Aehr Test Systems (AEHR) 2025 Q4 法說會逐字稿

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

歡迎參加 Aehr Test Systems 2025 財年第四季和全年電話會議。（操作員指示）請注意，本次會議正在錄音。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。

(technical difficulty) Systems fiscal 2025 fourth-quarter and full-year financial results conference call. On today's call our Aehr Test Systems President and CEO, Gayn Erickson; and CFO, Chris Siu. Before I turn the call over to Gayn and Chris, I'd like to cover a few quick items this afternoon, right after market closed, Aehr Test issued a press release announcing its fiscal 2025 fourth-quarter and full-year results. That release is available on the company's website at aehr.com.

(技術難題)系統2025財年第四季及全年財務業績電話會議。在今天的電話會議上，我們的 Aehr Test Systems 總裁兼執行長 Gayn Erickson 和財務長 Chris Siu。在我將電話轉給蓋恩和克里斯之前，我想先簡單介紹一下今天下午的幾件事情，市場收盤後，Aehr Test 發布了一份新聞稿，宣布了其 2025 財年第四季度和全年業績。新聞稿可在該公司網站 aehr.com 上查閱。

This call is being broadcast live over the internet for all interested parties, and the webcast will be archived on the Investor Relations page of the company's website. I'd like to remind everyone that on today's call, management will be making forward-looking statements that are based on current information and estimates and are subject to a number of risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements.

本次電話會議將透過網路向所有相關方進行現場直播，網路直播將存檔在公司網站的投資者關係頁面上。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。

These factors are discussed in the company's most recent periodic and current reports filed with the SEC. These forward-looking statements, are only valid as of this date, and Aehr Test Systems undertakes no obligation to update the forward-looking statements.

這些因素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。這些前瞻性聲明僅在該日期有效，Aehr Test Systems 不承擔更新前瞻性聲明的義務。

And with that, 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 Gayn Erickson。

Thanks, Jim. Good afternoon, everyone. Thank you for joining us on Aehr Test Systems fiscal '25, fourth-quarter full-year earnings conference call. Before we begin, I'd like to thank our customers, employees, and partners for their dedication throughout this transformative year of execution, expansion, and strategic diversification for Aehr in fiscal 2025.

謝謝，吉姆。大家下午好。感謝您參加 Aehr Test Systems 25 財年第四季全年財報電話會議。在我們開始之前，我要感謝我們的客戶、員工和合作夥伴，感謝他們在 2025 財年為 Aehr 執行、擴張和策略多元化的變革之年所做的奉獻。

I'll start with an update on the primary markets, Aehr is targeting for semiconductor testing and burn-in, as well as the significant progress we've made in this year in new markets. After that, Chris will give a detailed review of our financial performance, and finally, we'll open up the floor to your questions.

我首先介紹一下主要市場的最新情況，Aehr 的目標是半導體測試和老化，以及我們今年在新市場的重大進展。之後，克里斯將詳細回顧我們的財務業績，最後，我們將回答大家的提問。

I just want to also point out that we've had a lot of inbound questions related to the AI market and what that means to Aehr Test, so we'll be doing a deep dive, as we have often done in other markets today to hopefully let people really understand the implications and how Aehr is playing in that.

我還想指出，我們收到了很多與人工智慧市場以及這對 Aehr Test 意味著什麼相關的問題，因此我們將進行深入探討，就像我們今天在其他市場經常做的那樣，希望讓人們真正理解其影響以及 Aehr 在其中發揮的作用。

This past year we made significant progress expanding into additional key markets for our semiconductor burn-in solutions, including artificial intelligence processors, gallium nitride power semiconductors, data storage devices, silicon photonics integrated circuits, and flash memory. This diversification of our markets and customers is significant given our revenue concentration in silicon carbide devices used in electric vehicles during our previous fiscal year.

過去的一年，我們在擴展半導體老化解決方案的其他關鍵市場方面取得了重大進展，包括人工智慧處理器、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。鑑於我們上一財年的收入集中在電動車使用的碳化矽設備上，我們的市場和客戶的多樣化具有重要意義。

Silicon carbide wafer-level burn-in accounted for over 90% of our revenue in fiscal '24, whereas it made up less than 40% of our revenue this fiscal '25. In contrast, the burn-in of artificial intelligence processors represented 0% of our revenue last year, but this year accounted for over 35% of our revenue.

碳化矽晶圓級老化測試在 24 財年占我們營收的 90% 以上，而 25 財年占我們營收的不到 40%。相較之下，人工智慧處理器的老化去年占我們收入的0％，但今年占我們收入的35％以上。

And we had three companies representing over 10% of Aehr's revenue this year, with two of these representing new markets and customers. As we grow, we expect that expanding into new markets and customers will not only allow us to grow faster but also do so sustainably. The main growth areas for us in markets beyond silicon carbide included production, wafer -level burn-in of AI processors. Package part burn-in for qualification and ongoing process monitoring of AI processors, and also production package part burn-in and screening of those AI processors.

今年，有三家公司佔 Aehr 收入的 10% 以上，其中兩家代表著新市場和新客戶。隨著我們的成長，我們期望拓展新市場和新客戶不僅能讓我們更快成長，而且能夠實現永續發展。我們在碳化矽以外市場的主要成長領域包括生產、人工智慧處理器的晶圓級老化。將封裝元件進行老化，以對 AI 處理器進行鑑定和持續製程監控，並對這些 AI 處理器進行生產封裝零件老化和篩選。

We also had wafer-level burn-in of gallium nitride semiconductors and silicon photonic integrated circuits wafer-level burn-in. And while there was only a small amount of revenue in the fiscal year from wafer-level burn-in and hard disk drive components, about 10% of our order bookings for the fiscal year came from this new market, all of which we expect to ship and generate revenue for from during this fiscal year, now '26.

我們也進行了氮化鎵半導體晶圓級老化和矽光子積體電路晶圓級老化。雖然本財年來自晶圓級老化和硬碟組件的收入很少，但本財年我們約 10% 的訂單來自這個新市場，我們預計所有訂單都將在本財年（即 26 財年）出貨並產生收入。

Looking back on the year, we're excited about the significant progress we've made with the key initiatives to expand these total addressable markets, diversify our customer base, and develop new products, capabilities and capacity all aimed at driving revenue growth and increased profitability.

回顧過去的一年，我們對在擴大整體可尋址市場、實現客戶群多元化以及開發新產品、新能力和新產能等關鍵舉措方面取得的重大進展感到非常興奮，所有這些舉措都旨在推動收入增長和提高盈利能力。

One of our biggest milestones this past year and what we believe is currently the most important for future revenue growth was the completion of development, validation, shipment, and customer acceptance of the first ever wafer-level burn-in system for AI processors.

我們去年最大的里程碑之一，也是我們認為目前對未來營收成長最重要的里程碑，就是完成了第一個用於 AI 處理器的晶圓級老化系統的開發、驗證、出貨和客戶驗收。

Delivering the industry's first wafer-level burn-in solution for the AI processor market, the only one of its kind in the world, marks a major technological and commercial milestone and significantly expands the market potential for our FOX-XP wafer-level test and burn-in systems.

為人工智慧處理器市場提供業界首個、全球唯一的晶圓級老化解決方案，標誌著一個重要的技術和商業里程碑，並顯著擴展了我們的 FOX-XP 晶圓級測試和老化系統的市場潛力。

Our new high powered FOX-XP wafer-level burn-in system can test up to nine 300 millimeter AI processor wafers at the same time. This achievement is a result of extensive development efforts over the last decade in test technology, particularly in delivering massive amounts of power and current to a wafer during test, wafer contacting technology, and thermal control and heat removal, as well as wafer handling and automation.

我們全新的高效能 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。這項成就是過去十年來在測試技術領域廣泛開發努力的結果，特別是在測試過程中向晶圓輸送大量功率和電流、晶圓接觸技術、熱控制和散熱以及晶圓處理和自動化方面的努力。

When our lead AI customer first approached us about testing and burn-in their AI wafer AI processors at the wafer-level, it wasn't clear if this was even technically feasible, even with our proprietary and unique technology. We leveraged the technical capabilities we had developed over the years along with the technology and design for test methods used in state of the art wafer foundries to meet these unique test and burn-in and stress requirements.

當我們的主要 AI 客戶第一次與我們聯繫，要求在晶圓級測試和老化他們的 AI 晶圓 AI 處理器時，即使我們擁有專有的獨特技術，我們也不清楚這在技術上是否可行。我們利用多年來開發的技術能力以及最先進的晶圓代工廠所使用的技術和測試方法設計來滿足這些獨特的測試、老化和應力要求。

This included applying thousands of amps of current to a single wafer to test devices capable of withstanding thousands of watts and then not only doing it with one wafer, but nine wafers simultaneously. We also expanded our proprietary WaferPak Contractors to support very high current testing capabilities, including the ability to adapt the thermals to create uniformity across a wafer that by definition is not otherwise uniform during burn-in conditions.

這包括將數千安培的電流施加到單個晶圓上，以測試能夠承受數千瓦的設備，然後不僅對一個晶圓進行測試，而且同時對九個晶圓進行測試。我們還擴展了專有的 WaferPak Contractors，以支援非常高的電流測試能力，包括調整熱量以在晶圓上創建均勻性的能力，根據定義，在老化條件下晶圓的均勻性並不均勻。

With Aehr demonstrating and now shaping the first ever solution for wafer low burn-in and of processors in partnership with this customer's outsourced assembly and test partner, one of the largest OSATs worldwide, we have proven that our high powered FOX-XP multi-wafer systems and proprietary WaferPak Contactors are a viable solution for high volume testing and burn-in of AI processors in wafer form.

Aehr 與該客戶的外包組裝和測試合作夥伴（全球最大的 OSAT 之一）合作，展示並塑造了首個用於晶圓低老化和處理器的解決方案，我們已經證明，我們的高功率 FOX-XP 多晶圓系統和專有的 WaferPak 接觸器是可行的解決方案，可用於對晶圓形式的 AI 處理器進行大批量測試和老化。

This approach eliminates the need to burn-in these devices in package or system form where test costs and yield losses due to failing devices during burn-in are significantly higher and have a much more significant impact on overall manufacturing yield. Many AI processor companies are talking about billions of dollars of devices a year, with the largest AI processor company in the world shipping over $100 billion worth of processors in the data center applications this year alone.

這種方法無需以封裝或系統形式對這些設備進行老化，因為老化過程中設備故障造成的測試成本和產量損失要高得多，並且對整體製造產量的影響要大得多。許多人工智慧處理器公司每年都在談論價值數十億美元的設備，全球最大的人工智慧處理器公司僅今年一年就在資料中心應用中出貨了價值超過 1000 億美元的處理器。

Even a 0.1% increase in yield by shifting the burn-in of devices from the system or heterogeneous package level to wafer-level is very significant. Today, burn-in related screening and early life failures at the system or package level causes the entire package or system to be to be discarded due to the inability to repair these devices at this stage.

透過將裝置老化從系統或異構封裝級轉移到晶圓級，即使產量只增加 0.1%，也是非常顯著的。如今，老化相關篩選和系統或封裝級的早期故障會導致整個封裝或系統因無法在此階段修復這些設備而被丟棄。

Moving this screen to wafer-level allows devices that would otherwise fail during screening at the package or system level to be removed before they're packaged or worse put into the system level. We believe using wafer-level burn-in will result in savings in manufacturing costs, increases in revenues associated with the limited supply of these devices, and a reduction in field-related failures and warranty costs, as you can afford to put more screens in place or burn-in longer to ensure the highest quality and reliability of devices.

將此篩選移至晶圓級允許在封裝或系統級篩選期間失敗的設備在封裝或更糟的是放入系統級之前被移除。我們相信，使用晶圓級老化測試將節省製造成本，增加與這些設備有限供應相關的收入，並減少現場相關故障和保固成本，因為您可以負擔得起更多的螢幕或更長時間的老化測試，以確保設備的最高品質和可靠性。

We're also receiving feedback from potential customers that doing this screening at wafer-level is not only cheaper overall but requires less electrical power from the grid, which has significant benefits. An important part of our story which we have discussed for years, is the evolution of semiconductors that has driven the increased need for wafer-level burn-in.

我們也收到潛在客戶的回饋，在晶圓級進行篩選不僅整體上更便宜，而且需要的電網電力也更少，這具有顯著的好處。我們多年來討論的故事的一個重要部分是半導體的發展推動了對晶圓級老化的需求的增加。

This includes the fact that semiconductors are becoming less reliable with the transition to smaller geometries. Devices are physically larger and more devices are being developed on compound semiconductors like silicon carbide, and gallium nitride which require additional burn-in and stress testing such as Aehr provides to meet the stringent quality and reliability needs of their customers in the end markets.

其中包括隨著半導體尺寸轉向更小尺寸轉變，其可靠性變得越來越低。設備的體積越來越大，而且越來越多的設備是在碳化矽、氮化鎵等複合半導體上開發的，這些設備需要額外的老化和壓力測試，例如 Aehr 提供的測試，以滿足終端市場客戶嚴格的品質和可靠性需求。

AI processors and other high performance central processing units or CPUs, and network processors are also facing limitations related to their physical size due to the radical limit in semiconductor manufacturing. The radical limit is the maximum area that can be exposed in a single pass of the lithography equipment. Due to the radical limit, a single chip or die cannot exceed this maximum area. This is a physical constraints imposed by the manufacturing process.

由於半導體製造流程的根本限制，人工智慧處理器和其他高效能中央處理器或CPU以及網路處理器也面臨與其物理尺寸相關的限制。根本極限是光刻設備單次通過時能夠曝光的最大面積。由於根本的限制，單一晶片或晶片不能超過這個最大面積。這是製造過程施加的物理限制。

AI models, especially large language models, require massive amounts of computation and memory. This translates to the need for increasingly large and complex chips. The GPUs used for AI training have already reached the radical field limit. In order to overcome the radical limit that prevents them from building a single massive chip, manufacturing -- manufacturers are using chiplets, which are smaller die that can be interconnected to form a larger system.

人工智慧模型，尤其是大型語言模型，需要大量的運算和記憶體。這意味著需要越來越大、越來越複雜的晶片。用於AI訓練的GPU已經達到了根本領域的極限。為了克服阻礙他們製造單一大型晶片的根本限制，製造商正在使用小晶片，即可以互連形成更大系統的較小晶片。

This approach effectively circumvents the radical limit and allows for much larger total transistor counts. Advanced packaging technologies such as COWOS or Chip-on-Wafer-on-Substrate and SOIC or System on Integrated Circuits enable the integration of multiple chiplets onto an interposer, allowing for complex high performance systems that exceed the size of a single radical.

這種方法有效地規避了根本的限制，並允許更大的電晶體總數。先進的封裝技術，例如 COWOS 或晶圓上晶片和 SOIC 或積體電路系統，可將多個小晶片整合到一個中介層上，從而實現超過單一晶片尺寸的複雜高性能係統。

As AI processors require increasingly large and complex designs, chiplet architectures and advanced packaging technologies are being used to overcome this limitation and enable the continued scaling of AI compute power.

隨著人工智慧處理器需要越來越大和複雜的設計，晶片架構和先進的封裝技術正在被用來克服這一限制並實現人工智慧運算能力的持續擴展。

The reason these matters, these matter to Aehr Test is that these devices all need production burn-in and screening to remove early failures that would otherwise occur during the lifespan of the AI processor. These failure rates are unacceptable and costly, impacting the end customer and increasing warranty costs for the supplier.

這些對 Aehr Test 如此重要的原因在於，這些設備都需要進行生產老化和篩選，以消除 AI 處理器使用壽命期間可能發生的早期故障。這些故障率是不可接受的且成本高昂，不僅會影響最終客戶，還增加了供應商的保固成本。

In many cases, they can also pose safety issues, especially for processors used in autonomous or driver assisted vehicle technologies. The screening and burn-in durations vary by process and device, but generally range from one to several hours or even 24 hours or more, depending on the desired quality and reliability level for the end application or customer.

在許多情況下，它們還會帶來安全問題，尤其是對於自動駕駛或駕駛輔助車輛技術中使用的處理器而言。篩選和老化時間因製程和設備而異，但通常為一到幾個小時甚至 24 小時或更長時間，具體取決於最終應用或客戶所需的品質和可靠性等級。

These GPUs, particularly those used in data centers and in the creation and use of large language AI models, are not the commodity consumer semiconductors of the 90s and 2000s. These are not chips used in $200 graphics cards for gaming. Instead, these are nodes worth tens of thousands of dollars operated in parallel, thousands at a time. If one node fails, it can completely disrupt the development or construction of the entire language model. As we've discussed with automotive and other applications, reliability is critically important for these customers.

這些 GPU，尤其是在資料中心以及用於創建和使用大型語言 AI ​​模型的 GPU，並不是 90 年代和 2000 年代的商品消費半導體。這些不是價值 200 美元的遊戲顯示卡所使用的晶片。相反，這些節點價值數萬美元，同時以數千個節點並行運行。如果一個節點發生故障，它可能會徹底破壞整個語言模型的開發或建構。正如我們在汽車和其他應用方面所討論的那樣，可靠性對於這些客戶來說至關重要。

Aehr now offers a high volume production solution for package level burn-in with our new Sonoma product line following the acquisition of Incal Technology last year. For customers seeking to perform production screening of these devices in package form, we now provide a highly cost effective solution with upcoming fully automated genetic traded trade device handling and testing.

繼去年收購 Incal Technology 之後，Aehr 現在透過我們的新 Sonoma 產品線為封裝級老化提供大量生產解決方案。對於尋求以包裝形式執行這些設備生產篩選的客戶，我們現在提供即將推出的全自動基因交易設備處理和測試的高成本效益解決方案。

Before our FOX-XP wafer-level test and burn-in system, the only solution for doing this screening was products like our Sonoma system. And while this screening step is cost effective, and we believe our Sonoma systems offer the lowest cost solutions on the market for packaged part burn-in of AI processors. It not only weeds out defective processors or memory but also results in discarding highly expensive advanced packages such as the COWOS packaged in substrate along with all of the other devices packaged in the failed device.

在我們的 FOX-XP 晶圓級測試和老化系統出現之前，進行這種篩選的唯一解決方案是像我們的 Sonoma 系統這樣的產品。雖然這個篩選步驟具有成本效益，但我們相信我們的 Sonoma 系統為 AI 處理器的封裝零件老化提供了市場上成本最低的解決方案。它不僅可以淘汰有缺陷的處理器或內存，還可以丟棄非常昂貴的先進封裝，例如封裝在基板中的 COWOS 以及封裝在故障設備中的所有其他設備。

For example, multiple new AI processors feature two or more AI ASICs or GPO processors in the advanced package, with each AI processor die containing up to four High Bandwidth Memory or HBM stacks totaling up to eight or more HBM stacks per package. Keep following here. Each of these HBM stacks can be eight die or more in the future. I mean, it has eight stack memory dies for HBM stack.

例如，多個新型 AI 處理器在高級封裝中配備兩個或更多 AI ASIC 或 GPO 處理器，每個 AI 處理器晶片包含最多四個高頻寬記憶體或 HBM 堆疊，每個封裝總共包含最多八個或更多 HBM 堆疊。請繼續關注此處。未來每個 HBM 堆疊都可以有 8 個或更多晶片。我的意思是，它有八個用於 HBM 堆疊的堆疊記憶體晶片。

You will go through all the math and there's a total of up to 64 or more HBM dies and two or more AI processors, plus a very expensive COWOS package substrate per package. If one of the AI processors or one of the HBM die fails during the production burn-in after packaging, all of the other die plus the COWOS substrate are discarded. You can see the cost impact of performing burn-in at the package part level.

您將完成所有的數學運算，總共有多達 64 個或更多的 HBM 晶片和兩個或更多的 AI 處理器，外加每個封裝非常昂貴的 COWOS 封裝基板。如果其中一個 AI 處理器或一個 HBM 晶片在封裝後的生產老化過程中出現故障，則所有其他晶片以及 COWOS 基板都將被丟棄。您可以看到在封裝零件層級執行老化測試對成本的影響。

If you take this step, if you take this a step further, companies also perform a burn-in at the system level when the GPU or AI processor multi-die package is installed on a computer system printed circuit board, along with the device power supplies, heat sinks, and supporting infrastructure such as all the high speed interconnect technology for AI processor to AI processor communication.

如果採取這一步驟，如果更進一步，當 GPU 或 AI 處理器多晶片封裝安裝在電腦系統印刷電路板上時，公司也會在系統級進行老化，同時進行老化的還有設備電源、散熱器和支援基礎設施，例如用於 AI 處理器到 AI 處理器通訊的所有高速互連技術。

Performing burn-in at this stage impacts cost and yield even more significantly. You can see why the industry is showing such interest in our ability to test these devices at the wafer form. In addition to this lead customer for AI wafer-level test, we have now received multiple inbound requests from several high profile processor companies that are very serious about wafer-level testing.

在此階段進行老化測試對成本和產量的影響更為顯著。您可以看到為什麼業界對我們在晶圓形式上測試這些設備的能力如此感興趣。除了這個 AI 晶圓級測試的主要客戶之外，我們現在還收到了幾個對晶圓級測試非常重視的知名處理器公司的多個入站請求。

This ecosystem is very small, and having demonstrated that wafer-level burn-in of high power AI processors is feasible, we're gaining visibility beyond our own sales and marketing efforts with the growing recognition that moving the AI processors and CPUs to wafer-level is overwhelmingly advantageous from both a cost per cost perspective and for yield.

這個生態系統非常小，並且已經證明了高功率 AI 處理器的晶圓級老化是可行的，我們在自己的銷售和營銷工作之外獲得了知名度，人們越來越認識到將 AI 處理器和 CPU 轉移到晶圓級從成本角度和產量來看都是極其有利的。

We're extremely busy right now engaging with multiple companies who are asking, Can you test my parts? The conversation is can Aehr do it, not do we want it. I'm very excited to report today that one of these companies has now asked us to move forward with an evaluation for wafer-level testing of their devices with one of their current high volume processors. This feasibility study will allow them to see the real advantages in performance of doing the production burn-in at wafer-level instead of in package or system level form as they do today.

我們現在非常忙，與多家公司接洽，他們詢問“您能測試我的零件嗎？”討論的問題是艾爾能否做到，而不是我們是否想要做到。今天我很高興地報告，其中一家公司現在已要求我們使用其目前的一款高容量處理器對其設備進行晶圓級測試評估。這項可行性研究將使他們看到在晶圓級而不是像今天這樣在封裝或系統級進行生產老化的真正性能優勢。

Based on what they have shared with us, we believe that if this evaluation succeeds, they plan to transition to high volume production wafer-level testing, which would be a significant opportunity for Aehr. While this evaluation involves new WaferPaks for their specific wafers, we believe that Aehr can address the needs in the near term with our proprietary AI processor optimized WaferPaks designed specifically for these devices.

根據他們與我們分享的訊息，我們相信，如果這次評估成功，他們計劃過渡到大量生產晶圓級測試，這對 Aehr 來說是一個重要的機會。雖然這項評估涉及針對其特定晶圓的新 WaferPaks，但我們相信，Aehr 可以透過我們專為這些設備設計的專有 AI 處理器優化 WaferPaks 在短期內滿足需求。

We also have systems needed to run their wafers on our floor today demonstrating this capability as well as fully automated aligners to showcase the automation of the 300 millimeter wafer handling. We expect this evaluation to take one or two quarters to complete fully. At the same time, we're working with this customer to determine their production capacity needs and discussing lead times to meet their requirements.

今天，我們還擁有在我們的車間運行晶圓所需的系統，展示了這項能力，以及全自動對準器，以展示 300 毫米晶圓處理的自動化。我們預計此次評估需要一到兩個季度才能完全完成。同時，我們正在與該客戶合作，確定他們的生產能力需求並討論交貨時間以滿足他們的要求。

Their cap capacity requirements are significant, and we feel we have the manufacturing capacity for systems, aligners, and WaferPak to meet the potential demand if we're successful with this evaluation, and they decide to move to wafer-level burn-in using our solution.

他們的產能需求很大，我們認為，如果我們的評估成功，並且他們決定使用我們的解決方案轉向晶圓級老化，我們擁有系統、對準器和 WaferPak 的製造能力來滿足潛在需求。

We also expect to move to evaluation phases with other AI companies during this fiscal year and believe we can capture a meaningful share of the total production burn-in market for AI processors with our Fox wafer-level test and burn-in systems and proprietary WaferPak Contractors.

我們也希望在本財年與其他人工智慧公司一起進入評估階段，並相信我們可以憑藉我們的 Fox 晶圓級測試和老化系統以及專有的 WaferPak Contractors 在人工智慧處理器的整個生產老化市場中佔據相當大的份額。

So let me spend a few minutes on some of the other markets quickly, and I'll start with package part burn-in. As I mentioned earlier, we also offer customers the option to perform their package part burn-in screening as well as a qualification reliability characterization for their GPUs, AI processors, CPUs, and network processors.

因此，請允許我花幾分鐘時間快速了解其他一些市場，我將從封裝部件老化開始。正如我之前提到的，我們還為客戶提供對其封裝部件老化篩選以及 GPU、AI 處理器、CPU 和網路處理器的資格可靠性表徵的選項。

We completed our acquisition of Incal last July 31, expanding our product portfolio to include their highly regarded package part reliably burn-in and test solutions, especially their ultra-high power capabilities for AI processors, GPUs, and computing processors. Since that date, AI has shipped more package part burn-in systems than Incal did in the last three years. It is a record breaking sales achievement for the qualification and production burn-in of AI processors.

我們在去年 7 月 31 日完成了對 Incal 的收購，擴大了我們的產品組合，包括其備受推崇的封裝零件可靠老化和測試解決方案，特別是其針對 AI 處理器、GPU 和運算處理器的超高功率功能。自那時起，AI 在過去三年中出貨的封裝零件老化系統數量已經超過了 Incal。這是人工智慧處理器認證和生產老化的創紀錄的銷售成就。

We're very excited that with the added capabilities and resources from Aehr, we have been able to ramp up production to levels that Incal had never achieved, meeting the demand from AI processor companies for the qualification and production of their devices. With the addition of a significant number of people, processes, and scale, we've been able to shorten lead times, maintain low costs, address quality, and do this in a high reliability platform, which has been overwhelmingly positive for customers.

我們非常高興，借助 Aehr 增加的能力和資源，我們能夠將產量提高到 Incal 從未達到的水平，滿足 AI 處理器公司對其設備認證和生產的需求。透過增加大量人員、流程和規模，我們能夠縮短交貨時間、保持低成本、解決品質問題，並在高可靠性平台上做到這一點，這對客戶來說非常有利。

As a result, we won our first production AI processor customer for package part burn-in during the fiscal year, receiving initial volume production orders for the multiple Sonoma ultra-high power systems. This customer is one of the premier large scale data center hyper scalers that is making their own AI processors and is growing this capacity significantly.

結果，我們在本財年贏得了第一個生產 AI 處理器客戶，用於封裝零件老化，並獲得了多個 Sonoma 超高功率系統的初始批量生產訂單。該客戶是首屈一指的大型資料中心超大規模企業之一，正在製造自己的 AI 處理器，並正在大幅提升其容量。

These are the first devices that use a production burn-in system at the package part level instead of at the system level. They plan to ramp this device over the next year and are already discussing their next generation process as well as the one after that with Aehr to ensure we can meet their production capacity needs.

這是第一批在封裝部件層級而非系統層級使用生產老化系統的設備。他們計劃在明年推出這款設備，並且已經在與 Aehr 討論他們的下一代及更下一代工藝，以確保我們能夠滿足他們的生產能力需求。

We said before that one of the best things about this acquisition is that it gives us a front row seat to the future requirements of a large number of these AI processor customers, providing us with visibility into the production burn-in needs. As a result, some of these customers from package part side are coming to us asking our wafer-level burn-in capabilities. Aehr is the only company in the world that offers both a wafer-level and package part burn-in system for both qualification and production burn-in of AI processors.

我們之前說過，此次收購的最大優點之一是，它讓我們能夠隨時了解大量 AI 處理器客戶的未來需求，讓我們深入了解生產老化需求。因此，一些來自封裝部分的客戶來找我們詢問晶圓級老化能力。Aehr 是世界上唯一一家提供晶圓級和封裝零件老化系統的公司，用於 AI 處理器的鑑定和生產老化。

We can provide them with options and show direct side by side comparisons of cost of test, capacity output, footprint, operational costs, and impact on yield based on how they decide to do their burn-in. We're in the perfect position to help them while also remaining balanced so we can tell them yes, regardless of how they want to do their burn-in.

我們可以為他們提供選項，並根據他們決定如何進行老化測試，直接並排比較測試成本、容量輸出、佔用空間、營運成本以及對產量的影響。我們處於完美的位置來幫助他們，同時保持平衡，因此我們可以告訴他們，是的，無論他們想如何進行磨合。

We're very excited about all our new AI product offerings and the expand the total adjustable market they bring to Aehr, and we look forward to discussing our progress to further capitalize on this new market as we move through our new fiscal year. Another key milestone this past year was expanding the production level burn-in for gallium nitrate power semiconductors.

我們對所有新的 AI 產品以及它們為 Aehr 帶來的整體可調市場擴張感到非常興奮，我們期待在新的財政年度討論我們的進展，以進一步利用這個新市場。去年的另一個重要里程碑是擴大硝酸鎵功率半導體的生產水平老化。

We secured an additional order for our FOX-XP high power wafer production system with high volume for volume production of GaN devices from a leading automotive semiconductor supplier and a key player in the gallium nitride power semiconductor market, marking their commitment to advancing volume production, wafer-level burn-in, and other GaN devices using our XP platform.

我們從一家領先的汽車半導體供應商和氮化鎵功率半導體市場的關鍵參與者那裡獲得了額外的訂單，該系統將為 GaN 裝置的批量生產提供 FOX-XP 高功率晶圓生產系統，這標誌著他們致力於使用我們的 XP 平台推進批量生產、晶圓級老化和其他 GaN 裝置。

This achievement expands our production wafer-level burn-in market for power semiconductors beyond silicon carbide applications used in electric vehicles, data center power conversion, and solar to now include GaN, a high performance compound semiconductor optimized for mid-power applications such as data centers, solar energy, automotive systems, and considerable electronics and PCs.

這項成就擴展了我們的功率半導體生產晶圓級老化市場，使其不再局限於電動車、資料中心電源轉換和太陽能中使用的碳化矽應用，現在還包括 GaN，這是一種針對資料中心、太陽能、汽車系統以及大量電子產品和個人電腦等中等功率應用而優化的高性能化合物半導體。

Additionally, we're in discussions and engagements with multiple other potential new GaN customers about their needs. GaN is a new and exciting semiconductor technology with high value applications including automotive power conversion, solar inverters, and solid state transformers and breakers. GaN offers a much broader application range than silicon carbide and is poised for significant growth in the coming decade.

此外，我們正在與多位其他潛在的 GaN 新客戶討論和接觸他們的需求。GaN 是一種令人興奮的新興半導體技術，具有高價值應用，包括汽車電源轉換、太陽能逆變器以及固態變壓器和斷路器。GaN 的應用範圍比碳化矽廣泛得多，並將在未來十年實現顯著成長。

We've also made significant progress in the hard disk drive market. This past year, a lead customer began ordering multiple FOX-CP single wafer production test and burn-in systems, reaching an integrated high power wafer prober for their new high volume parts in a new application for burn-in and stabilization of new devices in hard disk drives. These are follow-on system orders to the first production order received all the way back in 2019.

我們在硬碟市場也取得了重大進展。去年，一家主要客戶開始訂購多台 FOX-CP 單晶圓生產測試和老化系統，為其新的大批量零件配備整合式高功率晶圓探測器，用於硬碟中新設備的老化和穩定。這些是 2019 年收到的第一個生產訂單的後續系統訂單。

As we stated in previous calls, their plans for this new product were delayed during the pandemic, but they continued to work on this new device continuously over the last five years to ensure the performance and reliability of their devices. We understand from several analysts and shareholders that this customer has publicly called out our FOX systems as a key contributing factor in helping them achieve the long-term reliability needs of this market.

正如我們在先前的電話會議中所說，他們在疫情期間推遲了這款新產品的計劃，但在過去五年裡，他們一直在持續研發這款新設備，以確保其設備的性能和可靠性。我們從多位分析師和股東那裡了解到，該客戶已公開表示我們的 FOX 系統是幫助他們滿足該市場長期可靠性需求的關鍵因素。

This customer is one of the top suppliers of data storage devices, and we're very excited to start this production ramp after all these years of working with them on qualification and process development. During our last earnings call, I noted that the high powered probers for our FOX-CP for this HDD customer are sourced from Japan, and it was unclear how the tariff uncertainty might affect the timing of receiving these probers.

該客戶是數據儲存設備的頂級供應商之一，經過這麼多年的合作，在資格認證和製程開發方面與他們合作，我們非常高興能夠開始實現這項生產提升。在我們上次的收益電話會議上，我注意到我們為該 HDD 客戶提供的 FOX-CP 的高功率探測器來自日本，目前尚不清楚關稅不確定性將如何影響接收這些探測器的時間。

At that time we were hoping to receive the shipment by the end of May, but because of tariff uncertainties, these probers did in fact get significantly delayed. We just received the first one last week. We're working quickly to do the integration and engineering steps needed to finalize the test cell to be able to make the first shipments this quarter.

當時我們希望在五月底之前收到貨物，但由於關稅的不確定性，這些探測器確實被嚴重延誤了。我們剛在上週收到第一份。我們正在快速完成測試單元所需的整合和工程步驟，以便能夠在本季進行第一批出貨。

In addition to multiple systems and backlog, the customers told us that they will be purchasing additional systems both in the short term and over time. I know it must be a broken record to hear terms like uncertainty around tariffs on many company earnings calls, but this is still the case. Despite this, we're extremely excited about our growth opportunity for our wafer-level solution for HDD market and look forward to updating you further on progress next quarter.

除了多個系統和積壓訂單外，客戶還告訴我們，他們將在短期內和長期內購買其他系統。我知道，在許多公司財報電話會議上聽到諸如關稅不確定性之類的說法肯定是老生常談，但事實確實如此。儘管如此，我們對 HDD 市場晶圓級解決方案的成長機會感到非常興奮，並期待下個季度向您進一步通報進展。

Now turning to silicon photonics ICs, this market continues to demonstrate market adoption for optical chip-to-chip communication and optical network switching. Several companies, including AMD, Nvidia, Intel, TSMC, and GlobalFoundries have announced product roadmaps for devices that utilize optical chip-to-chip communication.

現在轉向矽光子積體電路，該市場繼續展示光晶片到晶片通訊和光網路交換的市場應用。包括 AMD、Nvidia、英特爾、台積電和 GlobalFoundries 在內的多家公司已經公佈了利用光學晶片間通訊的設備的產品路線圖。

We have several customers in this space. At last count it was five to six customers, with one of the customers being an OSAT that purchases our tools for one customer but sparking it to others. We've seen a significant number of new WaferPak designs from our install base of systems for new designs that they use for qualification development work on their FOX wafer-level test and burn-in systems.

我們在這個領域有多個客戶。最後統計有五到六個客戶，其中一個客戶是 OSAT，它為一個客戶購買我們的工具，但又將其賣給其他客戶。我們從系統安裝基礎中看到了大量新的 WaferPak 設計，這些設計用於他們在 FOX 晶圓級測試和老化系統上進行資格開發工作。

We also now offer a new system with higher power 3500 watt per wafer configuration to meet the needs of new higher power wafers for optical IO and chip-to-chip communication devices. This is also available as an upgrade to our FOX-NP systems for low volume production. As well as for FOX-XP nine wafer production systems.

我們現在還提供具有更高功率 3500 瓦/晶圓配置的新系統，以滿足光學 IO 和晶片間通訊設備對新型更高功率晶圓的需求。這也可以作為我們 FOX-NP 系統的升級版，用於小批量生產。以及適用於FOX-XP九晶圓生產系統。

Recently received another order for an upgrade to one of the FOX-XPs we shipped a few years ago that includes upgrading to include our new integrated WaferPak Auto aligner, which provides fully hands-free factory automation of silicon photonics integrated circuit wafers.

最近收到另一份訂單，要求對我們幾年前發貨的其中一台 FOX-XP 進行升級，其中包括升級到包括我們新的集成 WaferPak Auto 對準器，該對準器可為矽光子集成電路晶圓提供完全免提的工廠自動化。

We also have forecasts for new systems for incremental capacity this fiscal year for both systems and WaferPak. We're well prepared with expanded manufacturing capacity for FOX high powered systems and remain enthusiastic about the silicon photonics market, especially for the new application of silicon photonics integrated circuits and optical chip-to-chip communication, which we see as a significant market opportunity for our products.

我們也對本財年新系統和 WaferPak 的增量產能進行了預測。我們已為擴大 FOX 高功率系統的製造能力做好了充分準備，並對矽光子市場充滿熱情，特別是對矽光子積體電路和光學晶片間通訊的新應用，我們認為這是我們產品的一個重要的市場機會。

It seems odd to wait this long to talk about silicon carbide, but let me talk a little bit about that market as well. The silicon carbide power semiconductor market remains a significant opportunity for Aehr, and we believe we're well positioned to continue to grow with our current customers in this sector, as well as add some additional customers in this space over time.

等了這麼久才談碳化矽似乎有點奇怪，但我還是想稍微談談這個市場。碳化矽功率半導體市場對 Aehr 來說仍然是一個重大機遇，我們相信，我們有能力繼續與該領域的現有客戶共同成長，並隨著時間的推移在該領域增加一些其他客戶。

Despite a slowdown in the growth of electric vehicle shipments, electric vehicles are still growing significantly worldwide, and we believe the silicon carbide market continues on a robust long-term growth trajectory. Demand for silicon carbide remains significantly driven by battery electric vehicles, but silicon carbide devices are also gaining traction in other markets, including power infrastructure, solar, and various other industrial applications.

儘管電動車出貨量成長放緩，但全球電動車仍在大幅成長，我們相信碳化矽市場將繼續保持強勁的長期成長軌跡。碳化矽的需求仍然主要受到電動車的推動，但碳化矽元件在其他市場也越來越受歡迎，包括電力基礎設施、太陽能和其他各種工業應用。

This quarter we shipped our first configuration of the FOX-XP, which can test 18 wafers at a time in a single system with support for our high voltage test resources that can test devices up to 2000 volts in wafer form. The system also includes a proprietary arc suppression technology that prevents the devices from electrically arcing at these high voltage while testing all devices at a time in a single insertion on each of 18 wafers.

本季度，我們交付了第一批 FOX-XP 配置，它可以在單一系統中同時測試 18 個晶圓，並支援我們的高壓測試資源，可以測試晶圓形式的高達 2000 伏特的設備。該系統還包括專有的電弧抑制技術，可防止設備在高壓下產生電弧，同時在 18 個晶圓上的一次插入中同時測試所有設備。

This capability has already proven in our nine wafer configuration but is now extended to the 18 wafer system. It's also capable of being directly docked to our fully automated WaferPak Aligner that takes industry standard wafer cassettes and hoops to allow full factory integration.

這項能力已在我們的九晶圓配置中得到證實，但現在已擴展到 18 晶圓系統。它還能夠直接對接到我們的全自動 WaferPak Aligner，該裝置採用業界標準的晶圓盒和箍來實現完整的工廠整合。

We believe we're well positioned in the silk and carbide market as we have a large customer base and the industry leading solution for wafer-level burn-in. So lastly, a little bit on our flash memory proof of concept project that we've been working on this year.

我們相信，由於我們擁有龐大的客戶群和業界領先的晶圓級老化解決方案，我們在絲綢和碳化物市場中佔據有利地位。最後，我們來簡單介紹一下我們今年一直在進行的快閃記憶體概念驗證專案。

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, wafer-level testing, and burn-in and flash memory wafers. This is very exciting because we believe Aehr can successfully demonstrate how to create a high density, high power, fully automated test cell which will help us move to the next development phase. That next step involves working together to develop a next generation test system specifically designed to meet this customer's needs.

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，展示我們的 FOX-XP 平台在大批量生產、晶圓級測試以及老化和快閃晶圓方面的能力和成本效益。這非常令人興奮，因為我們相信 Aehr 可以成功展示如何創建高密度、高功率、全自動測試單元，這將幫助我們進入下一個開發階段。下一步是共同開發專為滿足該客戶需求而設計的下一代測試系統。

Although this memory validation benchmark has taken us a bit longer than expected, due to shipment delays in some of the components of this integrated system. The new MEMS-based fine pitch WaferPak full wafer contactor is in-house and ready to complete the benchmark. We're very encouraged and we hope to generate data and results this quarter with the aim of completing the benchmark by next quarter.

雖然由於此整合系統某些組件的出貨延遲，這個記憶體驗證基準測試花費的時間比我們預期的要長一些。新型基於 MEMS 的細間距 WaferPak 全晶圓接觸器已在內部生產並準備完成基準測試。我們感到非常鼓舞，我們希望本季產生數據和結果，以期在下個季度完成基準測試。

New technologies in NAND are driving new requirements for wafer-level burn-in to address the manufacturing and negative yield implication of testing these devices at package or system level. We believe that Aehr's FOX wafer -level test and burn-in platform, combined with our proprietary WaferPak full wafer contactors is well positioned to offer competitive and cost advantage solution in this market.

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層級測試這些設備對製造和負面產量的影響。我們相信，Aehr 的 FOX 晶圓級測試和老化平台，結合我們專有的 WaferPak 全晶圓接觸器，能夠為該市場提供具有競爭力和成本優勢的解決方案。

Looking ahead and concluding, Aehr is well positioned to capitalize in growth in the overall semiconductor market. We remain focused on addressing the critical reliability requirements of next-generation applications and leveraging key megatrends shaping our industry. Today, reliability is a vital priority across diverse sectors including combustion, electric vehicles, data centers, infrastructure, electrification and an expanding range of AI applications.

展望未來，總而言之，Aehr 已做好準備，充分利用整個半導體市場的成長。我們將繼續專注於滿足下一代應用的關鍵可靠性要求，並利用塑造我們行業的關鍵大趨勢。如今，可靠性已成為內燃機、電動車、資料中心、基礎設施、電氣化以及不斷擴展的人工智慧應用等各個領域的首要任務。

As we enter fiscal 2026, we've established the infrastructure and capacity to support significant growth. This was the purpose of the investments we made this past fiscal year, including the upgrade of our manufacturing facility, including upgrades to power and infrastructure, consolidating package in wafer-level burn-in under one roof and implementing the necessary process to support a very high volume of both wafer-level and package level test and burn-in systems and our proprietary WaferPak Contactors. These foundational efforts are now complete.

進入 2026 財年，我們已經建立了支持顯著成長的基礎設施和能力。這就是我們在上個財年進行投資的目的，包括升級我們的製造設施，包括升級電力和基礎設施，將封裝晶圓級老化整合在同一屋簷下，並實施必要的流程以支援大量的晶圓級和封裝級測試和老化系統以及我們專有的 WaferPak 接觸器。這些基礎性工作現已完成。

In the year ahead, we plan to increase our research and development investment to support further product enhancements, expand our R&D resources, hire additional talent to serve our growing AI customer base and enhanced automation to improve scalability. Beyond these initiatives, the new fiscal year will focus on securing and executing orders. We believe that nearly all the opportunities and market verticals we discuss today will experience order growth in fiscal 2026.

在未來的一年裡，我們計劃增加研發投入，以支援進一步的產品改進，擴大我們的研發資源，聘請更多人才來服務我們不斷成長的人工智慧客戶群，並增強自動化以提高可擴展性。除了這些措施之外，新財年還將注重確保和執行訂單。我們相信，我們今天討論的幾乎所有機會和垂直市場都將在 2026 財年實現訂單成長。

The one exception may be silicon carbide as customer forecast for this market are back half loaded with stronger rotate expected in our fiscal '27. Still, there are many variables and silicon carbide may end up growing faster than expected, giving the market share shifts currently underway and our lead customers increasing market share in the industry.

唯一的例外可能是碳化矽，因為客戶對該市場的預測是，在 2027 財年，預計輪調將更加強勁。儘管如此，仍有許多變數，碳化矽最終的成長速度可能快於預期，導致市場份額正在發生變化，我們的主要客戶在行業中的市場份額也在增加。

During our previous earnings call, we announced the temporary withdrawal of our financial guidance following the US administration's tariff announcements just a few days earlier. At that time, we are concerned about the potential secondary impacts on our current and prospective customers as well as the possibility of pauses or delays in customer orders, shipments or supply chain deliveries.

在我們之前的財報電話會議上，我們宣佈在美國政府幾天前宣布關稅後暫時撤回我們的財務指導。屆時，我們擔心這可能會對我們現有和潛在客戶產生潛在的二次影響，以及客戶訂單、出貨或供應鏈交付可能暫停或延遲。

We remain very confident on Aehr's long-term outlook, but we are still seeing the impact of tariff-related uncertainty on the timing of specific orders, particularly in our first quarter. As a result, we've chosen to maintain a cautious approach and are not reinstating specific guidance at this time beyond what we've already stated, which is that we anticipate order growth across all segments in this fiscal year with this possible exception of silicon carbide. We're very optimistic about our growth opportunities in all the segments we've discussed and our ability to meet the potential demand of these markets.

我們對 Aehr 的長期前景仍然非常有信心，但我們仍然看到與關稅相關的不確定性對特定訂單時間的影響，尤其是在第一季。因此，我們選擇保持謹慎的態度，目前不會恢復超出我們已經聲明的具體指導，即我們預計本財年所有部​​門的訂單都會增長，但碳化矽可能除外。我們對所討論的所有領域的成長機會以及滿足這些市場潛在需求的能力非常樂觀。

And with that, I'll turn it over to Chris.

說完這些，我就把麥克風交給克里斯。

Thank you, Gayn. Before I review our financial results, I would like to provide an update on the integration of our Incal acquisition, which we completed on July 31 of last year. Since the acquisition, Aehr has dedicated significant financial and human resources to ensure a successful integration of Incal into our operations.

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 31 日完成的 Incal 收購的整合情況。自收購以來，Aehr 投入了大量的財力和人力資源，以確保 Incal 成功融入我們的營運。

We have fully migrated Incal's financial records into our Oracle NetSuite Cloud ERP system and integrated their HR and manufacturing functions into Aehr's broad information steps. Additionally, we have completed to transfer all inventory as well as comprehensive documentation of product designs, source code and assembly and test instructions into Aehr's processes.

我們已將 Incal 的財務記錄完全遷移到我們的 Oracle NetSuite Cloud ERP 系統中，並將其人力資源和製造功能整合到 Aehr 的廣泛資訊步驟中。此外，我們已完成將所有庫存以及產品設計、原始程式碼和組裝和測試說明的綜合文件轉移到 Aehr 的流程中。

I'm pleased to report that our plan to consolidate personnel and manufacturing into Aehr's Fremont facility was complete by the fourth quarter of fiscal 2025, and we successfully closed the Incal facility on May 30, 2025, ahead of our original schedule. I want to express my sincere thanks to our teams for their commitment, dedication and outstanding execution throughout this integration.

我很高興地報告，我們將人員和製造整合到 Aehr 弗里蒙特工廠的計劃已於 2025 財年第四季度完成，並且我們於 2025 年 5 月 30 日提前成功關閉了 Incal 工廠。我要向我們的團隊在整個整合過程中的承諾、奉獻和出色的執行表示誠摯的感謝。

As a result of the consolidation, we incurred onetime restructuring charges of $864,000 in our fiscal fourth quarter related to the closure of the Incal facility. With the integration of the two companies, we will be able to create synergy and reduce our facility costs by over $800,000 per year going forward.

由於合併，我們在第四財季產生了與 Incal 工廠關閉相關的 864,000 美元的一次性重組費用。透過兩家公司的整合，我們將能夠創造協同效應，並在未來每年減少 80 萬美元以上的設施成本。

Turning to the full year results. We reported revenue of $59 million, down 11% year-over-year. Our full year non-GAAP gross margin was 44% compared to 49.6% in the prior year. Our full year non-GAAP net income was $4.6 million or $0.15 per diluted share in fiscal 2025 compared to non-GAAP net income of $35.8 million or $1.21 per diluted share in fiscal 2024, which included the impact of a onetime tax benefit of approximately $20.7 million resulting from the release of the company's full income tax valuation allowance.

談到全年業績。我們報告的收入為 5900 萬美元，年減 11%。我們全年非公認會計準則毛利率為 44%，而上年度為 49.6%。2025 財年，我們的全年非 GAAP 淨收入為 460 萬美元或每股攤薄收益 0.15 美元，而 2024 財年的非 GAAP 淨收入為 3580 萬美元或每股攤薄收益 1.21 美元，其中包括因公司全額所得稅估值準備金的發放一次性稅收的優惠而產生的 2070 萬美元的折扣。

Our annual bookings in fiscal 2025 were [61.1 million], up over 24% compared to [49 million] in the prior fiscal year. The increase in bookings was primarily related to the sales of AI processor burn-in systems, WaferPak and burn-in module boards partially offset by lower customer orders related to silicon carbide WaferPaks. Our backlog as of end was $15.2 million, with 1.1 million bookings received in the first five weeks of the first quarter of fiscal 2026. We now have an effective backlog of $16.3 million.

我們 2025 財年的年度預訂量為 [6,110 萬]，與上一財年的 [4,900 萬] 相比增長了 24% 以上。訂單量的增加主要與AI處理器老化系統、WaferPak和老化模組板的銷售有關，但碳化矽WaferPak相關的客戶訂單減少部分抵消了這一增長。截至年底，我們的積壓訂單為 1,520 萬美元，2026 財年第一季的前五週收到了 110 萬份預訂。我們現在的有效積壓訂單為 1,630 萬美元。

Turning to our Q4 performance. We're excited about our continued momentum in penetrating the artificial intelligence market, with AI processors burn-in now accounting for over 35% of our business this year compared to zero last year. For the fourth quarter, we had three customers representing over 10% of total revenue, and two of these customers target the AI market.

談談我們第四季的表現。我們對不斷進軍人工智慧市場的勢頭感到興奮，今年人工智慧處理器老化測試已占我們業務的 35% 以上，而去年這一比例為零。第四季度，我們有三位客戶，佔總收入的 10% 以上，其中兩位客戶瞄準人工智慧市場。

Revenue for the fourth quarter totaled $14.1 million, a 15% decrease compared to $16.6 million in Q4 last year. The year-over-year decrease was primarily due to a delayed shipment of a FOX-CP system that was forecasted to be shipped to our hard disk drive customer. Because of tariff-related uncertainties, [POPUS] source from Asia to support the FOX-CP system were delayed. We now expect to complete this shipment in our current quarter, Q1 of fiscal 2026.

第四季總營收為 1,410 萬美元，與去年第四季的 1,660 萬美元相比下降了 15%。年比下降主要是由於預計發貨給我們的硬碟客戶的 FOX-CP 系統延遲發貨。由於與關稅相關的不確定性，來自亞洲的[POPUS]源支持FOX-CP系統被推遲。我們目前預計將在本季度，即 2026 財年第一季完成這批貨物。

WaferPak revenues were $4.2 million and accounted for 30% total revenue in the fourth quarter. WaferPak revenues continue to represent a sizable revenue stream for our business. driven by the ongoing demand for new WaferPak designs from both existing and new customers, and they secure new end customer designs and strive to meet their market requirements.

WaferPak 的營收為 420 萬美元，佔第四季總營收的 30%。WaferPak 收入持續成為我們業務的可觀收入來源。受現有和新客戶對新 WaferPak 設計的持續需求的推動，他們確保新的最終客戶設計並努力滿足他們的市場需求。

We are pleased with the significant progress we've made integrating products from our Incal acquisition into our product portfolio to capitalize on emerging opportunities in the AI market. Sales of our Sonoma, Tahoe and [ACO] package piping systems continue to contribute strongly, accounted for 44% of our fourth quarter revenue. We believe our strategy to expand Aehr's product offerings and diversify beyond silicon carbide applications is gaining meaningful traction in the marketplace.

我們很高興看到，我們將 Incal 收購的產品整合到我們的產品組合中，以利用人工智慧市場的新興機遇，取得了重大進展。我們的 Sonoma、Tahoe 和 [ACO] 成套管道系統的銷售持續貢獻強勁，占我們第四季營收的 44%。我們相信，擴大 Aehr 產品供應並實現碳化矽應用領域多元化的策略正在市場上獲得顯著的吸引力。

Non-GAAP gross margin for the fourth quarter was 34.7% compared to 51.5% in the same period last year. Non-GAAP gross margin decreased primarily due to lower overall revenue level compared to Q4 last year and less favorable product mix. Additionally, we incurred high manufacturing overhead due to under absorption as our manufacturing capacity utilization was lower during the renovation of our Fremont site and the consolidation of inventory from the Incal facility.

第四季非公認會計準則毛利率為34.7%，去年同期為51.5%。非公認會計準則毛利率下降主要是由於與去年第四季相比整體收入水平較低以及產品組合不太有利。此外，由於弗里蒙特工廠的翻新和 Incal 工廠庫存整合期間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。

Non-GAAP operating expenses in the fourth quarter were $5.4 million, reflecting a 6% increase from $5.1 million in Q4 last year. This year-over-year rise is primarily attributed to the inclusion of Incal's operating expenses in our financial results as well as higher legal and professional service fees. We anticipate incurring additional legal expenses in the upcoming quarters as we continue to protect our intellectual property rights in China.

第四季非公認會計準則營運費用為 540 萬美元，較去年同期的 510 萬美元成長 6%。這一同比增長主要歸因於我們財務表現中納入了 Incal 的營運費用以及更高的法律和專業服務費用。由於我們將繼續保護我們在中國的智慧財產權，我們預計未來幾季將產生額外的法律費用。

Non-GAAP net loss for the fourth quarter, excluding the impact of stock-based compensation, amortization of intangible assets and restructuring charges, was $248,000 or negative $0.01 per diluted share, in line with the street consensus. This compares to a non-GAAP net income of $24.7 million or $0.84 per diluted share in the fourth quarter of fiscal 2024, which, as a reminder, included a onetime tax benefit of approximately $20.7 million resulting from the release of the company's full income tax valuation allowance.

第四季度非公認會計準則淨虧損（不包括股票薪酬、無形資產攤銷和重組費用的影響）為 248,000 美元，即每股虧損 0.01 美元，與華爾街的共識一致。相比之下，2024 財年第四季的非 GAAP 淨收入為 2,470 萬美元或每股攤薄收益 0.84 美元，其中包括因公司全額所得稅估值準備金的釋放而產生的約 2,070 萬美元的一次性稅收優惠。

Moving to the balance sheet. At the end of Q4, our cash, cash equivalents and restricted cash totaled $26.5 million, down from $49.3 million at the end of Q4 fiscal 2024. During fiscal 2025, we used $11 million to acquire Incal, which enabled us to enter the AI market and secure key customer relationships with its superior package by burn-in product, Sonoma.

轉到資產負債表。截至第四季末，我們的現金、現金等價物和受限現金總額為 2,650 萬美元，低於 2024 財年第四季末的 4,930 萬美元。在2025財年，我們斥資1,100萬美元收購了Incal，這使我們能夠進入人工智慧市場，並憑藉其卓越的老化產品Sonoma鞏固了關鍵客戶關係。

Additionally, we spent $5 million on CapEx to support the consolidation and upgrade of our Fremont manufacturing facility in headquarters. and used $3.6 million to procure inventory and $3.8 million for the remaining working capital. We have no debt and continue to invest excess cash in money market funds to generate interest income.

此外，我們還花費了 500 萬美元的資本支出來支持總部弗里蒙特製造工廠的整合和升級，並使用 360 萬美元採購庫存，380 萬美元作為剩餘的營運資金。我們沒有債務，並繼續將多餘的現金投資於貨幣市場基金以產生利息收入。

Let me provide an update on the class action claims and derivative lawsuit filed against Aehr Test on December 3, 2024. We are pleased to report that on May 16, 2025; the court appointed lead plaintiff for the class action lawsuit elected to voluntarily dismiss the case with all parties bearing their own fees and costs. On June 9, 2025, the court also dismissed the derivative losses without prejudice. The company believes the claims in all these cases were without merit. Following the voluntary dismissal of the shareholder class action, and the court's dismissal of the consolidated derivative action, no related proceedings are currently pending.

讓我提供一下 2024 年 12 月 3 日針對 Aehr Test 提起的集體訴訟和衍生訴訟的最新情況。我們很高興地報告，2025 年 5 月 16 日，法院指定的集體訴訟首席原告選擇自願駁回此案，所有當事人均承擔自己的費用和成本。2025 年 6 月 9 日，法院也駁回了衍生損失的判決，且不影響判決結果。該公司認為所有這些案件中的索賠都是毫無根據的。繼股東集體訴訟自願撤回，以及法院駁回合併衍生訴訟後，目前沒有相關訴訟正在進行中。

As Gayn mentioned, considering the secondary effects of the tariff announcements on our current and potential new customers, along with the uncertainty this quarter, regarding possible process or delays in customer orders, shipments or supply chain delivery delays, we're temporarily withholding our guidance for our fiscal 2026 year and we'll reassess our guidance policy as clarity develops.

正如蓋恩所提到的，考慮到關稅公告對我們現有和潛在新客戶的次要影響，以及本季度關於客戶訂單、發貨或供應鏈交付可能出現流程或延遲的不確定性，我們暫時保留對 2026 財年的指導，並將在情況明朗後重新評估我們的指導政策。

Despite the uncertainties around tariffs, we're excited about the long-term growth opportunities across our more diverse target markets. We're especially encouraged by the progress we have made in addressing the artificial intelligence processes market and other potential high-growth sectors, including gallium nitride power semiconductor, data storage devices, silicon photonics integrated circuits and flash memory. To succeed in this new market, we plan to increase our research and development investments this fiscal year by expanding our R&D resources. and hiring additional talent in the US and the Philippines to support our growing AI customer base and increased automation for scalability.

儘管關稅存在不確定性，但我們對更多樣化的目標市場的長期成長機會感到興奮。我們對在人工智慧流程市場和其他潛在高成長領域的進展感到特別鼓舞，包括氮化鎵功率半導體、資料儲存設備、矽光子積體電路和快閃記憶體。為了在這個新市場取得成功，我們計劃在本財年增加研發投入，擴大研發資源，並在美國和菲律賓招募更多人才，以支援我們不斷成長的人工智慧客戶群和提高自動化程度，以實現可擴展性。

With more R&D talent, a strong infrastructure and enhanced manufacturing capabilities in place, we're more prepared than ever to achieve our growth objectives. Lastly, you may have noticed that we are holding this earnings call one week earlier than usual because of the CEO Summit has been pushed back from July to October and will be held in Phoenix instead of San Francisco.

憑藉更多的研發人才、強大的基礎設施和增強的製造能力，我們比以往任何時候都更有準備地實現我們的成長目標。最後，您可能已經注意到，我們比平常提前一周召開此次財報電話會議，因為執行長高峰會已從 7 月推遲到 10 月，並將在鳳凰城而不是舊金山舉行。

Looking at the Investor Relations calendar, Aehr Test will be participating in two upcoming conferences over the next month. We'll be meeting with investors virtually at the Needham Annual Semiconductor and Semi Cap One-on-One Conference on Wednesday, August 20. The following week, we'll meet with investors in person on Tuesday, August 26, at the Jefferies Technology Summit Conference in Chicago. We hope to see some of you at these conferences.

查看投資者關係日曆，Aehr Test 將在下個月參加兩場即將舉行的會議。我們將於 8 月 20 日星期三在 Needham 年度半導體和半導體資本一對一會議上與投資者進行虛擬會面。接下來的一周，我們將於 8 月 26 日星期二在芝加哥舉行的 Jefferies 技術高峰會上與投資者見面。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。

Thank you. At this time we will be conducting a question-and-answer session. (Operator Instructions)

謝謝。這次我們將進行問答環節。（操作員指示）

Christian Schwab, Craig-Hallum.

克里斯蒂安·施瓦布，克雷格·哈勒姆。

Question. Again, I received a lot of questions regarding your most recent slide in your investor deck with a lot of well-known marquee names. And I'm just -- is that should investors think of that list as a list of current and previous customers or does it include maybe names of prospective customers such as new AI customers that you're working with or do silicon photonics customers, et cetera. How should we be thinking about that slide?

問題。再次，我收到了很多關於您最新的投資者簡報幻燈片的問題，其中有很多知名人士的名字。我只是想知道——投資者是否應該將該列表視為當前和以前客戶的列表，或者它是否包括潛在客戶的名稱，例如您正在合作的新 AI 客戶或矽光子客戶等等。我們該如何思考那張投影片？

Okay. So when we introduced that slide, we updated the customer slide a few weeks ago compared to the deck that we've had on our website prior to that. And we were actually at a conference that had a public speaking. It is recorded and available to all people through our website. In that specific conference, I pointed out that we have updated the customer list to reflect the current customers from the Incal package part burn-in inside of our business. Those are customers not prospects. And yeah, there's some notable names on there.

好的。因此，當我們推出該幻燈片時，我們在幾週前更新了客戶幻燈片，與之前我們網站上的幻燈片進行了比較。我們實際上參加了一個有公開演講的會議。它被記錄下來並可以透過​​我們的網站供所有人查看。在那次特定的會議上，我指出我們已經更新了客戶名單，以反映我們業務內部 Incal 封裝零件老化的當前客戶。那些是客戶，不是潛在客戶。是的，上面有一些著名的名字。

Not every single customer is still on there. Actually, there's been some historical 10% customers that we had specific agreements with or limitations of ever saying their names publicly other than reference them when they were doing 10% of our revenue. But yeah, there's some good names on there.

並非所有客戶都還在那裡。實際上，我們與一些歷史上佔 10% 的客戶達成了特定的協議或限制，除了在他們為我們帶來 10% 的收入時提及他們之外，我們絕不會公開提及他們的名字。但是，是的，上面有一些好名字。

Great. And then as it relates to 10% customers, are you -- since you didn't -- you mentioned a few times without naming the names, is that going to be in your case when you file it? Or are you not going to name the 10% customer?

偉大的。然後，關於 10% 的客戶，您——因為您沒有——您提到過幾次但沒有說出名字，在您提交文件時，這是否也算在您的案子中？還是你不打算說出那 10% 的客戶的名字？

So we're, yeah -- we're the new SEC rules do not require you to name it. So unless we already have prior arranged agreements with the customers to name them, we're no longer doing that. Prior to that SEC rule, we could name them even if the customer is objected, if you will, but we're not doing that now.

是的，新的 SEC 規則並不要求您透露其名稱。因此，除非我們已經與客戶達成事先協議，否則我們不再這樣做。在美國證券交易委員會 (SEC) 制定該規則之前，即使客戶反對，我們也可以公開他們的姓名，但我們現在不會這樣做。

Great. And then as the AI opportunity seems quite significant. I know you in previous conference call, said that that market could be materially bigger than what you had previously said that the silicon carbide opportunity could be over time if wafer-level burn-in was used by many people. Do you have -- can you give us any idea of not this year or next year, but over time, have you walked through the math what you?

偉大的。那麼人工智慧的機會似乎相當重要。我知道您在之前的電話會議中說過，這個市場可能比您之前所說的要大得多，如果許多人使用晶圓級老化技術，那麼碳化矽的機會可能會隨著時間的推移而增加。您能否給我們一些想法，不是今年或明年，而是隨著時間的推移，您是否已經計算過您的數學計算結果？

Yeah, as you can imagine, we have, I think we have. So similar to how we built up the original silicon carbide models that took a look at the target applications for silicon carbide, which were primarily the electric vehicles, how many EVs, how many components would be in it, et cetera, et cetera. You could come up with how many wafer starts that would require in, say, 2030.

是的，正如你所想像的，我們有，我想我們有。與我們建立原始碳化矽模型的方式非常相似，該模型研究了碳化矽的目標應用，主要是電動車，有多少電動車，其中有多少個組件等等。你可以算出 2030 年需要多少個晶圓。

And I know that you had put some models together at that time, there were about 4 million wafer starts. We looked at 12-hour burn time, single insertion with our systems. Long story short, we saw that the total market was somewhere 300, 350 of our systems with ASPs about $4 million a piece or something like that.

我知道您當時已經把一些模型放在一起，大約有 400 萬個晶圓啟動。我們研究了使用我們的系統進行單次插入的 12 小時燃燒時間。長話短說，我們發現整個市場大約有 300 到 350 個系統，每個系統的平均售價約為 400 萬美元左右。

If you look at the Aehr market -- the AI market, interestingly, in that same time line may actually be half as many wafers, which seems a little odd, but the 300 millimeter wafers -- and you actually don't test them in single touch down.

如果你看一下 Aehr 市場——有趣的是，AI 市場在同一時間線上實際上可能只有一半的晶圓，這看起來有點奇怪，但 300 毫米晶圓——你實際上並沒有在單次觸摸中對它們進行測試。

They'll take multiple touch down to test these wafers because they might have 20,000 watts of power on them, and we're testing 3,000, 4,000 watts at a time. You can kind of go through the math. At even significantly lower average burn-in times than, say, the silicon photonics -- I'm sorry, the silicon carbide is, that you go through the math and the market is three to five times larger than the silicon carbide was.

他們將多次著陸來測試這些晶圓，因為它們可能有 20,000 瓦的功率，而我們每次測試的是 3,000 到 4,000 瓦。你可以進行一下數學計算。平均老化時間甚至比矽光子學還要低得多——對不起，是碳化矽，如果你計算一下，你會發現它的市場規模是碳化矽的三到五倍。

One of the things that we'll be looking at is what are the burn-in times. We have -- we're doing burn-in of customers around the world, and we have customers that are doing one hour stress time some four hour burn-in times and 24-hour burn-in times, for example, all the way up.

我們要研究的事情之一是磨合時間是多少。我們正在對世界各地的客戶進行老化測試，有些客戶的壓力測試時間為一小時，有些客戶的壓力測試時間為四小時，有些客戶的壓力測試時間為 24 小時。

So it will be interesting to see, and we think that's related to how much -- the longer the burn-in time, the higher the quality ends up being to the end customer. And so it kind of depends on both availability of capacity and what the target customers required and how critically important it is to get to the quality levels. So there's a little bit of dynamics in here, but there's no way to do the math and not come out with it being significantly larger.

所以這將會很有趣，我們認為這與磨合時間越長有關，最終客戶獲得的品質就越高。因此，這取決於產能的可用性、目標客戶的要求以及達到品質水準的重要性。因此，這裡有一點動態，但沒有辦法進行計算，而且得出的結果是它不會大得多。

Fantastic. No other questions. Thanks, Gayn.

極好的。沒有其他問題。謝謝，蓋恩。

Thank you.

謝謝。

Jed Dorsheimer, William Blair.

傑德·多斯海默、威廉·布萊爾。

Hi -- yeah. Thanks for taking my question. I guess first one either Gayn or Chris, is just the step down in gross margin quarter-to-quarter or year-over-year, too. I'm assuming it is a mix issue in terms of drop-off of WaferPak consumables and a mix towards Incal. Is there anything else that should be called out with respect to a shift in margins, of course, lower revenues in -- to spread the fixed cost, but is it primarily mix in revenue levels?

嗨——是的。感謝您回答我的問題。我想，無論是 Gayn 還是 Chris，第一個想到的都是毛利率逐季或逐年下降。我認為這是一個 WaferPak 耗材脫落和 Incal 混合的問題。關於利潤率的變化，還有什麼需要指出的嗎？當然，收入降低——分攤固定成本，但這主要是收入水準的變化嗎？

There's two types of mix in this thing too. There definitely was a mix in that we actually with some of the wafer-level burn-in orders didn't materialize as we were kind of thinking at the time. We actually pulled in some packaged part systems -- and the packaged part systems have a little lower margin. The consumables have a lot less margin than our WaferPak, for example. But the other piece is, during that quarter, we had the full burn-in of the Incal facility as well, which we talked about now not having kind of carrying forward.

這個東西也有兩種混合物。確實存在一些問題，因為我們當時的想法，一些晶圓級老化訂單實際上並沒有實現。我們實際上引入了一些打包零件系統——打包零件系統的利潤率略低。例如，這些耗材的利潤比我們的 WaferPak 要低得多。但另一方面，在那個季度，我們也對 Incal 工廠進行了全面的磨合，我們現在談到了不再繼續進行這種磨合。

So we had the double whack of both facilities going on with primarily just package part burn-in revenues and some WaferPaks. So there's -- I think as we go forward, the same quarter would be materially better and of course, we have the potential of much higher volumes as we go forward.

因此，我們在兩個工廠都面臨雙重打擊，主要只是封裝零件老化收入和一些 WaferPak。所以，我認為，隨著我們不斷前進，同一季度的業績會大幅改善，當然，隨著我們不斷前進，我們的銷量有可能大幅增加。

Yeah, just to add on that, also the utilization was not as high as before because we were moving some of the folks actually were helping with the moves in the operations. Yeah, not building products instead of, so we've got to expense those labor costs.

是的，補充一點，利用率也不像以前那麼高，因為我們正在搬遷，有些人實際上是在幫助搬遷作業。是的，我們不是生產產品，而是要花費這些勞動成本。

Got it. That's helpful. Thanks. And then again, just maybe if you could your tenor around AI processors has certainly skewed much more positively over the past year. And I know that silicon photonics, you took time to call that out. Co-Packaged optics are becoming a more meaningful part of the design.

知道了。這很有幫助。謝謝。再說了，如果你可以的話，你對人工智慧處理器的看法在過去一年中肯定會變得更加積極。我知道，您花了時間才提到矽光子學。共同封裝的光學元件正在成為設計中更有意義的一部分。

I'm just curious what was -- is it just the size of the TAM, there seems like there was a specific shift in terms of your excitement around this market? And is it a function of your technology and the moat that you have? If you wouldn't mind just explain -- and maybe I have that wrong. So but --

我只是好奇——僅僅是 TAM 的規模，似乎您對這個市場的興奮程度發生了特定的轉變？這是您的技術和您所擁有的護城河的功能嗎？如果您不介意的話請解釋一下——也許我錯了。那麼但是--

No, -- yeah, I think -- I believe -- I think it's -- people ask what makes you lose sleep at night and what makes you excited. There's a material difference in our story related to AI from nine months ago, maybe six months ago. Nine months ago, we were serious when we said we're doing this evaluation with the first AI customer. And while we believe it will work, we still have to work through it. We also didn't finalize the burn-in times, et cetera.

不，——是的，我認為——我相信——我認為是——人們會問是什麼讓你晚上睡不著覺，是什麼讓你興奮。我們關於人工智慧的故事與九個月前，或許是六個月前相比，有了實質的不同。九個月前，當我們與第一位 AI 客戶進行這項評估時，我們是認真的。儘管我們相信它會起作用，但我們仍需努力。我們還沒有最終確定磨合時間等等。

Now that we've proven that it works, understand the size of the market through the burn-in times and candidly delighted the customer, if you will, we're now also recognizing that the features that we implemented in that machine are applicable to other customers. So at the time, if you said, okay, nine months ago, it's like, I think this is going to work and the customer was cheering us on then it worked.

現在我們已經證明它是有效的，透過磨合時間了解了市場的規模，並且坦率地取悅了客戶，如果你願意的話，我們現在也認識到我們在那台機器上實現的功能也適用於其他客戶。所以當時，如果你說，好吧，九個月前，就像，我認為這會起作用，而且客戶也在為我們加油，那麼它就起作用了。

And then the customer two quarters ago, gave us an order, and we shipped it weeks later, it felt like, okay? So now we have inbounds from customers to we're now evaluating on paper, the qualification of those devices and recognizing we can test your parts, and this is why, right?

然後兩個季度前的客戶給我們下了訂單，幾週後我們就發貨了，感覺怎麼樣？所以現在我們從客戶那裡得到了回饋，我們現在正在紙面上評估這些設備的資格，並認識到我們可以測試您的零件，這就是原因，對嗎？

So you're starting to see in the eyes of the customers looking back at you the value that you have in doing this and the sincere interest in trying to make this happen. They're like how can you make this happen? So if it's not coming across clear enough, and I as a CEO, you have to be careful of -- I'm always a cheerleader, but this is very real in their eyes.

因此，您開始從客戶的眼睛中看到您這樣做的價值以及努力實現這一目標的真誠興趣。他們就像你怎麼能做到這一點？所以，如果這還不夠清楚的話，作為一名首席執行官，你必須小心——我一直是個啦啦隊隊員，但這在他們眼裡卻是非常真實的。

And we used to talk about stacked memories and how important it would be to burn them in before you stack them, okay? You're taking devices that are maybe $2 and you're putting them [$8] high to make a $16 or $20 part, okay? Then we talk about silicon carbide devices that were going into these modules for EVs. We were taking $10 parts, putting 10 of them into a package and selling them for $200, and look at the value added by doing that.

我們曾經討論過堆疊的記憶，以及在堆疊它們之前將它們刻錄下來是多麼重要，好嗎？你拿一些可能價值 2 美元的設備，然後把它們的價格定得高一些，達到 16 美元或 20 美元，明白嗎？然後我們討論一下用於電動車模組的碳化矽裝置。我們拿出 10 美元的零件，將其中的 10 個放入一個包裝中，然後以 200 美元的價格出售，看看這樣做帶來的附加價值。

Now we're talking about HBM stacks, where the stack of memory is hundreds of dollars times eight stacks, processors that are $1,000 of copy out of a TSMC fab, they're all stacked together and they all need production burn-in. The math is so obvious about the value of a move this to wafer-level that it's just more about what can you do to prove it. And we have the ability now to not only physically show it. We can bring customers in. We have tools in-house that are configured for AI, high-power 300 millimeter wafers with our aligners they can see WaferPaks .

現在我們討論的是 HBM 堆疊，其中記憶體堆疊的價格是數百美元乘以八個堆疊，處理器的價格是從台積電晶圓廠複製出來的，價格為 1,000 美元，它們都堆疊在一起，並且都需要進行生產老化。從數學角度來看，將其提升到晶圓級的價值是如此明顯，而更多的只是關於你能做些什麼來證明這一點。我們現在不僅有能力透過物質手段來展示它。我們可以吸引顧客。我們擁有內部配置用於 AI 和高功率 300 毫米晶圓的工具，透過我們的對準器，他們可以看到 WaferPaks。

We've upgraded the facility with enough power to be building 10 to 20 systems at a time, if needed, that's not to imply that that's how big our forecast is, but we have that capacity. And they come in and look and go, okay, I get this. So the other thing, and I made some comments, kind of a sly comment. The customer enthusiasm exceeds our ability to sell and market and that's not a dig on my sales and marketing team.

我們已經對設施進行了升級，使其具有足夠的電力，以便在需要時一次建造 10 到 20 個系統，這並不意味著我們的預測就這麼大，而是我們有這個能力。他們進來看了看然後說，好的，我懂了。所以另一件事，我發表了一些評論，有點狡猾的評論。客戶的熱情超越了我們的銷售和行銷能力，這並不是對我的銷售和行銷團隊的批評。

What we believe has happened is that these customers are being walked by the tool and tools, I should say, because it's tools actually and seeing the feasibility of it. And so the biggest OSAT is marketing this capability, and we're getting these people calling oh, hold on a second. I mean I guess I got the press release, but I just so I understand it, what do I need to do to do that?

我們相信，這些客戶正在使用各種工具，我應該說，因為它們實際上是工具，並且看到了它的可行性。因此，最大的 OSAT 正在行銷這種能力，我們接到這些人的電話，哦，等一下。我的意思是，我想我收到了新聞稿，但我只是明白，我需要做什麼才能做到這一點？

So you can imagine you'd be pretty excited about that.

所以你可以想像你對此會非常興奮。

Yeah, no, certainly, that's helpful. Last question for you. Along those same lines, you mentioned the OSAT that's starting to market. So you've got an OSAT in your silicon photonics in OSAT or two that you're working with in the AI processor and mostly customers that own the design for the AI processors. What you haven't mentioned -- you did mention TSMC, but I'm just curious, from a foundry perspective, what's the -- where are the discussions with foundries in the process? Are you seeing some coalition like you are with OSAT?

是的，不，當然，這很有幫助。最後一個問題。同樣，您提到了開始進入市場的 OSAT。因此，您在矽光子學中有一個或兩個 OSAT，您正在與 AI 處理器中的 OSAT 合作，並且大多數客戶都擁有 AI 處理器的設計。您沒有提到——您確實提到了台積電，但我只是好奇，從代工廠的角度來看，在這個過程中與代工廠的討論在哪裡？您是否看到了一些像您與 OSAT 一樣的聯盟？

For sure. Yeah, so I'm going to use -- I use a little different vocabulary. In this world, there's only really two foundries -- well, to be respectful for Intel, maybe three that can build them. Okay? So GlobalFoundries isn't really building AI processors because of the notes there on. So you're really talking about TSMC and potentially Intel, okay, with TSMC having right now, I think everybody but Intel, okay?

一定。是的，所以我將使用——我使用一些不同的詞彙。在這個世界上，實際上只有兩家代工廠——好吧，為了尊重英特爾，也許有三個可以生產它們。好的？因此，GlobalFoundries 實際上並沒有因為上面的說明而建造 AI 處理器。所以你實際上是在談論台積電和潛在的英特爾，好的，現在台積電已經擁有了，我想除了英特爾之外的所有人，好嗎？

And then you talk about design houses. Design houses are the companies that are actually working with the hyperscalers in designing their new ASICs or AI processors. So you're talking about Marvell, Broadcom, All Chip as examples, okay? Those are the big guys that are actually doing the new designs, okay? Then, of course, some of the big hyperscalers have in-house design -- they then work with the models, say, for example, with TSMC that will provide them with the models based upon what particular node they're at that will have DFT, Designed For Testability, features and functionality inside of it that interestingly make them common.

然後你談論設計公司。設計公司是實際上與超大規模企業合作設計其新型 ASIC 或 AI 處理器的公司。所以您以 Marvell、Broadcom、All Chip 為例，好嗎？那些其實是在進行新設計的大人物，好嗎？當然，一些大型超大規模企業擁有內部設計——然後他們與模型合作，例如與台積電合作，台積電將根據他們所處的特定節點為他們提供模型，這些模型將具有 DFT（可測試性設計）以及內部的特性和功能，有趣的是，這些特性和功能使它們變得很常見。

And then they can outsource that to fill two or three of the big OSATs, the biggest one being ASC who also bought Spiel, but people think those are two different companies, but candidly, they're really the same. And then you have Amcor. You have Japan is trying to get some of the business, JCET. And then they're not an OSAT, they're just test and that's KYC.

然後他們可以將其外包給兩三家大型 OSAT，其中最大的一家是 ASC，它也收購了 Spiel，但人們認為這是兩家不同的公司，但坦白說，它們實際上是一樣的。然後還有 Amcor。日本正試圖獲得長電科技的部分業務。然後他們就不是 OSAT，他們只是測試，這就是 KYC。

So it's a pretty small community and very -- a lot of cross pollenization of ideas, I would say, and awareness. And so once the system got pulled put into production, the light started to go on and the phone started to ring with people saying, hey, wait a minute, what -- I thought that was just a marketing thing. This is real, can you do my part too.

所以這是一個相當小的社區，而且我認為，這裡有很多思想和意識的相互交流。因此，一旦系統投入生產，燈就開始亮了，電話開始響起，人們說，嘿，等一下，什麼——我以為那隻是一種行銷手段。這是真的，你也可以盡我的一份心力嗎？

Thank you.

謝謝。

I hope that helps.

我希望這能有所幫助。

[Igor Dolgachev, Freedom Broker].

[伊戈爾·多爾加喬夫，自由經紀人]

Hello, gents. Thank you for exhausted market comments. I wanted to get a glimpse into your outlook for 2027, especially for TSMC matter. Recently, TSMC reported reports that TSMC plans doing down gallium-nitride foundry services by 2027. Could you share your thoughts on how this shift in market can impact your business and addressable markets?

哈嘍，先生們。感謝您的詳盡市場評論。我想了解您對 2027 年的展望，尤其是對台積電的展望。近日，台積電傳出消息稱，台積電計畫在2027年前停止氮化鎵代工服務。您能否分享一下您對這種市場轉變如何影響您的業務和目標市場的看法？

Okay. So I mean we chose not to give guidance on '26, so I'll be struggling with '27, but we do believe we can get back to the track of growing significantly over this period of time. The size of the market, for example, between AI silicon photonics for optical chip-to-chip communication and you add in silicon, even silicon carbide, are all kicking in pretty hard in '27. So we're planning for pretty significant growth. I'll leave it at that, okay?

好的。所以我的意思是，我們選擇不給 26 年的指導，所以我會對 27 年感到掙扎，但我們確實相信我們可以在這段時間內回到顯著增長的軌道上。例如，用於光學晶片間通訊的人工智慧矽光子學以及矽、甚至碳化矽的市場規模在 27 年都將大幅成長。因此，我們計劃實現相當顯著的成長。我就不說了，可以嗎？

Now you specifically talked about GaN at TSMC. TSMC mostly, I wake up every day thinking about all the AI wafers that TSMC is doing. GaN, gallium nitride, can be put on to multiple different process substrates. The most kind of interesting one would be on silicon, large silicon substrates. But a lot of the -- they're both IDM folks around the world like Infineon, for example, or people that have dedicated foundries.

現在您具體談到了台積電的GaN。主要是台積電，我每天醒來都會想著台積電正在做的所有 AI 晶圓。GaN，即氮化鎵，可以放置在多種不同的製程基板上。最有趣的一種是在矽、大型矽基板上。但其中許多都是世界各地的 IDM 企業，例如英飛凌，或是擁有專門代工廠的企業。

And then TSMC is also doing a foundry I don't know what TSMC's market share is. But I -- candidly, when I talk to customers, I hear a lot more about the other foundries or their own IDM sources than TSMC. So I don't believe that it has a negative impact on us if they start to wind down that business. I think that just shows up somewhere else, either at one of the IDMs or one of the other foundries.

然後台積電也在做代工，我不知道台積電的市佔率是多少。但坦白說，當我與客戶交談時，我聽到的關於其他代工廠或他們自己的 IDM 來源的消息比台積電的消息多得多。因此，我認為，如果他們開始逐步減少該業務，不會對我們產生負面影響。我認為它只是出現在其他地方，要么在某個 IDM，要么在其他代工廠。

Okay, great, thanks. And in terms of your new AI clients, how long will it take to pass all qualifications to reach our final decisions for your client after you get the first client delivered?

好的，太好了，謝謝。就您的新 AI 客戶而言，在交付第一個客戶後，需要多長時間才能通過所有資格審查並為您的客戶做出最終決定？

So we already have the first client. We announced that we were -- I think this year, exactly we announced that we had a commitment from a first customer to evaluate our solution for AI. We said we're very excited about it, but we -- there are still a lot of uncertainties customers are seeing extremely willing and pulling us in.

我們已經有了第一個客戶。我們宣布——我想，正是在今年，我們宣布我們已經得到了第一位客戶的承諾，將評估我們的人工智慧解決方案。我們說我們對此感到非常興奮，但是我們——仍然存在許多不確定性，客戶非常願意並吸引我們加入。

I think I used the term, they're more excited than we are and we're hopeful about getting the business which, of course, was good. Then within a quarter, we said it was progressing pretty well. The following quarter, we said we are now testing wafers and the data looked good. And within that quarter, they placed an order and we shipped it at the same time.

我想我使用過這個詞，他們比我們更興奮，我們對獲得這筆生意充滿希望，這當然是件好事。然後在一個季度內，我們說進展相當順利。下一季度，我們說我們現在正在測試晶圓，數據看起來不錯。在該季度內，他們下了訂單，我們同時發貨。

That was the first customer, which there's some argument is takes longer than the second one. I will tell you our enthusiasm and confidence is a lot more higher because of actual evidence. But there's still some variables and things that we still need to worry.

這是第一位顧客，有人認為他比第二位顧客花的時間更長。我可以告訴你，由於有實際證據，我們的熱情和信心會更高。但仍然存在一些變數和需要我們擔心的事情。

My attorneys will always tell you, be careful there's always risk, and you never know until the order's in hand. But we think that a decision could be made within, say, six months or so and potentially orders placed somewhere thereafter.

我的律師總是會告訴你，要小心，風險總是存在的，而且在收到命令之前你永遠不會知道。但我們認為可以在大約六個月內做出決定，並可能在此之後下訂單。

Yeah, I got it. Thank you. It was useful.

是的，我明白了。謝謝。這很有用。

Thank you.

謝謝。

Larry Chlebina, Chlebina Capital.

拉里·切爾比納 (Larry Chlebina)，Chlebina 資本。

Gayn, that first AI customer at the OSAT, so there -- are you under the belief that they're really pleased with it and do you expect more orders from in the near future?

Gayn，OSAT 的第一位 AI 客戶，您是否相信他們真的對此感到滿意？您是否預計在不久的將來會收到更多訂單？

Yes, to both of those. Wait -- you said near future. I want to be careful of sending any time lines, but I'll go out and say we expect more -- just more this year, though.

是的，兩者都是。等一下——你說的是不久的將來。我希望謹慎地發送任何時間表，但我會說我們期待更多——但今年會更多。

And then now you have another AI customer in evaluation -- so that's the second one for wafer-level burn-in. And then you have a third one that's going after the production in the packaged part burn-in. Are they three distinct AI customers? Or are they --

現在您有另一個 AI 客戶正在評估 - 所以這是第二個進行晶圓級老化的客戶。然後還有第三個，用於在生產後對封裝好的部件進行老化。他們是三個不同的 AI 客戶嗎？或者他們--

Yeah, totally different.

是的，完全不同。

Totally different. And the -- in the write-up, you said that you shipped a 18 wafer high-power silicon carbide system. And was that -- did that shipping book in the May quarter?

完全不同。並且在文章中，您說您運送了一組 18 片晶圓的高功率碳化矽系統。那是——那份運輸訂單是在五月季度嗎？

Yes, and it was an upgrade to one of the systems that they had purchased earlier part of our strategy and one of our commitment with customers is this commitment to a platform that allows people to maintain forward backwards compatibility. So that was a really big deal. They shipped the system here.

是的，這是對他們早期購買的系統的升級，也是我們策略的一部分，我們對客戶的承諾之一就是致力於建立一個允許人們保持向前向後相容性的平台。所以這確實是一件大事。他們將系統運送到這裡。

We reworked the system, and then shipped it back to them capable of testing 18 wafers at a time in high voltage, which is amazing. .

我們重新設計了系統，然後將其運回給他們，該系統能夠在高壓下同時測試 18 個晶圓，這真是太神奇了。。

And that also included the automated aligner.

其中還包括自動對準器。

Actually, in this case, it did not. It shipped back without the automated aligner.

事實上，在這種情況下，情況並非如此。寄回時沒有配備自動對準器。

Do you anticipate that by --

您是否預計--

By the way, they have automated aligners, but we only upgraded the system basically.

順便說一句，他們有自動矯正器，但我們只是對系統進行了基本升級。

I see. Do you anticipate going forward at all the, silicon carbide systems would be high power?

我懂了。您是否預期碳化矽系統未來會具有高功率？

Actually we refer to them as high voltage, but I know what you mean. Mostly, yes. We've been working really closely with the OEMs and making them aware like the car suppliers, the EV guys, to making them aware of the capability to be able to continue to provide lower and lower cost solutions that include the high-voltage insertion as well if they want to do it. I would say that it's mostly likely that people will buy it with that and it allows you to do it with multiple different stress conditions, but this allows you to also do the stress condition with high voltage, which is very valuable.

實際上我們將它們稱為高壓，但我知道你的意思。大部分情況下是的。我們一直與原始設備製造商密切合作，讓他們像汽車供應商、電動車供應商一樣意識到，如果他們願意的話，他們能夠繼續提供包括高壓插入在內的越來越低成本的解決方案。我想說的是，人們最有可能購買它，它允許你在多種不同的壓力條件下做到這一點，但它也允許你在高電壓下進行壓力條件，這是非常有價值的。

Does that include a premium? Does it, do you get a premium price on that, going forward or not?

這包含保費嗎？將來，您是否會因此獲得溢價？

Yeah, the option does cost additional dollars. That's correct.

是的，這個選項確實需要額外付費。沒錯。

Okay, I got to get my memory question. And you talked up how it makes so much sense for HBM to go the wafer-level burn-in. When are you going to get a valuation going for an HBM application?

好的，我得回答我的記憶問題了。您也談到了 HBM 進行晶圓級老化測試的意義。您什麼時候會對 HBM 應用程式進行評估？

That's a good question. We've talked about walking before we run and the walking to begin with was the wafer-level burn-in application for the NAND flash. But one of the critical things that we mentioned last time, but I'll mention again today. One of the most specific things we were implementing was a new fine pitch MEMS WaferPak that allow us to get to very attractive price points at extremely high pin counts, okay? But it also allows us to go to up four times or one-fourth the pitch.

這是個好問題。我們之前討論過先走後跑，而最開始的走就是 NAND 快閃記憶體的晶圓級老化應用。但這是我們上次提到的關鍵事項，今天我會再提一次。我們正在實施的最具體的事情之一是新的細間距 MEMS WaferPak，它使我們能夠以極高的引腳數獲得非常有吸引力的價格點，好嗎？但它也使我們能夠達到四倍或四分之一的音調。

These are distances, if you will, than what we have today. That fine pitch is technically fully capable of doing DRAM as well. We knew that on purpose. So one of the critical things is there was no way to contact a DRAM HBM device. with our previous WaferPaks , but we now enable it through this WaferPak. There's also things on the AI road map that are reusing the technology developed under this as well.

如果你願意的話，這些距離與我們今天所擁有的距離相比還有差距。從技術上來說，這種精細間距也完全能夠實現 DRAM。我們是故意知道這一點的。因此，關鍵問題之一是，我們無法透過先前的 WaferPak 連接 DRAM HBM 設備，但現在我們可以透過這個 WaferPak 來實現。人工智慧路線圖上還有一些內容正在重複使用在此基礎上開發的技術。

So now that you have the MEMS fine pitch WaferPak and it's proven out on flash, is that correct? It seems like being worked through this?

那麼現在您已經有了 MEMS 細間距 WaferPak，並且已經在快閃記憶體上得到驗證，對嗎？好像正在處理這個？

This is, we're trying to get it finalized throughout this quarter here.

我們正在嘗試在本季度完成它。

Okay. So it seems like that would entice one of the HBM guys say, boy, this could solve a big problem that we have as we go from 8 stacks to 12, possibly eventually up to 24?

好的。因此，這似乎會吸引 HBM 的某個人說，這可以解決我們在從 8 個堆疊增加到 12 個堆疊，甚至可能最終增加到 24 個堆疊時遇到的一個大問題？

Yeah, that's -- I think you're right on that.

是的，那是——我認為你是對的。

All right. Well, we'll be waiting to hear when you do that. That's all the questions I have.

好的。好吧，我們會等待您的回覆。這就是我所有的問題。

Thanks, Lary.

謝謝，拉里。

Thank you.

謝謝。

Thank you.

謝謝。

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

我們沒有其他問題了。我想把發言權交還給管理階層，請大家做最後發言

All right. Well, I thank everybody for their patience. And I fully recognize that our prepared comments were at least 10 minutes longer, we added about a 15-minute chunk in the middle to do detail and get on record information around the AI that we won't need to do next time as well. And hopefully, we can just give you an update on the successes that we're having there. So I appreciate everyone's patience and listening through this.

好的。好吧，我感謝大家的耐心。我完全認識到，我們準備的評論至少長了 10 分鐘，我們在中間添加了大約 15 分鐘的時間來詳細說明並記錄有關 AI 的信息，下次我們也不需要這樣做了。希望我們能向您介紹我們在那裡的成功。所以我感謝大家的耐心和傾聽。

And if you have any follow-on questions, you can reach out to us. We'll be happy to take the call. Thank you very much.

如果您有任何後續問題，可以聯絡我們。我們很樂意接聽電話。非常感謝。

Thank you

謝謝

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。