Magnachip Semiconductor Corp (MX) 2026 Q2 法說會逐字稿

(audio in progress) note that today's conference may be recorded.

(音訊進行中) 請注意，今天的電話會議可能會被錄音。

I will now hand the conference over to your first speaker today, Mike Bishop of Investor Relations. Please go ahead.

我現在把電話會議交給今天的第一位講者——投資人關係部的 Mike Bishop。請開始。

Thank you. Hello, everyone, and thank you for joining us to discuss Magnachip's financial results for the second quarter ended June 30, 2026.

謝謝。各位好，感謝各位加入我們，一同討論 Magnachip 截至 2026 年 6 月 30 日止第二季的財務業績。

The second quarter earnings release that was issued today after the market closed can be found on the company's Investor Relations website. The webcast replay of today's call will be archived on our website shortly afterwards.

公司於今日收盤後發布的第二季財報新聞稿，可在公司投資人關係網站上查閱。今天電話會議的網路直播重播也將於稍後在我們的網站上存檔。

Joining me today are Camillo Martino, Magnachip's Chairman; recently appointed CEO, Chae Lee; and Shin Young Park, our Chief Financial Officer. We will discuss the company's recent operating performance and business overview, followed by a review of the financial results for the quarter and provide guidance for the third quarter of 2026. There will be a Q&A session following the prepared remarks.

今天與我一同出席的有 Magnachip 董事長 Camillo Martino；新近任命的執行長 Chae Lee；以及我們的財務長 Shin Young Park。我們將討論公司近期的營運表現與業務概況，接著回顧本季財務結果，並提供 2026 年第三季的展望指引。在事先準備的發言結束後，將進行問答環節。

During the course of this conference call, we may make forward-looking statements about Magnachip's business outlook and expectations. Our forward-looking statements and all other statements that are not historical facts reflect our beliefs and predictions as of today and therefore, are subject to risks and uncertainties as described in the safe harbor statement found in our SEC filings. Such statements are based on information available to the company as of the date hereof and are subject to change for future developments. Except as otherwise required by law, the company does not undertake any obligation to update these statements.

在本次電話會議過程中，我們可能會就 Magnachip 的業務前景與預期發表前瞻性陳述。我們的前瞻性陳述以及所有非歷史事實之陳述，均反映我們截至今日的信念與預測，因此可能受到風險與不確定性影響，相關內容已於我們向美國證券交易委員會（SEC）申報文件中的安全港聲明（safe harbor statement）中說明。此類陳述係基於公司截至本日可得之資訊，並可能因未來發展而變更。除法律另有規定外，公司不承擔更新此等陳述之任何義務。

During the call, we'll also discuss non-GAAP financial measures. These non-GAAP financial measures are not prepared in accordance with generally accepted accounting principles, but are intended as supplemental measures of Magnachip's operating performance that may be useful to investors. A reconciliation of the non-GAAP financial measures to the most directly comparable GAAP measures can be found in our second quarter earnings release in the Investor Relations section of our website.

在本次電話會議中，我們也將討論非 GAAP 財務衡量指標。這些非 GAAP 財務衡量指標並非依一般公認會計原則編製，而是作為 Magnachip 營運表現的補充性衡量指標，可能對投資人有所助益。非 GAAP 財務衡量指標與最直接可比之 GAAP 指標的調節表，可在我們投資人關係網站之第二季財報新聞稿中查閱。

And with that, I'll now turn the call over to Camillo Martino. Camillo?

接下來，我把電話交給 Camillo Martino。Camillo？

Thank you, Mike, and good afternoon, everyone. Before discussing the quarter, I'd like to take a moment to welcome Chae Lee to his first earnings call as Chief Executive Officer of Magnachip. On behalf of our Board of Directors, I want to say how pleased we are to have Chae leading our company. The Board conducted an extensive search for this new CEO position, and Chae distinguished himself through his deep experience in power semiconductors, his proven track record of building successful businesses and his vision for where Magnachip can create value over the longer term.

謝謝你，Mike，各位下午好。在討論本季之前，我想先花一點時間歡迎 Chae Lee 以 Magnachip 執行長身分首次參與財報電話會議。我代表董事會表示，我們非常高興由 Chae 來領導公司。董事會針對新任執行長職位進行了廣泛的遴選，而 Chae 憑藉其在功率半導體領域的深厚經驗、打造成功事業的卓越實績，以及對 Magnachip 長期創造價值方向的願景而脫穎而出。

Over the past several months, we've taken important steps to reposition Magnachip as a pure-play power semiconductor company. We believe Chae is the right leader to build on that foundation, accelerate our product strategy and strengthen our competitive position through differentiated solutions. Having known Chae for nearly three years now and also having worked closely with him for over the past month, I have been impressed by the speed with which he has immersed himself in the business and also the way he has engaged with our employees and customers and also established clear priorities for the future. The Board has great confidence in his leadership, and I look forward to continue working closely with Chae as the Chairman of the company.

在過去幾個月，我們採取了重要措施，將 Magnachip 重新定位為專注於功率半導體的純粹型公司（pure-play）。我們相信 Chae 是合適的領導者，能在此基礎上加速我們的產品策略，並透過差異化解決方案強化競爭地位。我認識 Chae 近三年，且在過去一個多月與他密切合作，我對他迅速深入了解業務的速度、與員工及客戶互動的方式，以及為未來建立清晰優先事項的作法印象深刻。董事會對他的領導力充滿信心，而我也期待以公司董事長身分，繼續與 Chae 緊密合作。

With that, it is my pleasure to introduce Magnachip's Chief Executive Officer, Chae Lee.

接下來，我很高興介紹 Magnachip 的執行長 Chae Lee。

Thank you, Camillo. Good afternoon, everyone, and thank you for joining us today.

謝謝你，Camillo。各位下午好，感謝各位今天加入我們。

It is an honor to speak with you for the first time as Chief Executive Officer of Magnachip. Although I officially joined the company just a month ago, it feels as though I've been here much longer. During that time, I spent my days listening and learning, meeting with our engineering teams, speaking with employees across the organization, reviewing our technology road map and engaging with customers. What has impressed me the most is the quality of our people. Magnachip has talented engineers, deep process technology expertise and efficiently managed manufacturing operations and long-standing strategic relationship with many market-leading customers. These are important strengths that provide a solid foundation for future growth.

能夠首次以 Magnachip 執行長身分與各位交流，我深感榮幸。雖然我正式加入公司才一個月，但感覺好像已在這裡更久。在這段期間，我每天都在傾聽與學習，與工程團隊會面，與組織各部門員工交流，檢視我們的技術藍圖（road map），並與客戶互動。最令我印象深刻的是我們人才的素質。Magnachip 擁有優秀的工程師、深厚的製程技術專長、管理高效率的製造營運，以及與多家市場領先客戶長期建立的策略合作關係。這些都是重要優勢，為未來成長提供了堅實基礎。

At the same time, I recognize that our recent financial performance has not reflected the strength of those assets. Our shareholders have been patient, and they rightly expect better execution and improved results. And my focus is to deliver on those results. One of the things that attracted me to Magnachip was the work already underway to reposition the company as a pure play power semiconductor company. I want to thank Camillo, the Board and the management team for the important progress they have made over the past several months.

同時，我也認知到我們近期的財務表現並未反映這些資產的實力。我們的股東一直很有耐心，他們也理所當然期待更好的執行力與更佳的成果。而我的重點就是要交付這些成果。吸引我加入 Magnachip 的原因之一，是公司已著手將自身重新定位為專注於功率半導體的純粹型公司（pure-play）。我要感謝 Camillo、董事會以及管理團隊在過去幾個月所取得的重要進展。

Rather than changing direction, my objective is to build on that foundation and accelerate our pace of innovation and execution. As I think about the future of Magnachip, one idea stands above all others. Our goal is to transition from being a follower to becoming a leader.

我不打算改變方向，而是要在此基礎上持續深化，並加快創新與執行的步伐。當我思考 Magnachip 的未來時，有一個想法凌駕於其他一切之上。我們的目標是從追隨者轉型為領導者。

I believe we have the capability to drive innovation, launch differentiated technology and become a stronger player in power semiconductor industry. That does not necessarily mean becoming the largest company in every market we serve. Rather, it means developing differentiated products that solve meaningful customer problems, creating solutions that customers actively seek out and competing on innovation instead of price alone.

我相信我們具備推動創新的能力，能推出差異化技術，並在功率半導體產業中成為更強的參與者。這不一定意味著要在我們服務的每個市場都成為最大公司。相反地，這代表要開發能解決客戶關鍵痛點的差異化產品，打造客戶會主動尋求的解決方案，並以創新而非僅以價格來競爭。

Much of today's power semiconductor market, particularly for legacy products has become increasingly commoditized. Competing primarily on price is not a sustainable strategy, especially in today's environment. Instead, we intend to focus our resources and products that offer greater differentiation, deliver higher customer value and generate stronger long-term profitability.

當今的功率半導體市場，特別是針對傳統產品（legacy products），正日益商品化。主要以價格競爭並非可持續的策略，尤其在當前環境下更是如此。因此，我們打算將資源聚焦於具更高差異化的產品，提供更高的客戶價值，並創造更強的長期獲利能力。

Our marketing and engineering organizations are already moving in that direction. While I cannot discuss specific products today, we are actively developing differentiated application-specific solutions that leverage our strength in power semiconductor technology to solve customer problems that are not adequately addressed by standard commodity products.

我們的行銷與工程組織已經朝著那個方向前進。雖然我今天無法討論具體產品，但我們正積極開發具差異化的特定應用解決方案，運用我們在功率半導體技術方面的優勢，來解決標準大宗商品化產品無法充分滿足的客戶問題。

There is a renewed sense of purpose throughout the organization, and our teams are energized by the opportunity to develop industry-leading products that create meaningful value for our customers. Of course, this transformation will not happen overnight. But we are well on our way from being a follower to becoming a leader.

整個組織重新燃起使命感，我們的團隊也因有機會開發業界領先、能為客戶創造實質價值的產品而備受鼓舞。當然，這項轉型不會一蹴可幾。但我們正穩步從追隨者邁向領導者。

To accelerate that journey, last week, we announced a strategic partnership with Navitas Semiconductor that advances two key pillars of our growth strategy: technology expansion and strategic partnerships. Under the agreement, we will license Navitas' proven GeneSiC, Gen 4, Gen 5 technology covering 1,200-volt, 2,300-volt, 3,300-volt and higher voltage applications while also gaining access to its established silicon carbide supply chain ecosystem.

為了加速這段旅程，上週我們宣布與 Navitas Semiconductor 建立策略合作夥伴關係，推進我們成長策略的兩大關鍵支柱：技術擴展與策略合作。依據協議，我們將授權使用 Navitas 經驗證的 GeneSiC 第 4 代、第 5 代技術，涵蓋 1,200 伏、2,300 伏、3,300 伏及更高電壓應用，同時也將取得其既有的碳化矽供應鏈生態系的資源。

This partnership provides Magnachip with a capital-efficient path to accelerate our entry into the high-voltage and ultra-high-voltage silicon carbide market. We plan to port, qualify, and ultimately manufacture those products in our fab in Korea, leveraging our manufacturing expertise to accelerate commercialization and support long-term growth.

此合作為 Magnachip 提供一條資本效率更高的途徑，以加速我們切入高電壓與超高電壓碳化矽市場。我們計畫在韓國的晶圓廠進行技術移轉、認證，並最終量產這些產品，運用我們的製造專長加速商業化並支援長期成長。

We believe this partnership will significantly expand our addressable market and strengthen our ability to serve customers in energy and grid infrastructure, industrial electrification, automotive, renewable energy and other high-power applications. It also positions Magnachip to participate in some of the fastest-growing and highest value segments of the silicon carbide power semiconductor market.

我們相信此合作將大幅擴大我們的可服務市場，並強化我們服務能源與電網基礎設施、工業電氣化、汽車、再生能源及其他高功率應用客戶的能力。同時也讓 Magnachip 得以參與碳化矽功率半導體市場中成長最快、價值最高的一些細分領域。

Strategically, this partnership brings together Navitas' industry's proven silicon carbide technology with Magnachip's expertise in silicon IGBT and MOSFET technologies and advanced manufacturing capabilities. Together, these complementary strengths create a strong foundation for future innovation across a broad range of power semiconductor solutions, accelerate our technology road map, expand our market opportunity, strengthen our competitive position and create long-term value for our shareholders.

在策略層面，此合作結合了 Navitas 經業界驗證的碳化矽技術，以及 Magnachip 在矽 IGBT 與 MOSFET 技術與先進製造能力方面的專長。這些互補優勢共同為廣泛的功率半導體解決方案未來創新奠定堅實基礎，加速我們的技術藍圖，擴大市場機會，強化競爭地位，並為股東創造長期價值。

Turning now to our quarterly results. Our second quarter performance reflects our heavy dependence on legacy products with limited differentiation. While pricing pressure in our legacy product portfolio will continue for some time, we are also starting to see strength from our recently introduced new generation products that carry higher margins. While it's still early, we believe this is an encouraging sign that our product strategy is beginning to gain traction.

接下來談我們的季度業績。我們第二季的表現反映出我們對差異化有限的傳統產品高度依賴。雖然我們傳統產品組合的價格壓力仍將持續一段時間，但我們也開始看到近期推出、具較高毛利的新一代產品展現強勁動能。雖然目前仍在早期階段，我們認為這是令人鼓舞的訊號，顯示我們的產品策略正開始取得進展。

As we look ahead, our priorities are straightforward and remain aligned with the six strategic pillars Camillo described on prior calls. Our highest priority is disciplined R&D execution while continuing to develop innovative, differentiated solutions. While we still have significant work ahead, we believe these early results reinforce that we are moving in the right direction.

展望未來，我們的優先事項很明確，並持續與 Camillo 在先前電話會議中所描述的六大策略支柱保持一致。我們的最高優先事項是以紀律落實研發執行，同時持續開發創新且具差異化的解決方案。雖然前方仍有大量工作要做，但我們相信這些初步成果再次印證我們正朝正確方向前進。

I am excited about the opportunities ahead. Magnachip has talented people, valuable technology and a clear opportunity to strengthen its competitive position with differentiated products over time. While there is important work ahead, I am confident we are building the right foundation for the company's next chapter and for creating sustainable long-term value for our shareholders.

我對未來的機會感到振奮。Magnachip 擁有優秀的人才、寶貴的技術，並具備隨時間以差異化產品強化競爭地位的明確機會。雖然前方仍有重要工作要完成，但我有信心我們正在為公司下一個篇章，以及為股東創造可持續的長期價值，建立正確的基礎。

With that, I'll turn the call over to our Chief Financial Officer, Shin Young Park, to review our financial results and provide current quarter outlook.

接下來，我將把電話會議交給我們的財務長朴信榮（Shin Young Park），請他回顧我們的財務結果並提供本季展望。

Thank you, Chae, and welcome, everyone. Let me begin with our key financial results for Q2. Total Q2 consolidated revenue from continuing operations, which includes Power Analog Solutions and Power IC was $44.7 million, within the guidance range of $44.5 million to $48.5 million.

謝謝你，Chae，也歡迎各位。我先從我們第二季的主要財務結果開始。第二季來自持續營運的合併總營收（包含 Power Analog Solutions 與 Power IC）為 4,470 萬美元，落在我們 4,450 萬至 4,850 萬美元的財測區間內。

Revenue was down 6.1% year-over-year and down 3.3% sequentially compared to $47.6 million in Q2 2025 and $46.2 million in Q1 2026. Year-over-year revenue decline was primarily driven by weaker demand for our legacy products, resulting from intensified pricing competition. Sequentially, revenue declined mainly due to seasonal softness in the Communication segment. As we noted last quarter, Q1 revenue was stronger than typical seasonality, benefiting from a onetime sales incentive program to reduce channel inventory levels.

營收較去年同期下滑 6.1%，較前一季下滑 3.3%；相較之下，2025 年第二季為 4,760 萬美元，2026 年第一季為 4,620 萬美元。年對年營收下滑主要由於傳統產品需求轉弱，原因是價格競爭加劇。就季對季而言，營收下滑主要是因通訊（Communication）事業部門的季節性疲弱。如同我們上季所提到，第一季營收高於一般季節性水準，受惠於一次性的銷售獎勵方案，以降低通路庫存水位。

In Q2, consolidated gross profit margin from continuing operations improved to 19.3%, exceeding the high end of our guidance range of 17% to 19%. This compares with 20.4% in Q2 2025 and 15.6% in Q1 2026. The year-over-year decline in gross profit margin was primarily attributable to an unfavorable product mix, driven mainly by ASP erosion, particularly in China. Sequentially, gross profit margin improved primarily due to the one quarter lag benefit from higher utilization rate in Q1 2026.

第二季，來自持續營運的合併毛利率提升至 19.3%，高於我們 17% 至 19% 財測區間的上緣。相較之下，2025 年第二季為 20.4%，2026 年第一季為 15.6%。年對年毛利率下滑主要歸因於不利的產品組合，主要由 ASP（平均售價）下滑所致，尤其是在中國。就季對季而言，毛利率改善主要是受惠於 2026 年第一季較高稼動率所帶來的一季落後效益。

Moving to operating expenses. SG&A expense was $8.7 million in Q2 compared with $9 million in Q2 2025 and $7.7 million in Q1 2026. Stock-based compensation included in SG&A was $0.8 million in Q2 compared with $0.8 million in Q2 2025 and $0.6 million in Q1 2026.

接著談營業費用。第二季 SG&A（銷售、一般及行政）費用為 870 萬美元，相較 2025 年第二季為 900 萬美元、2026 年第一季為 770 萬美元。SG&A 中包含的股票基礎薪酬第二季為 80 萬美元，相較 2025 年第二季為 80 萬美元、2026 年第一季為 60 萬美元。

R&D expense was $7.9 million in Q2 compared with $6.5 million in Q2 2025 and $6.7 million in Q1 2026. The year-over-year and sequential increase primarily reflects the timing of continued investment in our new-generation product development activities. As we mentioned on our prior earnings call, we remain on track to deliver our target of 55 new-generation products in 2026.

第二季研發（R&D）費用為 790 萬美元，相較 2025 年第二季為 650 萬美元、2026 年第一季為 670 萬美元。年對年與季對季的增加主要反映我們持續投資新一代產品開發活動的時點因素。如同我們在先前法說會提到的，我們仍按計畫在 2026 年達成推出 55 項新一代產品的目標。

Before turning to our non-GAAP results, please note that our GAAP financial results are available in our Form 8-K filing with our second quarter earnings release. Our non-GAAP results are as follows. Adjusted operating loss was $7 million in Q2 compared with a loss of $4.8 million in Q2 2025 and a loss of $6.5 million in Q1 2026. Adjusted EBITDA was negative $4.2 million in Q2 compared with negative $1.5 million in Q2 2025 and negative $3.6 million in Q1 2026. The quarter-over-quarter decline in our non-GAAP results was primarily driven by higher operating expenses such as SG&A and R&D expenses as discussed earlier.

在轉到我們的非 GAAP 結果之前，請注意我們的 GAAP 財務結果已在提交的 Form 8-K 文件中，並隨第二季財報新聞稿一併提供。我們的非 GAAP 結果如下。第二季調整後營業損失為 700 萬美元，相較 2025 年第二季損失 480 萬美元、2026 年第一季損失 650 萬美元。第二季調整後 EBITDA 為負 420 萬美元，相較 2025 年第二季為負 150 萬美元、2026 年第一季為負 360 萬美元。我們非 GAAP 結果的季對季下滑主要由較高的營業費用所致，例如前述的 SG&A 與研發費用增加。

Q2 non-GAAP diluted loss per share was $0.13 compared to a loss per share of $0.05 in Q2 2025 and a loss per share of $0.11 in Q1 '26. Weighted average non-GAAP diluted shares outstanding for the quarter were 36.5 million compared to 36.1 million in Q2 2025 and 36.4 million in Q1 2026.

第二季非 GAAP 稀釋後每股虧損為 0.13 美元，較 2025 年第二季每股虧損 0.05 美元及 2026 年第一季每股虧損 0.11 美元為高。本季加權平均非 GAAP 稀釋後流通股數為 3,650 萬股，較 2025 年第二季的 3,610 萬股及 2026 年第一季的 3,640 萬股增加。

Moving to the balance sheet. We ended Q2 with cash of $87.9 million compared to $94.6 million at the end of Q1. The decrease was primarily driven by operating cash outflows and $1.3 million of capital expenditures. At the end of Q2, total borrowings were $41.5 million, including $15.6 million of the equipment loan. During the quarter, we established a $50 million at-the-market offering program, which provides us with additional financial flexibility if and when we choose to utilize it in the future.

接著看資產負債表。我們在第二季末的現金為 8,790 萬美元，較第一季末的 9,460 萬美元下降。下降主要是由於營運現金流出以及 130 萬美元的資本支出。第二季末，總借款為 4,150 萬美元，其中包含 1,560 萬美元的設備貸款。本季我們建立了一項 5,000 萬美元的按市價發行（ATM）計畫，若且當我們未來選擇使用時，將為我們提供額外的財務彈性。

Now moving to our third quarter '26 guidance. While actual results may vary, for Q3 2026, we currently expect consolidated revenue from continuing operations, which includes Power Analog Solutions and Power IC businesses to be in the range of $41.5 million to $45.5 million, a decrease of 2.7% sequentially and down 5.2% year-over-year at the midpoint. This compares with $44.7 million in Q2 '26 and $45.9 million in Q3 2025.

接下來說明我們 2026 年第三季的指引。雖然實際結果可能有所差異，但就 2026 年第三季而言，我們目前預期持續營運的合併營收（包含 Power Analog Solutions 與 Power IC 業務）將介於 4,150 萬至 4,550 萬美元之間；以中位數計，季減 2.7%，年減 5.2%。相較之下，2026 年第二季為 4,470 萬美元，2025 年第三季為 4,590 萬美元。

Consolidated gross profit margin from continuing operations to be in the range of 17% to 19% compared with 19.3% in Q2 2026 and 18.6% in Q3 2025. The sequential decline is primarily due to an unfavorable product mix.

持續營運的合併毛利率預計介於 17% 至 19% 之間，相較 2026 年第二季的 19.3% 以及 2025 年第三季的 18.6%。毛利率的季減主要是由於不利的產品組合。

I would like to provide some additional context behind our Q3 guidance. We continue to see healthy demand for our Low Voltage BatteryFET product line for mobile products.

我想就我們第三季指引提供一些補充背景。我們持續看到行動產品對我們低電壓 BatteryFET 產品線的需求維持健康。

Nevertheless, we expect third quarter revenue to decline sequentially due to three near-term factors. Firstly, packaging constraints in our supply chain that are limiting our ability to fully satisfy demand. Secondly, our customers' volumes in certain custom applications are lower than their earlier plans. And finally, an unfavorable product mix resulting from continued pricing pressure on our legacy products. While these factors will affect our third quarter results, we remain focused on executing our multiyear portfolio transformation and increasing the contribution from differentiated new generation products, which we believe will strengthen our competitive position and support improved financial performance over time.

然而，我們預期第三季營收將因三項短期因素而較前一季下滑。第一，供應鏈中的封裝產能限制，正限制我們完全滿足需求的能力。第二，我們客戶在某些客製化應用的出貨量低於其先前規劃。最後，由於我們傳統產品持續面臨價格壓力，導致產品組合不利。雖然這些因素將影響第三季表現，我們仍專注於執行多年期的產品組合轉型，並提高具差異化的新一代產品貢獻；我們相信這將強化競爭地位，並隨時間推進支持財務表現改善。

We continue to expect new generation products to contribute at least 10% of our revenue in fourth quarter of 2026 compared with approximately 2% for full year 2025. Looking ahead, the lower fab utilization in Q3 resulting from the planned electrical substation upgrade is expected to have a one-quarter lag effect on gross margin. As a result, we currently expect Q4 gross margin to decline slightly from Q3.

我們仍預期 2026 年第四季新一代產品對營收的貢獻至少達到 10%，相較之下 2025 年全年約為 2%。展望未來，第三季因規劃中的電力變電站升級而導致晶圓廠稼動率較低，預期將對毛利率產生一季的遞延影響。因此，我們目前預期第四季毛利率將較第三季小幅下滑。

Thank you. I'll now turn the call over to Chae for his final remarks. Chae?

謝謝。接下來我把電話交給 Chae，請他做最後的結語。Chae？

Thank you, Shin Young. The financial results we reported today reflect the company that is still in the early stages of our transition. While we delivered results within our guidance, there is still significant work ahead to improve our financial performance. We are not satisfied with where we are today, although I am encouraged by what I have seen during my first month at Magnachip and our recent partnerships with Navitas. We have a talented team, a focused strategy and a product road map that I believe can ultimately lead the industry.

謝謝你，Shin Young。我們今天公布的財務結果反映出公司仍處於轉型的早期階段。雖然我們的結果落在指引範圍內，但要改善財務表現仍有大量工作要做。我們對目前的狀況並不滿意，不過我對加入 Magnachip 的第一個月所見，以及我們近期與 Navitas 的合作關係感到鼓舞。我們擁有一支有才華的團隊、聚焦的策略與產品藍圖，我相信最終能引領產業。

Our priorities are clear: execute with discipline, develop differentiated products that create greater value for our customers and steadily improve our financial performance. We understand that ultimately, we will be judged by our results, and we are committed to earning the confidence of our shareholders through consistent execution.

我們的優先事項很明確：以紀律執行、開發具差異化且能為客戶創造更大價值的產品，並穩健提升財務表現。我們理解最終市場將以成果評斷我們，我們承諾透過持續一致的執行來贏得股東的信心。

With that, operator, we would now be happy to take your questions.

接下來，接線員，我們很樂意回答各位的提問。

Thank you. (Operator Instructions) And it appears there are no questions in the queue at this time. I will now turn the call back over to Mike Bishop.

謝謝。（接線員指示）目前看起來隊列中沒有提問。我現在把電話交回給 Mike Bishop。

Thank you, everyone, for participating on our call today. We appreciate your support. And with that, this concludes the call. Operator?

謝謝各位今天參與我們的電話會議。我們感謝各位的支持。那麼，本次電話會議到此結束。接線員？

This concludes today's conference call. Thank you for your participation, and you may now disconnect.

今天的電話會議到此結束。感謝各位的參與，您現在可以掛線。