Aehr Test Systems (AEHR) 2026 Q2 法說會逐字稿

Greetings. Welcome to the Aehr Test Systems fiscal 2026 second-quarter financial results conference call. (Operator Instructions) Please note this conference is being recorded.

問候。歡迎參加 Aehr Test Systems 2026 財年第二季財務業績電話會議。（操作員說明）請注意，本次會議正在錄音。

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

現在我將把會議交給主持人，龐德爾威爾金森公司投資者關係部門的吉姆拜爾斯。你可以開始了。

Thank you, operator. Good afternoon. Welcome to Aehr Test Systems' second-quarter fiscal 2026 financial results conference call. With me in today's call are Aehr Test Systems' President and Chief Executive Officer, Gayn Erickson; and Chief Financial Officer, Chris Siu.

謝謝接線生。午安.歡迎參加 Aehr Test Systems 2026 財年第二季財務業績電話會議。今天與我一起參加電話會議的還有 Aehr Test Systems 的總裁兼執行長 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 closed, Aehr Test issued a press release announcing its second-quarter fiscal 2026 results. The release is available on the company's website at aehr.com. This call is being broadcast live over the internet for all interested parties, and the webcast will be archived on the Investor Relations page of the company's website.

在把電話交給蓋恩和克里斯之前，我想先簡單說幾件事。今天下午，股市收盤後不久，Aehr Test 發布新聞稿，公佈了 2026 財年第二季業績。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直播，供所有有興趣的人士觀看，網路直播錄影將存檔於公司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.

我想提醒大家，在今天的電話會議上，管理層將發表一些基於當前資訊和估計的前瞻性聲明，這些聲明受到諸多風險和不確定性的影響，可能導致實際結果與前瞻性聲明中的結果存在重大差異。這些因素在公司最近向美國證券交易委員會提交的定期報告和當前報告中均有討論。

These forward-looking statements, including guidance provided during today's call, are only valid as of this date, and Aehr Test Systems undertakes no obligation to update the forward-looking statements.

這些前瞻性聲明，包括今天電話會議中提供的指導，僅截至目前有效，Aehr Test Systems 不承擔更新這些前瞻性聲明的義務。

Now with that, I'd like to turn the conference call over to Gayn Erickson, President and CEO.

現在，我想把電話會議交給總裁兼執行長蓋恩·埃里克森。

Thanks, Jim. Good afternoon, everyone and welcome to our second-quarter fiscal '26 earnings conference call. I'll begin with an update on the key markets we're targeting for semiconductor test and burning, with a particular focus on the common growth drivers we're seeing across these markets, which is namely the massive explosion of AI and data center infrastructure.

謝謝你，吉姆。各位下午好，歡迎參加我們2026財年第二季財報電話會議。首先，我將介紹我們針對半導體測試和老化測試的主要市場，重點關注我們在這些市場中看到的共同成長驅動因素，即人工智慧和資料中心基礎設施的爆炸性成長。

After that, Chris will walk through our financial performance for the quarter, and then we'll open up the call for questions.

之後，克里斯將介紹我們本季的財務業績，然後我們將開放問答環節。

While second-quarter revenue was softer than anticipated, we made significant progress in both wafer level burn-in and packaged-part burn-in segments and are very excited about our prospects moving forward. Based on customer forecasts recently provided to Aehr, we believe our bookings in the second half of this fiscal year will be between $60 million and $80 million, which would set the stage for a very strong fiscal '27 that begins on May 30.

雖然第二季營收低於預期，但我們在晶圓級老化測試和封裝零件老化測試領域都取得了重大進展，我們對未來的發展前景感到非常興奮。根據客戶最近向 Aehr 提供的預測，我們相信本財年下半年的預訂量將在 6,000 萬美元至 8,000 萬美元之間，這將為 5 月 30 日開始的 2027 財年奠定非常強勁的基礎。

During the quarter we made substantial progress with wafer level burn engagements and production installations across AI processors, flash memory, silicon photonics, gallium nitride, and hard disk drives. We're encouraged to see that one of our key growth strategies focused on reliability solutions for the exploding demand for AI and data center infrastructure is beginning to bear fruit.

本季度，我們在人工智慧處理器、快閃記憶體、矽光子學、氮化鎵和硬碟等領域的晶圓級燒錄和生產安裝方面取得了實質進展。我們很高興地看到，我們專注於為人工智慧和資料中心基礎設施爆炸式增長的需求提供可靠性解決方案的關鍵成長策略之一開始取得成果。

In packaged-part burn-in, we secured key new device wins for our Sonoma system supporting high temperature operating life qualifications for AI devices. These wins are expected to drive additional capacity at test houses, including at least one customer that has elected to move into production in late calendar '26, which we believe could result in meaningful volumes of Sonoma production systems.

在封裝零件老化測試中，我們的 Sonoma 系統獲得了關鍵的新設備訂單，支援人工智慧設備的高溫運行壽命認證。預計這些成功案例將推動測試機構增加產能，其中至少有一位客戶選擇在 2026 年底投入生產，我們相信這將帶來 Sonoma 生產系統的重要產量。

In addition, in the last month, we received a very large forecast from our lead Sonoma production customer for AI ASIC production capacity. This forecast is expected to drive very strong and potentially record bookings for the company this fiscal year and position us well for significant revenue growth next fiscal year with their requested shipment starting in the first fiscal quarter of our next fiscal year.

此外，上個月，我們從索諾瑪的主要生產客戶那裡收到了關於人工智慧ASIC產能的非常大的預測。預計這一預測將推動公司在本財年實現非常強勁且可能創紀錄的預訂量，並使我們為下一財年的顯著收入增長奠定良好基礎，他們要求的貨物將於下一財年第一季開始發貨。

Taken together, our increased visibility across multiple end markets gives us great confidence in our outlook. As a result, we're reinstating financial guidance in fiscal '26, which we'll touch on later in today's call.

綜上所述，我們在多個終端市場知名度的提升，使我們對前景充滿信心。因此，我們將恢復 2026 財年的財務指引，我們將在今天的電話會議中稍後討論這一點。

Now, let's talk about our key segments. Starting with our wafer level burn-in during the quarter, we expanded engagements and completed additional production installations across several end markets. Our lead AI wafer level burn-in customer continues development of its next-generation processor and is currently discussing additional capacity with us. They're forecasting additional system and WaferPak capacity orders this fiscal year and plan to transition to our fully integrated automated WaferPak aligner for 300-millimeter wafers.

現在，我們來談談我們的關鍵細分市場。從本季的晶圓級老化測試開始，我們擴大了合作範圍，並在多個終端市場完成了額外的生產安裝。我們領先的 AI 晶圓級老化測試客戶正在繼續開發其下一代處理器，目前正在與我們討論增加產能的問題。他們預測本財年將增加系統和 WaferPak 產能訂單，並計劃過渡到我們用於 300 毫米晶圓的全整合自動化 WaferPak 對準器。

We expect this cost to continue scaling and excited to support their growth.

我們預計這一成本將持續成長，並樂於支持他們的發展。

We also announced a strategic expansion of our partnership with ISE Labs during the quarter to deliver advanced wafer level test and burn-in services for next-generation high-performance computing and AI applications. This partnership accelerates time to market, improves performance, and gives customers the option of either packaged-part or wafer level test and burn-in for the production volumes.

本季度，我們也宣布了與 ISE Labs 的策略性合作擴展，旨在為下一代高效能運算和人工智慧應用提供先進的晶圓級測試和老化服務。此次合作加快了產品上市速度，提高了性能，並為客戶提供了封裝零件級或晶圓級測試和老化測試的選擇，以滿足大量生產的需求。

ISE, together with its parent company, ASE, represents the world's leading outsourced semiconductor assembly and test or OSAT platform serving a global roster of top tier semiconductor customers.

ISE 與其母公司 ASE 一起，代表著全球領先的外包半導體組裝和測試 (OSAT) 平台，為全球許多頂級半導體客戶提供服務。

As part of our benchmark evaluation program with the top tier AI processor supplier we announced last quarter, we completed development of our new fine-pitch WaferPaks for wafer level burn-in of high current AI processors. These are currently in test with this potential customer's processors and are designed to validate our FOX-XP production systems for wafer level burn-in and functional test of their high-performance, high-power AI processors.

作為我們上季度宣布的與頂級人工智慧處理器供應商的基準評估計劃的一部分，我們完成了用於高電流人工智慧處理器晶圓級老化測試的新型細間距 WaferPak 的開發。目前這些產品正在與該潛在客戶的處理器進行測試，旨在驗證我們的 FOX-XP 生產系統是否適用於其高效能、​​高功耗 AI 處理器的晶圓級老化和功能測試。

We're currently completing startup procedures such as power-up sequencing, thermal profiling, test vectors, timing, and high-speed differential clocks, and expect to complete data collection this quarter.

我們目前正在完成啟動程序，例如上電順序、熱分析、測試向量、時序和高速差分時鐘，預計將在本季完成資料收集。

While we're demonstrating our new fine-pitch high-current WaferPaks for this benchmark, many customers can utilize lower cost WaferPak designs if certain design for test rules are incorporated up front. These approaches reduce cost and lead time and are especially attractive to customers focused on faster time to market or wafer level high temp operating life qualification.

雖然我們在此基準測試中展示了我們新的細間距高電流 WaferPak，但如果預先納入某些測試設計規則，許多客戶可以使用成本較低的 WaferPak 設計。這些方法可以降低成本並縮短交付週期，對於注重更快上市或晶圓級高溫運行壽命認證的客戶來說尤其具有吸引力。

We also have two additional AI processor companies planning wafer level benchmark evaluations since last quarter's earnings call. These benchmarks typically take about six months, and we expect to make meaningful progress beginning this quarter. Both customers are evaluating wafer level test and burn-in as an alternative to packaged-part or system level test for large, advanced AI modules that combine multiple AI accelerators and stacked high bandwidth memory.

自從上季財報電話會議以來，還有兩家人工智慧處理器公司計劃進行晶圓級基準評估。這些里程碑通常需要大約六個月的時間，我們預計從本季開始將取得實質進展。兩家客戶都在評估晶圓級測試和老化測試，以此作為封裝零件或系統級測試的替代方案，用於大型、先進的 AI 模組，這些模組結合了多個 AI 加速器和堆疊式高頻寬記憶體。

Moving burn-in upstream to the wafer level significantly reduces cost and yield risk by avoiding scrapping expensive substrates and memory stacks when early failures occur later in the process. We have seen estimates that show the cost of the substrate is more than a single processor and the cost of a high-bandwidth memory is even higher.

將老化測試提前到晶圓級，可以顯著降低成本和良率風險，避免在製程後期出現早期故障時報廢昂貴的基板和記憶體堆疊。我們看到一些估算表明，基板的成本比單一處理器還要高，而高頻寬記憶體的成本甚至更高。

Turning to flash memory, we completed our wafer level benchmark with a global leader in NAND flash just prior to the holidays. The customer has now taken the wafers back for further processing to validate correlation with their internal process.

談到閃存，我們在假期前夕與一家全球領先的 NAND 快閃記憶體製造商完成了晶圓級基準測試。客戶現已將晶圓取回進行進一步加工，以驗證其與內部製程的相關性。

This benchmark demonstrated our ability to test flash memory wafers with significantly higher parallelism and power than is possible using traditional probers and group probers from companies such as TEL or Accretech. We've also proposed a next-generation solution enabling test of a new emerging flash memory device called high-bandwidth flash or HBF designed for AI workloads.

此基準測試表明，我們能夠以比使用 TEL 或 Accretech 等公司的傳統探針和分組探針更高的並行性和功率來測試快閃記憶體晶圓。我們還提出了一種下一代解決方案，可以測試一種名為高頻寬快閃記憶體或 HBF 的新型快閃記憶體設備，該設備專為 AI 工作負載而設計。

This proposed solution leverages our FOX-XP platform, WaferPaks, and Auto Aligner technology and would support single touchdown high powered tests on 300-millimeter wafers.

該方案利用了我們的 FOX-XP 平台、WaferPaks 和自動對準器技術，支援對 300 毫米晶圓進行單次高功率測試。

While development of this system would take over a year following customer commitment, we believe this represents a compelling entry point into a large and evolving memory market. We look forward to sharing more details as this progresses.

雖然該系統的開發在客戶承諾後需要一年多的時間，但我們相信這代表著進入龐大且不斷發展的記憶體市場的絕佳切入點。隨著事態發展，我們將與大家分享更多細節。

Turning to silicon photonics, we believe that silicon photonics is used -- we believe that silicon photonics used in data center and also chip-to-chip I/O is going to be a significant market-driving production burning capacity for our FOX wafer level burn-in systems and WaferPaks. Our lead customer has now firmed up its production ramp, which we expect to begin early next fiscal year. While this timing is later than previously expected, it aligns with recently announced AI processor platforms and positions us well for calendar 2026 orders and deliveries in fiscal '27.

談到矽光子學，我們認為矽光子學在資料中心以及晶片間 I/O 的應用，將成為我們 FOX 晶圓級老化系統和 WaferPak 的重要市場驅動力，從而提升其生產能力。我們的主要客戶已經確定了其產能爬坡計劃，我們預計將在下一個財政年度初開始實施。雖然這一時間比之前預期的要晚，但它與最近發布的 AI 處理器平台相吻合，並使我們為 2026 年的訂單和 2027 財年的交付做好了充分準備。

We've also finalized a forecast with another major silicon photonics customer, initially targeting data center applications with a roadmap toward optical I/O. We expect to book their initial turnkey FOX system soon with delivery planned for May of this year.

我們也與另一家主要的矽光子學客戶最終確定了預測，最初目標是資料中心應用，並制定了向光 I/O 發展的路線圖。我們預計很快就能預訂他們的首套交鑰匙FOX系統，計劃於今年5月交貨。

In gallium nitride power semiconductors, we continue to support our lead production customer, though we experience delays related to unanticipated high voltage bolt conditions that required WaferPaks and protection circuit redesigns. This delayed approximately $2 million in WaferPak shipments from last quarter into this quarter, along with some system enhancements.

在氮化鎵功率半導體領域，我們繼續支持我們的主要生產客戶，儘管我們遇到了與意想不到的高壓螺栓情況相關的延誤，這需要重新設計晶圓封裝和保護電路。由於一些系統改進措施，導致上季價值約 200 萬美元的 WaferPak 出貨量推遲到本季。

Shipments have now resumed, and lessons learned have significantly strengthened our GaN power supply burn-in capability. If anyone tells you that testing and burning in full wafers of GaN power semiconductors with up to 600 volts or more is easy, don't listen to them.

發貨現已恢復，並且吸取的經驗教訓大大增強了我們的氮化鎵電源老化能力。如果有人告訴你，用高達 600 伏特或更高的電壓測試和老化整個 GaN 功率半導體晶圓很容易，不要聽他們的。

We also continue to engage with multiple new production -- potential GaN customers and are developing WaferPaks for several new device designs that are expected to go to high volume production for applications like data center infrastructure and power delivery, automotive electrical power distribution on both ICE and hybrid electric vehicles, and even power semiconductors used for electrical breakers. Aehr has a unique solution that can deliver full turnkey, fully automated wafer handling and probing for test and burning of GaN wafers in sizes from 6 to 8 inches and even 12 inches or 300-millimeter wafers.

我們也繼續與多家新的生產——潛在的氮化鎵客戶進行接觸，並正在為幾種新的裝置設計開發晶圓封裝，這些裝置設計預計將進行大規模生產，用於資料中心基礎設施和電力傳輸、內燃機和混合動力電動汽車的汽車電力分配，甚至用於斷路器的功率半導體等應用。Aehr 擁有獨特的解決方案，可為 6 至 8 英寸甚至 12 英寸或 300 毫米的 GaN 晶圓提供完整的交鑰匙、全自動晶圓處理和探測，用於測試和燒蝕。

Turning to silicon carbide, as we've previously discussed, silicon carbide demand has been weighed toward the end of this fiscal year. Customers continue to be optimistic about this market and their capacity needs, but we've tried to take a very conservative stance that is mostly show us the orders before we believe them.

回到碳化矽，正如我們之前討論過的，本財年末碳化矽的需求有所下降。客戶對這個市場及其產能需求依然保持樂觀，但我們一直採取非常保守的態度，也就是在看到訂單之前，我們不會輕易相信。

Our lead customer recently transitioned from 150 millimeters to 200-millimeter wafers, nearly doubling output without adding new FOX-XP systems and supported by Aehr's proprietary WaferPaks that we developed to accommodate both 150- and 200-millimeter wafers, contacting 100% of the die on each in a single touchdown.

我們的大客戶最近從 150 毫米晶圓過渡到 200 毫米晶圓，在不增加新的 FOX-XP 系統的情況下，產量幾乎翻了一番，並且得到了 Aehr 專有的 WaferPak 的支持，該 WaferPak 是我們開發的，可以同時容納 150 毫米和 200 毫米晶圓，一次接觸到每個圓晶上即可容納每個圓晶上的每個圓晶，一次接觸到每個圓晶上的每個圓晶。

They're now seeing additional needs for WaferPaks this year, but additional capacity for systems appears to be a year out. We pushed out expected orders until next fiscal year from our near term forecast, but have capacity of systems or WaferPaks to continue to support their surge capacity needs as well as our other silicon carbide customers.

他們現在看到今年對晶圓封裝的需求增加，但係統新增產能似乎還需要一年。我們已將近期預測中的預期訂單推遲到下一個財政年度，但我們擁有足夠的系統或晶圓封裝能力，可以繼續支持他們的產能激增需求以及我們其他碳化矽客戶的需求。

While electric vehicle-related demand has slowed industry-wide, we remain well positioned with the most competitive wafer level burn-in solution available, and we expect to benefit when growth resumes.

雖然整個產業對電動車的需求有所放緩，但我們憑藉最具競爭力的晶圓級老化解決方案仍然處於有利地位，我們預計在成長恢復時將從中受益。

In semiconductors used in data center hard disk drives, we're installing the additional FOX-CP systems for a major supplier of hard disk drives for wafer level burn-in of their special components in their drives. They've indicated plans for additional purchases later this calendar year. While their device unit volumes are very large, the overall revenue opportunity remains modest due to short stress times and the massive parallelism achieved on our FOX-CP system and proprietary high power WaferPak wafer contactors.

在資料中心硬碟所使用的半導體領域，我們正在為一家主要的硬碟供應商安裝額外的 FOX-CP 系統，用於對其驅動器中的特殊組件進行晶圓級老化測試。他們已表示計劃在今年稍後進行更多採購。雖然他們的設備單元產量非常大，但由於壓力測試時間短，以及我們 FOX-CP 系統和專有的高功率 WaferPak 晶圓接觸器實現了大規模並行處理，因此整體收入機會仍然不大。

Now let me talk about packaged-part burn-in. We're seeing continued momentum in packaged-part qualification and production burn-in for AI processors driving growth in our new Sonoma ultra-high-powered package-part burn-in systems and consumables. As we announced today in a separate press release, during our fiscal third quarter to date, we have received orders from multiple customers totaling more than $5.5 million for our Sonoma ultra-high-power packaged-part burn-in systems, including initial orders from a premier Silicon Valley test lab for a newly introduced higher power configured Sonoma system that can also support full automation.

現在讓我來談談封裝零件老化問題。我們看到，AI 處理器封裝零件認證和生產老化測試的持續成長勢頭，推動了我們新型 Sonoma 超高功率封裝零件老化測試系統和耗材的成長。正如我們今天在另一份新聞稿中宣布的那樣，在截至目前的第三財季，我們已收到來自多家客戶的訂單，總額超過 550 萬美元，用於我們的 Sonoma 超高功率封裝部件老化系統，其中包括來自矽谷一家頂級測試實驗室的初始訂單，該實驗室訂購了新推出的高功率配置 Sonoma 系統，該系統還可以支持完全自動化。

These orders already exceed the total Sonoma orders for the entire second quarter, highlighting the accelerating demand we're seeing for a packaged level burn-in of high-powered AI and compute devices.

這些訂單已經超過了 Sonoma 第二季度的總訂單量，凸顯了我們看到的對高效能 AI 和運算設備進行封裝式老化測試的加速需求。

This quarter we also secured key new device wins on the Sonoma platform, or high temp operating life qualification. These wins are expected to drive additional capacity at test houses, with at least one customer planning to transition to production later this calendar year, generating significant system demand.

本季度，我們還在 Sonoma 平台上獲得了重要的全新設備訂單，或獲得了高溫運行壽命認證。預計這些訂單將推動測試機構增加產能，至少有一家客戶計劃在今年稍後過渡到生產階段，從而產生巨大的系統需求。

Our lead packaged-part burn-in production customer for AI processors continues to ramp and is forecasting substantial growth in 2026 and beyond. Although we have not yet received the purchase order, we have received a substantial forecast from this customer for AI ASIC production capacity, with requested Sonoma production, packaged-part burn-in system, and BIM shipments beginning in the fiscal first quarter of '27 that starts May 30, which we expect to contribute to very strong bookings in fiscal '26 and generate significant revenue growth in fiscal '27.

我們領先的 AI 處理器封裝零件老化測試生產客戶持續擴大生產規模，並預測 2026 年及以後將大幅成長。雖然我們尚未收到採購訂單，但該客戶已向我們提供了大量關於 AI ASIC 生產能力的預測，要求從 2027 財年第一季（從 5 月 30 日開始）開始生產 Sonoma 產品、封裝零件老化系統和 BIM 產品，我們預計這將有助於 2026 財年實現非常強勁的預訂量，並在 2027 財年帶來顯著的預訂。

This customer also plans to introduce much higher power ASIC later this year for which we are already developing the high temp operating life qualification burn-in modules and sockets to be used on the Sonoma systems at one of the premier Silicon Valley test services companies that have many systems installed. This AI accelerator ASIC processor is also forecasted to go to production burn-in and drive even higher volume needs for production burn-in systems downstream at the OSATs in Asia.

該客戶還計劃在今年稍後推出功率更高的 ASIC，為此，我們已經在開發高溫運行壽命鑑定老化模組和插座，這些模組和插座將在矽谷一家頂級測試服務公司（該公司安裝了許多 Sonoma 系統）的 Sonoma 系統上使用。根據預測，這款 AI 加速器 ASIC 處理器也將進入量產老化測試階段，並推動亞洲 OSAT 下游對量產老化測試系統更高的需求。

We feel we're very well positioned with our Sonoma system for this production capacity need and believe this could drive very substantial volumes of Sonoma systems in our next fiscal year.

我們認為，憑藉我們的 Sonoma 系統，我們完全有能力滿足這一產能需求，並相信這將推動我們在下一個財政年度實現 Sonoma 系統非常可觀的銷量。

During the quarter, we completed development of a next-generation fully automated higher power Sonoma system supporting up to 2,000 watts per device. This system enables continuous flow operation, improved throughput, and seamless transition from qualification to high-volume production using the same fixtures and sockets.

本季度，我們完成了下一代全自動高功率 Sonoma 系統的開發，每個設備最高支援 2000 瓦的功率。該系統能夠實現連續流操作、提高產量，並使用相同的夾具和插座從鑑定過渡到大批量生產。

These capabilities enable customers who are focused on high temp operating life reliability testing to have a system that is fully software and hardware compatible with the Sonoma systems they have installed, which simplifies and accelerates time to market that is critical for HTOL testing of new AI processors.

這些功能使專注於高溫運行壽命可靠性測試的客戶能夠擁有一個與他們已安裝的 Sonoma 系統完全相容的軟體和硬體系統，從而簡化和加快了新 AI 處理器的 HTOL 測試的上市時間，而上市時間對於 HTOL 測試至關重要。

This Sonoma burn-in system can also simply bolt on a fully automated handler developed and sold by Aehr Test as a turnkey solution to allow hands-free operation with less than a couple of minutes of overhead per burn-in cycle, which is amazing for production burn-in needs.

這款 Sonoma 老化測試系統還可以簡單地連接到 Aehr Test 開發和銷售的全自動處理機上，作為交鑰匙解決方案，實現免手動操作，每個老化測試週期只需不到幾分鐘的額外時間，這對於生產老化測試的需求來說非常棒。

We're also seeing increased demand for our lower power Echo and Tahoe packaged-part burn-in systems driven by our installed base of more than 100 systems across over 20 semiconductor companies worldwide, but I'll wait for another call to discuss these systems and the markets they serve in more detail.

我們也看到，由於我們在全球 20 多家半導體公司安裝了 100 多套系統，市場對我們低功耗的 Echo 和 Tahoe 封裝零件老化系統的需求也在增加。但我會等到下次電話會議再詳細討論這些系統及其所服務的市場。

As stated last quarter, the rapid advancement of generative AI and accelerating electrification of transportation and global infrastructure represent two of the most significant macro trends impacting the semiconductor industry today.

如同上個季度所述，生成式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大最重要宏觀趨勢。

These transformative forces are driving enormous growth in semiconductor demand while fundamentally increasing the performance, reliability, safety, and security requirements of the devices used across computing and data infrastructure, telecommunications networks, hard disk drive, and solid-state storage solutions, electric vehicles, charging systems, and renewable energy generation.

這些變革力量正在推動半導體需求的大幅成長，同時從根本上提高了運算和資料基礎設施、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所用設備的性能、可靠性、安全性和保障性要求。

All these as these applications operate at ever higher power levels and in increasingly mission-critical environments. The need for comprehensive test in 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 conditions.

所有這些都是因為這些應用在越來越高的功率水平下運行，並且在越來越關鍵的任務環境中運行。在老化測試中進行全面測試的需求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，以篩選早期失效、驗證長期可靠性，並確保在極端的電熱應力條件下性能穩定。

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.

對可靠性測試日益重視，反映了行業從單純實現功能到保證產品在整個生命週期內可靠運行的根本轉變，而隨著下一代半導體裝置的規模和複雜性的增加，這一要求也在不斷提高。

This year, we're making significant progress expanding into additional key markets for our semiconductor test and burn-in solutions, including AI 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 for electric vehicles the last two years.

今年，我們在拓展半導體測試和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、矽光子學、積體電路和快閃記憶體。鑑於過去兩年我們的收入主要集中在電動車用碳化矽領域，這種市場和客戶的多元化意義重大。

This progress and key initiatives expands our total addressable market, diversifies our customer base, and provides us with new products, capabilities, and capacity, all aimed at driving revenue growth and increasing profitability. The progress we made this quarter with a significant number of customer engagements and production installations provides improved visibility into future demand.

這項進展和關鍵措施擴大了我們的潛在市場，使我們的客戶群更加多元化，並為我們提供了新產品、新能力和新產能，所有這些都旨在推動收入成長和提高獲利能力。本季我們在客戶互動和生產安裝方面取得了顯著進展，這提高了對未來需求的可見度。

As a result, we're reinstating guidance for the second half of fiscal '26. For the second half of fiscal '26, which began November 29, '25, and ends this May 29 of '26, Aehr expects revenue between $25 million and $30 million dollars. As stated earlier, although we're not providing formal bookings guidance based on customer forecasts recently provided to Aehr, we believe our bookings in the second half of this fiscal year will be much higher than revenue, between $60 million and $80 million dollars in bookings, which would set the stage for a very strong fiscal '27 that begins on May 30, 2026.

因此，我們恢復 2026 財年下半年的業績指引。Aehr 預計 2026 財年下半年（從 2025 年 11 月 29 日開始，到 2026 年 5 月 29 日結束）的營收將在 2,500 萬美元至 3,000 萬美元之間。如前所述，雖然我們沒有根據最近提供給 Aehr 的客戶預測提供正式的預訂指導，但我們相信本財年下半年的預訂量將遠高於收入，預訂量將在 6000 萬美元至 8000 萬美元之間，這將為 2026 年 5 月 30 日開始的 2027 財年奠定非常強勁的基礎。

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

接下來，我將把發言權交給克里斯，然後我們將開放式提問環節。

Thank you, Gayn, and good afternoon, everyone. I'll begin with bookings and backlog, then walk through our second-quarter financial performance, cash position outlook, and investor activity.

謝謝你，蓋恩，大家下午好。我將首先介紹預訂情況和積壓訂單，然後詳細介紹我們第二季的財務業績、現金狀況展望和投資者活動。

The company recognized bookings of $6.2 million in the second quarter of fiscal 2026 compared to $11.4 million in the first quarter. At the end of the quarter, our backlog was $11.8 million. Importantly, during the first six weeks of the third quarter, we received an additional $6.5 million in bookings. This increase was driven primarily by an order from a premier Silicon Valley test lab for our newly introduced high-power configured Sonoma system, which we announced this afternoon.

該公司在 2026 財年第二季確認的訂單額為 620 萬美元，而第一季為 1,140 萬美元。截至季末，我們的積壓訂單為 1,180 萬美元。值得注意的是，在第三季的前六週，我們獲得了額外的 650 萬美元預訂。此次成長主要得益於矽谷一家頂級測試實驗室向我們新推出的高功率配置 Sonoma 系統下了訂單，我們今天下午宣布了這一消息。

Including these recent bookings, our effective backlog has now grown to $18.3 million, providing increased visibility as we move through the remainder of fiscal 2026.

加上最近的這些訂單，我們的有效積壓訂單金額已增長至 1830 萬美元，這為我們在 2026 財年剩餘時間內的發展提供了更高的可見度。

Turning to our second-quarter results, revenue was $9.9 million, down 27% from $13.5 million in the prior year period. The decline was primarily driven by lower shipments of WaferPaks, partially offset by stronger demand for our Sonoma systems from our hyperscale customer.

再來看我們第二季的業績，營收為 990 萬美元，比去年同期的 1,350 萬美元下降了 27%。此次下滑主要是由於 WaferPak 出貨量減少所致，但超大規模客戶對我們的 Sonoma 系統需求強勁，部分抵消了這一下滑。

Contactor revenues, which include WaferPaks for our wafer level burn-in business and BIMs and bps for packaged by burn-in business, total of $3.4 million, representing 35% of total revenue. This compares to $8.6 million, or 64% of revenue in the second quarter last year.

接觸器收入，包括晶圓級老化業務的 WaferPaks 以及封裝老化業務的 BIM 和 bps，總計 340 萬美元，佔總收入的 35%。相比之下，去年第二季的營收為 860 萬美元，佔總營收的 64%。

Non-GAAP gross margin for the second quarter was 29.8% compared to 45.3% a year ago. The year-over-year decline reflects lower overall sales volume and a less favorable product mix, as last quarter's -- last year's quarter included a higher proportion of higher margin WaferPak revenue.

第二季非GAAP毛利率為29.8%，去年同期為45.3%。年比下降反映出整體銷售量下降和產品組合不太有利，因為上個季度（去年同期）包含了更高比例的高利潤率威化餅包裝收入。

Non-GAAP operating expenses in the second quarter were $5.7 million, down 4% from $5.9 million in Q2 last year. The decrease was primarily due to lower personnel related expenses, which were partially offset by high research and development costs, including higher project spending, as we continue to invest resources in AI benchmark initiatives and memory-related programs.

第二季非GAAP營運費用為570萬美元，比去年第二季的590萬美元下降了4%。下降的主要原因是人員相關費用減少，但部分被較高的研發成本所抵消，包括更高的項目支出，因為我們繼續在人工智慧基準測試計劃和記憶體相關計劃上投入資源。

As previously announced, we successfully closed the InCal facility on May 30, 2025, and completed the consolidation of personnel and manufacturing into AS Fremont facility at the end of fiscal 2025.

正如先前宣布的那樣，我們已於 2025 年 5 月 30 日成功關閉了 InCal 工廠，並在 2025 財年末完成了人員和製造業務向 AS Fremont 工廠的整合。

During the quarter, we negotiated an early lease termination with the landlord, reducing our obligation by five months of rent. As a result, we recorded a reversal of $213,000 related to a previously accrued one-time restructuring charge.

本季度，我們與房東協商提前終止租賃合同，從而減少了五個月的租金支出。因此，我們記錄了與先前提列的一次性重組費用相關的 213,000 美元的衝回。

During the quarter, we recorded an income tax benefit of $1.2 million, resulting in an effective tax rate of 27.3%. Non-GAAP net loss for the quarter, which excludes the impact of stock-based compensation, acquisition-related adjustments, and restructuring charges, was $1.3 million or negative $0.04 per diluted share compared to net income of $0.7 million or $0.02 per diluted share in the second quarter of fiscal 2025.

本季度，我們獲得了 120 萬美元的所得稅優惠，實際稅率為 27.3%。本季非GAAP淨虧損（不含股票選擇權費用、收購相關調整及重組費用的影響）為130萬美元，即每股攤薄虧損0.04美元，而2025財年第二季淨利為70萬美元，即每股攤薄收益0.02美元。

Turning to cash flow, we used $1.2 million in operating cash during the second quarter. We ended the quarter with $31 million in cash, cash equivalents and restricted cash, up from $24.7 million at the end of Q1. The increase was primarily due to proceeds from our [after] market equity program.

從現金流來看，我們在第二季使用了 120 萬美元的經營現金。本季末，我們持有現金、現金等價物和受限現金 3,100 萬美元，高於第一季末的 2,470 萬美元。此次成長主要歸功於我們（售後）股權計畫的收益。

As a reminder, in the second quarter of fiscal 2025, we filed a new $100 million S-3 self-registration that was approved by the SEC for three years, followed by an ATM offering of up to $40 million.

提醒一下，在 2025 財年第二季度，我們提交了一份新的 1 億美元的 S-3 自我註冊申請，該申請已獲得美國證券交易委員會的批准，有效期為三年，隨後我們進行了最高 4000 萬美元的 ATM 發行。

During the second quarter of fiscal 2026, we raised $10 million in gross proceeds through the sale of about 384,000 shares. At quarter end, $30 million remained available under the ATM. We intend to utilize the ATM selectively with a disciplined approach focused on market conditions and shareholder value.

在 2026 財年第二季度，我們透過出售約 384,000 股股票籌集了 1,000 萬美元的總收益。截至季末，ATM機下仍有3,000萬美元可用資金。我們計劃選擇性地使用 ATM，採取以市場狀況和股東價值為中心的嚴謹方法。

Looking ahead to the second half of fiscal 2026, which began on November 29, 2025, and ends on May 29, 2026, we expect total revenue between $25 million to $30 million, and non-GAAP net loss per diluted share between negative $0.09 and negative $0.05 for the six-month period.

展望 2026 財年下半年（從 2025 年 11 月 29 日開始，到 2026 年 5 月 29 日結束），我們預計總收入在 2500 萬美元至 3000 萬美元之間，非 GAAP 每股攤薄淨虧損在 -0.09 美元至 -0.055 美元之間。

On the Investor Relations front, last month on December 17, 2025, Lake Street Capital initiated analyst research coverage on Aehr Test. Along with equity research firm Freedom Broker, which initiated coverage last June, there are now a total of four research firms covering the company.

在投資者關係方面，上個月，即 2025 年 12 月 17 日，Lake Street Capital 開始對 Aehr Test 進行分析師研究。加上去年六月開始關注該公司的股票研究公司 Freedom Broker，目前共有四家研究公司對該公司進行研究。

Lastly, looking at the Investor Relations calendar, we will meet with investors at the 20th Annual Needham Growth Conference in New York on Tuesday, January 13, and then return to New York in February for the 15th Annual Susquehanna Technology Conference on Thursday, February 26. We will also be participating virtually in the Oppenheimer Emerging Growth Conference on Tuesday, February 3.

最後，請查看投資者關係日程，我們將於 1 月 13 日星期二在紐約舉行的第 20 屆 Needham 年度增長大會上與投資者會面，然後於 2 月 26 日星期四返回紐約參加第 15 屆 Susquehanna 年度技術大會。我們也將於2月3日星期二以線上方式參加奧本海默新興增長大會。

We hope to see you at these conferences.

我們希望在這些會議上見到您。

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

我們的發言稿到此結束。現在我們很樂意回答您的問題。操作員，請開始。

(Operator Instructions) Christian Schwab, Craig-Hallum.

（操作說明）克里斯蒂安·施瓦布，克雷格-哈勒姆。

Gayn, thanks for all the details on the call. What wasn't clear to me exactly is on the booking strength, potential booking strength of $60 million to $80 million in the second half of this fiscal year, is that almost entirely on the AI accelerator processor line?

蓋恩，謝謝你在通話中提供的所有細節。我不太清楚的是，本財年下半年 6,000 萬至 8,000 萬美元的潛在預訂量，是否幾乎完全來自 AI 加速處理器產品線？

There's some silicon carbide, not much; like not very much at all. There is some silicon photonics, for sure. But the bulk of it is across wafer level and packaged-part burn-in for AI processors, yes.

裡面有一些碳化矽，但不多；幾乎沒什麼。矽光子學領域確實存在一些技術。但大部分是針對 AI 處理器的晶圓級和封裝零件老化測試。

Okay perfect. And then given that such a material bookings from the AI processor market, can you give us any indication or idea -- I know we've talked about the opportunity in that marketplace being bigger than silicon carbide but let's narrow it down to kind of a multi-year time frame kind of including '27 and '28. Do you see that business after initial orders expanding meaningfully from there?

好的，完美。鑑於人工智慧處理器市場如此巨大的預訂量，您能否給我們一些指示或想法——我知道我們已經討論過該市場的機會比碳化矽更大，但讓我們將其縮小到一個包括 2027 年和 2028 年在內的多年時間範圍。您認為在獲得首批訂單後，該業務會在此基礎上顯著成長嗎？

We do. And we've been taking a pretty conservative stance on how large, particularly the AI and the wafer level side of it is, and I want -- conservative may not be fair. Candidly, we're still trying to get our arms around how big it is. What we get is visibility of a specific GPU or CPU or network processor or an ASIC, and then we hear these things from the customer and then we look externally and what are they telling the Street and try and correlate through those lookups.

是的。我們一直對規模，特別是人工智慧和晶圓級方面的規模，採取相當保守的態度，我想說——保守可能不公平。坦白說，我們還在努力理解它到底有多大。我們可以了解特定 GPU、CPU、網路處理器或 ASIC 的信息，然後我們從客戶那裡聽到這些信息，然後我們向外部觀察，看看他們告訴華爾街什麼，並嘗試透過這些查找資訊進行關聯。

And I'd say pretty consistently, we hear bigger numbers from the customer than the Street, not sure what that all means, okay? And then as they give us test time estimates of what the burn-in conditions are, we can start to put some numbers around it. But a single processor, so for some of these big guys, that wafer level burn-in is 20, 30 systems or so, and these are $4 million or $5 million machines. So you get a feel for the size of what that looks like. And the estimates of today, if you were to look at AI spend in test between test and burn-in, is it $8 billion $10 billion to maybe $15 billion or so?

而且我經常聽到客戶給出的數字比華爾街給出的數字大得多，我不太確定這意味著什麼，好嗎？然後，當他們給出測試時間的預估，說明老化條件是什麼時，我們就可以開始給出一些具體的數字了。但對於一些大公司來說，單一處理器的晶圓級老化測試大約需要 20、30 個系統，而這些機器價值 400 萬或 500 萬美元。這樣你就能對它的大小有個大致的了解了。如果按照目前的估算，從測試到正式測試階段，人工智慧在測試方面的支出大概是 80 億美元、100 億美元，甚至可能達到 150 億美元左右？

I mean, it's a really large number. So we want to get ahead of ourselves here, but when customers ask you things like how many can you make, (inaudible) right? So can the AI business be measured in hundreds of millions of dollars for Aehr Test a few years out? Yes, for sure.

我的意思是，這真的是個很大的數字。所以我們想先說到這裡，但是當顧客問你諸如你能做多少之類的問題時，（聽不清楚）對吧？那麼，幾年後，Aehr Test 的人工智慧業務能否達到數億美元的規模呢？是的，當然。

Now what's interesting is that we're in this -- I think it's an awesome position to be in because the Sonoma system is a highly preferred system for HTOL, the high temp operating reliability testing for these AI processors. It has the largest installed base in all the test houses around the world. We're getting people that approach us because we're the -- we are like -- I don't want to say we're a de facto standard, that's probably bold, but we have more capacity than everybody else.

現在有趣的是，我們處於這樣的位置——我認為這是一個非常棒的位置，因為 Sonoma 系統是 HTOL（高溫運行可靠性測試）中人工智慧處理器的首選系統。它在全球所有測試機構中擁有最大的裝機量。很多人來找我們是因為我們──我們就像──我不想說我們是事實上的標準，那樣說可能有點狂妄，但我們的能力比其他人強。

And therefore, they're saying you're kind of the go-to-guy. I like those words. And so we can build lots of them so customers are using that, and we get a front row seat to actually bring them up. Then we say, oh by the way, if you want you can take this machine, add production handling to it, and do production on it.

因此，他們都說你是這方面的專家。我喜歡這些話。因此，我們可以建造很多這樣的系統，讓客戶使用，而我們可以近距離觀察並實際改進它們。然後我們說，哦，對了，如果你願意，你可以把這台機器拿走，加上生產處理功能，然後用它來生產。

In the meantime, if you come to our facility and you do a tour and you can see that production test cell for the Sonoma automation, we of course will walk you by a FOX wafer level burn-in test cell and mention, oh by the way, that happens to be doing a benchmark on a 300-millimeter wafer. We can't tell you who it is.

同時，如果您來我們工廠參觀，並且可以看到索諾瑪自動化生產測試單元，我們當然會帶您參觀 FOX 晶圓級老化測試單元，並提到，哦，順便說一下，它正在對 300 毫米晶圓進行基準測試。我們不能告訴你他是誰。

And so they're like, well, whoa, what is that? So we're in a position to be able to talk about both of them. And the ASPs are actually higher on the wafer level side of things, but the value proposition way outweighs that because of the yield advantage of doing it at wafer level. The yield savings dwarfs any of the costs of the cost to test the wafer level burn-in.

所以他們就會想，哇，那是什麼？所以我們現在可以談這兩件事了。雖然晶圓級生產的平均售價實際上更高，但由於晶圓級生產的良率優勢，其價值主張遠遠超過了這一點。節省的良率遠遠超過了晶圓級老化測試的任何成本。

So as we get our arms around the market, the market data that would be out there would be packaged-part because no one's doing wafer level except for us, and so we're creating our own models related to, okay, for that unit capacity, if you went to wafer-level burn-in, what would that look like? Kind of similar to what we had to go through in the original silicon carbide side of things of the whole market, and we're not sitting here, everybody included Nvidia and Google and Microsoft and Tesla and these guys all went with us.

因此，當我們逐漸了解市場時，市場上的數據將是封裝件級別的，因為除了我們之外，沒有人做晶圓級別的，所以我們正在創建自己的模型，例如，對於該單位產能，如果進行晶圓級老化測試，結果會是什麼樣的？這有點像我們當初在整個碳化矽市場經歷的那段時期，而且我們現在並沒有坐在這裡，包括英偉達、谷歌、微軟和特斯拉在內的所有人都和我們一起合作。

How big is that market? We haven't even tried to put our arms around that yet, but it's substantial.

這個市場有多大？我們甚至還來不及去理解它，但它意義重大。

Great. And then I guess one last question, if I may, and one follow-up on your comment about capacity, how many systems do you think you're capable of manufacturing in a year for wafer level?

偉大的。最後，如果可以的話，我想問最後一個問題，也是關於您剛才提到的產能問題，您認為您一年能夠生產多少套晶圓級系統？

We have talked to customers about capacities exceeding 20 systems a month at either packaged or wafer level. If we had to, we could ship 20 systems a month of each during this calendar year. Now, that's bigger than our forecast by a lot, but you know what? When people are saying, could you do something like this and intercept something, it's like if they gave you an order for 50 or 100 Sonomas, like how long is it going to take you to build them?

我們已經與客戶討論過，無論是封裝級還是晶圓級，產能都超過每月 20 套系統。如果需要的話，我們可以在今年內每月交付每種型號 20 套系統。現在，這比我們的預測高出很多，但是你知道嗎？當人們問你，你能做這樣的事情並攔截一些東西嗎？這就好比他們為你訂購了 50 或 100 輛索諾瑪汽車，問你造出來需要多長時間？

Makes sense.

有道理。

Makes perfect sense. No other questions. Thanks, Gayn.

完全合情合理。沒有其他問題了。謝謝你，蓋恩。

You're welcome.

不客氣。

Jed Dorsheimer, William Blair.

傑德·多爾斯海默，威廉·布萊爾。

Thanks for taking my question. I guess, maybe just to start on the wafer level, I think your prior comments around the timing of the benchmark, it seems like that's taken a little bit longer and I'm just wondering, is that a function of, is it because it's new and what you're seeing is from the customer? Is that they're changing parameters that's extending that out? Because I think you had maybe talked about, by February time frame and we're almost, we're --

謝謝您回答我的問題。我想，或許應該先從晶圓層面入手。我認為您之前關於基準測試時間的評論，似乎花費的時間有點長，我只是想知道，這是因為它是新的，而您看到的是來自客戶的反饋嗎？是因為他們更改了參數才導致持續時間延長嗎？因為我覺得你之前可能有提到過，到二月的時候，我們差不多快到了，我們--

Do you want me to throw my customer under the bus? Is that what you're trying to tell me?

你想讓我出賣我的客戶嗎？這就是你想告訴我的嗎？

No, no, no, no, no.

不，不，不，不，不。

But no, let me answer that. No, I got it. I got it. No, it's totally fair, okay? What I do in all of these things is try to describe exactly what we feel, what we know, what we knew at the time. One of the things that's very interesting and fun about this particular customer, who is a very notable customer, okay, when they gave us, and I don't think I'm overstating, when they gave us the vectors, the test vectors, et cetera, they were giving it off of a platform from packaged level, okay?

不，讓我來回答這個問題。不，我明白了。我得到了它。不，這完全公平，好嗎？我在所有這些事情中所做的，就是試圖準確地描述我們當時的感受、我們的認知和我們當時所知道的一切。這位客戶（一位非常值得關注的客戶）最有趣、最令人稱道的一點是，當他們給我們提供（我認為我並沒有誇大其詞）向量、測試向量等等時，他們是從一個打包的平台提供的，好嗎？

Packaged and wafer are different. We had a huge arm wrestle with them related to what they could actually do at wafer level and ultimately, we're able to demonstrate to them significant DFT, lower pin count modes, et cetera, to be able to do it at wafer level, which was a big deal because they'd never understood that because of course, nobody's ever done this before with us, right?

封裝後的晶圓和晶圓是不同的。我們和他們就他們在晶圓級實際能做到什麼進行了一場激烈的較量，最終，我們向他們展示了顯著的 DFT、更少的引腳數模式等等，能夠在晶圓級上實現這一點，這意義重大，因為他們以前從未理解過這一點，當然，以前沒有人和我們一起做過這件事，對吧？

I'll just leave it at this. They actually gave us some things that were implied based upon packaged that didn't really weren't totally applicable to wafer level, and we struggled with some of that. And it turns out, so it actually did delay it a little bit. I think it's mutually understood, it's like, oh sorry, we were thinking packaged, we forget about wafer and sort, and that's a growing thing.

我就說到這兒吧。他們實際上給了我們一些基於封裝的隱含訊息，但這些資訊並不完全適用於晶圓級，我們在這方面遇到了一些困難。結果證明，這確實稍微延緩了進程。我認為這是彼此心照不宣的，就像是，哦，對不起，我們當時想的是包裝，我們忘記了晶圓和分揀，而這正在成為一個日益增長的趨勢。

We've seen this with other customers on the very first time you're doing wafer level burn-in, you just don't think about it from the challenges or the differences at what happens when you're talking about a device that shares common substrates or from a probing environment.

我們已經看到其他客戶在第一次進行晶圓級老化測試時也遇到過這種情況，你根本不會考慮到使用相同基板的裝置或探測環境所帶來的挑戰或差異。

So is it longer? Maybe a little bit, measured in weeks or a couple months or something, but some of the things that like mechanically wafer physical contact to the device to the -- to using our auto aligner to pack these new fine-pitch pro WaferPaks, the test plan itself, the vectors, those things were all going along pretty well. So I wish it was a little bit sooner, but I think we're still very much on track to try and get them some data over the next couple months here or even maybe even this month.

所以它更長嗎？或許有一點進展，以周或幾個月來衡量，但有些事情，比如晶圓與設備的機械物理接觸，以及使用我們的自動對準器來封裝這些新的細間距專業晶圓包，測試計劃本身，矢量，這些事情都進展得相當順利。所以我希望能夠提早拿到數據，但我認為我們仍然很有希望在接下來的幾個月裡，甚至可能就在本月，為他們提供一些數據。

So now the question of course parlays into what do they do with it? What's the timing, do you understand what device they want to cut in? We do. We're not going to share that with you guys. Are we going to make it? We believe we're still -- there's lots of reasons to actually want to cut in wafer level burn-in.

那麼現在的問題當然變成了：他們會如何處理這些資金？具體時間安排如何？你明白他們想用什麼設備接取嗎？是的。我們不會跟你們分享的。我們能成功嗎？我們相信我們仍然——有很多理由讓我們想要減少晶圓級老化測試。

And the sooner the better. So I'm actually -- we're really excited about this particular one, and then now we've got another couple guys that are saying, pick me, pick me too, and are generating the information to give us so that we can actually do design reviews and walk through a WaferPak design for them as well.

越快越好。所以，我們真的對這個項目感到非常興奮，現在又有幾個人說，選我，也選我，他們正在提供信息，以便我們能夠進行設計評審，並為他們講解 WaferPak 設計。

Got it. That's helpful. Thanks. And I just want to address the potential of cannibalization between packaged and wafer level and if I read through your comments, it seems like the AI processor is what's moving along with this customer on the wafer level. You had mentioned briefly actually, on the ASIC side, are you anticipating that the ASIC is basically ran with packaged level and that AI processors are wafer level or you're anticipating both at wafer level?

知道了。那很有幫助。謝謝。我只想談談封裝級和晶圓級之間可能存在的相互蠶食問題。如果我仔細閱讀你的評論，似乎人工智慧處理器才是這位客戶在晶圓級上推進的重點。實際上，您之前簡要提到過，在ASIC方面，您預計ASIC基本上是在封裝級別運行，而AI處理器是在晶圓級別運行，還是您預計兩者都是在晶圓級別運行？

Okay, so vocabulary for everybody that's listening out there, right? So when you talk about processors in the AI, arguably there's even maybe at least two or three different broad flavors of them, okay? You're going to have the actual GPU, if it's an Nvidia or ASIC when you talk about everybody else's. In reality, the GPU is kind of an ASIC and Nvidia too. Jensen said that at one point.

好的，現在跟大家講解一下詞彙，對吧？所以，當你談到人工智慧中的處理器時，可以說至少有兩到三種不同的大類，好嗎？你指的是實際的GPU，如果是Nvidia的，那就是Avidia的；如果是ASIC的，那就是Avidia的。實際上，GPU 和英偉達的 GPU 都屬於 ASIC 晶片。詹森曾說過這樣的話。

These are AI accelerator platforms, okay? And then there -- and they can be used for a lot of language models or for inference type things. There's also processors that like CPUs, like Intel or Grace or Vera type CPUs and others that are making them that are also going through a burn-in process. And then there's -- you could argue there's even network processors and things like that.

這些是人工智慧加速平台，懂嗎？然後，它們也可以用於許多語言模型或推理類型的任務。還有一些處理器，例如英特爾、Grace 或 Vera 等品牌的 CPU，以及其他一些廠商生產的 CPU，它們也正在進行老化測試。然後還有──你也可以說還有網路處理器之類的東西。

But generally, when we talk about AI processors, we're generally in the CPU and GPU type or ASIC type that are combined together in these AI processor clusters. And things like you hear a GB200 is Grace CPU and two Blackwell AI accelerators in one package, if you will, or in one cluster.

但一般來說，當我們談論人工智慧處理器時，我們通常指的是CPU和GPU類型或ASIC類型，它們組合在一起構成這些人工智慧處理器叢集。還有人說，GB200 就是把 Grace CPU 和兩個 Blackwell AI 加速器整合在一個軟體包裡，或者說整合在一個叢集中。

What's happening with the roadmap is that devices are going from a single AI accelerator or CPU in a package to a package that includes embedded memory, like high bandwidth memory and high bandwidth flash over time, and then to have more than one compute chip in it, so having two processors in it or four or eight, like you look at the Intel or the AMD roadmap.

路線圖的發展趨勢是，設備正從封裝內只有一個 AI 加速器或 CPU，發展到封裝內包含嵌入式記憶體（如高頻寬記憶體和高頻寬快閃記憶體），然後發展到封裝內包含多個運算晶片，例如兩個、四個或八個處理器，就像你看看英特爾或 AMD 的路線圖那樣。

Everyone has a roadmap to two or four more AI processors on a single substrate. What's happening is that there is a -- the qualification of those are all done today in a full package. The whole device in a in a big substrate is done, and it can take months to even go through the -- to get the packaging to quell that. So there are people that would like to be able to quell the processor inside when it's still in wafer form, okay?

每個人都有在單一基板上整合兩到四個AI處理器的路線圖。目前的情況是，所有這些資格認證今天都會以完整方案的形式完成。整個裝置在大基板上完成，即使經過封裝也可能需要數月時間才能完成。所以有些人希望能夠在晶圓階段就抑制內部處理器的運行，懂嗎？

From a production perspective, the value proposition is you're burning in these devices. And when they fail, you take out the other compute chip and all the memory plus the [COO] substrate, which costs more than the silicon of the compute chip itself.

從生產角度來看，其價值在於你可以對這些設備進行老化測試。如果它們發生故障，你就需要取出另一個計算晶片和所有記憶體以及 [COO] 基板，這比計算晶片本身的矽還要貴。

So the roadmap is getting more intense. So there's people that are like, oh, I want to evaluate this for this device. This would make sense, but boy, the next one makes twice as much sense, and the one next to that is four times as much sense because of this evolution.

所以，路線圖的推進力度越來越大了。所以有些人會說，哦，我想評估這個設備。這很有道理，但是，接下來的道理就合理兩倍了，再接下來的道理就合理四倍了，因為這種演變。

So a lot of times we discuss, okay, is there a window? Like what happens if you just missed this one device? It doesn't feel like that. It's a treadmill of you can always step on. And the customers are like, okay, how do I cut you in? I've said publicly that our pack -- our large packaged-part production customer, we've talked about it as an ASIC hyperscaler.

所以很多時候我們會討論，好吧，有沒有窗戶？如果你錯過了這台設備會發生什麼事？感覺不像那樣。它就像一台跑步機，你可以隨時踏上去。顧客會想，好吧，我該如何加入你們呢？我曾公開表示，我們的大型封裝零件生產客戶，我們曾將其視為 ASIC 超大規模積體電路生產商。

They're actually on Sonoma production. We're qualifying their next device that's going to go to production, we believe and hope it'll go on Sonoma as well. Okay. The third one, they're giving us design files so we can make sure that Sonoma is ready for that, but they've also said, you know what, by then maybe we'll want to consider FOX wafer level burn-in.

它們實際上是在索諾瑪生產。我們正在對他們即將投入生產的下一款設備進行認證，我們相信並希望它也能應用於索諾瑪地區。好的。第三個問題是，他們為我們提供了設計文件，以便我們確保索諾瑪工廠為此做好準備，但他們也表示，你知道嗎，到那時我們或許需要考慮 FOX 晶圓級老化測試。

And the interesting thing is it's like, well, what will you do with all the packaged systems from us? Who cares? It's like what? Because if I could move it to wafer level, I don't need to do it in packaged anymore. Now will it cut over just like that? We'll see. I think the world's going to be both for a long time and we're in a great position to do both.

有趣的是，這就好比，你們打算如何處理我們提供的所有打包系統？誰在乎？這就像什麼？因為如果我能把它轉移到晶圓級，我就不需要再在封裝級進行處理了。現在它會這樣切換嗎？我們拭目以待。我認為世界在很長一段時間內都會同時存在這兩種情況，而我們目前處於實現這兩種情況的絕佳位置。

But is there cannibalization? For sure, we've had -- we had a customer come in who wanted to talk about what we thought was package-part burn-in, Alberto, our VP over the packaged-part business, and I met with them. And 15 minutes into the meeting, he goes, I'd like to talk about wafer level, and Alberto looked over at me and I'm like, okay, new slides.

但是否存在同類相食的情況？當然，我們遇到過這種情況——有一位客戶來諮詢我們認為是包裝部件老化的問題，我和負責包裝部件業務的副總裁阿爾貝託一起與他們見了面。會議進行了 15 分鐘後，他說：“我想談談晶圓級技術。”阿爾貝托看了我一眼，我說：“好的，新的幻燈片。”

So at least we got both and we're in a great position and actually, I would say all three, we do the high temp operating life today only at packaged over time at wafer level and we do production burn-in at either packaged or wafer level. So a great front row seat.

所以至少我們兩個都得到了，我們現在處於非常有利的地位。實際上，我想說的是，我們目前只在晶圓級封裝狀態下進行高溫運行壽命測試，而生產老化測試則可以在封裝級或晶圓級進行。所以，這是個絕佳的前排座位。

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

那很有幫助。我重新排隊。謝謝。

Okay. Thanks, Jed.

好的。謝謝你，傑德。

Max Michaelis, Lake Street Capital.

馬克斯·邁克爾斯，湖街資本。

Thanks for taking my question. First one for me just around the bookings guide, I know you previously shared that majority of -- around AI, but just given the distinction between the low end and the high end, if we just take the midpoint at around $70 million, I mean, what -- to get to that $80 million, is that all basically around AI or does that suggest any improvement around silicon carbide or GaN?

謝謝您回答我的問題。首先，關於預訂指南，我知道您之前分享過大部分內容都與人工智慧有關，但考慮到低端和高端之間的區別，如果我們取中間值 7000 萬美元左右，我的意思是，要達到 8000 萬美元，基本上都是與人工智慧有關，還是說在碳化矽或氮化鎵方面有任何改進？

It's the least in that number is silicon carbide, okay? And then GaN's pretty close. Hard disk drives a little bigger. Then silicon photonics is a chunk. I mean, we've got production systems in there for our production -- our lead customer. We have a new customer that wants a system, they want it shipped by May. We're suggesting to them that they really should get their order in before we ship it. Joke, joke. I'm kidding, it's a challenge right now because they're like, please build it.

其中含量最少的是碳化矽，懂嗎？那麼氮化鎵就非常接近了。硬碟機容量稍大。那麼，矽光子學就是其中的一部分。我的意思是，我們那裡有我們主要客戶——也就是我們的生產部門——的生產系統。我們有一位新客戶想要一套系統，他們希望在五月之前發貨。我們建議他們最好在發貨前下單。開玩笑，開玩笑。我開玩笑的，現在確實是個挑戰，因為他們會說，拜託趕快建起來。

We actually have a system on our floor and if they get their PO in for if you're listening, you get to get it. If not, we'll give it to the next guy. But anyhow.

我們樓層實際上有一個系統，如果他們提交了採購訂單，如果你有在聽，你就能拿到。如果不行，我們就給下一個人。但無論如何。

And then it would be wafer level burn-in, and then I think packaged is the biggest. I'm sorry, we have a little burn-in of AI and then packaged-part AI is the biggest.

然後是晶圓級老化測試，我認為封裝級老化測試是最大的問題。抱歉，人工智慧需要一些時間來磨合，而封裝式人工智慧是目前應用最廣泛的領域。

Okay, so and yeah, that just suggests the $60 million and $80 million. The $80 million suggests just greater volume of orders from wafer level burn-in.

好的，所以，是的，這暗示著 6000 萬美元到 8000 萬美元。8000萬美元顯示晶圓級老化測試的訂單量增加。

Okay, and then lastly, I haven't had time to run through the entire press release, but that $5.5 million order you noted in your prepared remarks, can you go and share some more detail on that? Is there anything new that we should be looking for, or it's just kind of standard?

好的，最後一點，我還沒有時間通讀整份新聞稿，但是您在準備好的發言稿中提到的那筆 550 萬美元的訂單，您能再詳細介紹一下嗎？有什麼新的發現需要注意嗎？還是說一切都跟標準配置差不多？

You know what, it has a mix of some customers that already had Sonomas that were buying more, that were AI related. It had some burn-in modules that was important because it was for a new design of a really expected to be high runner that's going to production. It has a big order from a what we call a premier Silicon Valley test services company, we'll leave it at that.

你知道嗎，它的客戶群有些是已經擁有 Sonoma 的客戶，他們購買了更多與人工智慧相關的產品。它有一些老化測試模組，這很重要，因為它是為一款即將投入生產的、預計運行速度很快的新設計而準備的。它從一家我們稱之為矽谷頂級測試服務公司那裡接到了一筆大訂單，我們就說到這裡吧。

They actually bought a number of the new Sonoma configurations, which are the very high-power ones that allow them to go to 2,000 watts. We have some devices that we're going to be testing this spring that are almost 2,000 watts per device, right? And everybody's out there talking about how can you do -- what does it take to get to 1,000 watts? We're jumping right past that.

他們實際上購買了多台新型 Sonoma 配置，這些配置的功率非常高，可以達到 2000 瓦。今年春天我們將測試一些設備，每台設備的功率接近 2000 瓦，對吧？大家都在討論如何才能做到──要達到 1000 瓦需要什麼條件？我們直接跳過這一步。

And this is in a high-volume Sonoma system, so they'll be able to test a large number of devices in that system and I'm trying -- I think the numbers -- I should know this number. I think it's 44 devices, but I mean, it's a large number of devices to be able to test those. And by the way, it's either 22 or 44, I should know that. Sorry folks. I should go through the math on that particular application because of the number of resources and power supplies and things.

而且這是在一個大容量的索諾瑪系統中，所以他們可以在該系統中測試大量的設備，我正在嘗試——我想這些數字——我應該知道這個數字。我認為是 44 台設備，但我的意思是，要測試這麼多設備，數量相當龐大。順便說一句，數字要么是 22，要么是 44，我應該知道的。抱歉各位。我應該仔細計算一下那個應用程式的計算，因為它涉及大量的資源、電源等等。

But it's the biggest part we've seen that's in development, and that's going to be going to production. So that's a big deal. So it's a combination of several different orders. Every one of them is kind of sort of strategic to us.

但這是我們目前看到的正在開發中並且即將投入生產的最大部分。所以這可是件大事。所以它是幾種不同訂單的組合。它們對我們來說都具有一定的戰略意義。

Larry Chlebina, Chlebina Capital.

拉里·切爾比納 (Larry Chlebina)，切爾比納資本。

We try to line up your ramp or at least your demand for the systems that you're working on developing for these customers on the AI processors with what's publicly disclosed in terms of the product launch. Is there a case where they may start up on package part wherever they have the capacity to do that?

我們努力使您正在為這些客戶開發的基於人工智慧處理器的系統，或至少是您對這些系統的需求，與公開披露的產品發布資訊保持一致。是否存在這樣的情況：只要他們有能力，就可以從零件包裝領域著手？

And then when they feel comfortable, maybe if it's after the product's launched, would they cut over the wafer level burn-in because it's so much more efficient and saves them money? Would they do that or would they just do it initially on a brand-new product launch at the beginning? That's kind of -- do you have a sense of that?

然後，當他們覺得合適的時候，例如在產品上市之後，他們會不會因為晶圓級老化測試效率更高、更省錢而取消這項測試呢？他們會這樣做嗎？還是只會在新產品發售初期就這樣做？那有點像——你明白我的意思嗎？

Okay, so there's two things in there. What I definitely see happening is we know for a fact a customer was doing system level, a rack test, okay? The only time they identified infant mortality or early life failures was when it's installed in the data center. Pretty nasty, okay? Yeah. That's test or not or burn-in, so they said, we'll run it for two weeks and if it hasn't died, we'll accept it, kind of thing, and then they'll actually plug it into the network.

好的，裡面有兩件事。我確信正在發生的事情是，我們確切地知道客戶正在進行系統級機架測試，明白嗎？他們只在資料中心安裝系統時才發現嬰兒死亡率或早期生命缺陷。挺噁心的，好嗎？是的。他們說，不管是測試還是老化測試，我們會運行兩週，如果它沒壞，我們就接受它，大概就是這樣，然後他們才會把它真正連接到網路。

Pretty expensive way of doing it. Then there are companies like AEM and Advantest and Teradyne that have talked about system-level test machines, which is a type of ATE machine that is designed to be doing a high-speed insertion and boot up like the operating system. It's a great way to do a very high degree of test coverage for a specific application.

這種方法成本相當高。此外，還有像 AEM、Advantest 和 Teradyne 這樣的公司，它們都討論過系統級測試機，這是一種 ATE 機器，其設計目的是像作業系統一樣進行高速插入和啟動。這是對特定應用程式進行高水平測試覆蓋的絕佳方法。

People were saying, oh, we're going to do burn-in with that. Well, that doesn't really -- those systems are designed for high speed. They're designed to be at the user mode. They're designed to run cold. They're not really designed for burn-in, and they're pretty -- they're quite expensive and large. But the market was pulling on that because it's sure better than doing it in a rack.

人們說，哦，我們要用那個進行燒錄。其實不然——這些系統是為高速運作而設計的。它們被設計成處於使用者模式。它們的設計用途是低溫運行。它們並非專為燒屏而設計，而且它們很漂亮——它們價格昂貴且體積龐大。但市場對此趨之若鶩，因為這肯定比在架子上做要好得多。

And there wasn't another system available in what a lot of people refer to us as ovens, which is a large-scale system that you put lots of burn-in modules or trays with lots of devices and test all at once. Those were like from KYC or some maybe 600 watts and below or something, and there really wasn't a tool out there for that.

而且，當時還沒有其他系統能夠像我們所說的烤箱那樣，將大量的老化模組或託盤以及大量的設備一起放入其中進行一次性測試。那些設備可能來自 KYC 認證，或者功率在 600 瓦以下之類的，當時真的沒有相應的工具。

This is where Sonoma was pulled up because we were doing -- InCal was using it for the high temp operating life, but it's like, well, wait a minute, can I use that in production? Can you add automation? Can you do these things, support, and can you quadruple 50x your capacity? So that's where Sonoma is coming in.

這就是 Sonoma 被拿出來的原因，因為我們當時正在做——InCal 用它來測試高溫運行壽命，但是，等等，我可以在生產中使用它嗎？可以新增自動化功能嗎？你能做到這些嗎，支援團隊？你能將你的能力提高 50 倍嗎？所以索諾瑪就是從這裡入場的。

When Sonoma enters that market, doing system level test or rack test makes no sense whatsoever. So it's highly competitive as that. Now having said that, wafer level burn-in is even better. But a lot of people may say, well, I need to think through that, where do I put that insertion? I might need to implement some design for test modes to be able to implement it at least to take advantage of the very low cost, full wafer contractors from Aehr Test and things like that.

當 Sonoma 進入該市場時，進行系統級測試或機架級測試完全沒有意義。所以競爭非常激烈。話雖如此，晶圓級老化測試的效果就更好了。但很多人可能會說，嗯，我需要仔細考慮一下，我該把這個插入點放在哪裡呢？我可能需要實現一些測試模式的設計，以便至少能夠利用 Aehr Test 等公司提供的非常低成本的全晶圓承包商服務。

So I think it's an evolution, but I think the conversation we have with customers is -- there's like, I need package for burn-in. Let's talk about that. But boy, wafer level burn-in would be better. How do we engage on that? And then it's specifically on a per customer basis.

所以我認為這是一種演變，但我認為我們與客戶的對話是——例如，我需要一個用於老化測試的軟體包。我們來談談這件事。但是，如果能進行晶圓級老化測試就好了。我們如何參與其中？而且是按客戶逐一計算的。

I don't want to get too carried away with our strategy, but if you have an installed base of something, a package-part burn-in systems or systems, I could go in and displace you with maybe Sonoma, but it's probably better for me to go displace you with wafer level burn-in because it's not even a price thing in that sense, it's yield or capacity.

我不想過度強調我們的策略，但如果你已經安裝了某種設備，例如封裝零件老化系統或其他系統，我可以用 Sonoma 系統取代你，但我最好還是用晶圓級老化系統取代你，因為這甚至不是價格問題，而是良率或產能問題。

So it depends on the customer and we have some customers that have some devices that want to think about wafer level, some say they want to think about packaged, some say they want to think about packaged, and then eventually the wafer level over time.

所以這取決於客戶，我們有些客戶希望考慮晶圓級解決方案，有些客戶希望考慮封裝級解決方案，有些客戶希望考慮封裝級解決方案，然後隨著時間的推移，最終會考慮晶圓級解決方案。

I hope that wasn't that -- as I look back that was pretty confusing, but it's an evolution of it. And guess what we do? The customer's always right. You tell me what you want, and we're in.

我希望那不是那樣——現在回想起來，那確實很令人困惑，但那是它的演變過程。你猜我們做了什麼？顧客永遠是對的。你告訴我你想要什麼，我們就開始了。

If all these evaluations they have going on with wafer level burn-in, if it takes longer and the product ends up getting launched, would they still cut over to some portion of the production on wafer level burn-in once it's proven out for the particular product or the predictor? Would they do that midstream?

如果他們正在進行晶圓級老化測試的評估，如果耗時更長，而產品最終得以推出，那麼一旦晶圓級老化測試對特定產品或預測器有效，他們是否還會將部分生產環節切換到晶圓級老化測試？他們會在中途這麼做嗎？

I think it depends. It's not a slam dunk. I mean, I think traditionally people will start a product and do the release of that one product on one test platform or something and then you cut in on the next one. I think that'd be fair to say, but there are certain devices we know that their intended application, there's two or three different applications for it.

我認為這要看情況。這並非十拿九穩。我的意思是，我認為傳統做法是，人們會先開發一個產品，然後在某個測試平台上發布該產品，然後再投入下一個產品的開發。我覺得這麼說比較公平，但有些設備我們知道它們的預期用途，卻有兩三種不同的用途。

So for a lot of language model, maybe they think about it one way, but if it's going to be automotive, then that's a different thing, right? So even within a product, there might be an evolution, or they get by until they can implement wafer level burn-in. That particularly comes in the fact when you think about a multi-chip module, right?

所以對於很多語言模型來說，他們可能以一種方式思考，但如果是用於汽車產業，那就另當別論了，對吧？所以即使在產品內部，也可能會經歷演變，或者他們會暫時維持現狀，直到能夠實現晶圓級老化測試。當你考慮多晶片模組時，這一點就特別重要，對吧？

As soon as you could do wafer level burning, if I could save you 1% yield per die on a 4-die AI processor that has a $15,000 [bomb], yeah, of course you would do that, right?

一旦能夠進行晶圓級燒錄，如果我能幫你節省 1% 的良率（在 4 晶片 AI 處理器上，而該處理器包含一個價值 15,000 美元的 [炸彈]），那麼你當然會這麼做，對吧？

But I'm not sure if they would.

但我不太確定他們是否會這樣做。

Yeah, we're trying to be as open as we can. We know as much as we know, but there's definitely advantages to do wafer level. I mean, ultimately, that's the most kind of the best place you could ever do it. And if you implement some DFT and you implement some of the things we do, I can build you a WaferPak in eight weeks. Have you on wafer?

是的，我們正努力盡可能地公開透明。我們目前所了解的情況就是這樣，但晶圓級製造肯定有其優勢。我的意思是，歸根結底，那是你能做的最好的事情。如果你實作一些 DFT，並實作我們的一些做法，我可以在八週內為你建立一個 WaferPak。你吃過威化餅嗎？

To shift gears, on the flash benchmark that you completed, right, a little bit ago before the holidays, when do you expect the customer to get back to you? And more importantly, when do you expect them to come with an order?

換個話題，關於您之前在假期前完成的 Flash 基準測試，您預計客戶什麼​​時候會回覆您？更重要的是，你預計他們什麼時候會帶著訂單來？

I was waiting for somebody, yeah, that's where my head's at too. My guess is, Larry, the next couple months or so for them really to get back, depending on how they -- the wafer's going back to test, which is tested at wafer. I don't think they're going to package it up and go through some stress qualification. That might be something, but we'll -- we've already had some design reviews with them on our new tester and planted the seeds.

我當時在等人，沒錯，我也是這麼想的。拉里，我猜他們大概還需要幾個月的時間才能真正恢復正常，這取決於晶圓如何送回工廠進行測試，而晶圓測試是在工廠進行的。我不認為他們會把它打包好，然後進行一些壓力測試之類的資格認證。那或許是個好主意，但是——我們已經和他們就我們的新測試儀進行了一些設計評審，並埋下了伏筆。

They were very impressed, is how I would describe it. The big trend -- the big shift here was when we even started this thinking to do the benchmark with them, which is what, like a year ago, okay, if I get that right --

他們會非常印象深刻，我只能這麼說。最大的趨勢——或者說最大的轉變，在於我們開始考慮與他們進行基準測試的時候，大概是一年前，如果我沒記錯的話。--

Over a year and a half ago.

一年半以前。

Yeah, fair enough, right? When we were starting to even build up the -- to get the design files and what wafer we're going to be testing with them. It was not aimed at high-bandwidth flash because that didn't even exist. They were looking at it for like commodity, data center, SSDs.

嗯，說得有道理，對吧？當我們開始著手準備——取得設計文件以及我們將要用它們進行測試的晶圓時。它並非針對高頻寬快閃記憶體而設計的，因為當時這種技術根本不存在。他們當時考慮將其應用於商品、資料中心、固態硬碟等領域。

Now with the HBF, it broke their infrastructure, the power supplies, I/O pins, et cetera, and parallelism, and now they have a power problem which we love. Well, we're good at power, so people that have power problems, that's music to our ears.

現在有了 HBF，它破壞了他們的基礎設施，電源、I/O 引腳等等，以及並行性，現在他們遇到了電源問題，我們很喜歡這樣。我們擅長電力，所以對於那些有電力問題的人來說，這簡直是天籟之音。

So, yeah.

是的。

If I recall, you originally said the driver, their motivation was as the 3D NANDs got higher levels of what they got, they're even talking about getting the 400 levels -- layers.

如果我沒記錯的話，你最初說過，隨著 3D NAND 技術的進步，他們的動機是，他們甚至在討論如何達到 400 層。

Layers, yeah, layers.

多層，沒錯，多層。

That required more power and exceeded the power in their existing systems so that they need your high power. So here we are a year and a half later. And so, how are they getting by to this point, and don't they need your high-power capability?

這需要更大的功率，超過了他們現有系統的功率，因此他們需要您的高功率。一年半過去了。那麼，他們是如何走到今天這一步的呢？難道他們不需要你們的高功率能力嗎？

They're doing multiple --

他們正在做多件事。--

They can't test the whole wafer in one touchdown as an example. But what I described there, which, people, if you follow along with that, that was actually referred to as hybrid bonded flash, same letters, by the way, okay? Hybrid bonded flash was a novel idea that the base substrate layer was logic done on a logic process, and then you build up just the stacked memory, and you do that in a memory process and then you bond them together.

例如，他們不可能一次測試整個晶圓。但我剛才描述的那種東西，各位，如果你仔細聽，它實際上被稱為混合鍵合閃光燈，字母拼寫也一樣，對吧？混合鍵合快閃記憶體是一種新穎的想法，其基本基板層採用邏輯製程實現邏輯，然後建構堆疊記憶體，並在記憶體製程中完成，最後將它們鍵結在一起。

The result of it is that memory stack is a taller building with a smaller footprint, so you get more die per wafer. That's good, right? But the power was much higher. HBF, as in high-bandwidth flash, is in some ways architecturally similar, except for it's more power, because of its speed and it has additional power supplies, and it's taller. It actually is even more of a problem for them, which, I guess if you're a tester guy, the bigger the problem, you have more to solve.

結果是，記憶體堆疊就像一座更高的建築物，佔地面積更小，因此每片晶圓上可以容納更多的晶片。那很好，對吧？但功率高得多。HBF（高頻寬快閃記憶體）在某些方面與快閃記憶體類似，只是由於其速度更快，功耗更高，並且有額外的電源，而且機身更高。實際上，這對他們來說是個更大的問題，我想，如果你是測試人員，問題越大，你需要解決的問題就越多。

But we had to go back and redesign the tester because we were originally aiming it at the other device.

但我們不得不重新設計測試儀，因為我們最初是將其針對另一台設備設計的。

I would think they would need more capacity for the enterprise flash part of it before they ever start needing something for HBO. So the Enterprise Flash, I'm wondering, when is something going to happen there? It seems like it's overdue.

我認為，在他們需要為 HBO 提供儲存空間之前，他們首先需要的是企業級快閃記憶體部分的更大容量。所以，企業版 Flash，我想知道，什麼時候才會有什麼進展呢？似乎早就該發生了。

Yeah, I mean, our goal in this case would be, we had originally hoped to finish the benchmark at the end of last year, okay? So like, we're six months later, and I think as I shared with you, if you read through all of the notes around March it was like -- it felt like you're pushing a rope. Something was going on. If you knew who the company was, it'd be very obvious what was going on, okay?

是的，我的意思是，我們的目標是，我們最初希望在去年年底完成基準測試，好嗎？所以，六個月過去了，我想正如我之前跟你分享的那樣，如果你仔細閱讀三月份的所有筆記，你會感覺就像——就像在推一根繩子。一定有什麼事發生了。如果你知道是哪家公司，那就很清楚發生了什麼事，懂嗎？

But what really happened is they kind of shifted from enterprise focus to HBF. And so that slowed some things down in terms of even reviewing our tester and then they came back to us in the summer and we're like, okay, here's the new tester we'd like.

但實際情況是，他們逐漸從企業級業務轉向了HBF業務。因此，這導致我們在審查測試人員方面進展緩慢，然後在夏天他們又來找我們，我們說，好吧，這是我們想要的新測試人員。

So okay, maybe that's good. It's for people that you're tapping your fingers, it's taking a long time, but that's part of what happened there. But at this point again, we walked up. They're actually -- they thought we were just going to take their wafer and stick it into one of like our NPs but with a manual setup and we showed them a fully integrated machine, so they walked up and we put their wafer in a [hoop].

好吧，也許這是件好事。這是為了讓人們能夠敲擊手指，雖然需要很長時間，但這也是當時發生的事情的一部分。但就在這時，我們又走了上去。他們其實以為我們會把他們的晶圓拿過來，手動裝到我們的奈米製程機裡，但我們給他們展示了一台完全整合的機器，所以他們走過來，我們把他們的晶圓放了進去。[箍]。

Put the hoop onto the [Sierra-automated] WaferPak aligner, ran the wafer. It opened up the blade, stick the wafer, put the wafer in the WaferPak, put the WaferPak in the blade, closed the blade, ran the test, gave them the results. It's pretty impressive.

將圓環安裝到 [Sierra 自動化] WaferPak 對準器上，運行晶圓。它打開刀片，放入晶圓，將晶圓放入晶圓盒，將晶圓盒放入刀片，關閉刀片，運行測試，並將結果告訴他們。真是令人印象深刻。

So you're ready to go for production. So it seems like they need -- they're going to need more capacity, based on everything that's going on in the memory market.

所以你已經準備好投入生產了。所以根據記憶體市場目前的情況來看，他們似乎需要——他們將來需要更多的容量。

Exactly. And right now, they're all flush with margins. How's that, right?

確切地。而現在，它們的利潤都非常充裕。這樣可以吧？

So I agree. Larry, people that follow Larry, he's our greatest cheerleader along with me in memory strategy for us. We are spending money, okay? It is part of, as Chris alludes to. We could be doing better well at these revenue levels. This is --we're not happy with these revenue levels, right? We're not making money at these levels, but we would be making more money.

我同意。Larry，Larry的追隨者，他是我們記憶策略方面最偉大的啦啦隊長，和我一起為我們加油。我們是在花錢，好嗎？正如克里斯所暗示的那樣，它是其中的一部分。在目前的營收水準下，我們本來可以做得更好。也就是說——我們對目前的營收水準並不滿意，對吧？我們目前的水準還賺不到錢，但如果能賺更多錢就好了。

We're spending money. We've got our foot on the gas, and in fact, it's our expectation that we'll increase the R&D spend. Particularly in AI wafer level burn-in, a little bit in the packaged because we've spent a lot of money on that in just this last year for packaged, getting this new product out and then the memory system, which will be a blade in our FOX system, basically.

我們在花錢。我們已經加大了研發投入，事實上，我們預期研發支出將會增加。尤其是在 AI 晶圓級老化方面，封裝方面也投入了一些資金，因為我們去年在封裝方面投入了大量資金，推出了這款新產品，然後是儲存系統，它基本上將成為我們 FOX 系統中的刀片。

It should be -- it should pay off. That's hopefully soon, sooner rather than later.

應該是如此——應該會有回報。希望這一天能盡快到來，越快越好。

I vote yes too. As a shareholder, I think it's good money to be spent.

我也投贊成票。身為股東，我認為這筆錢花得很值得。

That's all I had. Thanks, Gayn.

這就是我全部的家當。謝謝你，蓋恩。

Thank you, Larry.

謝謝你，拉里。

(Operator Instructions) Okay, I'm showing no further questions in the queue. I would like to turn the call back to management for closing remarks.

（操作員指示）好的，佇列中不再顯示任何問題。我想把電話轉回給管理階層，請他們做總結發言。

Thank you, operator, and thank you, everybody. We really appreciate you guys taking the time to spend an hour with us. I think about that exactly again. And we'll keep you guys updated. Stay tuned. We're really excited about this and hope that the orders will come in shortly enough to be able to make this less dramatic as we go forward and set ourselves up for a really strong year heading into next year.

謝謝接線員，也謝謝大家。非常感謝你們抽出一個小時的時間陪伴我們。我又想到了這一點。我們會隨時向大家報告最新情況。敬請關注。我們對此感到非常興奮，並希望訂單能夠盡快到來，以便我們能夠減少未來的發展壓力，並為明年取得強勁的業績做好準備。

So appreciate it. If you are in town, we are in Fremont, California, near Silicon Valley. Give us a call, set something up, come by and take a look at the facility. If you haven't seen our tools, they're very impressive, and you can get a feel of the capacity because we have a lot of systems on the manufacturing line right now.

非常感謝。如果您在城裡，我們位於加利福尼亞州弗里蒙特市，靠近矽谷。給我們打電話，安排一下，過來看看我們的設施。如果你還沒見過我們的工具，它們非常令人印象深刻，而且你也能感受到我們的產能，因為我們目前在生產線上有很多這樣的系統。

So take care and Happy New Year to everybody.

祝大家一切順利，新年快樂！

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，您可以斷開線路了。感謝您的參與。