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)

大家好，歡迎參加安霸公司2026財年第二季財報電話會議。（操作說明）

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

現在我將把會議交給企業發展副總裁路易斯‧格哈迪先生。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。今天和我一起通話的是總裁兼執行長費米·王博士和財務長約翰·楊。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.

今天的討論以及對您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方面的預測性陳述。

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獲得的信息，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項成為現實，或者如果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聲明有重大差異，我們沒有義務更新這些聲明。

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業績的潛在風險因素的其他信息，在我們向美國證券交易委員會提交的文件中均有更詳細的描述。在電話會議開始之前，我想先總結一下我們第三財季計畫舉辦的投資人活動。

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，我們將參加在紐約市舉行的花旗集團全球TMT大會。9月4日，我們將在聖克拉拉舉辦KGI證券巴士巡迴展。9月16日，我們將在聖克拉拉的辦公室舉辦伯恩斯坦第七屆年度西海岸半導體巴士之旅。9 月 18 日和 19 日，克雷格-哈勒姆將在中西部 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找到我們 2026 財年第二季業績新聞稿、文字記錄、歷史業績、美國證券交易委員會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為安霸瑞拉公司的財產，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接下來將提供本季業務更新報告。約翰將回顧財務表現和展望，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。第二季度，我們強勁的成長勢頭得以延續，營收達到 9,550 萬美元，比先前預期的 8,600 萬美元至 9,400 萬美元的上限成長了 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.

第二季業績標誌著邊緣人工智慧營收連續第五個季度創下歷史新高。此外，我很自豪地宣布，我們新的第三季中點以及 2026 財年全年收入預期範圍代表了安霸公司有史以來創紀錄的季度和財年總收入。

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 財年的營收成長預期上調至 19% 至 25%，或以中間值計算約為 3.48 億美元。由於訂單充足，且我們預計 2026 財年總出貨量和平均售價都將上漲，因此我們將 2026 財年營收成長預期上調至 31% 至 35%，或中位數約為 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，這對安霸瑞拉來說是一個非常令人興奮的時刻。從根本上講，經過多年對邊緣人工智慧研發的大量投資，我們廣泛的產品組合使我們能夠應對日益廣泛的邊緣人工智慧應用。

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.

這種廣度的擴大不僅推動了我們整體的單位需求，而且我們繼續看到，無論是在我們現有的還是新興的邊緣人工智慧市場，對我們新的 5 奈米 AI SoC 的需求都非常強勁，這推高了我們公司整體的平均 ASP 價格。

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.

我想就我之前提到的邊緣人工智慧應用日益廣泛的趨勢再深入探討一下，並重點介紹我們認為正在迅速湧現的三種應用。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.

五年前，我們的邊緣人工智慧收入開始在企業安全市場產生，隨後又逐步擴展到智慧家庭、汽車安全和遠端資訊處理市場，所有這些市場都繼續保持著各自獨特的成長軌跡。

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，便攜式視訊市場（包括運動相機、全景相機和可穿戴式相機）對我們邊緣 AI SoC 的需求不斷增長，這無疑是雪上加霜。除了便攜式視訊市場，我們預計在本財年結束前開始向機器人市場進行大規模出貨。

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.

機器人市場的單位銷售量因應用、外形尺寸和客戶而異，高度分散，但我們的技術、產品和路線圖使我們能夠贏得早期大批量機器人應用之一——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技術都代表了安霸公司在物聯網終端這一傳統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 基礎設施領域取得了首個成功。

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.

此次中標再次證明了我們邊緣人工智慧業務的不斷拓展，新舊客戶對我們的 N1 邊緣人工智慧基礎設施路線圖表現出濃厚的興趣，這讓我倍感鼓舞。在汽車自動駕駛市場中，它是機器人市場中最大的子市場。

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+ 到 L4 應用。雖然提供了巨大的終身收入機會，但較低的授標頻率、OEM 專案延遲和較長的收入實現時間，導致我們的其他邊緣 AI 應用更快地湧現。

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，我們仍將高度專注於發展這項業務，並將在取得進展後及時向公眾報告。接下來，我將介紹本季一些具代表性的客戶互動案例，首先介紹兩個關鍵的客戶設計成功案例，它們驗證了我們未來的願景和策略。

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（又稱 Insta360）以其新品牌 Antigravity 推出了世界上第一款 8K 360 度無人機。這款無人機搭載了我們的 CV5 AI SoC，頂部和底部均配備雙鏡頭，可進行 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能夠快速發展到更高的自主性。Antigravity A1 預計 2026 年 1 月在全球上市。

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.

我們很自豪地看到嵐利用我們的人工智慧SoC，成功地透過人工智慧功能（例如新的神經網路影像訊號處理、人工智慧編輯和手勢控制）實現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的差異化。Arashi 的大部分產品都基於 Ambarella SoC，Arashi 約 70% 的出貨量用於出口。

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 N1-655 AI SoC 構建的緊湊型本地網路 AI 用戶端，該用戶端具有事件級別的多模態智慧。該設備將增加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，是因為它具有節能、節省網路頻寬和低物料成本等優點。這是我之前提到的那些積極跡象之一的絕佳例子。我們也正在評估 N1-655 SoC 的其他幾個應用案例。

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方面，我想分享本季取得的一些重要客戶成果。領先的商用車遠端資訊處理解決方案供應商 Samsara 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 多攝影機可在駕駛室內的顯示器上提供 360 度即時可視性和即時風險偵測警報，並可同時提供高達 4 倍的輔助高清攝影機畫面。CV72 的設計取得了巨大成功，它在單一 SoC 上實現了更多的相機輸入和更高級的 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 車型中，將 CV22FS 用於其左右電動後視鏡功能。它使車輛能夠在高速公路、停車、轉彎和變換車道等情況下提供智慧的上下文自適應觀看模式，並具備動態影像處理和顯示增強功能。

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.

在後視鏡市場，我們的北汽Stelato S9在其後視電子後視鏡中使用了CV22FS晶片。他們指出，透過相機輸入的 AI 輔助偵測幫助他們減少了高達 60% 的盲點。中國一家領先的 OEM 廠商將採用我們的 CV22 SoC 來為其 800 萬像素感測器設計，該感測器專為 L2 前置 ADAS 功能而設計。它們實現的關鍵能力是小目標探測和遠距離探測。

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，霍尼韋爾印度公司推出了基於我們 CV25 SoC 的 50 系列企業安全攝像頭，分辨率分別為 300 萬像素和 500 萬像素。印度是一個快速成長的市場，對印度製造的產品需求旺盛，這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，我們的一位美國長期客戶利用我們的 H32 SoC 建立了多感測器多模態 AI 產品，這些產品目前已在零售店銷售。他們製造了一種育嬰室設備，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。他們還製造了一種車庫設備，該設備具有一氧化碳和熱探測器、安全攝影機和對講功能。

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 Advance 產品。從這些具代表性的客戶互動案例中可以看出，我們在現有的邊緣人工智慧終端應用中持續保持設計上的優勢，並且隨著邊緣人工智慧市場範圍的擴大，我們也在不斷成功地滿足諸如機器人無人機和邊緣基礎設施等增量式邊緣人工智慧應用的需求。

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.

安霸已向數百家客戶交付了超過 3,600 萬個邊緣 AI 處理器，這些客戶已成功將數百個先進的客戶 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.

預計邊緣人工智慧將占我們今年總收入的 80% 左右。我們專注於邊緣人工智慧市場的獨特需求，並持續保持快速創新步伐。最後，我想總結一下今天要討論的要點。

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過了先前預期的上限，並將 2026 財年全年營收預期中位數提高了 9%。其次，我們正在成功解決的邊緣人工智慧應用範圍正在擴大，正如我們在各種便攜式視訊應用領域持續推進，以及預計在機器人無人機和邊緣基礎設施領域實現量產一樣。

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，我們邊緣人工智慧業務的成長也得益於我們價格更高的邊緣人工智慧SoC，這支持了我們ASP的預期成長。最後，我們專注於邊緣人工智慧市場的獨特需求，並且我們仍然是邊緣人工智慧市場的領導企業，並持續快速創新。

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

接下來，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。接下來，我將回顧截至 2025 年 7 月 31 日的 2026 財年第二季的財務亮點。我也會提供截至 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GAAP業績，請參考今天的新聞稿，以了解GAAP業績與非GAAP業績的詳細調節表。對於非GAAP報告，我們已剔除股票選擇權費用和收購相關費用，並已根據稅務影響進行了調整。

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，高於我們先前預期的 8,600 萬美元至 9,400 萬美元的上限，比上一季成長 11.2%，年增 49.9%。從環比來看，汽車業務收入實現了中等個位數的成長，物聯網業務收入實現了兩位數的低成長，其中物聯網業務的成長主要得益於便攜式視訊應用中邊緣人工智慧的採用。在第二財季，物聯網業務占我們收入的 75% 以上，並且已擴展到越來越多的邊緣人工智慧應用領域。

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.

由於產品組合的原因，第二財季的非GAAP毛利率為60.5%，處於我們先前60.5%至62%的預期範圍的下限。第二季非GAAP營運費用為5,340萬美元，低於我們先前5,250萬美元至5,550萬美元的指導範圍的中點，主要原因是與產品開發時間相關的工程成本較低。

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.

第二季淨利息及其他收入為220萬美元。與我們先前預測的 180 萬美元相比，成長主要來自更高的利息收入。第二季非GAAP稅務準備金約20萬美元。第二季度，我們公佈的非GAAP淨利為640萬美元，即每股攤薄收益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.

現在我將來看我們的資產負債表和現金流量表。2 財年第二季現金及有價證券達 2.612 億美元，較上一季增加 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得益於收入增加所帶來的營運現金流，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.

應收帳款週轉天數從上一季的 31 天增加到 40 天，而存貨週轉天數從 98 天減少到 85 天。本季經營活動產生的現金流入為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貢獻了我們 10% 或以上的收入，即台灣的物流合作夥伴 WT Microelectronics，該公司向亞洲的多個客戶發貨，第二季度貢獻了 71% 的收入。

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.

接下來我將討論2026財年第三季的展望。我們的邊緣人工智慧業務範圍正在擴大，銷售量和平均售價前景強勁。因此，我們預測第三季營收將在 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%.

從環比來看，我們預計汽車業務將實現中高個位數百分比的成長，而物聯網業務將實現十幾個百分點的成長。我們預計 2026 財年的營收成長率為 31% 至 35%。我們預計第三財季非GAAP毛利率將介於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，與第二季相比有所增加，主要原因是新產品開發成本。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GAAP稅項支出約為80萬美元，稀釋後的股份數量約為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。接下來，我將把電話轉交給接線員，回答大家的問題。

(Operator Instructions)

（操作說明）

Christopher Rolland, Susquehanna.

克里斯多福羅蘭，薩斯奎哈納。

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，非常感謝你的提問，也恭喜你度過了一個非常棒的季度。所以我的第一個問題是，多年來，你們一直把自己定位為公司未來發展的方向，汽車產業優先，但目前來看，物聯網的表現已經非常出色了。我認為它今年的表現比自動擋車型好 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.

所以我想問的是，你現在對物聯網的看法是否有改變？貴公司是否有可能進行業務轉型，加大對物聯網的投入，而不是專注於汽車領域，或者更注重物聯網的研發，而不是汽車領域？那麼，我們什麼時候才能達到汽車效能超越物聯網的地步呢？或者，只是因為人們對物聯網表現出了極大的興趣，所以情況並非如此？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，正如我在腳本中所說，我們將繼續專注於 L2+ 和 L4 自動駕駛，並且我們正在努力繼續贏得這些領域的設計訂單。

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.

但我還指出，由於我們的其他邊緣人工智慧業務在設計方面——設計週期更短，機會更多——我們在該領域取得了重大進展。我們將繼續專注於邊緣人工智慧市場，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，物聯網邊緣人工智慧和自動駕駛邊緣人工智慧的基本硬體架構是相同的。我們的 CVflow 架構、影像處理流程、CPU 投入，甚至是作業系統方面，這三者之間都存在著巨大的槓桿作用。因此，從營運支出方面來看，槓桿作用非常強。

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，行銷方面的市場推廣策略和銷售方面的策略是不同的。但我們會繼續專注於這兩個領域，因為我仍然相信，從長遠來看，自動駕駛可以繼續保持我們的優勢。

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，這意味著我們將投入比以往更多的資源，以繼續取得進展，並努力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?

謝謝你替我做這件事。是的，關於成長率，還有幾點需要說明。首先，你認為明年汽車產業的成長速度會超過物聯網嗎？或者這真的會是——您談到了自動駕駛汽車和您的 CV3 勝利，我認為在 2027 年實現量產，我們是否必須等到那時自動駕駛汽車才能表現優異？

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。所以我認為汽車技術將超越物聯網技術，我們在設計方面已經與一些原始設備製造商（OEM）取得了重大突破，例如我們之前提到的大眾VWK 2.0。我們贏得設計權了嗎？是的，我認為在 2027 年、2028 年期間，我們可以看到汽車產業的成長將超過物聯網產業。

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.

目前我認為，在可預見的未來，在我們獲得汽車領域任何重大設計訂單之前，物聯網將繼續為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，僅物聯網方面的成長率在過去幾年就顯著提高了。

Yeah. Thanks and congrats.

是的。謝謝，也恭喜你。

Thank you.

謝謝。

Kevin Cassidy, Rosenblatt Securities.

Kevin Cassidy，Rosenblatt Securities。

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，謝謝你回答我的問題，也祝賀你取得如此優異的成績和良好的前景。你提到的無人機引起了我的興趣。你提到了Insta360。這會是另一種趨勢嗎？以後會有多家公司推出類似的解決方案嗎？那麼，它是否有類似快遞配送之類的商業應用呢？

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 Insta360 的目標市場是商業和消費市場，而且與我們在 DJI 以外的市場上看到的相比，其銷售相當可觀。此外，我們也看到——這絕對是一種市場趨勢，許多不同國家的眾多公司都在專注於無人機這一強大的特定應用。

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

現在汽車方面的自動駕駛技術越來越普及，應用也越來越廣泛。可以預見，自主無人機將會變得非常流行。

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.

這樣一來，在不久的將來，它將催生許多不同的應用場景。我認為這種潛在趨勢正在推動——這與我們在其他應用領域看到的機器人趨勢非常一致，當自主性變得流行和可行時，這些機器人或無人機的應用範圍就會擴大——在過去，這是不可能的，甚至根本無法想像。

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.

所以我認為我們將繼續參與多項無人機設計項目，我們相信你們會繼續看到我們在這個市場上取得成功。

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。我只是想補充一點，也許還能和克里斯的問題連結起來。這正是一個很好的例子，說明在即時應用中，多個高頻寬感測器可以收集數據，從而實現更高水平的自主性——就像汽車從 L1 級到 L4 級一樣，自主性也在不斷提高。在無人機市場，當然還有其他機器人領域，也開始出現同樣的趨勢。

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.

這一切都基於同一個底層人工智慧推理加速器，這是所有這些市場（無論是汽車自動駕駛、汽車安全和遠端資訊處理，還是任何物聯網市場）的共同點。因此，我們將這項技術應用於許多不同的應用領域。

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，我想如果你要駕駛某種需要電池供電的飛行器，那麼能源效率就非常有用，因為能源效率真的非常重要。而且──你的新設計有很多令人興奮的地方。你很少聽到關於你的工藝技術或向下一代技術過渡的消息。所以，向2奈米製程的目標仍然在按計畫進行。

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，我們確實如此——我們的代工廠合作夥伴不斷宣布中標設計，這不僅讓我們更有信心，也讓我們的潛在客戶更有信心。我認為我們將繼續推進 2 奈米項目，並仍以在 2027 年初將產品推向生產階段為目標。

Great. Thank you. Congratulations again.

偉大的。謝謝。再次恭喜。

Thank you.

謝謝。

Quinn Bolton, Needleman Company.

奎因·博爾頓，尼德爾曼公司。

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，今天替Quinn Bolton為大家報道。恭喜你們取得優異成績。我的第一個問題是關於指導方面的。你們的第三季業績指引暗示第四季將出現季節性下滑。考慮到你們取得的所有進展以及邊緣人工智慧的順風，他們仍然有些保守。所以，我想聽聽大家對第四季的一些看漲和看跌期權的看法。

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，我認為我們預計今年第三季和第四季的季節性波動幅度將比前一年擴大。所以我覺得這並不令人意外。但如果你仔細觀察很多產品——有些產品受到消費週期的驅動，這肯定會解釋為什麼我們根據我們的指導意見看到了季節性。

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。接下來，我將探討物聯網業務中非安防攝影機部分的問題。安霸公司如何看待未來幾年這一細分市場的成長？那麼，物聯網產業的非安防領域何時才能超越安防攝影機領域？

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，感謝你的提問。我認為這很重要。我們內部也在研究這個問題，因為我們今天宣布的所有新應用，沒有一個真正屬於傳統的安防攝影機業務。

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再到邊緣基礎設施，這些才是我們一直在談論的真正新市場，直到本季我們才取得顯著成果。

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，企業安全或企業安全和家庭安全仍然佔據很大一部分市場份額，與其他業務相比，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另一部分。

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。需要說明的是，我們預計旗下的安防業務 Shadi 將持續保持良好的成長動能。但現在，便攜式影片、機器人市場以及其他一些領域正在蓬勃發展，正如你所觀察到的，這些都促使我們在安全之外的其他物聯網業務為我們帶來了非常好的成長。

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

知道了。謝謝你提供的色彩，也恭喜你所取得的進展。

Thank you.

謝謝。

Liam Pharr, Bank of America.

利亞姆法爾，美國銀行。

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?

您好，我是Liam，代表Vivek。非常感謝您回答我的問題。最近媒體對併購和產業整合進行了大量報導。我想請您談談您認為產業整合會發揮什麼作用，以及如果您保持獨立，您的策略會是什麼樣的？

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。所以很顯然，我們無法回應這些謠言。對此我們無可奉告。但是，我想指出的是，透過今天的財報電話會議，大家可以看到 HAI——HAI 在戰略方面的重要性在市場領域變得如此顯而易見，因此——我們可能是少數幾家，甚至可能是唯一一家迄今為止出貨 3600 萬顆 HAI SoC 的公司，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.

所以，結合這些因素，我真的認為傳言的依據是，我們的優勢和我們對 HAI 的關注，我認為這將繼續對我們非常有利。

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，作為後續。回到物聯網和汽車領域，顯然這是一個強勁的季度。到 2026 年，這些成長動力能否持續？那麼，我們應該期待物聯網或汽車領域在哪些方面出現更大的成長動能呢？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，爭取在二級和三級認證中拿下首個設計冠軍。正是這一點真正推動了我們的成長軌跡超越了我們在汽車領域的現有水平。而物聯網領域，我們今年的成長速度確實比去年快得多，這要歸功於我們客戶的一些產品正在加速發展。

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，我們相信成長動能將得以維持，我們將提供明年的業績指引。我們堅信汽車產業以及物聯網和汽車產業都將繼續保持成長動能。

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。再補充一點，他是路易。並非只有少數幾個市場在推動成長。五、六年前，我們從企業安全領域起步，後來擴展到公共領域和智慧家居，然後是人工智慧視訊遠端資訊處理和商用車隊，以及某些車內設備、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，出現了便攜式視訊設備，它不僅包括配戴式攝影機、全景攝影機、運動攝影機，現在我們正朝著機器人技術發展，預計空中無人機將變得非常重要。

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.

所以問題不在於——你是否在幾個市場中，它們是否會保持穩定，以及它們的表現會如何？更重要的是，邊緣人工智慧正在觸及越來越多不同的垂直應用領域，而這正是商業領域正在發生的變化。

Thank you.

謝謝。

Kyle Smith, Stifel.

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Kyle Smith，我是Stifel的Tore Svanberg的代班記者。恭喜公司本季業績出色。所以我認為很明顯，該指南中強勁的收入成長源自於實際的設計成功和產品發展勢頭。

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，您能否就管理層用來檢查與關稅環境相關的任何潛在需求下降的流程提供更多評論？您是否直接與客戶或經銷商溝通，並隨時注意是否有任何異常情況？或者說，這是多種因素共同作用的結果？

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話題，因為過去三年我們整個產業都在經歷庫存調整。而且每次我們都看到面積快速成長。第一反應是我們最好和客戶溝通。因此，在過去的幾年裡，我們與所有客戶以及我們的經銷商建立了良好的關係，以確保我們每個月都進行庫存盤點。

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.

然後根據這個結果，我們嘗試判斷是否出現了庫存積壓。到目前為止，我認為在整個內部檢查過程中，我們沒有發現任何超出正常做法的庫存積壓。

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，每次我和客戶群中的同儕開會時，其中一個主題總是關於供應鏈和供應。我感覺沒有人告訴我們，他們因為擔心地緣政治局勢而囤積了過多的庫存。

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.

以上就是來自客戶的回饋。但為了獲得更深入的內部洞察，我們建立了一個檢查點來了解情況，觀察客戶、舊模式，然後看看這是否與任何產品的推廣有關。

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.

所以，如果庫存實際上增加有任何跡象的話，我們內部現在已經有一些數據了。到目前為止，根據所有這些內部和外部討論，我認為我們相當有信心，我們還沒有看到客戶出現任何實質性的庫存積壓。

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。你在事先準備好的演講稿中提到了許多非常令人興奮的設計獲獎案例。我很好奇客戶的回饋對 Cooper 開發平台產生了什麼樣的影響，尤其是在這些新興市場？平台中是否有任何特定組件獲得了超乎尋常的正面回饋？

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，我們庫柏發展平台的回饋非常正面。Cooper 平台不僅幫助我們的客戶輕鬆地從一個晶片過渡到另一個晶片，因為它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，這確實成為了一個強大的工具，他們只需開發一次產品，就可以將同一產品用於安霸旗下的許多不同晶片。所以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.

但有了這筆投資，我們現在可以輕鬆地讓客戶使用我們的 SDK，還可以讓他們體驗我們模型花園中所有新的網絡，並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上。

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 Cooper 平台中。當然，我並不是說它完美無缺，但對於客戶來說，這絕對是有益的，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。如果我能再偷偷加一個就好了。考慮到如此巨大的營收成長，您是否仍預期非GAAP營運支出將以每年約10%的速度成長？或者我們應該將未來略高的營運成本計入預算？

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。謝謝你的提問，凱爾。我認為，稍微高於 10% 的比例是合理的。我認為，按季度計算——我認為，以年初至今計算，我們的成長率約為 12%——按年初至今計算，我們的成長率約為 12%。我認為我們全年可能都會保持在這個範圍內。

Perfect. Congratulations again guys.

完美的。再次恭喜各位。

Thank you.

謝謝。

David O'Connor, BNP Paribas.

David O'Connor，法國巴黎銀行。

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.

好的，各位下午好。謝謝您回答我的問題。對我來說，或許就是重新回到汽車領域，從事ADAS相關工作。今年以來，L2+ 的採用率有所放緩，軟體尚未準備就緒，OEM 廠商都在優化價格。我的意思是，你們這一年來一直在討論這個問題。

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?

現在已是八月，根據您最近與客戶的交流，您能否談談他們對下一代車型採用這種技術的看法是否有所改變？有任何跡象表明他們可能會撤回嗎？

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，你看到的任何類型的變化，例如——這將有助於建立C3潛在勝利的背景？

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.

我認為上述情況還會持續下去。我們繼續看到 OEM 廠商競標的更多是低端的 L2+ 級別，而不是更高端的級別，因為正如你所說，OEM 廠商真正關注的是合適的成本，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行車安全，並將安全作為最重要的特徵。所以我真的認為自動駕駛的整體趨勢是注重安全性，同時也注重較低的功能性能。例如，我們宣佈在中國贏得了 800 萬像素 ADAS 的設計項目。

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.

我們想向大家說明，雖然我們仍在不斷開發各種不同的功能，但我們看到低端 L2+ 和 ADAS 領域有更大的發展機會。

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，我們仍然可以肯定地看到汽車自動駕駛市場擁有非常可觀的終身收入機會。但是——正如費米之前提到的那樣——決策的頻率較低。正如您所提到的，市場可能會出現延遲，而且需要更長時間才能產生收益。

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.

所以現在的情況是，所有其他邊緣人工智慧市場都已經迎頭趕上，並且正在快速成長。但我們仍然擁有這些產品，並且非常專注於拿下這些訂單。只是發生的頻率沒有那麼高。

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.

那很有幫助。謝謝各位。或許給約翰一個。僅就同比增量成長而言。有了新的指導方針，你一年的收入可能會增加 9,500 萬美元、1 億美元左右。有沒有辦法以銷量、平均售價或內容細分，例如用百分比來表示，一半是銷售成長，一半是平均售價？有什麼方法可以幫助我們衡量這兩位車手之間的差距嗎？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。謝謝你，大衛。我認為，從今年的整體情況來看，我們的估計是，平均售價成長和單位銷售成長的比例大致為 50/50。

Very helpful. Thanks so much guys.

很有幫助。非常感謝各位。

Thank you.

謝謝。

Gus Richard, Northland Capital Markets.

Gus Richard，北地資本市場。

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，謝謝你回答我的問題，也恭喜你取得了優異的成績。僅就物聯網市場而言，您能否提供安全應用和非安全應用的細分數據，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，在非安防應用領域，我認為便攜式影片的成長速度絕對是最快的。事實上，Insta360 使用 CV5 來打造其下一代運動相機以及 360 度全景相機，平均售價很高，銷量也在持續成長。

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.

所以這絕對是一個成長更快的市場。如果未來我們看到很多成長，我不會感到驚訝；無人機方面也會有一些成長，因為平均售價和設備數量的成長也可能非常顯著。

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.

我猜，約翰提到過，第二季汽車業務成長了個位數中段，物聯網業務成長了十幾個百分點，這樣算下來，汽車業務佔物聯網業務剩餘部分收入的百分比應該在 20% 左右。

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，其應用範圍非常廣泛，我想您的客戶需要現場應用工程師的支援。我只是想知道，這算是一種限制嗎？這是你需要加強以加速成長的面向嗎？您在這方面對客戶支援有何看法？

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硬體和軟體平台真的很有幫助，因為這意味著我們的現場工程師可以輕鬆地從一個客戶切換到另一個客戶，儘管應用程式、產品可能不同，但基本的硬體和軟體幾乎是相同的。

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.

所以從這個角度來看，我們絕對可以在不同的應用領域中充分利用我們的現場工程師。但您說得對，我們的收入增長，以及當我們審視不同的客戶群體時，我們不斷增加現場工程，這是我們增長計劃的一部分，約翰幾分鐘前就重點提到了這一點。

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?

您好，感謝您回答我的問題。那麼，就您提到的便攜式視訊產品的優勢而言，您能否告訴我們，這種優勢是否是由某個關鍵客戶推動的？或者，在過去一個季度中，您是否透過與新的原始設備製造商 (OEM) 合作贏得新的設計訂單，從而擴大了客戶群？

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，我們在這個領域仍然擁有多個客戶群。但是，Insta360 絕對是我們提到的公司中規模最大的，因為他們去年從僅基於 H22 的視訊處理器解決方案轉向了今年基於 CV5 的解決方案，ASP 的成長絕對是我們持續看到他們成長的主要原因之一。但在我們的職業生涯中，我們一直都在使用多種便攜式視訊播放器。

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，我想你對這家公司應該很熟悉，我們向那裡銷售大約七種不同的便攜式視訊產品線，包括運動相機、體育、全景相機，以及穿戴式網路攝影機、視訊會議設備，現在還有空中無人機。所以它涵蓋了很多不同的產品類別。不只幾個。

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。所以根據您的建議，您是否認為與他們的業務往來將照常進行，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.

首先，是的，我們會考慮這個問題。我們不便對訴訟結果做出判斷，這留給雙方自行決定。我們的假設是基於我們從客戶收到的採購訂單。而這正是我們預測業務的唯一依據。

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

知道了。謝謝你，替我謝謝你。就是這樣。

Thank you.

謝謝。

(Operator Instructions)

（操作說明）

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.

太好了，謝謝各位。請容許我問一個問題。首先是更廣泛的邊緣人工智慧機會。您曾提到您的第一個設計方案中標，希望能在本財政年度結束前完成交付。或許你可以描述一下管道的樣子。或許可以描述一下，甚至可以量化一些設計機會，以及——你在這裡看到的任何新的應用，與你過去描述的應用相比。

Versus what you described in the past.

與你過去描述的情況相比。

Edge infrastructure, right?

邊緣基礎設施，對吧？

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

理查德，我想問的是整個邊緣物聯網問題，還是只是關於基礎設施的問題？

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

對不起，我說錯了。邊緣基礎設施。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發 N1-655 產品，並且已經與許多客戶進行了一段時間的溝通。而這次的設計獲獎是我們第一個可以公開談論的設計獲獎項目。您可以想像，我們肯定會與眾多客戶互動，包括新客戶、舊客戶或現有客戶，以爭取潛在的設計訂單。你們應該會期待我們繼續談論我們在這個特定市場的進展，以及——我認為人們可以製造出許多不同類型的潛在電器。

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，你可以想像這類設備實際上是在嘗試聚合多個邊緣端點，並在這些端點上應用最先進的人工智慧模型，以提供不同的服務。這只是對現有機會的概括性描述。

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.

而且，這類設備肯定需要運作的不是傳統的電腦視覺部分，更重要的是，大型語言模型或視覺利用模型可能是我們客戶想要關注的重點領域。

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，我們討論過這個市場的銷售平均規模（SAM）——在本財年（2026 財年）約為 1.25 億美元，五年後接近 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，這是我們第一次贏得設計訂單，但我們對新舊客戶對安霸的濃厚興趣感到非常興奮。

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

而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。謝謝各位。第二個問題是關於便攜式視訊的機遇，這是對前幾個問題及回答的延續。這些機會或應用在多大程度上更偏向消費者而非企業？

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.

這取決於市場情況。但總的來說，就我剛才描述的這 7 個面向而言，像 Insta360 這樣的公司更偏向消費者。而且——但它仍然被銷售到企業應用程式中。例如，執法記錄器市場目前主要由企業和公共安全部門驅動，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.

但如果你把目光轉向其他一些便攜式視訊市場，它可能更偏向消費者領域。總的來說，我認為他們更專注於消費者方面，這也是他們能夠更快實現收入的因素之一。

Okay. Great. Thank you guys.

好的。偉大的。謝謝大家。

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，隊列中不再顯示任何問題。現在我謹將電話轉回給執行長費米·王博士，請他作總結發言。

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

感謝您今天收看我們的節目。我們下次一定還會再見。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了。