Ichor Holdings, Ltd. (ICHR) 2026 Q2 法說會逐字稿

Good day, ladies and gentlemen, and welcome to Ichor's second quarter 2026 earnings conference call. (Operator Instructions) As a reminder, this call is being recorded. I would now like to introduce your host for today's conference, Claire McAdams, Investor Relations for Ichor. Please go ahead.

各位女士、先生，大家好，歡迎參加 Ichor 2026 年第二季財報電話會議。(接線員指示) 提醒各位，本次通話將被錄音。現在我想介紹今天會議的主持人：Ichor 投資人關係部的 Claire McAdams。請開始。

Thank you, operator. Good afternoon, and thank you for joining today's second quarter 2026 conference call. As you read our earnings press release, and as you listen to this conference call, please recognize that both contain forward-looking statements within the meaning of the federal securities laws.

謝謝，接線員。各位下午好，感謝各位參加今天的 2026 年第二季電話會議。在您閱讀我們的財報新聞稿並收聽本次電話會議時，請注意兩者皆包含符合聯邦證券法所定義的前瞻性陳述。

These forward-looking statements are subject to a number of risks and uncertainties, many of which are beyond our control and which could cause actual results to differ materially from such statements. These risks and uncertainties include those spelled out in our earnings press release, those described in our annual report on Form 10-K for fiscal year 2025 and those described in subsequent filings with the SEC.

這些前瞻性陳述受到多項風險與不確定性影響，其中許多超出我們的控制範圍，且可能導致實際結果與該等陳述存在重大差異。這些風險與不確定性包括我們財報新聞稿中所列者、我們 2025 會計年度 Form 10-K 年報中所描述者，以及其後向美國證券交易委員會（SEC）提交的文件中所描述者。

You should consider all forward-looking statements in light of those and other risks and uncertainties. Additionally, we will be providing certain non-GAAP financial measures during this conference call. Our earnings press release and the financial supplement posted to our IR website each provide a reconciliation of these non-GAAP financial measures to their most comparable GAAP financial measures.

您應在上述及其他風險與不確定性的背景下考量所有前瞻性陳述。此外，我們將在本次電話會議中提供若干非 GAAP 財務衡量指標。我們的財報新聞稿以及張貼於投資人關係網站的財務補充資料，均提供這些非 GAAP 財務衡量指標與其最可比 GAAP 財務衡量指標之調節表。

On the call with me today are Phil Barros, our CEO; and Greg Swyt, our CFO. Phil will begin with an update on our business, and then Greg will provide additional details about our results and guidance. After the prepared remarks, we will open the line for questions. I'll now turn over the call to Phil Barros. Phil?

今天與我一同出席電話會議的有：我們的執行長 Phil Barros，以及財務長 Greg Swyt。Phil 將先就我們的業務近況進行更新，接著 Greg 將就我們的業績與財測提供更多細節。在準備好的發言結束後，我們將開放提問。現在我把電話交給 Phil Barros。Phil？

Thank you, Claire, and welcome everyone to our Q2 earnings call. Three quarters ago, we laid out our strategy to strengthen Ichor’s operating model, expand margins, and position the company to outperform in the next semiconductor growth cycle. Our results today demonstrate that we are delivering against that plan.

謝謝你，Claire，也歡迎各位參加我們的第二季財報電話會議。三個季度前，我們提出強化 Ichor 營運模式、擴大利潤率，並讓公司在下一個半導體成長循環中表現更出色的策略。我們今天的成果顯示，我們正按計畫交付。

Revenue of $295 million increased 15% sequentially, and with gross margins up 130 basis points, we more than doubled EPS compared to Q1. The additional revenue growth we had guided for Q2 was instead recognized one week later due to isolated part shortages that we have since resolved, and we are now driving significantly more growth in the second half compared to our expectations a quarter ago.

營收 2.95 億美元，季增 15%；同時毛利率提升 130 個基點，使我們的每股盈餘（EPS）較第一季增加逾一倍。我們原先指引第二季的額外營收成長，因個別零組件短缺而延後一週認列；該問題目前已解決，而我們現在推動的下半年成長幅度，較一季前的預期顯著更高。

Gross margin of 14.1% exceeded the high end of guidance, with improved product mixes continuing to grow our component revenues and non-semi business, as well as improved product margins as we execute our strategic footprint realignment during this historic ramp.

毛利率 14.1% 高於指引區間上緣；在此歷史性拉升期（ramp）中，隨著我們執行策略性的產能/據點版圖調整，產品組合改善持續帶動零組件營收與非半導體業務成長，同時產品毛利亦有所提升。

The gross margin upside in the quarter translated to $0.34 in earnings at the upper end of our guidance range and our highest quarterly earnings in three years, demonstrating that the strategic actions that we are taking are translating into meaningful financial results.

本季毛利率優於預期，帶動盈餘達到每股 0.34 美元，位於我們指引區間的上緣，亦為三年來最高單季盈餘，顯示我們正在採取的策略行動正轉化為具體且有意義的財務成果。

We also completed the entire ATM equity offering during the quarter, providing significant flexibility for us to make strategic investments that will enhance our results going forward. This brings me to the underlying demand environment, which continues to strengthen since our last earnings call. Ichor’s revenue growth in 2026 now expected to be even stronger than we communicated just three months ago. We have now reported 15% sequential revenue growth in each of the first two quarters of the year.

我們也在本季完成整個 ATM（隨市發行）股權發行，為我們進行策略性投資提供了顯著的彈性，以提升未來的經營成果。接著談談基本需求環境：自上次財報電話會議以來，需求持續轉強。Ichor 2026 年的營收成長目前預期將比我們僅在三個月前所溝通的還要更強勁。我們在今年前兩季均繳出 15% 的季增營收成長。

Looking ahead, the steepening ramp in customer demand provides us with strengthening visibility, indicating sequential revenue growth exceeding 10% in each of the next two quarters. Our current demand forecast, along with our assessment of supply chain readiness, altogether supports our expectations for second half revenue volumes of at least 25% higher than the first half.

展望未來，客戶需求加速拉升使我們的能見度持續改善，顯示未來兩季的營收季增均將超過 10%。我們目前的需求預測，加上對供應鏈就緒程度的評估，整體支持我們對下半年營收量至少較上半年高 25% 的預期。

Our confidence in both the magnitude and the duration of this growth cycle is higher today than at any point during this year. The technology transitions driving the demand remain unchanged. Investments in advanced etch and deposition applications supporting AI infrastructure, gate-all-around architectures, advanced memory, and leading-edge process technologies continue to favor Ichor’s portfolio of highly.

我們對本次成長循環的規模與持續時間之信心，較今年任何時點都更高。驅動需求的技術轉換仍維持不變。在支援 AI 基礎設施的先進蝕刻與沉積應用、環繞式閘極（GAA）架構、先進記憶體以及先進製程技術方面的投資，持續有利於 Ichor 的高度。

We believe Ichor is well positioned to capitalize on these technology transitions. For 2026 in particular, we expect revenue growth in alignment with the high end of WFE expectations, which would be an increase of at least 30% from full year 2025.

我們相信 Ichor 已具備良好定位，可把握這些技術轉換帶來的機會。就 2026 年而言，我們預期營收成長將與 WFE（晶圓廠設備）預期的高端一致，亦即較 2025 全年增加至少 30%。

Turning now to our strategic initiative. Last quarter, we discussed our global footprint realignment and the actions we are taking to structurally improve our business. Today, we are demonstrating that these actions are translating into measurable financial results. Over the past two quarters, we have expanded gross margin to over 14%, exceeding our 100 basis points per quarter target while driving earnings to a three-year record.

接著談我們的策略性計畫。上季我們討論了全球據點版圖調整，以及我們為結構性改善業務所採取的行動。今天，我們正展現這些行動已轉化為可衡量的財務成果。過去兩季，我們將毛利率擴大至 14% 以上，超越我們每季提升 100 個基點的目標，同時推動盈餘創下三年新高。

This is exactly the type of operating leverage our business model can deliver as we execute our strategy. Further, because our footprint realignment and operating model improvements are structural, we continue to drive another 100 basis points in further gross margin improvement in each of the remaining two quarters of the year. Even after coming in above the high end of expectations for Q2.

這正是我們在執行策略時，商業模式所能帶來的營運槓桿。此外，由於我們的據點版圖調整與營運模式改善屬於結構性措施，我們在今年剩餘兩季仍將持續推動每季再提升 100 個基點的毛利率改善。即使第二季表現已高於預期上緣。

We are making meaningful operational improvements within our machining and component businesses, with product margin expanding significantly from the first quarter. These improvements are resulting from operational efficiencies and the success of our product transitions, and not merely by the increased factor utilization at these higher revenue volumes.

我們在機加工與零組件業務方面正進行具意義的營運改善，產品毛利率較第一季顯著擴張。這些改善來自營運效率提升與產品轉換的成功，而不僅僅是因為在較高營收規模下產能利用率提高。

We also saw product mix shift to a more favorable profile, which strengthened our proprietary products, higher value manufacturing service, and commercial space businesses. These improvements demonstrate exactly what we expect our operating model will deliver. Higher proprietary content, higher internal manufacturing, greater operational efficiency, and stronger earnings leverage as revenue continues to grow.

我們也看到產品組合轉向更有利的結構，強化了我們的自有產品、更高價值的製造服務，以及商業太空業務。這些改善正好展現我們預期營運模式將帶來的成果。更高的自有內容、更高的內部製造比重、更高的營運效率，以及隨營收持續成長而更強的獲利槓桿。

Our manufacturing transitions remain on schedule, and we continue to increase the amount of proprietary Ichor content within the systems we build. We secured additional key qualifications during Q2, including for our high-volume manufacturing site in Malaysia. This represents another important milestone in our product strategy.

我們的製造轉移計畫仍按進度推進，並持續提高我們所組裝系統中 Ichor 自有內容的占比。我們在第二季取得更多關鍵認證/資格（qualification），其中包括馬來西亞的高量產製造基地。這代表我們產品策略的另一個重要里程碑。

Every successful qualification expands our ability to manufacture internally, strengthens our competitive advantage, and improves our returns over the long term. We are on track to our plans to qualify additional key components in Malaysia that will provide additional flexibility for us to optimize the supply chain and further ramp internal supply. This strategy is aimed at enabling even stronger execution for our customers and is a key element of our gross margin expansion plans.

每一次成功的 qualification 都能擴大我們內部製造的能力、強化競爭優勢，並在長期提升我們的報酬。我們正按計畫在馬來西亞完成更多關鍵零組件的 qualification，這將為我們優化供應鏈並進一步提升內部供應爬坡提供更多彈性。此策略旨在讓我們為客戶提供更強的執行力，也是我們毛利率擴張計畫的關鍵要素。

Importantly, we have now reached an inflection point. Demand is not our growth constraint. Manufacturing capacity is not our growth constraint. And with continued success in our high-volume manufacturing site, our ability to reduce Ichor’s reliance on external supply will become a competitive advantage.

重要的是，我們現在已到達拐點。需求不是我們成長的限制因素。製造產能也不是我們成長的限制因素。而隨著我們在高量產製造基地持續取得成功，降低 Ichor 對外部供應依賴的能力將成為競爭優勢。

Over the past year, we have invested aggressively in people, inventory, manufacturing capacity, and our global footprint to prepare for this significant ramp in demand. Those investments are now paying dividends. We have the capacity today to support $500 million in quarterly revenue. With targeted investments, we believe we can expand capacity within our existing footprint upwards of $3 billion annually, more than double our current run rate.

過去一年，我們在人才、庫存、製造產能以及全球據點版圖方面積極投資，以因應這波顯著的需求拉升。這些投資如今正開始帶來回報。我們目前具備支援單季 5 億美元營收的產能。透過有針對性的投資，我們相信可在既有版圖內將年產能擴大至 30 億美元以上，較目前的運行水準（run rate）增加逾一倍。

Our incremental investment needs will be focused primarily on expanding production of our high-value proprietary components in order to eliminate pain points in our supply base. These same investments will enable us to achieve our targeted product mix and gross margin objectives.

我們的增量投資需求將主要聚焦於擴大我們高價值自有元件的產能，以消除供應基礎中的痛點。這些投資也將使我們能夠達成既定的產品組合與毛利率目標。

As we look ahead, our priorities remain clear. Execute for our customers, complete our manufacturing transition, continue ramping proprietary Ichor content, expand margins, and convert this exceptional demand environment into sustained earnings growth.

展望未來，我們的優先事項依然明確。為客戶落實執行、完成製造轉移、持續提升自有 Ichor 內容占比、擴大利潤率，並將這個非凡的需求環境轉化為可持續的獲利成長。

The investments we have made over the past several years are positioning Ichor differently than any point in our history. We are becoming a structurally stronger company with more efficient manufacturing network, higher proprietary content, stronger earnings leverage, and the operational capacity to support our customers through what is likely to be the strongest growth cycle our industry has ever experienced. I’ve never been more confident in our strategy, our execution, or the opportunities that lie ahead.

過去幾年我們所做的投資，正使 Ichor 的定位與我們歷史上任何時點都不同。我們正成為一家結構性更強的公司，擁有更高效率的製造網路、更高的自有內容占比、更強的獲利槓桿，以及足以支援客戶的營運產能，來迎接很可能是本產業有史以來最強勁的成長週期。我從未對我們的策略、執行力或未來機會如此有信心。

With that, I will now turn the call over to Greg to review the financial results in more detail.

接下來，我將把電話會議交給 Greg，請他更詳細地回顧財務結果。

Thanks, Phil. Before I begin, I would like to emphasize that the P&L metrics discussed today are non-GAAP measures. These measures exclude the impact of share-based compensation, amortization of acquired intangible assets, non-recurring charges, and discrete tax items and adjustments.

謝謝，Phil。在我開始之前，我想強調今天討論的損益表（P&L）指標為非 GAAP 衡量。這些衡量排除了股份基礎給付、收購無形資產攤銷、一次性費用，以及特定稅項與調整的影響。

There is a useful financial supplement available on the investor section of our website that summarizes our GAAP and non-GAAP financial results, as well as a summary of the balance sheet and cash flow information for the last several quarters.

我們網站投資人專區提供一份實用的財務補充資料，彙總我們的 GAAP 與非 GAAP 財務結果，以及最近數季的資產負債表與現金流資訊摘要。

Second quarter revenues of $294.8 million increased 15% sequentially. Isolated supply chain constraints that surfaced late in the quarter kept us from recognizing our full revenue forecast in time for the June 26 quarter end, and instead, we surpassed $300 million in revenue for the 13 weeks ending July 3. We have worked through these parts shortages as we drive for another significant growth quarter in Q3.

第二季營收為 2.948 億美元，較前一季成長 15%。在季末浮現的零星供應鏈限制，使我們無法在 6 月 26 日季度結束前及時認列完整的營收預測；相對地，在截至 7 月 3 日的 13 週期間，我們的營收突破 3 億美元。在推動第三季再度顯著成長之際，我們已逐步解決這些零件短缺問題。

Gross margin increased to 14.1%, up 130 basis points sequentially and 60 basis points above the midpoint of guidance, driven by continued progress executing our machining strategy and improved product mix. Stronger gross margin drove the majority of upside in profitability, with Q2 operating expenses coming in at $25.3 million. Operating margin improved to over 5.5%, demonstrating significant operating leverage as volumes ramped.

毛利率提升至 14.1%，較前一季增加 130 個基點，且高於指引中點 60 個基點，主要受惠於我們持續推進機加工策略的執行與產品組合改善。較強的毛利率帶動了獲利表現的大部分上行空間，第二季營業費用為 2,530 萬美元。營業利益率提升至超過 5.5%，在出貨量爬升之際展現顯著的營運槓桿。

Interest and Tax expenses were modestly favourable to our forecast and the resulting EPS for the quarter was $0.34, based on an average of 36.3 million diluted shares outstanding during the quarter. Positive cash flow generation from the P&L increased significantly in the quarter, with EBITDA increasing more than 50% sequentially to over $21 million. As we prepare for continued growth ahead, we are making incremental investments in inventory, cash from operations was therefore a use of $15.9 million.

利息與稅費支出略優於我們的預測，因此本季每股盈餘（EPS）為 0.34 美元，係以本季平均 3,630 萬股稀釋後流通股數計算。損益表帶來的正向現金流在本季顯著增加，EBITDA 較前一季成長逾 50%，達到 2,100 萬美元以上。在為未來持續成長做準備之際，我們對存貨進行增量投資，因此營運活動現金流為淨流出 1,590 萬美元。

Capital expenditures totaled $7.8 million for the quarter. Given that the stronger outlook for 2026 is expected to continue into 2027, we are accelerating investments in our factory clean rooms and machining capacity.

本季資本支出（CapEx）合計 780 萬美元。鑑於 2026 年更強勁的展望預期將延續至 2027 年，我們正加速投資於工廠無塵室與機加工產能。

As a result, we expect our CapEx level to trend higher in the second half while remaining within our target range of approximately 3% of revenue. Which brings us to the balance sheet. Cash and equivalents totaled $256 million at the end of the quarter, an increase of $167 million from Q1.

因此，我們預期下半年 CapEx 水準將呈上升趨勢，但仍會維持在我們約為營收 3% 的目標區間內。接著談資產負債表。本季末現金及約當現金為 2.56 億美元，較第一季增加 1.67 億美元。

During Q2, we completed the entirety of our $200 million ATM equity offering, issuing a total of 2,480,000 shares at an average price of $80.70 per share and generating net proceeds of approximately $195 million. The transaction significantly increased our available liquidity, providing additional flexibility to support growth initiatives, working capital needs, and strategic opportunities. Both DSOs and inventory turns remained similar to Q1 at 32 days and 3.7 times, respectively. Total debt at quarter end was $120.6 million, our net debt coverage ratio stands at 1.1.

第二季期間，我們完成了 2 億美元的 ATM（隨市發行）股權發行全數額度，合計發行 2,480,000 股，平均發行價格為每股 80.70 美元，淨募集資金約 1.95 億美元。該交易大幅提升我們可用流動性，為支援成長計畫、營運資金需求與策略性機會提供額外彈性。應收帳款週轉天數（DSO）與存貨週轉率分別維持與第一季相近，為 32 天與 3.7 次。季末總負債為 1.206 億美元，我們的淨負債覆蓋比率為 1.1。

Turning to guidance. As Phil mentioned, we are now anticipating a steeper revenue ramp for Q3 and the second half of 2026 compared to our expectations a year ago. We anticipate Q3 revenues in the range of $315 million to $345 million, which at the midpoint represents sequential growth of 12% and year-over-year increase in revenue volumes of 38%.

接下來談財測指引。如 Phil 所提到，相較於一年前的預期，我們現在預估第三季以及 2026 年下半年的營收爬升幅度將更為陡峭。我們預期第三季營收介於 3.15 億至 3.45 億美元，中點代表較前一季成長 12%，且營收量年增 38%。

Our gross margin guidance for Q3 is a range of 14.5% to 15.5%, as we continue to drive gross margin improvements of 100 basis points per quarter through the remainder of 2026. Our guidance for total operating expenses this year has remained relatively constant year to date, even with the steeper ramp in demand.

我們對第三季毛利率的指引區間為 14.5% 至 15.5%，並將在 2026 年剩餘期間持續推動每季約 100 個基點的毛利率改善。儘管需求爬升更為陡峭，我們今年對總營業費用的指引迄今仍相對維持不變。

We continue to drive disciplined cost management across the organization in support of higher revenue volumes. We currently expect total operating expenses in 2026 will be up about 6% from 2025, with nearly all of the increase in the R&D line. This expectation reflects a relatively consistent run rate of $25.5 million of OpEx for both Q3 and Q4.

我們持續在全組織推動嚴謹的成本管理，以支援更高的營收量。我們目前預期 2026 年總營業費用將較 2025 年增加約 6%，且幾乎全部增幅都在研發（R&D）項目。此預期反映第三季與第四季的 OpEx 皆維持約 2,550 萬美元的相對一致的執行水準。

Finally, our EPS range of $0.40 to $0.50 for the third quarter reflects our expectation for total interest and other expenses of $1.5 million and assumed effective tax rates in the range of 20% to 25% and 38.5 million diluted shares outstanding.

最後，我們第三季 EPS 指引區間為 0.40 至 0.50 美元，反映我們對利息及其他費用合計 150 萬美元的預期、假設有效稅率介於 20% 至 25%，以及稀釋後流通股數為 3,850 萬股。

In summary, our second quarter results demonstrate clear progress against the financial priorities we laid out earlier in the year. Stronger profitability, continued execution of our internal product strategy, disciplined cost management, and improved operating leverage as volumes accelerate.

總結而言，我們第二季的結果顯示，我們在年初提出的財務優先事項上取得明確進展。更強的獲利能力、持續落實內部產品策略、嚴謹的成本管理，以及在出貨量加速下改善的營運槓桿。

With demand strengthening, margins expanding, and our balance sheet providing greater flexibility, we are entering the second half with momentum and a stronger earnings outlook than we have delivered in any period since 2022.

隨著需求轉強、利潤率擴張，以及資產負債表提供更大彈性，我們帶著動能進入下半年，且獲利展望強於自 2022 年以來任何一個期間的表現。

We believe the combination of accelerating demand, improving margins, disciplined investment, and enhanced liquidity positions us to support our customers through the ramp while continuing to convert higher revenue into stronger performance.

我們相信，加速的需求、改善的利潤率、嚴謹的投資，以及更充裕的流動性相結合，使我們能在爬坡期間支援客戶，同時持續將更高的營收轉化為更強的經營表現。

Operator, we are now ready for questions. Please open the line.

接線員，我們現在準備開始提問。請開放線路。

Thank you. We will now be conducting a question and answer session. (Operator Instructions)

謝謝。我們現在將進行問答環節。(接線員指示)

Steven Chin on for Krish Sankar, TD Cowen.

TD Cowen 的 Steven Chin 代 Krish Sankar 提問。

Hi. Thanks for taking my questions. This is Steven calling on behalf of Krish. I guess, Phil, first question for you on the commentary around full year growth. You mentioned 30%-plus potential for this year versus last year. I guess when we look at some of the WFE numbers that some of your customers have been talking about, and also sort of the full year growth rates that one of your key customers is talking about, can you help us bridge some of the gap between customer commentary versus what you’re saying today?

嗨。謝謝讓我提問。我是 Steven，代表 Krish 來電。我想先請教你，Phil，關於你對全年成長的評論。你提到今年相較去年可能有 30% 以上的成長。當我們看一些客戶談到的 WFE 數字，以及你們某位關鍵客戶所提到的全年成長率時，你能否協助我們銜接一下客戶的說法與你今天所說之間的落差？

Again, totally get that the sentiment and demand signals are very strong, but just from a quantitative standpoint, anything can help in terms of bridging the numbers, whether it’s supply or just ramping up the timeframe for capacity would be helpful.

我完全理解目前情緒與需求訊號都非常強，但就量化角度而言，任何能協助銜接數字的資訊都會有幫助，不論是供應端因素，或是產能爬坡的時間框架等。

Yeah. Great question. What I would say is, what we’re trending to today is kind of a mix of all of our customers. If you look at how every one of our customers are guiding, I would say that we’re a good blend of what they’re saying based on what our percentage of shipments are to each of those customers.

是的。很好的問題。我想說的是，我們目前的趨勢有點像是把所有客戶的狀況混合在一起。如果你看我們每一位客戶的指引，我會說，基於我們對各客戶的出貨占比，我們的狀況是他們所說內容的一個很好的綜合。

In general, I’d say we’re trending towards the higher end of WFE. When we said 30%-plus, that’s kind of what we mean by that. That’s where we’re seeing the WFE kind of coalesce at this point in the cycle. What I would say is that we will continue to monitor that, and I would say that we’re continuing to grow with our customers in a good blend of what they’re seeing.

整體而言，我會說我們的趨勢偏向 WFE 的較高端。當我們說 30% 以上時，大概就是這個意思。在這個景氣循環的此刻，我們看到 WFE 大致在這個水準附近收斂。我想說的是，我們會持續監控，而我也會說，我們正以一個與客戶所見相當一致的良好組合，持續與客戶一同成長。

Okay. Understood. And for my follow-up, I was wondering for your lithography customer, I think prior quarters you kind of mentioned that inventory levels might be a factor in how much you can grow that customer this year. Just kind of curious, how has the inventory situation changed, if at all, at the customer over the last quarter? Thanks so much.

好的。了解。那我追問一下，關於你們的微影（lithography）客戶，我記得前幾季你們有提到，庫存水位可能會影響你們今年能讓該客戶成長多少。想請教一下，過去一季該客戶的庫存狀況是否有任何變化？非常感謝。

I’d say the inventory position’s been very consistent. We believe we’re burning through the inventory this quarter. I’d say we’re through that as we exit this quarter in Q3. Q4, we start to see a return, in Q1 in particular. We have really good visibility with that customer. They give us a long-range forecast that gives us good visibility for what they need. I would say we see significant growth in 2027 with that particular customer.

我會說庫存部位一直都很一致。我們認為本季會把庫存消化掉。我會說在本季結束、也就是 Q3 退出時，我們就會把那段消化完。到了 Q4 我們開始看到回升，尤其是在 Q1。我們對那位客戶有非常好的能見度。他們會給我們長期預測，讓我們對他們的需求有很好的掌握。我會說，我們看到在 2027 年與該客戶會有顯著成長。

Perfect. Thank you so much.

太好了。非常感謝。

Sure.

不客氣。

Edward Yang, Oppenheimer.

Edward Yang，Oppenheimer。

Hey, Phil. Thanks for the time. Could you provide a little bit more detail on that piece of the revenue in the second quarter that was pushed out from the parts shortage, and was that related to flow controllers by any chance? As a result of that, did you miss any delivery timetables with customers? Just curious around some color around that.

嗨，Phil。謝謝你撥冗。你能否更詳細說明一下，第二季因零件短缺而遞延出去的那一部分營收？那是否可能與流量控制器（flow controllers）有關？因此你們是否有錯過任何對客戶的交付時程？想了解一些相關細節。

Yeah, all good questions. First of all, your nose is very good because I would say that if I talk about the suppliers that keep me up at night, I would say flow control is definitely one of those. The way I would think about it, in terms of how we’re executing for our customers, I think we’re executing very well for our customers.

是的，都是好問題。首先，你的直覺很準，因為如果要我談哪些供應商會讓我夜裡睡不著，我會說流量控制確實是其中之一。就我們對客戶的執行而言，我認為我們對客戶的執行表現非常好。

I think we’re keeping very good pace with them. I think we are not a drag on their output, and so I would say we’re pacing very well. Everything that we’re outputting is going through their system and shipping. What I would say is, that particular supplier, what happened at the end of the quarter, I would say is more of an isolated incident. In particular, we chase parts every quarter. This is not a surprise.

我認為我們一直跟他們保持非常好的節奏。我認為我們沒有拖累他們的產出，所以我會說我們的節奏掌握得很好。我們產出的所有產品都會進入他們的系統並出貨。我想說的是，那家特定供應商在季末發生的狀況，我會說比較像是個別的偶發事件。特別是，我們每一季都在追料。這並不令人意外。

This is not a kind of thing that we don’t do as a daily part of our business. Quite frankly, this typically happens kind of earlier in the quarter, if you will. Unfortunately, it happened at the very end of the quarter, which kind of crossed quarter boundaries. I would say, if you looked at when that revenue shipped, it shipped literally days after the quarter, but just not in time for us to recognize revenue.

這不是那種我們平常不做、不是我們日常業務一部分的事情。坦白說，這種情況通常會比較早發生在季度中段。不幸的是，這次發生在季度的最後，因而跨到了季度邊界。我會說，如果你看那筆營收實際出貨的時間點，它是在季度結束後的幾天內就出貨了，只是來不及讓我們認列營收。

Got it. And for my follow-up, maybe a question for Greg. One of the impacts from the tremendous revenue growth you’re seeing is you’re building up inventory and your operating cash flow has turned negative and you’re burning cash on the operating cash flow side. When do you think that will start to revert back to positive?

了解。那我追問一下，可能是問 Greg 的問題。你們看到營收大幅成長帶來的其中一個影響是，你們正在建立庫存，因此營業現金流轉為負值，在營業現金流方面正在消耗現金。你認為什麼時候會開始回到正值？

Hi. Near term, as we said, we still have some investments to make in our inventory to make sure that we’re meeting the customer demands. We do expect to see that we’ll start to see the benefit of the inventory turns start to improve into the first half of 2027 as we work through this demand cycle.

你好。短期內，如同我們所說，我們仍需要在庫存上做一些投資，以確保能滿足客戶需求。我們確實預期，隨著我們走過這一波需求循環，庫存周轉帶來的效益將在 2027 年上半年開始改善。

Thank you.

謝謝。

Christian Schwab, Craig-Hallum.

Christian Schwab，Craig-Hallum。

Great. Thanks for taking my question. I just have a clarity about something I thought I heard in the prepared comments. I think you guys outlined last quarter that you had yearly manufacturing capacity of up to $2 billion of revenue, which is a little bit higher than what was reflected two or three quarters before that. Did I hear you correctly that you think you have the capability to produce up to $3 billion in annual revenue?

很好。謝謝讓我提問。我想釐清一下我在事先準備的講稿中似乎聽到的一點。我記得你們上季提到，你們每年的製造產能可支撐最高約 20 億美元的營收，這比兩三季前反映的還要高一些。我是否聽對了：你們認為你們有能力生產、支撐最高 30 億美元的年營收？

Christian, great question. What I would say is we’ve gone through our long-range planning over the past quarter. As you can imagine, in this type of ramp environment, you spend a lot of time planning and making sure you’re ready for the coming demand.

Christian，很好的問題。我想說的是，我們在過去一季完成了長期規劃。如你所想像，在這種快速爬坡的環境下，你會花很多時間做規劃，確保能為即將到來的需求做好準備。

As part of that exercise, we went through and said, okay, what would it take to get to $3 billion? What would it take to get to above and beyond that? What I would say is $2 billion in our current footprint, not a problem at all. To get to $3 billion, we have the brick and mortar, which is obviously the longest lead time item. I would say we would have to add a little bit of clean room space.

在那個過程中，我們檢視並問自己：好，如果要到 30 億美元，需要什麼？如果要超過那個水準，又需要什麼？我想說的是，在我們目前的廠房規模下，做到 20 億美元完全不是問題。要到 30 億美元，我們有足夠的廠房與建物（這顯然是交期最長的項目）。我會說我們需要再增加一點無塵室空間。

Not a whole lot, but a little bit of clean room space, which actually we’re executing in the second half of this year, which will put us in a good position. Then I would say above and beyond that, what we will do is invest in machining capacity, because as we see the ramp continue, we’re going to see a need for additional machining capacity to meet our internal needs as revenues continue to grow. For the most part, what I would say is within our four walls, we can do $3 billion in revenue. It just takes a little bit of investment for us to get between now and then.

不需要很多，但需要增加一些無塵室空間；而這件事其實我們正在今年下半年執行，這會讓我們處於很好的位置。接著我會說，若要再往上，我們會投資機加工（machining）產能，因為隨著爬坡持續，我們會需要更多機加工產能來滿足內部需求，因為營收會持續成長。整體而言，我想說的是，在我們自有廠內，我們可以做到 30 億美元的營收。只是需要一些投資，讓我們能從現在走到那個目標。

And that investment, it sounds like you’re doing it in the second half of this year. Typically, that may take six, nine months to get the clean room space up and going. So is it safe to say that at some point in calendar 2027, that’s the direction we’re marching to? Did I hear that correctly?

而那個投資，聽起來你們會在今年下半年進行。通常無塵室空間建置到能運作，可能需要六到九個月。所以可以說在 2027 年曆年某個時間點，這就是我們前進的方向嗎？我是否理解正確？

Yeah. I’m not going to guide $3 billion right now. If we get closer to that, maybe I will. What I’ll say is we are gearing ourselves up for a significant 2027.

是的。我現在不會指引 30 億美元。如果我們更接近那個水準，也許我會。我能說的是，我們正在為 2027 年的顯著成長做準備。

Fantastic. Great. No other questions. Thank you.

太棒了。很好。沒有其他問題了。謝謝。

Thank you.

謝謝。

Brian Chin, Stifel.

Brian Chin，Stifel。

Hi there. Good afternoon. Thanks for letting us ask a few questions. Maybe first, back on the supply, maybe can you unpack a little bit more about how you’re executing on that Malaysia manufacturing ramp? And also may be related to this or maybe it’s beyond this, but are you getting mandates from some of your direct OEM customers at this stage to accelerate maybe insourcing and design of certain passive, maybe even active components based on any part shortages that are existing or maybe at risk of emerging across the supply chain?

你好。下午好。謝謝讓我們提幾個問題。也許先回到供應端，能否再多拆解一下你們如何執行馬來西亞製造的爬坡（ramp）？另外，可能與此相關或也許超出這個範圍，但你們目前是否已從一些直接的 OEM 客戶那邊收到指示（mandates），要求加速把某些被動元件、甚至主動元件內製（insourcing）與設計，原因是供應鏈上既有或可能浮現的零組件短缺？

Yeah, Brian, I think those are great questions. What I would say is a couple of things. First and foremost, our Malaysia ramp is going exceptionally well. What I would say for that is there’s a couple of areas where I was concerned of the ramp up for Malaysia. That would be in machining and our welding, both of which have been qualified by both of our major customers. That’s a big win in the quarter. Great progress there.

是的，Brian，我覺得這些問題問得很好。我會說有幾點。首先也是最重要的，我們馬來西亞的爬坡進展非常順利。我會說，馬來西亞爬坡有幾個面向原本是我比較擔心的。包括機加工與焊接，這兩項都已經通過我們兩大主要客戶的認證（qualified）。這是本季的一大勝利。在那方面進展非常好。

What I would say is we talked about it before with Malaysia being a headwind until we fully absorb that factory. That’s one of the major reasons we see the second half of the year. We continue to march to that one point per quarter gross margin increase. A portion of that is Malaysia ramp up, as well as internal supply.

我會說，我們之前談過，在我們完全吸收那座工廠之前，馬來西亞會是一個逆風。這也是我們看好下半年的一個主要原因。我們持續朝著每季毛利率提升 1 個百分點的目標前進。其中一部分來自馬來西亞的爬坡，以及內部供應（internal supply）。

In terms of our customers and what they’re asking from us from an internal supply, I would say the answer is yes. Our customers really want us to bring on additional supply because that’s going to give them the amount of flexibility they need, and that’s exactly what our customers are asking us for.

至於客戶在內部供應方面對我們的要求，我會說答案是肯定的。客戶確實希望我們導入更多供應，因為那會給他們所需的彈性，而這正是客戶對我們的要求。

I would say that in general, the qualifications with our customers in terms of products are going faster than normal, and that’s an indication of theirs risks in the supply chain that they need to de-risk, and we’re offering kind of relief valves for that with our internal supply.

我會說，整體而言，我們與客戶在產品認證方面的進度比平常更快，這反映出他們在供應鏈上有需要去風險（de-risk）的風險點，而我們透過內部供應提供某種「洩壓閥」式的緩解方案。

Great. Appreciate that color. Maybe on the demand side, again, sounds like you’re targeting at least $350 million revenue in the fourth quarter and that 25% at least second half for first half growth. Given your commentary on visibility stretching out, how would you calibrate or describe growth momentum in first half next year relative to second half?

很好。感謝這些補充說明。再談需求端，聽起來你們目標是第四季至少 3.5 億美元營收，以及下半年相對上半年至少成長 25%。考量你們提到能見度正在拉長，你會如何校準或描述明年上半年相對於今年下半年的成長動能？

Yeah. We’ve got a couple of things that are interesting in the first half of 2027 that are going to be additive that we did not see or we’re not going to see in the second half of this year. In particular litho, for example. We see that picking up significantly in the first half. I think it’s a little early to call the first half of next year.

是的。2027 年上半年有幾件有趣的事情會帶來增量（additive），這些是我們在今年下半年看不到、或不會看到的。例如光刻（litho）就是其中之一。我們看到它在上半年會顯著回升。我認為現在要對明年上半年下定論還有點早。

I normally wouldn’t want to guide out six months ahead of time, but what I can tell you is our customers are placing POs out six months ahead, which is abnormal for our customers, as you know. I feel very good about the trajectory of 2027 at this point. I think our customers are given that same level of confidence. I just continue to echo that as well.

一般來說我不太想提前六個月做指引（guide），但我可以告訴你的是，我們的客戶正在提前六個月下採購訂單（PO），如你所知，這對我們的客戶而言並不常見。就目前而言，我對 2027 年的走勢非常有信心。我認為客戶也給出了同等程度的信心。我也會持續重申這一點。

Great. Appreciate the color.

很好。感謝補充說明。

Linda Umwali, D.A. Davidson.

Linda Umwali，D.A. Davidson。

Hi, guys. Thank you for letting us ask questions. My first question was to double-click on demand capacity. I think you said that demand isn’t a constraint anymore and manufacturing is. As we get Malaysia up and running and bring more production in-house, I want to understand how much more room do you have to support customers if demand stays this strong? I don’t know if you mentioned it before, I missed it. Color on that would be great.

嗨，各位。謝謝讓我們提問。我第一個問題想更深入確認需求與產能。我想你提到需求不再是限制因素，製造才是。隨著馬來西亞投產並把更多生產內製，我想了解如果需求維持這麼強，你們還有多少空間可以支援客戶？我不確定你之前是否提過，我可能漏聽了。如果能分享一些細節會很有幫助。

Yeah. One point of clarification. Our manufacturing capacity is not a constraint today. I want to be ultra clear when I say that our manufacturing capacity is at the point or is above where our customers need it to be today, and I would say that I feel comfortable with that.

好的。先澄清一點。我們目前的製造產能不是限制因素。我想非常清楚地說，我們的製造產能已經達到、甚至高於客戶目前所需要的水準，我對此感到放心。

With that said, what we talked about in the prepared remarks was that we are growing. We have the capacity today to do $2 billion within our installed capacity. As we enter into next year, we’re looking at growing capacity up to about $3 billion. That increased capacity, once again, is preparing for growth, and growth beyond what we need today. What I would say is that $3 billion kind of run rate is more than what we have, or more than double what we’re going to need essentially in this year. We have the ability to more than double our size from this year.

話雖如此，我們在事先準備的講稿中提到的是，我們正在成長。以我們現有已安裝的產能（installed capacity），今天就能支撐 20 億美元的規模。進入明年，我們會把產能提升到大約 30 億美元。再次強調，這個新增產能是在為成長做準備，而且是為了超出我們今天所需的成長做準備。我會說，30 億美元這種運行速率（run rate）比我們今年實際需要的還要多，基本上是超過兩倍。我們有能力在今年的基礎上把規模擴大到兩倍以上。

Got it. Thank you for that. Now I want to switch gears to the non-semi business. Could you talk about what’s driving the non-semi business today? Is the growth still mostly commercial space and defense? How should we think about that business in the second half and over the next year?

了解。謝謝你的說明。接著我想把話題轉到非半導體（non-semi）業務。能否談談目前是什麼在驅動非半導體業務？成長是否仍主要來自商業太空與國防？我們應該如何看待下半年以及未來一年的這塊業務？

Yeah, I would say actually the commercial space business this quarter grew significantly, and that it’s continuing to grow into the second half of this year. We did receive an official qualification for a particular part family that’s going to be growing in the second half of the year. We feel really, really good about that trajectory.

是的，我會說其實本季商業太空業務成長顯著，而且在今年下半年仍會持續成長。我們也正式取得某一特定零件系列（part family）的認證，這將在下半年帶動成長。我們對這個走勢感覺非常、非常好。

And we are also unfortunately seeing a little bit of growth in our defense business because of certain activities that are driving that. With that said, I would say that we’re seeing growth in both the commercial space business as well as the aerospace and defense. I would say the commercial space business is pacing by far, or is growing or driving it by far.

另外，很不幸地，我們也因為某些活動的推動，在國防業務上看到一些成長。不過我會說，我們在商業太空以及航太與國防兩方面都看到成長。我會說商業太空業務的節奏明顯更快，或說它是主要的成長驅動力。

Got it. Thank you for your time.

了解。謝謝你撥冗。

Absolutely. Thank you.

當然。謝謝。

Dennis Piachinen, Needham & Company.

Dennis Piachinen，Needham & Company。

Great. Thank you for the opportunity. So I think I have only one question here today, maybe you could provide an update on the internal content roadmap. Maybe provide an update on where you are today and where you expect to be over the next 12 months, and if that’s changed from kind of the last time we spoke, along with perhaps what kind of gross margin improvements we could see as a result. Thank you.

很好。謝謝提供這個機會。我想我今天只有一個問題：能否請你更新一下內部自製含量（internal content）的路線圖？也請更新你們目前的進度，以及未來 12 個月預期會到什麼位置；如果相較於我們上次交流時有任何變化，也請一併說明，並談談因此可能帶來哪些毛利率改善。謝謝。

Yeah. That’s a fantastic question again. What I would say there is, we exited Q2 at around just below our 25% run rate that we exited last year with. As we bring capacity down from Minnesota and into Mexico with our realignment, obviously we purposely took down some capacity. We brought that back up. That’s now up and running. We’re about 25% as we exited the quarter.

是的。這又是一個非常棒的問題。我想說的是，我們在第二季結束時的運行率大約略低於去年結束時的 25%。隨著我們在產能重新配置下，將產能從明尼蘇達轉移到墨西哥，顯然我們是有意地先下調了一些產能。之後我們把它拉回來。現在已經恢復並在運作中。我們在本季結束時大約是 25%。

As we bring up Malaysia and additional capacity within Mexico, we expect to be at a run rate around 30% as we exit this quarter, and around 35% as we exit next quarter. That’s very well in line with what we expected. I would tell you that that’s a large driver for our gross margin increases over the next couple of quarters.

隨著我們在馬來西亞以及墨西哥內部新增產能，我們預期在本季結束時運行率約為 30%，並在下季結束時約為 35%。這與我們的預期非常一致。我會告訴你，這是未來幾季毛利率提升的一個重要驅動因素。

The exciting part to me, more than just the percentage of product that we’re getting in there is the product margin we’re seeing with those. As we’ve moved these parts, we’re seeing significant increases in product margin. While that was expected, I’m really happy with what we’re seeing in terms of kind of realizing those gains as we speak.

對我而言，令人振奮的不只是我們導入的產品占比，而是我們在這些產品上看到的產品毛利。隨著我們把這些零件移轉，我們看到產品毛利顯著提升。雖然這在預期之內，但就目前正在實現這些增益的情況而言，我對我們看到的結果非常滿意。

Yeah, perfect. That’s all that I needed. Thank you very much.

好的，完美。這就是我需要的全部。非常感謝。

Thank you.

謝謝。

Craig Ellis, B. Riley Securities.

Craig Ellis，B. Riley Securities。

Yeah, thanks for taking the questions. I’ll stick with the gross margin theme. Phil, at the beginning of the year, you laid out four factors that could lift gross margins to 15% and were essentially at that level, and you outlined four that could take the business to 20%. Can you just talk about your confidence in getting from 15% to 20% gross margins, the visibility you have, and what specifically you’re focused on executing for this next 500 basis points in expansion?

是的，謝謝讓我提問。我會延續毛利率這個主題。Phil，在年初你提出四個因素可將毛利率提升到 15%，而我們基本上已經達到那個水準；你也概述了四個因素可把業務帶到 20%。你能否談談你對毛利率從 15% 提升到 20% 的信心、你目前的可見度，以及你具體聚焦在執行哪些事項，以完成接下來 500 個基點的擴張？

Yeah. I would say my confidence today is I would say higher than at any given point. Obviously, when you’re planning out these things, everything’s a plan on paper. To see it actually come out in execution is when you start to realize that it’s going to happen. That’s me where I get comfort at this point, because we’re starting to see that in the actual results, right?

是的。我會說我現在的信心比任何時候都更高。顯然，當你在規劃這些事情時，一切都只是紙上計畫。當你看到它在執行中真正落地時，你才會開始意識到它會發生。這就是我此刻感到踏實的原因，因為我們開始在實際結果中看到它，對吧？

As you saw from the last couple of quarters, we outperformed compared to where we thought we were going to be from 100 basis points per quarter execution. We outperformed that. That to me is just a testament to everything that’s going on and all the changes that we’re making, and they’re turning into meaningful results.

如你從過去幾季所見，我們的表現優於原先預期的每季執行 100 個基點。我們超越了那個水準。對我而言，這正是對所有正在進行的事情與我們所做各項改變的證明，而它們正在轉化為有意義的成果。

As you pointed out, we’re at the 15% now, what have you done for me lately? How are you going to get to 20%? Getting to 20%, it’s going to be a lift. We talked a bit about 100 basis points over the next two quarters. So a lot of that’s going to come from parts that we already have qualified that we need to ramp up. A lot of that’s going to come from Malaysia.

如你所指出，我們現在在 15%，那最近你又為我做了什麼？你要如何到 20%？要到 20%，確實需要再拉升。我們談到未來兩季大約再提升 100 個基點。因此，其中很大一部分將來自我們已經完成認證、但需要放量爬坡的零件。其中很大一部分也將來自馬來西亞。

Once again, that’s going to come from the gross margin improvement that we have in those particular products. One thing I do want to highlight that I maybe haven’t said publicly before, we have put out a roadmap that had flow control as a requirement to get to 20%. I would say that I can see a path today, without that.

同樣地，這也將來自那些特定產品的毛利率改善。有一點我想特別強調，可能我之前沒有公開說過：我們曾提出一份路線圖，將流量控制（flow control）列為達到 20% 的必要條件。我會說，以今天來看，即使沒有那個，我也看得到一條可行的路徑。

There’s more than one path to get us to the 20. I think that as revenue continues to grow and our execution of our product strategy continues to continue, I would say that that’s opening up additional paths for us to be successful.

達到 20% 不只一條路。我認為，隨著營收持續成長，以及我們對產品策略的執行持續推進，我會說這正在為我們開啟更多成功的路徑。

That’s really helpful. Thanks for that. And then, there hasn’t been a lot of conversation this call about just the relative strength of different products and how you feel about fulfillment at a product level. Can you talk a little bit more about gas panels, chemical delivery, weldments, et cetera, and where you think the business is in terms of meeting customer demands and your ability to hit higher calls from customers as you go through this year and into next year? Thanks.

這非常有幫助。謝謝你的說明。另外，這通電話中對於不同產品的相對強弱，以及你們在產品層級的交付履約感受，討論不多。你能否多談一些氣體面板（gas panels）、化學品輸送（chemical delivery）、焊接組件（weldments）等等，以及你認為公司在滿足客戶需求、並在今年到明年期間因應客戶更高拉貨需求方面的能力如何？謝謝。

Yeah, I would say that we’re performing, at least in my view, very well for our customers. Our customers, as you know, are a demanding group. With that said, I would say that we are executing to what they need, and I think that’s on all aspects, whether it be chemical delivery, gas delivery, or our weldment business. We are seeing a significant growth in our weldment business, which is part of our business that has been kind of brought down for a period of time.

是的，我會說，至少在我看來，我們對客戶的表現非常好。如你所知，我們的客戶是一群要求很高的客戶。即便如此，我會說我們正在按他們的需求執行，我認為這涵蓋各個面向，無論是化學品輸送、氣體輸送，或是我們的焊接組件業務。我們看到焊接組件業務顯著成長；這是我們業務中曾在一段時間內有所下滑的一部分。

We’re starting to see that pick back up and recover. That feels really good. We have increased our capacity with weldments. One of the areas we got it first was in our weldment business. That’s one area where we’re going to have additional capacity come online as we get to the second half, which I think with a product mix.

我們開始看到它回升並復甦。這讓人感覺非常好。我們已提升焊接組件的產能。我們最先提升產能的領域之一就是焊接組件業務。這也是我們在進入下半年時會有額外產能上線的領域之一，我認為這將有助於產品組合。

Thank you.

謝謝。

This now concludes our question and answer session. I would like to turn the floor back over to Phil Barros for closing comments.

現在問答環節到此結束。我想把時間交回給 Phil Barros 作結語。

Yeah. Thank you, operator, thank you everyone for joining our call today. I want to once again thank our employees who are taking on this ramp of strategic transformation all at the same time. I have complete faith in this team’s ability to execute. I’m more proud to be leading along this journey.

是的。謝謝主持人，也謝謝各位今天參與我們的電話會議。我想再次感謝我們的員工，他們同時承擔這一波策略轉型的爬坡。我對這個團隊的執行能力充滿信心。能在這段旅程中帶領大家，我感到更加自豪。

You can feel the momentum, the energy at our core. I look forward to our next update, our Q3 call in November. In the meantime, please reach out to Claire to arrange any follow-up requests for meetings. Operator, you may conclude the call.

你能感受到我們核心的動能與能量。我期待下一次更新，也就是 11 月的第三季電話會議。在此期間，如需安排任何後續會議需求，請聯繫 Claire。主持人，您可以結束本次電話會議。

Ladies and gentlemen, thank you for your participation. This does conclude today’s teleconference. You may disconnect your lines and have a wonderful day.

各位女士、先生，感謝您的參與。今天的電話會議到此結束。您可以掛斷電話，祝您有美好的一天。