Lightwave Logic, Inc. (LWLG) 2026 Q1 法說會逐字稿

Ladies and gentlemen, greetings, and welcome to the Lightwave Logic Q1 2026 financial results and business update conference call. (Operator Instructions) It is now my pleasure to introduce your host for today, Ryan Coleman, Investor Relations. Please go ahead.

各位女士、先生，大家好，歡迎參加 Lightwave Logic 2026 會計年度第一季財務業績與業務更新電話會議。(接線員指示) 現在我很榮幸介紹今天的主持人：投資人關係部 Ryan Coleman。請開始。

Thank you, operator, and good afternoon, everyone. Thanks for joining us today for Lightwave Logic's first quarter 2026 financial results and business update call. I'm joined on today's call by Lightwave Logic's President and Chief Executive Officer, Yves LeMaitre. Please note that this call is in listen-only mode for the duration of the call and that a replay will be posted to the company's website shortly after the call concludes.

謝謝接線員，大家下午好。感謝各位今天參加 Lightwave Logic 2026 會計年度第一季財務業績與業務更新電話會議。今天與會的還有 Lightwave Logic 總裁兼執行長 Yves LeMaitre。請注意，本次電話會議全程為僅收聽模式，會議結束後不久，公司網站將提供重播。

Some of the matters we'll discuss on this call, including statements and our business outlook, are forward-looking, and as such, this call speaks only as of today, May 13, 2026. Such statements are may be considered forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.

我們在本次電話會議中將討論的部分事項（包括陳述與我們的業務展望）屬於前瞻性內容，因此本次電話會議僅反映截至今日（2026 年 5 月 13 日）的情況。此類陳述可能構成《1995 年私人證券訴訟改革法》所定義的前瞻性陳述。

The matters discussed on this call are subject to known and unknown risks and uncertainties, and these risks and uncertainties could cause actual operating results to differ materially from those expressed in the call.

本次電話會議所討論事項受到已知與未知風險及不確定性影響，且這些風險與不確定性可能導致實際營運結果與本次電話會議所表達內容出現重大差異。

A more detailed description of the risks our company faces is more fully described by the company under the caption Risk Factors included in our most recent Form 10-K and Form 10-Q. As always, Lightwave Logic assumes no obligation to update the information presented on this conference call. Lastly, you are cautioned that any time-sensitive information may no longer be accurate at the time of replay listening or transcript reading.

關於本公司所面臨風險的更詳細說明，請參閱公司最近一期 Form 10-K 與 Form 10-Q 中「風險因素」(Risk Factors) 章節的完整揭露。一如既往，Lightwave Logic 不承擔更新本次電話會議所提供資訊的任何義務。最後，請注意任何具時效性的資訊，在收聽重播或閱讀逐字稿時可能已不再準確。

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

接下來，我把電話交給 Yves。

Good afternoon, and thank you for joining us today. We appreciate the continued support of our shareholders, partners, employees and everyone following Lightwave Logic as we advance our mission during one of the most transformative periods in technology history.

各位下午好，感謝各位今天加入我們。在科技史上最具變革性的時期之一，我們持續推進使命之際，感謝股東、合作夥伴、員工以及所有關注 Lightwave Logic 的朋友們持續支持。

The world is currently experiencing a profound AI revolution. Artificial intelligence is no longer an emerging concept. It is becoming the foundational driver of innovation, productivity and global economic growth. From hyperscale data centers to edge computing and next-generation AI factories, AI is reshaping how information is created, processed, transmitted and consumed.

當前世界正經歷一場深刻的 AI 革命。人工智慧不再只是新興概念。它正成為推動創新、生產力與全球經濟成長的基礎驅動力。從超大規模資料中心到邊緣運算與下一代 AI 工廠，AI 正在重塑資訊的生成、處理、傳輸與消費方式。

At the center of this transformation is a growing challenge, the need for dramatically faster, more efficient and scalable data movement. AI connectivity is becoming just as critical as computing-powered cells. As AI models grow exponentially in size and complexity, traditional and electronic interconnects are approaching their physical limits and need to be replaced by photonics solution. This is where the convergence of semiconductors and photonics becomes essential.

在這場轉型的核心，是一項日益嚴峻的挑戰：需要大幅更快、更高效率且可擴展的資料移動能力。AI 連結性正變得與運算能力同等關鍵。隨著 AI 模型在規模與複雜度上呈指數成長，傳統與電子互連正逼近其物理極限，必須由光子學解決方案取代。這正是半導體與光子學融合變得至關重要之處。

The future of AI infrastructure will depend on technology that can deliver higher bandwidth, lower power consumption, increased density, and scalable manufacturing solutions. As demonstrated by major financial investments in several optical and semiconductor companies and the high M&A activity in the sector, Photonics is recognized as a critical technology for the next generation of AI networking architectures.

AI 基礎設施的未來將取決於能夠提供更高頻寬、更低功耗、更高密度以及可擴展製造方案的技術。從對多家光學與半導體公司的重大財務投資，以及該領域高度的併購活動可見，光子學已被視為下一代 AI 網路架構的關鍵技術。

And we believe that Lightwave Logic is uniquely positioned at the intersection of these two worlds. Our Perkinamine, electro-optic polymer platform was designed precisely for this evolution by combining the scalability of semiconductor manufacturing with the performance advantages of advanced photonics. We believe that Lightwave Logic is positioned to help address some of the most important challenges facing AI infrastructure over the coming decade.

我們相信，Lightwave Logic 在這兩個世界的交會點上具備獨特定位。我們的 Perkinamine 電光聚合物平台正是為了這一演進而設計，將半導體製造的可擴展性與先進光子學的效能優勢結合在一起。我們相信，Lightwave Logic 有能力在未來十年協助解決 AI 基礎設施所面臨的一些最重要挑戰。

Over the past year, we have remained focused not only on advancing our technology, but also on strengthening execution across the company. We recognize the importance of credibility, transparency, and disciplined operational progress. We have worked hard to restore confidence through measurable execution, technical advancement, stronger ecosystem engagement and a continued focus on commercial readiness.

過去一年，我們不僅專注於推進技術，也致力於強化公司整體執行力。我們深知可信度、透明度與嚴謹的營運進展的重要性。我們透過可衡量的執行成果、技術進展、更強的生態系互動，以及持續聚焦商業化準備度，努力重建市場信心。

While we are satisfied with the meaningful progress we've made, we also recognize that our work continues. Our commitment remains clear to demonstrate steady and sustainable progress across the technical, commercial and operational dimensions of the business.

雖然我們對已取得的實質進展感到滿意，但也清楚我們的工作仍在持續。我們的承諾依然明確：在技術、商業與營運等面向展現穩健且可持續的進展。

First, let's take a look at our progress towards commercialization and revenue generation. Our primary target market keeps expanding rapidly. If we compare the updated market opportunity to what we presented about a year ago, evolution is quite significant, and we believe it reflects the extraordinary acceleration taking place across AI infrastructure and optical networking markets.

首先，讓我們看看在商業化與營收創造方面的進展。我們的主要目標市場仍在快速擴張。若將更新後的市場機會與約一年前我們所呈現的內容相比，演變相當顯著；我們相信這反映了 AI 基礎設施與光網路市場正在發生的非凡加速。

A year ago, our TAM for 2028 analysis highlighted approximately $24 billion in combined addressable markets across AI, data center and telecom application with a serviceable addressable market or SAM estimated at approximately $1 billion to $2.5 billion for electro-optic polymer modulators depending on the level of integration.

一年前，我們針對 2028 年的 TAM 分析指出，AI、資料中心與電信應用的合計可觸及市場約為 240 億美元；而電光聚合物調變器的可服務可觸及市場（SAM）則依整合程度不同，估計約為 10 億至 25 億美元。

At that time, the industry was already recognizing the importance of photonics and high-speed interconnects, but the scale and urgency of AI-driven infrastructure demand had not yet fully emerged. Over the last 12 months, however, the market environment has evolved dramatically.

當時，產業已認知光子學與高速互連的重要性，但由 AI 驅動的基礎設施需求之規模與急迫性尚未完全浮現。然而在過去 12 個月，市場環境已出現劇烈變化。

Today, AI has clearly become the primary driver of networking infrastructure. The rapid scaling of large language models, AI clusters, XPU to XPU communications and co-packaged optics architectures has materially increased projected bandwidth requirements across the industry. That acceleration is reflected directly in our updated TAM analysis.

如今，AI 已明確成為網路基礎設施的主要驅動力。大型語言模型、AI 叢集、XPU 對 XPU 通訊以及共封裝光學（CPO）架構的快速擴張，已實質推升全產業對頻寬需求的預測。這種加速也直接反映在我們更新後的 TAM 分析中。

Our AI and data center combined optical transceiver TAM alone in 2028 has expanded from approximately $17 billion to approximately $47 billion, driven by a substantial increase in projected deployments of 1.6 terabit and 3.2 terabit transceivers and co-package optics operating at 200 gigabits per second and beyond per lane. In addition, the demand for high-speed coherent or coherent light pluggable transceivers is now fast growing with DCI or scale across intercampus connections.

僅就 AI 與資料中心合計的光收發器 TAM 而言，我們對 2028 年的估計已由約 170 億美元擴大至約 470 億美元，主要受 1.6T 與 3.2T 收發器，以及每通道 200Gbps 及以上之共封裝光學部署預期大幅增加所帶動。此外，隨著 DCI（資料中心互連）或跨園區（intercampus）連線的規模擴張，對高速相干或相干光可插拔收發器的需求也正快速成長。

As a result of these industry dynamics, our estimated serviceable addressable market has also expanded meaningfully from approximately $1 billion to $2.5 billion previously to an estimated range of approximately $2 billion to $4 billion today.

在這些產業動態的推動下，我們估計的可服務可觸及市場也顯著擴大，從先前約 10 億至 25 億美元，提升至目前估計約 20 億至 40 億美元的區間。

Let's look in more detail at our progress on the customer front. We continue to see encouraging growth in customer engagement and market traction as industry participants increasingly evaluate novel materials to address the performance and power challenges associated with AI networking.

接著更深入看看我們在客戶端的進展。隨著產業參與者日益評估新型材料，以解決 AI 網路所面臨的效能與功耗挑戰，我們持續看到客戶互動與市場動能的令人鼓舞成長。

In particular, the performance, size and manufacturing challenges of indium phosphide-based EML transceivers for scale-out and thin-film lithium niobate modulators for scale across continue to open new doors for electro-optic polymers.

特別是，磷化銦（InP）為基礎的 EML 收發器在 scale-out 方面的效能、尺寸與製造挑戰，以及薄膜鈮酸鋰（TFLN）調變器在 scale across 方面的挑戰，持續為電光聚合物開啟新的機會。

Following the recently announced acquisition of Polariton by Marvell, we now have four major customers, all Fortune 500 or Fortune Global 500 companies at Stage 3 or prototyping of our design win pipeline. We expect one or two additional Tier 1 customers to reach Stage 3 before the end of the third quarter of 2026.

在 Marvell 近期宣布收購 Polariton 之後，我們目前有四家主要客戶，皆為《財富》500 強或《財富》全球 500 強企業，已進入我們 design win 管線的第 3 階段（Stage 3）或原型開發階段。我們預期在 2026 年第三季結束前，將再有一到兩家 Tier 1 客戶進入第 3 階段。

Today, one of the primary factors affecting the pace of new customer engagement and our progression to Stage 4 or manufacturing is the exceptionally strong demand for silicon photonic wafers and devices. The rapid expansion of AI infrastructure has placed significant pressure on the limited number of foundries capable of supporting advanced silicon photonics manufacturing at scale.

目前，影響新客戶互動速度以及我們推進至第 4 階段（Stage 4）或量產的一項主要因素，是對矽光子晶圓與元件的需求異常強勁。AI 基礎設施的快速擴張，已對能夠支援先進矽光子規模化製造的少數晶圓代工廠造成顯著壓力。

As a result, wafer tape-out and fabrication cycle times are longer than normal. This is particularly true for emerging technologies such as electro-optic polymers, where foundries must allocate specialized tools and engineering resources while balancing existing production commitments and capacity expansion.

因此，晶圓 tape-out 與製造週期時間比正常情況更長。對於電光聚合物等新興技術而言尤其如此，因為晶圓代工廠必須在兼顧既有生產承諾與產能擴充的同時，配置專用工具與工程資源。

Despite these industry-wide supply constraints, we continue to make steady progress with our customers. We expect to receive multiple devices from our foundry partners during the third and fourth quarter of 2026. In parallel, we are negotiating a new material supply and licensing agreement with one of our lead customer to support high-volume production, which is anticipated to begin in 2027.

儘管全產業面臨這些供應限制，我們仍持續與客戶穩健推進。我們預期將於 2026 年第三季與第四季期間，從我們的代工合作夥伴處收到多款器件。同時，我們正與其中一位主要客戶洽談新的材料供應與授權協議，以支援高量產；該量產預計於 2027 年開始。

As a background to our increased success with customers, let me highlight a structural technology shift taking place in our industry today, the rapid emergence of silicon photonics as the preferred integration platform for optical interconnects.

作為我們與客戶合作成功度提升的背景說明，我想強調目前產業正在發生的一項結構性技術轉移：矽光子正快速崛起，成為光互連的首選整合平台。

Over the past several years, the optical transceiver market has evolved from a specialized communication market into a foundational enabling technology for hyperscale cloud and AI. What we are seeing now is that silicon photonics is clearly winning the integration platform transition.

過去幾年，光收發器市場已從利基通訊市場演進為支撐超大規模雲端與 AI 的基礎使能技術。我們現在看到的是，矽光子顯然正在贏得整合平台轉換的競賽。

Industry forecasts project that the optical transceiver market could grow to more than $70 billion by 2030, representing a very significant growth trajectory over the next several years. More importantly, silicon photonics is expected to become the dominant technology platform within that market, growing from approximately 23% share in 2021 to an estimated greater than 70% market share by 2030.

產業預測指出，光收發器市場到 2030 年可能成長至超過 700 億美元，代表未來幾年將呈現非常顯著的成長軌跡。更重要的是，矽光子預期將成為該市場中的主導技術平台，其市占率將由 2021 年約 23% 成長至 2030 年估計超過 70%。

There are several reasons driving this transition. First, silicon photonics enables higher levels of integration and scalability that align very well with the semiconductor manufacturing ecosystem. As AI clusters continue to scale, bandwidth requirements increase exponentially, the industry needs technology that can support very high-volume manufacturing, tighter integration with electronic ICs and improve power efficiency.

推動此一轉移的原因有數項。首先，矽光子可實現更高程度的整合與可擴展性，與半導體製造生態系高度契合。隨著 AI 叢集持續擴張、頻寬需求呈指數型增加，產業需要能支援超高量製造、與電子 IC 更緊密整合並提升功耗效率的技術。

Second, silicon photonics provides a pathway towards co-packaged optics and advanced optical interconnect architectures, which are becoming increasingly important as conventional electrical interconnect solution based on copper encounter power density and bandwidth limitations.

其次，矽光子提供通往共封裝光學（co-packaged optics）與先進光互連架構的路徑；當以銅為基礎的傳統電互連方案遭遇功率密度與頻寬限制時，這些架構變得愈發重要。

The level of strategic investment and acquisition activity we are seeing across the industry strongly validates this transition. Companies including AMD, Marvell, Samsung, GlobalFoundries, Credo and others are making significant investment in silicon photonics capabilities, optical integration technologies and co-packaged optics platform. These are not isolated developments. They reflect a broad industry consensus that optical integration with silicon will be critical for the future.

我們在全產業看到的策略性投資與併購活動強力驗證了這項轉移。包括 AMD、Marvell、Samsung、GlobalFoundries、Credo 等公司，正大幅投資於矽光子能力、光整合技術與共封裝光學平台。這些並非零星發展。它們反映出產業普遍共識：光與矽的整合將對未來至關重要。

This trend is highly relevant to Lightwave Logic. Our electro-optic polymer platform is not competing against silicon photonics. It is designed to enhance and enable silicon photonics. We believe our materials can provide meaningful performance advantage in areas such as speed, power efficiency, footprint reduction, manufacturability, while remaining compatible with silicon photonics and semiconductor ecosystems.

此一趨勢與 Lightwave Logic 高度相關。我們的電光聚合物平台並非與矽光子競爭。它的設計目的是強化並促成矽光子。我們相信，我們的材料可在速度、功耗效率、縮小尺寸（footprint）、可製造性等方面提供實質性能優勢，同時仍與矽光子與半導體生態系相容。

In many ways, the increasing adoption of silicon photonics strengthens the strategic relevance of our technology because it expands the overall market opportunity for high-performance modulators. One of the most important developments for Lightwave Logic over the past several years has been the growing adoption and integration of our electro-optic polymer technology within the broader silicon photonics foundry ecosystem.

在許多方面，矽光子採用率的提升強化了我們技術的策略相關性，因為它擴大了高性能調變器的整體市場機會。過去幾年對 Lightwave Logic 而言最重要的發展之一，是我們的電光聚合物技術在更廣泛的矽光子晶圓代工生態系中被日益採用並整合。

The industry recognizes that scalable deployment of optical interconnect technologies requires compatibility with established semiconductor manufacturing platforms, standardized process design kits and mature foundry workflows.

產業已認知到，光互連技術要能規模化部署，必須與既有的半導體製造平台、標準化製程設計套件（PDK）以及成熟的代工流程相容。

As a result, our strategy has focused on embedding our polymer modulator technology directly into leading silicon photonics ecosystem through partnerships and PDK integrations with organizations such as Tower Semiconductor, GlobalFoundries through the GDS Factory ecosystem and SilTerra with Luceda Photonics.

因此，我們的策略聚焦於透過合作夥伴關係與 PDK 整合，將我們的聚合物調變器技術直接嵌入領先的矽光子生態系；合作對象包括 Tower Semiconductor、透過 GDS Factory 生態系的 GlobalFoundries，以及與 Luceda Photonics 合作的 SilTerra。

These integrations are important because they enable designers and customers to access our technology at the foundry of their choice, accelerate development cycles and support future high-volume manufacturing pathways. We believe this represents a significant validation of the compatibility and manufacturing of our platform within commercial silicon photonic infrastructure.

這些整合之所以重要，是因為它們讓設計者與客戶能在其選擇的代工廠取得我們的技術，加速開發週期，並支援未來高量產的路徑。我們相信，這代表我們平台在商用矽光子基礎設施中的相容性與可製造性獲得重要驗證。

In addition, our recent announcement regarding the advancement of PDK 1.1 further demonstrates continued progress towards expanding functionality, improving design, and supporting ultra-high-speed device architectures.

此外，我們近期關於 PDK 1.1 推進的公告，進一步展現我們在擴充功能、改善設計並支援超高速器件架構方面的持續進展。

Collectively, these developments reinforce our view that foundries will play a central role, not only in scalable manufacturing, but also in enabling our long-term IP licensing and commercialization strategy. We believe that the current capacity, equipment, and process constraints experienced at various silicon foundries will gradually disappear over the next 12 months as major investments and entry of new players with balance supply and demand both for new design as well as for production requirements.

綜合而言，這些發展強化了我們的觀點：晶圓代工廠不僅將在可規模化製造中扮演核心角色，也將在推動我們長期 IP 授權與商業化策略方面扮演關鍵角色。我們相信，隨著重大投資到位以及新進者加入，在未來 12 個月內，各家矽晶圓代工廠目前所面臨的產能、設備與製程限制將逐步消退，並在新設計與量產需求兩方面達成供需平衡。

One quick update on our progress in demonstrating the reliability of electro-optic polymers, not just as a novel material, but also when integrated into full devices. Over the past year, Lightwave Logic has continued to make significant technical progress in demonstrating the long-term reliability and stability of our electro-optic polymer platform, an important milestone for commercial deployment within demanding data center, telecom and AI networking environments.

關於我們在證明電光聚合物可靠性方面的進展，這裡提供一則快速更新：不僅是作為新穎材料本身，也包括其整合到完整器件後的表現。過去一年，Lightwave Logic 持續在證明我們電光聚合物平台的長期可靠性與穩定性方面取得顯著技術進展；這是能在要求嚴苛的資料中心、電信與 AI 網路環境中商用部署的重要里程碑。

Historically, reliability has been viewed as one of the primary technical challenges associated with organic materials, and we believe our recent results demonstrate meaningful progress in addressing those industry concerns.

歷來，可靠性一直被視為有機材料相關的主要技術挑戰之一；我們相信近期結果顯示，我們在回應產業疑慮方面已取得實質進展。

As highlighted in our recent technical updates and press releases, our latest generation materials have successfully passed key Telcordia-related stress testing when combined with our proprietary encapsulation approaches, validating projected long-term thermal stability and environmental robustness.

如我們近期技術更新與新聞稿所述，我們最新一代材料在結合自有封裝（encapsulation）方法後，已成功通過與 Telcordia 相關的關鍵應力測試，驗證其預期的長期熱穩定性與環境耐受性。

Our data indicates excellent resistance to critical degradation mechanisms such as loss of poling efficiency, chromophore decomposition and photo-oxidation under accelerated stress conditions, including high temperature and high humidity environment such as 85 degrees Celsius, 85% reductive humidity testing.

我們的數據顯示，在加速應力條件下（包括高溫與高濕環境，例如 85°C、85% 還原性濕度測試），材料對關鍵劣化機制（如取向（poling）效率損失、發色團分解與光氧化）具有極佳的抗性。

In parallel, we continue advancing both chip level and device level reliability studies to validate long-term operational stability under real-world integration conditions. We believe our recent reliability results at the device level represent another important step towards commercial readiness.

同時，我們持續推進晶片層級與器件層級的可靠性研究，以在真實世界的整合條件下驗證長期運作穩定性。我們相信，近期在器件層級取得的可靠性結果，是邁向商用就緒的另一項重要步驟。

Now let's talk about intellectual property for a minute as we expect this topic to be highly relevant in the future. Electro-optic polymers offer what we believe is a highly compelling alternative to traditional modulator materials such as indium phosphide or InP and thin-film lithium niobate or TFLN.

接下來我們花一點時間談談智慧財產權，因為我們預期這個主題在未來將高度相關。電光聚合物提供了我們認為極具吸引力的替代方案，可取代傳統調變器材料，例如磷化銦（InP）與薄膜鈮酸鋰（TFLN）。

Electro-optic polymers combine several important advantages, very high electro-optic efficiency, ultra-high bandwidth, lower drive voltage, compact device footprints, and the potential for significantly reduced power consumption.

電光聚合物結合了多項重要優勢：極高的電光效率、超高頻寬、更低的驅動電壓、緊湊的器件占用面積，以及大幅降低功耗的潛力。

In addition, polymer materials can be processed using scalable semiconductor manufacturing techniques and integrating with existing silicon photonics platform. Lightwave Logic intellectual property strategy is designed to build broad and defensible protection across the entire electro-optic polymer technology stack, expanding well beyond individual materials to encompass device architectures, fabrication processes, integration methodologies, and advanced packaging approaches.

此外，聚合物材料可採用可擴展的半導體製造技術進行加工，並可與既有矽光子平台整合。Lightwave Logic 的智慧財產權策略旨在針對整個電光聚合物技術堆疊建立廣泛且具防禦性的保護，範圍遠超單一材料本身，涵蓋器件架構、製造製程、整合方法學，以及先進封裝方式。

Our objective has been to create a comprehensive patent portfolio that supports long-term commercialization, reinforces our strategic position within the silicon photonics ecosystem and enables multiple options for monetization, including licensing and technology partnerships.

我們的目標是建立一套完整的專利組合，以支援長期商業化、強化我們在矽光子生態系中的策略地位，並提供多元變現選項，包括授權與技術合作夥伴關係。

Today, our portfolio includes both granted and pending US and international patents covering critical aspects of high-performance electro-optic materials, modulator and device engineering, semiconductor integration techniques, manufacturing scalability and packaging solution.

目前，我們的專利組合包含已核准與申請中的美國及國際專利，涵蓋高性能電光材料、調變器與器件工程、半導體整合技術、製造可擴展性以及封裝解決方案等關鍵面向。

We believe this broad IP foundation is particularly important as the industry moves towards more complex photonic electronic integration architectures where system-level know-how and manufacturability becomes increasingly valuable competitive differentiators.

我們相信，隨著產業朝向更複雜的光子—電子整合架構發展，在此情境下，系統層級的專業知識與可製造性日益成為更具價值的競爭差異化因素，因此這項廣泛的智慧財產（IP）基礎尤為重要。

In addition, our recent announcement regarding our engagement with Michael Best further reinforces our commitment to strengthening and expanding our intellectual property position as we continue advancing our commercialization and licensing initiatives.

此外，我們近期宣布與 Michael Best 的合作進一步強化了我們的承諾：在持續推進商業化與授權計畫的同時，強化並擴展我們的智慧財產布局。

Finally, let me summarize our financial results. For the first quarter of 2026, Lightwave Logic continued to maintain a strong financial position while increasing investments aligned with our technical development, commercialization activities and strategic growth initiatives. Revenue for the quarter was approximately $29,000, representing a 27% year-over-year increase. Net loss for the quarter was $6.3 million or $0.04 per share compared to a net loss of $4.7 million in the prior year period, while loss per share remained flat year-over-year.

最後，讓我總結我們的財務結果。在 2026 年第一季，Lightwave Logic 在維持強勁財務狀況的同時，增加了與我們技術開發、商業化活動及策略性成長計畫相一致的投資。本季營收約為 29,000 美元，年增 27%。本季淨損為 630 萬美元，或每股 0.04 美元；相較於去年同期淨損 470 萬美元，而每股虧損則與去年同期持平。

Importantly, our increased operating expenses reflect continued investment in research and development, customer engagement activities, foundry ecosystem integration, intellectual property expansion and organizational capabilities necessary to support future commercialization efforts.

重要的是，我們營運費用的增加反映出我們持續投入研發、客戶互動活動、晶圓代工生態系整合、智慧財產擴充，以及支援未來商業化所需的組織能力建置。

R&D investments increased to $3.5 million as we continued advancing device performance, reliability validation and integration activities, while G&A expenses increased primarily due to strategic operational initiatives.

研發投資增加至 350 萬美元，因我們持續推進元件效能、可靠性驗證與整合活動；而一般及行政（G&A）費用的增加主要來自策略性營運計畫。

We ended the quarter with a very strong cash position of approximately $75 million in cash and equivalents, providing substantial financial flexibility to support the execution of our strategic road map and long-term growth objectives. Since the end of the first quarter of 2026, we have used up the shelf put in place in August of 2024. As a result, our cash on hand as of May 11, 2026, is approximately $100 million.

本季結束時，我們擁有非常強勁的現金部位，現金及約當現金約 7,500 萬美元，為執行我們的策略路線圖與長期成長目標提供充足的財務彈性。自 2026 年第一季結束以來，我們已用盡於 2024 年 8 月設立的 shelf。因此，截至 2026 年 5 月 11 日，我們手上現金約為 1 億美元。

In summary, we believe the opportunity in front of us is significant, and we remain focused on building long-term value for our shareholders while positioning Lightwave Logic to play an important role in the future of AI networking and photonic integration.

總結而言，我們相信眼前的機會相當可觀；我們仍專注於為股東創造長期價值，同時讓 Lightwave Logic 在 AI 網路與光子整合的未來扮演重要角色。

Now let me turn the call over to Ryan for our Q&A session. Ryan?

現在我把電話會議交給 Ryan 進行問答環節。Ryan？

Thanks, Yves. When we announced this call, we invited investors to submit questions ahead of time. We'd like to thank the investors who continue to take the time to do so and we appreciate your continued engagement on these calls. Our first question, size is important for CPO and TFLN may struggle because it is too big. Does this change the competitive landscape? And does TFLN remain a major competitor today?

謝謝你，Yves。在我們宣布本次電話會議時，我們邀請投資人事先提交問題。我們要感謝持續撥冗這麼做的投資人，也感謝各位在這些電話會議上的持續參與。我們的第一個問題是：尺寸對 CPO 很重要，而 TFLN 可能因為太大而面臨困難。這是否改變競爭格局？而 TFLN 目前仍是主要競爭對手嗎？

Well, first, each one of the AI connectivity subsegments, scale up, scale out and scale across can benefit from the characteristics of our Perkinamine materials. For scale-up and CPO in particular, size is becoming a fundamental constraint due to the limited real estate available at the edge of the XPU or the switch ASIC.

首先，AI 連接的各個子區隔——scale up、scale out 與 scale across——都能受益於我們 Perkinamine 材料的特性。尤其是對於 scale-up 與 CPO 而言，由於 XPU 或交換器 ASIC 邊緣可用面積有限，尺寸正成為一項根本性的限制。

For scale-out, power, speed and size are all critical. And finally, scale across is pushing the limits of modulator bandwidth. Electro-optic polymers is one platform that can address all of these applications unlike other technologies such as indium phosphide or TFLN, both having to deal with power, size and high-volume manufacturing challenges.

對於 scale-out 而言，功耗、速度與尺寸都至關重要。最後，scale across 正在推動調變器頻寬的極限。電光聚合物是一個能夠涵蓋所有這些應用的平台；不同於磷化銦或 TFLN 等其他技術，後者都必須面對功耗、尺寸以及高量產製造方面的挑戰。

Polariton was a partner on several projects. Did the Marvell acquisition of Polariton interrupt any of these projects? And do you expect that they'll all be pursued?

Polariton 曾在多個專案中擔任合作夥伴。Marvell 收購 Polariton 是否中斷了其中任何專案？你是否預期這些專案都會繼續推進？

Well, as you know, this acquisition just closed, and we make it a rule of not commenting on the specifics of potential or existing customers under NDA. Let me say though, congratulations to Marvell for picking a leader in plasmonic solution. We envision plasmonic to become a critical technology beyond 400G. What I can tell you about Marvell is just like any other customers, we will work very hard to deserve their business going forward, and we are looking forward in engaging with them.

如各位所知，這項收購才剛完成，而我們一向的原則是不對 NDA 之下的潛在或既有客戶細節發表評論。不過我想說，恭喜 Marvell 選擇了一家電漿子解決方案的領導者。我們預期電漿子技術在 400G 之後將成為關鍵技術。我能告訴各位的是，對 Marvell 而言，就像對任何其他客戶一樣，我們未來會非常努力去贏得他們的業務，也期待與他們展開合作。

Could you confirm that polymers are compatible with each segment of the AI scale up, scale out and scale across?

你能否確認，聚合物與 AI 的 scale up、scale out 與 scale across 各個區段都相容？

Yes. As we discussed earlier, this is one of our main advantages due to the flexibility of the Perkinamine electro-optic polymer platform. As a matter of fact, recently, the scale across market has been very active, and we are following closely the road map for this coherent light, coherent and DCI pluggable solution that are pushing the modulator bandwidth requirements.

可以。如同我們先前討論的，這是我們的主要優勢之一，源自 Perkinamine 電光聚合物平台的彈性。事實上，近期 scale across 市場非常活躍，我們正密切追蹤相干光（coherent）與 DCI 可插拔（pluggable）解決方案的路線圖，這些方案正在推升對調變器頻寬的需求。

And what is the status of the in-house polymer manufacturing equipment personnel and the readiness of a redundant manufacturing source?

那麼，自有聚合物製造設備與人員的狀態如何？以及備援製造來源的準備情況如何？

Well, this is a very active program here in Denver. We are setting up a new Perkinamine production line, commissioning new equipment and hiring process and production personnel to be ready to ramp production here in Denver. At this point in time, we have not engaged in developing a redundant manufacturing infrastructure.

這在丹佛是一個非常積極推進的計畫。我們正在建立一條新的 Perkinamine 生產線、進行新設備的試車（commissioning），並招募製程與生產人員，以便在丹佛做好量產爬坡的準備。截至目前，我們尚未著手建立備援製造基礎設施。

And the last question, what's the status and progress of the back end of line PDKs, including ALD encapsulation and testing readiness at foundry partners?

最後一個問題：後段製程（back end of line）的 PDK（含 ALD 封裝）以及在晶圓代工夥伴端的測試就緒狀態，目前進展如何？

Excellent question. We have not talked publicly about plans for expanding our capacity. Today, we are performing in-house back end of line, which is a deposition and encapsulation of the polymers in Denver. We might go to high-volume manufacturing partners in the future. This is a topic we will address in future updates. What I can share at this point in time is that we are talking to multiple partners about this topic.

這是個很好的問題。我們尚未公開談論擴充產能的計畫。目前我們在丹佛進行自有的後段製程，也就是聚合物的沉積與封裝。未來我們可能會轉向高量產製造夥伴。這個議題我們會在後續更新中再行說明。目前我能分享的是，我們正就此議題與多家合作夥伴洽談。

Thanks you. A brief marketing note before we conclude today's call. The company will be virtually attending the Needham Technology, Media and Consumer Conference tomorrow, May 14. Investors that are interested in meeting with the company should contact their Needham representative.

謝謝你。在結束今天的電話會議前，補充一則簡短的行銷訊息。公司將於明天 5 月 14 日以線上方式參與 Needham 科技、媒體與消費者研討會。有意與公司會面的投資人，請聯絡您在 Needham 的代表。

And also a reminder that the Annual Shareholder Meeting will be held virtually next Thursday, May 21, at 10:00 AM Mountain Time. Thank you all again for joining us today. We look forward to sharing our progress and discussing the exciting developments at the company that are underway.

另外提醒各位，年度股東大會將於下週四 5 月 21 日上午 10:00（山區時間）以線上方式舉行。再次感謝各位今天的參與。我們期待分享我們的進展，並討論公司正在推進的令人振奮的新發展。

Ladies and gentlemen, the conference call of Lightwave Logic has now concluded. Thank you for your participation, and you may now disconnect.

各位女士、先生，Lightwave Logic 的電話會議到此結束。感謝各位的參與，您現在可以掛線。