Aeluma Inc (ALMU) 2026 Q3 法說會逐字稿

Good day, and thank you for standing by. Welcome to Aeluma's third quarter fiscal year 2026 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 Alex Villalta, Aeluma Investor Relations. Please go ahead.

大家好，感謝您稍候。歡迎參加 Aeluma 2026 會計年度第三季財報電話會議。(接線員指示) 請注意，今天的電話會議將被錄音。此刻，我想將電話交給 Aeluma 投資人關係的 Alex Villalta。請開始。

Good afternoon, and welcome to Aeluma's third quarter fiscal 2026 earnings call. I'm here today with Founder and CEO, Dr. 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.

各位下午好，歡迎參加 Aeluma 2026 會計年度第三季財報電話會議。今天與我一同出席的有創辦人暨執行長 Jonathan Klamkin 博士，以及財務長 Christopher Stewart。今天的討論與對問題的回應可能包含前瞻性陳述；此類陳述受各種風險與不確定性影響，可能導致我們的實際結果與這些陳述存在重大差異。

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.

這些風險與不確定性已在今日發布的財報新聞稿中詳述，並載於我們向美國證券交易委員會（SEC）提交的各項報告中。上述報告以及今日的財報新聞稿，可於我們網站的「投資人」專區查閱。

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 不承擔任何義務在本次電話會議日期之後，因應可能發生的事件或情況而更新或修訂任何前瞻性陳述。在討論過程中，公司將提及非 GAAP 財務衡量指標，包括 EBITDA 與調整後 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.

非 GAAP 財務衡量指標與最直接可比的 GAAP 指標之調節表，已包含於我們的財報新聞稿與 SEC 申報文件中。

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

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

Thank you, Alex, and thank you all for joining today's call. Today, I'll begin with a recap of the Optical Fiber Communication Conference, or OFC, which took place this March in Los Angeles and how Aeluma's engagements in the AI datacom market have accelerated.

謝謝你，Alex，也感謝各位參加今天的電話會議。今天我將先回顧三月在洛杉磯舉行的光纖通訊大會（Optical Fiber Communication Conference，簡稱 OFC），以及 Aeluma 在 AI 數據通訊（datacom）市場的互動如何加速推進。

OFC is the premier optical networking and communication conference. And this year, there was a notable emphasis on the massive build-out of data centers for AI. Data center CapEx investments continue to surge.

OFC 是頂尖的光網路與通訊會議。而今年，會議特別聚焦於為 AI 大規模建置資料中心。資料中心資本支出（CapEx）投資持續飆升。

This has placed a historic demand on high-performance photonics for interconnects and the supply chain wasn't prepared. In response, NVIDIA made three investments each of $2 billion in Lumentum, Coherent and Marvell to secure supply of key components, especially lasers and $3.2 billion in Corning for components and packaging. Major laser suppliers are sold out. Therefore, investments are being made to scale indium phosphide fab capacity. However, some major hurdles stand in the way.

這使得互連所需的高效能光子元件出現歷史性需求，而供應鏈並未做好準備。作為回應，NVIDIA 分別對 Lumentum、Coherent 與 Marvell 各投資 20 億美元，以確保關鍵元件供應，尤其是雷射；並對 Corning 投資 32 億美元，用於元件與封裝。主要雷射供應商的產能已全數售罄。因此，市場正投入資金以擴大磷化銦（InP）晶圓廠（fab）產能。然而，仍有一些重大障礙橫亙在前。

First, adding fab capacity may require several years. Second, although efforts are being made to transition to 6-inch indium phosphide, many claim this won't provide sufficient supply to meet market demand. And last, there is a major shortage of indium phosphide substrates of all sizes.

第一，新增晶圓廠產能可能需要數年時間。第二，儘管正努力轉向 6 吋磷化銦，但許多人認為這仍不足以提供足夠供應以滿足市場需求。最後，各種尺寸的磷化銦基板都嚴重短缺。

Suppliers are sold out for years, with only limited increase in capacity expected in the near term and geopolitics adding a degree of uncertainty. When we commenced operations in 2021, we shared foresight with the investment community.

供應商的產能已被預訂至未來數年，短期內預期僅能有限度擴產，而地緣政治也增添了不確定性。當我們於 2021 年開始營運時，我們就與投資社群分享了前瞻性的觀點。

We stated that indium was in short supply, that indium phosphide substrates were too small, expensive and fragile and that indium phosphide manufacturing doesn't scale to large volumes. We suggested a different path to address the future needs of datacom and consumer electronics.

我們指出銦供應短缺、磷化銦基板尺寸過小且昂貴又脆弱，以及磷化銦製造難以擴展至大規模量產。我們提出一條不同的路徑，以因應未來數據通訊與消費性電子的需求。

Don't use indium phosphide substrates, put the detector and laser materials on lower cost, larger diameter substrates and leverage volume microelectronics manufacturing. GaN-on-silicon became a mainstream technology for power electronics. Why not work toward indium phosphide on silicon?

不要使用磷化銦基板；將偵測器與雷射材料放在成本更低、直徑更大的基板上，並運用大量微電子製造。氮化鎵矽基（GaN-on-silicon）已成為電力電子的主流技術。那為什麼不朝向「磷化銦在矽上」（indium phosphide on silicon）努力呢？

So we put our heads down to mature our technology. We instilled a philosophy of setting and then beating milestones. We attracted strategic government and commercial partners, and we grew our talented team to continue building traction across AI, mobile, defense and aerospace and other key markets.

因此我們埋頭投入，讓技術走向成熟。我們建立了一種理念：先設定里程碑，然後超越里程碑。我們吸引了具策略性的政府與商業合作夥伴，並擴大我們的優秀團隊，持續在 AI、行動裝置、國防與航太及其他關鍵市場累積動能。

This laid the groundwork for the high degree of interest in our technology at the recent OFC Conference. The industry is hungry for a solution to address near-term demand and supply chain constraints and to enable future generation integrated microsystems such as co-packaged optics or CPO.

這為我們在近期 OFC 大會上獲得高度關注奠定了基礎。產業迫切需要一套解決方案，以因應短期需求與供應鏈限制，並支援下一代整合式微系統，例如共封裝光學（co-packaged optics，CPO）。

Encouragingly, the industry is thinking long term. They are taking measures to address near-term needs while also anticipating massive future growth opportunities. The growing demand for 200G per-lane transceivers and the transition to 400G per-lane provide opportunities for Aeluma's high-speed InGaAs photodiodes.

令人鼓舞的是，產業正在以長期視角思考。他們一方面採取措施滿足短期需求，同時也在預期未來龐大的成長機會。對每通道 200G 收發器的需求成長，以及向每通道 400G 的轉換，為 Aeluma 的高速 InGaAs 光電二極體帶來機會。

By not using indium phosphide substrates, we can overcome supply constraints and win on cost. The so-called slow and wide architectures driven by microLEDs, micro VCSELs and other technologies require new high-speed photodiode array formats.

透過不使用磷化銦基板，我們可以克服供應限制並在成本上取得優勢。由 microLED、微型 VCSEL 與其他技術所驅動的所謂「慢且寬」（slow and wide）架構，需要新的高速光電二極體陣列格式。

Aeluma has been developing such photodiodes on non-indium phosphide substrates for a defense customer, anticipating the dual-use applicability of the technology for commercial markets. Right now, high-power lasers for transceivers are a bottleneck in commercial applications.

Aeluma 一直在為某國防客戶於非磷化銦基板上開發此類光電二極體，並預期該技術可同時用於軍民兩用，進而適用於商用市場。目前，在商用應用中，用於收發器的高功率雷射是瓶頸。

Customers want more power and better reliability to withstand the stringent requirements for data centers. Lasers are failing at high power and high temperature. The interest in quantum dot lasers has surged for their potential to improve power handling, increase reliability and eliminate optical isolators.

客戶希望更高功率與更佳可靠性，以承受資料中心嚴苛的要求。雷射在高功率與高溫條件下會失效。量子點雷射因其有望提升功率承受能力、提高可靠性並消除光隔離器，而引發高度關注。

Aeluma is the first company to offer MOCVD quantum dot lasers. Compared to MBE, a technique used by others, MOCVD has much higher throughput and is the industry standard for volume production. For example, MOCVD is used exclusively for large volume VCSEL manufacturing for facial recognition in mobile phones.

Aeluma 是第一家提供 MOCVD 量子點雷射的公司。相較於其他人使用的 MBE 技術，MOCVD 的產出吞吐量高得多，且是量產的產業標準。例如，MOCVD 被專用於手機臉部辨識所需的大量 VCSEL 製造。

Given all the moving pieces in the supply chain, a common question is, where does Aeluma fit in the ecosystem? We sit at the intersection of semiconductor materials, photonic component design and manufacturing, and this is a rarefied and strategic position.

在供應鏈各環節都在變動的情況下，一個常見問題是：Aeluma 在生態系中扮演什麼角色？我們位於半導體材料、光子元件設計與製造的交會點，這是一個稀缺且具策略性的定位。

Our proprietary platform combines the advantages of compound semiconductors with scalable microelectronics manufacturing. We can produce photonics at large volumes with an outsourced supply chain, or we can partner with customers that have their own manufacturing infrastructure.

我們的專有平台結合了化合物半導體的優勢與可擴展的微電子製造能力。我們可以透過外包供應鏈以大規模量產光子元件，或與擁有自有製造基礎設施的客戶合作。

And for very large markets such as mobile, we may license our intellectual property as a go-to-market strategy. Allow me to go into more detail on the tailwinds driving our target markets, which are illustrated in slide 2, AI infrastructure and data centers. AI is driving a major build-out of data centers.

而對於行動裝置等超大型市場，我們也可能以授權智慧財產權作為上市策略。接下來我將更詳細說明推動我們目標市場的順風因素，如投影片 2 所示：AI 基礎設施與資料中心。AI 正在推動資料中心的大規模建置。

As mentioned in our last call, the top 4 hyperscalers invested more than $300 billion in data center CapEx in 2025. This number will approach $700 billion in 2026, and is expected to surpass $1 trillion in 2029. Optical networking will be approximately 15% of this investment.

如同我們上次電話會議所提到，前四大超大規模雲端業者（hyperscalers）在 2025 年於資料中心資本支出投入超過 3,000 億美元。此數字在 2026 年將接近 7,000 億美元，並預期在 2029 年超過 1 兆美元。光網路約占此投資的 15%。

This is the huge opportunity for photonics and it's fueling a breadth of activity in this space. While photonic components were developed in the 1990s for telecom networks to connect people, today, they are needed for AI to connect machines at scale.

這是光子領域的巨大機會，也正推動此領域廣泛的活動。若說光子元件在 1990 年代是為了電信網路而開發、用以連結人與人；那麼今天，它們則是為了 AI 而需要，用以在規模化下連結機器與機器。

This market is propelling Aeluma's photonics product road map forward. Customers are considering our technology to address current supply gaps and for long-term growth opportunities. This provides us with an ideal combination of near-term revenue paths to drive production ramp and qualification plans and to develop longer-term strategic partnership opportunities. This is an exciting time for the photonics industry because higher performance requirements are accelerating innovation.

這個市場正在推動 Aeluma 的光子產品路線圖向前發展。客戶正考慮採用我們的技術，以解決當前的供應缺口並把握長期成長機會。這為我們提供了理想的組合：短期營收路徑可推動量產爬坡與認證計畫，同時也能開發更長期的策略合作夥伴機會。對光子產業而言，這是一個令人振奮的時刻，因為更高的效能需求正在加速創新。

Existing technologies are being pushed to their limits and new technologies are being evaluated for adoption. Photonic components of all shapes and sizes are needed across the data center for slow and wide and fast and narrow transceiver formats. Many of these traditionally depend on indium phosphide technology, which has become a critical bottleneck.

既有技術正被推向極限，而新技術也正在被評估是否採用。資料中心各處都需要各種形態與尺寸的光子元件，以支援慢且寬與快且窄等不同的收發器（transceiver）格式。其中許多傳統上依賴磷化銦（InP）技術，而這已成為關鍵瓶頸。

Aeluma's product offerings manufactured with non-indium phosphide substrates are illustrated in slide 3. For slow and wide applications, candidates being considered on the transmit side are microLEDs, micro VCSELs and silicon micro-ring modulators.

Aeluma 以非磷化銦基板製造的產品組合如投影片 3 所示。針對慢且寬的應用，在發射端被考慮的候選技術包括 microLED、micro VCSEL，以及矽微環調變器（silicon micro-ring modulators）。

Aeluma's non-indium phosphide high-speed InGaAs photodiode arrays compare with any of these transmitter technologies. For fast and narrow transmitters, indium phosphide EMLs are being pushed to 400G per-lane performance as our thin-film lithium niobate modulators and silicon Mach-Zehnder modulators.

Aeluma 的非磷化銦高速 InGaAs 光電二極體陣列可與上述任何一種發射器技術相匹配。針對快且窄的發射器，磷化銦 EML 正被推向每通道 400G 的效能，同時我們的薄膜鈮酸鋰調變器與矽馬赫–曾德爾調變器也在推進相同方向。

Aeluma's non- indium phosphide high-speed InGaAs photodiode can also pair with any of these transmitter technologies. For silicon photonics CPO transceivers, indium phosphide lasers are a bottleneck due to supply constraints, performance requirements and packaging complexity. Alternative gallium arsenide quantum dot lasers are being considered to address these challenges.

Aeluma 的非磷化銦高速 InGaAs 光電二極體也可與上述任何一種發射器技術搭配。對於矽光子 CPO 收發器而言，磷化銦雷射因供應受限、效能要求與封裝複雜度而成為瓶頸。為解決這些挑戰，業界正考慮以砷化鎵量子點雷射作為替代方案。

Aeluma's MOCVD quantum dot lasers offer high-power handling, scalability and the potential for better reliability. As customers continue to evaluate our photodiode and laser technologies for AI data centers and we navigate this highly active market, we have gained increasing confidence in our manufacturing approach and go-to-market strategy.

Aeluma 的 MOCVD 量子點雷射具備高功率承受能力、可擴展性，以及更佳可靠性的潛力。隨著客戶持續評估我們用於 AI 資料中心的光電二極體與雷射技術，並且我們在這個高度活躍的市場中前進，我們對自身的製造方法與市場導入（go-to-market）策略愈發有信心。

Mobile and consumer electronics. Mobile OEMs are gearing up to adopt shortwave infrared or SWIR for image sensors and smartphones. SWIR sensors improve eye safety, achieve high-resolution imaging and can be positioned behind the OLED display, thereby preserving important screen real estate. InGaAs is the gold standard for SWIR, but it is manufactured on indium phosphide substrates and therefore, is expensive and doesn't scale. Alternative SWIR technologies were evaluated but showed subpar performance.

行動與消費性電子。行動裝置 OEM 正積極準備在影像感測器與智慧型手機上採用短波紅外（SWIR）。SWIR 感測器可提升眼睛安全性、達成高解析度成像，並可置於 OLED 顯示器後方，從而保留重要的螢幕空間。InGaAs 是 SWIR 的黃金標準，但其製造依賴磷化銦基板，因此成本高且難以擴產。其他 SWIR 替代技術曾被評估，但表現不佳。

Early in Aeluma's history, we explained that the winning approach for broad market adoption is to combine the best-in-class SWIR material InGaAs with scalable manufacturing. Our InGaAs photodiode arrays on non-indium phosphide substrates are optimized for performance and scale, and deliver on key technical metrics such as dark current and sensitivity.

在 Aeluma 早期，我們就說明過，要在廣泛市場中勝出並被採用的最佳方法，是將同級最佳的 SWIR 材料 InGaAs 與可擴展的製造相結合。我們在非磷化銦基板上的 InGaAs 光電二極體陣列，針對效能與規模化進行最佳化，並在暗電流與靈敏度等關鍵技術指標上達成目標。

We have been engaged across the supply chain from the OEMs to the Tier 1 and Tier 2 suppliers. To execute our capital-light model, we are partnering with established manufacturers and where appropriate, we can license our technology for this high-volume application. While qualification and production will require a multi-year effort, our engagements in this target market are progressing steadily through evaluation and feasibility.

我們已在整個供應鏈中與各方合作，從 OEM 到一級（Tier 1）與二級（Tier 2）供應商。為執行我們的輕資本模式（capital-light model），我們與既有製造商合作，並在適當情況下，針對此高產量應用授權我們的技術。雖然認證與量產需要多年努力，但我們在此目標市場的合作正穩健地透過評估與可行性階段推進。

At the same time, we continue to mature our technology with foundry partners. The sheer scale of this market is massive and one that will drive to silicon substrate sizes. This is an exciting growth opportunity for Aeluma, and we are carefully positioning our company and technology to capitalize. Defense and aerospace. Aeluma's technology is truly dual use.

同時，我們也持續與晶圓代工夥伴共同成熟我們的技術。這個市場的規模極其龐大，並將推動走向矽基板尺寸。這對 Aeluma 而言是令人振奮的成長機會，我們正審慎地定位公司與技術以把握此機會。國防與航太。Aeluma 的技術確實具有軍民兩用特性。

It is high-performance technology engineered for the rigors of defense systems, but also applicable to commercial markets. We successfully attracted strategic non-dilutive funding from government agencies for development. These programs were leveraged to mature our technology and to gain traction with the government, prime contractors, private defense tech companies and commercial customers.

這是一項為國防系統嚴苛需求所設計的高效能技術，同時也適用於商業市場。我們成功自政府機構取得具策略性的非稀釋性資金（non-dilutive funding）以支持開發。這些計畫被用來推進我們的技術成熟度，並協助我們在政府、主承包商（prime contractors）、民間國防科技公司與商業客戶之間取得進展。

In several cases, these contracts have progressed to later-stage programs focused on technology transition that will benefit both defense and commercial sectors. We recently announced new contracts to advance quantum dot lasers and quantum non-linear materials, along with partnerships with Tower Semiconductor and Sumitomo Chemical Advanced Technologies.

在若干案例中，這些合約已推進至後期階段計畫，聚焦於技術移轉，將同時使國防與商業領域受益。我們近期宣布新的合約，以推進量子點雷射與量子非線性材料，並與 Tower Semiconductor 及住友化學先進技術（Sumitomo Chemical Advanced Technologies）建立合作夥伴關係。

The stated strategic priority for fiscal year '26, was to win three to seven new development contracts for non-dilutive funding for R&D and growth of partnership opportunities. We have met this goal, having secured 6 contracts to date totaling well over $5 million in value.

2026 會計年度的既定策略優先事項，是爭取 3 至 7 項新的開發合約，以取得研發的非稀釋性資金並擴大合作夥伴機會。我們已達成此目標，截至目前已取得 6 份合約，總價值遠超過 500 萬美元。

Supply chain and scaling. On supply chain, we have been working with fabrication foundries, materials companies, integration and packaging partners for several years. A disruptive semiconductor company supply chain is proprietary information.

供應鏈與規模化。在供應鏈方面，我們多年來一直與晶圓代工廠、材料公司、整合與封裝夥伴合作。一家顛覆性的半導體公司之供應鏈屬於專有資訊。

As an example, in the public domain, earlier this year, quantum company, IonQ, announced its intention to acquire SkyWater, a pure-play US semiconductor foundry. IonQ was presumably early working with SkyWater as a foundry partner, yet I don't believe this information was disclosed prior to the acquisition announcement. Aeluma works with several supply chain partners. These include fabrication foundries, some of which are compound semiconductor fabs and others silicon fabs.

例如，在公開資訊中，今年稍早量子公司 IonQ 宣布其有意收購 SkyWater——一家專注於美國的純晶圓代工廠。IonQ 推測早期即與 SkyWater 作為代工夥伴合作，但我認為在收購公告之前並未披露此資訊。Aeluma 與多家供應鏈夥伴合作。其中包括晶圓代工廠，有些是化合物半導體晶圓廠，另一些則是矽晶圓廠。

Some are capable of 100-millimeter wafer fabrication, some 200-millimeter and some up to 300-millimeter. For many of our target markets, 150-millimeter wafers are sufficient. Even so Aeluma's use of non-indium phosphide substrates at this size provides a path to scale and meet demand while overcoming supply chain constraints and winning on cost.

其中一些具備 100 毫米晶圓製造能力，一些為 200 毫米，另一些可達 300 毫米。對於我們許多目標市場而言，150 毫米晶圓已足夠。即便如此，Aeluma 在此尺寸上採用非磷化銦基板，仍提供一條可擴產並滿足需求的路徑，同時克服供應鏈限制並在成本上取得優勢。

Aeluma produces starting wafers in-house, but also works with partners such as Sumitomo Chemical Advanced Technologies to enable scaling. For some next-generation datacom microsystems as well as quantum, integration on silicon is desirable.

Aeluma 在內部生產起始晶圓（starting wafers），同時也與住友化學先進技術等夥伴合作以實現規模化。對於部分下一代資料通訊微系統以及量子領域，於矽上整合是理想選項。

This is where partnerships with foundries like Tower Semiconductor are key. And lastly, for large volume consumer markets, 200 and even 300-millimeter silicon manufacturing are foreseeable. In summary, we have been working strategically with a variety of supply chain partners to match the technology to market opportunity to manufacturing approach, all the while increasing manufacturing readiness to ensure we are positioned to intersect market adoption time lines. To support our strategic priorities, which include operations and go-to-market execution, our team also continues to expand. In early March, we welcomed Dr.

這正是與 Tower Semiconductor 等代工廠合作夥伴關係至關重要之處。最後，對於大量消費性市場，200 甚至 300 毫米的矽製造是可預見的。總結而言，我們一直策略性地與多元供應鏈夥伴合作，使技術與市場機會及製造方法相匹配，同時提升製造就緒度，以確保我們能在市場採用時間軸上適時切入。為支持我們的策略優先事項（包括營運與市場導入執行），我們的團隊也持續擴編。在三月初，我們迎來了 Dr.

Christiane Poblenz as VP of Materials Operations. Christiane brings 25 years of experience commercializing semiconductor wafers and laser products for consumer markets, including next-generation displays and automotive. She is now leading efforts to scale production of Aeluma's large-diameter epitaxial wafers and expand operations.

Christiane Poblenz 擔任材料營運副總裁（VP of Materials Operations）。Christiane 擁有 25 年將半導體晶圓與雷射產品商業化、面向消費市場的經驗，涵蓋次世代顯示與車用等領域。她目前正領導擴大量產 Aeluma 大直徑外延晶圓並擴展營運的工作。

We also recently welcomed Dr. Willy Rachmady as VP of Strategic Partnerships and Ecosystem. Willy was a technical and strategic leader at Intel, driving product road maps, intellectual property development, strategic investments and ecosystem partnerships. At Aeluma, Willy will lead foundry and ecosystem partnerships, customer engineering and technology commercialization strategy. Lastly, on the commercial pipeline and commercial sales.

我們近期也迎來 Dr. Willy Rachmady 擔任策略合作夥伴與生態系副總裁（VP of Strategic Partnerships and Ecosystem）。Willy 曾在 Intel 擔任技術與策略領導者，推動產品路線圖、智慧財產開發、策略投資與生態系合作夥伴關係。在 Aeluma，Willy 將領導代工與生態系合作、客戶工程，以及技術商業化策略。最後，談到商業管線與商業銷售。

Looking forward, our enthusiasm continues to grow. We described the wealth of activity across AI datacom, mobile and consumer and defense and aerospace. There is also a noticeable uptick in engagements from prospective quantum customers.

展望未來，我們的熱忱持續升溫。我們已描述在 AI 資料通訊、行動與消費性，以及國防與航太等領域的豐富活動。同時，我們也觀察到來自潛在量子客戶的接洽明顯增加。

Overall, the quality and precision of our engagements have increased, and this is driving our product road map execution and discussions with strategic partners. We are prioritizing the most impactful and clearly defined opportunities while qualifying products to meet industry standards and customer specifications.

總體而言，我們互動合作的品質與精準度已提升，而這正推動我們的產品路線圖執行以及與策略夥伴的討論。我們正優先聚焦於最具影響力且定義清晰的機會，同時在使產品符合產業標準與客戶規格的前提下進行產品資格認證。

It is highly motivating to see Aeluma's vision come to life as we move toward broad commercialization. Now, I'll turn the call over to our CFO, Chris Stewart, to discuss the financials.

隨著我們邁向更廣泛的商業化，看到 Aeluma 的願景逐步實現，令人備受鼓舞。接下來我把電話交給我們的財務長 Chris Stewart，請他說明財務狀況。

Thank you, Jonathan. Moving on to our financial results. For the fiscal third quarter, revenue was $1.2 million compared to $1.3 million in the third quarter of last year and $1.3 million in the second quarter of fiscal 2026. Government R&D contracts were the principal source of revenue for the quarter and continue to provide non-dilutive capital to advance our technology and expand our strategic relationships.

謝謝你，Jonathan。接著說明我們的財務結果。在本財年第三季，營收為 120 萬美元，相較去年同期第三季的 130 萬美元，以及 2026 財年第二季的 130 萬美元。本季營收主要來源為政府研發合約，並持續提供非稀釋性資金，以推進我們的技術並擴大策略關係。

GAAP net loss for the fiscal third quarter was $1.8 million, or $0.10 per basic and diluted share compared to net income of $1.5 million, or $0.12 per share in the prior year period and a net loss of $1.9 million, or $0.11 per share in the prior quarter. Non-GAAP net loss for the quarter was $701,000, or $0.04 per share compared to breakeven in the third quarter last year and a loss of $797,000, also $0.04 per share last quarter.

本財年第三季 GAAP 淨損為 180 萬美元，或每股基本及稀釋後虧損 0.10 美元；相較之下，去年同期為淨利 150 萬美元，或每股 0.12 美元，而前一季為淨損 190 萬美元，或每股 0.11 美元。本季非 GAAP 淨損為 70.1 萬美元，或每股 0.04 美元；相較去年第三季損益兩平，以及上一季虧損 79.7 萬美元（同為每股 0.04 美元）。

The year-over-year change in GAAP net income was primarily due to a one-time $2.3 million gain in the fair value of derivative liabilities that we recorded in the third quarter of 2025. Employee-related costs and R&D spending have increased year-over-year as we have added key positions to expand our capabilities and scale our operations.

GAAP 淨利的年對年變動，主要是因為我們在 2025 年第三季認列了一次性 230 萬美元的衍生性負債公允價值利益。隨著我們增聘關鍵職位以擴充能力並擴大營運規模，員工相關成本與研發支出年對年皆有所增加。

Adjusted EBITDA loss for the third quarter was $911,000 compared to a gain of $109,000 in the same period last year and in line with our prior quarter. We closed the quarter with a strong balance sheet, including $37.8 million in cash and cash equivalents and no long-term debt. Cash decreased $792,000 from the close of the December quarter, reflecting increased spending on new hires and investments in R&D.

第三季調整後 EBITDA 虧損為 91.1 萬美元，相較去年同期為獲利 10.9 萬美元，且與前一季大致一致。本季結束時，我們的資產負債表維持強勁，包括 3,780 萬美元的現金及約當現金，且無長期負債。相較 12 月季度期末，現金減少 79.2 萬美元，反映新增人員與研發投資帶來的支出增加。

Going forward, we expect to increase spending as we continue to add additional resources and increase our R&D investments to capitalize on the opportunities in our commercial pipeline. In March, we established an ATM facility to provide us with the flexibility to raise capital when market conditions warrant and when we believe it is in the best interest of the company and our shareholders. In establishing the ATM, we did not register any additional shares. We simply allocated $50 million of our existing shelf capacity to an ATM. To date, we have not sold any shares through this facility.

展望未來，隨著我們持續增添資源並提高研發投資，以把握商業管線中的機會，我們預期支出將增加。3 月，我們設立了 ATM（按市價發行）融資機制，使我們能在市場條件適當、且我們認為符合公司與股東最佳利益時，具備彈性籌資。在設立 ATM 時，我們並未註冊任何額外股份。我們只是將既有的棚架式註冊（shelf）額度中 5,000 萬美元配置至 ATM。截至目前，我們尚未透過此機制出售任何股份。

As an early-stage growth company, we believe having an ATM in place is a prudent financial measure that positions us for strategic growth and can serve as a way to attract targeted institutional investors through reverse inquiries. We remain committed to operating in a disciplined, capital-efficient manner while ensuring that we are sufficiently capitalized for execution on the value creation opportunities for our shareholders.

作為一家早期成長型公司，我們認為預先建立 ATM 是審慎的財務措施，可使我們具備策略性成長的定位，並可透過反向詢價（reverse inquiries）吸引特定的機構投資人。我們仍致力於以自律且資本效率高的方式營運，同時確保資本充足，以執行為股東創造價值的各項機會。

Turning to guidance. We are updating our full-year revenue guidance to $4.2 million to $4.6 million, narrowed from the previous range of $4 million to $6 million. The updated range is primarily the result of delays in the execution of several government contracts and the subsequent start of work for these new programs.

接著談指引。我們更新全年營收指引至 420 萬至 460 萬美元，較先前 400 萬至 600 萬美元的區間進一步縮窄。更新後的區間主要是因為數項政府合約的執行延遲，以及這些新計畫後續開工時間的延後。

Government shutdowns and other factors led to these delays. As we have stated, our government contracts are a great source of non-dilutive funding for development, but they do come with a degree of uncertainty in quarter-to-quarter and even year-to-year revenue. These contracts have enabled our technology development and directly led to commercial traction.

政府停擺及其他因素導致了這些延遲。如同我們先前所述，政府合約是開發階段極佳的非稀釋性資金來源，但在季度到季度、甚至年度到年度的營收上，確實存在一定程度的不確定性。這些合約促成了我們的技術開發，並直接帶來商業上的進展。

As shared in previous earnings calls this year, our focus is on commercializing our technology to capitalize on several high-growth market opportunities, including AI datacom. Therefore, any future government bids will emphasize later-stage development and transition opportunities versus fundamental development and feasibility.

如同今年先前的法說會所分享，我們的重點在於將技術商業化，以把握多個高成長市場機會，包括 AI 資料通訊（datacom）。因此，未來任何政府標案將更著重於後期開發與轉換（transition）機會，而非基礎開發與可行性驗證。

To echo Jonathan's sentiment, we are very excited about the momentum that is building across our target markets and the progress we are making with customers and supply chain partners. Interest in Aeluma's technology has never been higher, and our strong value proposition is being amplified by the explosive growth in the data center market, which is putting a spotlight on the shortcomings of traditional indium phosphide-based photonics.

呼應 Jonathan 的看法，我們對於目標市場各面向正在形成的動能，以及我們與客戶與供應鏈夥伴所取得的進展，感到非常振奮。市場對 Aeluma 技術的興趣從未如此高漲，而我們強而有力的價值主張，正因資料中心市場的爆發式成長而被進一步放大，並使傳統以磷化銦（InP）為基礎的光子技術之不足更加受到關注。

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，我把電話交回 Jonathan，請他在開放提問前做結語。

Thank you, Chris. To summarize, this quarter further 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，Chris。總結來說，本季進一步強化了 Aeluma 正在獲得市場牽引力並累積動能的證據。我們持續執行策略優先事項、強化技術基礎、加速市場導入（go-to-market）計畫，並擴大營運以提升規模。

Building on the momentum from the OFC Conference, our customer engagements are strengthening and driving our transition to commercialization. As always, 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.

延續 OFC 大會帶來的動能，我們與客戶的互動正在加深，並推動我們邁向商業化轉型。一如既往，我要感謝我們優秀團隊的辛勤付出與投入，也感謝各位始終如一的支持與熱情。

Operator, you can now open the call to questions.

接線員，現在可以開放提問。

(Operator Instructions)

(接線員指示)

Richard Shannon, Craig-Hallum.

Richard Shannon，Craig-Hallum。

Well, thanks, Jonathan. And Christopher, let me ask a few questions. Jonathan, your commentary on AI data center is very interesting. Not surprised at all about the interest in your road maps in the long term, but filling near-term gaps is really interesting. Would love to understand kind of the dynamics around that. And that statement kind of implies that your maturity is getting to the point where you could see some sort of contract and a win here in the fairly short term. So I want to get a sense of to what degree that conclusion is fair or correct.

好的，謝謝你，Jonathan。Christopher，我想問幾個問題。Jonathan，你對 AI 資料中心的評論非常有意思。對於市場對你們長期路線圖的興趣，我一點也不意外，但你提到填補短期缺口這點就很值得關注。我很想了解其中的動態。而你的說法似乎也暗示，你們的成熟度已提升到某個程度，可能在相對短期內就能看到某種合約與勝出案例。所以我想確認一下，這樣的推論在多大程度上是合理或正確的。

Thanks for the question, Richard. So I think we're very well positioned because of that balance that's coming, especially from that market. And as I mentioned, there are some supply constraints and certain components are just not being provided by incumbent suppliers at scale. As you know, some laser suppliers are sold out for some time. Indium phosphide substrate suppliers are sold out.

謝謝你的問題，Richard。我認為我們的定位非常好，因為需求正在出現平衡，尤其是來自該市場的需求。如我提到的，目前存在一些供應限制，某些零組件無法由既有供應商以規模化方式供應。如你所知，有些雷射供應商在一段時間內都已售罄。磷化銦基板供應商也已售罄。

And so that's an opportunity for Aeluma because we can build some of those components that are traditionally supplied on indium phosphide substrates with our non-indium phosphide substrate technology. So we can overcome supply chain constraints. In the near term, we can scale to larger volumes. There is very strong demand in that market. And ultimately, we believe we would win on cost because of the lower substrate technology.

因此，這對 Aeluma 來說是個機會，因為我們可以用非磷化銦基板技術來製造部分傳統上由磷化銦基板供應的元件。所以我們能夠克服供應鏈限制。短期內，我們可以擴產到更大的出貨量。該市場需求非常強勁。最終，我們相信憑藉較低成本的基板技術，我們在成本上會更具競爭力。

So there are opportunities to build components that already exist. In some cases, the industry is asking for even better performance, like more power out of lasers. But many of these components already exist, already deploy in things like pluggable optics packages. They just need more of them, and there are supply constraints right now. So that's a good opportunity for us in terms of near term.

因此，確實存在製造既有元件的機會。在某些情況下，產業甚至要求更好的效能，例如雷射輸出更高功率。但其中許多元件已經存在，也已部署在可插拔式光學（pluggable optics）模組等應用中。只是現在需要更多數量，而目前正面臨供應限制。因此，就短期而言，這對我們是個很好的機會。

And then just very briefly, longer term, as you know, new technologies are required. Technologies need to be really pushed to their limits in terms of things like power handling for lasers, in terms of speed for modulator and detector technologies. And in some cases, the end customer would like to package and integrate these technologies in a different way than how they're traditionally integrated and packaged in pluggable optics modules.

接著非常簡短地談一下較長期的部分，如你所知，新的技術是必要的。在雷射的功率承受能力、以及調變器與偵測器技術的速度等方面，技術確實需要被推到極限。而在某些情況下，終端客戶希望以不同於傳統可插拔光學模組的整合與封裝方式，來封裝並整合這些技術。

And there, because there is a long-term commitment to continue to build out these AI data centers, customers are interested in making investments in technology development. So I think we're positioned to address some near-term needs for components that may go into pluggable optics modules as well as sort of long-term growth opportunities where things are going to be carried out in a different way than they have been traditionally.

此外，由於長期承諾會持續擴建這些 AI 資料中心，客戶也有興趣投入技術開發的投資。因此我認為，我們既有能力滿足一些近期對於可能會用在可插拔光學模組中的元件需求，也能把握一些長期成長機會——未來很多事情將會以不同於傳統的方式來推進。

Okay. Jonathan, that's helpful. My second question is in the mobile space here. So last quarter, you had mentioned that conversations have been shifting from product-oriented questions more to pricing and delivery. I didn't hear an update on that, but love to hear any progress along those lines here.

好的。Jonathan，這很有幫助。我的第二個問題是在行動裝置領域。所以上一季你提到，對話已經從以產品為導向的問題，更多轉向價格與交付。我這次沒有聽到相關更新，但很想了解這方面是否有任何進展。

And tying that into your comment today, where you're saying the industry has kind of settled on moving to SWIR. I'd love to get a sense of whether you have specific confidence in any particular time frame for those transitions taking place.

並且把這點和你今天的評論連結起來——你說產業似乎已經大致定調要轉向 SWIR。我也想了解，你是否對這些轉換發生的特定時間框架有任何具體信心。

Okay. Thanks for the question. So the mobile opportunity, as we know, this is a very large volume opportunity. And that industry has wanted to adopt SWIR for quite some time and several technologies have been developed. I mean, the InGaAs SWIR, traditional SWIR technology has been around for some time, but the industry looked at other technologies that could potentially enable scaling like colloidal quantum dots or germanium detectors.

好的。謝謝你的問題。就行動裝置的機會而言，如我們所知，這是一個出貨量非常大的機會。而該產業想採用 SWIR 已經有一段時間，也開發了數種技術。我的意思是，InGaAs SWIR（傳統 SWIR 技術）已經存在一段時間，但產業也評估過其他可能有助於擴大量產的技術，例如膠體量子點或鍺偵測器。

And what we've seen in direct feedback from our customers is that the performance is just not quite there. It doesn't compete with traditional InGaAs and doesn't compete with our InGaAs that's manufactured on a different type of substrate.

而我們從客戶的直接回饋看到的是，這些技術的效能還差一點。它們無法與傳統 InGaAs 競爭，也無法與我們在不同類型基板上製造的 InGaAs 競爭。

So I can say with some confidence that the industry very much wants to adopt InGaAs SWIR. That doesn't mean that more than one technology won't be adopted or deployed in mobile and consumer electronics. But I think the industry believes and understands and accepts that InGaAs gives you the best performance.

所以我可以相當有信心地說，產業非常希望採用 InGaAs SWIR。這並不代表在行動裝置與消費性電子中，不會採用或部署多種技術。但我認為產業相信、理解並接受：InGaAs 能提供最佳效能。

So now can it scale? I can't comment on specifics in terms of timeline, but there are activities happening in the market, meaning the end customers are, no pun intended, sort of mobilizing the supply chain to propose the right solution to this technology deploying in mobile and consumer electronics.

那麼現在能否擴大量產？我無法就時間表細節發表評論，但市場上確實正在發生一些動作——也就是終端客戶正在（無意雙關）動員供應鏈，提出合適的解決方案，讓這項技術能在行動裝置與消費性電子中落地部署。

That's all, Jonathan, thanks for that. My last quick question is just on the announcement last month about partnerships with Tower and Sumitomo on wafer fabrication or wafer production and fabrication. Curious, do we think of those two specific partners in working with you in certain specific markets? And if so can you kind of elaborate on those?

就這些了，Jonathan，謝謝你的說明。我最後一個簡短問題是關於上個月宣布與 Tower 和住友在晶圓製造或晶圓生產與製程方面的合作夥伴關係。我想了解，我們是否把這兩個特定夥伴視為在某些特定市場與你們合作？如果是的話，能否請你稍微說明一下？

Yeah, also a great question. Thanks, Richard. So we've disclosed information about those two partners. As I mentioned in the past and on the call today, we've been working with several foundries for several years. And in some cases, we're doing manufacturing on smaller substrates for development and small volume, and that might be 100 or 150-millimeter substrate sizes.

是的，這也是個很好的問題。謝謝你，Richard。我們已揭露了這兩個合作夥伴的相關資訊。如我過去以及今天電話會議中提到的，我們與多家晶圓代工廠合作已經好幾年。在某些情況下，我們會在較小尺寸的基板上進行製造，用於開發與小量生產，例如 100 或 150 毫米的基板尺寸。

For some markets, the 150-millimeter substrate size is sufficient, maybe for defense and aerospace and for AI datacom in some cases. For very large volume markets, switching or shifting to 200 and even 300-millimeter does help quite a bit.

對某些市場而言，150 毫米基板尺寸已足夠，可能包括國防與航太，以及在某些情況下的 AI 資料通訊。但對於超大出貨量市場，轉換或移轉到 200 甚至 300 毫米，確實會有相當大的幫助。

At the end of the day, some of the chips that might deploy in these large volume markets like an image sensor in consumer electronics, it's not a small chip. And so the sheer number of wafers that would be required to meet the volumes of that market is large.

歸根結底，可能會部署在這些大出貨量市場中的某些晶片——例如消費性電子中的影像感測器——並不是小晶片。因此，為了滿足該市場的出貨量需求，所需的晶圓數量本身就非常可觀。

And you see the economics in moving from, say, 150-millimeter instead to 200 or even 300 millimeters. So those specific partners, Sumitomo Chemical Advanced Technologies primarily for wafer production. As you know, we produce epi wafers in-house. We have taken some steps to increase capacity internally.

你也會看到，從例如 150 毫米改為 200 甚至 300 毫米所帶來的經濟效益。因此，這些特定合作夥伴中，住友化學先進技術（Sumitomo Chemical Advanced Technologies）主要負責晶圓生產。如你所知，我們在內部生產磊晶晶圓（epi wafers）。我們也已採取一些措施來提升內部產能。

But we've always said that eventually, we might be fabless or very fab light that if an opportunity comes that requires multiple of the MOCVD tools that we have, we're probably not going to make that CapEx investment ourselves.

但我們一直都說，最終我們可能會走向無晶圓廠（fabless）或非常輕資產的晶圓廠模式（fab light）；如果出現需要多倍於我們現有 MOCVD 設備數量的機會，我們大概不會自行進行那樣的資本支出（CapEx）投資。

We're not going to install a few or 5 or 10 MOCVD systems in our headquarters in Santa Barbara, California. We would do that with partners, whereby we might transfer technology. We might leverage the tools at a partner site. And Sumitomo Chemical Advanced Technologies is an example there to scale wafer production capacity. Tower Semiconductor, as you know, is a pure-play fab.

我們不會在加州聖塔芭芭拉的總部安裝幾套、或 5 套、10 套 MOCVD 系統。我們會與合作夥伴一起做，可能會進行技術移轉。我們也可能利用合作夥伴場址的設備。而住友化學先進技術就是一個例子，用於擴大晶圓生產產能。至於 Tower Semiconductor，如你所知，是一家純晶圓代工廠（pure-play fab）。

And they have several fabs around the world. They have 200-millimeter fab in California. And that foundry partnership actually enables manufacturing for us for more than one market, AI datacom, potentially mobile and consumer electronics and also quantum and defense.

他們在全球有多座晶圓廠。他們在加州有一座 200 毫米晶圓廠。而這項代工合作夥伴關係，實際上讓我們能服務不只一個市場的製造需求：AI 資料通訊、潛在的行動裝置與消費性電子，以及量子與國防。

Danial Yermakhan, Freedom Broker.

Danial Yermakhan，Freedom Broker。

Hey guys, thanks for the presentation. My first question is about the fiscal 2026 guidance that was narrowed down. So basically, how much of it of that cap is just timing pushing into the next year and how much is permanent? And out of 6 new contracts you signed this year, how much of them is going to contribute in the Q4? Or is that all in next year?

各位好，謝謝簡報。我的第一個問題是關於你們縮窄後的 2026 會計年度指引。所以基本上，其中上限有多少只是時程延後到下一年、有多少是永久性的？另外，今年你們簽了 6 份新合約，其中有多少會在第四季貢獻？還是全部都會落在明年？

Yeah, I'd say the vast majority, if not all of it is timing related, and it has to do with a number of contracts that we have been working on with the government for quite a while and really just getting through the contracting process and getting these programs kicked off, which allows us to kind of start the work and obviously start the invoicing and revenue just got delayed over the course of this year.

是的，我會說絕大多數——如果不是全部——都與時程有關；這與我們和政府合作、已經推進相當一段時間的多項合約有關，主要是合約流程的推進，以及讓這些專案正式啟動；一旦啟動，我們才能開始執行工作，當然也才能開始開立帳單並認列營收，但今年這些進度在過程中被延後了。

Of course, that means that those programs are going to continue longer, and we'll see that revenue come through next year. So really, I'd say none of it is permanent loss, and it's all just a result of delays in getting these things across the line.

當然，這也意味著這些專案會延續更久，我們會在明年看到相關營收進來。所以我會說，這並不是永久性的損失，完全只是因為把這些事項推進到定案所產生的延遲。

And I think your other question, Danial, was on how much of the new contracts might impact the Q4 revenue? Probably not all that much if you look at revenue to date and the range that we narrowed to. We're 1.5 months away from the end of our fiscal year. So as Chris mentioned, several of these contracts started work a bit late, in some cases, very recently. In some cases, haven't even started yet. So some of that revenue is just going to get pushed into fiscal '27.

我想你另一個問題，Danial，是關於新合約有多少可能影響第四季營收？如果你看截至目前的營收，以及我們縮窄後的區間，可能不會有太多影響。距離我們會計年度結束只剩 1.5 個月。因此如 Chris 所提到的，其中幾份合約的工作啟動得比較晚，有些甚至是最近才開始。有些情況下甚至還沒開始。所以其中一部分營收將會被遞延到 2027 會計年度。

Yeah, I think that makes sense a lot. The second question that you mentioned over 20 active engagements last quarter. And could you just provide more color how many of them have moved into qualification? And how does the new appointments help to that? And is there any production decision that could be made over the next 12 months? Thank you.

是的，我覺得那很有道理。第二個問題是，您提到上季有超過 20 個進行中的合作案。您能否再多說明一下，其中有多少已經進入資格認證（qualification）階段？而新任命的人事安排如何有助於推進？另外，未來 12 個月內是否可能做出任何量產（production）決策？謝謝。

Thank you. Yeah, a few good questions in there. In terms of engagement, maybe I'll just make one comment. Number of engagements continues to grow. We mentioned 20 customer engagements.

謝謝。是的，裡面有幾個很好的問題。就合作案（engagement）而言，我先補充一點。合作案的數量持續增加。我們提到有 20 個客戶合作案。

That number in our pipeline is probably upwards of 30 engagements now, but that doesn't necessarily mean 20 that we spoke of before and say, 10 new. There's probably more than 15 new engagements, which means some of the earlier engagements may have been deprioritized in favor of others that we see as just being very promising, high quality and have very clear outlooks and time lines. And some of these newer engagements, many of them do stem from AI datacom. You would ask something about qualification. What I would say is that there are two aspects to qualification.

我們管線中的數量現在可能已經超過 30 個合作案，但這不一定代表先前提到的 20 個再加上例如 10 個新的。新的合作案可能超過 15 個，這表示一些較早的合作案可能已被降低優先順序，轉而優先投入我們認為非常有前景、品質很高，且具備非常明確展望與時程的案子。而其中一些較新的合作案，很多確實源自 AI 資料通訊（datacom）。你問到資格認證（qualification）。我會說資格認證有兩個面向。

There's qualifying to industry standards and then qualifying to customer-specific specifications. We've done some of our own internal work to qualify toward industry standards. In terms of customer-specific customer qualifications, we have not been qualified by a customer.

一個是符合產業標準的認證，另一個是符合客戶特定規格的認證。我們已經做了一些內部工作，以朝向產業標準進行認證。至於客戶特定的客戶認證，目前我們尚未被任何客戶完成認證。

Customers are mostly evaluating performance metrics at this stage and providing what the requirements would be should we move into qualification with them. But that said, as I mentioned in the discussion with Richard a moment ago, some of what we're developing addresses near-term needs.

現階段客戶主要是在評估效能指標，並提供若我們與他們進入認證流程時所需的要求。不過如同我剛才與 Richard 討論時提到的，我們正在開發的一些內容是在滿足短期需求。

And in some cases, we're building components that exist in nature that other suppliers already build, they just can't keep up with demand. And so we took it upon ourselves to start qualification work for products that we expect to be somewhat standard products on the shelf.

而在某些情況下，我們正在製作一些市面上本來就存在、其他供應商也已在製造的元件，只是他們無法跟上需求。因此，我們主動開始針對我們預期會是較為標準、可直接上架供應的產品，展開認證工作。

And that takes a little bit of time, but the initial results look very promising. And then in terms of customer qualification, customers might have different requirements that may or may not be synergistic with industry standards, but we are not fully qualified by a specific customer at this time.

這需要一些時間，但初步結果看起來非常有希望。至於客戶認證方面，客戶可能會有不同的要求，這些要求可能與產業標準具有協同效應，也可能沒有。

Yeah, thanks. Thanks a lot. I think that's it for my site.

是的，謝謝。非常感謝。我這邊就到這裡。

Thanks, Daniel.

謝謝你，Daniel。

Thank you.

謝謝。

(Operator Instructions)

(接線員指示)

Tim Savageaux, Northland Capital Markets.

Tim Savageaux，Northland Capital Markets。

Hey, good afternoon. Sounds like there's been a lot going on since OFC. And it appears you talked about it a couple of times. Lasers are the big pain point. I think maybe historically, you've described that opportunity, at least for QD lasers is maybe a little further out. And so my question is sort of twofold.

嗨，午安。聽起來自 OFC 以來發生了很多事情。而且看起來你們也提到過幾次。雷射是最大的痛點。我想過去你們對這個機會的描述，至少就 QD 雷射而言，可能還要更久一些才會到來。所以我的問題大概有兩個部分。

Since OFC or recently, is it safe to say maybe that opportunity has pulled in? And it sounds like based on your answer to the last question, you may be thinking about making other types of lasers that are currently in short supply. Would that be fair to say as well?

自 OFC 以來或最近，是否可以說這個機會可能已經提前了？而且聽起來根據你對上一個問題的回答，你們可能也在考慮製造其他目前供應短缺的雷射類型。這樣說也合理嗎？

Good questions. Thanks, Tim. So I would say that QD laser has probably been pulled in a bit just because leading up to the OFC Conference and since, the customer interest has really grown quite a bit. And that is for a number of reasons that I think you sort of pointed out, very large demand for lasers, stringent requirements for lasers in terms of output power, power handling, high-temperature operation. And it goes across the chain.

問題很好。謝謝你，Tim。我會說 QD 雷射的時程確實可能稍微提前了一些，因為在 OFC 會議前後以及之後，客戶興趣確實大幅提升。原因有幾個，你也提到了一些：雷射需求非常龐大，且對雷射在輸出功率、功率承受能力、高溫操作等方面有嚴格要求。而且這是整個供應鏈都面臨的問題。

Like if there's anything you can do to simplify integration and packaging, it's not just the laser chip itself that matters. It's getting the light off the chip and ensuring the performance. So quantum dots show potential for isolator-free packaging. And so what I would say has happened over the last few months is that the industry has started to seriously evaluate quantum dot laser technology. And now I don't think that they will rush in adopting any technology.

例如，只要能做任何事情來簡化整合與封裝，重點不只是雷射晶片本身。還包括如何把光從晶片導出並確保效能。因此，量子點在免隔離器（isolator-free）封裝方面展現潛力。所以我會說，過去幾個月發生的事情是，產業開始認真評估量子點雷射技術。不過我不認為他們會急著採用任何技術。

I mean, we're hearing a lot about thin-film lithium niobate on the modulator side and other technologies. But it's clear to us that the AI datacom market intends to adopt more than one technology and intends to have, in some cases, more than one supplier for each of those technologies. So right now, we're seeing very strong interest in the quantum dot technology. We've been sharing more and more data with customers. Customers really want to evaluate the quantum dot laser technology.

我的意思是，我們聽到很多關於調變器端的薄膜鈮酸鋰（thin-film lithium niobate）以及其他技術。但對我們來說很明確的是，AI 資料通訊市場打算採用不只一種技術，並且在某些情況下，對每一種技術也會希望有不只一家供應商。因此目前我們看到對量子點技術的興趣非常強烈。我們也持續與客戶分享越來越多的數據。客戶確實很想評估量子點雷射技術。

It might take a little bit of time. But because of the strong interest, we at least internally have made efforts to sort of ramp up our maturation of our quantum dot lasers, maybe a little bit earlier than we initially intended. The other components where we are working to address more near-term needs is probably primarily around photodiodes, high-speed photodiodes and even photodiode arrays, which requires some customization for those slow and wide applications.

這可能需要一些時間。但由於興趣非常強烈，我們至少在內部已經努力把量子點雷射的成熟化（maturation）進度往前拉，可能比我們原先預期更早一些。至於我們正在著手、用以滿足更短期需求的其他元件，主要可能是光電二極體（photodiodes）、高速光電二極體，甚至是光電二極體陣列；而這些在那些較慢速且較寬頻的應用上需要一些客製化。

I can't say that we are going to start manufacturing traditional lasers. We see more of an opportunity to intersect the market with some newer technology or newer ways of manufacturing technology like the quantum dot lasers.

我不能說我們會開始製造傳統雷射。我們看到的機會更像是以一些較新的技術，或是較新的技術製造方式（例如量子點雷射），切入市場。

Got it. And whether it's on the detector side or on the laser side, I mean, at this point, I guess, how quickly do you feel like you could scale if customer decides to go forward? You've got the Tower relationship. I guess, you've been working on that for a while. That would suggest not too far off, but if customer makes a qualification decision today, how long would it take you to get to scale to volume production?

了解。不論是在偵測器端或雷射端，我的意思是，就目前而言，如果客戶決定往前推進，你們覺得自己能多快擴產？你們有和 Tower 的合作關係。我想你們也已經在那方面投入一段時間了。這表示應該不會太久；但如果客戶今天就做出認證決策，你們要花多久才能擴到規模並進入量產？

So I would say that really depends on the qualification requirements of the customer and how quickly we move. Also depends a little bit on the customer profile because in some cases, our engagements are such that customers just want us to build scale and supply. In some cases, they want to partner with us, like they might want to leverage the supply chain that we've established, but they have some of their own supply chain partners or some of their own internal manufacturing capacity. So I would say it really depends on the customer profile. But in many cases, we do expect that the partnership with the customers is going to help accelerate things.

我會說這真的取決於客戶的認證要求，以及我們推進的速度。也部分取決於客戶類型，因為在某些情況下，我們的合作案是客戶只希望我們建立規模並供貨。在某些情況下，他們希望與我們合作，例如他們可能想利用我們已建立的供應鏈，但他們也有自己的一些供應鏈夥伴或內部製造產能。所以我會說這確實取決於客戶類型。但在許多情況下，我們也預期與客戶的合作夥伴關係將有助於加速進程。

Okay, thanks.

好的，謝謝。

Thanks, Tim.

謝謝你，Tim。

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

我們的問答環節到此結束。我想把會議交回給 Jonathan Klamkin 博士作結語。

Thank you all for joining our call today. We look forward to connecting in the future and hope you have a great day.

感謝各位今天參加我們的電話會議。我們期待未來再與各位交流，也祝各位有美好的一天。

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

本次會議到此結束。感謝各位出席今天的簡報。您現在可以掛線。