indie Semiconductor Inc (INDI) 2025 Q4 法說會逐字稿

Good afternoon, and welcome to indie Semiconductor's fourth quarter 2025 earnings call. (Operator Instructions) As a reminder, this conference call is being recorded. I will now turn the call over to Ashish Gupta, Investor Relations. Mr. Gupta, please go ahead.

下午好，歡迎參加indie Semiconductor 2025年第四季財報電話會議。 （操作說明）提醒各位，本次電話會議正在錄音。現在我將把電話交給投資者關係部的Ashish Gupta先生。 Gupta先生，請開始。

Thank you, operator. Good afternoon, and welcome to indie Semiconductor's fourth quarter 2025 earnings call. Joining me today are Don McClymont, indie's CEO and Co-Founder; Naixi Wu, indie's CFO; and Mark Tyndall, EVP of Corporate Development and Investor Relations. Don will provide opening remarks and discuss business highlights. Naixi will then provide a review of indie's Q4 results and business outlook.

謝謝接線生。下午好，歡迎參加獨立半導體公司2025年第四季財報電話會議。今天與我一同出席的有：indie 的執行長兼聯合創辦人 Don McClymont；indie 的財務長吳乃熙；以及企業發展與投資者關係執行副總裁 Mark Tyndall。唐將致開幕詞並討論業務亮點。Naixi隨後將對indie的第四季度業績和業務前景進行回顧。

Please note that we'll be making forward-looking statements based on our 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，我們將根據我們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 and 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 filed with the SEC. Finally, the results and guidance discussed today are based on consolidated non-GAAP financial measures such as non-GAAP operating loss, non-GAAP net loss and non-GAAP net loss per share.

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 日的財政年度的風險因素和 10-K 表格年度報告，以及我們的 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。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營業虧損、非GAAP淨虧損和非GAAP每股淨虧損。

For a complete reconciliation to GAAP and the definition of the non-GAAP reconciling items, please see our Q4 earnings press release in addition to a presentation summarizing our quarterly results and more details on our non-GAAP measures as posted on our website in advance of this call at www.indie.inc.

有關與 GAAP 的完整調整以及非 GAAP 調節項目的定義，請參閱我們的第四季度收益新聞稿，以及在本次電話會議之前發佈在我們網站 www.indie.inc 上的演示文稿，該演示文稿總結了我們的季度業績和有關我們非 GAAP 指標的更多詳細信息。

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. indie delivered a solid fourth quarter with revenue of $58 million, exceeding the midpoint of our outlook by $1 million and up 8% sequentially. Let me provide some context on the market environment before turning to our business achievements.

謝謝Ashish，也歡迎各位。 indie第四季業績穩健，營收達5,800萬美元，超出我們預期中位數100萬美元，季增8%。在介紹我們的業務成就之前，我想先介紹一下市場環境的背景。

First, on our markets, the automotive industry is entering a pivotal new phase as ADAS, or advanced driver assistance systems, and automated driving and safety functionality are rapidly maturing beyond optional or premium features and into standardization at L2 and above. OEMs across all vehicle classes are recognizing that consumers expect a baseline of active safety features, including lane assist, automatic emergency braking, blind spot detection and collision warnings.

首先，在我們的市場上，汽車行業正進入一個關鍵的新階段，高級駕駛輔助系統 (ADAS) 以及自動駕駛和安全功能正在迅速成熟，不再是可選或高級功能，而是 L2 及以上級別的標準化功能。所有車型類別的汽車製造商都意識到，消費者期望車輛具備基本的安全功能，包括車道維持輔助、自動緊急煞車、盲點偵測和碰撞預警。

These trends reveal a market undergoing structural transformation where software-defined intelligence, regulatory readiness and scalable sensor technology are reshaping the competitive landscape. This continues to present a significant opportunity for indie to capitalize on by leveraging its technology investments for the readiness of these mass market ADAS segments.

這些趨勢揭示了一個正在經歷結構性變革的市場，其中軟體定義的智慧、監管準備和可擴展的感測器技術正在重塑競爭格局。這繼續為獨立廠商提供了一個重要的機會，讓他們可以利用自身的技術投資，為這些大眾市場ADAS細分市場做好準備。

Additionally, the humanoid robotics market is rapidly transitioning from research labs to industrial and real-life applications. This creates exciting opportunities that we're actively pursuing today, and we plan to expand our activities here going forward. Our ADAS and automotive technologies align perfectly with humanoid sensing requirements by providing the robot eyes and ears.

此外，人形機器人市場正迅速從研究實驗室轉型為工業和實際應用。這為我們創造了令人興奮的機遇，我們目前正在積極尋求這些機遇，並且我們計劃未來擴大在這裡的業務。我們的ADAS和汽車技術與人形機器人的感知要求完美契合，為機器人提供了眼睛和耳朵。

To that end, we are already seeing strong adoption of our radar, vision and even interface solutions by industry leaders, both in the U.S. and China. For example, our vision products have been deployed by companies, including Figure AI and Unitree amongst others. Powered by breakthrough advances in embodied AI, evolving workforce needs and decreasing manufacturing costs through shared automotive components, this dynamic industry is accelerating towards becoming a major global economic driver by the 2030s. Let me now turn to our recent business progress and key achievements during the past quarter.

為此，我們已經看到，無論是在美國還是在中國，行業領導者都大力採用我們的雷達、視覺甚至介面解決方案。例如，我們的視覺產品已被多家公司部署，其中包括 Figure AI 和 Unitree 等。由於具身人工智慧的突破性進步、不斷變化的勞動力需求以及透過共享汽車零件降低的製造成本，這個充滿活力的行業正在加速發展，預計在 2030 年代成為全球經濟的主要驅動力。現在讓我來談談我們最近的業務進展和上個季度的主要成就。

Beginning with radar, our Tier 1 partner, who launched their Gen 8 77-gigahertz radar solution in Q4, is rapidly gaining strong commercial traction with even more global OEMs, including car manufacturers from Northern and Central Europe, North America, Japan, China and India with models ranging from entry-level through mid-tier high-end passenger cars and all the way to high-value commercial vehicles.

從雷達開始，我們的一級合作夥伴在第四季度推出了第八代 77 吉赫茲雷達解決方案，並迅速獲得了強大的商業吸引力，吸引了更多全球 OEM 廠商的關注，其中包括來自北歐和中歐、北美、日本、中國和印度的汽車製造商，其車型涵蓋從入門級到中高端乘用車，直至高價值商用車，直至高價值商用車。

The indie-based solution delivers far superior performance and cost basis compared to competing and previous generation products, additionally earning a claim at CES this January. We began initial shipments to our Tier 1 partner in December as planned and are scaling production to fulfill the massive opportunity estimated at well above 50 million units annual demand once we are beyond the ramp-up phase.

與競爭對手和上一代產品相比，這款獨立開發的解決方案在性能和成本方面都表現出色，並在今年一月的 CES 展會上獲得了認可。我們已按計劃於 12 月開始向一級合作夥伴進行首批發貨，並且正在擴大生產規模，以滿足預計在產能爬坡階段結束後每年超過 5000 萬台的巨大需求。

To support this ramp and mitigate allocation issues, we're expanding our production capabilities, including porting designs to second source foundries here in the US, satisfying local supply sourcing demands. We are also securing additional back end and test capacity at multiple suppliers to be prepared for the ramp.

為了支持這一成長並緩解分配問題，我們正在擴大生產能力，包括將設計移植到美國境內的第二代工廠，以滿足本地供應需求。我們也在多個供應商確保額外的後端和測試能力，為產能爬坡做好準備。

With these measures in place, indie will be well positioned to fulfill the growing demand. Looking ahead, we are now in the midst of the definition of our next-generation radar platforms, which will deliver further competitive advantage in performance, cost and functionality significantly beyond current levels.

有了這些措施，獨立音樂人將能夠更好地滿足日益增長的需求。展望未來，我們目前正處於下一代雷達平台定義的關鍵階段，這些平台將在性能、成本和功能方面帶來更大的競爭優勢，遠超目前的水平。

Overall, I'm extremely pleased with the progress of the current generation radar rollout and expect momentum to build through '26 and beyond. Within our vision portfolio, we see continued momentum with design wins for our industry-leading image signal processor SoCs, including our iND880 and our AI-based edge processor. Our DRAM-less architecture is creating new opportunities for us, as it allows our customers to overcome the current memory supply issues while reducing the bill of materials and lowering system resource demands on AI processors.

總的來說，我對當前一代雷達的推廣進展非常滿意，並預計到 2026 年及以後，這種勢頭將會持續增強。在我們的視覺產品組合中，我們看到業界領先的影像訊號處理器 SoC（包括我們的 iND880 和基於 AI 的邊緣處理器）在設計訂單方面持續取得佳績。我們的無DRAM架構為我們創造了新的機遇，因為它使我們的客戶能夠克服當前的記憶體供應問題，同時減少物料成本並降低AI處理器的系統資源需求。

With this technology, we have secured new design wins in e-mirror and camera mirror systems at leading Tier 1s across passenger vehicles and trucks with production beginning in late '26 and continuing for several years. Within the China market, we have recently secured a design win with the leading electric vehicle manufacturer with our iND880 for our camera mirror system, which is expected to start ramping towards the middle of 2026.

憑藉這項技術，我們已在領先的一級供應商的乘用車和卡車電子後視鏡和攝影機後視鏡系統中獲得了新的設計訂單，生產將於 2026 年底開始，並持續數年。在中國市場，我們最近憑藉 iND880 技術，與領先的電動車製造商達成了一項設計合作，用於其攝影機後視鏡系統，預計將於 2026 年年中開始量產。

This is a very critical design win for indie as we believe it will open more strategic opportunities going forward for our ADAS portfolio at this key customer. In Q4, indie completed the integration of emotion3D, creating a powerful ecosystem that unites AI-based perception algorithms with our hardware SoC capabilities, offering flexible stand-alone or integrated solutions within the cabin for driver and occupancy monitoring.

對於獨立設計師來說，這是一個非常關鍵的設計勝利，因為我們相信這將為我們在這個重要客戶處的 ADAS 產品組合帶來更多未來的策略機會。第四季度，indie 完成了 emotion3D 的集成，創建了一個強大的生態系統，將基於 AI 的感知演算法與我們的硬體 SoC 功能相結合，為車廂內的駕駛員和乘員監控提供靈活的獨立或集成解決方案。

Additionally, we have recently announced a strategic partnership with Mahindra, a leading Indian passenger and commercial vehicle manufacturer for the supply of our perception software for their Electric Origin SUV series, including XEV 93 and BE 6.

此外，我們最近宣布與印度領先的乘用車和商用車製造商 Mahindra 建立戰略合作夥伴關係，為其 Electric Origin SUV 系列（包括 XEV 93 和 BE 6）提供感知軟體。

From our photonics business unit, we were awarded a design win, including NRE for a distributed feedback laser for a LiDAR application outside of the automotive market, potentially opening new opportunities in diverse market applications where high-precision, high-speed 3D spatial information for real-time detection is critical.

我們光子業務部門贏得了一項設計訂單，其中包括用於汽車市場以外的雷射雷達應用的分散式回饋雷射的非重複性工程費用，這可能會在各種市場應用領域開闢新的機遇，在這些領域，高精度、高速的 3D 空間資訊對於即時檢測至關重要。

In addition, we have secured our largest booking of LXM lasers to date, supporting key customers in quantum communications and sensing as our success continues in this adjacent quantum market. Within our power group, the Qi 2.0 wireless charging platform production with Ford remains on track for the first half of 2026 with adoption from multiple subsequent OEMs expected to follow. indie is already gaining significant traction for our Qi 2.2 25-watt wireless charging solution, which offers seamless scalability via firmware upgrade.

此外，我們還獲得了迄今為止最大的 LXM 雷射器訂單，為量子通訊和感測領域的關鍵客戶提供支持，我們在鄰近的量子市場也取得了持續的成功。在我們的電源業務部門，與福特合作的 Qi 2.0 無線充電平台生產計劃仍按計劃進行，預計將於 2026 年上半年投產，隨後多家 OEM 廠商也將陸續採用。 indie 的 Qi 2.2 25 瓦無線充電解決方案已廣受認可，可透過韌體升級實現無縫擴充。

Moving to the Qi 2.2 solution enables faster power delivery, stronger magnetic alignment and broader device interoperability without replacing hardware, making this a highly attractive solution for customers and partners.

升級至 Qi 2.2 解決方案無需更換硬體即可實現更快的功率傳輸、更強的磁對準和更廣泛的設備互通性，這使得該解決方案對客戶和合作夥伴極具吸引力。

This product is already demonstrating strength as evidenced by a leading Tier 1 wireless charging partner upscaling to our Qi 2.2 platform with another North American OEM. Recall on our previous call, we highlighted the shortage of package substrates prevalent in the industry caused by ever-increasing demand for AI chips. We are pleased to report we have made meaningful progress by qualifying second source package and substrate vendors.

這款產品已經展現出強大的實力，一家領先的一級無線充電合作夥伴已與另一家北美 OEM 廠商合作，升級到我們的 Qi 2.2 平台，這便是最好的證明。回想一下我們之前的電話會議，我們重點提到了由於人工智慧晶片需求不斷增長而導致的行業內封裝基板短缺問題。我們很高興地報告，我們在確定第二供應商封裝和基板方面取得了實質進展。

However, we expect the broader supply environment to remain constrained, and we will need to remain laser focused to manage the situation through 2026. I will now turn the call over to Naixi for a review of our Q4 results and business outlook.

然而，我們預計整體供應環境仍將受到限制，我們需要保持高度專注，以應對 2026 年的情況。現在我將把電話交給奈西，請他回顧我們第四季的業績和業務展望。

Thank you, Donald, and good afternoon, everyone. indie's fourth quarter revenue was $58 million, exceeding the midpoint of our outlook by $1 million, representing sequential growth of approximately 8% and flat compared to the prior year period, bringing our full year revenue to $217.4 million. The non-GAAP operating expenses during the quarter totaled $36.8 million, consistent with our outlook, thereby achieving our goal of $8 million to $10 million savings.

謝謝唐納德，大家下午好。 indie公司第四季營收為5,800萬美元，比我們預期中位數高出100萬美元，較上季成長約8%，與去年同期持平，全年營收達到2.174億美元。本季非GAAP營運費用總計3,680萬美元，與我們的預期一致，從而實現了節省800萬至1,000萬美元的目標。

As a result, our fourth quarter non-GAAP operating loss was $10.1 million compared to $11.3 million last quarter and $14.2 million a year ago, demonstrating our continued progress towards achieving profitability. With net interest expense of $2.3 million, our net loss was $12.4 million and loss per share was $0.07 on a base of 220.4 million shares.

因此，我們第四季度的非GAAP營業虧損為1,010萬美元，而上一季為1,130萬美元，去年同期為1,420萬美元，這表明我們在實現盈利方面取得了持續進展。淨利息支出為 230 萬美元，淨虧損為 1,240 萬美元，每股虧損 0.07 美元，總股本為 2.204 億股。

Please refer to the presentation located on our website for a more detailed breakdown of non-GAAP measures. Turning to the balance sheet. We exited the quarter with total cash and cash equivalents, including restricted cash of $155.7 million, a $15.5 million decrease versus the third quarter, of which $6.8 million was used for our semi-annual interest payment on the outstanding convertible notes.

有關非GAAP指標的更詳細分類，請參閱我們網站上的簡報。接下來看一下資產負債表。本季末，我們持有的現金及現金等價物總額為 1.557 億美元，其中包括受限現金，比第三季減少了 1,550 萬美元，其中 680 萬美元用於支付未償還可轉換票據的半年利息。

As you may recall, in the fourth quarter, we announced that indie had entered into a definitive agreement with United Faith Auto-Engineering Co., Ltd., UFA, 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 upon closing, net of applicable taxes and fees. The transaction continues to progress towards closing.

您可能還記得，在第四季度，我們宣布 indie 已與中國上市公司聯合信仰汽車工程有限公司（UFA）達成最終協議，將我們在無錫 indie Micro 的全部已發行股權出售，總收益約為 1.35 億美元，將在交割時以現金支付，扣除適用的稅費。交易正朝著完成的方向穩步推進。

As part of the customary closing conditions, UFA obtained its requisite shareholder approval in late 2025. The transaction remains subject to regulatory approval in China, including both Shenzhen Stock Exchange and CSRC. While the timing of the closing remains uncertain, we continue to be optimistic that it will occur by the late 2026 time line we previously communicated. Moving to our outlook for the first quarter of 2026. We expect to deliver total revenues between $52 million to $58 million with $55 million at the midpoint.

作為慣例成交條件的一部分，UFA 於 2025 年底獲得了必要的股東批准。該交易仍需獲得中國監管機構的批准，包括深圳證券交易所和中國證監會。雖然交易完成的時間仍不確定，但我們仍然樂觀地認為，它將在我們之前公佈的 2026 年底的時間表內完成。接下來，我們展望一下2026年第一季。我們預計總收入將在 5,200 萬美元至 5,800 萬美元之間，中間值為 5,500 萬美元。

We anticipate a decline in first quarter revenue from Wuxi to $21 million due to a lower demand from reduced EV subsidies and the Chinese New Year shutdown. However, we expect our revenue from our core business to grow by an impressive 20% sequentially to $34 million at the midpoint. We expect our non-GAAP operating expenses to be $37 million for Q1, relatively flat to Q4 2025.

由於電動車補貼減少和春節假期導致需求下降，我們預計無錫工廠第一季營收將下降至 2,100 萬美元。不過，我們預期核心業務的營收將較上季成長 20%，達到 3,400 萬美元（中位數）。我們預計第一季的非GAAP營運費用為3,700萬美元，與2025年第四季基本持平。

Assuming a net interest expense of approximately $2.6 million with no tax expenses, we expect a $0.07 net loss per share based on 223 million shares at the midpoint of the revenue range. From a financial perspective, with our strong focus on managing operating expenses and our solid balance sheet, including anticipated proceeds from the sale of Wuxi, indie is financially well positioned to support our path to strong and profitable growth as design wins ramp through 2026.

假設淨利息支出約為 260 萬美元，且無稅費支出，我們預計以收入範圍中點 2.23 億股計算，每股淨虧損 0.07 美元。從財務角度來看，由於我們高度重視管理營運費用，並且擁有穩健的資產負債表（包括出售無錫的預期收益），indie 在財務上處於有利地位，能夠支持我們實現強勁且盈利的增長，並在 2026 年設計訂單激增的情況下繼續保持增長勢頭。

With that, I will 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。

Thank you, Naixi. Our core business remains solid as evidenced by strong fourth quarter results. Radar and vision programs remain firmly on track, highlighted by our Tier 1 partners' recent release of their advanced Gen 8 radar product, growing commercial adoption and our first radar chipset shipments late in the quarter. With the addition of high-growth adjacent markets such as quantum sensing and humanoid robotics, indie's technology leadership and expanding product portfolio positions us well to drive growth. We believe no other semiconductor company offers a product portfolio as well suited as indie's to meet the diverse sensing needs of these emerging markets.

謝謝你，奈西。我們的核心業務依然穩健，第四季強勁的業績證明了這一點。雷達和視覺項目仍在穩步推進，我們的一級合作夥伴最近發布了先進的第八代雷達產品，商業應用日益普及，並且我們在本季度末首次出貨了雷達晶片組，這些都突顯了項目的進展。隨著量子感測和人形機器人等高成長鄰近市場的加入，indie 的技術領先地位和不斷擴大的產品組合使我們能夠更好地推動成長。我們認為，沒有其他半導體公司能夠提供像獨立半導體公司那樣完善的產品組合，以滿足這些新興市場多樣化的感測需求。

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。

Thanks guys for taking my questions, and congrats on the progress. Naixi, just one point of clarification. Can you give me the Wuxi revenue for Q4?

謝謝各位回答我的問題，也祝賀你們的進展。奈溪，我只想澄清一點。能提供一下無錫第四季的營收數據嗎？

Yes, it was around $29.7 million.

是的，大約是2970萬美元。

And could you just maybe go through the reasons again for the sequential decline? And then what do you expect that to do looking into Q2?

能否再詳細解釋一下導致產量持續下降的原因？那麼，你預計第二季會有什麼變化？

The decline mostly has to do with the upcoming Chinese New Year shutdown and the reduced EV subsidies that the local people are getting.

銷量下滑主要與即將到來的春節假期以及當地居民獲得的電動車補貼減少有關。

And any color on expected ramp into Q2?

關於第二季預期成長勢頭，有什麼顏色的說法嗎？

I mean we do expect it to recover in Q2. As of course, you know, we're in the process of selling that business, but yes, we do expect it to bounce a little bit in Q2.

我的意思是，我們預計它會在第二季復甦。當然，我們也知道，我們正在出售這項業務，但是，是的，我們預計它在第二季度會略有反彈。

Okay. Great. And Donald, maybe can you just provide any further color on the slope of the ramp of your radar programs that you're expecting for the balance of '26?

好的。偉大的。唐納德，您能否進一步說明一下您預計在 2026 年剩餘時間內雷達專案的進展？

Well, I mean, since last we talked, we've made phenomenal progress together with the customer. We see the traction through the OEMs just getting ever stronger, so we feel absolutely phenomenal about where we are with the program. In fact, we're also really beginning now the discussions on what comes next for the next generation. But I mean, the OEM traction has just been off the charts, and it gives us a good problem to solve. We need to focus now on making sure that our supply chain is robust enough to support the ramp that we expect.

嗯，我的意思是，自從我們上次談話以來，我們和客戶一起取得了巨大的進展。我們看到來自 OEM 廠商的支援越來越大，因此我們對該專案目前的進展感到非常滿意。事實上，我們現在也真正開始討論下一代的未來發展方向。但我的意思是，OEM 的牽引力簡直爆表，這給我們帶來了一個很好的問題需要解決。我們現在需要集中精力確保我們的供應鏈足夠強大，能夠支持我們預期的產能提升。

But we feel we're in a really good spot right now.

但我們感覺我們現在處境非常好。

And just a follow-up there. The constraints that you're feeling still on substrates and packaging, what impact do you expect that to have in the first quarter?

還有一點後續問題。您目前在基材和包裝方面仍然感受到的限制，預計會對第一季產生什麼影響？

I mean it had a little bit of a trailing impact into the first quarter. I mean we -- the product portfolio basically, in the type of products that had substrate exposure, did have some risk mitigation, so some products that we had inventory of shipped. Probably there was maybe a little bit less than $1 million of demand that is still questionable that we might get or not based on supply, but we've made some significant progress versus Q4 where it affected around $5 million in that quarter.

我的意思是，它對第一季產生了一些後續影響。我的意思是，我們——基本上，對於有基材暴露的產品類型，我們的產品組合確實採取了一些風險緩解措施，因此我們有一些庫存產品已經發貨。可能還有不到 100 萬美元的需求，能否得到還存在疑問，這取決於供應情況，但與第四季度相比，我們已經取得了顯著進展，第四季度受影響的金額約為 500 萬美元。

Excellent. Thank you.

出色的。謝謝。

Suji Desilva, ROTH Capital Partners.

蘇吉‧德席爾瓦 (Suji Desilva)，羅仕資本合夥人。

Hi Donald. Hi Ashish. Congratulations on the progress here on the Tier 1. Donald, you've given us backlog numbers in the past. Any update there? Any new design wins to talk about? I know you have at least two big programs coming, but any color there would be helpful.

嗨，唐納德。你好，阿什什。恭喜你在第一層級的進展。唐納德，你以前也給我們提供過積壓訂單的資料。那邊有進展嗎？有什麼新的設計得獎案例可以分享嗎？我知道你們至少有兩個大型專案即將啟動，但任何相關資訊都會有所幫助。

Yes. I mean, as you know, we only really update our strategic backlog once a year. You can see from the script that we did make some progress on the sales side and add some new discrete designs out with the larger programs. We do expect that the sell-through into the OEMs from the large radar program also will increase over time, and we've seen a lot of momentum in that during the last quarter. But no quantifiable update right now.

是的。我的意思是，如你所知，我們每年只會更新一次策略規劃。從腳本中可以看出，我們在銷售方面取得了一些進展，並在更大的專案中增加了一些新的獨立設計。我們預計，隨著大型雷達專案向原始設備製造商 (OEM) 的銷售，銷售額也會隨著時間的推移而增加，而且我們在上個季度已經看到了這方面的強勁勢頭。但目前還沒有可量化的最新進展。

Okay. All right. And then aside from Wuxi in China, can you talk about the progress there in terms of design wins and traction for your products for the core part of the business?

好的。好的。除了中國無錫之外，您能否談談貴公司核心業務的產品在設計訂單和市場推廣方面的進展？

Yes. I mean we're doing well in all regions. I mean, again, I mentioned in the script that we have exposure to OEMs based over all parts of Europe, also in Asia, China, even India actually as part of that. So I mean, we're feeling very good about where we are generally worldwide.

是的。我的意思是，我們在所有地區都做得很好。我的意思是，我再次在腳本中提到，我們與遍布歐洲各地的原始設備製造商 (OEM) 都有業務往來，也與亞洲、中國甚至印度的 OEM 有業務往來。所以我的意思是，總的來說，我們對我們在全球範圍內的發展狀況感到非常滿意。

Jon Tanwanteng, CJS Securities.

Jon Tanwanteng，CJS 證券。

Hi, this is Will and for John. Is there any update on the size of the opportunity within robotics and drones or in the quantum space and if or when those, can become significant contributors?

大家好，我是威爾，我是約翰。機器人和無人機領域或量子領域的機會規模是否有任何最新進展？這些領域何時才能成為重要的貢獻者？

Well, the robotics space is hard to call, but I mean, we are just seeing a phenomenal amount of activity in that space. And the products that we make for automotive are basically 100% compatible with the needs that these guys have for these applications. So we are very optimistic about it. We do feel that it can be a very material market as we progress through the rest of this decade. In terms of quantum, that's a little bit easier for us to quantify.

嗯，機器人領域的發展趨勢很難預測，但我的意思是，我們確實看到該領域出現了驚人的活躍度。我們為汽車產業生產的產品基本上 100% 符合這些用戶在這些應用中的需求。所以我們對此非常樂觀。我們認為，在接下來的十年裡，它將成為一個非常重要的物質市場。從量子力學的角度來看，這更容易量化一些。

We are beginning to make some significant traction in that space. We shipped about $1 million worth of optical products in that application in 2025, and we expect maybe around a trebling of that through 2026. So we are seeing increased momentum in that space also.

我們在這個領域開始取得一些顯著進展。2025 年，我們在該應用領域出貨了價值約 100 萬美元的光學產品，我們預計到 2026 年，這一數字可能會增長三倍左右。因此，我們也看到該領域的發展動能正在增強。

Thank you and in regards to the supply chain constraints, can you add some more color on how you're thinking about the timeline to a full resolution?

謝謝。關於供應鏈限制問題，您能否詳細說明您認為全面解決該問題的具體時間表？

I mean it's -- the tightness is really driven by the uptick in AI demand, and so we don't see that really going away anytime soon. From our perspective, just operationally, we're expanding our supply base to make sure that we have significant mitigation for all of the programs that are key to us, and we made some pretty good progress in the last 90 days to address that. We are seeing signs that several suppliers are making investments to improve capacity, likely something that would begin to take effect in 2027.

我的意思是，這種緊張局面實際上是由人工智慧需求的成長所驅動的，因此我們預計這種情況不會很快消失。從我們的角度來看，僅從營運層面來說，我們正在擴大我們的供應鏈，以確保我們所有關鍵項目都能得到有效的緩解措施，並且在過去 90 天裡，我們在解決這個問題上取得了相當不錯的進展。我們看到一些跡象表明，一些供應商正在投資以提高產能，這很可能在 2027 年開始生效。

But I mean, at this point, we feel decent about where we are. We've -- as I said, we've made some good progress in bringing on new suppliers. And we hope that we can manage through this '26 year without really taking any bumps on our side while we get through to '27. But that's basically the best visibility we have right now.

但我的意思是，就目前而言，我們對我們所處的位置感到還算滿意。正如我所說，我們在引入新供應商方面取得了一些不錯的進展。我們希望能夠順利度過 2026 年，一路平安地邁入 2027 年。但這基本上就是我們目前所能獲得的最佳資訊了。

Anthony Stoss, Craig-Hallum.

安東尼·斯托斯，克雷格-哈勒姆。

Good afternoon everybody. Donald, in the past, I think you talked about the total range of expected radar revenue for you guys for 2026 to be somewhere between, I think it was $30 million to $50 million. Perhaps you can give us an update on that. And then also love to hear kind of thoughts on just OpEx for the rest of this year on a quarterly basis.

大家下午好。唐納德，我記得你之前說過，你們公司 2026 年的雷達收入預計總和將在 3000 萬美元到 5000 萬美元之間。或許您可以提供我們一下最新進展。另外，也想聽聽大家對今年剩餘時間每季的營運支出（OpEx）的看法。

Well, I mean, in terms of the radar volume, it's still in that same ZIP code. Nothing really has changed in the short term. What we are seeing is just gathering momentum with newer OEMs, which we hadn't really anticipated would be early adopters, and it turns out that they are going in that direction.

嗯，我的意思是，就雷達探測量而言，它仍然在同一個郵遞區號區域內。短期內並沒有什麼實質的改變。我們看到的是，新興的原始設備製造商（OEM）正在加速採用這種技術，而我們之前並沒有預料到他們會成為早期採用者，但事實證明他們正在朝著這個方向發展。

That means that we will have like a steady and steep ramp over the course of '26, '27, '28 and '29 even as some of these design wins, of course, are for longer-term models, which are out in time. But I mean, generally speaking, the momentum has been strong behind the program. And I think you can assume on OpEx side that it's basically going to be about flat. Maybe a couple of lumps here and there as we invest in tooling, but no more than $1 million plus/minus.

這意味著在 2026 年、2027 年、2028 年和 2029 年，我們將迎來一個穩定而陡峭的增長期，當然，其中一些設計上的勝利是為更長期的車型準備的，這些車型最終會推出。但總的來說，這個計畫的發展勢頭一直很強勁。我認為營運支出方面基本上會持平。在投資模具的過程中，可能會出現一些小問題，但不會超過 100 萬美元左右。

Got you. And then if I could sneak in one more outside of the Wuxi Group just within your core business, what percentage of that core still remains in China?

抓到你了。那麼，如果我可以在無錫集團之外，僅在您的核心業務範圍內再補充一個問題，那麼您的核心業務中還有多少百分比仍然在中國？

Probably in the 25% to 30% range, perhaps. Maybe not quite as high as that anymore, actually. I'm not sure. I -- yes, it's a little bit less than that now probably.

大概在25%到30%之間吧。實際上，或許沒有那麼高了。我不知道。我——是的，現在可能比那少一點。

Craig Ellis, B. Riley Securities.

Craig Ellis，B. Riley Securities。

Yeah, thanks for taking the question, Donald, congratulations on the 20% core business growth in the first quarter. Can you just help us understand what the top two or three drivers are to that growth? And is radar on that list? Or are we in just smaller volumes in 1Q?

是的，謝謝你回答這個問題，唐納德，恭喜你第一季核心業務成長了20%。您能否幫我們了解一下推動這種成長的前兩三個因素是什麼？雷達也在這個名單上嗎？或者說，我們只是第一季銷量較小？

I mean radar is still relatively small volume in the last quarter and this quarter. But in any design and any -- and especially in a program of this magnitude, the first products that you ship are very much the most important. It cleans the pipe and improves the existence that the designs are real and the products are working. We have seen continued progress also in our vision chips. Basically, the drivers are coming from the ADAS side.

我的意思是，雷達在上個季度和本季的銷售量仍然相對較小。但是，在任何設計中，尤其是在如此大規模的專案中，你交付的第一批產品都是最重要的。它能清潔管道，並增強人們對設計真實性和產品有效性的信心。我們的視覺晶片也取得了持續進步。基本上，這些驅動因素來自ADAS方面。

Our iND880 processor has been super successful. And now that we're beginning to bring to market a version of that chip, which also has an AI edge processor integrated in it, we're seeing continued momentum in that space also.

我們的iND880處理器非常成功。現在，我們開始將這款晶片的某個版本推向市場，該版本還整合了一個人工智慧邊緣處理器，我們看到該領域也持續保持著成長勢頭。

And then a follow-up to the prior question just on the arc of radar through time, and it sounds like it just continues to scale from what could be $30 million to $50 million through 2029. But I think we've talked about this business being a $100 million business in the past on an annualized basis. Are you starting to get visibility on when we could get that? And would that be 2028? Or would it be potentially sooner or really when you get out to 2029?

然後，針對先前的問題，我們補充一下關於雷達隨時間推移的發展趨勢，聽起來它似乎會持續增長，從 2029 年的 3000 萬美元增長到 5000 萬美元。但我認為我們過去曾討論過，這項業務的年營業額將達到 1 億美元。您開始大致了解我們什麼時候能拿到那個東西了嗎？那會是2028年嗎？或者可能更早，還是要等到 2029 年？

I mean, I think, the answer to your question is, yes, we are getting continued visibility improvement in this as we progress through the whole process of deployment. I mean we're -- it's probably a little early to call exactly when -- what date that we cross $100 million. But I mean, we are feeling increasingly confident and positive about where we're going with this right now.

我的意思是，我認為，對於你的問題，答案是肯定的，隨著我們推進整個部署過程，我們在這方面的可見度正在不斷提高。我的意思是，現在就斷言我們何時突破 1 億美元大關可能還為時過早。但我的意思是，我們現在對未來的發展方向越來越有信心和樂觀。

And I mean, it's kind of driving us crazy, the amount of support work that we're having to do and the amount of supply chain expansion that we're having to do in order to prepare for it. So I mean, if that gives you an indication of where we think we are, then I hope that's sufficient.

我的意思是，為了做好準備，我們不得不做大量的支援工作，不得不擴大供應鏈規模，這簡直讓我們抓狂。所以我的意思是，如果這能讓你了解我們認為我們目前所處的位置，那麼我希望這已經足夠了。

Cody Acree, The Benchmark Company.

Cody Acree，基準公司。

I think Cody actually already asked his question.

我覺得科迪其實已經問過他的問題了。

Yes. Yes. Actually, I just had a quick follow-up, Donald. Sorry, I was on mute. Just your comment lastly about increasing your supply side. Last quarter, you mentioned your efforts to double source for some of your customer requests. Can you just update us on the progress there? And just what are you looking forward to on spending for that?

是的。是的。其實，我只是想快速跟進一下，唐納德。抱歉，我剛才靜音了。最後，我想補充一下關於增加供應方面的建議。上個季度，您提到您為滿足一些客戶需求而採取了雙重採購策略。可否告知我們那邊的進展？你打算用這筆錢做什麼？

I mean from packaging side, we enabled a new substrate supplier and also a new packaging house. So basically, now we have four combinations of substrate and packaging house that we can use. We do expect that we will also, for some of the very large volume programs such as the radar program, bring on second source foundries, particularly as we need to have China for China, non-China for non-China supply base in that space.

我的意思是，從包裝方面來說，我們啟用了一個新的基材供應商和一個新的包裝廠。所以基本上，現在我們有四種基材和包裝廠的組合可以使用。我們預計，對於一些非常大批量的項目，例如雷達項目，我們也會引入第二供應商代工廠，特別是因為我們需要在這個領域擁有中國供應商對中國供應商、非中國供應商對非中國供應商的供應鏈基礎。

And I think -- and I mean, in answer to your question, the short term, we have had a little bit of increased OpEx, which we signaled in the last quarter in order to cover some of that, which has now run through the books. And at this point, we're basically seeing our OpEx remaining reasonably flat through '26. There may be a couple of bumps in the road as we spend on tooling, but it's -- each bump is probably, I mean, less than $1 million.

我認為——我的意思是，回答你的問題，短期內，我們的營運支出略有增加，我們在上個季度就已發出信號，以彌補部分支出，現在這些支出已經計入賬目。目前來看，我們的營運支出在 2026 年將基本保持穩定。在投入工具研發的過程中，可能會遇到一些小問題，但每次遇到的問題，我的意思是，可能不到 100 萬美元。

There are no further questions at this time. I would like to hand the floor back over to Donald McClymont for any closing comments.

目前沒有其他問題了。我謹將發言權交還給唐納德·麥克萊蒙特，請他作總結發言。

Well, thanks, everybody, for attending, and I hope to see you at the conferences in the next few weeks.

謝謝大家的出席，希望在接下來的幾週的會議上能見到大家。

This concludes today's conference. You may disconnect your lines at this time. Thank you for your participation.

今天的會議到此結束。您可以在此時斷開線路。感謝您的參與。