GSI Technology Inc (GSIT) 2025 Q4 法說會逐字稿

Welcome to GSI Technologies fourth quarter and fiscal year 2025 results conference call. (Operator Instructions)

歡迎參加 GSI Technologies 第四季和 2025 財政年度業績電話會議。（操作員指示）

Before we begin today's call, the company has requested that I read the following Safe Harbor statement. The matters discussed in this conference call may include forward-looking statements regarding future events and the future performance of GSI Technology that involve risks and uncertainties that could cause actual results to differ materially from those anticipated. These risks and uncertainties are described in the company's Form 10-K filed with the Securities and Exchange Commission.

在我們開始今天的電話會議之前，公司要求我閱讀以下安全港聲明。本次電話會議討論的事項可能包括有關未來事件和 GSI Technology 未來績效的前瞻性陳述，這些陳述涉及風險和不確定性，可能導致實際結果與預期結果有重大差異。這些風險和不確定性在公司向美國證券交易委員會提交的 10-K 表格中有描述。

Additionally, I have also been asked to advise you that this conference call is being recorded today, May 1, 2025, at the request of GSI Technology.

此外，我還被要求告知您，應 GSI Technology 的要求，本次電話會議將於今天（2025 年 5 月 1 日）進行錄音。

Lee-Lean Shu, the company's Chairman, President and Chief Executive Officer, will be hosting the call today.

該公司董事長、總裁兼執行長李連舒 (Lee-Lean Shu) 將主持今天的電話會議。

With him are Douglas Schirle, Chief Financial Officer; and Didier Lasserre, Vice President of Sales. I would now like to turn the conference over to Mr. Shu. Please go ahead, sir.

和他一起出席的還有財務長 Douglas Schirle 和銷售副總裁 Didier Lasserre。現在我想將會議交給舒先生。先生，請繼續。

Good afternoon and thank you for joining us to review our fourth quarter and the fiscal year 2025 financial results.

下午好，感謝您與我們一起回顧我們的第四季和 2025 財年的財務表現。

Let's start with a few highlights from fiscal year 2025. We closed the fourth quarter with solid revenue growth, significantly reduced net loss and a meaningful improvement in cash burn, finished the year with $13.4 million in cash and a more disciplined operating structure.

讓我們先來回顧一下 2025 財年的幾個亮點。我們在第四季結束時實現了穩健的收入成長，淨虧損大幅減少，現金消耗顯著​​改善，全年結束時現金餘額為 1,340 萬美元，營運結構更加規範。

Revenue for the fourth quarter increased by 14% year over year and 9% sequentially to $5.9 million, driven by strong demand for our SRAM chips. As we exited this year, this revenue growth and lower operating expense result in a sharp reduction in quarterly net loss and a material decrease in cash usage.

受 SRAM 晶片強勁需求的推動，第四季營收年增 14%，季增 9%，達到 590 萬美元。今年結束時，收入成長和營運費用降低導致季度淨虧損大幅減少，現金使用量大幅減少。

For fiscal year 2025, while annual revenue declined 6% compared to the prior year, we meaningfully reduced our net loss by 47% from $20.1 million in 2024 to $10.6 million, driven by a 35% reduction in operating expenses. This structural cost improvement is central to our goal of preserving cash and extending our runway. We expect to maintain our quarterly operating expenses at the current levels to minimize our cash burn until we secure new funding sources.

2025 財年，雖然年收入與前一年相比下降了 6%，但由於營運費用減少了 35%，我們的淨虧損從 2024 年的 2,010 萬美元大幅減少了 47% 至 1,060 萬美元。這種結構性成本改進對於我們保留現金和延長跑道的目標至關重要。我們預計將季度營運費用維持在當前水平，以盡量減少現金消耗，直到我們獲得新的資金來源。

In the fourth quarter, we made good progress across multiple fronts to advance our technology road map and the commercial strategy. Notably, we secured an initial order for radiation-hardened SRAM from a North American prime contractor, a key validation of our product.

第四季度，我們在技術路線圖和商業策略推進等多個方面取得了良好進展。值得注意的是，我們從北美總承包商獲得了抗輻射 SRAM 的初始訂單，這是對我們產品的關鍵驗證。

We anticipate follow-on orders this fiscal year. This chip carries a significant higher gross margin than our traditional SRAM. EDA is the point person with this customer and will expand further on the opportunities.

我們預計本財年還會有後續訂單。該晶片的毛利率比我們傳統的SRAM高很多。EDA 是該客戶的聯絡人，並將進一步擴大合作機會。

Our ongoing SBIR program with government agencies are progressing well, and we are successfully meeting our milestones. Today, our SBIR have generated payment totaling $1.6 million, and we anticipate receiving an additional $1 million once we complete the program. This quarter, $870,000 was booked as a reduction to R&D expense, further helping to lower operating expenses.

我們與政府機構正在進行的 SBIR 計劃進展順利，我們成功實現了我們的里程碑。今天，我們的 SBIR 已產生總計 160 萬美元的付款，我們預計一旦完成該計劃，還將收到額外的 100 萬美元。本季度，87 萬美元被記為研發費用的減少，進一步幫助降低營運費用。

We are especially excited about recent enhancement to Plato, adding the integration of camera interface directly into the chip. This new feature paired with other connectivity enhancements allow the chip to interface with a wide range of sensors. This makes Plato particularly well suited for AI agents requiring object recognition.

我們對 Plato 的最新改進感到特別興奮，它將攝影機介面直接整合到晶片中。此新功能與其他連接增強功能相結合，使晶片能夠與各種感測器連接。這使得 Plato 特別適合需要物體辨識的人工智慧代理。

The new capability has increased strategic interest in Plato, and we are currently in preliminary discussions with multiple parties to scale partnership and asset for the next phases of development. Didier will provide more detail on this exciting development.

新的能力增加了對柏拉圖的策略興趣，我們目前正在與多方進行初步討論，以擴大合作夥伴關係和資產，為下一階段的發展做好準備。迪迪埃將提供有關這一激動人心的發展的更多細節。

As we look ahead to fiscal year 2026, we plan to build on the progress of our APU development, drive continued growth in SRAM sales, and advance execution of our strategic initiatives across both commercial and government markets.

展望 2026 財年，我們計劃在 APU 開發進展的基礎上，推動 SRAM 銷售的持續成長，並推動在商業和政府市場實施我們的策略計畫。

At the same time, we remain committed to maintain operational efficiency. In parallel, we continue to explore strategic alternatives with a primary focus on securing funding to support the next phase of operator development. We are also working with our banking team to explore other options that could provide new sources of cash to execute our AI strategy.

同時，我們仍致力於維持營運效率。同時，我們繼續探索策略替代方案，主要重點是確保資金支持營運商發展的下一階段。我們也與銀行團隊合作，探索其他可以提供新現金來源來執行我們的人工智慧策略的選擇。

With that, I will now hand the call over to Didier.

現在，我將把發言權交給迪迪耶。

Thank you, Lee-Lean. As Lee-Lean mentioned, this quarter's primary revenue driver was the continued strong demand for our high-density SRAM. Our SRAM has been deployed in critical systems used in chip manufacturing and the recent uptick in business with KYEC is being driven by surging demand for our next-generation AI chip from a leading GPU provider.

謝謝你，Lee-Lean。正如 Lee-Lean 所提到的，本季的主要營收驅動力是對我們的高密度 SRAM 的持續強勁需求。我們的 SRAM 已部署在晶片製造的關鍵系統中，最近與 KYEC 的業務成長受到領先 GPU 供應商對我們下一代 AI 晶片需求激增的推動。

Despite the ongoing tariff negotiations between the US and its trading partners, we currently anticipate the demand from this customer to continue in fiscal year 2026 at a similar level to what we experienced in 2025. With that said, we may have some variability in the timing of the shipments, but importantly, the demand is still anticipated to remain consistent.

儘管美國與其貿易夥伴之間正在進行關稅談判，但我們目前預計該客戶的需求在 2026 財年將繼續保持與 2025 年類似的水平。話雖如此，我們的出貨時間可能會有一些變化，但重要的是，預計需求仍將保持一致。

The big news this quarter is an initial order for our radiation-hardened SRAM. While waiting for the forecast from the prime contractor, we anticipate follow-on orders in fiscal 2026. In addition, we are actively working with this customer to secure heritage status. Gaining this status would enhance the market acceptance of our radiation-hardened SRAM and unlock access to new high-value sales channels.

本季的重大消息是我們獲得了抗輻射 SRAM 的首筆訂單。在等待主承包商的預測的同時，我們預計 2026 財政年度會有後續訂單。此外，我們正在積極與該客戶合作，以確保其遺產地位。獲得這一地位將增強我們抗輻射 SRAM 的市場接受度，並打開新的高價值銷售管道。

It is worth noting that radiation-hardened SRAMs carry a gross margin well above those of our traditional SRAM chips, providing a strong financial lever as we work to reduce our net loss and cash burn. Let me switch to Plato and elaborate on Lee-Lean's earlier comments.

值得注意的是，抗輻射 SRAM 的毛利率遠高於我們的傳統 SRAM 晶片，為我們減少淨虧損和現金消耗提供了強大的財務槓桿。讓我轉到柏拉圖並詳細闡述李萊恩之前的評論。

By integrating a camera interface directly into the chip alongside enhanced connectivity features, Plato significantly broadens its addressable market. Plato to process data locally without relying on cloud infrastructure, it's now optimized for edge devices and ideal for agents performing object recognition.

透過將攝影機介面直接整合到晶片中並增強連接功能，Plato 大大拓寬了其目標市場。Plato 可以在本地處理資料而不依賴雲端基礎設施，它現在針對邊緣設備進行了最佳化，非常適合執行物件識別的代理。

To clarify when an agent is, it's helpful to look at how the approach to AI is shifting to agentic AI. These AI systems don't just analyze data, but they also act independently, for example, generating motor commands for a robot or a drone. This involves multiple capabilities that a single-purpose GPU is not well suited for.

為了明確代理的概念，了解人工智慧的方法如何轉變為代理人工智慧是有幫助的。這些人工智慧系統不僅分析數據，還可以獨立行動，例如為機器人或無人機產生運動命令。這涉及單一用途 GPU 不太適合的多種功能。

Plato, on the other hand, can manage a combination of computing tasks that involve more than just a single number of crunching or graphic workloads.

另一方面，Plato 可以管理多種運算任務，這些任務不僅涉及單一數量的運算或圖形工作負載。

Put another way, agentic AI goes beyond basic data analysis. It must make decisions, process inputs from sensors like cameras and microphones, respond in real time and take actions in the physical world. In this context, Plato's capabilities position it at the forefront of sectors preparing for significant growth driven by the increasing demand for intelligent autonomous systems or agents across various industries at the edge.

換句話說，代理人工智慧超越了基本的數據分析。它必須做出決策，處理來自攝影機和麥克風等感測器的輸入，即時響應並在物理世界中採取行動。在此背景下，Plato 的能力使其處於各行各業為實現顯著增長做準備的前沿領域，而這些增長的推動力來自於各個行業對邊緣智能自主系統或代理日益增長的需求。

Thus, interest and Plato has grown among the strategic partners we've engaged with over the past year. Pivoting to our ongoing SBIRs, as Lee-Lean stated, these projects are on track, and we are meeting the milestones.

因此，在過去的一年裡，我們與之合作的策略夥伴對柏拉圖的興趣日益濃厚。正如 Lee-Lean 所說，轉向我們正在進行的 SBIR，這些項目正在按計劃進行，我們正在實現里程碑。

As a reminder, we are currently working on a Phase 2 contract from both the Space Development Agency and the Air Force Research Labs, along with our most recently announced Phase 1 contract with the US Army. As planned, we delivered a server with a Leda-2 board to the Air Force Research Labs and will shortly deliver another Leda-2 board to the Space Development Agency. The Phase 1 SBIR for the US Army contract is evaluating the use of Gemini-II in edge computing AI solutions, and we are on track to meet all expectations with this partner.

提醒一下，我們目前正在與太空發展局和空軍研究實驗室簽訂第二階段合同，以及我們最近宣布的與美國陸軍簽訂的第一階段合約。按照計劃，我們向空軍研究實驗室交付了一台帶有 Leda-2 主機板的伺服器，並將很快向太空發展局交付另一台 Leda-2 主機板。美國陸軍合約的第一階段 SBIR 正在評估 Gemini-II 在邊緣運算 AI 解決方案中的使用，我們預計將與該合作夥伴一起滿足所有期望。

This quarter, we also delivered a YOLO algorithm for the Air Force Research Labs, including the benchmarks for a real-time object detection application. We continue to increase the performance of the YOLO algorithms, which can immediately determine the exact placement and identify the type of objects. We plan to deliver the improved YOLO3 and YOLO5 algorithms this summer.

本季度，我們也為空軍研究實驗室提供了 YOLO 演算法，其中包括即時物體偵測應用的基準。我們不斷提高YOLO演算法的效能，它可以立即確定準確的位置並識別物體的類型。我們計劃今年夏天推出改進的 YOLO3 和 YOLO5 演算法。

Lastly, an update on our SAR projects. We made further progress with an offshore defense R&D customer, which ordered a Gemini-II system to evaluate the chip's capabilities for low-power in-flight application. We will be shipping this system this quarter. This organization is also a potential funding partner for Plato. In addition, a US aerospace company continues to evaluate our Gemini for onboard satellite applications.

最後，介紹一下我們的 SAR 專案的最新情況。我們與一家海上國防研發客戶的合作取得了進一步進展，該客戶訂購了 Gemini-II 系統來評估該晶片在低功耗飛行應用中的能力。我們將於本季推出該系統。該組織也是 Plato 的潛在資助合作夥伴。此外，一家美國航空航天公司正在繼續評估我們的 Gemini 在衛星上的應用。

Taken together, these activities support the use of Gemini-II for integrated edge applications such as SAR generation and drones with subsequent object detection and actionable decisions.

綜合起來，這些活動支援使用 Gemini-II 進行整合邊緣應用，例如 SAR 生成和無人機，以及隨後的物件檢測和可操作的決策。

Now I will move on to the customer and product breakdowns for the fourth quarter. In the fourth quarter of fiscal 2025, sales to KYEC were 1.2 -- I'm sorry, $1.7 million or 29.5% of net revenues compared to 54 -- I'm sorry, $544,000 or 10.6% of net revenues in the same period a year ago and $1.2 million or 22.7% of net revenues in the prior quarter.

現在我將討論第四季的客戶和產品細分。在 2025 財年第四季度，對京元電子的銷售額為 120 萬美元（對不起，是 170 萬美元）或占淨收入的 29.5%，而去年同期的銷售額為 54 萬美元（對不起，是 544,000 美元）或占淨收入的 10.6%，上一季度的銷售額為 20 萬美元的淨收入。

In the fourth quarter of fiscal 2025, sales to Nokia were $444,000 or 7.5% of revenues compared to 400 -- excuse me, compared to $694,000 or 13.5% of net revenues in the same period a year ago and $239,000 or 4.4% of net revenues in the prior quarter.

2025 財年第四季度，對諾基亞的銷售額為 444,000 美元，佔收入的 7.5%，而去年同期為 400 美元，佔淨收入的 694,000 美元，佔淨收入的 13.5%，上一季度為 239,0004 美元，佔淨收入的 4.4%。

Military Defense sales were 30.7% of fourth quarter shipments compared to 35.5% of shipments in the comparable period a year ago and 30.0% of shipments in the prior quarter. SigmaQuad sales were 39.3% of fourth quarter shipments compared to 42.4% in the fourth quarter of fiscal 2024 and 39.1% in the prior quarter.

軍事防禦銷售額佔第四季出貨量的 30.7%，而去年同期佔出貨量的 35.5%，上一季佔出貨量的 30.0%。SigmaQuad 的銷售量佔第四季出貨量的 39.3%，而 2024 財年第四季為 42.4%，上一季為 39.1%。

I'd now like to hand the call over to Doug. Go ahead, Doug.

現在我想把電話交給 Doug。繼續吧，道格。

Beginning with the results for the quarter. We reported net revenues of $5.9 million for the fourth quarter of fiscal 2025 compared to $5.2 million for the fourth quarter of fiscal 2024 and $5.4 million for the third quarter of fiscal 2025.

從本季的業績開始。我們報告 2025 財年第四季的淨收入為 590 萬美元，而 2024 財年第四季的淨收入為 520 萬美元，2025 財年第三季的淨收入為 540 萬美元。

Gross margin was 56.1% in the fourth quarter of fiscal 2025 compared to 51.6% in the fourth quarter of fiscal 2024 and 54% in the preceding third quarter of fiscal 2025. The year over year and sequential increase in gross margins was primarily due to higher revenue and product mix.

2025 財年第四季的毛利率為 56.1%，而 2024 財年第四季為 51.6%，上一財年第三季為 54%。毛利率年增率和環比成長主要得益於收入和產品組合的增加。

Total operating expenses in the fourth quarter of fiscal 2025 were $5.6 million compared to $7.2 million in the fourth quarter of fiscal 2024 and $7 million in the prior quarter. Research and development expenses were $3 million compared to $4.8 million in the prior year period and $4 million in the prior quarter.

2025 財年第四季的總營運費用為 560 萬美元，而 2024 財年第四季為 720 萬美元，上一季為 700 萬美元。研發費用為 300 萬美元，去年同期為 480 萬美元，上一季為 400 萬美元。

Research and development expenses in the fourth quarter of fiscal 2025 were reduced by $870,000, reflecting government funding under the SBIR programs. Selling, general, and administrative expenses were $2.6 million in the quarter ended March 31, 2025, compared to $2.4 million in the prior year quarter and $3 million in the previous quarter.

2025 財年第四季的研發費用減少了 87 萬美元，反映了政府在 SBIR 計畫下的資助。截至 2025 年 3 月 31 日的季度，銷售、一般及行政費用為 260 萬美元，而去年同期為 240 萬美元，上一季為 300 萬美元。

Fourth quarter fiscal 2025 operating loss was $2.3 million compared to an operating loss of $4.5 million in the prior year period and $4.1 million in the prior quarter. Fourth quarter fiscal 2025 results included interest and other income of $52,000 and a tax provision of $6,000 compared to $108,000 in interest and other income and a tax benefit of $85,000 for the same period a year ago.

2025 財年第四季營運虧損為 230 萬美元，而去年同期營運虧損為 450 萬美元，上一季營運虧損為 410 萬美元。2025 財年第四季業績包括 52,000 美元的利息和其他收入以及 6,000 美元的稅收準備金，而去年同期的利息和其他收入為 108,000 美元，稅收優惠為 85,000 美元。

In the preceding third quarter, net loss included interest and other income of $70,000 and a tax provision of $44,000. Net loss in the fourth quarter of fiscal 2025 was $2.2 million or $0.09 per diluted share compared to a net loss of $4.3 million or $0.17 per diluted share in the fourth quarter of fiscal 2024 and a net loss of $4 million or $0.16 per diluted share in the third quarter of fiscal 2025.

在上一季度，淨虧損包括 70,000 美元的利息和其他收入以及 44,000 美元的稅收準備金。2025 財年第四季淨虧損為 220 萬美元，即每股攤薄虧損 0.09 美元，而 2024 財年第四季淨虧損為 430 萬美元，即每股攤薄虧損 0.17 美元，2025 財年第三季淨虧損為 400 萬美元，即每股攤薄。

Fourth-quarter pretax stock-based compensation expense was $512,000 compared to $693,000 in the comparable quarter a year ago and $429,000 in the prior quarter.

第四季稅前股票薪資費用為 512,000 美元，而去年同期為 693,000 美元，上一季為 429,000 美元。

Turning now to the full year results for fiscal 2025. We reported net revenues of $20.5 million for fiscal 2025 compared to $21.8 million for fiscal 2024. Gross margin for fiscal 2025 was 49.4% compared to 54.3% in the prior year. The decrease in gross margin was primarily due to product mix and the effect of lower revenue on the fixed costs and our cost of revenues.

現在來看看 2025 財年的全年業績。我們報告 2025 財年的淨收入為 2,050 萬美元，而 2024 財年的淨收入為 2,180 萬美元。2025 財年的毛利率為 49.4%，而前一年為 54.3%。毛利率下降主要是由於產品結構以及收入下降對固定成本和收入成本的影響。

Total operating expenses were $21 million in fiscal '25 compared to $32.3 million in fiscal 2024. Research and development expenses of $16 million compared to $21.7 million in the prior fiscal year. Selling, general, and administrative expenses were $10.8 million compared to $10.6 million in fiscal 2024. The decline in research and development expenses was primarily due to cost reductions announced in August 2024.

2025 財年總營運費用為 2,100 萬美元，而 2024 財年為 3,230 萬美元。研發費用為 1,600 萬美元，而上一財年為 2,170 萬美元。銷售、一般及行政費用為 1,080 萬美元，而 2024 財年為 1,060 萬美元。研發費用的下降主要是由於2024年8月宣布的成本削減。

Research and development expense in fiscal 2024 included pre-production mask costs of $2.4 million related to our APU II product. Research and development expenses in 2025 and fiscal 2024 were reduced by $1.2 million and $440,000, respectively, reflecting government funding under the SBIR programs.

2024 財年的研發費用包括與我們的 APU II 產品相關的 240 萬美元的預生產遮罩成本。2025 年和 2024 財年的研發費用分別減少了 120 萬美元和 44 萬美元，反映了 SBIR 計畫下的政府資助。

Operating expenses in fiscal 2025 include a gain on the sale of assets of $5.8 million from the sales of the company's headquarters building in Sunnyvale, California and a sales and leaseback transaction. The operating loss for fiscal 2025 was $10.8 million compared to an operating loss of $20.4 million in the prior year. The fiscal 2025 net loss included interest and other income of $326,000 and a tax provision of $130,000 compared to $414,000 in interest and other income and a tax provision of $70,000 in the prior year.

2025 財年的營運費用包括出售公司位於加州桑尼維爾的總部大樓以及售後回租交易所得的 580 萬美元資產出售收益。2025 財年的營業虧損為 1,080 萬美元，而前一年的營業虧損為 2,040 萬美元。2025 財年的淨虧損包括 326,000 美元的利息和其他收入以及 130,000 美元的稅收準備金，而上一年的利息和其他收入為 414,000 美元，稅收準備金為 70,000 美元。

For the fiscal year ended March 31, 2025, we reported a net loss of $10.6 million or $0.42 per diluted share compared to a net loss of $20.1 million or $0.80 per diluted share in the prior fiscal year. On March 31, 2025, we had $13.4 million in cash and cash equivalents compared to $14.4 million at March 31, 2024.

截至 2025 年 3 月 31 日的財政年度，我們報告淨虧損為 1,060 萬美元，即每股攤薄虧損 0.42 美元，而上一財政年度的淨虧損為 2,010 萬美元，即每股攤薄虧損 0.80 美元。截至 2025 年 3 月 31 日，我們的現金及現金等價物為 1,340 萬美元，而 2024 年 3 月 31 日為 1,440 萬美元。

Working capital was $16.4 million as of March 31, 2025, versus $24.7 million at March 31, 2024. Stockholders' equity as of March 31, 2025, was $28.2 million compared to $36 million as of the fiscal year ended March 31, 2024.

截至 2025 年 3 月 31 日，營運資金為 1,640 萬美元，而 2024 年 3 月 31 日為 2,470 萬美元。截至 2025 年 3 月 31 日的股東權益為 2,820 萬美元，而截至 2024 年 3 月 31 日的財政年度的股東權益為 3,600 萬美元。

Operator, at this point, we'll open the call to Q&A.

接線員，現在我們將開始問答環節。

Michael Cooper, private investor.

麥可·庫珀，私人投資者。

Can you talk a little bit about the market for the Plato chip and the Gemini-II chip, how large are these markets? How do they scale over what time period? Just give us a sense for the market conditions here. Thank you.

您能否談談Plato晶片和Gemini-II晶片的市場，這些市場有多大？它們在什麼時間段內如何擴展？請向我們介紹一下這裡的市場狀況。謝謝。

Sure. So we haven't actually put out the TAM numbers yet, but just to talk about the markets. For the Gemini-II, think of it as an extension of Gemini-I, but for the edge. And so Gemini-I was really to illustrate our capabilities in search and also some high-performance computing applications like SAR.

當然。因此我們實際上還沒有公佈 TAM 數字，而只是談論市場。對於 Gemini-II，可以將其視為 Gemini-I 的延伸，但具有優勢。因此，Gemini-I 確實展示了我們在搜尋以及 SAR 等一些高效能運算應用程式方面的能力。

And so what Gemini-II will do will take that but take it to the edge. Gemini-I was not built to be a low-power solution with the accompanying FPGA that we've talked about in the past. With the Gemini-II, we can get closer to the edge. So we're looking for -- while Gemini-I would do SAR applications on ground level in a building, we are now looking at Gemini-I to do a SAR application actually on a drone or on a satellite at the edge.

因此，雙子座二號要做的就是做到這一點，但要將其發揮到極致。Gemini-I 並不是我們過去談到的具有 FPGA 的低功耗解決方案。有了 Gemini-II，我們就可以更接近邊緣。因此，我們正在尋找——雖然 Gemini-I 可以在建築物的地面上進行 SAR 應用，但我們現在正在研究 Gemini-I 在邊緣的無人機或衛星上進行 SAR 應用。

And so we're looking at search and high-performance computing at the edge for Gemini-II. For Plato, this is going to be -- it's not going to be for the search market. It's going to be for the LLM market. And so when most folks think about large language models and GenAI, they think of it in the data center. We're taking that capability to the edge. And so this -- think of GenAI and LLM models more at the edge.

因此，我們正在研究 Gemini-II 的邊緣搜尋和高效能運算。對於 Plato 來說，這不會是針對搜尋市場的。它將面向法學碩士 (LLM) 市場。因此，當大多數人考慮大型語言模型和 GenAI 時，他們會想到資料中心。我們正在將這項能力發揮到極致。因此，請多考慮 GenAI 和 LLM 模型。

Michael, does it answer your question?

邁克爾，這回答了你的問題嗎？

Yes, it does. Thank you. Yeah, that's it. Thank you very much.

是的。謝謝。是的，就是這樣。非常感謝。

[Robert Christian, Acoustic Technologies]

[Robert Christian，聲學技術公司]

I was wondering, is the company experiencing any interest in the Gemini-II standalone chip from commercial companies other, say, the military? And is the company still working with the hyperscalers? Thank you.

我想知道，除了軍方之外，其他商業公司是否對該公司 Gemini-II 獨立晶片感興趣？該公司仍與超大規模企業合作？謝謝。

So good question. Honestly, the majority of the early interest have come from more of the mill defense type of applications, and they are looking at it on a component level as well. So we do have what we call the Leda-2 board, which I discussed a little earlier that we have delivered and will be delivering to some of our partners.

這個問題問得真好。老實說，早期的興趣主要來自於工廠防禦類型的應用，他們也在組件層面上對其進行研究。因此，我們確實有所謂的 Leda-2 板，我之前討論過，我們已經交付並將交付給我們的一些合作夥伴。

And so with the board, we're delivering it with a SAR algorithm or some kind of a YOLO algorithm that's been developed, which is why they're getting a card. But some of the folks that we have been having discussions with, they are looking for a chip only because they will be mounting it on a drone or in a satellite.

因此，對於主機板，我們為其提供了已開發的 SAR 演算法或某種 YOLO 演算法，這就是他們獲得卡片的原因。但與我們討論過的一些人，他們尋找晶片只是因為他們要將其安裝在無人機或衛星上。

One of our other integrating partners that we've discussed in the past, they're actually going to be developing their own miniaturized board. And so they will be procuring just the Gemini-II chips from us to put on their proprietary board. So the answer is, yes, we are seeing interest on the chip level, but there's also some board level interest as well.

我們過去討論過的另一個整合合作夥伴實際上將開發自己的微型電路板。因此，他們將從我們這裡採購 Gemini-II 晶片，並將其安裝在他們的專有主機板上。所以答案是，是的，我們看到了晶片層面的興趣，但也有一些董事會層面的興趣。

Okay. And how about the hyperscalers?

好的。那麼超大規模企業的情況又如何呢？

Yes. The hyperscalers, we're really focusing more on the edge right now. And so we have had discussions with them. It's just that's a longer process with those folks. We find that with the military folks, it's just a much quicker path to revenue.

是的。對於超大規模企業來說，我們現在真正關注的是邊緣。因此我們與他們進行了討論。只是對這些人來說，這是一個更長的過程。我們發現，對軍人來說，這只是一條更快速的收入途徑。

Okay. Can you share with the shareholders a little more detail, if you can, on what Needham is bringing to the table?

好的。如果可以的話，您能否與股東分享更多有關 Needham 帶來什麼細節？

Well, really nothing is off the table at this point. It could be sale of assets. It could be funding into the company. It could be helping us with opportunities for R&D funding, help with development of products that we're looking at. It really could be just about anything.

嗯，目前確實沒有什麼是不可能的。這可能是資產出售。這可能是對公司的資助。它可以幫助我們獲得研發資金的機會，幫助我們開發正在考慮的產品。它實際上可以是任何東西。

Okay. But you can't share any specifics at this time then?

好的。但您現在不能分享任何具體細節嗎？

There's nothing specific to talk about at this point or at this time yet.

目前還沒有什麼具體的事情可以談。

Michael Cooper, investor.

麥可·庫珀，投資者。

Actually, sorry, the last part of that last question answered my question, which was what has Needham actually presented as options or opportunities for you, and it doesn't sound like they've done an awful lot there.

實際上，抱歉，最後一個問題的最後一部分回答了我的問題，那就是 Needham 實際上為您提供了什麼選擇或機會，聽起來他們並沒有在那裡做很多事情。

There have been things that we've looked at, but nothing that -- nothing has resulted in anything yet or nothing to talk about.

我們已經研究過一些事情，但還沒有任何結果，也沒有什麼好談的。

(Operator Instructions) Jeff Bernstein, Silver Bernstein Capital.

（操作員指示）傑夫·伯恩斯坦（Jeff Bernstein），Silver Bernstein Capital。

Yes. Just a quick one. Could you give us what cash flow from operations was in the quarter and what your CapEx was?

是的。只是快速的一次。您能否告訴我們本季的營運現金流是多少以及您的資本支出是多少？

I don't have it for the quarter, but I have cash flow for the year. For the year, cash used in operating activities will be about $12.9 million.

我沒有本季的現金流，但我有全年的現金流。今年經營活動所用現金約 1,290 萬美元。

Okay. And what was CapEx for the year?

好的。今年的資本支出是多少？

Very little. Fixed asset additions during the year were like $45,000, very little, very minor. I'm looking at fixed asset acquisition right now.

非常少。全年固定資產增加額約 45,000 美元，非常少，非常少。我現在正在研究固定資產收購。

Thank you. As there are no further questions, I would now like to hand the conference over to Mr. Shu for closing remarks.

謝謝。由於沒有其他問題，我現在想將會議交給舒先生作結束語。

Thank you all for joining us. We look forward to speaking with you again when we report our first quarter fiscal 2026 results. Thank you.

感謝大家的參與。我們期待在報告 2026 財年第一季業績時再次與您交談。謝謝。

Thank you. This concludes today's teleconference. You may disconnect your lines at this time. Thank you for your participation.

謝謝。今天的電話會議到此結束。現在您可以斷開線路。感謝您的參與。