AXT Inc (AXTI) 2025 Q1 法說會逐字稿

Good afternoon everyone and welcome to AXT's first quarter 2025 financial conference call. Leading the call today is Dr. Morris Young, Chief Executive Officer, and Gary Fischer, Chief Financial Officer. In addition, Tim Bettles, VP of Business Development, will be participating in the Q&A portion of the call. My name is John, and I will be your coordinator today.

大家下午好，歡迎參加AXT 2025年第一季財務電話會議。今天主持電話會議的是執行長莫里斯楊博士和財務長加里菲舍爾。此外，業務發展副總裁 Tim Bettles 將參與電話會議的問答部分。我叫約翰，今天我將擔任您的協調員。

At this time, all participants are in a listen-only mode. (Operator Instructions)

此時，所有參與者都處於只聽模式。（操作員指示）

I would like to turn the call over to Leslie Green, Investor Relations for AXP.

我想將電話轉給 AXP 投資者關係部門的 Leslie Green。

Thank you, John, and good afternoon, everyone. Before we begin, I would like to remind you that during the course of this conference call, including comments made in response to your questions, we will provide projections or make other forward-looking statements regarding, among other things, the future financial performance of the company, market conditions and trends, emerging applications using chips or devices fabricated on our substrates, our product mix, global economic and political conditions including trade tariffs and export and import restrictions, our ability to increase orders and succeeding quarters to control costs and expenses, to improve manufacturing yields and efficiencies, or to utilize our manufacturing capacity.

謝謝你，約翰，大家下午好。在我們開始之前，我想提醒您，在本次電話會議期間，包括對您的問題的回答中，我們將提供預測或做出其他前瞻性陳述，其中包括公司未來財務業績、市場狀況和趨勢、使用我們基板上製造的晶片或設備的新興應用、我們的產品組合、全球經濟產量和政治狀況（包括貿易關稅和進出口限制）、我們增加製造能力的成本和後續製造能力。

We wish to caution you that such statements deal with future events are based on management current expectations and are subject to risks and uncertainties that could cause actual events and results to differ materially. In addition to the matters just listed, these uncertainties and risks include, but are not limited to the financial performance of our partially owned supply chain companies, increased environmental regulations in China, and COVID-19 and other outbreaks of contagious disease.

我們希望提醒您，此類涉及未來事件的聲明是基於管理層當前的預期，並受到可能導致實際事件和結果大不相同的風險和不確定性的影響。除了剛剛列出的事項外，這些不確定性和風險包括但不限於我們部分擁有的供應鏈公司的財務業績、中國加強的環境法規以及 COVID-19 和其他傳染病的爆發。

In addition to the factors just mentioned or that may be discussed in this call, we refer you to the company's periodic reports filed with the Securities and Exchange Commission. These are available online by links from our website and contain additional information on risk factors that could cause actual results to differ materially from our expectations.

除了剛才提到或本次電話會議可能討論的因素之外，我們也請您參閱本公司向美國證券交易委員會提交的定期報告。這些內容可透過我們網站上的連結在線獲取，並包含可能導致實際結果與我們的預期存在重大差異的風險因素的附加資訊。

This conference call will be on our website through May. 2026. I also want to note that shortly following the close of market today we issued a press release reporting financial results for the first quarter and fiscal year 2025. This information is also available on the Investor Relations portion of our website. I would now like to turn the call over to Gary Fischer for a review of our first quarter 2025 results.

本次電話會議將在我們的網站上持續至五月。2026年。我還想指出，今天收盤後不久，我們發布了一份新聞稿，報告了 2025 年第一季和財年的財務表現。此資訊也可在我們網站的投資者關係部分找到。現在，我想將電話轉給加里·菲舍爾 (Gary Fischer)，讓他回顧一下我們 2025 年第一季的業績。

Thank you, Leslie, and good afternoon to everyone. Revenue for the first quarter of 2025 was slightly above the midpoint of our guidance at $19.4 million compared with $25.1 million in the fourth quarter of 2024, $22.7 million in the first quarter of last year 2024. To break down our Q1 2025 revenue for you by product category, Indium phosphide was $3.8 million, primarily from paw and data center applications.

謝謝你，萊斯利，大家下午好。2025 年第一季的營收略高於我們預期的中點，為 1,940 萬美元，而 2024 年第四季為 2,510 萬美元，去年 2024 年第一季為 2,270 萬美元。按產品類別為您細分我們 2025 年第一季的收入，磷化銦為 380 萬美元，主要來自爪和資料中心應用。

Gallium arsenide was $6.7 million, germanium substrates were $0.6 million. Finally, revenue from our consolidated raw material joint venture companies in Q1 was $8.3 million based on continued healthy demand.

砷化鎵為 670 萬美元，鍺基板為 60 萬美元。最後，由於持續強勁的需求，我們在第一季度合併原材料合資公司的收入為 830 萬美元。

In the first quarter of 2025, revenue from the Asia Pacific region was 83%, Europe was 11%, and North America was 6%. The top five customers generated approximately 35.9% of total revenue and no customer was over the 10% level.

2025年第一季，來自亞太地區的營收佔83%，歐洲佔11%，北美佔6%。前五名客戶創造了約 35.9% 的總收入，沒有一個客戶的收入超過 10%。

Non-GAAP gross margin in the first quarter was a negative 6.1% compared with 17.9% in Q4 2024 and 27.3% in Q1 of 2024. For those who prefer to track results on a GAAP basis, gross margin in the first quarter was 6.4% compared with 17.6% in Q4 and 26.9% in Q1 of 2024.

第一季非公認會計準則毛利率為負 6.1%，而 2024 年第四季為 17.9%，2024 年第一季為 27.3%。對於喜歡以 GAAP 追蹤業績的人來說，第一季的毛利率為 6.4%，而 2024 年第四季為 17.6%，第一季為 26.9%。

The magnitude of the decline in gross margin was a disappointment in the quarter. And primarily the result of three factors. First, we had significant yield issues and our semi-insulating gallium arsenide wafers as we worked quickly to scale our output for sizable wireless opportunity.

本季毛利率下降幅度令人失望。這主要是由三個因素造成的。首先，當我們為了獲得可觀的無線機會而迅速擴大產量時，我們在半絕緣砷化鎵晶圓上遇到了嚴重的產量問題。

I think the lesson for us is that while the opportunity is compelling. The sophistication of the product specs requires us to move in a more measured way to ensure that we can execute cost efficiently. Revenue net also played a role in our gross margin deficit due to the current trade restrictions. Substrate sales were down meaningfully in the quarter, and our joint venture sales were higher than normal as a percentage of our revenue.

我認為，我們得到的教訓是，儘管機會引人注目。產品規格的複雜性要求我們採取更有分寸的方式，以確保我們能夠有效率地執行成本。由於目前的貿易限制，淨收入也對我們的毛利率赤字產生了影響。本季基板銷售額大幅下降，而我們的合資企業銷售額占我們收入的百分比高於正常水平。

As a manufacturing company, this resulted in under absorbed factory overhead that was greater than expected. And finally, we were expecting to see a little bit higher gross margins across the board from our joint ventures, from gallium arsenide and from geranium sales. Morris will talk more about gross margins and our plans for improvement shortly.

作為一家製造公司，這導致工廠間接費用的吸收量高於預期。最後，我們預計合資企業、砷化鎵和天竺葵銷售的毛利率將全面提高。莫里斯很快將詳細介紹毛利率和我們的改進計劃。

Moving to operating expenses, we did better than expected in holding OpEx down in Q1. Total non-GAAP operating expense in Q1 was $8.5 million compared with $10.5 million in Q4 2024. And $8.7 million in Q1 of 2024. On a GAAP basis, total operating expense in Q1 was $9.0 million compared with $10.6 million in Q4 of 2024 and $9.4 million in Q1 of 2024.

談到營運費用，我們在第一季控制營運支出方面做得比預期更好。第一季非公認會計準則總營運費用為 850 萬美元，而 2024 年第四季為 1,050 萬美元。2024 年第一季為 870 萬美元。以 GAAP 計算，第一季的總營運費用為 900 萬美元，而 2024 年第四季為 1,060 萬美元，2024 年第一季為 940 萬美元。

Our non-GAAP operating loss for the first quarter of 2025 was $9.6 million compared to the non-GAAP operating loss in Q4 of 2024 of $5.4 million and a non-GAAP operating loss of $2.5 million in Q1 of 2024. For reference, our GAAP operating line for the first quarter of 2025 was a loss of $10.3 million compared with an operating loss of $6.2 million in Q4 of 2024. And an operating loss of $3.3 million in Q1 of 2024.

我們 2025 年第一季的非 GAAP 營業虧損為 960 萬美元，而 2024 年第四季的非 GAAP 營業虧損為 540 萬美元，2024 年第一季的非 GAAP 營業虧損為 250 萬美元。作為參考，我們 2025 年第一季的 GAAP 營業線虧損 1,030 萬美元，而 2024 年第四季的營業虧損為 620 萬美元。2024 年第一季的營業虧損為 330 萬美元。

Non-operating other income and expense and other items below the operating line for the first quarter was a net gain of $0.4 million. The details can be seen in the P&L included in our press release today. For Q1 of 2025, we had a non-GAAP net loss of $8.2 million or $0.19 per share, compared with the non-GAAP net loss of $4.3 million or $0.10 per share in the fourth quarter of 2024.

第一季非營業性其他收入和支出以及營業線以下的其他項目淨收益為 40 萬美元。詳細資訊請參閱我們今天新聞稿中的損益表。2025 年第一季度，我們的非 GAAP 淨虧損為 820 萬美元，即每股 0.19 美元，而 2024 年第四季的非 GAAP 淨虧損為 430 萬美元，即每股 0.10 美元。

Non-GAAP net loss in Q1 of 2024 was $1.3 million or $0.03 per share. On a GAAP basis, net loss in Q1 was $8.8 million or $0.20 per share. By comparison, net loss was $5.1 million or $0.12 per share in the fourth quarter, and GAAP net loss in Q1 of 2024 was $2.1 million or $0.05 per share. The weighted average basic shares outstanding in Q1 of 2025 was $43.6 million.

2024 年第一季非公認會計準則淨虧損為 130 萬美元，即每股 0.03 美元。根據 GAAP 計算，第一季淨虧損為 880 萬美元，即每股 0.20 美元。相比之下，第四季淨虧損為 510 萬美元或每股 0.12 美元，2024 年第一季 GAAP 淨虧損為 210 萬美元或每股 0.05 美元。2025 年第一季的加權平均基本流通股為 4,360 萬美元。

Cash and cash equivalents and investments increased by $4.4 million to $38.2 million as of March 31st. By comparison on December 31st, it was $33.8 million. Depreciation and amortization in the first quarter was $2.2 million, total stock comp was $0.6 million.

截至 3 月 31 日，現金、現金等價物及投資增加了 440 萬美元，達到 3,820 萬美元。相比之下，12 月 31 日這一數字為 3,380 萬美元。第一季折舊和攤提為 220 萬美元，總股票補償為 60 萬美元。

Net inventory was down by approximately $4.7 million in the first quarter to $80.4 million. This continues to be a focus for us, and we expect to bring it down further in quarters to come.

第一季淨庫存約 470 萬美元，至 8,040 萬美元。這仍然是我們關注的重點，我們預計未來幾季這一比例將進一步降低。

Okay, this concludes the brief discussion of quarterly financial results, turning to our plan to list the subsidiary in China, Tongmei on the star market. We continue to keep our IPO application current. Tongmei remains an in-process category as part of a much more selective and smaller group perspective listings than a few years ago. Well, we're not insensitive to the current political op geopolitical environment.

好的，關於季度財務業績的簡短討論到此結束，接下來談談我們將中國子公司同美在科創板上市的計劃。我們將繼續保持 IPO 申請的更新。與幾年前相比，同美仍屬於正在審批的類別，屬於更嚴格且規模較小的集團視角上市。嗯，我們對當前的政治地緣政治環境並非不敏感。

Tongmei is considered a Chinese company and continues to be regarded in China as a good IPO candidate. We will keep you informed of any updates.

同美被視為一家中國公司，並在中國繼續被視為良好的 IPO 候選公司。我們將隨時向您通報任何更新。

Okay, with that, I'll now turn the call over to Dr. Morris Young for a review of our business and markets.

好的，現在我將把電話轉給莫里斯楊博士，讓他回顧我們的業務和市場。

Thank you, Gary.

謝謝你，加里。

I want to begin with an update on the export restrictions because I know that is top of mind for many of you. Then I will discuss current market opportunities and our plan for growth budget improvement.

首先我想介紹一下出口限制的最新情況，因為我知道這是你們很多人最關心的問題。然後我將討論當前的市場機會和我們的成長預算改進計劃。

As many of on February 4th, the China government-imposed trade restrictions on the export of Indium phosphide material. Similar to 2023 restriction on gaming oxide substrates, these regulations explicitly seek to restrict the export of material used for military applications.

正如許多人所知，2月4日，中國政府對磷化銦材料出口實施貿易限制。與 2023 年對遊戲氧化物基板的限制類似，這些法規明確尋求限制用於軍事應用的材料的出口。

Therefore, we are now undertaking an export permit process for Indium phosphide similar to what we have done for [gao] over the last two years. We were disappointed that the portal to accept export applications did not open until April, that said, we were well prepared when it did open.

因此，我們現在正在為磷化銦進行出口許可程序，類似於過去兩年我們為[gao]所做的工作。我們感到失望的是，接受出口申請的門戶網站直到四月才開放，儘管如此，當它開放時我們已經做好了充分的準備。

And we have submitted comprehensive applications on behalf of all major Indian [Oified] customers outside of China. In our experience, we typically hear back initial applications within 45 business days and repeat applications are often processed faster. As such, we do not expect to be able to ship Indium phosphide to customers outside of China before mid-June.

並且我們已經代表中國以外的所有主要印度[Oified]客戶提交了全面的申請。根據我們的經驗，我們通常會在 45 個工作天內收到初次申請的回复，重複申請的處理速度通常會更快。因此，我們預計無法在 6 月中旬之前向中國以外的客戶運送磷化銦。

And as we have mentioned previously, we do not believe that any of our Indium phosphide cells go to military applications, so we feel that we are in a good position to realize a backlog of cells once the once we can navigate the permit process.

正如我們之前提到的，我們認為我們的任何磷化銦電池都不會用於軍事用途，因此我們認為，一旦我們能夠完成許可流程，我們就有能力實現電池積壓。

While the current geopolitical environment presents a near term heading for our business, we are also discovering some unique opportunities. The cloud and data center of connectivity market in China is accelerating. And in an effort to promote innovation and reduce dependency of foreign suppliers, we're seeing a significant effort to develop domestic source of EML and silicon photonics-based lasers.

雖然目前的地緣政治環境為我們的業務指明了近期的方向，但我們也發現了一些獨特的機會。中國雲端運算及資料中心連接市場正在加速發展。為了促進創新和減少對外國供應商的依賴，我們看到中國正在大力發展國內 EML 和基於矽光子學的雷射。

We estimated that the Chinese data center optical interconnect market is currently around one-third of the global market. However, most of the optical devices for these interconnects are sourced from outside of China. And applications for Indium phosphide within China remain focused upon today.

我們估計，中國資料中心光互連市場目前約佔全球市場的三分之一。然而，這些互連所需的大部分光學設備都來自中國以外。目前，中國仍主要關注磷化銦的應用。

Further, laser manufacturers in China are developing an appreciation for the critical benefit of very low EPD material in high speed inter interconnected devices. Both in the traditional power market and in the new data center market.

此外，中國的雷射製造商逐漸認識到極低 EPD 材料在高速互連設備中的關鍵優勢。無論是在傳統電力市場還是在新的資料中心市場。

As a result, our sales are in the phosphate within China are increasing. The tend for data center market remains small at this moment, but we do expect to see significant growth over the next few years as the power laser providers expand their portfolio of market to include EML and silicon photonics solutions.

因此，我們在中國的磷酸鹽銷量正在增加。目前，資料中心市場的規模仍然較小，但隨著功率雷射供應商將其市場組合擴大到包括 EML 和矽光子解決方案，我們預計未來幾年將顯著成長。

That said, in Q2, we expect healthy double digit growth for our revenue from data center applications in China of a Q1 level. We also have significant in phosphide backlog from customers outside of China that is ready to ship.

也就是說，在第二季度，我們預計來自中國資料中心應用的營收將在第一季的基礎上實現健康的兩位數成長。我們也擁有大量來自中國以外客戶的磷化物積壓訂單，準備出貨。

We're working diligently to support the needs of our customers globally, and we are hopeful that Tongmei, can begin to secure permits for initial geography soon. Turn into [gallons], we continue to see recovery, particularly in China and Taiwan across a number of applications like high power industrial lasers, wireless outs, and Wi-Fi. We believe there is a sizeable opportunity for our gallium oxides HPT devices for the wireless market.

我們正在努力滿足全球客戶的需求，我們希望同美能夠很快開始獲得初始地理許可。變成[加侖]，我們繼續看到復甦，特別是在中國大陸和台灣，在許多應用領域，如高功率工業雷射、無線輸出和 Wi-Fi。我們相信，我們的氧化鎵 HPT 設備在無線市場上有著巨大的發展機會。

This represents exciting op option potential for which we believe our technology and products are well suited for. With the cost of the performance breakthroughs, we achieved our age product as well as strong relationship building with one of our largest Asian-based [Afi] providers, we're in a great position for growth.

這代表著令人興奮的操作選擇潛力，我們相信我們的技術和產品非常適合。憑藉性能突破的成本，我們實現了年齡產品，並與我們最大的亞洲 [Afi] 供應商之一建立了牢固的關係，我們處於良好的增長地位。

But this is a competitive and sophisticated market. We were excited in Q1 to have the opportunity to compete for a last year, but we stumbled in trying to scale too quickly. We continue to view this as an exciting space. But are taking a more measured approach to market, to this market share expansion.

但這是一個競爭激烈且複雜的市場。我們很高興在第一季有機會參加去年的競爭，但我們在試圖過快擴大規模時卻遇到了困難。我們繼續將此視為一個令人興奮的領域。但我們正在採取更加謹慎的市場策略來擴大市場份額。

To ensure that we can execute effectively as we increase our production levels. We're also seeing a notable increase in design activities and qualification for Yao asset-based liar for the autonomous vehicle market in China.

確保我們在提高生產水準的同時能夠有效執行。我們也看到，針對中國自動駕駛汽車市場的姚資產騙子的設計活動和資格顯著增加。

With the growing adoption of autonomous vehicles and high precision sensing technologies, dioxide has become a critical material due to its superior electronic properties and ability to operate effectively in high frequency applications.

隨著自動駕駛汽車和高精度感測技術的日益普及，氧化物因其優異的電子性能和在高頻應用中有效運作的能力，已成為關鍵材料。

Chinese manufacturers are increasingly investing in the development of lidar system for the EV market that leverage gallium oxide. Recognizing their potential to enhance resolution and accuracy object detection and navigation of the competing camera-based solutions.

中國製造商正加大對利用氧化鎵的電動車市場雷射雷達系統開發的投資。認識到它們在提高基於攝影機的競爭解決方案的物體檢測和導航的分辨率和準確性方面的潛力。

Similar to what we are seeing in the data center market, there seems to be a push in China towards reducing dependency on foreign suppliers and fostering domestic innovation. As a result, we believe that the demand for lidar is poised to grow.

與我們在資料中心市場看到的情況類似，中國似乎正在努力減少對外國供應商的依賴並促進國內創新。因此，我們相信對雷射雷達的需求將會成長。

And that this is a market in which our low EPD gallium oxide substrates are showing tremendous value in device performance. Over the last 12 months, We have aggressively advanced the technology, technical capability of our material to help our global customer base solving complex next generation challenges.

在這個市場中，我們的低 EPD 氧化鎵基板在設備性能方面顯示出巨大的價值。在過去的 12 個月中，我們積極推動材料技術的發展和技術能力，以幫助我們的全球客戶解決複雜的下一代挑戰。

The material we supply are being used in highly sophisticated applications such as the ones that we have mentioned today where our breakthroughs in delivering extremely low EPD give us a distinct competitive advantage in both Indium phosphide and gallium oxide.

我們提供的材料被用於高度複雜的應用，例如我們今天提到的那些，我們在提供極低 EPD 方面的突破使我們在磷化銦和氧化鎵方面具有明顯的競爭優勢。

I'm extremely proud of our team for the rapid progress we've made. For that reason, I cannot allow growth margin setbacks in our substrate business to cloud achievement that we're making in our technology. We strongly believe over the coming quarters, we can drive meaningful improvement in our growth margin.

我為我們團隊所取得的快速進步感到非常自豪。因此，我不能讓基板業務的成長利潤率受挫影響我們在技術上的成就。我們堅信，在未來幾個季度，我們的成長利潤率將實現顯著提升。

In the near term, we're taking a more measured approach in in the HPG market to ensure that our asset production and yield can right themselves. This is now among the highest priority here in China and the top priority for our manufacturing leaderships. We expect to see improvement beginning this quarter.

短期內，我們將在 HPG 市場採取更謹慎的做法，以確保我們的資產生產和收益能夠自我調整。這是目前中國最優先考慮的事情之一，也是我們製造業領導階層的首要任務。我們預計本季開始會出現改善。

And continue throughout the balance of 2025. This is an issue that is very much in our control, and we are laser focused on fixing it. It is also worth noting that the decreasing substrate sales as a result of trade restriction has also impacted our gross margin performance, as Gary noted.

並持續到2025年年底。這是一個我們完全可以控制的問題，我們正集中精力解決它。值得注意的是，正如加里所指出的，貿易限制導致的基板銷售額下降也影響了我們的毛利率表現。

We feel good about our ability to begin to secure in the phosphide permits, which should help our overall sales volume in the back half of the year. And contribute to a healthy revenue and product mix. Both of these will help us in a gross budget list for our business.

我們對開始獲得磷化物許可證的能力感到滿意，這將有助於我們下半年的整體銷售量。並有助於健康的收入和產品組合。這兩者都有助於我們制定業務的總預算清單。

Before I conclude, I want to say a few words about our raw material joint ventures sales in Q1 was strong and we have been trending up over the past year. We continue to invest in expanding our capability and have built an impressive portfolio which today includes gallon, arsenic, PBM crucibles, quartz.

在結束之前，我想說幾句，我們的原料合資企業第一季的銷售表現強勁，並且在過去的一年裡一直呈上升趨勢。我們繼續投資擴大我們的能力，並建立了令人印象深刻的產品組合，目前包括加侖、砷、PBM 坩堝、石英。

Indian and Germania The strategic value of these materials is not only that we can more cost effectively supply all of our critical materials needed to manufacture our products. But we also benefit from the additional revenue stream generated by our joint ventures to sales of these products on the open market.

印度和日耳曼這些材料的戰略價值不僅在於我們能夠更經濟有效地供應製造我們產品所需的所有關鍵材料。但我們也受惠於合資企業在公開市場上銷售這些產品所產生的額外收入來源。

The asset value of this portfolio has grown substantially over the last 20 years, and we will continue to expand our opportunity in 2025 through the development of new markets. There's a new and greater awareness of the importance of Earth material, and we are ahead of the curve in developing this unique integrated supply chain.

該投資組合的資產價值在過去 20 年大幅成長，我們將在 2025 年透過開發新市場繼續擴大我們的機會。人們對地球材料的重要性有了新的認識，我們在開發這種獨特的綜合供應鏈方面處於領先地位。

In summary, while the geopolitical environment is creating undeniable challenges, we are focusing our energies where we can drive positive return today. We're uniquely positioned to optimize growth opportunities in China, such as high-speed data center connectivity and sensors for autonomous driving, and we're pursuing these and then other opportunities with success across key markets for Indium phosphorus. [Day and German in subs].

總而言之，儘管地緣政治環境帶來了不可否認的挑戰，但我們正在集中精力於能夠帶來正面回報的地方。我們擁有獨特的優勢，可以優化中國的成長機會，例如高速資料中心連接和自動駕駛感測器，我們正在銦磷主要市場成功追求這些機會以及其他機會。[Day 和 German 替補]

We're also working timeless, tirelessly on behalf of our global customer base to ensure that we can continue to support the needs across all our products. We recognize this is a challenging time for our customers, our investors, and our employees, and we are deeply committed to working diligently on your behalf.

我們也代表全球客戶群不懈地工作，以確保我們能夠繼續滿足所有產品的需求。我們認識到，對於我們的客戶、投資者和員工來說，這是一個充滿挑戰的時期，我們全心全意地致力於為您勤奮工作。

With that, I will return the call back to Gary for our second quarter guidance.

有了這些，我會回電給加里，詢問我們第二季的指導。

Thank you, Morris. In keeping with our comments today, we believe Q2 revenue will be in the range of $20.0 million to $22.0 million. This guidance range excludes any contribution from Indium phosphide for our customers outside of China in Q2.

謝謝你，莫里斯。根據我們今天的評論，我們認為第二季的營收將在 2,000 萬美元至 2,200 萬美元之間。此指導範圍不包括第二季度磷化銦對中國以外客戶的任何貢獻。

Once we do receive permits, we have several million dollars of any phosphide backlog that we would be able to ship most likely in Q3. We do feel encouraged that even without these shipments, we are in a good position to grow our business sequentially.

一旦我們獲得許可證，我們就有價值數百萬美元的磷化物積壓訂單，很可能在第三季發貨。我們確實感到鼓舞，即使沒有這些貨物，我們仍然能夠很好地連續成長業務。

As Morris mentioned, this is due to our success in optimizing emerging opportunities to grow our business in China across all of our product categories. While we don't normally get gross margin guidance, we do believe that we can see a recovery on a gross margin to around 10% in Q2 based on manufacturing improvements. We also believe that production volume growth in the second half, coupled with continued yield improvements this year, will allow us to drive continued gross margin recovery for the rest of the year.

正如莫里斯所說，這是因為我們成功地優化了新興機會，從而擴大了我們在中國所有產品類別的業務。雖然我們通常不會獲得毛利率指引，但我們確實相信，基於製造業的改進，我們可以看到第二季毛利率回升至 10% 左右。我們也相信，下半年產量的成長，加上今年產量的持續提高，將使我們能夠在今年剩餘時間內推動毛利率的持續回升。

Based on our revenue range, we believe our non-GAAP net loss will be in the range of $0.12 to $0.14 in Q3, and the GAAP in net loss will be in the range in Q2, and GAAP will be a loss in the range of $0.14 to $0.16. Share count will be approximately 43.7 million shares.

根據我們的收入範圍，我們認為第三季的非 GAAP 淨虧損將在 0.12 美元至 0.14 美元之間，第二季的 GAAP 淨虧損將在該範圍內，而 GAAP 虧損將在 0.14 美元至 0.16 美元之間。股份總數約 4,370 萬股。

Okay, this concludes our prepared comments and we'd be glad to answer your questions now. John.

好的，我們的準備好的評論到此結束，現在我們很樂意回答您的問題。約翰。

(Operator Instructions)

（操作員指示）

Rosco we need him and company.

羅斯科，我們需要他和公司。

For taking my question on behalf of [Charles Shea].

代表[查爾斯·謝伊]。

I was wondering if you could maybe dive a little deeper into the yield issues you're seeing for the semi-insulating gallium arsenide and maybe, when do you expect to see these yield issues resolved and is there any change to your market opportunity as a result of this?

我想知道您是否可以更深入地探討一下半絕緣砷化鎵的產量問題，以及您預計何時能夠解決這些產量問題，以及這會對您的市場機會產生什麼影響嗎？

Sure. As we said, I think we were excited about the opportunity for HPT market for wireless because it's an existing market, and, we have a good relationship with good customers in Asia. We can, we thought we can penetrate the market with the phosphide permit restriction on our revenue. So we were taking on that market a bit too aggressively.

當然。正如我們所說，我認為我們對無線 HPT 市場的機會感到興奮，因為它是一個現有的市場，而且我們與亞洲的優質客戶保持著良好的關係。我們可以，我們認為我們可以在磷化物許可證限制我們收入的情況下打入市場。所以我們對這個市場的進取心有點太強了。

So we encounter a yield problem, but we think that is solvable, and we have been in manufacturing business for years, and we have a yield glitch, and we already find, the source of the problem as we, as Gary mentioned that although, this quarter's margin was 6%, but we do expect a very quick recovery. To about 10% next quarter.

因此，我們遇到了產量問題，但我們認為這是可以解決的，而且我們從事製造業多年，我們遇到了產量問題，我們已經找到了問題的根源，正如加里提到的，雖然本季度的利潤率為 6%，但我們確實預計會很快復甦。下個季度將達到 10% 左右。

So that is a good sign and I think, we are, we get into this market a little bit more too aggressive, so that hurts our ability to achieve a good margin, but we think we have the solution in hand, but we will take a more measured approach to this market, but this market is there.

所以這是一個好兆頭，我認為，我們進入這個市場有點太激進了，所以這會損害我們實現良好利潤的能力，但我們認為我們已經找到了解決方案，但我們會採取更慎重的方式來對待這個市場，但這個市場就在那裡。

So, we will just approach it more carefully, but we think the opportunity is there for us to get into, once we get our yielding order and our manufacturing line more effectively producing this product.

因此，我們會更加謹慎地處理此事，但我們認為，一旦我們獲得生產訂單並且我們的生產線能夠更有效地生產該產品，我們就有機會進入該領域。

Great thank you that was very helpful.

非常感謝，這非常有幫助。

Richard Shannon, Craig Callums.

理查德·香農、克雷格·卡勒姆斯。

Well, hi guys, thanks for letting me ask a question here as well. Since we just talked about yields, why don't I ask another question about this topic here, and I guess, Morris, I guess I'm curious why it's going to take, more than a quarter or two to fix the yields here?

嗯，大家好，感謝你們讓我在這裡提問。既然我們剛剛討論了收益率，我為什麼不在這裡就這個話題再問一個問題呢？我想，莫里斯，我很好奇為什麼要花一兩個季度以上的時間來解決收益率問題？

I mean, is this an entirely new product. I guess I thought this was kind of an existing product that you could just go back to the way you're doing it before, maybe just set a slower pace, you could get back there fairly quickly or I misunderstanding this situation.

我的意思是，這是一個全新的產品嗎？我想我認為這是一種現有產品，您可以回到以前的操作方式，也許只是設定一個較慢的速度，您可以相當快地回到那裡，或者我誤解了這種情況。

Richard, you're correct. I mean, it is a product that we have worked on for many years, but as when you are dealing with a commercial volume of tens of thousands, I mean thousands of per month. And the customer specification, from time to time will change, but if you're not laser focused into, supplying them consistently, any little change can require A recalibration of our production line with our customers need.

理查德，你說得對。我的意思是，這是我們多年來一直致力於開發的產品，但當你處理數萬個商業量時，我的意思是每月數千個。客戶的規格有時會發生變化，但如果您不集中精力，不持續地為他們提供服務，任何小的變化都可能需要我們根據客戶的需求重新校準生產線。

So I think that is perhaps one of the reasons which hit our yield, and it's that we thought we delivering this product to them for many years before we can enter this market, so we can go quickly, change our manufacturing slightly, but manufacturing is something which You don't change very quickly. So, I think we want to make sure that we are approaching this problem more measurably so that we can protect our gross margin and our profitability.

所以我認為這也許是影響我們產量的原因之一，我們認為在進入這個市場之前我們已經向他們交付了這種產品很多年了，所以我們可以快速行動，稍微改變我們的製造方式，但製造方式是不會很快改變的。因此，我認為我們要確保我們能夠更有效地解決這個問題，以便我們能夠保護我們的毛利率和獲利能力。

And so we can get back to the 10% gross margin from six in the next quarter in Q2. And also, as Gary mentioned that the gross margin hit not only coming from the manufacturing.

因此，我們可以在下一季（即第二季）將毛利率從 6% 恢復到 10%。而且，正如加里所提到的，毛利率下降不僅來自製造業。

Yeah, yield loss, yield lower, but also it's coming from the product mix as well as that was the third point, Gary, remind me what was the third one.

是的，產量損失，產量較低，但它也來自產品組合，這是第三點，加里，提醒我第三點是什麼。

So it's a mix product for instance, Indium phosphide for the first quarter, we have one month of Indium phosphide revenue of January, the restriction com was coming on February 4th, and that we cannot deliver any after that. And the Q2 guidance taking into account that we don't have any outside of China in phosphide permit. And that will hit our margins as well compared to Q1.

因此，例如，對於第一季的磷化銦，我們有一個 1 月份的磷化銦收入，限制條款將於 2 月 4 日到來，此後我們就無法交付任何產品。而第二季的指導考慮到我們在中國境外沒有任何磷化物許可證。與第一季相比，這也將影響我們的利潤率。

But if we can secure any, permit or any phosphide, then that can improve our gross margin, but we're taking more conservative view of making that estimate of what our product makes will be in Q2.

但如果我們能夠獲得任何許可證或任何磷化物，那麼就可以提高我們的毛利率，但我們對我們的產品在第二季的產量估計持更保守的看法。

Okay, fair enough for that, Morris. Maybe let's touch on Indium phosphide here, and I guess, as you said last quarter with this permitting process since you've already done it with gallium arsenide and it's been, other than the delay factor you had initially seemed like it was mostly seamless here.

好的，這就夠公平了，莫里斯。也許我們可以在這裡談談磷化銦，我想，正如您上個季度所說的那樣，由於您已經對砷化鎵進行了許可流程，而且除了最初出現的延遲因素外，這裡的許可流程基本上是無縫的。

Have you been given any assurances that you're expecting a similar process here? Do you have any worries that we're going to have a delay beyond what I think you said as a mid-June time frame to hopefully start shipping to the backlog you have there?

您是否得到任何保證，表示您期望這裡也發生類似的過程？您是否擔心我們會出現延遲，超出您所說的六月中旬的時間範圍，希望能夠開始運送積壓的貨物？

Well, to getting a permit it's dealing with bureaucrats and, bureaucracy is always very difficult to predict, but given that, China announced that they want to make sure these are not for military applications and none of our customers we believe are using fast for military applications.

嗯，要獲得許可證就需要與官僚機構打交道，而官僚機構總是很難預測，但鑑於此，中國宣布他們希望確保這些產品不用於軍事用途，而且我們認為我們的客戶中沒有人會將這些產品用於軍事用途。

So we think That a permit should be should have no restriction for our customers to get permits, but on the other hand, there are geopolitical struggles between countries. So, it's hard to say, but I think in our prediction, we think we can get our permits soon. I mean, the normal 45 days state once we submit the application into the commerce department of China.

因此，我們認為許可證應該不受限制，我們的客戶可以不受限制地獲得許可證，但另一方面，各國之間存在地緣政治鬥爭。所以，很難說，但我認為根據我們的預測，我們認為我們很快就能獲得許可證。我的意思是，我們向中國商務部提交申請後通常需要 45 天。

Okay. So, playing this forward here, I think you said assuming you get the permits here by the middle of June, you can ship out, I think your words were several million dollars. If we I guess maybe give us a little better quantification of what exactly that means and is there any timing dynamics here would prevent all that, quote unquote several million dollars being able to be shipped and recognized in the second quarter?

好的。因此，就此而言，我想您說過，假設您在六月中旬之前獲得許可證，您就可以發貨，我想您說的是幾百萬美元。我想，如果我們能更好地量化這到底意味著什麼，以及這裡是否存在任何時間動態可以阻止這一切，引用幾百萬美元能夠在第二季度發貨和確認？

Yes, we are actually making, especially large customer orders that we're making them in our production line just ready for shipment, or some of them we make it into stages that we can finish up by the final clean or the final polish so that we don't lose the freshness of these wafers to our customers.

是的，我們確實在生產，特別是大客戶訂單，我們會在生產線上生產，準備發貨，或者將其中一些訂單分成幾個階段，通過最後的清潔或最後的拋光來完成，這樣我們就不會失去這些晶圓對客戶的新鮮度。

So we do believe if we can get permits, we can ship this very quickly. And, honestly, our customers waiting patiently for this product to be delivered to them too, they're giving us orders.

因此，我們相信，如果我們能夠獲得許可，我們很快就能發貨。而且，說實話，我們的客戶也在耐心等待這款產品交付給他們，他們正在向我們下訂單。

So, I think we're confident we should be able to ship them, within, let's say one week to 10 days after we get the permits.

因此，我認為我們有信心能夠在獲得許可證後一周到十天內發貨。

Okay. So again, relate to any phosphide that stretching out the time frame to calendar 25 here, going back to your last call and I can't remember if it was you, Morris, that said this or maybe it was Tim. There's a question asked about what kind of growth do you expect from Indium phosphide and the answer given was something in the 20% growth range?

好的。因此，再次強調，與任何將時間範圍延伸到日曆 25 的磷化物有關，回到您的上次通話，我不記得是您，莫里斯說的這句話，還是蒂姆說的這句話。有人問，您預計磷化銦會實現什麼樣的成長，答案是在 20% 左右的成長範圍內？

Let's assume that the permitting process isn't onerous enough that you can't get anything done, this year, which hopefully will be the case where we've got real big problems, but is that growth outlook still roughly intact here?

讓我們假設許可程序不夠繁瑣，以至於今年你無法完成任何事情，希望今年我們遇到真正的大問題，但這裡的成長前景是否仍然大致完好無損？

So maybe I can give this question to Tim. Maybe Tim mentioned that 20%.

所以也許我可以把這個問題交給提姆。也許提姆提到了那 20%。

Yeah, I think that growth outlook is still there. The market dynamics is still pushing towards what we would see as a growth of 20% given that you obviously, we can ships outside of China, so I just want to make a quick comment about that too, as I said, and Morris commented, we feel like we're in a good position to get permits to ship outside of China, Indium phosphide that is outside of China, but from a timing perspective, we see that the first permits come through, and the Q2, as we've said.

是的，我認為成長前景仍然存在。鑑於我們顯然可以將產品運往中國境外，市場動態仍在朝著我們所看到的 20% 的增長方向發展，因此，正如我所說，我也想對此做一個簡短的評論，莫里斯也評論說，我們覺得我們處於有利地位，可以獲得將磷化銦運往中國境外的許可證，但從時間角度來看，我們看到第一批許可證已經發放，正如我們所說的，第二個季度。

But for guidance perspective, we haven't included Indium phosphide shipments outside of China, in our Q2 numbers, and we believe it's better to be conservative until we have more clarity on this timing. So, what you'll see is we still see that market trend going, increasing to about 20%. We believe we'll be able to capture that fully in 2026.

但從指導角度來看，我們在第二季度的數據中沒有包括中國以外的磷化銦出貨量，我們認為最好是保守一點，直到我們對這個時間有更清晰的了解。因此，您會看到我們仍然看到市場趨勢繼續成長，增幅達到約 20%。我們相信，到 2026 年，我們將能夠完全實現這一目標。

In 2026, I think last quarter last conference call that was related to '25, so I just want to make sure that we're citing the correct year here is that what you mean 10, 2026?

在 2026 年，我認為上個季度的最後一次電話會議與 25 年有關，所以我只是想確保我們在這裡引用的年份是正確的，這就是你所說的 2026 年 10 月嗎？

So, yes, so we'll be more conservative on 2026, 2025, sorry, just because of a timing, perspective on these permits. So, what we're looking at here is, as I say, Q2 numbers, we've not included any of the permits. We still believe this market is growing at 20% in terms of Indium phosphide, and we'll be able to capture that beyond Q2, in 2025 beyond Q2, second half, and then into 2026.

所以，是的，我們對 2026 年、2025 年會更加保守，抱歉，只是因為這些許可證的時間和觀點。所以，正如我所說，我們在這裡看到的第二季度數據沒有包括任何許可證。我們仍然相信，就磷化銦而言，這個市場將以 20% 的速度成長，我們將能夠在 2025 年第二季之後、下半年以及 2026 年實現這一目標。

Okay perfect. I think that's all the questions I have for now. I will jump on the line, guys.

好的，完美。我想這就是我現在所有的問題了。夥計們，我要加入這個隊伍了。

Matt Bryson with Wedbush Securities.

韋德布希證券公司的馬特布萊森 (Matt Bryson)。

Hey guys, thanks for taking my questions. I'm going to kind of follow on Richard's line of question and with, Indium phosphide, is there any risk at all that that you're not being able to ship to customers end up with customers going with another supplier or some of this business doesn't come back to you?

嘿夥計們，謝謝你們回答我的問題。我將繼續理查德的提問，對於磷化銦，是否存在任何風險，即您無法將產品運送給客戶，最終導致客戶轉向其他供應商，或者部分業務無法回到您手中？

That's a good question. I think we, I think, we are a major in the phosphide supplier. We believe we have perhaps between 40% to 50% worldwide market, and any phosphide material is not the easiest material to make.

這是個好問題。我認為我們是磷化物供應商的主要供應商。我們相信我們可能佔據了全球 40% 到 50% 的市場份額，而且任何磷化物材料都不是最容易製造的材料。

We believe there are only two major competitors worldwide. And get any phosphide material to be qualified with the customer, it takes very long time because they are lasers. They are, the device is increasing in in terms of current density, as well as the size of the lasers.

我們認為全球只有兩個主要競爭對手。並且讓任何磷化物材料得到客戶的認可，這需要很長時間，因為它們是雷射。是的，該設備的電流密度和雷射的尺寸都在增加。

So all that requires very careful qualification of the good low EPT material. So, we believe that those shoes are not very easily. To be filled, but of course, I mean, with this market demand out there, we believe it's everybody wants to get more in the phosphide team, maybe you can help. What do we hear from the marketplace is any of our lost order being taken by our competitors?

因此，所有這些都需要對優質低 EPT 材料進行非常仔細的鑑定。所以，我們相信那些鞋子不是很容易。有待填補，但當然，我的意思是，有了這樣的市場需求，我們相信每個人都希望在磷化物團隊中獲得更多，也許你可以提供幫助。我們從市場上聽到的消息是，我們的遺失訂單是否有被競爭對手搶走？

Yeah, thanks, Morris. Yeah, I agree.

是的，謝謝，莫里斯。是的，我同意。

We don't believe that it's the case so far, we're still seeing orders coming in from all of our customers. We're building up a backlog within those orders or from those orders, and if we can begin to see permits late this quarter early next, we're pretty much ready to ship through Q3, Q4.

我們認為目前情況並非如此，我們仍然看到來自所有客​​戶的訂單。我們正在這些訂單中或從這些訂單中累積積壓訂單，如果我們能在本季末或下個季度初開始看到許可證，那麼我們就基本上準備好在第三季、第四季出貨了。

This market's growing too fast, and As Morris said, we're a major supplier into this market. The other players both cannot keep up with, capacity, nor can they meet our quality, performance, but our customers are starting to demand from us now. So, at the moment, we're really not seeing people move away, but we're seeing people kind of hang in there, continue to place orders, and wait for permits to get approved.

這個市場發展得太快了，正如莫里斯所說，我們是這個市場的主要供應商。其他公司既無法跟上我們的產能，也無法滿足我們的品質和性能，但我們的客戶現在開始對我們提出要求。因此，目前，我們並沒有看到人們搬走，但我們看到人們仍在堅持，繼續下訂單，等待許可證獲得批准。

Got it. So, then the best guess is that once you get your permits, approved, that your customers end up resuming orders, there's inventory refill and you possibly see, almost a period of over shipment versus in demand just as customers catch back up. Is that fair?

知道了。因此，最好的猜測是，一旦你獲得許可證並獲批准，你的客戶最終會恢復訂單，庫存就會補充，你可能會看到，就在客戶追趕上來的時候，幾乎會出現一段供過於求的時期。這樣公平嗎？

That's absolutely fair. Yes, we would see a rebuild of, inventory, as those permits come through, so we should, we should see a pretty healthy bump.

這絕對公平。是的，隨著這些許可證的發放，我們會看到庫存的重建，所以我們應該會看到相當健康的成長。

Got it.

知道了。

Next question, I think Gary, when you were talking about, the factors weighing on gross margin, it was lowering the phosphide shipments, problems with, the HPT, and then I think the third factor was just lower gross margins on a couple products.

下一個問題，我認為加里，當您談到影響毛利率的因素時，是磷化物出貨量降低、HPT 問題，然後我認為第三個因素是幾種產品的毛利率降低。

When we made our plan for the, once we learned about the February 4th announcement from China.

當我們制定計劃時，我們得知了中國 2 月 4 日發布的公告。

We knew that that was going to hurt both our top line and our gross margin line, but we had expected maybe that the rest of the product lines, including raw materials, would have some at least mitigating lifting effect, and had a little bit of that, but it wasn't probably wasn't quite as robust as I as I had hoped, but that was the third factor.

我們知道這會損害我們的營業收入和毛利率，但我們預計，包括原材料在內的其餘產品線可能會產生至少一些緩解提升效應，而且確實有一點這樣的效果，但可能並不像我所希望的那樣強勁，但這是第三個因素。

Got it. So, it's more you didn't see a lift as opposed to there was lower pricing or anything else going on in the.

知道了。因此，與其說是價格下降了，不如說是沒有看到價格上漲或其他任何變化。

Yeah, no, there's no, not really an ASP issue in this story. The real story is, in the phosphide, dropped in revenue.

是的，不，這個故事中實際上不存在 ASP 問題。實際情況是，磷化物的收入下降了。

And at the same time, we're trying to make up for that revenue drop by accelerating in some gallium arsenide work and we, as Morris said, maybe we're a little bit too aggressive there and So, those are, that's our understanding.

同時，我們正試圖透過加速一些砷化鎵工作來彌補收入的下降，正如莫里斯所說，我們可能在這方面有點過於激進了，所以，這就是我們的理解。

Yeah, but there's nothing going on with pricing across the markets or there was no.

是的，但整個市場的定價沒有任何變化，或者根本沒有變化。

No, there's always like.

不，總是有這樣的。

Okay, just with the, the material shipping to China, if there's more material shipping in China, does that have any impact on pricing at all?

好的，就材料運往中國而言，如果中國的材料運輸量增加，這會對定價產生影響嗎？

I'll let Tim take that one.

我會讓蒂姆拿走那個。

So some of the of the traditional, yes, some of the traditional [GON] markets are seeing some, price pressures as we go into that and we see some growth this year into, those markets. But generally, as we as we see when we look at other markets, of course, we're always under some kind of price pressure, but we're not seeing anything out of the ordinary, that I would say at this moment in time.

因此，一些傳統的，是的，一些傳統的 [GON] 市場在我們進入這些市場時正面臨一些價格壓力，並且我們看到今年這些市場有所增長。但總體而言，正如我們觀察其他市場時所看到的那樣，我們當然總是面臨某種價格壓力，但目前我們並沒有看到任何異常情況。

Got it. And then I last one for me, just I don't think you shipped a lot of products in North America, but can you just talk to any ramifications from the substantial tariffs that, the US is placing on China? Is it affecting your business at all?

知道了。然後我要問最後一個問題，我認為你們在北美運送的產品並不多，但你能談談美國對中國徵收高額關稅會帶來什麼影響嗎？這會對您的業務造成影響嗎？

You like him.

你喜歡他。

Yes, so for context, revenues, to the US in 2024 were about 8%. They'll probably be less in 2025 as a result of these trade restrictions and the timing of the permitting process. But anything that we ship to the US will likely have a tariff on it. The amount of this tariff is still a little unclear, and it still seems to be under discussion between the US and China.

是的，就背景而言，2024 年美國的收入約為 8%。由於這些貿易限制和許可流程的時間安排，到 2025 年，這一數字可能會減少。但我們運往美國的任何商品都可能被徵收關稅。該關稅的具體金額目前還不太清楚，而且似乎仍在中美兩國的討論中。

So yes, we expect that we're going to have to deal with this tariff. Again, Revenues in 2024 are about 8%, so it's not something that gives us real great heartburn at the moment.

所以是的，我們預計我們將不得不處理這項關稅。再說一次，2024 年的收入約為 8%，所以目前這並不是什麼讓我們真正感到心痛的事情。

Got it.

知道了。

Dave King, B. Riley.

戴夫金、B.萊利。

Yes, thank you. Good afternoon. My, question is, regarding that the last statement about your sales to US. My understanding is that semis are exempt, so, your products would they, would they be exempt as well?

是的，謝謝。午安.我的問題是，關於你們對美國銷售的最後一份聲明。我的理解是，半成品是免稅的，那麼，您的產品也可以免稅嗎？

Yeah, they're exempt from the reciprocal tariff, but they're not fully exempt from all tariffs at the moment. But as we say, this tariff situation, is still under discussion. There still seems to be some negotiation going on between the US and China. So, I think, once the permit process opens up and we start shipping again, we'll get a clearer understanding of what our position is in terms of tariffs.

是的，他們免徵互惠關稅，但目前還沒有完全免徵所有關稅。但正如我們所說，這一關稅情況仍在討論中。美國和中國之間似乎仍在進行一些談判。因此，我認為，一旦許可程序開放並且我們再次開始運輸，我們將更清楚地了解我們在關稅方面的立場。

So what happened in the first quarter, I mean, can you just tell us the facts, like, how much if you can quantify tariffs and you didn't mention that in your three factors we got in gross margin, but then tariffs didn't impact your course margin as well?

那麼第一季發生了什麼，我的意思是，您能否告訴我們事實，例如，如果您可以量化關稅，並且您沒有提到我們在三個因素中獲得的毛利率是多少，但關稅也沒有影響您的課程利潤率？

Morris, did you want to comment?

莫里斯，你想發表評論嗎？

Yeah, I think perhaps Dave's question is, our gross margin impact from tariffs since in one, we have shipped at least one month in January. I think our product shipped in January did pay tariff.

是的，我想戴夫的問題可能是關稅對我們的毛利率的影響，因為在一月份我們已經發貨至少一個月了。我認為我們一月份發貨的產品確實繳納了關稅。

Okay, but that was the old tariff. What was the percentage of the team I think it's around 25%, correct?

好的，但那是舊的關稅。團隊的百分比是多少？我認為大約是 25%，對嗎？

Yeah, correct. The section 301 tariff is 25%.

是的，正確。301條款關稅為25%。

And now it's, it has changed. So, what percentage of tariff is going to be? I think we're watching very intensely how it's going to be resolved and as you mentioned, it could be exempt, and I also heard China, on the web actually, China is going to exempt some of the imports from United States, on certain material that China wants to import from the United States, such as semiconductors.

而現在，情況已經改變了。那麼，關稅比例會是多少？我認為我們正在密切關注這個問題將如何解決，正如你所提到的，它可能會被豁免，而且我也聽到中國，實際上在網上，中國將豁免部分從美國進口的商品，包括中國想從美國進口的某些材料，例如半導體。

So could that play into, reciprocal tariffs from the United States because, these in the phosphide products, none of them can be made in the United States anyway, and our customers in the United States need this material. So, we don't know at this point, I mean, but let's get the permit problem solved first, but we believe that the tariff issue can be navigated. We have a plan to resolve this tariff issue, right?

那麼這是否會導緻美國的互惠關稅，因為這些磷化物產品無論如何都無法在美國生產，而我們在美國的客戶需要這種材料。所以，我們現在還不知道，我的意思是，讓我們先解決許可證問題，但我們相信關稅問題可以解決。我們有計劃解決這個關稅問題，對嗎？

Correct, we do have some plans to navigate around this. It's too early to say anything about them yet.

正確，我們確實有一些計劃來解決這個問題。現在談論這些還為時過早。

Some of the component vendors told me that, they're, customers, not all, but some customers are willing to pick up tariffs, at least temporarily. I mean, but it sounds like you guys are paying the tariffs, not your customers.

一些零件供應商告訴我，他們是客戶，雖然不是全部，但有些客戶願意承擔關稅，至少是暫時的。我的意思是，但這聽起來好像是你們在付關稅，而不是你們的客戶。

Well, we've been faced with this situation before, and there's no easy answer to it, right? Some customers will pick up the tariff. Some customers will pick up some of the tariff. We've dealt with it with gallium arsenide for the past 18 months, and we'll deal with the tariff.

嗯，我們以前也遇到過這種情況，而且沒有簡單的答案，對嗎？有些顧客會承擔關稅。有些顧客會承擔部分關稅。過去 18 個月我們一直在處理砷化鎵問題，我們也會處理關稅問題。

As we go case by case, sorry, with Indium phosphide for the past 18 months, and we'll deal with this, with a case by case basis as we move forward, and we have to get a better understanding of what this tariff really means.

很抱歉，過去 18 個月我們一直在處理磷化銦的問題，我們會根據具體情況逐案處理，我們必須更好地理解這項關稅的真正含義。

Got it. And my last question is, regarding the wireless [HBT], the one with yield issues. Just wondering if you got that, business. I mean, can you kind of quantify as far as, the revenue and is it, because of, your stumble, is it opportunity or are you still, in the derby, I guess and is it just one customer or two customers?

知道了。我的最後一個問題是關於無線[HBT]的，它有產量問題。只是想知道您是否明白這一點，生意。我的意思是，您能否量化收入，這是因為您的失誤，還是機會，或者您仍然在德比中，我想，這只是一個客戶還是兩個客戶？

Well, it's one specific customer. It's a fairly large customer, and I think we have not lost the opportunity. I mean, we, we're still working on it and as I said, we will take a little bit more measured approach to trying to gain more market share.

嗯，這是一位特定的客戶。這是一個相當大的客戶，我認為我們沒有失去這個機會。我的意思是，我們仍在努力，正如我所說，我們將採取更加慎重的方式來爭取更多的市場份額。

But I mean, once we got our, actually it's not a yield issue per se, but it's a matching of specification from what we can make and the customer demand. Once we got it sorted out, I think we should be able to get back to it and more, can you kind of quantify. Let's see, it's probably around $2 million per quarter?

但我的意思是，一旦我們得到了我們的，實際上它本身不是一個產量問題，而是我們所能製造的規格與客戶需求的匹配。一旦我們解決了這個問題，我想我們應該能夠重新開始，您能量化嗎？讓我們看看，大概每季約 200 萬美元？

Okay.

好的。

No, a little bit more than $1 million per, yeah, for the Call.

不，是的，每通電話的費用略高於 100 萬美元。

Got it. Thank you.

知道了。謝謝。

And it seems that we have no further questions today. I would now like to turn the call over back to Dr. Morris Young for closing remarks.

看來我們今天沒有其他問題了。現在我想將電話轉回給莫里斯楊博士，請他做最後發言。

Thank you for participating in our conference call. Later this month, we will be participating in the B. Riley Securities 2025 Annual Investor Conference.

感謝您參加我們的電話會議。本月晚些時候，我們將參加 B. Riley Securities 2025 年度投資者大會。

As always, please feel free to contact me, Gary Fischer or Leslie Green. If you would like to set up a call. We do look forward to speaking with you in the near future.

像往常一樣，請隨時與我聯繫、Gary Fischer 或 Leslie Green。如果您想撥打電話。我們期待在不久的將來與您交談。

Ladies and gentlemen, this is because today's conference call. You may now.

女士們、先生們，這是因為今天的電話會議。現在就可以了。