Credo Technology Group Holding Ltd (CRDO) 2025 Q2 法說會逐字稿

Good day. And thank you for standing by. Welcome to the Credo second quarter fiscal year 2025 earnings conference call. At this time, (Operator Instructions) Please be advised that today's conference is being recorded.

再會。感謝您的支持。歡迎參加 Credo 2025 財年第二季財報電話會議。此時，（操作員指示）請注意，今天的會議正在錄製中。

I would now like to turn the conference over to your speaker for today, Dan O’Neil. Please go ahead.

現在我想將會議交給今天的發言人丹·奧尼爾。請繼續。

Good afternoon. Thank you for joining our earnings call for the second quarter of fiscal 2025.

午安.感謝您參加我們 2025 財年第二季的財報電話會議。

Today, I am joined by Creo's Chief Executive Officer, Bill Brennan, and our Chief Financial Officer, Dan Fleming.

今天，Creo 執行長 Bill Brennan 和我們的財務長 Dan Fleming 與我一起出席。

During this call, we will make certain forward-looking statements. These forward-looking statements are subject to risks and uncertainties discussed in detail in our documents filed with the SEC which can be found in the investor relations section of the company's website.

在本次電話會議中，我們將做出某些前瞻性陳述。這些前瞻性陳述受到我們向美國證券交易委員會提交的文件中詳細討論的風險和不確定性的影響，這些文件可以在公司網站的投資者關係部分找到。

It is not possible for the company's management to predict all risks nor can the company assess the impact of all factors on its business or the extent to which any factor or combination of factors may cause actual results to differ materially from those contained in any forward-looking statement. Given these risks uncertainties and assumptions, the forward-looking events discussed during this call may not occur and actual results could differ materially and adversely from those anticipated or implied.

公司管理階層不可能預測所有風險，公司也無法評估所有因素對其業務的影響，或任何因素或因素組合可能導致實際結果與任何前瞻性陳述中包含的結果有重大差異的程度。鑑於這些風險的不確定性和假設，本次電話會議中討論的前瞻性事件可能不會發生，實際結果可能與預期或暗示的結果有重大不利差異。

The company undertakes no obligation to publicly update forward-looking statements for any reason after the date of this call to conform these statements to actual results or to changes in the company's expectations except as required by law.

除法律要求外，本公司沒有義務在本次電話會議之後以任何理由公開更新前瞻性陳述，以使這些陳述符合實際結果或公司預期的變更。

Also, during this call, we will refer to certain non-GAAP financial measures which we consider to be important measures of the company's performance. These non-GAAP financial measures are provided in addition to and not as a substitute for or superior to financial performance prepared in accordance with us GAAP. A discussion of why we use non-GAAP financial measures and reconciliations between our GAAP and non-GAAP financial measures is available in the earnings release we issued today which can be accessed using the investor relations portion of our website.

此外，在這次電話會議中，我們將提及某些我們認為是衡量公司績效的重要指標的非公認會計準則財務指標。這些非公認會計原則財務指標是根據美國公認會計原則編制的財務表現的補充，而不是替代或優於其。我們今天發布的收益報告中討論了我們為什麼使用非公認會計原則財務指標以及我們的公認會計原則和非公認會計原則財務指標之間的調節，可以通過我們網站的投資者關係部分訪問該收益報告。

I will now turn the call over to our CEO. Bill?

我現在將把電話轉給我們的執行長。帳單？

Welcome to our Q2 fiscal '25 earnings call. I'll begin by discussing our results for the second quarter and then I'll provide comments on our outlook. After my remarks, Dan Fleming, our CFO will provide details on Q2 and guidance.

歡迎參加我們的 25 財年第二季財報電話會議。我將首先討論我們第二季的業績，然後我將對我們的前景發表評論。在我發言後，我們的財務長 Dan Fleming 將提供有關第二季度的詳細資訊和指導。

In the second quarter, Credo generated revenue of $72 million up 21% sequentially and up 64% year-over-year. Q2 Non-GAAP gross margin was 63.6%. The second quarter was our most successful to date. We marked record revenue across our three main product lines and began to see the uptick in shipments that marks the beginning of the revenue inflection point we've discussed in past quarters.

第二季度，Credo 營收 7,200 萬美元，季增 21%，年增 64%。第二季非 GAAP 毛利率為 63.6%。第二季是我們迄今為止最成功的季度。我們的三個主要產品線的收入創下了紀錄，並開始看到出貨量的上升，這標誌著我們在過去幾個季度討論過的收入拐點的開始。

Today, Credo offers a suite of innovative and differentiated ethernet connectivity solutions including active electrical cables or AECs, optical DSPs, line card retimers, SerDes chiplets, and SerDes IP licenses for port speeds ranging from 100 gig up to 1.6 terabytes per second.

如今，Credo 提供一套創新且差異化的乙太網路連接解決方案，包括主動電纜或AEC、光纖DSP、線路卡重定時器、SerDes 小晶片和SerDes IP 許可證，連接埠速度範圍從100 GB 到每秒1.6 TB。

We are also developing a suite of PCIE connectivity solutions including retimers and AECs, which we announced and demonstrated at the OCD summit in October. AI cluster architectures are evolving rapidly driven by advancements in processing, cooling, and power sourcing. These advancements enable increasingly dense and scalable clusters where back-end network reliability has become paramount.

我們也正在開發一套 PCIE 連接解決方案，包括重定時器和 AEC，我們在 10 月的 OCD 高峰會上宣布並展示了這些解決方案。在處理、冷卻和電源方面進步的推動下，人工智慧叢集架構正在快速發展。這些進步使得叢集變得越來越密集和可擴展，其中後端網路可靠性變得至關重要。

In this environment, addressing or eliminating link lapse which are momentary disruptions in network links as well as managing power and cost are essential to achieving operational reliability. This rapid evolution is creating significant opportunities for high-speed connectivity solutions which are crucial in supporting the seamless implementation and operation of these cutting-edge architectures.

在這種環境中，解決或消除鏈路失效（即網路鏈路的暫時中斷）以及管理功率和成本對於實現運行可靠性至關重要。這種快速發展為高速連接解決方案創造了重要機會，這對於支援這些尖端架構的無縫實施和操作至關重要。

Credo's AECs represent a market solution that highlights the company's fundamental differentiation in addressing customer challenges. Built around Credo's expertise in service technology, AECs excel in maintaining signal integrity, optimizing power efficiency, and delivering unparalleled reliability as data speeds continue to increase. This innovation exemplifies Credo's ability to deliver substantial ROI for customers by solving critical pain points.

Credo 的 AEC 代表了一種市場解決方案，突顯了公司在應對客戶挑戰方面的根本差異化優勢。 AEC 圍繞著 Credo 在服務技術方面的專業知識而構建，在保持訊號完整性、優化電源效率以及隨著資料速度不斷提高而提供無與倫比的可靠性方面表現出色。這項創新體現了 Credo 透過解決關鍵痛點為客戶帶來可觀投資報酬率的能力。

In Q2, Credo participated in a number of industry conferences where we demonstrated a broad range of existing and next generation connectivity solutions that we believe will fuel our continued growth. For several quarters, we've anticipated an inflection point in our revenues during the second half of fiscal '25. I'm pleased to share that this turning point has arrived and we are seeing even greater momentum than initially projected. I will now review our businesses in more detail.

第二季度，Credo 參加了許多行業會議，在那裡我們展示了廣泛的現有和下一代連接解決方案，我們相信這些解決方案將推動我們的持續成長。幾個季度以來，我們一直預期 25 財年下半年我們的營收會出現轉捩點。我很高興地告訴大家，這個轉捩點已經到來，我們看到的勢頭比最初預期的還要大。我現在將更詳細地回顧我們的業務。

First, regarding our AEC product line. In Q2, we achieved another record quarter for AEC revenue driven by strong demand from our top two customers and an emerging hyperscaler. While we're proud of our achievements, we are also optimistic about the future of our AEC business. We believe that we are still in the early stages of widespread market adoption and we are well positioned as the market leader. AI driven demand for high speed power efficient and reliable connectivity is accelerating. AECs outperform laser based optics offering lower power, reduced cost, and maybe most importantly, greater reliability.

首先，關於我們的AEC產品線。在我們的兩大客戶和新興超大規模企業的強勁需求推動下，我們在第二季的 AEC 營收再創新高。我們為自己的成就感到自豪的同時，也對 AEC 業務的未來感到樂觀。我們相信，我們仍處於廣泛市場採用的早期階段，並且我們處於市場領導者的有利位置。人工智慧驅動的對高速、高效、可靠連接的需求正在加速成長。 AEC 的性能優於基於雷射的光學元件，可提供更低的功率、更低的成本，也許最重要的是，更高的可靠性。

We recently launched our 800 gig zero flap AECs for AI backend networks supporting lengths of up to 7 meters. With increasing rack power densities and the shift to liquid cooling, shorter physical lens for back end connections are now possible. This enables AECs to displace optics in certain GPU to switch applications. Optical link flaps and AI clusters have become increasingly costly causing significant downtime and loss of productivity for training clusters. Our AECs offer unparalleled hardware reliability and have demonstrated billions of hours of operations without link flaps.

我們最近推出了適用於 AI 後端網路的 800 gig 零襟翼 AEC，支援長達 7 公尺的長度。隨著機架功率密度的增加和向液體冷卻的轉變，用於後端連接的更短的物理透鏡現在已經成為可能。這使得 AEC 能夠取代某些 GPU 中的光學元件來切換應用程式。光鏈路抖動和人工智慧集群的成本越來越高，導致訓練集群大量停機和生產力損失。我們的 AEC 提供無與倫比的硬體可靠性，並已證明可以運行數十億小時而不會出現鏈路抖動。

Our system level focus and collaborative approach to solving critical challenges have positioned us as a trusted partner embedded in the network architecture plans of our customers. Building on the adoption and engagement as highlighted earlier, our second half revenue growth will be driven by our AECs products. Furthermore, we anticipate continued growth beyond fiscal '25 as market adoption expands across the data center ecosystem.

我們對系統級的關注和解決關鍵挑戰的協作方法使我們成為嵌入客戶網路架構計劃中的值得信賴的合作夥伴。在前面強調的採用和參與的基礎上，我們下半年的收入成長將由我們的 AEC 產品驅動。此外，隨著市場採用率在整個資料中心生態系統中擴展，我們預計在 25 財年之後將繼續成長。

Now I'll turn to our optical VSP business. In the second quarter, we achieved record optical DSP revenues marking another significant milestone for Credo. True to our core values, we continue to innovate alongside our customers, delivering enhanced value products backed by exceptional support. Our optical module customers and end users are increasingly realizing tangible benefits from our optical DSP solutions.

現在我將談談我們的光學VSP業務。第二季度，我們實現了創紀錄的光學 DSP 收入，這標誌著 Credo 的另一個重要里程碑。秉承我們的核心價值觀，我們繼續與客戶一起創新，在卓越支援的支持下提供增值產品。我們的光學模組客戶和最終用戶越來越多地認識到我們的光學 DSP 解決方案帶來的實際好處。

This quarter revenue was fueled by a broad range of 50 gig and 100 gig per lane solutions including AOCs and transceivers supporting port speeds from 100 gig to 800 gig. Our unique combination of performance, power efficiency, cost effectiveness, and innovation continues to resonate with customers driving increased adoption across both domestic and international markets.

本季的營收得益於各種每通道 50 GB 和 100 GB 解決方案，包括支援 100 GB 至 800 GB 連接埠速度的 AOC 和收發器。我們獨特的性能、能源效率、成本效益和創新組合不斷引起客戶的共鳴，推動國內和國際市場的採用率不斷提高。

We believe the market for 50 gig and 100 gig per lane DSP solutions presents significant long term growth opportunities for Credo. This is supported by robust industry demand and our close collaboration with leading optical module manufacturers and their end customers.

我們相信每通道 50 GB 和 100 GB DSP 解決方案的市場為 Credo 提供了重要的長期成長機會。這得益於強勁的行業需求以及我們與領先的光模組製造商及其最終客戶的密切合作。

Looking ahead, we're enthusiastic about the potential of our 200 gig per lane solutions. We've recently completed the tape out of our three nanometer 200 gig per lane designs with a strong focus on power efficiency. In calendar '25, we expect to deliver industry leading full DSP solutions operating at approximately 10 watts alongside LRO solutions at half that power. As always, we remain agnostic to our customers' preferences and are committed to providing tailored high-performance options for full DSP and LRO Solutions.

展望未來，我們對每通道 200 演出解決方案的潛力充滿熱情。我們最近完成了每通道 3 奈米 200 gig 設計的磁帶，重點是電源效率。在 25 年，我們預計將提供業界領先的完整 DSP 解決方案，其運行功率約為 10 瓦，而 LRO 解決方案的運行功率僅為該解決方案的一半。像往常一樣，我們始終不了解客戶的偏好，並致力於為完整的 DSP 和 LRO 解決方案提供客製化的高效能選項。

Credo is actively sampling both solutions with leading optical module manufacturers. As architectures continue to evolve, we anticipate growth from both full DSP and LRO deployments further cementing Credo's role as a disruptive innovator in the optical connectivity market.

Credo 正在積極與領先的光學模組製造商一起對這兩種解決方案進行採樣。隨著架構不斷發展，我們預計完整 DSP 和 LRO 部署的成長將進一步鞏固 Credo 作為光連結市場顛覆性創新者的角色。

Now, regarding our line card retimer business. In Q2, our line card retimer business also added to our positive overall momentum. During the quarter, we generated record quarterly revenue driven by 400 gig and 800 gig applications. Our customers included global networking OEMs, hyper scalers, and AI appliance manufacturers. In this market, credo is a leader with solutions for traditional retiming and gearbox, as well as for MACsec encryption.

現在，關於我們的線路卡重定時器業務。在第二季度，我們的線路卡重定時器業務也增加了我們積極的整體勢頭。本季度，在 400 份和 800 份應用程式的推動下，我們創造了創紀錄的季度收入。我們的客戶包括全球網路 OEM、超級縮放器和人工智慧設備製造商。在這個市場中，credo 是傳統重定時和變速箱以及 MACsec 加密解決方案的領導者。

Across our product set, we have substantial power consumption and cost advantages against competitive products. Going forward, we see continued growth opportunities as line card reimers are adopted for scale out networks in AI appliances and for 100 gig per lane switching applications. At OCP In October, we introduced our first PCIE timers showcasing our gen six and gen seven silicon in several demos including a 1 terabits per second PCIE AEC.

在我們的產品集中，與競爭產品相比，我們具有顯著的功耗和成本優勢。展望未來，隨著人工智慧設備中的橫向擴展網路和每通道 100 GB 交換應用採用線路卡重組器，我們看到了持續的成長機會。在 10 月的 OCP 上，我們推出了首款 PCIE 定時器，在多個演示中展示了我們的第六代和第七代晶片，其中包括每秒 1 太比特的 PCIE AEC。

Built with our own SerDes technology, we expect to enter the PCIE market with advantages in latency, reach, power, and development tools. Customer feedback has been encouraging as they've expressed a need for better performance and development support as they plan the migration to PCIE gen six for scale up networks.

採用我們自己的 SerDes 技術構建，我們希望憑藉延遲、範圍、功耗和開發工具方面的優勢進入 PCIE 市場。客戶的回饋令人鼓舞，因為他們在計劃遷移到 PCIE 第六代以擴展網路時表示需要更好的效能和開發支援。

We plan to sample these PCIE products to customers in calendar '25 with production revenues expected in calendar '26. To sum up, Q2 showcased outstanding execution marked by record revenues, continued innovation, and increased customer traction. We are seeing the anticipated revenue inflection point in second half of fiscal '25, and we are seeing even greater momentum than initially projected. With demand fueled by AI deployments and deepening customer relationships, Credo is well positioned for sustained growth and increasing profitability.

我們計劃在 25 年向客戶提供這些 PCIE 產品樣品，預計在 26 年實現生產收入。總而言之，第二季展現了出色的執行力，其特點是創紀錄的收入、持續的創新和增加的客戶吸引力。我們預計 25 財年下半年將出現營收轉捩點，而且成長動能比原先預計的還要大。隨著人工智慧部署和加深客戶關係推動的需求，Credo 已做好持續成長和提高獲利能力的準備。

Now Dan Fleming, our CFO will provide additional details.

現在，我們的財務長 Dan Fleming 將提供更多詳細資訊。

Thank you, Bill and good afternoon. I will first review our Q2 results and then discuss our outlook for Q3 of fiscal year '25. In Q2, we reported revenue of $72 million up 21% sequentially and up 64% year over year and well above the high end of our guidance range. Our product business generated $69.1 million of revenue in Q2, up 21% sequentially and up 88% year over year. Notably, our three main product lines grew double digits sequentially to achieve new record revenue levels.

謝謝你，比爾，下午好。我將首先回顧我們第二季度的業績，然後討論我們對 25 財年第三季的展望。第二季度，我們報告營收為 7,200 萬美元，季增 21%，年增 64%，遠高於我們指導範圍的上限。我們的產品業務在第二季創造了 6,910 萬美元的收入，季增 21%，年增 88%。值得注意的是，我們的三大主要產品線連續兩位數成長，創下新的營收水準。

Our product business excluding product engineering services generated another record $64.4 million of revenue in Q2, 20% higher than our previous product record in the prior quarter. Our IT business generated $3 million of revenue in Q2.

我們的產品業務（不包括產品工程服務）在第二季度再次創造了創紀錄的 6,440 萬美元收入，比上一季的產品記錄高出 20%。我們的 IT 業務在第二季創造了 300 萬美元的收入。

As demonstrated by our product revenue ramp, we are seeing substantial opportunities with customer programs on the product side which we are prioritizing. Given our current product growth trajectory, we do not expect IP to contribute 10% or more of our revenue this year or in future years. However, IP remains a strategic part of our business and we will pursue select opportunities where the combination of strategic relevance and ROI align. This prioritization does not impact our long term model for a company wide non-GAAP gross margin of 63% to 65% or non-GAAP operating margin of 30% to 35%.

正如我們的產品收入成長所證明的那樣，我們在我們優先考慮的產品方面的客戶計劃中看到了巨大的機會。鑑於我們目前的產品成長軌跡，我們預計智慧財產權今年或未來幾年不會貢獻我們收入的 10% 或更多。然而，智慧財產權仍然是我們業務的策略部分，我們將尋求策略相關性和投資回報率結合的精選機會。這種優先順序不會影響我們的長期模型，即公司範圍內的非 GAAP 毛利率為 63% 至 65%，或非 GAAP 營業利潤率為 30% 至 35%。

Our top three end customers were each greater than 10% of revenue. In Q2, we had another four and customers that were each between five and 10% of revenue. While customer mix will vary from quarter to quarter, the fact that Credo had seven end customers at greater than 5% of revenue in the second quarter strongly reinforces how we are diversifying our customer base.

我們的前三大最終客戶均佔營收的 10% 以上。在第二季度，我們還有另外四個客戶，每位客戶佔營收的 5% 到 10% 之間。雖然客戶結構因季度而異，但 Credo 在第二季度擁有 7 個最終客戶，佔收入的比例超過 5%，這一事實有力地強化了我們如何實現客戶群多元化。

Our team delivered Q2 non-GAAP gross margin of 63.6% near the high end of our guidance range and up 73 basis points sequentially as a result of improved top line leverage and higher product contribution margin the quarter.

由於本季營收槓桿率的改善和產品貢獻率的提高，我們的團隊實現了第二季度非GAAP 毛利率63.6%，接近我們指導範圍的上限，並且比上一季增長了73 個基點。

Our product non-GAAP gross margin was 62.2% in the quarter up 66 basis points sequentially and up 943 basis points year over year, primarily due to increasing scale. Total non-GAAP operating expenses in the second quarter were $37.6 billion above the midpoint of our guidance range and up 6% sequentially due to higher R&D project related spend in the quarter.

本季我們的產品非 GAAP 毛利率為 62.2%，較上季成長 66 個基點，較去年同期成長 943 個基點，這主要是由於規模不斷擴大。第二季非 GAAP 營運支出總額比我們指引範圍的中點高出 376 億美元，由於本季研發項目相關支出增加，季增 6%。

Our non-GAAP operating income was $8.3 million in Q2 compared to non-GAAP operating income of $2.2 million in Q1. Our non-GAAP operating margin was 11.5% in the quarter compared to a non-GAAP operating margin of 3.7%. The prior quarter. A sequential increase of 780 basis points. We reported non-GAAP net income of $12.3 million in Q2 compared to non-GAAP net income of $7 million in Q1. Cash flow from operations in the second quarter was $10.3 million up sequentially, primarily due to our increased profitability driven by leverage from our ramp and product shipments.

我們第二季的非 GAAP 營業收入為 830 萬美元，而第一季的非 GAAP 營業收入為 220 萬美元。本季我們的非 GAAP 營業利益率為 11.5%，而非 GAAP 營業利益率為 3.7%。上一季。環比增加 780 個基點。我們報告第二季度非 GAAP 淨利潤為 1230 萬美元，而第一季非 GAAP 淨利潤為 700 萬美元。第二季營運現金流較上季成長 1,030 萬美元，主要是由於產能和產品出貨量的槓桿作用推動了我們獲利能力的提高。

CapEx was $21.9 million in the quarter driven largely by production five nanometer tapeouts. And free cash flow was negative $11.7 million an improvement of $1.4 million from the first quarter. We ended the quarter with cash and equivalents of $383 million, a decrease of $15.7 million from the first quarter. We remain well capitalized to continue investing in our growth opportunities while maintaining a substantial cash buffer.

本季資本支出為 2,190 萬美元，主要是由 5 奈米流片生產所推動的。自由現金流為負 1,170 萬美元，較第一季增加 140 萬美元。本季末，我們的現金及等價物為 3.83 億美元，比第一季減少 1,570 萬美元。我們仍然擁有充足的資本，可以繼續投資於我們的成長機會，同時保持大量的現金緩衝。

Our Q2 ending inventory was $36.3 million up $4.8 million sequentially. Now turning to our guidance, we currently expect revenue in Q3 of fiscal '25 to be between $115 million and $125 million up 67% sequentially at the midpoint. We expect Q3 non-GAAP gross margin to be within a range of 61% to 63%.

我們第二季期末庫存為 3,630 萬美元，比上一季增加 480 萬美元。現在轉向我們的指導，我們目前預計 25 財年第三季的營收將在 1.15 億美元至 1.25 億美元之間，比中位數連續成長 67%。我們預計第三季非 GAAP 毛利率將在 61% 至 63% 之間。

We expect Q3 non-GAAP operating expenses to be between $42 million and $0.44 million. We expect Q3 diluted weighted average share count to be approximately 184 million shares. As we enter the second half of fiscal year '25, we expect double digit sequential revenue growth from Q3 to Q4, and from fiscal year '24 to fiscal year '25, we expect year over year revenue growth of 100% or more. We expect non-GAAP operating expenses to grow at less than half the rate of revenue from fiscal year '24 to fiscal year '25. As a result, we look forward to driving operating leverage throughout the year.

我們預計第三季非 GAAP 營運支出將在 4,200 萬美元至 44 萬美元之間。我們預計第三季攤薄加權平均股數約為 1.84 億股。當我們進入25 財年下半年時，我們預計從第三季到第四季營收將達到兩位數的連續成長，從24 財年到25 財年，我們預計營收年增將達到100% 或更高。我們預計從 24 財年到 25 財年，非 GAAP 營運支出的成長率將低於收入成長率的一半。因此，我們期待全年提高營運槓桿。

And with that, I will open it up for questions.

接下來，我將開放提問。

(Operator Instructions)

（操作員說明）

Toshiya Hari, Goldman Sachs.

Toshiya Hari，高盛。

Hi, good afternoon. Thanks so much for taking the question. Bill, maybe my first question is on the outlook for fiscal Q3. Obviously, you're guiding to, to a level that's well above what most of us had in our models. Curious if it's really the size of certain projects that's coming in above what you were expecting 90 days ago or a couple of quarters ago? Is that the timing of certain projects is of both what's driving the significant upside in the quarter? You talked about AES, but if you can expand on that, that would be really helpful.

嗨，下午好。非常感謝您提出問題。比爾，也許我的第一個問題是關於第三財季的前景。顯然，您所引導的水平遠高於我們大多數人在模型中所達到的水平。是否好奇某些項目的規模是否真的超出了您 90 天前或幾個季度前的預期？某些項目的時機是否是推動本季大幅上漲的因素？您談到了 AES，但如果您可以對此進行擴展，那將非常有幫助。

Sure. Yeah, we've talked in the past about, wanting to have better visibility as we look at the new projects that we're engaged on, and as we're going through qualification, and as we start to see forecasts come together. Really, in the last 90 days, we've seen a couple projects come together in even a stronger -- with a stronger forecast than we expected. You know, I think this speaks to the overall opportunity that we're addressing especially with the AEC products.

當然。是的，我們過去曾討論過，當我們審視我們正在從事的新項目時，當我們正在進行資格認證時，當我們開始看到預測一致時，我們希望有更好的可見性。確實，在過去的 90 天裡，我們看到幾個項目的表現甚至比我們預期的還要強。您知道，我認為這說明了我們正在解決的整體機遇，尤其是 AEC 產品。

And so I think it's a nice thing is it's come together. As we look towards the quarters that will follow, I think we're encouraged as well, as Dan mentioned about Q4. And as we think about FY26 you know, we've been talking about this inflection point for a number of quarters and we are seeing really healthy design activity across several customers and across all of our products. And so we expect to see continued growth over time.

所以我認為這是一件好事，因為它走到了一起。當我們展望接下來的幾個季度時，我認為我們也受到了鼓舞，正如 Dan 在談到第四季度時提到的那樣。當我們思考 2026 財年時，您知道，我們已經在幾個季度中討論這個拐點，並且我們看到多個客戶和我們所有產品的真正健康的設計活動。因此，我們預計隨著時間的推移，會出現持續成長。

Although we're not able to really give specific guidance for fiscal '26, we do expect the growth to be, kind of on the order of what expectations have been in the past and that being on kind of the order of 50% annually.

儘管我們無法真正為 26 財年提供具體指導，但我們確實預期成長將與過去的預期類似，並且每年成長 50% 左右。

That's really helpful. And then as my follow up one on the competitive landscape in AECs. I think since the time of the IPO, you've always said that, competition would be, kind of an endorsement of, of your vision and what you're going after. Many companies have spoken to the ac opportunity it doesn't feel like or seem like they've made significant traction. But curious what you're seeing in the marketplace today and any early feedback on the zero flap AEC product you announced that OCP would be super helpful as well. Thank you.

這真的很有幫助。然後作為我對 AEC 競爭格局的後續報導。我認為自首次公開募股以來，您一直說，競爭是對您的願景和追求的某種認可。許多公司都談到了交流機會，但他們感覺並沒有或看起來沒有產生重大的吸引力。但好奇您今天在市場上看到的情況以及對零襟翼 AEC 產品的任何早期反饋，您宣布 OCP 也將非常有幫助。謝謝。

Sure. Yes. So I think the competitive landscape, it hasn't, hasn't changed significantly as we think about, over the last 90 days. There's no question that the market wants multiple suppliers in the space. And I don't think there's any question from our perspective that the market is large enough to support multiple players. With that said, I think that we've been clear with the way that we're approaching the market in a sense that, we're trying to position ourselves to be first, first to deliver unique differentiated products, first to be qualified with any given customer, and ultimately the first to ramp production qualification.

當然。是的。所以我認為，在過去 90 天裡，競爭格局並沒有像我們想像的那樣發生重大變化。毫無疑問，市場需要該領域有多個供應商。我認為從我們的角度來看，市場足夠大，足以支持多個參與者，這是毫無疑問的。話雖如此，我認為我們已經明確了我們進入市場的方式，從某種意義上說，我們試圖將自己定位為第一，首先提供獨特的差異化產品，首先獲得資格任何給定的客戶，最終都是第一個獲得斜坡生產資格的人。

I can't say strongly enough that we view this market and, and this product family is as really, a system level solution. And that means taking ownership of the product from a design all the way through, being accountable and responsible in production. It's really a system level product from our perspective that's highly complex. It's not as simple as putting a retimer into cable that's undercall the difficulty significantly.

我無法強烈地說我們對這個市場的看法，而且這個產品系列確實是一個系統級解決方案。這意味著從設計一直到產品的所有權，在生產中承擔責任和責任。從我們的角度來看，它確實是一個非常複雜的系統級產品。這並不像在電纜上安裝一個重定時器那麼簡單，這大大低估了難度。

And I think, more and more as we go forward and, we show to our customers that we can work on unique customized skews and turn them around quickly and deliver very high quality and reliable product, I think that that's going to continue to be an advantage and that's going to continue to put us in kind of the pole position the different hyperscalers that we're working with.

我認為，隨著我們繼續前進，我們向客戶展示我們可以解決獨特的客製化偏差並快速扭轉它們並提供非常高品質和可靠的產品，我認為這將繼續成為一個優勢，這將繼續使我們在與我們合作的不同超大規模企業中處於領先地位。

As it relates to the zero flap AECS, we alluded to this on the last call, but we're seeing that more and more the network reliability for AI clusters is a super, super high priority, very important thing that, like if we go back 6 to 9 months ago, this, this is not something that was talked about so much. As it relates to the announcement that we made in October and what we demonstrated, we're looking at and we're talking with customers about the advances that are being made with liquid cooling and power sourcing, in particular as enabling better network reliability in a sense that you can do.

由於它與零襟翼AECS 相關，我們在上次通話中提到了這一點，但我們看到人工智慧集群的網路可靠性越來越成為一個超級、超級高優先級、非常重要的事情，就像我們去六、九個月前,這個,這個還沒有說那麼多,.由於這與我們在 10 月發布的公告以及我們所展示的內容有關，因此我們正在研究並與客戶討論液體冷卻和電源方面所取得的進步，特別是在提高網路可靠性方面感覺你可以做到。

If you go for a maximum rat density that's enabled by cooling and power sourcing, you can actually make shorter connections, connections that can be covered with AECs. And AECs are fundamentally more reliable than laser based optics. And regarding link lapse, we've talked about, the effect of a single momentary disruption in a connection in say a row of AI appliances. You can basically shut down an entire cluster and it's on the order of 30-plus minutes and also losing productivity in the sense of going back-to-back to the start of whatever training that was being done.

如果您追求透過冷卻和電源實現的最大老鼠密度，您實際上可以建立更短的連接，這些連接可以用 AEC 覆蓋。從根本上來說，AEC 比基於雷射的光學器件更可靠。關於連結失效，我們已經討論過，在一排人工智慧設備中的連接中的單一瞬時中斷的影響。您基本上可以關閉整個集群，這會花費大約 30 多分鐘的時間，並且還會損失生產力，因為要連續進行任何培訓的開始。

So we're seeing network engineers taking a different approach and looking at different architectures and really trying to build out a zero flap capability. And as it relates to the AECs, we've shipped hundreds of thousands of AECs over the last, multiple years and, and we have yet to, have any customers come back to us and report failures to the link lapse.

因此，我們看到網路工程師採用不同的方法並研究不同的架構，並真正嘗試建立零抖動功能。就 AEC 而言，我們在過去的幾年裡已經發貨了數十萬個 AEC，而且我們還沒有收到任何客戶回覆我們並報告鏈路失效的故障。

And so that's, I mean, we're looking at billions of hours in an operating environment. And that's why we're seeing this momentum related to kind of grow scale designs versus what we've previously been focused on which is a rack scale. So hopefully that gives you more color.

所以，我的意思是，我們正在研究運行環境中的數十億小時。這就是為什麼我們看到這種勢頭與成長規模設計有關，而不是我們之前關注的機架規模。所以希望這能給你更多的色彩。

Thomas O’Malley, Barclays.

托馬斯·奧馬利，巴克萊銀行。

Good afternoon, guys. Thanks for getting me on the call here. I thought of the stats that you kind of just mentioned, Bill, the 50% growth into the next fiscal year was the most impressive. And I think that if you look at the growth trajected for you guys into next year, could you maybe spend a little time on splitting out those growth drivers? Because obviously you're seeing a really large ramp in the AEC product already.

下午好，夥計們。感謝您讓我接聽這裡的電話。我想到了你剛才提到的統計數據，比爾，下一財年 50% 的成長是最令人印象深刻的。我認為，如果你看看你們明年的成長軌跡，你是否可以花一點時間來區分這些成長動力？因為顯然您已經看到 AEC 產品有了很大的成長。

But in the preamble, you mentioned that you have taped out that 200 gig per lane DSP solution as well. And you mentioned LRO there. Could you maybe comment on what those growth drivers are into the next fiscal year? And to the extent that you can, will that DSP opportunity start to become more impactful in the next fiscal year?

但在序言中，您提到您也已經流片了每個通道 200 GB 的 DSP 解決方案。你在那裡提到了月球勘測軌道飛行器。您能否評論一下下一財年的成長動力是什麼？在您能做到的範圍內，DSP 機會是否會在下一財年開始變得更具影響力？

Yeah, I would say that the way we've talked about the different product lines that we're developing, we've talked about them based on overall market size. And we've talked about the AEC market, being the largest market that we're addressing, it is our largest product line and we expect that to continue. So with that said, we view optical DSP as kind of being the second largest market that we're addressing. And this is for ethernet, of course. And then, the copper solution, card timers chiplets and so forth, so we see the growth over time being driven by all of our product lines.

是的，我想說的是，我們談論我們正在開發的不同產品線的方式，我們是根據整體市場規模來談論它們的。我們已經談到了 AEC 市場，這是我們正在解決的最大市場，它是我們最大的產品線，我們希望這種情況能持續下去。話雖如此，我們認為光學 DSP 是我們正在解決的第二大市場。當然，這是針對乙太網路的。然後是銅解決方案、卡定時器小晶片等等，因此我們看到隨著時間的推移，我們所有產品線都在推動成長。

And I think that over time, you'll see our revenues almost match the markets that we're addressing. But with that said, for sure, the main driver in FY26 based on the market size will be AECs. And so, I don't think there's any change in the way that we're thinking about optical being a growth driver. Maybe optical from a percentage perspective will be a faster growth product line than AECs.

我認為隨著時間的推移，你會發現我們的收入幾乎與我們正在解決的市場相符。但話雖如此，可以肯定的是，根據市場規模，2026 財年的主要驅動力將是 AEC。因此，我認為我們對光學作為成長動力的看法沒有任何改變。也許從百分比角度來看，光學產品線將比 AEC 成長更快。

But of course, AECs, we're working from a, from a much larger base, but I'll say generally what we're seeing is great design activity across the board. I think the advantages that we bring to the market are clear, they're playing out very well. So basically, kind of the same messaging that we've been giving.

但是，當然，AEC，我們正在從一個更大的基礎上開展工作，但我會說，一般來說，我們看到的是全面的出色設計活動。我認為我們為市場帶來的優勢是顯而易見的，而且效果非常好。基本上，我們一直在傳遞同樣的訊息。

Super helpful and then this is just a, a 30,000 of you question here. You're seeing The Ethernet market expand into certain different applications. You're also seeing the PCIE market expand, you talked about, moving into that market as well. Obviously, playing in both markets allows you to reap the benefits of growth across both. But could you maybe just give your commentary on where do you think the back end moves towards longer term? Is it more towards the Ethernet part of the world or more towards the PC IE part of the world? It's just a constant debate that we kind of run into daily and would love to hear your opinion it.

超級有幫助，這只是這裡 30,000 個人的問題。您會看到乙太網路市場擴展到某些不同的應用程式。您也談到，您也看到 PCIE 市場在擴張，也進入了該市場。顯然，同時參與兩個市場可以讓您從兩個市場的成長中獲益。但您能否就您認為後端走向長期的方向發表您的評論？是更傾向於乙太網路部分還是更傾向於PC IE 部分？這只是我們每天都會遇到的持續爭論，很想聽聽您的意見。

Yes, it's kind of a hot topic for sure. We're a bit agnostic as it relates to ultimately where the market is heading. We know that the market is heading towards faster speeds and that really plays to our advantage. When we think about our PC solutions, we think about the advantages that played out in the Ethernet space and those same advantages that we're bringing to the market will play out in the PC IE space as speeds go to 64 gig and 128 gig per lane.

是的，這確實是一個熱門話題。我們有點不可知論，因為它關係到市場的最終走向。我們知道市場正在朝著更快的速度發展，這確實對我們有利。當我們考慮我們的 PC 解決方案時，我們會考慮在乙太網路領域發揮的優勢，以及隨著速度達到每 64 GB 和 128 GB，我們向市場帶來的相同優勢也將在 PC IE 領域發揮出來。車道。

With that said, Ethernet is already pushing towards 224 gig per lane and there's a lot of conversation in the market about scale up networks in particular, moving to faster lane speeds and, and UAI link is a topic that is well discussed. And it feels like if that moves towards a 224 gig per lane that surely, we're going to be well positioned for that. So we really look at it, you know, as, really well addressing, both Ethernet as well as PC long term. And I think the trends towards faster lanes, that's clearly an advantage for us.

話雖如此，乙太網路已經朝著每通道 224 GB 的方向發展，市場上有很多關於擴展網路的討論，特別是轉向更快的通道速度，並且 UAI 鏈路是一個得到充分討論的話題。感覺如果每條車道實現 224 場演出，我們肯定會為此做好準備。所以我們真的會認真看待它，你知道，從長遠來看，無論是乙太網路還是個人電腦，都可以很好地解決問題。我認為更快的車道趨勢對我們來說顯然是一個優勢。

Quinn Bolton, Needham and Company.

奎因·博爾頓，李約瑟公司。

Hey, guys, congratulations on the nice results and outlook, I guess maybe to start Bill, the guidance is well, well above street expectations. If you look into the back half of the year for AEC, you guys, I think have 10% customers that are driving a lot of that growth. Can you give us some sense as to the number of AECs that ship sort of per [nick] card or per accelerator and how that ratio may be changing as you look from fiscal '25 into fiscal '26. I think in past conversations, you might have implied that that you could have one AEC that aggregates the bandwidth from two nick cards.

嘿，夥計們，恭喜你取得了良好的結果和前景，我想也許可以開始比爾，指導很好，遠遠超出了街頭的預期。如果你看看 AEC 今年下半年的情況，我認為有 10% 的客戶推動了這一成長。您能否讓我們了解每張卡或每個加速器運送的 AEC 數量，以及從 25 財年到 26 財年這一比率可能會發生怎樣的變化。我認為在過去的對話中，您可能暗示您可以使用一個 AEC 來聚合兩個尼克卡的頻寬。

But I'm wondering if that attach ratio of effectively, half an AEC to one GPU. If that, that may now be a number that ends up being too low, just trying to get some sense from you guys, what gives you the confidence that the business continues to grow into fiscal '26?

但我想知道半個 AEC 與一個 GPU 的連線比例是否有效。如果是這樣的話，這個數字現在可能太低了，只是想從你們那裡得到一些信息，是什麼讓你們有信心業務在 26 財年繼續增長？

Sure, as it relates to architecture, what we're seeing is we're really seeing different architectures based on the different deployments at each customer. Now as it relates to attach rates for GPUs, I think we've talked about a trend, moving from one per to multiple per GPU. And it's really based on, the simple, calculation of lane speeds and number of connections, and how does that map to a given GPU strategy.

當然，由於它與架構相關，我們所看到的是，我們確實看到了基於每個客戶的不同部署的不同架構。現在，由於涉及 GPU 的附加率，我認為我們已經討論了一種趨勢，即從每個 GPU 一個變為每個 GPU 多個。它實際上基於車道速度和連接數量的簡單計算，以及如何將其映射到給定的 GPU 策略。

But I think it's one of these things where we're seeing different approaches, and I don't think there's any kind of one size fits all. I do think the trend towards, a higher ratio of AECs per GPU will continue to play itself out.

但我認為這是我們看到不同方法的原因之一，而且我不認為有任何一種方法是放諸四海皆準的。我確實認為，每個 GPU 的 AEC 比例更高的趨勢將繼續發揮作用。

I don't know, if I can tie that directly to our expectations for growth in fiscal '26. What I really tie that to is the fact that we've got great design activity. We've got great qualification activity across multiple customers, and we do see that playing out again across all of the different products that we're building.

我不知道是否可以將其與我們對 26 財年成長的預期直接聯繫起來。我真正認為這是因為我們有出色的設計活動。我們在多個客戶中開展了出色的資格認證活動，我們確實看到這種情況在我們正在建立的所有不同產品中再次發揮作用。

Maybe there is as a follow up if you look into the second half of the year. Do you see the business? Is it mostly driven by just you guys are seeing an acceleration in the number of GPUs or XPUs deployed? Is it driven by a higher attach rate of some of these new projects, go to market with more AECs per GPU or per rack or is it a mix shift towards higher ASP devices? You talked about 400 gig, in the market now, you've got the 800 gig zero flat AECs launching, is it or is it a combination of all three just any color would be, would be appreciated?

如果你看看下半年，也許會有後續行動。你看到生意了嗎？這主要是由你們看到部署的 GPU 或 XPU 數量的加速所推動的嗎？是由其中一些新項目的更高附加率驅動的，是每個 GPU 或每個機架上有更多 AEC 進入市場，還是轉向更高 ASP 設備的混合？您談到了 400 gig，現在市場上已經推出了 800 gig 零平 AEC，是它還是這三種顏色的組合，我們將不勝感激？

Sure, I think over time, long term, I think all of those factors will play into our growth as it relates to what we've seen in the last 90 days and what we expect through the end of this fiscal year, it's more related to the sheer number of GPUs that are being deployed. That's our perception. These are architectures that, that, were decided on, several quarters ago and they've been going through the qualification process. I think this, -- I think it reflects that the overall opportunity out there for our end customers is big. And as it relates to just the sheer number of GPS being deployed, what we saw in the last 90 days is that's that number is increasing.

當然，我認為隨著時間的推移，從長遠來看，我認為所有這些因素都將影響我們的成長，因為它與我們在過去90 天所看到的以及我們對本財年結束的預期有關，它更相關正在部署的 GPU 的絕對數量。這就是我們的看法。這些架構是幾個季度前決定的，並且一直在經歷資格認證過程。我認為這反映了我們的最終客戶的整體機會是巨大的。由於這與正在部署的 GPS 的絕對數量有關，我們在過去 90 天內看到的是，這個數字正在增加。

Thank you, Bill.

謝謝你，比爾。

(Operator Instructions)

（操作員說明）

Tore Svanberg, Stifel.

托雷‧思文凱 (Tore Svanberg)、史蒂菲爾 (Stifel)。

Yes, thank you. And congratulations on the strong results. Bill, I have to ask this question just because of history, right? But, when we look at this type of growth, what gives you the visibility that, there's not some inventories build here, especially given the geopolitical climate and so on and so forth.

是的，謝謝。並祝賀取得的優異成績。比爾，我必須問這個問題只是因為歷史，對吧？但是，當我們觀察這種類型的成長時，你會發現，這裡沒有建立一些庫存，特別是考慮到地緣政治氣候等因素。

I think that there's different ways that we look at things and, of course, we've talked about the supply chain several times about from the standpoint of when one of our end customers puts together a build plan. Ultimately how inventory is staged, how, how sets of products are put together by their different partners. And we've got a pretty good view into actual deployments, what is consumed. And at any given time, you can see that number fluctuate as our customers, kind of surge with deployments or maybe you exhale on deployments.

我認為我們看待事物的方式不同，當然，我們已經多次從我們的最終客戶制定構建計劃的角度討論了供應鏈。最終，不同的合作夥伴如何安排庫存、如何將成套產品組合在一起。我們對實際部署、消耗的內容有充分的了解。在任何給定時間，您都可以看到該數字隨著我們的客戶而波動，隨著部署的增加而波動，或者您可能會因部署而喘不過氣來。

What we're seeing right now is that there's a pretty high consumption rate within our customers. We don't see a lot of inventory that's being built within their logistics partners. Now, with that said, I mean, I think that all of us within the flight chain are constantly looking for better visibility. Any time that we see a surge like we see right now, of course, in from one perspective you're thinking, okay, what's really happening here and that's why we're very, very closely following the flow through of the product that we're shipping.

我們現在看到的是，我們的客戶的消費率相當高。我們沒有看到他們的物流合作夥伴正在建立大量庫存。話雖如此，我的意思是，我認為飛行鏈中的所有人都在不斷尋求更好的能見度。每當我們看到像現在這樣的激增時，當然，從一個角度來看，你會想，好吧，這裡到底發生了什麼，這就是為什麼我們非常非常密切地關注我們的產品的流程。貨。

Yeah, that's a great call. And as my follow up and you mentioned some of this, obviously, Credo is very unique with the decision, whether it's copper or optical PC IE or Ethernet. And I'm just wondering if you think about, the large GPU vendor, they obviously chose a very unique system architecture for their latest product. I'm just wondering if that has sort of really driven a lot of your customers to focus so much more on using copper. And is that perhaps why you're starting to see these opportunities being greater than originally thought?

是的，這是一個很棒的電話。正如我的後續行動和您提到的一些內容，顯然，Credo 的決定非常獨特，無論是銅纜、光纖 PC IE 還是乙太網路。我只是想知道你是否考慮過，大型 GPU 供應商，他們顯然為他們的最新產品選擇了非常獨特的系統架構。我只是想知道這是否真的促使您的許多客戶更加關注使用銅。這也許是您開始看到這些機會比原先想的更大的原因嗎？

I personally don't link those two. I think that all of these AI cluster network engineers are, are striving for the same thing. But I can't comment about the GPU supplier and the architecture that they're pursuing specifically to the scale up versus scale out. It's hard for me to link those things. And what we find is that, if we can collaborate and really focus each customer on what the best network architecture is for them. That's where we're seeing success. But I wouldn't say there's any kind of larger trend or market direction based on one guy going out there with a certain solution.

我個人不會將這兩者連結起來。我認為所有這些人工智慧叢集網路工程師都在為同一件事而努力。但我無法評論 GPU 供應商以及他們專門追求縱向擴展與橫向擴展的架構。我很難將這些事情連結起來。我們發現，如果我們能夠協作並真正將每個客戶的注意力集中在最適合他們的網路架構上。這就是我們看到成功的地方。但我不會說有任何更大的趨勢或市場方向是基於一個人提出某種解決方案。

No, that's great color. Thanks, and congrats again.

不，那是很棒的顏色。謝謝，並再次恭喜。

Vivek Arya, Bank of America Securities.

Vivek Arya，美國銀行證券公司。

Thanks for taking my question. Bill, you said that the second half marks an inflection point, what is driving that inflection now? Because when I look at you know, Blackwell, that you know, product has been pushed out somewhat, is this just a lot more hoppers that are being deployed or is it more that there is perhaps more custom basic accelerator deployment? I'm just curious to see what is driving this inflection now.

感謝您提出我的問題。比爾，你說下半年標誌著一個轉捩點，現在是什麼推動了這個轉折點？因為當我看到你知道時，Blackwell，你知道，產品已經被推出了一些，這只是正在部署更多的料斗還是可能有更多的定制基本加速器部署？我只是好奇現在是什麼推動了這種轉變。

Sure. I think we've been pretty consistent in talking about this for maybe the last, say three quarters. And, and we don't see that this is like a shift to say towards the leading edge, like you're talking about with Blackwell. This is really playing out based on the long term plan of architectures that have been frozen. And this is really just the playing out of a long term plan for deployment, happening a little bit stronger than expected. But there is really nothing to suggest that this is based on, going towards, like I say a Blackwell type of an architecture.

當然。我認為我們在過去（例如四分之三）的討論中一直非常一致。而且，我們並不認為這就像是向前沿的轉變，就像您與布萊克威爾談論的那樣。這實際上是基於已凍結的架構的長期計劃而進行的。這其實只是長期部署計畫的實施，比預期的要強一些。但實際上沒有任何跡象表明這是基於、朝著我所說的布萊克韋爾類型的架構邁進。

I will say that, for us, we really don't have visibility into what GPU is being used. In fact, at any given customer, they could be deploying any number of, of GPUs. What we see is an interface with the, with the net car. And so it's really we're agnostic from a GPU perspective as to the deployments that we're seeing customers.

我想說的是，對我們來說，我們確實無法了解正在使用什麼 GPU。事實上，對於任何給定的客戶，他們都可以部署任意數量的 GPU。我們看到的是一個與網路汽車的介面。因此，從 GPU 的角度來看，我們對客戶的部署確實是不可知的。

Just on the 10% customers, how big were these 3 10% customers? And as you go into Q3 is the demand growing across these three 10% customers or is it being driven more by one of them?

就這 10% 的客戶而言，這 3 個 10% 的客戶有多大？當您進入第三季時，這三個 10% 客戶的需求是否在增長，或者更多的是由其中一個客戶推動的？

Yes, this is Dan, let me address that. So as we mentioned, we had three 10% end customers in Q2, no surprises as to who they were. The first two were our first two AEC hypers scalars. Then the emerging hypers scalar that we described last quarter was the third. So when our, when our Q is filed, what you'll see is that first AEC hypers scalar which everyone knows is Microsoft, they remained a 10% customer during Q2, they were just above that 11%.

是的，我是丹，讓我來解決這個問題。正如我們所提到的，我們在第二季度有三個 10% 的最終客戶，他們是誰並不令人意外。前兩個是我們的前兩個 AEC 超標量。然後我們上個季度描述的新興超標量是第三個。因此，當我們提交問題時，您會看到第一個 AEC 超級標量，大家都知道是微軟，他們在第二季度仍然是 10% 的客戶，略高於 11%。

And the second a hyperscale customer we've talked about with whom we have a warrant, they were a 33% customer. So if you do the math, they were actually down sequentially from Q1 to Q2, from $31 million to $24 million. And as we mentioned last quarter, we didn't expect their ramp would always be linear.

我們所談論的第二個超大規模客戶是我們有保證的，他們佔了 33% 的客戶。因此，如果你算一下，它們實際上從第一季到第二季連續下降，從 3,100 萬美元下降到 2,400 萬美元。正如我們上個季度所提到的，我們並不期望他們的成長總是線性的。

However, we stated previously that this second half inflection point, the single most important driver of that is really that customer. So obviously, they will become a larger customer as a percentage of the total in our Q3. And then the emerging hyperscale customer they were our third customer at 14% of revenue.

然而，我們之前說過，下半年的轉捩點，最重要的驅動因素其實是客戶。顯然，他們將在第三季成為更大的客戶（佔總數的百分比）。然後是新興的超大規模客戶，他們是我們的第三個客戶，佔收入的 14%。

So from my perspective, one of the key takeaways from Q2 is that we really demonstrated significant revenue diversification from both a customer and product perspective. And clearly, there's a broad-based need for our innovative solutions as lane speeds increase throughout the hypers scale deployment environment.

因此，從我的角度來看，第二季的關鍵要點之一是，我們確實從客戶和產品的角度展示了顯著的收入多元化。顯然，隨著整個超大規模部署環境中車道速度的增加，對我們的創新解決方案有廣泛的需求。

Thank you. Appreciate it.

謝謝。欣賞它。

Suji Desilva, Roth Capital.

蘇吉·德西爾瓦，羅斯資本。

Hi, Bill. Hi, Dan. Congrats on the strong guidance. Maybe just to follow up on the last question about the hyper skilled customer, it's going to be important for the second half. Can you talk about the breadth of programs you're penetrating now, maybe versus six months a year ago? Is it one program that's growing or now? Are you not penetrating multiple programs, that kind of color would be helpful in terms of diversification?

嗨，比爾。嗨，丹。恭喜您的大力指導。也許只是為了跟進有關高技能客戶的最後一個問題，這對下半年來說很重要。您能談談您現在正在滲透的項目的廣度嗎？這是一個正在成長的項目還是現在的項目？你不是滲透到多個程式中，那種顏色對於多樣化會有幫助嗎？

Yeah, I think that we're, we're, again seeing design activity with multiple customers and we see that continuing over time. And so it's hard for us to, maybe talk so specifically about, this particular quarter next particular quarter. But we definitely do see that certain customers will search. We've talked about how, you know, just as the numbers Dan reviewed that, that say Amazon, as an example that, we saw a search in the first quarter, saw something that wasn't linear and up for the second quarter.

是的，我認為我們再次看到多個客戶的設計活動，隨著時間的推移，我們看到這種情況持續存在。因此，我們很難，也許如此具體地談論這個特定的季度和下一個特定的季度。但我們確實看到某些客戶會進行搜尋。我們已經討論過，正如丹審查的數字一樣，以亞馬遜為例，我們在第一季度看到了搜尋量，但在第二季度看到了一些非線性的東西。

And so you can't read too much into a given 90 day period with a given customer. The key for us is to make sure that we've got as many as much design activity across all of the hyperscaler and that that's really going to fuel our growth long term.

因此，您無法對特定客戶的特定 90 天期間進行過多解讀。對我們來說，關鍵是確保我們在所有超大規模企業中進行盡可能多的設計活動，這確實會推動我們的長期成長。

Okay. And then I know on the customer sophistication staying there two hyperscalers you're shipping to. Now, can you confirm that you're shipping to all four of the large hyperscalers or are they in the pipeline or just to understand how you've broadened out across the seven large customers?

好的。然後我知道您要運送到的兩個超大規模客戶的客戶複雜程度。現在，您能否確認您正在向所有四家大型超大規模客戶發貨，或者它們是否正在準備中，或者只是為了了解您如何擴展到七個大型客戶？

Yeah. So we've talked about really being focused on the US hyperscalers. We kind of classify five companies within that category including Oracle. And we've also talked about emerging hyper scalers. Companies like X AI you know, companies like Omni. And so we've -- what we've talked about is we've, we've talked pretty openly about our relationship with Microsoft, our relationship with Amazon. We haven't been too clear about, exactly, which is the, which is the hyper scaler that represents, customer number three of the five US Hypers scalers.

是的。所以我們已經討論過真正關注美國的超大規模企業。我們將五家公司歸入該類別，其中包括甲骨文。我們還討論了新興的超級縮放器。你知道，像 X AI 這樣的公司，像 Omni 這樣的公司。因此，我們已經非常公開地談論了我們與微軟、亞馬遜的關係。我們還不太清楚，確切地說，哪一個是代表美國五個 Hypers 縮放器中的第三個客戶的超級縮放器。

We did mention, during our press release during the OCP conference that we've been doing a lot of good work with X ai specifically in the zero flap category. And so I can say that that we're doing well really with several customers that will be ramping production.

在 OCP 會議期間的新聞稿中，我們確實提到過，我們在 X ai 方面做了很多出色的工作，特別是在零襟翼類別方面。所以我可以說，我們與一些將提高產量的客戶確實做得很好。

With those other hyper scalers, we're making progress. I've been pretty consistent saying that you know, with all of our products starting with AEC, that I expect that all of the US hyperscalers will be consuming AECs in some form or fashion long term.

借助其他超大規模擴展器，我們正在取得進展。我一直非常一致地說，您知道，我們所有的產品都以 AEC 開頭，我預計所有美國超大規模企業都將以某種形式或方式長期使用 AEC。

And whether that's a credo AEC or one of our, one of our competitors, the category itself, there's no question in my mind that all the US hyperscalers will be using AECs. As it relates to optical DSPs, we're really approaching that the same way that we're trying to ultimately penetrate every single end customer. And so I think we're partially there. We're not fully there yet. And so I think that represents further growth opportunities.

無論這是 AEC 的信條，還是我們的競爭對手之一，還是該類別本身，在我看來，毫無疑問，所有美國超大規模企業都將使用 AEC。由於它與光學 DSP 相關，我們實際上正在以同樣的方式努力最終滲透到每個最終客戶。所以我認為我們已經部分實現了。我們還沒有完全做到這一點。所以我認為這代表著進一步的成長機會。

Very helpful, bill. Thank you.

非常有幫助，比爾。謝謝。

Vijay Rakesh, Mizuho.

維傑·拉克什，瑞穗。

Yeah. Hi Bill. And then congratulations. Just a quick question the AEC side. I was wondering what person range what's going to the AI side, AI servers? And if you would be looking to add new 10% customers in 2025 calendar, '25 sorry, and a follow up.

是的。嗨比爾。然後恭喜你。簡單問一下 AEC 方面的問題。我想知道哪些人負責人工智慧方面、人工智慧伺服器的工作？如果您希望在 2025 年日曆中新增 10% 的新客戶，'25 抱歉，並跟進。

Yes. So just to restate the question, I think you were asking about A CS in particular, how much is related to AI? Is that correct?

是的。所以重申一下這個問題，我想你特別問的是 CS，與 AI 有多少相關？這是正確的嗎？

That's right.

這是正確的。

Yeah, I would say that the large majority of the AEC shipments that we're making right now are are based on AI applications. That's very clear. Especially with the solutions that are 100 gig per lien speeds, there's no question, those deployments are all really 100% is based on AI.

是的，我想說的是，我們現在生產的大部分 AEC 出貨量都是基於人工智慧應用的。這非常清楚。特別是對於每留置速度為 100 GB 的解決方案，毫無疑問，這些部署實際上都是 100% 基於人工智慧。

And so the second part, in terms of new 10% customers in calendar '25 I guess?

那麼第二部分，我想，就 25 年曆中 10% 的新客戶而言？

Calendar '25, I would not expect additional 10% customers based on what we've laid out. There have -- as we mentioned, this emerging hypers scalar trip that threshold in Q2, so they could trip that threshold again the future. So it'll be kind of a repeat of what we've had is our current expectation through calendar year FY25 or calendar year '25, sorry.

日曆 '25，根據我們的計劃，我預計不會增加 10% 的客戶。正如我們所提到的，這種新興的超標量在第二季度達到了該閾值，因此他們將來可能會再次達到該閾值。因此，這將是我們目前對 25 財年或 25 財年的預期的重複，抱歉。

Got it. And on the optical DSP side, just wondering obviously it's nice ramp there. But how many customers do you have on the optical DSP side now? Thanks. That's it.

知道了。在光學 DSP 方面，只是想知道那裡的斜坡顯然很好。但現在你們在光學DSP方面有多少客戶呢？謝謝。就是這樣。

Yeah, the way that -- you can look at it a couple of different ways, you can look at the optical module, manufacturing partners that we're working with and the number of relationships there or you can look at the number of end customers being hyper scalers.

是的，你可以用幾種不同的方式來看待它，你可以看看光學模組、我們正在合作的製造合作夥伴以及那裡的關係數量，或者你可以看看最終客戶的數量成為超級縮放者。

And I think we are -- I'm not in a position to articulate the exact number of customers that we're engaged with, but we are seeing a much broader design activity at the optical module level and we're seeing increased activity from end customers for qualifications.

我認為我們 - 我無法闡明我們所接觸的客戶的確切數量，但我們看到光學模組級別的設計活動更加廣泛，並且我們看到來自最終客戶的資格。

Got it. Thank you.

知道了。謝謝。

Joshua Buchalter, TD Cowen.

約書亞‧布查爾特 (Joshua Buchalter)，TD 考恩 (TD Cowen)。

Hey, guys, congrats on the results and thank you for taking my question. I was hoping you could maybe spend a minute or two talking about your go to market and, and competitive position specifically on optical DSPs. I mean, you cited some pretty impressive power stats on your three nanometer optical DSP and also mentioned that that 50, 100 gig per lane was hit record numbers.

嘿，夥計們，恭喜你的結果，謝謝你回答我的問題。我希望您能花一兩分鐘討論一下您的市場走向和競爭地位，特別是在光學 DSP 方面。我的意思是，您引用了 3 奈米光學 DSP 上一些非常令人印象深刻的功率統計數據，並且還提到每通道 50、100 gig 創下了記錄。

I mean, should we be thinking about the 200-gig product serving a sort of a step function change and how you feel about your competitive position against some pretty big incumbents and 50, 100 are proving grounds to be curious to see, hear you talk about your the catalyst for further inflection in the DSP market? Thank you.

我的意思是，我們是否應該考慮200 台產品提供某種階躍功能變化，以及您對自己與一些相當大的現有企業的競爭地位有何感受，而50、100 台產品正在證明我們好奇地想看看、聽聽您的談話關於 DSP 市場進一步拐點的催化劑？謝謝。

Yeah, we think that that our, our growth in the second half of this year as well as in fiscal '26 is really going to be driven by 50 gig per lane and 100 gig per lane designs. We are excited about the 200 gig per lane optical DSPs that we just taped out. We believe that market is going to play out on a little bit, longer term than you know, than fiscal '26. We really see that becoming a high volume market probably in our fiscal '27.

是的，我們認為，我們今年下半年以及 26 財年的成長實際上將由每車道 50 兆和每車道 100 兆的設計驅動。我們對剛剛流片的每通道 200 GB 光學 DSP 感到非常興奮。我們相信，與 26 財年相比，市場的表現將比您所知的更長期。我們確實看到，這可能會在 27 財年成為一個大容量市場。

And so hopefully, that gives you color. The near term growth is really going to be driven by the large opportunity that we're seeing for 50 gig and more and more so 100 gig per lane designs.

希望這能為你帶來色彩。近期的成長實際上將由我們看到的 50 演出以及越來越多的每通道 100 演出設計的巨大機會推動。

Got it. Thank you. And to follow up, I saw a competitor made an announcement about AEC that one of your lead customers this morning. I know you guys have different architectures, but second sourcing and resilience has been increasingly important in the AI ecosystem. I'd be wondering, I wonder if you could maybe speak to how you think your customers think about second and third sourcing and in the AEC market specifically? And are you guys on generally, are you going up against -- are your customers using a CS from multiple vendors on the same projects or is it spread across different clusters? Just be curious to hear your thoughts there. Thank you.

知道了。謝謝。接下來，我看到一家競爭對手今天早上發布了有關 AEC 的公告，該公司是您的主要客戶之一。我知道你們有不同的架構，但二次採購和彈性在人工智慧生態系統中變得越來越重要。我想知道，您是否可以談談您的客戶如何看待第二次和第三次採購，特別是在 AEC 市場？你們一般情況下是否會遇到—您的客戶是否在同一專案上使用來自多個供應商的 CS 還是分佈在不同的叢集上？只是好奇地想聽聽你的想法。謝謝。

Yeah, we're definitely seeing our hyper scaler customers have the desire to have multiple sources. No question about that.

是的，我們確實看到我們的超大規模客戶希望擁有多個來源。毫無疑問。

And you know what we're also seeing is that, if we can continue to play out our strategy of delivering for samples delivering first qualification units being the first to be qualified and the first to ramp, that's always a good position to compete from.

你知道，我們還看到的是，如果我們能夠繼續實施我們的策略，即提供樣品，提供第一個合格的單位，第一個獲得資格並第一個進行升級，那麼這始終是一個很好的競爭地位。

And so I think we've seen that play out at, you know, at in fact, all of the customers that, that we've been working with, and I think we're uniquely organized to be able to deliver, you know, customized solutions for giving customers. We're in a unique position in a sense that we've got more than 20 skews that, that we've developed just in the last several quarters for different customers with different flavors of, hardware customization as well as firmware customization.

所以我認為我們已經看到了這種情況，事實上，我們一直在合作的所有客戶，我認為我們的組織方式獨特，能夠交付，你知道，為客戶提供客製化解決方案。從某種意義上說，我們處於獨特的地位，我們在過去幾個季度為具有不同風格的硬體定制和韌體定制的不同客戶開發了 20 多個偏差。

And so, we're really approaching the competition as you know, how can we do the best job at delivering for each customer. I'm very comfortable living, with the, with the expectation that all of our customers are going, ultimately second source. So competing from the high ground is really what we're focused on.

因此，如您所知，我們確實正在應對競爭，我們如何為每個客戶提供最好的服務。我的生活非常舒適，期望我們所有的客戶最終都會成為第二來源。因此，從制高點競爭才是我們真正關注的重點。

Thank you.

謝謝。

Karl Ackerman, BNP.

卡爾‧阿克曼，法國巴黎銀行。

Thank you. I have two as well. First question I was is on your licensing business. I was hoping you could discuss the revenue contribution you anticipate in the January quarter, whether that's also below 10% of your implied outlook. And in regards to your revenue, how do we -- how do you think about the visibility you have in that line item given? I believe more of your licensing revenue appears the royalty based now rather than more of these one time and repayments. If you could just highlight that, that would be helpful and I have a follow up.

謝謝。我也有兩個。我的第一個問題是關於你們的許可業務。我希望您能討論一下您對 1 月季度的營收貢獻的預期，無論該收入貢獻是否也低於您隱含前景的 10%。至於您的收入，我們如何—您如何看待您在給定的訂單項目中的可見度？我相信您的許可收入現在更多的是基於特許權使用費，而不是更多的一次性和還款。如果您能強調這一點，那將會很有幫助，我會進行後續追蹤。

Well, I'll say that that, we've been very consistent over the last many, many quarters that we're fundamentally a product company. This theme has been very consistent. And I think that especially with the product revenue inflection point we're seeing right now that IP licensing will become a smaller percentage over time.

好吧，我想說的是，在過去的許多季度裡，我們一直非常一致地認為，我們基本上是一家產品公司。這個主題非常一致。我認為，尤其是隨著我們現在看到的產品收入轉折點，隨著時間的推移，智慧財產權授權所佔的比例將變得越來越小。

We will continue to treat the business strategically. We're really ROI-driven as it relates to the different opportunities that we'll see. You relate or you asked specifically about, hitting a 10% threshold on a much increased number. As we talked about guidance and you know, I would say that my expectation is not to cross that 10% threshold in this current quarter.

我們將繼續策略性地對待業務。我們確實以投資回報率為導向，因為它與我們將看到的不同機會相關。您提到或具體詢問過，在大幅增加的數字上達到 10% 的閾值。正如我們討論的指導意見一樣，您知道，我想說的是，我的預期是在本季度不會超過 10% 的門檻。

As we look over time, I think we'll continue to see that this business is somewhat lumpy in the way that the revenue recognition rules are written. We'll have different IP licenses that we pursue that will be a really good return for the company. But we can't be too specific beyond that.

隨著時間的推移，我認為我們將繼續看到這項業務的收入確認規則的編寫方式有些混亂。我們將獲得不同的智慧財產權許可，這將為公司帶來非常好的回報。但除此之外我們不能太具體。

Sure. No, I thank you for that of the four customers greater than 5% of revenue that you mentioned, are they primarily concentrated in AECs or is the customer breadth also occurring in your DSP offering as well as line card offering here to speak about the broad segmentation or buckets to where these other four customers are in? That would be helpful. Thank you.

當然。不，我感謝您提到的佔收入超過 5% 的四個客戶，他們主要集中在 AEC，還是客戶範圍也出現在您的 DSP 產品以及線路卡產品中，以談論廣泛的領域細分或存儲桶到其他四個客戶所在的位置？那會有幫助的。謝謝。

Yeah, it's definitely broad based is what I would say. And in fact, if you talk about the 10%-plus customers that we have, those are largely concentrated in AEC. But we did make comments, we had quarterly strength sequential growth among all of our top three product lines. AEC, optical, and our line card re timers. So if you kind could assume correctly that the additional four customers we talked about was broadly based, not just AEC related.

是的，我想說的是，這絕對是基礎廣泛的。事實上，如果你談論我們擁有的 10% 以上的客戶，這些客戶主要集中在 AEC。但我們確實發表了評論，我們所有前三大產品線的季度實力連續增長。 AEC、光學和我們的線卡定時器。因此，如果您能正確地假設我們談論的另外四個客戶具有廣泛的基礎，而不僅僅是與 AEC 相關。

Thank you.

謝謝。

Thank you. And this does conclude the Q&A session for today and I would now like to turn the call back over to Bill Brennan for closing remarks. Please go ahead.

謝謝。今天的問答環節到此結束，我現在想將電話轉回比爾布倫南 (Bill Brennan) 發表結束語。請繼續。

So thank you very much for all the questions. I really appreciate the ongoing interest in Credo, and I look forward to the callbacks. So thank you very much.

非常感謝您提出的所有問題。我真的很感謝大家對 Credo 的持續關注，我期待著回電。非常感謝。

Thank you. For joining today's conference call. This does conclude today's meeting. You may all disconnect.

謝謝。參加今天的電話會議。今天的會議到此結束。你們都可以斷開連線。