Everspin Technologies Inc (MRAM) 2026 Q2 法說會逐字稿

Good afternoon, and welcome to Everspin Technologies' second-quarter 2026 financial results conference call. (Operator Instructions)

下午好，歡迎參加 Everspin Technologies 2026 年第二季財務業績電話會議。(接線員指示)

At the conclusion of management's prepared remarks, instructions will be provided for the question-and-answer session. As a reminder, this conference call is being recorded.

在管理層預先準備的發言結束後，將提供問答環節的說明。提醒各位，本次電話會議將被錄音。

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

現在我想把電話會議交給 Everspin 投資人關係 Monica Gould。

Thank you, operator, and good afternoon, everyone.

謝謝你，接線員，各位下午好。

Everspin released results for the second quarter 2026 ended June 30, 2026, 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.

Everspin 於今日收盤後公布截至 2026 年 6 月 30 日止的 2026 年第二季業績。我是 Everspin 的投資人關係 Monica Gould。今天與我一同出席的還有總裁兼執行長 Sanjeev Aggarwal，以及財務長 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 products in Everspin's design pipeline, and executing on its business plan.

在開始之前，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、財務表現與目標的預期、客戶與產業對 MRAM 技術的採用、成功將 Everspin 設計管線中的產品推向市場並進行量產，以及執行其商業計畫。

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.

這些前瞻性陳述係基於估計、判斷、當前趨勢與市場狀況，並涉及風險與不確定性，可能導致實際結果與前瞻性陳述所述內容存在重大差異。我們鼓勵各位查閱公司向 SEC 提交的文件，包括 Form 10-K 年報及不時提交的其他 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.

所有前瞻性陳述均以本次電話會議日期為準，除法律要求外，公司不承擔更新或修改本次電話會議中任何前瞻性陳述的義務，無論係因新資訊、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 auditors.

今天討論的財務結果反映公司初步估計，係基於截至本日可得資訊，並仍須接受 Everspin 及其外部審計師的進一步審查。

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 the period are finalized.

由於財務結帳程序完成、最終調整，以及從現在到該期間財務結果定案之間可能出現的其他發展，公司實際結果可能與上述估計存在重大差異。

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.

此外，公司新聞稿及本次電話會議中的陳述將包含以 GAAP 與非 GAAP 口徑呈現的若干衡量指標與財務資訊。公司新聞稿中包含 GAAP 淨利與非 GAAP 淨利的定義與調節表，提供更多細節。

A copy of the press release is posted on the Investor Relations section of Everspin's website at www.everspin.com.

新聞稿已發布於 Everspin 官網 www.everspin.com 的投資人關係專區。

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

接下來我想把電話會議交給 Everspin 總裁兼執行長 Sanjeev Aggarwal。Sanjeev，請開始。

Thank you, Monica, and thanks, everyone, for joining us on the call today.

謝謝你，Monica，也謝謝各位今天參加本次電話會議。

We are pleased to report second-quarter revenue of $18.7 million and non-GAAP EPS of $0.11. These results reflect the highest revenue quarter in Everspin's history, which exceeded our guidance range on both the top and bottom line driven by strong product revenue growth and the $40 million agreement we announced with a US prime contractor on our last earnings call.

我們很高興報告第二季營收為 1,870 萬美元，非 GAAP 每股盈餘（EPS）為 0.11 美元。這些結果反映 Everspin 歷史上營收最高的一季；在強勁的產品營收成長，以及我們在上次財報電話會議中宣布與一家美國主承包商達成的 4,000 萬美元協議帶動下，我們在營收與獲利兩端均超越了指引區間。

During the quarter, we began to recognize non-product revenue under the 2.5-year agreement. As a reminder, Everspin is a subcontractor on an existing prime contract and is providing engineering services to develop and qualify Toggle MRAM process technology capabilities for US defense industrial-based customers.

本季我們開始依據這項為期 2.5 年的協議認列非產品營收。提醒各位，Everspin 是既有主合約下的分包商，並提供工程服務，以開發並驗證 Toggle MRAM 製程技術能力，服務美國國防工業基礎（defense industrial base）客戶。

In addition to this new contract, we also recorded strong product revenue growth, which rose 38% year over year and was up 9% sequentially. This growth was driven by strength in industrial automation, energy management, and aerospace and defense applications.

除這份新合約外，我們也記錄到強勁的產品營收成長：年增 38%，季增 9%。此成長主要來自工業自動化、能源管理，以及航太與國防應用的強勁需求。

Growth in industrial and energy management was driven by a continued recovery in customer demand, particularly in Japan and Europe, respectively.

工業與能源管理的成長，來自客戶需求持續復甦，分別在日本與歐洲尤為明顯。

In aerospace and defense, we saw continued broad-based growth across our customer base, including several [low-earth onward] customers who are expanding the mission profiles where Everspin MRAM delivers long-term reliability for mission-critical applications.

在航太與國防方面，我們看到客戶群持續呈現廣泛的成長，包括數家[low-earth onward]客戶正在擴大任務範疇；在這些任務關鍵型應用中，Everspin 的 MRAM 可提供長期可靠性。

Recently, Astro Digital selected Everspin's PERSYST 64-megabit STT-MRAM for use on an upcoming Raven bus geosynchronous Earth orbit or GEO satellite mission. Our MRAM is deployed as the primary sales stage memory for the system boot memory, which stores the essential core needed in case of power loss and fast access to initialize spacecraft electronics during start-up or recovery.

近期，Astro Digital 選用 Everspin 的 PERSYST 64Mb STT-MRAM，用於即將到來的 Raven bus 地球同步軌道（GEO）衛星任務。我們的 MRAM 作為系統開機記憶體的主要儲存階段記憶體部署，用於儲存在斷電時所需的關鍵核心內容，並在啟動或復原期間快速存取以初始化太空載具電子系統。

As we noted last quarter, our $14.6 million contract with our DoD contractor to develop a sustainment plan for our MRAM manufacturing facilities to provide continuous onshore MRAM capabilities to their aerospace and defense customers is beginning to wind down.

如同我們上季所提到的，我們與某國防部（DoD）承包商簽訂的 1,460 萬美元合約（為我們的 MRAM 製造設施制定維持計畫，以向其航太與國防客戶提供持續的本土（onshore）MRAM 能力）正開始逐步結束。

In the second quarter, we recognized $0.5 million in other income related to this contract and $13.3 million to date. We expect this business to continue to wind down over the coming quarters with estimated completion in the first half of 2027.

在第二季，我們就該合約認列 50 萬美元的其他收入，累計至今為 1,330 萬美元。我們預期該業務將在未來幾季持續逐步結束，估計於 2027 年上半年完成。

Turning to some of our product development efforts.

接下來談談我們的一些產品開發進展。

Our first UNISYST family of MRAM products, the 256-megabit xSPI is on schedule to tape out later this year. As a reminder, this is a test chip designed on 16-nanometer FinFET CMOS at DSMC. Engineering samples are expected to be available in early 2027 with ramp to production later in the year.

我們首個 UNISYST 系列 MRAM 產品—256Mb xSPI—按計畫將於今年稍晚完成流片（tape out）。提醒各位，這是一顆在 DSMC 以 16 奈米 FinFET CMOS 設計的測試晶片。預計 2027 年初可提供工程樣品，並於當年稍晚逐步量產。

The UNISYST family of products will serve the high-density standalone NOR flash market, which will expand our addressable market by approximately $3 billion. Our goal is to capture 5% to 10% of this market in the early years and then grow further.

UNISYST 系列產品將服務高密度獨立式 NOR 快閃記憶體市場，將我們的可服務市場規模擴大約 30 億美元。我們的目標是在初期年度取得 5% 至 10% 的市占率，並在此基礎上進一步成長。

We are pleased to announce that our high-density 128-megabit and 256-megabit xSPI high reliability parts were made available to our customers ahead of schedule.

我們很高興宣布，我們的高密度 128Mb 與 256Mb xSPI 高可靠度產品已提前提供給客戶。

During the second quarter, we released 128-megabit high reliability parts to production. Subsequent to the quarter end, we released all SKUs of xSPI 256-megabit density to production, including high reliability parts. Customers now have these parts on hand to evaluate them in their designs.

在第二季，我們已將 128Mb 高可靠度產品導入量產。在季末之後，我們已將 xSPI 256Mb 密度的所有 SKU 導入量產，包括高可靠度產品。客戶目前已取得這些產品，可在其設計中進行評估。

We kicked off our project with Microchip in April to build MRAM capabilities in their Gresham, Oregon fab. This project comprises two phases, with the first phase focused on Toggle MRAM and the second phase on STT-MRAM. We are finalizing the installation of unique MRAM equipment and completing process gap analysis, if any, for the non-MRAM equipment.

我們於 4 月與 Microchip 啟動專案，在其位於俄勒岡州格雷舍姆（Gresham）的晶圓廠建立 MRAM 能力。此專案包含兩個階段：第一階段聚焦 Toggle MRAM，第二階段聚焦 STT-MRAM。我們正在完成專用 MRAM 設備的安裝，並完成（如有需要）非 MRAM 設備的製程差距分析。

This project is on schedule with a goal to deliver the first qualified silicon in 18 to 24 months from project kickoff.

本專案進度如期，目標是在專案啟動後 18 至 24 個月內交付第一批通過認證的矽晶片。

We continue to see strong growth across our existing business while executing on our product pipeline and developing solutions that will further expand Everspin's addressable market and drive long-term growth.

在推進產品開發管線並開發可進一步擴大 Everspin 可服務市場並帶動長期成長的解決方案之際，我們持續看到既有業務全面呈現強勁成長。

One of these future opportunities is focused on expanding our TAM in the data center market, and we are planning to introduce some new products over the next three years based on the Computer Express Link or CXL interface.

其中一項未來機會聚焦於擴大我們在資料中心市場的 TAM（總可服務市場），我們計畫在未來三年內推出一些基於 Computer Express Link（CXL）介面的新產品。

To provide a little background in the memory hierarchy, there is 100x to 1,000x latency gap between storage with a latency of approximately 100 microseconds and main memory with a latency of approximately 100 nanoseconds. CXL attached random access memory can provide approximately 100x lower latency when compared to SSD solutions available today.

為了提供一些記憶體階層的背景資訊，儲存裝置（延遲約 100 微秒）與主記憶體（延遲約 100 奈秒）之間存在 100 倍到 1,000 倍的延遲落差。相較於目前市面上的 SSD 解決方案，CXL 連接的隨機存取記憶體可提供約低 100 倍的延遲。

We continue to advance our development work on CXL, interface-based MRAM solutions, which will address the demand for nanosecond-class persistent memory solutions, bringing storage closer to XPU, enhancing compute and power efficiency, resulting in significant overall cost savings.

我們持續推進以 CXL 介面為基礎的 MRAM 解決方案開發工作，以滿足奈秒等級持久性記憶體解決方案的需求，讓儲存更貼近 XPU，提升運算與功耗效率，並帶來顯著的整體成本節省。

We are targeting to improve XPU utilization from 60% to 70% currently to as much as 90% to 95%, especially from small rights, for example, meta or log data. We are currently working on developing proof of concept demo vehicles to validate the expected gains.

我們的目標是將 XPU 利用率由目前的 60% 到 70% 提升至最高 90% 到 95%，尤其是針對小型寫入，例如中繼資料或日誌資料。我們目前正著手開發概念驗證（PoC）展示載具，以驗證預期的效益提升。

Subsequent to quarter end, we signed a contract with a high-performance data interface and controller company to develop and provide CXL controller IP for MRAM. We are collaborating on an AMD ultrascale plus FPGA-based platform using the CXL controller IP under development to connect to Everspin MRAM DIMM, dual inline memory modules.

在季度結束後，我們與一家高效能資料介面與控制器公司簽署合約，為 MRAM 開發並提供 CXL 控制器 IP。我們正合作在一個基於 AMD UltraScale+ FPGA 的平台上，使用正在開發中的 CXL 控制器 IP 連接至 Everspin 的 MRAM DIMM（雙列直插式記憶體模組）。

We plan to demonstrate this solution at the SNIA Developer Conference, or SDC, in September.

我們計畫於 9 月在 SNIA 開發者大會（SDC）展示此解決方案。

We also recently announced that we signed a Memorandum of Understanding with MaxLinear to evaluate the use of our CXL attached MRAM with MaxLinear storage accelerators for next-generation storage and acceleration architectures.

我們也在近期宣布，已與 MaxLinear 簽署合作備忘錄（MOU），評估在下一代儲存與加速架構中，將我們的 CXL 連接式 MRAM 與 MaxLinear 的儲存加速器搭配使用。

Together, we will assess opportunities to apply persistent, byte-accessible, low-latency MRAM to storage functions such as metadata, log data, write buffers and caches with the goal of improving system performance, reliability, power efficiency, and data persistence in next-generation storage architectures.

我們將共同評估將具持久性、可按位元組存取、低延遲的 MRAM 應用於中繼資料、日誌資料、寫入緩衝區與快取等儲存功能的機會，目標是提升下一代儲存架構中的系統效能、可靠性、功耗效率與資料持久性。

By combining Everspin's industry-leading MRAM with MaxLinear's storage accelerators, we believe we can enable new persistent memory solutions for hyperscale cloud, AI infrastructure and enterprise Tier 1 customers.

透過結合 Everspin 業界領先的 MRAM 與 MaxLinear 的儲存加速器，我們相信能為超大規模雲端、AI 基礎設施以及企業級 Tier 1 客戶帶來新的持久性記憶體解決方案。

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

接下來我把時間交給我們的財務長 Bill Cooper，他將帶各位回顧第二季財務表現以及 2026 年第三季展望。

Bill?

Bill？

Thank you, Sanjeev.

謝謝你，Sanjeev。

During the second quarter, we delivered record revenue of $18.7 million, up 42% year on year, exceeding our guidance range of $15.5 million to $16.5 million, driven by both strong product and non-product revenue growth.

第二季我們創下 1,870 萬美元的營收新高，年增 42%，高於我們 1,550 萬至 1,650 萬美元的財測區間，主要受惠於產品與非產品營收的強勁成長。

MRAM product sales, which include both Toggle and STT-MRAM revenue, were $15.3 million, an increase of 38% over the second quarter of the prior year and up 9% sequentially.

MRAM 產品銷售（包含 Toggle 與 STT-MRAM 營收）為 1,530 萬美元，較去年同期第二季成長 38%，並較前一季成長 9%。

Licensing, royalty, engineering services, and other revenue increased to $3.4 million from $2.1 million in Q2 of '25, primarily due to initial revenue recognition on the $40 million subcontract agreement with the US prime contractor we announced on our last earnings call.

授權、權利金、工程服務及其他營收由 2025 年第二季的 210 萬美元增加至 340 萬美元，主要因為我們在上次財報電話會議中宣布的、與美國主承包商簽訂之 4,000 萬美元分包協議開始進行初始收入認列。

Our GAAP gross margin increased to 53.9% from 51.3% in the second quarter of 2025 due to a favorable mix from higher non-product revenue. GAAP operating expenses were $14.5 million, up from $8.7 million in the second quarter of 2025 due primarily to litigation costs of $4 million and $1.1 million of non-recurring engineering costs.

我們的 GAAP 毛利率由 2025 年第二季的 51.3% 提升至 53.9%，係因非產品營收占比提高帶來較有利的組合。GAAP 營業費用為 1,450 萬美元，高於 2025 年第二季的 870 萬美元，主要因 400 萬美元的訴訟費用以及 110 萬美元的一次性工程費用。

Other income of $0.5 million decreased from $0.8 million in the prior year quarter as our $14.6 million contract with the DoD contractor begins to wind down.

其他收益為 50 萬美元，低於去年同期的 80 萬美元，因我們與國防部（DoD）承包商的 1,460 萬美元合約開始進入收尾階段。

We recorded second-quarter non-GAAP net income of $2.9 million or $0.11 per diluted share based on $25.9 million weighted average diluted shares outstanding.

第二季我們錄得非 GAAP 淨利 290 萬美元，或稀釋後每股 0.11 美元，係以加權平均稀釋後流通股數 2,590 萬股計算。

This exceeded our guidance range of non-GAAP net income of $0.0 to $0.03 per share and compares to non-GAAP net income of $0.7 million or $0.03 per share in the second quarter of 2025.

此結果高於我們先前提供的非 GAAP 每股淨利 0.00 至 0.03 美元的財測區間；相較之下，2025 年第二季非 GAAP 淨利為 70 萬美元，或每股 0.03 美元。

Our reported non-GAAP results exclude the impact of stock-based compensation, litigation expenses, as well as non-recurring engineering expenses related to the build-out of the MRAM manufacturing line at Microchip's fab in Oregon.

我們所揭露的非 GAAP 結果排除了股票基礎薪酬、訴訟費用，以及與在 Microchip 位於俄勒岡州晶圓廠擴建 MRAM 製造產線相關的一次性工程費用之影響。

Our balance sheet remains strong and debt-free. We ended the quarter with cash and cash equivalents of $43.9 million, up $3.4 million from $40.5 million at the end of the prior quarter.

我們的資產負債表依然穩健且無負債。本季末現金及約當現金為 4,390 萬美元，較前一季末的 4,050 萬美元增加 340 萬美元。

Cash flow generated from operations decreased to $0.2 million for the second quarter, down from $0.6 million in the first quarter, primarily due to litigation costs.

第二季營運活動所產生的現金流量降至 20 萬美元，低於第一季的 60 萬美元，主要因訴訟費用所致。

We believe our cash and cash equivalents are sufficient to meet our anticipated capital requirements to continue to execute upon our foundry services agreement with Microchip, our subcontract agreement with the US prime contractor, and continued investment in product development to support our future roadmap and enable the company to drive growth.

我們認為現金及約當現金足以支應我們預期的資本需求，以持續執行與 Microchip 的晶圓代工服務協議、與美國主承包商的分包協議，並持續投入產品開發以支持未來產品藍圖並推動公司成長。

Turning to guidance.

接著談財測。

We expect Q3 total revenue to be in the range of $19.5 million to $20.5 million, and GAAP results per fully diluted share to be between a net loss of $0.05 to $0.10 per share.

我們預期第三季總營收將落在 1,950 萬至 2,050 萬美元區間，而按完全稀釋後每股計算的 GAAP 結果將介於每股淨損 0.05 至 0.10 美元之間。

On a non-GAAP basis, we anticipate earnings between $0.10 and $0.15 per fully diluted share. These non-GAAP figures exclude the impact of litigation costs, NRE related to the Microchip MRAM line, and stock-based compensation expense.

以非 GAAP 基礎計算，我們預期完全稀釋後每股盈餘介於 0.10 至 0.15 美元。上述非 GAAP 數字排除了訴訟成本、與 Microchip MRAM 產線相關的 NRE（一次性工程費用），以及股票基礎薪酬費用的影響。

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 links to revenue.

總結而言，我們對本季穩健的表現感到滿意，並將在維持財務紀律的同時，專注於擴大業務規模並將更多設計導入轉化為營收。

And finally, I want to thank all of the Everspin employees for their continued contributions and supporting the company's growth.

最後，我要感謝所有 Everspin 員工持續的貢獻，以及對公司成長的支持。

Operator, you may now open the line for questions.

接線員，現在可以開放提問。

(Operator Instructions) Neil Young, Needham & Company.

（接線員指示）Neil Young，Needham & Company。

The first question I wanted to ask was sort of on end market shrink. So I know you guys cited the industrial automation, energy management and A&D as sort of the growth drivers. And you talked a lot about in the aerospace and defense being driven by LEO.

我想先問的第一個問題大致是關於終端市場的萎縮。我知道你們提到工業自動化、能源管理以及航太與國防（A&D）是成長驅動因素。而你們也談到航太與國防的成長是由 LEO 所帶動。

But if I recall from some of your comments at conferences intra-quarter, I thought you guys talked a little bit about drones and maybe some strength you're seeing there. So maybe if you could just expand on anything that you're seeing outside of the LEO satellites within defense?

不過如果我回想一下你們在季度內一些會議上的評論，我記得你們有稍微談到無人機，或許也看到那邊有一些強勁動能。所以也許你們能否再延伸說明一下，除了國防領域的 LEO 低軌衛星之外，你們還看到哪些情況？

Thanks, Neil.

謝謝你，Neil。

What I would say is certainly, right, we continue to engage in that sector. We haven't announced any particular specific deals on that area. And certainly, we still see very healthy demand across all segments of the business.

我想說的是，當然沒錯，我們持續在那個領域進行接觸。我們尚未在那個領域宣布任何特定的具體交易。而且可以確定的是，我們仍然看到公司各業務區塊都有非常健康的需求。

Okay, thanks. And then the second one I wanted to ask was about the $40 million contract. So last quarter, you only had about, if I remember correctly, two months of that was recognized in the quarter. So should we expect any other step-up now in 3Q? That's a full quarter or, is it not going to scale sort of in an evenly manner? Thanks.

好的，謝謝。第二個我想問的是關於那份 4,000 萬美元的合約。所以上一季，如果我沒記錯的話，當季只認列了大約兩個月。那麼我們是否應該預期在第三季還會再有一個上台階的增量？畢竟那會是一整季，還是說它不會以均勻的方式擴大？謝謝。

Yes, that's correct. It won't necessarily scale in a very linear manner. So I would expect to see non-product in the similar area from Q2 to Q3.

是的，沒錯。它不一定會以非常線性的方式擴大。所以我預期從第二季到第三季，非產品收入會落在相近的水準區間。

Okay, great. Thank you.

好的，很棒。謝謝你。

Richard Shannon, Craig-Hallum.

Richard Shannon，Craig-Hallum。

Great. Thanks, Sanjeev and Bill, for taking my questions as well.

很好。也謝謝 Sanjeev 和 Bill 回答我的問題。

Maybe I'll ask a way of thinking about the last question more directly here in terms of the guidance for the quarter here and thinking about it holistically here. I'd love to get a sense of the degree to which products versus licensing will be growing here?

也許我用更直接的方式來問上一個問題，從本季指引的角度、整體來看。我想了解一下，產品收入相對於授權收入，哪一塊會在成長？成長幅度大概如何？

And just want to -- I guess, I'd also love to get a sense of the quantify the amount of contribution in the second quarter from the $40 million contract so we can convey that over the third quarter as well. Let's start with that one. Thanks.

另外我也想更量化地了解第二季那份 4,000 萬美元合約的貢獻金額，這樣我們也能推估到第三季。先從這個問題開始。謝謝。

Yeah, hey, Richard. A couple of things. I would say, yes, definitely the significant majority of the non-product revenue did come from the new $40 million subcontract and some of the revenue that was recognized for that. But as Neil rightly pointed out, it was only for a partial quarter.

好的，嗨，Richard。有幾點。我會說，是的，非產品收入的絕大部分確實來自新的 4,000 萬美元分包合約，以及其中已認列的部分收入。但正如 Neil 正確指出的，那只涵蓋了部分季度。

And then in terms of -- again, as we go forward, it won't necessarily be linear, and so we'll see possibly some sort of something more like a bell curve in that as well.

另外就未來而言——同樣地，它不一定是線性的，因此我們可能也會看到更像鐘形曲線那樣的走勢。

Okay. Fair enough then.

好的。那也合理。

As I oftentimes ask here, I know some of the second quarter year product gross margins were a bit lower than the first quarter and kind of similar to the range you had most of 2025. I want to get a sense of kind of the forward outlook there.

我常常會問這個問題：我知道第二季的產品毛利率比第一季低一些，且大致回到你們 2025 年大部分時間的區間。我想了解一下往前看的展望。

Is this kind of the baseline to think, or can we get back towards that 50% level, just to kind of high level here? How do you think about that?

這是否可以視為基準水準，還是有機會回到約 50% 的水準？先從高層次來看。你們怎麼思考這件事？

Yes, good question. So what I would say is definitely saw some headwinds in product costs, both in terms of in Q2. And so what we've always guided is, hey, we expect product gross margins to kind of be in that mid-upper 40s range. And then in total, we expect the company to be north of 50% for total gross margins.

是的，好問題。我會說，我們確實在第二季的產品成本上看到一些逆風。而我們一貫給的指引是：我們預期產品毛利率大致會落在 40% 中段到高段的區間。另外就整體而言，我們預期公司總毛利率會高於 50%。

So Richard, just to add a little bit to that, right, we did see some headwinds like Bill was saying from price increases that we saw on the back end, and I think that is impacting directly showing up in the gross margins for our product revenue.

Richard，我再補充一點：如 Bill 所說，我們確實看到一些逆風，主要來自後段（back end）我們所看到的漲價，我認為這正直接反映在我們產品營收的毛利率上。

So even though we might have made improvements from Q1 to Q2, some of them are lost in the price increases that you see with the backend. And by backend, I mean packaging and contest at the OSATs.

所以即便我們可能從第一季到第二季做了一些改善，其中一部分也被後段的漲價所抵消。我說的後段，是指在 OSAT 的封裝與測試（packaging and test）。

Right. Okay. That sounds like a sustainable dynamic here as well, but you don't expect to improve anytime soon. Is that fair, Sanjeev?

了解。好的。聽起來這也是一個可持續的態勢，但你們不預期短期內會改善。Sanjeev，這樣理解公平嗎？

Yeah, I mean, the price of gold, for example, right? It just keeps going up.

是啊，我是說，例如黃金價格，對吧？它就是一直在漲。

Okay, fair enough.

好的，了解。

Maybe one quick question for Bill and then maybe one or two for Sanjeev here. So the difference here between the proforma and the gap EPS here, I'm assuming this is mostly from legal expenses. I know you quantify this to roughly $4 million in the second quarter.

也許先給 Bill 一個快問，然後再給 Sanjeev 一到兩個問題。這裡備考（pro forma）與 GAAP EPS 的差異，我猜主要是法律費用造成的。我知道你們量化第二季大約是 400 萬美元。

I didn't have time to do the math here, but is that a similar number that's baked into the third quarter as well, or how do you think about that?

我沒時間在這裡算，但第三季的假設裡也有納入類似的金額嗎？或你們怎麼看？

Yes, that's correct. We baked in a similar number.

是的，沒錯。我們納入了類似的金額。

Okay, perfect.

好的，完美。

Sanjeev, I noticed that NXP has sold the -- or has an agreement to sell the Chandler fab, and obviously noting that you've already have an agreement with Microchip to expand capacity here. How do you think about this in the context of your needs here?

Sanjeev，我注意到 NXP 已經出售——或是已達成協議出售——Chandler 晶圓廠；而且很明顯你們已經和 Microchip 有協議來擴充產能。就你們的需求而言，你怎麼看這件事？

Can you -- when the Chandler fab conveys over completely, do you expect to be out of there or not? And to what degree does Microchip alone, or do you expect them to be able to cover your needs for the products that are possibly affected by the Chandler fab sale?

當 Chandler 晶圓廠完全移轉之後，你們預期會退出那裡嗎？還是不會？另外，Microchip 單獨是否足以、或你們是否預期他們能涵蓋你們的需求，特別是那些可能受到 Chandler 晶圓廠出售影響的產品？

Yeah, so what we understand, what has been communicated to us, Richard, by NXP is actually by Nokia's announcement was that they would complete the acquisition of the channel facilities by Q1 of 2029. So NXP retains the ownership through the end of 2028. And one of the fabs, which is basically for gallium nitride, would be converted to indium phosphide through a lease that Nokia would get starting Q1 or Q2 of 2027.

是的，Richard，根據我們的理解，以及 NXP 與我們溝通的內容，實際上依照 Nokia 的公告，他們會在 2029 年第一季完成對 Chandler 設施的收購。因此 NXP 會保有所有權直到 2028 年底。其中一座晶圓廠基本上是做氮化鎵（gallium nitride），會透過 Nokia 自 2027 年第一季或第二季開始取得的租賃安排，轉換為磷化銦（indium phosphide）。

So we don't see any interruption to our operations, at least through the end of 2028. And we are in conversations or we have some planned conversations with Nokia to understand what are their plans for Everspin. We've heard positive things, but we haven't directly spoken to them yet.

所以至少到 2028 年底之前，我們看不到營運會有任何中斷。而我們也正在與 Nokia 進行對話，或是已規劃一些對話，以了解他們對 Everspin 的計畫是什麼。我們聽到一些正面的消息，但我們還沒有直接和他們談過。

So in an ideal case scenario, we would have both facilities. And if the business requires us to keep both facilities, that'd be great. And if not, then we obviously brought on Microchip so that we can actually scale production if they had other plans for the fab.

所以在理想情境下，我們會同時擁有兩個設施。如果業務需要我們保留兩個設施，那當然很好。如果不需要，那我們顯然已引入 Microchip，這樣一來若他們對該晶圓廠另有規劃，我們也能實際擴大生產規模。

Okay. Good to hear that you have some continuity here. So that's good to hear.

好的。很高興聽到你們在這裡有一些延續性。所以聽起來不錯。

Last question for me, Sanjeev. I didn't get a chance to ask you about this after the announcement with Astro. I forget their full name, with the win for GEO satellites. This is for GEO satellites.

我最後一個問題，Sanjeev。在你們與 Astro 發布公告之後，我沒有機會問到這件事。我忘了他們的全名，是關於贏得 GEO 衛星的案子。這是針對 GEO 衛星。

I think this is your first win in the GEO area after having talked about LEO satellites a lot. Let me get a sense of the importance of that win. And ultimately, do you see the opportunity here being bigger for GEO, LEO, MEO, or just kind of characterize the opportunity holistically in satellites, please?

我想這是你們在 GEO 領域的第一個勝利，因為你們之前談了很多 LEO 衛星。我想了解一下這個案子的重要性。最終，你認為這裡的機會在 GEO、LEO、MEO 哪一個更大？或是請你從衛星整體角度來描述這個機會？

Yeah, that's a good question, Richard. You're right. This is our first design win for a GEO satellite mission using our commercially developed MRAM. I mean, obviously it's qualified for extended temperatures, but we have not done any radiation hardening for these parts that Astro Digital has designed in their satellite mission. So it's really good news.

是的，這是個好問題，Richard。你說得對。這是我們首次在 GEO 衛星任務上，使用我們商用開發的 MRAM 取得設計導入（design win）。我的意思是，這些產品顯然已通過延伸溫度範圍的認證，但 Astro Digital 在其衛星任務中所設計採用的這些元件，我們並沒有對其做任何抗輻射強化。所以這真的是好消息。

So I think they have figured out a way of how to take advantage of our reliability. They're using it for exactly what we've been talking about for so long. The boot speed, reliability, recording the telemetry for the satellite. And they must have somehow figured out how to use this non-radiation hardened or radiation tolerant MRAM in this GEO application.

所以我認為他們已經找到了利用我們可靠性的方式。他們正是用在我們長期以來一直在談的那些用途上。開機速度、可靠性、以及記錄衛星的遙測資料。而且他們一定是想辦法在這個 GEO 應用中使用這種非抗輻射強化或具抗輻射容忍度的 MRAM。

So there must be some redundancy or I don't really know what they're doing. But yes, it's huge for us if they have figured it out and they have several customers, which means that it can actually perpetuate in the GEO, MEO, and LEO missions over there. So overall, we're very excited with this partnership.

所以一定有某種備援機制，或我其實不太清楚他們怎麼做的。但沒錯，如果他們真的把它搞定了，而且他們有好幾個客戶，那對我們來說就非常重大，因為這代表它實際上可以在那邊的 GEO、MEO 與 LEO 任務中持續擴散。總體而言，我們對這項合作夥伴關係非常興奮。

Okay, that sounds very interesting. Thanks for that detail. I will jump out of line. Thank you.

好的，聽起來非常有意思。謝謝你提供這些細節。我先退出排隊。謝謝。

Thank you, Richard.

謝謝你，Richard。

(Operator Instructions) Josh Sullivan, JonesTrading.

(接線員指示) Josh Sullivan，JonesTrading。

Good evening. Just looking at the $40 million defense contract win, what does the pipeline look like in defense at this point?

晚安。就這筆 4,000 萬美元的國防合約得標來看，目前在國防領域的案源管線（pipeline）狀況如何？

Josh, thank you for joining the call and asking the question. Do you mean what is the pipeline for future contracts or how the revenue would be recognized from this $40 million contract?

Josh，謝謝你加入電話會議並提問。你是指未來合約的案源管線，還是這筆 4,000 萬美元合約的營收將如何認列？

Your bid pipeline within similar applications.

你們在類似應用上的投標案源管線。

Yes. So as you know, we've had a few contracts now over the last five years of the US government, so we work very closely with them, keeping them informed of the technology development that we're doing at Everspin. And whenever there's an overlap between the goals of the US government and Everspin's roadmap, it typically leads to first a small contract and then a bigger contract to actually do the development. So we do have a few items in the fire, but there's nothing concrete yet.

是的。如你所知，過去五年我們已經與美國政府簽了幾份合約，因此我們與他們密切合作，持續讓他們了解我們在 Everspin 所進行的技術開發。每當美國政府的目標與 Everspin 的產品路線圖有重疊時，通常會先形成一份小型合約，接著再擴大成一份較大的合約來實際進行開發。所以我們確實有幾個案子正在推進中，但目前還沒有任何具體定案。

So I do think that we will continue to work with the US government on various STT-MRAM, SOT-MRAM projects as well. But obviously, all our contracts actually come, so we are a subcontractor in all our contracts to a prime contractor. So we're always a sub and not the prime.

因此我確實認為，我們會持續與美國政府在各種 STT-MRAM、SOT-MRAM 專案上合作。但顯然，我們所有合約都是透過主承包商而來，我們在所有合約中都是分包商。所以我們一直是分包，而不是主承包。

And then I guess as far as the European market, growing drones and space exposure, what is your footprint as far as those markets?

另外，就歐洲市場而言，無人機與太空相關業務的曝險在增加，你們在這些市場的布局（footprint）如何？

Yeah. So basically, the European Space Agency and the DoD, I think those are two of our primary customers in the aerospace and defense industry. And we work very closely with both of them.

是的。基本上，歐洲太空總署（ESA）以及美國國防部（DoD），我認為這兩者是我們在航太與國防產業中的兩個主要客戶。而且我們與他們兩方都非常密切合作。

And I would say that we have a pretty good footprint for the LEO satellites as well as any -- the helicopters, the helicopter taxis that we have, the eVTOLs is the phrase that we have in our investor deck. I think those are the applications that we are designed in and have activity ongoing for the last couple of years, and we expect them to grow.

我會說，我們在 LEO 衛星方面也有相當不錯的布局，另外還有——我們所提到的直升機、直升機計程車，以及 eVTOL（我們在投資人簡報中使用的說法）。我認為這些都是我們已被設計導入、且過去幾年持續有進展的應用，我們也預期它們會成長。

And then, and I guess just lastly, as far as the CXL interface and three-year product roadmap you mentioned, can you just provide some color on what that rollout might look like and kind of the external guide points we might see?

最後，關於你提到的 CXL 介面與三年產品路線圖，你能否補充一些細節，說明推出節奏可能會是什麼樣子，以及我們可能看到哪些對外的里程碑指標？

I would say, first of all, that it is -- it's a huge market and I think it's very well suited for using MRAM technology.

我會說，首先，這——這是一個非常大的市場，而且我認為它非常適合使用 MRAM 技術。

Having said that, I would also say that we are in the early stages of just building proof of concepts and prototypes, and that's what I mentioned in my prepared remarks. So we'll have our first proof of concept here at the end of September that will actually hopefully successfully demonstrate the use of the CXL protocol using the MRAM technology.

話雖如此，我也會說，我們目前仍處於早期階段，正在建立概念驗證（proof of concept）與原型，這也是我在事先準備的講稿中提到的。因此，我們會在 9 月底完成第一個概念驗證，希望能成功展示使用 MRAM 技術來運行 CXL 協定。

And with that solution, then we'll actually be able to work with MaxLinear, for example, in their storage accelerator systems to improve the efficiency of the accelerators that they're using. And we believe that it actually impact the efficiency by almost 15% to 25%. So I think it's a huge market, but it's a little bit early for me to say how the revenue will build up over the next three years or so.

有了那個解決方案之後，我們就能與例如 MaxLinear 合作，在他們的儲存加速器系統中提升其所使用加速器的效率。我們相信這實際上可使效率提升約 15% 到 25%。所以我認為這是一個很大的市場，但就我而言，現在要說未來三年左右營收會如何累積，還稍微早了一點。

So I think once we have the prototypes working and we have a design identified, I think then we can talk about projections of revenue and percent of market capture.

所以我想，一旦我們的原型運作起來，並且確定了設計方案之後，我們就可以再談營收預測以及市占率的取得比例。

Thank you. This concludes the question-and-answer session. I'd like to thank you for your participation in today's conference. This does conclude the program, and you may now disconnect.

謝謝。問答環節到此結束。感謝各位參與今天的電話會議。本次會議到此結束，您現在可以掛線。