萊迪思半導體 (LSCC) 2025 Q2 法說會逐字稿

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Greetings and welcome to the Lattice Semiconductor's second quarter 2025 earnings call.

問候並歡迎參加萊迪思半導體 2025 年第二季財報電話會議。

(Operator Instructions)

（操作員指示）

As a reminder, this conference is being recorded. I would now like to turn the conference over to your host, Rick Muscha, Lattice Semiconductor's Vice President of Investor Relations. You may begin.

提醒一下，本次會議正在錄製中。現在，我想將會議交給主持人、萊迪思半導體公司投資者關係副總裁 Rick Muscha。你可以開始了。

Thank you, operator, and good afternoon, everyone. With me today are Ford Tamer, Lattice's CEO; and Lorenzo Flores, Lattice's CFO. We'll provide a financial and business review of the second quarter of 2025 and the business outlook for the third quarter of 2025.

謝謝接線員，大家下午好。今天與我一起出席的還有萊迪思執行長 Ford Tamer 和萊迪思財務長 Lorenzo Flores。我們將提供 2025 年第二季的財務和業務回顧以及 2025 年第三季的業務展望。

If you have not obtained a copy of our earnings press release, it can be found on our company website in the Investor Relations section at latticesemi.com.

如果您尚未獲得我們的收益新聞稿副本，可以在我們公司網站的「投資者關係」部分（latticesemi.com）找到。

I would like to remind everyone that during our conference call today, we may make projections or other forward-looking statements regarding future events of the future financial performance of the company. We wish to caution you that such statements are predictions based on information that is currently available and actual results may differ materially.

我想提醒大家，在今天的電話會議中，我們可能會對公司未來財務表現的未來事件做出預測或其他前瞻性陳述。我們希望提醒您，此類聲明是基於目前可用資訊所做的預測，實際結果可能存在重大差異。

We refer you to the documents that the company files with the SEC, including our 10-K's, 10-Q's, and 8-Ks. These documents contain and identify important risk factors that could cause the actual results to differ materially from those contained in our projections or forward-looking statements.

我們請您參閱本公司向美國證券交易委員會提交的文件，包括我們的 10-K、10-Q 和 8-K。這些文件包含並確定了可能導致實際結果與我們的預測或前瞻性陳述中的結果有重大差異的重要風險因素。

This call includes and constitutes the company's official guidance for the third quarter of 2025. If at any time after this call, we communicate any material changes to this guidance, we intend that such updates will be done using a public forum, such as a press release or publicly announced conference call.

本次電話會議包含並構成公司對 2025 年第三季的官方指引。如果我們在本次電話會議後的任何時間傳達對本指南的任何重大變更，我們打算透過公共論壇（例如新聞稿或公開宣布的電話會議）進行此類更新。

We will refer primarily to non-GAAP financial measures during this call. By disclosing certain non-GAAP information, management intends to provide investors with additional information to permit further analysis of the company's performance and underlying trends.

在本次電話會議中，我們將主要參考非公認會計準則財務指標。透過披露某些非 GAAP 信息，管理層希望向投資者提供更多信息，以便進一步分析公司的業績和潛在趨勢。

For historical periods, we provided reconciliations of these non-GAAP financial measures to GAAP financial measures that can be found on the Investor Relations section of our website at latticesemi.com. Let me now turn the call over to our CEO, Ford Tamer.

對於歷史時期，我們提供了這些非 GAAP 財務指標與 GAAP 財務指標的對帳表，可在我們網站 latticesemi.com 的「投資者關係」部分找到。現在，請將電話會議交給我們的執行長 Ford Tamer。

Thank you, Rick, and thank you everyone for joining us on our call today. Let me begin by saying that Q2 was a solid quarter for Lattice, with results in line with expectations. We continue to execute our long-term strategy, leverage our competitive position and expand our growth opportunities.

謝謝你，瑞克，也謝謝大家今天參加我們的電話會議。首先我要說的是，第二季度對萊迪思來說是一個穩健的季度，業績符合預期。我們繼續執行我們的長期策略，利用我們的競爭地位並擴大我們的成長機會。

We continue to see the adoption for Lattice products increasing across our core markets, demonstrated by our record level of design wins and expanded opportunities with our partners. At a high level, we delivered Q2 revenue of $124 million up 3% over Q1 and flat with a year ago period.

我們持續看到萊迪思產品在我們的核心市場的採用率不斷提高，這從我們創紀錄的設計勝利和與合作夥伴不斷擴大的機會中可見一斑。總體而言，我們第二季的營收為 1.24 億美元，較第一季成長 3%，與去年同期持平。

Our non-GAAP gross margin remained strong at 69.3%, and our adjusted EBITDA expanded to 34.1%. We achieved these impressive results in an uncertain market, underscoring our continued discipline, execution, and strength of our differentiated product portfolio.

我們的非公認會計準則毛利率維持強勁，達到 69.3%，調整後 EBITDA 擴大至 34.1%。我們在不確定的市場中取得了這些令人矚目的成績，凸顯了我們持續的紀律性、執行力以及差異化產品組合的實力。

We exited Q2 with increased optimism about the market environment versus Q1. Our confidence is based on several factors. Communications and Compute demand remains strong, with normalized inventory and continued growth expected through the second half and beyond.

與第一季相比，我們對第二季的市場環境更加樂觀。我們的信心是基於幾個因素。通訊和運算需求依然強勁，庫存正常化，預計下半年及以後將持續成長。

Industrial and Automotive continues to perform as expected. We believe we've passed the bottom with channel inventory levels decreasing as we continue to recognize revenue under channel point of sales outflows.

工業和汽車行業繼續表現符合預期。我們相信，隨著我們繼續在通路銷售點流出下確認收入，通路庫存水準已經下降，我們已經觸底。

We remain on track to be at a normalized inventory level by year end, as we previously indicated. We expect the companion chip opportunity will become an increasingly significant growth driver for us.

正如我們之前指出的，我們仍有望在年底前達到正常的庫存水準。我們預計配套晶片機會將成為我們越來越重要的成長動力。

We are seeing impactful growth opportunities from major design wins alongside AI accelerators and in cloud data centers, wired communications, industrial robotics, ADAS, infotainment, and far edge AI applications.

我們從人工智慧加速器、雲端資料中心、有線通訊、工業機器人、ADAS、資訊娛樂和遠端人工智慧應用等領域的重大設計勝利中看到了重要的成長機會。

In customer meetings throughout Q2, we were energized to see how Lattice is increasingly enabling innovations for our customer strategic applications. Of particular note was the recent successful Asia Tech Summit, where we were able to engage with over 100 customers and showcase our leadership in low power programmable innovation alongside key partners.

在第二季的客戶會議上，我們很高興地看到萊迪思如何為我們的客戶策略應用不斷帶來創新。特別值得注意的是最近成功舉辦的亞洲科技高峰會，我們在會上與 100 多位客戶進行了交流，並與主要合作夥伴一起展示了我們在低功耗可編程創新方面的領導地位。

We reinforced how Lattice FPGAs are complementary to ASICs and MCU's, with a clear focus on Lattice's sweet spot in small to mid-range FPGAs. At that same conference, we highlighted our expanding role as a companion chip in AI and other advanced use cases, supporting functions such as bridging, sensor fusion, and board management.

我們強調了萊迪思 FPGA 如何與 ASIC 和 MCU 互補，並明確關注萊迪思在中小型 FPGA 中的最佳位置。在同一次會議上，我們強調了我們作為人工智慧和其他高級用例的配套晶片所發揮的日益重要的作用，支援橋接、感測器融合和電路板管理等功能。

In far edge AI, our solutions are optimized for applications requiring less than 1 TOPS (Tera Operations per Second) and under 1 Watt of power, making them ideal for industrial and automotive deployments.

在遠端人工智慧領域，我們的解決方案針對需要低於 1 TOPS（每秒萬億次運算）和低於 1 瓦功率的應用進行了最佳化，使其成為工業和汽車部署的理想選擇。

We are also increasingly convinced of our value proposition in emerging areas like humanoids, industrial robotics, vision systems, and security.

我們也越來越相信我們在人形機器人、工業機器人、視覺系統和安全等新興領域的價值主張。

With respect to end markets in the second quarter of 2025, Communications and Computing grew 20% sequentially, which was Lattice's highest sequential growth for the segment in five years, and grew 26% on a year over year basis.

就2025年第二季的終端市場而言，通訊和計算業務環比增長20％，這是萊迪思五年來該領域最高的環比增長，同比增長26％。

Both sub segments were up double digits, both sequentially and year over year. The growth in computing is driven by our expanding footprint in both general purpose and AI optimized servers.

兩個子部門的環比和年比均實現了兩位數的成長。計算的成長是由我們在通用伺服器和人工智慧優化伺服器領域不斷擴大的足跡所推動的。

And the growth in Communications is primarily driven by related strength in data center infrastructure, including network interface cards, switches, routers, and security appliances. In line with the macro market, our Industrial and Automotive segment declined sequentially as we continued to ship under true demand to normalize channel inventory.

通訊業務的成長主要受到資料中心基礎設施相關實力的推動，包括網路介面卡、交換器、路由器和安全設備。與宏觀市場一致，我們的工業和汽車部門連續下降，因為我們繼續根據真實需求發貨以正常化渠道庫存。

As I previously stated, we are confident we are past the bottom, and we remain on track for channel inventory to be back to normal by the end of this year. This is consistent with what we have previously said. Please note that while Automotive is slower to recover, it continues to be the much smaller portion of this segment.

正如我之前所說，我們有信心已經走出谷底，我們仍有望在今年年底前使渠道庫存恢復正常。這與我們之前所說的是一致的。請注意，雖然汽車行業的復甦速度較慢，但它仍然只佔該細分市場的一小部分。

And with additional share gains in multiple applications, including Smart Factory, Robotics, Medical, and Aerospace & Defense, we expect Industrial will again be a strong growth driver for Lattice in 2026.

隨著智慧工廠、機器人、醫療、航空航太和國防等多個應用領域的份額進一步增長，我們預計工業將在 2026 年再次成為萊迪思強勁的成長動力。

Finally, total revenue from our new products continues to grow at a strong rate, and we are on track to exceed our 2025 goal that we have discussed on prior earnings calls. We are encouraged by this momentum, which reflects both the strength of our products and our deep customer relationships.

最後，我們新產品的總收入持續強勁成長，我們有望超越我們在先前的財報電話會議上討論的 2025 年目標。這股勢頭令我們感到鼓舞，它既反映了我們產品的實力，也反映了我們與客戶的深厚關係。

Turning to Q3 guidance, we now expect $133 million in revenue at the midpoint, or 7.2% sequential growth, the largest we have achieved in three years. We also expect a continued improvement in channel inventory, strong gross margin, with a 69.5% midpoint.

談到第三季的指引，我們現在預計中間值營收為 1.33 億美元，季增 7.2%，這是我們三年來取得的最大成長。我們也預期通路庫存將持續改善，毛利率將強勁，中位數為 69.5%。

An EPS of $0.28 at the midpoint, which is above current expectations. This shows the strength and leverage of our financial model, where normalized revenue delivers higher benefits to the bottom line.

中間每股收益為 0.28 美元，高於目前預期。這顯示了我們的財務模型的優勢和槓桿作用，其中正常化收入為底線帶來了更高的收益。

To summarize, we delivered another strong quarter in Q2, with broad-based growth across key financial metrics and record design wins. We executed well, stayed laser focused on innovation and deepened our customer engagements.

總而言之，我們在第二季再次表現出色，各項主要財務指標均廣泛成長，設計訂單創下新高。我們執行得很好，始終專注於創新並深化了與客戶的合作。

The Lattice team is energized and committed to delivering on our long-term strategy. Our Q3 guidance reflects our expectation for strong growth in both revenue and profitability. As you can see, for the past four quarters, we told you what we were going to do, and we did what we said we would. And we are confident we can continue to do more of the same in the future.

Lattice 團隊充滿活力並致力於實現我們的長期策略。我們對第三季的預期反映了我們對營收和獲利能力強勁成長的預期。正如你所看到的，在過去的四個季度裡，我們告訴了你我們要做什麼，我們也做到了我們所說的。我們有信心在未來繼續做更多同樣的事情。

Let me now turn the call over to Lorenzo for a detailed review of our Q2 results. Lorenzo.

現在，我將把電話轉給 Lorenzo，讓他詳細回顧我們的第二季業績。洛倫佐。

Thank you and good afternoon, everyone. We will begin with a brief overview of our second quarter 2025 financial performance, followed by our third quarter outlook.

謝謝大家，下午好。我們將首先簡要概述我們 2025 年第二季的財務業績，然後是第三季的展望。

We are pleased to report that Lattice has delivered on expectations, revenue, gross margin, operating profit, and earnings per share were all in line with our outlook for the quarter.

我們很高興地報告，萊迪思實現了預期，收入、毛利率、營業利潤和每股收益都符合我們對本季的展望。

In Q2 2025, revenue increased 3% to $124 million. This was flat compared to the year ago period. Our gross margin expanded by 30 basis points quarter on quarter and year on year to 69.3% on a non-GAAP basis. This performance continues to reflect the durability of our business model, with continued growth in higher margin new products and markets and anticipated share gain as strategic customers.

2025 年第二季度，營收成長 3%，達到 1.24 億美元。與去年同期相比持平。我們的毛利率以非公認會計準則計算季增 30 個基點，年增至 69.3%。這一業績繼續反映了我們商業模式的持久性，高利潤新產品和新市場的持續成長以及作為策略客戶的預期份額增長。

Non-GAAP operating expense was slightly up to $51.8 million roughly 1% sequential growth, but 4% lower on a year over year basis. We continue to invest in growth opportunities in a disciplined manner.

非公認會計準則營業費用略微上漲至 5,180 萬美元，季增約 1%，但年減 4%。我們將繼續以嚴謹的方式投資於成長機會。

Our non-GAAP operating margin expanded 150 basis points to 27.5%, and our EBITDA margin increased 70 basis points to 34.1%. We delivered non-GAAP EPS of $0.24, which was at the midpoint of our guidance, and up from $0.22 in Q1 and $0.23 in the year ago period. GAAP net cash flow from operating activities for the second quarter of 2025 increased to $38.5 million up from $31.9 million in Q1.

我們的非公認會計準則營業利潤率擴大 150 個基點至 27.5%，EBITDA 利潤率增加 70 個基點至 34.1%。我們實現的非 GAAP 每股收益為 0.24 美元，處於預期的中間值，高於第一季的 0.22 美元和去年同期的 0.23 美元。2025 年第二季的 GAAP 營運活動淨現金流從第一季的 3,190 萬美元增至 3,850 萬美元。

The GAAP operating cash flow margin of 31.1% was up from 26.5% in Q1. Free cash flow in Q2 was $31.3 million with a 25.2% free cash flow margin, up from $23.3 million and 19.4% respectively in Q1. This is a focus area for us, and we expect the trend of increased free cash flow margin to continue.

GAAP 營業現金流利潤率為 31.1%，高於第一季的 26.5%。第二季的自由現金流為 3,130 萬美元，自由現金流利潤率為 25.2%，高於第一季的 2,330 萬美元和 19.4%。這是我們關注的領域，我們預期自由現金流利潤率的成長趨勢將會持續下去。

We are expanding our cash flow while selectively investing in CapEx in support of R&D and operational improvement projects. Channel inventory continues to decline. Channel inventory for constant compute is already at normalized levels, and for industrial and automotive, we are tracking the plan.

我們正在擴大現金流，同時有選擇地投資資本支出以支持研發和營運改善項目。渠道庫存持續下降。恆定計算的渠道庫存已經處於正常水平，對於工業和汽車，我們正在追蹤計劃。

Now let me turn to capital allocation. Our balance sheet remains strong. We are debt-free and have ready access to capital if we need it. We are well positioned to navigate macro uncertainties and invest for future growth.

現在讓我來談談資本配置。我們的資產負債表依然強勁。我們沒有債務，如果需要的話可以隨時獲得資金。我們已做好準備應對宏觀不確定性並為未來成長進行投資。

Given our balance sheet strength and our business model, returning capital to shareholders remains a key component of our capital allocation strategy. During the quarter, we repurchased approximately $46 million of common stock under our existing buyback program.

鑑於我們的資產負債表實力和業務模式，向股東返還資本仍然是我們資本配置策略的關鍵組成部分。本季度，我們根據現有的回購計畫回購了約 4,600 萬美元的普通股。

Through the first half of 2025, we've repurchased $71 million of common stock, which equates to 100% of our operating cash flow.

到 2025 年上半年，我們已回購了價值 7,100 萬美元的普通股，相當於我們 100% 的營運現金流。

Now the guidance.

現在進行指導。

For Q3 2025, we expect revenue to grow into the range of $128 million to $138 million with the gross margin expected to be 69.5% plus or minus 1% on a non-GAAP basis. Non-GAAP operating expenses are expected to be between $52 million and $54 million.

對於 2025 年第三季度，我們預計營收將成長至 1.28 億美元至 1.38 億美元之間，非 GAAP 基礎上的毛利率預計為 69.5% 上下浮動 1%。非公認會計準則營運費用預計在 5,200 萬美元至 5,400 萬美元之間。

The income tax rate for Q3 is expected to be between 5% and 6% on a non-GAAP basis. Non-GAAP EPS is expected to grow into the range of $0.26 to $0.30 per share. These expectations are based on our current thinking around the macro and geopolitical environment, including tariffs.

預計第三季的非公認會計準則所得稅率在5%至6%之間。非公認會計準則每股收益預計將成長至每股 0.26 美元至 0.30 美元之間。這些預期是基於我們目前對宏觀和地緣政治環境（包括關稅）的思考。

In closing, we remain focused on executing our strategy, and we are confident that we are well positioned for revenue growth near and long term. We are driving shareholder value by prioritizing investments in our product roadmap, revenue generation, and customer support.

最後，我們將繼續專注於執行我們的策略，並且我們有信心為近期和長期的收入成長做好準備。我們透過優先投資於產品路線圖、創造收入和客戶支援來推動股東價值。

Operator, that concludes our formal remarks. We can now open the call for questions.

接線員，我們的正式發言到此結束。現在我們可以開始提問了。

(Operator Instructions) Ruben Roy, Stifel.

（操作員指示）Ruben Roy，Stifel。

Yes, hi, thanks for letting me ask a question, and nice to see the, progress in the second half of the year, guys. Ford, I wanted to start with maybe a high-level question and drill in a little bit on your comments around the companion chip opportunity and some of the comments you made on data center infrastructure, the context of what's going on with hyperscale spend over the last 1.5 weeks.

是的，嗨，謝謝你們讓我提問，很高興看到下半年的進展，夥計們。福特，我想從一個高層次的問題開始，並深入探討您對配套晶片機會的評論以及您對資料中心基礎設施的一些評論，以及過去 1.5 週超大規模支出的情況。

We've gotten increasing CapEx yet again, and it seems like that trend is going to continue into next year. So I guess, when we take a step back and think about your positioning, would you say that as you speak to customers and think about some of these opportunities, certainly on the companion chip side that Lattice is in a position to benefit as we think about exiting 2025 and into '26 as the AI infrastructure spend continues to grow. That's the first question.

我們的資本支出再次增加，而且看起來這種趨勢將持續到明年。所以我想，當我們退一步思考您的定位時，您會說，當您與客戶交談並考慮其中的一些機會時，當然在配套晶片方面，萊迪思可以從中受益，因為我們考慮在 2025 年退出並進入 2026 年，因為人工智慧基礎設施支出持續增長。這是第一個問題。

Thank you, Ruben. Yes, we absolutely believe that. Our Comms and Compute segment, grew 20% quarter over quarter and 26% year on year. And within that segment, the server was the star of the show, with server segment growing year on year, 85%, Q2 '25 over Q2 '24, and more than doubling first half of '25 over first half of '24. So, as you can see, we've got some very strong growth in the server segment, fueling the strengths in the coms and compute, and we expect that to continue in the second half, '25 and '26.

謝謝你，魯本。是的，我們絕對相信這一點。我們的通訊和計算部門季增 20%，年增 26%。而在該細分市場中，伺服器是焦點，伺服器細分市場年增 85%，2025 年第二季比 2024 年第二季成長 85%，2025 年上半年比 2024 年上半年成長了一倍以上。因此，正如您所看到的，我們在伺服器領域取得了非常強勁的成長，增強了通訊和運算領域的優勢，我們預計這種成長將在下半年（25 年和 26 年）繼續下去。

And if I were to drill down into a bit more detail, there are four factors driving the growth. Number one, the overall CapEx increase was post-earning expectation for the major cloud gas to be over 50% year on year, whereas it was like 38% pre-earnings. The second one, our attach rate continues to grow into server.

如果我要更詳細地闡述，有四個因素推動成長。第一，主要雲氣業務獲利後預計整體資本支出年增超過 50%，而獲利前則為 38%。第二，我們的伺服器附加率持續成長。

The third one, our average selling price, ASP for various products continue to grow. And the last one, we continue to gain share in AI server versus traditional server. We're growing both actually, but our AI server attach rate is growing fast. So these four factors are contributing to the growth of our server and hence the growth of our coms and computer segment.

第三，我們各類產品的平均售價ASP持續成長。最後一點，與傳統伺服器相比，我們在 AI 伺服器領域的份額持續成長。實際上，兩者都在增長，但我們的 AI 伺服器連接率增長很快。因此，這四個因素促進了我們伺服器的成長，從而促進了我們的通訊和電腦部門的成長。

Thanks for that detail for it and I guess as a follow-up, how are the conversations going relative to sort of new products versus sort of hate these world legacy, but core products at Lattice and if we could bring Lorenzo into that discussion and think about mix into next year, potential margin -- gross margin impacts as we think about new products kind of flowing into that data center segment? That's all I had.

感謝您提供的詳細信息，我想作為後續問題，關於新產品的討論進展如何，以及對這些世界遺產的厭惡程度，但萊迪思的核心產品如何？如果我們可以讓 Lorenzo 參與討論並考慮明年的組合，潛在的利潤率 - 毛利率影響，因為我們考慮新產品流入資料中心領域？這就是我所擁有的一切。

Thanks, Ruben. Let me address the first half of the question and then turn over to Lorenzo to address the gross-margin impact. So, the first part of that question is we are on track to continue to exceed our forecast of high teens in 2025 from new products.

謝謝，魯本。讓我先回答一下問題的前半部分，然後交給 Lorenzo 來討論毛利率的影響。因此，問題的第一部分是，我們預計將繼續超越 2025 年新產品銷售達到十幾歲的預測。

And we're on track to get to or exceed mid-20% of new product revenue next year in 2026. This would imply, we're on track to have about a 70% growth year on year between 24 to 25 in new products revenue. And then let me turn to Lorenzo to discuss gross margin impact. Right. So, Ruben.

我們預計在明年（2026 年）實現或超過 20% 左右的新產品收入。這意味著，我們預計在 24 至 25 年期間實現新產品收入年增約 70%。然後讓我轉向 Lorenzo 來討論毛利率的影響。正確的。那麼，魯本。

What I got from your question is, you want some near-term color but really a view longer term on gross margin, is that right?

從您的問題中我得到的是，您想要一些近期的顏色，但實際上想要對毛利率有一個長期的看法，對嗎？

Yeah, that's right, Lorenzo. So, and, also thinking through as industrial, inventory is normalized, just, sort of how to think about, margins.

是的，沒錯，洛倫佐。因此，從工業角度考慮，庫存是標準化的，只是如何考慮利潤率。

That's great. We obviously saw gross margin improvement this quarter. And without going into all the detail, this is something at -- starts with the value we provide to our customers and the products. And as you can tell from the growth that Ford illustrated in his comments around what's going on in the served market, clearly, there's strong demand for what we have.

那太棒了。我們明顯看到本季毛利率有所提高。無需贅述，這首先要從我們為客戶和產品提供的價值開始。正如您可以從福特在評論服務市場發展時所闡述的成長中看到的那樣，顯然，我們的產品有著強勁的需求。

So we are seeing that the overall balance of business that we have is supportive of the gross margins we have this quarter and as you know from our guide, we see an improvement into next quarter. We think that the fundamental dynamic for the longer term, is supportive of these gross margin levels, though we are not giving any specific guidance about 2026 just yet.

因此，我們看到，我們的整體業務平衡支持了本季的毛利率，正如您從我們的指南中了解到的那樣，我們看到下個季度的毛利率會有所改善。我們認為，長期的基本動力將支撐這些毛利率水平，儘管我們目前還沒有對 2026 年給予任何具體的指導。

But what you said is really important. If you look at where we are today with the strength of the relative strength of the Comms and Compute business and knowing that we have a coming rebound in the industrial and auto, we're very comfortable where our gross margins are.

但您說的話確實很重要。如果你看看我們今天的狀況，考慮到通訊和計算業務的相對實力，並且知道我們在工業和汽車領域即將出現反彈，我們對我們的毛利率感到非常滿意。

We look to continue to drive expansion in, but we're not providing specific guidance just yet. I think the Key to what you said about the industrial auto is, right now, one thing for didn't hit is we're under-shipping true demand in industrial auto. And so we think as we go through the rest of the year, we'll start to see some significant growth there. And as you indicated, when that's supportive to gross margins.

我們希望繼續推動擴張，但目前我們還沒有提供具體的指導。我認為您所說的關於工業汽車的關鍵是，目前尚未實現的一件事是，我們的出貨量未能滿足工業汽車的真正需求。因此我們認為，隨著今年剩餘時間的到來，我們將開始看到一些顯著的成長。正如您所說，這對毛利率有幫助。

Very helpful. Thanks, guys.

非常有幫助。謝謝大家。

Melissa Weathers, Deutsche Bank.

德意志銀行的梅莉莎‧韋瑟斯。

Hi there, thank you. I guess for my first one, I'll also keep it pretty high level. This one's for Lorenzo now been in the seat for a few months now and gotten to know the business a lot more closely. So can you just give us an update on how you're thinking about -- what is your confidence in the business model that's been established at Lattice. And what opportunities do you see for the company going forward?

你好，謝謝。我想對於我的第一個作品，我也會保持相當高的水平。這是給 Lorenzo 的，他已經擔任這個職位幾個月了，對業務有了更深入的了解。那麼，您能否向我們介紹一下您的想法—您對 Lattice 建立的商業模式有何信心？您認為公司未來有哪些發展機會？

Right, so, I'll try not to burn the rest of our time in answering the question. I knew coming in looking at it from the outside that the characteristic strength of the FPGA business model was well represented at Lattice. Again, high-value product, a broad base of customers demanding that product in a broad base of sectors.

好的，所以，我會盡量不浪費我們剩餘的時間來回答這個問題。我知道，從外部來看，FPGA 商業模式的特色優勢在萊迪思得到了很好的體現。再次，高價值產品，廣泛的客戶群在各個領域都需要該產品。

So you have a lot of comfort on the durability of the top line, as you can see this past quarter, the revenue from industrial and auto was down, but more than offset by the fact that we have a very strong presence in the emerging Comms and Compute applications that Ford talked about.

因此，您對營業收入的持久性感到非常放心，正如您所看到的，上個季度，工業和汽車的收入有所下降，但我們在福特談到的新興通信和計算應用領域擁有非常強大的影響力，這一事實足以抵消這一下降。

So great durability on the revenue line. And as Ruben's question indicated, as industrial starts to manifest itself in our revenue, we should see acceleration of growth. And all this is supportive of the strong gross margins that we have. But very importantly to me, as I've become familiar with Lattice is the structure underneath the operational focus on driving profitability and our focus across the management team and through the organization on improving it.

收入線的耐用性非常好。正如魯本的問題所顯示的，隨著工業開始在我們的收入中反映出來，我們應該看到成長加速。所有這些都支持了我們強勁的毛利率。但對我來說非常重要的是，正如我所熟悉的 Lattice 那樣，營運重點在於提高盈利能力，而我們整個管理團隊和整個組織的重點在於改善盈利能力。

Lots of activities on price and cost at the gross margin level. But if you look just for example, at this year, this time, our OpEx for a very similar amount of revenue than last Q2, we're lower by a couple of million. This is based on actions the team has taken to drive profitability -- and what that sets us up for is near term, we're seeing expansion of all our profitability metrics, operating income.

在毛利率水準上有很多關於價格和成本的活動。但如果你看一下今年這個時候的營運支出，我們的收入與去年第二季非常相似，但低了幾百萬。這是基於團隊為提高獲利能力而採取的行動——這為我們在短期內實現獲利能力的提升奠定了基礎，我們將看到所有獲利指標、營業收入的擴大。

EBITDA is up to over 34%, as I said, but if you look just quarter-on-quarter, our revenue was up 3.2%, and our operating income is up 8%. So this is what we're trying to set the table for as we go forward and recapture the revenue growth across the board of the business and accelerate our profitability growth into the end of this year and through next year. So I hope that answers your question.

正如我所說，EBITDA 上漲了 34% 以上，但如果只看季度環比，我們的收入上漲了 3.2%，營業收入上漲了 8%。因此，這就是我們在未來努力實現的目標，重新實現整個業務的收入成長，並在今年年底和明年加速獲利成長。我希望這能回答你的問題。

Yeah, definitely, and we're definitely happy to have you on board. I guess for my second question and maybe a less friendly question, but I think last quarter you guys had indicated in 2026 that you should get back to your 15% to 20% revenue growth target. It seems like things are tracking as you planned, if not maybe a little bit better on the coms and compete side. So, is 15% to 20% still a viable target for how you guys are thinking about 2026 revenues?

是的，當然，我們非常高興您能加入我們。我想這是我的第二個問題，也許是一個不太友善的問題，但我認為上個季度你們已經表示，到 2026 年，你們應該回到 15% 到 20% 的營收成長目標。看起來事情正在按照你的計劃進行，如果不是的話，在通訊和競爭方面可能會更好一些。那麼，對於你們考慮的 2026 年收入而言，15% 到 20% 仍然是可行的目標嗎？

Yes, absolutely. We've indicated the strength in comms and compute. And we also are under shipping true demand in the industrial and automotive segment, which is allowing us to continue to bring the channel inventory down and our own inventory down. So we're still very positive on that segment going back to growth in 2026.

是的，絕對是。我們已經表明了我們在通訊和計算方面的優勢。而且，我們還面臨著工業和汽車領域的真實運輸需求，這使我們能夠繼續降低通路庫存和我們自己的庫存。因此，我們仍然非常看好該領域在 2026 年恢復成長。

And there's a range of new applications driving it. Like, for example, just in robotics, we're very excited about all the applications that were being designed in, a range of new applications in robotics, for example, all the way from electronics, EV production, logistics, warehouse automation, agricultural, industrial automation, aerospace, grocery logistics, smart city, oil and gas.

還有一系列新的應用推動著它的發展。例如，在機器人領域，我們對所有正在設計的應用感到非常興奮，機器人領域的一系列新應用，例如電子、電動車生產、物流、倉庫自動化、農業、工業自動化、航空航太、雜貨流、智慧城市、石油和天然氣。

And last but not least, the category we're most excited about humanoids. So you could see that we're, just on this one, area in industrial and automotive, are pretty excited about the growth prospect and believe 2026 will be a strong year and we're past the bottom in that segment.

最後但同樣重要的是，我們最感興趣的類別是人形機器人。所以你可以看到，就工業和汽車領域而言，我們對成長前景感到非常興奮，並相信 2026 年將是強勁的一年，我們已經過了該領域的底部。

Perfect thank you.

非常感謝。

Christopher Rolland, Susquehanna International Group LLP.

克里斯多福羅蘭（Christopher Rolland），Susquehanna International Group LLP。

Hey guys, thanks for the question. So we've been examining some XPU racks at what I think is or maybe your largest hyperscale customer. And the PGA attach seemed pretty high. It seemed like a massive opportunity for you. So I guess my first question is, could other -- first of all, did this surprise you?

嘿夥計們，謝謝你的提問。因此，我們一直在檢查一些 XPU 機架，我認為這些機架可能是您最大的超大規模客戶。而且 PGA 的附加價值似乎相當高。這對你來說似乎是一個巨大的機會。所以我想我的第一個問題是，其他人會不會——首先，這讓你感到驚訝嗎？

Secondly, could other hyperscalers in their engagements potentially rival this one. And then lastly, like how should we think about this large customer versus the GPU opportunity versus other XPU hyperscale opportunities, like how should we size this? Or what are you most excited about, etc? Thank you.

其次，其他超大規模企業在參與其中時是否有可能與這項企業競爭。最後，我們應該如何看待這個大客戶、GPU 機會以及其他 XPU 超大規模機會，我們該如何確定其規模？或是您最興奮的是什麼，等等？謝謝。

Yeah, thank you, Chris. We're doing actually quite well across, all the hyper scalers because of our, low power, small size, and cost-effective solutions. If you have as many FPGAs as you're, discussing, you do want the three attributes of power, size, and cost to be adequate, and we're actually superior in every aspect. And this is causing us to have a leadership in server. In addition, we're also processor agnostic, so we're Switzerland from that point of view. The complexity of the board is increasing, so you're seeing more, of these, PGAs per rack. Security and post-quantum cryptography are driving more attach rate. They're driving higher ASP.

是的，謝謝你，克里斯。由於我們的解決方案功耗低、尺寸小且經濟高效，我們在所有超大規模運算領域都表現得相當出色。如果您擁有與您正在討論的一樣多的 FPGA，您確實希望功率、尺寸和成本這三個屬性足夠，而我們實際上在各個方面都表現出色。這使得我們在伺服器領域佔據領導地位。此外，我們還不依賴處理器，因此從這個角度來看，我們就是瑞士。電路板的複雜性正在增加，因此您會看到每個機架上有更多的 PGA。安全性和後量子密碼學正在推動更高的附加率。他們正在提高平均售價。

And you see more servers having more cards, because of this AI system. So, in general, for a hyperscale architecture, they range from 40 to 60 servers per rack, and we could range anywhere from 70 to 130 FPGAs per rack, depending on the configuration.

由於這個人工智慧系統，你會看到更多的伺服器擁有更多的卡片。因此，一般來說，對於超大規模架構，每個機架有 40 到 60 台伺服器，每個機架可能有 70 到 130 個 FPGA，具體取決於配置。

And so we're seeing this across the board, whether it's XPU or GPU or other AI accelerators, they're all driving that content and they're driving, strong attached rate, strong ASP, and, strong revenue growth for us. Did this answer the question, Chris?

因此，我們全面看到了這一點，無論是 XPU 還是 GPU 或其他 AI 加速器，它們都在推動這些內容，並且為我們帶來了強勁的附加率、強勁的 ASP 和強勁的收入成長。這回答了問題嗎，克里斯？

Yeah, no, I think that was some great color forward, maybe as a follow up, on, DD inventory in particular, I saw [Dy] was up as a percentage of total, to I think 91%, but also, so that means sell in was pretty high, but you guys are, also saying sell through was even higher as you guys are burning inventory. I don't know if you're able to tell us or give us a rough idea of the difference, how much inventory was burned. It sounds like a lot of it was in INA, how much of INA is left and are you guys definitely on track for that to be normalized, particularly in INA by the end of the year.

是的，不，我認為這是一些很好的展望，也許作為後續行動，特別是 DD 庫存，我看到 [Dy] 佔總量的百分比上升了，我認為是 91%，但這也意味著銷售量相當高，但你們也說銷售率甚至更高，因為你們正在消耗庫存。我不知道您是否可以告訴我們或大致告訴我們差異有多少庫存被燒毀。聽起來很多都是在 INA，INA 還剩下多少，你們是否肯定會按計劃實現正常化，特別是在年底前實現 INA 正常化。

Thank you for the question. Our inventory in Comms and Compute, as we discussed, has already been normalized. And as you are alluding to, our inventory in industrial automotive "I&A" is on track to be normalized by mid year. We're making very good progress month to month quarter on quarter -- and we're not breaking up the exact number, but we continue to substantially ship over the revenue.

謝謝你的提問。正如我們所討論的，我們在通訊和計算方面的庫存已經標準化。正如您所暗示的，我們的工業汽車“I&A”庫存預計將在年中恢復正常。我們每個月和每個季度都取得了非常好的進展——我們沒有透露具體的數字，但我們的收入繼續大幅增加。

So the point-of-sale outflows from our channel inventory from a channel partner is definitely continue to be higher than revenue and will continue to be so until end of the year, at which point we should be normalized in Industrial Automation and give us really strong growth and strong tailwinds actually into 2026, given that inventory will be normalized.

因此，來自我們通路合作夥伴的通路庫存的銷售點流出肯定會繼續高於收入，並將持續到今年年底，屆時我們的工業自動化應該會實現正常化，並在庫存正常化的情況下，為我們提供真正強勁的增長和強勁的順風，實際上到 2026 年。

Super.

極好的。

[Blayne Curtis] of Jefferies.

傑富瑞的[布萊恩·柯蒂斯]。

Hi Ezra Weener on for Blayne Curtis. Thanks for taking my question. I. I guess, first one would be, we've seen pretty mixed commentary from the rest of your peers in terms of Industrial and Auto. And you're talking a lot about growth next year and normalization at the end of this year. Can you just talk about what you're seeing from, I guess, a regional basis and maybe break up industrial and auto into what gives you confidence on timing?

你好，Ezra Weener 代替 Blayne Curtis 發言。感謝您回答我的問題。一、我想，首先，我們看到其他同行對工業和汽車行業的評論褒貶不一。您多次談論明年的成長和今年年底的正常化。您能否從區域角度談談您所看到的情況，並將工業和汽車細分為哪些方面讓您對時間安排充滿信心？

Yeah, for sure. So we were actually more cautious in the last earnings call, and now we're more optimistic on this one. So it's a bit different. And then rest of our peers that some of them were flipped. And I think what gives us that confidence is we continue to -- a few factors.

是的，當然。因此，我們在上次財報電話會議上實際上更加謹慎，但現在我們對這次財報更加樂觀。所以這有點不同。然後我們其他的同行中的一些人也改變了主意。我認為讓我們有信心的是我們繼續下去——一些因素。

Number one, we continue to have outflows from our channel inventory be higher than revenue. And we -- the demand is extremely strong right now.

第一，我們的通路庫存流出量仍然高於收入。而且我們——目前的需求非常強勁。

We are starting backlog that are record high level, not only for Q3 but also for Q4, and we're starting to see that for Q1. So billings and backlog, including starting backlog is extremely strong. The book-to-bill is the highest it's been for a couple of years. As we talked about inventory on both the channel inventory and our own inventory continued to go down. and then record design wins.

我們的積壓訂單量開始達到創紀錄的高水平，不僅是第三季度，而且是第四季度，我們在第一季也開始看到這種情況。因此，包括起始積壓訂單在內的帳單和積壓訂單都非常強勁。訂單出貨比達到了幾年來的最高水準。正如我們所討論的，通路庫存和我們自己的庫存都在持續下降，然後記錄設計勝利。

So I think what's also giving us confidence is we got record design wins across all segments, not only compute but also very strong in industrial, automotive and very strong across the new products.

所以我認為讓我們充滿信心的是我們在所有領域都獲得了創紀錄的設計勝利，不僅在計算領域，而且在工業、汽車領域以及新產品領域也非常強勁。

So the new product funnel is almost doubled over the past 12 months with very strong wins in hyper scalers in robotics and industrial automation -- and in that segment, automotive is the smallest area. So automotive is less than 10% of that segment, so less than 5% of our overall revenue. So some of the other peers are probably talking about weakness coming from automotive. We're actually seeing automotive being strong for us, driven by China and somewhat in the rest of Europe. But really, it's not a big factor in our revenue because only less than less than 5% of revenue there.

因此，在過去的 12 個月中，新產品管道幾乎翻了一番，在機器人和工業自動化領域的超大規模企業中取得了非常強勁的勝利——而在這個領域，汽車是最小的領域。因此，汽車業務佔該細分市場的 10% 以下，占我們總收入的 5% 以下。因此，其他一些同行可能正在談論來自汽車行業的弱點。事實上，我們看到汽車產業表現強勁，這主要得益於中國以及歐洲其他地區的推動。但實際上，這對我們的收入來說並不是一個很大的因素，因為那裡只佔了不到5%的收入。

Got it. Actually, that's it. Thank you.

知道了。事實上，就是這樣。謝謝。

David Williams, Benchmark Company.

大衛威廉斯 (David Williams)，Benchmark 公司。

Hey, good afternoon, and certainly appreciate you letting me ask the question here I guess maybe first, you've touched on the ASP, trends and just kind of curious, is that a dynamic of where you're just seeing some pricing power come back in or are you seeing just a mix. A mixed shift, in terms of your new products, more of van or the higher end products versus maybe some of your prior platforms.

嘿，下午好，非常感謝您讓我在這裡提問，我想也許首先，您已經談到了 ASP、趨勢，只是有點好奇，這是一種動態，您只是看到一些定價能力回歸，還是只是看到一種混合。就您的新產品而言，這是一種混合轉變，與您之前的一些平台相比，更多的是廂型車或高端產品。

Yeah, we, we're definitely seeing a mix shift, not only to products like Nexus to Avant, but also within our Mac XO family going from X2 to X3 to X4 to X5. So I think we're continuing to provide products that are being driven by things like security, things like post-quantum cryptography, by higher number of interfaces. So that ASP is definitely benefiting from what I just mentioned.

是的，我們確實看到了混合轉變，不僅是從 Nexus 到 Avant 等產品，而且我們的 Mac XO 系列也從 X2 到 X3 到 X4 到 X5。所以我認為我們將繼續提供由安全性、後量子密碼學以及更多介面驅動的產品。因此 ASP 肯定會從我剛才提到的內容中受益。

And maybe secondly, just kind of thinking about Avant's contribution and the way that that is ramping, can you give any color there around, on the new product side how much of that growth is driven by Avant, versus some of the newer nexus products?

其次，想想 Avant 的貢獻以及它的成長方式，您能否詳細說明一下，在新產品方面，有多少成長是由 Avant 推動的，而不是一些較新的 Nexus 產品？

Yeah, so, look, I mean, the short term is going to be a Nexus story, including 2026 and Avant becomes a bigger factor in '26 and '27. So that's the progression.

是的，所以，你看，我的意思是，短期內將是一個 Nexus 的故事，包括 2026 年，而 Avant 將成為 26 年和 27 年的一個更重要的因素。這就是進展。

So I would say, the small FPGA is really what's driving the short term and medium-term revenue into '26, and Avan becomes a much bigger contributor as we go in the second half of '26 and really into '27.

因此我想說，小型 FPGA 才是真正推動 26 年短期和中期收入的因素，而隨著 26 年下半年甚至 27 年的到來，Avan 將成為更大的貢獻者。

Thanks so much for the color.

非常感謝這個顏色。

Gary Mobley, Loop Capital.

加里·莫布利（Gary Mobley），Loop Capital。

Good afternoon everybody. Thanks for taking my question. At that $133 million dollar revenue guide for Q3. Approximately how much are you under shipping as you draw down the continued excess inventory and industrial automotive, and then I guess conversely, is there any sort of constraint on communications and computers perhaps your inventory might be running too lean or you might have extended lead times.

大家下午好。感謝您回答我的問題。第三季的預計收入為 1.33 億美元。當您減少持續過剩的庫存和工業汽車時，您的運輸量大約有多少？然後我想反過來說，在通訊和電腦方面是否有任何限制？也許您的庫存可能過於緊張，或者您的交貨時間可能會延長。

So I'll take the under shipping question, Gary, and sorry, I'm not going to give you a specific amount because we're just, we're not doing that in part because it requires some estimation, but, also, when we do provide a forecast in the future, we will incorporate what's happened in the channel, but there are, there's a similar amount, in the, in our Q3 forecast that we saw in Q2, and we think that's going to be consistent until about the end of the year when we should be normalized across the channel. We are seeing, and I'll hand this over to Ford on.

因此，加里，我將回答運輸不足的問題，抱歉，我不會給你一個具體的數額，因為我們只是，我們不這樣做，部分原因是這需要一些估計，但是，當我們在未來提供預測時，我們會納入渠道中發生的情況，但在我們在第二季度看到的第三季度預測中也有類似的數額，我們認為這將保持一致，直到今年我們正在觀察，我會把這個交給福特。

The second part of your question, we are seeing, turns in the coms and compute business within the quarter right now.

我們看到，您問題的第二部分在本季內出現了通訊和計算業務的轉變。

As Lorenzo said, comms and compute continues to be strong, and our goal is to be a good supplier to our customers. And do the best we can to meet supply. Obviously, it gets challenging with some of the upsides.

正如洛倫佐所說，通訊和運算持續保持強勁，我們的目標是成為客戶的優秀供應商。並盡最大努力滿足供應。顯然，它有一些優點，但也充滿挑戰。

Appreciate that color. Lorenzo, I know this wasn't your target as it was given back in 2023, but I think the long term stated goal is to have OpEx somewhere in the range of 30% of revenue, and I know that the recent restructuring, perhaps isn't necessarily in the year guard as well, but to climb back to that OpEx goal revenue has to increase from, has to increase 35% from current levels. Is it the, is the strategy now to just remain patient and wait for the top line to recover, or do you feel like you've got some more OpEx right sizing to go?

欣賞那種顏色。洛倫佐，我知道這不是你的目標，因為它是在 2023 年給出的，但我認為長期目標是讓營運支出佔收入的 30％ 左右，而且我知道最近的重組可能也不一定在年度警戒範圍內，但要回到營運支出目標，收入必須從當前水平增加，必須增加 35％。現在的策略是否只是保持耐心並等待營業額恢復，還是您覺得還有更多的營運支出需要調整？

So I'm glad you let me out in a way, Gary. I appreciate that. But I will say, at the same time, if I'm pleased to define longer term, I don't think it's a bad objective. I do look at what we're doing in our OpEx investment as the driver of growth of the future. And I think that that's just the inherent nature of the FPGA business.

所以我很高興你以某種方式讓我出去了，加里。我很感激。但同時，我要說的是，如果我樂意定義長期目標，我並不認為這是一個壞目標。我確實將我們在營運支出投資方面所做的努力視為未來成長的動力。我認為這只是 FPGA 業務的固有性質。

We have done, as you indicated, a significant action last year in order to get our OpEx run rate down, we continue to tune our operations structures to optimize what we're doing. We just have gone through an exercise in the middle of the year of refocusing or where we're investing and trying to invest in the right things.

正如您所說，為了降低營運支出運行率，我們去年採取了重大行動，我們將繼續調整營運結構以優化我們正在做的事情。我們剛剛在年中進行了一次重新調整，或者說重新確定了我們的投資重點，並嘗試投資於正確的事情。

So no, I don't think it's a bad objective or actually, let me rephrase that. I think it's the right objective, but I'm not yet at the point of telling you when we think that's going to happen. Given the revenue growth that you alluded to, I do think it's feasible.

所以，我不認為這是一個糟糕的目標，或者實際上，讓我重新表達一下。我認為這是正確的目標，但我還不能告訴你我們認為什麼時候會發生這種情況。考慮到您提到的收入成長，我確實認為這是可行的。

Appreciate the color. Thank you.

欣賞色彩。謝謝。

Quinn Bolton, Needham and Company.

奎因·博爾頓，尼德漢姆公司。

Hey guys, thanks for letting me ask the question. I guess, Ford and Lorenzo, you, you've talked about under shipping demand in the industrial automation, sorry, auto and industrial segment. I'm wondering if you've actually started to see POS in that end market starting to increase or is POS been pretty flat and you guys are just under shipping more of a stable POS level.

嘿夥計們，謝謝你們讓我提出這個問題。我想，福特和洛倫佐，你們已經談到了工業自動化、汽車和工業領域的運輸需求。我想知道您是否真的開始看到終端市場的 POS 開始成長，或者 POS 是否一直持平，而您們的出貨量只是處於更穩定的 POS 水平。

In short, when POS is increasing. Excellent. Okay, then that, right?

簡而言之，當POS在增加時。出色的。好的，那這樣對嗎？

Yeah, no, that's great. Thank you for that. I just wanted to clarify, for, I'm going to ask you what may be a tough question, but [Lutnick] said we're going to get Section 232 within about the next week or so. How are you guys preparing for Section 232? Do you have sort of a sense where you think those tariffs may land and, how do you handle that uncertainty?

是的，不，那太好了。謝謝你。我只是想澄清一下，因為我要問你一個可能很難的問題，但 [Lutnick] 說我們將在大約下週內獲得第 232 條。你們對第 232 條做了哪些準備？您是否認為這些關稅可能會落在哪裡？您將如何應對這種不確定性？

And number one, our understanding is the country specific tariffs supersede 232, so we get a fair amount of our supply from Japan, South Korea, and Malaysia. And so those are already in place, so no change on that front.

首先，我們的理解是特定國家的關稅優先於 232，因此我們從日本、韓國和馬來西亞獲得了相當一部分供應。這些都已經到位了，所以在這方面沒有變化。

Number 2, a lot of our, channel, partners bring inventory from Mexico into a free trade zone and ship from there out of the US. So the percent that is coming into the US is a small percent of our business. And at this point, we haven't seen any direct impact from tariffs, and we'll wait and see, but some of these factors are going to mitigate any potential 232 impact. Yeah.

第二，我們許多通路合作的夥伴將庫存從墨西哥運送到自由貿易區，然後從那裡運出美國。因此，進入美國的業務只占我們業務的一小部分。目前，我們還沒有看到關稅的任何直接影響，我們將拭目以待，但其中一些因素將減輕任何潛在的 232 影響。是的。

Let me just leverage what Ford said. The direct impact that as we see it on our business doesn't seem to be significant in terms of changing our cost structures based on the way our supply chains are oriented and the way our customer flows work.

讓我借用一下福特所說的話。我們認為，從改變我們的成本結構（基於我們的供應鏈導向方式和客戶流程運作方式）的角度來看，這對我們的業務的直接影響似乎並不顯著。

However, we do, as everybody else, we do look out for bigger macro level impacts on the overall demand. But right now, as you see in what we've guided, we see strength in our end markets and, given what's driving that strength, if you look at, for instance, the hyperscale or CapEx, we, we're hoping that the direct, the indirect impact of tariffs are minimized on us, but we have a good supply chain structure, in order to deal with this flexibly, and we've been working with our customers over the past, several months as this has become an issue in order to help them optimize their supply chains as well.

然而，和其他人一樣，我們確實在關注宏觀層面對整體需求的更大影響。但是現在，正如您在我們的指導中所看到的，我們看到了終端市場的實力，並且考慮到推動這種實力的因素，例如，如果您看一下超大規模或資本支出，我們希望關稅對我們的直接和間接影響最小化，但我們擁有良好的供應鏈結構，以便靈活地應對這一問題，並且在過去的幾個月裡，我們一直在與客戶合作，因為這已經成為一個供應鏈問題，以幫助他們已經成為一個供應鏈問題，以幫助這已經成為一個供應鏈問題，以幫助他們成為一個供應鏈問題，以幫助他們已經成為一個供應鏈問題，以幫助他們已經成為一個供應鏈問題，以幫助他們已經成為一個供應鏈問題，以幫助他們已經成為一個供應鏈問題，以幫助他們已經成為一個供應鏈問題，以幫助他們已經成為一個供應鏈問題，以幫助他們已經成為一個供應鏈問題，以幫助他們已經成為一個供應鏈問題。

Got it. Thank you for that.

知道了。謝謝你。

Duksan Jang, Bank of America.

Duksan Jang，美國銀行。

Hi, thank you for squeezing me in. On comps and compute, Ford, I know you mentioned a lot of growth drivers, some of which are secular and some of which are more specific to Lattice. Is there any way to sort of force rank those for contributions that you mentioned, so say, the market growing versus your wins or your attach rate versus content? That would be very helpful.

你好，謝謝你邀請我。關於公司和計算，福特，我知道您提到了很多成長動力，其中一些是長期的，而另一些則更具體地針對萊迪思。有沒有什麼方法可以對您所提到的貢獻進行強制排名，比如說，市場成長與您的勝利或您的附加率與內容？那將會非常有幫助。

So, you, you'd like us to rank, the four factors that are the overall CapEx increase that the cloud hyperscalar indicated on the earnings calls being one, our attach rates being two, the ASP being three, and our attached in AI servers being four, and these are all related and intertwined, so, the number five I forgot to mention is the record design ones we're having with hyper scalers. And, so that's, that is a strong, number five, if you wish. And number six, I think, as I think about the sort of ecosystem that we use to sell into that market, we, sell if you wish, to four different constituents. One is the ODMs that are building for the hyperscalar and OEMs.

所以，您希望我們排名，這四個因素是雲端超標量在收益電話會議上指出的整體資本支出增加是第一，我們的附加率是第二，ASP 是第三，我們的附加 AI 伺服器是第四，這些都是相關且相互交織的，所以，我忘了提到的第五個因素是我們與超標量器合作的記錄設計。所以，如果你願意的話，這就是強而有力的第五個數字。第六，我認為，當我思考我們用來向該市場銷售產品的生態系統時，如果你願意的話，我們可以向四個不同的客戶群銷售產品。一類是為超標量和 OEM 建構的 ODM。

Two, we sell directly with AI accelerators. three, we sell directly with some of the related wired communication type of providers, and number four, the server OEMs directly as well. And so we've got these four constituents also going strong. So that, I'm not sure there's a scientific way to break this. We have all the data, but I'm not sure, we could, we could take it offline and come back to you, but quite a few factors that are helping us grow, the comms and compute.

二是直接與AI加速器銷售；三是直接與一些相關的有線通訊類型的供應商銷售；四是直接與伺服器OEM銷售。因此，我們的這四個組成部分也正在變得強大。所以，我不確定是否有科學的方法來解決這個問題。我們擁有所有數據，但我不確定，我們可以將其離線並返回給您，但有相當多的因素幫助我們成長，包括通訊和計算。

Yeah, understood. And then the second question on industrial and auto, so I know you mentioned the strong recovery outlook, but then the channel's been elevated for quite some time, and you said you've been under shipping demand for a time as well. So, do you anticipate once the inventory actually normalized? Do you expect the market to go back to shipping in line with the demand, or do you expect it to be a little bit more conservative?

是的，明白了。第二個問題是關於工業和汽車的，我知道您提到了強勁的復甦前景，但這個管道已經被提升了相當長一段時間，而且您說過您也已經處於航運需求之下一段時間了。那麼，您預計庫存何時會真正恢復正常？您是否預期市場將恢復到與需求相符的運輸狀態，還是預期市場將更加保守？

I would expect it would be in in line with demand and as our design wins. Take hold or new designs take hold, and these products in these sectors ramp, we should have quite strong growth.

我希望它能夠符合需求並且我們的設計能夠獲勝。採取新設計或採取新設計，而這些領域的產品不斷湧現，我們應該會有相當強勁的成長。

Got it. Thank you.

知道了。謝謝。

Joshua Buchalter, TD Cowan.

約書亞·布查爾特（Joshua Buchalter），考恩（Cowan）TD。

Hey guys, thank you for taking my question. Maybe following up on Quinn's earlier about the geopolitical backdrop. Maybe it's a good thing it hasn't come up, but any changes you've observed in your customer's order patterns, specifically in China over the last 90 days, given all the volatility, I think in the queue it said China was up like 11% sequentially, so it doesn't seem like anything egregious, but we'll just be curious to hear your thoughts on the geopolitical backdrop from the tariff angle. Thank you.

嘿夥計們，謝謝你們回答我的問題。也許是對奎因先前關於地緣政治背景的討論的後續。也許這是一件好事，它沒有出現，但你觀察到的客戶訂單模式有什麼變化，特別是在中國過去 90 天的變化，考慮到所有的波動性，我認為在隊列中它說中國環比增長了 11%，所以這似乎不是什麼令人震驚的事情，但我們只是好奇地想听聽你從關稅角度對地緣政治背景的看法。謝謝。

Yeah, the short answer is we have not seen anything, and we keep looking, and we're very wary of that, to make sure that we are, we understand what is true demand. But one of the things that you should put into the context of that question is our growth that we're forecasting and Ford's earlier comments about where bookings are, so we, the phenomenon you're asking for is that we see a pull in and then are expecting a drop off and we just don't see that in our data.

是的，簡而言之，我們還沒有看到任何東西，我們一直在尋找，並且對此非常警惕，以確保我們了解什麼是真正的需求。但是，在回答這個問題時，您應該考慮的一點是，我們預測的增長以及福特之前關於預訂情況的評論，所以，您所要求的現像是，我們看到了增長，然後預計會出現下降，但我們在數據中沒有看到這種情況。

Got it. Thank you, Lorenzo. I appreciate the color there. And then as we think about the new product growth, I think you said 70% this year. Given the upside you saw on coms and computing this quarter, I mean, should we think about new products being more tied to coms and computing and faster design cycle times in that end market too, and then, kind of squeeze in a second one from, any outlook you can give us on sequential growth by end market in the guidance on that note.

知道了。謝謝你，洛倫佐。我很欣賞那裡的色彩。然後，當我們考慮新產品的成長時，我想您說今年的成長率為 70%。鑑於您在本季度看到的通訊和計算方面的上行趨勢，我的意思是，我們是否應該考慮將新產品與通訊和計算更緊密地聯繫在一起，並在終端市場中縮短設計週期，然後，您能否在該指南的指引中給我們提供關於終端市場連續增長的任何展望？

Thank you.

謝謝。

So, as we indicated, we do believe that industrial and auto will, start outperforming, as we get into, end of this year, into next year. And so we should see growth across both and markets, both the coms and computes as well as industrial auto. So we're not sort of We're not seeing one, we're seeing both of them grow into next year.

因此，正如我們所指出的，我們確實相信，隨著今年年底和明年的到來，工業和汽車行業將開始表現出色。因此，我們應該會看到通訊、電腦和工業汽車等市場的成長。所以我們不是看到其中一個，而是看到它們兩個都會在明年成長。

Thank you.

謝謝。

Kevin Garrigan, Rosenblatt Securities.

羅森布拉特證券的凱文·加里根 (Kevin Garrigan)。

Yeah, hey, good afternoon all. Congrats on the strong results. Ford, you had mentioned that several edge AI growth areas that will benefit the company. Looking at the market and your business, can you just give us a sense of what applications you see developing more in the near term that you'll benefit from and what is more on the longer tail end?

是的，嘿，大家下午好。恭喜您取得如此優異的成績。福特，您曾提到幾個將使公司受益的邊緣人工智慧成長領域。從市場和您的業務來看，您能否向我們介紹一下，您認為哪些應用程式在短期內發展較快，哪些應用程式將使您受益，以及哪些應用程式在長期內發展較快？

Yeah, for sure. So on edge AI we're on track to achieve high teens of revenue coming from AI in '25 and expect this to go to mid 20% of revenue in '26. So that's a positive and aligned with what we had indicated in the past.

是的，當然。因此，在邊緣人工智慧方面，我們預計在 25 年實現來自人工智慧的高收入，並預計在 26 年這一比例將達到收入的 20% 左右。所以這是正面的，與我們過去所表明的一致。

And the way we break it up by end segments, we see about 60% of this AI related revenue coming from compute and coms and about 40% of this AI revenue coming from the industrial, automotive and consumer type markets.

根據終端細分，我們發現約 60% 的人工智慧相關收入來自計算和通信，約 40% 的人工智慧收入來自工業、汽車和消費市場。

By application, we see, about, 55% of these applications we are a companion chip to AI accelerators and GPUs and switches, etc.

從應用來看，我們看到大約 55% 的這些應用是 AI 加速器、GPU 和交換器等的配套晶片。

And we see about 45% that our application where we're either on the data pass or are running edge AI into our chip for like tiny AI models. So that should give you a color of that AI revenue.

我們發現，我們的應用程式大約有 45% 是在資料傳遞或將邊緣 AI 運行到我們的晶片中，用於微型 AI 模型。這樣你就能大致了解一下 AI 的收入了。

Yeah, okay, that's perfect. And then, you delivered another record quarter for design wins before you're coming up on your one year at the company. So, what are you seeing at Lattice that helps with, capturing design wins versus the rest of the market?

是的，好的，太完美了。然後，在您加入公司滿一年之前，您又創造了一個設計勝利創紀錄的季度。那麼，您認為萊迪思相對於其他市場而言有哪些優勢有助於贏得設計勝利？

I think what's helping us is a very single-minded focus on small and mid-range of FPGAs, which we believe is a sweet spot, of course, in the FPGA market. And we're actually clarifying our positioning to be a companion chip to AI accelerator, networking chips, NIC cards, etc. Versus our competitors trying to do this in the mid-range and high, large FPGA in a way competing. With some of our customers, or their customers, sort of AI.

我認為對我們有幫助的是專注於中小型 FPGA，當然，我們認為這是 FPGA 市場的最佳點。我們實際上正在明確我們的定位，即成為 AI 加速器、網路晶片、NIC 卡等的配套晶片。而我們的競爭對手則試圖在中階和高階、大型 FPGA 中以競爭的方式做到這一點。對於我們的一些客戶或他們的客戶來說，這是一種人工智慧。

So, we are more of a pure play FPGA in the sense that we, this small to mid-range is more of a companion chip. If we run the AI on our chip, this is, as I said, less than one tera ops, less than one watt, so very focused, type of approach, versus, and we call this far edge AI, near sensor AI as opposed to The, competitors, larger competitors, larger FPGA trying to go after what they call near edge AI which in a way competes with our customers.

因此，從某種意義上來說，我們更像是純粹的 FPGA，這個中小型晶片更像是配套晶片。如果我們在晶片上運行 AI，正如我所說，這將需要不到一萬億次操作，不到一瓦，因此這種方法非常集中，我們稱之為遠邊緣 AI、近傳感器 AI，而競爭對手，更大的競爭對手，更大的 FPGA 試圖追求他們所謂的近邊緣 AI，這在某種程度上與我們的客戶競爭。

So we see our step as a companion chip, for example, to, image processor AI where we can be fed output, input from various sensors. It could be image sensor, it could be radar, it could be lidar, it could be infrared cameras, and many of these could be, 10, 12, 15 different sensors being fed into our FPGA when we pre-process the data and sort of make that, near edge AI inferencing, chip more effective.

因此，我們將我們的步驟視為一個配套晶片，例如，對於影像處理器 AI，我們可以從各種感測器獲取輸出和輸入。它可以是影像感測器、雷達、光達、紅外線攝影機，其中許多可以是 10、12、15 個不同的感測器，當我們預處理資料時，它們被輸入到我們的 FPGA 中，從而使近邊緣 AI 推理晶片更有效。

And so, we are, in that companion role, we are adding value to our customers because they're spending a ton of money on these AI accelerators and we make those accelerators more efficient. Because our low power, small size, cost-effective solution near the sensor. Our customer called this contextual intelligence. So that intelligence is contextual to that sensor and helps that main AI chip.

因此，作為合作夥伴，我們正在為客戶增加價值，因為他們在這些人工智慧加速器上投入了大量資金，而我們則使這些加速器更有效率。因為我們的解決方案靠近感測器，所以功耗低、尺寸小、成本高效。我們的客戶稱之為情境智慧。因此，智慧與感測器相關，並有助於主 AI 晶片。

Yes absolutely, I appreciate the color. Thanks, Ford.

是的，我很欣賞這個顏色。謝謝，福特。

Christopher Rolland, Susquehanna International Group.

薩斯奎漢納國際集團的克里斯多福羅蘭 (Christopher Rolland)。

Hey guys, thanks for the follow up. I guess first of all, I just want to know what you meant by the country tariff superseding the Section 232. So, I guess that means you don't think there will be any additional semiconductor, tariffs on top of country specific, but just wanted you to elaborate there, and then also. If you guys had any more color on Q4 or '26 based on the positive bookings backlog, commentary, that would be great as well.

嘿夥計們，謝謝你們的關注。我想首先，我只是想知道您所說的國家關稅取代第 232 條是什麼意思。所以，我猜這意味著您不認為會有任何額外的半導體關稅，也不會對特定國家徵收關稅，但我只是想讓您詳細說明。如果你們根據積極的預訂積壓情況和評論對第四季度或 26 財年有更多了解，那就太好了。

Sure. So on the first question, our understanding is if you look at tariffs, for example, from Japan or South Korea, we will procure wafers or Malaysia will procure assembly and test. In those countries, let's say 15% in the case of Japan and South Korea would supersede a 232 if 232 were to be higher.

當然。因此，關於第一個問題，我們的理解是，如果考慮關稅，例如從日本或韓國採購晶圓，或從馬來西亞採購組裝和測試。在這些國家，假設 232 更高，那麼日本和韓國的 15% 將取代 232。

So let's say a 232 comes in at 20%. Our understanding is that The Japan 15% or South Korea 15% tariffs would supersede that 20% and stay valid. So that's number one. And number two, on the question on Q4 and 2026, as I said, we see strong backlog actually into Q4 now and starting into Q1 of next year. So this is way above where we have been, and probably some of the best bookings and backlog for the past three years.

假設 232 的收益率為 20%。我們的理解是，日本 15% 或韓國 15% 的關稅將取代 20% 的關稅並繼續有效。這是第一點。第二，關於第四季和 2026 年的問題，正如我所說，我們看到現在第四季和明年第一季的積壓訂單量實際上很大。因此，這遠高於我們之前的水平，並且可能是過去三年來最好的預訂量和積壓量。

Excellent. And then for maybe just a high level technical discussion as to where you see opportunities, when we think about scale up AI particularly networking just because that was your background, are there any opportunities for things like scale up or re-timers or DSP or IO chips or anything like that, or, are these, FPGAs, including a van, too small for some of these functions? I'm just wondering if there could be expanded opportunities just in your heritage of networking.

出色的。然後，也許只是進行一次高層次的技術討論，關於您在哪裡看到機會，當我們考慮擴大人工智能，特別是網絡，因為那是您的背景時，是否有機會擴大規模或重新定時器或 DSP 或 IO 芯片或類似的東西，或者，這些 FPGA，包括一輛貨車，對於其中一些功能來說是否太小了？我只是想知道，僅在您的網路傳統中是否可以擴大機會。

Yeah, look, today, we are getting increasingly confident in our positioning of being the companion chip to all of the above, right? So not just somebody asking about XPU and GPU and AI accelerator and switches and NIC cards, and even board management controller.

是的，看，今天，我們對我們的定位越來越有信心，我們是上述所有產品的配套晶片，對嗎？因此，不僅僅是有人詢問 XPU 和 GPU 和 AI 加速器和交換器和 NIC 卡，甚至還有主機板管理控制器。

And NIC storage, we're actually being companion chip to all of the above, and that's all of these ships are driving the AI infrastructure. AI infrastructure is not just the accelerator, but also all of the chips that you're mentioning that are companion chip to these accelerators. So I think right now, we're benefiting from being Switzerland and being a support, very important support role, in all of these, deployment.

而 NIC 存儲，我們實際上是上述所有產品的配套晶片，所有這些產品都在推動 AI 基礎設施的發展。人工智慧基礎設施不僅僅是加速器，還包括您提到的所有與這些加速器配套的晶片。所以我認為現在，我們受益於瑞士在所有這些部署中所發揮的支持、非常重要的支援作用。

And this companion chip role is going to increase because there is a tremendous amount of, complexity increase in edge Ai. There is a tremendous amount of pressure to reduce system design costs, to increase the speed at which the system goes to market.

由於邊緣人工智慧的複雜性大幅增加，伴隨晶片的作用將會增加。降低系統設計成本、加快系統上市速度的壓力巨大。

And a lot of these functions are typically better done in a PGA. And these are not these big larger PGA power hungry, expensive. These are the small to mid-range of PGAs that are going to fit in these systems when you talk about tens of PGAs per rack. So, we're happy with the role we have and feel like this could be a very big opportunity for us.

許多這些功能通常在 PGA 中可以更好地完成。而且這些不像那些大型 PGA 那樣耗電、昂貴。當您談論每個機架數十個 PGA 時，這些是適合這些系統的小型到中型 PGA。因此，我們對自己的角色感到滿意，並覺得這對我們來說是一個很大的機會。

Thanks for it and congrats on the improvements.

感謝並祝賀你的進步。

Thank you.

謝謝。

This concludes our question and answer session. I would like to turn the floor back over to Rick Musche for closing comments.

我們的問答環節到此結束。我想將發言權交還給 Rick Musche 做最後評論。

Yeah, thanks everyone for joining us today. For a copy of our earnings release, please visit us on our investor relations website. We'll be attending the following conferences this quarter the Jeffrey Semi IT Hardware and Communications tech Conference in Chicago on August 26, the Evercore semiconductor IT hardware Networking conference also in Chicago on August 27, and the benchmark annual tech Media Telecom conference in New York on September 3. This completes our call. Thank you again very much for your participation.

是的，感謝大家今天的加入我們。如需我們的收益報告副本，請造訪我們的投資者關係網站。本季我們將參加以下會議：8 月 26 日在芝加哥舉行的 Jeffrey Semi IT 硬體和通訊技術會議、8 月 27 日在芝加哥舉行的 Evercore 半導體 IT 硬體網路會議以及 9 月 3 日在紐約舉行的基準年度技術媒體電信會議。我們的通話就此完成。再次非常感謝您的參與。

You may now disconnect your lines at this time. Have a wonderful day.

現在您可以斷開線路了。祝您有美好的一天。