Aeluma Inc (ALMU) 2026 Q4 法說會逐字稿

Good day and thank you for standing by. Welcome to Aeluma's Q4 fiscal year 2026 earnings conference call.

大家好，感謝您稍候等候。歡迎參加 Aeluma 2026 財政年度第四季（Q4）財報電話會議。

(Operator Instructions) Please be advised that today's conference call is being recorded.

(接線員指示) 請注意，今天的電話會議將被錄音。

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

此刻，我想將電話交給 Aeluma 投資人關係部的 Moira Conlan。請開始。

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

各位下午好，歡迎參加 Aeluma 2026 財政年度第四季財報電話會議。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。

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.

今天的討論與對問題的回應可能包含前瞻性陳述；此類陳述受多項風險與不確定性影響，可能導致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 and fourth-quarter presentation that we will reference during this conference call, 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）提交的報告中。上述報告，以及我們今天的財報新聞稿與本次電話會議將引用的第四季簡報，皆可在我們網站的「投資人」專區找到。

Aeluma assumes no obligation to update or revise any forward-looking statements to reflect events or circumstances that may arise after the date of this call.

Aeluma 不承擔任何義務在本次電話會議日期之後，因可能發生的事件或情況而更新或修訂任何前瞻性陳述。

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 our earnings press release and SEC filings.

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。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 will turn the call over to Aeluma's CEO, Jonathan Klamkin.

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

Thank you, Moira. And thank you, all, for joining today's call. We are delighted to share a recap of our fiscal 2026 and to provide an outlook on Aeluma's path to commercialization.

謝謝你，Moira。也感謝各位參加今天的電話會議。我們很高興與各位分享 2026 財政年度的回顧，並提供 Aeluma 邁向商業化的路徑展望。

The AI Datacom market opportunity has continued to become a priority for us. Demand for high-performance photonics is at an all-time high, with data-center CapEx investments expected to reach $1.8 trillion in 2030, according to Dell'Oro Group; of which, approximately 10% to 15% is for photonics.

AI 資料通訊（Datacom）市場機會持續成為我們的優先重點。根據 Dell'Oro Group 的資料，高效能光子技術的需求正處於歷史新高，資料中心資本支出（CapEx）投資預計在 2030 年達到 1.8 兆美元，其中約 10% 至 15% 用於光子技術。

As illustrated in slide 4, we explicitly built our technology platform for this scale. Our proprietary heterogeneous integration with large diameter non-indium phosphide substrates combines high-performance materials with mass-market microelectronics manufacturing.

如投影片 4 所示，我們明確地為此規模打造了我們的技術平台。我們專有的異質整合技術，採用大直徑的非磷化銦（non-indium phosphide）基板，將高效能材料與大眾市場的微電子製造結合。

To capitalize on the AI opportunity, in fiscal 2026, we prioritized resources to accelerate development and commercialization of our high-speed photodetectors and quantum-dot lasers, which are applicable across a broad range of data-center connectivity, including slow and wide short-reach interconnects, fast and narrow interconnects, pluggable transceivers, near packaged optics or NPO, and co-packaged optics or CPO.

為把握 AI 機會，在 2026 財政年度，我們優先配置資源以加速高速光偵測器與量子點雷射的開發與商業化；這些技術可廣泛應用於資料中心連線，包括慢速且寬通道的短距互連、快速且窄通道互連、可插拔式收發器、近封裝光學（near packaged optics，NPO）以及共封裝光學（co-packaged optics，CPO）。

Many traditional photonics components for data centers depend on indium-phosphide substrates, which have become a bottleneck for suppliers and their customers.

許多用於資料中心的傳統光子元件依賴磷化銦基板，而這已成為供應商及其客戶的瓶頸。

Aeluma's technologies are manufactured with non-indium-phosphide substrates that may range in size from 150 millimeters or 6 inches to 200 millimeters and up to 300 millimeters.

Aeluma 的技術採用非磷化銦基板製造，尺寸可從 150 毫米（6 吋）到 200 毫米，並可擴展至 300 毫米。

Aeluma's photodetector and laser technologies have undergone significant foundational development, thanks, in part, to non-dilutive government funding. We have always been selective in bidding on government contracts that are synergistic with our commercial ambitions.

在部分非稀釋性政府資金的支持下，Aeluma 的光偵測器與雷射技術已完成重要的基礎性開發。我們一向在投標政府合約時保持審慎，只選擇與我們商業目標具協同效益的專案。

An example is a Navy program that commenced in fiscal 2024 to develop high-speed photodetectors for short-reach links, a technology that is highly relevant to slow and wide data-center interconnects for scale-up AI workloads.

其中一個例子是海軍於 2024 財政年度啟動的計畫，用於開發短距連結的高速光偵測器；該技術與用於擴展型（scale-up）AI 工作負載的慢速且寬通道資料中心互連高度相關。

This Navy program has transitioned successfully into a second phase to focus on higher-speed operation and transceiver integration.

此海軍計畫已成功轉入第二階段，聚焦於更高速的運作以及收發器整合。

We have also made considerable progress with customers evaluating our differentiated photonics platform, which eliminates the need for indium-phosphide substrates, supports high-volume manufacturing, and provides a path to [CMOS] wafer-scale integration and packaging.

我們也在客戶評估我們差異化光子平台方面取得顯著進展；該平台可免除對磷化銦基板的需求、支援高量產製造，並提供通往 [CMOS] 晶圓級整合與封裝的路徑。

These engagements have helped shape the development of our [Lynx S] series photodetectors, which target data rates from a few gigabits per second to 64 gigabits per second.

這些合作交流也協助形塑我們 [Lynx S] 系列光偵測器的開發方向，其目標資料速率涵蓋每秒數 Gb 至每秒 64 Gb。

Based on customer discussions and market forecasts, we believe these applications represent a substantial volume opportunity, as deployment scale in 2028 through 2030.

根據與客戶的討論及市場預測，我們相信這些應用在 2028 至 2030 年的部署規模擴大時，將代表可觀的量產機會。

To support fast and narrow 200 gigabits per second per lane and future 400 gigabits per second per lane for scale-out interconnects, we are developing our [Lynx F] series photodetectors. This represents another significant potential opportunity in the growing AI Datacom market.

為支援每通道 200 Gb/s 的快速且窄通道互連，以及未來每通道 400 Gb/s 的擴展型（scale-out）互連，我們正在開發 [Lynx F] 系列光偵測器。這也代表在成長中的 AI 資料通訊市場中另一項重要的潛在機會。

The non-dilutive government funding we secured played an important role in advancing our technology, while also providing a potential long-term customer relationship with the US Navy.

我們取得的非稀釋性政府資金在推進技術方面扮演了重要角色，同時也可能帶來與美國海軍的長期客戶關係。

As the AI Datacom market accelerates and demand grows over the next several years, we have prioritized our resources on the commercialization of our high-speed photodetectors to capture this opportunity.

隨著 AI 資料通訊市場加速發展、未來數年需求成長，我們已將資源優先投入高速光偵測器的商業化，以掌握此一機會。

Another example is funding from the Office of the Secretary of War and from NASA to advance our MOCVD quantum-dot laser technology.

另一個例子是來自戰爭部部長辦公室（Office of the Secretary of War）以及 NASA 的資金，用以推進我們的 MOCVD 量子點雷射技術。

Today, our data customers are evaluating our non-indium-phosphide quantum-dot lasers for high-temperature operation, reliability, and isolator-free packaging.

目前，我們的資料通訊客戶正在評估我們的非磷化銦量子點雷射在高溫運作、可靠性以及免隔離器（isolator-free）封裝方面的表現。

Our [Quasar] family of quantum-dot lasers, currently under development, aims to address the demand for high-power lasers in scale-up and scale-out networks.

我們正在開發的 [Quasar] 量子點雷射產品家族，旨在滿足擴展型（scale-up）與擴展外連（scale-out）網路對高功率雷射的需求。

We believe we are uniquely positioned as the first company to offer quantum-dot lasers using MOCVD, an industry standard for high-throughput production. MOCVD, for example, is used exclusively for large volume VCSEL manufacturing for facial recognition in mobile phones.

我們相信，我們具備獨特優勢，成為首家以 MOCVD（高通量量產的產業標準）提供量子點雷射的公司。例如，MOCVD 被專門用於手機臉部辨識所需的大量 VCSEL 製造。

Given the scale of investment and projects already underway for data center build-outs, we are more commercially focused than ever before.

鑑於資料中心建置的投資規模以及已在進行中的專案，我們比以往任何時候都更聚焦於商業化。

We stated that fiscal 2026 would establish the foundation for transitioning to commercialization. We delivered on this objective by expanding our team, establishing manufacturing supply-chain partners, bolstering cash, and focusing on our go-to-market strategy.

我們曾表示 2026 財政年度將奠定轉向商業化的基礎。我們透過擴編團隊、建立製造供應鏈合作夥伴、強化現金部位，並聚焦於我們的上市策略（go-to-market strategy），達成了此一目標。

At June 30, 2025, Aeluma had 14 employees. As of today, we have more than 30 employees. And we plan to recruit additional talent to execute our strategic priorities.

截至 2025 年 6 月 30 日，Aeluma 有 14 名員工。截至今天，我們已有超過 30 名員工。我們也計畫招募更多人才，以執行我們的策略優先事項。

In June, we announced the appointment of Dr. Brendan Moran as VP of Engineering, whose distinguished career at Lumileds included leading product strategy and development for mobile-photonics components that generated $300 million in annual revenue, eight consecutive design-ins for a high-profile mobile customer, and shipping of billions of photonics chips.

6 月，我們宣布任命 Brendan Moran 博士擔任工程副總裁；他在 Lumileds 的傑出職涯包括領導行動光子元件的產品策略與開發，創造每年 3 億美元營收、為一位知名行動裝置客戶連續 8 次導入設計（design-in），並出貨數十億顆光子晶片。

Brendan is driving Aeluma's product development and commercialization efforts with an emphasis on photodetectors and lasers for AI Datacom.

Brendan 正在推動 Aeluma 的產品開發與商業化工作，重點聚焦於用於 AI Datacom 的光偵測器與雷射。

Along with Dr. Willy Rachmady, Aeluma's VP of Strategic Partnerships and Ecosystem; and myself, Brendan is helping advance our engagements with customers and define technology and product-development roadmaps.

Brendan 與 Aeluma 策略合作與生態系副總裁 Dr. Willy Rachmady，以及我本人一道，正協助推進我們與客戶的互動，並界定技術與產品開發路線圖。

We believe our product-focused strategy will benefit our business and our shareholders. We also recently appointed Jason Taylor as Senior Director of Program and Project Management. Jason has nearly three decades of experience in program management at Intel, KYOCERA, Lumileds, and other organizations.

我們相信以產品為導向的策略將有利於我們的業務與股東。我們近期也任命 Jason Taylor 擔任計畫與專案管理資深總監。Jason 在 Intel、KYOCERA、Lumileds 及其他機構的計畫管理領域擁有近三十年的經驗。

Jason is leading program management across Aeluma and is building out a program-management system to ensure timely execution of priority programs, including high-speed photodetectors and quantum-dot lasers for AI Datacom. Such a system is key to delivering on our strategic priorities.

Jason 正領導 Aeluma 全公司的計畫管理，並正在建立一套計畫管理系統，以確保優先計畫（包括用於 AI Datacom 的高速光偵測器與量子點雷射）能按時執行。此類系統是落實我們策略優先事項的關鍵。

I am also proud to welcome Dr. Primit Parikh as a Strategic Advisor. Pramit was VP and GM of the gallium-nitride business division at Renesas, following the acquisition of Transphorm, Inc., a pioneer in gallium-nitride-powered semiconductors that Primit co-founded and led from inception through its public-company listing and acquisition by Renesas. He also held leadership positions at Nitres and Cree.

我也很榮幸歡迎 Dr. Primit Parikh 擔任策略顧問。在 Renesas 收購 Transphorm, Inc.（Primit 共同創辦並自創立起領導至其上市、並最終被 Renesas 收購的氮化鎵功率半導體先驅）之後，Primit 曾任 Renesas 氮化鎵事業部副總裁兼總經理。他也曾在 Nitres 與 Cree 擔任領導職務。

Primit's expertise spans several areas important to Aeluma, including high-performance semiconductors, AI data centers, manufacturing, IP strategy, and partnerships. He provides a strategic and operational perspective to Aeluma, as we position the company for commercial growth.

Primit 的專長涵蓋多個對 Aeluma 重要的領域，包括高效能半導體、AI 資料中心、製造、智慧財產（IP）策略與合作夥伴關係。在我們為公司的商業成長定位之際，他為 Aeluma 提供策略與營運層面的觀點。

We are, again, adding more office and meeting space to support our growing team. And while we continue to be stewards of capital, the time for making investments in growth is now.

我們再次擴增辦公與會議空間，以支援持續成長的團隊。同時，儘管我們仍將審慎管理資本，但現在正是投資成長的時機。

Moving through fiscal 2027 and beyond, we will be even more selective with government funding and more commercially-focused. This may mean sacrificing near-term government contract revenue to focus resources toward achieving commercial revenue and growth opportunities, which is what matters in generating long-term shareholder value.

展望 2027 會計年度及之後，我們在政府資金的選擇上將更為審慎，並更聚焦於商業化。這可能意味著犧牲短期的政府合約收入，將資源集中於實現商業收入與成長機會——而這才是創造長期股東價值的關鍵。

In previous communications, we shared our intention to move away from early-stage government funding and, instead, focus on opportunities that accelerate manufacturing and commercialization.

在先前的溝通中，我們分享了逐步遠離早期政府資金、轉而聚焦於能加速製造與商業化之機會的意圖。

Consistent with that strategy, on July 29, we announced a letter of intent with the Department of Commerce's CHIPS, R&D office for up to $30 million to accelerate development and commercialization of our scalable photonics for AI and advanced computing.

與該策略一致，我們於 7 月 29 日宣布與美國商務部 CHIPS 研發辦公室簽署意向書，金額最高可達 3,000 萬美元，用以加速我們可擴展光子技術在 AI 與先進運算領域的開發與商業化。

This is not for a specific Department of War or NASA or Department of Energy or other agency-driven application with technical metrics established by the government agency.

這並非針對特定的國防部、NASA、能源部或其他由政府機關主導、且技術指標由政府機關制定的應用。

For the Department of Commerce program, we proposed Aeluma's own vision. That is to build the world's highest performance photonics with scalable manufacturing, leveraging domestic capabilities and advanced intellectual property to overcome supply-chain constraints and to meet the demand for critically important AI and advanced compute-infrastructure investments.

在商務部的計畫中，我們提出的是 Aeluma 自身的願景。也就是：以可擴展的製造能力打造全球最高效能的光子技術，運用國內能力與先進智慧財產來克服供應鏈限制，並滿足對關鍵 AI 與先進運算基礎設施投資的需求。

These themes have been central to Aeluma's strategy since our founding. The CHIPS initiative is aimed at supporting semiconductor innovation across integrated photonics, compute architectures, advanced packaging, substrates, materials, and memory for the AI and advanced-compute supply chain.

自公司創立以來，這些主題一直是 Aeluma 策略的核心。CHIPS 計畫旨在支持 AI 與先進運算供應鏈中，涵蓋整合式光子、運算架構、先進封裝、基板、材料與記憶體等領域的半導體創新。

This strategic government investment could accelerate our development and commercialization efforts.

這項具策略性的政府投資可能加速我們的開發與商業化工作。

On scaling, I am happy to announce that we recently executed an important agreement with Sumitomo Chemical Advanced Technologies to strengthen our relationship; increase wafer-production capacity, leveraging existing MOCVD tools that we can run our processes on; and provide a path for further increasing capacity in the future.

在擴產方面，我很高興宣布我們近期與住友化學先進技術（Sumitomo Chemical Advanced Technologies）簽署了一項重要協議，以強化雙方關係；透過可運行我們製程的既有 MOCVD 設備提升晶圓產能；並為未來進一步擴增產能提供途徑。

We have been engaged with Sumitomo Chemical Advanced Technologies for several years. And this new agreement will support commercialization efforts and will complement Aeluma's in-house capability. The initial focus of this effort is on high-speed photodetectors for AI Datacom.

我們與住友化學先進技術合作已持續數年。這項新協議將支援商業化推進，並與 Aeluma 的內部能力相互補強。此項工作的初期重點聚焦於用於 AI Datacom 的高速光偵測器。

For future scaling, we are procuring multiple AIXTRON G10-AsP MOCVD systems. These types of tools are already in use by major tier 1 photonics-component manufacturers for lasers and other photonics components for AI Datacom.

就未來擴產而言，我們正在採購多套 AIXTRON G10-AsP MOCVD 系統。此類設備已被主要的一級（tier 1）光子元件製造商用於生產 AI Datacom 所需的雷射與其他光子元件。

Aeluma recently configured these tools to implement our proprietary non-indium-phosphide substrate processes. And we are planning for installation.

Aeluma 近期已完成這些設備的配置，以導入我們專有的非磷化銦（non-indium-phosphide）基板製程。我們也正在規劃安裝作業。

While our precise strategy is confidential, we have communicated our multi-pronged approach to leverage different non-indium-phosphide-substrate types and sizes to pair technology with market demand in the most economical and strategic way.

雖然我們的精確策略屬機密，但我們已對外說明我們採取多管齊下的方法，運用不同類型與尺寸的非磷化銦基板，以最具經濟效益且最具策略性的方式，將技術與市場需求進行配對。

As we shared on our Q3 earnings call, we work with several supply-chain partners. These include both compound semiconductor fabs and silicon fabs, whose capabilities range from 150-millimeter fabrication to 200 millimeters and some, up to 300 millimeters.

如同我們在第三季財報電話會議中分享的，我們與多家供應鏈夥伴合作。其中包括化合物半導體晶圓廠與矽晶圓廠，其能力範圍涵蓋 150 毫米製程到 200 毫米，部分甚至可達 300 毫米。

For many of our target markets, 1500millimeter wafers, either gallium arsenide or silicon, are appropriate. Aeluma's use of non-indium-phosphide substrates at this size and partnership with volume-microelectronics foundries provides a path to scale and meet demand, while overcoming supply-chain constraints and winning on cost.

對於我們許多目標市場而言，150 毫米晶圓（無論是砷化鎵或矽）都是合適的。Aeluma 在此尺寸上採用非磷化銦基板，並與量產型微電子代工廠合作，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 for scaling. And we have recently strengthened this relationship with a new agreement.

Aeluma 在內部生產起始晶圓，同時也與住友化學先進技術等夥伴合作以進行擴產。我們近期也透過一項新協議強化了這段合作關係。

Following epitaxy-wafer production, our proprietary wafers are sent to foundries and other supply-chain partners and then, returned to Aeluma for test and validation.

在外延晶圓製作完成後，我們的專有晶圓會送往代工廠及其他供應鏈夥伴，之後再送回 Aeluma 進行測試與驗證。

Like other photonics IDMs or integrated device manufacturers, Aeluma has developed several key compound-semiconductor technologies to address different uses and functions, such as wavelength specifications and market applications.

如同其他光子 IDM（整合元件製造商），Aeluma 已開發多項關鍵化合物半導體技術，以因應不同用途與功能，例如波長規格與市場應用。

As illustrated in slide 5, while our technology platform is broadly applicable, our current commercialization focus is AI Datacom.

如投影片 5 所示，雖然我們的技術平台具有廣泛適用性，但我們目前的商業化重點是 AI Datacom。

Referring to slide 6, we are leveraging our large diameter-substrate platform to commercialize our Lynx high-speed photodetectors and our Quasar quantum-dot laser technologies.

參考投影片 6，我們正運用大直徑基板平台，將 Lynx 高速光偵測器與 Quasar 量子點雷射技術推向商業化。

Lynx is designed to address both scale-up and scale-out AI interconnects. Aeluma's non-indium-phosphide platform is attractive to customers who need to overcome supply-chain constraints and enable scaling with a roadmap for wafer-scale integration with CMOS, which is key for the slow and wide scale-up AI interconnects.

Lynx 的設計旨在同時滿足 AI 互連的 scale-up 與 scale-out 需求。Aeluma 的非磷化銦平台對於需要克服供應鏈限制、並透過具備與 CMOS 進行晶圓級整合之路線圖來實現擴產的客戶具有吸引力；而這對於較慢且更寬的 scale-up AI 互連至關重要。

To cover the playing field, the [Lynx V] Series photodetectors are aimed at fast and narrow 224 and then, 448 gigabits per second scale-out AI interconnects.

為了涵蓋整個競爭版圖，[Lynx V] 系列光偵測器鎖定快速且較窄的 224，並進一步到 448 Gbps（每秒十億位元）的 scale-out AI 互連。

Our MOCVD quantum-dot technology is driving Quasar product development. Current laser technology for AI interconnects is based on indium phosphide. And as we have continually messaged, indium-phosphide substrates are in short supply; are small, expensive, and fragile.

我們的 MOCVD 量子點技術正在推動 Quasar 產品開發。目前用於 AI 互連的雷射技術以磷化銦為基礎。而且正如我們持續傳達的，磷化銦基板供應短缺；尺寸小、價格昂貴且脆弱。

And the indium-phosphide manufacturing doesn't scale to large volumes. Investment in 6-inch indium phosphide are being made. But this will take time to qualify. And costs of 6-inch indium-phosphide substrates are increasing. Also, indications are that 6-inch indium phosphide is not sufficient for the AI infrastructure build-out.

此外，磷化銦的製造無法擴展到大規模產量。目前正在投資 6 吋磷化銦。但這需要時間進行認證。而 6 吋磷化銦基板的成本正在上升。同時，跡象顯示 6 吋磷化銦不足以支撐 AI 基礎設施的建置擴張。

Our Lynx effort is focused on 6-inch gallium-arsenide manufacturing initially but will also leverage larger diameter-silicon manufacturing in the future to enable further scaling and direct integration with silicon photonics. Our MOCVD approach is key to supporting this roadmap.

我們的 Lynx 計畫最初聚焦於 6 吋砷化鎵製造，但未來也將利用更大直徑的矽製造，以實現進一步擴產並與矽光子直接整合。我們的 MOCVD 方法是支撐此路線圖的關鍵。

Looking forward to fiscal 2027 and beyond, our enthusiasm continues to grow. The AI Datacom opportunity is driving our near-term, product-focused commercialization efforts.

展望 2027 財年及以後，我們的熱情持續升溫。AI Datacom 的機會正在推動我們近期以產品為導向的商業化工作。

In addition to prospective capital from the CHIPS program that is under definitive-agreement negotiations, we are negotiating several multimillion-dollar NRE agreements with commercial customers.

除了正在就 CHIPS 計畫、且處於最終協議談判中的潛在資金之外，我們也正與商業客戶洽談數項數百萬美元規模的 NRE 協議。

NRE programs with top-tier manufacturers are an effective way to accelerate qualification and commercialization. We are ramping activities with our supply-chain partners, expanding MOCVD manufacturing capabilities, and will continue to build out our team to support commercialization.

與一線製造商合作的 NRE 計畫，是加速認證與商業化的有效方式。我們正在加速與供應鏈夥伴的合作活動、擴充 MOCVD 製造能力，並將持續擴編團隊以支援商業化。

It is highly motivating to see Aeluma's vision come to life, as we execute our go-to-market strategy and the demand for high-performance photonics grows at unprecedented rates.

隨著我們執行市場進入策略，而對高效能光子技術的需求以前所未有的速度成長，看到 Aeluma 的願景逐步實現，令人備受鼓舞。

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

接下來，我把電話會議交給我們的財務長 Chris Stewart，請他說明財務狀況。

Thanks, Jonathan.

謝謝你，Jonathan。

Over the last year, the opportunity for Aeluma, particularly in the AI data-center interconnect market, has really come into focus. Census projections for the size of the opportunity continue to increase dramatically.

過去一年，Aeluma 的機會，特別是在 AI 資料中心互連市場，已經真正變得清晰。對於機會規模的預測仍在大幅上修。

We hear from customers and partners that our technology is well-positioned to support an industry that is currently struggling to scale up to meet the demand.

我們從客戶與合作夥伴那裡聽到，我們的技術具備良好定位，可支援一個目前正努力擴產以滿足需求的產業。

This year, we made significant progress towards commercialization. And I am confident in our team's ability to execute our strategy to capitalize on the opportunity.

今年，我們在邁向商業化方面取得了重大進展。我也對團隊執行策略、把握這項機會的能力充滿信心。

Now, I will review our fiscal fourth-quarter and full-year 2026 financial results.

現在，我將回顧我們 2026 財年第四季與全年財務結果。

Revenue in Q4 was $582,000, resulting in total revenue of $4.5 million for the year, near the high end of the range we provided on our Q3 call. Revenue primarily reflects our government contracts; was approximately flat to the $4.7 million we reported for fiscal 2025.

第四季營收為 58.2 萬美元，使全年總營收達 450 萬美元，接近我們在第三季電話會議所提供區間的高端。營收主要反映我們的政府合約；與 2025 財年所報告的 470 萬美元大致持平。

GAAP net loss for the fourth quarter was $4 million or $0.22 per share. For the full fiscal year, net loss was $9.2 million, $0.52 per share, compared to a net loss of $3 million, $0.23 per share in fiscal 2025.

第四季 GAAP 淨損為 400 萬美元，或每股 0.22 美元。全年淨損為 920 萬美元，或每股 0.52 美元，相較於 2025 財年淨損 300 萬美元、每股 0.23 美元。

Excluding stock-based compensation, adjusted net loss for the fourth quarter, $2.7 million or $0.15 per share. Adjusted net loss for the full fiscal year was $4.6 million or $0.26 per share compared to an adjusted net loss of $116,000 or $0.01 per share in fiscal 2025.

扣除以股份為基礎的薪酬後，第四季調整後淨損為 270 萬美元，或每股 0.15 美元。全年調整後淨損為 460 萬美元，或每股 0.26 美元；相較於 2025 財年調整後淨損 11.6 萬美元、每股 0.01 美元。

Adjusted EBITDA was negative $2.9 million for the quarter and negative $5.2 million for the year compared to negative $911,000 last quarter, positive adjusted EBITDA of $186,000 in fiscal 2025. The greater net loss and lower adjusted EBITDA were primarily driven by increased headcount and other operating expenses.

本季調整後 EBITDA 為負 290 萬美元，全年為負 520 萬美元；相較於上一季為負 91.1 萬美元，以及 2025 財年調整後 EBITDA 為正 18.6 萬美元。較大的淨損與較低的調整後 EBITDA 主要由人員增加及其他營運費用上升所致。

We closed the fourth quarter with a strong balance sheet, including $56 million in cash and cash equivalents, compared to $37.8 million at the close of the March quarter, $15.7 million at June 30, 2025.

我們在第四季末擁有強勁的資產負債表，包括 5,600 萬美元的現金及約當現金；相較於 3 月季度末的 3,780 萬美元，以及 2025 年 6 月 30 日的 1,570 萬美元。

We continue to have no debt on our balance sheet.

我們的資產負債表仍然沒有任何負債。

During the fourth quarter, we issued 830,484 shares under our [ATM] facility at an average price of $24.87, netting proceeds of $20.1 million. As you may recall, in March, we established a $50 million ATM facility to provide flexibility to raise capital -- believe it is in the best interest of our shareholders.

第四季期間，我們透過 [ATM] 機制以平均價格 24.87 美元發行 830,484 股，淨募得 2,010 萬美元。各位可能記得，我們在 3 月設立了 5,000 萬美元的 ATM 機制，以提供籌資彈性——我們相信這符合股東的最佳利益。

We believe that maintaining a strong balance sheet is critical to executing against the significant growth opportunity we see ahead, reinforcing our credibility with customers and partners. At the same time, we remain committed to operating in a disciplined manner.

我們認為，維持強健的資產負債表對於執行我們所看到的重大成長機會至關重要，並能強化我們在客戶與合作夥伴面前的可信度。同時，我們仍致力於以嚴謹自律的方式營運。

Now, I will provide some color on our outlook for fiscal 2027.

接下來，我將就 2027 財年的展望補充一些說明。

Over the past several years, government R&D contracts have been a great source of non-dilutive funding for development and relationship building. While we will continue to execute on R&D programs that are aligned with our commercial direction, our focus in fiscal 2027 is on commercialization.

過去幾年，政府研發合約一直是開發與建立關係的重要非稀釋性資金來源。雖然我們將持續執行與商業方向一致的研發計畫，但我們在 2027 財年的重點是商業化。

We expect to recognize approximately $2.3 million in currently booked government contract revenue in fiscal 2027, with the potential for an additional $2 million from opportunities under discussion.

我們預期在 2027 財年認列目前已簽訂的政府合約收入約 230 萬美元，並且就討論中的機會，另有最多 200 萬美元的潛在增量。

As Jonathan mentioned, we are also in discussions with several prospective marquee customers regarding commercial NRE programs that may bring additional revenue in fiscal 2027.

如 Jonathan 所提到，我們也正與數家潛在的指標性客戶就商業 NRE 計畫進行討論，這些計畫可能在 2027 財年帶來額外收入。

We are continuing to work through diligence and drafting of the definitive agreements related to our Letter of Intent with the Department of Commerce, CHIPS, R&D office, for up to $30 million in funding.

我們正持續進行盡職調查，並起草與美國商務部 CHIPS 研發辦公室之意向書相關的最終協議，該項資金最高可達 3,000 萬美元。

While the terms are not yet final, our current understanding is that, if finalized, this award is likely to be accounted for as an equity investment in Aeluma by the US government and not as revenue, like our previous government R&D contracts.

雖然條款尚未定案，但依我們目前的理解，若最終確定，該項獎助很可能會以美國政府對 Aeluma 的股權投資入帳，而非像我們先前的政府研發合約那樣認列為營收。

We are proud to have been selected for this high-profile program centered around the development and commercialization of our products for AI.

我們很自豪能入選這項高能見度計畫，其核心聚焦於為 AI 開發並商業化我們的產品。

We have always viewed the US government as a strategic partner and an investment in Aeluma could help accelerate our commercialization efforts.

我們一向將美國政府視為策略性合作夥伴，而對 Aeluma 的投資可望協助加速我們的商業化工作。

With respect to manufacturing, we are focused on expanding epitaxy-wafer-production capacity, Sumitomo Chemical Advanced Technologies, qualifying our processes with additional supply-chain partners, and expanding our capabilities through the purchase of the latest generation of MOCVD reactors, test and validation tools.

在製造方面，我們聚焦於擴充外延晶圓產能（Sumitomo Chemical Advanced Technologies）、與更多供應鏈夥伴完成製程認證，並透過採購最新一代 MOCVD 反應器、測試與驗證工具來擴大我們的能力。

As such, we expect to make meaningful investments in fiscal 2027, anticipating capital expenditures of approximately $10 million to $12 million. These investments are not a departure from our capital-light model but will help position us to ramp our proprietary process with supply-chain partners.

因此，我們預期在 2027 會計年度進行具實質意義的投資，預估資本支出約為 1,000 萬至 1,200 萬美元。這些投資並非偏離我們的輕資本模式，而是將協助我們與供應鏈合作夥伴一同擴大我們的專有製程。

Finally, we will continue investing in the talent, systems, and processes needed to support customer- and product-development programs and to scale the business to move towards commercialization.

最後，我們將持續投資於人才、系統與流程，以支援客戶與產品開發計畫，並擴大業務規模，朝商業化邁進。

We made investments in talent in fiscal 2026. Going forward, we will continue to build the organizational foundation required to execute our strategy.

我們已在 2026 會計年度投資於人才。展望未來，我們將持續建立執行策略所需的組織基礎。

With our strong balance sheet and potential CHIPS funding, we believe we are well positioned to make prudent investments to capitalize on the tremendous opportunity we see ahead to create long-term value for our shareholders.

憑藉我們強健的資產負債表以及潛在的 CHIPS 資金挹注，我們相信自己已具備良好條件進行審慎投資，把握我們所見的龐大機會，為股東創造長期價值。

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

現在，在我們開放提問之前，我將把電話會議交回 Jonathan，請他做結語。

Thank you, Chris.

謝謝你，Chris。

To summarize, we are pleased with the progress made in fiscal 2026 to establish the foundation to transition to commercialization.

總結來說，我們對 2026 會計年度在建立轉向商業化所需基礎方面所取得的進展感到滿意。

We continue to execute our strategic priorities and are committed to our go-to-market strategy, with a near-term focus on our Lynx high-speed photodetectors and Quasar quantum-dot laser technologies for the AI Datacom market.

我們持續推進策略優先事項，並致力於我們的市場導入（go-to-market）策略；短期重點聚焦於 AI Datacom 市場的 Lynx 高速光偵測器與 Quasar 量子點雷射技術。

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.

一如既往，我要感謝我們出色的團隊所付出的努力與投入。也要感謝各位始終如一的支持與熱情。

Operator, you can now open the call for questions.

接線員，現在可以開放提問。

Thank you. We will now begin the question-and-answer session.

謝謝。我們現在開始問答環節。

(Operator Instructions)

(接線員指示)

Danial Yermakhan, Freedom Broker.

Danial Yermakhan，Freedom Broker。

Hey, guys. Congrats with big steps to the commercialization.

嗨，各位。恭喜在邁向商業化方面取得重大進展。

Just a quick question: Last quarter, you mentioned the shortfall of fiscal 2026 revenue was entirely timing-based with the delayed government programs. So does it mean that the revenue is going to carry on fiscal 2027?

我有個簡短問題：上一季你們提到 2026 會計年度營收未達預期完全是因政府專案延後所致、屬於時點因素。那是否表示這部分營收會延續到 2027 會計年度？

Well, the revenue, as we talked about in the third-quarter mark, we're not providing official guidance this year, mainly because there's a handful of contracts that could really change the range quite a bit.

嗯，關於營收，如同我們在第三季所談到的，我們今年不提供正式指引，主要是因為有少數幾份合約可能會讓區間出現相當大的變動。

We continue to deliver on the projects that we signed last year. And there are some programs that are continuing on from prior years.

我們持續交付去年簽署的專案。也有一些計畫是從前幾年延續下來的。

As we said, that booked revenue, including the new contracts that we signed this year, is about $2.3 million. And then, clearly, there's a number of things that could bring upside from there. But at this point, we aren't prepared to give more visibility than that.

如我們所說，已簽約入帳的營收（booked revenue），包含今年簽署的新合約，約為 230 萬美元。此外，顯然還有多項因素可能帶來上行空間。但就目前而言，我們尚未準備好提供比這更多的能見度。

Okay. Thanks. And comparing two end markets, the AI and data center with the mobile and electronics market, where is your near-term focus now? Is it on photodetectors of data centers? Or do you focus more on mobile end market?

了解。謝謝。另外，比較兩個終端市場：AI 與資料中心相較於行動與電子市場，你們短期的重點目前在哪裡？是聚焦在資料中心的光偵測器嗎？還是更著重於行動終端市場？

We remain active in other markets -- and, for example, mobile,-- and have some indications of the size of opportunities and timeline of those opportunities.

我們在其他市場仍然很活躍——例如行動市場——也掌握了一些機會規模與時程的跡象。

But, mobile, for example, is a market with a more concentrated customer base. AI Datacom, as a market, is really at the forefront for us, right now, and for the entire industry. So this is the focus of our near-term commercialization efforts.

但以行動市場為例，它的客戶基礎更為集中。AI Datacom 作為一個市場，無論對我們或整個產業而言，目前都處於最前沿。因此，這是我們短期商業化工作的重點。

But I think we should always remember that, given the nature of our technology, anything we do to advance commercialization for one market will benefit others. It is just that, today, the focus -- and today and into fiscal 2027 is AI Datacom.

不過我認為我們也應該一直記得，鑑於我們技術的特性，我們為某一個市場推進商業化所做的任何事情，都會讓其他市場受益。只是就今天而言——以及從現在到 2027 會計年度——重點是 AI Datacom。

Okay. Thanks. That makes sense. That is it from my side. Thank you.

了解。謝謝。這很合理。我這邊就這些。謝謝。

Richard Shannon, Craig-Hallum.

Richard Shannon，Craig-Hallum。

Well, great. Thanks, Jonathan and Chris, for letting me ask a couple questions here.

很好。謝謝 Jonathan 和 Chris 讓我在這裡問幾個問題。

Jonathan, I wanted to ask about your commentary about -- in some stage of negotiation in multiple contracts with NRE. I wanted to get a bit more detail here.

Jonathan，我想問你提到的——你們在多份含 NRE 的合約上正處於某個談判階段——這段評論。我想再多了解一些細節。

If I caught the language right -- and I probably missed some of it -- but I want to be clear here. It sounds like this is all entirely within the datacom market in some manner.

如果我沒聽錯你用詞——我可能漏掉了一些——但我想確認清楚。聽起來這些都完全是在某種程度上屬於 datacom 市場的範疇。

Is that accurate? Or are there other engagements in other market areas, as well?

這樣理解正確嗎？還是也有其他市場領域的合作洽談？

I would say it's almost entirely in the AI Datacom market in the near term. That's correct.

我會說，短期內幾乎完全是在 AI Datacom 市場。沒錯。

Okay. What I thought but I just want to make sure. So can you maybe talk about how long these contracts discussions have been in place here and any sense of urgency you're seeing?

了解。這也是我的理解，但我想確認一下。那你能否談談這些合約討論已進行多久，以及你們看到的急迫性如何？

The themes that you've been talking about for the last couple of conference calls really revolve around supply-chain issues. And we've seen other companies in the broader space that we cover pretty well that suggest that the urgency is only increasing here.

你們在過去幾次電話會議談到的主題，主要都圍繞在供應鏈問題。而我們也看到我們所覆蓋的更廣泛產業中，其他公司表示目前的急迫性只會持續升高。

So I'd imagine this is accelerating and going pretty quickly and a lot of interest here. So maybe you can help us understand the breadth and depth and the stage of some of these discussions, if you would, please.

所以我想像這些正在加速、進展很快，而且市場興趣很高。因此，如果可以的話，請你協助我們理解這些討論的廣度、深度，以及目前所處的階段。

Yeah. I would say, in the AI Datacom market, that's correct. A lot of this is centered around supply-chain constraints and how large the market opportunity is. And it seems like every time forecasts are put out, they revisit and increase the forecasts, especially in that 2028 through 2030 and even beyond timeframe.

好的。我會說，在 AI Datacom 市場確實如此。其中很大一部分都聚焦在供應鏈限制，以及市場機會有多大。而且似乎每次發布預測時，都會重新檢視並上調預測，特別是在 2028 到 2030 年、甚至更往後的時間範圍。

And what we're seeing is that our customers and some of these discussions we're having to initiate NRE programs come from the fact that there are investments being made to fill the gap in the near term.

我們看到的是，客戶以及我們正在進行的一些、用以啟動 NRE 計畫的討論，源自於目前正投入資金以填補短期缺口。

But investments being made are not going to be sufficient for that market a few years out. So without sharing significant detail, you can imagine what this relates to.

但目前所做的投資，對於幾年後的市場而言將不足以滿足需求。因此，在不透露太多細節的情況下，你可以想像這與什麼有關。

I spoke about different substrate sizes that we're leveraging now but how Aeluma's technology could take us to other substrate sizes in the future.

我也談到我們目前正在運用不同的基板尺寸，但 Aeluma 的技術未來可讓我們延伸到其他基板尺寸。

So there's interest in our technology to fill the gap now but also to fill the gap that's expected for years to come, just because of how significant this build-out is.

因此，市場對我們的技術有興趣，不僅是為了填補當下的缺口，也為了填補未來多年預期會出現的缺口，原因就在於這次擴建的規模非常龐大。

Okay. So that's helpful. Looking at the datacom opportunity or another angle here, in your prepared remarks and your slides here, you talk about both photodetectors and quantum-dot lasers here.

好的。這很有幫助。從數據通訊（datacom）的機會或另一個角度來看，在你準備好的發言以及這裡的投影片中，你同時談到了光偵測器（photodetectors）和量子點雷射（quantum-dot lasers）。

I want to get a sense of the balance between those two, even in terms of the number of engagements focused on one or the other and the opportunity sitting in front of you, dollar-wise, over time.

我想了解這兩者之間的平衡情況，即便只是從聚焦於其中一項或另一項的合作洽談數量，以及就美元規模而言、隨時間推移擺在你們面前的機會。

If you could just qualitatively describe that, that'd be great, Jonathan.

如果你能用定性方式描述一下，那就太好了，Jonathan。

Yes. They're both significant. I can't quantify precisely on the call. But they're both very significant. And I think we've shared information in the past that, typically, people think about lasers.

是的。兩者都很重要。我無法在電話會議上精確量化。但兩者都非常重要。而且我想我們過去也分享過一些資訊，一般大家通常會先想到雷射。

Everyone's hearing about the lack of indium-phosphide substrates and the need for more and more lasers in the AI Datacom market. And there's plenty of discussions about the type of modulator that might be selected or types of modulators that might be selected as the industry starts to roll out 400G per lane, beyond [100G] and 200G per lane.

大家都聽到關於磷化銦（indium-phosphide）基板短缺，以及 AI 數據通訊市場對雷射需求愈來愈多。也有很多討論在於，當產業開始推出每通道 400G、超越每通道 [100G] 與 200G 時，可能會選擇哪一種調變器，或哪些類型的調變器。

But the forgotten technology is the photodetector. And there's two angles there. Photodetectors need to keep up with those modulation speeds -- the full photodetector receiver. And there's this emerging market for slow and wide transceiver components.

但被忽略的技術是光偵測器。這裡有兩個面向。光偵測器需要跟上那些調變速度——也就是完整的光偵測接收端。此外，還有一個正在興起的「慢速且寬」收發器元件市場。

And those require arrays of emitters, micro LEDs, micro pixels, and then, arrays of photodetectors that might have different specifications or characteristics than photodetectors that you can buy on the shelf.

而那些需要發射器陣列、微型 LED、微像素，以及光偵測器陣列；其規格或特性可能不同於你能直接買到的標準光偵測器。

And that's what we refer to in the slide, the Lynx S Series for the slow and wide; and the Lynx F-Series for fast and narrow. This market seems to be very significant in size in the coming years.

這就是我們在投影片中提到的：Lynx S 系列用於「慢速且寬」；Lynx F 系列用於「快速且窄」。這個市場在未來幾年看起來規模會非常可觀。

And the laser market, I think most of us know, is so significant. Some of the suppliers of lasers for AI Datacom would be selling many more lasers than they're selling today, if they had more indium-phosphide substrates and if they had more fab capacity.

而雷射市場，我想我們大多數人都知道，規模非常龐大。AI 數據通訊的部分雷射供應商，如果他們有更多磷化銦基板、以及更多晶圓廠產能，他們賣出的雷射數量會比現在多得多。

I will just close this thought on, we are still a relatively small company but these two technologies are so important that we are not going to choose to develop just one of them.

我用一句話收尾：我們仍是一家相對小的公司，但這兩項技術都非常重要，因此我們不會選擇只開發其中一項。

They are so important. And we are putting resources to both. So I would not say one outweighs the other, at least not today.

它們都非常重要。我們也在兩者上投入資源。所以我不會說哪一個勝過另一個，至少目前不是。

Okay. That is great characterization. My last question, I will jump back into the queue here, is probably more for Chris here.

好的。這樣的描述很棒。我最後一個問題，接著我就回到排隊序列，可能比較是問 Chris 的。

But I just want to get a sense from two financial statement-line items here, OpEx and CapEx here. On OpEx, you are notably above what we had estimated. But, clearly, you have been hiring here and a lot of activity going on. Maybe if you can just characterize how we should expect to see that OpEx in the first quarter of this year and then, going forward.

但我想從財報的兩個科目來了解一下：營運費用（OpEx）和資本支出（CapEx）。在 OpEx 方面，你們明顯高於我們的估計。但顯然你們一直在招募，而且有很多活動在進行。也許你可以描述一下，我們應該如何看待今年第一季的 OpEx，以及之後的走勢。

Then, the CapEx here. Is this $10 million to $12 million a one-time dynamic? Or could we see subsequent years of similar level of CapEx? Thank you.

另外是 CapEx。這 1,000 萬到 1,200 萬美元是一次性的情況嗎？還是我們可能在後續年度看到類似水準的 CapEx？謝謝。

Yeah. Thanks, Richard. A couple of things on OpEx.

是的。謝謝你，Richard。關於 OpEx 有幾點。

You are right. We have been growing headcount through the year. But if you look, really, OpEx did not increase all that much from Q1 to Q3.

你說得對。我們這一年一直在增加人力。但如果你看，OpEx 從第一季到第三季其實沒有增加太多。

And then, in Q4, the combination of full-quarter salaries for folks that we were hiring through Q3 and early Q4, as well as some normal year-end accruals and things, caused a little bit of an unusual bump in Q4.

然後在第四季，因為我們在第三季與第四季初陸續招募的人員在第四季開始反映完整季度薪資，再加上一些正常的年終應計項目等，導致第四季出現了一點不尋常的上升。

So I would not expect a big increase in Q1, if any. And then, going forward, like we said, we are going to continue to invest, both in the R&D side and in headcount, so it will drift up from there.

所以我不預期第一季會有大幅增加，如果有的話也不多。接下來，如同我們所說，我們會持續投資，無論是在研發端或人力方面，因此之後會逐步上升。

The big CapEx this year is the two MOCVD reactors that we talked about in the call. And I do not really want to guide CapEx beyond that. But like I said, it is not a change to our capital-light model.

今年較大的 CapEx 是我們在電話會議中提到的兩台 MOCVD 反應器。我不太想對此之外的 CapEx 提供指引。但如我所說，這並不是對我們輕資本（capital-light）模式的改變。

So, yeah, we are increasing these, buying these two tools, really, to drive and facilitate the transition to scale and help our supply-chain partners scale faster and give us a little bit more involvement in the process development.

所以，是的，我們增加這些、購買這兩套設備，主要是為了推動並促成向規模化的轉換，幫助我們的供應鏈夥伴更快擴產，並讓我們在製程開發上有更多參與。

So, yeah, think about those two tools, in particular, more of a one-time thing this year. And then, as we go forward, we will talk more about the CapEx later.

所以，是的，特別是那兩套設備，可以把它視為今年較偏一次性的支出。之後隨著我們往前走，我們會再多談 CapEx。

Okay. Thanks for all that characterization, guys. Thank you very much.

好的。謝謝你們的說明，各位。非常感謝。

(multiple speakers) --

（多位講者）--

Thank you.

謝謝。

Suji Desilva, Roth Capital.

Suji Desilva，Roth Capital。

Hi, Jonathan. Hi, Chris. Congratulations on the progress here.

嗨，Jonathan。嗨，Chris。恭喜你們在這裡取得的進展。

Thank you. Sounds good. Thanks.

謝謝。聽起來很好。謝謝。

Yeah. No problem. The CHIPS funding, the $30 million that would phase in, I am wondering, is there any specific plan for that? Or would that just be in the general pool of your spending?

是的。不客氣。關於 CHIPS 資金，那 3,000 萬美元會分期到位，我想問，有沒有任何具體的使用計畫？還是會直接納入你們整體支出的通用資金池？

And did I hear you right, Chris? Because of the accounting, is there an equity component the government will hold in Aeluma? Or is that not how it will be transacted?

另外，Chris，我有沒有聽對？因為會計處理的關係，政府會持有 Aeluma 的一部分股權嗎？還是交易不會以這種方式進行？

So, again, it's based on the LOI and what we're seeing from the other CHIPS Act deals. It's likely -- and, again, until everything's finalized, we're not sure.

所以，再次強調，這是基於意向書（LOI）以及我們從其他《CHIPS 法案》交易中看到的情況。很可能——而且同樣地，在一切定案之前，我們也不確定。

The main point there was, it's not likely to be counted as revenue. It would likely look like an equity investment from the US government.

那裡的重點是，它不太可能被認列為營收。它很可能看起來像是美國政府的股權投資。

The key thing -- and I think the important point is -- it's capital that will allow us to accelerate our commercialization efforts. It does support the AI, the high-speed photodetectors, primarily, as Jonathan talked about.

關鍵在於——我認為重要的一點是——這是一筆資本，將使我們能夠加速商業化推進。它確實支持 AI 與高速光偵測器，主要如 Jonathan 所提到的。

And so you could think of it as, in a way, similar to the government-program revenue we've had in the past. But it doesn't show up on the revenue line.

因此你可以把它視為在某種程度上，類似於我們過去獲得的政府計畫收入。但它不會出現在營收那一行。

Still capital, advancing our commercialization efforts on AI data centers.

仍然是資本，用於推進我們在 AI 資料中心的商業化工作。

Okay. Great. And then, perhaps, for Jonathan. I know there's just a supply-demand imbalance for lasers and so forth. But does the progression from traditional pluggables to NPO, CPO -- does that create more demand for you? Does that have some specific opportunities for you to take advantage of?

好的。很好。接著，或許問 Jonathan。我知道雷射等方面存在供需失衡。但從傳統可插拔（pluggables）到 NPO、CPO 的演進——這會為你們帶來更多需求嗎？這是否有一些你們可以把握的特定機會？

And, just, can you characterize the move to NPO in the marketplace and whether that's part of the conversations here?

另外，你能否描述一下市場轉向 NPO 的情況，以及這是否也是目前對話的一部分？

I would say yes. But across the board, there's demand for pluggables, demand to transition to NPO, and, in some respects CPO, although indications are that that that will slowly roll out and it's not anticipated to take over.

我會說是的。但整體而言，市場對可插拔有需求、對轉向 NPO 也有需求，某些方面也有 CPO 的需求，儘管跡象顯示那會逐步、緩慢地推出，且預期不會全面取代。

These will all operate in unison inside data centers. And, obviously, the mix of transceiver architectures that are used do depend on specific AI workloads. So this might be data center- or AI customer-dependent.

這些將在資料中心內協同運作。而且很明顯，所採用的收發器架構組合取決於特定的 AI 工作負載。因此這可能會因資料中心或 AI 客戶而異。

To your question, the transition creates additional opportunities for a number of reasons.

針對你的問題，這樣的轉換會因多種原因創造額外機會。

One, when new formats or architectures are being adopted, that's usually a great time to intersect the market because there might be different needs.

第一，當新規格或新架構被採用時，通常是切入市場的好時機，因為需求可能不同。

They may not be using off-the-shelf components. And some customization's required. And so that's a great opportunity to adopt new technology that doesn't necessarily exist on the shelf.

他們可能不會使用現成元件。而且需要一些客製化。因此這是導入貨架上未必存在的新技術的絕佳機會。

And we have opportunities in front of us to not only build components with our non-indium-phosphide substrate technology to displace what's already in the market -- in other words, meet the specifications of data sheets that already exist -- but use our same platform to develop new products where data sheets don't necessarily exist.

我們面前的機會不僅是利用我們的非磷化銦基板技術來製造元件、取代市場上既有產品——換言之，滿足既有資料表的規格——也能用同一平台開發新的產品，在那些領域裡資料表未必已經存在。

And we're working very closely with our customers to define those data sheets. We have our own internal spec sheets. But they're very customer-driven, when we build them.

我們正與客戶非常緊密合作來定義這些資料表。我們有自己的內部規格表。但在我們建立它們時，會非常以客戶需求為導向。

So with photodetectors, there's both opportunities: building the real high-speed photodetectors that are increasingly in high demand, as the industry starts to adopt things like 400G per lane transceivers for 800G and 1.8T.

因此在光偵測器方面，存在兩類機會：一是打造真正的高速光偵測器，隨著產業開始採用例如每通道 400G 的收發器以支援 800G 與 1.8T，這類產品的需求正快速增加。

But then, this slow and wide opportunity, that does require some custom arrays of emitters and detectors on the receiver end and, ideally, direct CMOS integration.

但另外還有一個緩慢且廣泛的機會，確實需要在接收端使用一些客製化的發射器與偵測器陣列，並且理想情況下進行直接的 CMOS 整合。

That's a very important aspect of our technology that our customers are attracted to, that not only can we manufacture on bigger substrates that happen to be more available, we're on substrate sizes that are amenable to wafer-scale integration and packaging.

這是我們技術非常重要的一個面向，客戶之所以被吸引，不僅因為我們能在更大、且更容易取得的基板上製造，我們的基板尺寸也適合晶圓級整合與封裝。

And so the way we're packaging some of these detectors for these applications, especially the slow and wide, it's not the traditional chip on carrier or chip on some mountain-wire bond. It leverages more advanced packaging that you don't necessarily have access to, when you're on the smaller substrates, like small indium-phosphide substrates.

因此我們為這些應用（尤其是 slow and wide）封裝部分偵測器的方式，不是傳統的 chip on carrier 或 chip on 某種「山形」線焊。它運用更先進的封裝技術，而當你使用較小的基板（例如小尺寸磷化銦基板）時，未必能取得這些技術。

And then, to your question on lasers, the demand is very high across the board. And, certainly, for some of the folks that have been developing and are pushing to roll out [CPO], they do need these very high-power lasers.

再回到你關於雷射的問題，整體需求都非常高。而且，對於一些一直在開發並推動推出 [CPO] 的業者而言，他們確實需要這些非常高功率的雷射。

And there's opportunities to provide scale for those high-power lasers that are going to be fed externally into, say, silicon photonics CPO transceivers. There is some interest in maybe bringing the lasers into the package because there are new cooling technologies being adopted.

而我們有機會為這些高功率雷射提供規模化供應，這些雷射將以外部方式注入，例如注入到矽光子 CPO 收發器中。也有人對於把雷射帶入封裝內感興趣，因為正在採用新的散熱技術。

And if you bring the laser in the package, you might overcome some of the losses. So you may be able to operate the lasers at lower power and overcome some of the reliability challenges.

如果把雷射放進封裝內，你可能可以克服部分損耗。因此你或許能以較低功率運作雷射，並克服一些可靠度方面的挑戰。

So I would say, for lasers, the demand is just so high. Reliability is a top priority for customers, as simplifying the supply chain because it's more than just substrates and lasers, it's other aspects like the packaging. And the quantum-dot lasers have the potential to eliminate the optical isolator in the package.

所以我會說，就雷射而言，需求真的非常高。對客戶來說，可靠度是最優先事項，同時也希望簡化供應鏈，因為不只是基板與雷射，還有封裝等其他面向。而量子點雷射有潛力在封裝中取消光隔離器。

So for a number of reasons, our customers are interested not only in the scale of non-indium phosphide, they're very interested in the fact that quantum-dot lasers offer these other attributes and that we build Quasar quantum-dot lasers with MOCVD technology, which scales.

因此基於多種原因，我們的客戶不僅對非磷化銦的規模化能力感興趣，也非常看重量子點雷射所提供的其他特性，以及我們以可擴展的 MOCVD 技術製造 Quasar 量子點雷射。

Thanks a lot for the question.

非常感謝你的提問。

No. Jonathan, that sounds like interesting conversations. Thanks for the color.

不。Jonathan，聽起來那些對話很有意思。謝謝你的補充說明。

This concludes our question-and-answer session.

我們的問答環節到此結束。

I would like to turn the conference back over to Jonathan Klamkin for any closing remarks.

我想把會議交回給 Jonathan Klamkin，請他做任何結語。

Thank you for joining our call today. We look forward to connecting in the future. 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。祝各位有美好的一天。

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

本次會議現在結束。感謝各位出席今天的簡報。您現在可以掛線。