Credo Technology Group Holding Ltd (CRDO) 2026 Q1 法說會逐字稿

Ladies and gentlemen, thank you for standing by. (Operator Instructions)

女士們、先生們，感謝你們的支持。（操作員指示）

I would now like to turn the conference over to Dan O'Neil. Please go ahead, sir.

現在我想將會議交給丹·奧尼爾。先生，請繼續。

Good afternoon. Thank you for joining our earnings call for the first quarter of fiscal 2026. Today, I'm joined by Bill Brennan, Credo's Chief Executive Officer; and Dan Fleming, Credo's Chief Financial Officer.

午安.感謝您參加我們 2026 財年第一季的財報電話會議。今天，與我一起參加會議的還有 Credo 執行長 Bill Brennan 和 Credo 財務長 Dan Fleming。

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，我們將做出一些前瞻性的陳述。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 this 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 statements.

公司管理階層不可能預測所有風險，也無法評估所有因素對本業務的影響，也無法評估任何因素或因素組合導致實際結果與任何前瞻性陳述中的結果有重大差異的程度。

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. 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.

鑑於這些風險、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。本公司不承擔在本次電話會議召開日後因任何原因公開更新前瞻性聲明的義務。除非法律另有規定，否則使這些聲明與實際結果或公司預期的變化一致。

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 used in the Investor Relations portion of our website.

此外，在本次電話會議中，我們將參考某些非公認會計準則財務指標，我們認為這些指標是衡量公司績效的重要指標。這些非公認會計準則財務指標是依照美國公認會計準則編製的財務表現的補充，而非替代或優於依美國公認會計準則編製的財務績效。我們今天發布的收益報告中討論了我們為何使用非 GAAP 財務指標以及 GAAP 和非 GAAP 財務指標之間的對賬，您可以透過我們網站的投資者關係部分存取該報告。

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

現在我將把電話轉給我們的執行長。帳單？

Thanks, Dan, and thanks, everyone, for joining our earnings call for the first quarter of fiscal '26. I'll begin with an overview of our first quarter results and then discuss our forward outlook. After my comments, our Chief Financial Officer, Dan Fleming, will provide financial details for Q1 and our guidance for the second quarter.

謝謝丹，也謝謝大家參加我們 26 財年第一季的財報電話會議。我將首先概述我們的第一季業績，然後討論我們的未來展望。在我發表評論之後，我們的財務長 Dan Fleming 將提供第一季的財務細節以及我們對第二季的指導。

In the first quarter, we delivered revenue of $223 million, an increase of 31% sequentially and an increase of 274% year-over-year. Our non-GAAP gross margin was 67.6%, and we achieved nearly $100 million of non-GAAP net income. Demand for Credo's reliable and power-efficient high-speed connectivity solutions continues to ramp as hyperscalers and data center operators accelerate investments in AI-driven infrastructure.

第一季度，我們的營收為 2.23 億美元，季增 31%，年增 274%。我們的非公認會計準則毛利率為 67.6%，實現非公認會計準則淨收入近 1 億美元。隨著超大規模企業和資料中心營運商加快對人工智慧驅動基礎設施的投資，對 Credo 可靠且節能的高速連接解決方案的需求持續成長。

We provide state-of-the-art solutions for the most demanding connectivity needs, supporting data rates up to 1.6 terabits per second across a range of industry protocols. Credo's growth has been fueled by strategic partnerships with hyperscalers and key customers, built on our ability to tackle their most complex connectivity challenges. We achieved this by delivering optimized solutions that span the design, development, qualification and production across our entire product line.

我們為最嚴苛的連線需求提供最先進的解決方案，支援一系列產業協定中高達每秒 1.6 太比特的資料速率。Credo 的成長得益於與超大規模企業和關鍵客戶的策略夥伴關係，這種合作夥伴關係建立在我們解決最複雜的連接挑戰的能力之上。我們透過提供涵蓋整個產品線的設計、開發、認證和生產的最佳化解決方案實現了這一目標。

Our three-tiered innovation framework comprising of purpose-built SerDes technology, advanced integrated circuit design and system-level development approach. Integrate seamlessly with our pilot software and formwork platform, empowering customers to streamline system development and achieve peak performance, yield and reliability.

我們的三層創新架構包括專用 SerDes 技術、先進的積體電路設計和系統級開發方法。與我們的試點軟體和模板平台無縫集成，使客戶能夠簡化系統開發並實現最佳性能、產量和可靠性。

Our innovative system-level approach has driven our leadership in pioneering the Active Electrical Cable or AEC market, and looking ahead, we are applying this proven strategy to pursue additional system-level opportunities driven by the demand for better reliability, energy efficiency and performance.

我們的創新系統級方法推動了我們在主動電纜或 AEC 市場的開拓，展望未來，我們正在應用這項成熟的策略來尋求由對更好的可靠性、能源效率和性能的需求所驅動的更多系統級機會。

We expect our approach will lead to continued diversification in terms of customers, protocols and applications. We look forward to announcements over the next several months, including upcoming trade shows.

我們期望我們的方法將導致客戶、協議和應用方面的持續多樣化。我們期待未來幾個月的公告，包括即將舉行的貿易展。

I'll now discuss our business in more detail. First, regarding AEC. Our AEC product line continued its robust growth driven by an increasingly diverse customer base. Three hyperscalers each contributed over 10% of our revenue, and we expect our customer diversification to continue to broaden over the upcoming quarters.

我現在將更詳細地討論我們的業務。首先，關於AEC。在日益多樣化的客戶群的推動下，我們的 AEC 產品線持續保持強勁成長。三家超大規模企業各自貢獻了我們 10% 以上的收入，我們預計未來幾季我們的客戶多元化程度將持續提高。

Based on customer forecasts, we anticipate significant year-over-year growth, while shipment timing may lead to nonlinear growth patterns at a customer level, we see every data center partners scaling their deployments. We're making strong progress with new customers as well, highlighted by the first material revenue contribution from a four tier hyperscaler in Q1. We anticipated this revenue grow throughout fiscal year further strengthening our market position. The adoption of AEC continuous to gain traction across the industry. AEC's offering unequal combination of reliability, signal integrity, power efficiency and system costs, all critical to building and scaling leading-edge AI clusters.

根據客戶預測，我們預計同比成長將顯著，雖然出貨時間可能會導致客戶層面的非線性成長模式，但我們看到每個資料中心合作夥伴都在擴大其部署。我們在開發新客戶方面也取得了長足的進步，其中最突出的是第一季來自四級超大規模客戶的第一筆實質收入貢獻。我們預計整個財政年度的收入都會成長，從而進一步鞏固我們的市場地位。AEC 的採用在整個產業中持續獲得關注。AEC 提供可靠性、訊號完整性、功率效率和系統成本的不平等組合，這些對於建構和擴展尖端 AI 叢集都至關重要。

We've seen AEC adoption at data rates of 50 gig and 100 gig per lane and we see this continuing for 200 gig per lane, 1.6 terabit per second solutions as next-generation architectures ramp. We also see the trend towards GPU and cluster densification to continue to be a catalyst for an expanding AEC town. Over the past year, we've seen customer interest for AECs expand from interact solutions to rack-to-rack solutions.

我們已經看到 AEC 的採用資料速率為每通道 50 千兆和 100 千兆，隨著下一代架構的發展，我們看到這種採用情況將繼續發展為每通道 200 千兆、每秒 1.6 太比特的解決方案。我們也看到 GPU 和群集密集化的趨勢將繼續成為 AEC 城鎮擴張的催化劑。在過去的一年裡，我們看到客戶對 AEC 的興趣從互動式解決方案擴展到機架到機架解決方案。

Advances in liquid cooling and power sourcing have driven a quadrupling of GPU density with one customer. Which enables them to architect their entire scale-out network with AECs up to seven meters of line. Reliability and power efficiency led to choosing AEC's over optical solutions. As they are up to 1,000 times more reliable and consume half the power. AECs virtually eliminate Link labs, which are intermittent losses of connection boosting cluster reliability and productivity while reducing power consumption.

液體冷卻和電源方面的進步使得一位客戶的 GPU 密度增加了四倍。這使得他們能夠使用長達七公尺的線路 AEC 來建立整個橫向擴展網路。可靠性和功率效率使得我們選擇 AEC 而不是光學解決方案。因為它們的可靠性提高了 1,000 倍，而耗電量卻只有一半。AEC 幾乎消除了鏈路實驗室，即間歇性連接丟失，從而提高了叢集的可靠性和生產力，同時降低了功耗。

Our system-level approach drives innovation, accelerates time to market and delivers a distinct competitive edge by owning and delivering the entire solution stack, including SerDes IP, retimer ICs, system level design, qualification and production. Credo has forged strong customer relationships and solidified its position as the leader in the AEC market. Moving forward, we'll continue driving innovation with PCIe AECs and other advanced products coming to market in the near future.

我們的系統級方法透過擁有和交付整個解決方案堆疊（包括 SerDes IP、重定時器 IC、系統級設計、認證和生產）來推動創新、加快產品上市時間並提供獨特的競爭優勢。Credo 建立了牢固的客戶關係，鞏固了其在 AEC 市場的領先地位。展望未來，我們將繼續推動創新，不久的將來將推出 PCIe AEC 和其他先進產品。

Let me now turn to the optical market. During the first quarter, we sustained strong momentum in our optical business. Positioning us on track to achieve our goal of again, doubling optical revenue in fiscal '26. We're delivering cutting-edge DSP solutions to an expanding roster of optical module customers and their hyperscale end users. With our expertise in optical DSPs, we're meeting the rigorous connectivity demand next-generation applications.

現在讓我來談談光學市場。第一季度，我們的光學業務保持強勁勢頭。使我們有望實現 26 財年光學收入再次翻倍的目標。我們正在為越來越多的光學模組客戶及其超大規模最終用戶提供尖端的 DSP 解決方案。憑藉我們在光學 DSP 方面的專業知識，我們可以滿足下一代應用的嚴格連接需求。

Our collaborative approach with customers helps ensure solutions that enhance performance, scalability and power efficiency, further building on our position in the market. We provide customers with a leading-edge portfolio of innovative full DSP and linear receive optical or LRO solutions, supporting port speeds up to 1.6 terabits per second.

我們與客戶的合作方式有助於確保解決方案能夠提高效能、可擴展性和電源效率，從而進一步鞏固我們在市場上的地位。我們為客戶提供領先的創新全 DSP 和線性接收光或 LRO 解決方案，支援高達每秒 1.6 太比特的連接埠速度。

For several years, the industry has debated the shift from copper to optical connectivity solutions. While consensus holds, the copper will remain prevalent in the foreseeable future, Credo is strategically prioritizing optical solutions as a cornerstone of our product road map.

多年來，業界一直在爭論從銅連接解決方案向光纖連接解決方案的轉變。儘管人們普遍認為銅在可預見的未來仍將佔據主導地位，但 Credo 在策略上優先考慮光學解決方案作為我們產品路線圖的基石。

Credo sees an expanding TAM for both copper and optical connectivity solutions, and we're excited by the opportunity to bring our system-level expertise to bear in the optical market, further diversifying our position. We look forward to discussing these innovations in the coming months.

Credo 看到銅和光連接解決方案的 TAM 不斷擴大，我們很高興有機會將我們的系統級專業知識應用於光學市場，進一步實現我們的地位多元化。我們期待在接下來的幾個月中討論這些創新。

And now regarding our retimer business. In Q1 fiscal '26, our Ethernet retimer business achieved strong results. Our refiners are recognized for their exceptional performance and energy efficiency, featuring advanced MACsec encryption and gearbox functionality. The Ethernet retimer market encompasses traditional switching applications and the emerging category of AI appliances.

現在談談我們的重定時器業務。26財年第一季度，我們的乙太網路重定時器業務取得了強勁的業績。我們的煉油廠以其卓越的性能和能源效率而聞名，具有先進的 MACsec 加密和變速箱功能。乙太網路重定時器市場涵蓋傳統交換應用和新興的 AI 設備類別。

Our recently launched PCIe Retimer family is gaining significant traction driven by robust customer engagements, leveraging the expertise of our world-class SerDes design team, our PCIe solutions deliver an unparalleled combination of maximum reach and minimal latency a rare achievement as these attributes are typically a trade-off.

我們最近推出的 PCIe Retimer 系列在強大的客戶參與的推動下獲得了顯著的吸引力，利用我們世界一流的 SerDes 設計團隊的專業知識，我們的 PCIe 解決方案提供了最大覆蓋範圍和最小延遲的無與倫比的組合，這是一項罕見的成就，因為這些屬性通常需要權衡。

Our engineering team's innovative design approach has resulted in a truly differentiated solution. Our top-tier devices coupled with our award-winning pilot debug and telemetry tools, empower customers to integrate our solutions with faster time to market and better reliability. We are on track to secure PCIe design wins in calendar '25, with production revenue expected in calendar '26.

我們的工程團隊的創新設計方法產生了真正差異化的解決方案。我們的頂級設備與我們屢獲殊榮的試點調試和遙測工具相結合，使客戶能夠整合我們的解決方案，以更快的時間將產品推向市場並獲得更好的可靠性。我們預計在 2025 年贏得 PCIe 設計大獎，並有望在 2026 年獲得生產收入。

Our expansion into PCIe-based solutions for AI scale-up networks significantly broadens our TAM, and we are well positioned to capitalize on the industry shift to 200 gig per lane scale-up solutions in the future, ensuring sustained growth and competitiveness.

我們向基於 PCIe 的 AI 擴展網路解決方案的擴展極大地拓寬了我們的 TAM，並且我們已做好準備，利用未來行業向每通道 200 千兆擴展解決方案的轉變，確保持續增長和競爭力。

To summarize, during the first quarter of fiscal '26, Credo reported its highest quarterly revenue and profitability to date, reflecting exceptional operational execution to meet customer demand. Over the past several quarters, Credo has achieved extraordinary growth, fueled by the surging demand for AI infrastructure. Credo is poised for continued success with a clear path for growth through fiscal '26 and beyond.

總而言之，在 26 財年第一季度，Credo 報告了迄今為止最高的季度收入和盈利能力，反映了卓越的營運執行力，滿足了客戶的需求。過去幾個季度，在人工智慧基礎設施需求激增的推動下，Credo 實現了非凡的成長。Credo 已準備好繼續取得成功，並擁有明確的 26 財年及以後的成長路徑。

Over the medium and long term, we anticipate multiple waves of growth opportunities, fueled by the evolving scale out and scale of networks and next-generation training and inference architectures. We expect that each of these waves will drive growing demand for innovative connectivity solutions, expanding diverse fiscal mediums, distances and protocols.

從中期和長期來看，我們預計將出現多波成長機會，這得益於不斷發展的網路規模和下一代訓練和推理架構。我們預計，每一波浪潮都將推動對創新連接解決方案日益增長的需求，擴大多樣化的財政媒介、距離和協議。

Credo occupies a unique position in the industry as one of the few companies worldwide capable of delivering cutting-edge SerDes technology at the advanced speeds we are currently qualifying. By combining this core SerDes differentiation central to our competitive edge. With our integrated circuit expertise and system-level design approach, we deliver solutions optimized to meet each customer's needs.

Credo 在業界佔有獨特的地位，是全球少數幾家能夠以我們目前認可的先進速度提供尖端 SerDes 技術的公司之一。透過結合這核心 SerDes 差異化，我們獲得了競爭優勢。憑藉我們的積體電路專業知識和系統級設計方法，我們提供最佳化的解決方案以滿足每個客戶的需求。

Credo has become a high-value partner in the unprecedented build-out of hyperscale infrastructure. I believe our strong results today demonstrate our potential, and I'm increasingly optimistic about the opportunities that lie ahead.

Credo 已成為前所未有的超大規模基礎設施建設中的高價值合作夥伴。我相信我們今天的強勁業績證明了我們的潛力，而且我對未來的機會越來越樂觀。

Our Chief Financial Officer, Dan Fleming, will now provide additional details on our financial results.

我們的財務長 Dan Fleming 現在將提供有關我們財務業績的更多詳細資訊。

Thank you, Bill, and good afternoon. I will first review our Q1 results and then discuss our outlook for Q2 of fiscal year '26. In Q1, we reported revenue of $223.1 million. up 31% sequentially and up 274% year-over-year and well above the high end of our guidance range.

謝謝你，比爾，下午好。我將首先回顧我們的第一季業績，然後討論我們對 26 財年第二季的展望。第一季度，我們報告的營收為 2.231 億美元，比上一季成長 31%，比去年同期成長 274%，遠高於我們預期範圍的上限。

Our product business generated $217.1 million of revenue in Q1. up 31% sequentially and up 279% year-over-year. Notably, our AEC product line, again, grew healthy double digits sequentially to achieve new record revenue levels once again. Our top three end customers were each greater than 10% of revenue in Q1, As a reminder, customer mix will vary from quarter-to-quarter, and we continue to make progress in diversifying our customer base.

我們的產品業務在第一季創造了 2.171 億美元的收入，季增 31%，年增 279%。值得注意的是，我們的 AEC 產品線再次連續實現兩位數的健康成長，再次創下新的營收水準。我們前三大終端客戶在第一季的營收佔比均超過 10%，需要提醒的是，客戶結構每季都會有所不同，我們將繼續在客戶群多元化方面取得進展。

We can continue to expect that three to four customers will be greater than 10% of revenue in the coming quarters and fiscal year as hyperscale customers continue to ramp to more significant volumes and as we expect to begin to ramp two new hyperscale customers in fiscal year '26.

隨著超大規模客戶的數量繼續增加，我們可以繼續預期，未來幾個季度和財年，三到四家客戶的收入將超過 10%，而且我們預計將在 26 財年開始增加兩家新的超大規模客戶。

Our team delivered Q1 non-GAAP gross margin of 67.6%, above the high end of our guidance range and up 20 basis points sequentially. Our product non-GAAP gross margin was 66.7% in the quarter, up 12 basis points sequentially and up 517 basis points year-over-year, primarily due to increasing scale. Total non-GAAP operating expenses in the first quarter were $54.5 million at the low end of our guidance range and up 5% sequentially.

我們的團隊實現了第一季非公認會計準則毛利率 67.6%，高於我們預期範圍的高端，季增 20 個基點。本季度，我們產品的非 GAAP 毛利率為 66.7%，比上一季成長 12 個基點，比去年同期成長 517 個基點，這主要歸功於規模的擴大。第一季非公認會計準則總營運費用為 5,450 萬美元，處於我們指導範圍的低端，季增 5%。

Our non-GAAP operating income was $96.2 million in Q1 compared to non-GAAP operating income of $62.5 million in Q4, up demonstrably due to the leverage obtained by achieving 31% sequential top line growth, while OpEx growth was in the mid-single digits. Our non-GAAP operating margin was 43.1% in the quarter compared to a non-GAAP operating margin of 36.8% in the prior quarter, a sequential increase of 635 basis points.

我們第一季的非 GAAP 營業收入為 9,620 萬美元，而第四季的非 GAAP 營業收入為 6,250 萬美元，成長明顯是由於實現了 31% 的連續營收成長而獲得的槓桿作用，而營運支出成長率則處於中等個位數。本季我們的非公認會計準則營業利潤率為 43.1%，而上一季的非公認會計準則營業利潤率為 36.8%，環比增長 635 個基點。

Perhaps nowhere does our performance show more clearly than at our bottom line. Our non-GAAP net income was $98.3 million in the quarter, a record high and a 51% sequential increase compared to non-GAAP net income of $65.3 million in Q4. And our non-GAAP net margin was 44.1% in the quarter as we drove significant leverage in the business.

也許沒有什麼比我們的底線更能清楚體現我們的業績了。本季我們的非公認會計準則淨收入為 9,830 萬美元，創歷史新高，與第四季的非公認會計準則淨收入 6,530 萬美元相比季增 51%。由於我們在業務中發揮了顯著的槓桿作用，因此本季我們的非公認會計準則淨利潤率為 44.1%。

Cash flow from operations in the first quarter was $54.2 million, down $3.7 million sequentially due largely to increases in working capital. CapEx was $2.8 million in the quarter, driven largely by purchases of production equipment. And free cash flow was $51.3 million, down slightly from $54.2 million from the fourth quarter.

第一季經營現金流為 5,420 萬美元，比上一季減少 370 萬美元，主要原因是營運資本增加。本季資本支出為 280 萬美元，主要源自於生產設備的購買。自由現金流為 5,130 萬美元，較第四季的 5,420 萬美元略有下降。

We ended the quarter with cash and equivalents of $479.6 million, an increase of $48.3 million from the fourth quarter. We remain well capitalized to continue investing in our growth opportunities while maintaining a substantial cash buffer. Our Q1 ending inventory was $116.7 million, up $26.6 million sequentially.

本季末，我們的現金和等價物為 4.796 億美元，較第四季增加 4,830 萬美元。我們仍然擁有充足的資本來繼續投資於我們的成長機會，同時保持大量的現金緩衝。我們第一季的期末庫存為 1.167 億美元，比上一季增加 2,660 萬美元。

Now turning to our guidance. We currently expect revenue in Q2 of fiscal '26 to be between $230 million and $240 million, up 5% sequentially at the midpoint. We expect Q2 non-GAAP gross margin to be within a range of 64% to 66%. We expect Q2 non-GAAP operating expenses to be between $56 million and $58 million. We expect Q2 diluted weighted average share count to be approximately 190 million shares. These expectations are based on the current tariff regime, which remains fluid.

現在轉向我們的指導。我們目前預計 26 財年第二季的營收將在 2.3 億美元至 2.4 億美元之間，中位數則是環比成長 5%。我們預計第二季非公認會計準則毛利率將在 64% 至 66% 之間。我們預計第二季非公認會計準則營運費用將在 5,600 萬美元至 5,800 萬美元之間。我們預計第二季稀釋加權平均股數約為 1.9 億股。這些預期是基於目前仍在不斷變化中的關稅制度。

As we move forward throughout fiscal year '26, we expect sequential revenue growth in the mid-single digits, leading to approximately 120% year-over-year growth. We expect each of our top three customers from Q1 to grow significantly year-over-year in fiscal year '26. We also expect revenue diversification to strengthen further with the fourth customer surpassing the 10% revenue threshold for the year.

隨著 26 財年的推進，我們預計營收將環比成長中個位數，年增約 120%。我們預計，2026 財年第一季我們的三大客戶都將實現年比大幅成長。我們也預計，隨著第四位客戶今年的收入超過 10% 的門檻，收入多樣化將進一步加強。

We expect non-GAAP operating expenses to increase year-over-year by less than 50% in fiscal year '26. As a result, we expect our non-GAAP net margin to be approximately 40% in the coming quarters and for fiscal year '26.

我們預計 26 財年非公認會計準則營運費用將年增不到 50%。因此，我們預計未來幾季以及 26 財年的非 GAAP 淨利潤率將達到約 40%。

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

現在，我將開始回答大家的提問。

(Operator Instructions)

（操作員指示）

Karl Ackerman, BNP Paribas.

法國巴黎銀行的卡爾‧阿克曼。

Yes, thank you. It sounds like you are seeing at least one of the two new hyperscalers adopting AEC this year, pull in orders relative to your previous outlook. Could you discuss whether all of these new developments are adopting across hyperscalers or adopting 100-gig per lane AECs? And whether you have several programs across each of these hyperscalers that demonstrate the -- not only the breadth but also the depth of your engagements? And I have a follow-up.

是的，謝謝。聽起來您看到今年至少有兩家新的超大規模企業採用 AEC，相對於您先前的預測，訂單有所增加。您能否討論一下所有這些新發展是否都在超大規模中採用或採用每通道 100 千兆的 AEC？您是否在這些超大規模企業中都有多個項目，不僅展示了您參與的廣度，還展示了您的參與的深度？我還有一個後續問題。

Yeah. Thanks, Karl. I'll confirm that the most recent ramps that we've seen have been at 100-gig per lane. And depending on the customer, we've got multiple programs in flight. Naturally, as we begin a relationship with a new customer, it always starts with a single platform.

是的。謝謝，卡爾。我確認，我們看到的最近的坡道是每條車道 100 千兆。根據客戶的不同，我們已製定了多個計劃。自然，當我們與新客戶建立關係時，總是從單一平台開始。

And then typically, what we've seen is it expands from there. But I would say that everything we've seen over the last three months has been encouraging in a sense that we did see a pull-in from the schedule that we talked about, and we really effectively delivered to the volumes that they want.

然後通常我們看到的是它從那裡擴展。但我想說的是，過去三個月我們所看到的一切都是令人鼓舞的，我們確實看到了我們所談論的時間表的進展，而且我們確實有效地滿足了他們的需求。

Helpful, thank you. When you think about scale-up interconnect opportunities, several of your customers are taking different approaches with some using PCIe-based solutions and some using scale ethernet solutions. Having said that, do you believe AECs offer greater competitive advantages to scale up test or PCIe-based applications such as UALink? And therefore, the market opportunity of one could be larger than the other? Thank you.

有幫助，謝謝。當您考慮擴大互連機會時，您的一些客戶正在採取不同的方法，有些則使用基於 PCIe 的解決方案，有些則使用規模乙太網路解決方案。話雖如此，您是否認為 AEC 在擴展測試或基於 PCIe 的應用程式（如 UALink）方面具有更大的競爭優勢？那麼，其中一個的市場機會可能比另一個更大嗎？謝謝。

Yeah. So I would say that the near-term opportunity for us to scale up this really with the PCIe protocol. As we see the market moving from PCIe Gen 5 to Gen 6. We do see that AECs will represent a really nice opportunity, both for interact as well as rack to rack as scale-up goes scale.

是的。所以我想說，我們近期的機會是透過 PCIe 協議來擴大這一規模。我們看到市場正在從 PCIe Gen 5 轉向 Gen 6。我們確實看到，隨著規模的擴大，AEC 將代表一個非常好的機會，無論是互動還是機架到機架。

The longer-term discussion is around the debate in the industry about the 200 gig per lane protocol. And of course, we've heard from Broadcom will scale up ethernet. UAL is really being driven by AMD and others. Of course, NVIDIA has come forward with NVLink Fusion. And PCIe is talking about going to PCIe Gen 7 and beyond.

長期討論圍繞著業界關於每通道 200 千兆協定的爭論。當然，我們聽說博通將擴大乙太網路規模。UAL 實際上是受到 AMD 和其他公司的推動。當然，NVIDIA 已經推出了 NVLink Fusion。PCIe 正在討論進入 PCIe Gen 7 及更高版本。

For us, we really think the opportunity is one that we're agnostic towards because the products that we're delivering can support any one of the 200 gig per lane protocols. Each one of them uses the same identical IEEE 200 gig SerDes. And so I think we're going to be in good shape.

對我們來說，我們確實認為這個機會是不可知的，因為我們提供的產品可以支援每通道 200 千兆的協定中的任何一種。它們每個都使用相同的 IEEE 200 gig SerDes。所以我認為我們的狀態會很好。

So it's -- again, it's layer one from the standpoint of an AEC. And so I think that for us, we'd just like to see the market go faster sooner because the scale-up opportunity represents a significant increase in TAM really over the next two to five years.

所以 — — 從 AEC 的角度來看，它是第一層。因此我認為，對我們來說，我們只是希望看到市場更快發展，因為擴大規模的機會實際上代表著未來兩到五年內 TAM 的顯著成長。

Congrats. Thank you.

恭喜。謝謝。

Thanks.

謝謝。

Vivek Arya, Bank of America

Vivek Arya，美國銀行

Thank you for taking my, questions. First set of question is on the AEC market. If you could quantify how large each of your 10% customers were if they were the same as you had in the prior quarter? And then will if I zoom out the market for you is now run rating closer to $1 billion or so. How large do you think this market is over time? And do you think this market is cannibalizing traditional copper? Or do you think at some point, it is even cannibalizing optical transceivers?

感謝您回答我的問題。第一組問題是關於 AEC 市場的。如果您的 10% 客戶與上一季的客戶相同，您可以量化他們各自的規模嗎？然後，如果我縮小市場規模，那麼現在的運行評級就接近 10 億美元左右。您認為隨著時間的推移這個市場會有多大？您是否認為這個市場正在蠶食傳統銅的市佔率？或者您認為在某種程度上它甚至會蠶食光收發器？

Hey, Vivek, this is Dan. Let me address the 10% customer question that you had. So as we mentioned in our prepared remarks, we have three 10% customers in Q1. They were the same three customers that were 10% customers in Q4, the mix was a little bit different though. Our largest customer was 35% of revenue. Second largest was 33% and the third largest was 20%. So we're quite pleased with that kind of the customer diversity that we demonstrated within Q1.

嘿，維韋克，我是丹。讓我來解答一下您提出的那 10% 的客戶問題。正如我們在準備好的演講中提到的那樣，我們在第一季有三位 10% 的客戶。他們與第四季的 10% 的客戶是相同的三個，但結構略有不同。我們最大的客戶佔了我們收入的35%。第二大的是33%，第三大的是20%。因此，我們對第一季所展現的客戶多樣性感到非常滿意。

But having said that, we expect continued diversification, as Bill highlighted, throughout fiscal '26. We do see two additional hyperscalers ramping one of which, which is our fourth hyperscaler, we mentioned should reach -- to be a 10% customer for the full year of fiscal '26.

但話雖如此，正如比爾所強調的那樣，我們預計在 2026 財年，多元化將繼續持續下去。我們確實看到另外兩家超大規模企業正在擴大規模，其中之一，也就是我們的第四家超大規模企業，我們提到應該達到 - 成為 26 財年全年 10% 的客戶。

And then the last thing I'll mention on the customer, our largest customer for fiscal '25 is the largest driver of our growth in fiscal '26 as we stand right now and look forward. So that's an important factor to bear in mind as well as you look at how our year will progress.

最後我要提到的是客戶，我們 25 財年的最大客戶是我們目前和未來 26 財年成長的最大推動力。因此，當您展望今年的進展時，這是一個需要牢記的重要因素。

Right. I'll take a shot at answering your question as it relates to the overall TAM. So with all of our customers, we've got additional opportunities. We're not seeing AECs being adopted across all the possible applications. And we've talked about this before that -- historically, we've talked about it being an intra-rack kind of de facto solution as we replace passive copper cables.

正確的。我會盡力回答您的問題，因為它與整體 TAM 有關。因此，對於我們所有的客戶來說，我們都擁有更多的機會。我們並未看到 AEC 在所有可能的應用中被採用。我們之前已經討論過這個問題——從歷史上看，我們討論過它是一種機架內事實上的解決方案，因為我們可以替換無源銅纜。

And the catalyst being speed and also functionality. And so we've seen a good transition as the market has gone to 50 gig per lane and now we're seeing really good traction as it relates to 100-gig per lane. I still think we're in the early innings from a market sizing standpoint, even for just breaking out the intra-rack, again, to reiterate, we see a huge opportunity from NIC to TOR applications as well as switch rack applications. And that is for front end and really emphasized much more strongly in back end, both in scale out and scale out.

催化劑是速度和功能。因此，我們看到了一個很好的轉變，因為市場已經進入每車道 50 千兆，現在我們看到了與每車道 100 千兆相關的非常好的牽引力。我仍然認為，從市場規模的角度來看，我們仍處於早期階段，即使只是突破機架內市場，再次重申，我們看到從 NIC 到 TOR 應用以及交換機架應用的巨大機會。這是針對前端的，並且在後端確實更加強調，無論是橫向擴展還是橫向擴展。

What we've seen recently that we talked about in the prepared comments was that we're seeing a move from intra-rack to rack-to-rack. And traditionally, Interact has been passive copper cables or DACs. And we've seen rack-to-rack being more optical solutions because of the distance. But I think with the emphasis on reliability as it relates to clusters that we see customers really considering using AECs, it's really driven by reliability.

我們最近在準備好的評論中談到的是，我們正在看到從機架內到機架的轉變。傳統上，Interact 一直是無源銅纜或 DAC。而且，由於距離的原因，我們發現機架到機架是更光學的解決方案。但我認為，由於強調可靠性，我們看到客戶確實在考慮使用 AEC，這實際上是由可靠性驅動的。

I mentioned on the prepared comments that we're up to 1,000 times more reliable, effectively reducing length labs and having the uptime of the cluster being much more. Again, reiterating that if you have got a single link flat in, say, a 10,000 or 100,000 or 1 million GPU cluster, brings the entire cluster down because there's no redundancy from that NIC to TOR connection.

我在準備好的評論中提到，我們的可靠性提高了 1,000 倍，有效地減少了實驗室的長度，並且叢集的正常運行時間更長。再次重申，如果在 10,000、100,000 或 100 萬個 GPU 叢集中出現單一鏈路故障，則會導致整個叢集癱瘓，因為從該 NIC 到 TOR 連接沒有冗餘。

And so we're actually seeing the TAM expanding, and I think for the first time in history that you're seeing copper replacing optical connections. So we're quite bullish on the market generally.

因此，我們實際上看到 TAM 正在擴大，而且我認為歷史上第一次看到銅取代光纖連接。因此，我們總體上對市場持相當樂觀的態度。

Got it. And from my follow-up, Bill, I actually have a question for both you and -- what is the next big thing for Credo? Is it optical DSP, if yes, how large can it be for you? And I asked that because it's great to see that you have this tremendous operating leverage. You're guiding every quarter sales are up $15 million, $20 million and OpEx hardly goes up. So are you investing enough in diversifying beyond AECs and -- right? So just what is the next big thing for Credo? And are you investing adequately in that?

知道了。比爾，從我的後續問題來看，我實際上有一個問題想問你——Credo 的下一個大事件是什麼？它是光學 DSP 嗎？如果是，那麼它有多大？我之所以問這個問題，是因為我很高興看到你們有如此巨大的經營槓桿。你指導每季的銷售額增加 1500 萬美元、2000 萬美元，而營運支出幾乎沒有增加。那麼，您是否在 AEC 以外的多元化投資方面投入了足夠的資金——對嗎？那麼 Credo 的下一個大動作是什麼呢？您對此的投資是否足夠？

So I think that we've talked about this in the past, and I'll speak again about the opportunity generally that we're seeing that's being driven by AI really for our company, it's all about connectivity bottlenecks and we see bottleneck every work. We see that at a system level, the opportunity is abundant. Because really what's being driven in the market is the need for better reliability, better performance and better power efficiency.

所以我認為我們過去已經討論過這個問題，我將再次談論我們所看到的由人工智慧驅動的機遇，這對我們公司來說確實如此，這都是關於連接瓶頸的問題，我們看到每項工作都存在瓶頸。我們看到，在系統層面，機會是豐富的。因為市場真正需要的是更好的可靠性、更好的性能和更好的電源效率。

And so there's a lot to come as far as the AEC market is concerned, but we also see really big opportunities as we move from an ethernet protocol to additional protocols to the scale up network. We believe that there's system-level opportunities in optical, and we're not going to go into too many details here, but you'll see more in the upcoming months as we announce new products.

因此，就 AEC 市場而言，還有很多事情要做，但隨著我們從乙太網路協議轉向附加協議，再轉向擴大網絡，我們也看到了巨大的機會。我們相信光學領域存在系統級機遇，我們不會在這裡討論太多細節，但隨著我們發布新產品，您將在接下來的幾個月中看到更多。

And then even bottlenecks associated with the connection between GPUs and memory. We see opportunities there that can be quite large. Traditionally, we've seen the training has really been driving the market, but we see a really big upside in entrants as well. And so again, we see multiple opportunities that will ultimately drive several pillars that we talk about as we maybe fast forward to two or three years from now and we will go backwards.

甚至還有與 GPU 和記憶體之間的連接相關的瓶頸。我們看到那裡存在著相當大的機會。傳統上，我們看到培訓確實推動了市場的發展，但我們也看到新進入者也具有巨大的上升空間。因此，我們再次看到了多個機會，這些機會最終將推動我們所談論的幾個支柱，因為我們可能會快進到兩三年後，然後倒退。

The one thing I'll add to that, Vivek, just from are we investing enough? We are continuing to manage our operating expenses to support these upcoming waves of growth that Bill's talked about, but we're at this point in time right now where our top line is growing.

維韋克，我要補充一點，我們的投資是否足夠？我們將繼續管理我們的營運費用，以支持比爾談到的即將到來的成長浪潮，但目前我們正處於收入成長的階段。

At quite a fast clip, I will mention from just from a pure R&D standpoint this year, more than more than half of our OpEx in R&D is tied to optical projects and things that are in these forthcoming pillars of our business.

我會以相當快的速度提到，僅從今年純研發的角度來看，我們研發中的一半以上的營運支出都與光學項目以及我們業務即將到來的支柱相關。

Okay, thank you.

好的，謝謝。

Tom O'Malley, Barclays.

巴克萊銀行的湯姆·奧馬利。

Hey guys, thanks for taking my question. I wanted to follow up on the optical DSP business. We're getting on the brink of a more material 1.6 transition. Could you talk about what your feelings are about your competitiveness at that node?

嘿夥計們，謝謝你們回答我的問題。我想跟進光學 DSP 業務。我們正處於更實質的 1.6 過渡的邊緣。可以談談你對那個節點的競爭力有何感受嗎？

And maybe give us a little bit of insight into the three nanometer platform, when you'll be in volume and how you think you're positioned versus the 800G generation?

您能否向我們介紹三奈米平台，您什麼時候可以量產，以及您認為與 800G 世代相比，您的定位如何？

Regarding our 200 gig per lane solution for the optical DSP, we'll have both a full DSP as well as LRO, the Linear Received Opticals. And so we moved to three nanometer straight away due to power. We felt like the initial transceivers that were introduced to the market being well over 20 watts, something that was going to take off in high volume.

關於我們針對光學 DSP 的每通道 200 千兆解決方案，我們將擁有完整的 DSP 以及 LRO（線性接收光學）。因此，由於功率的原因，我們立即轉向三奈米。我們感覺最初投放市場的收發器的功率遠超過 20 瓦，將會大批量推出。

And so we researched pretty extensively in five nanometer, and we made the decision to really jump forward to three, which has been -- it's a different strategy than we've pursued in the past. And it's really been driven by the need for power efficiency.

因此，我們對 5 奈米進行了相當廣泛的研究，並決定真正朝 3 奈米邁進，這是與我們過去所追求的策略不同的策略。這實際上是由對電力效率的需求所驅動的。

So we feel like we're in great shape from the standpoint of the product that we're going to bring to production in the upcoming months. We think that the market for 1.6T transceivers is going to take time to develop. It's quite natural that every generation that we see, it takes a little bit more time than some of the forecasters talk about. But we feel great about the product that we've developed and the fact that we're going to bring it to production shortly.

因此，從我們將在未來幾個月內投入生產的產品的角度來看，我們感覺情況非常好。我們認為 1.6T 收發器市場需要時間來發展。很自然地，我們看到的每一代都比一些預測者所說的要花費更多的時間。但我們對我們開發的產品以及即將投入生產的事實感到非常高興。

Helpful. And then you spent a lot of time in the preamble talking about PCIe retimers. Today, that's the large GPU manufacturer and then also one large hyperscaler who's really started off their efforts there. When you talk about the opportunity in the future.

很有幫助。然後您在序言中花了很多時間討論 PCIe 重定時器。如今，這是一家大型 GPU 製造商，也是一家真正開始在那裡努力的大型超大規模製造商。當你談論未來的機會時。

Are you thinking that, that is concentrated amongst those two customers? Or do you see PCIe proliferation amongst other hyperscalers as well? Thank you.

您是否認為這集中在那兩位客戶身上？或者您也看到 PCIe 在其他超大規模運算中的普及？謝謝。

Yeah. We definitely see it being broader than the two that you mentioned. We think that, that is going to be the protocol that most people pursue, most hyperscalers pursue in the near term. So we think the market opportunity is significant. And as things develop over time, I think that's when you're going to see as the market moves from PCIe Gen 6 into whatever is next, that's when you're going to see different hyperscalers taking an approach that's pursuing different protocols.

是的。我們確實看到它比你提到的兩個範圍更廣。我們認為，這將是大多數人追求的協議，大多數超大規模企業在短期內追求的協議。因此我們認為市場機會巨大。隨著時間的推移，我認為你會看到市場從 PCIe Gen 6 轉向下一代產品，那時你會看到不同的超大規模企業採取追求不同協議的方法。

But again, for us, it's really something that we're going to be able to serve regardless of the protocol based on the fact that, again, it's the same 200 gig per lane SerDes for every single one of these protocols.

但對我們來說，無論採用何種協議，我們都能提供這項服務，因為對於每一種協議，每條通道的 SerDes 都是相同的 200G。

Joshua Buchalter, TD Cowen

約書亞·布查爾特（Joshua Buchalter），TD Cowen

Hey guys, excuse me, thank you for taking my question and congrats on the results. Maybe a follow-up to Tom's first one there. I think you've demonstrated the LRO at 800 gig with your Dove 850 platform. But it sounds like a lot of the industry research and maybe you guys think 1.6T is more of a catalyst for LRO. Maybe you could speak to the near to medium term, like how we should expect the adoption curve to ramp for the LRO solutions? Thank you.

嘿，大家好，不好意思，感謝您回答我的問題，並祝賀您所取得的成果。也許是湯姆在那裡的第一篇後續文章。我認為您已經使用 Dove 850 平台演示了 800 千兆的 LRO。但這聽起來像是很多產業研究，也許你們認為 1.6T 對 LRO 來說更像是催化劑。也許您可以談談近期到中期的情況，例如我們應該如何預期 LRO 解決方案的採用曲線會上升？謝謝。

Yeah, we definitely see that every hyperscaler is kind of an independent market the industry doesn't move one direction and that's been for multiple generations now. So we've seen a lot of interest with 800-gig LRO, and I think there's good things coming. For 1.6T, again, power is becoming more and more important, and we've proven that we're able to deliver just rock solid transceivers with our partners from a bit error rate standpoint, maintaining everything that's needed from an industry standard perspective, as compared to LPO and offering significant power savings.

是的，我們確實看到每個超大規模企業都是一個獨立的市場，該行業不會朝著一個方向發展，而且這種情況已經持續了好幾代了。因此，我們看到人們對 800 千兆 LRO 有很大興趣，我認為會有好事發生。對於 1.6T，功率變得越來越重要，我們已經證明，從誤碼率的角度來看，我們能夠與合作夥伴一起提供堅如磐石的收發器，與 LPO 相比，它保留了從行業標準角度所需的一切，並顯著節省了功耗。

So we think that we'll see good success with 800, but we do feel like 1.6T, it will become more and more popular given the need for power efficiency.

因此，我們認為 800 將會取得巨大成功，但我們確實覺得 1.6T 會越來越受歡迎，因為需要提高能源效率。

Got it. Thank you. I just had a question. In the prepared remarks, you mentioned, I think, something about your customer is not necessarily ramping linearly. Your guidance is obviously very strong and somewhat linear off of the strong. Maybe you could elaborate on those comments and bigger picture, how you feel about the visibility into the ramps as your expanding customer base scale? Thank you.

知道了。謝謝。我只是想問個問題。我認為，在準備好的評論中，您提到了您的客戶的一些事情不一定是線性增長的。您的指導顯然非常有力，並且在某種程度上是強有力的。也許您可以詳細說明這些評論和更大的圖景，隨著客戶群規模的擴大，您對坡道的可見性有何看法？謝謝。

Yeah. We've been pretty consistent in talking about at a given customer, we don't necessarily see a linear up and to the right ramp. That's just not how things work as customers prepare for next-generation ramps. Typically, we see a surge as they are preparing to a new generation of deployment. And then we see it balancing out.

是的。我們一直在相當一致地談論特定客戶，我們不一定能看到線性上升和正確的坡度。當客戶為下一代坡道做準備時，事情並不是這樣運作的。通常，當他們準備進行新一代部署時，我們會看到激增。然後我們看到它達到平衡。

And then ultimately, it trends up over time until we get to the next product transition. So nothing new here. It's just if we start tracking quarter-to-quarter. And at one point, there was a lot of concern about us having too much concentration. And in the next quarter, we saw a really good balance between multiple customers and some people were concerned about, hey, kind of a decrease from the concentration you had.

然後最終，它會隨著時間的推移而呈上升趨勢，直到我們進入下一個產品轉型。所以這裡沒有什麼新鮮事。如果我們開始逐季度追蹤的話。有一次，我們非常擔心自己注意力過於集中。在下一季度，我們看到多個客戶之間實現了非常好的平衡，有些人擔心，嘿，你的集中度會有所下降。

And long term, I can just tell you that, we've been consistent in the messaging that we're going to see diversification across customers, and we're going to see diversification across mediums, copper and optical. We're going to see diversification across protocols as well. So I think we're right on track with showing better stability as it relates to having multiple customers in flight. And so we feel good about the fact that we've kind of moved forward from a few quarters ago where there was the concern.

從長遠來看，我可以告訴你，我們一直在傳達這樣的訊息：我們將看到客戶的多樣化，我們將看到介質、銅和光纖的多樣化。我們還將看到跨協議的多樣化。因此，我認為我們在為多名乘客提供更好的飛行穩定性方面正走在正確的軌道上。因此，我們很高興看到，與幾個季度前相比，我們已經取得了一些進展，而之前我們一直擔心這個問題。

Thank you. and congratulations again.

謝謝。再次恭喜。

Tore Svanberg, Stifel.

托爾·思文伯格，Stifel。

Yes, thank you and congratulations on the record results. Bill, I was hoping to get just a little bit more color on the use cases for the AEC business. I think Credo is a pretty unique position, especially in rowscale. So just hoping to get a little bit more color on the size or where we are with rowscale networking. I assume it's still early days, but any color you could share with us would be great.

是的，謝謝你，並祝賀你取得創紀錄的成績。比爾，我希望對 AEC 業務的用例有更多的了解。我認為 Credo 是一個非常獨特的位置，特別是在行尺度方面。所以我只是想對規模或行級網路的情況有更詳細的了解。我認為現在還為時過早，但如果您能與我們分享任何顏色就太好了。

Yeah. So I think that as we talk about the market opportunity, the big shift, I think, in the TAM has been with the recognition that with the densification of the rows that the opportunity for AEC is expanding. And the drivers, again, are really clear. It's reliability and its power efficiency.

是的。因此，我認為，當我們談論市場機會時，TAM 的重大轉變在於認識到，隨著座位密度的增加，AEC 的機會正在擴大。再次強調，驅動因素確實非常明確。它的可靠性和功率效率。

And third is probably system cost, and that's opposed to optical solutions. And so I could make an argument that the interact market is really still in the early stages, although now you've seen the solution really take off with four of the hyperscalers. We've talked about how we fully expect that all of the hyperscalers will be adopting AECs at some point in the future. And so when we talk about intra-rack, we really talk about SerDes rack whether those are AI appliances or whether they're general compute.

第三可能是系統成本，這與光學解決方案相反。因此我可以說，互動市場實際上仍處於早期階段，儘管現在您已經看到該解決方案在四個超大規模企業中真正起飛。我們已經討論過，我們完全期望所有超大規模企業都將在未來的某個時候採用 AEC。因此，當我們談論機架內時，我們實際上談論的是 SerDes 機架，無論它們是 AI 設備還是通用計算。

And so NIC to TOR is a big market. And then we've also talked about switch rack. And in the market, there's a trend towards disaggregation of chassis. That's been a trend that's been in place for many years.

因此，NIC 到 TOR 是一個巨大的市場。然後我們也討論了開關架。而市場上出現了底盤分解的趨勢。這是一個已經存在多年的趨勢。

We've seen that part of the market not take off as fast as NIC to TOR and so it represents a big growth opportunity. When we talk about rack-to-rack, this is really the expanding part of the TAM really in both markets from the standpoint of AI back-end networks. As well as switch racks are starting to go to multiple rack architectures.

我們已經看到該部分市場的發展速度不如 NIC 到 TOR 那麼快，因此它代表著一個巨大的成長機會。當我們談論機架到機架時，從 AI 後端網路的角度來看，這實際上是兩個市場中 TAM 的擴展部分。交換器機架也開始採用多機架架構。

And so as we talk about the near-term opportunity for rack-to-rack, it's really represented by the scale-out network. But long term, we see that the scale-up network also represents a really large growth in TAM, given the fact that we expect the volumes for scale up to be potentially an order of magnitude larger than the scale of connections.

因此，當我們談論機架到機架的近期機會時，它實際上是由橫向擴展網路來代表的。但從長遠來看，我們認為擴大網路規模也代表著 TAM 的大幅成長，因為我們預期擴大規模的容量可能會比連接規模大一個數量級。

So I think on several fronts, we can make the argument that we're still in the early stages. And I don't think there's any doubt in the market about, if you can use copper, you will use copper given the advantages for reliability, power and cost.

因此我認為從多個方面來看，我們可以證明我們仍處於早期階段。我認為市場對此毫無疑問，如果可以使用銅，那麼考慮到可靠性、功率和成本方面的優勢，您就會使用銅。

That's really helpful. And I had a follow-up question on the customer concentration and drivers for fiscal '26. So I think Dan mentioned that your largest customer will still be a significant growth driver in fiscal '26. But that particular customer, I think, was sort of down the last two quarters. So is that customer sort of just pausing a ramp? Or are the use cases going to expand with that particular customer in fiscal '26?

這真的很有幫助。我還有一個關於 26 財年客戶集中度和驅動因素的後續問題。所以我認為丹有提到過，你們最大的客戶仍然會是 26 財年的重要成長動力。但我認為，那個特定客戶在過去兩季有所下滑。那麼，那個客戶是不是只是暫停了坡道呢？或者在 26 財年，用例是否會隨著特定客戶而擴大？

I think maybe the answer to both of those questions is probably yes. We -- it's -- their history, if you look back over time at how they've purchased inventory from us. It's been not consistently up and to the right, as Bill noted. So -- and that's kind of what we believe to be kind of a an ordinary purchasing pattern for potentially any of these hyperscalers. But I did just for clarity, I wanted to make sure that it's understood by everyone that our largest customer from fiscal '25, we expect to be the largest customer in our fiscal '26 by the year-end and by far, actually. So it won't be a close second in all likelihood as we have forecast today from all of these customers. .

我想這兩個問題的答案可能是肯定的。我們——這是——他們的歷史，如果你回顧他們是如何從我們這裡購買庫存的。正如比爾所指出的那樣，它並不總是向上和向右。所以 - 我們認為這對於任何超大規模企業來說都是一種普通的購買模式。但我只是為了清楚起見才這麼做的，我想確保每個人都明白，從 25 財年起，我們最大的客戶，我們預計到年底將成為 26 財年最大的客戶，事實上，到目前為止，它仍然是最大的客戶。因此，正如我們今天從所有這些客戶所預測的那樣，它很可能不會成為第二名。。

Yeah, no, that's great color. Thank you and congrats again.

是的，不，顏色很棒。再次感謝您並恭喜您。

Christopher Rolland, Susquehanna.

克里斯多福羅蘭 (Christopher Rolland)，薩斯奎漢納。

Hey guys, congrats on the results, and thanks for the question. And this will probably be for Bill. So I guess, first of all, for 1.6T, I believe there are some supply constraints that appear to be emerging for 1.6T optical and lasers in particular. So I have two questions here. The first one is, do you think this affects your optical DSP outlook? And then secondly, do you think that these optical constraints could actually accelerate your AEC business?

嘿夥計們，祝賀你取得的成績，感謝你的提問。這可能是給比爾的。因此，我想，首先，對於 1.6T，我認為似乎出現了一些供應限制，特別是對於 1.6T 光學和雷射。所以我這裡有兩個問題。第一個問題是，您認為這會影響您的光學 DSP 前景嗎？其次，您認為這些光學限制實際上可以加速您的 AEC 業務嗎？

Yeah. So I think generally speaking, for our optical business, I think we're seeing great results. And this is really -- we began our big ramp with 400 gig or 50 gig per lane solutions. We're seeing recent success with 800 gig, and we expect to be able to grow for a long period of time with that 100 gig per lane market.

是的。所以我認為總體而言，對於我們的光學業務，我們看到了很好的成果。這確實是——我們以每通道 400 千兆或 50 千兆的解決方案開始了我們的大規模成長。我們最近在 800 千兆方面取得了成功，我們預計能夠在每通道 100 千兆的市場中實現長期成長。

I think we've been pretty consistent saying that the transition in Lane speed over time typically takes a lot longer, and it's really driven by each independent customer strategy. So we see big opportunity for 100-gig per lane. We see the same thing that you're seeing from a 1.6T transceiver perspective that it's going to take more time than the industry analysts have predicted.

我認為我們一直一致認為，Lane 速度的轉變通常需要更長的時間，而且它實際上是由每個獨立客戶策略所驅動的。因此，我們看到了每條通道 100Gig 的巨大機會。我們看到的情況與您從 1.6T 收發器角度看到的情況相同，即它將花費比行業分析師預測的更多時間。

And so we don't see any slowing of the growth that we're expecting based on that delay. It will be quite good if there's an acceleration. But generally speaking, it doesn't really impact our bullishness as it relates to the optical space.

因此，我們並不認為基於這種延遲所預期的成長會有任何放緩。如果有加速的話就很好了。但一般來說，它並不真正影響我們對光學空間的看漲情緒。

Am I to accelerate your AEC if there are supply constraints?

如果有供應限制，我是否應該加速您的 AEC？

I think that the AEC TAM is going to stand alone. And people are going to choose to use AECs based on whether they can or not I think, for sure, what we're seeing consistently of if our customers can use an AEC, they will use an AEC. And so I don't think supply constraints in optical are going to affect that at all.

我認為 AEC TAM 將會獨立存在。人們將根據他們是否可以使用 AEC 來選擇使用 AEC，我認為，我們始終看到的是，如果我們的客戶可以使用 AEC，他們就會使用 AEC。因此我認為光學供應限制根本不會對此產生影響。

Excellent. And for a second question, Bill, I think there's some progress here on your fourth hyperscaler for sure. Any more color on when the fifth could be a 10%. And then I know we're running out of hyperscalers, but any more color on any other engagements, including the big GPU guy, is there any possibility of landing them for branded cables? Or do you think they have their own initiative here?

出色的。對於第二個問題，比爾，我認為您的第四個超大規模計算肯定取得了一些進展。關於第五個何時可能達到 10% 還有更多細節嗎？然後我知道我們的超大規模運算能力已經用完了，但是還有其他任何合作的細節嗎，包括大型 GPU 廠商，是否有可能將它們用於品牌電纜？或者您認為他們在這裡有自己的主動性？

Yeah. So first of all, I'll talk about what's upcoming. And I think your question was maybe one step ahead of where we are. The first thing is we need to get that fifth one in production.

是的。首先，我來談談即將發生的事。我認為您的問題可能比我們現在的處境領先了一步。首先，我們需要將第五個投入生產。

We're through qualification. And I think that from a timing standpoint, no changes to what we've talked about in the past. We expect towards the end of this fiscal year that we'll see first traction. I've mentioned that all of these hyperscalers have the ability to be a 10% customer for us.

我們已經通過資格審查。我認為從時間角度來看，我們過去談論的內容沒有任何變化。我們預計在本財年末我們將看到初步進展。我曾提到，所有這些超大規模企業都有可能成為我們 10% 的客戶。

It's a function of their deployment plans specifically as well as where in their network, they're planning on using AECs. There's a lot of interesting things happening. We talked about the neo cloud market. You've talked about sovereign. And what we're seeing is that prior to the comment, I'll say that finally, you talked about the big GPU guy.

這是他們的部署計劃的具體功能，以及他們計劃在其網路中使用 AEC 的位置。有很多有趣的事情發生。我們討論了 Neo 雲端市場。您談到了主權。我們看到的是，在發表評論之前，我要說的是，您終於談到了 GPU 大佬。

And what we're seeing even today is that we're connecting with many GPUs and including the big guy in the market. And so I think there's a recognition that the things we're doing are advantageous to the overall performance and power efficiency of AI clusters. And so we're connecting to plenty of NVIDIA GPUs now, as we're in production, and we see opportunities that go beyond hyperscalers as CapEx globally expands with [Neo] Clouds as well as sovereign opportunities.

我們今天看到的是，我們正在與許多 GPU 建立連接，其中包括市場上的巨頭。因此我認為人們認識到我們所做的事情有利於提高人工智慧叢集的整體效能和功率效率。因此，我們現在在生產過程中連接了大量 NVIDIA GPU，並且隨著 [Neo] Clouds 和主權機會的出現，資本支出在全球範圍內擴展，我們看到了超越超大規模的機會。

So I think that every time you see a new announcement of a gigawatt data center, you can rest assured that, that -- we view that as an opportunity as probably everybody else in the market views it.

因此，我認為，每次您看到有關千兆瓦資料中心的新公告時，您都可以放心，我們認為這是一個機會，就像市場上的其他人一樣。

Thanks for the color, Bill.

謝謝你的顏色，比爾。

Vijay Rakesh, Mizuho.

瑞穗的 Vijay Rakesh。

Yeah. Hi, Bill, Dan, congratulations on a pretty good quarter and guide here as well. So on the fourth CSP, it looks like a pretty nice lap there. is going up a lot faster than your prior ramps. Just wondering, is that driven by multiple engagements, multiple cable was you have within there? Or are you seeing a nice pickup on ASPs as we go to 100 gig per in?

是的。嗨，比爾、丹，祝賀你們取得了一個相當不錯的季度業績，也祝賀你們取得了不錯的指導。因此，在第四個 CSP 上，它看起來像是一個相當不錯的一圈。比之前的坡道上升得快得多。只是想知道，這是由多次交戰推動的嗎？您在那裡擁有多條電纜嗎？或者當我們達到每英寸 100 千兆時，您是否看到 ASP 出現良好的回升？

Yeah, I apologize, but you broke up as you're asking the question, do you think you could repeat that?

是的，我很抱歉，但是當你問這個問題的時候，你們已經分手了，你認為你們還能再重複一次嗎？

Yeah, the ramp with the fourth customer seems to be, a pretty nice accelerated ramp. Are you seeing, is that driven by a much higher content on 100 gig per lane, or, what is diving the pretty axelated pick up there I guess.

是的，第四位顧客所在的坡道似乎是一個非常好的加速坡道。您是否看到了，這是由每個通道 100 GB 的更高內容所驅動的，還是我猜是什麼導致了那裡相當高的軸向拾音率。

Yeah, I think that the accelerated pickup was based on our kind of natural position to be a little more conservative with the way that we're guiding. Things came together very quickly with their qualification of this first program that's ramping. And I think you can get a feel for the scale of all of these deployments. I don't think there's any big change from the standpoint of ASPs or margins. I think it's right down the middle of the fairway from what we're seeing elsewhere

是的，我認為加速回升是基於我們的自然立場，即我們的指導方式更加保守一些。隨著他們對這個正在加速的第一個項目的資格審核，一切都進展得非常快。我認為您可以感受到所有這些部署的規模。我認為從平均售價或利潤率的角度來看不會有什麼太大的變化。我認為它就在球道的中間，從我們在其他地方看到的情況來看

Got it. And then on the margin guide, I think I know you mentioned some impact from -- is it really true that the impact is potentially more from the talent side or is there some product mix in there?

知道了。然後關於利潤指南，我想我知道您提到了一些影響——這種影響是否真的更多地來自人才方面，還是其中存在一些產品組合？

Yeah, it's -- let me just state it this way. We -- if you look at Q4 to Q1, we still are a bit of an impact of the benefit of increasing scale, kind of a very small 20 basis point sequential increase in gross margin. So we're at the stage or we're at a scale where any fluctuations are probably going to be caused by some product mix issues. . So -- and all of these things, none of them will ever be linear.

是的，讓我這樣說吧。如果您看一下第四季度與第一季的對比，我們仍然受到規模成長效益的影響，毛利率較上季增加了 20 個基點。因此，我們正處於這樣的階段或規模，任何波動都可能是由某些產品組合問題引起的。。所以——所有這些事情，沒有一個是線性的。

We've been very clear in stating that, although we've been very fortunate over the as you -- so I guess the key message to take away is, long term, we don't see any differences in what we stated in our gross margin model even though we're are closed right now where that gross margin at or above.

我們已經非常明確地表示過，儘管我們像您一樣非常幸運——所以我想要傳達的關鍵訊息是，從長遠來看，我們沒有看到我們在毛利率模型中所述的任何差異，儘管我們現在已經關閉了毛利率達到或超過該水平。

Got it. Thanks.

知道了。謝謝。

(Operator Instructions)

（操作員指示）

Quinn Bolton, Needham & Company.

奎因·博爾頓，Needham & Company。

Hey guys, thanks for squeezing me and I guess maybe, Dan and Bill, the first question I had the fourth hyperscaler that first program, is that rack-to-rack or is that intra-rack? And do you see other opportunities at that hyperscaler ramping so that you ultimately will have both intra-rack and rack-to-rack programs at that customer? And then I've got a follow-up.

嘿，夥計們，謝謝你們給我壓力，我想也許，丹和比爾，我遇到的第一個問題是，第四個超大規模處理器，第一個程序，是機架到機架的還是機架內的？您是否看到了超大規模資料中心的其他機會，以便您最終能夠為該客戶提供機架內和機架到機架的方案？然後我有一個後續行動。

Hey, I appreciate the question and the goal to understand more. I'm not going to be too specific with the exact application, but I will say it's not a single rack architecture.

嘿，我很欣賞這個問題以及進一步理解的目標。我不會太具體地說明具體的應用，但我會說它不是一個單一的機架架構。

Okay. And are there multiple programs at that customer you expect to ramp over time?

好的。您是否希望隨著時間的推移逐步增加該客戶的多個項目？

Yeah, sure. That's -- we're right on track with where we would expect to be as we turn on a new relationship. Once there's a very good first experience, it typically leads to next-generation planning. And this is really where we do our best work is -- as people are looking at architecting the next-generation deployment, we typically get involved very early in architecting the racks. That's one of the areas where we're able to show several different racking options as we talk about next generation.

是的，當然。也就是說，當我們開始一段新的關係時，我們正處於我們所期望的軌道上。一旦有了非常好的初次體驗，它通常就會帶來下一代規劃。這確實是我們做得最好的工作——當人們考慮設計下一代部署時，我們通常很早就參與機架的設計。當我們談論下一代產品時，這是我們能夠展示幾種不同的貨架選擇的領域之一。

And so it's really natural from a customer standpoint that after we get the first program kicked off that we're almost invited in as a collaborative partner on the next-generation rack and row designs.

因此，從客戶的角度來看，在我們啟動第一個專案後，我們幾乎被邀請作為下一代機架和行設計的合作夥伴，這是很自然的。

Excellent. And then a second question for me, over the last, I think, month or so, you guys have announced two patent lawsuit settlements, I believe, with Amphenol and Volex. I know you can't get into specifics of either of those agreements. But is there anything you can say about whether you've granted licenses that could generate royalties going forward? And just any thoughts you have now that perhaps you've settled loss with two of the four cable vendors, how do you see competition going forward?

出色的。然後我要問的第二個問題是，在過去一個月左右的時間裡，你們宣布了與安費諾和 Volex 達成的兩項專利訴訟和解。我知道你無法詳細說明這兩項協議。但是，您能否透露一下您是否已經授予了未來可以產生版稅的許可證？現在您可能已經與四家有線電視供應商中的兩家達成了虧損協議，您現在有什麼想法嗎？您如何看待未來的競爭？

Are you effectively enabling greater competition by granting those licenses or signing this patent settlement agreements with other suppliers now with AECs?

透過授予這些許可證或與其他現在擁有 AEC 的供應商簽署專利和解協議，您是否有效地促進了更大的競爭？

Sure. So I'll keep the comments at a somewhat high level. But I think that if we go back in time, this is a market that we pioneered. And along the way, we developed a lot of intellectual property. We think it's reasonable to have the expectation to have our IP be respected in the market.

當然。因此我會將評論保持在較高的水平。但我認為，如果我們回顧過去，這是我們開創的市場。在此過程中，我們開發了大量知識產權。我們認為，期望我們的智慧財產權在市場上受到尊重是合理的。

We're very happy that the agreements that we've announced have taken us to the point where we would expect to be. The -- and you'll see that we're pretty active in conversations with others as well. Really nothing in these announcements changes our sense of our place in the market. And when we think about our market share or forecast going forward, we've been really consistent in saying that the market for AEC is going to be very large, really over the next 5 to 10 years.

我們非常高興，我們所宣布的協議已經使我們達到了預期的目標。而且你會發現我們在與其他人的對話中也非常活躍。事實上，這些聲明中沒有任何內容可以改變我們對自己在市場中地位的看法。當我們考慮我們的市場佔有率或未來的預測時，我們一直一致認為，在未來 5 到 10 年內，AEC 市場將會非常大。

And it's large enough for multiple winners. And when we get back to how we compete as a supplier to our partners. It's always driven by customer engagement. Our goal is to deliver the next generation of solutions. First, achieve qualification first and ultimately helping our customers ramp successfully. This is what we believe is going to be the big difference maker long term in how market share is ultimately going to play out.

而且它足夠大，可以容納多名獲勝者。當我們回顧作為合作夥伴的供應商如何競爭。它始終由客戶參與驅動。我們的目標是提供下一代解決方案。首先，先獲得資格，最終幫助我們的客戶成功提升。我們相信，從長遠來看，這將成為決定市場佔有率最終走向的重要因素。

So we're trying to do such a good job for our customers that were difficult to compete with. And I think we've talked about our moat we've talked about expanding our moat, and we feel quite good about owning all aspects of the product, and we think it's uniquely competitive.

因此，我們正努力為那些難以競爭的客戶提供優質服務。我認為我們已經談論了我們的護城河，我們已經談論了擴大我們的護城河，我們對擁有產品的各個方面感到非常滿意，我們認為它具有獨特的競爭力。

Thanks for that perspective, Bill.

謝謝你的觀點，比爾。

Suji Desilva, Roth Capital.

羅斯資本的蘇吉·德席爾瓦。

Hi Bill, Dan, congrats on the progress here. Trying to ask Quinn's question maybe a little different way. Just trying to -- with the spirit of understanding how broadly inter-rack is being adopted. You have five customers you're working with. Do they all have programs that are going to be inter-rack cables along with three meter rack solutions? Or is it more of a niche with specific architectures? Just trying to get a feel for that dynamic though?

嗨，比爾、丹，恭喜你們的進展。試著以稍微不同的方式來詢問奎因的問題。只是想了解機架間應用的廣泛程度。您有五位客戶正在合作。他們是否都有將機架間電纜與三米機架解決方案結合的程序？或者它更像是一個具有特定架構的利基市場？只是想感受一下那種動態嗎？

I wouldn't say it's across the board. I would say that the first step typically is intra-rack, so three meter or less connections within the same rack. And this is just recent over the last six to nine months that we've seen traction as our customers start to realize the opportunity to deliver much better cluster reliability and also secondarily better power.

我不會說這是全面的。我想說第一步通常是機架內，也就是同一機架內的三公尺或更少的連線。就在最近的六到九個月裡，我們看到了發展勢頭，因為我們的客戶開始意識到提供更好的叢集可靠性以及更好的功率的機會。

And so I would say that we're at the early stages still of having the market expand into rack-to-rack types of solutions. But I do think there's going to be an acceleration in the way that our customers view and use AEC.

所以我想說，我們仍處於市場擴展到機架到機架類型解決方案的早期階段。但我確實認為我們的客戶查看和使用 AEC 的方式將會加速。

Okay. That's helpful color, Bill. And then you made a comment earlier about disaggregated architectures being slower to take up than you would have thought. Any color there? Any upcoming catalysts that would shift that transition to market inflection? And most importantly, with that -- what kind of Credo addressable market multiplier might that create?

好的。這顏色很有幫助，比爾。然後您之前評論說分解架構的採用速度比您想像的要慢。有顏色嗎？是否有任何即將出現的催化劑會將這種轉變轉變為市場轉折點？最重要的是，有了它——Credo 可以創造什麼樣的可尋址市場倍增器？

Sure. So we're seeing -- the first part of that market that's taking off is the switch tracks that are dedicated to back end networks for AI. When we thought about that market as we were really launching this product family a few years ago, it was really the leaf and spine within the front-end networks. And that part of the market has moved more slowly to next-generation speeds.

當然。因此，我們看到，該市場首先起飛的部分是專用於人工智慧後端網路的開關軌道。幾年前，當我們真正推出這個產品系列時，考慮到這個市場，它實際上是前端網路中的支柱。這部分市場向下一代速度的轉變速度較慢。

So I think speed is going to be a catalyst for it to take off more broadly. But we are seeing the first uptake in the 100-gig per lane back-end networks for the switching applications specifically.

所以我認為速度將成為其更廣泛發展的催化劑。但我們首次看到每通道 100 千兆的後端網路在交換應用中得到應用。

Okay. Thanks, Bill.

好的。謝謝，比爾。

And we have no further questions at this time. Mr. Brennan, I will turn the call back over to you.

目前我們沒有其他問題。布倫南先生，我會把電話轉回給您。

Well, thank you, everybody, for the questions. And I really appreciate the ongoing strong interest. So we'll speak quite soon. Thanks.

好吧，謝謝大家的提問。我非常感謝大家持續的濃厚興趣。所以我們很快就會交談。謝謝。

Ladies and gentlemen, this concludes today's call, and we thank you for your participation. You may now disconnect.

女士們、先生們，今天的電話會議到此結束，感謝你們的參與。您現在可以斷開連線。