Everspin Technologies Inc (MRAM) 2025 Q2 法說會逐字稿

Good afternoon, and welcome to Everspin Technologies second quarter 2025 financial results conference call. (Operator Instructions) As a reminder, this conference call is being recorded. I would now like to turn the conference over to Monica Gould, Investor Relations for Everspin.

下午好，歡迎參加 Everspin Technologies 2025 年第二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。現在，我想將會議交給 Everspin 投資者關係部門的 Monica Gould。

Thank you, operator, and good afternoon, everyone. Everspin released results for the second quarter 2025 ended June 30, 2025, this afternoon, after market closed. I'm Monica Gould, 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。今天下午股市收盤後，Everspin 公佈了截至 2025 年 6 月 30 日的 2025 年第二季業績。我是 Everspin 投資者關係部門的 Monica Gould。今天與我一起參加電話會議的還有總裁兼執行長 Sanjeev Aggarwal 和財務長 Bill Cooper。

Before we begin, 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、財務業績和目標的期望、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.

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。

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.

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 statement 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之日作出，除法律要求外，本公司不承擔更新或修改本次電話會議中作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, and are based on the information available as of the date hereof, and are subject to further review by Everspin and its external auditors.

今天討論的財務結果反映了公司的初步估計，並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。

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.

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

此外，該公司的新聞稿和電話會議中的聲明將包括對某些措施的討論以及 GAAP 和非 GAAP 條款中的財務資訊。該公司的新聞稿中包含了 GAAP 淨收入與非 GAAP 淨收入的定義和對賬，提供了更多詳細資訊。新聞稿副本發佈於 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。Sanjeev，請繼續。

Thank you, Monica, and thanks everyone for joining us on the call today. Turning to our second quarter results, we are pleased to report our second quarter results with the revenue of $13.2 million, and non-GAAP earnings per share of $0.03, with revenue toward the high end of our guidance range.

謝謝你，莫妮卡，也謝謝大家今天參加我們的電話會議。談到我們的第二季業績，我們很高興地報告我們的第二季業績：營收為 1,320 萬美元，非 GAAP 每股收益為 0.03 美元，營收接近我們預期範圍的高端。

Our performance this quarter was driven by strength across all products, specifically in data center, industrial automation, and Low Earth Orbital or LEO applications.

我們本季的業績得益於所有產品的強勁表現，特別是資料中心、工業自動化和低地球軌道或 LEO 應用領域。

We saw high single digit sequential growth in the data center business. This growth was driven by strong demand on redundant array of independent disks arrayed from a broad selection of data center customers including Dell, Supermicro, and others.

我們看到資料中心業務連續實現了高個位數成長。這一成長是由戴爾、超微等眾多資料中心客戶對獨立磁碟冗餘陣列的強勁需求所推動的。

We saw good momentum from our customers who build industrial automation equipment like programmable logic controllers or PLCs with sequential growth in excess of 20% from the first quarter. Everspin has a significant historical business here, and we are seeing momentum from current customers and recent design wins with our industrial xSPI product. We saw good traction in the space and aerospace segments that continue to value the benefits of MRAM as a reliable, persistent, non-volatile memory for LEO deployments.

我們看到，製造可程式邏輯控制器或 PLC 等工業自動化設備的客戶表現出良好的發展勢頭，與第一季相比，其環比成長率超過 20%。Everspin 在這裡有著重要的歷史業務，我們看到了現有客戶的發展勢頭以及我們工業 xSPI 產品最近贏得的設計勝利。我們看到，航太和航空航太領域取得了良好的發展勢頭，這些領域繼續重視 MRAM 作為 LEO 部署的可靠、持久、非揮發性記憶體的優勢。

During the second quarter, we reached a steady state of revenue from the sale of a PERSYST 1 gigabit STT-MRAM into IBM's FlashCore Module 4 or FCM 4 for data center applications, and continue to anticipate product revenue from this ongoing project to remain consistent for the remainder of the year.

在第二季度，我們透過將 PERSYST 1 千兆位元 STT-MRAM 銷售到 IBM 的 FlashCore Module 4 或 FCM 4（用於資料中心應用）中獲得了穩定的收入，並繼續預計該正在進行的專案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 for our PERSYST MRAM solution from Lucid Motors for their Gravity SUV and expect volumes to increase as the automaker ramps production. We shipped engineering samples for the two new products we announced last quarter as part of our xSPI family, the PERSYST EM064LX HR and EM128LX HR.

我們繼續向 Lucid Motors 的 Gravity SUV 交付我們的 PERSYST MRAM 解決方案並確認收入，並且預計隨著汽車製造商提高產量，其銷售量將會增加。我們已經為上個季度發布的 xSPI 系列的兩款新產品 PERSYST EM064LX HR 和 EM128LX HR 提供了工程樣品。

These parts feature an expanded temperature range to address the growing demand for persistent high-speed memory in aerospace, defense, and extreme industrial environments, and provide designers with a robust, fast, and scalable alternative to Static RAM or NOR flash. We remain on track to ramp to full production in late 2025.

這些零件具有擴大的溫度範圍，以滿足航空航天、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，並為設計人員提供靜態 RAM 或 NOR 快閃記憶體的強大、快速且可擴展的替代方案。我們仍有望在 2025 年底實現全面生產。

Turning to our licensing, royalty, patent, and other revenue. We completed the first phase of the Frontgrade project successfully, meeting all our deliverables in Q2. During this phase, we recognized revenue related to delivering the process design kit or PDK. This contract allows for the award of future optional phases based upon successful performance of all parties contributing to this phase and at the discretion of the US government.

談到我們的授權、版稅、專利和其他收入。我們成功完成了 Frontgrade 專案的第一階段，並在第二季實現了所有交付成果。在此階段，我們確認了與交付流程設計套件或PDK相關的收入。該合約允許根據所有參與此階段的各方的成功表現以及美國政府的判斷授予未來的可選階段。

As a reminder, the goal of the project is to enable production of embedded radiation hard STT-MRAM macros for use in aerospace applications. We saw a sequential uptake in revenue from our contract with QuickLogic for our innovative AgILYST MRAM technology in the second quarter.

提醒一下，該計畫的目標是實現用於航空航天應用的嵌入式輻射硬 STT-MRAM 宏的生產。我們看到，第二季與 QuickLogic 簽訂的創新 AgILYST MRAM 技術合約的營收連續成長。

As a team, we continue to advance the development and demonstration of strategic radiation hardened, high reliability FPGA technology. At the end of this phase, we will have validated the design on silicon.

作為一個團隊，我們繼續推進策略性抗輻射、高可靠性 FPGA 技術的開發和演示。在此階段結束時，我們將在矽片上驗證該設計。

Our contract with Purdue University to provide our state of the art STT-MRAM technology to support energy efficient AI solutions has reached a steady state. We are making good progress to develop low power magnetic tunnel junction or MTJ devices, and continue to share these results with Purdue University.

我們與普渡大學簽訂的合約將提供我們最先進的 STT-MRAM 技術來支援節能的 AI 解決方案，目前該合約已達到穩定狀態。我們在開發低功耗磁隧道結或 MTJ 設備方面取得了良好進展，並繼續與普渡大學分享這些成果。

Lastly, we continue to recognize revenue from our ongoing project with the leading provider of sensor devices to provide foundry services for their latest generation TMR sensor device on our MRAM line in our Chandler facility.

最後，我們繼續從與領先的感測器設備供應商正在進行的專案中確認收入，在我們位於錢德勒工廠的 MRAM 生產線上為他們的最新一代 TMR 感測器設備提供代工服務。

With respect to below the line items, we recognized $0.8 million in other income in the second quarter, and $7.4 million to-date from the $14.6 million contract we have with the 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 pick up meaningfully in the fourth quarter.

對於線下項目，我們在第二季度確認了 80 萬美元的其他收入，迄今為止從與國防部承包商簽訂的 1,460 萬美元合約中確認了 740 萬美元，該合約旨在為我們的 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。我們預計該業務將在第四季大幅回升。

In order to ensure that we meet the future demand for our products, we are expanding our executive team with the addition of a dedicated VP of Sales, Sean Dougherty, who joined us recently from Intel. With Sean's addition, David Schrenk, who has been our VP of Sales and Business Development for the last three years, will be able to focus his efforts exclusively on business development.

為了確保滿足我們產品的未來需求，我們正在擴大我們的管理團隊，新增一位專門的銷售副總裁 Sean Dougherty，他最近從英特爾加入我們。隨著 Sean 的加入，過去三年一直擔任我們銷售和業務發展副總裁的 David Schrenk 將能夠專注於業務發展。

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 our tariffs on our results.

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重心將更多地集中在 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。

I will now turn it over to our CFO, Bill Cooper, who will walk you through our second quarter financials and third quarter 2025 guidance. Bill?

現在我將把時間交給我們的財務長比爾庫柏 (Bill Cooper)，他將向您介紹我們第二季的財務狀況和 2025 年第三季的指導。帳單？

Thank you, Sanjeev. Our results reflect the consistency of our execution. During the second quarter, we delivered revenue of $13.2 million at the high end of our guidance range of $12.5 million to $13.5 million, driven by strength across all of our products.

謝謝你，桑吉夫。我們的結果反映了我們執行的一致性。在第二季度，由於我們所有產品的強勁表現，我們實現了 1,320 萬美元的收入，達到了我們 1,250 萬美元至 1,350 萬美元指導範圍的高端。

MRAM product sales in the second quarter, which include both Toggle and STT-MRAM revenue, was $11.1 million compared to $9.9 million in Q2 '24, up slightly from product sales $11.0 million in the first quarter.

第二季的 MRAM 產品銷售額（包括 Toggle 和 STT-MRAM 收入）為 1,110 萬美元，而 24 年第二季為 990 萬美元，略高於第一季的產品銷售額 1,100 萬美元。

Licensing, royalty, patent, and other revenue in the second quarter increased to $2.1 million compared to $0.7 million in Q2 of '24. This increase was driven by the RAM in our contract with Purdue.

第二季的授權、特許權使用費、專利和其他收入從 24 年第二季的 70 萬美元增加到 210 萬美元。這一增長是由我們與普渡大學簽訂的合約中的 RAM 所推動的。

Turning to gross margin, our GAAP gross margin was 51.3% for the second quarter, down slightly from 51.4% in the first quarter, and up from 49% in Q2 '24. The increase relative to the same period last year was due to a larger mix of high margin licensing and other revenue.

談到毛利率，我們第二季的 GAAP 毛利率為 51.3%，略低於第一季的 51.4%，但高於 24 年第二季的 49%。與去年同期相比有所增長，這是由於高利潤許可收入和其他收入的比例有所擴大。

GAAP operating expenses for the second quarter of 2025 were $8.7 million, flat as compared to $8.7 million in the first quarter, and up from $8.0 million in the second quarter of 2024.

2025 年第二季的 GAAP 營運費用為 870 萬美元，與第一季的 870 萬美元持平，高於 2024 年第二季的 800 萬美元。

In the second quarter of 2025, the company recorded $0.8 million of other income related to the strategic award we won in August of last year to develop a long-term plan to provide manufacturing services for aerospace and defense segments.

2025 年第二季度，公司記錄了 80 萬美元的其他收入，與我們去年 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。

We recorded second quarter non-GAAP net income of $0.7 million or $0.03 per diluted share based on $22.6 million weighted average diluted shares outstanding. This was in line with our guidance range of non-GAAP net income of breakeven to $0.05 per share, and a significant improvement from a non-GAAP net loss of $0.6 million or a loss of $0.03 per share in the second quarter of 2024. As a reminder, non-GAAP results are calculated by removing the impact of stock-based compensation.

我們記錄的第二季非 GAAP 淨收入為 70 萬美元，或每股 0.03 美元（基於 2,260 萬美元的加權平均稀釋流通股）。這符合我們非公認會計準則淨收入盈虧平衡至每股 0.05 美元的指導範圍，並且與 2024 年第二季度的非公認會計準則淨虧損 60 萬美元或每股虧損 0.03 美元相比有顯著改善。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 $45.0 million, up $2.8 million from $42.2 million at the end of the prior quarter. Cash flow generated from operations increased to $5.0 million for the second quarter, up from $1.4 million in the first quarter, driven by improved accounts receivable collections.

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 4,500 萬美元，比上一季末的 4,220 萬美元增加了 280 萬美元。由於應收帳款回收情況改善，第二季經營活動產生的現金流量從第一季的 140 萬美元增加到 500 萬美元。

We will continue to utilize our cash in developing new products, enhancing our sales and marketing efforts, and as an effective hedge against macroeconomic uncertainty. We did not experience any tariff-related impact on our results in the second quarter, and do not expect any material tariff-related impact in the coming quarters pending further guidance from the Trump administration.

我們將繼續利用現金開發新產品，加強銷售和行銷力度，並有效對沖宏觀經濟的不確定性。我們第二季的業績並未受到任何與關稅相關的影響，並且預計在未來幾季不會受到任何與關稅相關的重大影響，等待川普政府的進一步指導。

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 Q3 total revenue in the range of $13.5 million to $14.5 million, and GAAP net loss for fully diluted share to be between $0.05 and breakeven.

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，我們預計第三季總收入將在 1,350 萬美元至 1,450 萬美元之間，而完全稀釋後的 GAAP 淨虧損將在 0.05 美元至盈虧平衡之間。

On a non-GAAP basis, we anticipate net income per fully diluted share to be between $0.02 and $0.07. In summary, we are pleased with our solid results this quarter, and remain committed to maintaining financial discipline while focusing on scaling our business and converting additional design wins to revenue.

以非公認會計準則 (Non-GAAP) 計算，我們預計每股完全攤薄淨利潤將在 0.02 美元至 0.07 美元之間。總而言之，我們對本季的穩健業績感到滿意，並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更多設計訂單轉化為收入。

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) Richard Shannon, Craig-Hallum.

（操作員指示）理查德·香農，克雷格·哈勒姆。

Well, great, thank you guys for letting me ask a few questions here. I apologize. I jumped in a little bit late in the call, so I may have missed some topics here. But as I typically do, I'd love to ask about product gross margins in the quarter.

好吧，太好了，謝謝你們讓我在這裡問幾個問題。我很抱歉。我在通話中稍晚了一些，所以可能錯過了一些話題。但正如我通常所做的那樣，我很想詢問本季的產品毛利率。

If I did my numbers right, seems like they're in line or a little bit lower than last quarter, and kind of a bit lower than maybe what the trend we've seen in the last several quarters here. So I want to get a sense of whether there's any yield or mixed dynamics going on in here.

如果我的數字正確的話，似乎它們與上一季度持平或略低，並且可能比我們在過去幾個季度看到的趨勢略低。所以我想了解這裡是否存在收益或混合動態。

They're earlier in the life cycle, so we're always looking for ways to improve those gross margins and working with the foundries and the folks in manufacturing to improve -- continuous improvement on the yields.

它們處於生命週期的早期階段，因此我們一直在尋找提高毛利率的方法，並與代工廠和製造業的人員合作以不斷提高產量。

I guess, is there a path or a view to getting those product growth margins up above 50% anytime soon?

我想，是否有辦法或觀點可以讓這些產品的成長率在短期內達到 50% 以上？

Yeah, that is our target. We expect to be north of 50% in total for product gross margins, but as always, those things take a little bit of time. So we -- but we do expect to be solidly in that 45% to 50%-ish margin range for products.

是的，這就是我們的目標。我們預計產品毛利率將達到 50% 以上，但一如既往，實現這些目標需要一點時間。所以我們——但我們確實預計產品的利潤率將穩定在 45% 到 50% 左右的範圍內。

Okay, fair enough. Thanks for that update. Would love to ask about kind of progress in the new product area here. I think you mentioned a couple of brief comments in this area, but doesn't sound like we should expect a notable increase here as we exit the year.

好吧，夠公平。感謝您的更新。很想詢問一下新產品領域的進度。我認為您在這個領域提到了一些簡短的評論，但聽起來我們不應該期望在今年年底時出現顯著的成長。

I think the phrase I heard use was going to full volume production of these products late this year. So if I caught that right, maybe you can help us understand what kind of contributions we should look for as we get into next year.

我認為我聽到的說法是今年稍後將全面量產這些產品。所以如果我理解正確的話，也許你可以幫助我們了解明年我們應該尋求什麼樣的貢獻。

Yeah. I think on those newer products, right, they are ramping, and they are kind of in the burgeoning aerospace segment. That's one of the key segments -- key industries for that area, and we definitely are starting to see some uptick, and again, some good traction on some of the newer parts and products. So I think we're moving along helpfully with those products.

是的。我認為這些新產品正在蓬勃發展，並且屬於蓬勃發展的航空航太領域。這是該地區的關鍵領域之一，也是關鍵行業之一，我們確實開始看到一些上升趨勢，而且一些較新的零件和產品也出現了良好的發展勢頭。所以我認為我們正在大力推廣這些產品。

I just add some color to that, Richard. Hi, this is Sanjeev. Like we said in our prepared comments, we did see a significant sequential growth, right, almost 20% compared to Q1, and a good portion of that is actually attributed to this, new products of the xSPI family that we brought to market over the last couple of years.

我只是給它添加一些色彩，理查德。你好，我是 Sanjeev。正如我們在準備好的評論中所說的那樣，我們確實看到了顯著的連續增長，與第一季相比增長了近 20％，其中很大一部分實際上歸功於我們在過去幾年中推向市場的 xSPI 系列新產品。

So we are seeing good traction, and we are seeing some volume pick up. As to how much it'll be, it's a little bit difficult for us to break that out, but I do think that you'll see some contribution of that in the projection for the revenue that we have for Q3 and going up into Q4.

因此，我們看到了良好的牽引力，並且我們看到了一些銷量的回升。至於具體金額，我們很難具體算出來，但我確實認為，你會在我們對第三季和第四季的營收預測中看到它的一些貢獻。

Okay, fair enough. Then maybe let's ask on the product side here from an in market perspective. You mentioned some nice dynamics here in data center, and you pulled out some stuff in automotive here. Maybe just talk about the dynamics you're seeing in the broader industrial markets and even by geographies as I think you've talked about from time to time in the past here, what the trends are looking like. I think we're seeing a lot of moving parts both up and down as you see other companies reporting so far and love to get your sense of what you're seeing.

好吧，夠公平。那麼也許我們可以從市場角度來詢問產品方面的問題。您提到了資料中心的一些不錯的動態，並且在這裡提出了一些汽車領域的東西。也許只是談論您在更廣泛的工業市場中看到的動態，甚至按地理劃分，正如我認為您過去在這裡不時談論的那樣，趨勢是什麼樣的。我認為我們看到了很多波動因素，有起有落，正如您看到其他公司迄今為止的報告一樣，我們很想了解您所看到的情況。

Yeah, so the good news for Everspin -- from Everspin's point of view is that we're actually seeing depletion of inventories at our customers, almost all across the world, specifically in the Asian region where we are concerned about inventory overbills.

是的，所以對於 Everspin 來說，好消息是——從 Everspin 的角度來看，我們實際上看到幾乎遍布全球的客戶的庫存都在減少，特別是在亞洲地區，我們擔心庫存超額收費。

I think we're actually seeing some good number of orders coming in from that region, so that's good. And again, most of these are either in the automation, or in the data center. And by data center, I mean the rate memory or journal memory applications, so you know the Dells, the Supermicros', the Broadcoms'.

我認為我們確實看到來自該地區的大量訂單，所以這很好。而且，其中大部分要么在自動化領域，要么在數據中心。我所說的資料中心是指速率記憶體或日誌記憶體應用程序，所以你知道戴爾、超微、博通。

And then as far as automation, those are our traditional customers from across the world that use them for programmable logic controllers, so we're starting to see some uptake in in that activity as well.

就自動化而言，我們的傳統客戶來自世界各地，他們使用可程式邏輯控制器，因此我們也開始看到該活動有所成長。

Okay, great to see. And my last question, I'm just hunting through my notes here from the call. I believe Billy had mentioned something about a pickup in some specific contract to -- apologize, my handwriting here is pretty bad, but something going to pick up in the fourth quarter. Maybe you could repeat that, and then describe a little bit more about what's going on there, please. Thank you.

好的，很高興看到。我的最後一個問題是，我正在查看通話記錄。我相信比利曾經提到過一些關於在某份特定合約中有所回升的事情——抱歉，我的字寫得很糟糕，但第四季度情況會有所好轉。也許您可以重複一遍，然後稍微描述一下那裡發生的事情。謝謝。

Yes, yes, so that is the other income that we have from the -- it's the (inaudible) contract that we were awarded late last year, and expect to see activity in that contract in the back half of the year.

是的，是的，這是我們從中獲得的其他收入——這是我們去年年底授予的（聽不清楚）合同，預計今年下半年將看到該合約的實施。

Okay. So when you talk about a pick up there, any way they can quantify what we're talking about even relative to the third quarter or to -- I think you had a fairly sizable quarter in this contract sometime last year. Maybe you could just kind of size that for us somehow, please.

好的。因此，當你談到那裡的回升時，他們可以通過任何方式量化我們所談論的內容，甚至相對於第三季度或 - 我認為你在去年某個時候在這個合同中有一個相當大的季度。也許您可以以某種方式為我們確定尺寸。

Yeah. We had a strong back half last year. We'll expect to see a strong second half, and particularly more toward Q4 as well.

是的。去年下半年我們表現強勁。我們預計下半年將會表現強勁，尤其是第四季。

Okay, I think that is all the questions for me. Thank you guys.

好的，我想這就是我要問的所有問題了。謝謝你們。

Okay, thanks Richard.

好的，謝謝理查。

Thank you.

謝謝。

(Operator Instructions) Richard Shannon, Craig-Hallum.

（操作員指示）理查德·香農，克雷格·哈勒姆。

Alrighty, well, I guess I could have just stayed in here. Let's see -- I guess two questions from me. First one is, in terms of the QuickLogic relationship there, maybe I caught the language wrong here, but is this something that you're finished the current contract, you're waiting for the new one, or just want to get a sense of the timing and dynamics where we are with the last announced one, please.

好吧，我想我可以留在這裡。讓我們看看——我想我有兩個問題。首先，就 QuickLogic 關係而言，我可能在這裡用詞不當，但這是否意味著您已經完成了當前合同，正在等待新合同，或者只是想了解一下我們上次宣布的合同的時間和動態？

Yeah. So as far as the completion of the phase, I was referring to the Frontgrade project, Richard. We did complete the first phase of that project in Q2, and now we're dependent on renewal of the project, and that is actually funded -- I think Frontgrade is actually funded through the AFRL, so that's what we're waiting on next.

是的。就該階段的完成而言，我指的是 Frontgrade 項目，理查德。我們確實在第二季度完成了該專案的第一階段，現在我們依賴專案的更新，而這實際上是有資金支持的——我認為 Frontgrade 實際上是透過 AFRL 獲得資金支持的，所以這就是我們接下來要等待的。

On the QuickLogic, we continue to deliver on the deliverables that we had signed up for in Q2. There's nothing significant to report over there, except that we have met our deliverables and continue to work on future deliverables.

在 QuickLogic 上，我們繼續交付我們在第二季簽署的可交付成果。沒有什麼重要的事情需要報告，除了我們已經完成了我們的交付任務並且繼續致力於未來的交付任務。

Okay. When do you expect that contract to complete?

好的。您預計該合約什麼時候完成？

The QuickLogic one, I think, the total value of the project and the time is almost another two years, if I'm not mistaken.

QuickLogic 這個，我覺得，如果我沒記錯的話，專案的總價值和時間差不多還要兩年。

Got it. Okay. My last topic to touch on here is following up on the press release with -- that you did with Lattice Semiconductor as a companion to the FPGA chips they sell there. Want to get a kind of an update there on the progress. I know this is something that was going to take a number of quarters to come to fruition, but love to get your update on that one, Sanjeev. That's all for me. Thanks.

知道了。好的。我在這裡要談的最後一個主題是跟進您與萊迪思半導體公司發布的新聞稿，作為他們在那裡銷售的 FPGA 晶片的配套產品。想要了解進展的最新情況。我知道這件事需要幾個季度才能實現，但我很高興聽到你的最新消息，Sanjeev。對我來說就這些了。謝謝。

Yeah. So I mean, as we talked about last time, we do have some activity going on with Lattice, where they're actually doing a core package solution using our xSPI part of, I believe it's either 32 or 64 megabit density, and I think that evaluation is ongoing, and I think they are now -- those parts are now available for our customers to evaluate through different distributors.

是的。所以我的意思是，正如我們上次談到的，我們確實與 Lattice 有一些合作，他們實際上正在使用我們的 xSPI 部分做一個核心封裝解決方案，我相信它的密度是 32 或 64 兆位，我認為評估正在進行中，我認為現在 - 這些部件現在可供我們的客戶通過不同的分銷商進行評估。

For example, Digi-Key, you can get the boards from there for evaluation. And then also on GitHub, we have the drivers available to actually download the drivers to evaluate those parts. So I think the collaboration is going well. It's just like you said, it's going to take a couple of quarters before you see any significant traction.

例如，Digi-Key，您可以從那裡取得電路板進行評估。然後，我們還在 GitHub 上提供了驅動程序，可供實際下載以評估這些部件。所以我認為合作進展順利。就像您說的，還需要幾個季度的時間才能看到顯著的進展。

Okay. I'll sure will ask in a couple of quarters on that. We look forward to hearing more about that. That's all from me guys. Thank you.

好的。我肯定會在幾個季度後詢問這個問題。我們期待聽到更多有關該內容的消息。夥計們，我說的就這些了。謝謝。

Thank you, Richard.

謝謝你，理查。

Thank you.

謝謝。

Thank you so much. I am showing no further questions. I would now like to turn the call over to Sanjeev for closing remarks.

太感謝了。我沒有其他問題。現在我想把電話交給 Sanjeev 來做最後發言。

Thank you, operator. I just wanted to thank everyone for joining the call today, and look forward to giving you guys an update for next quarter. Thanks a lot.

謝謝您，接線生。我只是想感謝大家今天參加電話會議，並期待為大家提供下季的最新消息。多謝。

Thank you. This does conclude today's conference. Thank you for your participation. You may now disconnect.

謝謝。今天的會議到此結束。感謝您的參與。您現在可以斷開連線。