萊迪思半導體 (LSCC) 2025 Q3 法說會逐字稿

Ladies and gentlemen, greetings, and welcome to the Lattice Semiconductor third quarter 2025 earnings conference call. (Operator Instructions)

女士們、先生們，大家好，歡迎參加萊迪思半導體公司2025年第三季財報電話會議。（操作說明）

As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Lattice Semiconductor's Vice President of Investor Relations, Rick Muscha. Please go ahead.

再次提醒，本次會議正在錄影。現在，我榮幸地向大家介紹主持人，萊迪思半導體公司投資者關係副總裁里克·穆沙。請繼續。

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

謝謝接線員，大家下午好。今天陪同我出席的有萊迪斯公司執行長福特·塔默，以及萊迪斯公司財務長洛倫佐·弗洛雷斯。我們將提供 2025 年第三季的財務和業務回顧以及 2025 年第四季的業務展望。

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

如果您尚未收到我們的獲利新聞稿，可以在我們公司網站 latticesemi.com 的投資者關係部分找到。

I would like to remind everyone that during our conference call today, we may make projections or other forward-looking statements regarding future events or the future financial performance of the company.

我想提醒大家，在今天的電話會議中，我們可能會對未來事件或公司未來的財務表現做出預測或其他前瞻性陳述。

We wish to caution you that such statements are predictions based on information that is currently available and that actual results may differ materially.

我們謹此提醒您，此類聲明是基於目前可獲得的資訊所做的預測，實際結果可能與預測結果有重大差異。

We refer you to documents that the company files with the SEC, including our 10-Ks, 10-Qs 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.

我們建議您查閱公司向美國證券交易委員會提交的文件，包括我們的 10-K 表格、10-Q 表格和 8-K 表格。這些文件包含並列出了可能導致實際結果與我們的預測或前瞻性聲明中包含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 fourth 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. 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.

本次電話會議包含並構成本公司對 2025 年第四季的正式業績指引。如果在本次通話之後，我們對本指南進行任何實質修改，我們計劃透過新聞稿或公開宣布的電話會議等公共管道進行此類更新。本次電話會議我們將主要參考非GAAP財務指標。透過披露某些非GAAP信息，管理層旨在為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.

對於歷史時期，我們提供了這些非GAAP財務指標與GAAP財務指標的調節表，您可以在我們網站latticesemi.com的投資者關係部分找到這些調節表。

Let me now turn the call over to our CEO, Ford Tamer.

現在我把電話交給我們的執行長福特·塔默。

Thank you, Rick, and welcome, everyone, to our third quarter earnings call.

謝謝里克，也歡迎各位參加我們第三季財報電話會議。

As I marked my first year as CEO, I'm more confident than ever in Lattice's upward trajectory. Our strong Q3 performance and forward-looking guidance reflect the strength of our strategy and execution. With a world-class team and a robust innovation pipeline, we are well positioned to capitalize on the ever-expanding investments in AI and data center infrastructure.

在我擔任執行長一周年之際，我對萊迪斯的上升發展軌跡比以往任何時候都更有信心。我們強勁的第三季業績和前瞻性指引反映了我們策略和執行的實力。憑藉世界一流的團隊和強大的創新管道，我們完全有能力利用人工智慧和資料中心基礎設施領域不斷增長的投資。

At the Open Compute Summit last month, we saw increasing interest in Lattice's low-power data center offerings. We also witnessed accelerated momentum for Lattice's security and board management solutions that we provide to hyperscalers, neo-cloud and server and communications OEMs and ODMs.

在上個月的開放式運算高峰會上，我們看到人們對 Lattice 的低功耗資料中心產品越來越感興趣。我們也見證了 Lattice 為超大規模資料中心、新雲端以及伺服器和通訊 OEM 和 ODM 提供的安全和電路板管理解決方案的加速發展勢頭。

And at the same event, we demonstrated our leadership position in post-quantum cryptography or PQC for short.

在同一活動中，我們展示了我們在後量子密碼學（簡稱 PQC）領域的領導地位。

I'm pleased to report that the adoption of Lattice's PQC technology is also accelerating due to the NIST requirement that systems be CNSA compliant.

我很高興地報告，由於 NIST 要求系統必須符合 CNSA 標準，Lattice 的 PQC 技術的應用也在加速發展。

We exited Q3 with even higher confidence demonstrated by new use cases for Lattice products across our core markets as well as the acceleration of design wins, which were on pace for a record year in 2025.

第三季結束時，我們信心倍增，這體現在 Lattice 產品在我們核心市場的新應用案例以及設計訂單數量的加速增長上，預計 2025 年將創下歷史新高。

This momentum highlights our differentiated value proposition, low power, small size, fast boot time and high reliability and sets the foundation for rapid growth into 2026. In general, we continue to see data center investments expand across all payers and applications in the AI infrastructure tsunami.

這一勢頭凸顯了我們差異化的價值主張：低功耗、小尺寸、快速啟動時間和高可靠性，並為 2026 年的快速成長奠定了基礎。整體而言，在人工智慧基礎設施浪潮中，我們看到資料中心投資持續擴張，涵蓋所有支付方和應用領域。

Lattice is benefiting from a corresponding revenue growth evidenced by increasing bookings now and into 2026. This is giving us increased confidence to invest further for growth in 2027 and beyond.

Lattice 的營收也隨之成長，目前及 2026 年的預訂量都在增加，這就是其成長的明證。這讓我們更有信心在 2027 年及以後進行更多投資以實現成長。

We firmly believe that delivering above-average revenue growth is consistent with why our shareholders invest in Lattice.

我們堅信，實現高於平均的收入成長符合股東投資萊迪斯的初衷。

For Q3, we delivered revenue of $133.3 million, up 7.6% over Q2. This represents the highest sequential growth in more than 4 years. Our Q4 revenue guidance of $143 million at the midpoint equates to 22% year-on-year growth.

第三季度，我們實現了 1.333 億美元的收入，比第二季度成長了 7.6%。這是四年多來最高的連續成長。我們預計第四季度營收將達到 1.43 億美元（中位數），年增 22%。

This estimate is the largest increase in nearly two years and shows our belief in a strong recovery and upward momentum. With respect to end markets in the third quarter of 2025, Communications and computing grew 8% sequentially and 21% on a year-over-year basis to a record level.

這項預測是近兩年來最大的增幅，顯示我們對經濟強勁復甦和上升勢頭充滿信心。2025 年第三季度，終端市場方面，通訊和運算產業季增 8%，年增 21%，創歷史新高。

The computing subsegment growth is being driven by our expanding footprint and increased use cases in both general purpose and AI-optimized servers.

計算子領域的成長得益於我們不斷擴大的業務範圍以及在通用伺服器和人工智慧優化伺服器領域不斷增長的應用案例。

And the communications subsegment growth continues to be driven by wired data center infrastructure, including network interface cards, switches, routers and security appliances.

通訊子領域的成長持續受到有線資料中心基礎設施的推動，包括網路介面卡、交換器、路由器和安全設備。

As expected, the Industrial and Automotive segment increased 6% sequentially. The growth rate is tempered as we continued to strategically shift under true demand to normalize channel inventory.

正如預期，工業和汽車行業環比增長 6%。由於我們持續根據真實需求進行策略性調整，以使通路庫存正常化，因此成長率有所放緩。

As we told you on prior calls, we are on track to normalize channel inventory by year-end, positioning us for renewed growth into 2026. We are confident that we're gaining share across smart factory, robotics, medical and aerospace and defense applications based on customer feedback and design win activity.

正如我們在先前的電話會議中告訴你們的那樣，我們正按計劃在年底前實現通路庫存正常化，為2026年重新實現成長做好準備。我們有信心，根據客戶的回饋和設計中標情況，我們在智慧工廠、機器人、醫療、航空航太和國防應用領域的市場份額正在不斷擴大。

While we remain subject to macroeconomic and industry conditions, there are several factors fueling confidence in our prospects moving forward.

儘管我們仍會受到宏觀經濟和產業狀況的影響，但有幾個因素增強了我們對未來前景的信心。

Lattice's addressable market is growing due to the size of the infrastructure capital expenditures growing fast, our diversified position in the largest and fastest-growing applications, growing attach rates, increasing average selling prices from our new products, broadening the application footprint of our small and mid-range FPGA portfolio; and finally, increasing AI usage.

由於基礎設施資本支出規模快速成長、我們在規模最大、成長最快的應用領域佔據多元化地位、附加率不斷提高、新產品平均售價不斷上漲、中小 FPGA 產品組合的應用範圍不斷擴大，以及人工智慧應用日益普及，萊迪思的目標市場正在不斷增長。

Taken together, we believe these dynamic factors are expanding dollar content for Lattice per customer system. We also continue to win with pre-Nexus, Nexus and Avant products.

綜合來看，我們認為這些動態因素正在增加 Lattice 每個客戶系統的成本。我們在 Nexus 之前、Nexus 和 Avant 產品方面也繼續取得成功。

Customers are consistently choosing Lattice over our competition as evidenced by the growth in our design wins, which are on pace for a record in 2025.

客戶不斷選擇 Lattice 而不是我們的競爭對手，這從我們設計訂單的成長中可見一斑，預計到 2025 年將創下歷史新高。

Revenue from our new products continues to grow at a strong rate, and we are on track to exceed our 2025 goal that we projected in prior earnings calls.

我們的新產品收入持續保持強勁成長，我們預計將超過先前財報電話會議中預測的 2025 年目標。

Lastly, we estimate the percentage of AI usage across our products will be in the high teens in 2025 and mid-20% range in 2026.

最後，我們預計到 2025 年，我們產品中人工智慧的使用比例將達到 10% 以上，到 2026 年將達到 20% 左右。

In summary, Q3 was a strong quarter marked by consistent execution and strategic progress. We remain focused on delivering differentiated innovation, deepening customer relationships and driving long-term shareholder value.

總而言之，第三季業績表現強勁，執行力穩定，策略進展順利。我們將繼續專注於提供差異化創新、深化客戶關係和推動股東長期價值。

We have increased confidence in our outlook, led by our leadership position and ability to capitalize on the compelling opportunities in front of us to drive accelerating growth in 2026 and beyond.

我們對前景更有信心，這得益於我們的領導地位以及我們能夠抓住眼前的巨大機遇，從而在 2026 年及以後推動加速增長。

Let me now turn the call over to Lorenzo for a detailed review of our Q3 results and Q4 guidance. Lorenzo?

現在我將把電話交給 Lorenzo，讓他詳細回顧我們第三季的表現和第四季的預期。洛倫佐？

Thank you, Ford, and good afternoon, everyone. We will begin with a brief overview of our third quarter 2025 financial performance, followed by our fourth quarter outlook. We are pleased to report that Lattice again delivered on expectations with revenue, gross margin and operating profit all in line with our outlook for the quarter.

謝謝福特，大家下午好。我們將首先簡要概述 2025 年第三季的財務業績，然後展望第四季。我們很高興地報告，萊迪斯再次達到了預期，營收、毛利率和營業利潤均符合我們對本季的預期。

Revenue increased 7.6% quarter-on-quarter and 4.9% on a year-over-year basis to $133.3 million.

營收季增 7.6%，年增 4.9%，達 1.333 億美元。

Overall, this was the highest revenue we have obtained in five quarters, and we are expecting continued growth in Q4 and in 2026.

總體而言，這是我們五個季度以來獲得的最高收入，我們預計第四季和 2026 年將繼續成長。

We set a new record for communications and computing revenue, which grew 21% year-over-year and 8% sequentially. We expect strong growth in this end market in Q4 and in 2026.

我們在通訊和計算收入方面創下了新紀錄，年增 21%，環比成長 8%。我們預計該終端市場在第四季和 2026 年將實現強勁成長。

Our gross margin expanded by 20 basis points quarter-over-quarter and 50 basis points year-over-year, 69.5% on a non-GAAP basis.

我們的毛利率較上季成長 20 個基點，較去年同期成長 50 個基點，以非 GAAP 準則計算為 69.5%。

This performance continues to reflect the durability of our business model and the value and differentiation our products provide for our customers.

這項業績持續體現了我們商業模式的持久性，以及我們的產品為客戶帶來的價值和差異化優勢。

Non-GAAP operating expense was $53.9 million, in line with our guidance. OpEx was flat on a year-over-year basis. Roughly 4% sequential increase in operating expense reflects our strategy to invest in the products, infrastructure and talent that will further strengthen our leadership position and enable us to drive accelerating growth.

非GAAP營運費用為5390萬美元，與我們的預期一致。營運支出與上年同期持平。營運費用較上季成長約 4%，反映了我們投資於產品、基礎設施和人才的策略，這將進一步鞏固我們的領先地位，並使我們能夠推動加速成長。

We have built confidence in our 2026 revenue expectations. Aligned with those expectations, this quarter, we accrued stock-based compensation expense for PRSUs. This accrual was the primary driver of the increase in our GAAP operating expenses.

我們對2026年的收入預期充滿信心。與這些預期一致，本季我們提列了PRSU的股票選擇權費用。這項應計項目是我們 GAAP 營運費用增加的主要原因。

Our non-GAAP operating margin expanded 150 basis points to 29%, and our EBITDA margin also increased 150 basis points to 35.6%. We delivered non-GAAP EPS of $0.28, which was at the midpoint of our guidance and represented 17% growth on both a year-over-year and quarter-over-quarter basis.

我們的非GAAP營業利潤率成長了150個基點至29%，EBITDA利潤率也成長了150個基點至35.6%。我們實現了非GAAP每股收益0.28美元，這處於我們預期的中點，同比增長17%，環比增長17%。

GAAP net cash flow from operating activities for the third quarter of 2025, increased to $47.1 million, up from $38.5 million in Q2, with a GAAP operating cash flow margin of 35.4%, up from 31.1% in Q2.

2025 年第三季 GAAP 經營活動產生的淨現金流量增加至 4,710 萬美元，高於第二季的 3,850 萬美元；GAAP 營運現金流量利潤率為 35.4%，高於第二季的 31.1%。

Free cash flow in Q3 was $34 million with a 25.5% free cash flow margin, up from $31.3 million and 25.2% in Q2. This remains a focus area for Lattice, and we expect to continue to generate strong free cash flow.

第三季自由現金流為 3,400 萬美元，自由現金流利潤率為 25.5%，高於第二季的 3,130 萬美元和 25.2%。這仍然是萊迪思的重點領域，我們預計將繼續產生強勁的自由現金流。

We are achieving these levels of free cash flow while strategically investing in CapEx in support of our product road map and operational improvement projects.

我們在實現這些自由現金流水準的同時，也對資本支出進行了策略性投資，以支持我們的產品路線圖和營運改善項目。

We are pleased with the continued improvement in industrial and auto channel inventory. We continue to track to plan and expect inventory normalization by the end of 2025. As we noted last quarter, comps and compute channel inventory has already normalized.

我們對工業和汽車渠道庫存的持續改善感到滿意。我們繼續按計劃推進，預計到 2025 年底庫存將恢復正常。正如我們上個季度所指出的，同店和計算通路庫存已經恢復正常。

Now let me turn to capital allocation. Our balance sheet remains strong. We remain debt-free and have ready access to capital to support both organic and inorganic growth opportunities, and we remain well positioned to navigate macro uncertainty.

現在讓我來談談資本配置。我們的資產負債表依然穩健。我們保持零負債，並擁有充足的資金來支持有機成長和無機成長機會，我們仍然能夠很好地應對宏觀經濟的不確定性。

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 $15 million of common stock under our existing buyback program.

鑑於我們雄厚的資產負債表實力和商業模式，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，我們根據現有的股票回購計畫回購了約 1,500 萬美元的普通股。

Through the first 9 months of 2025, we've repurchased approximately $86 million of common stock. We have $14 million left on our current authorization, and we will be reviewing our next authorization with our Board of Directors in December.

截至 2025 年前 9 個月，我們已回購了約 8,600 萬美元的普通股。我們目前的授權額度還剩 1400 萬美元，我們將在 12 月與董事會一起審查下一筆授權額度。

Now let me turn to our Q4 guidance. This guidance reflects the recovery of our business and sets the stage for continued growth into 2026. In Q4, we expect revenue to grow and be in the range of $138 million to $148. At the midpoint, this represents revenue growth of 22% over Q4 of last year. This would be the highest year-on-year growth in nearly two years and is supported by the strongest booking patterns we have seen in at least 6 quarters.

現在讓我來談談我們第四季的業績預期。該指導意見反映了我們業務的復甦，並為2026年的持續成長奠定了基礎。我們預計第四季營收將成長，達到 1.38 億美元至 1.48 億美元之間。以中位數計算，這代表營收比去年第四季成長了 22%。這將是近兩年來最高的同比增長率，並且得到了至少六個季度以來最強勁的預訂模式的支持。

We expect gross margin to be 69.5%, plus or minus 1% on a non-GAAP basis. Non-GAAP operating expenses are expected to be between $54.5 million and $56.5 million. The income tax rate for Q4 is expected to be between 3% and 5% on a non-GAAP basis.

我們預期毛利率為 69.5%，以非 GAAP 準則計算，誤差範圍為正負 1%。預計非GAAP營運費用將在5,450萬美元至5,650萬美元之間。預計第四季非GAAP所得稅率將在3%至5%之間。

Non-GAAP EPS is expected to grow to be between $0.30 per share and $0.34 per share. In closing, Q3 was another strong quarter for Lattice. We delivered results in line with our guidance, and we expect further acceleration given our position in high-growth markets.

非GAAP每股盈餘預計將成長至每股0.30美元至每股0.34美元之間。總而言之，第三季對萊迪斯來說又是一個強勁的季度。我們實現了預期業績，鑑於我們在高成長市場中的地位，我們預計業績將進一步加速成長。

We are driving near-term operational improvements, investing to strengthen our leadership in small and midrange FPGAs and positioning the company for an even stronger 2026.

我們正在推動近期營運改進，投資以加強我們在中小型FPGA領域的領先地位，並為公司在2026年取得更強勁的發展做好準備。

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

操作員，我們的正式發言到此結束。現在開始接受提問。

(Operator Instructions)

（操作說明）

Ladies and gentlemen, we will wait for a moment while we poll for questions.

女士們、先生們，我們稍等片刻，進行一次問題徵集。

Yeah, operator, this is Lorenzo.

接線員，我是洛倫佐。

Operator, this is Lorenzo Flores at Lattice. I'd like to tell all our audience that we found a typo in our press release that relates to our operating expense guidance. The guidance that I provided in my prepared remarks of between $54.5 million and $56.5 million is correct, and we will correct the press release, which says between $54 million and $55 million immediately after this call. So with that, we can start our questions. Thank you.

接線員，這裡是 Lattice 公司的 Lorenzo Flores。我想告訴所有聽眾，我們發現新聞稿中有關營運費用指引的一處拼字錯誤。我在事先準備好的演講稿中給出的指導意見，即 5450 萬美元至 5650 萬美元之間，是正確的。我們將在本次電話會議結束後立即更正新聞稿中關於 5,400 萬美元至 5,500 萬美元的說法。那麼，接下來我們就可以開始提問了。謝謝。

Kevin Gerrigan from Jeffreys.

來自傑弗里斯的凱文·格里根。

Yeah, hey everybody, Congrats on the results. So first question, you said you had increased confidence in your outlook for 2026. Is that confidence contingent on the expected normalization in industrial and auto channel inventory in Q4? Or can the strong comms and compute growth you guys are seeing more than offset any potential macro industrial and automotive softness?

大家好，恭喜大家取得好成績。第一個問題，您說您對 2026 年的前景更有信心了。這種信心是否取決於第四季工業和汽車通路庫存的預期正常化？或者，你們所看到的通訊和計算領域的強勁增長能否抵消任何潛在的宏觀工業和汽車行業的疲軟？

Thank you, Kevin. This is Ford. As you've seen from our Q3 results and Q4 guidance, our comms and compute business revenue growth continues to accelerate, and it will accelerate further into 2026.

謝謝你，凱文。這是福特。正如您從我們的第三季業績和第四季業績指引中看到的那樣，我們的通訊和計算業務收入成長持續加速，並且到 2026 年將進一步加速成長。

Our comms and compute business as a percent of total revenue went from 35% of total revenue in 2023 to 45% of total revenue in 2024 to an expected over 55% of total revenue in 2025, and we expect that to grow to about 60% of revenue into 2026.

我們的通訊和計算業務佔總收入的百分比從 2023 年的 35% 增長到 2024 年的 45%，預計到 2025 年將超過 55%，我們預計到 2026 年將增長到總收入的 60% 左右。

With that growth, that segment becomes very significant to our acceleration of revenue growth. And in 2025, we have accelerated server and communications faster than the underlying CapEx growth.

隨著這一成長，該業務板塊對我們加速營收成長變得非常重要。到 2025 年，我們的伺服器和通訊發展速度將超過基礎資本支出成長速度。

So our server business has been up 85% year-to-date compared to 2024, and our communications business has been up 63% year-to-date compared to 2024. So you could see both server and comms are growing faster than the underlying CapEx, and that should continue into '26.

因此，與 2024 年相比，我們的伺服器業務今年迄今成長了 85%，而我們的通訊業務今年迄今成長了 63%。因此，我們可以看到伺服器和通訊的成長速度都超過了基礎資本支出的成長速度，這種情況應該會持續到 2026 年。

So you would expect that comms and compute business to drive accelerated growth in '26. Furthermore, as you indicated, we are on track to get industrial automotive inventory normalized by end of the year.

因此，預計通訊和運算業務將在 2026 年推動加速成長。此外，正如您所指出的，我們正按計劃推進，爭取在年底前實現工業汽車庫存正常化。

Our comms and compute inventory is already normalized. And our overall channel inventory is expected to get in the 3 times by end of the year as we had previously told you on prior calls.

我們的通訊和計算資源已經標準化。正如我們之前在電話會議中告訴你們的那樣，我們預計到今年年底，我們的整體通路庫存將達到原來的 3 倍。

And with that, we should also see the industrial and automotive shift to natural demand as opposed to chip to under natural demand like we're doing through 2025. So with both comms and compute accelerating and industrial and automotive recovering and shipping to natural demand, we expect 2026 revenue growth to be very strong.

因此，我們應該看到工業和汽車產業的需求從目前的低迷狀態（例如到 2025 年）轉向自然需求。因此，隨著通訊和計算行業的加速發展，以及工業和汽車行業的復甦和出貨量恢復到自然需求水平，我們預計 2026 年的收入成長將非常強勁。

Perfect. And just as a follow-up on the Industrial and Automotive segment, can you just talk about what you're seeing on a regional basis? Any geographies that are stronger than you had expected?

完美的。那麼，關於工業和汽車領域，您能否談談您在區域層面觀察到的情況？有哪些地區的情況比你預期的還要好？

Yeah. Thank you, Kevin. So we are seeing China automotive to continue to be strong. Automotive for us overall is less than 5% of our overall revenue, but China is probably the region where automotive is strong.

是的。謝謝你，凱文。因此，我們看到中國汽車產業將繼續保持強勁勢頭。汽車業務在我們整體收入中所佔比例不到 5%，但中國可能是汽車業務實力最強的地區。

We are seeing the aerospace and defense to be strong worldwide, and we are winning increasing share of designs in that segment. We are also seeing this physical AI, a lot of design win activities, wins are companion chips for physical AI across all the various segments from industrial robotics to humanoids to automotive, to medical, aerospace, defense, test and measurement and all the various segments in industrial and automotive.

我們看到全球航空航太和國防領域發展強勁，我們在該領域的設計份額正在不斷增長。我們也看到，物理人工智慧領域湧現出許多設計方案，這些方案都與物理人工智慧相關的配套晶片有關，涵蓋了從工業機器人到人形機器人，再到汽車、醫療、航空航天、國防、測試和測量等各個領域，以及工業和汽車行業的各個細分市場。

So we're pretty positive on where that segment is going to go into '26 and inflect even further into '27.

因此，我們對該細分市場在 2026 年的發展方向以及在 2027 年的進一步發展趨勢都相當樂觀。

Okay perfect I appreciate the color and congrats again on the results.

好的，完美！我很喜歡這個顏色，再次恭喜你取得好成績。

David Williams from The Benchmark Company.

來自 Benchmark 公司的 David Williams。

Hey, good afternoon. Thanks for letting me ask the question and Congrats on the real shift in your tone. And I guess that's my first question is just around your confidence. Clearly, you outlined all the nice drivers there. But I guess what do you think has changed over the last 90 days that maybe has changed your confidence?

嘿，下午好。感謝您允許我提問，也恭喜您語氣上的真正轉變。我想我的第一個問題就是關於你的自信。顯然，你把那裡所有好司機都列出來了。但我想問你，你覺得過去90天發生了什麼變化，可能改變了你的自信心？

It feels like that inventory is clearing up. And so you kind of talked about that last quarter. But just wondering if there's any demand issues or demand things that have changed driving that greater confidence.

感覺庫存正在清理乾淨。所以你剛才也談到了上個季度的情況。但我只是想知道是否有任何需求問題或需求變化，這推動了這種更大的信心。

Yeah. No, great question. David, thank you. We had a very successful Open Compute Summit. It was a show attended by most of the hyperscalers, server and OEMs and ODMs as well as the related wireline communication equipment OEMs and ODMs.

是的。不，問得好。大衛，謝謝你。我們成功舉辦了一次開放式運算高峰會。大多數超大規模資料中心營運商、伺服器和原始設備製造商 (OEM) 和原始設計製造商 (ODM) 以及相關的有線通訊設備原始設備製造商 (OEM) 和原始設計製造商 (ODM) 都參加了此次展會。

And at that show, attendees were noticing that somebody like flipped the switch. And all of a sudden, the past 90 days, we've seen definitely an increase in activity and spend.

在那場展會上，與會者註意到有人好像按下了開關。突然之間，在過去的90天裡，我們看到了活動和消費的顯著增加。

As you've seen from the most recent hyperscaler earnings, the forecast for next year has been up, and we've seen that. We also are starting to work closer with some of the neo-cloud and enterprise vendors, and we're seeing them being more aggressive in wanting to increase their AI CapEx. One of the hyperscalers gave us a quite a big increase forecast for '26, '27 and even into 2028.

正如您從最近的超大規模資料中心收益報告中看到的那樣，明年的預期有所上調，我們也看到了這一點。我們也開始與一些新興雲端和企業供應商更緊密地合作，我們發現他們在增加人工智慧資本支出方面越來越積極。其中一家超大規模資料中心營運商預測，2026 年、2027 年甚至 2028 年都將出現相當大的成長。

And we're seeing our adoption as a companion chip for some of these AI in both the data center and the physical AI accelerate. So for example, on the cloud data center, we're seeing our adoption as companion chip for CPU across x86 and ARM, AI accelerators from NVIDIA, AMD, Intel, hyperscalers, various accelerator ASICs across networking, across Broadcom, Mirvan, Mellanox and Cisco, security, board management, rack management, cooling, power management as a companion chip, the small and midrange FPGA from Lattice are doing quite well, and we're being adopted at an accelerated pace.

我們看到，我們的晶片作為資料中心和物理人工智慧領域的一些人工智慧的配套晶片，其應用正在加速成長。例如，在雲端資料中心，我們看到我們的晶片被廣泛用作 x86 和 ARM CPU 的配套晶片，NVIDIA、AMD、Intel 的 AI 加速器，超大規模資料中心，以及 Broadcom、Mirvan、Mellanox 和 Cisco 等公司的各種網路加速器 ASIC，安全、電路板管理、機架管理、散熱、Mellanox 和 Cisco 等公司的各種網路加速器 ASIC，安全、電路板管理、機架管理、散熱、電源供應器管理等應用領域也採用了我們的晶片管理晶片。 Lattice 的中小型 FPGA 也表現良好，我們的晶片正在加速被採用。

And we're seeing the same as a companion chip on physical AI around sensors for like camera, LiDARs, radars as well as various industrial and automotive applications.

我們看到，在物理人工智慧領域，伴隨晶片也同樣適用於攝影機、光達、雷達等感測器以及各種工業和汽車應用。

I think -- and really finally, I'll repeat that what I said in my commentary, we've got the strongest book-to-bill that we've had in 1.5 years or so, and it's booked into the first half of next year.

我認為——最後，我要重申我在評論中說過的話，我們目前擁有近一年半以來最強勁的訂單出貨比，而且訂單已經排到了明年上半年。

So all the sentiment and enthusiasm that Ford has just described and the reasons for that are actually showing up in our orders. So we see not just the spirit, but the actual business coming.

所以，福特剛才所描述的所有情緒和熱情，以及背後的原因，其實都反映在我們的訂單中。所以我們不僅看到了這種精神，也看到了實際的商業運作。

Great. A lot of great color there. I certainly appreciate that. And maybe just from the Avant platform, you talked about seeing growth across all. But just kind of curious if we can get an update on the Avant platform, how the design wins are trending there and maybe what the expectations are for growth into 2026.

偉大的。那裡色彩很美。我非常感激。或許僅從 Avant 平台來看，您就談到了各個方面的成長。不過，我很好奇能否了解 Avant 平台的最新進展，例如該平台的設計專案進度，以及 2026 年的成長預期。

Yeah, both Nexus and Avant are doing quite well as well as some of the pre-Nexus platforms as well. What we said in the past is that we believe that 2026 will be the year of Nexus and '27 will be the year of Avant.

是的，Nexus 和 Avant 都發展得相當不錯，有些 Nexus 之前的平台也發展得很好。我們過去曾說過，我們相信 2026 年將是 Nexus 之年，而 2027 年將是 Avant 之年。

We see 2026 as being the year of the data center with '27 being a big recovery in industrial and automotive. Nexus seems to be more related to the data center as Avant is more related to some of these midrange applications in industrial and automotive. And so that's how we're seeing the revenue stagger over the next couple of years.

我們認為 2026 年將是資料中心之年，而 2027 年將是工業和汽車產業的重大復甦之年。Nexus 似乎與資料中心關係更密切，而 Avant 則與工業和汽車領域的一些中階應用關係更密切。因此，未來幾年收入成長將呈現這種波動趨勢。

Hi, David. Does that answer all the questions you have?

你好，大衛。這樣是否解答了您所有的問題？

Yes, thank you.

是的，謝謝。

Tristan Gerra from Robert W. Baird.

來自 Robert W. Baird 的 Tristan Gerra。

Hi, good afternoon. Thanks for the color about AI-related demand. And as we see an acceleration in AI demand, I guess we shouldn't read much into a little bit of a sequential slowdown in Q3 for communication and computing because it looks like that line was up 20% sequentially in Q2, up 8% in Q3.

您好，下午好。感謝您對人工智慧相關需求的分析。隨著人工智慧需求的加速成長，我認為我們不應該對第三季度通訊和計算領域的環比增速略有放緩過度解讀，因為該領域在第二​​季度環比增長了 20%，第三季度環比增長了 8%。

So first, should we assume a re-acceleration of the growth in communication computing in Q4? And is the strength in Q2 perhaps linked to the fact that this is the first quarter where inventory levels normalized?

首先，我們是否應該假設通訊運算領域的成長在第四季會再次加速？第二季業績強勁是否與庫存水準恢復正常有關？

And as such, you kind of caught up with end demand and now you're back in line shipping with real end demand. Is that how we should read into this?

因此，你們的供貨量已經趕上了終端需求，現在你們的供貨量又回到了與實際終端需求同步的水平。我們應該這樣解讀嗎？

Yeah. Let me handle parts of this, Tristan. I think the guidance we've given for Q4 actually shows significant sequential growth in comms and compute. I think there is some of the non-server business in our comms and compute business that impact the measured growth rates.

是的。特里斯坦，這件事的一部分交給我來處理吧。我認為我們給出的第四季度業績指引實際上顯示通訊和計算業務將實現顯著的環比增長。我認為，我們通訊和計算業務中的一些非伺服器業務會影響到衡量出的成長率。

But I want to refer you back to earlier comments that we've had previous quarters and again this quarter about the real driver of the comms and strength is our server demand.

但我想再次強調，我們之前幾個季度以及本季都曾提到過，真正推動通訊和實力成長的是我們的伺服器需求。

And that's over 80% growth year-over-year. I think that's a very strong indicator of what's going to drive that.

這比上年同期成長超過 80%。我認為這強烈預示著未來發展的方向。

Now that may not stay exactly that high, but the point is it's growing faster than hyperscaler CapEx by a significant amount, and it is showing the expanding footprint in terms of the design wins we have, the number of chips in design, ASSP design, and we expect that to continue to grow, as David's question pointed out, as we go from generation to generation from pre-Nexus to Nexus to Avant.

現在這個數字可能不會一直保持在這麼高，但重點是它的增長速度比超大規模數據中心的資本支出快得多，這表明我們在設計訂單數量、設計中的芯片數量、ASSP 設計方面都在不斷擴大規模，而且正如 David 的問題所指出的那樣，我們預計隨著我們從 Nexus 之前的版本到 Nexus 再到 Avant 的一代產品，這種情況會繼續增長。

So I think all those things point to a strong acceleration. So I don't think I would get too hung up on the couple of decimal points on a quarter-to-quarter change.

所以我認為所有這些因素都預示著強勁的加速成長。所以我認為我不會太糾結於季度環比變化中的那幾位小數。

I think if you think of the overall trajectory through time, you see it's quite strong.

我認為，如果你從整體上看它的發展軌跡，你會發現它相當強大。

That's very useful. And then when should we look at gross margin picking up from current levels? And what will be the catalyst? I mean it sounds like with the growth that you're seeing in computing that there should be gross margin expansion next year.

那非常有用。那麼，我們該何時才能看到毛利率從目前的水平回升呢？那麼，催化劑會是什麼呢？我的意思是，聽起來電腦產業的成長勢頭良好，明年毛利率應該會有所提高。

And I understand you're not guiding, but is it fair to say that we should see gross margin expansion next year? Or are there any offsetting factors? And also wanted to understand the commentary about '26 being the year of Nexus.

我知道您不是在給出指導意見，但是我們可以說明年毛利率會擴張嗎？或是否有抵消因素？我還想了解關於“26 年是 Nexus 之年”的評論。

Historically, and back in the days, as you know, high-end FPGA will typically see revenues peaking after about seven years.

從歷史上看，正如你所知，過去高端FPGA的收入通常會在大約七年後達到頂峰。

For Nexus, it looks like after a fairly muted ramp the first few years because you used to provide a breakdown. And earlier this year, we were kind of in the low teens as a percent of revenue for Nexus, which given the launch date of late 2019 was probably a little bit below what I would have thought at least at the time.

對於 Nexus 來說，看起來在最初幾年增長相當緩慢之後，因為你過去會提供細分數據。今年早些時候，Nexus 的收入佔比只有十幾個百分點，考慮到它是在 2019 年底推出的，這可能比我當時預想的要低一些。

But now it looks like the momentum is accelerating, and I wanted to understand the dynamic of that. Why is Nexus getting after all those years, even more momentum?

但現在看來，這種勢頭正在加速，我想了解其中的動態。為什麼 Nexus 在經歷了這麼多年後反而獲得了更大的發展動能？

Yeah. So I will -- we're going to parse this question out probably amongst us here in the room. And I want to start with the gross margin question, which is actually one of my favorite questions because it gives me the opportunity to reflect back on the level we are actually at 69.5%, which is pretty good, and it takes a lot of work to get there.

是的。所以，我們可能會在房間裡私下討論這個問題。我想先從毛利率問題說起，這其實是我最喜歡的問題之一，因為它讓我有機會回顧一下我們目前的毛利率水平（69.5%），這相當不錯，而要達到這個水平需要付出很多努力。

Your question is actually in terms of the impact of comms and compute on the overall gross margin. I think we hear the other side of the question, whether industrial recovery will impact it positively.

您的問題實際上是關於通訊和計算對整體毛利率的影響。我認為我們已經聽到了問題的另一面，即工業復甦是否會對它產生積極影響。

I think you all have to take into account that there's a spectrum of profitability across our end markets and within those end markets, within particular design wins as they ramp up.

我認為你們都必須考慮到，我們的終端市場以及在這些終端市場中，隨著特定設計項目的推進，獲利能力存在差異。

So we manage the overall portfolio to get to the margin, and it would be potentially plus or minus a few basis points going through time.

因此，我們管理整體投資組合以達到利潤率，隨著時間的推移，利潤率可能會有正負幾個基點的波動。

But I think we're pretty comfortable with this margin for now, anticipating several different mix scenarios. So I think we're not looking for very big improvement from one factor or another as we go through time, but pretty much staying where we are.

但我認為，考慮到可能出現的幾種不同的組合情況，我們目前對這個利潤率相當滿意。所以我覺得，隨著時間的推移，我們不會指望在某個方面取得很大的進步，而是基本上會維持現狀。

On the Nexus ramp, I do think the -- I'll start on this and Ford can fill in. One of the things to keep in mind is we are just now expanding the product line with Nexus, bringing out more products. The phenomenon you talked about before is more where there's a burst of products, but we are ramping new Nexus products through this year and next.

在 Nexus 坡道上，我確實認為——我會先從這方面入手，福特可以補充。需要記住的一點是，我們目前正在透過 Nexus 擴展產品線，推出更多產品。你之前提到的那種現象更多的是指產品數量激增，但我們今年和明年將逐步推出新的 Nexus 產品。

So Ford, do you want to fill in anything on the Nexus ramp?

福特，你們想在Nexus坡道上補充什麼資訊嗎？

Yeah, absolutely. Tristan, good question. The Nexus products continues to be introduced. So if you think about it, we've introduced a new I/O optimized Nexus in Q2 of 2025. We've introduced 4 to 5 new SKUs of Nexus in '25.

是的，絕對的。特里斯坦，問得好。Nexus系列產品持續推出。所以仔細想想，我們已經在 2025 年第二季推出了全新的 I/O 優化型 Nexus。我們在 2025 年推出了 4 到 5 個新的 Nexus SKU。

We expect another 5 to 6 in '26. So yes, 2019 was the first product introduction, but we continue to roll new Nexus product. We've introduced a Nexus 2 that is going to, again, start to be rolled out.

我們預計 2026 年還將有 5 到 6 例。是的，2019 年是首次推出產品，但我們會繼續推出新的 Nexus 產品。我們已經推出了 Nexus 2，它即將再次開始發售。

So Nexus is the whole family with quite a few devices. And so when we say Nexus, Nexus really is what we call our small FPGA, and that's going to be going on for the next 10 years.

所以 Nexus 是一個包含多款設備的大家庭。所以當我們說 Nexus 時，Nexus 實際上是我們對小型 FPGA 的稱呼，這種情況將持續 10 年。

And we're seeing a tremendous bunch of new applications. So we went from booting and I/O expansion and buffer and control to now Root of Trust and to PQC and to board management and to rack management, the latest OCP, we had leak detection. So the number of applications that we are finding are immense. And you wouldn't be growing 80% -- over 80% year-on-year in server if we weren't widely adopted and continue to being adopted at even faster rate.

我們看到了大量全新的應用。因此，我們從啟動、I/O 擴展、緩衝區和控制發展到現在的信任根、PQC、板級管理和機架管理，最新的 OCP 也實現了洩漏檢測。因此，我們發現的申請數量非常龐大。如果我們沒有被廣泛採用，並且繼續以更快的速度被採用，那麼你們的伺服器業務就不會實現 80% 以上的年增長率。

So we're very positive on Nexus for the next quite a few years here. And again, think of Nexus as what we're calling our small FPGA family. And we're leading there. We're going to continue to lead. We're going to continue to invest to continue to lead.

因此，我們對Nexus未來幾年的發展前景非常樂觀。再次強調，你可以把 Nexus 看作是我們為小型 FPGA 系列產品取的名字。我們正處於領先地位。我們將繼續保持領先地位。我們將繼續投資，以保持領先地位。

Great. Thank you very much.

偉大的。非常感謝。

Gary Mobley from Loop Capital.

來自 Loop Capital 的 Gary Mobley。

Hey guys, thanks for taking my question. Can you size in industrial and automotive, how much you're undershipping is embedded in your Q4 guide as you work down that inventory? And then on the other side of the coin, are you running into shortages or extended lead times for the comms and compute segment?

各位好，感謝你們回答我的問題。在工業和汽車領域，你們能否估算一下第四季庫存週轉率中反映的缺貨情況？另一方面，通訊和計算領域是否出現短缺或交貨週期延長的情況？

Yeah. Thank you. So we don't break it up exactly, Gary, but we have said in the past that we're undershipping by about a couple of weeks a quarter, so call it $15 million to $20 million a quarter. And we expect that to be normalized by end of the year.

是的。謝謝。所以我們不會精確地細分，Gary，但我們過去曾說過，我們每個季度的發貨量都比預計少了大約兩週，所以就按每個季度少發貨 1500 萬到 2000 萬美元來算吧。我們預計到年底情況將恢復正常。

So you could see this being a headwind in '25 becoming a tailwind in '26. The lead time on the comms and compute are expanding, but we are on top of it and are very focused on making sure our customers get supply, and we have done a very good job so far.

所以你可以看到，這在 2025 年可能是一個逆風，但在 2026 年變成了順風。通訊和計算方面的交貨週期正在延長，但我們已經掌控了局面，並非常專注於確保我們的客戶獲得供應，到目前為止，我們做得非常好。

Yeah. We announced the extension of lead times a couple of months ago, actually in August and in parallel, work with both our suppliers and our customers to make sure that our deliveries were matching up.

是的。幾個月前，實際上是在八月份，我們宣布延長交貨週期，同時與我們的供應商和客戶合作，以確保我們的交貨能夠匹配。

And so we have the visibility from our order book to keep doing that. I think our customers have been satisfied with our delivery performance. And the extension of lead time is really actually helpful for us to plan the business and plan our loadings with suppliers.

因此，我們可以從訂單簿中看出這一點，從而繼續做到這一點。我認為我們的客戶對我們的配送表現感到滿意。延長交貨期實際上對我們規劃業務和與供應商安排裝貨非常有幫助。

And as I indicated earlier, we now have good visibility into a very strong book of business going forward for the next 3 quarters at least, including Q4.

正如我之前提到的，我們現在可以很好地預見到未來至少三個季度（包括第四季度）的業務將非常強勁。

As you think about your data center opportunity or sizing the served available market, do you use any sort of benchmark like what your dollar opportunity is per gigawatt of capital spending plans by the different hyperscalers or maybe differently, your content per rack scale solution, all-in GPU, CPU, networking? Anything there that you can share would be helpful.

在考慮資料中心機會或評估可用市場規模時，您是否使用某種基準，例如不同超大規模資料中心營運商每千兆瓦資本支出計畫的美元機遇，或者不同的是，您的每機架規模解決方案的內容，包括 GPU、CPU 和網路等？如果您能分享任何訊息，將不勝感激。

Yeah. No, we do have that, Gary. We have an attach rate per server, attach rate per rack, attach rate for different companion chip that we are, if we're companion chip to a CPU or a GPU or a switch or a NIC or storage or board management, these are all very different dollar per chip. So we are -- we have very detailed models.

是的。不，我們確實有，加里。我們有每台伺服器的附加率、每個機架的附加率、以及針對不同配套晶片的附加率，例如，如果我們的配套晶片是 CPU、GPU、交換器、網卡、儲存設備或主機板管理晶片，那麼每個晶片的附加率都大相徑庭。所以，我們擁有非常詳細的模型。

We obviously don't share those.

我們顯然不分享這些。

What I can tell you is we're going to grow faster than CapEx. The CapEx is increasing fast, as you know. But we're growing faster because our attach rates are growing faster. The users of Lattice FPGAs and these data center applications continues to expand.

我可以告訴你們的是，我們的成長速度將超過資本支出速度。如您所知，資本支出增長迅速。但我們的成長速度更快，是因為我們的附加率成長速度更快。Lattice FPGA 的使用者群體以及這些資料中心應用程式正在不斷擴大。

We're going to newer products like Nexus and Avant, hence, a higher average selling price for these newer products.

我們將推出 Nexus 和 Avant 等更新的產品，因此這些新產品的平均售價會更高。

We have an increased AI server adoption, which again is driving higher content for Lattice. So overall, you could see we'll continue to grow faster than the underlying market.

AI 伺服器的採用率不斷提高，這反過來又推動了 Lattice 的內容量增加。所以總的來說，我們可以看到我們的成長速度將繼續超過市場整體水平。

Appreciate it guys. Thank you.

謝謝各位。謝謝。

Christopher Rolland from Susquehanna International Group.

來自薩斯奎哈納國際集團的克里斯多福羅蘭。

Hey guys, thanks for the question. So Ford, I wanted to go back to your comment about data center at 60% of total for next year. So I think previously. 60%, right? Sorry, CNC, yes. So I think previously, you guys have said like 15% to 20% growth year-over-year that in I&A, inventories are normalizing by year-end.

大家好，謝謝你們的提問。所以福特，我想回到你之前關於明年資料中心佔總容量 60% 的評論。所以我覺得之前是60%，對吧？抱歉，是CNC機床（CNC）。所以我覺得之前你們說過，I&A 的庫存將年增 15% 到 20%，到年底庫存將恢復正常。

I think you guys reconfirmed that. I would have thought that just as that normalizes for I&A, it would create a great deal of growth for next year.

我想你們已經再次證實了這一點。我原以為，隨著 I&A 的正常化，明年將會迎來巨大的成長。

So I would have assumed I&A is growing here. I mean there's 2 parts to that 60% comment that you made. CNC could be much higher, but also conversely, I&A could be much lower.

所以我原本以為I&A在這裡發展壯大。我的意思是，你提到的60%這個說法包含兩個部分。CNC 成本可能高得多，但反過來，I&A 成本也可能低得多。

And so I'm trying to balance that like to understand like what I&A growth could be next year. You also made the comment that next year is really the year of CNC and I&A is 2027. So trying to read the tea leaves, particularly for I&A. Are you thinking it is a much more flatter year than perhaps we are?

所以我正在努力平衡這兩者，以便了解明年 I&A 的成長。您也評論說，明年才是真正的數控技術元年，而工業與自動化元年則是 2027 年。所以，我正在嘗試解讀各種跡象，特別是關於 I&A 的跡象。你認為今年的地形比我們預想的要平坦得多嗎？

So let me start at the beginning and at the high level, and you recall in my remarks, I said we're growing in confidence and with respect to our growth in 2026. And because of that, I had to make an accrual for some performance-based, revenue-based stock compensation. That threshold was 20% into 2026 from where we expect to end the year today at the midpoint of our guidance. So that's where we are. And Ford, do you want to add the color around the end markets? And go ahead or I can do it.

那麼，讓我從頭開始，從宏觀層面談起。你們還記得我剛才說過，我們對2026年的成長越來越有信心。正因如此，我不得不提一些基於業績和收入的股票補償。該門檻為 2026 年的 20%，而我們預計今年年底的業績將達到我們預期目標的中點。這就是我們目前的處境。福特，你們是否想在終端市場周圍增加色彩？你來做或我可以做。

Yes. No. So at the high level, Chris, I&A is expected to go back to growth next year. We think it would be in the sort of mid-single digit to, call it, 15% range. But the comms and compute could be more in the 20% to 40% range. So that's how to think about these 2 segments.

是的。不。所以從宏觀層面來看，克里斯，預計I&A明年將恢復成長。我們認為應該在個位數中段到 15% 的範圍內。但通訊和計算方面的佔比可能在 20% 到 40% 之間。這就是理解這兩個部分的方法。

Right. I wouldn't -- we wouldn't have the confidence in the growth if we were thinking we were highly dependent upon significant growth in industrial and auto because as you know that's more subject to the macro environment, and we are still working through the end of the year on the inventory.

正確的。如果我們認為公司的發展高度依賴工業和汽車產業的顯著成長，我們就不會對成長充滿信心，因為正如你所知，這些產業更容易受到宏觀環境的影響，而且我們仍在努力解決年底的庫存問題。

So when we look out into 2026, we didn't want to drive our expectations assuming a bigger than mid-single-digit growth rate, as Ford, said in industrial and auto.

因此，展望 2026 年，我們不希望像福特在工業和汽車領域所說的那樣，假設成長率高於個位數中段，從而影響我們的預期。

Excellent. And then maybe bigger picture, Ford, just thinking about your legacy kind of in AI, but also networking and maybe the next steps for Lattice, perhaps maybe even becoming more than just an FPGA company.

出色的。然後，從更宏觀的角度來看，福特，想想你在人工智慧領域的傳承，以及網路技術，還有萊迪思的下一步發展方向，或許它甚至可能超越FPGA公司。

I think we've talked about putting hardened ARM cores into an FPGA before. But what about putting hardened MAC cores or an NPU into an FPGA and/or building kind of an ASIC capability to guide some of your customers to FPGA into a hardened ASIC? Or just any other thoughts on the next steps for this company and what you're exploring or thinking about without, of course, mentioning the specifics?

我想我們之前討論過將加固的 ARM 核心整合到 FPGA 中。但是，如果將強化型 MAC 核心或 NPU 放入 FPGA 中，或建構某種 ASIC 能力，引導一些客戶將 FPGA 整合到強化型 ASIC 中，又會如何呢？或者您對公司下一步的發展方向還有其他想法嗎？您正在探索或考慮哪些方面？當然，請不要提及具體細節。

Yes. Look, we're very excited about where we can take Lattice into the future. On the hardened processing core, if you wish, we have adopted the strategy of being partners with microcontrollers and microprocessor companies. And we've had some very good success to date.

是的。我們對 Lattice 的未來發展方向感到非常興奮。在強化處理核心方面，如果您願意，我們已經採取了與微控制器和微處理器公司建立合作關係的策略。到目前為止，我們已經取得了非常好的成功。

The most recent customer meeting we had in Asia, we had NXP Semiconductor be there with us. We worked together at OCP and the partnership with NXP is actually becoming quite strong and customers quite like the 2 of us together.

在我們在亞洲舉行的最近一次客戶會議上，恩智浦半導體也出席了。我們曾在 OCP 共事，與 NXP 的合作關係也日趨牢固，客戶對我們兩家的合作非常滿意。

We're expanding it across others. So on the microcontroller, we're seeing interest from other players in that space to do the same. And you'll hear more partnerships in the future.

我們正在將其推廣到其他領域。所以，在微控制器領域，我們看到其他廠商也對此展現了同樣的興趣。未來你還會聽到更多合作消息。

So we do believe that on the processing side, whether it's microprocessor or microcontroller, you're going to see 1 plus 1 equal 3, where we'll be providing joint solutions to customers that leverage the best out of FPGA and these processor next to us.

因此我們相信，在處理方面，無論是微處理器還是微控制器，都將實現 1 加 1 等於 3，我們將為客戶提供聯合解決方案，充分利用 FPGA 和我們旁邊這些處理器的優勢。

On where we're going to take this longer term, there's definitely quite a few discussions going on and exploration, but we're not ready to discuss at this point.

至於長遠發展方向，目前確實有很多討論和探索正在進行，但我們現在還不方便討論。

We're being asked by customers to do some specific stuff that we're investing in and that may be part of the increased investment into 2026 that Lorenzo has hinted to in his prepared remarks. So stay tuned on that. We'll have more detail as we go.

客戶要求我們做一些具體的事情，我們正在為此進行投資，這可能是洛倫佐在事先準備好的演講中暗示的2026年增加投資的一部分。敬請關注。我們會隨著事態發展提供更多細節。

Ruben Roy from Stifel.

來自 Stifel 的 Ruben Roy。

Yes, thank you. Ford, I wondered if you could add a little detail to the AI usage comment. I think you previously said high teens going into the mid-20s for next year. How are you thinking about mix on that relative to compute and comms versus industrial and automotive? And maybe a little detail on how you're defining AI usage would be great.

是的，謝謝。福特，我想請您補充一些關於人工智慧應用的細節。我認為你之前說過明年的成長率會在十幾到二十五歲之間。您如何看待計算和通訊領域與工業和汽車領域的混合佈局？如果您能詳細說明一下您是如何定義人工智慧用途的，那就太好了。

Thank you, Ruben. We are still on track for the mid-teens in this year, 2025, going into the mid-20s by next year, 2026.

謝謝你，魯本。我們仍有望在今年（2025年）實現十幾個百分點的目標，並在明年（2026年）達到二十幾個百分點。

And the ratio is about 60% comms and compute versus 40% industrial and automotive.

其中通訊和計算領域約佔 60%，工業和汽車領域約佔 40%。

On the comms and compute, we play a role of a companion chip where to the various ASICs and ASSP I've mentioned before.

在通訊和運算方面，我們扮演的是配套晶片的角色，與我之前提到的各種 ASIC 和 ASSP 配合使用。

On the industrial and auto, we can play a far edge AI near sensor intelligence, if you wish. And that's our focus, less than 1 tops, these very power-sensitive applications that are really tied to these camera, LiDAR, radar, other industrial sensors. I hope that answers the question.

在工業和汽車領域，我們可以發揮近乎感測器智慧的前沿人工智慧作用，如果你願意的話。這就是我們的重點，最多不超過 1 個，這些對功耗非常敏感的應用與這些攝影機、光達、雷達和其他工業感測器密切相關。希望這能解答你的疑問。

Yeah. That's helpful. And then just a follow-up on your comment regarding Nexus -- year of Nexus next year and then Avant '27. And you mentioned that Nexus sort of plays into data center and Avant may be a little more slated for industrial and auto.

是的。那很有幫助。然後，關於您提到的 Nexus 的問題，我想補充一點——明年是 Nexus 年，然後是 Avant '27。您提到 Nexus 似乎更適用於資料中心，而 Avant 可能更適合工業和汽車行業。

And I'm just wondering why you wouldn't see some mid-range FPGA kind of usage in some of the, I guess, higher-end comm and compute applications that are coming up. Am I reading that wrong or listening to you wrong or anything to add on that comment?

我只是好奇，為什麼在一些即將出現的高階通訊和運算應用中，看不到一些中階 FPGA 的應用呢？是我理解錯了，還是你聽錯了，或是還有什麼要補充的嗎？

No. I mean we would see Avant applications in the comms and compute. We'll see Nexus application in industrial and auto. So I wasn't trying to imply exclusion. I was trying to imply a majority, if you wish, of the design win will be Nexus on the comms and compute and Avant on industrial and auto.

不。我的意思是，我們會看到 Avant 在通訊和計算領域的應用。我們將看到 Nexus 在工業和汽車領域的應用。所以我並不是想暗示排斥。我的意思是，如果你願意的話，大多數設計方案的最終贏家將是 Nexus（通訊和計算領域）和 Avant（工業和汽車領域）。

And we, for example, had Ericsson at our developer conference, who was showing an Avant application. And so again, we'll have applications of Avant in comms and compute for sure.

例如，在我們的開發者大會上，愛立信公司展示了一款名為 Avant 的應用程式。因此，Avant 肯定會在通訊和計算領域中得到應用。

Okay. Got it.

好的。知道了。

We take the next question from the line of Melissa Weathers from Deutsche Bank.

接下來，我們來看看德意志銀行的梅莉莎‧韋瑟斯提出的問題。

Since there is no response, we'll move on to the next question, which is from the line of Joshua Buchalter from TD Cowen.

由於沒有回應，我們將繼續回答下一個問題，這個問題來自 TD Cowen 公司的 Joshua Buchalter。

Hey guys, thank you for taking my question. I guess I wanted to ask about some of the assumptions behind the growth rates you just talked about for 2026 or the revenue split, I should say. Any metrics you can give us on what would -- or details you can give us on what would allow you to come in at the lower end versus the high end of the 20% to 40% range, given it's such a wide range and maybe any details on how much contribution you're expecting from general purpose versus AI servers?

各位好，感謝你們回答我的問題。我想問的是，您剛才提到的 2026 年成長率或收入分配背後的一些假設。您能否提供一些指標，或者詳細說明一下，是什麼因素能讓您處於 20% 到 40% 這個範圍的下限而不是上限？考慮到這個範圍如此之大，您能否也詳細說明一下，您預計通用伺服器和 AI 伺服器分別能做出多大的貢獻？

And then on the industrial and auto side, is that sort of assuming just shipping to normal seasonality with the 5% to 15% and no restocking?

那麼在工業和汽車領域，這是否意味著僅假設出貨量按正常的季節性波動（5% 到 15%）進行，並且不進行補貨？

And I'm trying to understand what's the sort of normalized sell-through for auto and industrial at this point given all the volatility.

鑑於目前的市場波動，我正在努力了解汽車和工業領域的正常銷售情況如何。

So I'm going to -- Josh, I'm going to go kind of a little backwards on this. The industrial and auto, like I said, for us to be confident, given what's happening in the world and what could happen, we thought that it would be prudent really to, as you indicated, just say we're back to kind of a normal -- I don't know, seasonal is the right word, but normal demand cycle as we start shipping to where consumption and our revenue are aligned versus undershipping demand as we have been. That's not -- I think that's not aggressive at all.

所以我想要──喬希，我要稍微倒敘一下。正如我之前所說，對於工業和汽車行業，考慮到世界正在發生的事情以及未來可能發生的事情，為了保持信心，我們認為謹慎的做法是，正如您所指出的，我們只是說我們已經恢復到某種正常的——我不知道，季節性這個詞是否合適，但就是正常的需求週期，因為我們開始向消費和收入相匹配的地方發貨，而不是像以前那樣發貨，而不是像以前那樣發貨，而不是像以前那樣發貨，而不是像以前那樣發貨。我覺得這根本不算咄咄逼人。

On the comms and compute side, I think we are pretty confident that the $20 million to $40 million range that Ford said earlier, we have good support in with the fundamental driver, which is the CapEx of the industry.

在通訊和計算方面，我認為我們相當有信心，福特之前所說的 2000 萬至 4000 萬美元的範圍，得到了行業資本支出這一基本驅動因素的有力支持。

And that range aligns with what we see the CapEx for the industry being. And as Ford said earlier, we could have upside as our footprint actually grows against that CapEx based on the design wins we have and the opportunities that we're beginning to ship to now. So that's -- hopefully, that answers your question.

這個範圍與我們看到的產業資本支出範圍相符。正如福特之前所說，隨著我們的業務規模實際擴大，基於我們贏得的設計項目和我們現在開始交付的機會，相對於資本支出而言，我們可能會有成長空間。希望這能解答你的疑問。

I don't I think that AI mix, and this is something -- you can jump in and correct me if I'm wrong. The AI mix will continue to grow just as the nature of the prevalence of AI in the overall footprint in both comms and compute and industrial grows as well. We haven't broken that out separately. Is that helpful?

我不認為人工智慧可以融合，而且——如果我錯了，你可以隨時糾正我。隨著人工智慧在通訊、運算和工業等各個領域的普及程度不斷提高，人工智慧的融合也將持續發展。我們沒有單獨列出這部分內容。這樣有幫助嗎？

Yes, it was. I appreciate all the color there. And then for my follow-up, I mean, you guys called out a bunch of different applications for companion chips and use cases that you're seeing in both general purpose and AI servers. Could you maybe speak to which ones you're seeing the most traction for now and which ones you expect to grow more as Nexus and Avant product portfolio layers into the mix?

是的，的確如此。我喜歡那裡的色彩。然後，我的後續問題是，你們提到了配套晶片的許多不同應用，以及在通用伺服器和人工智慧伺服器中看到的用例。您能否談談目前哪些產品最受歡迎，以及隨著 Nexus 和 Avant 產品組合的加入，您預計哪些產品會成長更快？

Yes. Josh, I'm not sure we're prepared to break it up to such a level of detail by application. I think as Lorenzo was saying, what gives us confidence, if you see the overall CapEx expected to grow 20% to 30% next year, we expect to grow faster than that underlying CapEx. Hence, the numbers that we're mentioning. I think starting to break this down by application is beyond this call. We can discuss on post calls, if you like.

是的。喬希，我不確定我們是否準備好透過申請流程將其細化到如此程度。我認為正如洛倫佐所說，如果預計明年整體資本支出將成長 20% 至 30%，那麼我們就會充滿信心，因為我們預計我們的成長速度將超過這項基礎資本支出的成長速度。因此，就有了我們提到的這些數字。我認為按應用場景進行細分超出了本次通話範圍。如果你願意，我們可以在通話結束後討論。

Sounds great. Thank you.

聽起來不錯。謝謝。

Melissa Weathers from Deutsche Bank.

德意志銀行的梅莉莎‧韋瑟斯。

Hi guys, can you hear me.

嗨，各位，你們聽得到我說話嗎？

Now?

現在？

Yes, yeah.

是的，沒錯。

Okay, Great. Sorry, having some phone issues. Maybe my line needs more FPGAs. I guess -- sorry if I missed this in an earlier question, but you guys have been talking about PQC a lot. And I'm still a bit uncertain like how big that market could be.

好的，太好了。抱歉，手機出了點問題。或許我的生產線需要更多的FPGA。我想——如果我之前的問題中漏掉了這一點，請見諒，但你們一直在討論 PQC。我還是不太確定這個市場到底有多大。

So could you just talk about like what -- how big is that opportunity for you guys? Is it growing? What are you seeing? Just anything else on the PQC side?

那麼，你們能不能談談，對你們來說，這個機會有多大？它在生長嗎？你看到了什麼？PQC方面有其他需要補充的嗎？

I mean PQC is a big driver of our security adoption. We do believe we're ahead. It is being mandated in all systems right now. So we're being designed in now into both comms and compute type of applications.

我的意思是，PQC 是我們安全措施普及的一大推動力。我們相信我們領先。目前所有系統都強制執行這項規定。所以我們現在正被設計融入通訊和計算類型的應用中。

And we haven't broken it up, Melissa. So again, I think we're probably not going to be ready here to break down percent of applications per use case on this call.

我們還沒分手，梅麗莎。所以，我認為我們這次電話會議可能還無法提供每個用例的應用程式百分比資料。

That's fair. And then on the pricing side, I just want to make sure as we're kind of bottoming out in the semi cycle, are you seeing anything interesting on the pricing side either from your industrial and automotive customers or maybe on the content compute side, a little bit more leverage? Just anything on pricing?

這很合理。在定價方面，我想確認一下，由於我們目前正處於半週期底部，您是否在工業和汽車客戶方面，或者在內容計算方面，看到定價方面有什麼有趣的跡象，或者是否有更大的議價空間？關於價格方面有什麼想問的嗎？

No. So our pricing strategy is obviously to price to value, as you can tell by our gross margins. And as I said earlier in the commentary around gross margin, that varies a lot between the segments and within the segments between the different design wins depending on how the customers are going to use it.

不。因此，我們的定價策略顯然是按價值定價，從我們的毛利率就能看出這一點。正如我之前在關於毛利率的評論中所說，毛利率在不同細分市場之間以及同一細分市場內的不同設計方案之間差異很大，這取決於客戶將如何使用它。

We also have had consistently a strategy of working with our customers to provide a long-term value proposition. So we're not tactically taking advantage necessarily of certain demand trends because we think we're going to work a long time with these customers and over time, we'll get the full value of what we offer from our product set to these customers. So we do see, at the same time, candidly, pressure from our suppliers based on demand, and we're managing through that on both sides of the supply chain with them and with our customers to mitigate the impacts of that.

我們一直以來都奉行與客戶合作的策略，以提供長期的價值主張。因此，我們並沒有刻意利用某些需求趨勢，因為我們認為我們將與這些客戶長期合作，隨著時間的推移，我們將從我們的產品組合中獲得我們為這些客戶提供的全部價值。因此，坦白說，我們同時看到供應商因需求而施加的壓力，我們正在供應鏈的上下游與他們以及我們的客戶一起應對這種情況，以減輕其影響。

Thank you.

謝謝。

Quinn Bolton from Needham & Company.

來自 Needham & Company 的 Quinn Bolton。

Hey guys, I just want to come back to the auto industrial. That business has been running at about $50 million a quarter all year, and that's been very consistent. You've also said you've been undershipping by $15 million to $20 million every quarter.

大家好，我只想回到汽車工業領域。該業務全年每季營業額約為 5,000 萬美元，一直非常穩定。你也說過，你每季的出貨量都比實際出貨量少了 1500 萬到 2000 萬美元。

So consumption feels like it's been very consistently at $65 million to $70 million for the last 4 to 5 quarters. I guess I really struggle to see why would that drop to something in the $55 million range implied by your 5% to 15% guidance in 2026, that just seems like there's a massive change in the consumption level implied by your guidance.

因此，過去 4 到 5 個季度以來，消費似乎一直穩定在 6,500 萬美元到 7,000 萬美元之間。我實在很難理解為什麼它會下降到您 2026 年 5% 到 15% 的指導方針所暗示的 5500 萬美元範圍內，這似乎表明您的指導方針所暗示的消費水平發生了巨大變化。

Yes. I'm -- I think the challenge in reconciling these -- what you're saying and what we're seeing is there is a direct aspect, meaning non-channel piece of our industrial and auto. And what we're talking about in terms of where you see the phenomenon of undershipping demand, it's really primarily in the channel.

是的。我認為，要調和這些——你所說的和我們看到的——之間的挑戰在於，存在一個直接方面，即我們工業和汽車行業的非通路部分。而我們所說的供不應求現象，主要發生在渠道環節。

But I don't want to underwrite, if you will, that level of increase into 2026 until we actually see the strength underlying the overall industrial and auto business.

但是，在真正看到整個工業和汽車行業的潛在強勁勢頭之前，我不想對 2026 年的這種增長水平做出任何保證。

And the backlog coverage -- sorry, go ahead Ford.

至於積壓訂單的覆蓋率——抱歉，福特，請繼續。

No. What is the number that you're mentioning then for....

不。那麼，你提到的數字指的是什麼呢？

He's saying 52%, 47%, 50% something like that in terms of the industrial auto through the year. Is that right, Quinn?

他說，就全年工業汽車而言，佔比大概是 52%、47%、50% 之類的。奎因，是這樣嗎？

Yes, I'm just -- industrial and auto.

是的，我主要從事工業和汽車行業。

That's our number.

那是我們的電話號碼。

So to answer your question -- so your number for -- well, maybe we should do this reconciliation after the call? Quinn?

所以，為了回答你的問題——所以你的號碼——嗯，也許我們應該在通話結束後進行核對？奎因？

Yes. Yes, we can take offline. The other question I had just on the comms and compute, guys, you talked about servers up over 80% year-to-date, and I think the comms up over 60% year-to-date.

是的。是的，我們可以離線。關於通信和計算方面，我還有一個問題。你們提到伺服器數量今年迄今增加了 80% 以上，我認為通訊數量今年迄今成長了 60% 以上。

Yet if I look at the total comms and compute in '25, even with a healthy increase Q-on-Q in December, kind of looks like you're going to be up mid-20s for the year.

但是，如果我查看 2025 年的總通訊量並進行計算，即使 12 月環比增長良好，看起來全年也只會增長 25% 左右。

And so it feels like there must be a portion of comms and compute that's down pretty substantially to bring the total bucket to mid-20s when I think the 2 biggest components of comms and compute, servers and wired comms are growing 3 faster. So what's the offset?

因此，感覺通訊和運算領域一定有一部分大幅下降，導致總份額降至 20 多，而我認為通訊和運算領域最大的兩個組成部分——伺服器和有線通訊——的成長速度是原來的 3 倍。那麼偏移量是多少呢？

Yes, yes. Yes, the offset is the client business. So we had a big client business last year that pretty much has disappeared now.

是的，是的。是的，抵銷部分是客戶業務。去年我們有一個很大的客戶業務，但現在幾乎完全消失了。

So we've had a big headwind in the client business, Quinn, with 3 client OEMs, large 1 and 2 medium-sized ones. And that headwind disappears now.

奎因，我們在客戶業務方面遇到了很大的阻力，我們有 3 家客戶 OEM，其中 1 家是大型 OEM，2 家是中型 OEM。現在，那股逆風消失了。

Chris Myers from Rosenblatt Securities.

來自 Rosenblatt Securities 的 Chris Myers。

This is Chris Myers on for Kevin Cassidy. First, can you guys just share your current view on the automotive market right now? Are you guys seeing any inventories come down or any backlog start to build up again?

這是克里斯·邁爾斯代替凱文·卡西迪解說。首先，請各位分享你們目前對汽車市場的看法？你們那邊庫存有下降的跡象嗎？或是積壓訂單又開始堆積了嗎？

And then on the data center side, what's the trend that you guys are seeing in terms of your dollar content per traditional server versus AI servers?

那麼在資料中心方面，你們觀察到的傳統伺服器和 AI 伺服器的每美元內容成本趨勢如何？

And then do these devices play different roles in the 2 different types of systems?

那麼，這些設備在兩種不同類型的系統中扮演不同的角色嗎？

Yes. We -- on the AI server versus traditional server, we definitely have more content in AI servers because of the aggregated nature of these servers. So we -- so yes. And then on the...

是的。與傳統伺服器相比，由於人工智慧伺服器的聚合特性，我們在人工智慧伺服器上肯定擁有更多的內容。所以——是的。然後，在…

On the auto, first, let's remind everybody that the automotive business is a very small part of our business. And what we see on a global basis is not -- we don't see any tailwinds there yet, except the place that seems to be moving the fastest is in China automotive.

首先，關於汽車業務，我們要提醒大家，汽車業務在我們公司業務中所佔比例非常小。而從全球範圍來看，我們還沒有看到任何利多因素，除了中國汽車產業似乎是發展最快的領域。

But again, that's a portion of our overall business, which is a small part of our overall industrial and auto business. So that's what we see. We don't see auto strength anywhere but China.

但話說回來，這只是我們整體業務的一部分，而這又是我們整體工業和汽車業務的一小部分。這就是我們看到的。除了中國，我們看不到其他地方的汽車產業實力。

Got it. Thank you. Thank you guys very much. I appreciate you taking my question.

知道了。謝謝。非常感謝各位。感謝您回答我的問題。

Ladies and gentlemen, this concludes the question-and-answer session. I would now hand the conference over to Lattice Semiconductor's Vice President of Investor Relations, Rick Muscha, for closing comments.

女士們、先生們，問答環節到此結束。現在我將把會議交給萊迪思半導體公司投資者關係副總裁里克·穆沙，請他作總結發言。

Yes. Thanks, everyone, for joining us today. We'll be attending the following investor events this quarter: the Stifel 2025 Midwest One-on-On Conference in Chicago on November 6, The AllianceBernstein 2025 Buy-Side Small and Mid-Cap Summit in New York City on November 18. And then lastly, the UBS Global Technology and AI Conference on December 2 in Scottsdale.

是的。感謝各位今天蒞臨。本季我們將參加以下投資者活動：11 月 6 日在芝加哥舉行的 Stifel 2025 中西部一對一會議，以及 11 月 18 日在紐約市舉行的 AllianceBernstein 2025 買方中小市值公司高峰會。最後，還有 12 月 2 日在斯科茨代爾舉行的瑞銀全球科技與人工智慧大會。

This completes our call. Thank you very much for your participation, and have a good evening.

通話到此結束。非常感謝您的參與，祝您晚安。

Thank you. Ladies and gentlemen, the conference of Lattice Semiconductor has now concluded. Thank you for your participation. You may now disconnect your lines.

謝謝。女士們、先生們，萊迪斯半導體公司的會議到此結束。感謝您的參與。現在您可以斷開線路了。