Aehr Test Systems (AEHR) 2024 Q3 法說會逐字稿

Greetings and welcome to the Aehr Test Systems third quarter fiscal 2024 financial results call. At this time, all participants are in a listen only mode. A question and answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please press star zero on your telephone keypad. Please note this conference is being recorded. I would now turn the conference over to your host, Jim Byers of MKR Investor Relations. You may begin.

歡迎參加 Aehr Test Systems 2024 財年第三季財務業績電話會議。此時，所有參與者都處於只聽模式。正式演講後將舉行問答環節。如果有人在會議期間需要接線員協助，請按下電話鍵盤上的星號零。請注意，本次會議正在錄製中。現在我將會議交給主持人 MKR 投資者關係部門的吉姆·拜爾斯 (Jim Byers)。你可以開始了。

Thank you, operator. Good afternoon, and welcome to Aehr Test Systems third quarter fiscal 2024 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, Chris Siu. Before I turn the call over to Jane and Chris, I'd like to cover a few quick items this afternoon right after the market closed, Aehr Test issued a press release announcing its fiscal 2024 third quarter financial results. That release is available on the Company's website at Air.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，接線生。下午好，歡迎參加 Aehr Test Systems 2024 財年第三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 和財務長 Chris Siu。在我把電話轉給 Jane 和 Chris 之前，我想先簡單介紹一下今天下午市場收盤後的一些問題，Aehr Test 發布了一份新聞稿，宣布其 2024 財年第三季度財務業績。新聞稿可在公司網站 Air.com 上取得。此次電話會議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 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 state. Now, I'd like to turn the conference call over to Gayn Erickson, President and CEO.

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。這些因素在公司向 SEC 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，僅在當前日期有效，Aehr Test Systems 不承擔更新前瞻性陳述的義務。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 our third quarter fiscal 2014 earnings call. Thanks for joining us today. I'll start with a quick summary of the quarter and spent some time to address what we're seeing across key markets areas addressing for our semiconductor wafer level test and burn-in systems. We've actually had a lot of questions in last couple of weeks and also feedback coming in. So our plan is to take some time to cover all of the markets that we're addressing, and then we'll open it up for questions.

謝謝，吉姆。大家下午好，歡迎參加我們的 2014 財年第三季財報電話會議。感謝您今天加入我們。我將首先對本季進行快速總結，並花一些時間來討論我們在關鍵市場領域所看到的半導體晶圓級測試和老化系統的情況。實際上，過去幾週我們收到了很多問題，也收到了回饋。因此，我們的計劃是花一些時間來涵蓋我們正在解決的所有市場，然後我們將開放提問。

As we discussed in our second quarter earnings call, we've seen several pushouts of forecasted orders by current and new customers that impacted our fiscal year revenues. We believe that this was due to two key factors. There's clearly softness in the overall semiconductor capital spending, particularly in automotive applications as related to a glut in inventory driving down near term orders to these companies that has caused them to push out capital spending and drive cost reductions. Multiple companies, including the companies we had expected orders from have publicly discussed inventory related headwinds in their public earnings calls and press releases.

正如我們在第二季財報電話會議中所討論的那樣，我們已經看到當前和新客戶多次推出預測訂單，這影響了我們的財年收入。我們認為這是由於兩個關鍵因素造成的。整體半導體資本支出明顯疲軟，特別是在汽車應用領域，因為庫存過剩導致這些公司的近期訂單減少，從而導致他們推出資本支出並降低成本。多家公司，包括我們預計收到訂單的公司，都在其公開財報電話會議和新聞稿中公開討論了與庫存相關的不利因素。

In addition, we've seen specific shifts in order timing of our equipment used for wafer-level test and burn-in of silicon carbide power semiconductors used in electric vehicles in just the last two weeks of the quarter, we saw delays in orders for silicon carbide systems with customer requested ship dates within the quarter as well as a last-minute push out by a customer of a system in our backlog. The net effect of this was a significant shift in revenues out of the third and fourth quarters until this time we've been hearing from those customers that their silicon carbide-based capital investments were not being impacted. It is now clear that the recent overall softness in semiconductors and the impact of shifts in electric vehicle introductions and ramps are impacting our bookings and revenue core forecast more than we understood only two months ago at our last earnings call.

此外，僅在本季度的最後兩週，我們就看到用於電動車中使用的碳化矽功率半導體的晶圓級測試和老化設備的訂單時間發生了具體變化，我們看到了訂單延遲碳化矽系統，客戶要求在本季度內發貨，以及客戶在我們積壓訂單中的系統的最後一刻推出。其淨效應是第三季和第四季營收發生重大變化，直到此時我們才從這些客戶得知他們的碳化矽資本投資並未受到影響。現在很明顯，最近半導體的整體疲軟以及電動車推出和銷售變化的影響對我們的預訂和核心收入預測的影響比我們兩個月前在上次財報電話會議上所理解的還要大。

We now expect this to last for another quarter or two before their orders resume excuse me, based on the latest roll-up of direct forecast from over a dozen silicon carbide companies. Due to this last month, we revised our guidance for our fiscal 24 year end ending May 31st, 2024 to be greater than $65 million in total revenue and net income of at least $11 million, which we're reiterating today. We still expect to finish this year with annual revenues that are near or above our full year record. Our discussions with customers indicate that the key markets areas addressing for semiconductor wafer level test and burn-in have significant growth opportunities that will expand this year and throughout this decade. And we're seeing increased customer engagement in each of these markets.

根據十幾家碳化矽公司最新的直接預測匯總，我們現在預計這種情況將再持續一兩個季度，然後他們的訂單才會恢復。因此，上個月，我們將截至 2024 年 5 月 31 日的 24 財年的指導方針修改為總收入超過 6500 萬美元，淨利潤至少為 1100 萬美元，今天我們重申這一點。我們仍然預計今年的年收入將接近或高於我們的全年記錄。我們與客戶的討論表明，半導體晶圓級測試和老化的關鍵市場領域擁有巨大的成長機會，並將在今年和整個十年內擴大。我們發現這些市場的客戶參與度有所提高。

We've also seen a recent strengthening in the silicon carbide market for electric vehicles outside the US and what appears to be a shift in market share of electric vehicle suppliers. This clearly includes Asia, where we recently had an extensive and very productive visit with a significant number of silicon carbide suppliers and electric vehicle suppliers. On today's call, I'll discuss each of the major market segments, areas addressing for wafer-level burn-in and semiconductors, which include silicon carbide, gallium nitride, silicon photonics and memory semiconductors, as well as tee up an opportunity we hope to discuss in the coming months. I'll also include the trends we're seeing in Asia, EV suppliers and impact on silicon carbide.

我們也看到美國以外的電動車碳化矽市場最近有所增強，電動車供應商的市場份額似乎發生了變化。這顯然包括亞洲，我們最近對亞洲的大量碳化矽供應商和電動車供應商進行了廣泛且富有成效的訪問。在今天的電話會議上，我將討論每個主要細分市場、晶圓級老化和半導體領域，其中包括碳化矽、氮化鎵、矽光子和儲存半導體，並提供我們希望的機會在未來幾個月內進行討論。我還將介紹我們在亞洲看到的趨勢、電動車供應商以及對碳化矽的影響。

And there's opportunity to address this market according to market forecasts, including the Semiconductor Industry Association, the semiconductor industry expected to grow from $600 billion in 2022. And by the way, we apologize, someone noted that that was incorrectly noted is million in our press release. So we'll get that corrected to over $1 trillion at or around 2030. This acceleration is coming from mega market drivers, including artificial intelligence, green energy and decarbonization and IoT-based digital transformation, increased reliability concerns about semiconductors and a growing number of mission critical applications as well as more multichip modules or heterogeneous integration with multiple devices being assembled together in a single package are driving the need for wafer level burn-in at semiconductor industry conferences around the world, we've seen an increased focused on moving test and burn-in to wafer level before these devices are put into multichip packages or modules.

根據包括半導體行業協會在內的市場預測，我們有機會解決這個市場的問題，半導體行業預計到2022 年將從6000 億美元增長。順便說一句，我們道歉，有人指出我們的媒體錯誤地指出了這一數字發布。因此，我們將在2030 年左右將這一數字修正為超過1 兆美元。這種加速來自巨大的市場驅動因素，包括人工智慧、綠色能源和脫碳以及基於物聯網的數位轉型、對半導體可靠性擔憂的增加以及越來越多的任務關鍵型應用以及更多的多晶片模組或將多個設備組裝在一個封裝中的異構集成正在推動世界各地半導體行業會議上對晶圓級老化的需求，我們看到人們越來越關注移動測試在將這些裝置放入多晶片封裝或模組之前，進行晶圓級老化。

These favorable macro trends are driving the business that drives Aehr Test and include the following silicon carbide power devices going into high density modules for power conversion and electric vehicles, gallium nitride power semiconductors going into automotive, solve solar and other industrial applications where reliability and safety are critically important. Silicon photonics for Photonics integrated circuits are being put into transceivers for data center infrastructure and optical chip-to-chip communication of CPU, GPU and AI processors to address to address the insatiable data storage and bandwidth needs of these applications and memory devices, whether stacked die for solid state disk drives to use in enterprise and data storage or with AI processors. Again, to address the ever-increasing need for memory density and bandwidth of these applications.

這些有利的宏觀趨勢正在推動推動Aehr Test 的業務發展，其中包括以下碳化矽功率裝置進入用於功率轉換和電動車的高密度模組，氮化鎵功率半導體進入汽車、解決太陽能和其他需要可靠性和安全性的工業應用。至關重要。用於光子積體電路的矽光子正在被應用於資料中心基礎設施的收發器以及CPU、GPU 和AI 處理器的光學晶片到晶片通信，以解決這些應用程式和儲存設備（無論是堆疊式）的數據儲存和頻​​寬需求。用於企業和資料儲存或人工智慧處理器的固態磁碟機模具。同樣，為了滿足這些應用程式對記憶體密度和頻寬不斷增長的需求。

Now let me touch on each of these briefly, starting with silicon carbide market, while we remain cautious, looking ahead to the next quarter or two, we are seeing signs of improvement in the silicon carbide market. Last week we announced an order from a new customer for our FOX-1P solution for engineering qualification, smaller production of their silicon carbide power devices. This customer is a multibillion dollar per year global semiconductor company with locations across Europe, Asia and the Americas, and has a wide range of automotive products and is entering the silicon carbide market to address several applications that include automotive, industrial and electrification infrastructure.

現在讓我簡單地談一談，從碳化矽市場開始，雖然我們保持謹慎，但展望未來一兩個季度，我們看到碳化矽市場出現改善的跡象。上週，我們宣布了一位新客戶的訂單，訂購我們的 FOX-1P 解決方案，用於工程鑑定、碳化矽功率裝置的小批量生產。該客戶是一家年銷售額達數十億美元的全球半導體公司，業務遍及歐洲、亞洲和美洲，擁有廣泛的汽車產品，並正在進入碳化矽市場，以滿足包括汽車、工業和電氣化基礎設施在內的多種應用。

This customer sees the enormous opportunity for silicon carbide power devices and has told us they plan to transition to our FOX-XP multi-wafer test and burn-in systems as they ramp to high-volume production. This is the third straight customer in a row for silicon carbide for us that is primarily focused on our applications other than diabetes. 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. Interestingly, this is also the third customer that did not need to see their wafers tested on our system before they move forward to purchase from us.

這位客戶看到了碳化矽功率裝置的巨大機遇，並告訴我們，他們計劃在投入大量生產時過渡到我們的 FOX-XP 多晶圓測試和老化系統。這是我們連續第三個碳化矽客戶，主要專注於糖尿病以外的應用。這些額外的應用擴大了我們的市場機會，威廉布萊爾預測到 2030 年每年將需要 450 萬美元的六英寸等效碳化矽晶圓。僅用於電動車。到 2030 年，這些新應用每年將帶動價值 280 萬美元的六英寸等效晶圓的生產，以滿足工業太陽能電動列車、能源轉換和其他應用的需求。有趣的是，這也是第三個在向我們購買之前不需要在我們的系統上測試其晶圓的客戶。

I've mentioned this before, but the need for testing before purchase was essentially a requirement with our early customer engagements. And it's clear that many of our potential new customers have become much more comfortable moving forward with air simply on our assurances that our solution will performance committed. This allows the customers to accelerate their time to market. Of course, we're still happy to engage with customers if they want to see their wafers tested first, we still have yet to lose a prescriber of prospective customer after demonstrating our test and burn-in capabilities on their wafer and have never lost a head to head evaluation to a competitive product. Since introducing our box NP and XP configured with the silicon carbide and gallium nitride test resources.

我之前已經提到過這一點，但購買前進行測試的必要性本質上是我們早期客戶參與的要求。很明顯，我們的許多潛在新客戶已經變得更加放心地使用空氣，僅僅因為我們保證我們的解決方案將履行承諾的性能。這使客戶能夠加快產品上市時間。當然，如果客戶希望先測試他們的晶圓，我們仍然很樂意與他們接觸，在他們的晶圓上展示了我們的測試和老化能力後，我們仍然沒有失去潛在客戶的處方者，並且從未失去過對有競爭力的產品進行面對面的評估。自從推出我們的配備碳化矽和氮化鎵測試資源的 NP 和 XP 盒子以來。

While we are seeing the impact of a slower adoption of battery electric vehicles than most imagined a year ago, our initial wins and ongoing qualifications at multiple device manufacturers drive our optimistic optimism from a longer-term perspective. So far, we have secured a total of seven silicon carbide customers that have ordered our FOX-P family of systems and proprietary WaferPak full wafer contactors. We're engaged with well over a dozen additional silicon carbide players in evaluations of our systems and our wafer benchmarks where we build a box wafer contactor for them and test their devices at Aehr Test to demonstrate the feasibility and correlation of results to meet their reliability requirements. We're focused on the qualification process with as many new customers as possible.

雖然我們看到電池電動車的採用速度比一年前大多數人想像的要慢，但我們最初的勝利和多家設備製造商的持續資格從長遠角度推動了我們的樂觀情緒。到目前為止，我們共有 7 個碳化矽客戶訂購了我們的 FOX-P 系列系統和專有的 WaferPak 全晶圓接觸器。我們與十幾家其他碳化矽製造商合作，評估我們的系統和晶圓基準，為他們建造一個盒式晶圓接觸器，並在Aehr Test 上測試他們的設備，以證明結果的可行性和相關性，以滿足其可靠性要求要求。我們專注於與盡可能多的新客戶進行資格認證流程。

As again, once we've demonstrated our FOX wafer level test and burn-in solution using their own wafers, we've not lost a potential customer yet. Our benchmarks with multiple silicon carbide suppliers continued to progress this quarter. This includes on wafer benchmark that we've been working on for multiple years, we believe and understand now that some of the market share shifts in both total market and specific end customers had an impact on and delayed new customer decision timelines. We still believe that their silicon carbide module and die sales plans will drive the need for known good die and wafer level burn-in and that we will win more than our fair share of these opportunities.

再次強調，一旦我們使用自己的晶圓展示了我們的 FOX 晶圓級測試和老化解決方案，我們就還沒有失去潛在客戶。本季我們與多家碳化矽供應商的基準持續取得進展。這包括我們多年來一直致力於的晶圓基準，我們現在相信並理解，整個市場和特定最終客戶的一些市場份額變化對新客戶決策時間表產生了影響並延遲了。我們仍然相信，他們的碳化矽模組和晶片銷售計劃將推動對已知良好晶片和晶圓級老化的需求，並且我們將贏得更多的這些機會。

In addition to our customer related travel to Europe and across the US. We most recently had extensive physics with a cost of a significant number of Asian silicon carbide suppliers and the electric vehicle suppliers themselves the tone and demand for EVs is much stronger outside the US, particularly in China and South Korea. Clearly, we also heard that there's a real need for quality, low cost, high-volume automated solution for wafer level burn-in of silicon carbide devices, particularly in the automotive segment.

除了我們與客戶相關的歐洲和美國各地旅行。最近，我們對大量亞洲碳化矽供應商和電動車供應商本身進行了廣泛的物理調查，美國以外地區對電動車的基調和需求要強勁得多，特別是在中國和韓國。顯然，我們也聽說，碳化矽元件的晶圓級預燒確實需要高品質、低成本、大量的自動化解決方案，特別是在汽車領域。

Peter, based on what we saw, the electric vehicle suppliers in China have a very strong focus on silicon carbide to the point of actively marketing silicon carbide power conversion as a differentiating feature. We personally visited several EV suppliers, sales stores and with which were basically all in malls or retail shopping areas like we see Tesla here in the US and three of them basically position their silicon carbide-based EVs as superior almost apologizing that this particular version is only IGBT, but next year's model is silicon carbide base. They have no idea who we were or that we have any skin in the game for silicon carbide.

Peter，根據我們的觀察，中國的電動車供應商非常關注碳化矽，以至於積極行銷碳化矽功率轉換作為差異化功能。我們親自拜訪了幾家電動車供應商、銷售商店，基本上都在購物中心或零售購物區，就像我們在美國看到的特斯拉一樣，其中三個基本上將他們的基於碳化矽的電動車定位為優越，幾乎為這個特定版本感到抱歉。只有IGBT，但明年的型號是碳化矽基。他們不知道我們是誰，也不知道我們參與了碳化矽的遊戲。

Another notable was that we heard across the board from both the suppliers themselves and also the power semiconductor suppliers is that all the Asia electric vehicle suppliers appear to be drunk driving to build module-based silicon carbide for their power inverters in their cars rather than the discrete devices like what Tesla has done. And they also have a very high expectation for delivering quality. We've heard from multiple companies that they're driving to supply silicon carbide and wafer level burn-in to local suppliers because they believe they can get higher quality known, good die and they can from suppliers outside of Asia, driving wafer level burn-in of devices before they're put into modules is critically important to them to remove infant mortality, which bodes well for our solutions per report last year, UBS forecasted that in 23, 91% of the batteries sold in electric vehicles would be 400 volt and only 9% would be 800 volt. But by 2026, UBS expects the percentage of 800 volt batteries to be about 30%.

另一個值得注意的是，我們從供應商本身以及功率半導體供應商那裡普遍聽到的是，所有亞洲電動汽車供應商似乎都在醉酒駕駛，為他們的汽車功率逆變器製造基於模組的碳化矽，而不是像特斯拉所做的那樣的分立設備。他們對交付品質也抱有很高的期望。我們從多家公司獲悉，他們正在推動向當地供應商供應碳化矽和晶圓級預燒，因為他們相信他們可以從亞洲以外的供應商那裡獲得更高品質的已知良好晶片，從而推動晶圓級預燒- 在將設備放入模組之前進行安裝對於消除嬰兒死亡率至關重要，這對我們的解決方案來說是個好兆頭根據去年的報告，瑞銀集團預測，到23 年，電動汽車銷售的電池中91% 將是400伏，只有 9% 是 800 伏特。但到 2026 年，瑞銀預計 800 伏特電池的比例將達到 30% 左右。

The report report also focused on the progression of electric vehicle batteries from 400 to 800 volt, which is generally recognized, but the industry at where the silicon carbide is mandatory to get the range and recharging speed. Consumers are demanding this is why it appears so make silicon carbide suppliers are timing their major ramps to be in 2025 and 2026 timeframe. So in the next couple of years, we expect air to benefit from both an increased number of electric vehicles being sold as well as a significant increase in silicon carbide mean our solution for those electric vehicles, the electric vehicle market in Asia, particularly China and South Korea is very robust, supported by public and consumer sentiment. And they have some really incredible cars that are being built for electric vehicles.

該報告還重點關注了電動車電池從400伏到800伏的發展，這是普遍認可的，但在該行業中，碳化矽必須獲得續航里程和充電速度。消費者的要求正是如此，因此碳化矽供應商將其主要產能計畫安排在 2025 年和 2026 年。因此，在未來幾年中，我們預計空氣將受益於電動車銷量的增加以及碳化矽的顯著增加，這意味著我們為這些電動車、亞洲電動車市場（特別是中國和美國）提供的解決方案韓國非常強勁，受到大眾和消費者情緒的支持。他們正在為電動車製造一些非常令人難以置信的汽車。

I now fully understand why Tesla has stated that their key comp, their key competition is from Asia and why both US and European auto suppliers in particular are so worried from the feedback we received from a significant number of potential customers in Asia. We believe that areas proprietary wafer-level burn-in systems based upon our patented proprietary WaferPak contactors, appear to have a key value proposition, and we see a high degree of interest in our solutions. We already have people in infrastructure across Asia, including China. We have shipped and supported our packaged part burn-in systems into China for many years and have also already shipped our FOX wafer level test and burn-in systems into China a few years ago, based on customer commitments, we're discussing expanding our presence in China in terms of support infrastructure and resources.

我現在完全理解為什麼特斯拉表示他們的主要競爭對手、主要競爭來自亞洲，以及為什麼美國和歐洲汽車供應商對我們從亞洲大量潛在客戶收到的回饋感到如此擔憂。我們相信，基於我們專利的 WaferPak 接觸器的專有晶圓級老化系統似乎具有關鍵的價值主張，我們看到人們對我們的解決方案高度感興趣。我們已經在包括中國在內的亞洲各地擁有基礎設施人員。多年來，我們已將我們的封裝零件老化系統運送到中國並為其提供支持，幾年前我們也已將我們的FOX 晶圓級測試和老化系統運送到中國，根據客戶承諾，我們正在討論擴大我們的服務範圍。在支持基礎設施和資源方面在中國的存在。

We have also put additional measures in place to ensure the protection of our IP and patents that we feel will help to secure our proprietary capabilities and allow us to grow and maintain market share over time. We look forward to providing updates on our plans for the next few months. Now let me discuss our progress with testing and burning gallium nitride power semiconductors. We continue to be encouraged by this market and believe it to be significant in terms of market size for semiconductors. In addition to its wide adoption in consumer devices such as cell phones, tablets and laptop computers.

我們還採取了額外措施來確保我們的智慧財產權和專利得到保護，我們認為這將有助於確保我們的專有能力，並使我們能夠隨著時間的推移不斷增長和維持市場份額。我們期待提供未來幾個月計劃的最新資訊。現在讓我討論一下我們在測試和燃燒氮化鎵功率半導體方面的進展。我們繼續受到這個市場的鼓舞，並相信它在半導體市場規模方面具有重要意義。除了在手機、平板電腦和筆記型電腦等消費性設備中廣泛採用之外。

Gallium nitride is being targeted for use in solar data centers and automobiles, whether electric or traditional gasoline, automobiles, critical reliabilities of these reliability needs of these target markets appear to be increasingly driving production burn-in requirements, and there's FOX-XP multi-wafer system can deliver both the power and high-voltage required to do massive parallel per die and multiple wafer test of gallium nitride devices for a very cost effective solution. During the quarter, we announced our first order for a FOX wafer level test and burn-in system to be used for gallium nitride devices. And we have a second potential Fox plus system customer that has been purchasing our WaferPak contactors for their on-site evaluation that we believe is progressing very well.

氮化鎵的目標是用於太陽能數據中心和汽車，無論是電動車還是傳統汽油車，這些目標市場的這些可靠性需求的關鍵可靠性似乎越來越多地推動生產老化要求，並且有FOX- XP 多晶圓系統可以提供對氮化鎵裝置進行大規模並行每個晶片和多晶圓測試所需的功率和高壓，從而提供非常具有成本效益的解決方案。本季度，我們宣布了第一筆用於氮化鎵裝置的 FOX 晶圓級測試和老化系統訂單。我們還有第二個潛在的 Fox plus 系統客戶，他們一直在購買我們的 WaferPak 接觸器進行現場評估，我們相信評估進展順利。

As I've noted before, we're working with several of the GaN suppliers, including the two market leaders which process positions us front and center in this market that we believe is another potential significant growth driver for our wafer-level solutions. The test requirements for GaN for full wafer actually quite different than silicon carbide in terms of technical implementation. However, our Box Platform has been capable has been capable of testing these devices with the functionality and flexibility of our unique like Fox blade architecture, which allows us to configure the test blade for specific applications with the same infrastructure. This has proven to be very impressive to these customers. As in fact, that even they did not understand the implications of testing an entire wafer at very high voltage and the resulting impact on the test schematic do just leakages of their devices.

正如我之前指出的，我們正在與幾家GaN 供應商合作，其中包括兩家市場領導者，他們的工藝使我們在這個市場中處於領先地位和中心位置，我們相信這是我們晶圓級解決方案的另一個潛在的重要成長動力。 GaN全晶圓的測試要求實際上與碳化矽在技術實現上有很大不同。然而，我們的 Box 平台已經能夠利用我們獨特的 Fox 刀片架構的功能和靈活性來測試這些設備，這使我們能夠使用相同的基礎設施為特定應用程式配置測試刀片。事實證明，這給這些客戶留下了深刻的印象。事實上，即使他們也不理解在非常高的電壓下測試整個晶圓的影響以及由此對測試原理圖產生的影響只會導致他們的設備洩漏。

We were able to address this with our channel modules, some proprietary custom wafer packs to address the test challenge. And honestly, both their and our customers were very happy with the flexibility of our systems to do this. We've we've been told now that burn-in will be required for GaN going into mission critical applications such as automotive, solar and some industrial applications. And the amount of burn-in time is still being worked on still, this is good news for us, and we feel we're well positioned to capitalize on this opportunity with our solutions in these lead customers. We're also seeing some additional new small and large players engaged with us for GaN. We've been seeing comp consolidation within the industry of smaller key gallium nitride players being acquired by the larger suppliers. So all potential customers are believed to have real potential in the future.

我們能夠透過我們的通道模組和一些專有的客製化晶圓套件來解決這個問題，以應對測試挑戰。老實說，他們和我們的客戶都對我們系統執行此操作的靈活性感到非常滿意。我們現在被告知，GaN 進入汽車、太陽能和一些工業應用等關鍵任務應用時需要老化。老化時間仍在研究中，這對我們來說是個好消息，我們認為我們已經做好充分準備，可以利用我們在這些主要客戶中的解決方案來利用這個機會。我們也看到一些新的小型和大型廠商與我們合作開發 GaN。我們已經看到行業內較小的主要氮化鎵廠商被較大的供應商收購的公司整合。因此，所有潛在客戶都被認為在未來具有真正的潛力。

Turning to silicon photonics, which are silicon-based semiconductors with integrated photon are light light-based transmission of signals within and into and out of the silicon laser photonic emitters and photonic receivers. We're very excited to ship during the quarter and ahead of schedule. The first order from a major silicon photonics customer for our new high-power configuration of our FOX-XP system for volume production, wafer level burn-in and stabilization of next-generation silicon photonics integrated systems circuit sorry, this new high-power configuration expands the market opportunities of the FOX-XP system and has configured to enable cost effective volume production test of wafers of next-generation photonic integrated circuits, which are targeted for use in the new optical I/O or co-packaged optics market for chip-to-chip communication.

轉向矽光子學，它是具有整合光子的矽基半導體，是在矽雷射光子發射器和光子接收器內部、進出訊號的光傳輸。我們非常高興能在本季提前出貨。來自主要矽光子客戶的第一筆訂單，用於我們的FOX-XP 系統的新高功率配置，用於批量生產、晶圓級老化和下一代矽光子集成系統電路的穩定性抱歉，這種新的高功率配置擴大了FOX-XP 系統的市場機會，並進行了配置，以實現下一代光子積體電路晶圓的經濟有效的批量生產測試，這些晶圓的目標是用於新的光學I/O 或晶片的共封裝光學市場- 到晶片的通訊。

As we discussed before, companies such as AMD and Vidia, Intel, TSMC and global foundries have all announced plans for silicon photonics, integrated circuits and integration of these pack. These in packages with other devices such as CPUs, GPUs and AI processors, our FOX wafer level test and burn-in solution with our proprietary WaferPak, full wafer contactors are a great fit for the silicon photonics 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. Our new FOX 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.

正如我們之前討論的，AMD 和 Vidia 等公司、英特爾、台積電和全球代工廠都宣布了矽光子、集成電路和這些組件集成的計劃。它們與 CPU、GPU 和 AI 處理器等其他設備封裝在一起，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。我們新的FOX生產系統配置，可用於測試和老化。這些新光學 I/O 設備進一步擴大了 FOX-XP 系統的市場機會。

In addition, the power and functionality of lasers used to transmit data are critically important to the performance of the communication channel and Air Solutions, not only read out early life failures, but also peripheral improve the performance of the device through what the photonics industry refers to as stabilization during the first day or two of normal operation the laser output characteristics change in an exponentially decaying manner and must be stabilized until the train stops before the final product can be tuned to meet its performance specifications. Air can do this across an entire wafer of fully integrated photonic integrated circuits with embedded or attached laser emitters.

此外，用於傳輸資料的雷射的功率和功能對於通訊通道和空氣解決方案的性能至關重要，不僅可以讀出早期壽命故障，還可以透過光子產業所指的外圍設備來提高設備的性能為了在正常運作的第一天或第二天保持穩定，雷射輸出特性以指數衰減的方式變化，並且必須保持穩定，直到列車停止，然後才能調整最終產品以滿足其性能規格。空氣可以在具有嵌入式或附加雷射發射器的完全集成光子集成電路的整個晶圓上實現這一點。

Air currently has six customers using our systems for production test of their silicon photonics devices, five using our NP and XP systems for wafer level test and burn-in, and one using both systems for engineering production, burn-in of individual singulated die and modules using our proprietary die packs. While the timing of these devices and volume ramps are not publicly clear, we remain very enthusiastic about the silicon photonics market and are watching this market very closely we continue to work 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 now onto memory.

Air 目前有6 家客戶使用我們的系統對其矽光子裝置進行生產測試，其中5 家使用我們的NP 和XP 系統進行晶圓級測試和預燒，還有1 家使用這兩種系統進行工程生產、單一晶片的預燒和預燒。使用我們專有晶片組的模組。雖然這些裝置的上市時間和產量成長尚不清楚，但我們仍然對矽光子市場充滿熱情，並正在密切關注這個市場，我們將繼續與矽光子領域的一些領導者合作，以確保我們擁有產品和現有的解決方案可以滿足他們對記憶體這一潛在重要市場應用的需求。

According to the average of multiple market forecasters in 24, memory semiconductors will make up over 50% of the total semiconductor wafer shipped in the whole world this is a approximately half nan flash memory and half DRAM. We are making continued progress in our ongoing discussions with multiple memory suppliers. We see the memory market as a significant opportunity for us to deliver wafer-level burn-in solutions to help memory suppliers meet their reliability and quality needs, particularly with stack die applications.

根據24日多個市場預測人士的平均，儲存半導體將佔全球半導體晶圓出貨總量的50%以上，約一半是奈米閃存，一半是DRAM。我們與多家記憶體供應商的持續討論不斷取得進展。我們認為記憶體市場是我們提供晶圓級老化解決方案的重要機會，可以幫助記憶體供應商滿足其可靠性和品質需求，特別是在堆疊晶片應用方面。

During the next year, we're driving for our first on wafer benchmark in partnership with a leading NAN supplier using our proprietary wafer packs and FOX wafer level test and burn-in system with our new fully automated wafer pack aligner, we see in our initial opportunity for test demand for solid-state disk drives used in enterprise and data storage where can deliver compelling cost effectiveness and also readout infant mortality issues before multiple die or put in a single package. Longer term, we believe DRAM will be a critical target market for our systems, particularly as a percentage of DRAM going into multi-chip modules such as GPUs, CPUs and AI processors increases.

在接下來的一年裡，我們將與一家領先的NAN 供應商合作，使用我們專有的晶圓包和FOX 晶圓級測試和老化系統以及我們全新的全自動晶圓包對準機，推動我們的第一個晶圓基準測試，我們在企業和資料儲存中使用的固態磁碟機的測試需求的初始機會，可以提供令人信服的成本效益，並在多個晶片或放入單一封裝之前閱讀出嬰兒死亡率問題。從長遠來看，我們相信 DRAM 將成為我們系統的關鍵目標市場，特別是隨著 DRAM 進入 GPU、CPU 和 AI 處理器等多晶片模組的比例增加。

Now I want to spend a minute on the overall artificial intelligence semiconductor market. I've already discussed how we're working with silicon photonics suppliers for their plans at integrating silicon photonics as optical communication transceivers and devices, including AI processors. We also see co-packaged quote memory in AI processors as a key driver for wafer-level burn-in of DRAM. for these devices, we also see a significant opportunity for the AI processors themselves, our new high-power FOX system that we discussed for optical I/O semiconductor burn-in, the FOX-XP multi-wafer wafer production system we began shipping last month is the world's highest power per wafer system on the market, and it handles up to nine wafers at a time also unprecedented in the industry.

現在我想花一點時間談談整個人工智慧半導體市場。我已經討論過我們如何與矽光子供應商合作，以實現他們將矽光子集成為光通訊收發器和設備（包括人工智慧處理器）的計劃。我們也認為 AI 處理器中的共同封裝記憶體是 DRAM 晶圓級老化的關鍵驅動力。對於這些設備，我們也看到了AI 處理器本身的重大機會，我們討論了用於光學I/O 半導體預燒的新型高功率FOX 系統，以及我們去年開始發貨的FOX-XP 多晶圓片生產系統月是市場上世界上單晶圓功率最高的系統，它一次可處理多達九個晶圓，這在業界也是史無前例的。

This system is capable of testing up to full 300 millimeter wafers of processors up to several thousand watts of power and over 2000 amps at current on each of nine wafers in parallel by moving the burden from package module or final system form. It is done today to and move it to wafer level. Our customers can achieve enormous savings related to yield loss of modules with up to hundreds of other devices or chiplets in the same module.

該系統能夠透過將負擔從封裝模組或最終系統形式中轉移出來，在九個晶圓上並行測試高達數千瓦功率和超過 2000 安培的處理器的完整 300 毫米晶圓。今天已經完成並將其轉移到晶圓級。我們的客戶可以在同一模組中使用多達數百個其他裝置或小晶片，從而實現與模組良率損失相關的巨大節省。

On the case to system level test, the cost of the whip inventory and yield loss of infrastructure. The systems around these modules or chips, wafer level burn-in challenges we're working on include putting extremely high currents onto the wafer without damaging the wafer contactor thermal management of the high-power devices with very high leakage currents associated with the high burn and temperatures we can apply and automation and handling of these very expensive wafers built on the most state-of-the-art logic process geometries in the world. Stay tuned to hear more about this exciting new application for our products over the next several months and lastly, I want to discuss our WaferPaks, which are basically the consumable that accompanies and as required with all of our weight, FOX wafer level test and burn-in systems, we continue to be very pleased with the continued stream of new designs for WaferPaks.

在系統級測試的情況下，基礎設施的庫存成本和產量損失。圍繞著這些模組或晶片的系統，我們正在解決的晶圓級老化挑戰包括在不損壞晶圓接觸器的情況下將極高的電流施加到晶圓上，以及與高燒毀相關的高漏電流的高功率元件的熱管理我們可以應用的溫度以及自動化和處理這些非常昂貴的晶圓，這些晶圓建立在世界上最先進的邏輯製程幾何形狀上。請繼續關注，在接下來的幾個月中了解有關我們產品的這一令人興奮的新應用的更多信息，最後，我想討論我們的WaferPaks，它基本上是伴隨我們所有重量、FOX 晶圓級測試和刻錄所需的消耗品-在系統方面，我們仍然對 WaferPaks 不斷推出的新設計感到非常滿意。

Our new design volume has almost doubled this year compared to last year is we're seeing more and more design spend silicon carbide, GaN, silicon photonics and other applications. As a result, our customers are buying additional WaferPak contactors for these new designs, highlighting the recurring revenue part of our business as we've noted before, our proprietary WaferPak contactors are needed with our FOX wafer-level test and burn-in systems to make contact with the individual die on the wafer and are designed specifically for a given device as our customers win new designs from their customers or eventually secures orders for new wafer packs to fulfill these new wins.

與去年相比，我們今年的新設計量幾乎翻了一番，因為我們看到越來越多的設計支出在碳化矽、GaN、矽光子和其他應用上。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，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，並專為給定設備而設計，因為我們的客戶從其客戶那裡贏得了新設計，或最終獲得了新晶圓組的訂單以實現這些新的勝利。

With each new design, our customers will need enough new wafer packs to meet the volume production capacity need for those new devices, our wafer packs will be greater than 50% of our total revenues this fiscal year which is fantastic and underscores the business model that allows us to grow both from added capacity from our FOX systems, but also with WaferPaks to serve an ever increasing installed base to conclude as we head toward the start of fiscal 25 on June first, we're very encouraged and optimistic about our increasing engagements and the long-term growth opportunities of all these markets and are excited to continue on our path becoming the world's standard for wafer level test and burn-in for the semiconductor industry. So with that, let me turn it over to Chris, before we open up the line for questions.

對於每一個新設計，我們的客戶將需要足夠的新晶圓組來滿足這些新設備的批量生產能力需求，我們的晶圓組將佔本財年總收入的50% 以上，這非常棒，並強調了我們的商業模式使我們能夠透過FOX 系統增加的容量實現成長，而且還可以透過WaferPaks 為不斷增加的安裝基礎提供服務。總而言之，在6 月1 日即將到來的第25 財年開始之際，我們對不斷增加的參與感到非常鼓舞和樂觀以及所有這些市場的長期成長機會，我們很高興能夠繼續努力成為半導體產業晶圓級測試和老化的世界標準。因此，在我們開放提問之前，讓我將其轉交給克里斯。

Thank you, Gary, and good afternoon, everyone. The Company recognized solid bookings in the third quarter of fiscal 2020 for bookings totaled $24.5 million compared to just $2.2 million in the second quarter of fiscal 2024. Our backlog as of quarter end was $20 million we expect to recognize revenue from the majority of these orders for systems, WaferPaks aligners and services in the last quarter of fiscal 2024, which ends on May 31st 2024.

謝謝你，加里，大家下午好。公司在2020 財年第三季確認了穩定的預訂，預訂總額為2,450 萬美元，而2024 財年第二季僅為220 萬美元。截至季末，我們的積壓訂單為2,000 萬美元，我們預計將從其中大部分訂單中確認收入對於系統、WaferPaks 對準器和服務，我們將在 2024 財年最後一個季度（截至 2024 年 5 月 31 日）提供服務。

Looking at our financial results for the third quarter, total revenue was $7.6 million, down 56% from $17.2 million in Q3 last year. As we noted in our earnings preannouncement last month, the decrease in revenue was due to the timing of some significant customer orders in just the last two weeks of the third quarter, we saw delays in a couple of customer orders that had planned shipments in the quarter as well as a last-minute pushout by a customer of a system in our backlog from the fiscal third quarter to the current fiscal fourth quarter wafer pack revenues were $4.8 million and accounted for 63% of our total revenue in the third quarter, which is higher than 37% of total revenue in the prior year's Q3. Customers typically buy wafer packs from us subsequent to purchasing their new FOX systems.

從我們第三季的財務表現來看，總收入為 760 萬美元，比去年第三季的 1,720 萬美元下降了 56%。正如我們在上個月的收益預告中指出的那樣，收入下降是由於一些重要客戶訂單的時間安排在第三季度的最後兩週，我們發現一些原計劃在第三季度發貨的客戶訂單出現了延遲。從第三財季到當前第四財季，我們積壓的系統中的一個客戶在最後一刻推出的芯片組收入為 480 萬美元，占我們第三季度總收入的 63%，其中高於去年第三季總營收的37%。客戶通常在購買新的 FOX 系統後從我們這裡購買晶圓組。

Additionally, customers also buy wafer packs from us as they change their chip designed for smaller and more efficient devices for their OEM customers. We have seen continued momentum for new wafer pack designs from both our existing and new customers as they look to meet their end customer and market requirements. Gaap gross margin for the third quarter came in at 41.7%, down from 51.6% in Q3 last year. The decrease in gross margin is primarily due to lower revenue, resulting in a higher overall head absorption rate and lower manufacturing efficiencies.

此外，客戶還向我們購買晶圓組，因為他們為 OEM 客戶更換了專為更小、更有效率的設備而設計的晶片。我們看到現有客戶和新客戶對新晶圓封裝設計的持續發展勢頭，因為他們希望滿足最終客戶和市場的要求。第三季公認會計準則毛利率為 41.7%，低於去年第三季的 51.6%。毛利率下降主要是由於收入下降，導致整體頭部吸收率較高和製造效率較低。

Operating expenses in the third quarter were $5.2 million, up slightly from $5.1 million in Q3 last year. The year-over-year increase is primarily due to higher R&D expenses, which were partially offset by lower SG&A expenses. The increase in R&D in Q3 was from the same period last year was primarily due to costs associated with our continuing efforts to augment the features and performance of our automated wafer pack aligner and higher personnel expenses. We have hired R&D talent in both hardware and software and have invested in R&D programs to enhance our existing market-leading products and meeting our competitive advantages.

第三季營運費用為 520 萬美元，略高於去年第三季的 510 萬美元。年比成長主要是由於研發費用增加，但SG&A費用減少部分抵消了這一增加。第三季的研發費用較去年同期增加，主要是由於我們不斷努力增強自動晶圓包裝對準機的功能和性能而產生的成本以及更高的人員費用。我們聘請了硬體和軟體的研發人才，並投資於研發項目，以增強我們現有的市場領先產品並滿足我們的競爭優勢。

At the end of Q3, we announced we shipped the first order from a major silicon photonics photonics customer for a high power configuration of our FOX-XP system for volume production, wafer level burn-in and stabilization of next generation silicon photonics integrated circuits, non-GAAP net loss, which excludes the impact of stock-based compensation was $900,000, or $0.03 per diluted share for the third quarter. This is down from non-GAAP net income of $4.7 million or $0.16 per diluted share in the third quarter of fiscal 2023. We expect to return to profitability in our fourth quarter of fiscal 2024 Moving to the balance sheet, we continue to maintain a healthy balance sheet. Our cash and cash equivalents were $47.6 million at the end of Q3, down from $50.5 million at the end of Q2. With a solid balance sheet, we can continue to invest in scaling our business and entering into new markets and supporting new opportunities. We used $2.8 million in operating cash flows during the quarter to procure inventory components primarily to support our operations.

在第三季末，我們宣布我們從主要矽光子光子學客戶處發出了第一筆訂單，該訂單用於我們的FOX-XP 系統的高功率配置，用於大量生產、晶圓級老化和下一代矽光子積體電路的穩定性，第三季非公認會計準則淨虧損（不包括基於股票的薪資的影響）為 90 萬美元，即稀釋後每股虧損 0.03 美元。這低於2023 財年第三季非GAAP 淨利470 萬美元或稀釋後每股收益0.16 美元。我們預計將在2024 財年第四季恢復獲利。從資產負債表來看，我們繼續保持健康的財務狀況資產負債表。第三季末我們的現金和現金等價物為 4,760 萬美元，低於第二季末的 5,050 萬美元。憑藉穩健的資產負債表，我們可以繼續投資擴大業務、進入新市場並支持新機會。本季我們使用 280 萬美元的營運現金流來採購庫存組件，主要用於支援我們的營運。

We have zero debt and continued investing our excess cash and money market funds. Interest income earned during this higher interest rate environment was $584,000 in the third quarter compared to $374,000 in the third quarter last year. As of the end of the third fiscal quarter of 2024, the remaining amount available under the previously announced $25 million ATM offering was $17.7 million. We did not sell any shares during the last three fiscal quarters. It remains our plan to only sell shares against this ATM offering at times and prices that are most advantageous to our shareholders and to the company.

我們的債務為零，並繼續投資多餘的現金和貨幣市場基金。在這種高利率環境下，第三季獲得的利息收入為 584,000 美元，而去年第三季為 374,000 美元。截至 2024 年第三財季末，先前宣布的 2,500 萬美元 ATM 發行中的剩餘可用金額為 1,770 萬美元。我們在過去三個財政季度沒有出售任何股票。我們仍然計劃僅在對我們的股東和公司最有利的時間和價格根據本次 ATM 發行出售股票。

Now turning to our outlook for the current fiscal year that ends on May 31st, 2024. As we noted in our earnings pre-announcement, our third quarter results reflect delays in wafer level burn-in system orders for silicon carbide semiconductor devices used in the LED electric vehicles. Due to this, we had revised our guidance for our fiscal full year ending May 31st, 2024 to be greater than $65 million in total revenue and net income of at least $11 million, which we are reaffirming today. As I mentioned before, we ended the third quarter with $20 million backlog, and we expect to recognize the majority of that backlog as revenue in the fourth quarter.

現在轉向我們對截至2024 年5 月31 日的本財年的展望。正如我們在財報預告中指出的那樣，我們第三季度的業績反映了用於生產的碳化矽半導體裝置的晶圓級預燒系統訂單的延遲。 LED 電動車。因此，我們修改了截至 2024 年 5 月 31 日的全年財政指引，總收入超過 6,500 萬美元，淨利潤至少 1,100 萬美元，我們今天重申了這一點。正如我之前提到的，第三季結束時，我們有 2000 萬美元的積壓訂單，我們預計將大部分積壓訂單確認為第四季的收入。

Lastly, looking at the investor relations calendar, Aehr Test will participate in three investor conferences over the next few months. We will be meeting with investor at the Craig-Hallum Institutional Investor Conference, again place in Minneapolis on May 29th, and we will be presenting and meeting with investors at the William Blair 44th Annual Growth Conference taking place in Chicago on June fifth. We will also be meeting with investors at a sales Summit in San Francisco on July 10th. We hope to see some of you at these conferences. This concludes our prepared remarks. We're now ready to take your questions. Operator, please go ahead.

最後，看看投資者關係日曆，Aehr Test 將在未來幾個月參加三場投資者會議。我們將在5 月29 日再次在明尼阿波利斯舉行的Craig-Hallum 機構投資者會議上與投資者會面，並且我們將在6 月5 日在芝加哥舉行的威廉布萊爾第44 屆年度增長會議上進行介紹並與投資者會面。我們也將於 7 月 10 日在舊金山舉行的銷售高峰會上與投資者會面。我們希望在這些會議上見到你們中的一些人。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.

（操作員說明）Christian Schwab、Craig Hallum。

Hey, guys, thank you for all the details. Gain on another target market opportunity. I just had a few questions regarding the silicon carbide electric vehicle opportunity. As you as you're looking into calendar 25 or I guess next fiscal year 25? I guess it wasn't necessarily clear to me. You know, oh, boy, do you guys have any idea, have you know, are you expecting just, you know, see material revenue again next year from here historically our largest customer? And how do you see the different customers? I know you kind of put in the press release different timeframes. So just wondering if you had if you could determine make that a little bit more clear.

嘿，夥計們，謝謝你們提供的所有細節。獲得另一個目標市場機會。我只是有一些關於碳化矽電動車機會的問題。當您正在研究日曆 25 或我猜是下一個財政年度 25 時？我想我不一定清楚。你知道，哦，孩子，你們有什麼想法嗎？你們知道嗎，你們是否期望明年再次從我們歷史上最大的客戶那裡看到物質收入？您如何看待不同的客戶？我知道您在新聞稿中加入了不同的時間表。所以只是想知道你是否可以確定讓這一點更清楚一些。

I mean, at this point, normally, we're not really talking about next year. We'll do the next call. But let me just still give you some insights because we do we certainly have visibility. A lot of it was candidly some of the same numbers just pushed out in time. And so at the same time, as I say, well, they're familiar to me, we did at least put the caveat yet but they pushed them out before. So I'm not I'm not for boating the thing I'm just way more gun shy now. I believe in everything the customers tell me if you will.

我的意思是，在這一點上，通常我們不會真正談論明年。我們會進行下一次通話。但讓我仍然給你一些見解，因為我們確實有可見性。坦白說，其中許多都是剛剛及時推出的一些相同的數字。因此，與此同時，正如我所說，好吧，他們對我來說很熟悉，我們至少提出了警告，但他們之前把它們排除了。所以我不是，我不喜歡划船，我只是現在更害怕槍了。如果你願意的話，我相信顧客告訴我的一切。

But right now, yes, we do believe that next year we'll be getting material revenues from our actually, I believe all of our customers are expected to be taking revenue next year and including our two of our largest historical one, we believe we'll be adding on some of the key customers, candidly, some that we thought we were going to be closing by now that we still have optimism and based on our current assessment of their needs, our competitiveness, the lack of a competitor for that specific application, we think we can win them. And obviously, as you win them, you can have more visibility as to really what's going on.

但現在，是的，我們確實相信明年我們將從我們的實際收入中獲得物質收入，我相信我們所有的客戶預計明年都會獲得收入，包括我們歷史上最大的兩個客戶，我們相信我們坦率地說，我們將增加一些關鍵客戶，一些我們認為我們現在將關閉的客戶，我們仍然樂觀，並且基於我們目前對他們的需求、我們的競爭力、缺乏競爭對手的評估具體應用，我們認為我們可以贏得他們。顯然，當你贏得它們時，你可以更清楚地了解到底發生了什麼。

I think the other piece of this is that, candidly, our trip across several countries in Asia. And I believe probably the most notable would be in China was really and I guess encouraging if you spent your whole life living in the United States listening to the news on electric vehicles. I mean, candidly, it's not like you know what I think we're all reading that, you know, it's very different. And I saw segment year to date, CNBC reporter was falling around Tegal and And she was making comments about what she felt and saw it with the B's and you look around Shanghai and type is there really more than 50% of these cars or EVs. And we were taking pictures of it.

坦白說，我認為另一件事是我們穿越亞洲幾個國家的旅行。我相信，最引人注目的可能是在中國，如果你一輩子都住在美國，聽有關電動車的新聞，我想這確實令人鼓舞。我的意思是，坦白說，你並不知道我們都在讀什麼，你知道，這是非常不同的。今年迄今為止，我看到了一段視頻，CNBC 記者在Tegal 周圍閒逛，她正在評論她對B 的感受和看到的情況，你環顧上海，你會發現那裡真的有超過50% 的汽車或電動汽車。我們正在給它拍照。

And it's just a very different tone on their end. And it's just a much more positive thing everywhere. And in the U.S. It has sort of this wet blanket over it that I think is placed more political. But I don't want to get into that Okay. But nevertheless, you know, as you look around, it's pretty encouraging. And again, we talked about these other markets too, but you are talking specifically about silicon, our AUVs, I do believe that there's a lot of fabs that are being built.

他們的語氣完全不同。這在任何地方都是一件更積極的事情。在美國，它有一種濕毯子，我認為它更具政治性。但我不想陷入這個問題 好吧。但儘管如此，你知道，當你環顧四周時，你會發現這非常令人鼓舞。再說一遍，我們也討論了這些其他市場，但你具體討論的是矽，我們的 AUV，我確實相信有很多晶圓廠正在建設中。

Are there people that we believe have the inside scoop? It's kind of odd.

我們認為有人掌握內幕消息嗎？這有點奇怪。

We have some insight through the OEMs themselves as to who their favorite vendors are. Obviously we can't share what that is, but that gives us a little bit more confidence in who we should be partnering with as well. And so I know I know that right now, candidly, nobody wants to hear about silicon carbide AVs, but it's still going to be a good business for us going forward. But certainly not going to be the only one for us.

我們透過原始設備製造商本身了解了他們最喜歡的供應商是誰。顯然我們無法分享這是什麼，但這也讓我們對應該與誰合作更有信心。所以我知道，坦白說，現在沒有人想聽到碳化矽自動駕駛汽車，但它對我們未來來說仍然是一項很好的業務。但肯定不會是我們唯一的一個。

Okay. And by the way, when I was when I say 25, I actually mean fiscal so no rationing on me in June, but I think that the a lot of that when we talk about the 25, 26 model years, those are I don't even know exactly EV.s are the same as they used to. But there's clearly people ramping up for high-volume production of a bunch of new cars by next summer.

好的。順便說一句，當我說 25 時，我實際上指的是財政，所以 6 月對我沒有配給，但我認為當我們談論 25、26 車型年時，我不知道其中的很多內容。甚至不知道電動車是否與以前相同。但顯然人們正準備在明年夏天之前大量生產一批新車。

Great. And then a follow-up on China. Would you anticipate, you know, I'm seeing no measurable revenue from that marketplace in the next fiscal year, then I think there's a very real chance of that and that would be our hope if not expectation, the lawyers always tell me to be careful about expectations at this point.

偉大的。然後是中國的後續行動。你是否預期，你知道，我在下一個財年看到該市場沒有可衡量的收入，那麼我認為很有可能出現這種情況，即使不是期望，這也是我們的希望，律師總是告訴我此時請謹慎對待期望。

But I guess I mean, I the way we went there and personally sat down with almost a dozen companies and kind of got a first hand feel and view and they are very <unk>. We're very aware of silicon carbide of what the quality is what the issues with there are with respect to the manufactured material defects, why you need for it and how long you need to do it for what are the burn-in requirements I candidly found them to be quite calm, knowledgeable and on this may come across a little voice stress, but that candidly, I think the smarter people are with silicon carbide, the better.

但是我想我的意思是，我去那裡的方式，親自與近十二家公司坐下來，並有一種第一手的感覺和視野，它們非常。我們非常了解碳化矽的品質是什麼，製造材料缺陷方面存在哪些問題，為什麼需要它以及您需要多長時間才能滿足老化要求我坦率地說發現他們非常冷靜，知識淵博，在這方面可能會遇到一點聲音壓力，但坦白說，我認為使用碳化矽的人越聰明越好。

We look because they really understand what it is we're doing, and that's what I felt when I was in China, Korea, Japan and China. So to some extent, they have learned this enough. And then they are now being much more clear about why they need wafer-level burn-in and what they're looking for. And that bodes well because I believe I truly believe we have the best solution on the market.

我們之所以關注，是因為他們真正了解我們在做什麼，這就是我在中國、韓國、日本和中國時的感受。所以在某種程度上，他們已經學夠了這一點。然後他們現在更加清楚為什麼需要晶圓級老化以及他們正在尋找什麼。這是個好兆頭，因為我堅信我們擁有市場上最好的解決方案。

And then my last question again, just to a follow-up on the China market. Is that something that you would address with a direct sales force? Or would you would you partner with somebody local for distribution?

然後我又問了最後一個問題，只是針對中國市場的後續狀況。您會透過直銷團隊解決這個問題嗎？或者您會與當地的人合作進行分銷嗎？

Yes, a little both. And we've already done that. I mean, I think we have a dozen customers in China, most people to remember that. But if you go back and look, we had a bunch of ABTS systems that were sold all over China with a FOX system. So we have local air employees there, both in our sales applications and infrastructure. And but in China, it's pretty typical that you also use reps that have close relationships with sort of different geographies, and we have that as well.

是的，兩者都有一點。我們已經做到了。我的意思是，我認為我們在中國有十幾個客戶，大多數人都記得這一點。但如果你回頭看看，我們有很多 ABTS 系統與 FOX 系統一起銷往中國各地。因此，我們在銷售應用程式和基礎設施方面都有當地的航空員工。但在中國，很常見的是，你也使用與不同地區有密切關係的代表，我們也有這樣的代表。

So they would get a specific commission on a sale. And that's I think almost everything we've sold in China has had some of that not all of it, but most of it. So it's a little of both, but we're also looking at upping our presence pretty significantly, including dropping in a demo set centers some local infrastructure and some other things to give us more girth specifically at the request of about a half a dozen companies.

所以他們會在銷售中獲得特定的佣金。我認為我們在中國銷售的幾乎所有產品都含有這樣的成分，不是全部，而是大部分。所以兩者兼而有之，但我們也在考慮顯著提高我們的影響力，包括在演示中心放置一些本地基礎設施和其他一些東西，以便特別應大約六家公司的要求，為我們提供更多的服務。

Okay, great. No other questions.

好的，太好了。沒有其他問題。

Thank you. Okay.

謝謝。好的。

Jed Dorsheimer, William Blair.

傑德·多斯海默，威廉·布萊爾。

I think I'm sorry, guys. Just a few questions. I guess first one on the Fox MP. new customer, you described as a semiconductor global semiconductor manufacturer, is that also a Tier one, our automotive customer? I'm just wondering if by some categorize it as both.

我想我很抱歉，夥計們。只是幾個問題。我猜第一個是福克斯 MP 的。新客戶，您將其描述為半導體全球半導體製造商，這也是我們的一級汽車客戶嗎？我只是想知道是否有人將其歸類為兩者。

So I'm I'm I'm going to trial throughout today and indeed, call trying get more and more vague only because we've been getting feedback from customers to be pretty give a notice for this particular customer wasn't one of those, but I'll ask that question. It's not a Tier one focus there on their entire business is semiconductors. And what would you expect the timing to be in terms of conversion from an M to an XP with that customer.

所以我是，我是，我將在今天進行試用，事實上，打電話嘗試變得越來越模糊，只是因為我們已經收到客戶的反饋，以便很好地通知該特定客戶不是其中之一那些，但我會問這個問題。這不是他們整個業務的第一個重點是半導體。您預計該客戶從 M 轉換為 XP 的時機是什麼？

And actually, I want to hold back on that a little bit with respect to what their timing is because my understanding is that's part of their secret sauce, et cetera. But if I told you over the next couple of years, it's pretty generic. I realize that they do we know that they have made some substantial purchases for front end equipment and other things as well and the NPs just their engineering bring-up tool and that that book has no intention of being able to address their production. So on whether it be next year or the following year, you can leave it at that for now. Maybe I'll give you more visibility next time.

事實上，我想在他們的時間安排上稍微保留一下，因為我的理解是這是他們秘密武器的一部分，等等。但如果我在接下來的幾年告訴你，那就很平常了。我意識到他們確實知道他們已經購買了一些前端設備和其他東西，而 NP 只是他們的工程培養工具，而那本書無意解決他們的生產問題。所以無論是明年還是後年，你暫時就這樣吧。也許下次我會給你更多的可見度。

Okay. And then it's helpful on your excitement over the China market. I'm just curious, are you going to outline how you're how you intend to address the dilemma with Chubb?

好的。這有助於增強您對中國市場的興奮感。我只是很好奇，你會概述一下你打算如何解決與 Chubb 的困境嗎？

It is done is kind of caught most two companies off guard where local subsidies require reengineering of tooling to a local supply chain. And yes, I mean, I think what I wanted to say is we're not we're not ignoring that and we're not on I'm believing that we have all the answers on. We have some specific legal IP. We'll have security and contractual things that we're going to use. I'd love to tell you something besides to slow it down, but we've also have, you know, there's that we have reason to believe that it's not that easy to directly knock off our system without actually violating our IP or to get close enough to do it. We also have a lot of software and a lot of other things. I don't think it's that easy to just simply do it.

這樣做有點讓大多數兩家公司措手不及，因為當地補貼要求對當地供應鏈的工具進行重新設計。是的，我的意思是，我想我想說的是，我們沒有忽視這一點，我們也沒有相信我們已經找到了所有答案。我們有一些特定的合法知識產權。我們將擁有我們將要使用的安全性和合約性的東西。除了減慢速度之外，我很想告訴你一些事情，但我們也有，你知道，我們有理由相信，在不實際侵犯我們的 IP 的情況下直接破壞我們的系統並不容易。足夠接近來做到這一點。我們還有很多軟體和很多其他東西。我認為僅僅做到這一點並不那麼容易。

And then if you did, you would have some other issues. So we're conscious of it. I don't want to be, and we're specifically doing things and we're not going to publicly announce all the things that we're doing as part of the reason to keep it secure.

如果你這樣做了，你還會遇到一些其他問題。所以我們意識到了這一點。我不想這樣做，我們正在專門做一些事情，我們不會公開宣布我們正在做的所有事情，作為保證其安全的原因的一部分。

Got it. Okay. And that non silicon carbide gain, you don't for silicon carbide, the inherent D-PA, it density of the material combined with the shift to modules kind of created this perfect opportunity for wafer-level burn-in. You look at the silicon market where you have a homogeneous material structure and chipset, is it to open up memory and at some extent, silicon photonics is this or largely memory and silicon. Is this really just a function of moving to modules or chiplets? That's the kind of triggers that could you could you help articulate what you think will be the gating factor there.

知道了。好的。非碳化矽的增益是碳化矽所沒有的，其固有的 D-PA、材料的密度與向模組的轉變相結合，為晶圓級預燒創造了絕佳的機會。你看看矽市場，那裡有同質的材料結構和晶片組，是為了開放內存嗎？在某種程度上，矽光子就是這個或主要是內存和矽。這真的只是轉移到模組或小晶片的功能嗎？這就是那種觸發因素，你可以幫助闡明你認為的控制因素。

Okay. So if you if you want to step back and just say, okay, what are the really big things driving our market? First of all, are the markets growing from $600 billion to $1 trillion semiconductors. Many of them are not actually getting more reliable things like very low geometry processes that processors that we're talking about AI processors, CPUs, they're all burnt in today. Okay. That's nothing new there, just Barton in the package form and normal.

好的。因此，如果您想退一步說，好吧，推動我們市場的真正重要因素是什麼？首先，半導體市場是否從 6,000 億美元成長到 1 兆美元。他們中的許多人實際上並沒有獲得更可靠的東西，例如我們正在談論的人工智慧處理器、CPU，它們今天都在燒毀的處理器，例如非常低的幾何處理。好的。這不是什麼新鮮事，只是巴頓的包裝形式和正常情況。

But then people are actually putting them into and by the way. In some cases, they weren't bringing them and then they're putting them in applications where they were right. There are processor companies that ship devices to a consumer application that don't bring them in, but always Barnum into automotive. Well, there's more and more automotive and other things that matter to the reliability. And then the last thing which really drives wafer level we'll be putting in a multichip modules.

但順便說一句，人們實際上正在把它們放進去。在某些情況下，他們沒有帶來它們，然後將它們放入正確的應用程式中。有些處理器公司將設備運送到消費者應用程序，但不會將它們引入汽車領域，但巴納姆總是將其引入汽車領域。嗯，越來越多的汽車和其他事物對可靠性很重要。然後，真正推動晶圓級發展的最後一件事我們將放入多晶片模組中。

Right. So specifically on memory, you're like wait a minute, which ones does it matter? Memory has long required a burn-in process. Every DRAM is burnt in and all of the devices that are going to end up going into a solid-state disk drive have a cycling and burn-in measured in fractions of days, many hours right. So that burn and if you're looking for opportunities, you look for the devices that them themselves need burn-in, okay?

正確的。所以特別是在記憶方面，你會想等一下，哪些重要？記憶體長期以來都需要老化過程。每個 DRAM 都會被燒毀，所有最終將進入固態磁碟機的設備都會有一個循環和燒毀，測量的時間是幾分之一天，甚至是幾個小時。因此，如果您正在尋找機會，您就會尋找它們本身需要老化的設備，好嗎？

Silicon photonics, every single devices burn to it doesn't matter where it is we burn 10, then you're looking for maybe discount annuities where large volumes are going to a new application where it matters. And if you look back, it's been 20 years now.

矽光子學，每個設備都會燃燒，無論它在哪裡，我們燃燒 10 個，然後您可能會尋找折扣年金，其中大量設備將流向重要的新應用程式。如果你回頭看，已經過了20年。

But everything that drove my test business in the early two thousands was consumer consumer consumer consumer. I remember that was all everything that mattered was always consumer and now consumer is not what's driving the test requirements, consumers sort of left for dead. All of the applications and data, AI processing, automotive, et cetera, are driving all the test requirements and that definitely is the case for burn. And so for memories, in the data centers, correct, memories are stacking together and then they're putting them together. I definitely remember could talk to in great detail, but how many die are being stacked into an SSD?

但在兩千年前推動我的測試業務的一切都是消費者消費者消費者消費者。我記得最重要的始終是消費者，而現在消費者不再是推動測試要求的因素，消費者就像是被遺棄了一樣。所有的應用程式和數據、人工智慧處理、汽車等都在推動所有的測試要求，這絕對是燃燒的情況。因此，對於記憶體來說，在資料中心，正確的是，記憶體堆疊在一起，然後將它們組合在一起。我確實記得可以詳細討論，但是 SSD 中堆疊了多少晶片？

And where do you want to burden, you should Bertam and before you put them into that application and then now what we're seeing with the likes of the A. 100 B. 200 type thing is these modules, co-los packaging that actually puts a processor, a big whole stack of D-Ram chipset on their future will be an optical I/O chipset or something along those lines. Those devices often need to be burnt antigen burden. And at the module level, the answer is yes, why did a deal in place to do it?

你想在哪裡增加負擔，你應該 Bertam 並且在將它們放入該應用程式之前然後現在我們看到的 A.100 B.200 類型的東西是這些模組，實際上是共同的包裝放置一個處理器、一大堆D-Ram 晶片組，未來將會是一個光學I/O 晶片組或類似的東西。那些設備常常需要燒毀抗原負擔。在模組層面，答案是肯定的，為什麼要達成協議呢？

Well, that's ridiculously expensive. So there are some initiatives to say how do we burn those devices in at the die level. And I can tell you sort of just front and center my whole career at this thing when you start with I need to do it, there are testability DFT. and other things that you could do to implement it. And we believe we have a solution that can partner with them to actually implement wafer-level burn-in. So the applications that will be driving our business today are very different that I think they will be in a couple of years. I mean, I still think silicon carbide is going to be a really good business for us, but it won't be the only one.

嗯，那真是貴得離譜。因此，有一些舉措說明了我們如何在晶片級燒錄這些設備。我可以告訴你，當你從我需要做的事情開始時，我的整個職業生涯都集中在這件事上，有可測試性 DFT。以及您可以做的其他事情來實現它。我們相信我們有一個解決方案可以與他們合作實際實施晶圓級老化。因此，今天推動我們業務發展的應用程式與我認為幾年後將會有很大不同。我的意思是，我仍然認為碳化矽對我們來說將是一項非常好的業務，但它不會是唯一的業務。

So gain sorry that to multichip modules from an economic perspective is the driver. Then in terms of a catalyst that makes them relook at their test strategy and say I'm going to need to do more wafer level, correct.

所以遺憾的是，從經濟角度來看，多晶片模組才是驅動因素。然後，就催化劑而言，讓他們重新審視他們的測試策略，並說我需要做更多的晶圓級測試，這是正確的。

Got it. And the reason they're not doing that with your system today? Is there selling for a price where they can eat the yield loss or hedge through? Yes, it's a good question, but it's not crazy. Sorry that to imply you're crazy, Jed, but you know, if you're what you're able to get and here if you're able to get 97% margin and you eat, you know, 50% yield loss to carriers. I guess I mean I'm not I'm not implying I know that answer. And if I did, I'm not telling that, you know it is, but that would be logical but as things become more important or you don't have capacity or do they have money matters?

知道了。他們今天沒有在您的系統上這樣做的原因是什麼？是否有以可以承受收益率損失或對沖的價格出售？是的，這是一個好問題，但並不瘋狂。抱歉，這暗示你瘋了，傑德，但你知道，如果你能得到什麼，如果你能夠獲得 97% 的利潤，並且你吃了，你知道，50% 的收益率損失載體。我想我的意思是我不是，我並不是暗示我知道這個答案。如果我這樣做了，我不會告訴你，你知道，但這將是合乎邏輯的，但隨著事情變得更加重要，或者你沒有能力，或者他們有錢嗎？

Yes, you would drive it. And so I think that's what what makes sense. Why we're feeling these sort of tops down initiatives, four are shifting things towards wafer-level.

是的，你會駕駛它。所以我認為這就是有道理的。為什麼我們感受到這些自上而下的舉措，其中四個正在將事情轉向晶圓級。

That's helpful. I'll jump back in the queue. Thank you.

這很有幫助。我會跳回到隊列中。謝謝。

Thanks, Jed.

謝謝，傑德。

(Operator Instructions) [Larry Sabina, Sabina capital].

（操作員指示）[拉里·薩賓娜 (Larry Sabina)，薩賓娜首府]。

On this last quarter from earnings report, it was really optimistic on what is called the second optical network that's going to be deployed on hooking up GPUs and AI data centers. And since you are pushed to ship your optical I/O production system to get it out as soon as possible. Do you have a sense of when this may show up in the marketplace?

在上個季度的收益報告中，它對將部署用於連接 GPU 和人工智慧資料中心的第二個光纖網路非常樂觀。由於您被迫運送光學 I/O 生產系統，以便盡快推出。您知道它什麼時候會出現在市場上嗎？

Arm? Yes, I okay. So it's one of the more I feel like it's one of the most tightly guarded secrets guide. I'm and I don't believe that we're even being told everything correctly. That sounds probably you don't want to hear that, but I think we I know more than I can say, and I know it's still though we have everything what I what I have mentioned. I think you heard me in the past and what I've sort of struggled with is if you go out and you look at someone like yourself who suite really smart and understand this optical space very well.

手臂？是的，我沒事。因此，我覺得它是保守最嚴密的秘密指南之一。我不相信我們被告知的一切都是正確的。這聽起來可能你不想聽，但我想我們知道的比我能說的還要多，而且我知道儘管我們擁有我所提到的一切，但情況仍然如此。我想你過去聽過我的說法，而我一直在掙扎的是，如果你走出去，看到像你這樣的人，他非常聰明，並且非常了解這個光學空間。

Okay. And they look at the optical I/O, they're like well, I'm not sure how big that market is going to be, et cetera, et cetera, cycle. What is what is in video or AMD tell you all day what they will tell me anything like you've got, you know, figure, right?

好的。他們著眼於光學 I/O，他們說，我不確定這個市場會有多大，等等，等等，循環。影片中的內容是什麼，或者 AMD 整天告訴你什麼，他們會告訴我任何像你所擁有的東西，你知道，數字，對嗎？

Of course, they're not telling them. The reality in my mind is what AMD Intel in Vidia pickier other eight by our processor to sure what their what their plans are, that's what's going to drive it. And those are very closed environments. They're not they're not you know, I don't believe for a minute that Infineon and AMD are talking together about how they can get their processors to talk to each other. So you kind of have to watch on the edges. You watch where the investments are made, you watch what's going on. You see the technology watch patents, you watch technology.

當然，他們不會告訴他們。我心目中的現實是，AMD 英特爾在 Vidia 中選擇了我們的處理器中的其他八個，以確定他們的計劃是什麼，這就是推動它的因素。這些都是非常封閉的環境。他們不是他們不是你知道的，我根本不相信英飛凌和 AMD 正在共同討論如何讓他們的處理器相互對話。所以你必須在邊緣觀察。你觀察投資在哪裡，你觀察正在發生的事情。你看技術，看專利，你看技術。

But my my belief is and I kind of shared this even about a year ago, it feels like we're a couple of years out to volume production. And the question is how big is it on and could it be much sooner than that? We're enabling that with our solutions and our capabilities and there was a big pull for it. And keep in mind, we also have the second capability on our NP systems installed at customers.

但我的信念是，我甚至在一年前就分享了這一點，感覺我們距離批量生產還有幾年時間。問題是它有多大，會比這早得多嗎？我們透過我們的解決方案和能力來實現這一點，並且有很大的推動力。請記住，我們在客戶安裝的 NP 系統上還具有第二種功能。

So you don't have to see all of the front edge of this simply with new systems, but we would see it with WaferPaks. So there's a lot of design activities that are going on right now. That seem pretty interesting to me, but I'm a believer paid. It makes sense. It is a critical bandwidth. It's going to be a pinch point. I think it's going to be a differentiator with all the AI guys, and it also may have the byproduct of then expanding the need for more optical, even within the data centers, it seen that you seem to think it was pretty imminent, whether it was late this year or next year. And I know from the IOP of IOPs, right, and we'll be ready for it.

因此，您不必簡單地透過新系統看到這一切的前沿，但我們可以透過 WaferPaks 看到它。所以現在有很多設計活動正在進行。這對我來說似乎很有趣，但我是付費的信徒。這說得通。這是一個臨界頻寬。這將是一個關鍵點。我認為這將成為所有人工智慧人員的一個差異化因素，而且它也可能會產生擴大對更多光學的需求的副產品，即使在資料中心內，它也表明你似乎認為它迫在眉睫，無論是今年或明年晚些時候。我從 IOP 的 IOP 知道，對，我們會為此做好準備。

If I fail over the last year, there's been tens of billions of dollars. Where's the memory fabs now by every memory manufacturer in the globe. I'm sure you may engage with them by now on if they're going to realize the benefits of your automated XP. to reduce the size of their clean rooms and equipment costs.

如果我去年失敗了，就會損失數百億美元。全球各大記憶體製造商的記憶體工廠現在在哪裡？我確信，如果他們想認識到您的自動化 XP 的優勢，您現在就可以與他們接觸。減少潔淨室的規模和設備成本。

I mean, I know you have and they are when times are not with all of them, I'd love to be with all of them. I do think there's a little bit of a spread between the demand and the D-RAM guys timing.

我的意思是，我知道你和他們都在，當他們不在的時候，我很樂意和他們所有人在一起。我確實認為需求和 D-RAM 人員的時間安排之間存在一些差異。

And just in terms of just where the DFT. needs to be for D-Ram to be able to actually do wafer-level burn-in. But I think within yes, I again, I'm up in our position as a CEO to be saying this, but personally I would believe that people will have implemented DFT. and low pin count test modes in D ram, similar to what we did in and 15 years ago before this and when that does you want to be there and ready for? So we have been doing in the background to do that be ready for.

就 DFT 而言。 D-Ram 需要能夠真正進行晶圓級預燒。但我認為，是的，我再次以執行長的身份說出這一點，但我個人相信人們會實施 DFT。以及 D RAM 中的低引腳數測試模式，類似於我們在 15 年前所做的事情，您想什麼時候在那裡並準備好？所以我們一直在後台做這方面的準備。

It seems like you should have some Rebel tools at these guys so they can play out their fabs and realize the benefits of what you can bring to them, like you said, with significantly smaller clean rooms and less equipment causing it to a record destination as soon as possible. Great failure of the seven current silicon carbide customers that you said you have, is that that's a correct statement, right?

看來你應該在這些人身上配備一些反叛工具，這樣他們就可以發揮他們的工廠，並認識到你可以給他們帶來的好處，就像你說的，潔淨室要小得多，設備要少，導致它達到創紀錄的目的地盡快。您所說的現有七個碳化矽客戶的巨大失敗，這個說法正確嗎？

You have seven cap or seven cap, but we officially call. Yes, that's correct.

你有七帽還是七帽，但我們正式打電話。對，那是正確的。

Okay. How many of those have bottlenecks? The production system, while maybe half of I have to think about fast on that?

好的。其中有多少存在瓶頸？生產系統，也許我必須快速思考一半？

Well, half was 3.5. Is that every year or two? Our Let me I'll have to I'll tell you what we did the background of what we've announced and one at a time or two. Yes, I think it's three X P.s and for NPV type customers of focus, I heard right among it might be a fourth pillar to go one more go ahead. But that's I mean, all of the and all the E&P customers still have given us plans and paths to the at all the NP customers all plan to do expertise. I don't know if we'll ever buy another NP-2 only do X piece next regular makes sense.

嗯，一半是 3.5。是每年還是兩年一次？我們的讓我，我必須告訴你我們做了什麼，我們已經宣布了什麼的背景，一次一兩次。是的，我認為這是三個 X P.s，對於 NPV 類型的重點客戶來說，我聽說其中可能是第四個支柱，可以再繼續前進。但我的意思是，所有的 E&P 客戶仍然向我們提供了計劃和途徑，讓我們能夠實現所有 NP 客戶都計劃開展的專業知識。我不知道我們是否會再買另一個 NP-2，只有 X 件下一個常規才有意義。

So the on the long lead item a customer that's been running around the block for a couple of years. What do you think is the holdup was and is the is it because they'll have a large demand for modules yet for modules. It's just they're big customer or the big businesses. And I'm told there's no package pipeline that's pretty early.

因此，對於長期交貨項目，客戶已經在街區裡跑了幾年了。您認為過去和現在的阻礙是什麼？是因為他們對模組有大量需求。只是他們是大客戶或大企業。我被告知還沒有很早的包管道。

I think we have a pretty good idea and I can not be able to answer it directly. So I don't think if you if you look at the yes, if you look at sort of what happened just in the shift of the EV from E&O D&O, every one of their brother is going to be driving NAV. And for years to now they are, you know, oh, my gosh, is it kind of deploy as fast or whatever that shift over the last six months I think has really caught a lot of people off guard and made them sort of just look back and assess it and make sure this thing isn't going to go off a cliff in reality.

我認為我們有一個很好的想法，但我無法直接回答。所以我不認為如果你看看是的，如果你看看在電動車從 E&O D&O 的轉變中發生的事情，他們的每個兄弟都會駕駛 NAV。多年來，他們一直在，你知道，哦，天哪，它的部署速度是否如此之快，或者在過去六個月中發生的任何轉變，我認為確實讓很多人措手不及，讓他們看起來有點像回來評估一下，確保這件事不會在現實中陷入懸崖。

I think there's some things with the people that were strong, will ultimately be stronger. My guess is some of the smaller players that thought this will be fun to dabble in aren't going to, right?

我認為在某些事情上，那些曾經很堅強的人最終會變得更堅強。我的猜測是，一些認為這會很有趣的小玩家不會這麼做，對嗎？

I mean, like you don't want it will be more fortified that gives us the larger players, which this customer would be one of them more confidence in their plans going forward. I think there has been things in the OEM space with respect to what kind of commitments needed in order to secure fab capacity that is being played out right now on it. I think there have been some market shifts in the industry that you know, can shift around seemingly in a with no particular impact, but may have impacted us I know people have And so is it.

我的意思是，就像您不希望的那樣，它會變得更加強大，從而為我們提供了更大的參與者，而該客戶將成為其中之一，對他們的未來計劃更有信心。我認為 OEM 領域已經存在一些問題，需要什麼樣的承諾才能確保目前正在發揮的晶圓廠產能。我認為這個行業發生了一些市場變化，你知道，這些變化看似沒有特別的影響，但可能影響了我們，我知道人們也有影響，也是如此。

But do you think they might buy? Or do you think it might have anything to do with them waiting for 200 millimeter then going for throttle with your fully automated systems on I mean on to offer customers, we talk to want to ensure that we can do both six inch and eight inch 200 millimeter.

但你認為他們會買嗎？或者您認為這可能與他們等待 200 毫米然後用全自動系統踩油門有關嗎我的意思是為客戶提供服務，我們希望確保我們能夠同時完成 6 英寸和 8 英寸 200毫米。

So in that sense, maybe but nobody is saying, no, your system only needs a new 200 millimeter. So I'm not going to so they want to have to rely on multiple WaferPak. Yes, with our own checks around that as well. But there may be some of that, Larry, and it may be that. Okay. Why don't we start the line on the 200 millimeter line instead of there's always there's always process things. I think I think I can take instead of customers where that's the case. But like I said, it's actually interesting where they were. I'm engaging the customer right now, I won't fully automation, $200 million return. Similar to rimonabant typically would deliver 200 or yes, the first wafer is going to be $0.06 like Okay. Well, it's an end effector on our automation. It's no big deal, but so I don't know exactly sorry, I'm thinking.

所以從這個意義上說，也許但沒有人說，不，你的系統只需要一個新的 200 毫米。所以我不會這樣做，所以他們希望必須依賴多個 WaferPak。是的，我們也對此進行了自己的檢查。但可能有一些，拉里，可能就是這樣。好的。我們為什麼不從 200 毫米的生產線開始生產線，而不是總是有總是有處理的事情。我想在這種情況下我可以代替客戶。但就像我說的，他們所在的地方實際上很有趣。我現在正在與客戶接洽，我不會完全自動化，2 億美元的回報。類似於利莫那班通常會交付 200 或是的，第一個晶圓將是 0.06 美元，就像好的一樣。嗯，它是我們自動化的末端執行器。沒什麼大不了的，但我不知道到底是什麼，抱歉，我想。

So they don't have to buy a bunch of six inch wafer packs, we'll just go with eight inch and move forward. Anyway. Getting back to memory, did you say did you give a time line on when you thought you were going to country, one of them in terms of a belt or in our prepared remarks, such as subsea effect as this year, we are hoping to have a runway for Benchmark process going through such a process? I mean, I'm I'm assuming they would want to have an evaluation tool at their disposal or you would have to supply a tech person. But isn't that the way that kind of a business would have to go?

因此，他們不必購買一堆六英寸晶圓包，我們只需購買八英寸即可繼續前進。反正。回到記憶，你是否說過你是否給出了你認為你要去國家的時間線，其中之一是在腰帶方面或在我們準備好的評論中，例如今年的海底效應，我們希望有一個基準流程的跑道可以經歷這樣的過程嗎？我的意思是，我假設他們希望有一個可供使用的評估工具，否則你必須提供一名技術人員。但這不是這樣的企業必須走的路嗎？

Yes, they are doing mostly or most of them work. I don't want to share all the way we have structured the conversations with the in more than one memory customer, just for maybe obvious reasons because people have slightly different variations of what their expectations are, but candidly and publicly or end.

是的，他們正在做大部分工作。我不想分享我們與多個記憶體客戶進行對話的所有方式，這可能只是出於顯而易見的原因，因為人們對他們的期望略有不同，但坦率地、公開地或結束。

I think it's a matter of partnering it partnering with those customers taking and working with them on their key testability and DFT. modes and how they go about their cycling burn-in test. You have the best low pin count test mode on all things that I spent my whole career at prior to this on those key differentiations as a vendor you want to say, yes, to how can I help the critical aspects are the low cost contactor, the full automation and alignment, high performance, high parallelism, very small footprint on wafer starts per month. So those are critical aspects that we have key differentiation on and then working with those customers on their specific and unique test requirements for their or their particular devices, it would be part of the process.

我認為問題在於與客戶合作，在關鍵的可測試性和 DFT 方面與他們合作。模式以及他們如何進行自行車老化測試。對於我在此之前整個職業生涯所從事的所有事情，您擁有最好的低引腳數測試模式，作為供應商，您想說的是，是的，我如何幫助關鍵方面是低成本接觸器，完全自動化和對準、高性能、高並行性、每月在晶圓上的佔地面積非常小。因此，這些是我們具有關鍵差異化的關鍵方面，然後與這些客戶合作，滿足他們或他們的特定設備的特定和獨特的測試要求，這將是該過程的一部分。

Yes, that's why you got to get in there before those fabs or fab designs are locked down so they can design the fab around your equipment, little smaller, clean rooms and whatever, right?

是的，這就是為什麼你必須在那些工廠或工廠設計被鎖定之前進入那裡，這樣他們就可以圍繞你的設備、更小的、無塵室等等設計工廠，對嗎？

Yes, I mean, yes. And no. I mean, again, I don't get so traditionally burden and is considered a pocket back end of test all of testers to turn back it in semiconductors, but burn-in is often done so you can you could ship your wafers to your back-end facility before singulation as well. So I again, I know a biopsy, a fab is built and they haven't put my tool in there. I don't I'm not saying, oh, gosh, I missed it.

是的，我的意思是，是的。和不。我的意思是，再說一次，我沒有得到如此傳統的負擔，並且被認為是測試所有測試人員的袖珍後端，以將其返回到半導體中，但通常會進行老化，因此您可以將晶圓運送到您的背部- 也在分割之前結束設施。所以我再說一次，我知道進行了活檢，建造了一座晶圓廠，但他們沒有把我的工具放在那裡。我不知道，我不是說，哦，天哪，我錯過了。

That's just Dr. Ritter and I was thinking for sorting on especially flash sorting is still in about the fab, right?

這只是 Ritter 博士和我正在考慮的分選，尤其是晶圓廠仍在進行的快閃記憶體分選，對嗎？

Most of the time.Yes, yes, I can say that's all I had. Thank you.

大多數時候。是的，是的，我可以說這就是我所擁有的一切。謝謝。

Thank you.

謝謝。

Thank you.

謝謝。

(Operator Instructions) No one further in queue. I'd like to turn it back to management for any closing remarks.

（操作員說明）佇列中沒有人了。我想將其轉回管理層以供結束語。

All right. Well, then we've certainly covered enough of the topics and questions. Hopefully it answered all the people that incentive has always. We appreciate your time on here, and we'll look forward to either seeing you at one of the investor conferences or on our next call, that will be our Q4 and fiscal year 24, and that will be somewhere in mid July or so. At that point. We'll also be giving guidance for our fiscal 25.

好的。好吧，那我們當然已經涵蓋了足夠的主題和問題。希望它能回答所有人們一直以來的激勵問題。我們感謝您抽出寶貴的時間來到這裡，我們期待在一次投資者會議或我們的下一次電話會議上見到您，那將是我們的第四季度和第24 財年，大約在7 月中旬左右。在那時候。我們也將為 25 財年提供指導。

As always, if you happen to be anywhere near the Bay Area and Silicon Valley look us up, we'd be happy to do it meet and greet and give you a tour of our manufacturing floor. It's quite impressive. Thank you, everybody, and have a nice day.

一如既往，如果您碰巧在灣區和矽谷附近的任何地方找到我們，我們很樂意與您見面並打招呼，並帶您參觀我們的製造車間。這是相當令人印象深刻的。謝謝大家，祝你有美好的一天。

Thank you. This concludes today's conference, and you may disconnect your lines at this time. Thank you for your participation.

謝謝。今天的會議到此結束，此時您可以掛斷電話了。感謝您的參與。