Ambarella Inc (AMBA) 2026 Q2 法說會逐字稿

Hello, and welcome to Ambarella second quarter fiscal year 2026 earnings call. (Operator Instructions)

您好，歡迎參加 Ambarella 2026 財年第二季財報電話會議。（操作員指示）

I would now like to turn the conference over to Louis Gerhardy, Vice President of Corporate Development. You may begin.

現在，我想將會議交給企業發展副總裁 Louis Gerhardy。你可以開始了。

Thank you, Towanda, and good afternoon. Thank you for joining our second quarter fiscal year 2026 financial results conference call. On the call with me today is Dr. Fermi Wang, President and CEO; and John Young, CFO. The primary purpose of today's call is to provide you with information regarding the results for our second quarter fiscal year 2026.

謝謝你，托萬達，下午好。感謝您參加我們 2026 財年第二季財務業績電話會議。今天與我一起通話的是總裁兼執行長 Fermi Wang 博士和財務長 John Young。今天電話會議的主要目的是向您提供有關我們 2026 財年第二季業績的資訊。

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, among other things.

今天的討論和對您的問題的回答將包含有關我們預計的財務業績、財務前景、市場成長和對我們解決方案的需求等的前瞻性陳述。

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, and we're under no obligation to update these statements.

這些聲明是基於目前可用的信息，並受風險、不確定性和假設的影響。如果任何這些風險或不確定性成為現實，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，並且我們沒有義務更新這些陳述。

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. Before starting the call, I'd like to summarize our planned investor events for our third fiscal quarter.

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。在開始電話會議之前，我想總結一下我們第三財季計畫的投資者活動。

On September 3, we'll participate in Citi's Global TMT Conference in New York City. September 4, we'll host KGI Securities Bus Tour in Santa Clara. On September 16, we'll host Bernstein's Seventh Annual West Coast Semiconductor Bus Tour at our office in Santa Clara. And on September 18 and 19, Craig-Hallum will host us on the Midwestern NDR.

9月3日，我們將參加在紐約舉行的花旗全球TMT大會。9 月 4 日，我們將在聖克拉拉舉辦 KGI 證券巴士之旅。9 月 16 日，我們將在聖克拉拉辦公室舉辦伯恩斯坦第七屆西海岸半導體巴士之旅。9 月 18 日和 19 日，Craig-Hallum 將在中西部 NDR 節目中接待我們。

Access to our second quarter fiscal year 2026 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. The content of today's call as well as the materials posted on our website are Ambarella's property and cannot be reproduced or transcribed without our prior written consent.

您可以在我們網站的投資者關係頁面上查看我們的 2026 財年第二季業績新聞稿、成績單、歷史業績、SEC 文件以及今天電話會議的重播。今天電話會議的內容以及我們網站上發布的資料均屬於 Ambarella 的財產，未經我們事先書面同意不得複製或轉錄。

Fermi will now provide a business update for the quarter. John will review the financial results and outlook, and we'll be available for your questions after that. Fermi?

Fermi 現在將提供本季的業務更新。約翰將審查財務結果和前景，之後我們將回答您的問題。費米？

Thank you, Louis, and good afternoon. Thank you for joining our call today. Our strong momentum continued in our second quarter with revenue of $95.5 million, increasing 11% sequentially above the high end of our prior guidance range of $86 million to $94 million.

謝謝你，路易斯，下午好。感謝您今天參加我們的電話會議。我們在第二季度延續了強勁勢頭，營收達到 9,550 萬美元，比我們之前預期的 8,600 萬美元至 9,400 萬美元的最高值環比增長 11%。

The second quarter results represent the fifth consecutive quarter of record edge AI revenue. Furthermore, I am proud to say the midpoint of our new third quarter and the full fiscal year 2026 revenue guidance range represents all-time record quarterly and fiscal year total revenue for Ambarella.

第二季的業績代表了邊緣 AI 收入連續第五個季度創下紀錄。此外，我很自豪地說，我們新的第三季的中點和整個 2026 財年的收入指導範圍代表了 Ambarella 的歷史最高季度和財年總收入。

In our May 29 earnings call, we increased our fiscal 2026 revenue growth estimate to a range of 19% to 25% or approximately $348 million at the midpoint. With a strong order book as well as our expectation for both our total unit shipped and our average selling price to increase in fiscal 2026, we are increasing our fiscal 2026 revenue growth estimate to a range of 31% to 35% or approximately $379 million at the midpoint.

在 5 月 29 日的財報電話會議上，我們將 2026 財年營收成長預期上調至 19% 至 25% 之間，或中間值約為 3.48 億美元。由於訂單強勁，以及我們對 2026 財年總出貨量和平均售價均上漲的預期，我們將 2026 財年營收成長預期上調至 31% 至 35% 之間，或中點約為 3.79 億美元。

Needless to say, it is a very exciting time for Ambarella. Fundamentally, after a multiyear period of significant edge AI R&D investment, our broad product portfolio enable us to address a rising breadth of edge AI applications.

毋庸置疑，對於 Ambarella 來說這是一個非常令人興奮的時刻。從根本上說，經過多年對邊緣 AI 研發的大量投入，我們廣泛的產品組合使我們能夠滿足日益廣泛的邊緣 AI 應用需求。

This increased breadth not only drives our overall unit demand, but we continue to see very strong demand for our new 5-nanometer AI SoCs in both our existing and emerging edge AI markets, which is driving our firm-wide average ASP price higher.

這種廣度的增加不僅推動了我們的整體單位需求，而且我們繼續看到現有和新興邊緣 AI 市場對我們新的 5 奈米 AI SoC 的需求非常強勁，這推動了我們全公司的平均 ASP 價格走高。

I would like to double-click on the rising breadth of edge AI applications I mentioned and focus on three applications we see as rapidly emerging for us. Portable video, robotic aerial drones and the edge infrastructure.

我想再次強調我提到的邊緣人工智慧應用的不斷增長的廣度，並重點介紹我們認為正在迅速崛起的三個應用。便攜式視訊、機器人無人機和邊緣基礎設施。

Our edge AI revenue began in the enterprise security market more than five years ago and was followed by an incremental edge AI application in the smart home, automotive safety and the telematics markets, all of which are continuing their unique growth trajectories.

我們的邊緣人工智慧收入始於五年多前的企業安全市場，隨後在智慧家庭、汽車安全和遠端資訊處理市場中逐漸增加邊緣人工智慧應用，所有這些都延續著其獨特的成長軌跡。

Now this year, layer on top is the rising demand for our edge AI SoCs from the portable video market, including action camera, panorama cameras and the body-worn on cameras. In addition to portable video market, we expect to commence high-volume shipments into the robotics market by the end of this fiscal year.

今年，最重要的是便攜式視訊市場對我們的邊緣 AI SoC 的需求不斷增長，包括運動相機、全景相機和隨身相機。除了便攜式視訊市場外，我們預計在本財年末將開始向機器人市場進行大量出貨。

The unit volume in the robotic market is highly fragmented by application, form factors and the customers, but our technology, products and road map have enabled us to win one of the early high-volume robotic applications, partially autonomous aerial drones.

機器人市場的單位產量因應用、外形和客戶而高度分散，但我們的技術、產品和路線圖使我們贏得了早期大批量機器人應用之一，即部分自主空中無人機。

Potable video and robotic both represent new emerging edge AI applications in Ambarella's traditional market for IoT end points. Today, we are also announcing our first win in the edge AI infrastructure with our N1-655 SoC.

便攜式視訊和機器人都代表了安霸傳統物聯網終端市場中新興的邊緣人工智慧應用。今天，我們也宣布憑藉 N1-655 SoC 在邊緣 AI 基礎設施領域首次獲勝。

This win is yet another example of the expanding breadth of our edge AI business and I'm encouraged by the interest in our N1 edge AI infrastructure road map from both new and existing customers. In the automotive autonomy market, the largest subset of robotic market.

這場勝利是我們的邊緣人工智慧業務不斷拓展的又一例證，新舊客戶對我們的 N1 邊緣人工智慧基礎設施路線圖的興趣令我感到鼓舞。在汽車自主市場中，機器人市場是最大的子集。

We are actively bidding on OEM projects with our CV3-AD family of advanced 5 nanometer central domain controller for L2+ to L4 applications. While offering significant lifetime revenue opportunities, the lower frequency of award decisions, OEM program delays and a longer time to revenue are causing our other edge AI applications to emerge more rapidly.

我們正在積極競標 OEM 項目，我們的 CV3-AD 系列先進 5 奈米中央網域控制器適用於 L2+ 至 L4 應用。雖然提供了巨大的終身收入機會，但授予決策的頻率較低、OEM 計劃延遲以及更長的收入時間導致我們的其他邊緣 AI 應用程式更快出現。

Nevertheless, we remain highly focused on developing this business, and we will provide updates on our progress as wins occur. I will now describe some representative customer engagement during the quarter, beginning with the two key customer design wins that validate our future vision and strategy.

儘管如此，我們仍然高度專注於發展這項業務，並且我們將在取得進展時提供最新進展。現在，我將描述本季一些具有代表性的客戶參與情況，首先是兩個驗證我們未來願景和策略的關鍵客戶設計勝利。

In a rapidly growing robotic drone market, Arashi Vision, also known as Insta360 launched the world's first 8K 360 degree drone under its new Antigravity brand. Powered by our CV5 AI SoC, this drone features dual lens on both the top and the bottom, enabling 8K 360 degree video recording.

在快速成長的機器人無人機市場中，Arashi Vision（也稱為 Insta360）以其新品牌 Antigravity 推出了全球首款 8K 360 度無人機。這款無人機由我們的 CV5 AI SoC 提供支持，頂部和底部均配備雙鏡頭，可實現 8K 360 度錄影。

The AI capacity in CV5 is fully utilized in this partially autonomous drone and our product portfolio will enable the drone market to evolve rapidly to higher levels of autonomy. The Antigravity A1 is set to launch globally in January 2026.

CV5 的人工智慧能力在這款半自主無人機中得到了充分利用，我們的產品組合將使無人機市場快速發展到更高的自主水平。Antigravity A1 預計 2026 年 1 月在全球推出。

We are proud to see Arashi very successfully differentiate their diverse portable video and now robotic aerial drone portfolio with AI features such as new neural net image signal processing, AI editing and gesture control, leveraging our AI SOCs. A majority of Arashi's products are based on Ambarella SoCs and approximately 70% of our Arashi's shipments are exported.

我們很自豪地看到 Arashi 利用我們的 AI SOC，透過新的神經網路影像訊號處理、AI 編輯和手勢控制等 AI 功能，非常成功地區分了其多樣化的便攜式視訊和現在的機器人無人機產品組合。Arashi 的大部分產品都基於 Ambarella SoC，大約 70% 的 Arashi 出貨量用於出口。

In the emerging edge AI infrastructure market, a global networking customer is rolling out a compact on-premises network AI clients with multi-modal intelligence at the event level built on our N1-655 AI SoC. This appliance will add large language model-powered natural language search, and we were selected because of power efficiency, network bandwidth saving and low bill of material cost. This is a great example of one of the green shoots I mentioned earlier. There are several other use cases being evaluated on our N1-655 SoC.

在新興的邊緣 AI 基礎設施市場中，一家全球網路客戶正在推出基於我們的 N1-655 AI SoC 構建的緊湊型內部網路 AI 用戶端，該用戶端具有事件級多模式智慧。該設備將增加由大型語言模型驅動的自然語言搜尋功能，我們之所以被選中，是因為其節能、節省網路頻寬和低物料清單成本。這是我之前提到的綠芽的一個很好的例子。我們的 N1-655 SoC 上還有其他幾個用例正在評估。

In our automotive safety, ADAS and telematics business, I would like to share some key customer wins during the quarter. Samsara, a leading provider of commercial fleet telematics solutions, has introduced its AI Multicam platform based on Ambarella's CV72 AI SoC.

在我們的汽車安全、ADAS 和遠端資訊處理業務中，我想分享本季的一些關鍵客戶勝利。Samsara 是一家領先的商用車隊遠端資訊處理解決方案提供商，它推出了基於 Ambarella CV72 AI SoC 的 AI Multicam 平台。

Samsara's AI Multicam delivers live 360 degree visibility and real-time risk detection alerts on an in-cab monitor with up to 4 times auxiliary HD camera feeds. It is great design win for CV72 that demonstrates more camera inputs and advanced AI features on a single SoC.

Samsara 的 AI Multicam 可在車內顯示器上提供即時 360 度可視性和即時風險偵測警報，並提供高達 4 倍的輔助高清攝影機饋送。這是 CV72 的一次偉大設計勝利，它在單一 SoC 上展示了更多的相機輸入和先進的 AI 功能。

Audi is utilizing CV22FS for their left, right e-mirror functions in the E5 model initially in the China market. It enables them to provide intelligent context-adaptive viewing mode on highways, parking, turning and lane changes with dynamic image processing and display enhancement functions.

奧迪首先在中國市場的E5車款中採用CV22FS作為左右電子後視鏡功能。它使他們能夠透過動態影像處理和顯示增強功能在高速公路、停車、轉彎和變換車道時提供智慧上下文自適應觀看模式。

Also in the mirror market, our BAIC Stelato S9 is utilizing CV22FS for their rear view electronic mirror. They note that AI-aided detection via camera input helped them cut down blind spots by up to 60%. And a leading Chinese OEM will utilize our CV22 SoC for their 8 megapixel sensor designed specifically for the Level 2 front ADAS functionality. A key capability they are enabling is small target detection and the long range.

同樣在鏡子市場，我們的北汽 Stelato S9 採用 CV22FS 作為後視電子鏡。他們指出，透過相機輸入的人工智慧輔助偵測幫助他們將盲點減少了 60%。一家領先的中國 OEM 將利用我們的 CV22 SoC 作為其專為 2 級前置 ADAS 功能設計的 800 萬像素感測器。他們正在實現的一項關鍵能力是小目標檢測和遠距離檢測。

In the enterprise security segment, Honeywell in India has launched their 50 Series enterprise security cameras in 3 megapixel and 5 megapixel resolutions based on our CV25 SoCs. India is a fast-growing market with a drive for made in India products, creating new customer opportunity for us.

在企業安全領域，印度霍尼韋爾公司基於我們的 CV25 SoC 推出了分辨率為 300 萬像素和 500 萬像素的 50 系列企業安全攝影機。印度是一個快速成長的市場，對印度製造產品的推動為我們創造了新的客戶機會。

In the smart home market, one of our long-term customers in US has leveraged our H32 SoCs to build multisensory multimodal AI products available in the retail outlets today. They have built a nursery device, integrating video monitoring two-way intercom, high noise generator and air quality sensor. They have also built a garage device that features carbon monoxide and heat detection, security camera and the intercom functionality.

在智慧家庭市場，我們在美國的一位長期客戶利用我們的 H32 SoC 建立了目前在零售店銷售的多感官多模式 AI 產品。他們建造了一個育兒室設備，整合了視訊監控雙向對講機、高噪音產生器和空氣品質感測器。他們還製造了具有一氧化碳和熱量檢測、安全攝影機和對講功能車庫設備。

Also in the smart home market, Netatmo launched their Indoor Camera Advance products that is built on S6L SoC in the European market. As you can see from this representative customer engagements, we continue to build design wins momentum in our existing edge AI endpoint application, and we continue to successfully address incremental edge AI applications. such as robotic aerial drones and edge infrastructure as the edge AI market breadth expands.

同樣在智慧家庭市場，Netatmo 在歐洲市場推出了基​​於 S6L SoC 的室內攝影機高級產品。從這些具代表性的客戶參與中可以看出，我們繼續在現有的邊緣 AI 端點應用程式中建立設計勝利的勢頭，並且隨著邊緣 AI 市場廣度的擴大，我們繼續成功解決增量邊緣 AI 應用程式。例如機器人空中無人機和邊緣基礎設施。

Having shipped more than 36 million edge AI processors to hundreds of customers who have successfully ported hundreds of advanced customer AI models to our SoCs, there should be no doubt that Ambarella is a leader in edge AI.

安霸已向數百名客戶交付了超過 3,600 萬個邊緣 AI 處理器，這些客戶已成功將數百種先進的客戶 AI 模型移植到我們的 SoC 上，毫無疑問，安霸是邊緣 AI 領域的領導者。

Edge AI is expected to represent about 80% of our total revenue this year. We are focused exclusively on the unique needs of the edge AI market, and we continue a rapid pace of innovation. In conclusion, I would like to summarize the key points covered today.

預計今年 Edge AI 將占我們總收入的 80% 左右。我們專注於邊緣 AI 市場的獨特需求，並持續快速創新。最後，我想總結一下今天討論的重點。

First, we delivered Q2 results above the high end of our prior guidance, and we increased the midpoint of our full year fiscal 2026 revenue guidance by 9%. Second, the breadth of our edge AI applications we are successfully addressing is expanding as seen with our ongoing ramp in a variety of portable video applications and the anticipated production ramp for robotic aerial drones and edge infrastructure.

首先，我們第二季的業績超出了先前預期的高端，我們將 2026 財年全年收入預期的中位數提高了 9%。其次，我們成功解決的邊緣人工智慧應用的廣度正在擴大，這體現在我們不斷在各種便攜式視訊應用中的提升以及機器人空中無人機和邊緣基礎設施的預期產量提升。

Third, the growth of our edge AI business is also occurring with our higher-priced edge AI SoCs, supporting the anticipated growth in our ASP. Last, we are exclusively focused on the unique requirements of the edge AI market, and we remain an established edge AI market leader who continue to innovate at a rapid pace.

第三，我們的邊緣 AI 業務的成長也伴隨著我們價格較高的邊緣 AI SoC 而發生，這支持了我們 ASP 的預期成長。最後，我們專注於邊緣 AI 市場的獨特需求，我們仍然是邊緣 AI 市場的領導者，並將繼續快速創新。

Now, John will now discuss the Q2 results and the Q3 outlook in more detail.

現在，約翰將更詳細地討論第二季業績和第三季展望。

Thank you, Fermi. I'll now review the financial highlights for the second quarter fiscal year 2026, ending July 31, 2025. I will also provide a financial outlook for our third quarter of fiscal year 2026 ending October 31, 2025.

謝謝你，費米。我現在將回顧截至 2025 年 7 月 31 日的 2026 財年第二季的財務亮點。我還將提供截至 2025 年 10 月 31 日的 2026 財年第三季的財務展望。

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, we have eliminated stock-based compensation and acquisition-related expenses adjusted for the impact of taxes.

我將討論非公認會計準則結果，並請您參考今天的新聞稿，以了解公認會計準則與非公認會計準則結果的詳細對帳。對於非公認會計準則報告，我們已消除了根據稅務影響進行調整的股票薪酬和收購相關費用。

For fiscal Q2, revenue was $95.5 million, above the high end of our prior guidance range of $86 million to $94 million, up 11.2% from the prior quarter and up 49.9% year over year. Sequentially, automotive revenue increased in the mid-single digits and IoT increased in the low teens, with IoT growth led by the adoption of edge AI in portable video applications. IoT in fiscal Q2 represented slightly more than 75% of our revenue and is spread across an increasing number of edge AI applications.

第二財季營收為 9,550 萬美元，高於我們先前預測的 8,600 萬美元至 9,400 萬美元的最高值，較上一季成長 11.2%，較去年同期成長 49.9%。連續而言，汽車收入以中等個位數成長，物聯網收入以低十位數成長，其中物聯網的成長是由便攜式視訊應用中的邊緣人工智慧的採用所推動的。財年第二季度，物聯網占我們營收的 75% 多一點，並且分佈在越來越多的邊緣 AI 應用中。

Non-GAAP gross margin for fiscal Q2 was 60.5%, at the low end of our prior guidance range of 60.5% to 62% due to product mix. Non-GAAP operating expense in Q2 was $53.4 million, below the midpoint of our prior guidance range of $52.5 million to $55.5 million, primarily due to lower engineering related costs associated with the timing of product development.

根據非公認會計準則，第二財季毛利率為 60.5%，由於產品組合原因，處於我們先前預測範圍 60.5% 至 62% 的低端。第二季非公認會計準則營運費用為 5,340 萬美元，低於我們先前預測範圍的中點 5,250 萬美元至 5,550 萬美元，主要原因是與產品開發時間相關的工程相關成本較低。

Q2 net interest and other income was $2.2 million. Comparing to our prior guidance of $1.8 million, the increase was primarily from higher interest income. Q2 non-GAAP tax provision was approximately $200,000. We reported a non-GAAP net profit of $6.4 million or $0.15 per diluted share in Q2.

第二季淨利息和其他收入為 220 萬美元。與我們先前預測的 180 萬美元相比，這一成長主要源於更高的利息收入。第二季非公認會計準則稅務準備金約為 20 萬美元。我們報告第二季非公認會計準則淨利潤為 640 萬美元，即每股攤薄利潤 0.15 美元。

Now I'll turn to our balance sheet and cash flow. Fiscal Q2 cash and marketable securities reached $261.2 million, increasing $1.8 million from the prior quarter and $41.4 million from the same quarter a year ago. Increased cash and marketable securities benefited primarily from operating cash flow associated with increased revenue, partially offset by increased expenditure on capital investments during the quarter.

現在我將討論我們的資產負債表和現金流。第二財季現金和有價證券達 2.612 億美元，比上一季增加 180 萬美元，比去年同期增加 4,140 萬美元。現金和有價證券的增加主要受益於與收入增加相關的營運現金流，但部分被本季資本投資支出的增加所抵銷。

Receivables days sales outstanding increased from 31 days in the prior quarter to 40 days, while days of inventory decreased from 98 days to 85 days. Operating cash inflow was $5.5 million for the quarter. Capital expenditures for tangible and intangible assets were $4.1 million for the quarter.

應收帳款未償付天數從上一季的 31 天增加到 40 天，而庫存天數從 98 天減少到 85 天。本季經營現金流入為 550 萬美元。本季有形和無形資產的資本支出為 410 萬美元。

Free cash flow was $1.4 million. We had one logistics company representing 10% or more of our revenue, WT Microelectronics, a fulfilment partner in Taiwan, that ships to multiple customers in Asia, came in at 71% of revenue for the second quarter.

自由現金流為140萬美元。我們有一家物流公司占我們收入的 10% 或更多，即台灣的履行合作夥伴文曄微電子 (WT Microelectronics)，該公司向亞洲的多個客戶發貨，其第二季度的收入佔比為 71%。

I'll now discuss the outlook for the third quarter of fiscal year 2026. The breadth of our edge AI business is expanding with a strong unit and average selling price outlook. As a result, in Q3, we forecast revenue in the range of $100 million to $108 million or $104 million at the midpoint.

我現在將討論 2026 財年第三季的展望。我們的邊緣人工智慧業務的廣度正在擴大，擁有強勁的單位和平均售價前景。因此，我們預測第三季的營收將在 1 億美元至 1.08 億美元之間，中間值為 1.04 億美元。

Sequentially, we expect mid- to high single-digit percent growth in our automotive business with our IoT business up in the mid-teens. For fiscal 2026, we anticipate a revenue growth range of 31% to 35%. We expect fiscal Q3 non-GAAP gross margin to be in the range of 60% to 61.5%.

連續而言，我們預期汽車業務將實現中高個位數百分比成長，物聯網業務將實現中高個位數百分比成長。對於 2026 財年，我們預期營收成長率為 31% 至 35%。我們預計第三財季非公認會計準則毛利率將在 60% 至 61.5% 之間。

We expect non-GAAP OpEx in the third quarter to be in the range of $54 million to $57 million, with the increase compared to Q2, driven by new product development costs. We estimate net interest and other income to be approximately $2 million.

我們預計第三季非 GAAP 營運支出將在 5,400 萬美元至 5,700 萬美元之間，較第二季有所增加，主要是由於新產品開發成本。我們估計淨利息和其他收入約為 200 萬美元。

Our non-GAAP tax expense to be approximately $800,000 and our diluted share count to be approximately 43.7 million shares.

我們的非公認會計準則稅費約為 80 萬美元，稀釋股數約為 4,370 萬股。

Thank you for joining our call today. And with that, I will turn the call over to the operator for questions.

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)

（操作員指示）

Christopher Rolland, Susquehanna.

克里斯多福羅蘭 (Christopher Rolland)，薩斯奎漢納。

Hey, thanks so much for the question and congrats on a great quarter. So for my first question, I think for years, you guys pitched yourself kind of as the future of the company being automotive first, but IoT at this point has just been an incredible outperformer. I think it outperformed auto by 4x this year.

嘿，非常感謝您的提問，並祝賀您本季度取得了出色的成績。所以對於我的第一個問題，我想多年來，你們一直將公司的未來定位為汽車產業第一，但目前物聯網的表現卻令人難以置信。我認為今年它的表現比汽車好 4 倍。

So I guess my question is, are you thinking about IoT differently now? Could there be a pivot in your business where you just double down spending around IoT versus auto, lean into the development of IoT versus auto? And when might we get to a point where auto outperforms IoT? Or is this not the case just given the great interest in IoT? Thank you.

所以我想我的問題是，您現在對物聯網的看法是否有所不同？您的業務是否會出現一個轉折點，即加倍在物聯網而非汽車領域的支出，傾向於物聯網而非汽車領域的發展？我們什麼時候才能達到汽車性能超越物聯網的水平？或者，鑑於人們對物聯網的極大興趣，情況並非如此？謝謝。

Right. Thank you for the question. I think the first part to the answer is that like I said in our script that we are continuing to focus on our Level 2+, Level 4 autonomous driving, and we are working hard to continue to win design wins there.

正確的。謝謝你的提問。我認為答案的第一部分是，就像我在腳本中所說的那樣，我們將繼續專注於 2+ 級、4 級自動駕駛，我們正在努力繼續贏得那裡的設計勝利。

But also, I pointed out that because our other edge AI business because of design -- shorter design cycle and more available opportunity for us, we are making significant progress there. And we're going to continue to focus on the edge AI market, including both autonomous driving as well as IoT.

但同時，我也指出，由於我們的其他邊緣人工智慧業務因設計而變得更短的設計週期和更多的可用機會，我們在那裡取得了重大進展。我們將繼續關注邊緣人工智慧市場，包括自動駕駛和物聯網。

But I want to point out that the fundamental hardware architecture between the edge AI for the IoT side and the autonomous driving side are identical. Our CVflow architecture, our image processing pipeline, our CPU investment, even on the OS side, there are huge leverage between each two. So from the OpEx expense side, the leverage is very strong.

但我想指出的是，物聯網邊緣AI和自動駕駛端的基礎硬體架構是相同的。我們的 CVflow 架構、我們的影像處理管道、我們的 CPU 投資，甚至在作業系統方面，兩者之間都有巨大的槓桿作用。因此，從營運支出費用來看，槓桿率非常高。

Obviously, the go-to-market strategy from the marketing side, on the sales side are different. But we are going to continue to focus on those two areas, because I still believe in the long-term autonomous driving continue -- can keep driving our strength.

顯然，從行銷方面和銷售方面來看，市場進入策略是不同的。但我們將繼續關注這兩個領域，因為我仍然相信長期自動駕駛能夠繼續推動我們的優勢。

But as you can see in our announcement, we made a significant progress on the edge AI in the IoT side where that means we're going to put also more resources on this than before to continue to make progress and try to collect more market share in this particular market.

但正如您在我們的公告中所看到的，我們在物聯網邊緣人工智慧方面取得了重大進展，這意味著我們將比以前投入更多的資源，以繼續取得進展，並嘗試在這個特定市場中獲得更多市場份額。

Thank you for that for me. And yeah, just maybe back to the growth rates, just a couple of things. First of all, would you expect auto to outgrow IoT next year? Or is this really going to be -- you've talked about auto and your CV3 wins, I think ramping in 2027, would we have to wait for auto to outperform at that point in time?

謝謝你為我所做的一切。是的，也許回到成長率，只有幾件事。首先，您是否預期明年汽車產業的發展速度會超過物聯網產業？或者這真的會是——您談到了汽車和 CV3 的勝利，我認為在 2027 年會出現增長，我們是否必須等待汽車在那個時候表現出色？

Right. So I think the auto will outperform IoT, where we have major design wins with OEMs like the one that we talk about VWK 2.0. Have we won the design? Yeah, I think in the 2027, 2028 time frame, we can see that, that auto growth will be -- outperform IoT.

正確的。所以我認為汽車產業的表現會優於物聯網產業，我們在這方面已經贏得了一些原始設備製造商的重大設計訂單，例如我們之前提到的VWK 2.0。我們贏得設計訂單了嗎？是的，我認為在 2027 年、2028 年的時間範圍內，我們可以看到汽車成長將超過物聯網。

Right now, I think in the foreseeable future, that before we get any major design wins from the automotive side, IoT will continue to have a very strong contribution to our income. In fact, that our current growth, you can see that the growth rate that we got from the just IoT side significantly improved over the last few years.

現在，我認為在可預見的未來，在我們從汽車方面獲得任何重大設計勝利之前，物聯網將繼續對我們的收入做出非常大的貢獻。事實上，從我們目前的成長來看，您可以看到，過去幾年，我們從物聯網方面獲得的成長率顯著提高。

Yeah. Thanks and congrats.

是的。謝謝並祝賀。

Thank you.

謝謝。

Kevin Cassidy, Rosenblatt Securities.

羅森布拉特證券公司的凱文·卡西迪。

Yeah, thanks for taking my question and congratulations on the great results and outlook. You piqued my interest with the robotic aerial drones. You mentioned Insta360. Is this another trend of will there be multiple companies coming out with these solutions? And are there commercial applications like for deliveries?

是的，感謝您回答我的問題，並祝賀您取得了出色的成績和前景。你用機器人空中無人機激起了我的興趣。您提到了 Insta360。這是否是另一個趨勢，即會有多家公司推出這些解決方案？是否有像送貨這樣的商業應用？

Yeah. So first of all, I think for Insta360, their target market is commercial and consumer, and the volume is significant compared to what we have seen in the market outside DJI. And then also that we are seeing -- definitely there is a market trend, a lot of different companies in different countries are focusing on the strong particular drone application.

是的。首先，我認為對於 Insta360 來說，他們的目標市場是商業和消費者，與我們在 DJI 以外的市場相比，其銷售量非常可觀。我們也看到——肯定存在一種市場趨勢，不同國家的許多不同公司都專注於強大的特定無人機應用。

Now that autonomous driving on the car side become more popular technology widely available. You can imagine that the autonomous drones will become popular.

如今，自動駕駛在汽車領域已成為一種越來越普及的技術。你可以想像自主無人機將會變得流行。

And with that, that will enable many different possible applications in the near future. I think that potential trend is driving -- this is really consistent with the robotic trend that we are seeing in other applications when the autonomy become popular and become possible than the possible applications with those robots or drones become -- in the past, it was impossible not definitely thinkable.

這樣，在不久的將來，它將能夠實現許多不同的應用。我認為潛在的趨勢正在推動——這與我們在其他應用中看到的機器人趨勢一致，當自主性變得流行並成為可能時，那些機器人或無人機的可能應用就會變得——在過去，這是不可能的，絕對不可想像的。

So I think that we continue to engage in multiple drone design wins activities, and we think that you're going to continue to see us to report our success in this market.

因此，我認為我們將繼續參與多項無人機設計獲勝活動，我們認為您將繼續看到我們報告我們在這個市場上的成功。

hey Kevin, it's Louis. Just to kind of add on to that and maybe tie it into Chris' question. This is just a great example of you've got multiple high-bandwidth sensors in a real-time application collecting data and driving a higher level of autonomy -- higher and higher levels of autonomy, just like in a vehicle, moving from L1 to L4, you see the same sort of trend beginning in the aerial drone market, and of course, other robotic spaces.

嘿，凱文，我是路易斯。只是想補充一下，也許可以將其與克里斯的問題聯繫起來。這只是一個很好的例子，在即時應用程式中有多個高頻寬感測器來收集數據並驅動更高級別的自主性——越來越高的自主性，就像在車輛中一樣，從 L1 到 L4，你會看到同樣的趨勢開始出現在無人機市場，當然還有其他機器人領域。

And it's all happening with the same underlying AI inference accelerator, that's in common across all these markets, whether it's auto autonomy, auto safety and telematics or any of these IoT markets. So we leverage the technology across a lot of different applications.

這一切都發生在同一個底層人工智慧推理加速器上，這個加速器在所有這些市場中都是通用的，無論是汽車自主性、汽車安全和遠端資訊處理，或是任何這些物聯網市場。因此，我們在許多不同的應用程式中利用了這項技術。

Right. Thanks. Yeah, I guess your energy efficiency also is very useful if you're going to be flying something that has to have a battery and energy efficiency is really important. And just -- you have so many exciting things happening with your new designs. You didn't hear much about your process technology or moving on to the next generation. So that's still on track to moving to 2 nanometer.

正確的。謝謝。是的，我想如果你要駕駛需要電池的飛機，那麼能源效率也非常有用，而且能源效率確實很重要。而且—您的新設計中發生了許多令人興奮的事情。您沒有聽到太多有關您的工藝技術或下一代技術的消息。因此，我們仍有望邁向 2 奈米。

Absolutely. In fact, we are -- our foundry partners continue to announce design wins not only give us a lot more confidence but also our potential customers. I think that we will continue to work on the 2 nanometer project and still remain targeted to take our customers to production in early 2027.

絕對地。事實上，我們的代工夥伴不斷宣佈設計勝利，這不僅給了我們更多的信心，也給了我們的潛在客戶更多的信心。我認為我們將繼續致力於 2 奈米項目，並仍將目標定為在 2027 年初為我們的客戶實現生產。

Great. Thank you. Congratulations again.

偉大的。謝謝。再次恭喜。

Thank you.

謝謝。

Quinn Bolton, Needleman Company.

博爾頓 (Quinn Bolton)，尼德曼公司 (Needleman Company)。

Hey guys, This is Shadi on for Quinn Bolton. Congrats on the strong results. My first question is on the guidance. Your Q3 guide implies a seasonally down Q4. And given all the progress you guys have been making and the edge AI tailwinds, they're still somewhat conservative. So just want to get your thoughts on maybe the puts and takes as we think about Q4.

大家好，我是 Shadi，代表 Quinn Bolton。恭喜您取得如此優異的成績。我的第一個問題是關於指導的。您的第三季指南暗示第四季將出現季節性下滑。考慮到你們所取得的所有進展和邊緣人工智慧的順風，他們仍然有些保守。因此，當我們考慮第四季時，只是想聽聽您對利弊的看法。

Right. So first of all, I think that the seasonality that we are guiding for this Q3 and Q4 is increasing the range compared to our previous year. So I don't think that should be a surprise. But if you look at that a lot of the products -- some of the products become driven by consumer cycles, that will definitely explain to you, that's why we are seeing the seasonality based on our guidance.

正確的。首先，我認為我們針對第三季和第四季所製定的季節性與去年相比有所擴大。所以我認為這並不奇怪。但如果你看很多產品——有些產品受到消費週期的驅動，那肯定會向你解釋，這就是為什麼我們根據我們的指導看到季節性。

Got it. That makes sense. And then my follow-up is on the non-security camera portion of the IoT business. How does Ambarella view this segment growing over the next few years? And at what point might the non-security segment surpass the security camera segment of the IoT business.

知道了。這很有道理。然後我的後續內容是物聯網業務的非安全攝影機部分。Ambarella 如何看待未來幾年這一領域的發展？非安全領域什麼時候可能超越物聯網業務的安全攝影機領域？

Yeah. First of all, thank you for that question. I think that's important. Internally, we're looking at that also because all of the new applications we announced today, none of them is really on the traditional security camera business.

是的。首先感謝您的提問。我認為這很重要。在內部，我們也在關注這個問題，因為我們今天宣布的所有新應用程序，沒有一個真正涉及傳統的安全攝影機業務。

In fact, that from the drone robots to the portable video to the edge infrastructure, those are the -- really the new market we have been talking about that we haven't shown much result until this quarter.

事實上，從無人機機器人到便攜式視訊到邊緣基礎設施，這些都是我們一直在談論的新市場，直到本季我們才顯示出太多成果。

And I think that -- I think enterprise or -- the enterprise security and home security continue to be -- the combination continues to be a large portion of -- compared to others, but I think that we do see that the growth rate on the non-security portion of the business will continue to outpace on the other side.

我認為，與其他領域相比，企業或企業安全和家庭安全的組合仍然佔很大一部分，但我認為我們確實看到，非安全業務部分的成長率將繼續超過其他領域。

Yeah. Just to be clear, Shadi, our security business, we expect to continue to deliver very good growth. But now you have these portable video and some of the robotics markets and other things kicking in that, as you observed, are causing our other IoT business outside of security to contribute very nice growth for us.

是的。需要明確的是，Shadi，我們的安全業務，我們預計將繼續實現非常好的成長。但現在有了這些便攜式影片和一些機器人市場以及其他東西，正如您所觀察到的，這些正在推動我們安全之外的其他物聯網業務為我們帶來非常好的成長。

Got it. Thanks for the color and congrats on the progress.

知道了。感謝您的顏色並祝賀您的進步。

Thank you.

謝謝。

Liam Pharr, Bank of America.

美國銀行的 Liam Pharr。

Hi, This is Liam on behalf of Vivek. Thank you very much for taking my question. There's been a lot of media reports recently about M&A and industry consolidation. And I was wondering if you're able to address kind of what role you expect industry consolidation to play and what your strategy looks like if you remain independent?

大家好，我是 Liam，代表 Vivek。非常感謝您回答我的問題。最近媒體有很多關於併購和產業整合的報導。我想知道您是否可以談談您認為產業整合將發揮什麼作用，以及如果保持獨立，您的策略是什麼樣的？

Right. So obviously, we cannot address that rumors. I think we just have no comment on that. But however, I want to point out that with today's earnings call you can see that the HAI -- the importance on the strategy side of HAI become so obvious in the market space, and with that -- we are probably one of few, maybe only one shipping 36 million units of HAI SoC so far, put us as a leader in that market.

正確的。顯然，我們無法回應這些謠言。我想我們對此沒有任何評論。但是，我想指出的是，透過今天的財報電話會議，您可以看到 HAI——HAI 在戰略方面的重要性在市場空間中變得如此明顯，並且——我們可能是迄今為止少數幾個，甚至可能是唯一一個出貨量達到 3600 萬台 HAI SoC 的公司之一，這使我們成為該市場的領導者。

So with the combination, I really think that the rumor base is that our strength and our focus on HAI, and I think that's going to continue to play very well for us.

因此，透過這種組合，我真的認為謠言的基礎是我們的實力和對 HAI 的關注，我認為這將繼續對我們起到很好的作用。

Thank you. And then just as a follow-up. In terms of kind of going back to the IoT and auto side, clearly a strong quarter. What does the sustainability look like of these growth drivers through 2026? And where should we kind of expect more of an upside trajectory on the IoT or on the auto side? Thank you.

謝謝。然後只是作為後續行動。從物聯網和汽車方面來看，這顯然是一個強勁的季度。到 2026 年，這些成長動力的可持續性如何？我們該如何期待物聯網或汽車方面的更多上行軌跡？謝謝。

On the auto side, I think we definitely continue to work hard to get a secured first design win on the Level 2 plus Level 3. That is really what pushed our growth trajectory beyond what we have with automotive. And with IoT, we are really growing significantly this year over last year and because -- thanks to the contribution of a few products ramping up by our customers.

在汽車方面，我認為我們肯定會繼續努力，以確保在 2 級和 3 級上獲得首個設計勝利。這確實推動了我們的成長軌跡超越了汽車產業。借助物聯網，我們今年確實比去年實現了顯著成長，這要歸功於我們的客戶推出的一些產品的貢獻。

So we believe the growth will maintain and we're going to provide the guidance for next year. And we will definitely believe that automotive and both IoT and automotive will continue their growth trend.

因此，我們相信成長將會保持，我們將為明年提供指導。我們堅信汽車以及物聯網和汽車將繼續保持成長趨勢。

Yeah. Just to put a little more color on it, it's Louis. It's not like there's just a couple of markets that are contributing to the growth. Five, six years ago, it started for us in enterprise security and it was public and smart home, then AI video telematics and commercial fleets, certain in-cabin, e-mirrors or driver monitoring.

是的。只是為了給它添加一點色彩，他就是路易斯。並不是只有幾個市場在推動成長。五、六年前，我們開始涉足企業安全，然後是公共和智慧家居，然後是人工智慧視訊遠端資訊處理和商業車隊，某些車內、電子後視鏡或駕駛員監控。

But now more recently, in IoT, you've had portable video, which is not just one thing, but it's body-worn cameras, it's panorama cameras, it's action cameras, and now we're moving into robotics initially with aerial drones expected to become significant.

但最近，在物聯網領域，我們有了便攜式視頻，它不僅僅是一種東西，還有隨身攝影機、全景攝影機、運動攝影機，現在我們首先進入機器人領域，預計空中無人機將發揮重要作用。

So it's not really like are those -- are you in a couple of markets and are they going to static and how are they going to do? It's more about edge AI touching more and more different vertical applications, and that's what's been happening to the business.

所以這實際上並不像那些——你是否在幾個市場，它們是否會靜止，它們會怎麼做？這更多的是關於邊緣人工智慧觸及越來越多不同的垂直應用，而這正是業務正在發生的事情。

Thank you.

謝謝。

Kyle Smith, Stifel.

凱爾史密斯（Kyle Smith），Stifel。

Hey guys, This is Kyle Smith on for Tore Svanberg at Stifel. Congratulations on the strong quarter. So I think it's pretty clear that the strong revenue be in guide is stemming from tangible design wins and product momentum.

大家好，我是 Stifel 的 Tore Svanberg 的 Kyle Smith。恭喜本季業績強勁。因此我認為很明顯，強勁的收入來自於實際的設計勝利和產品動能。

But that being said, could you provide more commentary on the process that management uses could check for any potential demand pull-ins related to the tariff environment? Are you speaking directly with customers or distributors, monitoring yourself for any irregularities? Or is it kind of a mix of multiple factors?

但話雖如此，您能否對管理層用來檢查與關稅環境相關的任何潛在需求拉動的過程提供更多評論？您是否直接與客戶或經銷商交談，監控自己是否有任何違規行為？還是它是多種因素的混合？

Yeah. I think that's a very important topic internally because we're all going through this industry-wide inventory correction for the last three years. And every time we're seeing some high growth of area. The first reaction is we better talk to customers. So in the past few years we built a relationship with all the customer and also our distributor to make sure that we review inventory every month.

是的。我認為這是一個非常重要的內部主題，因為過去三年我們都在經歷全行業的庫存調整。每次我們都會看到一些區域的高速成長。第一反應是我們最好與客戶交談。因此，在過去的幾年裡，我們與所有客戶以及分銷商建立了關係，以確保我們每月審查庫存。

And then based on that, we try to decide whether that we're seeing any inventory build. So far, I think throughout the process with this internal check, we haven't seen any inventory build beyond the normal practice.

然後基於此，我們嘗試判斷是否看到庫存增加。到目前為止，我認為在整個內部檢查過程中，我們還沒有看到任何超出正常做法的庫存增加。

And also, personally, every time I have a meeting with my peers in our customer base, one of the topic is always about supply chain and about the supply. And I got no feeling that nobody telling us that they are building excessive inventory worrying about geopolitical situation.

而且，就我個人而言，每次我與客戶群中的同事開會時，其中一個主題總是關於供應鏈和供應。我沒有感覺到有人告訴我們他們因為擔心地緣政治局勢而建立過多的庫存。

So with that, that's just from the feedback from customers. But more internal insight, we build some kind of a checkpoint to understand, look at the customers, the older patterns and then whether that's associated with any product ramping up.

以上只是來自客戶的回饋。但更多的是內部洞察，我們建立了某種檢查點來了解、觀察客戶、舊的模式，然後看看這是否與任何產品的提升有關。

So if there's any indication of actual inventory build, internally you have -- we have some data now. So far, based on all of this internal and external discussions, I think that we feel quite confident that we haven't seen any meaningful inventory build-up in our customers.

因此，如果有任何跡象表明實際庫存增加，那麼內部就有——我們現在有一些數據。到目前為止，基於所有這些內部和外部討論，我認為我們非常有信心，我們沒有看到客戶出現任何有意義的庫存累積。

Perfect. Thank you. And you mentioned a lot of really exciting design wins in the prepared remarks. I'm curious what the customer response has done to the Cooper development platform, particularly within these new and emerging markets? And are there any specific components of the platform showing outsized positive feedback?

完美的。謝謝。您在準備好的發言中提到了很多真正令人興奮的設計勝利。我很好奇客戶對 Cooper 開發平台的反應如何，特別是在這些新興市場？該平台的某些特定組件是否表現出了過大的正面回饋？

I think, first of all, the feedback from our Cooper Development Platform is very positive. Not only it helped our customer to move from one off the chip to another chip easily because Cooper Platform cover all the chips that we develop.

我認為，首先，我們的Cooper開發平台的回饋非常積極。它不僅幫助我們的客戶輕鬆地從一個晶片轉移到另一個晶片，因為 Cooper 平台涵蓋了我們開發的所有晶片。

And so that for our customers, it's really become a powerful tool for them to develop the product once and they can put -- use the same product to many different chips under Ambarella. So that's 1 of the most important thing.

因此，對於我們的客戶來說，它確實成為了一個強大的工具，他們只需開發一次產品，就可以將相同的產品應用到 Ambarella 旗下的許多不同晶片上。這是最重要的事情之一。

But because with the investment now we can easily enable our customers to play with our SDK and also play with all the new network we put into our model garden and also enabling them to learn how to use our compiler to compile the new network to our hardware.

但因為現在有了投資，我們可以輕鬆地讓客戶使用我們的 SDK，也可以使用我們放入模型花園的所有新網絡，還可以讓他們學習如何使用我們的編譯器將新網絡編譯到我們的硬體中。

All of those features, all integrated into this Cooper Platform. So -- of course, I'm not saying that is perfect, but definitely with the benefit to customers, they will continue to give us great feedback about how we can continue to improve it so that they can enjoy the platform more.

所有這些功能都整合到了這個 Cooper 平台中。所以——當然，我並不是說它是完美的，但肯定會給客戶帶來好處，他們會繼續給我們很好的回饋，告訴我們如何繼續改進它，以便他們能夠更好地享受這個平台。

Perfect. And if I could just sneak one more in. Contemplating this really outsized revenue growth, do you continue to expect non-GAAP OpEx to grow at around 10% annually? Or should we maybe bake in a little bit higher OpEx going forward?

完美的。如果我能再偷偷溜進去一個就好了。考慮到如此巨大的收入成長，您是否仍預期非 GAAP 營運支出每年將成長 10% 左右？或者我們應該在未來稍微提高一點營運支出？

Yeah. Thanks, Kyle, for the question. I think it's reasonable if you take this little bit higher than 10% is probably reasonable. I think quarter-over-quarter -- I think year-to-date, we're at about 12 -- year-to-date, we're at about 12% growth. I think we'll probably stay in that range for the full year.

是的。謝謝凱爾提出的問題。我認為如果將這個數字稍微提高一點，即 10% 左右，那麼這個數字可能是合理的。我認為與上一季相比——我認為年初至今，我們的成長率約為 12%——年初至今，我們的成長率約為 12%。我認為我們全年可能會保持在這個範圍內。

Perfect. Congratulations again guys.

完美的。再次恭喜你們。

Thank you.

謝謝。

David O'Connor, BNP Paribas.

法國巴黎銀行的戴維‧奧康納。

Yeah, good afternoon, guys. Thanks for taking my question. Maybe for me, just going back on the automotive side of things again and ADAS. Through this year the L2+ adoption rates have slowed, software not ready, OEMs optimizing for price. I mean you guys have talked about this through the year.

是的，大家下午好。感謝您回答我的問題。也許對我來說，只是回到汽車方面和 ADAS。今年，L2+ 的採用率有所放緩，軟體尚未準備好，OEM 正在優化價格。我的意思是你們這一年一直在談論這個問題。

As we sit here in August, and from your recent conversations with customers, can you talk about any changes there on how they're viewing that kind of adoption on their next model? Any sign that they may be pulling it in?

現在已經是八月了，根據您最近與客戶的交談，您能否談談他們對下一代車型採用這種技術的看法有何變化？有任何跡象表明他們可能正在將其拉進來嗎？

Or just any kind of changes that you're seeing there across the kind of -- that will help kind of frame the backdrop for potential C3 wins?

或者您所看到的任何變化——有助於為潛在的 C3 勝利建立背景？

I think the scenario described continues. And we continue to see OEMs coming out bidding on the, I would say, more low end Level 2+ than higher end than that, because people -- like you said, OEM really focus on getting a proper cost than functional features.

我認為所描述的場景仍在繼續。我們繼續看到 OEM 廠商競標，我想說，低階 2+ 級產品比高階產品多，因為人們 — — 就像你說的，OEM 真正關注的是獲得適當的成本而不是功能特性。

In fact, even in China recently, we start seeing a similar trend because Chinese government definitely trying to make sure that the time driving becomes safe and the safety become the most important feature. So I really think that the total trend of autonomous driving is focusing on safety and also lower end of the function performance. For example, we announced a design win on 8 megapixel ADAS in China.

事實上，即使在中國，我們最近也開始看到類似的趨勢，因為中國政府確實在努力確保駕駛時間變得安全，安全成為最重要的特徵。所以我確實認為自動駕駛的總體趨勢是注重安全性以及功能性能的低端。例如，我們宣佈在中國贏得了800萬像素ADAS的設計。

Let's just give you an indication that while we continue to build on all kind of different features and that we see more opportunity on the low end Level 2+ and also ADAS opportunities.

我們只是想告訴您，雖然我們繼續建立各種不同的功能，但我們在低端 2+ 級和 ADAS 機會方面看到了更多機會。

Yeah, David. I mean we still see very significant lifetime revenue opportunities in the auto autonomy market for sure. But there's -- as Fermi mentioned earlier, there's a lower frequency of decisions. The market can be subject to delays like you referenced, and there's a longer time to revenue.

是的，大衛。我的意思是，我們肯定仍然看到汽車自主市場中存在非常重大的終身收入機會。但是——正如費米之前提到的，決策頻率較低。市場可能會出現您提到的延遲，並且獲得收入的時間會更長。

So what's been happening is all of these other edge AI markets have more than caught up and are growing very rapidly for us now. But we still have these products and very much focused on landing these wins. It's just the frequency of them isn't as high.

所以現在發生的情況是，所有這些其他邊緣人工智慧市場都已經趕上來了，並且正在為我們快速成長。但我們仍然擁有這些產品，並且非常專注於取得這些勝利。只是它們出現的頻率不那麼高。

That's very helpful. Thanks guys. Maybe one for John. Just on the incremental kind of growth year-over-year. With the new guide, you're kind of up maybe $95 million, $100 million, something like that, for the year. Is there any way you can kind of split that out in terms of units versus ASP or content just kind of how you would break that down as kind of a percentage, half of it unit-growth, half ASP. Any kind of steer that would help us there size the kind of difference between those two drivers? Thanks.

這非常有幫助。謝謝大家。也許給約翰一個。只是同比增量式的成長。根據新指南，今年的收入可能會增加 9,500 萬美元、1 億美元或類似的數字。有沒有任何方法可以將其按單位、ASP 或內容進行區分，就像將其分解為百分比一樣，一半是單位增長，一半是 ASP。有沒有什麼指導可以幫助我們了解這兩位車手之間的差異？謝謝。

Yeah. Thanks, David. I think what we've been seeing throughout this year as it's pulled together, our estimate is that, that growth is roughly 50-50 between ASP and unit growth.

是的。謝謝，大衛。我認為，根據我們今年全年所看到的情況，我們估計平均售價和單位成長率約為 50-50。

Very helpful. Thanks so much guys.

非常有幫助。非常感謝大家。

Thank you.

謝謝。

Gus Richard, Northland Capital Markets.

北國資本市場 (Northland Capital Markets) 的 Gus Richard。

Yeah, thanks for taking my questions and my congratulations for the strong results. Just in the IoT market, could you give us a split between the security applications and the non-security applications and which of the non-security applications are growing most rapidly?

是的，感謝您回答我的問題，我對取得的優異成績表示祝賀。僅在物聯網市場中，您能否將安全應用和非安全應用進行劃分，以及哪些非安全應用成長最快？

So in a non-security application, I think that portable video definitely grow the fastest. And in fact, that Insta360 using a CV5 to build their next generation sports camera as well as the panorama 360-degree camera and the ASP is high and the unit number continue to grow.

因此，在非安全應用中，我認為便攜式影片肯定增長最快。事實上，Insta360 使用 CV5 來打造其下一代運動相機以及全景 360 度相機，並且 ASP 很高，並且單位數量持續增長。

So that definitely is a faster-growing market. I won't be surprised if we see a lot of growth in the future, see some growth on the drone side too because the ASP and unit number growth can be significant, too.

所以這肯定是一個成長更快的市場。如果我們看到未來出現大量成長，我不會感到驚訝，無人機方面也會出現一些成長，因為平均售價和單位數量的成長也可能很顯著。

I guess, the auto business in Q2, I think John mentioned, grew in the mid-single digits and IoT grew in the mid-teens, and that would put auto in the low 20% range as a percent of revenue in IoT the balance.

我想，約翰提到過，第二季的汽車業務成長了個位數中段，而物聯網成長了十幾個百分點，這將使汽車業務佔物聯網收入的百分比處於 20% 以下。

Yeah. Got it. And then just in terms of the IoT business, you've got a wide diversity of applications, and I would imagine that your customers need support from field application engineers. And I'm just wondering, is that a limitation? Is that something that you need to bolster to help accelerate growth? How are you thinking about customer support in that regard?

是的。知道了。就物聯網業務而言，您擁有各種各樣的應用，我想您的客戶需要現場應用工程師的支援。我只是想知道，這是一個限制嗎？您是否需要加強這一點以幫助加速成長？您如何看待這方面的客戶支援？

So first of all, a unified hardware and software platform we just mentioned, is really helpful, because that means our field engineering can easily switch from one customer to another customer, although maybe a different application, different products, but the fundamental hardware and software are almost the same.

首先，我們剛才提到的統一的硬體和軟體平台確實很有幫助，因為這意味著我們的現場工程可以輕鬆地從一個客戶切換到另一個客戶，儘管可能有不同的應用程式、不同的產品，但基本的硬體和軟體幾乎相同。

So from that point of view, we definitely can leverage our field engineers in different applications. But you are right that our revenue growth, and when we're looking at the different customer base, we continue to add to our field engineering, which is part of our growth plan that John highlighted just a few minutes ago.

因此從這個角度來看，我們絕對可以在不同的應用中利用我們的現場工程師。但是您說得對，我們的收入正在增長，當我們著眼於不同的客戶群時，我們會繼續增加我們的現場工程，這是約翰幾分鐘前強調的增長計劃的一部分。

Got it. Thanks so much.

知道了。非常感謝。

Thank you.

謝謝。

[Martin Yang, Oppenheimer & Co].

[馬丁楊，奧本海默公司]。

Hi, thank you for taking my question. So on the strength you called out on the portable video products, can you tell us if the strength is driven by a single key customer? Or have you expanded your customer base with new design wins with new OEMs in the past quarter?

你好，謝謝你回答我的問題。那麼，關於您所提到的便攜式視訊產品的優勢，您能否告訴我們，這種優勢是否是由單一關鍵客戶推動的？或者您在過去一個季度透過與新 OEM 合作的新設計擴大了客戶群？

Well, in fact, we continue to have multiple customer base in this space. But however, Insta360 definitely is the largest one that we mentioned because they switch from H22 based video processor only solution last year to this year's CV5 based solution, that ASP growth definitely is one of the main reasons we continue to see the growth from them. But we continue to engage with multiple portable video players throughout our career.

事實上，我們在這個領域持續擁有多個客戶群。但是，Insta360 絕對是我們提到的最大的一家，因為他們從去年基於 H22 的視訊處理器解決方案轉向今年基於 CV5 的解決方案，ASP 成長絕對是我們繼續看到他們成長的主要原因之一。但在我們的整個職業生涯中，我們一直在與多種便攜式視訊播放器合作。

Martin, I think you're familiar with the company, but we're selling into like seven different portable video product lines there that would include action camera, sports, panorama, but also body worn webcam, video conferencing, and now aerial drones. So it's a lot of different product categories. It's not just a few.

馬丁，我想你對這家公司很熟悉，但我們在那裡銷售七種不同的便攜式視訊產品線，包括運動相機、運動、全景、隨身網路攝影機、視訊會議以及現在的空中無人機。因此它有許多不同的產品類別。這並不只少數。

Right. Got it. A follow-up question on Insta360. So in your guidance, do you assume business as usual with them without any potential impact from their ongoing lawsuit in the US?

正確的。知道了。關於 Insta360 的後續問題。那麼，在您的指導下，您是否認為與他們的業務將照常進行，而不會受到他們在美國正在進行的訴訟的任何潛在影響？

Well, first of all, yes, we look at it. And it's not in our position to make a judgment on the outcome of lawsuit and we'll leave that to the two parties. Our assumption is based on the POs we receive from our customers. And that's the only thing we are counting on to forecast our business.

嗯，首先，是的，我們來看看。我們無權對訴訟結果作出判斷，我們將把結果留給雙方決定。我們的假設是基於我們從客戶收到的採購訂單。這是我們預測業務的唯一依據。

Got it. Thank you for me. That's it.

知道了。替我謝謝你。就是這樣。

Thank you.

謝謝。

(Operator Instructions)

（操作員指示）

Richard Shannon, Craig-Hallum.

理查德·香農，克雷格·哈勒姆。

Oh great, thanks guys. Let me ask a question. First one is on the broader edge AI opportunity. You talked about your first design win hoping to ship near the end of this fiscal year. Maybe you could describe what the pipeline looks like. Maybe describe it, even quantify a number of design opportunities and kind of the -- any maybe new applications you're seeing here versus what you described in the past.

噢，太好了，謝謝大家。讓我問一個問題。第一個是更廣泛的邊緣人工智慧機會。您談到了您的第一個設計勝利，希望在本財年末推出。也許您可以描述一下管道的樣子。也許可以描述它，甚至量化一些設計機會，以及您在這裡看到的任何可能的新應用，與您過去描述的相比。

Versus what you described in the past.

與您過去所描述的相比。

Edge infrastructure, right?

邊緣基礎設施，對嗎？

I think, Richard, was your question about just edge IoT overall or just the infrastructure?

理查德，我認為你的問題只是關於邊緣物聯網整體還是僅僅關於基礎設施？

I'm sorry, I misspoke. Edge infrastructure. Sorry about that.

對不起，我說錯了。邊緣基礎設施。很抱歉。

Exactly. So first of all, you know that we have been working on the N1-655 product and for a while talking to many customers. And this particular design win is our first design win that we can talk about. You can imagine that we are definitely engaging with multiple customers, new and old or existing customer with potential design wins. And you should expect that we'll continue to talk about our progress in this particular market, and the particular -- I think there are so many different type of potential appliance that people can build.

確切地。首先，您知道我們一直在研究 N1-655 產品，並且已經與許多客戶進行了交談。這次特別的設計勝利是我們第一次可以談論的設計勝利。您可以想像，我們肯定會與多個客戶（新舊客戶或現有客戶）進行合作，並有可能贏得設計勝利。你應該期待我們繼續談論我們在這個特定市場的進展，特別是——我認為人們可以製造出許多不同類型的潛在設備。

But in general, you can imagine that this kind of appliance is really trying to aggregate multiple edge end points, and apply most advanced AI models on that and to provide different services. That's just in general terms to describe opportunity out there.

但總的來說，你可以想像這種設備實際上是試圖聚合多個邊緣端點，並在其上應用最先進的人工智慧模型並提供不同的服務。這只是籠統地描述那裡的機會。

And definitely this kind of appliance need to run not traditional computer vision part, more importantly, over a large language model or vision leverage model are probably the focus area where our customer wants.

當然，這種設備需要運作的不僅僅是傳統的電腦視覺部分，更重要的是，大型語言模型或視覺槓桿模型可能是我們客戶想要的重點領域。

Hey Richard, we've talked about a SAM for this market of -- in this year, this fiscal '26 being around $125 million and in five years, approaching $500 million and we feel those figures are conservative. We're still learning about the market. As Fermi said this is our first design win, but we're pretty excited about the level of interest from customers, both new customers and existing customers for Ambarella.

嘿，理查德，我們已經討論過這個市場的 SAM ——今年，即 26 財年，約為 1.25 億美元，五年後將接近 5 億美元，我們認為這些數字是保守的。我們仍在了解市場。正如費米所說，這是我們的第一次設計勝利，但我們對客戶（包括新客戶和現有客戶）對 Ambarella 的興趣程度感到非常興奮。

And the success of this market will continue to drive up our average selling price.

這個市場的成功將繼續推高我們的平均售價。

Okay. Great. Thanks for that, guys. Second question here is on the portable video opportunity here and following on the questions and responses from the past couple of questions here. To what degree are these opportunities or applications more consumer-oriented versus enterprise in nature?

好的。偉大的。謝謝你們，夥計們。第二個問題是關於便攜式視訊機會的，這是對前幾個問題及其答案的延續。這些機會或應用在多大程度上更面向消費者而不是企業？

Well, it depends on the market. But I'd say overall, across all 7 that I just described for like Insta360, more weighted to consumer. And -- but there's still being sold into enterprise applications. For example, body worn cameras is a market that at least today is very heavy enterprise and public safety driven and that's one of the categories.

嗯，這取決於市場。但我想說，總體而言，我剛才描述的 7 款產品，例如 Insta360，更注重消費者。而且——但仍在向企業應用程式銷售。例如，至少在今天，隨身攝影機市場在很大程度上是由企業和公共安全驅動的，這是其中一個類別。

But if you switch over to some of the other portable video markets, it might be more on the consumer side. And overall, I'd say they are weighted more heavily to the consumer side, which is one of the factors that allows them to get to revenue faster.

但如果你轉向其他一些便攜式視訊市場，它可能更集中在消費者方面。總的來說，我認為他們更注重消費者方面，這是他們能夠更快獲得收入的因素之一。

Okay. Great. Thank you guys.

好的。偉大的。謝謝你們。

Thank you.

謝謝。

Thank you. Ladies and gentlemen, I'm showing no further questions in the queue. I would now like to turn the call back over to Dr. Fermi Wang, CEO, for closing remarks.

謝謝。女士們、先生們，隊列中沒有其他問題了。現在，我想將電話轉回給執行長 Fermi Wang 博士，請他致最後一次演講。

And thank you for joining us today. We are going to see you next time for sure. Thank you.

感謝您今天加入我們。我們下次一定會再見到您。謝謝。

Ladies and gentlemen, that concludes today's conference call. Thank you for your participation. You may now disconnect.

女士們、先生們，今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。