Arteris Inc (AIP) 2026 Q2 法說會逐字稿

Good afternoon, everyone, and welcome to the Arteris second quarter 2026 earnings call. Please note this call is being recorded and simultaneously webcast. All material contained in the webcast is the sole property and copyright of Arteris, with all rights reserved. For opening remarks and introductions, I would like to turn the call over to Erica Mannion at Sapphire Investor Relations. Please go ahead.

各位下午好，歡迎參加 Arteris 2026 年第二季財報電話會議。請注意，本次電話會議將被錄音並同步網路直播。網路直播中所含之所有資料均為 Arteris 的專有財產並受著作權保護，保留一切權利。接下來進行開場致詞與介紹，我想把電話交給 Sapphire Investor Relations 的 Erica Mannion。請開始。

Thank you, and good afternoon. With me today from Arteris are Charlie Janac, Chief Executive Officer; and Nick Hawkins, Chief Financial Officer. Charlie will begin with a brief review of the business results for the second quarter ended June 30, 2026. Nick will review the financial results for the second quarter of 2026, followed by the company’s outlook for the third quarter and the full year of 2026. We will then open the call for questions. 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. These statements are based on management’s current expectations and assumptions and involve material risks and uncertainties that could cause actual results to differ materially from those anticipated. You should not place undue reliance on forward-looking statements.

謝謝，各位下午好。今天與我一同出席的 Arteris 團隊成員包括：執行長 Charlie Janac，以及財務長 Nick Hawkins。Charlie 將先簡要回顧截至 2026 年 6 月 30 日止第二季的業務成果。Nick 將說明 2026 年第二季的財務結果，並接著提供公司對 2026 年第三季及 2026 全年的展望。之後我們將開放提問。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依據聯邦證券法定義之「前瞻性陳述」。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預期存在重大差異。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. 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. The non-GAAP measures are presented as we believe that they provide investors with a means of evaluating and understanding how the company management evaluates the company’s operating performance. 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.

關於上述風險、不確定性以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。另請注意，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 編製之衡量指標。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並理解公司管理層如何評量公司營運表現的方法。非 GAAP 指標不應被孤立看待，亦不應作為依照美國 GAAP 編製之財務指標的替代品，或被視為優於 GAAP 財務指標。

A reconciliation of these non-GAAP measures to the nearest GAAP measure can be found in the press release for the quarter ended June 30, 2026. 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 June 30, 2026. 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. Listeners who do not have a copy of the press release for the quarter ended June 30, 2026 may obtain a copy by visiting the investor relations section of the company’s website.

上述非 GAAP 指標與最接近之 GAAP 指標的調節表，可在截至 2026 年 6 月 30 日止季度的新聞稿中查閱。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（annual contract value）與剩餘履約義務（remaining performance obligations），請參閱截至 2026 年 6 月 30 日止季度的新聞稿。這些關鍵績效指標僅供補充資訊之用，不應被視為依 GAAP 呈列之財務資訊的替代品，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有所不同。未持有截至 2026 年 6 月 30 日止季度新聞稿副本的聽眾，可至公司網站的投資人關係（Investor Relations）專區取得。

In addition, management will be referring to the second quarter 2026 earnings presentation, which can be found in the investor relations section of the company’s website under the Events and Presentations tab. I will turn the call over to Charlie.

此外，管理層將引用 2026 年第二季財報簡報，該簡報可於公司網站投資人關係專區的「Events and Presentations」分頁中查閱。我現在把電話交給 Charlie。

Thank you, Erica, and thanks to everyone for joining us on our call today. The Arteris second quarter of 2026 produced multiple record-breaking results. We reached another record annual contract value plus royalties exiting the quarter at $99.5 million, representing a 44% year-on-year increase. We achieved record revenue, royalties, and RPO backlog. License deal flow in the quarter was driven by several large deals with existing and new customers. These wins spanned all key verticals led by growth in enterprise computing and automotive, followed by aerospace and defense, communications, consumer electronics, and industrial markets for varieties of semiconductors, including chiplets, system on chip or SOCs, application-specific integrated circuits or ASICs, field programmable gate arrays or FPGAs, and microcontrollers. Further to our diversification strategy, no single customer made up more than 10% of our revenue in the first half of 2026.

謝謝你，Erica，也感謝各位今天加入我們的電話會議。Arteris 在 2026 年第二季創下多項破紀錄的成果。我們在季度結束時的年度合約價值加上權利金（ACV plus royalties）再創新高，達到 9,950 萬美元，年增 44%。我們也達成營收、權利金以及 RPO 積壓（backlog）的歷史新高。本季的授權交易動能主要來自與既有及新客戶達成的數筆大型交易。這些勝利涵蓋所有關鍵垂直領域，其中以企業運算與車用領域的成長領先，其次為航太與國防、通訊、消費性電子與工業市場；涵蓋多種半導體類型，包括 chiplets、系統單晶片（SoC）、特定應用積體電路（ASIC）、現場可程式化閘陣列（FPGA）以及微控制器。延續我們的多元化策略，2026 年上半年沒有任何單一客戶的營收占比超過 10%。

Our customer design activity was healthy again in the quarter. For the trailing 12 months to June 30th, 2026, our customers reported 21% higher number of design starts year-over-year. Rapidly evolving high-performance computing or HPC workloads continue to drive demand for more complex chips and chiplets across data centers, smart devices, and physical AI systems. This, in turn, is increasing the demand for Arteris products that help deliver the underlying high performance, efficient, safe, and secure data movement essential to semiconductors in the AI era. In the second quarter of 2026, the majority of our customers’ design starts supported AI or HPC use cases as part of the device, and this trend is continuing. Data center chip and chiplet development continues to be a key revenue driver for Arteris.

本季客戶的設計活動再次維持健康水準。在截至 2026 年 6 月 30 日的過去 12 個月期間，我們的客戶回報其設計啟動（design starts）數量年增 21%。快速演進的高效能運算（HPC）工作負載持續推動資料中心、智慧裝置與實體 AI 系統對更複雜晶片與 chiplets 的需求。進而提升對 Arteris 產品的需求，這些產品可協助提供 AI 時代半導體所必需的高效能、高效率、安全且具資安防護的底層資料傳輸。在 2026 年第二季，我們客戶的大多數設計啟動都支援 AI 或 HPC 的使用情境作為裝置的一部分，而此趨勢仍在延續。資料中心晶片與 chiplet 的開發持續成為 Arteris 的關鍵營收驅動因素。

Over the past four quarters, enterprise computing has made up an average of 29% of Arteris ACV plus royalties, with AI infrastructure representing some of the biggest deals in the second quarter. As an example, one of the world’s largest hyperscale cloud companies has chosen to adopt and standardize on Arteris for its infrastructure silicon system IP. Arteris technology will enable the high-performance and energy-efficient semiconductor data movement for the next generation of data centers. Large-scale compute must adapt quickly for rapidly evolving software workloads that require ASICs, SOCs, and chiplets with interconnect that can support the throughput, bandwidth, and power requirements, making Arteris the obvious choice for scale-up and scale-out architectures.

在過去四個季度中，企業運算平均占 Arteris 年度合約價值加上權利金（ACV plus royalties）的 29%，其中 AI 基礎設施在第二季代表了部分最大型的交易。例如，全球最大的超大規模雲端公司之一已選擇採用並標準化使用 Arteris，作為其基礎設施矽系統 IP。Arteris 的技術將為下一代資料中心提供高效能且節能的半導體資料傳輸能力。大型運算必須快速因應迅速演進的軟體工作負載，這些工作負載需要具備互連（interconnect）的 ASIC、SoC 與 chiplets，以支援吞吐量、頻寬與功耗需求，使 Arteris 成為擴充向上（scale-up）與擴充向外（scale-out）架構的明顯首選。

Another example of Arteris’ progress in data center applications was a large win with one of the top U.S. semiconductor design houses building custom ASICs for various hyperscalers, where Arteris’ FlexGen smart NoC IP is increasingly being used for the underlying data movement in chiplets and multi-die chips to support high-end scale-up AI compute. Additionally, we announced that Speedata, developer of the purpose-built analytics processing unit, or APU, has deployed Arteris in its Callisto processor that runs large volume analytics processing for applications which require high bandwidth-capable chips, often in data centers. Physical AI, from automotive to aerospace and defense, and along with industrial applications such as robotics, continues to experience strong and growing demand for Arteris products and solutions. Here, performance, energy, safety, security, and proven reliability are essential for foundational semiconductors.

Arteris 在資料中心應用方面的另一項進展例子，是與美國頂尖半導體設計公司之一取得重大勝利；該公司為多家超大規模業者打造客製化 ASIC，而 Arteris 的 FlexGen 智慧 NoC IP 正日益用於 chiplets 與多晶粒（multi-die）晶片中的底層資料傳輸，以支援高階的擴充向上 AI 運算。此外，我們宣布專用分析處理單元（APU）的開發商 Speedata，已在其 Callisto 處理器中部署 Arteris，用於執行大量分析處理；此類應用需要具備高頻寬能力的晶片，且常見於資料中心。實體 AI（從車用到航太與國防）以及機器人等工業應用，對 Arteris 產品與解決方案的需求持續強勁並成長。在這些領域中，效能、能耗、安全、資安，以及經驗證的可靠性，都是基礎半導體不可或缺的要素。

Li Auto, a leader in China’s new energy vehicle market, has successfully deployed its in-house designed autonomous driving chips in their newest SUV model. Multiple chips designed with Arteris are used in each vehicle and around 2,560 trillion operations per second, or TOPS, to effectively and safely perform autonomous driving and other advanced driving tasks. As customers take deliveries of these vehicles, we are starting to see initial royalty contributions. Another example is SiEngine, a provider of advanced automotive chips, selecting Arteris for its next generation SoC platforms for the intelligent cockpit, advanced driver assistance applications, and AI cockpit drive fusion solution with high performance and functional safety requirements. On the product side, we’re seeing equally strong momentum with customer adoption of new technologies. Following the acquisition of Cycuity earlier this year, which provides semiconductor cybersecurity assurance, we recently announced an expanded partnership with Arm.

理想汽車（Li Auto）作為中國新能源車市場的領導者，已成功在其最新 SUV 車型中部署其自研的自動駕駛晶片。每輛車使用多顆採用 Arteris 設計的晶片，並具備約每秒 2,560 兆次運算（TOPS）的能力，以有效且安全地執行自動駕駛及其他先進駕駛任務。隨著客戶開始交付這些車輛，我們已開始看到初期的權利金貢獻。另一個例子是先進車用晶片供應商 SiEngine，為其下一代 SoC 平台（用於智慧座艙、先進駕駛輔助應用，以及具備高效能與功能安全需求的 AI 座艙駕駛融合解決方案）選擇採用 Arteris。在產品方面，我們也看到客戶採用新技術的動能同樣強勁。在今年稍早收購提供半導體資安保證的 Cycuity 之後，我們近期宣布與 Arm 擴大合作夥伴關係。

The Cycuity hardware security assurance technology is already in use by Arm during the design phase of selected CPUs. Moving forward, Arm engineering teams are expanding their adoption of Cycuity technology across additional next-generation processors to help identify and mitigate potential security weaknesses and vulnerabilities, supporting the delivery of robust and resilient CPUs. We are honored to be supporting the Arm leadership in the application of cybersecurity hardware assurance for safer CPU hardware. We see similar cybersecurity hardware assurance opportunities with other IP suppliers, semiconductor companies, and system houses building silicon for applications ranging from AI infrastructure to mission-critical applications, where cybersecurity is rapidly moving from a should to a must technology, accelerated by rapid development in frontier AI models and growing sets of required standards and regulations.

Cycuity 硬體安全保證技術已在特定 CPU 的設計階段由 Arm 採用並投入使用。展望未來，Arm 工程團隊正擴大在更多下一代處理器上採用 Cycuity 技術，以協助識別並緩解潛在的安全弱點與漏洞，支持交付強健且具韌性的 CPU。我們很榮幸能支持 Arm 領導團隊在更安全的 CPU 硬體上應用資安硬體保證。我們也在其他 IP 供應商、半導體公司，以及為從 AI 基礎設施到任務關鍵型應用等各類應用打造矽晶片的系統廠商身上，看見類似的資安硬體保證機會；在這些領域中，資安正迅速從「應該要有」轉變為「必須具備」的技術，並在前沿 AI 模型的快速發展以及日益增加的必要標準與法規要求推動下加速。

On the NoC IP front, the number of FlexGen smart NoC customers continues to grow as customers are increasingly seeing the value in automation and wire length efficiency, which helps reduce power, that Arteris smart NoC IP offers. In the first half of 2026, we closed multiple seven-figure deals for FlexGen with major semiconductor customers. On the ecosystem front, we announced a collaboration with IC-Link by imec, which is imec’s service provider for high-end ASICs and silicon photonics. Arteris technology will be deployed as part of their ongoing efforts to accelerate and simplify the development of next-generation HPC chiplets and ASIC chips. Our customers continue to innovate in exciting high-growth areas. All of these require a combination of high performance, energy efficiency, safety, and security.

在 NoC IP 方面，FlexGen 智慧 NoC 的客戶數量持續成長，因為客戶愈來愈看見 Arteris 智慧 NoC IP 所提供的自動化與線長效率的價值，而這有助於降低功耗。在 2026 年上半年，我們與主要半導體客戶完成了多筆 FlexGen 的百萬美元級（七位數）交易。在生態系方面，我們宣布與 imec 的 IC-Link 合作，IC-Link 是 imec 針對高階 ASIC 與矽光子（silicon photonics）的服務供應商。Arteris 技術將作為其持續努力的一部分被部署，用以加速並簡化下一代 HPC 小晶粒（chiplets）與 ASIC 晶片的開發。我們的客戶持續在令人振奮的高成長領域中創新。所有這些都需要高效能、能源效率、安全性與資安的組合。

Overall, Arteris continues to be in a strong position to support growing semiconductor applications in the AI era across data centers, edge devices, and physical AI systems, helping customers to innovate and develop their next generation of silicon chips and chiplets with our technology. I’m happy also to announce that we have completed our ATM program, raising $72 million to support our ability to invest in industry-leading system IP products, global customer support, and additional tuck-in acquisitions. As previously announced, Nick Hawkins will be retiring following a distinguished tenure as our CFO. Nick helped lead Arteris through its successful IPO, built an excellent finance organization, delivered at or above financial guidance on nearly all financial metrics, and was instrumental in achieving a positive free cash flow operation while laying the foundation for near future non-GAAP profitability.

整體而言，Arteris 仍處於有利位置，能在 AI 時代於資料中心、邊緣裝置與實體 AI 系統等領域支持不斷成長的半導體應用，並以我們的技術協助客戶創新與開發其下一代矽晶片與小晶粒。我也很高興宣布，我們已完成 ATM 計畫，募得 7,200 萬美元，以支持我們投資於業界領先的系統 IP 產品、全球客戶支援，以及額外的補強型併購（tuck-in acquisitions）。如先前所宣布，Nick Hawkins 將在擔任我們 CFO 的傑出任期後退休。Nick 協助帶領 Arteris 成功 IPO，建立卓越的財務組織，在幾乎所有財務指標上達成或超越財測指引，並在為近期非 GAAP 獲利奠定基礎的同時，對達成正向自由現金流營運發揮了關鍵作用。

I’m very grateful for his leadership and contribution to Arteris over the years and wish him the best in the next chapter of his life. I am pleased to share that Saurabh Sinha will join Arteris as our new CFO starting on September 8th, 2026. Saurabh comes to us from Aeva Technologies, where he was instrumental in taking the company public on Nasdaq and in managing financial operations, capital allocation, and investor relations. We expect a smooth transition and remain focused on executing our strategy, meeting our customers’ growing needs, and delivering shareholder value. With that, I want to again thank Nick for having been an invaluable partner, and I’ll turn it over to him one last time to discuss our financial results in more detail.

我非常感謝他多年來對 Arteris 的領導與貢獻，並祝福他在人生下一篇章一切順利。我很高興分享，Saurabh Sinha 將自 2026 年 9 月 8 日起加入 Arteris，擔任我們的新任 CFO。Saurabh 先前任職於 Aeva Technologies，在推動公司於納斯達克上市，以及管理財務營運、資本配置與投資人關係方面扮演關鍵角色。我們預期交接將順利進行，並將持續專注於執行我們的策略、滿足客戶日益成長的需求，以及為股東創造價值。最後，我想再次感謝 Nick 一直以來作為不可或缺的夥伴；接下來我將把時間最後一次交給他，請他更詳細地說明我們的財務結果。

Thank you, Charlie. Good afternoon, everyone. As Charlie mentioned, this is my final earnings call for Arteris, and I am delighted to be handing over the reins to Saurabh next month. I have absolute confidence that he will continue the solid financial stewardship of the company, and he will be supported by our exceptional global finance team. This has been a great and enjoyable journey, and together we have delivered many remarkable achievements that have benefited our stockholders and our people. As I review our second quarter results for 2026 today, please note I will be referring to GAAP as well as non-GAAP metrics. Please also note that a reconciliation of GAAP to non-GAAP financials is included in today’s earnings release, which is available on our website.

謝謝你，Charlie。各位下午好。如 Charlie 所提到，這是我在 Arteris 的最後一次財報電話會議，我很高興下個月將把重任交棒給 Saurabh。我完全有信心他將延續公司穩健的財務治理，而他也將由我們卓越的全球財務團隊提供支援。這是一段非常精彩且愉快的旅程，我們一起達成了許多卓越成就，讓股東與同仁都受益。在我今天回顧 2026 年第二季業績時，請注意我將同時引用 GAAP 與非 GAAP 指標。也請注意，GAAP 與非 GAAP 財務數字的調節表已包含在今日的財報新聞稿中，並已發布於我們的網站。

As a reminder, I’ll be referring to the 2Q 2026 earnings presentation, which can be found in the investor relations section of the company’s website under the Events and Presentations tab. We had a strong second quarter, beating the top end of our guidance for revenue and ACV plus royalties. Non-GAAP operating income was impacted by unexpectedly high employer payroll taxes related to French employee RSU vesting, which totaled $1.7 million in the quarter, and this increased expense was driven by a much higher stock price during the June quarter. Turning to slide five of the presentation, total revenue for the second quarter was $24.1 million, up 46% year-over-year and above the top end of our guidance range. Notably, trailing 12-month royalties was $8.6 million, 65% higher year-over-year, setting a new record high.

提醒一下，我將引用 2026 年第二季（2Q 2026）財報簡報，可在公司網站投資人關係專區的「活動與簡報（Events and Presentations）」分頁中找到。我們第二季表現強勁，營收以及 ACV 加權利金（ACV plus royalties）皆超越指引區間上緣。非 GAAP 營業利益受到意外偏高的雇主薪資稅影響，該稅負與法國員工 RSU 歸屬（vesting）相關，本季合計 170 萬美元；此費用上升主要是由於 6 月季度期間股價大幅走高所致。請看簡報第 5 頁，第二季總營收為 2,410 萬美元，年增 46%，並高於我們指引區間上緣。值得注意的是，過去 12 個月（TTM）權利金為 860 萬美元，年增 65%，創下新高紀錄。

Royalties continue to show strong growth driven by a healthy mix of customers across all of our verticals and with exciting new royalty streams coming online every quarter. At the end of the second quarter, ACV plus royalties was $99.5 million, up 44% year-over-year above the top end of our guidance range, once again, a new record high. The remaining performance obligation, our RPO, which is our contracted future revenue at the end of the second quarter totaled $135 million, another all-time high for Arteris. We expect just over half our RPO at the end of the second quarter will be recognized as revenue in the 12 months starting July 1, 2026. Non-GAAP gross profit in the quarter was $21 million, representing a gross margin of 87%. GAAP gross profit in the quarter was $20.5 million, representing a gross margin of 85%.

權利金持續展現強勁成長，動能來自我們各垂直領域中健康的客戶組合，以及每一季都有令人振奮的新權利金來源開始貢獻。截至第二季末，ACV 加權利金為 9,950 萬美元，年增 44%，高於我們指引區間上緣，再次創下新高紀錄。截至第二季末的剩餘履約義務（RPO），亦即已簽約的未來收入，合計為 1.35 億美元，亦為 Arteris 的歷史新高。我們預期第二季末 RPO 中略高於一半的金額，將在自 2026 年 7 月 1 日起的 12 個月內認列為營收。本季非 GAAP 毛利為 2,100 萬美元，毛利率為 87%。本季 GAAP 毛利為 2,050 萬美元，毛利率為 85%。

A reminder that our 2026 gross margin now reflects the inclusion of subcontractor costs as cost of revenue for certain security government contracts. Moving to slide seven. Non-GAAP operating expense in the quarter was $25.5 million. Our OPEX was slightly above trend as a result of the RSU-driven payroll taxes that I mentioned earlier, together with higher commissions resulting from a very strong deal flow quarter. As a reminder, our long-term operating leverage model is to limit our OPEX growth rate to approximately half our revenue growth rate. We continue to believe that our investments into product development and customer success will help to accelerate our top line growth in coming years. Total GAAP operating expense for the second quarter was $34.4 million, which included acquisition-related expenses of $2.2 million. Non-GAAP operating loss in the quarter was $4.6 million. GAAP operating loss for the quarter was $13.9 million.

提醒一下，我們 2026 年的毛利率現已反映：針對部分政府安全合約，將分包商成本納入營收成本（cost of revenue）。接著看簡報第 7 頁。本季非 GAAP 營業費用為 2,550 萬美元。由於我先前提到的 RSU 帶動薪資稅，以及在交易動能非常強勁的一季中所產生的較高佣金，我們的營業費用略高於趨勢水準。提醒一下，我們長期的營運槓桿模型是將 OPEX 成長率限制在約為營收成長率的一半。我們仍相信，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。第二季 GAAP 營業費用總額為 3,440 萬美元，其中包含 220 萬美元的併購相關費用。本季非 GAAP 營業損失為 460 萬美元。本季 GAAP 營業損失為 1,390 萬美元。

Non-GAAP net loss in the quarter was $4.7 million or diluted net loss per share of $0.10. GAAP net loss in the quarter was $14.1 million or diluted net loss per share of $0.30. Moving to slide seven and turning to the balance sheet and cash flow. We ended the quarter with $123 million in cash equivalents and investments, and we have no financial debt. The overall $81.6 million increase in cash equivalents, and investments in the quarter was driven by the successful ATM execution, which raised approximately $72 million of net proceeds at an average price of over $35, coupled with $8.6 million positive free cash flow in the second quarter, which brought the trailing 12-month free cash flow to positive $6.8 million.

本季非 GAAP 淨損為 470 萬美元，或稀釋後每股淨損 0.10 美元。 本季 GAAP 淨損為 1,410 萬美元，或稀釋後每股淨損 0.30 美元。接著看簡報第 7 頁，並轉到資產負債表與現金流。本季末我們持有 1.23 億美元的約當現金與投資，且沒有金融負債。本季約當現金與投資整體增加 8,160 萬美元，主要來自成功執行 ATM，按平均價格超過 35 美元取得約 7,200 萬美元的淨募資款，並加上第二季 860 萬美元的正向自由現金流，使過去 12 個月自由現金流轉為正 680 萬美元。

I would now like to turn to the outlook for the third quarter and the full year 2026 and refer now to slide eight. For the sake of clarity, NGAI guidance for the third quarter and the full year takes into account the higher run rate of French employer payroll taxes on RSU vesting. For the third quarter, we expect ACV plus royalties of $99 million to $103 million, revenue of $24 million to $25 million, non-GAAP operating loss of $3 million to $1 million. As a reminder, we are no longer guiding quarterly free cash flow. As we look forward to full year 2026, we are seeing continued strength in semiconductors and signs of an upward trend cycle in the market. Constantly, we are raising our full-year revenue guidance. For the full year 2026, our guidance is as follows: ACV plus royalties to exit 2026 at $102 million to $106 million.

我現在想轉到對第三季以及 2026 全年的展望，並請大家參考第八張投影片。為了釐清起見，第三季與全年 NGAI 指引已納入法國雇主就 RSU 歸屬所需繳納之薪資稅較高的執行率（run rate）。就第三季而言，我們預期 ACV 加權利金為 9,900 萬至 1.03 億美元，營收為 2,400 萬至 2,500 萬美元，非 GAAP 營業虧損為 300 萬至 100 萬美元。提醒一下，我們已不再提供季度自由現金流指引。展望 2026 全年，我們看到半導體持續強勁，且市場出現上行趨勢循環的跡象。我們也持續上調全年營收指引。2026 全年指引如下：ACV 加權利金在 2026 年底（exit 2026）達到 1.02 億至 1.06 億美元。

Revenue of $95 million to $98 million, an increase of $3.5 million from prior guidance and representing a 37% year-over-year increase at the midpoint. Non-GAAP operating loss of between $10 million to $7 million. Non-GAAP free cash flow of positive $5 million-positive $9 million, unchanged from prior guidance. We are seeing a strong start to the third quarter with momentum and increasing customer engagement leading us to believe that we will see continued strength in the second half of the year. 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, and we expect to report a non-GAAP operating profit for a period as early as the fourth quarter in the current year. With that, I will turn the call back to the operator for the Q&A portion of the call.

營收為 9,500 萬至 9,800 萬美元，較先前指引增加 350 萬美元，且以中位數計算代表年增 37%。非 GAAP 營業虧損介於 1,000 萬至 700 萬美元。非 GAAP 自由現金流為正 500 萬至正 900 萬美元，與先前指引一致。我們看到第三季開局強勁，動能與客戶互動持續提升，使我們相信下半年將維持強勢。在強勁的營收成長之上，並結合審慎且聚焦的費用紀律以帶來營運槓桿，我們仍相信 Arteris 正走在邁向獲利的道路上，並預期最快可在今年第四季的某一期間報告非 GAAP 營業獲利。接下來我把電話交回給主持人，進入問答環節。

(Operator Instructions) Kevin Garrigan, Jefferies.

(主持人指示) Jefferies 的 Kevin Garrigan。

Yeah. Hey, Charlie and Nick. Congrats on the great results. Charlie, great working with you and hope you enjoy retirement. Hey, can you talk more about the expanded partnership with Arm, with Cycuity? Should we think about it as a licensing deal and then get royalties? Did that displace a competing solution or was this a greenfield opportunity?

是的。嗨，Charlie 和 Nick。恭喜你們交出很棒的成績。Charlie，和你合作很愉快，也希望你享受退休生活。嘿，你能多談談與 Arm 擴大的合作、以及與 Cycuity 的部分嗎？我們是否應把它視為一個授權交易，然後再取得權利金？這是否取代了競爭方案，還是屬於一個綠地（greenfield）機會？

It is a greenfield opportunity. There isn’t actually a whole lot of commercial solutions for what Cycuity does. Essentially, what Arm is using it for is to identify potential weaknesses in the high-end and mid-range CPU designs, right? Basically, they are essentially taking a leadership position about making the designs that they deliver to their customers essentially have significant amount of hardware security assurance. It’s a greenfield opportunity. There’s opportunities for expansion. We think that other processor type companies should be taking the lead of Arm in deploying cybersecurity hardware assurance solutions.

這是一個綠地機會。實際上，針對 Cycuity 所做的事情，市面上並沒有太多商用解決方案。基本上，Arm 使用它是為了找出高階與中階 CPU 設計中潛在的弱點，對吧？他們等於是在領先採取行動，確保交付給客戶的設計具備相當程度的硬體安全保證。這是一個綠地機會。也有擴展的機會。我們認為其他處理器類型的公司也應該效法 Arm，部署資安硬體保證解決方案。

Got it. Okay. That makes sense.

了解。好。這很合理。

I would also like to thank Arm that they allow us to announce it because Cycuity has a significant number of very impressive customers, but people tend to be secretive about security, so Arm was very nice to let us announce it.

我也想感謝 Arm 願意讓我們對外宣布，因為 Cycuity 有相當多非常令人印象深刻的客戶，但大家通常對安全議題比較保密，所以 Arm 很友善地讓我們可以宣布這件事。

There you go. Okay.

原來如此。好。

Kevin. This is Nick. I just want to chip in. You said that Charlie was retiring, and I know that was a slip of the tongue and you know that it’s actually me who’s retiring, but I just want everybody else who might be listening to this call to know that Charlie’s not retiring. It’s Nick.

Kevin。我是 Nick。我想補充一下。你剛剛說 Charlie 要退休，我知道那是口誤，你也知道其實是我要退休，但我想讓其他可能正在收聽這通電話的人都知道，Charlie 並沒有要退休。是 Nick。

I apologize for that. It’s been a long week so far. My fault. I guess, just kind of going off that, does the addition of Cycuity allow you to negotiate a higher royalty rate with customers?

我為此道歉。到目前為止這週過得很長。是我的錯。那我接著問一下，加入 Cycuity 是否讓你們能和客戶談到更高的權利金比率？

No. Cycuity, at least so far, has been a non-royalty bearing, sort of software EDA type model. In the future, there are opportunities, between the Network-on-Chip and Cycuity, to actually not only identify cybersecurity weaknesses, but also to fix them. There might be some opportunities there, but right now it’s a non-royalty bearing product.

不會。至少到目前為止，Cycuity 是不帶權利金的，算是一種軟體 EDA 類型的商業模式。未來在 Network-on-Chip 與 Cycuity 之間，確實有機會不僅能找出資安弱點，也能加以修補。那裡可能會有一些機會，但目前它是一個不帶權利金的產品。

Okay, perfect. Thanks, guys, and Nick, enjoy retirement.

好，完美。謝謝各位，Nick，祝你退休愉快。

Thank you, Kevin. Been a delight working with you for over the last several years.

謝謝你，Kevin。過去幾年能與你合作一直很愉快。

Josh Buchalter, TD Cowen.

TD Cowen 的 Josh Buchalter。

Hey, guys. Thanks for taking my questions. Let me echo the congrats to Nick on retirement and say thank you for all the work over the years. Also, Charlie, thank you for staying with us. Maybe to start, you called out the US design house win on an ASIC platform, I think using for chiplets and multi-die offerings. Can you elaborate on, is this a new customer? And maybe speak to what type of applications and maybe timeline to materiality for this revenue contribution. Thank you.

嗨，各位。謝謝讓我提問。我也想再次恭喜 Nick 退休，並感謝你多年來的付出。另外，Charlie，也謝謝你繼續和我們在一起。先從你提到的美國設計公司在某個 ASIC 平台上的贏單開始，我想是用於 chiplet 與多晶粒（multi-die）方案。你能否多說明一下，這是新客戶嗎？也請談談可能的應用類型，以及這項營收貢獻變得具實質性的大致時間表。謝謝。

It’s not a new customer, but it was a very small customer or relatively small customer prior to this. Essentially, the hyperscalers are employing a number of different business models. They buy commercial chips from Intel and maybe Arm in the future. They are building accelerators themselves. They’re also working with partners to build chips to their specification. This, a large semiconductor company, one of their strong business product lines is that they build chips for hyperscalers, and they have after an extensive evaluation, decided to use Arteris for fulfilling those designs.

這不是新客戶，但在此之前他是一個非常小的客戶，或相對較小的客戶。基本上，超大規模業者（hyperscalers）正在採用多種不同的商業模式。他們會向 Intel 購買商用晶片，未來也可能向 Arm 購買。他們也會自行打造加速器。他們也會與合作夥伴合作，依照其規格打造晶片。這裡是一家大型半導體公司，其強勢的業務產品線之一就是為超大規模業者打造晶片；在經過廣泛評估後，他們決定採用 Arteris 來完成這些設計。

Thanks for that, Charlie.

謝謝你的說明，Charlie。

Data center hyperscaler application.

資料中心超大規模業者的應用。

Got it. Okay. Thank you for that, Charlie. Maybe to follow up, I thought the Li Auto announcement was interesting as well, especially given its in-house autonomous driving chip. Any way you can size this opportunity and maybe how big China Auto is overall within your royalty portfolio, how big it can be over the next couple of years? Thank you.

了解。好。謝謝你的說明，Charlie。接著追問一下，我也覺得理想汽車（Li Auto）的公告很有意思，尤其考量到它的自研自動駕駛晶片。你能否用任何方式幫我們估算這個機會的規模，以及中國汽車在你們權利金組合中整體占比有多大、未來幾年可能成長到多大？謝謝。

I think I’ll defer to Nick on the royalty question.

我想關於權利金的問題我先交給 Nick 回答。

Sure.

好的。

We have a strong presence in the China automotive market and also with China automotive OEMs. Li Auto is just one of the opportunities that we’re pursuing or have pursued. This has been underway for a while, and they are starting to ship their system in a car, in actual real-world cars. As far as the royalty percentage in China, Nick, do you want to take that one?

我們在中國汽車市場以及中國汽車 OEM 方面都有很強的布局。理想汽車只是我們正在追求或已經追求的機會之一。這項合作已進行一段時間，他們也開始把他們的系統裝到車上出貨，也就是在真實世界的車輛中。至於在中國的權利金占比，Nick，你要不要接著回答這題？

Sure. Absolutely, Charlie. Hi, Josh. Yeah, Li Auto is a mid-size Chinese EV company. Their volumes can be meaningful, and they are growing. We’re delighted that they have started to send checks so rapidly. This is a feature of the Chinese automotive market. As far as how far it can go, the jury’s out on that. We’ll have to wait and see. Typically, if you go back to any automotive royalty stream that we’ve seen in the past, typically you see a ramp over the first three years. Not necessarily totally even, but there is a ramp over the first three years, and then it plateaus for a large number of years. You’ll know that, for example, the Chinese automotive market has swung very heavily towards EVs, and as part of their electrification strategy as a country.

當然。絕對沒問題，Charlie。嗨，Josh。是的，理想汽車是一家中國的中型電動車公司。他們的出貨量可能相當可觀，而且正在成長。我們很高興他們開始如此迅速地匯款。這是中國汽車市場的一個特徵。至於能走多遠，目前還沒有定論。我們得再觀察看看。一般來說，如果回頭看我們過去見過的任何汽車權利金收入流，通常在前三年會有一段爬坡期。不一定完全均勻，但前三年會逐步上升，之後會在很長一段時間內趨於平臺。你也知道，例如中國汽車市場已大幅轉向電動車，這也是其國家電氣化策略的一部分。

This is something that we’re watching very carefully and, I’m sure my successor, Sara, will be keeping a close watching eye on that.

這是我們非常密切關注的事情，而且我相信我的接任者 Sara 也會持續緊盯這一點。

Got it. Thank you both.

了解。謝謝你們兩位。

Welcome.

不客氣。

Martin Yang, Oppenheimer.

Martin Yang，Oppenheimer。

Good afternoon. Thank you for taking my question. First to Nick, hope you have a very satisfying retirement. It’s been a pleasure working with you through different companies over the years.

下午好。謝謝讓我提問。先對 Nick 說，希望你有個非常愉快、滿意的退休生活。這些年在不同公司與你合作一直很愉快。

Same here.

我也是。

My first question is on OpEx. The change in the annual guidance relating to profitability, is the bulk of that change related to the payroll tax increase? Is there any additional OpEx increase?

我的第一個問題是關於營運費用（OpEx）。年度指引中與獲利能力相關的變動，主要是否來自薪資稅上調？是否還有其他額外的 OpEx 增加？

Martin. Yeah, you’re absolutely right. The majority of that decrease in NGI guidance, the $2 million decrease is, as you rightly say, that is the French employer payroll taxes on RSU vesting. Maybe we should have seen this coming, we didn’t. We had a very large spike in the stock price during the June quarter. It’s a tax that’s levied based on the prevailing price at the date of vesting, completely exogenous to us, outside of our control. There are a couple of other things. We have had, as you saw, a lot of success and we’re guiding up on the revenue front. Some of that, a good portion of that, is coming from security. A lot of that is coming from government work.

Martin。是的，你說得完全正確。淨利指引（NGI）下修的主要原因，那 200 萬美元的下調，正如你所說，是法國雇主針對 RSU 歸屬所課徵的薪資稅。也許我們應該預見到，但我們沒有。我們在 6 月季度股價大幅飆升。這項稅是依歸屬日的市價計算徵收，完全是外生因素，不在我們控制範圍內。另外還有幾件事。如你所見，我們取得了很多成功，因此在營收面我們上調指引。其中一部分、而且相當大的一部分，來自資安。還有很大一部分來自政府專案。

Government work, as you know, carries a much lower gross margin than traditional organic work or even the commercial business that Cycuity has. Those are the two big levers that have led us to that. There is also an element of this which is, again, a victim of our own success because our deal flow is so strong, and this also affected the second quarter. Our sales commissions and FE commissions are significantly higher than we thought when we had that lower guide on revenue.

如你所知，政府專案的毛利率遠低於傳統的有機業務，甚至也低於 Cycuity 的商業業務。這兩個是導致我們出現該變化的主要槓桿。另外還有一個因素，同樣可以說是我們成功的副作用，因為我們的案源（deal flow）非常強勁，這也影響了第二季。由於營收指引先前較低，我們原本預期的銷售佣金與 FE 佣金，如今顯著高於當時的估計。

Thanks, Nick. Next question regarding royalty and cadence of royalty. This quarter, royalty has a very slight dip. Partially, can you maybe give us the outlook on how the royalty revenue would trend into the second half or into 2027? Thanks.

謝謝，Nick。下一個問題是關於權利金以及權利金的節奏。本季權利金有非常輕微的下滑。你是否可以談談權利金收入在下半年或到 2027 年的走勢展望？謝謝。

Yeah. Great observation, Martin. I would characterize it more that the upward trajectory is slightly slower than in a sequential quarter base than it was last quarter, and indeed the quarter before. There are a couple of things to bear in mind for that. One is that royalties do go through slight ups and downs. We remember we saw a down in the March quarter of 2024 when Mobileye I think it was 2024, somebody correct me if I got that wrong. It was the March quarter when Mobileye had an overstuffed channel, and they had to reduce their inventory levels in the channel. They shipped significantly less in the March quarter and then also in the June quarter. These things can happen.

好的。觀察得很好，Martin。我會把它描述為：相較於上一季、以及再前一季，按季序列的上升軌跡稍微放慢了一點，而不是明顯轉跌。有幾點需要記住。第一，權利金確實會有些微的起伏。我們記得在 2024 年 3 月季度曾看到下滑，當時是 Mobileye——我想是 2024 年，如果我記錯請糾正我。那是在 3 月季度，Mobileye 的通路庫存過高，因此必須降低通路端的庫存水位。他們在 3 月季度出貨顯著減少，6 月季度也同樣偏低。這種情況是可能發生的。

There was one of our customers, I obviously can’t mention who, but who had some logistical and supply chain issues, and that held back one quarter’s worth of shipments. That’s come back on stream. It’s a pause. The growth rate, if you look at the last 12 months over the prior year, last 12 months at June 30, that’s still up 67%. That is still, even with that little dip, that is still well above our long-term CAGR that we’ve socialized with The Street.

另外，我們有一位客戶——我當然不能透露是誰——遇到一些物流與供應鏈問題，導致某一季的出貨量被延後。現在已經恢復正常出貨。這只是暫停一下。如果你看截至 6 月 30 日的過去 12 個月相較前一年的成長率，仍然成長 67%。即使有那一點小幅下滑，這仍然遠高於我們先前向市場溝通的長期複合年成長率（CAGR）。

Thank you, Nick.

謝謝你，Nick。

You did ask about 2027 as well. I’m sorry, I didn’t

你也問到了 2027 年。抱歉，我剛剛沒有——

Right. A longer-term trajectory.

對。更長期的趨勢。

It’s another great question. Our long-term guide on royalties CAGR growth rate annual is high 30s-low 40s%. That’s what we’ve said in the past. Now, clearly, we are traveling at a faster rate than that today. We are, as Amber just mentioned, we’re 67% up on a trailing 12 months basis. Now, I don’t want you to assume that that rate can carry on ad infinitum. I’m sticking at the moment. Now, Saurabh, when he joins, he may come to a different view, but right now, I think it’s safe to stick with the high 30s-low 40s% CAGR. We can revisit that if we see this level of robustness in royalties and success, then we can revisit that in the coming quarters.

這也是個很好的問題。我們對權利金長期指引的年化 CAGR 成長率，大約是 30% 後段到 40% 初段。這是我們過去一直以來的說法。很明顯地，我們目前的實際增速高於這個水準。正如 Amber 剛提到的，以過去 12 個月（TTM）來看，我們成長了 67%。但我不希望你假設這個增速可以無限期持續下去。就目前而言，我仍維持原先的看法。當然，Saurabh 加入後，他可能會有不同觀點，但就現在來看，我認為維持 30% 後段到 40% 初段的 CAGR 是安全的。如果我們看到權利金持續如此強勁、且成功延續，我們可以在接下來幾季再重新檢視。

Thank you. I appreciate it, Colin.

謝謝。我很感謝，Colin。

Of course.

當然。

Suji Desilva, ROTH Capital.

Suji Desilva，ROTH Capital。

Hi, Charlie. Hi, Nick. Congrats on the results here. Nick, best of luck with the transition certainly. On the deal activity, very strong in the quarter. Maybe you can talk about the areas that you’re seeing the strongest growth outside of your core auto and AI data center, just to understand where some of these areas might be inflecting earlier.

嗨，Charlie。嗨，Nick。恭喜這次的業績表現。Nick，也祝你交接過渡一切順利。關於交易活動，本季非常強勁。也許你可以談談，除了你們核心的汽車與 AI 資料中心之外，你們看到成長最強的領域有哪些，以便了解哪些領域可能更早出現拐點。

Yeah, it’s been a pretty broadly distributed sort of growth and deal flow. The data center has sort of taken the lead, I would say, because there’s a lot of investment in data center. We think that some of that is going to perhaps change a little bit.

是的，成長與案源其實分布得相當廣泛。我會說資料中心目前算是領先，因為資料中心有大量投資。我們認為其中一部分可能會出現一些變化。

I think AI is going to be everywhere and as the cost of AI come down a bit, people are just going to need more and more chips. We think that whatever happens with the data center investment is not going to have a major effect on us. We’re also seeing strong action in microcontrollers, automotive. We have some embedded FPGA business. The space business continues reasonably well.

我認為 AI 將無所不在，而隨著 AI 成本稍微下降，人們只會需要越來越多的晶片。我們認為，無論資料中心投資發生什麼情況，都不會對我們造成重大影響。我們也看到微控制器、車用領域有強勁動能。我們有一些嵌入式 FPGA 業務。航太業務也持續表現得相當不錯。

We’re pretty happy, I think we’ve announced on the earnings is that for the first half, for the first time for six months, no one was more than 10% of our licensed revenue in the first half of 2026. We’re well distributed, I think.

我們相當滿意；我想我們在財報中已經宣布的是，在 2026 年上半年，六個月以來首次，沒有任何一家客戶在上半年占我們授權營收超過 10%。我認為我們的分布很均衡。

Can I just add a couple of things to that, Suji? Thanks for your kind words. We will no doubt stay in touch. The two other areas that are of interesting note in terms of strong deal flow, one was security. Security had a very solid quarter, and there are some consequences to that, which you probably saw as a $2.2 million GAAP OpEx charge that went through in the quarter because we had a more robust view in terms of the likelihood of them hitting their full earn out target, which is obviously good news. Secondly, we’re seeing some very interesting strength in some of the memory players. That is obviously ultimately data center related, but it has been some solid deal flow from them.

Suji，我可以再補充幾點嗎？謝謝你的好意。我們毫無疑問會保持聯繫。另外兩個在強勁成交動能（deal flow）方面值得注意的領域：其一是資安。資安在本季表現非常穩健，而這也帶來一些影響；你可能已經看到，本季認列了 220 萬美元的 GAAP 營業費用（OpEx）一次性費用，原因是我們對其達成完整分期給付（earn-out）目標的可能性有了更有把握的看法，這顯然是好消息。第二，我們在一些記憶體廠商身上看到非常有趣的強勢表現。這最終當然與資料中心相關，但他們帶來了相當穩健的成交動能。

Very interesting. Then my other question is on the, you talked about data center AI generally and an ASIC customer in particular. Maybe Charlie, you can talk about where those customers were hitting a breaking point where they cut over to you guys and what they were using in the past. Was it an in-house solution? Just to understand the cut over and maybe the reasons for it. Thanks.

非常有意思。我另一個問題是關於你們談到的資料中心 AI 整體，以及特別是一家 ASIC 客戶。也許 Charlie 你可以談談，這些客戶是在什麼情況下到達臨界點而轉向採用你們的方案，以及他們過去使用的是什麼。是自研方案嗎？想了解他們切換的過程，以及可能的原因。謝謝。

The hyperscalers are a specific type of customer. Their goal is not to make everything in-house. Our observation is that they keep buying from Intel, they keep buying from AMD, they keep buying some for the new Arm chips. They understand the workloads that they’re dealing with through the data center better than anyone else, and sometimes they’re reluctant to even share the information about how those workloads behave and what those specifications are. They’re doing a lot of that workload acceleration ASIC work in-house, and sometimes they outsource that to large companies. Unfortunately, the one that we got a fairly large deal in the quarter wants to remain confidential.

超大規模業者（hyperscalers）是一種特定類型的客戶。他們的目標不是把所有東西都在內部自製。我們觀察到，他們持續向 Intel 採購、持續向 AMD 採購，也持續採購一些新的 Arm 晶片。他們比任何人都更了解自己在資料中心所面對的工作負載，有時甚至不太願意分享這些工作負載的行為方式以及規格是什麼。他們有大量的工作負載加速 ASIC 在內部進行，有時也會外包給大型公司。不巧的是，我們本季拿到一筆相當大的案子的那家客戶希望保持匿名。

They’re doing a combination of buying commercial chips, making stuff in-house, and also going to design partners or usually large design partners. They, I think, are going to keep on doing that. There’s no goal on their side to go one way or the other. They just want to maintain a balance between those three approaches.

他們同時採取幾種方式：購買商用晶片、內部自製，以及找設計合作夥伴（通常是大型設計合作夥伴）。我認為他們會持續這麼做。他們並沒有要偏向某一種方式的目標。他們只是想在這三種做法之間維持平衡。

Okay. Thanks, Charlie.

好的。謝謝你，Charlie。

(Operator Instructions) Maddie De Paola, Rosenblatt.

(接線員指示) Maddie De Paola，Rosenblatt。

Hey, guys. Calling on behalf of Kevin Cassidy. Thanks for taking my question. How do you expect physical AI products production cycles are compared to data center and automotive life cycles for driving royalty revenue?

嗨，各位。我代表 Kevin Cassidy 來提問。謝謝讓我提問。你們預期實體 AI 產品的生產週期，與資料中心及車用的生命週期相比，對權利金收入的帶動會是如何？

To us, the physical AI chips look very much like automotive, because you need functional safety and you need security, because when mechanized systems interacts with human beings, those scenarios have to be handled, right? The functional safety and now the cybersecurity assurance capability we have are going to play very well in the physical AI space.

對我們而言，實體 AI 晶片看起來非常像車用，因為你需要功能安全，也需要資安；因為當機械化系統與人類互動時，這些情境必須被妥善處理，對吧？我們具備的功能安全，以及現在的網路資安保證能力，將會非常適用於實體 AI 領域。

The design cycles we think will be significantly faster in robotics than they will in automotive. Because you have functional safety and security involved, those design cycles will be slower than you see in data center, where basically in a data center, people come up with a workload, and that workload may be worth a billion or two in revenue, and they want to chip extremely fast. You’re going to have the fastest cycles be the data center workload accelerators. The physical AI will be somewhere in the middle, and the automotive will be among the longest design cycles.

我們認為機器人領域的設計週期會明顯快於車用。但由於涉及功能安全與資安，這些設計週期仍會比資料中心慢；在資料中心基本上是人們提出一個工作負載，而該工作負載可能價值十億或二十億美元的營收，他們就希望晶片能非常快速地推出。最快的週期會是資料中心的工作負載加速器。實體 AI 會介於中間，而車用將是設計週期最長的類別之一。

Okay. Thank you.

好的。謝謝。

There are no further questions at this time. I will turn the call back over to Charlie for closing remarks.

目前沒有其他問題。我將把電話交回給 Charlie 作結語。

Well, thank you for joining us on our call today. We really appreciate your interest in Arteris. We’re very excited about our business, and we look forward to meeting and updating you on our business progress in the quarters ahead. Thank you very much.

好的，感謝各位今天參加我們的電話會議。我們非常感謝各位對 Arteris 的關注。我們對我們的業務感到非常振奮，也期待在接下來的幾個季度與各位會面，並向各位更新我們的業務進展。非常感謝。

Ladies and gentlemen, this concludes today’s conference call. You may now disconnect. Thank you

各位女士、先生，今天的電話會議到此結束。您現在可以掛線。謝謝