Aehr Test Systems (AEHR) 2022 Q4 法說會逐字稿

Good day, and welcome to the Aehr Test Systems Fiscal 2022 Fourth Quarter and Full Year Financial Results Conference Call. (Operator Instructions) Please note this event is being recorded.

美好的一天，歡迎參加 Aehr Test Systems 2022 財年第四季度和全年財務業績電話會議。 （操作員說明）請注意正在記錄此事件。

I would now like to turn the conference over to Jim Byers of MKR Investor Relations. Please go ahead.

我現在想將會議轉交給 MKR 投資者關係部的 Jim Byers。請繼續。

Thank you, operator. Good afternoon, and welcome to Aehr Test Systems Fiscal 2022 Fourth Quarter and Full Year Financial Results Conference Call. With me on today's call are Aehr Test Systems' President and Chief Executive Officer, Gayn Erickson; and Chief Financial Officer, Ken Spink. Before I turn the call over to you, Gayn and Ken, I'd like to cover a few quick items. This afternoon, right after market closed, Aehr Test issued a press release announcing its fiscal 2022 fourth quarter and full year results. That release is available on the company's website at aehr.com. This call is being broadcast live over the Internet for all interested parties, and the webcast will be archived on the Investor Relations page of the company's website.

謝謝你，接線員。下午好，歡迎參加 Aehr Test Systems 2022 財年第四季度和全年財務業績電話會議。今天與我通話的是 Aehr Test Systems 的總裁兼首席執行官 Gayn Erickson；和首席財務官 Ken Spink。在我把電話轉給你之前，蓋恩和肯，我想介紹一些簡單的項目。今天下午，市場收盤後，Aehr Test 發布了一份新聞稿，宣布了其 2022 財年第四季度和全年業績。該版本可在公司網站 aehr.com 上獲得。本次電話會議正在互聯網上為所有感興趣的各方進行現場直播，網絡直播將存檔在公司網站的投資者關係頁面上。

And I'd like to remind everyone that on today's call, management will be forward-looking statements today that are based on current information and estimates and are subject to a number of risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. These factors that may cause results to differ from the forward-looking statements are discussed in the company's most recent periodic and current reports filed with the SEC. These forward-looking statements, including guidance provided during today's call, are only valid as of this date, and Aehr Test Systems undertakes no obligation to update the forward-looking statements.

我想提醒大家，在今天的電話會議上，管理層今天將是基於當前信息和估計的前瞻性陳述，並受到許多風險和不確定性的影響，這些風險和不確定性可能導致實際結果與前瞻性陳述。這些可能導致結果與前瞻性陳述不同的因素在公司最近提交給美國證券交易委員會的定期報告和當前報告中進行了討論。這些前瞻性陳述，包括今天電話會議期間提供的指導，僅在本日有效，Aehr Test Systems 不承擔更新前瞻性陳述的義務。

And with that said, I'd like to turn the call over to Gayn Erickson, President and Chief Executive Officer.

話雖如此，我想將電話轉給總裁兼首席執行官 Gayn Erickson。

Thanks, Jim. Good afternoon, everyone, and welcome to our fiscal 2022 fourth quarter and full year's earnings conference call. Thank you for joining us today. Let's start with a quick summary of the highlights of the quarter and fiscal year and the momentum we're experiencing in the semiconductor wafer level test and burn-in market, and then Ken will go over the financials in detail. After that, we'll open up the lines to take your questions.

謝謝，吉姆。大家下午好，歡迎參加我們 2022 財年第四季度和全年的收益電話會議。感謝您今天加入我們。讓我們先快速總結一下本季度和財年的亮點，以及我們在半導體晶圓級測試和老化市場中所經歷的勢頭，然後 Ken 將詳細介紹財務狀況。之後，我們將開通線路以回答您的問題。

We're pleased to report very strong growth for fiscal 2022 with record revenue for both the fourth quarter and full year. Total revenue for fiscal 2022 was $50.8 million, our highest annual revenue on record and more than 3x last year's revenue. We also had record bookings for the year at $60.2 million. Importantly, we're seeing the significant leverage in our operating model as evidenced by the strong profit for the fiscal year. We also improved our balance sheet significantly with our year ending cash position of $31.5 million and no debt.

我們很高興地報告 2022 財年的強勁增長，第四季度和全年的收入均創歷史新高。 2022 財年的總收入為 5080 萬美元，是我們有記錄以來的最高年收入，是去年收入的 3 倍多。我們今年的預訂量也達到了創紀錄的 6020 萬美元。重要的是，我們在本財年的強勁利潤中看到了我們運營模式的巨大槓桿作用。我們還顯著改善了資產負債表，年終現金頭寸為 3150 萬美元，沒有債務。

Let me go ahead and start and talk about the wafer level test and burn-in market, silicon carbide for electric vehicles, that's where a lot of the excitement is going on. Our strong revenue growth in fiscal 2022 was driven by the demand for our wafer level test and burn-in solutions, particularly for wafer level stress and stabilization of silicon carbide devices for use directly in electric vehicle market. The silicon carbide market for electric vehicles and its supporting infrastructure requirements are growing at a tremendous rate, with Canaccord Genuity estimating that wafer capacity will increase from 150,000 6-inch wafers in 2022 -- 2021 to over 4 million 6-inch equivalent wafers in 2030 just to meet the electric vehicle market alone. This represents growth of over 25x the wafer starts just for electric vehicles. They also forecast another 4 million 6-inch equivalent wafers to address other markets, such as industrial and solar power conversion.

讓我繼續談談晶圓級測試和老化市場，用於電動汽車的碳化矽，這就是令人興奮的地方。我們在 2022 財年的強勁收入增長是由對我們的晶圓級測試和老化解決方案的需求推動的，特別是對直接用於電動汽車市場的碳化矽器件的晶圓級應力和穩定性的需求。用於電動汽車的碳化矽市場及其配套的基礎設施需求正在以驚人的速度增長，Canaccord Genuity 估計晶圓產能將從 2022 年的 15 萬片 6 英寸晶圓增加到 2030 年的超過 400 萬片 6 英寸等效晶圓只是為了滿足電動車市場的獨處。這意味著僅用於電動汽車的晶圓開始量增長了 25 倍以上。他們還預測另外 400 萬片 6 英寸等效晶圓將用於其他市場，例如工業和太陽能轉換。

Our lead customer for silicon carbide wafer level burn-in made significant investments in their silicon carbide production throughout this past fiscal year. Today, we're excited to announce that we received $12.8 million in new orders from them for multiple FOX-XP systems, a high-volume production WaferPak Aligner, and a small number of WaferPaks full wafer contactors to meet their increased production capacity needs for silicon carbide-based power semiconductors for the electric vehicle market. All of this is expected to ship by the end of our fiscal third quarter ending February of 2023. This adds to the backlog of systems that we're shipping to them this fiscal year or fiscal quarter, actually. In addition to the system capacity order, we expect significant subsequent orders for WaferPaks needed for the system orders announced today, and they will ship at approximately the same time as the systems.

我們的碳化矽晶圓級老化的主要客戶在上一財年對其碳化矽生產進行了大量投資。今天，我們很高興地宣布，我們從他們那裡收到了價值 1280 萬美元的新訂單，用於多個 FOX-XP 系統、一個大批量生產的 WaferPak Aligner 和少量 WaferPak 全晶圓接觸器，以滿足他們增加的生產能力需求用於電動汽車市場的碳化矽功率半導體。所有這些預計將在我們截至 2023 年 2 月的第三財季末發貨。實際上，這增加了我們在本財年或本財季向他們發貨的系統積壓。除了系統容量訂單外，我們預計今天宣布的系統訂單需要大量後續的 WaferPak 訂單，它們將與系統大致同時發貨。

We have continued to optimize the shipment and installation processes of our FOX-XP systems with the last system shipped to them installed and released fully into production within 8 days after we shipped it out of our factory, and that includes international shipping. We're excited to see them continue their ramp, and we continue to expect significant additional system and WaferPak purchases from them over the next several years and through the end of the decade as they strive to be a market leader -- market-leading supplier of silicon carbide devices.

我們繼續優化 FOX-XP 系統的運輸和安裝流程，最後一個系統在出廠後 8 天內安裝完畢並完全投入生產，其中包括國際運輸。我們很高興看到他們繼續增長，我們繼續期待在未來幾年和十年結束時從他們那裡購買大量額外的系統和 WaferPak，因為他們努力成為市場領導者 - 市場領先的供應商碳化矽器件。

Aehr Test provides a highly unique and cost-effective solution for applying the stress test across every device on an entire wafer before they are singulated and put into packages or multi-chip modules. This allows our customers to burn-in every single device at a lower cost than they could in any other form due to our ability to contact thousands of devices on a single wafer and test 18 wafers in a single system with our FOX-XP multi-wafer testing burn-in system and proprietary FOX full wafer contact WaferPaks.

Aehr Test 提供了一種高度獨特且具有成本效益的解決方案，用於在將它們分割並放入封裝或多芯片模塊之前對整個晶圓上的每個器件進行壓力測試。這使我們的客戶能夠以比任何其他形式更低的成本來老化每個設備，因為我們能夠在單個晶圓上接觸數千個設備，並使用我們的 FOX-XP 多功能測試系統在單個系統中測試 18 個晶圓。晶圓測試老化系統和專有的 FOX 全晶圓接觸 WaferPaks。

Silicon carbide-based devices such as MOSFETs, which stands for metal-oxide-semiconductor field-effect transistors, are extremely efficient, rugged and reliable semiconductors that are used in the power conversion to charge the batteries and battery electric vehicles and in the engine controller traction inverters that drive the electric engines in EVs. Industry-leading semiconductor suppliers like our lead silicon carbide customer tell key differentiators of silicon carbide over the silicon-based IGBTs, which are insulated gate bipolar transistors that include silicon carbide's higher system-level efficiency, owing to the greater power density, lower power loss, higher operating frequency and increased temperature operation.

基於碳化矽的器件，例如 MOSFET，代表金屬氧化物半導體場效應晶體管，是極其高效、堅固和可靠的半導體，用於為電池和電動汽車充電的功率轉換以及發動機控制器驅動電動汽車中的電動發動機的牽引逆變器。行業領先的半導體供應商，如我們的主要碳化矽客戶，告訴我們碳化矽與硅基 IGBT 的主要區別，矽基 IGBT 是絕緣柵雙極晶體管，由於更高的功率密度和更低的功率損耗，碳化矽具有更高的系統級效率，更高的工作頻率和更高的工作溫度。

This translates into a higher driving range on a single charge, smaller battery sizes for traction inverters and faster charging time for onboard chargers. These silicon carbide-based traction inverters were first used by Tesla in their Model 3 electric vehicle sedan. Tesla then converted all their electric vehicle engine controller traction inverters from silicon-based to silicon carbide-based MOSFETs. Forecasters like Canaccord Genuity, yield development and actually what, believe that most traction inverters will be silicon carbide base within the next several years.

這意味著單次充電可提供更高的行駛里程，牽引逆變器的電池尺寸更小，車載充電器的充電時間更快。這些基於碳化矽的牽引逆變器首先由特斯拉在其 Model 3 電動轎車中使用。隨後，特斯拉將其所有電動汽車發動機控制器牽引逆變器從基於矽的 MOSFET 轉換為基於碳化矽的 MOSFET。 Canaccord Genuity、產量開發等預測者認為，大多數牽引逆變器將在未來幾年內以碳化矽為基礎。

One of the biggest concerns of existing and would be electric car buyers is range anxiety, the fear of running out of energy before making it to a charging station. As some of you may have seen, just recently in all electric Mercedes-Benz, recently drove 747 miles without recharging, handily beating every electric vehicle on the market today. This ultra-long-range electric car called the Vision EQXX was sponsored by ON Semiconductor, onsemi and highlights the significant progress that is being made with these concerns by using silicon carbide traction inverters among other features.

現有和未來的電動汽車購買者最大的擔憂之一是里程焦慮，即擔心在進入充電站之前會耗盡能量。正如你們中的一些人可能已經看到的那樣，就在最近全電動梅賽德斯-奔馳，最近在沒有充電的情況下行駛了 747 英里，輕鬆擊敗了當今市場上的所有電動汽車。這款名為 Vision EQXX 的超遠程電動汽車由安森美半導體 (ON Semiconductor) 贊助，並強調了通過使用碳化矽牽引逆變器等功能在解決這些問題方面取得的重大進展。

Silicon carbide MOSFETs are tested to ensure they meet technical performance and specifications at wafer level before the devices are singulated and then again, in package or multichip module form before they're shipped to customers. However, the extrinsic failure rate or the early life failure rate of silicon carbide is much too high for mission-critical applications such as attraction inverters or even the onboard chargers of the EVs. As such, all silicon carbide MOSFET suppliers apply what is known as a stress test or burn-in test to every device that induces early life failures to happen within hours rather than years to weed out the devices that would otherwise fail in the vehicles.

對碳化矽 MOSFET 進行測試，以確保它們在器件被單片化之前滿足晶圓級的技術性能和規格，然後再以封裝或多芯片模塊形式交付給客戶。然而，碳化矽的外在故障率或早期故障率對於吸引力逆變器甚至電動汽車的車載充電器等關鍵任務應用來說太高了。因此，所有碳化矽 MOSFET 供應商都會對每個設備進行所謂的壓力測試或老化測試，這些設備會在數小時而不是數年內導致早期故障發生，以淘汰那些在車輛中可能會發生故障的設備。

We are currently engaged in discussions with most other current and future silicon carbide suppliers. The major silicon carbide companies expect that most EV traction inverters will move to multichip modules. As such, they have told us that they must move to wafer level stress and burn-in to remove the extrinsic failures before they put these known good die into multi-die modules to meet their cost, yield and reliability goals of these modules. Aehr's unique, low-cost multi-wafer level test and burn-in solution provides the test electronics and the device contactor technology that enables contact to 100% of all devices on a single wafer and the handling and alignment equipment to provide a total turnkey single vendor solution to meet the needed critical test and stress requirements.

我們目前正在與大多數其他當前和未來的碳化矽供應商進行討論。主要的碳化矽公司預計，大多數電動汽車牽引逆變器將轉向多芯片模塊。因此，他們告訴我們，在將這些已知良好的裸片放入多裸片模塊之前，他們必須轉移到晶圓級應力和老化以消除外部故障，以滿足這些模塊的成本、良率和可靠性目標。 Aehr 獨特的低成本多晶圓級測試和老化解決方案提供了測試電子設備和器件接觸器技術，可在單個晶圓上實現 100% 的所有器件的接觸，並提供處理和對准設備以提供整體交鑰匙單一供應商解決方案，以滿足所需的關鍵測試和壓力要求。

Our benchmarks and evaluations with prospective new silicon carbide customers continue with very good momentum. We've recently completed a wafer stress benchmark with yet another of a large -- of the current large suppliers of silicon carbide with excellent results. They have told us that the FOX platform is the only solution that can scale to meet the production capacity needed to address the silicon carbide device growth, particularly for electric vehicle applications. This is in addition to our previously announced engagement with another large silicon carbide supplier with whom we've been working closely with over the last year to correlate and qualify the FOX system to displace their current production reliability screening test and burn-in systems. The results of that benchmark also met a key milestone this last quarter, and we believe that we will successfully complete their correlation process over the coming months, which will allow them to move forward with our FOX solution. We expect both of these companies to implement the FOX platform solution into their manufacturing production flow.

我們與潛在的新碳化矽客戶的基準測試和評估繼續保持良好勢頭。我們最近與另一個大型碳化矽供應商中的另一個大型供應商完成了晶圓應力基準測試，結果非常好。他們告訴我們，FOX 平台是唯一可以擴展以滿足碳化矽器件增長所需的生產能力的解決方案，特別是對於電動汽車應用而言。這是我們先前宣布與另一家大型碳化矽供應商合作的補充，我們在過去一年中一直與該供應商密切合作，以關聯和驗證 FOX 系統以取代他們當前的生產可靠性篩選測試和老化系統。該基準的結果在上個季度也達到了一個關鍵的里程碑，我們相信我們將在未來幾個月內成功完成他們的關聯過程，這將使他們能夠繼續使用我們的 FOX 解決方案。我們希望這兩家公司都將 FOX 平台解決方案實施到他們的製造生產流程中。

In addition to the benchmarks with these 2 large silicon carbide companies, we have been approached by several more silicon carbide suppliers to evaluate our FOX-XP systems to meet their production needs for traction inverters and onboard chargers for electric vehicles and also for other applications such as electric commuter train engine controllers, photovoltaic power conversion and other industrial applications. As a result of all these positive evaluations, we believe that we will receive orders from at least several new silicon carbide customers and begin shipping systems to meet their production capacity by the end of our current fiscal year that ends May 31, 2023. With major production releases and ramps of many new electric vehicles from every automotive supplier in the world and many new electric vehicle-focused players coming into the market in 2024 and 2025, there is a significant industry ramp needed to expand silicon carbide production to meet the forecasted needs of these electric vehicles over the next few years and through the end of the decade and beyond.

除了這兩家大型碳化矽公司的基準測試之外，我們還與多家碳化矽供應商接洽，以評估我們的 FOX-XP 系統，以滿足他們對電動汽車牽引逆變器和車載充電器以及其他應用的生產需求，例如作為電動通勤列車發動機控制器、光伏電力轉換等工業應用。由於所有這些積極的評價，我們相信我們將在截至 2023 年 5 月 31 日的本財政年度結束前收到至少幾個新碳化矽客戶的訂單並開始發貨以滿足他們的生產能力。 2024 年和 2025 年，來自世界上每個汽車供應商的許多新電動汽車的生產發布和量產以及許多以電動汽車為重點的新參與者進入市場，需要一個重要的行業產量來擴大碳化矽的生產以滿足預測的需求在未來幾年以及十年末及以後的這些電動汽車中。

Now moving to other markets. We're seeing a continued recovery and strengthening in several key wafer level test and burn-in market segments after the last 2 years of softness related to COVID-19. This includes silicon photonics devices for data center and 5G infrastructure, 2D and 3D sensors for mobile and wearable devices and a new high-volume application for data storage on the horizon. Specifically for silicon photonics, during the COVID-19 shutdowns, the data centers such as Facebook, Google and Amazon did not upgrade their data centers from copper-based lands to fiber optic communication links as originally planned. The silicon photonics market had been forecasted to have 30% to 40% cumulative average growth rates for the last few years and through to the end of the decade. However, they end up being flat over the last 2 years with COVID-19 with no growth at all.

現在轉移到其他市場。在過去 2 年與 COVID-19 相關的疲軟之後，我們看到幾個關鍵的晶圓級測試和老化細分市場持續復甦和加強。這包括用於數據中心和 5G 基礎設施的矽光子設備、用於移動和可穿戴設備的 2D 和 3D 傳感器以及即將出現的用於數據存儲的新的大容量應用程序。特別是對於矽光子學，在 COVID-19 關閉期間，Facebook、谷歌和亞馬遜等數據中心並未按原計劃將其數據中心從基於銅的土地升級為光纖通信鏈路。矽光子市場預計在過去幾年和本世紀末的累計平均增長率為 30% 至 40%。但是，在過去 2 年中，它們最終與 COVID-19 持平，根本沒有增長。

We're fortunate enough to work with the market leader in several other key players in the space who all qualify our solution in 2019. However, if they're not growing, they're not buying test systems to meet their increased needs. At the Imec Technology Forum last week, silicon photonics was described as an industrial reality in the critical path of data centers and AI scaling and that advanced CMOS processing and heterogeneous integration will be necessary to address the silicon photonics scaling challenges. We have been told by several of our customers, including our lead customer that wafer level burn-in and stabilization plays a key role in enabling silicon photonics mass production.

我們有幸與該領域其他幾家主要參與者的市場領導者合作，他們都在 2019 年獲得了我們的解決方案的資格。但是，如果他們沒有增長，他們就不會購買測試系統來滿足他們日益增長的需求。在上週的 Imec 技術論壇上，矽光子學被描述為數據中心和 AI 縮放關鍵路徑中的工業現實，並且需要先進的 CMOS 處理和異構集成來解決矽光子學縮放挑戰。我們的幾位客戶（包括我們的主要客戶）告訴我們，晶圓級老化和穩定在實現矽光子大規模生產方面發揮著關鍵作用。

Our lead silicon photonics customer that is one of the world's largest semiconductor manufacturers continues to use Aehr for wafer level burn-in and stabilization of their silicon photonics wafers. During the last year, they added a significant number of additional FOX-NP systems to support the characterization and product qualification of new photonics-based devices. This customer is expected to purchase new sets of WaferPaks to be used with these systems. And as the applications and market for silicon photonics-based devices continues to grow, we expect this customer as well as our other customers in this space to continue to increase their capacity in the future.

我們的主要矽光子客戶是世界上最大的半導體製造商之一，他們繼續使用 Aehr 進行晶圓級老化和穩定其矽光子晶圓。去年，他們增加了大量額外的 FOX-NP 系統，以支持新的基於光子學的設備的表徵和產品認證。預計該客戶將購買新的 WaferPak 套件以用於這些系統。隨著基於矽光子的設備的應用和市場不斷增長，我們預計該客戶以及該領域的其他客戶將在未來繼續增加產能。

In just the last month, we received WaferPak orders for new devices from a couple of our silicon photonics customers, and we're expecting customers to resume buying in the current fiscal 2023 and 2024. Several customers addressing the silicon photonics market have forecasted additional FOX systems and WaferPak or DiePak contractor capacity needs over the next 12 months. We expect to see a nice recovery in this market segment sometime over the next year or 2 based on what we're being told by our customers.

就在上個月，我們從幾個矽光子客戶那裡收到了新設備的 WaferPak 訂單，我們預計客戶將在當前的 2023 財年和 2024 財年恢復購買。一些解決矽光子市場的客戶預測 FOX 將增加系統和 WaferPak 或 DiePak 承包商未來 12 個月的產能需求。根據客戶告訴我們的情況，我們預計在明年或 2 年的某個時候，該細分市場將出現良好的複蘇。

We continue to see new programs for our FOX-XP solution for 2D and 3D optical sensors. Last year, we saw yet another device for a new application that we feel will drive our consumables business and possibly require incremental system capacity this fiscal year. We continue to be optimistic that this market segment has significant potential over time, and we continue to meet our lead customer and their subcons needs and to play an important role in their test and reliability supply chain.

我們繼續看到針對 2D 和 3D 光學傳感器的 FOX-XP 解決方案的新計劃。去年，我們看到了另一款用於新應用的設備，我們認為這將推動我們的耗材業務，並且可能需要在本財年增加系統容量。我們繼續樂觀地認為，隨著時間的推移，這個細分市場具有巨大的潛力，我們將繼續滿足我們的主要客戶及其子設備的需求，並在他們的測試和可靠性供應鏈中發揮重要作用。

Our newly customer in a new very high volume application for data storage devices that purchased the FOX-CP single wafer production test and burn-in system essentially went dormant during the COVID-19 shutdowns. They have begun to show signs of recovery and restarting their planned production capacity rent, which feels like it will begin later this fiscal year or next fiscal year at the latest. We continue to believe that this will drive a significant number of FOX-CP systems.

我們的新客戶購買了 FOX-CP 單晶片生產測試和老化系統的數據存儲設備新的大批量應用程序，在 COVID-19 停產期間基本上處於休眠狀態。他們已經開始顯示出複甦的跡象，並重新開始了他們計劃中的產能租金，感覺這將在本財年晚些時候或最遲在下一財年開始。我們仍然相信這將推動大量 FOX-CP 系統的發展。

Now let me spend a few minutes talking about our R&D investments in manufacturing and supply chain. We continue to make investments in our FOX full wafer and singulated die test and burn-in solutions. Last year, we shifted resources away from a planned new package part test system to focus on our FOX products. This year, Aehr will be releasing several test system enhancements that will extend our market leadership of our FOX products for full wafer test and burn-in. These include added voltage ranges, increased parallelism per wafer, new burn-in and stress conditions and a new fully automated FOX WaferPak Aligner configured to fully integrate with our FOX-XP multi-wafer systems to enable hands-free operation. We believe that this will become more important over time for a widespread adoption of wafer level burn-in for multiple markets beyond the markets we address today.

現在讓我花幾分鐘談談我們在製造和供應鏈方面的研發投資。我們繼續投資於 FOX 全晶圓和單晶芯片測試和老化解決方案。去年，我們將資源從計劃中的新封裝部件測試系統轉移到專注於我們的 FOX 產品。今年，Aehr 將發布幾項測試系統增強功能，這將擴大我們在 FOX 產品全晶圓測試和老化方面的市場領導地位。其中包括增加的電壓範圍、增加的每個晶圓的平行度、新的老化和應力條件以及配置為與我們的 FOX-XP 多晶圓系統完全集成以實現免提操作的全新全自動 FOX WaferPak Aligner。我們相信，隨著時間的推移，這對於我們今天所處理的市場之外的多個市場廣泛採用晶圓級老化將變得更加重要。

As I've noted before, despite a few bumps in the road, our supply chain is holding up extremely well to the increase in demand and growth, and we've been able to maintain reasonable lead times to meet customer requests. We're very confident in our ability to meet the customer forecasted demand plus considerable upside. I also want to emphasize that we purchased additional material and have a supply chain in place to significantly grow beyond our revenue guidance for the fiscal year. We will have better visibility in the second half of the fiscal year on exactly what that looks like. And once we get closer to understanding the actual capacity needs and requests of our customers will provide an update.

正如我之前所指出的，儘管道路上有一些顛簸，但我們的供應鏈在需求和增長的增長方面表現得非常好，而且我們能夠保持合理的交貨時間來滿足客戶的要求。我們對滿足客戶預測需求的能力以及可觀的上行空間充滿信心。我還想強調，我們購買了額外的材料並建立了供應鏈，以顯著超出我們本財年的收入指導。我們將在本財年下半年更好地了解具體情況。一旦我們更接近了解客戶的實際容量需求和要求，我們就會提供更新。

We're very encouraged by the positive momentum we're seeing with current and prospective customers and anticipate multiple new customers will begin placing orders and taking shipments to meet the enormous needs of silicon carbide devices used in electric vehicle market over the next decade. We also see a recovery beginning this year in other key market segments, including silicon photonics and 2D and 3D sensors and another new market opportunity for data storage on the horizon. If current and/or new customers increase our forecast and are designed to pull in orders, we have significant upside capacity to meet their needs. This provides us with the confidence that we can meet a significant upside in revenue shipments that the customer demand pulls in.

我們對現有和潛在客戶的積極勢頭感到非常鼓舞，並預計多個新客戶將開始下訂單並發貨，以滿足未來十年電動汽車市場對碳化矽器件的巨大需求。我們還看到其他關鍵細分市場從今年開始復蘇，包括矽光子學和 2D 和 3D 傳感器，以及即將出現的另一個數據存儲新市場機會。如果當前和/或新客戶增加我們的預測並旨在拉動訂單，我們有很大的上行能力來滿足他們的需求。這使我們有信心滿足客戶需求帶來的收入出貨量的顯著增長。

We believe we will add several new silicon carbide customers that will be ramping into production by the end of our fiscal 2023 that ends next May. This is in addition to the significant additional investment and capacity by our currently customer for our silicon carbide wafer level burn-in solution. For the fiscal year ending May 31, 2023, Aehr expects total revenue to be at least $60 million to $70 million with strong profit margins similar to last fiscal year. Aehr also expects bookings to grow faster than revenues in fiscal 2023 as the ramp in demand for silicon carbide and electric vehicle -- vehicles increases exponentially throughout the decade.

我們相信我們將增加幾個新的碳化矽客戶，這些客戶將在明年 5 月結束的 2023 財年結束前投入生產。這是我們目前的客戶對我們的碳化矽晶圓級老化解決方案進行的大量額外投資和產能的補充。對於截至 2023 年 5 月 31 日的財年，Aehr 預計總收入至少為 6000 萬至 7000 萬美元，利潤率與上一財年相似。 Aehr 還預計，隨著對碳化矽和電動汽車的需求增加，2023 財年的預訂量增長速度將超過收入——汽車在這十年中呈指數級增長。

With that, let me turn it over to Ken to review our financial results and guidance in more detail before we open up the line for questions.

有了這個，讓我把它交給肯來更詳細地審查我們的財務業績和指導，然後再開放提問。

Thank you, Gayn, and good afternoon, everyone. As Gayn noted, we're pleased to report record revenue for both the fourth quarter and full fiscal year. Our fiscal 2022 revenues of $50.8 million were more than 3x last year's annual revenue. In addition to record revenue, we finished the year with record bookings and strong growth in our profit margin. We also finished the year with a solid balance sheet with cash of over $31 million and working capital of $49 million.

謝謝你，蓋恩，大家下午好。正如蓋恩所說，我們很高興地報告第四季度和整個財政年度的創紀錄收入。我們 2022 財年的收入為 5080 萬美元，是去年年收入的 3 倍多。除了創紀錄的收入外，我們在這一年結束時的預訂量也創下紀錄，利潤率也實現了強勁增長。我們還以穩健的資產負債表結束了這一年，現金超過 3100 萬美元，營運資金為 4900 萬美元。

Looking at our financial results in more detail. Fourth quarter net sales were $20.3 million, up 33% sequentially from $15.3 million in the preceding third quarter and up 166% from $7.6 million in the fourth quarter of the previous year. These record Q4 revenues reflect our capacity to increase revenues. We actually shipped over $10 million for revenue in the single month of May, which really shows our ability to scale and meet customer demand even in the near term. WaferPak and DiePak revenues comprised 45% or $9.2 million of our total revenue in the fourth quarter. This is our second consecutive quarter of record WaferPak, DiePak shipments, reflecting the growth in the consumables piece of our business.

更詳細地查看我們的財務業績。第四季度淨銷售額為 2030 萬美元，比上一季度的 1530 萬美元增長 33%，比去年第四季度的 760 萬美元增長 166%。這些創紀錄的第四季度收入反映了我們增加收入的能力。實際上，我們在 5 月的單月中實現了超過 1000 萬美元的收入，這確實表明了我們即使在短期內也有能力擴展和滿足客戶需求。 WaferPak 和 DiePak 的收入占我們第四季度總收入的 45% 或 920 萬美元。這是我們連續第二個季度創紀錄的 WaferPak、DiePak 出貨量，反映了我們業務中消耗品的增長。

Non-GAAP net income for the fourth quarter was $6.5 million or $0.23 per diluted share, which excludes the impact of stock-based compensation. This compares to non-GAAP net income of $4.1 million or $0.14 per diluted share in the preceding third quarter, which excludes the impact of stock-based compensation and a $1 million onetime charge for excess and obsolete inventory and non-GAAP net income of $930,000 or $0.04 per diluted share in the fourth quarter of fiscal 2021, which excludes the impact of stock-based compensation. On a GAAP basis, net income for the fourth quarter was $5.8 million or $0.20 per diluted share compared to GAAP net income of $2.2 million or $0.08 per diluted share in the preceding third quarter and GAAP net income of $567,000 or $0.02 per diluted share in the fourth quarter of the previous year.

第四季度非 GAAP 淨收入為 650 萬美元或每股攤薄收益 0.23 美元，其中不包括基於股票的薪酬的影響。相比之下，上一季度非 GAAP 淨收入為 410 萬美元或每股攤薄收益 0.14 美元，其中不包括基於股票的薪酬的影響以及 100 萬美元的超額和過時庫存一次性費用以及非 GAAP 淨收入 930,000 美元或 2021 財年第四季度稀釋後每股 0.04 美元，其中不包括基於股票的薪酬的影響。按公認會計原則計算，第四季度的淨利潤為 580 萬美元或稀釋後每股收益 0.20 美元，而上一季度的 GAAP 淨利潤為 220 萬美元或稀釋後每股收益 0.08 美元，GAAP 淨利潤為 567,000 美元或稀釋後每股收益 0.02 美元去年第四季度。

Gross profit in the fourth quarter was $10.5 million or 52% of sales compared to gross profit of $6.4 million or 42% of sales in the preceding third quarter and gross profit of $3.5 million or 46% of sales in the fourth quarter of the previous year. During the preceding third quarter, the company recognized a charge of $1 million related to reserves for excess and obsolete inventories on legacy parts, which represented a 6.7 percentage point impact on third quarter gross margins. Excluding the impact of this charge, gross margin in Q3 was $7.4 million or 49% of sales.

第四季度的毛利潤為 1050 萬美元，佔銷售額的 52%，而上一季度的毛利潤為 640 萬美元，佔銷售額的 42%，去年第四季度的毛利潤為 350 萬美元，佔銷售額的 46% .在上一季度，該公司確認了 100 萬美元與遺留零件過剩和過時庫存的準備金有關，這對第三季度的毛利率產生了 6.7 個百分點的影響。排除此項費用的影響，第三季度的毛利率為 740 萬美元，佔銷售額的 49%。

The increase in gross margin from both the preceding third quarter and Q4 of last year is primarily due to a decrease in unabsorbed overhead costs to cost of goods sold related to higher revenue levels in Q4. Because our manufacturing overhead costs are relatively fixed relative to revenue levels, our gross margins increased significantly with increasing revenues where our fixed costs are basically spread over the larger revenues. As Gayn noted, with the higher revenue we are generating, we are seeing the significant leverage in our operating model to our bottom line as evidenced by the strong growth in gross profit.

與去年第三季度和第四季度相比，毛利率的增長主要是由於與第四季度收入水平較高相關的未吸收管理費用與銷售成本相關的減少。由於我們的製造間接成本相對於收入水平相對固定，我們的毛利率隨著收入的增加而顯著增加，而我們的固定成本基本上分散在較大的收入中。正如 Gayn 所指出的，隨著我們產生的收入增加，我們看到我們的運營模式對我們的底線產生了重大影響，毛利潤的強勁增長就是明證。

Operating expenses in the fourth quarter were $4.6 million, an increase of $507,000 or 12% from $4.1 million in the preceding third quarter and up $1.7 million or 58% from $2.9 million in the fourth quarter last year. SG&A in the fourth quarter was $3 million, an increase of $381,000 from $2.6 million in the preceding third quarter and up $1.1 million from $1.9 million in the prior year fourth quarter. The increase in SG&A expense from the preceding third quarter included an increase in employment costs of $275,000, primarily due to higher incentive payments related to bonuses for exceeding revenue and profitability targets.

第四季度的運營費用為 460 萬美元，比上一季度的 410 萬美元增加 507,000 美元或 12%，比去年第四季度的 290 萬美元增加 170 萬美元或 58%。第四季度的 SG&A 為 300 萬美元，比上一季度的 260 萬美元增加了 381,000 美元，比去年第四季度的 190 萬美元增加了 110 萬美元。與上一季度相比，SG&A 費用的增加包括 275,000 美元的僱傭成本增加，這主要是由於與超過收入和盈利目標的獎金相關的獎勵金增加。

The increase from prior year fourth quarter included an increase in employment costs of $768,000. The increase in employment costs included an increase in headcount, salary increases for employees during fiscal 2022, higher commissions and incentive payments related to bookings, revenues and profitability and stock compensation costs related to stock bonuses and our employee stock purchase plan. In addition to the increase in employment costs, the company recognized increases in travel and entertainment and shareholder relations costs.

較去年第四季度的增長包括增加了 768,000 美元的就業成本。僱傭成本的增加包括員工人數的增加、2022 財年員工工資的增加、與預訂、收入和盈利能力相關的更高的佣金和獎勵金，以及與股票獎金和我們的員工股票購買計劃相關的股票補償成本。除了僱傭成本增加外，公司還確認了差旅和娛樂以及股東關係成本的增加。

R&D in the fourth quarter was $1.7 million, up $126,000 compared to $1.5 million in the preceding third quarter and up $626,000 from $1 million in the fourth quarter of the prior year. The increase in R&D from the preceding third quarter includes an increase in employment costs of $198,000 due to higher incentive payments related to bonus objectives. This was partially offset by a decrease in professional consulting of $78,000 as Q3 '22 included milestone payments related to R&D program initiatives during fiscal 2022.

第四季度的研發費用為 170 萬美元，比上一季度的 150 萬美元增加了 126,000 美元，比去年第四季度的 100 萬美元增加了 626,000 美元。與上一季度相比，研發的增加包括由於與獎金目標相關的更高的激勵支付而增加了 198,000 美元的僱傭成本。這部分被專業諮詢減少 78,000 美元所抵消，因為 22 年第三季度包括與 2022 財年研發計劃舉措相關的里程碑付款。

The increase in the prior year fourth quarter included an increase in employment costs of $618,000. This increase included an increase in headcount, salary increases for employees during fiscal 2022, higher incentive payments related to bonuses for exceeding revenue and profitability targets and stock compensation costs related to stock bonuses and our employee stock purchase plan. We continue to invest in R&D to enhance our existing market-leading products and to introduce new products and maintain our competitive advantages and expand our applications and addressable markets.

去年第四季度的增長包括增加了 618,000 美元的就業成本。這一增長包括員工人數的增加、2022 財年員工工資的增加、與超過收入和盈利目標的獎金相關的更高的激勵支付以及與股票獎金和我們的員工股票購買計劃相關的股票補償成本。我們將繼續投資於研發，以增強我們現有的市場領先產品並推出新產品並保持我們的競爭優勢並擴大我們的應用和潛在市場。

Now turning to the results for our full fiscal year. Net sales for fiscal 2022 were a record $50.8 million, up 206% from net sales of $16.6 million in fiscal 2021. For the full fiscal 2022, system revenues accounted for 50% of total revenues compared to 44% in fiscal 2021. WaferPak and DiePak consumable revenues accounted for 45% of total revenues in 2022 compared to 35% of revenues in fiscal 2021. Customer service revenues accounted for 5% of revenues in fiscal 2022 compared to 21% of revenues in fiscal 2021.

現在轉向我們整個財政年度的結果。 2022 財年的淨銷售額達到創紀錄的 5080 萬美元，比 2021 財年的 1660 萬美元的淨銷售額增長 206%。在 2022 財年全年，系統收入佔總收入的 50%，而 2021 財年為 44%。WaferPak 和 DiePak消耗品收入佔 2022 財年總收入的 45%，而 2021 財年佔收入的 35%。客戶服務收入佔 2022 財年收入的 5%，而 2021 財年佔收入的 21%。

Non-GAAP net income for fiscal 2022 was $11.7 million or $0.42 per diluted share, which exclude the impact of stock-based compensation, a $1 million adjustment taken in the third quarter for excess and obsolete inventory and forgiveness of the $1.7 million paycheck protection program loan received in fiscal 2020. This compares to non-GAAP net loss of $3.2 million or $0.13 per diluted share, which excludes the impact of stock-based compensation and a noncash net gain of $2.2 million and tax benefit of $215,000 related to the closure of Aehr's Japan subsidiary in the first quarter. On a GAAP basis, net income for the fiscal year was $9.5 million or $0.34 per diluted share. This compares to GAAP net loss of $2 million or $0.09 per diluted share in fiscal 2021.

2022財年非GAAP淨收入為1170萬美元或每股攤薄收益0.42美元，其中不包括股票薪酬的影響、第三季度對過剩和過時庫存進行的100萬美元調整以及170萬美元薪水保護計劃的寬恕2020 財年收到的貸款。相比之下，非 GAAP 淨虧損為 320 萬美元或每股攤薄收益 0.13 美元，其中不包括基於股票的薪酬和 220 萬美元的非現金淨收益以及與關閉Aehr 的日本子公司在第一季度。按公認會計原則計算，本財年的淨收入為 950 萬美元或每股攤薄收益 0.34 美元。相比之下，2021 財年 GAAP 淨虧損為 200 萬美元或每股攤薄收益 0.09 美元。

Gross profit for fiscal 2022 was $23.7 million or 47% of net sales. Excluding the impact of the $1 million excess and obsolescence provision in Q3, gross margin for fiscal 2022 was 49%. This is up from gross profit of $6 million or 36% of net sales in fiscal 2021. Excluding the impact of the onetime charge, the increase in gross margin percentage in fiscal 2022 compared to 2021 is primarily due to a decrease in unabsorbed overhead costs to cost of sales related to higher revenue levels in fiscal 2022. Operating expenses in fiscal 2022 were $15.9 million.

2022財年的毛利潤為2370萬美元，占淨銷售額的47%。排除第三季度 100 萬美元超額和過時準備金的影響，2022 財年的毛利率為 49%。這高於 2021 財年 600 萬美元的毛利潤或淨銷售額的 36%。不計一次性費用的影響，與 2021 財年相比，2022 財年毛利率百分比的增加主要是由於未吸收的管理費用減少至銷售成本與 2022 財年更高的收入水平相關。2022 財年的運營費用為 1590 萬美元。

SG&A was $10 million in fiscal 2022, up from $6.6 million in fiscal 2021. The increase in SG&A includes an increase in employment costs of $2.6 million, resulting from the elimination of cost reduction initiatives implemented in fiscal 2021, higher commissions and incentive payments related to increased bookings, revenues and profitability, stock compensation costs related to stock bonuses and our employee stock purchase plan and an increase in headcount. In addition to the increase in employment costs, the company recognized increases in travel and entertainment, shareholder relations and consulting costs.

SG&A 在 2022 財年為 1000 萬美元，高於 2021 財年的 660 萬美元。SG&A 的增加包括就業成本增加 260 萬美元，這是由於取消了 2021 財年實施的成本削減舉措、更高的佣金和與增加的預訂、收入和盈利能力、與股票獎金和我們的員工股票購買計劃相關的股票補償成本以及員工人數的增加。除了僱傭成本增加外，公司還確認了差旅和娛樂、股東關係和諮詢成本的增加。

R&D expenses were $5.8 million in fiscal 2022, up from $3.7 million in fiscal 2021. The increase in R&D includes an increase in employment costs of $1.7 million, professional consulting of $331,000 and project materials of $155,000. The increase in employment costs included an increase in R&D headcount, salary increases for employees during fiscal 2022, higher incentive payments related to bonuses for exceeding revenue and profitability targets and stock compensation costs related to stock bonuses and our employee stock purchase plan. The increase in headcount, consulting costs and project materials is related to R&D programs initiatives during fiscal 2022.

2022 財年的研發費用為 580 萬美元，高於 2021 財年的 370 萬美元。研發費用的增加包括 170 萬美元的就業成本、331,000 美元的專業諮詢和 155,000 美元的項目材料。僱傭成本的增加包括研發人員的增加、2022 財年員工工資的增加、與超過收入和盈利目標的獎金相關的更高的激勵支付以及與股票獎金和我們的員工股票購買計劃相關的股票補償成本。員工人數、諮詢成本和項目材料的增加與 2022 財年的研發計劃舉措有關。

Turning to the balance sheet for the fourth quarter. Our cash and cash equivalents were $31.5 million at May 31, 2022, down $536,000 from $32 million at the end of the preceding quarter and up $26.9 million from $4.6 million at the end of the fourth quarter of fiscal 2021. The increase from fiscal 2021 includes $24 million in net proceeds from our successful ATM offering in the second quarter of fiscal 2022. Cash receivable at quarter end was $12.9 million, up from $8.5 million at the preceding quarter end due to the impact of higher revenue levels. Inventories at May 31 were $15 million, an increase of $899,000 from the preceding quarter end and up $6.2 million from Q4 '21 to support our expected fiscal 2023 growth. As Gayn indicated, we have been ordering long lead components for systems and WaferPaks to ensure adequate supply to meet customer lead times and forecasts.

轉向第四季度的資產負債表。截至 2022 年 5 月 31 日，我們的現金和現金等價物為 3150 萬美元，比上一季度末的 3200 萬美元減少 536000 美元，比 2021 財年第四季度末的 460 萬美元增加 2690 萬美元。與 2021 財年相比的增長包括我們在 2022 財年第二季度成功提供 ATM 產品的淨收益為 2400 萬美元。由於收入水平較高的影響，本季度末應收現金為 1290 萬美元，高於上一季度末的 850 萬美元。 5 月 31 日的庫存為 1500 萬美元，比上一季度末增加 899,000 美元，比 21 年第四季度增加 620 萬美元，以支持我們預期的 2023 財年增長。正如 Gayn 所指出的，我們一直在為系統和 WaferPaks 訂購長交貨組件，以確保充足的供應以滿足客戶交貨時間和預測。

Property and equipment was $1.2 million compared to $776,000 at the preceding quarter end. Customer deposits and deferred revenue short-term and long term were $2.5 million, a decrease of $3.8 million from the preceding quarter end and an increase of $2.2 million from Q4 '21 related to the changes in our backlog from prior quarters. The company has no debt. This compares to our May 31, 2021 fiscal year-end, where we had $1.4 million outstanding on our line of credit and $1.7 million outstanding on our Paycheck Protection Program loan. Bookings in the fourth quarter were $4.4 million. Backlog as of May 31 was $11.1 million compared to $26.9 million at the end of the preceding third quarter and $1.6 million at the end of the fourth quarter last year. Effective backlog, which includes backlog as of May 31 and all orders since the end of the fourth quarter is $25.5 million.

財產和設備為 120 萬美元，而上一季度末為 776,000 美元。短期和長期客戶存款和遞延收入為 250 萬美元，比上一季度末減少 380 萬美元，比 21 年第四季度增加 220 萬美元，這與我們前幾個季度積壓的變化有關。公司沒有債務。相比之下，我們在 2021 年 5 月 31 日的財政年度末有 140 萬美元的信貸額度和 170 萬美元的薪資保護計劃貸款未償還。第四季度的預訂量為 440 萬美元。截至 5 月 31 日，積壓訂單為 1110 萬美元，上一季度末為 2690 萬美元，去年第四季度末為 160 萬美元。有效積壓，包括截至 5 月 31 日的積壓以及自第四季度末以來的所有訂單為 2550 萬美元。

Now turning to our outlook for fiscal -- the coming fiscal year. For our fiscal 2023 year ending May 31, 2023, we expect full year total revenue to be at least $60 million to $70 million with a strong profit margin similar to last year. We also expect bookings to grow faster than revenues in fiscal 2023 as the ramp in demand for silicon carbide and electric vehicles increases exponentially throughout the decade. Lastly, looking at the Investor Relations calendar, Aehr Test will be meeting with investors virtually at the Needham semiconductor and semi-cap one-on-one conference on August 25. We hope to see some of you virtually at the conference.

現在轉向我們的財政展望——即將到來的財政年度。對於我們截至 2023 年 5 月 31 日的 2023 財年，我們預計全年總收入至少為 6000 萬至 7000 萬美元，利潤率與去年相似。我們還預計，隨著對碳化矽和電動汽車的需求在十年間呈指數增長，2023 財年的預訂量增長速度將超過收入。最後，看看投資者關係日曆，Aehr Test 將於 8 月 25 日在 Needham 半導體和半市值一對一會議上與投資者進行虛擬會面。我們希望在會議上與你們中的一些人虛擬見面。

This concludes our prepared remarks. We're now ready to take your questions. Operator, please go ahead.

我們準備好的評論到此結束。我們現在準備回答您的問題。接線員，請繼續。

(Operator Instructions) And our first question will come from Christian Schwab with Craig-Hallum Capital Group.

（操作員說明）我們的第一個問題將來自 Craig-Hallum Capital Group 的 Christian Schwab。

Congratulations on a strong start to the -- strong ending of the fiscal year and outlook for next. Gayn, when you guys are talking about several more customer orders, can you help us understand, is this going to -- should we be assuming that this is going to come from kind of the major European and American silicon carbide manufacturers like STM or Wolfspeed, Infineon, [ROM] et cetera? Or is there an opportunity to get into some of the newer Chinese manufacturers that are ramping as well.

祝賀本財年的強勁開端和下一財年的強勁結束。 Gayn，當你們談論更多的客戶訂單時，你能幫助我們理解嗎，這是否會 - 我們是否應該假設這將來自歐洲和美國的主要碳化矽製造商，如 STM 或 Wolfspeed 、英飛凌、[ROM] 等等？或者是否有機會進入一些正在崛起的較新的中國製造商。

So even in our prepared remarks, we have talked about, I think, starting a few quarters ago, we talked about a benchmark with one of the other major suppliers of silicon carbide today that I think even in February, so we were saying that it was taking longer than we had originally expected. That benchmark, we had a really key milestone that was achieved over the last quarter that bodes really well. We think that we can complete the correlation results, et cetera, over the coming months, and we are expecting to get orders from them.

因此，即使在我們準備好的評論中，我認為，從幾個季度前開始，我們今天就與其他主要碳化矽供應商之一討論了一個基準，我認為甚至在二月份，所以我們說它花費的時間比我們最初預期的要長。那個基準，我們在上個季度實現了一個非常關鍵的里程碑，這預示著非常好的兆頭。我們認為我們可以在未來幾個月內完成相關結果等，我們期待從他們那裡獲得訂單。

We also teed up last quarter that we had indications from another -- another of the large customers that wanted to do a on-wafer benchmark. We were actually able to complete that. We brought up the WaferPak the whole thing, and we presented them with the correlation and test results recently and that was -- it was excellent results. And we're pleased with how that's going and think that we can advance that along further. And those were 2 of the large silicon carbide players today, new players that are not current customers. And I believe that we'll be part of their production plans, and that's sort of how I'm describing it. We believe that they'll be going forward with us.

上個季度我們還發現，我們從另一個大客戶那裡得到了跡象——另一個大客戶想要做一個晶圓上的基準測試。我們實際上能夠完成那個。我們提出了整個WaferPak，我們最近向他們展示了相關性和測試結果，那就是——這是非常好的結果。我們對進展情況感到滿意，並認為我們可以進一步推進。這些是今天的兩家大型碳化矽玩家，不是當前客戶的新玩家。而且我相信我們將成為他們生產計劃的一部分，這就是我描述它的方式。我們相信他們會和我們一起前進。

There are others. In fact, there is reviewing the funnel with Vernon and the team there is a significant number of players that are talking about getting in the silicon carbide. Many of them have been announced that include large and small. And candidly, many -- I would actually say, large players that have not announced their plans that have approached us and have been talking to us about their very real plans for engine in silicon carbide market. Now folks like Canaccord Genuity have actually been ringing the bell for the last really 6 months, pointing out that the current announced plans by all the major silicon carbide suppliers only supplies about half of just the electric vehicle needs by the end of the decade. So it's welcome to have all these new players coming in because all of the players today don't have a chance of meeting all the demand as they basically go from 1x to 25x the output by the end of the decade.

還有其他的。事實上，正在與弗農一起審查漏斗，團隊中有大量球員正在談論進入碳化矽。其中許多已經宣布，包括大的和小的。坦率地說，許多 - 我實際上會說，尚未宣布他們的計劃的大型參與者已經接近我們並一直在與我們談論他們在碳化矽市場上的發動機非常真實的計劃。現在，像 Canaccord Genuity 這樣的人實際上在過去 6 個月裡一直在敲鐘，指出所有主要碳化矽供應商目前宣布的計劃僅能滿足本世紀末電動汽車需求的一半左右。因此，歡迎所有這些新玩家加入，因為今天的所有玩家都沒有機會滿足所有需求，因為到本世紀末，他們的產量基本上會從 1 倍增加到 25 倍。

So we're leaving it kind of open, not trying to be too vague here, but there's -- we're going to have a pretty significant number of silicon carbide customers, and we're just trying to make sure people understand that, that will include at least several this year that will not only buy from us, but we'll already start taking production orders for their ramps.

所以我們讓它保持開放，不想在這裡太模糊，但是我們將擁有相當數量的碳化矽客戶，我們只是想確保人們理解這一點，這將包括今年至少有幾個不僅會從我們這裡購買，而且我們已經開始為他們的坡道接受生產訂單。

And then, Gayn, when we talk about wafer starts in silicon carbide for the electrification of the automotive industry. Do you -- have you guys -- I know yields are substantially different potentially by -- by different customers. But for every -- can you give us an idea if you've been able to finalize [you] not have enough data for every 25,000 or 50,000 wafer starts if that was -- if it was a customer using you, how much capital equipment they would need to buy. And the reason why I say that is the wafer start numbers between Canaccord and others out there in the industry such as Yole and such as the lead provider on the capital equipment side for an implant to really doesn't face much competition. Those -- the trajectory of growth is very similar. The exact wafer starts aren't all that close. So I'm curious your thoughts on that.

然後，蓋恩，當我們談到用於汽車行業電氣化的碳化矽晶圓時。你——你們有嗎——我知道不同客戶的產量可能會有很大的不同。但是對於每一個 - 如果你已經能夠最終確定 [你] 沒有足夠的數據用於每 25,000 或 50,000 個晶圓啟動，你能給我們一個想法嗎 - 如果是客戶使用你，有多少資本設備他們需要購買。我之所以這麼說，是因為 Canaccord 與業內其他公司（如 Yole）之間的晶圓起始數量，以及在資本設備方面的主要供應商，因為植入物確實不會面臨太多競爭。那些——增長的軌跡非常相似。確切的晶圓開始並沒有那麼接近。所以我很好奇你對此的看法。

Yes. Okay. So let me try and answer it with a couple of different ways. So first of all, like we get a front row seat of people's yield, and we sure as heck don't want to talk about it publicly. So when you look at the Canaccord's of the world, et cetera, they're taking their assumptions of yield into account. I think most people understand, and it's widely known that the yield, the negative yield of silicon carbide devices is not extremely high, let's call it that. But it's also not -- it's not crazy low either. So I'm just not going to answer that. But specifically, if you look at gross die per wafer, which is prior to yielding, that data is out there. There's a lot of data points out there because people like Wolfspeed and others sell that singulated die, so you can -- they actually describe the size of the die.

是的。好的。因此，讓我嘗試用幾種不同的方式來回答它。所以首先，就像我們獲得了人們收益的前排座位，我們肯定不想公開談論它。因此，當您查看世界上的 Canaccord 等等時，他們正在考慮他們對產量的假設。我想大多數人都明白，而且眾所周知，碳化矽器件的良率，負良率並不是很高，姑且這麼說吧。但它也不是——它也不是瘋狂的低。所以我只是不打算回答這個問題。但具體來說，如果您查看每個晶圓的總裸片，這是在良率之前，該數據就在那裡。那裡有很多數據點，因為像 Wolfspeed 和其他人這樣的人出售單片芯片，所以你可以 - 他們實際上描述了芯片的大小。

And the numbers that we can see out there is for an inverter for an electric vehicle. They tend to be about maybe 350 to 400 and some devices, gross die per wafer at 150 millimeter today. And then when you go to 200-millimeter that's going to start kicking in towards the end of the decade, in particular, I mean, I don't think the midpoint, 50% till late in the decade, split between 200 millimeter, 150, 200 millimeter is about 75% more die per wafer. We've been using the number of approximately, and this is averaged over this whole period. Like maybe 500 die per wafer is all you're going to get off of these wafers for, call it, 6-inch equivalent wafers. And that's rounding up. I mean -- and then we know that there's about 48 die or there are 48 die per inverter, which is per engine. And so I've seen people -- some of the silicon carbide suppliers use numbers like 4 engines per wafer to maybe 8 or 10 on the high-end side.

我們可以看到的數字是用於電動汽車的逆變器。它們往往大約有 350 到 400 個，有些設備今天每個晶圓的總裸片為 150 毫米。然後當你進入 200 毫米時，它將在本世紀末開始發揮作用，特別是，我的意思是，我不認為中點，50% 直到本世紀末，在 200 毫米和 150 毫米之間, 200 毫米是每片晶圓增加約 75% 的裸片。我們一直在使用大約的數量，這是整個期間的平均值。就像每個晶圓可能有 500 個裸片一樣，您可以從這些晶圓上得到全部，稱之為 6 英寸等效晶圓。這是四捨五入。我的意思是 - 然後我們知道每個逆變器大約有 48 個芯片或 48 個芯片，也就是每個引擎。所以我見過人們——一些碳化矽供應商使用每個晶片4個引擎這樣的數字，高端方面可能有8個或10個。

And so you can start looking at each -- how many wafers are needed to supply a single engine car. The Model 3 is what 70%, 80% of their cars are sold with 2 engines, et cetera, et cetera. The current, believe, I think, is on the 1.5-plus average engines per car at some point in time. So we can see where the demand is coming from. From our tool, it really comes down to the test and burn-in time, and that is something that continues to be dynamic. We have talked publicly about -- there have been public statements by some of the suppliers out there that have talked about 6 hours. They've talked about 14 hours. They've talked about 24 hours. In some of our modeling, we've talked about test times being able to get down to, say, 12 hours of burn-in and on a system like ours with 18 wafers that theoretically means you could get 36 wafers per day out of it.

所以你可以開始研究每一個——供應一輛發動機汽車需要多少晶片。 Model 3 是他們 70%、80% 的汽車以 2 個發動機出售的，等等。目前，我認為，在某個時間點，每輛汽車的平均發動機數為 1.5 多個。所以我們可以看到需求來自哪裡。從我們的工具來看，它實際上歸結為測試和老化時間，而這仍然是動態的。我們已經公開談論過——一些供應商的公開聲明已經談論了 6 個小時。他們談了14個小時。他們已經談了24小時。在我們的一些建模中，我們談到了測試時間能夠縮短到 12 小時的老化時間，並且在像我們這樣有 18 個晶圓的系統上，理論上意味著您每天可以從中獲得 36 個晶圓.

Now we know for a fact that there's a number of conversations going on in the industry that the burn-in times are likely to go up there's as much pressure to go up as to go down. And the pressure is that there still is more opportunity to increase the quality by increasing the burn-in times to remove infant mortality to get down into the sub-100 or even 10 part per million numbers. There's a lot of capacity today that is being shipped in die form. And there were public statements that talked about being able to ship the die form with 99% of the failure screened out. Well, that's awful. I mean, it means you have a 1% of the die still need to go through some sort of quality burden at a later date. There's actually 2 big suppliers out there that supply die sales today, and one of them was the one that actually talked about that 1% failure rate. That's just not going to be good enough. We think that you need to be down in the 100 or single-digit part per million failure rates and you're going to need to have longer burden times.

現在我們知道了一個事實，即行業中正在進行許多對話，即老化時間可能會增加，增加的壓力與減少的壓力一樣大。壓力在於，仍有更多機會通過增加老化時間來提高質量，從而將嬰兒死亡率降低到百萬分之 100 甚至 10 分以下。今天有很多容量以裸片形式運送。並且有公開聲明談到能夠在 99% 的故障被排除的情況下運送模具形式。嗯，這太可怕了。我的意思是，這意味著您有 1% 的模具仍然需要在以後承受某種質量負擔。今天實際上有 2 家大型供應商提供模具銷售，其中一家是真正談到 1% 故障率的供應商。這還不夠好。我們認為您需要降低 100 或百萬分之幾的故障率，並且您將需要更長的負擔時間。

Lastly is folks like Danfoss and BorgWarner and companies that are only buying singulated die are demanding and specifying stabilized threshold voltages of the devices before they put them into the multichip modules. And that actually takes a considerable amount of time to actually stabilize that through a burden process. So those 2 things are driving test times up. There's obviously cost pressures to try and drive it down. And we think that test times will continue to be in the on average multiple hours up to 12 or perhaps even 24 hours depending on the customer and where the product is throughout the decade.

最後，像丹佛斯和博格華納這樣的人以及只購買單片芯片的公司在將器件放入多芯片模塊之前要求並指定器件的穩定閾值電壓。這實際上需要相當長的時間才能通過負擔過程來真正穩定它。所以這兩件事正在增加駕駛考試時間。顯然存在成本壓力來嘗試降低它。我們認為測試時間將繼續保持在平均數小時內，最長可達 12 小時甚至 24 小時，具體取決於客戶和產品在整個十年中所處的位置。

And then my last question, again, kind of on the wafer start side, others are projecting that silicon wafers for the automobile industry will have to at least triple over a 3-year time frame to potentially hit the penetration rates that are expected. So as we look at your leading customer and let's assume that they grow with the industry and their market share remains whatever it is today. I guess there's no reason to believe that they couldn't be at least 3x larger than they've been over the last 12, 14 months of orders. Is that the right way to be thinking about that?

然後我的最後一個問題，再次是關於晶圓開始方面的問題，其他人預計汽車行業的矽晶圓必須在 3 年的時間框架內至少增加三倍，才能達到預期的滲透率。因此，當我們查看您的主要客戶時，讓我們假設他們與行業一起成長，並且他們的市場份額保持不變。我想沒有理由相信他們不能比過去 12、14 個月的訂單大至少 3 倍。這是思考這個問題的正確方法嗎？

Yes. I mean it's always awkward. So we announced ON Semiconductor as a 10% customer last year. ON Semiconductor was a distant sixth or seventh place player in a 3-man race 2, 3 years ago. I mean, it was -- they were -- they did a couple of few million dollars worth. It's very clear that they are taking a significant amount of share and they're boldly out making comments about the first company to reach $1 billion in silicon carbide, this again from a company that a couple of years ago didn't do $10 million. They also just announced $1 billion commitment to $1 billion. It was in Korean won but into their Korean facility for silicon carbide. And so they're making some significant investments, and it's going to take them and a whole lot of other people to supply the demand.

是的。我的意思是它總是很尷尬。所以我們去年宣布安森美半導體作為 10% 的客戶。安森美半導體在 2、3 年前的 3 人比賽中遙遙領先於第六或第七名。我的意思是，它是——他們是——他們做了幾百萬美元的價值。很明顯，他們正在獲取大量份額，並且他們大膽地對第一家達到 10 億美元碳化矽的公司發表評論，這又是一家幾年前沒有達到 1000 萬美元的公司。他們還剛剛宣布了 10 億美元的 10 億美元承諾。這是韓元，但在他們的韓國碳化矽工廠。所以他們正在進行一些重大投資，這將需要他們和很多其他人來滿足需求。

I listened, I listened to ST and they were talking about the capacity they're increasing in Singapore over the next year and then a new fab coming online in Sicily, Italy in 2024. And they were saying they don't believe that they're going to be able to sustain their market share even with adding an entirely new fab. So [they're going] to take a lot of new players, and there's -- we kind of look at it as a land grab. There is a lot of folks getting into here. We're trying to run as fast as we can. We're adding resources in sales and marketing and other things to try and get -- make sure we get our message out there. We're adding applications engineers and doing some things structurally to be able to address more customers because there's going to be a lot of new and big players out there from our perspective. So pretty exciting time.

我聽了，我聽了 ST，他們在談論他們明年在新加坡增加的產能，然後是 2024 年在意大利西西里島投產的新晶圓廠。他們說他們不相信他們即使增加了一個全新的晶圓廠，重新將能夠維持他們的市場份額。所以[他們會] 帶走很多新玩家，而且——我們把它看作是土地掠奪。有很多人進入這裡。我們正在努力盡可能快地運行。我們正在增加銷售和營銷資源以及其他嘗試和獲取的資源——確保我們將我們的信息傳達出去。我們正在增加應用工程師並在結構上做一些事情，以便能夠滿足更多客戶的需求，因為從我們的角度來看，將會有很多新的和大的參與者。如此激動人心的時刻。

Our next question will come from Larry Chlebina with Chlebina Capital Management.

我們的下一個問題將來自 Chlebina Capital Management 的 Larry Chlebina。

I got a quick question on your anticipated additional sales, I think you said in automating the XPs going forward. Is that -- last August, you had a sale to your lead silicon carbide customer for an automated aligner. And is that going to revenue anytime soon? Or did you already ship...

我有一個關於您預期的額外銷售額的快速問題，我想您在自動化 XP 前進時說過。是嗎 - 去年八月，您向您的主要碳化矽客戶出售了一種自動對準器。這會很快帶來收入嗎？還是你已經發貨了...

Yes, it is going to revenue anytime soon. So you're actually bouncing around a different question. I'm just going to share it here. We -- that order, we talked to the customer about it, and we have converted that order into our next-generation automated aligner. That new liner is available in both what we call a stand-alone or an integrated form. Sometimes people want to do as we do today with our volume customers, which is they share an aligner across multiple systems. There's other customers that want to take the aligner and bolt it right onto the front of it and remove the people that are actually moving the WaferPaks around similar, by the way, to how all packaged part burn-in has done today is with people moving around these bids. In our case, they're called WaferPaks.

是的，它很快就會有收入。所以你實際上是在圍繞一個不同的問題來回跳。我只是在這里分享一下。我們——那個訂單，我們和客戶談過了，我們已經把這個訂單變成了我們的下一代自動對準器。這種新的班輪有我們所說的獨立形式或集成形式。有時人們想像我們今天對我們的批量客戶所做的那樣，即他們在多個系統之間共享一個校準器。還有其他客戶想要將對準器用螺栓固定在其前面，然後移除實際移動 WaferPaks 的人員圍繞這些出價。在我們的例子中，它們被稱為 WaferPaks。

So -- and in fact, the order that we announced today is the second order for that system. Those aligners will be shipping over the -- I mean, the second one will actually ship before the end of February as well. The automated version of it is just more integrated. It has some additional R&D that we're going to be working on over the next 3 to 6 months. And we are now -- have quotations out and we'll be accepting orders for it in the automated form for delivery sometime towards the end of our fiscal year.

所以——事實上，我們今天宣布的訂單是該系統的第二個訂單。這些對準器將在 2 月底之前發貨——我的意思是，第二個實際上也將在 2 月底之前發貨。它的自動化版本更加集成。它還有一些額外的研發，我們將在接下來的 3 到 6 個月內進行。我們現在 - 有報價，我們將以自動形式接受它的訂單，以便在我們財政年度結束時的某個時間交付。

So that -- the one you, you put in the press release today from -- for the $12.8 million. That's actually the second automated aligner.

所以 - 你今天在新聞稿中發布的那個 - 1280萬美元。這實際上是第二個自動對準器。

Yes.

是的。

And so the first one -- the first one you expect revenue, when did you say again? Did you mention that?

所以第一個 - 你期望收入的第一個，你什麼時候再說一遍？你提到過嗎？

Yes. I actually haven't given a commitment on that. But prior to the second one, which is revenue in February, how is that...

是的。我實際上並沒有對此作出承諾。但是在第二個，也就是二月份的收入之前，那是怎麼...

I hope so. So since this is your lead silicon carbide customer, are they -- do they have intentions of automating all of the XPs that they eventually either have or going to receive? Is that kind of what your expectations are?

但願如此。因此，既然這是您的主要碳化矽客戶，他們是否打算自動化他們最終擁有或將要收到的所有 XP？你的期望是這樣的嗎？

Not at this time, no. They like other customers are totally convinced they want to be off-line, because of their extended burn-in times and the way they use the tools. And so we offer the ability -- we kind of say, yes, to every customer. So this gives us an opportunity to -- there our customers that absolutely feel strongly one way or the other, and we want to be able to meet their needs.

不是這個時候，沒有。他們和其他客戶一樣，完全相信他們想要離線，因為他們的老化時間和他們使用工具的方式。所以我們提供了能力——我們有點說，是的，給每一位客戶。因此，這給了我們一個機會——我們的客戶絕對有一種或另一種感覺，我們希望能夠滿足他們的需求。

So some of the potential new silicon carbide customers may be fully automated. Is that...

因此，一些潛在的新碳化矽客戶可能會完全自動化。就是它...

I believe that is true. That's correct. Yes.

我相信這是真的。這是正確的。是的。

Okay. Then initially, this application or a fully automated XP. By the way, what are you calling that thing? Do you have a name for it yet?

好的。那麼最初，這個應用程序還是一個全自動的XP。順便說一句，你把那個東西叫做什麼？你有它的名字嗎？

We haven't named that system yet. We'll get a name out later this year.

我們尚未命名該系統。我們將在今年晚些時候公佈一個名字。

Okay. So the initial application, I thought was for memory, specifically Flash Memory, for stacked eye applications in order to get rid of the infant mortality risk on one of those stacked eyes. Is that -- do you expect to kick that off anytime soon now that you're on a verge of launching this new product yet to be named new fully automated XP?

好的。因此，我認為最初的應用是用於存儲器，特別是閃存，用於堆疊眼應用，以消除其中一隻堆疊眼的嬰兒死亡風險。是嗎？既然您即將推出這款尚未命名為全新全自動 XP 的新產品，您是否希望很快啟動它？

So it's always been a little bit hidden down in the comment sections, but we've teased people at every quarter along the way. We had actually done some design reviews with a couple of key memory suppliers on this aligner right before COVID. And all of those guys went very, very quiet. During COVID, we've had conversations that have been, quite frankly, a little bit in the background. Their comments to us were at this point, they're ramping what they have. Nobody is doing evaluations, which is, I think, has been the experience across the whole semiconductor test business. Nobody was really buying new things. They were buying what they had before. So we've had some recent conversations that lead me to believe that there's the opportunity to renew those discussions is upon us.

所以它總是有點隱藏在評論部分，但我們一直在每個季度取笑人們。實際上，在 COVID 之前，我們已經與幾家主要內存供應商就該對準器進行了一些設計審查。所有這些人都非常非常安靜。在 COVID 期間，坦率地說，我們進行了一些對話。他們對我們的評論是在這一點上，他們正在增加他們所擁有的。沒有人在做評估，我認為，這是整個半導體測試業務的經驗。沒有人真正購買新東西。他們正在購買他們以前擁有的東西。因此，我們最近進行了一些對話，使我相信我們有機會重新討論這些討論。

With a slowdown in memory slightly that they would be more open to kick some off like this. But the question is, is it your intention or do you think the best way to look at this would it be an existing fab that would be adding this capability because it would be so-called...

隨著內存稍微放緩，他們會更願意像這樣開始一些事情。但問題是，這是你的意圖，還是你認為最好的方式來看待這個問題是一個現有的晶圓廠，它會增加這種能力，因為它是所謂的......

No, definitely not. My experience is -- yes, my experience is usually the best time to cut in is at a discontinuity such as a new fab floor going in. And so...

不，絕對不是。我的經驗是——是的，我的經驗通常是最好的切入時間是在一個不連續的地方，比如一個新的晶圓廠車間。所以......

Even though there are cost benefit might be so great that it could pay for itself saying 6 months or...

即使成本效益可能如此之大，以至於它可以為自己支付 6 個月或...

That has been my experience, in particular, as they add these new fabs, and they will put a floor space in plan consistent with whatever it is that they plan to put the tooling in on, that would be my experience.

這就是我的經驗，特別是當他們添加這些新晶圓廠時，他們將按照計劃放置與他們計劃放置工具的任何空間相一致的平面空間，這將是我的經驗。

Lastly, along those lines, with that new capability, would it make sense the joint venture with maybe an ATE testing company to incorporate since it's a fairly long burn-in where maybe they could do the ATE test on a wafer. While you're burning in 18 wafers, they could do maybe one at a time, but get 18 done during the entire burn-in cycle. Is that something that you guys might be considering because that seems to be to make a lot of sense?

最後，沿著這些思路，有了新的能力，與可能的 ATE 測試公司成立合資企業是否有意義，因為這是一個相當長的老化過程，也許他們可以在晶圓上進行 ATE 測試。當您燒製 18 個晶圓時，他們可能一次只做一個，但在整個老化週期內完成 18 個。這是你們可能正在考慮的事情，因為這似乎很有意義嗎？

We're getting a lot in the futures here, but let me just make a plug. There's not an ATE product out there that has the level of density and power management that could fit into our XP. That's one of the key differentiations that we have is that we're able to put a 2,048 channel ATE system into basically a 3.4-inch pitch and put 18 of them in the same footprint as a regular ATE system with not dissimilar pin count testing one wafer. So, I would not -- if I could, I couldn't pick one ATE supplier out there that I wish they could build a tester and stick into my system. I think we're actually more differentiated.

我們在這裡得到了很多未來，但讓我做一個插播。沒有任何 ATE 產品具有適合我們 XP 的密度和電源管理水平。這是我們的關鍵區別之一，我們能夠將 2,048 通道 ATE 系統放入基本上 3.4 英寸的間距，並將其中的 18 個放置在與常規 ATE 系統相同的佔位空間中，並且引腳數測試沒有不同晶圓。所以，我不會——如果可以的話，我不能選擇一個 ATE 供應商，我希望他們能夠構建一個測試儀並堅持到我的系統中。我認為我們實際上更具差異化。

The FOX-XP system and its base hardware was in fact, defined around capabilities that are much more complex, certainly than a MOSFET, for example. It has full digital capabilities, pattern generation, et cetera, and it is capable of testing these flash memories. So, I actually I'm pretty proud of the system. We spent a lot -- we haven't talked a lot lately. Now there are other ways to potentially partner with some of the supply or some of the customers who themselves have done some of their own work with test and that could be something to think about. But most days I wake up and I focus my energy on what's going on exciting in the silicon carbide space. So...

FOX-XP 系統及其基礎硬件實際上是圍繞比 MOSFET 複雜得多的功能定義的，例如。它具有完整的數字功能、模式生成等功能，並且能夠測試這些閃存。所以，我實際上對這個系統感到非常自豪。我們花了很多錢——我們最近沒怎麼說話。現在還有其他方法可以潛在地與一些供應商或一些客戶合作，這些客戶自己已經完成了一些自己的測試工作，這可能是值得考慮的事情。但大多數時候，我一醒來，就把精力集中在碳化矽領域正在發生的令人興奮的事情上。所以...

Right, right. Well, looking down the road...

是的是的。嗯，往下看路...

But I'm committed to the memory business in time as everybody who has heard me talk knows.

但正如每個聽過我談話的人都知道的那樣，我會及時致力於內存業務。

All right. That's all I had. Thanks. Again, great quarter and keep up the good work, good year, look for a better year.

好的。這就是我所擁有的。謝謝。再次，偉大的季度，保持良好的工作，美好的一年，尋找更好的一年。

Thanks, Larry.

謝謝，拉里。

Our next question will come from Dylan Patel with SemiAnalysis.

我們的下一個問題將來自 SemiAnalysis 的 Dylan Patel。

I wanted to ask about this test intensity sort of question. So, many other test firms sort of speak about the relationship of lower yields, meaning higher test intensity. And right now, silicon carbide deals aren't pretty even at the best firms, but they're expected to go up. My understanding of your solution is that it's unique in that because it's burning, you basically test the same regardless of how lower high yields are. Is that accurate? Or do -- I get that loan yields necessitate, people would want to buy your product. But can you expand on the durability of demand even if yields reach multiple 9s eventually?

我想問一下這種測試強度之類的問題。因此，許多其他測試公司都在談論較低產量的關係，這意味著更高的測試強度。現在，即使是最好的公司，碳化矽的交易也不是很好，但預計它們會增加。我對您的解決方案的理解是，它的獨特之處在於它正在燃燒，無論高產量有多低，您基本上都可以進行相同的測試。那準確嗎？或者做——我知道貸款收益率是必要的，人們會想購買你的產品。但是，即使收益率最終達到多個 9，您能否擴展需求的持久性？

Yes. Okay. So, the -- there is certainly correlation between low-yielding devices and devices that are more apt to need reliability and burn-in. But at the same time, the failure mechanisms are not the same. The primary mechanisms that cause the yield and the devices are not the ones that are necessarily induced by the burn-in. The burn-in sometimes require additional energy through heat and voltage and power to actually create the tunneling effect or negate that causes this failure. You can't actually test for it. You have to actually do a stress test to find it.

是的。好的。因此，低產量設備和更容易需要可靠性和老化的設備之間肯定存在相關性。但同時，故障機制也不相同。導致良率和器件的主要機制並不是老化必然引起的。老化有時需要額外的能量通過熱量和電壓和功率來實際產生隧道效應或消除導致此故障的效應。您實際上無法對其進行測試。您實際上必須進行壓力測試才能找到它。

So, there are devices with low yield that don't use burn-in, the application doesn't need it. There are devices with very high yield that need 100% burn-in. DRAM would be an example of it. DRAM has extremely high yield, but it still has 100% burn-in to catch about a 1% defect and has now for 40 years. So, that's a scenario where there's way more money in it to get rid of burn-in in DRAM than even silicon carbide and no one has figured out how to do it. The information that I'm hearing from the silicon carbide folks is that they don't believe that there's any chance that burn-in is going to go away basically in the horizon of a decade or more.

因此，有些良率低的設備不使用老化，應用程序不需要它。有些設備的良率非常高，需要 100% 老化。 DRAM就是一個例子。 DRAM 具有極高的良率，但它仍然有 100% 的老化以捕捉大約 1% 的缺陷，並且現在已經有 40 年了。因此，在這種情況下，消除 DRAM 中的老化比碳化矽還要多，但沒有人知道如何做到這一點。我從碳化矽人員那裡聽到的信息是，他們不相信在十年或更長時間內老化基本上會消失。

One thing is going to happen is there will be ways to try and optimize test time by increasing temperatures and doing things to try and optimize, but you're always riding the line that if you stress the device a little too much, you can actually damage it. And so there's a balance. One of the analogies I've used is microwave versus an oven. You can actually cook a turkey in a microwave, but it doesn't come out that well. And similarly, if you apply enough energy to a silicon carbide, you can induce the failure within potentially seconds, but you will absolutely damage it and it won't last for months, much less years.

將會發生的一件事是，將有辦法通過提高溫度和嘗試優化測試時間來嘗試優化測試時間，但你總是在堅持，如果你對設備施加過大的壓力，你實際上可以損壞它。所以有一個平衡。我使用的類比之一是微波爐與烤箱。您實際上可以在微波爐中煮火雞，但效果不佳。同樣，如果您對碳化矽施加足夠的能量，您可能會在幾秒鐘內引發故障，但您絕對會損壞它，而且它不會持續數月，更不用說數年了。

So, I've actually found my experience so far consistently with the customers I've been working with. They're actually applying less thermals and less voltages than I thought they would because they're trying to keep their devices to have long-term or intrinsic reliability to meet the needs. So, there's always sort of a balance there. Again, I don't believe that I think as yields go up -- one thing I actually heard one of our customers talk about is that the next generation and generation after, the device yield is actually expected to improve, but the burn-in times are going to get longer, which is definitely not intuitive. And the reason they said is it's going to take longer to actually get the failure. It will take longer to induce the tunneling effect that creates the failure. But if they don't, then the part instead of it dying 3 months later in a car, it would dive maybe 2 years later in the car. And that's catastrophic if your entire fleet of cars were to start failing with walk-home events 3 years later. So anyhow, there's a lot of science involved in this thing, and it does appear at this point that burn-in is here to stay for a while on these devices.

所以，到目前為止，我實際上發現我的經驗與我一直在與之合作的客戶一致。他們實際上施加的熱量和電壓比我想像的要少，因為他們試圖保持他們的設備具有長期或內在的可靠性以滿足需求。所以，那裡總是有某種平衡。再說一次，我不相信我認為隨著良率的提高——我實際上聽到我們的一位客戶談論的一件事是，下一代和之後的一代，設備良率實際上有望提高，但老化時間會變長，這絕對是不直觀的。他們說的原因是實際失敗需要更長的時間。誘導造成故障的隧道效應需要更長的時間。但是，如果他們不這樣做，那麼零件不會在 3 個月後在汽車中死亡，而是在 2 年後可能會在汽車中潛水。如果您的整個車隊在 3 年後因步行回家活動而開始失敗，那將是災難性的。所以無論如何，這件事涉及很多科學，而且在這一點上，老化似乎會在這些設備上停留一段時間。

Thank you for the question.

感謝你的提問。

And then I wanted to switch gears to wafer packs related to silicon photonics. Specifically, where is the burn-in specifically happening on the silicon photonics? Is it happening on the indium phosphide wafer where the lasers were fabricated or is it happening once you bond them onto the silicon photonics wafer?

然後我想轉而使用與硅光子學相關的晶圓組。具體來說，矽光子學的老化具體發生在哪裡？它是發生在製造激光器的磷化銦晶片上還是發生在將它們鍵合到矽光子晶片上時？

Well, we have examples where customers want to burn it in on a wafer, call it, a substrate that would then be bonded on. But the examples of our current customers are all in a scenario where -- well, on the wafer level customers where they're bonded on and then they are burnt in after they're bonded on. So -- and customers like Scorpios, which we've announced, they actually fabricated on. It's printed on, if you will, as a process node. So, it's not really a bonding, if you will. And they do the burn-in on the wafer level for scale before that die is singulated and then placed into the system.

好吧，我們有一些例子，客戶希望將它燒在晶圓上，稱之為晶圓，然後將其粘合在上面。但是我們當前客戶的例子都是在這樣一種情況下——嗯，在晶圓級客戶上，他們被粘合，然後在粘合後被燒毀。所以——我們已經宣布的像天蠍座這樣的客戶，他們實際上是在捏造的。如果您願意，它會作為流程節點打印在上面。所以，如果你願意的話，這並不是真正的結合。他們在芯片被分割然後放入系統之前，在晶圓級上進行老化測試。

That was helpful for trying to understand when there's new generations of lasers or if it's when there's a new, say, transceiver and it's the latter. And just one last little question is in the past, we've talked about difficulties visiting your major prospective clients, especially in Asia, like China, South Korea. I've luckily been able to start visiting some of my clients in Asia. Have you been able to? And do you think that's going to help move the needle on some of these future customer orders or evaluations?

這有助於試圖了解何時出現新一代激光器，或者何時出現新的，例如，收發器，並且是後者。最後一個小問題是過去，我們談到了訪問您的主要潛在客戶的困難，特別是在亞洲，如中國、韓國。我很幸運能夠開始拜訪我在亞洲的一些客戶。你能做到嗎？你認為這會有助於推動未來的一些客戶訂單或評估嗎？

It is. I mean Europe has been pretty free and getting better. You can even get back to the U.S. without passing a COVID test as of like last week, but we've been able to freely move there with some, call it, some restrictions. We've had people that are moving to and from the U.S. and Asia. And we've got some -- we have a recent Asia customer that's been making visits here. So, I think it's opening up. China is still pretty iffy. But as that opens up, we think that will be better. Yes.

這是。我的意思是歐洲一直很自由並且越來越好。像上週一樣，您甚至可以在不通過 COVID 測試的情況下返回美國，但我們已經能夠在一些限制條件下自由移動到那裡。我們有一些人來往於美國和亞洲。我們有一些 - 我們最近有一位亞洲客戶一直在訪問這裡。所以，我認為它正在開放。中國還是很不靠譜的。但隨著它的開放，我們認為這會更好。是的。

Our next question will come from Bradford Ferguson with Halter Ferguson Financial.

我們的下一個問題將來自 Bradford Ferguson 和 Halter Ferguson Financial。

My clients are now 1% holder of your company now, so shareholders. I was curious what's keeping the likes of these the serious silicon carbide makers from creating their own wafer-level burn-in. And curious what's protected? Is it the 18 wafers at a time? Is it the aligner or the loaders? What's protected from that?

我的客戶現在是貴公司 1% 的股東，所以是股東。我很好奇是什麼讓這些嚴肅的碳化矽製造商無法製造自己的晶圓級老化。好奇什麼是受保護的？是一次18個晶圓嗎？是對準器還是裝載機？什麼受到保護？

There's actually a lot of protection. Is it Brad? I guess, it's nice meeting you. So -- wow, our systems have a significant number of patents and IP that make a very significant hurdle to get into. If you understand our space, an expert in the test space, they will tell you that being able to test a wafer is not novel. Every semiconductor wafer in the world has been tested and they are all tested in a similar way with what's called a waver prober, a probe card and a tester that sits on the wafer probe. I built them for years.

實際上有很多保護。是布拉德嗎？我想，很高興認識你。所以 - 哇，我們的系統擁有大量專利和知識產權，這些專利和知識產權是進入的一個非常重要的障礙。如果您了解我們的空間，作為測試領域的專家，他們會告訴您能夠測試晶圓並不新鮮。世界上的每一個半導體晶圓都經過了測試，它們都以類似的方式進行了測試，即所謂的波形探針、探針卡和位於晶圓探針上的測試儀。我建造它們多年。

When I built a tester, I had to build a tester that would always sit on the generic platform of the 3 major prober suppliers and each of their 5 or 6 probers. So, there's like maybe 20 probers back on or so, maybe it's less than that, that the tester was generic to. The probe cards all had to be worked with. If you want to build a tester, you had to build it with -- that would work across half a dozen to a dozen probe card suppliers. And all the folks like form factors and Technoprobe, et cetera, have standard design packages for a specific tester and the product teams and the tester groups work with them to ensure that the probe cards are there when the testers come out.

當我構建一個測試器時，我必須構建一個始終位於 3 個主要探針供應商及其 5 或 6 個探針的通用平台上的測試器。所以，大約有 20 個探測器重新啟動，也許比測試儀通用的還少。探針卡都必須使用。如果您想構建一個測試儀，您必須使用它來構建它——這將適用於六到十幾個探針卡供應商。所有的人，比如外形尺寸和 Technoprobe 等等，都有針對特定測試儀的標准設計包，產品團隊和測試儀組與他們合作，以確保在測試儀出來時探針卡就在那裡。

Similarly, the docking to the prober. These sort of 3 pieces create through a commoditized and stable market because you could buy any one of the 3 probers, any one of the 20 probe cards, any one of the 5 or 6 testers out there. And that's how the world has operated. With us, the problem was, you couldn't break through a cost barrier, if you start with a $300,000 prober, that's the footprint size of a Prius, in a parking lot. And you need to put 100 or 200 or 300 wafers worth of capacity in place because you have a 10-hour burn-in time, you can't get there. You just -- the cost of the depreciation of the capital equipment sitting in a wafer test environment is too high.

同樣，對接探測器。這 3 件產品通過商品化和穩定的市場創造，因為您可以購買 3 個探針中的任何一個、20 個探針卡中的任何一個、5 或 6 個測試儀中的任何一個。這就是世界的運作方式。對於我們來說，問題是，如果您從 300,000 美元的探測器開始，那麼您無法突破成本障礙，這就是停車場中一輛普銳斯的佔地面積大小。而且你需要放置 100 或 200 或 300 片晶圓的容量，因為你有 10 小時的老化時間，你無法到達那裡。您只是——位於晶圓測試環境中的資本設備的折舊成本太高了。

So, what we have is we've created a prober-less tester. It actually doesn't use a prober. It doesn't use a standard probe card with the normal force displacement. It's planarity comes completely different than the patents in the wafer -- in the probe card industry. And we use a tester with a tester interface that doesn't exist by anyone else. There are several features about our system that literally do not exist by anyone. So, if a tester supplier want to come in, first of all, they would step all over our patents, everything from how we contact a wafer pack to how we distribute power to onboard components. There's a number of patents that we do that they can't do, this blade architecture.

所以，我們所擁有的是我們創建了一個無探測器的測試器。它實際上不使用探測器。它不使用具有法向力位移的標準探針卡。它的平面性與晶圓專利完全不同——在探針卡行業。我們使用具有其他任何人都不存在的測試儀接口的測試儀。我們的系統有幾個特性實際上是任何人都不存在的。因此，如果測試儀供應商想要進來，首先，他們會全面審查我們的專利，從我們如何接觸晶圓組到如何將電力分配到板載組件，無所不包。有許多我們做的專利，他們做不到，這個刀片架構。

If you're a probe card supplier, you would have to build a probe card that would look just like our wafer pack that absolutely positively would violate a half a dozen or more of our patents. We've approached some of the big suppliers about potentially being partial suppliers to us. And some of those big guys, their probe tips would rip completely off the wafer pack because we run 150 C and we run them from room to 150 C and back without a soak-time. And those proviant -- the men's-based probes would never survive. Okay? We have direct quotes from people on that. So we do it differently than them.

如果您是探針卡供應商，您將必須構建一個看起來像我們的晶圓組的探針卡，絕對肯定會侵犯我們的六項或更多專利。我們已經與一些大型供應商接洽，詢問可能成為我們的部分供應商。其中一些大個子，他們的探針尖端會完全從晶片包上撕下來，因為我們運行 150 C，我們將它們從房間運行到 150 C，然後再返回，沒有浸泡時間。而那些以男性為基礎的探測將永遠無法生存。好的？我們有人們對此的直接引用。所以我們做的和他們不一樣。

And the prober companies have no vested interest in being involved in an a prober-less prober -- in a prober-less tester. So in fact, that was part of the real risk associated with us for the early investors. In order for somebody to actually go with our solution, they had to close their eyes and have confidence that we would supply with them the tester, the pro card and the handling equipment because if any one of those didn't work, nothing would work. And so there was a point in time where it was like, is anyone going to be -- have the nerve to actually do this.

並且探測公司在參與無探測器的探測器——無探測器的測試儀中沒有既得利益。所以事實上，對於早期投資者來說，這是與我們相關的真正風險的一部分。為了讓某人真正採用我們的解決方案，他們必須閉上眼睛，並相信我們會為他們提供測試儀、專業卡和處理設備，因為如果其中任何一個不起作用，那就什麼都不起作用.所以有一個時間點就像是，任何人都會 - 有勇氣實際這樣做。

And then looking back, as people know now, our lead customers that became 10% customers included the likes of Intel and Apple. And now it looks a lot easier with some large suppliers that are ramping but if you were to go out and try and build what you have, there's no way to do it without violating our patent, and it would cost you a lot of money and a lot of time to try and do it even if you want to violate the patents. So, we have an enormous head start and IP advantage. And right now, we are not aware of any company who has been told that anybody is working on a prober-less system like ours. And we keep our ear to the ground so that we can quickly take legal action against anyone who tries.

然後回頭看，正如人們現在所知，我們成為 10% 客戶的主要客戶包括英特爾和蘋果等公司。現在，一些大型供應商正在加速發展，這看起來要容易得多，但如果你要出去嘗試建造你所擁有的東西，就沒有辦法在不違反我們專利的情況下做到這一點，而且會花費你很多錢和即使您想侵犯專利，也要花很多時間嘗試去做。因此，我們擁有巨大的領先優勢和知識產權優勢。目前，我們不知道有任何公司被告知有人正在開發像我們這樣的無探測器系統。我們會密切關注地面，以便我們可以迅速對任何試圖採取法律行動的人採取法律行動。

I'm guessing that the FOX system can handle 200-nanometer today.

我猜FOX系統今天可以處理200納米。

200-millimeter wafer size. Yes, 200-millimeter wafer size is what you meant. Yes, we can. We actually do 4-inch, 6-inch, 8-inch and 12-inch wafers today with our wafer packs. They're all in volume production, and all of our FOX wafer pack of liners can handle all of the above.

200 毫米晶圓尺寸。是的，200 毫米晶圓尺寸就是您的意思。我們可以。我們今天實際上用我們的晶圓包生產 4 英寸、6 英寸、8 英寸和 12 英寸晶圓。它們都在量產，我們所有的 FOX 晶圓襯墊包都可以處理上述所有問題。

So, 12-inch is effectively 300-millimeter, is that right?

那麼，12 英寸實際上是 300 毫米，對嗎？

That's correct. Yes. Yes.

這是正確的。是的。是的。

Okay. So, several of the serious players are creating new fabs that are dedicated to silicon carbide and gallium and they're intending to grow at -- they're intending to grow at 40% a year with their silicon carbide business. Meanwhile, we look at EVs growing at 100% a year. So, it seems like maybe they're being a little conservative and you all are guiding to a high end of a 40% annual revenue growth. What makes you all a little on the conservative side? Is it wondering whether Photonics is going to come through finally this year? Or is it just a nervousness about when orders come?

好的。因此，一些認真的參與者正在創建專門用於碳化矽和鎵的新晶圓廠，並且他們打算以每年 40% 的速度增長他們的碳化矽業務。與此同時，我們看到電動汽車以每年 100% 的速度增長。所以，看起來他們可能有點保守，你們都在指導 40% 的年收入增長的高端。是什麼讓你們都有點保守？是否想知道今年 Photonics 是否會最終通過？還是只是對訂單何時到來感到緊張？

I think it's just timing of orders and when, not if. We've alluded to our order growth is going to be higher. We've never guided orders. We talked about it as a board, whether we should do that. So, we've at least said for the first time, they're going to be higher. The question is when is the timing happening. I mean we've talked about this in previous calls. There were some of those big silicon carbide companies that 1 year ago, were talking about opening up a fab by the end of the calendar year, like last December. And we -- and people were beating me up and I felt bad that how come you haven't sold them a wafer-level burn-in system. And the reality is, I was questioning that ourselves trying to understand what were we missing till the dust settles and you realize that they're not even sampling out of that fab yet. And the production isn't going to be really until next year.

我認為這只是訂單的時間和時間，而不是如果。我們已經暗示我們的訂單增長將會更高。我們從來沒有指導過訂單。我們作為董事會討論過它，我們是否應該這樣做。所以，我們至少第一次說，它們會更高。問題是時機何時發生。我的意思是我們在之前的電話會議中已經討論過這個問題。一年前，有一些大型碳化矽公司正在談論在日曆年年底之前開設一家工廠，例如去年 12 月。我們——還有人在毆打我，我很難過你為什麼沒有賣給他們一個晶圓級老化系統。現實情況是，我一直在質疑自己是否試圖了解在塵埃落定之前我們錯過了什麼，而你意識到他們甚至還沒有從那家工廠取樣。而且生產要到明年才能真正開始。

So, I think that the timing of these new fabs and their output is the piece we're watching. But there is no doubt that some of that time is behind us and the pending orders coming from the automobile companies are driving big dollars to put this capacity in place during '23, definitely '24 to meet the '25 ramp. And so that's where the hesitation comes from. And we're doing a ton of things in the background to our supply chain to ramp it up to be able to do things faster to do. We're doing more outsourcing with our contract manufacturers so that we can assemble and test the system in a much shorter period of time.

所以，我認為這些新晶圓廠的時間安排及其產量是我們正在關注的部分。但毫無疑問，其中一些時間已經過去，來自汽車公司的待定訂單正在推動大筆資金在 23 年、肯定 24 年、25 年的坡道期間落實這一產能。這就是猶豫的來源。我們在後台為我們的供應鏈做了大量的事情，以提高供應鏈的速度，以便能夠更快地完成任務。我們正在與我們的合同製造商進行更多的外包，以便我們可以在更短的時間內組裝和測試系統。

And I was -- I mean that data point, folks, we ship a system -- and on the eighth day basically or the ninth day, they tested 18 wafers, okay? It's like shipping 18 testers and having them all released 8 days later. That is crazy and that's awesome. That both talks to how much demand there is and how they're pulling. But Vernon and his team and my support guys are that's just awesome that they could do that. And as we do that, that allows us to ramp faster and faster for people. So, I'm trying to be cautious and appropriate with setting Street's expectations, but I don't think I've ever been more optimistic than we are right now.

我是——我的意思是數據點，伙計們，我們交付了一個系統——基本上在第八天或第九天，他們測試了 18 個晶圓，好嗎？這就像運送 18 名測試人員並在 8 天后將他們全部發布。這太瘋狂了，太棒了。這兩者都談到了有多少需求以及他們如何拉動。但是弗農和他的團隊以及我的支持人員能夠做到這一點真是太棒了。當我們這樣做時，這使我們能夠為人們提供越來越快的斜坡。所以，我在設定 Street 的期望時會盡量保持謹慎和適當，但我認為我從未像現在這樣樂觀。

And one more question. Revenues versus last quarter grew $5 million, but your COGS only grew $1 million. So, even if you adjust for that inventory write-down that happened it seemed like your COGS only grew by $2 million. So to me, that says that you have potentially a 60% gross margin as you scale bigger and bigger. As you...

還有一個問題。與上一季度相比，收入增長了 500 萬美元，但您的 COGS 僅增長了 100 萬美元。因此，即使您針對發生的庫存減記進行調整，您的 COGS 似乎也只增加了 200 萬美元。所以對我來說，這意味著隨著規模越來越大，你的毛利率可能會達到 60%。當你...

You're within a point. You're right, you're dead on. Yes, what we call our direct margin, which is basically our total costs, including warranty, et cetera, are about $0.40 on the dollar. And our margins are actually improving from last year to this year in direct margins. As we go to 200-millimeter wafer packs, our margins are actually improving. But the customers are delighted because they get more -- the lower cost associated with it. Our new systems are actually we're expecting to see improved margins related to some of the new features that we think provide additional value to customers, lot of things are going right for us.

你在一個點之內。你是對的，你死定了。是的，我們所說的直接利潤，基本上是我們的總成本，包括保修等，大約是 0.40 美元。從去年到今年，我們的直接利潤率實際上正在提高。隨著我們使用 200 毫米晶圓封裝，我們的利潤率實際上正在提高。但是客戶很高興，因為他們得到了更多——與之相關的成本更低。我們的新系統實際上是我們希望看到與我們認為為客戶提供額外價值的一些新功能相關的利潤率提高，很多事情對我們來說都是正確的。

Our next question will come from Wally Wadman with Constitution Research.

我們的下一個問題將來自憲法研究的 Wally Wadman。

A couple just filling in the blanks. Can you hear me, okay?

一對夫婦只是填補空白。你能聽到我的聲音，好嗎？

Yes. Perfect.

是的。完美的。

Okay. Did you -- maybe I missed it. Did you say what percentage of your revenue is you lead customer was either for the year or for the quarter?

好的。你有沒有——也許我錯過了。您是否說您的主要客戶在當年或本季度佔您收入的百分比？

It's 82%.

是 82%。

Yes, it was a significant number at over 80%. 82% is what Ken is telling me across the board right now.

是的，這是一個超過 80% 的重要數字。 82% 是肯現在全面告訴我的。

And I'm also curious, when you talked about going forward, your R&D spending more spend -- you focused on the silicon carbide market, now you're focused on, let me call it, the legacy markets. But I'm curious if that spend is going just to upgrade and enhance existing tools? Are you trying to develop new tools or new markets?

我也很好奇，當你談到未來時，你的研發支出會增加——你專注於碳化矽市場，現在你專注於，讓我稱之為傳統市場。但我很好奇這筆支出是否只是用於升級和增強現有工具？您是否正在嘗試開發新工具或新市場？

Yes. It's -- there's a little of both. There's some things that we're doing to add some voltages and all that some customers have specifically asked us. They would allow us to win that customer, but they're in the same market because remember, everyone doesn't do everything exactly the same. There's also things that we really would consider new markets and opportunities. And I think particularly the automated aligner, there's going to be certain classes of markets that really makes a lot of sense. So, it's a mix, but there's a lot of things that we're doing just to make sure we shore up to capture sort of the markets that we're in, capture a larger, if not dominant market share of that and address all customers. But we're also doing things that we think are going to play forward like, for example, the applicability to memory that Larry was talking about.

是的。這是 - 兩者都有。我們正在做一些事情來增加一些電壓，以及一些客戶特別問我們的所有事情。他們會讓我們贏得那個客戶，但他們在同一個市場，因為記住，每個人都不會做每件事都完全相同。還有一些事情我們真的會考慮新的市場和機會。而且我認為特別是自動對準器，將會有某些類別的市場真的很有意義。所以，這是一個混合體，但我們正在做很多事情，只是為了確保我們支持佔領我們所在的市場，佔領更大的，如果不是主導的市場份額，並解決所有問題顧客。但我們也在做我們認為會向前發展的事情，例如，拉里所說的記憶的適用性。

And then you've talked over the last couple of quarters about potential new customers. I'm curious of that $50 million annual revenue, fiscal year revenue. How much of that came from existing customers and how much came from new customers, however, you want to answer that question?

然後你在過去幾個季度談到了潛在的新客戶。我很好奇那 5000 萬美元的年收入，財政年度的收入。其中有多少來自現有客戶，有多少來自新客戶，但是，您想回答這個問題嗎？

Yes. It was pretty -- I mean, we consider our lead silicon carbide customer and existing customer. So, we just talked about 82%. I think when we started the year, we were expecting and I think I would have shared that, that we were going to get 1 or 2 probably single system orders or something by the end of the fiscal year and they didn't come in from the new customers. We're excited about where we're at right now heading into the year, but it's sort of surprising to me that some of that stuff didn't happen as fast as it did. We did not lose those customers. They did not change their mind. They have -- they're more engaged with us than they were a year ago in this case, but it's been a bizarre -- it's sort of taking some time.

是的。這很漂亮——我的意思是，我們考慮了我們的主要碳化矽客戶和現有客戶。所以，我們剛剛談到了 82%。我想當我們年初的時候，我們期待並且我想我會分享這一點，我們將在本財政年度結束時獲得 1 或 2 個可能的單一系統訂單或其他東西，但它們並不是來自新客戶。我們對我們現在進入這一年的情況感到興奮，但令我感到驚訝的是，其中一些事情並沒有像現在這樣快發生。我們沒有失去這些客戶。他們沒有改變主意。他們有 - 在這種情況下，他們比一年前更參與我們，但這很奇怪 - 這需要一些時間。

This year's -- this year's revenue, I won't give specific numbers, but we believe a good chunk of that is going to be new customers and has a potential some of the growth is from those new customers too. But candidly, our current customers could easily surprise us just based on the tone they're talking about and kind of reengaging. And so we're trying to make sure we have plenty of material and the supply chain to be able to address that mix, if you will, during the first half of calendar year next year, in particular, whether there is more uncertainty.

今年 - 今年的收入，我不會給出具體數字，但我們相信其中很大一部分將是新客戶，並且有潛力的一些增長也來自這些新客戶。但坦率地說，我們目前的客戶很容易根據他們談論的語氣和重新參與的方式讓我們感到驚訝。因此，我們正在努力確保我們有足夠的材料和供應鏈來解決這種混合問題，如果你願意的話，尤其是在明年上半年，是否存在更多的不確定性。

I don't know if you are willing to answer this enough. But the last couple of quarters, you've talked about being able to handle volumes above what your existing forecast. I'm just curious what your sales capacity would be or what it is? Could you -- if the business materializes, $100 million or $80 million, what does that look like?

我不知道你是否願意回答這個問題。但是在過去的幾個季度中，您已經談到能夠處理超出您現有預測的交易量。我只是好奇你的銷售能力是什麼或它是什麼？你能 - 如果業務實現，1 億美元或 8000 萬美元，那會是什麼樣子？

Well, I'll tell you what, I'll give you this one. Ken mentioned it the other day. So, we -- just by the math, we did 20 point whatever million in Q4. Over half of that was in May. Okay? So, we're doing $120 million run rate.

好吧，我會告訴你什麼，我給你這個。前幾天肯提到了它。因此，我們 - 僅憑數學計算，我們在第四季度就賺了 20 點。其中一半以上是在 5 月。好的？所以，我們的運行速度是 1.2 億美元。

I can write down $120 million in my model. No, don't forget about that.

我可以在我的模型中記下 1.2 億美元。不，不要忘記這一點。

We have proven to ourselves that we have the ability to do that right now. And I don't believe that's enough as we go forward over the next several years.

我們已經向自己證明，我們現在有能力做到這一點。而且我認為這還不夠，因為我們在接下來的幾年中繼續前進。

Last quick question. Pricing, were you just passing through your cost increases? Or were you able to get out in front of that?

最後一個快速問題。定價，您是否只是通過成本增加？或者你能在這之前脫身嗎？

You know what, we've been able to manage our vendors fairly well and penalize them drastically when they try and raise their prices with us. I just disdain that. But there have been certain things like shipping -- oh my gosh, last Christmas, we normally would ship chambers. We have 2 chamber suppliers and we ship them. They're built in low-cost regions. They're to our specifications. And normally, our chambers would cost us like $2,000 if we put them on a boat each to ship them to us. We wrote a check for $496,000 for a pair of them to get them here right after Christmas because we -- they couldn't get on a boat, L.A. was locked up. You want to see it on a plane, (inaudible) a piece. It's crazy. We wrote the money. I did not pass that on to the customer. I had a tear in my eye and explain it to them. And those costs are coming back down again. It's our hope to try and manage this. We are seeing some raises of some prices in certain areas, but we've been able to manage it fairly well.

你知道嗎，我們已經能夠很好地管理我們的供應商，並在他們試圖與我們一起提高價格時嚴厲懲罰他們。我只是對此不屑一顧。但是有些事情，比如運輸——哦，天哪，去年聖誕節，我們通常會運送房間。我們有 2 個腔室供應商，我們將它們發貨。它們建在低成本地區。它們符合我們的規格。通常情況下，如果我們將它們分別裝在一艘船上運送給我們，我們的房間會花費我們大約 2,000 美元。我們開了一張 496,000 美元的支票，讓他們中的一對在聖誕節後馬上把他們送到這裡，因為我們——他們不能上船，洛杉磯被鎖起來了。你想在飛機上看到它，（聽不清）一塊。這很瘋狂。我們寫了錢。我沒有把它傳遞給客戶。我眼裡噙著淚水，向他們解釋。這些成本又回落了。我們希望嘗試和管理這一點。我們看到某些地區的一些價格有所上漲，但我們已經能夠很好地管理它。

Our next question is a follow-up from Christian Schwab with Craig-Hallum Capital Group.

我們的下一個問題是 Christian Schwab 與 Craig-Hallum Capital Group 的後續問題。

Just a quick follow-up, Gayn, is there any reason other than, I guess, lack of success by new customers designing new end-to-end customer shipments, but we've already discussed at great length, the rapid growth that's going on. That these other customers couldn't ramp in a 1-year plus or minus time frame from when they start giving you orders to a similar level as on? Is it fair to assume something similar to that?

只是快速跟進，蓋恩，我猜，除了新客戶在設計新的端到端客戶發貨方面缺乏成功之外，還有什麼其他原因，但我們已經詳細討論過，正在發生的快速增長上。這些其他客戶無法在他們開始向您下訂單後的 1 年正負時間範圍內達到與 on 類似的水平？假設類似的事情是否公平？

Yes. I mean, yes and no. I happen to have a pretty good idea of what those guys are. So, it depends on the time line. So, if you said, within a year, can they be as big as on from the first time they take a system, I would say yes. Could they be sooner? Sooner than what, sorry, on our original customer did, probably. Our first customer bought a system and then didn't take another one for, what, 1.5 years. That's not going to play out with the new guys, I don't think. I think they're going to go much faster. Do they have the ability to do $20 million, $30 million of fees? Absolutely in a year.

是的。我的意思是，是和不是。我碰巧很清楚這些人是什麼。所以，要看時間線。所以，如果你說，在一年之內，他們能像他們第一次採用系統時一樣大，我會說是的。他們能早點嗎？抱歉，可能比我們原來的客戶所做的要快。我們的第一個客戶購買了一個系統，然後在 1.5 年內沒有再購買另一個系統。這不會與新人一起玩，我不認為。我認為他們會走得更快。他們有能力支付 2000 萬美元、3000 萬美元的費用嗎？絕對是一年之內。

I show no further questions. I would like to turn the conference back over to management for any closing remarks.

我沒有進一步的問題。我想把會議交還給管理層，以便發表任何結束語。

I appreciate it. And thank you, folks. We've had some feedback that our conferences do run aways, but I wanted to make sure, last time we ended up cutting off before everybody got their questions and so I'm glad that people had a chance. So with that, I appreciate everyone's time. We're really excited about this fiscal year, and we look forward to seeing you at one of the investor conferences or on our next call. Take care now. Bye-bye.

我很感激。謝謝你們，伙計們。我們收到了一些反饋，說我們的會議確實跑了，但我想確定一下，上次我們在每個人都提出問題之前就中斷了，所以我很高興人們有機會。因此，我感謝大家的時間。我們對本財年感到非常興奮，我們期待在一次投資者會議或下一次電話會議上見到您。現在小心點。再見。

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

會議現已結束。感謝您參加今天的演講。您現在可以斷開連接。