect to generate over $1 billion in revenue this year with a non-GAAP operating profit of over $120 million.

我們預計今年營收將超過 10 億美元，非 GAAP 營業利潤將超過 1.2 億美元。

This revenue level is limited by our production capacity and supply chain, not market demand, which we believe is much larger.

這個收入水準受限於我們的生產能力和供應鏈，而非市場需求，我們認為市場需求大得多。

Based on our planned capacity additions, we expect to see continued strong sequential revenue growth in the first two quarters, with an acceleration in the second half of the year as new production capacity comes online and additional customer qualifications are completed and orders begin to ship.

根據我們計劃增加的產能，我們預計前兩季營收將持續強勁成長，下半年隨著新產能上線、更多客戶資質審核完成以及訂單開始出貨，成長速度將加快。

We believe that this is an ambitious yet achievable target based upon our customers' forecasts and what we know about the unprecedented investments that are being made in AI infrastructure.

根據客戶的預測以及我們對人工智慧基礎設施領域前所未有的投資的了解，我們認為這是一個雄心勃勃但又可實現的目標。

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 with Raymond James.

西蒙·利奧波德與雷蒙德·詹姆斯。

Thanks for taking the question. First, just a very quick clarification if I might, I missed, the value you mentioned on 800 gig revenue. I know you had a little bit of a software firmware glitch, and said it was below the, guided or the $4 million or so, but what was the value of 800 gig in the Quarter?

感謝您回答這個問題。首先，請容許我快速澄清一下，我錯過了您提到的 800 GB 收入的具體數值。我知道你們的軟體韌體出現了一些小故障，也說過損失低於預期，大約在 400 萬美元左右，但是 800 GB 的空間在本季度的價值是多少呢？

We didn't break out exactly, but it was below $4 million.

雖然沒有完全突破400萬美元大關，但低於400萬美元。

A lot below or a little below?

比現在低很多還是比現在低一點？

It is delayed to Q1, but, we have emphasized, The oil may be big in Q2 next year, plus the target.

雖然推遲到第一季度，但我們已經強調，明年第二季度石油需求可能會很大，而且會達到目標。

Our revenue in this year is $1 billion.

我們今年的收入為10億美元。

And I wanted to really focus on the trajectory for gross margin improvement. And I want to maybe first start with understanding how much of your laser production is in-house today versus external merchant lasers.

我真正想關注的是毛利率提升的軌跡。我想先了解一下，目前貴公司有多少雷射產品是內部生產的，又有多少是外部供應商生產的。

And I guess, I appreciate that typically as you ramp production, there's sort of a learning curve of improving yields and things like that. So, I'd like to make sure we have a good understanding of really the timeline or trajectory to achieve that target you mentioned of 40%. So sort of where are we now and when do we, what's the roadmap?

我想，我明白，通常情況下，隨著產量的增加，在提高產量等方面會有一個學習過程。所以，我想確保我們對實現您提到的 40% 目標的具體時間表或軌跡有一個清晰的了解。那麼，我們現在處於什麼階段？我們何時才能達成目標？我們的路線圖是什麼？

I know, because the, as I say, the gross margin for 1.60 is much higher than the other product. And I would say that, okay? As we say, I've seen by Q2, or CNY, the monthly revenue, sometime in Q2, like June, July or something like that the revenue $378 million.

我知道，因為正如我所說，1.60 的毛利率遠高於其他產品。我會這麼說，好嗎？正如我們所說，我看到第二季（或春節期間）的月收入，在第二季的某個時候，例如六月、七月或類似時間，收入達到了 3.78 億美元。

So it depends on the portion of 1.6% transceiver. So at the time, I believe the gross margin should be 35% to 38% over gross margin for all the transceiver revenue. So I believe we can achieve 40% growth margin by Le Q3 or Q4 next year.

所以這取決於1.6%收發器所佔的比例。因此，我認為當時的毛利率應該比所有收發器收入的毛利率高出 35% 到 38%。所以我相信我們可以在明年第三季或第四季實現 40% 的成長率。

By the way, Simon, just to make sure you're on the same page, the revenue figures that Thompson mentioned were 2027 Q2, not yet, yeah, not this year.

順便說一下，西蒙，為了確保你理解一致，湯普森提到的收入數據是 2027 年第二季的，不是現在，是的，不是今年。

Yeah, yes, it's very important. Okay, no misleading.

是的，這非常重要。好的，沒有誤導。

Thank you for that because I wrote down 2026, so you anticipated my mistake.

謝謝，因為我寫的是 2026 年，所以你預料到了我的錯誤。

Thanks, okay, it's impossible.

謝謝，好吧，這不可能。

No, I appreciate that. No, thank you for that. And then, before I pass, maybe just a quick check in on the cable TV side of the business in that it sounds like you remain very confident in the trajectory. However, the outlook offered by the big cable operators was not as inspiring. Can you sort of help folks triangulate between the CapEx forecast and your involvement in cable TV upgrades?

不，我很感激。不，謝謝你。然後，在我結束之前，或許可以快速確認有線電視業務方面的情況，因為聽起來您對該業務的發展軌跡仍然非常有信心。然而，大型有線電視業者提供的前景卻不那麼令人鼓舞。您能否幫助大家將資本支出預測與您參與有線電視升級改造的情況連結起來？

Thank you.

謝謝。

Sure, Simon, I mean, I think that, as we've said consistently, where the money, I mean the overall CapEx numbers are one thing, but where the money gets spent is another thing, and I think they're spending, this year and next year. A significant amount of their spend is going towards the amplifiers, the outside plant part of the network, and that's where we play. So, there are some other parts of the network in the nose and other things that maybe are a little slower to ramp, although I think those are also ramping, pretty significantly as well, so it really you have to look at it on a kind of granular basis. The other thing is we've got a lot of new customers that we alluded to in the call earlier and we'll start to see some significant contribution from those newer customers as well. So it's not just the, one or two or top3 largest MSOs but also a wider swath of smaller companies that are contributing to our revenue.

當然，西蒙，我的意思是，正如我們一直所說，資金的去向，我的意思是整體資本支出數字是一回事，但資金的去向又是另一回事，我認為他們今年和明年都在這樣做。他們投入的大量資金都用於擴大機、網路的外部設備部分，而這正是我們發揮作用的地方。所以，鼻子和其他部位的神經網路還有一些其他部分，它們的增長速度可能稍慢一些，儘管我認為它們也在增長，而且增長幅度相當大，所以你真的需要從某種細緻的角度來看待它。另外，我們還有很多新客戶，我們在先前的電話會議中提到過，我們將開始看到這些新客戶做出一些重大貢獻。因此，為我們的收入做出貢獻的不僅僅是一兩家或前三名最大的MSO，還有更多規模較小的公司。

And Simon, let you know by the end of this year, I would say more than 95% of laser will be AI laser because right now there's a huge issue of laser shortage.

西蒙，我告訴你，到今年年底，超過 95% 的雷射將是 AI 雷射，因為目前雷射短缺問題非常嚴重。

And issue even some supplier to us.

甚至還向我們提供了一些供應商。

To get this from then, we need to wait at least 1 year or even longer. So that's why we announced we'll invest $300 million in Texas.

要從那時得到這個，我們至少需要等待1年甚至更長。所以這就是我們宣布將在德州投資3億美元的原因。

The purpose, as we said, we need to triple, even more than triple our laser manufacturing capacity by Q2 next year, and that's to fulfill our transceiver demand.

正如我們所說，我們的目的是到明年第二季將雷射製造能力提高三倍甚至三倍以上，以滿足我們對收發器的需求。

And let me emphasize, actually, the transceiver demand is much bigger than what we projected. Right now, the number we say the $378 million of transceiver revenue in June, July, next year, okay, not this year, is limited by our capacity and the supply chain. It's not limited by the customer demand.

而我要強調的是，實際上，收發器的需求量比我們預測的還要大得多。目前，我們所說的 3.78 億美元的收發器收入（預計在 6 月、7 月，明年，好吧，不是今年）受到我們產能和供應鏈的限制。它不受客戶需求的限制。

Thank you for taking my questions.

謝謝您回答我的問題。

Michael Genovese with Rosenblatt Securities.

Michael Genovese，Rosenblatt Securities公司。

Great, thanks very much. So it sounds like instead of having a, steady kind of ramp on this 800G, we're expecting to come in with really big numbers starting 2Q this year and then, huge numbers, next year, but by 2Q next year. I guess for the ramp in 2Q this year, could you just go over some of the milestones, maybe, talk about the issue on the, but also the ongoing qualification milestones, that you have to hit to kind of have that ramp in 2Q.

太好了，非常感謝。所以聽起來，我們預計 800G 的產量不會像預期的那樣穩定成長，而是從今年第二季開始就會大幅成長，然後在明年第二季達到高峰。我想，對於今年第二季的產能爬坡，您能否簡要介紹一些里程碑，談談目前的問題，以及為了在第二季度實現產能爬坡，您必須達到的持續資格里程碑。

Right, so as you mentioned, in order for the ramp to start in earnest, our 800G products have to be interoperable with all the different platforms that are out there at this particular customer, and there's a lot of them, so as we, the firmware has to be, modified to work with all those different platforms. So hardware wise everything's fine, no problem with that.

沒錯，正如您所提到的，為了真正開始量產，我們的 800G 產品必須能夠與該特定客戶的所有不同平台互操作，而這些平台有很多，因此，我們必須修改固件以使其能夠與所有這些不同的平台兼容。所以硬體方面一切正常，沒有問題。

Firmware is good on most of the platforms. You just have to make some tweaks to get it to work across all of the different platforms that they have, and that's really the customer and us have agreed that that should be done in the middle of next month, so a couple of weeks, 3 weeks from now, something like that, and then that's the basically the last hurdle to kind of unleash the ramp as we talked about, we've already started manufacturing products for that ramp. So from a manufacturing standpoint we're gearing up just to touch on your, the beginning part of that question too about the kind of nonlinearity of the ramp, that's because what you're seeing is our production capacity coming online, right? It's not gated by demand, it's baited by gated by our ability to produce and that doesn't come on in a linear fashion, right? You build a production line and you get a step function, not a smooth ramp.

韌體在大多數平台上運作良好。你只需要做一些調整，就能讓它在他們所有的不同平台上運作。客戶和我們已經達成一致，應該在下個月中旬完成，也就是幾週，三週後，差不多就是這樣。然後，這基本上就是我們所說的啟動加速計畫的最後一個障礙了，我們已經開始為這個加速計畫生產產品了。所以從生產製造的角度來看，我們正在積極準備，也想談談你問題開頭提到的那種非線性增長的情況，那是因為你現在看到的是我們的產能正在逐步上線，對吧？它不受需求限制，而是受我們的生產能力限制，而且這種限制並非線性發展，對吧？你建造一條生產線，得到的卻是階梯函數，而不是平滑的斜坡。

Yes.

是的。

So let me emphasize, because every customer has so many differentw, transceiver supplier, so many different kind of ethic.

所以我要強調一點，因為每個客戶都有許多不同的收發器供應商，有許多不同的道德規範。

And when the customer adding more wage, always change the firmware, we are supposed to get a green light to ship out already in December last year. The delay is not our problem or whatever it is because, how come build AI, the whole is much more complicated than before. That's why it takes much longer.

當客戶增加工資時，總是會更改固件，我們本應在去年 12 月就獲得發貨許可。延誤不是我們的問題，或者不管是什麼問題，因為，建構人工智慧的整個過程比以前複雜得多。所以才需要更久。

And right now, I think we feel very comfortable and I never said, okay.

而現在，我覺得我們感覺很舒服，我從來沒有說過「好的」。

We have got almost 2 years of loading forecast from the more than one customer, let me say that, okay, for 800G.

我們已經從不只一位客戶那裡獲得了近兩年的負載預測，讓我說一下，好的，800G。

And right now, let me say that, more than one customer, at least 2 or even 3, they would like to buy all the transceiver we can make for 800G 1.60 because AI laser.

現在，我要說的是，不只一位客戶，至少有 2 位甚至 3 位客戶，他們想購買我們能生產的所有 800G 1.60 收發器，因為 AI 雷射。

And right now it's limited by our capacity in the manpower and the supply chain.

而目前，這受限於我們的人力和供應鏈能力。

So that's why we are trying everything to rev up, but it takes time. It takes time. That's why I say right now this year we say $1 billion, and let me say that demand is much bigger than $1 billion, but that's the number we feel comfortable, at least we feel minimum 99%.

所以這就是為什麼我們正在盡一切努力加快步伐，但這需要時間。這需要時間。這就是為什麼我今年說我們預計 10 億美元，而且我要說的是，實際需求遠大於 10 億美元，但這是我們覺得比較有把握的數字，至少我們有 99% 的把握。

Competent who can deliver. Otherwise, the rave much bigger than that. Let me say that. Same thing for the 1.16, transceiver for the, June, July next year. It's still limited by supply chain. So, that's why a lot of issue we need to solve. And the other thing I'm going to tell you, mm, In the short-term, we should receive, more than $100 million of AI energy transceiver within a few months, maybe, I don't know.

有能力且能勝任工作的人。否則，這場狂歡的規模將遠遠超出預期。讓我說一下。1.16 收發器也是如此，明年六月、七月上市。仍然受限於供應鏈。所以，這就是為什麼我們需要解決很多問題的原因。還有一件事我要告訴你，嗯，短期內，我們應該會在幾個月內收到價值超過 1 億美元的 AI 能源收發器，也許吧，我不知道。

One month, two months, for sure less than 3 months, we should receive more than $200 million or 1.5%.

一個月，兩個月，肯定不到三個月，我們應該可以收到超過 2 億美元，也就是 1.5%。

Or transceiver orders. We're not buying the transceivers. We're receiving the orders.

或收發器指令。我們不打算購買收發器。我們正在接收訂單。

Sure, we don't buychen. We may be chen.

當然，我們不買。我們可能是陳。

So for sure, okay, that's how, that's how great is the market.

所以，沒錯，市場就是這麼火爆。

But so many things is so, okay, it's very that's the whole thing is working crazy, just it's a good problem. Yes. But we are, I never say that, all right?

但很多事情都很好，好吧，整個過程非常順利，這真是一個幸福的問題。是的。但我們確實是，我從來不這麼說，好嗎？

Yeah, I got it. Sounds great.

是的，我明白了。聽起來不錯。

I guess, is it fair to say that it sounds though when you say demand on the 800G side is already very high. Does that mean orders? I mean, do you have that level of orders already in for 800G?

我想，這麼說沒錯吧，你說800G方面的需求已經非常高了。那是指訂單嗎？我的意思是，你們已經有 800G 的訂單了嗎？

Coming soon, at least from two customers because they want to make sure we commit to our promise.

很快就會有結果，至少有兩位客戶表示，他們想確保我們履行承諾。

You run out the problem yet. They already give us the loading forecast, but to make sure we guarantee what we promise.

你還沒解決這個問題嗎？他們已經給了我們裝載量預測，但為了確保我們能夠兌現承諾，我們還是需要這樣做。

That's something we need to allow agreement and at the same time for sure they give us order, okay? That's.

我們需要達成共識，同時他們也必須給我們下達指令，好嗎？就是這樣。

At least by MBC years or something like that.

至少按MBC時代算吧。

Perfect. And last question for me, on the 500,000 units, I think you said by second quarter next year, and I think that's 8,000 and 1 point end of this year. Okay, just the mix between Taiwan and the US, I mean, it sounds like you're expanding capacity in both places. Is it, I guess, harder and more expensive to do it here, which is why. Only a quarter of the capacity will be here. Is it, would you prefer to have more here if you, if it was easier? What's the, like, what's the decision making on that, where to put it?

完美的。最後一個問題，關於 50 萬台，我想您說的是明年第二季度，而我認為是今年年底的 8000 台加上 1 台。好的，就台灣和美國之間的混合而言，我的意思是，聽起來你們正在這兩個地方擴大產能。我想，在這裡做這件事可能更難、更貴，所以才這樣吧。這裡只會容納四分之一的容量。如果更容易的話，你是否更希望在這裡擁有更多？關於放置位置的決定是如何做出的？

It takes much longer time to spend in US.

在美國待的時間要長得多。

I think Texas is great. I think it's the, I would say the best in US. Let me say that. So, but let me say that, by end of next year, I would say more than 55% will be manufactured in the US or even 50% or 65% for 800 1.60.

我覺得德州很棒。我認為它是，可以說是美國最好的。讓我說一下。所以，但我想說的是，到明年年底，我認為超過 55% 的產品將在美國生產，甚至 800 1.60 的產量將達到 50% 或 65%。

Because that, that's why we just, we was just groundbreaking, a few weeks ago. It takes time.

因為那，所以幾週前我們才取得了突破性進展。這需要時間。

We need more cleaner, more space. It take, it's quite expensive.

我們需要更乾淨、更寬敞的空間。需要時間，價格相當昂貴。

And it takes time to build a, then we can have equipment, then we do a qualification and training.

建造一個需要時間，然後我們才能擁有設備，然後我們才能進行資格認證和培訓。

It takes time, but it's catching up, all right? So, the number will change a lot, but let me say this.

雖然需要時間，但正在迎頭趕上，好嗎？所以，這個數字會有很大的變化，但我想說的是…

More than 85% of investment will be in Texas.

超過85%的投資將投向德州。

Okay, perfect. Thanks so much. Really exciting, looking forward to following this more and, to seeing you guys at OFC.

好的，完美。非常感謝。真是太令人興奮了，期待繼續關注，也期待在OFC見到你們。

Thank you.

謝謝。

George Nader with Wolf Research.

喬治·納德與狼研究公司合作。

Hi guys, thanks very much. Yeah, really impressive conversation here in terms of the demand profile. I guess I'm just curious about what you're seeing on tariffs. Obviously we've had some moves on tariffs recently, 15% across the board tariff. I'm not sure if, transceivers are going to be exempt or what the situation is, but can you just talk about kind of the tariff situation, maybe the perception your customers have on tariffs and how that may or may not be translating into orders. Thanks.

大家好，非常感謝。是的，就需求概況而言，這次對話確實令人印象深刻。我只是好奇你那邊的關稅狀況​​如何。顯然，最近關稅方面出現了一些變化，全面加徵15%的關稅。我不確定收發器是否會被豁免，或者俱體情況如何，但您能否談談關稅情況，例如您的客戶對關稅的看法，以及這種看法是否會轉化為訂單。謝謝。

Yeah, I guess there's two ways to say that. First of all, I mean, I think anybody that's telling you they confidently know exactly what the tariff situation is going to be throughout the year is probably not being truthful. I certainly don't, we have a viewpoint on.

是的，我想有兩種說法。首先，我的意思是，我認為任何聲稱自己完全了解全年關稅情況的人，可能都不是在說實話。我當然不這麼認為，我們對此事有自己的看法。

Obviously on the current tariffs it's pretty much in line with where we've been in terms of tariffs. I mean, I don't expect if things stay the same as they are now, I don't expect it to dramatically change, kind of the tariff picture that we outlined, on the call earlier. That being said, we are looking at the options in terms of the IEPA tariffs. Those have been outlawed, so at least there's some pathway where we might be able to recoup some of those. The other thing that I've said pretty consistently and I think it ties in with Thompson's earlier comments, while it takes a while to build capacity in the United States, the one thing I can say is the one place where I'm pretty confident in saying it's not going to be tariffed is product that's made in the US and that's what we're scaling up to do. So, the more as time goes on, the more we can manufacture in the US and the more that we can attract other supply chain partners, which we are doing to move their production to the US as well, that will help us, in the long-term, that's going to be the solution for really minimizing the tariff impact.

顯然，目前的關稅水準與我們先前的關稅水準基本一致。我的意思是，如果情況保持不變，我不認為關稅情況會發生巨大變化，就像我們之前在電話會議上概述的那樣。也就是說，我們正在研究 IEPA 關稅的各種方案。這些行為已被禁止，所以至少我們還可以透過某種途徑挽回一些損失。還有一點我一直強調，我認為這與湯普森先前的評論相呼應，雖然在美國建立產能需要一段時間，但我可以肯定地說，美國製造的產品不會被徵收關稅，而這正是我們正在努力擴大的。因此，隨著時間的推移，我們越能在美國進行生產，越能吸引其他供應鏈合作夥伴（我們也正在這樣做，將他們的生產轉移到美國），從長遠來看，這將幫助我們真正最大限度地減少關稅的影響。

Got it. And then, the comment about recouping tariffs, I think you said you were the, shipper of record. Is there, how much could that be? What is the potential, upside you guys could get if indeed you can recoup those? Thanks.

知道了。然後，關於追回關稅的評論，我想你說過你是登記在冊的托運人。真的有那麼多嗎？如果有，那會有多少？如果你們真的能收回這些成本，那麼你們能獲得哪些潛在的利益？謝謝。

I mean, sure, if we could recoup all of it, we had about $4.6 million I believe, just last quarter in tariffs. We probably paid last year.

我的意思是，當然，如果我們能全部收回來的話，我相信僅上個季度我們就收回了大約 460 萬美元的關稅。我們可能去年就付過了。

7 or $8 million in tariffs overall, again, we're still analyzing exactly how many of those are IEPA related. Not all tariffs are that way, so there's a lot of nuance there, but I mean, it's not going to dramatically change our picture, but it certainly would be a welcome cash flow development for sure.

總共徵收 700 萬至 800 萬美元的關稅，我們仍在分析其中究竟有多少與 IEPA 有關。並非所有關稅都是如此，所以其中有很多細微差別，但我的意思是，這不會極大地改變我們的局面，但肯定會帶來可喜的現金流增長。

(Operator Instructions)

（操作說明）

Ryan Koontz with Needham and Company.

Ryan Koontz，Needham and Company公司。

Great, thanks. Just maybe stepping back a little bit, as you think about the ramp in 400G, with your large customer and 800G which is pending, maybe you can, you, compare kind of the production and demand view, compare and contrast between those two, that gives you confidence in executing your own capacity and visibility from your customer for those two different product lines. Great, thank you.

太好了，謝謝。或許可以稍微退後一步，在考慮 400G 的產能爬坡（您的大客戶）和即將推出的 800G 時，您可以比較一下生產和需求情況，對比一下這兩者，這樣可以增強您對自身產能的執行信心，並讓您更清楚地了解客戶對這兩條不同產品線的需求。太好了，謝謝。

Sure. I mean, The 400G products, as we said, are going to continue. I think there's going to be a continued strength in the sales of those products, driven by a couple of large customers, pretty much the same ones that we've already been shipping to, although we're seeing increased demand from at least one of those customers. But as we said in our prepared remarks earlier, 800G is expected to dominate, those sales starting in Q2 of this year. So, we'll see more revenue in 800G. In Q2 than we did in 400G and then moving through the year and into next year I think we're going to continue to see very strong ramp in 800G because that's most closely associated with AI right? That's the closest to the AI compute clusters at least until we get to 1.6 terabit later this year.

當然。我的意思是，正如我們所說，400G 產品線將會繼續推出。我認為這些產品的銷售將繼續保持強勁勢頭，這主要得益於幾個大客戶的推動，這些客戶與我們之前一直供貨的客戶基本相同，儘管我們看到至少其中一個客戶的需求有所增加。但正如我們之前在準備好的演講稿中所說，預計 800G 將佔據主導地位，這些銷售將從今年第二季開始。所以，我們將在 800G 時代看到更多收入。第二季我們的 400G 產能將比前一年有所成長，而且我認為，展望今年以及明年，800G 產能將繼續強勁成長，因為它與人工智慧聯繫最為緊密，對吧？至少在今年稍後達到 1.6 太比特之前，這已經是最接近人工智慧運算叢集的方案了。

That's helpful. And then, on your laser supply Indian phosphide, we were down at your facility in the fall. Where are you in terms of, the equipment you need and kind of lead times with regards to expanding indian phosphide production and any color you can give us there in terms of building out your new facilities and acquiring the necessary equipment.

那很有幫助。然後，關於你們的雷射耗材印度磷化物，我們在秋天的時候去了你們的工廠。就擴大印度磷化物生產而言，您目前的情況如何？您需要哪些設備？交貨週期大概是多少？您能否告知我們您在建造新設施和購買必要設備方面的任何顏色要求？

Thank you.

謝謝。

Yeah, I mean, as Thompson mentioned, we're planning to triple our production of, any phosphide related devices here, laser devices made on any phosphide materials, by, the middle part of next year, and we have line of sight into all that equipment. Some of it's already been, I mean, it would be a very long conversation to go through every piece of equipment and how, what the schedule is, but the bottom line is when we talk about tripling our capacity, that includes. The equipment that you either have on order or have line of sight into order that'll be delivered in time to accommodate that ramp.

是的，我的意思是，正如湯普森所提到的，我們計劃到明年年中，將所有磷化物相關裝置（包括用磷化物材料製造的雷射器件）的產量提高三倍，而且我們對所有這些設備都有清晰的了解。有些事情已經完成了，我的意思是，要逐一討論每件設備及其使用方式、進度安排，那將是一個非常漫長的對話，但關鍵在於，當我們談到將產能提高三倍時，這其中就包括了。你已經訂購或預計會訂購的設備將及時交付，以適應該坡道。

Great. And maybe just one last I can squeeze it in terms of cable TV. You mentioned, another customer. I assume that's a large US customer is moving forward with 1.8, gigahertz, here in terms of ES 4.0, ESD.

偉大的。最後，我或許還能擠出一點時間，談談有線電視方面。您提到了另一位顧客。我猜想，就 ES 4.0 和 ESD 而言，美國一家大型客戶正在推動 1.8 吉赫茲的技術應用。

Yeah, it is, we have a number of customers, I would again, I want to caution none of those customers are as large as our largest customer, okay, but in aggregate I think they could be a significant contributor to the revenue which is what I was trying to, outline earlier in my, response to Simon's question.

是的，我們有很多客戶，我再次強調，這些客戶中沒有一個像我們最大的客戶那樣大，但總的來說，我認為他們可能會對收入做出重大貢獻，這正是我在之前回答西蒙的問題時試圖概述的。

Tim Savageaux with Northland Capital Markets.

Tim Savageaux，來自 Northland Capital Markets。

Hi, good afternoon. A couple of questions I wanted to follow-up on.

您好，下午好。我還有一些問題想跟進。

Looks like given the increase in cable in Q1, you expect data center revenues up about 10 million. I guess what what's driving that if you don't expect 800 gig to ramp until Q2?

鑑於第一季有線電視業務的成長，資料中心營收預計將成長約 1,000 萬美元。如果預計 800GB 的產能要到第二季才能提升，那麼是什麼原因導致這種情況呢？

Well, I think we're going to see two things. We'll see a growth in 400GB, continued growth in 400GB, and then we'll also, we also do expect to see some revenue in 800GB, just not, the dramatic ramp that we expect to see starting in Q2.

嗯，我想我們會看到兩件事。我們將看到 400GB 的成長，400GB 的持續成長，然後我們也預期 800GB 的營收也會有所成長，只是不會像我們預期的那樣，從第二季開始大幅成長。

Okay, great. So principally 400 gig and you mentioned some I guess near term gross margin head headwinds.

好的，太好了。所以主要是 400 GB，你也提到了一些我猜近期毛利率會受到不利影響的因素。

Driven by mix, I think you said, but you do have cable TV.

我想你說過，這是由混合模式驅動的，但你確實有有線電視。

Up in Q1, so I want to get a little more color on what's happening gross margin wise there in Q1.

第一季有所成長，所以我想更詳細地了解第一季毛利率方面的情況。

Yeah, as we said, I mean, at the end of the day, if you look at our guidance, it's kind of a wash in terms of gross margin. We're seeing, a little bit of headwind coming from the product mix, especially, 400G, as I mentioned earlier, is going to continue to grow in Q1.

是的，正如我們所說，我的意思是，歸根結底，如果你看看我們的業績指引，你會發現毛利率方面基本上持平。我們看到，產品組合方面出現了一些不利因素，尤其是 400G，正如我之前提到的，它將在第一季繼續成長。

Until later when 800g starts to take over. Meanwhile, in cable, gross margins there are better and they're actually expanding. So that's kind of the put and take on that. That's why it ended up being kind of a wash.

直到後來 800g 開始接手。與此同時，有線電視產業的毛利率更高，而且實際上還在成長。所以這就是事情的來龍去脈。所以最後結果算是打了平手。

As we say, 800, we need time to fine tune thetaion in the ear. That's why this is early stage of. Volume 800 G. That's always, that's why I say by Q2 next year, we believe the overall gross margin will be 35% to 38% just for Transceiver.

正如我們所說，800，我們需要時間來微調耳朵裡的治療效果。所以這還處於早期階段。銷量 800 克。正因如此，我才說，到明年第二季度，我們相信收發器的整體毛利率將達到 35% 至 38%。

By the end of next year, we believe we can achieve more than 40% gross margin for all the transceiver by Q4 2027.

我們相信，到明年年底，到 2027 年第四季度，所有收發器的毛利率都能達到 40% 以上。

Okay, let me just, 1.5 more here. You mentioned.

好的，我再補充1.5分。你提到了。

Expectations for 800 gig to.

預計達到 800 GB。

I guess dominate revenue trying to get a sense of what that means in Q2. You should have about, in the $40 million range for 100 gig.

我想說的是，在第二季度，佔據主導地位的收入意味著什麼？100GB 的軟體大概需要 4000 萬美元左右。

Probably will be in the $40 million a quarter range for 400 gig.

400GB 的數據，季度營收可能在 4,000 萬美元左右。

Would you expect 800 gig to be larger than both of those combined in Q2, or how might you frame that?

你認為 800 GB 的容量在第二季會比這兩者加起來還大嗎？或者你會如何描述這種情況？

What we're saying is it'll be our largest.

我們想說的是，這將是我們規模最大的一次。

Segment within the data center, and the largest, it'll be the largest contributor to revenue of those 3 800GB, 100 gig, and.

資料中心內最大的部分，將成為這 3 個 800GB、100GB 和 100GB 資料區塊的最大收入貢獻者。

400. I think it'll be more than more than $25 million or $30 million, I don't know something like that as I said, the issue right at the demand, okay, the Q1, the Q4 delays due to the firmware optimization, but the Q2, Q3 is limited by our capacity.

400。我認為會超過 2500 萬美元或 3000 萬美元，我不知道具體數字，就像我說的，問題就出在需求上，好吧，第一季度和第四季度由於固件優化而延遲，但第二季度和第三季度受限於我們的產能。

All right, it's not a demand issues. Let me say that. We, as we say, we got the demand from the customer for from two customers.

好的，這不是需求問題。讓我說一下。正如我們所說，我們從兩位客戶那裡得到了客戶的需求。

Even I say we got the order from them, pretty soon we will in a few weeks. Then the next issue is the supply chain and our manufacturing capacity. So then I would say I'm very com to $25 million, but the cost could be $35million to $40 billion. So that's we just say what we see a combo right now. It all number we say here is not cost demand issue. It's AOI manufacture and supply chain issue. Let me say that.

即使是我說我們已經收到他們的訂單了，也很快就會在幾週內到貨。接下來要考慮的問題是供應鏈和我們的生產能力。所以，我認為 2500 萬美元比較合理，但成本可能在 3500 萬美元到 400 億美元之間。所以，這就是我們目前看到的一個組合。我們在這裡所說的所有數字都不是成本需求問題。這是AOI製造和供應鏈問題。讓我說一下。

Okay, great. And then I guess last question for me, you talked about the potential for a billion dollars in revenue.

好的，太好了。最後一個問題，您提到了十億美元的收入潛力。

In calendar 2026, I think, or in total.

我想，應該是 2026 年，或是總共。

I wonder from a customer standpoint.

我從顧客的角度思考這個問題。

I mean, would you?

我的意思是，你會嗎？

I guess how would you expect customer concentration to look in that scenario, and I know you got a big guy on the cable side. I'm principally talking about data center.

我想你覺得在這種情況下，客戶集中度會是什麼樣子？我知道你們有線電視方面有一家大公司。我主要指的是資料中心。

Do you think, so I'm primary customer will be half of that or what have you.

你覺得，我的主要客戶會占到一半左右嗎？

So if you break down the revenue, right, if you just take it, just take a round number of a billion, right, subtract the 300-ish that we have in cable TV that gives you $700 million-ish leftover right now, I would expect that's going to be dominated by most of that is going to be two large hyper scale customers and they'll probably be roughly equivalent.

所以，如果你把收入細分一下，對吧？就拿十億美元這個整數來說，對吧？減去有線電視的3億美元左右，剩下的7億美元左右，我預計這其中大部分將由兩個超大規模的客戶佔據，而且他們的收入可能大致相當。

Exiting the year, we'll see how that plays out. That's, it's pretty early to say exactly how the timing on that's going to go, but I would expect at least 2 to be sort of comparable in size. Let's put it that way. And then obviously the third one that would be smaller in scale but still significant.

年底之際，我們拭目以待。也就是說，現在說具體時間安排還為時過早，但我預計至少會有 2 個規模相當。這麼說吧。當然，第三個規模較小，但仍意義重大。

So I would say we would have sweet high birth care there a customer will be more than 10% or much more than 10% for the whole year.

所以我認為，我們會提供優質的出生護理，顧客全年的佔比將超過 10% 或遠超 10%。

Got it. Appreciate that color. Thanks very much.

知道了。欣賞這種顏色。非常感謝。

Yes. All right.

是的。好的。

Thank you.

謝謝。

And at this time we have no further questions. I'll turn the call now over to Doctor Thompson Lin for any closing remarks.

目前我們沒有其他問題了。現在我將把電話交給湯普森·林醫生，請他作總結發言。

Again, thank you for joining us today.

再次感謝您今天蒞臨。

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 in a unique position to deliver.

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，我們業務的長期需求的基本驅動力仍然強勁，而且我們處於獨特的地位來滿足這些需求。

To drive value from those opportunities. We look forward to seeing many of you in upcoming investor conference as well as OFC.

從這些機會中創造價值。我們期待在即將舉行的投資者大會以及OFC上見到各位。

Thank you.

謝謝。

The conference has now concluded.

會議已經結束。

Thank you for attending today's presentation. You may now disconnect your lines.

感謝各位參加今天的報告會。現在您可以斷開線路了。