Maxlinear Inc (MXL) 2025 Q4 法說會逐字稿

Greetings, and welcome to the MaxLinear fourth quarter 2025 earnings call. (Operator Instructions) Please note that this conference is being recorded.

大家好，歡迎參加 MaxLinear 2025 年第四季財報電話會議。（操作員說明）請注意，本次會議正在錄音。

I will now turn the conference over to our host, Leslie Green, Investor Relations. Thank you. You may begin.

現在我將把會議交給我們的主持人，投資者關係部的萊斯利·格林。謝謝。你可以開始了。

Thank you, Diego. Good afternoon, everyone, and thank you for joining us on today's conference call to discuss MaxLinear's fourth quarter 2025 financial results. Today's call is being hosted by Dr. Kishore Seendripu, CEO; and Steve Litchfield, Chief Financial Officer and Chief Corporate Strategy Officer. After our prepared comments, we will take your questions.

謝謝你，迭戈。各位下午好，感謝各位參加今天的電話會議，共同討論 MaxLinear 2025 年第四季的財務表現。今天的電話會議由執行長 Kishore Seendripu 博士和財務長兼首席企業策略長 Steve Litchfield 主持。在我們發表完準備好的發言後，我們將回答你們的問題。

Our comments today include forward-looking statements within the meaning of applicable securities laws, including statements relating to our guidance for the first quarter of 2026, including revenue, GAAP and non-GAAP gross margin, GAAP and non-GAAP operating expenses, GAAP and non-GAAP interest and other expense, GAAP and non-GAAP income taxes and basic and diluted share count.

我們今天的評論包含適用證券法意義上的前瞻性陳述，包括與我們對 2026 年第一季的指導意見相關的陳述，包括收入、GAAP 和非 GAAP 毛利率、GAAP 和非 GAAP 營業費用、GAAP 和非 GAAP 利息和其他費用、GAAP 和非 GAAP 所得稅以及基本和稀釋股份數量。

In addition, we will make forward-looking statements relating to trends, opportunities, execution of our business plan and potential growth and uncertainties in various product and geographic markets, including, without limitation, statements concerning future financial and operating results, opportunities for revenue and market share across our target markets, new products, including the timing of production and launches of such products, demand for and adoption of certain technologies and our total addressable market.

此外，我們將就各種產品和地理市場的趨勢、機會、業務計劃的執行以及潛在增長和不確定性發表前瞻性聲明，包括但不限於有關未來財務和經營業績、目標市場的收入和市場份額機會、新產品（包括此類產品的生產和發佈時間）、對某些技術的需求和採用情況以及我們總潛在市場的聲明。

These forward-looking statements involve substantial risks and uncertainties, including risks outlined in our Risk Factors section of our recent SEC filings, including our Form 10-K for the year ended December 31, 2025, which we filed today. Any forward-looking statements are made as of today, and MaxLinear has no obligation to update or revise any forward-looking statements. The fourth quarter 2025 earnings release is available in the Investor Relations section of our website at maxlinear.com.

這些前瞻性聲明涉及重大風險和不確定性，包括我們在最近提交給美國證券交易委員會的文件（包括我們今天提交的截至 2025 年 12 月 31 日止年度的 10-K 表格）的「風險因素」部分中概述的風險。所有前瞻性聲明均截至今日，MaxLinear 沒有義務更新或修改任何前瞻性聲明。2025 年第四季財報可在我們網站 maxlinear.com 的投資者關係部分查閱。

In addition, we report certain historical financial metrics, including, but not limited to, gross margin, income or loss from operations, operating expenses, interest and other expense and income tax on both a GAAP and non-GAAP basis. We encourage investors to review the detailed reconciliation of our GAAP and non-GAAP presentations in the press release available on our website.

此外，我們也會報告一些歷史財務指標，包括但不限於毛利率、營業收入或虧損、營業費用、利息和其他費用以及所得稅，包括按 GAAP 和非 GAAP 計算的指標。我們鼓勵投資人查閱我們網站上發布的新聞稿，以了解我們 GAAP 和非 GAAP 財務報表的詳細比較。

We do not provide a reconciliation of non-GAAP guidance for future periods because of the inherent uncertainty associated with our ability to project certain future changes, including stock-based compensation and its related tax effects as well as potential impairments.

由於我們預測某些未來變化的能力存在固有的不確定性，包括股票選擇權激勵及其相關稅收影響以及潛在的減值，因此我們不提供未來期間的非GAAP指引的調節表。

Non-GAAP financial measures discussed today are not meant to be considered in isolation or as a substitute for comparable GAAP financial measures. We are providing this information because management believes it is useful to investors as it reflects how management measures our business. Lastly, this call is also being webcast, and the replay will be available on our website for two- weeks.

今天討論的非GAAP財務指標不應被孤立地看待，也不應被視為可比較GAAP財務指標的替代指標。我們提供這些資訊是因為管理層認為這對投資者很有用，因為它反映了管理層如何衡量我們的業務。最後，本次電話會議也將進行網路直播，回放將在我們的網站上保留兩週。

And now let me turn the call over to Dr. Kishore Seendripu, CEO of MaxLinear. Kishore?

現在，我把電話交給 MaxLinear 的執行長 Kishore Seendripu 博士。基肖爾？

Thank you, Leslie, and wishing you all a very happy New Year and good afternoon. For MaxLinear, 2025 marked a clear inflection year with resurgent growth. We delivered 30% revenue growth year-over-year, driven by strong execution and accelerating adoption of our newest products across multiple high-growth end markets. We delivered profitability and positive cash flow ahead of plan.

謝謝你，萊斯利，祝大家新年快樂，下午好。對於 MaxLinear 而言，2025 年是一個明顯的轉捩點，公司實現了強勁的成長。在強有力的執行和我們最新產品在多個高成長終端市場加速普及的推動下，我們實現了同比增長 30% 的收入成長。我們提前實現了盈利和正現金流。

During the fourth quarter, we repurchased $20 million worth of our common stock, reflecting our confidence in our sustained growth expectations and market momentum. Bookings remain robust. Visibility continues to improve, and we are entering '26 with strong momentum across our portfolio. We are executing against a focused strategy that is working and will drive sustained strong growth in '26 and '27, investing in high-value multiyear growth markets where performance, power efficiency and integration matter most. These include data center connectivity, wireless infrastructure, storage acceleration, PON broadband access, Wi-Fi 7 and Ethernet end markets. Our infrastructure business is scaling rapidly.

第四季度，我們回購了價值 2,000 萬美元的普通股，這反映了我們對持續成長預期和市場動能的信心。預訂情況依然強勁。市場前景持續改善，我們帶著強勁的發展勢頭進入了 2026 年。我們正在執行一項重點明確的策略，該策略行之有效，並將推動 2026 年和 2027 年持續強勁增長，投資於高價值的多年增長市場，在這些市場中，性能、能源效率和整合性最為重要。這些包括資料中心連接、無線基礎設施、儲存加速、PON寬頻存取、Wi-Fi 7和乙太網路終端市場。我們的基礎設施業務正在快速擴張。

Revenue grew 30% for the full year and 76% in Q4 year-on-year, driven by strong growth in data center optical interconnects, wireless infrastructure and early but meaningful contributions from storage accelerators.

全年營收年增 30%，第四季年增 76%，這主要得益於資料中心光互連、無線基礎設施的強勁成長，以及儲存加速器早期但意義重大的貢獻。

Importantly, multiple new design wins are now entering production, positioning us to grow faster in '26 than we did in '25. In 2026, we expect to achieve a significant and exciting milestone. Our infrastructure category should emerge as the single largest contributor to our overall revenues. In high-speed data center optical interconnects, our Keystone PAM4 DSP family is now ramping at major hyperscale data centers in both the US and Asia, supporting 400-gig and 800-gig deployments, both for scale-up and scale-out applications.

重要的是，多個新的設計方案現已投入生產，這將使我們在 2026 年的成長速度比 2025 年更快。預計在 2026 年，我們將實現一個意義重大且令人振奮的里程碑。我們的基礎設施類別應該會成為我們整體收入的最大貢獻者。在高速資料中心光互連領域，我們的 Keystone PAM4 DSP 系列產品目前已在美國和亞洲的主要超大規模資料中心投入使用，支援 400G 和 800G 的部署，適用於縱向擴充和橫向擴充應用。

Additional customer ramps are expected throughout the year. Based on this improved visibility, we expect Keystone to generate about $100 million to $130 million in revenue in '26 with potential upside along with a further step function increase in run rate as we move into 2027. Power efficiency has been a defining competitive advantage for MaxLinear, and we are extending that leadership with Rushmore, our next-generation family of PAM4 TIAs and 200-gig per lane DSPs targeting 1.6 terabit interconnects.

預計全年也將增加客流量提升坡道。基於這種改善的可見性，我們預計 Keystone 在 2026 年將產生約 1 億至 1.3 億美元的收入，並且隨著我們進入 2027 年，收入還有增長潛力，運行率將進一步階躍式增長。功率效率一直是 MaxLinear 的決定性競爭優勢，我們正在透過 Rushmore 擴展這一領先地位。 Rushmore 是我們的下一代 PAM4 TIA 和每通道 200G DSP 系列，目標是 1.6Tb 互連。

Rushmore is foundational for next wave of data center optical architectures, including LRO, electrical retimers, AECs, LPOs and co-packaged optics. With Keystone validating our execution performance leadership, customer engagement for Rushmore is accelerating faster than expected. We expect Rushmore production revenue ramp starting at the end of 2026. We expect a strong showing at OFC in March this year.

Rushmore 是下一代資料中心光架構的基礎，包括 LRO、電重定時器、AEC、LPO 和共封裝光學元件。Keystone 驗證了我們在執行績效方面的領先地位，Rushmore 的客戶參與度正在以超出預期的速度成長。我們預計 Rushmore 的製作收入將於 2026 年底開始成長。我們預計今年三月在OFC比賽中會有出色表現。

Also, cloud data centers are now deploying 10-gigabit XGS-PON as a robust dedicated fail-proof control plane conduit for managing high-speed data traffic between data centers. In Q4, we secured our first PON data center design win addressing this application with a major Tier 1 US OEM provider to Tier 1 data centers in this next-generation design.

此外，雲端資料中心現在正在部署 10 千兆 XGS-PON 作為強大的專用防故障控制平面通道，用於管理資料中心之間的高速資料流量。第四季度，我們獲得了第一個 PON 資料中心設計訂單，該訂單是為美國一家主要的 Tier 1 OEM 供應商提供的下一代設計，旨在為 Tier 1 資料中心提供解決方案。

Recently, we also won analog serial transceiver and bridge interface designs for rack management in AI servers at two major US data centers. This is further evidence of how MaxLinear's broad and deep technology portfolio comprising optical interconnect storage accelerators, PON and analog offerings is growing inside the AI data center.

最近，我們也贏得了美國兩家大型資料中心人工智慧伺服器機架管理的類比串列收發器和橋接介面設計專案。這進一步證明了 MaxLinear 廣泛而深入的技術組合（包括光互連儲存加速器、PON 和類比產品）在 AI 資料中心的發展壯大。

Within infrastructure, our Panther hardware storage accelerator SoC family continues to gain design win traction with Tier 1 network appliance and cloud service providers. Ongoing storage and hybrid memory constraints for AI scale-up and compute are reinforcing the value of Panther's hardware-based compression, high throughput and ultra-low latency memory data access.

在基礎設施領域，我們的 Panther 硬體儲存加速器 SoC 系列產品持續獲得一級網路設備和雲端服務供應商的青睞，贏得了許多設計訂單。AI 擴展和運算持續面臨儲存和混合記憶體限制，這凸顯了 Panther 基於硬體的壓縮、高吞吐量和超低延遲記憶體資料存取的價值。

In Q3, Q4, we started sampling Panther 5 to leading customers and our partners, including Advanced Micro Devices or AMD. Panther 5 delivers unprecedented ultra-low latency at 450 gigabits per second throughput and PCIe Gen 5 connectivity. Based on our engagements, we expect strong accelerator revenue to at least double in 2026 versus 2025 and potentially again in 2027. In wireless infrastructure, increasing carrier CapEx spending is expected to drive sustained demand through 2026 and beyond as the need for cloud and edge AI functionality continues to grow.

在第三季和第四季，我們開始向主要客戶和合作夥伴（包括 Advanced Micro Devices 或 AMD）提供 Panther 5 的樣品。Panther 5 提供前所未有的超低延遲，吞吐量高達每秒 450 吉比特，並支援 PCIe Gen 5 連線。根據我們的參與情況，我們預計 2026 年強勁加速器收入將比 2025 年至少翻一番，並且 2027 年可能再次翻倍。在無線基礎設施領域，隨著對雲端和邊緣人工智慧功能的需求持續增長，營運商資本支出的增加預計將推動需求持續增長至 2026 年及以後。

Additionally, our Sierra 5G wireless access single-chip radio SoC and our millimeter wave and microwave backhaul transceivers and modems are seeing robust OEM customer design-in activity and deployments in multiple Tier 1 carriers are going as per plan.

此外，我們的 Sierra 5G 無線存取單晶片無線電 SoC 以及毫米波和微波回程收發器和數據機在 OEM 客戶設計導入方面表現出強勁的勢頭，並且在多家一級運營商中的部署也按計劃進行。

Moving to broadband and connectivity. We delivered another strong revenue quarter across fiber PON, cable DOCSIS and Wi-Fi, driven by the early increases in service provider CapEx spend and continued booking strength and incremental demand. In Q4, we began the large-scale deployment of our single-chip fiber PON and 10-gigabit processor gateway SoC plus tri-band Wi-Fi 7 solution with a second major Tier 1 North American carrier. This was a significant competitive win that expands content per box, fiber PON revenue and market share in 2026.

邁向寬頻和網路連線時代。在服務提供者資本支出早期增加、持續強勁的預訂量和不斷增長的需求推動下，我們在光纖 PON、有線 DOCSIS 和 Wi-Fi 領域又實現了強勁的收入季度。第四季度，我們開始與北美第二家主要一級營運商大規模部署我們的單晶片光纖 PON 和 10 千兆處理器網關 SoC 以及三頻 Wi-Fi 7 解決方案。這是一場意義重大的競爭勝利，將擴大每個機上盒的內容、光纖 PON 收入和 2026 年的市場份額。

In cable broadband, after a strong 2025, we expect a seasonally soft first half and cable revenue to be down in '26 as the industry transitions and pending a multiyear DOCSIS 4 upgrade cycle starting at the end of 2026. Additionally, in the stand-alone Ethernet market, we expect 2026 to be strong as our 2.5 gigabit Ethernet switch and PHY portfolio expands into commercial, enterprise and industrial applications.

在有線寬頻領域，在經歷了強勁的 2025 年後，我們預計上半年將出現季節性疲軟，並且隨著行業轉型以及從 2026 年底開始的多年 DOCSIS 4 升級週期，2026 年有線寬頻收入將會下降。此外，在獨立乙太網路市場，我們預計 2026 年將表現強勁，因為我們的 2.5 千兆乙太網路交換器和 PHY 產品組合將擴展到商業、企業和工業應用領域。

In summary, we entered 2026 with multiple growth engines ramping simultaneously, driven by expanding customer adoption and secular market trends moving in our favor. Our investments over the past several years have uniquely positioned MaxLinear to deliver sustained growth, operating leverage and long-term shareholder value. We are excited about the opportunities ahead and confident in our ability to execute.

總而言之，在客戶接受度不斷提高和長期市場趨勢對我們有利的推動下，我們進入了 2026 年，多個成長引擎同時加速運轉。過去幾年，我們的投資使 MaxLinear 擁有了獨特的優勢，能夠實現持續成長、營運槓桿效應和長期股東價值。我們對未來的機會感到興奮，並對自身的執行能力充滿信心。

With that, let me now turn the call over to Steve Litchfield, our Chief Financial Officer and Chief Corporate Strategy Officer. Steve?

接下來，我將把電話交給我們的財務長兼首席企業策略長史蒂夫·利奇菲爾德。史蒂夫？

Thanks, Kishore. Total revenue for the fourth quarter was $136.4 million, up 8% from $126.5 million in the previous quarter and up 48% from $92.2 million in the fourth quarter of 2024. Infrastructure revenue for the fourth quarter was approximately $47 million. Broadband revenue was approximately $58 million, connectivity revenue was approximately $18 million and industrial multimarket revenue was approximately $14 million. GAAP and non-GAAP gross margins for the fourth quarter increased to approximately 57.6% and 59.6% of revenue.

謝謝你，基肖爾。第四季總營收為 1.364 億美元，比上一季的 1.265 億美元成長 8%，比 2024 年第四季的 9,220 萬美元成長 48%。第四季基礎設施收入約為 4,700 萬美元。寬頻收入約 5,800 萬美元，連線收入約 1,800 萬美元，工業多市場收入約 1,400 萬美元。第四季GAAP和非GAAP毛利率分別增加至營收的約57.6%和59.6%。

The delta between GAAP and non-GAAP gross margin in the fourth quarter was primarily driven by $2.6 million of acquisition-related intangible asset amortization. Fourth quarter GAAP operating expenses were $93.5 million and non-GAAP operating expenses were $59.2 million. The delta between GAAP and non-GAAP operating expenses was primarily due to stock-based compensation and performance-based equity accruals of $28.1 million combined and acquisition-related costs of $6 million. GAAP loss from operations for Q4 2025 was 11% and non-GAAP income from operations in Q4 was 16% of net revenue. GAAP and non-GAAP interest and other expense during the quarter was $2.9 million and $2.8 million.

第四季 GAAP 和非 GAAP 毛利率之間的差異主要是由於 260 萬美元的收購相關無形資產攤銷造成的。第四季 GAAP 營運費用為 9,350 萬美元，非 GAAP 營運費用為 5,920 萬美元。GAAP 和非 GAAP 營運費用之間的差異主要是由於股票選擇權費用和基於業績的權益應計費用合計 2,810 萬美元，以及收購相關成本 600 萬美元。2025 年第四季 GAAP 營業虧損為淨收入的 11%，非 GAAP 營業收入為淨收入的 16%。本季 GAAP 和非 GAAP 利息及其他費用分別為 290 萬美元和 280 萬美元。

In Q4, net cash flow from operating activities was approximately $10.4 million. As Kishore mentioned, we were active in our buyback program in Q4, repurchasing approximately $20 million of our common stock. As such, we exited Q4 of 2025 with approximately $101.4 million in cash, cash equivalents and restricted cash ahead of our 2025 plan. Our days sales outstanding was down in Q4 to approximately 31 days. Our inventory was down by approximately $8 million versus the previous quarter with days of inventory improving to approximately 130.

第四季度，經營活動產生的淨現金流約為1,040萬美元。正如 Kishore 所提到的，我們在第四季度積極開展股票回購計劃，回購了約 2,000 萬美元的普通股。因此，截至 2025 年第四季末，我們擁有約 1.014 億美元的現金、現金等價物和受限現金，符合我們的 2025 年計畫。第四季度，我們的應收帳款週轉天數下降至約 31 天。與上一季相比，我們的庫存減少了約 800 萬美元，庫存週轉天數改善至約 130 天。

This concludes the discussion of our Q4 financial results. With that, let's turn to our guidance for Q1 of 2026. We currently expect revenue in the first quarter of 2026 to be between $130 million and $140 million. Looking at Q1 by end market, we expect to see growth from infrastructure, but some seasonal declines in broadband connectivity and industrial multi-market. We expect first quarter GAAP gross margin to be approximately 56% to 59% and non-GAAP gross margin to be in the range of 58% and 61% of revenue.

至此，我們對第四季財務表現的討論就結束了。接下來，讓我們來看看我們對 2026 年第一季的業績展望。我們目前預計 2026 年第一季的營收將在 1.3 億至 1.4 億美元之間。從第一季終端市場來看，我們預計基礎設施將實現成長，但寬頻連接和工業多市場將出現一些季節性下滑。我們預計第一季 GAAP 毛利率約為 56% 至 59%，非 GAAP 毛利率約為 58% 至 61%。

We expect Q1 2026 GAAP operating expenses to be in the range of $85 million to $90 million. We expect Q1 2026 non-GAAP operating expenses to be in the range of $58 million to $64 million. We expect our Q1 GAAP interest and other expense to be in the range of approximately $2.1 million to $2.7 million.

我們預計 2026 年第一季 GAAP 營運費用將在 8,500 萬美元至 9,000 萬美元之間。我們預計 2026 年第一季非 GAAP 營運費用將在 5,800 萬美元至 6,400 萬美元之間。我們預計第一季 GAAP 利息和其他費用將在 210 萬美元至 270 萬美元之間。

We expect our Q1 non-GAAP interest and other expense to be in the range of approximately $2 million to $2.6 million, with FX volatility being the primary risk. We expect a $4 million tax provision on a GAAP basis and a non-GAAP tax provision of approximately $0.8 million. We expect our Q1 basic and diluted share count to be approximately 88 million and 91 million, respectively.

我們預計第一季非GAAP利息和其他支出將在200萬美元至260萬美元之間，外匯波動是主要風險。我們預計以 GAAP 準則計算的稅項準備金為 400 萬美元，以非 GAAP 準則計算的稅項準備金約為 80 萬美元。我們預計第一季基本股數和稀釋股數分別約為 8,800 萬股和 9,100 萬股。

In closing, with strong bookings and improving visibility, we expect to see solid growth in 2026, driven by new design wins and expanding content opportunities across our product portfolio. We believe we are well positioned, well in large and growing markets that will be transformative to our business as well as continue to innovate on high-value solutions for our customers that solve next-generation challenges. We will continue to focus on our investment in areas of strategic importance and confident that we will build a solid foundation to deliver sustainable growth and profitability in 2026 and beyond. With that, I'd like to open up the call for questions.

最後，憑藉強勁的預訂量和不斷提高的知名度，我們預計 2026 年將實現穩健成長，這主要得益於新的設計訂單和產品組合中不斷擴大的內容機會。我們相信我們已佔據有利地位，在規模龐大且不斷增長的市場中佔據優勢，這將對我們的業務產生變革性影響，同時我們將繼續為客戶創新高價值解決方案，以應對下一代挑戰。我們將繼續專注於策略重要領域的投資，並有信心為2026年及以後的可持續成長和獲利奠定堅實的基礎。接下來，我想接受大家的提問。

Operator?

操作員？

(Operator Instructions)

（操作說明）

Tore Svanberg, Stifel.

Tore Svanberg，Stifel。

Yeah, thank you, and, congrats on the results here. Kishore, I was hoping you could talk a little bit more about the PAM4 DSP business. So there's obviously a lot of headlines and things out there on LPO and CPO, but you seem to be seeing more and more traction, more and more design wins. It sounds like Rushmore is getting pulled in somewhat. So can you just walk through some of those dynamics because obviously, that will give us better confidence about the continuous growth of PAM4 in '26 and '27.

是的，謝謝，也恭喜你取得這樣的成績。Kishore，我希望你能多談談 PAM4 DSP 業務。所以很明顯，關於 LPO 和 CPO 的新聞和報導很多，但你似乎看到它們越來越受歡迎，設計上的成功案例也越來越多。聽起來拉什莫爾山似乎也被捲入其中了。所以您能否詳細介紹其中的一些動態，因為很顯然，這將使我們對 PAM4 在 2026 年和 2027 年的持續成長更有信心。

So thank you, Ross. Sorry, thank you, Tore, for the question. Obviously, this is a pretty significantly confidence boosting growth that we are seeing, we were guiding to $110 million to $130 million. That's a very positive statement about our traction. And we are in the initial phases of the ramp of our 800-gig product solution and need to really pick up more steam and energy in the second half.

所以，謝謝你，羅斯。抱歉，謝謝你，托雷，問了這個問題。顯然，我們看到的這種成長極大地提振了信心，我們先前預期的成長幅度為 1.1 億美元至 1.3 億美元。這是對我們市場表現的一個非常正面的評價。我們目前正處於 800G 產品解決方案推廣的初期階段，需要在下半年真正加快步伐，增加投入。

The market as a whole is still a pluggable market, which is growing very, very fast. And the LPO deployments as such are very nichey right now. And I really look at the LPOs per se as a very small fraction of the market and not long term. The LROs, for example, I think they have got some traction, but there'll be a market that is substantially pluggables, and there'll be a fraction of the market in LROs, and LPOs will be sort of in a very, very controlled environment, limited deployments potentially in 800 gig, but less so on 1.6 terabits.

整個市場仍然是一個可插拔市場，而且成長速度非常非常快。而 LPO 的部署目前還非常小眾。而且我真的認為 LPO 本身只佔市場的一小部分，而且不屬於長期投資。例如，我認為 LRO 已經取得了一些進展，但可插拔設備將佔據相當大的市場份額，LRO 的市場份額將只佔一小部分，而 LPO 將在非常、非常受控的環境中部署，可能在 800 千兆比特的頻寬下部署有限，但在 1.6 太比特的頻寬下部署較少。

So that's our view of the marketplace. Obviously, there's a market that's also beyond that, which is the -- as the scale-up continues, there will be electrical retimers, and that's going to be a huge volume on -- in the scale-up world as well. Talking of CPOs, people are doing CPOs today as sort of your feet in the market, but it still is early innings for CPO.

這就是我們對市場的看法。顯然，除了這些之外，還有一個更大的市場，那就是——隨著規模的擴大，將會出現電子定時器，這在規模化生產領域也將是一個巨大的市場。說到首席採購官 (CPO)，現在人們做 CPO 是為了進入市場，但 CPO 的發展仍處於早期階段。

And in the long term, there will be a market that is going to be more varietal than just pure CPOs, the O in the CPO being many number of ways of doing it. Obviously, there's a silicon play within the CPO market as well. That is what I call a wide IF fast throughput through the optical, and we expect ourselves to be a player as the market evolves.

從長遠來看，市場將會比純粹的 CPO 更加多樣化，CPO 中的 O 代表著多種多樣的生產方式。顯然，CPO市場也存在矽晶片應用。這就是我所說的透過光纖實現寬中頻快速傳輸，隨著市場的發展，我們希望自己能成為其中的一員。

As MaxLinear, we're going to be very focused and disciplined and PAM4 is a huge growing market. We are developing a strong foothold, though we are not the incumbents. But I think today in the world, we are the -- we can safely claim with the top 3 deployers of PAM4 DSP. And as the market strengthens, we hope to branch out and diversify our offerings of what you all know is a very, very robust technology portfolio.

作為 MaxLinear，我們將非常專注和自律，而 PAM4 是一個巨大的成長市場。雖然我們不是現有企業，但我們正在站穩腳步。但我認為在當今世界，我們可以自信地說，我們是 PAM4 DSP 部署排名前三的公司之一。隨著市場走強，我們希望拓展業務，豐富我們的產品線，大家都知道，我們有非常非常強大的技術組合。

I hope that gives you some sense of our technology positioning. From a growth point of view, this year, we expect that there could even be upside depending on how the ramps proceed beyond the one that we feel fairly confident on the visibility and the outlook we have based on the bookings so far in 2026. I hope that answers your question.

希望這能讓您對我們的技術定位有所了解。從成長的角度來看，我們預計今年甚至可能還有上漲空間，這取決於坡道的進展情況，我們對坡道的可見性和前景相當有信心，而這基於我們目前對 2026 年的預訂情況。希望我的回答能解答你的疑問。

Yeah. No, that's great color. Thank you, Kishore. And as my follow-up, I had a question on the broadband business. And how should we think about the trajectory there as we move throughout the year? You did mention you expect it to be down year-over-year because of the sort of transition to DOCSIS 4.0 or the industry waiting for 4.0.

是的。不，這顏色真好看。謝謝你，基肖爾。作為後續問題，我還有一個關於寬頻業務的問題。那麼，隨著一年時間的推移，我們該如何看待這股趨勢的發展軌跡呢？您確實提到過，由於向 DOCSIS 4.0 過渡或行業正在等待 4.0 版本，您預計其同比會下降。

What type of decline are we talking about? I know you guided to be down seasonally in Q1, but will it sort of decline every quarter this year? Is it going to be more of a modest decline? Any more color there would be very helpful.

我們指的是哪種類型的衰退？我知道您預計第一季會出現季節性下滑，但今年每季都會下滑嗎？會是較為溫和的下滑嗎？如果能多一些顏色就更好了。

Maybe, Tore, I'll take that one. So we did mention that the seasonality certainly plays a role. We're also seeing the upgrade cycle, right, in DOCSIS 4.0. That probably starts the latter half of the year. And so it will come down in the first half of the year and then probably start to build in the second half.

或許，托雷，我會接受那個。所以我們確實提到過，季節性因素肯定會起作用。我們也會看到 DOCSIS 4.0 的升級週期，對吧？這大概會在今年下半年開始。因此，上半年價格會下降，然後下半年可能會開始回升。

So overall, for the year, I do expect it to be down. We did talk a lot about the PON business, right, and the win that we have there. So we are excited about that. But even with that, it's still early days in it. And so that's why we do expect to see the broadband business down for the year.

所以總的來說，我預計今年整體情況會下降。我們確實談了很多關於PON業務的事情，對吧，以及我們在該領域的成功。我們對此感到非常興奮。但即便如此，現在還處於起步階段。所以這就是為什麼我們預計今年寬頻業務會下滑的原因。

Yes. I think the PON is a substantial opportunity, the new Tier 1 that's ramping. And based on the ramp itself, there is potential for -- not to see a downturn, so to speak. And PON is going very nicely, and we're grabbing market share. And we have many number of designs that we did not have before that will really kick steam in '27 as well.

是的。我認為PON是一個巨大的機遇，它是正在蓬勃發展的新興一級網路。從目前的成長動能來看，經濟可能不會出現下滑。PON技術發展非常順利，我們正在搶佔市場份額。我們還有很多以前沒有的設計，這些設計將在 2027 年大放異彩。

Sounds good. I'll go back in line. Thank you.

聽起來不錯。我回去排隊。謝謝。

David Williams, Benchmark Company.

David Williams，Benchmark 公司。

Good afternoon. Thanks for taking my questions and congrats on the solid execution. I guess maybe first, just around the data center opportunity. Obviously, the DSP is doing really well, but you've got other components that are going into that segment as well. Can you help us kind of understand maybe what the magnitude of opportunity within the data center is and where you're playing and kind of how you think that plays out through the year in addition to the DSP?

午安.感謝您解答我的問題，並祝賀您出色地完成了任務。我想或許首先應該關注資料中心方面的機會。顯然，DSP 的表現非常出色，但該領域還有其他組件也在發揮作用。您能否幫助我們了解資料中心領域的機會規模，以及您在哪些方面有所佈局，並解釋一下除了 DSP 之外，您認為這些佈局將如何影響全年的發展？

So David, this is early innings for us, right? I mean we have to say that. And the big entree is right now with the PAM4 transceivers. And this year, we could do anywhere between 4 million to 6 million units of PAM4 transceivers, right? So -- but the other hand, the data center is not just a PAM4 world. There are compute tracks. There are communications between data centers. And that market itself will grow as the data center clusters increase and the number of data centers increase as well.

大衛，對我們來說，現在還只是比賽初期，對吧？我的意思是，我們必須這麼說。而現在最熱門的產品就是 PAM4 收發器。今年，我們或許可以生產 400 萬到 600 萬台 PAM4 收發器，對吧？但另一方面，資料中心不僅僅是 PAM4 的世界。有計算方向。資料中心之間存在通訊。隨著資料中心集群的增加和資料中心數量的增加，這個市場本​​身也會成長。

So we talked about this exciting design win with the Tier 1 OEM who is supplying to Tier 1 data centers and of using PON as a control play layer, not where the data itself is going through between data centers. And there, we are clearly the leaders in the PON silicon offering.

因此，我們與這家為一級資料中心供貨的一級 OEM 廠商討論了這項令人興奮的設計勝利，以及將 PON 用作控製播放層，而不是資料中心之間資料本身傳輸的層。顯然，我們在PON矽產品領域處於領先地位。

And so we should be very well positioned. So that could be a few -- that market size, some of these OEMs have talked about hundreds of millions of dollars of value for the silicon play. So that's one opportunity. So it won't happen in one year. It will roll out over the next two years. Hopefully, we'll start seeing in '27 and then it grows beyond that.

因此，我們應該處於非常有利的地位。所以這可能意味著一些——就市場規模而言，一些原始設備製造商已經談到，矽晶片市場價值數億美元。所以這是一個機會。所以這事不會在一年內發生。這項計劃將在未來兩年內逐步實施。希望從 2027 年開始，然後發展壯大。

And then there's the other thing where these racks have become really -- these compute racks and server racks have become very, very, very sophisticated. They have their own telemetrics. Even the racks are being controlled with microcontrollers and so on and so forth. So you need industrial quality sort of transceivers, serial bridges and so on and so forth and even smart power management and stuff and then overall control in the rack.

還有一點，就是這些機架──這些電腦架和伺服器機架──已經變得非常、非常、非常複雜了。他們有自己的遙測系統。就連機架都是用微控制器等設備控制的。所以你需要工業級的收發器、串列橋接器等等，甚至還需要智慧電源管理之類的東西，以及機架上的整體控制。

So the rack itself is a huge beast by itself. So we are beginning to start getting design wins in that, and that could be a pretty huge play per rack, if you will. So at this point, I am not very what I call -- I don't want to provide market sizing at a level that we need to ascertain. But that market is very, very huge. There are a number of players, but we have the portfolio depth to participate in all the big spend that is happening as data centers are being built out.

所以，這個架子本身就是個龐然大物。所以我們開始在這方面獲得一些設計上的成功，如果你願意這麼說的話，這可能會為每個貨架帶來相當大的收益。所以目前，我不太願意——我不想提供我們需要確定的市場規模數據。但這個市場非常非常大。雖然有許多參與者，但我們擁有足夠的投資組合深度，可以參與資料中心建立過程中所有的大筆支出。

Great, thanks for the color there. And then maybe just secondly, for you, Steve. Just looking at the share repurchase authorization, that clearly signals some confidence, I think, in the growth trajectory, but also on the potential arbitration there. So maybe if you could just kind of speak around the share repurchase authorization and how we should be thinking about that and what you're telegraphing to the Street. Thank you.

太好了，謝謝你提供的色彩。其次，也許是為了你，史蒂夫。單從股票回購授權來看，我認為這清楚地表明了對成長軌蹟的信心，以及對潛在仲裁的信心。所以，您能否談談股票回購授權以及我們應該如何看待這件事，以及您向華爾街傳遞了什麼訊息？謝謝。

Yes, David, absolutely. No, I think the Board took some actions last quarter, authorizing $75 million of buyback, took action on it in the quarter, felt the stock was a good place that we wanted to act on it. But frankly, I think the Board really wanted to just convey the confidence in the balance sheet.

是的，大衛，絕對沒錯。不，我認為董事會在上個季度採取了一些行動，授權回購7500萬美元的股票，並在該季度採取了行動，認為該股票處於一個不錯的價位，因此我們想採取行動。但坦白說，我認為董事會真正想表達的只是對資產負債表的信心。

The cash flow improvement, we've talked about it running ahead of plan. It has run ahead of plan now for three quarters in a row -- revenue stability and the outlook that we have from the business continues to improve. And so I think our actions kind of follow that and including the mention of the arbitration as well.

我們已經討論過現金流改善的情況，而且進展比計劃提前。公司業績已連續三個季度超出預期——收入穩定，業務前景持續改善。所以我認為我們的行動也遵循了這一點，包括提及仲裁。

Thanks again.

再次感謝。

Ross Seymore, Deutsche Bank.

羅斯·西摩，德意志銀行。

Hi guys, thanks for this question and Congrats on the strong end to the year and beginning of this one. Kishore, on the optical side, a couple of different questions have already been asked. But the competitive landscape, how are you envisioning that going from Keystone to Rushmore? Do you think your positioning gets even stronger? Are there -- the different technologies coming in create more competitive pressure?

大家好，感謝你們的提問，也恭喜你們今年底和今年年初都取得了不錯的成績。Kishore，在光學方面，已經有人提出了一些不同的問題。但是，從 Keystone 到 Rushmore，您如何看待競爭格局的變化？你認為你的市場地位會進一步增強嗎？各種新技術的湧現是否會造成更大的競爭壓力？

Just how do you think MaxLinear is positioned as we look forward?

展望未來，您認為 MaxLinear 的市場定位如何？

Thank you, Ross. I won't call it Tory, but just joking here, very, very good question. Both of you are complimented. So the strengthening is absolutely a word I love on the next-generation 1.6 terabit, our position is strengthening. We're gaining some ground and strengthening versus the competition.

謝謝你，羅斯。我不會稱它為保守黨，只是開個玩笑，這真是個非常好的問題。你們倆都受到了讚揚。所以，在下一代 1.6 太比特中，「加強」絕對是我最喜歡的詞，我們的地位正在加強。我們正在取得一些進展，相對於競爭對手的優勢越來越大。

And I really feel that we are actually now speeding up a bit relative to where we were. And we are now -- we feel that we will really start pulling our weight as 1.6 terabit rolls out. And beyond that, what we call our big Sky product, 4 gig, 400 gigabit per lane, I think we show our capabilities, our strong low-power implementation capabilities, integration and very, very well-developed RF mixed signal skills.

而且我真的感覺我們現在的發展速度比以前快了一些。而我們現在——我們感覺隨著 1.6 太比特的部署，我們將真正開始發揮我們應有的作用。除此之外，我們稱之為「大天空」的產品，每通道 4 千兆、400 千兆比特，我認為我們展示了我們的能力、強大的低功耗實現能力、整合能力以及非常非常成熟的射頻混合訊號技術。

I think we will strengthen our position, and we are strengthening in certain geographies and 800 gig, we are -- we have strengthened our relative position. Within the US, just the timing of our product offerings, we got late as the number 3. And from there, fighting to get to the number 1 or number 2 takes a little bit of a taller order and Inabizy has incredible value. So I hope that puts things in perspective.

我認為我們會鞏固我們的地位，而且我們在某些​​地區正在鞏固地位，在 800 Gig 領域，我們已經鞏固了我們的相對地位。在美國，光是產品上市的時機，我們就落後了，排名第三。從那裡開始，想要爭奪第一名或第二名就需要付出更大的努力，而 Inabizy 具有巨大的價值。所以，我希望這能讓大家對事情有更客觀的認知。

It does, thank you very much. It does. And I guess pivoting over to Steve, just on the margin front, it sounds like you guys have a strong growth year, especially on the infrastructure side coming in 2026. How should we think about both gross margin trajectory just directionally and OpEx?

是的，非常感謝。確實如此。我想把話題轉向史蒂夫，就利潤率而言，聽起來你們在 2026 年將迎來強勁的成長，尤其是在基礎設施方面。我們該如何看待毛利率走勢（僅從方向性角度）和營運支出？

Yes. I mean, look, on the gross margin side, I mean, we've been talking about the improvement. We've been demonstrating that over the last four quarters. So we're seeing some upticks there. As you're aware, the product mix is kind of moving in our favor as infrastructure products typically drive a higher gross margins.

是的。我的意思是，你看，就毛利率而言，我們一直在討論改善的問題。過去四個季度我們已經證明了這一點。所以我們看到這方面出現了一些成長。如您所知，產品組合正朝著對我們有利的方向發展，因為基礎設施產品通常能帶來更高的毛利率。

I remain confident that we can exit the year at kind of starting with a 6% versus a 5%. We did guide to the 59.5% at the midpoint of our guidance. I mean you've got some headwinds with cost increases that are out there. But that being said, I think the mix longer term throughout the year will move in our favor, and we'll see some nice improvements.

我仍然有信心，我們能夠以6%的成長率結束今年，而不是年初的5%。我們確實將預期目標設定在了預期目標的中點 59.5%。我的意思是，你們會面臨一些成本上漲的不利因素。但即便如此，我認為從長遠來看，今年的整體情況將對我們有利，我們會看到一些不錯的改善。

With regard to the OpEx question, look, I don't want to necessarily guide for the whole year. But I mean, I think you've heard from us in the past, typically, we want to grow OpEx about half the rate of the top line. That being said, I don't think we necessarily -- we've been really dialing things back a little bit. We're seeing some nice improvements in efficiency for lots of reasons. And so I actually think we'll see a little bit lower than that. So maybe it's in the 4% to 5% increase this year.

關於營運支出問題，你看，我並不想給出全年的指導。但我的意思是，我想你們過去也從我們這裡了解到，通常情況下，我們希望營運支出成長速度約為營收成長速度的一半。話雖如此，我並不認為我們——我們確實已經稍微收斂了一些。由於諸多原因，我們看到效率方面有了顯著提升。所以我認為實際數字可能會比這略低一些。所以，或許就在今年4%到5%的成長範圍內。

Right, thank you.

好的，謝謝。

Tim Savageaux, Northland Capital Markets.

Tim Savageaux，北地資本市場。

Congrats on the numbers. And first question was where did we end up '25 in terms of optical DSP revenue? I think you were guiding $60 million to $70 million. And can you give us any color there?

恭喜你取得這樣的成績。第一個問題是，到 2025 年，我們在光纖 DSP 收入方面最終達到了什麼水平？我認為你當時的預期是6000萬美元到7000萬美元。你能為我們提供一些顏色嗎？

Yes. So Tim, I think -- so as you know, we don't break out these numbers. I think what we're consistent with what we've delivered over the last two to three years, I think the guidance that Kishore shared earlier is kind of evidence of what you've seen over the last three years of this doubling that we saw. I mean, keep in mind, three years ago, we were doing less than $20 million of revenue.

是的。所以提姆，我想——正如你所知，我們不會公佈這些數字。我認為，我們與過去兩三年所取得的成就保持一致，我認為 Kishore 之前分享的指導意見也證明了過去三年我們所看到的翻倍增長。我的意思是，請記住，三年前，我們的收入還不到 2000 萬美元。

And so I think we're really pleased with the progress we've made and very excited about where we're at. I would probably maybe take the opportunity to -- I mean, some of the background of where we exited the year, where we're entering this year. I mean we mentioned in the prepared remarks about the visibility that we have, the backlog that we have. It's in a much better position. I mean, just across all of our businesses, but particularly in the optical side. As you know, we've got 28-week lead times and really confident in this kind of first half of the year where you've already got backlog, we're pushing to get some upsides in here, and we've already seen a lot of success on that front.

所以我覺得我們對所取得的進展非常滿意，也對我們目前所處的位置感到非常興奮。我可能會藉此機會——我的意思是，介紹一下我們去年年底的情況，以及我們今年年初的情況。我的意思是，我們在準備好的演講稿中提到了我們所擁有的知名度，以及我們積壓的工作。它現在處境好多了。我的意思是，在我們所有的業務領域都是如此，尤其是在光學領域。如您所知，我們的交貨週期為 28 週，並且對今年上半年充滿信心，因為我們已經積累了一些訂單，我們正在努力爭取一些增長，而且我們已經在這方面取得了很大的成功。

Okay. Great. I think we might have talked a little about this last quarter, but just based on the comments early in the call, I just want to make sure I'm hearing this right. So do you guys think you can grow faster than 30% overall in '26? Was that the comment? Because I think the comment was grow faster in '26 than '25? Or is there some more nuance or detail around that?

好的。偉大的。我想我們上個季度可能稍微討論過這個問題，但根據電話會議開始時的評論，我只是想確認一下我是否聽對了。你們覺得2026年整體成長率能超過30%嗎？那是那條評論嗎？因為我覺得那句話的意思是2026年的成長速度比2025年快？或者這方面還有更細緻的差異或細節嗎？

So Tim, I mean, look, as you know, we don't guide the whole year, and we're not going to do it here. We're not going to start today, I guess, I would say. But clearly, you see from the -- mainly the infrastructure growth, but we're seeing a lot of good traction on the PON side. We're seeing industrial multi-market really see a nice recovery this year. So I'm confident that we can outgrow the industry in 2026.

所以提姆，我的意思是，你看，正如你所知，我們不會全年都提供指導，我們也不會在這裡這樣做。我想，我們今天應該不會開始了。但很明顯，從基礎設施的成長來看，我們在PON方面也看到了很大的進展。我們看到工業多市場今年確實出現了良好的復甦。所以我有信心，到 2026 年，我們能夠超越整個產業。

Okay. Thanks.

好的。謝謝。

Karl Ackerman, BNP Paribas Asset Management.

卡爾‧阿克曼，法國巴黎銀行資產管理公司。

Hi, this is Sam Feldman on for Karl Ackerman. On optical DSP, do you expect the ramp to be linear throughout the year? And the reason for the $30 million range?SAM Feldman on for Carl Ackerman. Thanks for taking my question.

大家好，我是 Sam Feldman，代我為 Karl Ackerman 報道。在光DSP中，您預計全年斜坡變化是線性的嗎？3000萬美元價位的理由是什麼？ SAM費爾德曼換下卡爾·阿克曼。謝謝您回答我的問題。

Hey, Sam, so I mean, actually, just to kind of follow on what I was just speaking about. I do think it will grow throughout the year as we have new programs that will come on, and we have share gains that will continue to gain traction throughout the year. But I would also say that it will be very strong right out of the gate in Q1 and Q2 because we do have really good visibility, and we have a few customers that are ramping right now.

嘿，山姆，我的意思是，實際上，只是想接著我剛才說的話題繼續說下去。我認為隨著新節目的推出，以及市場份額的持續增長，它在今年會持續增長。但我認為，由於我們對業務前景有非常清晰的了解，而且目前有一些客戶正在擴大規模，因此第一季和第二季將會非常強勁。

Got it. And a follow-up. Can you discuss the timing and growth within broadband for the second major Tier 1 North American carrier in calendar '26?

知道了。還有後續報道。您能否談談北美第二大一級營運商在 2026 年的寬頻發展時機和成長？

Yes. So it will -- look, we've already started shipping some products. We mentioned that we had even started in Q4. It will be still pretty minor in Q1 and start more in earnest in Q2 and Q3.

是的。所以會的——你看，我們已經開始出貨一些產品了。我們提到過，我們甚至在第四季就已經開始了。第一季影響仍然很小，第二季和第三季才會真正開始擴大。

Obviously, we have good visibility based on the lead times of the supply chain and the bookings that we have in place.

顯然，根據供應鏈的提前期和我們已有的訂單情況，我們對供應鏈的狀況有很好的了解。

Understood. Thank you.

明白了。謝謝。

Christopher Rolland, Susquehanna International Group.

克里斯多福羅蘭，薩斯奎哈納國際集團。

Hey guys, thanks for the question. So in your press release and also in your prepared remarks, you talked about gaining market share. I think it was a general comment across your product set. But I was wondering if there are some specific kind of needle-moving opportunities like in broadband? Are you gaining share versus Broadcom? Like what were you specifically trying to highlight there as actual revenue moving opportunities?

大家好，謝謝你們的提問。所以，在您的新聞稿和準備好的演講稿中，您都談到了獲取市場份額的問題。我認為這是對你們所有產品的普遍評價。但我很好奇，是否存在像寬頻領域那樣具有變革意義的特定機會？你與博通的市佔率相比是否有所成長？你具體想強調的是哪些真正能帶來效益的機會？

Hey, Chris, that's a very good question. It's a very broad statement. I think it's broadly true as well across the various categories, honestly. I mean if you look at optical transceivers, our revenue forecast reflects that we are gaining share, right, in some form. If you just go by the units, I mentioned 4 million to 6 million units of transceiver opportunities.

嘿，克里斯，你問了個很好的問題。這是一個非常籠統的說法。說實話，我認為這在各個類別中也普遍適用。我的意思是，如果你看看光收發器，我們的收入預測反映出我們正在以某種形式獲得市場份額，對吧。如果只看數量，我提到 400 萬到 600 萬台收發器的機會。

Then you see that on the PON side, it's a very, very large Tier 1 player is beginning to ramp. And we -- in that particular category, we are gaining share versus our competition. On cable as well, we're beginning to gain share that many years ago was ours. We're gaining share against the competition. And then when you go to storage accelerators is a completely new market that we are paving the path forward with hardware acceleration compression.

然後你會看到，在 PON 這邊，一個非常非常大的一級玩家開始加速發展。而我們——在這個特定類別中，我們正在比競爭對手獲得更多市場份額。在有線電視領域，我們也開始逐漸奪回多年前屬於我們的市佔率。我們正在從競爭對手手中奪取市場份額。然後，儲存加速器是一個全新的市場，我們正在透過硬體加速壓縮技術開闢前進的道路。

So that we have established incumbency has and that market itself is poised to grow both on the cloud side and the appliance side. And then what else? I mean it's broadly a correct statement, but actually, now that you asked the question, I think about it and say, you know what, damn right. So that would be my response to you.

因此，我們已經確定了現有市場，並且市場本身在雲端方面和設備方面都蓄勢待發，即將成長。然後呢？我的意思是，這說法大致正確，但實際上，既然你問了這個問題，我想了想，然後說，你知道嗎，說得對。這就是我對你的回答。

Excellent. And then back to DSP, we track the transceiver market pretty closely, and we underestimated growth in the market there. It's, I think, growing faster than anyone expected, at least in terms of expectations for '26.

出色的。再回到 DSP 領域，我們密切關注收發器市場，但我們低估了該市場的成長。我認為，它的成長速度比任何人預期的都要快，至少就 2026 年的預期而言是如此。

You did suggest that there could be upside to your optical number, but why don't you even have more confidence there just given the upside in demand? And then maybe paired with that, are there any supply chain constraints that you're seeing out there that would lower your outlook?

您確實提到您的光學指標可能會有所提升，但考慮到需求的成長，為什麼您對此仍然沒有更大的信心呢？此外，您是否發現任何供應鏈方面的限制因素會降低您的期望？

Hey, Chris, so look, I mean, I think we're very excited about the ramps that are underway, right, that have already started and we're picking up traction. I mean Kishore spoke about the share gains, I mean, where we've won against the competition. So we're seeing that in the beginning of the year. So really excited about those. We great visibility into future ramps that are coming with some of the new customers, new wins.

嘿，克里斯，你看，我的意思是，我認為我們對正在進行的坡道建設感到非常興奮，對吧，這些坡道已經開始建設，而且我們正在取得進展。我的意思是，基肖爾談到了市場份額的成長，我的意思是，我們戰勝了競爭對手。所以我們在年初就看到了這種情況。真的非常期待這些。我們對未來發展前景有著清晰的認識，這得益於一些新客戶和新的成功案例。

You mentioned supply chain. Yes, certainly, there's supply chain tightness out there. We're not concerned about that. I mean we're working with our suppliers. We've seen improvements thus far. So we haven't had any trouble. As you also know, even outside of the optical world, 80%-plus of our business is really not exposed to that tightness. So that's good. Optical side certainly is. But we've had a lot of success there, and we're very confident in the outlook for this year.

你提到了供應鏈。是的，供應鏈確實存在緊張的情況。我們並不擔心這一點。我的意思是，我們正在與供應商合作。目前我們已經看到了一些進步。所以我們沒有遇到任何問題。如您所知，即使在光學領域之外，我們 80% 以上的業務實際上並不受這種限制的影響。那很好。光學方面當然如此。但我們在那裡取得了巨大的成功，我們對今年的前景非常有信心。

Great. Thanks guys.

偉大的。謝謝各位。

Quinn Bolton, Needham & Company.

奎因·博爾頓，尼德姆公司。

I'll offer my congratulations as well. I guess, Kishore, I just wanted to ask, I think in the past, you guys have sort of said your DSP wins were more for front-end networks. As you start to ramp the 800-gig products here, are you starting to see some of those designs moving into the scale-out networks? Or do you think we need to wait for the Rushmore 1.6T product before you start moving into scale out?

我也要向你表示祝賀。Kishore，我想問一下，我記得你們以前說過，你們在 DSP 領域的成功更多是針對前端網路的。隨著你們開始逐步推出 800G 產品，你們是否開始看到其中一些設計被應用到橫向擴展網路中？或者您認為我們需要等到 Rushmore 1.6T 產品發布後再開始進行橫向擴展？

It's very, very hard to parse usually what is scale up and scale out. They are broad categories, right? There are short reaches and long reaches and mid-reaches. And usually, the short reaches are in what you would call the scale-up network, and the longer ones are usually on the scale-out side.

通常很難分辨什麼是向上擴展，什麼是向外擴展。這些都是大類，對吧？河段有短、長、中三種。通常，短距離傳輸屬於所謂的向上擴展網絡，而較長距離傳輸通常屬於向外擴展網絡。

So that's happening on the 800-gig side. And so yes, we are shipping in the scale-upside now. But I still feel that most of it is still in the scale-out network -- the traditional scale-out network.

所以，這種情況發生在 800G 那邊。所以，是的，我們現在正在擴大出貨規模。但我仍然覺得大部分仍然屬於橫向擴展網絡——傳統的橫向擴展網絡。

Sorry, just so we're clear, you're shipping in, I guess, what I would call front-end networks that the sort of the storage networks driven off the GPU? Or are you starting to ship in the GPU-to-GPU scale-out?

不好意思，為了避免誤解，我理解的是，你們提供的，我稱之為前端網路的東西，就是那種由 GPU 驅動的儲存網路？或者你們已經開始推出 GPU 到 GPU 的橫向擴充方案了嗎？

That's a more detailed question, but I would just say I'll leave it here. It's -- just leave it as scale-up networks and it is a smaller portion of the revenue that's starting and most of it is scale-out networks.

這是一個比較詳細的問題，但我只想說，我就說到這裡吧。就把它當作縱向擴展網絡吧，它只佔收入的一小部分，大部分收入還是來自橫向擴展網絡。

Okay. And then I guess, Kishore, you gave us some numbers, both revenue forecast for '26 for optical DSP and you said that could equate to 4 million to 6 million units. If I just do the math, it seems like it could imply an ASP sub-$25, which seems pretty aggressive.

好的。然後，Kishore，你給我們提供了一些數字，包括對 2026 年光纖 DSP 的收入預測，你說這可能相當於 400 萬到 600 萬台。如果我簡單計算一下，這似乎意味著平均售價低於 25 美元，這看起來相當激進。

Can you just talk about the pricing environment? Do you guys feel like you're pricing below some of the other peers in the market? Is that helping you to gain share? Do you think you're pricing in line with others in the market?

能談談定價環境嗎？你們覺得你們的定價低於市場上的一些同業嗎？這樣能幫助你提升市場佔有率嗎？你認為你的定價與市場上的其他公司相比合理嗎？

I mean that's -- I think your conclusions are what you're going is absolutely not true. We try to be very competitive in the marketplace, and we try to ride the product competitiveness of our product, right? And so I don't think in this market, you win by pricing, you win your performance is a must.

我的意思是——我認為你的結論——你所說的話完全是錯的。我們努力在市場上保持競爭力，並努力提升我們產品的競爭力，對嗎？所以我認為在這個市場中，靠價格取勝是不行的，業績才是勝利的關鍵。

And if there's such an exciting worldwide great phenomenon that's going on, pricing is the last thing that they would make decisions on, especially in a very, very sophisticated technology. So, I think anybody says they're winning on pricing, they really are not looking in the right market.

如果世界上出現瞭如此令人興奮的偉大現象，定價將是他們最不會考慮的決定因素，尤其是在一項非常非常複雜的技術領域。所以，我認為任何聲稱自己在價格上佔優的人，實際上都沒有找準市場。

Thank you, Kishore.

謝謝你，基肖爾。

Alex Valero, Loop Capital Markets.

Alex Valero，Loop Capital Markets。

Hey, thank you for taking my question. I wanted to ask, what do you see as being the biggest opportunities for gaining market share in 2026?

嘿，謝謝你回答我的問題。我想請問，您認為到 2026 年獲得市場份額的最大機會是什麼？

I think it's very, very clear, right? We started with optical transceivers as a category that is very meaningful. We have talked about our gains in the storage accelerators for the infrastructure market. We've talked about -- I'm listing the sequence of the value, right? Then what -- where the growth is coming in the PON market share -- market revenues increases.

我覺得這非常非常清楚，對吧？我們從光收發器這個非常有意義的類別著手。我們已經討論過我們在基礎設施儲存加速器市場的進展。我們已經討論過——我正在列出數值的順序，對吧？那麼，PON市場佔有率的成長來自哪裡？市場收入的成長又來自哪裡？

And the fourth part is the wireless infrastructure growth. I mean I'm exactly laying down the sequence of where the big growth in absolute dollars are coming. And I think they'll roughly track the percentages as well.

第四部分是無線基礎設施的成長。我的意思是，我正在準確地列出絕對美元增長的順序。我認為他們也會大致追蹤這些百分比。

Got it. Super helpful on that. And just a quick follow-up. You sparked my curiosity on scale-up. I know you mentioned it's small for now, but I wanted to ask you if you can maybe provide some more color on the opportunity there for scale-up.

知道了。非常有幫助。還有一個後續問題。你激發了我對規模化生產的興趣。我知道您提到目前規模還很小，但我還是想問您能否再詳細介紹一下未來規模擴大的機會。

Look, it's a very, very concentrated market from a scale-up point of view, right, if you really look at it. However, it's a huge opportunity inside the rack, if you will, right, the compute systems. And the scale-up opportunity will span not just PAM4 interconnects, but there are PAM4 Ethernet retimers and so on, on those things, so -- which we have not hit upon.

你看，從規模化的角度來看，這是一個非常非常集中的市場，對吧？如果你仔細觀察的話。然而，如果你願意的話，機架內部，也就是計算系統內部，卻蘊藏著巨大的機會。而規模化的機會不僅限於 PAM4 互連，還有 PAM4 乙太網路重定時器等等，這些我們還沒有遇到。

At the OFC, we will be announcing our electrical retimers for the Ethernet product category. And then there is the CPU opportunities as well, right? So it's a whole play for us. It's very, very early innings. And right now, let's stay focused and it's a heavy growth engine for us, and we are very excited about it.

在光纖通訊展（OFC）上，我們將發布我們針對乙太網路產品類別的電子重定時器。此外，還有 CPU 方面的機會，對吧？所以這對我們來說是一場完整的戲劇。現在還只是比賽的初期階段。現在，讓我們保持專注，這是我們強勁的成長引擎，我們對此感到非常興奮。

Tore Svanberg, Stifel.

Tore Svanberg，Stifel。

Yes, thank you. Just two quick follow-ups. And yes, this is Tory Ross, and I'm a big Ross fan. So first of all, the connectivity segment, how should we think about the puts and takes there this year? Because obviously, part of connectivity is tied to cable or broadband, yet you also have the Ethernet business, obviously, that's doing quite well.

是的，謝謝。還有兩個後續問題。沒錯，這位就是托里·羅斯，我是羅斯的忠實粉絲。首先，在互聯互通領域，我們該如何看待今年的投入與收穫？因為很顯然，部分連接與電纜或寬頻有關，但乙太網路業務也發展得相當不錯。

So should we think of connectivity as also being down this year? Or does it have other subsegments growing fast enough to actually make it a growth segment in '26?

那麼我們是否應該認為今年的網路連線也出現了下滑？或者它的其他細分市場是否成長足夠快，以至於在 2026 年真正成為一個成長型市場？

Hey, Tore, yes, connectivity certainly grows this year. Wi-Fi will grow this year as we -- as Wi-Fi 7 starts to ramp. And then a lot of our Ethernet products that are transitioning 2.5 gig certainly grow this year as well. So both of those.

嘿，托雷，是的，今年的網路連線確實成長了很多。今年，隨著 Wi-Fi 7 的普及，Wi-Fi 將會成長。此外，我們許多正在向 2.5 千兆乙太網路過渡的產品今年也肯定會成長。兩者都是。

Very good. And last question.

非常好。最後一個問題。

I just want to remind that the -- sorry, Tore, I want to let you know that cable is a huge part of the market that we have revenues that is not paired with Wi-Fi. So -- so they like the sort of the dissociation and the association. So it depends on how that trends as well.

我只是想提醒一下——抱歉，托雷，我想告訴你，有線電視在我們收入中所佔的市場份額非常大，而這部分收入並不包括 Wi-Fi。所以——他們喜歡這種分離和聯想的感覺。所以這也要取決於這種趨勢的發展。

Understood. And my last question is sort of going back to the opportunities beyond DSPs. So you've talked about having products for AECs. Obviously, you have the high-speed analog products to go after LPO, LRO and so on and so forth. But you continue to call those out as very niche markets.

明白了。我的最後一個問題其實是關於DSP以外的機會。所以你們之前提到要推出以建築、工程和施工（AEC）產業為導向的產品。顯然，你們擁有高速模擬產品，可以進軍 LPO、LRO 等等市場。但你一直認為這些市場非常小眾。

So I guess my question is, if you do see those segments getting more traction, how long would it take for you to become a more material player in some of those areas?

所以我想問的是，如果您看到這些細分市場獲得更多關注，您需要多久才能在這些領域成為更重要的參與者？

Very good question, Tore. So I just want to lay the landscape of the sort of what I call the derivative product road map, right? You start with the PAM4 DSP products. And I know LRO is not an analog product. It is a DSP product.

托雷，問得好。所以，我只想勾勒出我所謂的衍生產品路線圖的大致輪廓，對吧？首先從 PAM4 DSP 產品著手。我知道LRO不是一款模擬產品。它是一款數位訊號處理產品。

So the LRO is a natural derivative. It doesn't take us long to get there, and we will be pursuing that opportunity. And in a short while, we'll have something to show as well. And I think there is some traction because in the marketplace for LROs because it has legs beyond just one particular speed node, if you will, like -- so with the LPOs have limited niche nature to it because the amount of reach that the LPOs can reach is quite constrained and has to be very structured and controlled.

所以 LRO 是一種天然衍生物。我們很快就能到達那裡，我們將抓住這個機會。不久之後，我們也會有一些成果展示給大家。我認為它有一定的市場吸引力，因為 LRO 的市場潛力遠不止於一個特定的速度節點，就像 LPO 的市場潛力有限一樣，因為 LPO 的覆蓋範圍相當有限，而且必須非常結構化和可控。

So I do believe that that is a sequence in which it works out for us, at least. And I think that the market revenues in LRs grows much stronger as the speeds increase and the power benefits that LROs will deliver. And I think there are some data center people who are beginning to try them out and then there'll be a follow-through on that. So for us, the next 12 months is a place where we will start taking advantage of the product offerings and do these derivative product offerings.

所以我相信，至少對我們來說，這是一個可行的方案。我認為，隨著速度的提高和遠程遙控飛行器（LRO）帶來的動力優勢，遠程遙控飛行器的市場收入將會更加強勁地成長。我認為一些資料中心的人員已經開始嘗試使用這些技術，之後會有後續的推廣。因此，接下來的 12 個月，我們將開始利用現有產品並推出這些衍生產品。

Great. Thank you.

偉大的。謝謝。

Thank you, And we have reached the end of the question-and-answer session. I'll now turn the floor back to Leslie Green for closing remarks.

謝謝大家，問答環節到此結束。現在我將把發言權交還給萊斯利·格林，請她作總結發言。

Thank you, Diego, and thank you all for joining us. This quarter, we will be presenting at a number of financial and industry conferences. Details will be posted to our Investor Relations site, and we look forward to speaking with you again soon.

謝謝你，迭戈，也謝謝各位的參與。本季度，我們將參加多個金融和行業會議並進行演講。詳情將發佈在我們的投資者關係網站上，我們期待盡快再次與您溝通。

This concludes today's call. All parties may disconnect.

今天的電話會議到此結束。所有參與者均可中斷連線。