Arteris Inc (AIP) 2026 Q1 法說會逐字稿

Good afternoon, everyone. Welcome to the Arteris first-quarter 2026 earnings call.

各位下午好。歡迎參加 Arteris 2026 年第一季財報電話會議。

Please note that this call is being recorded and simultaneously webcast.

請注意，本次電話會議將被錄音，並同步進行網路直播。

All material contained in the webcast is the sole property and copyright of Arteris, with all rights reserved.

網路直播中所包含的所有資料均為 Arteris 的專屬財產並受著作權保護，保留一切權利。

For opening remarks and introductions, I will now turn the call over to Erica Mannion at Sapphire Investor Relations. Please go ahead.

接下來進行開場致詞與介紹，我現在把電話會議交給 Sapphire Investor Relations 的 Erica Mannion。請開始。

Thank you and good afternoon.

謝謝，各位下午好。

With me, today, from Arteris are [Charlie] Janac, Chief Executive Officer; and Nick Hawkins, Chief Financial Officer.

今天與我一同出席、來自 Arteris 的有：[Charlie] Janac，執行長；以及 Nick Hawkins，財務長。

Charlie will begin with a brief review of the business results for the first quarter ended March 31, 2026. Nick will review the financial results for the first quarter of 2026, followed by the company's outlook for the second quarter and the full year of 2026. We will then open the call for questions.

Charlie 將先簡要回顧截至 2026 年 3 月 31 日止第一季的業務成果。Nick 將說明 2026 年第一季的財務結果，並接著提供公司對 2026 年第二季及 2026 全年的展望。之後我們將開放提問。

Before we begin, I'd like to remind you that management will make statements during this call that are forward-looking statements within the meaning of federal securities laws.

在開始之前，我想提醒各位，管理層在本次電話會議中將發表若干聲明，這些聲明屬於聯邦證券法所定義的前瞻性陳述。

These statements are based on management's current expectations and assumptions; and involve material risks and uncertainties that could cause actual results and events to materially differ from those anticipated.

這些陳述係基於管理層目前的預期與假設，並涉及重大風險與不確定性，可能導致實際結果與事件與預期存在重大差異。

You should not place undue reliance on forward-looking statements.

您不應過度依賴前瞻性陳述。

Additional information regarding these risks, uncertainties, and factors that could cause results to differ appear in the press release Arteris issued today; and in the documents and reports filed by Arteris from time to time with the Securities and Exchange Commission.

有關這些風險、不確定性及可能導致結果出現差異之因素的更多資訊，請參閱 Arteris 今日發布的新聞稿，以及 Arteris 不時向美國證券交易委員會（SEC）提交的文件與報告。

Please note, during this call, we will cite certain non-GAAP measures, including, among others, non-GAAP net loss, non-GAAP net loss per share, and free cash flow, which are not measures prepared in accordance with US GAAP.

請注意，在本次電話會議中，我們將引用若干非 GAAP 指標，包括但不限於非 GAAP 淨損、非 GAAP 每股淨損，以及自由現金流；這些並非依照美國 GAAP 編製的衡量指標。

The non-GAAP measures are presented, as we believe that they provide investors with a means of evaluating and understanding how the company's management evaluates the company's operating performance.

我們呈列非 GAAP 指標，是因為我們相信其可為投資人提供一種評估與理解公司管理層如何評估公司營運表現的方法。

These non-GAAP measures should not be considered in isolation from, as substitutes for, or superior to financial measures prepared in accordance with US GAAP.

這些非 GAAP 指標不應被孤立看待，也不應被視為可替代或優於依照美國 GAAP 編製的財務衡量指標。

A reconciliation of these non-GAAP measures to the nearest GAAP measure can be found in the press release for the quarter ended March 31, 2026.

上述非 GAAP 指標與最接近 GAAP 指標之調節表，可在截至 2026 年 3 月 31 日止季度的新聞稿中找到。

In addition, for a definition of certain of the key performance indicators used in this presentation, such as annual contract value and remaining performance obligations, please see the press release for the quarter ended March 31, 2026.

此外，關於本簡報中使用之若干關鍵績效指標（KPI）的定義，例如年度合約價值與剩餘履約義務，請參閱截至 2026 年 3 月 31 日止季度的新聞稿。

These key performance indicators are presented for supplemental informational purposes only; should not be considered a substitute for financial information presented in accordance with GAAP; and may differ from similarly titled metrics or measures used by other companies, securities analysts, or investors.

這些關鍵績效指標僅為補充資訊之目的而提供；不應被視為依 GAAP 呈列之財務資訊的替代；且可能與其他公司、證券分析師或投資人所使用之名稱相近的指標或衡量方式不同。

Listeners who do not have a copy of the press release for the quarter ended March 31, 2026, may obtain a copy by visiting the Investor Relations section of the company's website.

未持有截至 2026 年 3 月 31 日止季度新聞稿副本的聽眾，可造訪公司網站的投資人關係（Investor Relations）專區取得。

In addition, management will be referring to the first-quarter 2026 earnings presentation, which can be found in the Investor Relations section of the company's website, under EVENTS AND PRESENTATIONS tab.

此外，管理層將引用 2026 年第一季財報簡報，該簡報可於公司網站投資人關係專區的 EVENTS AND PRESENTATIONS 分頁下找到。

Now, I will turn the call over to Charlie.

現在，我把電話會議交給 Charlie。

Thank you, Erica. Thanks to everyone for joining us on our call today.

謝謝你，Erica。感謝各位今天加入我們的電話會議。

The first quarter of 2026 was a robust quarter for Arteris, as we reached another record annual contract value, plus royalties of $92.8 million, representing a 39% year-on-year increase.

2026 年第一季對 Arteris 而言是表現強勁的一季，我們再度創下年度合約價值加上權利金合計 9,280 萬美元的紀錄，年增 39%。

We also achieved record revenue, record royalties, and record revenue log.

我們也達成了營收新高、權利金新高，以及營收積壓（revenue log）新高。

Customer engagement in the quarter included both existing customer renewals, as well as adding new logos.

本季的客戶互動包含既有客戶續約，以及新增新客戶（new logos）。

We won license deals in Enterprise Computing; Automotive; Communications; Consumer Electronics; and Aerospace & Defense sectors.

我們在企業運算、汽車、通訊、消費性電子，以及航太與國防等領域贏得授權交易。

AI integration into all types of electronics, from data centers to edge devices and physical AI systems, is increasing the demand for advanced connectivity and security products. Now, two-thirds of our customer engagements are into AI chips.

AI 正整合進各類電子產品，從資料中心到邊緣裝置與實體 AI 系統，進而提升對先進連結與安全性產品的需求。目前，我們三分之二的客戶互動都與 AI 晶片相關。

New chips and chiplets continue to get more complex and perform more advanced computing. Efficient, safe, and secure data movement within those devices is essential, which is driving the growing adoption of Arteris products and solutions.

新晶片與小晶片（chiplets）持續變得更複雜，並執行更先進的運算。在這些裝置內部進行高效率、安全且具資安防護的資料移動至關重要，這正推動 Arteris 產品與解決方案的採用持續成長。

Every semiconductor must move data to be a chip or chiplet.

每一顆半導體都必須能移動資料，才能成為晶片或小晶片。

Rapidly advancing data movement, powered by chips, is evident in recent earnings releases by semiconductor companies. Many of these companies are also Arteris customers and have both beaten their first-quarter revenue projections and raised guidance for the year.

由晶片驅動、快速演進的資料移動趨勢，從近期半導體公司的財報新聞稿中可見一斑。其中許多公司同時也是 Arteris 的客戶，且不僅第一季營收優於預期，亦上調了全年財測。

This performance has clearly flowed through into our royalty stream, which has increased 67%, year over year.

這樣的表現也明顯反映在我們的權利金收入上，年增 67%。

Enterprise Computing, which includes data centers; high-performance computing, or HPC, including high-bandwidth memory, or HBM; and other AI infrastructure companies, was, again, the biggest contributor to our licensing activity in the quarter.

企業運算（包含資料中心；高效能運算（HPC），包括高頻寬記憶體（HBM）；以及其他 AI 基礎設施公司）再次成為本季授權活動的最大貢獻來源。

This includes a leading global hyperscaler, which expanded its use of Arteris network on chip technology for its next generation of data-center chips.

其中包括一家全球領先的超大規模雲端業者（hyperscaler），其擴大在下一代資料中心晶片中採用 Arteris 的晶片網路（Network-on-Chip）技術。

Advanced AI data centers are experiencing strong demand for HBM. I'm pleased to say that another leading global memory supplier is now utilizing Arteris System IP to accelerate their memory-chip development.

先進 AI 資料中心對 HBM 的需求強勁。我很高興地表示，另一家全球領先的記憶體供應商目前正使用 Arteris System IP 來加速其記憶體晶片的開發。

Automotive also continues to be a strong sector for us, where our technology is helping to meet the needs of physical AI systems. An example was an important first-quarter deal announcement with Renesas that increased their licenses and deployed our System IP for their most advanced R-Car Gen 5 SoC series.

汽車領域對我們而言也持續是強勁的產業板塊，我們的技術正協助滿足實體 AI 系統的需求。例如，我們在第一季與瑞薩（Renesas）宣布了一項重要交易，該交易增加其授權數量，並在其最先進的 R-Car Gen 5 SoC 系列中部署我們的 System IP。

Tailored for advanced driver assistance and automatic driving systems, this latest SoC delivers AI performance of up to 400 trillion operations per second, or TOPS, with multi-die chiplet extensions to boost AI performance using Arteris' Network-on-Chip technology for silicon data movement.

此最新 SoC 專為先進駕駛輔助與自動駕駛系統打造，AI 效能最高可達每秒 400 兆次運算（TOPS），並透過多晶粒小晶片（multi-die chiplet）擴充來提升 AI 效能，使用 Arteris 的晶片網路（Network-on-Chip）技術進行矽中資料移動。

Communication with efficient, safe, and secure data movement is also playing an increasingly important role in transmitting data, particularly between data centers; and edge and endpoint devices.

具備高效率、安全且具資安防護的資料移動之通訊能力，在資料傳輸上也扮演日益重要的角色，特別是在資料中心之間，以及資料中心與邊緣與端點裝置之間。

In the first quarter, one of the leading European 5G and 6G Communications equipment players further expanded their use of Arteris technology to accelerate the integration of advanced telecommunication chips.

第一季期間，歐洲一家領先的 5G 與 6G 通訊設備業者進一步擴大採用 Arteris 技術，以加速先進電信晶片的整合。

Satellites extend Communications into Aerospace & Defense, where the pace of innovation and development of advanced, resilient, safe, and secure semiconductors is growing rapidly.

衛星將通訊延伸至航太與國防領域，在該領域中，先進、具韌性、安全且具資安防護的半導體之創新與開發速度正快速提升。

In the first quarter, a leading US space infrastructure company expanded its use of Arteris for the development of next-generation space applications.

第一季期間，一家美國領先的太空基礎設施公司擴大採用 Arteris，用於開發下一代太空應用。

Beyond Earth's orbit, it was a pleasure to see the success of the Artemis II mission, where AMD chips with built-in Arteris technology were used to support critical sensor fusion, data routing, and image processing for the Orion spacecraft.

在地球軌道之外，很高興看到 Artemis II 任務的成功，其中採用內建 Arteris 技術的 AMD 晶片，用於支援獵戶座（Orion）太空船的關鍵感測器融合、資料路由與影像處理。

This is yet another example of Arteris use in data-intensive space exploration.

這是 Arteris 在資料密集型太空探索領域應用的另一個例子。

We continue to see adoption of our FlexGen smart NoC IP at major accounts and start-ups. We are also working with early adopters on two products for optimized chiplet and multi-die system IP, which we anticipate deploying in production during the second half of 2026, with focus on AI, HPC, and ADAS designs.

我們持續看到主要客戶與新創公司採用我們的 FlexGen 智慧 NoC IP。我們也正與早期採用者合作開發兩項用於最佳化 chiplet 與多晶粒系統的 System IP 產品，預期將於 2026 年下半年投入量產部署，聚焦於 AI、HPC 與 ADAS 設計。

We broadened our System IP portfolio, which addresses key aspects of advanced chip design through the acquisition of Cycuity, a leading chip cybersecurity company. This technology is critical to the security of chips, regardless of their complexity.

我們透過收購領先的晶片資安公司 Cycuity，擴充了我們的 System IP 產品組合，涵蓋先進晶片設計的關鍵面向。無論晶片複雜度如何，這項技術對晶片安全性都至關重要。

We are starting the process of leveraging our deep relationships, with over 200 semiconductor design companies; and are already seeing strong interest from many of these customers across many verticals, including data center, Aerospace & Defense, Consumer, Automotive, and Communications.

我們正開始運用我們與超過 200 家半導體設計公司的深厚關係；並且已經看到許多這些客戶在多個垂直領域展現強烈興趣，包括資料中心、航太與國防、消費性、汽車與通訊。

By way of example, a top five US-based hyperscaler, which is an existing Arteris customer, has licensed Arteris security technology in the first quarter to help mitigate cybersecurity risks.

例如，一家美國前五大的 hyperscaler（亦為 Arteris 既有客戶）已於第一季授權採用 Arteris 的安全技術，以協助降低資安風險。

The ever-increasing focus on cybersecurity threats is highlighting the need for our solutions, which identify and help mitigate cybersecurity vulnerabilities during chip-development phase before silicon-mass production.

對資安威脅日益升高的關注，正凸顯我們解決方案的需求；我們的方案可在晶片開發階段、矽晶大量生產之前，辨識並協助降低資安弱點。

We recently announced a collaboration with MIPS to accelerate the development of physical AI chips. MIPS will use Arteris' FlexGen smart NoC IP and Magillem SoC Integration Automation software to help accelerate the development of scalable SoC platforms targeting high-growth markets in physical AI, including Automotive microcontroller units, MCUs; and advanced driver assistance systems, ADAS; robotics; and embedded computing.

我們近期宣布與 MIPS 合作，加速實體 AI 晶片的開發。MIPS 將使用 Arteris 的 FlexGen 智慧 NoC IP 與 Magillem SoC 整合自動化軟體，以協助加速可擴展 SoC 平台的開發，鎖定實體 AI 的高成長市場，包括汽車微控制器單元（MCU）與先進駕駛輔助系統（ADAS）、機器人，以及嵌入式運算。

Lastly, Arteris was named to Fast Company's list of the World's Most Innovative Companies of 2026. Arteris ranks number 4 in the Most Innovative Companies in the North America category, as this year's list shines a spotlight on businesses that are shaping industry through their innovations.

最後，Arteris 入選 Fast Company「2026 年全球最具創新力公司」名單。在北美類別的最具創新力公司中，Arteris 名列第 4；今年的名單聚焦於透過創新塑造產業的企業。

Arteris joins the ranks of Google, Nvidia, Anthropic, and more in Fast Company's 2026 list of World's Most Innovative Companies.

Arteris 與 Google、Nvidia、Anthropic 等一同名列 Fast Company 2026 年「全球最具創新力公司」名單。

Arteris also won a Stevie Award for 2026 Technology Innovation of the Year in the Software category for our Cycuity semiconductor cybersecurity products.

Arteris 亦以 Cycuity 半導體資安產品，獲得 2026 年 Stevie Awards「年度科技創新獎」軟體類別獎項。

On an organizational front, today, we also announced that Nick Hawkins, our CFO, has chosen to retire, effective August 31, 2026. Nick will take us through our Q2 report and continue to serve as an Advisor to Arteris, after his retirement date, to facilitate an orderly transition.

在組織方面，我們今天也宣布，我們的 CFO Nick Hawkins 已選擇退休，生效日為 2026 年 8 月 31 日。Nick 將帶領我們完成第二季財報說明，並在退休後繼續擔任 Arteris 顧問，以促成有序交接。

Nick leaves the company in great shape: with no debt, positive free cash flow, and major contributions to three acquisitions.

Nick 讓公司維持在非常良好的狀態：零負債、自由現金流為正，並對三項併購做出重大貢獻。

Nick has been an invaluable partner during a transformative period for Arteris. We thank Nick for his dedication to the company and wish him all the best.

在 Arteris 轉型的關鍵期間，Nick 一直是不可或缺的夥伴。我們感謝 Nick 對公司的投入，並祝福他一切順利。

With that, I'll turn it over to Nick to discuss our financial results in more detail.

接下來，我把時間交給 Nick，請他更詳細說明我們的財務結果。

Thank you, Charlie. Good afternoon, everyone.

謝謝你，Charlie。各位下午好。

It has been a rewarding and enjoyable experience to help lead Arteris through an important stage in its development. I am proud of the exceptional finance team we have built and what the company has accomplished.

能協助帶領 Arteris 度過其發展中的重要階段，是一段充實且愉快的經驗。我為我們打造的卓越財務團隊以及公司所取得的成就感到自豪。

During my seven years at Arteris, in addition to leading the company through its IPO, I've also led our M&A processes, including the important recent acquisition of the cybersecurity company, Cycuity.

在 Arteris 的七年間，除了帶領公司完成 IPO 之外，我也主導了我們的併購流程，包括近期對資安公司 Cycuity 的重要收購。

Arteris has grown substantially in revenue and market capitalization; is now cash flow positive and is transitioning to profitability this year.

Arteris 的營收與市值已大幅成長；目前現金流轉正，並正於今年邁向獲利。

It has been a privilege to serve under Charlie and our excellent Board, alongside our industry-leading leadership team and all our people.

能在 Charlie 與我們優秀的董事會領導下，與業界領先的管理團隊及全體同仁並肩服務，是我的榮幸。

Arteris is well positioned for the future. I look forward to following the company's continued progress in the years ahead.

Arteris 已為未來做好充分準備。我期待在未來幾年持續關注公司的進展。

As I review our first-quarter results for 2026 today, please note I will be referring to GAAP, as well as non-GAAP metrics.

我今天回顧 2026 年第一季的業績時，請注意我將同時引用 GAAP 與非 GAAP 指標。

Please note, also, that a reconciliation of GAAP to non-GAAP financials is included in today's earnings release, which is available on our website.

也請注意，GAAP 與非 GAAP 財務數字的調節表已包含在今天的財報新聞稿中，並已發布於我們的網站。

Also, as a reminder, I will be referring to the 1Q 2026 earnings presentation, which can be found in the Investor Relations section of the company's website, under the EVENTS AND PRESENTATIONS tab.

另外提醒一下，我將引用 2026 年第一季（1Q 2026）財報簡報，可在公司網站的投資人關係（Investor Relations）專區、EVENTS AND PRESENTATIONS 分頁下找到。

We had a strong first quarter, beating the top end of our revenue and ACV plus royalties guidance; and meeting the top end of our non-GAAP operating income guidance range.

我們第一季表現強勁，營收以及 ACV 加權利金（ACV plus royalties）均超越指引區間上緣；並達到非 GAAP 營業利益指引區間的上緣。

Turning to slide 5 of the presentation, total revenue for the first quarter was $22.9 million, up 39% year over year and above the top end of our guidance range.

請看簡報第 5 頁，第一季總營收為 2,290 萬美元，年增 39%，並高於我們指引區間的上緣。

Notably, trailing 12-month royalties was $7.9 million, 67% higher year over year, setting a new record-high.

值得注意的是，過去 12 個月的權利金為 790 萬美元，年增 67%，創下新高紀錄。

Our royalty stream today is fueled by a balanced mix of customers across all our vertical markets. Our large royalty reporters, which we define as over six-figure dollars per quarter, are in Automotive; Consumer; Enterprise Computing; and Aerospace & Defense.

我們目前的權利金收入來源，來自於涵蓋所有垂直市場的均衡客戶組合。我們的大型權利金申報客戶（定義為每季達到 6 位數美元以上）分布於汽車、消費性、企業運算，以及航太與國防。

The number of customers reporting $0.25-plus million royalty dollars has grown from one, a year ago, to three, currently, further highlighting our rapidly diversifying and growing royalty revenue stream.

權利金申報金額達 25 萬美元以上的客戶數，已從一年前的 1 家成長至目前的 3 家，進一步凸顯我們的權利金收入來源正快速多元化並持續成長。

At the end of the first quarter, ACV plus royalties was $92.8 million, up 39% year over year, above the top end of our guidance range and at a new record-high.

截至第一季末，ACV 加權利金為 9,280 萬美元，年增 39%，高於我們指引區間上緣，並創下新高紀錄。

Remaining performance obligations, or RPO, which is our contracted future revenue at the end of the first quarter totaled $118 million, 33% higher year over year and another record-high for Arteris.

截至第一季末的剩餘履約義務（Remaining Performance Obligations，RPO），亦即我們已簽約的未來收入，合計為 1.18 億美元，年增 33%，再度創下 Arteris 新高。

We expect just over half of our RPO at the end of the first quarter will be recognized as revenue in the 12 months, starting April 1, 2026.

我們預期，在第一季末的 RPO 中，略高於一半將在自 2026 年 4 月 1 日起的 12 個月內認列為營收。

Non-GAAP gross profit in the quarter was $20.1 million, representing a gross margin of 87%. GAAP gross profit in the quarter was $19.7 million, representing gross margin of 86%.

本季非 GAAP 毛利為 2,010 萬美元，毛利率為 87%。本季 GAAP 毛利為 1,970 萬美元，毛利率為 86%。

This now reflects, for the first time, the inclusion of subcontractor costs as cost of revenue for certain security government contracts.

這也首次反映：針對部分安全性政府合約，將分包商成本納入營收成本（cost of revenue）。

Now, moving to slide 6, non-GAAP operating expense in the quarter is $22.6 million.

接著看第 6 頁，本季非 GAAP 營業費用為 2,260 萬美元。

In line with our operating leverage goals, we are maintaining our commitment to limit overall growth in OpEx to 50% of our revenue growth.

依循我們的營運槓桿目標，我們持續承諾將整體 OpEx 的成長限制在營收成長的 50%。

We believe that our investments into product development and customer success will help to accelerate our top-line growth in the coming years. At the same time, we are delivering operating leverage, which is being driven across all cost categories.

我們相信，對產品開發與客戶成功的投資，將有助於在未來幾年加速我們的營收成長。同時，我們也在實現營運槓桿，且此趨勢由各項成本類別共同驅動。

We remain disciplined in our spending and investments; in particular, in G&A spending, which has, on average, grown at less than one-quarter of the rate of revenue, on a non-GAAP basis, over the last three years.

我們在支出與投資上始終保持紀律；特別是在一般及行政（G&A）支出方面，過去三年在非 GAAP 基礎下，其平均成長率不到營收成長率的四分之一。

This has resulted in a 31 percentage points improvement in non-GAAP operating margin over that period.

這使得該期間的非 GAAP 營業利益率提升了 31 個百分點。

Total GAAP operating expense for the first quarter was $29 million, which included acquisition-related expenses of $0.6 million in the first quarter.

第一季 GAAP 營業費用總額為 2,900 萬美元，其中包含第一季 60 萬美元的併購相關費用。

Non-GAAP operating loss in the quarter was $2.5 million, at the top end of our guidance range. GAAP operating loss for the first quarter was $9.3 million compared to a loss of $7.7 million in the prior-year period.

本季非 GAAP 營業虧損為 250 萬美元，位於我們指引區間的上緣。第一季 GAAP 營業虧損為 930 萬美元，較去年同期的 770 萬美元虧損增加。

Non-GAAP net loss in the quarter was $1.2 million or diluted net loss per share of $0.03. GAAP net loss in the quarter was $8 million or diluted net loss per share of $0.17.

本季非 GAAP 淨虧損為 120 萬美元，或稀釋後每股淨虧損 0.03 美元。本季 GAAP 淨虧損為 800 萬美元，或稀釋後每股淨虧損 0.17 美元。

Moving to slide 7 and turning to the balance sheet and cash flow, we ended the quarter with $41.9 million in cash, cash equivalents, and investments. We have no financial debt.

接著看第 7 張投影片並轉到資產負債表與現金流，我們在季末持有 4,190 萬美元的現金、約當現金與投資。我們沒有金融負債。

Free cash flow, which includes capital expenditure, was negative $7.4 million in the first quarter, including approximately $3 million deal consideration elements and fees related to the Cycuity acquisition that closed in the quarter.

第一季自由現金流（包含資本支出）為負 740 萬美元，其中包含約 300 萬美元的交易對價要素，以及與本季完成交割的 Cycuity 併購相關費用。

I would now like to turn to our outlook for the second-quarter and the full year 2026; and refer, now, to slide 8.

接下來我想談談我們對 2026 年第二季與 2026 全年的展望；現在請參考第 8 張投影片。

First, starting with the next quarter, we will no longer be guiding quarterly free cash flow. As our average deal size continues to grow, we believe that the consequent fluctuations in quarter-to-quarter operating cash flows make the guidance of this KPI less helpful to investors.

首先，從下一季開始，我們將不再提供季度自由現金流指引。隨著我們的平均交易規模持續擴大，我們認為由此導致的季度間營運現金流波動，使得對投資人而言，提供此一 KPI 的指引幫助較小。

Additionally, on an annual basis, we are already free cash flow-positive, having delivered that in 2025; and guiding increased positive free cash flow for 2026. This was our first strategic financial objective.

此外，以年度來看，我們已經是自由現金流為正，並已在 2025 年達成；同時也指引 2026 年將帶來更高的正向自由現金流。這是我們第一項策略性財務目標。

We are now focused on delivering our next strategic financial objective: the inflection to non-GAAP profitability towards the end of the current year.

我們現在聚焦於達成下一項策略性財務目標：在今年接近年底時轉折至非 GAAP 獲利。

For the second quarter of 2026, we expect ACV plus royalties of $95 million to $99 million, revenue of $23 million to $24 million, non-GAAP operating loss of $3 million to $2 million, free cash flow of positive $2 million to positive $8 million.

對於 2026 年第二季，我們預期 ACV 加權利金為 9,500 萬至 9,900 萬美元，營收為 2,300 萬至 2,400 萬美元，非 GAAP 營業虧損為 300 萬至 200 萬美元，自由現金流為正 200 萬至正 800 萬美元。

As we look forward to the full year of 2026, we are seeing continued strength in semiconductors and signs of an upward trend cycle in the market. Consequently, we are raising our guidance for the full-year on top- and bottom-line metrics.

展望 2026 全年，我們看到半導體領域持續強勁，且市場出現上行趨勢循環的跡象。因此，我們上調全年在營收端與獲利端（top- and bottom-line）指標的指引。

For the full-year 2026, our guidance is as follows:

2026 全年指引如下：

ACV plus royalties, to exit 2026 at $102 million to $106 million, an increase of $2 million from prior guidance;

ACV 加權利金：2026 年底達到 1.02 億至 1.06 億美元，較先前指引增加 200 萬美元；

Revenue of $91 million to $95 million, $2 million higher than prior guidance and representing a 32% year-over-year increase at the midpoint;

營收：9,100 萬至 9,500 萬美元，較先前指引高 200 萬美元，且以中位數計算年增 32%；

Non-GAAP operating loss of between $8.5 million to $4.5 million, an improvement of $0.5 million from prior guidance;

非 GAAP 營業虧損：介於 850 萬至 450 萬美元，較先前指引改善 50 萬美元；

And non-GAAP free cash flow of positive $5 million to positive $9 million.

以及非 GAAP 自由現金流：正 500 萬至正 900 萬美元。

We're seeing a strong start to the second quarter, with momentum and increasing customer engagement leading us to believe that we will see continued strength in the second half of the year.

我們看到第二季開局強勁，動能與客戶互動提升，使我們相信下半年將持續強勢。

Building on our strong revenue growth, coupled with carefully focused expense discipline that is delivering operating leverage, we continue to believe that Arteris is on a path to profitability.

在強勁營收成長的基礎上，並結合審慎且聚焦的費用紀律以帶來營運槓桿，我們仍然相信 Arteris 正走在通往獲利的道路上。

We expect to report a non-GAAP operating profit for a period as early as the fourth quarter of the current year.

我們預期最早可在今年第四季的某個期間報告非 GAAP 營業獲利。

With that, I will turn the call back to the operator for the Q&A portion of the call.

接下來，我將把電話會議交回給接線員，進入問答環節。

(Operator Instructions)

（接線員指示）

Kevin Cassidy, Rosenblatt.

Kevin Cassidy，Rosenblatt。

Yes. Thanks for taking my question. Congratulations on the great results.

是的。謝謝讓我提問。恭喜取得很好的成果。

Nick, congratulations on a successful career. All the best, as you go through the next stage.

Nick，恭喜你職涯成功。在你邁向下一個階段之際，祝一切順利。

Thank you, Kevin.

謝謝你，Kevin。

My question -- Yes. Yeah.

我的問題——是的。對。

On the hyperscaler design win and, also, the high-bandwidth memory, what's the timeline of those products coming to market or generating royalties?

關於超大規模雲端業者（hyperscaler）的設計案（design win），以及高頻寬記憶體（HBM），這些產品上市或開始產生權利金的時間表是什麼？

I'm trying to get a feel: Is there a acceleration in any of these hyperscaler ASICs or any of these development?

我想掌握一下：這些 hyperscaler 的 ASIC 或相關開發是否有加速？

Hey. Kevin, this is Nick. Let me handle the royalties part of that question.

嗨。Kevin，我是 Nick。我來回答你問題中關於權利金的部分。

Generally speaking, the design cycles in that space are a little bit quicker than you'd expect in, say, Automotive, which is quite a long design cycle -- as you know, can be up to six years, in some cases.

一般來說，那個領域的設計週期比你在例如汽車領域所預期的要快一些；汽車的設計週期相當長——如你所知，有些情況下可長達六年。

In this sphere, it's more, like, two to three years that we'd expect to see something floating through from that.

在這個領域，我們預期大約是兩到三年，就會看到相關成果逐步轉化出來。

Okay. Same with -- on the high-bandwidth memory?

了解。那高頻寬記憶體也是一樣嗎？

Similar. Yeah.

類似。是的。

Yeah. Those are all going into data center AI. Those are basically some of the quickest design cycles that we see.

是的。這些都會用在資料中心 AI。基本上，這是我們看到設計週期最快的一些領域。

But, also, the volumes are actually more significant than they used to be in the past.

而且，出貨量其實也比過去更顯著。

But these products have a much faster churn than, like Nick said, the Automotive, for example. And so they rise quicker. They also die quicker.

但這些產品的汰換速度比例如汽車快得多，正如 Nick 所說。因此它們上升得更快。也會更快退出。

Okay. Yeah. That was going tpo be my next question -- is the life cycle of the products, as they come to the market.

了解。是的。那本來就是我的下一個問題——產品進入市場後的生命週期。

Also, I would imagine, as they go down the process to smaller process nodes, the price of the products go up. Your overall royalties could be increasing compared to the past generation.

另外，我想像隨著製程往更小的節點推進，產品價格會上升。相較於上一代，你們整體權利金可能會提高。

Yeah. (multiple speakers) --

是的。（多位講者）——

Yeah. That's true, Kevin.

是的。Kevin，你說得沒錯。

Sorry. Charlie?

抱歉。Charlie？

These tend to be high-priced chips.

這些通常是高單價晶片。

Right. Right. Getting more expensive, those.

對。對。那些會變得更貴。

But -- yes. Okay. Great. Thank you.

但是——是的。好的。太好了。謝謝。

(Operator Instructions)

(接線員指示)

Josh Buchalter, TD Cowen

Josh Buchalter，TD Cowen

Hey, guys. Thank you for taking my question. Congrats on the results.

嗨，各位。謝謝讓我提問。恭喜本季業績。

More importantly, best wishes -- and a big thank you -- to Nick on your next endeavor.

更重要的是，祝福Nick未來一切順利——也非常感謝——祝你下一段旅程順利。

Yeah. To start, maybe, big-picture, as we think about the raise of the annual guidance, how much of this would you categorize as coming from the better royalty environment that you spoke to, just from better chip sell-through, versus increased confidence in licensing deals that you expect to sign over the next several quarters?

是的。先從大方向來看，當我們思考你們上調全年指引時，其中有多少你會歸因於你提到的較佳權利金環境、也就是晶片銷售出貨（sell-through）更好；相較之下，又有多少是來自於你們對未來幾季預期將簽署的授權交易更有信心？

Thank you.

謝謝。

Let me take that one, Charlie. Josh, thanks for your kind words. It's been a pleasure, I've got to say.

Charlie，這題我來回答。Josh，謝謝你的好意。我得說，這一直很愉快。

On the increased guidance, I'll say just one general thing, which is, philosophically, we tend to be careful on our guidance. We're very mindful of guiding our friends on the Street, diligently.

關於上調指引，我先講一個總體原則：從理念上，我們一向對指引比較謹慎。我們非常注意要勤勉地為華爾街的朋友們提供指引。

And so we don't like to get over our skis on guidance. But we are seeing a very strong trajectory in royalties.

因此我們不喜歡在指引上操之過急、過度樂觀。但我們確實看到權利金呈現非常強勁的成長軌跡。

The 12 months, trailing, was up 67%. But, actually year-over-year first quarter, interestingly, was up over 100%.

過去12個月（滾動）成長了67%。但其實第一季年增率很有意思，超過了100%。

We are seeing a nice pick-up there. We're seeing more people reporting bigger and bigger numbers. That's part of it.

我們看到那邊有不錯的回升。我們也看到越來越多人回報更大、更多的數字。這是其中一部分。

There is -- I would categorize the first quarter as robust and good, from a deal flow perspective, in dollars. The start to the second quarter was very strong.

另外——我會把第一季在交易流（deal flow）金額面歸類為強勁且良好。第二季一開始也非常強。

We actually had the strongest April on record, in terms of deal flow, by a significant margin; something, like, 4 times bigger than the next biggest April we've ever seen.

我們其實創下了史上最強的4月，就交易流而言，且幅度非常顯著；大概是我們過去看過的次高4月的4倍左右。

We're seeing a lot of activity. We're seeing a really strong pipeline on deals.

我們看到很多活動。我們看到交易管線非常強勁。

I think that we want to wait until we're a little further through the quarter to see if this robustness continues and persists before we look at future guidance.

我想我們希望等到本季進行到更後面一些，看看這種強勁是否會延續並持續，之後再來看未來的指引。

Okay. Thank you for all the color there.

好的。謝謝你提供這麼多細節。

And then, maybe, following up on some of Kevin's questions earlier: You've been highlighting some pretty sizable hyperscale data center wins, I think with FlexGen but other IP over the last few quarters.

接著，延續Kevin先前的一些問題：你們過去幾季一直強調一些相當可觀的超大規模（hyperscale）資料中心的勝出案，我想包括FlexGen以及其他IP。

How should we think about the scale of data center, overall, compared to your -- the historic auto exposure? Given it moves faster, as you mentioned in response to Kevin's, like, what's a reasonable timeframe at which that could be a more meaningful portion of overall revenue in the model?

我們該如何看待資料中心整體規模，相較於你們——過去在汽車領域的曝險？考量到它如你在回覆Kevin時提到的進展更快，那麼在模型中，合理的時間框架是什麼，資料中心可能成為整體營收中更有意義的一部分？

Thank you.

謝謝。

Yeah. The data center segment, from a license perspective, is growing very nicely, right?

是的。從授權的角度來看，資料中心這個區隔成長得非常不錯，對吧？

On the royalty side -- because data center -- though the chips are higher priced, the volumes are lower. We expect Automotive to continue to be a pretty solid royalty generator.

在權利金方面——因為資料中心——雖然晶片單價較高，但出貨量較低。我們預期汽車仍會持續是相當穩健的權利金貢獻來源。

But, on the license side, we're definitely seeing solid growth from our data-center customers.

但在授權方面，我們確實看到來自資料中心客戶的穩健成長。

If I can add to that, also, from a quantitative perspective, Josh: Enterprise is now -- which is where our data-center business resides in our verticals -- the largest of our verticals in terms of license generation.

如果我也補充一下，從量化角度來看，Josh：企業（Enterprise）——也就是我們在各垂直領域中資料中心業務所歸屬的那一塊——現在在授權產生方面已是我們最大的垂直領域。

It's slightly now higher than Automotive, which used to be the number 1. They're both in the sort of 30% to 35% range.

它現在略高於汽車，汽車過去是第一名。兩者大概都在30%到35%的區間。

What's interesting is Aerospace & Defense, now -- partially as a result of the addition of Cycuity, is now close to 10% of our ACV. It's an interesting developing field.

有趣的是，航太與國防現在——部分因為併入Cycuity——在我們的ACV中已接近10%。這是一個正在發展、很有意思的領域。

Thank you for the color, both.

謝謝兩位提供的補充說明。

(Operator Instructions)

(接線員指示)

Kevin Cassidy, Rosenblatt.

Kevin Cassidy，Rosenblatt。

Hey. Yeah. Thanks for taking my follow-up question.

嗨。是的。謝謝讓我追問。

Just on the Cycuity acquisition. Now that you've had them for a quarter or so, can you say -- is it coming in better than expected?

關於收購Cycuity。現在你們擁有他們大概一季左右了，你能否說——表現是否優於預期？

Or (inaudible) -- the outlook (inaudible) -- yeah. If you could give us a -- what's the pipeline look like from here?

或是（聽不清）——展望（聽不清）——是的。如果可以的話，能否跟我們說一下——從現在開始的管線看起來如何？

We've really started in middle of January so it's early days. There were some pretty good government orders in flight, which we closed. That's very promising.

我們其實是1月中旬才開始，所以還在早期階段。當時有一些相當不錯的政府訂單正在進行中，我們已經結案。這非常令人鼓舞。

For the second quarter, we're starting to see some very, very promising deals from the commercial side.

到了第二季，我們開始看到一些來自商業端非常、非常有前景的交易。

We think that this acquisition is going to turn out just fine.

我們認為這筆收購最終會進展得很好。

Cybersecurity. Because of the [MIPS] product and other AI-based technologies, the cybersecurity is coming to forefront.

資安。由於[MIPS]產品以及其他以AI為基礎的技術，資安正走到聚光燈下、成為焦點。

We think that all of our customers -- of which, there's more than 200 -- can use the Cycuity product.

我們認為我們所有的客戶——超過200家——都能使用Cycuity的產品。

We're very excited about the potential. But it looks promising. But it's relatively early days.

我們對其潛力感到非常興奮。目前看起來很有希望。但仍然相對在早期階段。

Okay. Thank you.

好的。謝謝。

There are no further questions at this time.

目前沒有其他問題。

I will now turn the call over back to Charlie Janac for closing remarks.

我現在把電話交回給Charlie Janac做結語。

Well, thank you for joining our call today and for your interest in Arteris.

好的，感謝各位今天參加我們的電話會議，也謝謝各位對Arteris的關注。

We look forward to meeting with you at -- and updating you on our business progress in the quarters ahead; and seeing some of you at some investment conferences.

我們期待在接下來的幾季與各位會面——並向各位更新我們的業務進展；也期待在一些投資人會議上見到各位。

Thank you for your support.

謝謝各位的支持。

Ladies and gentlemen, this concludes this conference call.

各位女士、先生，本次電話會議到此結束。

Thank you, everyone, for joining. You may now disconnect.

謝謝各位參與。您現在可以掛線。