Aehr Test Systems (AEHR) 2026 Q4 法說會逐字稿

Good day. Welcome to the Aehr Test Systems fiscal 2026, fourth quarter and full year conference call.

日安。歡迎參加Aehr Test Systems 2026會計年度第四季暨全年電話會議。

(Operator Instructions) I will now turn the conference over to your host, Jim Byers at Pondel Wilkinson Investor Relations. Jim, you may begin.

(接線員指示) 我現在把電話會議交給本次主持人——Pondel Wilkinson Investor Relations 的 Jim Byers。Jim，請開始。

Thank you, Sims 2026 fourth quarter and full year 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. Before I turn the call over to Chris and Gayn.

謝謝。這是 Sims 2026 會計年度第四季暨全年財務結果電話會議。今天與我一同出席的有 Aehr Test Systems 總裁兼執行長 Gayn Erickson，以及財務長 Chris Siu。在我把電話交給 Chris 與 Gayn 之前。

I'd like to cover a few quick items this afternoon, right after market closed. Aehr Test issued a press release announcing its fiscal 2026 fourth quarter and full your results. That release is available on the company's website at aehr.com. This call is being broadcast live over the internet for all interested parties, and the webcast will be archived on the investor relations page of the company's website.

我想在今天下午、也就是收盤後，先快速說明幾點。Aehr Test 已發布新聞稿，宣布其 2026 會計年度第四季與全年業績。該新聞稿可於公司網站 aehr.com 取得。本次電話會議將透過網路進行即時直播供所有有興趣者收聽，網路直播回放也將存檔於公司網站的投資人關係頁面。

And 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. 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.

同時也提醒各位，今天管理層將發表前瞻性陳述，這些陳述係基於目前資訊與估計，並可能受到多項風險與不確定性影響。這些因素可能導致實際結果與前瞻性陳述所述內容出現重大差異。相關因素已於公司最近期向美國證券交易委員會（SEC）提交的定期與即時報告中討論。這些前瞻性陳述（包括今日電話會議中提供的指引）僅於本日有效，Aehr Test Systems 不承擔更新前瞻性陳述之義務。

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

那麼，接下來我把電話交給總裁兼執行長 Gayn Erickson。

Thanks, Jim, and good afternoon, everyone, and welcome to our fiscal '26, fourth quarter and full year earnings conference call.

謝謝你，Jim。各位下午好，歡迎參加我們 2026 會計年度第四季暨全年財報電話會議。

I'll start with an update on the key markets driving our business, including the strong demand we're seeing in the AI and data center infrastructure markets as well as the significant progress we've made this year in diversifying and expanding our end markets. Chris will then go over our rev and review our financial results and open up the call for questions.

我將先就推動我們業務的關鍵市場做更新，包括我們在 AI 與資料中心基礎設施市場看到的強勁需求，以及今年我們在分散並擴大終端市場方面取得的重大進展。接著 Chris 會回顧並說明我們的財務結果，並開放提問。

We're very pleased with our fiscal fourth quarter, which exceeded consensus street expectations and captain gear of significant bookings and revenue diversification for Aehr. Record quarterly bookings, a very strong and record backlog, and growing demand across AI processors, silicon photonics, and power semiconductors for both our wafer-level and package level burn-in solutions positions us well for significant growth in '27 and moving forward, fiscal '27 that is.

我們對本會計年度第四季的表現非常滿意，該季超出華爾街一致預期，並且為 Aehr 帶來大量訂單與營收多元化的關鍵動能。創紀錄的單季訂單、非常強勁且創紀錄的在手訂單（backlog），以及 AI 處理器、矽光子與功率半導體對我們晶圓級與封裝級燒機（burn-in）解決方案日益成長的需求，使我們在 27 年及往後（指 2027 會計年度）具備顯著成長的良好定位。

With strong momentum and a record backlog heading into fiscal '27, we're expecting revenue of between $130 million and $150 million representing 2.6 times to 3 times the just completed fiscal '26 revenue. Non-GAAP pretext pre-tax profitability at these levels is expected to come in between 18% and 22%. With current customer forecasts that we're seeing across our wafer-level and package level burn-in platforms, we see the opportunity to increase our revenue guidance even higher as additional orders materialize. We believe we're not capacity limited even at the $150 million revenue levels.

在強勁動能與創紀錄在手訂單的支撐下進入 2027 會計年度，我們預期營收介於 1.30 億至 1.50 億美元，約為剛結束的 2026 會計年度營收的 2.6 倍至 3 倍。在此營收水準下，非 GAAP 稅前獲利率預期約為 18% 至 22%。依據我們目前在晶圓級與封裝級燒機平台所看到的客戶預測，隨著更多新增訂單落地，我們有機會將營收指引再上調。我們相信即使在 1.50 億美元營收水準下，我們也不會受到產能限制。

To illustrate the progress, we've made in diversifying its additional high growth markets, just two years ago, over 95% of our business was tied to silicon carbide for electric vehicles. Whereas today, almost 95% of our fiscal year 206 revenue came from markets not electric vehicles, silicon carbide.

為了說明我們在分散至其他高成長市場方面的進展，就在兩年前，我們超過 95% 的業務仍與電動車用碳化矽（silicon carbide）高度綁定。然而今天，我們 206 會計年度營收中將近 95% 來自非電動車碳化矽相關的市場。

Reliability and production wafer-level burn and screening for AI accelerators, CPUs, and network processors were the fastest growing markets this year, representing approximately 71% of our total annual revenue. Optical device test and burn-in for data center infrastructure transceivers, chip-to-chip IO, and hard disk drives accounted for another 20%. We expect both of these markets to grow significant in fiscal 2027.

AI 加速器、CPU 與網路處理器的可靠度與量產晶圓級燒機與篩選，是今年成長最快的市場，約占我們全年總營收的 71%。資料中心基礎設施用收發器、晶片對晶片 I/O，以及硬碟的光學元件測試與燒機，另占約 20%。我們預期這兩個市場在 2027 會計年度都將顯著成長。

And we're seeing encouraging signs of recovery in the silicon carbide market, as well as new growth opportunities for power semiconductors, such as in gallium nitride and even silicon-based power moss used in both automotive and AI data center applications.

同時，我們也看到碳化矽市場復甦的正向跡象，以及功率半導體的新成長機會，例如氮化鎵（gallium nitride），甚至是用於車用與 AI 資料中心應用的矽基功率 MOS。

So let me provide an update on several of the key markets and customer initiatives, and I'll start with wafer-level burn-in. Demand from AI-related applications continues to accelerate. Our lead AI processor wafer-level burn-in customer is significantly ramping their products, driving an increase in forecasted capacity needs for our FOX systems and proprietary WaferPak full wafer contractors this year and over the next few years.

接下來我將更新幾個關鍵市場與客戶專案的進展，先從晶圓級燒機談起。來自 AI 相關應用的需求持續加速。我們的主要 AI 處理器晶圓級燒機客戶正大幅提升其產品出貨，帶動其對我們 FOX 系統與專有 WaferPak 全晶圓接觸器在今年及未來數年的預估產能需求增加。

This past year they've ordered our fully automated WaferPak aligners to integrate with their installed base, doubled their systems from us and our forecasting the foundry this year and into the future. This has been a challenge to their growth over the last year. We're happy to see them move all production burn and screening to wafer-level burn-in on our systems this past year. They no longer need to perform any system level screening of their products.

過去一年，他們訂購了我們全自動 WaferPak 對位機（aligners）以整合至其既有裝機基礎，並向我們加倍採購系統；同時他們也在今年及未來持續向晶圓代工廠進行產能預測。這在過去一年一直是其成長的一項挑戰。我們很高興看到他們在過去一年已將所有量產燒機與篩選移轉至我們系統上的晶圓級燒機。他們不再需要對其產品進行任何系統層級（system level）的篩選。

This customer sees Aehr as a critical supplier, and we're working to ensure we can meet all their capacity needs as they forecast significant growth in system purchases and WaferPaks this year and over the next few years. In addition, we're engaged with additional AI processor customers who are evaluating wafer-level burn-in to improve their product liability and reduce yield loss from production burn-in of their devices later in the manufacturing process. This includes one of our largest package level burn-in customers who's now asking us about a wafer-level burn and evaluation for future production of one of their AI accelerators and CPUs. This is in parallel with ensuring we can meet their package to burn and needs with our Sonoma systems.

該客戶視 Aehr 為關鍵供應商，我們正努力確保能滿足其所有產能需求，因其預期今年及未來數年在系統採購與 WaferPaks 方面將大幅成長。此外，我們也正與其他 AI 處理器客戶合作，他們正在評估晶圓級燒機，以提升產品可靠度，並降低在製程後段對其元件進行量產燒機所造成的良率損失。其中包括我們最大的封裝級燒機客戶之一；他們目前也向我們詢問，針對其某款 AI 加速器與 CPU 的未來量產，是否可進行晶圓級燒機與評估。同時，我們也並行確保能以 Sonoma 系統滿足其封裝燒機需求。

A key advantage of a proprietary WaferPak contact or technology is its ability to manage individual die temperatures, enabling significantly better thermal management than conventional package level approaches. Our systems can process up to a quarter of a wafer at a time with as many as nine wafers tested in parallel, delivering a compelling combination of throughput and cost efficiency. So let me provide an update on our way for level burn and evaluation with a major supplier of AI accelerators, CPUs, and network processors. We're excited to report that we successfully completed the benchmark testing of our wafer-level burn-in solution at one on one of their processors, achieving results that exceeded their expectations and, in their words, produced results better than they can get at package level.

專有 WaferPak 接觸器技術的一項關鍵優勢，是能管理單顆晶粒（die）的溫度，因而相較傳統封裝級方法可提供顯著更佳的熱管理。我們的系統一次可處理最多四分之一片晶圓，並可多達九片晶圓並行測試，兼具高吞吐量與成本效率的吸引力。接著我更新我們與一家主要 AI 加速器、CPU 與網路處理器供應商在晶圓級燒機與評估方面的進展。我們很高興報告，我們已在其其中一款處理器上成功完成晶圓級燒機解決方案的基準測試（benchmark testing），結果超出其預期；用他們的話說，測試結果比他們在封裝級所能達到的更好。

This top tier AI processor supplier has now expressed interest in moving to pilot production test validation at their semiconductor contract manufacturer in Taiwan for their current high-volume device which we just completed the benchmark on. Originally this benchmark was to evaluate wafer Vernon for their next generation device. Instead, they indicated that based on results, they, based on the results, they're interested to pull this device in and to consider wafer-level burn-in on this current device as well. They told us this current device is expected to continue ramping and achieves significant volumes over the next year or more. In addition, they also requested that we evaluate a second device in parallel.

這家頂級 AI 處理器供應商目前已表達興趣，欲在其位於台灣的半導體委外製造商處，針對我們剛完成基準測試的現行高出貨量元件，推進至試量產測試驗證（pilot production test validation）。原本這次基準測試是為了評估其下一代元件的晶圓級燒機。但他們表示，基於測試結果，他們有意將此元件提前納入，並考慮也在這款現行元件上導入晶圓級燒機。他們告訴我們，這款現行元件預期在未來一年或更久仍將持續放量並達到可觀出貨。此外，他們也要求我們同步評估第二款元件。

The potential revenue opportunity from one of these devices is significant to error in terms of near and long-term revenue streams related to the wafer-level burn-in systems and proprietary WaferPak contractors. Turning to wafer-level burn-in for silicon photonics devices as we have anticipated for the last year, silicon photonics devices and the need for production burn-in are now seeing strong momentum as AI datacenter architectures increasingly rely on optical IO and high-speed optical interconnects.

就 Aehr 而言，僅其中一款元件所帶來的潛在營收機會，無論在近期或長期、與晶圓級燒機系統及專有 WaferPak 接觸器相關的營收來源方面都相當可觀。接著談到矽光子元件的晶圓級燒機：如同我們過去一年所預期，隨著 AI 資料中心架構日益依賴光學 I/O 與高速光互連，矽光子元件及其量產燒機需求目前正展現強勁動能。

Our lead silicon photonics customer is ramping with follow-on orders over the past year and more already in this fiscal year for fully automated wafer-level burn-in systems powering AI optical IO and data center internet connects. These systems are fully integrated with their automated wafer handling equipment, enabling fully automated high-volume production burn-in with hands-free operation unit using automatic guided vehicles, marking another important milestone for this long-term customer.

我們的主要矽光子客戶在過去一年持續放量並追加訂單，而在本會計年度迄今也已下達更多訂單，採購用於支援 AI 光學 I/O 與資料中心互連的全自動晶圓級燒機系統。這些系統與其自動化晶圓搬運設備完全集成，使其能以自動導引車（AGV）進行免手動操作的全自動高產量量產燒機，為這家長期客戶再創一項重要里程碑。

In addition, our newest major silicon photonics customer, a global leader in networking products and solutions has provided us with a forecast for additional systems this calendar year as it ramps capacity support next generation hyperscale data center deployments. This customer first engaged with us just last November. And has since ordered two of our nine wafer FOX test cells and two of our FOX-NPs. This engagement progress quickly from initial contact to their first order and our first delivery of fully integrated test cell.

此外，我們最新的一家主要矽光子客戶——全球網路產品與解決方案領導廠商——已向我們提供今年曆年內追加系統的預測，因其正擴充產能以支援下一代超大規模資料中心部署。該客戶最初於去年 11 月才與我們接洽。此後已訂購我們 9 套晶圓 FOX 測試單元中的兩套，以及兩套 FOX-NP。此次合作從初次接觸到首筆訂單、以及我們首次交付完全集成的測試單元，進展十分迅速。

We believe our sales process is shortening over time as our wafer-level burn-in solutions are becoming more pervasive across multiple industries, customers and countries. We believe that silicon photonics and optical test in Vernon market has substantial growth potential and can be a meaningful long-term growth driver for Aehr. So now let me share some highlights of our progress in power semiconductors and wafer-level burn-in in the past year. We completed more than a dozen designs for gallium nitride WaferPaks, which are now being sampled by potential customers. Many, if not all, are expected to move to volume production on our wafer-level burn-in systems, driving the need for systems and WaferPaks this year and going forward.

我們認為，隨著我們的晶圓級燒機解決方案在多個產業、客戶與國家日益普及，我們的銷售流程正隨時間縮短。我們相信，矽光子與光學測試的 Vernon 市場具備可觀的成長潛力，並可成為 Aehr 具意義的長期成長動能。接下來我分享過去一年我們在功率半導體與晶圓級燒機方面的進展重點。我們已完成十多項氮化鎵（GaN）WaferPak 的設計，目前正提供給潛在客戶進行樣品測試。其中許多（若非全部）預期將轉入我們晶圓級燒機系統的量產，進而帶動今年及未來對系統與 WaferPak 的需求。

We also just completed the first, the world's first 300-millimeter GaN wafer-level burn-in solution. Using our high voltage WaferPaks to stress and test the critical high-temperature reverse bias test needed to screen for GaN MOSFETs defects in production. Just recently we closed the sale of our first box system for a silicon MOSFET wafer-level burn-in application. Prior to this, customers had purchased our FOX wafer-level Vernon systems only for non-silicon MOSFETs such as silicon carbide and gallium nitrite.

我們也剛完成全球首套 300 毫米 GaN 晶圓級燒機解決方案。該方案使用我們的高電壓 WaferPak，對量產中用於篩檢 GaN MOSFET 缺陷所需的關鍵高溫反向偏壓測試（HTRB）進行加壓與測試。就在最近，我們完成了首套用於矽 MOSFET 晶圓級燒機應用的箱式系統（box system）銷售。在此之前，客戶購買我們的 FOX 晶圓級 Vernon 系統僅用於非矽 MOSFET，例如碳化矽與氮化鎵。

We're working with this customer to determine test times and quality screening modes that we hope will lead to production burn-in capacity needs as the customer has indicated. We also captured our first silicon carbide customer in Taiwan. This customer works closely with several automotive manufacturers in Taiwan and China, as well as other international companies. Securing this win was especially important to us because they chose Aehr over Semit, a Chinese company that recently reincorporated in Malaysia as NEXUSTEST for the silicon carbide wafer-level burn-in products. As some of you know, Aehr Test is currently suing Semit NEXUSTEST for patent infringement of their silicon carbide-focused wafer-level burn-in system.

我們正與該客戶合作，釐清測試時間與品質篩檢模式；我們希望這將如客戶所示，進一步帶動其量產燒機產能需求。我們也在台灣取得首位碳化矽客戶。該客戶與台灣與中國的多家汽車製造商，以及其他國際公司密切合作。拿下此案對我們尤其重要，因為在碳化矽晶圓級燒機產品上，他們選擇 Aehr 而非 Semit——一家中國公司，近期以 NEXUSTEST 之名在馬來西亞重新註冊。如各位所知，Aehr Test 目前正就其以碳化矽為主的晶圓級燒機系統之專利侵權，對 Semit NEXUSTEST 提起訴訟。

We believe they're violating our IP and patent that we hold in many countries around the world, including China, Taiwan, Japan, Korea, Singapore, the EU and United States. We were chosen over Semit due to technical superiority, cost, and our reputation in the automotive industry for production wafer-level burn-in of silicon carbide devices for EVs. We are seeing encouraging signs of recovery in the silicon carbide-powered semiconductors. And actively engaged to meet the wafer-level burn-in needs of several of the world's largest automotive OEM manufacturers.

我們認為他們正在侵犯我們在全球多國持有的智慧財產權與專利，包括中國、台灣、日本、韓國、新加坡、歐盟與美國。客戶之所以在 Semit 之上選擇我們，原因在於技術優勢、成本，以及我們在汽車產業中針對電動車（EV）碳化矽元件量產晶圓級燒機的聲譽。我們看到以碳化矽供電的半導體出現令人鼓舞的復甦跡象。並正積極投入，以滿足全球數家最大汽車 OEM 製造商的晶圓級燒機需求。

The art, the car and EV suppliers, and several of their silicon carbide suppliers for their new electric vehicles. We also announced today that we received approximately $8 million in new orders in just the last month for silicon carbide wafer-level burn-in WaferPaks as global electric vehicle programs accelerate. These include expanded production orders from our lead silicon carbide customer for WaferPakful wafer contactors, and a key order directly from one of the largest automotive companies in the world. For multiple WaferPaks to be used in the qualification of silicon carbide devices from suppliers for the new generation of electric vehicles using Aehr's FOX wafer-level burn-in systems.

包括汽車與電動車供應鏈，以及其多家為新款電動車供貨的碳化矽供應商。我們今天也宣布，僅在過去一個月內，隨著全球電動車計畫加速，我們收到約 800 萬美元的碳化矽晶圓級燒機 WaferPak 新訂單。其中包括我們主要碳化矽客戶針對 WaferPak 晶圓接觸器（wafer contactors）的擴大量產訂單，以及來自全球最大汽車公司之一的關鍵直接訂單。該訂單涵蓋多套 WaferPak，將用於對供應商之碳化矽元件進行新一代電動車的資格認證（qualification），並採用 Aehr 的 FOX 晶圓級燒機系統。

This year we expect renewed demand for both silicon carbide and again power semiconductor test and burn-in, driven by automotive electrification and AI datacenter data center power infrastructure. Let me talk a little bit about wafer-level burn-in for memory. We also continue to pursue opportunities in memory, including NAND flash and potential high bandwidth memory DRAM applications as part of our wafer-level burn-in solutions roadmap. The growth of these two memory markets may be stronger than ever with massive capacity increases planned for this decade. The wafer-level burn-in benchmark with a global leader in NAND flash completed, we're in discussions on how to move forward.

今年我們預期碳化矽以及功率半導體測試與燒機需求將再度回升，主要受汽車電動化與 AI 資料中心電力基礎設施所帶動。我也簡要談談記憶體的晶圓級燒機。我們持續在記憶體領域尋求機會，包括 NAND 快閃記憶體，以及作為我們晶圓級燒機解決方案藍圖一部分的潛在高頻寬記憶體（HBM）DRAM 應用。隨著本十年規劃的大規模產能擴張，這兩個記憶體市場的成長可能比以往任何時候都更強勁。我們已完成與全球 NAND 快閃記憶體領導廠商的晶圓級燒機基準測試（benchmark），目前正討論後續推進方式。

As we said last quarter, we hope to close on discussions about test system specifications needed for their next generation flash memories. And in particular, their high bandwidth flash devices, which would lead to a development agreement to supply systems and paper packs to them over a 12 to 18-month deployment --development of our new memory optimized blades for our FOX-XP and NP multi-wafer for test and burn-in platform. Also in ongoing discussions with other key memory, so DRAMs are used in the AI GPUs, as well as standard DRAM and flash memories to align our solutions with the production needs of these companies, new capacity coming online.

如同我們上季所說，我們希望能在其下一代快閃記憶體所需的測試系統規格方面完成討論並達成結論。特別是其高頻寬快閃裝置，這將促成一項開發協議，在 12 至 18 個月的部署期間向其供應系統與 paper packs——並開發我們針對 FOX-XP 與 NP 多晶圓測試與燒機平台所設計的新款記憶體最佳化刀片（blades）。我們也正與其他關鍵記憶體廠持續討論，包括用於 AI GPU 的 DRAM，以及標準 DRAM 與快閃記憶體，以使我們的解決方案與這些公司新增上線產能的量產需求對齊。

As we've noted before, this is a key folks prayer this year with the goal of reaching an agreement with these customers to keep, to develop the enhancements needed to extend our FOX system into these markets. We believe this market could drive orders in fiscal 2027 with ramps in fiscal 2028.

如我們先前所提，這是今年的關鍵重點之一，目標是與這些客戶達成協議，以持續開發所需的強化功能，將我們的 FOX 系統延伸至這些市場。我們相信該市場可在 2027 會計年度帶動訂單，並於 2028 會計年度放量。

Now turning to packets-level burden, our packet-level burn-in business for AI processors also gained momentum over the year, highlighted by record follow-on production orders from our lead hyperscale customer for Sonoma Systems for supporting high volume AI processor production burn-in. This customer is a large-scale data center provider and it's forecasting a substantial expansion of Sonoma system purchases for a second device, which is twice the powerful package as the first device that they're using Sonoma Systems for today. As their current and next generation devices ramp, we believe Sonoma systems and consumables can become an increasingly important contributing contributor to Aehr's revenue.

接著談封裝級燒機（package-level burn-in），我們針對 AI 處理器的封裝級燒機業務在過去一年也取得動能，亮點包括我們主要超大規模客戶對 Sonoma 系統下達創紀錄的後續量產追加訂單，以支援高產量 AI 處理器量產燒機。該客戶為大型資料中心供應商，並預測將大幅擴增 Sonoma 系統採購，以支援第二款裝置；該裝置的封裝功率為其目前使用 Sonoma 系統之第一款裝置的兩倍。隨著其現有與下一代裝置放量，我們相信 Sonoma 系統與耗材可成為 Aehr 營收中日益重要的貢獻來源。

This past year we secured key new device wins on the Sonoma platform for high-temp operating like qualification. We're also engaged with multiple perspective customers for package level reliability, qualification, and production burn-in of AI accelerators, ASICs, network processors, and also for Edge AI processes for automotive and robotics, which represents significant opportunities for Aehr over the next few years.

過去一年，我們在 Sonoma 平台上取得多項關鍵新裝置導入（device wins），用於高溫操作壽命（HTOL）等資格認證。我們也正與多家潛在客戶合作，針對 AI 加速器、ASIC、網路處理器的封裝級可靠度、資格認證與量產燒機；同時也涵蓋汽車與機器人領域的邊緣 AI 處理器（Edge AI processors），這在未來幾年將為 Aehr 帶來顯著機會。

Recently, we introduced an enhanced Sonoma high-power configuration designed for next generation CPUs, GPUs, and high-performance network processors used in AI data center communications applications. This enhanced system expands the Sonoma product family's capabilities with per device power up to 2000-watts or more, increasing total system power capacity and improved device scalability. It also includes an optional fully integrated auto aligner that is completely handsfree operation in a production environment. Unlike traditional batch flow burn-in, the Sonoma high-power configuration with ALU is designed for continuous flow operation, enabling devices to begin testing immediately upon insertion.

近期，我們推出強化版 Sonoma 高功率配置，專為用於 AI 資料中心通訊應用的下一代 CPU、GPU 與高效能網路處理器所設計。此強化系統將 Sonoma 產品家族的能力擴展至單顆裝置功率最高可達 2000 瓦或以上，提升系統總功率容量並改善裝置可擴展性。它也包含可選配的完全集成自動對位器（auto aligner），可在量產環境中實現全程免手動操作。不同於傳統批次流程燒機，搭載 ALU 的 Sonoma 高功率配置採用連續流（continuous flow）運作設計，使裝置一插入即可立即開始測試。

The automation and thermal systems run continuously, maximizing equipment utilization, throughput, and return on investment for both engineering qualification and high-volume manufacturing environments. Our Sonoma systems deliver what we believe is the industry's lowest cost solution, enabling customers to transition seamlessly from early reliability characterization to full production burn-in and early failure screening.

自動化與熱控系統持續運轉，最大化設備使用率、產出與投資報酬率，適用於工程認證與高產量製造環境。我們的 Sonoma 系統提供我們認為是業界最低成本的解決方案，使客戶能從早期可靠度特性化順暢過渡到全面量產的燒機（burn-in）與早期失效篩選。

This approach helps reduce costs, improve quality, and accelerate time to market. To meet anticipated demand, we've been expanding manufacturing capacity for both our systems and consumables, that's both on the wafer-level and on the package-level. This additional capacity positions us to support expected customer ramp-ups and provides flexibility if demand exceeds our current outlook.

此方法有助於降低成本、提升品質並加速產品上市時程。為滿足預期需求，我們一直在擴充系統與耗材的製造產能，涵蓋晶圓級與封裝級。這些新增產能使我們能支援客戶預期的產能爬坡，並在需求超出目前展望時提供彈性。

Looking ahead, we're very excited about our positioning, position entry in fiscal 2027. We have multiple customers who began production over the past 12 months and are now ramping up. Creating the potential for meaningful follow-on demand for systems and consumables. With multiple customers entering or expanding production, a record backlog, and additional opportunities under discussion for both wafer-level and package-level burn-in, we believe there is well positioned for multiple years of strong revenue growth.

展望未來，我們對自身的市場定位感到非常振奮，並著眼於 2027 會計年度的切入布局。過去 12 個月內有多位客戶已開始量產，且目前正進行產能爬坡。這為系統與耗材帶來可觀的後續需求潛力。隨著多位客戶進入或擴大量產、創紀錄的在手訂單，以及晶圓級與封裝級燒機的更多機會仍在洽談中，我們相信公司已具備條件，在未來數年實現強勁的營收成長。

With that, I'll turn it over to Chris.

接下來我把時間交給 Chris。

Thank you, Gayn. Before I review our financial results, I would like to provide a brief update on the steps we're taking to expand our manufacturing capacity and consumer support infrastructure to support our growing backlog in the future growth opportunities.

謝謝你，Gayn。在我回顧財務結果之前，我想先簡要更新我們為擴充製造產能與客戶支援基礎設施所採取的措施，以支援我們日益增加的在手訂單與未來成長機會。

As Gayn mentioned in the last conference call. We continue to scale our manufacturing capacity to support growing demand. In addition to our Fremont expansion, we began shipping Sonoma systems from one of our existing contract manufacturers in Southeast Asia. This adds capacity for more than 20 additional Sonoma systems per month. And gives us greater flexibility as we scale to meet customer demand.

如 Gayn 在上次法說會提到的。我們持續擴大製造產能以支援成長中的需求。除 Fremont 擴建外，我們也開始由東南亞一家具既有合作關係的代工廠出貨 Sonoma 系統。此舉每月可新增超過 20 套 Sonoma 系統的產能。並在我們擴產以滿足客戶需求時，提供更大的彈性。

With the recent record $41 million purchase order we received from our hyperscale customer in April. We are very active operationally as we build Sonoma systems to meet the customer's delivery schedule. This system is expected to be delivered this year to the outset of our hyperscale customer, which is based in Taiwan. Gayn also reported today that we successfully completed benchmark testing of a wafer-level burn-in solution with a major supplier of AI accelerators, CPUs, and network processors.

隨著我們在 4 月收到來自超大規模（hyperscale）客戶、創紀錄的 4,100 萬美元採購訂單。我們在營運端非常積極，正建置 Sonoma 系統以符合客戶的交付時程。該系統預計今年交付給我們位於台灣的超大規模客戶據點。Gayn 今天也報告，我們已成功與一家主要 AI 加速器、CPU 與網路處理器供應商完成晶圓級燒機解決方案的基準測試。

The testing was completed on one of their processors and achieved results that exceeded their expectations. This top tier AI processor supplier has now expressed interest in moving to pilot production test validation for its current high-volume device. In anticipation of next stage of this project. We've recently signed a new lease to expand our office in Hsinchu, Taiwan.

測試在其其中一款處理器上完成，成果超出其預期。這家頂級 AI 處理器供應商現已表達興趣，將針對其目前高出貨量裝置推進至試產（pilot production）的測試驗證。為因應此專案下一階段。我們近期已簽署新租約，以擴增我們在台灣新竹的辦公室。

This expansion will allow us to increase our local sales and customer support personnel, deepen our engagement with customers and ecosystem partners in the region, and strengthen our ability to support future production realms. But recent manufacturing capacity enhancements and an increased presence in Taiwan. We believe we are well positioned to support significant growth in both wafer-level and package-level burn-in systems as customers run production.

此擴編將使我們能增加在地銷售與客戶支援人員，深化與區域內客戶及生態系夥伴的互動，並強化我們支援未來量產導入的能力。結合近期製造產能的提升以及在台灣更強的在地布局。我們相信，隨著客戶進入量產，我們已具備良好條件支援晶圓級與封裝級燒機系統的顯著成長。

Now to our financial results. Bookings in the fourth quarter of fiscal 2026 were $60.7 million, up more than 500% from $11.1 million in the prior year quarter. The increase was primarily driven by purchase orders of for Sonoma package-level and FOX wafer-level burn-in systems WaferPaks and burn-in modules supports AI for silicon photonics processor burn-in. Partially offset by lower customer orders for six on car by WaferPaks.

接著說明我們的財務結果。2026 會計年度第四季接單（bookings）為 6,070 萬美元，較去年同期的 1,110 萬美元成長逾 500%。成長主要由 Sonoma 封裝級與 FOX 晶圓級燒機系統、WaferPaks 與燒機模組的採購訂單所帶動，用於支援 AI 與矽光子處理器燒機。部分被客戶對用於車用的 WaferPaks 訂單下滑所抵銷。

Backlog at the end was a record $80.6 million, up from $15.2 million at the end of fiscal 2025. Subsequent to [Yan], we received an additional $20 million in bookings during the fourth week transition period and the first two weeks of fiscal 2027. As a result, our effective backlog increased to approximately $100.6 million before taking into account minimal shipments during the transition period and the June 26, 2026, which is not part of fiscal year 2027.

期末在手訂單（backlog）創新高達 8,060 萬美元，高於 2025 會計年度期末的 1,520 萬美元。在 [Yan] 之後，我們於第四週過渡期間及 2027 會計年度前兩週又新增 2,000 萬美元接單。因此，在未計入過渡期間的少量出貨以及 2026 年 6 月 26 日（不屬於 2027 會計年度）之前，我們的有效在手訂單增加至約 1.006 億美元。

Turning to our Q4 performance. We're excited about our continued momentum in the artificial intelligence and data center markets, AI processors and silicon photonics burn-in accounted for more than 80% of our fourth quarter revenue. Compared with 56% in the prior year period.

接著看我們第四季表現。我們對人工智慧與資料中心市場的持續動能感到振奮；AI 處理器與矽光子燒機占第四季營收超過 80%。相較去年同期為 56%。

For the fourth quarter, we had three customers representing more than 10% of total revenue. Two of these customers target the AI market, and the third focuses on the data center optical transceiver market. Revenue for the fourth quarter totaled $18.8 million, up 34% from $14.1 million in the prior year quarter.

第四季有三位客戶各自貢獻超過總營收的 10%。其中兩位客戶鎖定 AI 市場，第三位則聚焦資料中心光收發器市場。第四季營收合計 1,880 萬美元，較去年同期的 1,410 萬美元成長 34%。

The increase was primarily driven by strong demand from AI and data center customers for FOX systems, era auto aligners and WaferPaks. Contacted revenue was $5.8 million, representing 31% of our total fourth quarter revenue. Compared with 30% in the prior year court period. This remains a sizable revenue stream for Aehr driven by demand for new WaferPak designs as existing and new customers deploy FOX systems for additional device applications.

成長主要由 AI 與資料中心客戶對 FOX 系統、era 自動對準機（auto aligners）與 WaferPaks 的強勁需求所帶動。耗材相關營收為 580 萬美元，占第四季總營收的 31%。相較去年同期為 30%。在既有與新客戶為更多裝置應用部署 FOX 系統、並帶動新 WaferPak 設計需求之下，這仍是 Aehr 一項可觀的營收來源。

Non-GAAP gross margin for the fourth quarter was 45%, up 1,000 basis points compared with 35% in the same period last year. The increase was primarily due to high revenue levels, improved manufacturing capacity utilization, and more favorable product mix. In the fourth quarter of fiscal 2025, our revenue was driven primarily by the sale of package-level burn-in systems, which had lower product margins. Non-GAAP operating expenses in the fourth quarter were $7.5 million compared with $5.4 million in the prior year quarter. The year-over-year increase was primarily attributable to higher employment costs as we add a headcount to support our R&D projects, as well as high commissions related to record bookings from customers in the AI and data center markets.

第四季非 GAAP 毛利率為 45%，較去年同期的 35% 提升 1,000 個基點。提升主要來自較高的營收水準、製造產能利用率改善，以及更有利的產品組合。在 2025 會計年度第四季，我們的營收主要由封裝級燒機系統銷售帶動，其產品毛利率較低。第四季非 GAAP 營業費用為 750 萬美元，去年同期為 540 萬美元。年增主要歸因於我們增加人力以支援研發專案所帶來的較高人事成本，以及與 AI 與資料中心市場客戶創紀錄接單相關的較高銷售佣金。

As an update on our patent litigation against Semit in China, we continue to incur legal fees during the fourth quarter to support our claims. We are encouraged that the patent office in the Beijing district of the People's Republic of China has upheld two of our Chinese patents, which is critical to our litigation against that might. The case is still ongoing, and we anticipate incurring additional legal expenses in upcoming quarters as we continue to protect our intellectual property rights in China.

關於我們在中國對 Semit 提起的專利訴訟進度更新，我們在第四季仍持續支出法律費用以支援我們的主張。我們感到鼓舞的是，中華人民共和國北京市轄區的專利局已維持我們兩項中國專利有效，這對我們針對該方的訴訟至關重要。案件仍在進行中；為持續在中國維護我們的智慧財產權，我們預期未來幾季仍將產生額外法律費用。

Non-GAAP net income for the fourth quarter, excluding the impact of stock-based compensation and amortization of intangible assets was $3.6 million or $0.11 per dollar a share. Well above strict consensus. Well above strict consensus. This compares with a non-GAAP net loss of $ 0.2 million or $0.1 cents per dollar share in the fourth quarter fiscal 2025.

第四季非 GAAP 淨利（排除股票基礎酬勞與無形資產攤銷影響）為 360 萬美元，或每股 0.11 美元。遠高於市場一致預期。遠高於市場一致預期。相較之下，2025 會計年度第四季非 GAAP 淨損為 20 萬美元，或每股 0.1 美分。

Turning to the full year results, we reported revenue of $50 million, down 15% year over year. Full year non-GAAP gross margin was 38.5% compared with 44% in the prior year. Full-year non-GAAP net income was $0.9 million or $0.03 per dollar a share. Compared with non-GAAP net income of $4.6 million or $0.15 per diluted share in fiscal 2025.

再看全年結果，我們全年營收為 5,000 萬美元，年減 15%。全年非 GAAP 毛利率為 38.5%，去年為 44%。全年非 GAAP 淨利為 90 萬美元，或每股 0.03 美元。相較 2025 會計年度非 GAAP 淨利為 460 萬美元，或稀釋後每股 0.15 美元。

At the end of the fourth quarter, cash, cash equivalents and restricted cash totaled $116.5 million compared with $26.5 million at the end of fiscal '25. During fiscal 2026, we raised approximately $100 million primarily through our ATM program, significantly strengthening our balance sheet. Although Aehr remains a capital-like company with only $2.1 million in capital expenditures in fiscal 2026. This enhanced financial position provides the working capital and flexibility to pursue larger customer opportunities and scale production to meet to meet customer demand.

在第四季末，現金、約當現金及受限制現金合計為1.165億美元，相較於會計年度'25期末的2,650萬美元。在會計年度2026年期間，我們主要透過ATM計畫募得約1億美元，顯著強化了資產負債表。儘管Aehr仍屬於資本支出相對輕的公司，會計年度2026年的資本支出僅為210萬美元。這項更強健的財務狀況提供了營運資金與彈性，使我們能追求更大型的客戶機會，並擴大產能以滿足客戶需求。

Now I will share our guidance for the fiscal year ending June 25, 2027. We expect total company revenue to between $130 million and $150 million. Representing expected year-over-year growth of approximately 160% to 200%. This outlook is based on the information available to us today, including our current backlog and anticipated customer demand. We continue to pursue additional orders from existing and prospective customers. We also expect pre-tax, non-GAAP net income to be 18% to 22% of total revenue.

接下來我將分享截至2027年6月25日止會計年度的財測指引。我們預期公司總營收介於1.3億至1.5億美元之間。相當於預期年增約160%至200%。此展望係基於我們目前可得的資訊，包括現有在手訂單與預期的客戶需求。我們仍持續爭取來自既有及潛在客戶的額外訂單。我們亦預期稅前、非GAAP淨利將占總營收的18%至22%。

Lastly, look at our investor relations calendar. Aehr Test will be participating in three upcoming investor conferences over the next couple of months. We'll meet with investors virtually at the Needham six annual Semiconductor and SemiCap one on one conference on Wednesday, August 20.

最後，請看我們的投資人關係行事曆。Aehr Test將在未來幾個月參加三場即將到來的投資人會議。我們將於8月20日（週三）在Needham第六屆年度半導體與SemiCap一對一會議上，以線上方式與投資人會面。

The following week, we'll meet with investors in person on Tuesday, August 26, at the Jeffreys Technology Summit conference in Chicago. On September 10, we'll meet with investors in person at the Lake Street Capital Annual Big Ideas Growth Conference in New York City. We hope to see some of you at these conferences.

隔週，我們將於8月26日（週二）在芝加哥舉行的Jefferies科技高峰會上，與投資人進行面對面會談。9月10日，我們將在紐約市舉行的Lake Street Capital年度「Big Ideas」成長型會議上，與投資人面對面會談。希望能在這些會議上見到各位。

This concludes our prepared remarks.

以上為我們事先準備的發言內容。

Operator, we're now ready to take questions. Operator, we're now ready to take questions.

接線員，我們現在準備開始回答問題。接線員，我們現在準備開始回答問題。

(Operator Instructions) And the first question today is coming from Christian Schwab from Craig Hallam Capital Group.

(接線員指示) 今天的第一個問題來自Craig-Hallum Capital Group的Christian Schwab。

Thank you, congratulations on the fantastic outlook. Gayn, I know you gave, some description of revenue by application, for the last fiscal year, but this, we're thinking about the $130 to $150 billion, not obviously asking, by wafer-level burn-in, or the Sonova systems, but can you just give a rough idea of the assumption as far as products mix, between AI chips, silicon photonics, power, and if there'll be any memory revenue, sounds like that's fiscal '28.

謝謝，恭喜你們有非常出色的展望。Gayn，我知道你有就上一個會計年度按應用別說明營收，但我們在思考這1,300億到1,500億美元時——我當然不是要你按晶圓級燒機（wafer-level burn-in）或Sonova系統來拆——但你能否大致說明一下產品組合的假設，例如AI晶片、矽光子（silicon photonics）、功率，以及是否會有任何記憶體營收？聽起來那可能是在會計年度'28。

Yeah, so, we will. And the only challenge, of course, is, we've never done that before, and so, in reality, our ability to always predict, but in our current kind of roll up right now, it's pretty similar to last year in terms of AI, 70%-ish, the silicon photonics, maybe 15%, 20%. Maybe in that same range, and then the power semiconductor and miscellaneous, it's kind of the rest. But there's some pretty good, and by the way, and currently do not anticipate any memory revenue in even the 150 number.

是的，我們會。當然唯一的挑戰是，我們以前從未這樣做過，所以實際上我們的預測能力總是有限；但以我們目前的彙總來看，與去年相當類似：AI約70%左右，矽光子可能15%到20%。大概就在那個區間，然後功率半導體與其他雜項則是其餘部分。不過有一些相當不錯的——順帶一提，目前即使在1.5億美元這個數字中，我們也不預期會有任何記憶體營收。

So upside any potential revenue, from memory would be in addition to that, but right now we're not assuming any of that. And the bulk of that, if not the majority of all of that range of $130 to $ 150 is coming from current customers. So not really even including, I want to be a, give myself a little leeway of this new benchmark customer that just, that we just completed with amazing results, that would be upside to that as well.

因此，任何來自記憶體的潛在營收上行都會是在此之外，但目前我們並未將其納入假設。而且在1.3億到1.5億美元這個區間的大部分（若非絕大多數）將來自現有客戶。所以甚至沒有真正把——我想保留一些彈性——我們剛完成且結果非常驚人的那位新的基準客戶（benchmark customer）納入；那也會是額外的上行。

So, I think last year I talked about, the silicon carbide customers a year ago we're all talking about how, great it's going to be, and it's going to be a turnaround year. They didn't really give us really detailed forecast, so I think I shared a year ago, I'm kind of in a wait and see mode, I'll just believe when I see the orders. This year seems a little bit more specific. We have some people with real numbers, some real forecasts, some real targets, we have, we're seeing the population of our installed base be at pretty well full capacity.

所以，我想去年我談到，一年前碳化矽客戶都在說會有多好、那將是反轉的一年。他們並沒有給我們非常詳細的預測，所以我想我一年前分享過，我有點處於觀望模式——看到訂單我才會相信。今年看起來更具體一些。我們有一些人提供了實際數字、實際預測、實際目標；我們也看到我們已安裝基礎（installed base）的使用率幾乎已達滿載。

So it does feel more real this year, and so I'm more optimistic, but we still have a pretty small number. Yeah, a pretty small number, actually, if we might have just exceeded it, so that'll, that's probably one day tell Chris is looking at me like I'm cheering too much already, so that order we just got, those orders we just got in, I think we're exceed what we were already planning, so, we'll see how this goes, there's just a lot of, opportunity, but AI is going to be a big chunk of our business this year, both in dollars and a percentage.

所以今年確實感覺更真實，因此我更樂觀，但我們目前的數字仍然相當小。是的，數字其實相當小——如果有的話我們可能剛剛超過它——所以，這大概有一天會告訴你；Chris看著我，好像覺得我已經太興奮了，所以我們剛拿到的那筆訂單、那些剛進來的訂單，我想已經超過我們原先的規劃，因此我們就看看接下來怎麼發展。機會很多，但AI今年將會是我們業務中的一大塊，無論以金額或占比來看都是如此。

Fantastic, thanks for that clarity, and then just on the memory, it sounds like you feel more confident, in the development program last quarter you did mention kind of roughly the same words that, you, that it could, lead to orders and '27 and revenue in '28. But it sounded like you were more confident that you will get orders at some point in fiscal So '27 for revenue '28, did I hear that right, or did I --

太棒了，謝謝你這麼清楚的說明。接著關於記憶體，聽起來你對開發計畫更有信心；上季你確實提到大致相同的說法：它可能在'27帶來訂單、並在'28認列營收。但聽起來你更有信心會在某個時間點於會計年度'27拿到訂單、以便在'28帶來營收；我聽對了嗎，還是我--

I'm not sure I'm more confident than last quarter, I mean, I was moderately confident last quarter as well, we're, we have more detail, we've actually started to spend money on it, so we've hired some people and redirected some people and we're doing architectural schematics and assessment, there's some software that started, physical board layouts as part of the proposals to the customers.

我不確定我是否比上季更有信心；我的意思是，上季我也算是中度有信心。我們現在有更多細節，我們其實已經開始投入資金，所以我們聘請了一些人、也重新調配了一些人力；我們正在做架構示意圖與評估，也有一些軟體工作已經啟動，並且在給客戶的提案中包含實體板卡（board）的佈局設計。

And, but we really believe you need a committed customer to a project. You know, there's a sort of, whether it be a PO or a sponsorship, but you need to make sure you're aligned with what they want and what they're going to buy at the price point you're willing to sell them at. And that's the piece that we still need to get ourselves resolved too. There's been some dynamics during the last year, in the last 12 months, what's kind of changed, the introduction of high bandwidth flash is a doozy, right, that is really put, at least a couple of them that's publicly known on their heels in terms of what they were going to do, how they could test it, and it broke a lot of things, the other piece is the new HBM, which is a DRAM.

但是，我們真的相信你需要有一位對專案承諾的客戶。你知道，無論是採購訂單（PO）或贊助，你都需要確保你與他們想要的、以及他們會以你願意出售的價格點購買的內容一致。而這一塊仍是我們需要把它釐清解決的部分。過去一年、過去12個月出現了一些變化；其中一個改變是高頻寬快閃（high bandwidth flash）的導入很棘手，對吧？這確實讓至少幾家公開已知的業者在他們原本要做什麼、以及如何測試方面措手不及，並且打亂了很多事情；另一個部分是新的HBM，也就是DRAM。

Right, high bandwidth memory is DRAM, high bandwidth flash is of course flash, but HBM new standards that are coming out, I don't want to get too carried away here, some of which driven by specific end users have embedded these capabilities in it. Which means that the testability changes dramatically, and we think could be in our favor, so it's given me some additional optimism with respect to our ability to maybe do HBM sooner than we were thinking, certainly 6 months ago.

沒錯，高頻寬記憶體（HBM）是DRAM；高頻寬快閃當然是快閃記憶體。但即將推出的HBM新標準——我不想在這裡講得太深入——其中有些是由特定終端使用者所驅動，並把這些能力嵌入其中。這代表可測試性（testability）會大幅改變，而我們認為這可能對我們有利，因此就我們或許能比原先想的更早切入HBM這件事而言，這讓我多了一些樂觀；至少相較於6個月前是如此。

But I'm going to just keep a optimistic attitude that we're going after this business, but I would be hesitant for you to build models with a lot of revenue in that yet, certainly not next year.

但我會保持樂觀的態度去爭取這項業務；不過我會建議你在模型裡先不要建立太多相關營收，尤其不是明年。

Great, and then I'll just slip in one more if I could. There was a lot of, different discussions regarding, capacity, and I guess I couldn't write all the answers down quick enough to kind of do the math. But -- and as you sit here today, as far as top-line revenue capacity, what do you believe it is?

很好，那如果可以的話我再插問一個。先前有很多關於產能的不同討論，我想我記筆記的速度不夠快，沒辦法把所有答案都寫下來做計算。但是——以你們今天此刻的狀況來看，就營收上限（top-line revenue）所對應的產能而言，你認為大概是多少？

Yeah, so, we've talked about some different pinch points, okay? So, people that have visited us know that we have done the -- until recently, all of our systems and our consumable WaferPaks came out of our Fremont facility. But the supply chains, all the subsystems and printed circuit boards are of course built by contract manufacturers for the 150 employees or thereabouts that Aehr has, we have probably another 250 people in direct contract manufacturers building stuff for us in low-cost regions around the world.

是的，所以，我們談過一些不同的瓶頸點，好嗎？所以，來訪過我們的人都知道，直到最近，我們所有的系統以及我們的耗材 WaferPaks 都是從我們位於 Fremont 的廠區出貨。但供應鏈方面，所有子系統與印刷電路板當然都是由合約製造商代工；以 Aehr 約 150 名員工的規模來看，我們大概還有另外約 250 人在全球各地的低成本地區、由直接合作的合約製造商為我們組裝製造。

We have increased our capability in our facility. Maybe tenfold with the remodel and the other things that we've done. But we still are only running one shift from an operational perspective, we don't have the people to to ship tenfold, but the capacity is here to be able to do that. People go, that's crazy, why would you do that? Well, as some of the deals we're talking about, if a customer comes to us and said I want 100 systems, you have to be able to say I can do that and it won't take me three years to build it for you. Okay?

我們已經提升了我們廠區的能力。透過整修與我們做的其他事情，可能提升了十倍。但從營運角度來看，我們目前仍只跑一個班次；我們沒有足夠的人力去做到十倍出貨，但產能本身是具備的，能夠做到那樣的量。大家會說，這太瘋狂了，你為什麼要這麼做？嗯，就像我們正在談的一些交易，如果有客戶來找我們說我想要 100 套系統，你必須能夠回答：我做得到，而且不會花三年才幫你做完。好嗎？

In parallel we talked about this in more detail last quarter, we brought -- we pulled the trigger last September with one of the contract manufacturers in Asia that does assemblies of one of one of our chamber suppliers, and they upgraded their facility to, near clean room space. And anticipation of some of the projects that we wanted to outsource to them. We then initiated and gave them orders and work with them to build our Sonoma systems. And then the last quarter we shipped our first Sonoma systems directly to a customer out of that facility.

同時，我們在上一季更詳細談過這件事：我們在去年九月與亞洲的一家合約製造商正式啟動合作；他們負責組裝我們其中一家腔體供應商的產品，而他們也將其廠房升級到接近無塵室的空間。以因應我們預期要外包給他們的一些專案。接著我們啟動並下單，與他們合作建置我們的 Sonoma 系統。然後在上一季，我們從那個廠區直接出貨了第一批 Sonoma 系統給客戶。

Now our team was there working with them, bringing them up, qualifying everything, demonstrating, then observing, then qualifying the tools, but those systems are actually being installed. I think last week or this week at our large hyperscaler customer. And their entire backlog is expected to ship directly out of there; we think the capacity out of that is probably upwards of 20 Sonoma systems a month. Basically, not impact any of our capacity here.

現在我們的團隊在那邊與他們一起工作，協助他們提升能力、完成所有資格認證、做展示、再觀察、再對設備進行認證；而那些系統其實正在安裝中。我想是上週或這週，在我們的大型超大規模雲端（hyperscaler）客戶那邊。而他們的整個在手訂單預期都會直接從那裡出貨；我們認為那邊的產能大概可達每月 20 套以上的 Sonoma 系統。基本上，不會影響我們這裡的任何產能。

So our capacity is significant, I mean, measured in, hundreds of millions of dollars for sure, and we're doing some things to even potentially increase that. Not that we would then ship a billion dollars a year, but what happens if we have to ship. A couple 100 million in a quarter, think of it that way. So one of the challenges in our business is that it's always going to be lumpy.

所以我們的產能相當可觀，我是說，以金額衡量，肯定是數億美元的等級，而且我們也在做一些事情，甚至可能進一步提高它。不是說我們就會一年出貨 10 億美元，但如果我們必須出貨呢？例如一個季度出貨兩三億美元，從這個角度來想。所以我們這個業務的一個挑戰是，它永遠都會是波動、忽高忽低的。

And we do not want to put money in place in infrastructure that's permanent. Because, the business is cyclical, and 5, 8 years from now, what's this thing look like? We don't want to have, built up into an enormous business, and if there's a softer year that we start losing money or not making as much profit. So I know that's a negative tone on this thing, but the discipline is how do you build up massive amounts of capacity without building up massive amounts of just fixed infrastructure.

而我們不希望把資金投入到永久性的基礎設施上。因為這個業務是循環性的，5 年、8 年後，這件事會變成什麼樣？我們不想把公司擴張成一個龐大的業務，結果遇到某一年景氣轉弱時，我們開始虧錢，或是賺得沒那麼多。所以我知道這聽起來有點負面，但重點的紀律在於：如何在不堆高大量固定基礎設施的前提下，建立起龐大的產能。

Got it, that's fantastically clear. Thanks, no other questions.

了解，這說得非常清楚。謝謝，沒有其他問題了。

Thanks, Christian, thank you.

謝謝，Christian，謝謝你。

Jed Dorsheimer, William Blair.

Jed Dorsheimer，William Blair。

Hey, thanks for taking my question, and, big congratulations to you Gayn and Chris. I know how long it's, been coming in terms of, this inflection.

嗨，謝謝讓我提問，也要恭喜你們 Gayn 和 Chris。我知道就這個拐點而言，這一路走來花了很長時間。

So, a few questions for you, I guess, first one, maybe just piggyback off, your last response Gayn to Christian there. Did you, did I hear you correctly, 20 Sonoma systems per month, I, and if that is the case, that's about $100 million of Sonoma, is that the right way to think about that in terms of the 140 midpoints of guide?

所以，我有幾個問題，第一個可能延續你剛才對 Christian 的回答，Gayn。我有沒有聽對：每月 20 套 Sonoma 系統？如果是這樣，那大約是 1 億美元的 Sonoma（營收），以你們指引中點 140（百萬美元）來看，這樣理解對嗎？

So let me make sure I understand. So, at our 140 midpoint, that's nowhere near 20 Sonoma systems a month. The production Sonoma systems that we have in backlog, we've shared this in with different people, including the consumable elements are somewhere in the smaller concentrations by then than times quantity. And I think that we've done a pretty good job of announcing orders along the way, so our package level burden Sonoma revenues are making sure I do this. I have them in front of me right now, probably. $50 million, something along that range,

所以讓我確認我理解正確。以我們 140 的中點來看，完全不到每月 20 套 Sonoma 系統。我們在手訂單中的量產 Sonoma 系統，我們也跟不同的人分享過，包括耗材的部分，是以較小的集中度（concentrations）乘上數量來計算的。而且我認為我們一路以來在公告訂單方面做得相當不錯，所以以封裝層級（package level）負載的 Sonoma 營收來看——我確保我講清楚。我現在手邊有數字，大概是 5,000 萬美元，差不多這個範圍。

I think that's good, sorry guys, I should have that in front of me, so, that's -- think of the math of that, whatever that 60, 70 systems or so, but we're actually shipping, those are the customers actually asked for those. Kind of in a small period of time. Very much centered around our second quarter.

我想這樣可以，抱歉各位，我應該把它放在眼前的，所以——就是這樣；用數學去想，大概是 60、70 套系統左右，但我們實際出貨的是客戶確實要求的那些。而且是在相對短的時間內。非常集中在我們的第二季。

And so, that's going to be one of the challenges we're actually building them right now, we're going to start shipping them here during this quarter, and then the bulk of them actually get delivered in the second quarter.

所以，這會是其中一個挑戰：我們現在正在建造它們，我們會在本季開始出貨，然後其中大部分實際會在第二季交付。

That is helpful, and then on the wafer-level, if we took that midpoint. What are the -- are you mixing in, I'm trying to separate consumables from, package and wafer-level, can you give some framework in terms of that breakdown?

這很有幫助。接著在晶圓層級（wafer-level）方面，如果以那個中點來看。你們的組合是——我想把耗材與封裝及晶圓層級分開來看，你能否提供一個拆分的框架？

Well, let me answer that question, Jed. So if you heard me, I mentioned about, we roughly in the 30% kind of distribution or by accident. Yeah, in revenue. And that's away from WaferPak and bis, yeah, and I think that's a good assumption, it's about 30%, that sounds right to me as well.

好，Jed，我來回答這個問題。如果你有聽到我提到，我們大致是 30% 左右的分布，或者說剛好是那樣。對，在營收上。而那是撇除 WaferPak 和 bis（等）之後的，是的；我認為這是個不錯的假設，大約 30%，我也覺得聽起來差不多。

Okay. That's super helpful, and then, two more from me. Just, along the lines, or maybe three more -- sorry.

好的。這非常有幫助，然後我還有兩個問題。就沿著這個方向，或者可能三個——抱歉。

But your largest, processor GPU, TPU CPU, customer, your AI customer I think is how you describe it. Do you, in addition to the benchmark testing, I'm just curious that they're going with package level, but, could you update on the activity or discussions around wafer-level. I'm assuming that they're also engaged in kind of, that opened the door if you will?

不過你們最大的處理器 GPU、TPU、CPU 客戶，也就是你們所說的 AI 客戶。除了基準測試（benchmark testing）之外，我很好奇他們正在走封裝層級，但你能否更新一下在晶圓層級方面的活動或討論？我假設他們也有參與，某種程度上算是「打開了大門」，對吧？

So, just an update because it's a bit of a lookup table, so we are kind of lead AI production package level burn-in customer who identified as one of the big hyperscalers, okay, all right. They use Sonoma for all their qualification. They had never done production burn-in before, and they moved to production burn-in as we acquired Incal. And that's been a great win for everybody because of our capabilities to support them and obviously to meet their capacity needs, that customer, the first device that ever went to production was on Sonoma.

所以，先更新一下，因為這有點像查表（lookup table）：我們是某家大型超大規模雲端業者（hyperscaler）的 AI 量產封裝層級 burn-in 的領先客戶，好嗎，對。他們用 Sonoma 來做所有的資格認證（qualification）。他們以前從未做過量產 burn-in，而在我們收購 Incal 之後，他們轉向量產 burn-in。這對大家都是很棒的勝利，因為我們有能力支援他們，當然也能滿足他們的產能需求；那位客戶第一個進入量產的裝置就是在 Sonoma 上。

The second device is also going to be on Sonoma, they already bought some of the systems for it, that particular device has been a little bit delayed in terms of its timing, but it's still expected to ramp, or at least start the ramp during our fiscal year. At this point, that's the one I described that has twice the power and they're expecting higher volumes off, right, and then that same customer talked to us what, for maybe six months ago, first time.

第二個裝置也會在 Sonoma 上，他們已經為此買了一些系統；那個特定裝置在時程上有些延後，但仍預期會爬坡（ramp），或至少在我們的會計年度內開始爬坡。就目前而言，那就是我描述過的那個：功耗是兩倍，而且他們預期會有更高的出貨量，對吧；然後同一位客戶大概在六個月前左右第一次跟我們談到——

The third device they really want to consider away for level burden. And one way you might want to think about it is if there's a progression of number of compute chips in a single package as they get higher, you wafer-level burn-in has a huge advantage because the devices failed during burn-in, and if you fail one of the compute chips, you throw away the other compute chips and all of the memory.

他們真正想要考量的第三個裝置，是針對層級燒機的負擔。你可以這樣思考：當單一封裝內的運算晶片數量隨著等級提升而增加時，晶圓級燒機就有巨大的優勢，因為燒機期間若有裝置失效，而你只要有一顆運算晶片失效，就得把其他運算晶片以及所有記憶體一併報廢。

And so, at that point, it gets extremely expensive from a yield loss to continue to do package level burn-in. So that would be where you'd want to cut in that wafer-level burn-in. So they've actually recently in this quarter, again, they're just bringing up their second device, but the third one, they've been talking to us about, okay, what DFT do we need to do, what do we need to put in, how do we optimize it around the FOX system, so it's pretty encouraging.

因此，從良率損失的角度來看，繼續做封裝級燒機會變得極其昂貴。所以那就是你會想切入晶圓級燒機的地方。他們其實最近在本季也是一樣，才剛把第二個裝置導入，但對於第三個，他們一直在跟我們討論：我們需要做哪些DFT（可測試性設計），需要放入哪些內容，如何圍繞FOX系統來最佳化，所以這相當令人鼓舞。

Got it, that's helpful, and, just shifting gears, silicon photonics, and Co-Packaged Optics, I know you mentioned, activities. The gallium nitride really had a struggled with reliability in the auto requirements are far lower than than in data center, by about five acts, in terms of meantime failure.

了解，這很有幫助。那我換個話題，談矽光子與共封裝光學（Co-Packaged Optics），我知道你提到一些活動。氮化鎵在可靠度方面確實一直很掙扎，而車用的要求比資料中心低很多，大約低五倍，就平均故障間隔時間（MTTF）而言。

So, I think that woud be a good thing. Buy I'm curious how about market adoption, timing. And then roll, in, again, specifically, I know what you've got for silicon carbon, just curious in terms of activity around, again, in the higher failure rates there.

所以我覺得那會是件好事。但我好奇的是市場採用與時程。另外再延伸一下，特別是我知道你們在碳化矽方面的進展，只是想了解在那邊較高故障率的情況下，相關活動如何。

Okay, you actually mentioned silicon photonics, you mentioned silicon carbide and again, let me just do, I think through that window. [Garen] has been interesting if you remember a year and a half ago or so when we were engaged with the first again customer. We didn't know if they were going to go to production burden or not, since then we've been able to verify they are and they're going through a major qualification with a bunch of industrial, automotive and infrastructure and data center applications.

好，你提到了矽光子，也提到了碳化矽；我就從這個脈絡來回答。[Garen] 的情況很有意思，如果你還記得大約一年半前我們與第一位客戶接觸時。當時我們還不確定他們是否會進入量產燒機；但從那之後我們已能確認他們會，而且他們正在進行一項重大認證，涵蓋多種工業、車用、基礎建設與資料中心應用。

It's unlike some carbide that's like two or three big applications again, we've done like 12 different types of devices, so they're like different voltages and power and requirements that they go through all. From solar to data center to, electric switches in infrastructure and homes to automotive, they're all over the place, so they all have different kind of requirements. But so far as we can tell, every one of them needs a production burn and screening to meet the reliability, requirements, and it's been a learning process for us, so it can again is extremely difficult to actually test and burn in at wafer-level, we've learned.

這不像某些碳化物只聚焦兩三個大型應用；我們做了大概12種不同類型的元件，所以它們有不同電壓、功率與需求，全部都要走完各自的流程。從太陽能到資料中心、到基礎建設與住家中的電力開關、再到車用，分布非常廣，所以各自的需求也不同。但就我們目前所見，每一種都需要量產燒機與篩選，才能符合可靠度要求；對我們而言這也是一個學習過程。我們也學到，要在晶圓級實際進行測試與燒機，確實非常困難。

But it's now been debugged and fully working through, and things are going really well for us right now, so we think that that will grow now the can market by the market forecasters is, just dollar wise is measured in, single to tens of billions of dollars over the deck in this decade. Whereas, AI or, memory is 10x that, so they can just, they simply could never spend as much money as some of the other markets, but from a reliability perspective. It's very clear the value of Vernon, and we've been proving and validating the value of wafer-level burn-in of again similar to silicon carbide.

不過現在已經除錯完成並且全面運作順暢，對我們來說目前進展非常好，因此我們認為這將帶動碳化矽市場成長；市場預測機構估計，單就金額而言，這十年內大約是數十億美元、到上百億美元的規模。相較之下，AI或記憶體是它的10倍，所以碳化矽不可能像其他市場那樣花那麼多錢；但從可靠度角度來看，燒機的價值非常明確，而我們也一直在證明並驗證晶圓級燒機的價值，類似於碳化矽的情境。

And the big debate is as the data centers really need to go to Vernon or to, silicon photonics, optical transceivers for fiber optic communication, basically, the burn-in requirements are kind of very clear in front and center, so the hyperscalers, the big data center guys are all talking about this, and it's sort of cool to be in Vernon, if you will, right now, that sounds kind of funny, a plan on words. I've actually, Chris is laughing, I've never said that before, but it is, it's just right now it's a lot of people are talking about Vernon is the kind of the place I believe that Vernon is by far the fastest growing segment in all of semiconductor tests right now, and wafer-level rennan in particular.

而最大的爭論點是：資料中心是否真的需要導入燒機，或是針對矽光子、用於光纖通訊的光收發器；基本上，燒機需求非常清楚、也成為焦點，所以超大規模雲端業者（hyperscalers）與大型資料中心業者都在談這件事。某種程度上，現在身處「燒機」領域還挺酷的，雖然聽起來有點好笑，是個雙關語。其實 Chris 在笑，我以前從沒這樣說過。但確實如此：現在很多人都在談燒機，我相信燒機是目前整個半導體測試中成長最快的區塊，尤其是晶圓級燒機。

Awesome, last question for me, I promise, you can, Chris, can you just help with cadence, in terms, is you look at the year, how are you thinking? I mean, game mentioned, second quarter in terms of some concentration on the, package level, burn-in systems, is there some way to think about, there's a pretty big shift year over year in terms of the uplift, how to think about that flow.

太棒了，我最後一個問題，我保證。Chris，你能不能就節奏（cadence）幫忙說明一下：從年度的角度你們怎麼看？我是說，Gabe 提到第二季在封裝級燒機系統方面會有一些集中出貨；有沒有什麼方式可以理解年對年提升幅度的變化，以及該如何看待這個走勢？

As we go through the year, any thoughts there, or, not specific guidance but just general seasonality the revenue run rate kind of way.

隨著一年進行，你們有什麼想法嗎？不需要具體指引，只要一般性的季節性、營收run rate那種角度即可。

So if you know historically, we kind of said, hey, our first half is softer than the second half, but I would say this year it's hard to say that because, as Gab mentioned, we're going to ship a lot of the, package level. Sonoma Systems in the second quarter.

如果你了解我們過去的情況，我們通常會說上半年比下半年疲弱；但我會說今年很難這樣講，因為如 Gab 所提到的，我們會出貨很多封裝級的Sonoma 系統在第二季。

So second quarter is going to be a big quarter, so you could be pretty good, yeah, going to be bigger, maybe third quarter is flattish fourth quarters up from there, so there's a high likelihood that the first half might be the same or even better in the second half, but, it, second quarter is going to be a good, very strong quarter for us.

所以第二季會是很大的一季，你可以說表現會相當不錯，是的，會更大；第三季可能持平，第四季再往上，因此很有可能上半年會與下半年相當，甚至比下半年更好。不過第二季對我們來說會是一個非常強勁的季度。

Thanks guys. All right, thank you.

謝謝各位。好，謝謝。

Thanks, Jed.

謝謝，Jed。

(Operator Instructions) Max Michaelis, Lake Street Capital Markets.

(接線員指示) Lake Street Capital Markets 的 Max Michaelis。

Hey guys, a few questions for me, one is a clarification question, so that April order you put out, I think it was a $41 million production follow on order with the lead hyper scaler. I think that was, an order, production order for the Sonoma systems just to be clear that they aren't transferring over to Wafa Level burden, this is a completely different customer, correct?

嗨各位，我有幾個問題。第一個是釐清：你們4月公布的那筆訂單，我記得是來自主要超大規模客戶（lead hyperscaler）的4,100萬美元量產追加訂單。我想確認一下：那是一筆針對 Sonoma 系統的量產訂單，為了釐清，他們並不是要轉到晶圓級燒機；這是完全不同的客戶，對嗎？

No, that's the one we're talking about that is currently on package. Then the second part is package, and the third part is wafer-level or potentially being evaluated for wafer-level, it gets kind of interesting because they want to make sure we can also do the package for the third one. So we have to, we kind of. I guess I, we have, two dogs in that race, and it's a two-dog race. So, Yeah. But by the way, that third device we think is not even this fiscal year.

不是，那就是我們正在談的那一位客戶，目前是在封裝級。第二個部分是封裝，第三個部分是晶圓級，或可能正在評估晶圓級；事情變得有點有趣，因為他們也想確保我們能為第三個裝置提供封裝方案。所以我們必須……我們有點……我想我可以這麼說：我們在那場競賽裡有兩個選項，而且是一場兩強競爭。所以，是的。但順帶一提，我們認為那第三個裝置甚至不會在本會計年度內發生。

Okay, and I guess kind of my follow-up to that would be expect sort of a similar, order size, I mean, for the, on the waiver level side for them.

好的，那我接著問：在他們的晶圓級那一端，你們預期訂單規模會類似嗎？

Good question, If they do the same capacity, it would be higher, our wafer-level systems. Do in fact cost more per dot than the package level today. Margins are better too, but the value proposition is different because you get the yield advantage, which more than makes up for the price of the machine. So just from a product position and a pricing, I mean, we have a new investment that we recover through the wafer-level, and we have all this IP that, is worth it, so customers come to us not just to, cost effectively do burden, but at wafer-level, it's because the device doesn't even exist in another form, or they put the device in with something else, and then if they burn it in and it fails, then the something else gets thrown away.

好問題。如果他們做同樣的產能，我們的晶圓級系統金額會更高。事實上，以目前來看，我們的晶圓級系統每套的成本確實比封裝級更高。毛利也更好，但價值主張不同，因為你能得到良率優勢，這個優勢足以遠遠彌補機台價格。所以就產品定位與定價而言，我們在晶圓級上有新的投資需要回收，也有這些值得的IP；因此客戶找我們不只是為了以成本效益做燒機，而是在晶圓級上，往往是因為該裝置以其他形式根本不存在，或是他們把該裝置與其他元件一起封裝，然後如果燒機失效，那個「其他元件」也會被一併報廢。

Okay. It's so the WFA level burn and value proposition has more to do with the yield improvement. Which can be measured in, 1% of all products if they have. 8 devices in the package, it's equivalent of 8% yield advantage. The cost of test might be 0.1% or 0.101%. So the price doesn't really come into effect. Okay, and then last one for me, and I don't know, I, you might have mentioned it.

好的。這主要是因為 WFA 層級的 burn-in 與價值主張，更多是與良率提升有關。這可以用來衡量：如果在所有產品中是 1%，而且封裝裡有 8 顆裝置，那就等同於 8% 的良率優勢。測試成本可能是 0.1% 或 0.101%。所以價格其實不太會產生影響。好的，然後我最後一個問題，我不確定，你可能已經提過了。

But that second A major AI processor, that just completed the benchmark testing, I mean, what's sort of the ramp up there, I mean. I mean, I know you kind of left it open ended with the guidance range of being $130 to $150 million. l'd be taken higher, I mean, could you see a major order coming in fiscal year '27, be able to complete that.

不過第二個主要的 A 類 AI 處理器，剛完成基準測試，我是說，那邊的爬坡情況大概如何？我是說，我知道你在指引區間 $1.3 億到 $1.5 億之間留了彈性。我會傾向看更高，我是說，你是否可能在 2027 會計年度看到一筆重大訂單進來，並能夠完成那個？

Yes. Pretty brief, yeah, we can, I mean, we've, as we've been adding capacity and, we have multiple AI customers that are engaged with, to some extent we can build to forecast, we are having discussions about what if you throw a party and everybody comes, right? What does that look like? And we're trying to meet at very high levels with the customers and idea of the capacity they look like, these systems have a lot of capacity.

是的。很簡短地說，是的，我們可以。我的意思是，隨著我們持續增加產能，而且我們有多個 AI 客戶在不同程度上與我們合作，我們在某種程度上可以依照預測來建置。我們也在討論：如果你辦一場派對、結果大家都來了，對吧？那會是什麼樣子？我們正嘗試在很高的層級與客戶對齊他們所期待的產能規模；這些系統本身就具備很大的產能。

Though, I mean, when you think about a tester that in the footprint of a competitive ATE machine like a 93K from advanced test. I'm testing, 9 AI wafers in parallel. Say a quarter of the 60 devices that are in that are running, there's a lot of capacity that you put in place, so if we say, oh, I'm going to go ship 20 machines. Right, it's 180 blades. 180 wafers of capacity, 180 wafer test floor is a big test floor.

不過，我是說，當你想到一台測試機，它的占地面積跟競品的 ATE 機台（例如 Advantest 的 93K）差不多。我可以同時並行測試 9 片 AI 晶圓。假設其中有四分之一的 60 顆裝置在運行，你所建置的產能是很可觀的；所以如果我們說，喔，我要出貨 20 台機器。對吧，那就是 180 個 blade。180 片晶圓的產能；180 片晶圓的測試產線是一個很大的測試產線。

And we could put 18, we put 20 of these, and it's in the size of 20 parking stalls in the garage and out in your parking lot. Think of 20 cars out there, that's more than enough to support 20 of our machines. Now think of 180 of our competitors in the same garage. And these are state of the art clean room space, these are bunny suited test floors. And these are state of the art clean room space, these are bunny suited test floors.

而且我們可以放 18 台、放 20 台這種設備，占地大概就像車庫或停車場裡 20 個車位的大小。想像外面停 20 輛車，那就足以支援我們 20 台機器。現在再想像同一個車庫裡放 180 台競品。而且這些都是最先進的無塵室空間，這些都是穿著無塵衣（bunny suit）的測試產線。而且這些都是最先進的無塵室空間，這些都是穿著無塵衣（bunny suit）的測試產線。

That. Awesome, and I always have to remember that when someone says, oh, you can ship, five XPs a month. If they're 18 blade machines, they're 100 testers a month of capacity. And, in like in silicon carbide, testing all 3,000 die in parallel in one insertion per wafer. These are very high volume, very capable machines, it's, why do we get several million dollars a piece for them. Upwards of six, including WaferPaks.

對。太棒了，而且我總是得記得：當有人說，喔，你每個月可以出貨 5 台 XP。如果它們是 18-blade 的機器，那等同於每個月 100 台 tester 的產能。而且像在碳化矽（silicon carbide）上，一次插入每片晶圓就能並行測試全部 3,000 顆 die。這些是非常高產量、能力非常強的機器，這也是為什麼我們每台可以賣到數百萬美元。包含 WaferPaks 的話，最高可到 600 萬以上。

Okay. Oh, we lost you, Max.

好的。喔，我們聽不到你了，Max。

All good for me thanks.

我這邊沒問題，謝謝。

Okay. Thank you, Max.

好的。謝謝你，Max。

The next question is coming from Larry Clebina from Clebina Capital. Larry, your line is live.

下一個問題來自 Clebina Capital 的 Larry Clebina。Larry，你的線已接通。

Hi Gayn, I just want to quantify, the capacity in Fremont. You mentioned one shift, two shifts. So on the Sonoma side that, what I call Sonoma Max, I guess those are fully automated, what is the throughput capacity, expected on, in Fremont. Is it still 20?

嗨 Gayn，我想量化一下 Fremont 的產能。你提到一班、兩班。所以在 Sonoma 那邊，我稱之為 Sonoma Max，我猜那些是全自動化的；那在 Fremont 的預期產出能力（throughput capacity）是多少？還是 20 嗎？

So if you were to come and look at our facility as many shareholders have one of the, what we did in our big, modification upgrade a couple of years ago was add enormous amount of additional cooling and power capacity, that gives us drop locations for upwards of Potentially 16 locations, physical locations for the equipment to be plugged in, another four mechanically, plus the test labs, what does that mean? That means that theoretically you could have 16 of these machines plugged in and and powered up and going through different levels of test, now the, depending on the tool, it could take from, several days to several weeks to be on that floor.

如果你來看我們的廠房——很多股東都來看過——我們在幾年前做的大型改造升級之一，是新增了大量額外的冷卻與供電容量，這讓我們有可供設備接入的落點，最多可能有 16 個位置（實體位置）可以把設備插上電並供電運轉，另外在機械配置上還能再多 4 個，加上測試實驗室；這代表什麼？這代表理論上你可以同時插上並啟動 16 台這樣的機器，進行不同階段的測試；而且依工具不同，可能需要幾天到幾週的時間在那個產線上。

What we've been doing in parallel is bringing up the CMs to be doing most of that work. So that when it comes into the facility, maybe they only sit there for one week. So if you do that math, like, well, wait a minute, you could do 16 a week and four per week, wow, that's a lot. What I've shared with people is, we can reasonably see the ability to do, say, 20.

我們同時在做的是讓代工製造商（CMs）把大部分工作並行拉起來。因此當設備進到我們廠內時，可能只需要在這裡待一週。所以你算一算會想：等等，你一週可以做 16 台、再加上每週 4 台，哇，那很多。我跟大家分享的是：我們合理地可以看到，做到大約 20 台。

Combination of package or wafer-level systems a month out of this facility within the supply chain infrastructure that we have, but we have not initiated all of that, but in certain cases we have like chambers, we've been talking to the CMs about auto aligners at for both the package and also the wafer-level, and so, if this were. If those were say million-dollar Sonoma Maxes as you call them, we actually call them ultras, okay? Gets $20 million a month of Sonoma, if you were 20, wafer-level burn-in systems a month, they have an ASP closer with the WaferPaks of $5 million bucks.

在我們現有的供應鏈基礎設施下，這個廠每月可以產出 20 套封裝或晶圓層級系統的組合；但我們還沒有把所有能力都啟動，不過在某些情況下我們已經開始了，例如腔體（chambers）。我們也一直在跟 CMs 討論自動對準器（auto aligners），同時用於封裝與晶圓層級；所以，如果這是——如果那些是你所說、每台 100 萬美元的 Sonoma Max，其實我們稱它們為 Ultra，好嗎？如果每月 20 台 Sonoma，那就是每月 2,000 萬美元；如果每月 20 台晶圓層級 burn-in 系統，它們含 WaferPaks 的平均售價（ASP）更接近 500 萬美元。

They're $100 million a month. So people like, oh my gosh, you have $1 billion worth of capacity conceptually, yes. We, so for my employees that are listening, we need to hire more people, and there's a lot more work that needs to be done, but with a running head start and a customer forecast, we could size just out of this facility. So. Actually, the number would be 20 Sonoma Ultras per month or 20. XPs per month, not both, not 20 each.

那就是每月 1 億美元。所以大家會說，天啊，你概念上有 10 億美元的產能；是的。所以，給正在收聽的員工們：我們需要再招更多人，還有很多工作要做；但如果有一個良好的起跑優勢與客戶預測，我們可以只靠這個廠就把規模配置出來。所以。實際上，數字會是每月 20 台 Sonoma Ultra 或每月 20 台 XP，但不是兩者同時，不是各 20 台。

Yeah, okay, so you're right, you caught me on some, except for we just initiated the 20 Sonoma's outside of our facility.

對，好的，所以你說得對，你抓到我有些地方講錯了——不過我們確實剛啟動在廠外做每月 20 台 Sonoma。

No, I know, I know about that, but what it means, Larry, is we could run the 20 ultras, shipping directly from. Southeast Asia and then still do 20 XPs here. A month. Okay. Okay. I, and by the way, I need to put some disclaimers for all the attorneys listening, some of these challenges would be, particularly or getting access to some of the challenges that we've seen on the power sup power supplies, for example, on Sonoma's is some of the power supply manufacturers that we use in Sonoma are supplying to Nvidia and others, and they've come back and they've raised their prices 40%.

不，我知道，我知道那件事；但這代表的是，Larry，我們可以讓 20 台 Ultra 直接從東南亞出貨，然後這裡仍然可以做每月 20 台 XP。

If you want to get them, and so we've been buying components with long lead time items and things like that, so, if we make it sound easy, that we're overstating, it's actually quite difficult to do what we're doing right now, but so far we're able to keep ahead, and then I think almost everything in my backlog. We could ship it before the customer has requested it. I'm thinking like all the Sonoma's, Chris, all my Silicon Photonics customers, so far we've been on top of that, and our goal is to stay ahead of that, so customers, if they want it, we could ship it within the, as soon as they like it.

如果你想拿到它們，因此我們一直在採購交期很長的元件和諸如此類的東西，所以，如果我們把它講得很容易，那就是我們言過其實了；其實我們現在正在做的事情相當困難，但到目前為止我們仍能保持領先，然後我想幾乎我積壓訂單裡的所有東西。我們都可以在客戶提出需求之前就先出貨。我想到像是所有的 Sonoma，Chris，還有我所有的矽光子（Silicon Photonics）客戶，到目前為止我們都掌握得很好，而我們的目標是持續領先，所以客戶如果想要，我們可以在他們一旦想要的時候、在最短時間內出貨。

Okay, then on the paid evaluator, did you say that in your guide for the full year, you don't really have any revenues in there from this particular potential customer, is that did you say let let's call it little to none, at this point, it's in the noise level. So assuming that gets kicked off. And then lastly, in your written release. You mentioned on the memory side that, you work with multiple, you're working with multiple memory suppliers. Does that mean more than one HBM, I mean, how far are you engaged with the HBM potential you've had conversations with potential you've had conversations with.

好的，那關於付費評估（paid evaluator），你是說在你們對全年（full year）的指引裡，基本上沒有把來自這個特定潛在客戶的任何營收算進去，是嗎？也就是說，姑且稱之為幾乎沒有、或是非常少；在目前這個階段，它小到可以忽略不計。所以假設那件事啟動了。最後，在你們的書面新聞稿裡。你提到在記憶體方面，你們與多家、正在與多家記憶體供應商合作。這是否代表不只一家 HBM？我的意思是，你們與 HBM 的潛在合作對象接觸到什麼程度、與潛在對象的對話進展到什麼程度？

Suppliers, okay, let me make sure I do this right. two to three on flash and two on DRAM. And the primary for those that are listening that aren't aware, there's literally like four memory manufacturers in the whole world that matter, so apologize. So, and if you're not, if for those that are in the fifth and sixth, they might be offended by that, but of the top ones, I'm listing them from those, okay, the primary flash, you engaged them over two years ago, and yet they have, any revenue or is that nothing going to happen there unless HBF gets kicked off or?

供應商，好，我確認一下我說得正確：快閃記憶體（flash）是兩到三家，DRAM 是兩家。而對於正在收聽、但可能不清楚的人來說，全球真正重要的記憶體製造商其實就那麼四家左右，所以先致歉。所以，如果你不是其中之一——如果排在第五、第六的那些聽到可能會不高興——但就最頂尖的那些而言，我是從那些裡面在列舉，好，那主要的 flash 供應商，你們兩年多前就開始接觸了，但那邊有任何營收嗎？還是除非 HBF 啟動，否則那邊不會有任何事情發生？

As far as you can see, or I don't know, that was a huge change among some other organizational things that happened to them pretty dramatically about a year, a few months ago, so at this point, feedback recently has been, they really need something for the HBF, but they really want something for their standard flash. HBF architecturally is way more power supplies, it's technically a more expensive tester, but they really like.

就你所能看到的——我也不確定——他們那邊在大約一年又幾個月前，連同其他一些組織面的事情，發生了相當劇烈的變化，所以目前最近的回饋是：他們確實需要一個用於 HBF 的方案，但他們其實更想要一個用於他們標準 flash 的方案。HBF 在架構上需要更多電源供應，技術上是一台更昂貴的測試機，但他們真的很喜歡。

The price point of the current test, capability, and so we're kind of working through that, we got to find the map for that, and we need their help to sort of get the ball going because, we obviously have a lot of opportunities ahead. In all kinds of markets, and we just soon them sort of memory still be the first potential sale.

目前測試能力的價格定位，所以我們正在把這件事梳理清楚；我們得找到對應的路徑（map），而且我們需要他們的協助來把事情推動起來，因為我們顯然前面有很多機會。涵蓋各種市場，而我們也希望記憶體仍然會是第一個潛在的銷售案。

Revenue for any of the for memory per people youre talking to, that they would be, I think so, Larry, I'm going to, I would put some bet on a wild card because this new HBM has a logic interface for its testability. It's breaking the memory testers, and technically, when I describe a new memory tester. I'm talking about. Well, most people don't know or care, in on this call, what a memory tester is, but a memory tester is built with algorithm pattern generations, it's a com it's sort of a different architecture and a different beast than a logic machine.

至於你提到的那些記憶體端的對象是否會帶來營收，我想會的，Larry——我會把它當作一張「外卡」來押注，因為這一代新的 HBM 具有用於可測試性的邏輯介面（logic interface）。它正在把記憶體測試機搞壞（breaking the memory testers），而從技術上講，當我描述一台新的記憶體測試機時。我指的是。嗯，多數人可能不知道或不在意在這通電話裡什麼是記憶體測試機，但記憶體測試機是以演算法式圖樣產生（algorithm pattern generations）為基礎建構的；它是一種不同的架構、不同的「怪獸」，和邏輯測試機（logic machine）不一樣。

So if you have an APG-based memory tester, it would be really good for flash or DRAM, but if you had a logic best engine in the device, then it may not even be very good at doing B. And so you would need something that looks like a logic tester, which candy is more like what we build today with Flash, the FOX-XP was originally designed for the best engine of a couple of the big flash memory manufacturers.

所以如果你有一台以 APG 為基礎的記憶體測試機，它對 flash 或 DRAM 會非常好，但如果裝置裡有一個邏輯 BIST 引擎（logic BIST engine），那它可能甚至不太擅長做 BIST。因此你會需要一個看起來更像邏輯測試機的東西，而這更像是我們今天在做的；以 flash 來說，FOX-XP 最初就是為了幾家大型快閃記憶體製造商的 BIST 引擎而設計的。

Flash has built in self-DRAM until recently never has.

Flash 具有內建自我測試（built-in self-test），而 DRAM 直到最近才開始有。

Is -- you mentioned that they were coming to you, these HBM potential customers, would that be a function of potentially this paid evaluator, telling them, hey, get over the error test and get your reliability better before you take out our accelerators. Is that, is there any angle on that, is, do you think that could be --

你提到他們——這些 HBM 的潛在客戶——會來找你們，這會不會可能是因為這個付費評估在告訴他們：嘿，在你們把我們的加速器下單/導入之前，先把錯誤測試做好、把可靠度提升好？這方面有沒有什麼角度？你覺得這有可能是。--

That would be a little too bold for me right now, I don't think that's the case. I do think there is a general tone amongst and growing amongst the data center buyers, all the hyperscalers from Google and Meta. All the papers that you see, Apple, certainly Tesla, of an ex -- an increasing expectation of test and reliability to screen out defects so that doesn't show up on my data center floor.

就我現在而言，那樣說有點太大膽了，我不認為是那樣。但我確實認為，在資料中心買方之間有一種普遍的氛圍，而且正在增強：所有超大規模業者（hyperscalers），從 Google、Meta。你看到的所有論文，Apple，當然還有 Tesla，都在表達一種——對測試與可靠度的期望正在提高，以便篩除缺陷，避免它們出現在我的資料中心機房地板上。

So that's more of a go get your act together in general than necessarily go to Aehr, I will say that by contrast to the automotive guys. We specifically have automotive EV suppliers telling their suppliers go get Aehr. Okay, I mean, that's true, right, so that's a different, we love that, right?

所以那更像是一種「整體上把事情做好」的要求，而不一定是「去找 Aehr」。我會說，相較之下，汽車端的人就不一樣了。我們確實有汽車 EV 供應鏈的廠商在告訴他們的供應商：去找 Aehr。好，我的意思是，這是真的，對吧？所以那是不同的情況，我們很喜歡那樣，對吧？

But, imagine that one of the biggest one or two biggest automotive suppliers in the world buys our WaferPaks. Tells their suppliers we'd like to qualify you for your silicon carbide reliability, and we're going to use the Aehr Test box system with our WaferPaks to validate your devices and good luck to you. Pretty impactful, right? So I don't have that with the AI customers today, that would be nice, but we don't have that, not yet.

但是，想像一下：全球最大的一、兩家汽車供應商之一買了我們的 WaferPaks。並告訴他們的供應商：我們希望針對你們的碳化矽可靠度來做認證（qualify），而我們將使用 Aehr 的 Test box 系統搭配我們的 WaferPaks 來驗證你們的元件，祝你好運。影響力很大，對吧？所以我今天在 AI 客戶那邊還沒有這種情況；那會很棒，但我們還沒有，至少現在還沒有。

Yeah, good job. Hey, I'll let you go. Thank you.

是的，做得很好。嘿，我就不耽誤你了。謝謝。

Thanks, Larry. Thank you,

謝謝你，Larry。謝謝，

I'm not seeing any other questions in queue at this time; I will now turn the call back to management for closing remarks.

目前我沒有看到佇列中還有其他問題；現在我把電話交回管理層作結語。

All right, well, thank you everybody for listening in and joining us, we're really excited to work hard for you guys this year. This is going to be a great year for Aehr and hopefully for our customers and our shareholders as well, and, we'll look forward to getting you guys an update as we go along, take care.

好的，非常感謝各位收聽並加入我們；我們今年會非常努力為各位服務，讓我們感到很振奮。這將會是 Aehr 很棒的一年，也希望對我們的客戶以及股東同樣如此；並且，我們也期待在接下來的進展中持續向各位更新，保重。

Thank you. This does conclude today's conference. You may disconnect your lines at this time. Thank you for your participation.

謝謝。今天的電話會議到此結束。您現在可以掛斷電話線。感謝您的參與。