Aehr Test Systems (AEHR) 2025 Q1 法說會逐字稿

Welcome to the Aehr Test Systems fiscal 2025 first-quarter financial results call. (Operator Instructions) Please note this conference is being recorded. I will now turn the conference over to your host, Jim Byers of MKR Investor Relations. You may begin.

歡迎參加 Aehr Test Systems 2025 財年第一季財務業績電話會議。 （操作員說明）請注意，本次會議正在錄製中。我現在將會議交給主持人 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 first-quarter fiscal 2025 financial results conference call. With me on today's call are Aehr Test Systems' President and Chief Executive Officer, Gayn Erickson; and CFO, Chris Siu.

謝謝你，接線生。下午好，歡迎參加 Aehr Test Systems 2025 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；和首席財務官蕭先生。

Before I turn the call over to Gayn and Chris, I'd like to cover few quick items this afternoon after market closed. Aehr Test issued a press release announcing its first-quarter fiscal 2025 results. That release is available on the company's website at aehr.com. 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 Aehr's website.

在我把電話轉給蓋恩和克里斯之前，我想在今天下午市場收盤後快速介紹一些內容。 Aehr Test 發布新聞稿，宣布其 2025 財年第一季業績。該版本可在該公司網站 aehr.com 上取得。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 Aehr 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 today that are based on current information and estimates, and are subject to a number of risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statement.

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在前瞻性聲明中。

These factors that may cause results to differ materially and those in the forward-looking statements are discussed on the company's most recent periodic and current reports filed with the SEC. These forward-looking statements, including guidance provided during today's call are only valid as of this date, and Aehr Test Systems undertakes no obligation to update the forward-looking statements.

這些可能導致結果與前瞻性陳述中的因素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，僅在當前日期有效，Aehr Test Systems 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 our first -quarter fiscal 2025 earnings conference call. Thanks for joining us today. Just as a heads up, we do these live and I manage to have a cough with a little bit of a tickle. So I don't think I'm going to be you'll get through with all of this without coughing. But if I could, I'll hit the mute button and you won't catch him, but I apologize if I cough in the middle here.

謝謝，吉姆。大家下午好，歡迎參加我們的 2025 財年第一季財報電話會議。感謝您今天加入我們。要注意的是，我們是現場表演的，我咳嗽得有點癢。所以我想你不可能在不咳嗽的情況下完成這一切。但如果可以的話，我會按下靜音按鈕，這樣你就抓不到他了，但如果我在中間咳嗽，我很抱歉。

I'd like to start with a quick summary of the highlights of the quarter, and spend some time giving an update on what we're seeing across the key markets, areas addressing for semiconductor test and burn-in, including increasing traction in some new markets.

我想先快速總結本季的亮點，並花一些時間介紹我們在關鍵市場、解決半導體測試和老化問題的領域所看到的最新情況，包括在某些領域不斷增加的吸引力新市場。

I also plan to spend a little time on our latest expansion in the burn-in market with our acquisition of Incal Technology this last quarter. Then Chris will go over the financials in more detail. And after that, we'll open up the lines to take your questions.

我還計劃花一點時間討論我們在上個季度收購了 Incal Technology 後在老化市場的最新擴張。然後克里斯將更詳細地了解財務狀況。之後，我們將開放線路回答您的問題。

We finished the first quarter with revenue and non-GAAP net income ahead of consensus estimates and are off to a good start to our fiscal year. Silicon carbide wafer level burn-in test systems and full wafer contactors are poised to be a key contributors to revenue against this year.

我們第一季的收入和非公認會計準則淨利潤超出了普遍預期，為本財年開了個好頭。碳化矽晶圓級老化測試系統和全晶圓接觸器有望成為今年收入的主要貢獻者。

But we're also forecasting material bookings and revenue contributions from several other markets this fiscal year, as we're successfully executing our strategy to expand our test and burn-in products into other large and fast-growing markets such as artificial intelligence processors, gallium nitride power, semiconductor power, hard disk drive components, and flash memory devices. Our plan is to cover each of these markets, beginning with the wafer level test and burn-in for silicon carbide devices.

但我們也預測了本財年其他幾個市場的材料預訂和收入貢獻，因為我們正在成功執行我們的策略，將我們的測試和老化產品擴展到其他大型且快速成長的市場，例如人工智慧處理器、氮化鎵功率、半導體功率、硬碟組件和快閃記憶體元件。我們的計劃是覆蓋每個市場，從碳化矽元件的晶圓級測試和老化開始。

We've been seeing a stabilization and increasingly positive discussions within the silicon carbide power semiconductor market. Over the past quarter, the silicon carbide market continues to feel like a typical new technology adoption cycle, which often starts with early enthusiasm and rapid growth projections from early adopters followed by a period of adjustment and slower growth and a bottle at bottoming of that growth before higher growth resumes to new highs.

我們已經看到碳化矽功率半導體市場的穩定和日益積極的討論。在過去的季度中，碳化矽市場仍然感覺像是一個典型的新技術採用週期，該週期通常始於早期採用者的早期熱情和快速增長預測，然後是一段調整期和較慢的增長以及增長觸底的瓶子在更高的增長恢復到新高之前。

Electric vehicle suppliers are clearly moving towards silicon carbide and integrated modules, combining silicon carbide MOSFETs into single packages to meet the industry's power, efficiency, and cost effectiveness demands. Some EV suppliers are shifting to integrated modules contain up to 32 or more devices in the three-phase inverter module. Due to the need for extensive test and burn-in of these devices to ensure reliability for mission critical applications such as EVs, the benefits of conducting the screening at the wafer level before integrating them into modules are very clear. The process improves yields reduces costs, and this is driving demand for wafer level burn-in, an area where Aehr Test stands as the low cost leader and proven solution for this critical testing.

電動車供應商顯然正在轉向碳化矽和整合模組，將碳化矽 MOSFET 組合到單一封裝中，以滿足行業的功率、效率和成本效益需求。一些電動車供應商正在轉向在三相逆變器模組中包含多達 32 個或更多裝置的整合模組。由於需要對這些設備進行廣泛的測試和老化，以確保電動車等關鍵任務應用的可靠性，因此在將它們整合到模組之前在晶圓級進行篩選的好處非常明顯。該製程提高了產量，降低了成本，這推動了對晶圓級老化的需求，在這一領域，Aehr Test 是這項關鍵測試的低成本領導者和經過驗證的解決方案。

In recent weeks, Aehr has presented at several industry shows, including the PowerUp conference in Italy three weeks ago, as well as the ISCS power semiconductor, and the IS conferences in the US over the past two weeks. The overall message from these conferences is that EV manufacturers are standardizing on modules with some even moving towards entire integrated inverter systems supplied by the semiconductor companies themselves, instead of the traditional Tier 1 suppliers of the past who served as a middleman.

最近幾週，Aehr 出席了多個行業展會，包括三週前在義大利舉行的 PowerUp 會議，以及過去兩週在美國舉行的 ISCS 功率半導體會議和 IS 會議。這些會議傳達的總體訊息是，電動車製造商正在對模組進行標準化，有些製造商甚至轉向由半導體公司自己提供的整個整合式逆變器系統，而不是過去充當中間人的傳統一級供應商。

The key takeaway from these trade conferences as well as conversations with EV's auto OEMs is the critical importance of the testing and burn-in process to eliminate early life failures that would otherwise occur. Once these devices are integrated into inverters for full drive units in electric vehicles. Silicon carbide suppliers have varying opinions and standards when it comes to quality, leading to significant shifts in market share as some suppliers struggle to meet the integration and quality demands of EV manufacturers. For Aehr, this presents a positive opportunity as the market shifts towards suppliers that are capable of delivering integrated systems and high-quality products.

這些貿易會議以及與電動車原始設備製造商的對話的主要收穫是測試和老化過程的至關重要性，以消除否則可能發生的早期故障。一旦這些設備整合到電動汽車全驅動單元的逆變器中。碳化矽供應商在品質方面有不同的觀點和標準，由於一些供應商難以滿足電動車製造商的整合和品質要求，導致市場份額發生重大變化。對於 Aehr 來說，隨著市場轉向能夠提供整合系統和高品質產品的供應商，這提供了一個積極的機會。

We're making steady progress on our previously announced benchmarks and engagements with new silicon carbide device and module suppliers. We're confident that we will add several new silicon carbide customers this year, establishing our solution as a tool of record for volume production. Additionally, silicon carbide is gaining traction in applications beyond electric vehicles, such as solar, industrial, and data centers, which will expand our addressable markets.

我們在先前宣布的基準以及與新碳化矽元件和模組供應商的合作方面正在穩步取得進展。我們有信心今年將增加幾個新的碳化矽客戶，將我們的解決方案建立為大量生產的記錄工具。此外，碳化矽在電動車以外的應用中越來越受歡迎，例如太陽能、工業和資料中心，這將擴大我們的潛在市場。

We're highly optimistic about our silicon carbide business and expect it to gain momentum over the next few quarters. Our silicon carbide customers are forecasting capacity expansion needs in calendar 2025, with several anticipating purchases of one or two systems in early 2025, followed by production volumes in the second half of the year and ramping further into 2026.

我們對碳化矽業務的高度樂觀，並預計將在未來幾季獲得成長動能。我們的碳化矽客戶預計 2025 年產能擴張需求，其中一些客戶預計在 2025 年初購買一到兩個系統，隨後在下半年實現產量，並在 2026 年進一步增加。

Separate from incremental system capacity increases, we continue to see strong demand for our FOX WaferPak full wafer contactors for silicon carbide and other markets for our installed base of FOX-XP and FOX-NP wafer-level test and burn-in systems, driven by a record number of new device design started this past quarter. These designs are expected to lead to additional WaferPak purchases for engineering qualification, as well as to volume production orders as they advance to production.

除了系統容量的增量增加之外，我們繼續看到對碳化矽FOX WaferPak 全晶圓接觸器的強勁需求以及我們的FOX-XP 和FOX-NP 晶圓級測試和老化系統安裝基礎的其他市場的強勁需求，上個季度啟動的新設備設計數量創歷史新高。這些設計預計將導致額外購買 WaferPak 以獲得工程資格，並在投入生產時獲得大量生產訂單。

We had another solid quarter for WaferPak sales, generating over $12 million in revenue from WaferPak alone in the first quarter.

我們的 WaferPak 銷售又一個強勁的季度，第一季僅 WaferPak 就創造了超過 1200 萬美元的收入。

Now let me move on and discuss our progress with testing and burn-in in gallium nitride power semiconductors.

現在讓我繼續討論我們在氮化鎵功率半導體的測試和老化方面的進展。

We're now in negotiations with our first gallium nitride customer, again, customer for volume production wafer-level test and burn-in of their devices. We've been worked really working closely with them. And over the past year, they have purchased and we have delivered a significant number of WaferPaks to successfully qualify a wide range of GaN device types aimed at multiple different markets, including consumer, industrial, and automotive.

我們現在正在與我們的第一個氮化鎵客戶進行談判，同樣是對他們的設備進行大量生產晶圓級測試和老化的客戶。我們一直與他們密切合作。在過去的一年裡，他們購買了我們交付了大量的 WaferPaks，成功地驗證了針對多個不同市場（包括消費、工業和汽車）的各種 GaN 裝置類型。

In addition, we had increased discussions and engagements with multiple potential new GaN suppliers about their needs. The data collected from multiple GaN companies shows that these devices will need burn-in to meet the requirements of many of the markets they're targeted for, particularly industrial and automotive applications. We believe GaN is a significant up-and-coming technology for power semiconductors.

此外，我們也與多個潛在的新 GaN 供應商就他們的需求進行了更多的討論和接觸。從多家 GaN 公司收集的數據表明，這些裝置需要老化才能滿足其目標市場的要求，特別是工業和汽車應用。我們相信 GaN 是功率半導體的一項重要的新興技術。

With a forecasted compound annual growth rate of more than 40% to over 2 billion in GaN devices sold annually by 2029, GaN has the potential to be a significant market opportunity for Aehr's wafer-level solutions.

預計到 2029 年，GaN 裝置的年銷量將超過 20 億個，複合年增長率將超過 40%，GaN 有潛力成為 Aehr 晶圓級解決方案的重要市場機會。

It's also interesting to note that several of our current and prospective customers value the fact that Aehr can provide proven test and burn-in capabilities that successfully address both silicon carbide and GaN devices. The testing of each is quite different. However, we can address the requirements of each market with the unique proprietary features and capabilities in the same system on our FOX platform. We continue to make investments in our platform with new capabilities and enhancements that enable us to provide value to these customers, expand our markets, and maintain our leadership position as a low-cost proven solution.

另外值得注意的是，我們的一些現有和潛在客戶都看重 Aehr 可以提供經過驗證的測試和老化功能，成功解決碳化矽和 GaN 裝置的問題。每一個的測試都是完全不同的。然而，我們可以透過 FOX 平台上同一系統中獨特的專有特性和功能來滿足每個市場的需求。我們繼續對我們的平台進行投資，以提供新的功能和增強功能，使我們能夠為這些客戶提供價值，擴大我們的市場，並保持我們作為低成本成熟解決方案的領先地位。

So moving on to the artificial intelligence processor market. Last quarter, we announced that an AI accelerator company committed to evaluating our FOX solution for wafer level test and burn-in of high-power processors. This evaluation is very far along at our Fremont facility, where multiple wafers are being tested using our proprietary WaferPaks and new high-power FOX-XP and NP systems, which provide up to 3,500 watts of power delivery and thermal control per wafer. We are delivering over 2,000 amperes of current to a single 300-millimeter wafer, allowing us to burn in a large number of processors in parallel with our proprietary test modes.

因此，轉向人工智慧處理器市場。上季度，我們宣布一家 AI 加速器公司致力於評估我們用於晶圓級測試和高功率處理器老化的 FOX 解決方案。這項評估在我們的弗里蒙特工廠進行得很順利，正在使用我們專有的WaferPaks 和新型高功率FOX-XP 和NP 系統對多個晶圓進行測試，這些系統為每個晶圓提供高達3,500瓦的功率傳輸和熱控制。我們向單個 300 毫米晶圓提供超過 2,000 安培的電流，使我們能夠與我們專有的測試模式並行燒錄大量處理器。

This company is working closely with us to be able to use the FOX-XP system for wafer level production burn-in of their processors, which would prove to be more cost effective and significantly more scalable than doing the screening later in their manufacturing process. We think this presents a significant opportunity to displace the current package and system level test for AI processors for large language model development. And we believe we can meet this enormous challenge with the current capabilities of our new high-power FOX-XP system.

該公司正在與我們密切合作，以便能夠使用FOX-XP 系統對其處理器進行晶圓級生產預燒，事實證明，這比在製造過程後期進行篩選更具成本效益，並且可擴展性顯著提高。我們認為這為取代目前用於大型語言模型開發的人工智慧處理器的套件和系統級測試提供了一個重要的機會。我們相信，憑藉我們新型高功率 FOX-XP 系統的當前功能，我們能夠應對這一巨大挑戰。

This evaluation is progressing very well. And once we demonstrate successful wafer level test results in throughput, we anticipate they will adopt our high-power FOX-XP systems for production of the next-generation AI processors beginning this fiscal year. As we've noted before, based on their production forecast, we believe they could potentially be more than a 10% customer for us this fiscal year alone.

此次評估工作進展順利。一旦我們在吞吐量方面展示了成功的晶圓級測試結果，我們預計他們將在本財年開始採用我們的高功率 FOX-XP 系統來生產下一代人工智慧處理器。正如我們之前指出的，根據他們的產量預測，我們相信僅在本財年他們就可能成為我們超過 10% 的客戶。

Turning to our acquisition of Incal. During the quarter, we announced and completed our acquisition of Incal Technology, expanding our product portfolio to include Incal's highly acclaimed package part reliability burn-in and test solutions, particularly its ultra-high power capabilities for AI processors, GPUs, and high-performance computing processors. These advanced high-power capabilities, combined with Aehr's industry-leading lineup of wafer level test and reliability solutions position us strongly to capitalize on the significant and rapidly growing opportunities in the AI semiconductor market.

談到我們對 Incal 的收購。本季度，我們宣布並完成了對Incal Technology 的收購，擴大了我們的產品組合，包括Incal 廣受好評的封裝部件可靠性老化和測試解決方案，特別是其針對AI 處理器、GPU 和高性能的超高功率功能。這些先進的高功率功能，與 Aehr 領先業界的晶圓級測試和可靠性解決方案陣容相結合，使我們能夠充分利用 AI 半導體市場中重大且快速成長的機會。

This acquisition greatly expands our addressable market, enabling us to provide a comprehensive turnkey solution for life reliability testing from engineering to high-volume production to the rapidly growing AI semiconductor market. We're excited to bring the combined strengths of both companies to market as we begin engaging within Incal's customers, including many AI industry leaders.

此次收購大大擴展了我們的潛在市場，使我們能夠為從工程設計到大批量生產再到快速增長的人工智慧半導體市場的壽命可靠性測試提供全面的交鑰匙解決方案。隨著我們開始與 Incal 的客戶（包括許多人工智慧產業領導者）合作，我們很高興能夠將兩家公司的綜合優勢推向市場。

Customer feedback on this acquisition has been overwhelmingly positive, with several meetings held over the past few weeks where some customers indicated increased forecast for engineering qualification, as well as per-volume production.

客戶對此次收購的回饋非常積極，在過去幾週舉行的幾次會議上，一些客戶表示對工程資格以及單位產量的預測有所提高。

Last month, we were pleased to announce the first volume production orders for Incal's new Sonoma ultra-high power semiconductor test and burn-in solution for test of AI processors. These orders were placed by a large-scale data center hyperscaler that provides computing power and storage capacity to millions of users worldwide today.

上個月，我們很高興地宣布 Incal 的新型 Sonoma 超高功率半導體測試和用於 AI 處理器測試的老化解決方案的首批批量生產訂單。這些訂單是由一家大型資料中心超大規模企業下的，該企業為當今全球數百萬用戶提供運算能力和儲存容量。

We've also had many customers express interest in Incal's medium-powered Tahoe system, which is being used today across multiple market applications for both qualification and volume production. This includes multiple medical companies that use the Tahoe systems special capabilities for production test and burn-in of devices in a critical medical device application. This speaks to the special capabilities of these systems and the quality of their hardware and software to meet the critical traceability requirements of the US Food and Drug Administration.

我們也有許多客戶對 Incal 的中功率 Tahoe 系統表示感興趣，目前已在多個市場應用中用於資格認證和大量生產。這包括多家醫療公司，他們使用 Tahoe 系統的特殊功能在關鍵醫療設備應用中進行設備的生產測試和老化。這說明了這些系統的特殊功能及其硬體和軟體的質量，可以滿足美國食品和藥物管理局的嚴格可追溯性要求。

The integration with Incal is progressing well, and employees from both companies have been very positive about the combination. We have already shipped several systems since the acquisition and with Incal being just down the road from us, we plan to consolidate personnel and manufacturing into Aehr's much larger Fremont facility by the end of the fiscal year. As we've mentioned before, we're underway with an upgrade and remodeling of our Fremont headquarters this year, in fact, right now and are ensuring our facility infrastructure meets the needs of both companies.

與 Incal 的整合進展順利，兩家公司的員工對合併都非常正面。自收購以來，我們已經發貨了多個系統，而且 Incal 就在我們附近，我們計劃在本財年末將人員和製造業務整合到 Aehr 規模大得多的弗里蒙特工廠。正如我們之前提到的，我們今年（實際上是現在）正在進行對弗里蒙特總部的升級和改造，並確保我們的設施基礎設施滿足兩家公司的需求。

So turning to the hard disk drive market. Last quarter, we also announced a key customer in the hard disk drive space that is now forecasting a production ramp-up starting this fiscal year for a new high-volume data storage device application.

於是轉向硬碟市場。上個季度，我們也宣布了硬碟領域的重要客戶，目前預測從本財年開始，新的大容量資料儲存設備應用的產量將會增加。

This customer is finalizing their capacity requirements, and we expect this ramp to drive orders for multiple FOX-CP production systems and WaferPak contactors, with shipments likely occurring in the second half of this fiscal year. As we've noted before, they could even be a 10% customer for us as well.

該客戶正在最終確定其產能需求，我們預計這一增長將推動多個 FOX-CP 生產系統和 WaferPak 接觸器的訂單，發貨可能會在本財年下半年進行。正如我們之前指出的，他們甚至可能成為我們 10% 的客戶。

As some of you may recall, this is a major customer that we announced in 2019 pre-COVID that purchased our FOX-CP, our single wafer test and burn-in solution, for wafer level test and burn-in of their devices in this very high-volume application for enterprise and data center market. We see the data storage market, along with various devices supporting the global 5G expansion as new growth opportunities for our systems, as these markets require devices with exceptionally high levels of quality and long-term reliability.

你們中的一些人可能還記得，這是我們在2019 年新冠疫情爆發之前宣布的一個主要客戶，他們購買了我們的FOX-CP，即我們的單晶圓測試和老化解決方案，用於晶圓級測試和他們設備的老化。我們將數據儲存市場以及支援全球 5G 擴展的各種設備視為我們系統的新成長機會，因為這些市場需要具有極高品質和長期可靠性的設備。

And lastly, let me talk about the NAND flash memory market. We're excited about the ongoing progress of our benchmark with a leading flash memory manufacturer we announced last quarter. This benchmark is aimed at assessing the potential of our FOX-XP solution for wafer-level test and burn-in of their flash memory devices. This evaluation focuses on providing 100% test and burn-in for devices intended for high-reliability applications such as enterprise storage.

最後，我來談談NAND快閃記憶體市場。我們對上季宣布的一家領先快閃記憶體製造商的基準測試持續取得進展感到興奮。此基準測試旨在評估我們的 FOX-XP 解決方案在快閃記憶體裝置的晶圓級測試和老化方面的潛力。此評估的重點是為企業儲存等高可靠性應用的設備提供 100% 的測試和老化。

We're currently developing a new high pin count fine-pitch WaferPak that can support flash memory requirements but can also support DRAM testing should customers choose to pursue DRAM burden in the future. Our objective remains to complete the proof-of-concept by the end of this fiscal year, positioning us to secure a commitment from this customer to develop a production test cell with the potential to contribute to revenue in our fiscal 2026, which begins next June.

我們目前正在開發一個新的高引腳數細間距 WaferPak，它可以支援快閃記憶體要求，但如果客戶將來選擇追求 DRAM 負載，也可以支援 DRAM 測試。我們的目標仍然是在本財年結束前完成概念驗證，從而確保我們能夠獲得該客戶的承諾，即開發生產測試單元，該單元有可能在明年6 月開始的2026 財年為我們的收入做出貢獻。

As I've noted before, we believe this is the front end of an exciting and potentially enormous opportunity for our solutions and we see the NAND flash market as a key market opportunity with long-term potential to also move into DRAM wafer level test and burn-in.

正如我之前指出的，我們相信這對我們的解決方案來說是一個令人興奮且潛在巨大機會的前端，我們將NAND 快閃記憶體市場視為一個關鍵的市場機會，具有進入DRAM 晶圓級測試和測試的長期潛力。

With all these customer engagements, market opportunities, and the products to address them, we're very optimistic about the year ahead. And we're reaffirming our financial guidance for revenue growth and profitability for the year.

憑藉所有這些客戶參與、市場機會以及解決這些問題的產品，我們對未來的一年非常樂觀。我們重申了今年收入成長和獲利能力的財務指引。

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. Before I turn to a review of our financial results, I'd like to note that over the past 12 months, Aehr has invested financial and human resources in improving our own infrastructure to support the continued growth of our business. We recently went live with a new enterprise resource planning system in September. That will provide more sophisticated functionalities and capabilities to support decision-making and compliance.

謝謝你，蓋恩。在回顧我們的財務表現之前，我想指出，在過去 12 個月中，Aehr 投入了財務和人力資源來改善我們自己的基礎設施，以支持我們業務的持續成長。我們最近在 9 月啟用了新的企業資源規劃系統。這將提供更複雜的功能和能力來支援決策和合規性。

We expand our policies and procedures in various functions to provide more internal control and structure. We have made improvements in our supply chain and engage with contract manufacturers that offer more value-added quality components and services to support our growth. I would like to thank our teams for their dedication and strong execution. With a more robust infrastructure in place, we're more ready than ever to support both our organic and inorganic growth.

我們擴展了各個職能部門的政策和程序，以提供更多的內部控制和結構。我們改進了供應鏈，並與提供更多增值優質組件和服務的合約製造商合作，以支持我們的成長。我要感謝我們團隊的奉獻精神和強大的執行力。有了更強大的基礎設施，我們比以往任何時候都更願意支持我們的有機和無機成長。

Also, as Gayn noted, the integration of our Incal acquisition which closed on July 31, is progressing well. Our plan is to consolidate personnel and manufacturing into Aehr's Fremont facility by the end of the fiscal year. With the upgrade and the remodeling of our Fremont headquarters underway, we are ensuring our facility infrastructure meets the needs of both companies.

此外，正如 Gayn 指出的，我們於 7 月 31 日完成的 Incal 收購整合進展順利。我們的計劃是在本財年結束前將人員和製造業務整合到 Aehr 的弗里蒙特工廠。隨著弗里蒙特總部的升級和改造正在進行，我們正在確保我們的設施基礎設施滿足兩家公司的需求。

Now turning to our Q1 performance, which included one month of financial results from the Incal's acquisition. Our Q1 results exceeded analysts' consensus on both the top and bottom lines. Under the current challenging market and macroeconomic environment, first quarter revenue was $13.1 million, down 36% from $20.6 million in Q1 last year.

現在轉向我們第一季的業績，其中包括收購 Incal 後一個月的財務業績。我們第一季的業績超出了分析師對營收和利潤的共識。在當前充滿挑戰的市場和宏觀經濟環境下，第一季營收為1,310萬美元，比去年第一季的2,060萬美元下降36%。

Demand for our WaferPak contributed to the majority of our total revenue in the first quarter. WaferPak revenues came in at $12.1 million and accounted for 92% of our total revenue in the first quarter, significantly higher than 55% of the prior year's first quarter revenue.

對 WaferPak 的需求貢獻了我們第一季總收入的大部分。 WaferPak 營收為 1,210 萬美元，占我們第一季總營收的 92%，顯著高於去年第一季營收的 55%。

WaferPak revenues continue to represent a significant recurring revenue stream for our business, as our customers continue to utilize the available installed base of FOX-XP systems for new customer design wins, and purchase additional new WaferPaks from Aehr to test and burn-in these new devices.

WaferPak 收入繼續代表我們業務的重要經常性收入來源，因為我們的客戶繼續利用 FOX-XP 系統的可用安裝基礎來贏得新客戶設計，並從 Aehr 購買額外的新 WaferPak 來測試和老化這些新產品設備。

Non-GAAP gross margin for the first quarter came in at 54.7% compared to 48.7% year over year. The increase in non-GAAP gross margin was primarily due to favorable product mix of higher-margin WaferPaks.

第一季非 GAAP 毛利率為 54.7%，去年同期毛利率為 48.7%。非 GAAP 毛利率的成長主要歸功於利潤率較高的 WaferPaks 的有利產品組合。

Non-GAAP operating expenses in the first quarter were $5.5 million, essentially flat compared to $5.4 million in Q1 last year. We incurred income tax expense in Q1 and our effective tax rate was 18.9%.

第一季非 GAAP 營運費用為 550 萬美元，與去年第一季的 540 萬美元基本持平。我們第一季產生了所得稅費用，實際稅率為 18.9%。

Non-GAAP net income for the first quarter, which excludes the impact of stock-based compensation, acquisition-related costs and amortization of intangible assets acquired through the Incal acquisition was $2.2 million or $0.07 per diluted share for the first quarter compared to non-GAAP net income of $5.2 million or $0.18 per diluted share in the first quarter of fiscal 2024.

第一季非GAAP 淨利（不包括股票薪酬、收購相關成本以及透過Incal 收購獲得的無形資產攤銷的影響）為220 萬美元，即每股攤薄收益0.07 美元，而非公認會計準則淨利潤為220 萬美元，稀釋後每股收益為0.07 美元。

Our backlog as of Q1 was $16.6 million.

截至第一季度，我們的積壓訂單為 1,660 萬美元。

Now turning to our cash flows and the balance sheet. We generated $2.4 million in operating cash flows in Q1. Our cash, cash equivalents, and restricted cash were $40.8 million at the end of Q1, down from $49.3 million at the end of Q4 last year, resulting from the $10.6 million of our cash on hand used to fund the acquisition of Incal technology during the quarter. We have zero debt and continue to invest our excess cash in money market funds.

現在轉向我們的現金流和資產負債表。第一季我們產生了 240 萬美元的營運現金流。 Our cash, cash equivalents, and restricted cash were $40.8 million at the end of Q1, down from $49.3 million at the end of Q4 last year, resulting from the $10.6 million of our cash on hand used to fund the acquisition of Incal technology during the四分之一.我們的債務為零，並繼續將多餘的現金投資於貨幣市場基金。

Interest income earned during this high interest rate environment was $681,000 in the first quarter, up 17% from the second quarter last year.

在這種高利率環境下，第一季賺取的利息收入為681,000美元，比去年第二季增加17%。

Our previous S-3 registration statement, which was filed in September 2021 expired recently. Since we did not sell any shares through the ATM offering during the open trading window in August, about $42.7 million of ATM that could have been sold under the previous S-3 was not utilized. As part of our good corporate governance practices, we plan to file a new S-3 with the Securities and Exchange Commission soon to support potential future financing needs. Once approved, the new S-3 self-filing will be good for three years.

我們先前於 2021 年 9 月提交的 S-3 註冊聲明最近已過期。由於我們在 8 月的開放交易窗口期間沒有透過 ATM 發行出售任何股票，因此本可以在先前的 S-3 下出售的約 4,270 萬美元 ATM 沒有被利用。作為我們良好公司治理實務的一部分，我們計劃很快向美國證券交易委員會提交新的 S-3，以支持未來潛在的融資需求。一旦獲得批准，新的S-3自我備案有效期為三年。

Now, turning to our outlook for the current fiscal 2025 that ends on May 30, 2025. As Gayn mentioned, we're reaffirming our previously provided guidance for the fiscal year of total revenue of at least $70 million and net profit before taxes of at least 10% of revenue. We expect approximately 85% of our forecasted annual revenue to come from wafer level burn-in and around 15% from packaged part burn-in driven by our acquisition of Incal.

現在，轉向我們對截至2025 年5 月30 日的當前2025 財年的展望。為至少佔收入的 10%。我們預計，預計年收入中約 85% 將來自晶圓級老化，約 15% 來自我們收購 Incal 推動的封裝零件老化。

Lastly, looking at the Investor Relations calendar, Aehr Test will meet with investors at the LD Micro Main Event in Los Angeles on Tuesday, October 29, and then the following month we will participate in the Craig-Hallum Alpha Conference in New York on Tuesday, November 19. Then on Tuesday, December 17, we're heading back to New York City to attend NYC Summit. After the New Year, we participate virtually at the Needham Growth Conference on Thursday, January 16, 2025. We hope to see some of you at these conferences.

最後，請查看投資者關係日曆，Aehr Test 將於 10 月 29 日星期二在洛杉磯舉行的 LD Micro 主活動上與投資者會面，然後下個月我們將參加週二在紐約舉行的 Craig-Hallum Alpha 會議，11月19 日。新年過後，我們將虛擬參加 2025 年 1 月 16 日星期四舉行的尼達姆增長會議。

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.

（操作員說明）Christian Schwab，Craig-Hallum。

Hey. This is Christian. Gayn, so can you -- on the silicon carbide, the additional customer commentary about getting two additional customers this year. Are these customers that you've been working with in the past? And alongside that, can you give us an idea of how you would anticipate that ramping in near term and then over time? I mean, could they become as material as your current largest customer in silicon carbide?

嘿。這是基督教的。 Gayn，你也可以－關於碳化矽，關於今年新增兩位顧客的額外顧客評論。這些客戶是您過去合作過的嗎？除此之外，您能否告訴我們您將如何預期短期內以及隨著時間的推移的成長？我的意思是，它們能否成為像你們目前最大的碳化矽客戶一樣的材料？

Okay. Sure. Yeah, it's actually some of the same old story of some of the folks that we anticipated would have bought their first systems last spring, really. That we're now -- basically, the ramps and decision time lines have pushed. So I'd say two or three of those are actually sort of the same guys that's just kind of a year later.

好的。當然。是的，這實際上是一些相同的老故事，我們預計一些人會在去年春天購買他們的第一個系統，真的。基本上，我們現在的進度和決策時間軸已經被延後了。所以我想說，其中兩三個人其實是一年後的同一個人。

But there's also two, I think, in our forecast anyhow or high likely to forecast that were not anticipated last year that have come online over the last -- we've been working with them over the last, say, three to six months, engaged in paper benchmarks and other financial things that are also looking very good. So I wouldn't ask you to go say I'm going to win six new customers, but there's the potential for it.

但我認為，無論如何，在我們的預測中，或者很有可能預測去年沒有預料到的兩個因素在過去已經上線——我們在過去，比如說，三到六個月裡一直在與他們合作，從事紙質基準和其他看起來也很不錯的金融事情。所以我不會要求你去說我將贏得六個新客戶，但這是有潛力的。

The interesting thing is what it feels like from probably their end markets, why they all feel similar is everyone seems to be talking about putting like first tools in place, somewhere between the end -- literally at the very end of this year till, I don't know, spring timeframe to maybe May, kind of within our fiscal year, which we think that win feels like it's maybe one or two systems.

有趣的是，他們的終端市場給人的感覺是什麼，為什麼他們都感覺相似，因為每個人似乎都在談論在年底之間的某個地方放置第一個工具——實際上是在今年年底，直到，我不知道，春季時間範圍可能到五月，在我們的財政年度內，我們認為勝利感覺可能是一兩個系統。

And then they ramp into the fall based upon a number of the EV data center, even maybe some potential solar wins that are driving capacity by that timeframe. And that aligns with the physical buildings.

然後，他們會根據一些電動車資料中心的數量進入秋季，甚至可能會在該時間範圍內推動一些潛在的太陽能勝利。這與實體建築是一致的。

One of the things that was going on about a year ago is there's sort of this excitement. I'll use that word around how fast everything is going to be adopted. I'm looking at a land of dirt, and it's like that building is not going to ship MOSFETs next year. I don't know what people are thinking, but it's too aggressive.

大約一年前發生的事情之一就是有種令人興奮的感覺。我將用這個詞來形容一切事物被採用的速度。我看著一片泥土，感覺那棟建築明年不會再生產 MOSFET。我不知道人們怎麼想，但這太激進了。

Now, the forecast seem to align with the physical buildings with the OEMs that are describing which cars they're going into, et cetera, and are still forecasting those cars moving forward. And this includes OEMs that include China, other Asia, Korea, US, and particularly European suppliers.

現在，這項預測似乎與原始設備製造商的實體建築一致，原始設備製造商正在描述他們將要生產哪些汽車等等，並且仍在預測這些汽車的未來發展。這包括包括中國、其他亞洲國家、韓國、美國，尤其是歐洲供應商在內的原始設備製造商。

So I hope that helped to explain it.

所以我希望這有助於解釋它。

I guess it still wasn't clear to me.

我想我還是不清楚。

Order size.

訂單大小。

Five of your potential or six potential customers, can you give us like real color?

您的五個潛在客戶或六個潛在客戶，您能給我們像真實的顏色嗎？

Yes, the size. You're right. I forgot to say that. I actually didn't mean to drop that. So I would say one of the things that -- and you heard it in my prepared remarks, it's very -- and I have been constant at these public conferences.

是的，尺寸。你說得對。我忘了這麼說。其實我並不想放棄它。所以我想說的一件事——你在我準備好的演講中聽到了，這是非常——我在這些公開會議上一直堅持的。

Vernon has been asked to speak as well. We have tested enough wafers, I mean, we've tested more silicon carbide customers' wafers than anyone by far to where we have a huge cross-section of data, and we just simply make the statement that if you want to do automotive quality down to subpart per million failure rates of these things, you need to do an extended burn-in, not just a simple screen that's measured in ours.

佛農也被邀請發言。我們已經測試了足夠的晶圓，我的意思是，我們測試的碳化矽客戶的晶圓比迄今為止任何人都多，我們擁有大量的橫截面數據，我們只是簡單地聲明，如果你想做汽車品質將這些東西的故障率降至百萬分之一，您需要長時間的老化，而不僅僅是我們測量的簡單螢幕。

And I would say that each of the customers that we're talking to right now, that's what they're saying. They're all talking about these extended multi-hour 6, 12 plus even up to 24 to begin with our burn-in times that would be consistent with the automotive guys, and it's been repeated by the OEMs as a critical requirement.

我想說的是，我們現在正在交談的每一位客戶，他們都是這麼說的。他們都在談論這些延長的 6 小時、12 小時甚至長達 24 小時的老化時間，這與汽車人員一致，而 OEM 廠商也將其作為一項關鍵要求進行了重複。

So with that, you can do the same modeling that we did before, which is, okay, it's a wafer fab. It has 4,000 wafer starts per week, let's say, or whatever it is and you multiple -- you say it's got, say, 6 or 12 or 18-hour burn-in time and 18 wafers.

這樣，您就可以進行與我們之前所做的相同的建模，也就是說，好吧，這是一家晶圓廠。比方說，它每週啟動 4,000 個晶圓，或者無論它是什麼，你可以倍增 - 你說它有 6 或 12 或 18 小時的老化時間和 18 個晶圓。

So these are customers that have the potential to buy significant volumes perhaps even as big as our biggest customer to begin with. We also believe that our largest customer is doing extremely well in the market and is going to grow substantially, both in capacity and design wins over the next several years. So they seem to be doing very, very well in the market.

因此，這些客戶有潛力大量購買，甚至可能與我們最大的客戶一樣大。我們也相信，我們最大的客戶在市場上表現非常出色，並且在未來幾年的產能和設計方面都將大幅成長。所以他們似乎在市場上做得非常非常好。

Okay. I guess this is my second last question. On the AI processor opportunity, I know last quarter, you highlighted, of course, this is not in that you're dealing with. But can you give us any type of color there given a 10% customer, that's only like $7 million worth of sales. Some kind of thinking that, that should be a much more substantial number than that over time.

好的。我想這是我的倒數第二個問題。關於人工智慧處理器的機會，我知道上個季度，您強調了這一點，當然，這不是您正在處理的。但是你能給我們任何類型的顏色嗎？某種想法認為，隨著時間的推移，這個數字應該比這個數字大得多。

But maybe you can give us a little bit of color of the open-ended opportunity there?

但也許你可以給我們介紹一下那裡的開放式機會？

Yes. So we can track the units. We understand the test time. The test times on processors are quite long. We know it's 100% burn-in. And we know and can track failures and see what's going on and there are some interesting tricks and things that are being -- that are going on there.

是的。這樣我們就可以追蹤單位。我們了解測試時間。處理器的測試時間相當長。我們知道它是 100% 老化的。我們知道並且可以追蹤故障並查看正在發生的情況，並且存在一些有趣的技巧和正在發生的事情。

So the data is all supporting the capability and feasibility of doing wafer-level burn-in. And now candidly, through, through the Incal acquisition, where we're testing a large number of AI processor, you can see what they're testing and why they're testing it. No one's getting out of burn-in of AI processors anytime soon.

所以數據都支持晶圓級老化的能力和可行性。現在坦白說，透過收購Incal，我們正在測試大量的人工智慧處理器，你可以看到他們正在測試什麼以及為什麼要測試它。沒有人能很快擺脫人工智慧處理器的老化。

Sowe haven't given any more color related to which of the processor guys it is. We did simply said it's not NVIDIA because it just would be unfair to throw that around and how people imply that. But it is a revenue-generating AI processor company today, okay?

所以我們沒有給出任何與處理器相關的更多資訊。我們只是簡單地說它不是 NVIDIA，因為隨意亂說以及人們的暗示是不公平的。但如今它是一家創造收入的人工智慧處理器公司，好嗎？

And it's currently different than any of Incal's customers. That doesn't help you because I haven't told you who they are either. But we've actually had one -- in one of the conversations we had with one of the Incal customers that are currently testing AI processors on their systems, they lean forward and we're super interested to hear more about our wafer level burn-in, which is not a surprise to us.

目前它與 Incal 的任何客戶都不同。這對你沒有幫助，因為我也沒有告訴你他們是誰。但我們實際上已經有過這樣的經歷——在我們與一位Incal 客戶進行的一次對話中，他們目前正在他們的系統上測試人工智慧處理器，他們向前傾斜，我們非常有興趣聽到更多多關於我們的晶圓級燒錄的資訊—— ，這對我們來說並不奇怪。

And so I think that there'll be a mix. And we're not picking sides. There's some real advantages of moving the AI processor and ultimately, the DRAM to wafer level. But there's also some real challenges with it depending on customers and test modes, et cetera. And so we can serve them with the package part burn-in capabilities of Incal.

所以我認為會有混合。我們不會選邊站隊。將 AI 處理器並最終將 DRAM 轉移到晶圓級具有一些真正的優勢。但它也存在一些真正的挑戰，取決於客戶和測試模式等。因此，我們可以利用 Incal 的封裝零件老化功能為他們提供服務。

But everybody -- I mean, most people have heard the story, go back and listen to it. Our whole strategy has been that with this massive increase in semiconductors that are, in fact, getting less reliable, showing up in more applications where reliability matters and then people putting them on multi-chip modules. It's a huge opportunity for test and burn-in particular for wafer level.

但每個人——我的意思是，大多數人都聽過這個故事，回去聽聽。我們的整體策略是，隨著半導體的大量增加，事實上，它們的可靠性越來越低，出現在更多可靠性很重要的應用中，然後人們將它們放在多晶片模組上。這是測試和燒錄的巨大機會，特別是對於晶圓級而言。

I noticed that today, just AMD introduced what MI325X. Did you see it? It looks like it is eight-core processors and another eight stacks of HBM memories. What happens with one of those core processors dies in burn-in. So the value proposition concept of moving it from package to wafer totally still makes sense, but now we also have both.

我注意到今天，剛剛AMD推出了MI325X。你看到了嗎？看起來像是八核心處理器和另外八堆HBM記憶體。其中一個核心處理器在老化過程中死亡會發生什麼情況。因此，將其從封裝轉移到晶圓的價值主張概念仍然有意義，但現在我們兩者都擁有。

So a little pitch for us as a company. And I can tell you, I know I use that phrase. If you've heard me, I usually like to say, we have a front row seat. Guys, we have the front row seat.

這是我們公司的一點宣傳。我可以告訴你，我知道我用過這個短語。如果你聽過我的話，我通常喜歡說，我們有前排座位。夥計們，我們有前排座位。

This is -- I have sat in meetings in the last four to six weeks with some of the names of the names and hearing about their requirements and their actual processor we're testing, the next gen, the one after that, we're engaged with them to deliver their requirements, they're very excited because of our capabilities in thermal, our engineering capabilities, our manufacturing capacity capability and our application support around the world.

這是——在過去的四到六週裡，我參加了一些會議，聽取了他們的要求以及我們正在測試的實際處理器，下一代，之後的處理器，我們正在當我們與他們合作來滿足當他們的要求時，他們對我們在熱學方面的能力、我們的工程能力、我們的製造能力以及我們在世界各地的應用支援感到非常興奮。

So very excited about it, and I think there'll be leverage in both directions. I know we can already use some stuff from Aehr to make Incal's products better. And I think there'll be opportunities for customers that are using Incal that may want to do a wafer level burn-in step as well from us. So I couldn't be more excited about this, and it's super fun.

對此感到非常興奮，我認為這將在兩個方向上發揮作用。我知道我們已經可以使用 Aehr 的一些東西來使 Incal 的產品變得更好。我認為使用 Incal 的客戶也有機會從我們這裡進行晶圓級預燒步驟。所以我對此感到非常興奮，而且非常有趣。

I got no other questions. Thanks.

我沒有其他問題了。謝謝。

Thanks. Operator? We caught him sleepy. Hello?

謝謝。操作員？我們發現他很睏了。你好？

(Operator Instructions) Jed Dorsheimer, William Blair.

（操作員說明）Jed Dorsheimer、William Blair。

Hey. Yeah, thanks for taking the questions, Gayn and Chris. I guess, first question, Gayn. Thanks for the clarity. And Chris, thanks for the breakdown for the year.

嘿。是的，感謝蓋恩和克里斯提出問題。我想，第一個問題，蓋恩。感謝您的澄清。克里斯，感謝您對這一年的細分。

On the Aehr business, I haven't seen previously you would press release wins. And I know that you did on the WaferPak that kind of flowed through this quarter. But I was wondering, in the $16 million of backlog, could you give any further detail in terms of the contribution of mix there as we haven't seen any press releases that -- to get an idea of what that constitutes?

在 Aehr 業務上，我以前從未見過你會在新聞稿中獲勝。我知道你們在本季的 WaferPak 上做了類似的事情。但我想知道，在 1600 萬美元的積壓訂單中，您能否提供有關混合貢獻的更多詳細信息，因為我們還沒有看到任何新聞稿 - 以了解其構成是什麼？

Yeah. I'm going to take a pass on that right now. I get it, Jed. I understand. We haven't -- in fact, for those -- someone had to have noticed. I think this is the first quarter in eight quarters we didn't do the effective backlog. I don't know if everybody else noticed, we're really struggling with that.

是的。我現在就放棄這一點。我明白了，傑德。我明白。事實上，我們還沒有——事實上，對於那些——有人必須注意到。我認為這是我們八個季度中第一個沒有有效積壓的季度。我不知道其他人是否注意到，我們真的很掙扎。

We kind of cornered ourselves here, in that the only press release we did this quarter was the Sonoma production system, right? And we quantified it. We said it was six systems.

我們有點把自己逼到了絕境，因為我們本季發布的唯一新聞稿就是索諾瑪生產系統，對吧？我們對其進行了量化。我們說是六個系統。

Then as we went to look at the backlog and the breakdown, it was like, oh, it highlighted too much you can imply that most of the backlog -- the incremental sales in the month were from that. And so we just chickened out and said -- we're not going to say it, because we simply don't want to triangulate and give precise data to our competitors to their competitors, et cetera, because actually in the industry, people sort of figured out who it was. So I apologize for that.

然後，當我們查看積壓訂單和細分時，就像是，哦，它強調了太多，您可以暗示大部分積壓訂單 - 該月的增量銷售都來自於此。所以我們只是膽怯地說——我們不會說出來，因為我們只是不想三角測量並將精確的數據提供給我們的競爭對手給他們的競爭對手，等等，因為實際上在這個行業，人們排序弄清楚那是誰了。所以我對此表示歉意。

But specifically in the Aehr business, if you will, we have been -- material orders we have been press releasing. The materiality is kind of increasing and as we've been getting more and more WaferPak orders coming in that don't seem to press release out of that. We're still trying to balance that.

但具體來說，在 Aehr 業務中，如果您願意的話，我們一直在發布重大訂單。隨著我們收到越來越多的 WaferPak 訂單，重要性正在增加，但似乎並沒有因此而發布新聞稿。我們仍在努力平衡這一點。

I would consider any new production wins as we are forecasting material and we will announce it. Again, we'll either typically give you a price and be vague about the quantity or give you the quantity and be vague about the price just sort of as a process rule. But anyway, I will share that actually a reasonable chunk of that backlog is from Incal. And Incal's forecast is looking, I'll call it, in the bag if and with a reasonable amount of upside, we'll see as we get closer.

我會考慮任何新的生產勝利，因為我們正在預測材料，我們將宣布它。同樣，我們通常要么給您一個價格，但對數量含糊其辭，要么給您數量，但對價格含糊其辭，作為一種流程規則。但無論如何，我要分享的是，實際上，積壓訂單中有相當一部分來自 Incal。 Incal 的預測是，我稱之為，如果有合理的上行空間，我們將在接近時看到。

But they have much longer lead times than us. We'll probably tighten that up a little bit, but they typically have about a six-month lead time. And so everything for this quarter is in backlog, for example. In fact, some of the next quarter is already in backlog for those guys, whereas Aehr tends to run much shorter lead times and the result of that is you have a little less visibility. And I think they're probably better off than us, but the customers do like our short lead times.

但他們的交貨時間比我們長得多。我們可能會稍微收緊一點，但他們通常有大約六個月的準備時間。例如，本季的一切都處於積壓狀態。事實上，對於這些人來說，下個季度的一些訂單已經積壓了，而 Aehr 的交貨時間往往要短得多，其結果是你的可見度會稍低一些。我認為他們可能比我們更好，但客戶確實喜歡我們較短的交貨時間。

Got it. That's helpful. I guess maybe, and I know you don't want to give more, but let me just ask it anyways. If I look at the WaferPak, which was all of the product revenue in the quarter. Do you see a more balanced in this current quarter? Is it more balanced with respect to system leaving Incal aside --?

知道了。這很有幫助。我想也許吧，我知道你不想付出更多，但無論如何讓我問一下。如果我看一下 WaferPak，這是該季度的所有產品收入。您認為本季的情況更加平衡嗎？相對於將 Incal 放在一邊的系統來說，它是否更加平衡？

Yes, yes. Yes, for sure, for sure. Yeah. And they shift towards non-SiC systems, too, which is pretty fun, right? So we'll start seeing -- we're forecasting some of the other areas. It's actually -- I mean, we really never were only about silicon carbide.

是的，是的。是的，當然，當然。是的。他們也轉向非 SiC 系統，這很有趣，對吧？因此，我們將開始預測其他一些領域。實際上——我的意思是，我們真的不僅僅關注碳化矽。

It was just fantastic. We still love it. We still love that market. But the other markets are heating up and consuming much of every single day for us, candidly.

太棒了。我們仍然喜歡它。我們仍然熱愛那個市場。但坦白說，其他市場正在升溫，並消耗了我們每一天的大部分時間。

Got it. And then what's your attach rate on the automated -- what do you expect the attach rate for automated aligners with the systems. Do you see that as --?

知道了。然後，您對自動對準器的連接率是多少—您期望自動對準器與系統的連接率是多少。你認為這是——嗎？

Yeah. We were actually just discussing that today. It's still a mix. We have customers that are forecasting systems with manual aligners still. I personally love the automated aligner but cost a little bit more. And you can have an automated aligner that is offline to feed multiple chambers, or you can have an automated aligner that is integrated with the system.

是的。我們今天其實只是在討論這個問題。它仍然是一個混合體。我們的客戶仍在使用手動對準器的預測系統。我個人很喜歡自動對準器，但價格稍高。您可以擁有一個離線的自動對準器來為多個腔室供電，也可以擁有一個與系統整合的自動對準器。

And then we have several customers that are forecasting fully integrated. Absolutely positively. Nobody can do anything. I don't want to touch it, lights out operations. So it's a mix going forward.

然後我們有幾個客戶正在完全整合進行預測。絕對積極。沒有人能做任何事。我不想碰它，熄燈操作。因此，未來將是一個混合體。

It's a mix. And by the way, by contrast to two years ago, it was all manual, right? And I'd say as we go forward, I feel like it should be more than half would be automated aligners, but kind of -- there's still some customers that are talking about manual aligners.

這是一個混合。順便說一句，與兩年前相比，這一切都是手動的，對吧？我想說，隨著我們的前進，我覺得應該有一半以上是自動對準器，但仍然有一些客戶在談論手動對準器。

Okay. And I'll just keep going with a couple more here, if you don't mind. What's the mix in -- for your silicon carbide visibility or expectations between 150 versus 200-millimeter?

好的。如果你不介意的話，我會繼續在這裡講幾個。對於您的碳化矽可見度或 150 毫米與 200 毫米之間的期望，混合是什麼？

Well, we have a lot of 200-millimeter wafers that we're testing today. We have 200-millimeter wafers we're testing today. Vernon might tell you, we've tested anyone who's made a 200-millimeter silicon carbide wafer has been tested in this facility and most likely at their facility on our equipment, if that helps you with some hints, of course, we haven't told you who they are.

嗯，我們今天正在測試很多 200 毫米晶圓。我們今天正在測試 200 毫米晶圓。 Vernon 可能會告訴你，我們已經測試過任何製造200 毫米碳化矽晶圓的人，都已經在這個設施中進行了測試，並且很可能在他們的設施中使用我們的設備進行了測試，如果這對你有一些提示，當然，我們還沒有告訴你他們是誰。

I think our data seems pretty consistent with what's out there. There are 200-millimeter wafers. They're coming out. It's still the dominant is the 150-millimeter wafers.

我認為我們的數據似乎與現有數據非常一致。有200毫米晶圓。他們要出來了。仍佔主導地位的是150毫米晶圓。

We think that 200 will become more and more, particularly in 2025. And from our system for people listening, the FOX system itself can test all size wafers, 4-, 6-, 8- and 12-inch or if you're so inclined 100-, 150-, 200- and 300-millimeter. The WaferPak can work with any of them.

我們認為200 個將會變得越來越多，特別是在2025 年。或者如果您願意的話傾斜 100、150、200 和 300 毫米。 WaferPak 可以與其中任何一個一起使用。

We can actually design in the same system, you can be testing 150-millimeter silicon carbide and 200-millimeter silicon carbide. You just have to design the WaferPak contactor for the bigger wafer, okay, or the smaller wafer.

我們實際上可以在同一個系統中設計，可以測試150毫米碳化矽和200毫米碳化矽。您只需為較大的晶圓或較小的晶圓設計 WaferPak 接觸器即可。

So it's sort of a don't care to us, and we wouldn't have as much visibility as, say, a tool supplier who only sells 200 or 150 and their make or break. The customers, it's probably not as dramatic for us. So it's coming. I would probably leave it to you guys to have better visibility of exactly when the cutover is.

所以這對我們來說是一種不在乎，而且我們不會像一家只銷售 200 或 150 件及其成敗的工具供應商那樣有那麼多的知名度。對於客戶來說，這對我們來說可能沒有那麼戲劇化。所以它來了。我可能會讓你們更了解切換的確切時間。

Got it. And then last question for me on -- historically, new customers have tended to purchase a FOX-NP for evaluation before switching over to the XP. And we haven't seen many NPs leave the docks.

知道了。最後一個問題是——從歷史上看，新客戶傾向於在切換到 XP 之前購買 FOX-NP 進行評估。我們還沒有看到很多 NP 離開碼頭。

So what are your expectations on some of the -- on the ramp of these new customers, both in the silicon carbide as well as in other applications in terms of how that cadence will look?

那麼，您對碳化矽以及其他應用領域的新客戶的成長有何期望？

Just give me a second here. I'm not coughing. I think four of the next five customers start with XPs. Yeah. So it's interesting. So they're kind of skipping it, in some cases.

請稍等一下。我沒有咳嗽。我認為接下來的五個客戶中有四個是從 XP 開始的。是的。所以這很有趣。所以在某些情況下他們會跳過它。

Now, I could be wrong, folks. And we like -- I mean, they coexist. But, yeah, I mean, I think Vernon's got some quotes out to people that just say, I'm just going right to an XP. So, yes.

現在，我可能是錯的，夥計們。我們喜歡——我的意思是，它們共存。但是，是的，我的意思是，我認為 Vernon 對人們說過一些話，只是說，我只是直接選擇 XP。所以，是的。

Got it. Sorry, last one, I promise. Is that because you do the testing you've been -- I know you have this program where you have that dedicated room where you do some in-house testing for your customers. Do you think that's what's shortened? Or do you think it's a greater comfort around the process --?

知道了。抱歉，最後一張，我保證。那是因為你做了你一直以來的測試——我知道你有這個計劃，你有一個專門的房間，你可以為你的客戶做一些內部測試。你認為這就是縮短的嗎？還是你認為這個過程會讓你更舒服──？

Yes, yes. Both, honestly. But both, for sure. I mean, we're testing their wafers. Some of those people, we've been testing it for, God knows, forever, right? We've done full characterization, process control. We've done qualifications, the whole thing. They're like, all right, skip it, let's go. We get it now. So there's a level of comfort and us testing the wafers has a lot to do with it.

是的，是的。老實說，兩者都是。但兩者都是肯定的。我的意思是，我們正在測試他們的晶圓。天知道，我們一直在對其中一些人進行測試，永遠，對吧？我們已經完成了全面的表徵和過程控制。我們已經完成了全部資格認證。他們就像，好吧，跳過它，我們走吧。我們現在明白了。因此，有一定程度的舒適度，這與我們測試晶圓有很大關係。

(Operator Instructions) Matthew Winthrop, Equitable.

（操作員說明）Matthew Winthrop，Equitable。

Hi, Gayn. How are you, sir?

嗨，蓋恩。先生，你好嗎？

I'm good, sir.

我很好，先生。

Congratulations on all the excitement in your outlook. I had a quick question. I was looking at last quarter's release, and you always make a point of saying a customer or a large customer of ours. You don't usually mention names. And there's this sentence I've thought about where you say, optical I/O or co-packaged optics for companies like NVIDIA, AMD and Intel, which have all had discussions, blah, blah.

恭喜您對前景感到興奮。我有一個簡短的問題。我正在查看上個季度的發布，您總是強調說我們的客戶或大客戶。你通常不會提及名字。你說的這句話我也想過，像 NVIDIA、AMD 和 Intel 這樣的公司的光學 I/O 或聯合封裝光學器件，這些公司都進行過討論，等等等等。

You never use names like that or haven't at least in years. And I know you're not alluding that they're a direct customer of yours, and you probably touched upon this with your meetings. But I was wondering a quarter later, can you expand on that? Is that from the new acquisition of Incal, or what was it?

你從來沒有使用過這樣的名字，或至少很多年沒有使用過。我知道您並不是在暗示他們是您的直接客戶，您可能在會議中談到了這一點。但四分之一後我想知道，你能詳細說明一下嗎？這是新收購的 Incal 帶來的還是什麼？

No, I mean -- okay. So the context and what we've said in there for people that are listening in is one of the areas, and we -- in fact, on this conference call, this is probably the first time in many quarters, I didn't have a subsection on silicon photonics. So silicon photonics is more than just putting a laser on a piece of silicon. It's actually the photonics engine for communication.

不，我的意思是——好吧。因此，背景以及我們為正在傾聽的人所說的話是其中一個領域，事實上，在這次電話會議上，這可能是許多季度以來我第一次沒有關於矽光子學的小節。因此，矽光子學不僅僅是將雷射放在一塊矽上。它實際上是用於通訊的光子引擎。

And folks, like IBM and Intel, have literally worked on this for 20 to 30 years. Because silicon or electrical transmission line or electronics can only go so fast. There are physical limitations because atoms actually have mass to them.

IBM 和英特爾等公司實際上已經在這方面工作了 20 到 30 年。因為矽或電力傳輸線或電子設備只能走得這麼快。存在物理限制，因為原子實際上具有質量。

And we're within approximately a generation. We're running at, say, 200-gigabit transmission rates, or 112 to -- in this range, you're at a point where you actually cannot make the electronics go any faster. So people have anticipated that the bandwidth requirements of communication and data would get to a point where you are bandwidth limited. You literally couldn't make the transmission line faster or smaller or what.

我們大約還差一代人的時間。比方說，我們的傳輸速率為 200 吉比特，或是 112 吉比特，在這個範圍內，你其實無法讓電子設備運作得更快。因此，人們預計通訊和數據的頻寬需求將達到頻寬受限的程度。你確實無法使傳輸線變得更快或更小等等。

The answer has always been fiber optic transmission or photonics-based. But the practicality and the cost of that had never really been coming together. Intel was one of the most visible companies who now, what, six years ago, finally figured out to sort of on a wafer scale, come out with a complete silicon photonics engine that would allow them to make the entire transceiver, if you will, in a chip, okay? And that chip, they started by putting into fiber optic transceivers, little fiber optic clips in data centers. They successfully did that because of the semiconductor performance, if you will.

答案始終是光纖傳輸或基於光子學。但其實用性和成本從未真正結合在一起。英特爾是最引人注目的公司之一，六年前，他們終於在晶圓規模上想出了一個完整的矽光子引擎，可以讓他們製造整個收發器，如果你願意的話，在晶片中，好嗎？他們首先將該晶片放入光纖收發器中，也就是資料中心的小型光纖夾中。如果你願意的話，他們成功地做到了這一點是因為半導體的表現。

And there's other companies that are trying to do or doing similar types of things, right? And I'm not representing Intel, I'm just talking about what's public, Intel has since sold the fiber optic business, the actual transceiver business, but kept the semiconductor business as what we believe from their public statements because the criticality of it, of the need for it to go into co-packaged optics, or to put it on processors and for chip-to-chip communication.

還有其他公司正在嘗試做或正在做類似的事情，對吧？我不代表英特爾，我只是談論公開的內容，英特爾此後出售了光纖業務，實際的收發器業務，但保留了我們從其公開聲明中所相信的半導體業務，因為它的重要性，需要它進入共同封裝的光學器件，或將其放置在處理器上以及用於晶片到晶片的通訊。

When I started talking about this two years ago was barely even discussed, Intel hadn't even announced a product yet. But AMD and NVIDIA were both alluding to it in their road map. And so I've been kind of repeating where is it going? Because we've made some investments and partner with companies in anticipation of the potential for this widespread adoption of optical communication between chips, way different than just the data center, right?

當我兩年前開始談論這個問題時，英特爾甚至還沒有發布產品。但 AMD 和 NVIDIA 都在他們的路線圖中提到了這一點。所以我一直在重複它要去哪裡？因為我們已經進行了一些投資並與公司合作，預計晶片之間光通訊的廣泛採用的潛力，這與資料中心不同，對嗎？

At that time, for clarity, and it's kind of fun because you look back on it, the whole AI thing, this is the pre-ChatGPT. It wasn't clear where it was coming from. We were like, well, maybe it's going to be in servers. It'd certainly be in the data farms.

當時，為了清楚起見，這很有趣，因為你回顧一下，整個人工智慧的事情，這是 ChatGPT 之前的事情。目前還不清楚它來自哪裡。我們當時想，好吧，也許它會出現在伺服器中。它肯定在數據場中。

What we've seen in the news now is folks like Intel, AMD and NVIDIA have talked about the massive data crunch challenge with now the AI processing capability of these large language models in these clusters, how are you going to get this all done?

我們現在在新聞中看到的是，英特爾、AMD 和 NVIDIA 等公司都談到了大規模資料處理的挑戰，現在這些叢集中的大型語言模型的人工智慧處理能力，您將如何完成這一切？

And so we're now seeing road maps that talk about, well, what you do is you put this little optical I/O part in the chip. And the chip-to-chip communication is not through an electrical transmission line. It's through an optical transmission line. That's it. So that's the name dropping.

所以我們現在看到的路線圖談到，嗯，你要做的就是把這個小的光學 I/O 零件放入晶片中。且晶片到晶片的通訊不是透過電力傳輸線。它是透過光傳輸線。就是這樣。所以這就是名字的落下。

I'm not trying to say who and who is in our customer, but it's those three in particular are the ones, the big dogs that are going to drive the road map. And if you go talk to market forecasters, they go, there's no market for it, or there isn't a market. Well, no, there isn't a market until NVIDIA, AMD or Intel make one and then there's a market, and then it will be massive.

我並不是想說誰是我們的客戶，但特別是這三個人，將推動路線圖的發展。如果你去和市場預測者交談，他們會說，它沒有市場，或者根本沒有市場。嗯，不，除非 NVIDIA、AMD 或 Intel 製造出市場，否則就不存在市場，然後市場就會很大。

So we've just been trying to explain to people -- why did we make these investments? I mean, the customers bought the equipment from us. It's good margin for us. But will it take off and be a big market? You've got to ask those guys.

所以我們一直試著向人們解釋──為什麼我們要進行這些投資？我的意思是，客戶從我們這裡購買了設備。這對我們來說是很好的利潤。但它會起飛並成為一個大市場嗎？你得問問那些人。

I'm betting, I would bet and we have chosen as a company to bet, that market will take off. When exactly? I don't know, but things sure seem to be moving faster at a pace faster than historically. So I've got my fingers crossed, but we are ready and ready to go for this.

我打賭，我會打賭，我們選擇作為一家公司來打賭，這個市場將會起飛。具體什麼時候？我不知道，但事情的發展速度似乎比歷史上更快。所以我已經祈禱了，但我們已經準備好並準備為此而努力。

We have the tools, and we're very excited about it. And that same 3,500-watt system that we developed for the optical AI is being leveraged for the actual AI processor, which is pretty cool.

我們有工具，對此我們感到非常興奮。我們為光學 AI 開發的相同 3,500 瓦系統也被用於實際的 AI 處理器，這非常酷。

Right. That's terrific. So suffice it to say, this concept is not -- when you announced -- you're reaffirming guidance for the year, this is all maybe someday in the future. So this is a potential up five maybe --

正確的。太棒了。可以這麼說，這個概念並不是——當你宣佈時——你重申了今年的指導，這一切可能都是在未來的某一天。所以這可能是個上升五的潛力——

I definitely say this. I mean, no one's asked me. I'll just -- I'll cough it up. We actually have very little silicon photonics revenue this fiscal year. I think we have a bunch of WaferPak and a bunch of design-related things. But I think currently, we have very little capacity.

我肯定這麼說。我的意思是，沒有人問過我。我只是——我會把它咳出來。實際上，本財年我們的矽光子收入非常少。我認為我們有一堆 WaferPak 和一堆與設計相關的東西。但我認為目前我們的能力很小。

But we've had some requests, and we've asked for lead times and things like that, we could actually ship a number of systems or upgrades of systems still in the fiscal year. It's the upside or downside of all the inventory we bought candidly, but we have the -- and the capacity of being able to build all these systems if a customer says, hey, could you ship me one in a month? The answer is yes.

但我們已經收到了一些請求，我們要求了交貨時間和類似的事情，我們實際上可以在本財年中交付許多系統或系統升級。這是我們坦誠購買的所有庫存的優點或缺點，但我們有能力建造所有這些系統，如果客戶說，嘿，你能在一個月內給我寄一個嗎？答案是肯定的。

There's pros and cons to that, right? That means they can wait a month to ask, right? But I feel really good about our position.

這樣做有利有弊，對嗎？這意味著他們可以等一個月才問，對嗎？但我對我們的立場感到非常滿意。

(Operator Instructions)

（操作員說明）

Any other takers?

還有其他接受者嗎？

Okay. It looks like we have no further questions in queue.

好的。看來我們沒有其他問題了。

All right. Thanks, [op].

好的。謝謝，[操作]。

You're very welcome. I'd like to turn it back to management for closing remarks.

非常不客氣。我想把它轉回給管理階層做總結發言。

All right. Don't think we missed anything, we may cover. Okay.

好的。不要以為我們錯過了什麼，我們可以彌補。好的。

So folks, thank you very much. I really appreciate it for people joining in. And as always, if you're near, we always invite you to come by. It's a little hectic and messy around here right now, as we're doing some basic construction and things like that.

所以各位，非常感謝你們。我真的很感謝人們的加入。現在這裡有點忙碌和混亂，因為我們正在做一些基本的建設和類似的事情。

But we still have customers coming through. I think there are three or four this week. We have another one tomorrow. So we'll invite you in if you happen to be in the Silicon Valley. We'd love to host you.

但我們仍然有客戶過來。我想這周有三、四個。明天我們還有另一場。因此，如果您恰好在矽谷，我們會邀請您加入。我們很樂意接待您。

If not, maybe we'll see at one of the trade shows or the investor conferences. And we look forward to giving you an update on the quarter as things go at the next quarter event. Take care.

如果沒有，也許我們會在一場貿易展覽或投資者會議上看到。我們期待在下一季的活動中向您提供本季的最新情況。小心。

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

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。