Aehr Test Systems (AEHR) 2025 Q3 法說會逐字稿

Greetings. Welcome to the Aehr Test Systems fiscal 2025 third-quarter financial results call. (Operator Instructions) Please note this conference is being recorded.

問候。歡迎參加 Aehr Test Systems 2025 財年第三季財務業績電話會議。（操作員指示）請注意，本次會議正在錄音。

I will now turn the conference over to your host, Jim Byers of PondelWilkinson, Investor Relations. You may begin.

現在，我將會議交給主持人、PondelWilkinson 投資者關係部門的 Jim Byers。你可以開始了。

Thank you, operator. Good afternoon, and welcome to Aehr Test Systems' third 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 Chief Financial Officer, Chris Siu.

謝謝您，接線生。下午好，歡迎參加 Aehr Test Systems 2025 財年第三季財務業績電話會議。與我一起參加今天電話會議的還有 Aehr Test Systems 總裁兼執行長 Gayn Erickson；以及財務長 Chris Siu。

Before I turn the call over to Gayn and Chris, I'd like to cover a few quick items. This afternoon after market close, Aehr Test issued a press release announcing its third quarter fiscal 2025 results. That release is available on the company's website at aehr.com. This call is being broadcast live over the Internet for all interested parties, and the webcast will be archived on the Investor Relations page of the Aehr website.

在我將電話轉給蓋恩和克里斯之前，我想簡單談幾點。今天下午收盤後，Aehr Test 發布新聞稿，宣布其 2025 財年第三季業績。新聞稿可在該公司網站 aehr.com 上查閱。此次電話會議將透過網路向所有相關方進行現場直播，網路直播將存檔在 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 statements. These factors that may cause results to differ materially from the forward-looking statements are discussed in the company's most recent periodic and current reports filed with the SEC. These forward-looking statements, including guidance and other issues are only valid as of this date, and Aehr Test Systems undertakes no obligation to update the forward-looking statements.

我想提醒大家，在今天的電話會議上，管理層將根據當前資訊和估計做出前瞻性陳述，並受到許多風險和不確定性的影響，這些風險和不確定性可能導致實際結果與前瞻性陳述中的結果有重大差異。這些可能導致結果與前瞻性陳述有重大差異的因素已在公司向美國證券交易委員會提交的最新定期和當前報告中進行了討論。這些前瞻性聲明（包括指導和其他問題）僅在該日期有效，Aehr Test Systems 不承擔更新前瞻性聲明的義務。

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交給總裁兼執行長蓋恩·埃里克森 (Gayn Erickson)。

Thanks, Jim. Good afternoon, everyone, and welcome to our third quarter fiscal '25 earnings conference call. Thanks for joining us today.

謝謝，吉姆。大家下午好，歡迎參加我們的 25 財年第三季財報電話會議。感謝您今天加入我們。

I'll begin with a few opening comments, and then I'd like to spend some time discussing tariffs and Aehr's perspective on the near and long-term implications as this topic is obviously on everyone's mind. We received many inquiries seeking answers regarding this matter.

我首先將發表一些開場評論，然後我想花一些時間討論關稅以及艾爾對近期和長期影響的看法，因為這個主題顯然是每個人都在關注的。我們收到了很多尋求有關此事答案的詢問。

I'll then provide a brief overview of the quarter's key highlights, and share updates on the primary markets that Aehr targets for semiconductor testing and burn-in, including the significant progress we've made so far this year in new markets. After that, Chris will deliver a detailed review of our financial performance.

然後，我將簡要概述本季度的主要亮點，並分享 Aehr 針對半導體測試和老化的主要市場的最新情況，包括我們今年迄今為止在新市場取得的重大進展。之後，克里斯將對我們的財務表現進行詳細的回顧。

And finally, we'll open up the floor to your questions. We're pleased to report third-quarter revenue growth in solid bookings and backlog and that we exceeded the Street financial forecast consensus for both revenue and bottom line for the quarter. We're particularly excited by the significant progress we've made expanding into additional key markets and unlocking new opportunities to attract customers and drive revenue growth.

最後，我們將開始回答大家的提問。我們很高興地報告，第三季的預訂量和積壓訂單量穩定，收入成長，並且我們超過了華爾街對本季營收和利潤的財務預測。我們對我們向其他關鍵市場擴張以及挖掘吸引客戶和推動收入成長的新機會所取得的重大進展感到特別興奮。

Recent wins have helped us meaningfully diversify beyond silicon carbide and into high-growth markets like AI processors with our industry-leading wafer-level and packaged part test and burn-in solutions. Okay. So tariffs. Currently, it appears that the actions and announcements from the US administration regarding tariffs are dominating the news cycle.

最近的成功幫助我們憑藉著業界領先的晶圓級和封裝零件測試和老化解決方案，實現了從碳化矽到人工智慧處理器等高成長市場的多元化。好的。所以關稅。目前，美國政府有關關稅的行動和聲明似乎佔據了新聞頭條。

At this time, we do not believe that the impact of the tariff announcements made by the US administration last week will significantly affect Aehr directly. However, we're looking at the near-term secondary effects on our current and potential new customers, along with the uncertainty this quarter regarding possible pauses or delays in customer orders shipments or supply chain delivery delays or disruptions.

目前，我們認為美國政府上周宣布的關稅不會對 Aehr 產生直接重大影響。然而，我們正在考慮對現有和潛在新客戶的近期次要影響，以及本季客戶訂單出貨可能暫停或延遲、供應鏈交付延遲或中斷的不確定性。

Our immediate goal is to assess the impact on a customer-by-customer basis and communicate this to them quickly to remove any uncertainty or risk so that they do not slow down or delay any orders. We already have on hand the material needed for shipments of our wafer level burn-in and packaged part burn-in systems over the next couple of quarters.

我們的當前目標是根據每個客戶的情況評估影響，並迅速將情況告知他們，以消除任何不確定性或風險，以便他們不會減慢或延遲任何訂單。我們手頭上已經準備好了未來幾季內晶圓級老化和封裝零件老化系統出貨所需的材料。

For wafer-level burn-in systems, it's much longer than that. For consumables, such as our WaferPaks for wafer level burn-in and burn-in boards and modules for our packaged part burn-in systems, these are quick turn items with material purchased and built to order. We're already redirecting these materials and looking to drop ship finished goods from our subcontractors as well as shifting assembly and test of our wafer packs to one of our international locations as needed to minimize tariffs and avoid any possible supply chain disruption.

對於晶圓級老化系統來說，這個時間要長得多。對於消耗品，例如用於晶圓級老化測試的 WaferPak 和用於封裝零件老化測試系統的老化測試板和模組，這些都是透過購買材料並按訂單生產的快速週轉物品。我們已經在重新安排這些材料，並希望從我們的分包商處直接運送成品，並根據需要將晶圓包的組裝和測試轉移到我們的一個國際地點，以盡量減少關稅並避免任何可能的供應鏈中斷。

We also have WaferPak aligners on hand to buffer us for any tariff noise for several quarters. For the high-power probers for our FOX-CP for our hard disk drive customer, the probers come from Japan, and we may look to drop ship directly from Japan to this customer so as to not even have to consider the US tariff implication.

我們還擁有 WaferPak 校準器，可以緩衝幾個季度內的任何關稅噪音。對於我們為硬碟客戶提供的FOX-CP高功率探測器，這些探測器來自日本，我們可能會考慮直接從日本發貨給該客戶，這甚至不必考慮美國關稅的影響。

However, give it a couple of days, and we may have a new tariff number with Japan or it may be zero. I provide this detail to help our customers and shareholders understand that we do have a robust supply chain and have put thought into the resiliency of our shipments for customers so they can count on us.

然而，過幾天我們可能會得到與日本新的關稅數字，或者可能是零。我提供這個細節是為了幫助我們的客戶和股東了解，我們確實擁有強大的供應鏈，並且已經為客戶考慮了我們的貨運彈性，以便他們可以信賴我們。

Again, we do not believe the impact on margins or demand will be significant for Aehr or on customer demand over time, but the challenge is not being able to control near-term secondary effects on our current and potential new customers such as possible near-term delays in customer orders or requested delivery dates given the unknown potential tariff implications on their products or supply chain. I'll be happy to answer any additional questions on tariffs as best I can in the Q&A section.

再次，我們不認為對 Aehr 的利潤率或需求的影響會很大，也不會對客戶需求產生長期重大影響，但挑戰在於無法控制對我們現有和潛在新客戶的短期次要影響，例如，由於未知的潛在關稅對其產品或供應鏈的影響，客戶訂單或要求的交貨日期可能出現短期延遲。我很樂意在問答部分盡我所能回答有關關稅的任何其他問題。

Okay. Now on to running our business and to meet the needs of our customers and shareholders and stakeholders, we have been laser-focused on the initiatives we set out to expand our total addressable markets, diversify our customer base and develop new products, capabilities, and capacity to grow the business moving forward.

好的。現在開始經營我們的業務，為了滿足客戶、股東和利害關係人的需求，我們一直專注於擴大我們的整體目標市場、多元化我們的客戶群以及開發新產品、新能力和新產能，以推動業務向前發展。

I'll cover this in more detail, but we believe that the total available market for these target wafer-level and packaged part burn-in markets we are addressing this year plus the added flash memory wafer level burn-in that we're working on has an addressable market of over $500 million in systems alone, plus another $500 million in consumables and wafer and device handling equipment by 2027.

我將更詳細地介紹這一點，但我們相信，我們今年要解決的這些目標晶圓級和封裝部件老化市場的總可用市場，加上我們正在開發的閃存晶圓級老化市場，僅在系統方面就擁有超過 5 億美元的可尋址市場，到 2027 年，在耗材和晶圓及設備處理設備方面還將擁有 5 億美元的可尋址市場。

We're excited by the significant progress we've made this year in expanding into new key markets and unlocking new opportunities to attract customers and drive revenue growth, particularly in diversifying our markets and customers beyond our revenue concentration last fiscal year with silicon carbide wafer-level burn-in.

我們很高興看到今年我們在拓展新的關鍵市場、挖掘新機會以吸引客戶和推動收入成長方面取得了重大進展，特別是在上財年透過碳化矽晶圓級老化實現收入集中度之外，實現了市場和客戶的多元化。

Silicon carbide wafer level burn-in accounted for over 90% of our business in fiscal 2024. While this year, it's tracking to less than 40%. With artificial intelligence processors burn-in representing over 35% of our business in just the first year.

到 2024 財年，碳化矽晶圓級老化占我們業務的 90% 以上。而今年，這一比例還不到40%。人工智慧處理器的老化僅在第一年就佔了我們業務的 35% 以上。

For the third quarter, we had four customers representing over 10% of revenue, and three of these are new customers/markets for Aehr. Wafer-level burn-in for AI processors, packaged part burn-in for qualification and ongoing process monitoring of AI processors and wafer-level burn-in of gallium nitride semiconductors.

第三季度，我們有四位客戶，佔營收的 10% 以上，其中三位是 Aehr 的新客戶/市場。人工智慧處理器的晶圓級老化、用於人工智慧處理器鑑定和持續製程監控的封裝部件老化以及氮化鎵半導體的晶圓級老化。

If you look at bookings, yet another customer in market, hard disk drive components accounted for over 15% of bookings. We're very excited about our expansion into new customers and markets, while at the same time, we believe we're well positioned to continue to grow our business in the silicon carbide wafer level burn-in market. For AI processors during the quarter, we qualified, received orders for and shipped the world's first wafer-level burn-in systems specifically designed for AI processors.

如果你看一下預訂情況，市場上的另一個客戶，硬碟組件佔預訂量的 15% 以上。我們對向新客戶和新市場的擴張感到非常興奮，同時，我們相信我們有能力繼續在碳化矽晶圓級老化市場發展我們的業務。對於本季的 AI 處理器，我們認證、接收訂單並交付了世界上第一個專為 AI 處理器設計的晶圓級老化系統。

Our new high-power FOX-XP wafer-level burn-in system can test up to nine 300-millimeter AI processor wafer simultaneously. This new customer ordered multiple XP systems and sets of Aehr proprietary WaferPak for wafer contactors for installation at their OSAT Test House, which is the offshore or outsourced assembly and test house. Aehr has worked with this OSAT test house for many years, including working on wafer-level burn-in and silicon photonics devices and optical sensors on our FOX systems and on packaged part burn-in of AI processors and ASICs on our Sonoma ultra-high-power test and burn-in systems.

我們全新的高功率FOX-XP晶圓級老化系統可以同時測試多達九個300毫米AI處理器晶圓。這位新客戶訂購了多套 XP 系統和 Aehr 專有的 WaferPak 用於晶圓接觸器，以安裝在他們的 OSAT 測試機構（離岸或外包的組裝和測試機構）。Aehr 與這家 OSAT 測試機構合作多年，包括在我們的 FOX 系統上進行晶圓級老化和矽光子裝置和光學感測器的測試，以及在我們的 Sonoma 超高功率測試和老化系統上進行 AI 處理器和 ASIC 的封裝部件老化測試。

Aehr is the only company on the market that offers both the wafer-level burn-in system as well as a packaged part burn-in system for both qualification test and production screening and burn-in of AI processors.

Aehr 是市場上唯一一家提供晶圓級老化系統以及封裝零件老化系統的公司，用於 AI 處理器的資格測試和生產篩選和老化。

Another new market for Aehr is adding the production side of packaged part burn-in for AI processors, in addition to the processor qualification burn-in. We've now shipped multiple Sonoma production burn-in systems this year to a world-leading hyperscaler for production package part burn-in of their AI application-specific processors and expect to complete the installations on this initial order by the end of the current quarter.

Aehr 的另一個新市場是除了處理器資格老化之外，還增加了 AI 處理器封裝零件老化的生產方面。今年，我們已向一家世界領先的超大規模製造商交付了多套 Sonoma 生產老化系統，用於其 AI 專用處理器的生產封裝部件老化，預計將在本季度末完成初始訂單的安裝。

We've also successfully integrated the Sonoma system from the acquisition of InCal Technology last August into Aehr's engineering and manufacturing operations, which has enabled us to scale our output to 2 to 3 times the previous record shipment volume.

我們也成功地將去年 8 月收購 InCal Technology 時獲得的 Sonoma 系統整合到 Aehr 的工程和製造業務中，這使我們能夠將產量擴大到先前最高出貨量的 2 到 3 倍。

In addition to AI-related orders and installations for wafer level burn-in and package part burn-in this quarter, Aehr achieved several other key milestones. We expanded into production wafer-level burn-in for gallium nitride power semiconductors. We secured our first high-volume production orders for the new wafer low burn-in in hard disk drives.

本季度，除了晶圓級老化和封裝零件老化的 AI 相關訂單和安裝外，Aehr 還實現了其他幾個關鍵里程碑。我們的業務擴展到氮化鎵功率半導體的晶圓級老化生產。我們獲得了首批新型晶圓低溫老化硬碟大批量生產訂單。

We completed production qualification of our new high-power multi-wafer system for wafer-level burn-in of silicon photonics devices used in co-packaged optics and optical I/O devices, and we made significant progress on proof-of-concept work with a leading flash memory supplier on a new wafer-level burn-in system for high-volume production of next-generation flash memory devices.

我們完成了新型高功率多晶圓系統的生產認證，該系統用於共封裝光學器件和光學 I/O 設備中使用的矽形光子器件的晶圓級老化，並且我們在與領先的閃存供應商進行概念驗證工作方面取得了重大進展，開發了新型晶圓級老化系統，用於大批量生產下一代閃存設備。

Let me expand on each of these for just a moment and then come back to silicon carbide. I believe our most significant achievement so far this year is the successful validation of our new high-power FOX-XP wafer-level burn-in system, which can test up to nine 300-millimeter wafer simultaneously with a power output of up to 3,500 watts per wafer.

讓我稍微詳細闡述這些內容，然後再回到碳化矽的話題。我認為，今年迄今為止我們最重要的成就是成功驗證了我們的新型高功率 FOX-XP 晶圓級老化系統，該系統可以同時測試多達九片 300 毫米晶圓，每片晶圓的功率輸出高達 3,500 瓦。

The key lies in delivering thousands of amps of current to and from each wafer while maintaining precise voltages and thermally controlling these wafers to prevent thermal runaway. We achieved this by running bidirectional logic and memory test patterns on each device, ensuring accurate burning conditions and traceability, including reading device IDs and on-wafer temperature sensors for every device. This customer has told us that they're very excited about our system and that no other product on the market has the capability or capacity to test their wafers like our system.

關鍵在於向每個晶圓輸送數千安培的電流，同時保持精確的電壓並對這些晶圓進行熱控制以防止熱失控。我們透過在每個裝置上運行雙向邏輯和記憶體測試模式來實現這一點，確保準確的刻錄條件和可追溯性，包括讀取每個裝置的裝置 ID 和晶圓上溫度感測器。這位客戶告訴我們，他們對我們的系統感到非常興奮，並且市場上沒有其他產品具有像我們的系統一樣測試晶圓的能力或容量。

They've ordered multiple FOX-XP systems and sets of Aehr proprietary WaferPak contactors and have already completed the first system installation and will complete the installations of all of the systems from this first order this quarter at the customer's OSAT, one of the largest OSATs in the world.

他們已經訂購了多套 FOX-XP 系統和 Aehr 專有 WaferPak 接觸器，並且已經完成了首個系統的安裝，並將於本季度在客戶的 OSAT（世界上最大的 OSAT 之一）完成首個訂單中所有系統的安裝。

As I mentioned, Aehr has worked with this OSAT Test House for many years, including working on wafer-level burn-in silicon photonics devices and optical sensors on our FOX systems and on packaged part burn-in of AI processors in ASICs our Sonoma ultra-high-power test and burn-in systems. We believe that allowing customers to test and burn in their processors at the wafer level before packaging them into multichip arrangements with other processors and memory adds significant value.

正如我所提到的，Aehr 已經與這家 OSAT 測試機構合作多年，包括在我們的 FOX 系統上進行晶圓級老化矽光子器件和光學感測器的測試，以及在我們的 Sonoma 超高功率測試和老化系統中對 ASIC 中的 AI 處理器進行封裝部件老化測試。我們相信，允許客戶在將處理器與其他處理器和記憶體一起封裝成多晶片之前，在晶圓級上進行測試和燒錄，可以增加巨大的價值。

We're confident that we're not only years ahead in this technology, but we also hold critical IP and patents around the world to safeguard our wafer level burn-in technology and solutions. The Cloud Accelerator semiconductor market is experiencing explosive growth. UBS estimates that revenues in 2024 will exceed $120 billion and the market is growing at a CAGR of over 30%. These devices are currently burned in almost entirely at the system level where a failed device during burn-in is significantly more expensive than at the wafer level.

我們相信，我們不僅在這項技術上領先多年，而且我們還擁有全球關鍵的智慧財產權和專利，以保護我們的晶圓級老化技術和解決方案。雲加速器半導體市場正在經歷爆炸性成長。瑞銀估計，2024 年的營收將超過 1,200 億美元，市場複合年增長率超過 30%。這些設備目前幾乎完全在系統級進行老化，老化過程中發生故障的設備的成本明顯高於晶圓級的成本。

It is not just the cost of the advanced packaging that matters, but also the expense of co-packaged memory as well as customers shifting to multiple processors within the same package. An annual capital test budget of 2% to 5% of revenue is typical in the semiconductor testing industry, implying a budget of $3 billion to $9 billion for overall testing in 2024.

重要的不僅是先進封裝的成本，還有共同封裝記憶體的費用以及客戶轉向同一包裝內的多個處理器的費用。半導體測試產業每年的資本測試預算通常佔收入的 2% 至 5%，這意味著 2024 年整體測試的預算將達到 30 億美元至 90 億美元。

The potential for a solution that can do test and burn-in screening of devices while still in wafer form is remarkable. And Aehr is the first and only company in the world to demonstrate and successfully achieve this for production burn-in at the wafer level. I'm very proud of our team for this achievement with AI wafer-level burn-in.

能夠在晶圓形式下對設備進行測試和老化篩選的解決方案的潛力是巨大的。Aehr 是世界上第一家也是唯一一家展示並成功實現晶圓級生產老化的公司。我為我們團隊在 AI 晶圓級老化方面所取得的成就感到非常自豪。

Simultaneously, the finance, R&D and manufacturing teams did an incredible job integrating InCal Technology into Aehr. Within months, they ramped up production to levels that InCal never have been able to reach to meet the demand from AI processor companies for the qualification and production of their devices. Aehr has shipped more InCal packaged part burn-in systems in the past nine months than InCal had shipped in the previous three years.

同時，財務、研發和製造團隊在將 InCal 技術整合到 Aehr 方面做得非常出色。在幾個月內，他們將產量提高到 InCal 從未達到的水平，以滿足 AI 處理器公司對其設備認證和生產的需求。在過去九個月中，Aehr 出貨的 InCal 封裝零件老化系統比 InCal 之前三年的出貨量還要多。

Great job to the combined team. Let's keep it up as we ramp these new customers into volume production with these systems. We're also already developing multiple enhancements to increase power, cooling, parallelism, and add automation to meet the needs of the AI processor market in the future.

聯合團隊表現出色。讓我們繼續努力，幫助這些新客戶利用這些系統進行大量生產。我們也正在開發多種增強功能，以提高功率、冷卻、並行性和增加自動化程度，以滿足未來 AI 處理器市場的需求。

I'm very pleased with the customer feedback on these enhancements so far. We also shipped our first FOX-XP high-power multi-wafer production system with high voltage to a world-leading gallium nitride power semiconductor supplier this quarter. The system is installed and configured with our fully automated integrated WaferPack aligner, which can test 6-inch and 8-inch wafers and can even be configured for future 12-inch or 300-millimeter GaN wafers.

到目前為止，我對客戶對這些增強功能的回饋感到非常滿意。本季度，我們也向全球領先的氮化鎵功率半導體供應商交付了首套高壓FOX-XP高功率多晶圓生產系統。該系統安裝並配置了我們全自動集成的WaferPack對準器，可以測試6英寸和8英寸晶圓，甚至可以配置為未來的12英寸或300毫米GaN晶圓。

While the system is installed for volume production of GaN devices, it is also configured to test silicon carbide wafers in the same system by simply changing the WaferPak full wafer contactors. GaN is a new and exciting semiconductor technology with high-value applications such as automotive, power conversion, solar inverters and solid-state transformers and breakers. We're thrilled to have been selected as the production solution for this company, which is one of the largest suppliers of power and automotive qualified semiconductors in the world.

該系統雖然是為GaN裝置的批量生產而安裝的，但它也配置為透過簡單更換WaferPak全晶圓接觸器在同一系統中測試碳化矽晶圓。GaN 是一種令人興奮的新興半導體技術，具有汽車、電源轉換、太陽能逆變器以及固態變壓器和斷路器等高價值應用。我們很高興被選為該公司的生產解決方案，該公司是世界上最大的電力和汽車合格半導體供應商之一。

Another exciting market opportunity we're making significant progress on is the hard disk drive market. This quarter, we received orders for multiple FOX-CP single-wafer production test and burn-in systems with an integrated high-power wafer prober for the burn-in and stabilization of new devices and hard disk drive heads. We're excited to finally start this production ramp after several years of working with this company on qualification and process development.

我們正在取得重大進展的另一個令人興奮的市場機會是硬碟市場。本季度，我們收到了多套 FOX-CP 單晶圓生產測試和老化系統的訂單，該系統配備了集成高功率晶圓探測器，用於新設備和硬碟磁頭的老化和穩定性。經過與該公司在資質認證和製程開發方面的數年合作，我們終於能夠開始量產，對此我們感到非常興奮。

This order arrived later than we expected. However, the customers requesting shipment of all the systems as soon as possible and has already requested a forecast from when we can ship additional systems. Lastly, I want to update you on our flash memory proof-of-concept project that we've been working on this year. As noted in earlier calls, we're collaborating with one of the world's leaders in flash memory to demonstrate the capability and cost effectiveness of our FOX-XP platform for high-volume production testing and burn-in of flash memory wafers.

這次訂單比我們預期的到達得晚。然而，客戶要求盡快運送所有系統，並且已經要求我們預測何時可以運送更多系統。最後，我想向您介紹我們今年一直在進行的快閃記憶體概念驗證專案的最新進展。正如先前的電話會議中所提到的，我們正在與快閃記憶體領域的全球領導者之一合作，以展示我們的 FOX-XP 平台在快閃晶圓的大批量生產測試和老化方面的能力和成本效益。

Our goal has been to demonstrate this over the next quarter, and we're on track. We're setting up the test cell and new wafer packs with a high-density, fine pitch probe head during the upcoming month. This is very exciting as we believe Aehr has the ability to successfully demonstrate how we can achieve a high density, high power and fully automated test cell, enabling us to advance to the next development phase. That next phase involves collaborating to develop a next-generation test system, specifically tailored to meet this customer's needs and future requirements.

我們的目標是在下個季度證明這一點，而且我們正在按計劃進行。我們將在接下來的一個月內設置測試單元和新的晶圓包，配備高密度、細間距探頭。這非常令人興奮，因為我們相信 Aehr 有能力成功展示如何實現高密度、高功率和全自動測試單元，使我們能夠進入下一個開發階段。下一階段涉及合作開發下一代測試系統，專門滿足該客戶的需求和未來要求。

Stay tuned for more updates on this demonstration and the potential for the NAND wafer level testing and burn-in market.

請繼續關注本次演示的更多更新以及 NAND 晶圓級測試和老化市場的潛力。

To provide perspective, the NAND market in 2025 is expected to exceed USD80 billion according to Yole Group. Again, using the 2% to 5% rule of thumb for the budget for overall testing of semiconductor devices annually translates to a capital and expense budget in 2025 of between $1.6 billion and $4.2 billion. Another way of looking at it is that a 1% yield improvement on the $80 billion market amounts to $800 million.

為了提供視角，根據 Yole Group 的預測，2025 年 NAND 市場規模將超過 800 億美元。同樣，根據每年半導體裝置整體測試預算 2% 到 5% 的經驗法則，這意味著 2025 年的資本和支出預算將在 16 億美元到 42 億美元之間。另一種看法是，800 億美元市場的殖利率提高 1% 就相當於 8 億美元。

New technologies in NAND are driving new requirements for wafer-level burn-in to address the manufacturing and negative yield implications of testing these NAND devices in package or system-level test. It's easy to see why the potential for the market for wafer-level burn-in for NAND is substantial.

NAND 的新技術正在推動對晶圓級老化的新要求，以解決在封裝或系統級測試中測試這些 NAND 設備對製造和負面產量的影響。不難看出為什麼 NAND 晶圓級老化測試市場潛力大。

Okay. So now let me close with silicon carbide wafer level burn-in market. The silicon carbide market continues to be a large opportunity for Aehr. And as I noted earlier, we believe we're well positioned to continue to grow our business in this market.

好的。現在讓我來結束關於碳化矽晶圓級老化市場的內容。碳化矽市場對 Aehr 來說仍然是一個巨大的機會。正如我之前提到的，我們相信我們有能力繼續在這個市場上發展我們的業務。

Recently, we have noticed some signs of improvement in the utilization rates of our installed base of wafer-level burn-in systems for silicon carbide. Demand for silicon carbide remains significantly driven by electric vehicles and has even further strengthens its presence in EV market due to lower prices and better supply availability. Battery electric vehicles are still expected to be over 30% of all vehicles shipped in 2030 worldwide.

最近，我們注意到我們安裝的碳化矽晶圓級老化系統的利用率有所提高。碳化矽的需求仍然受到電動車的顯著推動，並且由於價格較低且供應充足，其在電動車市場的地位進一步增強。預計到 2030 年，純電動車仍將佔全球汽車出貨量的 30% 以上。

Simultaneously, silicon carbide devices are gaining traction in other markets, such as power infrastructure, solar and various industrial applications. According to market research firm, Yole Group, despite a temporary slowdown in battery electric vehicle shipments, the silicon carbide market continues on a robust long-term growth trajectory. Yole projects that the power silicon carbide market will exceed $10 billion by 2029, driven by a strong rebound expected in 2026 along with a compound annual growth rate of nearly 20% from '24 to '29.

同時，碳化矽元件在其他市場也越來越受歡迎，例如電力基礎設施、太陽能和各種工業應用。據市場研究公司 Yole Group 稱，儘管電動車電池出貨量暫時放緩，但碳化矽市場仍保持強勁的長期成長軌跡。Yole 預測，到 2029 年，功率碳化矽市場規模將超過 100 億美元，這得益於 2026 年預計的強勁反彈以及 2024 年至 2029 年的複合年增長率接近 20%。

In response to this growing demand, we've expanded our wafer level burn-in offering for silicon carbide to support high-voltage testing across up to 18 wafers on a single system. Doubling the capacity of our industry-leading nine wafer FOX-XP system. We have already received our first order for this 18-wafer high-voltage system as an upgrade to a customer's existing FOX-XP configuration.

為了滿足日益增長的需求，我們擴展了碳化矽晶圓級老化測試服務，以支援在單一系統上對多達 18 個晶圓進行高壓測試。我們業界領先的九晶圓 FOX-XP 系統的容量翻倍。我們已經收到了第一份該 18 晶圓高壓系統的訂單，作為客戶現有 FOX-XP 配置的升級。

This enhancement further strengthens our technical and cost advantages for silicon carbide testing and is also highly applicable to high-volume production of GaN devices, an important capability for customers working on both types of wideband gap compound semiconductors. Now here are some more details, I mentioned, I would say, on our available market assumptions.

此次增強進一步增強了我們在碳化矽測試方面的技術和成本優勢，並且非常適用於GaN裝置的大量生產，這對於同時從事兩種寬頻隙化合物半導體工作的客戶來說是一項重要的能力。現在這裡有一些我提到的關於我們可用的市場假設的更多細節。

According to market researcher Verified Market Research, which aligns with Aehr internal forecast based on customer and other data from Yole, UBS and other market forecasters. The burn-in test systems market for semiconductors is estimated to grow from approximately $750 million in 2024 to over $1.2 billion in 2030, a CAGR of 9%. This is for systems alone, not the consumables such as our WaferPak or bibs or handling equipment, such as our aligners, probers or autoloaders for packaged part burn-in.

根據市場研究公司 Verified Market Research 的調查，這與 Aehr 基於客戶以及 Yole、UBS 和其他市場預測機構的其他數據得出的內部預測一致。半導體老化測試系統市場預計將從 2024 年的約 7.5 億美元成長到 2030 年的 12 億美元以上，複合年增長率為 9%。這僅適用於系統，而不適用於諸如我們的 WaferPak 或圍兜之類的消耗品或處理設備，例如我們的對準器、探測器或用於封裝部件老化的自動裝載機。

Historically, semiconductor burning consumables are up to 3 times the annual spending on burn-in systems. By 2027, the burn-in systems TAM is forecasted to be $1 billion. And we estimate that just for the new systems purchased in '26 and '27, the consumables and handling equipment are at least another $1 billion.

從歷史上看，半導體燒錄耗材每年的支出是老化系統支出的3倍。到 2027 年，老化系統 TAM 預計將達到 10 億美元。我們估計，光是 1926 年和 1927 年購買的新系統，消耗品和處理設備就至少需要 10 億美元。

In this TAM, our AI and high-performance computing processors other microprocessors, DRAM, flash, optical and compound semis. DRAM and MPUs are interesting in that the top MPU company and one of the top 3 DRAM companies make their own burn in equipment. So this is not included in the system TAMs.

在這個 TAM 中，我們的 AI 和高效能運算處理器以及其他微處理器、DRAM、快閃記憶體、光學和複合半導體。DRAM 和 MPU 很有趣，因為頂級 MPU 公司和三大 DRAM 公司之一都生產自己的老化設備。所以這不包含在系統 TAM 中。

With the introduction of our new products in compound semi optical, both wafer-level and packaged for AI and high-performance computing processors and our target to enter the flash wafer level burn-in market, air addresses over half of this TAM. We believe that we can address over $500 million of this TAM in 2027 for systems alone. And since Aehr provides turnkey solutions for handling consumables, we addressed another $500 million annually for a total of $1 billion TAM.

隨著我們推出用於人工智慧和高效能運算處理器的晶圓級和封裝的複合半光學新產品，以及我們進入快閃晶圓級老化市場的目標，空中覆蓋了該 TAM 的一半以上。我們相信，到 2027 年，光是系統方面，我們就能解決超過 5 億美元的 TAM 問題。由於 Aehr 提供處理消耗品的交鑰匙解決方案，我們每年另外支付 5 億美元，總計 10 億美元 TAM。

The largest portion of this is clearly the AR market, followed by the flash market with GaN and silicon photonics and hardest drive optical devices rounding out the total addressable market. Obviously, we're very excited about all of these opportunities for growth.

其中最大的部分顯然是 AR 市場，其次是快閃記憶體市場，GaN 和矽光子學以及硬碟光學設備構成了整個可尋址市場。顯然，我們對所有這些成長機會感到非常興奮。

Now let me close it out and hand it over to Chris. Looking ahead with our $45 million in revenue and $22 million in backlog to date this fiscal year, our customer forecasts and our success in adding new markets and customers, we feel very good about our business.

現在讓我結束這個討論並將其交給克里斯。展望未來，本財年迄今我們的收入為 4500 萬美元，積壓訂單為 2200 萬美元，我們的客戶預測以及我們在增加新市場和客戶方面的成功，我們對我們的業務感到非常滿意。

We've already surpassed $66 million in combined revenue and orders this fiscal year. Currently, we do not believe that the impact of the tariff announcements made by the US administration this week will significantly affect Aehr directly. However, considering the secondary effects on our current and potential new customers, along with the uncertainty this quarter regarding possible delays or pauses in customer orders, shipments or supply chain delivery delays or impact, we're temporarily withdrawing our guidance for this quarter fiscal year, which ends May 30, and we'll reassess our guidance policy as clarity develops.

本財年我們的總收入和訂單已經超過 6,600 萬美元。目前，我們認為本周美國政府宣布的關稅不會對Aehr產生直接重大影響。然而，考慮到對我們現有和潛在新客戶的次生影響，以及本季度客戶訂單、發貨或供應鏈交付延遲或影響可能出現的延遲或暫停的不確定性，我們暫時撤回對截至 5 月 30 日的本季度財年的指導，並且隨著情況的明朗化，我們將重新評估我們的指導政策。

We're encouraged by the increasing number of engagements with both current and potential customers as well as the long-term growth potential across our diverse target markets. Our strategic expansion in the high-growth sectors, including artificial intelligence processors, gallium nitride power semiconductors data storage devices, silicon photonics integrated circuits and flash memory opens up new opportunities to attract customers and drive revenue growth.

我們與現有和潛在客戶的合作日益增多，而我們多元化目標市場的長期成長潛力令我們感到鼓舞。我們在人工智慧處理器、氮化鎵功率半導體資料儲存設備、矽光子積體電路和快閃記憶體等高成長領域的策略性擴張為吸引客戶和推動收入成長開闢了新的機會。

With that, let me turn it over to Chris, and then we'll open up the line for questions.

說完這些，讓我把時間交給克里斯，然後我們就可以開始提問了。

Thank you, Gayn. Before reviewing our financial results, I would like to provide an update on the integration of our InCal acquisition, which closed last July. Our plan to consolidate personnel and manufacturing into Aehr's Fremont facility is progressing well, and we remain on track to complete the integration by the end of this fiscal year on May 30.

謝謝你，蓋恩。在回顧我們的財務表現之前，我想先介紹一下我們去年 7 月完成的 InCal 收購的整合情況。我們將人員和製造業務整合到 Aehr 弗里蒙特工廠的計劃進展順利，我們預計在本財政年度結束前（5 月 30 日）完成整合。

As part of this effort, we have upgraded water and power systems and added new clean rooms to our remodel Fremont headquarters to ensure the infrastructure supports the needs of both organizations. We'll be shutting down the InCall facility no later than the first quarter of fiscal 2026. Since the acquisition, Aehr has committed significant financial and human resources to successfully integrate InCal into our operations. We have completed the migration of InCal's financial, HR and manufacturing functions into Aehr systems.

作為這項工作的一部分，我們升級了水力發電系統，並在改造後的弗里蒙特總部增加了新的無塵室，以確保基礎設施能夠滿足兩個組織的需求。我們將不遲於 2026 財年第一季關閉 InCall 設施。自收購以來，Aehr 投入了大量的財力和人力資源，成功地將 InCal 整合到我們的營運中。我們已經完成將 InCal 的財務、人力資源和製造功能遷移到 Aehr 系統。

In addition, we have finalized the transfer and documentation of our product designs, source code, and work instructions for assembly and test into Aehr release processes. I want to extend my sincere thanks to both teams for their dedication and outstanding execution throughout this integration.

此外，我們已完成將產品設計、原始程式碼以及組裝和測試工作說明轉移並記錄到 Aehr 發布流程中。我要向兩個團隊在整個整合過程中的奉獻精神和出色執行表示誠摯的感謝。

Turning to our Q3 performance, which included a full quarter on the financial results from the InCal acquisition. Our Q3 results exceeded the analyst consensus on both the top and bottom lines. While we faced a challenging environment marked by continued softness in the silicon carbide power semiconductor market. We were encouraged by our success in penetrating the artificial intelligence market.

談到我們的第三季業績，其中包括收購 InCal 帶來的整個季度的財務業績。我們的第三季業績無論是頂線還是底線都超出了分析師的預期。我們面臨的環境充滿挑戰，碳化矽功率半導體市場持續疲軟。我們對成功打入人工智慧市場感到鼓舞。

With AI processors burn-in now representing over 35% of our business this year. During the third quarter, we had four customers representing over 10% of total revenue, and two of these customers are new customers that target the AI market. Revenue for the third quarter totaled $18.3 million, a 142% increase compared to the $7.6 million in Q3 last year. The significant year-over-year revenue growth was driven primarily by the shipments of our new high-power FOX-XP solution. for wafer-level production test and burning of AI processors delivered to our first AI processor customer, which we announced in December.

目前，AI 處理器的老化已占我們今年業務的 35% 以上。第三季度，我們有四位客戶，佔總收入的 10% 以上，其中兩位客戶是針對人工智慧市場的新客戶。第三季總營收為 1,830 萬美元，較去年第三季的 760 萬美元成長 142%。營收年增率大幅成長主要得益於我們新款高功率 FOX-XP 解決方案的出貨量。用於晶圓級生產測試和刻錄 AI 處理器，交付給我們的第一個 AI 處理器客戶，我們在 12 月宣布了這一消息。

In addition, we're pleased with the significant progress we've made integrating products from our acquisition of Inkal into our product portfolio to address the AI market opportunities. System sales from our Sonoma, Tahoe, and Echo package part burn-in products made a strong contribution to our third-quarter revenue. We believe our strategy to broaden Aehr's offerings and diversify behind silicon carbide applications is beginning to show positive results, both operationally and financially. WaferPak revenues were $5.9 million, accounting for 32% of our total revenue in the third quarter, a decrease from 63% in the same period last year.

此外，我們很高興看到，我們將收購 Inkal 的產品整合到我們的產品組合中，以應對人工智慧市場機遇，並取得了重大進展。我們的 Sonoma、Tahoe 和 Echo 封裝零件老化產品的系統銷售為我們第三季的收入做出了巨大貢獻。我們相信，拓寬 Aehr 產品線和實現碳化矽應用多樣化的策略已開始在營運和財務方面取得積極成果。WaferPak 營收為 590 萬美元，占我們第三季總營收的 32%，低於去年同期的 63%。

The company recognized bookings of $24.1 million in the third quarter of fiscal 2025 compared to $9.2 million in the second quarter fiscal 2025. Our backlog at the end of the quarter was $18.2 million. Since the end of the third quarter of fiscal 2025, we have received $3.6 million in additional bookings. With these recent bookings, our effective backlog now stands at $21.8 million.

該公司在 2025 財年第三季確認的預訂額為 2,410 萬美元，而 2025 財年第二季的預訂金額為 920 萬美元。本季末我們的積壓訂單為 1,820 萬美元。自 2025 財年第三季末以來，我們已收到 360 萬美元的額外預訂。加上最近的這些預訂，我們的有效積壓訂單現已達到 2,180 萬美元。

Non-GAAP gross margin for the third quarter was 42.7% compared to 42.5% in the same period last year. The overall change in gross margin was flat, primarily due to a much higher overall revenue level than in Q3 last year, offset by a less favorable product mix and onetime items.

第三季非美國通用會計準則毛利率為42.7%，去年同期為42.5%。毛利率整體變化持平，主要原因是整體收入水平遠高於去年第三季度，但產品組合和一次性項目不太有利，抵消了影響。

Even though our revenue in the third quarter was much higher than that in the same period last year, our non-GAAP gross margin was lower than expected due to certain onetime charges to our cost of revenue. After we upgraded our ERP from our legacy system to Oracle NetSuite, our new ERP allowed us to account for standard costs in inventory more precisely and revised certain accounting estimates, which resulted in a onetime charge in the third quarter.

儘管我們第三季的收入遠高於去年同期，但由於某些一次性費用計入我們的收入成本，我們的非 GAAP 毛利率低於預期。我們將 ERP 從舊系統升級到 Oracle NetSuite 之後，新的 ERP 使我們能夠更精確地核算庫存中的標準成本，並修改了某些會計估計，從而在第三季度產生了一次性費用。

Additionally, we incurred high manufacturing overhead due to underabsorption as we had lower utilization of our manufacturing capacity due to the renovation of our Fremont manufacturing Facilities. Non-GAAP operating expenses in the third quarter were $6.3 million, reflecting a 34% increase from the $4.7 million in Q3 last year. This year-over-year rise is primarily attributed to the inclusion of InCall's expenses in our financial results, along with higher legal and professional service fees.

此外，由於弗里蒙特製造設施的改造導致我們的製造能力利用率較低，導致吸收不足，從而產生了高昂的製造費用。第三季非公認會計準則營運費用為 630 萬美元，較去年同期的 470 萬美元成長 34%。這一同比增長主要歸因於我們將 InCall 的費用納入我們的財務業績，以及更高的法律和專業服務費用。

We anticipate incurring additional legal expenses in the upcoming quarters as we strive to protect our intellectual property rights in China and defend against the class action and derivative complaints in the United States, which we believe like merits.

我們預計未來幾季將產生額外的法律費用，因為我們將努力保護我們在中國的智慧財產權，並針對我們認為有理有據的美國集體訴訟和衍生性投訴進行辯護。

Non-GAAP net income for the third quarter, excluding the impact of stock-based compensation, acquisition-related costs, the fair value adjustment to inventory related to the acquisition, amortization of intangible assets and the accelerated benefits paid to an executive who passed away unexpectedly in December was $2.0 million or $0.07 per diluted share. This compares to a non-GAAP net loss of $888,000 or negative $0.03 per diluted share in the third quarter of fiscal 2024.

第三季非公認會計準則淨利潤（不包括股票薪酬、收購相關成本、與收購相關的存貨公允價值調整、無形資產攤銷以及支付給 12 月意外去世的高管的加速福利的影響）為 200 萬美元，或每股攤薄收益 0.07 美元。相比之下，2024 財年第三季的非 GAAP 淨虧損為 888,000 美元，即每股攤薄虧損 0.03 美元。

Turning to our balance sheet. At the end of Q3, our cash, cash equivalents and restricted cash totaled $31.4 million, down from $35.2 million at the end of Q2. During the quarter, we used $1.6 million in operating cash flows, primarily to pay our supplies and service providers. We have no debt and continue to invest excess cash in money market funds.

轉向我們的資產負債表。截至第三季末，我們的現金、現金等價物和受限現金總額為 3,140 萬美元，低於第二季末的 3,520 萬美元。本季度，我們使用了 160 萬美元的營運現金流，主要用於支付我們的供應品和服務提供者。我們沒有債務，並繼續將多餘的現金投資於貨幣市場基金。

In the third quarter, we earned $270,000 in interest income. As Gayn mentioned, considering the secondary effects of the tariff announcements on our recent and potential new customers, along with the uncertainty this quarter regarding possible pauses or delays in customer orders, shipments or supply chain delivery delays. We are temporarily withdrawing our guidance for our current fiscal 2025 year ending May 30.

第三季度，我們獲得了27 萬美元的利息收入。正如蓋恩所提到的，考慮到關稅公告對我們現有和潛在的新客戶的次生影響，以及本季度客戶訂單、發貨或供應鏈交付延遲可能暫停或延遲的不確定性。我們暫時撤回截至 5 月 30 日的 2025 財年的預期。

We'll reassess our guidance policy as clarity develops. Looking ahead to fiscal 2026. We are encouraged by the growing number of engagements with both current and potential customers. as well as the long-term growth potential across our diverse target markets. Our strategic expansion into high-growth sectors, including artificial intelligence processors, gallium nitride powered semiconductors.

隨著情況逐漸明朗，我們將重新評估我們的指導政策。展望2026財年。我們與現有和潛在客戶的合作日益增多，這令我們感到鼓舞。以及我們不同目標市場的長期成長潛力。我們的策略擴張範圍涵蓋高成長領域，包括人工智慧處理器、氮化鎵半導體等。

Data storage devices, Scan Photonics integrated circuits, and FLASH memory opens new opportunities to attract customers and drive revenue growth.

資料儲存設備、Scan Photonics 積體電路和 FLASH 記憶體為吸引客戶和推動營收成長開闢了新的機會。

Lastly, looking at the Investor Relations calendar. Aehr will be participating in two investor conferences over the next couple of months. We will be meeting with investors at at the Craigh-Hallum Institutional Investor Conference taking place in Minneapolis on May 28. And we will be presenting and meeting with investors on June 3 at the William Blair 45th Annual Growth Conference taking place in Chicago. We hope to see some of you at these conferences.

最後，查看投資者關係日曆。Aehr 將在接下來的幾個月裡參加兩次投資者會議。我們將於 5 月 28 日在明尼阿波利斯舉行的 Craigh-Hallum 機構投資者會議上與投資者會面。我們將於 6 月 3 日在芝加哥舉行的 William Blair 第 45 屆年度成長會議上進行展示並與投資者會面。我們希望在這些會議上見到你們。

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

我們的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.

（操作員指示） Christian Schwab，Craig-Hallum。

This is Tyler on behalf of Christian. So maybe first to start on the tariffs and the uncertainty here. I guess, any color on maybe which end markets you are seeing maybe the most potential impact or most potential uncertainty being caused on the near term here.

這是代表克里斯蒂安的泰勒。因此，也許首先要討論的是關稅和不確定性問題。我想，您可能會看到，在短期內，終端市場的任何顏色都可能是最潛在的影響或最潛在的不確定性。

I think we certainly prepared lots of different things. That's a good question. No, it's not market. Sometimes it's more customers and geographies, right? So in this case, I'll give you one example.

我想我們確實準備了很多不同的東西。這是個好問題。不，這不是市場。有時，客戶和地理位置會更多，對嗎？因此在這種情況下，我將舉一個例子。

Our hard disk drive customer has systems that are going to be going to a location outside the US. It includes a prober, heart. We're basically worked with a supplier that developed a high-power prober specific for this requirement. Power companies are out of Japan or Korea, basically, okay, without saying which one it was, okay? They both are currently subject to a tariff.

我們的硬碟客戶的系統將要運送到美國境外的地方。它包括一個探測器，心臟。我們基本上與一家供應商合作，開發了專門滿足這項要求的高功率探測器。電力公司基本上都來自日本或韓國，好吧，不用說是哪一個，好嗎？目前，這兩項政策均需繳納關稅。

If that prober landed in the port tomorrow, it's going to get hit by a tariff. If it lands Friday, it may not. And so I think people are like, well, let's wait and see what happens. I mean because I don't think anybody believes that if you write a check for a tariff, you get it back necessarily.

如果該探測器明天抵達港口，它將受到關稅的打擊。如果週五抵達，則可能不會。所以我認為人們會覺得，好吧，讓我們拭目以待吧。我的意思是，因為我認為沒有人相信如果你開出一張關稅支票，你一定能拿回它。

Now having said that, we're also looking at tariff drawbacks, which is basically a process by which historically with duties, you can. If we import something do assembly and then export it out, you can actually recover that up to 99% of it or so, although there are some people saying that the people that help you with that get a cut. So we're working through that as well.

話雖如此，我們也在研究關稅退稅，這基本上是一個歷史上涉及關稅的過程。如果我們進口某些產品進行組裝，然後將其出口，實際上你可以收回高達 99% 左右的成本，儘管有些人說幫助你做這件事的人會從中抽成。我們也正在努力解決這個問題。

Now in the meantime, I'm going to drop ship the probers directly to that customer past the first one. So the very first one is being impacted by, which is kind of the over under like with respect to the end of our fiscal year because we're going to do some integration of it here. We may have to relook at that.

現在同時，我將把探測器直接運送給第一個客戶之後的那個客戶。因此，第一個受到影響的是，這有點像是我們財政年度結束時的上下浮動，因為我們將在這裡對其進行一些整合。我們可能必須重新審視這一點。

So it's that sort of tactical thing. And given a couple of days, we're what, three days in, where Chris and I were saying, could we have another week, let things settle out before this call. Again, a lot of the material we have, we have already on hand. It will never be subject to any tariffs, I guess, unless we ship it out to someone who then increases their tariffs.

這就是那種戰術手段。過了幾天，也就是三天后，克里斯和我說，我們能不能再給一週時間，讓事情平息下來，然後再打電話。再說一遍，我們手上已經有很多材料了。我想，它永遠不會被徵收任何關稅，除非我們把它運送給某個國家，而後者隨後又提高了關稅。

Last night, I went to bed thinking that Europe was going to come back and raise their tariffs. Today, they wake up and they say zero for zero. So it's kind of hard to look at it. And honestly, we're not I don't think anyone is so desperate to try and solve these things in the next couple of weeks, either if you look at just schedules. And so I think we can manage through this.

昨晚睡覺時，我以為歐洲又要回來提高關稅了。今天，他們醒來後說零對零。所以看起來有點困難。老實說，如果你只看時間表的話，我認為沒有人會如此急切地試圖在接下來的幾週內解決這些問題。所以我認為我們可以解決這個問題。

And then even then we start looking at material in many cases because remember, our inbound material tariffs are on the material, we then, of course, have a markup or margin to ship it. And so a tax on the material of 10% is not a tax of the price. That makes sense because it's because -- so we kind of walked through that. I would say that there's not a specific market.

然後，即使在那時，我們在許多情況下也開始關注材料，因為請記住，我們的進口材料關稅是針對材料的，然後我們當然有加價或利潤來運送它。因此，對材料徵收 10% 的稅並不是對價格徵收的稅。這是有道理的，因為這是因為——所以我們已經討論過了。我想說的是，沒有一個特定的市場。

Obviously, China faces own challenge in that I think they came back and said it's 104% starting tomorrow. We actually have, if you specifically look at kind of risks related to China, just a couple of things.

顯然，中國面臨自己的挑戰，我認為他們回來後說從明天開始恢復將達到 104%。事實上，如果你具體看一下與中國相關的風險，你會發現有幾件事。

Aehr has basically had no revenue shipments into China for the last few years. That includes both our wafer level stuff and the inCal products. So we're not depending upon shipping a lot of revenue into China. That's not been the plan.

過去幾年來，Aehr 基本上沒有向中國出口任何貨物。其中包括我們的晶圓級產品和 inCal 產品。因此，我們並不依賴向中國運輸大量收入。這不是計劃。

And so if China comes back and says, we're going to halt shipments or we're going to double the tariffs or whatever, it doesn't really affect us right now, okay? Similarly, we have been pretty happy and proud that we almost do nothing in China from a supply chain perspective. I said that in previous calls, we actually have some things like blank printed circuit board fabs, but not the assembled ones.

因此，如果中國回來並說，我們將停止發貨或將關稅翻倍或諸如此類，這實際上現在不會影響到我們，好嗎？同樣，從供應鏈的角度來看，我們在中國幾乎沒有做任何事，這讓我們感到非常高興和自豪。我在之前的電話會議中說過，我們實際上有一些像空白印刷電路板工廠的東西，但沒有組裝好的。

And so it's pretty simple, and we have secondary suppliers for that just from a risk perspective. we continue to buy from them because the landing cost made more sense, but we also can supply it on several other countries. We wake up in like which country should we supply from. It's like give it a day. So there's a little bit of like settling out on this.

所以這很簡單，從風險角度來看，我們有二級供應商。我們繼續從他們那裡購買，因為到岸成本更合理，但我們也可以向其他幾個國家供應。我們醒來後會思考應該從哪個國家供應。就像給它一天時間一樣。因此，這有點像是解決這個問題。

And that, again, isn't even so much of the cost implications to margins as potential supply chain risks, what if they put that in a crate, it's shipped over here and it gets stuck in customs because people are trying to figure out what country it came from and what data they come in because that's the tariff that's applied to.

再次強調，這甚至不是對利潤的成本影響，而是潛在的供應鏈風險，如果他們把貨物放在板條箱裡，運到這裡，然後被扣留在海關，因為人們想弄清楚它來自哪個國家，以及它們帶入了哪些數據，因為這是適用的關稅。

So we're actually doing things to try and avoid anything coming into US for customs in the near term. Not even so much for tariffs just simply don't cluster have it get cluttered up and then you have it in the wrong place. We can redirect things. We have things -- we have supply from material and subsystem from all over the world.

因此，我們實際上正在採取措施，試圖避免任何東西在短期內進入美國海關。對於關稅來說甚至不是那麼多，只是簡單地不要聚集，讓它變得混亂，然後你就把它放在錯誤的地方。我們可以改變事物的方向。我們有來自世界各地的材料和子系統供應。

They can drop ship directly into a customer internationally. We don't even have to worry about any of that stuff. So we have the infrastructure, we have the ERP systems. We have the legal entities that we can do that. And candidly, we're kind of proud of that supply chain customer -- I mean with the China COVID thing, I think everybody had to take a look at it. We actually were also quite immune from anything during COVID.

他們可以將貨物直接運送到國際客戶手中。我們甚至不必擔心任何這些事情。所以我們有基礎設施，我們有 ERP 系統。我們有可以做到這一點的法人實體。坦白說，我們對這個供應鏈客戶感到很自豪——我的意思是，考慮到中國新冠疫情，我想每個人都必須關注它。事實上，在 COVID 期間，我們對任何事物都具有相當的免疫力。

But this has been an important thing to tell your customers. What happens as such and such happens, we've said, you're not going to miss a shipment, we're going to be okay, right? So it's kind of an important thing to note. So people understand it.

但這是一件需要告訴客戶的重要事情。不管發生什麼情況，我們都說過，你不會錯過任何貨物的，我們會沒事的，對吧？所以這是一件值得注意的重要事情。所以人們理解這一點。

But at the same time, we can't answer everything. Remember, May 30 is what, seven weeks away. I mean, we're like -- and as you know, plus or minus one system on ours can move the bar. So that's why we just pulled the near-term guidance.

但同時，我們也無法回答所有問題。請記住，5 月 30 日還有七週時間。我的意思是，我們就像--如你所知，我們的系統增加或減少一個系統都可以改變標準。這就是我們撤下近期指引的原因。

All right. I appreciate that. That's a bunch of really great color. So I guess following up on that, then giving those comments uncertainty around additional orders and timing of when customers might demand shipments, you had $18 million in backlog in the quarter, $22 million effective since then.

好的。我很感激。這真是一堆漂亮的顏色。因此，我想針對這一點進行跟進，考慮到有關額外訂單和客戶可能要求發貨的時間的不確定性，您本季度的積壓訂單為 1800 萬美元，自那時起實際積壓訂單為 2200 萬美元。

Would it be reasonable or area on the conservative side, at least a reasonable to think that you probably won't even ship all of the backlog you currently have on hand in the quarter? Or is that not a great way to think about it?

這樣是否合理，或者說保守一點，至少合理地認為你可能不會在本季度發運目前手頭上所有的積壓訂單？或者這不是一個好的思考方式？

One of the keys is if we're going to say we're not going to give guidance, we can't really give guidance. But nevertheless, let me still answer that directly. For sure, some of that backlog is not going to ship this quarter because it's multiple systems for the hard disk drive guy.

關鍵之一是，如果我們說我們不會提供指導，那麼我們就無法真正提供指導。但儘管如此，我還是想直接回答這個問題。可以肯定的是，部分積壓訂單將不會在本季度發貨，因為對於硬碟製造商來說，這是多個系統。

And we're only planning to maybe ship one of those. We said that last quarter. So the over under right now is one, maybe a second one for this quarter. but not all of them. So some of those are already planned for that.

我們可能只計劃運送其中一件。我們上個季度就說過這個。因此，目前的高於或低於一個，也許是本季的第二個。但不是全部。其中一些已經為此做好了計劃。

The interesting thing is we have multiple customer forecasts for things to ship this month or this quarter that they haven't ordered yet. You're like, okay, is that going to happen? Would that happen that I can still turn that? Some of it, we have material on hand and some of it is stuff that's inbound.

有趣的是，我們有多位客戶預測本月或本季將出貨但尚未訂購的商品。你會想，好吧，那會發生嗎？那我還能轉動它嗎？其中一些是我們手邊有的材料，還有一些是進來的東西。

So I'd love to tell you it's that simple. And if it was, I'd probably just give you a new guidance, but it's sort of there's kind of upside and downside to all of this. So I apologize for not being really clear. I think the important thing is we missed it. We missed it by a little whatever. It's going to be close.

所以我想告訴你，就這麼簡單。如果是這樣，我可能會給你一個新的指導，但這一切都有好處和壞處。因此，我對自己表達的不夠清楚表示抱歉。我認為重要的是我們錯過了它。我們稍稍錯過了一點。很快就要結束了。

It might chip on the next week. That's the thing that's really can be very scary as a public company, right? If you're private, I wouldn't even worry about it. I'm only worried about the customers getting their shipments, getting to them on time. But plus or minus one day on May 30 is a big deal to us as a public company.

下週它可能會崩盤。對於一家上市公司來說，這確實是一件非常可怕的事情，對吧？如果你是私人的，我就不會擔心。我只擔心客戶能否及時收到貨品。但 5 月 30 日的增減一天對我們作為一家上市公司來說都是一件大事。

So this is more -- the things I'm talking about here, this is just timing stuff, we think, okay? This is more timing things. I don't think the customers that are already buying, they've taken, in some cases, six months to a year to qualify. I mean if you look at the GaN customer, the hard disk drive customer, this AI customer, the Package part burn-in AI customer, we've worked with them for over a year.

所以這更多的是——我在這裡談論的事情，這只是時間問題，我們認為，好嗎？這更多的是時間問題。我認為已經購買的客戶在某些情況下需要六個月到一年的時間才能獲得資格。我的意思是，如果你看看 GaN 客戶、硬碟客戶、這個 AI 客戶、封裝部分老化 AI 客戶，我們已經與他們合作了一年多。

They're fully qualified. They're committed. Now the question is how do we make sure that they can get the equipment on time with the least duties or tariffs at all possible?

他們完全有資格。他們很忠誠。現在的問題是我們如何確保他們能夠按時以盡可能少的關稅獲得設備？

If you think of another one, Tyler, you can always come back to. Go ahead, what's the next question, sorry?

泰勒，如果你想到了另一個，你隨時可以回來。請繼續，抱歉，下一個問題是什麼？

No, let's move on past the tariffs. So as we think about next year in growth, you've diversified your revenue nicely away from silicon carbide maybe at least rank order. It sounds like silicon carbide is expected to continue to recover, we would expect to see growth there.

不，讓我們繼續討論關稅問題。因此，當我們考慮明年的成長時，您已經很好地實現了收入多元化，不再依賴碳化矽，至少是排名順序。聽起來碳化矽有望繼續復甦，我們預計那裡會出現成長。

But maybe AI is going to be the primary growth driver as we look out the next year or two. Just any color kind of rank ordering and where you expect to see the growth from your more diversified end markets going forward.

但展望未來一兩年，人工智慧或許將成為主要的成長動力。任何顏色的排名順序以及您期望看到未來更加多樣化的終端市場的成長。

Yes. I mean we're feeling really good about next year. I mean there definitely is evidence that silicon carbide will kind of get back to capital equipment growth and putting more capacity in place.

是的。我的意思是我們對明年感到非常滿意。我的意思是，有證據表明碳化矽將恢復資本設備成長並投入更多產能。

We're also seeing a shift from low-voltage gate to high-voltage testing. Something we've done by working with several of the OEMs, the actual EV suppliers for quality that they're driving to their customers, which drives them towards us that even if they have equipment, they may need to upgrade it.

我們也看到了從低壓門測試到高壓測試的轉變。我們與多家原始設備製造商（OEM）以及實際的電動車供應商合作，向客戶提供優質的產品，這使得他們向我們尋求幫助，即使他們擁有設備，也可能需要對其進行升級。

That also turns into WaferPack revenues. So we think we can see revenue from our current installed base in both wafer packs and system upgrades, but then also incremental capacity. And there's still a few customers that effectively selected us, if you will, and haven't bought their first systems because they've delayed some of their fabs that Yale is saying they will start to turn on in '26 and '26 is when they say it's calendar, my fiscal '26 starts June some of that capacity may be second half, but we feel some of this already in our first half or so our second half of '25.

這也轉化為 WaferPack 的收入。因此，我們認為，我們可以從晶圓組和系統升級的當前安裝基礎中獲得收入，同時還可以獲得增量容量。仍然有少數客戶實際上選擇了我們，但尚未購買他們的第一批系統，因為他們推遲了一些晶圓廠的投產計劃，而耶魯大學表示這些晶圓廠將在 26 年開始投產，26 年是他們所說的日曆時間，我的 26 財年從 6 月開始，其中一些產能可能是下半年，但我們感覺了其中一些下半年。

Our fiscal year has kind of messed people up. Let's see here. GaN, we're pretty excited about that. There's some we have done a large number -- I mean, a good number of designs that have been qualified into automotive industrial applications. They're now just going into production. So we've kind of got our fingers crossed related to that around their capacity and their needs to grow.

我們的財政年度有點讓人混亂。我們來這裡看看吧。GaN，我們對此感到非常興奮。有些設計我們已經完成了大量——我的意思是，許多設計已經符合汽車工業應用的要求。它們現在才剛開始投入生產。因此，我們對他們的能力和成長需求抱持著希望。

And we're talking with several other customers. We've actually heard our silicon photonics customer is talking now about ramping this year. And that's with the very high power. Remember, we upgraded their fleet to the extra high power system, which needs new wafer packs and needs new system upgrades.

我們正在與其他幾位客戶進行交談。我們實際上聽說我們的矽光子客戶正在談論今年的擴大產量。而且這是具有非常高功率的。請記住，我們將他們的車隊升級到了超高功率系統，這需要新的晶圓包，也需要新的系統升級。

That's encouraging because of all the stuff that's finally going on around the silicon photonic side. But I think we think that the package part burn-in qual is going to continue to grow. There's a lot of new devices coming out with higher power that's going to drive demand.

這是令人鼓舞的，因為矽光子領域的所有研究終於取得了進展。但我認為我們認為封裝部分的老化品質將會持續成長。許多具有更高功率的新設備的問世將推動需求。

And then burn-in, the production side of it. So the production burden, we're seeing our first customer ramp. It's in a very visible OSAT. And we're literally shipping all the systems. We finished it this quarter and then they start their first ramp. We think they'll need more systems.

然後進行老化，這是生產方面。因此，我們看到了第一批客戶的生產負擔增加。它位於一個非常顯眼的 OSAT 中。我們實際上正在運送所有系統。我們在本季完成了它，然後他們開始了他們的第一個坡道。我們認為他們需要更多的系統。

We're also working on some enhancements. I don't want to get ahead of myself here in too much public, but we're working on some automation and some very specific things in the capability to add to that package part burn-in and have been communicating that to the customers and the OSATs right now. And I'm very hopeful and encouraged by the feedback that could drive production -- more and more production burn-in to our systems with full automation with the Sanoma line.

我們也正在進行一些改進。我不想在這裡過度公開談論自己，但我們正在研究一些自動化和一些非常具體的東西，以增加封裝部件的老化能力，並且已經將這一點傳達給客戶和 OSAT。我對能夠推動生產的回饋感到非常有希望和鼓舞——透過 Sanoma 生產線的全面自動化，我們的系統將進行越來越多的生產老化。

And then lastly, but honestly, maybe most impactful is what's going on with the wafer level. That first customer is expected to ramp, and we already have inbounds from other people. The people are really leaning in to understand what do they need to do? What testability modes do they need to add to their wafer, how can they do this?

最後，但老實說，也許最有影響力的是晶圓級發生的事情。預計第一位客戶將會增多，而且我們已經收到了其他人的來電。人們真的想知道他們需要做什麼嗎？他們需要在晶圓上添加哪些可測試性模式？他們該如何做？

Because the implications of being able to weed out the failure of that processor before you stick it into a large package with co-packaged memory, optics and other processors is huge. That could be some of the most exciting stuff that's going on.

因為在將處理器與記憶體、光學元件和其他處理器一起放入大型封裝之前，能夠消除該處理器的故障意義重大。這可能是正在發生的最令人興奮的事情之一。

Flash memory. Actually, we're spending a good -- a significant amount of R&D money this year. We're spending our money. I'd say our as collectively as shareholders. It's a great investment.

快閃記憶體.實際上，我們今年在研發上投入了相當多的資金。我們正在花自己的錢。我想說我們就像股東一樣。這是一項偉大的投資。

We're going to need to invest even more next year in developing the test solution to go in that. Maybe we could get some revenue at the end of the year, but this is really an early 27 is what we're thinking in terms of the timing. That's why, one, I use those TAMs around '27 kind of capture at that point, we would hope to have flash memory revenue.

明年我們將需要投入更多資金來開發測試解決方案。也許我們可以在年底獲得一些收入，但就時間而言，我們考慮的實際上是 27 月初。這就是為什麼，首先，我使用那些大約 27 種 TAM 進行捕獲，我們希望獲得快閃記憶體收入。

Wafer level burn-in across more than hopefully several or more customers, packaged part burn-in across several customers, silicon carbide hitting GaN starting to ramp and the hard disk drive just continuing to buy along with silicon photonics.

希望能夠有多個或更多客戶進行晶圓級老化測試，多個客戶進行封裝零件老化測試，碳化矽撞擊 GaN 開始加速，硬碟繼續與矽光子一起購買。

Jed Dorsheimer, William Blair.

傑德·多斯海默、威廉·布萊爾。

So again, I don't want to ask you a bunch of questions you don't want to answer. Just I guess, first one, just on the balance sheet. I'm curious, AR, your accounts receivable jumped up quite a bit. Is that just from InCal? Is there a change in terms?

所以再說一次，我不想問你一堆你不想回答的問題。我想，第一個只是在資產負債表上。我很好奇，AR，你的應收帳款成長了不少。那隻是來自 InCal 嗎？條款有變化嗎？

Could you just talk about what was going on there? Because I saw that positively, inventories actually came down while revenues grew. So I'm just wondering about the receivables seem to jump out. And then I got a follow-up.

你能談談那裡發生了什麼事嗎？因為我看到了積極的一面，庫存實際上下降了，而收入卻增加了。所以我只是想知道應收帳款似乎突然出現了。然後我得到了後續消息。

Yes. So we also have an unbilled receivable in our receivable balance that we were able to recognize revenue that cannot be yet. But I think by now, we have sent out the invoice at this point.

是的。因此，我們的應收帳款餘額中還有一筆未開立的應收帳款，我們能夠確認尚未確認的收入。但我認為現在我們已經發出了發票。

AR, it's called shipments turns the last month of the quarter, not atypical of that and yes, I think that was it. I think we may have had a special term with one of the customers with respect to billing at final shipment or something in the first tool, a couple of those things. I wouldn't read too much into it.

AR，也就是所謂的季度最後一個月的出貨量，這並不罕見，是的，我認為就是這樣。我認為我們可能與其中一位客戶就最終裝運時的帳單或第一個工具中的某些內容達成了特殊協議，諸如此類。我不會對此進行過多解讀。

Over time, and I want to be sensitive to this, because we have customers listening as well. We do down payments under most circumstances, sometimes with short lead times and things like that. We will work with the customer, billing them 30% and then two weeks later, hitting them with the other one, sometimes isn't most optimum. We try and be balanced on it.

隨著時間的推移，我希望對此保持敏感，因為我們也有客戶在傾聽。大多數情況下，我們都會支付首付款，有時交貨時間很短，諸如此類。我們將與客戶合作，向他們收取 30% 的費用，然後兩週後再向他們收取另一筆費用，有時這並不是最優的。我們盡力保持平衡。

But in general, we want to make sure that customers have skin in the game when they're placing the orders on these systems. And so there's a little of that. But yes, there's no flags, nothing there's nothing there.

但總的來說，我們希望確保客戶在這些系統上下訂單時能夠承擔相應的風險。所以有一點這樣的情況。但是的，那裡沒有旗幟，什麼都沒有。

Okay. And then just on the AI on the processing side of things in burning, I was wondering if you could go through the value proposition and a little bit more granularity. And what needs to be achieved for this, has this gone from R&D to commercial level? Or do you feel like there's still -- even though the size and scale of the orders might be commercial size compared to that of silicon carbide for this for these customers, do you feel like it's progressed that that's it's gone beyond and what are you looking at to get the determination that, okay, we're going to start ramping on this in a durable way.

好的。然後，僅就刻錄過程中處理方面的人工智慧而言，我想知道您是否可以更詳細地介紹價值主張。為此需要實現什麼目標？是否已經從研發階段進入商業階段？或者您是否覺得——儘管與這些客戶的碳化矽相比，訂單的規模可能具有商業規模，但您是否覺得它已經取得了進展，已經超越了，您在尋找什麼來下定決心，好的，我們將開始以持久的方式加大這方面的力度。

So, Jed, I think I understand it. Let me try and answer it while repeating the question a little bit along the way. So if the question is, is this sort of like an NPI prototype like a trial run and they haven't really worked that kind of thing, that's not the case. So this customer, and we've alluded to it before, and we have to be somewhat sensitive to what the what's known publicly and what they've said.

所以，傑德，我想我明白了。讓我試著回答這個問題，同時稍微重複一下這個問題。所以如果問題是，這是否有點像 NPI 原型的試運行，而他們還沒有真正做過這種事情，事實並非如此。因此，對於這個客戶，我們之前已經提到過，我們必須對公眾所知的資訊和他們所說的話保持一定的敏感。

And yes, we have not identified who it is yet, okay? But what we have said is that they were doing, which is very similar to a lot of other AI guys they were doing this burn-in at what's known as system level test, okay? So this is very late in the process, basically damn the product side of things, okay?

是的，我們還沒有確定他是誰，好嗎？但我們說過，他們所做的與許多其他人工智慧人員所做的非常相似，他們在所謂的系統級測試中進行這種老化，好嗎？所以這個過程已經很晚了，基本上已經不考慮產品方面的事情了，好嗎？

And the problem with doing at a system level test is that it's very late in the process and any processing implications, et cetera, and you have to use a much more different and sophisticated piece of equipment or the equipment itself to burn-in itself in to actually find these failures.

進行系統級測試的問題在於，它處於流程的後期，並且會產生任何處理影響等等，您必須使用更加不同且複雜的設備或設備本身進行老化才能真正發現這些故障。

The other challenge is that in a system level test, you often have this memory or this processor is coexist. And I'm going to be a little careful about too much detail on this because people are all trying to figure out is that what kind of AI processor is it? We hope to come much more public with it. The customers talked about doing that. But it exists with other things, memories, infrastructure, heat sinks, power supplies and all this.

另一個挑戰是，在系統層級測試中，您經常會有此記憶體或此處理器共存。我將對此保持謹慎，避免過多細節，因為人們都想知道這是什麼樣的人工智慧處理器？我們希望它能得到更廣泛的公眾關注。顧客們都談論著這樣做。但它與其他事物、記憶體、基礎設施、散熱器、電源等等共存。

Burn-in, I know a lot of people understand is what it sounds like. You basically are heating it up and you're actually adding more power to it to stress the device to a point that will weed out infant mortality or weak devices. You do not want to break it, okay?

我知道很多人都明白煲機的聲音是什麼樣的。你實際上是在加熱它，並且實際上正在給它增加更多的電力來對設備施加壓力，直到消除早期死亡率或弱點設備。你不想弄壞它，好嗎？

So the trick is to try and get it right to the edge to accelerate this stress test to weed out things as short a time as possible, okay? And generally speaking, the more power you put in and the more heat you put in the faster you can do it.

所以訣竅就是盡量加速這個壓力測試，以盡可能短的時間內排除故障，好嗎？一般來說，你投入的能量越多，產生的熱量越多，你完成的速度就越快。

If you put in too much power and too much heat, you rack the part, right? Now so it turns out each device has a different optimum spot flash memories like 85 degrees, DRAM can be 105 degrees, a microprocessor is 125 degrees, silicon carbide is 140 degrees. They're all at different numbers. If you put them all into the same package, and I'm not saying you put silicon carbide into that package, okay?

如果你投入了太多的電力和太多的熱量，你就會讓零件磨損，對嗎？現在事實證明，每個裝置都有不同的最佳溫度點，例如快閃記憶體為 85 度，DRAM 為 105 度，微處理器為 125 度，碳化矽為 140 度。它們都是不同的數字。如果你把它們都放進同一個封裝裡，我並不是說你把碳化矽放進那個封裝裡，好嗎？

But let me throw on silicon photonics. There's actually two burning temperatures for it. You do one process at one temperature and one at the other for ideal. Now stick them all into a large package. What do you burn it in at? It's a problem.

但是讓我來談談矽光子學。實際上有兩種燃燒溫度。為了達到理想狀態，您可以在一個溫度下執行一個過程，而在另一個溫度下執行另一個過程。現在將它們全部放入一個大包裹中。您用什麼燒錄它？這是個問題。

So if you were to put it in an oven and you burned in the processor 125, you could rec the DRAM, okay? You certainly can't bring the processor to 140 degrees like you do the silicon photonics device.

因此，如果您將它放入烤箱中，並將處理器 125 燒掉，您就可以恢復 DRAM，好嗎？你當然不能像對待矽光子設備那樣將處理器加熱到 140 度。

So what you do is you bring it to the lowest common denominator. But here is another problem. That system is not designed to be run hot -- the point is it's being run cold with big heat sinks and water cooling, think of all the stuff that's going on in these racks. So it's normally trying to run at 30 degrees.

所以你要做的就是將其降到最低公分母。但這裡還有另一個問題。該系統並非設計為熱運行——關鍵是要用大型散熱器和水冷卻來冷卻它，想想這些機架中發生的所有事情。所以它通常會在 30 度下運行。

And I use Centigrade -- sorry for everybody, a little bit one rooom temperature, right? That's what you are trying to run it at, but when you burn it in, we're running it at 125 degrees centigrade more than boiling water, okay?

我使用攝氏度——抱歉，有點接近室溫，對嗎？這就是你想要運行它的溫度，但是當你燃燒它時，我們運行它的溫度比沸水高出 125 攝氏度，好嗎？

You can't do that with a system. You would run everything. You'd all the printed circuit boards, you recall the memory, the power supplies would all die that's not good. So you burn it in way lower temperature, maybe 60 degrees. Well, if you do that, then the burden time is like 10 times longer.

你不能用系統來做到這一點。你會掌管一切。你所有的印刷電路板、你回憶的記憶體、電源都會失效，這可不是什麼好事。所以你用更低的溫度來燒它，大概 60 度。好吧，如果你這樣做，那麼負擔時間就會延長 10 倍。

So if you actually move it to the wafer level, I can burn in your memory right within a few degrees or 125 degrees and keep it from going in a thermal runaway. That minimizes the burn-in time. I perfectly optimize that.

因此，如果你真的將其移動到晶圓級，我可以在幾度或 125 度的範圍內燒入你的內存，並防止其發生熱失控。這最大限度地縮短了老化時間。我完美地優化了這一點。

And you take that device and now when you put it in the system, it will not fail. It's a big deal, it's a really a big deal. And by the way, like on a packaged part burn-in systems, which we have, as I was one of my favorite things.

現在，當您將該設備放入系統時，它就不會發生故障。這是一件大事，真的是一件大事。順便說一句，就像我們所擁有的封裝零件老化系統一樣，這是我最喜歡的東西之一。

I have a front row seat on the Sonoma systems. We're testing these packages. And we're testing the memory stacks in there and the processors and the chipsets, and we have to actually test those at different conditions.

我在 Sonoma 系統上坐在前排。我們正在測試這些包。我們正在測試其中的記憶體堆疊、處理器和晶片組，我們必須在不同的條件下對它們進行實際測試。

It's a very interesting challenge, but it's way more effective if you can break it down and do it at the memory at the wafer level. But until now, no one has ever even imagined doing that. And we now have the technology with the power. The power supplies the capability, the JTAG and MBIST patterns, and functionality and reading right capability to actually test these things at a wafer level at a cost-effective way that's a real alternative to doing system-level test or a package level burn-in test. And by the way, if you want package level burn in test, I'll sell them to you all day long with my Sonoma systems.

這是一個非常有趣的挑戰，但如果你能將其分解並在晶圓級的記憶體上進行操作，那麼效率會更高。但直到現在，還沒有人想過要這樣做。現在我們擁有了具有強大力量的技術。電源供應器提供功能、JTAG 和 MBIST 模式以及功能和讀取正確功能，以便以經濟高效的方式在晶圓級實際測試這些東西，這是進行系統級測試或封裝級老化測試的真正替代方案。順便說一句，如果您想要封裝級老化測試，我會全天使用我的 Sonoma 系統向您推銷它們。

It does. What's the stability of the power over that duration? That seems like it would be a critical feature in terms of -- within a tight tolerance.

確實如此。在這段時間內，電力的穩定性如何？在嚴格的公差範圍內，這似乎是一個關鍵特徵。

Yeah. Some of the many tricks and the keys are being able to actually regulate and drive power to each device on the wafer individually. That doesn't seem intuitive, right? In traditional package part burn-in systems, like those from our competitors, they have bulk power supplies that supply to the devices, all with the same voltages, they achieve a parallelism by actually trying to share all that.

是的。許多技巧和關鍵中的一部分是能夠實際單獨調節和驅動晶圓上每個設備的電源。這似乎不太直觀，對吧？在傳統的封裝零件老化系統中，例如我們競爭對手的系統，它們具有為設備供電的大容量電源，所有電源都具有相同的電壓，它們透過實際嘗試共享所有這些電源來實現並行性。

That didn't work very well because each of the devices need a different voltage Sonoma. One of the greatest things about it as a package part burn-in system is we can individually program the power for every device that's being tested. We'll actually read an ID in the device, come back, adjust our power and tune it for that device for an optimum burn in.

效果不太好，因為每個設備都需要不同的 Sonoma 電壓。作為封裝部件老化系統，它最棒的地方在於我們可以單獨編程每個被測設備的功率。我們實際上會讀取設備中的 ID，然後返回，調整功率並針對該設備進行調整，以實現最佳磨合效果。

That's an amazing thing that people don't have in packaged part burn-in we do in Sonoma. We're doing the same thing at wafer level, okay? And there's more tricks and I'm just not going to do them publicly. There's other things that we've done.

這是一件令人驚奇的事情，我們在索諾瑪進行的封裝零件老化測試中沒有遇到這種情況。我們在晶圓級上做同樣的事情，好嗎？還有更多的技巧，但我不會公開展示它們。我們還做了其他事情。

In fact, there are some patents you can go and find that we've done. We can implement in our wafer level burn-in system in our wafer pack that you just can't do in a normal wafer probing environment either. That allow us to be able to test these devices.

事實上，你可以去找一些我們已經申請的專利。我們可以在晶圓封裝中的晶圓級老化系統中實現這一點，這是在普通晶圓探測環境中無法實現的。這使我們能夠測試這些設備。

But it's pretty fun talking with the customers because they kind of light up as you talk about what you can do and they're like, wait a minute, I never even thought of that before. I'll give you one other hint, okay?

但與顧客交談非常有趣，因為當你談論你能做什麼時，他們會興奮不已，他們會說，等一下，我以前從未想過這一點。我再給你一個提示，好嗎？

One of the reasons everyone says this will never work at wafer level burn-in is because these devices might -- one core might take 100 amps, maybe it takes multiple hundred tabs, okay? So what you do is you have a 100 power supply and you run it through a probe card and the probe card needles can only do maybe 0.5 an amp or 50 milliamps I heard somebody say the other day, okay?

每個人都說這在晶圓級老化過程中永遠無法實現，原因之一是這些設備可能——一個核心可能需要 100 安培，也許需要數百個標籤，好嗎？所以你要做的就是你有一個 100 電源，你通過探針卡運行它，而探針卡針只能做 0.5 安培或 50 毫安，我前幾天聽到有人這麼說，好嗎？

And then so I had to put 100 of them in parallel, whatever the math is, sorry, I always tough online like this to get you to 100 amps, okay? Or 1,000 pins to get to 100 amps with all this. What happens at that section of the device fails in short, it will ruin your probe card. So when people -- when we first engage them, they're like, this is absolutely impossible because every wafer, I have a device that shorts in the mill to burn in and it's going to ruin your probe card.

然後我必須將其中的 100 個並聯起來，無論計算結果如何，抱歉，我總是像這樣在線計算以達到 100 安培，好嗎？或用 1,000 個引腳來實現 100 安培的電流。簡而言之，如果設備該部分發生故障，它將毀壞您的探針卡。因此，當人們 — — 當我們第一次與他們接觸時，他們會說，這絕對不可能，因為每個晶圓，我都有一個在軋機中短路的設備進行燒毀，這會毀壞你的探測卡。

And we have features in our wafer level burn-in systems that prevent it from doing that. We've not burned one pin yet. We've been working on this AI. We discuss wafer level burn-in for nine months.

我們的晶圓級老化系統具有防止這種情況發生的功能。我們還沒有燒掉一根針。我們一直在研究這種人工智慧。我們討論了九個月的晶圓級老化。

We've not burned one pin, which is crazy. People are like, I don't understand how you do that. So there's some cool things about it that are just not intuitive that are as differentiated as anything, and we're excited about it. It's a fun market.

我們沒有燒掉哪怕一根針，這太瘋狂了。人們會說，我不明白你是怎麼做到的。因此，它的一些很酷的東西不是直觀的，而是與眾不同的，我們對此感到興奮。這是一個有趣的市場。

Larry Chlebina, Chlebina Capital.

拉里·切爾比納 (Larry Chlebina)，Chlebina 資本。

When was the first AI processor XP was that with the auto aligner? When was that up and running at that OSAT?

第一個有自動對齊器的 AI 處理器 XP 是什麼時候出現的？該 OSAT 何時啟動並運行？

That's a good question. We had it up and running here first. As those that have haven't visited us, they know we have these test cell labs, which we're upgrading. And we were actually shipping wafers out of our facility here. It's now up and running the first one, and we'll have the rest of them all completed this quarter, whatever, in the next few weeks here.

這是個好問題。我們首先在這裡啟動並運行它。那些還沒有來過的人知道我們有這些測試實驗室，我們正在對其進行升級。實際上，我們正​​在從這裡的工廠運出晶圓。現在第一個已經啟動並運行，其餘的我們將在本季度或接下來的幾週內全部完成。

But It was running at the OSAT, when?

但它是在 OSAT 上運行的，什麼時候？

We haven't just always said it's up and running now.

我們並不總是說它現在已經啟動並運行了。

Chris, I got a quick question. What was the packaged part revenue in Q3?

克里斯，我有一個快速的問題。第三季封裝件收入是多少？

Package part in Q3, Well, in the past, we only disclose it in the year-end, but I would say, let me say it this -- I would say more than 20%.

第三季的套餐部分，嗯，過去我們只在年底披露，但我想說，讓我這樣說吧——我會說超過 20%。

It's going to be in the Q but that all right. Gayn, is there any product launch on your flash customer that they're particularly wanting to use your systems on. I know this is an enterprise application. And I see these big SSDs coming up later this year that they have like 123 terabytes of data capacity on it, which if you do the math on it, they consume with a decent yield, each one consumes like wafer of NAND, just to stuff into that 2.5-inch form factor SSD.

它將出現在 Q 中，但沒關係。Gayn，您的快閃記憶體客戶有沒有推出什麼產品，他們特別想在這些產品上使用您的系統。我知道這是一個企業應用程式。我看到這些大型 SSD 將在今年稍後推出，它們擁有大約 123 TB 的數據容量，如果你計算一下，它們的消耗產量相當可觀，每個 SSD 都消耗類似 NAND 晶圓的容量，只是為了塞進 2.5 英寸外形的 SSD 中。

Is there a product like that that's their interest in using your system to improve the yields because obviously, they're stacking a bunch of dies, is that the motivation?

是否有這樣的產品，他們有興趣使用您的系統來提高產量，因為顯然他們正在堆疊一堆晶片，這是動機嗎？

Okay. I would this is three in a row, we're answering a little bit indirectly. I just want to be a little careful of customers. But we talked to multiple. There's not that many NAND customers, and we have not talked to every single one of them, okay, for some geographical obvious reasons, okay?

好的。我想這是連續三次，我們的回答有點間接。我只是想對顧客多加小心。但我們與多個人進行了交談。NAND 客戶並不多，而且我們也沒有與每個客戶進行交流，好吧，出於一些明顯的地理原因，好嗎？

But we've talked to several of them. And there is a general theme going on with those customers and with the industry if you watch what's going on. And that theme is -- so a couple of things.

但我們已經和其中幾個人談過了。如果你觀察一下正在發生的事情，你會發現這些客戶和整個產業都在發生一個普遍的主題。這個主題是──有幾件事。

In general, revenues are growing, okay? They were down last year and the year before, and they're growing again. But wafer capacity is not, okay? So there's not a lot of NAND fabs that are being coming online, and the capacity may be going to higher utilization, but the bits are exploding, right?

整體來說，收入正在成長，好嗎？去年和前年，他們的收入有所下降，現在又開始成長了。但是晶圓產能不行，好嗎？因此，目前上線的 NAND 晶圓廠並不多，而且產能利用率可能會更高，但數據仍在爆炸式增長，對嗎？

So what that means is that there's more and more density per wafer, okay? As you do that, the test methodology is either going to increase in test time or you're going to need to increase in power to address it?

那麼這意味著每個晶圓的密度越來越高，好嗎？當您這樣做時，測試方法要么會增加測試時間，要么需要增加功率來解決這個問題？

The other thing that's going on is there's multiple kind of technologies out there that liked stacked or not stacked that's wrong one in, layers. So the NAND layers are going to hundreds of layers, which are just basically when I think of like a high-rise building, there's a lobby floor and then there's floors above. The lobby floor may have the logic on it for the interface and the floors above or what store all of the information, okay?

正在發生的另一件事是，目前存在多種技術，有的喜歡堆疊，有的不喜歡堆疊，這是錯誤的層。因此，NAND 層數將達到數百層，這基本上就像我想像中的高層建築，有一個大廳樓層，然後還有上面的樓層。大廳樓層可能有用於介面和上面樓層的邏輯或儲存所有的信息，好嗎？

Now some people might say the I/O is on the top, but don't go into that. This is on one device. Then they take those devices and they stack them together into a package like you said with an SSD, okay? So one of the things that's going on in the memory itself is the die actually getting taller okay? And to hit the right things, the footprint, the XY footprint is getting smaller, which means the die count on a wafer is getting up.

現在有些人可能會說 I/O 位於頂部，但不要深入探討這一點。這是在一台設備上。然後他們把這些設備堆疊在一起，形成一個封裝，就像你說的 SSD 一樣，好嗎？那麼，記憶體本身正在發生的事情之一就是晶片實際上變得更高了，對嗎？為了達到正確的效果，XY 尺寸的佔位面積越來越小，這意味著晶圓上的晶片數量正在增加。

So the way they're getting density is they're shrinking, they're getting the die, the footprint of that building to be smaller and they're making it taller, right? And that's how they're getting more out of a wafer, but that's causing problems with respect to parallelism and power, which is a key thing that would be driving our new requirement.

所以他們提高密度的方法就是縮小體積，讓建築物的佔地面積變得更小，然後讓它更高，對嗎？這就是他們如何從晶圓中獲得更多產出的方法，但這也導致了並行性和​​功率方面的問題，而這正是推動我們提出新要求的關鍵因素。

Now the other thing that's going on is this thing around hybrid bonding. And this is the first time I've talked about this on a call, okay? But on the hybrid bonding, there are several people out there that are introducing products that are coming up over the next year or so that what they do is they make that lobby floor, the logic IO on one process wafer and then they make all the buildings or the floors that hold all the data on another wafer.

現在發生的另一件事是關於混合鍵合的事情。這是我第一次在電話中談論這個問題，好嗎？但在混合鍵合方面，有幾個人正在推出將在未來一年左右推出的產品，他們所做的是在一個工藝晶圓上製作大廳地板、邏輯IO，然後在另一個晶圓上製作保存所有數據的建築物或地板。

And then they actually glue them together with a hybrid bond. When they do that, they can actually make the lobby floor smaller and faster because they can use a CMOS technology that will work without it, that will still -- that -- because they don't have to make a memory cell out of it. Then they take a different technology that is good at memory cells that is lousy at lobbies or the I/O speed and they can make those taller.

然後他們用混合黏合劑將它們黏合在一起。當他們這樣做時，他們實際上可以使大廳地板更小更快，因為他們可以使用無需它就能工作的 CMOS 技術，因為他們不必用它來製作儲存單元。然後，他們採用一種不同的技術，這種技術擅長於儲存單元，但在大廳或 I/O 速度方面卻很差，他們可以將它們做得更高。

So now I can make the building taller by separating the NAND cells from the lobby floor I/O. And I just have to glue them together. And I say glue fancy. There are people that do this for living, but it's a hybrid bonding process that's similar to TSV bonding when you think of some of the other things that are going on in the world.

所以現在我可以透過將 NAND 單元與大廳樓層 I/O 分開來使建築物更高。我只需將它們粘在一起即可。我說的是膠水花俏。有些人以此為生，但當你想到世界上正在發生的一些其他事情時，你會發現這是一種與 TSV 鍵合類似的混合鍵合過程。

If you do that for the flash -- for the NAND component of that, right?

如果您對快閃記憶體執行此操作 - 對其 NAND 元件執行此操作，對嗎？

And/or the combined combination of it, et cetera. So there's some -- I don't want to get into too much of it, but there's technological things that are breaking the infrastructure. And those are the opportunities to get in because it's not that someone is growing in the new fab makes sense. And why would you want to go build a bunch of new equipment for that. So that's just -- that's the message I want to get across.

和/或其組合等等。所以有一些——我不想談論太多，但有些技術正在破壞基礎設施。這些都是進入的機會，因為這並不意味著有人在新晶圓廠發展是有意義的。為什麼要為此建造一堆新設備？這就是——這就是我想要傳達的訊息。

And that's provides an opportunity for things to be disruptive enough to actually change the way your process is doing. And it's not just one company. Ultimately, it would be all of them.

這就為事情的顛覆提供了機會，足以真正改變你的流程的運作方式。並且，這樣的公司並不只存在於一家。最終，這將是他們所有人。

I was just looking at the -- one of those SSD drives and the amount of NAND that they consume for a reasonable expectation on sales of those drives, you worked that number backwards and it seems like they would need something like $70 million worth of your equipment, just process those wafers in order to improve the yield that they get as they stack all those dies on top of each other into that small package.

我只是在看——其中一個 SSD 驅動器和它們消耗的 NAND 數量，以便對這些驅動器的銷售進行合理的預期，你反向計算這個數字，似乎他們需要價值 7000 萬美元的設備來處理這些晶圓，以提高他們在將所有這些芯片堆疊到那個小封裝中時獲得的產量。

Yes. That was where I was going with in the prepared remarks that -- and I'm not trying to get -- there's a couple of different ways of cutting this thing. But if you're spending $80 billion -- if you're incrementally selling $80 billion a year of NAND and the process technology is changing to allow you to be competitive to get more bits to do whatever, what kind of spend would you be doing?

是的。這就是我在準備好的發言中所要表達的意思——我並不是想表達——有幾種不同的方式來處理這個問題。但如果你花了 800 億美元——如果你每年逐步銷售價值 800 億美元的 NAND，並且工藝技術正在發生變化，以讓你具有競爭力來獲得更多的位來做任何事情，你會進行什麼樣的支出？

It's interesting if you're seeing that you're not necessarily spending it all on new capital equipment, your test budget might be bigger. So being able to spend $80 million, as you said, that's not at all out of reasons.

有趣的是，如果你發現你不一定會把所有錢都花在新資本設備上，那麼你的測試預算可能會更大。所以，正如您所說，能夠花費 8000 萬美元，這完全不是沒有道理的。

It was pretty astounding that one customer, one flash memory customer on one product could require that kind of spend in order to get the yields where they have to get them. Anyway, I want to switch your fine pitch WaferPak that I guess you're developing for that application. Does that open up the DRAM high-bandwidth market for you guys?

令人震驚的是，一個客戶，一個閃存客戶，一個產品，可能需要如此多的支出才能獲得他們必須獲得的收益。無論如何，我想切換您為該應用程式開發的細間距 WaferPak。這是否為你們打開了 DRAM 高頻寬市場？

It opens it, yes, in terms of being able to test the DRAM. There's other things that would need to be done in order to do that, particularly around the DFT and low pin count test mode. But the interesting thing, and I've shared this, you've all people kind of track it over what the last -- how many quarters.

是的，就能夠測試 DRAM 而言，它打開了它。為了實現這一目標，還需要做其他事情，特別是圍繞 DFT 和低引腳數測試模式。但有趣的是，我已經分享過這一點，你們所有人都對過去多少個季度的情況進行了追蹤。

If you go back and look at what I said two years ago, I don't know whatever it was, just any quarter prior to AI, chat GPT, I kept saying that wafer line brand will first go to NAND. And then ultimately, it will go to DRAM. But in order for it to go to DRAM, the DRAM guys need to have the critical -- there needs to be more pain and the pain needs to be when they start stacking DRAM. And then when they do that, they'll have to figure out a low pin count mode and testability or us, they're going to get eaten up in yield.

如果你回頭看看我兩年前說過的話，我不知道那是什麼，只是在 AI 之前的任何一個季度，聊聊 GPT，我一直說晶圓線品牌將首先轉向 NAND。最終它將轉向 DRAM。但為了將其轉向 DRAM，DRAM 廠商需要具備關鍵能力——需要承受更多痛苦，而這種痛苦需要發生在他們開始堆疊 DRAM 時。然後，當他們這樣做時，他們必須找出一種低引腳數模式和可測試性，否則，他們的產量就會被吞噬。

So now what you see is with HBM, which is still not the biggest part, but it's certainly the fastest-growing part of DRAM. HBM requires this advanced packaging and stacking. And guess what, yields a big problem for them. And now you saw was it just last month, NVIDIA came out and told and said publicly, I'm now asking that all DRAM suppliers start supplying me with known good stacks of DRAM.

所以現在您看到的是 HBM，它仍然不是最大的部分，但它肯定是 DRAM 中成長最快的部分。HBM 需要這種先進的封裝和堆疊。你猜怎麼著，這給他們帶來了一個大問題。現在您看到了嗎，就在上個月，NVIDIA 公開表示，我現在要求所有 DRAM 供應商開始向我提供已知良好的 DRAM 堆疊。

What does that mean? Well, obviously, it means they're not good. And I already told you 10 minutes ago that on my package part burn-in systems, when we burn in those devices, we're burning in the memories, too. Why are we burning in the memories there what a horrible place to do it. Anyhow, kind of interesting.

這意味著什麼？嗯，顯然，這意味著他們不太好。我 10 分鐘前就已經告訴過你，在我的封裝部分老化系統中，當我們老化這些設備時，我們也會老化記憶體。為什麼我們要在那裡燃燒記憶，那是多麼可怕的地方。無論如何，有點有趣。

But I thought the fine pitch WaferPak though, gets to the point where it can touch down on all those contact points on the DRAM. So opens that up. Am I missing something there?

但我認為細間距 WaferPak 可以達到接觸 DRAM 上所有接觸點的程度。所以打開它。我是否遺漏了什麼？

No, no, no, not really. Okay. So on the HPM memories, they may have 1,000 pins on them. They're all TSVs. They're at like 10 microns. No one can touch those TSV pads, not form factor, not anything.

不，不，不，不是真的。好的。因此，在 HPM 記憶體上，可能有 1,000 個引腳。它們都是 TSV。它們的尺寸約為 10 微米。沒有人可以觸碰那些 TSV 焊盤，無論是形狀因素還是任何東西。

There are still testability pads. But on a DRAM like that, maybe used to have 50 pins or 60 pens or something times 3,000 die. You go through that math, that's a big probe card. And so a full wafer probe card is quite expensive and cost effectiveness is it really there.

仍有可測試性墊。但在這樣的 DRAM 上，可能曾經有 50 個引腳或 60 個筆或乘以 3,000 個晶片。你進行一下計算，這是一個很大的探測卡。因此，完整的晶圓探針卡相當昂貴，而且確實具有成本效益。

If you implement a DFT mode, Interestingly, like is done in the package, but anyhow, you can drop down to a JTAG I/O port or an MBIST I/O port, which is a single I/O pin. So why not do that that NAND guys did. So as that is implemented, you could see that people might drive towards the DRAM. And if any of the DRAM guys are listening, I'd love to talk to you again if I'm not already talking to you about this because I think we can help.

如果您實現了 DFT 模式，有趣的是，就像在套件中完成的那樣，但無論如何，您可以下降到 JTAG I/O 端口或 MBIST I/O 端口，這是一個單個 I/O 引腳。那為什麼不像 NAND 廠商那樣做呢？因此，隨著這一目標的實現，您會發現人們可能會轉向 DRAM。如果有 DRAM 人員正在聽的話，我很樂意再次與您交談（如果我還沒有與您談論過這個問題的話），因為我認為我們可以提供幫助。

They definitely have a yield issue. Last question real quick. There's a long-term customer of yours that's ramping up on a 3D packaging facility in New Mexico. And they're assembling three to five chiplets onto a sub chip. And I don't know, I think the throughput of that facility eventually will be at least $25 billion worth of product.

他們肯定有產量問題。最後一個問題。您的一位長期客戶正在新墨西哥州擴大 3D 包裝設施。他們正在將三到五個小晶片組裝到一個子晶片上。我不知道，但我認為該工廠的產量最終將達到至少價值 250 億美元的產品。

At what point do you go to that your customer and say you're already in that fab on the optical side? At what point do you say, hey, what would you spend if I could improve your yields, some of the things you said earlier, if I could improve your overall yield 3% on those heterogeneous chips, what would they spend to achieve that going forward?

什麼時候你會去找你的客戶並告訴他們你已經在光學方面進入了那個晶圓廠？在什麼時候你會說，嘿，如果我可以提高你的收益率，你會花多少錢，你之前說過的一些話，如果我可以提高這些異構晶片的整體收益率 3%，他們會花多少錢來實現這一目標？

I mean, every year, spend at once. Won't they spend like $300 million to get that capability. I know you'd be testing all the incoming component wafers before they get singulated and put it in the chiplets, but is that a hell of an opportunity for you guys?

我的意思是每年都花一次。他們難道不會花費 3 億美元來獲得這種能力嗎？我知道你們會在將所有傳入的組件晶圓分割並放入晶片之前對其進行測試，但這對你們來說是一個難得的機會嗎？

Okay. Well, I've never mentioned we have systems installed in New Mexico or all those things that you've said, and I won't confirm or deny anything here. I don't want to get myself in trouble with any potential customers. But someone who's doing that would certainly be attractive to us.

好的。好吧，我從來沒有提到我們在新墨西哥州安裝了系統或你所說的所有那些事情，而且我不會在這裡確認或否認任何事情。我不想與任何潛在客戶產生矛盾。但能做到這一點的人對我們來說肯定很有吸引力。

What we've definitely said and what you were implying there is that we have, what, six, seven optical customers related to silicon photonics, one in particular that has been our lead customer in a 10% or several years. And within those customers, we have worked with the largest to build this very high-power silicon photonics-based system that is amazing.

我們明確地說過，以及您暗示的是，我們有六、七個與矽光子學相關的光學客戶，其中一個特別是在 10% 或幾年內一直是我們的主要客戶。在這些客戶中，我們與最大的客戶合作，建立了令人驚嘆的基於高功率矽光子學的系統。

And we've qualified that. We shipped it for the first time last year. They spent the last year qualifying. We've been doing all kinds of engineering runs and things with different types of wafer packs. And we've heard that they are talking about ramping this year.

我們已經確認了這一點。我們去年第一次出貨。他們花了去年的時間來獲得資格。我們一直在使用不同類型的晶圓封裝進行各種工程運行和工作。我們聽說他們正在討論今年擴大產量。

With these new optical devices, which the target for those are chip-to-chip or chiplet type things when we say that out loud. So I'm excited about that. I think as you said, well, why not use it in every other chip along the way. I think that's a good point. And if we can do very well with what we're planning right now, maybe that opens up an opportunity with our customer, if not others.

對於這些新的光學設備，我們所說的目標是晶片到晶片或小晶片類型的東西。我對此感到很興奮。我認為正如你所說，為什麼不在其他晶片上使用它呢？我認為這是一個很好的觀點。如果我們能夠很好地完成現在的計劃，那麼也許這會為我們的客戶（如果不是其他人的話）帶來機會。

I would just as a reminder for everybody listening on the Incal, are tools set primarily on the wafer level until the InCal acquisition of package part, was a system that was designed around these megatrends with semiconductors that are growing to $1 trillion, where semiconductors are not more reliable year to year, they're less reliable due to line widths, the compound semiconductors like optical and silicon carbide stacking them all together in multi-chip modules or in modules like memories that are put together for SSDs or modules that are powered going to electric vehicles.

我想提醒所有在 Incal 上收聽的人，在 InCal 收購封裝部分之前，工具主要設置在晶圓級，這是一個圍繞半導體大趨勢設計的系統，半導體市場增長到 1 萬億美元，但半導體的可靠性並不是逐年提高，而是由於線寬而降低，複合半導體（如電動和碳化器）供電的模組。

And then unfortunately, they're putting them in things that matter to the reliability like automotive devices or data centers or these very expensive AI processors. So that opens up an opportunity to do this burn-in stress conditions on those devices before they're put into the packages. And that's why the burn-in market now is so much bigger and more interesting than it has ever been in its history, at least going back to the early '80s because of it's enabling capabilities, technology otherwise you wouldn't have been able to.

不幸的是，他們把它們放在對可靠性至關重要的領域，例如汽車設備、資料中心或非常昂貴的人工智慧處理器。因此，這為在這些設備裝入封裝之前對其進行老化應力條件測試提供了機會。這就是為什麼現在的老化測試市場比歷史上任何時候都更大、更有趣，至少可以追溯到 80 年代初期，因為它具有支援能力和技術，否則你不可能做到這一點。

We are picking up customers and markets along the way. And I always say [it a year] and we'll have another one. And Larry, if you have a specific contact on someone along those lines, it would not be the first time one of my shareholders has introduced me to a customer and I got an order out of it. So thank you.

我們一路都在吸引客戶和市場。我總是說 [一年一次] 我們還會再有一次。拉里，如果你有關於這類人的具體聯繫方式，那麼這可不是我的股東第一次將我介紹給客戶，然後我因此獲得訂單。所以謝謝你。

Charles Tow, Private Investor.

查爾斯·托（Charles Tow），私人投資者。

I think my first question has been asked by Larry. So my second question is, again, if everything is on track, when do you expect to receive mass production orders from the flash memory company, you are currently working with?

我想我的第一個問題是 Larry 提出的。所以我的第二個問題是，如果一切進展順利，您預計何時會收到目前合作的閃存公司的量產訂單？

Yes, it's a good question. What we've said right or wrong, so that we're trying to be relatively visible. It's always a little dangerous for all your potential competitors listening in is that this year, we spent the year working on some technological steps to prove the proof-of-concept of our low-cost test cell that is really around this wafer pack carrier that allows everything else to be lower cost and allows higher power, higher density.

是的，這是個好問題。無論我們說的對與錯，我們都試圖讓自己顯得相對引人注目。對於所有潛在競爭對手來說，聽到這些總是有點危險的，因為今年，我們花了一年的時間研究一些技術步驟，以證明我們的低成本測試單元的概念驗證，該測試單元實際上圍繞這個晶圓封裝載體，可以使其他一切都更低成本，並允許更高的功率和更高的密度。

If with that, our hope is upon successful completion of that, which we were targeting and trying to be around this next quarter or so, we then want to work with the customer around the next step, which would be in co-development of a test system that would go into that machine. We think that's going to take about a year or so. Maybe it could take longer, but there's reasonably maybe a year.

如果是這樣，我們希望成功完成這項工作，也就是我們的目標，並試圖在下個季度左右完成，然後我們希望與客戶合作完成下一步，即共同開發一個可以用於該機器的測試系統。我們認為這大約需要一年左右的時間。或許需要更長的時間，但合理的話大概需要一年。

And so I wouldn't expect volume orders for that until the following year. So we're a year out or so, but you know what, if you told me I was taking volume orders and shipping for revenue in our fiscal 2027, which begins in June '26, I would tell you that's awesome.

因此我預計直到明年才會有大量訂單。所以我們還有一年左右的時間，但你知道嗎，如果你告訴我，我將在 2027 財年（從 26 年 6 月開始）接受大量訂單並運送收入，我會告訴你這太棒了。

Yes, what size? How big the site you can imagine?

是啊，多大的尺寸？您能想像這個站點有多大？

How big is the site? The size of the market? Yes. I mean this is where -- what we think is if you were to look at -- and I don't want to pick on any customer, okay? But the market just this year is $80 billion.

該網站有多大？市場規模有多大？是的。我的意思是，這就是——我們認為如果你看一下——我不想挑選任何客戶，好嗎？但光是今年的市場規模就已達到 800 億美元。

I think it's growing at maybe 10%, 20% revenue. BIBs are growing 40%, something like that. So two years out from now, I mean, okay, maybe it's $100 billion, something like that. There, how much that is? You divide it by what there's six customers, five customers that matter.

我認為它的收入成長率大概是10%到20%。BIB 的成長速度是 40% 左右。所以從現在起兩年後，好吧，也許是 1000 億美元，類似的數字。那裡，多少錢？你將其除以六個客戶，就有五個重要的客戶。

They are not all even. But H1 is 20%, maybe a little less, okay. Then that spend by them is substantial and the cost savings advantage to be able to do that would be substantial. So in order for us to actually help them with yield, there's a considerable market.

他們並不都是平等的。但是 H1 是 20%，可能少一點，好。那麼他們的支出是巨大的，並且這樣做可以節省大量成本。因此，為了真正幫助他們提高收益，這是一個相當大的市場。

This is embedded in the number that I said during my prepared remarks that the total available market is a combination of $500 million in test and $500 million in consumables. And the flash memory could be certainly 10%, if not more, of that overall market. So $100 million, $150 million, just wafer level burn-in for flash memory in that time frame minimum.

這包含在我準備好的發言中所說的數字中，即總可用市場是 5 億美元的測試和 5 億美元的消耗品的總和。而快閃記憶體肯定能占到整個市場的 10% 甚至更多。因此，在這段時間內，快閃記憶體的晶圓級老化至少需要 1 億美元、1.5 億美元。

Okay. I show no further questions in the queue. I'd like to turn the floor back to management for any closing remarks.

好的。隊列中沒有其他問題。我想將發言權交還給管理階層，請他們做最後發言。

All right. Well, I appreciate everybody, as always, for jumping on here. I just want to -- before closing the call, just one personnel-related thing I hadn't gotten to. I'm just happy to announce the addition of a new member to the team, Didier Wimmers, to our organization as our EVP of Engineering. He's replacing Avi who as we previously announced, passed away unexpectedly last year.

好的。好吧，一如既往，我感謝大家來到這裡。在結束通話之前，我只想說一件與人事有關的事情我還沒講到。我很高興地宣布團隊新增一位成員，Didier Wimmers，擔任我們公司的工程執行副總裁。他將接替我們先前宣布的去年意外去世的阿維 (Avi)。

Didier is an incredible addition to Aehr. He brings decades of direct experiences leading engineering teams in semi test. He's pretty well known. I joked around and said he's famous in the ATE space. He headed up all of Schlumberger ATE for many years, also managed the engineering team at FormFactor, who's basically one of the largest semiconductor test probe card companies in the world.

迪迪埃 (Didier) 對 Aehr 來說是一個不可思議的補充。他擁有數十年領導半測試工程團隊的直接經驗。他相當出名。我開玩笑說他在 ATE 領域很有名。他多年來一直領導斯倫貝謝 ATE 的整個工作，也管理 FormFactor 的工程團隊，後者是世界上最大的半導體測試探針卡公司之一。

I work with FormFactor for many years in my memory experience before, and that's where I had met Didier in the past. So I've known him for a long time, maybe 20 years myself. He's a great leader, sense of knowledge in ATE, wafer probing, great experience. He's a great manager and also a nerdy guy, which I say very in a warm way.

我之前在內存行業與 FormFactor 合作過很多年，並且在那裡我認識了 Didier。我認識他很久了，可能有20年了。他是一位出色的領導者，對 ATE 和晶圓探測有著深入的了解，經驗豐富。他是一位出色的經理，同時也是一位書呆子，我用一種非常熱情的方式說他。

He's a great member -- team member. I'm excited to have him on because of his experience in ATE system-level testing and even burn-in systems before joining Aehr. So we welcome him on board and excited to have him.

他是一名出色的團隊成員。我很高興能邀請他加入，因為他在加入 Aehr 之前就有 ATE 系統級測試甚至老化系統的經驗。因此，我們歡迎他的加入，並為他的到來感到興奮。

As always, we appreciate everybody joining in. If you happen to be anywhere near the Bay Area and are interested, we can try and set up something. Our facility here, we're getting right down to the final. We're about a month away from it being pretty well completed. And we've done a little bit of just a remodel in general for cubes and facility areas for the employees, which they really love.

像往常一樣，我們感謝大家的加入。如果您剛好在灣區附近並且有興趣，我們可以嘗試安排一些事情。我們的設施就在這裡，我們正準備進入決賽。大約還有一個月的時間，它就能基本完工了。我們對員工的隔間和設施區域進行了一點改造，他們非常喜歡。

But we did a major remodel in the manufacturing and the clean room labs which allow us to increase both manufacturing prototype engineering capacity, but particularly manufacturing capacity of our systems, our new packaged part systems from Sonoma that those systems will be coming over here over the next couple of months and also our WaferPaks and our BIM consumables from the package part side.

但是，我們對製造和無塵室實驗室進行了重大改造，這使我們能夠提高製造原型工程能力，特別是提高系統的製造能力，我們從 Sonoma 獲得的新封裝部件系統將在未來幾個月內運到這裡，還有我們的 WaferPaks 和封裝部件方面的 BIM 耗材。

So all that will be consolidated here Q1-ish, I don't know, this summer, okay? But if you come by then, it will probably be finally happy with everything kind of put together and all the lights are up and everything, too.

所以所有這些都將在今年第一季左右合併，我不知道，今年夏天，好嗎？但如果你到那時來，它可能會最終令人滿意，所有東西都組合在一起，所有的燈都亮了，一切都好了。

So I thank you, everyone, for your encouragement. I've gotten a lot of calls of hanging in there. A lot of people very excited about the stuff that we're working on and kind of enduring through all these tariff things, but this too -- my favorite saying this too shall pass. So thank you all, and we'll talk to you next quarter.

所以我感謝大家的鼓勵。我接到了很多讓我堅持下去的電話。很多人對我們正在進行的工作以及經歷的所有這些關稅問題感到非常興奮，但這也是——我最喜歡的一句話，這些也將過去。所以謝謝大家，我們將在下個季度繼續討論。

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，大家可以斷開連線了。感謝您的參與。