Diodes Incorporated (DIOD) 2026 Q1 法說會逐字稿

Good afternoon, and welcome to Diodes Incorporated's first-quarter 2026 financial results conference call. (Operator Instructions) As a reminder, this conference call is being recorded today, Thursday, May 7, 2026.

下午好，歡迎參加 Diodes Incorporated 2026 年第一季財務業績電話會議。(接線員指示) 提醒各位，本次電話會議將於今天（2026 年 5 月 7 日，星期四）錄音。

I would now like to turn the call over to Leanne Sievers of Shelton Group, Investor Relations. Leanne, please go ahead.

現在我想把電話交給 Shelton Group 投資人關係的 Leanne Sievers。Leanne，請開始。

Good afternoon, and welcome to Diode's first-quarter 2026 financial results conference call. I'm Leanne Sievers, President of Shelton Group, Diode's Investor Relations firm.

下午好，歡迎參加 Diode 2026 年第一季財務業績電話會議。我是 Leanne Sievers，Shelton Group 總裁，也是 Diode 的投資人關係顧問公司。

Joining us today are Diode's President and CEO, Gary Yu; CFO, Brett Whitmire; Senior Vice President of Worldwide Sales and Marketing, Emily Yang; and Vice President of Marketing and Investor Relations, Gurmeet Dhaliwal.

今天與會的有 Diode 總裁暨執行長 Gary Yu；財務長 Brett Whitmire；全球銷售與行銷資深副總裁 Emily Yang；以及行銷與投資人關係副總裁 Gurmeet Dhaliwal。

I'd like to remind our listeners that the results announced today are preliminary as they are subject to the company finalizing its closing procedures and customary quarterly review by the company's independent registered public accounting firm. As such, these results are unaudited and subject to revision until the company files its Form 10-Q for its quarter ended March 31, 2026.

我想提醒各位聽眾，今天公布的結果為初步數據，仍須待公司完成結帳程序，並由公司獨立註冊會計師事務所進行例行季度審閱。因此，這些結果未經審計，且在公司就截至 2026 年 3 月 31 日之季度提交 Form 10-Q 之前，仍可能修訂。

In addition, management's prepared remarks contain forward-looking statements, which are subject to risks and uncertainties, and management may make additional forward-looking statements in response to your questions. Therefore, the company claims the protection of the safe harbor for forward-looking statements that is contained in the Private Securities Litigation Reform Act of 1995.

此外，管理層的事先準備發言包含前瞻性陳述，該等陳述受風險與不確定性影響；管理層也可能在回答各位提問時作出額外的前瞻性陳述。因此，公司主張適用《1995 年私人證券訴訟改革法案》中關於前瞻性陳述之「安全港」保護。

Actual results may differ from those discussed today, and therefore, we refer to a more detailed discussion of the risks and uncertainties in the company's filings with the Securities and Exchange Commission, including Forms 10-K and 10-Q.

實際結果可能與今日討論內容有所不同，因此我們請各位參閱公司向美國證券交易委員會（SEC）提交之文件（包括 Form 10-K 與 Form 10-Q）中對風險與不確定性的更詳細說明。

In addition, any projections as to the company's future performance represent management's estimates as of today, May 7, 2026. There seems no obligation to update these projections in the future, as market conditions may or may not change, except to the extent required by applicable law.

另外，任何關於公司未來表現的預測，均為管理層截至今日（2026 年 5 月 7 日）的估計。除非適用法律另有要求，鑑於市場狀況可能改變或不改變，公司不承擔未來更新這些預測的義務。

Additionally, the company's press release and management statements during this conference call will include discussions of certain measures and financial information in GAAP and non-GAAP terms. Included in the company's press release are definitions and reconciliations of GAAP to non-GAAP items, which provide additional details.

此外，公司新聞稿及本次電話會議中管理層的陳述，將包含以 GAAP 與非 GAAP 口徑呈現的若干衡量指標與財務資訊。公司新聞稿中已包含 GAAP 與非 GAAP 項目的定義與調節表，提供更多細節。

Also, throughout the company's press release and management statements during this conference call, we refer to net income attributable to common stockholders as GAAP net income.

同時，在公司新聞稿及本次電話會議中管理層的陳述裡，我們將歸屬於普通股股東的淨利稱為 GAAP 淨利。

For those of you unable to listen to the entire call at this time, a recording will be available via webcast for 90 days in the Investor Relations section of Diode's website at www.diodes.com.

若各位目前無法收聽完整會議，錄音將以網路直播回放形式提供 90 天，位於 Diode 官網 www.diodes.com 的投資人關係專區。

And now, I'll turn the call over to Diode's President and CEO, Gary Yu. Gary, please go ahead.

現在，我把電話交給 Diode 總裁暨執行長 Gary Yu。Gary，請開始。

Welcome, everyone, and thank you for joining us on today's conference call. As announced in our press release earlier today, first-quarter revenue grew 22% year over year and above seasonal 3.5% sequentially. This growth highlights a solid demand recovery and the momentum we are seeing across our key focus areas of automotive, industrial, and AI server-related applications.

各位好，感謝大家參加今天的電話會議。如同我們今天稍早在新聞稿中宣布，第一季營收年增 22%，且季增 3.5%，高於季節性水準。此一成長凸顯需求正穩健復甦，並反映我們在汽車、工業以及 AI 伺服器相關應用等關鍵聚焦領域所見到的動能。

In fact, this quarter is the sixth consecutive quarter of double-digit year-over-year growth and the highest percentage increase since fourth quarter of 2021.

事實上，本季已是連續第六季呈現兩位數的年增成長，且為自 2021 年第四季以來最高的成長百分比。

Revenue in Europe led growth as we continue to benefit from increased opportunities and orders from automotive customers as well as improved demand for our industrial applications.

歐洲地區營收引領成長，因我們持續受惠於汽車客戶帶來的更多機會與訂單，以及工業應用需求的改善。

Additionally, gross margin improved 70 basis points sequentially due mainly to higher revenue contribution from the automotive and industrial markets, which totaled 44% of product revenue, combined with improving utilization.

此外，毛利率較前一季提升 70 個基點，主要因汽車與工業市場的營收貢獻提高（合計占產品營收 44%），並且產能利用率改善。

Notably, we delivered an over 100% year-over-year increase in quarterly earnings, clearly demonstrating the operating leverage in our model.

值得注意的是，我們本季獲利年增超過 100%，清楚展現我們營運模式中的營運槓桿效益。

After formally releasing our three-year interim financial target earlier this year, which includes reaching $2 billion in annual revenue, $700 million in gross profit, and over $4 in non-GAAP EPS, this quarter was a great first step toward executing on these goals.

在今年稍早正式發布我們三年期的中期財務目標（包括年營收達 20 億美元、毛利達 7 億美元，以及非 GAAP 每股盈餘超過 4 美元）之後，本季是朝這些目標執行邁出的重要第一步。

Content expansion, design-win momentum, and a new product introduction will continue to be the cornerstone of our growth initiatives. Combined with increased manufacturing and the cost efficiency to further address margin expansion.

內容擴充、設計導入（design-win）動能，以及新產品導入，將持續作為我們成長策略的基石。並結合製造能力提升與成本效率，以進一步推動毛利率擴張。

With that, let me now turn the call over to Brett to discuss our first quarter financial results as well as our second-quarter guidance in more detail.

接下來，我把電話交給 Brett，更詳細說明第一季財務結果以及第二季財測指引。

Thanks, Gary, and good afternoon, everyone.

謝謝你，Gary，各位下午好。

Revenue for the first quarter of 2026 was $405.5 million, an increase of 22.1% over the $332.1 million in the first quarter of 2025 and up to 3.5% compared to $391.6 million in the fourth quarter of 2025.

2026 年第一季營收為 4.055 億美元，較 2025 年第一季的 3.321 億美元成長 22.1%，並較 2025 年第四季的 3.916 億美元增加 3.5%。

Gross profit for the first quarter was $128.8 million, or 31.8% of revenue, compared to $104.7 million, or 31.5% of revenue in the prior year quarter, and $121.9 million, or 31.1% of revenue in the prior quarter.

第一季毛利為 1.288 億美元，占營收 31.8%；相較之下，去年同期毛利為 1.047 億美元，占營收 31.5%，而前一季毛利為 1.219 億美元，占營收 31.1%。

GAAP operating expenses for the first quarter were $109 million, or 26.9% of revenue. And on a non-GAAP basis, were $103.9 million, or 25.6% of revenue, which excludes $3.9 million amortization of acquisition-related intangible asset costs and $1.1 million of board and officer retirement expense.

第一季 GAAP 營業費用為 1.09 億美元，占營收 26.9%。以非 GAAP 口徑計為 1.039 億美元，占營收 25.6%，此數字排除 390 萬美元的併購相關無形資產成本攤銷，以及 110 萬美元的董事與高階主管退休費用。

This compares to GAAP operating expenses in the first quarter 2025 of $103.4 million, or 31.1% of revenue, and $108.7 million, or 27.8% of revenue, in the prior quarter.

相較之下，2025 年第一季 GAAP 營業費用為 1.034 億美元，占營收 31.1%；前一季為 1.087 億美元，占營收 27.8%。

Non-GAAP operating expenses in the prior quarter were $104 million, or 26.6% of revenue.

前一季非 GAAP 營業費用為 1.04 億美元，占營收 26.6%。

Total other income amounted to approximately $2.7 million for the quarter, consisting of $5.4 million in interest income, $2.5 million in unrealized gain on investments, $0.1 million in other income, offset by $3.4 million in foreign currency losses, $1.2 million of impairment loss of equity investment, and $0.7 million in interest expense.

本季其他收入合計約 270 萬美元，包括 540 萬美元利息收入、250 萬美元投資未實現收益，以及 10 萬美元其他收入；並由 340 萬美元外幣損失、120 萬美元權益投資減損損失，以及 70 萬美元利息費用所抵銷。

Income before taxes, equity and net earnings of equity investments and non-controlling interest in the first quarter 2026 was $22.4 million, compared to a loss of $2.8 million in the prior year period and $16.8 million in the previous quarter.

2026 年第一季稅前利益（未計入權益法及權益投資淨收益與非控制權益）為 2,240 萬美元，相較去年同期為 280 萬美元虧損，前一季為 1,680 萬美元。

Turning to income taxes, our effective income tax rate for the first quarter was approximately 19.9%. For 2026, we continue to expect the tax rate for the full year to remain at approximately 18%, plus or minus 3%.

談到所得稅，我們第一季的有效所得稅率約為 19.9%。對於 2026 年，我們仍預期全年稅率約維持在 18%，上下浮動 3%。

GAAP net income for the first quarter was $15 million, or $0.32 per diluted share, compared to a net loss of $4.4 million. Or a loss of $0.10 per diluted share in the prior year quarter and net income of $10.2 million or $0.22 per diluted share last quarter. The share count used to compute GAAP income per share for the first quarter of 2026 was 46.1 million shares.

第一季 GAAP 淨利為 1,500 萬美元，或每股稀釋後 0.32 美元，相較於去年同期淨損 440 萬美元。亦即去年同期每股稀釋後虧損 0.10 美元；而上一季淨利為 1,020 萬美元，或每股稀釋後 0.22 美元。用於計算 2026 年第一季 GAAP 每股盈餘的股數為 4,610 萬股。

Non-GAAP adjusted net income in the first quarter was $19.8 million or $0.43 per diluted share, which excluded net of tax, $3.2 million of acquisition-related intangible asset costs, $0.9 million in board officer retirement expense and $0.7 million of loss on investment. This compares to non-GAAP adjusted net income of $8.8 million or $0.19 per diluted share in the first quarter 2025 and $15.7 million or $0.34 per diluted share in the prior quarter.

第一季非 GAAP 調整後淨利為 1,980 萬美元，或每股稀釋後 0.43 美元；其中已排除（稅後）320 萬美元的併購相關無形資產成本、90 萬美元的董事高階主管退休費用，以及 70 萬美元的投資損失。相較之下，2025 年第一季非 GAAP 調整後淨利為 880 萬美元或每股稀釋後 0.19 美元，上一季為 1,570 萬美元或每股稀釋後 0.34 美元。

Excluding non-cash share-based compensation expense of $6 million for the first quarter, net of tax, both GAAP net income and non-GAAP adjusted net income would have increased by $0.13 per share.

若排除第一季（稅後）600 萬美元的非現金股份基礎給付費用，GAAP 淨利與非 GAAP 調整後淨利皆將增加每股 0.13 美元。

EBITDA for the first quarter was $49.4 million or 12.2% of revenue compared to $26.2 million or 7.9% of revenue in the prior year period and $41.9 million or 10.7% of revenue in the prior quarter.

第一季 EBITDA 為 4,940 萬美元，約占營收 12.2%；相較於去年同期 2,620 萬美元（占營收 7.9%）以及上一季 4,190 萬美元（占營收 10.7%）。

We have included in our earnings release a reconciliation of GAAP net income to non-GAAP adjusted net income and GAAP net income DBITDA, which provides additional details.

我們在財報新聞稿中提供 GAAP 淨利與非 GAAP 調整後淨利之調節表，以及 GAAP 淨利與 DBITDA 的調節表，提供更多細節。

Cash flow provided by operations was $64.3 million for the first quarter, a $26.2 million increase from the $38.1 million in the prior quarter. Free cash flow was $32.4 million, a $20 million increase over the fourth quarter and included $31.9 million of capital expenditures. Net cash flow was a positive $26.9 million, despite the higher CapEx spending compared to last quarter.

第一季營運活動提供的現金流為 6,430 萬美元，較上一季的 3,810 萬美元增加 2,620 萬美元。自由現金流為 3,240 萬美元，較第四季增加 2,000 萬美元，並包含 3,190 萬美元的資本支出。儘管資本支出較上一季增加，淨現金流仍為正 2,690 萬美元。

Turning to the balance sheet, at the end of first quarter, cash equivalents, restricted cash plus short-term investments totaled approximately $409 million. Working capital was approximately $891 million, and total debt, including long-term and short-term, was approximately $55 million.

再看資產負債表，截至第一季末，約當現金、受限制現金加上短期投資合計約 4.09 億美元。營運資金約為 8.91 億美元；總負債（含長期與短期）約為 5,500 萬美元。

In terms of inventory, at the end of the first quarter, total inventory days were approximately 157, as compared to 161 last quarter, and down approximately 30 days from 187 days in the year ago quarter.

就存貨而言，截至第一季末，總存貨天數約為 157 天，較上一季的 161 天下降，並較去年同期的 187 天減少約 30 天。

Finished goods inventory days were 55 compared to 59 days last quarter. Total inventory dollars increased $21.2 million from the prior quarter to $492.8 million, consisting of a $24 million increase in raw materials, a $0.5 million increase in work in process, and a $3.3 million decrease in the finished goods.

成品存貨天數為 55 天，較上一季的 59 天下降。總存貨金額較上一季增加 2,120 萬美元至 4.928 億美元，其中原物料增加 2,400 萬美元、在製品增加 50 萬美元，而成品減少 330 萬美元。

Capital expenditures on a cash basis were $31.9 million for the first quarter or 7.9% of revenue, which is within our targeted annualized range of 5% to 9% of revenue.

第一季以現金基礎計算的資本支出為 3,190 萬美元，約占營收 7.9%，落在我們目標年化區間（營收的 5% 至 9%）之內。

Now turning to our outlook. As you may have noticed in our press release, we have refined the presentation of our guidance to help simplify the information provided, while also aligning to the three-year financial targets we've introduced last quarter.

接著談我們的展望。如各位在新聞稿中所見，我們已精煉指引的呈現方式，以簡化所提供的資訊，同時也與我們在上一季提出的三年財務目標對齊。

That said, for the second quarter, we expect revenue to be approximately $435 million, plus or minus 3%. At the midpoint, this represents an 18.8% increase year over year and a 7.3% increase sequentially, which will be the sixth consecutive quarter of double-digit year-over-year growth and another quarter of above seasonal sequential growth. GAAP gross margin is expected to be 32.8%, plus or minus 1%.

也就是說，對於第二季，我們預期營收約為 4.35 億美元，上下浮動 3%。以中位數計算，這代表年增 18.8%、季增 7.3%；這將是連續第六季年增達雙位數，且再度出現高於季節性的季增成長。GAAP 毛利率預期為 32.8%，上下浮動 1%。

Non-GAAP adjusted EPS is expected to be $0.60, plus or minus $0.10.

非 GAAP 調整後每股盈餘（EPS）預期為 0.60 美元，上下浮動 0.10 美元。

With that said, I will now turn the call over to Emily Yang.

接下來，我將把電話會議交給 Emily Yang。

Thank you, Brett, and good afternoon. As Gary and Brett mentioned, revenue in the first quarter was at the high end of our guidance range, up 3.5% sequentially and above our typical seasonality of down 5%. This growth was mainly driven by strong demand in Europe, followed by Asia.

謝謝你，Brett，大家午安。如 Gary 與 Brett 所提到，第一季營收位於我們指引區間的高端，季增 3.5%，且高於我們典型的季節性（通常下滑 5%）。這項成長主要由歐洲的強勁需求帶動，其次是亞洲。

Year over year, first-quarter revenue increased 22%. Our global POS increased sequentially. And our channel inventory decreased again this quarter, both in dollars and in weeks, which was at the lower end of our normal range of 11 to 14 weeks.

以年對年來看，第一季營收成長 22%。我們的全球 POS（銷售點）較前一季增加。而我們的通路庫存本季再度下降，無論以金額或以週數衡量皆下降，且位於我們正常區間 11 至 14 週的低端。

We also continue to benefit from the market supply disruption. We remain strategically selective and focus on long-term sustainable business and demand creation.

我們也持續受惠於市場供應中斷。我們仍維持策略性選擇，聚焦於長期可持續的業務與需求創造。

Looking at global sales in the first quarter, Asia represented 77% of revenue, Europe 14%, and North America 9%. In terms of our end market, industrial was 24% of DIO's product revenue, automotive 20%, computing 26%, consumer 17%, and communication 13% of product revenue.

就第一季全球銷售而言，亞洲占營收 77%，歐洲 14%，北美 9%。就終端市場而言，工業占 DIO 產品營收 24%，汽車 20%，運算 26%，消費 17%，通訊占產品營收 13%。

Our automotive industrial revenue combined was 44% of product revenue, which was a 2 percentage point increase compared to last quarter, largely due to stronger demand in Europe. Now let me review the end market in greater detail.

我們的汽車與工業合計營收占產品營收 44%，較上一季增加 2 個百分點，主要是因歐洲需求更強。接下來我將更詳細地檢視各終端市場。

Starting with the automotive market, revenue grew 3.8% sequentially and over 32% year over year. Overall demand was strong in the quarter, and visibility continues to improve. We are encouraged by the breadth and the depth of our automotive design wins across all focus areas, including connected driving, comfort style safety, and electrification.

先從汽車市場開始，營收季增 3.8%，年增超過 32%。本季整體需求強勁，能見度也持續改善。我們對於在所有聚焦領域的汽車設計導入（design wins）的廣度與深度感到鼓舞，涵蓋車聯網駕駛、舒適/造型/安全，以及電動化。

With an expanding automotive grid portfolio and strong engagements with OEM and Tier 1 customers, we are well positioned to benefit from the increase in dollar content per vehicle.

隨著汽車柵極（gate）產品組合持續擴大，且與 OEM 與 Tier 1 客戶維持強勁合作，我們已具備良好條件，得以受惠於每輛車的美元含量提升。

In terms of design wins, we have seen strong momentum for interface and voltage level shifter ICs across ADAS, telematics, and infotainment platforms, with multiple customer wins. ESD and bi-directional protection devices, including protection for automotive Ethernet and in-vehicle networks, are being designed into next-generation communication platforms and body control modules.

就設計導入而言，我們看到介面與電壓位準轉換器 IC 在 ADAS、車載資通訊（telematics）與資訊娛樂平台上動能強勁，並取得多個客戶案。ESD 與雙向保護元件（包含用於車用乙太網與車內網路的保護）正被導入下一代通訊平台與車身控制模組。

Our portfolio of automotive-grade discrete products, including switching diodes, rectifiers, and protection devices, continue to enable reliable data and power paths.

我們的車規級分離式產品組合（包括開關二極體、整流器與保護元件）持續為可靠的資料與電力傳輸路徑提供支援。

We are also securing increased adoption of power protection, power management, and control solutions across safety-critical systems and advanced lightings. Our ideal diode controllers are also seeing strong demand in reverse battery protection power trees, and our precision current limited power switching are gaining traction for protected ECU power wheels.

我們也在安全關鍵系統與先進照明領域，推動電源保護、電源管理與控制解決方案的採用提升。我們的理想二極體控制器在反接電池保護的電源樹架構中亦呈現強勁需求，而我們的精密限流電源開關在具保護的 ECU 供電軌方面也正加速導入。

We're also receiving solid demand for our low IQ LDOs in MCU power supplies, and our brushed DC motor drive products are experiencing significant growth, particularly in automotive lighting, cooling, and motor applications. And our 48-volt matric LED drivers are gaining traction in dynamic, real lighting applications, enabling adaptive, thinnerly, and. Distinctive vehicle design.

我們也看到低靜態電流（low IQ）LDO 在 MCU 電源供應中的穩健需求；同時，我們的有刷直流馬達驅動產品亦出現顯著成長，特別是在車用照明、冷卻與馬達應用。此外，我們的 48 伏矩陣式 LED 驅動器在動態、真實照明應用中正逐步獲得採用，實現自適應、更薄型化，並。具差異化的車輛設計。

Additionally, our silicon carbide MOSFETs in innovative topside cooling package are gaining momentum in traction, inverters, onboarding chargers, and high-voltage DC-DC converters, while our ultra-low VCE bipolar devices continue to win designs in battery management system and vehicle radar.

此外，我們採用創新頂部散熱封裝的碳化矽 MOSFET，在牽引系統、逆變器、車載充電器與高壓 DC-DC 轉換器等應用中正加速成長；同時，我們的超低 VCE 雙極性元件持續在電池管理系統與車用雷達中贏得設計導入。

Turning to industrial market, revenue grew to 24% of product revenue from 22% last quarter, representing a 13.2% quarter-over-quarter growth and over 31% year over year. We have begun to see solid demand recovery in Europe, followed by North America and Asia. Much of this strength in demand is being driven by AI infrastructures, and we expect this momentum will continue throughout the year.

轉向工業市場，本季營收占產品營收比重由上季的 22% 提升至 24%，季增 13.2%，年增超過 31%。我們已開始看到歐洲需求明顯復甦，其次是北美與亞洲。這波需求強勢多由 AI 基礎設施所帶動，我們預期此動能將延續全年。

Specifically in AI surfer power supply units, our bipolar junction transistors portfolio has been winning designs and our hall sensors are being used in brushless DC fan applications for thermal management. Additionally, our rectifying battery backup units are enabling hot-swell functionality and supporting the scalable resiliency power architecture required by AI surfers.

具體而言，在 AI 伺服器電源供應器（PSU）方面，我們的雙極接面電晶體（BJT）產品組合持續贏得設計案；我們的霍爾感測器也用於無刷直流風扇的熱管理應用。此外，我們的整流式電池備援單元可實現熱插拔（hot-swap）功能，並支援 AI 伺服器所需的可擴展韌性電源架構。

We've also seen broad market recovery across multiple applications like factory automation and medical equipment. From a design point of view, we are achieving increasing momentum across power, sensing, and imaging applications driven by the automation and inspection systems. Our 60 and 650-volt silicon carbide diodes continue to gain traction in industrial power applications, supporting higher efficiency and power density requirements.

我們也看到工廠自動化、醫療設備等多項應用出現廣泛的市場復甦。從設計導入角度來看，在自動化與檢測系統帶動下，我們在電源、感測與成像應用的動能持續提升。我們的 60 伏與 650 伏碳化矽二極體在工業電力應用中持續獲得採用，以支援更高效率與功率密度需求。

Also during the quarter, our low-IQ LDO regulators received solid demand for power tools and industrial fan applications, supporting energy efficiency and battery-powered designs. And our LED drivers continue to gain traction in intelligent LED lighting applications for smart infrastructure and enterprise environments.

本季我們的低 IQ LDO 穩壓器在電動工具與工業風扇應用中獲得穩健需求，支援節能與電池供電設計。同時，我們的 LED 驅動器在智慧基礎設施與企業環境的智慧 LED 照明應用中持續擴大採用。

Also in industrial, our voltage reference devices receive strong demand from a variety of industrial power supply applications, where accuracy and stability are essential. Our AOI contact image sensor products also achieve multiple design-ins across inspection-related applications, including IC inspection, battery film inspection, glass inspection, as well as digital check and car scanners.

在工業領域，我們的電壓基準元件在多種工業電源供應應用中需求強勁，這些應用對精度與穩定性至關重要。我們的 AOI 接觸式影像感測器產品也在多項檢測相關應用中取得多個設計導入，包括 IC 檢測、電池薄膜檢測、玻璃檢測，以及數位支票與車輛掃描器。

In the computing market, although revenue decreased 3.7% to 26% of the product revenue this quarter, revenue grew year over year over 21%. During the quarter, we continued to see strong demand across AI server and data center applications.

在運算市場方面，雖然本季營收下滑 3.7%，占產品營收比重為 26%，但年增仍超過 21%。本季我們持續看到 AI 伺服器與資料中心應用的強勁需求。

For the other applications like Novo and Motherboard, we saw demand moderate downward due to the overall softer market for these applications combined with the memory shortage.

至於 Novo 與主機板等其他應用，由於相關市場整體轉弱並疊加記憶體短缺，我們看到需求溫和下滑。

In high-performance computing and data infrastructures, key focus areas remain power management, protection, connectivity, timing, and signal integrity. High power transcend protection products are being designed into server hotspot power reel architectures, delivering ultra-high surge protection for mission-critical power reels.

在高效能運算與資料基礎設施中，關鍵聚焦領域仍為電源管理、保護、連接、時序與訊號完整性。高功率瞬態保護產品正被設計導入伺服器熱點電源軌架構，為任務關鍵電源軌提供超高浪湧保護。

Our supervisory reset IC and 5-volt low RPS-on switches are seeing strong demand across data center and SSD applications. Additionally, our ISL portfolios, including voltage level shifters for STI, UR, and GPIOs, are increasingly being utilized in surfers, AI surfers, and workstations, with designs at leading hyperscale and AI customers.

我們的監控重置 IC 與 5 伏低 RPS-on 開關在資料中心與 SSD 應用中需求強勁。此外，我們的 ISL 產品組合（包括用於 STI、UR 與 GPIO 的電壓位準轉換器）正日益用於伺服器、AI 伺服器與工作站，並已在領先的超大規模與 AI 客戶取得設計導入。

And our PCIe 6.0/7.0 MUX buffers are also seeing adoption across multiple AI surfer platforms. As process migration driven SoC I/O voltage lower, e-USB adoptions continue to accelerate as design-in and design-wins for e-USB repeaters have become widespread across major PCs. OEMs and ODMs.

我們的 PCIe 6.0/7.0 MUX 緩衝器也在多個 AI 伺服器平台上獲得採用。隨著製程遷移帶動 SoC I/O 電壓降低，e-USB 的採用持續加速；e-USB 重定時器的設計導入與設計得標已在主要 PC。OEM 與 ODM 中廣泛普及。

Diode's P-channel MOSFETs are being designed into desktop platforms for low-switch applications, while our OCP power switches continue to see solid demand in 15-watt source path for USB power delivery ports in both desktop and docking stations. Our 20-volt high-performance, low-noise LDOs also continue to gain traction in PC platforms, reflecting rapid design win conversion.

Diodes 的 P 通道 MOSFET 正被設計導入桌上型平台的低側開關應用；同時，我們的 OCP 電源開關在桌機與擴充底座的 USB Power Delivery 連接埠之 15 瓦來源路徑上，仍維持穩健需求。我們的 20 伏高效能、低雜訊 LDO 也持續在 PC 平台上擴大採用，反映設計得標快速轉換。

Additionally, in computing, our TVS protection devices have been widely adopted in USB Power Delivery 3 and able docking platforms, providing robust transcend and ESD protection. And our USB Power Delivery sync switch are seeing strong demand in multi-port USB Power Delivery systems using laptops, supporting high power density and fast charging requirements.

此外，在運算領域，我們的 TVS 保護元件已廣泛導入 USB Power Delivery 3 與啟用式擴充底座平台，提供強健的瞬態與 ESD 保護。我們的 USB Power Delivery 同步開關在筆電使用的多埠 USB Power Delivery 系統中需求強勁，支援高功率密度與快速充電需求。

In the consumer market, revenue increased 3.8% sequentially and over 26% year over year. We continue to see steady demand across personal gaming devices, charging and home applications, rectifiers, Zener diodes, and SuperVery rectifiers are gaining adoption in SSDs, tablets, and mini consumer computers, supporting efficiency, power conversion, and protection in space-constrained designs.

在消費市場方面，營收季增 3.8%，年增超過 26%。我們在個人遊戲裝置、充電與居家應用方面持續看到穩定需求；同時，整流器、齊納二極體與 SuperVery 整流器正被 SSD、平板與迷你消費型電腦採用，以支援空間受限設計中的效率、電力轉換與保護。

Diodes USB power delivery controllers and PWM controllers also continue to see growth in the consumer charging market, driven by fast charging adoption and high power requirements.

Diodes 的 USB Power Delivery 控制器與 PWM 控制器在消費性充電市場亦持續成長，主要受快速充電普及與高功率需求所帶動。

Additionally, our LED drivers are winning designs in household appliances, enabling long lifetime and low power consumption, while our high-performance Boost LED controllers are gaining traction in smart home lighting applications.

此外，我們的 LED 驅動器在家用電器中贏得設計案，實現長壽命與低功耗；同時，我們的高效能升壓（Boost）LED 控制器在智慧家庭照明應用中正逐步擴大採用。

Lastly, in the communication market, revenue increased 3.8% sequentially and over 17% year over year. Growth in data traffic and bandwidth demand is driving enhancement in data center networking applications, increasing adoption of high-efficiency rectification solutions. Diode's super barrier rectifier products are gaining momentum, supporting reliable device connectivity in high-speed network equipment.

最後，在通訊市場方面，營收季增 3.8%，年增超過 17%。資料流量與頻寬需求成長正推動資料中心網路應用升級，並提高高效率整流解決方案的採用。Diodes 的超勢壘整流器（Super Barrier Rectifier）產品正加速成長，支援高速網路設備中可靠的裝置連接。

In parallel, our crystal oscillators and ultra-low jitter timing solutions are seeing strong traction in smart NIC cards and networking modules, where systems are becoming smaller and power-dense.

同時，我們的晶體振盪器與超低抖動時序解決方案在智慧 NIC 網卡與網路模組中展現強勁動能，因為系統正朝向更小型化與更高功率密度發展。

Our recently introduced ultra-low RDSR CSP MOSFETs are targeting battery protection and power management applications. These devices have been designed in by smartphone customers globally. Our battery FETs continue to gain traction in battery-managed systems as demand increases for more power efficiency and feature-rich mobile devices.

我們近期推出的超低 RDSR CSP MOSFET 鎖定電池保護與電源管理應用。這些元件已被全球智慧型手機客戶設計導入。隨著市場對更高電源效率與功能更豐富的行動裝置需求提升，我們的電池 FET 也持續在電池管理系統中擴大採用。

Complementing to this design, high PSRR LDOs, level shifters, and data line protection devices are also seeing strong momentum across smartphone applications.

作為此設計的補強，高 PSRR 的 LDO、電平轉換器以及資料線保護裝置，在智慧型手機應用中也正展現強勁動能。

In the wireless infrastructure, our 60-volt buck converters are being designed. Into RF power applications, including base stations, radar systems, and other high-power wireless platforms.

在無線基礎設施方面，我們的 60 伏降壓轉換器正被導入設計。應用於 RF 功率領域，包括基地台、雷達系統及其他高功率無線平台。

In summary, we have started out 2026 with strong growth momentum across our key focus areas of automotive, industrial, and AI server-related applications. Additionally, we are benefiting from ongoing demand improvement in both the automotive and industrial markets, which should continue to serve as a tailwind to our near-term growth.

總結來說，我們在 2026 年開局即於汽車、工業以及 AI 伺服器相關應用等關鍵聚焦領域展現強勁成長動能。此外，我們也受惠於汽車與工業市場需求持續改善，這應可在短期內持續成為我們成長的順風因素。

And when combined our ongoing margin improvement, we are well aligned to deliver increasing earnings and cash flows towards the achievement of our three-year financial goals.

再加上我們持續的毛利率改善，我們已做好充分準備，以提升獲利與現金流，朝三年期財務目標邁進。

With that, we now open the floor to questions. Operator.

接下來，我們開放提問。接線員。

(Operator Instructions) Tristan Gerra, Baird.

(接線員指示) Tristan Gerra，Baird。

Hi, good afternoon. I wanted to understand better the implications of tightening lead times on customer re-qualifications.

嗨，午安。我想更了解交期縮短對客戶重新認證的影響。

Is that helping as people are getting more concerned about securing capacity for '27? And what's your timing assumption as to when those re-qualifications in analog products happen?

這是否有幫助，因為大家更擔心要確保 2027 年的產能？另外，對於類比產品的重新認證，你們假設大概會在什麼時間點發生？

Hi, Tristan. This is Emily. During the constrained supply market situation, customers are always more willing for qualifications, especially with a guarantee of a long-term supply, right? So definitely, it's beneficial. Overall, we're still going through a lot of process qualification, improving the technology with our internal factories.

嗨，Tristan。我是 Emily。在供應吃緊的市場情況下，客戶通常更願意進行認證，尤其是能夠保證長期供貨的情況下，對吧？所以這確實是有利的。整體而言，我們仍在進行大量製程認證，並透過自有工廠持續改善技術。

I would say the progress is progressing well, but it's still going to take some time for us to ramp up more because the qualification or process does take time. But I would say all in all, we are on the right track and right direction.

我會說進展相當順利，但要進一步放量仍需要一些時間，因為認證或製程本身確實需要時間。不過總體來看，我們走在正確的軌道與方向上。

Okay, great. And then just two quick follow-ups, if I may.

好的，很棒。如果可以的話，我再追問兩個簡短問題。

Based on your commentary, when do you think that you could get to the point where utilization rates are roughly the same or at least all of your fabs are at normalized utilization rates? Is that kind of a late '27 dynamic or do we need to wait later?

根據你們的說法，你們認為何時能達到各廠區的稼動率大致相同，或至少所有晶圓廠都回到正常化稼動率？這會是 2027 年下半年左右的情況，還是需要等更久？

And then the second one. You touched a bit on the call about traction in data center with your product. I wanted to know how you're approaching the 800-volt opportunity in data center. There's a lot of very high-voltage regulators in each tray. Just wanted to understand better how you see that opportunity going forward.

第二個問題。你們在電話會議中提到資料中心產品的進展。我想了解你們如何看待資料中心的 800 伏機會。每個機櫃托盤裡都有很多高電壓穩壓器。想更清楚你們如何看待這個機會的後續發展。

Yes, I think, Tristan, I think I'm going to answer the question, the first question first. And I know we are, as we have been starting to ship the product produced from those two wafer fed in Scotland and South Portland to our key customers since last year. And we're continuing to improve the loading in the next couple of years, right?

是的，Tristan，我先回答第一個問題。如同大家所知，自去年起，我們已開始將由蘇格蘭與南波特蘭那兩座晶圓廠生產的產品出貨給主要客戶。而且我們會在接下來幾年持續提升這些產能負載，對吧？

And as Emily mentioned about the qualification, it takes some time, especially on the customer side, even though during the shortage period, customer shortage there in our qualification cycle, try to adapt more of our product and it's good, but it takes some time.

如 Emily 提到的認證，確實需要一些時間，尤其是在客戶端；即使在缺貨期間，客戶會縮短我們的認證週期、嘗試採用更多我們的產品，這是好事，但仍然需要時間。

I would say probably. 2028, you can see much more improvement on this utilization on those two wafer flats. But the rest of wafer flats that we had kind of in a pretty good loading at this moment, and at the back end, we are in almost fully load at this moment.

我會說大概到 2028 年，你會看到那兩座晶圓廠的稼動率有更明顯的改善。但我們其他晶圓廠目前的負載其實相當不錯；而在後段製程方面，我們目前幾乎是滿載。

For the second question regarding for the 800-volt platform, right, and I think BiaoSat will position on this kind of technology and in the place, we have our silicon carbide most ready for that along with analog and D3 device, so we can provide a very good solution to customer needed at this moment.

至於第二個關於 800 伏平台的問題，我認為 BiaoSat 會在這類技術上進行布局；我們的碳化矽已經相當成熟，並結合類比與 D3 元件，因此能在目前為客戶提供非常好的解決方案。

Yeah. So, Tristan, let me add a little bit. With the 800-volt, especially on the AI power system or power supply side, we actually see the power supply unit as one opportunity. We also see the battery backup unit with some of the others, right? So we definitely see across the board really good opportunity. Other than silicon carbide and the diodes as well as the MOSFET, we also see a lot.

是的。Tristan，我再補充一點。在 800 伏方面，特別是在 AI 電力系統或電源供應端，我們把電源供應器（PSU）視為一個機會。我們也看到電池備援單元（BBU）以及其他一些領域的機會，對吧？所以我們確實看到全面性的良好機會。除了碳化矽與二極體以及 MOSFET 之外，我們也看到很多機會。

Isolation opportunities, we see sensors, we see some of the power real protection as well as some of the other analog, right, and discrete. So I would say all in all, it's actually very positive. So there's still a lot of potential for us to continue to expand. We also focus on some of the new product introduction that we'll share in the future.

包括隔離相關的機會、感測器、電源軌保護，以及其他一些類比與分離式元件。所以我會說整體而言非常正面。我們仍有很大的潛力可以持續擴展。我們也會聚焦於一些新產品導入，未來再與大家分享。

So we are very excited for this opportunity and we definitely will continue to pursue know, the new sockets that in front of us.

因此我們對這個機會感到非常興奮，也一定會持續爭取眼前這些新的設計導入位置（sockets）。

Great. Thank you very much.

很好。非常感謝。

Thank you, Tristan.

謝謝你，Tristan。

William Stein, Truist Securities.

William Stein，Truist Securities。

Great. Thanks for taking my questions. First, I hope you can help us understand your exposure to AI data centers across and markets. I think you've got some in compute and summon comms. Can you first just make sure I'm correct on that it's split across end markets and then maybe give us an approximate sizing or percentage of total revenue in that end market?

很好。謝謝回答我的問題。首先，希望你能幫我們了解你們在 AI 資料中心各終端市場的曝險程度。我認為你們在運算以及部分通訊方面都有涉入。你能否先確認我的理解是否正確：你們的業務分布在多個終端市場，然後也許提供一個大致的規模或占總營收的百分比？

Yeah, sure, I will. This is Emily. So overall, we see the AI as a whole ecosystem. It's not just related to AI server, right? So earlier, I talked about power supply. This is actually under industrial. We're definitely seeing huge potentials overall in this area.

好的，當然可以。我是 Emily。整體而言，我們把 AI 視為一個完整的生態系。它不僅僅與 AI 伺服器相關，對吧？所以先前我談到的電源供應，其實是歸在工業領域。我們在這個領域確實看到非常巨大的整體潛力。

We talk about networking, whether it's the networking switching or routers. This is the other area that we've seen a lot of expansion overall. We're seeing the networking. I think I mentioned maybe earlier about optical modules, right? So this is also driven by the AI. So I would say all in all, there's multiple areas, not just in the compute, that we're seeing AI-related applications.

我們也談到網路，包括網路交換器或路由器。這是我們看到整體擴張的另一個領域。我們看到網路方面的需求。我想我可能先前也提到光模組，對吧？這同樣是由 AI 所帶動。所以我會說整體而言，我們看到 AI 相關應用的領域很多，不僅僅是在運算端。

But we don't have a sort of sizing of that?

但我們沒有對那個規模做一個量化的估算嗎？

So I would say, other than the AI server that we've seen a lot of ramp up already, which will continue the momentum, we're also seeing very strong on the power supply side with a lot of new opportunities that working to really help to drive to the 800-watt that Tristan questioned earlier, right?

所以我會說，除了我們已經看到大量快速放量、且動能將持續的 AI 伺服器之外，我們也看到電源供應端非常強勁，出現許多新機會，確實有助於推動到 Tristan 先前提到的 800 瓦，對吧？

So even on the data center as well as a networking area, because that's. Really the backbone of everything. We're also seeing really good momentum driven by some of the big networking companies.

所以即使是在資料中心以及網路領域，因為那是。真正是一切的骨幹。我們也看到一些大型網通公司帶動的非常好的動能。

Let me get to a couple of others if I can. There's a couple of other areas aside from data center AI that's capturing investors' attention. One is. Low-earth orbit satellites, another one is humanoid robotics. Can you talk to your exposure to these markets? Do you have anything in either of those two?

如果可以的話，我再問幾個其他的。除了資料中心 AI 之外，還有幾個領域也在吸引投資人的注意。其中一個是。低地球軌道衛星，另一個是人形機器人。你能談談你們在這些市場的曝險嗎？在這兩個領域你們有任何布局嗎？

Yeah, I think human rights robotics definitely is a key interest. The reason we haven't really talked a lot because the volume is still pending to RAM, but all in all, we're actually seeing a lot of similarities. I mean, on top of that, right, if you really think about the automotive, the other key area driving the voltage to higher and higher, right?

是的，我認為人形機器人確實是一個關鍵的關注點。我們之所以沒有談很多，是因為量還在等待放量，但總體而言，我們其實看到很多相似之處。我的意思是，除此之外，對吧，如果你真的去想汽車，另一個推動電壓越來越高的關鍵領域，對吧？

I think all in all, right, on the robotic side, right, other than the power-related, we're also seeing a lot of, for example, the joint movements, right, with a lot of requirement on the MOSFET, on the discrete area, a lot of power management as well.

我認為總體而言，在機器人端，對吧，除了電力相關之外，我們也看到很多，例如關節運動，對吧，對 MOSFET、分立元件領域有很多需求，也需要大量的電源管理。

So I would say all in all, that's actually combined everything. It is a very big ecosystem that's extending beyond what we're actually seeing at this moment.

所以我會說，總體而言，這其實把所有東西都結合在一起。這是一個非常大的生態系，正在延伸到超出我們目前所看到的範圍。

And satellite, low-third satellites, anything there?

那衛星、低地球軌道衛星方面，有什麼進展嗎？

Oh, for the satellite, yeah. I think we are definitely engaging with a lot of customers working in this area. We probably can share a little bit more in the future.

喔，衛星方面，是的。我想我們確實正在與許多在這個領域的客戶接洽。我們未來可能可以再多分享一些。

I'll end it there. Thanks so much.

我就先到這裡。非常感謝。

Thank you.

謝謝。

(Operator Instructions) David Williams, Needham & Company.

(接線員指示) Needham & Company 的 David Williams。

Hey, good afternoon, everyone. Thanks for taking my question, and congrats on the continued progress here.

嗨，各位下午好。謝謝讓我提問，也恭喜你們在這裡持續取得進展。

Maybe first, on the pricing trend, it looks like there was a little bit of pricing pressure in the first quarter and maybe that's more mixed than market dynamics, but can you talk about maybe what you're seeing in terms of pricing? Are you seeing the typical type of erosion trends or are we in a tight enough environment here that you can we'll start to see that maybe flip around and get some pricing power?

也許先談價格趨勢，看起來第一季有一點價格壓力，可能更多是產品組合而非市場動態，但你能談談你們看到的價格狀況嗎？你們看到典型的價格侵蝕趨勢嗎？還是目前環境夠緊，使得你們可能會開始看到情況反轉、取得一些定價能力？

Hi, David. This is Emily. You are absolutely right. The Q1, what we see in pricing really stabilized, and it's mainly driven by the product mix change. And typically, during the constrained supply situation, you actually see the price more stabilized or maybe upward trend, right?

嗨，David。我是 Emily。你說得完全正確。第一季我們看到的價格其實已經穩定下來，主要是由產品組合變化所驅動。而通常在供應受限的情況下，你會看到價格更趨於穩定，或甚至呈現上升趨勢，對吧？

So definitely, we are seeing that in the overall market across all different end market segments.

所以確實，我們在整體市場、跨所有不同終端市場區隔都看到了這種情況。

Okay, great. And then let me just secondly, you mentioned Europe, I think, multiple times in the script, probably more than we've heard you talk about in the past. I feel like it's coming off the bottom here.

好的，很好。第二點，你在講稿裡多次提到歐洲，可能比我們過去聽你談到的還多。我覺得那邊正在從谷底回升。

But as you look out across your markets and where things are improving, do you sense that any of the strength is coming from replenishment or do you feel like it's real in-demand that's coming through and this is the inflection that we've kind of been hoping for here?

但當你放眼你們的市場、以及哪些地方正在改善時，你覺得這些強勁表現有多少是來自補庫存？還是你覺得是真實需求正在出現，這就是我們一直希望看到的拐點？

This is the real demand. If you really refer back to our POS, point of sales, in distribution, we actually decreased the channel inventory, both in terms of dollars as well as weeks.

這是真實需求。如果你回頭看我們在通路的 POS（銷售點）數據，我們其實降低了通路庫存，無論以金額或以週數來看都是如此。

Usually, Q1 is a slower quarter for us, seasonality wise, usually about 5%, 6% down. We actually achieved 3.5% up, and this is also reflecting from. POS resell as well, it's increased quarter over quarter, right? So what we're seeing is definitely demand is real. We haven't really had the opportunity or seeing a restocking behavior going on both in distribution or our customer base at this moment.

通常第一季對我們來說是較慢的一季，就季節性而言，通常會下滑約 5%、6%。我們實際上達成了成長 3.5%，這也反映在。POS 轉售也同樣如此，季對季是增加的，對吧？所以我們看到的確是實質需求。目前無論在通路或我們的客戶端，我們都還沒有機會、也沒有看到補庫存行為正在發生。

Great. Thanks so much, and best of luck on the quarter.

很好。非常感謝，也祝本季一切順利。

This concludes our question-and-answer session. I would like to turn the conference back over to Gary Yu for any closing remarks.

我們的問答環節到此結束。我想把電話會議交回給 Gary Yu，請他做任何結語。

Thank you, everyone, for participating on today's call. We look forward to reporting our continued progress on next quarter's conference call.

謝謝各位參與今天的電話會議。我們期待在下季的電話會議中，持續向各位報告我們的進展。

Operator, you may now disconnect.

接線員，您現在可以斷線。

The conference is now concluded. Thank you for attending today's presentation. You may now disconnect.

本次電話會議已結束。感謝各位參加今天的簡報。您現在可以斷線。