Everspin Technologies Inc (MRAM) 2025 Q1 法說會逐字稿

Good afternoon and welcome to the Everspin Technologies first-quarter 2025 financial results conference call. (Operator Instructions) As a reminder, this conference call is being recorded.

下午好，歡迎參加 Everspin Technologies 2025 年第一季財務業績電話會議。（操作員指示）提醒一下，本次電話會議正在錄音。

I would now like to turn the conference over to Faye Hoffman, Investor Relations for Everspin.

現在，我想將會議交給 Everspin 投資者關係部門的 Faye Hoffman。

Thank you, operator, and good afternoon, everyone. Everspin released results for the first-quarter 2025 ended March 31, 2025, this afternoon after market close. I'm Faye Hoffman, Investor Relations for Everspin. And with me on today's call are Sanjeev Aggarwal, President and Chief Executive Officer; and Bill Cooper, Chief Financial Officer.

謝謝接線員，大家下午好。Everspin 今天下午收盤後公佈了截至 2025 年 3 月 31 日的 2025 年第一季業績。我是 Faye Hoffman，Everspin 的投資者關係部門負責人。今天與我一起參加電話會議的還有總裁兼執行長 Sanjeev Aggarwal；以及財務長比爾庫柏（Bill Cooper）。

Before we begin the call, I would like to remind you that today's discussion may contain forward-looking statements regarding future events, including, but not limited to, the company's expectations for Everspin's future business, financial performance and goals, customer and industry adoption of MRAM technology, successfully bringing to market and manufacturing products in Everspin's design pipeline and executing on its business plan.

在我們開始電話會議之前，我想提醒您，今天的討論可能包含有關未來事件的前瞻性陳述，包括但不限於公司對 Everspin 未來業務的期望、財務業績和目標、客戶和行業對 MRAM 技術的採用、成功將 Everspin 設計流程中的產品推向市場和製造以及執行其業務計劃。

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 the company's SEC filings, including the annual report on Form 10-K and other SEC filings made from time to time in which the company may discuss risk factors associated with investing in Everspin.

這些前瞻性陳述是基於估計、判斷、當前趨勢和市場條件，涉及風險和不確定性，可能導致實際結果與前瞻性陳述中的結果有重大差異。我們鼓勵您查看該公司的 SEC 文件，包括 10-K 表格年度報告和公司不時提交的其他 SEC 文件，其中公司可能會討論與投資 Everspin 相關的風險因素。

All forward-looking statements are made as of the date of this call. And except as required by law, the company undertakes no obligation to update or alter any forward-looking statements made on this call, whether as a result of new information, future events, or otherwise.

所有前瞻性陳述均截至本次電話會議當天作出。除法律要求外，本公司不承擔更新或修改本次電話會議中做出的任何前瞻性陳述的義務，無論是由於新資訊、未來事件或其他原因。

The financial results discussed today reflect the company's preliminary estimates are based on the information available as of the date hereof and are subject to further review by Everspin and its external auditor. The company's actual results may differ materially from these estimates as a result of the completion of financial closing procedures, final adjustments, and other developments arising between now and the time that the financial results for this period are finalized.

今天討論的財務結果反映了該公司的初步估計，該估計基於截至本文日期可用的信息，並需經 Everspin 及其外部審計師進一步審查。由於財務結算程序的完成、最終調整以及從現在到本期間財務結果最終確定期間發生的其他事態發展，公司的實際結果可能與這些估計有重大差異。

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 non-GAAP net income, which provide additional details. A copy of the press release is posted on the Investor Relations section of Everspin's website at everspin.com.

此外，該公司的新聞稿和電話會議中的聲明將包括對 GAAP 和非 GAAP 條款中的某些指標和財務資訊的討論。該公司的新聞稿中包含了 GAAP 淨收入與非 GAAP 淨收入的定義和調節，提供了更多詳細資訊。新聞稿副本已發佈在 Everspin 網站 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。Sanjeev，請繼續。

Thank you, Faye. And thanks, everyone, for joining us on the call today. Turning to our first-quarter results, we are pleased to report our first-quarter results with revenue of $13.1 million and non-GAAP EPS of $0.02, both above our guidance range. Our outperformance this quarter was due to strength in product revenue, which came in higher than expected.

謝謝你，費伊。感謝大家今天參加我們的電話會議。談到我們的第一季業績，我們很高興地報告第一季業績：收入為 1,310 萬美元，非 GAAP 每股收益為 0.02 美元，均高於我們的預期範圍。我們本季的出色表現得益於產品收入的強勁成長，其收入高於預期。

During the first quarter, we continued to ramp revenue from the sale of a PERSYST 1-gigabit STT-MRAM into IDM's Flash Core Module 4 or FCM4 for data center applications. As a reminder, this PERSYST product brings data loss protection, high read-write bandwidth, low latency, and non-volatility to the solution. We are pleased with our continued progress and anticipate product revenue from this ongoing project to remain consistent for the remainder of the year.

在第一季度，我們繼續透過將 PERSYST 1 千兆位元 STT-MRAM 銷售到 IDM 的 Flash Core Module 4 或用於資料中心應用的 FCM4​​ 來增加收入。提醒一下，這款 PERSYST 產品為解決方案帶來了資料遺失保護、高讀寫頻寬、低延遲和非揮發性。我們對持續的進展感到滿意，並預計該正在進行的項目的產品收入將在今年剩餘時間內保持穩定。

We continue to ship and recognize revenue from a PERSYST MRAM solution from Lucid Motors for their Gravity SUV, for which the automaker is currently accepting orders. Everspin's MRAM is used in the Gravity to handle data logging and parameter storage to assist in the efficient operation of the all-electric drive-powered train.

我們繼續為 Lucid Motors 的 Gravity SUV 運送 PERSYST MRAM 解決方案並確認收入，目前正在接受訂單。Everspin 的 MRAM 用於 Gravity 處理資料記錄和參數存儲，以協助全電動驅動列車高效運作。

This is the second Lucid model that Everspin has been designing due, having been selected to provide its 256 kilobit MRAM for the Lucid Air All-Electric Luxury model in 2021 and follows our win with Bugatti for the All-Electric Nevara Elite Sports Car in 2022. Everspin's MRAM technology is being utilized by five companies in the auto industry for data capture due to our extreme reliability in demanding environments.

這是 Everspin 設計的第二款 Lucid 車型，之前我們曾被選中為 2021 年的 Lucid Air 全電動豪華車型提供 256 千比特 MRAM，並且繼 2022 年與布加迪合作為全電動 Nevara Elite 跑車提供 MRAM 之後。由於 Everspin 的 MRAM 技術在苛刻環境下具有極高的可靠性，因此被汽車行業的五家公司用於數據捕獲。

Turning to our licensing, royalty, patent, and other revenue. We completed the first phase of our $9.25 million front-grade technologies project that was announced in August of last year to develop a custom radiation-hardened STT-MRAM macro for embedded solutions using our PERSYST STT-MRAM technology. The first phase of this project was design-centric, and we are now entering the second process-centric phase to validate the design on silicon.

談到我們的授權、版稅、專利和其他收入。我們完成了去年 8 月宣布的 925 萬美元前端技術專案的第一階段，旨在使用我們的 PERSYST STT-MRAM 技術為嵌入式解決方案開發客製化的抗輻射 STT-MRAM 巨集。這個專案的第一階段以設計為中心，現在我們進入以製程為中心的第二階段，以驗證矽片上的設計。

In production, this project will support current and future DOD strategic radiation-hardened and Low Earth Orbital or LEO space system. We signed the next phase of our project with QuickLogic for our Innovative, AgILYST MRAM technology in the first quarter and recognized initial revenue from moving to the process or fab-centric phase to validate the design on silicon.

在生產中，該項目將支援當前和未來的國防部戰略抗輻射和低地球軌道或LEO空間系統。我們在第一季與 QuickLogic 簽署了創新型 AgILYST MRAM 技術專案的下一階段協議，並透過轉向製程或以晶圓廠為中心的階段驗證矽片設計確認了初始收入。

As a reminder, this project aims to advance the development and demonstration of strategic radiation-hardened, high-reliability FPGA technology. We began to recognize initial revenue on our Purdue University contract to provide our state-of-the-art STT-MRAM technology to support energy-efficient AI solution.

需要提醒的是，該專案旨在推進策略性抗輻射、高可靠性 FPGA 技術的開發和演示。我們開始確認與普渡大學簽訂的合約的初始收入，該合約提供我們最先進的 STT-MRAM 技術來支援節能的 AI 解決方案。

As part of our first milestone, we delivered the Process Design Kit, or PDK, so Purdue can initiate chip Design. We also shared the initial process development results, including Magnetic Tunnel Junction or MTJ parameters. We are continuing with process development to deliver low-power MTJ devices with fast and reliable switching characteristics. We expect this project to also ramp as the year progresses. This project aims to deliver an energy-efficient neuromorphic computing chips for edge AI applications.

作為我們第一個里程碑的一部分，我們提供了製程設計套件（PDK），因此普渡大學可以啟動晶片設計。我們也分享了初步的製程開發結果，包括磁隧道接面或MTJ參數。我們將繼續進行製程開發，以提供具有快速可靠開關特性的低功耗 MTJ 設備。我們預計該項目也將隨著時間的推移而加速發展。該計畫旨在為邊緣人工智慧應用提供節能的神經形態運算晶片。

Lastly, we continue to recognize revenue from our ongoing project with a leading provider of sensor devices to provide foundry services for their latest generation TMR sensor device on our MRAM line in our Chandler facility. We completed qualification and are now at a steady state of production.

最後，我們繼續從與領先的傳感器設備供應商正在進行的項目中確認收入，該項目為我們錢德勒工廠的 MRAM 生產線上的最新一代 TMR 傳感器設備提供代工服務。我們完成了資格認證，目前處於穩定的生產狀態。

With respect to below the line items, we recognized $0.4 million in other income in the first quarter and $6.5 million to-date from the $14.6 million contract we have with a DOD contractor, to develop a sustainment plan for our MRAM manufacturing facilities to provide continuous onshore MRAM capabilities to their aerospace and defense customers. We expect this business to pickup meaningfully in the back half of the year.

對於線下項目，我們在第一季度確認了 40 萬美元的其他收入，並從與國防部承包商簽訂的 1460 萬美元合約中確認了 650 萬美元，用於為我們的 MRAM 製造設施制定維持計劃，為其航空航天和國防客戶提供持續的陸上 MRAM 功能。我們預計這項業務將在今年下半年大幅回升。

In March, we attended embedded world in Nuremberg, Germany. This was our largest presence since 2017 with heavy traffic through our booth with existing and potential new customers. Our customer engagements range from TLCs, storage, gaming, FPGA partners, SoC and Board partners, et cetera. The strong interest was demonstrated through the significant media coverage of Everspin and its persistent line of products at the event.

三月份，我們參加了德國紐倫堡嵌入式世界博覽會。這是我們自 2017 年以來最大的參展，現有客戶和潛在新客戶絡繹不絕。我們的客戶範圍包括 TLC、儲存、遊戲、 FPGA 合作夥伴、 SoC 和主機板合作夥伴等等。媒體對 Everspin 及其係列產品在此次活動中的大量報導體現了人們的濃厚興趣。

At the show, we also announced two new products as part of our xSPI family, the PERSYST EM064LX-HR, and EM-128LX HR, which feature an expanded temperature range of minus 40 degrees C to plus 125 degree C, meeting the AEC-Q100 Grade 1 standard for automotive applications. This expanded temperature range addresses the growing demand for persistent, high-speed memory in aerospace, defense and extreme industrial environment and provides designer with a robust, fast, and scalable alternative to static RAM or NOR flash. Engineering samples of the EM064LX and EM128LX HR will be available in June 2025 with full production scheduled for late 2025.

在展會上，我們也發布了 xSPI 系列的兩款新產品 PERSYST EM064LX-HR 和 EM-128LX HR，它們的溫度範圍擴大到攝氏零下 40 攝氏度至零上 125 攝氏度，符合汽車應用的 AEC-Q100 1 級標準。擴大的溫度範圍滿足了航空航太、國防和極端工業環境中對持久高速記憶體日益增長的需求，並為設計人員提供了靜態 RAM 或 NOR 快閃記憶體的穩健、快速且可擴展的替代方案。EM064LX 和 EM128LX HR 的工程樣品將於 2025 年 6 月上市，並計劃於 2025 年底全面投入生產。

In addition, we had a great example of the success of our enablement efforts at the event. Our customer at the show was given a Flywire board to test our PERSYST EM064LX-HR. The customer hooked it up to its platform and asked for drivers. It was a STM32 baseboard, and we directed the customer to the GitHub location for our drivers that we had just released. The demo board worked seamlessly, and the customer was able to evaluate our superior solution compared to the standard memory solution.

此外，我們在此次活動中也展示了我們支持工作成功的一個很好的例子。我們在展會上為客戶提供了一塊 Flywire 板來測試我們的 PERSYST EM064LX-HR。客戶將其連接到其平台並請求司機。它是一個 STM32 底板，我們將客戶引導至我們剛剛發布的驅動程式的 GitHub 位置。演示板運行無縫，客戶能夠評估我們相對於標準記憶體解決方案的卓越解決方案。

Everspin PERSYST MRAM products are a dependable memory solution where harsh environment and reliability are paramount. These features have enabled a couple of marquee design wins, and we expect similar mission-critical design opportunities in the future.

Everspin PERSYST MRAM 產品是一種可靠的記憶體解決方案，適用於惡劣環境和可靠性至關重要的情況。這些功能使我們贏得了一些重要的設計勝利，我們期待未來也能獲得類似的關鍵任務設計機會。

We are proud to be partnered with Blue Origin on their Blue Moon Mark 1 lander mission set to travel to the moon later this year and congratulate Blue Origin on the launch of New Shepard NS-31 Mission, the first all-female flight crews since 1963. ASO Digital, a supplier of complete satellite systems and mission support systems, has selected Everspin MRAM for their deep space mission.

我們很榮幸能與藍色起源合作，參與其將於今年稍後發射的藍色月球 Mark 1 著陸器登月任務，並祝賀藍色起源發射新謝潑德 NS-31 任務，這是自 1963 年以來首次全女性飛行機組。ASO Digital 是一家完整衛星系統和任務支援系統供應商，已選擇 Everspin MRAM 用於其深空任務。

ASO Digital flight computer utilizes Everspin's PERSYST MRAM solution, which is the primary processor for the satellite system because responsible for receiving and storing command sequences from users on the ground, sending critical telemetry data and distributing information and traffic to the various subsystems onboard the satellite. It is designed for applications from Low Earth Orbit, LEO, to Geosynchronous Orbit, GEO, up to 42,000 kilometers altitude where the environments are harsh and reliability is paramount.

ASO 數位飛行計算機採用 Everspin 的 PERSYST MRAM 解決方案，該解決方案是衛星系統的主要處理器，負責接收和儲存來自地面用戶的命令序列、發送關鍵遙測資料以及將資訊和流量分發到衛星上的各個子系統。它專為從低地球軌道 (LEO) 到地球同步軌道 (GEO) 的應用而設計，最高可達 42,000 公里的高度，這些環境非常惡劣，可靠性至關重要。

Our outlook for 2025 remains consistent. We continue to expect the year to be weighted more heavily towards the second half of 2025 due to our typical seasonality and do not expect a direct material impact from tariffs on our results. I will now turn it over to our CFO, Bill Cooper, who will walk you through our first-quarter financials and second-quarter 2025 guidance. Bill?

我們對 2025 年的展望保持不變。由於我們典型的季節性，我們仍然預計今年的業績將更多地集中在 2025 年下半年，並且預計關稅不會對我們的業績產生直接的重大影響。現在我將把時間交給我們的財務長比爾庫柏 (Bill Cooper)，他將向您介紹我們的第一季財務狀況和 2025 年第二季的指導。帳單？

Thank you, Sanjeev. Our first-quarter results reflect the consistency of our execution. During the first quarter, we delivered revenue of $13.1 million, above our guidance range of $12 million to $13 million, driven by stronger-than-expected product revenue.

謝謝你，桑吉夫。我們第一季的業績反映了我們執行力的一致性。第一季度，由於產品收入強於預期，我們的營收達到 1,310 萬美元，高於我們 1,200 萬美元至 1,300 萬美元的預期範圍。

MRAM product sales in the first quarter, which include both Toggle and STT-MRAM revenue, was $11.0 million compared to $10.9 million in Q1 2024, consistent with our product sales of $11.0 million in the fourth quarter of 2024. Licensing, royalty, patent and other revenue in the first quarter decreased to $2.1 million compared to $3.6 million in Q1 2024. This reduction was a result of lower revenue from our project with Frontgrade, which reflects the lumpy nature of these projects.

第一季的 MRAM 產品銷售額（包括 Toggle 和 STT-MRAM 收入）為 1,100 萬美元，而 2024 年第一季為 1,090 萬美元，與我們 2024 年第四季的 1,100 萬美元的產品銷售額一致。第一季的授權、特許權使用費、專利和其他收入從 2024 年第一季的 360 萬美元下降至 210 萬美元。此次減少是由於我們與 Frontgrade 合作的專案收入減少，這反映了這些專案的波動性。

Turning to gross margin. Our GAAP gross margin was 51.4% for the first quarter, up slightly from 51.3% in the fourth quarter and down from 56.5% in Q1 2024. The decrease relative to the same period last year was due to lower mix of high-margin licensing and other revenue. GAAP operating expenses for the first quarter of 2025 were $8.7 million compared to $8.8 million in the first quarter of 2024.

轉向毛利率。我們第一季的 GAAP 毛利率為 51.4%，略高於第四季的 51.3%，但低於 2024 年第一季的 56.5%。與去年同期相比有所下降，原因是高利潤許可和其他收入的比例較低。2025 年第一季的 GAAP 營運費用為 870 萬美元，而 2024 年第一季為 880 萬美元。

In the first quarter of 2025, the company recorded $0.4 million of other income related to the strategic award we won in August to develop a long-term plan to provide manufacturing services for aerospace and defense segments. We recorded first quarter non-GAAP net income of $0.4 million or $0.02 per diluted share based on 22.4 million weighted average diluted shares outstanding.

2025 年第一季度，公司記錄了 40 萬美元的其他收入，與我們 8 月贏得的戰略獎項有關，該獎項旨在製定為航空航天和國防部門提供製造服務的長期計劃。我們第一季的非 GAAP 淨收入為 40 萬美元，或每股攤薄收益 0.02 美元（基於 2,240 萬股加權平均稀釋流通股）。

This was above our guidance range of a non-GAAP net loss of $0.05 to breakeven results. due to slightly higher revenue and gross margin and prudent operating expense management. This compares to non-GAAP net income of $1.5 million or $0.07 per diluted share in the first quarter of 2024. As a reminder, non-GAAP results are calculated by removing the impact of stock-based compensation.

這高於我們的非公認會計準則淨虧損 0.05 美元至損益兩平的指導範圍。由於收入和毛利率略高以及審慎的營運費用管理。相比之下，2024 年第一季的非 GAAP 淨收入為 150 萬美元或每股攤薄收益 0.07 美元。提醒一下，非公認的會計準則結果是透過消除股票薪酬的影響來計算。

We are pleased that our balance sheet remains strong and debt-free. We ended the quarter with cash and cash equivalents of $42.2 million, up $0.1 million from $42.1 million at the end of the prior quarter. Cash flow generated from operations was $1.4 million for the first quarter. Inventories increased sequentially due to increasing our stock for existing and new products for future opportunities as well as uncertainty in macro business conditions on trade rhetoric and actions. We did not experience any tariff-related impacts on our results in the first quarter.

我們很高興我們的資產負債表依然強勁且沒有債務。本季末，我們的現金和現金等價物為 4,220 萬美元，比上一季末的 4,210 萬美元增加了 10 萬美元。第一季經營活動產生的現金流為 140 萬美元。庫存環比增加是由於我們增加了現有產品和新產品的庫存以應對未來的機會，以及貿易言論和行動對宏觀商業環境的不確定性。第一季度，我們的業績沒有受到任何與關稅相關的影響。

As Sanjeev mentioned, we continue to expect 2025 to be more heavily weighted towards the second half of the year, reflecting our typical seasonality. Taking these factors into consideration, we expect Q2 total revenue in the range of $12.5 million to $13.5 million and GAAP net loss per basic share to be between $0.05 and breakeven. On a non-GAAP basis, we anticipate net income per basic share to be between breakeven and $0.05. Based on the United States exemption and our shipping terms into China, our current guidance for Q2 2025 does not include potential impact from tariffs. However, the situation continues to be fluid, and we are monitoring closely.

正如 Sanjeev 所提到的，我們繼續預計 2025 年下半年的權重將更大，這反映了我們典型的季節性。考慮到這些因素，我們預計第二季總營收將在 1,250 萬美元至 1,350 萬美元之間，每股 GAAP 淨虧損將在 0.05 美元至盈虧平衡之間。依照非公認會計準則，我們預期每股淨收入將在損益兩平點至 0.05 美元之間。根據美國的豁免和我們進入中國的運輸條款，我們對 2025 年第二季的當前指引不包括關稅的潛在影響。然而，局勢仍在不斷變化，我們正在密切關注。

In summary, we are pleased with our solid results this quarter, driven by strength in our product revenue and RradHard projects. And looking forward, we remain committed to maintaining financial discipline while focusing on scaling our business and converting additional design wins to revenue. And we certainly thank all of the folks on our team for their prudent expense management.

總而言之，我們對本季穩健的業績感到滿意，這得益於我們的產品收入和 RradHard 專案的強勁成長。展望未來，我們將繼續致力於保持財務紀律，同時專注於擴大業務規模並將額外的設計勝利轉化為收入。我們當然要感謝團隊中所有成員的審慎費用管理。

Operator, you may now open the line for questions.

接線員，您現在可以打開熱線來回答問題了。

(Operator Instructions) Quinn Bolton, Needham and Company.

（操作員指示）Quinn Bolton，Needham and Company。

Hey, guys. Congratulations on the nice results. I guess maybe just to start, Bill, your comment there at the end talking about second-quarter guidance not included any potential tariff impact, especially as you look to China. To the extent that you have products manufactured in the US, either at your facility or I’m not sure whether GlobalFoundries is US or overseas, but wouldn’t those products be subject to tariffs going into China? And could there be an impact there? And if so, could you give us a sense how much of your product flows through China, whether it’s for consumption in China or re-export?

嘿，大家好。恭喜你取得如此好的成績。我想也許只是開始，比爾，你最後談到的第二季度指引不包括任何潛在的關稅影響，特別是當你關注中國時。如果您的產品是在美國製造的，無論是在您的工廠還是在海外，我不確定 GlobalFoundries 是美國的還是海外的，但這些產品進入中國後不會被徵收關稅嗎？那裡會有影響嗎？如果是的話，您能否告訴我們有多少產品流經中國，無論是在中國消費還是再出口？

Yes. Long question but certainly expected the tariffs to come up. So a couple of things, yes, we do get some of our wafers from global foundries, and that is categorized as German sourced. And then we do have some wafers that are manufactured in the US and some that are manufactured actually in Taiwan as well.

是的。問題很長，但確實預期關稅會上漲。所以有幾件事，是的，我們確實從全球代工廠獲得了一些晶圓，這些晶圓被歸類為德國產的。我們確實有一些晶圓是在美國製造的，也有一些晶圓是在台灣製造的。

And then when you step back and look at it, a lot of our shipments that go around the world, but we don’t have a lot of shipments that go directly into China from Everspin. And of course, those go through distribution channels. So when you look at our shipping terms, as we essentially -- the importer at that point would be responsible for the tariffs. And then on a net basis, I would say direct China sales are not a significant portion of our sales.

然後，當你回過頭來看時，你會發現我們的許多貨物都銷往世界各地，但從 Everspin 直接運往中國的貨物卻不多。當然，這些都是透過分銷管道進行的。因此，當您查看我們的運輸條款時，我們基本上 - 進口商將負責關稅。從淨額來看，我想說直接在中國的銷售額並不是我們銷售額的重要組成部分。

Okay. So it sounds like it is pretty low risk even if the China tariffs stick because it just sounds like not a lot of your business flows through China or China manufacturing?

好的。所以聽起來即使對中國的關稅持續下去風險也相當低，因為聽起來你們的業務並沒有太多流經中國或中國製造業？

Yes, that’s right.

是的，沒錯。

Okay. Great. And then -- go ahead.

好的。偉大的。然後——繼續。

Yeah. All of our product is final assembled in Taiwan. So we do have everything that’s final assembled in Taiwan. But when you look at China, what they really look kind of through to is where was the wafer manufactured at. And that again tends to be very low volume for us. It gets directly shipped into China.

是的。我們所有的產品都是在台灣最終組裝的。因此，我們確實擁有在台灣最終組裝的所有產品。但當你看中國時，他們真正關注的是晶圓是在哪裡製造的。而這對我們來說又往往是一個非常低的數量。它直接運往中國。

Got it. Okay. Thank you for that. And then just maybe -- it sounds like your guidance for 2025 playing out as you expected last quarter. A number of, I’ll call it, your peers in the industry that have exposure to sort of the industrial markets, this earnings season have started to talk about green shoots or seeing sort of signs of cyclical recovery.

知道了。好的。謝謝你。然後也許——聽起來您對 2025 年的指導正如您上個季度所預期的那樣。在這個收益季，許多接觸過工業市場的業內同行已經開始談論復甦的苗頭或看到週期性復甦的跡象。

I know tariff uncertainty is certainly out there. But for your industrial business, some of the new STT-MRAM wins, are you starting to see encouraging signs that orders are picking up, backlog is starting to build? Just would you agree that you’re starting to see signs of a cyclical recovery in that sort of more industrial segment of the business?

我知道關稅的不確定性肯定存在。但是對於您的工業業務，一些新的 STT-MRAM 取得了成功，您是否開始看到令人鼓舞的跡象，即訂單正在回升，積壓訂單開始增加？您是否同意您開始看到這種更具工業性質的業務領域出現週期性復甦的跡象？

Yes, Quinn, definitely. I think we are starting to see a little bit of improvement in terms of the backlog. And pleased to come and see that. I think we don’t really give that exact information out, of course. But certainly, the backlog is improving, and I think the traction on some of the STT products has also been improved.

是的，奎因，確實如此。我認為我們開始看到積壓問題有所改善。我很高興看到這一點。當然，我認為我們實際上並沒有透露確切的資訊。但可以肯定的是，積壓情況正在改善，而且我認為一些 STT 產品的吸引力也提高了。

Great. Maybe just one last quick one for me. Any sort of commentary on the second quarter guide, just the split between products and licensing and other, would it continue to be sort of fairly heavily driven by products? Or do you see both segments up? Any comment would be helpful.

偉大的。對我來說也許只是最後一個快速的答案。對第二季度指南有何評論？只是產品和授權之間的分歧，以及其他方面，是否會繼續受到產品的極大驅動？還是您認為兩個部分都上升了？任何評論都會有幫助。

Yes. I don't think we guide specifically around the product and licensing split but definitely expect to see that move upward overall.

是的。我認為我們不會專門針對產品和許可分割進行指導，但肯定希望看到整體呈上升趨勢。

Perfect. Okay. Thank you.

完美的。好的。謝謝。

Yes.

是的。

Richard Shannon, Craig-Hallum.

理查德·香農，克雷格·哈勒姆。

Hi, guys. Thanks for taking my question as well. As a question on the first quarter report here on gross margin, specifically product gross margins as I located here in my model here. I'm calculating in the product revenue is about 47%, which is down a fair amount from 54% and it's moved around a bit over the last number of quarters here. How do we understand this dynamic here? And do we expect it to settle out? And where do we sit this 47%, how is that relative to where you expect it to go, say, the rest of the year?

嗨，大家好。也感謝您回答我的問題。關於第一季報告的毛利率，特別是產品毛利率，我在我的模型中找到了這個問題。我計算的產品收入約為 47%，比 54% 下降了不少，並且在過去幾個季度中略有波動。我們如何理解這裡的動態？我們期望它能夠解決嗎？那麼，這 47% 處於什麼位置？與您預期的今年剩餘時間的走勢相比，情況如何？

Yes. I don't think we get as granular as that in terms of where the gross margin is, Richard. But at the 51%, right, we see that it's really consistent between Q4 and Q1. And I would say you can kind of look for that consistency out 50-plus gross margins through the rest of the year as well.

是的。理查德，我認為我們在毛利率方面還沒有得到如此詳細的說明。但在 51% 時，我們看到第四季和第一季之間確實一致。我想說的是，你也可以在今年剩餘時間內尋找 50 倍以上毛利率的一致性。

Okay. Fair enough then. Let's see here. I guess maybe I want to ask a question on the commentary about second half weighting. I know you've reiterated this from at least the last quarter, maybe more than that. But I wanted to hear the -- and you kind of called it out as being largely seasonality driven here, but I wondered if there's any other dynamics here that would help this weighting, particularly with new products especially the newer ones you've brought out to market in the last year or so, this is going to have any impact. And also adding to that on the kind of licensing revenue bucket, whether you're seeing that kind of weighting as well there?

好的。那就公平了。我們來看一下。我想也許我想問一個關於下半場權重的評論問題。我知道您至少從上個季度開始就重申了這一點，甚至可能不只一次。但我想聽聽看——您說這主要是受季節性因素驅動，但我想知道是否還有其他動態因素有助於這種加權，特別是對於新產品，特別是您在過去一年左右推向市場的新產品，這將產生影響。另外，在授權收入方面，您是否也看到了這種權重？

Yes. I would say we definitely going to see some increase in the back half of the year. That's kind of our expectations. Again, right, there's been some overhang and some of the folks are as they digest their inventory out in the various channels. So we expect to see that.

是的。我想說我們肯定會在今年下半年看到一些成長。這就是我們的期望。再次，是的，存在一些過剩庫存，有些人正在透過各種管道消化庫存。所以我們期望看到這一點。

And of course, we're starting to see some we had good, continued pickup in terms of just the persist portfolio and then as well, seeing some additional traction on the STT products. And we -- that's the best visibility we have at the time. And I think also in the licensing revenue as well and existing DoD contract, we'll expect to see some increase on those areas as well at the back half of the year.

當然，我們開始看到一些我們在持續投資組合方面取得的良好、持續回升，同時也看到 STT 產品的一些額外吸引力。這是我們目前所擁有的最佳可見性。而且我認為，在許可收入以及現有的國防部合約方面，我們預計在今年下半年這些領域也會有所成長。

Yes. Just to add some color, Richard, over here, right, I mean, like Bill mentioned, we are seeing the bottom of the inventory correction for lack of a better phrase. But basically, we are seeing our backlogs build up sooner than previous quarters. The behavior of last-minute orders is becoming more prevalent. So you'll see that we have actually based our comments based on that behavior from our customers.

是的。只是為了增加一些色彩，理查德，在這裡，對的，我的意思是，就像比爾提到的那樣，我們看到庫存調整的底部，因為缺乏更好的說法。但基本上，我們發現積壓訂單的增加速度比前幾季更快。最後一刻下訂單的行為變得越來越普遍。所以你會發現，我們的評論其實是基於客戶的行為。

And also, the STT products with the XP interface that we brought to the market in 2022. I think those are now basically converting from design wins into early production in the second half of 2025. So I think those two factors is what's driving our comment on second half revenue being better than first half.

還有我們在 2022 年推向市場的帶有 XP 介面的 STT 產品。我認為這些現在基本上已經從設計勝利轉化為 2025 年下半年的早期生產。所以我認為這兩個因素促使我們認為下半年收入會比上半年好。

Okay. That is helpful and good to hear as well. Last two quick questions here, and this is responding to Sanjeev. I think your prepared remarks, here, you're talking about the other income bucket and expect that to pick up in the second half of 2025. Can you characterize or even quantify what you mean by that, please?

好的。這很有幫助，而且聽起來也很好。最後兩個簡短的問題，這是對 Sanjeev 的回答。我認為您在這裡的準備發言中談論的是其他收入來源，並預計該收入來源將在 2025 年下半年回升。您能否描述甚至量化您所說的意思？

Yes. So I think like we had talked about earlier, this project was front loaded in Q4 of last year. So we did have a lot of milestones and expenses related to that and hours related to that. Q1 was slightly light. And I think going forward in Q2 onwards, I think the activity is going to increase again some of the -- some of the orders were placed for equipment. We're going to have some engineering hours associated to bring up of that equipment. And in general, we do have quarterly reports that are due for this project. So those are the hours and revenue that we would recognize in 2025.

是的。所以我認為就像我們之前談到的，這個專案是在去年第四季開始的。因此，我們確實有很多與此相關的里程碑和費用以及與此相關的時間。Q1稍微輕了一點。我認為從第二季開始，活動將再次增加，其中一些訂單是針對設備的。我們將投入一些工程時間來安裝該設備。一般來說，我們確實需要提交該專案的季度報告。這些就是我們在 2025 年能夠實現的工作時間和收入。

Okay. Helpful. And one last quick question for Bill here. I think I may have missed the commentary on the OpEx here. It was a bit higher than OpEx projected. I know you don't give guidance for that. But how should we look at this in the context of going throughout the rest of the year?

好的。很有幫助。最後我想問比爾一個簡短的問題。我想我可能錯過了這裡關於 OpEx 的評論。這比預計的營運支出略高。我知道你沒有對此給予指導。但從今年餘下時間的角度來看這個問題呢？

Yes. Good question, Richard. I think for -- on the OpEx side, what we would expect to see is to kind of expect -- we have mentioned last time that we were going to do some product development type work. And so I think you'll see some of that coming through as we go throughout the year. But generally, I think you're going to see OpEx, we expect to kind of be in the same range, I would say, throughout the rest of the year.

是的。問得好，理查。我認為 - 在營運支出方面，我們期望看到的是 - 我們上次提到我們將進行一些產品開發類型的工作。所以我認為，隨著我們全年的發展，您會看到其中一些情況的出現。但總的來說，我認為你會看到營運支出，我們預計在今年剩餘時間內將處於同一範圍內。

Okay. Fair enough. That’s very helpful. And that is all the questions from me. Thank you.

好的。很公平。這非常有幫助。這就是我要問的所有問題。謝謝。

Yes. Thanks, Richard.

是的。謝謝，理查。

(Operator Instructions) And I'm not showing any further questions at this time. I'd like to turn the call back over to management for any closing remarks.

（操作員指示）目前我不會再提出任何其他問題。我想將電話轉回給管理階層，以便他們做最後的總結發言。

Yes. I just want to say thank you to everyone for joining the call, and we'll talk to you again at the next earnings call in Q2. Thank you. Bye.

是的。我只想對參加電話會議的所有人說聲謝謝，我們將在第二季的下一次財報電話會議上再次與您交談。謝謝。再見。

Ladies and gentlemen, this does conclude today's presentation. You may now disconnect and have a wonderful day.

女士們、先生們，今天的演講到此結束。現在您可以斷開連接並享受美好的一天。