Ambiq Micro, Inc. (AMBQ) 2026 Q1 法說會逐字稿

Good morning and welcome to Ambiq Micro first-quarter 2026 earnings conference call. As a reminder, this conference call is being recorded. (Operator Instructions)

早安，歡迎參加 Ambiq Micro 2026 會計年度第一季財報電話會議。提醒各位，本次電話會議將進行錄音。(接線員指示)

I'd now like to turn the call over to Ms. Charlene Wan, Ambiq's Vice President of Corporate Marketing and Investor Relations. Charlene, please go ahead.

現在我想把電話會議交給 Ambiq 企業行銷與投資人關係副總裁 Charlene Wan 女士。Charlene，請開始。

On today's call, Ambiq's CEO, Humi Esaka, will provide an overview of the company's performance and strategy. CFO, Jeff Winzeler, will then discuss the quarter's financial results and second-quarter outlook. Following their remarks, Scott Hanson, Ambiq's Founder and CTO; and Aaron Grassian, EVP of Global Sales and Marketing, will join Humi and Jeff for Q&A.

在今天的電話會議中，Ambiq 執行長 Humi Esaka 將概述公司表現與策略。接著，財務長 Jeff Winzeler 將說明本季財務結果與第二季展望。在他們的談話之後，Ambiq 創辦人暨技術長 Scott Hanson，以及全球銷售與行銷執行副總裁 Aaron Grassian，將與 Humi 與 Jeff 一同參與問答。

Our earnings release is available on the Investor Relations page of our website at www.ambiq.com. We have also posted our earnings presentation on the Investor Relations section of our website.

我們的財報新聞稿已公布於公司網站 www.ambiq.com 的投資人關係頁面。

Before I turn the call over to Humi, I'd like to remind our listeners that during the course of this conference call, management will discuss non-GAAP financial measures. Reconciliations of these non-GAAP measures to their most directly comparable GAAP measures are included in our earnings release available on the company's Investor Relations website.

在我把電話交給 Humi 之前，我想提醒各位聽眾，在本次電話會議過程中，管理團隊將討論非 GAAP 財務衡量指標。這些非 GAAP 指標與其最直接可比的 GAAP 指標之調節表，已包含在我們的財報新聞稿中，可於公司投資人關係網站取得。

In addition, today's call will contain forward-looking statements representing management's beliefs and assumptions only as of the date made. Our most recent annual report on Form 10-K and other filings with the SEC provide more information on specific risks that may cause the actual results to differ materially from current expectations.

此外，今天的電話會議將包含前瞻性陳述，僅代表管理團隊在陳述當日所持的信念與假設。我們最新的 Form 10-K 年度報告以及向美國證券交易委員會（SEC）提交的其他文件，提供了更多關於可能導致實際結果與目前預期出現重大差異之特定風險的資訊。

And now, it's my pleasure to turn the call over to Ambiq's CEO, Humi Esaka.

現在，我很榮幸把電話會議交給 Ambiq 執行長 Humi Esaka。

Good morning, everyone, and thank you for joining us. We have started 2026 with exceptional momentum. The market for Edge AI is growing rapidly and is outpacing our expectations from the start of the year. Against this backdrop, our ultra-low power SPOT platform is driving market expansion, gaining share, and reinforcing Ambiq as a partner of choice in a fast-growing category. We expect this momentum to continue throughout the rest of the year. At the same time, our pipeline continued to grow and diversify, and we are investing strategically to further scale the business and extend our technology advantage.

各位早安，感謝各位加入我們。我們以卓越的動能展開 2026 年。邊緣 AI（Edge AI）市場正快速成長，且從年初開始的成長速度就超出我們的預期。在此背景下，我們的超低功耗 SPOT 平台正推動市場擴張、提升市占，並強化 Ambiq 在快速成長類別中作為首選合作夥伴的地位。我們預期這股動能將在今年剩餘時間持續。同時，我們的商機管線持續成長並更加多元化，我們也正進行策略性投資，以進一步擴大業務規模並延伸我們的技術優勢。

Turning to the first-quarter performance, net sales exceeded guidance with strong year-over-year and sequential growth from the fourth quarter of 2025. This performance was driven by broad-based demand for Edge AI across our customer base with more than 80% of units running AI algorithms, order ramps for the upcoming customer product launches and new customer entering production. Inventory level remains lean, and we are seeing an increasing number of expedited requests, which reinforces our view that demand is healthy across our end markets.

談到第一季表現，淨銷售額優於財測指引，較 2025 年第四季呈現強勁的年增與季增成長。此表現主要受惠於我們客戶群對邊緣 AI 的廣泛需求（超過 80% 的出貨單位運行 AI 演算法）、即將到來的客戶產品上市所帶動的訂單放量，以及新客戶進入量產。庫存水位仍維持精實，我們也看到加急需求的數量增加，進一步支持我們對終端市場需求健康的看法。

For the second quarter, we expect net sales to grow approximately 75% year over year with momentum continuing in the second half of the year. This outlook is supported by four key factors: first, strong and growing end-user demand for Edge AI solutions. Wearables continue to evolve from basic consumer products to more sophisticated health and wellness platforms. And we are seeing continued diversification across form factors, including watches, display less bands, rings and eyewear.

展望第二季，我們預期淨銷售額將年增約 75%，且動能將在下半年延續。此展望由四項關鍵因素支撐：第一，終端使用者對邊緣 AI 解決方案的需求強勁且持續成長。穿戴式裝置正從基本的消費性產品，演進為更精密的健康與福祉平台。我們也看到外型規格持續多元化，包括手錶、無螢幕手環、戒指與眼鏡等。

Second, strong growth in Apollo 5, as our customer upgrade to enable next-generation edge AI capabilities while maintaining ultra-low power performance. Third, broader deployment of our solutions across customer portfolios with upcoming product launches and expansion into new form factors. And fourth, we expect a new scaled global customer to enter mass production this year.

第二，Apollo 5 強勁成長，因客戶升級以啟用下一代邊緣 AI 能力，同時維持超低功耗表現。第三，我們的解決方案在客戶產品組合中的部署更為廣泛，受惠於即將推出的新產品以及向新外型規格的擴張。第四，我們預期今年將有一家新的、具規模的全球客戶進入量產。

While wearables remains a key growth driver, adoption is expanding into health care, industrial and smart home and buildings market as customers deploy AI directly onto devices. Increasingly, end customers expect real-time insights and faster response time, driving the need to process more data directly at the Edge. This rise of LLM-driven agents is accelerating this shift, increasing demand for contextual real-time intelligence at the Edge and a tighter integration between device data and the cloud.

雖然穿戴式裝置仍是主要成長動能，但隨著客戶將 AI 直接部署到裝置端，採用範圍正擴展至醫療照護、工業，以及智慧家庭與建築市場。終端客戶愈來愈期待即時洞察與更快的回應時間，因而推動在邊緣端直接處理更多資料的需求。由大型語言模型（LLM）驅動的代理（agents）興起，正加速這一轉變，提升對邊緣端情境化即時智慧的需求，並促使裝置資料與雲端之間更緊密的整合。

Our solutions are purpose-built to support this evolution, positioning Ambiq as a partner of choice for leading players in the Edge AI ecosystem. We are building on this foundation with focused action to expand into additional high-value markets and develop new products that will further extend our power and performance advantage. Starting with diversification, our personal device business continued to grow and diversify. We have added multiple new customers and secured new design wins across emerging form factors, including display less bands, smart eyewear and rings. At the same time, customers are deploying more sophisticated Edge AI capabilities on our platform, including a recently secured design win with one of our largest customers for a next-generation product line expected to enter production in 2027.

我們的解決方案為支援此一演進而量身打造，使 Ambiq 成為邊緣 AI 生態系領導業者的首選合作夥伴。我們將在此基礎上採取聚焦行動，擴展至更多高價值市場，並開發新產品，以進一步延伸我們在功耗與效能上的優勢。先從多元化談起，我們的個人裝置業務持續成長並更加多元。我們新增多家新客戶，並在新興外型規格上取得新的設計導入（design wins），包括無螢幕手環、智慧眼鏡與戒指。同時，客戶也在我們的平台上部署更先進的邊緣 AI 能力；其中包括我們近期與最大客戶之一取得的設計導入，該下一代產品線預計於 2027 年進入量產。

Beyond personal devices, our expansion into medical, industrial and smart homes and buildings markets is gaining meaningful traction, and we expect revenue from these segments to more than double in 2026. With our broad SoC platform, we offer a scalable and diverse portfolio that supports applications from entry-level designs to more advanced feature-rich use cases.

除個人裝置之外，我們在醫療、工業，以及智慧家庭與建築市場的擴張正取得顯著進展，我們預期 2026 年來自這些領域的營收將成長至兩倍以上。憑藉我們廣泛的 SoC 平台，我們提供可擴展且多元的產品組合，可支援從入門設計到更進階、功能更豐富的使用情境。

As a result, Ambiq serves as a critical enabler of Edge AI, allowing customers to select and deploy the right solutions across a wide range of applications, including real-time health monitoring, intelligent audio, predictable maintenance and smart sensing and automation. We're complementing this with a steady cadence of software tools that enhance Edge AI capabilities with a focus on how customers capture process and derive value from a data at the Edge. For example, by combining our ultra-low power hardware with our compression kit software, customers will be able to maintain multi-day battery life, while storing large volumes of raw physical data and enabling real-time anomaly detection at the Edge, expanding what is possible in next-generation medical devices.

因此，Ambiq 成為邊緣 AI 的關鍵推動者，使客戶能在廣泛的應用中選擇並部署合適的解決方案，包括即時健康監測、智慧音訊、預測性維護，以及智慧感測與自動化。我們也以穩定的節奏推出軟體工具來強化邊緣 AI 能力，並聚焦於客戶如何在邊緣端擷取、處理資料並從中創造價值。例如，透過將我們的超低功耗硬體與壓縮套件（compression kit）軟體結合，客戶將能在維持多日電池續航的同時，儲存大量原始物理資料並在邊緣端進行即時異常偵測，進一步擴展下一代醫療裝置的可能性。

We are encouraged by the early traction we are seeing and believe Ambiq is well positioned to deliver growth and the diversification across customers and end market and high-value use cases. Looking ahead, we expect our expanding product road map to further accelerate this momentum. We continue to make progress on Apollo 340, Atomic 110 and Atomic 120, which are being developed in parallel to support strong customer demand. Atomic 110 remains on track for tape-out towards the end of this year with initial customer ramp in late 2027. For Atomic 120, we are actively engaged with several potential Alpha customers and are encouraged by the strong interest we are receiving, especially in smart glasses, where customers are seeking the combination of performance and ultra-low power that Atomic is designed to deliver.

我們對目前看到的早期進展感到鼓舞，並相信 Ambiq 已具備良好定位，可在客戶與終端市場多元化以及高價值使用情境方面實現成長。展望未來，我們持續擴展的產品藍圖預期將進一步加速這股動能。我們在 Apollo 340、Atomic 110 與 Atomic 120 上持續取得進展，這些產品正同步開發，以支援強勁的客戶需求。Atomic 110 仍按計畫在今年底前後完成流片（tape-out），並於 2027 年下半年開始初期客戶放量。至於 Atomic 120，我們正與數家潛在 Alpha 客戶積極洽談，並對所獲得的強烈興趣感到振奮，尤其是在智慧眼鏡領域，客戶正尋求 Atomic 所設計提供的效能與超低功耗之組合。

Apollo 340 is also generating meaningful traction with multiple customers expressing interest driven by its compelling price-to-value positioning. We see 340 as an important enabler to expand into higher volume and more diverse opportunities, complementing the higher performance atomic family and supporting our strategy to scale across a wider range of Edge AI applications. In closing, we have a strong momentum across the business and believe we are well positioned to deliver meaningful revenue growth this year. We continue to execute our strategic priorities and strengthen our leadership in ultra-low power semiconductor solutions, as we expand into new Edge AI markets and advance our product road map. The Edge AI opportunity ahead is tremendous, and we are confident in our ability to capture it to drive long-term growth and value creation.

Apollo 340 也正與多家客戶產生顯著進展，因其具吸引力的價格對價值定位而有多位客戶表達興趣。我們將 340 視為擴展至更高出貨量與更多元機會的重要推動者，可與高效能的 Atomic 產品系列相輔相成，並支持我們在更廣泛的邊緣 AI 應用範圍內擴大規模的策略。總結來說，我們在整體業務上動能強勁，並相信我們已具備良好條件在今年實現可觀的營收成長。我們持續推進策略優先事項並強化在超低功耗半導體解決方案的領導地位，同時拓展至新的邊緣 AI 市場並推進產品藍圖。未來的邊緣 AI 機會極為龐大，我們有信心把握此機會，以推動長期成長與價值創造。

With that, I will turn it over to Jeff to cover the financials.

接下來，我把時間交給 Jeff 來說明財務表現。

Thank you, Humi, and good morning, everyone. We delivered a strong start to the year with first quarter net sales and gross profit up both sequentially from the fourth quarter of 2025 and year over year, well ahead of our expectations. Looking ahead, we expect a meaningful acceleration in the second quarter as well, strengthening our confidence in driving meaningful growth for the full-year 2026. Along the way, we are making progress in diversifying our business.

謝謝你，Humi，各位早安。我們在今年開局表現強勁，第一季淨銷售額與毛利不僅較 2025 年第四季呈現季增，也較去年同期成長，且大幅優於我們的預期。展望未來，我們預期第二季也將出現顯著加速，進一步強化我們對 2026 全年實現可觀成長的信心。同時，我們也在業務多元化方面取得進展。

Our 3 largest customers accounted for 86% of our sales in the first quarter of 2025. Those same 3 customers accounted for approximately 71% of our first-quarter 2026 sales, indicating that we are successfully diversifying our revenue stream to new customers and markets.

2025 年第一季，我們前三大客戶占銷售額的 86%。而同樣這三家客戶在 2026 年第一季的銷售額占比約為 71%，顯示我們正成功將營收來源多元化至新客戶與新市場。

Now, turning to our first quarter financial results, we delivered net sales of $25.1 million, increasing 59.3% year over year, driven by broad-based strength across our customer base. We saw particularly strong demand from two customers supporting new product launch ramps, and we also benefited from the addition of a new major customer that entered production during the quarter. Sales to end customers in China were 13.7% of total net sales compared to 6.2% in the prior year period.

接著看第一季財務結果，我們的淨銷售額為 2,510 萬美元，年增 59.3%，主要受惠於客戶基礎全面性的強勁表現。我們看到兩家客戶在支援新產品上市放量方面的需求特別強勁，同時也受惠於一位新的重要客戶在本季進入量產。銷售至中國終端客戶的營收占總淨銷售額的 13.7%，相較去年同期為 6.2%。

This increase was primarily driven by customer programs, where our technology is enabling higher-value Edge AI functionality. Non-GAAP gross profit increased 56.2% year over year to $11.6 million. Q1 2026 non-GAAP gross margin of 46.2% was down 90 basis points year over year, primarily due to a Q1 2025 nonrecurring credit. Excluding this onetime impact, non-GAAP gross margin increased 210 basis points year-over-year. Turning to operating expense, non-GAAP R&D was $10.1 million, up 43.3% year-over-year, reflecting accelerated investments to support product development, both across our Apollo and Atomic platforms.

此一增幅主要由客戶專案所帶動，在這些專案中，我們的技術正促成更高價值的邊緣 AI 功能。非 GAAP 毛利年增 56.2% 至 1,160 萬美元。2026 年第一季非 GAAP毛利率為 46.2%，年減 90 個基點，主要因 2025 年第一季有一次性（非經常性）貸項。若排除此一次性影響，非 GAAP 毛利率年增 210 個基點。再看營業費用，非 GAAP 研發費用為 1,010 萬美元，年增 43.3%，反映我們加速投資以支援產品開發，涵蓋 Apollo 與 Atomic 兩大平台。

Non-GAAP SG&A expenses were $8.1 million, up 31.8% year over year, driven by increased spending for go-to-market capabilities and public company infrastructure. Other income was $1.5 million, up $1.1 million year-over-year due to interest earned on balance sheet cash. Fourth-quarter non-GAAP net loss was $5 million, a $200,000 improvement year over year. Non-GAAP net loss per share was $0.25. We ended the quarter with no debt and $204.5 million in cash and cash equivalents. Our strong financial position provides the flexibility to invest in product development, software and go-to-market initiatives to support our strategic growth priorities.

非 GAAP 銷售、一般及行政（SG&A）費用為 810 萬美元，年增 31.8%，主要因提升市場推進（go-to-market）能力與上市公司基礎建設而增加支出。其他收益為 150 萬美元，較去年同期增加 110 萬美元，主要來自資產負債表現金所賺取的利息收入。第四季非 GAAP 淨損為 500 萬美元，較去年同期改善 20 萬美元。非 GAAP 每股淨損為 0.25 美元。我們在季末無負債，並持有 2.045 億美元的現金及約當現金。我們強健的財務狀況提供了投資產品開發、軟體以及市場推進計畫的彈性，以支持我們的策略性成長優先事項。

Now, turning to our outlook, for the second quarter, we expect net sales in the range of $31 million to $32 million, reflecting the trends that Humi covered earlier. Non-GAAP gross margin between 45% and 46%, driven by the continued progress on yield improvements and continued Apollo 5 scaling. Non-GAAP operating expense of $21 million to $22 million, reflecting investments to support product development and our strategic growth priorities, including $1.7 million related to IP purchases this quarter.

接著談展望，第二季我們預期淨銷售額介於 3,100 萬至 3,200 萬美元，反映 Humi 先前提到的趨勢。非 GAAP 毛利率介於 45% 至 46%，主要受惠於良率改善持續進展以及 Apollo 5 持續放量。非 GAAP 營業費用介於 2,100 萬至 2,200 萬美元，反映為支援產品開發與策略性成長優先事項的投資，其中包含本季與 IP 採購相關的 170 萬美元。

Lastly, we expect non-GAAP loss per share of $0.29 to $0.23 based on a weighted average share count of 21.38 million shares outstanding. As we think about the trajectory of our business, we have clear visibility, and we're confident in continued momentum. Q2 outlook reflects the timing of multiple customer launches coming into production at the same time. Importantly, we view that as a step-up in the baseline rather than a peak as those programs continue to scale and are complemented by additional ramps behind them. While we continue to expect seasonality in the fourth quarter, we expect year-over-year second half net sales growth to be similar to first half.

最後，我們預期非 GAAP 每股虧損為 0.29 至 0.23 美元，係以加權平均流通在外股數 2,138 萬股計算。就我們的業務軌跡而言，我們具備清晰的能見度，並對動能延續充滿信心。第二季展望反映多個客戶上市專案在同一時間點進入量產的時程。重要的是，我們將其視為基準水準的上移，而非高峰，因為這些專案將持續擴量，並由其後更多放量專案加以補強。雖然我們仍預期第四季存在季節性因素，但我們預期下半年淨銷售額年增幅度將與上半年相近。

We continue to expect gross margins to be roughly flat year-over-year as yield improvements are offset by broader industry cost dynamics. We continue to expect operating expense of approximately $85 million for the year, reflecting increases to engineering headcount, utilizing contract engineering to provide flex in our model for both upside and downside and $7 million to $10 million of IP purchases necessary for product development. With that, I'll turn the call back over to Humi before we open the line for Q&A.

我們仍預期毛利率年對年大致持平，因良率改善將被更廣泛的產業成本動態所抵銷。我們仍預期全年營業費用約為 8,500 萬美元，反映工程人力增加、運用委外工程以在模型中提供上行與下行的彈性，以及為產品開發所需的 700 萬至 1,000 萬美元 IP 採購。接下來，在開放問答之前，我把電話會議交回給 Humi。

Edge AI adoption is accelerating. Our pipeline is expanding, and our technology continued to make us a partner of choice to enable on-device intelligence. As we execute against our road map and scale into new markets, we remain focused on driving sustained top line growth, expanding our leadership in ultra-low power Edge AI and delivering long-term value for our shareholders.

邊緣 AI 的採用正在加速。我們的商機管線正在擴大，而我們的技術也持續使我們成為首選合作夥伴，以實現裝置端智慧。在我們依照產品藍圖執行並擴展至新市場的同時，我們仍專注於推動可持續的營收成長、擴大我們在超低功耗邊緣 AI 的領導地位，並為股東創造長期價值。

With that, I will open the call to questions. Operator, please go ahead.

接下來，我將開放提問。接線員，請開始。

(Operator Instructions) Liam Pharr, Bank of America Securities.

(接線員指示) Liam Pharr，美國銀行證券。

Could you provide us an update on the percentage of your funnel that is non-wearables? And how much of 1Q revenue was consumer wearables versus medical, industrial or in smart home.

能否請你更新一下，你們商機漏斗中非穿戴式（non-wearables）的占比是多少？以及第一季營收中，消費性穿戴裝置相較於醫療、工業或智慧家庭各占多少？

Right now, we still continue to have a funnel of non-wearables, about one quarter of our pipeline. So we continue to have a strong growth. And like I said, in Q1, we grew 100% in the non-wearable market. And we continue to -- we expect to continue to grow non-wearable market as fast as we've been doing.

目前我們的商機漏斗中，非穿戴式仍約占我們管線的四分之一。因此我們仍維持強勁成長。而如我所說，第一季我們在非穿戴式市場成長了 100%。我們也持續——我們預期非穿戴式市場將會延續目前的速度持續成長。

Right. Great. And then with these strong results, you're kind of rapidly approaching that $40 million a quarter run rate. Can you provide us an update on the time line to profitability? And will maybe higher OpEx burn and maybe gross margin remaining roughly flat, still keep profitability only until 2028, or is there potential for that to be pulled forward?

對。很好。接著在這些強勁的結果之下，你們似乎正快速逼近每季 4,000 萬美元的營收運行率。能否請你們更新一下達到獲利的時間表？另外，若營運費用（OpEx）消耗提高、且毛利率大致維持持平，是否仍會使獲利要到 2028 年才實現，還是有可能提前？

Jeff?

Jeff？

Yes, Liam, so a couple of questions there. The first in terms of when do we get to that profitability. If you quarterize the guidance that we gave for spending, we're spending roughly $21 million a quarter at 46% margin, which is what we just achieved in Q1, you need revenues roughly $47 million a quarter to get to that point. We just guided the quarter a little bit below that. So we've got a ways to go.

是的，Liam，這裡有幾個問題。第一個是我們何時能達到獲利。如果把我們給出的支出指引換算成每季，我們每季支出約 2,100 萬美元；以 46% 的毛利率（也就是我們在第一季剛達成的水準）來看，你需要每季約 4,700 萬美元的營收才能到達那個點。我們剛剛對本季的指引略低於那個水準。所以我們還有一段路要走。

That said, we made big investments in terms of accelerating our product road map. namely our 110 product and our 340 product. And the purpose of those investments is to pull that revenue stream in, which is necessary for us to get to that revenue level. So we're hopeful that, that investment will allow us to pull our cash flow breakeven and our P&L profitability point from, call it, mid-2028 into early 2028 or potentially into the second half of 2027.

不過話說回來，我們在加速產品路線圖方面做了重大投資，尤其是我們的 110 產品與 340 產品。這些投資的目的，是把那條營收曲線往前拉，這對我們達到所需的營收水準是必要的。因此我們希望這項投資能把我們的現金流損益兩平與損益表（P&L）獲利時點，從所謂的 2028 年年中，提前到 2028 年初，或甚至提前到 2027 年下半年。

Tore Svanberg, Stifel.

Tore Svanberg，Stifel。

Congratulations on the momentum here. Maybe to follow up on the initial question there as far as the diversification, you talked about some of the percentages Humi, but can you talk about some of the use cases out of wearables that's driving that doubling?

恭喜你們在這裡的動能。也許延續剛才關於多元化的問題，你提到了一些占比，Humi，但你能談談在穿戴式以外，有哪些使用情境正在推動那個倍增嗎？

So let me give you some of the examples, Tore. Definitely the medical market is growing one of the fastest one outside of wearable, ECD, glucose monitoring. But then we have bike computing, smart pen, battery monitors, remote controls, livestock tracking. I mean we're seeing a lot of a, lot of AI adoption outside of wearables. So we're very excited.

Tore，我來舉幾個例子。醫療市場確實是穿戴式以外成長最快的市場之一，例如 ECD、血糖監測。此外還有自行車運算裝置、智慧筆、電池監測器、遙控器、牲畜追蹤。我的意思是，我們看到在穿戴式以外有大量的 AI 採用。所以我們非常興奮。

Very good. And as my follow-up, you mentioned the new customer introduction this quarter. I assume that's not part of the three largest. So is there a chance that this particular customer will become more than 10% of revenues this year?

非常好。我的追問是，你提到本季導入了一位新客戶。我猜那不在前三大客戶之列。那麼，這位特定客戶今年是否有機會成為營收占比超過 10% 的客戶？

Yes, there's some possibility that they will.

是的，他們確實有一些可能性會達到。

(Operator Instructions) Quinn Bolton, Needham.

（接線員指示）Quinn Bolton，Needham。

Congratulations on the nice results and outlook. Jeff, I just wanted to make sure I sort of cut your comments about how you're thinking for the full year. I think you said you would expect similar growth rates in the second half on a year-over-year basis that you saw in the first half. It looks like the first half, you were up about 68% over the first half of '25. So it sounds like you're thinking about sort of a similar 65% growth second half of '26 over second half '25. But I just want to make sure I heard your comments correctly.

恭喜你們有不錯的成果與展望。Jeff，我只是想確認一下我是否正確理解你對全年思考方式的評論。我想你說你預期下半年在年對年基礎上的成長率，會與上半年相近。看起來上半年相較於 25 年上半年成長約 68%。所以聽起來你們是在想 26 年下半年相較於 25 年下半年大約也是類似的 65% 成長。但我只是想確認我有沒有聽錯你的意思。

Yes, that's correct, Quinn. I think as we look at the business outlook, clearly, we had strong Q1 results. We've guided a higher Q2. I think the business model -- when you think about the business model, basically, just the level has gone up. We've set kind of a new baseline, if you will, in terms of how to think about 2026. And we also made the comment in the call about we still expect seasonality in the fourth quarter. So the shape of the curve is pretty much in line with what we would expect.

是的，Quinn，沒錯。我想當我們看業務展望時，很明顯我們第一季結果強勁。我們也指引第二季更高。我認為這個商業模式——當你思考這個商業模式時，基本上整體水準已經上移。就 2026 年該如何思考而言，我們算是建立了一個新的基準。我們也在電話會議中提到，我們仍預期第四季會有季節性。因此曲線的形狀大致符合我們的預期。

Got it. And then the second question is your comments about gross margin being sort of flattish half-over-half does sound like it implies a little bit of a tick down in Q3, Q4. I know you've got obviously higher revenue in the second half. You probably have mix shift to higher ASP devices like Apollo 5. Just wondering, it sounds like the input price increases are the biggest factor pressuring margins.

了解。第二個問題是，你們提到毛利率在上下半年大致持平，聽起來似乎暗示第三、第四季會小幅下滑一點。我知道你們下半年營收顯然更高。你們可能也會因產品組合轉向像 Apollo 5 這類 ASP 較高的裝置。我只是想確認一下，聽起來投入成本上漲是壓抑毛利率的最大因素。

I wanted to confirm that. And then second, given that you're not alone in seeing these input price increases, do you have the ability to pass along some of those input price increases along to customers to try to protect margins over intermediate to longer term?

我想確認這一點。另外第二個，既然你們並不是唯一看到這些投入成本上漲的公司，你們是否有能力把其中一部分投入成本上漲轉嫁給客戶，以在中期到長期保護毛利率？

Sure. A couple of answers there. So when we think about margins, there's two real dynamics that are happening in our business. First is we've done a lot of work to increase our yields across the product line, specifically Apollo 5, which is a ramping process for us. We've done a lot of work to try and pull in some of that yield improvement and make our cost base better.

當然。這裡有幾個回答。當我們思考毛利率時，我們的業務中有兩個主要動態正在發生。第一，我們已在整個產品線上做了大量工作來提高良率，特別是 Apollo 5，對我們而言正處於爬坡量產的過程。我們做了很多努力，試圖把部分良率改善提前實現，並讓我們的成本基礎更好。

However, we're tempering that expectation because there are industry-wide dynamics around substrate costs, piece part costs and other things that are out of our control that will potentially negate some of that good news. So we think about that margin curve as relatively flat, plus or minus a point from where we're at today. In terms of our ability to pass on pricing to customers, I think one of the main opportunities we have there is we have a lot of demand for our product and customers are asking us to pull in volumes pretty significantly. And the cost of doing that expediting material is certainly something that we would expect our customers to share in terms of paying for that type of expedite. And in terms of actual ASP uplift, we're being very strategic about where we exercise any potential ASP uplift to end customers.

然而，我們也在調整這個預期，因為有一些全產業的動態，例如基板成本、零組件成本以及其他我們無法控制的因素，可能會抵消部分好消息。因此我們把毛利率曲線視為相對持平，大約在目前水準上下 1 個百分點的範圍。至於我們把價格轉嫁給客戶的能力，我認為其中一個主要機會在於，我們的產品需求很強，客戶也要求我們相當大幅度地提前拉貨。而為了做到這點所需的加急材料成本，確實是我們預期客戶會分攤的，也就是為這類加急支付相應費用。至於實際的 ASP 上調，我們會非常策略性地決定在哪些地方對終端客戶行使任何可能的 ASP 上調。

We still have to be very competitive. We still want to win business. And I think we can see that we're doing a pretty good job of landing new business with our pricing policy.

我們仍必須非常有競爭力。我們仍希望贏得業務。而我認為從結果來看，我們的定價政策在拿下新業務方面做得相當不錯。

Last for either Humi or Jeff, just you talked multiple times about the expedites you're seeing. Are you getting enough supply from TSMC and your OSAT partners? Or do you think you're leaving any demand on the table given that acceleration in expedites?

最後一題給 Humi 或 Jeff，你們剛才多次提到你們看到的加急（expedites）情況。你們從台積電以及你們的 OSAT 合作夥伴那邊拿到的供應量夠嗎？或者你們認為在加急需求加速的情況下，有沒有任何需求被你們放在桌上、未能承接？

Again, we have a very strong partnership on the front and the back end of the manufacturing. So we are very fortunate to have a great partner to support our customers. However, the market is growing much faster than we expected. Sometimes we get such a short lead time demand increase, which typically sometimes is most difficult to do. So some of the order we just can't meet because of the too short of lead time. But as long as it's in the time frame that normal lead time, we'll be able to support and we will -- we expect us to be able to support these customers quarter after quarter.

再說一次，我們在製造的前段與後段都有非常強的合作夥伴關係。所以我們很幸運有很棒的夥伴來支援我們的客戶。不過，市場成長速度遠超過我們的預期。有時候我們會遇到交期非常短的需求突然增加，而這通常是最難做到的。因此有些訂單我們就是無法滿足，因為交期太短。但只要是在正常交期的時間範圍內，我們就能支援，而且我們——我們預期能夠一季接一季地支援這些客戶。

Tore Svanberg, Stifel.

Tore Svanberg，Stifel。

I just had two quick follow-ups. First of all, you announced a new product called Compression Kit not too long ago. I'm just wondering, is that a product that you will sell exclusively with your own products, or is that basically available to any other system that contains other components?

我有兩個簡短的追問。首先，你們不久前宣布了一個名為 Compression Kit 的新產品。我想請問，這個產品會只搭配你們自家的產品獨家銷售，還是基本上也會提供給任何包含其他元件的系統使用？

Yes. For the moment, it's something that will be restricted to our products. Certainly, long term, it's something that we could look at pairing with other products. But we feel that the combination of Apollo plus compression kit is a situation of 1 plus 1 equals 3 rather than 1 plus 1 equals 2. So yes, we'll restrict for the moment to Ambiq products.

是的。目前它會限制在我們的產品上使用。當然，長期來看，我們也可以考慮把它與其他產品搭配。但我們認為 Apollo 加上 compression kit 的組合，是 1 加 1 等於 3，而不是 1 加 1 等於 2。所以是的，現階段我們會先限制在 Ambiq 的產品上。

That's very helpful, Scott. And my last question is on Apollo 340. So you gave some sampling time lines. Anything on Apollo 340 as far as when we should start to expect some material revenue?

這很有幫助，Scott。我最後一個問題是關於 Apollo 340。你們提到了一些送樣時間表。那 Apollo 340 方面，有沒有什麼資訊可以分享：我們大概何時應該開始期待出現較具規模的營收？

Yes. So just to maybe reiterate, rough timeline is -- it's in design right now. We expect to sample in the first half of next year. We expect initial customer ramps towards the end of next year and then more meaningful revenue in 2028. And it's going to be -- I think what everyone is going to like about this product is it's going to be quite a bit more diverse in terms of the types of customers that we're serving with it.

有的。我再重申一下，大致的時間表是——目前正在設計中。我們預期明年上半年送樣。我們預期在明年年底左右開始初期客戶放量（ramp），然後在 2028 年帶來更有意義的營收。而且——我想大家會喜歡這個產品的一點是：就我們將服務的客戶類型而言，它會更為多元。

So I think everything from some of the medical products that Humi alluded to earlier to industrial sensors and smart home sensors, smart grid sensors, that sort of thing. And as well, we'll be serving wearables. I think certain form factors like smart rings as being great targets for Apollo 340. So a really nice diversity of customers there. So we're excited about where that will come.

所以我想，從 Humi 先前提到的一些醫療產品，到工業感測器與智慧家庭感測器、智慧電網感測器之類的。另外，我們也會服務穿戴式裝置。我認為某些外形規格（form factors），例如智慧戒指，會是 Apollo 340 很好的目標。因此客戶多樣性非常不錯。所以我們對它未來的發展感到很興奮。

Liam Pharr, Bank of America Securities.

Liam Pharr，美國銀行證券（Bank of America Securities）。

I guess for 2026 and the step-up, how do you see kind of this unit versus ASP mix kind of driving that growth? And is this step-up more from the new programs and kind of unit based, or is it a combination with these new programs also providing a lot -- a little bit more of that premium Apollo 5 mix to kind of drive some of that ASP as well?

我想針對 2026 年以及那個成長跳升（step-up），你們怎麼看待出貨量（unit）與 ASP 組合（mix）在推動成長上的作用？這個跳升主要是來自新專案、偏出貨量帶動，還是說也包含：這些新專案同時帶來更多——或至少多一些——高階 Apollo 5 的組合占比，進而推升一些 ASP？

Yes, Liam. So the answer is we're expecting uplift in both. But clearly, with Q1 being 56% above where we were in the same quarter last year and the strong guidance we gave in Q2, the predominant reason that we're up is because of unit shipments. That said, we're very happy with the status of our Apollo 5 ramp. It is starting to contribute more and more each quarter to our revenue profile, and it gives us some ASP uplift in the overall business.

是的，Liam。答案是我們預期兩者都會帶來提升。但很明顯地，第一季比去年同期高出 56%，再加上我們對第二季給出的強勁指引，我們成長的主要原因是出貨量增加。話雖如此，我們對 Apollo 5 的放量進展非常滿意。它正逐季對我們的營收結構貢獻愈來愈多，也讓整體業務的 ASP 有所上升。

Makes sense. And I guess as my follow-up, can you maybe just provide an update on your pricing strategy? I think previously, it's been every generation probably about 1.5x to 2x content uplift, and that's kind of driven a pricing premium in a similar ballpark. But I guess with this really strong demand environment, it would make sense to me to see kind of more pricing benefit from your Apollo 5 and potentially Atomic kind of platforms, given how much benefit they're going to be giving their customers versus the previous generation and how fast you guys [innovate].

了解。那我追問一下，你能否更新一下你們的定價策略？我記得之前每一代大概會有 1.5 倍到 2 倍的內容價值提升（content uplift），而這也在相近的區間帶動了定價溢價。但在目前需求非常強勁的環境下，從我的角度看，似乎合理期待你們的 Apollo 5 以及可能的 Atomic 平台能帶來更多定價上的好處，考量到它們相較前一代能為客戶帶來多大的效益，以及你們創新速度有多快[innovate]。

Yes. I mean, certainly, as we continue to proliferate Apollo 5 and Apollo 3 and Apollo 4 to multiple different markets and enable end customer Edge AI to happen, we would expect to see a higher value proposition and better pricing for those products. So I think in general, when we think about the pricing -- our strategic pricing going forward, we're certainly looking at opportunities, where we can maximize our ASPs across different customers and markets.

是的。我的意思是，當然，隨著我們持續把 Apollo 5、Apollo 3 與 Apollo 4 擴展到多個不同市場，並讓終端客戶的邊緣 AI（Edge AI）得以實現，我們預期會看到更高的價值主張，以及這些產品更好的定價。所以整體而言，當我們思考未來的定價——也就是我們的策略性定價時，我們確實在尋找各種機會，讓我們能在不同客戶與市場之間最大化 ASP。

There are no further questions at this time. And this concludes today's call. Thank you for attending. You may now disconnect.

目前沒有其他問題。今天的電話會議到此結束。感謝各位參與。您現在可以中斷連線。