Everspin Technologies Inc (MRAM) 2023 Q2 法說會逐字稿

Good afternoon, and welcome to the conference call to discuss Everspin Technologies' Second Quarter 2023 Financial Results. (Operator Instructions) As a reminder, this conference call is being recorded today, Wednesday, August 2, 2023.

下午好，歡迎參加電話會議，討論 Everspin Technologies 2023 年第二季財務業績。 （操作員說明）謹此提醒，本次電話會議將於今天（2023 年 8 月 2 日星期三）錄製。

Before we begin the call, I want to remind you that this conference call contains forward-looking statements regarding future events, including, but not limited to, our expectations for Everspin's future business, financial performance and goals, customer industry adoption of MRAM technology, successfully bringing to market and manufacturing products in Everspin's design pipeline and executing on its business plan. These forward-looking statements are based on estimates, judgments, current trends and market conditions and involve risks and uncertainties that may cause actual results to differ materially from those contained in the forward-looking statements. We would encourage you to review our SEC filings, including our quarterly report on Form 10-Q, which will be filed with the SEC on August 3, 2023, and our SEC filings made from time to time in which we may discuss risk factors associated with investing in Everspin.

在我們開始電話會議之前，我想提醒您，本次電話會議包含有關未來事件的前瞻性陳述，包括但不限於我們對 Everspin 未來業務、財務業績和目標、客戶行業對 MRAM 技術的採用的期望，成功地將Everspin 設計流程中的產品推向市場並製造產品，並執行其業務計劃。這些前瞻性陳述是基於估計、判斷、當前趨勢和市場狀況，涉及可能導致實際結果與前瞻性陳述中包含的結果有重大差異的風險和不確定性。我們鼓勵您查看我們向 SEC 提交的文件，包括我們將於 2023 年 8 月 3 日向 SEC 提交的 10-Q 表格季度報告，以及我們不時提交的 SEC 文件，其中我們可能會討論相關風險因素投資 Everspin。

All forward-looking statements are made as of the date of this call, and except as required by law, we undertake no obligation to update any forward-looking statement made on this call to update or alter our forward-looking statements, whether as a result of new information, future events or otherwise. The financial results discussed today reflect our preliminary estimates are based on the information available as of the date hereof and are subject to further review by Everspin and its external auditors. Our actual results may differ materially from this estimate as a result of the completion of financial closing procedures, final adjustments and other developments arising between now and the time that our financial results for this period are finalized.

所有前瞻性陳述均自本次電話會議之日起作出，除非法律要求，我們沒有義務更新本次電話會議中所做的任何前瞻性陳述，以更新或更改我們的前瞻性陳述，無論是作為新資訊、未來事件或其他原因的結果。今天討論的財務表現反映了我們的初步估計，該估計基於截至本新聞稿發布之日可獲得的信息，並有待 Everspin 及其外部審計師的進一步審查。由於財務結算程序的完成、最終調整以及從現在到我們本期財務業績最終確定期間發生的其他進展，我們的實際業績可能與此估計有重大差異。

Additionally, the company's press release and statements made during this conference call will include discussions of certain measures and financial information in GAAP and non-GAAP terms. Included in the company's press release are definitions and reconciliation of GAAP net income to adjusted EBITDA, which provide additional details. A copy of the press release is posted in the Investor Relations section of Everspin's website at www.everspin.com.

此外，該公司在本次電話會議期間發布的新聞稿和聲明將包括以公認會計原則和非公認會計原則術語討論某些措施和財務資訊。該公司的新聞稿中包括 GAAP 淨利潤與調整後 EBITDA 的定義和調節，其中提供了更多詳細資訊。新聞稿的副本發佈在 Everspin 網站 www.everspin.com 的投資者關係部分。

And now, I'd like to turn the call over to Everspin's President and CEO, Sanjeev Aggarwal. Sanjeev, please go ahead.

現在，我想將電話轉給 Everspin 總裁兼執行長 Sanjeev Aggarwal。桑吉夫，請繼續。

Thank you, operator, and thanks, everyone, for joining us on the call today. Everspin delivered quarterly revenue of $15.7 million, above the high end of guidance, a 7% increase year-over-year. We were GAAP net income positive for the ninth quarter in a row which continues to be a strong focus for the company.

謝謝接線員，也謝謝大家今天加入我們的電話會議。 Everspin 的季度營收為 1,570 萬美元，高於指導上限，較去年同期成長 7%。我們的 GAAP 淨利潤連續第九個季度為正，這仍然是公司的重點關注點。

A few highlights for Q2 2023. Cash flow from operations was $6.3 million, putting us at $7.5 million year-to-date. We continue to operate debt-free while increasing profitability. In Q2, we started sampling our new xSPI family of STT-MRAM products from 4 megabit to 16 megabit in BGA and DFN packages with production planned in Q3 of 2023. As a reminder, we taped out this family of products in Q4 of 2022.

2023 年第二季的一些亮點。我們繼續無債務運營，同時提高獲利能力。在第二季度，我們開始對採用BGA 和DFN 封裝的新型xSPI 系列STT-MRAM 產品進行採樣，尺寸從4 兆位到16 兆位，計劃於2023 年第三季度生產。 2022 年第四季對該系列產品進行了流片。

In response to our customer requests, we have introduced a new version of our xSPI family of STT-MRAM products from 4 megabit to 128 megabit that extends the operating temperature from industrial temperature, that is minus 40C to 85C to extended temperature, which is minus 40C to 105 degrees C. We exceeded expectations on our radiation-hard programs to deliver STT-MRAM-based solutions for a high-density memory array and a distributed configuration memory for instant-on FPGAs with multiple time programmability.

為了滿足客戶的要求，我們推出了xSPI 系列STT-MRAM 產品的新版本，從4 兆位到128 兆位，將工作溫度從工業溫度（負40 攝氏度）擴展到擴展溫度（負40 攝氏度）到擴展溫度（負40 攝氏度）。提供分散式配置記憶體。

For our business outlook, our product backlog for balance of 2023 and into 2024, as of June 30, 2023, continues to be high, although we are experiencing some headwinds from the semiconductor downturn. We continue to alleviate some of our foundry supply chain constraints, which is helping us address our unfulfilled toggle demand.

就我們的業務前景而言，儘管我們正面臨半導體低迷帶來的一些阻力，但截至 2023 年 6 月 30 日，我們 2023 年和 2024 年的產品積壓量仍然很高。我們持續緩解一些鑄造供應鏈限制，這有助於我們解決未滿足的切換需求。

Over the past year, Everspin has introduced 2 xSPI family of STT-MRAM products integrated on 28-nanometer CMOS with the densities ranging from 4 megabit to 128 megabit. These products are available in the industrial temperature range of minus 40C to 85C. These products will enable our customers to simplify their system architecture and easily replace legacy memory components like SRAM and FRAM. Based on customer feedback, we are now planning a new family of xSPI STT-MRAM products with densities from 4 megabit to 128 megabit for the extended temperature operating range of minus 40C to 105C. This enables our customers in all segments to use these parts in harsher environmental conditions. Engineering samples are available now upon request and will be available in production volumes in Q4 of 2023.

在過去的一年裡，Everspin推出了2個整合在28奈米CMOS上的xSPI系列STT-MRAM產品，密度範圍從4兆位元到128兆位元。這些產品可在 -40C 至 85C 的工業溫度範圍內使用。這些產品將使我們的客戶能夠簡化他們的系統架構，並輕鬆替換 SRAM 和 FRAM 等傳統記憶體組件。根據客戶回饋，我們現在正在規劃新的 xSPI STT-MRAM 產品系列，其密度為 4 兆位元至 128 兆位，工作溫度範圍為 -40°C 至 105°C。這使得我們各領域的客戶能夠在更惡劣的環境條件下使用這些零件。工程樣品現已根據要求提供，並將於 2023 年第四季批量生產。

As discussed in the last earnings call, Everspin is designing a high density, which is greater than 256 meg, STT-MRAM discrete product for discrete NOR Flash replacement. The first product in this family of 1 gigabit density is on schedule for 2024 tape-out and for engineering samples. This family of products would be ideal for replacing NOR and FPGA systems to store configuration memory and simultaneously enabling 100x faster over-the-air updates.

如同上次財報電話會議中所討論的，Everspin 正在設計一款高於 256 兆兆的高密度 STT-MRAM 分立產品，用於取代分立 NOR 快閃記憶體。此 1 GB 密度系列中的首款產品計劃於 2024 年流片並用於工程樣品。此系列產品非常適合取代 NOR 和 FPGA 系統來儲存配置內存，同時實現速度提高 100 倍的無線更新。

Everspin has added ion beam etch capability to its 8-inch STT-MRAM line in Chandler. We are excited about this capability as it enables Everspin to develop the next-generation MTJ material stack and etch process. This capability will reduce the development cost and our time to production when our MTJ process is transferred to our partner's 12-inch line on advanced CMOS nodes. At present, this ion beam etch tool is being used for our radiation-hard STT-MRAM programs and is yielding promising results.

Everspin 為其位於錢德勒的 8 吋 STT-MRAM 生產線增加了離子束蝕刻功能。我們對這項能力感到興奮，因為它使 Everspin 能夠開發下一代 MTJ 材料堆疊和蝕刻製程。當我們的 MTJ 製程轉移到我們合作夥伴先進 CMOS 節點上的 12 吋生產線時，這種能力將降低開發成本和生產時間。目前，這種離子束蝕刻工具正用於我們的抗輻射 STT-MRAM 項目，並正在產生可喜的結果。

As you know, Everspin has 2 active radiation-hard programs to deliver STT-MRAM solutions: one, a high-density memory array; and two, a distributed configuration memory for instant-on FPGAs with multiple time programmability. As it relates to the STT-MRAM portion of this project, Everspin met its obligations and the delivered solution exceeded the specs defined for the FPGA. This included a demonstration of the integration scheme and the MTJ stack for the STT-MRAM solution and the performance of the Everspin circuit design. In the next phase of the project, this solution will be integrated on CMOS wafers with the FPGA fabric and optimized for performance. This design is a revolutionary approach that enables distributed STT-MRAM as a configuration memory in FPGA plus extending MRAM in a new application use case.

如您所知，Everspin 有 2 個主動抗輻射項目來提供 STT-MRAM 解決方案：一是高密度記憶體陣列；二是高密度記憶體陣列。第二，用於具有多次可程式化的即時啟動 FPGA 的分散式設定記憶體。由於涉及該專案的 STT-MRAM 部分，Everspin 履行了其義務，並且交付的解決方案超出了為 FPGA 定義的規格。其中包括 STT-MRAM 解決方案的整合方案和 MTJ 堆疊的演示以及 Everspin 電路設計的效能。在該專案的下一階段，該解決方案將與 FPGA 結構整合在 CMOS 晶圓上，並針對效能進行最佳化。該設計是一種革命性的方法，可將分散式 STT-MRAM 作為 FPGA 中的配置記憶體，並在新的應用案例中擴展 MRAM。

I will now turn it over to our CFO, Anuj Aggarwal, who will take you through our second quarter financials and third quarter 2023 guidance. Anuj?

我現在將其交給我們的財務長 Anuj Aggarwal，他將向您介紹我們第二季的財務狀況和 2023 年第三季的指導。阿努傑？

Thank you, Sanjeev, and good afternoon, everyone. As part of the second quarter 2023 financial results, Everspin Technologies is pleased to announce its ninth consecutive quarter of positive net income. In addition, we generated positive cash flow from operations of $6.3 million during the quarter.

謝謝桑吉夫，大家下午好。作為 2023 年第二季財務業績的一部分，Everspin Technologies 很高興地宣布其連續第九個季度實現正淨利潤。此外，本季我們也從營運中產生了 630 萬美元的正現金流。

We delivered solid quarterly results above the high end of guidance with revenue of $15.7 million compared to $14.8 million last quarter and $14.7 million in the second quarter of 2022. We also had positive net income of $3.9 million and positive cash flow from operations of $6.3 million for the second quarter of 2023.

我們的季度業績穩健，高於指導上限，營收為1,570 萬美元，而上一季為1,480 萬美元，2022 年第二季為1,470 萬美元。萬美元2023 年第二季。

MRAM product sales in the second quarter, which includes both Toggle and STT-MRAM revenue, was $13.4 million compared to $13.8 million in the prior quarter and an increase from $13.2 million in Q2 '22.

第二季 MRAM 產品銷售額（包括 Toggle 和 STT-MRAM 營收）為 1,340 萬美元，而上一季為 1,380 萬美元，較 2022 年第二季的 1,320 萬美元有所成長。

Licensing, royalties, patents, and other revenue in the second quarter increased to $2.3 million compared to $1.1 million in Q1 2023 and $1.5 million in Q2 '22.

第二季的授權、特許權使用費、專利和其他收入增至 230 萬美元，而 2023 年第一季為 110 萬美元，22 年第二季為 150 萬美元。

Shipments to suppliers for our end customer who we serve with our high-density STT product for data center applications represented 7% of revenue in the quarter versus 11% of revenue in Q1 and 15% in Q2 '22.

我們為資料中心應用提供高密度 STT 產品的最終客戶供應商的出貨量佔本季營收的 7%，而 2022 年第一季和第二季的營收分別為 11% 和 15%。

Turning to gross margin. GAAP gross margin for the second quarter of '23 was 58.4% versus 56.8% in the prior quarter and 58.4% in Q2 '22. GAAP operating expenses for the second quarter of '23 were $7.6 million versus $7.7 million in the prior quarter and $6.9 million in the second quarter of 2022. The increase in operating expenses in the quarter compared to Q2 '22 was primarily driven by increased costs to support the xSPI family of STT product that is currently in low-volume production.

轉向毛利率。 23 年第二季的 GAAP 毛利率為 58.4%，上一季為 56.8%，22 年第二季為 58.4%。 23 年第二季的 GAAP 營運費用為 760 萬美元，上一季為 770 萬美元，2022 年第二季為 690 萬美元。支援目前處於小批量生產的xSPI 系列STT 產品。

We are pleased to report a second quarter 2023 positive net income of $3.9 million or $0.19 per basic share based on 20.7 million basic weighted average shares outstanding. This compares to a GAAP net income of $0.8 million or $0.04 per basic share in the first quarter of 2023 and net income of $1.7 million or $0.08 per basic share in the second quarter of 2022. Basic EPS of $0.19 was better than the high point of our guidance range, reflecting our strategic operational discipline and ability to drive profitability in the face of tightening supplies and macroeconomic uncertainties.

我們很高興地報告，2023 年第二季淨利為 390 萬美元，即每股基本股 0.19 美元（基於 2,070 萬股已發行基本加權平均股）。相較之下，2023 年第一季的GAAP 淨利為80 萬美元，即每股基本股0.04 美元，2022 年第二季的淨利為170 萬美元，即每股基本股0.08 美元。股收益0.19 美元，優於2022 年第二季的最高點。

Adjusted EBITDA continues to remain positive. For Q2 '23, adjusted EBITDA was $5.4 million compared to $2.3 million in the prior quarter and $3.3 million in Q2 2022.

調整後 EBITDA 繼續保持正值。 23 年第二季度，調整後 EBITDA 為 540 萬美元，而上一季為 230 萬美元，2022 年第二季為 330 萬美元。

Cash and cash equivalents ended the quarter at $30.8 million compared to $24.2 million at the end of the prior quarter and $23.1 million in Q2 2022. The increase in cash quarter-over-quarter is a result of Everspin's continued focus on strong cash management while growing cash flow from operations and from receiving a $2 million employee retention tax credit under the CARES Act during the quarter. Cash flow from operations was healthy at $6.3 million for the current quarter.

本季末現金和現金等價物為 3,080 萬美元，而上一季末為 2,420 萬美元，2022 年第二季為 2,310 萬美元。本季來自營運的現金流以及根據CARES 法案獲得200 萬美元員工保留稅收抵免的現金流。本季營運現金流健康，為 630 萬美元。

As mentioned, during the second quarter of 2023, Everspin received a onetime employee retention tax credit refund from the United States Treasury totaling $2 million. The refund was received pursuant to provisions within the CARES Act. Everspin recorded the onetime employee retention tax credit within our other income during the second quarter of 2023.

如前所述，2023 年第二季度，Everspin 從美國財政部獲得了總計 200 萬美元的一次性員工保留稅收抵免退款。退款是根據 CARES 法案的規定收到的。 Everspin 在 2023 年第二季將一次性員工保留稅收抵免記錄在我們的其他收入中。

Turning to our third quarter 2023 guidance. Everspin is cautiously optimistic. Demand for our Toggle products remain strong, and we continue to see increased demand for our xSPI family of STT products. Everspin expects total revenue in a range of $15.4 million to $16.4 million. Everspin expects GAAP net income per basic share to be between $0.01 and $0.06.

轉向我們的 2023 年第三季指引。 Everspin 持謹慎樂觀的態度。對我們的 Toggle 產品的需求仍然強勁，我們繼續看到對我們的 xSPI 系列 STT 產品的需求不斷增加。 Everspin 預計總收入在 1,540 萬美元至 1,640 萬美元之間。 Everspin 預計 GAAP 每股基本淨利潤將在 0.01 美元至 0.06 美元之間。

I will now turn it back over to Sanjeev for some brief additional commentary before we open it up for questions.

現在，在我們開始提問之前，我將把它轉回桑吉夫，以獲得一些簡短的補充評論。

Thanks, Anuj. In summary, Everspin reported another quarter, now ninth in a row, of profitability. We are excited to see the early adoption of our xSPI family of STT-MRAM product covering densities from 4 megabit to 128 megabit. We expect to further enhance our ability to serve the market with the extended temperature offering from minus 40C to 105C of this xSPI STT-MRAM family. Everspin is successfully navigating the slowdown with a healthy backlog and good visibility into the second half of '23 and early 2024.

謝謝，阿努吉。總而言之，Everspin 又報告了一個季度的獲利情況，現已連續第九個季度實現盈利。我們很高興看到我們的 xSPI 系列 STT-MRAM 產品的早期採用，覆蓋密度從 4 兆位元到 128 兆位元。我們希望透過 xSPI STT-MRAM 系列的 -40C 至 105C 擴展溫度範圍進一步增強我們服務市場的能力。 Everspin 憑藉健康的積壓和對 23 年下半年和 2024 年初的良好預見性，成功應對了經濟放緩的局面。

Thank you for joining us today. Operator, you may now open the line for questions.

感謝您今天加入我們。接線員，現在可以撥打電話提問。

(Operator Instructions) I'm showing we have a question coming from the line of Raji Gill with Needham.

（操作員說明）我顯示我們有一個來自 Raji Gill 和 Needham 的問題。

This is Nick Doyle. Great quarter. Congrats on the good numbers. My first question would just be, I'd assume that the licensing and gross margin come down next quarter. Maybe you could just talk about what drove the big bump in licensing this quarter and what you're thinking moving forward. I would assume, like I said, that would come down. So really that we're seeing that the products are getting a nice uptick. Is that coming from Toggle or STT?

這是尼克·道爾。很棒的季度。恭喜你取得了好的數字。我的第一個問題是，我假設下個季度的許可證和毛利率會下降。也許您可以談談是什麼推動了本季度許可數量的大幅增長以及您對未來的想法。正如我所說，我認為這會下降。事實上，我們看到產品正在大幅成長。這是來自 Toggle 還是 STT？

Nick, this is Anuj. Yes. So this quarter, 58.4% gross margin. It was a pretty healthy gross margin compared to our internal model that we've shared with everyone. We don't typically give guidance on gross margin, but I'll say that the licensing deals are richer in gross margin. And so that's what has enabled us to get the high gross margin this quarter.

尼克，這是阿努吉。是的。所以本季毛利率為58.4%。與我們與大家分享的內部模型相比，這是一個相當健康的毛利率。我們通常不會給出毛利率指導，但我會說許可交易的毛利率更高。這就是我們本季獲得高毛利率的原因。

It's hard to predict in future quarters how it will look because there is some lumpiness, if you will, on when activities are being completed and things progress as we get into future quarters. But we do expect that the licensing project will have a higher gross margin going forward.

很難預測未來幾季的情況，因為當我們進入未來幾季時，活動何時完成以及事情的進展存在一些不穩定（如果你願意的話）。但我們確實預計授權該項目未來的毛利率將會更高。

Okay. And I think in the past, you've talked about that you expect Toggle to grow sequentially over time. So do we still expect that? And what's driving that? And maybe it's related to the supply constraints. I think you mentioned that they're getting a little better. Are you still seeing constraints in that 180 nanometer?

好的。我想在過去，您曾談到您希望 Toggle 隨著時間的推移而連續增長。那我們還期待這樣的情況嗎？是什麼推動了這一點？也許這與供應限制有關。我想你有提到他們正在好轉。您是否仍然看到 180 奈米的限制？

Yes. So the Toggle revenue continues to be strong and fairly consistent and growing. So if you look at our design wins over time, we continue to see strong design wins in the Toggle space. We've experienced that last 2 years. The last couple of quarters this year, we've had very strong design wins. And so we expect those projects to start translating into revenue nicely in the next year or so. So we expect continued growth in Toggle from that standpoint.

是的。因此，Toggle 的收入繼續強勁且相當穩定且不斷增長。因此，如果你看看我們隨著時間的推移所取得的設計勝利，我們會繼續在 Toggle 領域看到強大的設計勝利。我們過去兩年就經歷過這種情況。今年最後幾個季度，我們取得了非常強勁的設計勝利。因此，我們預計這些項目將在明年左右開始很好地轉化為收入。因此，從這個角度來看，我們預計 Toggle 將持續成長。

From an STT standpoint, within the data center, we've shared with everyone that that's been relatively sluggish and challenging. I think that continues to be a soft part of the market, if you will, for us. But then if you look at our xSPI family of products within STT, that continues to also be exciting. So as Sanjeev mentioned, we have another cutdown version of the product that's come out relative to what customers need and what they've requested. And we're seeing some nice design wins in that space. And so as we look into the future, we expect those design wins to start translating into revenue.

從 STT 的角度來看，在資料中心內，我們已經與所有人分享了相對緩慢且具挑戰性的情況。我認為，如果你願意的話，對我們來說，這仍然是市場的軟性部分。但如果您看看我們 STT 中的 xSPI 系列產品，您會發現這仍然令人興奮。正如桑吉夫所提到的，我們有另一個產品的精簡版本，它是根據客戶的需求和要求而推出的。我們在這個領域看到了一些不錯的設計勝利。因此，當我們展望未來時，我們預計這些設計勝利將開始轉化為收入。

And our next question coming from the line of Shadi Mitwalli from Craig-Hallum.

我們的下一個問題來自 Craig-Hallum 的 Shadi Mitwalli。

This is Shadi Mitwalli filling in for Richard Shannon at Craig-Hallum. I just had a question on if you guys can go a little bit more in depth on the supply chain constraints that you're experiencing and what the unfilled demand looks like.

我是沙迪·米特瓦利 (Shadi Mitwalli)，在克雷格·哈勒姆 (Craig-Hallum) 接替理查德·香農 (Richard Shannon)。我只是有一個問題，你們是否可以更深入地了解你們正在經歷的供應鏈限制以及未滿足的需求是什麼樣的。

Shadi, this is Anuj, again. So yes, let me kind of talk a little bit about the constraints. So we continue to be constrained on our 180-nanometer products. And so as you know, we buy our CMOS wafers from TSMC. And we're working very closely with them in order to get the product that we need to fulfill the demand that we have. And so that continues to be an ongoing discussion and partnership with them as we try to get more wafers to get the product out. So I think that's continuing to be a challenge.

沙迪，我又是阿努吉。所以，是的，讓我談談限制因素。因此，我們的 180 奈米產品仍然受到限制。如您所知，我們從台積電購買 CMOS 晶圓。我們正在與他們密切合作，以獲得滿足我們需求的產品。因此，當我們試圖獲得更多晶圓來生產產品時，我們將繼續與他們進行持續的討論和合作。所以我認為這仍然是一個挑戰。

From a backlog standpoint, the backlog continues to be very healthy. So I'll just kind of reiterate some of the things we've said in the past. We're seeing bookings now going into the second half of '24. There's new orders outside the lead times. And we're continuing to see increased bookings within the lead times. So from that perspective, things are looking good. We do continue to see some cancellations and pushouts, but that's limited and I would say probably very normal if you look at the historical trends. So things are looking promising from a backlog perspective.

從積壓的角度來看，積壓仍然非常健康。所以我只是重申我們過去說過的一些事情。我們看到預訂已進入 2024 年下半年。交貨時間之外有新訂單。我們繼續看到交貨時間內的預訂量增加。所以從這個角度來看，事情看起來不錯。我們確實繼續看到一些取消和推遲，但這是有限的，如果你看看歷史趨勢，我會說這可能是非常正常的。因此，從積壓的角度來看，事情看起來很有希望。

Great. Great. That's good to hear. And just a quick follow-up question on the visibility to future sales with your largest customer and then if revenues have bottomed out with them.

偉大的。偉大的。很高興聽到這個消息。這是一個快速的後續問題，涉及您最大客戶的未來銷售情況以及收入是否已觸底。

So yes, for the data center customer, they're 7.3% now of our total revenue. I think it's a couple of different things, right? So part of it is mix. So as we have increased rad-hard projects, increasing in revenue or becoming a larger part of our total revenue. And as Toggle continues to grow and our new xSPI family of products continues to develop. We might see this particular customer become a smaller concentration of the revenue, which is a good thing, right? It limits their impact to the business. But we have seen some softness from them that's continued.

所以，是的，對於資料中心客戶來說，他們現在占我們總收入的 7.3%。我認為這是幾個不同的事情，對嗎？所以其中一部分是混合的。因此，隨著我們增加抗輻射項目，收入會增加或占我們總收入的更大部分。隨著 Toggle 的不斷發展和我們新的 xSPI 系列產品的不斷發展。我們可能會看到這個特定客戶的收入集中度較小，這是一件好事，對吧？這限制了它們對業務的影響。但我們看到他們的一些軟弱情緒仍在持續。

Yes, which is consistent with the rest of the data center market. So it's not something unique to Everspin or a surprise.

是的，這與資料中心市場的其他部分一致。所以這並不是 Everspin 獨有的東西，也不是什麼令人驚訝的事情。

In fact, that's all I had for me. And congrats on a solid quarter.

事實上，這就是我所擁有的一切。恭喜季度業績穩健。

I'm not showing any further questions in the queue at this time. I will now turn the conference back to Anuj for any closing.

目前我不會在隊列中顯示任何其他問題。現在我將把會議轉回阿努吉進行閉幕式。

Okay. With that said, we conclude today's call. Thank you all for joining us, and we look forward to reporting our progress and results in the next quarter's call. Operator, you may now disconnect the call.

好的。話雖如此，我們結束今天的電話會議。感謝大家加入我們，我們期待在下一季的電話會議中報告我們的進展和結果。接線員，您現在可以掛斷電話了。

Ladies and gentlemen, that does conclude our conference for today. Thank you for your participation. You may now disconnect.

女士們、先生們，今天的會議到此結束。感謝您的參與。您現在可以斷開連線。