Credo Technology Group Holding Ltd (CRDO) 2026 Q2 法說會逐字稿

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

女士們、先生們，感謝你們的耐心等待。（操作說明）

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

現在我想把會議交給丹·歐尼爾。請繼續，先生。

Good afternoon. Thank you for joining our earnings call for the second 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財年第二季業績電話會議。今天，我邀請到了 Credo 的執行長 Bill Brennan 和 Credo 的財務長 Dan Fleming。

During this call, we will make certain forward-looking statements. The 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. It's 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 statement.

在本次電話會議中，我們將發表一些前瞻性聲明。前瞻性聲明存在風險和不確定性，這些風險和不確定性已在公司提交給美國證券交易委員會的文件中進行了詳細討論，這些文件可在公司網站的投資者關係部分找到。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這項業務的影響，或任何因素或因素組合可能導致實際結果與任何前瞻性聲明中所包含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。除法律另有規定外，本公司不承擔在本次電話會議日期之後因任何原因公開更新前瞻性聲明以使其與實際結果或公司預期變化相符的義務。

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 potential performance prepared in accordance with US GAAP.

此外，在本次電話會議中，我們將提及一些非GAAP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GAAP財務指標是依照美國GAAP編製的潛在績效的補充，而不是替代或優於後者。

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.

關於我們為何使用非GAAP財務指標以及GAAP和非GAAP財務指標之間的調節情況的討論，請參閱我們今天發布的盈利報告，該報告可在我們網站的投資者關係部分查閱。

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

現在我將把電話轉交給我們的執行長。帳單？

Thanks Dan, and thank you, everyone, for joining our fiscal '26 second-quarter earnings call. I'll walk through our Q2 results, highlight the transformative developments we've announced since our last call and then share our forward outlook. After my remarks, our Chief Financial Officer, Dan Fleming, will provide a detailed financial review and our guidance for the third quarter.

謝謝丹，也謝謝大家參加我們2026財年第二季財報電話會議。我將回顧我們第二季度的業績，重點介紹自上次電話會議以來我們宣布的變革性進展，然後分享我們的未來展望。在我發言之後，我們的財務長丹‧弗萊明將提供詳細的財務回顧和第三季業績指引。

In the second quarter, we delivered record revenue of $268 million, representing 20% sequential growth from Q1 and an extraordinary 272% increase year over year. Non-GAAP gross margin came in at a robust 67.7%, and we generated approximately $128 million of non-GAAP net income. These are the strongest quarterly results in Credo's history, and they reflect the continued build-out of the world's largest AI training and inference clusters.

第二季度，我們實現了創紀錄的 2.68 億美元收入，比第一季成長了 20%，比去年同期成長了驚人的 272%。非GAAP毛利率達到強勁的67.7%，非GAAP淨收入約為1.28億美元。這是 Credo 史上最強勁的季度業績，反映了全球最大的 AI 訓練和推理集群的持續建設。

AI clusters are no longer measured in tens of thousands of GPUs. They're now measured in hundreds thousands and soon millions. The scale density and complexity of these systems are pushing every aspect of interconnect, reliability, power efficiency, signal integrity, latency, reach, and total cost of ownership have all become mission critical. This is the challenge our customers face, and it's where Credo is uniquely positioned to deliver the solutions they need to succeed.

AI集群不再以數萬個GPU來衡量。現在它們的計量單位是幾十萬，很快就會達到幾百萬。這些系統的規模、密度和複雜性使得互連的各個方面，包括可靠性、電源效率、訊號完整性、延遲、傳輸距離和整體擁有成本，都變得至關重要。這就是我們的客戶面臨的挑戰，而 Credo 也憑藉其獨特的優勢，能夠為他們提供成功所需的解決方案。

Our three-tiered innovation framework, purpose-built SerDes technology, world-class IC design and a true system-level development approach, all wrapped with our industry-leading pilot debug and telemetry platform has allowed us to forge deep strategic partnerships.

我們三層創新框架、專用 SerDes 技術、世界一流的 IC 設計和真正的系統級開發方法，再加上我們行業領先的試點調試和遙測平台，使我們能夠建立深厚的戰略合作夥伴關係。

Let me now walk through our business in detail.

現在讓我詳細介紹一下我們的業務。

Starting with our active electrical cables. The AEC product line remains the fastest-growing segment in the company. AEC revenue again grew strongly, driven by rapidly increasing customer diversity. In Q2, four hyperscalers each contributed more than 10% of total revenue. The fourth hyperscaler is now in full volume ramp and the fifth started contributing initial revenue.

首先從我們的有源電纜開始。AEC產品線仍然是該公司成長最快的業務部門。受客戶群快速多元化的推動，AEC收入再次強勁成長。第二季度，四家超大規模資料中心營運商各自貢獻了超過 10% 的總收入。第四家超大規模資料中心目前已全面進入規模擴張階段，第五家也開始貢獻初始收入。

Customer forecasts have strengthened across the board in the past months. AECs have become the de facto standard for interact connectivity and are now displacing optical rack-to-rack connections up to 7 meters. At 100 gig per lane today and 200 gig per line tomorrow ZeroFlap AECs deliver up to 1,000 times better reliability than traditional laser-based optical modules, while consuming roughly half the power.

過去幾個月，客戶預測全面走強。AEC 已成為互動式連線的事實標準，現在正在取代最遠 7 公尺的機架間光纖連線。目前每通道傳輸速度為 100 Gb，未來每條線路傳輸速度為 200 Gb，ZeroFlap AEC 的可靠性比傳統的基於雷射的光模組高出 1000 倍，而功耗只有後者的一半左右。

When you're installing a 100,000 GPU cluster, link flaps can delay time to stability and time to revenue. And when you're training a model costing tens of millions of dollars, link flaps can have a significant impact on overall uptime and productivity. It is this step function improvement in reliability and power efficiency that's driving the expansion of the AEC TAM in the 100 gig and now 200 gig per lane generations.

當您安裝一個擁有 10 萬個 GPU 的叢集時，連結抖動可能會延遲達到穩定狀態所需的時間和實現盈利所需的時間。當你訓練一個價值數千萬美元的模型時，鏈路抖動可能會對整體正常運行時間和生產力產生重大影響。正是可靠性和電源效率的這種階躍式提升，推動了 AEC TAM 在 100 Gb/s 和現在的 200 Gb/s 通道世代中的擴展。

And we expect that trend to continue as customers densify racks and push cluster scale to new levels.

我們預計，隨著客戶提高機架密度並將集群規模推向新的水平，這種趨勢還將持續。

Next, our IC business, which includes retimers and optical DSPs, also continued with strong performance. We expect significant optical DSP growth in fiscal '26, driven by 50-gig and 100-gig per lane deployments, with longer-term growth driven by our 200 gig per lane solutions. Live demonstrations last quarter of our 200 gig per lane bluebird optical DSP drew significant interest and extremely positive feedback.

其次，我們的積體電路業務（包括重定時器和光DSP）也持續保持強勁的業績。我們預計在 2026 財年，光纖 DSP 將實現顯著成長，這主要得益於 50G 和 100G 單通道部署的推動；而長期成長則將由我們的 200G 單通道解決方案驅動。上個季度，我們每通道 200 Gb 的 bluebird 光纖 DSP 的現場演示引起了廣泛關注，並獲得了非常積極的反饋。

Ethernet retimers remain important in both traditional switching fabrics and the fast-growing AI server segment, where features like MACsec encryption, gearbox functionality, and rich software programmability are highly valued. Our PCIe retimer and AEC families are also progressing on plan. Customers' silicon evaluations have consistently highlighted our best-in-class combination of reach, latency and power efficiency, a rare trifecta enabled by our unique purpose-built SerDes architecture.

乙太網路重定時器在傳統交換結構和快速成長的 AI 伺服器領域仍然非常重要，在這些領域中，MACsec 加密、變速箱功能和豐富的軟體可編程性等特性都備受重視。我們的 PCIe 重定時器和 AEC 系列產品也按計畫推進。客戶的晶片評估一直強調我們一流的傳輸距離、延遲和能源效率組合，這得益於我們獨特的專用 SerDes 架構，實現了罕見的三重優勢。

We remain on track for PCIe design wins in fiscal '26 followed by meaningful production revenue in fiscal '27. Our existing AEC and IC businesses both address multibillion-dollar market opportunities with excellent visibility for continued growth. But the truly exciting part of this quarter is that we've added three entirely new growth pillars, each representing distinct multibillion-dollar market opportunities that significantly expand our total addressable market and extend the reach and depth of our connectivity leadership.

我們仍有望在 2026 財年贏得 PCIe 設計訂單，並在 2027 財年獲得可觀的生產收入。我們現有的 AEC 和 IC 業務都抓住了數十億美元的市場機遇，並具有極佳的持續成長前景。但本季真正令人興奮的是，我們新增了三個全新的成長支柱，每個支柱都代表著數十億美元的市場機遇，這將顯著擴大我們的目標市場規模，並擴展我們在連接領域的領先地位和影響力。

The first new growth pillar is ZeroFlap optics. The first laser-based optical connectivity family that delivers AEC class network reliability, enabled by a customized optical DSP that is tightly coupled with our pilot software and integrated with a switch level SDK. Our ZeroFlap optics integrate with our customers' network software.

第一個新的成長支柱是零瓣光學元件。首個基於雷射的光連接系列，透過客製化的光DSP實現AEC級網路可靠性，該DSP與我們的試點軟體緊密耦合，並與交換器級SDK整合。我們的零折射光元件可與客戶的網路軟體整合。

Link (inaudible) telemetry data on each optical link enables autonomous detection and mitigation of conditions that cause link flaps before they bring down the cluster. This enables a step function improvement in network reliability. We're currently in live data center trials with our lead partner, and we expect to begin sampling a second US hyperscaler later this fiscal year. Our ZF optics solutions expand our addressable market to any length of connection within the data center.

每個光鏈路上的連結（聽不見）遙測資料能夠自主偵測並緩解導致連結抖動的狀況，防止連結抖動導致叢集崩潰。這將使網路可靠性得到階躍式提升。我們目前正在與主要合作夥伴進行即時資料中心試驗，並預計在本財年稍後開始對第二家美國超大規模資料中心進行抽樣測試。我們的 ZF 光學解決方案將我們的目標市場擴展到資料中心內任何長度的連接。

We anticipate initial revenue in fiscal '27 and long term, a market that will be a multibillion-dollar opportunity.

我們預計在 2027 財年將實現初步收入，並且從長遠來看，這將是一個價值數十億美元的市場機會。

The second pillar of growth was announced in September. Credo has combined forces with auto-based Hyperlume, a team of experts specializing in high-performance micro LED technology. Credo has been investing in micro LED innovation over the past 18 months with the intent of developing a new class of connectivity solutions, uniting with the Hyperlume team will accelerate our time to market.

第二大成長支柱於9月公佈。Credo 與汽車產業專家團隊 Hyperlume 強強聯手，該團隊專注於高性能微型 LED 技術。在過去的 18 個月裡，Credo 一直致力於微型 LED 創新，旨在開發新一代的連接解決方案，與 Hyperlume 團隊的合作將加快我們產品上市的速度。

As the first product, we'll develop and bring to market a pluggable optical solution that utilizes micro LEDs as the light source. Our same three-tiered innovation playbook will be the catalyst to pioneering this entirely new connectivity category, we call active LED cables or ALCs. ALCs will deliver the same reliability and power profile as an AEC but in a thin gauge cable that can reach up to 30 meters and is ideal for scale of networks.

作為首款產品，我們將開發並向市場推出一款採用微型 LED 作為光源的可插拔光學解決方案。我們同樣的三層創新策略將成為開創此全新連結類別的催化劑，我們稱之為主動 LED 線纜或 ALC。ALC 電纜與 AEC 電纜一樣具有可靠性和功率特性，但採用細規格電纜，長度可達 30 米，非常適合大規模網路。

Customer reaction has been very positive. We plan to sample the first ALC products to lead customers during our fiscal '27 with initial revenue ramping in fiscal '28. We believe the ALC TAM will ultimately be more than double the sizes of the AEC TAM. Finally, we announced the third new pillar of long-term revenue growth, OmniConnect gearboxes, a family of products that will enable a disaggregated and optimized approach to XPU connectivity.

客戶反應非常正面。我們計劃在 2027 財年向主要客戶提供首批 ALC 產品樣品，並在 2028 財年實現初步收入成長。我們相信 ALC TAM 最終將是 AEC TAM 的兩倍以上。最後，我們宣布了長期收入成長的第三個新支柱——OmniConnect 齒輪箱，這是一系列產品，將實現 XPU 連接的分解和優化方法。

In November, together with our lead customer, we unveiled the first gearbox that will address that memory wall by redefining memory to compute connectivity, a solution we call Weaver. Today's on-package high-bandwidth memory in capacity and throughput limited as well as expensive and supply chain constraints. Weaver allows designers to move to commodity DDR memory and achieve up to 30 times more memory capacity and 8 times the bandwidth.

11 月，我們與主要客戶一起推出了首款透過重新定義記憶體以解決記憶體連接問題的變速箱，我們稱之為 Weaver。當今封裝式高頻寬記憶體在容量和吞吐量方面受到限制，而且價格昂貴，並受到供應鏈的限制。Weaver 使設計人員能夠使用通用 DDR 內存，並實現高達 30 倍的內存容量和 8 倍的頻寬。

The key enabler for the OmniConnect family is Credo's purpose-built 112-gig VSR SerDes that enables a 10 times improvement in beachfront IO density and has a reach of up to 10 inches. The Weaver gearbox from 112 gig VSR to DDR effectively overcomes the physical and logical limitation of current memory to compute connectivity solutions.

OmniConnect 系列的關鍵推動因素是 Credo 專門設計的 112 GHz VSR SerDes，它使海濱 I/O 密度提高了 10 倍，傳輸距離可達 10 英吋。Weaver 112G VSR 到 DDR 的變速箱有效地克服了當前記憶體計算連接解決方案的物理和邏輯限制。

Our first customer for Weaver announced their plan to deliver an XPU targeted for inference with 2 terabytes of memory capacity, a complete game changer for workloads such as real-time AI video generation and full self-driving, where memory capacity and bandwidth are the primary gating factors. Industry forecasters project the memory to compute connectivity market to be a multibillion dollar market by the end of the decade. We anticipate initial revenue in our fiscal '28 with significant scaling thereafter.

Weaver 的首位客戶宣布了他們的計劃，將交付一款面向推理的 XPU，其內存容量為 2 TB，這將徹底改變實時 AI 視頻生成和完全自動駕駛等工作負載的遊戲規則，因為內存容量和頻寬是這些工作負載的主要限制因素。產業預測人士預計，到本十年末，記憶體到計算的連接市場將成為一個數十億美元的市場。我們預計在 2028 財年實現初步收入，此後將實現顯著規模化成長。

The next OmniConnect gearboxes to be introduced will provide a future enabled path to scale out scale up and near package optics connectivity with XPUs. In summary, we now have five distinct high-growth connectivity pillars: AECs, IC solutions, including retimers and optical DSPs, ZeroFlap optics, ALCs and OmniConnect gearbox solutions. Together, they'll give Credo combined total market opportunity that we believe will exceed $10 billion in the coming years, more than triple where we stood just 18 months ago.

即將推出的下一批 OmniConnect 齒輪箱將提供一條面向未來的路徑，實現從擴展到擴展以及與 XPU 的近封裝光學連接。總而言之，我們現在有五個不同的高成長連接支柱：AEC、IC 解決方案（包括重定時器和光 DSP）、零抖動光學元件、ALC 和 OmniConnect 變速箱解決方案。我們相信，它們將為 Credo 帶來未來幾年超過 100 億美元的綜合市場機會，比我們 18 個月前增加三倍多。

Looking forward, we couldn't be more excited about the combination of continued growth in our core AEC and IC businesses plus the upcoming ramps of ZeroFlap optics, ALCs and OmniConnect gearboxes. We believe this combination gives us a strong outlook into continued revenue growth through fiscal '26 and well beyond.

展望未來，我們對核心 AEC 和 IC 業務的持續成長以及 ZeroFlap 光學元件、ALC 和 OmniConnect 變速箱即將上線感到無比興奮。我們相信，這個組合將使我們對2026財年及以後的持續收入成長充滿信心。

Team Credo continues to execute at an elite level. delivering record results quarter after quarter, while simultaneously pioneering and launching new multibillion-dollar product categories. I'm proud of our world-class operational excellence and innovation.

Credo團隊持續保持菁英級的執行力，每季都創下業績新紀錄，同時也開拓並推出了價值數十億美元的新產品類別。我為我們世界一流的卓越營運和創新能力感到自豪。

With that, I'll turn the call over to Dan Fleming for a detailed financial review and our Q3 guidance.

接下來，我將把電話交給丹‧弗萊明，讓他對財務狀況進行詳細回顧，並介紹我們第三季的業績指引。

Thank you, Bill, and good afternoon. I will first review our Q2 results and then discuss our outlook for Q3 of fiscal year '26.

謝謝你，比爾，下午好。我將首先回顧我們第二季的業績，然後討論我們對 2026 財年第三季的展望。

In Q2, we reported revenue of $268 million, up 20% sequentially and up 272% year over year and well above the high end of our guidance range. our product business generated $261.3 million of revenue in Q2, up 20% sequentially and up 278% year over year. Notably, our AEC product line again grew healthy double digits sequentially to achieve new record revenue levels once again based on substantial year-over-year growth across four domestic hyperscale customers.

第二季度，我們實現營收2.68億美元，季增20%，年增272%，遠超我們先前預期的高階水準。其中，產品業務第二季營收2.613億美元，季增20%，年增278%。值得注意的是，我們的 AEC 產品線再次實現了兩位數的健康環比增長，基於四家國內超大規模客戶的同比大幅增長，再次創下新的收入紀錄。

Our top four end customers were each greater than 10% of revenue in Q2. As a reminder, customer mix will vary from quarter to quarter, and we continue to make progress in diversifying our customer base. We 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 an additional hyperscale customer in the coming quarters.

第二季度，我們前四大終端客戶的營收均佔總營收的 10% 以上。需要提醒的是，客戶組成每季都會有所不同，我們將繼續努力實現客戶群多元化。我們繼續預計，在接下來的幾個季度和財年中，將有三到四個客戶的營收佔比超過 10%，因為超大規模客戶的業務量將繼續大幅增長，而且我們預計在接下來的幾個季度中還將迎來一位新的超大規模客戶。

Our team delivered Q2 non-GAAP gross margin of 67.7% above the high end of our guidance range and up 11 basis points sequentially. Our product non-GAAP gross margin was 66.8% in the quarter, up 18 basis points sequentially and up 469 basis points year over year. Total non-GAAP operating expenses in the second quarter were $57.3 million, slightly above the midpoint of our guidance range and up 5% sequentially.

我們的團隊實現了第二季非GAAP毛利率67.7%，高於我們預期範圍的上限，季增11個基點。本季我們的產品非GAAP毛利率為66.8%，較上季成長18個基點，較去年同期成長469個基點。第二季非GAAP營運總支出為5,730萬美元，略高於我們預期範圍的中點，較上季成長5%。

Our non-GAAP operating income was $124.1 million in Q2 compared to non-GAAP operating income of $96.2 million in Q1, up demonstrably due to the leverage obtained by achieving more than 20% sequential top line growth, while OpEx growth was in the mid-single digits. Our non-GAAP operating margin was 46.3% in the quarter compared to a non-GAAP operating margin of 43.1% in the prior quarter, a sequential increase of 319 basis points.

第二季度，我們的非GAAP營業收入為1.241億美元，而第一季的非GAAP營業收入為9,620萬美元，這明顯得益於營收季增超過20%所帶來的槓桿效應，而營運支出成長僅為個位數中段。本季我們的非GAAP營業利益率為46.3%，而上一季的非GAAP營業利益率為43.1%，較上季成長319個基點。

Our bottom line once again demonstrated the substantial leverage we are delivering in the business. Our non-GAAP net income was $127.8 million in the quarter, a record high and a 30% sequential increase compared to non-GAAP net income of $98.3 million in Q1. And our non-GAAP net margin was 47.7% in the quarter as we drove significant leverage in the business.

我們的最終業績再次證明了我們在業務中發揮的巨大作用。本季我們的非GAAP淨收入為1.278億美元，創歷史新高，比第一季的非GAAP淨收入9,830萬美元季增30%。由於我們在業務中大幅提高了槓桿率，本季我們的非GAAP淨利潤率為47.7%。

Cash flow from operations in the second quarter was $61.7 million, up $7.5 million sequentially. CapEx was $23.2 million in the quarter, driven largely by purchases of production mask sets. And free cash flow was $38.5 million, down from $51.3 million from the first quarter due to higher CapEx investments.

第二季經營活動產生的現金流量為 6,170 萬美元，比上一季增加 750 萬美元。本季資本支出為 2,320 萬美元，主要原因是購買了生產口罩套裝。由於資本支出增加，自由現金流為 3,850 萬美元，低於第一季的 5,130 萬美元。

We ended the quarter with cash and equivalents of $813.6 million, an increase of $333.9 million from the first quarter, up largely from the proceeds of our ATM offering, which began in October. We remain well capitalized to continue investing in our growth opportunities while maintaining a substantial cash buffer. Our Q2 ending inventory was $150.2 million, up $33.5 million sequentially.

本季末，我們持有現金及等價物 8.136 億美元，比第一季增加了 3.339 億美元，主要得益於我們從 10 月開始的 ATM 發行所得款項。我們資金充足，可以繼續投資於我們的成長機會，同時保持大量的現金儲備。第二季末庫存為 1.502 億美元，季增 3,350 萬美元。

Now turning to our guidance. We currently expect revenue in Q3 of fiscal '26 to be between $335 million and $345 million, up 27% sequentially at the midpoint. We expect Q3 non-GAAP gross margin to be within a range of 64% to 66%. We expect Q3 non-GAAP operating expenses to be between $68 million and $72 million.

現在來看我們的指導意見。我們目前預計 2026 財年第三季的營收將在 3.35 億美元至 3.45 億美元之間，以中間值計算，季增 27%。我們預計第三季非GAAP毛利率將在64%至66%之間。我們預計第三季非GAAP營運費用將在6,800萬美元至7,200萬美元之間。

We expect Q3 diluted weighted average share count to be approximately 194 million shares. These expectations are based on the current tariff regime, which remains fluid. As we look toward the end of fiscal year '26 and into fiscal '27, we expect sequential revenue growth in the mid-single digits leading to more than 170% year-over-year growth in the current fiscal year.

我們預計第三季稀釋後加權平均股數約為 1.94 億股。這些預期是基於當前的關稅制度，而該制度仍在不斷變化。展望 2026 財年末和 2027 財年，我們預計營收將實現中等個位數的環比增長，從而在本財年實現超過 170% 的同比增長。

We expect each of our top four customers from Q2 to grow significantly year over year in fiscal year '26. We also expect revenue diversification to strengthen further with our fourth customer surpassing the 10% revenue threshold for this fiscal year. We expect non-GAAP operating expenses to increase year over year by approximately 50% in fiscal year '26.

我們預計，第二季度排名前四位的客戶在 2026 財年將實現顯著的同比增長。我們也預計，隨著第四位客戶在本財年收入佔比超過 10%，收入多元化將進一步加強。我們預計 2026 財年非 GAAP 營運費用將年增約 50%。

As a result, we expect our non-GAAP net margin to be approximately 45% for fiscal year '26. This should translate to net income more than quadrupling year over year.

因此，我們預計 2026 財年的非 GAAP 淨利潤率約為 45%。這意味著淨收入將比上年增長四倍以上。

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

接下來，我將開放提問環節。

(Operator Instructions) Tom O'Malley, Barclays.

（操作說明）湯姆·奧馬利，巴克萊銀行。

So you're seeing an expansion of the AEC market pretty rapidly here with the fourth and then now soon to be the fifth 10% customer kind of rolling on. I found it interesting amidst but it was clearly like a really strong ramp in the AEC market, you're able to say that when you look at the ALC market, you could see that being double the AEC TAM.

所以你可以看到 AEC 市場正在迅速擴張，第四個 10% 的客戶群正在壯大，而且很快第五個 10% 的客戶群也將到來。我發現這很有趣，但很明顯，AEC 市場正在強勁成長，當你觀察 ALC 市場時，你會發現它的市場規模是 AEC 的兩倍。

So talking big numbers, maybe you could spend a little time talking about whether that's unit-driven, whether that's ASP-driven, just surprised given the size -- given how well AECs have done?

既然談到了大數字，或許您可以花點時間談談這是由單位數量驅動的，還是由平均售價驅動的，考慮到規模如此之大——考慮到 AEC 的表現如此出色——您是否感到驚訝？

So I think it's a combination of both the quantity as well as ASPs. Now when we think about ALCs, it's really an ideal product from the standpoint of delivering the same reliability as AECs, which is really the most critical factor right now with host of tZERO or GPU to switch connections. Also, from a power efficiency standpoint, it's in the same class as AECs.

所以我認為這是銷量和平均售價共同作用的結果。現在，當我們考慮 ALC 時，從提供與 AEC 相同的可靠性的角度來看，它確實是一款理想的產品，而可靠性對於目前使用 tZERO 或 GPU 進行交換器連接的用戶來說，確實是最關鍵的因素。此外，從能源效率角度來看，它與AEC處於同一水平。

I would say from a system cost perspective, again, in that same class, what it delivers is a thinner wire gauge and longer length. And as we see the scale up networks really going from inter-rack to row-scale, we're talking about a tremendous increase in the number of connections. We estimate that it could be up to 10 times that of the number of scale-out connections.

從系統成本的角度來看，同樣在同類產品中，它的優勢在於更細的線徑和更長的長度。隨著網路規模從機架間擴展到行級，連線數量也隨之大幅增加。我們估計，其數量可能是橫向擴展連接數的 10 倍。

And so yes, we are really, really bullish and we're strong believers in micro LED as a technology that's really going to be a game changer for us as well as our customers.

所以，是的，我們真的非常看好微型LED技術，我們堅信這項技術將真正改變我們以及客戶的遊戲規則。

And then just on the timing and the scale of the other customers ramping on, maybe you could give us what the percentages of the top four were this quarter? And then any commentary on how large those other customers rolling on will be just to give us a feel for how one is kind of handing off the next over the next couple of quarters would be super helpful.

那麼，就其他客戶逐步增加業務的時間和規模而言，您能否告訴我們本季排名前四的客戶所佔的百分比？此外，如果能對其他即將加入的客戶規模進行一些評論，以便我們了解未來幾季內客戶之間的交接情況，那就太好了。

Sure, Tom. So for Q2, as we mentioned in my prepared remarks, we had four 10% customers. The largest was 42% of revenue, and that was the customer that we've, in the past, said we expect to be the largest customer this fiscal year. The second largest was 24%, which have to be our first hyperscaler to ramp a few years back. Third largest was 16%, which was our largest customer in Q1. And the fourth was 11%, which is our newest hyperscaler that we've discussed in the past.

當然可以，湯姆。所以，正如我在準備好的演講稿中提到的，第二季我們有四家佔比 10% 的客戶。其中最大的客戶佔總收入的 42%，而我們過去也曾表示，我們預計該客戶將在本財年成為最大的客戶。第二大佔比為 24%，這應該是我們幾年前開始大規模擴張的第一家超大規模資料中心營運商。第三大客戶佔 16%，也是我們第一季最大的客戶。第四名是 11%，也就是我們之前討論過的最新超大規模資料中心。

So when you kind of plot that all out, what you see and what we've been fairly consistent in saying is that the ramp at any given single hyperscaler is never really linear. So we're seeing that with our largest customer from last quarter, taking a bit of a pause this quarter. But our largest customer for this fiscal year, which had been down for the last few quarters is back up again. So there is definitely a give and take that we are managing through.

所以，當你把所有這些都列出來的時候，你會發現，而且我們一直以來都一致認為，任何給定的單一超大規模資料中心的成長速度都不是真正的線性成長。所以我們看到，上個季度最大的客戶，本季稍微暫停了一下業務。但我們本財年最大的客戶，之前幾季一直處於低迷狀態，現在已經恢復正常了。所以，我們之間肯定存在著一種需要權衡取捨的關係。

And again, we have 12-month visibility, in some cases, even greater visibility with our customers in order to be able to manage that through the course of time. Hard to predict exactly how things are going to fall quarter to quarter longer term. But hopefully, that gives you kind of a flavor as to what we're seeing kind of on the ground right now today.

此外，我們能夠對客戶進行長達 12 個月的預測，在某些情況下，甚至能夠提供更全面的預測，以便隨著時間的推移進行管理。很難準確預測未來幾季的長期走勢。但希望這能讓您對我們今天在現場看到的情況有所了解。

Tore Svanberg, Stifel.

Tore Svanberg，Stifel。

Yes. Congratulations on the solid results. Bill, I had a question on your sort of three new product lines here, obviously, all in the optical domain. First of all, could you maybe elaborate a little bit on how much you're focusing on the system-level products because obviously, in copper, yes, you have system order products, but the three areas in optical, how much of those should we assume or systems? And then I have a follow-up.

是的。祝賀你們取得如此優異的成績。比爾，我有一個關於你這三條新產品線的問題，顯然，它們都屬於光學領域。首先，您能否詳細說明一下您對系統級產品的關注程度？因為很顯然，在銅纜領域，您有系統級產品，但在光纖領域，我們應該假設有多少是系統級產品？然後我還有一個後續問題。

Yes. So we've been very consistent in talking about our intent to continue to expand our portfolio at the system level. And I would say that, yes, ALCs as well as ZF optics, those are both optical solutions. But the OmniConnect family will be initially copper-based and then longer term, we'll offer near package optics options with that. And so I think that from the standpoint of delivering value to our customers, we are very much focused on delivering non-commodity [non-IEEE] standard well beyond what that standard calls for. A

是的。因此，我們一直非常一致地表示，我們有意繼續在系統層面擴展我們的產品組合。是的，ALC 和 ZF 光學元件都是光學解決方案。但 OmniConnect 系列產品最初將以銅為基礎，從長遠來看，我們將提供近封裝光學元件選項。因此，我認為從為客戶創造價值的角度來看，我們非常注重提供遠超過標準要求的非商品（非 IEEE）標準的產品。一個

nd I think ZF optics is a great example of that in a sense that going back 18 to 20 months ago, we really heard strong feedback from multiple customers that reliability was the top priority as people became more familiar with the issues that they were seeing with building out AI clusters. And so with one of the customers that we were on stage at OCP, we've got to work thinking about how do we integrate higher level within the stock, how do we integrate within the network software for that customer within their AI cluster.

我認為 ZF 光學就是一個很好的例子，因為早在 18 到 20 個月前，我們就從許多客戶那裡聽到了強烈的反饋，他們表示可靠性是首要考慮因素，因為人們越來越熟悉他們在構建 AI 集群時遇到的問題。因此，對於我們在 OCP 大會上與其中一位客戶交流時，我們必須思考如何將更高層次的功能整合到股票中，如何將功能整合到該客戶的 AI 叢集的網路軟體中。

And so the concept is how do we how do we provide more visibility, more telemetry, how do we make that information available and actionable at a network level. When we think about the opportunity that we're creating for our customer here is it's really creating almost like a check engine light being able to set a threshold on links, all of the links within a cluster enable it to sense real time when those -- any of those links are degrading, being able to set a threshold and once that signal integrity drops below that threshold, being able to action it by in an orderly fashion, taking that GPU out of the cluster before you see a link flap that could potentially take down -- take that cluster in timely.

因此，我們面臨的問題是：如何提供更多的視覺性、更多的遙測數據，如何使這些資訊在網路層面可用且可操作？當我們思考我們為客戶創造的機會時，它實際上就像一個引擎故障指示燈，能夠為叢集內的所有連結設定閾值，使其能夠即時感知任何鏈路何時出現劣化，並能夠設定閾值。一旦訊號完整性低於該閾值，就能夠以有序的方式採取行動，在鏈路抖動可能導致叢集崩潰之前，將 GPU 從叢集中移除，從而及時將叢集移除。

And so that type of value add is completely innovative, and it's defining a new class of optical connectivity, and it's very, very targeted for reliability and that reliability is really with traditional laser-based optical transceivers. So that's a big investment. It had -- we delivered a custom optical DSP. The whole pilot telemetry platform is something that we've been working on for many years, and there's a lot of special development work that was done to tightly couple that optical DSP and then integrating within a switch level SDK.

因此，這種增值方式完全是創新性的，它定義了一種新的光連接方式，並且非常注重可靠性，而這種可靠性實際上是基於傳統的雷射光收發器。這是一筆很大的投資。我們交付了客製化的光學DSP。整個飛行員遙測平台是我們多年來一直在研究的，我們做了很多專門的開發工作，將光DSP緊密耦合，然後整合到交換器層級的SDK中。

This is -- these are all things at a system level that needed to be done to be able to bring this product to market. When we think about ALCs, I've talked about that. That's a game changer. It's basically changing the light source to at a ground level, deliver better reliability. And when we think about our first gearbox in the OmniConnect family, it is a copper solution, but it's redefining how memory to compute or memory to XPU connectivity is done.

這些都是系統層面上需要完成的事情，才能將這款產品推向市場。當我們談到酒精含量控制（ALC）時，我已經談到過這一點。那將徹底改變遊戲規則。它本質上是將光源移至地面，從而提供更好的可靠性。當我們想到 OmniConnect 系列中的第一個變速箱時，它雖然是銅纜解決方案，但它重新定義了記憶體到電腦或記憶體到 XPU 的連接方式。

And when we think about the alternative being HBM, all in package, all driving extremely challenging heat dissipation environment. That translates directly to reliability as well. So being able to move the memory up to tenants is away, not only does it lift the logical and physical limitation that you've got by being in a package with a beachfront bio density that's not as dense. It really eliminates the reliability issue that you've got with the heat that's generated by putting so much memory in a single package with XPU.

當我們考慮另一種選擇——HBM時，所有組件都整合在一個封裝內，所有驅動都處於極其具有挑戰性的散熱環境中。這也直接關係到可靠性。因此，將記憶體轉移到租戶手中不僅消除了邏輯和物理上的限制，也消除了由於海濱生物密度不高而造成的限制。它真正解決了將大量記憶體整合到 XPU 單一封裝中產生的熱量所帶來的可靠性問題。

So it's really a combination of both optical and copper. But again, we're agnostic to the medium. We're agnostic to exactly how these solutions are put together with the copper or fiber, it's ultimately delivering a solution to the customers that is just much better than it's in the market today.

所以它其實是光學和銅的結合體。但我們對媒介本身持開放態度。我們並不在意這些解決方案具體是如何用銅纜或光纖連接的，最終目的是為客戶提供比目前市場上更好的解決方案。

That's very helpful. And as my follow-up, and I'm very interested in the 112 gig VSR SerDes technology. I think you mentioned initially, it's going to be copper, but eventually, you're going to have an optical solution as well. I'm just curious, would you have to develop some silicon photonics technology there? Or would that still sort of be a solution in the pure silicon domain?

那很有幫助。作為後續問題，我對 112 千兆 VSR SerDes 技術非常感興趣。我想你一開始就提到過，會用銅，但最終也會採用光學解決方案。我只是好奇，你們那裡需要開發一些矽光子技術嗎？或者說，這在純矽領域仍然算是解決方案嗎？

Yes. So regarding the SerDes that was developed specifically for this application. I love the arguments in the market about who's got the best SerDes and a lot of times in the market, people like to think the longest REIT SerDes is obviously the best. We look at it differently. We really look at it from an application-specific perspective.

是的。所以，關於專門為該應用程式開發的SerDes。我喜歡市場上關於誰擁有最好的SerDes的爭論，很多時候，市場上的人們喜歡認為最長的REIT SerDes顯然是最好的。我們的看法不同。我們確實是從具體應用的角度來看這個問題的。

And so when we think about the idea of giving an customer, a piece of IP to integrate. We think about how do we achieve the smallest footprint, the lowest power. And ultimately, with this VSR SerDes that we developed, on a max radical die, we can fit 1,200 of these startings, creating 120 terabits per second of potential bandwidth, that's unprecedented, that has yet to be achieved, especially when you think about the reach being 10 inches. Other competitive solutions, the reach would be an inch or less.

因此，當我們考慮將部分知識產權交給客戶進行整合時，就會產生這樣的想法。我們思考如何才能實現最小的佔地面積和最低的能耗。最終，憑藉我們開發的這款 VSR SerDes，在一個最大的晶片上，我們可以安裝 1200 個這樣的起始單元，從而產生每秒 120 太比特的潛在頻寬，這是前所未有的，尚未實現的，尤其考慮到其傳輸距離為 10 英寸。其他同類解決方案，其作用範圍可能只有一英吋甚至更小。

And so basically, forcing there to be a die to die connectivity versus moving a chip outside the package. And so it's a real breakthrough. I would argue that this SerDes is best-in-class, and it's enabling entire family of solutions that range from IO solutions from memory, but also from a scale out or scale-up perspective.

所以，基本上就是強制實現晶片間的直接連接，而不是將晶片移出封裝。所以這是一項真正的突破。我認為這款 SerDes 是同類產品中的佼佼者，它不僅支援記憶體 I/O 解決方案，還支援橫向擴展和縱向擴展等一系列解決方案。

And long term, near package optics. And the near package optics will leverage the work that we're doing in micro LED. So first step will be ALCs and then we'll roll that right into some additional game-changing applications like near package optics.

從長遠來看，近距離封裝光學元件。近封裝光學元件將利用我們在微型 LED 領域所做的工作。所以第一步是ALC，然後我們會將其應用到一些其他具有變革意義的應用中，例如近封裝光學元件。

Vivek Arya, Bank of America.

Vivek Arya，美國銀行。

Bill, which applications are you four customers using AECs for today and which applications are they not yet using AECs for? And as we look into next year, there's a lot of talk of co-packaged optics coming into the mix. And I was hoping you could give us a sense for what impact that might have on the current or future AEC usage by your customers.

Bill，你們四位客戶目前在哪些應用程式中使用AECs，又在哪些應用程式中尚未使用AECs？展望明年，有許多關於共封裝光學元件的討論。我希望您能讓我們了解這可能會對您的客戶目前或未來使用 AEC 服務產生什麼影響。

So the different applications that we've talked about in the past have been number one, front-end network connections, which, of course, that was the first application to ramp with our first customer years ago. We've also talked about the scale-out opportunity as part of the back-end network of AI clusters. The third application we've talked about is (inaudible) and that would be as opposed to buying a chassis filled with switches, you would stack those vertically in a rack.

因此，我們過去討論過的不同應用首先是前端網路連接，當然，這是我們幾年前與第一位客戶合作的第一個應用。我們也討論了作為人工智慧叢集後端網路一部分的橫向擴展機會。我們討論的第三個應用是（聽不清楚），那就是，與購買裝滿交換器的機箱不同，你可以將這些交換器垂直堆疊在機架中。

And that backplane connection within a chassis would become a short cable connection within the rack. Those are the first three applications we've talked about, and we are in production with all three of those with different customers. We're definitely not fully penetrated with all of our customers, but we are in production with all three of those applications.

機殼內的背板連接將變成機架內的短電纜連接。以上是我們討論的前三個應用程序，目前這三個應用程式都已投入生產，分別服務於不同的客戶。我們當然還沒有完全滲透到所有客戶中，但我們已經在所有這三個應用程式中投入生產使用。

I would say the one remaining application that will be high volume is with the scale up network as that network goes rack-scale and then ultimately goes row-scale depending on the density and the number of racks that are being deployed. Now as it relates to co-package optics, this is a -- this has been a long conversation really.

我認為，目前唯一使用量仍然很大的應用是縱向擴展網絡，因為該網絡會先擴展到機架規模，然後最終根據部署的密度和機架數量擴展到行規模。現在，關於共封裝光學元件，這——這真是一場漫長的討論。

For the 12 years, I've been involved in this industry there's been a conversation about moving to a co-package. It's changed names or changed acronyms over time. But I think that before it takes off in a really big way, there's got to be answers to the pitfalls that are very, very well known. Number one, related to reliability, serviceability, maintenance, cost, of course.

在我從事這個行業的這 12 年裡，一直有關於轉向聯合包裝的討論。隨著時間的推移，它的名稱或縮寫都改變了。但我認為，在它真正大規模發展之前，必須找到解決那些眾所周知的陷阱的方法。第一點，當然與可靠性、可維護性、維護成本和成本有關。

And we think that there are solutions that are going to be more optimized from a power standpoint, more optimized from a reliability standpoint and we're focused on bringing those solutions to market really maybe even within the same time frame as people talk about co-package optics.

我們認為，從功率角度來看，有一些解決方案會更加最佳化；從可靠性角度來看，也有一些解決方案會更加優化。我們專注於將這些解決方案推向市場，甚至可能在人們談論共封裝光學元件的同一時間範圍內實現。

So there's been lots of demonstrations, but we don't see a lot of customers moving forward in a big way that would have an impact on us. I think it's safe to say that from that post to tZERO connection perspective, reliability is tough, absolutely top of the list on priorities.

雖然有很多演示，但我們沒有看到很多客戶採取大規模行動，從而對我們產生影響。我認為可以肯定地說，從那篇貼文到 tZERO 連結的角度來看，可靠性是一個難題，絕對是首要考慮因素。

So I think we're that's obviously the high-volume part of the market, and we don't see that. We don't see that moving to CPO anytime soon.

所以我覺得這顯然是市場中交易量最大的部分，而我們並沒有看到這種情況。我們認為這種情況短期內不會發展成首席產品長 (CPO)。

And for my follow-up, I'm curious, how does your ASP lift from the 100 to 200 gig per lane compared to the lift that you have seen and are still seeing in the 50 to 100 gig transition? And does the competitive landscape change as you start moving to 200 gig, does that new application create a bigger opportunity for some of your competitors?

另外，我很好奇，從每聲道 100 GB 到 200 GB，你們的平均售價 (ASP) 提升幅度與從 50 GB 到 100 GB 過渡期間的提升幅度相比如何？隨著你們開始向 200G 邁進，競爭格局是否會改變？這種新的應用是否會為你們的一些競爭對手創造更大的機會？

The question is a bit more complex than just thinking about moving from one latent speed to faster lane speed. Our ASPs are highly dependent on the number of connectors in the SKU the devices that we're using within those characters and the length of the connections. And so it's it is safe to say that we have had some uplift going from 50 to 100 gig.

這個問題比簡單地考慮從一種潛在速度過渡到更快的車道速度要複雜一些。我們的 ASP 高度依賴 SKU 中連接器的數量、我們在這些字元範圍內使用的設備以及連接的長度。因此可以肯定地說，從 50 吉比特到 100 吉比特，我們已經取得了一些進展。

And I believe there's going to be an uplift going from 100 to 200, but I can't kind of categorize it simply. But I do think that naturally, there will be an advantage as we move to faster lane speeds.

我相信從 100 到 200 會有提升，但我無法簡單地將其歸類。但我認為，隨著車道速度的提高，自然會有優勢。

Quinn Bolton, Needham & Company.

奎因·博爾頓，尼德姆公司。

Congratulations on the nice results and outlook. I guess, Bill, I had a question just on the supply side things, I think looking at the 10-K, you guys put out, you list Vislink as sort of your sole provider of AEC cable manufacturing and obviously, the forecast here is getting pretty big pretty quickly.

恭喜你們取得如此佳績，前景光明。比爾，我想問關於供應方面的問題。我想看看你們發布的 10-K 報告，你們把 Vislink 列為 AEC 電纜製造的唯一供應商，顯然，這裡的預測規模正在迅速擴大。

How are you feeling about AEC supply? Are there any constraints you're working through? Anything to call out on the supply front?

您對AEC的供應情況有何看法？目前遇到哪些限制因素？供應方面有什麼需要特別指出的嗎？

I think we're entering a period of time where we will be talking about supply constraints more frequently. Now as it relates to our AEC volumes, I don't see any -- I don't see a concern related to the quantity that we can produce with our partners. I think we've proven that over the last year that we can ramp significantly in a very short period of time. So this is a completely different equation than thinking about a wafer foundry.

我認為我們即將進入一個需要更頻繁地討論供應限制的時期。至於我們的 AEC 產量，我看不出任何東西——我看不出我們與合作夥伴的產量會有任何問題。我認為過去一年我們已經證明，我們可以在很短的時間內大幅提升產能。所以這與考慮晶圓代工廠的情況完全不同。

And so I do -- over the last two to three months, we've really seen an increase in the conversations around what is the total potential wafer demand in the market for next year and the year beyond and the year beyond that. And I do think that if we look at it from a demand standpoint, the market, in general, is going to kind of quickly get to the point where we're kind of almost self-regulated by foundry capacity.

因此，在過去的兩到三個月裡，我們確實看到關於明年、再下一年以及更遠未來幾年晶圓市場總潛在需求的討論有所增加。而且我認為，如果我們從需求的角度來看，市場整體上很快就會發展到幾乎完全由代工廠產能自我調節的地步。

And so I don't want to be too controversial talking about it, but I think from an advanced node perspective, I think it's going to be a more frequent conversation about capacity constraints at a wafer level.

所以我不想在這個問題上引起太大的爭議，但我認為從先進節點的角度來看，關於晶圓級產能限制的討論將會更加頻繁。

Now as it relates to Credo, I think that a couple of things give us an advantage. And we've talked about -- if you remember, the N-1 process strategy, which is we've always had a strategy to be in older geometry processes than our competition if we can deliver best-in-class power, best-in-class buy sizes and best-in-class performance.

至於 Credo，我認為有兩件事讓我們有優勢。我們之前討論過——如果你還記得的話——N-1 工藝策略，那就是，如果我們能夠提供一流的功率、一流的採購規模和一流的性能，我們就會採用比競爭對手更古老的幾何工藝。

And so we've done that successfully over time. So right now, 12-nanometer is our workhorse. And that's not as tight as say, 3-nanometer or 5-nanometer. And so we feel pretty good about about where we are just related to a situation where there's an increasing demand across the board for wafer volume.

因此，隨著時間的推移，我們成功地做到了這一點。所以目前，12奈米是我們的主力技術。而且這還不如 3 奈米或 5 奈米那麼精確。因此，鑑於晶圓產量全面成長的需求，我們對目前的情況感到非常滿意。

But I also will say that our foundry partners are very, very well in tune that the connectivity solutions, the relatively small die size connectivity solutions are critical for shipping GPUs. You can't really ship GPUs about connectivity solutions. And so I think for a couple of reasons, I think we're going to be able to manage our way through that.

但我還要說，我們的代工廠合作夥伴非常清楚，連接解決方案，尤其是相對較小的晶片尺寸的連接解決方案，對於GPU的出貨至關重要。GPU 的運輸不能只考慮連接解決方案。所以我覺得，基於以下幾個原因，我們應該可以渡過難關。

Now as far as our partners within the AEC product, yes, I mean this is why being vertically integrated like VR gives us an advantage because I've got a system-level supply chain team that is making sure that all of the partners that supply components that go into the AECs that they've got as much visibility and much commitment as they need to go build out what we see it needed in the future.

至於我們在 AEC 產品領域的合作夥伴，是的，我的意思是，這就是為什麼像 VR 這樣的垂直整合給我們帶來了優勢，因為我有一個系統級的供應鏈團隊，確保所有為 AEC 提供組件的合作夥伴都能獲得足夠的可見性和足夠的承諾，以便構建我們認為未來需要的東西。

And so I think -- yes, great question. I think it's going to be really topical as we go through calendar '26.

所以我覺得——是的，問得好。我認為隨著我們進入2026年，這將是一個非常熱門的話題。

And for my follow-up, Bill, just looking at your top two customers, I believe they are still at either 50 gig or 25 gig per lane, but just wondering if you could confirm that at least that still feels like the vast majority of your AEC business is at 50 gig per lane and it sounds like there's an opportunity that is those customers ultimately transition to 100-gig per lane.

比爾，我的後續問題是，我看了看你的前兩大客戶，我認為他們目前仍然是每通道 50G 或 25G，但我想確認一下，至少目前看來，你 AEC 業務的絕大部分仍然是每通道 50G，而且聽起來這些客戶最終可能會過渡到每通道 100G，這其中存在著商機。

There's probably some ASP lift you would see with that transition. I won't ask you to comment on specifically when they may transition. But just I don't think it's happened yet. I was hoping you could confirm that the top two guys are still either 25 or 50 gig per lane.

這種轉變可能會帶來一些平均售價的提升。我不會問你具體何時會發生轉變。但我認為這件事還沒有發生。我希望你能確認一下，前兩位的玩家每個通道的頻寬是否仍然是 25 或 50 GB。

I'll confirm that we're in production with 25 gig per lane, 50 gig per lane as well as 100-gig per lane. And we're probably one of the fastest-growing parts of our business has been the shipments of 100-gig for lane solutions. And so the -- yes, you're right that it's not so simple for me to characterize it.

我確認我們目前在生產環境中分別採用每通道 25 GB、每通道 50 GB 和每通道 100 GB 的頻寬。我們業務中成長最快的部分之一可能是 100G 通道解決方案的出貨量。所以——是的，你說得對，我很難簡單地描述它。

I do think that over time, you'll see the entire customer base moving to 100 gig per lane and then making a move towards 200 gig per lane over the next two to three years. So I think generally, our -- the trend that you're referring to, I think that we can say generally that it's accurate. We'll see uplift as the market migrates towards faster speeds.

我認為隨著時間的推移，你會看到整個客戶群逐步過渡到每通道 100 Gb，然後在未來兩到三年內逐步過渡到每個通道 200 Gb。所以總的來說，我認為你提到的這種趨勢，我認為我們可以說總體上是準確的。隨著市場向更快的速度發展，我們將看到成長。

Suji Desilva, ROTH Capital Partners.

蘇吉‧德席爾瓦 (Suji Desilva)，羅仕資本合夥人。

Congrats on the progress here. Maybe you could talk about your customers now when your first IPO, you had a handful of customers, now you're gaining with five customers here potentially. So the hyperscalers that don't kind of use you at a scaled level 10%-plus type levels. I know you're in all of it at some level.

恭喜你們的進展。或許你可以談談你現在的客戶狀況，在你第一次上市的時候，你只有寥寥幾個客戶，而現在你可能有五個客戶了。所以，那些超大規模資料中心不會以 10% 以上的規模使用你的資源。我知道你在某種程度上參與其中。

What is the difference between the customers you haven't penetrated yet and the ones you're getting to 10-plus percent in various quarters.

你尚未滲透的客戶群與你在不同季度滲透率達到 10% 以上的客戶群之間有什麼區別？

We look at every one of the hyperscalers as almost a different market. The -- I'll try to maybe solve the same problem generally, but there's so many different ways to solve those problems. And so network architecture is very much specific to each one of our customers. And I can tell you that the first program that we engaged with, typically, that's led to many other programs within the same customer.

我們把每一家超大規模資料中心營運商都看作是一個幾乎不同的市場。我可能會嘗試用一般的方法解決同樣的問題，但是解決這類問題的方法有很多。因此，網路架構對於我們每個客戶而言都是非常具體的。我可以告訴你，我們參與的第一個項目，通常都會為同一客戶帶來許多其他項目。

And I think that as we think about the customer base right now, we think of 6 hyperscalers in the US, and we think of a handful in Asia. But I think we're going to be talking more and more about that next tier of customer because I think it's going to be possible to drive pretty big numbers with that next tier of data centers.

我認為，當我們考慮目前的客戶群時，我們會想到美國有 6 家超大規模資料中心營運商，而亞洲只有少數幾家。但我認為我們將越來越多地討論下一級客戶，因為我認為藉助下一級資料中心，我們有可能實現非常大的成長。

So generally, I think that as I think about our business, this has been a very significant quarter for us in a sense that we're that we're showing a path to a much more diversified business, not just from a customer base, but from a protocol perspective with PCIe as well as from a just the overall TAM expanding by addressing a much broader market with our system-level solutions.

總的來說，我認為就我們的業務而言，這對我們來說是一個非常重要的季度，因為我們正在展現一條通往更加多元化業務的道路，不僅體現在客戶群方面，還體現在透過 PCIe 協議以及透過我們的系統級解決方案開拓更廣泛的市場，從而擴大整體市場規模方面。

And so if you think about it, we talk about OmniConnect first, and we're really addressing die-to-die or chip-to-chip connections at a system level. And when you think about retimers, those connections can probably be up to a half to 1 meter and typically on an appliance card or a switch card. When we think about AECs up to 7 meters.

所以仔細想想，我們首先討論的是 OmniConnect，我們實際上是在系統層面上解決晶片間的連接問題。而說到定時器，這些連接可能長達半米到一米，通常位於電器卡或交換器卡上。當我們考慮高度達 7 公尺的 AEC 時。

We think about ALCs up to 30 meters when we think about ZF optics, up to a kilometer or beyond whatever the maximum length is within the data center. And so I think in the past 90 days, this has been probably the most transformative from a news standpoint. We've been working on these things for 18 months or so.

當我們考慮 ZF 光學元件時，我們會想到 30 公尺以內的 ALC，而資料中心內的最大長度可達一公里甚至更長。所以我覺得，在過去的90天裡，從新聞角度來看，這可能是最具變革性的時期。我們已經為此努力了大約18個月。

But now being able to talk about it, I think it shows that their path to a much more diversified company long term as we think about moving the company from that $1 billion threshold of revenue annually to $5 billion and beyond over the next several years.

但現在能夠談論這件事，我認為這表明，從長遠來看，他們正在朝著更加多元化的公司發展，因為我們正在考慮在未來幾年內將公司年收入從 10 億美元提高到 50 億美元甚至更高。

Okay. I appreciate how you classify the products there for us. And then my other question is on manufacturing. I know with AECs, you're doing the cable manufacturing and house selling the entire cable solution. Is it the same strategy for ALC? Will it be models versus cables, outsourcing? Any color there be helfpul.

好的。我非常欣賞你們對產品的分類方式。我的另一個問題是關於製造業的。我知道對於AEC公司來說，你們既負責電纜製造，也負責銷售整套電纜解決方案。ALC也採用同樣的策略嗎？是模型與線纜之爭，還是外包？任何顏色都有用。

The strategy for ALCs will be very similar to the strategy for AECs. We intend to own the entire stack, take accountability for the entire system solution. And so we'll see as that develops, that will be a very similar model to what we've got today with AECs.

ALC 的策略將與 AEC 的策略非常相似。我們打算擁有整個技術棧，對整個系統解決方案負責。因此，隨著事態發展，我們將看到這將與我們今天在建築、工程和施工 (AEC) 領域所採用的模式非常相似。

Vijay Rakesh, Mizuho.

Vijay Rakesh，瑞穗銀行。

Congratulations here. Just a quick question on the scale up. Do you see those revenues start to ramp in second half calendar '26. And I think you mentioned (inaudible) was ALC in calendar '27. Is that the way to look at it?

恭喜！關於規模擴大，我有個小問題。您認為這些收入會在 2026 年下半年開始成長嗎？我想你有提到（聽不清楚）是 27 年曆上的 ALC。是這樣看待這個問題的嗎？

For scale-up specifically, we're going to enter that market with PCIe Gen solutions. Now of course, we'll entertain Gen 5 in the interim. But really, the product is targeted for Gen 6, will bring both retimers and AECs to market simultaneously, and we see a big opportunity for both. If I think long term, that will migrate to faster lane speeds.

具體來說，為了擴大規模，我們將透過 PCIe Gen 解決方案進入該市場。當然，在此期間，我們會娛樂第五代玩家。但實際上，該產品是針對第六代產品設計的，將同時把定時器和自動曝光補償器推向市場，我們認為這兩者都有很大的機會。從長遠來看，這最終會演變成更快的車道行駛速度。

And PCIe Gen 7 is absolutely a conversation. We'll deliver products to the market to meet that protocol, that Gen 7, 128 gigabits per second per lane protocol. But also, there's a huge conversation about 200 gig per lane. And over time, that the protocol or will settle down and ultimately one or two or even three will be in production.

PCIe Gen 7 絕對值得討論。我們將向市場交付符合該協議的產品，即第 7 代、每通道每秒 128 吉比特的協定。但同時，關於每通道 200 Gb 的討論也非常熱烈。隨著時間的推移，該協議會逐漸穩定下來，最終可能會有一到兩個甚至三個協議投入生產。

We feel good about that because all of the things being discussed right now at 200 gig per lane use the same IEEE SerDes. And so we've talked about being protocol-agnostic for the 200 gig per lane generation. And I'll say that all of the products that we've talked about we're going to be delivering solutions for scale up with all of those products, including AECs and ALCs.

我們對此感到滿意，因為目前討論的所有每通道 200 Gb 的技術都使用相同的 IEEE SerDes。因此，我們討論了對於每通道 200 Gb 的生成而言，協定無關性的問題。我還要說，我們討論過的所有產品，包括 AEC 和 ALC，都將提供規模化解決方案。

And if the market moves towards longer connections, we will surely move to ZF optics as well. But that's yet to be determined.

如果市場朝著更長的連結方向發展，我們也一定會轉向使用ZF光學產品。但這還有待確定。

Got it. And then longer term, as you're obviously seeing a pretty strong AEC ramp. How should we look at the gross margin profile as optical decrees are trying to ramp as well? Just longer term, how to look at those margins?

知道了。從長遠來看，很明顯，AEC 的成長勢頭非常強勁。隨著光學法令的逐步實施，我們該如何看待毛利率走勢？從長遠來看，該如何看待這些利潤率？

Yes. We've been very consistent in saying our long-term expectation for gross margins is in the 63% to 65% range. So we are clearly at a point in time right now where we're a bit above that, but we don't expect that to be the case longer term. If you look at the more medium term, probably we guided to 65% at the midpoint.

是的。我們一直以來都一致認為，我們的長期毛利率預期在 63% 到 65% 之間。所以，我們目前顯然處於略高於該水準的階段，但我們預計這種情況不會長期持續下去。如果從中長期來看，我們預期中點目標為 65%。

So we'll be kind of near that high end of that long-term expectation. But just longer term, I expect that to settle down into an area that historically, companies like us haven't been in.

所以，我們的實際結果應該會接近長期預期值的上限。但從長遠來看，我預計這種情況會逐漸穩定下來，進入一個像我們這樣的公司歷史上從未涉足的領域。

Sean O'Loughlin, TD Cowen.

肖恩·奧洛克林，TD Cowen。

And obviously, congrats on the great results. I had a question about the ALC technology and your relationship with Hyperlume, specifically, I think, Bill, you just alluded to having been working on this for the last 18 months or so. And I would assume that, that's kind of how the acquisition came together. And then, so maybe just talk about that.

當然，祝賀你們取得如此優異的成績。我有一個關於 ALC 技術以及您與 Hyperlume 的關係的問題，特別是，比爾，我想，您剛才暗示過您在過去 18 個月左右的時間裡一直在研究這個技術。我猜想，這大概就是收購達成的過程。然後，或許可以談談這個。

And then if you could address if we're sitting here in 2027, 2028 and ALCs haven't ramped, has it been -- is this because of a technology problem that you guys still need to figure out? Or is it because of a business problem that maybe the market didn't go the direction that you thought it would?

那麼，如果到了 2027 年、2028 年，ALC 還沒有普及，這是因為你們還需要解決某個技術問題嗎？還是因為商業問題，導致市場走向與你預期不符？

I think it goes back a couple of years ago that we first became very interested in micro LED technology as an option to bring really differentiating products to markets -- to market. First, with ALCs and then the second step is to -- to answer some of the pitfalls of near package optics. The first couple of companies that we engage with were independent companies.

我認為早在幾年前，我們就開始對微型 LED 技術產生了濃厚的興趣，將其視為向市場推出真正差異化產品的選擇。首先，使用 ALC，然後第二步是－解決近封裝光學元件的一些缺陷。我們最初接觸的兩家公司都是獨立公司。

And ultimately, we made the decision earlier this year to basically bring the technology in-house, bring the team in-house so that we could have a very predict outcome on time to market. And so at this point, what we've learned over the last 18 months to two years is significant. The team that we've combined forces with Hyperlume. -- we feel like, right at this point, it's more of an execution play.

最終，我們在今年稍早決定將這項技術、團隊都納入公司內部，這樣我們就能對產品上市時間有一個非常可預測的結果。因此，在這一點上，我們在過去18個月到兩年所學到的東西意義重大。我們與 Hyperlume 團隊強強聯手——我們感覺，目前來說，這更多的是執行層面的問題。

It's not really -- so the technology, I think, is well on the path to being developed. Now it's just an execution play, bringing it to market. And so I feel confident about bringing product to market in our fiscal '27 and ramping first initial ramps in fiscal '28. From the standpoint of our confidence on this as far as this being a product that are -- that's going to resonate with our customers, I think that we've got several years under our belts bringing new products and categories of products to market.

並非如此——所以我認為這項技術正在穩步發展。現在只是執行階段，也就是把它推向市場。因此，我有信心在 2027 財年將產品推向市場，並在 2028 財年實現首次量產。從我們對這款產品的信心來看，它一定會引起我們客戶的共鳴。我認為，我們在將新產品和新產品類別推向市場方面已經累積了多年的經驗。

The initial conversations with customers, I don't see any major barriers to overcome from the standpoint of customers accepting the product. These are going to be -- these are going to be bookended solutions. So they're going to be delivered in the form of a cable. And the bottom line is when we deliver on the promise of reliability, power efficiency and system cost that's equal to AECs, but you get a thinner wire, and you get longer length. It's really the perfect type of product.

從與客戶的初步溝通來看，我認為客戶接受產品方面沒有任何重大障礙需要克服。這些將會是──這些將會是首尾呼應的解決方案。所以它們將以電纜的形式交付。最終，當我們兌現了可靠性、電源效率和系統成本與 AEC 相當的承諾時，您將獲得更細的電線和更長的長度。這真是一款完美的產品。

So I really, again, view this as more of an execution challenge. And I feel very good about the team we've got in place, the additions that we've got planned over the next 12 months to make sure we get this right.

所以我再次強調，這更多的是一個執行上的挑戰。我對我們現有的團隊以及未來 12 個月內計劃進行的人員補充感到非常滿意，以確保我們把這件事做好。

Yes. And then a quick follow-up on ZF Optics. Understanding that they're a system-level solution, is there a -- is there a line rate or a lane rate that the ZF optics platform is targeting to intersect with? Or is it relatively agnostic, can be leveraged at 50 gig, 100 gig, 200 gig per lane type of applications?

是的。然後快速跟進一下ZF Optics的情況。考慮到它們是系統級解決方案，ZF 光學平台的目標是否是與某種線路速率或通道速率相交？或者說，它相對來說與頻寬無關，可以用於每通道 50G、100G、200G 等類型的應用？

It can be leveraged across the board. The first product that we'll go to production with is 100-gig per lane. It will be 800 gig ports that we're addressing. But there's definitely a path to 1.6T. But if we had a customer that wanted to bring a product to market that was 50 gig per lane, there's no issue with that.

它可以應用於各個領域。我們將投入生產的第一款產品是每通道 100G。我們將要解決的是 800Gb 連接埠的問題。但肯定有辦法達到 1.6T。不過，如果我們有客戶想要推出每通道 50G 的產品，那也沒問題。

Christopher Rolland, Susquehanna.

克里斯多福羅蘭，薩斯奎哈納。

Congrats on the pretty amazing results here. And yes, these are probably going to be for Dan. So you guys, in a very good way, kind of blew up my old model. So I think we've talked -- you guys talked about more than 170% year-over-year growth. Perhaps we can put some brackets or talk about next year obviously will have a deceleration.

恭喜你取得如此驚人的成績。是的，這些很可能是給丹的。所以，你們以一種非常好的方式，徹底顛覆了我之前的模式。所以我覺得我們已經談過了——你們談到了同比增長超過 170%。或許我們可以加一些括號，或是討論一下明年顯然會出現減速的情況。

But do you think that we could grow at a at a rate similar to the Street where it was? Or do you think that needs to come down a little bit, just given the better results for this fiscal year? Just any sort of commentary as to the growth rate for next year would be phenomenal.

但你認為我們能以與華爾街相似的速度成長嗎？或者，鑑於本財年業績有所好轉，您認為是否需要稍微降低一些？任何關於明年成長率的評論都將是極好的。

Yes. We -- so in my prepared remarks, I specifically said mid-single digits revenue growth sequentially through fiscal '27. So that's the expectation that we've set we set that expectation probably three or four quarters ago as well as if you go back and look at things, and we've outperformed that. So sure, things could change. But we're not setting any expectation that's different from (inaudible).

是的。因此，我在事先準備好的發言稿中特別提到，到 2027 財年，收入將逐週實現中等個位數成長。所以這就是我們設定的預期，我們大概在三、四個季度前就設定了這個預期，如果你回顧過去的情況，你會發現我們已經超越了這個預期。當然，情況可能會改變。但我們並沒有設定任何與以往不同的期望。（聽不清楚）

Okay. Okay. I guess I don't know, does that were we at the higher end of middle -- mid-single digits? And do we move lower, just given the better results? And then, my second question, Dan, is around OpEx. So a pretty big guided bump for next quarter. maybe talk about that. Is that just a bunch of engineers coming on? Is that more onetime?

好的。好的。我猜我不知道，我們當時是不是處於個位數中段的較高水準？鑑於更好的結果，我們是否應該降低價格？丹，我的第二個問題是關於營運支出的。所以下個季度預計會有相當大的成長。或許可以談談這個。那是不是一群工程師來了？那隻是一次性事件嗎？

And then do we take that bump and then just forecast it across every quarter moving forward? How should we think about that and/or like just what do you think OpEx might grow at a percentage of revenue, if that's easier to discuss, however you would frame it?

那麼，我們是否應該將這一波動幅度預測到未來每季呢？我們該如何看待這個問題？或者，您認為營運支出佔收入的百分比可能會是多少？如果這樣比較容易討論的話，您怎麼措辭比較合適？

Yes. So let me just first state that we're continuing to manage our operating expenses in order to support the revenue growth that we foresee. And as you know, all of these projects, all of these pillars of growth that Bill has talked about, there's a long gestation period for all of them, and you need engineers, engineering talent to be able to execute on that. So we're feel like we're in a great position to do so.

是的。首先我想說明的是，我們將繼續控制營運支出，以支持我們預期的收入成長。如你所知，比爾談到的所有這些專案、所有這些成長支柱，都需要很長的醞釀期，你需要工程師、工程人才來執行這些專案。所以，我們感覺我們處於非常有利的位置，可以做到這一點。

Our Q3 OpEx guide was up more than it has been in the last few quarters, up 22% at the midpoint. But as you dig into our Q, you'll see our R&D spend was sequentially down in Q2. So in one way we're kind of making up for that small decline. So long story short, guiding to $70 million at the midpoint, that does set a new base.

我們的第三季營運支出指引值比過去幾季都高，中點值上漲了 22%。但當你深入了解我們的季度報告時，你會發現我們的研發支出在第二季較上季下降。所以從某種程度上來說，我們正在彌補這一小幅下滑。簡而言之，如果指導價中位數為 7000 萬美元，這將設定一個新的基準。

There's additional project-related spend within that plus additional hiring. We've brought the hyper loom team on board. There's a lot of different factors that go into that number. But if you plug that number into your model and have a small sequential increase you'll kind of end up at a 50% year-over-year OpEx growth from fiscal '25 to fiscal '26, which was also in my prepared remarks. So hopefully, that's helpful.

其中還包括與項目相關的額外支出以及額外的招聘費用。我們已經把超級織布機團隊招募進來了。影響這個數字的因素很多。但是，如果你把這個數字代入你的模型，並且進行小幅的連續增長，你最終會發現，從 2025 財年到 2026 財年，運營支出同比增長了 50%，這在我的準備發言稿中也有提到。希望這能有所幫助。

Karl Ackerman, BNP Paribas.

卡爾‧阿克曼，法國巴黎銀行。

I have two questions, if I may. First, could you speak to why you are now licensing your active electrical cable IP to third parties? And how this agreement reflects your perceived competitive moat and go-to-market for AECs?

如果可以的話，我有兩個問題。首先，能否說明為什麼現在要將貴公司的有源電纜智慧財產權授權給第三方？這項協議如何反映您對AEC產業競爭優勢和市場策略的理解？

To give background on the case that we filed with the ITC, this is a market, the AEC market that Credo pioneered over the last seven or eight years, we spent tens of millions dollars establishing the innovations required to build these products. And it's great to see that the product category is -- has realized what we felt would be a multibillion-dollar market potential.

為了說明我們向美國國際貿易委員會 (ITC) 提交的案件的背景，這是一個市場，即 Credo 在過去七八年中開創的 AEC 市場，我們花費了數千萬美元來建立製造這些產品所需的創新。令人欣慰的是，該產品類別已經實現了我們預期的數十億美元的市場潛力。

And so, along the way, we've been pretty communicative with others that are in the market are showing intent to enter the market that we've got IP and we're intending to make sure that there's respect for that IP. And so we got to the point where we felt it necessary to file with the ITC because we were getting great respect or great acknowledgment of the fact that the path was pretty well defined by Credo and our engineering team.

因此，一路走來，我們一直與市場上其他有意進入該市場的公司保持良好的溝通，表明我們擁有智慧財產權，並且我們打算確保這些智慧財產權得到尊重。因此，我們覺得有必要向美國國際貿易委員會 (ITC) 提交申請，因為我們得到了極大的尊重或認可，因為 Credo 和我們的工程團隊已經很好地定義了這條道路。

And so I think we feel really good with where we are. We never thought about this market as being a market that would take off if there was a single supplier. And so our customers all want multiple suppliers.

所以我覺得我們對目前的狀況很滿意。我們從未想過，如果只有一個供應商，這個市場就會蓬勃發展。因此，我們的客戶都希望有多家供應商。

Ultimately, we've landed in a good spot with three other conversations that we've had thus far. We've got a couple more in flight or maybe even more than a couple more in flight. This doesn't change anything competitively for us. We've always thought about competition as a challenge of moving more quickly and in a way that delivers what our customers want.

最終，我們與另外三方進行的對話都取得了不錯的成果。我們還有幾架飛機正在飛行中，或者可能不只幾架。這不會對我們的競爭力造成任何影響。我們一直把競爭視為一種挑戰，即如何更快地發展，並以能夠滿足客戶需求的方式前進。

And so it's a function of delivering what they want first having it be qualified first, ramping first, delivering flawlessly as they ramp and as they are in high-volume production. That's really our focus as a team, both at an engineering level as well as an operations level.

因此，關鍵在於首先滿足他們的需求，首先確保產品合格，首先實現量產，並在量產過程中完美交付，直到達到高產量。這正是我們團隊的關注重點，無論是在工程層面還是營運層面。

And so I'd say that we're satisfied with where we are competitively and we're satisfied with where we are with the results thus far that we've seen as we've protected our IP.

因此，我認為我們對自身的競爭力感到滿意，也對我們迄今為止在保護智慧財產權方面所取得的成果感到滿意。

Got it. That's helpful. Maybe a question for Dan. You noted that you've got 12 months of visibility with several hyperscale customers. I guess the bag of the question. What was the largest delta in your upwardly revised outlook versus your prior outlook of [$960 million] and change I guess, how much of it was simply the ramp up your -- the fifth hyperscale customer versus just higher order rates of existing programs or even new AEC applications across scale-out and (inaudible) chassis at some of the other customers?

知道了。那很有幫助。或許可以問丹一個問題。您提到您與幾位超大規模客戶建立了 12 個月的合作關係。我想，問題就出在這裡。與先前的預期（9.6 億美元）相比，您向上修正後的預期中最大的差異是什麼？我想，其中有多少只是第五個超大規模客戶的業務成長，又有多少只是現有專案訂單率的提高，甚至是其他一些客戶在橫向擴展和（聽不清楚）機箱方面的新 AEC 應用？

What I'd say this is more of a general comment, and this is true over the last three to four quarters. We've seen continuing strengthening of our forecast throughout the quarters as they proceeded, which is how we've gotten into this particular rhythm that we're in right now. So it's not specific to a customer, it's perhaps more of an industry trend, and we've benefited from that. So that's what we're seeing.

我想說的是，這更多的是一種普遍的看法，而且在過去三到四個季度都是如此。隨著各季度的推進，我們看到我們的預測不斷增強，這也是我們目前所處的這種特定節奏的原因。所以這不是針對特定客戶的，而更像是一種行業趨勢，而我們已經從中受益。這就是我們看到的情況。

Joseph Cardoso, JPMorgan.

Joseph Cardoso，摩根大通。

Maybe for my first one, I just wanted to touch again on the entry into the optical transceiver market beyond just DSPs. This is obviously a very large and expanding TAM, but perhaps one where current industry margins are somewhat below your long-term targets. So maybe can you just take a second and just talk about how you're thinking about the margin opportunity here?

也許對於我的第一篇文章，我只是想再次探討除了 DSP 之外，如何進入光收發器市場。這顯然是一個非常龐大且不斷成長的潛在市場，但或許目前的產業利潤率略低於您的長期目標。所以，您能否花一點時間，談談您是如何看待這裡的利潤空間的？

And also curious whether you're focused on selling the full modules or if there's an opportunity to drive attach at the DSPs, pilot software, et cetera, and sell those building blocks of the ZeroFlap solution to potential customers? And then I have a follow-up.

另外，我很好奇你們是專注於銷售完整的模組，還是有機會推動DSP的接入、試點軟體等等，並將ZeroFlap解決方案的這些構建模組銷售給潛在客戶？然後我還有一個後續問題。

Yes, we're absolutely thinking about this product in a similar way that we think about the other system-level products. We're going to take full ownership and accountability for the entire system-level solution. So we're not necessarily competing in the current commodity market. If a customer is looking for that step function in reliability that you can get by going up the stack with the solution we're bringing to market. Absolutely.

是的，我們絕對是以與考慮其他系統級產品類似的方式來考慮這款產品的。我們將對整個系統級解決方案承擔全部責任。所以，我們未必是在目前的商品市場中競爭。如果客戶正在尋找可靠性方面的階躍式提升，那麼我們即將推向市場的解決方案可以透過向上升級技術堆疊來實現這一點。絕對地。

But it's not a conversation about what is the price of a transceiver in the market. This is really a system-level solution. And so it's -- it's a combination of all things. DSP, it's a combination of the software that we're bringing. And it's really most importantly is that the tight interaction that we've got with our customers.

但這並非討論市場上收發器的價格。這確實是一個系統級的解決方案。所以，它是所有因素的結合。DSP，是我們帶來的軟體的組合。而最重要的是我們與客戶之間緊密的互動。

And so I think we've been really clear, and I think Dan specifically has been clear in stating that we don't see any change to our long-term gross margin model. .

所以我覺得我們已經非常明確地表明了這一點，而且我認為丹也特別明確地表示，我們認為我們的長期毛利率模型不會有任何變化。。

No. Got it. Very clear, Bill. And then maybe just a quick clarification on the fifth customer in the quarter. And maybe this is anecdotal, but it sounds at least like they're tracking ahead of expectations relative to last quarter with some initial revenue this quarter, but just wanted to clarify if that was the case, and as we think about that customer tracking into the back half of this year, is there any opportunity for this customer to be 10% at least on a quarterly basis now in the half? Or have the denominator just kind of outpaced that opportunity there?

不。知道了。比爾，說得很清楚。然後，或許可以簡單澄清一下本季第五位客戶的狀況。也許這只是個例，但聽起來至少他們本季的業績比上個季度有所好轉，並且已經實現了部分收入。我只是想確認一下是否真是如此。考慮到該客戶在今年下半年的業績表現，該客戶是否有可能在下半年至少達到季度業績的 10%？或者說，分母的成長速度已經超過那個機會了？

Things take time. And I think if you look at the base that we're talking about, the 10% number has changed pretty drastically from a couple of years ago to today. Things take time to ramp. And so when we think about customer number five, we think about initial revenue this year. There's not a chance that, that will be a 10% customer this fiscal year.

凡事都需要時間。我認為，如果我們看一下我們討論的基數，就會發現 10% 這個數字與幾年前相比已經發生了相當大的變化。事情需要時間逐步推進。因此，當我們考慮第五位客戶時，我們會考慮今年的初始收入。本財年，這家公司不可能成為佔 10% 的客戶。

And I do think that the customer has the potential of being a 10% customer in -- especially if we think about it at a quarterly level first and then an annual level, secondarily. No question that they've got the type of size to be able to drive that type of number, but it's going to take time.

而且我認為，如果先從季度層級考慮，然後再從年度層級考慮，那麼這位客戶有潛力成為 10% 的客戶。毫無疑問，他們擁有足夠的規模來達到那樣的業績，但這需要時間。

Sebastien Naji, William Blair.

塞巴斯蒂安·納吉，威廉·布萊爾。

Congrats on a nice set of results. I'll ask both my questions together in the interest of time. The first one is Credo is -- has an advantage in that it's agnostic to the underlying compute could be merchant GPU racks, ASIC racks, even CPU servers. So could you maybe talk a little bit about how much of your business is tied to ASIC versus merchant silicon deployments today? And where that share might go over the next year?

恭喜你取得了不錯的成績。為了節省時間，我將把這兩個問題一起問。第一個是 Credo，它的優點在於它與底層運算無關，可以是商用 GPU 機架、ASIC 機架，甚至是 CPU 伺服器。那麼，您能否談談目前貴公司有多少業務與 ASIC 晶片部署相關，又有多少業務與商用晶片部署相關呢？那麼，未來一年這部分市佔率會如何改變呢？

And then my second question, I just wanted to ask about the timing of purchases from your customers. how aligned are AEC purchases with the GPU or ASIC purchases? And do customers typically purchase ahead or one after the other? And is there any risk of inventory build if they're purchasing ahead of GPU orders?

我的第二個問題是，我想了解貴公司客戶的採購時間表。 AEC（應用工程組件）的採購與GPU或ASIC（專用積體電路）的採購有多大程度的契合度？顧客通常是一次性購買，還是一個接一個地購買？如果他們提前採購GPU訂單，是否有庫存積壓的風險？

We're not really able to break out the percentage of GPUs that are, say, internally developed or commercially available in the market. We don't actually track it that way. I can say we're -- the first comment that you made is absolutely accurate that we're agnostic to the type of GPU that's being deployed. I will say that from a deployment standpoint, the second question that you asked, the -- my belief is that everything is ordered in a way that would have all of the necessary components being delivered at the same time.

我們目前還無法具體說明哪些 GPU 是內部開發的，哪些是市面上可以買到的。我們實際上並沒有那樣追蹤它。我可以肯定地說，你之前的評論完全正確，我們對部署的 GPU 類型並不在意。從部署的角度來看，關於你提出的第二個問題，我認為一切都已安排妥當，所有必要的組件都能同時交付。

And it's a very, very complex supply chain that our customers are dealing with. But I think they're ordering the connectivity solutions right along with the GPUs. So we have pretty good visibility within the supply chain from delivering our products all the way to having those products deployed.

我們的客戶所面對的是一個非常非常複雜的供應鏈。但我認為他們會把連接解決方案和GPU一起訂購。因此，我們對從產品交付到產品部署的整個供應鏈都有相當好的視覺性。

So we get a good sense of the type of inventory that exists within the partners that each one of our customers use to stage inventory. And we feel pretty good about -- we feel pretty good that there's not really a bubble of product that's sitting in inventory right now.

因此，我們可以很好地了解我們每個客戶用於庫存管理的合作夥伴的庫存類型。我們感覺很好——我們感覺很好，目前庫存中並沒有真正的產品泡沫。

And with no further questions, Mr. Brennan, I turn the call back over to you for closing remarks.

布倫南先生，沒有其他問題了，現在我把電話交還給您，請您做總結發言。

Yes. Thank you. I really appreciate the strong interest in Credo. We'll talk to you all soon. We're a little bit off schedule, so the call back may be a good question and a bit delayed. But again, really appreciate it. Thank you very much.

是的。謝謝。我非常感謝大家對Credo的濃厚興趣。我們很快會和大家聯絡。我們進度稍微落後了一點，所以回電可能有點晚，而且也是個好問題。再次感謝。非常感謝。

This concludes today's conference call. You may now disconnect.

今天的電話會議到此結束。您現在可以斷開連線了。