NVE Corp (NVEC) 2026 Q3 法說會逐字稿

Good afternoon, and welcome to the NVE Corporation Conference Call for the quarter ended December 31, 2025. I'm Dan Baker, NVE's President and CEO. I'm joined by Daniel Nelson, our Principal Financial Officer; and Pete Eames, Vice President of Advanced Technology.

下午好，歡迎參加 NVE 公司截至 2025 年 12 月 31 日的季度電話會議。我是丹·貝克，NVE的總裁兼執行長。與我一同出席的還有我們的財務長丹尼爾·尼爾森；以及高級技術副總裁皮特·伊姆斯。

This call is being webcast live via YouTube and Amazon Chime and being recorded. A replay will be available through our website, nve.com, and our YouTube channel, youtube.com/nvecorporation. (Operator Instructions)

本次通話將透過 YouTube 和 Amazon Chime 進行網路直播並錄製。您可以透過我們的網站 nve.com 和我們的 YouTube 頻道 youtube.com/nvecorporation 觀看回放。（操作說明）

After my opening comments, Daniel Nelson will present our financial results. Pete will cover new products and R&D. I'll cover sales and marketing and then we'll open the call to questions. We issued our press release with financial results and filed our quarterly report on Form 10-Q in the past hour following the close of market.

在我的開場致詞之後，丹尼爾·尼爾森將介紹我們的財務表現。Pete 將負責新產品和研發方面的工作。我將介紹銷售和行銷方面的內容，然後我們將開放提問環節。我們在股市收盤後的一小時內發布了包含財務業績的新聞稿，並提交了 10-Q 表格的季度報告。

Links to the press release and 10-Q are available through our website, the SEC's website and X, formerly known as Twitter. Please refer to the safe harbor statement on your screen.

新聞稿和 10-Q 表格的連結可透過我們的網站、美國證券交易委員會的網站以及 X（以前稱為 Twitter）取得。請參閱螢幕上的安全港聲明。

Comments we may make that relate to future plans, events, financial results or performance are forward-looking statements that are subject to certain risks and uncertainties, including, among others, such factors as uncertainties related to the economic environments in the industries we serve, risks and uncertainties related to future sales and revenue and risks and uncertainties related to tariffs, customs duties and other trade barriers as well as the risk factors listed from time to time in our filings with the SEC, including our annual report on Form 10-K for the year ended March 31, 2025, as updated in our just filed 10-Q.

我們可能對未來計畫、事件、財務表現或表現所作的評論均為前瞻性陳述，這些陳述受到某些風險和不確定性的影響，其中包括但不限於與我們所服務業的經濟環境相關的不確定性、與未來銷售和收入相關的風險和不確定性、與關稅、海關稅和其他貿易壁壘相關的風險和不確定性，以及我們不時向美國證券交易委員會提交的年度文件（截至 3025 月 3 月的年度文件（13 月 25 月表格年度報告，以及我們剛提交的 10-Q 表格中的更新）中列出的風險因素。

Actual results could differ materially from the information provided, and we undertake no obligation to update forward-looking statements we may make. We're pleased to report a 23% increase in revenue and an 11% increase in earnings for the third quarter of fiscal 2026 compared to the prior year quarter, driven by broad-based growth across our revenue lines, including defense and nondefense sales as well as distributor and direct channels.

實際結果可能與所提供的資訊有重大差異，我們不承擔更新我們可能作出的前瞻性聲明的義務。我們很高興地宣布，與去年同期相比，2026 財年第三季營收成長 23%，獲利成長 11%，這得益於我們各營收線的全面成長，包括國防和非國防銷售以及經銷商和直銷通路。

Daniel Nelson will cover details of the financials. Daniel?

丹尼爾·尼爾森將介紹財務方面的細節。丹尼爾？

Thanks, Dan. As Dan said, revenue for the third quarter of fiscal 2026 increased 23% year-over-year. The increase was due to a 16% increase in product sales and a 335% increase in contract R&D revenue. The increases were across most of our product lines and channels.

謝謝你，丹。正如丹所說，2026 財年第三季的營收年增了 23%。成長的原因是產品銷售額成長了 16%，以及合約研發收入成長了 335%。我們的大多數產品線和通路都出現了成長。

Gross margin for the third quarter of fiscal 2026 was 79% of revenue compared with 84% in the prior year quarter. The decrease in gross margin percentage was due to a less profitable product mix and increased distributor sales for the quarter. The increase in distributor sales is positive, although distributor sales typically have lower gross margin than direct sales.

2026 財年第三季的毛利率為營收的 79%，而去年同期為 84%。毛利率下降是由於本季產品組合獲利能力下降以及分銷商銷售額增加所致。雖然分銷商銷售額的成長通常是正面的，但分銷商銷售額的毛利率通常低於直接銷售。

Total operating expenses decreased 12% for the third quarter of fiscal 2026 compared to the third quarter of fiscal 2025 due to a 9% decrease in R&D expense and a 19% decrease in SG&A. The decrease in R&D was due to completion of some of our wafer level chip scale packaging activities and reassignment of some R&D resources to manufacturing.

2026 財年第三季總營運支出較 2025 財年第三季下降 12%，原因是研發支出下降 9%，銷售、一般及行政費用下降 19%。研發投入減少的原因是我們的一些晶圓級晶片封裝活動已完成，並且一些研發資源已重新分配給製造部門。

The decrease in SG&A was primarily due to the timing of selling and marketing activities and reassignment of some SG&A resources to manufacturing and new product development. Interest income decreased 3% due to a decrease in our marketable securities portfolio as proceeds from bond maturity, partially funded dividends and fixed asset purchases.

銷售、一般及行政費用的減少主要是由於銷售和行銷活動的時機調整，以及將部分銷售、一般及行政費用資源重新分配到生產製造和新產品開發。由於債券到期所得、部分支付的股息和固定資產購買導致我們的可交易證券組合減少，利息收入下降了 3%。

Other income decreased by $135,000, which is primarily from reclaiming precious metals used in our manufacturing process in the prior year quarter. Our effective tax rate, which is the provision for income taxes as a percentage of income before taxes increased to 20% for the third quarter of fiscal 2026 compared to 15% for the third quarter of fiscal 2025.

其他收入減少了 135,000 美元，這主要是由於回收了上一季生產過程中使用的貴金屬。我們的實際稅率（即所得稅準備金佔稅前收入的百分比）在 2026 財年第三季增至 20%，而 2025 財年第三季為 15%。

The increase in our effective tax rate was primarily due to the noncash impact of tax law changes on certain tax deductions this fiscal year. We currently expect a full year tax rate of 16% to 17% in fiscal 2026 because we expect advanced manufacturing investment tax credits of between $700,000 and $1 million to offset the impact of other tax law changes.

本財政年度實際稅率上升的主要原因是稅法變更對某些稅收抵扣產生了非現金影響。我們目前預計 2026 財年的全年稅率為 16% 至 17%，因為我們預計 70 萬美元至 100 萬美元的先進製造業投資稅收抵免將抵消其他稅法變更的影響。

And net income increased 11% to $3.38 million or $0.70 per diluted share from $3.05 million or $0.63 per share. The increase was primarily due to increased revenue and decreased operating expenses, partially offset by decreased gross margin, a decrease in other income and an increase in our effective tax rate.

淨利潤成長 11%，從 305 萬美元（合每股 0.63 美元）增至 338 萬美元（合每股攤薄收益 0.70 美元）。成長主要歸因於收入增加和營運費用減少，但部分被毛利率下降、其他收入減少以及實際稅率上升所抵消。

Our profitability metrics remained strong. Operating margin was 60%. Pretax margin was 68% and net margin was 54%. For the first nine months of fiscal 2026, total revenue increased 0.4% to $18.7 million from $18.6 million for the nine months of the prior year as growth in the most recent quarter more than offset year-over-year decreases in the first two quarters of the fiscal year.

我們的獲利指標依然強勁。營業利益率為60%。稅前利潤率為 68%，淨利潤率為 54%。2026 財年前九個月，總營收成長 0.4%，達到 1,870 萬美元，而上年同期為 1,860 萬美元。最近一個季度的成長抵消了該財年前兩季年減的幅度。

The revenue increase for the first nine months was due to a 0.8% increase in product sales, partially offset by an 8% decrease in contract R&D. Net income for the nine months decreased 8% to $10.3 million or $2.12 per diluted share. Turning to cash flow items. Cash flow from operations was $12.2 million in the first nine months of the fiscal year.

前九個月的收入成長是由於產品銷售額成長了 0.8%，但部分被合約研發支出下降 8% 所抵銷。前九個月淨利下降 8% 至 1,030 萬美元，即每股攤薄收益 2.12 美元。接下來是現金流量項目。本財年前九個月的營運活動現金流為 1,220 萬美元。

Accounts receivable decreased $1.1 million during the first nine months of fiscal 2026 primarily due to the timing of customer payments. Inventories decreased by $177,000 due to increased product sales. Prepaid expenses and other assets increased $323,000 primarily due to increased accrued bond interest and a decrease in federal and state taxes due.

2026 財年前九個月，應收帳款減少了 110 萬美元，主要原因是客戶付款時間表。由於產品銷售增加，庫存減少了 177,000 美元。預付費用和其他資產增加了 323,000 美元，主要是由於應計債券利息增加以及聯邦和州稅款減少。

The decrease in taxes due was because we deducted previously unamortized research and development expenses in the quarter ended December 31, 2025, and as permitted under the federal budget reconciliation bill enacted July 4, 2025.

應繳稅款減少的原因是，我們在截至 2025 年 12 月 31 日的季度中扣除了先前未攤銷的研發費用，並且這是根據 2025 年 7 月 4 日頒布的聯邦預算協調法案所允許的。

We expect accelerated deductions of previously unamortized research and development expenses to reduce our cash taxes for the full fiscal year ending March 31, 2026 by approximately $1.1 million. Accrued payroll and other current liabilities decreased $366,000 primarily due to the payments of federal and state taxes balance due as of March 31, 2025, and decreased accrual for performance-based compensation.

我們預計，提前扣除先前未攤銷的研發費用將使我們截至 2026 年 3 月 31 日的整個財政年度的現金稅款減少約 110 萬美元。應計工資和其他流動負債減少了 366,000 美元，主要原因是支付了截至 2025 年 3 月 31 日到期的聯邦和州稅款餘額，以及績效工資應計金額減少。

Fixed asset purchases were $2.18 million for the first nine months of the fiscal year, including $1.05 million in the December quarter. We substantially completed spending on our two year multimillion dollar expansion. We expect to put the equipment into service in the current quarter. Pete Eames will discuss the new equipment.

本財年前九個月固定資產購置額為 218 萬美元，其中 12 月季度購置額為 105 萬美元。我們已基本完成為期兩年、耗資數百萬美元的擴張計畫。我們預計將在本季投入使用這套設備。皮特·伊姆斯將討論新設備。

Now I'll turn the call over to Pete Eames, our Vice President of Advanced Technology to talk about our plans for the new equipment and to cover new products and R&D. Pete?

現在我將把電話交給我們的高級技術副總裁皮特·伊姆斯，讓他談談我們對新設備的計劃，並介紹新產品和研發情況。皮特？

Thanks, Daniel. I'll cover new equipment and R&D. New equipment in the past year has increased our capacity, increased our capabilities and allowed us to do smaller and more precise wafer-level chip scale package parts in-house. We completed installation and calibration of a new equipment cluster in the past quarter in an expanded production area on the east end of our building.

謝謝你，丹尼爾。我將介紹新設備和研發情況。過去一年引進的新設備提高了我們的產能，增強了我們的能力，使我們能夠在公司內部生產更小、更精確的晶圓級晶片封裝零件。上個季度，我們在大樓東側擴建的生產區域完成了新設備組的安裝和校準。

The new equipment allows extremely precise control of spintronic materials deposition to well within 1 atomic layer. This capability translates into more precise spintronic devices and expands our capacity with existing products. We've made good progress developing new advanced spintronic processes on the equipment.

新設備能夠極為精確地控制自旋電子材料的沉積，精度可達 1 個原子層以內。這項能力可以轉化為更精確的自旋電子裝置，並擴大我們現有產品的產能。我們在設備上開發新型先進自旋電子製程方面取得了良好進展。

And as Daniel said, we expect to place new equipment into service by March 31. Our R&D strategy is to make the world's best electronics for high-value markets such as medical devices, electric and autonomous vehicles, advanced factory and humanoid robotics in highly automated Fourth Wave Factories using the artificial intelligence of things.

正如丹尼爾所說，我們預計將在 3 月 31 日之前將新設備投入使用。我們的研發策略是利用物聯網人工智慧，在高度自動化的第四波工廠中，為醫療器材、電動和自動駕駛汽車、先進工廠和人形機器人等高價值市場製造世界上最好的電子產品。

We've had a continuous flow of new products as part of that strategy. Just yesterday, we announced a new wafer-level chip scale sensor a part that's just 0.65 millimeter square, about the size of the period at the end of our quarterly report and about as thick as the paper that it's printed on.

作為該策略的一部分，我們不斷推出新產品。就在昨天，我們發布了一款新型晶圓級晶片感測器，該部件只有 0.65 毫米見方，大約相當於我們季度報告末尾句號的大小，厚度也和印刷它的紙張差不多。

The sensor is about one third the size of the conventionally packaged version, and this tiny size allows for unmatched miniaturization and special sensitivity. There are demonstrations of our new products on our website and our YouTube channel.

該感測器的尺寸約為傳統封裝版本的三分之一，如此小的尺寸使其能夠實現無與倫比的小型化和特殊的靈敏度。我們的網站和YouTube頻道上都有我們新產品的展示。

Now I'll turn it back over to Dan Baker.

現在我把麥克風交還給丹貝克。

Thanks, Pete. I'll cover customers’ sales and marketing. Starting with customers. We're proud to supply products to some of the world's most demanding customers, including Abbott Laboratories. Abbott is a leading supplier of implantable medical devices.

謝謝你，皮特。我將負責客戶的銷售和行銷。從客戶開始。我們很榮幸能為包括雅培實驗室在內的一些全球最苛刻的客戶提供產品。雅培是植入式醫療器材的領導供應商。

In the past quarter, we executed an extension to our supplier partnering agreement with Abbott. In recent years, the extensions have been for one year, but this extension is for two years through December 31, 2027. It provides for price increases for 2026 and 2027. The agreement was filed with the Form 8-K and their links in our just filed 10-Q on our website and the SEC's website.

上個季度，我們與雅培公司續簽了供應商合作協議。近年來，延期期限均為一年，但此次延期期限為兩年，至 2027 年 12 月 31 日。它規定了 2026 年和 2027 年的價格上漲。該協議已隨 8-K 表格一起提交，相關連結已發佈在我們網站和美國證券交易委員會網站上，並在我們剛剛提交的 10-Q 表格中列出。

Turning to sales and marketing. We exhibited at the Medical Design & Manufacturing Trade Show in the past quarter. Medical devices are an important market for us. We have a convincing benefit proposition for medical devices with small size, low power and superb reliability.

轉向銷售和行銷。上個季度，我們參加了醫療設計與製造貿易展。醫療器材是我們的重要市場。我們擁有體積小、功耗低、可靠性高的醫療器械，具有令人信服的優勢。

At the show, we highlighted new wafer-level chip scale parts for miniaturization of implantable medical devices and surgical robots, high-field sensors to enable MRI-tolerant medical devices, high-sensitivity sensors for medical device navigation and our best-in-class electrical isolators to ensure the safety of medical instruments.

在展會上，我們重點介紹了用於微型化植入式醫療設備和手術機器人的新型晶圓級晶片部件、用於實現耐核磁共振醫療設備的高場傳感器、用於醫療設備導航的高靈敏度傳感器，以及我們一流的電氣隔離器，以確保醫療器械的安全。

The show generated good leads, and we believe our investments and shows payoff and future sales. With the success of that show, we'll also exhibit at Medical Device & Manufacturing West for the first time. The exhibition starts February 3 in Anaheim, California and host attendees from all over the world.

該節目帶來了良好的銷售線索，我們相信我們的投資和節目安排將為未來的銷售帶來回報。鑑於上次展會的成功，我們將首次參加西部醫療器材及製造展。展覽將於2月3日在加州阿納海姆開幕，屆時將有來自世界各地的參觀者。

Now we'd like to open the call for questions.

現在我們來徵求大家的問題。

Hey, Dan. It's Jeff Bernstein from Silverberg Bernstein Capital. So we talked during the quarter about this idea of magnetic navigation in GPS compromised areas and whether you're magnetometer sensors were appropriate for that kind of application. Can you just talk a little bit about that and if you made any contact with anybody in the BOW about this?

嘿，丹。我是來自 Silverberg Bernstein Capital 的 Jeff Bernstein。因此，我們在本季討論了在 GPS 訊號不佳的地區進行磁導航的想法，以及你們的磁力計感測器是否適合這種應用。能簡單談談這件事嗎？您是否就此事與BOW的任何人有過聯繫？

Jeff, this is Pete Eames. I'm happy to answer that question. We have looked at MagNav. And for those who aren't familiar with it, this is a new technology that replaces GPS in the defense applications that are susceptible to GPS jamming.

傑夫，我是皮特‧伊姆斯。我很樂意回答這個問題。我們已經研究過 MagNav。對於不熟悉這項技術的人來說，這是一項新技術，它在易受 GPS 幹擾的國防應用中取代了 GPS。

So typically, NVE sensors are lower power and much smaller than the sensors that are used to detect the magnetic field anomalies and magnet systems. But it is an interesting application for us. It's evolving and it's one of the things that we keep an eye on in the defense community to see how it evolves. And hopefully, we have an opportunity there in the future.

因此，通常情況下，NVE 感測器的功率較低，體積也比用於檢測磁場異常和磁鐵系統的感測器小得多。但對我們來說，這是一個很有趣的應用。它正在不斷發展，這也是國防界密切關注的事項之一，看看它如何發展。希望將來我們有機會再去那裡。

So do you have a part that you would deem appropriate for that application today or no?

那麼，您目前是否有適合該應用的零件呢？

Not exactly. MagNav is pretty new. It's still a relatively nascent technology. One of the problems with MagNav is that the maps that are being generated and used by sensors for this technology are still too imprecise. So it's still -- it's not a mature enough technology that we would chase it for example.

不完全是。MagNav 是一項相當新的技術。這項技術仍處於起步階段。MagNav 的一個問題是，該技術中感測器產生和使用的地圖仍然不夠精確。所以它仍然——它還不是一項足夠成熟的技術，例如，我們不會去追求它。

But it's something that is interesting and fits within our defense systems and something that we think has a bright future.

但這是一件很有趣的事情，它符合我們的國防體系，我們認為它有著光明的前景。

Got you. Thank you.

抓到你了。謝謝。

Hey Dan. This is [ Pete Prevett ] in Florida, how you guys. A couple of quick questions. Your new equipment up and running in March, I recall being at the shareholders meeting in '24, it'll be almost two years. Is that pretty much on the expected schedule that you thought?

嘿，丹。我是 [Pete Prevett]，我在佛羅裡達，大家好。幾個簡單的問題。你們的新設備在三月就投入使用了，我記得我參加過 2024 年的股東大會，到那時已經快兩年了。這和你預想的進度差不多嗎？

It is. Thanks for the question, Pete. As you saw, we just had a blank space when you were here and at the annual meeting in 2025, we had a much more finished blank space. And now we've got a piece of equipment that's up and running, and as Daniel and Pete both mentioned, we plan to deploy it in an accounting sense this quarter.

這是。謝謝你的提問，皮特。如你所看到的，你來的時候這裡還是一片空白，而到了 2025 年的年會上，我們已經把這片空白區域完善了很多。現在我們已經有了一台可以運行的設備，正如丹尼爾和皮特都提到的那樣，我們計劃在本季將其應用於會計領域。

So things are going well, and we were -- it's a complicated piece of -- set of equipment and a complicated process, but our guys have done a great job of getting it done on schedule. So we're pleased with how it's going.

所以一切進展順利，這是一套複雜的設備和一個複雜的過程，但我們的人員出色地完成了工作，按時完成了任務。所以我們對目前的進展很滿意。

That's great to hear. With that, is there an expectation that, that new equipment will help with new product sales like adding to new revenue and/or I guess, better profitability because it's packaging, right? Some of it's for packaging, so you don't have to outsource the packaging?

聽到這個消息真是太好了。因此，人們是否期望新設備能夠幫助新產品銷售，例如增加新收入和/或提高獲利能力，因為它涉及包裝，對嗎？一部分是用來包裝的，這樣就不用外包包裝了？

Yeah. This is Pete Eames again. Yes, Pete, I think there is a lot of optimism surrounding the technology that we're developing with the new equipment. I talked about one of the sensors in our earlier remarks. We're definitely selling samples of those parts. And we're -- again, we're looking forward to continued sales there. So I think the optimism continues.

是的。我是皮特·伊姆斯。是的，皮特，我認為大家對我們利用新設備開發的技術抱持著極大的樂觀態度。我在之前的發言中提到過其中一個感測器。我們肯定會出售這些零件的樣品。我們再次期待在那裡繼續保持銷售勢頭。所以我認為樂觀情緒會繼續維持下去。

And thanks Pete. And do you guys see the distributors building up inventory? Again, I know that, that was an issue that they had lots of inventory and had sell that down. Is that starting to pick up again?

謝謝你，皮特。你們看到分銷商在增加庫存嗎？我知道，那是一個他們庫存過多，需要盡快清倉的問題。這種情況是不是又開始好轉了？

Yes, it is, it's very positive and Daniel mentioned that in the prepared remarks that our distributor sales are picking up and have been through the fiscal year and that's an indication that some of those inventories that had built up during the semiconductor slowdown the last fiscal year and prior to that have been depleted, burned off, and end user demand is increasing.

是的，情況非常積極。丹尼爾在準備好的演講稿中提到，我們的經銷商銷售額正在回升，並且已經度過了整個財政年度。這表明，上個財政年度及之前半導體產業低迷時期累積的一些庫存已經消耗殆盡，終端用戶需求正在增加。

So we feel like we have the wind at our backs and we've got excellent products and the inventory situation in the semiconductor industry as a whole is much better than it was.

所以我們感覺現在順風順水，我們擁有優秀的產品，而且整個半導體產業的庫存狀況也比以前好得多。

That's fantastic. And let me ask you about the other company or one of the other companies in your space, Everspin. There seems to be a lot of interest in them lately and some talk about their intellectual property being valuable for quantum computing, possibly. How does NVE's intellectual property compare to what they have? And have you had any discussions with other companies about licensing your IP?

太棒了。還有，我想問您關於您所在領域的另一家公司，或者說另一家公司，Everspin。最近似乎有很多人對它們感興趣，有人說它們的智慧財產權可能對量子計算很有價值。NVE的知識產權與他們已有的知識產權相比如何？您是否與其他公司討論過智慧財產權授權事宜？

Oh. We have had discussions about licensing from time to time over the years, including we had a license agreement with predecessors of Everspin technology, including Motorola going way back. So we believe we have excellent intellectual property. We deploy it mostly for anti-tamper and HUF.

哦。這些年來，我們不時會討論授權許可的問題，包括我們與Everspin技術的前身公司（包括摩托羅拉）簽訂過許可協議，時間可以追溯到很久以前。因此，我們相信我們擁有優秀的智慧財產權。我們主要將其部署用於防篡改和 HUF。

So we are in a different market than ever spin, but we do have technology that applies to MRAM. We continue to develop MRAM. And we've talked about it from time to time. Pete didn't talk about it on this call in the prepared remarks, but we continue to work on developing advanced MRAM mostly for defense applications, defense and anti-tamper applications.

所以我們現在所處的市場與以往的旋轉市場不同，但我們確實擁有適用於 MRAM 的技術。我們將繼續開發MRAM。我們時不時會談到這件事。Pete 在這次電話會議的準備演講中沒有提到這一點，但我們仍在繼續開發先進的 MRAM，主要用於國防應用、防禦和防篡改應用。

And we believe that the intellectual property has significant value, and we'll look for opportunities to monetize that through licensing or other means.

我們相信知識產權具有重大價值，我們將尋找機會透過授權或其他方式將其貨幣化。

And I don't know too much about it, but with Flash memory, is MRAM a replacement of Flash? I on someone who mentioned something about memory and MRAM being a lot better with spintronics. Is there anything you could talk about there?

我對此了解不多，但就快閃記憶體而言，MRAM 可以取代快閃記憶體嗎？我看到有人提到，自旋電子學能讓記憶體和 MRAM 的效能大大提升。您在那方面有什麼可以談的嗎？

Yeah. In general, MRAM is a non-volatile memory, meaning it retains its information when the power is removed. And for some applications, that's a very powerful technology, and it's something that's already used in some embedded computing systems today. So it is very useful, and that's one of the things that, as Dan said, makes us believe that our IP is very valuable here.

是的。一般來說，MRAM 是一種非揮發性記憶體，這意味著斷電後它仍能保留其資訊。對於某些應用來說，這是一項非常強大的技術，而且目前已經在一些嵌入式運算系統中得到應用。所以它非常有用，正如丹所說，這也是我們相信我們的智慧財產權在這裡非常有價值的原因之一。

Okay. Great. And last question. Dan, we love your post on Twitter. Do you employ or have a meeting company? Is there any plans to expand marketing? Not that we don't love your videos and stuff, but just curious about how you guys look at marketing to promote the company.

好的。偉大的。最後一個問題。丹，我們很喜歡你在推特上的貼文。您是否僱用或擁有會議公司？是否有拓展行銷的計畫？並非我們不喜歡你們的影片之類的東西，只是好奇你們是如何看待行銷來推廣公司的。

Well, we've been spending more on marketing, doing more marketing. So we try to do more of what works and what's been working, as I mentioned in the prepared remarks, our trade shows work very well for us. So we're going to more trade shows than we ever have. And we are working more and more on demonstrations.

嗯，我們一直在增加行銷方面的投入，也做了更多的行銷工作。因此，我們努力做更多有效且行之有效的事情，正如我在準備好的演講稿中提到的，我們的貿易展覽會對我們來說非常有效。所以，我們將比以往任何時候都參加更多的貿易展。我們正在加大示威活動的投入。

So the videos are one manifestation of demonstrations, but we also provide demonstrations at trade shows and for a specific customer targeted applications. The newsletters are also very effective. We have a very high click rate, a very high response rate. So we measure our marketing activities, and we continue to boost the ones that work.

因此，影片是演示的一種表現形式，但我們也會在貿易展覽會上以及針對特定客戶的應用場景提供演示。電子報也非常有效。我們的點擊率非常高，回應率也非常高。因此，我們會衡量行銷活動的效果，並持續增加對有效活動的投入。

So those are the kinds of things that we've been doing, and we do get some response from Twitter. However, it's not a huge sales driver. Some of that is more fun and content that we have from other sources or for other targets such as trade shows.

所以，這些就是我們一直在做的事情，而我們也確實從 Twitter 上得到了一些回饋。然而，它並不是主要的銷售驅動因素。其中一些內容更有趣，內容也更豐富，這些內容可能來自其他管道，也可能針對其他目標，例如貿易展覽會。

Great. Thank you. Appreciate the time. Keep up the good work. Appreciate it.

偉大的。謝謝。感謝您抽出時間。繼續保持！謝謝。

Thanks, [Pete].

謝謝，[皮特]

Hey, Dan. It's Jeff Bernstein again. Just wanted to check in on the application for rare earth magnets for position sensing? And what kind of traction you've gotten there? And have we seen any revenue actually come through from any design wins? Or what's the design win situation looking like?

嘿，丹。又是傑夫·伯恩斯坦。我想了解稀土磁體在位置感測的應用？你在那方面取得了怎樣的進展？我們是否看到任何設計訂單最終帶來了實際的收入？或者說，設計方案的最終勝出情況如何？

Yeah. that's a good point. There's still a lot of concern in the supply chains about rare earth elements. And our sensors are uniquely positioned to use rare earth free ferrite magnets because of their high sensitivity. And we continue to offer ferrite magnets they do not use rare earth elements.

沒錯，說得有道理。供應鏈中仍存在著許多關於稀土元素的擔憂。由於稀土含量低的鐵氧體磁鐵具有很高的靈敏度，我們的感測器具有獨特的優勢，可以使用這種磁鐵。我們繼續提供不含稀土元素的鐵氧體磁鐵。

They use iron and oxygen, which are two of the most abundant elements in the earth's crust. So we're well positioned in that, and we have gotten some sales, and we've gotten some interest in both the magnets and in the sensors that go with them. So we do see it as a promising application.

它們利用鐵和氧，這兩種元素是地殼中最豐富的元素之一。因此，我們在這方面處於有利地位，我們已經獲得了一些銷售額，人們對磁鐵和與其配對的感測器都產生了興趣。所以我們認為這是一個很有前景的應用。

And the concern about rare earth magnets has done nothing but increase. So it's hard to quantify exactly how many are targeted at rare earth replacement and how many we're getting or we wouldn't have gotten, if it were for the concerns about rare earth, but it certainly helps us.

人們對稀土磁鐵的擔憂有增無減。因此，很難準確量化有多少產品是針對稀土替代品的，以及如果沒有對稀土的擔憂，我們又能獲得多少產品，但這肯定對我們有幫助。

Got it. Thank you.

知道了。謝謝。

(Operator Instructions)

（操作說明）

Hello. Can you hear me?

你好。你聽得到我嗎？

Yes.

是的。

Hello. This is [Christopher Zochowski], a private investor. I was just wondering if there's any comments you can make on the current quarter, especially I'm wondering about your defense business, which happens to be a little bit more volatile?

你好。這位是私人投資者克里斯托弗·佐霍夫斯基。我想問您對本季有什麼看法，特別是關於您的國防業務，因為這個業務波動性比較大？

Yeah. I can try to add a little bit there, Christopher. I think we've talked fairly about some of the past quarters and explained that things have been relatively weak there. And in general, I think we're optimistic going forward. I think it's safe to say that we'll be returning to somewhat of a more normal flow there if that's of any help.

是的。克里斯托弗，我可以試著補充一點。我認為我們已經比較全面地討論過過去幾個季度的情況，並解釋了這些季度的業績相對疲軟。總的來說，我認為我們對未來持樂觀態度。我想可以肯定地說，那裡的流量將會逐漸恢復到某種程度的正常水平，如果這能有所幫助的話。

Yes. That's very helpful. And the rise in NRE revenues, does that pretend for additional future nondefense business?

是的。那很有幫助。NRE收入的成長是否預示著未來會有更多非國防業務？

That's certainly the goal. When we invest in R&D. We invest heavily in R&D. Pete talked about some of the programs. We talked about some of the things that we're doing in the medical space for new products and for advancements, especially in miniaturization.

那當然是我們的目標。當我們投資研發時。我們在研發方面投入大量資金。皮特談到了一些項目。我們討論了一些我們在醫療領域為新產品和技術進步所做的工作，尤其是在小型化方面。

So that's been a significant portion of our R&D, and we've been pleased with the response of customers and prospects to those products. And we believe they're going to pay off in future sales, and that's why we make the R&D investments.

因此，這佔據了我們研發工作的重要部分，我們對客戶和潛在客戶對這些產品的回饋感到滿意。我們相信這些投入將在未來的銷售中獲得回報，這就是我們進行研發投資的原因。

Okay. And your two-year agreement with Abbott, are there any market gains in that? Are you in any new devices?

好的。你與雅培公司簽訂的兩年協議，能帶來任何市場收益嗎？你有沒有使用任何新設備？

Unfortunately, we can't talk about what devices they use our parts in, they use our sensors and we're bound by confidentiality. However, they make some remarkable devices, medical devices, and we're pleased to be a partner with them. We've been a partner with them for many years. And we're proud of the role that we play in making devices that can change people's lives.

很遺憾，我們不能透露他們在哪些設備中使用了我們的零件，他們使用了我們的感測器，而且我們受保密協議的約束。但是，他們生產了一些非常出色的醫療器械，我們很高興能與他們合作。我們與他們保持著多年的合作關係。我們為自己在製造能夠改變人們生活的設備中所扮演的角色感到自豪。

We also have other medical customers that sometimes we can't talk about. And we're promoting and meeting more of them, promoting our products and meeting more of those prospects and customers at the trade shows such as MDM here in Minneapolis recently and in early February, MDM West.

我們還有其他一些醫療客戶，但有時我們不能談論他們。我們正在透過各種貿易展覽會（例如最近在明尼阿波利斯舉行的 MDM 展會和 2 月初舉行的 MDM West 展會）來推廣我們的產品，並結識更多的潛在客戶和現有客戶。

All right. Thank you and good luck.

好的。謝謝，祝你好運。

Thank you.

謝謝。

Dan, this is Pete again. Just one last question. The company, obviously, has been very, very solid over many years of delivering good performance. Can you talk a little bit about what the potential of customers being recurring, right?

丹，我是皮特。最後一個問題。很顯然，這家公司多年來一直表現非常出色，業績非常穩健。能談談客戶再次購買的潛力嗎？

So rather than kind of sawtooth revenues quarter after quarter, year after year, where you're going to eventually have recurring orders from the same customers and then revenues might hit $6 million, $8 million, $10 million, $12 million per quarter because you've got repeat orders from the same customers.

因此，與其像鋸齒狀的收入那樣逐季逐年波動，最終你會從相同的客戶那裡獲得重複訂單，然後收入可能會達到每季 600 萬美元、800 萬美元、1000 萬美元、1200 萬美元，因為你從相同的客戶那裡獲得了重複訂單。

Can you just give some clarity as to what the product mix looks like and if there's potential of that type of expectation from these customers that would order consistently so all investments are just adding on to revenues quarter after quarter?

您能否詳細說明產品組合情況，以及這些客戶是否有可能抱持持續訂購的期望，使所有投資都能逐季增加收入？

Yeah. that's a good point and a good question, Pete. So we look to increase our sales to our current customers with existing products and then we look to add new products to existing customers because we feel like our existing customers are our best prospects. They know us.

是的，皮特，你說的很有道理，也是個好問題。因此，我們首先考慮透過現有產品增加對現有客戶的銷售額，然後再考慮向現有客戶增加新產品，因為我們認為現有客戶是我們最好的潛在客戶。他們認識我們。

They've seen the quality of the product we produce and the quality of the support that we provide. So we work on both. Our goal is to grow faster than our customers. We have to add customers we have to continue to add products and expand the products that we sell to existing customers.

他們已經見識過我們產品的品質和我們提供的支援服務的品質。所以我們兩方面都做。我們的目標是成長速度超過我們的客戶。我們必須增加客戶，必須不斷增加產品，並擴大我們向現有客戶銷售的產品範圍。

And so I just mentioned Abbott, which is a great example of a customer that we've had for 20 years at least and they continue to buy our products, and they've expanded over years, the number of products that they use. So that we see is driving growth. And then we've added additional new customers, and then we add products for existing customers, new products for existing customers.

我剛才提到了雅培，它就是一個很好的例子，我們至少有 20 年的客戶關係，他們一直在購買我們的產品，而且多年來，他們使用的產品數量也在增加。所以我們看到，這正在推動成長。然後我們增加了新的客戶，然後我們為現有客戶增加了產品，為現有客戶增加了新產品。

Great. Thank you.

偉大的。謝謝。

Hey Dan, beta, can you hear me?

嘿，丹，測試版，你聽得到我說話嗎？

Yes.

是的。

Hey, Dan. Jeff Bernstein. Just a follow-up question. As far as you guys have talked about in the past that at Abbott, you have exposure in the cardiac rhythm management area. You have exposure in the, I guess, neuromodulator area. In terms of the other medical customers that you're talking to, are these very similar kinds of applications?

嘿，丹。傑夫·伯恩斯坦。還有一個後續問題。根據你們過去的說法，在雅培公司，你們有機會接觸到心臟節律管理領域。我想，你接觸過神經調節劑領域。就您正在洽談的其他醫療客戶而言，這些應用是否非常相似？

Or are there other applications I think you discussed medical robots and I'm kind of curious about why a big piece of equipment like that would need tiny parts like yours unless it's a sensitivity issue. But can you just flesh through that a little bit?

或是有其他應用嗎？我想你討論過醫療機器人，我很好奇為什麼像這樣的大型設備需要像你這樣的小型零件，除非是出於敏感性問題。能稍微詳細解釋一下嗎？

Yeah. So we cover a variety of medical products. We cover life support medical devices, which are the types of pacemakers and ICDs that Abbott makes. We cover non-life support medical devices, and we cover medical instruments. We sell products for medical instruments, which would be monitors, pumps and things of that nature.

是的。因此，我們涵蓋多種醫療產品。我們報道維生醫療設備，也就是雅培公司生產的心臟節律器和ICD等設備。我們承保非維生醫療器械，也承保醫療器械。我們銷售醫療器材產品，例如監視器、幫浦等。

They require different types of products. They have different design cycles, but they share a common goal of miniaturization of low power high sensitivity, high accuracy. As far as the medical robots, which we talked about before, Pete touched on that with our wafer-level chip scale parts that the smaller parts.

他們需要不同類型的產品。它們的設計週期各不相同，但它們的共同目標是實現低功耗、高靈敏度、高精度的微型化。至於我們之前討論過的醫療機器人，Pete 也提到了我們晶圓級晶片尺寸的零件，也就是更小的零件。

Well, you're right, they might not need them because it's a relatively -- the robots are relatively large, but they offer more special sensitivity, which means that the robot can detect smaller displacement more precisely. And for medical robots, being able to do delicate operations is a key benefit, and our sensors enable that.

嗯，你說得對，他們可能不需要它們，因為這些機器人相對來說比較大，但它們具有更高的靈敏度，這意味著機器人可以更精確地檢測到更小的位移。對於醫療機器人而言，能夠進行精細操作是一項關鍵優勢，而我們的感測器能夠實現這一點。

This is [ Ittai Abraham] from [ Principal Global ]. I just wanted to come back to the MRAM point. I'm curious if you can talk a little bit more if that's really just kind of an IP opportunity or if the added capacity can actually help you sell into some of MRAM and customers as well? And then I have one more.

這是[伊泰·亞伯拉罕][Principal Global]我只是想回到 MRAM 這一點。我很好奇您能否再詳細談談，這究竟只是一個知識產權方面的機會，還是增加的產能實際上可以幫助您向MRAM和其他客戶銷售產品？我還有一個。

Okay. Thanks for the question, Ittai. Our strategy has been to not make large-scale memories. That often requires multibillion-dollar fabs. So what we've been doing is specializing in high value-added memories that are used in specialized applications such as crypto keys for anti-tamper devices but we believe that the intellectual property is applicable to larger MRAMs that would have broader applications.

好的。謝謝你的提問，伊泰。我們的策略是不製作大規模的儲存設備。這通常需要耗資數十億美元的晶圓廠。因此，我們一直專注於高附加價值記憶體，這些記憶體用於特殊應用，例如防篡改設備的加密金鑰，但我們相信這項智慧財產權也適用於應用範圍更廣的大型 MRAM。

So that's how we would participate in that market by licensing intellectual property that we've developed over the years.

所以，這就是我們參與該市場的方式：透過授權我們多年來開發的智慧財產權。

Got it. That's super helpful. And then my second question is on the new capacity, I'm curious if you could give us a high-level view on the current mix shift may shift in terms of end market and how the new capacity might change the end market mix?

知道了。這太有幫助了。我的第二個問題是關於新增產能的，我很好奇您能否從宏觀角度談談當前產品組合的變化可能會如何影響終端市場，以及新增產能可能會如何改變終端市場結構？

Right. So the new capacity is targeted at applications such as the Internet of Things and the artificial intelligence of things, which are emerging markets for industrial automation, merging the Internet of Things with artificial intelligence.

正確的。因此，新增產能的目標應用領域是物聯網和人工智慧等新興工業自動化市場，這些市場將物聯網與人工智慧融合在一起。

So we see those as tremendous opportunities. They require inputs, which is what we do. We make sensors. And the future appears to have ubiquitous sensors, many very small sensors distributed in many robots and other locations in order to provide the information for smart factories that are that are self-optimizing.

所以我們認為這些都是巨大的機會。他們需要投入，而這正是我們所做的。我們生產感測器。未來似乎將充滿無所不在的感測器，許多非常小的感測器分佈在許多機器人和其他場所，以便為能夠自我優化的智慧工廠提供資訊。

So we see a historic opportunity there, and that's part of the reason why we were confident making such a large investment.

所以我們看到了一個歷史性的機遇，這也是我們有信心進行如此大規模投資的部分原因。

Got it. Thanks so much, Dan. And congrats on the results.

知道了。非常感謝你，丹。恭喜你取得好成績。

Well, if there are no other questions, we were pleased to report strong increases in revenue and earnings driven by broad-based growth. We look forward to speaking with you again in early May for our fiscal year-end call. A replay of this call will be available on the Investor Events page of our website, that's nve.com and our YouTube channel, that's youtube.com/nvecorporation. Thank you for participating in this call.

如果沒有其他問題，我們很高興地報告，在全面成長的推動下，公司營收和利潤均實現了強勁成長。我們期待在五月初與您再次通話，進行我們的財政年度結束電話會議。本次電話會議的錄音回放將在我們網站的「投資者活動」頁面（nve.com）和我們的YouTube頻道（youtube.com/nvecorporation）上提供。感謝您參與本次電話會議。