Cohu Inc (COHU) 2025 Q2 法說會逐字稿

Good day, and thank you for standing by. Welcome to Cohu's second quarter 2025 financial results conference call. (Operator Instructions) Please be advised that today's conference is being recorded.

您好，感謝您的支持。歡迎參加 Cohu 2025 年第二季財務業績電話會議。（操作員指示）請注意，今天的會議正在錄音。

I would now like to hand the conference over to Jeff Jones, Chief Financial Officer. Please go ahead.

現在我想將會議交給財務長傑夫瓊斯。請繼續。

Good afternoon, and welcome to our conference call to discuss Cohu's second quarter 2025 results and third quarter 2025 outlook. I'm joined today by our President and CEO, Luis Muller. If you need a copy of our earnings release, you may access it from our website at cohu.com or by contacting Cohu Investor Relations. There's also a slide presentation in conjunction with today's call that may be accessed on Cohu's website in the Investor Relations section. Replays of this call will be available via the same page after the call concludes.

下午好，歡迎參加我們的電話會議，討論 Cohu 2025 年第二季的業績和 2025 年第三季的展望。今天與我一同出席的還有我們的總裁兼執行長路易斯·穆勒 (Luis Muller)。如果您需要我們的收益報告副本，您可以從我們的網站 cohu.com 造訪或聯絡 Cohu 投資者關係部。今天的電話會議還附有幻燈片演示，可在 Cohu 網站的「投資者關係」部分查看。通話結束後，可在同一頁面上重播本次通話。

Now to the Safe Harbor. During today's call, we will make forward-looking statements reflecting management's current expectations concerning Cohu's future business. These statements are based on current information that we have assessed, but which, by its nature, is subject to rapid and even abrupt changes. We encourage you to review the forward-looking statements section of the slide presentation and the earnings release as well as Cohu's filings with the SEC, including the most recently filed Form 10-K and Form 10-Q. Our comments speak only as of today, July 31, 2025, and Cohu assumes no obligation to update these statements for developments occurring after this call.

現在到安全港。在今天的電話會議中，我們將做出前瞻性陳述，反映管理層對 Cohu 未來業務的當前預期。這些聲明是基於我們評估的當前訊息，但就其性質而言，這些資訊可能會發生快速甚至突然的變化。我們鼓勵您查看投影片簡報和收益報告中的前瞻性陳述部分以及 Cohu 向美國證券交易委員會提交的文件，包括最近提交的 10-K 表格和 10-Q 表格。我們的評論僅代表截至今天（2025 年 7 月 31 日）的觀點，Cohu 不承擔根據本次電話會議後發生的事態發展更新這些聲明的義務。

Finally, during this call, we will discuss certain non-GAAP financial measures. Please refer to our earnings release and slide presentation for a reconciliation to the most comparable GAAP measures.

最後，在本次電話會議中，我們將討論某些非公認會計準則財務指標。請參閱我們的收益報告和幻燈片演示，以了解與最具可比性的 GAAP 指標的對帳。

Now, I'd like to turn the call over to Luis Muller, Cohu's President and CEO. Luis?

現在，我想將電話轉給 Cohu 總裁兼執行長 Luis Muller。路易斯？

Hello, everyone, and welcome to our quarterly earnings call. I'm excited to share our second quarter results and third quarter guidance with you.

大家好，歡迎參加我們的季度財報電話會議。我很高興與您分享我們的第二季業績和第三季指引。

First off, let's talk about some highlights. Our estimated test cell utilization increased by 3 points quarter-over-quarter to 75%, which historically indicates the industry is entering a recovery cycle. Orders improved quarter-over-quarter, driven primarily by the mobile end market. This reflects the growing demand for our innovative solutions and our ability to meet the evolving needs of our customers. We also secured our first system order from a customer in India for silicon carbide test, opening a new geographical opportunity for our products.

首先，讓我們談談一些亮點。我們估計測試單元利用率環比增長 3 個百分點，達到 75%，從歷史上看，這表明該行業正在進入復甦週期。訂單量環比成長，主要受行動裝置市場的推動。這反映了對我們創新解決方案日益增長的需求以及我們滿足客戶不斷變化的需求的能力。我們也從印度客戶那裡獲得了第一份碳化矽測試系統訂單，為我們的產品開闢了新的地理機會。

Additionally, we have a revenue stream opportunity of approximately $20 million in the precision analog market with the qualification of the Ultra-S contactor from a leading IDM customer. This qualification is a critical step in expanding our footprint in the precision analog space and underscores our commitment to delivering high-quality, reliable solutions. Moreover, we're introducing the new Eclipse handler model, a configurable platform targeting share expansion at test subcontractors. The Eclipse handler is designed to provide unparalleled flexibility and efficiency, making an ideal solution for a wide range of applications.

此外，憑藉領先 IDM 客戶對 Ultra-S 接觸器的認證，我們在精密模擬市場擁有約 2,000 萬美元的收入機會。此項資格是擴大我們在精密模擬領域影響力的關鍵一步，並強調了我們致力於提供高品質、可靠解決方案的承諾。此外，我們還推出了新的 Eclipse 處理程序模型，這是一個可配置的平台，旨在擴大測試分包商的份額。Eclipse 處理程序旨在提供無與倫比的靈活性和效率，成為廣泛應用的理想解決方案。

Now, let's dive into the detailed results. Our revenue for the second quarter of 2025 was just under $108 million with a non-GAAP gross margin of 44.4%. The revenue split was 63% recurring and the balance for systems. We saw a sequential increase in Cohu systems revenue across mobile, computing and industrial segments. Utilization improved across all segments, ranging from 2 points to 4 points increase in each of our end markets.

現在，讓我們深入了解詳細的結果。我們 2025 年第二季的營收略低於 1.08 億美元，非 GAAP 毛利率為 44.4%。收入分成是 63% 經常性收入，其餘為系統收入。我們看到 Cohu 系統在行動、運算和工業領域的收入持續成長。所有細分市場的使用率均有所提高，每個終端市場的利用率提高了 2 個百分點至 4 個百分點。

Our Eclipse test handler has been upgraded to enhance versatility and configurability across various applications, including passive, ATC mobile, computing and automotive. During the second quarter, we secured a $28 million design win order from -- for our Eclipse handler from an existing customer for mobile and automotive end markets. This expands our presence at this customer to better cover their future test requirements. The order ships over multiple quarters this year, and we anticipate follow-on business in 2026, subject to this customer's growth in the market. Additionally, we landed $3.5 million in new customer wins in Q2, spanning testers, handlers and inspection systems.

我們的 Eclipse 測試處理程序已升級，以增強各種應用（包括被動、ATC 移動、計算和汽車）的多功能性和可配置性。在第二季度，我們從現有行動和汽車終端市場客戶那裡獲得了價值 2800 萬美元的 Eclipse 處理器設計訂單。這擴大了我們在該客戶的業務範圍，以更好地滿足他們未來的測試需求。該訂單將在今年多個季度發貨，我們預計後續業務將在 2026 年展開，具體取決於該客戶在市場上的成長情況。此外，我們在第二季贏得了價值 350 萬美元的新客戶，涉及測試儀、處理機和檢測系統。

Cohu is also enabling the future of display technology from larger automotive screens to ultrabright mobile displays and lightweight wearable interfaces. Our advanced test solutions are critical for cutting-edge OLED displays in smartphones and emerging AR devices.

Cohu 也致力於推動顯示器技術的未來發展，從更大的汽車螢幕到超亮移動顯示器和輕量級可穿戴介面。我們先進的測試解決方案對於智慧型手機和新興 AR 設備中的尖端 OLED 顯示器至關重要。

We recently launched the PD3x instrument, the latest upgrade to our high-density flat panel display solution on our Diamondx tester. The PD3x offers unmatched precision and scalability, capable of measuring ultra-low currents and voltages across 320 channels simultaneously. This instrument is already deployed by the two leading vendors in the display driver IC market with production at major OSATs in Korea, Taiwan and China. We test display drivers that support a wide range of display formats, including foldable and automotive-grade panels.

我們最近推出了 PD3x 儀器，這是我們 Diamondx 測試儀上高密度平板顯示解決方案的最新升級。PD3x 具有無與倫比的精度和可擴展性，能夠同時測量 320 個通道的超低電流和電壓。該儀器已被顯示驅動器 IC 市場的兩家領先供應商部署，並在韓國、台灣和中國的主要 OSAT 工廠進行生產。我們測試支援多種顯示格式的顯示驅動器，包括可折疊和汽車等級面板。

As I previously mentioned, our interface business captured an important design win in the precision analog semiconductor test with the qualification of our new Ultra-S contactor. Ultra-S was in development by the EQT team in Singapore when we completed the acquisition in late 2023 and now adding to Cohu's revenue and innovative reputation. This design win is a significant milestone that highlights our ability to innovate and deliver solutions that meet the stringent requirement of the precision analog market.

正如我之前提到的，我們的介面業務憑藉新型 Ultra-S 接觸器的認證，在精密模擬半導體測試中獲得了重要的設計勝利。當我們在 2023 年底完成收購時，Ultra-S 正在由新加坡的 EQT 團隊開發，現在它正在為 Cohu 的收入和創新聲譽增添力量。此次設計勝利是一個重要的里程碑，彰顯了我們創新和提供滿足精密模擬市場嚴格要求的解決方案的能力。

Our software business booked $360,000 in Q2 with annual recurring revenue opportunity or ARR, of $530,000. We continue to run evaluations and proof of concepts, demonstrating yield and overall equipment efficiency improvements with our software solutions. Although this is a long journey ahead, customers continue to show interest and explore the new value creation in manufacturing using fault detection and artificial intelligence-driven process control and optimization in semiconductor test.

我們的軟體業務在第二季的營收為 360,000 美元，年度經常性收入機會或 ARR 為 530,000 美元。我們繼續進行評估和概念驗證，證明我們的軟體解決方案可以提高產量和整體設備效率。儘管前面的路還很漫長，但客戶仍然表現出興趣，並探索利用故障檢測和人工智慧驅動的半導體測試過程控制和優化來創造新的製造價值。

Our software solutions include DI-Core and Tignis pace monitor and pacemaker. DI-Core is designed to provide real-time data analytics and insights, enabling customers to make informed decisions and optimize their test processes. Tignis, on the other hand, leverages advanced machine learning algorithms to predict and prevent potential process deviations, ensuring the highest levels of reliability and performance.

我們的軟體解決方案包括 DI-Core 和 Tignis 心搏監測器和心律調節器。DI-Core 旨在提供即時數據分析和洞察，使客戶能夠做出明智的決策並優化他們的測試流程。另一方面，Tignis 利用先進的機器學習演算法來預測和防止潛在的製程偏差，確保最高水準的可靠性和效能。

Looking ahead, we're optimistic about the prospects for 2026. We're focusing on capturing new customer opportunities and investing in new products and configurations to address future market needs. Our manufacturing team is in the final stretch of completing the transfer of the remaining product manufacturing from the US and Europe to our Asian factories, which will help consolidate and drive further efficiencies in future quarters.

展望未來，我們對2026年的前景充滿樂觀。我們專注於抓住新的客戶機會並投資新產品和配置以滿足未來的市場需求。我們的製造團隊正處於將剩餘產品製造從美國和歐洲轉移到亞洲工廠的最後階段，這將有助於鞏固並在未來幾季進一步提高效率。

We recognize the market recovery will not be linear, and we're likely to see some seasonal slowdown again in Q4 this year, but we're optimistic about our prospects, especially with our growing exposure in computing with service and data center processor test and HBM inspection.

我們認識到市場復甦不會是線性的，我們可能會在今年第四季再次看到一些季節性放緩，但我們對前景持樂觀態度，特別是隨著我們在計算服務和資料中心處理器測試和 HBM 檢查方面的曝光度不斷提高。

Thank you for your attention. Let me now give it over to Jeff for further details on last quarter's results and next quarter's guidance.

感謝您的關注。現在，讓我將上個季度的業績和下個季度的指導的更多細節交給傑夫。

Thanks, Luis. Before I walk through the Q2 results and Q3 guidance, please note that my comments that follow all refer to non-GAAP figures. Information about the non-GAAP financial measures, including the GAAP to non-GAAP reconciliations and other disclosures are included in the accompanying earnings release and investor presentation, which are located on the Investor page of our website.

謝謝，路易斯。在我介紹第二季業績和第三季指引之前，請注意，我接下來的評論均涉及非 GAAP 數據。有關非公認會計準則 (non-GAAP) 財務指標的資訊（包括 GAAP 與非 GAAP 的對帳和其他揭露）包含在隨附的收益報告和投資者介紹中，這些內容位於我們網站的投資者頁面上。

Now, turning to the Q2 financial results. Revenue for the quarter was $107.7 million and in line with guidance. Recurring revenue, which is largely consumable-driven and more stable than systems revenue, represented 63% of total revenue in Q2. During the second quarter, no customer accounted for more than 10% of sales. Q2 gross margin was 44.4% and in line with guidance.

現在，我們來看看第二季的財務表現。本季營收為 1.077 億美元，符合預期。經常性收入主要由消費品驅動，比系統收入更穩定，佔第二季總收入的 63%。第二季度，沒有一個客戶的銷售額佔比超過 10%。第二季毛利率為 44.4%，符合預期。

Operating expenses for Q2 were $47.7 million, also in line with guidance. Q2 interest income net of interest expense and a small foreign currency loss was approximately $900,000. The Q2 tax provision was approximately $300,000 and non-GAAP EPS for the second quarter was $0.02.

第二季的營運費用為 4,770 萬美元，也符合預期。第二季利息收入扣除利息支出和少量外匯損失後約為 90 萬美元。第二季稅務準備金約為 30 萬美元，第二季非 GAAP 每股收益為 0.02 美元。

Moving to the balance sheet. Overall cash and investments increased by $8 million during Q2 to $209 million due primarily to $16 million of cash flow from operations. No stock repurchases were completed in Q2. From inception of our share repurchase plan through Q1 2025, we have repurchased approximately 4 million shares for $117 million, leaving $23 million available for us to repurchase additional shares in the future. Total debt of $18 million is flat quarter-over-quarter. Q2 CapEx was $2.7 million and consists primarily of facility improvements. We're maintaining an annual CapEx target of $20 million, including the $9 million Melaka facility purchase in Q1.

轉到資產負債表。第二季度，總現金和投資增加了 800 萬美元，達到 2.09 億美元，主要原因是營運產生的現金流為 1,600 萬美元。第二季沒有完成股票回購。從我們實施股票回購計畫到 2025 年第一季度，我們已以 1.17 億美元回購了約 400 萬股，剩餘 2,300 萬美元可供我們將來回購更多股票。總債務為 1800 萬美元，與上一季持平。第二季資本支出為 270 萬美元，主要用於設施改善。我們維持 2,000 萬美元的年度資本支出目標，其中包括第一季購買價值 900 萬美元的馬六甲設施。

Cohu's balance sheet continues to demonstrate strength overall, supporting our ability to invest in expanding served markets and enhancing our technology portfolio in line with our growth strategy. In addition, we remain committed to returning capital to shareholders via our share repurchase program.

Cohu 的資產負債表繼續顯示出整體實力，支持我們根據成長策略投資擴大服務市場和增強技術組合的能力。此外，我們仍致力於透過股票回購計畫向股東返還資本。

Now, moving to our Q3 outlook. Recent system orders for mobile and automotive test are driving a 16% increase in revenue quarter-over-quarter. Total recurring revenue is expected to be flat quarter-over-quarter, and we're guiding Q3 revenue to be approximately $125 million, plus or minus $7 million. The gross margin for the third quarter is projected to be approximately 44%. The Q3 revenue mix is expected to consist of approximately 47% from systems, mainly test automation systems for the mobile market, and about 53% from recurring revenue.

現在，我們來談談第三季的展望。近期行動和汽車測試系統訂單推動營收季增 16%。總經常性收入預計將與上一季持平，我們預計第三季營收約為 1.25 億美元，上下浮動 700 萬美元。預計第三季毛利率約44%。預計第三季的營收組成中約有 47% 來自系統（主要是行動市場的測試自動化系統），約有 53% 來自經常性收入。

Q3 operating expenses are projected to be about $50 million, which includes around $2 million for variable R&D product development prototype materials. Total operating expenses are in line with the restructuring plan targets that were implemented in late Q1 of this year. Once the full impact of the restructuring plan has taken effect in the beginning of 2026, we expect quarterly operating expenses to be approximately $49 million per quarter when revenue is approximately $130 million. We're projecting Q3 interest income, net of interest expense and foreign currency impacts, to be approximately $900,000 at current interest rates.

第三季營運費用預計約 5,000 萬美元，其中包括約 200 萬美元用於可變研發產品開發原型材料。總營運費用與今年第一季末實施的重組計畫目標一致。一旦重組計劃在 2026 年初全面生效，我們預計季度營運費用約為每季 4,900 萬美元，而收入約為 1.3 億美元。我們預計，以當前利率計算，扣除利息支出和外匯影響後的第三季利息收入約為 900,000 美元。

The recent enactment of the One Big Beautiful Bill introduces changes to capitalized R&D, resulting in a midyear adjustment to Cohu's tax provision methodology. Consequently, a onetime year-to-date true-up will be recorded in Q3. Including this true-up, we anticipate that our Q3 tax provision will be approximately $15 million. For the full year 2025, the methodology change yields the same annual tax provision, but the quarterly amounts will differ. In Q4, we expect the effective tax rate to be in the 30% to 35% range. The basic share count for Q3 is expected to be approximately 46.8 million shares.

最近頒布的「One Big Beautiful 法案」對資本化研發進行了修改，導致 Cohu 的稅務準備方法進行了年中調整。因此，一次性年初至今的調整將在第三季記錄。包括這筆調整，我們預計第三季的稅務準備金將達到約 1500 萬美元。對於 2025 年全年而言，方法的改變將產生相同的年度稅收準備金，但季度金額將有所不同。在第四季度，我們預計有效稅率將在 30% 至 35% 之間。預計第三季基本股數約4,680萬股。

And that concludes our prepared remarks, and now we'll open the call to questions.

我們的準備好的演講到此結束，現在我們開始提問。

(Operator Instructions) Brian Chin, Stifel.

（操作員指示）Brian Chin，Stifel。

Maybe first one, just to break down the $28 million order. Can you give us a sense of sort of timing across 3Q, 4Q? How much of a contributor to the sequential increase in Q3 is that? And also, is that -- in terms of the origin of that business, is it sort of tied into the utilization rate increases? Is it maybe like a market share shift in favor of that particular customer? And maybe is it more like digital handling?

也許是第一個，只是為了分解 2800 萬美元的訂單。您能給我們介紹一下第三季和第四季的時間安排嗎？這對第三季的連續成長有多大貢獻？而且，就該業務的起源而言，它是否與利用率的提高有關？這是否像是市佔率向特定客戶傾斜？也許它更像是數字處理？

Brian, so I'll handle the first part of that question. And in Q2, we shipped and recognized about $4 million of that order. We will ship and recognize about $12 million in each Q3 and Q4.

布萊恩，我來處理這個問題的第一部分。在第二季度，我們發貨並確認了約 400 萬美元的訂單。我們將在第三季和第四季分別出貨並確認約 1200 萬美元。

And to follow on your second part of the question here, Brian, this is essentially digital in the mobile space, digital. And it's a business expansion. For us, it's a business expansion, which we classify as design win at an existing customer. Now, I believe that, that customer is doing well in the market. I think their business is good. But for us, this is a business expansion.

接下來是問題的第二部分，布萊恩，這本質上是行動領域的數位化，數位化。這是一種業務擴展。對我們來說，這是一種業務擴展，我們將其歸類為現有客戶的設計勝利。現在，我相信，該客戶在市場上表現良好。我認為他們的生意很好。但對我們來說，這是一種業務擴展。

Okay. And then maybe to expand it out a little bit. I heard the discussion around maybe a seasonal down Q4 in the business, but kind of being encouraged by the trend on the utilization rates that you're seeing. Maybe building off that in particular, so Q3, maybe recurring is up a little bit. It sounds like this new order -- significant order could be a good chunk of the system revenue increase.

好的。然後也許再稍微擴充一下。我聽到關於第四季度業務可能出現季節性下滑的討論，但您所看到的利用率趨勢讓我感到鼓舞。或許正是基於這一點，所以第三季度，經常性支出可能會略有上升。聽起來這個新訂單——重要的訂單可能會成為系統收入成長的很大一部分。

What else is giving you encouragement here that there'll be more breadth kind of beyond a customer to -- obviously, utilization rate in itself is part of that. But what else can you sort of provide as backstory there in terms of why you think some of these trends can kick on here beyond second half?

還有什麼可以鼓勵您，讓其超越客戶範圍，實現更廣泛的覆蓋範圍？顯然，利用率本身就是其中的一部分。但是，您還能提供什麼背景故事來解釋為什麼您認為這些趨勢會在下半年後繼續延續？

Yes. We've seen orders sequentially improve across all segments in Q2, Brian, except for computing actually, as I look at the data here. Mobile obviously was up significantly, driven by this customer order, this design win. But we also had a sort of a decent increase, actually more than 100% in the automotive and industrial segments in Q2. I'm talking orders. A very small increase in the consumer space and a very small decrease or lower in the computing space.

是的。布萊恩，從這裡的數據來看，我們看到第二季所有部門的訂單都出現了連續改善，實際上除了計算部門。受客戶訂單和設計勝利的推動，行動業務顯然大幅成長。但我們在第二季的汽車和工業領域的成長也相當可觀，實際上成長了 100% 以上。我正在下命令。消費空間的增加非常小，運算空間的減少非常小或更低。

So we're seeing not only utilization picking up across market segments, but we're also seeing orders starting to pick up. And I'm talking systems, predominantly systems here. We've seen some green shoot orders from customers that have been mostly dormant for the last two years in the automotive market. So overall, I think we are in a recovery trajectory cycle. But with that said, it's a little early to call, but we think that there will be that typical slowing down towards the end of the year and the fourth quarter before things continue on.

因此，我們不僅看到各個細分市場的使用率正在上升，而且訂單也開始增加。我在這裡談論的是系統，主要是系統。我們看到一些來自過去兩年汽車市場基本上處於休眠狀態的客戶的訂單開始復甦。所以總的來說，我認為我們正處於復甦軌跡週期。但話雖如此，現在下結論還為時過早，但我們認為，到今年年底和第四季度，經濟將出現典型的放緩趨勢，之後情況才會繼續發展。

So that's why I made the comment. Recovery seems to be forming, very encouraged by utilization pickup and the pickup in order across markets. But as always, this is not a linear story, right? There will be two steps forward, one step back and before taking another three steps forward. That's the nature of this industry.

這就是我發表評論的原因。復甦似乎正在形成，這在很大程度上受到利用率回升和市場秩序回升的鼓舞。但一如既往，這不是一個線性的故事，對吧？前進兩步，後退一步，然後再前進三步。這就是這個行業的本質。

Got it. Maybe just one last thing for me. I think in prior calls, you've talked about and referenced here some of the product expansions, new products and customer wins that irrespective of cyclical conditions would drive $30 million, $35 million, maybe $40 million of revenue this year. Are you still on track to achieve that within these numbers?

知道了。對我來說也許這只是最後一件事。我認為在之前的電話會議中，您已經談論並提到了一些產品擴展、新產品和客戶贏得，無論週期性條件如何，這些都將在今年帶來 3000 萬美元、3500 萬美元甚至 4000 萬美元的收入。您是否仍有望在這些數字範圍內實現這一目標？

Yes. We're doing really well on a -- we had a tester design win. I think it was at the end of last year, actually, that we've been in deployment stage throughout this year. We will continue throughout the rest of this year. That is doing extremely well. Very, very happy with that story. We're getting qualified -- not qualified, but getting new products, applications designed into the platform, into the Diamondx.

是的。我們做得非常好——我們贏得了測試人員的設計勝利。我認為實際上是在去年年底，今年全年我們一直處於部署階段。我們將在今年剩餘的時間裡繼續努力。這表現非常好。我對這個故事非常非常滿意。我們正在獲得資格——不是資格，而是將新產品、應用程式設計到平台中，到 Diamondx 中。

We have had very good success in HBM, as I talked about earlier. We're projecting on the order of $7 million of revenue this year, could possibly be more, but it really depends on the timing of the next round of orders. Very excited here by this qualification in precision analog with contactors. So yes, really happy with the design win story, counting on those customers being successful in driving increasing capacity needs for test and even inspection for our equipment going into next year.

正如我之前提到的，我們在 HBM 方面取得了非常好的成功。我們預計今年的收入約為 700 萬美元，可能更多，但這實際上取決於下一輪訂單的時間。我非常高興能夠獲得接觸器精密模擬的資格。所以是的，我對設計獲勝的故事感到非常高興，並指望這些客戶能夠成功推動明年我們設備測試甚至檢查能力需求的增加。

Charles Shi, Needham & Company.

Charles Shi，Needham & Company。

First off, I really want to congrats on the $28 million order from one particular customer. And based on what you just broke down for us, the quarterly distribution, it looks like you're going to have a 10% customer for the next two quarters, really -- I mean, almost 10%. Really congrats on that.

首先，我非常高興地祝賀一位特定客戶簽下了價值 2,800 萬美元的訂單。根據您剛才為我們分解的季度分佈情況，看起來您在接下來的兩個季度中將擁有 10% 的客戶，實際上 - 我的意思是，幾乎 10%。真的恭喜你。

So I kind of want to circle back to this $28 million order. Given the size of this order, kind of curious why is it happening now? Is it product cycle related? And the size of it, do you think there's any factors like tariffs like -- or the worry about tariffs because we don't exactly know where you're shipping the $28 million orders from and to where. But would there be any tariff-driven temporary factors that cause a little bit of pull in for this particular batch of shipments?

所以我想回到這個 2800 萬美元的訂單。考慮到這個訂單的規模，有點好奇為什麼現在會發生這種情況？這與產品週期有關嗎？至於它的規模，您認為是否存在關稅之類的因素——或者對關稅的擔心，因為我們並不確切知道您將從哪裡運送價值 2800 萬美元的訂單，以及運送到哪裡。但是，是否存在由關稅驅動的暫時性因素，導致這批貨物受到輕微的拉動？

No, I don't think there is any tariff implications in this order, by the way. We know exactly where we're shipping our products and we're in the process of installation. Some of it was already installed in the second quarter -- towards the end of the second quarter. And we have a pretty decent idea where this customer is shipping their products that are running through our equipment as well. Don't see anything related with tariffs there. I see more things related with edge AI deployment in the mobile space for a good chunk of these orders.

不，順便說一句，我認為這項命令不涉及任何關稅。我們確切地知道我們的產品要運送到哪裡，並且我們正在進行安裝。其中一些已經在第二季度安裝完畢——接近第二季末。而且我們非常清楚該客戶運送其產品的地方也透過我們的設備運作。沒有看到任何與關稅有關的內容。我看到這些訂單中很大一部分與行動領域的邊緣 AI 部署有關。

And I think as I said in the remarks here, this is a mix of mobile and automotive. So it's not all mobile, but the majority of this is mobile. The automotive piece, I think, has more to do with continued expansion of ADAS and infotainment in the automotive space and our customers' success in that particular market.

我認為，正如我在這裡的評論中所說的那樣，這是移動和汽車的混合。所以雖然不是全部都是移動的，但大部分都是移動的。我認為，汽車部分更多地與汽車領域 ADAS 和資訊娛樂的持續擴展以及我們的客戶在該特定市場的成功有關。

Maybe I just want to come back again on that Q4 color you just provided to Brian. I think you kind of were saying that maybe some typical seasonal slowdown in Q4. And I mean, let's back out that $28 million order. That's a little bit idiosyncratic here. But what kind of a seasonal slowdown you're expecting in Q4 for the rest of the business?

也許我只是想再次回顧一下您剛剛提供給 Brian 的 Q4 顏色。我認為您說的是第四季度可能出現了典型的季節性放緩。我的意思是，讓我們撤銷那筆 2800 萬美元的訂單。這有點特殊。但是您預計第四季度其他業務會出現什麼樣的季節性放緩？

I think in this environment, I wouldn't be surprised to see something like a mid-single-digit pull down in the fourth quarter. We'll see how the quarter here evolves. A little too early to be providing full fourth quarter guidance, but that's our current view at the moment.

我認為在這種環境下，如果第四季出現中等個位數的下滑，我不會感到驚訝。我們將觀察本季的情況如何發展。現在提供完整的第四季指引還為時過早，但這是我們目前的看法。

Craig Ellis, B. Riley Securities.

克雷格·艾利斯 (Craig Ellis)，B. Riley 證券。

Congratulations on the nice revenue guide guys and the indications that we may be coming off a cyclical bottom. Luis, I wanted to follow up with that, but in a different way maybe than the prior two analysts approached it, and it's this, as you reflect on your conversations with your customers over the last 3 months since you last reported, how would you characterize the change in how they're looking at their business and what it means for you for 2026? So clearly, we've got a nice pop in the business going into the third quarter, but what are you telling -- what are your customers telling you about what you have to be ready for next year?

祝賀你們提供了出色的收入指南，並表明我們可能正在走出週期性底部。路易斯，我想跟進一下這個問題，但可能與前兩位分析師的處理方式不同，那就是，當您回顧自上次報告以來過去 3 個月與客戶的對話時，您如何描述他們對業務的看法的變化以及這對您 2026 年意味著什麼？顯然，進入第三季度，我們的業務取得了不錯的成長，但是您說了什麼—您的客戶告訴您，您需要為明年做哪些準備？

So if you look at our largest customers, which are typically in the auto and industrial space, Craig, they -- you can see from their earnings release and commentaries that they make that they've been basically rationalizing their inventory levels, not dramatically, but inventory days are coming down sequentially quarter-over-quarter. Some of them have called a bottom in the automotive market in Q1 of this year. A couple of others, I think, called it in Q2. And one in particular, I think, guided sequentially up Q3 and indicated sequentially up in Q4.

因此，如果你看看我們最大的客戶，他們通常在汽車和工業領域，克雷格，你可以從他們的收益報告和評論中看到，他們基本上一直在合理化他們的庫存水平，雖然幅度不大，但庫存天數逐季度環比下降。有些人認為今年第一季汽車市場已經觸底。我認為其他幾個人在第二季也提到了這一點。我認為，其中一個特別的指標引導了第三季的連續上漲，並預示著第四季的連續上漲。

The consensus that I would say from these customers is that they view a steady, progressive recovery in the auto and industrial market. I don't think any of them is talking about a V-shaped recovery in the next two quarters. But you're all talking about going into next year progressively better, sort of sequentially quarter-over-quarter better. I don't think anybody can give much of insight towards the summer of next year. I think that's way too far out to say exactly how that's going to shape. But like I said, they're generally talking about progressive improvements. Some of our customers in the space seem to have struck new deals even in China for supplying the automotive industry in China, which is kind of refreshing to see.

我想說的是，這些客戶的共識是，他們認為汽車和工業市場將會穩定、逐步復甦。我認為他們中沒有人談論未來兩個季度的 V 型復甦。但大家都在談論明年會逐漸好轉，逐季好轉。我認為沒有人能夠對明年夏天做出太多的預測。我認為，要確切地說明事情將會如何發展還為時過早。但就像我說的，他們通常談論的是漸進式改進。我們在該領域的一些客戶似乎甚至在中國達成了新的交易，為中國汽車行業提供供應，這令人耳目一新。

When we look at computing, this is more of an area that we've been putting a lot of energy lately. And by lately, I mean, over the last year, to get design win. We have had some reasonable penetration in the server space, and we're trying to get more exposure into AI infrastructure at the moment, essentially GPUs, ASIC accelerators and even networking. This is not an area that I can talk much about yet, and it really highly depends on us being able to get our products qualified.

當我們看計算時，這是我們最近投入大量精力的領域。我所說的最近，是指在過去的一年裡，我們獲得了設計勝利。我們在伺服器領域已經有了一定的滲透率，目前我們正試圖更多地接觸人工智慧基礎設施，主要是 GPU、ASIC 加速器甚至網路。我現在還不能談論太多這個領域，而且它很大程度上取決於我們是否能獲得產品認證。

In the mobile space, as I've been saying for a couple of quarters now, we were expecting the recovery. We had a pretty decent uptick in mobile recurring orders in the first quarter of this year. And as mentioned, we would expect that to be picking up steam and leading to gains in the equipment side, which we had -- we were foreseeing already in the first quarter and as we talked here, materialize in the second quarter. I think mobile is going to have its typical seasonal puts and takes, accelerating here into Q3, a little bit into Q4 and then before it pauses and goes through the next round of product launches in 2026.

在行動領域，正如我幾個季度以來一直在說的那樣，我們期待著復甦。今年第一季度，我們的行動定期訂單量出現了相當可觀的成長。正如所提到的，我們預計這一趨勢將會加速，並帶來設備方面的收益，我們在第一季就已經預見了這一點，正如我們在這裡所說的那樣，這一趨勢將在第二季度實現。我認為行動市場將會出現典型的季節性波動，在第三季加速，在第四季稍微加速，然後暫停，並在 2026 年進行下一輪產品發布。

And the second question is a product question, and it relates to the opportunity you mentioned with GPUs and APUs. So you talked about the Eclipse Gen 2.5 new product release. What specifically does that enable your customers to do? And where should we expect uptake there? And how material could that be as we look out at either the rest of this year or next year?

第二個問題是產品問題，它與您提到的 GPU 和 APU 的機會有關。所以您談到了 Eclipse Gen 2.5 新產品的發布。這具體能讓您的客戶做些什麼？我們應該期待哪些地方能夠被吸收？當我們展望今年剩餘時間或明年時，這會有多重要？

Sure. There are two main things that are different here in this release 2.5 on the Eclipse. One of them is the configurability. We have a platform now that in one single system, you can cover, let's say, what we call passive, meaning RF discrete type components, analog ICs for mobile use applications to what we call ATC or active thermal control, mobile power dissipation to tri-temp automotive to tri-temp ATC, active thermal control again, for ADAS processors or even to some degree, compute applications. So we can do this in one system.

當然。Eclipse 2.5 版本主要有兩點不同。其中之一就是可配置性。我們現在有一個平台，在一個單一的系統中，你可以覆蓋我們所說的被動元件，即射頻分立元件、用於移動應用的模擬集成電路，我們所說的 ATC 或主動熱控制，移動功耗，三溫汽車，三溫 ATC，再次主動熱控制，用於 ADAS 處理器，甚至在某種程度上，計算應用。所以我們可以在一個系統中完成此操作。

Historically, this is the kind of stuff that when you buy, you have to buy three configurations or four different configurations of a product. We can now really span that whole application range with one platform with some field upgrades. So that's a big plus to certain customers.

從歷史上看，當你購買這類產品時，你必須購買三種配置或四種不同配置的產品。現在，我們可以透過一個平台和一些現場升級來真正覆蓋整個應用範圍。所以這對某些客戶來說是一個很大的優勢。

The second main vector is the power dissipation as we put up here, we're now people dissipating up to 3,000 watts during test. This is not the kind of thing you see on a mobile device, frankly, not even in an automotive ADAS device, but it's the kind of thing you would see on a high-end compute requirement. So if you're talking the latest generation GPUs in the market, that's the kind of capability that is required to test those devices.

第二個主要向量是我們在這裡提出的功率耗散，我們現在在測試期間耗散高達 3,000 瓦的功率。坦白說，這不是您在行動裝置上看到的東西，甚至在汽車 ADAS 裝置上也看不到，但這是您在高階運算需求上會看到的東西。因此，如果您談論的是市場上最新一代的 GPU，那麼這就是測試這些設備所需的能力。

So those are the two main performance factors that we are enabling customers to use and open up a spectrum of opportunities for us with the Eclipse. All these customers that I'm talking about here are essentially fabless. So they end up hitting the OSATs in Taiwan, in Korea or throughout Asia for outsourced testing. And the OSATs, by their nature, they want to make the maximum possible use of the capital investment being done here. So they do look for this flexible capability on the product.

因此，這些是我們讓客戶能夠使用的兩個主要性能因素，並透過 Eclipse 為我們開闢了一系列機會。我在這裡談論的所有這些客戶基本上都是無晶圓廠的。因此，他們最終選擇台灣、韓國或整個亞洲的 OSAT 進行外包測試。而 OSAT 本質上希望最大限度地利用這裡的資本投資。因此他們確實在尋找產品上的這種彈性。

David Duley, Steelhead Securities.

Steelhead Securities 的 David Duley。

My question is very similar to Craig's and involves the Eclipse. I get the impression that there is an upgrade cycle going on for thermal-controlled handlers, specifically in the GPU and ASIC space. I think your competitor -- I think Advantest has been talking about upgrading its products in this area. And I'm just curious, now that you put out a really flexible tool geared at this market, are you -- do you have evaluation systems at the OSATs or as you talked about, who are handling a lot of the volumes for the GPU guys and ASIC guys? Or when could we expect to hear some progress about you winning some business in this area?

我的問題與 Craig 的問題非常相似，並涉及 Eclipse。我感覺熱控處理器正在進行升級週期，特別是在 GPU 和 ASIC 領域。我認為您的競爭對手 — 愛德萬測試一直在談論升級其在該領域的產品。我很好奇，既然您推出了一款針對這個市場的非常靈活的工具，您是否有 OSAT 的評估系統，或者如您所說，誰在為 GPU 人員和 ASIC 人員處理大量業務？或者我們什麼時候可以聽到有關您在該領域贏得一些業務的進展？

Dave, we have evaluations frankly, mostly at fabless right now that will then migrate to the OSATs. It's not to say that we don't have it at the OSATs. At the end of the day, in some cases, the OSAT is the one that has the tester that we're connecting to, to run the program by the direction of the fabless. To answer your point here, when do we expect to see some more traction on, let's say, the GPU space, I hope to be able to say something in a quarter or two, actually, that is more material on that front.

戴夫，坦白說，我們現在主要對無晶圓廠進行評估，然後會遷移到 OSAT。這並不是說 OSAT 廠商沒有這種技術。歸根結底，在某些情況下，OSAT 是擁有我們要連接的測試儀的一方，以便按照無晶圓廠的指示運行程序。為了回答您的問題，我們什麼時候可以看到 GPU 領域的更多進展？我希望能夠在一兩個季度內透露一些消息，實際上，這方面會有更多內容。

So there appears to be an opening with thermal-controlled handlers. I think I heard this on your competitors' conference call, correct me if I'm wrong, but I think they're going through an upgrade cycle. Also, the big GPU guys looking to diversify its supply chain and not rely on single vendors. So is this opening -- do you think this in general, is opening up the door to perhaps knock off some business? Is your competitors' product opening up a door for you, I guess, is really the question.

因此，熱控處理器似乎存在一個突破口。我想我在您的競爭對手的電話會議上聽到了這一點，如果我錯了請糾正我，但我認為他們正在經歷升級週期。此外，大型 GPU 公司正在尋求實現其供應鏈多樣化，而不是依賴單一供應商。那麼，這是否是一個開端——您是否認為這總體上會打開大門，或許會扼殺一些業務？我想，你的競爭對手的產品是否為你打開了一扇大門，這才是真正的問題。

Yes. I don't know if it's our competitor that's opening up the door, but I think the customer is interested on more of a -- I have to use one of the customers' terms here, a future-proof platform, right? Something that can actually span not only the next 18 months -- 12, 18 months requirements, but can be used over multiple years ahead and keep up with their power requirements and overall device test requirements for at least for a couple of cycles. So they have better use of the capital investment.

是的。我不知道是不是我們的競爭對手在打開大門，但我認為客戶更感興趣的是——我必須在這裡使用一個客戶的術語，一個面向未來的平台，對嗎？實際上，它不僅可以滿足未來 18 個月（12、18 個月）的要求，而且可以在未來幾年內使用，並至少在幾個週期內滿足其電力要求和整體設備測試要求。這樣他們就能更好地利用資本投資。

Okay. I guess my final question is, you talked about your utilization rates increasing by 3%. Is that overall -- or I guess I'm really interested in -- we've already -- I think in the past, you've talked about how utilization rates in China were probably pretty high or certain areas were higher than others. I'm just kind of wondering is -- are there certain geographic regions like Taiwan and Korea or Asia where you're starting to see those areas might have higher utilization rates than the average?

好的。我想我的最後一個問題是，您談到了利用率提高了 3%。整體而言——或者我猜我真正感興趣的是——我們已經——我想在過去，您曾談到中國的利用率可能相當高，或者某些地區的利用率高於其他地區。我只是有點好奇——您是否開始發現某些地理區域（例如台灣、韓國或亞洲）的使用率可能高於平均水平？

Yes. I don't have at my fingertips by geography, Dave, but I can tell you this. So overall, yes, overall utilization is up 3 points to 75%. I'll give you another breakdown here. The IDMs increased 5 points sequentially and the OSATs increased 1 point sequentially quarter-over-quarter.

是的。戴夫，我並不了解當地的地理位置，但我可以告訴你這一點。所以整體而言，整體利用率上升了 3 個百分點，達到 75%。我將在這裡為您提供另一個細分。IDM 環比增加 5 點，OSAT 環比增加 1 點。

That concludes today's question-and-answer session. I'd like to turn the call back to Jeff Jones for closing remarks.

今天的問答環節到此結束。我想請傑夫瓊斯 (Jeff Jones) 作最後發言。

Thank you. And before we sign off today, I'd like to note that we'll be attending some investor conferences over the next two months, and we'll be attending the Needham Virtual Semiconductor & SemiCap Conference on August 20, the Jefferies Conference in Chicago on August 26, the Evercore Conference also in Chicago on August 27, the Citi TMT Conference on September 4 in New York City and the CEO Summit Conference on October 7 in Phoenix. Now if you're planning to attend any of these conferences, please reach out to your conference contacts or let me know, and we'll arrange for one-on-one meetings.

謝謝。在今天結束之前，我想指出的是，我們將在接下來的兩個月內參加一些投資者會議，我們將參加 8 月 20 日的 Needham 虛擬半導體和半導體會議、8 月 26 日在芝加哥舉行的 Jefferies 會議、8 月 27 日在芝加哥舉行的 Evercore 會議、9 月 4 日在紐約州的 10 月 10 月 10 月 107 月鳳凰城會議、現在，如果您計劃參加任何這些會議，請聯絡您的會議聯絡人或讓我知道，我們將安排一對一的會議。

That's all for today. Thank you for joining the call, and we look forward to speaking with you soon.

今天就到這裡。感謝您參加電話會議，我們期待很快與您交談。

This concludes today's conference call. Thank you for participating. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。