Aeluma Inc (ALMU) 2025 Q4 法說會逐字稿

Good day, and thank you for standing by. Welcome to Aeluma's fourth quarter and full fiscal year 2025 earnings conference call. (Operator Instructions) Please be advised that today's conference call is being recorded. At this time, I would like to turn the call over to Tony Rossi, Investor Relations for Aeluma. Please go ahead.

您好，感謝您的支持。歡迎參加 Aeluma 2025 財年第四季和全年財報電話會議。（操作員指示）請注意，今天的電話會議正在錄音。現在，我想將電話轉給 Aeluma 投資者關係部的 Tony Rossi。請繼續。

Thanks, Gary. Good afternoon, and welcome to Aeluma's fourth quarter and year-end 2025 earnings call. I'm here today with Founder and CEO, Jonathan Klamkin; and CFO, Christopher Stewart. Today's discussions and responses to questions may include forward-looking statements, which are subject to various risks and uncertainties that could cause our actual results to differ materially from these statements.

謝謝，加里。下午好，歡迎參加 Aeluma 2025 年第四季和年終財報電話會議。今天我和創辦人兼執行長喬納森·克拉姆金 (Jonathan Klamkin) 以及財務長克里斯托弗·史都華 (Christopher Stewart) 一起來到這裡。今天的討論和對問題的回答可能包括前瞻性陳述，這些陳述受各種風險和不確定性的影響，可能導致我們的實際結果與這些陳述有重大差異。

These risks and uncertainties are detailed in the earnings press release issued today, along with the reports filed with the United States Securities and Exchange Commission. These reports, along with today's earnings release, can be found under the Investors section of our website.

這些風險和不確定性在今天發布的收益新聞稿以及提交給美國證券交易委員會的報告中詳細說明。這些報告以及今天的收益報告可以在我們網站的投資者部分找到。

Aeluma assumes no obligation to update or revise any forward-looking statements to reflect events or circumstances that may arise after the date of this call. Throughout the discussion, the company will refer to non-GAAP financial measures, including EBITDA and adjusted EBITDA.

Aeluma 不承擔更新或修改任何前瞻性陳述以反映本次電話會議日期之後可能出現的事件或情況的義務。在整個討論過程中，公司將參考非公認會計準則財務指標，包括 EBITDA 和調整後的 EBITDA。

A reconciliation of non-GAAP financial measures to the most directly comparable GAAP measures is included in our earnings press release and SEC filings. Now I'll turn the call over to Aeluma's CEO, Jonathan Klamkin. Jonathan?

我們的收益新聞稿和 SEC 文件中包含了非 GAAP 財務指標與最直接可比較的 GAAP 指標的對帳。現在我將電話轉給 Aeluma 的執行長 Jonathan Klamkin。喬納森？

Thank you, Tony. I would like to begin by welcoming everyone to Aeluma's first conference call as a NASDAQ-listed company. I would especially like to acknowledge our two covering analysts, Richard Shannon from Craig-Hallum, and David Williams from Benchmark Equity Research. Thank you all for joining.

謝謝你，托尼。首先，我歡迎大家參加 Aeluma 作為納斯達克上市公司的首次電話會議。我要特別感謝我們的兩位分析師，Craig-Hallum 的 Richard Shannon 和 Benchmark Equity Research 的 David Williams。感謝大家的加入。

I'm excited to highlight what our team accomplished in fiscal 2025 and the bright future we see ahead. I'm also excited to have our new CFO, Christopher Stewart, join me today on our conference call debut. By way of introduction, Chris brings over 20 years of financial leadership experience at high-growth technology companies. Chris has the strategic and financial perspective needed to scale Aeluma through its next stage of growth.

我很高興地強調我們的團隊在 2025 財年的成就以及我們所看到的光明未來。我也很高興我們的新任財務長克里斯托弗·史都華 (Christopher Stewart) 今天能參加我們的電話會議。根據介紹，克里斯擁有 20 多年高成長科技公司的財務領導經驗。Chris 擁有推動 Aeluma 進入下一階段發展所需的策略和財務視角。

Let me begin by sharing that we had an incredibly successful year executing on our plan. We consistently performed on our R&D contracts while still having a relatively small team consisting primarily of R&D personnel.

首先，我想告訴大家，我們在執行計劃方面取得了令人難以置信的成功。我們始終如一地履行研發合同，同時仍然擁有一個主要由研發人員組成的相對較小的團隊。

Looking ahead, with confidence in our technologies, capabilities and relevance, we are building a critically important business development and go-to-market team to accelerate our engagements in target commercial markets.

展望未來，憑藉對我們的技術、能力和相關性的信心，我們正在建立一支至關重要的業務開發和市場推廣團隊，以加速我們在目標商業市場的參與。

Interest in our technology has never been higher. We count 20 active engagements with prospective customers, including OEMs, Tier 1 and Tier 2 suppliers, system integrators and chip manufacturers that are evaluating our technology for potential integration in future generation products.

人們對我們技術的興趣從未如此高漲。我們與 20 家潛在客戶進行了積極的合作，其中包括 OEM、一級和二級供應商、系統整合商和晶片製造商，他們正在評估我們的技術是否可能整合到未來一代產品中。

I believe that we are approaching an inflection point when our game-changing technology will be ready for commercial adoption, aligning with the growing demand for high-performance semiconductors across a wide array of applications and industries.

我相信，我們正接近一個轉折點，屆時我們的變革性技術將準備好投入商業應用，以滿足廣泛應用和行業對高性能半導體日益增長的需求。

For those new to the Aeluma story, we started with a simple but powerful concept. Semiconductors are everywhere and they can be better. We believe that if you could take the highest performing semiconductor materials and innovate ways to manufacture them at scale, the impact across industries would be transformational.

對於那些剛了解 Aeluma 故事的人來說，我們從一個簡單但強大的概念開始。半導體無所不在，而且還可以變得更好。我們相信，如果您能夠採用性能最高的半導體材料並創新方法大規模生產它們，那麼對各個行業的影響將是變革性的。

This is no easy feat. The modern semiconductor industry has been around for over 70 years and yet successfully scaling compound semiconductors, which are higher performing materials made from two ore more elements has remained elusive.

這絕非易事。現代半導體工業已經存在了 70 多年，但成功擴展複合半導體（由兩種或多種元素製成的高性能材料）仍然難以實現。

Fast forward, following extensive R&D, 30 issued and pending patents and the numerous trade secrets, our team has seemingly cracked the code. Our proprietary technology is sufficiently compelling that we have attracted key government agencies like DARPA, NASA and the Navy to support us to advance these next-generation semiconductors for mission-critical applications. These partnerships have brought nondilutive capital for strategic R&D that has enabled technical feasibility and provided market credibility.

經過大量的研發、30 項已發布和正在申請的專利以及眾多商業機密，我們的團隊似乎破解了密碼。我們的專有技術非常引人注目，吸引了 DARPA、NASA 和海軍等主要政府機構的支持，以推動這些下一代半導體在關鍵任務應用中的發展。這些合作夥伴關係為策略研發帶來了非稀釋性資本，從而實現了技術可行性並提供了市場信譽。

In this regard, the term dual-use technology comes to mind, addressing the demanding requirements for government or defense while also creating value in commercial markets. Developing technology for mission-driven systems and subsequently scaling it for commercial deployment is not a new concept, but it is core to our strategic approach. And until now, this commercial scaling of compound semiconductors has been rather limited.

在這方面，我想到的是雙重用途技術，它既能滿足政府或國防的苛刻要求，又能在商業市場上創造價值。開發任務驅動系統的技術並隨後將其擴展到商業部署並不是一個新概念，但它是我們策略方法的核心。到目前為止，複合半導體的商業化規模還相當有限。

Leveraging our transformative technology, we have been purposely bidding on R&D contracts to further innovation, grow our reputation and advance our goal to commercialize in target markets. For example, we have been collaborating with the US Navy to apply Aeluma's optical interconnect technology to aircraft to help move large amounts of information quickly between sensors and onboard computers.

利用我們的變革性技術，我們一直在有針對性地競標研發合同，以進一步創新、提高我們的聲譽並推進我們在目標市場商業化的目標。例如，我們一直與美國海軍合作，將 Aeluma 的光互連技術應用於飛機，以幫助在感測器和機載電腦之間快速傳輸大量資訊。

This core technology is highly adaptable to data center interconnects for AI infrastructure where it can enable high-speed transfer of massive data sets between compute nodes. In fact, we're engaged in discussions with several Tier 1 suppliers exploring the integration of our technology for AI infrastructure. We're also collaborating with the Department of Energy and the Navy to advance Aeluma's imaging sensor technology for critical systems to enable them to see beyond what is visible to the human eye.

此核心技術高度適應人工智慧基礎設施的資料中心互連，可實現運算節點之間海量資料集的高速傳輸。事實上，我們正​​在與幾家一級供應商進行討論，探索將我們的技術整合到人工智慧基礎設施中。我們還與能源部和海軍合作，推動 Aeluma 的關鍵系統成像感測器技術，使它們能夠看到人眼無法看到的東西。

Our technology not only meets their rigorous requirements, but it can also be adapted for broader applications in our target markets, including mobile devices, consumer electronics, industrial automation, robotics and autonomous systems. Several Tier 1 suppliers and OEMs across these markets are actively evaluating our technology.

我們的技術不僅滿足他們的嚴格要求，而且還可以適應我們目標市場的更廣泛應用，包括行動裝置、消費性電子產品、工業自動化、機器人和自主系統。這些市場的多家一級供應商和原始設備製造商正在積極評估我們的技術。

To this end, we have attracted significant interest from prospective customers and our pipeline of opportunity is growing. Several third parties have validated our technology through sample evaluations, and we have active engagements with 20 prospective customers.

為此，我們吸引了潛在客戶的極大興趣，並且我們的機會管道正在不斷增長。一些第三方已經透過樣本評估驗證了我們的技術，並且我們與 20 個潛在客戶進行了積極的合作。

We expect our future business development team to advance these engagements across our funnel and to increase the pipeline to approximately double the number of commercial revenue growth opportunities over the next fiscal year. Here's how we size up the opportunity and how we are positioned to capitalize on it.

我們期望我們未來的業務開發團隊能夠在我們的管道中推進這些合作，並在下一個財政年度將商業收入成長機會的數量增加一倍左右。以下是我們如何評估機會以及如何利用機會。

We believe our technology is poised to become indispensable across the semiconductor industry. As one senior tech leader from a major Tier 1 supplier put it, if Aeluma succeeds, the entire industry will have to manufacture this way. That's the very definition of a disruptive technology and Aeluma has the platform to accelerate adoption across numerous markets.

我們相信我們的技術將成為整個半導體產業不可或缺的技術。正如一家大型一級供應商的高級技術負責人所說，如果 Aeluma 成功了，整個產業就必須採用這種方式進行生產。這就是顛覆性技術的定義，而 Aeluma 擁有加速其在許多市場採用的平台。

Based on market research and internal analysis, we estimate our SAM, the market segment that our technology addresses could reach $4.9 billion by 2030, growing at a 48% compound annual growth rate from a base of $1 billion in 2026.

根據市場研究和內部分析，我們估計，我們的 SAM（即我們的技術所針對的市場部分）到 2030 年可能達到 49 億美元，從 2026 年的 10 億美元基數開始，以 48% 的複合年增長率增長。

Coming back to Aeluma's story. With substantial momentum in technology advancement, IP generation, supply chain development and customer traction, we were ready for a bigger public stage. On March 28, we announced both our uplisting to NASDAQ and the closing of an oversubscribed public offering with $13.8 million in gross proceeds to pursue significant growth opportunities we see in commercial markets.

回到 Aeluma 的故事。憑藉技術進步、IP 生成、供應鏈開發和客戶吸引力的巨大動力，我們已準備好登上更大的公眾舞台。3 月 28 日，我們宣佈在納斯達克上市，並完成超額認購的公開發行，總收益為 1,380 萬美元，以尋求我們在商業市場中看到的巨大成長機會。

We are also proud to be an early advocate of restoring American leadership in semiconductors. In addition to the reshoring of semiconductors aimed at incentivizing increased US semiconductor manufacturing, we believe it is critically important to protect American innovation, a core principle at Aeluma, where from our headquarters in California, we have established a one-of-a-kind R&D and manufacturing capability.

我們也自豪地成為恢復美國半導體領域領導地位的早期倡導者。除了旨在激勵美國半導體製造業成長的半導體回流之外，我們認為保護美國創新至關重要，這是 Aeluma 的核心原則，我們在加州的總部建立了獨特的研發和製造能力。

On May 1, we ran the closing bell at NASDAQ to celebrate our uplisting. This was a proud milestone for our team, our Board and our shareholders. Building from this, we were recently added to the Russell 3000 Index and MSCI Global Microcap Index, providing additional visibility and opportunity as a public company as well as increased liquidity for our trading problems. To summarize our strong financial position, we have $15.7 million in cash and cash equivalents, no debt and a solid portfolio of contracts to support R&D and commercialization in fiscal 2026.

5月1日，我們在納斯達克敲響收盤鐘，慶祝公司上市。對於我們的團隊、董事會和股東來說，這是一個值得驕傲的里程碑。在此基礎上，我們最近被納入羅素 3000 指數和 MSCI 全球微型股指數，作為一家上市公司，這為我們的交易問題提供了額外的知名度和機會，同時也增加了流動性。總結我們強大的財務狀況，我們擁有 1570 萬美元的現金和現金等價物，沒有債務，並且擁有穩固的合約組合來支持 2026 財年的研發和商業化。

With our capital-light manufacturing model, we believe Aeluma is positioned to scale quickly and effectively to address mass market opportunities. In our early days, we concentrated on building our IP portfolio and our R&D and manufacturing capabilities.

憑藉我們的輕資本製造模式，我們相信 Aeluma 能夠快速有效地擴大規模，以應對大眾市場機會。在早期，我們專注於建立我們的智慧財產權組合以及我們的研發和製造能力。

Now that we have a strong foundation in place, we are expanding our business development capabilities to focus on commercial market opportunities. Our efforts in fiscal 2026 are aimed at establishing the foundation to transition from R&D revenue to commercial product revenue. We attracted new talent to our technical team, and we're fortunate to have Chris join our executive leadership.

現在我們已經有了堅實的基礎，我們正在擴大業務發展能力，專注於商業市場機會。我們在2026財年的努力旨在為從研發收入轉變為商業產品收入的基礎。我們吸引了新的人才加入我們的技術團隊，我們很幸運克里斯能加入我們的執行領導層。

We recently ramped up wafer fabrication activities with our foundry partners and added equipment to support prototyping and test and validation. We are also seeing momentum building in defense and aerospace, data center interconnects for AI infrastructure and mobile and consumer electronics, end markets with significant growth potential for Aeluma.

我們最近與代工合作夥伴加強了晶圓製造活動，並增加了設備以支援原型設計和測試與驗證。我們也看到國防和航空航太、人工智慧基礎設施的資料中心互連以及行動和消費性電子產品等終端市場的發展勢頭強勁，對 Aeluma 來說具有巨大的成長潛力。

Our partnerships with government agencies continue to strengthen, and we recently announced new wins, including contracts with NASA, the US Navy and the Department of Energy. These programs will advance Aeluma's semiconductor platform for quantum systems, optical interconnects and imaging sensors. We are also engaged directly with major defense tech companies that are evaluating our technology for mission-critical systems applications.

我們與政府機構的合作關係不斷加強，最近我們宣布了新的勝利，包括與美國國家航空暨太空總署、美國海軍和能源部簽訂的合約。這些項目將推動 Aeluma 用於量子系統、光互連和成像感測器的半導體平台的發展。我們也直接與主要國防科技公司合作，評估我們的技術是否適用於關鍵任務系統應用。

We unveiled a manufacturing breakthrough in collaboration with Thorlabs, advancing quantum enabling capabilities with Aeluma's CMOS compatible semiconductor platform, which is scalable to 300-millimeter wafers, today's industry standard used by leading semiconductor fabs.

我們與 Thorlabs 合作推出了一項製造突破，利用 Aeluma 的 CMOS 相容半導體平台提升量子實現能力，該平台可擴展至 300 毫米晶圓，這是當今領先半導體工廠使用的行業標準。

This innovation supports commercial scalability and positions us to accelerate adoption of quantum systems. Beyond our ongoing R&D work with government agencies, we are actively engaged with a leading quantum company to explore integration of our technology.

這項創新支持商業可擴展性，並使我們能夠加速量子系統的採用。除了與政府機構正在進行的研發工作之外，我們還積極與一家領先的量子公司合作，探索我們技術的整合。

Tying it all together, Aeluma's technology is being considered for many of today's most exciting growth sectors. Short-wave infrared sensors for 3D imaging and health monitoring, optical interconnects that transmit data seamlessly using light and quantum systems that will usher in a new era of high-performance computing. These are very exciting times and Aeluma is where the future is headed.

綜合起來，Aeluma 的技術正在被考慮用於當今許多最令人興奮的成長領域。用於 3D 成像和健康監測的短波紅外線感測器、使用光和量子系統無縫傳輸資料的光互連將開啟高效能運算的新時代。這是一個非常令人興奮的時刻，Aeluma 就是未來的發展方向。

Now I'll turn the call over to our new CEO -- CFO, Chris Stewart, to discuss the financials.

現在我將把電話轉給我們的新任執行長——財務長克里斯·史都華 (Chris Stewart)，討論財務狀況。

Thanks, Jonathan. First, I want to say that I'm thrilled to be at Aeluma. The company is making great progress with its game-changing technology, and I really look forward to working with this talented team as we continue to build on our strong financial foundation and make the transition from R&D to commercialization.

謝謝，喬納森。首先，我想說我很高興來到 Aeluma。該公司憑藉其改變遊戲規則的技術正在取得巨大進步，我非常期待與這支才華橫溢的團隊合作，繼續鞏固我們強大的財務基礎，實現從研發到商業化的轉變。

Now I'll share some highlights of our fiscal fourth quarter and full year 2025 financial results. We are pleased to report another strong quarter of revenue from our government and commercial research and development contracts. For the quarter ended June 30, we reported revenue of $1.3 million compared to $279,000 in the same quarter of 2024 and $1.3 million in the third quarter of 2025.

現在，我將分享我們第四季和 2025 年全年財務表現的一些亮點。我們很高興地報告，我們政府和商業研發合約的收入又一個強勁的季度。截至 6 月 30 日的季度，我們報告的收入為 130 萬美元，而 2024 年同期為 279,000 美元，2025 年第三季為 130 萬美元。

Revenue for the full fiscal year was $4.7 million, slightly above the high end of our previous guidance of $4.4 million to $4.6 million. This compares to $919,000 for fiscal 2024. GAAP net loss for the fourth quarter was $859,000 or $0.05 per share versus a net loss of $989,000 or $0.08 per share for the comparable period last year.

整個財年的收入為 470 萬美元，略高於我們先前預測的 440 萬美元至 460 萬美元的上限。相比之下，2024 財年為 919,000 美元。第四季 GAAP 淨虧損為 859,000 美元，即每股 0.05 美元，去年同期淨虧損為 989,000 美元，即每股 0.08 美元。

On a sequential basis, GAAP net income for the third quarter was $1.5 million or $0.12 and $0.11 per basic and diluted share. The change in net income from the prior quarter was primarily due to a $2.6 million onetime noncash gain in the fair value of derivative liabilities recorded in the third quarter.

以環比計算，第三季 GAAP 淨收入為 150 萬美元，即每股基本收入 0.12 美元，每股攤薄收入為 0.11 美元。淨收入與上一季相比的變化主要由於第三季記錄的衍生負債公允價值的 260 萬美元一次性非現金收益。

Non-GAAP net loss for the fourth quarter was $112,000 or $0.01 per share compared to a GAAP net income of $7,000 or breakeven on a per share basis in the prior quarter and a loss of -- excuse me, $817,000 or $0.07 per share in the comparable period last year.

第四季度非公認會計準則淨虧損為 112,000 美元或每股 0.01 美元，而上一季公認會計準則淨收入為 7,000 美元或每股盈虧平衡，而去年同期的虧損為 817,000 美元或每股 0.07 美元。

Adjusted EBITDA for the quarter ended June 30, 2025, was a loss of $113,000 compared to a loss of $718,000 in the same quarter last year and a gain of $109,000 in the prior quarter. Adjusted EBITDA for the year was $186,000 compared to an adjusted EBITDA loss of $3.5 million for fiscal 2024. The year-over-year improvement in adjusted EBITDA was primarily due to the $3.7 million increase in revenue. We closed the fourth quarter with a strong balance sheet, including $15.7 million in cash and cash equivalents compared to $1.3 million as of June 30, 2024, and $15.9 million as of March 31, 2025.

截至 2025 年 6 月 30 日的季度調整後 EBITDA 虧損 113,000 美元，而去年同期虧損 718,000 美元，上一季獲利 109,000 美元。本年度調整後 EBITDA 為 186,000 美元，而 2024 財政年度的調整後 EBITDA 虧損為 350 萬美元。調整後 EBITDA 年成長率主要歸因於營收增加 370 萬美元。我們以強勁的資產負債表結束了第四季度，其中包括 1,570 萬美元的現金和現金等價物，而截至 2024 年 6 月 30 日為 130 萬美元，截至 2025 年 3 月 31 日為 1,590 萬美元。

We were fortunate to have a low cash burn model -- sorry, we currently have no debt, and given the near balance of revenue and operating expense in fiscal 2025, we were fortunate to have a low cash burn model. Our net cash used in operating activities was $1.1 million in fiscal 2025 compared to $3.5 million in fiscal 2024.

我們很幸運擁有低現金消耗模式——抱歉，我們目前沒有債務，考慮到 2025 財年收入和營運支出接近平衡，我們很幸運擁有低現金消耗模式。2025 財年，我們的經營活動所用淨現金為 110 萬美元，而 2024 財年為 350 萬美元。

Now turning to our expectations for fiscal 2026. Aeluma expects revenue in the range of approximately $4 million to $6 million, primarily from new and existing government and commercial R&D contracts. For most of these contracts, revenue is recognized on achievement of program milestones. The timing of reaching these milestones can lead to quarter-to-quarter variability in our revenue. We view this revenue as important nondilutive financing that supports our development efforts to progress our technology towards commercial readiness.

現在談談我們對 2026 財年的預期。Aeluma 預計收入約為 400 萬至 600 萬美元，主要來自新的和現有的政府和商業研發合約。對於大多數此類合同，收入是在專案里程碑實現時確認的。達到這些里程碑的時間可能會導致我們的營收季度間出現差異。我們將這筆收入視為重要的非稀釋性融資，支持我們的開發工作，使我們的技術走向商業化。

Given our disruptive technology and shifting more of our focus to commercialization, we are highly selective with these engagements, bidding only on projects we believe will have broad commercial appeal in our target markets.

鑑於我們的顛覆性技術以及將更多的重點轉移到商業化上，我們對這些合作非常挑剔，只對我們認為在目標市場具有廣泛商業吸引力的項目進行投標。

Going forward, we expect to gradually increase spending as we invest in growth initiatives, including increased wafer fab production and expanding our business development, operation and technical teams. We expect to approximately double headcount over the course of fiscal 2026 and expect our expenses to increase accordingly.

展望未來，我們預計將逐步增加支出，因為我們投資於成長計劃，包括增加晶圓廠產量和擴大我們的業務開發、營運和技術團隊。我們預計在 2026 財年員工人數將增加一倍左右，並且我們的支出也將相應增加。

We are extremely proud of our accomplishments to date, especially the speed with which our small team has transitioned from idea to validation, revenue generation and customer traction, all while being prudent with our resources and increasing shareholder value.

我們為迄今為止所取得的成就感到非常自豪，尤其是我們的小團隊從構思到驗證、創造收入和吸引客戶的速度之快，同時我們謹慎地利用資源並增加股東價值。

With our historically capital-efficient model, we plan to increase investment in areas that we believe will position us to benefit from exciting opportunities we see for our technology. Our momentum continues to build as we lay the groundwork to effectively transition to commercialization at a critical time when several of our target market industries are poised for significant technology-enabled growth.

憑藉我們歷來高效的資本模式，我們計劃增加對那些我們認為能夠讓我們從我們所看到的令人興奮的技術機會中獲益的領域的投資。在我們的幾個目標市場產業準備實現重大技術驅動成長的關鍵時刻，我們為有效過渡到商業化奠定了基礎，我們的勢頭持續增強。

Now I'll turn the call back to Jonathan for his closing remarks before we open the call to your questions.

現在，在我們開始回答大家的問題之前，我將把電話轉回給喬納森，請他做結束語。

Thank you, Chris. We are extremely encouraged by the confidence our current and prospective customers have in our technology, our ability to deliver and by the huge opportunities ahead of us across multiple industries. We are deeply committed to our mission, which is to deliver the world's highest performing semiconductors and to our business model which combines cutting-edge IP with capital-light manufacturing.

謝謝你，克里斯。我們現有和潛在客戶對我們的技術、交付能力以及我們在多個行業面臨巨大機會的信心令我們深受鼓舞。我們堅定地致力於我們的使命，即提供世界上性能最高的半導體，並致力於將尖端知識產權與輕資本製造相結合的商業模式。

We anticipate that fiscal 2026 will be a year of considerable progress and value creation. Our priorities are to execute on our R&D contracts while also accelerating the development of our commercial opportunities across several large and exciting markets.

我們預計 2026 財年將是取得長足進步和創造價值的一年。我們的首要任務是執行我們的研發合同，同時加速在幾個大型且令人興奮的市場中開發我們的商業機會。

Our objectives are aimed to best position us to capitalize on the large market opportunities we expect over the next few years and to drive toward long-term profitable growth. These include building our business development and go-to-market team by hiring experienced and connected leaders in our target markets while also investing in our production capabilities to advance manufacturing readiness.

我們的目標是讓我們能夠充分利用未來幾年預期的巨大市場機遇，並推動長期獲利成長。這些措施包括透過聘請目標市場中經驗豐富且人脈廣泛的領導者來建立我們的業務開發和市場推廣團隊，同時投資於我們的生產能力以推進製造準備。

Following our uplisting to NASDAQ, we are also committed to having a best practices Investor Relations program, and we recently engaged financial profiles to help us communicate the Aeluma's story to a larger universe of potential investors.

在納斯達克上市之後，我們也致力於推行最佳實踐投資者關係計劃，並且我們最近聘請了財務人員來幫助我們向更廣泛的潛在投資者傳達 Aeluma 的故事。

We will be participating in several upcoming investor conferences, including the LD Micro Conference in San Diego in October and the Craig-Hallum Alpha Select Conference in New York City in November. We look forward to seeing some of you at these events.

我們將參加即將舉行的幾場投資者會議，包括 10 月在聖地牙哥舉行的 LD Micro 會議和 11 月在紐約市舉行的 Craig-Hallum Alpha Select 會議。我們期待在這些活動中見到你們。

Lastly, I would like to thank our incredible team, our shareholders and our customers for joining us on our journey to reshape semiconductor manufacturing for future generation systems. Operator, you can now open the call for questions.

最後，我要感謝我們優秀的團隊、股東和客戶，感謝他們與我們一起重塑未來世代系統的半導體製造業。接線員，您現在可以開始提問了。

Richard Shannon, Craig-Hallum.

理查德·香農，克雷格·哈勒姆。

Great. Thanks, Jonathan and Chris, great to be on your first conference call. Thanks for having me on here to ask a few questions. I'm going to start with the first one regarding your guidance for this year here and trying to understand the assumptions built in here.

偉大的。謝謝喬納森和克里斯，很高興參加你們的第一次電話會議。感謝您讓我在這裡問幾個問題。我將從第一個問題開始，了解您對今年的指導，並嘗試理解這裡所包含的假設。

So Chris, I heard your comments about this including both new and existing government-related contracts. Maybe you could help us understand to the extent to which you're expecting new contracts coming in here versus just the baseline of the ones you've had in fiscal '25.

克里斯，我聽到了你對此的評論，包括新的和現有的政府相關合約。也許您可以幫助我們了解，您對新合約的預期程度，以及您預計的 2025 財年合約基準是多少。

Yeah. Our guidance is really focused mainly on contracts that we have either already signed or are near signing. But we are working on additional contracts we're being somewhat conservative with our guidance as the timing of meeting the milestones to achieve revenue and signing these contracts is a little bit unclear. But the key thing from our perspective is we're really focused on the transition to commercial this year.

是的。我們的指導實際上主要集中於我們已經簽署或即將簽署的合約。但我們正在進行額外的合約談判，我們的指導方針有些保守，因為實現收入里程碑和簽署這些合約的時間有點不明確。但從我們的角度來看，關鍵是我們今年真正專注於向商業的轉型。

So again, the revenue is great if we consider it nondilutive financing, funding our R&D, but we're trying to shift our focus more to being commercial ready, increasing our production capabilities and engaging on the commercial side. So that's a little bit about where the guidance is coming from.

因此，如果我們將其視為非稀釋性融資，為我們的研發提供資金，收入是很高的，但我們正試圖將重點更多地轉移到商業準備、提高我們的生產能力和參與商業方面。這就是有關指導來源的一些資訊。

Okay. That is helpful, Chris. Thanks for that. And I'll take your queue to maybe talk more on the commercial side here. So you talked about 20 engagements, you mentioned, I think, a few different end markets here. I guess I would love to have you elaborate a little bit more maybe in a few different areas.

好的。這很有幫助，克里斯。謝謝。我將根據你們的發言，在這裡更多地談論商業方面的問題。所以您談到了 20 個約定，我認為您提到了這裡幾個不同的終端市場。我想我希望您能從幾個不同的方面進行更詳細的闡述。

First of all, what are some of the new engagements and which markets they're in. And then I think probably the area that a lot of people are interested in hearing is which markets do you think are going to get to some sort of commercial agreement here sooner rather than later?

首先，有哪些新的合作以及它們位於哪些市場。然後我想很多人可能感興趣的是，您認為哪些市場會盡快達成某種商業協議？

Great. Thanks, Richard. Maybe I'll take that one. One thing I'll mention is that our near-term commercial focus is defense and aerospace, which, as you know, is typically a lower volume but high-margin market. AI infrastructure, including data center interconnects, which is a large volume market, typically in the sort of millions of units per year.

偉大的。謝謝，理查。也許我會選擇那個。我要提到的一件事是，我們近期的商業重點是國防和航空航天，正如你所知，這通常是一個規模較小但利潤率較高的市場。人工智慧基礎設施，包括資料中心互連，是一個龐大的市場，通常每年有數百萬台。

And then mobile and consumer electronics, which is a very large volume, typically tens of millions of units per year. As you likely know, our technology is broadly applicable. So there are other markets that we're active in, such as automotive, industrial and robotics and even quantum computing and communications. But those we see as slightly longer-term revenue opportunities. The first three I mentioned are where our focus is today.

然後是行動和消費電子產品，數量非常大，通常每年有數千萬台。正如您可能知道的，我們的技術具有廣泛的適用性。我們也活躍於其他市場，例如汽車、工業和機器人，甚至量子計算和通訊。但我們認為這些是稍微長期的收入機會。我提到的前三個就是我們今天的重點。

Okay. Fair enough. Thanks for that. Let me ask a question. You talked about winning, I think, three to seven government development-related contracts this year. Maybe if you can quantify what the potential of revenues from these contracts you have visibility into to give us a sense of potential scale here. And then any way to help us understand in what areas they might be focused on would be great.

好的。很公平。謝謝。讓我問一個問題。我認為您談到今年將贏得三到七份與政府開發相關的合約。也許如果您可以量化這些合約的潛在收入，您就能讓我們了解這裡的潛在規模。然後，任何可以幫助我們了解他們可能關注的領域的方法都將非常有用。

Maybe I can start with areas to focus on. So as Chris mentioned, we have historically been somewhat selective of government contracts that we bid on, bidding only on programs that are very synergistic with our technology and where we see synergies with commercial applications.

也許我可以從需要關注的領域開始。正如克里斯所提到的，我們歷來對投標的政府合約有一定的選擇性，只投標與我們的技術有協同作用的項目以及與商業應用有協同作用的項目。

And moving forward, we're probably being even more selective with those contracts. So most likely no new major areas outside of traditional sort of image sensing applications, 3D imaging and communications applications because that's where we see lots of synergy with commercial market opportunities. And Chris, I don't know if you want to add.

展望未來，我們可能會對這些合約更加挑剔。因此，除了傳統的影像感測應用、3D 成像和通訊應用之外，很可能不會出現新的重大領域，因為我們在這些領域看到了與商業市場機會的大量協同效應。克里斯，我不知道您是否想補充。

No, I'd just say in terms of the size of the contracts, they really vary. If you've probably seen, we've had contracts as big as $11 million over three years and as small as [a couple of hundred thousand dollars]. And the ones that we're bidding on today are just like the past ones, they're all over the place, not quite as big as the biggest, but in that range.

不，我只是想說，就合約規模而言，它們確實有所不同。你可能已經看到了，我們簽訂的合約金額大到三年 1100 萬美元，小到[幾十萬美元]。我們今天競標的那些就像過去的一樣，它們遍布各地，沒有最大的那麼大，但也在那個範圍內。

Okay. That's helpful perspective. Let me ask one more question. I'll jump out of line here. So also in your press release, you talked about one of the strategic priorities for this year about enhanced manufacturing readiness and specifically expanding supply chain partnerships. My specific question here is, I think one of the key aspects of this is establishing an external high-volume founder relationship here. And I just want to get a sense of when we might expect to see that announced.

好的。這是一個很有幫助的觀點。我再問一個問題。我要跳出這個界限。因此，在您的新聞稿中，您還談到了今年的策略重點之一是加強製造業準備，特別是擴大供應鏈合作夥伴關係。我在這裡的具體問題是，我認為其中一個關鍵方面是在這裡建立外部高容量的創始人關係。我只是想知道我們什麼時候可以看到這個消息。

Well, what I can say is we have engagements currently with four fabs, meaning we've delivered wafers to those four fabs for development and to fabricate small volumes of our product offerings. And we're also in discussions with two other prospective fab partners. And as you know, our supply chain also includes partners for things like test assembly, integration and packaging.

嗯，我可以說的是，我們目前與四家晶圓廠有合作，這意味著我們已經向這四家晶圓廠交付了晶圓，用於開發和生產少量產品。我們也正在與另外兩家潛在的晶圓廠合作夥伴進行討論。如您所知，我們的供應鏈還包括測試組裝、整合和包裝等方面的合作夥伴。

Under NDA, if justified by a business opportunity with a customer, we have disclosed our fab partners to some prospective customers. But disclosing such supply chain information prematurely may limit our opportunities because fabs are competitors with one another and prospective customers have preferred foundries.

根據保密協議，如果與客戶有商業機會，我們會向一些潛在客戶透露我們的晶圓廠合作夥伴。但過早披露此類供應鏈資訊可能會限制我們的機會，因為晶圓廠彼此之間是競爭對手，而且潛在客戶有自己偏好的代工廠。

So I would say, while we're not entirely opposed to disclosing supply chain information, such disclosures should be made by us opportunistically. For example, if a particular fab relationship is to be leveraged to deliver technology to a customer. And maybe I'll just close by saying the wafer capacity of our fab partners varies. Some fab partners are small volume fabs, some are very large volumes, and our fab partners are primarily in the US strategically.

所以我想說，雖然我們並不完全反對披露供應鏈信息，但我們應該適時地進行此類披露。例如，如果要利用特定的晶圓廠關係向客戶提供技術。最後我想說的是，我們的晶圓廠夥伴的晶圓產能各不相同。一些晶圓廠合作夥伴是小批量晶圓廠，有些是批量非常大的晶圓廠，而我們的晶圓廠合作夥伴主要策略上位於美國。

Okay. That's very helpful detail, Jonathan. I'll jump in the line. Thank you.

好的。這是非常有用的細節，喬納森。我會插隊。謝謝。

Thank you, Richard.

謝謝你，理查。

David Williams, Benchmark.

大衛威廉斯，基準。

Good afternoon, gentlemen. Thanks for taking my questions and congrats on the really solid progress here.

先生們，下午好。感謝您回答我的問題，並祝賀您取得了切實的進展。

Thank you.

謝謝。

Thanks, Davis.

謝謝，戴維斯。

Yeah, so a lot of higher level -- but I want to ask maybe if we think about if you had, say, a 1 million unit order in the past qualify as maybe a low to mid volume. But what could we expect in terms of maybe a revenue opportunity kind of thinking about your ASPs in the different markets. But I'm just trying to understand the magnitude of, accordingly, what a small order could look like in terms of revenue.

是的，所以有很多更高層次的訂單，但我想問一下，如果我們考慮一下，如果您過去有 100 萬個單位的訂單，那麼可能屬於低到中等數量。但是，考慮到您在不同市場的平均銷售價格，我們可以期待什麼樣的收入機會？但我只是想了解小訂單在收入上能有多大作用。

So maybe I'll make a couple of comments. One relates to sort of the three sort of near-term primary market focuses for us. The defense and aerospace, which tends to be lower volume but very high-margin market, and we see lots of growth in that market. The AI infrastructure, data center interconnects, we're seeing a lot of activity there and interest in our technology as well. And that's sort of a few million unit per year opportunity.

所以也許我會發表一些評論。其中一個與我們近期關注的三種主要市場有關。國防和航空航太市場規模通常較小，但利潤率很高，我們看到該市場出現了很大的成長。我們在人工智慧基礎設施、資料中心互連等領域看到了很多活動，並且對我們的技術也產生了興趣。這相當於每年數百萬台的產量機會。

And then the sort of more volatile market is the mobile and consumer electronics where volumes are extremely high, tens of millions per year, more cost sensitive, but we see an appetite to adopt new technology and a willingness to pay a little bit more for this chip technology, at least in the near term until volumes increase and costs to come down.

然後，波動性更大的市場是行動和消費性電子產品，其產量非常高，每年數千萬台，對成本更加敏感，但我們看到人們渴望採用新技術，並且願意為這種晶片技術支付更多費用，至少在短期內是這樣，直到產量增加、成本下降。

But it might be worth making a comment just on how we sort of progress through the business development funnel and kind of where we are so that maybe we could set some expectations for timing and scale of some of these opportunities.

但也許值得評論我們如何透過業務發展管道取得進展以及我們所處的位置，以便我們可以對其中一些機會的時間和規模設定一些期望。

So a typical progression for us are starting with discovery, right, targeting customers and having initial meetings, technology evaluation. This is where we might need to follow meetings with an NDA so that we can have more in-depth technical and business discussion. We share proprietary information in our prospective customers, share desired specifications and then maybe a request samples to evaluate and test to validate our data.

因此，我們的典型進程是從發現開始，然後鎖定客戶、舉行初步會議、進行技術評估。這時我們可能需要在會議後簽署保密協議，以便進行更深入的技術和業務討論。我們與潛在客戶分享專有信息，分享所需的規格，然後可能請求樣品進行評估和測試以驗證我們的數據。

And then NRE or custom development where we're generating prototypes for the customer towards meeting their customer specifications. And we're at various stages of those first few steps of the supply chain with those 20 prospective customers that I mentioned.

然後是 NRE 或客製化開發，我們為客戶生成原型以滿足他們的客戶規格。我們與我提到的 20 個潛在客戶處於供應鏈最初幾個步驟的不同階段。

What comes next is qualification. That's when you'd expect the design win and now you're qualifying the production in unison with your customer and then eventually production, in production for intended product delivery. So again, if I look at the 20 active engagements, we're in steps one, two and three with those prospective customers.

接下來是資格審查。那時您會期望設計能夠成功，現在您要與客戶一起對生產進行資格審查，然後最終進行生產，以交付預期的產品。因此，如果我再看一下這 20 個活躍的互動，我們會發現我們與這些潛在客戶正處於第一、第二和第三步。

And it's really when we're at the later stage when a customer makes a commitment and wants to move to the qualification stage that we might be able to provide more information on scale and volumes in the near term versus long term.

實際上，當我們處於後期階段時，當客戶做出承諾並希望進入資格認證階段時，我們可能能夠提供更多有關短期和長期規模和數量的資訊。

Really great color there. So I guess in the near term, if we look out over the next 12 months, how likely do you think it could be that you could have something they can move fairly quickly because it seems like on the mobile side, maybe moves more quickly on the cycle as opposed to maybe A&D that takes longer. But it seems like on the mobile, you could potentially grab something maybe a little earlier. Is that fair?

那裡的顏色真的很棒。因此，我想，在短期內，如果我們展望未來 12 個月，您認為他們能夠相當快速地採取行動的可能性有多大，因為似乎在行動端，其周期可能會更快，而 A&D 可能需要更長時間。但似乎在行動裝置上，你有可能更早抓住一些東西。這樣公平嗎？

I think mobile and consumer electronics, I would quantify as a very volatile market that can grow very quickly, but timings are typically less clear. So we tend not to provide guidance on when we expect a significant commercial engagement in mobile. It doesn't mean that we're not engaged with prospective customers across the supply chain in that market. Defense and aerospace is quite a bit more stable. There's lots of activity there.

我認為行動和消費性電子產品是一個非常不穩定的市場，可以快速成長，但時間通常不太明確。因此，我們傾向於不提供有關何時預計移動領域會出現重大商業參與的指導。這並不意味著我們沒有與該市場整個供應鏈上的潛在客戶接觸。國防和航空航太領域則穩定得多。那裡有很多活動。

Much of our revenue comes from government agencies, specifically geared towards defense and aerospace applications, and we have active engagements with defense and aerospace tech companies that are sampling and evaluating our technology, and they seem they could move faster.

我們的大部分收入來自政府機構，特別是針對國防和航空航天應用，並且我們積極與國防和航空航天技術公司合作，他們正在對我們的技術進行抽樣和評估，而且他們似乎可以採取更快的行動。

And then sort of the third focus market for us, the AI infrastructure and data center interconnects. That's a market that exists, but is starting to adopt some new technologies to enable the growth that is expected and required.

然後是我們關注的第三個市場，即人工智慧基礎設施和資料中心互連。這是一個已經存在的市場，但它正在開始採用一些新技術來實現預期和所需的成長。

So things like co-packaged optics and massively parallel optical interconnects. So there's sort of an inflection point happening in that industry, and that's usually the best time to engage and have those customers adopt a new technology.

因此，諸如共封裝光學元件和大規模並行光學互連之類的東西。因此，該行業正在經歷一個轉折點，這通常是讓客戶參與並採用新技術的最佳時機。

So what excites us about Aeluma's technology and market focus is that if we just look at those three primary near-term focuses you sort of cover the entire gamut of something that's very stable in near term, something that's fastly growing and happening and something that could be huge in volumes, but it's a bit more volatile. So we could sort of find the balance across those different market verticals to ensure that we're capitalizing in the near term, but also building very good value in the long term.

因此，Aeluma 的技術和市場重點令我們興奮的是，如果我們只看這三個主要的近期重點，你就會發現它涵蓋了短期內非常穩定的事物、快速增長和發生的事物以及數量可能巨大但波動性更大的事物。因此，我們可以在不同的垂直市場之間找到平衡，以確保我們在短期內能夠利用資本，同時也能在長期內創造非常好的價值。

Appreciate the color there. And then maybe just kind of think about your resources and how constrained you've been very selective on those products. But as you double your headcount, especially on the engineering side, should we expect that you can take on more of these opportunities? And is there a way to kind of think about how many of those that come to you that you're moving forward with as opposed to maybe what you're not moving forward with?

欣賞那裡的色彩。然後也許只是考慮一下您的資源以及您在選擇這些產品時受到的限制。但是，隨著你們的員工人數增加一倍，特別是在工程方面，我們是否應該期望你們能夠承擔更多這樣的機會？有沒有辦法考慮一下，在那些向你提出的問題中，有多少是你可以繼續前進的，有多少是你可能沒有繼續前進的？

Yeah, that's a good question. I would say that it's good to remind everyone that we do have a small team and resources are limited. So we have been very selective, both with government contracts that we bid on, but I should say also with commercial opportunities.

是的，這是個好問題。我想說，有必要提醒大家，我們的團隊確實很小，資源有限。因此，我們非常謹慎，不僅對於我們競標的政府合同，而且對於商業機會也是如此。

We try to focus on where we see near-term revenue opportunities and where there are synergies with our technology. And what I would say is that as headcount grows, we are going to leverage the additional resources to focus on the commercial revenue opportunities. So if we had a bigger team, we could bid on more government contracts, but that's not the primary focus moving forward.

我們試圖關注那些我們看到的近期收入機會以及與我們的技術有協同效應的地方。我想說的是，隨著員工人數的成長，我們將利用額外的資源來專注於商業收入機會。因此，如果我們擁有更大的團隊，我們就可以競標更多的政府合同，但這不是未來的主要重點。

Thank you. And then maybe just one last one for me here. But if you had an order, if you were at the end of maybe that design cycle and you secured an order, how quickly could you ramp to maybe a mid-volume if you got the order today? Is that something you do six months because you've done a lot of work on the supply chain? Or is that a longer maybe design cycle -- or longer time to production?

謝謝。這對我來說可能只是最後一個了。但是，如果您有訂單，如果您可能處於設計週期的末尾並且您獲得了一份訂單，如果您今天收到訂單，您能多快地將產量提升到中等水平？這是您在六個月內做的事情嗎？因為您在供應鏈方面做了很多工作？或者說設計週期可能更長——或者生產時間更長？

So I think it depends a bit on the market vertical and the requirements, but we have established small to medium volume processes. And so in the near term, reasonable volumes, even upwards of 1 million units we could certainly support in the near term.

所以我認為這有點取決於市場垂直度和要求，但我們已經建立了小到中等批量的流程。因此，在短期內，我們肯定能夠支持合理的產量，甚至超過 100 萬台。

The larger volumes that you might expect in mobile and consumer electronics, we could support maybe the front end of a program, but we're going to need to rely heavily on our supply chain partners because we don't intend to scale by adding lots more equipment in-house. We're going to scale by leveraging the capabilities of our partners.

您可能會期望行動和消費電子產品的產量更大，我們也許可以支援程式的前端，但我們將需要嚴重依賴我們的供應鏈合作夥伴，因為我們不打算透過在內部添加更多設備來擴大規模。我們將利用合作夥伴的能力來擴大規模。

So hopefully, that answers your question. In the near term, we're confident that we could deliver relatively quickly for sort of small to medium volumes. And we're making investments with supply chain partners to ensure that we can deliver on the higher volume markets thereafter.

希望這能回答你的問題。在短期內，我們有信心能夠相對較快地交付小批量到中等批量的產品。我們正在與供應鏈合作夥伴進行投資，以確保我們能夠在此後更大批量的市場上提供服務。

Is it fair to assume that you feel fairly comfortable with the progress you've made and if you did have, say, a high-volume order that you would be able to bring those or stand up that fab partners quickly enough to fulfill that?

是否可以公平地假設，您對所取得的進展感到相當滿意，並且如果您確實有一個大批量訂單，您是否能夠帶來這些訂單或讓晶圓廠合作夥伴足夠快地完成訂單？

I feel confident in the status of the technology and in the supply chain partners that we've selected. And they seem committed to the technology. They see lots of opportunity to adopt this technology for even other markets that we're not necessarily pursuing.

我對技術現況和我們選擇的供應鏈合作夥伴充滿信心。他們似乎致力於這項技術。他們看到了將這項技術應用於我們未必追求的其他市場的大量機會。

And as I mentioned, four current fab partners, which is important to have multiple suppliers or partners in your supply chain, four fab partners, multiple suppliers of substrates, multiple vendors that support packaging and integration and so on.

正如我所提到的，目前有四個晶圓廠合作夥伴，在供應鏈中擁有多個供應商或合作夥伴非常重要，四個晶圓廠合作夥伴，多個基板供應商，多個支援封裝和整合的供應商等等。

Okay. Alright. And lastly, Chris, I just want to say congratulations and looking forward to working with you.

好的。好吧。最後，克里斯，我只想向你表示祝賀，並期待與你合作。

Thanks, same here. Great to have you. Appreciated.

謝謝，我也是。很高興有你。非常感謝。

Thank you for the questions.

謝謝您的提問。

Richard Shannon, Craig-Hallum.

理查德·香農，克雷格·哈勒姆。

Hi, guys. Thannks for let me ask a quick follow-on here, probably more for Chris. So I want to get a sense of how to think about OpEx throughout this year. You talked about doubling headcount, and I think your comment was a commensurate amount of growth on the OpEx side here.

嗨，大家好。感謝您允許我在這裡快速跟進一下，可能更多是針對克里斯的。所以我想了解今年該如何看待營運支出。您談到了員工人數翻番，我認為您的評論與營運支出的成長是相應的。

Just any way you can quantify how we should think about that going throughout the year? And then using that as a proxy for ultimately thinking about what kind of cash burn that you're expecting within the context of this $4 million to $6 million sales guide for the year. Thank you.

您能否以任何方式量化我們應該如何看待這一全年情況？然後以此為代表，最終思考在年度 400 萬至 600 萬美元的銷售指南背景下，您預計會出現什麼樣的現金消耗。謝謝。

Right. So yeah, so like we said, we're expecting to give or take, double headcount over the course of the year. Our spending really today is largely headcount driven. So as we add headcount gradually over the year, our expenses are going to drift up.

正確的。是的，就像我們所說的那樣，我們預計今年的員工人數將增加一倍。我們今天的支出實際上很大程度上是由員工人數決定的。因此，隨著我們每年逐漸增加員工人數，我們的開支也會隨之增加。

Our non-headcount spending, a lot of that is fab related as we run wafers through our fab partners. And that we're going to be increasing through the year. But also, I wouldn't look for any major step functions. I would look at it as a gradual increase over the course of the year.

在我們的非員工支出中，很大一部分與晶圓廠有關，因為我們透過晶圓廠合作夥伴來生產晶圓。並且我們全年都會增加這一數字。但同時，我也不會尋找任何主要的階躍函數。我認為它會在一年內逐漸增加。

With revenue where it's at, I think you'll see a slight uptick in burn. But again, it's going to be gradual. And we're doing things in a very measured way, meaning we're adding the right headcount. We're being selective, waiting until we find the right people, and we're kind of reading the signals within the market and trying to kind of react accordingly and make sure we have the team in place to capitalize on the opportunities we have.

考慮到目前的收入水平，我認為你會看到燒錢量略有上升。但同樣，這將是一個漸進的過程。而且我們做事非常謹慎，這意味著我們正在增加合適的員工數量。我們正在篩選，等待找到合適的人才，我們正在解讀市場中的訊號，並嘗試做出相應的反應，確保我們擁有合適的團隊來利用我們擁有的機會。

We did talk a little bit about our priorities. Today, I'd just remind everyone today, we don't have a business development team. So we are going to be definitely looking to build out that business development team this year as well as expanding our R&D teams and our operations teams to really -- again, this year, a lot of this year is about positioning us to make that transition from pure R&D to commercial.

我們確實談論了一點我們的優先事項。今天，我只想提醒大家，我們沒有業務開發團隊。因此，我們今年肯定會尋求建立業務開發團隊，並擴大我們的研發團隊和營運團隊，以便真正實現從純研發到商業的轉變。

Okay. Great, guys. That's all for me. I'll jump out of the line.

好的。太棒了，夥計們。對我來說就這些了。我會跳出隊伍。

Thank you.

謝謝。

Thanks very much.

非常感謝。

David Williams, Benchmark.

大衛威廉斯，基準。

We've got to keep you on your toes to keep you busy. So I appreciate the follow-up here. But one other quick one I wanted to ask is, Jonathan, you alluded to this earlier, but how do you think about where your technology progress is today?

我們必須讓你保持警惕，讓你忙碌。因此，我很感謝您的跟進。但我想問的另一個問題是，喬納森，你之前提到過這一點，但你如何看待今天的技術進步？

And is there anything that you think is standing in the way? Or is it simply just adoption from the customer side? So is it fair to say that we've done the heavy lifting now really is just that commercial adoption is where we are?

您認為有什麼阻礙嗎？或者它只是客戶端的採用？那麼，是否可以說我們已經完成了繁重的工作，而現在我們真正要做的只是商業應用？

Thanks for the question. Yeah, I think it's important to recognize that we've developed a disruptive technology, very happy with the progress we've made over the last few years. And -- but this is a disruptive technology. It's not sort of an off-the-shelf like we're making something just a little different than someone else already. So when you have such a disruptive technology that can really impact multiple markets, that requires a commitment from customers.

謝謝你的提問。是的，我認為重要的是要認識到我們已經開發出一種顛覆性技術，我們對過去幾年的進展感到非常高興。但這是顛覆性技術。這並不是一種現成的產品，就像我們製造的東西與別人的東西稍有不同。因此，當你擁有這樣一種能夠真正影響多個市場的顛覆性技術時，就需要客戶的承諾。

This is for future generation systems, again, not a direct replacement of an existing component in a system that's already in production. So it's all about aligning the timing here, like advancing our go-to-market strategy with the new biz dev team, progressing the engagements across the stages of the funnel to really get those solid foundational commitments from the customers that we've maybe already done custom development for, they've adopted the technology.

這是針對未來一代系統而言的，同樣，不是直接替換已經投入生產的系統中的現有組件。因此，這一切都是為了協調時間，例如與新業務開發團隊一起推進我們的市場進入策略，推進漏斗各個階段的合作，以真正從我們可能已經為其完成定制開發的客戶那裡獲得堅實的基礎承諾，他們已經採用了這項技術。

It's not always clear to us the timing of when do they want to integrate this technology into the next-generation products. But biz dev and go-to-market is critical for us. And then also advancing the production capacity so that we're ready to deliver at scale. I think we're at a stage where there's enough excitement and enthusiasm and interest in our technology. It's matured to a level that's meeting the requirements of many of our customers and prospective customers.

我們並不總是清楚他們何時希望將這項技術融入下一代產品。但業務開發和市場推廣對我們來說至關重要。然後，我們也要提高生產能力，以便能夠大規模交付。我認為我們正處於對我們的技術有足夠的興奮、熱情和興趣的階段。它已經成熟到可以滿足許多客戶和潛在客戶的要求的水平。

And so it makes sense at this time to start to make investments to really scale to be running more and more wafers through our foundries to really qualify the processes and ensure that they're ready when the customers ask us to deliver at scale.

因此，此時開始進行投資以真正擴大規模是有意義的，以便透過我們的代工廠運行越來越多的晶圓，以真正驗證流程並確保當客戶要求我們大規模交付時它們已經準備就緒。

Fantastic. Thanks so much. Again, appreciate it. Best of luck on the quarter.

極好的。非常感謝。再次表示感謝。祝本季好運。

Thank you very much.

非常感謝。

This concludes our question-and-answer session. I would like to turn the conference back over to Jonathan Klamkin for any closing remarks.

我們的問答環節到此結束。我想將會議交還給喬納森·克拉姆金 (Jonathan Klamkin) 做結束語。

Yeah, I'd like to thank everyone for joining our inaugural conference call, and we look forward to reporting on our progress on our first quarter call. Thank you.

是的，我要感謝大家參加我們的首次電話會議，我們期待在第一季電話會議上報告我們的進展。謝謝。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。