Alpha and Omega Semiconductor Ltd (AOSL) 2026 Q1 法說會逐字稿

Afternoon.

下午。

Thank you for attending today's Alpha and Omega Semiconductor fiscal Q1 2026 Earnings call. My name is Jaylen and I'll be a moderator for today. Our lines would be muted during the presentation portion of the call with an opportunity for questions and answers at the end. At this time, I'd like to pass the conference over to the Investor Relations representative for AOS, Steven Pelayo. Please proceed.

感謝您參加今天 Alpha and Omega Semiconductor 2026 財年第一季財報電話會議。我叫傑倫，今天我將擔任主持人。在電話會議的演示環節，我們的線路將被靜音，並在最後留出問答環節。此時，我想把會議交給AOS的投資人關係代表史蒂文‧佩拉約。請繼續。

Good afternoon, everyone, and welcome to Alpha and Omega semiconductors conference call to discuss fiscal 2026 first quarter. I'm Steven Pelayo, Investor Relations representative for AOS. With me today are Stephen Chang, our CEO, and Yifan Liang, our CFO. This call is being recorded and broadcast live over the web. A replay will be available for seven days following the call via the link in the investor relations section of our website.

各位下午好，歡迎參加 Alpha and Omega 半導體公司 2026 財年第一季電話會議。我是 Steven Pelayo，AOS 的投資人關係代表。今天陪我一起的有我們的執行長 Stephen Chang 和我們的財務長 Yifan Liang。本次通話正在錄音並透過網路直播。電話會議結束後七天內，您可以透過我們網站投資者關係部分的連結收聽錄音回放。

Our call will proceed as follows today. Stephen will begin business updates, including strategic highlights and a detailed segment report. After that, Yifan will review the financial results and provide guidance for the December quarter.

今天的通話將以以下方式進行。史蒂芬將開始報告業務進展，包括策略亮點和詳細的業務分部報告。之後，易凡將審核財務業績，並對12月季度業績進行展望。

Finally, we will have the Q&A session. The earnings release was distributed over the wire today, November 5, 2025, after the market closed. The release is also posted on the company's website. Our earnings release in this presentation include non-GAAP financial measures. We use non-GAAP measures because we believe they provide useful information about our operating performance that should be considered by investors in conjunction with GAAP measures. A reconciliation of these non-GAAP measures to comparable GAAP measures is included in the earnings release. We remind you that during this conference call we will make certain forward-looking statements including discussions of the business outlook and financial projections. These forward-looking statements are based on management's current expectations and involve risks and uncertainties that could cause our actual results to differ materially. For more detailed description of these risks and uncertainties, please refer to our recent and subsequent filings with the SEC. We assume no obligation to update the information provided in today's call. Now I'll turn the call over to our CEO Stephen Chang.

最後，我們將進行問答環節。獲利報告於2025年11月5日股市收盤後透過電訊發布。新聞稿也發佈在公司網站上。本次發布的獲利報告包含非GAAP財務指標。我們使用非GAAP指標，因為我們認為這些指標能夠提供有關我們經營績效的有用信息，投資者應該將這些資訊與GAAP指標結合起來考慮。獲利報告中包含了這些非GAAP指標與可比較GAAP指標的調節表。我們在此提醒各位，在本次電話會議中，我們將發表一些前瞻性聲明，包括對業務前景和財務預測的討論。這些前瞻性陳述是基於管理階層目前的預期，並涉及風險和不確定性，可能導致我們的實際結果與預期有重大差異。有關這些風險和不確定性的更詳細描述，請參閱我們最近和後續向美國證券交易委員會提交的文件。我們不承擔更新今天電話會議中所提供的資訊的義務。現在我將把電話交給我們的執行長史蒂芬張。

Stephen.

史蒂芬。

Thank you, Stephen. Welcome to Alpha and Omega fiscal 2026 Q1 earnings call. I will begin with a high-level overview of our results and then jump into segment details. We delivered fiscal Q1 revenue results at the midpoint of our guidance, primarily driven by growth in our computing and communications segments. Offset partially by weaker trends in consumer and power supply and industrial.

謝謝你，史蒂芬。歡迎參加 Alpha and Omega 2026 財年第一季財報電話會議。我將首先對我們的結果進行高層次的概述，然後再深入到各個細分領域的細節。我們第一財季的營收業績達到了預期目標的中位數，這主要得益於電腦和通訊業務的成長。部分被消費、電力供應和工業領域的疲軟趨勢所抵消。

Overall, total September quarter revenue was $182.5 million. Non-GAAP. Gross margin was 24.1%, non-GAAP EPS was $0.13. Total revenue increased slightly year by year and 3.4% sequentially. As previously noted, licensing revenue wound down in the March quarter excluding licensing and other revenue. Our product revenue was up 3.3% year-over-year power IC revenue increased 5.9% sequentially and 37.3% year-over-year to a record quarterly high and now represents nearly 40% of total product revenue.

總體而言，9 月季度總營收為 1.825 億美元。非 GAAP 準則。毛利率為 24.1%，非 GAAP 每股盈餘為 0.13 美元。總收入較去年同期略有成長，較上季成長 3.4%。如前所述，在不包括許可證和其他收入的情況下，3 月季度的授權收入逐漸減少。我們的產品營收年增 3.3%，電源 IC 營收季增 5.9%，年增 37.3%，創下季度新高，目前佔產品總收入的近 40%。

The richer mix of power IC benefits gross margins and combined with increased control of sales underscores our transformation from a component supplier to a total solutions provider. On October 13th, we announced support for 800-volt DC power architecture, a major step forward for next generation AI data centers. This shift from traditional 54-volt systems to 800-volts represents a fundamental change in data. Center power distribution, improving efficiency, reducing copper usage, and enabling megawatt scale racks. AOS Is part of an expanding ecosystem to provide silicon carbide Gallium nitride, Sack moss, and multi-phase controllers to address every stage of power conversion.

更豐富的電源 IC 產品組合有利於提高毛利率，再加上對銷售的更強控制力，凸顯了我們從元件供應商向整體解決方案提供者的轉型。10 月 13 日，我們宣布支援 800 伏特直流電源架構，這是下一代 AI 資料中心向前邁出的重要一步。從傳統的 54 伏特系統到 800 伏特系統的轉變，代表著資料方面的根本性變化。集中式配電，提高效率，減少銅材用量，並實現兆瓦級機架。AOS 是一個不斷擴展的生態系統的一部分，提供碳化矽、氮化鎵、囊狀苔蘚和多相控制器，以滿足電力轉換的每個階段的需求。

We are excited about this transition as the move to 800-volts opens the door for AOS to participate in entirely new system designs rather than competing for existing sockets. In short, this architecture change creates a new design cycle, and with-it new opportunities for AOS to expand our footprint in high performance computing and data center markets. During the quarter, we received the first installment payment of approximately $ 94 million from the sale of a portion of our equity interest in our China joint venture.

我們對這一轉變感到興奮，因為向 800 伏特的轉變為 AOS 參與全新的系統設計打開了大門，而不是爭奪現有的插座。簡而言之，這種架構變化創造了一個新的設計週期，並為 AOS 拓展其在高效能運算和資料中心市場的影響力帶來了新的機會。本季度，我們收到了出售我們在中國合資企業部分股權的第一筆款項，金額約為 9,400 萬美元。

We are using this capital to accelerate the pace of strategic investment across technology, equipment, and engineering talent, doubling down in the very areas where we've already proven success these disciplined investments are designed to strengthen our technology leadership and expand our served markets into higher performance and higher margin applications.

我們將利用這筆資金加快在技術、設備和工程人才方面的策略性投資步伐，在我們已經證明成功的領域加倍投入。這些有紀律的投資旨在加強我們的技術領先地位，並將我們服務的市場擴展到性能更高、利潤更高的應用領域。

Our momentum in graphics smartphones and AI platforms is proof that past investments are paying off. Now emboldened by that success, we're going deeper by expanding our served available market, strengthening differentiation, and developing more complete system solutions that raise the performance bar for our customers. These investments position us to outpace the competition, increase our design capability and drive higher bomb content and margin contribution across a broader set of high growth, high value applications.

我們在圖形智慧型手機和人工智慧平台領域的強勁勢頭證明，過去的投資正在獲得回報。受到這項成功的鼓舞，我們正在透過擴大服務市場、加強差異化以及開發更完整的系統解決方案來加深對客戶的期望，從而提高客戶的性能標準。這些投資使我們能夠超越競爭對手，提高設計能力，並在更廣泛的高成長、高價值應用領域中推動更高的炸彈含量和利潤貢獻。

With that let me now cover our segment results and provide some guidance by segment for the next quarter starting with computing. September quarter revenue was up 27.1% year-over-year. And up to 4.6% sequentially and it represented the majority or 53.2% of total revenue. These results were ahead of our original expectation for low single-digit sequential growth and mid-teens year-over-year.

接下來，我將介紹我們各個業務部門的業績，並按業務部門對下一季的發展前景進行一些展望，首先從電腦業務部門開始。9 月季度營收年增 27.1%。季增高達 4.6%，佔總營收的 53.2%。這些結果超出了我們最初的預期，即環比成長個位數，比去年同期成長十幾個百分點。

The strong demand from PCs continued into the September quarter, driven by two key factors. The ongoing orders from customers seeking to mitigate tariff-related uncertainty and traditional seasonal strength tied it back to school and holiday demand. Combined AI and graphics card revenue declined sequentially but remained more than double from a year ago. The decline was anticipated, reflecting a digestion phase following strong June quarter shipments.

受兩個關鍵因素的推動，個人電腦的強勁需求延續到了9月的季度。為緩解關稅相關的不確定性，客戶持續下單，加上傳統的季節性需求，將市場需求與開學季和假期需求連結起來。人工智慧和顯示卡的總營收環比下降，但仍比去年同期成長一倍以上。這一下滑在預料之中，反映了在強勁的 6 月季度出貨量之後的一個消化階段。

One of our initial data center programs ramped at a smaller scale than originally planned. But we remain actively engaged across multiple new AI opportunities. In addition, the near-term moderation in graphics car demand reflects manufacturing prioritization toward AI platforms. We view these effects as temporary and expect activity to normalize as new programs ramp in the march quarter.

我們最初的資料中心專案之一的規模比原計劃要小。但我們仍積極參與多個新的人工智慧機會。此外，圖形汽車需求的短期放緩反映出製造業優先發展人工智慧平台。我們認為這些影響是暫時的，並預計隨著新項目在三月季度逐步推進，活動將恢復正常。

Looking ahead to the December quarter, we expect computing segment revenue to decline nearly 20% sequentially. This reflects the anticipated slowdown following the typical post-holiday seasonal cooling in both PCs and tablets and the digestion phase in both AI and graphics cards. As we just mentioned, we view these factors as short term in nature, with demand expected to stabilize and return to a more typical pattern as we move into 2026.

展望 12 月季度，我們預計計算部門的營收將較上季下降近 20%。這反映了個人電腦和平板電腦在節後典型的季節性降溫之後預期會出現的放緩，以及人工智慧和顯示卡的消化階段。正如我們剛才提到的，我們認為這些因素本質上是短期的，預計隨著我們進入 2026 年，需求將趨於穩定並恢復到更典型的模式。

At the same time, we are expanding our footprint beyond controller and power stage solutions. To include new opportunities in the 48 volt to 12 volt power delivery board, broadening our reach into the AI market. Our medium voltage solutions are optimized for applications requiring fast switching performance in the power conversion stage as well as high state operating area capability for 48-volt hot swap applications.

同時，我們正在將業務範圍擴展到控制器和功率級解決方案之外。為了在 48 伏特到 12 伏特電源傳輸板領域開拓新機遇，擴大我們在人工智慧市場的業務範圍。我們的中壓解決方案針對需要在功率轉換級實現快速開關性能以及需要 48 伏特熱插拔應用的高狀態工作區能力的應用進行了最佳化。

Turning to the consumer segment, September quarter revenue was down 25.8% year-over-year and 11.6% sequentially and represented 12.9% of total revenue. The results reflect the normalization of demand following strong Q2 promotional activity in gaming and a contraction from home appliances. The Standout in the consumer segment was wearables, which delivered a second consecutive quarter of strong sequential growth, reaching a record high. Growth was fueled by share gains, new customers, higher bond content, and an expanding product lineup that includes headphones, watches, and smart AI glasses.

再來看消費者領域，9 月季度營收年減 25.8%，季減 11.6%，佔總營收的 12.9%。結果反映出，在第二季遊戲領域強勁的促銷活動之後，需求趨於正常化，而家用電器領域的需求則有所下降。消費領域最突出的產品是穿戴式設備，連續第二季實現強勁的環比成長，創下歷史新高。成長的動力來自市場份額的提升、新客戶的加入、債券發行量的增加以及不斷擴大的產品線，其中包括耳機、手錶和智慧AI眼鏡。

For the December quarter, we forecast a high-teen sequential decline in the consumer segment primarily driven by maturing product cycle demand in gaming and seasonality and wearables, partially offset by growth from new refrigerator and fan applications in home appliances.

我們預測，12 月季度消費品行業將出現接近 10% 的環比下滑，主要原因是遊戲和季節性產品以及可穿戴設備的需求週期趨於成熟，但家用電器中冰箱和風扇等新應用的增長將部分抵消這一下滑。

Specific to gaming, we continue to work closely with our key customers on their next generation platform. These programs leverage our established, designed in position and play directly to our strengths in high performance power management. We expect to benefit when these new products enter production and launch their next product cycle.

在遊戲領域，我們繼續與主要客戶緊密合作，共同開發他們的下一代平台。這些項目利用我們已建立的、精心設計的地位，直接發揮我們在高效能電源管理方面的優勢。我們預計這些新產品投入生產並推出下一產品週期後，我們將從中受益。

Next, let's discuss the communication segment. September quarter revenue increased 21.4% sequentially but declined 7.8% year-over-year. The sequential growth was primarily driven by demand related to product launches from a tier one smartphone customer in the USA. While smartphone sales in both China and Korea also improved for the prior quarter. The year-over-year decline is mostly due to weaker demand from smartphone. Customers in China and our strategic decision to prioritize US customers. Despite these dynamics AOS has continued to capture share with leading global OEMs. We continue to strengthen our leadership position, particularly in high-end smartphones, where charging currents and bomb content continue to rise.

接下來，我們來討論溝通環節。9 月季度營收季增 21.4%，但年減 7.8%。環比成長主要由美國一家頂級智慧型手機客戶的產品發布需求所驅動。同時，中國和韓國的智慧型手機銷量也較上一季成長。年比下降主要是因為智慧型手機需求疲軟所致。中國客戶以及我們優先考慮美國客戶的戰略決策。儘管存在這些變化，AOS 仍持續贏得全球領先 OEM 廠商的市場份額。我們不斷鞏固我們的領先地位，尤其是在高階智慧型手機領域，充電電流和爆炸性內容持續成長。

Looking ahead, the December quarter will likely decline low to mid single-digits sequentially. This is better than typical seasonality. As we expect demand from US customers to remain strong, supported by share gains, ramping up new products and higher bond. Content related to increasing charging currents now.

展望未來，12 月當季的業績可能會較上季下降個位數百分比。這比典型的季節性波動要好。我們預計，在市佔率成長、新產品推出和債券價格上漲的支撐下，美國客戶的需求將保持強勁。現在有一些關於提高充電電流的內容。

Let's talk about our last segment, power supply and industrial, which accounted for 15.3% of total revenue and was down 12.4% year-over-year and 5.6% sequentially the sequential decline was primarily due to softer demand in AC DC power supplies and quick chargers, partially offset by a rebound in e-mobility after a weaker June Quarter. Overall, the results were below our expectations for mid-single-digit sequential growth as quick charter demand came in weaker than expected. Within these segments, power tools revenue decreased sequentially and year-over-year, reflecting softer consumer spending and inventory adjustments at key customers.

讓我們來談談最後一個板塊，電源供應和工業板塊，佔總收入的 15.3%，年減 12.4%，環比下降 5.6%。環比下降主要是由於 AC/DC 電源和快速充電器的需求疲軟，但電動車在經歷了疲軟的 6 月季度後出現反彈，部分抵消了這一影響。整體而言，由於快速包機需求弱於預期，業績低於我們預期的個位數環比成長。在這些細分市場中，電動工具收入環比和年比均有所下降，反映出消費者支出疲軟以及主要客戶的庫存調整。

Looking ahead to the December quarter, we expect power supply revenue to grow mid to high single-digits sequentially. Growth will be driven primarily by the power tool segment, which has been in a correction phase. But is now showing signs of recovery as customers ramp new products into mass production.

展望 12 月季度，我們預期電源供應收入將較上季實現中高個位數成長。成長將主要由電動工具領域推動，該領域一直處於調整階段。但現在隨著客戶將新產品投入大規模生產，市場已出現復甦跡象。

We're already seeing progress including a recent design win that integrates our driver ICs with medium voltage moss in the next generation brushless motor platform this win highlights our growing system level capability and position in advanced motor control applications elsewhere, DC band demand is expected to soften in the December quarter, while e-mobility continues to show moderate growth, particularly in emerging markets where new projects are beginning to ramp.

我們已經看到進展，包括最近贏得的一個設計項目，該項目將我們的驅動 IC 與中壓 moss 整合到下一代無刷馬達平台中。此次中標凸顯了我們在先進馬達控制應用領域不斷增強的系統級能力和地位。預計直流頻段需求將在 12 月季度放緩，而電動車將繼續保持溫和成長，尤其是在新興市場，那裡的新項目正在逐步增加。

Looking ahead to the December quarter, we expect product revenue of around $150 million reflecting typical seasonality following a strong September period. Demand across PCs is normalizing after a recent tariff related demand while gaming and wearables are also trending lower following promotional activity earlier in the year. AI and graphics cards are also digesting the strong shipment from the June quarter. In contrast, we expect strength and power tools and immobility to help offset some of the softness.

展望 12 月季度，我們預計產品收入約為 1.5 億美元，這反映了 9 月強勁成長後的典型季節性波動。在經歷了近期與關稅相關的需求之後，PC 的需求正在恢復正常，而遊戲和穿戴式裝置的需求在經歷了年初的促銷活動後也呈現下降趨勢。人工智慧和顯示卡市場也在消化六月季度強勁的出貨量。相較之下，我們預期力量、動力工具和行動不便將有助於抵消一些柔軟性。

Before turning the call over to Yifan, I would like to take a moment to highlight several critical investments currently underway. We remain more confident than ever in our long-term trajectory as we deepen our role in the global transformation taking place across electrification, digital globalization, and AI-driven computing power management has never been more essential, and AOS is well positioned across these mega trends with a broad portfolio spanning computing and AI, battery management and motor control. This diversification.

在將電話交給易凡之前，我想花一點時間重點介紹目前正在進行的幾項重要投資。我們比以往任何時候都更有信心，因為我們深化了在全球轉型中的作用，包括電氣化、數位全球化和人工智慧驅動的運算，電源管理從未像現在這樣重要，而 AOS 憑藉涵蓋計算和人工智慧、電池管理和馬達控制的廣泛產品組合，在這些大趨勢中佔據了有利地位。這種多元化。

Combined with our evolution from discrete components to total power solutions, continues to expand our served markets enhance our resilience across cycles, and drive sustainable growth. In the near term, while the market continues to recalibrate, we are driving innovation through discipline, investments and a focused strategy. With the cash proceeds from our JV equity sales, we are deploying capital with discipline, directing resources towards areas where we are already demonstrating strength such as smartphones and PCs, while further expanding our opportunities in graphics and AI.

隨著我們從分立元件發展到整體電源解決方案，我們不斷擴大服務市場，增強了我們在經濟週期中的韌性，並推動了永續成長。短期內，在市場持續調整的同時，我們將透過嚴謹的作風、投資和專注的策略來推動創新。憑藉合資企業股權出售所得的現金收益，我們正在有條不紊地部署資本，將資源投入到我們已經展現出優勢的領域，例如智慧型手機和個人電腦，同時進一步拓展我們在圖形和人工智慧領域的機會。

At the same time, we are investing in high impact initiatives that will shape the next wave of growth. For example, we are seeing continued expansion of bomb content in AI platforms, not only through our total power solutions combining controllers and power stages, but also through our high-performance mossed portfolio. Another key priority is accelerating development of the 800-volt AI power architecture, which marks a major inflection point in power efficiency and density for next generation data centers.

同時，我們正在投資一些具有高影響力的舉措，這些舉措將塑造下一波成長浪潮。例如，我們看到人工智慧平台中的炸彈內容不斷擴展，這不僅體現在我們結合控制器和功率級的整體電源解決方案中，也體現在我們高效能的 mossed 產品組合中。另一項重點工作是加速 800 伏特 AI 電源架構的開發，這標誌著下一代資料中心的電源效率和密度迎來了一個重大轉折點。

To support these opportunities, we are increasing targeted R&D and system level engineering investments to advanced design capability, qualification, and early production readiness, applying the same proven playbook that has driven our success in high performance computing and mobile markets.

為了支援這些機遇，我們正在加大有針對性的研發和系統級工程投資，以提升設計能力、資質認證和早期生產準備，並應用我們在高效能運算和行動市場取得成功的相同行之有效的策略。

These investments are designed to strengthen our technology leadership and expand our served market into higher performance and higher margin applications. We expect steady growth through 2026, followed by a stronger upturn in 2027 as programs transition from design into volume production. Capital deployment will remain milestone driven and tied to clear technical and commercial objectives to ensure attractive returns on invested capital.

這些投資旨在加強我們的技術領先地位，並將我們的服務市場擴展到性能更高、利潤更高的應用領域。我們預計到 2026 年將保持穩定成長，隨後在 2027 年隨著專案從設計過渡到大量生產而出現更強勁的成長。資本部署將繼續以里程碑為導向，並與明確的技術和商業目標掛鉤，以確保投資資本獲得可觀的回報。

With that, I will now turn the call over to Yifan for a discussion of our fiscal first quarter financial results and our outlook for the next quarter, Yifan.

接下來，我將把電話交給易凡，請他討論我們第一財季的財務表現以及我們對下一季的展望。

Thank you, Stephen. Good afternoon, everyone, and thank you for joining us.

謝謝你，史蒂芬。各位下午好，感謝各位的參與。

Revenue for the September quarter was $182.5 million up 3.4% sequentially and up 0.3% year-over-year. In terms of product mix, DMOS revenue was $108.5 million up 1.1% sequentially, and down 11.4% over last year. Power IC revenue was $72.7 million up 5.9% from the par quarter, and 37.3% from a year ago. Assembly service and other revenue was $1.3 million as compared to $0.5 million last quarter and $0.9 million for the same quarter last year.

9 月季度營收為 1.825 億美元，季增 3.4%，年增 0.3%。從產品組合來看，DMOS 的營收為 1.085 億美元，季增 1.1%，但年減 11.4%。電源 IC 營收為 7,270 萬美元，較上一季成長 5.9%，比去年同期成長 37.3%。組裝服務及其他收入為 130 萬美元，而上一季為 50 萬美元，去年同期為 90 萬美元。

Non-GAAP gross margin was 24.1% compared to 24.4% last quarter and 25.5% a year ago. The quarter decrease was mainly impacted by higher operation costs. Non-GAAP operating expenses were $41.4 million compared to $40.9 million for the quarter and $38.5 million last year. The quarter-to-quarter increase was primarily due to higher professional service fees.

非GAAP毛利率為24.1%，上一季為24.4%，去年同期為25.5%。本季業績下滑主要受營運成本上升的影響。非GAAP營運費用為4,140萬美元，而本季為4,090萬美元，去年同期為3,850萬美元。季度環比成長主要是由於專業服務費上漲所致。

Non-GAAP quarterly EPS was $0.13 compared to $0.02 per share last quarter and $0.21 per share a year ago. Moving on to cash flow. Operating cash flow was $10.2 million including $5 million of repayment of customer deposits. By comparison, operating cash flow was negative $2.8 million in the quarter and positive $11 million last year.

非GAAP季度每股收益為0.13美元，上一季為每股0.02美元，去年同期為每股0.21美元。接下來分析現金流。經營現金流為 1,020 萬美元，其中包括償還客戶存款 500 萬美元。相比之下，本季經營現金流為負 280 萬美元，去年同期為正 1,100 萬美元。

We expect to refund $8.2 million of customer deposits in the December quarter. If it does exclude equity method investment income was $19.4 million for the quarter compared to $10.5 million last quarter and $20.6 million for the same quarter a year ago.

我們預計將在12月季度退還客戶820萬美元的押金。若排除權益法投資收益，本季投資收益為 1,940 萬美元，上一季為 1,050 萬美元，去年同期為 2,060 萬美元。

Now let me turn to our balance sheet. We completed the September quarter with a cash balance of $223.5 million compared to $153.1 million at the end of last quarter. In the September quarter, we divested 20.3% of our equity interest in the JV company for $150 million and we received the first installment payment of $94 million.

現在讓我來看看我們的資產負債表。截至9月底，我們的現金餘額為2.235億美元，而上一季末為1.531億美元。在 9 月的季度中，我們以 1.5 億美元的價格出售了我們在合資公司 20.3% 的股權，並收到了第一筆 9,400 萬美元的款項。

We expect to receive the remaining payments in the next few months. Also in the September quarter, we paid off $20.8 million for the remaining balance of our equipment loan. Net trade receivables increased by $2.3 million sequentially. They sales outstanding was 21 days for the quarter compared to 15 days for the prior quarter. That inventory increased by $6.5 million quarter-over-quarter.

我們預計將在未來幾個月內收到剩餘款項。同樣在九月的季度，我們償還了剩餘設備貸款餘額 2,080 萬美元。淨應收帳款季增加 230 萬美元。本季應收帳款週轉天數為 21 天，而上一季為 15 天。該庫存比上季增加了650萬美元。

Average days in inventory were 124 days for the quarter compared to 126 days for the quarter. CapEx for the quarter was $9.8 million compared to $14.3 million for the quarter. We expect CapEx for the December quarter to range from $14 million to $16 million. With that, now I would like to discuss December quarter guidance. We expect the revenue to be approximately $160 million plus or minus $10 million.

本季平均庫存週轉天數為 124 天，而上一季為 126 天。本季資本支出為 980 萬美元，而上一季為 1,430 萬美元。我們預計 12 月季度的資本支出將在 1,400 萬美元至 1,600 萬美元之間。接下來，我想談談12月季度的業績指引。我們預計營收約 1.6 億美元，上下浮動 1,000 萬美元。

Gross margin to be 22.3% plus or minus 1%. We anticipate the non-GAAP gross margin to be 23% plus or minus 1%. That operating expenses to be $47.1 million plus or minus $1 million. Non-GAAP operating expenses are expected to be $40.5 million plus or minus $1 million.

毛利率為 22.3%，誤差範圍為 1%。我們預期非GAAP毛利率為23%±1%。營運費用預計為4710萬美元，上下浮動100萬美元。 （非GAAP準則）預計營運費用為 4,050 萬美元，上下浮動 100 萬美元。

Interest income to be $1 million higher than interest expense and income tax expense to be in the range of $1.1 million to $1.3 million. With that, we will now open the call for questions. Operator, please start the Q&A session.

利息收入將比利息支出高出 100 萬美元，所得稅支出將在 110 萬美元至 130 萬美元之間。接下來，我們將開始接受提問。操作員，請開始問答環節。

(Operator Instructions)

（操作說明）

Our first question comes from David Williams with the company Benchmark. David, your line is not open.

我們的第一個問題來自 Benchmark 公司的 David Williams。大衛，你的線路未接通。

David, please ensure you're not on mute.

大衛，請確保你沒有靜音。

Hey, good afternoon. Can you guys hear me, okay?

嘿，下午好。你們聽得到我說話嗎？

Yes, now we can.

是的，現在我們可以了。

Thanks.

謝謝。

Okay.

好的。

Apologies for the the technical difficulties here. So, excuse me for, I kind of missed, the first of the call here, but just kind of curious if you could give us, maybe a little more of color on the sequential decline if there's anything in particular there that you think, is maybe a demand side related, if you kind of look at in the next year just kind of how things are trending as we get into 2026.

很抱歉出現技術故障。抱歉，我錯過了電話會議的第一部分，但我很好奇您能否就連續下降的情況再詳細解釋一下，您認為其中是否有任何與需求方面相關的因素，以及展望未來一年，也就是到 2026 年，情況會如何發展。

Sure, and we're looking at the into the fourth calendar quarter, December quarter. Some of this is seasonality, but some of this does go a little bit beyond seasonality. We know that particularly in the PC area we saw, activity tied to, mitigating tariffs in seeing more activity in the beginning part of the year. We already at that time expected that to be temporary and end up being kind of a longer temporary going through most of even the September quarter, but that is coming to an end, and we expect that there there it's right now going through a correction period, but we see this as a as a more of a temporary thing as well too.

當然，我們現在關注的是第四個季度，也就是12月季度。其中一部分是季節性因素造成的，但有些因素則超越了季節性的範疇。我們知道，尤其是在個人電腦領域，我們看到與緩解關稅相關的活動在年初變得更加活躍。我們當時就預料到這種情況是暫時的，而且可能會持續到九月份的大部分時間，但這種情況即將結束，我們預計目前正處於調整期，但我們也認為這只是暫時的。

And fundamentally, the markets that we're in, still have the underlying growth. And growth trends behind that, whether it's a bomb expansion in PCs or whether it's the smartphones moving to higher charging currents, those trends are still ongoing, so we see this more as a temporary correction whereas the underlying trends are still there.

從根本上講，我們所處的市場仍然具有潛在的成長潛力。而背後的成長趨勢，無論是個人電腦的爆炸性成長，還是智慧型手機向更高充電電流的轉變，這些趨勢仍在繼續，因此我們認為這更像是一種暫時的調整，而潛在的趨勢仍然存在。

Great. Thanks for the color there.

偉大的。謝謝你帶來的色彩。

And then just maybe on the gross margin side, Yvonne, if you can, and forgive me if this has already been asked and answered, but, can you just kind of speak to the gross margin and the degradation there and how you kind of think about or how we should think about that trending through next year.

然後，伊馮娜，關於毛利率方面，如果你方便的話，如果這個問題之前已經有人問過並回答過了，請原諒我，但是，你能否談談毛利率以及毛利率的下降情況，以及你如何看待或者我們應該如何看待明年的趨勢？

Thank you.

謝謝。

Sure. Well, before the September quarter, our gross margin was in line with our guidance and then, slightly below the midpoint, primarily, reflecting some higher operation expenses. Going forward, yeah, I would expect them, this gross margin. Line will fluctuate along with the revenue top-line and then depending on the product mix and then the production level. So, as Steven just mentioned, I mean, for the December quarter, yes, no, we are expecting a lower top-line and then, so we also expect the gross margin line and is a little bit lower than the September quarter. So, yeah, so next year, we were still confident and, our product mix and the world improve and then then after this near-term slowdown inventory correction.

當然。在 9 月季度之前，我們的毛利率符合預期，之後略低於預期中位數，主要原因是營運費用增加。展望未來，是的，我預計他們會維持這個毛利率。生產線會隨著營收總額的波動而波動，然後取決於產品組合和生產水準。正如史蒂文剛才提到的，我的意思是，對於 12 月季度，是的，我們預計營收會下降，因此我們也預計毛利率會比 9 月季度略低。所以，是的，明年我們仍然充滿信心，我們的產品組合和世界狀況都會有所改善，然後經過短期放緩和庫存調整。

(Operator Instructions)

（操作說明）

The next question comes from Kyle Smith with the company Stifel. Kyle, your line is not open.

下一個問題來自 Stifel 公司的 Kyle Smith。凱爾，你的線路未接通。

Hey guys, thank you for taking my question.

各位好，感謝你們回答我的問題。

Maybe shipping longer-term, I'm curious what sort of dynamics you're seeing around ASPs and any potential erosion I think I know like in the past it's been like kind of like mid to high single-digit declines annually. What sort of dynamics are you kind of seeing for fiscal 2026 and then heading into fiscal 2027, just any commentary there would be appreciated.

或許從長遠來看，我很好奇你觀察到的平均售價 (ASP) 的動態變化以及任何潛在的下滑。我知道過去的情況是，每年都會出現個位數中高段的下滑。您認為 2026 財年以及即將到來的 2027 財年會有怎樣的發展趨勢？任何評論都將不勝感激。

All right, sure. I mean, right now, so far this year, this calendar year, we have been seeing pretty much the ASP erosion has been trending toward historical number, and, as what you said and single-digit year-over-year, that type of range. So, that's on that same parts, year-over-year basis. So, what we do is, we roll out new products and, to provide our customers with more, the higher performance and more functionality, and then, so that we can reset the ASP. So going forward and we'll be doing the same thing and then in terms of overall market pricing situation that's that's hard to say. I mean, depending on the overall economy and the competition, so far this year is in the along the traditional historical line.

好的，當然可以。我的意思是，就目前而言，今年到目前為止，我們看到平均售價的下降趨勢已經趨向歷史水平，而且正如你所說，同比降幅在個位數範圍內。所以，這是在同一部分上，按年計算的情況。所以，我們所做的就是推出新產品，為我們的客戶提供更高效能和更多功能，然後，這樣我們就可以重置平均售價 (ASP)。所以接下來我們將繼續這麼做，至於整體市場定價狀況，那就很難說了。我的意思是，根據整體經濟和競爭情況來看，今年到目前為止，一切都遵循著傳統的歷史法則。

And let me comment a little more on this one too, and yes, we're glad to see more normalization of ESP decline, but the key thing that we're driving to actually to raise and raise margins going forward is actually through the mix, as Ethan has alluded to. We are going after sockets and applications that are more performance driven. And in this sense, this is where when we're talking about investing in growth, we're investing in these types of areas that can drive higher bomb content both for our ICs as well as our moss solutions. We've been talking about and demonstrating the percentage of our power IC business as a percentage of revenue increasing.

我也想就此再多說幾句。是的，我們很高興看到 ESP 下降趨勢逐漸正常化，但正如 Ethan 所暗示的那樣，我們真正努力提高利潤率的關鍵在於投資組合的調整。我們的目標是開發效能更優異的套接字和應用程式。從這個意義上講，當我們談論投資成長時，我們投資的是能夠提高我們積體電路和苔蘚解決方案的炸彈含量的領域。我們一直在討論和展示我們的功率積體電路業務佔收入的百分比不斷增長。

And also, and we're happy to see that even our moss vets are also going after higher performance sockets, whether it's in smartphones for higher charging currents or even for even for AI servers going after either going after the hot swap applications or intermediate area bus conversions where they need a high-performance moss. All these kinds of sockets help to increase the bomb content as well as the margin and profile.

而且，我們很高興地看到，就連我們的 Moss 老手們也在追求更高性能的插座，無論是智慧型手機中更高的充電電流，還是 AI 伺服器中需要高性能 Moss 的熱插拔應用或中間區域總線轉換。所有這些類型的插槽都有助於增加炸彈的容量、邊際和輪廓。

Great, that's really helpful color. Thank you and then yeah I guess maybe if I could just turn to the JV sale, which I know it is obviously bringing in a lot of cash and you talked about some of the uses that you kind of see for that influx of capital that's coming in but I guess it would be helpful if maybe you could qualitatively just kind of rank sort. The different uses of those proceeds that you kind of see, I think you alluded to it a little bit in your previous answer, but any additional color there would be appreciated.

太好了，這個顏色真的很有幫助。謝謝。那麼，我想如果我能談談合資企業出售的情況，我知道它顯然帶來了很多現金，您也談到了您認為這筆湧入資金的一些用途，但我想如果您能定性地進行排名排序，那就很有幫助了。關於這些收益的不同用途，我想你在之前的回答中已經略有提及，但如果能提供更多細節就更好了。

Okay, sure, yeah, through this.

好的，當然，透過這個。

Sale of, equity deal, we we we already realized about $176 million and so this deal, we got $150 million back to December 2021, we got about a $26 million so $176 million in total and then. And after this deal, we still on 18.9% of the JV. So definitely, I mean, this transaction significantly strengthened our balance sheet and then and then going forward, yes, in terms of how we want to use those proceeds and a couple of things and I mean, one is, Steven already talked about it, will continue to invest in the areas, we have been doing very well, for example, in the smartphone, PC, AI, and then at the same time, we invest in those, the Expanding and growing, bomb content in terms of, AI and then that would support our next wave of the growth. So, in those AI and 800-vote AI power architecture, in those areas and we saw.

出售股權交易，我們已經實現了約 1.76 億美元，所以這筆交易，我們獲得了 1.5 億美元，回到 2021 年 12 月，我們獲得了約 2600 萬美元，所以總共 1.76 億美元，然後。交易完成後，我們仍持有合資公司 18.9% 的股份。所以，這筆交易無疑地大大增強了我們的資產負債表。展望未來，關於如何使用這些收益，有幾點需要考慮。首先，正如史蒂文已經提到的，我們將繼續投資於我們做得非常好的領域，例如智慧型手機、個人電腦和人工智慧。同時，我們也投資於人工智慧領域不斷拓展和發展的內容，這將支持我們的下一波成長。所以，在那些人工智慧和800票人工智慧能力架構中，在這些領域，我們看到了。

A lot of potential opportunities for us. So, those are the areas and to continue to invest.

我們有很多潛在機會。所以，這些就是需要繼續投資的領域。

Yeah, let me add on to that too. So, basically in terms of the investment area, now we are taking a very focused look at that, a very disciplined approach, and we want to invest more in areas where we have demonstrated a way that we can execute and we can expand our business. So, whether it's going into Deeper into existing applications such as PCs, such as phones, or expanding into AI applications, if it's into areas where we see that we have competitive strength, we have products that are competitive going after performance driven sockets. So, those are the areas that we will focus on.

是的，我也想補充一點。所以，基本上就投資領域而言，我們現在正以非常專注的態度，採取非常嚴謹的方式進行研究，我們希望加大對那些我們已經證明能夠有效執行並能夠拓展業務的領域的投資。因此，無論是深入現有應用領域（如個人電腦、手機等），還是擴展到人工智慧應用領域，只要我們進入了我們認為具有競爭優勢的領域，我們就會推出具有競爭力的產品，瞄準性能驅動的插槽。所以，這些就是我們將要重點關注的領域。

Great, thank you. And then just one quick housekeeping question. I missed it at the end. You guided for the industrial segment to exhibit a mid to high single-digit sequential increase or decrease in the December quarter?

太好了，謝謝。最後，我還有一個簡單的客房服務問題。最後我錯過了。您預計工業類股在12月季將呈現中高個位數較上季成長或下降？

December quarter should be to grow mid to high single-digits sequentially. That's what that's our guidance.

預計12月季將實現中高個位數環比成長。這就是我們的指導原則。

Okay perfect thank you very much.

好的，非常感謝。

Thank you.

謝謝。

Thanks.

謝謝。

Our next question comes from Craig Ellis with the company B. Riley Securities. Craig, your line is not open.

下一個問題來自 B. Riley Securities 公司的 Craig Ellis。克雷格，你的路線未接通。

Yeah, thanks for taking the question. I was like getting in, so apologies that these questions have already been asked. I think, what I saw in the prepared remarks is that we had expected AI related revenues to be coming back in the fourth quarter after some digestion in the in the fiscal first quarter, but now we expect more of that ramp to come. In the fiscal third quarter, is that correct? And what is happening that is causing that ramp to be a quarter later than we previously expected?

好的，謝謝你回答這個問題。我當時正準備進去，所以很抱歉這些問題之前已經被問過了。我認為，從準備好的發言稿中可以看出，我們原本預計人工智慧相關的收入會在第一財季消化一段時間後在第四財季恢復，但現在我們預計這一增長勢頭會更加強勁。是第三財季嗎？是什麼原因導致產能爬坡比我們之前預期的晚了四分之一？

Sure, yeah, we were originally counting on some ramp up happening in the second half of the calendar year, and, although we have done some ramp in the previous quarter, right now it looks like the demand for that is not as strong as what it was originally forecasted to to be.

當然，我們原本指望在今年下半年實現一些成長，雖然我們在上個季度確實實現了一定的成長，但目前看來，這方面的需求並沒有最初預測的那麼強勁。

And so we're continuing to watch, at least for this particular program. But that said, we continue to be engaged on other opportunities that have different timelines that we are actively pursuing.

因此，我們會繼續關注，至少會關注這個特定的節目。但即便如此，我們仍在積極尋求其他一些時間安排不同的機會。

And as you convey that they then are are you referring to engage with other opportunities with the same customer? Are you referring to other opportunities with different customers just trying to understand what's happening in the business.

你所說的「然後他們」是指與同一客戶開展其他業務往來嗎？您是指與其他客戶的其他合作機會嗎？我只是想了解一下公司目前的業務狀況。

It's a little bit of both. So as we mentioned in the call, there is the total solutions with our controller and with our driver moss and Power Stage products, and those, are mostly with the with the same customer that we're engaged with now. But as we mentioned on the call, we're also expanding to go. After other sockets in AI, which includes some of the power delivery to get the power even before getting to that that last stage, and that you know that expands our available customers to other ones besides the one we're currently serving for AI.

兩者兼而有之。正如我們在電話會議中提到的，我們的控制器、驅動器和功率級產品提供了整體解決方案，而這些產品大多是與我們現在正在合作的同一客戶共同提供的。但正如我們在電話會議中所提到的，我們也正在拓展外送業務。在人工智慧的其他插槽之後，包括一些電力輸送，以便在到達最後一個階段之前獲得電力，你知道，這將使我們的客戶群擴展到我們目前為人工智慧服務的客戶之外的其他客戶。

Okay and then there was remarks I believe in the call about investing for growth and maybe you're referring to that. Right there, or maybe it's a different point. My question regarding the investments for growth, does that mean we're sustaining current levels of R&D? Are you expecting that you're going to need to take R&D higher because you would need, either additional design engineers, additional field engineers, etc.

好的，然後我相信在電話會議中有人提到了關於投資成長的話題，也許你指的是這個。就是那裡，或者可能是另一個點。關於成長投資，我的問題是，這是否意味著我們將維持目前的研發水準？您是否預計需要提高研發投入，因為您需要更多的設計工程師、更多的現場工程師等等？

Help me understand what investing for or in growth. Looks like.

請幫我理解一下，投資成長是什麼？或者說，投資成長是什麼？看起來像。

Yeah, we are planning to invest some more into R&D, especially to fuel some of these areas, and the idea is that, we are happy to see the success so far, but we want to accelebrate that success, go after more programs, go after more sockets, expand our offering even more in those specific areas. So that will come with some R&D expense as well to cover those additional products to serve the bigger bigger opportunities there.

是的，我們計劃加大研發投入，尤其是在這些領域。我們很高興看到目前的成功，但我們希望加快步伐，慶祝這些成功，開展更多項目，尋求更多機會，進一步擴大我們在這些特定領域的產品和服務。因此，為了抓住更大的機遇，開發更多產品也需要一定的研發費用。

And can you, Stephen, or can Yifan quantify how significant that would be and when we would expect to see it for example, is it baked into the guide you've given for the fiscal second quarter or is it something that comes in the fiscal second half of the year?

史蒂芬，你或易凡，能否量化這有多重要，以及我們預計何時能看到它，例如，它是否已經包含在你們給出的第二財季的指導方針中，還是會在今年下半年出現？

Well, in terms of the return portion, timing wise, this is, we've been we've already been investing so far, so some of this is going to be, we'll start to see next year already. This is why we are signaling that we will expect to see some growth, steady growth in in the calendar 2026, followed by a more upturn in 2027. So that is the result of, further investment in these growth areas.

就回報部分而言，從時間上看，我們已經進行了投資，所以其中一些回報將在明年開始顯現。因此，我們發出信號，預計 2026 年將出現一些增長，穩步增長，隨後在 2027 年將出現更大的增長。所以，這就是加大對這些成長領域投資的結果。

Okay, got it. And then, just moving on, to non-AI businesses, you commented that compute was up in the fiscal first quarter despite some of the ship ahead activity. I thought it might be up a little bit more given that we had I think 9% quarter on quarter sequential growth. Can you just comment on how you feel about share activity in the compute market, and then I just ask the same thing about the the gaming card market because I think that's in the same segment.

好的，明白了。然後，我們繼續討論非人工智慧業務，您提到儘管有一些提前交付的活動，但第一財季的計算業務仍然有所增長。考慮到我們上一季環比成長了9%，我原以為漲幅會更大一些。您能否談談您對電腦市佔率活動的看法？然後，我想問您對遊戲顯示卡市場的看法，因為我認為它們屬於同一領域。

Thank you.

謝謝。

Okay, yeah.

好的，是的。

For the PC side, seasonally, the September quarter is always the peak, and we saw that strength going into the September quarter. But by the end of the September quarter, that's when we started to see some of the adjustments happening based on the more pulling in in terms of the first half, first portion of the year. So that that started to change towards the end of the September quarter, but overall it's still a strong quarter for us. It always is a strong quarter in the September quarter and just now we we're expecting some kind of temporary adjustment as we enter into the lower season for PCs.

就個人電腦而言，從季節性來看，9 月的季度總是高峰期，我們在進入 9 月的季度時也看到了這種強勁勢頭。但到了九月的季度末，我們開始看到一些調整發生，這些調整是基於上半年、年初更多收支情況而進行的。所以到了九月季度末，情況開始有所變化，但總體而言，這仍然是我們表現強勁的一個季度。9 月通常是銷售旺季，但現在隨著個人電腦銷售淡季的到來，我們預計會出現一些暫時的調整。

Got it thank you guys. I'll pop back about.

明白了，謝謝各位。我稍後會再來。

Sure, yeah, the second question I just realized on the graphics cards, right?

好的，沒錯，第二個問題我剛才也想到了，是關於顯示卡的，對吧？

So for the gaming cards portion that also, and I think it was strong more towards the first part of the year. We're expecting that to moderate some going into the December quarter, mainly because our end customer is focusing more on on the data center and so the allocation for them is more shifted that way. But we see this as also temporary too. We expect this to come back pretty shortly.

所以遊戲卡牌部分也是如此，而且我認為它在今年上半年表現得更為強勁。我們預計這種情況在 12 月季度會有所緩和，主要是因為我們的最終客戶更加關注資料中心，因此分配給他們的資源也更多地轉向了資料中心。但我們認為這種情況也是暫時的。我們預計很快就會恢復正常。

Got it thank you Steven.

明白了，謝謝你，史蒂文。

Our next question comes from Tore Svanberg with the company Stifel. Tore, your line is not open.

我們的下一個問題來自 Stifel 公司的 Tore Svanberg。Tore，您的線路未接通。

Yes, hi, thank you. Hi, Steven. So, I know it's very early, but I'm just looking at next year and just want to understand some of the puts and takes.

是的，你好，謝謝。你好，史蒂文。我知道現在還為時過早，但我只是想展望明年，了解一些投資和投資的動向。

Obviously, I'm not looking for particular guidance here, but, given your R&D pipelines, some of your design wins, what would be some of the relatively better performance segments you think, next year?

顯然，我並不是想尋求具體的指導，但是，考慮到你們的研發管線和一些設計上的成功案例，你們認為明年哪些方面的表現會相對較好？

Yeah, I would say that those three areas that we're talking about investing in, those are the ones to focus on for us as a company, PCs in general, besides the more temporary adjustments, we are focused in general on expanding total solutions, including both controller as well as power stages. So we expect to see kind of further bomb content expansion just for standard PCs. In general, we also expect to see growth both for graphics and AI combined. I think we continue to make progress there. We hope to be to see more platforms hitting the market with our products on there. Smartphones also we've been talking about expanding bomb content there and over there it's because of the higher charging currents and and we see more of that happening, rolling out to more more phone platforms in our key customer that should hit again in the in the peak season in the September quarter there. So overall I think that those are the areas that we're focusing on, PCs and AI applications as well as smartphones. Those are the bigger ones that we'll see. Of course, we're still, we still have our investments in other motor applications over there, we, we're starting to see some signs of life in the power tools and as well as e-mobility, so those can help as well too.

是的，我認為我們正在討論投資的這三個領域，也是我們公司（以及整個PC產業）應該重點關注的領域。除了一些暫時的調整之外，我們主要致力於擴展整體解決方案，包括控制器和電源部分。因此，我們預計會看到更多針對標準PC的爆炸性內容擴充。總體而言，我們預計圖形和人工智慧領域都將實現成長。我認為我們在這方面持續取得進展。我們希望看到更多平台推出我們的產品。智慧型手機方面，我們也一直在討論擴大炸彈內容的投放範圍，這是因為那裡的充電電流更高，我們看到這種情況正在發生，並推廣到我們主要客戶的更多手機平台，這應該會在9月份的旺季再次出現。所以總的來說，我認為我們關注的領域就是個人電腦、人工智慧應用以及智慧型手機。這些是我們將會看到的更大的那些。當然，我們仍然在其他馬達應用領域進行投資，我們開始看到電動工具和電動車領域出現一些復甦跡象，這些跡像也能有所幫助。

Very good. And and and the last question is on is on gross margin and and get more precisely and utilization, down quarter, March quarter tends to be seasonally down. So what, when would you start to, ramp utilization again, or I guess the better question is, what are some of the signs that you need to see above and beyond seasonality, obviously, to start to get utilization up again.

非常好。最後一個問題是關於毛利率，更準確地說是關於利用率，三月的季度往往會因季節性因素而下降。那麼，什麼時候才能開始重新提高利用率呢？或者，我想更好的問題是，除了季節性因素之外，還需要看到哪些跡象才能開始重新提高使用率？

Sure, we generally we adjust our factory productions and along with the expectation of revenue, so the shipments. So yes, once we once we see that the old patterns and then and then improving the higher revenue, yes, we have to start turning on the utilization, also, looking ahead for for the entire year of calendar year 2026 and, for certain bottleneck. Areas and we may need to start some productions early on, so in order to smooth out the whole year's production in order to support our customers.

當然，我們通常會根據收入預期來調整工廠的生產，從而調整出貨量。所以，一旦我們看到舊的模式，然後提高收入，是的，我們必須開始提高利用率，同時展望 2026 年全年，並解決某些瓶頸問題。在某些地區，我們可能需要提前開始一些生產，以便使全年的生產更加順暢，從而更好地服務我們的客戶。

Sounds good. Thank you.

聽起來不錯。謝謝。

Alright.

好吧。

At this time there are no more questions for you I'd like to pass the covers back over to the management team for closing remarks.

現在各位的問題都已解決，我想把發言權交還給管理團隊，請他們做總結發言。

Okay, this is Steven Pelayo. Before we conclude, I just want to highlight a few upcoming investor events. The management team will be participating in the 14th annual Roth Technology Conference, November 19th in New York City, the UBS Global Technology and AI conference on December third in Scottsdale, Arizona and the 14th annual NYC CEO summit on December 16th in New York City. If you wish to request a meeting, please contact the institutional sales representative at the sponsoring bank. This concludes our earnings call today.

好的，這位是史蒂文·佩拉約。在結束之前，我想重點介紹幾個即將舉行的投資者活動。管理團隊將參加 11 月 19 日在紐約市舉行的第 14 屆羅斯科技大會、12 月 3 日在亞利桑那州斯科茨代爾舉行的瑞銀全球科技與人工智慧大會以及 12 月 16 日在紐約市舉行的第 14 屆紐約市 CEO 高峰會。如果您希望預約會面，請聯絡贊助銀行的機構銷售代表。今天的財報電話會議到此結束。

Thank you for your interest in AOS, and we look forward to speaking with you again next quarter.

感謝您對AOS的關注，我們期待下個季度再次與您交流。

That will conclude today's conference call.

今天的電話會議到此結束。

Thank you for your participation and enjoy the rest of your day.

感謝您的參與，祝您今天餘下的時間愉快。