NVE Corp (NVEC) 2027 Q1 法說會逐字稿

Good afternoon and welcome to the NVE Corporate conference call for the quarter end of June 30, 2026. 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 and Successor CEO.

各位下午好，歡迎參加 NVE Corporation 截至 2026 年 6 月 30 日季度的法人電話會議。我是 Dan Baker，NVE 總裁兼執行長。與我一同出席的有我們的首席財務主管 Daniel Nelson，以及先進技術副總裁兼繼任執行長 Pete Eames。

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

本次電話會議將透過 YouTube 與 GoogleMeet 進行線上直播並錄音。重播將可透過我們的網站 nve.com 以及我們的 YouTube 頻道 youtube.com/NVEcorporation 觀看。(活動說明)

After my opening comments, Daniel Nelson will present our financial results. Pete will cover new products and R&D, and I'll cover sales and marketing. I'll also cover our upcoming leadership transition and Board expansion, and then we'll open the call to questions.

在我開場致詞後，Daniel Nelson 將報告我們的財務結果。Pete 將介紹新產品與研發，而我將說明銷售與行銷。我也會談到即將到來的領導階層交接與董事會擴編，之後我們將開放提問。

We issued our press release with summary financial results and filed our quarterly report on Form 10-Q in the past on the close of market. Links to the press release and 10-Q are available through our website, the SEC's website, and X formerly known as Twitter.

我們已於先前收盤後發布包含財務摘要的新聞稿，並提交了 Form 10-Q 季度報告。新聞稿與 10-Q 的連結可透過我們的網站、SEC 的網站，以及先前稱為 Twitter 的 X 取得。

Please refer to the Safe Harbor statement on your screen. 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 our reliance on several large customers for a significant percentage of revenue, uncertainties related to the economic environments and the industries we serve, uncertainties related to future sales and revenues, 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, 2026. Actual results could differ from the information provided, and we undertake no obligation to update forward-looking statements we may make.

請參閱螢幕上的安全港聲明。我們可能就未來計畫、事件、財務結果或績效所作的評論，屬於前瞻性陳述，並受若干風險與不確定性影響，包括但不限於：我們對少數大型客戶在營收中占比顯著的依賴、與經濟環境及我們所服務產業相關的不確定性、與未來銷售與營收相關的不確定性，以及我們不時向 SEC 提交之文件中所列的風險因素，包括截至 2026 年 3 月 31 日止年度的 Form 10-K 年報。實際結果可能與所提供資訊不同；對於我們可能作出的前瞻性陳述，我們不承擔更新義務。

We're pleased to report exceptional results, our growth accelerated with an 81% increase in revenue, and a 79% increase in net income driven by new product sales and a strong semiconductor market. Daniel Nelson will cover details of the financials.

我們很高興報告卓越的成果：在新產品銷售與強勁的半導體市場帶動下，我們的成長加速，營收成長 81%，淨利成長 79%。Daniel Nelson 將說明財務細節。

Daniel?

Daniel？

Thanks, Dan. As Dan said, the first quarter total revenue increased 81% to $11 million from $6.1 million for the prior year quarter. The increase was due to an 82% increase in product sales and a 53% increase in contract R&D revenue.

謝謝，Dan。如 Dan 所說，第一季總營收較去年同期由 610 萬美元增加 81% 至 1,100 萬美元。增加原因為產品銷售成長 82%，以及委託研發（contract R&D）營收成長 53%。

Product sales increased across defense and non-defense product lines, as well as distributor and direct channels. Higher volumes helped boost gross margin for the quarter to 81.3% of revenue compared to 80.6% prior year quarter.

產品銷售在國防與非國防產品線，以及經銷與直銷通路皆有所成長。較高的出貨量有助於提升本季毛利率至營收的 81.3%，相較去年同期為 80.6%。

Total expenses increased 49% due to a 31% increase in research and development expense, and an 81% increase in selling, general, and administrative expense. The increase in research and development expense was due to increased staffing and new product development activities. The increase in selling, general, and administrative expenses was primarily due to increased performance-based compensation.

總費用增加 49%，主要因研發費用增加 31%，以及銷售、一般及行政費用增加 81%。研發費用增加係因人力擴編與新產品開發活動增加。銷售、一般及行政費用增加主要係因績效導向薪酬增加。

The increase in expenses was less than the revenue increase. So, expenses as a percentage of revenue decreased from 19% to 15%. Interest income decreased 10% due to decrease in our marketable securities portfolio, as proceeds from bond maturities partially funded dividends and fixed asset purchases in the prior fiscal year.

費用增幅低於營收增幅。因此，費用占營收比重由 19% 降至 15%。利息收入下降 10%，係因我們的有價證券投資組合縮減；前一會計年度中，債券到期所得部分用於支付股利及固定資產購置。

Net income for the quarter increased 79% to $6.39 million, or $1.32 per diluted share, from $3.58 million, or $0.74 per share. The increase was primarily due to increased revenue, partially offset by increased operating expenses and decreased interest income. Earnest more than cover of our $1 per share quarterly dividend for the second consecutive quarter. Our profitability metrics for the quarter were strong.

本季淨利增加 79% 至 639 萬美元，稀釋後每股盈餘 1.32 美元；去年同期為 358 萬美元，每股 0.74 美元。增加主要來自營收成長，部分被營業費用增加及利息收入下降所抵銷。本季盈餘已連續第二季足以且超過覆蓋我們每季每股 1 美元的股利。本季獲利指標表現強勁。

Operating margin was 66%, pre-tax margin was 78%, and net margin was 58%. Inventories decreased by 6% in the quarter due to increased product sales. Fixed asset purchases were $57,000 for the quarter, compared to $1.06 million in the same quarter last year. The decrease was due to the completion of our two-year multi-million dollar expansion.

營業利益率為 66%，稅前利益率為 78%，淨利率為 58%。存貨於本季因產品銷售增加而下降 6%。本季固定資產購置為 57,000 美元，去年同期為 106 萬美元。下降係因我們為期兩年、金額達數百萬美元的擴建計畫已完成。

We expect fixed asset purchases this fiscal year to be significantly less than the prior year with the completion of our expansion. Our balance sheet strengthened in the quarter. With earnings more than covering our dividend, cash plus marketable securities increased $391,000 to $43.9 million as of June 30, compared to $43.5 million as of March 31.

隨著擴建完成，我們預期本會計年度的固定資產購置將顯著低於前一年度。本季資產負債表更為強健。由於盈餘不僅足以支付股利且有餘，現金加有價證券於 6 月 30 日增加 391,000 美元至 4,390 萬美元，相較 3 月 31 日為 4,350 萬美元。

Now I'll turn the call over to Pete Eames to cover new products and research and development. Pete?

接下來我把電話交給 Pete Eames，說明新產品與研發。Pete？

Thanks, Daniel. I'll cover new products and R&D. Our R&D strategy is to transition the world's best technologies into the world's best products for high value markets, such as advanced humanoid robotics, data centers, and highly automated fourth wave factories using the artificial intelligence of the things. Just this week, we launched two new wafer-level chip scale sensors for implantable medical devices. The new parts are about one-third of the area of the conventionally packaged versions, which are already quite small. The even smaller sensors allow miniaturized implantable medical devices.

謝謝，Daniel。我將說明新產品與研發。我們的研發策略是將全球最好的技術轉化為全球最好的產品，服務高價值市場，例如先進人形機器人、資料中心，以及運用萬物人工智慧（Artificial Intelligence of Things）的高度自動化第四波工廠。就在本週，我們推出兩款用於植入式醫療裝置的晶圓級晶片尺寸感測器。新元件的面積約為傳統封裝版本的三分之一，而傳統封裝版本本身已相當小。更小的感測器可支援微型化的植入式醫療裝置。

These are our first wafer-level chip-scale sensors with a unique and important MRI-safe feature. The sensor functions as a magnetic switch in a normal magnetic field, and the sensors are stable to very high magnetic fields of over nine Tesla, which is more than the fields produced by the strongest MRI machines.

這是我們首批晶圓級晶片尺寸感測器，具備獨特且重要的 MRI 安全特性。該感測器在一般磁場中可作為磁性開關運作，且在超過 9 特斯拉的極高磁場下仍保持穩定，這高於最強 MRI 設備所產生的磁場強度。

MRI safety ensures that the medical device that uses the sensor doesn't fail if the patient needs an MRI. We have a video on our website and YouTube channel showing how we verify this feature using ultra-high field magnets. In addition to the new product launches, we're developing several new products, including more precise sensors for robotics and more power efficient isolators for power conversion.

MRI 安全性可確保使用該感測器的醫療裝置在病患需要進行 MRI 時不會失效。我們在網站與 YouTube 頻道上提供影片，展示我們如何使用超高磁場磁鐵來驗證此特性。除新產品上市外，我們也在開發多項新產品，包括用於機器人的更高精度感測器，以及用於電力轉換的更高能效隔離器。

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

接下來我把時間交回給 Dan Baker。

Thanks, Pete. I'll cover sales and marketing and our upcoming leadership transition. In the past quarter, we exhibited at two trade shows focused on sensors. In May, we were at Sensors Converge in Silicon Valley, which is North America's largest event of its type, where we focused on robotics and the Artificial Intelligence of Things, or AIoT.

謝謝，Pete。我將說明銷售與行銷，以及即將到來的領導階層交接。在上一季度，我們參加了兩場以感測器為主題的展會。5 月，我們參加了位於矽谷的 Sensors Converge，這是北美同類型中規模最大的活動；我們在該展會聚焦於機器人與萬物人工智慧（Artificial Intelligence of Things），亦即 AIoT。

We have a strong benefit proposition for those markets, including small size for precise motion and smart sensor edge computing for easy integration with AI. In June, we exhibited at SENSOR+TEST in Germany, which is billed as the leading international trade fair for sensors, measuring, and testing technology.

我們針對這些市場提出強而有力的價值主張，包括體積小、可實現精準運動控制，以及具備智慧感測器邊緣運算能力，便於與 AI 輕鬆整合。6 月，我們在德國參加了 SENSOR+TEST 展會，該展會被譽為感測器、量測與測試技術領域首屈一指的國際專業展。

In addition to robotics and AIoT, the German show was a good opportunity for us to highlight our power conversion products. Videos of several new demos are on our website and our YouTube channel. The shows generated some good leads, and we believe our investments in shows will pay off in future sales.

除了機器人與 AIoT 之外，德國展會也是我們強調電源轉換產品的良好機會。多個新展示的影片已上傳至我們的網站與 YouTube 頻道。展會帶來了一些不錯的潛在客戶線索，我們相信對展會的投入將在未來銷售中獲得回報。

Last month, we announced that I'm retiring as President and CEO, effective as of our annual meeting in August. The Board appointed Pete to succeed me. Subject to shareholder approval, I'll remain on the Board as Chairman, current Chairman Terry Glarner will remain on the Board, and Pete will join the Board.

上個月，我們宣布我將自 8 月年度股東大會起退休，不再擔任總裁兼執行長。董事會已任命 Pete 接任。在股東批准的前提下，我將以董事長身分留任董事會；現任董事長 Terry Glarner 將繼續留任董事會，而 Pete 也將加入董事會。

In addition to the incumbent directors and Pete, the Board has nominated a new director, Carolyn Valentine. Pending shareholder approval, the Board will expand from five to seven directors. The larger Board will strengthen our corporate governance and we already have the highest possible highest governance score.

除現任董事與 Pete 之外，董事會亦提名一位新董事 Carolyn Valentine。待股東批准後，董事會席次將由五席擴增至七席。更大的董事會將強化公司治理，而我們目前已取得可能的最高治理評分。

Leading NVE has been a privilege. I'm proud of what our team has accomplished and confident the company is well positioned for continued success. The Board conducted a thoughtful succession planning process and unanimously chose Pete as the company's next CEO. Pete brings extraordinary experience, dedication, and judgment. And I know our shareholders will be well served by his leadership in the years ahead.

領導 NVE 是一項榮幸。我為團隊的成就感到自豪，也相信公司已為持續成功做好充分準備。董事會進行了審慎的接班規劃流程，並一致選擇 Pete 擔任公司下一任執行長。Pete 擁有卓越的經驗、投入與判斷力。我也相信在未來幾年，他的領導將能為股東帶來良好服務。

Dan, on behalf of employees, customers, and shareholders, I thank you for many dedicated years of service and pioneering leadership of Spintronics at NVE. We will continue to benefit from your guidance as Board Chairman.

Dan，我代表員工、客戶與股東，感謝你多年來的奉獻服務，以及在 NVE 以自旋電子技術（Spintronics）所展現的開創性領導。你擔任董事長期間的指導，我們也將持續受益。

I'm honored to lead NVE as CEO. We have a talented team, strong customer relationships, and many exciting opportunities ahead. I look forward to building on our momentum, creating long-term value for our shareholders through profitable growth, strong shareholder returns, and continued Spintronic product excellence.

我很榮幸能以執行長身分領導 NVE。我們擁有優秀的團隊、穩固的客戶關係，以及許多令人振奮的機會。我期待在既有動能上再接再厲，透過獲利成長、強勁的股東報酬，以及持續卓越的自旋電子產品，為股東創造長期價值。

Thanks for the kind words, Pete. Now we'd like to open the call for questions via Google Meet. (Event Instructions)

謝謝你的美言，Pete。現在我們想透過 Google Meet 開放提問。（活動說明）

Hey, Dan. This is Ittai Eden from Principal Financial. I wanted to ask based on the sequential increase you saw in the past quarter, I'm curious if you could attribute or how much you could attribute to the capacity expansion versus market demand, if possible?

嗨，Dan。我是 Principal Financial 的 Ittai Eden。我想請教，基於你們上一季看到的季比成長，我很好奇若可以的話，你們能否說明其中有多少可歸因於產能擴充、又有多少可歸因於市場需求？

We see both as factors. We've recently completed the expansion that you mentioned, and we've started using that at the capacity primarily for R&D activities. But we also see the market conditions as important factors. We have excellent new products out there now and important new markets, and we're excited about the growth.

我們認為兩者都是因素。我們最近完成了你提到的擴建，並已開始使用該產能，主要用於研發活動。但我們也認為市場狀況同樣是重要因素。我們目前推出了非常出色的新產品，也切入了重要的新市場，對成長前景感到振奮。

Awesome. And just as a quick follow-up, if I may, so it sounds like volume production remains in the existing or the legacy manufacturing facility. And so is it the plan that eventually -- the expanded capacity will be used for volume production as well, or is it the plan that it'll stay for R&D use cases?

太好了。另外我再快速追問一下，如果可以的話：聽起來量產仍在既有或舊有的製造廠進行。那麼未來的規劃是——擴充後的產能也會用於量產嗎？還是會維持用於研發用途？

Yes, the existing capacity is used for R&D largely now, but it's also being used for production, especially for some of our new products. And it'll be continued to phase over as production shifts and the new products ramp up. So we really do see the investment paying off for a long-term there.

是的，現有產能目前主要用於研發，但也同時用於生產，特別是我們的一些新產品。隨著生產移轉以及新產品放量爬坡，這部分會持續逐步轉換。因此我們確實認為這項投資將在長期帶來回報。

Hi. This is [Aryan from Delta Research]. Just want to say great work on the quarter. I did have one question. So the release sites new product sales, I was wondering if you could provide any color whether if these new products are going to new customers or are existing customers adopting the newer parts?

你好。我是[Delta Research 的 Aryan]。先說本季表現做得很棒。我有一個問題。新聞稿提到新產品銷售，我想請問能否補充一些資訊：這些新產品主要是賣給新客戶，還是既有客戶正在採用較新的料號？

The new products that most of the volume was in existing customers, but we also had new customers and they tend to start out a little bit more slowly. So they don't move the top-line an awful lot, but they bode very well for the future. So we were very pleased with the results of having some of our existing customers design in our newer products and new customers looking at newer products as well.

新產品的出貨量大多來自既有客戶，但我們也有新客戶，而新客戶通常起步會稍微慢一些。因此它們對營收的拉動不會特別大，但對未來前景非常正面。所以我們對結果感到非常滿意：一些既有客戶已將我們較新的產品導入設計，同時也有新客戶在評估較新的產品。

Just a quick question. I noticed your accounts receivable went up not quite double.

我有個簡短問題。我注意到你們的應收帳款上升了，接近但不到翻倍。

Hi, Mike. This is Dan Nelson. Thanks for the question. So you're right, accounts receivable did increase and most of that increase is driven by increased sales in the past quarter. Timing of customer payments as well contributed to some of that, but mostly driven by increased sales in the past quarter.

嗨，Mike。我是 Dan Nelson。謝謝你的提問。你說得沒錯，應收帳款確實增加，而這項增加主要是由上一季銷售成長所帶動。客戶付款時點也對其中一部分有所影響，但主要仍是因上一季銷售增加所致。

Okay, so does that mean like, I don't know what the terms are for payments and so forth, but it sounds like maybe a lot of your increase in sales came on the back end of the quarter versus the front end, or how does that look?

好的，所以這是否表示——我不清楚你們的付款條件等等——但聽起來你們銷售增加的很大一部分發生在季度後段而不是前段？或是實際情況如何？

Yeah, some of the sales did happen in the third month of the quarter. And most of those invoices were still outstanding as of the end of the month. But as we speak, most of those have already been collected on.

是的，部分銷售確實發生在該季度的第三個月。而截至月底，這些發票多數仍未收款。但就目前而言，其中大部分已經收回。

Hello, my name is Del. Thank you, Dr. Baker, Dr. Eames. Mr. Nelson. I've got a question coming from the fact that I've worked with the insurance -- crop insurance industry for quite a number of years, and I'm a technical support analyst.

你好，我叫 Del。謝謝 Baker 博士、Eames 博士，以及 Nelson 先生。我有個問題，背景是我在保險——農作物保險產業工作了相當多年，我是一名技術支援分析師。

And I was looking at some of the technology that's offered through NVE, and I'm especially interested if there's any pursuing cases going using drift-free TMR sensor infrastructures on the field for enhancement of AI, which is only going to grow with agricultural exponentially as with everything else.

我在看 NVE 所提供的一些技術，特別想了解是否有任何正在推進的案例：在田間使用無漂移（drift-free）的 TMR 感測器基礎架構來強化 AI；而 AI 在農業領域的成長將會像其他領域一樣呈指數型擴張。

Yeah, great question. So there are some opportunities there and particularly the features of NVE's products make that an interesting market. We have very low power sensors for unattended networks and unattended sensor nodes. That's particularly powerful for crop insurance 'cause we're able to monitor crop conditions directly and then respond quickly as well with our sensor technologies as well. So we're doing sensing and data transmission, and both of those areas are important for monitoring the data of crops remotely and responding adequately.

是的，這是個很好的問題。那裡確實有一些機會，尤其是 NVE 產品的特性使其成為一個有趣的市場。我們有非常低功耗的感測器，適用於無人值守的網路與無人值守的感測節點。這對農作物保險特別有力，因為我們能直接監測作物狀況，並且也能透過我們的感測技術快速回應。因此我們同時在做感測與資料傳輸，而這兩個領域對於遠端監測作物資料並做出適當回應都很重要。

If I have some other ideas, I'm sorry, sir, if I can't (inaudible). If I have some other ideas, because I have been in the industry for so long, I'm specialized with remote support, a place within NVE, like for RS48 wired edge frameworks and other things like that, where your cross patterns, node displacements, so that it doesn't follow within neighborhood lines, so you don't lose whole patterns of fields. Stuff like that. Is there any way of doing that, sir?

如果我還有一些其他想法，我很抱歉，先生，如果我無法(聽不清)。如果我還有一些其他想法，因為我在這個產業待了很久，我專精於遠端支援，在 NVE 內部的某個領域，例如 RS48 有線邊緣框架以及其他類似的東西，涉及你的交叉圖樣、節點位移，讓它不會沿著鄰近線走，這樣你就不會丟失整片區域的圖樣。諸如此類。先生，有沒有辦法做到那樣？

Absolutely. We've got some of the best customer service in the industry, and we're ready to respond to your inquiries. If you go to our website, there's a sensor apps e-mail address available, and you can submit your questions directly to that.

當然可以。我們擁有業界最好的客戶服務之一，並且隨時準備回覆您的詢問。如果您到我們的網站，上面有一個感測器應用（sensor apps）的電子郵件地址，您可以直接把問題提交到那裡。

Again, from Google?

再一次，是從 Google 嗎？

Hey, guys, it's Ittai again. I was wondering, understandably, don't give customers by name, but if you could detail any incremental momentum you're seeing by end market, whether that be robotics and humanoids or industrial automation or data centers or medical, I would just be curious to hear maybe how you kind of rank the end markets and the change in momentum lately?

嗨，各位，我是 Ittai，又來了。我想問一下，可以理解你們不會點名客戶，但如果你們能按終端市場說明一下你們看到的任何增量動能——不論是機器人與人形機器人、工業自動化、資料中心或醫療——我會很想聽聽你們如何大致排序各終端市場，以及最近動能的變化？

Yeah, there's important opportunities, particularly in robotics that we see. We've talked a lot about wafer-level chip scale products, including the announcement on the call today in the previous calls last quarter as well. And we do see some distinct advantages in both flow power, but particularly the precision that our products offer in automation and robotics. We'd say that's probably the strongest growing area and the most promising for our technology.

是的，我們看到重要的機會，特別是在機器人領域。我們談了很多晶圓級晶片尺寸（wafer-level chip scale）產品，包括今天電話會議上的公告，以及上一季前幾次電話會議也有提到。我們確實看到在流量功率（flow power）方面有一些明顯優勢，但尤其是我們產品在自動化與機器人方面所提供的精準度。我們會說那大概是成長最強的領域，也是對我們技術最有前景的方向。

Are there any other questions? (Event Instructions)

還有其他問題嗎？(活動說明)

Walter Morris. As you know, we've been very long-term shareholders in your company. Congratulations on a great quarter. Certainly the right kind of way to wrap up your long tenure at the company. So kudos.

Walter Morris。如你所知，我們一直是貴公司非常長期的股東。恭喜你們交出很棒的一季。這確實是你在公司長期任期的最佳收尾方式。所以，向你致敬。

Would you talk about -- I mean, this was an explosive quarter. Now, we've had, over the years, breakout quarters where revenue run rate, which is consistently over many years on a quarterly basis run at $6 million to $7 million. And then periodically, we'll a high single-digit, low double-digit revenue quarter.

你能談談——我的意思是，這是一個爆發性的一季。多年來，我們也曾有過突破性的季度，當時的營收運行率（revenue run rate）多年來在單季基礎上一直穩定在 600 萬到 700 萬美元。然後偶爾會出現高個位數、低雙位數的單季營收。

But at least up to now, there's been a reversion to the kind of $25 million annualized revenue run rate in your business. Very importantly, can you speak to the possibility or the likelihood that this represents a new higher, meaningfully higher plateau, and over the next three to five years, a major increased, hopefully, and strong double-digits in the company's secular revenue growth rate.

但至少到目前為止，你們的業務又會回到年化約 2,500 萬美元的那種營收運行率。非常重要的是，你能否談談這次是否可能、或有多大可能代表一個新的、更高、而且顯著更高的平台期；並且在未來三到五年，公司結構性（secular）的營收成長率能大幅提升——希望能達到強勁的雙位數？

Absolutely, Walter. We see this as evidence and validation of the strategy that we put in place to target some of these very high-growth markets that we've been talking about. Pete mentioned the growth in robotics, which is a fast-growing market where we have a convincing benefit proposition.

當然可以，Walter。我們把這視為證據與驗證，證明我們所制定的策略是正確的——也就是鎖定我們一直在談的那些高成長市場。Pete 提到了機器人領域的成長，那是一個快速成長的市場，而我們在那裡有很有說服力的價值主張。

So while you're right, things might have taken a little longer than we had hoped. We're confident that we have the right strategy. We have products in place. We have a dedicated sales force and distribution network, and we have unique products and capacity that we just added. So we're very bullish about the future.

所以雖然你說得對，事情可能比我們原先希望的花了更久。但我們有信心我們的策略是正確的。我們的產品已經就位。我們有專注的銷售團隊與通路網路，並且我們也剛新增了獨特的產品與產能。因此我們對未來非常看多。

So if I just might paraphrase that to make sure I understand it, this current quarter's revenue run rate represents, in general, give or take a million dollars, let's say, a new and consistently higher off of which you hope top-line grows at healthy double-digit rates going forward. Is that fair?

那如果我稍微轉述一下以確認我理解正確：本季的營收運行率大致上——上下差個 100 萬美元——可以說是一個新的、而且會更一致地維持在較高水準的基礎，之後你們希望在此之上，營收能以健康的雙位數速度成長。這樣說公平嗎？

Well, Walter, I think you know us well enough to know that we aren't able to give forward-looking guidance, but I will -- and particularly with specific numbers that you just alluded to, but I will say we're very optimistic and extremely pleased with the past quarter as a validation of the strategy and the growth potential that we have.

嗯，Walter，我想你很了解我們，我們無法提供前瞻性指引（forward-looking guidance）——尤其是你剛提到的那些具體數字——但我會說，我們對未來非常樂觀，並且對上一季的表現極為滿意，因為它驗證了我們的策略以及我們所擁有的成長潛力。

Final question, has the momentum of the June quarter continued at least so far into the September quarter?

最後一個問題：6 月季度的動能，至少到目前為止，有延續到 9 月季度嗎？

Hi, Walter. It's hard to comment on the numbers for the current quarter. I think the primary factor among the others that Dan mentioned is the improvement in the semiconductor industry, and that's producing a lot of optimism in general. So I think for that reason alone, we're optimistic going forward. And also, as Dan said, we have great products, excellent distribution and sales, and we're very excited.

嗨，Walter。要評論本季的數字很難。我想在 Dan 提到的其他因素之外，最主要的因素是半導體產業的改善，而這整體上帶來了很多樂觀情緒。所以光是這個原因，我們對未來就感到樂觀。另外，如 Dan 所說，我們有很棒的產品、優秀的通路與銷售，我們也非常興奮。

Thank you, Pete. Congratulations again, Dan, and wishing you a happy retirement.

謝謝你，Pete。再次恭喜你，Dan，也祝你退休生活愉快。

Well, there are no further questions, so I'd sum up with saying we were pleased to report a blowout quarter with an 81% increase in revenue, a 79% increase in net income and $1.32 earnings per share.

好的，沒有進一步的問題了，所以我總結一下：我們很高興報告本季表現亮眼，營收成長 81%，淨利成長 79%，每股盈餘為 1.32 美元。

We look forward to meeting some of you at our Annual Shareholders Meeting August 6 here at NVE. Our next earnings call will be in October. 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.

我們期待在 8 月 6 日於 NVE 這裡舉行的年度股東大會上與各位中的一些人見面。我們下一次財報電話會議將在 10 月舉行。本次電話會議的重播將會在我們網站的「投資人活動」（Investor Events）頁面提供，也就是 nve.com，以及我們的 YouTube 頻道，也就是 youtube.com/nvecorporation。

Congratulations, doctor. And everybody else, congratulations.

恭喜您，博士。也恭喜在場的各位。