Akoustis Technologies Inc (AKTS) 2024 Q3 法說會逐字稿

Good day, ladies and gentlemen, and welcome to the Akoustis Technologies fiscal 2024 third quarter conference call.

女士們、先生們，美好的一天，歡迎參加 Akoustis Technologies 2024 財年第三季電話會議。

As a reminder, this conference is being recorded (Operator Instructions) A replay of the call will be available on the Investor Relations section of the website.

謹此提醒，本次會議正在錄音（操作員說明） 電話會議的重播將在網站的投資者關係部分提供。

Thank you.

謝謝。

Thank you, operator, and good morning to everyone on the call.

謝謝接線員，祝通話中的每個人早安。

Welcome to Akoustis's third quarter fiscal 2024 conference call.

歡迎參加 Akoustis 的 2024 財年第三季電話會議。

I am Ken Boller, CFO; and I'm joined today by our Founder and CEO, Jeff Shealy; Corporate General Counsel, Drew Wright; and EVP of Business Development.

我是財務長肯‧博勒（Ken Boller）；今天我們的創辦人兼執行長 Jeff Shealy 也加入了我的行列；公司總法律顧問德魯·賴特；和業務開發執行副總裁。

David Aichele.

大衛·艾謝爾.

Before we begin please note that today's presentation includes forward-looking statements about our business outlook.

在我們開始之前，請注意，今天的演示包括有關我們業務前景的前瞻性陳述。

All statements other than statements of historical facts included in this conference call such as expectations regarding our strategies and operations, including the timing and prospects of product development and customer orders and design wins, possible collaborative or partnering relationships, litigation matters and expected financial and operating results are forward-looking statements such forward-looking statements are predictions based on the company's expectations as of today, and they're subject to numerous risks and uncertainties.

本次電話會議中除歷史事實陳述外的所有陳述，例如對我們的策略和營運的期望，包括產品開發、客戶訂單和設計獲勝的時間和前景、可能的協作或夥伴關係、訴訟事項以及預期的財務和營運結果屬於前瞻性陳述，此類前瞻性陳述是基於公司截至目前的預期的預測，並且受到許多風險和不確定性的影響。

The company and our management team assume no obligation to update any forward-looking statements made on today's call.

本公司和我們的管理團隊沒有義務更新今天電話會議中所做的任何前瞻性陳述。

Our SEC filings mentioned important factors that could cause actual results to differ materially.

我們向 SEC 提交的文件提到了可能導致實際結果出現重大差異的重要因素。

Please refer to our latest Form 10-K and Form 10-Q filed with the SEC to get a better understanding of those risks and uncertainties.

請參閱我們向 SEC 提交的最新表格 10-K 和表格 10-Q，以更好地了解這些風險和不確定性。

In addition, our presentation today will also refer to certain non-GAAP financial measures.

此外，我們今天的演示還將提及某些非公認會計準則財務指標。

A reconciliation of these measures the most directly comparable GAAP measure is presented in our earnings call highlight release available in the Investors section of akoustis.com.

這些指標的調整表（最直接可比較的 GAAP 指標）已在 akoustis.com 投資者部分提供的收益電話會議亮點發布中呈現。

I would now like to turn the call over to Jeff Shealy, Founder and CEO of Akoustis.

我現在想將電話轉給 Akoustis 的創辦人兼執行長 Jeff Shealy。

Thank you, Ken, and welcome, everyone, to our FY24 fiscal third quarter conference call.

謝謝 Ken，歡迎大家參加我們的 2024 財年第三季電話會議。

Revenue in the March quarter increased 7% sequentially to $7.5 million, filter related revenue was up 13% quarter-over-quarter and was the third highest quarter in the history of the company.

三月季度的營收季增 7%，達到 750 萬美元，過濾器相關營收季增 13%，是公司史上第三高的季度。

During the March quarter, we had two customers that each made up greater than 10% of our reported revenue.

在 3 月季度，我們有兩個客戶，每個客戶的收入都占我們報告收入的 10% 以上。

XBAW-related sales accounted for the top four customers and 6 out of the top 10 customers.

XBAW相關銷售額佔前四名客戶，前十名客戶中佔六名。

Our top 10 customers made up 64% of revenue.

我們的前 10 位客戶佔收入的 64%。

Our top 25 customers made up 78% of revenue.

我們的前 25 位客戶佔收入的 78%。

In terms of regional sales, 3 out of our top 10 customers were Asia-based.

就區域銷售而言，我們的十大客戶中有 3 個來自亞洲。

From a regional standpoint, 48% of our sales come from Asia, followed by 39% of sales coming from North America and 13% of our sales coming from Europe.

從地區角度來看，我們 48% 的銷售額來自亞洲，其次是 39% 的銷售額來自北美，13% 的銷售額來自歐洲。

Finally, our top two customers were Asia-based customers and collectively made up 36% of sales.

最後，我們的兩大客戶是亞洲客戶，合計佔銷售額的 36%。

During the March quarter, we unexpectedly experienced a major Wi-Fi 6E program abruptly sunset with one of our carrier customers.

在 3 月季度，我們意外地經歷了與我們的一位營運商客戶的一項主要 Wi-Fi 6E 計劃突然終止。

We had previously secured a design win with this carrier customer for Wi-Fi 7 and have already received production orders for this platform beginning in the September quarter.

我們之前已贏得該營運商客戶的 Wi-Fi 7 設計，並已收到從 9 月所在季度開始的該平台的生產訂單。

Overall, we are tracking nine design wins in Wi-Fi 7 AP platforms, and we see a growing trend to ramp major Wi-Fi 7 programs for enterprise and carrier customers in the second half of 2024.

總體而言，我們正在追蹤 Wi-Fi 7 AP 平台的九項設計勝利，我們看到在 2024 年下半年為企業和營運商客戶推出主要 Wi-Fi 7 專案的趨勢日益明顯。

We remain bullish in Wi-Fi 7 and are currently in the early stages of production ramp with multiple tri-band and quad-band programs.

我們仍然看好 Wi-Fi 7，目前正處於多個三頻和四頻專案的量產早期階段。

As a result, we are guiding the June quarter revenue to be flat to down 5% given the Wi-Fi 6E sunset an imminent transition to Wi-Fi 7, a company continues to focus on expense and cost savings to significantly reduce cash burn moving forward.

因此，考慮到 Wi-Fi 6E 即將日落、向 Wi-Fi 7 過渡即將到來，我們預計 6 月份季度收入將持平至下降 5%，公司將繼續專注於費用和成本節約，以顯著減少現金消耗向前。

For the March quarter, cash burn was down 31% sequentially.

3 月季度的現金消耗環比下降了 31%。

Ken will detail our ongoing activities and impact on reducing our cash burn during his upcoming comments.

肯將在接下來的評論中詳細介紹我們正在進行的活動以及對減少現金消耗的影響。

I would now like to take a moment to discuss updates involving the company's activity related to the chips and science Act of 2022.

我現在想花點時間討論一下公司與 2022 年晶片和科學法案相關的活動的最新情況。

Regarding CHIPS Act funding, there are two detailed updates to share with investors.

關於《CHIPS 法案》融資，有兩個詳細更新資訊可以與投資者分享。

As of the end of the March quarter, we are members of six microelectronics any comments, hubs funded by the Department of Defense.

截至三月季度末，我們是由國防部資助的六個微電子評論中心的成員。

Membership to these hubs is critical as it allows access to be part of the hub proposal team for new government research programs.

這些中心的成員資格至關重要，因為它允許成為新政府研究計畫的中心提案團隊的一部分。

We currently have two active research programs under one hub membership and we are waiting on the decision with the first proposal potentially worth several million dollars annually.

目前，我們在一個中心成員下有兩個活躍的研究項目，我們正在等待決定，第一個提案每年可能價值數百萬美元。

Beginning in the second half of calendar 2024.

從 2024 年下半年開始。

Furthermore, we are currently pursuing several new memberships with additional ME hub centers, and we'll detail our efforts and progress moving forward.

此外，我們目前正在透過更多的 ME 中心尋求一些新的會員資格，我們將詳細介紹我們的努力和進展。

Second, the CHIPS Act of 2022 includes a provision for a 25% refundable investment tax credit or CHIPS ITC on investments in facilities that manufacture semiconductors that were placed in service after December 31, 2022.

其次，2022 年的 CHIPS 法案包括對 2022 年 12 月 31 日之後投入使用的半導體製造設施的投資提供 25% 可退還投資稅收抵免或 CHIPS ITC 的規定。

We currently estimate the amount of the refundable tax credit applicable to Akoustis to be between $2.8 million and $4 million over the next 9 to 12-months.

我們目前估計，未來 9 至 12 個月內，適用於 Akoustis 的可退還稅收抵免金額在 280 萬至 400 萬美元之間。

Next, I would like to discuss several updates in our primary target markets beginning with slide 5.

接下來，我想從投影片 5 開始討論我們主要目標市場的幾個更新。

Our first milestone for the March quarter was to ramp XBAW filter production for two programs at a Wi-Fi 7 Tier-1 enterprise class OEM.

我們三月季度的第一個里程碑是為 Wi-Fi 7 一級企業級 OEM 的兩個專案提高 XBAW 濾波器的產量。

We successfully commenced preproduction deliveries at two ODMs for our customer during the quarter.

本季度，我們成功地為客戶在兩個 ODM 處開始了預生產交付。

One of the two programs included our first single crystal filter for enterprise Wi-Fi as it solves a difficult co-existence requirement while providing higher power handling for our customer solution.

這兩個項目之一包括我們首款用於企業 Wi-Fi 的單晶濾波器，因為它解決了困難的共存要求，同時為我們的客戶解決方案提供了更高的功率處理能力。

Our second milestone was to ramp XBAW filter production for Wi-Fi 7 with a new Tier-1 enterprise class OEM.

我們的第二個里程碑是與新的 1 級企業級 OEM 合作，提高 Wi-Fi 7 的 XBAW 濾波器產量。

While we did not commence ramp, we have received initial purchase orders in support of the program and expect the program to ramp in the September quarter.

雖然我們尚未開始產能提升，但我們已收到支持該計劃的初始​​採購訂單，並預計該計劃將在 9 月的季度實現產能提升。

Our third milestone was to secure a design win for our Wi-Fi 7 solution with a Tier-1 network enterprise class OEM.

我們的第三個里程碑是確保我們的 Wi-Fi 7 解決方案贏得了一級網路企業級 OEM 的設計勝利。

We completed this milestone and announced two design wins in our press release earlier this month on May 1.

我們完成了這一里程碑，並在 5 月 1 日早些時候的新聞稿中宣布了兩場設計勝利。

Looking ahead, in the June quarter, we expect to ramp XBAW filter production for Wi-Fi 7 with a Tier-1 enterprise class OEM.

展望未來，在第二季度，我們預計將與一級企業級 OEM 一起提高 Wi-Fi 7 的 XBAW 濾波器產量。

We also plan to secure multiple design wins with a Tier-1 carrier for Wi-Fi 6E and 7 and finally, we expect to release at least seven new XBAW filters into production targeting Wi-Fi 7 tri-band and quad-band architectures.

我們還計劃贏得 Wi-Fi 6E 和 7 一級營運商的多項設計勝利，最後，我們預計將推出至少 7 個針對 Wi-Fi 7 三頻和四頻架構的新 XBAW 濾波器投入生產。

Next, I would like to discuss our recent developments in the 5G mobile market.

接下來我想談談我們最近在5G行動市場的進展。

During the March quarter, we expected to deliver the second of three Wi-Fi filters to our Tier-2 5G mobile RF front end module maker customers.

在 3 月季度，我們預計將向二級 5G 行動射頻前端模組製造商客戶提供三個 Wi-Fi 濾波器中的第二個。

We have a foundry contract with this customer for a total of three filters.

我們與該客戶簽訂了總共三個過濾器的代工合約。

We now have shipped the first two filters.

我們現在已經發貨了前兩個過濾器。

The third filter is still under customer design control and has not yet been released to the foundry.

第三個濾波器仍處於客戶設計控制之下，尚未交付給代工廠。

Finally, we continue our engagement with our fifth mobile partner, offering our export process and foundry for their module and discrete product needs.

最後，我們繼續與第五個行動合作夥伴合作，為他們的模組和離散產品需求提供我們的出口流程和代工廠。

We have shipped this partner multiple export dye for engineering evaluation for a future Wi-Fi 7 multiplexer application for the mobile market.

我們已向該合作夥伴運送了多種出口染料，用於未來行動市場 Wi-Fi 7 多工器應用的工程評估。

Our anticipated milestone for the June quarter includes securing a purchase agreement with a new Tier-1 Asia partner focused on mobile and other market segments.

我們預計第二季的里程碑包括與專注於行動和其他細分市場的新亞洲一級合作夥伴達成購買協議。

I will now discuss our progress in our network infrastructure business.

我現在將討論我們在網路基礎設施業務方面的進展。

During the March quarter we successfully achieved approved supplier status with two Tier-1 infrastructure customers.

在三月季度，我們成功獲得了兩個一級基礎設施客戶的核准供應商地位。

Second, we successfully completed in our redevelopment and delivered filters for the 5G in 104, 7 gigahertz band for massive MIMO architectures to a Tier-1 network infrastructure customer.

其次，我們成功完成了重新開發，並向一級網路基礎設施客戶交付了用於大規模 MIMO 架構的 104、7 GHz 頻段 5G 濾波器。

During the quarter, we experienced softness in XBAW filter shipments to our 5G network infrastructure customers.

本季度，我們的 5G 網路基礎設施客戶的 XBAW 濾波器出貨量出現疲軟。

However, we expect flat growth of shipments for the remainder of calendar 2024 due to slow deployments of 5G small cell infrastructure hardware.

然而，由於 5G 小型蜂窩基礎設施硬體的部署緩慢，我們預計 2024 年剩餘時間內的出貨量將保持穩定成長。

For the June quarter, we expect to secure development order for band in 104 filter targeting massive MIMO with a Tier-1 customer.

在六月季度，我們預計將獲得一級客戶針對大規模 MIMO 的 104 頻段濾波器的開發訂單。

Finally, before handing the call off to Ken, I would like to provide an update on our defense and other markets business.

最後，在將電話轉交給肯恩之前，我想介紹我們的國防和其他市場業務的最新情況。

As previously mentioned, our biggest success in the defense and other market segment was the introduction of our new XP3F technology, which incorporates a new revolutionary and patented multi-layer nano material that incorporates our single crystal piezo electric material.

如前所述，我們在國防和其他市場領域取得的最大成功是推出了新的XP3F 技術，該技術採用了一種新的革命性專利多層奈米材料，該材料結合了我們的單晶壓電材料。

This new nano-material was developed with funding from the Defense Advanced Research Projects Agency or DARPA to scale the XBAW technology to frequencies up to 20 gigahertz.

這種新型奈米材料是在國防高級研究計劃局 (DARPA) 的資助下開發的，旨在將 XBAW 技術擴展到高達 20 GHz 的頻率。

During the March quarter, we continued work on our multi million Phase 2 contract option, which extends our current DARPA COFFEE program and the funding through December 2024.

在 3 月季度，我們繼續致力於數百萬美元的第二階段合約選項，該選項將我們目前的 DARPA COFFEE 計劃和資金延長至 2024 年 12 月。

As a result, during the March quarter, one of our top five customers were in our defense and other business category.

因此，在三月季度，我們的前五名客戶之一屬於我們的國防和其他業務類別。

In addition, we delivered our new XBAW PDK to two defense customers for ongoing foundry engagements to facilitate their upcoming filter designs.

此外，我們還向兩家國防客戶交付了新的 XBAW PDK，以進行持續的代工合作，以促進他們即將推出的濾波器設計。

Furthermore, we completed the design and sampled new 2.4 gigahertz Wi-Fi CPE, Automotive XBAW filters to two non automotive customers, in our contract business.

此外，我們還在合約業務中為兩個非汽車客戶完成了設計並取樣了新的 2.4 GHz Wi-Fi CPE、汽車 XBAW 濾波器。

Our proposal on a new multimillion dollar program with the Office of Naval Research or ONR to fund RF filter multiplexers incorporating our XBAW and P3F single crystal nano-materials technology has been accepted for award, and we are in the process of finalizing the contract with our customer, so that we can begin performing in summer 2024.

我們與海軍研究辦公室或ONR 提出的一項新的數百萬美元計劃的提案，旨在為採用我們的XBAW 和P3F 單晶奈米材料技術的射頻濾波器多路復用器提供資金，該提案已被接受授予，我們正在與我們的公司敲定合約。

For the June quarter, in the defense and other market segment, we are expecting to secure our new government contract focused on advanced XP3F filter architectures beyond 20 gigahertz.

在六月季度，在國防和其他市場領域，我們預計將獲得新的政府合同，重點關注超過 20 GHz 的先進 XP3F 濾波器架構。

Further, we expect to secure a [C-V2X] design win with a Tier-1 automotive customer focusing on the European market.

此外，我們預計將贏得專注於歐洲市場的一級汽車客戶的 [C-V2X] 設計勝利。

And we expect to release at least two new XBAW filters into production targeting [C-V2X] and timing applications.

我們預計將至少推出兩款新的 XBAW 濾波器投入生產，針對 [C-V2X] 和計時應用。

And now I would like to hand the call over to Ken to go through our financial highlights.

現在我想將電話轉交給肯，讓他了解我們的財務亮點。

Thank you, Jeff.

謝謝你，傑夫。

For the third quarter ended March 31, 2024, the company reported revenue of $7.5 million, which represents a 7% increase over the prior quarter and at December 31, 2023.

截至2024年3月31日的第三季度，該公司報告營收為750萬美元，比上一季和截至2023年12月31日成長7%。

On a GAAP basis, operating loss was $22.6 million for the March quarter, driven by revenue of $7.5 million, offset by labor costs of $6.7 million, goodwill impairment charge of $8.1 million depreciation and amortization of $3.3 million and other operational costs totaling $12 million.

以公認會計原則計算，第三季營業虧損為2,260 萬美元，主要由750 萬美元的收入推動，但被670 萬美元的勞動成本、810 萬美元的商譽減損費用、折舊和攤提330 萬美元以及總計1200 萬美元的其他營運成本所抵銷。

As a result, GAAP net loss per share was $0.26. On a non-GAAP basis, operating loss was $12.5 million. Non-GAAP

結果，GAAP 每股淨虧損為 0.26 美元。以非 GAAP 計算，營業虧損為 1,250 萬美元。非公認會計原則

net loss per share was $0.14. CapEx spending for Q3 was $0.3 million and cash used in operating activities was $7.8 million, representing a 31% reduction over the December quarter.

每股淨虧損為 0.14 美元。第三季資本支出為 30 萬美元，經營活動使用的現金為 780 萬美元，比去年同期減少 31%。

As a result of our expense reduction efforts, we are guiding the June quarter revenue to be flat to down 5% as a result of the sunset of the current Wi-Fi 6E program and a transition from Wi-Fi 6E to Wi-Fi 7.

由於我們努力削減開支，由於目前 Wi-Fi 6E 計劃的取消以及從 Wi-Fi 6E 到 Wi-Fi 7 的過渡，我們預計 6 月份季度的收入將持平至下降 5% 。

As mentioned earlier, we remain bullish in Wi-Fi 7 and are in the early stages of a production ramp.

如前所述，我們仍然看好 Wi-Fi 7，並且正處於量產的早期階段。

On the expense front, we continue to undertake aggressive expense reduction and cost-saving measures as well as pursuing the investment tax credits or ITCs, all of which we estimate will reduce our operating cash flow burn rate by an additional 30% sequentially in the June quarter.

On the expense front, we continue to undertake aggressive expense reduction and cost-saving measures as well as pursuing the investment tax credits or ITCs, all of which we estimate will reduce our operating cash flow burn rate by an additional 30% sequentially in the June四分之一.

Given the top-line projections, the current timing of the chips, ITC refunds and the full impact of recent cost savings, we expect to be operating cash flow breakeven within the next nine-months.

考慮到營收預測、晶片的當前時間表、ITC 退款以及近期成本節約的全面影響，我們預計未來 9 個月內將實現現金流收支平衡。

I would now like to hand the call back over to Jeff.

我現在想把電話轉回給傑夫。

Thank you, Ken.

謝謝你，肯。

Before closing, I would like to hand the call off to Drew Wright, our Corporate General Counsel, to provide an update on current litigation matters.

在結束之前，我想將電話轉交給我們的公司總法律顧問德魯·賴特 (Drew Wright)，以提供有關當前訴訟事項的最新資訊。

Thank you, Jeff.

謝謝你，傑夫。

I'd like to start with an update on all our litigation matters.

我想先介紹一下我們所有訴訟事務的最新情況。

I will start with the patent litigation in Texas, in which Akoustis is the plaintiff and Qorvo is the defendant involving a patent that Akoustis exclusively licensed from Cornell.

我將從德克薩斯州的專利訴訟開始，其中 Akoustis 是原告，Qorvo 是被告，涉及 Akoustis 從康奈爾大學獨家授權的一項專利。

Cornell is in the process of joining the case as a co plaintiff since our last earnings call, one of Qorvo's wafer suppliers filed a motion to caution a Akoustis and filed an inter partes review also called in IPR, challenging the validity of the Cornell 360 patent.

自從我們上次財報電話會議以來，康乃爾大學正在作為共同原告加入此案，Qorvo 的一家晶圓供應商提出了一項警告Akoustis 的動議，並提交了一項也稱為IPR 的多方復審，質疑康乃爾大學360 專利的有效性。

Qorvo followed up with its own IPR, challenging the Cornell 360 patent.

Qorvo 跟進了自己的智慧財產權，挑戰康乃爾 360 專利。

We are still early in case procedures.

我們的案件程序還處於早期階段。

More importantly, turning to litigation in Delaware in which Akoustis is the defendant and Qorvo is the plaintiffs.

更重要的是，轉向特拉華州的訴訟，其中 Akoustis 是被告，Qorvo 是原告。

The lawsuit originally began over two years ago and included claims of patent infringement, false advertising, false patent marketing, employee poaching, misappropriation of trade secrets, unfair competition, RICO, and civil conspiracy.

該訴訟最初始於兩年多前，涉及專利侵權、虛假廣告、虛假專利行銷、員工挖角、盜用商業機密、不正當競爭、RICO 和民事陰謀等指控。

Qorvo's claims are false patent marking and RICO claims were dropped before trial, which is good news.

Qorvo 的主張是虛假專利標記，而 RICO 的主張在審判前被撤銷，這是個好消息。

Now, after 2.5 years, the lawsuit has moved to the trial phase which began last week and is expected to finish this week.

如今，2.5年後，該訴訟已進入上週開始的審判階段，預計本週結束。

The lawsuit entered the trial phase with claims of infringement of two patents, false advertising, misappropriation of trade secrets, unfair competition, and civil conspiracy.

該訴訟進入審理階段，指控侵害兩項專利、不實廣告、盜用商業機密、不正當競爭和民事共謀。

Last week, Qorvo presented its fact witnesses and several expert witnesses.

上週，Qorvo 出示了事實證人和幾位專家證人。

Qorvo is expected to present its final expert witness and rested case this morning.

Qorvo 預計將於今天上午出示最終的專家證人和待審案件。

This week, the company will have its opportunity to tell its side of the story, the trial's expected to go to the jury before the end of the week and the jury is expected to issue a verdict in the next several days.

本週，該公司將有機會講述自己的故事，審判預計將在本週末之前提交給陪審團，陪審團預計將在未來幾天內做出裁決。

We are and will continue to vigorously defend against Qorvo claims.

我們現在並將繼續針對 Qorvo 的索賠進行積極辯護。

However, the outcome of any trial is unpredictable, in particular the theories used by each party's experts result in very disparate estimates of the damages alleged by Qorvo.

然而，任何審判的結果都是不可預測的，特別是各方專家使用的理論導致對 Qorvo 所稱損害的估計截然不同。

We believe the theories used by our experts are better grounded in the facts and the law.

我們相信我們的專家所使用的理論更有事實和法律依據。

However, if the jury adopts the theories of Qorvo's experts, it is possible the jury will issue an eight figure verdict.

然而，如果陪審團採納 Qorvo 專家的理論，陪審團有可能會做出八位數的裁決。

For that reason, this litigation may have a significant impact on the company, including its value operations and ability to raise money.

因此，本訴訟可能會對公司產生重大影響，包括其價值營運和融資能力。

With that update, I'd like to hand the call back to Jeff.

更新後，我想將電話轉回傑夫。

Thank you, Drew.

謝謝你，德魯。

The market opportunity for our patented high-frequency XBAW and XP3F filters continue to be substantial.

我們專利的高頻 XBAW 和 XP3F 濾波器的市場機會仍然巨大。

We continue to work aggressively to achieve each of our stated objectives, and we will continue to provide updates on our execution against these objectives as we progress, I want to emphasize to investors that management continues to focus on improving our income statements as we navigate our business transition from Wi-Fi 6E to Wi-Fi 7 and expansion into the automotive network, infrastructure and defense markets.

我們將繼續積極努力實現我們的每一個既定目標，並且隨著我們的進展，我們將繼續提供有關我們執行這些目標的最新信息，我想向投資者強調，管理層在我們導航我們的過程中繼續專注於改善我們的損益表。

We continue diligently pursuing product cost savings to lower cost of goods and improve our gross margin, we have undertaken necessary steps to reduce our operating cash burn in the coming quarters.

我們繼續努力節省產品成本，以降低商品成本並提高毛利率，我們已採取必要措施來減少未來幾季的營運現金消耗。

We believe this is prudent in the current economic environment.

我們認為，在當前的經濟環境下，這是謹慎的做法。

Further I appreciate our employees for their hard work, passion and dedication in working together to position our company for growth in the quarters ahead.

此外，我感謝我們的員工的辛勤工作、熱情和奉獻精神，他們共同努力，使我們的公司在未來幾個季度實現成長。

Finally, I also wish to thank our shareholders who continue to support the company.

最後，我還要感謝一直以來支持公司的股東。

And with that, I would like to open the call for questions from the investment community.

在此，我想開始向投資界提問。

Operator, please go ahead with the first question.

接線員，請繼續第一個問題。

(Operator Instructions) Craig Ellis with B. Riley Securities.

（操作員指示）B. Riley Securities 的 Craig Ellis。

Yeah, thanks for taking the question and thanks for all the color this morning, guys.

是的，謝謝你們提出這個問題，也謝謝你們今天早上的所有色彩。

I wanted to start just by digging a little bit deeper into the revenue dynamics in the first half of the year.

我想先更深入地了解今年上半年的收入動態。

So understand that there was a program transition from 6 to 7, but what I wanted to clarify is the magnitude of that transition on what we're seeing in the first half, I think I had expected around $19 million of calendar first half revenues.

因此，請理解，專案從6 號過渡到了7 號，但我想澄清的是，根據我們在上半年看到的情況，這種過渡的幅度很大，我認為我預計日曆上半年的收入約為1900 萬美元。

It looks like it's going to be closer to

看起來好像會比較接近

[15].

[15]。

So beyond the transition to 7 that comes back in the second half.

因此，除了下半場回到 7 的過渡之外。

Were there any other variances versus what the company's expected?

與公司的預期是否還有其他差異？

And then related to that, what is the risk that the transition to 7 that program really kicks off either in the fourth calendar quarter of this year or next year.

與此相關的是，該計劃在今年第四季或明年真正開始過渡到 7 的風險是什麼？

So it's for you, but maybe a little bit later.

所以這是給你的，但可能要晚一點。

I appreciate color on those items guys to get it started.

我很欣賞這些物品上的顏色，讓他們開始使用。

Hey Craig, good morning, Jeff speaking here.

嘿克雷格，早上好，傑夫在這裡講話。

Thanks for your questions.

感謝您的提問。

A little bit on the revenue dynamics on the Wi-Fi 6E as we indicated in the script was with one of our Wi-Fi 7 customers that had is transitioning over.

正如我們在腳本中指出的那樣，我們的一位正在過渡的 Wi-Fi 7 客戶對 Wi-Fi 6E 的收入動態有一些了解。

As the Wi-Fi standard was adopted at the beginning of the year.

由於Wi-Fi標準於年初通過。

What I said in standard was adopted at the beginning of the year.

我在標準中所說的，是年初通過的。

And some of this customer made the decision abruptly to transition to Wi-Fi 7 in terms of the dynamics associated with that for the first half of the year, the revenue associated with our Wi-Fi 6E program was that approximately $1 million per quarter and that was the shortfall for this quarter in terms of from the Wi-Fi market.

考慮到上半年的動態，其中一些客戶突然決定過渡到 Wi-Fi 7，與我們的 Wi-Fi 6E 計劃相關的收入約為每季 100 萬美元，這就是本季 Wi-Fi 市場的缺口。

In terms of the other market segments that we had previously been projecting a very strong recovery in infrastructure.

就其他細分市場而言，我們先前預計基礎設施將出現非常強勁的復甦。

So there were really no surprises there in terms of our defense and other businesses, in terms of what we have going on with normal, what we have ongoing on the defense side, other businesses came in really as expected.

因此，就我們的國防和其他業務而言，就我們正常情況而言，我們在國防方面正在進行的事情而言，確實沒有什麼意外，其他業務確實按預期進行。

We were a little light in the quarter on the [TDS] side, foundry services business there were some dynamics there that we came up a little bit light for the quarter.

我們在本季的 [TDS] 方面表現有點清淡，代工服務業務方面存在一些動態，我們在本季度的表現有點清淡。

We're tracking that very closely for the current quarter and we're back on track, we feel and are monitoring that weekly but I think really the headline was the one program and [60] and I do want to emphasize we're 1 of the 9 design wins that we have in Wi-Fi 7 with that same customer.

我們正在密切跟踪本季度的情況，我們已回到正軌，我們感覺並正在每週監控該情況，但我認為真正的標題是一個計劃和 [60]，我確實想強調我們是 1我們在Wi- Fi 7 中贏得了同一位客戶的9 項設計。

So they're just they're transitioning over.

所以他們只是正在轉型。

In terms of your final point about, the dynamics and potential push out for Wi-Fi 7, and we've got, as we said in the prepared comments, we've got nine programs and Wi-Fi 7, and we're tracking those very carefully and their diverse across multiple customer bases where we began supporting Wi-Fi 7 in the March quarter.

就您的最後一點而言，Wi-Fi 7 的動態和潛在推出，正如我們在準備好的評論中所說，我們有九個計劃和 Wi-Fi 7，而且我們我們非常仔細地跟踪這些客戶及其在多個客戶群中的多樣性，我們在3 月的季度開始支援Wi-Fi 7。

And we're seeing a ramp that is expected sometime in the September quarter, and we'll continue to monitor that and David, if there was any further color to my comments.

我們預計在九月季度的某個時候會出現增長，我們將繼續關注這一點，大衛，如果我的評論有任何進一步的色彩。

I think you will need additional color off Craig, Wi-Fi 6E we talked about a lot of the delays or programs out or getting cancelled last year a lot of had to do the chipsets we're not seeing those issues deal with Wi-Fi 7.

我認為你需要額外的顏色克雷格，Wi-Fi 6E我們去年討論了很多延遲或計劃被取消或取消，很多不得不做芯片組我們沒有看到這些問題處理Wi-Fi 7.

As Jeff said, the Wi-Fi 7 was deal, allowing to go through certification beginning of this year and received a lot of activity there to the nine programs this one carrier class that did see a sunset it was impacted their [OEM] as well.

正如傑夫所說，Wi-Fi 7 是交易，允許在今年年初通過認證，並在九個項目中收到了很多活動，這個運營商類別確實看到了日落，它也影響了他們的 [OEM] 。

And we are already seeing the ramp on the Wi-Fi 7 program at least orders.

我們已經看到 Wi-Fi 7 計劃至少有訂單成長。

So we have pretty good visibility on orders all the way up to the end of the year.

因此，直到今年年底，我們的訂單可見度都非常好。

So that is good news in that we didn't lose the customer altogether was just a sunset of that one program and the ramp of this they want and the timing.

所以這是個好消息，因為我們並沒有完全失去客戶，只是那個專案的日落以及他們想要的這個專案和時間安排。

So we're bullish obviously coming out of this Q4 quarter that we'll see a lot of activity and likewise in the second half of this year.

因此，我們顯然對第四季度的表現持樂觀態度，我們將看到很多活動，今年下半年也是如此。

That's really helpful color.

這真是有用的顏色。

Appreciate that Jeff and Dave, I'll ask my second question to, Ken as we look at our gross margin and expense dynamics.

謝謝傑夫和戴夫，當我們研究毛利率和費用動態時，我會問肯第二個問題。

So with flat to down revenues, I would expect that gross margins would be flattish in the quarter and then we get the rise towards double digits in the back half of the calendar year as volume improves and exemplary job on expense management.

因此，在收入持平或下降的情況下，我預計本季的毛利率將持平，然後隨著銷售的改善和費用管理方面的出色工作，我們將在今年下半年實現兩位數的成長。

Any color on just the contour of OpEx lines through the rest of the calendar year.

日曆年剩餘時間內營運支出線輪廓上的任何顏色。

Thank you.

謝謝。

Good morning, Craig.

早安，克雷格。

Yeah, so on, I'll comment on a few of those items.

是的，等等，我將對其中一些項目發表評論。

One is on the operating expense savings.

一是營運費用節省。

We've taken a lot of active measures to reduce our spend there, I do anticipate it coming down to the $10 million to $11 million per quarter range 0n OpEx.

我們已經採取了很多積極措施來減少這方面的支出，我確實預計零營運支出將下降到每季 1000 萬美元到 1100 萬美元的範圍。

On the expense line, we have identified over $20 million in annualized savings on our OpEx.

在費用方面，我們的營運支出每年可節省超過 2000 萬美元。

Additionally, on the margin, one of the key items there to remember is that we have 17 items in production and we have spent last quarter that will roughly double in the next year.

此外，在邊際上，需要記住的關鍵事項之一是，我們有 17 種產品正在生產，我們上個季度的支出在明年大約會翻倍。

We have at least 7 to 10 new products coming into production in Q4 of this year.

今年第四季我們至少有7到10個新產品投入生產。

This fiscal year in the June quarter and the products, they all come with a robust cost structure and particularly with the back end inside of the costs for those products.

本財年的六月季度和產品都具有穩健的成本結構，特別是這些產品的後端成本。

So we will see improvements come with new products coming online, some of them replacing older products that are more expensive.

因此，我們將看到新產品的上線帶來的改進，其中一些將取代更昂貴的舊產品。

And I do anticipate that some margin while continuing to increase that was in the single digits, I expect that to get into the double digits here in the next few quarters.

我確實預計，在繼續增加個位數的同時，一些利潤率將在未來幾季達到兩位數。

And then we evolved, we stated that our operating cash flow breakeven will be in the $11 million to 15 million of revenue per quarter depending on mix and that would come with a roughly 25% margin on those sales as well.

然後我們演變，我們表示我們的營運現金流盈虧平衡點將在每季 1,100 萬至 1,500 萬美元的收入之間，具體取決於組合，而這些銷售的利潤率也將達到約 25%。

Got it, thanks for that color Ken.

明白了，謝謝肯的顏色。

It appears there are no further questions at this time.

目前似乎沒有其他問題了。

I would now like to turn the floor back over to Jeff Shealy for closing.

我現在想把發言權交還給傑夫希利 (Jeff Shealy) 進行結束發言。

Thank you, everyone for your time today, and we look forward to speaking you during our next update call to discuss the current quarter's execution against our milestones as well as our future expectations.

感謝大家今天抽出寶貴的時間，我們期待在下一次更新電話會議上與您交談，討論當前季度的里程碑執行情況以及未來的期望。

Thank you and have a good day.

謝謝您，祝您有美好的一天。

This concludes today's teleconference.

今天的電話會議到此結束。

You may disconnect your lines at this time.

此時您可以斷開線路。

Thank you for your participation.

感謝您的參與。