indie Semiconductor Inc (INDI) 2025 Q3 法說會逐字稿

Greetings, and welcome to indie's Q3 2025 earnings call. (Operator Instructions) As a reminder, this conference is being recorded.

大家好，歡迎參加 indie 公司 2025 年第三季財報電話會議。（操作說明）提醒各位，本次會議正在錄音。

It is now my pleasure to introduce your host, Ashish Gupta, Investor Relations. Thank you. You may begin.

現在，我很高興向大家介紹主持人，投資者關係部的 Ashish Gupta。謝謝。你可以開始了。

Thank you, operator. Good afternoon. Welcome to indie's third-quarter 2025 earnings call. Joining me today are Donald McClymont, indie's CEO and Co-Founder; Mark Tyndall, EVP of Corporate Development and Investor Relations; and Naixi Wu, indie's new CFO, whose appointment was announced earlier today. Donald will provide opening remarks and discuss business highlights. Mark will then provide a review of indie's Q3 results and Q4 outlook.

謝謝接線生。午安.歡迎參加 indie 公司 2025 年第三季財報電話會議。今天與我一同出席的有：indie 的首席執行官兼聯合創始人 Donald McClymont；企業發展和投資者關係執行副總裁 Mark Tyndall；以及 indie 的新任首席財務官吳乃熙，他的任命於今天早些時候宣布。唐納德將致開幕詞並討論業務亮點。接下來，Mark 將對 indie 的第三季業績和第四季度展望進行回顧。

Please note that we'll be making forward-looking statements based on current expectations and assumptions, which are subject to risks and uncertainties. These statements reflect our views only as of today and should not be relied upon as representative of views as of any subsequent date.

請注意，我們將根據目前的預期和假設做出前瞻性陳述，但這些陳述存在風險和不確定性。這些聲明僅反映我們截至今日的觀點，不應被視為代表我們此後任何日期的觀點。

These statements are subject to a variety of risks and uncertainties that could cause actual results to differ materially from expectations. For material risks and other important factors that could affect our financial results, please review our risk factors in our annual report on Form 10-K for the fiscal year ended December 31, 2024, as supplemented by our quarterly reports on Form 10-Q as well as other public reports with the SEC.

這些聲明受到多種風險和不確定因素的影響，可能導致實際結果與預期結果有重大差異。有關可能影響我們財務表現的重大風險和其他重要因素，請參閱我們截至 2024 年 12 月 31 日的財政年度的 10-K 表格年度報告中的風險因素，以及我們 10-Q 表格季度報告和其他向美國證券交易委員會提交的公開報告。

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 Q3 earnings press release, which was issued in advance of this call, can be found on our website at www.indie.inc.

最後，今天討論的結果和指導意見是基於合併的非GAAP財務指標，例如非GAAP毛利率、非GAAP營業虧損、非GAAP淨虧損和非GAAP每股淨虧損。有關與 GAAP 的完整調整以及非 GAAP 調整項目的定義，請參閱我們在本次電話會議之前發布的第三季度收益新聞稿，該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.

現在我將把電話交給唐納德。

Thanks, Ashish, and welcome, everybody. Firstly, I'm very pleased to announce that Naixi Wu has been appointed Chief Financial Officer for indie effective immediately. Naixi has been with indie for the past 4.5 years and has demonstrated exceptional leadership, integrity, and execution skills within our finance organization, especially during the past months in a period where we successfully executed on multiple complex transactions.

謝謝阿什什，也歡迎各位。首先，我非常高興地宣布，吳乃熙已被任命為indie的財務官，立即生效。Naixi 在過去 4.5 年裡一直在 indie 工作，並在我們財務部門展現了卓越的領導力、誠信和執行能力，尤其是在過去幾個月裡，我們成功完成了多項複雜的交易。

Beginning her career in PwC's assurance practice, Naixi has built an exemplary track record in finance, holding various senior leadership roles in financial and SEC reporting at CalAmp, Westfield, and RealD. indie's finance team consistently demonstrates seamless collaboration and strong performance, combining expertise and focus to achieve desired business results and goals.

Naixi的職業生涯始於普華永道的審計業務，她在財務領域取得了卓越的成就，曾在CalAmp、Westfield和RealD擔任財務和美國證券交易委員會（SEC）報告方面的各種高級領導職務。 indie的財務團隊始終展現出無縫協作和強勁的業績，將專業知識和專注力相結合，以實現預期的業務成果和目標。

Naixi's elevation to Chief Financial Officer is a natural progression in her leadership journey at indie, working alongside our capable and dedicated finance team, indie's financial foundation will continue to strengthen. During the next months, you will have the opportunity to meet Naixi at roadshows and investor events.

Naixi晉升為財務長是她在indie領導生涯中的自然發展，在她與我們能幹敬業的財務團隊的共同努力下，indie的財務基礎將繼續加強。在接下來的幾個月裡，您將有機會在路演和投資者活動中與奈西見面。

Let me now review our financial performance within the context of the overall automotive market before discussing indie's key business achievements. Starting with market dynamics, we see an automotive market trending slightly better than feared across almost all regions, with China representing indie's strongest performance during the quarter.

在討論獨立汽車公司的主要業務成就之前，現在讓我先回顧一下我們在整個汽車市場的財務表現。從市場動態來看，幾乎所有地區的汽車市場趨勢都略好於預期，其中中國是本季獨立汽車市場表現最強勁的地區。

Automotive market analysts are also maintaining a positive outlook for growth trends with 2026 production now expected to increase by 0.46% from 2025 levels to approximately 91 million vehicles. This is further underpinned by the continued increase of semiconductor devices and sensor content per vehicle to support the upsurge in ADAS and automated driver safety and feature adoption, which we increasingly see across our customer base.

汽車市場分析師也對成長趨勢保持樂觀態度，預計 2026 年的產量將比 2025 年的水準成長 0.46%，達到約 9,100 萬輛。為了支援 ADAS 和自動駕駛安全功能及應用的普及，每輛車的半導體裝置和感測器含量持續增加，這進一步印證了上述觀點，而我們在客戶群中也越來越看到這種趨勢。

For indie, we achieved third-quarter total revenue of $53.7 million, in line with our outlook, but representing solid quarter-over-quarter performance with growth above the market. We have also just completed an annual review of our strategic backlog, which remains a very important and strong indicator for the future potential of our business looking out over the next 10 years.

就獨立遊戲業務而言，我們第三季總收入達到 5,370 萬美元，與我們的預期相符，並且實現了穩健的季度環比增長，高於市場平均水平。我們也剛完成了對策略儲備訂單的年度審查，這仍然是衡量我們業務未來 10 年發展潛力的一個非常重要且強有力的指標。

Recall, last year's backlog was $7.1 billion. This year, we have expanded into several adjacent markets, including quantum compute and quantum communications and also into humanoid robotics where several of our products are relevant, particularly and initially our vision processors. We now have content at leading robotics providers, figure.ai and Unitree, who seamlessly use our automotive products for their application.

回顧一下，去年的積壓訂單金額為 71 億美元。今年，我們已將業務拓展到幾個相鄰市場，包括量子計算和量子通信，以及人形機器人領域，我們的多款產品都與該領域相關，特別是我們的視覺處理器。我們現在已在領先的機器人供應商 figure.ai 和 Unitree 擁有內容，他們已將我們的汽車產品無縫應用於他們的應用程式。

During the last 12 months, due entirely to industry turbulence, we suffered some program cancellations, particularly and although we are still heavily engaged with the customer, we made the decision to remove Ficosa business from the calculation as upheaval at the OEM end customer has made the timing of revenue realization less clear.

在過去的 12 個月裡，由於行業動盪，我們遭受了一些項目取消，特別是儘管我們仍然與客戶保持著密切聯繫，但我們決定將 Ficosa 業務從計算中剔除，因為 OEM 終端客戶的動盪使得收入實現的時間變得不明朗。

However, these cancellations were more than offset by new business wins that we achieved in the same period. The strategic backlog is now at $7.4 billion compared to $7.1 billion as of a year ago. However, if we exclude Wuxi, which represented $1.3 billion, the resulting strategic backlog will be $6.1 billion. The composition of our backlog has strengthened materially due to the higher gross margin product mix following the divestment of Wuxi. ADAS and optical products will drive significantly higher gross margin profile going forward.

然而，這些取消的訂單被我們同期的新業務成功完全抵消了。戰略訂單積壓額目前為 74 億美元，而一年前為 71 億美元。但是，如果我們排除無錫（價值 13 億美元），則最終的戰略積壓訂單將為 61 億美元。由於剝離無錫後，毛利率較高的產品組合使我們的積壓訂單組成得到了實質的加強。ADAS和光學產品將在未來大幅提高毛利率。

Let me now turn to our recent business progress and key achievements. Beginning with radar, in late October, our Tier 1 radar partner, a leader in the market for whom we developed our 77 gigahertz chipset, publicly launched the next-generation Gen8 radar solution to power the future of ADAS for their global OEM customers. The Gen8 radar is their primary offering on a go-forward basis. This represents a momentous milestone in the program.

現在讓我來談談我們近期的業務進展和主要成就。從雷達開始，10 月下旬，我們的一級雷達合作夥伴（市場領導者，我們為其開發了 77 吉赫茲晶片組）公開推出了下一代 Gen8 雷達解決方案，為全球 OEM 客戶的未來 ADAS 提供動力。第八代雷達是他們未來發展的主要產品。這標誌著該專案發展歷程中的一個重要里程碑。

Our differentiated chipset enables the Tier 1 to deliver industry-leading performance across multiple dimensions, long-range detection beyond 300 meters with ultrafine 4D angular resolution, enhanced capability in close range scenarios for applications such as automated parking, front automatic emergency braking, and significantly expanded field of view, enabling new driving scenarios like autopilot in complex urban environments.

我們差異化的晶片組使一級產品能夠在多個維度上提供業界領先的性能，實現超過 300 米的遠距離檢測，並具有超精細的 4D 角度分辨率，增強了近距離場景下的應用能力，例如自動泊車、前方自動緊急制動，並顯著擴展了視野，從而實現了在復雜的城市環境中實現自動駕駛等新的駕駛場景。

The solution demonstrates superior object detection and classification across a broad range of parking and driving scenarios, with the Tier 1 noting a 30% performance improvement over their prior generation. Final validation in real-world environments is concluding as we prepare for production shipments.

該解決方案在各種停車和駕駛場景中展現出卓越的目標檢測和分類能力，其中一級產品比上一代產品性能提高了 30%。在為生產發貨做準備之際，我們在真實環境中進行的最終驗證工作即將完成。

Computer vision capabilities within the automotive market continue to be a differentiator for ADAS and automated safety and a key driver for indie. We are seeing additional penetration of our vision solutions among key customers with our industry-leading iND880 advanced camera processor.

汽車市場的電腦視覺能力仍是ADAS和自動安全系統的差異化因素，也是獨立廠商的關鍵驅動力。我們看到，憑藉業界領先的 iND880 高級相機處理器，我們的視覺解決方案在重點客戶中獲得了更廣泛的認可。

During the quarter, we secured a design win for image signal processing for multi-camera operation in a leading self-driving Robotaxi OEM in North America for deployment in 2026. Additionally, we have captured multiple new design wins with leading electric vehicle manufacturers in China, spanning multiple applications.

本季度，我們為北美一家領先的自動駕駛機器人出租車 OEM 廠商贏得了多攝像頭操作的圖像信號處理設計合同，該合同將於 2026 年部署。此外，我們也與中國領先的電動車製造商達成了多項新的設計合作，涵蓋多種應用領域。

According to S&P Global Mobility, China's automotive market continues to lead the global market in terms of growth contribution and regional dominance. China now represents more than one-third of the worldwide motor vehicle production, where indie's advanced ADAS solutions are rapidly gaining adoption.

根據標普全球移動出行報告，中國汽車市場在成長貢獻和區域主導地位方面持續引領全球市場。中國目前佔全球汽車產量的三分之一以上，indie 的先進 ADAS 解決方案正在中國迅速應用。

From our power group, our 10-watt G2.0 wireless charging platform continues to gain broader market adoption. Highlights include start of production scheduled at Ford for Q1 2026 on the first platform with multiple subsequent vehicles expected to follow.

來自我們電源部門的 10 瓦 G2.0 無線充電平台持續獲得更廣泛的市場認可。亮點包括福特計劃於 2026 年第一季開始在該平台上生產首款車型，預計後續將推出多款車型。

We secured design wins at India's largest car manufacturer initially for three vehicle models with additional awards also expected to be forthcoming. In addition, we saw production start at an Indian joint venture of one of Europe's top OEMs. Looking further out and rounding out the portfolio, we are now actively promoting our G2.0 15- and 25-watt solutions, which are gaining very positive market traction.

我們最初獲得了印度最大的汽車製造商三款車型的設計合同，預計未來還會獲得更多獎項。此外，我們還看到歐洲頂級汽車製造商之一在印度的合資企業開始投產。著眼於未來，完善產品組合，我們目前正在積極推廣我們的 G2.0 15 瓦和 25 瓦解決方案，這些解決方案正在獲得非常積極的市場反應。

We have also provided the first custom samples of the connectivity IC to a leading electric vehicle manufacturer in North America, where production is expected to start in the first half of 2026. Our momentum with photonics continues with several highlights, including a design win, which will include an NRE payment for our LiDAR application and a design win in the Drone segment for our SLED product.

我們也向北美一家領先的電動車製造商提供了首批客製化的連接 IC 樣品，預計將於 2026 年上半年開始生產。我們在光子學領域的發展勢頭強勁，取得了多項亮點，包括贏得一項設計合約（其中將包含我們 LiDAR 應用的非經常性工程費用），以及贏得無人機領域 SLED 產品的設計合約。

The operational alignment establishing the new photonic business unit has resulted in meaningful impact on our sales funnel. For applications outside of automotive, while the revenue is not reflected in our short-term results, we are expecting strong growth with minimal additional impact on operating expenses.

建立新的光子業務部門所帶來的營運調整，對我們的銷售管道產生了顯著影響。對於汽車以外的應用領域，雖然收入尚未反映在我們的短期業績中，但我們預計將實現強勁增長，且對營運費用的額外影響極小。

Last quarter, indie announced two additional new distributed feedback or DFB laser products, complementing our LXM-U laser launched earlier this year. The market response has been compelling with exceptional stability for quantum key distribution and quantum computing applications. This technology leadership in photonics generated through automotive LiDAR development is exposing indie to exciting new customers across quantum and industrial sensing markets.

上個季度，indie 宣布推出兩款新的分散式回饋或 DFB 雷射產品，作為我們今年稍早推出的 LXM-U 雷射的補充。市場反應熱烈，量子金鑰分發和量子運算應用領域展現出卓越的穩定性。透過汽車光達的開發，indie 在光子學領域獲得了技術領先地位，並因此接觸了量子和工業感測市場中令人興奮的新客戶。

I'll now turn the call over to Mark for a review of our Q3 results and Q4 outlook.

現在我將把電話交給馬克，讓他回顧我們第三季的業績和第四季的展望。

Thank you, Donald, and good afternoon, everyone. indie's third-quarter revenue was $53.7 million with non-GAAP gross margin of 49.6%, in line with our outlook. Non-GAAP operating expenses totaled $37.9 million, consistent with our outlook. As a result, our third-quarter non-GAAP operating loss was $11.3 million compared to $14.5 million last quarter and $16.8 million a year ago, demonstrating our continued progress towards achieving profitability. With net interest expense of $2 million, our net loss was $13.3 million and loss per share was $0.07 on a base of 217.4 million shares.

謝謝唐納德，大家下午好。 indie公司第三季營收為5,370萬美元，非GAAP毛利率為49.6%，符合我們的預期。非GAAP營運費用總計3,790萬美元，與我們的預期一致。因此，我們第三季的非GAAP營業虧損為1,130萬美元，而上一季為1,450萬美元，去年同期為1,680萬美元，這表明我們在實現盈利方面持續取得進展。淨利息支出為 200 萬美元，淨虧損為 1,330 萬美元，每股虧損 0.07 美元，股數為 2.174 億股。

Turning to the balance sheet. We exited the quarter with total cash, including restricted cash of $171.2 million, down $31.7 million from $202.9 million in the second quarter. The reduction in cash includes $17.7 million paid in connection with a recent M&A transaction.

接下來看一下資產負債表。本季末，我們持有的現金總額（包括受限現金）為 1.712 億美元，比第二季的 2.029 億美元減少了 3,170 萬美元。現金減少的原因是近期併購交易中支付的 1,770 萬美元。

Turning to the M&A transaction. On September 26, 2025, ahead of the original schedule, indie closed the acquisition of emotion3D, a company based in Vienna, Austria, specializing in advanced AI perception software algorithms for automotive in-cabin sensing and ADAS. Their expertise in software combines perfectly with our vision processor SoC portfolio, adding a software royalty to the offering. Together, we are already engaging with major Tier 1 and OEM customers where we expect we can secure and announce the first awards in the coming months.

接下來談談併購交易。2025 年 9 月 26 日，indie 提前完成了對 emotion3D 的收購。 emotion3D 是一家位於奧地利維也納的公司，專門從事用於汽車座艙感測和 ADAS 的先進 AI 感知軟體演算法。他們在軟體方面的專業知識與我們的視覺處理器 SoC 產品組合完美結合，為產品增添了軟體專利價值。我們目前已與主要一級供應商和原始設備製造商客戶展開合作，預計在未來幾個月內即可獲得並宣布首批合約。

Additionally, on October 28, we announced that indie entered into an asset purchase agreement with United Faith Auto-Engineering, a publicly listed company in China to sell our entire outstanding equity interest in Wuxi indie micro for gross proceeds of approximately $135 million, payable in cash, net of applicable local taxes of roughly 10% upon closing.

此外，10 月 28 日，我們宣布，indie 與中國上市公司聯合信仰汽車工程有限公司達成資產購買協議，出售我們在無錫 indie micro 的全部已發行股權，總收益約為 1.35 億美元，以現金支付，扣除交割時適用的約 10% 的地方稅。

However, I do want to set realistic expectations regarding the closing timeline. The transaction is subject to customary closing conditions for a transaction of this type, including shareholder approval from United Faith and receipt of all required regulatory approvals in China, including both Shenzhen Stock Exchange and CSRC.

但是，我希望大家對成交時間表抱持實際的預期。該交易須滿足此類交易的慣常交割條件，包括獲得聯合信仰的股東批准以及獲得中國所有必要的監管機構批准，包括深圳證券交易所和中國證監會的批准。

Based on precedent transactions and discussions with our advisers, we expect closing in late 2026, though the exact timing will be determined by the regulatory approval process. Between now and closing, once it is determined that the transaction meets the requisite criteria under applicable accounting guidance, the Wuxi operation will be reported as discontinued operations within our consolidated financial statements.

根據以往的交易經驗以及與顧問的討論，我們預計將於 2026 年底完成交易，但具體時間將取決於監管部門的審批流程。從現在到交易完成，一旦確定該交易符合適用會計準則規定的必要標準，無錫業務將在我們的合併財務報表中作為終止經營業務列報。

Further, the sale of Wuxi will improve our margin profile and lower our quarterly breakeven threshold while simultaneously strengthening our balance sheet. While we exit our equity position in Wuxi, China remains an important market for indie, supported by our strong independent and well-established sales channel, including local regional support.

此外，出售無錫將改善我們的利潤率狀況，降低我們的季度損益平衡點，同時增強我們的資產負債表。雖然我們退出了在無錫的股權投資，但中國仍然是獨立品牌的重要市場，這得益於我們強大的獨立銷售管道和完善的銷售體系，包括本地區域支援。

Moving to the outlook for the fourth quarter of 2025. With ever-increasing demand in the semiconductor market driven by AI, we are beginning to see some short-term disruptions to the back end of our manufacturing flow. Specifically, there are shortages in the supply of packaged substrates, which will impact our ability to deliver the full demand for Q4.

接下來展望2025年第四季。隨著人工智慧推動半導體市場需求不斷成長，我們開始看到製造流程後端出現一些短期中斷。具體來說，包裝基材的供應出現短缺，這將影響我們滿足第四季全部需求的能力。

In spite of that, we expect to continue to grow and deliver revenue within the range of $54 million to $60 million or $57 million at the midpoint, with an estimated shortfall of about $5 million due to the substrate shortage. We expect this supply issue to be resolved during Q1 2026. Based on the anticipated product mix, we expect our non-GAAP gross margin to be in the range of 47%, driven by unfavorable product mix and margin pressure on the Wuxi business.

儘管如此，我們預計仍將繼續成長，收入將在 5,400 萬美元至 6,000 萬美元之間，中間值為 5,700 萬美元，由於基材短缺，預計會出現約 500 萬美元的缺口。我們預計這一供應問題將在 2026 年第一季解決。根據預期的產品組合，我們預期非GAAP毛利率將在47%左右，這是由於無錫業務的產品組合不利和利潤率承壓所致。

We continue the 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. Progress in Q3 has been encouraging and is consistent with our communicated targets. We continue to expect to achieve our stated objectives within the anticipated time frame. This reflects strong execution across the organization and continued commitment to operational discipline and long-term value creation.

我們將繼續執行一些有針對性的舉措，旨在降低營運成本，加快實現獲利的步伐。我很高興地報告，我們一切進展順利。第三季的進展令人鼓舞，與我們公佈的目標一致。我們仍然期望在預期的時間範圍內實現既定目標。這體現了公司各部門的強力執行力，以及對營運紀律和長期價值創造的持續承諾。

However, as we now move closer to the production ramp of radar and some of our large and vision design wins, our customers are demanding an enhanced second sourcing strategy with requirements for production localization. This is requiring additional OpEx investment in the next quarters to qualify these products in fabs and test houses outside of Taiwan and China.

然而，隨著我們越來越接近雷達的生產爬坡階段，以及我們一些大型視覺設計專案的中標，我們的客戶要求我們加強第二採購策略，並要求實現生產在地化。這意味著在接下來的幾個季度裡，需要追加營運支出投資，以便在台灣和中國以外的晶圓廠和測試機構對這些產品進行認證。

Taking these into account, for Q4, we now expect our non-GAAP OpEx to be $36.5 million, down $1.5 million from Q3. Below the line, we expect net interest expense of approximately $2.2 million with no tax expenses. Assuming the midpoint of the revenue ranges and with a base of 220 million shares, we expect a $0.07 net loss per share.

考慮到這些因素，我們現在預計第四季的非GAAP營運支出為3,650萬美元，比第三季減少150萬美元。在財務報表下方，我們預計淨利息支出約為 220 萬美元，沒有稅項支出。假設營收範圍的中點，並以 2.2 億股為基準，我們預期每股淨虧損 0.07 美元。

From a financial perspective, with our strong focus on operating expenses, further optimization of our capital structure, and our solid balance sheet, including anticipated proceeds from the sale of Wuxi, 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 as we enter 2026.

從財務角度來看，憑藉我們對營運費用的高度重視、對資本結構的進一步優化以及穩健的資產負債表（包括出售無錫的預期收益），indie 已做好充分準備，繼續為汽車、ADAS 和相關工業市場開發差異化產品。這種平衡的方法將支持我們重返強勁且有利可圖的成長，隨著我們在 2026 年設計訂單的增加，我們將實現這一目標。

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

接下來，我將把電話轉回給唐納德，請他作總結發言。

Thanks, Mark. Our core business is solid and growing as evidenced by our third-quarter results and positive outlook. Radar and vision programs remain on track as evidenced by our Tier 1 partners' recent release of their advanced Gen8 radar product and the fundamental trend of increasing semiconductor content in vehicles continues unabated.

謝謝你，馬克。我們的核心業務穩健成長，第三季業績和積極展望都證明了這一點。雷達和視覺項目仍在按計劃進行，我們的一級合作夥伴最近發布了先進的 Gen8 雷達產品，證明了這一點；此外，車輛中半導體含量不斷增加的基本趨勢也絲毫沒有減弱。

With the addition of new high-growth markets such as 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 advanced as indie's to meet the diverse needs of these markets.

隨著量子和機器人等新興高成長市場的加入，indie 的技術領先地位和不斷擴大的產品組合確保我們能夠更好地推動持續成長。沒有其他半導體公司擁有像獨立半導體公司那樣先進的產品組合，能夠滿足這些市場多樣化的需求。

That concludes our prepared remarks. Operator, please open the line for questions.

我們的發言稿到此結束。接線員，請開通提問線。

(Operator Instructions) Cody Acree, The Benchmark Company.

（操作說明）Cody Acree，基準公司。

Maybe if we can, Donald, dig into your supply shortages a bit. Can you maybe just explain how this happened, when this happened, when you started to see this? And when does this unwind? And do you get this revenue back as supply starts to become available?

或許我們可以，唐納德，深入了解你們物資短缺的問題。您能否解釋一下這是怎麼發生的，什麼時候發生的，您是什麼時候開始注意到這一點的？這一切何時才能結束？當供應恢復正常時，你能收回這部分收入嗎？

I mean, going in reverse order, for sure, we get the revenue back. It's just an inconvenience at the moment because of the short-term shortage. It's something that came fairly suddenly to the market. It wasn't something that we were able to anticipate. It was kind of a shock to the market there.

我的意思是，如果以相反的順序來，肯定能重新獲得收入。目前這只是因為短期短缺造成的不便而已。它是突然出現在市場上的。這是我們始料未及的。這給當地市場帶來了不小的衝擊。

Several other companies out there who have been placed in the same situation. If you look at the reports of some of the other companies, Intel, in particular, they called this out a few weeks ago. So it's something that we expect will resolve in Q1, and it's just basically a short-term thing that we've got to work through.

還有其他幾家公司也面臨同樣的情況。如果你看看其他一些公司的報告，特別是英特爾的報告，他們幾週前就指出了這一點。所以我們預計這個問題會在第一季解決，這基本上只是我們需要解決的短期問題。

And can you talk about your gross margin declines into Q4? You mentioned Wuxi. What's happening there sequentially?

能否談談貴公司第四季毛利率下降的情況？你提到了無錫。那裡依序發生了什麼事？

It's just mix really. The products that we sell that use this particular kind of package are very high margin. And so because we have a small shortfall in the market that we can't deliver to, that's the biggest impact on the margin mix. And then because of that, Wuxi is a larger percentage of the roll-up and causes the margin percentage decay.

其實就是各種混合物。我們銷售的採用這種特殊包裝的產品利潤率非常高。因此，由於我們無法滿足市場上的少量需求，這對利潤率組成產生了最大的影響。正因如此，無錫在總銷售額中所佔比例較大，導致利潤率下降。

Excellent. And then lastly, on the radar side. Can you just talk about what's happened in the last 90 days, and what's your visibility? And what does this ramp look like as we look into next year?

出色的。最後，我們來看看雷達方面。您能談談過去 90 天發生了什麼，以及您的知名度如何嗎？那麼，展望明年，這條發展路徑會是什麼樣子呢？

Yeah. I mean, it's been a world win for us. We've had so much activity in the last 90 days. It caused us to accelerate our plans to bring up the second sourcing procedures for what we're bringing into play here. It costs us a little bit of short-term OpEx in the short run, but it's a great problem to have.

是的。我的意思是，這對我們來說是一次巨大的勝利。過去90天裡，我們進行了大量活動。這促使我們加快了實施第二套採購流程的計劃，以應對我們在這裡引入的方案。短期內這會為我們帶來一些營運成本，但這絕對是件好事。

We're having to prepare to deploy into multiple geographical regions with multiple different supply chain requirements, basically China for China, not China for not China. And the sort of level of support and effort that we're having to put into this now is enormous the fact that the customer also announced the product is a ringing endorsement of where we are in the process. These things don't go public unless there's a high degree of certainty that stuff is going to happen.

我們必須做好準備，向多個地理區域部署，這些區域有多種不同的供應鏈需求，基本上是針對中國市場的中國企業，而不是針對非中國市場的非中國企業。我們現在需要投入的支援和努力是巨大的，客戶也宣布了該產品，這充分證明了我們目前所處階段的進展。除非有高度把握事情將會發生，否則這些事情不會公開。

So it's been a crazy 90 days, I would say, Cody, as we've gone through the process of launching now.

所以，科迪，可以說，過去90的天真是瘋狂，因為我們經歷了記者會的整個過程。

Any thoughts on next year's contribution?

對明年的捐款有什麼想法嗎？

I mean, I think we're not really going to make any change to our outlook on life for '26. We still feel that there could be a very aggressive ramp in '26. That together, coupled with our vision processors, we're preparing, again, as I said, because of the supply chain issues that we're having to address. We're having -- we're preparing to prepare for a big ramp. We're already in the manufacturing process. So we feel that we've got a lot of good stuff coming for '26.

我的意思是，我認為我們對2026年的生活看法不會有任何改變。我們仍然認為 2026 年可能會出現非常強勁的成長勢頭。綜上所述，再加上我們的視覺處理器，我們正在做好準備，再次強調，這是因為我們必須解決供應鏈問題。我們正在準備——我們正在為搭建一個大型坡道做準備。我們已經開始生產了。所以我們覺得2026年會有很多好東西推出。

Suji Desilva, ROTH Capital Partners.

蘇吉‧德席爾瓦 (Suji Desilva)，羅仕資本合夥人。

Hi, Don. Best of luck in the new role, Naixi. So the products you've been talking about for the quantum laser market, can you talk about if there's any visibility to design wins? Or is that still in the kind of development phase? Any comment there on timing of when that --?

嗨，唐。祝福奈西在新崗位上一切順利。所以，您一直在談論的量子雷射市場產品，能否談談設計方案的最終核准情況？還是它還處於研發階段？關於時間安排，您有什麼看法？——？

No. I mean, we've actually been shipping production already. I mean, the year to date or the projection for the whole year is probably a little bit less than $1 million worth of business. Given that it didn't start at the beginning of the year, it started late Q2, really, it's accelerating very rapidly.

不。我的意思是，我們實際上已經開始發貨了。我的意思是，今年迄今或全年的預計營業額可能略低於 100 萬美元。鑑於它並非始於年初，而是始於第二季末，因此，它的發展速度非常快。

And I think if you look at the reports of the public quantum guys, you're seeing them raising their numbers. So it's a new market for us. We're learning as we go, but it does seem very exciting, very dynamic. It's quite a fragmented market. So we have to cover quite a lot of bases and customers and so forth. But certainly, the deployments can go quite very quickly to ship parts off the shelf basically off the rack.

我認為，如果你看看那些公開的量子力學專家的報告，你會發現他們正在提高他們的預測結果。所以這對我們來說是一個新市場。我們邊做邊學，但這看起來確實非常令人興奮，充滿活力。這是一個相當分散的市場。所以我們必須面面俱到，照顧到很多客戶等等。但可以肯定的是，部署速度可以非常快，基本上可以從貨架上直接發貨。

Okay. Great. And then the backlog growth you saw year over year, can you talk about what programs are driving the increases in backlog? Is it more radar vision opportunity or expansion of scope of programs? Or any thoughts there?

好的。偉大的。還有，您看到的積壓訂單數量逐年增長，您能否談談是哪些項目導致了積壓訂單數量的增加？這更多的是雷達視野方面的機會，還是專案範圍的擴大？或者大家有什麼想法嗎？

Yeah. I mean, expansion of scope of the radar program for sure, and then some heavier vision programs, which we added to the portfolio.

是的。我的意思是，雷達項目的範圍肯定會擴大，然後還有一些更複雜的視覺項目，我們也把它們添加到了項目組合中。

Okay. And lastly, on the vision programs, can you talk about the timing of when those would start to contribute to revenue? I think, there are ones coming on very quickly, but comments on the.

好的。最後，關於願景規劃項目，您能否談談這些項目何時開始產生收入？我認為，很快就會有一些評論出現，但關於這些評論…

Yeah. I mean, vision is also ramping now, and we have some fairly significant volume in it already. We've added a bunch of new wins in China, which ramped very quickly. And there are certain sort of dynamics in the market that, in many cases, the programs that are new to us should ramp actually pretty quickly through '26. So we've -- again, it's been a one quarter.

是的。我的意思是，視覺技術現在也正在快速發展，我們已經累積了相當可觀的市場份額。我們在中國新增了一系列勝利，成長速度非常快。市場中存在某種動態，在許多情況下，我們新推出的項目實際上應該會在 2026 年迅速發展壯大。所以我們已經——再說一遍，已經過去一個季度了。

Craig Ellis, B. Riley Securities.

Craig Ellis，B. Riley Securities。

Yeah. Thanks for taking the questions. And Donald, congratulations on the growth in the backlog year on year. I wanted to start there and just see if you could give us some color on what some of the primary contributors are to backlog radar versus ADAS? And then I think you mentioned that there's some non-auto stuff in there, maybe photonics and quantum. Help us understand how big that is.

是的。謝謝您回答問題。唐納德，恭喜你的積壓訂單量年增。我想先從這裡入手，看看您能否為我們介紹一下造成雷達和ADAS積壓的主要原因是什麼？然後我想你有提到過，裡面還有一些非汽車領域的東西，可能是光子學和量子力學。請幫我們了解一下這有多大。

Yeah. So primarily, it is centered around our ADAS products, both radar and vision. We had some bigger discrete wins at vision, which we'll talk about in the fullness of time once we're able to.

是的。因此，它主要圍繞著我們的ADAS產品展開，包括雷達和視覺產品。我們在視覺方面取得了一些更大的、獨立的勝利，等時機成熟後，我們會詳細討論。

There is -- we have added a little bit for the quantum-related optics products, still small. But now that we have running revenue, of course, we're kind of compelled to anyway. We're still quite conservative on the market growth and the amount of money that we have in there or assumed in there.

確實——我們為量子光學產品增加了一點投入，但仍然很少。但現在我們有了持續的收入，當然，我們無論如何都必須這麼做。我們對市場成長以及我們投入或預期投入的資金量仍然持相當保守的態度。

It's very small compared to what we're committing to on the ADAS products. But we are excited about the market. It's moving extremely quickly. And that, coupled with the fact that we're now seeing a lot of interest from the humanoid robotics market for our product base, means that there are some dynamic market growth factors there, which we hadn't anticipated and are unexpected positives, I would say.

與我們在ADAS產品上的投入相比，這簡直微不足道。但我們對市場充滿信心。進展非常迅速。再加上我們現在看到人形機器人市場對我們的產品表現出濃厚的興趣，這意味著市場上存在一些動態成長因素，這是我們之前沒有預料到的，可以說是意料之外的正面因素。

Coming back to radar and just going a little bit deeper on where Wuxi was. It's nice to hear that your primary customer has identified that the product will ramp. Can you help us understand beyond just color on multi-geography ramp potential, what type of customers they may be engaged with that could give us a sense of the type of volume we would be talking about when this starts going out in volume?

回到雷達站，我們再深入了解無錫的位置。很高興聽到您的主要客戶已經確認該產品將擴大生產規模。除了顏色之外，您能否幫助我們了解多地域成長潛力，以及他們可能會與哪些類型的客戶互動，從而讓我們了解當產品開始批量推出時，我們所說的銷量會是多少？

I mean, they are one of the largest vendors on the planet in the space. And so their product portfolio addresses everything from the highest volume passenger cars through commercial vehicles, through high-end vehicles and heavy industry. So it's a very, very high-volume market indeed.

我的意思是，他們是全球該領域最大的供應商之一。因此，他們的產品組合涵蓋了從銷量最高的乘用車到商用車，再到高端車輛和重工業等各個領域。所以這確實是一個非常非常大的市場。

We expect to get a very significant market share of the entire radar market through this program. And again, that's why we're preparing our supply chain and really had to double down during the last quarter in terms of bringing up second sources earlier than we thought we would.

我們期望透過這個項目獲得整個雷達市場非常可觀的市場份額。再次強調，這就是為什麼我們要加強供應鏈建設，並且在上個季度不得不加倍努力，比我們預想的更早引入第二供應商。

Got it. And then if I could squeeze in one more for Mark. Mark, the software acquisition, any visibility on the degree to which that could contribute in either fourth quarter or through the year next year and benefit gross margin?

知道了。如果可以的話，我還想再給馬克加一個。Mark，關於軟體收購，目前尚不清楚它在第四季或明年全年能對毛利率做出多大貢獻？

Yeah. So yeah, so the acquisition is off to a very good start, Craig, integration ongoing. We've already engaged with the customers -- with the main Tier 1 customers for camera, OMS, BMS, combining our device with their software. So it's probably too early to have a synergy, revenue in Q4. But certainly, next year, we will see some sales synergy there. It's already running in the order of approximately $1 million a quarter for 2025, and that should increase going through 2026.

是的。是的，收購進展非常順利，克雷格，整合工作正在進行中。我們已經與客戶進行了接觸——與相機、OMS、BMS 的主要一級客戶進行了接觸，將我們的設備與他們的軟體結合。所以現在就談綜效和第四季的營收可能還為時過早。但可以肯定的是，明年我們將看到這方面的銷售綜效。預計到 2025 年，該項目每季收入將達到約 100 萬美元，並且到 2026 年應該還會增加。

Anthony Stoss, Craig-Hallum.

安東尼·斯托斯，克雷格-哈勒姆。

Hey, Donald. I wanted to focus in on your comments about the North American Robotaxi partner for a 2026 launch. Is that radar, LiDAR? Anything you can give there? And then I have a couple of follow-ups.

嘿，唐納德。我想重點談談您關於北美Robotaxi合作夥伴計劃於2026年推出的評論。那是雷達，還是光達？你能在那裡捐點什麼嗎？然後我還有幾個後續問題。

It's our new vision processor.

這是我們的新型視覺處理器。

Got it. And then I think in the last quarterly call, you talked about expanding relationship with BYD, and I think there's a vision program that was supposed to launch this quarter, Q4. Maybe you can just update us. I know you made some comments about Chinese wins on the call, but love to hear more.

知道了。然後，我認為在上一次季度電話會議上，您談到了擴大與比亞迪的關係，而且我認為有一個願景計劃應該在本季度（第四季度）啟動。或許您可以給我們更新一下狀況。我知道你在電話會議上對中國隊的勝利發表了一些評論，但我很想聽聽更多。

Yeah. I mean we're engaged with all of the name brand Chinese OEMs. We have wins with many of them, and we're making the prescribed progress that we expected through this quarter. So I mean, we're generally pretty happy with the way the market is. And I mean, the sales channel that remains in China, net of Wuxi is doing a phenomenal job of deploying our new products into that space. And so we do expect significant revenue from that geography as time progresses.

是的。我的意思是，我們與所有知名的中國OEM廠商都有合作。我們在很多方面都取得了成功，並且在本季度實現了我們預期的既定目標。所以我的意思是，總的來說，我們對目前的市場狀況相當滿意。我的意思是，除了無錫之外，中國剩餘的銷售管道在將我們的新產品推向市場方面做得非常出色。因此，隨著時間的推移，我們預計該地區將帶來可觀的收入。

Got it. And then my last question also related to the radar ramp. You talked about bringing up a second supplier earlier than anticipated. Is your partner, are the automakers moving more towards intermodal changes out and putting in [ADAS NAV] solution? Or why do you need to bring out a second supplier so quickly?

知道了。我的最後一個問題也與雷達坡道有關。你之前提到要比預期更早引進第二家供應商。您的合作夥伴，也就是汽車製造商，是否正在加大力度進行多式聯運方面的變革，並引入[ADAS NAV]解決方案？或者，為什麼需要這麼快就引進第二個供應商？

I mean, heavily, it's been driven by geographical compatibility. So we do need and for certain OEMs to ensure that we have a supply chain that is not including China and Taiwan. And we were well-positioned to do that, but we had to accelerate some of our plans and spend some of the manufacturing tooling during this quarter and next quarter in order to make that happen.

我的意思是，在很大程度上，這是由地理上的兼容性驅動的。因此，我們需要某些原始設備製造商 (OEM) 來確保我們的供應鏈不包括中國大陸和台灣地區。我們完全有能力做到這一點，但為了實現這一目標，我們不得不加快一些計劃的實施，並在本季度和下個季度投入一些製造工具。

Jonathan Tanwanteng, CJS Securities.

喬納森·譚萬騰，CJS 證券。

Hi, good afternoon. Thank you for taking my questions. I was wondering what gives you confidence that the substrate and packaging issue will be resolved by Q1, number one?

您好，下午好。謝謝您回答我的問題。我想知道是什麼讓您確信基材和包裝問題會在第一季解決？

And number two, have you thought about the indirect impacts of shortages across the industry and if that might impact auto numbers overall and not just including substrates, but also like the aluminum plant outage. We've heard third things about Nexperia and China. Are those considered in the outlook and if those might flow through you in some way?

第二，您是否考慮過整個產業短缺的間接影響，以及這是否會影響汽車整體產量，而不僅僅是基材，還包括像鋁廠停產這樣的情況。我們聽說了關於Nexperia和中國的第三件事。你是否考慮過這些因素？這些因素是否會以某種方式影響你？

Well, taking the first part. I mean, we -- I mean, we're in the process of bringing up several second sources. As I mentioned before, just as a matter of form, we have to accelerate our procedure, particularly for these organic substrates that are used in the flip chip packages that we use. So the discussions and ongoing engagement with the new vendors has been going well.

好的，先來看第一部分。我的意思是，我們正在引入幾個第二消息來源。正如我之前提到的，從形式上講，我們必須加快我們的流程，特別是對於我們使用的倒裝晶片封裝中使用的這些有機基板。因此，與新供應商的討論和持續合作進展順利。

I would say this is, let's say, a corner of the industry specific, where the vendors who are heavily exposed to large language model ICs from NVIDIA and Co are redirecting capacity over there. Even some very large brand names are struggling to get what they want. So it was just a kind of a fallout of that.

我認為，這可以說是產業內的一個特殊領域，那些大量使用英偉達等公司大型語言模型積體電路的廠商正在將產能轉移到那裡。就連一些知名大品牌也難以實現他們的目標。所以這只是那件事的後果。

So you're right, it's an indirect impact. I don't necessarily see that we have a long-term impact from anything that is out there right now, the Nexperia thing aside with Volkswagen, particular, of course, that was public. But I do expect that, that will rectify itself in short order. It doesn't feel like a general industry shortage like we saw post-pandemic.

所以你說得對，這是一種間接影響。我不認為目前發生的任何事情都會對我們產生長期影響，除了大眾汽車的 Nexperia 事件，當然，那件事是公開的。但我相信這種情況很快就會得到糾正。感覺不像疫情後那樣出現整個行業的普遍短缺。

Okay, great. That's helpful. And then just to dig a little deeper there. Is the pricing in ramping more sources for chip substrate going to be an issue, especially if your volumes next year are going to be better than maybe you thought with these -- your customers requiring second sources for your production?

好的，太好了。那很有幫助。然後，我們再深入挖掘一下。增加晶片基板供應商的定價是否會成為一個問題，特別是如果明年的產量比你預想的要好——你的客戶需要第二個供應商來滿足你的生產需求？

Yeah. I mean, the second source helps us give price leverage into our supply chain. So I mean, it was something we would have done in the fullness of time anyway. We were -- our hand was forced really by some unexpected positive news really to do it earlier. And it really should give us leverage as we go forward as we're able to play wafer foundry suppliers off against each other and likewise with packaging and test houses that make up the back end of the product.

是的。我的意思是，第二個來源可以幫助我們在供應鏈中獲得價格優勢。所以我的意思是，無論如何，這都是我們遲早都會做的事情。我們——實際上是由於一些意想不到的好消息，才被迫提前採取了行動。而且，隨著我們不斷前進，這確實應該給我們帶來優勢，因為我們能夠讓晶圓代工廠供應商相互競爭，同樣，我們也可以讓構成產品後端的封裝和測試公司相互競爭。

Okay, great. If I could sneak in one more. What is the margin and OpEx without Wuxi look like? And what does the breakeven level look like in revenue?

好的，太好了。如果我能再偷偷加一個就好了。剔除無錫業務後，利潤率和營運成本會是多少？那麼，損益平衡點對應的營收是多少呢？

I mean, we don't really segment it out. I mean, we did give directionally indication that the Wuxi business was significantly lower margin than the rest. As we go forward and deploy our ADAS products, we're still committed to getting to the 60% gross margin level of the target model that we set ourselves.

我的意思是，我們並沒有真正把它細分出來。我的意思是，我們確實已經初步表明，無錫業務的利潤率明顯低於其他業務。隨著我們不斷推進ADAS產品的部署，我們仍然致力於實現我們自己設定的目標模型中60%的毛利率水準。

Thank you. At this time, there are no further questions. And I would like to turn the floor back over to management for closing remarks.

謝謝。目前沒有其他問題了。現在我想把發言權交還給管理階層，請他們作總結發言。

Well, thanks, everybody. Thanks for attending the call and looking forward to seeing you at the conferences over the coming week, where you'll meet myself and Mark and Naixi.

謝謝大家。感謝您參加電話會議，期待在接下來的一周的會議上見到您，屆時您將見到我和馬克以及奈西。

Ladies and gentlemen, that concludes this conference. Thank you for joining us. You may now disconnect your lines.

女士們、先生們，本次會議到此結束。感謝您的參與。現在您可以斷開線路了。