NVE Corp (NVEC) 2027 Q2 法說會逐字稿

Good afternoon and welcome to the NVE Corporation conference call for the quarter ended September 30, 2026. I'm Pete Eames, NVE's President and CEO. With me on the call is Daniel Nelson, our Principal Financial Officer.

下午好，歡迎參加 NVE Corporation 截至 2026 年 9 月 30 日季度的電話會議。我是 NVE 總裁兼執行長 Pete Eames。與我一同參與電話會議的還有我們的主要財務主管 Daniel Nelson。

This call is being webcast live on YouTube and Google Meet and being recorded. Replay is available through our website, nve.com, and our YouTube channel, youtube.com/nvecorporation. (Event Instructions)

本次電話會議正在 YouTube 與 Google Meet 進行線上直播，並同步錄音。重播可透過我們的網站 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. Then I'll cover the business. I'll also cover the recent 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。接著我將說明業務狀況。我也會談到近期的領導階層交接與董事會擴編，然後我們將開放提問。

We issued our press release with summary financial results and filed our quarterly report on Form 10-Q in the past hour following 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.

在收盤後的過去一小時內，我們已發布包含財務結果摘要的新聞稿，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 網站，以及 X（前稱 Twitter）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 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.

請參閱螢幕上的安全港聲明。我們可能發表的與未來計畫、事件、財務結果或績效相關之評論，均屬前瞻性陳述，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的依賴（其貢獻營收占比重大）、與經濟環境及我們所服務產業相關的不確定性、與未來銷售及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 日年度的 Form 10-K 年度報告。

Actual results could differ materially from the information provided, and we undertake obligation to update forward-looking statements we may make.

實際結果可能與所提供資訊存在重大差異，且我們不承擔更新我們可能作出的前瞻性陳述之義務。

We're pleased to report solid revenue and earnings for the quarter, driven by a 67% increase in distributor sales. Net margins increased to 54% due to decrease in our effective tax rate.

我們很高興報告本季營收與獲利表現穩健，主要由經銷商銷售成長 67% 所帶動。由於有效稅率下降，淨利率提升至 54%。

Daniel Nelson will cover the details of the financials. Daniel?

Daniel Nelson 將說明財務細節。Daniel？

Thanks, Pete. Total revenue for the quarter decreased 8% compared to the prior year quarter. The decrease was due to a 9% decrease in product sales, partially offset by a 25% increase in contract R&D revenue. The decrease in product sales was due to a short-term inventory adjustment at one of our large medical device customers and a 95% decrease in defense product sales.

謝謝，Pete。本季總營收較去年同期下降 8%。下降原因為產品銷售下滑 9%，部分被合約研發（R&D）收入成長 25% 所抵銷。產品銷售下滑係因我們一家大型醫療器材客戶進行短期庫存調整，以及國防產品銷售下降 95%。

Inventory adjustments by medical device customers can create short-term order volatility for us. Defense product sales can be highly variable because of government procurement cycles. Looking forward, we expect medical device and defense sales to recover in the current quarter, and we expect revenues in the second half of the fiscal year to be consistent with the first half.

醫療器材客戶的庫存調整可能使我們的短期訂單出現波動。國防產品銷售可能高度變動，原因在於政府採購週期。展望未來，我們預期醫療器材與國防銷售將於本季回升，並預期本會計年度下半年營收將與上半年一致。

Aside from the short-term order flow adjustments in medical, we saw a 67% increase in distributor sales due to strengthening industry conditions and strong demand for our new and legacy commercial products. The increase in contract R&D revenue in the past quarter was due to progress on existing contracts.

除醫療領域短期訂單流量調整外，我們看到經銷商銷售成長 67%，反映產業環境轉強，以及市場對我們新產品與既有商用產品的強勁需求。上季合約研發收入增加，係因既有合約的執行進度推進。

Total operating expenses increased 4% for the second quarter of fiscal 2027 compared to the second quarter of fiscal 2026 due to a 44% increase in selling, general, and administrative expense, partially offset by a 17% decrease in R&D expense. The decrease in R&D was due to staffing redeployment.

2027 會計年度第二季的總營業費用較 2026 會計年度第二季增加 4%，原因為銷售、一般及管理費用（SG&A）增加 44%，部分被研發費用下降 17% 所抵銷。研發費用下降係因人力重新調配。

The increase in SG&A was due to higher director option grant date stock prices. Our effective tax rate, which is the provision for income taxes as a percentage of income before taxes, decreased to 14% from 20% in the prior year quarter, primarily due to favorable tax law changes. The decrease is consistent with our previous estimates, and we expect our effective tax rate to be between 14% and 16% for at least the remainder of the fiscal year.

SG&A 增加係因董事期權授予日的股價較高。我們的有效稅率（即所得稅費用占稅前所得之百分比）由去年同期的 20% 降至 14%，主要由於稅法變更帶來的有利影響。此下降與我們先前的估計一致，我們預期至少在本會計年度剩餘期間，有效稅率將介於 14% 至 16%。

Net income for the second quarter of fiscal 2027 was $21.7 million or $0.65 per diluted share, compared to $3.31 million or $0.68 per share in the prior year quarter. Our profitability metrics for the quarter remain strong.

2027 會計年度第二季淨利為 2,170 萬美元，或稀釋後每股 0.65 美元；去年同期為 331 萬美元，或每股 0.68 美元。本季我們的獲利能力指標仍然強勁。

In addition to the 54% net margin Pete mentioned previously, gross margin was 78%, operating margin was 55%, and pre-tax margin was 63%. For the first six months of fiscal 2027, total revenue was $16.9 million, up 36% over the same period in fiscal 2026. The increase in revenue was due to strong sales across our product portfolio, as well as increases in both direct and distributor sales.

除 Pete 先前提到的 54% 淨利率外，毛利率為 78%，營業利益率為 55%，稅前利益率為 63%。2027 會計年度前六個月總營收為 1,690 萬美元，較 2026 會計年度同期成長 36%。營收成長係因我們產品組合整體銷售強勁，以及直銷與經銷商銷售皆增加。

Net income was $9.57 million or $1.97 per diluted share for the first two quarters of fiscal 2027.

2027 會計年度前兩季淨利為 957 萬美元，或稀釋後每股 1.97 美元。

Turning to cash flow items. Cash flows from operations was $11.1 million for the first six months of 2027 compared to $8 million for first six months of fiscal 2026. Cash plus marketable securities increased from $43.5 million to $44.4 million as operating cash flowed more than cover hour dividends and purchases of fixed assets for the first half of the fiscal year.

接著說明現金流量項目。2027 年前六個月營業活動現金流量為 1,110 萬美元，較 2026 會計年度前六個月的 800 萬美元增加。現金加上有價證券由 4,350 萬美元增加至 4,440 萬美元，因上半年營業現金流入足以支付股利並購置固定資產。

Receivables decreased 12% due to timing of customers' payments. Inventories decreased 3% due to increased product sales in the first half of the fiscal year. And we pay our $1 per share quarterly dividend the past quarter and declare another dividend to be paid at the end of November.

應收帳款因客戶付款時點因素而下降 12%。存貨因本會計年度上半年產品銷售增加而下降 3%。此外，我們在上季支付每股 1 美元的季度股利，並宣告另一筆股利將於 11 月底支付。

Now I'll turn a call back over to Pete Eames to cover the business. Pete?

現在我把電話交回給 Pete Eames 來說明業務。Pete？

Thanks, Daniel. Our R&D strategy is to transition the world's best technology into the world's best products for high value markets such as advanced automation and robotics, data centers, and highly automated fourth-wave factories using the artificial intelligence of things.

謝謝，Daniel。我們的研發策略是將全球最頂尖的技術轉化為全球最頂尖的產品，聚焦於高價值市場，例如先進自動化與機器人、資料中心，以及運用「萬物人工智慧」（AIoT）的高度自動化第四波工廠。

We announced two new products. The first is a new design in our series of wafer level chip scale sensors. The new sensor provides analog information such as position from the motion or changes of external magnetic fields. These sensors are the smallest products we've ever made at NVE, measuring just 0.55 millimeters square.

我們宣布了兩項新產品。第一項是我們晶圓級晶片尺寸感測器系列中的一款新設計。這款新感測器可提供類比資訊，例如由外部磁場的運動或變化所推算的位置資訊。這些感測器是我們 NVE 迄今製造過最小的產品，尺寸僅 0.55 平方毫米。

Combined with a small size is an extremely high sensitivity. This combination enables unmatched spatial sensitivity for precision motion applications, including medical devices, industrial automation, and robotics. We are promoting our new products on YouTube with videos showing the sensor detecting tiny motions of minute magnets. And you can view these videos on our website.

在小尺寸的同時，還具備極高靈敏度。此一組合可為精密運動應用提供無可匹敵的空間靈敏度，包括醫療器材、工業自動化與機器人。我們正在 YouTube 上以影片推廣新產品，影片展示該感測器可偵測微小磁鐵的極細微運動。您也可以在我們的網站上觀看這些影片。

We also released a family of gear sensors, precise motion, speed, and position sensing in industrial automation and robotics. These sensors are biased by a small magnet and detect the motion of gear teeth as they pass the sensor.

我們也推出了一系列齒輪感測器，可在工業自動化與機器人領域進行精準的運動、速度與位置感測。這些感測器由一個小型磁鐵提供偏置，並在齒輪齒通過感測器時偵測其運動。

Seven different versions of these sensors match common gear sizes in a newly available sensor form factor. The new sensors provide large, low distortion signals, allowing more precise control in linear and rotational encoders and closed loop servo systems that are ubiquitous after automation and robotics. We have videos of these new products on our website and YouTube channel showing the incredible small size, high precision, and versatility of our new sensors.

這些感測器共有七種不同版本，可對應常見的齒輪尺寸，並採用新推出的感測器外形規格。新感測器可提供幅度大、低失真的訊號，使線性與旋轉編碼器以及閉迴路伺服系統（在自動化與機器人領域無所不在）能進行更精準的控制。我們在官網與 YouTube 頻道上有這些新產品的影片，展示我們新感測器令人驚豔的小尺寸、高精度與多用途性。

In addition to these new product launches, we're developing several new products, including even more precise sensors for robotics and more power efficient isolators and power conversion.

除了這些新產品上市之外，我們也正在開發數款新產品，包括用於機器人的更高精度感測器，以及更高能效的隔離器與電源轉換產品。

Next, I'll cover our recent leadership transition and Board expansion. I was elected Director and appointed President and CEO at our Annual Shareholders Meeting in August. Former CEO, Dan Baker, replaced Terry Glarner as Chairman.

接下來，我將說明我們近期的領導階層交接與董事會擴編。我在八月的年度股東大會上當選董事，並獲任命為總裁兼執行長。前任執行長 Dan Baker 接替 Terry Glarner 擔任董事長。

We also elected a new director, Carolyn Valentine, expanding the Board from five to seven directors. The larger Board strengthens our governance. 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 to create long-term value for our shareholders through profitable growth and expansion and attractive markets. We see significant opportunities in robotics, power conversion, and the artificial intelligence of things.

我們也選出一位新董事 Carolyn Valentine，將董事會由五位擴增至七位董事。更大的董事會強化了我們的公司治理。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在前方。我期待在既有動能上持續推進，透過獲利成長、擴張與具吸引力的市場，為股東創造長期價值。我們在機器人、電源轉換，以及萬物人工智慧（AIoT）方面看見顯著機會。

(Event Instructions)

（活動說明）

Am I able to ask a question here, just unmute?

我可以在這裡提問嗎？只要解除靜音就可以？

Hi, [Gaben]. Go ahead.

嗨，[Gaben]。請說。

Great. Thank you.

太好了。謝謝。

I'd love if you can give some more color on the rescheduled orders here. So you guys attribute the decline to customer rescheduling orders. Were those pushed out into H2 and not necessarily into like next fiscal year? Were they roughly the size of the shortfall or smaller? The quarter-over-quarter shortfall or smaller than that?

我想請你們多補充一些關於這些延後（改期）的訂單。你們將下滑歸因於客戶將訂單改期。那些訂單是被推遲到下半年（H2），而不一定是推到下一個會計年度嗎？它們的規模大致等於缺口，還是更小？是相較於季對季的缺口，還是比那個更小？

Yeah, sure, Gaben. The order variability was primarily from orders being pulled into quarter one from quarter two. So we don't see any further disruptions looking forward. And as Daniel said in the prepared remarks, it's a relatively short-term effect.

好的，當然可以，Gaben。訂單的波動主要是因為有些訂單從第二季被提前拉到第一季。因此往前看我們不認為還會有進一步的干擾。而且如 Daniel 在事先準備的講稿中所說，這是相對短期的影響。

And following up there, it seems just like from your AR, shipments look weighted toward September. Would you say that September was the strongest month of the quarter? And do you guys have any other commentary around H2's velocity versus H1?

再追問一下，從你們的應收帳款（AR）來看，出貨似乎偏向集中在九月。你們會說九月是本季最強的月份嗎？另外，關於下半年（H2）的動能相較於上半年（H1），你們還有其他評論嗎？

Sure. Maybe Daniel can comment on receivables?

好的。也許 Daniel 可以就應收帳款做些說明？

Yeah. So in response to that question, we -- this year revenue increased towards the end of the September quarter. And yes -- but it's the increase in September compared to the immediate month, which was August.

好的。針對這個問題，我們——今年的營收在九月季度的後段有所增加。是的——而且主要是九月相較於前一個月份，也就是八月的增加。

I'll jump back in the queue. I have other questions, but I'll let others ask for me.

我先回到排隊序列。我還有其他問題，但我先讓其他人提問。

Great. Thanks, Gaben.

好的。謝謝你，Gaben。

If there's not, I'll ask more.

如果沒有的話，我會再多問一些。

Please go ahead.

請繼續。

Great. So would you guys give some color around the growth you're seeing in the automation market and then as well as the power conversion markets versus your core medical sales in H1? And you also got commentary about how that's looking into H2?

太好了。你們能否多談談在自動化市場以及電源轉換市場看到的成長，相較於你們上半年（H1）核心的醫療銷售表現如何？另外，你們也能評論一下這個趨勢在下半年（H2）的展望嗎？

Yeah, we're definitely seeing strong growth in both power conversion and in robotics applications. We highlighted some important products in the prepared remarks, especially focused on automation and new sensors that go into robotics applications. So the spatial sensitivity that we're providing with those devices is unmatched in the industry. And we're optimistic partly because of that.

是的，我們確實在電源轉換與機器人應用兩方面都看到強勁成長。我們在事先準備的講稿中重點介紹了一些重要產品，特別聚焦在自動化以及導入機器人應用的新感測器。因此，我們這些元件所提供的空間感測靈敏度在業界是無可匹敵的。也因為如此，我們對前景保持樂觀。

We also have excellent -- we also have a high level of inventory, and we think that the market is timed right for robotics applications and power conversion applications. So it's driving overall optimism on our part.

我們也有很好的——我們也維持較高水位的庫存，而且我們認為市場時機正適合機器人應用與電源轉換應用。因此這也推動了我們整體的樂觀情緒。

Great. Would you give some color on maybe any design wins or design wins that you have that could be driving the growth through H2 and even into the next fiscal year?

很好。你們能否談談是否有任何設計導入（design wins），或你們已取得的設計導入，可能推動下半年（H2）甚至延伸到下一個會計年度的成長？

Yes. For the wafer level chip scale parts that we talked about in the prepared remarks and on the previous semester calls as well, we do have some important small design wins for those products. So it's still early there, but I think the feedback from the industry has been very positive. And we're expecting growth long-term from those parts and those technologies in general.

可以。就我們在事先準備的講稿中提到、以及前幾次半年電話會議也談到的晶圓級晶片尺寸封裝（WLCSP）產品而言，我們確實已取得一些重要但規模較小的設計導入。目前仍屬早期階段，但我認為業界回饋非常正面。我們預期這些元件以及相關技術整體將帶來長期成長。

When you say small design wins, is that small in terms of revenue or is that like can you maybe describe the size of the customers?

你說「規模較小的設計導入」時，是指營收規模小，還是說能否描述一下客戶的規模？

It's a mix. When we say small design wins, it's usually in markets that start small with samples and then later move into low thousand type quantity purchases while they work out system-level integration challenges.

兩者都有。我們所說的「規模較小的設計導入」，通常是指在一些市場中，會先從樣品開始，之後在他們解決系統層級整合挑戰的過程中，逐步轉為每次採購數量約數千顆的低量採購。

That can take some time. Sometimes it takes a couple of quarters, sometimes less for those to then translate into larger orders, factors of 10 larger than the sample orders I described. So it does take some time to ramp up, and I would say that we're certainly within that cycle with several products, and that's why we're optimistic.

這可能需要一些時間。有時需要幾個季度，有時更短，之後才會轉化為更大的訂單，規模可能是我剛才描述的樣品訂單的 10 倍。因此放量確實需要時間；我會說我們有數個產品正處於這個週期之中，這也是我們保持樂觀的原因。

Okay, so those costs, when you say small, it's simply given that it's more sampling and prototyping volumes.

了解，所以你說的「小」，只是因為目前主要是取樣與原型開發的量。

Would you give any color on customer size, like who these customers are? Is there any directional understanding of like on the robotics side. Are these top five OEMs on the, like maybe factory arms or humanoid side? Do you have any additional color you can give on the size of these potential customers?

你們能否就客戶規模提供一些方向性的資訊，例如這些客戶大概是哪些類型？在機器人方面，有沒有方向性的理解，例如是前五大 OEM——像是工廠機械手臂或人形機器人那一類？你們能否再多提供一些關於這些潛在客戶規模的資訊？你們還能補充哪些細節？

Yeah, it's unusual for us to comment specifically on customers, but I can say that there's a variety of customers interested in the technology. It spans customers in the robotics space, of course, but also spanning beyond that. And we like the potential for very high volumes there.

是的，我們通常不會針對特定客戶做評論，但我可以說，對這項技術感興趣的客戶相當多元。當然涵蓋機器人領域的客戶，但也不僅限於此。而且我們看好那裡具備非常高的出貨量潛力。

Would you size very high volumes?

你們所說的「非常高的出貨量」，能否量化一下？

Certainly, yes. We're certainly chasing very high volumes.

當然可以，是的。我們確實在追求非常高的出貨量。

Would you be able to put like any like directional numbers to that, like what you guys are targeting?

你們能不能給出一些方向性的數字，例如你們的目標大概是多少？

Well, we're certainly not unfamiliar with producing millions of sensors and tens of millions of sensors are certainly well within our capacity here. We can easily scale well beyond that as well in the short term and certainly within the time scale that we expect these customers to ramp up.

當然可以。我們並不陌生於生產數百萬顆感測器，而數千萬顆感測器也絕對在我們目前的產能範圍之內。短期內我們也能很容易把規模擴大到遠超過這個水準，而且肯定能在我們預期這些客戶開始放量的時間尺度內做到。

Got it. Okay.

了解。好的。

On the power conversion side, on the 800-volt, you've discussed that step-ups in voltage kind of raise your dollar content. And many of the PSUs, if you look, you'd see these parts to some degree.

在電源轉換方面，針對800伏，你們談到電壓提升會提高你們的美元含量。而且如果你看很多PSU，你會在某種程度上看到這些零件。

Would you be able to give more color on the power conversion side on the progress as data centers are transitioning to 800-volt and your progress with your customers there?

能否就資料中心轉向800伏時，電源轉換端的進展，以及你們與客戶在這方面的進度，提供更多說明？

Yes, happy to and happy to highlight the advantages that NVE provides as the application voltages continue to increase.

可以，很樂意，也很樂意強調隨著應用電壓持續提高，NVE所提供的優勢。

We provide the highest isolation in the industry and as voltages increase in power supplies and power conversion applications, that continues to favor NVE's products and we're continually optimistic for that reason. So we see the trends favoring NVE's technology and we're expecting continued growth there as well.

我們提供業界最高的隔離能力；而隨著電源供應器與電源轉換應用中的電壓提高，這會持續有利於NVE的產品，因此我們也持續保持樂觀。所以我們看到趨勢正朝有利於NVE技術的方向發展，也預期那邊會持續成長。

Okay. I'm like the only person that's going to ask you questions, I guess, Pete.

好吧。我想我大概是唯一會問你問題的人了，Pete。

I'd like to ask a question.

我想問一個問題。

Great. I'll get off for a while.

太好了。那我先暫時離線一下。

So, hi, Pete. This is Pete Prevett calling from Florida. Great job on your continued success there.

所以，嗨，Pete。我是來自佛羅里達的Pete Prevett。你們持續成功，做得很棒。

My question is that, are NVE sensors applicable to gears for humanoid robots? You mentioned robotics, it could be arms in automation of factories, but what about humanoid robots? Is that something where your sensors can be used and are you having any conversations there?

我的問題是，NVE的感測器是否適用於人形機器人的齒輪？你提到機器人，可能是工廠自動化的機械手臂，但人形機器人呢？這是否是你們的感測器可以使用的領域，你們有沒有在那方面進行任何交流？

Yes, definitely. The new gear sensors that I talked about on the call are especially intended towards robotics, both industrial and humanoid robotics. They're intended for advanced encoders and servo systems and those are exactly what are being used in humanoid robotics and elsewhere.

是的，絕對可以。我在電話會議中提到的新型齒輪感測器，特別是針對機器人應用設計的，包括工業機器人與人形機器人。它們用於先進編碼器與伺服系統，而這些正是人形機器人以及其他領域所使用的。

So we think that the timing of that introduction is perfect with the growth in the humanoid robotics industry and we're seeing some strong interest there already. So as I said previously, we're optimistic about those applications.

因此我們認為，這次推出的時機與人形機器人產業的成長非常契合，而且我們已經看到相當強烈的興趣。所以如我先前所說，我們對這些應用持樂觀態度。

Great. Thank you very much. Appreciate it.

太好了。非常感謝。感激不盡。

Hey, Pete. This is Ittai Eden from Principal.

嗨，Pete。我是Principal的Ittai Eden。

Hi, Ittai.

嗨，Ittai。

I just wanted to ask, just so I heard you right, you basically said that the second half in terms of top line should be similar to the first half of the year. Is that correct?

我只是想確認一下我有沒有聽對：你基本上是說，下半年在營收（top line）方面應該會與上半年相近。是這樣嗎？

That's correct. That's what we said in the prepared remarks. We do see the order disruptions as a temporary situation, and we expect to return to growth in the next quarter.

沒錯。這就是我們在事先準備的講稿裡所說的。我們確實認為訂單的干擾只是暫時狀況，並且預期在下一季恢復成長。

Got it. And so my follow-up would be, how do these new products and the secular growth market fit into those expectations, if you will? Is this -- are you guys forecasting the back half based on existing orders or is there still orders to go get from these new products and new use cases?

了解。那我的追問是，這些新產品以及結構性成長市場，如何融入你們的這些預期？也就是說，你們對下半年的預測是基於既有訂單，還是仍需要從這些新產品與新使用情境中再去取得訂單？

Yeah, we're definitely seeing more orders come in. And as Daniel said in the prepared remarks, the growth is across our product portfolio, including distributors and direct sales and legacy products and also our new products. So we're happy with the growth there and we expect that to continue.

是的，我們確實看到更多訂單持續進來。而且如Daniel在事先準備的講稿中所說，成長是遍及我們的產品組合，包括經銷通路與直銷、既有產品以及我們的新產品。所以我們對這方面的成長感到滿意，也預期會持續下去。

So I guess asked another way, what would be, call it upside to those internal expectations of a similar second half? Like what are some things you think could drive upside there?

那換個方式問，你們內部對「下半年與上半年相近」這個預期，可能的上行空間（upside）會是什麼？你認為有哪些因素可能推動上行？

Well, generally, I think the market we're seeing is continuing to accelerate. We just got Abbott's numbers this morning, for example, and they project a 10% year-over-year increase.

嗯，一般來說，我認為我們看到的市場仍在持續加速。例如，我們今天早上剛看到Abbott的數據，他們預估年增10%。

So short-term, we're not seeing any further disruptions in our current sales, and I think long-term, we have impressive products, important customers and long-term growth for those types of customers.

所以短期來看，我們沒有看到目前銷售出現任何進一步的干擾；而長期來看，我們擁有令人印象深刻的產品、重要的客戶，以及這類客戶的長期成長動能。

Got it. Thank you. Is there any color you can give on backlog or backlog coverage or any metrics you could share there? That would be helpful.

了解，謝謝。你能否就未交訂單（backlog）或未交訂單覆蓋率（backlog coverage），或任何你能分享的相關指標提供一些說明？那會很有幫助。謝謝。

Yeah, we typically don't track backlog. I'd say we typically have a strong order flow, and we have plenty of inventory to satisfy those expected orders. And I think we're in good shape there.

是的，我們通常不追蹤未交訂單（backlog）。我會說我們一般都有很強的訂單流入，而且我們有充足的庫存來滿足那些預期的訂單。我認為我們在這方面狀況良好。

All right. And then the last one for me would be, can you speak to the capacity expansion and how that's going? I recall last quarter you mentioned it was mostly R&D for the time being. Has that moved into volume production in earnest or any color around that would be helpful?

好。那我最後一個問題是，你能談談產能擴充以及目前進展如何嗎？我記得上季你提到當時主要還是用在研發。現在是否已經開始認真轉入量產，或任何相關補充都會很有幫助。

Yeah, there certainly has been some shift towards production capacity with the additional resources from the expansion. I'd say the shift is relatively small now, but as I mentioned previously, there are some important design wins in our wafer level chip scale products and that capacity is primarily from what we've added from the expansion.

是的，隨著擴建帶來的額外資源，確實有一部分已轉向生產產能。我會說目前轉移的幅度還相對小，但如我先前提到的，我們在晶圓級晶片尺寸封裝（wafer level chip scale）產品上有一些重要的設計導入（design wins），而那部分產能主要來自我們透過擴建新增的產能。

So that's good news, and we'll continue to transition that capacity in that direction as the order flows increase here.

所以這是好消息；隨著訂單流入在這裡增加，我們也會持續把產能往那個方向轉移。

I'll jump back in the queue. Thanks, guys.

我回到隊列裡。謝謝各位。

Hi, do you mind if I go now?

嗨，我現在可以講嗎？

Yeah, go ahead.

可以，請說。

Hi. I remember last quarter, you mentioned that there was a bunch of new customers that start out small. I was just wondering if there was any growth in those new customers?

嗨。我記得上季你提到有一批新客戶一開始的量都很小。我只是想知道這些新客戶是否有任何成長？

Yeah. In general, I think the trends are definitely moving in the right direction. And as I described earlier, it's common for some of those new customers to start with the relatively small orders and grow over time. And we're definitely seeing that and specifically in the products that I mentioned in the prepared remarks and in wafer level chip scale products, we're seeing a continual increase in the interest and increases in order sizes. So it's definitely moving in the right direction.

有的。整體而言，我認為趨勢確實正朝正確方向發展。而且如我先前所描述，這些新客戶之中有些以相對小的訂單起步、並隨時間成長，是很常見的。我們確實看到這種情況，特別是在我在事先準備的講稿中提到的產品，以及在晶圓級晶片尺寸封裝（wafer level chip scale）產品上，我們看到興趣持續升溫、訂單規模也在增加。所以確實是在往正確方向前進。

Got it. And these new customers are mostly in the new industries you were talking about like robotics, correct?

了解。而這些新客戶主要是在你剛才提到的那些新興產業裡，例如機器人，對嗎？

Yeah, robotics and automation and factory automation and humanoid robotics are two important areas where we're seeing that interest.

是的，機器人與自動化、工廠自動化，以及人形機器人，是我們看到興趣的兩個重要領域。

Awesome. Thank you.

太棒了。謝謝你。

Hey, Pete, are you there?

嗨，Pete，你在嗎？

Yeah, go ahead.

在，你說。

Hi, I'm a relatively new independent investor, and just congratulations on your new role. And curious to know, in terms of the long-term horizon of the company over the next two to three years, what is your sort of vision now for the company? Is it going to differ? Is it going to be a little bit different from what your predecessor was doing?

你好，我是一位相對新進的獨立投資人，也先恭喜你上任新職。我想了解，就公司未來兩到三年的長期發展而言，你目前對公司的願景是什麼？會不會有所不同？會不會跟你前任所做的事情有些不一樣？

And how should investors think about the company going forward?

投資人應該如何看待公司接下來的發展？

I would say the main focus for me is taking advantage of the recent expansion and leveraging that toward new products and new products in fast-growing markets.

我會說，我的主要重點是把握近期擴產帶來的機會，並將其槓桿運用到新產品，以及在快速成長市場中的新產品。

So it's a continuation of our previous efforts and my efforts on the expansion in general, but I'd say it's a continuation in the trajectory that was started under Dan's leadership and moving to take advantage of that expansion.

所以這是延續我們先前的努力，也延續我在整體擴產上的投入；但我會說，這是延續在Dan領導下所開啟的發展軌跡，並進一步把握這次擴產帶來的機會。

And then on the medical device portion of the revenue, I know that a sort of strong percentage of that is coming from Abbott right now. Is there a focus on sort of diversifying that out or how do you think about that?

另外在醫療器材這部分的營收，我知道目前其中相當高的比例來自Abbott。公司是否會著重於分散這部分的集中度？你們怎麼看待這件事？

We definitely work to expand our products throughout the medical device industry. So cardiac rhythm management and (inaudible) obviously is an important. A customer of ours, but we see growth in other areas as well. Other implantable medical devices such as neurostimulators are important growth areas for NVE's products as well.

我們確實致力於在整個醫療器材產業中擴展我們的產品。所以心律管理以及（聽不清）顯然是重要的。Abbott是我們的重要客戶，但我們也看到其他領域的成長。其他植入式醫療器材，例如神經刺激器，也是NVE產品的重要成長領域。

And it's because we have the advantages of small size and low power that makes us a perfect technology for implantable medical devices.

這是因為我們具備體積小、低功耗的優勢，使我們成為植入式醫療器材的理想技術。

Got it. Okay. Well, thanks a lot and all the best to you in the future.

了解。好的，非常感謝，也祝你未來一切順利。

Thank you very much.

非常感謝。

Final question here for me. Would you say that your humanoid robotics customers are planning to be entering production volumes in 2027 or even in 2026 at the tail end of this year?

我這邊最後一個問題。你會說你們的人形機器人客戶計畫在2027年進入量產，還是可能在2026年、甚至今年年底就開始？

It's hard to say. We talk to our robotics customers regularly and there is definitely a forecast for growth there. It's hard to speak directly to what their plans are, but we do be increasing production on our side and we're happy to report that those are moving in to those types of applications, so automation and humanoid robotics.

這很難說。我們會定期與機器人客戶溝通，確實有成長的預測。很難直接替他們的計畫發言，但我們這邊確實正在提高產能，也很高興可以回報，這些產品正逐步導入到這類應用，也就是自動化與人形機器人。

So generally, I think we're aligned well with the industry and the specific needs for the robotics market. And we'll continue to see things move in that direction.

所以整體而言，我認為我們與產業趨勢以及機器人市場的特定需求都相當契合。我們也會持續看到事情朝這個方向發展。

Great. And my final, I guess, question on the humanoid robotics front, two-pronged here.

很好。我想我在人形機器人方面最後一個問題，是兩個部分。

Would you say most of your humanoid robotics customers are Western OEMs? And would you be able to like size the relative dollar content per robot that you guys are expecting, even if it's a range?

你會說你們大多數的人形機器人客戶是西方的OEM嗎？另外，你能否估算一下你們預期每台機器人所含的相對美元價值（dollar content），即使是區間也可以？

Sure. Yeah, so we have a global distribution network for our robotics customers and our subsystem customers in the robotics marketplace. So we're servicing both Western customers and global customers to answer the first part of your question.

當然。是的，我們針對機器人客戶以及機器人市場中的子系統客戶，擁有全球的經銷/通路網路。所以為了回答你問題的第一部分，我們同時服務西方客戶與全球客戶。

The second part of your question in terms of the dollar content and there, a typical NVE product ISP is perhaps $1 to $2 per sensor and obviously, there's several sensors used in the precision motion application of human robotics. So we see the potential for several NVE sensors per robot there and that provides significant revenue from our perspective. So I think there's a big upside.

至於你問題的第二部分，關於美元含量：一般來說，一個典型的NVE產品（ISP）每顆感測器大約是1到2美元；而在人形機器人的精密運動應用中，顯然會使用多顆感測器。因此我們看到每台機器人可能會用到多顆NVE感測器，從我們的角度來看，這會帶來可觀的營收。所以我認為上行空間很大。

And by several, would you say in the tens of sensors or in the hundreds of sensors, like just a scale of 20 to 50? Can you give like a rough range?

你說的「多顆」，是指幾十顆感測器，還是上百顆？例如20到50這樣的量級？你能給個大概區間嗎？

Certainly in the tens of sensors, I think is fair.

我認為是幾十顆感測器，這樣說是合理的。

Okay. Got it. All right. Thank you so much, Pete. I'll let others ask.

好的，了解。好。非常感謝你，Pete，我把時間留給其他人提問。

Go ahead.

請說。

I just had one question. So with the short-term disruption with respect to the second quarter and some of that revenue getting pulled into the first, is it really fair to say when you think about your second-half estimates being kind of in line with the first half that you would normalize those first two quarters, in other words?

我只有一個問題。關於第二季的短期擾動，以及其中部分營收被拉到第一季，當你們提到下半年預估大致與上半年一致時，是否可以說你們其實是在把前兩季做「常態化」處理，也就是換句話說？

It would be somewhere along the midpoint on a quarter-by-quarter basis going forward of the first two quarters?

也就是未來按季度來看，會大致落在前兩季的中間值附近？

Yeah, that's certainly one way to look at it. I think the year-to-date numbers are appropriate and that's kind of where the estimates came from.

是的，這確實是一種看法。我認為年初至今（YTD）的數字是合適的，而預估大致也是從那裡推導出來的。

Pete, this is Pete Prevett again. Do you have any more expansion plans? I mean, I remember when I was there a few years ago, the new area that you guys expanded, sounds like you've got equipment selling that area.

Pete，我是Pete Prevett，再問一次。你們還有任何擴產計畫嗎？我的意思是，我記得幾年前我去的時候，你們擴建了新的區域，聽起來你們已經在那個區域放了設備並在運作。

Is there a need for additional space? Have you secured any additional buildings where you moved admin into that and then you're going to use that area in the existing building for production?

是否需要更多空間？你們是否已經取得額外的建物，把行政部門搬過去，然後把現有大樓的那個區域用於生產？

That's right, Pete, a good memory. That is the option that we evaluate. We haven't discussed further expansion plans beyond the space that you saw when you visited. However, that is something obviously that we keep in mind and we will continue to expand as needed, and we'd follow the strategy that you mentioned, which is to move some of the admin off-site and continue to expand by leveraging the infrastructure that we have here within our current building.

沒錯，Pete，你記性很好。那確實是我們評估的選項。除了你來訪時看到的那個空間之外，我們尚未討論進一步的擴產計畫。不過，這當然是我們會放在心上的事情；我們會視需要持續擴充，並會採用你提到的策略，也就是把部分行政功能移到場外，並利用我們目前這棟大樓內既有的基礎設施來持續擴產。

So we definitely keep those plans fresh and we'll adapt to them as we need to.

所以我們確實會讓這些計畫保持最新，並在需要時加以調整。

Okay, great. And it seems like you have a phenomenal Board of Directors. Are you guys meeting quarterly and how do you feel they are in supporting your efforts, your growth efforts and any needs that you have in order to continue to grow the company?

好的，很好。另外看起來你們有一個非常出色的董事會。你們是每季開會一次嗎？你覺得他們在支持你們的努力、成長計畫，以及你們為了持續成長所需要的各項資源方面，表現如何？

Yeah, we have an excellent Board, as you mentioned, and we're happy to draw from experience throughout the industry. We expanded our Board to seven. I think that makes them even stronger. And yeah, we meet on a quarterly basis and happy to get the feedback and direction that the Board provides. It's very valuable to the company.

是的，正如你所說，我們有一個非常優秀的董事會，我們也很高興能汲取整個產業的經驗。我們把董事會擴編到七位。我認為這讓董事會更強大。是的，我們按季度開會，也很高興能獲得董事會提供的回饋與方向。這對公司非常有價值。

Great.Thank you.

太好了。謝謝。

Pete, can you just talk quickly about the distributor sales increase? Should I view this as effectively -- well, first of all, how has it changed from last quarter and should I view that as an increase in distributor sales mix being the ability to flex revenue higher but coming at lower margin?

Pete，你能否快速談一下經銷商銷售額的增加？我是否應將此視為實際上——嗯，首先，與上一季相比有何變化？我是否應將其視為經銷商銷售組合占比提高，使營收能夠更有彈性地上升，但代價是毛利率較低？

I think that's a safe assumption. We have a global distribution network, as I mentioned earlier, and they leverage sales for us. So this is our sort of broadest estimate of the sales of the company, it covers the broadest product portfolio for us.

我認為這是個合理的假設。如我先前提到，我們擁有全球經銷網路，他們為我們帶動銷售。因此，這算是我們對公司銷售情況最廣泛的估計，涵蓋了我們最廣的產品組合。

And when we see growth there, that's a very good sign for revenue in general. And so we're very happy to see distributor sales increasing and it's a sign of continued attraction of NVE's products in general growing, gaining in the market.

當我們看到那裡的成長時，對整體營收而言是非常好的訊號。因此，我們很高興看到經銷商銷售額增加，這也顯示 NVE 產品的持續吸引力在整體上成長、在市場上取得更多動能。

But you're saying, as a percent of mix distributor sales had increased quarter over quarter?

但你的意思是，從組合占比來看，經銷商銷售額在本季相較上季提高了？

It has. It does bob around a little bit and vary from quarter to quarter as you might expect. Certainly, when we have a lower direct customer sales as we did in the last quarter, then our percentage of distributor sales increases.

是的。如你所預期，它會有些上下波動，並且每季之間會有所變化。當然，當我們的直接客戶銷售較低（如上一季）時，經銷商銷售占比就會提高。

It's common for it to vary somewhat throughout the year, but in general, it's fairly steady, usually between something like one-third and two-thirds of total revenue.

一年當中出現一些波動是常見的，但整體而言相當穩定，通常約占總營收的三分之一到三分之二之間。

Thank you.

謝謝。

Hi, Pete. I just have two questions. And first off, congratulations on the new role.

嗨，Pete。我只有兩個問題。首先，恭喜你擔任新職務。

Yes, I had a question in regards to specifically the distributor sales growth year over year and how you see those trends going forward. And then a little bit more color on the first half of the year related to non-medical sales growth, stripping out Abbott and all those medical sales growth, if you can give any color on that?

是的，我想問的是，關於經銷商銷售額年增的部分，你如何看待未來的趨勢？另外，若可以的話，能否就上半年非醫療銷售成長多提供一些說明，把 Abbott 以及所有那些醫療銷售成長剔除後，能否提供一些顏色（細節）？

Sure. Well, as I mentioned, distributor sales is a pretty broad representation of NVE's product portfolio. And when we see growth there, that's a good sign because it's sort of a more general reflection of NVE's products and sales. And we see that as a very good sign.

當然。如我提到的，經銷商銷售額相當廣泛地代表了 NVE 的產品組合。當我們看到那裡的成長時，這是個好訊號，因為它更像是對 NVE 產品與銷售的整體反映。我們認為這是非常好的訊號。

And then in terms of the distributor sales in general, we're pleased to see that increasing. And I think overall, the growth that we've seen year to date and going forward will be a continuation of some of the things we said in the first quarter, and that's growth broadly, generally and across NVE's products.

至於整體的經銷商銷售額，我們很高興看到它在增加。我認為，整體而言，我們今年迄今看到的成長，以及未來的走勢，將會延續我們在第一季所說的一些情況，也就是 NVE 產品在廣泛、整體且跨產品線的成長。

Okay, any other questions?

好的，還有其他問題嗎？

Did I hear correctly that distributor sales grew 67% year over year? Did you guys say that in the initial remarks or was I mishearing something?

我有沒有聽對：經銷商銷售額年增 67%？你們在開場說明時有提到這個，還是我聽錯了？

No, that's correct, Gaben.

沒有，你聽得沒錯，Gaben。

Is that for H1 or is that for Q2?

那是上半年（H1）的數字，還是第二季（Q2）的數字？

Oh, that's for Q2.

喔，那是第二季（Q2）的。

Do you have an H1 figure for distributor sales year over year?

你們有上半年（H1）經銷商銷售額年增的數字嗎？

It's somewhat less than that. I would place it a little bit lower, perhaps in the 40% range.

會比那個低一些。我會把它放在稍低一點的水準，可能在 40% 左右。

Okay. So it's -- so distributor sales has accelerated in Q2 versus Q1?

了解。所以——也就是說，經銷商銷售額在第二季相較第一季加速了？

Correct.

正確。

Understood. All right. Thank you, Pete.

明白了。好。謝謝你，Pete。

Hi, Pete. I have one more question.

嗨，Pete。我還有一個問題。

Sure, go ahead, [Spencer].

當然，請說，[Spencer]。

About my question earlier about, I guess, customer diversification. And then you were saying how the end of year or the second half of the year's earnings are going to be similar to the first half. Is that correct?

關於我先前的問題，我想是關於客戶多元化。你剛才提到年底或下半年獲利會與上半年相近。是這樣嗎？

Correct. Yes.

是的。沒錯。

Is that mix going to be similar to the first half where it's mostly a few large customers, or do you believe that the growth is going to come from additional customers like the additional ones that were gained in the first half of the year?

那麼，組合會不會與上半年類似，主要仍是少數幾個大客戶？還是你認為成長會來自更多新增客戶，例如上半年新增的那些客戶？

Yeah, we certainly expect revenue to increasingly come from new customers. And that's because the market is continuing to accept our new products and we'll continue to see growth for that reason.

是的，我們確實預期營收將愈來愈多來自新客戶。這是因為市場持續接受我們的新產品，因此我們會因這個原因持續看到成長。

And so I think there's some short-term optimism as our wafer level chip scale products, new gear sensors and others that we've talked about previously continue to grow and become more representative of the total revenue numbers.

因此，我認為短期內有一些樂觀因素，因為我們的晶圓級晶片尺寸封裝（wafer level chip scale）產品、新型齒輪感測器，以及我們先前談到的其他產品，將持續成長，並在總營收中占比提高、變得更具代表性。

Any other questions?

還有其他問題嗎？

Given that, obviously, NVE has very, I guess you could say, niche technology that isn't very easily replicated and has many applications that -- obviously, you're growing in fields like robotics and automation.

鑑於很明顯，NVE 擁有非常——可以說是——利基型的技術，不太容易被複製，且有許多應用；而且你們顯然正在機器人與自動化等領域成長。

What would you say is the biggest barrier to entry or I guess the biggest competitive advantage that NVE and more specifically the Spintronic technology has and I guess, why other new entrants can't come in and take over in a sense?

你會說最大的進入門檻是什麼？或者說，NVE、以及更具體而言自旋電子（Spintronic）技術最大的競爭優勢是什麼？為什麼其他新進者無法進來並在某種程度上取而代之？

Yeah, barriers to entry include NVE's patent portfolio and that prevents competitors from operating in our space. So we have excellent patent coverage in Spintronics and we think that provides that coverage.

是的，進入門檻包括 NVE 的專利組合，這會阻止競爭對手在我們的領域運作。因此，我們在自旋電子學（Spintronics）方面有非常完善的專利覆蓋，我們認為這提供了保護。

We also have trade secrets and expertise within the company that make it very difficult for competitors to do what NVE does and to try to copy the advantages that NVE provides with Spintronics. It's a unique technology, we provide a benefit proposition to our customers that's unlike any others and we think our company is reflective of those advantages.

我們也有商業機密以及公司內部的專業知識，使競爭對手很難做到 NVE 所做的事，或試圖複製 NVE 透過自旋電子技術所提供的優勢。這是一項獨特的技術；我們為客戶提供的價值主張不同於其他任何人，我們認為公司本身就反映了這些優勢。

Thank you so much.

非常感謝。

Well, with that, we're pleased to report strong increases in distributor sales in second quarter and excellent growth in revenue for the first half of the year. Our next earnings call will be in January to discuss third-quarter results.

那麼，藉此機會，我們很高興報告第二季經銷商銷售額大幅增加，以及上半年營收的優異成長。我們下一次法說會將在一月舉行，討論第三季的業績。

A replay of this call will be available on the Investor Events page of our website, www.nve.com; and our YouTube channel, youtube.com/nvecorporation.

本次電話會議的重播將可在我們網站的 Investor Events（投資人活動）頁面 www.nve.com，以及我們的 YouTube 頻道 youtube.com/nvecorporation 取得。