FormFactor Inc (FORM) 2026 Q2 法說會逐字稿

Thank you, and welcome, everyone, to FormFactor's Second Quarter 2026 Earnings Conference Call. On today's call are Chief Executive Officer, Mike Slessor; and Chief Financial Officer, Aric McKinnis. Before we begin, Stan Finkelstein, the company's VP of Investor Relations, will remind you of some important information.

謝謝，並歡迎各位參加 FormFactor 2026 年第二季財報電話會議。今天與會者包括執行長 Mike Slessor，以及財務長 Aric McKinnis。在開始之前，公司投資人關係副總裁 Stan Finkelstein 將提醒各位一些重要資訊。

Thank you. Today, the company will be discussing GAAP P&L results and some important non-GAAP results intended to supplement your understanding of the company's financials. Reconciliations of GAAP to non-GAAP measures and other financial information are available in the press release issued today by the company and on the Investor Relations section of our website.

謝謝。今天公司將討論 GAAP 損益表結果，以及一些重要的非 GAAP 結果，以補充各位對公司財務狀況的理解。GAAP 與非 GAAP 衡量指標之間的調節表及其他財務資訊，已載於公司今日發布的新聞稿，以及我們網站的投資人關係專區。

Today's discussion contains forward-looking statements within the meaning of the federal securities laws. Examples of such forward-looking statements include those with respect to the projections of financial and business performance, future macroeconomic and geopolitical conditions, the benefits of acquisitions and investments including the ramp-up of manufacturing facilities, anticipated industry trends, potential disruptions in our supply chain, the impacts of regulatory changes, including tariffs and changes in export controls, the anticipated volatility in demand for products, our ability to develop, produce and sell products and the assumptions upon which such statements are based.

今天的討論包含依據聯邦證券法所定義的前瞻性陳述。此類前瞻性陳述的例子包括：對財務與業務表現的預測、未來總體經濟與地緣政治情勢、併購與投資（包括製造設施爬坡）的效益、預期的產業趨勢、供應鏈可能的中斷、法規變動（包括關稅與出口管制變更）的影響、產品需求預期的波動性、我們開發、生產與銷售產品的能力，以及上述陳述所依據的假設。

Those statements are subject to known and unknown risks and uncertainties that could cause actual results to differ materially from those expressed during this call. Information on risk factors and uncertainties is contained in our most recent filing on Form 10-K with the SEC for the fiscal year ended December 27, 2025, and in our other SEC filings, which are available on the SEC's website at www.sec.gov and in our press release issued today. Forward-looking statements are made as of today, July 29, 2026, and we assume no obligation to update them.

上述陳述受到已知與未知的風險與不確定性影響，可能導致實際結果與本次電話會議中所表達者有重大差異。有關風險因素與不確定性的資訊，載於我們向美國證券交易委員會（SEC）提交、截至 2025 年 12 月 27 日止會計年度的最新 Form 10-K 申報文件，以及我們其他 SEC 申報文件；上述文件可於 SEC 網站 www.sec.gov 及我們今日發布的新聞稿中取得。前瞻性陳述係截至今日（2026 年 7 月 29 日）作出，我們不承擔更新之義務。

With that, we will now turn the call over to FormFactor's CEO, Mike Slessor.

接下來，我們把電話會議交給 FormFactor 執行長 Mike Slessor。

Thanks for joining us today. FormFactor's second quarter revenue, gross profit and earnings per share set all-time records and we achieved two important milestones on the path to the new target model we introduced in May.

感謝各位今天加入。FormFactor 第二季營收、毛利與每股盈餘皆創下歷史新高，我們也在邁向 5 月提出的新目標模型的道路上達成兩項重要里程碑。

First, we surpassed $1 billion annual revenue run rate. And second, we exceeded 50% gross margin. In the current third quarter, we expect to deliver sequential increases in both revenue and profitability as we extend our run of record results.

第一，我們的年化營收運行率突破 10 億美元。第二，我們的毛利率超過 50%。在目前的第三季，我們預期營收與獲利能力將雙雙較前一季成長，延續創紀錄的表現。

Over the past four quarters, we've grown revenue by more than 30%, increased non-GAAP gross margin by 1,500 basis points and tripled our earnings per share. These improvements are the product of a multiyear effort to create and expand FormFactor's unique position at the intersection of high-performance compute and advanced packaging while simultaneously strengthening the company's execution to enhance profitability and drive operating leverage.

過去四個季度，我們的營收成長超過 30%，非 GAAP 毛利率提升 1,500 個基點，每股盈餘成長至三倍。這些改善源自多年努力：在高效能運算（HPC）與先進封裝的交會點建立並擴大 FormFactor 的獨特定位，同時強化公司執行力以提升獲利能力並帶動營運槓桿。

Our second quarter results and third quarter outlook show a clear path to our new target model. Looking further ahead, our Farmers Branch site is on track to come online in the fourth quarter and ramp throughout 2027, providing increased capacity at a structurally lower cost. This will, in turn, enable us to accelerate revenue growth and generate additional profitability and operating leverage. Aric will discuss our current operational performance and future plans later in the call.

我們第二季的成果與第三季展望，清楚展現邁向新目標模型的路徑。展望更長期，我們位於 Farmers Branch 的據點按計畫將於第四季啟用，並在 2027 年持續爬坡，以結構性更低的成本提供更高產能。這將進一步使我們能加速營收成長，並帶來額外的獲利能力與營運槓桿。Aric 稍後將在會議中說明我們目前的營運表現與未來計畫。

The breadth of demand we saw during the quarter is particularly encouraging, with strength in major growth initiatives like high-bandwidth memory and co-package optics, powering sequential revenue increases in both the probe cards and Systems segments. This broad participation reflects the diversification strategy we've discussed for years and demonstrates the value of serving all major semiconductor customers and applications rather than concentrating on any single segment, customer or application.

本季我們看到的需求廣度尤其令人振奮；高頻寬記憶體（HBM）與共封裝光學（CPO）等主要成長計畫表現強勁，帶動探針卡與系統（Systems）兩大事業部的營收皆較前一季成長。這種廣泛參與反映了我們多年來討論的多元化策略，也證明服務所有主要半導體客戶與應用的價值，而非集中於單一細分市場、客戶或應用。

Currently, most of the manufacturing activity at this intersection of HPC and advanced packaging is occurring in Taiwan. FormFactor's important role in this region is evident in our supplemental materials. Second quarter revenue from Taiwan grew sequentially by more than 30%, and the world's leading foundry was again a 10% customer.

目前，HPC 與先進封裝交會點的大部分製造活動都發生在台灣。FormFactor 在此區域的重要角色，已在我們的補充資料中清楚呈現。第二季來自台灣的營收較前一季成長超過 30%，而全球領先的晶圓代工廠再次成為占比 10% 的客戶。

Yesterday, we announced the expansion of our multiyear partnership with Keystone Microtech, a provider of semiconductor manufacturing and test services based in Zhubei, Taiwan. This latest step expands FormFactor's regional footprint in Taiwan, improving our local assembly and service capabilities and our responsiveness in supporting the exceptionally steep ramps of complex devices like GPUs and custom ASICs.

昨天，我們宣布擴大與 Keystone Microtech 的多年合作夥伴關係；該公司為位於台灣竹北的半導體製造與測試服務供應商。這項最新進展擴大了 FormFactor 在台灣的區域布局，提升我們在地組裝與服務能力，以及在支援 GPU 與客製化 ASIC 等複雜裝置極為陡峭的產能爬坡時的反應速度。

Turning now to segment and market details. In DRAM Probe Cards, we delivered the expected sequential growth from the first quarter to set another record in this business with increased HBM4 demand paired with sustained demand in DDR applications.

接下來談各事業部與市場細節。在 DRAM 探針卡方面，我們如預期在第二季相較第一季實現連續成長，並在此業務再創新高；HBM4 需求增加，同時 DDR 應用需求維持穩健。

HBM comprised approximately 2/3 of our overall DRAM revenue, driven by two customers' continued adoption of FormFactor's differentiated SmartMatrix full wafer contactor technology in high-speed HBM4 applications. SmartMatrix provides a unique combination of high parallelism productivity and high-speed performance enabling our customers to test hundreds of completed HBM stack simultaneously at the 10 gigabit plus I/O data rate of HBM4.

HBM 約占我們整體 DRAM 營收的 2/3，主要由兩家客戶持續在高速 HBM4 應用中採用 FormFactor 具差異化的 SmartMatrix 全晶圓接觸器（full wafer contactor）技術所帶動。SmartMatrix 結合了高並行度的生產力與高速效能，使客戶能以 HBM4 的 10Gb 以上 I/O 資料速率，同時測試數百個已完成的 HBM 堆疊。

This capability is critical in advanced packaging processes like TSMC's CoWoS and Intel's EMIB where stack die test insertions ensure a known good HBM stack before it's combined with costly GPUs or custom ASICs. Our second quarter results show the impact of FormFactor's competitive advantage and the resulting market share gains. As pin I/O speeds and overall stack bandwidth for HBM continue the relentless increase as the industry progresses from HBM3 to HBM4 and then on to HBM5.

此能力在先進封裝流程中至關重要，例如台積電的 CoWoS 與英特爾的 EMIB；在將 HBM 堆疊與昂貴的 GPU 或客製化 ASIC 組合之前，堆疊晶粒測試插入（test insertions）可確保取得「已知良品」（known good）的 HBM 堆疊。我們第二季的結果顯示 FormFactor 競爭優勢及其帶來的市占提升所產生的影響。隨著產業從 HBM3 進展到 HBM4，並進一步邁向 HBM5，HBM 的針腳 I/O 速度與整體堆疊頻寬仍將持續無止境地提升。

In the current third quarter, we're forecasting DRAM revenues to be comparable to the record second quarter, but with a significant underlying shift from HBM to DDR. As you've heard recently from all our major DRAM customers, the supply environment continues to be extremely constrained and our customers are shifting their wafer start mix to DDR designs to capture the profit opportunity provided by significant DDR price increases.

在目前的第三季，我們預測 DRAM 營收將與創紀錄的第二季相當，但底層結構將出現顯著轉移：由 HBM 轉向 DDR。正如各位近期從我們所有主要 DRAM 客戶所聽到的，供給環境仍極度吃緊，客戶正調整其晶圓投片（wafer start）組合，轉向 DDR 設計，以掌握 DDR 價格大幅上漲所帶來的獲利機會。

Since probe cards are specific to each customer chip design, we expect DRAM mix to track these dynamic customer product shifts while these unusual end market conditions persist. Shifting now to the foundry and logic probe card market. As expected, second quarter foundry and logic demand increased significantly over the first quarter.

由於探針卡是針對各客戶晶片設計量身打造，我們預期在這些不尋常的終端市場狀況持續期間，DRAM 產品組合將隨客戶產品的動態轉移而變化。接著談晶圓代工與邏輯探針卡市場。如預期，第二季晶圓代工與邏輯需求相較第一季顯著增加。

This increase was driven primarily by growth in probe cards for data center CPU applications, building on continued strength in networking applications, initial momentum in hyperscaler custom ASICs and steady demand in PC and mobile. In the current quarter, we expect continued growth in foundry and logic probe card revenue driven by broad incremental demand across our served application space in this market.

此增長主要由資料中心 CPU 應用的探針卡成長所帶動，並建立在網路應用持續強勁、超大規模業者（hyperscaler）客製化 ASIC 的初步動能，以及 PC 與行動裝置需求穩健的基礎上。在本季，我們預期晶圓代工與邏輯探針卡營收將持續成長，動能來自我們所服務之應用領域中廣泛的增量需求。

Compared to a quarter ago, the trend of increasing CPU compute intensity to enable agentic AI use cases is now broadly appreciated and is resulting in increased probe card demand for data center CPU designs. FormFactor has opportunities to benefit from this trend in several ways.

相較一季前，為支援代理式 AI（agentic AI）使用情境而提升 CPU 運算強度的趨勢，如今已被市場普遍認知，並正帶動資料中心 CPU 設計的探針卡需求增加。FormFactor 可透過多種方式受惠於此趨勢。

First, our long-term relationship and strong incumbent market share with a leader in data center CPUs. Second, an expanding relationship with the world leader in high-performance compute as our strong position in networking expands into supporting their GPU and CPU product lines. And third, our successful qualification and subsequent multiple design wins at a large fabless XPU customer.

第一，我們與資料中心 CPU 領導廠商的長期合作關係，以及強勢的既有市占。第二，隨著我們在網路領域的強勢地位擴展至支援其 GPU 與 CPU 產品線，我們與全球高效能運算領導者的合作關係也在擴大。第三，我們在一家大型無晶圓廠（fabless）XPU 客戶完成成功認證，並隨後取得多項設計導入（design wins）。

Each of these three customer relationships is in a different stage, but together, they represent a broad-based opportunity for FormFactor to serve growing CPU demand. They also provide an excellent example of the value of FormFactor's long-held diversification strategy. We're being a key supplier to all major customers for growing applications like CPUs provides us with broad exposure to the overall growth trend.

這三段客戶關係各處於不同階段，但合在一起，代表 FormFactor 服務日益成長的 CPU 需求之廣泛機會。它們也提供了一個絕佳例證，說明 FormFactor 長期奉行的多元化策略之價值。我們作為所有主要客戶在 CPU 等成長型應用上的關鍵供應商，使我們能廣泛參與整體成長趨勢。

Turning to our Systems segment. Systems revenue nearly doubled sequentially in the second quarter, albeit off an unusually weak first quarter. This growth was driven by two components: One, the recovery in our core engineering prober business; and two, and more significantly accelerating growth in co-packaged optics or CPO.

接著談我們的系統（Systems）事業部。第二季系統營收較前一季幾乎倍增，儘管是從第一季異常疲弱的基期回升。這項成長由兩個部分帶動：第一，我們核心工程探針台（engineering prober）業務的復甦；第二，也是更重要且加速的部分，為共封裝光學（co-packaged optics，CPO）的成長。

A quarter ago, we forecasted our 2026 CPO revenues to reach the high end of the $10 million to $20 million range we communicated at the start of the year. We now expect to exceed that range by the end of the third quarter, and to significantly exceed the $20 million level for the year overall.

在一季前，我們預測 2026 年 CPO 營收將達到年初所溝通之 1,000 萬至 2,000 萬美元區間的高端。我們現在預期在第三季末就會超越該區間，且全年將大幅超過 2,000 萬美元水準。

This acceleration is driven by two factors. First, the growing volumes of CPO chips planned for later this year and second, our leadership in the all-important test insertion one, which ensures known good die on the photonic integrated circuit, or PIC wafer before it's combined with the Electrical Integrated Circuit, or EIC, to form the optical module in scale-up and scale-out network switches.

這波加速由兩項因素驅動。第一，今年稍晚規劃的 CPO 晶片出貨量持續增加；第二，我們在至關重要的測試插入（test insertion）方面具領先地位，能在光子積體電路（photonic integrated circuit，PIC）晶圓與電性積體電路（Electrical Integrated Circuit，EIC）結合之前，確保 PIC 晶圓上的晶粒為已知良品（known good die），以形成可用於擴充式（scale-up）與擴展式（scale-out）網路交換器的光學模組。

The rapid growth of our CPO business is an exciting development, which we believe represents the very early stages of widespread adoption of silicon photonics in the broader semiconductor industry. Traditional copper interconnect is reaching physical limits in speed, heat and energy consumption, and photonics provides a fundamentally more efficient way to transact data within and between data centers by using light instead of electricity.

我們 CPO 業務的快速成長是一項令人振奮的進展；我們相信這代表矽光子（silicon photonics）在更廣泛半導體產業中被廣泛採用的非常早期階段。傳統銅互連在速度、熱與能耗方面正逼近物理極限，而光子技術以光取代電，提供在資料中心內部及資料中心之間傳輸資料更根本且更高效率的方式。

FormFactor is ideally positioned to help lead test for this new area of the semiconductor industry as our lab to fab strategy has produced a decade-long first-mover advantage paired with key customer and partner relationships.

FormFactor 具備理想條件，能協助引領這個半導體產業新領域的測試需求；我們的「從實驗室到量產」（lab to fab）策略帶來長達十年的先行者優勢，並結合關鍵客戶與合作夥伴關係。

Before turning the call over to Aric, I want to thank the Global FormFactor team as they continue to demonstrate remarkable agility in navigating the challenging supply environment by quickly resolving internal and external constraints. This agility helped deliver double-digit sequential growth in the second quarter, and we expect to grow again to another record in the current third quarter.

在把電話會議交給 Aric 之前，我要感謝全球 FormFactor 團隊；他們持續展現卓越的敏捷性，能在具挑戰的供應環境中迅速排除內外部限制。這份敏捷性協助我們在第二季達成兩位數的季增成長，我們也預期在目前的第三季再度成長並創下新高。

We're well positioned as test intensity and complexity continue to rise at the intersection of high-performance compute and advanced packaging and are excited to be making good initial progress on the path to our new target model that commits to double revenue and more than double profitability by 2030. Aric, you're up.

隨著高效能運算與先進封裝交會處的測試強度與複雜度持續上升，我們已具備良好定位；同時也很高興在邁向新目標模型的道路上取得良好初步進展，該模型承諾到 2030 年營收倍增、獲利能力超過倍增。Aric，交給你。

Thanks, Mike, and good afternoon. Q2 was another strong quarter for FormFactor. We delivered our third consecutive quarterly revenue record and drove additional non-GAAP gross margin expansion to 53.3%, demonstrating significant operating leverage and making progress on the priorities we discussed last quarter and at our Investor Day in May.

謝謝你，Mike，大家午安。第二季對 FormFactor 而言又是強勁的一季。我們連續第三季創下單季營收新高，並進一步推動非 GAAP 毛利率擴張至 53.3%，展現顯著的營運槓桿，並在我們上季以及 5 月投資人日所討論的優先事項上持續推進。

At our Investor Day, we introduced our new target model with a goal of doubling revenues to $1.6 billion achieving 55% non-GAAP gross margin and more than doubling non-GAAP earnings per share to $5 per share by 2030.

在投資人日上，我們提出新的目標模型：到 2030 年營收倍增至 16 億美元、達成 55% 的非 GAAP 毛利率，並將非 GAAP 每股盈餘（EPS）提升至每股 5 美元以上、超過倍增。

The current strong demand environment, combined with our continued focus on operational execution drove measurable gains towards the new target model in Q2. Non-GAAP gross margin increased 430 basis points sequentially and up nearly 15 percentage points as compared with Q2 of last year.

目前強勁的需求環境，加上我們持續聚焦營運執行，推動我們在第二季朝新目標模型取得可衡量的進展。非 GAAP 毛利率較前一季提升 430 個基點，且相較去年第二季提高近 15 個百分點。

Similarly, non-GAAP EPS increased by nearly 50% sequentially to $0.82 per share and more than tripled as compared with Q2 of last year. The quarter-over-quarter improvement in non-GAAP gross margin is driven by several factors.

同樣地，非 GAAP 每股盈餘較前一季增加近 50% 至每股 0.82 美元，且相較去年第二季成長超過三倍。非 GAAP 毛利率的季對季改善由多項因素所驅動。

Approximately 1/3 of the improvement is from baseline cost reductions that are durable in nature. 1/3 is driven by the $32 million or approximately 14% quarter-over-quarter increase in revenues. And the remaining 1/3 represent items that we don't expect to recur, such as IEEPA tariff refunds and precious metal reclaim from our Baldwin Park site shutdown announced early in Q1.

約三分之一的改善來自具持續性的基礎成本降低；另三分之一來自營收季對季增加 3,200 萬美元（約 14%）所帶動；剩餘三分之一則為我們預期不會再發生的項目，例如 IEEPA 關稅退稅，以及我們在第一季初宣布關閉 Baldwin Park 廠址所回收的貴金屬。

Product mix remained strong in Q2, driven by factors like record HBM revenue within DRAM. Excluding the timing items and mix favorability, we believe baseline non-GAAP gross margins have improved to around 51% at Q2 volumes. The combination of higher volumes and more efficient cost structure is enabling us to convert strong demand into higher gross profit and operating income.

第二季產品組合維持強勁，受 DRAM 中 HBM 營收創新高等因素帶動。排除時點性項目與組合有利因素後，我們認為在第二季出貨量水準下，基礎非 GAAP 毛利率已改善至約 51%。更高的出貨量與更有效率的成本結構相結合，使我們能將強勁需求轉化為更高的毛利與營業利益。

We have taken several measures to increase output in the short term, even as we prepare to ramp Farmers Branch starting at the end of this year. Gains in output have been primarily achieved through yield and cycle time improvement even as we see more constraints across the supply chain at current production levels.

我們已採取多項措施以在短期內提升產出，同時也為今年底開始的 Farmers Branch 擴產爬坡做準備。產出提升主要來自良率與週期時間（cycle time）的改善，儘管在目前產能水準下，我們看到供應鏈各環節的限制正在增加。

Our Farmers Branch site expansion remains on track to ramp starting the end of this year and continue to ramp over the course of 2027. Bringing this capacity up on time and on budget, remains a key focus as it will enable our next phase of growth and gross margin expansion.

我們的 Farmers Branch 廠區擴建仍按計畫進行，預計今年底開始爬坡，並在 2027 年期間持續爬坡。按時且在預算內完成此產能建置仍是關鍵重點，因為這將支撐我們下一階段的成長與毛利率擴張。

Stepping through our results in a bit more detail. Q2 '26, revenues of $258.2 million came in $18.2 million, above the midpoint of our Q2 outlook range of $235 million to $245 million and were up $32.1 million or about 14% from Q1. Systems segment revenues made a significant recovery, reaching a new record of $48.5 million in Q2 '26, up $20.6 million or 74% from Q1. GAAP gross margin for the second quarter was 50.7%, up from 38.4% in Q1.

接著更詳細說明我們的業績。2026 年第二季營收為 2.582 億美元，較我們第二季展望區間 2.35 億至 2.45 億美元的中點高出 1,820 萬美元，並較第一季增加 3,210 萬美元（約 14%）。系統事業部營收顯著回升，2026 年第二季達到 4,850 萬美元的新高，較第一季增加 2,060 萬美元（74%）。第二季 GAAP 毛利率為 50.7%，高於第一季的 38.4%。

Cost of revenues included $6.7 million of GAAP to non-GAAP reconciling items, primarily related to stock-based compensation, amortization of intangibles and restructuring charges. Details of the GAAP to non-GAAP reconciling items are outlined in our press release issued today and in the reconciliation table available on the Investor Relations section of our website. Q1 GAAP gross margins included $18.8 million of restructuring costs that did not recur in Q2.

營收成本包含 670 萬美元的 GAAP 與非 GAAP 調節項目，主要與股份基礎給付、無形資產攤銷及重整費用相關。GAAP 與非 GAAP 調節項目的細節已列於我們今日發布的新聞稿，以及公司網站投資人關係專區的調節表中。第一季 GAAP 毛利率包含 1,880 萬美元的重整成本，該成本在第二季未再發生。

On a non-GAAP basis, gross margin for the second quarter was 53.3%, 430 basis points higher than Q1 and 230 basis points above the high end of our Q2 outlook range. Probe Card segment gross margin increased to 54.4%, driven primarily by higher factory utilization, manufacturing spending discipline and improved yields.

以非 GAAP 基礎計算，第二季毛利率為 53.3%，較第一季高 430 個基點，且高於我們第二季展望區間上緣 230 個基點。探針卡（Probe Card）事業部毛利率提升至 54.4%，主要受較高的工廠稼動率、製造支出紀律以及良率改善所帶動。

System gross margin increased to 48.5% driven primarily by higher volumes and favorable mix. Our GAAP operating expenses were $73.1 million for the second quarter, up from Q1, but down as a percentage of revenue.

系統事業部毛利率提升至 48.5%，主要由較高出貨量與有利的產品組合所驅動。第二季 GAAP 營業費用為 7,310 萬美元，較第一季增加，但占營收比重下降。

On a non-GAAP basis, operating expenses were $65.7 million or 25.4% of revenue compared to $62 million or 27.4% of revenue in Q1. This 200 basis point sequential improvement in OpEx as a percent of revenue demonstrates operating leverage across the P&L. And this is a result of continued spending discipline even as we grow, invest in key R&D programs and fund the Farmers Branch expansion.

以非 GAAP 基礎計算，營業費用為 6,570 萬美元，占營收 25.4%，相較第一季為 6,200 萬美元、占營收 27.4%。營業費用占營收比重季對季改善 200 個基點，顯示損益表（P&L）各項目具備營運槓桿。這是我們在成長的同時仍持續維持支出紀律、投資關鍵研發計畫並支應 Farmers Branch 擴建所帶來的成果。

Included in Q2 operating expenses were $4.9 million of preproduction ramp costs for Farmers Branch. GAAP net income for the second quarter was $56.2 million or $0.71 per fully diluted share, up from GAAP net income of $20.4 million or $0.26 per fully diluted share in the previous quarter. The increase was driven primarily by higher revenue higher gross margin and lower restructuring-related costs.

第二季營業費用中包含 Farmers Branch 的 490 萬美元量產前爬坡成本。第二季 GAAP 淨利為 5,620 萬美元，或完全稀釋後每股 0.71 美元，高於前一季 GAAP 淨利 2,040 萬美元、或完全稀釋後每股 0.26 美元。增加主要由較高營收、較高毛利率以及較低的重整相關成本所帶動。

Second quarter non-GAAP net income was $65 million or $0.82 per fully diluted share up from $44.5 million or $0.56 per fully diluted share in Q1. The GAAP effective tax rate for the second quarter was 11.1%, and the non-GAAP effective tax rate for the second quarter was 16.2%.

第二季非 GAAP 淨利為 6,500 萬美元，或完全稀釋後每股 0.82 美元，高於第一季的 4,450 萬美元、或完全稀釋後每股 0.56 美元。第二季 GAAP 有效稅率為 11.1%，第二季非 GAAP 有效稅率為 16.2%。

Moving to the balance sheet and cash flows. We delivered free cash flow in the second quarter of $52.6 million compared to $30.7 million in Q1. This increase in free cash flow was driven primarily by higher cash flows from operations. Cash flows from operations were $61.8 million in Q2, up $16.8 million from Q1, driven primarily by higher net income partially offset by working capital investments to support these higher operating levels.

接著談資產負債表與現金流。我們第二季的自由現金流為 5,260 萬美元，相較於第一季的 3,070 萬美元。自由現金流的增加主要來自營運活動帶來的較高現金流。第二季營運活動現金流為 6,180 萬美元，較第一季增加 1,680 萬美元，主要由較高的淨利所帶動，但部分被為支撐較高營運水準而投入的營運資金所抵銷。

At quarter end, total cash and investments were up $42.8 million to $349 million. We continue to expect that the cash CapEx for Farmers Branch and capacity additions will be between $140 million and $170 million in 2026.

截至季末，現金與投資總額增加 4,280 萬美元至 3.49 億美元。我們仍預期 2026 年 Farmers Branch 與產能擴增的現金資本支出將介於 1.4 億至 1.7 億美元之間。

Preproduction ramp costs are recorded as a component of G&A and are expected to now be around between $25 million and $30 million in total in 2026. With about $12 million incurred to date for Q2 and about $7 million expected in the current third quarter.

前期量產爬坡成本（preproduction ramp costs）列為一般及行政費用（G&A）的一部分，目前預期 2026 年合計約為 2,500 萬至 3,000 萬美元。其中截至第二季已發生約 1,200 萬美元，並預期在目前第三季約再發生 700 萬美元。

Once production ramp begins, the costs currently recorded in G&A will become part of the cost of goods sold on a go-forward basis. Upon completion of the ramp to the initial target capacity, which is expected by the beginning of 2028, we expect Farmers Branch to be accretive to gross margin.

一旦開始量產爬坡，目前列在 G&A 的成本，未來將轉列為銷貨成本的一部分。在完成爬坡至初始目標產能後（預期於 2028 年初），我們預期 Farmers Branch 將對毛利率具增益（accretive）。

Associated with our investment in Farmers Branch, we secured certain incentives with -- from both the state of Texas and the City of Farmers Branch that we expect will partially offset the associated expenditures. Among others, these incentives include a $24.2 million grant from the Texas Semiconductor Innovation Fund, designated to fund capital expenditures upon meeting term criteria.

配合我們對 Farmers Branch 的投資，我們已向德州州政府與 Farmers Branch 市政府取得若干獎勵措施，預期可部分抵銷相關支出。其中包括德州半導體創新基金（Texas Semiconductor Innovation Fund）提供的 2,420 萬美元補助金，在符合條款標準後，用於資本支出。

Overall, we continue to expect that we are largely self-funding the investment in Farmers Branch from increased profitability, more efficient cost structure and cash flow from operations. During the second quarter, we did not repurchase any shares. At the quarter end, authorization of $70.9 million remains available for future repurchases under the April 2025, $75 million two-year buyback program that is intended to offset dilution from stock-based compensation.

整體而言，我們仍預期 Farmers Branch 的投資在很大程度上可由獲利提升、更有效率的成本結構，以及營運活動現金流來自籌（self-funding）。第二季我們未回購任何股份。截至季末，在 2025 年 4 月啟動、為期兩年、總額 7,500 萬美元、旨在抵銷股權型薪酬稀釋的庫藏股回購計畫下，仍有 7,090 萬美元的額度可供未來回購。

In the short term, we are continuing to prioritize our deployment of cash to accelerate the ramp of our new manufacturing site in Farmers Branch. Turning to the third quarter non-GAAP outlook. We expect Q3 revenues of $270 million, plus or minus $10 million. At the midpoint of this revenue range, we expect non-GAAP gross margin of 54%, plus or minus 150 basis points.

短期內，我們仍將優先運用現金，以加速 Farmers Branch 新製造基地的爬坡。接著談第三季非 GAAP 展望。我們預期第三季營收為 2.7 億美元，上下浮動 1,000 萬美元。以該營收區間中點計算，我們預期非 GAAP 毛利率為 54%，上下浮動 150 個基點。

The increase from the Q2 baseline of 51% described earlier, to Q3 outlook is driven primarily by items that are not expected to recur, specifically $7 million to $9 million or about 300 basis points in IEEPA tariff refunds that we expect to receive current third quarter.

相較於先前所述第二季 51% 的基準，第三季展望的提升主要來自預期不會重複發生的項目，具體而言為我們預期在本第三季收到的 IEEPA 關稅退稅 700 萬至 900 萬美元，約相當於 300 個基點。

These refunds represent the return of tariffs paid starting in 2025 and through the beginning of 2026 prior to these tariffs being ruled unlawful. The benefits of marginally higher Q3 revenue volumes are expected to be offset by less favorable product mix in DRAM, as Mike mentioned earlier. At the midpoint of the outlook range, we expect Q3 non-GAAP operating expenses to be $70 million, plus or minus $2 million, including about $7 million in preproduction ramp costs for Farmers Branch.

這些退稅代表自 2025 年起至 2026 年初、在該等關稅被裁定為違法之前所繳納關稅的返還。第三季營收量小幅增加所帶來的效益，預期將被 DRAM 較不利的產品組合所抵銷，如 Mike 先前所提。以展望區間中點計算，我們預期第三季非 GAAP 營業費用為 7,000 萬美元，上下浮動 200 萬美元，其中包含約 700 萬美元的 Farmers Branch 前期量產爬坡成本。

Our Q3 non-GAAP effective tax rate is expected to be between the range of 15% to 19%. Non-GAAP earnings per fully diluted share for Q3 is expected to be $0.86, plus or minus $0.09. A reconciliation of our GAAP to non-GAAP Q3 outlook is available on the Investor Relations section of our website and on our press release issued today.

我們預期第三季非 GAAP 有效稅率將介於 15% 至 19%。第三季每股完全稀釋後非 GAAP 盈餘預期為 0.86 美元，上下浮動 0.09 美元。我們 GAAP 與非 GAAP 第三季展望的調節表可於公司網站的投資人關係（Investor Relations）專區以及我們今日發布的新聞稿中查閱。

As demonstrated by our Q2 results and our Q3 outlook, we are already making meaningful progress towards our new target model we shared in May as we capitalize on the strong secular trends at the intersection of high-performance compute and advanced packaging.

從我們第二季的結果與第三季展望可見，隨著我們把握高效能運算與先進封裝交會處的強勁長期趨勢，我們已在朝向 5 月分享的新目標模型取得實質進展。

Our differentiated products are driving demand in areas like high-speed test of HBM memory and traction in new addressable markets like co-packaged optics. These growth vectors, combined with our focus on execution, cost discipline and the timely ramp of additional capacity in Farmers Branch have resulted in good operating leverage in our Q2 results and chart and encouraging path into the future.

我們具差異化的產品正帶動需求，涵蓋如 HBM 記憶體的高速測試等領域，並在如共封裝光學（co-packaged optics）等新的可服務市場取得進展。這些成長動能，加上我們對執行力、成本紀律，以及 Farmers Branch 額外產能如期爬坡的專注，使我們在第二季結果與走勢中展現良好的營運槓桿，並為未來提供令人鼓舞的路徑。

With that, let's open the call for questions. Operator?

接下來，我們開放提問。接線員？

(Operator Instructions)

(接線員指示)

Krish Sankar, TD Cowen.

Krish Sankar，TD Cowen。

Congrats on the very strong results and impressive gross margins. I had a clarification on the question. Aric, on the clarification, did you say that 51% or 53% gross margin is the new baseline? And as Farmers Branch comes online is going to be more accretive. So should we assume as these revenue levels go higher, the gross margin should be better than 53%?

恭喜你們交出非常強勁的成績與令人印象深刻的毛利率。我想釐清一個問題。Aric，就釐清一下，你是說 51% 或 53% 的毛利率是新的基準嗎？而且隨著 Farmers Branch 上線會更具增益。所以我們是否可以假設，當營收水準再提高時，毛利率應該會優於 53%？

Yes, thank you for your question. Just to clarify what I said, the actual gross margins for the quarter were 53.3%. That included some items that we don't think are recurring. There were some tariff refunds and things like that, that reclaim from precious metals, for example, those things won't recur. So the recurring or sustainable element of gross margins, we believe, is more like 51% at the current volumes and mix.

是的，謝謝你的提問。我先釐清我剛才所說的：本季實際毛利率為 53.3%。其中包含一些我們認為不會重複發生的項目。例如有一些關稅退稅，以及像是貴金屬回收的回收收益等，這些都不會再發生。因此，我們認為在目前的出貨量與產品組合下，毛利率中可重複或可持續的部分更接近 51%。

So we expect that, that's the new baseline that you should be thinking about. Does that answer your question?

所以我們預期那就是你應該視為的新基準。這樣有回答到你的問題嗎？

Yes. And that incorporates even Farmers Branch when it comes online?

有。那也包含 Farmers Branch 上線後的影響嗎？

So that's the current baseline with our current operating footprint. We do expect that Farmers Branch when it comes online, will be accretive to current gross margin levels.

所以那是以我們目前的營運版圖所形成的現行基準。我們確實預期 Farmers Branch 上線後，將對目前毛利率水準具增益。

Perfect. Awesome. And then a quick follow-up for Mike. Mike, it's kind of impressive to see like TSM being 11% customer. I'm just wondering, is some of the -- like last year NVIDIA, I think it's mostly networking chips. I'm just wondering, does Rubin and CPO for NVIDIA come under TSM or it be under NVIDIA? And what is the status of the Rubin Qual?

完美。太好了。接著我有個給 Mike 的快速追問。Mike，看到台積電（TSM）是 11% 的客戶，確實很令人印象深刻。我想問的是，像去年 NVIDIA，我記得主要是網通晶片。我想確認一下，NVIDIA 的 Rubin 與 CPO 是算在 TSM 之下，還是算在 NVIDIA 之下？以及 Rubin 認證（Qual）的進度如何？

Yes. Let me address that one first, Krish. There really is no component of GPU business in the second quarter results for this 10% customer. As we've said in the past, we expect this to be a second half event for us and we're on track. We're qualified as we've shared with you and are shipping production units for revenue here in the third quarter.

是的。Krish，我先回答第一個。第二季這個 10% 客戶的結果中，實際上沒有任何 GPU 業務的貢獻。如同我們過去所說，我們預期這會是下半年才會發生的事件，而我們目前進度如期。我們已如先前與你分享的完成認證，並且在第三季出貨量產單位以認列營收。

The CPO piece does flow through that 10% customer. So it is, in many cases, with the combination of the fabless foundry ecosystem, you recognize revenue in different places depending on the market segment, even depending on the individual product line may have.

CPO 的部分確實會透過那個 10% 客戶反映。因此在許多情況下，隨著無晶圓廠與晶圓代工的生態系組合，你會在不同地方認列營收，取決於市場區隔，甚至也取決於個別產品線的安排。

Matthew Prisco, Cantor.

Matthew Prisco，Cantor。

I guess first, on foundry and logic. Can you provide some more color on the breadth of the strength you're seeing there today? And then I know you highlighted the kind of agentic AI in CPU demand. How are you thinking about that as a potential upside source versus your target model was outlined only a couple of months ago now?

我想先問晶圓代工與邏輯（foundry and logic）。你能否就目前你們在那裡看到的強勁動能之廣度，提供更多說明？另外我知道你們提到在 CPU 需求中「代理式 AI」（agentic AI）的帶動。你們如何看待這點作為潛在上行來源？畢竟你們的目標模型也才在幾個月前提出。

Yes. So the strength as we went from Q1 to Q2, in foundry and logic. As we said on the call, primarily associated with an upstep in CPU demand from one of our historically strong customers. But as we look at our opportunity in the CPU space, which we do view as a longer-term opportunity, there's a couple of different ways that we're exposed to that.

是的。因此，從第一季到第二季，我們在晶圓代工與邏輯方面的表現更為強勁。如同我們在電話會議上所說，這主要與我們某位歷來非常強勢的客戶之 CPU 需求上調有關。但當我們看待在 CPU 領域的機會（我們確實視其為長期機會）時，我們在其中有幾種不同的切入與曝險方式。

As I mentioned, the growing relationship with the leader in high-performance compute. They've obviously are starting to participate in the CPU business. And remember, we're qualified and now competing for share with the large fabless CPU manufacturer.

如我提到的，我們與高效能運算領導者的合作關係正在深化。他們顯然也開始參與 CPU 業務。而且請記得，我們已完成認證，現在正與大型無晶圓 CPU 製造商競爭市占。

So a great example of where we're diversified and sort of no matter how the CPU market share landscape shakes out between our customers, we feel like at least have the opportunity to participate. All of those relationships are in different phases. So it all hits today. It will have different components for us. But again, a good example of our goal to be a broad-based supplier to all the leaders in the industry.

因此，這是一個很好的例子，說明我們的客戶組合相當多元；不論 CPU 市占版圖在我們的客戶之間如何變化，我們都覺得至少有機會參與其中。這些合作關係都處於不同階段。所以它不會在今天一次性全部反映出來。對我們而言會有不同的組成部分。但再次強調，這是我們致力成為產業所有領導者之廣泛供應商目標的良好例證。

Got it. That's helpful. And then maybe on the supply side, the efficiency is obviously coming in much better than we had expected. How do we think about your ability to continue driving efficiencies from here within the current footprint through the end of the year, maybe into '27, as well?

了解。這很有幫助。接著可能想問供給端：效率顯然比我們原先預期改善得更好。在目前既有產能版圖下，從現在到年底、甚至延伸到 2027 年，我們該如何看待你們持續推動效率提升的能力？

And then maybe more importantly, Farmers Branch coming online in 4Q and ramping through next year. How do we think about the timing of the revenue contribution there? How meaningful can that be over the next few quarters?

另外也許更重要的是，Farmers Branch 將在第四季上線並於明年持續爬坡。我們該如何看待那邊營收貢獻的時點？在接下來幾個季度，這會有多大程度的意義？

Yes. We're very excited about the output we've been able to drive out of our existing footprint. And just to reiterate, that was driven in large part by the transformation that we've done in our global operations team really thinking and doing different. And we see those benefits being driven primarily from yield and cycle time improvements.

是的。我們對於能從既有產能版圖中推動出的產出提升感到非常振奮。再重申一次，這在很大程度上是由我們全球營運團隊所做的轉型所驅動，真正以不同的方式思考並採取不同作法。而我們看到的效益主要來自良率與週期時間的改善。

As you can tell by our most recent results and also by our outlook for next quarter, we've been pretty successful, and we intend to continue to push on those levers through the end of the year in advance of Farmers Branch starting to ramp beginning in Q4. The initial targeted capacity of Farmers Branch is roughly equivalent to our California probes footprint today. So we expect that, that will come online over the course of the year but should contribute meaningful capacity to the extent the demand is there.

從我們最近的結果以及對下一季的展望可以看出，我們做得相當成功；而且我們打算在 Farmers Branch 於第四季開始爬坡之前，持續推動這些槓桿直到年底。Farmers Branch 的初期目標產能大致相當於我們目前在加州的探針卡產能版圖。因此我們預期它會在一年內逐步上線；只要需求存在，就應能貢獻相當可觀的產能。

Craig Ellis, B. Riley Securities.

Craig Ellis，B. Riley Securities。

Let me start by recognizing the stellar execution in the quarter, a nice job team. Mike, I'll start with DRAM since there haven't been questions there. I think three or four quarters ago, we all wondered if some of the legacy formats like DDR4 and DDR5 would come back and here they are. Can you help us understand how long lived do you see some of the strengths that you talked about for 3Q and how we should properly think about the DRAM business from here given that it does seem to have at least some near-term legs?

我先肯定一下本季出色的執行力，團隊做得很好。Mike，我先從 DRAM 開始，因為那邊還沒有人提問。我想在三、四個季度前，我們都在想像 DDR4、DDR5 這些較舊的規格是否會回來，而現在它們確實回來了。你能否協助我們理解：你提到的第三季強勁動能，你認為會持續多久？以及在看起來至少短期仍有一些延續性的情況下，我們接下來應該如何正確看待 DRAM 業務？

Yes. Well, the DRAM overall, both HBM and DDR5 is a pretty dynamic marketplace right now, both for our customers and for us. And as we said, we see a pretty significant mix shift in Q3, although the top line DRAM revenue is expected to be pretty similar to Q2, we expect the mix to shift towards DDR quite significantly that really in conversations with our customers is a rational reaction to the pricing they're seeing in the market where they can generate more profit by starting DDR5 wafers surprisingly than they can HBM4 wafers.

是的。目前整體 DRAM（包含 HBM 與 DDR5）是一個非常動態的市場，對我們的客戶與我們而言都是如此。如同我們所說，第三季我們看到相當顯著的產品組合轉移；雖然 DRAM 營收總額預期與第二季相當接近，但我們預期組合會相當明顯地轉向 DDR。這其實是我們與客戶對話後所看到的理性反應：基於他們在市場上看到的價格，他們開始投片 DDR5 晶圓所能創造的利潤，出乎意料地高於 HBM4 晶圓。

And so I think there's going to be a very adaptive and dynamic environment where there -- and you've heard this from them in recent earnings calls, they are going to adapt their product mix to maximize their profit opportunity. And that's -- given the probe cards are a device-specific consumables as they change their wafer start mix, we're going to see our mix change correspondingly.

因此我認為這將是一個非常具適應性且動態的環境——你也在他們近期的法說會上聽到過——他們會調整產品組合以最大化其獲利機會。而由於探針卡是依裝置而定的耗材，當他們改變投片組合時，我們的組合也會相應改變。

And then the follow-up question goes back to a point you made in your prepared comments around the breadth of demand and it's really brought home by the fact that on the 10% customer list, the ones disclosed you have many big customers beyond that total 35% of revenue. So 65% of the revenue comes from those not at 10% in the quarter.

接著追問回到你在事先準備的談話中提到的一點：需求的廣度。這點也由一個事實凸顯——在 10% 客戶名單中，你所揭露的客戶之外，你還有許多大型客戶；而那份名單合計只占營收 35%。所以本季有 65% 的營收來自那些未達 10% 的客戶。

The question is this, as we think about the business opportunities from here, and I think you've alluded to competing for business at a fabless CPU supplier and you talked about other two half revenue at a leading GPU supplier. How many opportunities are there like that? Can you give us your pareto list and help us understand the timing that those could come into the model?

問題是：當我們從這裡往後看業務機會時，我想你提到過在一家無晶圓 CPU 供應商那邊競爭業務，也談到在一家領先 GPU 供應商那邊有其他占比達一半的營收。像那樣的機會有多少？你能否提供你們的帕累托清單，並協助我們理解這些機會可能在何時納入模型？

Yes. So there's a bunch of different opportunities. And I'll ground people back in what we said at our Investor Day in early May. The segments and the customers we're operating in, where we plan to gain more than half of the increase in the addressable market between now and 2030. They're pretty familiar places, right? It's things like GPUs, it's things like co-packaged optics, custom ASICs.

是的。機會有很多種。我先把大家拉回到我們在 5 月初投資人日所說的內容。我們所處的細分市場與客戶群，正是我們計畫在現在到 2030 年之間、可服務市場增量中取得超過一半份額的領域。這些都是相當熟悉的領域，對吧？例如 GPU、共同封裝光學（CPO）、客製化 ASIC 等。

In addition, when we look at expanding our HBM business, for example, coming back to DRAM, I made the point that we're seeing strong adoption now from two customers. And so this broadening and diversification and share gains, you're seeing the early innings of what we told you was going to happen at the Investor Day, you're seeing the early innings here in Q2 results and the Q3 guidance.

此外，例如當我們看擴大 HBM 業務時，再回到 DRAM，我提到我們現在看到來自兩家客戶的強勁採用。因此，這種客戶與產品的拓寬、多元化以及市占提升，你正在看到我們在投資人日所說將會發生之事的早期階段；你在第二季的結果與第三季指引中，正看到這個早期階段。

Elizabeth Sun, Citi.

Elizabeth Sun，花旗（Citi）。

Congrats on the good results. I guess my first question is on the CPO side. Mike, you talked about CPO is -- total CPO revenue expected to cross over $20 million by Q3 and another step up in Q4. So I'm just wondering for the CPO revs throughout the year, is it increasingly higher quarter-over-quarter? And ultimately, how much revenue can you do for this year in CPO?

恭喜有很好的結果。我想我的第一個問題是關於 CPO。Mike，你提到 CPO——總 CPO 營收預期在第三季將突破 2,000 萬美元，第四季還會再上一步。所以我想問：今年的 CPO 營收是否會呈現逐季走高？而最終今年在 CPO 方面你們能做到多少營收？

Yes, it's an interesting question, right? So to ground everybody, when we came into the year, we said we were expected to do between $10 million and $20 million in CPO revenue and today, we've upped that -- we're going to expect to do $20 million by the end of Q3 this quarter. How much more on top we do in Q4 for the full year, kind of an open question right now. We're seeing some significant acceleration in this business.

是的，這是個有趣的問題。先讓大家有個基準：年初我們說 CPO 營收預期在 1,000 萬到 2,000 萬美元之間，而今天我們已上調——我們預期到第三季末、也就是本季，就會做到 2,000 萬美元。至於第四季在此之上還能增加多少、以形成全年數字，目前仍是個開放性的問題。我們看到這項業務正在顯著加速。

But it's new technology. It's a new technology for our customers. It's new technology for us. So we certainly expect to be above $20 million for the year. The magnitude of that is a little tricky to judge right now. What I will say, all of these new technology programs, they always have acceleration digestion phases. Right now, we're seeing strong acceleration. And a reminder that this is a significant market. We told you at Investor Day that our piece of that served market, about $400 million by 2030. Right now, accelerating pretty hard towards that.

但這是新技術。對我們的客戶而言是新技術。對我們而言也是新技術。所以我們確實預期全年會高於 2,000 萬美元。但目前要判斷其幅度有點棘手。我想說的是，所有這些新技術專案通常都會有「加速」與「消化」的階段。而現在我們看到的是強勁加速。也提醒一下，這是一個相當可觀的市場。我們在投資人日告訴大家，我們在該可服務市場中的那一部分，到 2030 年約為 4 億美元。而現在正以相當快的速度朝那個方向加速。

Got it. That's good to know. And my second question is on the HBM side from the competition perspective, you are pretty strong at two HBM customers. So I'd like to ask how about the share dynamics at the third biggest HBM customer?

了解。這很有幫助。我的第二個問題是從競爭角度來看 HBM 這一塊，你們在兩家 HBM 客戶那邊的實力相當強。所以我想請教，在第三大 HBM 客戶那邊的市占動態如何？

And also, one of your foundry logic probe card peers has been pretty vocal about talking about getting into the HBM market. So I'm just curious how do you see the competition environment going forward in like say HBM4E and going forward?

另外，你們在晶圓代工邏輯探針卡領域的一家同業，最近也相當高調地談到要切入 HBM 市場。所以我想了解，你怎麼看未來例如在 HBM4E 以及之後的競爭環境走向？

Yes. And this is one where I'll try not to get too deep in the weeds, but it's important to understand sort of the subsegments and applications in HBM overall. Where we're really doing very well and now have strong share at two major DRAM manufacturers, HBM manufacturers is on the high-speed stack die test.

是的。這題我會盡量不要鑽得太細，但理解 HBM 整體中的各個子區隔與應用其實很重要。我們目前做得非常好、並且在兩家主要 DRAM 製造商／HBM 製造商取得強勢市占的，是高速堆疊晶粒測試（high-speed stack die test）。

Essentially, the final test for the HBM stack where our customers ensure that it's good before it gets shipped to the foundry, to be packaged together with GPUs and custom ASIC. That's a very high-performance insertion and one where we have very strong share.

基本上就是 HBM 堆疊的最終測試，我們的客戶會在出貨到晶圓代工廠、與 GPU 及客製 ASIC 一起封裝之前，確認產品良率與品質。這是一個對插針性能要求非常高的應用，而我們在這裡的市占非常強。

There's lots of competition for example, in the core die insertions and other places, which are a lot like regular DRAM wafer sort. So our differentiation, our share continue to be quite strong at these high-value high-speed final test insertions.

例如在核心晶粒插針（core die insertions）以及其他環節，競爭者很多，那些環節更像一般 DRAM 的晶圓測試（wafer sort）。因此，我們的差異化與市占，仍然在這些高價值、高速的最終測試插針上維持相當強勁。

And we're continuing to partner all the customers, all three of them, although our share is stronger at two of them right now. To advance that capability and differentiation as speeds continue to increase and stack heights continue to increase as we move from 4 to 4E to 5.

我們也持續與所有客戶、三家都在合作，雖然目前在其中兩家的市占較強。隨著速度持續提升、堆疊層數持續增加，從 4 進到 4E 再到 5，我們會一起推進這些能力與差異化。

David Duley, Steelhead Securities.

David Duley，Steelhead Securities。

I guess, congratulations on being able to get a lot more output out of your current factory footprint. And I think at your Analyst Day, you showed a chart with cycle time improvements, I believe the goal is getting to like 60% cycle time improvement, something like that.

我想先恭喜你們能在現有的工廠產能版圖下，拉出更多的產出。我記得在你們的分析師日，你們展示了一張關於週期時間改善的圖表，目標好像是把週期時間改善到大約 60% 之類。

I was wondering if you could share with us any metrics now that you've had several quarters of improving output from the factory is how much you've lowered your cycle times or how much you've improved your yields? Any sort of metrics about where you are on your journey would be most helpful?

我想請問，現在你們已經有好幾個季度在提升工廠產出，能否分享一些指標：例如週期時間降低了多少，或良率提升了多少？任何能反映你們目前進度的量化指標都會很有幫助。

Thanks for your question. We don't typically share those sorts of metrics in these forums. But in general, what I can say is that the drivers that we expect to really chart our path forward for gross margins that remain consistent with what we discussed at our Investor Day and the target model that we laid out.

謝謝你的提問。我們通常不會在這類場合分享這些指標。但整體而言，我能說的是：我們預期推動毛利率、並使其與我們在投資人日所討論及所提出的目標模型一致的關鍵驅動因素，仍然不變。

So we still expect to drive the majority of the improvements from volume, operational excellence and more transformation innovation. I believe that we are on track with that. If you look at where we are on more of a stabilized or a normalized basis at 51%, we see appropriate contribution from all of those factors.

因此，我們仍預期大部分改善將來自於出貨量（volume）、營運卓越（operational excellence）以及更多的轉型創新（transformation innovation）。我相信我們在這方面是按計畫推進的。如果你看我們在較穩定或常態化基礎下的 51% 水準，我們看到上述各項因素都有適當的貢獻。

Are you halfway on your journey to 60% improvement in cycle times or three quarters? I don't have the chart in front of me, but there was a chart at your Analyst Day that kind of implied you were significantly along. I think at that time, you'd improve cycle times by 25%. So -- go ahead.

你們在把週期時間改善到 60% 的旅程上，是走到一半了，還是已經到四分之三了？我手邊沒有那張圖，但你們在分析師日的圖表似乎暗示你們已經走了相當一段。我記得當時你們已經把週期時間改善了 25%。所以——請繼續。

Yes. I would say, again, we are on track. If you look at high level, the implied revenue run rate for our Q3 outlook starting to get close to something like $1.1 billion run rate. And if you look at our gross margin trajectory from where we were at our Investor Day at 49%, looking at 51% as a normalized level at the current revenue and mix. I think we're aligned. We're on track. We're on the journey. We're very happy about the performance to date. No significant changes in our expectations.

是的。我會說，我們仍然是按計畫推進。如果從高層次來看，我們對第三季展望所隱含的營收年化（run rate）開始接近大約 11 億美元的水準。再看我們的毛利率軌跡：從投資人日當時的 49%，到在目前營收與產品組合下常態化的 51%。我認為我們是對齊的。我們按計畫推進。我們正在旅程中。我們對目前為止的表現非常滿意。對我們的預期沒有重大變化。

Okay. The second question is, there's been a lot of chatter now with, I think, a third hyperscaler customer kind of ramping into volume. Could you just take a step back and remind us where you are in servicing, I guess, the three customers now that are somewhat significant? And how big you think the TAM for hyperscaler probe cards is?

好的。第二個問題是，最近市場上有很多討論，似乎有第三家超大規模雲端客戶（hyperscaler）正在放量爬坡。你能否退一步，提醒我們你們目前在服務這三家已具一定規模的客戶方面，進展到哪裡？以及你認為 hyperscaler 探針卡的 TAM 有多大？

So hyperscaler custom ASICs, and I'm going to do the same thing, Aric did and take you back to the Investor Day. This is one of the key growth initiatives for us. We're engaged with all the hyperscalers. And some of them are further along, certainly in their ASIC programs, having released multiple parts. Some of them are early on.

關於 hyperscaler 的客製 ASIC，我會像 Aric 一樣把大家帶回投資人日。這是我們其中一項關鍵成長計畫。我們與所有 hyperscaler 都有合作接觸。其中一些在 ASIC 計畫上進度更快，確實已經推出多個產品。也有一些仍在早期階段。

We do have revenue in the second quarter, and we've updated you on some design wins earlier. But I think the big discontinuity is still to come here when these custom ASICs require an advanced MEMS probe. It looks like the next generation of something like a Google TPU is going to require an advanced MEMS probe because of the power and speed requirements that runs at.

我們在第二季確實已有相關營收，之前也更新過一些設計導入（design wins）。但我認為真正的大幅跳躍仍在後面：當這些客製 ASIC 需要先進 MEMS 探針時。看起來下一代類似 Google TPU 的產品，因其運作所需的功耗與速度要求，將需要先進 MEMS 探針。

And if you remember, for those of you who followed us for a while, exactly the same thing happened with GPUs two, three, four years ago, where historically, they'd use legacy probe cards, pseudo MEMS technology all of a sudden, these chips crossed the performance threshold where they needed advanced MEMS probe card.

如果你記得，對於長期關注我們的人來說，GPU 在兩三四年前也發生過完全相同的事：過去它們使用傳統探針卡、類 MEMS（pseudo MEMS）技術，但突然之間這些晶片跨過了性能門檻，必須改用先進 MEMS 探針卡。

We're engaged with all the hyperscalers on working through the development right now for those next-generation devices. And I don't think you'll see significant revenue contributions here in 2026. But certainly into 2027, as those parts ramp, we expect to be a key supplier in those ecosystems.

我們正與所有 hyperscaler 合作，針對這些下一代裝置進行開發。我不認為 2026 年會看到這裡有顯著的營收貢獻。但到了 2027 年，隨著這些產品放量，我們預期會成為這些生態系中的關鍵供應商。

Okay. Just one follow-up on an earlier question about broadening out in the foundry and logic space. You've talked in great detail about the CPU segment. Is there any other broadening out? I imagine you might see some GPU in the foundry business, maybe some improvement in industrial and automotive. Maybe talk about the two or three largest needle movers for the continued strength in foundry and logic?

好的。我想就先前一個關於在晶圓代工與邏輯領域擴張的問題追問一下。你們已經很詳細談過 CPU 區隔。還有其他擴張方向嗎？我想你們可能會在晶圓代工業務看到一些 GPU，或是工業與車用有些改善。能否談談推動晶圓代工與邏輯持續強勁的兩到三個最大驅動因素？

Yes. And it really revolves around high-performance compute and advanced packaging. Remember, we're pretty levered to the leading edge. Probe cards and wafer tests are most valuable for our customers where yields are low and packaging costs are high. And HPC and advanced packaging is the nexus of those things.

是的。核心其實圍繞在高效能運算（HPC）與先進封裝。記得我們對先進製程（leading edge）的曝險相當高。對我們的客戶而言，當良率偏低、封裝成本偏高時，探針卡與晶圓測試的價值最高。而 HPC 與先進封裝正是這兩者的交會點。

Automotive and industrial, although we have some exposure, pretty spotty and nowhere near as significant growth driver as even from a SAM perspective, from an available market perspective, we were near as significant as HPC and AI. So in terms of growth opportunities, again, I'll take you back to the Investor Day the different elements of GPUs, custom ASICs, CPO, those are the things really driving.

車用與工業雖然我們也有一些曝險，但相當零散；即使從 SAM 或可取得市場（available market）的角度來看，它們也遠不是像 HPC 與 AI 那樣重要的成長驅動。因此就成長機會而言，我再把大家帶回投資人日：GPU 的不同要素、客製 ASIC、CPO，這些才是真正的驅動因素。

Well, those are some pretty good drivers. Congratulations on nice results.

嗯，這些確實是很不錯的驅動因素。恭喜你們交出漂亮的成績。

Denis Pyatchanin, Needham & Company.

Denis Pyatchanin，Needham & Company。

So perhaps a question on the CPO adoption outlook. I think initially, you had said that it was going to be a 2028 story, but now you're seeing more acceleration. So are we perhaps expecting the timeline to accelerate a little bit? Are we maybe going to see more volume hit sometime in 2027? Have there been any changes about that?

那麼或許想請教一下關於 CPO 採用前景的問題。我記得一開始你們曾說這會是 2028 年的故事，但現在你們看到採用正在加速。所以我們是否可以預期時程會稍微提前一些？我們是否可能在 2027 年某個時點看到更多出貨量？這方面有任何變化嗎？

I wouldn't say there's changes, Denis. What I would say -- I would say is there's acceleration here in the very short term. We're having some audio problems. Give us a second. Let me try that now. We're good. Okay. So I wouldn't say there's a significant pull in or change in our view. If I end point you to the 2030 target model, we said our served market is about $400 million there.

我不會說有變化，Denis。我會說——我會說的是，短期內確實出現了加速。我們這邊有一些音訊問題。請給我們一秒鐘。我現在再試一次。好了。好的。所以我不會說我們的看法有明顯提前或改變。如果我把你導回 2030 年的目標模型，我們當時說我們的可服務市場大約是 4 億美元。

We are seeing some rapid adoption right now, but very early innings, right? We talked about $20 million in 2026. We now expect to achieve that by the end of the third quarter. And as I said in response to an earlier question, we would expect to obviously go above $20 million in the year overall.

我們現在確實看到一些快速採用，但仍然是非常早期的階段，對吧？我們談過 2026 年 2,000 萬美元。我們現在預期在第三季末就能達成。而且如我在回覆先前問題時所說，我們顯然預期全年會超過 2,000 萬美元。

Having said that, it gets pretty difficult to forecast out. There's lots of variables in this, both overall CPO adoption by our customers. But then also yields test times, some very important variables that go into the adoption rate.

話雖如此，往後要做預測就變得相當困難。其中有很多變數，包括我們客戶整體對 CPO 的採用。另外還有良率、測試時間等一些非常重要的變數，會影響採用速度。

Having said that, we're really excited about the opportunity, right? We've got a strong position insertion one, we're partnered with the leaders in this overall ecosystem and serving all of the different customer ecosystems and architectures.

話雖如此，我們對這個機會非常興奮，對吧？我們在第一個切入點上有很強的地位，我們也與整體生態系的領導者合作，並服務各種不同的客戶生態系與架構。

We expect it to grow significantly granulizing it or making it granular enough to go quarter-by-quarter through 2027, I think is probably a bridge too far at this point, but strong growth business and a great opportunity for us.

我們預期它會顯著成長；但要把它細分到足以逐季一路預測到 2027 年，我想現階段可能還言之過早，不過這是一個強勁成長的業務，也是我們很好的機會。

That was a lot of great detail. Maybe for my follow-up, we can talk about a longer-term question in terms of GPU test. So previously, these products weren't tested with the MEMS-based probe cards, but there may be some move towards that. How does that road map look for now? Have there been any changes or any acceleration in terms of when MEMS-based probe cards could be adopted? Is there any particular product that you can discuss that may adopt you sooner rather than later?

這些細節非常有幫助。那我追問一個較長期的問題，關於 GPU 測試。先前這些產品並不是用 MEMS 探針卡來測試，但可能會朝那個方向移動。目前這個路線圖看起來如何？在 MEMS 探針卡可能被採用的時間點上，有沒有任何變化或加速？是否有任何你可以談的特定產品，可能會比預期更早採用你們的方案？

Yes. GPUs have fully adopted advanced MEMS probe cards. And you see that happened for 2 generations ago. It really is driven by the power and speed requirements of testing these GPUs. The immense amount of current test to go in and out of the parts at some significant speeds. And really, the only way to do that is an advanced MEMS probe technology.

有。GPU 已經全面採用先進的 MEMS 探針卡。你會看到這是在兩個世代之前就發生了。這主要是由測試這些 GPU 的功耗與速度需求所驅動。需要在相當高的速度下，讓大量電流進出元件進行測試。而真正能做到這點的方式，只有先進的 MEMS 探針技術。

There's only a handful of us in the industry that can produce that technology. Right now, it's primarily our competitors' business, but as we've updated everyone, we're now qualified in shipping production units here in the third quarter. We expect that business to grow.

業界只有少數幾家公司能生產這項技術。目前主要是我們競爭對手的業務，但如同我們向大家更新的，我們現在已完成認證，並在第三季開始出貨量產單位。我們預期這項業務會成長。

And as I fast forward to custom ASICs, in response to a previous question, custom ASICs are undergoing that transition to advanced MEMS probe technology right now. And so GPU is a nice history lesson for how this happened. But exciting that, that custom ASIC transition is in front of us as well.

再往前看客製化 ASIC，回應先前的問題，客製化 ASIC 目前正進行轉向先進 MEMS 探針技術的過程。因此 GPU 是一個很好的歷史案例，說明這是如何發生的。而令人振奮的是，客製化 ASIC 的這個轉換也正擺在我們面前。

(Operator Instructions)

(接線員指示)

Christian Schwab, Craig Holland.

Christian Schwab、Craig Holland。

Great quarter. Can you give us some idea on the fabless CPU customer, where you market share is today and where you think it can go over time?

本季表現很棒。能否請你們談談無晶圓廠（fabless）CPU 客戶方面，你們目前的市占率大概在哪裡，以及你們認為隨時間推進可以到什麼程度？

Yes. So we've updated people on the multiyear journey to get qualified, which were qualified and gain share there, and we've now won a couple of designs. As we said in the past, it's going to take a while, right, for a couple of reasons. One, this is a brand-new customer for us. Unlike some of the opportunities that involve like GPUs that involve existing customers but a new application, those can move relatively quickly.

可以。我們已向大家更新過，為了取得認證並在那裡提升市占率，我們走了一段多年的旅程；我們已經完成認證並開始取得份額，而且現在也贏得了幾個設計案。如同我們過去所說，這需要一些時間，對吧？原因有幾個。第一，這對我們來說是全新的客戶。不同於某些機會，例如 GPU——那是既有客戶但新的應用——那類通常可以相對快地推進。

When you're introducing yourself to a brand-new customer supply base, that takes a little bit longer. But we're happy with the progress there and the exposure. The other reason it's going to take a little while is because things are very capacity constrained across the industry. And as we ramp things up, we want to be thoughtful about the capacity commitments we make, both to existing customers and new customers.

當你要向一個全新的客戶供應鏈自我介紹時，確實會花更久一些時間。但我們對那裡的進展與能見度感到滿意。第二個原因是，整個產業的產能都非常吃緊。而在我們擴產的同時，我們希望審慎看待我們對既有客戶與新客戶所做的產能承諾。

And that's probably until Farmers Branch comes online, going to be a little bit of a governor on our market share growth there as well. But good position, executing well I would characterize it as low single-digit market share at this point, but with a whole lot more opportunity in front of us.

而這可能要等到 Farmers Branch 投產上線之前，都會在一定程度上限制我們在那裡的市占成長。但我們的定位良好、執行也到位；我會形容目前市占大約是低個位數百分比，但前方還有非常多的機會。

Great. And then just one last question here on gross margins. I know at your Analyst Day, you expected Farmers Branch, I believe, to drive gross margin accretion by 2028. Just as we think about exiting this year in gross margins for '27, should we assume some gross margin improvement due to lower cost manufacturing base, et cetera in '27? Or do you really think that will just all come in 2028?

很好。最後一個問題關於毛利率。我知道在你們的分析師日，你們預期 Farmers Branch 我記得會在 2028 年帶動毛利率增厚。那如果我們思考今年結束後到 2027 年的毛利率走勢，我們是否應該假設 2027 年會因為較低成本的製造基地等因素而有一些毛利率改善？還是你們真的認為這些效益都會在 2028 年才反映？

I think we're primarily counting on matching that sort of improvement in accretion from Farmers Branch fully in 2028. The reason why is that, as you know, ramps like this come with some measure of inefficiency. We expect to see some of that through next year as we ramp the site. That said, we're planning to be as efficient as possible. One element of that is completing the ramp as quickly as possible.

我想我們主要是把 Farmers Branch 帶來的那種改善與增厚，完整地寄望在 2028 年。原因是，如你所知，像這樣的爬坡通常會伴隨一定程度的效率不彰。我們預期在明年、隨著該據點爬坡的過程中，會看到其中一部分。話雖如此，我們會規劃盡可能有效率地運作。其中一個要素就是盡快完成爬坡。

So combining it through the course of the year to complete the ramp to initial capacity. And then we are planning to largely offset those inefficiencies through the operational effectiveness improvements that you've seen us making, some of which you've already seen, we expect that to largely offset some of these headwinds as we ramp the site. What remains clear to us is that we need this capacity. It's coming online very timely, and we think it's very important to support the growth that we see in our current addressable market.

也就是在一年當中逐步推進，完成爬坡到初始產能。接著我們也規劃透過你們看到我們正在推動的營運效能改善，來在很大程度上抵銷這些效率不彰；其中有些你們已經看到了，我們預期這將在很大程度上抵銷據點爬坡時的一些逆風。對我們而言很明確的是，我們需要這些產能。它上線的時點非常及時，我們也認為這對支撐我們在目前可服務市場中看到的成長非常重要。

Thank you. I would now like to turn the conference back to Mike Slessor for closing remarks.

謝謝。我現在想把電話會議交回給 Mike Slessor 做結語。

Thanks again, everyone, for joining us today. As usual, we're going to be attending some late summer and early fall conferences and hope to see you there and answer your questions about FormFactor. Until then, stay safe and take care.

再次感謝各位今天加入我們。一如往常，我們將參加一些夏末與初秋的會議，希望能在那裡見到各位，並回答你們關於 FormFactor 的問題。在那之前，請注意安全、保重。

This concludes today's conference call. Thank you for participating. You may now disconnect.

今天的電話會議到此結束。感謝各位參與。您現在可以掛線。