GSI Technology Inc (GSIT) 2026 Q2 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome to GSI Technologies second quarter fiscal 2026 results conference call.

女士們、先生們，感謝你們的耐心等待。歡迎參加 GSI Technologies 2026 財年第二季業績電話會議。

(Operator Instructions)

（操作說明）

Before we begin today's call, the company has requested that I read the following safe harbor statement.

在今天的電話會議開始之前，公司要求我閱讀以下安全港聲明。

The matters discussed in this conference may 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 10K filed with the Securities and Exchange Commission.

本次會議討論的事項可能包括有關未來事件和 GSI 技術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。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 表格中有所描述。

Additionally, I have also been asked to advise you that this conference is being recorded today, October 30th, 2025, at the request of GSI Technology.

此外，我還被要求通知各位，本次會議將於今天（2025 年 10 月 30 日）進行錄製，這是 GSI Technology 的要求。

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

今天主持電話會議的是公司董事長、總裁兼執行長李連舒。與他同行的還有財務長道格拉斯·希爾勒和銷售副總裁迪迪埃·拉塞爾。現在我想把電話交給舒先生。請繼續，先生。

Good afternoon everyone, and thank you for joining us today.

各位下午好，感謝各位今天蒞臨。

Let me start by highlighting 2 reasons and important events for GSI.

首先，我想重點介紹GSI的兩個重要原因和事件。

First, we announce the research paper published by Cornell University in mid-October.

首先，我們宣布康乃爾大學於 10 月中旬發表的研究論文。

The paper verified that all Gemini one trip performed on par with Nvidia 8 6,000 on certain AI tasks.

論文證實，Gemini 一次飛行在某些 AI 任務上的表現與 Nvidia 8 6,000 相當。

By consuming roughly 98% less energy. Its paper validate the disruptive potential of all compute in memory design particularly for the near term commercialization of Gemini 2.

能耗降低約 98%。該論文證實了所有記憶體運算設計具有顛覆性潛力，特別是對於 Gemini 2 的近期商業化而言。

With 8 times the memory and 10 times the performance of Gemini 1, Gemini 2 is positioned to deliver superior processing at a fraction of the power when compared to existing solutions.

Gemini 2 的記憶體是 Gemini 1 的 8 倍，效能是 Gemini 1 的 10 倍，與現有解決方案相比，它能夠以更低的功耗提供更卓越的處理能力。

This bring me to my second point.

這就引出了我的第二點。

The market quickly recognized the significance of all compute in memory validation with the Cornell paper building on the momentum from the paper's funding, we closed the $50 million equity financing.

市場很快就意識到所有記憶體運算驗證的重要性，康乃爾大學的論文推動了這一勢頭，我們獲得了資金支持，完成了 5000 萬美元的股權融資。

We are now deployed the capital to accelerate execution across our hardware and the software build off, making this a pivotal period for GSS growth.

我們現在已經投入資金來加速硬體和軟體的開發，這使得這段時期成為 GSS 成長的關鍵時期。

Post funding, we are working on the initiative in parallel. First, we have begun the work to acquire the necessary IP for crato which will allow us to start hardware development.

獲得資助後，我們正在同步推進該專案。首先，我們已經開始著手獲取 crato 所需的智慧財產權，這將使我們能夠開始硬體開發。

This IP provides crucial connection to support broader system interface and the prototyping for future customer applications.

該知識產權為支援更廣泛的系統介面和未來客戶應用的原型設計提供了關鍵連接。

To a third of the time to market and capture market opportunities sooner, we are building additional software team to support.

為了將產品上市時間縮短三分之一，並更快地抓住市場機遇，我們正在組建額外的軟體團隊來提供支援。

Second, to expedite the bureau of our Gemini 2 to software solutions and applications, we are investing in all the layers that make the platform more accessible and flexible for developers.

其次，為了加快 Gemini 2 向軟體解決方案和應用程式的轉化，我們正在投資各個層面，使該平台對開發人員更易於存取和靈活。

These software tools are essential for customers integrating Gemini to hardware into AI and signal processing workflow, particularly in age and the defense applications where efficiency and the low power provide a competitive advantage.

這些軟體工具對於將 Gemini 整合到 AI 和訊號處理工作流程中的硬體的客戶來說至關重要，尤其是在老年人和國防應用領域，效率和低功耗提供了競爭優勢。

Looking ahead, our initiative for calendar year 2026 are centered on converting proof of concept projects into commercial customers and extending those relationships into large production programs.

展望未來，我們 2026 年的計畫重點是將概念驗證專案轉化為商業客戶，並將這些關係擴展到大型生產專案中。

Didier will provide an update on where those efforts stand today to sum up our post funding.

迪迪埃將就這些努力目前的進展進行最新匯報，以總結我們的後續資助情況。

Initiative was target and the discipline will be targeted and disciplined.

主動性是目標，紀律也是目標明確且嚴謹的。

We are relatively moving forward with the product of hardware design and the software development ramping up all Gemini software ecosystem.

我們在硬體設計產品和軟體開發方面都取得了相對順利的進展，並且正在加速整個 Gemini 軟體生態系統的發展。

And strengthening ties with key defense and government partner in our POC and the small business innovation research or SBIR programs.

加強與我們在POC和小型企業創新研究（SBIR）計劃中的關鍵國防和政府合作夥伴的聯繫。

This action positioned GSI to turn technical progress into commercial success in the high-value age and the defense applications.

此舉使 GSI 能夠在高價值時代和國防應用領域將技術進步轉化為商業成功。

Such as a door, the vehicles, satellite and other use cases and right away from AI compute innovation.

例如門、車輛、衛星和其他應用案例，以及人工智慧運算創新帶來的直接影響。

Now, I send the call over to Didier who will provide more details on this topic and discuss our business development and the sales activities.

現在，我將電話轉接給迪迪埃，他將提供有關此主題的更多詳細信息，並討論我們的業務發展和銷售活動。

Thank you, Lee-Lean.

謝謝你，李琳。

Let me expand on the topics that Lee-Lean just highlighted. We continue to advance our ongoing projects, including our SBIR and POC engagements with potential customers.

讓我進一步闡述李-萊恩剛才提到的幾個面向。我們將繼續推進正在進行的項目，包括與潛在客戶進行的 SBIR 和 POC 項目合作。

Recently, Gemini 2 has been approved for prototyping by the offshore defense contractor to whom we shipped a board and software to a few months back. This POC focuses on synthetic aperture radar or SAR applications for drones and other edge systems. What's exciting here is that our solution delivers the required performance while maintaining an extremely low power profile around 15 watts, making it ideal for compact energy constrained environments.

最近，Gemini 2 已獲得我們幾個月前向其運送電路板和軟體的海外國防承包商的批准，可以進行原型製作。此概念驗證重點在於合成孔徑雷達（SAR）在無人機和其他邊緣系統中的應用。令人興奮的是，我們的解決方案在提供所需性能的同時，還能保持約 15 瓦的極低功耗，使其成為緊湊、能源受限環境的理想選擇。

For added context on just how competitive the solution is, an incandescent light bulb uses about 4 times more wattage than our solution.

為了更清楚說明此解決方案的競爭力，白熾燈泡的耗電量大約是我們的解決方案的 4 倍。

We are also involved in a joint POC involving two defense organizations and a drone integration partner. This Gemini 2 project combines YOLO model we developed with multimodal large language model processing at the edge, specifically targeting time to first token, a key performance metric for drones.

我們也參與了一個由兩個國防組織和一個無人機整合合作夥伴組成的聯合概念驗證計畫。Gemini 2 專案將我們開發的 YOLO 模型與邊緣的多模態大型語言模型處理相結合，專門針對首次標記時間，這是無人機的關鍵性能指標。

Along with our partner, we successfully demonstrated the end to end application to one of the potential end customers. Gemini 2 outperformed the competing solution, particularly in how quickly the model produces its first response. We are now optimizing the algorithm and expect to publish initial benchmark results before year end with a fully optimized version available in the first half of calendar 2026.

我們與合作夥伴一起，成功地向一位潛在的最終客戶展示了端到端的應用。Gemini 2 的效能優於競爭對手的解決方案，尤其是在模型產生首次反應的速度方面。我們正在優化演算法，預計在年底前發布初步基準測試結果，並在 2026 年上半年推出完全優化的版本。

This algorithm would be for defense applications such as drones, satellites, and other military vehicles. Gemini 2 is a central part of the near-term commercialization roadmap, and we are encouraged by the customer engagement and technical validation that is being received.

該演算法將應用於無人機、衛星和其他軍用車輛等國防領域。Gemini 2 是近期商業化路線圖的核心部分，我們對收到的客戶參與和技術驗證感到鼓舞。

Turning to our Plato program, we are embarking on the journey towards a major milestone, the tape out of Plato chip in early calendar 2027.

再來看看我們的 Plato 項目，我們正朝著一個重要的里程碑邁進，即在 2027 年初推出 Plato 晶片。

Over the next year or so, we plan to actively engage several strategic partners for Plato who could provide funding and collaborate on testing and prototyping early versions of the chip.

在接下來的一年左右時間裡，我們計劃積極與 Plato 的幾位策略合作夥伴接洽，他們可以提供資金，並合作測試和開發晶片的早期版本。

Their involvement would also support the development of software libraries and APIs, ensuring that Plato becomes a versatile, scalable solution across multiple markets, starting with defense.

他們的參與也將支援軟體庫和 API 的開發，確保 Plato 成為跨多個市場（首先是國防領域）的多功能、可擴展的解決方案。

In military and defense applications, the EPU's high performance and low power capabilities provide unique advantages, and Plato will further enhance critical functions such as SAR imaging, object recognition, GPS denied navigation, and data fusion for drones and military vehicles, delivering real-time tactical capabilities in compact mobile systems.

在軍事和國防應用中，EPU 的高性能和低功耗特性提供了獨特的優勢，Plato 將進一步增強 SAR 成像、目標識別、GPS 禁用導航以及無人機和軍用車輛的數據融合等關鍵功能，在緊湊型移動系統中提供即時戰術能力。

Plato's design builds directly on the foundation of Gemini 2.

柏拉圖的設計直接建立在雙子座2號的基礎上。

To accelerate time to market, we are acquiring building block IP that allows us to focus on differentiation rather than reinventing core components. Strategic partners would play a critical role not just in meeting our ambitious timeline, but in shaping the chip's capabilities, validating its performance in real world applications, and guiding future enhancements.

為了加快產品上市速度，我們正在收購基礎性智慧財產權，這使我們能夠專注於差異化，而不是重新發明核心組件。策略合作夥伴不僅在實現我們雄心勃勃的時間表方面發揮著關鍵作用，而且在塑造晶片的功能、驗證其在實際應用中的性能以及指導未來的改進方面也發揮著關鍵作用。

The technical collaboration and early adoption would position us to deliver a highly optimized field tested solution strengthening our long-term leadership in specialized AI compute architectures well beyond the immediate financial support.

技術合作和早期採用將使我們能夠提供經過現場測試的高度優化的解決方案，從而鞏固我們在專業人工智慧運算架構領域的長期領導地位，遠遠超越眼前的財政支持。

And lastly, a comment on our SBIR work. We recently received a $751,000 extension of one of our space development agency contracts, which includes additional funding for radiation hardened beam testing of Gemini 2.

最後，我想對我們的 SBIR 工作做一些說明。我們最近獲得了太空發展機構的一份合約的 751,000 美元延期，其中包括為 Gemini 2 的抗輻射加固束測試提供的額外資金。

The goal of this testing is to evaluate the robustness of the current Gemini 2 commercial chip for possible use in satellite and other aerospace applications. While it's too early to confirm specific designations, we see this as a significant opportunity.

本次測試的目的是評估目前 Gemini 2 商用晶片的穩健性，以評估其在衛星和其他航空航天應用中的潛在用途。雖然現在確認具體名稱還為時過早，但我們認為這是一個重要的機會。

Let me now switch to the second quarter's customer and product breakdown.

現在讓我來看看第二季的客戶和產品細分。

By revenue I am referring to net revenue in the following comments.

以下評論中，我所說的收入指的是淨收入。

In the second quarter of fiscal 2026, sales to KYEC were 802,000 or 12.5% of revenues compared to 650,000 or 14.3% of revenues in the same period a year ago and 267,000 or 4.3% of revenues in the prior quarter.

2026 財年第二季度，對 KYEC 的銷售額為 802,000，佔營收的 12.5%，而去年同期為 650,000，佔營收的 14.3%，上一季為 267,000，佔營收的 4.3%。

Sales to Nokia were 200,000 or 3.1% of revenues compared to 812,000 or 17.8% in the same period a year ago and 536,000 or 8.5% of revenues in the prior quarter.

向諾基亞的銷售額為 20 萬，佔營收的 3.1%，而去年同期為 81.2 萬，佔營收的 17.8%，上一季為 53.6 萬，佔營收的 8.5%。

Sales to cadence design systems were $1.4 million or 21.6% of net revenues compared to zero in the same period last year and $1.5 million or 23.9% of revenues in the prior quarter.

向 Cadence 設計系統銷售的金額為 140 萬美元，佔淨收入的 21.6%，而去年同期為零，上一季為 150 萬美元，佔淨收入的 23.9%。

Military defense sales were 28.9% of second quarter shipments compared to 40.2% of shipments in the comparable period a year ago.

軍火銷售佔第二季出貨量的 28.9%，去年同期則為 40.2%。

And 19.1% of shipments in the prior quarter.

佔上一季出貨量的 19.1%。

Card sales are 50.1% of second quarter shipments in fiscal 2026 compared to 38.6% in second quarter fiscal 2025 and 62.5% in the prior quarter.

2026 財年第二季信用卡銷售額佔出貨量的 50.1%，而 2025 財年第二季為 38.6%，上一季為 62.5%。

And now I'd like to hand the call over to Doug. Please go ahead, Doug.

現在我想把電話交給道格。請繼續，道格。

Thank you, Didier.

謝謝你，迪迪埃。

The company reported debt revenues of $6.4 million for the second quarter of fiscal 2026 compared to $4.6 million for the second quarter of fiscal 2025 and $6.3 million for the first quarter of fiscal 2026. Revenue growth in the quarter was driven by strong market momentum for leading SRM solutions.

該公司報告稱，2026 財年第二季債務收入為 640 萬美元，而 2025 財年第二季為 460 萬美元，2026 財年第一季為 630 萬美元。本季營收成長主要得益於領先的SRM解決方案的強勁市場動能。

Gross margin was 54.8% in the second quarter of fiscal 2026 compared to 38.6% in the year ago quarter.

2026財年第二季毛利率為54.8%，去年同期為38.6%。

And 58.1% in the preceding first quarter of fiscal 2026.

2026 財年第一季為 58.1%。

The decrease in gross margin for the second quarter of 2026 was primarily due to a change in the product mix.

2026 年第二季毛利率下降主要是由於產品組合的變化。

Total operating expenses in the second quarter of fiscal 2026 were $6.7 million compared to $7.3 million in the second quarter of fiscal 2025 and $5.8 million in the prior quarter.

2026 財年第二季的總營運支出為 670 萬美元，而 2025 財年第二季為 730 萬美元，上一季為 580 萬美元。

Research and development expenses were $3.8 million compared to $4.8 million in the prior year period and $3.1 million in the prior quarter. The increase in research and development spending compared to the prior quarter is primarily due to changes in the level of stock-based compensation expense and amounts of government funding received under SBIRs in each quarter recorded as an offset to research and development expense.

研發費用為 380 萬美元，而去年同期為 480 萬美元，上一季為 310 萬美元。與上一季相比，研發支出增加主要是由於股票選擇權費用水準的變化以及每個季度根據 SBIR 計劃收到的政府資金數額的變化，這些變化被計入研發支出中。

Selling general and administrative expenses for $3 million and the quarter ended September 30, 2025 compared to $2.6 million in the prior year quarter and $2.7 million in the previous quarter.

截至 2025 年 9 月 30 日的季度，銷售一般及行政費用為 300 萬美元，而上年同期為 260 萬美元，上一季為 270 萬美元。

The Second quarter of fiscal 2026 operating loss was $3.2 million compared to an operating loss of $5.6 million in the prior year period and an operating loss of $2.2 million in the prior quarter.

2026 財年第二季營業虧損為 320 萬美元，而上年同期營業虧損為 560 萬美元，上一季營業虧損為 220 萬美元。

Second quarter fiscal 2026 net loss included interest and other income of $43,000 and a tax provision of $41,000 compared to $149,000 in interest and other income and a tax provision of $23,000 for the same period a year ago.

2026 財年第二季淨虧損包括 43,000 美元的利息和其他收入以及 41,000 美元的稅收準備，而去年同期利息和其他收入為 149,000 美元，稅收準備為 23,000 美元。

In the preceding first quarter, net loss included interest and another income of $13,000 and a tax provision of $54,000.

上一季淨虧損包括利息和其他收入 13,000 美元以及稅項準備金 54,000 美元。

Net loss in the second quarter of fiscal 2026 was $3.2 million or $0.11 per diluted share compared to a net loss of $2.2 million or $0.08 per diluted share for the first quarter of fiscal 2026.

2026 財年第二季淨虧損為 320 萬美元，即每股攤薄虧損 0.11 美元，而 2026 財年第一季淨虧損為 220 萬美元，即每股攤薄虧損 0.08 美元。

For the prior year, second fiscal quarter of 2025, net loss was $5.5 million or $0.21 per diluted share.

上一財年（2025 年第二財季）淨虧損為 550 萬美元，即每股攤薄虧損 0.21 美元。

Total second quarter pre-tax stock-based compensation expense was $856,000 compared to $663,000 in the comparable quarter a year ago and $341,000 in the prior quarter.

第二季稅前股票選擇權費用總額為 856,000 美元，而去年同期為 663,000 美元，上一季為 341,000 美元。

At September 30, 2025, the company had $25.3 million in cash and cash equivalents compared to $13.4 million at March 31st, 2025.

截至 2025 年 9 月 30 日，該公司擁有 2,530 萬美元現金及現金等價物，而截至 2025 年 3 月 31 日，該公司擁有 1,340 萬美元現金及現金等價物。

Working capital is $26.8 million as of September 30th, 2025, versus $16.4 million at March 31st, 2025.

截至 2025 年 9 月 30 日，營運資金為 2,680 萬美元，而截至 2025 年 3 月 31 日，營運資金為 1,640 萬美元。

Stockholders equity as of September 30, 2025 was $38.6 million compared to $28.2 million as of the fiscal year ended March 31, 2025.

截至 2025 年 9 月 30 日，股東權益為 3,860 萬美元，而截至 2025 年 3 月 31 日的財政年度，股東權益為 2,820 萬美元。

Lastly, For the third quarter of fiscal 2026, we expect net revenues in a range of $6.0 million to $6.8 million with gross margin of approximately 54% to 56%.

最後，我們預計 2026 財年第三季淨收入將在 600 萬美元至 680 萬美元之間，毛利率約為 54% 至 56%。

We remain focused on disciplined execution to bring Gemini 2 to market.

我們將繼續專注於嚴謹的執行，以盡快將 Gemini 2 推向市場。

Advance our roadmap for Plato and drive long-term shareholder value.

推進 Plato 的發展路線圖，並為股東創造長期價值。

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

此時接線員將開啟問答環節。

(Operator Instructions)

（操作說明）

Robert Christian, private investor.

羅伯特·克里斯蒂安，私人投資者。

I'd like to congratulate you on the Cornell verification, but I'd also like to know, have you done any work with the auto industry on autonomous vehicles?

我想祝賀你通過康乃爾大學的認證，但我也想知道，你是否在自動駕駛汽車領域與汽車產業有合作？

We have not yet, so as we've talked about, in past calls, we certainly have limited resources, and that takes a tremendous effort for that market space. So we're currently starting in the military defense arena, but we certainly, believe our technology will adapt well in those areas and so that's certainly a focus for us in the future but not yet.

我們還沒有做到，正如我們在之前的電話會議中談到的那樣，我們的資源當然是有限的，而開拓這個市場空間需要付出巨大的努力。所以我們目前是從軍事防禦領域起步的，但我們當然相信我們的技術能夠很好地適應這些領域，所以這肯定是我們未來的一個重點，但不是現在。

Mark Badner, Private investor.

馬克·巴德納，私人投資者。

I have a question on the 50 million placement, you recently did. Was that with a strategic investor? What sort of investor and was there a holding period to that stock.

我有一個關於你最近進行的5000萬投資的問題。那次是和戰略投資者進行的嗎？投資人類型是什麼？持有該股票的時間有多長？

No, it was just, someone that was interested in in the company, wasn't strategic in any way, and, there is no required holding period for the shares.

不，只是有人對公司感興趣，沒有任何戰略目的，而且這些股票也沒有強制持有期限。

I just follow-up to that. Were there, have there been any strategic circling at all now post the Cornell report?

我只是接著說說。康乃爾報告發布後，是否存在任何戰略上的博弈？

Can you repeat the question please?

請您重複問題好嗎？

Have there been any increase from more strategic investors, since the report came out from Cornell?

自康乃爾大學發布報告以來，策略性投資者的投資金額是否增加？

There are things that we're looking at and parties that we're talking to, but I wouldn't say that there's anything that anyone that we haven't already considered working with at this time. As Didier said, we have limited resources and I think we have some very significant opportunities that he's already mentioned.

有些事情我們正在關注，有些方面我們正在洽談，但我不會說目前我們還沒有考慮過與任何人合作。正如迪迪埃所說，我們的資源有限，但我認為我們有一些非常重要的機會，他已經提到這些機會。

David Zelkowitz with ISQ.

David Zelkowitz 與 ISQ。

Is there any plan to have Cornell or another third-party validate the Gemini 2, information, tech technology? I know the Cornell report was Gemini 1, so is there a plan to do this similar type of analysis for Gemini 2.

是否有計劃讓康乃爾大學或其他第三方機構對雙子星2號的資訊和技術進行驗證？我知道康乃爾大學的報告是關於雙子座1號的，那麼是否有計畫對雙子座2號進行類似的分析？

Yeah, so you're absolutely correct. So Cornell actually received this Gemini 1 board many years ago, and they've actually written a few other papers, and so they this was a continuation of that original board, and we are talking to them about getting a Gemini 2 board to them and also other researchers as well.

是的，你說得完全正確。康乃爾大學多年前就收到了這塊 Gemini 1 電路板，他們也寫了一些其他論文，所以這塊電路板是最初那塊電路板的延續，我們正在與他們商討如何為他們以及其他研究人員提供一塊 Gemini 2 電路板。

I guess, you're talking you're working with the military, I guess, I didn't see anybody on the board, or senior management team that has real military defense experience. Is there any plans to beef up that area of the management or the board of directors in order to target those applications?

我猜，你是說你在跟軍方合作，但我沒看到董事會或高階管理團隊裡有任何真正有軍事國防經驗的人。是否有計劃加強管理層或董事會的相關部門，以便更好地應對這些申請？

Yeah, no, that hasn't come up as a discussion or topic on the board.

是的，沒有，這在論壇上還沒有被討論過或作為話題出現過。

At this point, there are no plans to revise the board. It doesn't mean that we won't in the future if it makes sense though.

目前還沒有改組董事會的計畫。但這並不意味著將來如果合適的話我們就不會這樣做。

I saw you're developing your own large language model, which you're going to release some information on at the end of the year. Just curious of why you wouldn't just use the plethora of large language models that are already out in the market and, why spend resources developing your own.

我看到您正在開發自己的大型語言模型，您將在年底發布一些相關資訊。我只是好奇，為什麼不直接使用市面上現有的眾多大型語言模型，而要花資源開發自己的模型。

No, we are not developing our own large language model. We are working on the open source, large language model like, gamma. gamma 3.

不，我們並沒有發展出自己的大型語言模型。我們正在開發類似 gamma 的開源大型語言模型。 gamma 3。

I'm just reading a press release says currently developing a multi-model LOM that targets edge applications.

我剛剛看到一份新聞稿，上面說目前正在開發一種面向邊緣應用的多模型LOM。

Correct, yeah.

沒錯。

Okay, and why would you do that as opposed to utilizing other LMs already developed?

好的，為什麼不使用其他已經開發的語言模型，而要這樣做呢？

In this case it was the definition from the POC that we're working on. So as we talked about, there are two government entities that have approached us and a partner to do a POC, and that is the model that they requested.

在這種情況下，我們採用的是 POC 中的定義。正如我們剛才討論的，有兩個政府機構聯繫我們和一位合作夥伴進行概念驗證，而這正是他們要求的模型。

Yeah, also there are certain aspects of the model which support multi model will, okay, so. They can support the images very well and in addition to the text. So that's why they click on this one.

是的，該模型的某些方面也支援多模型，好的，就是這樣。它們可以很好地襯托圖片和文字。所以他們才會點擊這個連結。

Christian Rugg from CER Holdings.

來自 CER Holdings 的 Christian Rugg。

How are you differentiating your APU versus GPU competitors in terms of power, latency and cost efficiency?

在功耗、延遲和成本效益方面，你們的 APU 與 GPU 競爭對手有何不同？

That's a pretty broad question, and so you, if you look at the Cornell paper that that certainly hits on the power, that the comparison was to an Nvidia GPU and the use case they use, the performances were on par, but we were 98% less power, so that certainly shows that with the SAR, algorithm that we've been talking about. Certainly our image creation time is faster at a lower power footprint as well. So what we've done is we've done benchmarking on on certain use cases based off of input from customers on what they'd like to see. So there are times where. We beat them strictly on power. There's times we beat them strictly on performance. Well, I shouldn't say that. We've never lost to them on power, but there certainly are times that, we have the advantage of both performance and lower power.

這是一個相當廣泛的問題，所以如果你看看康乃爾大學的論文，它確實涉及到了功耗問題，比較的對像是英偉達 GPU 以及他們使用的用例，性能不相上下，但我們的功耗降低了 98%，所以這肯定表明了我們一直在討論的 SAR 演算法的優勢。當然，我們的圖像創建速度更快，功耗也更低。因此，我們根據客戶的回饋，針對某些用例進行了基準測試，以了解他們希望看到什麼。所以有時候會這樣。我們完全憑藉力量擊敗了他們。有時候我們完全憑藉實力來戰勝他們。嗯，我不該這麼說。我們在動力方面從未輸給他們，但確實有些時候，我們在性能和動力方面都具有優勢。

Okay, and then my second question is, given the performance claims and potential of Gemini 2 APU, have you had any engagement or partnership discussions with larger semiconductor or AI focused companies?

好的，那麼我的第二個問題是，鑑於 Gemini 2 APU 的性能表現和潛力，您是否與大型半導體或人工智慧公司進行過任何合作或夥伴關係方面的討論？

So right now you know we're focused on the customers at this point we haven't had any discussions at least recently with other semiconductor companies.

所以現在，你知道，我們目前專注於客戶，至少最近我們還沒有與其他半導體公司進行任何討論。

Okay, then my last question is how does the power factors play into building AI data centers at a large scale?

好的，那麼我的最後一個問題是，功率因素在建構大規模人工智慧資料中心的過程中扮演著怎樣的角色？

So we're focused on the edge right now, and so everything we've talked about right now is the edge, and so certainly the data centers have a real power issues as well that there's no secret there, but what we've been focused on right now with Gemini 2 and certainly with the next generation chip Plato will be at the edge. And so, if you look at, as we discussed with Gemini 2 this. This project we did with this offshore defense contractor, we limited, 3, we limited our chip to one of the 4 cores that are there to get it down to 15 watts. If you look at Plato, depending on how it's used, can be as little as 4 watts and maximum 12 to 15 watts. So we're really focused at the at the edge, not in the data center.

所以我們現在專注於邊緣運算，我們目前討論的所有內容都與邊緣運算有關。當然，資料中心也存在真正的電力問題，這已不是什麼秘密。但我們目前透過 Gemini 2 以及下一代晶片 Plato 所關注的重點，都將是邊緣運算。所以，如果你看看，就像我們之前討論過的雙子座2號專案一樣。在這個我們與這家海外國防承包商合作的專案中，我們將晶片限制在 4 個核心中的一個，以將其功耗降低到 15 瓦。如果你觀察 Plato，根據它的使用方式，功率可以低至 4 瓦，最高可達 12 至 15 瓦。所以我們真正關注的是邊緣運算，而不是資料中心。

Our next question comes from Michael Roberts from Robert's Capital. You may proceed with your question.

下一個問題來自 Robert's Capital 的 Michael Roberts。您可以繼續提問。

Okay, it seems Michael has gone silent. We'll move on to the next questioner.

好吧，看來麥可已經沉默了。我們接下來回答下一位提問者的問題。

Michael Cooper, private investor.

麥可·庫珀，私人投資者。

Can you talk about the total addressable market that you're looking at over the next 5 years and then how you expect that to ramp? I'm guessing you have a number of different scenarios, maybe a range of scenarios.

您能否談談您預計未來 5 年內的潛在市場總量，以及您預計該市場將如何成長？我猜你有很多不同的場景，或許是一系列場景。

You could give us a sense for how large this market is or these markets, I'm sure you're looking at various markets, and then what kind of price points your boards or chips go into products.

您能否為我們介紹一下這個市場或這些市場的規模，我相信您肯定在關注各種市場，以及您的電路板或晶片在產品中的定價策略。

Sure, it's a good question. I, so Michael, I don't have the numbers in front of me, but certainly there was a report very recently that was issued by one of the, researcher analysts at at Needham and Company, that discussed the drone market specifically, and I don't have it in front of me, but I want to say it was either it was tens of billions at least, market size. I want to say it might be larger than and so certainly. It's a very large market and and as we've discussed, we certainly feel with the power, that the power profile of our chips along with some of the algorithm work that we're doing for, like Lein mentioned the multimodal inputs whether we take an image or text or voice in the future along with the time the first token advantage that we have, we certainly think that we're well positioned to address that market.

當然，這是個好問題。邁克爾，我手頭上沒有具體數字，但最近Needham and Company的一位研究分析師發布了一份專門討論無人機市場的報告，我手頭沒有這份報告，但我記得市場規模至少有數百億美元。我想說它可能比…更大，所以肯定如此。這是一個非常大的市場，正如我們討論過的，我們當然覺得憑藉我們晶片的強大性能，以及我們正在進行的一些演算法工作（就像萊恩提到的，未來我們將處理圖像、文字或語音等多模態輸入），再加上我們擁有的首枚代幣的時間優勢，我們當然認為我們已經做好了充分準備來開拓這個市場。

That was question one. What was the second question was.

這是第一個問題。第二個問題是什麼？

I thought it was a two part question you had.

我以為你的問題分為兩部分。

So pricing, I mean, we'll give you generalities, but certainly, it's going to be priced differently by market, but it could be, a few $1000 aboard to $10,000 a board, that contains the chip, and then the chip, we sell based again based on the market, but you know the chip could be $1000 or more depending on the market and the volume.

所以定價方面，我的意思是，我們會給出一些概括性的信息，但當然，價格會因市場而異，一塊包含芯片的電路板的價格可能在幾千美元到一萬美元之間，而芯片的售價也同樣取決於市場，芯片的價格可能在 1000 美元或更高，具體取決於市場和銷量。

And you're working in gross margins in the 80% range?

你們的毛利率在 80% 左右？

Yeah, it'll be above where we are corporately today, and again it really depends on the market and how it's sold. It could be 60% to 80%. It really depends on on how it's sold, whether it's in a board, in a server, whether it comes with software or not. I mean, there's a lot of different aspects that would move that margin needle.

是的，它會高於我們公司目前的水平，但這真的取決於市場和銷售方式。可能是 60% 到 80%。這主要取決於它的銷售方式，例如是整合在主機板上還是伺服器中，以及是否附帶軟體。我的意思是，有很多不同的因素會影響利潤率。

Michael Roberts with Roberts Capital.

Michael Roberts，Roberts Capital 的負責人。

On a capital deployment on the $50 million raise, can you give an idea of how that plans to be allocated, whether it's percentage or dollar amount, amongst the Gemini 2 completion, software development, and the new Plato chip that you referenced.

關於這 5000 萬美元融資的資金部署，您能否簡要說明一下這筆資金的分配計劃，無論是按百分比還是按金額，用於完成 Gemini 2 任務、軟體開發以及您提到的新型 Plato 晶片。

Yeah, on the late because there's some (fish cost) that we have to spend like IP costs and the mass pay costs. So those are, fixed $15million to $70 million dollar kind of range.

是的，因為有些（魚類成本）我們必須支出，例如智慧財產權成本和大規模支付成本。所以，這些項目的價格區間固定為 1500 萬美元到 7000 萬美元。

Okay, and the rest of them I think that's probably pretty even in between the Gemini 2 and the Plato, that's most of the engineering cost, the internal cost, and it will be, distribute even inside the company.

好的，至於剩下的部分，我認為 Gemini 2 和 Plato 的成本應該差不多，這主要是工程成本和內部成本，而且這些成本還會在公司內部部分攤。

Evenly across. Okay, thank you. And in terms of then based on your cash runway now, what revenue or gross margin level do you expect to reach operating break even then?

均勻分佈。好的，謝謝。那麼，根據您目前的現金流狀況，您預計屆時需要達到怎樣的收入或毛利率水準才能實現營運損益兩平？

If you can assume.

如果你能假設的話。

I don't know, 65% to 70% gross margin once we get into this, it's something that I need to take a look at, we're still putting our plans together in terms of hiring levels and so on.

我不知道，一旦我們進入這個領域，毛利率可能會達到 65% 到 70%，這是我需要研究一下的事情，我們仍在製定招聘水平等方面的計劃。

SOC teams or whoever we need for the chip development the additional software teams that we need for the software development, I don't have all those numbers yet to do a calculation.

我們需要晶片開發所需的 SOC 團隊或其他任何人員，以及軟體開發所需的其他軟體團隊，但我還沒有所有這些數字來進行計算。

Understood, but are there concrete milestones and dates then for the Gemini 2 in terms of the expectation of pilot shipments or expected, initial production orders?

明白了，但是對於 Gemini 2 來說，在試運或預期初始生產訂單方面，是否有具體的里程碑和日期？

Yeah, so we will be doing some pilot shipments. We've done a couple already or we plan on doing more in the first half, of, 2026 calendar, this POC that we that, hopefully we'll be able to discuss a lot more in the upcoming months.

是的，我們會進行一些試發貨。我們已經完成了幾個，或者我們計劃在 2026 年上半年完成更多，這個概念驗證項目，我們希望在接下來的幾個月裡能夠討論更多。

Depending on the schedules on that could give more substantial revenues in the back half of calendar 2026.

根據相關計劃，2026 年下半年可能會帶來更可觀的收入。

Noted. And from the current evaluation customers now has any purchase orders or letters of intent been provided yet?

著名的。根據目前的評估，客戶是否已經收到任何採購訂單或意向書？

I'm sorry, could you repeat the question?

抱歉，您能再說一次問題嗎？

Yeah, have any of the evaluation customers provided any purchase orders of letters or letters of intent yet against that production?

是的，目前還沒有任何評估客戶針對該產品提供任何採購訂單、採購函或意向書嗎？

They're still in their evaluation at this point.

他們目前仍在評估階段。

So as we talked about, the board that we sent along with the software to this offshore defense contractor, they have done a review and they've put us as what's called good acceptance in their system, which means it's passed and been accepted, and so now we're going through the possible use cases they have a couple of different divisions. Two of them we think they'll be a good fit. One obviously is a SAR division. The other one is what they call their AI division. And so we're looking for practical applications that can then, like you say, turn into design wins and revenue. So that's we're doing that with the customer today.

正如我們剛才討論的，我們把軟體連同評測板一起寄給了這家海外國防承包商，他們已經進行了審查，並在他們的系統中將我們標記為“良好驗收”，這意味著它已經通過並被接受了。現在我們正在研究可能的用例，他們有幾個不同的部門。我們認為他們兩人都很適合。其中一顯然是搜救部門。另一個部門就是他們所謂的AI部門。因此，我們正在尋找能夠像你所說的那樣，轉化為設計成功和收入的實際應用。這就是我們今天與客戶一起完成的工作。

All right, very helpful. And one last question then I'll let others proceed. Can you elaborate on that software stack maturity then the compiler SDK model porting tools and when developers outside of GSI will have access? Going towards the ecosystem adoption of what we have.

好的，很有幫助。最後一個問題，之後我就讓其他人繼續了。您能否詳細說明軟體堆疊的成熟度、編譯器 SDK 模型、移植工具以及 GSI 以外的開發人員何時才能存取這些工具？朝著生態系統採用我們現有資源的方向發展。

Now, for the Gemini tool, we are right now we are developing the library and then algorithm.

現在，對於 Gemini 工具，我們正在開發函式庫和演算法。

Now, after that, we are move on to the tool and the and the competitor work. And we are developing this with the customer, the partner and the customer we have.

接下來，我們將著手研究工具以及競爭對手的工作。我們正在與客戶、合作夥伴以及現有客戶共同開發這個專案。

Robert Christian, private investor.

羅伯特·克里斯蒂安，私人投資者。

Can you help me understand why the company is not going after data centers in view of the environment impact with energy consumption and cooling? It seems like we're leaving a lot of money on the table, even if it was just licensed so others could use the technology.

你能幫我理解一下，為什麼該公司不投資資料中心，畢竟資料中心會造成能源消耗和冷卻的環境影響？即使只是授權他人使用這項技術，我們似乎也錯失了許多賺錢的機會。

So, I'm not sure how long you've been following the company, but we had talked about another potential roadmap product at the time we were calling it Gemini 3, and that was going to be geared towards the data center and that one needed a different kind of partner and it needed a lot more funding it would have required a very aggressive process note it would have been much more expensive. And so we were going down that road and again that was, it was, targeted for the data center. In the meantime we were getting way too much positive feedback and interest on the edge and we were getting SBIR dollar. And there are other dollars, research dollars that we've submitted for to try and get, and it's all for the edge, and so, the decision was made, we couldn't do both, it was one or the other at this point and so we, remained focused on the edge.

所以，我不確定您關注我們公司有多久了，但我們當時討論過另一個潛在的路線圖產品，我們稱之為 Gemini 3，它將面向數據中心，它需要不同類型的合作夥伴，需要更多的資金，這將需要一個非常積極的流程，而且成本會高得多。所以我們就沿著這條路走下去了，而這又是針對資料中心的。同時，我們收到了太多正面的回饋和關注，並且獲得了 SBIR 資金。我們也申請了其他研究經費，希望能獲得這些經費，所有這些都是為了技術前沿，所以，我們做出了決定，我們不能兩者兼顧，只能二選一，所以我們仍然專注於技術前沿。

Not to say, with more, influx of cash, we can't, beef up the team and go after the data center, but it strategically made sense for us to remain at the edge for now.

並不是說，如果資金更多，我們就不能擴充團隊，進軍資料中心，但從策略角度來看，目前我們繼續保持領先地位是合理的。

Okay, but there's not a possibility, say of Nvidia or a micron to come in and develop the chip and we get a percentage of it.

好吧，但是不可能出現英偉達或美光這樣的公司來開發晶片，然後我們從中分得一部分股份的情況。

I mean that's certainly very possible. I can't say those discussions are happening, but, we had had some discussions in the past where that was kind of the model we're looking at. So the answer is yes, we could do that, it's just there's nothing in the hopper right now.

我的意思是，這當然很有可能。我不能說這些討論正在進行中，但是，我們過去確實進行過一些討論，那正是我們正在考慮的模式。所以答案是肯定的，我們可以這樣做，但目前還沒有任何相關計畫。

Marco Pedroni with MG Capital.

MG Capital 的馬可·佩德羅尼 (Marco Pedroni)。

You guys just recently raised $47 million nets and you had $13 million last quarter, and, the balance sheet shows only $25 million now. So I was wondering where that, money went number one and number two, going forward what type of capital allocations do you need for to build out the software team to do all this other stuff that we've been talking about?

你們最近淨籌集了 4700 萬美元，上個季度還有 1300 萬美元，而現在的資產負債表顯示只有 2500 萬美元。所以我想知道，第一，這筆錢都花到哪裡去了；第二，展望未來，為了組建軟體團隊來完成我們一直在討論的所有其他事情，你們需要什麼樣的資本配置？

Well, the first answer is that transaction closed after the balance sheet date. It was an October transaction and the $27 million that you see is as of September 30th.

嗯，第一個答案是，交易在資產負債表日之後完成。這是一筆 10 月的交易，你看到的 2700 萬美元是截至 9 月 30 日的金額。

And then in terms of the capital allocation, I think we answered a previous question where we're looking at some IP and other stuff that we need to purchase for Plato, and then we expect to split funding between software development and Plato development.

至於資金分配方面，我認為我們已經回答了先前的問題，即我們正在考慮購買一些智慧財產權和其他需要為 Plato 購買的東西，然後我們計劃將資金分配到軟體開發和 Plato 開發上。

So how much cash do you have on hand currently?

那麼你目前手頭上有多少現金？

Well, take $27 million or $23 million, I'm sorry, $25 million balance sheet date plus we got another $47 million and so that should give you a reasonable estimate.

好吧，就按資產負債表日期的 2700 萬美元或 2300 萬美元（抱歉，應該是 2500 萬美元）計算，再加上我們還有 4700 萬美元，這樣應該可以給你一個合理的估算。

Mohammed Al Soi from Scale.

來自 Scale 的 Mohammed Al Soi。

I just want to know if you have attracted any interest from any potential new customers after the carnal study on APU performance.

我只是想知道，在對 APU 性能進行深入研究之後，你是否吸引了任何潛在新客戶的興趣。

I'm sorry, I just to be clear, you're asking if we've gotten any more customer traction because of the Cornell paper?

不好意思，我再確認一下，您是問我們是否因為康乃爾大學的那篇論文而獲得了更多客戶嗎？

That's the question?

這就是問題所在？

No, I want to know if you attract more interest or potential new customers after the new Cornell study on APU performance.

不，我想知道在康乃爾大學發布關於 APU 表現的新研究之後，你們是否吸引了更多關注或潛在新客戶。

Okay, I think that's what I just said. Okay, so the answer is the customers we've been talking to, we've been talking about this low power advantage for some time, and we've done benchmarks on several applications with some of our customers and so they're aware of that, and so in that respect, it's not, it's not a surprise to our customers we've been talking to that we have this low power advantage. This just illustrated it for the rest of the public as a third-party validation of what we've been saying.

好的，我想我剛才說的就是這些。好的，答案是，我們一直在和客戶溝通，我們已經討論這種低功耗優勢一段時間了，並且我們已經和一些客戶在幾個應用程式上進行了基準測試，所以他們都知道這一點，因此，從這個角度來看，我們擁有這種低功耗優勢對我們的客戶來說並不意外。這正好向大眾展示了我們一直以來所說的內容，作為第三方驗證。

This now concludes our question-and-answer session. I would like to turn the floor back over to Mr. Lee-Lean Shu for closing comments.

我們的問答環節到此結束。現在我把發言權交還給李李先生，請他作總結發言。

We look forward to seeing you at this event and you're in the third quarter of physical 2026 earning call.

我們期待在本次活動中見到您，您目前正處於 2026 年實體收益電話會議的第三季。

Thank you.

謝謝。

Ladies and gentlemen, this concludes our conference for today.

女士們、先生們，我們今天的會議到此結束。

Thank you for your participation. You may disconnect your lines and have a wonderful day.

感謝您的參與。您可以斷開線路，祝您有美好的一天。