芯源系統 (MPWR) 2026 Q1 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Monolithic Power Systems, Inc. first-quarter 2026 earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded.

各位好，感謝您稍候。歡迎參加 Monolithic Power Systems, Inc. 2026 年第一季財報電話會議。（接線員指示）請注意，今天的會議將被錄音。

We are joined by speakers, Michael Hsing, CEO and Founder of MPS; Rob Dean, Interim CFO; Tony Balow, Vice President of Finance.

今天與會的講者包括：MPS 執行長暨創辦人 Michael Hsing；代理財務長 Rob Dean；財務副總裁 Tony Balow。

And now I would like to turn the conference over to Arthur Lee to read a safe harbor statement. Please go ahead.

接下來我想把會議交給 Arthur Lee 宣讀安全港聲明。請開始。

Earlier today, MPS released a written commentary on our results of operations for the first quarter ended March 31, 2026. This document can be found on our website.

今天稍早，MPS 已就截至 2026 年 3 月 31 日止第一季的營運結果發布書面評論。本文件可於我們的網站上查閱。

Before we begin, I would like to remind everyone that in the course of today's presentation, we may make forward-looking statements and projections within the meaning of the Private Securities Litigation Reform Act of 1995 that involve risks and uncertainties. The risks, uncertainties and other factors that could cause actual results to differ from these forward-looking statements are identified in the Safe Harbor statements contained in the Q1 2026 earnings commentary and in our SEC filings, including our Form 10-K and Forms 10-Q, which can be found on our website. Our statements are made as of today, and we assume no obligation to update this information.

在開始之前，我想提醒各位，在今天的簡報過程中，我們可能會在 1995 年《私人證券訴訟改革法》所定義的範圍內，提出涉及風險與不確定性的前瞻性陳述與預測。可能導致實際結果與這些前瞻性陳述不同的風險、不確定性及其他因素，已載明於 Q1 2026 財報評論中的安全港聲明，以及我們向 SEC 提交的文件中，包括 Form 10-K 與 Form 10-Q（可於我們網站查閱）。我們的陳述以今日為準，且我們不承擔更新此資訊的任何義務。

Now I would like to turn the call over to Tony.

現在我想把電話會議交給 Tony。

Thanks, Arthur. Good afternoon, and welcome to our Q1 2026 earnings call. In Q1, MPS achieved record quarterly revenue of $804 million, 7% higher than the fourth quarter of 2025 and 26% higher than the first quarter of 2025. Our quarterly performance was a result of our continued innovation, our consistent execution and the resilience of our diversified market strategy.

謝謝你，Arthur。各位下午好，歡迎參加我們 2026 年第一季財報電話會議。第一季，MPS 達成創紀錄的單季營收 8.04 億美元，較 2025 年第四季高 7%，較 2025 年第一季高 26%。我們的單季表現來自持續創新、穩健執行，以及多元化市場策略的韌性。

Let me call out a few highlights from the quarter. Our communications end market grew 33% sequentially on the strength of our power solutions for optical modules and switches. The pipeline for our automotive and enterprise data end markets, including server continue to accelerate as we won multiple new projects across customers and regions. We sampled our first high-speed interface products for DDR5 at major customers and MPS continued to grow our capacity past our original $4 billion plan with a new goal of reaching $6 billion in the near future.

我先點出本季幾項重點。受惠於我們在光模組與交換器的電源解決方案，通訊終端市場營收季增 33%。汽車與企業資料終端市場（包含伺服器）的專案管線持續加速，我們在不同客戶與地區贏得多個新專案。我們已向主要客戶送樣首批用於 DDR5 的高速介面產品；同時，MPS 也持續將產能擴張至原先 40 億美元計畫之上，並設定在不久的將來達到 60 億美元的新目標。

We continue to adjust to the fluid geopolitical and macroeconomic environment, but our diversified market strategy remains unchanged. MPS focuses on innovation and solving our customers' most challenging problems. We consistently invest in new technologies that open new end markets and applications and accelerate our transition from chips only to a full-service silicon-based solution provider.

我們持續因應多變的地緣政治與總體經濟環境，但多元化市場策略不變。MPS 專注於創新並解決客戶最具挑戰性的問題。我們持續投資可開啟新終端市場與應用的新技術，並加速從「僅提供晶片」轉型為「提供全方位矽基解決方案」的服務供應商。

And finally, we continue to expand and diversify our global supply chain, allowing us to capture future growth opportunities, maintain supply stability and rapidly adapt to market changes as they occur.

最後，我們持續擴大並多元化全球供應鏈，使我們能掌握未來成長機會、維持供應穩定，並在市場變化發生時快速調整。

Operator, you may now open the webinar for questions.

接線員，您現在可以開放線上會議進行提問。

(Operator Instructions)

（接線員指示）

Ross Seymore, Deutsche Bank.

Ross Seymore，德意志銀行。

I just want to dig a little bit into the enterprise data side of things. Can you just talk about the different trends you're seeing between kind of the XPU side versus the CPU -- server CPU side? I know you mentioned in your preamble that the backlog and visibility was improving in both. But given the strength of demand we're hearing elsewhere in the server CPU side of things, I wondered how you guys are doing there.

我想更深入了解企業資料這一塊。能否談談你們看到的不同趨勢：例如 XPU 端相較於 CPU——也就是伺服器 CPU 端？我知道你們在開場提到兩者的積壓訂單與能見度都在改善。但鑑於我們在其他地方聽到伺服器 CPU 端需求很強，我想了解你們那邊的表現如何。

Both are good. Yes. Tony, you can talk about that.

兩邊都不錯。是的。Tony，你可以談談。

Yes. I'll give a little more color. And Ross, if you recall, even last year in 2025, we had talked about CPU being a tailwind, and we continue to see that here in 2026. But if you look across enterprise data, for us, right, as we've said, it's increasingly hard to differentiate between sort of AI solutions and CPU. But in general, all the growth drivers are intact.

好的。我補充一些細節。Ross，如果你還記得，早在 2025 年我們就提到 CPU 是一個順風因素，而在 2026 年我們仍持續看到這點。不過若從企業資料整體來看，正如我們所說，現在要在 AI 解決方案與 CPU 之間做明確區分愈來愈困難。但總體而言，所有成長驅動因素都仍然存在。

We're ramping new customers. We've been ramping existing customers. We continue to see the transition to modules. And like I said, plan server has been a tailwind, and we think it will continue to be so.

我們正在放量導入新客戶，也在放量既有客戶。我們持續看到往模組化的轉移。而如我所說，一般用途伺服器一直是順風，我們認為這種趨勢會持續。

And I guess the second question would be on the storage and computing side of things that seem to be a little bit better than feared in the first quarter. Talk about the tailwinds or headwinds given what's happening from a macro perspective and then potentially the difference between what you guys do on the storage side versus the computing side?

第二個問題是關於儲存與運算這一塊：第一季看起來比原先擔心的要好一些。能否談談在總體環境變化下的順風或逆風，以及你們在儲存端與運算端所做的事情可能有哪些差異？

Yes. I'll start on that one, and then I'll let Michael and Rob jump in. But as you know, right, that segment really has sort of two separate businesses in it. The storage side obviously has remained strong as it's really been indexed to a lot of the data center business. And we see strength in DDR5. We see strength in HD and SD continue out of last year and into Q1.

好的。我先回答，之後再請 Michael 和 Rob 補充。你也知道，這個部門其實包含兩個相對獨立的業務。儲存端顯然仍維持強勁，因為它很大程度上與資料中心業務連動。我們看到 DDR5 的強勁需求；也看到 HDD 與 SSD 的強勢延續自去年並延伸到第一季。

On the notebook side, we're still more cautious on that side. As you know, there's really two dynamics there. I'm sure you've heard other companies talk about potential TAM headwinds associated with memory shortages or elasticity from memory prices. But remember, we also selectively play in that part of the market that has lower margins around consumer.

至於筆電端，我們仍較為審慎。如你所知，那裡主要有兩個動態。我相信你也聽過其他公司談到，記憶體短缺或記憶體價格彈性可能帶來的潛在 TAM 逆風。但也請記得，我們在該市場中是選擇性參與，且主要集中在面向消費端、毛利較低的部分。

And so I think -- and we look forward to those two -- on that business going through the year, I think we're still very optimistic about storage staying strong, probably much more cautious on the notebook side.

因此，我認為——展望今年這兩塊業務的走勢——我們仍對儲存端維持強勁非常樂觀，但對筆電端可能會更為保守。

But the note was -- and we don't really care this quarter or next quarter as long as we develop -- we developed the best solutions of power density and our customers ease of use. And these design that we have, the revenue will rise

但重點是——我們其實不太在意這一季或下一季，只要我們持續開發——我們已經開發出在功率密度與客戶易用性方面最好的解決方案。這些我們拿到的設計案，營收就會上升。

William Stein, Truist Securities.

William Stein，Truist Securities。

First, I'd like to ask about manufacturing. You noted in the press release that you passed the $4 billion target, you're now working to $6 billion capacity, maybe you can update us as to the strategy around geographic placement of your capacity?

首先我想問製造方面。你們在新聞稿中提到已超過 40 億美元目標，現在正朝 60 億美元產能努力。能否更新一下你們在產能地理配置方面的策略？

And maybe remind us what's going on from a technology perspective. This used to be a big focus of the various BCD iterations that you produce. But can you bring us up to speed as to what is the latest BCD generation?

另外也請提醒我們技術面的進展。過去你們很重視各種 BCD 製程迭代。能否讓我們了解目前最新的 BCD 世代是什麼？

I'll answer your last question first. We are still around the 60 nanometers and maybe will go down to 40, 45 nanometers. And -- these ones as a power density -- as a market trend, the power increases and we increase the power densities. And it's just old stories. We keep doing the same thing in the last 20 years. And we just do better than our competitors.

我先回答你最後一個問題。我們目前仍大約在 60 奈米，未來可能會降到 40、45 奈米。而——就功率密度而言——隨著市場趨勢功率需求提升，我們也提高功率密度。這其實是老故事了。我們過去 20 年一直做同樣的事，只是我們做得比競爭對手更好。

For the $6 billion gold for manufacturing pipeline. We -- clearly, and we have -- we see our near features -- we see a lot more activities of normal potentials and all these design wins is imminent -- come turning to our revenues.

至於製造產能管線的 60 億美元目標。我們——很明確地——也看到我們近期的特徵——我們看到更多正常的潛在機會，而且這些設計案的勝出已迫在眉睫——將會轉化為我們的營收。

And maybe just to add. Well, I think Tony, what you know, but on the $4 billion of capacity, we talked about that being very geographically diverse, both inside and outside of China. And remember, our strategy really is to maintain that supply chain diversity. So we'll continue to try to have that balance going forward.

我再補充一下。我想 Tony 你也知道，關於 40 億美元的產能，我們談過其地理分布非常多元，包含中國境內與境外。請記得，我們的策略核心就是維持供應鏈多元化。因此未來我們會持續努力維持這樣的平衡。

Joshua Buchalter, TD Cowen.

Joshua Buchalter，TD Cowen。

Congrats on the results. Maybe just can you just help us a little bit with the models? Any help you can give us on the guidance by segment as we think about sort of a 12% sequential growth for the June quarter, which segments should be above and below?

恭喜你們的成果。想請你們協助我們在模型上做一些假設：若我們預期 6 月季度營收季增約 12%，就各事業部門來看，哪些部門應該高於、哪些應該低於這個水準？

Well, I think that -- let me start with you guys are more interested the most, okay? Early last time, okay, talk to you guys about have a 50% of floor. I’ll have 50% floor. Okay, I’ll let Tony talk about, but give you a better news today, okay?

嗯，我想——讓我先從你們最感興趣的部分開始，好嗎？上次比較早的時候，好嗎？跟你們談到有 50% 的底線。我會有 50% 的底線。好嗎？我讓 Tony 來談，不過今天給你們一個更好的消息，好嗎？

I’m more excited about the other projects that I people involved, okay? Me and the building automations and audio project site and -- as well as the robotics. These ones will pave the way for our next 2-3 years out, and again, and remain on the same growth trajectory.

我對其他我有參與的專案更興奮，好嗎？我和樓宇自動化以及音訊專案現場——還有機器人。這些將為我們未來 2-3 年鋪路，並且再次地，維持在相同的成長軌跡上。

Yes. I'll follow up a little bit is kind of marching through. And Josh, I know the first thing people are interested is enterprise data, so I'll start there. And as you recall, we -- we tend to be fairly conservative in how we look at these things, waiting for the backlog to be in place. So late last year, we talked about 30% to 40% growth year-over-year.

是的。我稍微補充一下，算是一路往前推進。Josh，我知道大家第一個感興趣的是企業資料，所以我先從那裡開始。正如你所記得的，我們——我們在看這些事情時通常相當保守，會等到訂單能見度（backlog）到位。所以在去年年底，我們談到年對年成長 30% 到 40%。

In the last call, we kind of rose that to a 50% floor. And the strong ordering patterns that we saw start last year has kind of continued through Q1. So at this point in time, I think we're comfortable raising that for up to around 85% year-over-year growth. And that will certainly be one of the drivers of growth for the year for MPS. If you look -- sorry, Michael --

在上一次電話會議，我們把它提高到 50% 的底線。而我們從去年開始看到的強勁下單型態，基本上延續到第一季。所以在目前這個時間點，我想我們有信心把它上調到大約年對年成長 85% 左右。這當然會是今年 MPS 成長的驅動因素之一。如果你看——抱歉，Michael——

I'll let Tony have better -- better than our last CFO.

我讓 Tony 來講得更好——比我們上一任 CFO 還好。

Okay. If you look at the others, Josh, I think we've been signaling on communication as we've become increasingly excited about that end market with not only the optical module growth, but due to switches as well. So we certainly would expect those to be drivers.

好。如果看其他部分，Josh，我想我們在通訊方面一直有釋放訊號，因為我們對那個終端市場愈來愈興奮，不僅是光模組的成長，交換器也帶動。所以我們當然預期那些會是成長驅動因素。

Auto, I think is a very consistent story. We said that would be roughly flat for the first half of the year and ramping in later in the year. And then storage and compute, we talked about a bit already with Ross, right? There's really two different dynamics going in there where we're still very optimistic on storage pulled through by data center, more cautious on notebook.

汽車方面，我認為是一個非常一致的故事。我們說今年上半年大致持平，並在今年稍晚開始拉升。然後儲存與運算，我們剛才也和 Ross 談了一些，對吧？那裡其實有兩個不同的動態：我們對由資料中心帶動的儲存仍然非常樂觀，對筆電則更為審慎。

But again, overall, we cannot predict which quarter goes ramp or what volumes. And that's not our business to do that. And we're winning strategy is same to the last 20 years. As long as we deliver the best product and service our -- solving our problem for our customers. And I don't see we lose any socket, okay, and the major stock at least again, and we'll keep winning. And those business -- those design wins will turn into revenues.

但再次強調，我們無法預測哪一季會開始拉升或是什麼出貨量。而那也不是我們的工作去做那種預測。我們的致勝策略和過去 20 年一樣：只要我們交付最好的產品與服務，為客戶解決問題。我不認為我們會失去任何插槽（socket），至少主要的插槽不會再失去，而且我們會持續贏下去。那些業務——那些設計導入（design wins）會轉化為營收。

Thank you both for all the color there. Unfortunately, when you deliver good news, you still get annoying follow-up questions. But I guess if we think about the incremental upside since last quarter, any help you can give us on how much of that's coming from CPUs, as Ross mentioned earlier, versus more confidence into either content or visibility into share on the AI accelerator side. Thank you both and congratulations again.

謝謝你們兩位提供這麼多細節。很不幸地，當你們帶來好消息時，還是會收到惱人的追問。不過我想，如果我們思考相較上季新增的上行空間，你們能否幫我們理解一下，其中有多少是來自 CPU（如 Ross 先前提到的），以及有多少是來自於 AI 加速器端在內容量（content）或市占能見度（visibility into share）方面更有信心。謝謝兩位，也再次恭喜。

That's a good try, okay? I'm not going to give it to you.

這個問題問得不錯，好嗎？我不會告訴你。

Yes, Josh, I think we just fall back and we've talked about all the growth drivers and say they're intact. I don't think we want to try to parse out between volume and content because it can be very specifically.

是的，Josh，我想我們就回到我們談過的所有成長驅動因素，並說它們都仍然完好。我不認為我們想嘗試去拆分量（volume）與內容量（content），因為那可能會非常具體。

In reality, it's very difficult, okay, to to separate it, okay. What is call it AI, what is called servers, okay? There's a lot of aging, okay, in a small segment, okay. And these are very small utility box, okay? We see a lot happening. I mean maybe I don't use the right word you guys use I mean these are portable AI devices, okay? And just based on GPUs. These are happening. And that's clearly overlapped with the CPU and GPU powered.

實際上，要把它分開是非常困難的，好嗎？什麼叫 AI、什麼叫伺服器，好嗎？在一個很小的區塊裡有很多重疊，好嗎？而且這些是非常小的裝置盒子，好嗎？我們看到很多事情正在發生。我的意思是，也許我用的詞不是你們用的詞——我的意思是這些是可攜式 AI 裝置，好嗎？而且是以 GPU 為基礎。這些正在發生。而這顯然與 CPU 與 GPU 驅動的領域有重疊。

Rick Schafer, Oppenheimer & Co.

Rick Schafer，Oppenheimer & Co.

I'll add my congratulations in just a while, I guess, on the outlook. Maybe if I could just for a second and talk about interface data. I've got a follow-up, Michael, that you like better, but I think -- the top 4 CSPs, I think just last night, I mean now we're over $700 billion in CapEx just from them. I mean it seems like you guys are clearly seeing that increased order velocity.

我也先補上一句恭喜，我想，是針對展望。也許我可以先花一點時間談談介面資料（interface data）。我有一個追問，Michael，你可能會更喜歡，但我想——前四大 CSP，我想就昨晚而已，現在他們的資本支出（CapEx）加總已經超過 7,000 億美元。我是說，看起來你們顯然正在看到訂單速度加快。

My real question is, are you able to cater all of that upside? I mean is there anything curbing your supplier, your ability to capitalize, Michael? Because in years past, you guys have kind of major bones on always being ready for that upside and kind of never be caught short. So I'm just kind of curious if that's still the case or kind of what you're seeing?

我真正的問題是，你們有能力承接所有這些上行空間嗎？我的意思是，有沒有任何因素在限制你們的供應、或你們把握機會的能力，Michael？因為過去幾年，你們一直很強調要隨時準備好迎接上行、不要措手不及。所以我只是好奇現在是否仍然如此，或你們看到的是什麼？

I think that’s exactly right. Although, we have a few more players. Let me go back a few quarters ago, like in these AIs and, like, GPU powers. In the given times will be the performance and also the manufacturing capabilities and the reliability will remain as only a few players. After a year -- couple of years, it’s being very clear. MPS is one of my players. As I promised over a year ago or so. We continue to do well, like in many aspects, especially for the power density side.

我想你說得完全正確。不過，我們有多了幾個玩家。讓我回到幾季前，像是在這些 AI、以及像 GPU 供電這些領域。在特定時期，能夠兼具效能、製造能力與可靠性的，仍然只會是少數幾個玩家。經過一年——兩年之後，已經非常清楚。MPS 是其中之一，正如我在一年多前左右承諾的那樣。我們持續在很多面向表現良好，尤其是在功率密度方面。

We are the best in the market segment because we provide a total Monolithic power solutions. We can use a single piece of silicon versus our competitor use a multiple piece of silicon. That clearly shows our advantage. Yet we don’t wanna be the dominant suppliers, we more just wanna be a part of it. Our goal is diversified growth.

我們在這個市場區隔是最好的，因為我們提供完整的單晶片（Monolithic）電源解決方案。我們可以用一片矽（single piece of silicon），而競爭對手用的是多片矽（multiple piece of silicon）。這清楚展現了我們的優勢。不過我們不想成為主導供應商，我們更想只是其中的一部分。我們的目標是多元化成長。

Got it. And for my follow-up, Michael, I'm just curious on physical AI. Obviously, it's getting a lot more people talking about it and seeing a lot more focused. And just if you could flesh out maybe a little more on your plans for that segment. What kind of TAM do you -- have you guys identified there?

了解。那我的追問，Michael，我想問的是實體 AI（physical AI）。顯然它讓更多人開始談論，也看到更多聚焦。你能否再多補充一點你們在這個區隔的規劃？你們在那裡辨識到的 TAM（總可服務市場）大概是什麼？

I mean you called out robotics a minute ago on the call. I mean, can that be a meaningful revenue contributor next year? Or when would we start to see robotics start to drive top line?

我的意思是，你剛才在電話會議中提到機器人。我是說，機器人明年能成為有意義的營收貢獻者嗎？或者我們什麼時候會開始看到機器人開始帶動營收成長？

We see this year, the volume is still low, but it can kind of move the needle slightly. If we go up the trends, this is still at the very beginning, it’s very difficult to predict. Many companies have launched the first high volume robotics. Though we clearly benefited from it. After that, we cannot call the market segment growth, the future is there. Like, clearly when more AI adopted it in robotics, the application will be widened.

我們看到今年的量仍然偏低，但可能會稍微帶動一些表現。如果看趨勢，這仍然在非常早期，真的很難預測。很多公司已經推出第一批高出貨量的機器人，而我們確實從中受益。之後，我們無法去斷言這個市場區隔的成長，但未來是存在的。很明顯地，當更多 AI 被導入機器人時，應用會擴大。

I think what you see is us try to run the typical MPS playbook, which right now we’re trying to engage broadly and win all the designs we can. We can’t control when the customers ramp, but we can control winning the sockets, and that’s the broad engagement you really see happening in 2026.

我想你看到的是我們試著運行典型的 MPS 作戰手冊：也就是目前我們正努力廣泛接觸並贏下我們能贏的所有設計。我們無法控制客戶何時放量（ramp），但我們可以控制贏下插槽（sockets），而你在 2026 年看到的就是這種廣泛的投入。

That's very good point. Yes.

這點非常好。是的。

Quinn Bolton, Needham & Company.

Quinn Bolton，Needham & Company.

I'll offer my congratulations as well on the results and outlook. Michael, Tony, I guess I wanted to ask on the comms segment. It was up 33% sequentially and March, it sounds like it's going to be one of the faster-growing segments in the June quarter. When I look at optical modules, I think 800 gig modules are more than doubling in '26. So -- my question is, do you think the comms segment could actually grow as fast, if not faster, than enterprise data this year given those trends?

我也要恭喜你們的業績與展望。Michael、Tony，我想問的是通訊（comms）部門。它季增 33%，而且聽起來在 6 月季度會是成長較快的部門之一。當我看光模組時，我認為 800G 模組在 2026 年會成長到超過翻倍。所以——我的問題是，考量這些趨勢，你認為今年通訊部門的成長速度是否可能跟企業資料一樣快，甚至更快？

Yeah. Again, I’ll follow Tony’s answer for the last one. Like, we’re in a business to predicting what the market trend is. Okay. We provide -- these happens, okay, in this particular segments. We saw a lot of activities and a lot of demand for high power density product and especially modules. I think as I mentioned about maybe a few quarters ago, this quarters it’s just jumps out.

是的。同樣地，最後一題我會沿用 Tony 的回答。就像，我們的業務是在預測市場趨勢。好。我們提供——這些事情會發生，好嗎——在這些特定的細分領域。我們看到很多活動、以及對高功率密度產品、特別是模組的強勁需求。我想如同我在可能幾個季度前提到的，這一季它就是特別明顯地跳出來。

From what we learned, the power density of the module in a -- with a very confined area, and the data rate keep increasing. With the opticals or with the other type of a format, okay, the power will keep increasing, okay?

從我們所了解的，在非常受限的空間內，模組的功率密度——而且資料傳輸速率持續提高。無論是光學方案或其他形式的規格，好嗎，功率都會持續增加，好嗎？

In what rate, I cannot predict, but in a small confined areas and the power density is critical. That’s our basic technologies that we can apply in that segments, and then we execute it fast, and then we capture the market.

以什麼速度我無法預測，但在小而受限的空間裡，功率密度是關鍵。那是我們可以應用在那些細分領域的核心技術，然後我們快速執行，進而抓住市場。

Yes. And I think as order and patterns have continued to be strong and extend, we still don't have them all the way through the year. So I think it's pretty tough for us to call all the way through the back half right now. But certainly, we'd put that end market above the corporate average.

是的。而且我認為，隨著訂單與型態持續強勁並延續，我們目前還沒有把能見度一路看到全年。所以我想，對我們來說，現在要一路預估到下半年後段相當困難。但可以確定的是，我們會把那個終端市場的表現看得高於公司平均。

Got it. Okay. And then --

了解。好。然後——

Yeah, the same way. I’ll go back to servers, okay, and go back to the server side, okay. We, in the last years, we don’t know, okay, I mean, the server market will pick it up or not picking up, okay. As far as we listen to our customers, we get our inventory ready, okay, and when they need it, they have those product. We just focus on deliver better product, winning more socket.

是的，同樣的方式。我回到伺服器，好嗎，回到伺服器端，好嗎。我們在過去幾年，不知道，好嗎，我是說，伺服器市場會不會回升、或是不回升，好嗎。就我們聽客戶的說法，我們把庫存準備好，好嗎，當他們需要時，他們就有那些產品。我們只專注於交付更好的產品、贏得更多 socket（設計插槽/平台採用）。

Yes. I'm a broken record, but I think it's a great example of, again, diversified approach, you land and you sort of look at the other sockets available and applications and continue to grow your SAM.

是的。我像是老生常談，但我認為這是再次說明多元化策略的一個很好的例子：你先切入，然後去看其他可用的 socket 和應用，並持續擴大你的 SAM（可服務市場）。

My follow-up question. Michael, you guys have been sampling your products for 800 or plus minus 400 volts for a few quarters now. Wondering if you could provide any feedback on how that activity is going. And can you give us any thoughts on -- there's a lot of debate between whether those higher power conversion steps will be more GaN-based or silicon carbide based. If it goes GaN, will you guys have GaN-based solutions ready for that opportunity?

我的追問。Michael，你們針對 800 伏特（上下約 400 伏特）的產品已經送樣了好幾個季度。想請你分享一下目前進展如何。以及你能否談談——市場上對於這些更高功率轉換級會更多採用 GaN（氮化鎵）還是 SiC（碳化矽）有很多討論。如果走向 GaN，你們是否會有以 GaN 為基礎的解決方案，來把握那個機會？

No. We based on silicon carbide and that’s our solutions. We do -- in the past, I openly said I don’t believe GaN, okay. Now start to -- I didn’t know what I was talking about, I guess. Okay. We, in the last, start of last year, we developed our GaN, but it’s not for 800 volts. It’s for low voltage and lower powers and lower power segments. We start to develop these fundamental technologies in GaN.

不。我們是以碳化矽為基礎，那是我們的解決方案。我們——過去我公開說過我不相信 GaN，好嗎。現在開始——我想我以前可能不知道自己在說什麼。好嗎。我們在去年年初開始開發我們的 GaN，但不是用在 800 伏特。它是用在低電壓、較低功率、以及較低功率的細分領域。我們開始在 GaN 上開發這些基礎技術。

To answer the first part of our question, yes, we’re sampling, okay, and rather sample or co-develop that systems with our customers, okay. And also our customers’ customers. We don’t talk about those, right, until, I guess, you guys ask for it, okay. 800 volts became a household numbers, like a household names in the -- on Wall Street, okay. We start to talk about it.

回答你問題的第一部分：是的，我們正在送樣，好嗎，而且更像是與客戶一起送樣或共同開發那些系統，好嗎。也包括我們客戶的客戶。我們通常不談那些，對吧，除非——我想——你們問到，好嗎。800 伏特已經變成家喻戶曉的數字，就像在華爾街——成了家喻戶曉的名詞一樣，好嗎，所以我們開始談它。

Our products is working and I think the overall the environment and in the new 800 volts power bus data centers, a lot of things has to be resolved. We just have our -- for that application is ready, okay? Also have a 800 volts, okay, go to a 10,000 volts, okay? That’s another segment, has to be developed a lot more, lot more efficient power conversions. These are all part of the pictures. MPS will play in that -- in those segments.

我們的產品運作良好，而我認為整體環境上，在新的 800 伏特電源匯流排資料中心裡，還有很多事情需要解決。我們只是把——針對那個應用的方案準備好了，好嗎？另外，從 800 伏特，好嗎，走到 10,000 伏特，好嗎？那是另一個領域，還需要更多開發、更高效率的電力轉換。這些都是整體版圖的一部分。MPS 會在那些——那些領域中參與。

(Operator Instructions)

（接線員指示）

Tore Svanberg, Stifel.

Tore Svanberg，Stifel。

Congrats on another record quarter. I had a question, maybe as a follow-up to a previous question on power. So I do realize there's a lot of focus on 800-volt, but before we get there, there's the move to 2,000-watt GPUs. And I know there's a lot of sort of wanna be power management companies out there, Michael. So -- just hoping you could touch on two of the three things that really make MPS so unique and differentiated to handle those types of power levels because that is not like a 2028 time frame, right I mean, that's already next year. So yes, if you could give us some color there, that would be great.

恭喜再創單季新高。我有個問題，可能是延續先前關於電源的提問。我確實理解大家很聚焦在 800 伏特，但在到那之前，還有往 2,000 瓦 GPU 的移動。我也知道外面有很多某種程度上「想成為」電源管理公司的業者，Michael。所以——希望你能談談三個讓 MPS 如此獨特且具差異化、能處理那種功率等級的要素中的兩個或三個，因為那不是 2028 年的時間框架，對吧？我的意思是，那已經是明年的事了。所以是的，如果你能提供一些看法就太好了。

Yeah. Okay. That’s a good question. I can touch it. One of them I already said earlier. Like, MPS is focused on the monolithics. We do what is the most cost-effective, and we do -- and how we do the integrations. We have the capabilities, like, to integrate or disintegrate, okay? The integrations in a way we can put it in one modules, and that’s a huge advantage. With the multiple other chips, okay, and if we use a particularly discrete power component, okay, discrete power FETs, it’s very difficult to do for manufacturing the modules.

是的。好。這是個好問題。我可以談談。其中一點我前面已經說過：MPS 專注於單晶片（monolithic）方案。我們做最具成本效益的作法，以及——我們如何做整合。我們有能力去整合或拆分整合，好嗎？以整合的方式，我們可以把它放進一個模組裡，這是很大的優勢。若是用多顆其他晶片，好嗎，或使用特定的分立式電源元件，好嗎，分立式功率 FET，要在製造上做成模組就非常困難。

The second things I should mention that, and that we invested in a module development unit for other segments, actually. Since 2016, we want to move up from providing silicon-only power conversions, we do a plug-and-play solution. That journey we started 2016. Immediately we know how we test these devices and how we qualify these devices. If it’s high volumes and high qualities, it can’t be touched by humans. Like, we develop our own test systems and own reliability systems. These are fully automated.

第二點我想提的是，我們其實為了其他領域投資了一個模組開發單位。自 2016 年起，我們希望從只提供矽（silicon-only）的電力轉換，提升到提供即插即用（plug-and-play）的解決方案。那段旅程我們在 2016 年開始。很快我們就知道如何測試這些器件、以及如何做這些器件的認證（qualification）。如果是高產量與高品質，就不能靠人工接觸。像是我們開發了自己的測試系統與可靠度系統，這些都是全自動化的。

Actually, it’s all based on MPS motion product. These ones are very unique. Before these systems put in productions, we can’t find anything like this on the market. That’s -- I think to me, this is a huge advantage.

其實這一切都建立在 MPS 的運動控制（motion）產品之上。這些非常獨特。在這些系統投入量產之前，我們在市場上找不到任何類似的東西。這——我認為對我來說，這是一個巨大的優勢。

The other one is -- the last one that will go back to semiconductors, and again, we, as we talk about this, we use the 60 nanometers, and okay, now we move it to 40 nanometers. Those increase the power density by, last time we talked about 3 amps per millimeters cube. Now we’ve gone past that.

另外一點——最後一點會回到半導體本身。再一次，當我們談到這個時，我們使用 60 奈米，好嗎，現在我們把它推進到 40 奈米。這讓功率密度提升——上次我們談到每立方毫米 3 安培。現在我們已經超過那個水準了。

And as my follow-up, when you mentioned a new product, I always listen to you because I remember you talked about 800 gig optical components being in your market. And before you knew it, you had a huge business there. And you now mentioned you have your first high-speed interface product sampling for DDR5.

作為我的追問，當你提到新產品時，我總是特別留意，因為我記得你曾談到 800G 光學元件在你們的市場裡。還沒多久，你們就在那裡做出很大的生意。而你現在提到，你們已經開始針對 DDR5 送樣第一款高速介面產品。

So -- just curious, when should we start to see material revenue from that business? And could that also grow into a several hundred million dollar business over the next few years?

所以——我只是好奇，我們什麼時候會開始看到那項業務帶來具實質性的營收？而且在未來幾年，它是否也可能成長為數億美元規模的業務？

That’s absolutely right. Okay. Frankly, I don’t know anything about this high speed. Which is the highest of best engineers, they cut them loose, and they create this, okay. From a business side, it’s our natural to like a way of expanding the service -- total service market segment that increase our SAM. We have a pretty good positions in PMIC in memory. We introduce timing timer timing drivers, okay, and timing control, whatever it’s like. I mean, also temperature sensors.

完全正確。好。坦白說，我對這個高速領域一無所知。那些最頂尖、最優秀的工程師，我們讓他們放手去做，他們就做出了這個，好嗎。從商業面來看，這是我們擴大可服務——總可服務市場領域、進而增加我們 SAM 的自然方式。我們在記憶體的 PMIC（電源管理 IC）上有相當不錯的地位。我們導入時序（timing）——計時器、時序驅動器，好嗎，以及時序控制，不管它是什麼。我是說，還有溫度感測器。

Now there’s RCD or whatever the things that came in. I know it’s very difficult. It is beyond my understanding. Like, our engineers and our people, they pull it off. We have a few people that are compare other company, like they have 50 people or that design groups. We will be able to pull it off in a few years. These are brilliant guys, they want to make things happen.

現在又有 RCD 或者不管那些新進來的東西。我知道這非常困難，已經超出我的理解範圍。像是我們的工程師和團隊，他們把它做出來了。我們的人數跟其他公司比起來很少，比如他們可能有 50 個人或那樣的設計團隊。我們也能在幾年內把它做出來。這些人非常厲害，他們想把事情做成。

The revenue, usually we don’t talk about it, talk about a product, we sample those products. Our -- clearly in that market segment, our customers are very much welcome. We have another player.

營收方面，我們通常不太談，談到產品時，我們會先對那些產品做樣品。我們——很明顯在那個市場區隔，我們的客戶非常歡迎我們。我們也有另一個參與者。

Tore, I’ll just help you with the model a little bit. I wouldn’t really have that as being a contributor to 2026 revenue. I think we’re really highlighting it as we continue to expand our footprint in that market.

Tore，我稍微幫你補充一下模型。我不會真的把那個視為 2026 年營收的貢獻來源。我認為我們主要是在強調，隨著我們持續擴大在該市場的佈局。

Gary Mobley, Loop Capital.

Gary Mobley，Loop Capital。

Let me also extend my congratulations. I'm curious about the comms business that definitely will stand out for the quarter in terms of growth, upside, and I presume carrying through the -- into the second quarter and for the balance of the year as you previewed already.

也讓我表達祝賀。我對通訊業務很好奇，這一季在成長與上行方面確實很突出，而且我推測如你們先前預告的，這個動能會延續到——進入第二季並貫穿今年剩餘時間。

So what I'm most curious about is how much content you have in these 800-gig optical modules and I assume maybe top rack switches, maybe if you can put it in the context of by how much you see your content increasing in rack scale solutions for accelerated compute given this beachhead in these two new applications.

我最想了解的是，你們在這些 800G 光學模組裡的內容價值有多少？我也假設可能還包括機櫃頂端交換器（top rack switches）。也許你可以把它放在脈絡中談談：在加速運算的機櫃級（rack scale）解決方案上，鑑於你們在這兩個新應用建立了立足點，你們看到自身內容價值提升了多少？

I think it’s more than a beachhead now. So like we’re pretty well beyond the beach now. Okay, and, Tony, you want it?

我覺得現在已經不只是立足點了。也就是說，我們其實已經遠遠超過「剛上岸」的階段了。好，那 Tony，你要回答嗎？

Yes, I think we're going to stop short of kind of giving a dollar content. But obviously, in the optical modules, right, we have a module in the module doing that. So we obviously look at more of that than a discrete device.

是的，我想我們會先不提供以美元計的內容價值。不過很明顯，在光學模組裡，我們是在模組裡面提供模組來做這件事。所以相較於單一離散元件，我們顯然會看更多模組層級的內容。

If you talk about switches and things of that sort, you have a whole different number of trays, for example, you have switches, you have NIC cards, you have other things like that, which all require power. And so I think the opportunity is right, is you have a number of different processors that sit in these racks that we can provide power for and that we've been expanding that all sit within our Communications segment. But I think we're -- as usual, right, we're not going to talk about specific content layers, especially for specific customers.

如果你談的是交換器之類的東西，那就會牽涉到完全不同數量的托盤（trays）。例如，你有交換器、你有 NIC 卡，還有其他類似的東西，這些都需要供電。所以我認為機會在於：這些機櫃裡有許多不同的處理器，我們都可以為其提供電源；而且我們一直在擴展這些，並且它們都歸在我們的通訊事業部之內。但我想我們——一如往常——不會談特定的內容層級，尤其是針對特定客戶。

Okay. As my follow-up, I wanted to ask about distribution channel inventory. I know it's been running lean. Is it still lean relative to where you would normally place your distribution inventory and then as well, maybe if you can talk about the sort of inflationary relating pricing trends that you have to pass along.

好的。我的追問是想問通路庫存。我知道一直維持在偏精簡的水位。相較於你們通常會配置的通路庫存水準，現在仍然偏精簡嗎？另外，也想請你談談與通膨相關、你們需要轉嫁出去的定價趨勢。

I'll take that one. With regards to our distribution channel, we don't have a great deal of perfect visibility there. But what we have seen at least in 2025 and carrying into 2026, is that the channel has been very lean. And that implies to us that we're shipping to what demand is at the end market. But beyond that, we're looking good.

我來回答。就我們的通路而言，我們沒有非常完整的能見度。但至少我們在 2025 年看到、並延續到 2026 年的是，通路一直非常精簡。這對我們的意涵是：我們的出貨基本上是對應終端市場的實際需求。不過除此之外，我們看起來狀況良好。

For the pricing, cost pricings -- yeah, the, some of the costs is higher and now we see that in a lot of activities, and so we will keep -- the goal is that we keeping our margin profiles.

至於定價、成本定價——是的，有些成本變高了，我們在很多活動中都看到這點，所以我們會持續——目標是維持我們的毛利率結構。

Yes. I think and just to add to Michael, I think we don't -- we're not looking at it a broad-based across the board, but there are places where input costs have gotten higher, people are asking for expedited supply chains and things of that sort. And in those cases, yes, you could see us raise prices to stay within our gross margin model.

是的。我想再補充 Michael 的說法：我們不會做那種全面性、全品項一律調整的作法，但確實有些地方的投入成本變高了，也有人要求加急的供應鏈之類的。在那些情況下，是的，你可能會看到我們為了維持毛利模型而調高價格。

Joe Quatrochi, Wells Fargo.

Joe Quatrochi，Wells Fargo。

Maybe just a follow-up there on the gross margin. Wondering if you could just share any of the puts and takes on the guide. It seems like obviously very positive revenue acceleration in kind of not a ton of follow through on gross margin kind of still stay in that range.

我想就毛利率再追問一下。想請你分享一下指引裡面有哪些拉抬與抵銷因素。看起來營收加速非常正面，但毛利率似乎沒有太多跟進，仍大致維持在那個區間。

Yeah. Okay. I -- again, I said the margins in the last couple of quarters, margins are on the low end. Although it’s in our -- in our models, okay, it’s on the low end. We still improve the yields on the modules. I think that we don’t have much of a headwind, okay. We’re moving up. I don’t want to give you a false hope that we’re gonna jump very high so like it seems okay. That’s not MPS. We don’t do that kind of things, okay.

是的。好。我——再說一次，我提到過最近幾季的毛利率是在低端。雖然它仍在我們——在我們的模型範圍內，好嗎，是在低端。我們仍在改善模組的良率。我認為我們沒有太大的逆風，好嗎。我們是在往上走。我不想給你錯誤期待，覺得我們會大幅跳升；所以看起來還可以。那不是 MPS。我們不做那種事，好嗎。

I'll expand a little bit on what Michael just said. Historically, we've been very consistent with delivering to our gross margin guidance. For the last 4 quarters, we've been flat at $55.5 million. which is at the low end of our gross margin model for growth, which ranges 55 -- mid-50s to upper 50s.

我補充一下 Michael 剛才說的。歷史上，我們在達成毛利率指引方面一直非常一致。過去 4 個季度，我們都持平在 5,550 萬美元，這是在我們成長毛利模型的低端；該模型的區間大約是 55——也就是 50% 中段到 50% 高段。

For Q2, as you know, we did have the confidence to increase incrementally our gross margins, mainly because we've gotten better visibility to our backlog. We saw this happening in the fourth quarter of last year, and it's continued into the first quarter of this year. So that has again given us some confidence.

至於第二季，如你所知，我們有信心把毛利率小幅上調，主要是因為我們對積壓訂單（backlog）的能見度更好了。我們在去年第四季就看到這個趨勢，而且今年第一季也持續。因此，這再次給了我們一些信心。

We do, however, do see some strong headwinds potentially in the second half. And so we're not remaining cautious for the guidance in the second half of the year.

不過，我們確實也看到下半年可能會有一些強勁的逆風。因此，在今年下半年的指引上，我們仍然保持謹慎。

Right. That's helpful. Maybe just on the robotics socket opportunities. You talked about up for grabs or to win this year. Are those -- do we think about those as being incremental -- so I think you talked about $150 of content like for humanoid back at the Analyst Day. Is that the right way to think about it? Or are those expanding opportunities?

了解，這很有幫助。再問一下機器人插槽（socket）機會。你提到今年有些是「有機會爭取」或「有機會拿下」的。那些——我們應該把它們視為增量嗎——我記得你在分析師日提到人形機器人大約有 150 美元的內容價值。這樣理解對嗎？還是說那些機會其實在擴大？

It really varies. I mean, humanoid is the most visible. You only see some dancing robots, and those kind of -- what we focus on is in the robotics. If it’s remote and without a power cord plugging the robot. Those have the battery operations. Our battery management product plays a role in there.

這真的差異很大。我的意思是，人形機器人是最顯眼的。你只會看到一些跳舞的機器人之類的——而我們在機器人領域的重點是：如果它是遠端的、而且不需要用電源線把機器人插著電。那種就是電池運作。我們的電池管理產品在那裡就扮演角色。

The other one is the AI side, the compute side, for power the GPUs, and these autonomous control units, and also as well as these sensors. The other segment is the actuators, the motion side. That’s overall we sell. We offer for the robotic companies.

另一塊是 AI 端、運算端，用於為 GPU 供電、這些自主控制單元，以及感測器。還有一個領域是致動器（actuators）、也就是運動控制那一側。整體而言，這些都是我們提供並銷售給機器人公司的。

Many applications in the actuators, and they can be in a medical assist. For rehab purposes, okay. We’ve seen those kind of things happening. For the dollar content, as I go back to your dollar content, it’s very difficult to say, okay. It’s a variety of applications. We sell in chip and to selling modules, okay. So the dollar content is also different, and it’s very difficult to judge. But the trend is, these robot will happen, and the world will be a lot more automated, and it can assist the human to do a lot of things, okay.

致動器有很多應用，也可能用在醫療輔助上，例如復健用途，好嗎。我們已經看到這類事情在發生。至於你問的美元內容價值，我回到這點：真的很難說，好嗎。因為應用非常多樣。我們既賣晶片，也賣模組，好嗎。所以美元內容價值也會不同，很難判斷。但趨勢是：機器人會發生，世界會更自動化，它可以協助人類做很多事情，好嗎。

(Operator Instructions)

（操作員指示）

Chris Caso, Wolfe Research.

Chris Caso，Wolfe Research。

I guess the first question would be about the ED segment. And if you could talk about the growth on Merchant Solutions versus ASIC solutions this year? And what you're expecting with regard to content? I know you've got a strong position in both, but do you expect outsized growth in one area or the other? Any color you could provide would be helpful.

我想第一個問題是關於 ED 事業部。你能否談談今年 Merchant Solutions 相對於 ASIC 解決方案的成長？以及你們對內容價值的預期？我知道你們在兩者都有很強的地位，但你們是否預期某一塊會有更突出的成長？任何你能提供的補充說明都會很有幫助。

We don’t -- we don’t divide it into these are the learning side and influencing sides, okay. Frankly, we don’t know how to separate it, and they could use the same similar product. What we do is that while we’re winning all these segments is because the power density, as I said earlier, okay? Nobody want to waste the power. Efficiency is -- power density is directly related to power efficiency. They want a smaller size, and they want to have a high efficiency. It really doesn’t matter to us which segment.

我們不會——我們不會把它劃分成這些是學習端、那些是影響端，好嗎。坦白說，我們不知道該如何把它分開，而且它們可能會使用相同或類似的產品。我們之所以能在所有這些細分領域取勝，是因為我先前提到的功率密度，好嗎？沒有人想浪費功率。效率——功率密度與功率效率直接相關。他們想要更小的尺寸，也想要更高的效率。對我們而言，屬於哪個細分領域其實並不重要。

Chris, the only thing I'd add, right is, I think we're comfortable raising the floor from 50% to 85%, not because there's been a fundamental change in the growth drivers for how we're approaching the market. It's really, as you know, are more comfort about what's in backlog, and we've seen that extended ordering pattern.

Chris，我唯一想補充的是，我認為我們可以把底線從50%提高到85%，並不是因為我們在切入市場的成長驅動因素上出現了根本性的變化。真正的原因是，如你所知，我們對手上積壓訂單（backlog）的內容更有把握，而且我們也看到訂購模式有所延長。

So I think to Michael's point, I don't think we subdivide it to content and volume. But I just want to make sure you know that I don't think anything has changed other than being to see more orders in the books going forward.

所以我想呼應Michael的觀點，我不認為我們會把它再細分為內容與出貨量。不過我只是想確保你知道，我認為除了能在帳上看到更多未來的訂單之外，其他並沒有任何改變。

Got it. As a follow-up, if I could ask about the auto segment, and you talked about that being flattish in the first half with some growth in the second half. Obviously, auto has been a little more variable in terms of its recovery. There was some data out of China, which was a little weaker in the beginning of the year. Perhaps you give some color on the visibility you have at auto and why you think that starts to grow again in the second half?

了解。追問一下，如果我可以問汽車（auto）這個領域，你提到上半年大致持平、下半年會有一些成長。顯然，汽車端的復甦一直比較波動。中國那邊有一些數據在年初稍微偏弱。你能否多談談你們在汽車端的能見度，以及為什麼你認為下半年會重新開始成長？

I don’t pay attention to these, which one is strong, which one’s -- which segment is strong, which continent is more strong or weaker. Again, because these are chasing the market. We’re not chasing the market. Whatever happen, happens, and okay, we have the product ready, we can deliver. Tony, you can talk about in near term, okay, I don’t pay any attention to it.

我不太關注這些，哪個強、哪個——哪個細分市場強、哪個洲更強或更弱。再說一次，因為那是在追市場。我們不是在追市場。發生什麼就發生什麼，好嗎，我們產品準備好了，就能交付。Tony，你可以談談短期的情況，好嗎，我不太關注這些。

Yes. I mean I can add a little bit more there. I think, Chris, the shape of the year, as you said, right, our expectation hasn't necessarily changed. And while we've talked about seeing that ramp later in the year is really on our belief on one of some of these designs that we previously won coming to market.

是的。我想我可以再補充一點。我認為，Chris，如你所說，今年的走勢形狀，我們的預期不一定有改變。而我們之所以談到下半年會看到拉升（ramp），主要是基於我們相信先前贏得的一些設計案將會進入量產上市。

We can't control when our customers ramp. But the pipeline in auto has been expanding. And based on our current belief, we would expect to see that ramp later in the year. So again, as always, right, we'll monitor as things go through, but that's our belief at the moment.

我們無法控制客戶何時拉升。但汽車端的管線（pipeline）一直在擴大。基於我們目前的判斷，我們預期會在今年稍晚看到那個拉升。所以同樣地，一如既往，我們會在事情推進過程中持續觀察，但這是我們目前的看法。

Well, the bottom line is we're winning socket and we're expanding our market share.

嗯，總結來說，我們正在贏得插槽（socket），並且在擴大我們的市占率。

Kelsey Chia, Citi.

Citi 的 Kelsey Chia。

Congrats on the results. Could you talk about the rationale behind focusing on silicon carbide for 800 volts step-down while focused on gallium nitride just for the lower voltage, lower power segments? It seems that some of your peers are also using GaN for higher voltage step-down. How would that influence your competitive positioning?

恭喜這次的業績。你能談談為什麼在800伏降壓（step-down）上聚焦碳化矽（silicon carbide），而在較低電壓、較低功率的區段才聚焦氮化鎵（gallium nitride）嗎？看起來你們的一些同業也在較高電壓的降壓上使用GaN。這會如何影響你們的競爭定位？

Well, it’s a long -- it’s a long question. It’s a long answer. Starting, I said I didn’t believe in GaN. I still don’t believe that, okay, for high power. Okay, I mean, we still have to be approved that in the market segment. The reason we use the silicon carbide is these devices are proven in the history, like 20 years ago, okay? I mean, they’re making diodes, okay, I mean, the material is a lot more reliable, okay.

嗯，這是一個很——很長的問題，也是一個很長的答案。先說，我之前就說過我不相信GaN。我現在仍然不相信它，好嗎，至少在高功率方面。我的意思是，我們仍需要在市場區隔中證明它。之所以使用碳化矽，是因為這些器件在歷史上已被驗證，例如20年前就有了，好嗎？我的意思是，他們在做二極體，好嗎，材料本身可靠性高得多，好嗎。

There’s some fundamental issues, we started this try to improve, it started 2016. As a result, we have a deep know-how to make, to use these silicon carbide, okay? The MPS is unlike other company, we’re selling -- we don’t sell silicon carbide FETs. These are passive semiconductive device. We always integrate it into our modules. That’s a kind of short story for you.

有一些根本性的問題，我們從嘗試改善開始，是從2016年開始。結果是，我們累積了很深的專業know-how來製作、來使用這些碳化矽，好嗎？MPS不同於其他公司，我們在銷售——我們不賣碳化矽FET。那些是被動的半導體器件。我們一向把它整合到我們的模組裡。這算是給你的一個簡短說明。

Got it. I know that the team historically has been able to gain share in tight supply environments. Could you talk more about your supply chain management strategy and also your confidence in meeting customer demand if other suppliers face capacity constraints?

了解。我知道團隊過去在供應吃緊的環境中一直能夠提升市占。你能否多談談你們的供應鏈管理策略，以及如果其他供應商面臨產能限制時，你們對滿足客戶需求的信心？

Throughout the history, if you look at it, especially time -- especially during 2021, and these are after COVID and it happens. MPS always listen to our customers. We don’t play a passive role. When the customers tell you to pull in, it's too late. We have actively, preemptively -- to build these inventory, get these inventory ready.

回顧歷史，如果你看，特別是——特別是在2021年，以及COVID之後發生的那些情況。MPS一向傾聽客戶。我們不扮演被動角色。當客戶告訴你要提前拉貨（pull in）時，往往已經太晚了。我們會主動、預先——建立這些庫存，把庫存準備好。

Our product life cycle is very long. We don’t have any materials and like a large amount and scrapping. We know these one sooner or later will sell. Again, like, you ask me where these product ramping, I don’t know. Plus minus a years, it will sell. We don’t mind and have a little high inventory, although in the last recent quarters, we cannot have enough to build up.

我們的產品生命週期非常長。我們不會有大量材料、也不會有大量報廢。我們知道這些產品遲早都會賣掉。再說一次，就像你問我產品在哪裡拉升，我不知道。正負一年的差距，它都會賣掉。我們不介意庫存稍微高一點，雖然在最近幾個季度，我們甚至沒有足夠的量可以把庫存堆起來。

Yeah, I just think the last thing I’d add, just so it’s really clear, is nothing about our outlook or anything we said about enterprise data floor is because we see any constraints in the supply chain. It’s something we’ve continuously stayed ahead at. If the root of your question, Kelsey, was whether or not the 85% flow was limited by something, that’s not an issue right now.

是的，我想我最後再補充一點，讓它非常清楚：我們對展望的任何內容，或我們對企業資料中心底線（enterprise data floor）所說的任何話，都不是因為我們看到供應鏈有任何限制。我們一直都持續走在前面。如果你問題的根源，Kelsey，是在問85%的底線是否被某些因素限制，那目前不是問題。

I'm showing no further questions at this time. I would now like to turn it back to Tony Balow for closing remarks.

我目前沒有看到其他問題。現在我想把電話交回給Tony Balow做結語。

Thank you, operator, and thank you all for joining us on this conference call today. I look forward to speaking with you on our next call for our second quarter 2026 results. Thanks, and have a great day.

謝謝接線員，也謝謝各位今天參加我們的電話會議。我期待在下一次電話會議上與各位交流，屆時我們將公布2026年第二季的業績。謝謝，祝各位有美好的一天。

This concludes today's conference call. Thank you for participating. You may now disconnect.

今天的電話會議到此結束。感謝各位參與。您現在可以掛線。