Data I/O Corp (DAIO) 2025 Q3 法說會逐字稿

(Operator Instructions)

（操作說明）

Good afternoon, everyone and welcome to Data IO's 3rd quarter 2025 financial results conference call.

各位下午好，歡迎參加Data IO 2025年第三季財務業績電話會議。

Please note today's event is being recorded at this time. I'd like to turn the conference over to Mr. Jordan Darrow, investor relations. Please go ahead, sir.

請注意，今天的活動正在錄製中。接下來我將把會議交給投資人關係部的喬丹·達羅先生。請繼續，先生。

Thank you, operator, and welcome to the Data IO Corporation 3rd quarter 2025 financial results conference call. With me today are the company's President and CEO William Wentworth and Chief Financial Officer Charlie Dibona.

謝謝接線員，歡迎參加 Data IO 公司 2025 年第三季財務業績電話會議。今天陪同我的是公司總裁兼執行長威廉·溫特沃斯和財務長查理·迪博納。

Before we begin, I'd like to remind you that statements made in this conference call concerning future events, results from operations, financial positions, markets, economic conditions, supply chain expectations, estimated impact of tax and other regulatory reform, product releases, new industry participants. And any other statements that may be construed as a prediction of future performance or events are forward-looking statements which involve known and unknown risks, uncertainties, and other factors which may cause the actual results to differ materially from those expressed or implied statements.

在開始之前，我想提醒各位，本次電話會議中有關未來事件、經營業績、財務狀況、市場、經濟狀況、供應鏈預期、稅收和其他監管改革的預計影響、產品發布、新行業參與者等方面的聲明，僅供參考。任何其他可能被解釋為對未來績效或事件的預測的陳述都是前瞻性陳述，其中涉及已知和未知的風險、不確定性以及其他因素，這些因素可能導致實際結果與明示或暗示的陳述存在重大差異。

These factors also include uncertainties as to the impact of global and geopolitical events, international tariff and trade regulations, order levels for the company, and the activity level of the automotive and semiconductor industry overall. Ability to record revenues based on the timing of product deliveries and installations, market acceptance of new products, changes in economic conditions and market demand, part shortages, pricing, and other activities by competitors, and other risks, including those described from time to time in the company's filings on Form 10K and 10Q with the Securities Exchange Commission in our press releases and other communications. The company may also reference GAAP and non-GAAP financial performance measures, including one-time items which are intended to provide listeners with a means to better understand the company's performance.

這些因素還包括全球和地緣政治事件的影響、國際關稅和貿易法規、公司訂單水平以及汽車和半導體行業的整體活躍程度等方面的不確定性。能夠根據產品交付和安裝的時間、新產品的市場接受度、經濟狀況和市場需求的變化、零件短缺、定價以及競爭對手的其他活動，以及其他風險（包括公司不時在向美國證券交易委員會提交的 10K 和 10Q 表格文件中、新聞稿和其他通訊中描述的風險）來確認收入。公司也可能參考 GAAP 和非 GAAP 財務績效指標，包括一次性項目，旨在為聽眾提供更好地了解公司業績的途徑。

Please refer to reconciliations in our 3rd quarter earnings press release issued today after markets closed.

請參閱我們今天收盤後發布的第三季收益新聞稿中的對帳資訊。

Finally, the accuracy and completeness of all discussions on this call, including forward-looking statements, should not be unduly relied upon. Data IO is under no duty to update any forward-looking statements, and now I'll turn the call over to William Wentworth, President and CEO of Data IO.

最後，不應過度依賴本次電話會議所有討論內容的準確性和完整性，包括前瞻性陳述。Data IO 沒有義務更新任何前瞻性聲明，現在我將把電話交給 Data IO 的總裁兼執行長 William Wentworth。

Thank you, Jordan, for that introduction. I want to thank the people that have taken the time to the day to listen to our earnings call and look forward to the conversation and specifically the Q&A after.

謝謝你，喬丹，為你引薦。我要感謝今天抽出時間收聽我們財報電話會議的各位，並期待接下來的討論，特別是問答環節。

I spent the last week thinking about the last year since this month marks the year that I started as CEO of Data IO and. One of the things that I noticed as a board member, that the company was certainly doing well in the automotive industry, but it was also a high concentration in that business, and it's still a great business for data and has continued even in the softness. It's still driving quite a bit of our revenue, but it's also one of the things that needs to drive us to get to new markets, but also new businesses.

過去一周，我一直在思考過去的一年，因為這個月是我開始擔任 Data IO 執行長的周年紀念日。身為董事會成員，我注意到的一點是，該公司在汽車產業的確發展得很好，但其業務集中度也很高，而且數據業務仍然非常重要，即使在經濟疲軟時期也依然如此。它仍然為我們帶來相當一部分收入，但它也是推動我們進入新市場、開拓新業務的動力之一。

So what we've done, and I look back at the year and look at, where we've invested, in the first couple of months of discovery, it was looking at the team and kind of what the members brought to the party and really where were the strengths and weaknesses of the company from a people standpoint. We brought in a new director of engineering, John Duffy who's done a phenomenal job. He started in January getting our refresh of our manual product line and getting the development of our next generation programmer, which will be introduced to Production at the end of this month, which I'm very excited about. We've won a couple of awards already at some shows with the new re-skinned Luminex, which has made the ability for us to really go out and pitch the platform. And really get back into the engineering communities, which has been exciting, and started to drive some ramp in our manual systems and started to look at some preorders as well, which will really start to kick off in Q1.

所以，我們所做的，我回顧這一年，看看我們在最初幾個月的探索階段投入了多少精力，我們主要關注的是團隊，以及團隊成員為團隊帶來了什麼，從人員的角度來看，公司的優勢和劣勢在哪裡。我們聘請了新的工程總監約翰·達菲，他做得非常出色。他從一月開始著手更新我們的手動產品線，並開發我們的下一代程式設計師，該程式設計師將於本月底投入生產，我對此感到非常興奮。我們已經在一些展會上憑藉重新設計的 Luminex 贏得了幾個獎項，這使我們能夠真正走出去推廣這個平台。真正回歸工程社區，這令人興奮，我們開始推動手動系統的一些改進，並開始關註一些預購訂單，這些訂單將在第一季真正開始啟動。

Rounding out the product portfolio is probably the most important thing we had to do this year outside of the people. Without the people you must have the right people to design the products and bring these things to life. And I have to say, if you look at our product portfolio from a year ago and look at it today, it's night and day. It's really what Data IQ stands for and that's what we're excited to bring to market, we are starting the next generation already of our long-term platform which started its design cycle this quarter.

除了人員之外，完善產品組合可能是我們今年最重要的任務。如果沒有合適的人才，你必須找到合適的人才來設計產品，並將這些想法變成現實。我必須說，如果你看看我們一年前的產品組合，再看看現在的產品組合，你會發現簡直是天壤之別。這正是 Data IQ 的真正意義，也是我們很高興能將其推向市場的原因。我們已經開始著手開發下一代長期平台，該平台的設計週期已於本季啟動。

I would kind of call it Data IO' movement moment at the end of next year when that product gets released. That doesn't preclude us from driving revenues and new revenues this year with the with the re-scanning of the Luminex and getting to the new, the new platform that we're launching at Productional, we're also starting the refresh cycle of our automation. We've also noticed some gaps in the solutions there of automation for processing programmable technology, so we're excited about rolling out some new automation platforms sometime around the middle of next year, and that leads to kind of process, and Charlie's going to get into some of that. A process and how we're going to be managing margins and look for margin expansion throughout next year quarter over quarter. There are some areas that we can improve there, but really the exciting part is getting into these new businesses and adjacent markets. The market we serve today is $100 to $200 million at best.

我可能會把明年年底該產品發佈時，稱為 Data IO 的發展契機。但這並不妨礙我們今年透過重新掃描 Luminex 並推出我們在 Productional 上發布的新平台來推動收入和新收入，同時我們也開始了自動化系統的更新週期。我們也注意到，在處理可程式技術的自動化解決方案方面存在一些差距，因此我們很高興能在明年年中左右推出一些新的自動化平台，這將帶來一些流程，查理將深入探討其中的一些內容。我們將製定流程，並探討如何管理利潤率，以及如何在明年每季尋求利潤率的逐季成長。我們還有一些方面可以改進，但真正令人興奮的是進入這些新業務和相鄰市場。我們目前服務的市場規模最多也就1億到2億美元。

Services need to be a pillar of this company, and we are starting those conversations now, but that's a $1 billion plus market. That really brings in recurring revenue, not necessarily always contractual, but you're always managing a supply chain, and those consistencies take out a lot of the lumpiness of the CapEx business, but it's a direct adjacent play. It allows us to drive, very competitive pricing in the market. It puts us in a position to really drive that business both for partners that we may partner with to provide them services or OEMs that decide that they don't want to buy CapEx and they need a service fora instead. So, it gives us an opportunity to have both conversations. We are in conversations now about embedding our technology and testers, which is a big part of the market. That's probably a multibillion-dollar market. Now we're opening, a market that used to be 10 to 15% that we could play in upwards of 60 to 65% of where data gets provisioned. And that's where Daro is going to be able to finally grow. These activities are going to have traction next year. I can't tell you when these revenues will start. I just know that we're in conversations and we're in them earlier than I thought. I really didn't think that we would, the company would be engaged in these conversations until Q1. So, the great thing is that we're out of the gate quick. And then there's some vertical integration that we're going to be doing. The people on the phone know of the company COH. They invested in sockets years ago.

服務業必須成為這家公司的支柱產業，我們現在就開始進行這方面的討論，但這是一個超過 10 億美元的市場。這確實帶來了經常性收入，雖然不一定總是合約收入，但你始終在管理供應鏈，而這些穩定性消除了資本支出業務的許多波動性，但這與此直接相關。這使我們能夠在市場上推行極具競爭力的價格。這使我們能夠真正推動這項業務的發展，無論是為我們可能與之合作提供服務的合作夥伴，還是為那些決定不購買資本支出而需要服務論壇的原始設備製造商 (OEM) 提供服務。所以，這給了我們一個同時進行這兩種對話的機會。我們目前正在洽談將我們的技術和測試人員嵌入到他們的產品中，這佔據了很大的市場份額。那可能是一個價值數十億美元的市場。現在我們正在開拓一個曾經只佔 10% 到 15% 的市場，而現在我們可以在資料供應領域佔據 60% 到 65% 的份額。而這正是達羅最終能夠成長的地方。這些活動明年將會發揮成效。我無法告訴你這些收入何時開始產生。我只知道我們正在進行對話，而且比我想像的還要早。我真的沒想到公司會一直參與這些討論到第一季。所以，最棒的是我們起步很快。此外，我們也會進行一些垂直整合。電話那頭的人都知道 COH 這家公司。他們多年前就投資了插座。

It's a big part of how they go to market with their technology with testers and handlers. It's a big part of and a very important part of our business because the second most important thing to a programmer is being able to contact the device, and it's something that data should have expertise in. It's a $7 billion market, and so it's a business where we can, make a small entry into a small player in the US or even abroad. Have that expertise internally, lowers our operating costs, but also gives us a secondary offering, but also as a lead generator as well. All three of these new business units do drive revenue for the other, and that's the great part about being in adjacent markets you can leverage your core, which is exactly what we'll be able to do next year. So, I'm excited about 2026 because we can finally start to drive the growth engine. We're going to have the products and the people and the services to be able to do that and. That's what we're investing in between now and the end of the year, and we'll continue to make those investments next year. We've invested also in the engineering department. We've brought in some additional algo writers to drive our algo migration from our older platforms to the new platforms, so we're getting ready for that growth. I'd like to, that's all I have for now. I look forward to the Q&A session. I know there's some coming, so I look forward to this Q&A. I'll hand the rest of it over to Charlie.

這是他們透過測試人員和操作人員將技術推向市場的重要組成部分。這是我們業務的重要組成部分，因為對於程式設計師來說，第二重要的事情就是能夠與設備建立聯繫，而資料專家應該具備這方面的專業知識。這是一個價值 70 億美元的市場，因此我們可以從小規模做起，進入美國甚至海外的小型企業市場。擁有內部專業知識，不僅可以降低我們的營運成本，還可以為我們提供第二項服務，同時也能幫助我們獲得潛在客戶。這三個新業務部門都能為其他部門帶來收入，這就是在鄰近市場中利用核心優勢的優勢所在，而這正是我們明年將要做的事情。所以，我對 2026 年充滿期待，因為我們終於可以開始推動成長引擎了。我們將擁有實現這一目標所需的產品、人員和服務。這就是我們從現在到年底期間的投資方向，明年我們將繼續進行這些投資。我們也對工程部門進行了投資。我們引進了一些額外的演算法編寫人員，以推動我們的演算法從舊平台遷移到新平台，所以我們正在為這種成長做好準備。我很樂意，目前我只能說這麼多了。我期待問答環節。我知道接下來會有一些問答環節，所以我很期待這次問答。剩下的就交給查理吧。

Thank you, William, and good day to everyone. It's a pleasure to speak with you all today, which is my first call as a CFO of DIO, and I'm excited about the prospects of this company and of this role. In my remarks, I'll address our recent financial performance in more detail. My comments today will focus on key points of interest for the 3rd quarter of 2025, recent trends, and our outlook.

謝謝你，威廉，祝大家今天愉快。今天能和大家交流我感到非常榮幸，這是我擔任DIO財務長的第一次電話會議，我對公司和這個職位的前景感到興奮。在我的演講中，我將更詳細地談談我們近期的財務表現。我今天的演講將重點關注 2025 年第三季的關鍵要點、近期趨勢以及我們的展望。

Net sales in the third quarter of 2025 were $5.4 million down from $5.9 million in Q225, and flat from the prior year period. Bill mentioned some of the pressures that continue to drag on our current performance, revenue performance. These include the temporary realignment of tech spending related to AI and the changes in the global EV landscape for manufacturers and the impacts on automotive electronics generally.

2025 年第三季淨銷售額為 540 萬美元，低於 2025 年第二季的 590 萬美元，與去年同期持平。比爾提到了一些持續影響我們目前業績和收入表現的壓力。這些因素包括與人工智慧相關的技術支出暫時調整、全球電動車市場格局的變化以及對汽車電子產品的整體影響。

Global trade and tariff negotiations, which had been a gating factor earlier this year, remain but are now tertiary concerns.

今年稍早曾是阻礙貿易發展的因素的全球貿易和關稅談判仍然存在，但現在已不再是主要問題。

Automotive electronics as a primary business segment represented 78% of our third quarter 25 bookings compared to 59% for all of 2024.

汽車電子產品作為主要業務板塊，占我們第三季 2025 年訂單量的 78%，而 2024 年全年這一比例為 59%。

For the third quarter of 2025, consumable adapters and services represented 24% of total revenue, providing a base of reoccurring revenue, while capital equipment sales represented 76% of total revenue.

2025 年第三季度，耗材適配器和服務佔總收入的 24%，構成了經常性收入的基礎，而資本設備銷售額佔總收入的 76%。

Similar to the second quarter, Asia was led by customers in China and Korea for a relatively strong 3rd quarter in the region, particularly within the EV sector of automotive electronics.

與第二季類似，中國和韓國的客戶引領亞洲市場，使該地區第三季表現相對強勁，尤其是在汽車電子領域的電動車方面。

Europe, however, remains pressured with capital equipment spending impacted by tariffs and trade uncertainties, as well as EV disruptions in the regional markets.

然而，歐洲的資本設備支出仍面臨壓力，關稅和貿易不確定性以及電動車在區域市場的衝擊都影響了這筆支出。

The Americas bolstered by systems to be deployed in Mexico, has been relatively flat.

美洲地區由於墨西哥將部署相關係統而加強，經濟狀況相對平穩。

Global bookings for the quarter were $5.2 million up over 7% from $4.7 million in the third in the third quarter of 2024.

2024 年第三季全球預訂金額為 520 萬美元，較上一季的 470 萬美元成長超過 7%。

New bookings activities were driven by demand for the PSV 7,000 automated programming system. A total of 8 of PSV 7,000 systems, complete with Luminex programmers were booked in the 3rd quarter of 2025.

新的預訂活動是由對 PSV 7,000 自動編程系統的需求所驅動的。2025 年第三季共預訂了 8 套 PSV 7,000 系統，配備 Luminex 程式設計器。

Backlog on September, as of September 30th, 2025 was $2.7 million down slightly from $2.8 million as of June 30th of 2025.

截至 2025 年 9 月 30 日，9 月的積壓訂單為 270 萬美元，略低於截至 2025 年 6 月 30 日的 280 萬美元。

3 systems were booked and shipped within the 3rd quarter with 7 systems remaining in the backlog.

第三季已預訂並交付了 3 套系統，還有 7 套系統處於積壓訂單中。

Gross margin as a percentage of sales was 50.7% in the third quarter of this 2025, as compared with 49.8% in the second quarter and 53.9% in the prior year period.

2025年第三季毛利率佔銷售額的50.7%，而第二季為49.8%，去年同期為53.9%。

A higher margin product mix and configuration of automated systems driven by demand for the PSV 7000s led to the improved margins on a sequential quarter comparison.

PSV 7000 的需求推動了利潤率更高的產品組合和自動化系統配置，從而實現了季度環比利潤率的提高。

Direct material costs remained steady and consistent with prior periods as supply chain planning and other actions have mitigated the impact of new tariffs, trade, and inflationary pressures.

由於供應鏈規劃和其他措施減輕了新關稅、貿易和通膨壓力的影響，直接材料成本保持穩定，與前期一致。

The 3rd quarter gross margin benefited from this positive product mix and configuration of automated systems, as I mentioned. We've begun a thorough review of gross margin enhancement strategies.

正如我之前提到的，第三季的毛利率受益於這種積極的產品組合和自動化系統的配置。我們已經開始對提高毛利率的策略進行全面審查。

Some of these initiatives are already underway and should support our gross margins this year. We expect other aspects of this plan will lead to higher sustainable gross margins in the longer-term, meaning next year and thereafter.

其中一些措施已經在進行中，應該有助於提高我們今年的毛利率。我們預計該計劃的其他方面將在長期內帶來更高的可持續毛利率，這意味著明年及以後。

These strategies are likely to include pricing modifications and new pricing models, labour and costing efficiencies, supply chain optimization, and a focus on more direct sales engagements with key customers, particularly in the Americas and Europe.

這些策略可能包括價格調整和新的定價模式、提高勞動力和成本效率、優化供應鏈，以及更重視與主要客戶（尤其是在美洲和歐洲的客戶）進行更直接的銷售互動。

Moving back to my review of third quarter performance, operating expenses for the third quarter were $4.1 million up from $3.8 million in the second quarter of 2025 and $3.3 million in the prior year period.

回到我對第三季業績的回顧，第三季的營運費用為 410 萬美元，高於 2025 年第二季的 380 萬美元和去年同期的 330 萬美元。

Third quarter of 2025 spending tracks closely with the company's operating expenses early in the year after excluding approximately $585,000 in one-time expenses.

2025 年第三季的支出與公司年初的營運支出基本一致，但已扣除約 585,000 美元的一次性支出。

$200,000 of these expenses were related to the investigation and remediation of the cybersecurity incident first identified on August 16, 2025. $130,000 are related to executive transitions, and another $130,000 are one-time expenses tied to technology and IT-related growth initiatives. For comparison, total second quarter 2025 one-time expenses amounted to $480,000.

這些支出中有 20 萬美元與 2025 年 8 月 16 日首次發現的網路安全事件的調查和補救有關。 13 萬美元與高階主管過渡有關，另有 13 萬美元是與技術和 IT 相關成長計畫相關的一次性支出。相比之下，2025 年第二季一次性支出總額為 48 萬美元。

As with cost of goods, we are undertaking a thorough review of operating expenses to find opportunities for savings and efficiencies.

與商品成本一樣，我們正在對營運費用進行全面審查，以尋找節省成本和提高效率的機會。

2,325 one-time investments in expenses reduced our profits, adjusted on cash in the period. Backing out those one-time expenses in the third quarter of 2025 would have left us with an operating loss of $808,000 versus the reported third quarter operating loss of $1.393 million.

2,325 項一次性支出投資減少了我們的利潤，並根據該期間的現金進行了調整。如果剔除 2025 年第三季的這些一次性支出，我們將面臨 808,000 美元的營業虧損，而報告的第三季營業虧損為 1,393 萬美元。

And the third quarter operating loss of 24 of $325,000.

第三季營業虧損 24 美元，虧損額為 32.5 萬美元。

Again, backing out one-time expenses, adjusted EBITDA would have been $563,000 versus a reported adjusted EBITDA loss of $1.15 million and a positive adjusted EBITDA of $37,000 in the prior year period.

再次剔除一次性支出後，調整後的 EBITDA 為 563,000 美元，而上年同期報告的調整後 EBITDA 虧損為 115 萬美元，調整後 EBITDA 為正值 37,000 美元。

Our cash balance, absent the one-time expenses, would have been approximately $600,000 higher, or just over $10.2 million as of September 30th, versus the reported amount of $9.7 million.

如果不計入一次性支出，截至 9 月 30 日，我們的現金餘額將增加約 60 萬美元，即略高於 1,020 萬美元，而報告的金額為 970 萬美元。

And the $10.3 million as of December 31, 2024.

截至 2024 年 12 月 31 日，金額為 1,030 萬美元。

The company's continued discipline and spending and cash management reflect an improve constant cost structure as well as investing in our unified programming platform and other new products and fortified our IT systems, both of which allow for greater top-line growth and scaling of the business.

公司持續的紀律性、支出和現金管理體現了不斷改善的固定成本結構，同時投資於我們的統一程式設計平台和其他新產品，並加強了我們的 IT 系統，這兩方面都有助於實現更高的收入成長和業務規模。

Data IO's networking capital of 14.4 of just over $14.4 million as of September 30th was slightly lower than $16.1 million as of the end of last year, in part reflecting one-time spending through the three quarters of the year.

截至 9 月 30 日，Data IO 的網路資本為 1,440 萬美元，略高於 1,440 萬美元，略低於去年年底的 1,610 萬美元，部分原因是今年前三個季度的一次性支出。

Finally, the company continues to have no debt.

最後，該公司仍然沒有任何債務。

This concludes the remarks for the 3rd quarter of 2025. Operator, would you please start the Q&A portion of the call?

2025年第三季的發言到此結束。接線生，請開始問答環節好嗎？

(Operator Instructions)

（操作說明）

The first question comes from David Williams with benchmark. Please go ahead.

第一個問題來自 David Williams，他提出了基準問題。請繼續。

Hey, good afternoon, everyone, and thanks for taking my questions and congratulations on the progress here and just the confidence and in the tone. Certainly, good to hear.

大家好，下午好，感謝各位回答我的問題，祝賀你們取得的進展，以及你們展現出的自信和語氣。當然，聽到這個消息很高興。

Thanks.

謝謝。

Yeah, so, lots of exciting things going on, and I guess first I wanted to touch on, Bill, you and I have talked before about the just the technology and progressing that and taking it, into the future and thought of maybe what you discussed just now, what do you think if you look at maybe 2 or 3 years. From now, how do you envision just the platform overall? Do you do you think that all of the growth in the areas of growth that you have that you're looking towards, can you do that, I guess, and still maintain kind of your focus on the core business?

是的，有很多令人興奮的事情正在發生，我想先談談比爾，你我之前談過技術及其發展，以及將其推向未來，我想到你剛才討論的內容，如果你展望未來兩三年，你認為會是什麼情況。從現在開始，您對整個平台有何設想？您認為在您著眼的所有成長領域中，您能否實現所有成長，同時也能維持對核心業務的關注？

Yeah, it's a great question, David, because I know it sounds like we have a lot going on, which we do, which is great. But it all revolves around the platform. That's the beauty of it, right? So, when you think about the platform that we're building that we're in design now, it's really going to be a platform that will last, a good 10 years. We had to kind of round out the existing portfolio of platform that we had and just kind of filled some small gaps until we could build this next gen. But that platform will be the platform we move algos onto and they'll be forward compatible to the new. The new real, our long-term platform which will be released at the end of this year. So, it kind of fills a GAAP but then gets that product and it also in the design of this will be designed for the things such as the embedded opportunities we have with some very large. Test companies, global companies can't disclose any names or really describe what they do, but it's certainly a large opportunity for data out, and it's a part of the data provisioning market that represents probably 25% to 30% or 35% of the overall data provisioning. And then there's the services piece where we would also use our platform and the great thing about providing services is you get to test your technologies on these services. So instead of the customer finding some of the problems, we get to find them up front as a service provider. But that's also a market that's, a billion plus market and. Really hits all domains, right? And the great thing about some of the partners that we're, we will be talking to about providing these services and generating these services for is that they serve multiple markets. So, it does insulate the company in the future from any domain concentration like we're dealing with now.

是的，大衛，你問得好，因為我知道聽起來我們有很多事情要做，確實如此，這很好。但這一切都圍繞著這個平台。這就是它的魅力所在，對吧？所以，想想我們正在設計並建構的平台，它真的會是一個能夠持續使用10年的平台。我們必須完善現有的平台產品組合，填補一些小的空白，直到我們能夠建立下一代產品。但我們將把演算法遷移到該平台上，並且這些演算法將向前兼容新版本。新的 Real，我們的長期平台，將於今年年底發布。所以，它在某種程度上符合 GAAP，但隨後又推出了該產品，而且在設計上，它也將針對諸如我們與一些非常大的嵌入式機會之類的事情進行設計。測試公司和全球性公司不能透露任何名稱或真正描述他們的業務，但這無疑是一個巨大的數據輸出機會，而且它是數據供應市場的一部分，可能佔整個數據供應的 25% 到 30% 或 35%。此外，還有服務部分，我們也會使用我們的平台，提供服務的好處在於，你可以在這些服務上測試你的技術。因此，與其讓客戶發現某些問題，不如由我們作為服務提供者提前發現這些問題。但那也是一個規模超過十億美元的市場。確實涵蓋了所有領域，對吧？我們正在洽談提供和開發這些服務的合作夥伴中，有些非常棒的一點是，他們服務於多個市場。所以，這確實能讓公司在未來免受像我們現在面臨的這種領域集中化的影響。

And then thirdly is, the automation that we have today. We need to be a little more specific because we do we do program various different types of technologies, so microcontrollers to Programmable clocks to sensors all the way up to large density UFS flash, and the platform has to be able to handle all of that, but the solutions you provide need to be a little more specific to the technology, such as microcontrollers typically be programmed in less than a few seconds. So, it doesn't make much sense to program a lot of microcontrollers on a huge. 7,000, right, so we're looking at providing and generating newer handle technology that is faster, it's more functional, it's made for very fast programming times, and it's more economical. You get a lot more value. So, we're getting very specific and then there's also been a GAAP in the services space, whether it's an OEM that wants to do their own programming in-house or, services provider that. That needs to provide services for their OEM customers is like a tabletop automation, something that can go to tray or tray to tape. It's been a huge GAAP in our industry for many years. It's never really been addressed very well. Data I did TRY to address this back in 2008 with what they call the FLX 500. It was a great machine. It was just overengineered. And so we're kind of the good thing is we still have a lot of the specs and the drawings and software for it, so we're digging that out of engineering and we're going to rebirth that machine we do believe that's going to be a great seller for the company and it's also something we'll consume internally as a service provider. I hope that answers your question.

第三點是，我們今天所擁有的自動化。我們需要更具體地說明一下，因為我們確實要對各種不同類型的技術進行編程，從微控制器到可編程時鐘，再到感測器，一直到大容量 UFS 閃存，平台必須能夠處理所有這些，但你們提供的解決方案需要針對特定技術進行更具體的說明，例如，微控制器的編程通常只需不到幾秒鐘。所以，在一塊巨大的電路板上對大量的微控制器進行程式設計意義不大。 7000，對吧？所以我們正在研究提供和開發更新的處理器技術，它速度更快、更強大、程式設計速度更快、也更經濟。你會獲得更多價值。所以，我們越來越具體了，而且服務領域也出現了公認會計準則 (GAAP)，無論是想要在內部進行程式設計的原始設備製造商 (OEM) 還是服務提供者。需要為 OEM 客戶提供服務的就像桌面自動化設備一樣，可以進行托盤裝紙或託盤裝紙到膠帶的操作。多年來，這一直是業界重要的通用會計準則。這個問題一直沒有很好的解決。在數據方面，我曾在 2008 年嘗試用他們所謂的 FLX 500 來解決這個問題。這是一台很棒的機器。它設計得過於複雜了。所以好消息是我們仍然保留著很多相關的規格、圖紙和軟體，我們正在從工程部門挖掘這些信息，我們將重生這台機器，我們相信它將成為公司的暢銷產品，而且作為服務提供商，我們內部也會使用它。希望我的回答能解答你的疑問。

Yeah no that was a fantastic colour. Thanks for all the details and then maybe secondly is just, thinking about your customers and how they're viewing some of these changes, obviously in a positive way but are you, do you feel like you're gaining traction there and I'm assuming that your customers are really leading the way in in some of these new technologies, but just anything on the feedback or traction you're seeing, I think would be. Very helpful.

是啊，那顏色太棒了。感謝您提供的所有細節。其次，我想問您的客戶，他們是如何看待這些變化的？顯然，他們的看法是正面的。但您是否覺得您在這方面取得了進展？我假設您的客戶在某些新技術方面確實走在前面。我想了解您看到的回饋或進展。很有幫助。

Yeah, sure. And as a customer myself, these some of the gaps I've seen for years, so it's easy for me to look through their lens, but we've got a customer here this week that's been a long-term customer of Data, and the great thing about having them on site is you get to share a lot of information. They can share with us, we share with them what we're thinking and they kind of like say they nod and say, yeah, that's a great idea. And so, customer's been here all week. It's a customer that's in the automotive space; meetings are going great and getting that feedback directly from customers is nothing better. So yeah, I think we're building the things, the products that they need today going forward when we introduced them to our new manual program, they were like, oh yeah, I need that. So, you know it's, I think, there's no doubt in my mind we're building what customers do want to consume in the coming years, and there's nothing better than getting direct customer feedback.

當然可以。我自己也是客戶，這些差距我多年來一直看到，所以我很容易從他們的角度看待問題。但我們本周有一位客戶，他是Data的長期客戶，讓他們來現場的好處是可以分享很多資訊。他們可以和我們分享我們的想法，我們也可以和他們分享我們的想法，他們會點頭說，是啊，這真是個好主意。所以，這位顧客已經在這裡待了一整週了。這是一位汽車行業的客戶；會議進展順利，直接從客戶那裡獲得回饋是最好的。所以，是的，我認為我們正在打造他們現在和未來需要的產品。當我們向他們介紹我們的新手冊程式時，他們說，哦，是的，我需要那個。所以，你知道，我認為，毫無疑問，我們正在打造顧客在未來幾年真正想要消費的產品，而沒有什麼比直接獲得顧客回饋更好的了。

(Operator Instructions)

（操作說明）

The next question is from David Marsh with Singular Research. Please go ahead.

下一個問題來自 Singular Research 的 David Marsh。請繼續。

Hey David.

嘿，大衛。

Hey guys, thanks for taking the question. I appreciate it. Hey Bill, I mean, obviously you know you're still, I hate to say new that day but it has about a year, but I mean, given all the changes you've made, I mean the product suite is pretty new, but you're certainly not new to the industry, so I mean, I would first offer congrats on the awards that you're receiving at the trade shows, but yeah, my question is. Just given your history in this in this business, I mean, what do you, what have you seen as typical kind of sales cycles from, getting kind of critical acclaim at trade shows and you know getting generating that that kind of customer interest and then actually getting the pull through on the orders.

各位，謝謝你們回答這個問題。謝謝。嘿，比爾，我的意思是，很顯然你知道你仍然……我不想說你剛入行，但大概一年左右。我的意思是，考慮到你所做的所有改變，我的意思是，產品系列確實很新，但你在這個行業肯定不是新手。所以，首先我要祝賀你在展會上獲得的獎項，但是，是的，我的問題是…鑑於您在這個行業的經歷，我的意思是，您見過典型的銷售週期是什麼樣的？從在貿易展上獲得好評，到激發客戶的興趣，再到最終達成訂單。

Yeah, a lot will depend on the technology event, and the reason why I say that is that technology events, meaning silicon, right, a big change in silicon usually drives big spend.

是的，很多事情都取決於技術事件，我這麼說的原因是，技術事件，也就是矽晶片，對吧，矽晶片的重大變革通常會帶來巨大的支出。

You reach certain technology hurdles. UFS has been one of those. The industry has our industry has struggled with getting to the yields that are necessary. We, I thought we'd be past that for this quarter and we're not. An MEQ3, we made some big strides in the last 4 weeks, so I think we can announce some good year rates on UFS. That's a technology that's, it's very high-density flash. It must be programmed offline. You can't do it in line. It's just something that we need to do a better job of perfecting, and I think that would be an example of a po through, David, is that when you get that technology conquered, they come to you. The thing is that UFS was mainly used in automotive, which is fine, but that's also a market that's still. Relatively depressed, but at the same time when that market picks up, they're going to be in a position plus a few, years have gone by. They'll be refreshing and looking to advance that UFS technology with a company such as Data that has a solution that can solve the problem. And then you've got in the next year to 2027, you've got 1 terabyte flash coming up, and that's across UFS and. MBME is capped out, but UFS will be driving those. We will have the technology available to program that high dense fudge, and it's one of the things when we look at our product portfolio, we're going to refresh the 7,000, but that's mainly going to be a system, an automation system that's going to be made for programming high volumes of high density memory. The new system will be focused on micro controls. You can do both on both machines, they'll have the flexibility, but there'll be a main purpose for those solutions which will drag our platform in with it. Does that make sense? So, I see these, our PSV line is over 10 years old now, so we are focused this quarter of driving a target list of accounts that have these systems that are 8. 910 years old and going out and being very proactive to get them to refresh and the good thing is that we'll have the new platform for them to be able to refresh on. So, there'll be a couple of reasons for them to really take a serious consideration of refreshing now even when times are a little slow because look, this is the best time to invest, right? It's easy to adopt adapt, change or adopt a new platform when things are slow.

你遇到了一些技術難題。UFS就是其中之一。我們這個產業一直難以達到必要的產量。我以為我們這一季已經度過了那個階段，但事實並非如此。MEQ3，我們在過去 4 週取得了一些重大進展，所以我認為我們可以宣布 UFS 的一些不錯的年度利率。那是一項高密度閃光技術。它必須離線編程。你不能排隊做這件事。這只是我們需要做得更好、更完善的事情，我認為這是一個成功的例子，David，那就是當你掌握了這項技術，他們就會來找你。問題是，UFS 主要用於汽車行業，這當然沒問題，但汽車市場也仍然存在問題。雖然目前市場相對低迷，但同時，當市場回升時，他們將處於有利地位，幾年過去了。他們將尋求與像 Data 這樣擁有能夠解決該問題的方案的公司合作，以改進和推進 UFS 技術。然後，從明年到 2027 年，我們將迎來 1TB 的閃存，這涵蓋了 UFS 等多種格式。MBME的招生名額已達上限，但UFS將推動這些名額的增加。我們將擁有對這種高密度軟糖進行編程的技術，這是我們審視產品組合時需要考慮的事情之一，我們將更新 7,000，但這主要將是一個系統，一個自動化系統，專為對大量高密度存儲器進行編程而設計。新系統將側重於微控制。兩台機器都可以執行這兩種操作，它們將具有靈活性，但這些解決方案將有一個主要目的，而我們的平台也將隨之融入其中。這樣說得通嗎？所以，我看到我們的PSV產品線現在已經超過10年了，因此本季度我們專注於制定目標客戶名單，這些客戶的系統已經使用了8到9年，我們將積極主動地促使他們進行更新。好消息是，我們將為他們提供新的平台，以便他們可以進行更新。所以，即使在市場行情略顯低迷的時候，他們也應該認真考慮現在進行更新換代，原因有二：因為現在是投資的最佳時機，對吧？當業務發展緩慢時，很容易適應、改變或採用新的平台。

That's a great, lead in from my next question which is, as rates are starting to come down a little bit in the US and you know we're starting to, hopefully get some clarity on, global, trade, well, we got the President now making a lot of deals, hopefully, I mean, I guess it is kind of a real-time question I mean. Are you seeing any kind of optimism, particularly, outside of the country in terms of the trade partners, with, some of the hopefully some of this tariff stuff clearing up and giving us a little bit clearer path forward.

這很好地引出了我的下一個問題，那就是，隨著美國利率開始略微下降，而且我們也開始希望能夠對全球貿易形勢有更清晰的了解，總統現在正在達成許多協議，希望如此，我的意思是，我想這算是一個實時性的問題。您是否看到任何樂觀情緒，尤其是在國外貿易夥伴方面？希望一些關稅問題能夠解決，讓我們能夠更清楚地展望未來。

Yeah, I'd say, and I'd say this cautiously because it's not just the trade issues, I know if you read recently there was a passive supplier that was technically owned by a Netherlands company that became Chinese owned and the rare earth minerals were getting shut off in them, and they're in about 40% of the automotive products. We had a call with one of our larger automotive customers earlier this week and they said we're shutting our factory for 3 weeks. Now that can change quickly, right? Just like trade talks can change the tide quickly. So, can things like turning that back up, right? And so, you hope that these trade agreements that are evolving include things like rare earth minerals. I know that's a hot subject, but it's a, it's one that does cause huge ripple effects through the supply chain. So, with your hope, I'm hoping that that's part of these negotiations, but for right now, it's still, it's still shaky.

是的，我想說，而且我這麼說要謹慎，因為這不只是貿易問題。我知道，如果你最近讀到相關報道，就會知道有一家被動供應商，它原本是一家荷蘭公司所有，後來被中國公司收購了，而稀土礦物在中國被切斷了供應，這些稀土礦物被用於大約 40% 的汽車產品中。本週早些時候，我們與一家較大的汽車客戶進行了通話，他們表示工廠將關閉 3 週。這種情況可能很快就會改變，對吧？就像貿易談判可以迅速改變局勢一樣。所以，可以像把音量調回去那樣做嗎？因此，我們希望正在形成的這些貿易協定能夠涵蓋稀土礦產等內容。我知道這是一個熱門話題，但它確實會對整個供應鏈產生巨大的連鎖反應。所以，帶著你的希望，我希望這是談判的一部分，但就目前而言，情況仍然不明朗。

(Operation Instructions)

（操作說明）

The next question is from George Marria with Perito Ventures. Please go ahead.

下一個問題來自 Perito Ventures 的 George Marria。請繼續。

Hey, how are you doing, Bill? And welcome aboard, Charles.

嘿，比爾，你好嗎？歡迎登船，查爾斯。

Thank you.

謝謝。

A lot there, so, let's pull on the partnerships and a creative acquisitions thread. What, like what kind of hurdle rates are you looking at for that and like what sort of like categorically speaking, what's what sort of acquisitions would be looking at in partnerships? What would that look like?

內容很多，所以我們來深入探討一下合作關係和創意收購方面的問題。具體來說，你們希望達到什麼樣的門檻報酬率？從類別上講，你們在合作關係中會考慮哪些類型的收購？那會是什麼樣子呢？

Well, partnerships, those are mostly going to be around the embedding of our technology right where our technology can fit inside somebody else's solution that gives them added capability for their customers and their customers are asking for that, such as at test, so those we've had some pretty significant conversations with one of the larger test companies in the world. Those conversations are going to continue at Productional and will probably result in a contract that will start to drive our building of that technology for their platform. So, I can't say when that's going to drive revenue. They're looking for a second half of next year release to give you an idea, so this is, it's real, they have like a scoped release time second half of next year. A lot will depend, George, on how much they put us in the driver's seat. We're pushing to be the actual provider of the technology from the ground up, meaning developing the whole product versus co-developing.

嗯，合作夥伴關係主要圍繞著將我們的技術嵌入到其他人的解決方案中，從而為他們的客戶增加功能，而他們的客戶也確實有這樣的需求，例如在測試方面。因此，我們已經與世界上一家大型測試公司進行了一些非常重要的對話。這些對話將在 Productional 繼續進行，並可能最終達成一份合同，從而推動我們為他們的平台建立該技術。所以，我無法預測它何時會帶來收入。他們計劃在明年下半年發布，這樣你就能明白我的意思了，所以，這是真的，他們已經確定了明年下半年的發佈時間。喬治，很多事情取決於他們能讓我們掌握多少主動權。我們力求從零開始成為技術的真正提供者，這意味著開發整個產品，而不是共同開發。

You know how big companies can be. They're not going to work as fast as a small company can. We would like to have this early in the second half, not later in the second half, so that's why we're pushing our own agenda. We'll see how that goes. They're open to it, there's just a couple of conditions that I need to make sure that our intellectual property is protected. That's the most important thing.

你知道大公司規模有多大。他們的工作效率肯定不如小公司。我們希望在下半場初期就實現這個目標，而不是在下半場後期，所以這就是我們推進自己計劃的原因。我們看看結果如何。他們對此持開放態度，但我需要提出幾個條件，以確保我們的智慧財產權得到保護。這是最重要的事。

As far as things like services, we're in some communication now with some potential opportunities that are really a carve out. There's not a huge cash need to bring that business over.

至於服務方面，我們目前正在與一些潛在的合作夥伴進行溝通，這些合作夥伴實際上是獨立出來的。將這項業務轉移過來並不需要大量的現金。

Could add some good revenue to the business but get us more importantly into services which we need to be in. So, there's a couple different methodologies. There are some smaller. Acquisitions we can do to get there, small acquisitions versus large acquisitions. They're both the same amount of work. I'd prefer to do a larger one. So, we're opening as many doors as possible. We did hire a boutique advisory firm last week we had our first kick-off call. I've given them 25 targets. We've gone through that pick list and that is an ongoing activity was just launched last Thursday.

這或許能為公司增加一些可觀的收入，但更重要的是，它能讓我們進入亟需涉足的服務領域。所以，有幾種不同的方法。還有一些更小的。為了實現目標，我們可以進行收購，包括小型收購和大型收購。兩者的工作量相同。我更傾向於做一個更大的。所以，我們要盡可能地敞開大門。上週我們聘請了一家精品顧問公司，並進行了第一次啟動電話會議。我給他們安排了25個目標。我們已經審查了那份選擇清單，這是一項正在進行的活動，於上週四剛啟動。

On the services are we talking about just programming services or beyond that?

這裡所說的服務是指程式服務，還是包括其他服務？

No programming services.

不提供程式服務。

And would this be kind of explore this a little bit, so yes, let's say a company hired you to what would this look like?

那麼，我們不妨稍微探討一下這個問題：假設一家公司聘請你來做這件事，你會怎麼做？

Well, it depends on the relationship, right? I mean, so it would be, I mean, right now because we don't have a programming services division, they wouldn't really be able to hire us right now. So we're going to get the programming services in there with the software, with the expertise and the software control system and things which would come from an acquisition or a car vo.

這取決於彼此的關係，對吧？我的意思是，現在因為我們沒有程式服務部門，所以他們現在還不能僱用我們。所以我們將把程式設計服務、軟體、專業知識、軟體控制系統以及其他一些東西帶進去，這些東西將來自收購或汽車銷售。

Okay, so once we get that, yeah, that's kind of the first domino that has to follow, George, because then at that point, then I can open up in somebody's warehouse, I could open up on the production floor, I could open up once I have that software control, I can parachute that thing anywhere.

好的，一旦我們拿到那個，是的，那是接下來要邁出的第一步，喬治，因為到了那時，我就可以在別人的倉庫裡打開它，可以在生產車間打開它，一旦我有了那個軟體控制，我就可以把它空投到任何地方。

Okay, so the equipment, the advantage of being the equipment manufacturers certainly we make the equipment that needed to process the programmable parts, so that's the advantage we have. And that's why I've always thought services should be a cornerstone of a company such as Data, if not the other way around.

好的，所以設備方面，作為設備製造商，我們的優勢當然在於我們製造了處理可編程部件所需的設備，這就是我們的優勢。正因如此，我一直認為服務應該是像 Data 這樣的公司的基石，或者反過來成立。

It's a bigger market.

這是一個更大的市場。

So as we look out the next year it sounds like in the cadence of things would be your internal new product launches and then embedded applications and socket manufacturing and then later services sort of kind of roll in.

展望明年，事情的節奏似乎是先推出內部新產品，然後是嵌入式應用和插座製造，之後服務才會陸續推出。

I would see services coming first actually.

我個人認為服務業應該優先發展。

Oh, really?

哦真的嗎？

Okay, yes.

好的，是的。

Okay, and then when we talk about leading the semiconductor road maps, are we talking about just UFS flash or are there other things you're talking about as well? No, I mean, the important part is just staying connected to them because they're rolling out new silicon all the time and sharing roadmaps. So, it's more just engaging the semi-houses like I said, we signed 6 or 7 information sharing agreements with various semi-houses. We need to do a better job though there and really engaging, I think at that point when we can start growing again. I'd certainly like to allocate a resource or two to be calling on the semi-houses on a regular basis, because they can also help generate leads too.

好的，那麼當我們談到引領半導體路線圖時，我們指的是UFS閃存，還是也包括其他方面？不，我的意思是，重要的是與他們保持聯繫，因為他們一直在推出新的晶片並分享路線圖。所以，就像我剛才說的，更多的是與半獨立式住宅開發商進行接洽，我們與不同的半獨立式住宅開發商簽署了 6 或 7 項資訊共享協議。不過，我們需要在這方面做得更好，真正投入其中，我認為只有到了那時，我們才能再次開始成長。我當然希望安排一兩個人定期拜訪半獨立式住宅的住戶，因為他們也可以幫助開發潛在客戶。

Yeah, okay, well I really like to start up energy guys keep it going. No, I'm excited. It's finally, George, it's been a long year, so it's nice to start looking at execution of plans instead of just dreaming about them.

好的，我真的很喜歡那些充滿活力的人，繼續加油。不，我很興奮。喬治，終於到了這一年，這一年太漫長了，很高興終於可以開始著手執行計劃，而不是只停留在夢想階段。

Agreed, thank you.

同意，謝謝。

You're welcome.

不客氣。

(Operation Instructions)

（操作說明）

The next question is from Casey Ryan with West Park Capital. Please go ahead. Hey.

下一個問題來自 West Park Capital 的 Casey Ryan。請繼續。嘿。

Hi.

你好。

Good afternoon, you guys.

各位下午好。

Interesting conversation. So, I'd like to ask about the ED, I guess, disruptions. I don't know if that's the word that was used in the press release, but you did sort of suggest Asia was sort of okay and then talked about Europe a little bit and maybe the US and like kind of two things I'm interested in around EBs.

有趣的對話。所以，我想問一下關於急診的混亂情況。我不知道新聞稿裡是不是用了這個詞，但你確實暗示亞洲的情況還不錯，然後又稍微談到了歐洲，可能還有美國，而這正是我對EB（創業銀行）感興趣的兩個方面。

Is it kind of the headline thing where we see credits going away and there's some policy stuff impacting it or are there fundamental things with what the OEMs are thinking about those types of platforms, I.

是像我們看到的積分取消這樣的頭條新聞，還是有一些政策因素影響了它，又或者是原始設備製造商（OEM）對這類平台有一些根本性的想法？

Guess. Yeah, well, I think, obviously it's no secret that, the Asian manufacturers are doing very well across the globe. I mean, you've seen BYD move up the ladder, in Europe as far as share, domestically, they're doing very well, self-consuming their EVs. That's where we received a bunch. Orders, South Korea, some of their automotive kind of parts manufacturers are doing well.

猜測。是的，很明顯，亞洲製造商在全球範圍內都發展得非常好，這已不是什麼秘密。我的意思是，你已經看到比亞迪在歐洲市場份額不斷攀升，在國內市場，他們也做得非常好，能夠自給自足地使用他們的電動車。我們在那裡收到了一大批。訂單方面，韓國的一些汽車零件製造商經營狀況良好。

There's a company there called Mobis who actually feeds into a lot of the different supply chains.

那裡有一家名為 Mobis 的公司，它實際上為許多不同的供應鏈提供服務。

So it's, there's different pockets, I guess is the best way to say that are pretty strong, and we play not all of them, but some of them, which has helped this year. The European auto manufacturers are in a lot of hurt. I mean, we had a big call with all our reps. We had 95 of them on the phone last week and really talking about next year and where we're going just to get them all kind of geared up and excited about the new products coming, which they are. I will say they applauded the call. They were like, finally we have products that you're going to make that we can sell in our own, geographical areas which, if you're not in heavy manufacturing. What are you going to sell, right? If you're in engineering and development communities, you need things like manual systems, tabletop systems to do low volume, medium production, we need to help fill the gaps for them so they can address a bigger market that we haven't been addressing in the past. So, they were excited about that. So, still again, automotive is, it's.

所以，可以說有很多不同的強隊，我想這是最好的說法，我們雖然沒有和他們所有人交手，但和其中一些交手，這對我們今年的比賽很有幫助。歐洲汽車製造商處境艱困。我的意思是，我們和所有代表都開了一次重要電話會議。上週我們和其中 95 個人通了電話，認真地討論了明年的發展方向以及我們的未來規劃，目的是讓他們對即將推出的新產品充滿期待和興奮，而他們也確實如此。可以說，他們對這個決定表示讚賞。他們當時想，終於我們有了你們要生產的產品，我們可以在我們自己的地理區域銷售，而你們又不是重工業企業。你打算賣什麼？如果你身處工程和開發領域，你需要手動系統、桌面系統等工具來進行小批量、中等批量的生產，我們需要幫助他們填補這些空白，以便他們能夠開拓我們過去沒有涉足的更大市場。所以，他們對此感到很興奮。所以，再說一遍，汽車產業就是，它就是。

It's a little, it's still fragged it's fragmented in the way of the revenue is still in pieces across the globe and some of it's just not.

情況有點複雜，收入仍分散在全球範圍內，有些收入來源並不完整。

Just not buying anything. I mean, some of these reps came back from their August break and they said it was their business is down 50-60%. This is your talking.

什麼都不買。我的意思是，有些銷售代表在八月休假結束後回來，他們說他們的業務下降了 50-60%。這是你在說話。

US has been, and, we had a good friend of mine that that had a chance to talk to the VP of supply technology supply chain for BMW, and his comment was, look, the lots of films, kind of inventory kind of cleared out, but in demand is slow. And it's not, if you take out the AI spend in the US, we don't really have much of an economy after that.

美國一直如此，我的一位好朋友有機會與寶馬供應鏈技術副總裁交談，他的評論是，你看，很多電影的庫存都清空了，但需求卻很慢。如果把美國在人工智慧領域的支出剔除，那麼美國的經濟就真的沒什麼了。

Well, and so I appreciate that too.

嗯，我也很感激。

Is there some delineation between auto overall and EVs in particular and does that distinction matter, I guess, from where you guys sit?

汽車整體和電動車之間是否存在某種差異？從你們的角度來看，這種差異重要嗎？

Not really, because you've got so much technology in cars, H1stly, as those markets tune back up where, we have customers that deal in all aspects of that EV, hybrid and, pure.

其實不然，因為汽車領域有很多技術，首先，隨著這些市場重新調整，我們的客戶會涉及電動車、混合動力車和純電動車的各個方面。

Petro, but, and then a mix, so no, it's across the board. It's just right now, the EV makers are doing and some of the key component manufacturers are still shipping a decent amount of product now. Automotive numbers could stay flat. Content will still be up 10% this year, so you're still seeing that content still drive, you can still have down years and that, but the problem is that when they're not clicking on all these cylinders, cutting the skews the pun. But they have excess capacity of our equipment too, so when that fills up is when the next buy signal will happen, and I think next generation products that are used in higher density flash is going to require more capacity. So, as these things start to turn up their new revs, I think the sweet spot right now is 128 gigabytes on UFS for automotive. Those go to 256 and 512, you're going to see a spend cycle.

Petro，但是，然後是混合的，所以不，它是普遍的。現在正是時候，電動車製造商們正在這樣做，而且一些關鍵零件製造商目前仍在出貨相當數量的產品。汽車產業數據可能保持穩定。今年內容收入仍將成長 10%，所以你仍然可以看到內容仍然是驅動力，雖然也可能出現下滑的年份，但問題是，當他們沒有全力以赴時，削減成本就會扭曲雙關語。但他們也有我們設備的過剩產能，所以當這些產能被填滿時，就會出現下一個購買訊號，我認為下一代用於更高密度快閃記憶體的產品將需要更大的產能。所以，隨著這些技術開始加速發展，我認為目前汽車領域的最佳選擇是 128 GB 的 UFS 快閃記憶體。當這些數字達到 256 和 512 時，你會看到一個消費週期。

Right. Okay, and then, it looks like systems are pretty good in the quarter. I think if I just took 76% of revs number it's like 4. 1 million, and so it's really consumables that were kind of challenged and I guess it's consumable kind of related to units and is that sort of.

正確的。好的，那麼看來本季系統運作狀況相當不錯。我認為如果我只取 revs 數的 76%，那就是 410 萬，所以真正受到挑戰的是消耗品，我想消耗品與單位有關，就是這樣。

How we're sort of seeing that inside of the numbers I guess.

我想，我們某種程度上就是從這些數字中看到這一點的。

Yeah, we had some pretty good socket spins in the first two quarters. I wasn't surprised to see a little softness in Q3 in that. I always, you don't like it to continue, but as things slow down, people aren't processing in many parts, which means they don't have to replace as many sockets. So, again, as volumes tune up, you should start to see that number come back. It's off to a decent start this quarter. I wouldn't say it's, flying off, but you know sometimes you've got CapEx budgets, and they may start placing some orders at the end of the quarter. I don't know. I mean, we don't get a lot of forecasts and that it's, because it's, not a lot of lead time, item we pretty much can spend those once they come in within 34 or 35 weeks and usually have some inventory going so. It's, look, the more you get your platform out there, the more that number goes up, and that's the reason why having the new product portfolio, driving that platform out to market, getting more sites out there means more sockets.

是的，我們在前兩個季度有一些相當不錯的插座旋轉。我對第三季略顯疲軟的走勢並不感到意外。我總是覺得，你不喜歡這種情況繼續下去，但隨著業務放緩，很多環節的處理量減少了，這意味著他們不必更換那麼多插座。所以，隨著銷售量的提升，你應該會看到這個數字回升。本季開局不錯。我不會說它正在迅速發展，但你知道，有時會有資本支出預算，他們可能會在季度末開始下一些訂單。我不知道。我的意思是，我們沒有很多預測，而且因為提前期很短，我們基本上可以在 34 或 35 週內使用這些產品，並且通常會有一些庫存。你看，你的平台推廣得越廣，這個數字就越高，這就是為什麼擁有新的產品組合，將該平台推向市場，讓更多網站上線意味著更多的插槽。

Yeah, okay, then 3 quick margin questions I guess, overall margins were pretty steady even though your mix changed quite a bit, so, where do.

好的，那我想問三個關於利潤率的快速問題，儘管你們的產品組合發生了很大的變化，但整體利潤率相當穩定，那麼，你們在哪裡？

Do systems and consumables carry the same margin? I guess in my mind I was saying consumables.

系統和耗材的利潤率相同嗎？我當時腦子裡想的是消耗品。

Margins.

邊際。

Are much higher.

數值要高得多。

Consumable, probably 60 to 70%, sometimes a little bit more, but margins, look, we're carrying a little extra expense because we're trying to again scale the business, get the business in the right position. We've got some consultants who'll probably take off the P&L during the first half of next year for sure. But where margins are going to get better are going to be better pricing. I mean, H1stly, we've just done a poor the company historically on their custom systems has gone off a list price methodology. Right, every system we do is custom. I don't know why you would go off a list. You should just custom build from the ground up. We've done this a couple times already and a couple of orders and we've come out with not only capturing our costs better, but improved margins on top of it. And now, again the reps to do more, add more value. I mean, I'll give you 5 points but go earn the rest.

消耗品可能佔 60% 到 70%，有時甚至更多，但利潤率方面，你看，我們承擔了一些額外的費用，因為我們正在努力再次擴大業務規模，使業務處於正確的位置。我們有一些顧問，他們很可能會在今年上半年接手損益表。但利潤率會提高的地方，就是定價更合理的地方。我的意思是，首先，我們剛剛對這家公司做了一件很糟糕的事情，該公司歷史上在其定制系統方面一直採用的是標價方法。沒錯，我們做的每個系統都是客製化的。我不知道你為什麼要按照名單來做。你應該完全從零開始客製化開發。我們已經這樣做了好幾次，也下了好幾個訂單，結果不僅更好地控制了成本，而且還提高了利潤率。現在，再次重複練習，以增加更多價值。我的意思是，我會給你5分，但剩下的分數要靠你自己去爭取。

Why am I protecting your margin? I need to protect.

我為什麼要保護你的利潤空間？我需要保護。

Well, right, sure, I mean, sort of what I'm drilling into here is that there is really good margin expansion opportunity that you guys are demonstrating because Mick was sort of off this quarter from a margin preference standpoint and you guys still were flat to up I think on gross margins versus last quarter. Yes.

嗯，沒錯，當然，我的意思是，我在這裡深入探討的是，你們展現出了非常好的利潤率擴張機會，因為從利潤率的角度來看，Mick這季度的表現不太理想，而你們的毛利率與上季度相比仍然持平或有所增長。是的。

Yes, we're p sequentially. We do expect like we're focused on opportunities both of them. On the on the cost of goods side and as well on the operating expense side of, not just rooting out some efficiencies, but then as Bill mentioned I mean the opportunities on the pricing side for gross margin improvement are we believe significant we're exploring them we have, we still have to understand a little bit better what those dynamics look like, but there's opportunity there. That's worth exploring in some depth.

是的，我們是按順序 p。我們確實希望他們倆都能抓住機會。在商品成本方面以及營運費用方面，不僅要提高效率，而且正如比爾所提到的，在定價方面提高毛利率的機會也很大，我們認為這些機會是值得探索的，我們仍然需要更好地了解這些動態，但那裡確實存在機會。這值得深入探討。

And so we will Charlie and I and Monty are going to be digging into that pretty deep this quarter.

所以，查理、我和蒙蒂這一季會深入研究這個問題。

Yeah.

是的。

Okay, so at some point in the future we'll say in the far distant future if revs were split evenly, could you see 55% gross margins or something like that in your imagination you guys aren't guiding.

好的，那麼在未來的某個時候，比如說在遙遠的未來，如果收入平均分配，你們能想像 55% 的毛利率嗎？ （你們並沒有給出具體的指導。）

That's theoretically possible, yes.

理論上是可能的，是的。

Okay.

好的。

We've been there before, so I don't see any reason why we couldn't get back there with better rigor around everything we do expense control but also more importantly how we price our products.

我們以前也經歷過這種情況，所以我認為我們完全可以重回巔峰，而且我們會更加嚴格地控制所有開支，更重要的是，還要嚴格控制產品定價。

Right, well, like it sounds like pricing, understanding how the price better has a lot of leverage to it and then as you say as you as you grow systems and consumer will go up and that's a margin adder too to the overall just to refresh the last margin question services. I'm thinking sort of, range wise is sort of a 30% business, but like tell me what you're thinking about its contribution to your margins.

沒錯，就像定價一樣，更好地了解價格具有很大的槓桿作用，然後正如你所說，隨著你的系統和消費者的增長，這也會增加整體利潤，只是為了重申最後一個利潤率問題服務。我的想法是，從產品範圍來看，這大概佔了30%的業務，但請告訴我你認為它對你的利潤率貢獻有多大。

From my experience we ran between 52% and 58% on services.

根據我的經驗，我們的服務佔比在 52% 到 58% 之間。

Yes.

是的。

So that's historically now, obviously with making the equipment we have an advantage a little bit because obviously you know we have the margin in that and you know we don't want to we don't want to penalize the core business, right? So, we'll sell it obviously at a competitive price, but we have the advantage there for service, sockets, things like that. So no, I expect the services business to run healthy margins, not 30.

所以從歷史角度來看，顯然我們在設備製造方面有一些優勢，因為很明顯，你知道我們在這方面有利潤空間，而且你知道我們不想，我們不想損害核心業務，對吧？所以，我們當然會以有競爭力的價格出售，但我們在服務、插座等方面具有優勢。所以，不，我預期服務業的利潤率會很健康，而不是30%。

(Operation Instructions)

（操作說明）

Ladies and gentlemen, at this time we've reached the end of the question-and-answer session. I'd like to turn the floor back over to management for any closing remarks.

女士們、先生們，問答環節到此結束。我想把發言權交還給管理階層，請他們作總結發言。

No, I just want to thank the people on the phone. Great questions. I always love the questions. It's always great to dig into the business, and it's been a, it's been an interesting year. I have to say. The great thing about it is, I think we really have a great team now that we can build from, but we are more importantly, building out the products and the product portfolio. I think we've got a great focus for next year to grow and grow into these new businesses, and you know we're initiating discussions with I think some great future partners for our technology. So, I want to thank everybody for logging on to the call today and those who are listening in and look forward to updating you next quarter.

不，我只是想感謝電話那頭的人們。問得好。我一直都很喜歡這些問題。深入了解業務總是很有趣的，而且今年也是非常有趣的一年。我不得不說。最棒的是，我認為我們現在擁有一個非常優秀的團隊，我們可以以此為基礎繼續發展，但更重要的是，我們正在建立產品和產品組合。我認為我們明年將重點發展這些新業務，並且我們正在與一些我認為是我們在技術方面非常優秀的未來合作夥伴展開討論。所以，我要感謝今天登入參加電話會議的各位，以及正在收聽的各位，期待下個季度向大家報告最新情況。

Ladies and gentlemen, with that we'll conclude today's conference call and presentation. We do thank you for joining. You may now disconnect your lines.

女士們、先生們，今天的電話會議和演示就到此結束。非常感謝您的參與。現在您可以斷開線路了。