Aeluma Inc (ALMU) 2026 Q2 法說會逐字稿

Good day and thank you for standing by. Welcome to Aeluma 's Q2 fiscal year 2026 earnings conference call. (Operator Instructions)

您好，感謝您的耐心等待。歡迎參加 Aeluma 2026 財年第二季財報電話會議。（操作說明）

At this time, I would like to turn the call over to Alex Villalta, 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 Alex Villalta。請繼續。

Good afternoon and welcome to Aeluma's second quarter fiscal 2026 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. These risks and uncertainties are detailed in the earnings press release issued today along with the reports filed with the US SEC.

下午好，歡迎參加Aeluma 2026財年第二季財報電話會議。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。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。

These reports, along with today's earnings release can be found under the investor section of our website. Aluma 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. A reconciliation of non-GAAP financial measures to the most directly comparable GAAP measures is included in the earnings press release and SEC filings.

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。Aluma 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。在整個討論過程中，公司將參考非GAAP財務指標，包括EBITDA和調整後EBITDA。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, Alex, and thank you all for joining today's call. To begin, I would like to share some enlightening numbers I heard recently at the PIC summit in Sunnyvale, an event aligned with the SPIE Photonics West cons that Aluma participated in.

謝謝Alex，也謝謝各位參加今天的電話會議。首先，我想分享一些我最近在桑尼維爾舉行的 PIC 峰會上聽到的令人鼓舞的數據，該峰會與 Aluma 參與的 SPIE Photonics West 會議同期舉行。

An executive from Celestial AI, the photonics company recently acquired by Marvell, stated that the top four hyperscalers invested more than $300 billion in data center CapEx in 2025, and this number is expected to surpass $1 trillion in 2029. This is a significant market opportunity now and for the next several years. It is also an opportunity for new technology and product introduction.

光子學公司 Celestial AI（最近被 Marvell 收購）的一位高層表示，排名前四的超大規模資料中心營運商在 2025 年對資料中心資本支出的投資超過 3,000 億美元，預計到 2029 年這一數字將超過 1 兆美元。這在當前以及未來幾年都是一個重要的市場機會。這也是引進新技術和新產品的機會。

Higher performance is needed, higher volumes are needed, and cost is critical. The Aeluma platform wins on all of these metrics. And while data centers represent a very important market for Aeluma, this is only one of 3 primary near term target markets that also include mobile and defense. And activities for us are busier than ever across each of these markets. We are witnessing our vision come to life as mobile and consumer electronics OEMs position their supply chains to adopt shortwave infrared or SWIR sensors.

需要更高的性能，需要更大的產量，而且成本至關重要。Aeluma平台在所有這些指標上都勝出。雖然資料中心是 Aeluma 非常重要的市場，但這只是其近期三大主要目標市場之一，其他兩個市場分別是行動和國防。我們在這些市場的業務活動比以往任何時候都更加繁忙。我們正在見證我們的願景變為現實，行動和消費電子產品原始設備製造商正在調整其供應鏈，以採用短波紅外線或 SWIR 感測器。

SWIR sensors have been around for many years, primarily in the defense, aerospace, and industrial markets for applications such as imaging and machine vision. Indium gallium arsenide or ingas, one of Aluma's primary semiconductor materials, has been the benchmark for SWIR because of its best-in-class performance. But incumbent in gas technology is expensive and doesn't scale.

SWIR感測器已經存在多年，主要應用於國防、航空航太和工業市場，例如成像和機器視覺。砷化銦鎵（或稱為砷化銦鎵）是 Aluma 的主要半導體材料之一，由於其一流的性能，一直是短波紅外線 (SWIR) 的基準。但現有的天然氣技術成本高且無法規模化。

If only in-gas could be lower cost. I've heard this for decades. If only, then in-gas sensors would be in every mobile phone, tablet, PC, and other consumer product. The mobile market is getting ready to adopt SWIR, and as we know, a Luma manufacturing platform enables the scale required for mass markets.

如果天然氣成本能更低就好了。幾十年來我一直聽到這種說法。如果是這樣的話，那麼每部手機、平板電腦、個人電腦和其他消費性產品中都會配備內建氣體感測器。行動市場正準備採用 SWIR 技術，我們知道，Luma 製造平台能夠實現大眾市場所需的規模。

In the second quarter, we continued to execute our commitments and remained sharply focused on our transition to commercialization. Conversations with key customers have shifted from interest and evaluation to pricing and planning. At this pivotal time, I am delighted to welcome Bouchaib Nessar as Aeluma's new senior Vice President of Business Development and Product.

第二季度，我們繼續履行承諾，並始終高度專注於轉型為商業化。與主要客戶的對話已從興趣和評估轉向定價和規劃。在這個關鍵時刻，我很高興地歡迎 Bouchaib Nessar 擔任 Aeluma 新的業務發展和產品高級副總裁。

Bouchaib held key roles at JDSU, now Lumentum, overseeing sales, product marketing, and management for high-speed receiver product lines. What a great match for Aluma and our scalable detector technology. Bouchaib 's 3 decades of experience with semiconductor photonics span optical networking and data centers, sensing, and quantum. In addition to JDSU Lumentum, Bouchaib held leadership roles at SCD USA, one of the largest suppliers of Infrared sensors and Princeton Lightwave where he launched commercial laser, and biomedical detector products.

Bouchaib 曾在 JDSU（現為 Lumentum）擔任要職，負責高速接收器產品線的銷售、產品行銷和管理。Aluma 和我們可擴展的探測器技術真是絕配。Bouchaib 在半導體光子學領域擁有 30 年的經驗，涵蓋光網路和資料中心、感測和量子技術。除了 JDSU Lumentum 之外，Bouchaib 還曾在 SCD USA（最大的紅外線感測器供應商之一）和 Princeton Lightwave 擔任領導職務，在那裡他推出了商用雷射和生物醫學探測器產品。

Bouchaib is the perfect fit for Aeluma at this stage when we have seen increasing requests for quotation and have begun taking sales orders. While initial orders are relatively small in value, this marks an important milestone toward broader market adoption. Bouchaib has a track record of taking technology to product, driving market adoption, and growing revenue. He will accelerate our go to market strategy, building on the significant customer traction achieved to date.

現階段，隨著詢價請求的增加和銷售訂單的開始，Bouchaib 與 Aeluma 非常契合。雖然初始訂單金額相對較小，但這標誌著向更廣泛的市場接受邁出了重要一步。Bouchaib 在將技術轉化為產品、推動市場接受度和增加收入方面有著良好的業績記錄。他將加快我們的市場推廣策略，在迄今為止的顯著客戶成長基礎上再接再厲。

In addition to Bouchaib 's appointment, we added experienced leadership and technical talent across supply chain and engineering. These other key appointments have strengthened our manufacturing partner relationships as we increase operations with boundaries. Ships are yielding and performing as we qualify our processes for target markets. We will continue to expand the team and also evaluate strategic opportunities to accelerate our growth.

除了任命 Bouchaib 之外，我們還在供應鏈和工程領域增加了經驗豐富的領導和技術人才。隨著我們在邊界內擴大運營，這些其他重要任命加強了我們與製造合作夥伴關係。隨著我們對目標市場的流程進行驗證，船舶的產量和性能都在不斷提高。我們將繼續擴大團隊規模，並評估各種策略機遇，以加速我們的發展。

Earlier, we announced a win with NASA to invest further in our platform for quantum photonics. We also received additional contract funding to integrate quantum dot lasers directly into the Aim Phonics 300-millimeter silicon photonics platform. This technology could be a game changer for the photonics industry across AI, data centers, sensing, and quantum.

先前，我們宣布與 NASA 達成合作，將進一步投資於我們的量子光子學平台。我們還獲得了額外的合約資金，用於將量子點雷射直接整合到 Aim Phonics 300 毫米矽光子平台中。這項技術可能會徹底改變人工智慧、資料中心、感測和量子運算等領域的光子學產業。

Additionally, we received several award notices recently for later stage R&D efforts and transition opportunities, reinforcing confidence in a Aeluma's technology and expectations for additional contracts this year.

此外，我們最近也收到了幾份關於後期研發工作和轉型機會的授標通知，這增強了我們對 Aeluma 技術的信心，並期待今年能獲得更多合約。

In January our team was very active at the SPIE Photonics West technical conference and exhibition. A presentation was delivered that showcased our scalable semiconductor platform for quantum. To provide color, Aeluma is a technology company and not a system integrator. However, we believe our platform has more potential than those developed by major quantum system companies. Compared to alternatives such as lithium niobate or barium titanate, Aeluma's heterogeneous integration on silicon may provide the path forward to scalable quantum photonic systems.

一月份，我們的團隊非常積極地參加了 SPIE Photonics West 技術會議和展覽。我們做了一個演示，展示了我們用於量子計算的可擴展半導體平台。為了更清楚地說明，Aeluma 是一家技術公司，而不是系統整合商。然而，我們相信我們的平台比主要量子系統公司開發的平台更有潛力。與鈮酸鋰或鈦酸鋇等替代方案相比，Aeluma 在矽上的異質整合可能為可擴展的量子光子系統提供前進的道路。

Our booth at the exhibition was also busy. We held important meetings with existing customers and partners and also discussed the Aeluma's technology with many new leads across key markets. Important people came to see Aluma. The word is out and the buzz continues to grow.

我們在展會上的展位也很熱鬧。我們與現有客戶和合作夥伴舉行了重要會議，並與主要市場的許多新潛在客戶討論了 Aeluma 的技術。一些重要人物前來拜訪阿魯瑪。消息已經傳開，熱度還在持續上升。

We were visited by individuals from the mobile market, the data center market, the defense market, and the quantum market, among others. We also took another step to deepen our presence in defense and commercial markets with admission to the Midwest Microelectronics Consortium or MMEC in November. This is a key hub within the Department of War's Microelectronics Commons, which is focused on transitioning critical technologies from the lab into domestic manufacturing.

行動市場、資料中心市場、國防市場和量子市場等領域的代表都來拜訪了我們。11 月，我們加入了中西部微電子聯盟（MMEC），進一步深化了我們在國防和商業市場的地位。這是美國戰爭部微電子共享中心的關鍵樞紐，該中心致力於將關鍵技術從實驗室轉移到國內製造業。

Hub themes directly aligned with the Aeluma's technology, which addresses AI hardware, electronic warfare, quantum, and infrared sensing. Simply put, the MMEC expands our reach while reaffirming our role in futureproofing America's leadership in semiconductors. External recognition continued with Aeluma being named a 2025 Leap Award winner for advanced materials innovation.

中心的主題與 Aeluma 的技術直接相關，這些技術涉及人工智慧硬體、電子戰、量子和紅外線感測。簡而言之，MMEC 擴大了我們的影響力，同時重申了我們在確保美國在半導體領域未來領導地位方面所發揮的作用。外部認可持續不斷，Aeluma 被評為 2025 年先進材料創新飛躍獎得主。

This award recognized our wafer scale SWIR photodetector platform and highlights the competitive advantage of combining best in class materials with scalable manufacturing. Importantly, this independent validation enhances our credibility and relevance across multiple high growth markets. At the same time, we continue to strengthen the foundation of our business. We expanded our patent portfolio to 35 issued and pending patents. Our mindset is to leave no stone unturned when it comes to establishing a footprint in our target markets.

該獎項表彰了我們的晶圓級短波紅外線光電探測器平台，並突顯了將一流材料與可擴展製造相結合的競爭優勢。重要的是，這種獨立驗證增強了我們在多個高成長市場的信譽和相關性。同時，我們將繼續加強業務基礎。我們已將專利組合擴大到 35 項已頒發和正在申請的專利。我們的理念是，在目標市場建立影響力時，要不遺餘力。

Taken together, these achievements underscore clear themes. Momentum is building, visibility is rising, engagement is translating into opportunity. The time is now to capitalize on our progress and the growing market horizon and to pursue strategic opportunities to accelerate our path to commercialization. As we move through fiscal 2026, we remain intensely focused on commercialization and on delivering long-term value.

總而言之，這些成就凸顯了幾個明確的主題。勢頭正在增強，知名度正在提高，參與度正在轉化為機會。現在正是利用我們所取得的進展和不斷擴大的市場前景，尋求策略機遇，加速實現商業化進程的時候。展望 2026 財年，我們將持續高度重視商業化和創造長期價值。

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. Moving on to our fiscal second quarter 2026 financial results, revenue was $1.3 million compared to $1.6 million in the second quarter of last year, fiscal 2025 and $1.4 million in the first quarter of fiscal 2026.

謝謝你，喬納森。接下來來看我們 2026 財年第二季的財務業績，營收為 130 萬美元，而去年同期（2025 財年）第二季為 160 萬美元，2,026 財年第一季為 140 萬美元。

Our government R&D contracts were the principal source of revenue for the quarter. And as we have discussed previously, quarter to quarter revenue can vary based on the timing of meeting program milestones. It's important to highlight the strategic nature of these programs. Government development contracts provide non-diluted funding for our R&D investments and serve as ongoing technical validation of our platform by prospective government customers.

本季度，政府研發合約是主要收入來源。正如我們之前討論過的，季度收入會因專案里程碑的完成時間而有所不同。強調這些項目的戰略性質非常重要。政府開發合約為我們的研發投資提供不受稀釋的資金，並作為潛在政府客戶對我們平台的持續技術驗證。

Going forward, we will continue to pursue strategic government programs that can meaningfully accelerate commercialization opportunities. That net loss for the quarter was $1.9 million or 11 cents per basic and diluted share compared to a net loss of $2.9 million or 24 cents per share in the prior period, in the prior year period, and a net loss of $1.5 million or 9 cents per share in the sequential prior quarter.

展望未來，我們將持續推動能夠實際加速商業化機會的政府戰略項目。本季淨虧損為 190 萬美元，即每股基本及攤薄虧損 11 美分，而上年同期淨虧損為 290 萬美元，即每股虧損 24 美分，上季淨虧損為 150 萬美元，即每股虧損 9 美分。

The lower year over year net loss was primarily due to a non-recurring $3 million charge for a change in the fair value of derivative liabilities that we recorded in the quarter ended December 31, 2024. This was partially offset by higher salaries, stock-based compensation, and employee-related costs associated with increasing our headcount to strategically expand our business and scale our operations.

淨虧損年減主要是因為我們在截至 2024 年 12 月 31 日的季度中確認了一筆 300 萬美元的非經常性費用，該費用與衍生負債的公允價值變動有關。但這部分被更高的薪資、股票選擇權以及與增加員工人數相關的員工成本所抵消，這些成本是為了策略性地擴展業務和擴大營運規模。

The sequential increase in net loss was driven by higher R&D related expense, partially offset by lower SG&A expense. Adjusted EBITDA loss for the quarter was $917,000 compared to a gain of $647,000 in the same period last year and a loss of $450,000 in the first quarter of this year. We closed the quarter with a strong balance sheet including $38.6 million in cash and cash equivalents, an increase of $425,000 from the close of the September quarter, primarily due to the receipt of $690,000 from the exercise warrants that were issued as part of our March 2025 Nasdaq uplifting and financing.

淨虧損季增，主要是因為研發相關費用增加，但部分被銷售、管理及行政費用減少所抵銷。本季調整後 EBITDA 虧損 91.7 萬美元，去年同期獲利 64.7 萬美元，今年第一季虧損 45 萬美元。本季末，我們的資產負債表表現強勁，現金及現金等價物達 3860 萬美元，比 9 月份季度末增加了 42.5 萬美元，主要原因是收到了 69 萬美元的行權認股權證款項，這些認股權證是我們 2025 年 3 月納斯達克上市及融資計劃的一部分。

Related to the work exercise, we issued 124,415 shares of common stock. Currently, we have no long-term debt, and we intend to continue to operate in a disciplined, capital efficient manner while ensuring that Aeluma is appropriately positioned to execute on our strategic plans and capitalize on the opportunities to create value for our shareholders.

與工作演練有關，我們發行了 124,415 股普通股。目前，我們沒有長期債務，我們打算繼續以嚴謹、高效的資本運作方式運營，同時確保 Aeluma 處於適當的位置，以執行我們的戰略計劃並抓住機會為我們的股東創造價值。

Last week, we took a proactive step in filing a post-effective amendment with the SEC to consolidate several existing S1 registration statements that were currently on file. No new chairs were registered in connection with this filing. This consolidation just streamlines our reporting requirements and reduces administrative costs going forward. Turning to guidance for the full fiscal year of 2026, we continue to expect revenue in the range of $4 million to $6 million.

上週，我們採取了積極主動的措施，向美國證券交易委員會提交了一份生效後修正案，以合併目前已備案的幾份現有的 S1 註冊聲明。本次備案中沒有登記任何新的椅子。此次合併簡化了我們的報告要求，並降低了未來的管理成本。展望 2026 財年全年業績，我們仍預期營收將在 400 萬美元至 600 萬美元之間。

Our execution is progressing according to the plans discussed on our last two quarterly calls. We have strengthened our organization with key additions across our go to market and operations teams. We are ramping fab runs and continuing to increase our manufacturing readiness. As Jonathan mentioned, we're receiving an increasing number of requests for price quotations and have begun taking initial sales orders for product shipments.

我們的執行工作正按照最近兩次季度電話會議上討論的計劃進行。我們透過在市場推廣和營運團隊中的關鍵人員擴充，加強了組織實力。我們正在逐步提高晶圓廠的產量，並持續提升我們的生產準備能力。正如喬納森所提到的，我們收到了越來越多的報價請求，並且已經開始接受產品出貨的首批銷售訂單。

While near term revenue from these orders is expected to be modest, we do believe it's an important milestone and provides another indication of market interest in our technology.

雖然預計這些訂單的短期收入不會很高，但我們相信這是一個重要的里程碑，也再次表明了市場對我們技術的興趣。

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

接下來，我將把電話交還給喬納森，請他作總結發言，之後我們將開放提問環節。

Thank you, Chris. To summarize, this quarter reinforced that Aeluma is gaining traction and momentum. We continue to execute our strategic priorities, strengthen our technical foundation, accelerate our go to market plan, and expand operations to scale.

謝謝你，克里斯。總而言之，本季進一步證明了 Aeluma 正在獲得發展動力和成長勢頭。我們將繼續執行策略重點，加強技術基礎，加快市場推廣計劃，並擴大營運規模。

As we move through the year, we remain laser focused on converting this momentum into customer programs and transitioning to commercialization. I want to thank our incredible team for their hard work and dedication, and I want to thank all of you for your unwavering support and enthusiasm.

隨著時間的推移，我們將繼續全力以赴，把這種勢頭轉化為客戶項目，並過渡到商業化階段。我要感謝我們出色的團隊的辛勤工作和奉獻精神，也要感謝大家一直以來堅定不移的支持和熱情。

Operator, you can now open the call for questions.

操作員，現在可以開始接受提問了。

Thank you. We will now begin the question-and-answer session. (Operator Instructions)

謝謝。現在開始問答環節。（操作說明）

Richard Shannon, Craig-Hallum.

理查德·香農，克雷格·哈勒姆。

Hi, this is Tyler on for Richard Shannon. I was wondering what are the end marks and markets that you're getting sales orders for?

大家好，我是泰勒，代理查‧香農為您報道。我想知道你們的銷售訂單最終目標客戶和市場是什麼？

Thanks Tyler for the question. As it relates to sales or engagements, we're not sharing specific customer or product information at this time. The small flurry of pricing inquiries and initial sales orders is an important milestone, but the sales orders are relatively small in value, certainly a step forward toward broad market, adoption. But we do believe that our plan to initially focus on mobile, AI, and defense has provided us sort of the right balance of early adopters, small volume early adopters, and disruptive large volume opportunities, and a good way to get to large orders is to first win some small sales orders and that's exactly what's happening for us right now.

謝謝泰勒的提問。目前，我們不會分享有關銷售或合作的特定客戶或產品資訊。雖然價格詢價和初始銷售訂單數量不多，但這仍然是一個重要的里程碑，儘管銷售訂單的金額相對較小，但這無疑是向廣泛市場採用邁出的一步。但我們相信，我們最初專注於行動、人工智慧和國防領域的計劃，為我們提供了早期採用者、小批量早期採用者和顛覆性大批量機會之間的某種恰當平衡，而獲得大訂單的好方法是先贏得一些小銷售訂單，而這正是我們目前正在做的事情。

Awesome, that's great to hear. And then you mentioned quantum photonics. I was just wondering, is this for receiving or operations or routing or sending of quantum of photons essentially.

太棒了，聽到這個消息真好。然後你提到了量子光子學。我只是想知道，這本質上是用於接收、操作、路由還是發送量子光子？

In the near term, the work that we're doing is primarily for generating photons. There's significant interest in in working with Aluma to build out an entire platform that could do everything from generate photons, route photons, process, and detect photons with our single photon detector technology, but in the near term we've been doing sort of foundational work to develop a platform to integrate these highly nonlinear materials on large diameter substrates. We've done that on small substrates. We've done that on 200-millimeter substrates, and we're working with some partners now to scale that to 300-millimeter substrates.

短期內，我們所做的工作主要是產生光子。大家對與 Aluma 合作建造一個完整的平台非常感興趣，該平台能夠利用我們的單光子探測器技術完成從產生光子、路由光子、處理光子到檢測光子的所有操作。但在近期，我們一直在進行一些基礎性工作，以開發一個平台，將這些高度非線性材料整合到大直徑基板上。我們已經在小型基材上實現了這一點。我們已經在 200 毫米基板上實現了這一點，現在我們正在與一些合作夥伴合作，將其擴展到 300 毫米基板。

And then just one last one to expand on that, is this pairs or single photon?

最後再補充一個問題，這是成對光子還是單一光子？

Primarily pairs.

主要是成對出現。

Got it, thank you. Appreciate it.

明白了，謝謝。謝謝。

David Williams, benchmark.

大衛威廉斯，標竿。

Hey Jonathan, Chris, thank you, gentlemen, for taking the question. Certainly, appreciate it and congrats on the continued progress here and maybe first just kind of following on to Tyler's first question, about the sales orders, and I know it, you're not commenting maybe on the in markets, but is there a way to kind of think about maybe the number that you're seeing there? In terms of the magnitude of how many customers are actively engaging on that that side and then maybe what are those orders for you talk about them being small, so I'm assuming they're samples, but are these are these programs that you think can move into volume scale over time or maybe just need more color around those sales would be helpful. Thank you.

嗨，喬納森，克里斯，兩位先生，謝謝你們回答這個問題。當然，非常感謝，也祝賀你們在這裡取得的持續進展。首先，我想接著泰勒的第一個問題，關於銷售訂單，我知道你們可能不會對市場上的情況發表評論，但是有沒有辦法分析一下你們看到的這些數字呢？就目前有多少客戶積極參與而言，以及這些訂單的規模而言，您提到它們很小，所以我假設它們是樣品，但您認為這些項目能否隨著時間的推移發展成大規模銷售，或者只是需要更多關於這些銷售情況的細節信息。謝謝。

Yeah. So, price increase coming from a multitude of markets we sort of mentioned our key markets, so it's coming from more than one of, mobile, AI data centers, defense, and, quantum, and what I can say is that there's multiple price quotations out there, multiple sales orders coming in, relatively small in size, so we're not increasing our revenue guidance for this year at the time, but we see these as a very important milestone because. As more and more requests come in, others follow. So, outside of sort of the business-to-business marketing that we do, people are finding out about our technology and what we're building and sending us requests. So, we do expect this to grow over time, and we'll likely report on it in future quarterly calls, but at this time, what I could say is that our strategy to focus on defense, mobile, AI data centers, and longer-term opportunities in quantum seems to be coming to fruition now.

是的。因此，價格上漲來自多個市場，我們之前提到過我們的主要市場，包括行動、人工智慧資料中心、國防和量子運算等多個領域。我可以透露的是，目前市場上有多個報價，也收到了多個銷售訂單，雖然規模相對較小，但我們暫時不會提高今年的營收預期。不過，我們認為這是一個非常重要的里程碑，因為…隨著越來越多的請求湧入，其他請求也隨之而來。所以，除了我們開展的企業對企業行銷之外，人們也在了解我們的技術和我們正在開發的產品，並向我們發送需求。因此，我們預計這種情況會隨著時間的推移而增長，我們可能會在未來的季度電話會議上匯報此事，但目前我可以說的是，我們專注於國防、移​​動、人工智慧數據中心以及量子領域長期機遇的戰略似乎正在取得成果。

Yeah, I certainly appreciate the color there, and then maybe secondly just stepping back and you talked about Square and mobile and the supply chains kind of ramping to adopt that. Can you talk about maybe where you intercept that generation in terms of build and is this something we could see this year or maybe have some indication of a pathway to that adoption for next year, in terms of that we're on the mobile side. Thank you.

是的，我當然很欣賞那裡的顏色，其次，退後一步，你談到了 Square 和行動端，以及供應鏈正在加速適應這些技術。您能否談談在產品建構方面，您是如何介入這一代的？我們今年是否能看到這種趨勢？或者明年是否有一些跡象表明這種趨勢會得到推廣？就行動端而言，我們目前處於領先地位。謝謝。

Thanks, David. I can't comment on timeline, at this moment, but SWIR as I said in my remarks has been around for decades in applications like defense, night vision, industrial applications, machine vision. And it is, the in-gas technology that Aeluma developed, is the best weird technology because of its performance. It just doesn't scale when it's made the sort of conventional way, otherwise it would make its way into consumer electronics. There's a lot of benefits for consumer applications.

謝謝你，大衛。目前我無法評論時間表，但正如我在發言中所說，SWIR 技術已經在國防、夜視、工業應用、機器視覺等領域應用了幾十年。而 Aeluma 所開發的氣體內技術，由於其卓越的性能，堪稱最奇特的技術。如果用傳統的方式生產，它就無法大規模生產，否則它早就進入消費性電子產品領域了。對於消費者應用來說，這有很多好處。

Shortwave infrared offers low solar interference, improved eye safety, and what I can say is that the mobile industry is positioning to adopt SWIR for future generation products. And so, what we see happening is what, went from interest in our technology, the industry is gearing up the supply chain, for that market. Other than that, I can't comment on timeline at this moment.

短波紅外線具有太陽幹擾小、眼睛安全性高的優點，而且我可以肯定地說，行動通訊產業正在為下一代產品採用短波紅外線做好準備。因此，我們看到的情況是，從對我們的技術產生興趣，到整個產業正在為該市場調整供應鏈。除此之外，目前我無法對時間表發表評論。

No, that's certainly encouraging. It sounds like if they're gearing up the supply chain, it sounds like there's something, maybe more solid that's coming down the pipeline that you might be able to announce in the future. Is that kind of fair to think that is the case?

不，這當然令人鼓舞。聽起來他們正在加緊供應鏈，或許有一些更可靠的消息即將公佈。認為情況就是這樣，這種想法公平嗎？

Yeah, we feel like, the plan to adopt SWIR for consumer markets is solidifying. It's not just an interest at this stage.

是的，我們感覺，將SWIR技術應用於消費市場的計畫正在逐步落實。目前這不僅僅是興趣而已。

Okay, fantastic that's really nice to hear, and then maybe just, lastly here if I can you talked about some pursuing some strategic opportunities really as you moved to commercialization and in the past, you've talked about potentially licensing deals on mobile side, so I guess maybe. Can you speak a little bit about those strategic opportunities that you mentioned in the script and then, also on the manufacturing side, do you feel like you have the sufficient volume to meet what you see coming down the pipe over the next, say 12 months to 24 months?

好的，太好了，聽到這個消息真令人高興。最後，如果可以的話，您談到了在走向商業化的過程中尋求一些戰略機遇，過去您也談到了在移動領域進行潛在的授權交易，所以我想也許可以。您能否談談您在稿件中提到的那些策略機會？另外，在生產方面，您是否覺得您的產能足以滿足未來 12 到 24 個月即將出現的需求？

Thanks David. That's a great question. On supply chain, as you know and we've discussed this on prior calls, we have a number of supply chain partners, path partners, materials partners, packaging integration, and other supply chain partners. And for every partner or area there's multiple providers and paths, and some paths are better suited for very large volume markets. Some paths are better suited for the smaller volume of markets such as defense.

謝謝你，大衛。這是一個很好的問題。關於供應鏈，如您所知，我們也曾在先前的電話會議中討論過，我們有許多供應鏈合作夥伴、路徑合作夥伴、材料合作夥伴、包裝整合商和其他供應鏈合作夥伴。對於每個合作夥伴或地區，都有多個供應商和路徑，有些路徑更適合非常大的市場。有些路徑更適合規模較小的市場，例如國防市場。

We haven't shared details of the supply chain at this time, but we hope to in the future, and in terms of strategic opportunities, yes, for any one of the market opportunities that we speak of, whether it's mobile, AI data centers or defense, we're always looking at more than one way to get our technology to market to enable market adoption, whether that be us.

目前我們還沒有透露供應鏈的細節，但我們希望未來能透露。至於戰略機遇，是的，對於我們所說的任何一個市場機遇，無論是行動、人工智慧資料中心還是國防，我們始終在尋找多種方式將我們的技術推向市場，以實現市場採用，無論最終是由我們自己還是由其他人來採用。

Leading the manufacturing supply with our supply chain partners or transferring process to mature manufacturers and licensing, nothing specific to say at this time, but we look at all opportunities possible to get our technology into market and how our technology makes its way into these different markets might look different for mobile versus defense and so on.

目前，我們正在考慮與供應鏈合作夥伴共同引領製造供應，或將流程轉移給成熟的製造商並進行許可，但目前沒有任何具體細節可以透露。我們會關注所有可能的機會，將我們的技術推向市場。我們的技術進入這些不同市場的方式，在行動領域和國防領域可能會有所不同。

Great, well, congratulations again. It's, certainly great to hear the progress and looking forward to seeing your success. Thank you.

太好了，再次恭喜你。聽到你取得的進展真是太好了，期待看到你成功。謝謝。

Thank you, David.

謝謝你，大衛。

Tim Savageaux, Northland Capital Markets.

Tim Savageaux，北地資本市場。

Hey, good afternoon. The question more focused on the AI infrastructure side. I think last quarter you mentioned. Indications of demand accelerating kind of across the ecosystem and that driving some acceleration in activities on your part. And I think if anything over the last week or two, we've seen.

嘿，下午好。這個問題更集中在人工智慧基礎設施方面。我想你上個季度也提到過。整個生態系統中的需求加速成長的跡象表明，這也促使你們加快了相關活動的步伐。而且我認為，在過去一兩周里，我們已經看到了這一點。

In reports from some of the larger players in the space may be indications of increased acceleration across the Device and optical module side. I wonder if that in turn has led to some further degree of acceleration in what you're seeing in terms of AI infrastructure opportunities. Seems like your management edition, might speak to that, but if you had any more color on that front, kind of at a higher level, that'd be great.

該領域一些大型企業的報告中可能表明，設備和光模組方面的成長速度正在加快。我想知道這是否反過來又在一定程度上加速了人工智慧基礎設施機會的發展。看來你的管理版可能對此有所提及，但如果你能從更高層次提供更多細節，那就太好了。

Yes, and I think you were alluding, Tim, to some supply chain issues, whether it be, sort of turning on capacity for components that are in high demand, or substrate supply that's required to produce the epi wafers. There are a multitude of interesting opportunities for us, and the number of inquiries coming in from that space really grows by the day. In part because of supply chain issues, because of demand and supply not being there or not being turned on at the moment.

是的，Tim，我想你是在暗示一些供應鏈問題，無論是高需求組件的產能啟動問題，還是生產外延晶片所需的襯底供應問題。我們有很多有趣的機會，而且來自該領域的諮詢數量每天都在增長。部分原因是供應鏈問題，因為目前需求和供應不足或尚未啟動。

We've talked about quantum dot lasers and integrated with silicon. That's a little bit more long-term for us. What is very near term is helping meet the demand of other components like high-speed detectors that are applicable across a variety of use cases. So, as the industry refers to slow and wide for scale out, narrow and fast for scale up.

我們已經討論過量子點雷射及其與矽的整合。對我們來說，這更多的是長遠考慮。近期目標是滿足其他組件的需求，例如適用於各種應用場景的高速探測器。因此，正如業內人士所說，向外擴張要慢而廣，向上擴張要窄而快。

In a multitude of cases, whether it be EMLs or silicon protonics transceivers or pixels and whether it's pluggables or transition to NPO and eventually co-packaged optics, the system integrators and hyperscalers need high performance components, higher speed, lower power consumption. And the cost requirement needs to be met.

在許多情況下，無論是 EML、矽質子收發器還是像素，無論是可插拔組件還是過渡到 NPO 以及最終的共封裝光學器件，系統整合商和超大規模資料中心運營商都需要高性能組件、更高的速度和更低的功耗。而且成本要求也必須滿足。

And what's very interesting is that we've been developing this high speed detector technology for some defense customers, and now people are asking us specifically for some of these slow and wide detectors and detector arrays or very high speed in gas detectors to enable certain wavelengths and to enable EML or silicon photonics transceivers.

非常有趣的是，我們一直在為一些國防客戶開發這種高速探測器技術，現在人們專門向我們索取一些慢速寬探測器和探測器陣列，或者用於氣體探測器​​的高速探測器，以支援某些波長，並支援 EML 或矽光子收發器。

So there appears to be a bottleneck in the industry for some of these high performance components. We hear all the time from the system integrators that they're looking at high speed modulator technology, thin film lithium niobbate. I think the laser bottleneck is not something we're going to pursue in the near term because there are many component providers that can build the lasers that are needed. Meeting the price requirement is going to be a challenge, but high speed modulators and high speed detectors, there's an opportunity there, and our focus is on high speed detectors for a few different formats and data centers.

因此，業界某些高效能零件似乎存在瓶頸。我們經常聽到系統整合商說，他們正在研究高速調製器技術，即薄膜鈮酸鋰。我認為雷射瓶頸問題不是我們近期要解決的問題，因為有很多零件供應商可以製造所需的雷射。滿足價格要求將是一個挑戰，但高速調變器和高速偵測器方面存在機會，我們的重點是為幾種不同格式和資料中心提供高速偵測器。

And just to follow-up on that, I mean, a lot of at least of the indication of demand strength, separate from what's happening supply-wise is coming at a kind of higher speed rates for mostly for modules but maybe some co-package stuff as well at 1.6 terabit. I mean, how's the company positioned to address those types of opportunities?

再補充一點，我的意思是，至少很多需求強勁的跡象，與供應方面的情況無關，主要體現在模組（也可能包括一些封裝產品）的更高速度上，速度達到了 1.6 太比特。我的意思是，公司要如何抓住這些機會？

Very well, and that's one of our top priorities for the data center markets. We've been developing high speed detectors. It's a fairly similar platform to the detector platform that we've developed for image sensors. The similar materials, slightly different Episacks, slightly different fab flows to enable the high speed, and we've got, some of the world's leading experts in high-speed detectors, 50gigahertz , 100 gigahertz bandwidth and. Beyond, and that's exactly what we're doing right now. We're taking our platform that we developed for a government customer for the 10 gigahertz and 25 gigahertz and now expanding it to even higher speeds for some of those applications whether it be 200G pixels or EML links at 200G.

好的，這正是我們在資料中心市場最優先考慮的事項之一。我們一直在研發高速探測器。它與我們為影像感測器開發的偵測器平台非常相似。我們採用類似的材料，略有不同的Episacks，略有不同的製造流程，以實現高速，並且我們擁有世界上一些領先的高速探測器專家，頻寬為50吉赫茲、100吉赫茲。超越極限，而這正是我們現在正在做的。我們正在將我們為政府客戶開發的 10 吉赫茲和 25 吉赫茲平台擴展到更高的速度，以滿足某些應用的需求，例如 200G 像素或 200G 的 EML 連結。

Great, thanks very much.

太好了，非常感謝。

Thanks, Jim. Thanks for joining the call.

謝謝你，吉姆。感謝您參加通話。

This concludes our question-and-answer session. I would like to turn the conference back over to Mr. Jonathan Clampkin 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·克拉姆金先生，請他作總結發言。

Thank you for joining our call today. We look forward to connecting in the future. Wish you a great day.

感謝您今天參加我們的電話會議。我們期待未來能與您聯繫。祝您今天過得愉快。

The conference is now concluded.

會議到此結束。

Thank you for attending today's presentation.

感謝各位參加今天的報告會。