Aehr Test Systems (AEHR) 2024 Q1 法說會逐字稿

Good afternoon, and welcome to the Aehr Test Systems fiscal 2024 first quarter financial results conference call. (Operator Instructions) Please note this event is being recorded.

下午好，歡迎參加 Aehr Test Systems 2024 財年第一季財務業績電話會議。 （操作員說明）請注意此事件正在被記錄。

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

我現在想將會議轉交給 MKR 投資者關係部的吉姆·拜爾斯 (Jim Byers)。

Thank you, operator. Good afternoon, and welcome to Aehr Test Systems' first quarter fiscal 2024 financial results conference call. With me on today's call are Aehr Test Systems' President & Chief Executive Officer, Gayn Erickson; and Chief Financial Officer, Chris Siu.

謝謝你，接線生。下午好，歡迎參加 Aehr Test Systems 2024 財年第一季財務業績電話會議。參加今天電話會議的有 Aehr Test Systems 總裁兼執行長 Gayn Erickson；及財務長蕭先生。

Before I turn the call over to Gayn and Chris, I'd like to cover a few quick items. This afternoon, right after market close, Aehr Test issued a press release announcing its fiscal 2024 first quarter financial results. That release is available on the company's website at aehr.com.

在將電話轉給蓋恩和克里斯之前，我想先簡單介紹一些內容。今天下午收盤後，Aehr Test 發布新聞稿，宣布其 2024 財年第一季財務業績。該版本可在該公司網站 aehr.com 上取得。

This call is also 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.

此次電話會議也將透過網路向所有有興趣的各方進行現場直播。網路廣播將存檔在公司網站的投資者關係頁面上。

I'd like to remind everyone that on today's call, management will be making forward-looking statements 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 could cause actual results to differ materially 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 undertakes no obligation to update the forward-looking statements.

我想提醒大家，在今天的電話會議上，管理層將根據當前資訊和估計做出前瞻性聲明，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預期結果存在重大差異。前瞻性陳述。這些可能導致實際結果與前瞻性陳述有重大差異的因素在公司向美國證券交易委員會提交的最新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，僅截至當日有效，Aehr Test 不承擔更新前瞻性陳述的義務。

And now, I'd like to turn the conference call over to Gayn Erickson, President and CEO.

現在，我想將電話會議轉交給總裁兼執行長 Gayn Erickson。

Thanks, Jim. Good afternoon, everyone, and welcome to the first quarter fiscal 2024 earnings conference call. Thanks for joining us today.

謝謝，吉姆。大家下午好，歡迎參加 2024 財年第一季財報電話會議。感謝您今天加入我們。

Let's start with a quick summary of the highlights of the quarter and the continued momentum we're experiencing in the semiconductor wafer level test and burn-in markets, then Chris will go over the financials in more detail. And after that, we'll open up the lines to take your questions.

讓我們先快速總結本季的亮點以及我們在半導體晶圓級測試和老化市場中經歷的持續勢頭，然後克里斯將更詳細地介紹財務數據。之後，我們將開放線路回答您的問題。

We finished the first quarter with solid revenue of $20.6 million and non-GAAP net income of $5.2 million, the strongest first quarter in our history, which has historically been our seasonally softest quarter. With this, we're off to a very good start to our fiscal year. And we are reaffirming our expectation to grow fiscal full-year revenue by at least 50% to over $100 million and profit by over 90% year-over-year growth to at least $28 million.

我們第一季的穩健收入為 2,060 萬美元，非 GAAP 淨利潤為 520 萬美元，這是我們歷史上最強勁的第一季度，這也是我們季節性最疲軟的季度。至此，我們的財年有了一個好的開始。我們重申，我們預計全年財政收入將成長至少 50%，達到 1 億美元以上，利潤年增 90% 以上，達到至少 2,800 萬美元。

During the quarter, we had record shipments of our FOX WaferPak Contactors in both revenue and units, with revenues reaching well over 50% of total revenues for the quarter. We're also very pleased with the continued stream of new designs for WaferPaks we're seeing. Our new design volume has tripled over the last nine months as we're seeing more and more electric vehicles coming online with their own specific device designs for inverters and onboard chargers. As a result, our customers are buying additional WaferPak Contactors for these new designs, highlighting the recurring revenue part of our business.

本季度，我們的 FOX WaferPak 接觸器出貨量在收入和數量上都創下了紀錄，收入佔本季總收入的 50% 以上。我們也對我們所看到的 WaferPaks 不斷推出的新設計感到非常滿意。我們的新設計量在過去九個月中增加了兩倍，因為我們看到越來越多的電動車配備了自己的逆變器和車載充電器的特定設備設計。因此，我們的客戶正在為這些新設計購買額外的 WaferPak 接觸器，這凸顯了我們業務的經常性收入部分。

As we've noted before, our proprietary WaferPak Contactors are needed with our FOX wafer level test and burn-in systems to contact with the individual die on a wafer and are designed specifically for a given device. As our customers win new designs from their customers, Aehr eventually secures orders for new WaferPaks to fulfill these new wins. With each new design, our customers will need enough new WaferPaks to meet the volume production capacity need for those new devices.

正如我們之前指出的，我們的 FOX 晶圓級測試和老化系統需要我們專有的 WaferPak 接觸器來與晶圓上的各個晶片接觸，並且專為給定設備而設計。隨著我們的客戶從他們的客戶那裡贏得新設計，Aehr 最終獲得了新 WaferPaks 的訂單，以實現這些新的勝利。對於每一個新設計，我們的客戶都需要足夠的新 WaferPaks 來滿足這些新設備的大量生產能力需求。

With the increase in WaferPak designs, we've been adding resources in both our US and Philippines operations to expand our already successful application and support team there. We're also continuing to add capability and capacity in the Philippines to meet the support needs of our growing installed base in Asia.

隨著 WaferPak 設計的增加，我們一直在美國和菲律賓業務中增加資源，以擴大我們已經成功的應用和支援團隊。我們也將繼續增加菲律賓的能力和容量，以滿足我們在亞洲不斷增長的安裝基礎的支援需求。

Another key highlight is that we've now received customer acceptance of both configurations of our new fully automated FOX WaferPak Aligner, which allows hands-free operation of WaferPak handling and alignment and is available either as a standalone unit or fully integrated with our FOX-XP multi-wafer systems.

另一個重要亮點是，我們的新型全自動FOX WaferPak Aligner 的兩種配置現已獲得客戶認可，它允許免提操作WaferPak 處理和對準，並且可以作為獨立單元使用，也可以與我們的FOX- 完全整合。 XP 多晶圓系統。

We recognized revenue for the standalone WaferPak Aligners in the first quarter. And after the close of the quarter, we received customer acceptance and sign off on the Aligners integrated with our FOX-XP systems. The integrated Aligners are integrated with FOX-XP systems equipped with two key test system enhancements introduced over the last year. These FOX-XPs include our new bipolar voltage channel module option for both positive and negative gate bias stress and burn-in, as well as our very high voltage channel module option.

我們在第一季確認了獨立 WaferPak Aligners 的收入。本季結束後，我們收到了客戶的認可並簽署了與我們的 FOX-XP 系統整合的對準器。集成對準器與 FOX-XP 系統集成，配備了去年推出的兩項關鍵測試系統增強功能。這些 FOX-XP 包括我們用於正負閘極偏壓和老化的新型雙極電壓通道模組選項，以及我們的超高壓通道模組選項。

The VHV channel module option, which together with our proprietary WaferPaks and new inert gas control option for the FOX-XP, enable high temperature reverse bias testing up to 2,000 volts at wafer level for silicon carbide and gallium nitride high-voltage semiconductors that are used in power converter applications such as electric vehicle traction inverters and onboard chargers.

VHV 通道模組選項與我們專有的 WaferPaks 和 FOX-XP 的新型惰性氣體控制選項一起，可在晶圓級對所使用的碳化矽和氮化鎵高壓半導體進行高達 2,000 伏特的高溫反向偏壓測試用於電力轉換器應用，例如電動車牽引逆變器和車載充電器。

Acceptance and production release of these FOX-XPs with the integrated Aligners and the associated revenue recognition provide a solid start to our second-quarter revenue and paved the path for revenue recognition immediately upon all future shipments of these products to this customer and forecasted shipments to additional customers this fiscal year.

這些帶有整合對準器的FOX-XP 的驗收和生產發布以及相關的收入確認為我們第二季度的收入提供了堅實的開端，並為這些產品未來向該客戶的所有未來發貨以及預計的出貨量立即確認收入鋪平了道路。本財政年度有更多客戶。

So let me talk a little bit about our new customers. We're excited to have announced last month yet another new customer in silicon carbide. This is our sixth customer for silicon carbide wafer level burn-in. This new customer is a US-based multibillion-dollar semiconductor supplier that serves several markets including automotive, computing, consumer, energy, industrial, and medical markets.

讓我來談談我們的新客戶。我們很高興上個月宣布又一個碳化矽新客戶。這是我們碳化矽晶圓級老化的第六個客戶。這個新客戶是一家總部位於美國的價值數十億美元的半導體供應商，為汽車、運算、消費、能源、工業和醫療市場等多個市場提供服務。

After conducting a detailed financial evaluation of Aehr and Aehr's FOX family of products, including multiple onsite visits to Aehr's application lab, this new customer purchased an initial FOX-NP system, WaferPak Aligner, and multiple WaferPaks for engineering, qualification, and small lot production of their silicon carbide power devices.

在對Aehr 和Aehr 的FOX 系列產品進行詳細的財務評估（包括多次現場訪問Aehr 的應用實驗室）後，該新客戶購買了初始FOX-NP 系統、WaferPak Aligner 和多個WaferPak 用於工程、鑑定和小批量生產他們的碳化矽功率裝置。

This system is also configured with our new bipolar voltage and very high voltage options that enable new advanced test and burn-in capabilities for silicon carbide power semiconductors. This customer has indicated that as their production capacity increases, they intend to quickly move to our FOX-XP multi-wafer test and burn-in systems for high-volume production.

該系統還配置了我們新的雙極電壓和極高電壓選項，可為碳化矽功率半導體提供新的進階測試和老化功能。該客戶表示，隨著產能的增加，他們打算快速轉向我們的 FOX-XP 多晶圓測試和老化系統以進行大量生產。

In addition to the automotive electric vehicle device market opportunity, this customer is also focusing on the enormous opportunity for silicon carbide power devices in industrial, solar, and other power applications. Including this newest customer, the last two announced customers has selected our systems primarily for applications other than electric vehicles, which include industrial, solar, and commuter electric trains. This further extends our applications base beyond the enormous opportunity we see in silicon carbide for electric vehicle traction inverters and onboard and offboard chargers.

除了汽車電動車裝置市場機會外，該客戶還關注碳化矽功率元件在工業、太陽能和其他電力應用中的巨大機會。包括這個最新客戶在內，最後兩位宣布的客戶選擇我們的系統主要用於電動車以外的應用，其中包括工業、太陽能和通勤電動火車。這進一步擴展了我們的應用基礎，超越了我們在電動車牽引逆變器和車載和非車載充電器碳化矽中看到的巨大機會。

These additional applications expand our market opportunity beyond the 4.5 million six-inch equivalent silicon carbide wafers that William Blair forecast will be needed per year by 2030 just for electric vehicles. These new applications are driving an additional 2.8 million six-inch equivalent wafers annually by 2030 to address industrial, solar, electric trains, energy conversion, and other applications.

這些額外的應用擴大了我們的市場機會，威廉布萊爾 (William Blair) 預測，到 2030 年，電動車每年將需要 450 萬片六吋等效碳化矽晶圓。到 2030 年，這些新應用每年將帶動額外 280 萬塊 6 吋等效晶圓，以滿足工業、太陽能、電動火車、能源轉換和其他應用的需求。

It's also interesting to note that these two -- these last two customers did not need to see their wafers tested on our system before they move forward to purchase from us. This need for testing before purchase was essentially a requirement with our early customer engagements. But it's clear that many of our potential new customers have become much more comfortable moving forward with Aehr simply on our assurances that our solution will perform as committed. This allows the customers to accelerate their time to market.

值得注意的是，這兩個——最後兩個客戶在向我們購買之前不需要看到他們的晶圓在我們的系統上進行測試。這種在購買前進行測試的需求本質上是我們早期客戶參與的要求。但很明顯，我們的許多潛在新客戶已經變得更加願意與 Aehr 合作，因為我們保證我們的解決方案將按照承諾執行。這使客戶能夠加快產品上市時間。

Having said that, we're happy to engage with customers either way. If they want to see their wafers tested first, we're happy to work with them. We have yet to lose a prospective customer after demonstrating our test and burn-in capabilities on their wafers. In fact, we've never lost a head-to-head evaluation to a competitive product since introducing our FOX-NP and XP configured with the silicon carbide and gallium nitride test resources.

話雖如此，我們很樂意以任何方式與客戶互動。如果他們希望先測試他們的晶圓，我們很樂意與他們合作。在展示了我們在晶圓上的測試和老化能力後，我們尚未失去一位潛在客戶。事實上，自從推出配置了碳化矽和氮化鎵測試資源的 FOX-NP 和 XP 以來，我們在與競爭產品的正面評估中從未輸過。

So let me move on to our pipeline of prospective new customers for silicon carbide wafer level burn-in. In the last few weeks, we have attended two international conferences in Europe, and I personally met with more than a dozen companies in the silicon carbide market that are not currently using our solutions. We also met with all six of our current silicon carbide customers.

那麼，讓我繼續談談我們的碳化矽晶圓級預燒潛在新客戶的管道。在過去的幾周里，我們參加了在歐洲舉行的兩次國際會議，我親自會見了碳化矽市場上目前尚未使用我們解決方案的十幾家公司。我們也與目前所有六家碳化矽客戶進行了會面。

These face-to-face meetings included multiple meetings with one of the market leaders in silicon carbide that we've been doing a significant automotive qualification of wafer level burn-in for well over two years. Candidly, this is the longest and most extensive sales and benchmarking process I've ever experienced in my entire 30-plus-year career. The good news is that we've made even more progress in the last few months with a very large number of wafers being run at our facility, followed by multiple meetings to review the data.

這些面對面的會議包括與碳化矽市場領導者之一的多次會議，兩年多來我們一直在進行晶圓級老化的重要汽車資格認證。坦白說，這是我 30 多年職業生涯中經歷過的最長、最廣泛的銷售和基準測試流程。好消息是，我們在過去幾個月中取得了更多進展，我們的工廠運行了大量晶圓，隨後召開了多次會議來審查數據。

Based on everything we've heard, our data, cost of ownership, products, including a new fully automated WaferPak Aligner, particularly in the integrated configuration, they're all meeting their needs. We continue to feel confident that this customer will move forward with us using the FOX-XP multi-wafer solution for their high-volume needs, including initial purchase orders and system shipments this fiscal year.

根據我們所聽到的一切，我們的數據、擁有成本、產品，包括新型全自動 WaferPak Aligner，特別是在整合配置中，它們都滿足了他們的需求。我們仍然相信，該客戶將與我們一起使用 FOX-XP 多晶圓解決方案來滿足他們的大量需求，包括本財年的初始採購訂單和系統出貨。

Our meetings also included face-to-face meetings with potential new silicon carbide companies who have now told us that they intend to place their first purchase orders with us over the next several months, including some that want us to ship systems WaferPaks, and Aligners to them this fiscal year.

我們的會議還包括與潛在的新碳化矽公司進行面對面的會議，這些公司現在告訴我們，他們打算在未來幾個月內向我們下第一批採購訂單，其中包括一些希望我們運送系統WaferPaks 和Aligners 的公司本財政年度對他們來說。

In the next few weeks, we'll also be meeting with a significant number of potential new customers, as well as end users of silicon carbide devices in Asia, as we're seeing increasing activities and opportunities heating up there. I can tell you it's a very exciting time in the silicon carbide and the electric vehicle markets right now, and we've never been busier.

在接下來的幾週內，我們還將與大量潛在新客戶以及亞洲碳化矽設備的最終用戶會面，因為我們看到那裡的活動和機會不斷增加。我可以告訴你，現在碳化矽和電動車市場正處於一個非常令人興奮的時刻，我們從未如此忙碌。

Let me add some further color on the silicon carbide market opportunity. A recent report from UBS forecast that the total silicon carbide market will be close to $8 billion in 2025 and 30% of that total will be industrial applications. While the primary opportunity is still serving the electric vehicle automotive market, the industrial segment represents a material amount of dollars and a significant market opportunity.

讓我對碳化矽市場機會做一些進一步的闡述。瑞銀最近的一份報告預測，2025 年碳化矽市場總額將接近 80 億美元，其中 30% 將用於工業應用。雖然主要機會仍然是服務於電動車市場，但工業領域代表著大量的美元和重要的市場機會。

The report also focuses on the progression of electric vehicle batteries from 400 volts to 800 volts, which is the level generally recognized by the industry at which silicon carbide is mandatory to get the range and recharging speed consumers are demanding. Devices used in the traction inverters for 800-volt DC battery systems actually operate up to almost 1,200 volts AC.

該報告還重點關注電動車電池從400伏特到800伏特的發展，這是業界普遍認可的水平，碳化矽必須達到消費者要求的續航里程和充電速度。 800 伏特直流電池系統牽引逆變器中使用的設備實際上可在高達近 1,200 伏特交流電壓下運作。

This voltage -- at this voltage, the devices will experience electrical arcing when tested at 1,200 volts under normal testing environments, which creates a very real problem for conventional testers on wafer probers and probe cards. At such high voltages, that 1,200-volt biased to the device will actually create an electrical arc to the Aehr or on a wafer, even if surrounded by 100% nitrogen. This is basically how a spark plug works.

在這個電壓下，在正常測試環境下以 1,200 伏特電壓進行測試時，裝置會產生電弧，這對於晶圓偵測器和探針卡上的傳統測試儀來說是一個非常現實的問題。在如此高的電壓下，即使周圍被 100% 氮氣包圍，設備上的 1,200 伏特偏壓實際上也會在 Aehr 或晶圓上產生電弧。這基本上就是火星塞的工作原理。

However, this spark actually damages the devices permanently. Aehr's proprietary WaferPaks have individual chambers that encapsulate each wafer and allow us to control the temperature, gas makeup, and pressure within this chamber on each wafer. Our proprietary gas and pressure control option allows us to test and burn-in an entire wafer up to 2,000 volts without arcing or damaging the wafer.

然而，這種火花實際上會永久損壞設備。 Aehr 專有的 WaferPaks 具有封裝每個晶圓的獨立腔室，使我們能夠控制每個晶圓上該腔室內的溫度、氣體組成和壓力。我們專有的氣體和壓力控制選項使我們能夠在高達 2,000 伏特的電壓下測試和老化整個晶圓，而不會產生電弧或損壞晶圓。

By contrast, other competitive systems using standard wafer prober see arcing in as little as 900 volts, which makes it impossible to do high-voltage reverse bias test and burn-in at the wafer level for devices aimed at these new 800 volt battery vehicles.

相較之下，其他使用標準晶圓偵測器的競爭系統會在低至900 伏特的電壓下出現電弧，這使得針對這些新型800 伏特電池車輛的設備無法在晶圓級進行高壓反向偏壓測試和老化。

Per UBS, in 2023, 91% of the battery sold in electric vehicles are forecasted to be 400 volts, and only 9% are 800 volts. But by 2026, UBS expects the percentage of 800-volt battery cars to be above 30%, which is why it appears so many silicon carbide suppliers are timing their major ramps to be in the 2025 to 2026 timeframe. So in the next couple of years, we expect Aehr to benefit from both an increased number of electric vehicles being sold, as well as a significant increase in silicon carbide needed for -- needing our solution for those electric vehicles.

根據瑞銀預測，到 2023 年，電動車銷售的電池中 91% 為 400 伏特，只有 9% 為 800 伏特。但到 2026 年，瑞銀預計 800 伏特電池汽車的比例將超過 30%，這就是為什麼如此多的碳化矽供應商將其主要產能計畫安排在 2025 年至 2026 年的時間範圍內。因此，在接下來的幾年中，我們預計 Aehr 將從電動車銷售數量的增加以及這些電動車所需的碳化矽的大幅增加中受益。

We're also in extensive engagements with multiple gallium nitride suppliers. Gallium nitride is similar to silicon carbide in that both of these semiconductor compounds are considered wide bandgap semiconductors that are able to withstand high-voltage applications more directly than silicon.

我們也與多家氮化鎵供應商進行了廣泛的合作。氮化鎵與碳化矽相似，因為這兩種半導體化合物都被認為是寬帶隙半導體，能夠比矽更直接地承受高壓應用。

Gallium nitride semiconductor material has characteristics that make it optimal for lower power converter applications such as consumer power converters, solar microinverters, and industrial motor controllers, as compared with silicon carbide that is optimal for higher power, higher voltage applications such as traction inverters in electric vehicles, trucks, trains, and converters used in charging infrastructure and storage.

與碳化矽相比，氮化鎵半導體材料具有使其最適合較低功率轉換器應用（例如消費性電源轉換器、太陽能微型逆變器和工業馬達控制器）的特性，而碳化矽最適合較高功率、較高電壓應用（例如電力牽引逆變器）。用於充電基礎設施和儲存的車輛、卡車、火車和轉換器。

One of our prospective gallium nitride customers is also a company that we've been doing automotive qualification work for for their silicon carbide devices. They became very interested when we introduced them to the new higher-voltage options, including the bipolar voltage for gate stress and the very high voltage for drain stress capability. They really love that we offer both the low-cost, small footprint FOX-NP for their engineering and new product introduction needs, but also fully compatible FOX-XP system for high-volume production, including the hands free integrated WaferPak Aligner.

我們的潛在氮化鎵客戶之一也是我們一直為其碳化矽元件進行汽車認證工作的公司。當我們向他們介紹新的更高電壓選項（包括用於閘極應力的雙極電壓和用於汲極應力能力的極高電壓）時，他們變得非常感興趣。他們非常喜歡我們為他們的工程和新產品推出需求提供低成本、小占地面積的 FOX-NP，而且還為大批量生產提供完全相容的 FOX-XP 系統，包括免持整合 WaferPak Aligner。

Interestingly, in this case, the gallium nitride group at this company evaluated our system and decided to move forward with us faster than the silicon carbide group that we've been working with for nearly three years. Stay tuned for more announcements on this in the near future.

有趣的是，在這種情況下，該公司的氮化鎵團隊評估了我們的系統，並決定比我們合作了近三年的碳化矽團隊更快地與我們合作。請繼續關注不久的將來關於此的更多公告。

We're also engaged with another large gallium nitride supplier that is already a major supplier of IGBT and silicon carbide devices and has decided to move forward with an on-site evaluation. We have agreed to place a FOX-NP system on their floor for a defined period of time, and they've already ordered multiple WaferPaks that are not contingent on any evaluation terms for acceptance.

我們也與另一家大型氮化鎵供應商合作，該供應商已經是 IGBT 和碳化矽元件的主要供應商，並決定繼續進行現場評估。我們已同意在規定的時間內在他們的地板上放置 FOX-NP 系統，並且他們已經訂購了多個 WaferPaks，這些 WaferPaks 不依賴任何驗收評估條款。

We're very excited about this prospect, as well as the opportunity to showcase our capabilities to the GaN team with the silicon carbide team watching closely. This company, which is one of the largest automotive semiconductor suppliers in the world, could very likely be one of the largest, if not the largest gallium nitride semi supplier in the world.

我們對這一前景感到非常興奮，也對有機會在碳化矽團隊的密切關注下向 GaN 團隊展示我們的能力感到非常興奮。該公司是世界上最大的汽車半導體供應商之一，即使不是世界上最大的氮化鎵半導體供應商，也很可能是最大的一個。

The gallium nitride market is another potentially significant growth driver for our wafer level solutions, particularly for automotive and photovoltaic applications, where burn-in appears to be critical for meeting the initial quality and reliability needs of those markets. Many forecasters believe that the gallium nitride device market will be larger than silicon carbide due to its much larger application space in terms of power chargers for everyday use, data centers, solar, and industrial applications.

氮化鎵市場是我們晶圓級解決方案的另一個潛在重要成長動力，特別是對於汽車和光伏應用，其中老化似乎對於滿足這些市場的初始品質和可靠性需求至關重要。許多預測人士認為，氮化鎵裝置市場將比碳化矽更大，因為其在日常使用的充電器、資料中心、太陽能和工業應用方面的應用空間要大得多。

While we're not yet certain how big this market could be for Aehr's wafer level test and burn-in systems. we will be working with several key players in the space this year to form a better determination. While we do expect to recognize some revenue for systems WaferPaks and Aligners for gallium nitride applications this fiscal year, we continue to expect a significant majority of our revenue come from silicon carbide.

雖然我們還不確定 Aehr 的晶圓級測試和老化系統的市場有多大。今年我們將與該領域的幾位主要參與者合作，以形成更好的決心。雖然我們確實預計本財年將確認用於氮化鎵應用的 WaferPaks 和對準器系統的一些收入，但我們仍然預期我們的大部分收入來自碳化矽。

Now, let me move in onto silicon photonics, wafer level, and singulated die/module burn-in market. We continue to be very enthusiastic about this market, which includes the current photonics transceiver market used in data and telecommunications and the upcoming application of silicon photonics integrated circuits for use in optical chip-to-chip communication, which we see as a major market opportunity.

現在，讓我來談談矽光子、晶圓級和單一晶片/模組老化市場。我們仍然對這個市場充滿熱情，其中包括目前用於數據和電信的光子收發器市場以及即將用於光學晶片到晶片通訊的矽光子積體電路的應用，我們認為這是一個主要的市場機會。

As we discussed on our previous call, we received our first order last May from a current major silicon photonics customer for a new volume production FOX-XP multi wafer test and burn-in system for use for their very high-power silicon photonics device wafers. This system is configured to enable cost-effective production test of up to nine full wafers in parallel and up to 3,500 watts of power per wafer.

正如我們在之前的電話會議中討論的那樣，去年5 月，我們收到了當前主要矽光子客戶的第一筆訂單，要求為他們的超高功率矽光子裝置晶圓提供新的批量生產FOX-XP多晶圓測試和老化系統。該系統經過配置，可實現對多達 9 個完整晶圓進行並行的經濟高效的生產測試，每個晶圓的功率高達 3,500 瓦。

The original application for this system was silicon photonics devices for fiberoptic transceivers used in data centers and data and telecommunication networks. There's now been discussion about using this system for multichip modules embedded with processors for chip-to-chip optical communication. This customer is one of the world's largest semiconductor manufacturers, and we expect to receive orders for additional production systems as they increase production of these devices.

該系統最初的應用是用於資料中心以及資料和電信網路中使用的光纖收發器的矽光子裝置。現在正在討論將該系統用於嵌入處理器的多晶片模組，以實現晶片間光通訊。該客戶是世界上最大的半導體製造商之一，隨著他們增加這些設備的產量，我們預計會收到額外生產系統的訂單。

While we believe it will likely be several years before we see significant revenue generated from this optical chip-to-chip communications market, this order from our lead silicon photonics customer and their request for an accelerated shipping date is encouraging and provide some data to suggest that this market opportunity could happen sooner.

雖然我們相信，我們可能需要幾年時間才能看到光學晶片到晶片通訊市場產生可觀的收入，但我們的領先矽光子客戶的訂單以及他們對加快發貨日期的要求令人鼓舞，並提供了一些數據來顯示這個市場機會可能會更快發生。

Our FOX wafer level test and burn-in solution with our proprietary WaferPak full wafer contactors are a great fit for the silicon photonic semiconductor market. These next-generation silicon photonics-based integrated circuits can require up to two to four times as much power for full wafer test burn-in and stabilization. And our FOX new production system configuration, which can be used to test and burn-in these new optical I/O devices expands the market opportunity of the FOX-XP system even further.

我們的 FOX 晶圓級測試和老化解決方案採用我們專有的 WaferPak 全晶圓接觸器，非常適合矽光子半導體市場。這些新一代基於矽光子的積體電路可能需要高達兩到四倍的功率來進行全晶圓測試老化和穩定。我們的 FOX 新生產系統配置可用於測試和老化這些新的光學 I/O 設備，進一步擴大了 FOX-XP 系統的市場機會。

The power and functionality of lasers used to transmit data are critically important to the performance of the communication channel. And Aehr's solutions not only read out early-life failures, but also improve the performance of the device to what photonics industry refers to as stabilization.

用於傳輸資料的雷射的功率和功能對於通訊通道的性能至關重要。 Aehr 的解決方案不僅可以讀出早期故障，還可以提高設備的性能，達到光子產業所說的穩定性。

During the Aehr's day or two of normal operation, the laser output characteristics change in an exponentially decaying manner and must be stabilized until the decaying stops before the final product can be tuned to meet its performance specifications. Aehr can do this across an entire way for a fully-integrated photonics integrated circuits with embedded or attached laser emitters.

在正常運作的一兩天內，雷射輸出特性以指數衰減方式變化，並且必須保持穩定，直到衰減停止，然後才能調整最終產品以滿足其性能規格。 Aehr 可以透過嵌入式或附加雷射發射器的完全集成光子積體電路來實現這一點。

These fully integrated circuits with lasers are reportedly the highest performance and level of integration possible, which is optimal for integrating into a package along with a microprocessor, graphics processor, or artificial intelligence processor for optical chip-to-chip communication.

據報道，這些具有雷射器的完全積體電路具有最高的性能和集成度，最適合與微處理器、圖形處理器或人工智慧處理器一起整合到封裝中，以實現光學晶片間通訊。

Aehr currently has six customers using our systems for production test of silicon photonics devices. Five use our NP and XP systems for wafer level test and burn-in, and one uses both NPs and XP systems for engineering and production burn-in of individual singulated die and modules using our proprietary die packs. We're watching this market very closely and are working with some of the leaders in silicon photonics to ensure that we have the products and solutions available to meet their needs for this potentially significant market application.

Aehr 目前有六家客戶使用我們的系統進行矽光子元件的生產測試。五個使用我們的 NP 和 XP 系統進行晶圓級測試和預燒，一個使用 NP 和 XP 系統使用我們專有的晶片組對單個單晶片和模組進行工程和生產預燒。我們正在密切關注這個市場，並與矽光子學領域的一些領導者合作，以確保我們擁有可用的產品和解決方案來滿足他們對這一潛在重要市場應用的需求。

To conclude, we're encouraged by the continued positive momentum we're seeing for silicon carbide in electric vehicles, and also very excited about the expanding growth opportunities we're seeing in several additional markets with current and prospective customers.

總而言之，我們對電動車中碳化矽的持續積極勢頭感到鼓舞，並且對我們在幾個其他市場與當前和潛在客戶看到的不斷擴大的成長機會感到非常興奮。

For the fiscal year ending May 31, 2024, we're reiterating our previously provided guidance for total revenue to be at least $100 million, representing growth of over 50% year over year; and GAAP net income of at least $28 million, representing earnings growth of greater than 90% year over year. We look forward to updating you on our progress throughout the fiscal year.

截至 2024 年 5 月 31 日的財年，我們重申先前提供的指導，總收入至少​​為 1 億美元，年成長超過 50%； GAAP 淨利潤至少為 2,800 萬美元，意味著獲利年增超過 90%。我們期待向您通報我們整個財年的最新進展。

And with that, let me turn it over to Chris before we open up the line for questions.

就這樣，在我們開始提問之前，讓我把它交給克里斯。

Thank you, Gayn. Good afternoon, everyone. We're pleased to announce another strong quarter for Aehr Test Systems after a record fiscal 2023. On today's call, I will summarize our results for the fiscal first quarter.

謝謝你，蓋恩。大家下午好。我們很高興地宣布，在創紀錄的 2023 財年之後，Aehr Test Systems 又迎來了一個強勁的季度。在今天的電話會議上，我將總結我們第一財季的業績。

We exceeded the consensus on both our top and bottom line. First-quarter revenue was $20.6 million, up 93% from $10.7 million in Q1 of last year. Strong demand for our WaferPaks contributed to a significant year-over-year increase in revenue in the first quarter.

我們在營收和利潤方面都超越了共識。第一季營收為 2,060 萬美元，比去年第一季的 1,070 萬美元成長 93%。對 WaferPaks 的強勁需求導致第一季營收較去年同期大幅成長。

WaferPak and DiePak consumables revenue accounted for 55% of our total revenue in the first quarter compared to just 5% of revenue in the prior-year quarter. As we have noted before, customers typically purchase our FOX systems ahead of WaferPaks and subsequently stack up purchases of WaferPaks. We're seeing continued momentum for new WaferPak designs with existing and new customers to meet their customer and market requirements.

WaferPak 和 DiePak 耗材收入占我們第一季總營收的 55%，而去年同期僅佔營收的 5%。正如我們之前指出的，客戶通常會先於 WaferPaks 購買我們的 FOX 系統，然後再疊加購買 WaferPaks。我們看到現有和新客戶對新 WaferPak 設計的持續發展勢頭，以滿足他們的客戶和市場需求。

Non-GAAP net income, which excludes the impact of stock-based compensation, was $5.2 million, or $0.18 per diluted share, for the first quarter. This compares to non-GAAP net income of $1.3 million, or $0.05 per diluted share, in the first quarter of fiscal 2023.

第一季非 GAAP 淨利（不含股票薪酬的影響）為 520 萬美元，即稀釋後每股收益 0.18 美元。相比之下，2023 財年第一季的非 GAAP 淨利潤為 130 萬美元，即稀釋後每股收益 0.05 美元。

Bookings in the first quarter were $18.4 million, up from 15.2 million in the preceding Q4, and down slightly by 4% from [$19.1 million] in the first quarter of fiscal 2023. Included in our Q1 bookings our announced orders for additional WaferPak Contactors of $16 million from our lead silicon carbide customer.

第一季的預訂量為1,840 萬美元，高於上一季的1,520 萬美元，較2023 財年第一季的[1,910 萬美元]小幅下降4%。第一季的預訂量包括我們宣布的額外WaferPak 接觸器訂單來自我們的主要碳化矽客戶的 1,600 萬美元。

Backlog as of quarter end was $22.3 million, up 14% from a year ago. With 1.7 million bookings received primarily from a new US customer that we announced previously, in the first four weeks of the second quarter of fiscal 2024, we now have an effective backlog of $24 million.

截至季末，積壓訂單為 2,230 萬美元，比去年同期成長 14%。我們先前宣布，在 2024 財年第二季的前四週內，我們收到了 170 萬份預訂，主要來自一位新的美國客戶，目前我們的有效積壓金額為 2,400 萬美元。

GAAP gross margin for the first quarter came in at 48.4%, up from 42% in Q1 last year. The increase in gross margin reflects a favorable product mix of higher-margin WaferPaks. Also contributing to the increase in gross margin in the first quarter was the overall higher revenue level compared to Q1 last year.

第一季 GAAP 毛利率為 48.4%，高於去年第一季的 42%。毛利率的成長反映了利潤率較高的 WaferPaks 的有利產品組合。與去年第一季相比，整體營收水準較高，也是第一季毛利率上升的原因。

Operating expenses in the first quarter were $5.9 million, up 45.8% from $4 million in Q1 last year. The year-over-year increase is primarily due to previously noted increased headcount related expenses to support our worldwide sales and marketing efforts and our R&D programs.

第一季營運費用為 590 萬美元，比去年第一季的 400 萬美元成長 45.8%。年比成長主要是由於先前提到的員工人數相關費用增加，以支持我們的全球銷售和行銷工作以及我們的研發計劃。

Our investments in sales and marketing staff continue to have a positive impact on expanding our customer engagement and marketing reach to support revenue growth. The increase in R&D is primarily due to costs associated with development programs for augmenting features and performance of our new automated WaferPak aligner, which enable new advanced test and burn-in capabilities for silicon carbide and gallium nitride power semiconductors on Aehr's FOX-XP wafer level test and burn-in systems.

我們對銷售和行銷人員的投資繼續對擴大我們的客戶參與度和行銷範圍以支持收入成長產生積極影響。研發費用的增加主要是由於與增強我們新型自動化WaferPak 對準器的功能和性能的開發計劃相關的成本，該對準器為Aehr 的FOX-XP 晶圓級碳化矽和氮化鎵功率半導體提供了新的先進測試和老化功能測試和老化系統。

The first order for our standalone automated Aligner was shipped during Q4 fiscal 2023 and was accepted by our customer in the first fiscal quarter. We continue to invest in R&D to enhance our existing market leading products and to introduce new products to maintain our competitive advantages and expand our applications and addressable markets.

我們的獨立自動對準器的第一個訂單於 2023 財年第四季出貨，並在第一財季被我們的客戶接受。我們繼續投資於研發，以增強我們現有的市場領先產品，並推出新產品，以保持我們的競爭優勢並擴大我們的應用和潛在市場。

Turning to the balance sheet. We continue to generate healthy cash flow and finished the quarter with a strong cash position. Our cash and cash equivalents increased to $51 million at the end of Q1, up 6% from our total cash, cash equivalents, and investments balance of $47.9 million at the end of Q4.

轉向資產負債表。我們繼續產生健康的現金流，並以強勁的現金狀況結束了本季。第一季末，我們的現金和現金等價物增加至 5,100 萬美元，比第四季末的現金、現金等價物和投資餘額總額 4,790 萬美元增加 6%。

We generated $3.9 million in operating cash flow during the quarter while also investing in inventory to support our growth strategy in fiscal 2024. We have zero debt and continue investing our excess cash in money market funds or short-term investments to take advantage of favorable interest rates in the current macroenvironment.

本季我們產生了390 萬美元的營運現金流，同時也投資庫存以支持我們2024 財年的成長策略。我們的債務為零，並持續將多餘現金投資於貨幣市場基金或短期投資，以利用優惠利率在當前的宏觀環境下。

Interest income earned in the first quarter was almost $600,000 compared to $121,000 in the first quarter last year. In Q3 of last year, we announced an ATM at the market offering of up to $25 million in shares of the company's common stock on the open market. We received gross proceeds of $7.3 million on the sale of 209,000 shares in fiscal 2023. We did not sell any shares during our fiscal Q1.

第一季賺取的利息收入接近 60 萬美元，而去年第一季為 121,000 美元。去年第三季度，我們宣布透過 ATM 機在公開市場上發售最多 2,500 萬美元的公司普通股。我們在 2023 財年出售 209,000 股股票，獲得了 730 萬美元的總收益。我們在第一季沒有賣出任何股票。

As of the end of the first fiscal quarter of 2024, the remaining amount available under the ATM offering was $17.7 million. It is our expectation that we will sell shares against this ATM offering during this fiscal year, at times and prices that are most advantageous to our shareholders and to the company.

截至 2024 年第一財季末，ATM 發行的剩餘可用金額為 1,770 萬美元。我們預計，我們將在本財年期間以對我們的股東和公司最有利的時間和價格出售本次 ATM 發行的股票。

Now turning to our outlook for the current fiscal 2024 that ends on May 31, 2024. We continue to believe in the company's growth trajectory as our differentiated products and technologies continue to attract and win new customers who desire a more cost effective and more efficient wafer level test and burn-in solutions.

現在轉向我們對截至2024 年5 月31 日的當前2024 財年的展望。我們仍然相信公司的成長軌跡，因為我們的差異化產品和技術將繼續吸引並贏得渴望更具成本效益和更有效率晶圓的新客戶電平測試和老化解決方案。

As Gayn mentioned, we're reaffirming our previously provided guidance for full-year total revenue to be at least $100 million, representing growth of over 50% year over year; and GAAP net income of at least $28 million, representing earnings growth of greater than 90% year over year.

正如 Gayn 所提到的，我們重申先前提供的全年總收入至少​​為 1 億美元的指導，即同比增長超過 50%； GAAP 淨利潤至少為 2,800 萬美元，意味著獲利年增超過 90%。

Lastly, looking at the investor relations calendar. Our annual shareholders meeting will be held on Monday, October 23, at the company headquarters here in Fremont, California at 5:00 PM. If you're interested in attending, we appreciate an RSVP if possible so we can plan for attendance accordingly. Please feel free to contact myself or Jim Byers of MKR, our Investor Relations firm, to let us know.

最後，看看投資者關係日曆。我們的年度股東大會將於 10 月 23 日星期一下午 5:00 在加州弗里蒙特的公司總部舉行。如果您有興趣參加，請盡可能回覆我們，以便我們可以相應地計劃參加。請隨時聯繫我本人或我們投資者關係公司 MKR 的吉姆·拜爾斯 (Jim Byers) 告知我們。

We will also be participating in a couple of investor conferences in the next few months. On November 16, we'll be participating in the Craig-Hallum Alpha Select Conference taking place in New York. And on December 12, we will be back in New York to participate in the 12th Annual NYC Summit. We hope to see some of you at these conferences.

我們還將在接下來的幾個月內參加幾次投資者會議。 11 月 16 日，我們將參加在紐約舉行的 Craig-Hallum Alpha Select 會議。 12月12日，我們將返回紐約參加第12屆紐約年度高峰會。我們希望在這些會議上見到你們中的一些人。

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

我們準備好的演講到此結束。我們現在準備好回答您的問題。接線員，請繼續。

(Operator Instructions) Christian Schwab, Craig-Hallum Capital Group.

（操作員說明）Christian Schwab，Craig-Hallum 資本集團。

Hey, good afternoon, guys. Gayn, on the gross margin in the quarter at 48.5% with WaferPaks at greater than 50% of revenue, I would assume the gross margin would have been a little bit better than that. Is there something going on there for that?

嘿，下午好，夥計們。 Gayn，本季毛利率為 48.5%，WaferPaks 佔收入的比例超過 50%，我認為毛利率會比這好一點。那裡有什麼事情嗎？

Yeah. So if you remember, historically, and actually consistently, our Aligners have been amongst our lowest margin products. They are fully our IP, but we have contracted to have them completely built external to our facility here. And I wouldn't call them pass through because it's not that, but they tend to be on the lower end of the margin.

是的。因此，如果您還記得，從歷史上看，實際上一直如此，我們的對準器一直是我們利潤率最低的產品之一。它們完全是我們的智慧財產權，但我們已簽訂合同，將它們完全建造在我們的設施外部。我不會稱它們為通過，因為事實並非如此，但它們往往處於邊緣的下端。

So we had a couple of Aligners, the automated Aligners in there, and that offset that by a couple of points, I think. So as our business increases and we start to see it candidly, as we see more companies or more customers wanting to actually do an integrated Aligner with every system, that will have some. But generally, overall, it still normalizes our systems level margins. But I think that's where -- if you went do the math, that's where that came from.

所以我們有幾個對準器，自動對準器，我認為這抵消了幾個點。因此，隨著我們業務的成長，我們開始坦誠地看到這一點，因為我們看到越來越多的公司或更多的客戶希望在每個系統中真正實現整合的對準器，這將會有一些。但總體而言，它仍然使我們的系統級利潤正常化。但我認為這就是──如果你去算一下，那就是它的來源。

And as far as mix on a go-forward basis, would you anticipate the remainder of the year returning back to north of 50%? Or is that going to be tremendously mix-dependent quarter to quarter?

就未來的混合而言，您預計今年剩餘時間將恢復到 50% 以上嗎？或者這是否會在很大程度上取決於季度與季度的混合？

Yeah. No, no, that's right. So we're still tying 50% and above as a margin for the year. And that's what we're working at.

是的。不不不，是這樣的。因此，我們仍將 50% 及以上的利潤率作為今年的利潤率。這就是我們正在努力的方向。

Okay, great. And then regarding future orders from different customers, I think you talked about meeting with your six current customers and [small] new customers on. Just as we think about backlog to support the $100 billion of revenue, when should we assume potentially your third major customer coming in, as well as numerous other customers? I think you said over the next few months you anticipated. I'm just trying to get color to that.

好的，太好了。然後，關於來自不同客戶的未來訂單，我想您談到了與六位現有客戶和[小]新客戶的會面。正如我們考慮支持 1000 億美元收入的積壓訂單一樣，我們何時應該假設您的第三個主要客戶以及眾多其他客戶可能會進來？我想你說的是你預計的未來幾個月。我只是想為它增添色彩。

We're trying to do our best to give you plenty of heads up on those, and I will tell you that our ability to get the customers is not perfect either. But just a little bit. So of our current six customers, more than half of them certainly are top two largest customers we're expecting orders for both bookings and shipments during this year.

我們正在盡最大努力讓您充分了解這些情況，但我會告訴您，我們吸引客戶的能力也不完美。但只是一點點。因此，在我們目前的六家客戶中，其中超過一半肯定是我們預計今年的預訂和出貨訂單的前兩名最大客戶。

I think more than half of these six customers are all going to have bookings and revenue shift within the year, and then a number of new customers as well. And we alluded to both with the GaN related and the large benchmark. I'm feeling really good. It's hard to put our finger on it. We probably shouldn't tell you exactly when they're going to come anyhow, but we're certainly trying to give you enough hints.

我認為這六位客戶中有一半以上都將在年內發生預訂和收入變化，然後還會有一些新客戶。我們提到了與 GaN 相關的大型基準。我感覺真的很好。我們很難確定這一點。無論如何，我們可能不應該告訴您他們具體何時到來，但我們肯定會盡力為您提供足夠的提示。

I think everybody, and we're certainly clear here, $24 million backlog with [$120 million] in the bank. We've got a lot of turns and a lot of turns expected this year to do the $100 million. And we don't expect to finish the year with zero backlog either.

我想大家都很清楚，銀行已經積壓了 2,400 萬美元，其中 [1.2 億美元]。我們有很多轉機，很多轉機預計今年可以達到 1 億美元。我們也不期望今年結束時積壓為零。

And for those that have come and seen our facility, and we're always really pretty open about that, and if you haven't planned it, if there's no other excuse to come for our shareholders' meeting besides a glass of wine [and our herbs], you can see manufacturing floor, but it is bellowing right now. And that is where a lot of the inventory is going, et cetera. In anticipation of this, our lead times candidly continue to be world class at shorter than anybody else while we continue to increase capacity.

對於那些來參觀我們設施的人，我們對此總是非常開放，如果您沒有計劃，如果除了一杯酒之外沒有其他藉口來參加我們的股東大會[和我們的草藥]，你可以看到生產車間，但現在正在咆哮。這就是大量庫存的去向等等。考慮到這一點，我們的交貨時間坦率地繼續比其他任何人都短，同時我們繼續增加產能。

That's great, Gayn. Thank you for that color. And as far as the new customers then, I know you've talked previously about having multiple customers this year at 10%. So obviously, it probably appears we have at least two. But should we anticipate three or four, or is it just too early to tell?

太棒了，蓋恩。謝謝你的那個顏色。至於新客戶，我知道您之前曾談到今年會以 10% 的速度擁有多個客戶。顯然，我們可能至少有兩個。但我們是否應該預期三到四個，還是現在下結論還為時過早？

No, we're still -- Chris and I were just going through that this morning again. Right, now we're right at three or four. We certainly believe three and four. There's like -- I think there was like four or five. They're all in the 3% to 6% than anyone might be all poked their head up or something.

不，我們仍然——克里斯和我今天早上又經歷了這件事。好的，現在我們已經三、四點了。我們當然相信三和四。我想大概有四、五個。他們都處於 3% 到 6% 的範圍內，比任何人都可能抬起頭或其他什麼的要多。

So from a diversity, we're all excited because of how many customers, but let's not kid ourselves. We don't have hundreds of customers and never will in this space. But we'll definitely have a much more diverse number of customers, which is nice. But we'll stick to the three to four. I don't -- it's not clear how we will get to five necessarily, but we might have -- we don't call out the 5% customers, but we might have a good chunk of those too.

因此，從多樣性來看，我們因為有這麼多客戶而感到興奮，但我們不要欺騙自己。我們在這個領域沒有數百個客戶，而且永遠不會。但我們肯定會擁有更多元的客戶，這很好。但我們會堅持三到四。我不知道——目前還不清楚我們如何必然達到五個，但我們可能會——我們不會列出 5% 的客戶，但我們可能也有很大一部分客戶。

Great. I don't have any other questions at this time. Thanks, Gayn.

偉大的。目前我沒有其他問題。謝謝，蓋恩。

Okay. Thanks, Christian.

好的。謝謝，克里斯蒂安。

Thank you.

謝謝。

Jed Dorsheimer, William Blair.

傑德·多斯海默，威廉·布萊爾。

Hi, Jed.

嗨，傑德。

Hi, thanks. Hey, Gayn and Chris. I guess first question, I just want to dig in, Christian touched on it and -- but just on the WaferPak Aligners, the standalone that were recognized in the quarter versus that -- and congratulations on getting the fully integrated systems signed up. Should I look at that as taking your -- the effective backlog and subtracting the bookings, so that the quarter would have been $6 million greater had those signed up in the quarter? Is that the right way to look at that, or how would you suggest that?

你好謝謝。嘿，蓋恩和克里斯。我想第一個問題，我只是想深入探討，Christian 談到了它 - 但只是在 WaferPak Aligners 上，這是本季度認可的獨立設備 - 並祝賀您簽署了完全集成的系統。我是否應該將其視為採用您的有效積壓訂單並減去預訂，這樣，如果本季度簽約的訂單數量會多出 600 萬美元？這是看待這個問題的正確方式嗎？還是你會如何建議？

Yeah. As we got a little closer, we anticipated that we didn't get really specific. We weren't even sure that the second one was going [two] book. Just I won't get into all the -- I wouldn't have scored for revenue. So I guess theoretically, we could have pulled in one and the other one was already in our plans, whether we told you are not, in our second quarter. Between the two of them, I think it's closer to $8 million or so.

是的。當我們越來越接近時，我們預計我們並沒有真正具體。我們甚至不確定第二本書是否會出版。只是我不會參與所有的事情——我不會獲得收入。所以我想從理論上講，我們可以在第二季度引入其中一項，而另一項已經在我們的計劃中，無論我們是否告訴過你沒有。兩者加在一起，我認為接近 800 萬美元左右。

Got it. And that -- so to be clear, you sold these integrated systems of those two systems at the same customer. So I think Chris mentioned there's a US customer that the Aligners were recognized in the August quarter, but the rest of the two systems went into September. I just want to make sure I have that correct.

知道了。需要明確的是，您向同一客戶出售了這兩個系統的整合系統。所以我認為克里斯提到有一個美國客戶，對準器在八月的季度得到了認可，但兩個系統的其餘部分進入了九月。我只是想確保我的說法正確。

Yeah. No. I'm not sure everyone else is going to be a fall along with it. The way our revenue recognition works, which is very consistent with the industry and we're always very open, is that when we have a brand-new product from that that has never been accepted or released into production with a customer before. We will not score revenue on it or anyone who like it until candidly, the first one is accepted.

是的。不，我不確定其他人是否也會跟著一起墮落。我們的收入確認方式與業界非常一致，而且我們始終非常開放，即當我們擁有以前從未被客戶接受或投入生產的全新產品時。在坦白地接受第一個作品之前，我們不會從它或任何喜歡它的人身上獲得收入。

And I won't get into perfunctory and all that. But it turns out the first customer shipments, what we call standalone Aligner, and it went with our -- to our lead customer who has been accepting XPs all along. So the only thing deferred, if you will, was the revenue for those two Aligners. So when they accept it, they were just the two Aligners.

我不會敷衍之類的。但事實證明，第一批客戶發貨，我們稱之為獨立對準器，它與我們一起交付給我們的主要客戶，他們一直在接受 XP。因此，如果你願意的話，唯一推遲的就是這兩個對準器的收入。所以當他們接受的時候，他們就只是兩個校準者了。

The weird thing is on the second lead customer, second large customer that had the systems, the XP and the Aligner were bolted together. And so, we -- and the XP also had those new enhancements. So Ken, our previous CFO, and Chris, was on board as well. We drew a circle around those and said, the whole thing is unaccepted until it's all accepted, which is a little weird. But basically, once the Aligner was accepted, the XP and the Aligner was all accepted at the same time. And in that case, both of them triggered. And they're both released and working now.

奇怪的是，第二個主要客戶，即擁有系統的第二個大客戶，XP 和 Aligner 是用螺栓固定在一起的。因此，我們以及 XP 也有了這些新的增強功能。因此，我們的前財務長肯 (Ken) 和克里斯 (Chris) 也加入了。我們在這些周圍畫了一個圈，然後說，在全部被接受之前，整件事都是不被接受的，這有點奇怪。但基本上，一旦Aligner被接受，XP和Aligner就同時被接受了。在這種情況下，兩者都觸發了。他們現在都已被釋放並正在工作。

Yeah. So to add to that, so that means going forward, whether they're menu auto aligners or integrated aligners, we don't need to wait for that.

是的。因此，補充一點，這意味著向前邁進，無論它們是選單自動對準器還是整合對準器，我們都不需要等待。

Or whether they have the new options or anything. It just shifts and score.

或者他們是否有新的選擇或其他什麼。它只是移動並得分。

We'll be having new when we ship going forward.

當我們繼續發貨時，我們將會有新的。

Well, that's better than I expected. So nice. I guess, second question is just on this long courtship with this potential large customer. Any more details on -- I know it's the longest in your history, Gayn, in three years sounds like a long time for that process.

嗯，這比我預期的要好。太讚了。我想，第二個問題就是與這個潛在大客戶的長期求愛。任何更多細節——我知道這是你歷史上最長的一次，蓋恩，三年聽起來這個過程很長。

Is there any more details you can provide on what is -- is the next step a large order? Is that what we should expect? And I asked that also in the context of your capacity as you're adding these customers. I know you've talked about low lead times, but if you saw a large 20, 30, 40, whatever that number system type order, I would assume that that changes things in a good way.

您能否提供更多詳細資訊來說明下一步是大訂單嗎？這是我們該期待的嗎？我也是在您新增這些客戶時的能力範圍內提出這個問題的。我知道您談到過較短的交貨時間，但如果您看到大量的 20、30、40，無論數字系統類型順序如何，我都會認為這會以一種很好的方式改變事情。

Yeah. Generally speaking, even if customers talk about ordering lots upfront, my experience has been it's normally met with one or a small number of systems, say, for production, to begin with, and then a little bit of absorption. That might change here because they're running out of time and they've done way more evaluations than I've seen in the past. So I think that has a chance to collapse itself.

是的。一般來說，即使客戶談論預先訂購批次，我的經驗是，通常會遇到一個或少量的系統，例如，首先用於生產，然後一點點吸收。這可能會改變，因為他們的時間不多了，而且他們所做的評估比我過去看到的要多得多。所以我認為這有可能會自行崩潰。

There's also engineering systems involved, et cetera. So I'm not sure I want to perfectly carve it because I might end up being wrong, but engineering systems, first production systems, quantities. Perhaps we make it quantities with longer lead times because it's getting pretty serious with companies now. They're putting real capital in place, putting fabs in place, making commitments to these various significant ramps that are happening in the automotive guys in '25, '26, and I don't think they want to be cut short.

還涉及工程系統等等。所以我不確定我是否想要完美地雕刻它，因為我可能最終會錯，但是工程系統，第一個生產系統，數量。也許我們會以更長的交貨時間進行大量生產，因為現在公司的情況變得非常嚴重。他們正在投入真正的資本，建立晶圓廠，對 25 年、26 年汽車產業中發生的各種重大成長做出承諾，我認為他們不想被縮短。

So my message, I guess, to my customers listening, we are able to ship more than anybody else. We literally can ship up to call it 50, 80, 100 testers, call it wafers or blades or capacity a month. We are shipping more per month than the combined number of installed base of every other competing alternative has ever shipped. But there's still a scenario where please get your orders, so that we can continue to make sure that we can address everybody's needs.

因此，我想，對於我的客戶來說，我們能夠比其他任何人運送更多的貨物。我們實際上每月可以運送 50、80、100 台測試儀，稱之為晶圓、刀片或產能。我們每月的出貨量超過了所有其他競爭替代品的安裝基數總和。但仍然存在一種情況，請收到您的訂單，以便我們可以繼續確保我們能夠滿足每個人的需求。

But I'd just reiterate, obviously, we're expecting significant amounts of orders in the fiscal year to be able to turn to make $100 million and then without zero backlog, and we're sticking to our guns there.

但我只是重申，顯然，我們預計本財年的大量訂單將能夠達到 1 億美元，然後不會出現零積壓，我們將堅持下去。

Got it. Last question for me. Just on not Chris, on the 300 basis points decline in gross margin. You answered this question with -- that Christian asked in terms of mix shift or gain you did. But operating margins dropped by 500 basis points. Is there something else that drove the incremental 200? Or is that just the Aligners and mix shift that contributed the extra [off by contraction]?

知道了。對我來說最後一個問題。只是不是克里斯，毛利率下降了 300 個基點。你回答了這個問題——克里斯蒂安問的是你所做的混合變化或增益。但營業利益率下降了 500 個基點。還有什麼其他因素推動了增量 200 的成長嗎？或只是對齊器和混合移位貢獻了額外的[收縮]？

Yes. We look primarily on the Aligners that decreased the margin here.

是的。我們主要專注於減少此處利潤的對準器。

Okay.

好的。

Yeah. I will do it. Let me let -- I'm going to give a little bit more color. We didn't talk about this. In our agreement with respect to the CM that was building these things for us, we actually had some NRE charges in there. They're not necessarily directly tied to cost to sales, but they were timed with the timing of it.

是的。我會做。讓我——我要給大家多一點色彩。我們沒有談論這個。在我們與為我們建造這些東西的 CM 達成的協議中，我們實際上收取了一些 NRE 費用。它們不一定與銷售成本直接相關，但它們與它的時間安排相符。

So the first units actually have a higher incremental cost to us. Then I think the ones going forward, I think the first four, five units had that. So anyhow, it was worse than would be expected, if that helps.

因此，第一批設備實際上對我們來說有更高的增量成本。然後我認為未來的那些，我認為前四、五個單元都有。所以無論如何，如果這有幫助的話，情況比預期的更糟。

It does. Sorry, one last one. What percentage was your largest customer n the quarter?

確實如此。抱歉，最後一張。本季您最大的客戶比例是多少？

Number one customer is 88%, very high.

第一名客戶的比例是88%，非常高。

88%. Great.

88%。偉大的。

Yeah.

是的。

Yeah.

是的。

Thank you.

謝謝。

(Operator Instructions) Dylan Patel, SemiAnalysis.

（操作員說明）Dylan Patel，SemiAnalysis。

Hey, thanks for taking my question. I wanted to ask about how I think through the number of wafers per customer. So there's all the various different configurations that you've -- options you've had for various different customers. Some people want to do the bipolar voltage channel modules, and some people want to do high voltage, some people want to go negative.

嘿，謝謝你回答我的問題。我想問我如何看待每個客戶的晶圓數量。因此，您擁有各種不同的配置—為各種不同的客戶提供的選項。有的人想做雙極性電壓通道模組，有的人想做高電壓，有的人想做負極。

I'm curious, can you outlay how to think through what is the test time for these various systems -- for various options? And then how many be tested per FOX-XP? Because some of these are nine for system versus 18. And yeah, I would love to hear that rationale.

我很好奇，您能否考慮如何考慮這些不同系統（不同選項）的測試時間？那麼每個 FOX-XP 需要測試多少個呢？因為其中一些系統是 9 個，而係統是 18 個。是的，我很想聽聽這個理由。

All right. Well, as I describe this, I simply want you to listen in terms of just the simple math because mostly what I'll describe is a simple math. But obviously, the pieces were what is customers A, B, C's test time. And I want to give a little bit of color on that when I'm done.

好的。好吧，正如我所描述的那樣，我只是希望您只聽簡單的數學，因為我將描述的大部分內容都是簡單的數學。但顯然，這些碎片是客戶A、B、C的測試時間。當我完成後，我想對此進行一些說明。

From a simple math perspective, the NP systems of two wafers, they're usually used for engineering. And if you want do small lot production, you can test two wafers at a time. So if your test time was 24 hours, you would get two wafers per day off of that. If your test time, or call it cycle time, is 12 hours, you could get for wafers a day off of that.

從簡單的數學角度來看，兩個晶圓的 NP 系統通常用於工程。如果您想做小批量生產，您可以一次測試兩個晶圓。因此，如果您的測試時間為 24 小時，那麼您每天將獲得兩塊晶圓。如果您的測試時間（或稱為週期時間）為 12 小時，那麼您可以在晶圓上休息一天。

The XP, which is fully-compatible blades, which are effectively that each tester uniquely can test a wafer, has either nine or 18. Following the same math, you would either get nine or 18 wafers a day at 24 hours, or two times at at 12 hours or four times at six hours. So I'm not trying to be coy, but that's the way of thinking about the capacity off of it.

XP 是完全相容的刀片，實際上每個測試儀都可以唯一地測試晶圓，有9 個或18 個晶圓。按照相同的數學計算，您可以每天24 小時或兩次獲得9 個或18 個晶圓12 小時一次或 6 小時四次。所以我並不是想害羞，但這就是思考它的能力的方式。

Now the real debate is, and the discussion is well, what's the test time. Well, if you get into the -- what's called the bathtub curve of reliability, and that shouldn't -- if you go type in bathtub curve and reliability, you can find all kinds of articles out there that talk about it. Basically, when a device is first manufactured, all semiconductor devices, as soon as they are functionally good, they have a likelihood of failure at that point in time.

現在真正的爭論是，而且討論得很好，測試時間是什麼時候。好吧，如果你進入 - 所謂的可靠性浴缸曲線，這不應該 - 如果你輸入浴缸曲線和可靠性，你可以找到各種討論它的文章。基本上，當設備首次製造時，所有半導體設備一旦功能良好，就有可能在該時間點發生故障。

And as time goes on, the likelihood that they fail actually decreases. This was observed a long time ago and is very consistent across all semiconductor processes. So what that looks like is the likelihood of failure drops as time goes. And then at some point, it stops dropping, it hits the bottom of the bathtub curve. If 20 years from now, they start failing again, and that's the other end of the bathtub curve.

隨著時間的推移，他們失敗的可能性實際上會降低。這是很久以前就觀察到的，並且在所有半導體工藝中都非常一致。因此，隨著時間的推移，失敗的可能性會下降。然後在某個時刻，它停止下降，到達浴缸曲線的底部。如果 20 年後，他們再次開始失敗，那就是浴缸曲線的另一端。

What's important is depending on the expectation of the customer or the application is whether or not the failure rate upon shipment is good enough. And if it is too high, you do things like stress and burn-in, which is what we supply, to decrease and move it down the curve. The higher the quality, the more screening or burn-in you need to do to move it down the curve. And that is generally energy and time.

重要的是取決於客戶或應用程式的期望，發貨時的故障率是否足夠好。如果它太高，你可以採取諸如壓力和老化之類的措施（這就是我們提供的）來減少並使其沿著曲線向下移動。品質越高，您需要做的篩選或老化就越多，才能使其沿著曲線下降。這通常是精力和時間。

So an example we try to use, in certain applications like the inverter of the automobile have the most highest reliability requirement out there, because on an inverter, it might have 12 or 24 chips in a single module or 48 in a single inverter on the Tesla, for example, and Tesla [applied as] three of those. So they have 144 chips in there.

因此，我們嘗試使用一個例子，在某些應用中，例如汽車逆變器，其可靠性要求最高，因為在逆變器上，單個模組中可能有12 或24 個晶片，或者單個逆變器中可能有48 個晶片。以特斯拉為例，特斯拉[申請]其中三個。所以他們有 144 個晶片。

The requirement is none of those 144 chips fail during the whole life of the car, okay? There's also chips, say somewhere else in the power inverter -- in the onboard charger, there's only three chips. So those three chips have the same requirement. They can't fail in the life of the car. But there's only three of those versus 144. So by the very nature of that, the onboard charger perception-wise could be burned in less if you want to, quote, get away with it.

要求是這 144 個晶片在汽車的整個使用壽命期間沒有一個發生故障，好嗎？還有晶片，例如在電源逆變器的其他地方——在車載充電器中，只有三個晶片。所以這三個晶片有相同的要求。他們在汽車的使用壽命內不能故障。但與 144 個相比，只有 3 個。因此，從本質上來說，如果你想引用的話，車載充電器感知方面的消耗可能會更少。

This was a huge topic at the conferences the last two weeks in Europe at the power semiconductor and the executive summit on power semiconductors. And reliability was a huge discussion. And that is what is the reliability requirement of the automotive space.

這是過去兩週在歐洲舉行的功率半導體會議和功率半導體高階主管峰會上的一個重要議題。可靠性是一個巨大的討論。這就是汽車領域的可靠性要求。

Last week was that Hyundai had a recall of cars. The cars were 2015 and older, and they had to recall 3.5 million cars because 22 cars had some brake leakage event that caused a fire and 22 overheating. That 44 cars out of 3.5 million that had an event, and they're recalling 3.5 million cars that are over 10 years old.

上週，現代汽車召回了汽車。這些汽車都是 2015 年及更舊的汽車，他們不得不召回 350 萬輛汽車，因為其中 22 輛汽車出現煞車洩漏事件，導致起火，另外 22 輛汽車過熱。 350 萬輛汽車中有 44 輛發生過事故，他們正在召回 350 萬輛車齡超過 10 年的汽車。

So what is the failure rate for an EV that's going to last 10 years or longer? And if you said well, 44 out of 1 million is not bad. 44 out of $3.5 million required every one of those cars to be recalled. So we get into this whole discussion and I get passionate about it, like what's the right number? You know what? Companies don't all have the same expectations of quality.

那麼，使用壽命為 10 年或更長時間的電動車的故障率是多少？而且如果你說得好的話，100萬個中有44個也不錯了。 350 萬美元中的 44 輛需要召回所有這些汽車。所以我們進入了整個討論，我對此充滿熱情，例如正確的數字是多少？你知道嗎？各公司對品質的期望並不相同。

We got a pretty front-laden view. I can tell you sometimes it upsets me. I don't -- not everybody is the same. Here's my opinion. I wouldn't drive a car that had less than 12 to 24 hours of burn-in of the silicon carbide say, okay? I wouldn't do it. So it's important. That's why we use these numbers.

我們看到了非常漂亮的正面景色。我可以告訴你，有時這讓我心煩意亂。我不——不是每個人都是一樣的。這是我的意見。我不會駕駛碳化矽老化時間少於 12 至 24 小時的汽車，好嗎？我不會這麼做。所以這很重要。這就是我們使用這些數字的原因。

Today, we have said, burn-in times on average across the industry are more than 20 -- 12 hours. And we think over time, they will get down to that. We will see. But it's going to be the car manufacturers that dictate that. And I can tell you we've met with a number of them and we're meeting with more in the next two weeks. They are very opinionated about what's needed. I've never heard one of them, not demand a high level of burn-in for their automotive parts. Now, that's very clear in the automotive space.

如今，我們已經說過，整個產業的平均老化時間超過 20 至 12 小時。我們認為隨著時間的推移，他們會認真對待這一點。我們會看到。但這將由汽車製造商決定。我可以告訴你，我們已經會見了其中的一些人，並且我們將在接下來的兩週內會見更多的人。他們對需要什麼很有意見。我從來沒有聽說過他們中的一個，他們的汽車零件不要求高水平的老化。現在，這在汽車領域非常明顯。

So enough of my high horse here, Dylan. Sorry to lit you up like that, but I hope that gives you some clarity.

我的傲慢已經夠多了，迪倫。很抱歉讓你這麼激動，但我希望這能讓你明白一些。

That's great. And then wanted to clue in on a question or a statement that you had in the prepared remarks, which was you're seeing more electric vehicles with their own specific design for inverters. Are you saying that, like XYZ, major auto OEM, will want a specific inverter design from their supplier, and then that's going to require a different chip design or different device designed and someone else? Or I assume that everyone would have pretty similar designs for their inverters. Would that mean that you're more sort of XPs -- or sorry, WaferPak Aligners -- or sorry, WaferPack per -- because of this? Yeah.

那太棒了。然後想了解您在準備好的評論中提出的問題或陳述，即您看到更多的電動車擁有自己的特定逆變器設計。您是說，像 XYZ 這樣的主要汽車 OEM 會希望從其供應商獲得特定的逆變器設計，然後需要不同的晶片設計或不同的設備設計以及其他人？或者我假設每個人的逆變器設計都非常相似。這是否意味著您更傾向於 XP——或者抱歉，WaferPak Aligners——或者抱歉，WaferPack per——因為這個？是的。

Yeah. And I know more than I can share, but I still don't think I know everything in this space around this. But yeah, people with seemingly the same power are dictating specific requirements of the chip size. It gets into thermal trade-offs, voltage trade-offs, power trade-offs, acceleration trade-offs, how much power you have on your hand, what kind of efficiency you have.

是的。我知道的比我能分享的還要多，但我仍然不認為我知道這個領域的一切。但是，是的，看似具有相同能力的人正在規定晶片尺寸的具體要求。它涉及熱權衡、電壓權衡、功率權衡、加速權衡、您手上有多少功率、您有什麼樣的效率。

And so, I'm actually surprised that even the same automotive supplier will dictate multiple different flavors. And then the next automotive guy won't buy the same ones. So I'm sure it drives our customers crazy because I'm sure they way rather everybody buy one.

因此，我實際上感到驚訝的是，即使是同一家汽車供應商也會規定多種不同的口味。然後下一個汽車專家就不會再購買同樣的產品了。所以我確信這會讓我們的客戶瘋狂，因為我確信他們寧願每個人都買一個。

There's probably some element where they don't want to commoditize it either, though. If they all made exactly the same chip, well then maybe the customers would commoditize everything faster. But the net is, for us, there is more and more WaferPak designs. And I know I said, especially call automotive, but candidly, a lot of the new industrial designs, there's a much broader array of those two and that those designs have been increasing too.

不過，他們可能也不想將某些元素商品化。如果他們都生產完全相同的晶片，那麼也許客戶會更快地將所有東西商品化。但對我們來說，網路上有越來越多的 WaferPak 設計。我知道我說過，尤其是汽車領域，但坦白說，有很多新的工業設計，這兩種設計的範圍要廣泛得多，而且這些設計也在增加。

So in the past, I think it might have been like a year ago. You mentioned that you would expect people to change WaferPaks maybe every two to three years or designs every two to three years. Do you think that still remains the case? Or do you think that people will have to have more WaferPaks relative to -- say, an XP can fit 18 or nine of them. They might have more than that 18 or nine because there's three or four different designs across your three or four different major customers and then they might have to switch them out more often. I'm just trying to get a feel of that.

所以在過去，我想可能就像一年前一樣。您提到您希望人們每兩到三年更換一次 WaferPaks，或每兩到三年更換一次設計。您認為情況仍然如此嗎？或者您是否認為人們必須擁有更多的 WaferPaks（例如，XP 可以容納 18 或 9 個）。他們的數量可能不只 18 或 9 個，因為三到四個不同的主要客戶有三到四種不同的設計，然後他們可能必須更頻繁地更換它們。我只是想感受一下。

Yeah. So I'm pretty sure I would have said because I remember it. I probably was pricing three or four years. I think two to three might be aggressive, but we weren't sure. We know like in memory, for example, every 18 months to 24 months, the wafer -- the probe cards are all swapped out. That's probably the most extreme.

是的。所以我很確定我會這麼說，因為我記得。我可能定價三、四年。我認為兩到三個可能具有攻擊性，但我們不確定。我們知道，就像在記憶體中一樣，例如，每 18 個月到 24 個月，晶圓——探針卡就會全部換掉。這可能是最極端的了。

Generally speaking, the automotive last longer. But the issue with silicon carbide is it's in this infant phase where people go in Gen 2, Gen 3, Gen 4, Gen 5. They're going from 150 to 200 millimeter. And as those happen, there is more evolution.

一般來說，汽車的使用壽命更長。但碳化矽的問題在於，它還處於嬰兒階段，人們正在進入第 2 代、第 3 代、第 4 代、第 5 代。他們的厚度從 150 毫米到 200 毫米。當這些發生時，就會有更多的進化。

To me if you could look at it over 15 years, my guess is there's more activity in the next five to seven years than there will be in the back half of seven years. But for sure, we're going to see customers with more than one WaferPak per blade, like an 18 blade or 18 tester XP. If you ask me in three years to what I think, I bet you there -- for every WaferPak that's in the system, there's a couple on the shelf. That wouldn't shock me -- for just how they will do it to meet customer demand.

對我來說，如果你可以回顧 15 年，我的猜測是未來五到七年的活動比七年後半段的活動還要多。但可以肯定的是，我們將看到客戶每個刀片配備多個 WaferPak，例如 18 個刀片或 18 個測試儀 XP。如果你問我三年後的想法，我敢打賭——對於系統中的每一個 WaferPak，貨架上都會有幾個。這不會讓我感到震驚——因為他們將如何滿足客戶的需求。

Okay. Thank you so much.

好的。太感謝了。

Thanks, Dylan.

謝謝，迪倫。

Thank you.

謝謝。

(Operator Instructions) [Larry Slabino, Slabino Capital].

（操作員指令）[Larry Slabino，Slabino Capital]。

Hi, Gayn.

嗨，蓋恩。

Hey, Larry, see.

嘿，拉里，明白了。

Sorry, I'm looking at my notes. Do you expect a follow-on order from the recently accepted fully automated XPs? They use those machines almost four months. When they'll be needing some more capacity here soon?

抱歉，我正在看我的筆記。您是否期望最近接受的全自動 XP 收到後續訂單？他們使用這些機器將近四個月。他們什麼時候會需要更多的容量？

They're going to need more capacity soon. How's that?

他們很快將需要更多的容量。怎麼樣？

So no idea --

所以不知道——

Yeah. I think they're going to buy more systems and we're going to ship them within our fiscal year. Yes.

是的。我認為他們將購買更多的系統，我們將在我們的財政年度內發貨。是的。

And then the three-year long development company that you referred to that you said they were going to go with GaN first before silicon carbide. Is that what I heard? Is that correct?

然後，您提到的為期三年的開發公司表示，他們將首先採用 GaN，然後再採用碳化矽。這是我聽到的嗎？那是對的嗎？

I kind of stitched myself into a little bit of -- I think give myself much wiggle room. It appears that way, yes.

我有點把自己縫進了一點——我想給自己留了很大的迴旋餘地。看起來是這樣，是的。

And if it goes that way, would you expect them to start with an NP first and then progress through an XP, or they jump right to an XP? Do you have a sense for that?

如果是這樣的話，您是否希望他們先從 NP 開始，然後通過 XP，或者直接跳到 XP？你有這樣的感覺嗎？

Yeah. I would think it would be an NP first, yeah.

是的。我認為首先是 NP，是的。

Okay. On the optical I/O, the customer that ash for accelerated delivery. Do we still for our model plan on this fiscal year to -- the February quarter, I think you spell it out that it was going to be in the calendar first quarter. But does that mean should we assume that it will definitely happen in the February quarter fiscal (multiple speakers) Q3?

好的。在光纖 I/O 方面，客戶希望加快交貨速度。我們是否仍將本財年的模型計劃定為二月季度，我想您已經說明了它將在日曆第一季中進行。但這是否意味著我們應該假設這肯定會發生在第二季財報（多位發言者）第三季？

I don't know yet. They had originally talked about, and we acknowledged the order for Q1, which could have been through a March shipment. Recently, they're like sooner the better. So we're actually trying to pull it in.

我還不知道。他們最初討論過，我們確認了第一季的訂單，該訂單可能是透過三月發貨的。最近，他們似乎越早越好。所以我們實際上正在努力把它拉進來。

All right. So you're in charge of that. We should figure the February quarter then.

好的。所以你負責這件事。那我們應該計算二月的季度。

That's what we're working on, but they're listening too. So we're trying our best to pull it in. It's awesome. It's coming on really nicely. There's a couple of things that we're still working through from qualification and some thermal uniformity and things.

這就是我們正在做的事情，但他們也在傾聽。所以我們正在盡最大努力把它拉進來。這太棒了。一切進展順利。我們仍在努力解決資格認證和熱均勻性等問題。

But the system is being built up. We're actually building it in the integrated configuration. It will not be docked to our new Aligner, but it can easily be docked to it. So it's being configured in the new configuration that will allow it to just be rolled up against the new Aligner.

但該系統正在建立中。我們實際上是在整合配置中建構它。它不會與我們的新對準器對接，但可以輕鬆對接。因此，它正在新的配置中進行配置，這將允許它針對新的對齊器進行捲動。

So it can go on and off fully automated [fan]. Does that what you're working on?

因此它可以完全自動地打開和關閉[風扇]。這就是你正在做的事情嗎？

All they have to do is buy the aligner and we can bolt on a 300-millimeter front end on this thing, overhead transport or robotics. And it's fully [six] integrated into high-volume manufacturing floor.

他們所要做的就是購買對準器，我們可以在這個東西、高架運輸或機器人上安裝一個 300 毫米的前端。而且它已完全[六]整合到大批量生產車間。

That sounds really exciting. We've seen articles written that Taiwan Semi is pursuing something similar optical I/O. And would they be sneaky enough to be accessing your XP? You placed an XP in Taiwan and [and then also]. Will they be accessing that machine to do their stabilization and reliability testing versus coming directly --?

聽起來真的很令人興奮。我們看到有文章指出台積電正在研發類似的光學 I/O。他們會偷偷摸摸地訪問您的 XP 嗎？您在台灣放置了 XP，然後[然後也]。他們是否會訪問該機器進行穩定性和可靠性測試，而不是直接訪問——？

Sometimes, when you ask me a question, I just take you, but they are not right now. I don't want people to be left with opinion that they are. But I think the folks -- it's pretty interesting. We're trying to read up and we're talking to key players in the space. AMD, Intel, and NVIDIA have all been pounding this drum and seems like it's been picking up on this. And then TSMC and GlobalFoundries, in particular, want to play. So we want to be a part of this.

有時，當你問我問題時，我只是帶你去，但現在不是。我不希望人們留下這樣的看法。但我認為人們——這非常有趣。我們正在努力閱讀並與該領域的關鍵參與者進行交談。 AMD、英特爾和 NVIDIA 都在大力宣傳這一點，而且似乎也開始重視這一點。然後台積電和格羅方德尤其想參與其中。所以我們想成為其中的一部分。

And it's very interesting when you start thinking that it's not just the chip to chip that makes silicon photonics. In the chip itself, there's photons firing around inside on big bus planes that are transmitting these multi-gigabyte buses. And it just -- what semiconductors will look like in a decade versus what they are now, it's going to drastically change based upon silicon photonics.

當你開始思考矽光子學不僅僅透過晶片到晶片來實現時，你會發現這非常有趣。在晶片本身中，在傳輸這些數千兆位元組匯流排的大型匯流排平面上有光子在內部發射。十年後的半導體與現在的半導體相比，將基於矽光子學而發生巨大變化。

And for us, not only our processors burned in in general, by the way, but our focus has really been -- on this product has been on the burn-in of the fiber optic transceiver, the integrated laser. But there is also burn-in opportunities. And this is, as you know, because you've asked questions over the quarters, a lot of the play with bringing out the new Aligner was not just silicon carbide.

順便說一句，對我們來說，不僅是我們的處理器總體上老化，而且我們的重點實際上是 - 該產品一直是光纖收發器和集成雷射器的老化。但也存在老化的機會。如您所知，這是因為您在幾個季度中提出了問題，推出新對準器的許多作用不僅僅是碳化矽。

The silicon carbide guys, and again, guys are delighted by it. But that really wasn't -- I'm not going to sit here and tell you we started this project before we really saw the silicon carbide take off. And we did it because of mainstream wafer level burn-in for processors, automotive microcontrollers, and memory.

碳化矽傢伙們再次對此感到高興。但事實並非如此——我不會坐在這裡告訴你，我們在真正看到碳化矽騰飛之前就開始了這個計畫。我們這樣做是因為處理器、汽車微控制器和記憶體的主流晶圓級預燒。

We think, for sure, it's just too high volume. You can't be handling WaferPaks and walking them between a car and a thing. So that's what we did for -- we thrilled the depth, and the system is where -- the systems are working really well. We're getting really good feedback. We got another customer in here today. [I know that's TZ], and they're super impressed with it. And we're just pretty proud of it. I guess we're nerd, right?

我們認為，可以肯定的是，它的數量太大了。您無法處理 WaferPaks 並在汽車和物體之間行走。這就是我們所做的——我們對深度感到興奮，系統就在那裡——系統運作得非常好。我們得到了非常好的回饋。今天我們又來了一位顧客。 [我知道那是 TZ]，他們對此印象深刻。我們對此感到非常自豪。我想我們都是書呆子，對吧？

Another customer that you say for what market?

您說的另一個客戶針對什麼市場？

I didn't say that.

我沒那麼說。

No. I know. How did you describe them? I'm sorry, I didn't understand.

不，我知道。你是如何描述它們的？抱歉，我沒聽懂。

I just said another customer that's in here looking at it and they're very excited, and they gave us some really good feedback.

我剛剛說過，另一位客戶在這裡看到了它，他們非常興奮，並給了我們一些非常好的回饋。

Okay. I thought you mentioned what market they're in. So obviously, Taiwan Semi would be serving AMD and NVIDIA, that's why I was asking. I know you mentioned in the past that they're interested. And I would think it would come through Taiwan Semi, I'm sorry. [I was interested in that].

好的。我以為你提到了他們所處的市場。很明顯，Taiwan Semi 將為 AMD 和 NVIDIA 提供服務，這就是我問的原因。我知道你過去提到他們感興趣。抱歉，我認為它將透過台灣半導體來實現。 [我對此很感興趣]。

So you led me to my last question. As you stated, the XP was developed initially for memory, but lack of the automation held it back. Now that it's fully accepted and it's in the marketplace, when are you going to get evaluation tool to our big US memory maker that's planning on building several fabs in the US?

所以你讓我想到了最後一個問題。正如您所說，XP 最初是為記憶體而開發的，但缺乏自動化阻礙了它的發展。現在它已被完全接受並進入市場，您什麼時候可以為我們計劃在美國建造幾家晶圓廠的美國大型記憶體製造商提供評估工具？

As we've alluded to, and we are serious about it, we are actively pursuing the memory space again. We have had conversations and design reviews, not with everybody, but some of the folks that are candidly closer proximity, but not only on it. And that continues on, including with some meetings over the next few weeks.

正如我們已經提到的，並且我們是認真對待的，我們正在再次積極地追求記憶體空間。我們進行了對話和設計審查，不是與所有人，而是與一些坦率地接近的人，但不僅限於此。這種情況仍在繼續，包括未來幾週的一些會議。

It's a little awkward, but shareholders need to understand we actually have financial bonuses tied to every executive and the staff to get into memory. That includes me and every one of my staff members. They are multi-year plans, but we're always getting into memory. That has been my passion. That's what the tester was originally designed for, and we're not giving up.

這有點尷尬，但股東需要明白，我們實際上為每位高階主管和員工提供了財務獎金，以便記住。這包括我和我的每一位員工。它們是多年計劃，但我們總是會牢記在心。這一直是我的熱情所在。這就是測試儀最初設計的目的，我們不會放棄。

Well, you're the memory guys, so you're going to make it happen.

好吧，你們是記憶力強的傢伙，所以你們會讓這一切發生的。

Thank you, Larry.

謝謝你，拉里。

So great to see you progress, hopefully exceed your goals. Looks like it's possible. Everything comes together, so we'll be paying attention.

很高興看到你取得進步，希望超越你的目標。看起來是有可能的。一切都匯集在一起，所以我們會關注。

Thanks, Larry.

謝謝，拉里。

Thank care, you guys.

謝謝你們關心。

Thank you.

謝謝。

Dylan Patel, SemiAnalysis.

迪倫·帕特爾，半分析。

No question at this time. Sorry, mishmashed the phone.

目前沒有問題。抱歉，手機壞了。

It's okay.

沒關係。

This concludes our question-and-answer session. I'd like to turn the conference back over to Gayn Erickson for any closing remarks.

我們的問答環節到此結束。我想將會議轉回蓋恩·埃里克森（Gayn Erickson）做閉幕致詞。

Thanks, operator. I really appreciate everybody for joining us on the call again and spending an hour with us. And as always, we make ourselves available as much as we can. I will tell you we are traveling like crazy right now, but we're trying our best to get to everybody.

謝謝，接線生。我非常感謝大家再次加入我們的電話會議並與我們共度一個小時。一如既往，我們會盡可能提供協助。我會告訴你，我們現在正在瘋狂旅行，但我們正在盡最大努力到達每個人。

We do have our shareholders meeting on the 23rd, that generally like a lot of shareholders. They're not that exciting or anything, but we do have them here. We will be here with executives to do Q&A. And we typically will throw smoke on you and walk you through the manufacturing area. So if you can and want to join us, just give us a heads up, and we'd love to meet you there.

我們確實在 23 號召開股東大會，這通常是許多股東喜歡的。它們並不是那麼令人興奮或任何東西，但我們這裡確實有它們。我們將與高階主管一起進行問答。我們通常會向您噴煙並帶您穿過製造區域。因此，如果您可以並且想加入我們，請提前告知我們，我們很樂意在那裡見到您。

And with that, we'd turn it back over and take care. We will all talk to you next quarter. Bye-bye.

有了這個，我們就把它翻過來並照顧好。我們將在下個季度與您交談。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。您現在可以斷開連線。