indie Semiconductor Inc (INDI) 2026 Q1 法說會逐字稿

Good afternoon, and welcome to the indie Semiconductors' first quarter 2026 earnings call. (Operator Instructions) As a reminder, this conference call is being recorded.

下午好，歡迎參加 indie Semiconductors 2026 會計年度第一季財報電話會議。(接線員指示) 提醒各位，本次電話會議將被錄音。

I will now turn the call over to Ashish Gupta, Investor Relations. Mr. Gupta, please go ahead.

現在我將把電話交給投資人關係 Ashish Gupta。Gupta 先生，請開始。

Thank you, operator. Good afternoon, and welcome to indie's first quarter 2026 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.

謝謝，接線員。下午好，歡迎參加 indie 2026 會計年度第一季財報電話會議。今天與我一同出席的有：indie 執行長暨共同創辦人 Don McClymont；indie 財務長 Naixi Wu；以及企業發展與投資人關係執行副總裁 Mark Tyndall。

Don will provide opening remarks and discuss business highlights. Naixi will then provide a review of indie's Q1 results and business outlook.

Don 將先發表開場致詞並說明業務重點。接著 Naixi 將回顧 indie 第一季業績與業務展望。

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. These statements are subject to a variety of risks and uncertainties that could cause actual results to differ materially from expectations.

請注意，我們將根據目前的預期與假設發表前瞻性陳述，而這些陳述可能受到風險與不確定性影響。這些陳述僅反映我們截至今日的觀點，不應被依賴為任何後續日期之觀點代表。這些陳述受到多項風險與不確定性影響，可能導致實際結果與預期出現重大差異。

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, 2025, as supplemented by our quarterly reports on Form 10-Q as well as other public reports filed with the SEC.

關於可能影響我們財務結果的重大風險及其他重要因素，請查閱我們截至 2025 年 12 月 31 日止會計年度之 Form 10-K 年報中的風險因素，並參考我們的 Form 10-Q 季報以及向美國證券交易委員會（SEC）提交的其他公開報告。

Finally, the results and guidance discussed today are based on consolidated nonfinancial GAAP measures such as non-GAAP operating loss, non-GAAP net loss, and non-GAAP net loss per share. For a complete reconciliation to GAAP and definition of the non-GAAP reconciling items, please see our Q1 earnings press release in addition to a presentation summarizing our quarterly results in more details on non-GAAP measures as posted on our website in advance of this call at www.indie.inc.

最後，今天討論的業績與指引係以合併口徑的非 GAAP 財務衡量指標為基礎，例如非 GAAP 營業損失、非 GAAP 淨損失，以及非 GAAP 每股淨損失。如需完整的 GAAP 對帳以及非 GAAP 調節項目的定義，請參閱我們的第一季財報新聞稿，並參考我們在本次電話會議前已發布於官網 www.indie.inc、彙總季度業績並更詳細說明非 GAAP 指標的簡報。

I'll now turn the call over to Donald.

現在我把電話交給 Donald。

Thanks, Ashish, and welcome, everybody. indie delivered a solid first quarter with revenue of $55.5 million, approximately $0.5 million above the midpoint of our guidance and up 3% year over year. Before turning to our business achievements, let me provide some context on the market environment.

謝謝你，Ashish，也歡迎各位。indie 第一季表現穩健，營收為 5,550 萬美元，較我們指引中點高出約 50 萬美元，且年增 3%。在談到我們的業務成果之前，我先就市場環境提供一些背景。

Looking at the broader automotive semiconductor market, we see a measured recovery with channel inventories largely normalizing and demand environments characterized as cautious but improving. Underlying global vehicle production remains range-bound, while secular content drivers, including the continued transition to software-defined vehicles, expanding ADAS adoption, increasing exterior and in-cabin sensing requirements, are fueling demand for semiconductor content per vehicle as was always our thesis. This is a backdrop against which indie continues to advance our radar, vision, and photonics portfolios, supporting growth that will consistently outpace the market.

從更廣泛的車用半導體市場來看，我們看到復甦步調審慎，通路庫存大致回歸正常，而需求環境可形容為謹慎但正在改善。全球汽車產量的基本面仍在區間內波動；同時，長期的內容量驅動因素——包括持續轉向軟體定義車輛（software-defined vehicles）、ADAS 採用擴大、外部與座艙內感測需求增加——正推動每輛車的半導體含量需求，這一直是我們的核心論點。在此背景下，indie 持續推進我們的雷達、視覺與光子產品組合，支撐將持續超越市場的成長。

On a macro level, geopolitical tensions and shifting trade dynamics continue to impact the global supply chain affecting peers, customers, and suppliers alike. These dynamics have contributed to elevated logistics costs and selective capacity constraints across the industry. However, even against this backdrop, indie is maintaining a positive trajectory, successfully managing through these challenges.

在總體層面，地緣政治緊張與貿易動態變化持續影響全球供應鏈，對同業、客戶與供應商皆造成影響。這些動態導致物流成本維持在較高水準，並在產業中出現部分產能受限的情況。然而，即便在此背景下，indie 仍維持正向發展軌跡，並成功管理與因應這些挑戰。

indie is experiencing tremendous growth in interest and activity in quantum and robotics. We continue to forge new opportunities with some of the trendsetting emerging companies in these high-growth markets with our expanding photonics portfolio in Quantum and our vision processing and sensor ICs and embodied AI.

indie 在量子與機器人領域的關注度與活動量正快速成長。憑藉我們在量子領域持續擴展的光子產品組合，以及我們的視覺處理與感測器 IC 與具身 AI（embodied AI），我們持續與這些高成長市場中引領趨勢的新興公司開拓新機會。

As noted by the International Federation of Robotics, the broader robotics market, which spans industrial robots, mobile robots, cobots, humanoids, and drones is forecast to grow from approximately $88 billion in 2026 to over $218 billion by 2031, a CAGR of nearly 20%. Within that opportunity, the Yole Group states that the global humanoid robotic market is set to increase from $600 million in 2025 to $6 billion in 2030 at a CAGR of 56%, and then accelerate to $51 billion by 2035, a CAGR of 55% between 2030 and 2035.

如國際機器人聯合會（International Federation of Robotics）所指出，涵蓋工業機器人、移動機器人、協作機器人（cobots）、人形機器人與無人機的整體機器人市場，預計將從 2026 年約 880 億美元成長至 2031 年超過 2,180 億美元，年複合成長率接近 20%。在此機會之中，Yole Group 表示全球人形機器人市場將由 2025 年的 6 億美元成長至 2030 年的 60 億美元，年複合成長率為 56%；並將在 2035 年加速至 510 億美元，2030 至 2035 年的年複合成長率為 55%。

Let me now turn to our recent business progress and key achievements during the past quarter. I'm extremely pleased to share that our Tier 1 partner, who recently launched their Gen 8 radar solution built on indie's 77 gigahertz radar technology, representing the first 4TX/8RX radar available in the industry, has committed to a new production order of $25 million, driven by support for two key OEMs, one European and one Asian. This milestone is particularly rewarding as this order confirms previously communicated production expectations and multi-OEM acceptance following successful design, testing, and qualification over the past many months.

接下來我談談我們在上一季的近期業務進展與關鍵成果。我非常高興分享：我們的 Tier 1 合作夥伴近期推出採用 indie 77GHz 雷達技術的第 8 代雷達解決方案，這是業界首款 4TX/8RX 雷達；該夥伴已承諾新增 2,500 萬美元的量產訂單，主要由兩家關鍵 OEM（一家歐洲、一家亞洲）的需求所帶動。這項里程碑特別令人振奮，因為該訂單確認了我們先前溝通的量產預期，並在過去數月成功完成設計、測試與認證後，獲得多家 OEM 的採用與認可。

We are now positioned to ramp production efficiently, having secured additional back end and test capacity across multiple suppliers in preparation for the ramp ahead. In parallel, we are advancing our second source foundry strategy to support the manufacturing flexibility and, in some cases, to support a no China, no Taiwan requirement demanded by certain industry players.

我們目前已具備高效率放量的條件，並已在多家供應商處取得額外的後段製程與測試產能，以因應即將到來的放量。同時，我們也在推進第二來源晶圓代工策略，以支援製造彈性；在某些情況下，也用以滿足部分產業客戶所要求的「不在中國、不在台灣」製造條件。

Moving to our Vision portfolio. The iND880 vision processor has begun production, supporting eMirror camera functionality at NIO, a premium Chinese EV OEM. This program moved from design to production in approximately six months, a testament to our team's technical readiness, execution discipline, and close collaboration with customers and partners, and further reinforces our commitment to reducing time to market and accelerating deployment.

接著談我們的視覺（Vision）產品組合。iND880 視覺處理器已開始量產，支援蔚來（NIO）這家中國高端電動車 OEM 的電子後視鏡（eMirror）攝影機功能。此專案從設計到量產約僅用六個月，展現了我們團隊的技術就緒度、執行紀律，以及與客戶與合作夥伴的緊密協作，也進一步強化我們縮短上市時間並加速部署的承諾。

In addition, the camera mirror system when we referenced last quarter with the largest Chinese OEM is now entering volume production. Additionally, at the prestigious Beijing Auto Show, several exciting new models featured indie technology, including the Buick GL8, the AITO M9, the NIO ES9, and the Cadillac LYRIQ to name a few. These models are now entering the production phase in 2026.

此外，我們上季提到、與中國最大 OEM 合作的攝影機後視鏡系統，現已進入量產階段。同時，在備受矚目的北京車展上，多款令人振奮的新車型採用了 indie 技術，包括別克 GL8、問界 M9、蔚來 ES9，以及凱迪拉克 LYRIQ 等。這些車型將於 2026 年進入量產階段。

A defining advantage of the iND880 and increasingly a focal point in our customer engagements is a DRAMless architecture. By eliminating the need for external memory, the iND880 helps customers navigate any DRAM supply constraints. In many cases, our customers are unable to source memory at all and using the 880 allows them to alleviate line-down situations.

iND880 的一項關鍵優勢——也日益成為我們與客戶互動的焦點——是其無 DRAM（DRAMless）架構。透過免除外部記憶體需求，iND880 可協助客戶因應任何 DRAM 供應受限的情況。在許多情況下，我們的客戶甚至無法取得記憶體，而採用 880 可幫助他們緩解產線停線（line-down）風險。

If DRAM can be sourced, it comes at a price premium measured in multiples rather than percentages. 880, therefore, massively reduces overall bill of materials in addition to lowering system resource demands on downstream AI processors and improving image signal processing throughput and real-time latency.

即使能取得 DRAM，其價格溢價往往是以「倍數」而非「百分比」來衡量。因此，880 不僅能大幅降低整體物料清單（BOM）成本，亦可降低下游 AI 處理器的系統資源需求，並提升影像訊號處理吞吐量與即時延遲表現。

What was originally an attractive design point for China OEMs has rapidly broadened into a global value proposition. We are now seeing accelerating engagement and likely commitments from US customers often on compressed timelines as the architectural benefits of going memoryless are recognized across the industry. We expect this to remain a meaningful growth driver for our vision portfolio through 2026 and beyond.

原本對中國 OEM 具吸引力的設計特點，已迅速擴展為全球性的價值主張。隨著業界逐步認可無記憶體架構的優勢，我們正看到來自美國客戶的互動加速，且往往在更壓縮的時程下推進，並可能做出承諾。我們預期這將在 2026 年及其後，持續成為我們視覺產品組合的重要成長動能。

By way of update on our perception software portfolio, following the integration of emotion 3D, we recently announced a strategic partnership with Mahindra, a leading Indian OEM to supply our OMS/DMS perception suite for the electric Origin SUV series. Additionally, we expect commitments from US-based customers in the near future to add to our momentum.

更新我們的感知軟體（perception software）產品組合：在整合 emotion3D 之後，我們近期宣布與印度主要 OEM Mahindra 建立策略合作夥伴關係，將為其電動 Origin SUV 車系供應我們的 OMS/DMS 感知套件。此外，我們預期近期將獲得來自美國客戶的承諾，進一步延續我們的動能。

Our photonics portfolio continues to gain meaningful traction in the rapidly expanding quantum technology market. During the quarter, we announced the world's first commercially available ultraviolet distributed feedback, or DFB laser, at 399 nanometers, a wavelength precisely matched to atomic cooling transition of ytterbium, the element used in the neutral atom quantum computing architecture that leads the industry today in physical qubit count.

我們的光子（photonics）產品組合在快速擴張的量子科技市場中持續取得實質進展。本季期間，我們宣布推出全球首款可商用的 399 奈米紫外分佈回饋（distributed feedback，DFB）雷射；該波長可精準匹配鐿（ytterbium）的原子冷卻躍遷，而鐿是中性原子量子運算架構所使用的元素；該架構目前在物理量子位元（physical qubit）數量上領先業界。

Our broader visible DFB laser family now spans wavelengths from the near ultraviolet to green, addressing the cooling, trapping, and excitation requirements across the four atomic species that account for the substantial majority of cold atom quantum computing development.

我們更廣泛、可見的 DFB 雷射產品家族如今涵蓋從近紫外到綠光的波長範圍，滿足四種原子物種在冷卻、捕捉與激發方面的需求，而這四種原子物種占冷原子量子運算開發的絕大多數。

We are actively engaged with several of the leading quantum computing companies on next-generation laser source requirements, and we believe our differentiated photonics platform positions indie as a key enabling supplier to the quantum ecosystem as it scales over the coming decade.

我們正積極與多家領先的量子運算公司就下一代雷射光源需求展開合作，並且我們相信，我們具差異化的光子平台使 indie 在未來十年量子生態系擴張過程中，成為關鍵的賦能型供應商。

In the LiDAR space, we are finally beginning to see the adoption of FMCW technology into multiple markets. Our integration partners are completing designs, which incorporate indie's iND83301 SoC into their products, replacing FPGA-based processing and delivering an 80% reduction in power consumption, a 40% reduction in solution size, and a market-making cost position. We are seeing traction not only from the automotive industry, but from multiple areas in embodied AI. A key producer of AMR, or autonomous mobile robots, for warehouse management is engaged.

在 LiDAR 領域，我們終於開始看到 FMCW 技術在多個市場被採用。我們的整合合作夥伴正在完成設計，將 indie 的 iND83301 SoC 納入其產品中，取代以 FPGA 為基礎的處理，並實現功耗降低 80%、解決方案尺寸縮小 40%，以及具市場顛覆性的成本定位。我們不僅在汽車產業看到進展，也在具身 AI 的多個領域看到動能。一家用於倉儲管理的 AMR（自主移動機器人）主要製造商正在與我們合作。

Generally speaking, the embodied AI market is generating demand for many of our sensing products centered around vision, but including LiDAR and radar with applications also ranging from AMR through humanoids to drones. Our sensing technologies allow robots to better understand and navigate unpredictable environments and enable the transition from more traditional industrial robot implementations to more advanced truly autonomous units.

整體而言，具身 AI 市場正在為我們多項以視覺為核心、並包含 LiDAR 與雷達的感測產品帶來需求，其應用範圍也從 AMR 延伸到人形機器人與無人機。我們的感測技術讓機器人能更好地理解並在不可預測的環境中導航，並促成從較傳統的工業機器人導入，轉向更先進、真正自主的單元。

The pace of engagement is electrifying. We expect that it will begin to lead the automotive market in driving new technology as opposed to leveraging existing technologies.

合作洽談的速度令人振奮。我們預期，具身 AI 將開始在推動新技術方面領先汽車市場，而不是僅僅沿用既有技術。

With that, I will turn the call over to Naixi to walk through our financial results.

接下來，我把電話交給 Naixi，請她帶大家回顧我們的財務結果。

Thank you, Donald, and good afternoon, everyone. indie's first-quarter revenue was $55.5 million, exceeding the midpoint of our outlook by $0.5 million, representing an increase of approximately 3% compared to the prior-year period.

謝謝你，Donald，各位下午好。indie 第一季營收為 5,550 萬美元，較我們展望區間的中點高出 50 萬美元，較去年同期約成長 3%。

Revenue from our core business was approximately $34.1 million, a sequential growth of over 20%, reflecting the continued momentum in our core ADAS portfolio. Revenue from WuXi was approximately $21.4 million, consistent with our expectations. Non-GAAP operating expenses during the quarter totaled $37.3 million, consistent with our outlook. As a result, our first quarter non-GAAP operating loss was $11.1 million compared to $15.1 million in the comparable period in 2025, demonstrating our continued progress towards achieving profitability.

核心業務營收約為 3,410 萬美元，季增超過 20%，反映我們核心 ADAS 產品組合持續的動能。來自 WuXi 的營收約為 2,140 萬美元，符合我們的預期。本季非 GAAP 營業費用合計 3,730 萬美元，符合我們的展望。因此，我們第一季非 GAAP 營業損失為 1,110 萬美元，相較於 2025 年同期的 1,510 萬美元，顯示我們持續朝獲利目標邁進。

With net interest expense of $2.8 million, our net loss was $13.9 million and loss per share was $0.06 on a base of 223 million shares, consistent with our guidance last quarter. Please refer to the presentation located on our website for a more detailed breakdown of our non-GAAP measures.

在淨利息費用 280 萬美元的情況下，我們淨損為 1,390 萬美元；以 2.23 億股為基礎計算，每股虧損為 0.06 美元，與我們上季的指引一致。關於非 GAAP 指標更詳細的拆解，請參閱我們網站上的簡報。

Turning to the balance sheet. During the quarter, we issued a 4% convertible senior notes due 2031 with an aggregate principal amount of $170.5 million, or a net proceeds of approximately $165 million after fees and operating costs. We used these net proceeds to repurchase a significant portion of our 2027 notes for a total of approximately $108 million.

接著看資產負債表。本季我們發行了 2031 年到期、票面利率 4% 的可轉換優先票據，總本金金額為 1.705 億美元；扣除費用與發行成本後，淨募得約 1.65 億美元。我們使用這些淨募得資金回購了我們 2027 年票據中的相當大一部分，總額約 1.08 億美元。

The remaining proceeds are retained for working capital and general corporate purposes. This refinancing extends our debt maturity profile by approximately four years, lowers our coupon, and enhances our financial flexibility to support our growth strategy. As a result of the debt issuance and repayment activity I just discussed, along with routine operating activities, we exited the quarter with total cash and cash equivalents, including restricted cash of $184.7 million, a net increase of $29 million from the fourth quarter of 2025.

其餘資金將保留作為營運資金及一般公司用途。此次再融資將我們的債務到期結構延長約四年、降低票息，並提升財務彈性，以支持我們的成長策略。由於我剛提到的舉債與償債活動，以及例行營運活動，我們在季末的現金及約當現金（含受限制現金）合計為 1.847 億美元，較 2025 年第四季淨增加 2,900 萬美元。

Turning to the previously announced potential divestiture of our equity interest in Wuxi indie Micro. As you may recall, we entered into the definitive agreement in October 2025 to sell our entire interest in Wuxi to UFA for approximately $135 million, payable net of taxes and fees in cash at closing.

接著談先前宣布的、可能處分我們在 Wuxi indie Micro 的股權投資。如各位所記得，我們於 2025 年 10 月簽署最終協議，將我們在 Wuxi 的全部持股出售給 UFA，交易金額約 1.35 億美元，並於交割時以現金支付（扣除稅費與相關費用後的淨額）。

Following UFA's shareholder approval in November 2025, the transaction commenced its required regulatory approval process in China, including review by the Shenzhen Stock Exchange and the CSRC, and has continued to advance since then. While the exact timing of closing remains subject to the completion of that regulatory process, the transaction is progressing well, and we remain optimistic that the transaction will close later this year, consistent with our prior updates.

在 UFA 於 2025 年 11 月取得股東批准後，該交易在中國啟動所需的監管核准流程，包括深圳證券交易所與中國證監會（CSRC）的審查，且自那時起持續推進。雖然確切交割時間仍取決於該監管流程的完成，但交易進展順利；我們仍樂觀預期交易將於今年稍晚完成交割，與我們先前的更新一致。

Moving to our outlook for the second quarter of 2026. We expect to deliver total revenue between $59 million to $65 million, with $62 million at the midpoint. We anticipate a revenue contribution from Wuxi in the second quarter of $25 million with our core business contributing approximately $37 million at the midpoint, representing approximately an 8% growth sequentially or about 20% year-over-year growth in our core ADAS, photonics, and adjacent business.

接著是我們對 2026 年第二季的展望。我們預期總營收將介於 5,900 萬至 6,500 萬美元，中點為 6,200 萬美元。我們預期第二季 Wuxi 的營收貢獻為 2,500 萬美元；核心業務在中點約貢獻 3,700 萬美元，代表核心 ADAS、光子與相鄰業務約季增 8%，或年增約 20%。

We expect our non-GAAP operating expenses to be $38 million for Q2, relatively flat compared to Q1. Below the line, we expect net interest expense of approximately $3.1 million with no tax expenses. Assuming the midpoint of the revenue range and with a base of 227 million shares, we expect to improve our net loss per share to $0.05.

我們預期第二季非 GAAP 營業費用為 3,800 萬美元，與第一季相比大致持平。在營業外項目方面，我們預期淨利息費用約 310 萬美元，且不會有所得稅費用。假設營收落在區間中點，且以 2.27 億股為基礎，我們預期每股淨損將改善至 0.05 美元。

From a financial perspective, our strong focus on managing operating expenses and our solid balance sheet, including anticipated proceeds from the sale of Wuxi, indeed is financially well positioned to support our path to strong and profitable growth as design wins ramp through 2026.

從財務角度來看，我們對營業費用管理的高度專注，以及穩健的資產負債表（包括預期出售 Wuxi 所得款項），確實使我們在財務上具備良好條件，能支持我們在 2026 年設計案得標逐步放量之際，走向強勁且可獲利的成長。

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

接下來，我把電話交回 Donald，請他做結語。

Thank you, Naixi. indie's business remains very solid as evidenced by strong first-quarter results and positive outlook for the second quarter. Radar and vision programs remain firmly on track, highlighted by success of multiple OEMs. With the addition of Quantum and embodied AI, indie's technology leadership and expanding product portfolio positions us extremely well to drive growth.

謝謝你，Naixi。indie 的業務依然非常穩健，第一季強勁的結果與對第二季的正向展望就是明證。雷達與視覺專案仍穩步推進，並由多家 OEM 的成功所凸顯。隨著量子與具身 AI 的加入，indie 的技術領先地位與持續擴大的產品組合，使我們具備極佳條件來推動成長。

We believe no other semiconductor company offers a product portfolio as well suited as indie's to meet the diverse needs of these emerging markets. We are confident in our business as our radar and vision design wins continue to ramp.

我們相信，沒有其他半導體公司能提供像 indie 一樣如此適配的產品組合，以滿足這些新興市場的多元需求。隨著我們的雷達與視覺設計案得標持續放量，我們對業務充滿信心。

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

以上是我們準備好的發言。接線員，請開放提問。

(Operator Instructions) Cody Acree, Benchmark StoneX.

(接線員指示) Benchmark StoneX 的 Cody Acree。

Congrats on the progress. Donald, maybe we can start with your $25 million order. Can you maybe just walk us through your expected delivery schedule? How does that pace through the rest of the year?

恭喜你們的進展。Donald，也許我們可以先從你們那筆 2,500 萬美元的訂單談起。你能否帶我們了解一下你們預期的交付時程？在今年剩餘時間裡，交付節奏會是如何？

Well, I mean, first of all, we are super excited to receive the order, especially as it came in sort of one big discrete chunk and it underlines the commitment of our Tier 1 customer to the end customers that they have committed to them at this point. So we're super excited about that.

嗯，我的意思是，首先，我們對收到這筆訂單感到非常興奮，尤其是它以一筆相當大的、明確的單次訂單形式進來，也凸顯了我們的 Tier 1 客戶對其終端客戶在此刻所做承諾的投入。所以我們對此非常興奮。

I mean, obviously, we knew about the situation ahead of time, but the fact that we were allowed to publicly discuss this and highlight this fact was super exciting for us. And hopefully, that gives an indication to the market that the impending reality of what we're doing here with this huge project is coming to fruition.

我的意思是，顯然我們事先就知道這個情況，但能夠公開討論並強調這件事，對我們來說非常令人振奮。也希望這能向市場傳達一個訊號：我們在這個龐大專案上所做的事情，即將到來的現實正逐步落地實現。

In terms of how we schedule it out, I mean, it's not the only order we have, and it's not the only order that we'll get. And it is sort of, let's say, tied to a couple of key customers to make sure the thinking behind it is really to make sure that we can secure capacity and all that stuff and having the orders on the books is hugely advantageous and helpful in that respect. And we talked about that in the prepared remarks that it was one of the tools that we used to go do that.

就我們如何排程而言，我的意思是，這不是我們唯一的訂單，也不會是我們將取得的唯一訂單。而且它某種程度上——比方說——與幾個關鍵客戶綁在一起，以確保其背後的思考確實是為了確保我們能鎖定產能等等；把訂單記在帳上（在手訂單）在這方面極具優勢，也非常有幫助。我們在事先準備的發言中也談到，這是我們用來達成該目標的工具之一。

So we don't expect that we'll give details of when this particular order is running out. But it's going to be the first of many as we drive towards maximizing the revenue that we get out of this project.

因此我們不預期會提供這筆特定訂單何時跑完的細節。但隨著我們朝著最大化此專案可帶來的營收推進，這將會是眾多訂單中的第一筆。

Are those wafers already in the path of the work in process? And can you just talk about delivery schedules for revenue ramp?

那些晶圓是否已經在製程中的在製品（WIP）流程裡了？另外你能否談談交付時程，對營收爬坡的影響？

I mean we have a bunch of wafers in the line, of course. We've talked about that in the past as well, and we have secured capacity for those guys too. We do expect that it will contribute meaningfully in this year. And obviously, we're just reconfirming that really.

我的意思是，我們當然有一批晶圓已經在線上。我們過去也談過這點，而且我們也為這些產品鎖定了產能。我們確實預期它會在今年做出有意義的貢獻。而且很顯然，我們現在只是再次確認這一點。

And you talked about wafer packaging, I mean, back-end packaging test and substrate availability and then your diversification of your foundry strategy. Can you just update us on the progress, what's left to be done? And is that now substantially behind you?

你提到晶圓封裝，也就是後段封裝測試與載板供應情況，以及你們代工策略的多元化。能否更新一下進度、還有哪些工作要完成？以及這些問題現在是否基本上已經過去了？

I mean, the market is very tight right now because of the demand from AI. It's not going to be something that we can just leave to run automatically. It's going to be something that we're going to have to have a watchful eye over for the foreseeable future. But I think we're comfortable now with the diversification of the supplier base that we have and with our ability to, therefore, deliver to that.

我的意思是，因為 AI 的需求，目前市場非常吃緊。這不會是我們可以放著讓它自動運轉的事情。在可預見的未來，這會是我們必須持續密切關注的事項。但我認為，我們現在對供應商基礎的多元化，以及因此能夠交付的能力，都感到放心。

Suji Desilva, ROTH Capital.

Suji Desilva，ROTH Capital。

Congratulations on the initial PO, Donald. Can you maybe give us some sense of the initial customer -- end customers of your customer and what the auto models they're using this for? Is it premium mainstream, L2+ or advanced L3, L4? Any color that you'd have about where this is landing would be helpful.

恭喜拿到第一筆採購訂單（PO），Donald。你能否大概說明一下初始客戶——也就是你們客戶的終端客戶——以及他們會用在哪些車款上？是高端主流、L2+，還是更進階的 L3、L4？任何你能提供的補充資訊，關於這會落在哪些應用上，都會很有幫助。

Well, I mean, it's largely mainstream. We're supplying a number of radars per vehicle in most cases. The kind of vehicles that we're supplying to range from low to mid-tier through high tier, through even commercial vehicles. And we'll see our products adoption being really deep and large in the penetration of it being very widespread.

嗯，我的意思是，主要是主流市場。在多數情況下，我們每台車會供應多顆雷達。我們供應的車種範圍從低到中階、到高階，甚至也包含商用車。而我們會看到產品採用度非常深、規模很大，滲透率也會非常廣泛。

We're not certainly married to Level 3, Level 4 or anything really higher end. These are products that you'll find on something like a Volkswagen Golf or Toyota Corolla. So it will be deeply penetrated.

我們當然不會只綁定在 Level 3、Level 4 或任何更高端的等級。這些產品你會在像 Volkswagen Golf 或 Toyota Corolla 這類車上看到。所以它的滲透會非常深。

That's very helpful. And can you help us understand how this Tier 1 layers in beyond the initial two customers to this PO? Is there -- are there more customers behind it? Or will these two customers first ramp initially? How will that progress in your pipeline?

這非常有幫助。另外你能否協助我們理解，這家 Tier 1 在這張 PO 之外、相對於最初的兩個客戶，還會如何分層延伸？是否——背後還有更多客戶？或是這兩個客戶會先行爬坡？在你們的案源管線中，這會如何推進？

No. I mean, there are a bunch of customers expected to ramp at varying times through all jurisdictions in the field, ranging from China through Europe, through US. So this is just specifically that this purchase order really was driven to provide a commitment to the two OEMs that we talked about in the script. It's not -- by far -- it's far from limited to those two.

不是。我的意思是，有一批客戶預期會在不同時間點、於各個市場/法域陸續爬坡，從中國、到歐洲、到美國。所以這張採購訂單之所以特別，是因為它主要是為了對我們在講稿中提到的兩家 OEM 提供承諾。它絕對——遠遠——不僅限於那兩家。

Anthony Stoss, Craig-Hallum.

Anthony Stoss，Craig-Hallum。

Pretty close on the pronunciation. Donald, I wanted to hone in on the iND880. Can you maybe share a range of the pipeline or the opportunity, the design wins you have? And then I'd love to hear if you think the iND880 solution might generate more revenue for you than Radar in 2026?

發音很接近了。Donald，我想聚焦在 iND880。你能否分享一下你們的案源管線或機會規模、已取得的設計導入（design wins）大概落在哪個範圍？另外我也想聽聽你是否認為 iND880 解決方案在 2026 年可能為你們帶來比雷達更多的營收？

Yeah. I mean, we've been super surprised and excited by the resonance of this. I mean, we knew the commercial value of it, but actually seeing it and feeling it took a little longer to get to some of the customers who are a little more conservative and maybe believe that they would be able to source what they needed in memory and of course, turned out not to be the case.

是的。我的意思是，我們對它引起的共鳴感到非常驚喜也很興奮。我們知道它的商業價值，但實際看到並感受到它，花了更久才觸及一些較保守的客戶；他們可能原本相信自己能取得所需的記憶體，但當然，結果並非如此。

I mean, we're seeing pipeline of tens of millions of dollars per year in annual revenue. And it is moving very, very fast indeed because of just the needs must. I mean, the memories are hard to source. And if you can get them, they're going for two, three, four times the normal price. So yeah, it is maybe even possible that it might exceed radar in this year.

我的意思是，我們看到的管線是每年數千萬美元的年營收規模。而且推進得非常、非常快，因為需求迫在眉睫。記憶體很難取得。就算拿得到，價格也會是正常價格的兩倍、三倍、四倍。所以，是的，甚至有可能它在今年就會超過雷達。

Got it. And then in your prepared remarks and in the press release, you talked about drones. Would the same iND880 be going into that? Or what kind of solutions from indie would be going into a lot of these drones that you're talking about?

了解。另外在你們的事先準備發言與新聞稿中，你提到了無人機。同樣的 iND880 會用在那裡嗎？或者你們 indie 的哪些解決方案會用在你提到的這些無人機上？

I mean, we have a bunch of activities ongoing. 880 is one of the products that are being looked at right now. There's a derivative of it, which is also able to have some other functionality, including an AI processor, which we've talked about briefly in the past that may also get used.

我的意思是，我們有很多正在進行的活動。880 是目前正在評估的產品之一。它也有一個衍生版本，能提供其他功能，包括一個 AI 處理器；我們過去也簡要提過，這個版本也可能會被採用。

They are beginning to look at LiDAR processor and even through our automotive Tier 1 customer. We're seeing demand for the radars going on these things, too. So there's a very high level of content. The market is moving extremely quickly, and the dollar value of ASPs are good.

他們也開始評估 LiDAR 處理器，甚至是透過我們的車用 Tier 1 客戶。我們也看到雷達用在這些裝置上的需求。因此其內容價值（content）非常高。市場推進極快，而 ASP 的美元價值也不錯。

Jon Tanwanteng, CJS Securities.

Jon Tanwanteng，CJS Securities。

This is Will on for Jon. Last quarter, you had some headwinds in the Wuxi business. Can you just talk more about the underlying trends there and how they're developing?

我是 Will，代 Jon 發問。上一季你們在無錫業務上遇到一些逆風。你能否多談談那裡的基本趨勢，以及目前的發展情況？

Yeah. I mean, there were some headwinds in the China market, particularly at the lower end of the e-vehicle market, really driven by a change in the subsidy policy of the Chinese government, which we saw hit through Q1. And as we highlighted in last quarter's earnings and we reiterated here, we are expecting a good bit of a bounce back in the next quarter. So we believe that those issues are resolving.

好的。我的意思是，中國市場確實有一些逆風，特別是在電動車市場的低端，主要是由於中國政府補貼政策的變化所致，我們看到這個影響延續到第一季。正如我們在上一季財報中強調、並在此重申的，我們預期下一季會有相當程度的反彈。因此我們相信這些問題正在解決。

Generally speaking, in the China market, we see some unit headwinds but the content per vehicle is increasing significantly and so we believe that's offsetting and we are seeing that in the strength, particularly of our vision portfolio in China at the moment.

整體而言，在中國市場，我們看到出貨量（unit）方面有些逆風，但每車搭載內容（content per vehicle）正在顯著提升，因此我們相信這能抵銷影響；而我們目前也在中國看到這點反映在強勁表現上，特別是在我們的視覺產品組合。

Thank you. There are no further questions on the line at this time. I'll turn the meeting back over to Donald.

謝謝。目前線上沒有其他問題。我把會議交回給 Donald。

Well, thanks, everybody. Thanks for your time, and looking forward to seeing you at the investor conferences over the course of the quarter.

好的，謝謝各位。感謝大家撥冗，也期待在本季期間的投資人會議上與各位見面。

Thank you. This brings us to the end of today's meeting. We appreciate your time and participation. You may now disconnect.

謝謝。今天的會議到此結束。感謝各位的時間與參與。各位現在可以掛線。