indie Semiconductor Inc (INDI) 2026 Q2 法說會逐字稿

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

下午好，歡迎參加 indie 2026 年第二季財報電話會議。(接線員指示) 提醒各位，本次會議將被錄音。

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

現在我想把電話會議交給投資人關係部的 Ashish Gupta。Gupta 先生，請開始。

Thank you, operator. Good afternoon, and welcome to indie's second-quarter 2026 earnings call. Joining me today are Donald McClymont, indie's CEO and Co-Founder; Naixi Wu, indie's CFO; and Mark Tyndall, EVP of Corporate Development and Investor Relations. Donald will provide opening remarks and discuss business highlights. Naixi will then provide a review of indie's Q2 results and business outlook.

謝謝，接線員。下午好，歡迎參加 indie 2026 年第二季財報電話會議。今天與我一同出席的有 indie 執行長暨共同創辦人 Donald 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。Donald 將發表開場致詞並分享業務重點。接著 Naixi 將回顧 indie 第二季業績與業務展望。

Please note, we will 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，這些陳述受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，不應被視為代表任何後續日期的觀點。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存在重大差異。

For material risks and other important factors that could affect our financial results, please review our risk factors and our annual report on Form 10-K for the fiscal year ended December 31, 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 日止會計年度的 Form 10-K 年度報告中的風險因素，並參考我們的 Form 10-Q 季度報告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 non-GAAP financial measures such as non-GAAP operating loss, non-GAAP net loss and non-GAAP net loss per share. For a complete reconciliation with GAAP and the definition of the non-GAAP reconciling items, please see our Q2 earnings press release in addition to presentation summarizing our quarterly results and 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後的非 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。如需與 GAAP 的完整調節以及非 GAAP 調節項目的定義，請參閱我們的第二季財報新聞稿，以及我們在本次電話會議前已發布於網站 www.indie.inc 的簡報（其中彙總季度業績並提供非 GAAP 指標的更多細節）。

I'll now turn the call over to Donald.

現在我把電話會議交給 Donald。

Thanks, Ashish, and welcome, everyone. I'm very pleased to report that indie delivered a quarter of solid growth and performance with revenue of $64 million, up 24% year-over-year and above the midpoint of our guidance.

謝謝你，Ashish，也歡迎各位。我很高興向各位報告，indie 本季交出穩健的成長與表現，營收達 6,400 萬美元，年增 24%，並高於我們指引區間的中點。

Before turning to our business achievements, let me provide some context on the market environment. Overall, the automotive semiconductor market continues to recover steadily, driven by improving vehicle production and sustained demand for electric vehicles. China continues to be a leader in the automotive ecosystem, fueled by strong domestic demand and the growing presence of China vehicle brands in global markets. On a regional basis, China remained indie's strongest end market, followed by the US and Europe.

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。整體而言，車用半導體市場持續穩步復甦，受惠於汽車產量改善以及電動車需求維持強勁。中國在汽車生態系中仍居領先地位，動能來自強勁的內需，以及中國車企品牌在全球市場的能見度與滲透率提升。就區域而言，中國仍是 indie 最強勁的終端市場，其次為美國與歐洲。

Outside of automotive, the emergence of physical AI and robotics is expanding the market opportunity for our high-performance SoCs as these applications require higher levels of processing, environmental sensing and real-time intelligence. These favorable market dynamics are reflected in our second quarter results, and we believe will intensify over the long run.

在汽車以外，實體 AI 與機器人的興起正在擴大我們高效能 SoC 的市場機會，因為這些應用需要更高等級的運算能力、環境感測與即時智慧。這些有利的市場動態已反映在我們第二季的業績中，我們也相信長期而言將進一步加速。

Let me now turn to our recent business progress and key achievements during the past quarter. I'm excited to share that our 77 gigahertz radar chipset solution is gaining outsized traction through the deployment of our Tier 1 partners Gen8 radar product, with new wins soon expected with leading OEMs in North America and China continuing to underline the leadership position that our radar technology enables. You may recall that on our last earnings call, we shared that indie was awarded an initial $25 million production order for our radar chipset, and since then, a design win was announced with a leading Tier 1 supplier supporting Volvo.

接下來談談我們近期的業務進展與過去一季的關鍵成果。我很興奮地分享，我們的 77GHz 雷達晶片組解決方案，透過一級供應商（Tier 1）合作夥伴部署其 Gen8 雷達產品而獲得超預期的市場牽引力；預期不久將在北美與中國的領先 OEM 取得新的贏單，持續凸顯我們雷達技術所帶來的領先地位。各位或許記得，在上次財報電話會議中我們提到，indie 獲得雷達晶片組初始 2,500 萬美元的量產訂單；此後，我們也宣布與一家支援 Volvo 的領先 Tier 1 供應商取得設計導入（design win）。

These achievements highlight the continued market adoption of our radar solution and the increasing pace of customer engagement as we ramp production volumes. This partner is important for indie and one through which we are actively looking to expand our success into adjacent physical AI markets

這些成果凸顯市場對我們雷達解決方案的持續採用，以及在我們提升量產規模之際，客戶互動節奏正在加快。這位合作夥伴對 indie 非常重要，我們也正積極透過其平台，將成功擴展至相鄰的實體 AI 市場。

. As a reminder, radar is now a foundational sensor within automotive, with use cases across ADAS, autonomous driving, self-parking, in-cabin monitoring, and other emerging functions such as automatic door opening and road surface monitoring. Radar represents significant growth for indie, with most implementations having four to five radars per car with opportunities for far higher deployment numbers as application adoption continues.

。提醒各位，雷達如今已是車用的基礎感測器之一，應用情境涵蓋 ADAS、自動駕駛、自動停車、座艙內監測，以及其他新興功能，例如自動開門與路面狀況監測。雷達對 indie 而言代表顯著的成長機會；目前多數導入每輛車配置 4 到 5 顆雷達，隨著應用採用持續擴大，未來部署數量仍有大幅提升空間。

Our solution is enabling for all these types of systems as it offers superior resolution, longer detection range and enhanced object detection and classification across a wide range of weather and lightning conditions, all at a price point to enable the complete automotive spectrum from high-end fully autonomous vehicles to $20,000 entry-level cars. Industry forecasts underscore this momentum with p-market research projecting the global automotive radar market to grow at an 18% CAGR through 2032, representing one of the fastest growing segments within ADAS and vehicle sensing ecosystem.

我們的解決方案可支援上述各類系統，因其在各種天候與光照條件下，提供更高解析度、更長偵測距離，以及更強的物體偵測與分類能力，同時具備可覆蓋完整車用市場的價格帶，從高階全自動駕駛車款到 2 萬美元的入門車款皆可導入。產業預測也凸顯此一動能；p-market research 預估全球車用雷達市場將以 18% 的年複合成長率（CAGR）成長至 2032 年，成為 ADAS 與車輛感測生態系中成長最快的細分領域之一。

According to Yole Group, by 2030, they expect up to five radar configurations per vehicle to become standard globally, driven by NCAP requirements, regional regulation, and OEM differentiation strategies. And we are not standing still. As the sole supplier of radar chips in the 120 gigahertz frequency band, we are now seeing applications evolve due to even greater performance and lower cost point that we can provide using this frequency, driven by the ability to integrate antennas into the chip package.

根據 Yole Group，到 2030 年，他們預期每輛車最多五顆雷達的配置將在全球成為標準，驅動因素包括 NCAP 要求、各地區法規，以及 OEM 的差異化策略。而我們也不會停下腳步。作為 120GHz 頻段雷達晶片的唯一供應商，我們正看到應用因我們可在此頻段提供更高效能與更低成本而持續演進；其關鍵在於可將天線整合至晶片封裝中。

This enables new use cases both in the car and as a key perception technology for physical AI. 120 gigahertz radar brings unique benefits supporting higher spatial resolution, more precise range measurements, micro movement and environmental detection, ideal for industrial, robotic and smart infrastructure applications. The 120 gigahertz solution has been successfully evaluated by several Tier 1s and OEMs across a wide range of physical AI applications.

這使得車內的新應用得以實現，同時也讓其成為實體 AI 的關鍵感知技術。120GHz 雷達具備獨特優勢，可支援更高的空間解析度、更精準的距離量測、微動作與環境偵測，非常適合工業、機器人與智慧基礎設施等應用。120GHz 解決方案已成功通過多家 Tier 1 與 OEM 針對各類實體 AI 應用的評估。

At the same time, our photonics business is accelerating and becoming a core pillar of our product portfolio with its revenue stream increasing solidly. Quantum is one of the fastest growing areas within photonics. At less than $1 billion in 2025, the quantum photonics market is expected to exceed $14 billion, growing at a CAGR of 34% through 2035 according to an SNS Insider.

同時，我們的光子（photonics）業務正在加速發展，營收穩健成長，並逐步成為我們產品組合的核心支柱。量子是光子領域中成長最快的方向之一。根據 SNS Insider，量子光子市場在 2025 年規模尚不足 10 億美元，預期將超過 140 億美元，並在 2035 年前以 34% 的年複合成長率成長。

In fact, we achieved a record quarter for quantum bookings while continuing to receive recurring orders for our LXM lasers used in quantum key distribution applications. Recent showcasing of our LXM and DFB laser portfolio have opened many new opportunities with new and current customers. indie is gaining meaningful traction through several customer-funded development programs, including one from a leading quantum customer and an additional project involving two Japanese companies.

事實上，我們在量子訂單（bookings）方面創下單季新高，同時持續收到用於量子金鑰分配（QKD）應用之 LXM 雷射的重複性訂單。近期我們展示 LXM 與 DFB 雷射產品組合，為新舊客戶開啟了許多新機會。indie 透過多項由客戶出資的開發計畫取得實質進展，其中包括一項來自領先量子客戶的計畫，以及另一項涉及兩家日本公司的專案。

These engagements are particularly important because they highlight the differentiation of our photonic light source platform, allowing us to advance innovation and position us well for future production revenue as quantum applications move towards commercialization.

這些合作尤其重要，因為它們凸顯我們光子光源平台的差異化優勢，使我們得以推進創新，並在量子應用走向商業化之際，為未來量產營收奠定良好基礎。

Beyond quantum, demand for our photonics portfolio continued to strengthen. We delivered a significant increase in sales bookings, reflecting growing customer demand and confidence in our technology. We also saw increased demand from our optical fiber components, driven by the expanding adoption of AI and security solutions, creating demand for enterprise data infrastructure, which enables organizations to harness data securely, efficiently and at scale. Taken together, these results demonstrate the demand for our photonic solutions and reinforce our confidence in the long-term growth opportunities ahead.

除量子之外，我們光子產品組合的需求也持續增強。我們的銷售訂單（bookings）大幅成長，反映客戶需求提升以及對我們技術的信心增加。我們也看到光纖元件需求上升，受惠於 AI 與資安解決方案的加速採用，進而帶動企業資料基礎設施需求，使組織能以安全、高效率且可擴展的方式運用資料。綜合而言，這些成果展現市場對我們光子解決方案的需求，並強化我們對未來長期成長機會的信心。

Moving to our vision portfolio, our latest addition is the iND881, an edge AI SoC engineered for low-power consumption and real-time responsiveness, delivering capabilities purpose-built for demanding edge perception tasks.

轉到我們的視覺產品組合，我們最新加入的是 iND881，這是一款為低功耗與即時反應而設計的邊緣 AI SoC，提供專為嚴苛邊緣感知任務打造的能力。

Building on the success of our flagship iND880, the iND881 not only delivers the image processing excellence of its predecessor, but also incorporates a powerful heterogeneous AI engine, further expanding functionality not only for our automotive core business, but also for industrial and consumer applications such as smart cameras for AMRs and humanoids as well as high-speed smart industrial cameras that require real-time processing and low latency capabilities.

在我們旗艦 iND880 成功的基礎上，iND881 不僅延續前代卓越的影像處理表現，亦整合強大的異質 AI 引擎，進一步擴展其功能，不僅服務於我們汽車核心業務，也涵蓋工業與消費性應用，例如用於 AMR 與人形機器人的智慧相機，以及需要即時處理與低延遲能力的高速智慧工業相機。

In the recent AutoSens and InCabin USA event in Detroit, we showcased the strong engagement and customer acclaim, an industry-first solution that combines DMS/OMS and e-mirror functionality within a single mirror unit. Powered by our iND881 SoC, the platform sets a new standard for integration and system efficiency.

在底特律近期舉辦的 AutoSens 與 InCabin USA 活動中，我們展示了高度的互動與客戶好評：一項業界首創的解決方案，將 DMS/OMS 與電子後視鏡（e-mirror）功能整合於單一後視鏡單元中。該平台由我們的 iND881 SoC 驅動，為整合度與系統效率樹立了新標準。

No other competing SoC on the market today can deliver this level of functionality in a single device. This differentiation is generating great customer interest with multiple design engagements currently under way with leading OEMs and Tier 1 suppliers. Our vision processing solutions are becoming the preferred industry platform for e-mirror solutions, further establishing indie as a leader in the space as we continue to secure new design wins with major automotive manufacturers and Tier 1 suppliers.

目前市面上沒有任何競爭對手的 SoC 能在單一裝置中提供如此等級的功能。這項差異化正帶來強烈的客戶興趣，目前正與多家領先 OEM 與一級供應商（Tier 1）進行多項設計導入合作。我們的視覺處理解決方案正成為電子後視鏡方案的業界首選平台；隨著我們持續在主要車廠與 Tier 1 供應商中取得新的設計導入（design wins），也進一步鞏固 indie 在此領域的領導地位。

With surging DRAM prices, we have capitalized on the opportunity to approach new and existing customers with our cost-optimized iND880 DRAM-less 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.

在 DRAM 價格飆升之際，我們把握機會，以具成本優化的 iND880 無 DRAM 架構接觸新舊客戶。透過免除外部記憶體需求，iND880 協助客戶因應任何 DRAM 供應限制。在許多情況下，我們的客戶甚至無法取得記憶體，而採用 880 可協助他們緩解產線停線（line-down）情況。

Our iND880 vision processor continues to deliver success for customers, having secured several new design wins with leading Chinese OEMs in addition to Cadillac with a wide range of vehicle classes ranging from large SUVs, sedans and electric SUVs. With its ability to enable advanced camera and vision processing for ADAS applications, the iND880 remains extremely attractive to our customer base as being evaluated across multiple vehicle programs, setting up a healthy opportunity pipeline.

我們的 iND880 視覺處理器持續為客戶帶來成功，除 Cadillac 外，也在多家中國領先 OEM 取得數個新的設計導入，涵蓋從大型 SUV、轎車到電動 SUV 等多種車型級別。憑藉其在 ADAS 應用中支援先進相機與視覺處理的能力，iND880 仍對我們的客戶群極具吸引力，並正於多個車型專案中接受評估，建立起健康的機會管線。

The IND88X family is also gaining increased traction with many physical AI customers, with China providing a large number of design wins. Two of our key wins are with leading humanoid robot manufacturers, Unitree and AgiBot, which according to Omnia Research, each ship more than 5,000 robots in 2025. The success of our emotion3D acquisition underscores the value of our hardware plus software strategy, which is now beginning to deliver recurring royalties to our revenue stream.

IND88X 系列也在眾多實體 AI 客戶中獲得更高的採用動能，其中中國帶來大量設計導入。我們兩項關鍵勝出案例來自領先的人形機器人製造商 Unitree 與 AgiBot；根據 Omnia Research，兩者在 2025 年各自出貨超過 5,000 台機器人。我們收購 emotion3D 的成功，凸顯「硬體加軟體」策略的價值，而該策略如今也開始為我們的營收帶來經常性權利金（royalties）。

By bringing together emotion3D's proven AI vision algorithms and our highly integrated automotive SOCs, we have established a differentiated one-stop shop platform for advanced in-cabin sensing that extends well beyond silicon alone. Our traction within in-cabin perception and driver and occupant monitoring is now further underpinned by the field-proven combination of indie's emotion3D software and vision processing SOCs, providing a pre-integrated DMS/OMS platform that is an attractive solution for customers looking to accelerate their time to market and reduce development risk.

透過結合 emotion3D 經驗證的 AI 視覺演算法與我們高度整合的車用 SoC，我們建立了具差異化的一站式先進座艙感知平台，其價值遠不僅止於晶片本身。我們在座艙感知以及駕駛與乘員監測方面的進展，現已進一步由經實地驗證的組合所支撐：indie 的 emotion3D 軟體與視覺處理 SoC，提供預先整合的 DMS/OMS 平台，對於希望加速上市時程並降低開發風險的客戶而言，是極具吸引力的解決方案。

By offering our customers software hardware or a combination of both in a pre-integrated perception stack, we also provide ultimate flexibility in design approach. In recognition of our emotion3D software capabilities, we recently received the Supplier Excellence Award from Mahindra in their XEV 9S program.

透過在預先整合的感知堆疊中向客戶提供軟體、硬體或兩者的組合，我們也為設計方法提供最大的彈性。為表彰我們 emotion3D 軟體能力，我們近期在 Mahindra 的 XEV 9S 專案中獲頒「供應商卓越獎」（Supplier Excellence Award）。

Through deep collaboration between Mahindra and our software team, we delivered AI-powered in-cabin software that enhances safety, comfort and the user experience, bringing advanced in-cabin intelligence to market. Last quarter, we announced that indie had entered into a definitive agreement to acquire the CMOS Image Sensor Group from ams-OSRAM at AG.

透過 Mahindra 與我們軟體團隊的深度合作，我們交付了 AI 驅動的座艙軟體，提升安全性、舒適性與使用者體驗，將先進座艙智慧推向市場。上季我們宣布，indie 已與 ams-OSRAM AG 就收購其 CMOS 影像感測器事業群簽署具約束力的最終協議。

Imaging is a key component of sensor-rich platforms with high-performance visual applications such as humanoids, cobots and industrial automation. By leveraging these intelligent and high-performance sensors, we continue to build our foundational strategy to support rapid growth in the emerging physical AI market. Our transaction remains under review by regulatory authorities, and we anticipate closure prior to year end.

影像是感測器密集型平台的關鍵組成，尤其在如人形機器人、協作機器人（cobots）與工業自動化等高效能視覺應用中更是如此。藉由運用這些智慧且高效能的感測器，我們持續打造支援新興實體 AI 市場快速成長的基礎策略。本交易仍在接受監管機關審查，我們預期將於年底前完成交割。

Turning to the previously announced potential divestiture of our equity interest in Wuxi indie Micro, while the exact timing of closing remains subject to the completion of its regulatory process, the transaction is progressing well, and we remain optimistic that the transaction will close later this year, consistent with our prior updates.

接著談到先前宣布的、可能處分我們在無錫 indie Micro 的股權投資；雖然確切交割時點仍取決於其監管流程完成情況，但交易進展順利，我們仍樂觀預期該交易將於今年稍晚完成，與我們先前的更新一致。

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

接下來我把電話交給 Naixi，請她說明我們的財務結果。

Thank you, Donald, and good afternoon, everyone. indie's second quarter revenue was $64 million, exceeding the midpoint of our outlook by $2 million, representing an increase of 24% compared to the prior-year period. Revenue from our core business was approximately $36 million, a sequential growth of over 5%, reflecting the continued momentum in our ADAS portfolio, while revenue from our Wuxi subsidiary was $28 million.

謝謝你，Donald，各位下午好。indie 第二季營收為 6,400 萬美元，較我們展望區間中點高出 200 萬美元，較去年同期成長 24%。核心業務營收約 3,600 萬美元，季增超過 5%，反映我們 ADAS 產品組合的持續動能；無錫子公司營收為 2,800 萬美元。

Non-GAAP operating expenses during the quarter totaled $37.9 million, consistent with our outlook. As a result, our second quarter non-GAAP operating loss was $8.9 million compared to a loss of $14.5 million in a comparable period in 2025, demonstrating our continued progress towards achieving profitability.

本季非 GAAP 營業費用合計 3,790 萬美元，符合我們的展望。因此，第二季非 GAAP 營業虧損為 890 萬美元，相較於 2025 年同期間的 1,450 萬美元虧損，顯示我們朝向獲利的持續進展。

With net interest expense of $2.8 million, our net loss was $11.7 million and the loss per share was $0.05 on the base of 227.6 million shares, consistent with our guidance last quarter. Please refer to the presentation located on our website for a more detailed breakdown of non-GAAP measures.

在淨利息費用 280 萬美元的情況下，我們淨虧損為 1,170 萬美元；以 2.276 億股為基礎計算，每股虧損為 0.05 美元，與我們上季提供的指引一致。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. We exit the quarter with total cash and cash equivalents, including restricted cash of $149 million, a net decrease of $35.7 million sequentially. This decline was primarily driven by our non-GAAP operating loss with additional cash used to build inventory in preparation for upcoming demand, increasing accounts receivable in line with our revenue growth and ongoing CapEx investment.

接著看資產負債表。本季結束時，我們的現金與約當現金總額（含受限制現金）為 1.49 億美元，較前一季淨減少 3,570 萬美元。這一下降主要由非 GAAP 營業虧損所致，此外也因應即將到來的需求而增加庫存、隨營收成長而提高應收帳款，以及持續的資本支出（CapEx）投資而使用額外現金。

Moving to our outlook for the third quarter of 2026. We expect to deliver total revenues between $67 million to $73 million. At the midpoint of this range, we anticipate our core business to reach approximately $40 million and our Wuxi subsidiary to contribute roughly $30 million in the third quarter.

接著是我們對 2026 年第三季的展望。我們預期總營收將介於 6,700 萬至 7,300 萬美元。以此區間中點計算，我們預期核心業務約達 4,000 萬美元，無錫子公司在第三季約貢獻 3,000 萬美元。

We expect to continue to improve our non-GAAP operating expenses to $37 million for Q3, down from approximately $38 million in Q2. Coupled with expected net interest expense of approximately $3.2 million and no tax expenses, we expect our net loss per share to decrease to approximately $0.04, assuming the midpoint of revenue range and the base of 230 million shares.

我們預期第三季將持續改善非 GAAP 營業費用至 3,700 萬美元，低於第二季約 3,800 萬美元。再加上預期淨利息費用約 320 萬美元且無所得稅費用，我們預期每股淨虧損將降至約 0.04 美元（假設營收區間中點且以 2.30 億股為基礎）。

In summary, our second quarter results reflect broad-based momentum across radar, vision and photonics, and we remain focused on delivering continued growth.

總結而言，我們第二季的結果反映雷達、視覺與光子領域的全面性動能，我們仍專注於推動持續成長。

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 solid, as evidenced by our strong second-quarter results, with accelerating top-line growth heading into the third quarter. Our radar and vision programs continue to gain traction with leading OEMs and Tier 1 partners, and our expansion into quantum and physical AI is opening new avenues for outsized growth.

謝謝你，Naixi。indie 的業務依然穩健，從我們強勁的第二季業績可見一斑，且在邁入第三季之際，營收成長動能正在加速。我們的雷達與視覺方案持續在領先的 OEM 與一級供應商（Tier 1）夥伴間取得進展，而我們向量子與實體 AI 的擴張，正為超額成長開啟新的途徑。

With the pending CMOS image sensor acquisition further strengthening our portfolio, indie's technology leadership and expanding product breadth is positioning us to capitalize on these emerging opportunities. We believe indie offers one of the broadest and most differentiated product portfolios in the industry to meet the diverse needs of these markets. We are confident in our business as our radar and vision design wins continue to ramp.

隨著待完成的 CMOS 影像感測器收購案進一步強化我們的產品組合，indie 的技術領先地位與持續擴大的產品廣度，正使我們能把握這些新興機會。我們相信，indie 提供業界最廣且差異化程度最高的產品組合之一，以滿足這些市場多元的需求。隨著我們的雷達與視覺設計導入（design wins）持續放量，我們對自身業務充滿信心。

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

以上為我們預先準備的發言。接線員，請開放提問。

(Operator Instructions) Craig Ellis, B. Riley Securities.

(接線員指示) Craig Ellis，B. Riley Securities。

Donald, congratulations on the revenue momentum at midyear. I wanted to follow-up on the Volvo win. Can you help us understand the timing with which that converts to revenue and its size? And on the subject of radar, how are we tracking versus what I think has been an expectation for around $35 million to $50 million in revenue this year for that product?

Donald，恭喜你們在年中展現營收動能。我想追問一下沃爾沃（Volvo）的案子。你能協助我們了解它轉換為營收的時間點與規模嗎？另外談到雷達，你們今年該產品營收約 3,500 萬到 5,000 萬美元的市場預期，你們目前的進度如何？

I mean, we won't break down exact details of individual design wins for each customer. With that being said, Volvo has some significant volume. It has a high penetration rate as it's basically a luxury car manufacturer, so pretty much all of their models will feature this technology. So it's a very decent-sized design win for us. It's far from our only design win and although it is the one that is the most public at the moment.

我們不會拆解各客戶單一設計導入的精確細節。不過，沃爾沃的量相當可觀。由於它基本上是豪華車製造商，滲透率很高，因此幾乎所有車型都會搭載這項技術。所以對我們而言，這是一個規模相當不錯的設計導入。這絕非我們唯一的設計導入，只是目前它是最公開的一個。

In terms of where we see ourselves going for the rest of the year, obviously radar is still going to be a big driver for all of our growth through 2026, 2027, and 2028, and 2029 in fact. So, it will be a big portion of the growth perspective that we have on the outlook.

就我們對今年剩餘時間的看法而言，顯然雷達仍將是我們成長的重要驅動力，並將一路延續到 2026、2027、2028，甚至 2029。因此，在我們的展望中，它會占據成長面向的很大比重。

That's great. Thank you. And then the follow-up relates to the DRAM-less product, the iND880. There's been a lot of reporting out of Asia and China within the last three months that the manufacturing situation is getting even more painful than it was when you spoke to us three months ago about the cost of DRAM and its availability.

太好了。謝謝。接著追問 DRAM-less 產品 iND880。過去三個月，亞洲與中國有很多報導指出，製造端的情況變得比三個月前你們提到 DRAM 成本與供應可得性時更為棘手。

So can you help us understand the degree to which that's converting to revenue this year or the extent to which -- and the extent to which it's giving you pipeline visibility for the coming years? Thank you.

所以你能否協助我們了解，這在今年轉換為營收的程度如何，或者——以及它在未來幾年為你們帶來的管線能見度到什麼程度？謝謝。

Yeah, I mean, it's a chunk of the growth that we see. It has come to us very swiftly because of the expediency and the nature of the situation. People have to ship somehow and that means that regular design cycles go out the window. So we have seen things convert very quickly within a few weeks or a quarter at max.

是的，我的意思是，這是我們所看到成長中的一個部分。由於情勢的緊迫性與其本質，它非常迅速地來到我們這邊。大家必須想辦法出貨，這也意味著一般的設計週期就不適用了。因此我們看到一些案子在短短幾週內、最多一個季度就很快轉換。

And yeah, that's driving some pretty significant good news for us at the moment in a few markets, not only automotive but also in physical AI, which also is kind of a surprising and very nice upside for us that these products can be used in the other application.

而且，是的，這目前在幾個市場為我們帶來相當顯著的利多，不僅在車用，也在實體 AI；這也算是有點出乎意料、但非常令人欣喜的上行空間，因為這些產品也能用在其他應用上。

Cody Acree, Benchmark StoneX.

Cody Acree，Benchmark StoneX。

Congrats on the progress. Donald, maybe just following up on Craig's question on radar, and if you can just include vision, can you help frame your ramp expectation, maybe the slope or scale of the ramp that you envision over the next few quarters for both those programs?

恭喜你們的進展。Donald，我想延續 Craig 關於雷達的問題，也把視覺一起納入，你能否協助我們描繪你們對未來幾季這兩個專案的放量預期，例如放量的斜率或規模？

Yeah, I mean, they're both going to ramp very steeply. We should see the slope of the ramp accelerating from where we are right now. You should see that, of course, already in the guide for Q3. We are super excited about it on both fronts. We are seeing so much traction for both the product families bringing it into new OEMs and even into new markets in some cases.

是的，我的意思是，兩者都會非常陡峭地放量。我們應該會看到放量斜率相較於目前進一步加速。當然，你們在第三季的指引中就應該已經看得到。我們在這兩方面都非常興奮。我們看到這兩個產品家族都獲得大量牽引力，帶進新的 OEM，甚至在某些情況下也進入新的市場。

So it's super exciting. We have applications, as I mentioned before, outside of automotive as well, in humanoid robotics and also in even in drones, where we're seeing our technologies getting used. So it's super exciting.

所以這非常令人振奮。如我先前提到的，我們在車用之外也有應用，例如人形機器人，甚至在無人機上，我們也看到技術正在被採用。所以這非常令人振奮。

Thanks for that, Donald, and then maybe can you just help frame or give any details to the size of your current non-auto revenue in physical AI? Quantum, photonics, what have you, whatever details you can provide? And then maybe how significant do you expect that non-auto business to grow to either the end of this year or end of next would help?

謝謝，Donald。接著你能否協助我們界定或提供一些細節，關於你們目前在實體 AI 的非車用營收規模？量子、光子等，任何你能提供的細節都可以。另外，你預期這塊非車用業務到今年底或明年底會成長到多大，也請分享一下。

Well, we don't really subsegment, and it's still, let's say, nascent. I'd say, perhaps the physical AI market is a little nearer. We quoted some numbers for the leading customers of ours who manufactured thousands of robots in the last 12 months. And we are seeing predictions of these markets going into multiple millions across many applications in robotics, not just humanoids, but AMRs also.

嗯，我們沒有再做更細的次分項，而且目前仍屬於——可以說——萌芽階段。我會說，或許實體 AI 市場相對更近一些。我們曾引用過一些數字，針對我們的領先客戶，他們在過去 12 個月製造了數千台機器人。而我們也看到對這些市場的預測：在機器人領域的多種應用中，規模將達到數百萬台，不僅是人形機器人，也包括 AMR（自主移動機器人）。

Quantum is a little harder to call, but I would say just at this very moment, there's a lot of buzz about it. Some of the guys out there are beginning to deploy qubit numbers above 100,000 units, and it is getting close to the point where quantum advantage should reach a tipping point. So I mean, it's really hard to put a number on it, but I mean, it is an exciting market. It is an exciting time to be alive and see our products going into these amazing new machines.

量子就比較難判斷，但我會說，就在此刻，市場對它有很多討論熱度。外面有些團隊開始部署超過 100,000 個量子位元（qubit）的規模，而且正接近量子優勢可能達到臨界點的時刻。所以我的意思是，真的很難給出一個數字，但這確實是一個令人興奮的市場。能活在這個時代、看到我們的產品進入這些驚人的新機器，真的很令人振奮。

Anthony Stoss, Craig-Hallum.

Anthony Stoss，Craig-Hallum。

Donald, just wanted to also follow-up on the iND880. Last quarter, you mentioned that you thought it would be more revenues potentially in 2026 than the radar. If you can shed more detail if it's going into low-end cars, I know it's heavily exposed to the China market, just your sense on the billing of the number of models per quarter and what you think the kind of the steepness of the ramp looks like in Q4 and then I have a follow-up.

Donald，我也想追問 iND880。上季你提到，你認為它在 2026 年的營收可能會比雷達更高。如果你能提供更多細節，例如它是否導入入門車款；我知道它在中國市場的曝險很高——請談談你對每季導入車型數量的開立帳單（billing）情況，以及你認為第四季放量的陡峭程度會是什麼樣子。然後我還有一個追問。

We are a little more indexed to China for this particular application, but we do not have wins with North American Tier 1s who are very significant volume in this application space. We are seeing the application being deployed in low, mid-tier and above, and probably dozens of models by now.

在這個特定應用上，我們確實比較偏向中國，但我們也有拿下北美一級供應商（Tier 1）的案子，而他們在這個應用領域的量非常可觀。我們看到這項應用正被部署在低階、中階以及更高階的車款上，而且目前大概已經是數十個車型了。

Okay, and shifting gears, topic of gross margins. In the past, you've talked about trying to get to -- or expecting to get to 55% plus gross margins down the road. And I think not too long ago, you were hoping for 50% gross margins late this year. Where do you think that now shakes out? Do you still have hopes for a 50% gross margin quarter in Q4?

好的，接著換個話題談毛利率。過去你們談過，長期希望或預期毛利率能達到 55% 以上。而我記得不久前，你們也希望今年稍晚能看到 50% 的毛利率。你認為現在這個目標會如何落地？你們仍期待在第四季出現單季 50% 毛利率嗎？

Well, we don't typically guide gross margin, but through the divestiture of Wuxi, which I would say is tendentially a drag on gross margin, we're in a good spot where we can get to our corporate goals.

嗯，我們通常不會對毛利率提供指引，但透過處分無錫（我會說它在趨勢上對毛利率有拖累），我們目前處於一個不錯的位置，可以達成公司的目標。

Jon Tanwanteng, CJS Securities.

Jon Tanwanteng，CJS Securities。

I was wondering if you could quantify the number of wins you had in the quarter driven solely by the DRAM shortages that are out there and how many engagements do you have in the pipeline. And if you could provide a little further detail, what kind of average revenue those kind of engagements have on an annual basis?

我想請問您是否能量化一下，本季因外部DRAM短缺而單獨帶動的勝出案（wins）有多少，以及目前管線中有多少個合作案（engagements）。另外如果可以再提供一些細節，這類合作案平均每年大概能帶來多少營收？

Well, 880 has an ASP of around $10, and sometimes there are one or two deployed per application. It would be hard to give you an accurate number of how many design wins. It's kind of similar to the question of numbers of models that was asked just before there. So it's in the same range, dozens of the same ones.

嗯，880 的ASP大約在10美元左右，有時每個應用會部署一到兩顆。要給你一個精確的設計導入勝出（design wins）數量會很困難。這有點類似剛剛前面問到的機型數量那個問題。所以大概在同一個範圍內，是數十個、差不多那樣。

Okay, great thank you. And then just a question on cash flow. I know you've been building inventory for the ramp. How should we think of that burn going forward, especially in front of the growth that you're seeing?

好的，非常好，謝謝。接著想問一下現金流。我知道你們一直在為了爬坡而建立庫存。展望未來，尤其是在你們看到的成長之前，我們應該如何看待這個現金消耗（burn）？

Yeah. I mean, in terms of cash usage, we did invest a lot in inventory. We have some pretty steep ramps ahead of ourselves and the supply chain has been very tight, so we're very focused on that. And nominally, the cash usage should follow our net profit or loss on a quarterly non-GAAP basis. So that should give you a reasonable indication. There's some below-the-line costs, a little bit of CapEx and so forth, but that's basically what we're expecting.

是的。就現金使用而言，我們確實在庫存上投入了很多。我們接下來有一些相當陡峭的爬坡，而供應鏈一直非常吃緊，所以我們非常專注在這件事上。名目上，現金使用應該會跟隨我們按季度、非GAAP口徑的淨利或淨損。所以這應該能給你一個合理的指標。當然也有一些線下成本、少量資本支出（CapEx）等等，但基本上這就是我們的預期。

Natalia Winkler, UBS.

Natalia Winkler，UBS。

So the first one I had was on physical AI. Would it be possible for you guys to help us understand kind of the content, whether it's for [all], for application, maybe how does it compare to the automotive market? And maybe as a part of that, you guys pursue some of those physical AI sockets. Do you have to go to a completely different supply chain or could some of your existing relationships with Tier 1s be helpful to get these design wins?

我第一個問題是關於實體AI（physical AI）。你們是否可以幫助我們理解一下大致的內容（content），例如是針對[全部]、針對應用，或是它與汽車市場相比如何？另外作為其中一部分，你們在追逐一些實體AI的插槽（sockets）時，是否必須轉向一條完全不同的供應鏈？還是你們與既有Tier 1的關係能有助於拿下這些設計導入勝出？

I mean, taking the last one first, both are applicable. Some of the traditional Tier 1s all over the world are beginning to turn their focus a little bit towards physical AI away from automotive and it's perhaps a more profitable market. And the sort of net reasoning for that is you can consider a humanoid robot or any kind of robot as a car with legs or a car is a robot with wheels and many of the electronic implementations are applicable for both.

我的意思是，先回答最後一個問題，兩者都適用。全球一些傳統Tier 1正開始把重心從汽車稍微轉向實體AI，因為那可能是一個更有利可圖的市場。其背後的整體邏輯是，你可以把人形機器人或任何機器人視為「有腿的車」，或者把車視為「有輪子的機器人」，而許多電子實作在兩者之間是通用的。

From our perspective, we have direct relationships with, let's say, module manufacturers, which would be analogous of Tier 1s for the physical AI business. And we have direct relationships, obviously, with our Tier 1 customers who are, in some cases, actually, already entering into certain aspects of the robotics market. So we're able to leverage both as the answer.

從我們的角度來看，我們與例如模組製造商有直接關係，這在實體AI業務中可類比為Tier 1。而且我們也與我們的Tier 1客戶有直接關係，這些客戶在某些情況下其實已經在進入機器人市場的某些領域。所以答案是我們兩邊都能加以運用。

And then in terms of the content, per robotic opportunity, I guess, per device [session].

那在內容（content）方面，以每個機器人機會來看，我想是每台裝置[session]。

I mean, the ESPs are typically significantly higher because the volumes are still small, so it's probably really too early to say what the dollar content for a robot could be. I mean, we have applicable parts that could be used in high-end applications of a robot where they have multiple sensors ranging from vision, radar, LiDAR even, and some of the processing that goes on on the back end of that could easily be $100 per robot.

我的意思是，因為目前量還小，所以ESP通常會顯著更高，因此現在要說一台機器人的美元內容（dollar content）是多少，可能真的還太早。不過我們確實有一些可用的零件，能用在高階機器人應用上，例如它們有多種感測器，從視覺、雷達、甚至LiDAR，以及後端所進行的一些處理，單就這部分每台機器人很容易就能達到100美元。

Joshua Buchalter, TD Cowen.

Joshua Buchalter，TD Cowen。

Congrats on the results. I wanted to ask about the iND880 wins in China. Any details you can provide on what types of architectures is being integrated into? And anything you can give on the pros and cons of integrating the 880 without DRAM into a central ADAS processor? Does that make it easier, harder? I'd just be curious to hear your thoughts on that. Thank you.

恭喜這次的成果。我想問一下你們在中國拿下的 iND880 勝出案。你們能否提供一些細節，說明它被整合進哪些類型的架構？以及把不含DRAM的880整合到中央ADAS處理器中，有哪些優缺點？這會讓事情更容易還是更困難？我想聽聽你們的看法。謝謝。

So we get used in standalone systems, things like electronic mirror systems, OMS, DMS, and we also get used as a preprocessor that goes in front of maybe a central ADAS processor. So what that does is we have the ability to process video, if you like, on the fly. So we don't dump frame by frame into large external memories, which is currently where the problem is. There's a net side effect of that, in that the video latency in our implementation is significantly easier and it alleviates significantly the processing required for a central ADAS process.

所以我們會用在獨立系統中，例如電子後視鏡系統、OMS、DMS；我們也會作為前處理器（preprocessor）使用，放在可能是中央ADAS處理器的前端。這樣做的效果是，我們能夠即時處理影片（video）。因此我們不需要逐幀（frame by frame）把資料丟到大型外部記憶體，而那正是目前問題所在。這也帶來一個整體的副作用：在我們的實作中，影片延遲（latency）更容易處理，並且能大幅減輕中央ADAS處理所需的運算負擔。

Sometimes we just hear of them from our customers that they're choking on having to process the raw video streams and we can take that burden off them and they can go to user processing for things that are more valuable perception and such as that. In our opinion, certainly it makes the implementation much easier and also in the opinions of many of the engineers that are customers.

有時我們只是從客戶那裡聽到，他們在處理原始影片串流（raw video streams）時快要被「噎住」了；我們可以替他們卸下這個負擔，讓他們把算力用在更有價值的使用者處理上，例如感知（perception）等。以我們的看法，這確實讓實作容易得多，而且許多身為客戶的工程師也這麼認為。

Thank you for the color. That was really helpful. And then for my follow-up, maybe just can you help us understand what hurdles are left with the Wuxi divestiture that need to be cleared before you can complete the deal? Thank you.

謝謝你提供的補充說明。這真的很有幫助。接著我的追問是，你們能否幫助我們理解，在完成無錫處分交易之前，還有哪些障礙需要排除？謝謝。

I mean, just we're in the throes of regulatory still. There's an ongoing dialogue, it's very constructive, Q&A process, and we set the expectations that this deal would close in Q4 of this year, and I think we remain optimistic about that.

我的意思是，我們仍在監管審查的進程中。目前有持續的對話，過程非常具建設性，是一個問答（Q&A）流程；我們先前也設定了預期，這筆交易會在今年第四季完成交割（close），我想我們仍對此保持樂觀。

And that will conclude today's question-and-answer session. I would now like to turn the floor back to management for closing remarks.

以上為今天的問答環節。接下來我想把時間交回管理層作結語。

Thanks, everybody, for attending. Hope to see a few of you at the conferences in the coming weeks and months. And see you next quarter.

謝謝各位出席。希望在接下來幾週到幾個月的會議上能見到其中一些各位。我們下季見。

Thank you. This does conclude today's teleconference. We thank you for your participation. You may disconnect your lines at this time.

謝謝。今天的電話會議到此結束。感謝各位的參與。您現在可以掛線。