Aeluma Inc (ALMU) 2026 Q1 法說會逐字稿

Good day and thank you for standing by. Welcome to Aeluma's Q1 fiscal year 2026 earnings conference call. (Operator Instructions) Please be advised that today's conference call is being recorded.

您好，感謝您的耐心等待。歡迎參加 Aeluma 2026 財年第一季業績電話會議。（操作員說明）請注意，今天的電話會議正在錄音。

At this time, I would like to turn the call over to Tony Rossi, Investor Relations for Aeluma. Please go ahead.

此時，我想把電話交給 Aeluma 的投資人關係負責人 Tony Rossi。請繼續。

Thanks, Gary. Good afternoon, and welcome to Aeluma's first-quarter fiscal 2026 earnings call. I'm here today with Founder and CEO, Jonathan Klamkin; and CFO, Christopher Stewart.

謝謝你，加里。下午好，歡迎參加 Aeluma 2026 財年第一季財報電話會議。今天我與創始人兼首席執行官喬納森·克拉姆金和首席財務官克里斯托弗·斯圖爾特一起出席。

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. 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 Investor section of our website. 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.

今天的討論和對問題的回答可能包含前瞻性陳述，這些陳述受到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。這些風險和不確定性已在今天發布的盈利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，都可以在我們網站的投資者關係版塊找到。Aeluma 不承擔任何義務更新或修改任何前瞻性聲明，以反映本次電話會議日期之後可能發生的事件或情況。

Throughout this -- the discussion, the company will refer to non-GAAP financial measures, including EBITDA and adjusted EBITDA. A reconciliation of our non-GAAP financial measures to the most directly comparable GAAP measures is included in our earnings press release and SEC filings.

在整個討論過程中，公司將提及非GAAP財務指標，包括EBITDA和調整後的EBITDA。我們的獲利新聞稿和提交給美國證券交易委員會的文件中包含了非GAAP財務指標與最直接可比較的GAAP指標的調節表。

Now I'll turn the call over to Aeluma's CEO, Jonathan Klamkin.

現在我將把電話交給 Aeluma 的執行長 Jonathan Klamkin。

Thank you, Tony, and thank you all for joining. Let's begin with the growing spotlight on AI adoption.

謝謝你，托尼，也謝謝各位的參與。讓我們先從人工智慧應用日益受到關注這個話題開始。

Its rapid acceleration is driving unprecedented demand for optical component technologies for AI infrastructure. In response, Aeluma has fast-tracked the transition to commercial-scale production of our high-performance semiconductors. Aeluma builds critical semiconductor photonics, including high-speed transceiver components and high-power quantum dot lasers for optical interconnects. We've invested in a breakthrough manufacturing platform with the potential to meet the performance, scale, and cost requirements for AI and other large-volume markets.

它的快速發展正在推動人工智慧基礎設施對光學元件技術前所未有的需求。為此，Aeluma 加快了高性能半導體向商業規模生產的過渡。Aeluma 製造關鍵的半導體光子裝置，包括高速收發器組件和用於光互連的高功率量子點雷射。我們投資開發了一個突破性的製造平台，該平台有潛力滿足人工智慧和其他大批量市場在性能、規模和成本方面的要求。

The way cloud computing became the new standard for deploying and managing digital services, we believe Aeluma's approach will become the way of the future for semiconductor manufacturing. That is the definition of a disruptive technology. Think of the impact in the context of what is happening on a global scale. Demand for semiconductors in US markets is at an all-time high, yet many fabs are overseas and supply chain issues are impeding the usual way of doing things.

雲端運算已成為部署和管理數位服務的新標準，我們相信 Aeluma 的方法將成為半導體製造的未來發展方向。這就是顛覆性技術的定義。要從全球層面考慮其影響。美國市場對半導體的需求達到了歷史最高水平，但許多晶圓廠位於海外，供應鏈問題阻礙了通常的運作方式。

Turn to Aeluma. We do not rely on expensive indium phosphide substrates that now have historically long lead times and historically high prices. We currently work with multiple US-based fabs, including one well-known large-volume pure-play foundry. Manufacturing on small substrates made of materials that in short supply and with low-volume specialty fabrication processes will not suffice, and Aeluma is here to capitalize on this opportunity.

轉向艾魯瑪。我們不依賴昂貴的磷化銦基板，這些基板目前的交貨週期很長，價格也很高。我們目前與多家美國晶圓廠合作，其中包括一家知名的大量純晶圓代工廠。在供應短缺的材料製成的小型基板上進行製造，並採用小批量特殊製造工藝，是遠遠不夠的，而 Aeluma 正是抓住了這個機會。

The market for optical component technologies and AI infrastructure alone is projected to be several billion dollars within just a few years. And Aeluma's technology also applies to other high-growth market verticals, including defense and aerospace, mobile and consumer electronics, industrial and robotics, to name a few.

預計僅光學元件技術和人工智慧基礎設施的市場規模，在短短幾年內就將達到數十億美元。Aeluma 的技術也適用於其他高成長市場垂直領域，包括國防和航空航太、移動和消費電子、工業和機器人等。

As we navigate a period of unprecedented demand, customer opportunities continue to expand, fueling our go-to-market plan. How were we executing? To begin, we completed an oversubscribed capital raise which strengthened our no-debt balance sheet and boosted our cash to $38 million. With this strong financial position, plus the revenue generated from R&D contracts, we continue to execute our strategic priorities and accelerate our transition to commercialization.

在當前前所未有的需求時期，客戶機會不斷擴大，推動了我們的市場拓展計畫。我們的執行情況如何？首先，我們完成了超額認購的融資，這增強了我們無債務的資產負債表，並將我們的現金增加到 3,800 萬美元。憑藉強勁的財務實力，加上研發合約帶來的收入，我們將繼續執行我們的策略重點，並加速商業化轉型。

Our ongoing R&D contracts reflect our dual-use technology approach to address market needs. We selectively bid on programs to advance technologies important to government customers, but that also have commercial applications in our target markets. This quarter, we signed a new contract with NASA to leverage our scalable semiconductor platform for quantum.

我們持續的研發合約體現了我們利用軍民兩用技術滿足市場需求的方法。我們選擇性地參與那些能夠推動對政府客戶至關重要的技術發展的項目，這些技術同時也能在我們的目標市場中得到商業應用。本季度，我們與 NASA 簽署了一份新合同，利用我們可擴展的半導體平台進行量子計算。

Our approach provides a path to low-size, weight, and power quantum systems making them viable for space-based platforms. Programs like this provide non-dilutive funding for development, while commercial companies evaluate our technology for potential integration. As a reminder, Aeluma's technology combines best-in-class semiconductor materials with large-volume microelectronics manufacturing.

我們的方法為實現小尺寸、輕重量和低功耗的量子系統提供了一條途徑，使其適用於太空平台。此類計劃為研發提供非稀釋性資金，同時商業公司評估我們的技術是否有可能被整合。需要說明的是，Aeluma 的技術結合了頂尖的半導體材料和大規模微電子製造技術。

We recently announced that, in collaboration with Thorlabs, we will be delivering a presentation on Aeluma's scalable photonics platform at SPIE Photonics West Conference in January. This is the world's largest annual conference and exhibition for optics and photonics technologies, and we look forward to sharing our breakthrough at this prestigious gathering. We will also host a company booth at the exhibition, which is a terrific venue to meet with existing and potential customers and to showcase our technologies.

我們最近宣布，我們將與 Thorlabs 合作，在 1 月的 SPIE Photonics West 會議上，就 Aeluma 的可擴展光子學平台進行演講。這是全球規模最大的光學和光子學技術年度會議和展覽，我們期待在這個享有盛譽的盛會上分享我們的突破性成果。我們還將在展會上設立公司展位，這是一個與現有客戶和潛在客戶會面並展示我們技術的絕佳場所。

Key to our go-to-market plan is increasing manufacturing readiness. This means qualifying our processes for production. To do so, we have increased wafer fabrication levels at our foundry partners nearly five-fold and made an investment in wafer-scale test capabilities. On the latter, we recently inked an amazing deal to acquire significant capital equipment assets from a major components and solutions provider at nearly one cent on the dollar.

我們市場推廣計劃的關鍵在於提高生產準備度。這意味著要對我們的生產流程進行認證。為此，我們已將代工廠合作夥伴的晶圓製造水準提高了近五倍，並對晶圓級測試能力進行了投資。在後者方面，我們最近簽署了一項驚人的協議，以接近一美分的價格從一家主要零件和解決方案提供商處收購了大量資本設備資產。

Also critical to increasing manufacturing readiness is adding key members to our team. We recently filled important roles, including director of supply chain manufacturing, director of technology enablement, among others, and we continue to recruit in the areas of business development, manufacturing, and operations. I am thrilled at the caliber of applicants we are interviewing. What we are doing at Aeluma is attracting elite candidates, and we look forward to adding more talent to the team as we drive our transformative technology forward.

提高生產準備度的另一個關鍵因素是為我們的團隊增加關鍵成員。我們最近填補了一些重要職位，包括供應鏈製造總監、技術賦能總監等，我們也在業務發展、製造和營運領域繼續招募人才。我對我們面試的應徵者素質感到非常興奮。我們在 Aeluma 所做的就是吸引頂尖人才，我們期待隨著我們變革性技術的推進，更多的人才加入我們的團隊。

The demand for high-performance semiconductor components continues to rise, especially for photonic technologies supporting the adoption of AI. It's exciting to see new customer opportunities converging around our vision, growing interest in our technology, and the meaningful impact we're poised to deliver at scale. As we deepen and expand engagements with prospective customers, we're uncovering even greater opportunity aligned with our offerings and product roadmap.

對高性能半導體元件的需求持續成長，尤其是對支援人工智慧應用的光子技術的需求。看到新的客戶機會圍繞著我們的願景匯聚，人們對我們的技術越來越感興趣，以及我們即將大規模的重要影響，這令人興奮不已。隨著我們與潛在客戶的互動不斷加深和擴大，我們發現了更多與我們的產品和服務以及產品路線圖相契合的機會。

This reinforces confidence in our technology, approach, and business model. All pieces are falling in place to create the one plus one equals three value proposition that we believe paints a bright future for Aeluma its customers, and its shareholders.

這增強了人們對我們技術、方法和商業模式的信心。一切進展順利，共同創造了「一加一等於三」的價值主張，我們相信這將為 Aeluma、其客戶和股東描繪出一個光明的未來。

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

現在我將把電話交給我們的財務長克里斯·斯圖爾特，讓他來討論財務狀況。

Thanks, Jonathan. Now I will share some highlights of our first-quarter fiscal 2026 financial results. We are pleased to report another solid quarter of revenue from our government and commercial contracts.

謝謝你，喬納森。現在我將分享我們2026財年第一季財務表現的一些亮點。我們很高興地報告，來自政府和商業合約的收入又一個季度保持穩健成長。

For the quarter ended September 30, revenue was $1.4 million, compared to $481,000 a year ago and $1.3 million in the prior quarter. GAAP net loss for the first quarter was $1.5 million, or $0.09 per share, versus a net loss of $730,000, or $0.06 per share, in Q1 of last year and a net loss of $859,000, or $0.05 per share, in the June quarter. The increase in net loss from the prior quarter was primarily attributable to higher payroll and stock-based compensation expense.

截至 9 月 30 日的季度，營收為 140 萬美元，而去年同期為 48.1 萬美元，上一季為 130 萬美元。第一季GAAP淨虧損為150萬美元，即每股虧損0.09美元，去年同期淨虧損為73萬美元，即每股虧損0.06美元，6月季度淨虧損為85.9萬美元，即每股虧損0.05美元。淨虧損較上一季增加，主要原因是薪資和股票選擇權費用增加。

Non-GAAP net loss for the quarter was $437,000, or $0.03 per share, versus a net loss of $550,000, or $0.04 per share, in the fourth quarter last year -- first quarter of last year, and a non-GAAP net loss of $112,000, or $0.01 per share, in the June quarter. Adjusted EBITDA for the quarter was a loss of $450,000, compared to a loss of $457,000 for the comparable period last year and a loss of $113,000 in the prior quarter. We ended the first fiscal quarter with $38.1 million in cash and cash equivalents, and we currently have no long-term debt.

本季非GAAP淨虧損為437,000美元，即每股0.03美元，而去年第四季淨虧損為550,000美元，即每股0.04美元；去年第一季非GAAP淨虧損為112,000美元，即每股0.01美元。本季調整後 EBITDA 虧損 45 萬美元，去年同期虧損 45.7 萬美元，上一季虧損 11.3 萬美元。第一財季結束時，我們擁有現金及現金等價物3,810萬美元，目前我們沒有任何長期債務。

During the quarter, we closed a follow-on public offering for 1.955 million shares, raising net proceeds of $23.4 million. The capital significantly strengthened our balance sheet more than doubling our cash position. We expect this additional cash will support our plan to transition from exclusively R&D revenue to initial commercial product revenue.

本季度，我們完成了後續公開發行，發行了 195.5 萬股股票，淨收益為 2,340 萬美元。這筆資金大大增強了我們的資產負債表，使我們的現金儲備增加了一倍以上。我們預計這筆額外的資金將支持我們從完全依賴研發收入過渡到初步商業產品收入的計畫。

Now, turning to our expectations for fiscal 2026, we continue to expect revenue in the range of $4 million to $6 million, as we stated in our year-end call. For a majority of our contracts, revenue is recognized upon achievement of technical milestones. Once again, in the quarter, we hit all of our planned milestones, adding to our impressive track record of timely delivery. That said, revenue may vary quarter to quarter depending on the timing of achieving and receiving customer sign-off on these milestones.

現在，展望 2026 財年，我們仍然預計收入將在 400 萬美元至 600 萬美元之間，正如我們在年終電話會議上所說的那樣。對於我們的大部分合同，收入是在達到技術里程碑後確認的。本季度，我們再次實現了所有計劃的里程碑，進一步鞏固了我們按時交付的良好記錄。也就是說，收入可能會因實現和獲得客戶對這些里程碑的認可的時間而逐季度波動。

We view this R&D revenue as important, non-diluted financing that supports our development efforts and progress towards commercial readiness. As previously discussed, we are highly selective in bidding only on projects we believe will have an impact in our commercial target markets. while our strategic priority for fiscal 2026 is positioning Aeluma to begin the transition to commercial product revenue.

我們認為這筆研發收入是重要的、未稀釋的融資，可以支持我們的研發工作和邁向商業化的進程。如前所述，我們對投標項目非常挑剔，只參與那些我們認為會對目標商業市場產生影響的項目。同時，我們2026財年的策略重點是幫助Aeluma開始轉型為商業產品產品。

Going forward, we expect to prudently increase spending as we invest in growth initiatives, including increased production for technology validation and expanding our business development, manufacturing, and operations teams. With our established capital-efficient market, we are focusing our investments on what is most critical for an effective transition to commercialization. Several of the industries that we are targeting are poised for significant technology-enabled growth, and we plan to be ready for this major inflection point in the semiconductor industry.

展望未來，我們預計將謹慎地增加支出，投資於成長計劃，包括增加技術驗證的生產，以及擴大我們的業務開發、製造和營運團隊。憑藉我們已建立的資本效率高的市場，我們將投資重點放在對有效過渡到商業化最關鍵的方面。我們所瞄準的幾個產業都已準備好迎接科技帶來的顯著成長，我們計劃為半導體產業的這一重大轉折點做好準備。

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

現在，我將把電話轉回給喬納森，請他作總結發言，之後我們將開放提問環節。

Thank you, Chris. The fiscal year is off to a promising start with key objectives already underway. In support of our go-to-market strategy, we've made continued progress to strengthen our financial position, increase our manufacturing readiness, and expand our team. Demand for high-performance semiconductor technology in our key target markets continues to grow, and we believe we'll be in a position to deliver at the scale required by our customers. We look forward to sharing more information with you in the near future.

謝謝你，克里斯。本財政年度開局良好，各項關鍵目標已在進行中。為了支持我們的市場推廣策略，我們不斷加強財務狀況，提高生產準備能力，並擴大團隊規模。我們主要目標市場對高性能半導體技術的需求持續成長，我們相信我們將能夠以客戶所需的規模交付產品。我們期待在不久的將來與您分享更多。

I want to thank our incredible team for their commitment and hard work, and a special thank you to all our investors for your support and enthusiasm that drives us every day.

我要感謝我們出色的團隊的付出和辛勤工作，也要特別感謝所有投資者的支持和熱情，正是你們的支持和熱情激勵著我們每天不斷前進。

Operator, you can now open the call for questions.

操作員，現在可以開始接受提問了。

(Operator Instructions)

（操作說明）

David Williams, Benchmark.

David Williams，基準。

Congrats on the continued progress here. So Jonathan, maybe first, in the last quarter you talked about having, you know, around 20 engagements or so, and just wondering if you could give us an update on how those are progressing? And if there's been any that's kind of fallen out of that funnel or if they've progressed? And just kind of how you're seeing the funnel of activity today.

恭喜你們在此方面取得的持續進展。喬納森，首先，上個季度你提到大約有 20 個項目，我想知道你是否可以向我們介紹這些項目的進展？如果有人偏離了既定的篩選流程，或是他們取得了進展呢？就像你今天看到的活動漏斗圖一樣。

Yeah, we've made continued progress with ongoing active engagements, especially in defense and aerospace and AI infrastructure. Defense and aerospace continues to be strong, and we've been advancing engagements in this vertical across the pipeline. Maybe some notable achievements include a recent sample delivery to a key customer, custom NRE work that we're doing in this area related to our imaging sensors.

是的，我們透過持續積極的合作取得了持續進展，尤其是在國防、航空航太和人工智慧基礎設施領域。國防和航空航太領域依然強勁，我們一直在推進該領域各環節的合作。一些值得注意的成就包括最近向一位重要客戶交付了樣品，以及我們在該領域與成像感測器相關的客製化 NRE 工作。

And then sort of in terms of maybe the growth of the pipeline, there are some newer customers in the AI infrastructure space that are evaluating, in particular, high-speed transceiver component technology. So we continue to look at our market verticals broadly, but same as last quarter, there's a particular focus on AI infrastructure -- optical component technologies for AI infrastructure, defense and aerospace, and mobile and consumer electronics.

然後，就管道的成長而言，人工智慧基礎設施領域有一些新的客戶正在評估，特別是高速收發器組件技術。因此，我們繼續廣泛關注我們的市場垂直領域，但與上個季度一樣，我們特別關注人工智慧基礎設施——人工智慧基礎設施的光學組件技術、國防和航空航天以及行動和消費性電子產品。

Perfect. Thank you. And then maybe just you talk about your commercial readiness here and achieved --you've -- by 5X, increased the wafer to your fab partners. Can you maybe give us a little bit of an update on where you are and how quickly you can stand up the fabs? If you were to get an order today, how long would it take you before you could have volume kind of production out of your fab partners?

完美的。謝謝。然後，也許你可以談談你的商業化準備情況，以及你已經實現了——5倍——將晶圓產量提高到你的晶圓廠合作夥伴的水平。您能否簡單介紹一下您目前的進度，以及您能多快搭建好生產車間？如果今天接到訂單，你的製造合作夥伴需要多久才能大量生產？

So yeah, obviously dependent on specific volume and market vertical and the qualification requirements for that market vertical. But as you mentioned, we are running more and more wafers through our fab partners now on the order of fivefold, meaning the number of wafers or number of wafer lots that we're running through our fab partners.

所以，這顯然取決於特定的銷量、垂直市場以及該垂直市場的資格要求。但正如您所提到的，我們現在透過晶圓廠合作夥伴生產的晶圓數量越來越多，大約是原來的五倍，這意味著我們透過晶圓廠合作夥伴生產的晶圓數量或晶圓批次數量增加了五倍。

The things that we're making at our external fab partners are primarily detectors for imaging sensors and high-speed components for transceiver applications intended to deploy both in defense and aerospace, but also in AI infrastructure. With the capacity that we have in place now, we could support a reasonable volume, the types of volumes that you'd expect in defense and aerospace and also in sort of the optical component technologies.

我們在外部代工廠合作夥伴處生產的產品主要是成像感測器的探測器和收發器應用的高速組件，這些產品旨在部署於國防和航空航天領域，以及人工智慧基礎設施領域。以我們目前擁有的產能，我們可以支援合理的產量，例如國防、航空航太以及光學元件技術領域的產量。

For a big consumer market like mobile or consumer electronics, we'd have to invest additionally in overall capacity.

對於像行動裝置或消費性電子產品這樣的大型消費市場，我們需要額外投資於整體產能。

Okay. Very good. But you feel pretty confident that what you have lined up today that you can support the probably nearer term type of potential engagements in aerospace and defense and optical?

好的。非常好。但您是否相當有信心，您今天所安排的資源能夠支援近期在航空航太、國防和光學領域可能開展的合作專案？

That's correct. And, you know, there are several different use cases and formats, sort of low- to medium-speed versions of some of our transceiver components, higher-speed versions. of our transceiver components, but at least some of them are ready to deliver for evaluation and ready to qualify for a customer's requirements.

沒錯。而且，你知道，我們的收發器組件有幾種不同的應用場景和格式，包括低速到中速版本，以及高速版本，但至少其中一些已經準備好交付評估，並符合客戶的要求。

Okay. And on that transceiver side, can you talk a little bit about exactly what your components are? Where are you participating? And then is there a way to kind of size that market if you break it out? And then maybe not even breaking it out, but just kind of thinking about the lower speed and mid and maybe even upper speed. But where do you play and what do you think that total market is for you?

好的。關於收發器方面，您能否詳細介紹一下你們的組件具體有哪些？你在哪裡參加？那麼，如果將這個市場細分出來，有沒有辦法估算出它的規模呢？然後，也許甚至不用把它拆開，而是思考低速、中速，甚至高速。但是你在哪裡玩遊戲？你認為你的市場總規模是多少？

Thanks for asking this, David. One of the reasons I'm so excited about that market is that we're uncovering more and more use cases and architectures. We've engaged with some newer customers in that space as recently as the last month or two. And what we're finding is that there's interest and a need for high-performance technology for higher-speed transceivers, for more traditional pluggable optics formats, just at higher data rates.

謝謝你問這個問題，大衛。我之所以對這個市場如此興奮，其中一個原因是，我們正在發現越來越多的用例和架構。就在過去一兩個月裡，我們與該領域的一些新客戶進行了接觸。我們發現，人們對高速收發器的高效能技術，以及更傳統的可插拔光元件格式，都有著濃厚的興趣和需求，只是數據速率更高而已。

Some of the component technologies today are very expensive. I still feel very strongly about our business model to deliver high-performance semiconductor chips. And I think the margins could be very good there, especially in this market.

如今某些組件技術非常昂貴。我仍然對我們提供高性能半導體晶片的商業模式充滿信心。我認為那裡的利潤率可能會非常高，尤其是在當前的市場環境下。

So again, one of the reasons I'm so excited about that market is that some of our prospective customers are interested in very high-performance, high-speed components for a few different use cases. Some are interested in sort of lower speed but higher volume and arrays of devices. And then a little bit longer term, you know, co-packaged optics will eventually, you know, start to deploy and see adoption, and some of our high-power laser and quantum dot laser technology could make an impact there. So I'm very excited about sort of near-term prospects as well as, you know, future prospects a few years out.

所以，我之所以對這個市場如此興奮，其中一個原因是我們的一些潛在客戶對用於幾種不同用途的高性能、高速組件很感興趣。有些人對速度較低但產量較高以及設備陣列感興趣。從長遠來看，你知道，共封裝光學元件最終會開始部署和應用，而我們的一些高功率雷射和量子點雷射技術可能會在這方面產生影響。所以我對近期的前景以及幾年後的未來前景都感到非常興奮。

Okay. Fantastic. And then, you know, kind of going back to the prior question. But as you think about commercialization and how close you are and maybe tipping over some of these engagements, can you kind of talk us through the timeline of when you think you might have something that you might be able to announce in terms of a design win or a falsification or something that kind of gives us a trajectory on that revenue opportunity, even if we're looking out into '27 or beyond?

好的。極好的。然後，你知道，有點像是回到之前的問題。但是，當您考慮商業化以及您距離達成某些合作還有多遠時，您能否大致談談您認為何時可以宣布一些消息，例如設計方案的成功、方案的驗證或其他一些可以讓我們了解收入機會發展軌蹟的消息，即使我們展望的是 2027 年或更遠？

I think what we've said in the previous quarter was that this fiscal year for us is all about positioning the company for the transition to commercialization. And so what that means is really solidifying the relationships with some of our prospective customers and maybe even some of the newer customers that have come to the table in the last couple of months.

我認為我們在上個季度已經說過，本財年對我們來說最重要的就是為公司轉型為商業化做好準備。因此，這意味著要真正鞏固與一些潛在客戶的關係，甚至可能包括最近幾個月來的一些新客戶。

So in terms of timing, our goal is to get to initial commercial product revenue sometimes during this fiscal year. I don't think we're ready to say what the volumes would be, what the prices would be, what the total revenue would be. Chris will answer other questions related to revenue and guidance.

因此，就時間安排而言，我們的目標是在本財年內實現首批商業產品收入。我認為我們現在還無法確定銷售、價格和總收入會是多少。Chris 將回答其他與營收和績效指引相關的問題。

Our current revenue is based on bookings and R&D contracts. But what we're doing now is really laying the foundation for commercial-scale production, and that means delivering more and more samples to our customers, solidifying relationships that might come in the form of NRE commitments from our customers, and at least some small-volume orders, which might initially be for sampling purposes. But the point is we're ensuring that we're going to be ready when customers are ready to adopt technology and place orders.

我們目前的收入主要來自訂單和研發合約。但我們現在所做的，實際上是為商業規模生產奠定基礎，這意味著向我們的客戶提供越來越多的樣品，鞏固可能以客戶非經常性工程費用承諾形式出現的關係，以及至少一些小批量訂單，這些訂單最初可能是為了樣品製作。但關鍵在於，我們要確保在客戶準備好接受新技術並下訂單時，我們能夠做好準備。

Certainly appreciate it. One last one, if I may. Chris, just on the revenue -- or excuse me, on the balance sheet, you feel pretty comfortable that that will get you to kind of a cash flow or a cash neutral position from your current balance?

非常感謝。如果可以的話，我再問最後一個問題。克里斯，就收入而言——或者抱歉，就資產負債表而言，你是否很有信心，這能讓你從目前的餘額中實現現金流平衡或現金收支平衡？

Yeah. There's a lot of dependencies in terms of like how the markets play out and what investments we need to make to support certain customers. But, you know, what we've said is we believe we have plenty of cash on the balance sheet to get to that initial revenue. And then, you know, we'll see if that gets us all the way to cash flow positive or if, you know, we need to make some investments in capacity to support really, really rapid growth.

是的。有許多因素會影響最終結果，例如市場走向以及我們需要進行哪些投資來支持特定客戶。但是，你知道，我們已經說過，我們相信資產負債表上有足夠的現金來實現最初的收入目標。然後，我們會看看這是否能讓我們實現正現金流，或者我們是否需要對產能進行一些投資，以支持真正快速的成長。

Richard Shannon, Craig-Hallum.

理查德·香農，克雷格·哈勒姆。

Let me ask a couple questions here. Jonathan, let's start with one of your early comments here regarding photonics and specifically fast-tracking some work here. Maybe you can elaborate on what exactly this means. And probably have a couple of follow-ups on this topic.

我想問幾個問題。喬納森，我們先從你之前關於光子學的評論說起，特別是關於加快這方面的一些工作。或許您可以詳細解釋一下這究竟是什麼意思。可能還會就此話題提出一些後續問題。

I think our sort of focus areas in optical interconnects for the near term are becoming more and more clear the more deeply we get engaged in customers and understand the requirements for that market. So fast tracking means dedicating resources to that specific market vertical and a few key prospective customers. And it also means ramping up, you know, the manufacturing readiness effort around the components that we're building for that market vertical and the hiring of people that have backgrounds in photonic component technologies for that specific market vertical.

我認為，隨著我們與客戶的深入接觸以及對市場需求的了解，我們近期在光互連領域的關注重點也變得越來越清晰。因此，快速推進意味著將資源投入到特定的垂直市場和幾個關鍵的潛在客戶中。這也意味著要加大力度，加強我們為該垂直市場所打造的組件的生產準備工作，並招募在該特定垂直市場具有光子組件技術背景的人員。

So it's a bit of a focused effort, and because of the funding that we've raised, we're able to accelerate and hire people probably faster than initially anticipated. We're able to run more and more wafers at our foundries more than initially anticipated because of the additional resources we have.

所以這是一項比較集中的努力，而且由於我們籌集了資金，我們能夠加快速度，招聘人員的速度可能比最初預期的要快。由於我們擁有了額外的資源，我們的晶圓代工廠能夠生產的晶圓數量比最初預期的要多得多。

Okay. Jonathan, can you elaborate on what kind of components we're talking about here? You've obviously talked about quantum dots in the past here, which is obviously an emitter of a laser. What about, I think you're alluding to other components here, and I would assume detectors are in that, but any other components that you've also been working on that seem to be grabbing some attention?

好的。喬納森，你能詳細說明一下我們這裡討論的是哪些類型的組件嗎？您之前顯然在這裡談到過量子點，它顯然是雷射發射器。那麼，我認為你在這裡暗示了其他組件，我猜想檢測器也包含在內，但你還在研究哪些其他組件，而這些組件似乎引起了一些關注呢？

Yes. So generally, Aeluma's technologies are emitters and detectors, as you know, for sensing and communication applications. So we work on both emitters and detectors, but we leverage this highly scalable platform to build those components.

是的。因此，如您所知，Aeluma 的技術總體上是發射器和探測器，用於感測和通訊應用。因此，我們既研究發射器也研究探測器，但我們利用這個高度可擴展的平台來建造這些組件。

Quantum dot lasers, there's a lot of interest for that technology, especially for light engines, for silicon photonics applications, and maybe for some externally modulated lasers in the future. But I think that's a little bit more of a longer-term prospect.

量子點雷射這項技術引起了人們的極大興趣，尤其是在光引擎、矽光子學應用以及未來可能的一些外部調製雷射方面。但我認為這更多的是一個更長遠的設想。

In the near term, high-performance just emitters and detectors are in very high demand right now. And if you recall, we've been working on high-speed detectors initially with the Navy to deploy novel high-speed transceivers for multimode fiber links on aerial platforms. And a different flavor of that could be applied to a few different use cases in the data center market.

短期內，高效能的純發射器和偵測器目前需求量非常大。如果您還記得的話，我們最初是與海軍合作研發高速探測器，以便在空中平台上部署用於多模光纖鏈路的新型高速收發器。而這種技術的另一種變體可以應用於資料中心市場的幾種不同用例。

And without going into too many specific details of exactly what we're doing, there are more than one use case for that technology. And again, this is in part why I'm so excited because, slightly different flavors in terms of what the targeted speed performance is, the targeted sensitivity, the targeted format, how many of these detectors and are they arrays of detectors or banks of detectors or individual detectors.

無需贅述我們具體在做什麼，這項技術有不只一個應用場景。再次強調，這也是我如此興奮的部分原因，因為不同的產品在目標速度性能、目標靈敏度、目標格式、探測器數量以及它們是探測器陣列、探測器組還是單個探測器等方面略有不同。

These are components that are traditionally somewhat expensive, especially when you get to the higher speeds. And I think Aeluma can make a real impact here because of how we do our manufacturing on different substrate platforms that are a lot less expensive and could lead to not only the scale, the higher volume, but also lower cost in the future.

這些組件通常價格比較昂貴，尤其是在高速運行時更是如此。我認為 Aeluma 可以在這裡產生真正的影響，因為我們採用不同的基板平台進行製造，這些平台的成本要低得多，這不僅可以帶來規模化、更高的產量，而且在未來還可以降低成本。

Okay. That's helpful, Jonathan. Thanks for that perspective. Maybe a couple more questions for me. In the press release, you talked about a goal of, I think, three to seven new development contracts for this year, and you didn't give us any sort of number last quarter, at least that I recall.

好的。那很有幫助，喬納森。謝謝你的見解。我可能還有幾個問題想問。在新聞稿中，您提到今年的目標是簽訂三到七份新的開發合同，但我記得上個季度您沒有給出任何具體數字。

So maybe you can help us understand where you're expecting some of these to come from? Do you already have visibility into these opportunities with the government or with commercial partners here? And maybe kind of give us more detail there, please?

所以，您能否幫助我們了解一下您預計其中一些數據會來自哪裡？您是否已經了解與政府或商業夥伴合作的這些機會？能否請您提供更多細節？

Yes. So last quarter we said three to seven new contracts, and this quarter we announced a one-time contract with NASA, so that's one of those three to seven. We do have a few pending bids out there that we expect to hear on in the next few months, and we're working on a few more proposals for a few strategic government contracts.

是的。所以上個季度我們說有三到七份新合同，而這個季度我們宣布與 NASA 簽訂了一份一次性合同，所以這就是那三到七份合同中的一份。我們有一些待處理的投標項目，預計在未來幾個月內會有結果。此外，我們也正在準備一些戰略性政府合約的提案。

At the same time, we're also in discussions with some of our commercial partners, in one case where we're performing on some NRE and discussing sort of a next phase of that work. And we are getting some requests from some of our commercial customers to scope out some NRE work. So I think we'll have more information to share as we go, but at least at this moment, we feel fairly comfortable with the three to seven number.

同時，我們也在與一些商業夥伴進行討論，其中一個案例是我們正在執行一些非經常性工程項目，並正在討論這項工作的下一階段。我們的一些商業客戶也提出了一些要求，希望我們能對一些非經常性工程工作進行評估。所以我覺得隨著事態發展，我們會分享更多信息，但至少目前，我們對三到七這個數字感到比較有把握。

Maybe one other item I'll just add related to that topic. I think eventually what you're going to see is that we're going to start to transition to bigger contract opportunities, meaning because the transition to commercialization is really our goal, setting the foundation for the transition to commercialization in this fiscal year, that's our highest strategic priority. And so what that means is that we may not bid on some of the smaller government contracts that we have in the past.

或許我還要補充一點與此相關的內容。我認為最終你們將會看到，我們將開始過渡到更大的合約機會，這意味著，因為向商業化過渡才是我們真正的目標，所以在本財年為向商業化過渡奠定基礎，是我們最重要的策略重點。這意味著我們可能不會再參與過去一些規模較小的政府合約的競標。

Even though those lead to nice prospective customer engagements and eventually more funding, it could be that we transition to bidding only on sort of larger-scale opportunities that feed into our commercial opportunities. And if the commercial business picks up sooner than later, then obviously that's where our focus will be.

儘管這些舉措能夠帶來良好的潛在客戶互動，並最終獲得更多資金，但我們可能會轉而只競標那些能夠為我們帶來商業機會的大規模機會。如果商業業務能夠盡快復甦，那麼很顯然，我們的重點將放在那裡。

And I think it's timely because if you think about, you know, the change in administration and budget cuts to some of the funding agencies and general slowdown with government funding and the recent government shutdown, it's a good time for us to focus on commercial because there might not be as much government contract funding. Maybe there will be some government funding really to support infrastructure and US-based semiconductor manufacturing, which is what Aeluma is all about.

我認為這很及時，因為想想看，政府換屆、一些資助機構的預算削減、政府資金普遍放緩以及最近的政府停擺，現在正是我們專注於商業的好時機，因為政府合約資金可能不會那麼多。或許政府會提供一些資金來支持基礎建設和美國本土的半導體製造業，而這正是 Aeluma 的核心所在。

And moving forward, I mean, our goal was to transition to commercialization, to leverage what we did in terms of developing technology under these R&D contracts. So I think that's sort of the shift that you'll see moving forward. But again, just to come back to your question, we've bid on contracts, a few commercial and several government-funded contracts across agencies, primarily DoD. and some NASA and DOE.

展望未來，我的意思是，我們的目標是過渡到商業化，利用我們在這些研發合約下開發技術所取得的成果。所以我認為這就是未來你會看到的轉變趨勢。但回到你的問題，我們已經參與過一些合同的投標，包括一些商業合同和一些政府資助的合同，涉及多個機構，主要是國防部，還有一些是美國宇航局和能源部。

Okay. That's all for Jonathan. You partially answered my next question, but I'm going to ask anyway just to make sure there's a more complete answer here, but just wondering about any impacts from the government shutdown.

好的。喬納森的報道就到此為止了。您已經部分回答了我的下一個問題，但我還是要問一下，以確保能得到更完整的答案，我只是想知道政府停擺會有什麼影響。

It sounds like there's been some here. Is this -- it sounds like maybe this is more slowing down the initial RFQ, RFI process, but how about other contracts that are in process here? Are those being slowed down as well?

聽起來這裡好像發生過一些事。這聽起來像是會減慢最初的詢價、資訊徵詢流程，但是其他正在進行的合約又會受到什麼影響呢？這些運輸速度也減慢了嗎？

I mean, the government is shut down now, so it's hard to reach anyone. But there has been some general slowness in terms of new programs getting reviewed, contracts getting executed. We have seen that. It hasn't had a major impact on us because, as you know, we don't heavily rely on that funding. It's been really great to win some of that funding because it's been non-dilutive funding. So it's really kept our cash burned down, and it's led to a lot of other things, not only with government customers, but with commercial customers or partners that are supporting us on some of those programs.

我的意思是，現在政府停擺了，所以很難聯絡任何人。但是，在審查新項目和執行合約方面，整體速度有所放緩。我們已經看到了這一點。這並沒有對我們造成重大影響，因為，如你所知，我們並不嚴重依賴這筆資金。能夠獲得部分資金真是太好了，因為這些資金不會稀釋股權。所以，這確實讓我們的現金消耗殆盡，也導致了許多其他事情發生，不僅涉及政府客戶，還涉及支持我們開展某些專案的商業客戶或合作夥伴。

But generally speaking, yes, I mean, things have been slower than usual. It's taking longer to get contracts signed. And there are some programs out there that we had bid on that got delayed. and, in some cases, canceled and reformatted into something else. But, again, we weren't relying on any of those bids in terms of capital needs or revenue guidance. Everything that we speak of in terms of guidance is based on bookings and some assumptions around the success in delivering on milestones.

但總的來說，是的，我的意思是，事情進展比平常慢。簽訂合約所需時間越來越長。還有一些我們曾經競標的項目被推遲了，有些甚至被取消或改成了其他形式。但是，我們再次強調，在資金需求或收入預期方面，我們並沒有依賴任何這些投標。我們所談論的一切指導方針都是基於預訂情況以及對實現里程碑目標的一些假設。

That sounds great. Thanks for that detail. Last question, I'll jump out of line here. Just asking about the fab relationships here. The last quarter you talked about engaged with four of them and two more that might possibly enter the fold here, and it sounds like that number might go up here in this past quarter, if you could update on that.

聽起來不錯。謝謝你提供這個細節。最後一個問題，我先插一句。只是想問這裡的人脈關係怎麼樣。您上個季度提到與其中四家公司進行了接洽，還​​有兩家公司可能也會加入。聽起來這個季度這個數字可能會上升，如果您能提供最新情況，那就太好了。

And then I guess I'm probably more interested in when a relationship becomes more formalized and contractual and one where you might even announce that partner. I know last quarter you said you're not going to announce them or even give that information out to potential partners until you actually have to, but wondering if that's in the cards anywhere in the near future?

然後，我猜我可能更感興趣的是，一段關係何時會變得更加正式和有合約約束，甚至到了可以公開伴侶關係的地步。我知道上個季度您說過，在真正需要之前，您不會公佈這些消息，甚至不會向潛在合作夥伴透露這些信息，但我想知道這在不久的將來是否有可能？

So we haven't formally added any new fab partners in the last couple of months, but have increased the level of runs -- the number of runs that we're doing at several of those fabs. And there are some new activities happening with some supply chain partners.

因此，在過去的幾個月裡，我們沒有正式增加任何新的晶圓廠合作夥伴，但增加了生產量——我們在其中幾個晶圓廠進行的生產量。此外，我們也與一些供應鏈合作夥伴進行了一些新的合作活動。

And just to paint the entire picture, you know, one type of partner is a fab that does what we refer to as sort of the front-end fab. We deliver our wafers and devices get fabricated. But there are a few other steps in our process that happen other places. And so we've had to set up a supply chain. There's some, you know, back-end work. some integration work, wafer-scale integration work. There's even some tests.

為了更全面地說明情況，你知道，其中一個合作夥伴是製造廠，他們從事我們所說的前端製造工作。我們交付晶圓，然後進行裝置製造。但我們的流程中還有一些步驟是在其他地方進行的。因此，我們不得不建立供應鏈。你知道，還有一些後端工作，一些整合工作，晶圓級整合工作。甚至還有一些測試。

So there are a number of partners that we've added to our supply chain. Some of them I might not characterize as a fab. But to answer your question, we may make announcements, but generally at this stage, given the volume of wafers that we're running at our fabs, we'll continue to do that.

因此，我們在供應鏈中新增了一些合作夥伴。有些我可能不會稱之為“Fab”。但要回答你的問題，我們可能會發佈公告，但總的來說，在現階段，鑑於我們晶圓廠的晶圓產量，我們將繼續這樣做。

Maybe as things start to ramp up, based on customer demand and we have data, statistical data that we're sharing with customers, and we are ready to share information about qualified processes for a specific standard or for a specific customer, that might be a little bit more timely in terms of sharing a little bit more of our supply chain. I mean, generally speaking, photonic component manufacturers don't share a lot of detail on their supply chain. We're certainly going to try to find creative ways to share different proof points and forms of validation with our shareholders, but being mindful of confidentiality and trade secret information.

或許隨著業務開始加速發展，根據客戶需求，我們擁有數據，有統計數據，並且我們正在與客戶分享這些數據，並且我們準備分享有關特定標準或特定客戶的合格流程的信息，那麼在分享我們供應鏈的更多信息方面，可能會更加及時一些。我的意思是，一般來說，光子元件製造商不會透露太多關於其供應鏈的細節。我們當然會嘗試用創意的方式與股東分享不同的證據和驗證形式，但同時也會注意保密和商業機密資訊。

David Williams, Benchmark.

David Williams，基準。

I just wanted to ask, on the optical interconnects on the transceiver side, what is it that's driving your accelerated potential there? Is it an economics perspective? Is it the volume? Is it performance? What exactly, if you kind of look at while your customers are coming to you, what is driving that business there?

我想問一下，在收發器端的光互連方面，是什麼因素推動了你們在該領域的加速發展？這是從經濟學的角度來看的嗎？是音量問題嗎？是效能問題嗎？如果你仔細觀察顧客光顧你的店舖時的行為，你會發現究竟是什麼因素在推動他們的生意？

Well, the first way I'd answer that question is that that market is really booming right now, and there's a lot of demand, not only now, but expected in the coming years, as I'm sure you know, especially from some recent earnings calls from companies active in that market. So part of it is there's so much activity, volumes are growing. And as we're growing as a company, we're engaging more and more customers that in some cases are new to our technology and sharing with us slightly different use cases for our technology and some of those end markets.

嗯，我回答這個問題的第一方式是，這個市場目前確實非常繁榮，需求量很大，不僅現在如此，而且預計未來幾年也會如此，我相信你也知道，特別是從最近一些活躍在該市場的公司的盈利電話會議來看。部分原因是市場活動非常活躍，交易量不斷成長。隨著公司的發展壯大，我們接觸的客戶越來越多，其中一些客戶對我們的技術並不熟悉，他們與我們分享了我們技術的一些略有不同的使用案例以及一些終端市場。

I mean, that's a market that we knew was expected to grow substantially and one of the reasons, as I mentioned, that we're sort of dedicating lots of resources to that market in terms of customer interactions, business development, and even the fraction of wafers we're running through our fabs geared toward transceiver components, the reason that we're doing that is there's more than one use case, and there's high demand, and the component technologies that are needed are not inexpensive. They're expensive, and customers want more of them, and they'd like to see them at lower cost.

我的意思是，我們知道這個市場預計會大幅增長，正如我提到的，我們之所以在這個市場投入大量資源，包括客戶互動、業務拓展，甚至在我們晶圓廠生產的晶圓中，有相當一部分是用於收發器組件，原因之一是它有不止一個應用場景，需求量很大，而且所需的組件技術價格不菲。它們價格昂貴，顧客想要更多，並且希望價格能更低。

So that really points to manufacturing approaches like Aeluma's scaling and reducing cost. And so that's a very exciting market right now where I think -- don't quote me on numbers, but I think some of the usual suppliers are seeing significant increase in number of chips deploying in that market from maybe a few million to double-digit millions. So it's a very exciting time to see volumes grow for components that are very high performance in nature in terms of speed performance and other specifications.

所以這確實指向了像 Aeluma 這樣的製造方法，即擴大規模和降低成本。所以，目前這是一個非常令人興奮的市場，我認為——雖然我不能保證具體的數字，但我認為一些常見的供應商看到，在這個市場部署的晶片數量顯著增加，從幾百萬顆增加到幾千萬顆。因此，對於速度性能和其他規格方面都非常高性能的組件來說，銷量成長是一個非常令人興奮的時刻。

When you engage with the customer in that supply chain or in the optical side, are you engaging at the customer level? Would it be with NVIDIA or the hyperscalers? Or is it more in the module or OEM side? Where do you typically engage within that?

當你在供應鏈或光學領域與客戶互動時，你是否在客戶層面進行互動？是和英偉達合作還是和超大規模資料中心合作？或問題更多出在模組或OEM廠商？你通常會在哪些方面參與其中？

Across all levels of that value chain. As you know, that industry has gone through lots of changes in the last decade or so, and so hyperscalers are deeply involved in the supply chain. That used to be different when CISCOs of the world would buy components. Component suppliers were not making so much margin, and so component suppliers said, maybe we need to start making modules.

貫穿整個價值鏈的各個層級。如您所知，該行業在過去十年左右的時間裡經歷了許多變化，因此超大規模資料中心營運商深度參與了供應鏈。以前情況不一樣，像思科這樣的公司會購買零件。零件供應商的利潤並不高，所以零件供應商說，也許我們需要開始生產模組了。

But then the higher level customers made investments in contract manufacturing and packaging and assembly, and so the hyperscalers are deeply involved in technology definition and supply chain. And the good news for Aeluma is what that means for component suppliers is that chip suppliers can benefit from a fairly profitable business. And so that's one of the reasons that we're so excited about that market, very high-end chips that not so many companies in the world know how to make. And Aeluma has an opportunity to scale, deliver the performance, and bring cost down.

但隨後，更高階的客戶對合約製造、包裝和組裝進行了投資，因此超大規模資料中心營運商也深度參與了技術定義和供應鏈。對 Aeluma 來說，好消息是，這意味著元件供應商可以從中受益，晶片供應商可以從相當有利可圖的業務中獲益。所以，這也是我們對這個市場如此興奮的原因之一，那就是製造世界上不多的公司都能製造的高階晶片。Aeluma 有機會擴大規模、提升效能並降低成本。

And just one last question here, I promise. But just was going to ask and kind of walk through, you talked earlier about the low -- lower data rates, the mid and the upper end. But what is it that's kind of drawing you in? And can you maybe speak to the components where you're seeing the most pull-ins on the low end?

我保證，最後一個問題了。但我只是想問一下，順便了解一下，你之前談到了低端——較低的數據速率，中端和高端。但究竟是什麼吸引著你呢？您能否談談在低階產品中，哪些組件的損耗最為嚴重？

We would suspect that your high performance would be at the very upper end, but we think it's interesting that you talked about the low end there. So maybe just some color around the low- and mid-range and why you're being pulled in there.

我們原本以為你的高水準表現會達到非常高的水平，但你談到低水平這一點，我們覺得很有意思。所以，或許可以稍微介紹一下低端和中端市場，以及為什麼你會被吸引到那裡。

I mean, generally speaking, I've said that we're identifying more and more use cases in the data center market. So if you think about AI clusters and short reach and higher speed and how you get there, and I'm sure you know what companies are doing, in some cases developing new technologies for short reach but very-high-aggregate data rates, but outside of short reach for compute clusters like that, hyperscalers need more and more optics for rack-to-rack, and generally, switch ASICs are increasing.

我的意思是，總的來說，正如我所說，我們在資料中心市場中發現了越來越多的應用案例。所以，如果你考慮人工智慧集群、短距離傳輸和更高速度以及如何實現這些目標，我相信你也知道一些公司正在做什麼，在某些情況下，他們正在開發新技術來實現短距離傳輸但極高的聚合數據速率，但除了短距離傳輸的計算電路之外，超大規模數據中心需要越來越多的機架間光模組，而且一般來說，交換機專用集成數量 (ASIC) 的數量也在增加。

There's been really nice announcements from Broadcom and others, 100 terabyte switches. So sort of across the board, there's more and more demand for high-performance transceiver components, meaning higher volumes coming, whether it's short reach, you know, a few meters out to 100 meters or, you know, sort of in the middle up to a few kilometers and maybe even longer. I would say most of the use cases where we're seeing interest in our technology are mostly around sort of the short- and mid-reach, few meters out to maybe 100 meters and then from there to, you know, maybe a couple of kilometers.

博通和其他公司都發布了一些很棒的公告，例如100TB的交換器。因此，總體而言，對高效能收發器組件的需求越來越大，這意味著產量將會更高，無論是短距離傳輸（幾公尺到 100 公尺），還是中距離傳輸（幾公里甚至更遠）。我認為，目前我們看到用戶對我們技術的興趣主要集中在短距離和中距離應用場景，例如幾米到 100 米，然後從那裡延伸到幾公里。

And without going into too much detail, formats of transceivers, whether it's pluggables or efforts being made to put optics on boards, that's what we see really growing in the near term. Co-packaged optics is something many companies and fabs are investing in, and I think that's coming. That'll slowly get adopted, and we have technology that that's applicable there as well, like the quantum dot lasers, for example, are a good fit, especially in the co-packaged optics world.

無需贅述細節，收發器的各種形式，無論是可插拔式還是將光學元件整合到電路板上，我們都認為這些在短期內會真正發展壯大。共封裝光學元件是許多公司和晶圓廠正在投資的領域，我認為這是未來的發展趨勢。這項技術會逐漸被採用，而且我們也有適用於此的技術，例如量子點雷射就非常合適，尤其是在共封裝光學領域。

So I'm just very enthusiastic about that end market because there's near-term demand, near-term growth, and expected long-term growth, especially as things like co-packaged optics start to get adopted over the next few years.

所以我對終端市場非常樂觀，因為近期有需求，近期有成長，而且預計長期也會成長，尤其是在未來幾年，隨著共封裝光學元件等技術開始被採用。

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

我們的問答環節到此結束。我謹將會議交還給喬納森·克拉姆金，請他作總結發言。

Thank you. We look forward to connecting at investor conferences and other meetings in the future. Thank you for joining, and have a great day.

謝謝。我們期待未來在投資者會議和其他會議上與您交流。感謝您的參與，祝您有美好的一天。

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

會議到此結束。感謝各位參加今天的報告會。您現在可以斷開連線了。