Lumentum Holdings Inc (LITE) 2025 Q1 法說會逐字稿

Good day, everyone, and welcome to Lumentum Holdings first quarter fiscal year, 2025 earnings call. (Operator Instructions) Please also note today's event is being recorded for replay purposes.

大家好，歡迎參加 Lumentum Holdings 2025 財年第一季財報電話會議。（操作員說明）也請注意，今天的活動正在錄製以供重播之用。

At this time, I would like to turn the conference over to Kathy Ta, Vice President of Investor Relations. Ms. Ta, please go ahead.

現在，我想把會議交給投資人關係副總裁Kathy Ta。塔女士，請講。

Thank you and welcome to Lumentum's fiscal first quarter 2025 earnings call. This is Kathy Ta, Lumentum's Vice President of Investor Relations. Joining me today are Alan Lowe, President and Chief Executive Officer; Wajid Ali, Executive Vice President and Chief Financial Officer; and Chris Coldren, Senior Vice President and Chief Strategy and Corporate Development Officer.

感謝並歡迎參加 Lumentum 的 2025 財年第一季財報電話會議。我是 Kathy Ta，Lumentum 投資者關係副總裁。今天與我一起出席的有總裁兼執行長艾倫‧洛 (Alan Lowe)；瓦吉德·阿里，執行副總裁兼財務長；以及資深副總裁兼首席策略和企業發展長 Chris Coldren。

Today's call will include forward-looking statements including statements regarding our strategies, trends and expectations for our products and technologies including demand our customers, our end markets and market opportunities, our expectations and beliefs regarding recent acquisitions including Cloud Light macroeconomic trends and our expected financial and operating performance, including our guidance, as well as statements regarding our future revenues, financial model, and margin targets.

今天的電話會議將包括前瞻性陳述，包括有關我們的策略、趨勢和對我們的產品和技術的期望的陳述，包括我們的客戶需求、我們的終端市場和市場機會、我們對最近收購的期望和信念，包括Cloud Light 宏觀經濟趨勢和我們預期的財務狀況和經營業績，包括我們的指導，以及有關我們未來收入、財務模型和利潤目標的聲明。

These statements are subject to risks and uncertainties that could cause actual results to differ materially from our current expectations, particularly the risk factors described in our SEC filings. We encourage you to review our most recent filings with the SEC particularly the risk factors described in our most recent 10-K and in our 10-Q that will be filed soon.

這些陳述存在風險和不確定性，可能導致實際結果與我們目前的預期有重大差異，特別是我們向 SEC 文件中描述的風險因素。我們鼓勵您查看我們最近向 SEC 提交的文件，特別是我們最近的 10-K 和即將提交的 10-Q 中所述的風險因素。

Forward-looking statements provided during this call are based on the man's reasonable beliefs and expectations as of today. Momentum undertakes no obligations to update these statements except as required by applicable law.

本次電話會議中提供的前瞻性陳述是基於該人截至目前為止的合理信念和期望。除適用法律要求外，Momentum 不承擔更新這些聲明的義務。

Please also note that unless otherwise stated, all financial results and projections discussed in this call are non-GAAP. Non-GAAP financials are not to be considered as a substitute for or superior to financials prepared in accordance with GAAP. Lumentum's press release with the fiscal second quarter results and accompanying supplemental slides are available on our website at www.lumentum.com under the Investors section.

另請注意，除非另有說明，本次電話會議中討論的所有財務表現和預測均為非公認會計準則。非 GAAP 財務數據不應被視為替代或優於根據 GAAP 編制的財務數據。Lumentum 包含第二財季業績的新聞稿以及隨附的補充幻燈片可在我們網站 www.lumentum.com 的「投資者」部分查看。

With that, I'll turn the call over to Alan.

這樣，我會將電話轉給艾倫。

Thank you, Kathy, and good afternoon, everyone. In the first quarter, we exceeded the high end of our guidance for both revenue and earnings per share. We set a new record for datacom laser chip orders, including 200 gig EML chips, reflecting strong demand from multiple customers, including an AI infrastructure customer.

謝謝凱西，大家下午好。第一季度，我們的營收和每股盈餘均超出了指導上限。我們創下了數據通訊雷射晶片訂單的新紀錄，其中包括 200 G EML 晶片，反映了包括人工智慧基礎設施客戶在內的多個客戶的強勁需求。

Based on expanding cloud demand and improving trends in the broader networking market, we expect double digit sequential revenue growth in the second quarter. During the first quarter, we advanced our strategy to expand and diversify our cloud and AI opportunities. We secured an additional hyperscale transceiver customer with a new qualification and initial volume orders. This is beyond the new award we highlighted last quarter.

基於不斷擴大的雲端需求和更廣泛的網路市場趨勢的改善，我們預計第二季營收將實現兩位數的環比成長。在第一季度，我們推動了擴大雲端和人工智慧機會並使其多樣化的策略。我們透過新的資格和初始大量訂單獲得了額外的超大規模收發器客戶。這超出了我們上季度強調的新獎項。

We expect to start shipping volume production against these new customer awards in the first half of calendar 2025, and they will ramp through the year, consistent with the revenue targets we set out previously.

我們預計將在 2025 年上半年根據這些新客戶獎勵開始批量生產，並且全年產量將不斷增加，這與我們先前設定的收入目標一致。

Over the past few quarters, I outlined a three-pronged strategy to grow our cloud data center business. As a reminder, the first prong is to expand our cloud and AI customer opportunities at the component and transceiver levels, as customers migrate to higher speeds.

在過去的幾個季度中，我概述了發展雲端資料中心業務的三管齊下的策略。提醒一下，隨著客戶遷移到更高的速度，第一個方面是在組件和收發器層級擴大我們的雲端和人工智慧客戶機會。

The second is to scale significant production capacity for components and transceivers outside of China. And the third is to advance our differentiated technology roadmaps, enabling customers to scale future generations of cloud and AI data center architectures to higher compute capacities in a more cost-effective and power-efficient manner. I would like to share more details on recent progress in each of these areas.

第二是擴大中國境外組件和收發器的大量產能。第三是推進我們的差異化技術路線圖，使客戶能夠以更具成本效益和更節能的方式將下一代雲端和人工智慧資料中心架構擴展到更高的運算能力。我想分享有關每個領域最近進展的更多細節。

Regarding the expansion of our customer opportunities, as the industry transitions to higher speeds, our differentiated technology becomes increasingly valuable, especially to market and technology leading customers. For example, in the coming year, the transition to 200 G lane speeds will drive growth and increase the importance of single mode optics and indium phosphide laser transmitters. This shift aligns well with our market and technology leadership.

關於擴大客戶機會，隨著產業向更高速度轉型，我們的差異化技術變得越來越有價值，特別是對於市場和技術領先的客戶。例如，明年，向 200 G 通道速度的過渡將推動成長並提高單模光學元件和磷化銦雷射發射器的重要性。這種轉變與我們的市場和技術領先地位非常吻合。

Our indium phosphide EML transmitters have established a strong reputation for high performance, high quality, and reliability. Underscoring this, our 100 G EMLs are currently shipping in high volumes to a wide range of optical transceiver suppliers for use in leading edge single-mode 400 G and more importantly, 800 G optical transceivers.

我們的磷化銦 EML 發射器因其高性能、高品質和可靠性而享有盛譽。為了強調這一點，我們的 100 G EML 目前正在向眾多光收發器供應商大批量發貨，用於領先的單模 400 G 以及更重要的是 800 G 光收發器。

These customers are now designing our 200 G EMLs into their next generation of transceivers, positioning us well for the upcoming transition to 200 G per lane. We have also made significant progress in expanding our opportunities on the high speed datacom transceiver side of our business.

這些客戶現在正在將我們的 200 G EML 設計到他們的下一代收發器中，為我們即將到來的每個通道 200 G 過渡做好準備。我們在擴大高速數據通訊收發器業務方面的機會方面也取得了重大進展。

As we previously forecasted, our datacom transceiver shipments are expected to increase sequentially this December quarter, and we expect our transceiver production to continue growing throughout calendar year 2025, driven by demand from multiple hyperscale cloud and AI customers. As I mentioned earlier, we received an initial set of orders from new hyperscale customers and expect to start shipping production transceiver volumes for these new customers in the first half of calendar 2025.

正如我們之前預測的那樣，我們的數據通訊收發器出貨量預計將在今年12 月季度環比增長，並且我們預計在多個超大規模雲端和人工智慧客戶需求的推動下，我們的收發器產量將在2025 年全年持續成長。正如我之前提到的，我們收到了來自新超大規模客戶的首批訂單，並預計在 2025 年上半年開始為這些新客戶大量生產收發器。

In addition, we are actively working to finalize additional awards for multiple other opportunities. The second prong of our cloud and AI data center strategy is to expand our manufacturing capacity at established Lumentum facilities outside of China. This expansion is essential to ensuring a secure and reliable supply chain for our cloud and AI customers.

此外，我們正在積極努力為其他多個機會敲定額外的獎項。我們的雲端和人工智慧資料中心策略的第二個面向是擴大我們在中國境外已建立的 Lumentum 工廠的製造能力。這種擴張對於確保我們的雲端和人工智慧客戶的供應鏈安全可靠至關重要。

Our indium phosphide laser chips are critical to data center infrastructure. As discussed in our last earnings call, to meet the growing demand, we are on track to increase EML production capacity by 40% in Q4 of fiscal 2025 compared to our capacity in Q4 of fiscal 2024. This expansion will help alleviate the industry-wide shortage of indium phosphide capacity. However, we still expect to be on allocation throughout calendar year 2025.

我們的磷化銦雷射晶片對於資料中心基礎設施至關重要。正如我們在上次財報電話會議中所討論的，為了滿足不斷增長的需求，我們預計在 2025 財年第四季將 EML 產能比 2024 財年第四季提高 40%。此次擴產將有助於緩解全產業磷化銦產能不足的局面。不過，我們仍預期 2025 年全年都會進行分配。

Our datacom transceiver capacity expansion at our Thailand campus is progressing as planned. The first production line is now operational, and we anticipate completing additional expansion phases over the next 18 months to meet the high volume of demand from our customers. This includes completing construction of our new three-story clean room facility on the same campus, which remains on schedule.

我們泰國園區的數據通訊收發器容量擴張正在按計畫進行。第一條生產線現已投入運營，我們預計在未來 18 個月內完成額外的擴建階段，以滿足客戶的大量需求。這包括在同一園區完成我們新的三層潔淨室設施的建設，該設施仍在按計劃進行。

The third prong of our cloud and AI strategy focuses on delivering innovative technologies to address the escalating challenges of scaling data center compute capacity. We are collaborating with leading edge customers to develop breakthrough solutions to enable higher data link capacities with enhanced energy efficiency that will support their multiyear cloud and AI infrastructure roadmaps.

我們的雲端和人工智慧策略的第三個方面專注於提供創新技術，以應對擴展資料中心運算能力所面臨的不斷升級的挑戰。我們正在與領先的客戶合作開發突破性的解決方案，以實現更高的數據鏈路容量和更高的能源效率，從而支援他們的多年雲端和人工智慧基礎設施路線圖。

Inside the data center, optical switching is expected to be critical for future generation cloud and AI network architectures. Lumentum's power efficient, high bandwidth and low latency optical switches are well positioned to meet the demands of these evolving networks. We have already shipped evaluation units to customers who have provided overwhelmingly positive feedback on our performance.

在資料中心內部，光交換預計對於下一代雲端和人工智慧網路架構至關重要。Lumentum 的高能效、高頻寬和低延遲光開關能夠很好地滿足這些不斷發展的網路的需求。我們已經向客戶提供了評估單元，他們對我們的表現提供了壓倒性的正面回饋。

While we are beginning to ramp our 200 G laser chips, we are already working in close alignment with customers on technologies for future generations of yet higher speed optical links such as 400 G per lane and new architectures, including co-packaged optics, which will require unique ultra-high power lasers.

雖然我們開始生產 200 G 雷射晶片，但我們已經與客戶密切合作，開發未來幾代更高速光學鏈路的技術，例如每通道 400 G 和新架構，包括共同封裝光學元件，這將需要獨特的超高功率雷射。

Our advanced indium phosphide and photonic integrated circuit capabilities are essential for meeting these upcoming demands. While we don't expect the deployment of these technologies to start until our fiscal 2026, we are actively collaborating with customers to shape the future of optical technology.

我們先進的磷化銦和光子積體電路能力對於滿足這些即將到來的需求至關重要。雖然我們預計這些技術的部署要到 2026 財年才會開始，但我們正在積極與客戶合作，塑造光學技術的未來。

Executing our three-pronged strategy will drive significant revenue growth fueled by new opportunities in AI and cloud data centers. This growth, combined with a recovering network business, positions us to return to a double digit operating margin as our capacity utilization improves, and we maintain strict cost discipline. As we outlined at the OFC conference last spring, we are targeting an operating margin of 17% to 20% once our quarterly revenue surpasses $600 million per quarter.

執行我們的三管齊下的策略將在人工智慧和雲端資料中心的新機會的推動下推動收入的顯著增長。這種成長加上網路業務的復甦，使我們能夠隨著產能利用率的提高以及嚴格的成本控製而恢復兩位數的營業利潤率。正如我們在去年春天的 OFC 會議上所概述的那樣，一旦我們的季度收入超過 6 億美元，我們的目標是實現 17% 至 20% 的營業利潤率。

Now, let me move to additional fiscal first quarter revenue and product highlights. Our first quarter cloud and networking segment revenue grew 11% sequentially and 23% year-over-year, driven in part by strong end market demand from cloud hyperscale customers as they invest within and outside of AI data centers.

現在，讓我談談第一季的額外收入和產品亮點。我們第一季的雲端和網路部門營收季增 11%，年增 23%，部分原因是雲端超大規模客戶在人工智慧資料中心內外進行投資時強勁的終端市場需求。

We are also encouraged by continued growth in shipments of our newest networking products. This, combined with improving inventory levels of our products at our networking customers is encouraging as we look to the future.

我們也對最新網路產品的出貨量持續成長感到鼓舞。展望未來，這與我們網路客戶的產品庫存水準的提高相結合是令人鼓舞的。

We had a sequential increase in demand for our narrow line with tunable lasers used in high-speed long-haul applications as well as 400 ZR and higher-speed solutions in DCI applications. With our existing design wins in this area, we anticipate maintaining a leading market share in laser components for ZR and ZR+ applications this fiscal year and beyond. Customer interest in our advanced coherent transmission and next generation transport solutions is on the rise.

我們對高速長途應用中使用的窄帶可調諧雷射以及 DCI 應用中的 400 ZR 和更高速解決方案的需求連續增加。憑藉我們在該領域的現有設計成果，我們預計本財年及以後將在 ZR 和 ZR+ 應用雷射組件領域保持領先的市場份額。客戶對我們先進的相干傳輸和下一代傳輸解決方案的興趣與日俱增。

In leading-edge coherent transmission, we are experiencing robust demand for 130 and 200 gigabyte coherent products. This demand is driven by the need for greater capacity and spectral efficiency amid continued bandwidth growth. Our differentiated technology, manufacturing capabilities and strong design win momentum position us to maintain leadership in these critical products as well.

在領先的相干傳輸領域，我們正經歷對 130 和 200 GB 相干產品的強勁需求。這項需求是由於頻寬持續成長而對更大容量和頻譜效率的需求所推動的。我們的差異化技術、製造能力和強大的設計贏得動力使我們能夠在這些關鍵產品中保持領先。

Complementing growing demand for our coherent transmission components, we are seeing increased demand for integrated C+L band transport solutions, high port count ROADMs, and the emergence of demand for multi rail ROADMs and amplifiers. Multi rail is the next step in efficiently scaling the optical transport layer and offering increased flexibility in high capacity line systems.

隨著對相干傳輸組件的需求不斷增長，我們發現對整合 C+L 頻段傳輸解決方案、高連接埠數 ROADM 的需求不斷增加，以及對多軌 ROADM 和擴大機的需求不斷出現。多軌是有效擴展光傳輸層並在高容量線路系統中提供更高靈活性的下一步。

We anticipate strong sequential growth in our cloud and networking revenue in fiscal Q2 due to rapid growth in our products addressing cloud and AI applications and broad-based improvement in demand across our product portfolio.

由於我們針對雲端和人工智慧應用的產品的快速成長以及我們產品組合需求的廣泛改善，我們預計第二財季的雲端和網路收入將出現強勁的環比增長。

Now, let me move to our industrial tech segment. As expected, our industrial tech segment revenue grew 2% sequentially while being down 38% from the same quarter last year. Like others in this space, demand continues to be challenged due to the weak industrial end market.

現在，讓我談談我們的工業技術部分。如預期，我們的工業技術部門營收季增 2%，但較去年同期下降 38%。與該領域的其他領域一樣，由於工業終端市場疲軟，需求繼續受到挑戰。

In industrial tech, we are focused on developing innovative industrial laser products to meet customers needs for higher precision with minimal heat damage. This creates opportunities for our ultrafast laser products in heat sensitive applications like semiconductors, displays, and advanced packaging.

在工業技術領域，我們專注於開發創新的工業雷射產品，以滿足客戶對更高精度和最小熱損傷的需求。這為我們的超快雷射產品在半導體、顯示器和先進封裝等熱敏感應用中創造了機會。

We are working closely with leading semiconductor equipment manufacturers in interposer and advanced semiconductor packaging applications. We recently delivered high and low-power FemtoBlade demo units for advanced display applications, and we have received positive customer feedback.

我們與領先的半導體設備製造商在中介層和先進半導體封裝應用領域密切合作。我們最近為高級顯示應用提供了高功率和低功率 FemtoBlade 演示單元，並收到了積極的客戶回饋。

Looking to fiscal Q2, we expect industrial tech to be approximately flat sequentially due to an uptick in industrial lasers led by our ultrafast lasers, offset by a sequential decline in 3D sensing revenue. To summarize, we have made significant progress in executing our strategy to grow our cloud business. We set a new record for Datacom chip orders and are working diligently to fulfill this demand over the next several quarters.

展望第二財季，我們預計工業技術將大致持平，原因是我們的超快雷射帶動工業雷射的成長，但被 3D 感測收入的連續下降所抵消。總而言之，我們在執行發展雲端業務的策略方面取得了重大進展。我們創下了數據通訊晶片訂單的新紀錄，並將在未來幾季努力滿足這項需求。

We also made excellent strides with multiple high-speed optical transceiver customer engagements, including securing meaningful transceiver orders from a third hyperscale customer. Additionally, we are actively working to secure more awards from more new customers. Our robust pipeline of cloud customer engagements, combined with improving trends in the traditional networking market reinforces our confidence in achieving our previously stated target of growing quarterly revenue to $500 million per quarter by the end of calendar year 2025.

我們也在與多個高速光收發器客戶的合作中取得了巨大進步，包括從第三個超大規模客戶那裡獲得了有意義的收發器訂單。此外，我們也積極努力從更多新客戶那裡獲得更多獎項。我們強大的雲端客戶參與管道，加上傳統網路市場不斷改善的趨勢，增強了我們實現先前提出的目標的信心，即到 2025 年底將季度收入成長至每季 5 億美元。

We anticipate continued significant growth into 2026 and 2027 as we capitalize on new cloud and AI opportunities, positioning our cloud business for a multi-billion dollar annual run rate in the coming years. Before I turn the call over to Wajid, I want to express my sincere gratitude to our employees for their unwavering focus and dedication and to our customers worldwide for their partnership and collaboration.

我們預計，隨著我們利用新的雲端和人工智慧機會，我們的雲端業務將在未來幾年實現數十億美元的年運行率，從而在 2026 年和 2027 年持續顯著成長。在將電話轉給瓦吉德之前，我想對我們的員工堅定不移的專注和奉獻精神以及我們全球客戶的合作與夥伴關係表示誠摯的謝意。

With that, Wajid?

就這樣，瓦吉德？

Thank you, Alan. Before I outline our Q1 financial results, please note that consistent with our discussion last quarter, we have changed our presentation to include certain charges that were previously excluded, primarily related to abnormal excess capacity in our non-GAAP results, starting in the first quarter of fiscal 2025. Comparable historical periods have been recast to align with this presentation for consistency.

謝謝你，艾倫。在概述我們的第一季財務業績之前，請注意，與我們上季度的討論一致，我們已經更改了我們的表述方式，以包括之前排除的某些費用，這些費用主要與我們的非公認會計準則業績中的異常過剩產能有關，從第一季開始2025 財年。為了保持一致性，可比較的歷史時期已被重新描述，以與本簡報保持一致。

First quarter revenue of $336.9 million and non-GAAP EPS of $0.18 were above the high end of our guidance ranges. GAAP gross margin for the first quarter was 23.1%, GAAP operating loss was 24.5% and GAAP net loss per share was $1.21.

第一季營收為 3.369 億美元，非 GAAP 每股收益為 0.18 美元，高於我們指引範圍的上限。第一季 GAAP 毛利率為 23.1%，GAAP 營運虧損為 24.5%，GAAP 每股淨虧損為 1.21 美元。

Turning to our non-GAAP results. First quarter non-GAAP gross margin was 32.8%, which was up sequentially and flat year on year on higher revenue. In future quarters, we anticipate company gross margins will sequentially increase as manufacturing utilization improves due to an improving telecom outlook as well as an increase in datacom laser shipments.

轉向我們的非公認會計準則績效。第一季非 GAAP 毛利率為 32.8%，季增，但由於收入增加，比去年同期持平。在未來幾個季度，我們預計，由於電信前景改善以及數據通訊雷射出貨量增加，製造利用率提高，公司毛利率將持續成長。

First quarter non-GAAP operating margin was 3%, which was up sequentially and year on year. First quarter non-GAAP operating profit was $10 million and adjusted EBITDA was $37 million. First quarter non-GAAP operating expenses totaled $100.4 million or 29.8% of revenue, a decrease of $1 million from the fourth quarter and down $1.9 million from the year ago quarter.

第一季非 GAAP 營運利潤率為 3%，環比和年比均有所上升。第一季非 GAAP 營業利潤為 1,000 萬美元，調整後 EBITDA 為 3,700 萬美元。第一季非 GAAP 營運費用總計 1.004 億美元，佔營收的 29.8%，比第四季減少 100 萬美元，比去年同期減少 190 萬美元。

Despite increased investment in our expanding cloud opportunities, Q1 operating expenses were lower due to restructuring actions that were taken during fiscal 2024 as well as overall stringent cost controls across the company.

儘管我們增加了對不斷擴大的雲端機會的投資，但由於 2024 財年採取的重組行動以及整個公司嚴格的整體成本控制，第一季營運費用較低。

Q1 non-GAAP SG&A expense was $37.7 million. Non-GAAP R&D expense was $62.7 million. Interest and other income was $4.6 million on a non-GAAP basis, driven by interest earned on our cash and investments. First quarter non-GAAP net income was $12.2 million and non-GAAP diluted net income per share was $0.18. Our fully diluted share count for the first quarter was 69.1 million shares on a non-GAAP basis.

第一季非 GAAP SG&A 費用為 3,770 萬美元。非公認會計準則研發費用為 6,270 萬美元。以非公認會計準則計算，利息和其他收入為 460 萬美元，主要由我們的現金和投資所賺取的利息所推動。第一季非 GAAP 淨利為 1,220 萬美元，非 GAAP 攤薄後每股淨利為 0.18 美元。以非公認會計準則計算，我們第一季完全稀釋後的股票數量為 6,910 萬股。

During the first quarter, our cash and short-term investments increased by $29 million to $916 million. Our working capital came in as expected with inventory levels increasing sequentially to support the expected growth in revenue across our cloud modules business.

第一季度，我們的現金和短期投資增加了 2,900 萬美元，達到 9.16 億美元。我們的營運資金按預期增加，庫存水準連續增加，以支持我們雲端模組業務收入的預期成長。

In Q1, we invested $74 million in CapEx, primarily driven by investments in high-speed transceiver capacity additions at our Thailand manufacturing site as well as indium phosphide wafer production capacity. Turning to segment details. First quarter cloud and networking segment revenue at $282.3 million increased 11% sequentially and 23% year on year. Cloud and Networking segment profit at 13% increased sequentially and year on year.

第一季度，我們在資本支出上投資了 7,400 萬美元，主要是由於泰國製造基地的高速收發器產能增加以及磷化銦晶圓產能的投資所致。轉向細分細節。第一季雲端和網路部門營收為 2.823 億美元，季增 11%，年增 23%。雲端和網路部門利潤環比和年增 13%。

Our first quarter industrial tech segment revenue at $54.6 million was up 2% sequentially and down 38% year-on-year. First quarter industrial tech segment profit of 4% increased sequentially and decreased year-on-year.

我們第一季工業技術部門的營收為 5,460 萬美元，季增 2%，年減 38%。第一季工業科技板塊利潤季增4%，年減。

Now, let me move to our guidance for the second quarter of fiscal 2025, which is on a non-GAAP basis and is based on our assumptions as of today. We expect net revenue for the second quarter of fiscal 2025 to be in the range of $380 million to $400 million.

現在，讓我談談我們對 2025 財年第二季的指導，該指導基於非 GAAP 基礎，並且基於我們截至目前的假設。我們預計 2025 財年第二季的淨收入將在 3.8 億美元至 4 億美元之間。

This Q2 revenue forecast includes the following assumptions. Cloud and networking to be up sequentially with strong growth in products addressing cloud applications and improving networking customer demand and industrial tech to be approximately flat sequentially with increased industrial laser shipments offset by a decline in 3D sensing.

第二季營收預測包括以下假設。隨著解決雲端應用和改善網路客戶需求的產品強勁成長，雲端和網路將持續成長，而工業技術將持續成長，工業雷射出貨量的增加被 3D 感測的下降所抵消。

Based on this, we project second quarter non-GAAP operating margin to be in the range of 5.5% to 7.5% and diluted net income per share to be in the range of $0.30 to $0.40. Our non-GAAP EPS guidance for the second quarter is based on a non-GAAP annual effective tax rate of 16.5%. These projections also assume an approximate share count of 69.6 million shares.

據此，我們預計第二季非 GAAP 營運利潤率將在 5.5% 至 7.5% 之間，攤薄後每股淨利潤將在 0.30 美元至 0.40 美元之間。我們第二季的非 GAAP 每股盈餘指引是基於 16.5% 的非 GAAP 年度有效稅率。這些預測也假設股數約為 6,960 萬股。

With that, I'll turn the call back to Kathy to start the Q&A session. Kathy?

之後，我會將電話轉回給 Kathy，開始問答環節。凱西？

Thank you, Wajid. To allow everyone an opportunity to ask questions, please keep to one question and one follow-up. Now, let's begin the Q&A session.

謝謝你，瓦吉德。為了讓每個人都有機會提問，請保持一個問題和一個跟進。現在，我們開始問答環節。

(Operator Instructions)

（操作員說明）

Samik Chatterjee, JPMorgan.

薩米克‧查特吉，摩根大通。

Hi, thanks for taking my questions, and congrats on the strong guide here. If I can just ask on the guide first. I think the implied increase quarter over quarter in cloud and networking is about $50 million, $60 million quarter-over-quarter.

您好，感謝您提出我的問題，並祝賀這裡的強有力的指導。我可以先問一下指南嗎？我認為雲端和網路領域的隱含季度環比增長約為 5000 萬美元，環比增長 6000 萬美元。

Can you sort of parse that out a bit for us in relation to how much of that is telecom improving versus maybe datacom chips versus datacom modules, if you can directionally sort of point us to where most of that improvement is coming from? And I have a follow up. Thank you.

如果您能直接向我們指出大部分改進來自何處，您能否為我們解析一下電信改進與數據通訊晶片與數據通訊模組之間的關係？我有一個後續行動。謝謝。

Sure. Thanks, Samik. This is Alan. I'd say it's a mix of all of the above. I'd say datacom chip growth is not a lot until the next couple of quarters because the capacity comes in increments in chunks. And so as I said in the script, the Q4 number will have a step up, but not a lot of chips increase this quarter.

當然。謝謝，薩米克。這是艾倫.我想說它是以上所有內容的混合。我想說，在接下來的幾個季度之前，數據通訊晶片的成長不會很大，因為容量會成塊增加。正如我在腳本中所說，第四季度的數字將會上升，但本季的籌碼不會增加很多。

The telecom is modest, and I don't expect that, that to be strong growth other than things that are going into DCI applications, but there's a large pick up on the datacom modules, and we expect that to continue, as we said in the script through calendar 2025.

電信業務規模不大，我不認為除了 DCI 應用之外的業務會出現強勁增長，但數據通信模組有大幅增長，我們預計這種情況將持續下去，正如我們在該腳本一直持續到 2025 年。

Got it. Got it. And for my follow up, you announced another sort of new customer win. Now, you have -- I mean, if I take in aggregate the two new customers you've announced in recent quarters, how should we think about the magnitude of the opportunity maybe after a full ramp with both of them compared to what was the original customer for Cloud Light? How should we think about the magnitude relative to the first original customer there when we take the new customers together? Thank you.

知道了。知道了。對於我的後續行動，您宣布了另一種新客戶的獲勝。現在，我的意思是，如果我將你們最近幾季宣布的兩個新客戶匯總起來，我們應該如何考慮在與他們兩個全面提升之後與之前相比機會的大小？當我們將新客戶放在一起時，我們應該如何考慮相對於第一個原始客戶的規模？謝謝。

Yes, I think that's hard to answer in that it's going to come down to our ability to execute and provide the kind of quality and delivery and capacity that the customers need. So, the new customers, as I said before, will start ramping in the first half of next year, and it will be ours to earn their growth of their business in the second half.

是的，我認為這很難回答，因為這將取決於我們執行和提供客戶所需的品質、交付和能力的能力。因此，正如我之前所說，新客戶將在明年上半年開始增加，而我們將在下半年為他們贏得業務成長。

And I think we're positioning ourselves very well. We're having the capacity in place, as I said, with clean rooms as well as equipment. So we're planning for success, but we still have to earn that.

我認為我們對自己的定位非常好。正如我所說，我們擁有無塵室和設備的能力。所以我們正在計劃成功，但我們仍然必須贏得成功。

But that said, these are all very, very large customers that consume a lot of transceivers. And so getting in the door is step one and earning bigger share is really what we're striving to do now.

但話雖如此，這些都是非常非常大的客戶，消耗大量收發器。因此，進入市場是第一步，贏得更大的份額正是我們現在正在努力做的事情。

Okay. Thanks for taking my questions.

好的。感謝您回答我的問題。

Simon Leopold, Raymond James.

西蒙·利奧波德，雷蒙德·詹姆斯。

Thank you very much. I wanted to dig a bit more into what's going on with the Cloud Light business. Reflecting back on when you reported your third fiscal quarter last year, you had talked about sort of the cadence of that business where we'd see a bit of a pause in June and September, which I think we've seen in sort of the snapback in December.

非常感謝。我想更深入了解 Cloud Light 業務的發展。回想一下去年您報告第三財季時，您談到了該業務的節奏，我們會在 6 月和 9 月看到一些暫停，我認為我們已經看到了這種情況12 月突然反彈。

And so what I'm trying to get an assessment of is sort of what's changed in that December outlook versus what you thought several quarters ago? Is it above, below, and what's different in terms of informing that expectation on Cloud Light? Thank you.

因此，我想要評估的是，與您幾個季度前的想法相比，12 月的前景發生了哪些變化？是在上面還是下面，在傳達對 Cloud Light 的期望方面有什麼不同？謝謝。

Thanks, Simon. Yes, nothing has really changed. I think it's coming in as expected. As we've talked about the transition of new products. We're ramping the new products now. And so it's kind of come together as we had expected and as we had talked about on our previous two earnings calls. So nothing unexpected from my perspective.

謝謝，西蒙。是的，一切都沒有真正改變。我認為它正在按預期進行。正如我們所討論的新產品的過渡。我們現在正在推出新產品。因此，正如我們所預期的那樣，正如我們在前兩次財報電話會議上所討論的那樣。所以從我的角度來看，沒有什麼意外的。

And then just as a follow-up, I'd like to get your perspective on how you see the market for 1.6 terabit devices evolving and what you would anticipate your role would be in that market, really sort of timing and magnitude perspective? Thank you.

作為後續行動，我想了解您如何看待 1.6 太比特設備市場的發展以及您預計您在該市場中的角色，真正的時機和規模角度？謝謝。

Yeah. That one is a tougher one in that lots of interest from lots of customers for 1.6T. And in fact, it's kind of 1.6T is one version of the next generation of products. There's also 800 gig using 200 gig lanes. And so we're going to participate at the component level, as I talked about in the script, with our 200 gig EMLs and that ramps really more towards the summer of next year.

是的。這是一個更難的問題，因為很多客戶對 1.6T 很感興趣。事實上，它的1.6T是下一代產品的一個版本。還有 800 場演出使用 200 個演出通道。因此，正如我在腳本中談到的，我們將在組件層級參與 200 個演出 EML，並且在明年夏天之前會增加更多。

But we're in the qualification stages today and have received volume orders today as our capacity is quite constrained. So, we'll play at the component level with EMLs and mostly, and then we'll play at the transceiver level. We've sampled transceivers to customers and feedback very positive, as we talked about on the last call. So we're in the hunt. We're in the game, and we just need to continue to work on the qualifications.

但我們今天正處於資格階段，由於我們的產能相當有限，今天已經收到了批量訂單。因此，我們將在 EML 的組件層級上進行研究，然後我們將在收發器層級上進行研究。正如我們在上次通話中談到的那樣，我們已經向客戶提供了收發器樣品，並獲得了非常積極的反饋。所以我們正在狩獵。我們已經在比賽中了，我們只需要繼續努力爭取資格。

And then the timing is really up to the customers as well. So some are ready sooner than others. But I'd say that by the end of next calendar year, 1.6T should be ramping in a significant way.

然後時間也完全取決於客戶。因此，有些人比其他人準備得更早。但我想說，到明年年底，1.6T 應該會大幅成長。

Thank you.

謝謝。

Meta Marshall, Morgan Stanley.

梅塔‧馬歇爾，摩根士丹利。

Thank you. This is Karan Juvekar on for Meta. Just quickly and congrats on the quarter. I guess, are there any changes to your time line for vertical integration with Cloud Light? I think you mentioned sort of no shipments until the end of fiscal 2025, but just sort of any updated time line on your vertical integration there?

謝謝。我是 Meta 的 Karan Juvekar。快點，祝賀這個季度。我想，你們與 Cloud Light 垂直整合的時間軸有什麼改變嗎？我想您提到了在 2025 財年結束之前不會發貨，但只是有關於您在那裡的垂直整合的更新時間表嗎？

No real change. I mean we're building products with our lasers and EMLs and pixels to be qualified. But I'd say the timing is really unchanged in that products that we were working on before the acquisition are coming to market now, and those mostly didn't change.

沒有真正的改變。我的意思是，我們正在使用我們的雷射、EML 和像素來生產合格的產品。但我想說的是，收購前我們正在開發的產品現在已經上市，時間安排確實沒有改變，而且大部分都沒有改變。

But I'd say that we have certainly opportunities in calendar 2025 to have more product in feeds, and that should help margins late in the calendar year and into calendar 2026.

但我想說的是，我們在 2025 年肯定有機會在 Feed 中提供更多產品，這應該有助於提高 2026 年末和 2026 年的利潤率。

Okay, that's helpful. And then a quick follow-up on the telecom side. Are you sort of expecting sequential growth primarily from new products or products that didn't previously had inventory buildup? I think you mentioned that last quarter. I guess how do you expect sort of traditional telecom products to track and sequentially across the year? Thank you.

好的，這很有幫助。然後是電信方面的快速跟進。您是否預計環比成長主要來自新產品或以前沒有庫存累積的產品？我想你上個季度有提到這一點。我想您預計傳統電信產品全年的追蹤情況和順序如何？謝謝。

Sure. I mean I'd say that we're seeing dramatic strength in anything ZR, anything to connect data centers as data centers are being built out, and that can take the form of ZR modules. But given our share of tunable lasers that go into ZRs, that's where we're going to see a dramatic pickup in the telecom side.

當然。我想說的是，我們看到了任何 ZR 的巨大優勢，任何連接資料中心的資料中心正在建設中，並且可以採用 ZR 模組的形式。但考慮到我們在 ZR 中所佔的可調諧雷射的份額，我們將在電信方面看到巨大的成長。

So, I'd say that the hyperscale growth is very solid outside of the data center, and that includes transport or open line systems. I'd say that carrier spending is still muted and inventory still needs to get burned off there. But there are signs of light.

因此，我想說，資料中心以外的超大規模成長非常強勁，其中包括傳輸或開放線路系統。我想說的是，運營商的支出仍然很低，庫存仍然需要銷毀。但有光明的跡象。

So, new products are flowing out the door, as we talked about. And I think we're a quarter or two away from having returned to more normal inventories, but we're seeing certainly good signs of inventory reductions of our product at our customers.

因此，正如我們所說，新產品不斷湧現。我認為我們距離恢復正常庫存還有一兩個季度的時間，但我們確實看到了客戶產品庫存減少的良好跡象。

Thank you.

謝謝。

Ananda Baruah, Loop Capital.

阿南達·巴魯阿（Ananda Baruah），Loop Capital。

Hey guys, good afternoon. Thanks for taking the question. We just love to get your thoughts out on how to think about tariff positioning, tariff risk, hot topic kind of these days. So just your thoughts there in the context of diversifying out of China, and then I have a quick follow up as well. Thanks.

嘿夥計們，下午好。感謝您提出問題。我們只是想了解您對如何思考關稅定位、關稅風險以及當今熱門話題的想法。所以，請談談您在中國以外的多元化背景下的想法，然後我也會快速跟進。謝謝。

Yes, I don't think our strategy is changing based on who is going to be in the White House. We've been on a strategy to be a US headquartered company with manufacturing outside of China. And that is not changing as a result of potentially increased tariffs. So, I would say that it positions us very well as we've had an established manufacturing facility that we're growing dramatically in Thailand.

是的，我不認為我們的策略會根據誰將入主白宮而改變。我們的策略是成為一家總部位於美國、在中國境外進行製造的公司。這種情況並不會因為關稅的潛在增加而改變。所以，我想說，這使我們處於非常有利的位置，因為我們已經擁有成熟的製造工廠，我們在泰國正在迅速發展。

And our laser chips come out of the US as well as the UK and Japan. So from that perspective, I think we're as tariff free as you can get with respect to our future.

我們的雷射晶片來自美國、英國和日本。因此，從這個角度來看，我認為對於我們的未來來說，我們將盡可能地享受零關稅。

So, I don't think any strategy change is happening. But I'd say that, that resonates with a lot of our customers who want to have supply chain resilience, and we provide that for them, both with vertical integration as well as a limited footprint in China and a growing footprint outside of China.

因此，我認為不會發生任何策略變化。但我想說的是，這引起了我們許多希望擁有供應鏈彈性的客戶的共鳴，我們透過垂直整合以及在中國有限的足跡和在中國以外不斷增長的足跡為他們提供了這一點。

That's super helpful context. Thanks. And then a quick follow up is just on EML lasers given the this constraint position. Is there any -- I guess pricing power that you guys have or, or that you're using? And thanks. And that's it for me.

這是非常有用的背景。謝謝。然後，鑑於此限制位置，快速跟進僅針對 EML 雷射。我想你們擁有或正在使用的定價能力有嗎？謝謝。對我來說就是這樣。

I think we look at pricing on a portfolio basis. And I think that as things are constrained, they go down slower or go up faster. And so I think in the constrained environment, as we look forward and as we sit here today, I think we have to pay for a lot of capital that's going in to add capacity. So, I think that we're justified in looking at price optimization on EMLs is one area that we are looking at and have implemented some strategic pricing for those products.

我認為我們會根據投資組合來考慮定價。我認為，當事物受到限制時，它們會下降得更慢或上升得更快。因此，我認為在受限的環境中，當我們展望未來並今天坐在這裡時，我認為我們必須支付大量資本來增加產能。因此，我認為我們有理由考慮 EML 的價格優化，這是我們正在研究的領域之一，並且已經為這些產品實施了一些策略定價。

Thanks guys. Appreciate Alan.

謝謝你們。欣賞艾倫.

We're ready for our next question.

我們準備好回答下一個問題了。

Mike Genovese, Rosenblatt.

麥克·吉諾維斯，羅森布拉特。

Okay. Thanks very much. I guess can I just ask for more color on the telecom market. And when you make comments about '26 and '27 and that kind of visibility, is that all on the datacom side? Or how far does the telecom visibility extend?

好的。非常感謝。我想我可以要求電信市場有更多的色彩嗎？當您對“26”和“27”以及這種可見性發表評論時，這都是數據通信方面的嗎？或者電信的可見性能延伸多遠？

I mean I think the traditional telecom or carrier telecom, the visibility is not great, although I would say that the deployments have been below the speed of bandwidth demand growth. And so there is going to have to be some additional spending and deployments on new networks. And we're seeing that today in China as they're rolling out new networks, visibility of telecom carrier network spending in '26 and '27, I'd be kidding you if I said I had good visibility to that.

我的意思是我認為傳統電信或營運商電信的能見度不是很大，儘管我會說部署已經低於頻寬需求成長的速度。因此，必須在新網路上進行一些額外的支出和部署。我們今天在中國看到，當他們推出新網路時，電信營運商網路支出在 26 和 27 年的可見性，如果我說我對此有很好的可見性，那我就是在開玩笑。

I think more so the data center and the data center interconnect markets, we believe, is going to be very strong in the future. And frankly, we have a fairly small footprint and small share of datacom transceivers. And with our US headquarter and manufacturing outside of China, I think there's a compelling reason for customers to come our way. So we expect to not only grow our datacom module business and EML chip business, but gain significant share through the next coming years.

我認為，我們相信資料中心和資料中心互連市場未來將非常強勁。坦白說，我們的數據通訊收發器佔地面積相當小，所佔份額也很小。由於我們的總部位於美國，並且在中國境外進行製造，我認為客戶有充分的理由選擇我們。因此，我們預計不僅會發展我們的數據通訊模組業務和 EML 晶片業務，而且在未來幾年將獲得顯著的份額。

Great. That's very helpful. And then finally, I guess, can you give me more color on the optical switch product in the data center? Like what's going to do in the data center? And is this kind of a completely new function? Or is it kind of like the -- will it replace anything or replace part of anything? And I'm specifically thinking about Ethernet switches, whether there's anything there?

偉大的。這非常有幫助。最後，我想您能給我更多關於資料中心光開關產品的資訊嗎？例如數據中心要做什麼？這是一個全新的功能嗎？或者它有點像——它會取代任何東西或取代任何東西的一部分嗎？我特別在想乙太網路交換機，那裡有什麼東西嗎？

Yes, Mike, this is Chris. Let me take a stab at that. It's performing, obviously, the name, optical switching. And there are in a data center, there's a tiering multiple levels of optical switches to get the large scale that's needed, the connectivity across a very large data center.

是的，麥克，這是克里斯。讓我來嘗試一下。顯然，它正在執行光交換的功能。在資料中心中，有多層光交換機，以獲得所需的大規模，跨超大型資料中心的連接。

And so the ability to produce high radix, so 300 by 300 kind of level switches, I guess you could argue replacing some level of electronic switches, I think of it a little bit more of an (inaudible) in that it enables the data center to scale more efficiently so that the power consumption that's today's switches or the switches that you would use had you scaled today's architectures, then can be used for more GPUs and more networking, optics, et cetera, to interconnect AI accelerators.

因此，能夠產生高基數，即 300 x 300 種級別開關，我想您可能會爭論更換某些級別的電子開關，我認為它更像是（聽不清楚），因為它支援資料中心更有效地擴展，以便當今交換器或擴展當今架構時將使用的交換器的功耗可用於更多GPU 和更多網路、光學器件等，以互連AI 加速器。

So, that's really the idea here is that to bring a lot more energy efficiency when you're talking about big pipes going across a very large data center. The other advantage also to be clear is that as you add layers of switches, the switches do have added latency and optical switching has very little latency. So, that's also a big advantage as you increase the size of data centers. Sorry, Mike, you were saying.

因此，這裡的真正想法是，當您談論穿過非常大的資料中心的大型管道時，要帶來更高的能源效率。另一個需要明確的優點是，當您新增交換器層時，交換器確實會增加延遲，而光交換的延遲非常小。因此，當您增加資料中心的規模時，這也是一個很大的優勢。抱歉，麥克，你剛才說的是。

I was just going to say, so basically sounds like larger cluster sizes of GPU as they get larger and larger, you need larger optical switches basically, to sort of summarize (multiple speakers)

我只是想說，所以基本上聽起來像 GPU 的叢集規模越來越大，因為它們變得越來越大，你基本上需要更大的光學開關，總結一下（多個發言者）

In general, yes. I think there can be other uses. And maybe a couple of things to also point out that, for us, this is a natural extension. It's leveraging the technologies that we've pioneered in the ROADM space over the past several decades. And so it's really an adapting of technologies that we've had to a new data center opportunity.

一般來說，是的。我認為還可以有其他用途。也許還有一些事情需要指出，對我們來說，這是一個自然的延伸。它利用了我們過去幾十年在 ROADM 領域開創的技術。因此，這實際上是我們對新資料中心機會所擁有的技術的調整。

Perfect. Thanks so much.

完美的。非常感謝。

Thanks Mike.

謝謝邁克。

Thomas O'Malley, Barclays.

托馬斯·奧馬利，巴克萊銀行。

Hey guys, nice results, and thanks for taking the questions here. So, I wanted to understand the qualification process on the transceiver side. So you've now won another award, and you talked last quarter about kind of qualification in the first quarter time period with that first customer.

大家好，結果很好，感謝您在這裡提出問題。因此，我想了解收發器方面的資格認證流程。因此，您現在贏得了另一個獎項，並且您在上個季度與第一個客戶討論了第一季時間段內的資格類型。

So can you maybe refresh us here? So, two new customers, are both of them qualified yet, and when they are qualified, when do you normally get a feel for the volume that you're going to get? Obviously, being qualified and the amount that you actually end up shipping is a different thing, but you're very confident to next year.

那您可以跟我們介紹一下嗎？那麼，兩個新客戶都符合資格，當他們符合資格時，您通常什麼時候才能感受到您將獲得的數量？顯然，獲得資格和實際最終發貨的數量是兩回事，但您對明年非常有信心。

So just can you remind us when are these two customers going to be qualified, and then when will you have a feel for those volume forecasts for those two customers?

那麼您能否提醒我們這兩位客戶何時才能獲得資格，然後您什麼時候會對這兩位客戶的銷售預測有所了解？

Yes. I'd say we're still on track with what we said last time with the first new customer that we talked about on the last earnings call with qualification happening in the first calendar quarter. I would say the new customer that we added this quarter is qualified now, and we received orders now that we'll be beginning to ramp in the first half of next year.

是的。我想說，我們仍然在遵循上次與第一個新客戶所說的內容，我們在上一次財報電話會議上談到了第一季的資格認證。我想說的是，我們本季新增的新客戶現在已經合格，我們現在收到了訂單，我們將在明年上半年開始增加訂單。

So, a little bit different timing, but we're happy with both. And as I said before, we've got a lot of other qualifications going on that we'll talk about on the next earnings call, I hope.

所以，時間有點不同，但我們對兩者都很滿意。正如我之前所說，我們還有很多其他資格認證正在進行中，我希望我們會在下一次財報電話會議上討論這些資格。

Super helpful. And then just looking at the moving parts to kind of get to that $500 million a quarter, you guys have kind of expressed an increased confidence there, perhaps a little bit above that. So, you're kind of in the low $300 million a quarter right now. You talked about EML setting a record. I think previously, you were about $80 million or so a quarter. So let's just assume a little bit above that.

超有幫助。然後只要看看每季達到 5 億美元的移動部分，你們就表達了一種增強的信心，也許比這個更高一點。所以，你現在每季的營收大概只有 3 億美元。您談到 EML 創造了記錄。我想以前每季的收入約為 8000 萬美元左右。所以讓我們假設比這個稍高一點。

But you kind of talked about capacity being outstripped for 2025, so you're basically sold out there. So when I look at where you go from here, the low $300 million to kind of that $500 million range, is more of that incremental the EML lasers or is more of that incremental the qualifications of the new transceiver customers and they're ramping? Any help there would be really helpful. Thank you.

但你提到 2025 年產能將超出，所以你基本上已經賣完了。因此，當我看看您從這裡走向何方時，從低至3 億美元到5 億美元的範圍，更多的是EML 雷射器的增量，還是更多的是新收發器客戶資格的增量，他們正在增加？那裡的任何幫助都會非常有幫助。謝謝。

Sure, Tom. I think starting with our midpoint of our guidance for our fiscal Q2, which is the quarter we just guided, we're guiding to $390 million is the midpoint. And I'd say that there's a combination of what we expect to win and grow between now and the end of next calendar year.

當然，湯姆。我認為從我們第二財季指導的中點開始，也就是我們剛剛指導的季度，我們的指導值為 3.9 億美元。我想說的是，從現在到明年年底，我們期望贏得和成長。

As I talked about in the script, growing EML capacity by 40% from the June quarter of last year to the June quarter of this year. this coming fiscal year is part of that growth, but I'd say transceivers are growing. Anything regarding data center interconnect is going to grow. And we're not counting tremendously on a bounce back in the traditional telecom business with carrier spending.

正如我在腳本中談到的，從去年 6 月季度到今年 6 月季度，EML 容量增加了 40%。下一個財年是這種成長的一部分，但我想說收發器正在成長。任何與資料中心互連相關的事物都會成長。我們並不指望傳統電信業務會因營運商支出而反彈。

And if that happens, then we'll get there sooner. But I'd say that's kind of the three big prongs, which is growth in the chips starting really in the summertime, growth in transceivers that we've talked about, really starting in the December quarter. And then data center interconnect are really the three big drivers for getting us from $390 million as a midpoint to the $500 million.

如果發生這種情況，我們會更快到達那裡。但我想說，這就是三大分支，即晶片的成長真正從夏季開始，我們談到的收發器的成長真正從 12 月的季度開始。資料中心互連確實是我們從 3.9 億美元中間值成長到 5 億美元的三大驅動因素。

Thanks Tom.

謝謝湯姆。

Karl Ackerman, BNP.

卡爾‧阿克曼，法國巴黎銀行。

Yes. Thank you. I wanted to double click on the hyperscale win as well as the design win you spoke about last quarter. Specifically, are these transceiver opportunities being driven by hyperscalers or large customers connecting their own AI processors? Or is it being driven by you being included on reference designs of maybe perhaps new GPU platforms?

是的。謝謝。我想雙擊超大規模的勝利以及您上季度談到的設計勝利。具體來說，這些收發器機會是由超大規模企業還是連接自己的人工智慧處理器的大客戶所推動的？或者它是由您被納入可能是新 GPU 平台的參考設計中所驅動的？

And as you address that question, are these initial transceivers now integrating your EMLs? If not, does that push out the ramp of these customers or hyperscalers ramping your optical products in 2025? Thank you.

當您解決這個問題時，這些最初的收發器現在是否整合了您的 EML？如果不是，這是否會阻止這些客戶或超大規模廠商在 2025 年增加您的光學產品？謝謝。

Yes. Thanks, Karl. I think we don't want to necessarily get into customer architectures and what they're deploying. But we can certainly comment on our transceivers and so these, in general, are transceivers that won't have our EMLs at initial launch, if you will, because these have been in development and designed over the past year or so.

是的。謝謝，卡爾。我認為我們不一定要了解客戶架構以及他們正在部署的內容。但我們當然可以對我們的收發器發表評論，因此，如果您願意的話，一般來說，這些收發器在最初發佈時不會有我們的EML，因為這些收發器在過去一年左右的時間裡一直在開發和設計。

Obviously, these accounts have other opportunities to Alan's point, as we succeed and execute with them, not only will there be more share, but there will be more SKUs and other types of transceivers where we can introduce more of our own content.

顯然，按照艾倫的觀點，這些帳戶還有其他機會，隨著我們成功並與他們一起執行，不僅會有更多的份額，而且還會有更多的SKU 和其他類型的收發器，我們可以在其中引入更多我們自己的內容。

Do you have a follow up?

你有跟進嗎？

Yeah. I guess perhaps along the same lines then, could you discuss whether the new wins that you're receiving are driven by data center customers reallocating procurement of these optical transceivers to US. domiciled suppliers like yourself? Can you just comment on that?

是的。我想也許沿著同樣的思路，您能否討論一下您所獲得的新勝利是否是由資料中心客戶將這些光收發器的採購重新分配到美國所驅動的。像您這樣的本地供應商？你能對此發表評論嗎？

And then perhaps in addition to that, are you able to quantify maybe the expanding TAM that you see as these AI clusters now have the option of being of disaggregating some of the components of scale-up architectures? Are you also seeing that as a new opportunity? Thanks.

除此之外，您是否能夠量化您所看到的不斷擴展的 TAM，因為這些 AI 叢集現在可以選擇分解擴展架構的某些元件？您是否也將其視為一個新機會？謝謝。

So, maybe add that these are new opportunities. So they're so it's not a reallocation. I would say that customers are certainly like the fact that we are US headquartered and non-China manufacturing and a long road map of that. So I think that makes us more competitive in winning in these new opportunities.

所以，也許要補充一點，這些都是新的機會。所以這不是重新分配。我想說，客戶肯定喜歡我們總部位於美國、非中國製造的事實，以及一個漫長的路線圖。所以我認為這使我們在贏得這些新機會方面更具競爭力。

These are definitely scale out for the time being. The introducing of optics into more of a scale-up is probably a year or year and a half out kind of time frame. I mean there are certainly people making progress towards that.

這些目前肯定是橫向擴展的。將光學技術引入更大的規模可能需要一年或一年半的時間框架。我的意思是肯定有人在這方面取得了進展。

But these are traditional pluggable transceivers for scale out hyperscale opportunities as people deploy a lot more AI gear, if you will, if you recall that if you turn the clock back a year ago, there were really only two folks building AI gear. And I think you'll have more I think you brought up the word to an extent, some level of disaggregated architectures as we roll forward into calendar '25 and '26.

但這些都是傳統的可插拔收發器，隨著人們部署更多的人工智慧設備，可以擴展超大規模的機會，如果你願意的話，如果你還記得，如果你把時鐘撥回到一年前，實際上只有兩個人在建構人工智慧設備。我認為，當我們進入日曆 '25 和 '26 時，我認為您會在一定程度上提出這個詞，某種程度的分類架構。

Thanks, Karl.

謝謝，卡爾。

David Vogt, UBS.

大衛‧沃格特，瑞銀集團。

Hey guys. Thanks for taking the question. This is Brian on for David. Can you clarify if these transceiver customers were contemplated in your 4Q 2025 guide? And then I have a follow-up.

嘿夥計們。感謝您提出問題。這是布萊恩替大衛發言。您能否澄清一下您的 2025 年第四季指南中是否考慮了這些收發器客戶？然後我有一個後續行動。

Yeah, we talked about calendar 2025 and getting to $500 million. I think we have plenty of opportunities, whether this one or that one was in our number. We don't need to win all the ones we're going after. So it's hard for me to say that, yes, we're right on track with these two that we had planned on.

是的，我們談到了 2025 年並達到 5 億美元。我認為我們有很多機會，無論是這個還是那個。我們不需要贏得我們所追求的所有目標。所以我很難說，是的，我們正在按照我們計劃的這兩個計劃走上正軌。

So, I'd say that's a hard one to answer. They certainly play a part in getting us there. And we're really, really happy with the progress we've made with these customers as well as other customers that we expect to be talking about on future calls.

所以，我想說這是一個很難回答的問題。他們無疑在幫助我們實現這一目標方面發揮了作用。我們對與這些客戶以及我們希望在未來的電話中討論的其他客戶所取得的進展感到非常非常滿意。

Got it. That's helpful. And then for my follow up. In the qualification process, you mentioned that you have to earn more volume. Does that mean you're a secondary provider in these deals? And then if so, what type of share would be reasonable in your view?

知道了。這很有幫助。然後是我的後續行動。在資格認證過程中，您提到您必須獲得更多的銷售量。這是否意味著您是這些交易的二級提供者？如果是這樣，您認為哪種類型的份額是合理的？

Well, I'd say that in any of our businesses, we have to earn trust and earn share, and that's done through quality execution and resilient supply chain and doing what we say we're going to do. And share does shift in all of our business as a result of performing well or not performing well. And so that's what I intended to mean by that discussion.

嗯，我想說，在我們的任何業務中，我們都必須贏得信任並贏得份額，這是透過高品質的執行和有彈性的供應鏈以及做我們所說的要做的事情來完成的。由於表現良好或表現不佳，我們所有業務的份額確實會發生變化。這就是我這次討論的意思。

I'd say that there are hyperscaler demand is very big and no one relies on one supplier. So, as they ramp up two or three suppliers, the ones that perform better are going to get more share in the long run. So that's what we're really working on to make sure that we gain that trust and we gain that resilience of supply so that customers can count on us to provide more of their product that they need, and that's what we're working on.

我想說，超大規模的需求非常大，沒有人依賴某家供應商。因此，當他們增加兩到三個供應商時，從長遠來看，表現更好的供應商將獲得更多份額。因此，這就是我們真正努力的方向，以確保我們獲得這種信任，獲得供應的彈性，以便客戶可以依靠我們提供更多他們需要的產品，這就是我們正在努力的方向。

Thanks for the color.

謝謝你的顏色。

Ryan Koontz, Needham & Co.

孔茲 (Ryan Koontz)，李約瑟公司

Great. Thanks for the question. I wanted to circle back to your comments around DCI and understand your exposure there on tunables. But can you maybe talk about what your opportunity is in the module space there? Are you present? Do you have any design wins in ZR today for ZR modules? And how should investors think about that opportunity for the company?

偉大的。謝謝你的提問。我想回顧一下您對 DCI 的評論，並了解您對可調參數的了解。但您能否談談您在模組領域的機會是什麼？你在場嗎？您今天在 ZR 模組方面有任何設計成果嗎？投資人該如何看待該公司的機會？

Yes. So, DCI exposure, I would say the biggest revenue exposure for us is what I said before, which is the tunable lasers and to a lesser degree, other components that go into other people's ZR and ZR+ modules. We do have exposure to our own ZR module, and we're making very good progress on the 800 gig ZR and ZR+, both domestically as well as outside of the US. So we're favorably encouraged by the progress there.

是的。因此，對於 DCI 曝光，我想說我們最大的收入曝光就是我之前所說的，即可調諧雷射器，以及較小程度的其他人的 ZR 和 ZR+ 模組中的其他組件。我們確實接觸過自己的 ZR 模組，並且我們在 800 gig ZR 和 ZR+ 方面取得了非常好的進展，無論是在美國國內還是在美國境外。因此，我們對那裡的進展感到鼓舞。

I'd say the 400 gig module, frankly, we were late to market. We have a small share, and we're doing our best to try to gain share there. But frankly, the market is very, very strong, and we're very happy in growing our tunable laser business there and supporting our customers who are winning significant share in a market that's growing very rapidly as data centers are moving further apart.

坦白說，我想說的是 400 gig 模組，我們進入市場較晚。我們的份額很小，我們正在盡最大努力爭取那裡的份額。但坦白說，這個市場非常非常強勁，我們非常高興在那裡發展可調諧雷射業務，並支持我們的客戶，他們在隨著資料中心距離越來越遠而快速增長的市場中贏得了重要份額。

Yes. That makes sense. It's more of a mature market there. And then a quick question for Wajid around gross margins and kind of in lieu of kind of a lot of puts and takes going on here. How should we think about gross margins as the fiscal year unfolds here?

是的。這是有道理的。那裡的市場更加成熟。然後向瓦吉德提出一個關於毛利率的快速問題，以及這裡發生的大量看跌期權和拿取期權。隨著本財年的展開，我們該如何看待毛利率？

Yes. Thanks, Ryan. So like we talked about in the script, we're expecting gross margins to improve sequentially. We're even seeing it in Q2. You can see that our operating margin profile is significantly different than what how we performed in Q1. And so we're expecting to see that gross margin improvement move into Q3 and into Q4 as well as more of our supply comes online for EMLs.

是的。謝謝，瑞安。正如我們在劇本中討論的那樣，我們預計毛利率將持續改善。我們甚至在第二季就看到了這一點。您可以看到我們的營業利潤率狀況與第一季的表現有很大不同。因此，我們預計第三季和第四季毛利率將有所改善，並且我們的 EML 供應量將會增加。

Having said that, we are expecting to increase our R&D spend in Q2 and into Q3 and Q4. You can probably tell from Alan's comments that customer pull is quite strong and the opportunities are quite strong as well. And so because of that, we're probably going to be spending ahead of revenue from an R&D standpoint. And we've already talked about some of the capacity investments we're making.

話雖如此，我們預計將在第二季、第三季和第四季增加研發支出。從艾倫的評論中您可能可以看出，客戶的吸引力相當強，機會也相當大。因此，從研發的角度來看，我們的支出可能會超過收入。我們已經討論過我們正在進行的一些產能投資。

So yes, we'll see gross margins tick up sequentially through the fiscal year, but it will be muted a little bit from an operating margin standpoint because of the increased R&D investment we're making just given the amount of customer pull we have.

因此，是的，我們將看到整個財年的毛利率連續上升，但從營業利潤率的角度來看，毛利率將略有下降，因為考慮到我們擁有的客戶拉動量，我們正在增加研發投資。

That's great. And just that capacity, you just talked about -- adding that capacity talk about? And does that have an overhead impact, also a little headwind there until it's fully (multiple speakers)

那太棒了。就那個容量，你剛才談到了──增加那個容量？這是否會對頭頂產生影響，還有一點逆風，直到完全恢復（多個發言者）

Thank you. No, it does have a little bit of overhead impact because we're building out in our Thailand facility as we move more of our production of transceivers to Thailand. And so as we move that up and ramp that up, there will be a couple of quarters of overhead expenses associated with that. And so that's already contemplated in the sequential increases in margins.

謝謝。不，它確實會產生一點管理費用影響，因為隨著我們將更多的收發器生產轉移到泰國，我們正在泰國工廠進行擴建。因此，當我們提高這一水平並加大力度時，將會有幾個季度的管理費用與之相關。因此，這已經在利潤率的連續成長中被考慮。

But then as that volume ramps up in the middle part of next calendar year, we'll be able to see the benefit of that moving through the quarter. So we'll explain more about that as the quarters happen, but thank you for asking about that.

但隨著明年中期銷售量的增加，我們將能夠看到整個季度的好處。因此，我們將在季度到來時對此進行更多解釋，但感謝您詢問這一點。

Sure. Thanks a lot guys.

當然。非常感謝大家。

Yeah, thanks. Brian.

是的，謝謝。布萊恩.

Christopher Rolland, SIG.

克里斯多福羅蘭，SIG。

Hey guys. Thanks for the question. So Alan, I wanted to double click on your prior answer around vertical integration into lasers in particular, into Cloud Light. You said it mostly didn't change. I wanted to know what actually did change there.

嘿夥計們。謝謝你的提問。艾倫，我想雙擊您之前關於垂直整合到雷射（特別是雲光）的答案。你說的大部分情況都沒有改變。我想知道那裡到底發生了什麼變化。

And then you suggested the second half of 2025 for those margin benefits. So, I would assume that's a timetable for integration. And perhaps I may have been wrong here in my assumption, but my assumption is that you would be more meaningfully integrating in the first half.

然後您建議在 2025 年下半年實現這些利潤收益。所以，我認為這是整合的時間表。也許我的假設可能是錯的，但我的假設是你會在上半場進行更有意義的整合。

So I'd love to know, is this a qualification issue? Is this not a delay? Was this just my understanding that's wrong? Is this EML constraints?? What exact is that timetable pushing out indeed a bit for vertical integration? And what's causing it?

所以我想知道，這是資格問題嗎？這不是耽誤事嗎？難道這只是我的理解是錯的嗎？這是 EML 限制嗎？垂直整合的時間表究竟是什麼？是什麼原因造成的？

Yes. So, good question, Christopher. I'd say a couple of things, one of which is customers don't want us to change product that's already in flight, that's number one. Number two, our laser capacity is constrained. So we have to make, make versus buy decisions around what mostly the product going through the transceiver business today is silicon photonics based.

是的。所以，好問題，克里斯托弗。我想說幾件事，其中之一是客戶不希望我們改變已經在使用的產品，這是第一名。第二，我們的雷射能力受到限制。因此，我們必須圍繞著當今收發器業務中的大部分產品是基於矽光子學的產品來做出決策還是購買決策。

So, we use a lot of CW lasers, not EML lasers yet in the products that we're shipping and released today. So we can buy those CW lasers externally or we can use our very critical EML capacity to add those CW lasers into our products.

因此，我們在今天發貨和發布的產品中使用了大量 CW 雷射器，而不是 EML 雷射。因此，我們可以從外部購買這些 CW 雷射器，也可以利用我們非常關鍵的 EML 能力將這些 CW 雷射器添加到我們的產品中。

We've done the math. There's a lot of good CW laser suppliers. It makes more sense for us to buy those CW lasers and free up that EML capacity to ship to our customers than it would be to convert that EML capacity to CW lasers, for example. So that's one of the things that's pushing off that integration of CW lasers into our products until the second half.

我們已經算過。有很多優秀的連續雷射供應商。例如，對我們來說，購買這些 CW 雷射並釋放 EML 產能以運送給我們的客戶比將 EML 產能轉換為 CW 雷射更有意義。因此，這是將連續雷射整合到我們產品中的時間推遲到下半年的原因之一。

I'd say that we are working on EML based designs, and those will come to market in the second half of the calendar year. We have to get qualified and go through that. But today, most of the products that we're producing are silicon photonic-based using CW lasers from our strategic supplier partners to keep that EML capacity for our customers.

我想說，我們正在研究基於 EML 的設計，這些設計將於今年下半年上市。我們必須獲得資格並經歷這一過程。但如今，我們生產的大多數產品都是基於矽光子的，使用我們的策略供應商合作夥伴提供的 CW 雷射器，為我們的客戶保留 EML 能力。

Yes. And I'd add that the real performance advantage of EML starts to come in as we talk about 1.6T and future generations of higher performance 1.6T. So, our natural road map also aligns with using more vertical integration where the technologies are much more differentiated at those speeds.

是的。我想補充一點，當我們談論 1.6T 和未來幾代更高性能的 1.6T 時，EML 的真正性能優勢就開始顯現。因此，我們的自然路線圖也與使用更多的垂直整合一致，其中技術在這些速度下更加差異化。

Thank you very much guys. That actually cleans up a lot for me, clears up a lot at least. It also probably brings me to my second question, which is trying to understand more about EMLs. I mean it just seems like the whole market is moving here. AI demand is inflecting units. There's one other big EML player as far as I recognized at least.

非常感謝你們。這實際上為我清理了很多，至少清理了很多。這也可能讓我想到第二個問題，就是嘗試更多地了解 EML。我的意思是，似乎整個市場都在轉移到這裡。人工智慧需求正在改變單位。至少據我所知，還有另外一位大型 EML 玩家。

It seems like if you have this EML capacity available, it actually has pull into your transceiver units pipeline, market share, customers, new customers, et cetera. So, why are we talking about 40%? Like why aren't we talking about like 100% or even more here? Why is 40% the right number here? And like how capital intensive is this?

看起來，如果您擁有可用的 EML 容量，它實際上會吸引您的收發器單元管道、市場份額、客戶、新客戶等。那麼，為什麼我們會談論 40%？為什麼我們不在這裡談論 100% 甚至更多？為什麼 40% 是正確的數字？資本密集程度如何？

If you wanted to, like how fast could you get new lines up? And would you be leaning on overbuilding versus underbuilding just given what seems like the importance of this part into this new cycle? Thanks.

如果你願意的話，例如你能以多快的速度獲得新的線路？考慮到這一部分在這個新周期中的重要性，您會傾向於過度建設還是建設不足？謝謝。

Christopher, you sound a lot like my Board of Directors. So, that's a very good question. It does take time to add capacity. One of the things that we did as we were working on integrating and getting synergies, we had two wafer fabs in Japan. We were going to close one of them, consolidate it.

克里斯多福，你聽起來很像我的董事會。所以，這是一個非常好的問題。增加容量確實需要時間。我們在努力整合和獲得協同效應時所做的事情之一是，我們在日本擁有兩家晶圓廠。我們打算關閉其中之一，並將其合併。

We stopped that several quarters ago and said we need that extra wafer fab capacity, and we're ramping that up now. If you go back year and a half ago, we had idle capacity in our wafer fab. It takes year and a half years to add capacity. So, that's kind of what's going on.

幾個季度前我們就停止了這種做法，並表示我們需要額外的晶圓廠產能，現在我們正在提高產能。如果你回到一年半前，我們的晶圓廠產能閒置。增加容量需要一年半的時間。所以，這就是正在發生的事情。

We are adding more. We're converting to larger wafer sizes. That takes time, and we're adding epi reactors that takes time as well. So a very good question. If I had the ability to add 100% between now and June, I would do it. But that's the lead time with capital equipment and bringing up and qualifying new tools is just painful.

我們正在添加更多。我們正在轉向更大的晶圓尺寸。這需要時間，我們添加外延反應器也需要時間。這是一個非常好的問題。如果我有能力從現在到六月增加 100%，我就會這麼做。但這是資本設備的交付週期，而開發和鑑定新工具是非常痛苦的。

But the good news is there's barriers to entry in that market. And so we're going to grow it as fast as we possibly can. And at the same time, we're going to introduce new products. And so that 200 gig per lane is new product we're getting qualified. That takes time and resources and starts typically at a lower yield, and we have to get through that learning curve and that yield.

但好消息是該市場存在進入障礙。因此，我們將盡可能快地發展它。同時，我們將推出新產品。因此，每通道 200 演出是我們正在獲得資格的新產品。這需要時間和資源，通常以較低的產量開始，我們必須完成學習曲線和產量。

And so I think we're going to do well in the second half of the calendar year on that. But we are adding capacity beyond the 40% for sure after the June quarter. We're not sitting idle for sure.

所以我認為我們將在今年下半年在這方面做得很好。但在 6 月季度之後，我們肯定會增加產能超過 40%。我們肯定不會閒著。

Perhaps just one more follow-up. Why don't you use -- okay. thanks guys. I was just going to say, why don't you use your limited EML capacity to bring new cloud like customers online? It seems like that would be two birds stone?

也許只是另一個後續行動。你為什麼不使用——好吧。謝謝你們。我只是想說，為什麼不利用有限的 EML 能力讓新的雲端客戶上線呢？好像那是兩隻鳥石？

Yes, that's a good question. I think we have silicon photonics. We have multimode VCSEL-based transceivers and we have EML based transceivers. We are designing each of those for a given application. Some applications work better with single mode silicon photonics. Some have a better cost structure with EMLs.

是的，這是一個好問題。我認為我們有矽光子學。我們擁有基於 VCSEL 的多模收發器和基於 EML 的收發器。我們正在為給定的應用程式設計每一個。一些應用程式使用單模矽光子學可以更好地工作。有些 EML 有更好的成本結構。

And as Chris said, a lot of the new next generation of 1.6T likes EMLs better, especially as you get into multi-wavelengths where EMLs can really play a key role there. So yes, we're absolutely going to do that. It probably makes more sense in the second half of the calendar year as we get into these more advanced 1.6T products.

正如 Chris 所說，許多新一代 1.6T 更喜歡 EML，尤其是當您進入多波長時，EML 確實可以發揮關鍵作用。所以是的，我們絕對會這麼做。當我們進入這些更先進的 1.6T 產品時，這可能在今年下半年更有意義。

And then we have next generation 200 gig EMLs, which are really going to differentiate us from our competitors. And I think that really gives us the ability to drive incremental differentiation at the transceiver level and drive higher gross margins.

然後我們擁有下一代 200 兆 EML，這確實將使我們與競爭對手區分開來。我認為這確實使我們有能力在收發器層級推動增量差異化並提高毛利率。

Thanks guys. Sorry for the third question.

謝謝你們。抱歉第三個問題。

Thanks Chris. I think we'll squeeze in one more question.

謝謝克里斯。我想我們還要再問一個問題。

Richard Shannon, Craig-Hallum.

理查德·香農，克雷格·哈勒姆。

Hi. Glad to get in under the wire here. Thanks for taking my questions guys. I'll follow up on the topic of the optical circuit switching here is a couple of earlier questions and comments. Maybe you can just kind of delineate the timeframe for qualification and volume ramps here just to get a sense there?

你好。很高興能進入這裡。謝謝你們回答我的問題。我將繼續討論光路交換的主題，這裡有幾個早期的問題和評論。也許您可以在這裡劃定資格和數量提升的時間範圍，只是為了了解一下？

And then also your close peer who reported recently has obviously talked about a product in this area. Maybe you can discuss how you're differentiated or different or complementary to what they're doing.

然後，最近報道的您的親密同行也顯然談到了該領域的產品。也許你可以討論你與他們正在做的事情有何不同或不同或互補。

Yes. I can tell you about what we're doing. I can't really comment on what they're doing. I'm sure their technology is unique and interesting. I think our technology and our approach is different. Ours is MEMS based, and we have, as Chris mentioned earlier, years of experience with MEMS designs and MEMS in our WSSs.

是的。我可以告訴你我們正在做什麼。我無法真正評論他們在做什麼。我確信他們的技術是獨特且有趣的。我認為我們的技術和方法是不同的。我們的產品是基於 MEMS 的，正如 Chris 之前提到的，我們在 MEMS 設計和 WSS 中的 MEMS 方面擁有多年的經驗。

In fact, our most advanced WSSs have multiple technologies like LCOS and MEMS. So we are getting positive feedback, as we said, from our customers. There are customers that are more advanced and more ready to put optical circuit switches into their data centers.

事實上，我們最先進的 WSS 擁有 LCOS 和 MEMS 等多種技術。因此，正如我們所說，我們從客戶那裡得到了積極的回饋。有些客戶更先進，更願意將光路交換器放入他們的資料中心。

And then there's customers that need to rearchitect or write software to enable this optical circuit switching. And so it's really dependent upon which customers are ready when. But I would say that a deployment in calendar 2025 is realistic. And really, the more meaningful growth will probably be in calendar 2026.

還有一些客戶需要重新架構或編寫軟體來實現這種光路交換。因此，這實際上取決於哪些客戶何時準備好。但我想說，2025 年部署是現實的。事實上，更有意義的成長可能會出現在 2026 年。

Okay. That's great detail. Thanks for that, Alan. My second question.

好的。這是非常詳細的。謝謝你，艾倫。我的第二個問題。

I was just going to add one thing, Richard. We've already transferred the product to our Thailand operations. So we're making qualification units and beta units in Thailand today. And so we'll be ready when the customers say go.

我只想補充一件事，理查。我們已經將該產品轉移到我們的泰國工廠。因此，我們今天正在泰國製造資格單元和測試單元。因此，當客戶說走就走時，我們就會做好準備。

Okay, great. Thanks for that Alan. My second question is on a topic that hasn't been asked in a while, and that's 3D sensing. Is there anything going on here either in your kind of past markets or new markets here that's going to give us any signs of growth and improvement anytime soon?

好的，太好了。謝謝你的艾倫。我的第二個問題是關於一個已經有一段時間沒有被問到的話題，那就是 3D 感測。在你們過去的市場或新市場中，是否有任何事情會很快為我們帶來成長和改善的跡象？

Hey Richard, this is Chris. I would say a little bit of yes and a little bit of no. I would say that, obviously, the high volume applications that we have been playing into for several years is mature, and there's not an obvious catalyst in that specific application other than if the Android world begins to adopt in mass. No suggestion that they will in the short term or midterm, but that's always a possibility.

嘿理查德，這是克里斯。我會說一點是，一點不。我想說的是，顯然，我們多年來一直在使用的大量應用程式已經成熟，並且除了 Android 世界開始大規模採用之外，該特定應用程式中沒有明顯的催化劑。沒有跡象表明他們會在短期或中期這樣做，但這總是可能的。

I would say as we look to other opportunities in sort of metaverse, augmented virtual reality and applications like that are helping a bit as well as the automotive space, but both of those have been a little slower to adopt than we've all hoped. But there are folks continuing to invest strongly in that.

我想說，當我們在虛擬宇宙中尋找其他機會時，增強虛擬實境和類似的應用程式以及汽車領域都起到了一定的幫助，但這兩個領域的採用速度都比我們所有人希望的要慢一些。但有人繼續對此進行大力投資。

And as a leader in the technology, we continue to partner with those leaders, but we'll keep things muted in terms of thoughts on that until that new application really comes along.

作為該技術的領導者，我們將繼續與這些領導者合作，但在新應用程式真正出現之前，我們將對此保持沉默。

Thanks, Richard.

謝謝，理查。

Great. Thank you guys.

偉大的。謝謝你們。

Yeah, thank you. I think we'll pass the call back over to Alan for some concluding remarks.

是的，謝謝。我想我們會將電話轉回給艾倫，讓他做一些總結性發言。

Great. Thank you. I'd like to leave everyone with a few thoughts as we wrap up the call. We are excited about our growth prospects. Our comprehensive photonics portfolio built on differentiated in house technology and proven manufacturing capabilities addresses critical challenges like connectivity bottlenecks and power consumption.

偉大的。謝謝。在我們結束通話時，我想留給大家一些想法。我們對我們的成長前景感到興奮。我們全面的光子學產品組合建立在差異化的內部技術和成熟的製造能力之上，可解決連接瓶頸和功耗等關鍵挑戰。

With strong progress on our three pronged strategy, we are highly confident that we will reach $500 million in quarterly revenue by the end of calendar 2025 and in the long-term, expand our cloud business to a multi-billion-dollar annual run rate.

隨著我們三管齊下的策略取得強勁進展，我們非常有信心到2025 年底我們的季度收入將達到5 億美元，並從長遠來看，將我們的雲端業務擴展到數十億美元的年運行率。

Thank you for joining our call today. We look forward to seeing you again at investor conferences, and upcoming meetings this quarter. Have a great day.

感謝您今天加入我們的電話會議。我們期待在投資者會議以及本季即將舉行的會議上再次見到您。祝你有美好的一天。

That will conclude our conference call today. Thank you all for your participation. You may now disconnect your line.

我們今天的電話會議到此結束。感謝大家的參與。現在您可以斷開線路。