Lightwave Logic, Inc. (LWLG) 2026 Q2 法說會逐字稿

Greetings. Welcome to the Lightwave Logic Q2 2026 Financial Results and Business Update Conference Call. (Operator instructions)

各位好。歡迎參加 Lightwave Logic 2026 年第二季財務業績與業務更新電話會議。(接線員指示)

I will now turn the conference over to Nick Teves of Investor Relations. Thank you, Nick. You may begin.

現在我將把會議交給投資人關係部的 Nick Teves。謝謝你，Nick。你可以開始了。

Thank you, operator, and good morning, everyone. Thanks for joining us today for LightWave Logic's second quarter financial results and business update call. I'm joined on today's call by LightWave Logic's President and Chief Executive Officer, Yves LeMaitre and LightWave Logic's Chief Financial Officer, Fred Graffam.

謝謝接線員，大家早安。感謝各位今天參加 LightWave Logic 第二季財務業績與業務更新電話會議。今天與我一同出席的有 LightWave Logic 總裁兼執行長 Yves LeMaitre，以及 LightWave Logic 財務長 Fred Graffam。

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. 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, August 11, 2026. Such statements may be considered forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1,995. 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.

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。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 8 月 11 日）的情況。此類陳述可能構成《1995 年私人證券訴訟改革法》所定義之「前瞻性陳述」。本次電話會議所討論事項受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者存在重大差異。

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 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 replay listening or transcript reading. With that, I'll turn the call over to Eve.

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 10-Q 中「風險因素」(Risk Factors) 標題下的內容。一如既往，Lightwave Logic 不承擔更新本次電話會議所提供資訊之任何義務。最後，提醒各位，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。接下來，我把電話交給 Eve。

Hey, good morning everyone and thank you for joining us. The second quarter of 2026 represented another step forward in our transition from technology development to commercialization. As you'll hear today, we expanded to five Stage 3 customers and made excellent progress with our multiple foundry engagements.

各位早安，感謝大家加入我們。2026 年第二季代表我們從技術開發邁向商業化轉型的又一步進展。如各位今天將聽到的，我們已擴展至五家第 3 階段客戶，並在多項晶圓代工合作上取得極佳進展。

With the first wafers expected to be delivered this month but let me start with a bigger picture. AI is being adopted and scaled at an incredible rate, and when something grows this fast, bottlenecks show up everywhere. The industry talks about the availability of compute, the memory wall, interconnect bandwidth, power delivery and cooling we can debate which one is the biggest constraint at any particular point in time. The more important point is that they are all real, they are all connected, and each one has to be addressed if AI infrastructure is going to keep scaling.

首批晶圓預計將於本月交付，不過先讓我從更宏觀的角度談起。AI 正以驚人的速度被採用並擴大規模，而當某件事成長如此迅速時，各種瓶頸就會在各處浮現。業界談論算力供給、記憶體瓶頸、互連頻寬、供電與散熱；我們可以辯論在任何特定時間點哪一項限制最大。更重要的是，這些限制都是真實存在的、彼此相互關聯，而且若 AI 基礎設施要持續擴張，每一項都必須被解決。

For LightWave Logic, the part of the problem we are focused on is the interconnect putting more processors into an AI cluster only helps if those processors can move enormous amounts of data between each other quickly and efficiently. In simple terms, the network has to keep up with the compute today, it simply doesn't as clusters become larger and denser, copper reaches its practical limits over longer distances and power consumption becomes a bigger part of the networking problem. That is why optical networking and silicon photonics in particular is going through quickly we are seeing it in actual foundry results, not just in industry forecasts.

對 LightWave Logic 而言，我們聚焦的問題環節是互連：在 AI 叢集中加入更多處理器，只有在這些處理器能夠彼此之間快速且高效率地傳輸海量資料時才有幫助。簡單來說，網路必須跟上算力；但在今天，隨著叢集變得更大、更密集，銅互連在較長距離上的實用極限已顯現，而功耗也成為網路問題中更重要的一部分。這就是為什麼光網路、尤其是矽光子正在快速發展——我們在實際的晶圓代工結果中看到了這一點，而不僅僅是在產業預測中。

In their latest calls, Global Foundries said its communication infrastructure and data center business grew more than 60% year-over-year, driven in part by optical networking and that it expects its Silicon Photonics revenue to more than double in 2026. Tower of Semiconductor reported that its silicon photonics revenue grew by more than 270% year-over-year and said it is targeting a $1 billion annualized run rate in the fourth quarter. Those are significant numbers and they show how quickly silicon photonics is moving into the mainstream of AI infrastructure. This is a part of the AI infrastructure problem that LightWave Logic is working to fix whether the application is scale up, scale out or scale across, the industry needs more bandwidth, less power and smaller devices that can be easily integrated with silicon and manufactured at scale or perkinamin electro-optic polymers are designed to make silicon photonics faster and more power efficient with a much smaller footprint. Just as important, they are designed to fit into the foundry and packaging infrastructure the industry already uses. We are not asking the market to build completely new manufacturing system around us. We are working to make the silicon photonics platform better.

在其最新的電話會議中，Global Foundries 表示其通訊基礎設施與資料中心業務年增超過 60%，部分由光網路帶動，並預期其矽光子營收在 2026 年將成長至兩倍以上。Tower Semiconductor 則報告其矽光子營收年增超過 270%，並表示其目標是在第四季達到年化 10 億美元的營收運行率。這些都是相當可觀的數字，顯示矽光子正以多快的速度進入 AI 基礎設施的主流。這正是 LightWave Logic 正在努力解決的 AI 基礎設施問題之一：無論應用是 scale up、scale out 或 scale across，產業都需要更高頻寬、更低功耗以及更小型、可輕易與矽整合並可規模化製造的元件；我們的 perkinamine 電光聚合物旨在讓矽光子更快、更省電，且占用面積更小。同樣重要的是，它們被設計為可融入業界既有的晶圓代工與封裝基礎設施。我們並不是要求市場圍繞我們建立一套全新的製造系統。我們是在讓矽光子平台變得更好。

Let me now turn to our silicon photonics foundry work with our partners. So I'm pleased to report that we are making good progress. We currently have three dedicated foundry runs underway. We expect to receive two sets of wafers from those programs during this month of August the third foundry is expected to deliver its wafers in the fourth quarter. We are also preparing a dedicated run with the fourth foundry and working towards a tape-out later this year. Taken together, these four programs give us several parallel paths for advancing our technology and supporting our customers.

接下來我談談我們與合作夥伴進行的矽光子晶圓代工工作。我很高興地報告，我們正取得良好進展。目前我們有三個專屬的晶圓代工投片正在進行中。我們預期在 8 月期間將從其中兩個計畫收到兩批晶圓；第三家代工廠預計在第四季交付其晶圓。我們也正在準備與第四家代工廠進行專屬投片，並朝今年稍晚 tape-out 的目標推進。綜合而言，這四個計畫為我們提供了多條並行路徑，以推進技術並支援客戶。

As we discussed on our first quarter call. Several of the silicon photonics foundries are under pressure because they are dealing with a combination of very strong customer demand, process development for novel materials and the need to catch up on capacity investment. Those pressures have not disappeared. In fact, the growth recently reported publicly by some of the leading players shows just how quickly demand for silicon photonics is increasing. Despite this pressure, two foundries are on track to ship wafers to LightWave Logic this month receiving the wafers is an important milestone, but it's not the end of the process. Once the wafers arrive, our team begins the backend work. That includes depositing the polymer, encapsulating it, preparing the devices for testing, and then completing the characterization work.

正如我們在第一季電話會議中所討論的。多家矽光子晶圓代工廠正承受壓力，因為它們同時面臨非常強勁的客戶需求、針對新型材料的製程開發，以及需要追趕產能投資等多重因素。這些壓力並未消失。事實上，部分領先業者近期公開報告的成長，顯示矽光子需求正在以多快的速度增加。儘管承受這些壓力，仍有兩家代工廠按計畫於本月向 LightWave Logic 出貨晶圓；收到晶圓是一個重要里程碑，但並非流程的終點。晶圓到達後，我們的團隊將開始後段作業。這包括沉積聚合物、進行封裝、為測試準備元件，並完成特性化工作。

We will work closely with our customers throughout that process to confirm that the devices meet their performance requirements and to understand any changes that may be needed. The foundries are learning from these runs as well. The objective is not simply to show that they can process high bandwidth slot modulators. We are working with them to fine-tune the process, improve yield and device performance and make the overall manufacturing flow more efficient and repeatable. That work is essential if we want to move from individual prototype runs to qualification and ultimately generate revenues with volume manufacturing.

在整個過程中，我們將與客戶密切合作，以確認元件符合其效能需求，並了解可能需要的任何變更。代工廠也會從這些投片中學習。目標不僅僅是展示他們能夠製作高頻寬槽型調變器。我們正與他們合作以微調製程、提升良率與元件效能，並使整體製造流程更有效率且更具可重複性。若我們要從單次原型投片邁向認證（qualification），並最終透過量產製造創造營收，這項工作至關重要。

Our active foundry ecosystem now includes Global Foundry, Tower Semiconductor, Silterra and a fourth partner that remains unnamed. We believe having several foundry options is important for our customers and for the long-term scalability of our platform. We will continue strengthening these relationships while also looking for opportunities to add new foundry partners in the future.

我們目前活躍的代工生態系統包括 Global Foundry、Tower Semiconductor、Silterra，以及一家仍未具名的第四家合作夥伴。我們相信，擁有多個代工選項對客戶以及我們平台的長期可擴展性都很重要。我們將持續強化這些合作關係，同時也會尋找機會在未來新增新的代工合作夥伴。

Now let me move to customers, we continue to see strong interest from companies looking for better ways to meet the speed, power and size requirements of AI networks. Interest is important, but what matters to us is moving this discussion into real programs with real engineering work behind them. A new unnamed Fortune Global 500 customer moved into Stage 3 of our design win process with the addition of this new customer, it brings our total number of Stage 3 programs to five. This new customer program is initially focused on scale across transceivers using coherent modulation. While a lot of the AI discussion has focused on scale-up and scale-out, scale across is making a strong comeback as a critical part of next generation AI factory.

接下來談客戶方面：我們持續看到公司對於更佳方式以滿足 AI 網路在速度、功耗與尺寸要求上的強烈興趣。興趣很重要，但對我們而言，更重要的是把這些討論推進到真正的專案，並有實際工程工作作為支撐。一家新的未具名《財富》全球 500 大客戶已進入我們設計導入（design win）流程的第 3 階段；隨著這位新客戶加入，我們第 3 階段專案總數達到五個。此新客戶專案初期聚焦於採用相干調變（coherent modulation）的 scale across 收發器。雖然許多 AI 討論聚焦於 scale-up 與 scale-out，但 scale across 正強勢回歸，成為下一代 AI 工廠的關鍵組成部分。

The practical limits of building ever larger data centers are forcing operators to connect multiple campuses located a few miles to tens of miles apart into one virtual data center. This requires extensive use of ultra-high speed optical links, dense wavelength division multiplexing and coherent modulation Stage 3 is where the work becomes much more concrete. We are no longer talking only about requirements or running an initial evaluation. We are working with our customers' engineering resources on prototypes, foundry runs, device processing and testing. For all of our Stage 3 programs, the job now is to meet the technical milestones required for qualification and eventually Stage 4 the next milestones include the delivery, back-end processing and testing of chips as mentioned earlier.

建置愈來愈大型資料中心的實務限制，正迫使營運商將相距數英里到數十英里的多個園區連結成一個虛擬資料中心。這需要大量採用超高速光學連結、密集波分多工（DWDM）以及相干調變；第 3 階段則是工作開始變得更為具體的階段。我們不再只是談需求或進行初步評估。我們正與客戶的工程資源合作，進行原型、晶圓代工投片、元件製程與測試。對於我們所有第 3 階段的專案，目前的任務是達成取得認證所需的技術里程碑，並最終邁向第 4 階段；下一個里程碑包括如先前所述的晶片交付、後段製程與測試。

We expect the fourth quarter to be very busy for our customer-facing technical staff and engineering team. In parallel, we are working to turn these technical programs into commercial agreements covering material supply, licensing and engineering work with volume production as a longer-term goal. Such material supply and licensing agreement is already in place, and we are actively negotiating a new agreement with another customer whose program is the most advanced on the path to productization, with the goal of beginning volume production in the second half of 2027. I want to be clear about the process. These programs take time. Foundry schedules, design changes, packaging and system testing can all affect the pace. We are pleased with the progress, but we are not going to get ahead of the data of all the customers. Our focus is on doing the work, meeting the next milestone, and earning the right to move each program forward.

我們預期第四季對於面向客戶的技術人員與工程團隊而言將會非常忙碌。同時，我們也在努力將這些技術專案轉化為商業協議，涵蓋材料供應、授權與工程工作，並以量產作為較長期的目標。目前已經有一份材料供應與授權協議到位；我們也正積極與另一位客戶洽談新的協議，該客戶的專案在產品化路徑上最為成熟，目標是在 2027 年下半年開始量產。我想把流程說清楚。這些專案需要時間。晶圓代工排程、設計變更、封裝與系統測試都可能影響進度。我們對進展感到滿意，但我們不會超前於所有客戶的數據。我們的重點是把工作做好、達成下一個里程碑，並贏得推動各專案向前的資格。

At this point, I would like to welcome Fred Graffam, our new Chief Financial Officer. Fred brings the type of financial acumen and operational experience we felt we needed to bring LightWave Logic to the next level. I'm very happy to have him on the team. Fred will take you through our second quarter results and the main financial items for the period. Fred, welcome to LightWave Logic and over to you.

接下來，我想歡迎我們的新任財務長 Fred Graffam。Fred 帶來了我們認為能將 LightWave Logic 帶到下一個層級所需的財務敏銳度與營運經驗。我很高興他加入團隊。Fred 將帶各位回顧我們第二季的業績以及本期主要財務項目。Fred，歡迎加入 LightWave Logic，接下來交給你。

Thank you, Yves, and good morning, everyone. I am very pleased to have joined Lightweight Logic at this important stage in the company's evolution and to be speaking with you for the first time today. While I am still early in my tenure, I have been highly encouraged by the strength of our technology, the caliber of our team and the significant market opportunity ahead as the industry seeks solutions to increasing bandwidth and power efficiency demands. My initial focus has been on understanding the business, our customer engagement and commercialization priorities and ensuring the finance organization is well positioned to support the company's next phase of growth. Working closely with Ease and the leadership team, I am focused on disciplined execution, prudent capital allocation and transparent communications with our shareholders. Drawing on my experience in public company finance, strategic transactions and investor relations, I look forward to helping advance our strategic objectives and effectively communicating our progress to the investment community. I look forward to meeting with many of you in the months ahead and discussing our progress.

謝謝你，Yves，各位早安。我很高興在公司發展演進的這個重要階段加入 LightWave Logic，並在今天首次與各位對話。雖然我到任時間尚短，但我們技術的實力、團隊的水準，以及在產業尋求因應日益增加的頻寬與功耗效率需求之解決方案時所面臨的重大市場機會，都讓我深受鼓舞。我初期的重點在於理解業務、我們的客戶互動與商業化優先事項，並確保財務組織已做好準備以支援公司下一階段的成長。我將與 Yves 及領導團隊緊密合作，聚焦於紀律執行、審慎的資本配置，以及與股東之間透明的溝通。憑藉我在上市公司財務、策略性交易與投資人關係方面的經驗，我期待協助推進我們的策略目標，並有效向投資社群傳達我們的進展。我也期待在未來幾個月與各位中的許多人見面並討論我們的進展。

With that, let me turn to our financial results for the quarter. During the second quarter of 2026. The company maintained a strong balance sheet while continuing to invest in technical development, manufacturing readiness, customer engagement and infrastructure initiatives that support product commercialization. Revenue for the quarter was approximately $33,000 compared with $26,000 in the prior year period. As of June 30, 2026, the company had approximately $100,000 of deferred revenue that will be recognized upon achievement of certain milestones under an existing joint development agreement. Net loss was $6.6 million or $0.04 per share compared with a net loss of approximately $5 million or $0.04 per share in the second quarter of 2025.

接下來我來說明本季的財務結果。在 2026 年第二季，公司在持續投資於技術開發、製造就緒、客戶互動以及支援產品商業化的基礎建設計畫的同時，仍維持強健的資產負債表。本季營收約為 33,000 美元，較去年同期的 26,000 美元增加。截至 2026 年 6 月 30 日，公司約有 100,000 美元的遞延收入，將在既有共同開發協議下達成特定里程碑後認列。淨損為 660 萬美元或每股 0.04 美元，相較於 2025 年第二季約 500 萬美元或每股 0.04 美元的淨損。

Our operating expenses continue to reflect targeted investments to advance technology readiness and support future commercialization, including research and development, intellectual property expansion, foundry ecosystem integration, manufacturing scale-up activities, customer engagement and organizational infrastructure needed to support long-term growth.

我們的營業費用持續反映為推進技術就緒度並支援未來商業化所做的目標性投資，包括研發、智慧財產擴充、晶圓代工生態系整合、製造擴產活動、客戶互動，以及支援長期成長所需的組織基礎建設。

Research and development expense for the quarter was approximately $3.9 million compared with $2.6 million in the prior year period, reflecting continued investment in device performance, reliability, qualification and integration activities. General administrative expenses for the quarter was approximately $3.4 million compared with approximately $2.3 million in the prior year period, primarily reflecting investments in personnel, systems and processes designed to strengthen the infrastructure necessary to support future growth and commercialization. We ended the quarter with $95.9 million in cash equivalents, and marketable securities, providing significant financial flexibility to execute our strategic priorities.

本季研發費用約為 390 萬美元，較去年同期的 260 萬美元增加，反映我們持續投入於元件效能、可靠度、認證與整合活動。本季一般及行政費用約為 340 萬美元，較去年同期約 230 萬美元增加，主要反映我們在人員、系統與流程上的投資，以強化支援未來成長與商業化所需的基礎架構。本季結束時，我們持有 9,590 萬美元的現金約當物與有價證券，為執行策略優先事項提供顯著的財務彈性。

Cash used in operating activities was approximately $9.9 million during the first six months of 2026, compared with $7.3 million in the prior year period, reflecting continued investment in fabrication runs, prototype device development, manufacturing capacity and commercial expansion. Capital expenditures totaled approximately $1.5 million during the first six months of the year, and were focused on supporting production readiness and strengthening our IT infrastructure.

2026 年前六個月，營運活動使用的現金約為 990 萬美元，較去年同期的 730 萬美元增加，反映我們持續投資於投片製造、原型元件開發、製造產能以及商業拓展。本年前六個月資本支出合計約 150 萬美元，主要用於支援量產就緒並強化我們的 IT 基礎建設。

In summary. Focused on aligning our investments with the company's commercialization priorities and long-term value creation strategy. During the second quarter, we strengthened the organization through targeted hiring, increasing headcount by 25% sequentially, particularly in areas critical to manufacturing scale-up, test engineering and commercial development. We also invested in equipment and clean room expansion to enhance prokinamine manufacturing capabilities. And expand quality control processes while continuing to strengthen our IT and systems infrastructure.

總結來說。我們專注於使投資與公司的商業化優先事項及長期價值創造策略一致。在第二季，我們透過目標性招募強化組織，員工人數較前一季增加 25%，特別是在製造擴產、測試工程與商業開發等關鍵領域。我們也投資設備與無塵室擴建，以提升 prokinamine 的製造能力。並在持續強化 IT 與系統基礎建設的同時，擴充品質控管流程。

Collectively, these investments are enhancing our operational readiness, supporting customer engagement activities and positioning the company to capitalize on our commercial opportunities. Looking ahead, we remain committed to maintaining a strong balance sheet while deploying capital thoughtfully to support commercialization and long-term value creation. We believe our financial position and operational investments provide a solid foundation to execute against our strategic priorities and support future growth. With that, I will turn the call back to Yves.

整體而言，這些投資正在提升我們的營運就緒度、支援客戶互動活動，並使公司能把握商業機會。展望未來，我們仍致力於維持強健的資產負債表，同時審慎部署資本以支援商業化與長期價值創造。我們相信，我們的財務狀況與營運投資為落實策略優先事項並支援未來成長提供了穩固基礎。接下來我把電話會議交回給 Yves。

Thank you, Fred. Before we go to questions, I want to come back on the five priorities we set for 2026 and give you a straightforward view of where we stand.

謝謝你，Fred。在進入提問之前，我想回到我們為 2026 年設定的五項優先事項，並直接說明我們目前的進度。

Our first priority was to move, is to move our Stage 3 programs closer to qualification in Stage 4. The important change here is that more of these programs are moving from planning into execution. We now have five customers at Stage 3 and several are approaching the point where foundry-built devices can be tested against specific customer requirements. The way for delivery is expected in August and the fourth quarter should give us a much clearer technical picture and set up the next decision with those customers.

我們的第一項優先事項是推動第 3 階段專案更接近在第 4 階段取得認證。這裡的重要變化是，更多專案正從規劃轉入執行。我們目前有五位客戶處於第 3 階段，其中數個正接近可將代工廠製作的元件，依特定客戶需求進行測試的時間點。預計 8 月交付，第四季應能讓我們更清楚掌握技術面貌，並為與這些客戶的下一個決策做好準備。

The second priority was commercialization, we are building the commercial framework alongside the engineering work instead of waiting until qualification is complete. One method of supply and licensing agreement is already in place and discussion on the second are active with the customer furthest along toward the products. The conversation is increasingly about how we move together through qualification and into production, not simply whether the technology is interesting.

第二項優先事項是商業化；我們在進行工程工作的同時建立商業架構，而不是等到認證完成才開始。目前已經有一種供應與授權協議到位；而對於第二份協議，與在產品化進度最前面的客戶之討論也正積極進行中。對話內容愈來愈聚焦於我們如何共同完成認證並進入量產，而不僅僅是技術是否有趣。

The third priority was to reduce foundry risk and give customers credible manufacturing options. Access to silicon photonics capacity and support for novel material were major constraints when we began. Today, we are working across four foundry relationships at different stages of execution. Each run builds process knowledge, gives customers more flexibility, and helps. Make polymer integration repeatable rather than one-off engineering exercise.

第三項優先事項是降低代工風險，並為客戶提供可信賴的製造選項。在我們起步時，取得矽光子產能以及對新型材料的支援是主要限制。如今，我們正與四家代工夥伴合作，且各自處於不同的執行階段。每一次投片都能累積製程知識、為客戶帶來更大的彈性，並有助於讓聚合物整合變得可重複，而非一次性的工程作業。

The fourth priority was to extend platform performance at 200 gigabits per second, 400 gigabits per lane, and beyond the opportunity is also broadening. Beyond scale-up and scale-out, we now have a stage three scale-across program using coherent modulation. These applications play different. Demands on the modulator, but they all require higher bandwidth, lower power and . The next foundry devices will let us test those advantages in customer-relevant designs and manufacturing flows, not only in the lab.

第四項優先事項是將平台效能延伸至每秒 200Gb、每通道 400Gb 以及更高，相關機會也正在擴大。除了 scale-up 與 scale-out 之外，我們現在也有一個使用相干調變（coherent modulation）的第三階段 scale-across 計畫。這些應用各不相同。對調變器的要求也不同，但它們都需要更高的頻寬、更低的功耗以及。下一代晶圓代工（foundry）器件將使我們能在與客戶相關的設計與製造流程中測試這些優勢，而不僅僅是在實驗室中。

Our fifth priority was to prepare the company operationally for a potential production ramp beginning in 2027. Our expansion plans for Perkinamine production in Denver are progressing well with new staff being trained, new equipment being commissioned to increase our batch size and overall production output.

第五項優先事項是讓公司在營運上為可能自 2027 年開始的量產爬坡做好準備。我們在丹佛擴充 Perkinamine 產能的計畫進展順利，新員工正在受訓，新設備也正在啟用，以提高單批次規模與整體產出。

If I had to summarize our product position today, I would say that the different parts of the strategy are coming together. Customer programs, foundry execution, device performance and commercial discussions are increasingly converging. We are not at the finish line, but the next steps are concrete, measurable and much closer in front of us our job is to execute them well. I want to finish by thanking our employees for the work they put every day, our customers and foundry partners for working through these programs with us and our shareholders for their continued support. We appreciate it. With that, I will turn it back to Nick and Fred and I will take your questions.

如果要我總結我們目前的產品定位，我會說策略的不同部分正在整合到位。客戶專案、代工執行、器件效能與商務討論正日益匯聚。我們尚未抵達終點，但接下來的步驟具體、可衡量，而且離我們更近；我們的工作就是把它們執行好。最後，我要感謝我們的員工每天投入的努力，感謝我們的客戶與代工夥伴與我們一同推進這些專案，也感謝股東持續的支持。我們非常感激。接下來我把時間交還給 Nick 和 Fred，我也將回答各位的提問。

Thank you, Yves. When we announced this call, we invited investors to submit their questions ahead of time. We'd like to thank those investors who took the time to do so, and we appreciate your continued engagement. What are the biggest bottlenecks inside the Foundry ecosystem today? Capacity, process development, yield learning, packaging, or test availability.

謝謝你，Yves。當我們宣布這通電話會議時，我們邀請投資人事先提交問題。我們要感謝那些撥冗提交問題的投資人，也感謝各位持續的參與。目前晶圓代工（Foundry）生態系內部最大的瓶頸是什麼？產能、製程開發、良率學習、封裝，或測試資源的可用性。

Excellent question. We talked earlier about the current business pressure on Foundry for building bare-free conform to the next chips. They must increase capacity, establish new production site, transition to 300-millimeter wafers, and bring in new materials such as electro-optic polymers. We should also take a look at what we call BEOL at Lightwave Logic. It means back end of line. These are the final steps of integration of perkinamine on the bare silicon photonic chip. We have mentioned in earlier calls that this process is currently done in-house at Lightwave Logic in Colorado, but that we are engaged with external partners in outsourcing this step for high-volume production. This is an important project for Lightwave Logic in 2026 and 2027. We are working with one of our lead customers to build a scalable back-end production line so we can scale the production across all aspects of the final product, the perkinamine production, the front-end silicon for the next big production, and the back-end of line process.

很好的問題。我們先前談到，晶圓代工目前面臨的業務壓力，是要為下一代晶片打造符合要求的裸晶片（bare die）。他們必須擴增產能、建立新的生產據點、轉換到 300 毫米晶圓，並導入新的材料，例如電光聚合物。我們也應該看看我們在 Lightwave Logic 所稱的 BEOL。它代表 back end of line（後段製程）。這些是將 Perkinamine 整合到裸矽光子晶片上的最後整合步驟。我們在先前的電話會議中提到，這個流程目前是在科羅拉多的 Lightwave Logic 內部完成，但我們也正與外部夥伴合作，將此步驟外包以支援大批量生產。這是 Lightwave Logic 在 2026 年與 2027 年的重要專案。我們正與一位主要客戶合作，建立可擴充的後段製程產線，以便在最終產品的各個面向擴大量產，包括 Perkinamine 的生產、下一次大規模量產所需的前段矽製程，以及後段製程（back-end of line）流程。

Does the current cash balance provide enough runway to reach the targeted production ramp and assuming no major change in the development timeline?

在假設開發時程沒有重大變化的情況下，目前的現金餘額是否提供足夠的資金跑道，以達成目標的量產爬坡？

Thanks for the question. We strengthened our balance sheet through capital raises completed in late 2025 and early 2026, positioning the company to support its commercialization objectives. And plan scale-up activities. We continue to closely monitor our progress and align operating and capital investments with key business and development milestones. With no debt and approximately $96 million in cash and market securities at the end of the second quarter, we believe we have the financial flexibility to execute on our current organic growth strategy.

謝謝提問。我們透過在 2025 年底與 2026 年初完成的募資強化了資產負債表，使公司能支援其商業化目標。以及規模擴大（scale-up）活動的規劃。我們持續密切監控進度，並使營運與資本投資與關鍵業務及開發里程碑保持一致。在沒有負債，且截至第二季末約有 9,600 萬美元的現金與有價證券的情況下，我們相信公司具備財務彈性，得以執行目前的內生成長策略。

What factors are considered when establishing licensing agreements and technology transfer agreements given public information. Standard industry examples, what should investors expect from these agreements in dollar terms?

在建立授權協議與技術移轉協議時，基於公開資訊會考量哪些因素？以業界標準案例而言，投資人可以期待這些協議在金額上大概會是什麼水準？

Well, we cannot comment on specific dollar value per agreement. Ultimately, it will depend on our pricing agreement for materials, one-time or recurring licensing fees and royalties over the period of the contract. Most importantly, the value will be created by the success of our customers' products and their ability to win market share and volume allocation with the end users who are typically hyperscalers and AI networking companies.

我們無法評論每份協議的具體金額。最終將取決於我們對材料的定價協議、一次性或經常性的授權費，以及合約期間的權利金。最重要的是，價值將由客戶產品的成功所創造，以及他們能否在終端用戶（通常是 hyperscaler 與 AI 網路公司）那裡贏得市占率與出貨量配置。

From a physics standpoint, is it possible that Perkinamine is the only viable material with the performance characteristics to advance CPO in all three applications Scale up, scale across and scale out.

從物理學角度來看，是否有可能 Perkinamine 是唯一具備這些效能特性、能在三種應用（scale-up、scale-across、scale-out）中推進 CPO 的可行材料？

We are certainly not in a position to make such a bold statement we have said that electro-optic polymers exhibit unique characteristics such as ultra-fast bandwidth, efficient electro-optic conversion and extremely compact size. And these attributes bring value to a variety of applications. For instance, scale-up crash is pushing the bandwidth limits, while scale-up needs tiny modulators, lowest power, and integration with silicon. Competition is fierce, and the industry's brightest minds are assessing all kinds of materials and solutions. At Lightwave Logic, we are fortunate to work with some of the industry leaders to demonstrate the value of Perkinamine in scale-up, scale-out and scale across application. We continue to report our progress towards design wins and volume production.

我們當然不適合做出如此大膽的斷言；我們曾表示電光聚合物具有獨特特性，例如超高速頻寬、高效率的電光轉換，以及極為緊湊的尺寸。而這些特性可為多種應用帶來價值。例如，scale-up 正在推動頻寬極限，而 scale-up 需要微小的調變器、最低功耗，以及與矽的整合。競爭非常激烈，業界最頂尖的人才正在評估各種材料與解決方案。在 Lightwave Logic，我們很幸運能與一些業界領導者合作，展示 Perkinamine 在 scale-up、scale-out 與 scale-across 應用中的價值。我們將持續回報在取得設計導入（design wins）與量產方面的進展。

Back in January of this year, you showed a slide indicating more than 15 customers in Stage 1 and two yet we have not seen or heard about any of them moving to Stage 3. Why is this?

回到今年 1 月，你們展示了一張投影片，顯示超過 15 家客戶處於 Stage 1，且有兩家，但我們尚未看到或聽到其中任何一家進入 Stage 3。為什麼會這樣？

Good question. We have announced a new customer reaching Stage 3 today and our pipeline of customers in Stage 1 and 2 remain strong. There are a couple of important points to consider in bringing new customers to Stage 3. First, the results of ongoing and planned wafer runs at our foundry partners will increase the confidence of certain target customers who are relying on specific foundries for their silicon photonics chips. In addition, while our technical team has expanded, we have intentionally focused on executing key programs in chip design and production for our leading customers.

好問題。我們今天宣布有一位新客戶已達到 Stage 3，而我們在 Stage 1 與 Stage 2 的客戶管線仍然強勁。在將新客戶推進到 Stage 3 時，有幾個重要重點需要考量。首先，我們在代工夥伴處進行中的與規劃中的晶圓投片（wafer runs）結果，將提升某些目標客戶的信心；這些客戶仰賴特定代工廠來製造其矽光子晶片。此外，雖然我們的技術團隊已擴編，但我們刻意將重點放在為主要客戶執行晶片設計與生產的關鍵專案。

Thank you, Eve and Fred, and thank you again to everyone who sent your questions. I'd like to turn it over to you, our operator, to include this conference call.

謝謝你，Eve 和 Fred，也再次感謝所有提交問題的各位。我想把時間交給我們的接線員，來結束本次電話會議。

Thank you. This concludes today's teleconference. You may disconnect your lines at this time. Thank you for your participation.

謝謝。本日電話會議到此結束。您現在可以掛斷電話線。感謝您的參與。