Ambiq Micro, Inc. (AMBQ) 2026 Q2 法說會逐字稿

Good morning, and welcome to the Ambiq Micro second quarter 2026 earnings conference call.As a reminder, this conference call is being recorded.

早安，歡迎參加 Ambiq Micro 2026 會計年度第二季財報電話會議。提醒各位，本次電話會議將被錄音。

(Operator Instructions)

(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, Fumihide Esaka, will provide an overview of the company's performance and strategy. CFO, Jeff Winzeler, will then discuss the quarter's financial results and outlook. Following their remarks, Scott Hanson, Ambiq's founder and CTO, will join Fumihide and Jeff for Q&A. 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. Before I turn the call over to Fumi, 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. In addition, today's call will contain forward-looking statements representing management's beliefs and assumptions only as of the date made.

在今天的電話會議中，Ambiq 執行長 Fumihide 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展望。在他們的談話之後，Ambiq 創辦人暨技術長 Scott Hanson 將與 Fumihide 與 Jeff 一同參與問答。我們的財報新聞稿可於公司網站 www.ambiq.com 的投資人關係頁面取得。我們也已將財報簡報上傳至網站的投資人關係專區。在我把電話會議交給 Fumi 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，已包含於我們發布的財報新聞稿中，並可於公司投資人關係網站取得。此外，今天的電話會議將包含前瞻性陳述，僅代表管理團隊於陳述當日的信念與假設。

Our most recent quarterly report on Form 10-Q and other filings with the SEC provide more information on specific risks that may cause the actual results to differ materially from current expectations. Now it's my pleasure to turn the call over to Ambiq's CEO, Fumi Esaka.

我們最新的 Form 10-Q 季度報告以及向美國證券交易委員會（SEC）提交的其他文件，提供了更多關於特定風險的資訊；這些風險可能導致實際結果與目前預期出現重大差異。現在我很高興把電話會議交給 Ambiq 執行長 Fumi Esaka。

Good morning, everyone, and thank you for joining us. Since the start of the year, we've seen a step change in demand for edge AI, which supports our strong performance and further increases our conviction in the magnitude and durability of the long-term opportunity. Across end markets, companies are embedding more sophisticated AI into a broader range of devices, and end-user demand is far exceeding our expectations and those of our customers. With our full-stack, ultra-low power solutions, Ambiq's defining technologies are not only enabling but further accelerating this next chapter in AI. This positions us to continue outpacing the broader market as we take share and expand our addressable opportunity. This momentum is reflected in our second quarter results. Net sales were ahead of guidance, growing approximately 90% over last year and marking our fifth consecutive quarter of sequential growth.

各位早安，感謝各位加入我們。自年初以來，我們看到邊緣 AI 的需求出現躍升式變化，支撐了我們強勁的表現，也進一步強化我們對長期機會規模與持久性的信心。在各終端市場中，企業正把更先進的 AI 嵌入更廣泛的裝置類型，而終端使用者需求遠超出我們以及客戶的預期。憑藉我們全堆疊、超低功耗的解決方案，Ambiq 的核心技術不僅在促成，更在加速 AI 下一篇章的到來。這使我們在持續取得市占並擴大可服務市場的同時，得以繼續跑贏整體市場。這股動能也反映在我們第二季的業績中。淨銷售額高於指引，較去年同期成長約 90%，並創下連續第五季的季增成長。

We also raised approximately $168 million in net proceeds through a successful follow-on offering. The strong investor interest serves as a proof point of confidence in our ability to capitalize on the meaningful opportunity ahead. Turning to the details of the quarter, demand accelerated across customers, end markets, and products. Customer programs grew on healthy end-user demand, positive response to customers' recent launches, and continued ramping of our newest large customer. This supported strong performance across key products, including double-digit growth in Apollo3 and Apollo4, while Apollo5 sales more than doubled year-over-year. With lean inventory across channels and continued expedite requests, we are confident that this demand reflects underlying end market consumption rather than inventory replenishment.

我們也透過成功的增發（follow-on offering）籌得約 1.68 億美元的淨募資款。投資人強勁的興趣，證明市場對我們把握前方重大機會的能力充滿信心。回到本季細節，需求在客戶、終端市場與產品面全面加速。客戶專案在健康的終端使用者需求、客戶近期新品上市的正面回饋，以及我們最新大型客戶持續放量的帶動下成長。這支撐了關鍵產品的強勁表現，包括 Apollo3 與 Apollo4 的雙位數成長，同時 Apollo5 銷售額較去年同期成長逾一倍。在通路庫存精實且持續出現加急（expedite）需求的情況下，我們有信心這些需求反映的是終端市場的實際消耗，而非庫存回補。

Orders continue to exceed initial forecasts, and based on our ongoing customer conversations, we expect underlying demand for edge AI to strengthen even further in the second half of 2026. At the same time, we and the broader semiconductor industry are increasingly supply constrained. We are working closely with our supply chain partners to support production ramps while maintaining the high level of quality and execution our customers expect. With tight capacity across wafers, packaging, substrates, and testing, we are actively working to secure additional foundry allocations and OSAT capacity to improve supply flexibility and better support customer demand over time. Even with these actions, our second half outlook is constrained by available supply given the significant levels of demand we are seeing. As additional capacity becomes available, we believe we are well-positioned to convert this deferred demand into future revenue.

訂單持續超出初始預測，根據我們與客戶的持續對話，我們預期 2026 年下半年邊緣 AI 的基本需求將進一步走強。同時，我們以及整體半導體產業正日益受到供應限制。我們正與供應鏈夥伴密切合作，在維持客戶所期待的高品質與執行水準下，支援產能爬坡。在晶圓、封裝、基板與測試產能皆吃緊的情況下，我們正積極爭取更多晶圓代工配額與 OSAT 產能，以提升供應彈性，並在時間推移中更好地支援客戶需求。即便採取上述行動，鑑於我們所看到的顯著需求水準，我們對下半年的展望仍受限於可用供應。隨著額外產能逐步到位，我們相信自己具備良好條件，將這些遞延需求轉化為未來營收。

Based on our current visibility, we expect third quarter net sales to grow approximately 100% year-over-year, and we now expect to deliver approximately $135 million in net sales for the full-year, even with the supply constraints I just mentioned. Looking ahead, we believe the opportunity for Ambiq is substantial. With more than 20 billion connected devices already deployed, there is significant potential to embed edge AI across this large and growing installed base. While adoption remains at an early stage, increasing AI functionality at the edge is driving demand for greater compute and memory content across a growing range of devices and use cases. As these workloads become more sophisticated, customers must deliver higher levels of intelligence and performance without compromising battery life, responsiveness, or privacy. That challenge is making power efficiency a critical design requirement for the next generation of edge devices.

依據我們目前的能見度，我們預期第三季淨銷售額將較去年同期成長約 100%，而即使面臨我剛提到的供應限制，我們現在仍預期全年可達成約 1.35 億美元的淨銷售額。展望未來，我們認為 Ambiq 的機會相當可觀。目前已部署超過 200 億台連網裝置，將邊緣 AI 導入這個龐大且持續成長的既有裝置基礎，具備顯著潛力。雖然採用仍處於早期階段，但在邊緣端提升 AI 功能，正推動更多裝置與使用情境對運算與記憶體內容（content）的需求提升。隨著這些工作負載日益複雜，客戶必須在不犧牲電池續航、反應速度或隱私的前提下，提供更高水準的智慧與效能。這項挑戰使得功耗效率成為下一代邊緣裝置的關鍵設計要求。

These requirements are redefining what matters most in semiconductor design. Power efficiency is no longer just an advantage. It is becoming a fundamental requirement for the next generation of edge AI devices. That is exactly where Ambiq is uniquely positioned to lead and create value. To capture this opportunity, we are broadening our reach across form factors, customers, and end markets while investing in the next generation of products that will push the boundaries of ultra-low power performance. Our latest hardware and software innovations are further enhancing our ability to support increasingly advanced AI workloads at the edge. On the hardware side, we recently introduced the Apollo3 Blue Plus and Apollo510 Lite SoC families. Both products are generating strong customer demand, with backlog tied to next-generation product roadmaps.

這些要求正在重新定義半導體設計中最重要的要素。功耗效率不再只是優勢。它正成為下一代邊緣 AI 裝置的基本要求。而這正是 Ambiq 具備獨特優勢、能夠領先並創造價值的領域。為了掌握這項機會，我們正擴大在外形規格（form factors）、客戶與終端市場的觸及範圍，同時投資於下一代產品，以突破超低功耗效能的界限。我們最新的硬體與軟體創新，正進一步提升我們在邊緣端支援日益先進 AI 工作負載的能力。在硬體方面，我們近期推出 Apollo3 Blue Plus 與 Apollo510 Lite SoC 產品系列。兩項產品皆帶來強勁的客戶需求，且積壓訂單（backlog）與下一代產品藍圖緊密相關。

We expect these products to begin contributing revenue in the third quarter, with the first customer devices expected to reach the market early next year. We are also expanding the value of our solutions through a growing suite of AI software capabilities. Our recently launched HELIA CORE and compressionKIT are already helping customers accelerate production deployments, improve power efficiency, reduce memory requirements, and lower overall system costs. More recently, we introduced heliaPROFILER, an open-source profiling tool that broadens the HELIA AI ecosystem and gives developers greater visibility into model performance and system optimization. The breadth and depth of our full-stack portfolio is enabling us to support more applications, win new customers, and expand into diverse end markets. This includes greater penetration in medical, industrial, and smart home and building applications.

我們預期這些產品將於第三季開始貢獻營收，首批客戶裝置預計於明年初上市。我們也透過日益擴充的 AI 軟體能力套件，提升解決方案的價值。我們近期推出的 HELIA CORE 與 compressionKIT，已在協助客戶加速量產部署、提升功耗效率、降低記憶體需求，並降低整體系統成本。更近期，我們推出 heliaPROFILER——一款開源的效能剖析工具，擴大 HELIA AI 生態系，並讓開發者更清楚掌握模型效能與系統最佳化。我們全堆疊產品組合的廣度與深度，使我們能支援更多應用、贏得新客戶，並拓展至多元終端市場。這包括在醫療、工業，以及智慧家庭與建築應用中的更深度滲透。

We continue to expect revenue from these markets to more than double in 2026, making them a more meaningful contributor to Ambiq's growth and diversification. We expect this momentum to continue, supported by a growing and increasingly diverse design funnel. For example, in wearable neurotechnology, on-device AI is being used to analyze complex biosignals like EEG in real time, improving responsiveness and privacy. In smart buildings, leak detection systems can distinguish meaningful events directly at the sensor, reducing data transmission while enabling faster intervention. In industrial applications, always-on sensors monitor equipment health in real time, detecting failures before they disrupt operations. These are exactly the types of workloads our ultra-low power SoCs and innovative AI software are designed to support, positioning us well to capture the next wave of edge AI adoption across multiple high-growth markets

我們仍預期這些市場在 2026 年帶來的營收將成長逾一倍，使其成為 Ambiq 成長與多元化更重要的貢獻來源。我們預期這股動能將持續，並由持續成長且日益多元的設計案來源（design funnel）所支撐。例如在穿戴式神經科技領域，裝置端 AI 正被用於即時分析腦電圖（EEG）等複雜生物訊號，以提升反應速度與隱私。在智慧建築中，漏水偵測系統可直接在感測器端辨識有意義的事件，降低資料傳輸，同時加快介入處置。在工業應用中，常時運作（always-on）的感測器可即時監測設備健康狀況，在故障干擾營運前先行偵測。這些正是我們超低功耗 SoC 與創新 AI 軟體所設計支援的工作負載類型，使我們具備良好定位，得以在多個高成長市場中掌握下一波邊緣 AI 採用浪潮。

Turning to our product roadmap, we continue to advance our next-generation products, Apollo 340, Atomiq 110, and Atomiq 120. Customer interest remains incredibly strong, including engagement with alpha customers, as these products are critical enablers for our customers to advance their own ambitious AI roadmaps. Development for these products continues to advance, with both Atomiq 110 and Apollo 340 targeted for customer sampling in early 2027. In closing, the customer demand we are seeing today reinforces our belief that edge AI is becoming one of the most important long-term growth drivers in the semiconductor industry. While near-term supply constraints remain an industry-wide headwind, we are taking decisive actions to support our customers. As we look ahead, we are exceptionally well-positioned to capture the meaningful long-term opportunity in edge AI through differentiated technology, an expanding product portfolio, and growing customer engagement.

談到我們的產品藍圖，我們持續推進下一代產品 Apollo 340、Atomiq 110 與 Atomiq 120。客戶興趣依然極為強勁，包括與 alpha 客戶的互動，因為這些產品是協助客戶推進其雄心勃勃 AI 藍圖的關鍵使能技術。這些產品的開發持續推進，其中 Atomiq 110 與 Apollo 340 皆以 2027 年初提供客戶樣品為目標。最後，我們目前看到的客戶需求，強化了我們的信念：邊緣 AI 正成為半導體產業最重要的長期成長驅動因素之一。儘管短期供應限制仍是全產業的逆風，我們正採取果斷行動以支援客戶。展望未來，憑藉差異化技術、持續擴大的產品組合，以及不斷提升的客戶互動，我們具備極佳的有利位置，可在邊緣 AI 的重大長期機會中取得成果。

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

接下來我把時間交給 Jeff，請他說明財務表現。

Thank you, Fumi, and good morning, everyone. We delivered a strong second quarter with non-GAAP gross profit more than doubling year-over-year. This marks our fifth consecutive quarter of growth and reflects the strength of our differentiated technology, accelerating edge AI demand environment, and strategic shift to higher-value market opportunities for our products. Now turning to the details of our second quarter financial results. Net sales were $33.9 million, increasing 89.7% year-over-year, with revenue outside of our three largest customers growing 143% year-over-year. Sales to end customers in China were approximately 14% of total net sales, compared to approximately 12% in the prior year period. Our continued strategy with regard to China is to engage in customer programs where our technology is enabling higher-value edge AI functionality. Non-GAAP gross profit increased 109.3% year-over-year to $16 million.

謝謝你，Fumi，各位早安。我們第二季表現強勁，非 GAAP 毛利較去年同期成長逾一倍。這是我們連續第五個季度成長，反映出我們差異化技術的實力、加速成長的邊緣 AI 需求環境，以及我們將產品策略性轉向更高價值市場機會。接著說明第二季財務結果細節。淨銷售額為 3,390 萬美元，年增 89.7%；其中，來自我們前三大客戶以外的營收年增 143%。銷往中國終端客戶的銷售約占總淨銷售額的 14%，相較去年同期約為 12%。我們在中國的持續策略，是參與那些能以我們的技術實現更高價值邊緣 AI 功能的客戶專案。非 GAAP 毛利年增 109.3% 至 1,600 萬美元。

Non-GAAP gross margin was 47.2%, up 450 basis points year-over-year on favorable mix related to greater edge AI enablement as well as improved manufacturing efficiencies. Turning to operating expense. Non-GAAP R&D was $11.2 million, up 55.5% year-over-year as we increase investments in product development and technology. The primary drivers for R&D increases were intellectual property licensing for multiple product developments, compensation costs as we scale the team, and contractor costs to augment our own labor. Non-GAAP SG&A expenses were $8.2 million, up 23.7% year-over-year, driven largely by sales compensation for higher revenues and public company costs. Second quarter non-GAAP net loss was $1.8 million, a $4.1 million improvement year-over-year. Non-GAAP net loss per share was $0.07, based on 21.74 million average shares outstanding.

非 GAAP毛利率為 47.2%，較去年同期提升 450 個基點，主要受惠於產品組合更有利（與更高的邊緣 AI 使能相關）以及製造效率提升。接著談營業費用。非 GAAP 研發費用為 1,120 萬美元，年增 55.5%，反映我們加大對產品開發與技術的投資。研發增加的主要驅動因素包括：多項產品開發所需的智慧財產授權費、隨團隊擴編而增加的薪酬成本，以及用以補充自有人力的承包商成本。非 GAAP 銷售、一般及行政（SG&A）費用為 820 萬美元，年增 23.7%，主要由較高營收帶動的銷售薪酬以及上市公司相關成本所致。第二季非 GAAP 淨損為 180 萬美元，較去年同期改善 410 萬美元。非 GAAP 每股淨損為 0.07 美元，係以平均流通在外股數 2,174 萬股計算。

We ended the quarter with no debt and $366.8 million in cash and cash equivalents, which included approximately $168 million in net proceeds from our upsized follow-on offering in June of this year. In total, our two offerings this year raised approximately $243 million in net proceeds, providing us the financial flexibility to fund working capital, sales and marketing, and product development as we continue to capitalize on the growing edge AI demand and scale to meet customer needs. Now turning to our outlook. For the third quarter, we expect net sales in the range of $36 million to $37 million, driven by the trends covered by Fumi earlier. We expect non-GAAP gross margin between 46.5% and 47.5%, which is consistent with the second quarter performance.

本季末我們無負債，現金及約當現金為 3.668 億美元，其中包含今年 6 月擴大後續發行所取得約 1.68 億美元的淨募資。今年合計兩次發行共募集約 2.43 億美元淨額，為我們提供財務彈性，以支應營運資金、銷售與行銷，以及產品開發；同時在邊緣 AI 需求成長之際持續把握機會並擴大規模以滿足客戶需求。接著談展望。第三季我們預期淨銷售額介於 3,600 萬至 3,700 萬美元，主要受 Fumi 先前提到的趨勢所驅動。我們預期非 GAAP 毛利率介於 46.5% 至 47.5%，與第二季表現一致。

Non-GAAP operating expense of $24 million to $25 million, reflecting investments to support product development and strategic growth priorities, including $2 million related to intellectual property purchases in the quarter. Finally, we expect a non-GAAP loss per share of $0.20 to $0.12, based on a weighted average share count of 24.17 million shares outstanding. This new share count is reflective of our follow-on offering in June. Looking ahead, customer demand is accelerating meaningfully as we enter the second half of the year. At the same time, we are navigating increased supply constraints and rising cost pressures alongside the broader industry. Despite this, we are on track to double year-over-year net sales growth in the second half, positioning us to deliver approximately $135 million for the full-year.

非 GAAP 營業費用預期為 2,400 萬至 2,500 萬美元，反映為支援產品開發與策略性成長優先事項所做的投資，其中包含本季約 200 萬美元的智慧財產購置相關費用。最後，我們預期非 GAAP 每股虧損為 0.20 至 0.12 美元，係以加權平均流通在外股數 2,417 萬股計算。此新的股數反映了我們 6 月的後續發行。展望未來，隨著我們進入下半年，客戶需求正顯著加速。同時，我們也與整體產業一樣，正因應更嚴峻的供應限制與上升的成本壓力。儘管如此，我們仍按計畫在下半年實現淨銷售額年增倍增，使我們有望全年達到約 1.35 億美元。

For gross margin, we now expect modest year-over-year improvement in 2026 compared to our prior 2026 expectations for flat margins year-over-year. We expect to achieve this even with the broader industry headwinds we are navigating. We continue to expect OpEx of approximately $85 million for the full-year, including $7 million to $10 million of IP purchases necessary for product development. With that, I will turn the call back over to Fumi before we open the line for Q&A.

就毛利率而言，我們目前預期 2026 年相較去年將有小幅改善；先前對 2026 年的預期為毛利率年對年持平。即使在我們所面臨的整體產業逆風下，我們仍預期能達成此目標。我們仍預期全年營業費用約為 8,500 萬美元，其中包含為產品開發所需的 700 萬至 1,000 萬美元智慧財產購置。接下來，在我們開放問答之前，我把電話交回給 Fumi。

We are pleased with our performance in the first half of 2026 and encouraged by the momentum we continue to see across the business. We remain focused on delivering for our customers, expanding capacity, advancing our product roadmap, and investing for long-term sustainable growth. We believe the foundation we have built positions Ambiq well for the opportunities ahead, and we remain confident in our ability to execute. With that, I will open the call to questions. Operator, please go ahead.

我們對 2026 年上半年的表現感到滿意，也對業務持續展現的動能備受鼓舞。我們將持續專注於為客戶交付成果、擴充產能、推進產品藍圖，並投資以實現長期且可持續的成長。我們相信已建立的基礎使 Ambiq 能夠把握未來機會，並且我們對自身的執行能力仍充滿信心。接下來我將開放提問。接線員，請開始。

(Operator Instructions)

（接線員指示）

Tore Svanbergwith, Stifel.

Tore Svanberg，Stifel。

Yes, thank you.Fumi, Scott, Jeff. Congratulations on the strong results. Fumi, I was hoping you could elaborate a little bit more on the supply constraints. The question is, had you had the capacity, how much more could calendar 2026 be? When do you expect some of these supply issues to ease? Thank you.

是的，謝謝。Fumi、Scott、Jeff。恭喜你們取得強勁的成果。Fumi，我希望你能再多談一點供應限制的情況。問題是，如果你們有足夠產能，2026 年曆年還能多出多少？你們預期這些供應問題何時會有所緩解？謝謝。

Hey, Tore. Thanks for the great question. Our customers' demand is skyrocketing, like we said in our statement. As we speak, our demand keeps on going up. I cannot put a specific number, but I must say that a lot of additional demand is coming in week after week. We believe that this trend will continue not only second half of this year, but even into 2027. That said, because of the fact that our demand continues to grow faster than market, I believe that the supply constraint is something that we need to diligently work with our supply chain partners. As you can see, we do have a very strong partnership with supply chain partners. Despite the fact that we are doubling our revenue year-over-year comparison.

嗨，Tore。謝謝你的好問題。如同我們在聲明中所說，客戶需求正急遽攀升。此時此刻，我們的需求仍在持續上升。我無法給出具體數字，但我必須說，每週都有大量額外需求湧入。我們相信這個趨勢不僅會延續到今年下半年，甚至會延續到 2027 年。也就是說，由於我們的需求成長速度持續快於市場，我認為供應限制是我們必須與供應鏈夥伴勤勉合作處理的議題。如你所見，我們與供應鏈夥伴的合作關係非常緊密。儘管我們的營收正以年對年比較倍增。

We have been able to meet those demand, and we believe that we will be able to meet forecasted quantity as closely as possible. Again, one challenge is that the customer success has been phenomenal. Let me tell you one example. A couple customer introduced a brand new product back in May. Their pre-order quantity was 3 to 5 times X of what even they expected. To meet that demand, they wanted a product in June, that is physically impossible. We couldn't do that, but we will work with our supply chain partner and the customer to sustain our very strong continuous growth.

我們仍能滿足這些需求，並且我們相信能盡可能貼近地滿足預測的供貨數量。再次強調，一個挑戰在於客戶端的成功表現非常驚人。我舉一個例子。有幾位客戶在 5 月推出了一款全新產品。他們的預購數量是他們自己原先預期的 3 到 5 倍。為了滿足該需求，他們希望在 6 月就拿到產品，但那在實務上是不可能的。我們做不到，但我們會與供應鏈夥伴及客戶合作，以維持我們非常強勁且持續的成長。

Yeah, no, that's great color. Thank you for that, Fumi. Maybe as my follow-up question for you, Scott, and specifically on product development and Atomiq, sounds like the first Atomiq product is going to be sampling first half of next year. Just curious, are we still looking at a 2028 revenue ramp from the Atomiq product? Thank you.

是的，不，這些補充資訊很有幫助。謝謝你，Fumi。我接著想追問你，Scott，特別是關於產品開發與 Atomiq。聽起來第一個 Atomiq 產品將在明年上半年開始送樣。想請教一下，我們仍然是看 Atomiq 產品在 2028 年開始營收爬坡嗎？謝謝。

Yeah. Thank you. Yes. That's all still the plan. 2028 meaningful ramp for Atomiq 110. Great progress in the last several months since our last call. Probably the most notable thing is that early development platform is in customer hands in the form of an FPGA, and we're getting a lot of useful feedback. The sales team is building a nice list of customers that want access to that product. I'm excited about that, and it's interest that spans a couple different markets, so that's very positive. So yeah, I'm pleased with how that's going. I will say, it's a busy time for the development team because we're developing multiple products in parallel. We've got Atomiq 110, we've got Apollo 340, so a lot going on, and I'm pleased with how things proceed.

是的。謝謝。是的。那仍然是計畫。Atomiq 110 在 2028 年會有具意義的爬坡。自從上次電話會議以來，過去幾個月我們取得了很大的進展。最值得一提的是，早期開發平台已經以 FPGA 的形式交到客戶手上，我們也收到很多有用的回饋。業務團隊正在建立一份很不錯的客戶名單，這些客戶都希望能取得該產品。我對此感到很興奮，而且這份興趣橫跨幾個不同市場，所以非常正面。所以，是的，我對目前的進展很滿意。我也要說，對開發團隊而言現在很忙，因為我們正同時並行開發多項產品。我們有 Atomiq 110，也有 Apollo 340，所以事情很多，而我對進度推進的情況感到滿意。

Sounds good. Congratulations again.

聽起來不錯。再次恭喜。

Thank you.

謝謝。

Quinn Bolton, Needham & Company.

Quinn Bolton，Needham & Company。

Hey, guys, this is Shahin Navabi for Quinn. Thanks for the question, and congrats on all the progress. I guess on gross margin for Q2 and Q3, it is coming in much better than expected. I just wanted to hear the puts and takes on what is driving the strength here, especially with the rising component costs and supply constraints.

嗨，各位，我是代 Quinn 提問的 Shahin Navabi。謝謝讓我提問，也恭喜你們取得的各項進展。我想問一下第二季與第三季的毛利率，表現明顯優於預期。我想聽聽推動這股強勁表現的正反因素，特別是在零組件成本上升與供應受限的情況下。

There are two basic things that we have really made significant progress on that have allowed us to achieve gross margins a little bit above our business model. On the top side, from an ASP perspective, we continue to win business and price our products to extract the maximum value that we are providing to end customers. Pricing continues to be something that we look at and make sure that we are balancing to get the most that we can from the products that we sell. We have also made a lot of progress on the actual manufacturing costs associated with our products, and this is primarily through yield improvements and test time improvements as we ramp products into full scale manufacturing.

基本上有兩件事我們確實取得了顯著進展，讓我們能達到略高於我們商業模式的毛利率。在上行端，從 ASP（平均售價）的角度來看，我們持續贏得案子，並為產品定價，以擷取我們為終端客戶所提供的最大價值。定價仍是我們持續檢視的重點，確保在平衡之下，能從所銷售的產品中取得最大回報。我們也在與產品相關的實際製造成本上取得了很大進展，主要來自良率改善與測試時間改善，因為我們正把產品推進到全面量產。

That is being muted a little bit by some of these cost pressures that we are seeing, but making progress on both the top side as well as the cost basis for our products is what has allowed us to deliver these margin results.

這些成果會被我們看到的一些成本壓力稍微抵銷，但正是因為我們在上行端與產品成本基礎兩方面都在進步，才讓我們交出這樣的毛利率表現。

Got it. That is helpful. In terms of just the strong demand in the wearables market, it sounds like it is pretty broad based, but is there any form factor that you guys are seeing more demand for, whether that is the watches, the bands, rings, or glasses?

了解。這很有幫助。就穿戴式市場的強勁需求而言，聽起來相當廣泛；但你們是否看到某些外型（form factor）的需求更強，例如手錶、手環、戒指或眼鏡？

Yeah, we are indeed seeing demand across all types of wearables, right? So whether it is wrist-based, it is watches and bands, display-less bands, or smart rings, or even glasses. What I will say is that one of the hot new areas is display-less trackers. So that would encompass both your smart rings as well as trackers like the Whoop device and the new Fitbit Air. There is a great demand for that, and I would say that what is driving that is that there is this movement towards AI agents in the cloud gathering up all this data. You do not necessarily need the display right there to tell you what is going on. And so you rely on the AI agent to analyze all your data and give you feedback about how to adjust your sleep and how to adjust your eating and so forth and as we have talked about in the past, these devices become almost like medical devices. So we are really excited about the future there. We see our customers being very excited about the future there. Yeah, expect good things out of that segment moving forward.

是的，我們確實看到各類型穿戴式裝置都有需求。不論是腕戴式的手錶與手環、無螢幕手環、智慧戒指，甚至是眼鏡。我想說的是，其中一個很熱門的新領域是無螢幕追蹤器。這涵蓋智慧戒指，以及像 Whoop 裝置和新的 Fitbit Air 這類追蹤器。這方面需求很強，我認為背後的驅動因素是：市場正朝向由雲端的 AI 代理（AI agents）彙整所有資料的方向發展。你不一定需要在裝置上就有螢幕來告訴你發生了什麼。因此你會依賴 AI 代理去分析你的所有資料，並回饋你該如何調整睡眠、如何調整飲食等等；而且如同我們過去談過的，這些裝置幾乎會變得像醫療器材一樣。所以我們對這個領域的未來非常興奮。我們也看到客戶對這個領域的未來非常期待。是的，未來這個區隔值得期待。

Got it. Thank you.

了解。謝謝。

Liam Pharr, Bank of America.

Liam Pharr，美國銀行（Bank of America）。

Hi. Thanks for taking my question. I was wondering if you could start with just discussing your revenue mix, either across end markets and especially in your funnel. Is it still the markets outside of wearables comprising around 25%, or has that ticked up over the last couple of quarters? Thank you.

嗨。謝謝讓我提問。我想先請你們談談營收組合，無論是按終端市場來看，尤其是在你們的銷售漏斗（funnel）中。穿戴式以外的市場是否仍約占 25%，還是過去幾季有上升？謝謝。

Yeah. one of the edge AI devices, and really we call it personal devices, growth is phenomenal. So we believe that will continue to grow. That said, non-wearable market is also growing. Like we said in the script, we said we doubled non-wearable demand. However, because the denominator is growing so fast in personal devices with edge AI capability, that absolute number may not be as great as what we'd like to see. But its growth is very strong.

是的。邊緣 AI 裝置之一，我們其實稱之為個人裝置（personal devices），其成長非常驚人。所以我們相信這會持續成長。話雖如此，非穿戴式市場也在成長。就像我們在講稿裡提到的，我們說非穿戴式需求翻倍。不過，因為具備邊緣 AI 能力的個人裝置成長太快，使得分母成長很快，所以那個絕對數字可能沒有我們希望看到的那麼大。但它的成長仍然非常強勁。

What I'll add is that it does remain true that if we look at new designs launching next year, roughly 25% plus of that funnel is non-wearable devices. So, that remains true, but we're to some extent, as Fumi said, victims of our own success just because everything else is going so well. So I would say good progress, but maybe not as fast as one might like in these fast-growing times.

我補充一下：如果我們看明年將推出的新設計，約有 25% 以上的漏斗來自非穿戴式裝置，這點仍然成立。所以這仍然為真，但某種程度上，如同 Fumi 所說，我們算是「自我成功的受害者」，因為其他業務進展得太好了。所以我會說有不錯的進展，但在這種高速成長的時期，可能沒有大家期望的那麼快。

Thank you. And then, $1.8 million of net loss for the quarter. I was wondering if you could just kind of provide some color on that trajectory towards profitability on the bottom line, and is Atomiq needed to get there, or can we see some profitability or even free cash flow breakeven in fiscal 2027? Thank you.

謝謝。另外，本季淨損為 180 萬美元。我想請你們提供一些關於損益表端走向獲利的趨勢說明；以及是否需要 Atomiq 才能達到，或是我們能否在 2027 財年看到獲利，甚至自由現金流損益兩平？謝謝。

I think we're very, very pleased with our progress in terms of reducing the operating loss that you're seeing quarter-over-quarter. These are very fast-growing revenues. We're spinning off even higher percentage of gross profit dollars, and our spending is not growing as fast. What I would point to is if you look at our guidance for Q3, we expect OpEx to jump back up. Again, this is really investments around our 110 and 340 development. I think it's too early to really talk about that tipping point of when we'll get to cash flow breakeven. We're very much focused on a growth model right now, and in fact, we've raised quite a bit of money in the last two offerings that we've done, specifically to give us the cash resources to both grow our existing pipeline of business as well as develop new business opportunities.

我想我們對於營業損失逐季下降的進展感到非常、非常滿意。營收成長非常快。我們帶來更高比例的毛利金額，而我們的支出成長沒有那麼快。我想指出的是，如果你看我們對第三季的指引，我們預期營業費用（OpEx）會回升。同樣地，這主要是針對 110 與 340 的研發投入。我認為現在要談何時會到達現金流損益兩平的轉折點還太早。我們目前非常專注在成長模式；事實上，我們在最近兩次募資中籌得相當多資金，特別是為了提供現金資源，讓我們既能擴大既有的業務管線，也能開發新的商機。

We'll continue to be investing those dollars pretty heavily, and it's too early really to talk about when we expect to get to a profitability metric.

我們將持續相當大力地投入這些資金，而現在確實還太早，無法談論我們預期何時能達到獲利性指標。

Thank you.

謝謝。

Suji Desilva, Roth Capital.

Suji Desilva，Roth Capital。

Hi, Fumi, Scott, Jeff. Congratulations on the progress here.

嗨，Fumi、Scott、Jeff。恭喜你們在這裡取得的進展。

In the non-wearable market, guys, is there a channel or ecosystem partner strategy to help penetrate the broader industrial customer base? Or is it through your customers to their customers, or just any ways that that would be accelerated through a channel strategy?

在非穿戴式市場，各位是否有通路或生態系夥伴策略，來協助打入更廣泛的工業客戶基礎？或者是透過你們的客戶再到他們的客戶，或是有任何能透過通路策略加速的方法？

Well, we're working with various partners, including a distribution partner and some of the rep, so we're expanding. However, as you know, those market does take a little bit longer than a consumer market, so we are seeing a very strong, like I said, doubling year after year demand. It will take a little time, but yes, we're very optimistic that those market will grow, and will be a significant part of our future revenue.

我們正與各種夥伴合作，包括一個經銷夥伴以及一些代理商，因此我們正在擴張。不過，如你所知，這些市場確實比消費市場需要更長時間，所以我們看到非常強勁的需求——如我所說，年年倍增。這需要一些時間，但沒錯，我們對這些市場將成長、並成為我們未來營收的重要部分感到非常樂觀。

Yeah, and I would say the cool thing if I look at medical, industrial, smart home is the huge diversity of use cases that appear in our funnel, whether it's opportunities we're engaging with or wins that we have. But it's everything from Holter monitors to fetal heart rate monitoring, to EEG brain monitors, ECG patches, seizure detection devices. On the industrial side, you've got radiation dosimeters, implantable animal monitors, seabed sensing. So huge variety of stuff. The other thing I'll mention from a partner side is a lot of what these customers sell is its modules, right? So it's devices that we sell a chip to the module manufacturer, and then they go off and sell, aggregate a bunch of other customers. In that way, we reach a broader customer base.

是的，我會說，如果我看醫療、工業、智慧家庭，最酷的是在我們的漏斗中出現了極其多元的使用情境，不論是我們正在接觸的機會或我們已拿下的案子。涵蓋從 Holter 監測器到胎兒心率監測、到 EEG 腦波監測器、ECG 貼片、癲癇發作偵測裝置。在工業端，有輻射劑量計、可植入式動物監測器、海床感測。所以種類非常多。另外從夥伴角度我也想提到，這些客戶賣的很多是模組，對吧？也就是我們把晶片賣給模組製造商，然後他們再去銷售、整合並服務一大批其他客戶。透過這種方式，我們能觸及更廣泛的客戶群。

So, the bottom line is, we are very pleased with the diversity of customers that we are seeing, and we are optimistic about the future there.

所以，總結來說，我們對目前看到的客戶多樣性非常滿意，並且對未來非常樂觀。

It is growing fast outside of wearables, and I think you are going to see edge AI world of devices all around your personal life. So we are very confident that it is going to expand much faster.

在穿戴式以外的領域成長很快，我認為你將會看到邊緣 AI 的裝置世界遍布你個人生活的周遭。因此我們非常有信心它會更快地擴張。

Sounds exciting. My second question, obviously great job on the fundraising here. Now that you have the stronger balance sheet, I am wondering your thoughts or strategy on inorganic, if there are product holes, software or hardware that could expand, or what the thoughts there are as you go forward. Obviously strong organic growth, so wondering what the thinking is there.

聽起來很令人興奮。我的第二個問題，顯然你們這次募資做得很棒。現在你們的資產負債表更強健了，我想了解你們對非有機成長的想法或策略：如果有產品缺口，是否會透過軟體或硬體的擴充來補足，或是你們接下來的想法是什麼？顯然有很強的有機成長，所以想請教你們的思考方向。

Yeah, we cannot talk about what is our strategy on organic or inorganic growth, but definitely we are using that to expand our portfolio of the product. It could be beyond what we talked about, Apollo and Atomiq. Please stay tuned. We are very excited. Having these kinds of funds to be able to expand our portfolio is really exciting to us.

是的，我們無法談論我們在有機或非有機成長方面的策略，但可以確定的是，我們會運用這些資金來擴充我們的產品組合。可能會超出我們談到的 Apollo 和 Atomiq。敬請期待。我們非常興奮。能有這樣的資金來擴展我們的產品組合，對我們來說真的很令人振奮。

Okay, great. We will look forward to that. Thanks, Fumi. Thanks, everybody.

好的，很棒。我們會期待後續消息。謝謝你，Fumi。謝謝大家。

Thank you.

謝謝。

Tim Arcury, UBS.

Tim Arcury，UBS。

Thanks a lot. Jeff, I wanted to ask about OpEx. It is ballooning a bit in September. The full-year implies it is going to go down a touch in December, but these $7 million to $10 million worth of IP purchases, it is not something that you called out in the past. How much of this is recurring as we head into 2027? Basically, what is the right baseline off of that $23 million in December, and do these IP purchases continue into the first half of next year?

非常感謝。Jeff，我想問一下營業費用（OpEx）。9 月份有點膨脹。全年指引意味著 12 月會小幅下降，但這些 700 萬到 1,000 萬美元的 IP 採購，過去你們並沒有特別提到。當我們邁向 2027 年時，其中有多少是經常性支出？基本上，以 12 月的 2,300 萬美元為基準，合理的基線應該是多少？而這些 IP 採購是否會延續到明年上半年？

Well,we talked about IP purchases at the very beginning of the year, and in terms of that $85 million of OpEx spending for 2026, we said that the IP piece of it would be about $7 million to $10 million in the OpEx line. I think we are just reiterating the fact that we still are on track to spend about that much for the year, both the $85 million, as well as the $7 million to$10 million for IP. That IP is directly linked to the Atomiq 110 and 340 developments. It is a variable cost associated with building new products. When we think about the future, we will continue to spend money where we need to license IP to develop products beyond 340 and Atomiq 110.

我們在年初一開始就談過 IP 採購；就 2026 年 8,500 萬美元的 OpEx 支出而言，我們說其中 IP 的部分在 OpEx 項下大約是 700 萬到 1,000 萬美元。我想我們只是重申，我們仍按計畫在今年支出大約這個水準：包括 8,500 萬美元，以及 IP 的 700 萬到 1,000 萬美元。這些 IP 與 Atomiq 110 和 340 的開發直接相關。這是一項與打造新產品相關的變動成本。展望未來，我們會在需要授權 IP 以開發 340 與 Atomiq 110 以外產品的地方，持續投入資金。

Okay, so it is going to recur into next year. That is the answer to the question, correct?

好的，所以它會延續到明年、成為經常性支出。這就是問題的答案，對嗎？

It will be tied directly to the products that we are developing on our roadmap.

它會直接與我們在產品路線圖上正在開發的產品綁定。

Okay. How about this: of the year-over-year growth in revenue, of the, let's say, $18 million, September 2026 versus September 2025, how much of that is units versus price?

好的。那這樣：在營收的年對年成長中，假設是 1,800 萬美元（2026 年 9 月相較 2025 年 9 月），其中有多少來自出貨量、多少來自價格？

I cannot give you an exact percentage, but clearly, to get that type of growth, it is unit-based. The demand for end customers on a unit basis is exceeding all of our expectations, and units are the primary driver to our revenue growth.

我無法給你精確的百分比，但很明顯，要達到那樣的成長幅度，主要是由出貨量帶動。終端客戶在單位數量上的需求超出我們所有的預期，而出貨量是我們營收成長的主要驅動因素。

Okay. Thanks.

好的。謝謝。

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

目前沒有進一步的問題。今天的電話會議到此結束。感謝各位參與。您現在可以掛線。

Thank you.

謝謝。