納微半導體 (NVTS) 2024 Q1 法說會逐字稿

Thank you for standing by. My name is Benjamin, and I’ll be your conference operator today. At this time, I would like to welcome everyone to Navitas Semiconductor first-quarter 2024 results conference call. (Operator Instructions) I would like to turn the call over to Stephen Oliver, Vice President of Investor Relations. Please go ahead.

謝謝你的支持。我叫班傑明，今天我將擔任你們的會議操作員。此時此刻，我歡迎大家參加納微半導體 2024 年第一季業績電話會議。 （操作員指示）我想將電話轉給投資人關係副總裁 Stephen Oliver。請繼續。

Good afternoon, everyone. I’m Stephen Oliver, Vice President of Investor Relations. Thank you for joining Navitas Semiconductor’s first-quarter 2024 results conference call. I’m joined today by Gene Sheridan, our Chairman, President, CEO, and Co-Founder; and Janet Chou, EVP, CFO, and Treasurer.

大家下午好。我是史蒂芬‧奧利佛，投資者關係副總裁。感謝您參加納維半導體 2024 年第一季業績電話會議。今天，我們的董事長、總裁、執行長兼聯合創始人吉恩·謝裡丹 (Gene Sheridan) 也加入了我的行列。以及執行副總裁、財務長兼財務主管 Janet Chou。

A replay of this webcast will be available on our website approximately one hour following this conference call, and the recorded webcast will be available for approximately 30 days following the call. Additional information related to our business is also posted on the Investor Relations section of our website.

本次電話會議後約一小時，我們的網站上將提供此網路廣播的重播，並且錄製的網路廣播將在電話會議後約 30 天內提供。與我們業務相關的更多資訊也發佈在我們網站的投資者關係部分。

Our earnings release includes non-GAAP financial measures. Reconciliations of these non-GAAP financial measures with the most directly comparable GAAP measures are included in our first quarter earnings release and also posted on our website in the Investor Relations section.

我們的收益發布包括非公認會計準則財務指標。這些非公認會計原則財務指標與最直接可比較的公認會計原則指標的對帳包含在我們第一季的收益發布中，並發佈在我們網站的投資者關係部分。

In this conference call, we will make forward-looking statements about future events or about the future financial performance of Navitas, including acquisitions. If you can identify these statements by words like we expect or we believe or similar terms. We wish to caution you that such forward-looking statements are subject to risks and uncertainties that could cause actual events or results to differ materially from expectations expressed in our forward-looking statements.

在本次電話會議中，我們將對未來事件或納維未來財務表現（包括收購）做出前瞻性陳述。如果您可以透過「我們期望」或「我們相信」或類似術語來識別這些陳述。我們希望提醒您，此類前瞻性陳述存在風險和不確定性，可能導致實際事件或結果與我們前瞻性陳述中表達的預期有重大差異。

Important factors that can affect Navitas business, including factors that could cause actual results to differ from our forward-looking statements are described in our earnings release. Please also refer to the Risk Factors sections in our most recent 10 K and 10-Q's. Our estimates or other forward-looking statements may change and Navitas assumes no obligation to update forward-looking statements to reflect actual results, change in assumptions or other events that may occur except as required by law. And now over to Gene Sheridan, CEO.

我們的收益報告中描述了可能影響納維業務的重要因素，包括可能導致實際結果與我們的前瞻性陳述不同的因素。另請參閱我們最新的 10 K 和 10-Q 中的風險因素部分。我們的估計或其他前瞻性陳述可能會發生變化，納維不承擔更新前瞻性陳述以反映實際結果、假設變化或可能發生的其他事件的義務，除非法律要求。現在請執行長吉恩·謝裡丹 (Gene Sheridan) 發言。

Thanks, Steve, and thanks to all of you for joining us today. I’m pleased to announce Q1 revenue of $23.2 million, which reflects 73% year-on-year growth. These results reflect continued market leadership with our GaN technology displacing silicon in our [BKEAT] mobile charger market, but also expansion into home appliance and AI-based data centers with continuing shipments of our leading edge GeneSiC technology into the industrial, EV, solar, and energy storage segments.

謝謝史蒂夫，也謝謝大家今天加入我們。我很高興地宣布第一季營收達到 2,320 萬美元，年增 73%。這些結果反映了我們的 GaN 技術在 [BKEAT] 行動充電器市場取代矽的持續市場領導地位，而且還透過將我們領先的 GeneSiC 技術持續出貨到工業、電動車、太陽能、和儲能部分。

Let me give further specifics in each of our target markets. In data centers, AI is driving an unprecedented and accelerated increase in power requirements. Traditional data center processors required only 300 to 400 watts each last year, while NVIDIA’s latest generation prevented 700 watts, and now the recently announced Blackwell chipset requires well over 1,000 watts. This 300% increase in power in just 18 months in combination with the EU-driven titanium standard that requires 96% minimum energy efficiency creates a very big challenge for our power supply customers and a very big opportunity for Navitas.

讓我進一步介紹我們每個目標市場的具體情況。在資料中心，人工智慧正在推動電力需求前所未有的加速成長。去年，傳統資料中心處理器的功耗僅為 300 至 400 瓦，而 NVIDIA 最新一代處理器的功耗為 700 瓦，而現在最近推出的 Blackwell 晶片組則需要遠遠超過 1,000 瓦。短短18 個月內功率增加了300%，再加上歐盟推動的鈦金屬標準要求最低能效達到96%，這對我們的電源客戶來說是一個非常大的挑戰，但對Navitas 來說卻是一個非常大的機會。

In the last 6 months, we have stepped up to that challenge, enabling server power supplies to increase from 3.2 kilowatts at 96% efficiency to 4.5 kilowatts at 97% efficiency. And now we are well on our way to 8 to 10 kilowatts at 97% to be delivered to our customers later this year. These advances are attributable to our leading-edge GaNSafe technology, combined with our industry-leading Gen-3 Fast silicon carbide and our unique data center system design capability.

在過去 6 個月中，我們迎接了這項挑戰，使伺服器電源從效率 96% 的 3.2 千瓦增加到效率 97% 的 4.5 千瓦。現在，我們正朝著 8 至 10 千瓦的目標邁進，97% 的發電率將在今年稍後交付給我們的客戶。這些進步歸功於我們領先的 GaNSafe 技術，結合我們業界領先的 Gen-3 Fast 碳化矽以及我們獨特的資料中心系統設計能力。

We are pleased to announce three major design wins at some of the world’s largest power supply companies. Taken in combination with over 30 customer projects now in development, in the coming quarters, we expect to enable GaN-based data centers with AWS, Azure, Google, Supermicro, Inspur, and Baidu. In total, we anticipate multiple millions of revenue this year and $10 million to $20 million in 2025 all being accelerated by these recent AI developments, which we expect to continue for years if not decades to come.

我們很高興地宣布一些全球最大的供電公司贏得了三項重大設計。結合目前正在開發的 30 多個客戶項目，我們預計在未來幾個季度，將與 AWS、Azure、Google、Supermicro、浪潮和百度一起啟用基於 GaN 的資料中心。總的來說，我們預計今年的收入將達到數百萬美元，到2025 年收入將達到1000 萬至2000 萬美元，所有這些都將因最近的人工智慧發展而加速，我們預計這種趨勢將持續數年（甚至數十年）。

In EV, we are seeing a significant expansion in our customer pipeline given strong penetration into mainstream passenger battery EVs and also plug-in hybrids, commercial EVs and even fuel cell hydrogen clean energy cars. Our EV system design team originally created 6.6 kilowatt onboard charger platform, which is driving significant customer adoption.

在電動車領域，由於主流乘用電池電動車、插電式混合動力車、商用電動車甚至燃料電池氫清潔能源車的強勁滲透，我們的客戶管道顯著擴大。我們的電動車系統設計團隊最初創建了 6.6 千瓦車載充電器平台，該平台正在推動大量客戶的採用。

Recently, we have launched a 22 kilowatt OBC platform that enables 3x faster charging, while delivering double the power density up to 30% greater energy saving and 40% lighter weight relative to comparable solutions on the market. These system capabilities are once again enabled by a combination of our Gen-3 Fast silicon carbide and our GaNSafe industry-leading technologies.

最近，我們推出了 22 千瓦 OBC 平台，與市場上的同類解決方案相比，充電速度提高了 3 倍，同時功率密度提高了一倍，節能高達 30%，重量減輕了 40%。這些系統功能再次透過我們的 Gen-3 Fast 碳化矽和 GaNSafe 業界領先技術的結合而得以實現。

We anticipate these platforms will drive considerable new revenues with additional silicon carbide customer projects ramping in the first half of 2025 and, again, EV adoption on track to ramp in the second half of 2025. In total, we are now engaged with over 160 EV-related customer projects across all major regions, which are expected to drive tens of millions of sales in 2025, and these projects have already increased our total EV pipeline by over 50%, since we’ve reported our $400 million pipeline in December.

我們預計，隨著更多碳化矽客戶專案在2025 年上半年不斷增加，這些平台將帶來可觀的新收入，並且電動車的採用將在2025 年下半年逐步增加。輛電動車合作相關客戶專案遍布所有主要地區，預計將在2025 年推動數千萬美元的銷售額，自我們去年12 月報告了4 億美元的管道以來，這些項目已經使我們的電動汽車管道總額增加了50% 以上。

In the appliance and industrial segments, we are also making excellent progress. Our latest motor-optimized GaNSense half-bridge now has over 15 customer projects in development, with major wins at a European leader in hair care that will launch at the end of this year, a Tier 1 US-based dishwasher supplier, and two of the top European leaders in pumps and motors, which will all launch in 2025. All told, GaNSense half-bridge total pipeline is now over $100 million in home appliance.

在家電和工業領域，我們也取得了良好的進展。我們最新的電機優化GaNSense 半橋目前有超過15 個客戶專案正在開發中，其中包括將於今年年底推出的歐洲頭髮護理領導者、美國一級洗碗機供應商以及兩家公司的重大勝利。

In more industrial applications, our latest Gen-3 Fast silicon carbide and GaNSafe technology are achieving rapid adoption in over 25 customer developments, with over $150 million pipeline potential. Combining these together with other opportunities, our appliance and industrial pipeline has grown significantly beyond $360 million that we reported in December.

在更多工業應用中，我們最新的 Gen-3 Fast 碳化矽和 GaNSafe 技術正在超過 25 個客戶開發項目中快速採用，管道潛力超過 1.5 億美元。將這些與其他機會結合起來，我們的家電和工業管道已顯著增長，超過了我們 12 月報告的 3.6 億美元。

In solar and energy Storage, we are seeing signs of recovery with six new wins across US, Europe, and Asia for solar optimizers, micro-inverters, string inverters, and energy-storage applications, all expected to start ramping in 2025. In particular, a major micro-inverter leader has publicly committed to a major transition to GaN double-ramp in the first half of 2025, which we expect represents tens of millions in annual revenue potential. In total, our solar and energy storage pipeline has also increased significantly beyond the $250 million we reported in December.

在太陽能和能源儲存領域，我們看到了復甦的跡象，美國、歐洲和亞洲在太陽能優化器、微型逆變器、串式逆變器和儲能應用方面取得了六項新勝利，預計所有這些都將於2025 年開始增加。總的來說，我們的太陽能和儲能管道也顯著增加，超過了我們 12 月報告的 2.5 億美元。

In mobile and consumer markets, we continue to see strength as all major mobile OEMs across smartphone, tablet, and notebooks, continue to adopt GaN to replace silicon in a growing percentage of their chargers, especially those at 65 watts and above a sweet spot for GaN ICs. In Q1, we added over 20 new fast chargers into production, taking the total released customer products to over 450. This includes 10 of the top 10 mobile OEMs across smartphone and notebooks.

在行動和消費市場，我們繼續看到其優勢，因為智慧型手機、平板電腦和筆記型電腦等所有主要行動原始設備製造商(OEM) 繼續在越來越多的充電器中採用GaN 來取代矽，特別是那些65 瓦及以上的充電器，這是充電的最佳選擇。第一季度，我們新增了 20 多種新型快速充電器投入生產，使已發布的客戶產品總數超過 450 種。

Notably, Xiaomi launched another two smartphone models, the Mi 14 Ultra and the CIVI 4 Pro, using our Gen-4 GaNSense ICs to support ultra-fast charging. And Lenovo launched the Thinkbook 170-watt desktop 5-port charger and docking station with Gen-4 GaNSense.

值得注意的是，小米推出了另外兩款智慧型手機型號：Mi 14 Ultra 和 CIVI 4 Pro，採用我們的第四代 GaNSense IC 支援超快充電。聯想推出了採用 Gen-4 GaNSense 的 Thinkbook 170 瓦桌面 5 連接埠充電器和擴充座。

Finally, I’m excited to announce that all new GaN IC family we call GaNSlim. GaNSlim offers all the impressive features of our existing GaNSense technology such as integrated drive and lossless current sensing, but also slims down the solution by integrating additional external components, further simplifying the system design and reducing customer manufacturing costs.

最後，我很高興地宣布我們將所有新的 GaN IC 系列稱為 GaNSlim。 GaNSlim 提供了我們現有 GaNSense 技術的所有令人印象深刻的功能，例如整合驅動和無損電流感應，而且還透過整合額外的外部組件來精簡解決方案，進一步簡化系統設計並降低客戶製造成本。

GaNSlim is a major step forward that could increase our GaN TAM by enabling lower system costs compared to silicon design for many applications. GaNSlim targets applications under 500 watts across mobile consumer and home appliance. While the formal product launch will not occur until June, we started sampling just two months ago and already have over 20 customer projects in development and added over $20 million to our pipeline. We anticipate over $10 million in new revenue for 2025 from our GaNSlim product line.

GaNSlim 是向前邁出的重要一步，與許多應用的矽設計相比，它可以降低系統成本，從而提高我們的 GaN TAM。 GaNSlim 在行動消費和家用電器中 500 瓦以下的應用。雖然正式的產品要到 6 月才會發布，但我們在兩個月前就開始採樣，並且已經有 20 多個客戶專案正在開發中，並為我們的管道增加了超過 2000 萬美元。我們預計 2025 年我們的 GaNSlim 產品線的新收入將超過 1000 萬美元。

Overall, we have not yet observed any signs of a broader market recovery in the second half of the year and this may translate to a more moderated growth in 2024. Nonetheless, we’re very pleased with the significant success and adoption of our latest industry-leading technologies, GaNSafe, GaNSense half-bridge ICs, Gen-3 Fast silicon carbide, and our newest GaNSlim family. All of which are driving important increases in our customer pipeline that is increasing nearly 30% from December to $1.6 billion.

總體而言，我們尚未觀察到下半年市場出現任何更廣泛復甦的跡象，這可能會轉化為 2024 年的成長更為溫和。業界領先的技術、GaNSafe、GaNSense 半橋IC、第三代快速碳化矽以及我們最新的GaNSlim 系列。所有這些都推動我們的客戶管道大幅成長，較 12 月成長了近 30%，達到 16 億美元。

Much of that existing opportunity in pipeline growth is coming from new 2025 production programs across all major regions end markets, which is increasing our confidence for strong diverse growth for 2025 and beyond. With that, let me turn it over to our CFO, Janet Chou to discuss the financials.

現有的管道成長機會大部分來自所有主要地區終端市場的 2025 年新生產計劃，這增強了我們對 2025 年及以後強勁多元化成長的信心。接下來，讓我將其交給我們的財務長 Janet Chou 討論財務問題。

Thank you, Gene. In my comments today, I will first review our first-quarter financial results and I’ll take you through our outlook for the second quarter. Revenue in the first quarter of 2024 grew 73% year over year to $23.2 million, slightly above the midpoint of our guidance range. While we are experiencing similar macroeconomic factors as others in certain of our end markets such as EV, industrial, and solar, our mobile business was shown in the first quarter, demonstrating the benefits of our smaller, faster, more energy efficient technology as we continue to gain significant traction in mobile and consumer charging applications.

謝謝你，吉恩。在今天的評論中，我將首先回顧我們第一季的財務業績，然後向您介紹我們對第二季的展望。 2024 年第一季的營收年增 73% 至 2,320 萬美元，略高於我們指導範圍的中點。雖然我們在某些​​終端市場（例如電動車、工業和太陽能）遇到了與其他人類似的宏觀經濟因素，但我們的行動業務在第一季表現出色，展示了我們在繼續發展過程中更小、更快、更節能的技術的優勢。

Before addressing expenses, I’d like to refer you to the GAAP to non-GAAP reconciliation in our press release earlier today. In the rest of my commentary, I will refer to non-GAAP expense measures.

在討論費用之前，我想請您參閱今天早些時候新聞稿中的 GAAP 與非 GAAP 調整表。在我的評論的其餘部分，我將提及非公認會計原則費用衡量標準。

Gross margin in the first quarter was 41.1%, the same as the first quarter of 2023 due to mobile market product mix as we continue to see strength in that part of our business. Total operating expenses for the first quarter were $21.3 million, comprised of SG&A expenses of $8.5 million and R&D expenses of $12.9 million. This expense increase of 20% year over year is much slower than our revenue growth as we sharpen our focus on profitability, while continuing to emphasize investments in new products, technologies, and emerging markets.

第一季的毛利率為 41.1%，與 2023 年第一季相同，這得益於行動市場產品組合，我們繼續看到該部分業務的實力。第一季總營運費用為 2,130 萬美元，其中 SG&A 費用為 850 萬美元，研發費用為 1,290 萬美元。由於我們更加重視獲利能力，同時繼續強調對新產品、技術和新興市場的投資，因此 20% 的費用較去年同期成長遠慢於我們的收入成長。

The sequential growth was primarily driven by higher payroll taxes and annual salary increases. As expected, we sequentially increased our R&D to support significant new product developments, like GaNSlim and many others plan to launch in this year and next.

環比成長主要是由工資稅上漲和年薪成長所推動的。正如預期的那樣，我們相繼增加了研發力度，以支援重要的新產品開發，例如 GaNSlim 和許多其他計劃在今年和明年推出的產品。

Putting all this together, the loss from operations for the first quarter of 2024 was $11.8 million, compared to a loss from operations of $12.3 million in the first quarter of 2023. Our weighted average share count for the first quarter was 180 million shares.

綜上所述，2024 年第一季的營運虧損為 1,180 萬美元，而 2023 年第一季的營運虧損為 1,230 萬美元。

Turning to the balance sheet, it remains very strong with high levels of liquidity. Cash and cash equivalents at quarter end were $129.7 million and we continue to carry no debt. Accounts receivable declined to $22.2 million compared to $25.9 million in the prior quarter.

談到資產負債表，它仍然非常強勁，流動性水平很高。季度末現金和現金等價物為 1.297 億美元，我們仍然沒有債務。應收帳款下降至 2,220 萬美元，而上一季為 2,590 萬美元。

Inventory increased to $33.2 million compared to $23.2 million in the prior quarter. The inventory increase reflects additional strategic purchases of silicon carbide materials and increases to support major product launches and customer program runs later in the year.

庫存增加至 3,320 萬美元，而上一季為 2,320 萬美元。庫存增加反映了對碳化矽材料的額外戰略採購，以及支持今年稍後主要產品發布和客戶計劃運行的增加。

Moving on to guidance for the second quarter, we currently expect revenues of $20 million, $500,000-plus or minus. At the midpoint, this represents year-over-year growth of more than 10% compared to the $18.1 million were recorded in the second quarter of 2023. And the guidance is down sequentially from the first quarter due to decreased demand in our EV, solar, and industrial markets, partially offset by projected continued strength in the mobile market and initial ramp for data centers.

接下來是第二季的指導，我們目前預計收入為 2000 萬美元，上下 50 萬美元。與 2023 年第二季的 1810 萬美元相比，這意味著同比增長超過 10%。持續強勁和數據中心的初步成長部分抵消了這一影響。

Gross margin for the second quarter is expected to be approximately 40%, 50 basis points-plus or minus, as our mix continues to lean more towards the mobile market in the near term. As we move through the year, we expect margin improvement will align with growth in higher margin market.

第二季的毛利率預計約為 40%，上下浮動 50 個基點，因為我們的產品組合在短期內繼續更傾向於行動市場。隨著今年的發展，我們預期利潤率的改善將與利潤率較高的市場的成長保持一致。

In total, our non-GAAP operating expenses in the second quarter are expected to be approximately $21.5 million, and this excludes stock-based compensation and amortization of intangible assets. Although we will continue to invest in growth-oriented initiatives, particularly in R&D, we expect growth in operating expense dollars will be modest during 2024.

總的來說，我們第二季的非公認會計準則營運費用預計約為 2,150 萬美元，這不包括基於股票的薪資和無形資產攤銷。儘管我們將繼續投資於以成長為導向的舉措，特別是研發方面，但我們預計 2024 年營運費用的成長將適度。

In closing, while we are not immune to some of the same macro trends seen by others, we continue to deliver growth that significantly outpaces the overall power semiconductor market. We are very pleased with the customer reception and adoption of our new products, the expansion of our customer pipeline, and the outlook for much faster growth as some of our end markets recover. Operator, let’s begin the Q&A session.

最後，雖然我們不能倖免於其他人看到的一些相同的宏觀趨勢，但我們繼續實現顯著超過整個功率半導體市場的成長。我們對客戶接受和採用我們的新產品、擴大客戶管道以及隨著我們的一些終端市場復甦而實現更快增長的前景感到非常高興。接線員，我們開始問答環節。

Kevin Cassidy, Rosenblatt Securities.

凱文·卡西迪，羅森布拉特證券公司。

Yeah, thank you for taking my question. Congratulations on the great results. And also, congratulations, Gene, for a well-deserved nomination as a finalist for Entrepreneur of the Year in LA. Congratulations.

是的，謝謝你回答我的問題。祝賀取得的優異成績。另外，恭喜吉恩，當之無愧地獲得洛杉磯年度企業家決賽入圍提名。恭喜。

Thank you, Kevin.

謝謝你，凱文。

It’s exciting news what you’re showing about data center. We hosted a tour of a CoreSite data center and the clear message from the management team was they need more power. And, yeah, it looks like there’s a definite demand from data centers and pretty exciting that you’re winning the designs now and you’re going to start seeing revenue. Is this revenue going to be accretive to gross margin right away or does it take a while to get the volumes up to get to gross margins that would be above corporate average?

您所展示的有關資料中心的內容是令人興奮的消息。我們參觀了 CoreSite 資料中心，管理團隊明確表示他們需要更多電力。是的，看起來資料中心有明確的需求，令人興奮的是，您現在贏得了設計，並將開始看到收入。這些收入是否會立即增加毛利率，還是需要一段時間才能提高銷售量才能達到高於公司平均的毛利率？

Yeah. No, good question, Kevin. And it’s accretive straight away running above the average, typical of any of the industrial markets, especially with the new products like GaNSafe and Generation-3 Fast. Silicon carbide, we expect them to be accretive on gross margin straight away. And as I mentioned in my remarks, a few million dollars ramping already started this first half, but ramping more significantly in the second half and $10 million to $20 million anticipated at this point for next year.

是的。不，好問題，凱文。而且它的增值速度立即高於任何工業市場的平均水平，尤其是 GaNSafe 和 Generation-3 Fast 等新產品。碳化矽，我們預計它們的毛利率將立即增加。正如我在演講中提到的，上半年已經開始增加數百萬美元，但下半年增加幅度更大，預計明年此時將增加 1,000 萬至 2,000 萬美元。

Okay. Great. And can you give us a ballpark for the dollar content like if there’s a dollar content per watt or per kilowatt for Navitas?

好的。偉大的。您能否為我們提供一個大概的美元含量，例如 Navitas 的每瓦或每千瓦的美元含量？

Yeah, it’s going to depend a lot per power as you said, but depending upon power level you could probably assume $15 to $50, it’s in that kind of range. And it’s going up as the power level goes up. We are design center delivered a 3.2 kilowatt last year more recently 4.5 kilowatt and we’re trying to push that to 5.5 kilowatt with customers and now we’re working on an 8 to 10 kilowatt with each of those that content going up and up on the 8 to 10 it’s probably in that $50 range or $40 range.

是的，正如你所說，這很大程度上取決於每種功率，但根據功率水平，你可能會假設 15 到 50 美元，它在這個範圍內。隨著功率等級的上升，它也會上升。我們的設計中心去年交付了 3.2 千瓦，最近交付了 4.5 千瓦，我們正在努力與客戶一起將其提高到 5.5 千瓦，現在我們正在開發 8 到 10 千瓦，每個滿足增加和8 到10 美元的價格可能在50 美元或40 美元的範圍內。

Okay, great. Thanks for those details. I'll get back in the queue. Thank you.

好的，太好了。謝謝你提供這些細節。我會回到隊列中。謝謝。

Jon Tanwanteng, CJS Securities.

Jon Tanwanteng，CJS 證券。

Yes, it’s actually Charles Strauzer for Jon. Just a couple of questions for you. When do you expect to see a normalization in demand? Is 40% to 50% revenue growth still possible this year?

是的，實際上是查爾斯·施特勞澤 (Charles Strauzer) 飾演喬恩 (Jon)。只是想問你幾個問題。您預計什麼時候需求會正常化？今年營收成長40%到50%還有可能嗎？

Yeah, we’re seeing, obviously, continued softness in Q2. It’s a good chance Q2 is a bottom. It’s a little early to call as we don’t have perfect visibility on Q3. But, I think, the general consensus in the industry from our peers, who are seeing a lot of more dramatic degradation, I’d say, in revenue than we are in the first half is that by summer it should turn. So we’re looking forward to those signs to confirm growth. But, right now, as we said in our remarks, we would be a little bit more moderate in our growth expectations compared to the 40% to 50% we indicated last quarter.

是的，我們顯然看到第二季持續疲軟。第二季很有可能觸底。現在下結論還為時過早，因為我們對第三季的情況還沒有完全了解。但是，我認為，我們同行的行業普遍共識是，到夏季，情況應該會發生轉變，我想說，他們的收入下降比上半年更為嚴重。因此，我們期待這些確認成長的跡象。但是，正如我們在演講中所說，目前，與我們上季度表示的 40% 至 50% 相比，我們的成長預期會稍微溫和一些。

Great. Thank you. And just one more question for me. Have pipeline opportunities identified in December converted to designs yet or orders at the expected rate?

偉大的。謝謝。還有一個問題想問我。 12 月確定的管道機會是否已按預期轉化為設計或訂單？

Yeah, it varies by market, of course, mobile and consumer tends to be shorter term, and you can see those adoption rates happen faster. For some of the other markets, they’re still developing, data center ramping later this year.

是的，它因市場而異，當然，行動和消費者往往是短期的，你可以看到這些採用率發生得更快。對於其他一些市場，它們仍在開發中，數據中心將在今年稍後投入使用。

I did mention a large percentage of the $1.6 billion that we’ve added to it, since $1.25 billion, and is already there are concentrated in 25 programs, which is why we’re so bullish across each of the markets in the conversion rate and indicated tens of millions of new revenue in most of the key markets that we targeted.

我確實提到了我們增加的 16 億美元中的很大一部分，因為 12.5 億美元已經集中在 25 個項目中，這就是為什麼我們對轉換中的每個市場都如此看好率，並表明在我們瞄準的大多數關鍵市場中都有數千萬的新收入。

Thank you.

謝謝。

Jack Egan, Charter Equity Research.

傑克·伊根，特許股票研究。

Hey, guys. Thanks for taking the question. So you mentioned that some automotive weakness might be contributing to some forward near-term growth. But I thought automotive was more kind of on the long-term spectrum, and that it wouldn’t really kick in for a while. So is that more reflective of actual fewer shipments near term or is it more just customers’ kind of swallowing their development process?

大家好。感謝您提出問題。因此，您提到汽車行業的一些弱點可能會促進近期的成長。但我認為汽車產業更傾​​向於長期發展，而且它在一段時間內不會真正發揮作用。那麼，這更反映了近期實際出貨量的減少，還是更多地是客戶吞食了他們的開發過程？

Yeah. No, great question, Jack. And it’s definitely -- today, we’re only shipping silicon carbides into EV, so we have ongoing production there. And with the slower growth rates recognized in the overall industry that’s created some pockets of inventory, some slowdown in the production pull through from customers.

是的。不，很好的問題，傑克。毫無疑問，今天我們只將碳化矽運送到電動車中，因此我們在那裡持續生產。由於整個行業的成長率放緩，產生了一些庫存，客戶的影響也導致了生產的一些放緩。

With that said, we haven’t seen any delays in new programs. We announced the joint labs with SHINRY and Geely. Those guys are shipping into major OEMs like Hyundai, BYD, Volvo, Honda. Those programs are all tracking for 2025 ramp. We’re also still on track for GaN to go into EVs for the first time in the second half of 2025.

儘管如此，我們還沒有看到新項目有任何延遲。我們宣布與SHINRY和吉利建立聯合實驗室。這些產品正銷往現代、比亞迪、沃爾沃、本田等主要原始設備製造商。這些項目都在追蹤 2025 年的進度。我們仍有望在 2025 年下半年將 GaN 首次應用於電動車領域。

So we don’t see much slowdown at all in the overall pipeline. It’s actually growing probably the biggest. We highlighted 50% growth, so from $400 million to $600 million. We don’t see slowdown of the programs. But we certainly feel some slowdown in the short-term just on the production shift through.

因此，我們並沒有看到整個管道有太大的放緩。實際上，它的成長可能是最大的。我們強調了 50% 的成長，即從 4 億美元成長到 6 億美元。我們沒有看到計劃放緩。但我們確實感覺到短期內生產轉移會出現一些放緩。

Got it. Okay. And then just sticking on the automotive side, this quarter and last quarter, you’ve heard quite a few companies in the automotive supply chain, at least on the semiconductor side. They’ve talked about sentiment shipping away from fully electric vehicles and a bit more towards hybrids. And so, I understand that that long-term that would probably be a negative development for silicon carbide, since I don’t think you really need or really can use silicon carbide in the traction of a hybrid. But for some of the smaller, lower power slots like the DC-DC converter, is there still an opportunity for GaN or SiC for hybrids?

知道了。好的。然後，就汽車方面而言，本季度和上季度，您已經聽說了汽車供應鏈中的不少公司，至少在半導體方面。他們談到了人們的情緒從純電動汽車轉向混合動力汽車。因此，我知道，從長遠來看，這可能對碳化矽產生負面影響，因為我認為你並不真正需要或真正可以在混合動力車的牽引中使用碳化矽。但對於一些較小、功率較低的插槽（例如 DC-DC 轉換器），GaN 或 SiC 是否仍有機會用於混合動力？

Yeah, that’s right. We’ve observed the same trend. While there’s a bit of a slowdown on battery EV in the near-term, we’ve seen plug-in hybrid pick-up. Commercial EV still going strong. And I mentioned those in my remarks. The content is pretty solid.

是的，沒錯。我們觀察到了同樣的趨勢。雖然短期內電池電動車的發展會放緩，但我們已經看到插電式混合動力車的崛起。商用電動車仍然強勁。我在發言中提到了這些。內容相當紮實。

Battery EV can be up to $400, $500 of GaN or silicon carbide and wide bandgap content. But the plug-in hybrids can also depending on the configuration, they can be $200 to $300, albeit smaller, it’s very significant and we’ve got a number of nice projects in the pipeline that we added.

電池 EV 的價格可達 400 美元，GaN 或碳化矽和寬頻隙含量可達 500 美元。但插電式混合動力車也可以根據配置的不同，價格為 200 至 300 美元，儘管較小，但意義重大，我們已經添加了許多不錯的項目。

Got it. That's helpful. Thanks, guys.

知道了。這很有幫助。多謝你們。

Thanks, Jack.

謝謝，傑克。

Quinn Bolton, Needham. Please go ahead.

奎因·博爾頓，李約瑟。請繼續。

Hi. This is Nick Dillon for Quinn Bolton. Thanks for taking my questions. Can you talk more about your Appliance segment? Any details on the performance and better than the quarter and guide? Are you still on track to hit the $10 million per year run rate exiting the year?

你好。我是奎因·博爾頓的尼克·狄龍。感謝您回答我的問題。您能多談談您的家電領域嗎？有關業績的詳細資訊以及優於季度和指南的資訊嗎？今年結束時，您是否仍有望達到每年 1000 萬美元的運行率？

Yeah, good question. Thanks for focusing on that. Appliance is maybe not as exciting or sexy as some of the other segments, but really promising progress. I highlighted four major wins just in the last quarter. One of which includes that leading European hair care product that’s still on track at the end of the year and that’s expected to be $10 million a year as it ramps starting this year and throughout.

是的，好問題。感謝您對此的關注。家電可能不像其他一些細分市場那樣令人興奮或性感，但確實有希望取得進展。我強調了上個季度的四項重大勝利。其中之一包括歐洲領先的護髮產品，該產品到今年年底仍在正常運行，預計從今年開始一直到全年銷售額將達到 1000 萬美元。

Next year, we also added the dishwasher, a leading dishwasher name. These guys don’t want us to release the name yet, we’ll release them as soon as we can, but you can probably guess at some of these. And two really top pump and motor leaders in Europe, not surprisingly Europe tends to be leading in high energy efficiency home appliances.

明年，我們還添加了洗碗機，這是一個領先的洗碗機名稱。這些人還不希望我們公佈名字，我們會盡快公佈他們的名字，但你可能可以猜到其中的一些。歐洲有兩個真正頂級的泵浦和電機領導者，毫不奇怪，歐洲在高能源效率家用電器方面往往處於領先地位。

So that business actually is pretty stable, we didn’t highlight it too much in the short-term, but we did say going into Q2 is pretty stable. And then, I think, we’re going to see a nice growth towards the end of the year and definitely next year. That pipeline by the way was $360 million in December and has grown since then. So we’re pretty bullish on home appliance and industrial markets.

因此，該業務實際上相當穩定，我們在短期內沒有過度強調這一點，但我們確實說過進入第二季相當穩定。然後，我認為，我們將在年底和明年看到良好的成長。順便說一下，去年 12 月的融資額為 3.6 億美元，此後一直在增長。因此，我們非常看好家用電器和工業市場。

Thanks. And for my follow-up, gross margin guide come in just a little bit weaker, is that entirely driven by mix, driven by the mobile being a little bit better like you talked about in the comments?

謝謝。對於我的後續行動，毛利率指南稍微弱一點，這完全是由混合驅動的，是由行動裝置驅動的，就像您在評論中談到的那樣？

Thank you for your question. You’re absolutely right. Our gross margins heavily dependent on mix. We see very strong momentum going on in the mobile space. But higher mix in mobile actually is margin diluted. We do anticipate margin expansion once we see growth in higher margin markets like EV, industrial, and data center.

謝謝你的問題。你說得完全正確。我們的毛利率很大程度上取決於組合。我們看到行動領域正在呈現非常強勁的勢頭。但移動領域的更高組合實際上稀釋了利潤。一旦我們看到電動車、工業和資料中心等利潤率較高的市場的成長，我們確實預期利潤率會擴大。

Thanks.

謝謝。

[Richard gold, Gold Tactical].

[理查德·戈爾德，《黃金戰術》]。

Hi. I just wanted to drill into the customer pipeline a little bit more. If I recall about a year ago, I think that pipeline was a few $100 million. And then into the summer it got up to $760 million. And then by your December 12th investor meeting in Torrance, California, it was $1.2 billion.

你好。我只是想進一步深入了解客戶管道。如果我記得大約一年前，我認為管道的價值為數億美元。到了夏天，這個數字就達到了 7.6 億美元。然後到 12 月 12 日在加州托蘭斯舉行的投資者會議時，這一數字已達到 12 億美元。

I think last quarter you said it was north of that, and now at $1.6 billion. It’s really pretty remarkable. I was wondering if you could give a little bit of detail of how you scrub that and if you have any sense of what the conversion is ultimately into revenues.

我想上個季度你說過它超出了這個數字，現在是 16 億美元。這確實非常了不起。我想知道您是否可以提供一些關於如何消除這一點的細節，以及您是否了解最終轉化為收入的內容。

Yeah, good question. Thanks, Richard, for bringing it up. So, first of all, on definition, pipeline has a few important criteria. One is that it’s a valid committed production program. There’s a lot of R&D going on out there, especially on gallium nitride and silicon carbide. So we always scrub it to make sure it’s really a valid committed program.

是的，好問題。謝謝理查提出來。因此，首先，在定義上，管道有幾個重要的標準。一是它是一個有效的承諾生產計劃。那裡正在進行大量的研發，特別是氮化鎵和碳化矽的研發。因此，我們總是對其進行清理，以確保它確實是一個有效的承諾計劃。

Number two, we see a good technical fit for what they require for GaN or silicon carbide or for our products to make sure the technical fit is there. And then third is the value prop and a strong opportunity and motivation from the customer to use the product.

第二，我們看到了很好的技術契合他們對 GaN 或碳化矽的要求，或者我們的產品能夠確保技術契合。第三是價值支撐以及客戶使用該產品的強大機會和動機。

It’s not confirmed design wins, it’s not a contract. But we consider those to be qualified opportunities. And we track on qualified ones, but we don’t report them in the $1.6 billion. They have to meet that. And then within that $1.6 billion of qualified opportunities, we’re tracking them by stage as they go through evaluation, system design, design validation, preproduction, and then into production.

這不是確認的設計勝利，也不是合約。但我們認為這些都是合格的機會。我們會追蹤合格的項目，但我們不會在 16 億美元中報告它們。他們必須滿足這一點。然後，在這 16 億美元的合格機會中，我們會分階段追蹤它們，包括評估、系統設計、設計驗證、預生產，然後投入生產。

In terms of conversion, it’s a little too early to call. I think on mobile, where we’ve seen mobile, our conversion rates have been pretty high, 30% or higher, sometimes 40% on the other markets, which are really just forming. Some of those take 2 years to come to market, or 18 months or 36 months, we’re still seeing that roll out. So we’ll be able to judge conversion rates a lot better on data center, solar, and EV later this year and into next year.

就轉換而言，現在判斷還為時過早。我認為在行動裝置上，我們的轉換率相當高，達到 30% 或更高，有時在其他市場上達到 40%，而這些市場實際上才剛剛形成。其中一些需要 2 年、18 個月或 36 個月才能上市，我們仍在等待推出。因此，我們將能夠在今年稍後和明年更好地判斷資料中心、太陽能和電動車的轉換率。

And then when you -- of the $1.6 billion, you put that $1.6 billion in different buckets. One bucket would be purchase orders and production. And then it goes from there all the way to perhaps just some new program that’s just been talked about. But you haven’t really – no, I guess if it’s committed, it’d have to be committed to be part of the qualified, right?

然後，當您將 16 億美元中的 16 億美元放入不同的桶中。其中一桶是採購訂單和生產。然後它就從那裡一路發展到也許只是剛剛討論過的一些新計劃。但你還沒有真正——不，我想如果它承諾了，它就必須承諾成為合格的一部分，對吧？

No, qualified meets the criteria I said. So it’s a committed production program, not committed to us. But the customer is committed to going to production. We have a good technical fit. We have a strong value prop and high interest to use our product.

不，合格符合我說的標準。因此，這是一個承諾的生產計劃，而不是對我們的承諾。但客戶承諾投入生產。我們有很好的技術配合。我們有強大的價值支柱和使用我們產品的濃厚興趣。

But let me clarify too, it’s a development pipeline. So once the products go to production, we actually remove them from the pipeline. So it’s from the first qualification stage, committed production with high interest in technical fit to our product through to preproduction.

但我還要澄清一下，這是一個開發管道。因此，一旦產品投入生產，我們實際上會將它們從管道中刪除。因此，從第一個資格階段，一直到預生產，我們都對與我們產品的技術匹配高度感興趣，致力於生產。

Once it goes to production, we then count that in our production forecast. So for that number to grow, the number of additional programs going into the pipeline needs to exceed those products that are going from the pipeline into production.

一旦投入生產，我們就會將其計入生產預測中。因此，為了使這個數字成長，進入管道的其他程序的數量需要超過從管道進入生產的產品的數量。

Okay. That's remarkable. Thanks so much.

好的。這太了不起了。非常感謝。

One other clarification too, Richard, it’s a lifetime estimate. So that’s not an annual revenue. The lifetime of these programs were trying to be super conservative. Some could in theory last 5 or 10 years, but we don’t want to be too optimistic.

還有另一項澄清，理查德，這是一生的估計。所以這不是年收入。這些程序的生命週期試圖變得超級保守。理論上，有些可以持續 5 到 10 年，但我們不想太樂觀。

So we generally assume about a 3- or 4-year lifetime for the more industrial markets, and mobile consumer we assume they run for about one year. So you have to factor in the lifetime of the product when you’re thinking about how that might translate into our revenue in future periods.

因此，我們通常假設工業市場的使用壽命約為 3 或 4 年，而行動消費者我們假設它們的運行時間約為一年。因此，當您考慮產品的生命週期如何轉化為我們未來的收入時，您必須考慮產品的生命週期。

Great, great. Thank you.

很棒很棒。謝謝。

Good day. Thanks, Richard.

再會。謝謝，理查。

Richard Shannon, Craig-Hallum.

理查德·香農，克雷格·哈勒姆。

Hi, guys. Thanks for taking my question as well. Maybe I’ll focus on one of the markets that’s doing relatively better right now being in the mobile space here. I think a couple of quarters ago, or maybe it was more than two.

嗨，大家好。也感謝您提出我的問題。也許我會專注於目前表現相對較好的市場之一，即行動領域。我想是幾個季度前，或者可能是兩個多季度前。

You talked about a couple of your charger customers committing to like 30% usage of GaN here with higher levels of power. Your conversations you’re having with both aftermarket guys and I guess, more importantly, on the OEM side here. What do you think in terms of commitment to ramp with the higher 65-watt and above?

您談到您的一些充電器客戶承諾使用 30% 左右的 GaN 並提供更高的功率。您正在與售後市場人員進行對話，我想，更重要的是，在 OEM 方面。對於提高 65 瓦以上功率的承諾，您有何看法？

I can tell you from my perspective having multiple Navitas gifted chargers in my possession looking at one of them right here. The value proposition is so high, it seems like it would be a fairly fast conversion. So what do you get in a sense in terms of those conversations and what’s their pushback or delay in committing to something like that?

我可以從我的角度告訴你，我擁有多個 Navitas 天才充電器，正在查看其中一個。價值主張如此之高，看起來轉換速度相當快。那麼，從這些對話中你能得到什麼？ 他們在做出這樣的事情時有何阻力或拖延？

Yeah. No, those are great observations and thanks for appreciating that. The chargers as everybody usually does. But you’re right, well, right, 30-watts and below is relatively slow charging. GaN doesn’t bring that much of a value prop. It’s already a pretty small case.

是的。不，這些都是很好的觀察，感謝您的欣賞。充電器和大家平常一樣。但你是對的，嗯，對，30 瓦及以下的充電速度相對較慢。 GaN 並沒有帶來那麼多的價值支撐。這已經是一個相當小的案例了。

You get into 50, 60 watts. That’s pretty fast charging for a laptop and really fast for a smartphone. You get to 100 watts, now you can charge multiple devices superfast.

你的功率是50、60瓦。這對於筆記型電腦來說充電速度相當快，對於智慧型手機來說充電速度也非常快。您的功率可達 100 瓦，現在您可以超快速地為多個裝置充電。

So as you go up in power that leads you right into the sweet spot of organic seed technology, while also increasing the GaN content from one chip to two chips or in many cases our GaNSense half-bridge, which is one of our most advanced products and one of the things I highlighted.

因此，隨著功率的增加，您將進入有機種子技術的最佳位置，同時還將GaN 含量從一個晶片增加到兩個晶片，或者在許多情況下增加我們的GaNSense 半橋，這是我們最先進的產品之一我強調的事情之一。

So we continue to see the trends of faster and faster charging. I think it’s an obvious and compelling thing. Consumers don’t change overnight, but Xiaomi and Oppo are great examples. The Chinese tend to be early adopters and have been the most aggressive.

因此，我們繼續看到充電速度越來越快的趨勢。我認為這是一件顯而易見且引人注目的事情。消費者不會在一夜之間改變，但小米和 Oppo 就是很好的例子。中國人往往是早期採用者，也是最積極的。

Most of those products I mentioned about the Mi 14 Ultra, the CIVI 4 Pro, these are all 100-watt and up, really powerful products, superfast charging. We’re seeing those same trends out of the other mobile leaders in the different regions, albeit at a bit slower pace. But I think what you’re seeing from China is what you’re going to see from the others. A lot of it actually comes down to battery technology.

我提到的大部分產品都是關於小米14 Ultra、CIVI 4 Pro，這些都是100瓦及以上，非常強大的產品，超快充電。我們在不同地區的其他行動領導者身上看到了相同的趨勢，儘管速度稍慢一些。但我認為，你從中國看到的，也將從其他國家看到的。這很大程度取決於電池技術。

The battery technology needs to safely accept in your phone 30 watts, or 65 watts, or 100 watts. So it’s not as simple as just switching from a 30-watt charger to a 100-watt. You do need to advance that battery technology. The Chinese and others are certainly proving that you can safely accept 100 watts or more, and that’s zero to 100% charge in under 15 minutes.

電池技術需要能夠安全地接受您的手機 30 瓦、65 瓦或 100 瓦的功率。因此，這並不只是從 30 瓦充電器切換到 100 瓦充電器那麼簡單。您確實需要推進電池技術。中國和其他國家無疑已經證明，您可以安全地接受 100 瓦或更高的功率，而且可以在 15 分鐘內從零充電到 100%。

So they’re setting the example. I think it’s just a matter of time. You’ll see that same trend. I’m already seeing it with Samsung is now up to 45 watts in their fast charger, for example, using our GaN technology. So those trends are solid and they’re coming, and that’s going to lead them right into our GaN IC strength.

所以他們正在樹立榜樣。我認為這只是時間問題。您會看到同樣的趨勢。我已經看到三星的快速充電器現在功率高達 45 瓦，例如使用我們的 GaN 技術。因此，這些趨勢是穩固的，而且它們正在到來，這將引導它們直接進入我們的 GaN IC 實力。

Okay. I guess I didn’t realize about the batteries, so thanks for that detail, Gene. My second question is, just kind of the general competitive dynamics in both the material systems here. We’ve seen some more suppliers getting into the GaN space and increasing capacity, looking to be more aggressive. And then in the silicon carbide space, we’ve obviously seen a slowdown here. And so I just want to get any sense of any changing, competitive dynamics, pricing, et cetera, that you’ve seen here in the last 6 months in either of those materials.

好的。我想我沒有意識到電池的存在，所以感謝吉恩提供的詳細資訊。我的第二個問題是，這裡兩種材料系統的整體競爭動態。我們已經看到更多供應商進入 GaN 領域並增加產能，尋求更積極進取。然後在碳化矽領域，我們明顯看到了放緩。因此，我只想了解您在過去 6 個月中在這些材料中看到的任何變化、競爭動態、定價等。

Yeah, as much as if you take GaN, as much as there are various startups that pop-up, I have to admit it, doesn’t feel like it’s changed too much. It’s primarily Navitas. We see Infineon and Infineon GaN systems. We see power integrations. We see Innoscience on the low end. And it trails off pretty quickly from there.

是的，就像 GaN 一樣，儘管有各種各樣的新創公司湧現，但我不得不承認，我感覺它並沒有太大變化。主要是 Navitas。我們看到英飛凌和英飛凌 GaN 系統。我們看到了電力整合。我們認為 Innoscience 處於低端。從那裡它很快就消失了。

So we haven’t seen any change to ASP degradation or anything sort of unusual there. So surprisingly not much of a change in the competitive landscape. Silicon carbide, you still have the big players, of course, the IDMs, as you might call them. We’re a small single-digit market share player with a lot of upside. Just 1% or 2% market share gains for us can really matter.

因此，我們沒有看到 ASP 降級發生任何變化或出現任何異常情況。令人驚訝的是，競爭格局並沒有太大變化。碳化矽，你仍然有大的參與者，當然，IDM，你可能會這樣稱呼他們。我們的市佔率只有個位數，但仍有很大的上升空間。對我們來說，僅僅 1% 或 2% 的市佔率成長就非常重要。

Last year things were really tight. So there’s almost no ASP degradation. This year, I’d say supply and demand with the softening of demand and some increase in supply. I’d say we now have sort of normal ASP degradation.

去年的情況確實很緊張。因此幾乎沒有 ASP 降級。今年，我想說的是供需關係，需求疲軟，供應增加。我想說的是，我們現在出現了正常的 ASP 降級。

But our focus tends to not be on, obviously, we’re not a price leader. We’re not going part to part. We’re very focused on system value. In many cases, we’re designing the system or co-designing the system for the customer, with the customer, especially in the data center space and the EV space.

但顯然，我們的重點往往不是我們不是價格領導者。我們不會分開。我們非常關注系統價值。在許多情況下，我們正在為客戶設計系統或與客戶共同設計系統，特別是在資料中心領域和電動車領域。

Okay, great. Thanks, Gene.

好的，太好了。謝謝，吉恩。

(Operator Instructions) Jon Tanwanteng, CJS Securities.

（操作員指示）Jon Tanwanteng，CJS 證券。

Hi. Just one quick follow-up. Can you provide us an update on cash burn, when you think you might achieve breakeven? Thanks.

你好。只需一個快速跟進。當您認為自己可能實現損益平衡時，您能否向我們提供有關現金消耗的最新資訊？謝謝。

We think we can achieve operating margin level breakeven, when revenue reaches $50 million to $55 million. In addition to driving profitable growth as the new CFO on board, I’m sharply focused on driving working capital efficiency and improve process and systems. We remain very confident with our long-term target financial model, which we laid out on Investor Day.

我們認為，當收入達到 5,000 萬至 5,500 萬美元時，我們可以達到營業利潤水準盈虧平衡。作為新任財務官，除了推動利潤成長外，我還專注於提高營運資金效率並改善流程和系統。我們對我們在投資者日制定的長期目標財務模型仍然充滿信心。

Great. Thank you.

偉大的。謝謝。

Thank you.

謝謝。

We have no further questions at this time. This concludes today's conference. Thank you for participating. You may now disconnect for further. Comments or questions, please e-mail ir@navitassemi.com

目前我們沒有進一步的問題。今天的會議到此結束。感謝您的參與。您現在可以進一步斷開連線。意見或問題，請發送電子郵件至 ir@navitassemi.com