GSI Technology Inc (GSIT) 2026 Q1 法說會逐字稿

Ladies and gentlemen thank you for standing by. Welcome to GSI Technologies first quarter fiscal 2026 results conference call. (Operator Instructions) 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 future performance of GSI Technology that involve risks and uncertainties that could cause actual results to differ materially from those anticipated.

女士們、先生們，感謝你們的支持。歡迎參加 GSI Technologies 2026 財年第一季業績電話會議。（操作員指示）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 GSI Technology 未來事件和未來表現的前瞻性陳述，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。

These risks and uncertainties are described in the company's Form 10-K filed with the Securities and Exchange Commission. Additionally, I have also been asked to advise you that this conference call is being recorded today, July 31, 2025, at the request of GSI Technology. Hosting the call today is Lee-Lean Shu, the company's Chairman, President and Chief Executive Officer. With him are Douglas Schirle, Chief Financial Officer; and Didier Lasserre, Vice President of Sales.

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。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 7 月 31 日）進行錄音。今天主持電話會議的是公司董事長、總裁兼執行長李連舒 (Lee-Lean Shu)。和他一起的還有財務長 Douglas Schirle 和銷售副總裁 Didier Lasserre。

I would now like to turn the conference over to Mr. Shu. Please go ahead, sir.

現在我想把會議交給舒先生。先生，請繼續。

Good afternoon, everyone, and thank you for joining us today. Let me begin with a few key highlights from this quarter's financial results. Fiscal 2026 is off to a strong start. In the first quarter, we achieved net revenue of $6.3 million, up 7% sequentially and 35% year-over-year. This growth was fueled by rising demand for our SRAM chip, driven by strong market momentum for leading AI processors. Our profitability metrics also improved this quarter with a 200 basis point sequential increase in gross margin and over 1,100 basis points compared to the prior year.

大家下午好，感謝大家今天的參與。首先，我來介紹一下本季財務表現的幾個關鍵亮點。2026 財年開局強勁。第一季度，我們實現淨營收630萬美元，季增7%，年增35%。這一成長得益於我們 SRAM 晶片需求的不斷增長，這得益於領先的 AI 處理器強勁的市場勢頭。本季我們的獲利指標也有所改善，毛利率較上季成長 200 個基點，與去年同期相比成長超過 1,100 個基點。

We have also made meaningful progress on cost control over the last year with operating expenses declining by 15% year-over-year, excluding the gain from the sale of our headquarter in Q1 2025. Now I would like to provide an update on our product road map and customer milestones. We have concluded the evaluation of the second spin of our Gemini-II chip. I am pleased to report that all loans have been resolved. The Silicon is fully functional and ready for production. This week, the Leda-2 board and associated algorithm were delivered to a key offshore defense contractor for proof-of-concept work with Gemini-II for satellites and drones. This delivery keep us firmly on track with our road map and customer commitments.

去年，我們在成本控制方面也取得了重大進展，營運費用較去年同期下降了 15%，這還不包括 2025 年第一季出售總部所得的收益。現在我想提供有關我們的產品路線圖和客戶里程碑的最新資訊。我們已經完成了 Gemini-II 晶片第二次旋轉的評估。我很高興地報告，所有貸款問題都已解決。矽片功能齊全，可投入生產。本週，Leda-2 主機板和相關演算法已交付給一家重要的海上國防承包商，用於與 Gemini-II 一起進行衛星和無人機的概念驗證工作。此次交付使我們堅定地按照我們的路線圖和客戶承諾前進。

And while this is a major milestone, we also believe it represent an opportunity to play in broader market with Gemini-II. Didier will provide more details on this subject in a few minutes. SI is at a pivotal point in its development. We plan to target high-growth opportunity for Gemini-II in the satellite zone and edge computing sectors. These are markets that are increasingly defined by AI-driven capabilities. We are evaluating options to access to expand our software and application teams to then develop the platform necessary for future customer fulfillment and support. Management is actively working with the Board and our advisers to evaluate strategic options that will enable us to scale efficiently.

雖然這是一個重要的里程碑，但我們也相信它代表著利用 Gemini-II 進入更廣闊市場的機會。迪迪埃將在幾分鐘內提供有關此主題的更多詳細資訊。SI 正處於發展的關鍵時刻。我們計劃瞄準衛星區和邊緣運算領域的雙子星二號的高成長機會。這些市場越來越多地由人工智慧驅動的能力所定義。我們正在評估擴大軟體和應用程式團隊的選項，然後開發未來客戶履行和支援所需的平台。管理階層正在積極與董事會和我們的顧問合作，評估能夠讓我們有效擴大規模的策略選擇。

Our near-term priorities include funding the expansion of our software and application team and advancing the development of the platform required to support future customer development deployment of Gemini-II. Accelerating the launch of Gemini-II is key to laying the groundwork for our next-generation APU title and advancing the company's long-term product road map. In the meantime, the ATM has provided valuable flexibility, allowing us to raise $11 million today net of fee. As a result, we ended the first quarter with a strengthen cash position of $22.7 million.

我們的近期重點包括資助擴大我們的軟體和應用程式團隊，並推進支援未來客戶開發 Gemini-II 部署所需的平台的開發。加速推出 Gemini-II 是奠定我們下一代 APU 基礎和推進公司長期產品路線圖的關鍵。同時，ATM 提供了寶貴的靈活性，使我們今天扣除費用後籌集了 1100 萬美元。因此，我們在第一季結束時擁有 2,270 萬美元的現金部位。

Now I hand the call over to Didier, who will discuss our business development and sales activities. Please go ahead, Didier.

現在我將電話交給 Didier，他將討論我們的業務發展和銷售活動。請繼續，迪迪埃。

Thank you, Lee-Lean. Starting with our SRAM business, we had another strong quarter of sales to KYEC and Cadence Design Systems, a leading provider of AI chip emulation systems. We have experienced our third consecutive quarter of rising SRAM sales, driven by the growth with the enterprise adoption of AI and also in the generative AI by hyperscalers who are training ever larger models.

謝謝你，Lee-Lean。從我們的 SRAM 業務開始，我們又一個季度向 KYEC 和領先的 AI 晶片模擬系統供應商 Cadence Design Systems 實現了強勁的銷售。我們的 SRAM 銷售額已連續第三個季度成長，這得益於企業採用 AI 的成長以及超大規模企業訓練越來越大模型的生成 AI 的成長。

Despite continued strong demand for high-performance SRAM chips, extended lead times are impacting our second quarter of fiscal '26 sales. While customers have maintained typical ordering patterns, a portion of our backlog is not shippable this quarter due to these supply constraints. We proactively informed all of our distributors and sales representatives of the situation. It may take some time for customers to adjust to the increased lead time accordingly.

儘管對高效能 SRAM 晶片的需求持續強勁，但交貨時間的延長正在影響我們 26 財年第二季的銷售額。雖然客戶保持了典型的訂購模式，但由於供應限制，我們的部分積壓訂單本季無法出貨。我們主動向所有經銷商和銷售代表通報了這一情況。客戶可能需要一些時間來適應增加的交貨時間。

In the interim, we anticipate instances where orders cannot be fulfilled within the requested time frame. Although forecast from our largest customers remain solid, we expect SRAM revenue for the remainder of the fiscal 2026 to be stable compared to first quarter as we navigate these supply chain challenges.

在此期間，我們預計訂單可能會無法在要求的時間內完成。儘管我們最大客戶的預測仍然穩健，但我們預計，隨著我們應對這些供應鏈挑戰，2026 財年剩餘時間的 SRAM 收入將與第一季相比保持穩定。

Switching to deliverables for our SBIRs, as Lee-Lean mentioned, we also have completed the development of our SAR and YOLO 3 and YOLO 5 algorithms optimized for edge AI applications. In parallel, we also shipped a Leda-2 board with a low-power version of our Gemini-II chip to an offshore defense contractor with whom we have been working with for over a year. Both of these are now available for POC opportunities with other partners. Our defense work with the low-power version of Gemini-II has highlighted the chip's capability to address large models at the edge in varying capacity versions, depending on the latency and power sensitivity of the application.

正如 Lee-Lean 所提到的，轉向我們的 SBIR 的可交付成果，我們也完成了針對邊緣 AI 應用最佳化的 SAR 和 YOLO 3 和 YOLO 5 演算法的開發。同時，我們也向一家我們已經合作了一年多的海上國防承包商運送了一塊搭載低功耗版 Gemini-II 晶片的 Leda-2 主機板。這兩者現在都可以與其他合作夥伴一起進行 POC 機會。我們使用低功耗版本的 Gemini-II 進行的防禦工作凸顯了該晶片在不同容量版本中處理邊緣大型模型的能力，具體取決於應用程式的延遲和功率敏感度。

This makes Gemini-II in conjunction with the SAR and YOLO 3 and YOLO 5 algorithms very well positioned for the broader market potential of applications moving to the edge and particularly for high-demand, high-volume and high mixed processing needs of drones operating in GPS-denied environments as well as next-generation satellite applications. Gemini-II is also well suited for large language models or LLMs for short, for edge applications. LLMs require a high-density, high-performance memory path from external DRAM to the internal SRAM next to the processor.

這使得 Gemini-II 與 SAR 和 YOLO 3 和 YOLO 5 演算法相結合，非常適合應用於邊緣運算的更廣泛市場潛力，特別是針對在 GPS 拒絕環境中運行的無人機的高需求、大容量和高混合處理需求以及下一代衛星應用。Gemini-II 也非常適合大型語言模型（簡稱 LLM），用於邊緣應用。LLM 需要從外部 DRAM 到處理器旁邊的內部 SRAM 的高密度、高效能記憶體路徑。

Gemini-II's compute and memory architecture provides high-density, high-performance internal SRAM to allow a high-efficiency memory path for high-speed and lower power -- I'm sorry, low-power operations required by LLMs. Gemini-II is also a bit processor that is flexible to do 1 bit to 32-bit or larger operations in the same circuit efficiently, which further enhances the capability for LLM processing. We are developing a multimodal LLM targeting edge applications and we will have benchmark results available next quarter.

Gemini-II 的運算和記憶體架構提供了高密度、高效能的內部 SRAM，從而允許高效記憶體路徑實現高速和低功耗——對不起，是 LLM 所需的低功耗操作。Gemini-II 也是一個位元處理器，可以靈活地在同一電路中有效地完成 1 位元到 32 位元或更大的操作，從而進一步增強了 LLM 處理能力。我們正在開發針對邊緣應用的多模式 LLM，並將於下個季度提供基準測試結果。

To ease the adoption of the technology, we will continue to improve the AI compiler for Gemini-II, which is currently in its initial release phase. In parallel, we continue to develop ready-to-use vision, multimodal and recognition apps and libraries. Our software team is also developing dynamic, low-precision software libraries that support larger models, enabling high accuracy at low powers and edge devices. This is a major enabler for efficient edge AI as a bit engine, we are uniquely capable of addressing these edge needs where compute, memory and power resources are far limited.

為了簡化該技術的採用，我們將繼續改進 Gemini-II 的 AI 編譯器，該編譯器目前處於初始發布階段。同時，我們繼續開發可立即使用的視覺、多模式和識別應用程式和程式庫。我們的軟體團隊也正在開發支援更大模型的動態、低精度軟體庫，從而實現低功耗和邊緣設備上的高精度。這是高效邊緣 AI 的主要推動因素，作為位元引擎，我們具有獨特的能力來滿足運算、記憶體和電力資源極其有限的邊緣需求。

As Lee-Lean mentioned, we are eager to advance our software development team to pursue drone and satellite AI chip applications with Gemini-II. Let me switch now to our first quarter customer and product breakdown. In the first quarter of fiscal 2026, sales to KYEC were $267,000 or 4.3% of net revenues compared to $1 million or 21.9% of net revenues in the same period a year ago and $1.7 million or 29.5% of net revenues in this prior quarter.

正如 Lee-Lean 所說，我們渴望推動我們的軟體開發團隊利用 Gemini-II 來開發無人機和衛星 AI 晶片應用。現在讓我轉到我們第一季的客戶和產品細分。2026 財年第一季，對京元電子的銷售額為 267,000 美元，佔淨收入的 4.3%，而去年同期為 100 萬美元，佔淨收入的 21.9%，上一季為 170 萬美元，佔淨收入的 29.5%。

Sales to Nokia were $536,000 or 8.5% of revenues compared to $998,000 or 21.4% of net revenues in the same period a year ago and $444,000 or 7.5% of net revenues in the prior quarter. Sales to Cadence Design Systems were $1.5 million or 23.9% of net revenues compared to zero in the same period a year ago and $642,000 or 10.9% of net revenues in the prior quarter. Defense and military sales were 19.1% of first quarter shipments compared to 31.9% of shipments in the comparable quarter a year ago and 30.7% of shipments in the prior quarter.

對諾基亞的銷售額為 536,000 美元，佔收入的 8.5%，而去年同期為 998,000 美元，佔淨收入的 21.4%，上一季為 444,000 美元，佔淨收入的 7.5%。對 Cadence Design Systems 的銷售額為 150 萬美元，佔淨收入的 23.9%，而去年同期為零，上一季為 642,000 美元，佔淨收入的 10.9%。國防和軍事銷售額佔第一季出貨量的 19.1%，而去年同期為 31.9%，上一季為 30.7%。

SigmaQuad sales were 62.5% of first quarter shipments compared to 36.3% in the first quarter of fiscal 2025 and 39.3% in the prior quarter. Regarding our SRAM business outlook, our largest customer is currently navigating supply chain constraints. However, we expect their order volume to remain stable for the rest of this fiscal year. Meanwhile, other SRAM customers have largely normalized their inventory levels, and we anticipate continued order activity from them as well.

SigmaQuad 的銷售佔第一季出貨量的 62.5%，而 2025 財年第一季為 36.3%，上一季為 39.3%。關於我們的 SRAM 業務前景，我們最大的客戶目前正在應對供應鏈限制。不過，我們預計本財年剩餘時間內他們的訂單量將保持穩定。同時，其他 SRAM 客戶的庫存水準已基本恢復正常，我們也預期他們也會繼續下單。

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

我想把電話交給 Doug。繼續吧，道格。

Thank you, Didier. We reported net revenues of $6.3 million for the first quarter of fiscal 2026 compared to $4.7 million for the first quarter of fiscal 2025 and $5.9 million for the fourth quarter of fiscal 2025. Gross margin was 58.1% in the first quarter of fiscal 2026 compared to 46.3% in the first quarter of fiscal 2025 and 56.1% in the preceding fourth quarter of fiscal 2025. The increase in gross margin in the first quarter of 2026 was primarily due to product mix and benefits of scale from higher revenue on the fixed cost of revenues.

謝謝你，迪迪埃。我們報告 2026 財年第一季的淨收入為 630 萬美元，而 2025 財年第一季的淨收入為 470 萬美元，2025 財年第四季的淨收入為 590 萬美元。2026 財年第一季的毛利率為 58.1%，而 2025 財年第一季的毛利率為 46.3%，上一財年第四季的毛利率為 56.1%。2026 年第一季毛利率的成長主要歸因於產品組合以及固定成本收入增加所帶來的規模效益。

Total operating expenses in the first quarter of fiscal 2026 were $5.8 million compared to $6.8 million in the year ago quarter, excluding a onetime gain of $5.7 million on the sale and leaseback of the company's corporate headquarters and $5.6 million in the prior quarter.

2026 財年第一季的總營運費用為 580 萬美元，而去年同期為 680 萬美元，不包括公司總部出售回租的一次性收益 570 萬美元和上一季的 560 萬美元。

Research and development expenses were $3.1 million compared to $4.2 million in the prior year period and $3 million in the prior quarter. Selling, general and administrative expenses were $2.7 million compared to $2.6 million in both the prior year and previous quarter. First quarter fiscal 2026 operating loss was $2.2 million compared to an operating loss of $4.7 million in the year ago quarter, excluding the $5.7 million onetime gain previously mentioned related to the company's corporate headquarters and an operating loss of $2.3 million in the prior quarter.

研發費用為 310 萬美元，去年同期為 420 萬美元，上一季為 300 萬美元。銷售、一般及行政開支為 270 萬美元，而去年同期及上一季均為 260 萬美元。2026 財年第一季的營運虧損為 220 萬美元，而去年同期的營運虧損為 470 萬美元，不包括前面提到的與公司總部相關的 570 萬美元一次性收益和上一季的 230 萬美元營運虧損。

First quarter fiscal 2026 net loss included interest and other income of $13,000 and a tax provision of $54,000 compared to $55,000 in interest and other income and a tax provision of $57,000 for the same period a year ago. In the preceding fourth quarter, net loss included interest and other income of $52,000 and a tax provision of $6,000 Net loss in the first quarter of fiscal 2026 was $2 million or $0.08 per diluted share compared to net income of $1.1 million or $0.04 per diluted share for the first quarter of fiscal 2025.

2026 財年第一季淨虧損包括 13,000 美元的利息和其他收入以及 54,000 美元的稅收準備金，而去年同期的利息和其他收入為 55,000 美元，稅收準備金為 57,000 美元。在上一季的淨虧損中，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。 2026 財年第一季的淨虧損為 200 萬美元，即每股攤薄收益 0.08 美元，而 2025 財年第一季的淨收入為 110 萬美元，即每股攤薄收益 0.04 美元。

Net income for the year ago period reflects a $5.7 million onetime gain on the sale and leaseback transaction of the company's headquarters. For the prior fourth fiscal quarter of 2025, net loss was $2.2 million compared to a $0.09 loss per share. Total first quarter pretax stock-based compensation expense was $341,000 compared to $658,000 in the comparable quarter a year ago and $512,000 in the prior quarter.

去年同期的淨收入反映了公司總部售後回租交易的 570 萬美元一次性收益。2025 財年第四季，淨虧損為 220 萬美元，而每股虧損為 0.09 美元。第一季稅前股票薪資費用總額為 341,000 美元，而去年同期為 658,000 美元，上一季為 512,000 美元。

At June 30, 2025, the company had $22.7 million in cash and cash equivalents compared to $13.4 million at March 31, 2025. Working capital was $25.7 million at June 30, 2025, compared to $16.4 million at March 31, 2025. Stockholders' equity as of June 30, 2025, was $37.4 million compared to $28.2 million as of the fiscal year ended March 31, 2025.

截至 2025 年 6 月 30 日，該公司擁有 2,270 萬美元現金和現金等價物，而 2025 年 3 月 31 日為 1,340 萬美元。截至 2025 年 6 月 30 日，營運資金為 2,570 萬美元，而 2025 年 3 月 31 日為 1,640 萬美元。截至 2025 年 6 月 30 日的股東權益為 3,740 萬美元，而截至 2025 年 3 月 31 日的財政年度的股東權益為 2,820 萬美元。

On an earnings conference call in May 2024, we announced that the company had initiated a comprehensive strategic view established a special committee of the Board to evaluate strategic alternatives and engaged Needham & Company as our strategic and financial adviser to assist in the process.

在 2024 年 5 月的收益電話會議上，我們宣佈公司已啟動全面的策略規劃，成立了董事會特別委員會來評估策略替代方案，並聘請 Needham & Company 作為我們的策略和財務顧問來協助這一過程。

As Lee-Lean mentioned, we are actively evaluating potential strategic opportunities to secure the necessary capital to advance the development of our APU products. In the interim, we may choose to draw on the remaining balance of the ATM during upcoming trading windows to support near-term funding needs related to Gemini-II development depending on market conditions and other factors.

正如李立安所說，我們正在積極評估潛在的策略機遇，以確保獲得推動 APU 產品開發所需的資金。在此期間，我們可能會選擇在即將到來的交易窗口期間動用 ATM 的剩餘餘額，以根據市場狀況和其他因素支持與 Gemini-II 開發相關的近期資金需求。

Finishing with the outlook for the second quarter of fiscal 2026, we expect net revenues in the second fiscal quarter to range between $5.9 million and $6.7 million, with gross margin in the range of 56% to 58%. We remain focused on disciplined execution to bring Gemini-II to market, advancing our road map for Plato while developing long-term shareholder value.

最後展望 2026 財年第二季度，我們預期第二財季淨收入在 590 萬美元至 670 萬美元之間，毛利率在 56% 至 58% 之間。我們將繼續專注於嚴格執行，將 Gemini-II 推向市場，推動 Plato 的發展路線圖，同時創造長期股東價值。

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

接線員，現在我們將開始問答環節。

(Operator Instructions)

（操作員指示）

Tony Reno, Private Investor.

東尼雷諾，私人投資者。

So can you provide a little more color on the supply chain issues?

那麼，能否詳細介紹供應鏈問題呢？

Sure. Yes. So I'm sure you're aware of all the tariffs that are being thrown around by the US government, and a lot of these are directed at China. And so a lot of the folks who have been doing assembly in China are moving some of their assembly to Taiwan. And so it's really affecting the capacity in Taiwan. And as you know, we do all of our back end in Taiwan. So it's thrown out the lead times pretty much overnight to us because of that transition.

當然。是的。所以我相信你已經知道美國政府正在徵收的所有關稅，其中很多都是針對中國的。因此，許多在中國進行組裝的人正在將部分組裝工作轉移到台灣。這確實影響了台灣的產能。如您所知，我們所有的後端工作都在台灣完成。因此，由於這種轉變，我們的交貨時間幾乎在一夜之間就被拋在了一邊。

Will that end up making the customers possibly order earlier?

這是否最終會讓顧客更早下單？

Correct. Yes. So that's something I mentioned a little earlier, which is this came about very quickly and then customers have been used to their ordering patterns based off of lead times we've quoted. So we have gone back to them via our reps and our distributors to make sure they understand they need to get more backlog coverage in place so that their future orders will not be late or delayed.

正確的。是的。這就是我之前提到的，這件事發生得非常快，然後客戶已經習慣了根據我們給出的交貨時間來製定訂購模式。因此，我們透過我們的代表和分銷商與他們進行了溝通，以確保他們明白需要獲得更多積壓訂單保障，以確保他們將來的訂單不會延遲或延誤。

And so in the future, we anticipate this won't be a problem. But for the current quarter end and possibly into next, there will be some backlog that would have been shippable that will be delayed a bit just because of these lead times.

因此，我們預計未來這不會成為問題。但對於本季末以及可能到下個季度，將會有一些本來可以發貨的積壓訂單由於這些交貨時間而稍微延遲。

Yes. And it will just make the further quarters probably even stronger then once we get out of that? Possibly. Yes. So sales to KYEC seemed a little weak this quarter. Can you comment on that a little bit?

是的。一旦我們擺脫這種困境，這是否會使未來幾季變得更加強勁？有可能。是的。因此本季對京元電子的銷售似乎有點疲軟。您能對此發表一點評論嗎？

Sure. Yes. So part of that was the inventory levels that I mentioned in mind, which have seemed to stabilize along with the lead time as well. Yes, unfortunately, those orders come in within lead time, and we've been able to react in the past, and we weren't able to this past quarter.

當然。是的。因此，部分原因在於我提到的庫存水平，庫存水準似乎也隨著交貨時間的延長而穩定下來。是的，不幸的是，這些訂單是在交貨時間內到達的，我們過去能夠做出反應，但在上個季度卻無法做到。

And like with Cadence, those orders were pretty strong this quarter. What type of product are you shipping to them?

與 Cadence 一樣，本季的訂單也相當強勁。您要向他們運送什麼類型的產品？

Yes. So there are emulation systems. This is kind of what we've talked about that even though we don't sell our SRAMs directly into AI applications, we do a lot of support. KYC is supporting the manufacturing of AI chips. The cadence systems or emulations to emulate the design of some of these GPUs and other devices. So it's emulation systems in the front-end design.

是的。因此有模擬系統。這就是我們所談論的，儘管我們不將 SRAM 直接賣給 AI 應用，但我們確實提供了大量支援。KYC 正在支援 AI 晶片的製造。節奏系統或模擬可以模擬其中一些 GPU 和其他設備的設計。所以它是前端設計中的模擬系統。

Okay. And last question. As far as the ATM is concerned, what are the trading windows for the company for that?

好的。最後一個問題。就 ATM 而言，公司的交易窗口是什麼？

Well, typically, our trading window starts two days after our earnings call. So in the case of this quarter, the trading window will open on Tuesday, and it closes on the 15th of last month of the quarter. So that would mean in this case, September 15 or the last trading day up till 15th of the month.

嗯，通常我們的交易窗口在財報電話會議後兩天開始。因此，就本季而言，交易窗口將於週二開放，並於本季最後一個月的 15 日關閉。因此，在這種情況下，這意味著 9 月 15 日或截至當月 15 日的最後一個交易日。

There are no further questions at this time. I would like to turn the floor back over to Lee-Lean Shu for closing comments.

目前沒有其他問題。我想把發言權交還給李連舒 (Lee-Lean Shu)，請他發表最後評論。

Thank you all for joining us. Please join us on August 20 at upcoming Needham Virtual Semiconductor Conference.

感謝大家的參與。歡迎參加 8 月 20 日即將舉行的 Needham 虛擬半導體會議。

Actually, operator, there is one more question that just popped up.

實際上，接線員，剛才還有一個問題。

[Ana Chapman, Two Chron 5 Productions].

[安娜·查普曼，Two Chron 5 Productions]。

Yes. My background has always been in sales and capital equipment. I want to know how you're incentivizing your sales force because to me, you make one of the best products out there. It has an excellent portfolio how are you incentivizing these people? It seems like your sales should be more in the pipeline. That's my question.

是的。我的背景一直是銷售和資本設備。我想知道您如何激勵您的銷售人員，因為對我來說，您的產品是最好的產品之一。它擁有出色的投資組合，您如何激勵這些人？看起來您的銷售應該會有更多進展。這就是我的問題。

I'm sorry, was that an advertising? Or was that a question? I'm not sure I got the question. So --

抱歉，那是廣告嗎？或者這是一個疑問？我不確定我是否理解了這個問題。所以--

To your sales to the distributors, to your sales force, are they -- is your product in the -- one of their number one things in their bag? Or is it like number 12 or maybe an afterthought? How are you incentivizing these people to go out there and tell your story and get sales?

對於您向經銷商和銷售人員銷售的產品，他們是否 — — 您的產品是他們最關心的事情之一？或者它像數字 12 或可能是事後才想到的？您如何激勵這些人走出去講述您的故事並獲得銷售？

Yes. So our independent sales reps are paid on commission. So they're paid on shipment of product and distributors are paid on margin. And so with our independent sales reps, there's no competing lines, and they understand that our products are door openers. And so certainly, they're important lines for them. And again, with distributors, we do have large distributors. As you know, we have Avnet, which carries most of the lines. And so with them, the incentivization is in the margin and GSI generally pays them above corporate average for the margins.

是的。因此，我們的獨立銷售代表是按佣金獲得報酬的。因此，他們在產品發貨時獲得報酬，而分銷商則根據保證金獲得報酬。因此，對於我們的獨立銷售代表來說，不存在競爭產品線，他們明白我們的產品是開門器。因此，對他們來說，這無疑是重要的路線。再次強調，對於經銷商，我們確實有大型經銷商。如您所知，我們有安富利公司，它承擔著大部分線路。因此，對他們來說，激勵在於利潤，而 GSI 通常會向他們支付高於公司平均的利潤。

Okay. All right. I think they need to do better, quite frankly. Just my opinion --

好的。好的。坦白說，我認為他們需要做得更好。只是我的意見--

Great. There are no further questions at this time. This concludes today's teleconference. You may disconnect your lines at this time. Thank you for your participation.

偉大的。目前沒有其他問題。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。