indie Semiconductor Inc (INDI) 2025 Q2 法說會逐字稿

Ladies and gentlemen, greetings, and welcome to indie Semiconductor second quarter 2025 earnings conference call. (Operator Instructions) As a reminder, this conference is being recorded.

女士們，先生們，大家好，歡迎參加獨立半導體 2025 年第二季財報電話會議。（操作員指示）提醒一下，本次會議正在錄音。

It is now my pleasure to introduce your host, Mr. Ashish Gupta from ICR. Please go ahead.

現在我很高興介紹您的主持人，來自 ICR 的 Ashish Gupta 先生。請繼續。

Thank you, operator. Good afternoon, and welcome to indie Semiconductor's second quarter 2025 earnings call. Joining me today are Donald McClymont, indie's CEO; and Mark Tyndall, Head of Corporate Development and Investor Relations.

謝謝您，接線生。下午好，歡迎參加獨立半導體 2025 年第二季財報電話會議。今天與我一起出席的還有 indie 執行長唐納德·麥克萊蒙特 (Donald McClymont) 和企業發展與投資者關係主管馬克·廷德爾 (Mark Tyndall)。

In addition, given the strong investor interest in our foray into photonics and quantum opportunities, I'm pleased to have Mathieu Drolet, Executive Vice President of our Photonics business unit, joining us today as a special guest to address any questions you may have on this exciting sector.

此外，鑑於投資者對我們進軍光子學和量子領域的濃厚興趣，我很高興邀請到我們光子學業務部門的執行副總裁 Mathieu Drolet 作為特邀嘉賓加入我們，解答您對這個令人興奮的領域的任何問題。

Donald will provide opening remarks and discuss business highlights. Mark will then provide a review of indie's Q2 results and Q3 outlook. Please note that we will be making forward-looking statements based on current expectations and assumptions, which are subject to risks and uncertainties.

唐納德將致開幕詞並討論業務亮點。隨後，馬克將對獨立公司第二季的業績和第三季的展望進行回顧。請注意，我們將根據目前的預期和假設做出前瞻性陳述，這些陳述受風險和不確定性的影響。

These statements reflect our views only as of today and should not be relied upon as representative of our views as of any subsequent date. These statements are subject to a variety of risks and uncertainties that could cause actual results to differ materially from expectations.

這些聲明僅反映我們截至今天的觀點，不應被視為代表我們此後任何日期的觀點。這些聲明受到各種風險和不確定性的影響，可能導致實際結果與預期有重大差異。

For material risks and other important factors that could affect our financial results, please review our risk factors and our annual report on Form 10-K for the fiscal year ended December 31, 2024, as well as other public reports filed with the SEC.

對於可能影響我們財務表現的重大風險和其他重要因素，請查看我們的風險因素和截至 2024 年 12 月 31 日的財政年度的 10-K 表年度報告，以及向美國證券交易委員會提交的其他公開報告。

Finally, the results and guidance discussed today are based on consolidated non-GAAP financial measures such as non-GAAP gross margin, non-GAAP operating loss, non-GAAP net loss and non-GAAP net loss per share. For a complete reconciliation to GAAP and the definition of the non-GAAP reconciling items, please see our Q2 earnings press release, which was issued in advance of this call and can be found on our website at www.indie.inc.

最後，今天討論的結果和指導是基於合併非公認會計準則財務指標，例如非公認會計準則毛利率、非公認會計準則營業虧損、非公認會計準則淨虧損和非公認會計準則每股淨虧損。有關與 GAAP 的完整對帳以及非 GAAP 對帳項目的定義，請參閱我們在本次電話會議之前發布的第二季度收益新聞稿，可在我們的網站 www.indie.inc 上找到。

I'll now turn the call over to Donald.

我現在將電話轉給唐納德。

Thanks, Ashish, and welcome, everybody. I'll begin by reviewing our financial performance within the context of the overall automotive market before discussing indie's key business achievements in the quarter.

謝謝，Ashish，歡迎大家。在討論本季獨立公司的主要業務成就之前，我將首先回顧我們在整個汽車市場的財務表現。

During the second quarter, indie achieved total revenue of $51.6 million, above the midpoint of our outlook, representing a solid performance given the challenging automotive market conditions we are experiencing. Starting with market dynamics. Automotive market analysts have become tangentially more optimistic, including S&P Global Mobility, we recently raised forecast for global light vehicle sales across all regions, including the US, China and Europe, now expecting modestly positive growth for 2025 compared to 2024.

在第二季度，Indie 的總收入達到了 5,160 萬美元，高於我們預期的中點，考慮到我們所經歷的充滿挑戰的汽車市場環境，這代表著穩健的表現。從市場動態開始。汽車市場分析師變得更加樂觀，包括標準普爾全球行動通訊公司 (S&P Global Mobility)，我們最近提高了對包括美國、中國和歐洲在內的所有地區的全球輕型汽車銷量預測，目前預計 2025 年與 2024 年相比將出現小幅正增長。

Underlying demand has strengthened despite continued macroeconomic uncertainties. Regarding trade policy impacts, US trade policies to date have had minimal direct impact on our business. Our globally diversified supply chain of foundry and packaging partners provides significant resilience against policy shifts as our manufacturing is primarily based in regions strategically aligned to our customers locations.

儘管宏觀經濟不確定性持續存在，但潛在需求已增強。關於貿易政策的影響，迄今為止，美國貿易政策對我們的業務的直接影響很小。我們的全球多元化代工和封裝合作夥伴供應鏈能夠顯著抵禦政策變化，因為我們的製造主要位於與客戶所在地策略一致的地區。

Despite the ongoing uncertainty from policy volatility, which continues to create hesitation in the OEM decision-making, our key projects remain on track. 2025 is proving to be a transitional year for indie as we introduce new products, customers ramp our solutions across multiple ADAS sensing and user experience applications, while we expand into adjacent industrial markets.

儘管政策波動帶來的不確定性持續存在，繼續導致 OEM 決策猶豫不決，但我們的重點項目仍在按計劃進行。事實證明，2025 年對獨立公司來說是一個過渡年，因為我們將推出新產品，客戶將在多個 ADAS 感測和用戶體驗應用中推廣我們的解決方案，同時我們將擴展到相鄰的工業市場。

Despite the challenging automotive backdrop, we continue to secure new design wins across a global customer base, leveraging our highly differentiated and innovative technologies. Notably, radar and several key vision design wins previously communicated are poised to begin production in late '25 and through '26.

儘管汽車產業面臨挑戰，我們仍憑藉著高度差異化的創新技術，在全球客戶群中不斷贏得新的設計勝利。值得注意的是，先前溝通過的雷達和幾項關鍵視覺設計勝利預計將於 25 年底至 26 年開始生產。

Let me now turn to our business progress and key achievements during the second quarter. I want to stress that momentum in ADAS is strong and is the major long-term focus for indie, especially after our recent restructuring. It will be the core driver of our future growth.

現在我來談談我們第二季的業務進展和主要成就。我想強調的是，ADAS 的發展勢頭強勁，並且是獨立公司的長期主要關注點，尤其是在我們最近的重組之後。這將成為我們未來成長的核心動力。

Today, our R&D investment is primarily focused on our key radar and vision programs. Our differentiated engineering expertise in analog and mixed-signal design, combined with world-leading in-house algorithmic capabilities, uniquely separates us from our peers, enabling a best-in-class product portfolio that spans all ADAS sensing mobilities, including both radar and vision.

今天，我們的研發投資主要集中在我們的關鍵雷達和視覺項目。我們在模擬和混合訊號設計方面的差異化工程專業知識，結合世界領先的內部演算法能力，使我們在同行中脫穎而出，打造出涵蓋所有 ADAS 感測移動性（包括雷達和視覺）的最佳產品組合。

First, our flagship 77 gigahertz radar chipset continues to achieve more milestones and is receiving excellent feedback from our lead Tier 1 customer as we near production ramp. Our full custom solution will be adopted by multiple OEMs across several key geographic regions.

首先，我們的旗艦 77 千兆赫雷達晶片組繼續實現更多里程碑，並且在我們接近量產時獲得了來自主要一級客戶的良好反饋。我們的完全客製化解決方案將被多個主要地理區域的多家 OEM 採用。

Results from actual road testing are demonstrating not only compliance with key performance specifications, but additionally are providing paradigm-changing application capabilities together with economic benefit as compared to the performance of current competitor products on the market today.

實際道路測試的結果不僅顯示符合關鍵性能規格，而且與目前市場上競爭產品的性能相比，還提供了範式改變的應用能力以及經濟效益。

During the second quarter, we continued to build momentum for our vision portfolio, featuring our best-in-class proprietary image signal processing and our latest iND880 processor. Notably, in less than one year from sampling, the processor will enter production at a leading Chinese OEM for a camera monitoring system. This exemplifies the rapid design into production cycles achievable in the Chinese market.

在第二季度，我們繼續為我們的視覺產品組合打造動力，其中包括我們一流的專有影像訊號處理和我們最新的 iND880 處理器。值得注意的是，從樣品發佈到現在不到一年的時間，該處理器將在中國一家領先的 OEM 廠商中投入生產，用於攝影機監控系統。這體現了中國市場可以實現快速的設計到生產週期。

We also secured an additional design win for an occupancy monitoring system at a different leading Chinese OEM with both customers considered prominent players in China's electric vehicle market. Beyond automotive, as I mentioned previously, we are also targeting adjacent industrial markets around mobility that have high development synergies with our automotive products.

我們還贏得了另一家領先的中國原始設備製造商的乘員監測系統額外設計訂單，這兩家客戶都被視為中國電動車市場的傑出參與者。除了汽車之外，正如我之前提到的，我們還瞄準了與我們的汽車產品具有高度發展協同效應的移動性相鄰工業市場。

For vision, I'm pleased to report our first success with the iND880-powered cameras now shipping in humanoid robots. iND880 is an ideal choice for image signal processing in such systems, requiring multiple cameras and extremely low latency and again, an exciting new opportunity in an emerging market to drive growth.

在視覺方面，我很高興地宣布，搭載 iND880 的攝影機首次應用於人形機器人，並取得了成功。 iND880 是此類系統中影像訊號處理的理想選擇，特別適用於需要多攝影機和極低延遲的系統，這在新興市場中是一個令人興奮的成長機會。

The momentum continues for our in-cabin user experience products. During the quarter, we secured several notable design wins in wireless charging. In Japan, we were awarded a design-win at a major OEM through our Tier 1 partner, Hosiden. Additionally, in India, Mahindra continues to adopt our wireless charging technology for new model upgrades across multiple platforms in addition to VW Skoda starting production during the last quarter.

我們的車內用戶體驗產品持續保持強勁發展勢頭。本季度，我們在無線充電領域取得了幾項顯著的設計勝利。在日本，我們透過一級合作夥伴 Hosiden 贏得了一家大型 OEM 的設計合約。此外，在印度，除了上個季度開始生產的大眾斯柯達外，馬恆達還繼續採用我們的無線充電技術來升級多個平台的新車型。

As I've highlighted recently, we see growing applications for our existing products in automotive adjacent segments, particularly in the industrial sector. I already mentioned robotics, a second area is quantum. I'm excited to report that our newly formed Photonics group has already secured notable design wins with emerging players for our high-performance LXM-U laser, particularly in the area of quantum communications.

正如我最近強調的那樣，我們看到現有產品在汽車相關領域的應用越來越廣泛，特別是在工業領域。我已經提到了機器人技術，第二個領域是量子。我很高興地報告，我們新成立的光子學小組已經與新興企業就我們的高性能 LXM-U 雷射器贏得了顯著的設計勝利，特別是在量子通訊領域。

Commercial Quantum e-distribution or QKD systems are being launched right now and their deployment is accelerating. A key ingredient of QKD performance is the quality of the optical system. Lower noise translates into longer range, breaking through an important barrier to the wider adoption of quantum secure communication systems. We deliver a 10x noise improvement versus our competitors in this space.

商業量子電子分發或 QKD 系統目前正在推出，其部署正在加速。QKD 性能的關鍵因素是光學系統的品質。更低的噪音意味著更長的傳輸範圍，突破了量子安全通訊系統更廣泛應用的一個重要障礙。與該領域的競爭對手相比，我們的噪音改善幅度達到了 10 倍。

It's strategically important to be adopted by players at the forefront of developing -- development in an emerging market as we position indie to be the default supplier once high volume is reached. The ASPs and gross margins are proving to be highly attractive in this segment, and we expect the market size for photonics and quantum communications to exceed $2.5 billion by 2030.

一旦達到高銷量，我們就會將獨立廠商定位為預設供應商，因此，被新興市場中處於發展前沿的參與者採用具有重要的策略意義。事實證明，該領域的平均銷售價格和毛利率極具吸引力，我們預計到 2030 年光子學和量子通訊的市場規模將超過 25 億美元。

As a reminder, the Photonics business unit also develops photonic solutions for applications, including automotive LiDAR and heads-up displays. While we expect automotive sentiment to remain volatile, when you look past the near-term noise, we continue to forecast that vehicle semiconductor content will grow beyond today's average of $1,000 per vehicle and ADAS remains central to this growth, propelled by global safety regulation and self-driving demands, uniquely positioning indie as a leading and focused supplier of compelling differentiated solutions to address these transformative automotive megatrends.

需要提醒的是，光子業務部門也為汽車光達和平視顯示器等應用開發光子解決方案。雖然我們預計汽車市場情緒仍將波動，但當你拋開短期噪音時，我們仍然預測汽車半導體內容將超過目前每輛車 1,000 美元的平均水平，而 ADAS 仍然是這一增長的核心，受全球安全法規和自動駕駛需求的推動，Indie 的獨特定位使其成為領先且專注的供應商，提供引人注目的差異化解決方案來應對這些大趨勢。

I'll now turn the call over to Mark for a review of our Q2 and Q3 outlook.

現在我將把電話轉給馬克，讓他回顧我們第二季和第三季的展望。

Thank you, Donald, and good afternoon, everyone. indie's second quarter revenue was $51.6 million with non-GAAP gross margin of 49.1%, both above the midpoint of our outlook. Non-GAAP operating expenses totaled $39.9 million, consistent with our outlook.

謝謝唐納德，大家下午好。 Indie 第二季的營收為 5,160 萬美元，非 GAAP 毛利率為 49.1%，均高於我們預期的中點。非公認會計準則營運費用總計 3,990 萬美元，與我們的預期一致。

As a result, our second quarter non-GAAP operating loss was $14.5 million compared to $17.2 million from a year ago, demonstrating our continued progress towards achieving profitability. With net interest expense of $1.6 million, our net loss was $16.2 million and loss per share was $0.08 on a base of 215.3 million shares.

因此，我們第二季的非公認會計準則營業虧損為 1,450 萬美元，而去年同期為 1,720 萬美元，這表明我們在實現盈利方面繼續取得進展。淨利息支出為 160 萬美元，我們的淨虧損為 1,620 萬美元，每股虧損為 0.08 美元（以 2.153 億股計算）。

Turning to the balance sheet. We exited the quarter with total cash, including restricted cash of $202.9 million, down from $246.9 million in the first quarter. $26.8 million of this cash usage was used to repurchase [$30 million] principal of our 2027 convertible notes at an attractive discount, while an additional $1.3 million of cash was used for the restructuring measures executed during the quarter.

轉向資產負債表。本季結束時，我們的總現金（包括受限現金）為 2.029 億美元，低於第一季的 2.469 億美元。其中 2,680 萬美元用於以極具吸引力的折扣回購 2027 年可轉換票據的本金（3,000 萬美元），另外 130 萬美元現金用於本季度執行的重組措施。

Excluding these two events, actual cash usage, including CapEx and semiannual interest payment for the outstanding notes declined from the prior quarter to $16 million, demonstrating improved operating efficiency and benefits from working capital optimization, two areas where we strongly focus today.

除這兩項事件外，實際現金使用量（包括資本支出和未償還票據的半年利息支付）較上一季度下降至 1,600 萬美元，這表明營運效率提高和營運資本優化帶來的好處，這是我們今天重點關注的兩個領域。

Additionally, as disclosed in the May 19 8-K filing, we entered into a nonbinding agreement with United States Auto Engineering, or UFA, for the sale of our 34% stake in our partially owned Chinese subsidiary. We have continued discussions with UFA and other interested parties and any cash proceeds will be used to further optimize our cash structure.

此外，正如 5 月 19 日的 8-K 文件所披露的那樣，我們與美國汽車工程公司（UFA）達成了一項非約束性協議，出售我們在部分控股的中國子公司的 34% 股份。我們將繼續與 UFA 和其他相關方進行討論，任何現金收益都將用於進一步優化我們的現金結構。

However, with the recent regulatory changes around new public offerings for technology companies in China, we may also explore the possibility of an IPO of our joint venture, which could potentially yield an even higher return for our holdings.

然而，隨著中國近期針對科技公司新公開募股的監管變化，我們也可能會探索合資企業首次公開募股的可能性，這可能為我們的持股帶來更高的回報。

Moving to our outlook. For the third quarter of 2025, we expect to grow and deliver revenue within the range of $52 million to $56 million or $54 million at the midpoint, an attractive growth over the prior quarter. Based on the anticipated product mix, we expect our non-GAAP gross margin to be in the range of 49% to 50% for the third quarter of 2025 with our reduced OpEx of approximately $38 million.

轉向我們的展望。對於 2025 年第三季度，我們預計營收將成長至 5,200 萬美元至 5,600 萬美元之間，中間值為 5,400 萬美元，與上一季相比有顯著成長。根據預期的產品組合，我們預計 2025 年第三季的非 GAAP 毛利率將在 49% 至 50% 之間，營運支出將減少約 3,800 萬美元。

Below the line, we expect net interest expense of approximately $1.9 million with no tax expenses. Assuming the midpoint of the revenue ranges and with a base of 219.1 million shares, we expect a $0.06 net loss per share, an improvement of $0.02 sequentially.

在此線之下，我們預計淨利息支出約為 190 萬美元，且無稅費。假設營收範圍的中點，並以 2.191 億股為基數，我們預期每股淨虧損 0.06 美元，比上一季改善 0.02 美元。

As mentioned in our last earnings call, we began execution of certain targeted initiatives aimed at reducing operating expenses and accelerating our path to profitability. I'm pleased to report that we remain on track.

正如我們在上次財報電話會議上提到的那樣，我們開始實施某些有針對性的舉措，旨在降低營運費用並加快獲利進程。我很高興地報告，我們仍在按計劃進行。

Progress in Q2 has been encouraging and is consistent with our communicated targets. We continue to expect to achieve our stated objectives of $8 million to $10 million in quarterly savings within the indie's anticipated time frame. This reflects strong execution across the organization and continued commitment to operational discipline and long-term value creation.

第二季的進展令人鼓舞，與我們傳達的目標一致。我們仍然期望在獨立公司預期的時間範圍內實現每季節省 800 萬至 1000 萬美元的既定目標。這反映了整個組織的強大執行力以及對營運紀律和長期價值創造的持續承諾。

Finally, today, we are very excited to announce the signing of the strategic acquisition of emotion3D. This represents our first acquisition in nearly 18 months. The company is located in Vienna, Austria and a leader in perception software, targeting automotive vision, applications such as OMS and DMS within the cabin and external applications, including forward vision sensing.

最後，今天，我們非常高興地宣布簽署emotion3D的策略性收購協議。這是我們近18個月以來的首次收購。該公司位於奧地利維也納，是感知軟體領域的領導者，主要針對汽車視覺、車廂內的 OMS 和 DMS 等應用以及前視感知等外部應用。

Their technology is already in the early stage of adoption with Tier 1 customers and perfectly complements our family of vision processors. This will allow us to realize software royalties in addition to our chip sales, which will have a meaningful positive gross margin impact across our ADAS product range.

他們的技術已經處於一級客戶採用的早期階段，並且完美地補充了我們的視覺處理器系列。這將使我們能夠在晶片銷售之外獲得軟體使用費，這將對我們的 ADAS 產品系列產生有意義的正面毛利率影響。

This actually aligns exactly with our strategy and is supported by the desire of key Tier 1 partners to collaborate with indie on the semiconductor side and emotion3D for software. The consideration paid at closing will be $20 million in cash with a potential earn-out of $10 million in cash or stock at our discretion over approximately an 18-month period.

這實際上與我們的策略完全一致，並且得到了主要一級合作夥伴的支持，他們希望在半導體方面與獨立公司合作，在軟體方面與 emotion3D 合作。交易結束時支付的對價為 2000 萬美元現金，在約 18 個月的時間內，我們可能以現金或股票支付 1000 萬美元。

Finally, from a financial perspective, with our strong focus on operating expenses, further optimization of our capital structure and our solid balance sheet, indie is well positioned to continue developing differentiated products for the automotive, ADAS and adjacent industrial markets. This balanced approach will support our return to strong and profitable growth as design wins ramp through 2025 and beyond.

最後，從財務角度來看，由於我們高度重視營運費用、進一步優化資本結構以及穩健的資產負債表，indie 已做好準備，繼續為汽車、ADAS 和鄰近工業市場開發差異化產品。隨著設計勝利在 2025 年及以後的不斷增加，這種平衡的方法將支持我們恢復強勁且盈利的成長。

With that, I'll turn the call back to Donald for closing remarks.

說完這些，我將把電話轉回給唐納德，請他作最後發言。

Thank you, Mark. Our core business is solid and growing. Radar and vision programs remain on track and the fundamental trend of increasing semiconductor content in vehicles continues unabated.

謝謝你，馬克。我們的核心業務穩固且不斷成長。雷達和視覺項目仍在按計劃進行，車輛中半導體含量增加的基本趨勢有增無減。

With the addition of new high-growth markets like quantum and robotics, indie's technology leadership and expanding product portfolio ensure we are well positioned to drive continued growth. No other semiconductor company has a product portfolio as comprehensive as indie's to meet the diverse needs of these markets. That concludes our prepared remarks.

隨著量子和機器人等新興高成長市場的加入，indie 的技術領導地位和不斷擴大的產品組合確保我們能夠推動持續成長。沒有其他半導體公司擁有像 Indie 一樣全面的產品組合來滿足這些市場的多樣化需求。我們的準備好的演講到此結束。

Operator, please open the line for questions.

接線員，請打開熱線來回答問題。

Thank you. Ladies and gentlemen, we will now begin the question and answer session. (Operator Instructions)

謝謝。女士們、先生們，我們現在開始問答環節。（操作員指示）

Suji Desilva, Roth Capital Partners.

蘇吉‧德席爾瓦 (Suji Desilva)，羅斯資本合夥人。

Hi Donald. Hi Mark. Congrats on the progress here. The [emotion] acquisition, curious on that. Is this the first instance of software licensing revenue for indie or have there been instances of that in the past? Just understanding if this is now an element of the model that's coming in incrementally in terms of revenue margin?

你好，唐納德。你好，馬克。恭喜你在這裡的進展。[情感] 的獲得，對此很好奇。這是獨立軟體開發商首次透過軟體授權獲得收入嗎？或是以前有過這樣的案例嗎？只是了解這是否是現在模型中收入利潤率逐步增加的元素？

Yeah. This is really the first major ingression into generating a meaningful, licensing stream from the software that runs on our processors. We have made money from software deployments in the past, but it's been mostly in the form of license fees and support fees. This really does change the model in terms of us building up or taking a share of the incremental software license fees that run on top of the processors that we make today.

是的。這實際上是第一次從我們的處理器上運行的軟體中產生有意義的許可流的重大嘗試。我們過去曾從軟體部署中賺過錢，但主要都是授權費和支援費。就我們建立或分享在我們今天製造的處理器上運行的增量軟體授權費用而言，這確實改變了我們的模式。

Excellent. That's great to hear. Also, I guess I can ask about photonics here. I mean, what are the type of customers your divisions engaged with? There are quantum computing companies out there and maybe emerging quantum comms companies, but curious what kind of customers have already started to talk to you about your products?

出色的。聽到這個消息真是太好了。另外，我想我可以在這裡詢問有關光子學的問題。我的意思是，您的部門面向哪些類型的客戶？目前已經有量子運算公司，也許還有新興的量子通訊公司，但好奇的是，哪些類型的客戶已經開始與您談論您的產品？

Yeah. I mean it's all of the above. We've seen the greatest interest initially in quantum communications for the quantum key distribution, and we have many active engagements going in that space, also which have already generated some revenue. The same goes for quantum compute applications with five of the six techniques that can be used to make quantum computers relying heavily on optical components, all of which we're able to supply.

是的。我的意思是以上皆是。我們最初看到人們對量子金鑰分發的量子通訊產生了最大的興趣，並且我們在該領域開展了許多積極的工作，並且已經產生了一些收入。量子計算應用也是如此，可用於製造量子電腦的六種技術中有五種嚴重依賴光學元件，而所有這些元件我們都能夠提供。

Okay great. Thanks I'll pass it along.

好的，太好了。謝謝，我會傳達的。

Ross Seymore, Deutsche Bank.

德意志銀行的羅斯·西摩。

Hi guys, thanks for my last question. Don, I want to start with you with any further updates you could have on the radar and the vision design wins. You talked about some of the stuff ramping late this year. I know it's going to be more so next year as far as the dollars go. But especially on the radar side of things, any sort of more details on the magnitude of that ramp? And if it's being impacted in any way by the tariffs and macro uncertainty?

大家好，謝謝我的最後一個問題。唐，首先我想和你談談關於雷達和視覺設計勝利的任何進一步更新。您談到了今年稍後將要推出的一些產品。我知道就美元而言明年的情況會更加如此。但特別是在雷達方面，有沒有更多關於斜坡幅度的細節？它是否會受到關稅和宏觀不確定性的影響？

Well, we're taking the last one first. The larger share of where we would ship radar components is outside the US. There are some cases where it would cross into that border, but it's relatively limited. In terms of the magnitude of this, remember, these products are high ASP and they are typically going to be [4] per car. So we should easily be in the sort of $25 to $30 range of ASP per car that's shipped.

好吧，我們先討論最後一個。我們運送雷達部件的大部分目的地都在美國境外。在某些情況下，它會跨越邊界，但相對有限。就其數量級而言，請記住，這些產品的平均售價很高，通常每輛車的價格為 [4]。因此，我們每輛運輸汽車的平均售價應該很容易達到 25 至 30 美元的水平。

So the ramp could go significantly quickly. And the lead customer that we have who is facilitating the drop into the market is well positioned in that space and has a large market share. So we -- without being too specific about it, we think it can be extremely large.

因此坡度可以進展得非常快。我們擁有的推動市場進入的領先客戶在該領域佔據有利地位，並擁有很大的市場份額。因此，我們——雖然不太具體，但我們認為它可能非常大。

I guess as my follow-up, the number of adjacencies you're talking about, is the go-to-market sufficiently similar that you don't have to really invest in the sales channel side? I'm just trying to balance the attractive use of spreading the technology to adjacent markets on one hand, but then your ability to manage the OpEx, hit breakeven, all those sorts of things while trying to go to different markets.

我想作為我的後續問題，您談論的鄰接數量是否足夠相似，以至於您不必真正投資於銷售管道？我只是試圖在將技術推廣到鄰近市場的吸引力與在進入不同市場時管理營運支出、實現收支平衡等所有這類事情的能力之間取得平衡。

Yeah. I mean we don't anticipate a significant increase in the OpEx because of that. In this case, we're pretty much all set with what we have. I mean you're talking about quantum really rather than radar, right?

是的。我的意思是，我們預期營運支出不會因此大幅增加。在這種情況下，我們基本上已經準備好了一切。我的意思是你實際上談論的是量子而不是雷達，對嗎？

Yes.

是的。

Yeah, we're all set in that space. I mean it's kind of a rifle shot market at this point. So we can handle it with very limited OpEx increase.

是的，我們都已準備好了。我的意思是，現在它就像是一個步槍射擊市場。因此我們可以在營運支出增加非常有限的情況下處理這個問題。

Got it. Thank you.

知道了。謝謝。

Cody Acree, The Benchmark Company.

科迪·阿克里（Cody Acree），基準公司。

Yeah, thanks guys, and congrats on the progress. Maybe if we can go back to Ross' question. Can you just talk about -- just remind us the number of radar and machine vision programs you expect to ramp in Q4 and then how that looks through '26? And I guess, what's giving you the confidence that these programs are finally going to begin here at the end of the year?

是的，謝謝大家，並祝賀你們的進展。也許我們可以回到羅斯的問題。您能否簡單談談——請提醒我們您預計在第四季度增加的雷達和機器視覺項目的數量，以及到 26 年的情況如何？我想，是什麼讓您有信心這些計畫最終將在年底開始實施？

Well, there are multiple. I don't believe that we actually put a number of programs on that in the past specifically. But we don't depend on all of them. There are multiple programs which can ramp and provide an even greater ramp-up profile to what we're committing to in the numbers right now. The confidence is really just linear execution from our stellar team and also from our customers great teams who are building these things into their products and beginning to put them out into the market.

嗯，有多個。我不認為我們過去確實在這方面實施過很多計劃。但我們並不依賴所有這些。有多個項目可以提升我們目前承諾的數字，並提供更大的提升概況。這種信心實際上只是我們優秀團隊的線性執行，也是我們客戶優秀團隊的線性執行，他們正在將這些東西融入他們的產品中並開始將其推向市場。

We do see trickle orders of the first products, particularly in the vision space already going out the door. So it's just -- we cross every hurdle and every milestone as we come to it. And I would say, tangentially versus last quarter, maybe we're even a little bit ahead of where we thought we'd be at this time.

我們確實看到了第一批產品的訂單逐漸增多，尤其是視覺領域的產品。所以，我們只是跨越了遇到的每一個障礙和每一個里程碑。我想說的是，與上一季相比，我們可能甚至比當時預想的還要領先一點。

Excellent, thank you for that. And then on the emotion3D acquisition, so am I to understand that this is going to be a separate licensing stream going forward? Or does this software get integrated on chip and become a feature that you're additionally selling or just giving away into your product or is this a long-term different licensing model?

非常好，謝謝你。然後關於 emotion3D 收購，我是否可以理解為這將是未來單獨的許可流？或者這個軟體是否整合在晶片上並成為您額外銷售或免費提供的產品功能，或者這是一個長期不同的授權模式？

I mean we will run them on our chips, and we will sell them alongside each other, but we don't intend to give them away. There's a very vibrant market for software right now, and it's generating, in some cases, more licensing fees than the hardware that they're running on. So we absolutely intend to drive it into, perhaps not a different business model as such because we call them the same customers and sell the two products to them at the same time. But certainly, we'll be driving a pricing model, which preserves the value of the company we just bought.

我的意思是我們會在我們的晶片上運行它們，並且我們會將它們一起出售，但我們不打算免費贈送它們。目前軟體市場非常活躍，在某些情況下，其授權費用甚至比運行軟體的硬體費用還要高。因此，我們絕對打算將其推向也許不是不同的商業模式，因為我們稱他們為相同的客戶並同時向他們銷售這兩種產品。但可以肯定的是，我們將推行定價模式，以保留我們剛剛收購的公司的價值。

And any help on the amount of revenue you expect in this?

您預計這會帶來多少收入？

Little too early to tell. They're quite small right now. They have some very good wins. We were nudged in that direction, of course, by our customers because they saw that the technology they were providing was really the best that they could get access to in the market. But if you assume the sort of number of sockets that we're likely to ship in our hardware, then this will generate multiple dollars per instance for every either hardware socket or software stand-alone that we ship into the market.

現在說還太早。現在它們還很小。他們取得了一些非常出色的勝利。當然，我們的客戶也推動了我們朝這個方向發展，因為他們認為他們提供的技術確實是他們在市場上可以獲得的最好的技術。但是，如果您假設我們可能在硬體中運送的插座數量，那麼我們運送到市場的每個硬體插座或軟體獨立件都會產生多美元的收入。

All right, thank you guys.

好的，謝謝大家。

Anthony Stoss, Craig-Hallum.

安東尼·斯托斯、克雷格·哈勒姆。

Thanks. Donald, two for you, and then I have a follow-up for Mathieu. Donald, if you wouldn't mind, can you just give us an update on both Bosch and Ficosa timing, et cetera? And then I haven't heard much on the CFO hunt. And then again, I have a follow-up for Mathieu.

謝謝。唐納德，有兩個問題想問你，然後我要跟馬修問一個後續問題。唐納德，如果您不介意的話，您能否向我們提供有關博世和 Ficosa 時間安排等方面的最新信息？然後我還沒有聽到太多關於尋找財務長的消息。再次，我要跟進一下 Mathieu 的情況。

Yeah. I mean the programs that we're depending on are all on track. Bosch is at the point now where we're beginning to see trickle orders coming in from those guys, for those programs. Ficosa remains a little bit delayed as it was in the case when we reported last quarter. CFO search is ongoing.

是的。我的意思是，我們所依賴的專案都在按計劃進行。博世現在正處於這樣的階段：我們開始看到來自這些人的針對這些項目的零星訂單。正如我們上個季度報告的情況一樣，Ficosa 仍然有點延遲。財務長搜尋正在進行中。

Nothing to report yet. We have excellent finance department who are running without breaking sweat at this point and making sure that all the gears keep running inside the corporation. But we'll keep you posted when we have something to say about that.

尚無任何可報告。我們擁有優秀的財務部門，他們現在正在不辭辛勞地工作，確保公司內部的所有機器正常運作。但當我們有話要說時，我們會及時通知您。

Got it. And then as a follow-up for Mathieu. Nice to have you on the call. I understand the initial lasers can do the communication side, but is there a road map or can you do the compute side? And then also, my understanding is you guys are production constrained right now. What can you do to kind of ease that and get scale and get production really ramped up?

知道了。然後作為 Mathieu 的後續行動。很高興您接聽電話。我知道最初的雷射可以用於通訊方面，但是有沒有路線圖或可以用於計算方面？而且，我的理解是，你們目前的生產受到限制。您可以採取哪些措施來緩解這種情況並擴大規模並真正提高產量？

Yes. Indeed, right now, the most traction we have is really in the Quantum communication with our LXM product. And as Donald mentioned, we are positioned across multiple quantum implementation approaches, including quantum computing. And actually, our LXM is -- can be used for quantum computing for very specific applications where the quantum bit needs to be generated with [photon]. And one of the advantage of the LXM for the quantum computing is that it is intrinsically low noise.

是的。事實上，目前，我們最大的吸引力在於利用 LXM 產品進行量子通訊。正如唐納德所提到的，我們定位於多種量子實作方法，包括量子計算。實際上，我們的 LXM 可以用於量子計算，適用於需要產生量子位元的非常特殊的應用[光子]。LXM 對於量子運算的優點之一就是其本質上雜訊較低。

So it means that it can be -- the chip itself can be easily co-packaged and integrated with other photonic components, which is an advantage for scalability and cost efficiency.

所以這意味著晶片本身可以輕鬆地與其他光子元件共同封裝和集成，這對於可擴展性和成本效率來說是一個優勢。

And then just on the production expansion, I know you guys are kind of sold out right now, but how can you -- how quickly can you add production?

然後就生產擴張而言，我知道你們現在的產品已經銷售一空，但是你們如何能夠——能夠多快地增加產量？

Actually, all the proposed product that we have for quantum areas are already existing products actually with some existing capacity. So we are -- we can ramp up the production as needed, I would say, yeah.

實際上，我們針對量子領域提出的所有產品都是已經存在的產品，並且具有一定的現有容量。所以我們可以根據需要提高產量，我想說，是的。

Thank you.

謝謝。

Craig Ellis, B. Riley Securities.

克雷格·艾利斯 (Craig Ellis)，B. Riley 證券。

Yeah, thanks for taking the question. And I wanted to start with a follow-up on emotion3D, Donald. I think we typically look at anything in automotive having a multiyear gestation cycle before from design until it ramp revenue. But emotion3D seems like it could leapfrog that.

是的，感謝您提出這個問題。唐納德，我想先跟進 emotion3D。我認為，我們通常認為汽車產業的任何產品從設計到增加收入都需要經過多年的醞釀週期。但emotion3D似乎可以超越這一點。

The question is, where does this new capability once it's in-house intercept with product that's going into a customer ramp? Can it go immediately? And would there be any potential for it, since it's software to download into existing products and pull in revenues for you from ships that are already out there in the field and operating?

問題是，一旦這種新功能在內部實現，它將如何與即將進入客戶管道的產品進行攔截？可以立刻去嗎？它是否有潛力呢？因為它是一種可以下載到現有產品中的軟體，可以從已經在現場運作的船舶上為您帶來收入？

Yeah. I mean, absolutely, we certainly believe so. There's not necessarily dependence on any of our hardware being ready in order for them to ship the software. And if our hardware is being deployed with other vendors in, there is a possibility of upgrade. I'm not sure about in field. I'll hold back on that one.

是的。我的意思是，我們絕對相信這一點。他們不一定依賴我們的任何硬體已經準備好才能運送軟體。如果我們的硬體正在與其他供應商一起部署，則有升級的可能性。我不太確定該領域的情況。我不會再提這個了。

But certainly, at some point where there could be a very quick switchover in production, that's definitely possible. And so we certainly believe that they'll be able to ramp quicker than a hardware solution going into production. They also have wins of their own actually, which they're bringing to the party, which are yet to ramp or at the very thin edge of a ramp and generating some royalty stream right now, which will begin to take some effect into '26.

但可以肯定的是，在生產可能出現非常快速的轉換的某個時刻，這絕對是可能的。因此，我們確信他們能夠比硬體解決方案更快地投入生產。他們實際上也獲得了自己的勝利，他們將這些勝利帶到了聚會上，這些勝利尚未上升或處於上升的非常薄弱的邊緣，現在正在產生一些版稅流，這將在'26年開始產生一些影響。

Excellent. And then the second question is for Mathieu. Mathieu, I was hoping you could help frame indie's view of what the photonics and quantum opportunities look like, whether it's 2030 or your approximate to that, how big is the market that indie could serve and help us understand how you think you're positioned or could be positioned from a market share standpoint in that market? Thank you.

出色的。第二個問題是問 Mathieu 的。Mathieu，我希望您能幫助我們從獨立角度了解光子學和量子領域的機遇，無論是 2030 年還是您預想的那個時間，獨立可以服務的市場有多大，並幫助我們了解您認為您在該市場中的定位或從市場份額的角度可以定位如何？謝謝。

Yes. So yeah, as I said earlier, the quantum technologies are relying heavily on the photonics components. And indie Photonics BU is well known for its cutting-edge optical components. So we've been providing products to researchers and industrial actors for quantum application for many years. And today, based on our -- on several market studies and on our own marketing efforts, the total quantum photonics market is expected, obviously, to grow fast and to be between $3 billion and $5 billion by 2030.

是的。是的，正如我之前所說，量子技術嚴重依賴光子元件。獨立的光子學事業部 (Photonics BU) 因其尖端光學元件而聞名。因此，多年來我們一直向研究人員和工業界提供量子應用產品。今天，根據我們的多項市場研究和我們自己的行銷努力，預計整個量子光子學市場顯然將快速成長，到 2030 年將達到 30 億至 50 億美元之間。

So that's our evaluation of the market. As of today, our most promising product is the LXM, as I mentioned, due to its noise that is 10 time lower than the competing technology, which enables QKD system with even more range and reliability. So --

這就是我們對市場的評估。截至今天，我們最有前途的產品是 LXM，正如我所提到的，因為它的噪音比競爭技術低 10 倍，這使得 QKD 系統具有更大的範圍和可靠性。所以--

I think what Mathieu is trying to tell you is we think we can take a big share of that $3 billion to $4 billion number he just mentioned. Or do you say $3 billion to $5 billion?

我認為馬修想要告訴你的是，我們認為我們可以從他剛才提到的 30 億到 40 億美元中分得一大份。還是您說 30 億到 50 億美元？

$3 billion to $5 billion.

30億到50億美元。

Sorry.

對不起。

Yeah, well, I look forward to following that progress and guys and good luck. Thank you.

是的，我期待跟進這一進展，祝大家好運。謝謝。

Thank you.

謝謝。

Jon Tanwanteng, CJS Securities.

Jon Tanwanteng，CJS 證券。

Hi, this is [William] for John. Just one for me. You bought back converts and announced the acquisition in the quarter. How should we think about cash burn and cash use from here?

你好，我是威廉，我是約翰。對我來說只有一個。您回購了轉換者並在本季度宣布了收購。我們該如何看待現金消耗和現金使用？

You mean in terms of the acquisition or generally?

您指的是收購方面還是一般而言？

Just generally.

只是一般而言。

Well, we are largely on track with the cash burn from operations that we mentioned in the last quarter of around $25 million. We burned around $10 million this quarter. We have $15 million to go over the course of the next two quarters, which should get us over the line. The cash burn for the acquisition is about $20 million, which is in addition to that. And as such, nothing really has changed relative to where we were last quarter.

嗯，我們基本上按照我們上個季度提到的營運現金消耗量（約 2500 萬美元）進行。本季我們耗費了約 1000 萬美元。在接下來的兩個季度中，我們還有 1500 萬美元可用，這應該能幫助我們實現目標。此次收購的現金消耗約為 2000 萬美元，這是除此之外的額外費用。因此，與上一季相比，情況並沒有什麼變化。

Thank you.

謝謝。

Thank you. Ladies and gentlemen, as there are no further questions, I would now hand the conference over to Mr. Donald McClymont for closing comments.

謝謝。女士們、先生們，由於沒有其他問題，我現在將會議交給唐納德·麥克萊蒙特先生作最後發言。

Thanks, everybody, for your time, and see you at the conferences in the next few weeks.

感謝大家抽出時間，我們在接下來的幾週的會議上再見。

Thank you. Ladies and gentlemen, the conference of indie Semiconductor has now concluded. Thank you for your participation. You may now disconnect your lines.

謝謝。女士們、先生們，獨立半導體會議現已結束。感謝您的參與。現在您可以斷開線路了。