Aehr Test Systems (AEHR) 2026 Q1 法說會逐字稿

Greetings. Welcome to the Aehr Test Systems Fiscal 2026 first quarter financial results 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.

問候。歡迎參加 Aehr Test Systems 2026 財年第一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。現在我將會議交給主持人、PondelWilkinson 投資者關係公司的 Jim Byers。你可以開始了。

Thank you, operator. Good afternoon, and welcome to Aehr Test Systems first quarter fiscal 2026 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 2026 財年第一季財務業績電話會議。和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 和財務長 Chris Siu。

Before I turn the call over to Gayn and Chris, I'd like to cover a few quick items. This afternoon, right after market close, Aehr Test issued a press release announcing its first quarter fiscal 2026 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 Aehr Test's 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，收盤後不久，Aehr Test 發布新聞稿，宣布其 2026 財年第一季業績。新聞稿可在公司網站 aehr.com 上查閱。本次電話會議將透過網路向所有相關人士進行現場直播，網路直播內容也將存檔於 Aehr Test 網站的「投資者關係」頁面。

I'd like to remind everyone that on today's call, management will be making forward-looking statements that are based on current information and estimates and are subject to a number of risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. These factors are discussed in the company's most recent periodic and current reports filed with the SEC and 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，並且僅截至目前有效，Aehr Test Systems 不承擔更新前瞻性陳述的義務。

And now with that said, 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, and welcome to our first quarter fiscal 2026 earnings conference call. I'll begin with an update on the exciting markets Aehr is targeting for semiconductor test and burn-in with an emphasis on how these markets seem to share a common thread of market growth related to the massive expansion of data center infrastructure and AI. After that, Chris will provide a detailed review of our financial performance. And finally, we'll open up the floor for your questions.

謝謝，吉姆。大家下午好，歡迎參加我們的 2026 財年第一季財報電話會議。我將首先介紹 Aehr 瞄準的令人興奮的半導體測試和老化市場的最新情況，重點介紹這些市場如何與資料中心基礎設施和人工智慧的大規模擴展有著共同的市場成長主線。之後，克里斯將對我們的財務表現進行詳細的回顧。最後，我們將開放大家的提問時間。

Although we started with the typical low first quarter revenue, consistent with the last few years and actually higher on both top and bottom lines in Wall Street analyst consensus, we're pleased with our start to this fiscal year. We had revenue from several market segments and strong momentum in sales and customer engagement in both wafer level and packaged part test and burn-in of artificial intelligence or AI processors. Again, although we did not provide guidance for the quarter, our first quarter results surpassed analyst consensus estimates for both the top and bottom lines.

儘管我們第一季的營收與過去幾年一樣低，而且實際上華爾街分析師的共識是，我們的營收和利潤都高於平均水平，但我們對本財年的開局感到滿意。我們從多個細分市場獲得了收入，並且在晶圓級和封裝零件測試以及人工智慧或 AI 處理器的老化方面銷售和客戶參與度都保持了強勁勢頭。再次，儘管我們沒有提供本季的指導，但我們第一季的業績超過了分析師對頂線和底線的一致預期。

We saw continued momentum in the qualification and production burn-in of packaged parts for AI processors, which is fueling sales growth in our new Sonoma ultra-high-power package part burn-in systems and consumables.

我們看到人工智慧處理器封裝零件的鑑定和生產老化持續保持強勁勢頭，這推動了我們新款 Sonoma 超高功率封裝零件老化系統和耗材的銷售成長。

During the quarter, our lead production customer, a leading hyperscaler placed multiple follow-on volume production orders for Sonoma systems, requesting shorter lead times to support higher-than-expected volumes as they accelerate the development of their own advanced AI processors. This customer is one of the premier large-scale data center providers and has already outlined plans to expand capacity for this device and introduce new AI processors over the coming year to be tested and burned in on our Sonoma platform at one of the world's leading test houses.

在本季度，我們的主要生產客戶，一家領先的超大規模廠商，為 Sonoma 系統下了多個後續批量生產訂單，要求縮短交貨時間以支持高於預期的產量，因為他們正在加速開發自己的先進人工智慧處理器。該客戶是首屈一指的大型數據中心提供商之一，並且已經制定了擴大該設備容量的計劃，併計劃在未來一年內推出新的 AI 處理器，以便在世界領先的測試機構之一的 Sonoma 平台上進行測試和老化。

We're also collaborating with them on future generations of processors to ensure we can meet their long-term production needs for both package and even wafer level burn-in. Hyperscalers like Microsoft, Amazon, Google and Meta are increasingly designing and deploying their own application-specific integrated circuits or ASICs for AI processing to meet the unique demands of their massive scale workloads and gain a competitive advantage.

我們也與他們合作開發未來幾代處理器，以確保我們能夠滿足他們對封裝甚至晶圓級老化的長期生產需求。微軟、亞馬遜、Google和 Meta 等超大規模企業正在越來越多地設計和部署自己的專用積體電路或 ASIC 用於人工智慧處理，以滿足其大規模工作負載的獨特需求並獲得競爭優勢。

Aehr allows customers to perform production burn-in screening, qualification and reliability testing for GPUs, AI processors, CPUs and network processors directly in package form. Our Sonoma systems provide what we believe to be the industry's most cost-effective solution, enabling customers to smoothly move from early reliability testing to full production burn-in and early life failure screening, which helps reduce costs, improve quality and speed up time to market.

Aehr 讓客戶可以直接以封裝形式對 GPU、AI 處理器、CPU 和網路處理器進行生產老化篩選、鑑定和可靠性測試。我們的 Sonoma 系統提供了我們認為業界最具成本效益的解決方案，使客戶能夠順利地從早期可靠性測試過渡到全面生產老化和早期故障篩選，從而有助於降低成本、提高品質並加快產品上市時間。

In the last year, Aehr has implemented several enhancements to the Sonoma system to meet qualification and production test and burn-in requirements across a wide range of AI processor suppliers, test labs and outsourced assembly and test houses or OSATs. Major upgrades include increasing power per device to 2,000 watts, boosting parallelism and adding full automation with a new fully integrated packaged device handler.

去年，Aehr 對 Sonoma 系統進行了多項改進，以滿足廣泛的 AI 處理器供應商、測試實驗室和外包裝配和測試機構或 OSAT 的資格認證和生產測試及老化要求。主要升級包括將每台設備的功率提高到 2,000 瓦、提高並行性以及透過新的完全整合的封裝設備處理器增加全自動化。

Over the last quarter, including a very successful customer open house we held last week at our Fremont, California headquarters, 10 different companies visited Aehr to see our next-generation Sonoma system and new features, including a fully automated device handler for completely hands-free operation, which we've installed here at our Fremont facility. Customer feedback regarding these enhancements has been very positive, and we expect these new features to open up new applications and generate additional orders this fiscal year.

上個季度，包括上週我們在加州弗里蒙特總部舉行的非常成功的客戶開放日活動在內，有 10 家不同的公司參觀了 Aehr，了解我們的下一代 Sonoma 系統和新功能，包括完全免提操作的全自動設備處理器，我們已經在弗里蒙特工廠安裝了該系統。客戶對這些增強功能的回饋非常積極，我們預計這些新功能將在本財年開闢新的應用程式並產生更多訂單。

As I've mentioned before, one of the biggest benefits of our acquisition of Incal Technology one year ago is that it gives us a front row seat to the future needs of many top AI processor customers, providing us with close insight into their burn-in requirements.

正如我之前提到的，我們一年前收購 Incal Technology 的最大好處之一是，它讓我們深入了解許多頂級 AI 處理器客戶的未來需求，並讓我們深入了解他們的老化要求。

As the only company worldwide that offers both proven wafer-level and packaged part burn-in systems for qualification and production burn-in of AI processors, Aehr is ideally positioned to assist them regardless of their burn-in method.

作為全球唯一一家提供經過驗證的晶圓級和封裝零件老化系統用於 AI 處理器的鑑定和生產老化的公司，Aehr 能夠為他們提供理想的幫助，無論他們採用何種老化方法。

Consequently, we are experiencing increased interest in our Sonoma high-volume production solution for package level burn-in and some of these same customers as well as other AI processor companies are approaching us to learn about our production wafer level burn-in capabilities.

因此，我們對 Sonoma 封裝級老化大批量生產解決方案的興趣日益濃厚，其中一些客戶以及其他 AI 處理器公司正在與我們聯繫，以了解我們的生產晶圓級老化能力。

This past year, we delivered the world's first production wafer level burn-in systems for AI processors. Importantly, these systems are installed at one of the largest OSATs worldwide, providing a highly visible showcase to other potential AI customers of our proven solution for high-volume testing and burn-in of AI processors in wafer form, thereby strengthening our market position. We anticipate follow-on orders from this innovative AI customer as volumes increase, and other AI processor suppliers have already approached us about the feasibility of wafer-level burn-in of their devices.

去年，我們交付了世界上第一個用於人工智慧處理器的生產晶圓級老化系統。重要的是，這些系統安裝在世界上最大的 OSAT 之一，為其他潛在的 AI 客戶提供了一個高度可見的展示，展示了我們經過驗證的解決方案，用於晶圓形式的 AI 處理器的大批量測試和老化，從而鞏固了我們的市場地位。隨著產量的增加，我們預計這家創新 AI 客戶將會有後續訂單，其他 AI 處理器供應商也已經就其設備進行晶圓級老化的可行性與我們聯繫。

We're also developing a strategic partnership with this world-leading OSAT to provide advanced wafer-level test and burn-in solutions for high-performance computing and AI processors. This joint solution already in operation at the facility marks a significant milestone for the industry. By combining Aehr's technological leadership with this OSAT's global reach, we can provide unique capabilities to the market.

我們也正在與這家世界領先的 OSAT 建立策略合作夥伴關係，為高效能運算和 AI 處理器提供先進的晶圓級測試和老化解決方案。該聯合解決方案已在該工廠投入運行，標誌著該行業的一個重要里程碑。透過將 Aehr 的技術領先地位與該 OSAT 的全球影響力相結合，我們可以為市場提供獨特的能力。

This model offers a complete turnkey solution from design to high-volume production and several customers have already begun discussions to learn more about our high-volume wafer-level test and burn-in solutions for AI processors.

該模型提供了從設計到大批量生產的完整交鑰匙解決方案，並且一些客戶已經開始討論以了解有關我們針對 AI 處理器的大批量晶圓級測試和老化解決方案的更多資訊。

This OSAT and Aehr have a long history of innovation together, including the first FOX-NP wafer-level burn-in system installed in the OSAT for high-power silicon photonics wafers, now the world's first wafer level test and burn-in of HPC AI products using Aehr's FOX-XP systems. And they're also one of the largest installed bases of Aehr's Sonoma system for high-power AI and high-performance computing processors.

該 OSAT 和 Aehr 有著長期的共同創新歷史，包括在 OSAT 中安裝的第一個用於高功率矽光子晶圓的 FOX-NP 晶圓級老化系統，現在是世界上第一個使用 Aehr 的 FOX-XP 系統對 HPC AI 產品進行晶圓級測試和老化的系統。他們也是 Aehr 的 Sonoma 系統高功率 AI 和高效能運算處理器的最大安裝基數之一。

Additionally, this last quarter, we launched an evaluation program with a top-tier AI processor supplier for production wafer level test and burn-in for one of their high-volume processors. This paid evaluation, which includes a custom high-power [WaferPak] and the development of a production wafer-level burn-in test program will feature a comprehensive characterization and correlation plan to validate Aehr's FOX-XP production systems for wafer-level burn-in and functional testing of one of the suppliers' high-performance, high-power processors on 300-millimeter wafers.

此外，上個季度，我們與頂級 AI 處理器供應商合作啟動了一項評估計劃，對他們的一款大批量處理器進行生產晶圓級測試和老化測試。此次付費評估包括客製化的高功率 [WaferPak] 和生產晶圓級老化測試程序的開發，將採用全面的特性和關聯計劃來驗證 Aehr 的 FOX-XP 生產系統是否可用於晶圓級老化和功能測試，該測試針對的是供應商在 300 毫米晶圓上配備的高性能、高功率處理器之一。

We believe this represents a significant step toward adopting wafer-level burn-in as an alternative to later-stage burn-in and into future generations of their products. Our FOX-XP multi-wafer test and burn-in system is the only production-proven solution for full wafer-level test and burn-in of high-power devices such as AI processors, silicon carbide and gallium nitride power semiconductors and silicon photonics integrated circuits.

我們相信，這代表著朝著採用晶圓級老化作為後期老化的替代方案以及未來幾代產品邁出了重要一步。我們的 FOX-XP 多晶圓測試和老化系統是唯一經過生產驗證的解決方案，可用於對 AI 處理器、碳化矽和氮化鎵功率半導體以及矽光子積體電路等高功率設備進行全晶圓級測試和老化。

Beyond AI processors, we're seeing signs of increasing demand in other segments we serve, including silicon photonics, hard disk drives, gallium nitride and silicon carbide semiconductors. We're experiencing ongoing growth in the silicon photonics market, driven by the adoption of optical chip-to-chip communication and optical network switching.

除了人工智慧處理器之外，我們還看到我們所服務的其他領域的需求也在成長，包括矽光子學、硬碟、氮化鎵和碳化矽半導體。受光晶片間通訊和光網路交換的推動，矽光子市場正在持續成長。

This quarter, we upgraded another one of our major silicon photonics customers' FOX-XPs to the new higher power configuration, doubling their device test parallelism with up to 3.5 kilowatts of power per wafer in a 9-wafer configuration. This latest system shipment includes our fully integrated and automated WaferPak Aligner configured for single touchdown test and burn-in of all devices on their 300-millimeter wafers. We anticipate additional orders and shipments this fiscal year to support their production capacity needs for their optical I/O silicon photonics integrated circuits.

本季度，我們將另一家主要矽光子客戶的 FOX-XP 升級到新的更高功率配置，在 9 片晶圓配置中，其設備測試並行度翻倍，每片晶圓的功率高達 3.5 千瓦。此最新系統出貨包括我們完全整合和自動化的 WaferPak Aligner，該裝置配置用於對 300 毫米晶圓上的所有設備進行單次著陸測試和老化。我們預計本財年將有更多訂單和出貨量，以支援其光學 I/O 矽光子積體電路的生產能力需求。

In hard disk drives, AI-driven applications are generating unprecedented amounts of data, creating ever-increasing demand for data storage and driving new read/write technologies for higher density drives, particularly for data center applications.

在硬碟中，人工智慧驅動的應用程式正在產生前所未有的資料量，從而對資料儲存產生不斷增長的需求，並推動更高密度磁碟機的新讀取/寫入技術，特別是對於資料中心應用程式而言。

We are ramping and have shipped multiple FOX-CP wafer-level test and burn-in systems integrated with the high-power wafer prober and unique WaferPak high-power contactors to a world-leading supplier of hard disk drives to meet the test, burn-in and stabilization needs of a new device used in their next-generation read/write heads. This customer is one of the top suppliers of hard disk drives worldwide and has indicated they're planning additional purchases in the near term as this product line grows.

我們正在加大力度，並已向一家世界領先的硬碟供應商交付了多套集成了高功率晶圓探測器和獨特的 WaferPak 高功率接觸器的 FOX-CP 晶圓級測試和老化系統，以滿足其下一代讀取/寫入頭中使用的新設備的測試、老化和穩定需求。該客戶是全球頂級硬碟供應商之一，並表示隨著產品線的成長，他們計劃在短期內增加採購量。

Gallium nitride devices are increasingly used for data center power efficiency, solar energy, automotive systems and electrical infrastructure. Gallium nitride offers a much broader application range than silicon carbide and is set for significant growth in the next decade.

氮化鎵裝置越來越多地用於資料中心電源效率、太陽能、汽車系統和電力基礎設施。氮化鎵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。

Our lead production customer is a leading automotive semiconductor supplier and a key player in the GaN power semiconductor market, and we have multiple new engagements with other potential GaN customers in progress. We're currently in design and development of a large number of WaferPaks for new device designs targeted for high-volume manufacturing on our FOX-XP systems.

我們的主要生產客戶是領先的汽車半導體供應商和 GaN 功率半導體市場的關鍵參與者，我們正在與其他潛在的 GaN 客戶進行多項新的合作。我們目前正在設計和開發大量 WaferPak，用於新設備設計，旨在透過我們的 FOX-XP 系統進行大量生產。

Although silicon carbide growth is expected to be weighted toward the second half of the year, we continue to see opportunities for upgrades, WaferPaks and capacity expansion as that market recovers. Demand for silicon carbide remains heavily driven by battery electric vehicles, but silicon carbide devices are also gaining traction in other markets, including power infrastructure, solar and various industrial applications.

儘管預計碳化矽的成長將集中在下半年，但隨著該市場的復甦，我們繼續看到升級、WaferPak 和產能擴張的機會。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、太陽能和各種工業應用。

Late in last fiscal year, we shipped our first 18-wafer high-voltage FOX-XP system, extending beyond our previous 9-wafer capability to test and burn-in 100% of the EV inverter devices on six or eight-inch wafers in a single pass with up to plus or minus 2,000-volt test and stress conditions at high temperature. We believe we're well positioned in this market with a large customer base and industry-leading solutions for wafer level burn-in.

上一財年末，我們交付了第一台 18 晶圓高壓 FOX-XP 系統，超越了之前的 9 晶圓產能，可以在高溫下以高達正負 2,000 伏特的測試和應力條件一次性測試和老化六英寸或八英寸晶圓上的 100% 電動汽車逆變器設備。我們相信，憑藉龐大的客戶群和業界領先的晶圓級老化解決方案，我們在這個市場上佔據了有利地位。

I also want to give a quick update on the flash memory wafer level burn-in benchmark we've discussed earlier. This benchmark is ongoing, and we've now begun testing with our new fine pitch WaferPak that can meet the finer pitches and higher pin count costs more cost effectively for flash memory but also can be applicable for DRAM and even AI processors if they require fine pitch wafer probing. This is the first WaferPak full wafer contactor demonstrating this capability.

我還想快速更新我們之前討論過的快閃記憶體晶圓級老化基準。這個基準測試正在進行中，我們現在已經開始使用我們的新型細間距 WaferPak 進行測試，它可以更經濟高效地滿足快閃記憶體的更細間距和更高引腳數的成本要求，但如果它們需要細間距晶圓探測，它也可以適用於 DRAM 甚至 AI 處理器。這是第一個展示此功能的 WaferPak 全晶圓接觸器。

The benchmark has gone slower than expected with some challenges with the test system bring up, but appears to show positive results of the new WaferPak, our ability to do an 18-wafer test cell and using our full automated wafer handler and WaferPak Aligner for their 300-millimeter NAND flash wafers.

由於測試系統面臨一些挑戰，基準測試的進展比預期要慢，但似乎顯示出新 WaferPak 的積極成果，我們有能力進行 18 片晶圓測試單元，並使用我們的全自動晶圓處理器和 WaferPak 對準器來處理 300 毫米 NAND 快閃記憶體晶圓。

Interestingly, the market for NAND flash is in a state of flux with earlier announced transition to hybrid bonding technologies for higher density NAND flash on 300-millimeter wafers, driving new requirements for higher parallelism and higher power to now a push for high-bandwidth flash or HBF, which drives very different requirements in terms of test system capabilities. This is exciting news for Aehr as both are driving power requirements up substantially, which is right in our wheelhouse.

有趣的是，NAND 快閃記憶體市場正處於不斷變化的狀態，早先宣布過渡到 300 毫米晶圓上更高密度 NAND 快閃記憶體的混合鍵合技術，推動了對更高並行性和更高功率的新要求，現在又推動了對高頻寬快閃記憶體或 HBF 的推動，這在測試系統功能方面帶來了非常不同的要求。這對 Aehr 來說是個令人興奮的消息，因為兩者都大幅提高了電力需求，而這正是我們所能達到的。

High-bandwidth flash or HBF, is an emerging technology developed by two of the flash market leaders and aims to provide a massive capacity memory tier for AI workloads by combining the DRAM high-bandwidth memory or HBM-like packaging with 3D NAND flash. This innovation is set to offer 8 times to 16 times the capacity of HBM DRAM at a similar cost, delivering comparable bandwidth to dramatically accelerate AI inference and process larger models more efficiency while using less power than traditional DRAM.

高頻寬快閃記憶體或 HBF 是由兩家快閃記憶體市場領導者開發的新興技術，旨在透過將 DRAM 高頻寬記憶體或類似 HBM 的封裝與 3D NAND 快閃記憶體相結合，為 AI 工作負載提供大容量記憶體層。這項創新將以相似的成本提供 8 倍到 16 倍的 HBM DRAM 容量，提供相當的頻寬，從而顯著加速 AI 推理並更有效率地處理更大的模型，同時比傳統 DRAM 消耗更少的功率。

We're working with one of these lead customers on the now newer tester requirements to provide them with a proposal to meet even these newer, higher performance and higher power requirements within our FOX-XP wafer -- 18-wafer test and burn-in system infrastructure. We expect to have yet another update out at next quarter's earnings call.

我們正在與其中一位主要客戶就目前更新的測試儀要求進行合作，為他們提供一項提案，以在我們的 FOX-XP 晶圓（18 片晶圓測試和老化系統基礎設施）內滿足這些更新、更高性能和更高功率的要求。我們預計將在下個季度的收益電話會議上發布另一份更新消息。

The rapid advancement of generative artificial intelligence and the accelerating electrification of transportation and global infrastructure represent two of the most significant macro trends impacting the semiconductor industry today. These transformative forces are driving enormous growth in semiconductor demand while fundamentally increasing the performance, reliability, safety and security requirements of these devices across computing and data infrastructure, telecommunications networks, hard disk drive and solid-state storage solutions, electric vehicles, charging systems and renewable energy generation.

產生人工智慧的快速發展以及交通運輸和全球基礎設施電氣化的加速是當今影響半導體產業的兩個最重要的宏觀趨勢。這些變革力量正在推動半導體需求的巨大增長，同時從根本上提高了計算和數據基礎設施、電信網路、硬碟和固態儲存解決方案、電動車、充電系統和再生能源發電等領域對這些設備的性能、可靠性、安全性和保障性要求。

As these applications operate at ever higher power levels and in increasingly mission-critical environments, the need for comprehensive test and burn-in has become more essential than ever. Semiconductor manufacturers are turning to advanced wafer level and package level burn-in systems to screen for early life failures, validate long-term reliability and ensure consistent performance under extreme electrical and thermal stress.

由於這些應用在越來越高的功率水平和越來越關鍵的任務環境中運行，全面測試和老化的需求變得比以往任何時候都更加重要。半導體製造商正在轉向先進的晶圓級和封裝級老化系統來篩選早期故障、驗證長期可靠性並確保在極端電氣和熱應力下的一致性能。

This growing emphasis on reliability testing reflects a fundamental shift in the industry from simply achieving functionality to guaranteeing dependable operation throughout a product's lifetime, a requirement that continues to expand alongside the scale and complexity of next-generation semiconductor devices.

對可靠性測試的日益重視反映了行業的根本轉變，從簡單地實現功能到保證產品整個生命週期的可靠運行，這一要求隨著下一代半導體裝置的規模和複雜性而不斷擴大。

To conclude, we're excited about the year ahead and believe nearly all of our served markets will see order growth in the fiscal year with silicon carbide growth expected to strengthen further into fiscal 2027. Although we remain cautious due to ongoing tariff-related uncertainty and are not yet reinstating formal guidance, we're confident in the broad-based growth opportunities ahead across AI and our other markets.

總而言之，我們對來年充滿期待，並相信我們服務的幾乎所有市場都將在本財年出現訂單增長，預計碳化矽的增長將在 2027 財年進一步加強。儘管由於持續存在的關稅相關不確定性，我們仍保持謹慎，並且尚未恢復正式指導，但我們對人工智慧和其他市場未來的廣泛成長機會充滿信心。

With that, let me turn it over to Chris, and then we'll open up the lines 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, and good afternoon, everyone. Looking at our Q1 performance, results exceeded analyst expectations for both revenue and profit. First quarter revenue was $11 million, a $16 million (sic - see Press Release "$2.1 million") decrease from $13.1 million in the same period last year. It is important to note that last year Q1 benefited from a very strong consumables revenue quarter, which makes direct comparisons challenging. This quarter's revenue was primarily driven by demand for our FOX-CP and XP products.

謝謝你，蓋恩，大家下午好。從我們的第一季業績來看，營收和利潤都超出了分析師的預期。第一季營收為 1,100 萬美元，比去年同期的 1,310 萬美元減少 1,600 萬美元（原文如此 - 請參閱新聞稿「210 萬美元」）。值得注意的是，去年第一季受益於非常強勁的消耗品收入季度，這使得直接比較變得具有挑戰性。本季的營收主要受我們 FOX-CP 和 XP 產品的需求所推動。

In Q1, we shipped multiple FOX-CP single wafer production test and burn-in systems, featuring an integrated high-power wafer prober for new high-volume application involving burn-in and stabilization of new devices for our lead customer in the hard disk drive industry.

在第一季度，我們交付了多個 FOX-CP 單晶圓生產測試和老化系統，該系統配備了集成的高功率晶圓探測器，可用於硬碟行業的主要客戶的新批量應用，包括新設備的老化和穩定性。

Contactor revenues, which include WaferPaks for wafer-level burn-in business and [BIMs] and [BIPs] for our packaged part burn-in business totaled $2.6 million and made up 24% of our total revenue in the first quarter, significantly lower than $12.1 million or 92% of the previous year's first quarter revenue.

接觸器收入（包括用於晶圓級老化業務的 WaferPaks 以及用於我們封裝零件老化業務的 [BIM] 和 [BIP]）總計 260 萬美元，占我們第一季總收入的 24%，遠低於去年第一季收入的 1,210 萬美元或 92%。

As we have discussed in the past, this consumable business is ongoing even when customers are not purchasing capital equipment for expansion. We feel that this revenue will continue to grow both in terms of absolute value, but also as a percentage of our overall revenue over time.

正如我們過去所討論的，即使客戶不購買資本設備進行擴張，這種消耗品業務仍在繼續。我們認為，隨著時間的推移，這筆收入不僅在絕對值方面將繼續增長，而且在我們總收入中所佔的百分比也將持續增長。

Non-GAAP gross margin for the first quarter was 37.5%, down from the 54.7% year-over-year. The decline in non-GAAP gross margin was mainly due to lower sales volume and a less favorable product mix compared to the previous year, which included a higher volume of higher-margin WaferPaks.

第一季非公認會計準則毛利率為37.5%，低於去年同期的54.7%。非公認會計準則毛利率的下降主要是由於與上年相比銷售量下降和產品組合不太有利，其中包括利潤率較高的 WaferPaks 銷量增加。

Also, our products shipped this quarter included lower-margin probers and an automated aligner, both manufactured by third parties and sold as part of our overall product offerings. Non-GAAP operating expenses in the first quarter were $5.9 million, an 8% increase from $5.5 million in Q1 last year. Operating expenses increased due to higher research and development expenses for our ongoing project as we continue to (technical difficulty) AI initiative and the memory project.

此外，本季我們出貨的產品包括利潤較低的偵測器和自動對準器，均由第三方製造並作為我們整體產品的一部分出售。第一季非公認會計準則營運費用為 590 萬美元，較去年第一季的 550 萬美元成長 8%。由於我們繼續進行（技術難度）人工智慧計劃和記憶項目，我們正在進行的項目的研發費用增加，導致營運費用增加。

As we previously announced, we successfully closed the Incal facility on May 30, 2025, and completed the consolidation of personnel and manufacturing into Fremont facility at the end of fiscal 2025. In connection with the facility consolidation, we eliminated a small number of headcount due to redundancy in our global supply chain and incurred a onetime restructuring charge of $219,000 in our fiscal first quarter.

正如我們之前宣布的那樣，我們在 2025 年 5 月 30 日成功關閉了 Incal 工廠，並於 2025 財年末完成了人員和製造向弗里蒙特工廠的整合。在設施整合過程中，我們因全球供應鏈冗餘而裁減了少量員工，並在第一財季產生了 219,000 美元的一次性重組費用。

In the first fiscal quarter of 2026, we received $1.3 million of employee retention credit from (technical difficulty) for eligible businesses affected by the COVID-19 pandemic. We record this cash credit minus the professional fee to process the refund and other income on our income statement. In Q1, we recorded an income tax benefit of $0.8 million and our effective tax rate was 26.5%.

2026 財年第一季度，我們收到了來自（技術難度）受 COVID-19 疫情影響的合格企業的 130 萬美元員工保留抵免。我們將這筆現金信用減去處理退款的專業費用和其他收入記錄在我們的損益表中。第一季度，我們記錄了 80 萬美元的所得稅收益，有效稅率為 26.5%。

Non-GAAP net income for the first quarter, which excludes the impact of stock-based compensation (technical difficulty) was $0.2 million or $0.01 per diluted share compared to $2.2 million or $0.07 per diluted share in the first quarter of fiscal 2025.

第一季非公認會計準則淨收入（不含股票薪酬（技術難度）的影響）為 20 萬美元或每股攤薄收益 0.01 美元，而 2025 財年第一季為 220 萬美元或每股攤薄收益 0.07 美元。

[Consolidated] net income for the first quarter of fiscal 2026 was (technical difficulty) . Our backlog at the end of the [quarter] was $15.5 million with $2 million in bookings in the first five weeks of the second quarter of fiscal 2026, (technical difficulty) $17.5 million.

2026財年第一季[合併]淨收入為（技術難度）。我們在本季末的積壓訂單為 1,550 萬美元，其中 2026 財年第二季前五週的預訂量為 200 萬美元，（技術難度）為 1,750 萬美元。

Turning to our cash flows and balance sheet. During the first quarter, we used $0.3 million in operating cash flows. We ended the quarter with $24.7 million in cash, cash equivalents and restricted cash compared to $26.5 million at the end of Q4, mainly due to a final $1.4 million payment for facility renovation. In total, we have spent $6.3 million on remodeling our manufacturing facility.

轉向我們的現金流和資產負債表。第一季度，我們使用了 30 萬美元的經營現金流。本季末，我們的現金、現金等價物和受限現金為 2,470 萬美元，而第四季末為 2,650 萬美元，這主要是由於最終支付了 140 萬美元的設施翻新費用。總的來說，我們花了 630 萬美元來改造我們的製造工廠。

With the renovation now complete, we have significantly upgraded our manufacturing floor, customer and application test labs and clean room space for WaferPak full wafer contactors. Improvements also increased our power and water cooling capacity, enabling us to manufacture all of our FOX wafer level burn-in products and packaged part burn-in products, including Sonoma, Tahoe and macro products on the same floor.

隨著改造的完成，我們已經大幅升級了我們的製造車間、客戶和應用測試實驗室以及 WaferPak 全晶圓接觸器的無塵室空間。改進還提高了我們的電力和水冷能力，使我們能夠在同一樓層生產所有 FOX 晶圓級老化產品和封裝零件老化產品，包括 Sonoma、Tahoe 和宏產品。

We are very excited about this renovation as it was specifically designed to enable us to manufacture more high-power systems for AI configuration. We believe investment in this facility renovation has increased our overall manufacturing capacity by at least 5 times, depending on the product configuration, and we are more ready than ever to support the growth of our customers.

我們對這次改造感到非常興奮，因為它是專門設計來讓我們能夠為 AI 配置製造更多高功率系統。我們相信，根據產品配置的不同，此次設施改造的投資使我們的整體製造能力提高了至少 5 倍，我們比以往任何時候都更加準備好支持客戶的成長。

We celebrated the upgrades with the customer open house that was well attended and received very positively. Over the past quarter, we hosted many packaged part burn-in level customers who have the opportunity to see our expanded capabilities firsthand. Importantly, we do not expect and anticipate additional capital expenditures for facility expansion in the near future. We have no debt and continue to invest our excess cash in money market funds.

我們舉辦了客戶開放日來慶祝升級，出席人數眾多，反應非常正面。在過去的一個季度，我們接待了許多封裝零件老化等級的客戶，他們有機會親眼目睹我們擴充的功能。重要的是，我們預計近期不會有用於設施擴建的額外資本支出。我們沒有債務，並繼續將多餘的現金投資於貨幣市場基金。

As Gayn mentioned, we started the year by withholding formal guidance due to ongoing tariff-related uncertainty. Since we remain cautious, we will continue with that approach for now. However, looking ahead, we're confident in the broad-based growth opportunities across AI and our other markets.

正如蓋恩所提到的，由於與關稅相關的不確定性持續存在，我們年初沒有提供正式指導。由於我們仍然保持謹慎，因此我們目前將繼續採取這種方法。然而，展望未來，我們對人工智慧和其他市場的廣泛成長機會充滿信心。

Lastly, looking at Investor Relations calendar. Aehr Test will meet with investors at the 17th Annual CEO Summit in Phoenix tomorrow, Tuesday, October 7. The following month, we'll participate Craig-Hallum 16th Annual Alpha Conference in New York on Tuesday, November 18. And on Tuesday, December 16, we will return to New York City to attend the NYC CEO Summit. We hope to see some of you at these conferences.

最後，查看投資者關係日曆。Aehr Test 將於明天（10 月 7 日，星期二）在鳳凰城舉行的第 17 屆年度 CEO 峰會上與投資者會面。下個月，我們將於 11 月 18 日星期二參加在紐約舉行的 Craig-Hallum 第 16 屆年度 Alpha 會議。12 月 16 日星期二，我們將返回紐約參加紐約市執行長高峰會。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, your line is live.

（操作員指示）克里斯蒂安·施瓦布，您的線路已接通。

Great. That sounds like a much better connection. So Gayn, as we kind of get into the second half of the year and kind of these more open-ended growth opportunities in AI that you've talked about in particular, when do you think we'll see a material improvement in bookings to drive revenue down the road?

偉大的。這聽起來像是一個更好的聯繫。那麼 Gayn，隨著我們進入下半年，以及您特別提到的人工智慧領域更加開放的成長機會，您認為什麼時候我們才能看到預訂量的實質改善，從而推動未來的收入成長？

Well, that sounds an awful lot like guidance again here. But -- so what we believe and what we've tried to communicate in our previous calls as well is that our lead -- our first AI wafer level burn-in production customer, we anticipate that they will need additional capacity that would be both bookings and revenue for this year. And that could be more than last year, and we won't put a top on that.

嗯，這聽起來很像另一個的指導。但是 - 所以我們相信並且我們在之前的電話會議中也試圖傳達的是，我們的主要 - 我們的第一個 AI 晶圓級老化生產客戶，我們預計他們將需要額外的產能，這既是今年的訂單，也是收入。這可能比去年更多，我們不會對此進行限制。

So the question is timing of that. We're not sitting on an order. We didn't get it yet and just put it in our pocket. But as that order comes in, we typically will announce those within a couple of business days or so. What we are seeing is additional wafer level customer engagements. It's pretty interesting that kind of span from processors and AI (multiple speakers) I'm sorry.

所以問題在於時機。我們並沒有等待訂單。我們還沒有拿到它，只是把它放在口袋裡。但隨著訂單的到來，我們通常會在幾個工作天左右宣布。我們看到的是更多的晶圓級客戶參與。處理器和人工智慧（多個揚聲器）之間的跨度非常有趣，對不起。

Okay. Hold on, that was -- Christian, can you hear me okay?

好的。等一下，那是──克里斯蒂安，你聽得到我說話嗎？

I can hear you, Gayn.

我聽得到你的聲音，蓋恩。

Okay. All right. So I'll assume that Christian is on mute or something that he can hear me as well. So we're seeing it across several different groups from hyperscalers, AI processors kind of across the board. And it's interesting.

好的。好的。所以我假設克里斯蒂安處於靜音狀態或其他什麼的，這樣他也能聽到我的聲音。因此，我們在超大規模、人工智慧處理器等多個不同群體中都看到了它。這很有趣。

We have direct people that have come in saying that's what they're interested in. We have people that are talking to us about Sonoma for their -- because their current customers already doing qualifications and are looking to do burn-in for the first time and are looking to their package and also now exploring the wafer level side of things.

我們有直接的人來告訴我們這就是他們感興趣的。有人正在和我們談論 Sonoma——因為他們目前的客戶已經進行了資格認證，並希望首次進行老化，並且正在尋找他們的封裝，現在也在探索晶圓級方面。

So these generally do take some time. And so I would probably guess these tend to be more second half, this being the second fiscal quarter of fiscal '26 for us. But at this point, we're just scrambling as fast as we can to address all the requests and requirements and keeping our head down to focus on them.

所以這些通常確實需要一些時間。因此我可能猜測這些往往更多地出現在下半年，這對我們來說是 26 財年的第二季。但此時此刻，我們只能盡可能快地處理所有請求和要求，並埋頭苦幹，專注於它們。

On the package part, same thing, both additional quals and additional processes that are being put on our system and its enhancements to the Sonoma as well as we've got customer interest to do additional production customers with and without the fully automated integration of the pick-and-place handler that bolts right onto the front of Sonoma.

在封裝部分，同樣的事情，我們的系統上增加了額外的品質和額外的流程，並對 Sonoma 進行了增強，並且我們得到了客戶的興趣，無論有沒有完全自動化集成的拾放處理器，我們都可以為客戶進行額外的生產，該拾放處理器可以直接固定在 Sonoma 的前面。

So I think it's ongoing and very interesting, and we're just really happy to have this number of engaged and active customers.

所以我認為這是持續的並且非常有趣，我們真的很高興擁有這麼多參與和活躍的客戶。

Operator, can you hear us?

接線員，你聽得到我們說話嗎？

Yeah, I can hear you. And are you ready for the next question?

是的，我聽得到你的聲音。您準備好回答下一個問題了嗎？

Yes. Christian, do you have any other questions or -- seems a little abrupt this time.

是的。克里斯蒂安，您還有其他問題嗎？或者——這次似乎有點唐突。

We have a question coming from Christian Schwab.

我們有一個來自 Christian Schwab 的問題。

Sorry about that, Gayn. I was telling you I could hear you, but it wasn't working. So we have a few customers here currently. You talked about a bunch of more customers coming in there. As we look to the end of your fiscal year, do you have a target number of customers that you think you'll be in the process of shipping to by then or shipping to fairly shortly afterwards?

很抱歉，蓋恩。我告訴過你我能聽到你的聲音，但沒有用。我們這裡目前有幾個客戶。您談到有很多顧客來這裡。當我們展望您的財政年度即將結束時，您是否有一個目標客戶數量，您認為到那時或之後不久您將向這些客戶發貨？

That's a good question in terms of targets. Actually, we do have some discrete quantity targets. In fact, some of the KBOs, which are the bonus structures for our officers are based upon not only numbers but specific targeted AI customers. Really given a lot of insight, but I would say in plural for additional package part and also for wafer level. So at this point, we're not really limiting ourselves, but we're just trying to be cautious about oversetting expectations either in terms of the timeline of it.

就目標而言，這是一個很好的問題。實際上，我們確實有一些離散的數量目標。事實上，一些 KBO（即我們官員的獎金結構）不僅基於數字，還基於特定的目標 AI 客戶。確實給出了很多見解，但我想用複數形式來表示附加封裝部分以及晶圓級。因此，目前我們並沒有真正限制自己，但我們只是試圖在時間表方面謹慎行事，避免超出預期。

But it's actually -- one of the things that was interesting that really came to fruition, and I apologize if I said this before on the last call, is I'm starting to also understand a couple of things going on. One of them that was kind of new is there are -- many of the ASIC suppliers in particular, and there's some evidence within the GPU or just the processor suppliers themselves, they don't do a production burn-in like you think about it like using one of our tools. They're doing it at a system level, like as in the rack.

但實際上——真正取得成果的一件有趣的事情是，如果我在上次通話中說過這一點，我很抱歉，我開始了解正在發生的一些事情。其中一個比較新穎的情況是——特別是許多 ASIC 供應商，並且有證據表明 GPU 或處理器供應商本身，他們不會像您想的那樣使用我們的工具進行生產老化。他們在系統層面上進行這項工作，就像在機架上一樣。

So these processors are getting all the way to the end, and then they're simply running them in rack form, sometimes at elevated temperatures and sometimes not to try and get the first seven days of failures out of them, which is so inefficient and uses a ton of power.

因此，這些處理器一直運行到最後，然後它們只是以機架形式運行，有時在高溫下運行，有時則不嘗試消除前七天的故障，這是非常低效的，並且會消耗大量電力。

And there's only so many processors per rack, if you will. And so I was sort of surprised at some of this. Some of the test vectors that we're getting from customers are not -- this is on a production tool today. This is just an HTOL, which is like a qualification vector instead of a production vector, and that's because they weren't doing production yet. So you're really at the leading edge of this.

如果你願意的話，每個機架上只有這麼多處理器。所以我對此感到有些驚訝。我們從客戶那裡獲得的一些測試向量不是——這是今天的生產工具。這只是一個 HTOL，它就像一個資格向量而不是生產向量，這是因為他們還沒有進行生產。所以你確實處於這個領域的前沿。

But one thing is really clear from the data we've seen so far, the devices are failing. We do see the failures in the burn-in. So they're absolutely able to screen them using our tools at wafer and production. And so that creates the leading edge of this market and why we're so excited about it.

但從我們目前看到的數據來看，有一件事非常清楚，那就是這些設備正在故障。我們確實看到了老化過程中的失敗。因此他們完全能夠使用我們的工具在晶圓和生產過程中對其進行篩選。這就創造了這個市場的領先優勢，也是我們對此如此興奮的原因。

I mean it's really -- I mean, obviously, every single call you get on, your CEOs are talking about, how they're using AI one way or the other. But this is really happening to us. I mean it was 40% of our business last year from 0. We think it's going to grow both package and wafer level this year. And we're still seeing the other businesses grow as well.

我的意思是，很明顯，你接到的每一個電話，你的執行長都在談論他們如何以某種方式使用人工智慧。但這確實發生在我們身上。我的意思是，去年我們的業務從 0 成長到了 40%。我們認為今年封裝和晶圓級都將實現成長。我們也看到其他業務也在成長。

So we're really glad to have gotten the facility upgrade behind us. There's a lot of work to get that there. Now we have the capacity to be able to ship so many more systems, particularly the high-power ones. And if you come on our floor right now, you'll see AI wafer-level burn-in systems right next to Sonoma systems being built today. So I think that we believe that we have the opportunity to capture multiple customers in both package and wafer level.

因此，我們非常高興能夠完成設施升級。要實現這一目標還有很多工作要做。現在我們有能力運送更多的系統，特別是高功率的系統。如果您現在來到我們的樓層，您會看到正在建造的 Sonoma 系統旁邊就是 AI 晶圓級老化系統。因此我認為我們相信我們有機會在封裝和晶圓級領域吸引多個客戶。

And then my last question, Gayn is, last call, you were quite enthusiastic about the TAM for AI-driven products for you to be 3 times to 5 times bigger than silicon carbide. And is there a time frame that we should be thinking about that, that becomes evident? Again, I kind of asked it on the backlog question, but I'll ask it again more directly. Are we going to see material orders from one or two customers this fiscal year? Or is that something that is just too early to know, but yet you feel confident it's going to come. How should we be thinking about that?

然後我的最後一個問題是，Gayn，最後，你對人工智慧驅動產品的 TAM 非常熱衷，認為它將比碳化矽大 3 倍到 5 倍。我們是否應該考慮一個時間框架來明確這一點？再次，我有點想問積壓問題，但我會更直接地再問一次。本財政年度我們會看到一到兩位客戶的材料訂單嗎？或者這只是一些現在還無法預測的事情，但你卻相信它一定會發生。我們該如何思考這個問題？

I feel the latter is the easy out to say that I'm confident they'll come. I think timing it can both be a lot more guidance than we're providing right now. But there's also just some of these evaluations as we prove it, the customers can actually start contemplating how many and when they would want to install them. The new evaluation, I think we already alluded to it, it's for a processor that is expected to go into volume production at the end of next year or in the second half of next year. So tools would be needed to be going in, in that time line.

我覺得後者比較容易理解，因為我相信他們會來。我認為時機的選擇可以提供比我們現在提供的更多的指導。但正如我們所證明的那樣，這些評估中也只有一部分是客戶可以真正開始考慮他們想要安裝多少台以及何時安裝。新的評估，我想我們已經提到過，它針對的是一款預計明年年底或明年下半年投入量產的處理器。因此，需要在該時間軸內使用工具。

So if you just -- we do fiscal years through, in this case, fiscal '26 is through May of '26. If you talk about calendar '26, there's a lot of opportunities in play that need to play out that would be production for both wafer level as well as package. So it's not that far away. I mean, even something that seems like is one year away in our space, there's a lot of work that needs to be done to actually ramp a customer to be one year out. And so we'll keep focused on this thing as we get a little closer, we'd hope to give you answers.

因此，如果你只是 - 我們進行財政年度，在這種情況下，'26 財政年度是到 '26 年 5 月。如果您談論 26 年日曆，那麼有很多機會需要發揮，包括晶圓級生產和封裝生產。所以距離不是很遠。我的意思是，即使某件事在我們的領域看起來似乎還需要一年的時間才能實現，但要真正在一年後吸引客戶，還有很多工作要做。因此，我們會繼續關注此事，希望能夠為您提供答案。

To be candid, this will probably feel like you'll hear enthusiasm and we think we're winning and the customer has gotten good results. Those will be early indicators. And then we're going to surprise everyone with a large production order, not unlike what happened with the first wafer level system, except for some of these customers are just significantly bigger.

坦白說，這可能會讓您感覺聽到熱情，我們認為我們正在獲勝並且客戶獲得了良好的結果。這些將是早期指標。然後，我們將用一份大的生產訂單讓所有人感到驚訝，這與第一個晶圓級系統發生的情況不同，只是其中一些客戶的規模要大得多。

Jed Dorsheimer.

傑德·多斯海默。

You have Mark Shooter on for Jed Dorsheimer. Congrats on the success this quarter and the announcements for the AI customers, and that's great. Can you give us a little color on how should we think about the engagement in the qualification cycle for these customers? Do you need a new product cycle to occur? Like do you need to slide in between Blackwell and Ruben?

馬克舒特 (Mark Shooter) 取代傑德多斯海默 (Jed Dorsheimer)。恭喜本季的成功以及針對 AI 客戶的公告，這很棒。您能否向我們稍微介紹一下我們應該如何看待這些客戶在資格認證週期中的參與度？您需要一個新的產品週期嗎？例如，你需要介入布萊克威爾和魯本之間嗎？

And if you can give us a little bit of what's it like in the room with the customers? Is the tenor of these guys risk aversion? Or is the overwhelming demand spur some willingness to try a new equipment like Aehr?

您能否向我們稍微介紹一下與客戶在同一個房間的感受？這些人的基調是規避風險嗎？或者是巨大的需求刺激了人們嘗試像 Aehr 這樣的新設備的意願？

That's actually, there's a lot in no doubt. Those are good ones. All right. So let me talk about sort of the qualification process. So far, in the engagements that we've had so far, we don't need a new product, okay?So we are doing some things depending on their pitch of their probe cards, which we call our WaferPaks, we may need to do some things specifically for that.

事實上，有很多事情是毫無疑問的。這些都是好的。好的。那麼讓我來談談資格認證流程。到目前為止，在我們迄今為止的合作中，我們不需要新產品，好嗎？所以我們正在根據他們的探針卡的間距做一些事情，我們稱之為 WaferPaks，我們可能需要為此專門做一些事情。

We have some design for testability features that we have been touting to our customer base that allow them very short lead time, high-volume, low-cost WaferPaks. We can also supply them at higher cost and a little bit longer lead time if they don't hit those DFT targets. We've got some of both.

我們針對可測試性功能進行了一些設計，並一直向我們的客戶群宣傳，這些功能可以讓他們以非常短的交貨時間獲得大量、低成本的 WaferPaks。如果他們沒有達到 DFT 目標，我們也可以以更高的成本和更長的交貨時間來供應他們。我們兩者都有。

And so like one of the engagements, we made a conversation related to them about their pitch of their devices. And we're like, wow, you happen to choose a pitch on these so many pins, that's driving the cost of your WaferPak up. And they're like, well, why didn't you tell me before and they kind of joke because they hadn't talked to us before. And they're like, well, this will be no problem to cut in for our next generation, but we're just going to have to live with it on the current one.

因此，就像其中一次約會一樣，我們與他們就他們的設備推銷進行了交談。我們想，哇，你碰巧在這麼多針腳上選擇了一個間距，這會提高你的 WaferPak 的成本。他們會問，那你為什麼不早點告訴我呢？他們開玩笑說，因為他們之前沒有和我們談過這件事。他們會說，好吧，這對我們的下一代來說沒有問題，但我們現在這一代就只能忍受它了。

So they're engaged with us in kind of a roll up the sleeves working. The qualification, in some cases, is just validating that we can do the same type of DFT and power delivery as we've done with the other processors on their devices. I think customers, I get it. They're kind of like, it's hard to imagine that we can really pull this off if they haven't seen it with their own eyes. And so we're just showing it and demonstrating it to them somewhat like what we ended up doing with the first silicon carbide customers. And then at some point, people get it.

因此，他們與我們一起捲起袖子努力工作。在某些情況下，資格認證只是驗證我們是否可以執行與設備上的其他處理器相同類型的 DFT 和電力傳輸。我認為顧客，我明白。他們感覺，如果不是親眼所見，很難想像我們真的能夠做到這一點。因此，我們只是向他們展示和演示，就像我們最終為第一批碳化矽客戶所做的事情一樣。然後在某個時刻，人們明白了。

Now one thing that also seems to be going on is these are pretty visible. I already said that these systems are sitting on an OSAT. And there aren't that many of them, okay? So especially not that many of the biggest, right? There's a lot of people out there that are aware of the success of this.

現在似乎正在發生的一件事是這些都非常明顯。我已經說過這​​些系統位於 OSAT 上。而且他們的數量也不多，懂嗎？所以尤其是沒有那麼多最大的，對吧？很多人都知道這個的成功。

And even though the analysts are still trying to figure out everything, there's a lot of people that are pretty intimate knowledge and seem to know what's happening. And so they're like, can you do -- can I do it that way, too. So they're leaning in. So it's a little less of complete disbelief, can you do it, but more of can you prove it for me.

儘管分析師仍在試圖弄清楚一切，但已經有很多人對此非常了解，似乎知道發生了什麼。所以他們會問，你能做到嗎──我也能這樣做嗎？所以他們正在傾身。所以，這並不是完全不相信你能做到，而是你能為我證明這一點。

Now from a timing perspective, it's just typical the industry, normally, you -- when people are buying test equipment, like semiconductor test equipment like ours, you do it at some disconnect, either you're putting a new fab in if you're an IBM or it's with some new product or it's just simply the volume is growing so fast that you want to buy a tool that has more output per dollar or so. So in this case, outside of one supplier, everybody is using TSMC today and eventually, Tesla will be using the Samsung stuff. But it's not like there's a new fab, although there are new fabs coming online.

現在從時間角度來看，這只是典型的行業現象，通常情況下，當人們購買測試設備時，比如我們這樣的半導體測試設備，你會在某種脫節的情況下進行購買，要么是 IBM 新建了一家晶圓廠，要么是推出了一些新產品，或者只是產量增長太快，你想購買一種每美元產出更多的工具。因此在這種情況下，除了一家供應商之外，每個人都在使用台積電，最終，特斯拉將使用三星的產品。但這並不意味著有新的晶圓廠建成，儘管有新的晶圓廠正在上線。

People are just giving access to those TSMC wafers and then want to be able to test them and they either do it in a package for burn-in on something like Sonoma or system-level test or awfully all the way back at the rack. So customers are engaging because they need to buy capacity for these new products and for new things coming out. So it is a fairer way of looking at it to look at the intercept between product A to product B. That's at least what's been communicated to us with this latest one we just announced, okay?

人們只是允許訪問台積電晶圓，然後希望能夠對其進行測試，他們要么在封裝中進行老化測試，例如在 Sonoma 或系統級測試中進行老化測試，要么完全回到機架上進行測試。因此，客戶之所以參與其中，是因為他們需要購買這些新產品和新事物的容量。因此，查看產品 A 與產品 B 之間的截距是一種更公平的觀察方式。這至少是我們剛剛宣布的最新資訊傳達給我們的，好嗎？

And similarly, our first customer intercepted us with their new -- their transition to a newer device. We announced that a year ago. So that's pretty typical. And sometimes that's the gating item of their timing. And sometimes that's fast or slow, but it's sort of you need to time it with that.

同樣，我們的第一位客戶也透過向新設備的轉變來阻止我們。我們一年前就宣布了這一點。這很典型。有時這就是他們時間安排的決定性因素。有時快有時慢，但你需要根據時間進行調整。

Just the tenor or the tone, so if you guys -- people that have followed us understand that our value proposition and our pitch, if you will, is that semiconductors are growing extremely high. So within -- it took 40 years to get to $500 billion, it's going to take less than $10 billion to double that, okay? Much of that is driven by either directly AI or all of the pieces surrounding all of the explosive data center growth, okay?

只是基調或語氣，所以如果你們——關注我們的人明白我們的價值主張和我們的宣傳，如果你願意的話，那就是半導體正在極高地增長。因此，在 40 年的時間內達到 5,000 億美元，只需不到 100 億美元就能翻一番，好嗎？其中很大一部分是由人工智慧直接推動的，或者是由資料中心爆炸式增長的所有因素推動的，對嗎？

What's happening is people -- these devices are not more reliable for multiple reasons. The smaller and smaller geometries and the fact that they're putting multiple devices into one package because they can't make the devices any bigger are driving the requirements for reliability and burn-in test.

實際情況是，這些設備由於多種原因而變得不再可靠。由於無法將設備做得更大，幾何尺寸越來越小，而且需要將多個設備放入一個封裝中，這些因素推動了對可靠性和老化測試的要求。

And if you look at the road maps from all of the players, every single one of them from all of the NVIDIA products to everyone else, from the ASIC suppliers, all their products going forward are pulling multiple compute processors to make it generic in a single package, along with many, many stacks of HBM and ultimately optical I/O chipsets.

如果你看一下所有參與者的路線圖，從所有 NVIDIA 產品到其他所有產品，從 ASIC 供應商，他們未來的所有產品都將採用多個計算處理器，使其在單一封裝中通用，同時還有許多 HBM 堆疊和最終的光學 I/O 晶片組。

They put these on these complex advanced packaging substrates, and they're extremely expensive. And I always remind people, the reason you burn them in is because they fail. And when they fail, you take out all the other devices. So the value proposition, if someone could ever do wafer-level burn-in is overwhelming because the cost of the wafer level burn-in is cheaper than the yield loss.

他們將這些放在這些複雜的先進封裝基板上，而且它們非常昂貴。我總是提醒人們，你之所以刻意忽略它們，是因為它們失敗了。當它們發生故障時，你就把所有其他設備都拿出來。因此，如果有人能夠進行晶圓級老化測試，那麼其價值主張將是壓倒性的，因為晶圓級老化測試的成本比產量損失便宜。

I actually alluded to it in my prepared remarks that our lead customer for packaged part burn-in is going to do a couple of few generations in packaged part and then wants to switch to wafer level. So what are they going to do with all those Sonomas? It doesn't matter. The yield advantage of moving it to wafer level pays for it all.

實際上，我在準備好的演講中提到過，我們封裝部件老化的主要客戶將在封裝部件中進行幾代測試，然後希望切換到晶圓級。那麼他們要如何處理這些索諾瑪呢？沒關係。將其轉移到晶圓級的產量優勢足以彌補這一切。

So that's a thing -- that's a macro trend heading our way. And it's not just AI. It happened to us in the silicon carbide side of things. We see it in stacked memories in both DRAM and flash. We see it in other complex devices in GaN that are going to automotive that are mixing different devices together and why it's driving for wafer level. And these large trends are good for both reliability as a tide that's rising for all and really good for us, but also for our unique products with particularly the Sonoma and the high-power wafer-level burn-in systems we have with our FOX products.

所以這就是我們正在經歷的一個宏觀趨勢。這不僅僅是人工智慧。這發生在我們碳化矽方面。我們在 DRAM 和快閃記憶體的堆疊記憶體中看到了它。我們在 GaN 中的其他複雜設備中看到了這一點，這些設備將不同的設備混合在一起，用於汽車領域，這就是它推動晶圓級發展的原因。這些大趨勢不僅有利於可靠性，也有利於我們自己的產品，特別是 Sonoma 和 FOX 產品所採用的高功率晶圓級老化系統。

Gayn, all that color is very helpful. To dig in a bit around that last part of the Sonoma versus the FOX products, what are the -- what's the gating factor of why customers are going first with the Sonoma and not right to wafer level burning? What needs to be proven out for wafer level burn-in for those customers? And how -- I'm assuming there's a sales cycle there of you'd like to start with Sonoma and then push people to wafer-level burn-in. So how does that transition builds?

Gayn，所有這些顏色都非常有用。為了深入了解 Sonoma 與 FOX 產品的最後一部分，客戶首先選擇 Sonoma 而不是直接選擇晶圓級刻錄的關鍵因素是什麼？對這些客戶來說，晶圓級老化需要證明什麼？以及如何——我假設那裡有一個銷售週期，您想從 Sonoma 開始，然後推動人們進行晶圓級老化。那麼這種轉變是如何實現的呢？

Yeah. The way we look at it is we say we're just neutral. If you want to do package part or you want to do wafer level, we love you both, okay? It's not easy to just go talk someone out of whatever it is they're used to.

是的。我們看待這個問題的方式是，我們只是保持中立。如果您想做封裝部分或想做晶圓級，我們都喜歡您，好嗎？說服某人放棄他們習慣的事情並不容易。

So in this case, we don't have to. We just say, listen, we think we make the best machine for qualification reliability of your complex packages with Sonoma. They can test all the processors, HBM and all the chipsets inside of it in a single pass during your calls. If you want, we'll do it in production as well. And we're now adding automation to it.

所以在這種情況下，我們不必這麼做。我們只是說，聽著，我們認為我們用 Sonoma 製造了最適合您複雜包裝的認證可靠性的機器。他們可以在您通話期間一次測試所有處理器、HBM 及其內部的所有晶片組。如果您願意，我們也會在生產中這樣做。我們現在正在為其添加自動化功能。

But if you'd like to kind of go to the next step, you could do -- take the high failing devices out of there and do a wafer-level burn-in of them before you put them in those packages. And our data would suggest you don't need to burn them in again. But if you still need a little burn-in, that may be fine, but you don't want to have the massive yield loss.

但是如果你想要進入下一步，你可以這樣做——將故障率高的設備從那裡取出，並在將它們放入封裝之前對它們進行晶圓級老化。我們的數據表明您不需要再次燒毀它們。但如果您仍然需要一點磨合，那可能沒問題，但您不想出現巨大的產量損失。

Some of these processors have four and eight CPU chips in them, right, compute chips and have another six or eight HBM stacks on it. Just the CoWoS substrate is extremely expensive and rare. And so it makes sense to go to wafer level.

其中一些處理器有四個或八個 CPU 晶片，對，計算晶片，上面還有另外六個或八個 HBM 堆疊。僅 CoWoS 基板就極為昂貴且稀有。因此，進入晶圓級是有意義的。

But to be candid, 1 year ago, 12 months ago, we didn't even have the first order. There was not one machine in the world that could do a wafer level burn-in of an AI processor, okay? None. We're the only ones, and we now have just shipped our first systems and we're at the front end of this thing. I understand people are sort of in a doubting mode. Let us prove it to them.

但坦白說，一年前，也就是十二個月前，我們甚至還沒接到第一筆訂單。世界上沒有一台機器可以對 AI 處理器進行晶圓級老化，好嗎？沒有任何。我們是唯一一家，現在我們剛剛推出了我們的第一批系統，並且我們處於這個領域的最前端。我知道人們有點處於懷疑狀態。讓我們向他們證明這一點。

And for those that are on the call, if you have a processor, we can -- you can sit down with us on our nondisclosure, we can tell you which exact specific files we need, and we can do a paper benchmark and give you an answer within a couple of days as to the feasibility of your devices. And so far, we have not found one that we haven't been able to test that we've been given that detailed data on. So I'm sure there are some out there. But for now, we're on a roll.

對於那些正在通話中的人，如果您有處理器，我們可以 - 您可以與我們坐下來討論我們的保密協議，我們可以告訴您我們需要哪些具體的文件，我們可以做一個紙質基準測試，並在幾天內給您答复，說明您的設備的可行性。到目前為止，我們還沒有發現一個我們無法測試並且已經獲得詳細數據的。所以我確信那裡有一些。但就目前而言，我們進展順利。

[Bradford Ferguson].

[布拉德福德·弗格森]。

Gayn, I'm curious about the cost to wait until you get to the motherboard or the package part or the final part. When we were talking about silicon carbide, you could have 24 or 48 SiC devices on -- in one inverter. And then the whole inverter is bad, maybe that's $1,000 or $2,000, but the retail price on these NVIDIA is what, $40,000?

Gayn，我很好奇等到拿到主機板、封裝零件或最終零件時的成本是多少。當我們談論碳化矽時，一個逆變器中可以有 24 或 48 個 SiC 裝置。然後整個逆變器就壞了，可能要花 1,000 美元或 2,000 美元，但這些 NVIDIA 的零售價是多少，40,000 美元？

Well, the rumor is they have really high margins. And I'd love it if the customers would give me credit for their sales price. They really only give me credit for their cost, but fair enough. But their cost is significantly higher than any silicon carbide module ever would be. Fair enough.

嗯，有傳言說他們的利潤確實很高。如果顧客能將他們的銷售價格記入我的帳戶，我會非常高興。他們實際上只給我他們的成本信用，但這很公平。但它們的成本明顯高於任何碳化矽模組。很公平。

Yeah. I mean it's -- and by the way, to me, the craziest thing is how many people are doing it at the rack level. Like you're talking about all the way at the computer level side of things and burning it in. And obviously, a failure there is some -- a lot more expensive than it would be all the way back at wafer level. So you want to move -- in our industry, we refer to shift left. You want it to go as far left in the process as possible because it's way more cost effective.

是的。我的意思是——順便說一句，對我來說，最瘋狂的事情是有多少人在機架級別上做這件事。就像您談論的計算機層面的所有事物並將其銘刻於心一樣。顯然，如果發生故障，其成本會比晶圓級故障高出許多。所以你想移動——在我們的產業中，我們指的是左移。您希望它盡可能地向左移動，因為這樣更具成本效益。

In this case, we have the first two steps in the left side, wafer level and when it's just the module level before that module is then put actually into the system level where you'd start to see all of the power supplies and everything else on it, like the GB200 module itself.

在這種情況下，我們在左側有前兩個步驟，晶圓級，當它只是模組級時，然後該模組實際上被放入系統級，您將開始看到所有電源和其上的所有其他東西，例如 GB200 模組本身。

And then you'd -- certainly before it goes over to Super Micro or to Dell or something in some main frame route. So one thing to put in perspective, and I don't think this is the value proposition yet, but it is interesting. We know that people are doing this burn-in at the rack level or the computer level, right?

然後你——當然是在它轉移到 Super Micro 或 Dell 或某些主機路線之前。所以，從這個角度來看，我認為這還不是價值主張，但它很有趣。我們知道人們在機架級或電腦級進行這種老化測試，對嗎？

When you're in the computer level, basically, what burn-in does is you're basically applying stress condition of power via voltages of current and temperature. And what it does is it accelerates the life of the part without killing it. So I can take a device and in 24 hours make it look like it's 1 year old. And if it hasn't died by then, it's going to last 20 years.

當你處於電腦等級時，基本上，老化所做的就是透過電流和溫度的電壓來施加功率的應力條件。它的作用是加速零件的壽命，而不會損壞零件。因此，我可以拿一個設備，在 24 小時內讓它看起來像是 1 年前的。如果到那時它還沒有死的話，它還能存活 20 年。

There's all kinds of books on it. You can read it, Google it or something, and you can find out about the basic process of burn-in and why you do it, okay? The key here is you want to do it in 24 hours or 4 hours or 2 hours or something along those lines to get the infant mortality rate out so it doesn't shift to the customer or take down your large language model compilation, okay?

上面有各種各樣的書。你可以閱讀它，用谷歌搜尋或其他什麼方式，你就可以了解老化的基本過程以及為什麼要這樣做，好嗎？這裡的關鍵是，您要在 24 小時或 4 小時或 2 小時或類似的時間內完成此操作，以獲得嬰兒死亡率，這樣它就不會轉移到客戶身上或打亂您的大型語言模型編譯，好嗎？

Now when you're at system level, you can't run that rack at 125 degrees C. Everything will burn up. In fact, those racks are running cold water through them. They're probably running 30 degrees C temperature maximum. I know of a company that was trying to do some things to try and get an isolation of the GPU or the processors to 60 degrees C and their burn-in time was measured in days at the system level. That's what they were doing.

現在，當您處於系統等級時，您無法在攝氏 125 度的溫度下運行該機架。一切都會燒毀。事實上，這些架子上正流著冷水。它們的最高溫度可能為 30 攝氏度。我知道有一家公司正在嘗試做一些事情，試圖將 GPU 或處理器隔離到 60 攝氏度，而且它們的老化時間是在系統層級以天為單位來測量的。他們就是這麼做的。

Now by moving it to wafer level, we can actually run the devices at a junction temperature at 125 degrees C, which is an accelerant that's more than 10x. We can also run the voltages extremely closely to their edge, and we can get the burn-in times to come down. So when we do that, we're actually applying only power to the processor, not the HBM, not all the inefficiencies everywhere else, not the rack and et cetera, just to the processor, and we can do it for a significantly less amount of time.

現在透過將其移動到晶圓級，我們實際上可以在 125 攝氏度的結溫下運行設備，這是一種超過 10 倍的加速器。我們也可以將電壓調得非常接近其邊緣，這樣就可以縮短老化時間。因此，當我們這樣做時，我們實際上只向處理器供電，而不是 HBM，不是其他地方的所有低效率部分，不是機架等等，只是向處理器供電，而且我們可以在更短的時間內完成此操作。

The long and short of it is I can burn it in to the same level of quality at a fraction of the power. Now I don't think anyone is going to buy our system because of that per se, although there's some argument for it. But you know it's hard, getting a permit for a megawatt burn-in floor for your racks.

總而言之，我可以用一小部分功率將其刻錄到相同的品質等級。現在，我認為沒有人會因為這個原因而購買我們的系統，儘管對此有一些爭論。但您知道，取得機架兆瓦老化地板的許可證很難。

So people may buy our systems because they can actually get the power infrastructure to burn in hundreds of wafers at a time in parallel in a regular 480-volt, maybe 1,000 or multi-thousand amp circuit like we have in our building.

因此人們可能會購買我們的系統，因為他們實際上可以讓電力基礎設施在常規的 480 伏特、1,000 或數千安培的電路中同時並聯燒錄數百個晶圓，就像我們大樓裡一樣。

You wouldn't be able to do that. If you had to burn in a bunch of racks in our building, you wouldn't be able to do it. But I could have 10 systems running with 9 wafers a piece and test the 100 wafers at a time with the power that I have in my facility, which is not that atypical of a facility in the Bay Area in Silicon Valley. So there is a value proposition there. In addition to the real cost savings, it might just be feasibility of power.

你不能這麼做。如果您必須燒毀我們大樓裡的一堆機架，那麼您將無法做到這一點。但我可以讓 10 個系統運行，每個系統有 9 個晶圓，並利用我工廠的電力一次測試 100 個晶圓，這對於矽谷灣區的工廠來說並不罕見。因此，這裡有一個價值主張。除了實際的成本節省之外，這可能只是電力的可行性。

And so you mentioned the high-bandwidth flash. I'm hearing from some systems makers that they're focused on burn-in more just because of how expensive it is to scrap the whole motherboard or whatever. Do you have any kind of end to high-bandwidth memory? Or is it mainly the high-bandwidth flash?

所以你提到了高頻寬快閃記憶體。我從一些系統製造商那裡聽說，他們更加重視老化，因為報廢整個主機板或其他東西的成本太高。您對高頻寬記憶體有什麼要求嗎？還是主要是高頻寬快閃記憶體？

Yeah. I mean we talked that kind of our first -- our belief was that the engagements and the interest was first on the HB -- on the flash side of things. There is some things -- there's discussions on the DRAM side of things. I mean people are really scrambling to try and solve that through all kinds of mechanisms. And I won't get in all the technological things that we understand.

是的。我的意思是，我們首先談論的是——我們的信念是，參與和興趣首先在於 HB——在於事物的閃光方面。有一些事情——關於 DRAM 方面的討論。我的意思是人們真的在努力嘗試透過各種機制來解決這個問題。我不會談論我們所了解的所有技術。

There's very different implications when you talk about Micron, Samsung and Hynix and what they do and how they stack their memories and how they test them and burn them in that have kind of key differentiating features amongst themselves that make test interesting. We have a pretty good insight to that. I'm certainly not going to talk about it publicly, but that makes that interesting.

當你談論美光、三星和海力士時，你會得到非常不同的含義，以及他們做什麼，如何堆疊他們的內存，如何測試和刻錄它們，它們之間具有關鍵的區別特徵，使測試變得有趣。我們對此有很好的見解。我當然不會公開談論它，但這很有趣。

Bottom line is high bandwidth memory and then eventually high bandwidth flash needs to be burned in and needs to have a cycle and stress to remove that somehow or it's going to show up as it has been in the processors, in the AI stacks. And that's widely known and understood. And NVIDIA came out last, what, 6 months ago, yelled everybody and said, you need to figure out how to burn these things in before you ship them to me. We're sick and tired of it. So I'm not creating rumors. Those are widely understood reports.

底線是高頻寬內存，然後最終高頻寬閃存需要老化，並且需要有一個循環和壓力來以某種方式消除它，否則它就會像在處理器和 AI 堆疊中一樣出現。這是眾所周知和理解的。六個月前，NVIDIA 終於出現了，它對所有人大喊大叫，說你們需要先弄清楚如何燒製這些東西，然後再把它們發給我。我們對此感到厭倦。所以我並不是散播謠言。這些都是被廣泛理解的報告。

And so right now, what we're seeing in the test community is sort of people overuse the Wild West, but there's just people scrambling for good ideas on how to address this and running as fast as they can. And it makes it exciting every day when you show up to work and you've got people that are like, how can you help us? So I love our hand. I love the cards we're dealt right now. I love our position.

所以現在，我們在測試社區中看到的是人們過度使用狂野西部，但人們只是在爭先恐後地尋找解決這個問題的好主意，並儘可能快地運行。當你每天出現在工作崗位上時，如果有人問你“你能為我們做些什麼？”，你會感到非常興奮。所以我愛我們的手。我喜歡我們現在所得到的牌。我喜歡我們的立場。

I love our visibility that we have within pretty much all -- I think we can now say we have communicated with every single one of the AI players. And we have a line into them and some thread either package or wafer level related that gives us some great insights. And I think we may be completely unique in that realm.

我喜歡我們在幾乎所有方面都具有的可見性——我想我們現在可以說我們已經與每個 AI 玩家進行了溝通。我們對它們進行了深入研究，並獲得了一些與封裝或晶圓級相關的線索，這些線索為我們提供了很好的見解。我認為我們在這個領域可能是獨一無二的。

So I think the HBF is -- it looks pretty interesting. Again, that stuff takes time. But more and more things are breaking the infrastructure of test because of power at wafer level, and that's a good thing for us. We're really good at that.

所以我認為 HBF 看起來非常有趣。再說一遍，這些事情都需要時間。但由於晶圓級功率的原因，越來越多的東西正在破壞測試基礎設施，這對我們來說是一件好事。我們在這方面確實很擅長。

Our system, I just throw out 3.5 kilowatts per wafer and most people would not know what that means. That's crazy. That's -- I mean, the world has wafer probers, thousands of those installed that has 300 watts of power capability. If you try to go get a prober that has 1,500 to 2,000 watts, it's a specialized $0.5 million prober. It's what we ship with the CP to the hard disk drive guys. That's one wafer's capacity. Our systems can do 3,500 watts on each of nine wafers in one machine. Nobody can do 3.5 watts on one machine, okay -- I'm sorry, on one wafer on one machine.

在我們的系統中，我每片晶圓只消耗 3.5 千瓦的電力，大多數人都不知道這代表什麼。這太瘋狂了。那是——我的意思是，世界上有數千台晶圓探測器，其功率能力為 300 瓦。如果你想買一台功率為 1,500 到 2,000 瓦的探測器，那麼它就是一台價值 50 萬美元的專用探測器。這是我們隨 CP 一起運送給硬碟人員的東西。這就是一個晶圓的容量。我們的系統可以在一台機器上對九個晶圓中的每一個晶圓進行 3,500 瓦的功率處理。沒有人可以在一台機器上實現 3.5 瓦的功率，好吧——對不起，是在一台機器上的一個晶圓上。

And so people are coming to us because of the thermal capabilities that are unique. Many, if not most of them are patented around the whole WaferPak concept and what we -- in the blade where we deliver thermal power without a wafer prober to create uniformity across a 3,000-plus watt wafer is really awesome, and it's fun to talk about with the technical people.

人們之所以選擇我們，是因為我們擁有獨特的熱力能力。其中許多（如果不是大多數的話）都是圍繞整個 WaferPak 概念而獲得專利的，我們在刀片中無需晶圓探測器即可提供熱能，從而在 3,000 多瓦的晶圓上實現均勻性，這真的很棒，與技術人員談論它很有趣。

And there -- I'd say that people are quite impressed with what they hear. And so it's great to rotate people through here. And by the way, they see it. We can show them it in operation when they come. This is not a story.

我想說的是，人們對他們所聽到的內容印象深刻。因此，在這裡輪換人員是很好的。順便說一句，他們看到了。他們來的時候我們可以向他們展示它的運作。這不是一個故事。

So I think the more and more of these things, the rising tide, the better shape we're in. And we're not abandoning our silicon carbide customers that are listening. I know they have ramps. They have opportunities. There's new fabs, there's new capacity coming on. They have new technologies. We're not abandoning the OEMs that -- the electric vehicle suppliers that we have met with personally and help them to develop the burn-in structures and the burn-in plans that they drive their vendors towards.

所以我認為這些事情越多，潮流越盛，我們的狀況就越好。我們不會拋棄正在傾聽的碳化矽客戶。我知道他們有坡道。他們有機會。有新的晶圓廠，有新的產能正在出現。他們擁有新技術。我們不會拋棄原始設備製造商——我們親自會見了電動車供應商，並幫助他們開發老化結構和老化計劃，以推動他們的供應商實現這一目標。

We're fully committed to those guys, and we'll be there as they ramp, and we have more capacity than we ever had to be able to address their needs at a lower price point. And so I think we got that covered. We're not pivoting the company, we're just adding to it with this AI stuff.

我們全力致力於服務這些人，當他們擴大規模時，我們會在那裡，我們擁有比以往更大的產能，能夠以更低的價格滿足他們的需求。所以我認為我們已經解決了這個問題。我們不會改變公司，我們只是在用人工智慧來增強公司實力。

On silicon carbide -- this would be my last one. Thank you for your generosity. On semi, I think one reason for their success is how aggressively they adopted Aehr Test Systems, FOX-XP systems. And we have a pretty large bankruptcy that happened with one of their competitors. Is there some kind of risk for the other chip makers if they don't take burden more seriously that it could spell issues for them?

關於碳化矽——這將是我的最後一個。感謝您的慷慨。在半導體方面，我認為他們成功的原因之一是他們積極採用 Aehr 測試系統和 FOX-XP 系統。我們的一個競爭對手遭遇了相當大的破產。如果其他晶片製造商不更重視負擔，這是否會給他們帶來某種風險？

So let me answer it this way. I have been invited to be a keynote speaker. I've spoken at multiple technical conferences around the world in silicon carbide and gallium nitride conferences. I have sat on several panels, and I have been very -- almost emotional in some of those discussions because we have seen the test and burn-in data of more -- almost all of the wafers in the world, okay? That's pretty bold, okay?

那麼就讓我這樣回答吧。我被邀請擔任主旨發言人。我曾在世界各地的多個技術會議上發表過碳化矽和氮化鎵演講。我參加過幾次小組討論，在其中一些討論中我表現得非常——幾乎是情緒化——因為我們已經看到了世界上幾乎所有晶圓的測試和老化數據，好嗎？這太大膽了，好嗎？

Certainly more than anyone by far, okay? Everybody would like to think that they are special and their devices are just so much better than everybody else's. The reality is these devices fail during burn-in that represent the actual duty cycle or what's called the mission profile of electric vehicles.

當然比任何人都多，好嗎？每個人都想認為自己很特別，而且他們的設備比其他人的設備好得多。實際情況是，這些設備在代表實際工作週期或所謂的電動車任務概況的老化過程中出現故障。

What that means is if you do not burn them in, it is our belief and the data that we have, they will fail during the life of the car. Period. We've talked about that. I think I've quoted several times, whatever you do, it is my opinion, never buy an electric vehicle that didn't have burn-in for something in the 6 to 18 hours depending on the size of the engine and things like that.

這意味著，如果不將它們燒毀，我們相信，根據我們掌握的數據，它們將在汽車的使用壽命內失效。時期。我們已經討論過這個了。我想我已經引用過幾次了，無論你做什麼，我的意見是，永遠不要購買沒有經過 6 到 18 小時磨合的電動車，磨合時間取決於引擎的大小等等。

And there are OEM suppliers that have the data. They have failed customers who tried to qualify without doing an extensive burn-in and kick them out. And there have been very large suppliers that have lost in the industry because of quality and reliability. So my call to arms for everybody is there's no reason not to do wafer level burn-in or package part if you don't want to go with us, but whatever you do, don't skip it.

還有一些 OEM 供應商擁有這些數據。他們讓那些試圖在不進行全面老化的情況下獲得資格的客戶失望，並將他們踢出。並且已經有一些大型供應商因為品質和可靠性問題而在行業中遭受損失。因此，我向大家呼籲，如果您不想與我們合作，就沒有理由不進行晶圓級老化或封裝部分，但無論您做什麼，都不要跳過它。

And we -- now with our 18-wafer system, even at high voltage, okay? So we've extended the capability with more capabilities, the cost of test at high voltage on our system with a capital depreciation of five years, et cetera, is about $0.05 per die on an eight-inch silicon carbide inverter wafer per hour, per hour.

而且我們現在有了 18 晶圓系統，即使在高電壓下，好嗎？因此，我們擴展了更多功能，我們系統上的高壓測試成本（資本折舊為五年等）約為每小時八英寸碳化矽逆變器晶片上每個晶片 0.05 美元。

You can do 24 hours of burn-in for $0.12 a die. And we have been very clear with that to all the OEMs, and they understand it. And so they drive for a level of quality that they can measure directly on our tools from their suppliers. And I think there is a difference between the people that have adopted a high level of quality and reliability and their market share.

您可以以每塊晶片 0.12 美元的價格進行 24 小時的老化。我們已經向所有 OEM 明確表達了這一點，他們也理解這一點。因此，他們追求一定的品質水平，可以透過供應商提供的工具直接進行衡量。我認為，採用高水準品質和可靠性的人與他們的市場份額之間存在差異。

And all I'll say is I think ON Semiconductor has done an incredible job. In 2019, I think the year before, they had done $10 million in silicon carbide, and they're now kind of neck and neck for market leadership, and they have won well more than their fair share of the industry across the -- and I'm just repeating what they have said, across Europe, the US, Japan and even China. They have done really, really well, and I commend them for that.

我想說的是，我認為安森美半導體公司做出了令人難以置信的貢獻。2019 年，我想是前一年，他們在碳化矽方面的投入是 1000 萬美元，現在他們在市場領導地位上不相上下，他們在整個行業中贏得的份額遠遠超過他們應得的份額——我只是重複他們說過的話，包括歐洲、美國、日本甚至中國。他們做得非常非常好，我對此表示讚揚。

[Larry Chlebina].

[拉里·赫萊比納]。

The news today on the AMD hookup with OpenAI, does that accelerate your evaluation process that you have with that second process? Or does that put more pressure on getting that done?

今天有關 AMD 與 OpenAI 合作的消息，這是否加速了你們對第二個流程的評估過程？或者這會給完成這件事帶來更大的壓力嗎？

We have not talked to the level of detail to determine who it is. We've given enough hints that it's amongst the top suppliers of AI. It's not one of the ASIC guys. So I'm going to try and avoid being more specific. I will restate, we are in conversation with every one of the suppliers, and I will then say, including those guys, okay?

我們還沒有詳細討論以確定這個人是誰。我們已經給出足夠的暗示，它是人工智慧的頂級供應商之一。它不是 ASIC 的一員。所以我會盡量避免說得太具體。我重申一下，我們正在與每家供應商進行對話，然後我會說，包括那些人，好嗎？

So my interpretation of that is, honestly, just sort of warms my heart to see the different people's commitment to the different types of processors. I mean, without going into whether they are or could or might already be a customer or not, one thing about AMDs -- and we've used that, again, not as an endorsement to them. We've used them as one of the examples because their MI325 has eight processor chips in addition to, I think, at least that many HBM stacks plus the chipset in one substrate. If there's anyone that ought to be doing wafer-level burn-in, they would be amongst them, okay?

所以我對此的理解是，說實話，看到不同的人對不同類型的處理器的承諾，我感到很溫暖。我的意思是，不必考慮他們是否是、可能或已經是 AMD 的客戶，但有一點關於 AMD —— 我們再次強調，我們利用這一點並不是對他們的認可。我們將它們用作範例之一，因為它們的 MI325 有八個處理器晶片，此外，我認為，至少還有那麼多 HBM 堆疊加上一個基板上的晶片組。如果有人應該進行晶圓級老化測試，他們就會在其中，好嗎？

But for example, right now, we provide opportunities for our customers, including the likes of those guys to buy our tools for their burn-in requirements for qualifications, either themselves or to use it at one of the many test houses that have our systems to use our systems for package pump burn-in for the lowest cost alternative to things like system-level test systems that are being used out there. And if the most advanced process would be to do wafer level burn-in over time. So I won't comment on anything more than that, sorry, Larry. But I think in general, I think good news for the processor market is generally good for us right now.

但例如，現在，我們為客戶提供機會，包括那些購買我們的工具來滿足其資格老化要求的人，他們可以自己購買，也可以在眾多擁有我們系統的測試機構中使用，使用我們的系統進行封裝泵老化，這是目前使用的系統級測試系統等的最低成本替代方案。如果最先進的製程是隨著時間的推移進行晶圓級老化。所以我不會對此發表更多評論，抱歉，拉里。但我認為總的來說，我認為目前處理器市場的好消息對我們來說總體上是有利的。

The optical IO opportunity, is that going to involve actually new machines instead of upgrading existing machines? Is that transition going to happen here shortly? Or do they have more machines that they're going to--?

光學 IO 機會是否實際上涉及新機器而不是升級現有機器？這種轉變很快就會發生嗎？或者他們還有更多機器要使用嗎？

The forecast includes both. So more upgrades and more new machines.

預測包括兩者。因此會有更多升級和更多新機器。

They're going to be running out of machines to upgrade, I don't think sooner, right?

他們將會耗盡可供升級的機器，我認為不會很快耗盡，對吧？

Yeah. But there's also a scenario where they also have a bunch of products on the current machines that haven't gone away. And so it's sort of while you're upgrading these systems, they're backwards compatible, so you can still use the old WaferPaks and everything on them. But nevertheless, it's both.

是的。但也存在這樣一種情況，即他們在當前的機器上還有很多尚未消失的產品。因此，當您升級這些系統時，它們是向後相容的，因此您仍然可以使用舊的 WaferPaks 及其上的所有東西。但無論如何，兩者皆有。

And then the other thing in it's subtle and those that don't know it, so we introduced a couple of years ago a front end to the FOX systems that allow you for fully hands-free operation with a WaferPak aligner. So you can come up to that with FOPs in this case, for 300-millimeter with both overhead or AGV, automatic ground vehicles, with an E86 compliant port that allows you to not even come and touch the machine. And the wafers can run around the fab and they can run a burn-in cycle and then move on and go to the next step of test. And --

另一件事很微妙，有些人不知道，所以我們幾年前引入了 FOX 系統的前端，讓您可以使用 WaferPak 對準器完全解放雙手進行操作。因此，在這種情況下，您可以使用 FOP 來實現這一點，對於 300 毫米的高架或 AGV、自動地面車輛，使用符合 E86 標準的端口，您甚至無需觸摸機器。晶圓可以在晶圓廠內運行，進行老化循環，然後繼續進行下一步的測試。和--

You can upgrade them with the automation as well then.

您也可以使用自動化功能對它們進行升級。

Exactly. So we took what -- we actually took their tools that they had bought in the past with our older WaferPak aligners and they are now upgrading to the new WaferPak Aligner, but instead of it being offline, it's integrated with the system. So that's kind of the good way. That's the advanced way of doing it. And particularly when you think about 300-millimeter fabs of like memory, big AI processors, even the silicon photonics, you kind of want to do it, that's the best way of doing it. It's full automation. But if they don't -- if they want offline, they can do that too with us.

確切地。因此，我們採用了他們過去與我們的舊款 WaferPak 對準器一起購買的工具，現在他們正在升級到新的 WaferPak 對準器，但它不是離線的，而是與系統集成的。這是一種好方法。這是先進的做法。特別是當你考慮 300 毫米晶圓廠，例如記憶體、大型 AI 處理器，甚至矽光子學時，你會想要這樣做，這是最好的方法。它是全自動的。但如果他們不這樣做——如果他們想要離線，他們也可以和我們一起做。

On this HBF opportunity, is this a different company other than who we've been working with for year and a half -- what's that?

關於這個 HBF 機會，這與我們一年半以來一直合作的公司不同嗎？是什麼公司？

Same company, evolving requirements.

同一家公司，但需求不斷改變。

I mean is there -- do you expect anything to break loose on the original enterprise flash application? Or is this going to continue on?

我的意思是——您是否預計原始企業快閃記憶體應用程式會出現任何問題？或者這種情況還會繼續下去嗎？

It kind of feels like this is -- I say trumping it, but that word means something different these days. It feels like there -- this is such an enormous opportunity to the flash guys that it's sort of like the shiny bright light that may actually be better for us. I'm not sure it's better in terms of near term, like the opportunity is as fast. We'll see. But they could configure a system. The new system configuration is a super set of the old requirements.

這感覺就像是——我說勝過它，但這個詞在今天意味著不同的東西。感覺就像是——這對閃光燈製造商來說是一個巨大的機會，它就像一道閃亮的亮光，實際上可能對我們來說更好。我不確定從短期來看它是否更好，就像機會一樣快。我們拭目以待。但他們可以配置一個系統。新的系統配置是舊要求的超集。

And so we had already worked on the previous one, and we're working on an updated proposal to show them how they could build blades in our system that could do both their old devices and the new ones. So maybe that will help it be better. I think it is, but it's always interesting when things change. But the one thing, none of their old tools will work with this HB Flash.

因此，我們已經研究了前一個方案，並且正在製定更新的提案，向他們展示如何在我們的系統中建造可以同時適用於他們的舊設備和新設備的刀片。所以也許這將有助於它變得更好。我認為是的，但事情發生變化總是很有趣的。但有一件事，他們的舊工具都無法與這款 HB Flash 相容。

No, I wouldn't think so.

不，我不這麼認為。

So that's -- maybe that's a good thing for us, right?

所以這對我們來說也許是件好事，對吧？

That's all I had. I'll see you tomorrow, I guess.

這就是我所擁有的一切。我想，明天我會見到你。

And Larry, just alluding to, we're going to be over -- we're here at SEMICON in Arizona, SEMICON West, and there's a CEO Summit that Chris alluded to. Although Chris, I don't know if you knew this, you were breaking up -- and it sounds like we had operator problems with the operator connection. The new one has been a lot better. So sorry about that to folks that are on the line.

拉里，剛才提到，我們將要結束——我們在亞利桑那州的 SEMICON、SEMICON West，還有克里斯提到的 CEO 峰會。儘管克里斯，我不知道你是否知道這一點，你們正在分手——聽起來我們在接線員連接方面遇到了問題。新的已經好多了。我向線上的各位表示歉意。

Operator, any other questions?

接線員，還有其他問題嗎？

I'm showing there are no further questions in queue at this time. And I'd now like to hand the floor back to management for closing remarks.

我看到隊列中目前沒有其他問題。現在我想將發言權交還給管理階層，請他們發表結束語。

Thank you. I was -- I meant to try and work this in. I'm going to do one little other thing. So the other one we haven't talked about, and maybe next call, we'll spend a little bit more time on. We did a deep dive last time on the AI side of things. This time was more of an update on things.

謝謝。我——我打算嘗試解決這個問題。我要做另外一件小事。所以我們還沒有談論另一個問題，也許下次通話時，我們會花更多的時間討論。上次我們對人工智慧方面進行了深入研究。這次更多的是事情的更新。

But there's other products that we have and one of the things I want to highlight is the activities that we have within package part outside of AI. It turns out that with the Incal acquisition, they have a low power and a medium power system called Echo and Tahoe that we've been shipping a lot of systems kind of quietly in the background.

但是我們還有其他產品，我想強調的一件事是我們在人工智慧以外的包裝部分內進行的活動。事實證明，透過收購 Incal，他們擁有了名為 Echo 和 Tahoe 的低功率和中等功率系統，我們一直在幕後默默地運送大量系統。

And recently, we've had some customers, I think, egged on by some competitors that were saying, oh, there isn't (technical difficulty) even doing that stuff anymore. And that's just not true. These products are beloved by the customers for their software, the flexibility, and they did a really good job. In fact, those products were the products that honestly took air out of the packaged part burn-in market because the products are just better than ours. And we still love those. And if you come on our floor, you'll see them being built right alongside of the Sonoma systems and our FOX systems as well.

最近，我想，我們的一些客戶受到了一些競爭對手的慫恿，他們說，哦，做這些事情已經不存在（技術困難）了。但事實並非如此。這些產品因其軟體和靈活性而受到客戶的喜愛，而且它們確實做得非常出色。事實上，這些產品確實在封裝零件老化測試市場中佔據了主導地位，因為它們比我們的產品更好。我們仍然喜歡它們。如果您來到我們的樓層，您會看到它們與 Sonoma 系統和 FOX 系統一起建造。

So I just -- a message out to our customers, we still love you. We're still committed to supporting those products, and we have way more manufacturing capacity than Incal ever did, so don't be timid. We're happy to continue to ship as we have, and we'll give the investors a little bit more insight on some of the systems we're building right now, some of the interesting applications that they're going into that are also another part of this overall shift of all semiconductors needing more and more reliability test from qualifications to burn-in.

所以我只是——向我們的顧客傳達一個訊息，我們仍然愛你們。我們仍然致力於支援這些產品，而且我們的製造能力比 Incal 強大得多，所以不要膽怯。我們很高興能夠繼續像以前一樣發貨，並且我們將向投資者提供一些關於我們目前正在構建的一些系統的更多見解，以及他們正在開發的一些有趣的應用程序，這也是所有半導體整體轉變的另一部分，需要越來越多的可靠性測試，從資格認證到老化測試。

So with that, I thank everybody, and we appreciate your time and putting up with a little bit of the stuff going on with the call. We'll work on that and make sure we do better next time. And we appreciate you. Thank you now. Goodbye.

因此，我要感謝大家，我們感謝你們的時間以及忍受通話過程中發生的一些事情。我們會努力做到這一點，確保下次做得更好。我們感謝您。現在謝謝你。再見。

Thank you. This does conclude today's conference call. You may disconnect your phone lines at this time, and have a wonderful day. Thank you once again for your participation.

謝謝。今天的電話會議到此結束。此時您可以斷開電話線，祝您有美好的一天。再次感謝您的參與。