Ambarella Inc (AMBA) 2024 Q3 法說會逐字稿

Thank you for standing by, and welcome to Ambarella's Third Quarter Fiscal Year 2024 earnings conference call. (Operator Instructions)

感謝您的支持，歡迎參加 Ambarella 2024 財年第三季財報電話會議。 （操作員指示）

I would now like to hand the call over to DT. corporate development, Louis Gerhardy. Please go ahead.

我現在想將電話轉給 DT。企業發展，Louis Gerhardy。請繼續。

Thank you, Latif. Good afternoon, everyone, and thank you for joining our third quarter fiscal year 2024 financial results conference call. On the call with me today is Dr. Fermi Wang, President and CEO, Brian White, CFO, and John Young, VP of Finance.

謝謝你，拉蒂夫。大家下午好，感謝您參加我們2024財年第三季財務業績電話會議。今天與我一起通話的有總裁兼執行長 Fermi Wang 博士、財務長 Brian White 和財務副總裁 John Young。

The primary purpose of today's call is to provide you with information regarding the results for our third quarter fiscal year 2020 for the discussion today and the responses to your questions will contain forward-looking statements regarding our projected financial results, financial prospects market growth and demand for our solutions.

今天電話會議的主要目的是向您提供有關我們今天討論的 2020 財年第三季度業績的信息，並且對您的問題的答复將包含有關我們預計的財務業績、財務前景、市場增長和對我們解決方案的需求的前瞻性陳述。

Among other things these statements are based on currently available information and subject to risks, uncertainties and assumptions. Should any of these risks or uncertainties materialize or should our assumptions prove to be incorrect. Our actual results could differ materially from these forward-looking statements.

除其他事項外，這些聲明基於目前可用的信息，並受風險、不確定性和假設的影響。如果這些風險或不確定性中的任何一個成為現實，或者我們的假設被證明是錯誤的。我們的實際結果可能與這些前瞻性陳述有重大差異。

We're under no obligation to update these statements. These risks, uncertainties and assumptions as well as other information on potential risk factors that could affect our financial results are more fully described in the documents we file with the SEC. Access to our third quarter fiscal 2024 results press release, transcripts, historical results, SEC filings and a replay of today's call can be found on the Investor Relations page of our website.

我們沒有義務更新這些聲明。這些風險、不確定性和假設以及可能影響我們財務結果的潛在風險因素的其他資訊在我們向美國證券交易委員會提交的文件中進行了更詳細的描述。您可以在我們網站的投資者關係頁面上查看我們的 2024 財年第三季業績新聞稿、成績單、歷史業績、美國證券交易委員會 (SEC) 文件以及今天電話會議的重播。

The content of today's call, as well as the materials posted on our website or Ambarella's property and cannot be reproduced or transcribed without our prior written consent. Fermi will now provide a business update for the quarter. Brian will review the financial results and outlook, and then we'll be available for your questions.

今天電話會議的內容以及我們網站或 Ambarella 財產上發布的資料，未經我們事先書面同意不得複製或轉錄。 Fermi 現在將提供本季的業務更新。布萊恩將回顧財務結果和前景，然後我們將回答您的問題。

Fermi?

費米？

Thank you, Louis, and good afternoon, everyone. On a challenging market, our fiscal Q3 revenue was slightly above the midpoint of our guidance. Our business appears to be in the process of stabilizing as our customers seem to be making progress with their inventory management efforts.

謝謝你，路易斯，大家下午好。在充滿挑戰的市場中，我們第三季的財務收入略高於預期的中點。由於我們的客戶在庫存管理方面似乎取得了進展，我們的業務似乎正處於穩定的過程中。

We expect our customer to emerge from the cyclical downturn at different times throughout the next year. And considering all of the dynamics at this time, we continue to anticipate we will return to growth in fiscal year 2025.

我們預計我們的客戶將在明年的不同時期擺脫週期性衰退。考慮到目前的所有動態，我們仍然預計我們將在 2025 財年恢復成長。

We remain determined and focused on our strategic R&D priorities for the introduction of a portfolio of AI SOCs and silver targeting more sophisticated, I influence workloads. Our covenants in the secular growth opportunity for inference, AI processors and software remain high, and our long-term serviceable market opportunity, CAGR estimate has not changed.

我們始終堅定不移地專注於我們的策略研發重點，推出一系列 AI SOC 和銀牌，以應對更複雜、更具影響力的工作負荷。我們對推理、人工智慧處理器和軟體的長期成長機會的承諾仍然很高，而且我們的長期可服務市場機會、複合年增長率估計沒有改變。

Our CV2 family of SOCs is expected to lead us out of a cyclical downturn and represent a larger portion or proportion of our total revenue in fiscal year 2025. As a reminder, this product family established Ambarella in the AI inference market, and this SOCs are expected to approach 60% of our total revenue in fiscal '24 in a single chip.

我們的 CV2 系列 SOC 預計將帶領我們走出週期性低迷，並在 2025 財年佔據我們總收入的更大份額或比例。提醒一下，該產品系列在 AI 推理市場建立了 Ambarella，預計該 SOC 在單晶片中將在 24 財年占我們總收入的 60%。

The CV2 products typically provide photo video processing and AI inference processing for one or more cameras. The average selling price of this product is close to $20 range at below $10 to about $50. In particular, I want to point out that CV5, the flagship, our CV2 family and Abril, our first final meter SOC is forecast to generate meaningful revenue next year with more than 10 customers in production.

CV2 產品通常為一個或多個攝影機提供照片影片處理和 AI 推理處理。該產品的平均售價接近20美元，範圍在10美元以下至50美元左右。我特別想指出的是，我們的旗艦產品 CV5、CV2 系列和首款最終儀表 SOC Abril 預計將在明年產生可觀的收入，屆時將有超過 10 家客戶投入生產。

Our CV3 platform is expected to generate production revenue from the automotive market in calendar year 2026 and beyond. The CV3 platform includes a family of SOC and software, and we began to sample the CV3 dash [ADASOC]. a year ago.

我們的 CV3 平台預計將在 2026 年及以後從汽車市場產生生產收入。 CV3 平台包括一系列 SOC 和軟體，我們開始對 CV3 儀表板 [ADASOC] 進行取樣。一年前。

And today, I'm pleased to announce during Q3, we received the first silicon for CV3 dash 86 by six 85 SOC. The flagship our CV3 portfolio, and we are in the midst of a successful bring up of this extremely sophisticated 10 period plus transistor SOC.

今天，我很高興地宣布，在第三季度，我們收到了第一款用於 CV3 dash 86 by six 85 SOC 的矽片。我們的旗艦產品是 CV3 產品組合，我們正在成功推出這款極其複雜的 10 週期以上電晶體 SOC。

We expect to deliver engineering samples to customers in Q1 next year. And we are on track to the previously announced award from Continental to the first OE and start production in calendar year 2027. CV3 SOCs are based on our third-generation AI inference technology and serve significantly more challenging AI inference workloads such as a partial or complete autonomy in vehicles.

我們預計將於明年第一季向客戶交付工程樣品。我們正在按計劃完成之前宣布的大陸集團授予的首家 OE 訂單，並將於 2027 年開始生產。 CV3 SOC 基於我們的第三代 AI 推理技術，可應對更具挑戰性的 AI 推理工作負載，例如車輛的部分或完全自動駕駛。

In addition to providing a single SOC, the perception processing for multiple camera inputs. CV3 SOC for the first time enables centralized processing of a roll rate readout data as well as deep low-level fusion with data from other sensing modalities. CV. three family SOC ranging price from $50 to more than $400 per SOC.

除了提供單一SOC外，還提供針對多個攝影機輸入的感知處理。 CV3 SOC 首次實現了滾轉率讀出資料的集中處理以及與其他感測模式資料的深度低階融合。簡歷。三個家庭 SOC 的價格從每個 SOC 50 美元到 400 多美元不等。

There are two additional elements of our is our CV. three platform, both both of which are software software. This includes oxalate, adaptive AI, radar perception software and our complete autonomous driving software stack both optimized to run the CV. three.

我們的履歷還有兩個附加要素。三個平台，都是軟體。這包括草酸鹽、自適應人工智慧、雷達感知軟體和我們完整的自動駕駛軟體堆疊，均針對運行 CV 進行了最佳化。三。

Since November '23, we have been providing demo rides to OEMs and tier one space on CV. three SOCs and our autonomous driving stack with centralized radar processing, low-level Fusion and the ocular radar processing software, and we will continue to demo this at the CES in January.

自 2023 年 11 月以來，我們一直為 OEM 和 CV 一級領域提供試駕服務。三個 SOC 和我們的自動駕駛堆疊，帶有集中雷達處理、低級 Fusion 和眼部雷達處理軟體，我們將在 1 月的 CES 上繼續演示這一點。

Now I would like to provide an update on our G. and A., I plan to the last quarter was the implementation of a new era of software building blocks on CV3 touch 80. We have now successfully demonstrated inference running Alabama to 13 p. model with the SOC using LPDDR5 memory instead of high-bandwidth memory and the operating at a fraction of the power consumption of incumbent solutions, some of our existing customers are evaluating how they will implement JNI and larger language models at the age of the network.

現在我想提供有關我們的 G. 和 A. 的最新信息，我計劃在上個季度在 CV3 touch 80 上實施新時代的軟體構建塊。我們現在已經成功地示範了在阿拉巴馬州運行推理到 13 p。模型中的 SOC 使用 LPDDR5 內存代替高頻寬內存，並且運行時的功耗僅為現有解決方案的一小部分，我們的一些現有客戶正在評估如何在網絡時代實現 JNI 和更大的語言模型。

With our successful demos and additional analysis, we have concluded the powerful and highly efficient AI inference processor embedded in our CB. three SACC.s is well-suited for this age markets. We will have we will have more updates on our our OEM strategy, as I see, is 2024.

透過成功的演示和額外的分析，我們得出了嵌入在 CB 中的強大且高效的 AI 推理處理器。三個SACC非常適合這個年齡層的市場。我們將對我們的 OEM 策略進行更多更新，正如我所看到的，是 2024 年。

Once a year, we update our automotive panel, which is meant to be a reference for our automotive customer engagements over the next six years. We completed a formal update in November, and it increased 4% from $2.3 billion to $2.4 billion.

我們每年更新一次汽車面板，旨在為未來六年與汽車客戶的合作提供參考。我們在 11 月完成了正式更新，從 23 億美元增加了 4% 至 24 億美元。

The pharma is comprised of a one business of about $800 million and a pipeline of about $1.6 billion with our automotive business expected to generate about $80 million in revenue this year. The $2.4 billion six year funnel is an indication of the strong growth we anticipate from the automotive market.

該製藥公司由一項價值約 8 億美元的業務和一條價值約 16 億美元的產品線組成，我們的汽車業務預計今年將產生約 8,000 萬美元的收入。 24 億美元的六年漏斗顯示了我們預期汽車市場將出現強勁成長。

There was significant number of upward and downward revisions in the final calculation this year including forecast changes and the project delays from both Tier ones and OEMs projects won or lost in the pipeline and the addition of new projects. CV3 represents a large portion of the current funnel, even though CV3 revenue is not expected to commence until calendar year 2026.

今年的最終計算中出現了大量的向上和向下修正，包括預測變化和來自一級供應商和原始設備製造商項目在籌備過程中贏得或失去的項目延遲以及新項目的增加。儘管 CV3 收入預計要到 2026 年才會開始，但它佔據了當前漏斗的很大一部分。

I will now discuss we presented customer engagement in this quarter.

我現在將討論我們在本季展示的客戶參與度。

In automotive, we are continuing to win new designs in China, the world's largest automotive market, the open architecture of CV4 AI SOCs enable leading Chinese Tier ones and a software provider to develop highly differentiated, fully featured solutions.

在汽車領域，我們繼續在中國這個全球最大的汽車市場贏得新的設計，CV4 AI SOC 的開放式架構使領先的中國一級供應商和軟體供應商能夠開發高度差異化、功能齊全的解決方案。

During the quarter, JC. introduced four new passenger car models incorporating a broad CV22 AQ. automotive SOCs in intelligent eight assistance. This included JC from GEH. and ES9 and IO hyper FT and iron S-Max.

本季度，JC。推出了四款採用寬體 CV22 AQ 的新型乘用車型。汽車SOC在智慧八大輔助的應用。其中包括來自 GEH 的 JC。以及 ES9 和 IO hyper FT 和 iron S-Max。

Also high, introduced its V oh nine, meaning there was a DAS system also based on our CV. 22 AQ. and the SACHAIC. introduce Mexico start to our seven main events, including a camera mines assistance, replacing less and rail minerals.

同樣很高，推出了它的 V oh nine，這意味著還有一個基於我們的 CV 的 DAS 系統。 22 AQ。和 SACHAIC。介紹墨西哥開始我們的七個主要活動，包括相機礦山援助，更換較少和鐵路礦物。

And based on our CV. 22 FS. functional safety SOC in the automotive aftermarket, Asian market leaders think we introduced its QXDDVR. based on our CV. 25 AISOC., and that is 200 Pro to channel TV up is our A12 SOC.

並根據我們的簡歷。 22 FS。汽車售後市場的功能安全SOC，亞洲市場領導者認為我們推出了其QXDDVR。根據我們的簡歷。 25 AISOC，也就是200 Pro頻道電視是我們的A12 SOC。

And the European market leader in that space introduced its IQ smart dash cam product line using our CV22 at automotive SOC featuring 4K resolution and of a high base threat detection in enterprise security camera market, a number of leading manufacturers introduce new cameras based on our flagship five nanometer CV5 and CV52.

該領域的歐洲市場領導者推出了其 IQ 智慧行車記錄器產品線，採用我們的 CV22 作為汽車 SOC，具有 4K 解析度和高基礎威脅偵測功能，在企業安全攝影機市場，許多領先的製造商都基於我們的旗艦五奈米 CV5 和 CV52 推出了新的攝影機。

Motorola introduces new H6A product line featuring a base of video analytics and up to a megapixel resolution based on our CV52 A. processors and Japanese market leader April announced this new X series featuring total my model spending box indoor indoor and outdoor models up to eight megapixel space, our CV trial 52 SOCs.

摩托羅拉推出了新的 H6A 產品線，該產品線具有基於我們的 CV52 A 處理器和日本市場領導者 X 系列的全新產品線，其總分辨率高達 800 萬像素，採用我們的 CV 52 SOC。

And a Korean market leader handwash introduced is I see three four for oh four. Multidirectional AutoChem are based on our CV. five SOC. Also during the quarter of Ocado introduced CP. 52, Eapen till or dual camera based on our CV. 22 SOC offering camera operators, dynamic coverage of a wide areas and fishing farming, our pixel resolution and 28 x optical modules and the Germany.

而韓國市場領導者推出的一款洗手液，我認為是三、四件零四件。多向 AutoChem 基於我們的 CV。五 SOC。此外，在本季度，Ocado 還推出了 CP。 52、根據我們的 CV 配備 Eapen 或雙攝像頭。 22 SOC 提供攝影機操作員、廣泛區域和漁業養殖的動態覆蓋、我們的像素分辨率和 28 x 光學模組和德國。

Ids introduced its first Embraer based camera, the XT. Malibu for life imaging ANALYST space on our CV. 22 AISOC. in the smart home segment. This signifies the Philips Lighting spin-off known for its huge 19 products announced is a Philips Hue secret secure cameras based on our CVAISOC.s.

Ids 推出了首款基於 Embraer 的相機 XT。馬里布生命成像分析師空間在我們的履歷上。 22 AISOC。在智慧家庭領域。這意味著以發布 19 款產品而聞名的飛利浦照明分拆公司是基於我們的 CVAISOC 的飛利浦 Hue 秘密安全攝影機。

That cameras scale work was a hue lights to control lighting and sound alarms to detect intruders Also during the quarter and will be a leading home automation companies announces a smarter VR camera based on our CV. 28 28 AISOC.s.

此攝影機的規模工作是使用色調燈來控制照明和聲音警報來偵測入侵者。此外，在本季度，領先的家庭自動化公司將基於我們的 CV 宣布推出更智慧的 VR 攝影機。 28 28 AISOC.s.

In November, Infra three 60 introduced its ACE Pro and ACE action camera based on our CV. five and ICV. 52 52 AISOC.s. The ACE Pro is the first eight K consumer action camera and both cameras include advanced AI features such as new in our base, no structure, 40 mega pixel, computational photography, voice and gesture control and automatic video editing.

11 月，Infra three 60 根據我們的 CV 推出了 ACE Pro 和 ACE 運動相機。五和 ICV。 52 52 AISOC.s. ACE Pro 是第一款 8K 消費級運動相機，兩款相機均包含先進的 AI 功能，例如我們基礎中的新功能、無結構、40 兆像素、計算攝影、語音和手勢控制以及自動視頻編輯。

Collectively, you can see overall design design win activity is healthy across 13 different representative customers for 17 different projects, nine auto and eight in IoT. Furthermore, 16 of the 17 representative engagements utilize our higher value AAEISOC.s. You can also see we are successfully implementing more sophisticated AI workload in our SOCs. I highlighted was the identification of a four different CV five customer engagements.

總體而言，您可以看到 13 個不同代表客戶針對 17 個不同專案（9 個汽車專案和 8 個物聯網專案）的整體設計獲勝活動狀況良好。此外，17 個代表性項目中有 16 個採用了我們更高價值的 AAEISOC。您還可以看到我們正在 SOC 中成功實現更複雜的 AI 工作負載。我強調的是識別了四個不同的 CV 和五個客戶參與度。

Looking forward, we believe our newer products such as CD. five CV. 72 and the CV. three are well positioned to support increasingly sophisticated AI inference workloads and this new product ramp. And as we also capture more software value, we believe we can capture more value of parties out.

展望未來，我們相信我們的新產品，如 CD。五份簡歷。 72 和 CV。三者均已做好準備，支援日益複雜的人工智慧推理工作負載和這項新產品的推出。而且隨著我們獲得更多的軟體價值，我們相信我們也能獲得更多的外部價值。

Now I would like to give an update on changes to our management team. We previously announced in October 18, 2023. Brian, our CFO, will retire from his role as CFO at the conclusion of the current fiscal year ending January 31, 2024.

現在我想介紹一下我們管理團隊的變動。我們先前於 2023 年 10 月 18 日宣布，我們的財務長 Brian 將於 2024 年 1 月 31 日結束的本財年結束時退休。

I would like to thank his contributions to the company, including helping navigate the challenging inventory correction. The semiconductor industry is currently experiencing as well as continuing to strengthen our financial team and position us for success as we continue our transition into larger markets.

我要感謝他對公司的貢獻，包括幫助公司應對具有挑戰性的庫存調整。半導體產業目前正在經歷並繼續加強我們的財務團隊，並為我們繼續向更大的市場轉型時取得成功做好準備。

I am also pleased to announce that John Young currently, our VP of Finance will assume the role of CFO on February 1, 2024. John has been with Ambarella for more than six years, serving a variety of finance and accounting roles, and we are confident he will continue to be a valuable contributor as we seek to drive our transformation forward and grow shareholder value.

我還很高興地宣布，我們現任財務副總裁 John Young 將於 2024 年 2 月 1 日擔任財務長。 John 在 Ambarella 工作了六年多，擔任過各種財務和會計職務，我們相信，在我們尋求推動轉型和增加股東價值的過程中，他將繼續發揮寶貴的貢獻作用。

Now I will hand it over to Brian to discuss the Q3 results and outlook in more detail.

現在我將交給 Brian 更詳細地討論第三季的業績和展望。

Thanks, Fermi. Before I begin, I'd like to thank Fermi and the Board for the opportunity I've had to be part of the special team here at Ambarella. The timing of my upcoming transition is facilitated by the progress we've made in developing the people, processes and tools to support Ambarella at the next levels of growth and profitability. I have complete confidence in John's ability to take over as CFO, and the team he has to support him. I look forward to their ongoing success.

謝謝，費米。在開始之前，我想感謝費米和董事會給我機會成為 Ambarella 特別團隊的一員。我即將進行的過渡的時機得益於我們在開發人員、流程和工具方面所取得的進展，這些進展旨在支持 Ambarella 實現更高水平的成長和盈利。我對約翰接任財務長的能力以及支持他的團隊充滿信心。我期待他們繼續取得成功。

I'll now review the financial highlights for our third fiscal quarter and provide a financial outlook for our fourth quarter ending January 31, 2024. I'll be discussing non-GAAP results and ask that you refer to today's press release for a detailed reconciliation of GAAP to non-GAAP results for non-GAAP reporting.

我現在將回顧我們第三財季的財務亮點，並對截至 2024 年 1 月 31 日的第四季做出財務展望。我將討論非 GAAP 結果，並請您參考今天的新聞稿，以了解非 GAAP 報告中 GAAP 與非 GAAP 結果的詳細對帳。

We have eliminated stock-based compensation expense along with acquisition related and restructuring costs adjusted for the impact of taxes

我們取消了股票薪酬費用以及根據稅務影響調整的收購相關和重組成本

For fiscal Q3 revenue was $50.6 million, slightly above the midpoint of our prior guidance range, down 19% to the prior quarter and down 39% year over year. As expected, the sequential decline in revenue was driven primarily by our IoT end markets.

第三財季營收為 5,060 萬美元，略高於我們先前預期範圍的中點，季減 19%，年減 39%。正如預期的那樣，收入的連續下降主要是由於我們的物聯網終端市場所致。

Non-GAAP gross margin for fiscal Q3 was 62.6%, in line with our prior guidance range. Non-GAAP operating expense was $44.1 million, down $1.9 million from the prior quarter and below our prior guidance range of $46 million to $49 million, driven by continued expense management and the timing of spending between quarters.

第三財季非公認會計準則毛利率為 62.6%，符合我們先前的預期範圍。非公認會計準則營運費用為 4,410 萬美元，比上一季減少 190 萬美元，低於我們先前指導的 4,600 萬美元至 4,900 萬美元範圍，這得益於持續的費用管理和季度之間的支出時間安排。

We remain on track to our internal product development milestones. Q3 net interest and other income was one point and our non-GAAP tax provision was approximately $650,000. We reported a non-GAAP net loss of $11 million or $0.28 loss per diluted share.

我們仍在朝著內部產品開發的里程碑前進。第三季淨利息和其他收入為 1 個百分點，我們的非公認會計準則稅務準備金約為 65 萬美元。我們報告的非公認會計準則淨虧損為 1,100 萬美元，即每股虧損 0.28 美元。

Non-GAAP EPS was $0.11 better than the implied midpoint of our prior guidance range, driven primarily by lower operating expenses.

非公認會計準則每股收益比我們先前預測範圍的隱含中點高出 0.11 美元，主要原因是營運費用降低。

Now turn to our balance sheet and cash flow. Fiscal Q3 cash and marketable securities increased $5.8 million to $222.3 million. DSO improved from 45 days in the prior quarter to 42 days, while days of inventory improved from 147 to 145 days down $4 million from the prior quarter.

現在來看看我們的資產負債表和現金流。第三財季現金和有價證券增加 580 萬美元，達到 2.223 億美元。 DSO 從上一季的 45 天改善至 42 天，庫存天數從 147 天改善至 145 天，比上一季減少了 400 萬美元。

Cash from operations was $7.9 million and capital expenditures for tangible and intangible assets was $2.4 million. Free cash flow defined as cash from operations less CapEx was 11% of revenue for the quarter and 6% on a trailing 12-month basis.

營運現金流為 790 萬美元，有形和無形資產的資本支出為 240 萬美元。自由現金流定義為經營活動產生的現金減去資本支出，佔本季收入的 11%，佔過去 12 個月收入的 6%。

We had three logistics and ODM companies represent 10% or more of our revenue in Q three, WT Microelectronics, a fulfillment partner in Taiwan that ships to multiple customers in Asia came in at 54% of revenue. To Kony and ODM who manufactures for multiple IoT customers was 12% of revenue. And Accredo, a logistics partner who primarily supplies multiple automotive customers in Japan, it was also 12% of revenue.

我們有三家物流和 ODM 公司，在第三季度占我們收入的 10% 或更多，其中，文曄微電子 (WT Microelectronics) 是一家台灣的履行合作夥伴，負責向亞洲的多個客戶發貨，其收入佔比為 54%。對於為多個物聯網客戶製造產品的Kony和ODM來說，營收佔12%。主要為日本多家汽車客戶供貨的物流合作夥伴 Accredo 也佔了營收的 12%。

Now discuss the outlook for the fourth quarter of fiscal year 2020. For the near term, revenue outlook appears to be stabilizing. While customers continue to manage inventory levels in some pockets of end demand, softness persist, ordering patterns and customer feedback suggests that our revenue is leveling out and likely to resume growth in our next fiscal year.

現在討論一下2020財年第四季的前景。短期內，收入前景似乎正在穩定。儘管客戶繼續在某些終端需求領域管理庫存水平，但疲軟態勢依然存在，但訂購模式和客戶回饋表明，我們的收入正在趨於平穩，並可能在下一個財年恢復成長。

For fiscal Q4, we estimate that our total revenue will be in the range of $50 million to $53 million, with IoT up slightly and automotive about flat at this time, we anticipate the sequential revenue growth will continue in our fiscal Q1 in the low to mid single digit percentage range.

對於第四財季，我們估計總收入將在 5000 萬美元至 5300 萬美元之間，其中物聯網收入略有增長，而汽車收入基本持平，我們預計第一財季的收入環比增長將繼續保持在低至中等個位數百分比範圍內。

We expect fiscal Q4 non-GAAP gross margin to be in the range of 62% to 63%. We expect non-GAAP OpEx in the fourth quarter to be in the range of $45 million to $48 million, with the increase compared to Q3, driven by CES. marketing activities, R&D tied to new product development and less favorable foreign exchange impact.

我們預計第四財季非公認會計準則毛利率將在 62% 至 63% 之間。我們預計第四季非 GAAP 營運支出將在 4,500 萬美元至 4,800 萬美元之間，較第三季有所成長，這主要得益於 CES 的推動。行銷活動、與新產品開發相關的研發以及不太有利的外匯影響。

We estimate net interest income to be approximately $1.5 million and our non-GAAP tax expense to be approximately 600,000 and our diluted share count to be approximately 40.4 million shares. Ambarella will be participating in a fireside chat and hosting one-on-one group meetings on December 5 and 6 at NASDAQ and Morgan Stanley's wondering conference Triaz.

我們估計淨利息收入約為 150 萬美元，非公認會計準則稅費約為 60 萬美元，稀釋股數約為 4,040 萬股。 Ambarella 將於 12 月 5 日和 6 日在納斯達克和摩根士丹利的好奇心會議 Triaz 上參加爐邊談話並主持一對一小組會議。

We also will be participating in Omeros CES. One-on-One Conference in Las Vegas on Monday, January 8, we expect to host more than 20 investor groups during our CES 2024 exhibition from January 8 to January 12. Please contact sell-side analysts to make reservations.

我們也將參加 Omeros CES。 1 月 8 日星期一在拉斯維加斯舉行一對一會議，我們預計將在 1 月 8 日至 1 月 12 日的 CES 2024 展會期間接待 20 多個投資者團體。請聯絡賣方分析師進行預約。

We will also present and host one-on-one and group meetings at the Needham Conference on January 17 in New York. Please contact us for more details. Thank youfor joining our call today. And with that, I'll turn the call over to the operator for questions.

我們也將於 1 月 17 日在紐約舉行的尼德姆會議上出席並主持一對一和小組會議。請聯絡我們以了解更多詳情。感謝您今天參加我們的電話會議。說完這些，我將把電話轉給接線生來回答問題。

(Operator Instructions) Joe Moore of Morgan Stanley.

（操作員指示）摩根士丹利的喬·摩爾。

Great. Thank you.

偉大的。謝謝。

I wonder if you could talk about the adjustments, Fermi, that you discussed to the funnel. You had said that you saw some business kind of coming out because you had a number of businesses there that were probability weighted. What's happening to that when that happens? Is that because the programs are just moving more slowly? Is it competitive? Is it supply chain? Can you just kind of give us an indication of why those therapy does adjust?

費米，我想知道您是否可以談談您對漏斗所討論的調整。您曾說過，您看到某種業務正在興起，因為您在那裡擁有大量機率加權的業務。當發生這種情況時會發生什麼？這是因為程式運行得更慢了嗎？有競爭力嗎？是供應鏈嗎？您能否向我們解釋為什麼這些療法需要調整？

Yes. Thank you, Joe. I think I mean, you addressed that question in credits in a Square will talk about four different factors. The first factor is that forecast changed your phone Tier one OES., for example, for some of the project that we have won and the forecast of those project would reduce particularly in the last several months, we start seeing that trend. So that's the first factor.

是的。謝謝你，喬。我想我的意思是，你在 Square 積分中回答了這個問題，將討論四個不同的因素。第一個因素是預測改變了您的手機一級 OES。例如，對於我們贏得的一些項目，這些項目的預測會減少，特別是在過去幾個月，我們開始看到這種趨勢。這是第一個因素。

The second factor is we start seeing project delays, for example, for some of the project that we have won the production date is pushing out and also for some projects that were in our secure face the decision of those of the final decision of the award is also kind of push out.

第二個因素是我們開始看到項目延遲，例如，對於我們贏得的一些項目，生產日期正在推遲，對於我們面臨的一些有保障的項目，最終授予獎項的決定也被推遲。

So I think that's a second factor. But also there are sort of the third factor is really that we continue to have a new project or RFQ that we're bidding on. And we have different multiplier or like you said, different of a covenant level for different projects and that's new new party Elpida.

所以我認為這是第二個因素。但還有第三個因素，那就是我們繼續有新的專案或正在競標的 RFQ。而且我們對於不同的項目有不同的乘數，或者像你說的，有不同的契約水平，這就是新的 Elpida 方。

The last factor is really the project that we won and lost it yet. So if you ask me, I think the first and second factor really negatively impact our final number by the third and fourth, if the net effect in further force probably help us to continue to add numbers into the pipe the funnel. So that's the reason we have a minor increase on the final numbers.

最後一個因素實際上是我們贏得並失去了這個項目。所以如果你問我，我認為第一個和第二個因素確實會對我們的最終數字產生負面影響，而第三個和第四個因素如果產生進一步的淨效應，可能會幫助我們繼續將數字添加到漏斗中。這就是我們最終數字略有增加的原因。

Okay, that's helpful. Thank you.

好的，這很有幫助。謝謝。

And have yourself an awful lot of growth over multiple years in five years. Is that how does that profile look versus a year ago. I know you've talked about a lot of success in China. Do you see more of a of a China skew to your numbers in the next as you start to ramp the advanced TV features, right.

並讓自己在五年內實現多年的巨大成長。與一年前相比，這個概況怎麼樣？我知道您談到了在中國取得的許多成功。當您開始增加先進的電視功能時，您是否認為下一季的數據中中國市場的傾向會更大？

So I think that first of all on this funnel with First of all on the one portion is the first time we start seeing CV three contribution there in the pipeline. Definitely CVs three continue to getting higher and higher percentage of a formal number on one thing, I can say that in addition to the first CV. three design win we announced last week two times ago was County.

因此我認為，首先在這個漏斗上，首先在一個部分上，我們第一次開始看到 CV 在管道中的三個貢獻。毫無疑問，除了第一份履歷之外，三份履歷在某一方面正式數字的百分比會越來越高。我們上週宣布的三項設計勝利，前兩次是縣級的。

We add extra on a it non Chinese commercial vehicle design wins. We see v. three and in this pipeline. So we definitely continue to make progress on that. And the trigger for those design wins is after we demo the working six, 85 CV. three batch 66, 85 chip and also thermal this a software stack.

我們為非中國商用車設計的勝利添加了額外內容。我們看到了 v.3 和這個管道。因此我們肯定會繼續在這方面取得進展。而這些設計勝利的觸發因素是在我們示範了可運行的六個 85 CV 之後。三個批次 66、85 晶片以及熱軟體堆疊。

We talk about the our a software stack that can integrate all of pharma Fusion to the radar as well as all the past planning. So we are we successful demo dosing to OENTL. Was those two factors help us to secure? Are the design wins there? Just to just talk about.

我們討論了我們的軟體堆棧，它可以將所有製藥融合到雷達以及所有過去的規劃中。因此，我們成功地對 OENTL 進行了演示給藥。這兩個因素有助於我們獲得安全嗎？設計成功了嗎？只是隨便聊聊。

Thank you.

謝謝。

Tore Svanberg, Stifel.

托爾·思文伯格，Stifel。

Yes, good afternoon. This is Jeremy calling for Tori. Wondering, I guess first, just wanted to follow up a little bit more on the on the adjustments made to the funnel. And can you talk about how maybe from a broad level, how maybe what did did the overall market in terms of maybe start impacted and how much that might have impacted there is the slight increase in the funnel? And then and then a follow-up after that.

是的，下午好。這是傑里米 (Jeremy) 呼叫托莉 (Tori)。我想知道，首先，只是想進一步了解對漏斗所做的調整。您能否從廣泛的層面談談，整體市場可能一開始會受到什麼影響，以及這種影響對漏斗的輕微成長有多大？然後再進行後續跟進。

I think the global market definitely impacted two things. One is the forecast over the run rate of the party already one, but also I think you can see you can read about the article talking about for the seat for the Level two plus or Level three card, a lot of the new project, the decision to push out because people are having different thoughts about their software stack in of the what's the function features and particularly how to compete with China with their aggressive product pulling. So I think all of those contribute to the first and second factor I just mentioned.

我認為全球市場肯定影響了兩件事。一是已經對聚會的運行率進行了預測，但同時我想您可以看到，您可以閱讀有關討論二級以上或三級卡的席位的文章，許多新項目，推出的決定，因為人們對他們的軟體堆棧有不同的看法，包括功能特性是什麼，特別是如何與中國積極的產品拉動競爭。所以我認為所有這些都對我剛才提到的第一個和第二個因素有所貢獻。

Great. And then moving to the AI inference accelerator business on that that you've successfully demonstrated on it, is that are we right to read into it that it sounds like this is something that you're moving on Ford with.

偉大的。然後轉向您已成功展示的人工智慧推理加速器業務，我們是否可以正確地理解為這是您正在向福特推進的事情。

And can you talk about maybe your competitive positioning relative to whether it's the current incumbents and the number of private companies that are in the space and maybe other large competitors that might start to move in to, I guess, talk a little bit about.

您能否談談您的競爭定位，相對於當前的在位者和該領域的私人公司數量，以及可能開始進入的其他大型競爭對手，我想，請談談。

Yes, I think you are referring to the LOM. So I think, you know, first of all, this time a little bit of different than the last unless I can talk about global a lot of different application because we haven't spent enough time on the marketing side this time we kind of zoom in to say, while we understand our strengths is HRHH. devices, particularly because we were in that we are in the market and we know a lot of customers there.

是的，我認為您指的是 LOM。所以我認為，首先，這次與上次有一點不同，除非我可以談論全球很多不同的應用，因為我們沒有花足夠的時間在行銷方面，這次我們有點放大地說，同時我們了解我們的優勢是 HRHH。設備，特別是因為我們處於該市場並且我們認識那裡的許多客戶。

And we've also done enough demos and also talking to customer to understand our strengths against our competitor, both for larger companies of ours, also start-up companies and ARM. And our strength is first of all, we have a working silicon that we can give them or at a very good performance, very low power consumption. I think that's it key.

我們也做了足夠多的演示，並與客戶交談，以了解我們相對於競爭對手的優勢，無論是對於我們的大公司，還是新創公司和 ARM。我們的優勢首先在於，我們擁有可以提供的矽片，性能非常好，功耗也很低。我認為這就是關鍵。

The second thing is for us is not just a silicon. In fact, we also have bundled software. It will go into sure, given the environment that we are in, should we already introduced our customer our interest, but we'll probably introduce to the CSR. about how we are using a software environment bundle with our current solutions that enable our age device or eight servers quickly moving to a model to help age age of cases, so I think that's where we're focusing on right now.

第二件事對我們來說不只是矽。事實上，我們也有捆綁軟體。當然，考慮到我們所處的環境，我們是否應該向客戶介紹我們的興趣，但我們可能會向 CSR 介紹。關於我們如何使用軟體環境來捆綁我們目前的解決方案，使我們的年齡設備或八台伺服器快速轉移到一個模型來幫助年齡案例，所以我認為這就是我們現在關注的重點。

And it's not that we don't book we don't want to focus on bigger cloud or hybrid cloud, a much bigger application is really that I think for with our current silicon and our current resources, we would like to focus on areas that we know that we were familiar with, and we want to know that we can win. So I think that's where we are sitting with the complex, of course, that we are not we definitely need to build a roadmap.

這並不是說我們沒有預定，我們不想專注於更大的雲或混合雲，更大的應用程式實際上是我認為，以我們目前的矽片和我們目前的資源，我們想專注於我們熟悉的領域，我們希望知道我們能夠獲勝。所以我認為這就是我們所處的複雜情況，當然，我們絕對不需要製定路線圖。

But however, like we said last time with our current commitment to our is using our current engineering resource equities enough for to do sampling system and developing the application developing software for each applications. Those are most application use incurring current resources. How do we decide to extend our roadmap or doing other applications? We publish need to talk about or define our engineering resource which haven't come into that yet.

但是，就像我們上次所說的那樣，我們目前的承諾是利用我們現有的工程資源權益來做採樣系統並為每個應用程式開發應用程式開發軟體。這些是大多數應用程式使用產生的當前資源。我們如何決定擴展我們的路線圖或做其他應用？我們發布需要討論或定義尚未涉及的工程資源。

Thank you.

謝謝。

Christopher Rolland, Susquehanna.

克里斯多福羅蘭 (Christopher Rolland)，薩斯奎漢納。

Because this is Nick Meyers on for Chris. So you guys talked to the first quarter potentially growing low to mid-single digits, maybe a little bit slower than we were thinking. So I was curious if it is this more in demand driven or inventory, how should we think about inventory dynamics into the April quarter by auto or IoT with an enterprise or consumer two within there? And then how are you thinking about the shape in the first quarter?

因為這是尼克·邁耶斯 (Nick Meyers) 為克里斯 (Chris) 表演的。所以你們談到第一季可能成長低到中等個位數，可能比我們想像的要慢一點。所以我很好奇，這是否更多是由需求驅動還是庫存驅動，我們應該如何考慮 4 月份季度的汽車或物聯網庫存動態，其中包括企業或消費者兩個方面？那麼您如何看待第一季的情況？

Well, I think the data points that we're looking at in support of the growth we talked about for fiscal Q1 is based on number one, looking at our bookings and backlog trends and which have absolutely improved. So our book-to-bill was much better in Q3 than what we've been experiencing for a number of quarters. And as we look at the backlog build into Q1, and it's tracking well above the prior quarter.

嗯，我認為，我們所關注的支持第一財季成長的數據點是基於第一點的，即查看我們的預訂量和積壓趨勢，這些趨勢肯定已經改善了。因此，我們第三季的訂單出貨比比過去幾季好得多。當我們查看第一季的積壓訂單時，發現其遠高於上一季。

Can it's supporting the growth range that we talked about. And so when we combine the data bookings and billings. And we we compare that to the feedback that we're getting from our customers as well as the on the requests that we're getting relative to push-outs versus pull and of shipments, which have become much more balanced than they have been in the past.

它能否支持我們談論的成長範圍。因此，當我們合併資料預訂和帳單時。我們將其與從客戶那裡得到的回饋以及我們收到的有關推出式與拉式裝運的要求進行比較，這些要求比過去更加平衡。

That gives us the confidence to talk about the beginning of growth in fiscal Q1 and then growth for the full fiscal '25. But certainly we have a ways to go and so that that recovery is certainly helped by the turnaround of the inventory situation.

這使我們有信心談論第一財季的成長以及整個 2025 財年的成長。但我們當然還有很長的路要走，因此庫存狀況的轉變肯定會有助於經濟復甦。

On end markets also seem relatively healthy and in support of that growth. But I would say the primary driver at this point is getting to the bottom of that inventory cycle and getting through that excess material our customers.

終端市場似乎也相對健康並支持這種成長。但我想說，目前的主要驅動力是徹底打破庫存週期，並將多餘的材料回饋給客戶。

Yes. Thanks, Brian. And then I also wanted a question on video processors. Based off of you talking about CB2, about 60% of revenue, there's clearly a big drop-off in video processing revenue this year and of CV. two is going to continue increasing.

是的。謝謝，布萊恩。然後我還想問一個關於視訊處理器的問題。根據您談論的 CB2，約佔收入的 60%，今年視訊處理收入和 CV 顯然大幅下降。兩個還會繼續增加。

What's your outlook here, particularly for video processing? Are you still investing a lot in this business or getting new wins here? And how should we just think about this particular then I hear you right.

您對此有何看法，特別是對視訊處理的看法？您是否仍在該業務上投入大量資金或獲得新的收益？那我們該如何思考這個問題呢？我聽得沒錯。

So first of all, I want to point out, although we haven't read about other video processing only chips, but video processing technology continue to be a very important part of our offering in our AI chip. So on CV2 Overseas. Omniture has a big portion of the airport, as I'm sorry, the image processing or video processing technology in there. So I just want to clarify that.

首先，我想指出的是，雖然我們還沒有讀到有關其他視訊處理晶片的文章，但視訊處理技術仍然是我們 AI 晶片產品中非常重要的一部分。 CV2 海外也是如此。 Omniture 擁有機場的很大一部分，對不起，裡面有影像處理或視訊處理技術。所以我只是想澄清這一點。

So on the this year, our CV total revenue approaching 60%, obviously also, as I said, and also if you look at the design win momentum we have majority of that is CV so I think the present to continue go could go to favor of CV.

因此，今年我們的 CV 總收入接近 60%，顯然，正如我所說的那樣，而且如果您看一下設計獲勝的勢頭，我們會發現其中大部分是 CV，所以我認為目前繼續發展可能會有利於 CV。

But however, I think the decline of a video processor will slow down because that on we have a big jump, big reduction in the last two years, but we still have a long tails of a video processor chip. They're selling to different market, including the enterprise enterprises, security cameras as well as automotive. So I think that you should expect much less reduction on the on video processor was a very long tail.

但是，我認為視訊處理器的衰退將會減緩，因為在過去的兩年裡，我們經歷了一次大的跳躍，一次大的下降，但是我們仍然有視訊處理器晶片的長尾。他們的產品銷往不同的市場，包括企業、安全攝影機以及汽車。因此我認為你應該預期視訊處理器的減少會非常少，這是一個非常長的尾聲。

Kevin Cassidy, Rosenblatt Securities.

羅森布拉特證券公司的凱文·卡西迪。

Yes, thanks for taking my question. This quarter also, the Japanese autos distributor came up as a 12% customer. The first time in years or more. Is there anything to add anything there just because the overall revenue is down or is there some new winning designs happening in Japanese automakers?

是的，感謝您回答我的問題。本季度，日本汽車經銷商也成為 12% 的客戶。這是多年來的第一次。是否只是因為整體收入下降而需要補充一些內容，或者日本汽車製造商是否出現了一些新的成功設計？

Well, I think that is really that if you compare to previous quarter out, other business dropped quickly and the Japan automotive, usually they just take at a fixed rate and is sold into change in the forecast. So is not particularly anything happened in Japan, but it's really that outside Japan, the drop is significant.

嗯，我認為如果與上一季相比，其他業務確實下降很快，而日本汽車通常只是以固定利率出售，以改變預測。所以日本並沒有發生什麼特別的事情，但日本以外的地區，下降幅度確實很大。

Okay. And that's just as you're going forward with the consumer. And even as we are in consumer surveillance cameras and with large language models being used, is there a time when the input for the consumer will be as just their voice. They can program the device. That's something you're working for.

好的。這就是您與消費者共同前進的歷程。即使我們在消費監視攝影機領域使用大型語言模型，消費者的輸入是否也只是他們的聲音？他們可以對該設備進行編程。這就是你努力的目標。

I feel we are working now. We just have that language. We're walking a multi multi modality. I think fact we think that the era and for us for our customers' application, most important thing is processing packs that also speech as well as image all of them together that as the biggest advantage to our customer and also that that's probably one unique function at a weekend, we can really differentiate against other areas of suppliers.

我感覺我們現在正在努力。我們只有那種語言。我們正在走多種模式之路。我認為事實上我們認為這個時代以及對於我們客戶的應用來說，最重要的是處理包，包括語音和圖像，這是對我們的客戶最大的優勢，而且這可能是一個週末的一項獨特功能，我們可以真正區別於其他領域的供應商。

Thank you.

謝謝。

Quinn Bolton, Needham & Company.

奎因·博爾頓，Needham & Company。

Hey Guys, this is actually Neil Young on for Quinn.

嘿，大家好，我是 Neil Young，代替 Quinn 表演。

I've got one. Thanks for taking my question on the call. I wanted to ask so it's been about a year since you announced the partnership as far as Chano and Bosch, what do you believe we'll start to hear about design wins from these partnerships.

我有一個。感謝您在電話中回答我的問題。我想問一下，自從您宣布與 Chano 和 Bosch 建立合作夥伴關係以來已經過去了大約一年，您認為我們會從這些合作夥伴關係中聽到哪些設計成果。

While we only announce a design win with County with equivalent. I mentioned the OE and then but I think we'll see that and you should expect that I will say that our relationship with accounting continue to improve and we are bidding on projects with OES. together on.

而我們僅宣布與 County 達成同等設計勝利。我提到了 OE，但我想我們會看到這一點，你應該期待我會說我們與會計的關係繼續改善，我們正在與 OES 競標專案。一起上。

In fact, that arm we cannot announce OEM design win with our customers approval but one thing I can say is that activity with County is is heavy. And also, we continue to believe that the engagement between County and us are getting tighter and tighter both on the hardware design as well as the software.

事實上，我們不能宣布 OEM 設計贏得了客戶的認可，但我可以說的是，與 County 合作的活動非常頻繁。而且，我們仍然相信，County 和我們之間的合作將越來越緊密，無論是在硬體設計還是軟體方面。

Okay, great. Thanks. And just another follow-up. So there's been some press reports suggesting that Continental is considering divesting its automotive assets including its autonomous mobility business. How would a divesture of this business affect your guys U.S. partnership?

好的，太好了。謝謝。這只是另一個後續行動。一些新聞報導稱，大陸集團正在考慮剝離其汽車資產，包括自動駕駛業務。剝離這項業務會對你們在美國的合作關係產生什麼影響？

But yes, we heard similar on a study reports. I think one thing I can say is based on our conversations currently, we continue to believe this a division that we're working with is continue to be a strategically important for both Embraer and also County.

但是的，我們在研究報告中聽到了類似的消息。我認為我可以說的一件事是，根據我們目前的對話，我們仍然相信，我們正在合作的這個部門對於巴西航空工業公司和縣政府來說都具有重要的戰略意義。

And like I said, and with the close development that we continue to have, we didn't see any sign of slow slowdown on the county side. So we continue to believe this relationship is important and also the product and working on continue to be important for both Amber and Marella and the country.

正如我所說的，隨著我們持續密切發展，我們沒有看到縣內出現任何放緩的跡象。因此，我們仍然相信這種關係很重要，而且產品和工作對 Amber、Marella 和國家都很重要。

(Operator Instructions)

（操作員指示）

Martin Yang, Oppenheimer.

馬丁楊，奧本海默。

And I thank you for taking my question on just one question. Can you maybe comment on the program progress, customer design engagements regarding your CV72 products in automotive whole quarter?

感謝您只回答我一個問題。您能否評論一下整個季度汽車領域 CV72 產品的計劃進度和客戶設計參與？

Yes, CV72 is a automotive product is designed for Chinese market because it's not a so that only Chinese always only apply applicable to the Chinese market. And also last time we talk about we have multiple tier one design wins.

是的，CV72是一款專為中國市場設計的汽車產品，因為它不僅適用於中國市場，所以只適用於中國市場。上次我們談到我們獲得了多個一級設計勝利。

And also at a time last time we talk about multiport, all of the Tier ones are working on building a demo system to show two o. years. In fact, one of our Tier one, just yesterday demo, a live broadcast live demo, driving a copies on CV72 ECU founder arm, Shanghai Airport to downtown Shanghai of autonomous driving.

上次我們討論多端口時，所有的 Tier 都在致力於構建一個演示系統來展示兩個 o。年。其實我們的一個Tier one，昨天剛進行了demo，一個現場直播的現場演示，駕駛著一輛搭載著方正臂CV72 ECU，從上海機場到上海市中心的自動駕駛汽車。

So I think that we continue to make huge progress and we are ready to if awarded start that them wanting to OES. and on and also, we, like I said before, I think CV72 position in a very favorable price performance for the on a middle end of Level two plus solution in China.

因此我認為我們將繼續取得巨大進步，並且我們已做好準備，如果他們獲得批准，我們就可以開始 OES 了。而且，就像我之前說的，我認為 CV72 在中國的中端 2 級以上解決方案中具有非常有利的性價比。

And we continue to believe that we have a competitive solution for that particular market, and we're working closely with Tier one to talk to OEMs, hopefully that we can announce some of these.

我們仍然相信，我們針對該特定市場擁有具有競爭力的解決方案，並且我們正在與一級供應商密切合作，與原始設備製造商進行溝通，希望我們能夠宣布其中的一些解決方案。

Well, thank you for your quick follow up on the signatories to activity. Can you maybe remind us on the expected timeframe of design wins and shipments.

好吧，感謝您對簽署活動的快速跟進。您能否提醒我們一下設計得標和出貨的預計時間範圍？

As the older project we're bidding on is production the end of 2025 and the revenue coming from 2026. So that design, we have to be maybe a first half of next year and spending 18-month development cycle to get it done.

由於我們競標的舊項目將於 2025 年底投入生產，並從 2026 年開始產生收入。因此，我們可能需要在明年上半年完成設計，並花費 18 個月的開發週期才能完成。

Thank you.

謝謝。

Thank you. I would now like to turn the conference back to Dr. Fermi Wang for closing remark closing.

謝謝。現在我想請 Fermi Wang 博士致閉幕詞。

Thank you, and thank you, everybody, for joining us today, and I'm looking forward to talk to you soon.

謝謝大家今天加入我們，我期待很快與你們交談。

And thank you, that this concludes today's conference call, and thank you for participating. You may now.

謝謝大家，今天的電話會議到此結束，謝謝大家的參與。現在就可以了。