Everspin Technologies Inc (MRAM) 2025 Q4 法說會逐字稿

Good afternoon, and welcome to Everspin Technologies fourth-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 年第四季財務業績電話會議。（操作員說明）提醒各位，本次電話會議正在錄音。

I would now like to turn the conference over to Monica Gould, Investor Relations for Everspin. You may begin.

現在我將把會議交給Everspin的投資者關係負責人Monica Gould。你可以開始了。

Thank you, operator, and good afternoon, everyone. Everspin released results for the fourth quarter and full year 2025 ended December 31, 2025, this afternoon after market close. 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。Everspin 於今天下午股市收盤後發布了截至 2025 年 12 月 31 日的 2025 年第四季度和全年業績。我是 Everspin 的投資者關係負責人 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 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 product in Everspin's design pipeline, and executing on its business plan.

在電話會議開始之前，我想提醒各位，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、財務業績和目標的預期，客戶和行業對 MRAM 技術的採用，成功地將 Everspin 設計流程中的產品推向市場並進行生產，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、當前趨勢和市場狀況，並涉及風險和不確定性，這些風險和不確定性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。我們建議您查閱該公司向美國證券交易委員會提交的文件，包括 10-K 表格年度報告以及該公司不時提交的其他美國證券交易委員會文件，其中該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，除法律要求外，本公司不承擔因新資訊、未來事件或其他原因而更新或更改本次電話會議中作出的任何前瞻性陳述的義務。

The financial results discussed today reflect the company's preliminary estimates are based on information available as of the date hereof and are subject to further review by Everspin and its external auditors. 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.

今天討論的財務表現反映了公司的初步估計，這些估計是基於截至本文發布之日可獲得的信息，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財務業績最終確定期間出現的其他情況，公司的實際業績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 release is posted on the Investor Relations section of Everspin's website at www.everspin.com.

此外，公司新聞稿和本次電話會議期間的聲明將包括對某些指標和財務資訊的GAAP和非GAAP術語的討論。公司新聞稿中包含了 GAAP 淨收入與非 GAAP 淨收入的定義和調整表，其中提供了更多詳細資訊。新聞稿副本已發佈在 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，我想把電話交給Everspin的總裁兼執行長Sanjeev Aggarwal。桑吉夫，請繼續。

Thank you, Monica. And thanks, everyone, for joining us on the call today. We are pleased to report fourth-quarter results with revenue of $14.8 million and non-GAAP EPS of $0.11 per diluted share with revenue towards the high end of our guidance range and EPS in line with our expectations. Our performance this quarter was driven by strength in data center, energy management, and industrial automation applications.

謝謝你，莫妮卡。感謝各位今天參加我們的電話會議。我們很高興地宣布第四季度業績，收入為 1480 萬美元，非 GAAP 每股攤薄收益為 0.11 美元，收入接近我們預期範圍的高端，每股收益符合我們的預期。本季業績成長主要得益於資料中心、能源管理和工業自動化應用領域的強勁表現。

Growth in data center was driven by our ongoing work with IBM from the FCM4 module, as well as its recently introduced FCM5 and the redundant array of independent disks, or RAID, reference design at the top five hyperscale operators.

資料中心的成長得益於我們與 IBM 的持續合作，從 FCM4​​ 模組，到最近推出的 FCM5 以及排名前五的超大規模營運商的獨立磁碟冗餘陣列 (RAID) 參考設計。

Within energy management and industrial automation, we saw demand return to normal levels after a period of inventory consumption that dampened demand in the prior year.

在能源管理和工業自動化領域，我們看到需求在經歷了前一年因庫存消耗而導致的低迷期後，恢復到了正常水準。

With respect to below the line items, we recognize $2 million in other income in the fourth quarter and $10.5 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 and RAM capabilities to their aerospace and defense customers. We expect this business to progress on schedule with estimated completion in the first half of 2027.

關於其他項目，我們在第四季度確認了 200 萬美元的其他收入，並且迄今為止從與國防部承包商簽訂的價值 1460 萬美元的合約中獲得 1050 萬美元的收入，該合約旨在為我們的 MRAM 製造設施制定維護計劃，以便為他們的航空航天和國防客戶提供持續的在岸和 RAM 能力。我們預計該項目將按計劃推進，預計將於 2027 年上半年完成。

On the product side, we had a total of 238 design wins in 2025, up from 178 in the prior year. Our pipeline of new design wins for our MRAM products speaks to the continuing technical innovation from the Everspin team introducing new products to meet customer demand. These design wins support new customers and existing customers with new programs in industrial automation, casino gaming, energy management, and military and aerospace applications.

在產品方面，我們2025年共獲得了238個設計訂單，比去年的178個有所增加。我們持續贏得 MRAM 產品的新設計訂單，體現了 Everspin 團隊持續進行技術創新，推出新產品以滿足客戶需求。這些設計上的成功將為新客戶和現有客戶提供支持，幫助他們在工業自動化、賭場遊戲、能源管理以及軍事和航空航天應用等領域開展新專案。

Turning to some of our product development efforts. We continue to expand our xSPI STT-MRAM portfolio in response to demand from our customers. We are pleased to announce that during the fourth quarter, we ramped our PERSYST 64-megabit xSPI STT-MRAM high-reliability product to full production and saw strong demand driven by new customer interest and design wins, specifically in the low earth orbital, or LEO, satellite market.

接下來談談我們的一些產品開發工作。為了滿足客戶的需求，我們不斷擴展我們的 xSPI STT-MRAM 產品組合。我們很高興地宣布，在第四季度，我們的 PERSYST 64 兆位元 xSPI STT-MRAM 高可靠性產品已全面投產，並且由於新客戶的興趣和設計訂單的贏得，尤其是在低地球軌道 (LEO) 衛星市場，我們看到了強勁的需求。

These devices are AEC-Q100 Grade 1 qualified and ideally suited for use in harsh conditions such as 125 C, Celsius, operating temperature with a minimum 10 years of data retention. These capabilities are demanded by our customers to secure critical data in a variety of systems from aerospace and defense to industrial applications, including automotive. We are taking orders to support high volume production from our customers and began shipping in the current quarter.

這些設備符合 AEC-Q100 1 級標準，非常適合在攝氏 125 度等惡劣條件下使用，資料保存時間至少為 10 年。我們的客戶需要這些能力來保護各種系統中的關鍵數據，這些系統涵蓋航空航太、國防、工業應用等領域，包括汽車產業。我們正在接受客戶的訂單以支援大量生產，並已於本季開始出貨。

In addition, we are in the process of qualifying higher-density, high-reliability parts of 128 megabit and 256 megabit that will be available in high volume in the second half of this year.

此外，我們正在對 128 兆位元和 256 兆位元的高密度、高可靠性零件進行認證，這些零件將於今年下半年大量上市。

We are on track to tape out a monolithic 256 megabit xSPI STT-MRAM device on a 16-nanometer FinFET node at TSMC in the second half of this year. This part will be our first product in the Unisys family, unifying code storage and data memory in a high density, non-volatile architecture for Edge AI, industrial, and mission-critical design. It is designed to deliver high-bandwidth read-and-write speeds in a non-volatile memory device, enabling fast boot, rapid updates, and predictable performance without the trade-offs of traditional flash-based designs.

我們正按計畫推進，將於今年下半年在台積電採用 16 奈米 FinFET 製程製取單晶片 256 兆位元 xSPI STT-MRAM 裝置。該部件將是我們 Unisys 系列的首款產品，它將程式碼儲存和資料儲存統一到一個高密度、非揮發性架構中，適用於邊緣人工智慧、工業和關鍵任務設計。它旨在為非揮發性儲存設備提供高頻寬的讀寫速度，從而實現快速啟動、快速更新和可預測的效能，而無需像傳統的基於快閃記憶體的設計那樣做出妥協。

By combining high-speed access with persistent storage, this family of parts will support software design systems that require frequent reconfiguration while maintaining data integrity across power cycles.

透過將高速存取與持久性儲存相結合，該系列部件將支援需要頻繁重新配置的軟體設計系統，同時在斷電循環期間保持資料完整性。

As part of our efforts to build on to our partner network, we recently qualified our PERSYST 64-megabit xSPI STT-MRAM for Microchip's PIC64-HPSC series of 64-bit microprocessors, or MPUs, and are supporting the ecosystem for components being qualified by Microchip. This ecosystem includes several industry partners that jointly offer solutions tailored for the harsh environmental conditions in space. The high-density, high-reliability xSPI STT-MRAM parts I discussed earlier would be an ideal solution for this application.

作為我們拓展合作夥伴網路的一部分，我們最近對 PERSYST 64 兆位元 xSPI STT-MRAM 進行了認證，使其適用於 Microchip 的 PIC64-HPSC 系列 64 位元微處理器（或 MPU），並且我們正在為 Microchip 認證的組件生態系統提供支援。該生態系統包括多個行業合作夥伴，他們共同提供針對太空惡劣環境條件量身定制的解決方案。我之前討論過的高密度、高可靠性 xSPI STT-MRAM 裝置將是此應用的理想解決方案。

MRAM is achieving significant success as a leading embedded non-volatile memory in IoT, automotive, and AI edge devices. Yet, the densities and performance options of embedded MRAM macros have been limited. At the same time, the semiconductor industry is moving towards chiplets to overcome rising costs, manufacturing complexity, and yield limitations of traditional large monolithic chips, especially when combining leading edge logic with volatile or non-volatile memory.

MRAM 作為物聯網、汽車和人工智慧邊緣設備中領先的嵌入式非揮發性記憶體，正在取得顯著成功。然而，嵌入式 MRAM 巨集的密度和效能選擇一直受到限制。同時，半導體產業正朝著晶片化方向發展，以克服傳統大型單晶片不斷上漲的成本、製造複雜性和良率限制，尤其是在將尖端邏輯與易失性或非揮發性記憶體結合時。

Chiplets enable mix and match process nodes, greater customization, and reuse of building blocks providing new freedom of degrees in the form of heterogeneous packaging solutions. With organizations such as the Open Compute Project, embracing chiplets from the hyperscale data center to the edge, it is foreseeable that chiplets will be ubiquitous. This trend increasingly favors Everspin, given our focus on marketing chip solutions, including chiplets and licensing our technology to embedded MRAM partners.

Chiplets 能夠實現製程節點的混合搭配、更高的客製化程度以及建構模組的重複使用，從而以異質封裝解決方案的形式提供新的自由度。隨著像開放運算專案這樣的組織從超大規模資料中心到邊緣全面採用晶片組，可以預見，晶片組將會無所不在。鑑於我們專注於行銷晶片解決方案（包括晶片組）並將我們的技術授權給嵌入式 MRAM 合作夥伴，這一趨勢對 Everspin 越來越有利。

In 2025, we further advance our efforts in this area through several initiatives. We engage with the Fraunhofer Chiplet Center of Excellence to analyze next-generation automotive compute platforms and corresponding MRAM use cases. We subsequently progress to engage on system level simulations into which we plan to provide MRAM simulation models to allow an assessment as well as quantification of the benefits that MRAM can provide in various use cases.

2025年，我們將透過多項措施進一步推動我們在該領域的努力。我們與弗勞恩霍夫晶片卓越中心合作，分析下一代汽車運算平台和相應的 MRAM 用例。隨後，我們將著手進行系統級仿真，並計劃提供 MRAM 仿真模型，以便評估和量化 MRAM 在各種用例中可提供的益處。

Everspin is also participating in an effort to bring MRAM chiplets to the IMEC ecosystem that is aligned with the framework of the Open Compute Project chiplet workstreams. IMEC launched the Automotive Chiplet Forum in 2024 to bring together members from the automotive industry to enable an open chiplet ecosystem essential for accelerating innovation, reducing costs, and reinforcing the supply chain.

Everspin 也參與了將 MRAM 晶片引入 IMEC 生態系統的努力，這與開放運算專案晶片工作小組的框架一致。IMEC 於 2024 年推出了汽車晶片論壇，旨在匯聚汽車行業的成員，打造一個開放的晶片生態系統，這對於加速創新、降低成本和加強供應鏈至關重要。

More recently, we joined the newly formed Physical AI Chiplet Ecosystem, or PACE, to help enable MRAM-based solutions for physical AI. As part of this effort to co-develop interoperable and reusable chiplets to reduce development costs and speed time to market for system and AC companies, Everspin will provide a robust, high-performance, non-volatile memory to assist securing paste chiplets for boot, weight, and code storage, as well as lifecycle management solutions. We expect to see chiplets addressing various applications over the next few years.

最近，我們加入了新成立的實體人工智慧晶片生態系統（PACE），以協助實現基於 MRAM 的實體人工智慧解決方案。作為共同開發可互通和可重複使用的晶片以降低系統和交流電公司的開發成本並加快產品上市速度的努力的一部分，Everspin 將提供強大的高效能非揮發性記憶體，以幫助確保用於啟動、重量和程式碼儲存的糊狀晶片的安全，以及生命週期管理解決方案。我們預計未來幾年內，晶片組將應用於各種領域。

As a reminder, the chiplet is part of our Unisys unified code and data memory solutions, which are currently in the design phase. To further enhance the position in the auto industry, we are working with Quintauris, a joint venture of leading semiconductor companies, on a next-generation RISC-V based automotive reference design platform.

再次提醒，該晶片是我們 Unisys 統一程式碼和資料儲存解決方案的一部分，目前正處於設計階段。為了進一步提升我們在汽車產業的地位，我們正在與領先的半導體公司合資成立的 Quintauris 合作，開發下一代基於 RISC-V 的汽車參考設計平台。

RISC-V is an open standard instruction set architecture, or ISA, based on reduced instruction set computer, or RISC, principles allowing anyone to design, manufacture, and sell chips without paying a license fee for the ISA. Its modular architecture allows designers to create purpose-built accelerators using RISC-V core technology as well as extensions. This also includes new instructions that uniquely integrate and leverage MRAM as a persistent working memory. Given its rapid adoption, it offers a greenfield opportunity to create new MRAM based architectures that fully utilize all the features and benefits that MRAM has to offer.

RISC-V 是一種開放標準指令集架構 (ISA)，它基於精簡指令集計算機 (RISC) 的原理，允許任何人設計、製造和銷售晶片，而無需支付 ISA 的許可費。其模組化架構允許設計人員使用 RISC-V 核心技術及其擴充來創建專用加速器。這也包括一些獨特的新指令，這些指令將 MRAM 整合並利用為持久性工作記憶體。鑑於其快速普及，它提供了一個全新的機會，可以創建新的基於 MRAM 的架構，充分利用 MRAM 的所有特性和優勢。

Before I close, I would like to discuss our long-term strategy, which entails reaching $100 million in annual revenue over the next three to five years. We believe this growth will be driven by the ramp of new products, most notably our new xSPI parts in our PERSYST product portfolio, such as the 64 megabit part I described earlier and continued solid growth in our Toggle MRAM and licensing business. Our new PERSYST xSPI parts are getting solid traction. They're offered in densities from 4 megabit to 256 megabit and include the power optimized SC families and the high-reliability or HR families with quad and octal SPI interfaces.

在結束發言之前，我想討論我們的長期策略，在未來三到五年內實現年收入 1 億美元。我們相信，這一成長將由新產品的推出推動，尤其是我們 PERSYST 產品組合中的新型 xSPI 裝置，例如我之前描述的 64 兆位元元件，以及我們 Toggle MRAM 和授權業務的持續穩健成長。我們的新型 PERSYST xSPI 裝置獲得了良好的市場迴響。它們提供的密度從 4 兆位元到 256 兆位元不等，包括功率優化的 SC 系列和具有四路和八路 SPI 介面的高可靠性或 HR 系列。

For example, in industrial automation, energy management, electric vehicle, and casino gaming markets, reliable high-density memory is required for next-generation systems. In aerospace and defense markets, such as LEO satellites, flight control systems require reliable, fast, and read-and-write speeds, and fast boot for configuration. And in the FPGA and the MPU markets for Edge AI, low standby power, instant on, and high-density memory is needed for larger bit streams. We expect our first enhanced serial norm like Unisys product family to be in production in 2027 and anticipate these products to contribute to our $100 million revenue target.

例如，在工業自動化、能源管理、電動車和賭場遊戲市場，下一代系統需要可靠的高密度記憶體。在航空航太和國防市場，例如低地球軌道衛星，飛行控制系統需要可靠、快速的讀寫速度以及快速啟動以進行配置。在 FPGA 和 MPU 的邊緣 AI 市場中，需要低待機功耗、即時啟動和高密度記憶體來處理更大的位元流。我們預計首款類似 Unisys 產品系列的增強系列標準產品將於 2027 年投入生產，並預計這些產品將為我們實現 1 億美元的營收目標做出貢獻。

Before I turn the call over to Bill to walk through our financials and guidance, I would like to briefly touch on the industry environment. And has been widely publicized the industry is experiencing memory shortages. Memory suppliers who have for decades been pushed into commoditization have seen a shift based on unprecedented memory shortages driven by the demands of AI. As a result, they have gone into allocation mode and are moving their capacity up the food chain.

在將電話交給比爾來詳細介紹我們的財務狀況和指導意見之前，我想先簡單談談產業環境。業界正面臨記憶體短缺的問題已廣為人知。幾十年來一直被迫走向商品化的記憶體供應商，由於人工智慧的需求導致前所未有的記憶體短缺，已經發生了轉變。因此，他們已經進入分配模式，並將產能轉移到食物鏈上。

Companies that can make NOR Flash, NAND, and DRAM are shifting those capacities to where they can get more margin out of their fixed capacity. NOR suppliers, for example, are converting their lines to support DRAM to maximize their margins and generate more revenue. This has created a gap in the supply for NOR Flash and driving customers to look for alternatives. We are in conversations with customers to evaluate our xSPI STT-MRAM to replace NOR Flash. We have the capacity to support such demand, and our parts are compatible with NOR Flash.

能夠生產 NOR Flash、NAND 和 DRAM 的公司正在將這些產能轉移到能夠從其固定產能中獲得更高利潤的地方。例如，NOR 供應商正在改造其生產線以支援 DRAM，從而最大限度地提高利潤率並創造更多收入。這造成了 NOR Flash 供應缺口，迫使客戶尋找替代方案。我們正在與客戶洽談，評估我們的 xSPI STT-MRAM 能否取代 NOR Flash。我們有能力滿足這樣的需求，而且我們的零件與 NOR Flash 相容。

While these market dynamics are speeding up such conversations, revenue is contingent upon the qualification cycles of our potential customers.

雖然這些市場動態正在加速此類對話，但收入取決於我們潛在客戶的資格審查週期。

I will now turn it over to our CFO, Bill Cooper, who will walk you through our fourth-quarter financials and first-quarter 2026 guidance. Bill?

現在我將把發言權交給我們的財務長比爾·庫珀，他將為大家介紹我們第四季度的財務狀況和 2026 年第一季的業績展望。帳單？

Thank you, Sanjeev. Our results reflect the consistency of our execution. During the fourth quarter, we delivered revenue of $14.8 million, up 12% year over year and toward the high end of our guidance range of $14 million to $15 million, driven by higher product sales. MRAM product sales in the fourth quarter, which include both Toggle and STT-MRAM revenue, were $13.5 million, up 22% over the fourth quarter of the prior year. Licensing, royalty, patent, and other revenue in the fourth quarter decreased to $1.3 million from $2.2 million in Q4 '24 due to the completion of projects, which were active in Q4 '24.

謝謝你，桑吉夫。我們的業績反映了我們執行的一致性。第四季度，我們實現了 1,480 萬美元的收入，年增 12%，接近我們先前 1,400 萬美元至 1,500 萬美元的預期範圍的高端，這主要得益於產品銷售額的成長。第四季 MRAM 產品銷售額（包括 Toggle 和 STT-MRAM 的營收）為 1,350 萬美元，比去年同期成長 22%。由於 2024 年第四季正在進行的專案已完成，第四季度的授權、特許權使用費、專利和其他收入從 2024 年第四季的 220 萬美元減少到 130 萬美元。

Turning to gross margin. Our GAAP gross margin decreased to 50.8% for the fourth quarter, down slightly from the 51.3% in the fourth quarter of 2024 due to lower licensing and other revenue. GAAP operating expenses for the fourth quarter of 2025 were $8.6 million, down sequentially and up slightly from $8.4 million in the fourth quarter of 2024.

接下來我們來看毛利率。由於許可證和其他收入減少，我們第四季的 GAAP 毛利率下降至 50.8%，略低於 2024 年第四季的 51.3%。2025 年第四季 GAAP 營運費用為 860 萬美元，季減，較 2024 年第四季的 840 萬美元略有上升。

Other income of $2 million was related to the strategic award we won in mid-2024 to upgrade manufacturing equipment in our existing facility located in Chandler, Arizona. We recorded fourth-quarter non-GAAP net income of $2.6 million or $0.11 per diluted share based on 23.8 million weighted average diluted shares outstanding. This was in line with our guidance range of non-GAAP net income of $0.08 to $0.13 per share and compares to non-GAAP net income of $2.8 million or $0.13 per share in the fourth quarter of 2024. As a reminder, reported non-GAAP results exclude the impact of stock-based compensation.

其他收入 200 萬美元與我們在 2024 年年中贏得的戰略獎項有關，該獎項用於升級我們位於亞利桑那州錢德勒的現有工廠的生產設備。我們錄得第四季非GAAP淨利260萬美元，即每股攤薄收益0.11美元，基於2380萬股加權平均稀釋流通股計算得出。這與我們先前給出的非GAAP淨收入每股0.08美元至0.13美元的指導範圍相符，而2024年第四季的非GAAP淨收入為280萬美元，即每股0.13美元。需要提醒的是，已公佈的非GAAP績效不包括股票選擇權激勵的影響。

We are pleased that our balance sheet remains strong and debt-free. We ended the quarter with cash and cash equivalents of $44.5 million, down $0.8 million from $45.3 million at the end of the prior quarter. Cash flow generated from operations increased $2.8 million for the fourth quarter from $0.9 million in the third quarter. We believe our cash and cash equivalents are sufficient to meet our anticipated capital requirements.

我們很高興公司資產負債表依然穩健，且無任何債務。本季末，我們的現金及現金等價物為 4,450 萬美元，比上一季末的 4,530 萬美元減少了 80 萬美元。第四季經營活動產生的現金流比第三季的 90 萬美元增加了 280 萬美元。我們相信，我們的現金及現金等價物足以滿足我們預期的資金需求。

Our capital requirements depend on many factors, including, among other things, our growth rate, the timing and extent of our spending to support our current and future manufacturing requirements, research and development activities, the timing and cost of establishing additional sales and marketing capabilities, and the introduction of new products. We did not experience any material tariff-related impact on our results in the fourth quarter and do not expect any material tariff-related impact in the coming quarters.

我們的資本需求取決於許多因素，其中包括我們的成長率、為支持我們當前和未來的生產需求、研發活動、建立額外的銷售和行銷能力的時間和成本以及新產品的推出等支出的時間和規模。第四季我們的業績沒有受到任何重大關稅影響，預計未來幾季也不會受到任何重大關稅影響。

Turning to guidance. We expect Q1 total revenue to be consistent with Q4 '25 and in the range of $14 million to $15 million. And GAAP net loss per fully diluted share to be between $0.03 and net income of $0.02. On a non-GAAP basis, we anticipate net income per fully diluted share to be between $0.07 and $0.12.

尋求指導。我們預計第一季總營收將與 2025 年第四季持平，介於 1,400 萬美元至 1,500 萬美元之間。根據美國通用會計準則（GAAP），我們預期每股完全稀釋淨虧損將介於0.03美元至每股淨利0.02美元之間。根據非美國通用會計準則（Non-GAAP），我們預期每股完全稀釋淨利將在0.07美元至0.12美元之間。

Going forward, we expect to exclude the impact of patent defense costs in addition to stock-based compensation from non-GAAP results. We expect a sequential decline in non-product revenue due to a project completion in Q4 '25, which will result in a gross margin headwind. However, we are still targeting gross margin to be in the 50% range.

展望未來，我們預期將從非GAAP績效中剔除專利辯護成本以及股票選擇權激勵的影響。我們預計由於 2025 年第四季某個專案完成，非產品收入將環比下降，這將對毛利率造成不利影響。但是，我們仍然計劃將毛利率控制在 50% 左右。

In summary, we are pleased with our solid performance this quarter and remain committed to maintaining financial discipline while focusing on scaling our business and converting additional design wins to revenue.

總而言之，我們對本季穩健的業績感到滿意，並將繼續致力於保持財務紀律，同時專注於擴大業務規模，並將更多的設計訂單轉化為收入。

Operator, you may now open the line for questions.

接線員，現在可以開始接聽提問電話了。

(Operator Instructions) Neil Young, Needham & Company.

（操作說明）尼爾·楊，Needham & Company。

Hey, thanks for letting me ask a question. Great to hear about the NOR Flash opportunity. I was curious sort of you're talking about that your conversations. I guess, sort of how fast or how quickly do you think you could see upside from that? And sort of if you could any way size, the upside, that would be really helpful of a possible upside in revenue. Thanks.

嘿，謝謝你們讓我提問。很高興聽到有關 NOR Flash 的機會。我很好奇你在談論你們的對話。我想問的是，你覺得從中獲利的速度大概有多快？如果能以某種方式估算一下潛在收益，那將非常有助於估​​算收入方面的潛在收益。謝謝。

Hey, Neil, thank you for the question. Thank you for the question. So like I said in the prepared remarks, I think it really depends on the qualification cycle for our potential customers. I can say that we are now getting listed as an alternate for NOR Flash at various distributors worldwide because of the tight supply chain issues that we are seeing with a NOR Flash. So we do expect some upside, but it's very difficult to quantify today as to what that upside can be. But we're obviously available to meet the demand of these requests come in and it just depends on the qual cycle of the customers.

嘿，尼爾，謝謝你的提問。謝謝你的提問。正如我在準備好的演講稿中所說，我認為這真的取決於我們潛在客戶的資格認證週期。我可以肯定地說，由於 NOR Flash 的供應鏈問題，我們的產品現在已被全球多家經銷商列為 NOR Flash 的替代品。因此我們確實預期會有一些上漲空間，但目前很難量化這種上漲空間究竟有多大。但我們顯然可以滿足這些需求，這取決於客戶的審核週期。

Great, thanks. That's helpful. Just one more question for me. You talked about the inventory levels in energy management and industrial automation. They're starting to look pretty healthy or they think that you think they do look healthy at this point. I guess, what gives you confidence that, that should be an issue next quarter and going forward? Thanks.

太好了，謝謝。那很有幫助。我還有一個問題。您談到了能源管理和工業自動化領域的庫存水準。他們看起來開始變得很健康了，或者他們覺得你認為他們現在看起來很健康。我想問的是，是什麼讓您確信這不會是下個季度及以後會遇到的問題？謝謝。

Yeah. So based on the backlog that we are seeing at our distributors and the forecast that we're seeing at our customers, we do feel that they have burned through the inventory that they had overbuilt over the last year or so. So we're pretty confident that going forward, we were not run into that same issue at least in 2026.

是的。因此，根據我們從分銷商看到的積壓訂單以及我們從客戶那裡看到的預測，我們認為他們已經消耗掉了過去一年左右過度累積的庫存。因此我們相當有信心，至少在 2026 年，我們不會再遇到同樣的問題。

Thank you.

謝謝。

Richard Shannon, Craig-Hallum.

理查德·香農，克雷格·哈勒姆。

Hey, guys, thanks for taking my question. Last one kind of in the context of this year here. I wanted to ask about two different contributors. First of all, on the strategic rad-hard project you've been working with your partner, and this has talked about a much better year. I'm wondering if that's something similar that you're expecting as well?

嘿，各位，謝謝你們回答我的問題。就今年的情況而言，最後一個問題算是比較重要的。我想問兩位不同的投稿者。首先，關於你和你的合作夥伴一直在進行的策略性抗輻射項目，今年的情況要好得多。我想知道這也是你所期待的類似情況？

And then also this quarter and a couple of past ones, you've been talking about some increasing contributions from the LEO satellite market. Great to get a sense of how kind of -- what's kind of the sense of scale of that today, and do you see that increasing over this year and over the next couple of years?

此外，本季和過去幾個季度，您也一直在談論低地球軌道衛星市場貢獻的不斷增加。很高興能了解目前這種規模的情況，以及您認為這種規模在今年和未來幾年會成長嗎？

Thanks for the question, Richard, and thanks for joining. Clearly, you seem to be a little bit under the weather, but thank you for joining. Yeah, as far as the LEO satellite market is concerned, I'll let Bill address it. On the QuickLogic project, I think the award that QuickLogic talked about does not relate to the project that we've been working on jointly. And in fact, I think that's the project that Bill was talking about in his prepared remarks, that is not going to renew in the near future, and we're going to see some decline in that non-product revenue in Q1 of this year.

謝謝你的提問，理查德，也謝謝你的參與。顯然，你看起來有點身體不適，但還是要感謝你的參與。是的，至於低地球軌道衛星市場，我會讓比爾來談談。關於 QuickLogic 項目，我認為 QuickLogic 所提到的獎項與我們一直在共同進行的項目無關。事實上，我認為比爾在事先準備好的演講中提到的就是這個項目，這個項目近期不會續簽，我們將在今年第一季看到非產品收入下降。

That is still waiting for some milestones to be met by the other partners in the program, and we expect that to be kicking in again towards the second half of this year, but not in the first half.

這仍然需要等待該計劃的其他合作夥伴達到一些里程碑，我們預計這將在今年下半年再次啟動，但上半年不會。

Bill, on the LEO satellites.

比爾，關於低地球軌道衛星。

Yeah. Thanks, Sanjeev. And thanks, Richard, for the question. Yeah, I would say that the LEO satellite market is still that burgeoning market, and that's what we see, both in terms of our orders and our backlog, and we feel confident about our products and our position there, and we expect to, again, kind of move up with that increased demand especially as we've introduced our high-reliability products as well. That sort of fits perfectly in that particular market space as well.

是的。謝謝你，桑吉夫。謝謝理查德的提問。是的，我認為低地球軌道衛星市場仍然是一個蓬勃發展的市場，無論從我們的訂單還是積壓訂單來看，我們都看到了這一點。我們對我們的產品和我們在該市場的地位充滿信心，並且我們預計，隨著需求的增長，尤其是在我們推出了高可靠性產品之後，我們的業績將再次提升。這也恰好完美契合了該特定市場領域。

Okay, great. Thanks for that. Second question, just on your NOR Flash replacement products and maybe taking a different angle than one of the last questions here and also very interesting comments. But obviously, you've been targeting NOR Flash replacement in certain markets. And if I caught your comments right, Sanjeev, you're talking about, I think, a win with -- I think it was Microchip on an MCU. Love to get a sense of when you see that becoming a material contributor.

好的，太好了。謝謝。第二個問題，是關於你們的 NOR Flash 替換產品，可能與之前的問題有所不同，而且你們的評論也很有趣。但很顯然，你們的目標市場是NOR快閃記憶體的替代產品。如果我理解你的意思沒錯的話，Sanjeev，你指的是－－我想是Microchip在MCU上取得的勝利。很想了解你何時會意識到自己成為了實質的貢獻者。

And then also maybe -- I think in the past, you talked about some other engagements, particularly in the FPGA space where you're excited about some progress there. Maybe give us an update there as well, please?

而且，我想你過去也談到過一些其他項目，尤其是在 FPGA 領域，你對那裡取得的一些進展感到興奮。能否也給我們更新那邊的狀況？

Yeah, good question, Richard. I think there are two partner programs that we're really excited about, in particular. One is the one with Lattice and the other one is this Microchip. And I think we are seeing steady progress in both those partners trying to get our product qualified and integrated into their standard offering. And I think that's where this PIC64 at Microchip comes into play. They're -- the markets that they are targeting align very well with our spend in the aerospace and defense market. And then I think we can then expect to take into the commercial market as well. But right now, the PIC64 is targeted towards the aerospace and defense as well.

嗯，問得好，理查。我認為有兩個合作夥伴計劃尤其讓我們感到興奮。一個是帶有 Lattice 晶片的，另一個是這款 Microchip 晶片。我認為我們看到，這兩個合作夥伴都在穩步推進，努力使我們的產品獲得認證並整合到他們的標準產品中。我認為這就是Microchip公司的PIC64發揮作用的地方。他們瞄準的市場與我們在航空航太和國防市場的支出非常契合。然後我認為我們也可以期待將其推向商業市場。但目前，PIC64 的目標市場也包括航太和國防領域。

Okay, thanks for that. My last question, I'll jump on the line here. Sanjeev, you talked about a goal of driving towards or driving to $100 million of revenues within, I think, say, three to five years. Love to get a sense any way you'd quantify or at least rank order of the contributors of that revenue. I think in the big picture here that I think of this as the Toggle, the STT products and licensing, I guess, if there's any other way you categorize the contributors that that would be very helpful.

好的，謝謝。最後一個問題，我這就插話。Sanjeev，你曾提到一個目標，那就是在三到五年內實現 1 億美元的收入。我很想知道您會如何量化或至少對這些收入的貢獻者進行排名。我認為從大局來看，這裡指的是 Toggle、STT 產品和許可，我想，如果還有其他方式可以對貢獻者進行分類，那就太好了。

Yeah. So the way I look at it is the major contributor is going to be the PERSYST products, followed by perhaps equal contributions from our licensing and Unisys in three to five years down the road, to $100 million. In the PERSYST, I'm including the Toggle MRAM markets -- products as well as the xSPI STT products that we are shipping today as well as the ST-DDR products that we're shipping to IBM. So I think those three would form the portion of the HR -- form the portion of the process products that are going to contribute, and this high-reliability product family that we have just introduced is going to actually give us a nice boost over that.

是的。所以我認為，主要的貢獻者將是 PERSYST 產品，其次可能是我們的許可和 Unisys 在三到五年內貢獻相同的金額，達到 1 億美元。在 PERSYST 中，我包括 Toggle MRAM 市場——包括我們今天出貨的 xSPI STT 產品以及我們向 IBM 出貨的 ST-DDR 產品。所以我認為這三者將構成人力資源的一部分——構成將做出貢獻的流程產品的一部分，而我們剛剛推出的這個高可靠性產品系列實際上將在此基礎上為我們帶來很大的提升。

And then in 2027, we expect Unisys to kick in some volume. And so I think between that Unisys and our licensing is what's going to get us to the $100 million mark down the road.

然後，我們預計到 2027 年，Unisys 將迎來一些業務量成長。所以我認為，Unisys 和我們的授權授權業務將使我們最終達到 1 億美元的營收目標。

Okay, I will jump on the line. Thank you for that, Sanjeev.

好的，我這就接通電話。謝謝你，桑吉夫。

All right, thank you, Richard. Hope you feel better soon.

好的，謝謝你，理查。希望你早日康復。

Thank you.

謝謝。

Thank you. Ladies and gentlemen, I'm showing no further questions in the queue.

謝謝。女士們先生們，隊列中不再顯示任何問題。

That concludes today's conference call. Thank you for your participation. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線了。