MACOM Technology Solutions Holdings, Inc. (MTSI) 2026 Q2 法說會逐字稿

Welcome to MACOM's second fiscal quarter 2026 conference call. This call is being recorded today, Thursday, May 7, 2026. (Operator Instructions) I will now turn the call to Mr. Steve Ferranti, MACOM's Senior Vice President of Corporate Development and Investor Relations. Mr. Ferranti, please go ahead.

歡迎參加 MACOM 2026 會計年度第二季財報電話會議。本次會議於今日（2026 年 5 月 7 日，星期四）錄音。（接線員指示）現在我將把電話交給 MACOM 企業發展與投資人關係資深副總裁 Steve Ferranti 先生。Ferranti 先生，請開始。

Thank you, Livia. Good morning, and welcome to our call to discuss MACOM's financial results for the second fiscal quarter of 2026.

謝謝你，Livia。各位早安，歡迎參加本次電話會議，討論 MACOM 2026 會計年度第二季的財務結果。

I would like to remind everyone that our discussion today will contain forward-looking statements, which are subject to certain risks and uncertainties as defined in the Safe Harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those discussed today. For a more detailed discussion of the risks and uncertainties that can result in those differences, we refer you to MACOM's filings with the SEC.

我想提醒各位，我們今天的討論將包含前瞻性陳述；此類陳述受 1995 年《私人證券訴訟改革法》所載之前瞻性陳述「安全港」條款所定義之特定風險與不確定性影響。實際結果可能與今日討論內容有重大差異。關於可能導致差異之風險與不確定性的更詳細說明，請參閱 MACOM 向美國證券交易委員會（SEC）提交的文件。

Management statements during this call will also include a discussion of certain adjusted non-GAAP financial information. A reconciliation of GAAP to adjusted non-GAAP results are provided in the company's press release and related Form 8-K, which was filed with the SEC today.

管理層在本次電話會議中的發言亦將包含對若干經調整之非 GAAP 財務資訊的討論。GAAP 與經調整非 GAAP 結果之調節表已載於公司新聞稿及相關 Form 8-K（已於今日向 SEC 提交）中。

With that, I'll turn over the call to Steve Daly, President and CEO of MACOM.

接下來，我將把電話交給 MACOM 總裁兼執行長 Steve Daly。

Thank you, and good morning. I will begin today's call with a general company update. After that, Jack Kober, our Chief Financial Officer, will review our Q2 results for fiscal year 2026. When Jack is finished, I will provide revenue and earnings guidance for the third quarter of FY26, and then we will be happy to take some questions.

謝謝，各位早安。我將先以公司整體近況更新作為今天電話會議的開場。之後，我們的財務長 Jack Kober 將回顧 2026 會計年度第二季（Q2）的業績。Jack 結束後，我將提供 2026 會計年度第三季（FY26 Q3）的營收與獲利指引，接著我們很樂意回答一些問題。

Revenue for the second quarter of fiscal 2026 was $289 million and adjusted EPS was $1.09 per diluted share. Demand for our products is strong across our three end markets and our backlog continues to build. Our sequential financial performance improved across most key metrics in Q2, including gross and operating margins.

2026 會計年度第二季營收為 2.89 億美元，經調整後每股盈餘（EPS）為每股稀釋後 1.09 美元。我們三大終端市場對產品的需求皆強勁，且在手訂單（backlog）持續增加。第二季在多數關鍵指標上，我們的連續季（QoQ）財務表現均有所改善，包括毛利率與營業利益率。

Our Q2 book-to-bill ratio was 1.5 to 1, and orders booked and shipped within the quarter was 18% of total revenue. All three end markets had exceptional bookings with notable outperformance in the Data Center. Our backlog remains at a record level, and we believe this strength reflects that we are in the right markets with the right products at the right time.

第二季的接單出貨比（book-to-bill）為 1.5：1，且在當季接單並於當季出貨的訂單占總營收的 18%。三大終端市場的接單表現皆非常出色，其中以資料中心的表現尤為突出。我們的在手訂單仍處於歷史新高水準，我們認為此一強勁態勢反映出：我們在正確的時間，身處正確的市場，並擁有正確的產品。

Turning to recent market trends, Q2 revenue performance by end market was as expected, with all end markets growing sequentially. Industrial and Defense was $120.7 million, Data Center was $98.2 million, and Telecom was $70.1 million. Data center was up approximately 14.5% sequentially, Telecom was up 3% sequentially, and I&D was up 2.5% sequentially. Both I&D and Data Center revenues are at record levels.

就近期市場趨勢而言，第二季各終端市場的營收表現符合預期，且各市場皆呈現連續季成長。工業與國防（I&D）為 1.207 億美元，資料中心為 9,820 萬美元，電信為 7,010 萬美元。資料中心連續季成長約 14.5%，電信連續季成長 3%，I&D 連續季成長 2.5%。I&D 與資料中心營收皆創下歷史新高。

As we look to the second-half of our fiscal year, we expect Data Center and I&D revenues to continue to lead our growth. With the exceptional first-half bookings, we are positioned for a strong second-half. Additionally, we expect to see momentum from our Telecom segment as we enter our fiscal 2027 due to the anticipated timing of LEO Space production programs and associated revenues.

展望本會計年度下半年，我們預期資料中心與 I&D 營收將持續引領成長。憑藉上半年卓越的接單表現，我們已為下半年的強勁表現做好準備。此外，隨著我們進入 2027 會計年度（FY27），由於預期低軌道（LEO）太空量產專案及其相關營收的時程，我們也預期電信事業將展現動能。

We believe our growth strategy of strengthening our core technologies and expanding our product portfolio around three central themes, highest power, highest frequency, and highest data rate, is working. We believe we are establishing ourselves as a differentiated strategic supplier to our customers.

我們相信，我們的成長策略——強化核心技術，並圍繞三大主軸擴充產品組合：最高功率、最高頻率與最高資料速率——正在發揮成效。我們相信我們正逐步建立自身作為客戶差異化的策略供應商地位。

Next, I'll quickly summarize progress on our five goals for FY26, which we outlined on our last call. First, taking advantage of the data center opportunity. We continue to enhance our design and manufacturing capabilities to support our customers in this market. And we are pleased to raise our Data Center FY26 revenue growth base case from 35% to 40% to over 60%.

接下來，我將快速總結我們在上次電話會議中提出的 FY26 五項目標之進展。第一，把握資料中心機會。我們持續強化設計與製造能力，以支援此市場的客戶需求。我們也很高興將 FY26 資料中心營收成長的基本情境（base case）由 35% 至 40% 上調至超過 60%。

Second, expanding our 5G market share. We have developed two new process technologies, which will provide us with both performance and cost benefits. Gen4 is our next-generation process for high-power linear amplifiers for 5G base stations, and we expect our new IPD processes will enable us to insource these components while achieving better electrical performance at a lower cost. Our technology teams have done a great job making these processes a reality.

第二，擴大我們在 5G 的市占率。我們已開發兩項新的製程技術，可同時帶來效能與成本優勢。Gen4 是我們用於 5G 基地台高功率線性放大器的下一代製程；我們預期新的 IPD 製程將使我們能將這些元件內製（insource），並以更低成本達成更佳的電性表現。我們的技術團隊在將這些製程落地方面做得非常出色。

Third, extending our leadership in I&D. I am pleased that we recently received a Defense Manufacturing Technology Achievement Award sponsored by the Joint Defense Manufacturing Technology Panel. The panel includes members from various armed services and the Office of the Secretary of Defense. This award reflects our progress to increase manufacturability of advanced GaN technology. Our team continues to innovate, and we look forward to introducing a wide range of advanced GaN MMIC products in the next 12 to 18 months.

第三，延伸我們在工業與國防（I&D）的領先地位。我很高興地宣布，我們近期獲得由「聯合國防製造技術小組」（Joint Defense Manufacturing Technology Panel）主辦的「國防製造技術成就獎」。該小組成員包括各軍種與國防部長辦公室（Office of the Secretary of Defense）的代表。此獎項反映我們在提升先進 GaN 技術可製造性方面的進展。我們的團隊持續創新，並期待在未來 12 至 18 個月推出廣泛的先進 GaN MMIC 產品。

Fourth, continued development of advanced III-V semiconductor technologies. We continue to strengthen our semiconductor processing expertise and capabilities. As an example, our team has done amazing work on ohmic regrowth for advanced high-efficiency GaN amplifiers. In addition, we are developing advanced indium phosphide epitaxial stacks for our next-generation optical products for the data center.

第四，持續開發先進 III-V 族半導體技術。我們持續強化半導體製程的專業能力與量產能力。舉例而言，我們的團隊在用於先進高效率 GaN 放大器的歐姆接觸再成長（ohmic regrowth）方面做出了令人驚豔的成果。此外，我們也正在為資料中心的下一代光學產品開發先進的磷化銦（InP）外延堆疊（epitaxial stacks）。

And last, management of our capital and investments. As we discussed last quarter, we have numerous strategic investment activities that we believe will support our fiscal 2027 and 2028 revenue growth objectives. We take a disciplined approach to managing capital investments for near and long-term success.

最後，資本與投資管理。如同我們上季所討論，我們正進行多項策略性投資活動，我們相信這些活動將支持我們在 FY27 與 FY28 的營收成長目標。我們以嚴謹自律的方式管理資本投資，以兼顧短期與長期的成功。

Next, I'll take a moment to review each of our three core markets in more depth. Data Center, based on customer engagements and general market trends, we expect 1.6T deployments inside the data center to continue to be strong throughout calendar 2026. Today, our revenue growth is primarily being driven by increased pluggable optical modules and optical cable production volumes using our 800 and 1.6T PAM4 products.

接下來，我將花點時間更深入地檢視我們三大核心市場。就資料中心而言，根據客戶互動與整體市場趨勢，我們預期 1.6T 在資料中心內部的部署在 2026 年曆年將持續強勁。就目前而言，我們的營收成長主要由可插拔式光模組與光纜的產量提升所驅動，這些產品採用我們的 800 與 1.6T PAM4 產品。

As a reminder, our portfolio is highly diversified, supporting NRZ, PAM4, and coherent modulations across EML, silicon photonics, and VCSEL-based architectures. We are also seeing modest growth from our lower data rate 100G single-mode and multi-mode products. Demand for our 200-gig per lane photodetectors continues to grow, supporting 800G and 1.6G optical connectivity.

提醒各位，我們的產品組合高度多元，可支援 NRZ、PAM4 與相干（coherent）調變，涵蓋 EML、矽光子（silicon photonics）與 VCSEL 架構。我們也看到較低資料速率的 100G 單模與多模產品帶來溫和成長。我們每通道 200G 光偵測器（photodetectors）的需求持續增加，支援 800G 與 1.6G 的光連接。

Part of our near-term and long-term growth strategy is to expand our photonics portfolio with both higher-speed photodetectors and CW lasers. We are seeing growing interest in coherent light solutions as coherent modulation can enable higher bandwidth performance with significantly improved power efficiency, especially in shorter reach applications. We believe coherent light solutions will expand and we are well positioned to support this trend.

我們的短期與長期成長策略之一，是以更高速的光偵測器與連續波（CW）雷射擴充光子產品組合。我們看到市場對相干光解決方案的興趣日增，因為相干調變可在顯著提升功耗效率的同時，提供更高的頻寬效能，尤其是在較短距離的應用中。我們相信相干光解決方案將持續擴大，而我們已具備良好條件來支援此一趨勢。

We continue to promote linear equalizer products to help extend the reach of copper interconnects at 800G and 1.6T. We are working closely with customers to address their specific program requirements and various use cases. In many cases, our newest products are designed for co-packaged and highly integrated architectures like CPO and NPO. We can differentiate in this market based on our strong customer relationships, IC and system design expertise, as well as our unique photonic materials.

我們持續推廣線性等化器（linear equalizer）產品，以協助在 800G 與 1.6T 下延伸銅互連的傳輸距離。我們與客戶緊密合作，以滿足其特定專案需求與各種使用情境。在許多情況下，我們最新的產品係針對共封裝與高度整合的架構設計，例如 CPO 與 NPO。我們可憑藉強大的客戶關係、IC 與系統設計專業，以及獨特的光子材料，在此市場中形成差異化。

In summary, as we look ahead, we see many new large opportunities in the data center. We believe our SAM is increasing due to the combination of AI-driven market growth combined with our product portfolio expansion. Our strategy is to collaborate with the leaders in the industry and support their connectivity needs, whether it's scale up, scale out, or scale across.

總結而言，展望未來，我們在資料中心看到許多新的大型機會。我們相信，受 AI 驅動的市場成長與我們產品組合擴張的雙重作用下，我們的可服務市場規模（SAM）正在增加。我們的策略是與產業領導者合作，支援其連接需求，無論是 scale up、scale out 或 scale across。

Turning to our I&D business, we are seeing many growth opportunities across the Industrial and Defense markets, primarily in the Defense segment. Comparing our first-half results of FY26 with the first half of FY25, our I&D business grew by 22%.

再來看我們的工業與國防（I&D）業務，我們在工業與國防市場看到許多成長機會，其中主要來自國防領域。將 FY26 上半年與 FY25 上半年相比，我們的 I&D 業務成長了 22%。

Overall demand remains healthy, and notably, we expect revenues from our top 25 defense customers to significantly increase from FY25 to FY26. Our defense customer base is large and very broad, and we typically support radar systems, missile and missile defense systems, drone and drone defense systems, communication systems, and wideband electronic warfare systems.

整體需求仍然健康。值得注意的是，我們預期來自前 25 大國防客戶的營收將自 FY25 至 FY26 顯著增加。我們的國防客戶基礎龐大且涵蓋面廣，我們通常支援雷達系統、飛彈與飛彈防禦系統、無人機與反無人機防禦系統、通訊系統，以及寬頻電子戰系統。

Today, we support a wide range of production programs across a diverse range of applications. We are also involved with redesigns and upgrades of existing platforms to improve performance against new threats and to improve overall system performance with more capable and modern electronics.

目前，我們支援多元應用領域中廣泛的量產專案。我們也參與既有平台的重新設計與升級，以提升其面對新威脅時的效能，並透過更強大、更現代化的電子技術提升整體系統效能。

Finally, the DoD is pushing our customers for rapid design and deployment of new systems and capabilities, spanning from modern radars to better electronic warfare systems, new space-based sensors, and even more secure communications. These systems are typically using higher frequencies, higher RF or microwave power levels, and higher levels of integration.

最後，美國國防部（DoD）正推動我們的客戶加速新系統與新能力的設計與部署，範圍涵蓋現代化雷達、更佳的電子戰系統、新的太空基感測器，甚至更安全的通訊。這些系統通常採用更高頻率、更高的 RF 或微波功率等級，以及更高程度的整合。

In some cases, high-performance optical systems are deployed, such as RF-over-fiber for remote antenna systems. The pace of innovation in the defense market is accelerating by both the traditional defense primes and the newer, more nimble defense companies.

在某些情況下，會部署高效能光學系統，例如用於遠端天線系統的 RF-over-fiber（射頻光纖傳輸）。國防市場的創新步伐正由傳統國防主承包商以及更新、更靈活的國防公司共同加速。

These demanding requirements play directly to MACOM'S strengths, and we offer our customers turnkey support from custom chip design to subsystem solutions. All of this is driving incremental semiconductor content growth opportunities and opening up new design win opportunities.

這些嚴苛的需求正好契合 MACOM 的優勢，我們為客戶提供從客製化晶片設計到子系統解決方案的一站式支援。這一切正在推動半導體內容的增量成長機會，並開啟新的設計導入（design win）機會。

MACOM has numerous competitive advantages within the I&D market. At the heart of these is MACOM's deep expertise in high-performance IC design capabilities spanning RF, microwave, millimeter wave, and optical domains. We have a growing team of system designers with architectural knowledge, which enable us to engage much earlier in our customers' project design cycles, and we present the full scope of MACOM's capabilities to help solve the customers' technical challenges.

MACOM 在 I&D 市場擁有眾多競爭優勢。其中核心在於 MACOM 在高效能 IC 設計能力方面的深厚專業，涵蓋 RF、微波、毫米波與光學領域。我們的系統設計團隊持續擴大，具備架構層面的知識，使我們能在客戶專案設計週期更早期就參與，並呈現 MACOM 能力的完整範疇，以協助解決客戶的技術挑戰。

MACOM also offers European and US-based wafer fab and US-based hybrid manufacturing capabilities at scale with proven technology, reliability, and long-term supply assurance, factors that are increasingly important as defense customers prioritize domestic sourcing and supply chain security.

MACOM 亦提供位於歐洲與美國的晶圓廠（wafer fab），以及位於美國、可規模化的混合製造能力，具備經驗證的技術、可靠性與長期供應保障。隨著國防客戶更重視國內採購與供應鏈安全，這些因素的重要性日益提升。

Within the Telecom end market, satellite-based broadband access and direct-to-device, or D2D, opportunities remain robust with numerous LEO networks in the planning and production stages. The number of LEO satellites planned to be launched continues to grow as more companies compete to provide commercial broadband data, voice, and video communications by satellite.

在電信終端市場方面，衛星寬頻接取以及直連裝置（direct-to-device，D2D）的機會仍然強勁，許多 LEO 網路正處於規劃與量產階段。隨著更多公司競逐以衛星提供商用寬頻數據、語音與視訊通訊，規劃發射的 LEO 衛星數量持續增加。

These networks typically use microwave or millimeter wave frequencies and free space optics, or FSO, communications for satellite-to-satellite or satellite-to-ground communications. Today we are supporting LEO broadband constellations and D2D programs that are either in development, low-rate initial production, or LRIP, or full production.

這些網路通常使用微波或毫米波頻率，以及自由空間光學（free space optics，FSO）通訊，用於星間或星地通訊。目前我們正支援處於開發、低速率初期量產（low-rate initial production，LRIP）或全面量產階段的 LEO 寬頻星座與 D2D 專案。

LEO and MEO constellations have many key areas where MACOM can contribute, including large phase array antennas with active beam steering, D2D links operating at UHF or S-band, data center-like electronics with high-speed optical links transferring data within or across the satellite, free space optics for satellite-to-satellite communications, and ground terminal and gateway linearization for high-power transmitters.

LEO 與 MEO 星座有許多 MACOM 可貢獻的關鍵領域，包括具主動波束轉向的大型相控陣天線、運作於 UHF 或 S 頻段的 D2D 連結、類資料中心的電子系統與高速光鏈路以在衛星內部或跨衛星傳輸資料、用於星間通訊的自由空間光學，以及用於高功率發射器的地面終端與閘道線性化。

I'll note the backhaul networks for these constellations continues to move higher in frequencies. The 40-nanometer GaN technology, which MACOM recently licensed from Hughes Research Lab, HRL, is being transferred to MACOM'S fab. This technology will enable high-capacity satellite links using E-band, W-band and D-band.

我也要指出，這些星座的回傳（backhaul）網路正持續往更高頻率發展。MACOM 近期自 Hughes Research Lab（HRL）授權取得的 40 奈米 GaN 技術，正在轉移至 MACOM 的晶圓廠。此技術將使得使用 E-band、W-band 與 D-band 的高容量衛星鏈路成為可能。

Ground stations and gateways are also a key part of the LEO networks. MACOM specializes in designing products and solutions that overcome non-linearity of RF, microwave, and millimeter wave signal transmission for satellite communication systems. In many cases, ground-to-satellite links prefer linearization of SSPAs or TWTAs to boost the linear power efficiency of the link.

地面站與閘道也是 LEO 網路的關鍵組成。MACOM 專精於設計產品與解決方案，以克服衛星通訊系統中 RF、微波與毫米波訊號傳輸的非線性。在許多情況下，地對星鏈路偏好對固態功率放大器（SSPA）或行波管放大器（TWTA）進行線性化，以提升鏈路的線性功率效率。

Turning towards the 5G segment of telecom, our global team continues to secure new business and macro base stations, driven by the need for high-performance amplifiers and multiband radios. Our RF Power team is now sampling our new GaN4 products to customers, which we believe will further improve our competitiveness.

轉向電信的 5G 區塊，我們的全球團隊在高效能放大器與多頻段無線電的需求帶動下，持續在宏基站取得新業務。我們的 RF Power 團隊目前正向客戶送樣我們新的 GaN4 產品，我們相信這將進一步提升我們的競爭力。

We expect the global RAN market will be flat in 2026 with some regional variations. However, for MACOM, we expect our future 5G growth will be driven by content and market share gains as we have, one, recently added new resources; two, roll out new products and technologies like GaN4, SOI control products and power amplifier modules or PAMs; and three, gain market share in high and low power macro and MIMO amplifiers. We are making good progress improving the overall performance and competitiveness of our base station portfolio, especially in the 2.7 to 3.5 gigahertz bands.

我們預期 2026 年全球 RAN 市場將持平，但各地區會有些差異。然而，對 MACOM 而言，我們預期未來 5G 成長將由內容量提升與市占率提升所驅動，原因包括：第一，近期新增資源；第二，推出如 GaN4、SOI 控制產品與功率放大器模組（PAM）等新產品與新技術；第三，在高功率與低功率的宏站與 MIMO 放大器上取得市占。我們在提升基站產品組合的整體效能與競爭力方面進展良好，特別是在 2.7 至 3.5 GHz 頻段。

And last, we believe the Cable TV Infrastructure market segment is also improving. We have been releasing new products and working with customers on design wins to support the upgrades from DOCSIS 3.1 to DOCSIS 4.0.

最後，我們也認為有線電視基礎設施市場區隔正在改善。我們已發布新產品，並與客戶合作取得設計導入，以支援從 DOCSIS 3.1 升級至 DOCSIS 4.0。

Before turning it over to Jack, I would like to quickly highlight how teamwork across the organization directly impacts our financial results, with operations and engineering being a great example. Our North Carolina fab has been increasing wafer production while simultaneously improving yields and lowering cycle times. This performance is driving improved customer satisfaction and contributing to new business and enabling us to win new customers.

在交給 Jack 之前，我想快速強調組織內跨團隊合作如何直接影響我們的財務結果，其中營運與工程就是很好的例子。我們北卡羅來納州的晶圓廠在提升晶圓產量的同時，也改善良率並縮短週期時間。這樣的表現提升了客戶滿意度，並促成新業務，讓我們得以贏得新客戶。

Our Massachusetts fab has been installing complex processing equipment to support production ramps in some areas while maintaining production continuity in other areas. Seamlessly adding this capacity is enabling us to gain market share from our competitors.

我們麻薩諸塞州的晶圓廠正在安裝複雜的製程設備，以支援部分領域的產能爬坡，同時在其他領域維持生產連續性。無縫增加這些產能使我們能從競爭對手手中取得市占。

Our global planning team continues to partner with key suppliers and partners to ensure the customers are getting the deliveries they need on time. This results in brand loyalty and enables us to fully leverage our entire technology portfolio into the market and capture market share.

我們的全球規劃團隊持續與關鍵供應商與合作夥伴協作，確保客戶能按時取得所需交付。這帶來品牌忠誠度，並使我們能將完整的技術產品組合充分導入市場、取得市占。

These examples illustrate how dedication, commitment to excellence, teamwork, and coordination of our manufacturing, engineering, and planning community is directly leading to market share gains and revenue growth.

這些例子說明，我們製造、工程與規劃團隊的投入、追求卓越的承諾、團隊合作與協同，正直接帶來市占提升與營收成長。

In summary, our strategy is to continue to build a best-in-class, diversified semiconductor portfolio that will enable MACOM to capture a larger share of the three markets we focus on. Our agility and strong teamwork across our organization helps us address opportunities and ultimately beat the competition that are often larger and have more resources.

總結而言，我們的策略是持續打造同級最佳、且多元化的半導體產品組合，使 MACOM 能在我們聚焦的三個市場中取得更大的市占。我們的敏捷性與組織內強大的團隊合作，協助我們掌握機會，並最終擊敗那些往往規模更大、資源更多的競爭對手。

Jack will now provide a more detailed review of our financial results.

接下來 Jack 將更詳細地回顧我們的財務結果。

Thanks, Steve, and good morning to everyone. The results from our second quarter improved from Q1 and MACOM again achieved multiple new quarterly records associated with our financial performance. We have seen operational improvements across the organization, which is driving increased revenue growth and profitability.

謝謝你，Steve，各位早安。第二季的結果較第一季改善，MACOM 再次創下多項與財務表現相關的季度新紀錄。我們看到全公司營運面持續改善，推動營收成長與獲利能力提升。

Fiscal Q2 revenue was $289 million, up 6.4% sequentially and up over 22% year-on-year, driven by growth across all three of our end markets, with Data Center leading, followed by I&D and Telecom. The strong bookings across all our end markets resulted in a book-to-bill of 1.5 to 1. This was the largest quarterly bookings in the company's history.

2026 會計年度第二季營收為 2.89 億美元，季增 6.4%，年增超過 22%，成長動能來自三大終端市場全面成長，其中以資料中心領先，其次為 I&D 與電信。各終端市場的強勁接單使得接單出貨比（book-to-bill）達到 1.5 比 1，這是公司史上最大的單季接單量。

Adjusted gross profit for fiscal Q2 was $169 million or 58.5% of revenue. This represents a gross margin increase of 90 basis points over the prior quarter. We continue to make solid progress to increase our capacity and improve product yields, and we expect to see ongoing incremental progress across our fab operations during the remainder of fiscal 2026.

2026 會計年度第二季調整後毛利為 1.69 億美元，約占營收的 58.5%。這代表毛利率較前一季提升 90 個基點。我們持續在提升產能與改善產品良率方面取得穩健進展，並預期在 2026 會計年度剩餘期間，我們的晶圓廠營運將持續呈現逐步改善。

The increase in product demand across the business have resulted in improved utilization of our operations and supported the recent gross margin improvement. As we move forward, we expect ongoing sequential gross margin improvements through the remainder of fiscal 2026.

全公司產品需求增加，使我們的營運稼動率提升，並支撐近期毛利率改善。展望未來，我們預期在 2026 會計年度剩餘期間，毛利率將持續逐季改善。

Total adjusted operating expense for our second quarter was $88.6 million, consisting of research and development expense of $59.1 million and selling, general and administrative expenses of $29.5 million. The anticipated sequential increase in adjusted operating expense compared to Q1 was primarily driven by ongoing R&D investments and employee-related costs.

第二季總調整後營業費用為 8,860 萬美元，其中研發費用 5,910 萬美元，銷售、一般及行政費用 2,950 萬美元。相較第一季，調整後營業費用的預期季增主要來自持續的研發投資與員工相關成本。

As our business expands, we expect associated OpEx growth will be primarily related to increased R&D investments and higher variable costs. Consistent with past practice, we will remain very focused on managing our OpEx to balance long-term revenue growth and profitability with continued investment in the business to support all of our end markets.

隨著業務擴張，我們預期相關營業費用（OpEx）的成長將主要與研發投資增加及較高的變動成本有關。依循過往作法，我們將持續高度專注於管理營業費用，在長期營收成長與獲利能力之間取得平衡，同時持續投資業務以支援我們所有終端市場。

Depreciation expense for fiscal Q2 2026 remained relatively stable at $9 million, slightly above the prior quarter. Adjusted operating income in fiscal Q2 was another record coming in at $80.5 million, up 8.8% sequentially from $74 million in fiscal Q1 2026 and up 34.5% year-over-year.

2026 會計年度第二季折舊費用相對穩定，為 900 萬美元，略高於前一季。2026 會計年度第二季調整後營業利益再創新高，達 8,050 萬美元，較 2026 會計年度第一季的 7,400 萬美元季增 8.8%，年增 34.5%。

I would like to note that our Q2 adjusted operating margin was 27.8% and has increased over the last three fiscal quarters. We expect our adjusted operating margin to be approximately 30% next quarter, highlighting the leverage in our financial operating model.

我想特別指出，第二季調整後營業利益率為 27.8%，且在過去三個會計季度持續上升。我們預期下季調整後營業利益率約為 30%，凸顯我們財務營運模式的槓桿效應。

For fiscal Q2, we had adjusted net interest income of $6.5 million, a decrease of approximately $200,000 sequentially from $6.7 million in Q1. The slight decrease was primarily due to the planned repayment of $161 million of our 2026 convertible notes during the quarter. We are pleased to have been able to retire this debt and further delever our balance sheet.

第二季調整後淨利息收入為 650 萬美元，較第一季的 670 萬美元季減約 20 萬美元。小幅下降主要是因為本季按計畫償還了 2026 年到期可轉換公司債中的 1.61 億美元。我們很高興能夠償還這筆債務，並進一步降低資產負債表槓桿。

Our adjusted income tax rate in fiscal Q2 was 3% and resulted in an expense of approximately $2.6 million. We expect our adjusted income tax rate to remain at 3% for the remainder of fiscal 2026. As of April 3, 2026, our deferred tax asset balances were $202 million. We anticipate further utilizing our deferred tax asset balances, including R&D tax credits, through the remainder of fiscal 2026 and beyond.

第二季調整後所得稅率為 3%，對應稅費約 260 萬美元。我們預期在 2026 會計年度剩餘期間，調整後所得稅率將維持在 3%。截至 2026 年 4 月 3 日，我們的遞延所得稅資產餘額為 2.02 億美元。我們預期在 2026 會計年度剩餘期間及其後，將進一步運用遞延所得稅資產餘額，包括研發稅額抵減。

Depending on the jurisdictional mix of our income, we expect the US government's recent tax legislation to support a low- to mid-single-digit adjusted tax rate for the next few fiscal years. Fiscal Q2 adjusted net income increased approximately 7.8% to $84.3 million, compared to $78.2 million in fiscal Q1 2026.

視我們收入的司法管轄區組合而定，我們預期美國政府近期的稅務立法將在未來幾個會計年度支持低至中個位數的調整後稅率。會計年度第2季調整後淨利約增加7.8%至8,430萬美元，相較於會計年度2026年第1季的7,820萬美元。

Adjusted earnings per fully diluted share was $1.09, utilizing a share count of 77.6 million shares, compared to $1.02 of adjusted earnings per share in fiscal Q1 2026. We continue to optimize the business's performance, which has contributed to sequential increases in our adjusted operating income and EPS over the past 11 quarters.

以完全稀釋後每股調整後盈餘計算為1.09美元，採用7,760萬股的股數，相較於會計年度2026年第1季每股調整後盈餘1.02美元。我們持續優化業務表現，這也促成過去11個季度我們的調整後營業利益與EPS連續成長。

Now on to operational balance sheet and cash flow items. Our Q2 accounts receivable balance was $160 million, consistent with our Q1 2026 balance. Our day sales outstanding averaged 50 days compared to the previous quarter at 54 days. Inventories were $252.2 million at quarter end, up sequentially from $238.9 million, largely driven by additional work-in-process inventory at our fabs as well as higher balances to support increasing demand across the business.

接著談營運資產負債表與現金流項目。我們第2季應收帳款餘額為1.60億美元，與會計年度2026年第1季餘額一致。我們的應收帳款週轉天數（DSO）平均為50天，前一季為54天。期末存貨為2.522億美元，較前一季的2.389億美元增加，主要是由於我們晶圓廠在製品存貨增加，以及為支援全公司需求成長而提高的存貨水位。

Inventory turns remained steady at 1.9 times, the same level as the preceding quarter. Fiscal Q2 cash flow from operations was approximately $78.7 million, up $35.8 million sequentially. The sequential change was primarily due to the typical timing of supplier payments and other changes in working capital balances. We expect that our Q3 cash flow from operations will be in excess of $80 million.

存貨週轉率維持在1.9次，與前一季相同。會計年度第2季營運活動現金流約為7,870萬美元，較前一季增加3,580萬美元。此一序列變動主要來自供應商付款的典型時點差異，以及其他營運資金餘額的變動。我們預期第3季營運活動現金流將超過8,000萬美元。

As our business continues to grow, there will be variations in cash flow from quarter to quarter. MACOM's business model has demonstrated strong cash flow from operations over the past few years. As an example, our cash flow from operations was $163 million in fiscal year 2024, $235 million in fiscal year 2025, and we believe we are on track for our cash flow from operations to exceed $300 million for fiscal year 2026.

隨著業務持續成長，現金流在各季度之間會有所波動。MACOM的商業模式在過去幾年展現出強勁的營運活動現金流。舉例而言，我們在會計年度2024的營運活動現金流為1.63億美元、會計年度2025為2.35億美元，而我們相信會計年度2026的營運活動現金流可望超過3.00億美元。

Capital expenditures totaled $13.2 million for fiscal Q2. We estimate fiscal year 2026 CapEx to be in the range of $55 million to $65 million as we expand capacity to meet demand requirements across our end markets and also upgrade and enhance our production and engineering equipment as well as our facilities.

會計年度第2季資本支出合計為1,320萬美元。我們估計會計年度2026的資本支出（CapEx）將介於5,500萬至6,500萬美元之間，因我們擴充產能以滿足各終端市場的需求，同時也升級並強化我們的生產與工程設備以及廠房設施。

Next, moving on to other balance sheet items. Cash, cash equivalents and short-term investments as of the end of the second fiscal quarter were $664.9 million. We view our cash balance as a strategic asset that can be used to help fund ongoing investments to support our growing business.

接下來談其他資產負債表項目。截至會計年度第2季末，現金、約當現金及短期投資為6.649億美元。我們將現金餘額視為策略性資產，可用於協助資助持續性的投資，以支持我們成長中的業務。

We are in a net cash position of approximately $325 million as of April 3, 2026, when comparing our cash and short-term investments to the book value of our remaining $340 million of convertible notes, which mature in December 2029.

截至2026年4月3日，若將我們的現金與短期投資與剩餘3.40億美元、於2029年12月到期的可轉換公司債帳面價值相比，我們約有3.25億美元的淨現金部位。

Our strategy has been to focus on growing our profitability and managing our operating asset base, which has supported an improved return on invested capital over the past several years, demonstrating our goal of building long-term financial strength for the company.

我們的策略一直是專注於提升獲利能力並管理營運資產基礎，這在過去數年支持了投入資本報酬率的改善，展現我們為公司建立長期財務實力的目標。

During the first two fiscal quarters of 2026, the entire MACOM team has contributed to helping achieve these record financial results. This hard work has established a strong foundation for us to build upon, and I look forward to the second-half of our fiscal 2026.

在2026會計年度前兩個季度，整個MACOM團隊都為達成這些創紀錄的財務成果做出了貢獻。這些努力建立了堅實的基礎讓我們得以持續發展，我也期待我們2026會計年度的下半年表現。

I will now turn the discussion back over to Steve.

我現在把討論交回給Steve。

Thank you, Jack. MACOM expects revenue in fiscal Q3 ending July 3, 2026, to be in the range of $331 million to $339 million. Adjusted gross margin is expected to be in the range of 59% to 60%, and adjusted earnings per share is expected to be between $1.31 and $1.37, based on 78.5 million fully diluted shares.

謝謝你，Jack。MACOM預期截至2026年7月3日止的會計年度第3季營收將介於3.31億至3.39億美元。調整後毛利率預期介於59%至60%，而調整後每股盈餘預期介於1.31至1.37美元之間，係以7,850萬股完全稀釋後股數為基礎。

We expect sequential revenue growth in each of our three end markets. We expect that Data Center will achieve approximately 35% sequential growth. And we expect Industrial and Defense to achieve growth approaching 10%, and Telecom to achieve low-single-digit sequential growth.

我們預期三個終端市場的營收都將呈現季增。我們預期資料中心將實現約35%的季增；工業與國防的成長將接近10%；電信則將達到低個位數的季增。

As Jack highlighted, we are excited to deliver more growth and profitability during the second-half of FY26. As we continue to scale the business, we expect to see increased operating margins and profitability.

如Jack所強調，我們很期待在FY26下半年交出更多成長與獲利。隨著我們持續擴大業務規模，我們預期將看到營業利益率與獲利能力提升。

I would now like to ask the operator to take any questions. Thank you.

我現在想請接線員開始接受提問。謝謝。

(Operator Instructions) Blayne Curtis, Jefferies.

（接線員指示）Blayne Curtis，Jefferies。

Hey, good morning and great results.

嗨，早安，成果很亮眼。

Maybe I want to start on gross margin. Obviously, there's a lot of revenue drivers, but 100 basis points in the quarter. Can you just talk about volume and then mix? And obviously, Data Center is outperforming, so that must be a driver. I just want to see how to think about it, particularly as you go through the rest of the calendar year.

我想先從毛利率開始。顯然有很多營收驅動因素，但本季毛利率提升了100個基點。你能談談出貨量以及產品組合的影響嗎？而且資料中心表現優於預期，這一定是驅動因素之一。我想了解該如何看待，特別是接下來今年剩餘的日曆年度。

Yeah, thank you for the question, Blaine. So certainly volume is contributing to the improvements in the gross margins. We are seeing that our Lowell fab as well as our North Carolina fab have been increasing outputs, and so that's certainly having a positive effect on gross margins. The other thing I'll add is you're correct to notice that our Data Center revenue as a total percentage of our revenue is increasing.

好的，謝謝你的問題，Blaine。確實，出貨量正在推動毛利率改善。我們看到Lowell晶圓廠以及北卡羅來納晶圓廠的產出都在提升，因此對毛利率有正面影響。另外補充一點，你注意到的沒錯：資料中心營收占我們總營收的比重正在上升。

In some instances, that's contributing to the improvements in gross margins, and in other areas, it isn't. So in all of our market segments, we have a normal distribution of gross margins.

在某些情況下，這有助於毛利率改善；但在其他領域則不一定。因此在我們所有市場區隔中，毛利率呈現常態分布。

But generally speaking, the team has been very focused on yield enhancement, efficiencies, cost reductions, as we're scaling across a whole wide range of technologies, some of which I talked about in the prepared remarks. So generally speaking, a lot of great work.

但整體而言，團隊非常專注於提升良率、提高效率、降低成本；隨著我們在廣泛的技術領域擴大規模，其中一些我在事先準備的談話中也提到。總的來說，做了很多很棒的工作。

As Jack mentioned in his commentary, we expect continued improvements in gross margin.

如Jack在他的評論中提到，我們預期毛利率將持續改善。

A few quarters ago, we had said publicly we were setting a target to exit the year around 59%, and I think today we're updating that number to be.

幾個季度前，我們曾公開表示目標是在年底時約59%，而我想今天我們正在更新這個數字為。

Most likely closer to 60%, and Jack, maybe you can comment further.

很可能更接近60%，Jack，也許你可以再補充說明。

I think you covered off on it, Steve. There's definitely multiple factors that are helping to drive our gross margin improvements that we've seen here in the March quarter, where we're up 90 basis points. And then if you look to the midpoint of the guide being up 100 basis points, it does become a bit more challenging as the gross margins go up to squeeze more savings out of it, but our teams are continuing to work hard. And as Steve had mentioned, we expect to see further gross margin improvements as a. Work our way through this year and into next year.

Steve，你已經說得很完整了。確實有多項因素推動我們在3月季度看到的毛利率改善，本季提升了90個基點。若看指引中點提升100個基點，隨著毛利率走高，要再擠出更多節省會變得更具挑戰，但我們的團隊仍持續努力。如Steve所提到，我們預期毛利率還會進一步改善，隨著我們在今年以及明年持續推進。

And then I wanted to ask, you mentioned Coherent Light, there's a lot of talk about scale across these days, just curious your thoughts on how that market is developing and then maybe a silly question, is it in Data Center or telecom?

另外我想問，你提到相干光（Coherent Light），最近大家都在談規模化，我想了解你對這個市場發展的看法；還有一個可能有點傻的問題：它算在資料中心還是電信？

So we would put Coherent Light in the Data Center category. And as historically.

我們會把相干光歸在資料中心類別。而且從歷史上。

We've put the metro long haul, which is more DCI, in the Telecom segment.

我們把都會與長途（metro long haul），也就是更偏向DCI的部分，歸在電信部門。

So we are definitely focused on that, and this is an area where MACOM has really nice differentiation.

因此我們確實非常專注於這一塊，而這也是MACOM具備很強差異化的領域。

And so historically, there's been more ZR-type platforms, and now they're moving to really higher data rate, higher gigabaud data rates. And just in the last three years, you've seen.

而且從歷史上看，過去以ZR類平台為主，現在正轉向更高資料速率、更高吉鮑率（gigabaud）的資料速率。而就在過去三年，你已經看到。

Platforms go from 64 gigabaud all the way up to 128.

平台從64吉鮑一路提升到128。

Now even people are talking as high as 192. So this is an area of strength for Maecom. And depending on what hyperscalers do in terms of deploying coherent light, we want to participate. So we are in a very good position. It does touch a number of our product lines where we really have differentiated technology.

現在甚至有人在談高達192。因此這是MACOM的強項領域。取決於超大規模業者（hyperscalers）在部署相干光方面的作法，我們希望能參與其中。我們處於非常有利的位置；這也會觸及我們多條產品線，而我們在這些產品線上確實擁有差異化技術。

Tom O’Malley, Barclays.

Tom O’Malley，Barclays。

Hey, guys. Thanks for taking my question. My first is on the Satcom business in LEO.

嗨，各位。謝謝讓我提問。我第一個問題是關於LEO的衛星通訊（Satcom）業務。

Through the earnings period here, you've heard companies talk about 7,000 to 10,000 launches over the next three years.

在這次財報期間，你聽到一些公司談到未來三年將有7,000到10,000次發射。

Would you agree with that number? And then maybe if you could spend some time talking on.

你同意這個數字嗎？另外也許你可以花點時間談談。

The content per satellite, if that's possible. You mentioned a lot of the different products, the phase array, antenna, the optical, electronics, et cetera. But just some framework for thinking about the upside that could offer you. And then on the timing of that, it looks like telecom's up low single-digits in June, but you mentioned it improves in the back half of the fiscal year. Do you see a substantial step up in the September quarter there?

每顆衛星的內容價值（content per satellite），如果可以的話。你提到很多不同產品：相控陣列、天線、光學、電子等。但我想要一個框架來思考這可能帶來的上行空間。以及在時程上，6月季度電信看起來是低個位數成長，但你提到在會計年度下半年會改善。你是否看到9月季度會有顯著的跳升？

Thanks for those questions, Tom. There's a lot there. Let me try to address.

謝謝你提出這些問題，Tom。內容很多。我來試著回應。

As many as I can, I think it's important to put in perspective that MACOM has been servicing the space market for decades.

我會盡可能多回答一些；我認為重要的是要把背景放在正確的脈絡下：MACOM 已經為太空市場服務了數十年。

And so we are a known entity, not only on the defense side, but more and more so on the commercial side.

因此我們是眾所周知的供應商，不僅在國防端，在商用端也越來越是如此。

I think you're correct to highlight that there's growth in terms of the pure number of LEOs being launched, and these are typically smaller satellites going on affordable launch vehicles, and whether it's servicing broadband, direct-to-cell, or even future talk about data centers in space, we want to participate in those.

我想你指出的重點是對的：就純粹發射的 LEO（低地球軌道衛星）數量而言確實在成長；而這些通常是較小型的衛星，搭載在可負擔的運載火箭上。不論是服務寬頻、直連手機（direct-to-cell），甚至未來談到的太空資料中心，我們都希望能參與其中。

So we don't necessarily want to comment on what the absolute quantities are. I think there's a lot of information in the market about how much this market is growing. So I think there's good information out there that's probably more accurate than ours. But I would just highlight that we are absolutely engaged with the major players across the market. And as I mentioned in my commentary, it really plays to our strengths.

所以我們不一定要評論絕對的數量。我認為市場上有很多關於這個市場成長幅度的資訊；我想外部有不錯的資料，可能比我們的更精準。但我想強調的是，我們確實與市場上的主要玩家全面互動。如同我在評論中提到的，這非常符合我們的強項。

So yes, there's certainly.

所以是的，確實有。

Huge demand and we're trying to focus on getting wins as best we can.

龐大的需求，而我們正努力把握機會、盡可能爭取勝出。

In terms of the timing of our various programs, I would just say that we have active LEO production programs today.

就我們各項專案的時程而言，我只想說我們目前就有正在進行的 LEO 量產專案。

We have more that are in the LRIP phase. One of the larger programs that we've talked about in the past is in the phase of delivering what we call EM modules, so basically.

我們還有更多專案處於 LRIP（低率初期生產）階段。我們過去談過的一個較大型專案，目前正處於交付我們所稱的 EM 模組的階段，基本上就是。

Our customers finalizing their system design, and we do expect that to go into full rate production later this year or early next year, which is consistent with what was said in the past.

客戶正在完成其系統設計；我們預期該專案會在今年稍晚或明年初進入全速量產，這與過去所說的一致。

I don't think you should expect a step-up. You're going to see a ramp-up, and that will happen during the course of calendar 2027. And just as a reminder to everybody, we're involved in really three pieces of the puzzle for these networks. The first is on the satellite, what people refer to as the payload. The second is the gateways.

我不認為你應該期待會突然跳升。你會看到的是逐步爬坡（ramp-up），而這將在 2027 年曆年期間發生。也提醒大家，我們在這些網路的拼圖中實際參與三個部分：第一是在衛星端，也就是大家所稱的酬載（payload）。第二是閘道站（gateways）。

And then the third is that we are seeing opportunities in the terminals with some of our components. And so very exciting time for MACOM to be participating across so many different customers and our. Module and our chip design team is very busy satisfying the requirements in this market.

第三是我們也在終端（terminals）端看到一些機會，會用到我們的部分元件。因此，MACOM 能夠跨越這麼多不同客戶參與其中，是非常令人振奮的時刻；我們的模組與晶片設計團隊也非常忙碌，以滿足這個市場的需求。

Sari Sandberg, Stifel.

Sari Sandberg，Stifel。

Yeah, thank you, and congratulations on the strong results.

是的，謝謝，也恭喜你們有很強勁的成果。

I had a question on the Data Center growth now basically targeting more than 60%, just curious, above and beyond just higher CapEx from some of your end customers, what's some of the delta here, some of the new revenue that's layering in?

我想問一下資料中心的成長，目前基本上目標是超過 60%。我很好奇，除了部分終端客戶更高的資本支出（CapEx）之外，這裡的增量（delta）是什麼？有哪些新的營收正在疊加進來？

Very much. The expansion of our product portfolio, and we've talked about really over the last 12 months, the ramp-up of some of our optical components, and so that has certainly helped drive some of the growth.

很大一部分來自我們產品組合的擴張。我們在過去 12 個月也談過，我們部分光學元件正在爬坡放量，因此這確實有助於帶動成長。

But I would say, generally speaking, our focus is on 1.6T, 800 gig, these are areas where we're seeing a lot of strength, we expect that strength to continue, and in fact, we're seeing. More and more demand as we enter our second-half.

但我會說，整體而言，我們的重點在 1.6T、800G 這些領域；我們在這些地方看到很強的動能，也預期這股動能會延續。事實上，當我們進入下半年時，我們看到。需求越來越多。

In terms of the new revenue or the new categories of revenue for our fiscal '27, certainly the higher data rates, so 3.2T, possibly some coherent light ramp-ups. And also, depending on the work that we're doing with our laser portfolio, we may be able to add some revenue to our fiscal '27.

就 2027 會計年度的新營收或新營收類別而言，當然包括更高的資料速率，例如 3.2T，以及可能有一些相干光（coherent）產品的放量。此外，視我們在雷射產品組合上的工作進展，我們也可能在 2027 會計年度增加一些營收。

Or even fiscal '28 on CW lasers. So a lot of good activity there.

甚至在 2028 會計年度，來自 CW（連續波）雷射的營收。所以那裡有很多正向的進展。

We have been also, as everybody knows, engaged with people that are deploying copper and providing equalizers, not only on board, the PC boards, but also cable-based. So very excited about those opportunities as well.

另外大家也知道，我們也與部署銅互連並提供等化器（equalizers）的客戶合作，不僅是在板上（PCB 板上），也包括線纜式（cable-based）。我們對這些機會也非常興奮。

Very good. And as my follow-up.

很好。那我接著問。

Steve, you talked more than usual on this call about team collaboration, making sure capacity is in place, sounds like your operations executions is allowing you to gain some share.

Steve，你這次電話會議比平常更常提到團隊協作、確保產能到位；聽起來你們的營運執行正在讓你們拿到一些市占。

Just curious why you brought that up on this particular call, are you seeing competitors perhaps not have enough capacity and not good planning to keep up or is there something else that's driving that inflection point?

我好奇你為什麼在這次特別提到這點？你是否看到競爭對手可能產能不足、規劃不佳而跟不上？還是有其他因素在推動這個轉折點？

Well, I think Jack and I are just privileged to be able to represent our employees, and so I think it's important to highlight the work that they're doing in collaborating to make these results happen. And so, as last year, the company grew by over 30%, and this year, we're on a path certainly to be in that range or higher.

我想 Jack 和我很榮幸能代表我們的員工發言，所以我認為強調他們透過協作促成這些成果的努力很重要。去年公司成長超過 30%，而今年我們的路徑顯然也會落在這個區間或更高。

And we have a lot of different technologies ramping at the same time. And that absolutely requires coordination, collaboration, good, clean discussions with customers to set proper expectations. So we just wanted to highlight that.

而且我們有很多不同技術同時在爬坡放量，這絕對需要協調、合作，並與客戶進行良好且清楚的溝通，以設定適當的預期。所以我們只是想把這點凸顯出來。

In terms of opportunities, I'll just note that because there is certainly some constraints within the Data Center market, we believe that's opening up.

就機會而言，我只想指出，由於資料中心市場確實存在一些供給限制，我們相信這正在為 MACOM 打開。

Interesting opportunities for MACOM, including, by the way, what I would consider the legacy class of lasers.

一些有趣的機會；順帶一提，也包括我所認為的傳統類型雷射。

As many customers and competitors are pivoting to more, let's say, the higher power or CW lasers to support silicon photonics, that's creating a little bit of a gap in DFB lasers. And we have a very strong, broad DFB laser portfolio.

當許多客戶與競爭對手轉向更高功率或 CW 雷射以支援矽光子（silicon photonics）時，這在 DFB 雷射上造成了一點缺口。而我們擁有非常強大且廣泛的 DFB 雷射產品組合。

That can support what I would consider legacy Data Center 100-gig modules. And so that could be a great business for us over the next one to two years, and those products are ready today.

可支援我所認為的傳統資料中心 100G 模組。因此，這在未來一到兩年可能會是我們很好的業務，而且這些產品今天就已經準備好了。

Quinn Bolton, Needham & Company.

Quinn Bolton，Needham & Company。

Steve, I just wanted to follow-up on.

Steve，我想追問一下。

The laser question, I think in the past, you said you had a couple of customers that were evaluating your CW lasers. You thought it would still be a 6 to 12-month eval process. But could you give us any update on how you're feeling about the CW laser opportunity? Are you more confident that those could ramp and contribute to fiscal '27 growth?

關於雷射的問題。我記得你過去說過有幾個客戶正在評估你們的 CW 雷射，你認為仍需要 6 到 12 個月的評估流程。你能否更新一下你對 CW 雷射機會的看法？你是否更有信心它們能放量並對 2027 會計年度的成長做出貢獻？

Yeah, I don't think too much has changed in the last three months. We have excellent optical performance of our 75-milliwatt class lasers. Customers have tested and validated performance.

是的，我不覺得過去三個月有太大改變。我們 75 毫瓦等級雷射的光學性能非常出色；客戶已測試並驗證其性能。

What our fab is doing today is dialing in a process of record. That work is not complete, so we continue to tweak the process to optimize really reliability. It's all about reliability. Typically in these systems, the weakest link is the laser, and so you need to make sure you have a very robust laser.

我們的晶圓廠目前在做的是把「製程定版」（process of record）調校到位。這項工作尚未完成，所以我們仍在微調製程，以最佳化可靠度；一切都在於可靠度。通常在這些系統中，最薄弱的環節是雷射，因此你必須確保雷射非常強健。

So there's a lot of qual work running in parallel with developing a process of record.

因此有大量的認證（qual）工作與製程定版的開發同步進行。

And so that work continues, and that's all MACOM internal work.

所以這項工作仍在持續，而這些都是 MACOM 內部的工作。

When we're ready and we feel like we have a reliable product, then we'll start working with module customers so that they can start their module quals. And then after that comes the hyperscaler qualification. So when you add all that up and look at the timeline, you're really talking about potentially, and this is assuming everything goes well, and oftentimes it doesn't, a fiscal '27 or '28 timeframe of contribution.

當我們準備好、並且覺得產品可靠時，我們就會開始與模組客戶合作，讓他們啟動模組端的認證。之後才是超大規模雲端業者（hyperscaler）的認證。把這些加總起來看時程，你談的其實是可能——而且這是假設一切順利，且很多時候並不會——在 2027 或 2028 會計年度才開始貢獻。

We are absolutely getting pull from the market. We know there's demand. And so we just have a lot of work to do to convince ourselves that we're ready to ramp this a product into high volume.

市場確實在拉貨，我們知道有需求。因此我們還有很多工作要做，才能讓我們自己相信已準備好把這項產品放量到高產量。

So I would, at this stage, not put your CW laser in your models, certainly not for fiscal '26 or I would say even '27. I think there's going to be a lot of other great things happening that will allow us to.

所以在這個階段，我不會把 CW 雷射放進你的模型裡，尤其不是 2026 會計年度，甚至我會說也不是 2027。我認為還會有很多其他很棒的事情發生，能讓我們。

Perhaps not only do as well as we've done this year in terms of growth, but maybe even exceed it next year because we have a lot of other irons in the fire.

不僅可能在成長幅度上做到跟今年一樣好，明年甚至可能超越，因為我們還有很多其他專案在推進。

Thank you for that. And then I guess I wanted to come back on the utilization rates. I think over the past couple of years, you had mentioned the Lowell utilization rate was suffering from some puts and takes in a couple of the larger defense programs and I think lower demand on the industrial side, MRI and. Particular, has that utilization rate come back with the I&D business recovering or do you still feel like there's further room for improvement in the utilization rates of Lowell and obviously that could be a margin tailwind as utilization increases?

謝謝你的說明。接著我想回到產能利用率。我想在過去幾年你提到過，Lowell 的利用率受到幾個較大型國防專案的增減影響，以及工業端需求較低，MRI 和。尤其是這部分。隨著 I&D 業務復甦，這個利用率是否已回升？或者你仍覺得 Lowell 的利用率還有進一步改善空間？而且顯然隨著利用率提升，這可能會對毛利率形成順風。

I think you're correct in those comments and we are seeing increased utilization on our traditional Lowell-based defense business. And.

我認為你這些評論是正確的；我們確實看到以 Lowell 為基地的傳統國防業務利用率正在提升。而。

Our defense business this year is trending to certainly over 20% full year growth and that much of that, not all of it, but much of it is coming out of our Lowell fab. So that is beneficial to the gross and operating margins.

我們今年的國防業務趨勢顯示全年成長肯定會超過 20%，而其中很大一部分（不是全部，但很大一部分）來自我們的 Lowell 晶圓廠。因此，這對毛利率與營業利益率都有幫助。

Your commentary about our MRI business, which we categorize as industrial, is also improving and we have a very strong franchise for high-voltage, non-magnetic.

你對我們 MRI 業務的評論（我們將其歸類為工業類）也在改善，而且我們在高電壓、非磁性產品方面擁有非常強的市場地位。

Really kilovolt level diodes that are used in these MRI coils. We are seeing positive trends on that business, and we expect those trends to continue. So, yes, those two things are definitely helping the lull utilization. There's two other important things going on in our lull fab as well. The first is developing the advanced GaN that I talked about in my prepared remarks. And the second is the ramping up of our. Optical product line within the Lowell, which is an indium phosphide-based product.

也就是用在這些 MRI 線圈中的真正千伏等級二極體。我們看到該業務呈現正向趨勢，並預期這些趨勢會持續。所以，是的，這兩件事確實在幫助 Lowell 的產能利用率。除此之外，我們的 Lowell 晶圓廠還有另外兩個重要事項在進行。第一是我在事先準備的講稿中提到的先進 GaN 開發。第二是我們在 Lowell 內部的光學產品線正在爬坡量產，這是一個以磷化銦為基礎的產品。

Thank you.

謝謝。

Sean O’Loughlin, TD Cowen.

Sean O’Loughlin，TD Cowen。

Great. Hi, guys. Thanks for letting me ask a question and congrats on the really solid results and momentum.

很好。嗨，各位。謝謝讓我提問，也恭喜你們交出非常扎實的成果與動能。

First question, I just wanted to get maybe. An update or offer you the opportunity to update some of your comments on the fiscal '26 segment growth other than Datacom?

第一個問題，我想請教一下，也給你們機會更新一下你們先前對 2026 會計年度（fiscal '26）除 Datacom 之外各事業部成長的看法？

We got the 60% growth, but I think last quarter, we talked about high-teens growth in IMD. You just alluded to maybe over 20% and the high single-digits in telecom.

我們聽到 Datacom 成長 60%，但我記得上季我們談到 IMD 是高十幾%的成長。你剛剛也提到 I&D 可能超過 20%，而電信是高個位數成長。

Any updated thoughts there? Is that still what we should be thinking about?

這方面有沒有更新的想法？我們還是應該這樣看待嗎？

Yeah, I'll make some comments and then maybe Jack can also talk about P&L-related items. So I do think we have a solid plan for 2026.

有的，我先做一些評論，然後也許 Jack 也可以談談與損益表（P&L）相關的項目。我確實認為我們對 2026 年有一個扎實的計畫。

As I mentioned, our revenue growth is going to be driven by Data Center and defense.

如我所提到的，我們的營收成長將由資料中心與國防帶動。

Today, we're definitely trending toward top-line in that 30% range. I can tell you that last year, we did about 32%, and it would be nice to beat that.

就目前來看，我們確實朝著約 30% 的營收成長（top-line）趨勢前進。我可以告訴你，去年我們大約成長 32%，如果能超過那個數字會很好。

And we also ideally would like to exit the year with at least 60% margin. We're not sure if that's going to happen. We still have a lot of wood to chop between now and the end of September, which is the end of our fiscal year.

而且我們理想上也希望在年度結束時毛利率至少達到 60%。我們不確定是否能做到。從現在到 9 月底（我們會計年度結束）之間，還有很多工作要完成。

But we do see a path to having strong revenue and earnings growth.

但我們確實看到一條路徑，可以實現強勁的營收與獲利成長。

Earnings growth should be quite nice this year, certainly coming from the second-half. In terms of your commentary specifically about. I&D and telecom, I think we're thinking above 20% today for I&D, and we're going to try to push Telecom to be low double-digit.

今年的獲利成長應該會相當不錯，尤其會在下半年顯現。針對你特別提到的 I&D 與電信，我們目前對 I&D 的看法是高於 20%，而電信我們會努力推到低雙位數成長。

I think the only other item I would add, and obviously, the defense piece has been quite strong for us over the past year plus, industrial, we've been working our way through that. We touched upon the medical piece of industrial with the last question, but more broadly, within industrial and it is a fairly broad category, we have seen a bit of an uptick there that's helping out with our Lowell. Utilization, it's also driving some of that revenue or top-line improvement that we see in that combined industrial and defense end market. And really, as we look at filling out the rest of the P&L with some of that revenue growth, we are very much focused on improving those earnings and improving the leverage and the drop-through from an operating income and also from an EPS perspective as we work our way through the remainder of '26 and then focus more on '27 as well.

我想我唯一要補充的是，顯然國防這一塊在過去一年多對我們非常強勁；工業方面，我們一直在逐步走出來。我們在上一題提到工業中的醫療部分，但更廣泛來看，在工業（這其實是一個相當廣的類別）裡，我們看到一些回升，這有助於提升我們 Lowell 的產能利用率，也推動了我們在工業與國防合併終端市場中所看到的部分營收（top-line）改善。再者，當我們用這些營收成長來填充損益表（P&L）的其餘部分時，我們非常專注於提升獲利、改善營運槓桿，以及提升從營業利益與 EPS 角度的落底（drop-through），因為我們會在 2026 年剩餘期間持續推進，並在 2027 年也更加著力。

Thanks.

謝謝。

That's a helpful color. Quick follow-up, just on the input side, I know that indium phosphide is one of the materials that you use, and so I don't want to over-index to these comments, but we've had some comments from public substrate suppliers about price increases and just maybe generally across your manufacturing footprint, is that something that you're.

這些補充很有幫助。快速追問一下，關於投入端，我知道磷化銦是你們使用的材料之一，所以我不想過度解讀這些評論，但我們從一些上市的基板供應商那邊聽到有漲價的說法；更一般性地說，在你們整個製造版圖中，這是否是你們正在……

Either having to absorb and there's a timing mismatch or is the pricing environment for a lot of these products such that you're able to pass those through or is that not really something that you're seeing outside of the DMPOF side?

需要吸收、而且存在時間差的情況？還是說，這些產品的定價環境讓你們能把成本轉嫁出去？或者除了 DMPOF 這一塊之外，你們其實沒有看到這種情況？

Thanks for the question. I'm not sure we want to get into the cost basis of any materials we buy. We're constantly buying gases, precious metals, gold.

謝謝你的問題。我不確定我們是否想深入討論任何我們採購材料的成本基礎。我們一直在採購氣體、貴金屬、黃金。

Indium phosphide substrates, silicon carbide substrates, and we have a very strong supply chain that works very closely with our partners to make sure we're getting what we want when we need it at a fair price.

磷化銦基板、碳化矽基板；而且我們有非常強的供應鏈，會與合作夥伴密切合作，確保我們在需要的時候，以合理的價格取得我們想要的東西。

Although I will mention maybe one thing you may have seen recently where MACOMm announced.

不過我會提到一件你可能最近看到的事：MACOM 宣布了……

A small investment in a company called IQE. We put out a press release on April 27th, and this is somewhat related to your question.

對一家名為 IQE 的公司進行一筆小額投資。我們在 4 月 27 日發布了新聞稿，這與你的問題有些相關。

And people may not be familiar with IQE, so they are a UK-based company that provides epitaxial services, and recently they went through a fundraising event where Makom participated. They raised GBP80 million. We participated with a GBP45 million investment.

大家可能不熟悉 IQE；他們是一家英國公司，提供磊晶（epitaxial）服務。近期他們進行了一次募資活動，MACOM 參與其中。他們募集了 8,000 萬英鎊（GBP80 million），我們以 4,500 萬英鎊（GBP45 million）參與投資。

And just to break that out very quickly, it was GBP30 million in equity for about 11% ownership and a GBP15 million convertible note.

簡單拆解一下：其中 3,000 萬英鎊是股權投資，約取得 11% 持股；另有 1,500 萬英鎊的可轉換公司債（convertible note）。

And ultimately, what we did as part of this transaction is put in place a long-term supply agreement to make sure that we have adequate supply of.

而最終，我們在這筆交易中也建立了一份長期供應協議，以確保我們能獲得充足供應……

The technologies that we're currently acquiring from them and from others.

也就是我們目前正從他們以及其他供應商取得的相關技術。

And so the why we did it really revolves around your question, which is what is MACOM doing to ensure we have strong supply chain security and resiliency. And I think this is a great example of a strategic transaction, which is going to shore up not only our. Business regarding indium phosphide, but also the silicon carbide. And so where we stand right now with that is it's going through regulatory approval. There will be a shareholder vote, and it's expected to close in the next 30 to 60 days.

所以我們這麼做的原因，確實呼應你的問題：MACOM 正在做什麼來確保我們的供應鏈安全與韌性。我認為這是一個很好的策略性交易案例，不僅能強化我們在磷化銦相關業務，也能強化碳化矽。就目前進度而言，交易正在進行監管核准，之後會有股東投票，預期在未來 30 到 60 天內完成交割。

And so this is an example of MACOM proactively looking at risk and retiring risk.

因此，這是 MACOM 主動檢視風險並消除風險的一個例子。

And so this will backstop our.

因此，這將為我們的……提供後盾。

Expected growth, not only as it relates to indium phosphide-based products, but also silicon carbide-based products and some other technologies as well.

預期成長，不僅是與磷化銦基產品相關，也包括碳化矽基產品，以及其他一些技術。

Thank you.

謝謝。

William Stein, Truist Securities.

William Stein，Truist Securities。

Great. Thanks for taking my questions. Congrats on the very strong outlook.

很好。謝謝回答我的問題。也恭喜你們給出非常強勁的展望。

The main thing I wanted to ask about was, Steve, in your prepared remarks, you talked about addressing the user terminal market within the LEO satellite industry. And this is, I believe, a pretty big change in strategy, at least relative to what I've heard the company talk about. We had the message previously that your focus was going to be essentially an infrastructure, the satellites and the gateways. User terminals, of course, look more like it's customer premise equipment, right? It's a consumer market. That's uncharacteristic for you. So can you talk about what changed, what makes you want to address that market, what products you're selling and timing to ramp there?

我主要想問的是，Steve，你在事先準備的講稿中談到要切入 LEO 低軌衛星產業中的使用者終端（user terminal）市場。我認為這在策略上是相當大的改變，至少相對於我過去聽到公司所談的方向。之前的訊息是你們的重點基本上會放在基礎設施端，也就是衛星與閘道站（gateways）。使用者終端當然更像是客戶端設備（customer premise equipment），對吧？那是消費性市場，這對你們來說並不典型。所以你能談談是什麼改變了、為什麼想切入那個市場、你們在賣什麼產品，以及那邊的放量時程嗎？

Thank you.

謝謝。

Yeah, and I think that's a great question. And to be clear, when we look at that market, we're looking to be opportunistic. And so we are seeing some.

是的，我覺得這是個很好的問題。先說清楚，當我們看那個市場時，我們是以機會導向的方式來看待。因此我們看到一些……

AESA technology basically using a wide range of control products, which would fit very nicely into our ALGAS diode-based portfolio. So you're correct to conclude we're not chasing SOCs or receivers or highly integrated customized chips for user terminals. That is not the case. But we are seeing inbound requests for some of our control. Products. And so we will opportunistically look at that.

AESA 技術基本上會使用一系列控制類產品，這與我們以 ALGAS 二極體為基礎的產品組合非常契合。所以你說得沒錯：我們並不是去追逐用於使用者終端的 SoC、接收器或高度整合、客製化的晶片；不是那樣。但我們確實收到一些對我們控制類產品的主動詢問。因此我們會以機會導向來評估。

Great. Thanks. And then as a follow-up, I guess the big picture question is you had a huge book to build this quarter. Obviously, that's not all for delivery in fiscal Q3. Can you talk about the spread across end markets and the duration of that? What's changing there?

很好，謝謝。接著追問一下，我想從更宏觀的角度問：你們這一季的接單（bookings）大幅超過出貨，顯然不會全部在 2026 會計年度 Q3 交付。你能談談這些訂單在各終端市場的分布，以及其持續期間嗎？那邊有什麼在改變？

Thank you.

謝謝。

Well, certainly, as I mentioned, the strongest portion of our new orders was in the Data Center, but I will say that all three markets had a very strong booking event.

當然，如我所提到的，我們新訂單中最強的部分是在資料中心，但我也要說，三個市場都出現了非常強勁的接單。

Typically, these orders will be spread out over multiple quarters, and so don't really want to get into any more detail than that.

通常這些訂單會分散在多個季度交付，因此我們不太想再提供更進一步的細節。

We typically, just as a practice, only recognize.

我們通常在實務上，只會認列……

Bookings that are within a 12-month period as well. So this 1.5 book-to-bill really reflects orders that would be delivered within 12 months.

12 個月期間內的接單。因此這個 1.5 的接單出貨比（book-to-bill）反映的是會在 12 個月內交付的訂單。

Christopher Rolland, Susquehanna International.

Christopher Rolland，Susquehanna International。

Thanks so much for the question, guys, and congrats.

非常感謝各位的提問，也恭喜。

I wanted to drill down on Data Center, particularly in June.

我想更深入談談資料中心，特別是 6 月的情況。

So it's just absolutely inflecting. I don't think we've seen this growth before.

所以它真的出現了非常明顯的加速拐點。我不認為我們以前見過這樣的成長。

And so my question is, why now?

所以我的問題是，為什麼是現在？

It sounds like a lot of it is optical.

聽起來其中很大一部分是光學相關。

When it comes to discrete components.

尤其是在分立元件方面。

I'm just trying to figure out why the inflection.

我只是想弄清楚為什麼會出現這個拐點。

Is it just a unit's play? Is there something here like new DSPs that don't contain TIAs and drivers?

這只是出貨量的因素嗎？還是有像新的 DSP 不再包含 TIA 與驅動器之類的變化？

Or is it really this move to $1.6 million? What's really driving that over $30 million inflection in data centers sequentially? Why now?

或者真的是往 1.6T 的轉移？到底是什麼在推動資料中心單季環比超過 3,000 萬美元的增量？為什麼是現在？

Yeah, thank you for the question. And so if we pull back and look at the general trends of our Data Center business over the last three years, in 2024, we grew our Data Center business by 35%. In 2025, we grew up by 48% an hour. In '26, forecasting over 60%. So the trend is there to see in terms of a long-term growth.

是的，謝謝你的問題。如果我們拉遠一點看過去三年資料中心業務的整體趨勢：2024 年我們的資料中心業務成長 35%；2025 年成長 48%；2026 年我們預估將超過 60%。所以從長期成長來看，趨勢是很清楚的。

And clearly we're investing in a variety of technologies that would be suitable for this market. We tend to gravitate towards the highest data rate type products.

而且很明顯，我們正在投資多種適用於這個市場的技術。我們通常會聚焦在最高資料速率類型的產品。

We were one of the early suppliers to the 1.6T rollout, and that is paying big dividends right now as that use case expands across the Data Center in various hyperscalers. And so we're able to solidify strong positions there.

我們是 1.6T 導入初期的供應商之一，而隨著這個使用情境在各家超大規模資料中心（hyperscalers）中擴大，現在正帶來很大的回報，因此我們能在那裡鞏固強勢地位。

And of course, we're overlaying our optical components. We talked about the PDs, the photodetectors. We're working on the lasers. They're not quite there yet.

當然，我們也把光學元件疊加進來。我們談過 PD（光電偵測器）。我們也在做雷射，但目前還沒完全到位。

So I don't know that there's an inflection point rather than a trend. And the trend is that our portfolio is broad in nature.

所以我不確定這算是一個拐點，而更像是一個趨勢。而這個趨勢是：我們的產品組合本質上很廣。

But we're gaining traction at a wide range of customers selling a variety of functions. And as part of our strategy, we want to be diversified. So, as we don't sell DSPs just for the record, but we want to support module manufacturers that are, for example, using LPO. Or if a particular customer wants to electrify copper or maybe they want to.

但我們正在更廣泛的客戶群中取得進展，銷售多種不同功能的產品。作為我們策略的一部分，我們希望多元化。因此，先說清楚我們不賣 DSP；但我們希望支援模組製造商，例如採用 LPO 的廠商。或者某些客戶想把銅線電氣化，或是他們想要。

Experiment with coherent or coherent light. So these are all things that we're very focused on. These are long-term activities that are now starting to pay dividends. So it's not really an inflection point. I would say it's consistent with really the unit growth within the market as well.

嘗試相干或相干光等方案。這些都是我們非常聚焦的方向。這些長期投入現在開始帶來回報。所以這不太像是拐點；我會說這與市場本身的出貨量成長是一致的。

And so we're just trying to keep up with the growth, and that's some SAM expansion as well as portfolio expansion.

因此我們只是努力跟上成長，這其中也包含 SAM 擴張以及產品組合擴張。

The only other item I would add, Steve, is, yes, the higher speeds are definitely helping to contribute to the growth that we've seen, but also some of the lower speeds, 100G and below, has continued to hang in there over the past number of quarters and would expect that trend to continue as well.

Steve，我唯一想補充的是：是的，更高的速率確實有助於推動我們看到的成長；但同時，一些較低速率（100G 及以下）在過去幾個季度也持續維持韌性，我們也預期這個趨勢會延續。

Excellent. Perhaps as a follow-up on copper this time, if you could talk about engagements, particularly on large-scale architectures, whether they're trending towards ACC or LE and your outlook for this market. Do you think this is the next big thing or this is, at this point, a little bit more of a TBD?

很好。這次我想就銅互連再追問一下：你能否談談目前的合作進展，特別是在大規模架構上，它們是更偏向 ACC 還是 LE？以及你對這個市場的展望。你認為這會是下一個大趨勢，還是目前仍有點未定（TBD）？

Yeah, I would put it in the category of a TBD, and we are seeing real demand, real hardware, real production ramps on the optical side, and that is certainly the vast majority of our revenue today.

是的，我會把它歸類為仍待觀察（TBD）。我們在光學端看到的是實際需求、實際硬體、實際量產爬坡，而這也確實構成了我們目前絕大多數的營收。

So the electrified cable is a great opportunity for us, and it will be additive in the future. And of course, as I mentioned, we are going after.

所以電氣化纜線對我們而言是很好的機會，未來會帶來增量。而且如我提到的，我們也在布局。

Equalizers not only for traditional high-speed 1.6T, but also PCIe and other applications that are closer to compute, let's say. So we are very active with our equalizer portfolio at various accounts, and there is a wide range of use cases that we're chasing.

等化器不僅用於傳統高速 1.6T，也用於 PCIe 以及其他更靠近運算端的應用。我們在多個客戶端對等化器產品組合非常積極，正在追逐的使用情境範圍也很廣。

Tim Savageaux, Northland Capital Markets.

Tim Savageaux，Northland Capital Markets。

And I'll add my congrats on that guide. Pretty spectacular.

我也要恭喜你們這次的指引，真的非常驚人。

My question, or at least first, is just trying to understand more about the size of your photonics or optical device business, which we're talking about more and more here.

我的問題，至少第一個，是想更了解你們的光子學或光學器件業務規模，因為我們在這裡越來越常談到它。

I don't know what color you're able to provide.

我不確定你們能提供多少細節。

Does that business get to 10% of Data Center revenue in any one of these quarters in the second-half? That seems possible, or is it already there?

在下半年任何一個季度，這塊業務是否能達到資料中心營收的 10%？看起來有可能，還是其實已經到了？

Or as you look at your sequential growth here in Q3 and heading into the second-half of the year, is that a meaningful proportion.

或者就你們在第三季的環比成長、以及進入下半年來看，這是否有相當比例。

From the optical device side and then i'll follow-up.

是來自光學器件端？然後我再追問。

Great, thanks for the question.

好的，謝謝你的問題。

And just to highlight that we don't typically break out revenue by product line and that would be a very mainly for competitive reasons and that so that would what you're asking is a very specific question that we would prefer to not answer so directly. I will say that we have a very strong product. I think our PD has definite advantages over what we're seeing in the market in terms of our ability to mass-produce these with industry-leading dark currents, self-hermetic chip, lens integrated onto the device.

先強調一下，我們通常不會按產品線拆分營收，主要是出於競爭因素。因此你問的是一個非常具體的問題，我們傾向於不那麼直接回答。我可以說的是，我們有非常強的產品。我認為我們的 PD 相較於市場上的方案有明顯優勢，包括我們能以業界領先的暗電流進行量產、自密封（self-hermetic）晶片、以及把透鏡整合到器件上。

We have developed in our Ann Arbor.

我們在安娜堡（Ann Arbor）的。

Fab, a very strong epi recipe that is providing the industry with very high levels of sensitivity. So all of those things are certainly playing into some of the successes we're having with the PDs.

晶圓廠（Fab）開發出非常強的外延（epi）配方，為產業提供非常高的靈敏度水準。這些因素都確實促成了我們在 PD 上取得的一些成功。

The other thing I'll note is we demonstrated, I think, a year ago at OFC, the idea of stacking the PDs on our TIAs. And so that has certainly been.

另外我想提的是，我們大概一年前在 OFC 展示過把 PD 疊在我們的 TIA 上的概念。因此這也確實。

Beneficial in terms of supporting not only TIA growth, but also PD growth.

在支持 TIA 成長的同時，也有利於 PD 的成長。

But we do have a diversified portfolio. We're not going to break out, how much is concentrated on any one product at any one time because it's constantly changing.

但我們的產品組合是多元的。我們不會拆分在任何時間點某一個產品的營收占比，因為它一直在變動。

Okay, but it sounds like it's getting to be material.

好的，但聽起來它正在變得相當重要。

Maybe we can get a binary answer on that.

也許我們可以得到一個是或否的答案。

But either way, I do have a follow-up about, the inflection.

不過無論如何，我還有一個關於這個拐點的追問。

And the question is about within Data Center customer diversification, right? I mean, you have a very big customer in China is doing extremely well, and that could be a lot of it.

問題是關於資料中心客戶多元化，對吧？我的意思是，你們在中國有一個非常大的客戶表現非常好，這可能占了很大一部分。

But could you address maybe your reach throughout other major module suppliers in other places, and to what extent is that a big factor? Versus growth in your current major module customers? Thanks.

但你能否談談你們在其他地區、其他主要模組供應商的滲透情況？以及這在多大程度上是主要因素？相較於你們現有主要模組客戶的成長？謝謝。

Right. And I think embedded in that question is really, what's your exposure to the hyperscalers?

對。我想這個問題背後其實是在問：你們對超大規模客戶（hyperscalers）的曝險有多大？

And so it really starts there in understanding what their needs are and understanding who they're using within their supply chain. And then we try to align ourselves with both. And depending on the hyperscaler, the platforms, the technology.

所以首先要從理解他們的需求開始，並了解他們在供應鏈中使用哪些廠商。然後我們嘗試同時與兩邊對齊。並且依據不同 hyperscaler 的平台與技術。

They're working, we try to align ourselves either directly to their road maps or to their vendors' road maps.

他們正在推進的方向，我們會嘗試要嘛直接對齊他們的路線圖，要嘛對齊他們供應商的路線圖。

I will say that from maybe a year, two years ago, our diversity today is far stronger.

我會說，相較於一年前、兩年前，我們今天的多元化程度強很多。

And so we see revenue today in scale up, scale out and scale across, so we are actively positioned in each one of these different areas and that exposure varies by the module manufacturers, certainly varies by the hyperscaler.

因此我們目前在 scale up、scale out、以及 scale across 都有一定規模的營收；我們在這三個不同領域都積極布局，而這種曝險會因模組製造商而異，當然也會因 hyperscaler 而異。

But at the end of the day, a lot of this is 1.6T. That is the main event. Today, it's going to continue, as I mentioned, throughout the course of our fiscal '26, calendar '26, and even into '27. And if we pull back and we look at the work that we're doing there, as I mentioned earlier, I think we have potential to do really well in our fiscal '27, where.

但歸根結底，很多都與 1.6T 有關。這是目前的主戰場。正如我提到的，它會在我們 2026 財年、2026 日曆年，甚至延續到 2027 年。而如果我們拉遠看我們在那裡做的工作，如我先前提到的，我認為我們在 2027 財年有機會表現得非常好，因為。

Obviously, we'll have to wait and see how things go, but we are getting large orders that go out in time that support real production programs.

當然，我們還得觀察後續發展，但我們正在拿到一些交期較長的大額訂單，這些訂單支撐的是實際的量產專案。

Thank you. And our next question coming from the line of Karl Ackerman with BNP Peringo. Your line is now open.

謝謝。下一個問題來自 BNP Peringo 的 Karl Ackerman。您的線路已開通。

Thank you. I have two, if I may.

謝謝。如果可以的話，我有兩個問題。

Steve, your book to bill of 1.5 appears to be a record, certainly multi-year record anyway.

Steve，你們 1.5 的接單出貨比（book-to-bill）看起來是創紀錄的，至少也是多年來的新高。

Should we expect meaningful capital investments in fabs to support this backlog, or do you have the necessary capacity and assurance of supply to address this growth?

為了支撐這些在手訂單，我們是否應該預期你們會在晶圓廠進行有意義的資本投資？還是你們已具備必要的產能與供應保障來因應這波成長？

So we are investing in our fabs, and I think that's a very interesting question to ask. And let me just very briefly talk about that. So about a year ago, we talked about increasing the wafer production capacity in our North Carolina fab by 30%. We said that would take 15 months. That work should be done by the end of this calendar year. And so we invested less than $20 million. It was about $15 million to $16 million.

我們確實正在投資我們的晶圓廠，我認為這是一個很有意思的問題。讓我簡要說明一下：大約一年前，我們談到要把北卡羅來納州晶圓廠的晶圓產能提高 30%。我們當時說這需要 15 個月。這項工作應該會在今年日曆年年底前完成。因此我們投資不到 2,000 萬美元，大約是 1,500 萬到 1,600 萬美元。

We had the opportunity to buy.

我們有機會進行採購。

Heavily discounted fab equipment from the market.

以大幅折扣從市場上購買晶圓廠設備。

So that's baked into our numbers and the capital numbers. When you look at our Massachusetts fab, we are investing in equipment for advanced GaN, we're investing in equipment to expand indium phosphide capacity and production, and we're doing general modernization. And then in our French fab. We're moving the entire product line from 3-inch to 6-inch.

所以這些都已反映在我們的數字以及資本支出數字中。當你看我們麻薩諸塞州的晶圓廠時，我們正在投資先進 GaN 的設備、投資用於擴充磷化銦產能與生產的設備，並進行一般性的現代化改造。然後在我們法國的晶圓廠，我們正把整條產品線從 3 吋移轉到 6 吋。

That equipment is already in place. There's been very little money spent to do that.

那套設備已經就位。為此花的錢非常少。

However, we are installing a new MOCVD reactor in France to support some of the volumes that we anticipate in the next couple of years. So there is definitely moderate investments. As we think about our business and being diversified.

不過，我們正在法國安裝一座新的 MOCVD 反應器，以支援我們預期未來幾年的一些出貨量。因此確實會有適度的投資。當我們思考我們的業務並保持多元化時。

You will not see us greenfielding, building a new fab, building a new factory. We think we have a target. Now that we hit $1 billion of revenue, we want to hit $2 billion. And we don't need to buy a fab or build a fab to do it. What we need to do is expand incrementally capacity within the walls of our existing facilities. And that's why, as Jack mentioned in his commentary, you're going to start to see tremendous earnings growth.

你不會看到我們進行綠地投資、興建新的晶圓廠、興建新的工廠。我們認為我們有一個目標。現在我們達到 10 億美元營收後，我們想達到 20 億美元。而要做到這點，我們不需要買一座晶圓廠或蓋一座晶圓廠。我們需要做的是在既有設施的廠房內，逐步擴充產能。也因此，正如 Jack 在他的評論中提到的，你將開始看到可觀的獲利成長。

Capital should be in that 4% to 5% of revenue range, and we have no major big investments planned. Do you want to add to that, Jack?

資本支出應該會落在營收的 4% 到 5% 區間，而且我們沒有規劃任何重大大型投資。Jack，你要補充嗎？

That's correct. So I think that the guide that we put out for the remainder of our fiscal year '26 was $55 million to $65 million, depending on the timing of the completion of some of these items and when the capital was purchased. But we've been very disciplined and don't expect the CapEx number to exceed that 5% of revenue. And I think history has. Demonstrated that we'll be very prudent with what we're doing, but also opportunistic to make sure we can meet the capacity requirements that are out there.

沒錯。所以我認為我們對本財年 26 年剩餘期間給出的指引是 5,500 萬到 6,500 萬美元，取決於其中一些項目完成的時間點，以及資本設備採購的時間點。但我們一直非常自律，且預期資本支出（CapEx）不會超過營收的 5%。而且我認為歷史已經證明，我們在所做的事情上會非常審慎，但同時也會把握機會，確保我們能滿足外部的產能需求。

Yeah, very clear.

好的，非常清楚。

Thank you. For my follow-up, last quarter, you spoke about how one of your competitors had exited the ARF Power GaN market. Do you believe that remains a tailwind for you throughout the second-half of this year, or has that benefit now largely been realized?

謝謝。我的追問是，上季你提到你們的一位競爭對手已退出 ARF Power GaN 市場。你認為這在今年下半年仍會是你們的順風因素，還是這項利多現在基本上已經反映完畢？

Thank you.

謝謝。

So the benefit has not been realized and it won't if if there is a benefit, right, if there is so it hasn't been realized yet, it won't happen in '26.

所以這個效益尚未實現，而且如果有任何效益的話，它也不會在 26 年發生。

The revenue will start to shine through in '27. And the reason for that is, as we see some of the customers pivot and engage MACOM on new platforms.

營收將在 27 年開始顯現。原因是，當我們看到部分客戶轉向並在新平台上與 MACOM 接洽時。

It takes time for those design wins to translate into revenue. So it's really, I would say, best case, a back half of '27 contribution. And.

這些設計導入（design wins）需要時間才能轉化為營收。所以我會說，最好的情況下，是在 27 年下半年開始貢獻。並且。

As that competitor exited the market, they put in place last time buys, they built inventory for customers, they're doing it very responsibly. So really what we're intersecting is new programs and new opportunities as opposed to existing programs that are in flight or in production.

由於那位競爭對手退出市場，他們安排了最後一次採購（last time buys），為客戶建立庫存，他們做得非常負責任。因此我們真正切入的是新專案與新機會，而不是那些正在進行中或已在量產的既有專案。

Vivek Arya, Bank of America Securities.

Vivek Arya，美國銀行證券（Bank of America Securities）。

Hi, thank you for taking the question. This is Duxan Zhang on behalf of Vivek, and congrats on the results as well.

嗨，謝謝讓我提問。我是 Duxan Zhang，代表 Vivek 發言，也恭喜你們的業績表現。

A follow-up on earlier gross margin question. And clearly, you said you're investing a lot in incremental capacity.

延續先前關於毛利率的問題。很明顯你們說正在大量投資於增量產能。

At the same time, you're really scaling a lot in volume and you're improving yields. So I just wanted to know the puts and takes into what really goes inside gross margin medium to long-term as you're already at that target model level.

同時，你們的出貨量也在大幅放大，良率也在提升。所以我想了解的是，當你們已經達到那個目標模型水準時，中長期毛利率內部真正的拉抬與壓抑因素（puts and takes）有哪些？

Thank you.

謝謝。

Not sure if we've put a target model out there, but definitely been working to try and improve our gross margin.

我不確定我們是否對外提出過目標模型，但我們確實一直在努力改善毛利率。

As I've stated previously, there's a lot of moving pieces that contribute to the gross margin. We've got some of the normal costs that are out there, including labor, facility costs, equipment depreciation, those types of things, as well as material costs that's all working its way through our gross margin.

如我先前所說，影響毛利率的因素有很多變動項。我們有一些常見成本，包括人力、廠房成本、設備折舊等這類項目，以及材料成本，這些都會逐步反映在我們的毛利率中。

We've been pleased with the progress we've made over the past few quarters. And as we look out to the remainder of '26, look for continuing improvements on gross margin and also as we work our way through 2027.

我們對過去幾季取得的進展感到滿意。展望 26 年剩餘期間，毛利率可望持續改善，並且在我們走向 2027 年的過程中也會持續改善。

Got it.

了解。

And then more of a longer-term question. So obviously, fiscal '26 is really looking exceptional.

接著是一個較長期的問題。很明顯，26 財年看起來非常出色。

As we look into '27, and I think a lot of the.

當我們看向 27 年時，我認為很多。

Same drivers should relatively remain, so the 1.6G transition, the 200G PDs and et cetera.

相同的驅動因素應該會相對持續，例如 1.6G 的轉換、200G PD 等等。

So do you see any other potential risks that would lead to results otherwise? So for example, I think.

那麼你們是否看到任何其他潛在風險，可能導致結果不如預期？例如，我想。

An earlier question to supply availability, maybe some component cost increase or any quarterly lumpiness or just your customer exposure mix. Any help in understanding how next year should be helpful.

先前有人問到供應可得性，也許某些元件成本上升、或季度間的波動（lumpiness）、或是你們的客戶曝險組合。若能協助我們理解明年可能的情況會很有幫助。

Thank you.

謝謝。

Thank you. And I think yes to all of those elements that you described, that those are things we deal with on a regular basis. That's.

謝謝。我想你提到的那些因素答案都是肯定的；這些都是我們日常會面對的事情。這也是。

Also why we're always hesitant to talk about long-term targets and growth because there's a lot of variables that are outside of our control.

也是為什麼我們總是對談論長期目標與成長保持謹慎，因為有很多變數不在我們的控制範圍內。

But that said, we are in a position where we have, as I mentioned on my script, we're in the right place at the right time with a great product portfolio and we have a lot of interest across the three markets. So we do expect our fiscal '27.

但即便如此，我們目前所處的位置是——如我在講稿中提到的——我們在對的時間點站在對的位置，擁有很強的產品組合，而且在三個市場都有很高的興趣。因此我們確實預期我們的 27 財年。

To be a strong year. And we don't think that this is this growth we're seeing in this quarter, a one-time event. We expect to see solid growth in 2027. I think it's the normal list of risks that you brought up.

會是強勁的一年。我們不認為本季看到的成長是一次性的事件。我們預期 2027 年將看到穩健成長。我想就是你提到的那份常見風險清單。

There's always geopolitical, supply chain type issues that you have to deal with.

總是會有地緣政治、供應鏈等議題需要面對。

And we think we do that reasonably well. So that's also, of course, offset by new growth opportunities. And the defense market right now is very active, not only here in the US, but also overseas.

而我們認為我們處理得相當不錯。所以這些當然也會被新的成長機會所抵銷。而目前國防市場非常活躍，不僅在美國，也在海外。

We have a growing customer base in Europe.

我們在歐洲的客戶基礎正在擴大。

When we were looking at our recent growth rates between North American and European defense customers.

當我們檢視近期北美與歐洲國防客戶的成長率時。

They're both growing at the same rate. We were very pleased to see that. So the Europeans are spending more money on electronics and defense systems, and we're participating in that. So that's certainly going to help next year.

兩者的成長速度相同。我們很高興看到這點。因此歐洲在電子與國防系統上的支出增加，而我們也參與其中。這肯定會對明年有所幫助。

The Data Center, we're not expecting a slowdown. The hyperscale has continued to invest. That's clear. And on the Telecom side, we're well positioned in SATCOM to have a very strong year in our fiscal '27.

資料中心方面，我們不預期會放緩。超大規模客戶（hyperscale）持續投資，這很明顯。至於電信方面，我們在衛星通訊（SATCOM）領域具備良好布局，有望在 27 財年表現非常強勁。

Thank you. And there are no further questions in the queue at this time. I will now turn the call back over to Mr. Daly for any closing comments.

謝謝。目前隊列中沒有其他問題。我現在把電話交回給 Daly 先生，請他做結語。

Thank you. In closing, I would like to thank all of our dedicated and talented employees who made these results possible. Have a nice day.

謝謝。最後，我要感謝所有敬業且才華洋溢的員工，正是他們讓這些成果成為可能。祝各位有美好的一天。

That does conclude our conference call today.

我們今天的電話會議到此結束。

Thank you for your participation, and you may now disconnect.

感謝各位的參與，現在可以掛線。