Blaize Holdings Inc (BZAI) 2025 Q3 法說會逐字稿

Hello, and welcome to the Blaize third quarter 2025 earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded.

大家好，歡迎參加 Blaize 2025 年第三季財報電話會議。（操作人員指示）請注意，今天的會議正在錄音。

It is now my pleasure to introduce Verenice Palczynski, Investor Relations.

現在我很高興向大家介紹投資者關係部門的維雷妮絲·帕爾欽斯基。

Before we begin the prepared remarks, we would like to remind you that earlier today, Blaize issued a press release announcing its third quarter 2025 results. Earnings materials are available on the Investor Relations section of Blaize's website. Today's earnings call and press release reflect management's views as of today only. and will include statements related to our competitive position, anticipated industry trends, our business and strategic priorities, our financial outlook, and our revenue guidance for the fourth quarter of 2025 and full year 2025, all of which constitute forward-looking statements under the federal securities laws.

在我們開始正式發言之前，我們想提醒各位，今天早些時候，Blaize 發布了一份新聞稿，公佈了 2025 年第三季業績。投資者可在 Blaize 網站的「投資者關係」部分查看收益報告。今天的財報電話會議和新聞稿僅反映管理層截至今日的觀點，並將包含與我們的競爭地位、預期行業趨勢、業務和戰略重點、財務展望以及2025年第四季度和全年收入指引相關的聲明，所有這些都構成聯邦證券法意義上的前瞻性聲明。

Actual results may differ materially from those contained in or implied by these forward-looking statements due to risks and uncertainties associated with our business. For a discussion of material risks and other important factors that could impact our actual results, please refer to the company's SEC filings and today's press release, both of which can be found on our investor relations website.

由於與我們業務相關的風險和不確定性，實際結果可能與這些前瞻性聲明中包含或暗示的結果有重大差異。有關可能影響我們實際業績的重大風險和其他重要因素的討論，請參閱公司向美國證券交易委員會提交的文件和今天的新聞稿，這兩份文件都可以在我們的投資者關係網站上找到。

Any forward-looking statements that we make on this call are based on assumptions as of today and, other than as may be required by law, we undertake no obligation to update these statements as a result of new information or future events. Information discussed on this call concerning Blaize's industry, competitive position, and the markets in which it operates is based on information from independent industry and research organizations, other third-party sources, and management estimates.

我們在本次電話會議中所做的任何前瞻性陳述均基於截至今日的假設，除法律可能要求的情況外，我們不承擔因新資訊或未來事件而更新這些陳述的義務。本次電話會議中討論的有關 Blaize 所在行業、競爭地位以及其運營市場的信息，均基於獨立行業和研究機構、其他第三方來源以及管理層估計的信息。

These estimates are derived from publicly available information released by independent industry analysts and other third-party sources as well as data from Blaize's internal research. These estimates are based on reasonable assumptions and computations made upon reviewing such data and Blaize's experience in and knowledge of such industry and markets.

這些估算數據來自獨立產業分析師和其他第三方來源發布的公開訊息，以及 Blaize 內部研究的數據。這些估算是基於合理的假設和計算，這些假設和計算是在審查此類數據以及布萊茲在該行業和市場的經驗和知識之後做出的。

By definition, assumptions are subject to uncertainty and risk, which could cause results to differ materially from those expressed in the estimates. During this call, we will discuss certain non-GAAP financial measures. These non-GAAP financial measures should be considered as a supplement to, and not a substitute for, measures prepared in accordance with GAAP. For a reconciliation of non-GAAP financial measures discussed during this call to the most directly comparable GAAP measures, please refer to today's press release.

根據定義，假設存在不確定性和風險，這可能導致結果與估計中表達的結果有重大差異。在本次電話會議中，我們將討論一些非GAAP財務指標。這些非GAAP財務指標應被視為依照GAAP編製的指標的補充，而不是替代。有關本次電話會議中討論的非GAAP財務指標與最直接可比較的GAAP指標的調節表，請參閱今天的新聞稿。

Good afternoon, everyone, and thank you for joining us today. Q3 was a breakout quarter for Blaize, defined by strong execution, commercial traction, and expanded global visibility. We delivered a solid quarter with revenue of $11.9 million, up 499% from Q2. We further expect the Q4 revenue to double from here. To support this acceleration following the close of Q3, we secured a $30 million investment from Polar Asset Management Partners to scale commercialization and the next generation chip development as we scale into 2026.

各位下午好，感謝各位今天蒞臨。第三季度是 Blaize 的突破性季度，其特點是執行力強勁、商業勢頭良好以及全球知名度不斷提高。本季業績穩健，營收達 1,190 萬美元，較第二季成長 499%。我們預計第四季營收將在此基礎上翻一番。為了支持第三季結束後的加速發展，我們從 Polar Asset Management Partners 獲得了 3,000 萬美元的投資，以擴大商業化規模和下一代晶片的開發，從而在 2026 年實現規模化發展。

Together, these results mark a step forward from validation to scale, demonstrating growing customer adoption and investor confidence in Blaize's strategy and solutions. We strengthened our ecosystem through two new key partnerships. First, we announced a collaboration with Technology Control Company, or TCC, Second, we formalized a partnership with Reach Digital, the digital transformation arm of Reach Group, a subsidiary of international holding company or IHC, one of the largest investment holding with market capitalization of $240 billion.

這些結果共同標誌著從驗證到規模化邁出了重要一步，表明客戶對 Blaize 的策略和解決方案的接受度不斷提高，投資者信心也日益增強。我們透過兩項新的重要合作，加強了我們的生態系統。首先，我們宣布與技術控制公司（TCC）合作；其次，我們正式與 Reach Digital 建立了合作夥伴關係。 Reach Digital 是 Reach Group 的數位轉型部門，而 Reach Group 是國際控股公司（IHC）的子公司。 IHC 是市值達 2,400 億美元的全球最大投資控股公司之一。

Blaize's presence on the global stage continues to expand. We participated in the world's most influential innovation forums, the Milken Institute Asia Summit 2025, the Jitex Global 2025 in the Middle East, and the Web Summit 2025 in Europe, each reinforcing Blaize's growing role in shaping the future of efficient and deployable AI. Together, these achievements reflect a company executing with discipline and scale and demonstrate validation of the Blaize hybrid AI platform through active deployments across key industries and geographies.

Blaize在全球舞台上的影響力持續擴大。我們參加了全球最具影響力的創新論壇，包括米爾肯研究院亞洲高峰會 2025、中東 Jitex 全球高峰會 2025 和歐洲網路高峰會 2025，每一次都鞏固了 Blaize 在塑造高效、可部署人工智慧的未來方面日益重要的作用。這些成就共同體現了公司嚴謹的執行力和規模優勢，並透過在關鍵產業和地區的積極部署，證明了 Blaize 混合人工智慧平台的有效性。

They also validate the next chapter in AI's evolution, a new paradigm we call practical AI. This marks a turning point for the industry, from large models to practical outcomes, and from dependence on the cloud to sovereign AI infrastructure that organizations can now own and control. We call this next phase practical AI, AI that is useful, deployable, and sustainable at scale.

它們也驗證了人工智慧發展的下一個篇章，我們稱之為實用人工智慧的新典範。這標誌著該行業的轉折點，從大型模型到實際成果，從依賴雲端到組織現在可以擁有和控制的自主人工智慧基礎設施。我們將下一階段稱為實用人工智慧，即具有實用性、可部署性和可持續性的大規模人工智慧。

First, practical AI is business-driven and outcome-focused. It solves problems that improve safety, productivity, and efficiency, helping customers optimize costs and create value across sectors such as smart infrastructure, defense, and industrial automation. Enterprises are prioritizing energy-efficient, cost-calible inference while governments are investing in sovereign AI infrastructure that they can own and operate end-to-end.

首先，實用人工智慧是以業務為導向，以結果為導向的。它解決了提高安全性、生產力和效率的問題，幫助客戶優化成本，並在智慧基礎設施、國防和工業自動化等領域創造價值。企業優先考慮節能、成本可控的推理技術，而政府則投資建造能夠完全擁有和營運的自主人工智慧基礎設施。

Second, it is hybrid by design. It combines heterogeneous compute, our graph streaming processor, alongside GPUs and CPUs, giving customers flexibility to choose the right fit hardware for each deployment, balancing performance, cost, and efficiency from cloud to edge.

其次，它的設計是混合型的。它結合了異構運算、我們的圖流處理器以及 GPU 和 CPU，使客戶能夠靈活地為每個部署選擇合適的硬件，從而在從雲端到邊緣的效能、成本和效率之間取得平衡。

Third, it is efficient. Practical AI delivers a clear total cost of ownership advantage, achieving better performance per watt while reducing energy consumption and maintaining responsiveness. Efficiency defines the economics of AI at scale, enabling sustainable and sovereign deployments that work in the real world. Together, these principles, business-driven, hybrid, and efficient, define what Practical AI means to our customers and partners.

第三，它效率很高。實用型人工智慧可帶來明顯的整體擁有成本優勢，在降低能耗和保持反應速度的同時，實現更高的每瓦效能。效率決定了人工智慧大規模應用的經濟效益，從而能夠實現永續和自主的部署，使其在現實世界中發揮作用。這些以業務為導向、混合型和高效型的原則共同定義了實用人工智慧對我們的客戶和合作夥伴的意義。

Let me highlight a few programs that illustrate our progress. First, Starshine Hybrid AI Infrastructure, a $120 million collaboration with initial shipments in Q3 2025 and continuing through 2026. The partnership will focus on building AI infrastructure for smart city development, industrial automation, and public services across Asia.

讓我重點介紹幾個能體現我們取得進展的項目。首先是 Starshine 混合人工智慧基礎設施，這是一項價值 1.2 億美元的合作項目，首批產品將於 2025 年第三季交付，並將持續到 2026 年。該合作將重點放在人工智慧基礎設施，用於亞洲各地的智慧城市發展、工業自動化和公共服務。

Second, TCC, the Saudi Arabia Sovereign AI Infrastructure, announced in September. This partnership positions Blaize as a technology enabler of Saudi Arabia's Vision 2030. TCC is working with us to build hybrid AI infrastructure. Together, we are developing energy-efficient AI systems to accelerate adoption across the kingdom's public safety and infrastructure sectors.

其次，沙烏地阿拉伯主權人工智慧基礎設施TCC於9月宣布成立。此次合作將 Blaize 定位為沙烏地阿拉伯「2030 願景」的技術推動者。TCC正在與我們合作建構混合人工智慧基礎設施。我們正在共同開發節能型人工智慧系統，以加速其在王國公共安全和基礎設施領域的應用。

Third, Jota Smart Infrastructure. Our AI-powered public safety rollout across India continues to advance. We are fulfilling Yorta's purchase order and expect initial deliveries completed this year. Fourth, new partnership with Reach Group, announced recently at Jitex Global 2025, strengthens Blaize's position in the Middle East through collaboration on practical AI solutions and regional infrastructure initiatives.

第三，Jota智慧基礎建設。我們在印度的AI賦能公共安全推廣計畫持續推進。我們正在履行 Yorta 的採購訂單，預計今年內將完成首批交付。第四，最近在 Jitex Global 2025 上宣布與 Reach Group 建立新的合作夥伴關係，透過在實用人工智慧解決方案和區域基礎設施計劃方面的合作，加強了 Blaize 在中東的地位。

Beyond these programs, we continue to expand our engagement worldwide through workshops with data center providers, sovereign operators, and system integrators, while advancing proof-of-concept work in next-generation smart radar, facial recognition, and vision AI. Together, these initiatives strengthen Blaize's position as a practical, sovereign-ready AI platform partner, helping governments and enterprises deploy AI securely, efficiently, and at scale.

除了這些項目之外，我們還透過與資料中心供應商、主權營運商和系統整合商舉辦研討會，繼續擴大我們在全球的參與，同時推動下一代智慧雷達、臉部辨識和視覺人工智慧的概念驗證工作。這些舉措共同鞏固了 Blaize 作為務實、主權就緒的 AI 平台合作夥伴的地位，幫助政府和企業安全、高效、大規模地部署 AI。

On the technology front, Q3 was about execution. We continued the commercial rollout of the Blaize AI platform, integrating hardware, software, and orchestration into one unified stack that simplifies deployment and accelerates time to value. The platform's orchestration layer gives customers' flexibility for model packaging, deployment, and optimization across diverse environments.

在技​​術方面，第三季的重點是執行。我們繼續推進 Blaize AI 平台的商業推廣，將硬體、軟體和編排整合到一個統一的堆疊中，從而簡化部署並加快實現價值的時間。此平台的編排層為客戶提供了在各種環境中進行模型打包、部署和最佳化的靈活性。

In hybrid AI infrastructure, Blazor's GSPs and GPUs work together, complementing each other to boost inference, performance, and power efficiency. At rack scale, this combined architecture delivers up to 2.4 times higher performance per rack and up to three times better power efficiency, enabling greater performance per watt and lower total cost in real-world deployments.

在混合 AI 基礎設施中，Blazor 的 GSP 和 GPU 協同工作，相互補充，從而提高推理能力、性能和能源效率。在機架規模上，這種組合架構可將每個機架的效能提高 2.4 倍，並將電源效率提高 3 倍，從而在實際部署中實現更高的每瓦效能和更低的總成本。

At GITEX Global 2025, we showcase these capabilities in live demonstrations from city safety analytics and incident detection to autonomous mobility, including ruggedized systems that operate reliably in environments up to 70 degrees Celsius. We are also continuing development of our next-generation chip, working closely with ecosystem partners to extend our leadership in low-power, programmable AI.

在 2025 年 GITEX 全球展會上，我們將透過現場示範展示這些功能，涵蓋城市安全分析、事故偵測、自主移動等領域，其中包括可在高達 70 攝氏度的環境下可靠運作的加固系統。我們也持續開發下一代晶片，與生態系統合作夥伴緊密合作，以鞏固我們在低功耗、可程式人工智慧領域的領先地位。

Next, we have strengthened our capital position. Earlier this week, we announced a $30 million private placement investment from Polar Asset Management Partners, reinforcing confidence in Blaize's long-term strategy and market opportunity. This new funding provides flexibility to advance commercialization to fulfill customer programs and accelerate next-generation platform.

其次，我們加強了資本實力。本週早些時候，我們宣布獲得 Polar Asset Management Partners 的 3,000 萬美元私募投資，這增強了人們對 Blaize 長期策略和市場機會的信心。這項新的資金為推動商業化提供了靈活性，以滿足客戶規劃並加速下一代平台的開發。

It positions us to accelerate the future of silicon development, expand ecosystem partnerships, and continue executing with financial discipline. Looking ahead, we expect continued growth momentum in Q4 and into 2026. Our priorities are clear. Gale deployments expand revenue through integrated AI solutions, and advance development of our next-generation GSP architecture.

這使我們能夠加速矽晶片的未來發展，擴大生態系統合作夥伴關係，並繼續以嚴謹的財務紀律執行各項工作。展望未來，我們預計第四季及2026年將持續維持成長動能。我們的工作重點很明確。Gale 的部署透過整合 AI 解決方案擴大收入，並推動我們下一代 GSP 架構的開發。

In 2026, our focus turns to global expansion of practical AI, delivering solutions that are efficient, scalable, and sovereign-capable. We will deepen partnerships to drive adoption across key sectors such as urban AI, infrastructure build-out, defense, and retail. Our strategy centers on hybrid AI deployments that combine the strengths of Blaize's GSPs and GPUs across heterogeneous environments, enabling secure, energy-efficient, and programmable AI infrastructure.

2026 年，我們的重點轉向在全球推廣實用人工智慧，提供高效、可擴展且具有自主能力的解決方案。我們將深化合作夥伴關係，以推動城市人工智慧、基礎建設、國防和零售等關鍵領域的應用。我們的策略重點是混合 AI 部署，將 Blaize 的 GSP 和 GPU 的優勢結合起來，應用於異質環境，從而實現安全、節能和可編程的 AI 基礎設施。

Blaize is helping leading this shift towards real-world, sustainable, and sovereign AI that bridges innovation with impact and turns technology into tangible progress for industries and societies. We reported revenue of $11.9 million for the third quarter, reflecting strong execution and continued growth.

Blaize 正在幫助引領向現實世界、可持續和自主的 AI 的轉變，將創新與影響力聯繫起來，並將技術轉化為行業和社會的實際進步。第三季營收為 1,190 萬美元，反映了強勁的執行力和持續成長。

With that, I'll turn it over to Harminder to walk through the financial highlights and our outlook for the remainder of the year.

接下來，我將把發言權交給哈明德，讓他來介紹一下財務亮點以及我們對今年剩餘時間的展望。

Thank you, Dinakar, and good afternoon, everyone. I'd like to start with a few highlights. We reported $11.9 million of revenue, beating the upper end of our guidance by $400,000. We beat our Q3 adjusted EBITDA loss guidance by $2 million, coming in at $11.1 million. This reflects better than expected execution and stronger operating discipline across the business. And we closed a $30 million financing with Polar Asset Management Partners.

謝謝你，迪納卡爾，大家下午好。我想先介紹幾個重點。我們公佈的營收為 1,190 萬美元，比我們預期的上限高出 40 萬美元。我們第三季調整後 EBITDA 虧損比預期減少了 200 萬美元，實際虧損為 1,110 萬美元。這反映出公司整體執行力超越預期，營運紀律更加嚴格。我們與 Polar Asset Management Partners 達成了 3,000 萬美元的融資協議。

I will now move on to reviewing our financial performance for the third quarter of 2025 in more detail and provide guidance for the fourth quarter. The results that I'm sharing today demonstrate our shift from customer validation to growth at scale. This quarter, we delivered our strongest quarter yet with revenue of $11.9 million, which was a sequential increase of 499%. I'm pleased to report that revenue surpassed the upper end of our prior guidance range by $400,000.

接下來，我將更詳細地回顧我們 2025 年第三季的財務業績，並對第四季度提供指導。我今天分享的成果表明，我們已經從客戶驗證轉向規模化成長。本季度，我們實現了迄今為止最強勁的季度業績，營收達到 1,190 萬美元，季增 499%。我很高興地報告，營收比我們之前預期的上限高出 40 萬美元。

Approximately $10.4 million of the third quarter revenue was driven by the initial shipments of servers under the Starshine contract into the Asia-Pacific region, which we expect to collect in full before the end of the year. Gross margin was 15% this quarter compared to 59% in the second quarter of 2025. As I noted in my remarks last quarter, as expected, Initial gross margins related to the Starshine contract would be impacted by the higher component of third-party hardware in the system.

第三季約 1,040 萬美元的收入來自 Starshine 合約項下伺服器在亞太地區的首次出貨，我們預計將在年底前全額收到這筆款項。本季毛利率為 15%，而 2025 年第二季毛利率為 59%。正如我在上個季度的發言中所提到的，正如預期的那樣，與 Starshine 合約相關的初始毛利率將受到系統中第三方硬體佔比較高的影響。

Going forward, we're working with Starshine software teams to replace most GPUs in these servers with Blaize GSP cards. This is expected to result in lower average selling prices for customers and improved margins for Blaize in the quarters ahead. We continue to fulfill the Euro purchase order and anticipate that the initial approximately $6 million of revenue contribution to complete this year.

接下來，我們將與 Starshine 軟體團隊合作，以 Blaize GSP 卡取代這些伺服器中的大部分 GPU。預計這將導致客戶的平均售價降低，並提高 Blaize 在未來幾季的利潤率。我們繼續履行歐元採購訂單，預計今年將完成約 600 萬美元的初步收入貢獻。

Let's now turn to our third quarter operating expenses, which I will discuss on a non-GAAP basis to exclude stock-based compensation charges. Research and development costs of $6 million were down slightly from $6.4 million in the second quarter and represented a year-over-year increase of 7%. Sales and general and admin costs totaled $8.5 million, largely flat versus the prior quarter, and an increase of $3.6 million year-over-year. Blaize remains disciplined on costs as the business grows.

現在讓我們來看看第三季的營運費用，我將以非GAAP準則進行討論，以排除股票選擇權費用。研發費用為 600 萬美元，比第二季的 640 萬美元略有下降，較去年同期成長 7%。銷售及一般管理費用總計 850 萬美元，與上一季基本持平，但比去年同期增加了 360 萬美元。隨著業務的成長，Blaize 仍然嚴格控製成本。

Our third quarter adjusted EBITDA loss was $11.1 million, down 1.8 sequentially, and marginally up from Q3 of last year. This reflects better than expected execution and stronger operating discipline across the business. Reported net loss in the third quarter of $26.3 million was lower than the $29.6 million net loss for the second quarter. Both include significant non-cash adjustments related to stock-based compensation and fair value charges.

我們第三季調整後的 EBITDA 虧損為 1,110 萬美元，季減 180 萬美元，比去年第三季略有上升。這反映出公司整體執行力超越預期，營運紀律更加嚴格。報告顯示，第三季淨虧損為 2,630 萬美元，低於第二季的 2,960 萬美元淨虧損。兩者都包含與股票選擇權激勵和公允價值費用相關的重大非現金調整。

The reconciliation between GAAP net loss and adjusted EBITDA is included in our earnings press release. We are very excited about our November 10th announcement of a $30 million private placement financing by Polar. This investment positions Blaize to continue its trajectory of delivering results from contracts in hand, converting pipeline opportunities into new business, and advancing its chip roadmap. We welcome Polar as a long-term anchor investor in Blaize.

GAAP淨虧損與調整後EBITDA之間的調整表已包含在我們的獲利新聞稿中。我們非常興奮地宣布，Polar 將於 11 月 10 日完成 3,000 萬美元的私募融資。這項投資使 Blaize 能夠繼續推進其發展策略，包括兌現現有合約、將潛在機會轉化為新業務以及推進其晶片路線圖。我們歡迎 Polar 成為 Blaize 的長期錨定投資者。

We have also taken advantage of recent strong trading volumes to exercise our right to sell common stock to B. Riley under the committed equity facilities signed in July this year. These initiatives have resulted in a significantly improved cash balance of over $60 million today, and combined with expected inflows from current customer contracts, we believe we're strongly positioned to fund our operations well into the second half of next year. I will now share outlook for Q4 2024.

我們也利用近期強勁的交易量，行使了我們根據今年 7 月簽署的承諾股權融資協議向 B. Riley 出售普通股的權利。這些措施使我們目前的現金餘額顯著改善至 6,000 萬美元以上，再加上現有客戶合約的預期收入，我們相信我們有能力為明年下半年的營運提供充足的資金。接下來我將分享2024年第四季的展望。

Total revenue for the fourth quarter is expected to be between $21.1 million and $23.1 million, almost doubling our third quarter performance. We anticipate adjusted EBITDA loss to be in the range of $15.6 million to $18.6 million, reflecting the variable nature of next-gen chip costs. The share-based charge and weighted average shares outstanding estimates are provided in our earnings press release.

預計第四季總收入將在 2,110 萬美元至 2,310 萬美元之間，幾乎是第三季業績的兩倍。我們預計調整後的 EBITDA 虧損將在 1,560 萬美元至 1,860 萬美元之間，這反映了下一代晶片成本的可變性。股份提列費用和加權平均流通股估算值已在我們的獲利新聞稿中提供。

Looking ahead, our pipeline opportunities based on the current generation of silicon remain robust. Approximately $160 million from the IOTA and Starshine deals are expected to support our revenue projections over the next six quarters or so. Our partnership with the Kingdom of Saudi Arabia's technology control company is progressing well. We anticipate initial revenues from delivering ruggedized AI boxes capable of operating in harsh high-temperature environments and professional services to begin in 2026.

展望未來，基於當前一代矽技術的研發項目前景依然強勁。預計 IOTA 和 Starshine 交易帶來的約 1.6 億美元收入將在未來六個季度左右支撐我們的收入預測。我們與沙烏地阿拉伯王國技術控制公司的合作進展順利。我們預計，從交付能夠在惡劣高溫環境下運作的加固型人工智慧盒子和專業服務中獲得初步收入，將在 2026 年開始。

We expect our recently announced partnership with Reach Digital to significantly enhance our profile as a provider of practical AI solutions. The Blaize hybrid AI platform is resonating well in the market, and we look forward to providing further updates on customer progress. Let me highlight upcoming events for the financial community. Blaize will be at the Craig Hallam Alpha Select Conference in New York on November 18 and at the Wells Fargo Annual TMT Summit in California on November 19. We look forward to seeing you at these events.

我們預計近期宣布與 Reach Digital 建立的合作夥伴關係將顯著提升我們作為實用人工智慧解決方案提供者的形象。Blaize混合人工智慧平台在市場上反應良好，我們期待提供更多關於客戶進展的最新資訊。讓我重點介紹一下金融界即將發生的一些事件。Blaize 將於 11 月 18 日在紐約參加 Craig Hallam Alpha Select 會議，並於 11 月 19 日在加州參加富國銀行年度 TMT 高峰會。我們期待在這些活動中見到您。

Thank you, and with that, we'll now open the line for questions.

謝謝，接下來我們將開放提問環節。

Thank you. (Operator Instructions) Kevin Cassidy, Rosenblatt Securities.

謝謝。（操作說明）凱文·卡西迪，羅森布拉特證券。

Hi. Congratulations on the results and the really strong revenue growth. Tied in with the Starshine project, how many more quarters do you think it will be if you spin the third-party hardware?

你好。祝賀你們取得如此佳績，以及非常強勁的營收成長。與 Starshine 項目相關，如果您使用第三方硬件，您認為還需要多少個 25 美分硬幣？

Hey, Kevin, this is Amanda. So your voice is a little crackly, but let me just repeat what I understood you to ask, which is how many more quarters before we start to shift to a GSP-heavy server. Was that right?

嘿，凱文，這是阿曼達。你的聲音有點沙啞，但請容許我重複我理解你的問題，那就是在我們開始轉向以 GSP 為主的伺服器之前，還需要多少個季度。是這樣嗎？

That's right. When can gross margins start to expand again?

這是正確的。毛利率何時才能再次開始成長？

Yeah, so we expect in the latter part of the second half of next year. So work's been going on with both software teams. to create this orchestration layer that allows workloads to seamlessly go across both the GSP and the GPU. So as we start to shift, as that work completes, the servers that will start to shift perhaps in the second quarter onwards will have more GSP components in them.

是的，我們預計將在明年下半年的後半段實現。因此，兩個軟體團隊一直在努力創建這個編排層，使工作負載能夠無縫地跨越 GSP 和 GPU。因此，隨著這項工作的完成，我們將開始進行遷移，從第二季開始遷移的伺服器將包含更多的 GSP 元件。

Okay, great. And I'm always interested in your next-generation Silicon. Can you give us any hints on what you're targeting with that and what will be some of the improvements?

好的，太好了。我對你們的下一代矽技術一直很感興趣。您能否透露一下您的目標是什麼，以及會有哪些改進？

Sure. I can take this. So as you know, in the key markets that we're in, the majority of the customers we're actually capturing at the business outcome level, and our software is quite coming to life as well, the whole platformization, orchestration layer. Now what this is helping us is taking all of this customer demand and feedback into the definition of the next-generation chip.

當然。我可以接受。如您所知，在我們所處的關鍵市場中，我們實際上在業務成果層面贏得了大多數客戶的青睞，而且我們的軟體也正在蓬勃發展，包括整個平台化和編排層。現在，這有助於我們將所有這些客戶需求和回饋融入下一代晶片的定義中。

Certainly, it will be addressing the existing video, image, visual workloads, but also we're expanding it outside of this into other areas to help us capture a wider set of workloads. So it is a time expansion for us when the silicon comes in. But the good part right now, because we're platformizing and our software is playing a role, it already helps us understand what the customer's needs are.

當然，它將解決現有的視訊、影像、視覺工作負載問題，但我們也將其擴展到其他領域，以幫助我們捕捉更廣泛的工作負載。所以，矽技術的出現對我們來說意味著時間的延長。但目前的好處在於，因為我們正在進行平台化，而我們的軟體也發揮了作用，這已經幫助我們了解客戶的需求。

And by adding this next-generation silicon, it further improves our margins. But including things like language models, et cetera, are part of it also. There are newer kinds of AI that are emerging by being programmable and having the flexibility of our architecture, we're able to address all of that.

透過添加這種新一代矽技術，我們的利潤率將進一步提高。但語言模型等內容也包含在內。憑藉可程式性和我們架構的靈活性，我們能夠應對不斷湧現的新型人工智慧。

Okay, great, thank you.

好的，太好了，謝謝。

Craig Ellis, B. Riley Securities.

Craig Ellis，B. Riley Securities。

Yeah, thanks for taking the question, and congratulations on the momentum in the business, guys. I wanted to start, Dinakar, just following up on comments regarding TCC and REACH. Is it possible for you to help us scope the size of those two deals, and if not in their entirety, help us understand how material they might be to 2026.

是的，謝謝你們回答這個問題，也恭喜你們公司發展勢頭良好。迪納卡，我想先跟進一下關於 TCC 和 REACH 的評論。您能否幫我們估算一下這兩筆交易的規模？如果無法全部估算，能否幫助我們了解它們對 2026 年的影響程度？

Sure, happy to. So the interesting thing is both of these are in the Middle East. So let me address the size of the opportunity, not getting into each opportunity size, but the market is rapidly growing there. a lot of thirst for AI solutions, and particularly practical AI solutions that can help their cities become safer, the defense entities and so on.

當然可以，我很樂意。有趣的是，這兩個地方都位於中東。所以，我想談談這個市場機會的規模，這裡就不逐一討論每個機會的具體規模了，但這個市場正在快速成長。人們對人工智慧解決方案，特別是能夠幫助城市、國防機構等變得更安全的實用型人工智慧解決方案，有著強烈的需求。

So fortunate to have been working with TCC specifically in the Saudi region, and this is all part of the Vision 2030, where they have a pretty big we were collaborating on AI solutions there. and reaches in UAE. So we have solid partners in both these countries. And each of these, as we solidify the contracts, we will start announcing them to the market. I don't know if anybody wants to add.

非常榮幸能與 TCC 在沙烏地阿拉伯地區合作，這都是「2030 願景」的一部分，他們在該計劃中投入了相當大的資源，我們在那裡合作開發人工智慧解決方案，業務範圍也擴展到了阿聯酋。因此，我們在這兩個國家都有可靠的合作夥伴。隨著合約的逐步敲定，我們將陸續向市場公佈這些合約。不知道有沒有人想補充。

No, no, you cover. I just want to make one very important point. I mean, the proof points about Blaize technology and particularly where we are able to exist in very harsh thermal conditions, we were the only solution that was able to still continue to do high-performance compute at the edge, up to 75 degree centigrade temperatures. At a cost of you can of course put a system together and have lots of extra cooling. And these are the kind of things that are now resonating really well with customers.

不，不，你負責。我只想強調一點非常重要的內容。我的意思是，Blaize 技術的優勢在於，它能夠在非常惡劣的熱條件下運行，我們是唯一能夠在邊緣進行高效能運算的解決方案，最高溫度可達 75 攝氏度。當然，你可以花些錢組裝一套系統，並獲得大量的額外冷卻。而這些正是目前非常受顧客歡迎的東西。

Exactly. The temperature grade testing was done and we passed in flying colors. And as Amin mentioned, they picked the hottest month of the year, which is September, So we were literally on the rooftop testing these. So all of those results are helping us get into the commercialization phase, which is the next.

確切地。溫度等級測試已經完成，我們順利通過。正如阿明所提到的那樣，他們選擇了一年中最熱的月份，也就是九月，所以我們當時真的在屋頂上測試這些產品。所以所有這些成果都有助於我們進入下一個階段──商業化階段。

That sounds like it's very compelling proof points for your partners, and it should translate well into what your sales can do in other areas with that deployed. So a follow-up question. given the momentum that you have with each of those partners. Should we expect there to be meaningful revenue recognition next year, or will we be in a planning and deployment phase that would precede sales and activity? Just trying to understand when these start to really tip towards revenue-generating partnerships for you.

這聽起來像是對你的合作夥伴來說非常有說服力的證明點，而且部署之後，你的銷售團隊應該也能在其他領域取得同樣的成就。那麼，還有一個後續問題。鑑於你與每個合作夥伴都保持著良好的發展勢頭。我們是否應該預期明年會有實質的收入確認，還是我們將處於銷售和活動之前的規劃和部署階段？我只是想了解這些合作關係何時才能真正為你帶來收益。

So Craig, as I mentioned in my prepared remarks, I certainly expect that the TCC relationship will start to contribute towards 2026. The exact timing of that, of course, will depend on how the solutions are deployed. Reach Digital is a relatively recent engagement. However, what we're starting to see is that as certain solutions are deployed with one customer, I think the pace at which some of those other customers in the same industry or same vertical and how quickly they adopt should accelerate.

所以克雷格，正如我在準備好的演講稿中提到的，我當然期望TCC關係將在2026年開始做出貢獻。當然，具體時間將取決於解決方案的部署方式。Reach Digital 是我們最近才成立的公司。然而，我們開始看到，隨著某些解決方案在一個客戶中部署完畢，我認為同一行業或同一垂直領域的其他客戶採用這些解決方案的速度應該會加快。

That's very helpful. And then just building on that point and going back to Starshine where we are into development, from early development, what are your customers learning about the advantages of the system, and how is that impacting the pace at which they're choosing to move forward?

那很有幫助。然後，就此而言，回到 Starshine，我們目前正處於開發階段，從早期開發開始，您的客戶對該系統的優勢有哪些了解，這又如何影響他們選擇推進的速度？

So certainly hybrid AI is very popular, which is how we complement GPUs that plays GSP for the best business outcome and better cost and better operational expenses. So this is certainly resonating, plus Blaize is programmable, and therefore the workloads that can seamlessly move across GPU and GSP is another advantage. So these are the key learnings, and they're applying it to real problems, such as smart infrastructure, agriculture, and so on. So this relationship is growing well.

因此，混合人工智慧無疑非常受歡迎，它與 GPU 配合使用，可以發揮 GSP 的優勢，從而獲得最佳的業務成果、更低的成本和更優惠的營運費用。所以這確實引起了共鳴，而且 Blaize 是可編程的，因此工作負載可以在 GPU 和 GSP 之間無縫移動，這是另一個優勢。所以這些是關鍵的經驗教訓，他們正在將其應用於實際問題，例如智慧基礎設施、農業等等。所以這段關係發展得很順利。

May I just add one more comment on that, which is the affordability side. If you have a server which is full of GPUs, it's the reason why margins are low, but also the customer affordability is impacted. As we start to replace those with Blaize GSPs, the selling price of that server comes down significantly, and our margins, of course, increase because we don't have to necessarily pass all of that benefit on. and that's where we'll see probably an acceleration of adoption of solutions in the back end of 2026.

我能否再補充一點關於價格負擔能力的看法？如果你的伺服器裝滿了GPU，這就是利潤率低的原因，同時也會影響客戶的購買力。隨著我們開始用 Blaize GSP 取代這些伺服器，伺服器的售價會大幅下降，我們的利潤率自然也會提高，因為我們不必把所有收益轉嫁給客戶。因此，我們可能會在 2026 年下半年看到解決方案的採用率加速成長。

It's a very good point and ROI is one of the things that I've always found quite resonant with the solution that you're providing. Lastly, for me, I think the last time we spoke in a forum like this, we were talking about a pipeline that would have been quantified at about $725 million. Is that still the right way to look at the pipeline and any color on where there might be candidates for conversion as we look across the fourth quarter and into early 2026? Thanks, team.

這是一個非常好的觀點，投資報酬率一直是我覺得與你們提供的解決方案非常契合的因素之一。最後，就我個人而言，我認為我們上次在這樣的論壇上交談時，我們談論的是一條價值約 7.25 億美元的管道。這種看待產品線的方式是否仍然正確？展望第四季以及 2026 年初，我們能否從中看出哪些面向可能存在轉換機會？謝謝大家。

So the pipeline still remains robust. As you know, it's a living beast. The ones that we expect to convert, we've already talked about. Obviously, we continue to ship on our Starshine contract. We continue to work with IOTA. You'll have seen an announcement that enhances the relationship with IOTA into the Middle East.

因此，此管道系統仍保持穩健。如你所知，它是一頭活生生的野獸。那些我們預期會轉化的，我們已經討論過了。顯然，我們會繼續履行與 Starshine 的合約進行出貨。我們將繼續與IOTA合作。您應該已經看到一份公告，該公告旨在加強與 IOTA 在中東的關係。

Whether that hits 2026 or so on will depend on how fast we work together. But we feel very strong that confident that the pipeline remains strong and it's based on currently shipping product. And the more deployments that we start to make, then, as I said, the conversion should accelerate and we should add more customers that are not in the pipeline today from those verticals into that pipeline. But we'll talk about that more when we do our annual results next year.

能否在 2026 年或更早的時候實現，取決於我們共同努力的速度。但我們非常有信心，產品線依然強勁，這是基於目前正在出貨的產品。正如我所說，隨著我們部署的增多，轉換率應該會加快，我們應該將目前不在銷售管道中的垂直行業客戶增加到銷售管道中。但我們會在明年公佈年度業績時詳細討論這個問題。

And to your point, the whole ROI is the key metric of what's driving this acceleration. As we engage with one customer and they're seeing the ROI clearly, they then land and expand within the customer, but also these same solutions are relevant across the entire geography, and we're getting that momentum as well.

正如您所說，整體投資報酬率是推動這項加速發展的關鍵指標。當我們與一位客戶合作，並且他們清楚地看到了投資回報率時，這些解決方案就會在該客戶內部落地並擴展，而且這些解決方案在整個地區都適用，我們也正在獲得這種發展勢頭。

Excellent. Thanks, guys.

出色的。謝謝各位。

Richard Shannon, Craig-Hallum.

理查德·香農，克雷格·哈勒姆。

Well, great. Thanks, Dinakar and Harminder for letting me ask a few questions. I think my first two questions are going to be interrelated. And the first one, Harmandir, I'd love for you to just repeat one of your last comments in your prepared remarks. I think you mentioned something around $160 million from, I believe, Yotta and Starshine of revenue over the next six quarters. Can you verify that I got that right? And I assume that next six quarters includes fourth quarter that we're in now to the first quarter of 27. Is that accurate?

太好了。謝謝迪納卡爾和哈明德允許我問幾個問題。我認為我的前兩個問題會是相互關聯的。第一位是哈爾曼迪爾，我希望您能重複您事先準備好的發言稿中的一段話。我想你有提到過，未來六個季度，Yotta 和 Starshine 的營收將達到約 1.6 億美元。能確認一下我的理解是否正確嗎？我假設接下來的六個季度包括我們現在所處的第四季到 2027 年的第一季。準確嗎？

That's accurate. It's basically the $120 million and the $56 million that we announced a few months ago, and we're starting to deliver on those, and yes, it includes Q4 of this year. It starts from Q4 of this year.

沒錯。基本上就是我們幾個月前宣布的 1.2 億美元和 5,600 萬美元，我們正在開始兌現這些承諾，是的，這包括今年第四季。從今年第四季開始。

Okay, great. Okay, and my second question is following up on the prior commentary you've had on your calendar 26 revenues. I've got my notes right here. They talked about at least $130 million for next year. Is that a number you're iterating, or would you change that anyway?

好的，太好了。好的，我的第二個問題是跟進您之前對您日曆 26 收入的評論。我的筆記就在這裡。他們談到明年至少要1.3億美元。這是你在迭代計算的數字嗎？還是無論如何你都會更改它？

So we're not changing that at the moment, Richard. Okay. But we feel confident that the minimum is $130 million, yes.

所以目前我們不會改變這一點，理查德。好的。但我們有信心最低金額是 1.3 億美元，沒錯。

Okay, perfect. Let's see here. Maybe a question on OpEx. You mentioned your guidance here for an increase in EBITDA loss. You mentioned that's related to the next-gen chip development here. to give us a sense of the degree to which these elevated expenses will continue into next year.

好的，完美。讓我看看。或許可以問一個關於營運支出（OpEx）的問題。您在這裡提到了您對 EBITDA 虧損增加的指導意見。您提到這與下一代晶片的研發有關，這讓我們對明年這些高昂的開支會持續到何種程度有所了解。

So I'll start on the numbers, and then maybe, Dinika, you can add a little bit more. So as a Fabless company, we benefit from actually the core of the GSP, that design, which is around which we have all of the IP. that customers are seeing the benefits from. That core design remains constant across our roadmap. That's number one.

那我先從數字開始，然後迪尼卡，也許你可以再補充一點。因此，作為一家無晶圓廠公司，我們實際上受益於GSP的核心——設計，我們所有的智慧財產權都圍繞著這個設計，客戶也從中受益。這核心設計理念在我們的整個產品路線圖中保持不變。這是第一點。

So the internal costs of getting additional features, making maybe a chip bigger, et cetera, are disproportionately low. They don't expand linearly, if you see what I mean. What we're then left with is the external costs of getting third-party IP of just having a partner put that IP into our chip. And then, of course, the largest expense is the foundry itself.

因此，增加功能、增大晶片尺寸等的內部成本不成比例地低。它們並非線性膨脹，你明白我的意思吧。這樣一來，我們就得考慮取得第三方智慧財產權的外部成本，也就是讓合作夥伴將該智慧財產權整合到我們的晶片中。當然，最大的開支就是鑄造廠本身了。

Those costs, we don't disclose how much those are. They're just commercially sensitive, but are typically paid over a 20 to 24-month period, generally back-end loaded. And we write these costs off through our P&L. So it's the reason why in Q4, for example, I've got a slightly wider range on my adjusted EBITDA just because certain costs will, particularly IP and so on, we have to pay before we can actually start the work.

這些費用，我們不會透露具體金額。這些款項屬於商業機密，但通常在 20 到 24 個月內支付，一般是後期支付。我們將這些成本計入損益表。所以這就是為什麼例如在第四季度，我的調整後 EBITDA 的範圍略微擴大，因為某些成本，特別是知識產權等，我們必須在實際開始工作之前支付。

The NRE is generally spread over time. So it will have an impact on 2026, which we have accounted for. We've been very fortunate in the past of having strong relationships with partners that allow us some favorable payment terms, and we'll continue to pursue those.

非經常性支出通常會隨著時間的推移而分散開來。因此，這將對 2026 年產生影響，我們已經考慮到了這一點。過去我們非常幸運地與合作夥伴建立了牢固的關係，這使我們能夠獲得一些優惠的付款條件，我們將繼續爭取這些條件。

Okay, great. One last question for me on some part of the line. Tineker, you've announced a number of partnerships and contracts in the last number of months here. All of them are kind of based in Asia, Southeast Asia. which is interesting and noteworthy here.

好的，太好了。關於線路的某個部分，我還有最後一個問題。Tineker，在過去的幾個月裡，你在這裡宣布了一系列合作關係和合約。它們都以亞洲，特別是東南亞為基地，這一點很有意思，也值得注意。

So I'd love to get a sense from you to the degree to which this is a core focus for you. What's kind of your advantage and what's driven your success there so far? And then to what degree should we expect you to announce Western world or even US-based partnerships and customers in the near future? Thank you.

所以我很想了解一下，這件事對您來說在多大程度上是核心關注。你的優勢是什麼？是什麼因素促成了你迄今為止在該領域的成功？那麼，我們應該期待您在不久的將來宣布與西方世界甚至美國本土的合作夥伴和客戶建立聯繫嗎？謝謝。

Sure. So Asia and Middle East are areas where there's a lot of new smart city developments, et cetera, particularly in the Middle East, as well as Asia has a lot of camera infrastructures that are trying to upgrade. So naturally, there's a good amount of business that's happening there. But our pipeline does pan US as well as and so forth, North and South America, as well as Europe.

當然。因此，亞洲和中東地區有許多新的智慧城市發展項目等等，尤其是在中東地區，而亞洲也有很多攝影機基礎設施正在努力升級。所以，那裡自然有很多生意正在進行。但我們的管道不僅覆蓋美國，也覆蓋北美、南美以及歐洲等地。

In fact, and we will, as we are able to announce, we will, but we're in smart retail kind of use cases in the Americas, and also smart restaurants where they're looking at using video analytics for better margins, and so on. So there are other practical AI use cases that we are part of our entire platform, hardware plus software, that is undergoing POCs. And as we solidify and we start booking revenue, we'll be sure to announce deals in the US as well.

事實上，我們會在適當的時候宣布，我們目前在美洲從事智慧零售方面的應用，也在智慧餐廳領域，他們正在考慮使用影片分析來提高利潤率等等。因此，我們整個平台（硬體加軟體）還有其他一些實際的人工智慧應用案例，目前正在進行概念驗證。隨著業務的穩定和收入的開始，我們一定會在美國宣布相關交易。

Okay, great. Thank you, guys.

好的，太好了。謝謝大家。

Gil Luria, D.A. Davidson.

吉爾·盧裡亞，D.A.戴維森。

Yes, thank you. I'm glad I was able to get through. Sounds like you're on track, track for this year, on track for next year. You're building up the book of business mostly through relationships. So I wanted to ask, in terms of the conversion of the pipeline, is the strategy going to continue to be mostly focused on the partners that you're accumulating, or is there more of a thought to also having more direct sales as you have opportunities with bigger customers?

是的，謝謝。我很慶幸自己能夠順利通過。聽起來你一切進展順利，今年如此，明年也如此。你主要透過人脈關係來拓展業務。所以我想問一下，就銷售管道的轉換而言，你們的策略是會繼續主要集中在你們正在累積的合作夥伴身上，還是會更多地考慮在有機會與更大的客戶合作時進行更多的直接銷售？

Thank you, Gil. I can start, and Hamid can add. Most of the large customers that we're engaged with There is, as they deploy, there is repeat business there. There is an expand of scope within those customers itself, and these are pretty large customers. So that opportunity exists. And more importantly, or equally important, the use case that we are perfecting with this one particular customer is relevant across the geography. Like what we do in Saudi Arabia is relevant for, let's say, UAE, Qatar, and others.

謝謝你，吉爾。我可以先開始，哈米德可以補充。我們接觸的大多數大客戶，隨著他們的部署，都會有回頭客。這些客戶本身的業務範圍也在擴大，而且這些都是相當大的客戶。所以，這樣的機會是存在的。更重要的是，或者說同樣重要的是，我們正在與這位特定客戶一起完善的使用案例在整個地理範圍內都具有相關性。例如，我們在沙烏地阿拉伯所做的事情，對阿聯酋、卡達和其他國家也具有借鏡意義。

So there is an expansion within the geography as well, especially the example that gave. We are able to withstand harsh temperatures, outdoor settings, and deliver smart infrastructure use cases. And there's massive construction that's happening there. So there is both within the customer and across. And some of these engagements, and which are at various stages of POCs, et cetera, are with large direct customers. and while we can't name them today, as these get solidified, we will, so the answer is we have both channel as well as direct.

因此，地理範圍也有所擴大，尤其是剛才舉的例子。我們能夠承受惡劣的溫度和戶外環境，並提供智慧基礎設施應用案例。那裡正在進行大規模建設。所以，既存在客戶內部因素，也存在客戶外部因素。其中一些合作項目，目前處於概念驗證等不同階段，是與大型直接客戶進行的。雖然我們現在還不能透露他們的名字，但隨著專案的最終確定，我們會公佈。所以答案是，我們既有通路合作，也有直接合作。

So you've mentioned it now two or three times, so I have to ask, how hot was it on the roof in Saudi?

你已經提了兩三次了，所以我不得不問，沙烏地阿拉伯的屋頂上到底有多熱？

It went to almost, I think north of 80 degrees centigrade, I think is what we, and yeah, it was very hot.

我覺得溫度接近，超過了 80 攝氏度，是的，非常熱。

Well, that's some commitment on your part. That's founder mode. Appreciate it. Thank you.

嗯，這真是你的一份決心。這就是創辦人模式。謝謝。謝謝。

Scott Searle, Roth.

史考特·塞爾，羅斯。

Hey, good afternoon. Thanks for taking my questions. Maybe just to quickly follow up on the qualified pipeline, I don't think you gave a number, but I'm wondering if you could just provide directionally, has it continued to increase and the diversity of that pipeline. Has it continued to expand? I would imagine, given some of the announcements that you've made, it's getting a little bit more diverse.

嘿，下午好。謝謝您回答我的問題。也許只是想快速跟進一下合格人才儲備的情況，我想你沒有給出具體數字，但我很想知道你能否大致說明一下，這個數字是否持續增長，以及人才儲備的多樣性如何。它是否繼續擴張？根據您發布的一些公告，我想情況應該會變得更加多元化一些。

And also, as part of that, looking at some of those qualified opportunities, are these more GSP-heavy deployments out of the gate? So we would expect, as you convert and deploy, that these should have higher gross margins at the start of the contracts, and then I had a follow-up.

此外，作為其中的一部分，在審視一些合格的機會時，這些是否一開始就更依賴全球服務提供者 (GSP) 進行部署？因此，我們預計，隨著轉換和部署的進行，這些產品在合約開始時應該具有更高的毛利率，然後我進行了後續跟進。

Okay, so the pipeline The way we look at the pipeline, there is a gross pipeline which is a significant pipeline. When we first qualify opportunities, we say, okay, what's the likely outcome over the next two to three years from this customer or from these groups of customers?

好的，那麼管道。我們從管道的角度來看，有一個整體管道，這是一個重要的管道。當我們首次評估商機時，我們會說，好的，未來兩到三年內，這位客戶或這些客戶群可能會帶來什麼結果？

And then what changes for us is depending which customer is working faster or slower through the POC process, it allows us to put a higher percentage weighting, if you like, in terms of when things will close. So when I stand back, there is the 725 number, anything that was not imminent was already out of that number.

然後，根據客戶在概念驗證 (POC) 流程中進展的速度，我們可以對最終成交的時間給予更高的權重。所以當我退後一步，就會發現有 725 這個數字，任何不迫在眉睫的事情都已經超出了這個數字。

What I have not done yet is some of the new engagement that we've got. We've got some high-level indications of what these might mean for us over the next couple of years. But when we do our annual results announcement next year, we'll provide a lot more detail around conversion and so on.

我還沒做的是我們新達成的一些合作計畫。我們已經掌握了一些關於這些因素在未來幾年可能對我們產生的影響的初步跡象。但是，明年我們發布年度業績報告時，會提供更多關於轉換率等方面的詳細資訊。

The second thing to say is the Starshine deal is probably the only one in the pipeline where we are doing within the same box replacement of a GPU. And that's where the margins are low and they'll become higher. If you look at some of the other deals that we've got, our servers are coexisting with the GPU server in a data center. That server is full of Blaize cards and it has Blaize software on it. For example, the other one we talked about, 15% of that being software revenues. It kind of depends, but more, Starshine today happens to be the only one where we're at this low margin going up to higher margin.

第二點要說的是，Starshine 的交易可能是我們目前正在進行的唯一一個在同一台機箱內更換 GPU 的交易。而這正是利潤率低的地方，利潤率將會提高。如果你看看我們達成的其他一些交易，你會發現我們的伺服器與資料中心的 GPU 伺服器共存。那台伺服器上充滿了 Blaize 卡，並且安裝了 Blaize 軟體。例如，我們之前提到的另一個例子，其中 15% 是軟體收入。這要看情況，但更重要的是，今天 Starshine 恰好是唯一一家利潤率從低點上升到高位的公司。

So the only other thing I'd add is that besides the existing smart infrastructure and defense, the industrial automation is something that's coming up. You asked us about trends and which areas. and the kind of adoption that's happening is including the software platformization, the software layer that we have, and that means higher margins as well for us in those outcomes where we participate with the customer at the business outcome level. So those are all helping us at the platform level, consuming our software plus our Blazor service.

因此，我唯一要補充的是，除了現有的智慧基礎設施和國防之外，工業自動化也是正在興起的領域。您問我們關於趨勢和哪些領域，以及正在發生的採用情況，包括軟體平台化、我們擁有的軟體層，這意味著在我們與客戶在業務成果層面合作的那些成果中，我們的利潤率也會更高。所以這些都在平台層面幫助我們，使用我們的軟體和 Blazor 服務。

Thank you. Very helpful. Thank you. And if I could, just a question on the competitive landscape. You guys have done a good job of not only from a product standpoint but developing the ecosystem around it, which is driving that opportunity set. I'm wondering what you're seeing out there as you're going to customers.

謝謝。很有幫助。謝謝。如果可以的話，我想問一個關於競爭格局的問題。你們不僅在產品方面做得很好，而且在圍繞產品建立生態系統方面也做得很好，這正在推動這些機會的出現。我想知道你在拜訪客戶的過程中都看到了什麼。

Is the competitive landscape getting a little bit more competitive or thinning? Guys have certainly been able to go out and raise capital, but I think they lack the ecosystem development around that. So I'm just kind of wondering what you're seeing out there in the trenches in terms of the competitive landscape.

競爭格局是變得更激烈還是會緩和？雖然他們確實能夠籌集資金，但我認為他們缺乏圍繞這一目標而建立的生態系統。所以我想知道，就競爭格局而言，您在前線看到了什麼。

Thanks. That's a very good observation that software is very important because it solves the end application. And in that category, customers typically prototype on GPUs when it comes to actual deployment. CapEx and OpEx budgets are very critical, especially in the physical world. Complementing Blazor servers is the way to go. That's how they achieve their CapEx results and within operational margins.

謝謝。這是一個非常好的觀察，軟體非常重要，因為它解決了最終應用問題。在這一類別中，客戶在實際部署時通常會使用 GPU 進行原型設計。資本支出和營運支出預算非常關鍵，尤其是在實體經濟領域。對 Blazor 伺服器進行補充才是正確的做法。他們就是這樣在營運利潤範圍內實現資本支出目標的。

And coming to competition, the productized solutions that exist, pretty much there's a couple of names, I think a handful of names we come across. And customers, the places we're winning, it's because of our combined advantage that we bring to the table in terms of TCO advantage. with helping them with the CapEx and OpEx and fully productized. So in that area, we don't come across because we're at the business outcome level, that's where Blaise gets picked.

至於競爭方面，現有的產品化解決方案，基本上只有幾個名字，我想我們遇到的名字也就那麼幾個。我們之所以能在客戶中脫穎而出，是因為我們具備綜合優勢，能夠在總體擁有成本 (TCO) 方面為他們提供幫助，包括資本支出 (CapEx) 和營運支出 (OpEx)，以及提供完全產品化的服務。所以在這個領域，我們沒有遇到問題，因為我們關注的是業務成果層面，而布萊斯正是在這個層面被選中的。

Yeah, the key word there, Scott, is programmability. There are other competitive solutions that might do one or two things, and what we've realized is that whilst there may be a place for that in certain parts of the market, But the kind of customers that want to deploy AI at scale want it to be a customizable, programmable solution, right?

沒錯，斯科特，關鍵就在於「可程式性」。市面上還有其他一些競爭性的解決方案，它們可能只能做到一兩件事。我們意識到，雖然這些解決方案在某些市場領域可能佔有一席之地，但那些想要大規模部署人工智慧的客戶希望它是一種可自訂、可程式化的解決方案，對嗎？

So no longer are we having a conversation how many tops do you have on your card? It is, can I run my real-world application at a cost that makes sense for me? And if you're, by the way, a Tier 2 cloud service provider who's making zero money today by running all of your infrastructure on GPUs, well, working with Blaize, you now have a chance, more than a chance, of providing services to customers and making money. Great. Thanks so much.

所以我們現在不再討論你的卡里有多少件上衣了嗎？也就是說，我能否以合理的成本運行我的實際應用程式？順便說一句，如果你是一家二級雲端服務提供商，目前由於所有基礎設施都運行在 GPU 上而無法盈利，那麼，與 Blaize 合作，你現在就有機會（而且是相當大的機會）為客戶提供服務並賺錢。偉大的。非常感謝。

Thank you. I'll now hand the call back over to CEO Dinakar Munagala for any closing remarks.

謝謝。現在我將把電話轉回給執行長迪納卡爾·穆納加拉，請他作總結發言。

Before we close, I wanted to share a few quick highlights of this quarter. We delivered $11.9 million in revenue, beating the upper end of our guidance and marking a 499% sequential increase. We're confident that Q4 revenue will reach nearly double our Q3 performance, reflecting strong momentum heading into 2026.

在結束之前，我想快速分享本季的一些亮點。我們實現了 1,190 萬美元的收入，超過了我們預期的上限，並實現了環比 499% 的成長。我們有信心第四季度營收將達到第三季業績的近兩倍，這反映出公司在進入 2026 年時擁有強勁的發展勢頭。

Excluding non-cash adjustments, we beat our Q3 adjusted EBITDA guidance by $2 million, reflecting stronger execution and operational discipline across the business. We began initial shipments under the Starshine contract into the APAC region which we expect to collect in full before end of the year. And we closed a $30 million investment with Polar to accelerate commercialization, next-generation ship development, and expansion across key markets.

剔除非現金調整後，我們第三季調整後 EBITDA 超出預期 200 萬美元，反映出公司整體執行力和營運紀律的增強。我們已開始根據 Starshine 合約向亞太地區進行首批發貨，預計將在年底前全部收回款項。我們與 Polar 達成了一項 3000 萬美元的投資協議，以加速商業化、下一代船舶開發以及在關鍵市場的擴張。

Finally, I want to recognize our team for winning the second place at the Milestone Systems Developer Summit in Copenhagen today with our emergency first responder, VLM. It's a great example of how Blaize technology is making cities safer and smarter through innovation. You can find the award-winning video demonstration on our Blaize AI YouTube channel. And thank you for our customers, partners, and investors for your continued confidence. We're proud of what we've achieved this quarter and even more excited about what's ahead. Thank you.

最後，我要表揚我們的團隊，感謝他們憑藉我們的緊急應變 VLM 在今天哥本哈根舉行的 Milestone Systems Developer Summit 上獲得第二名。這是 Blaize 技術如何透過創新使城市更安全、更聰明的絕佳例證。您可以在我們的 Blaize AI YouTube 頻道上找到這段屢獲殊榮的影片示範。感謝我們的客戶、合作夥伴和投資者一直以來對我們的信任。我們為本季所取得的成就感到自豪，對未來更加充滿期待。謝謝。

Ladies and gentlemen thank you for participating. This does conclude today's program and you may now disconnect.

女士們、先生們，感謝各位的參與。今天的節目到此結束，您可以斷開連線了。