納微半導體 (NVTS) 2024 Q3 法說會逐字稿

Hello and thank you for standing by.

您好，感謝您的支持。

At this time.

此時。

I would like to welcome you to the Navitas Semiconductor Q3 '24 earnings conference call.

歡迎您參加 Navitas Semiconductor Q3 '24 財報電話會議。

(Operator Instruction)

（操作員說明）

I would now like to turn the conference over to Stephen Oliver VP of Investor relations.

我現在想將會議交給投資者關係副總裁 Stephen Oliver。

Please go ahead, sir.

請繼續，先生。

Good afternoon, everyone.

大家下午好。

I'm Stephen Oliver, Vice President of Investor relations.

我是史蒂芬‧奧利佛，投資者關係副總裁。

Thank you for joining Navitas Semiconductors, third quarter, 2024 results conference call.

感謝您參加納維半導體 2024 年第三季業績電話會議。

I'm joined today by Gene Sheridan, our Chairman, President CEO and Cofounder and Todd Glickman CFO.

今天，我們的董事長、總裁兼執行長兼聯合創始人吉恩·謝裡丹 (Gene Sheridan) 和財務長 Todd Glickman 也加入了我的行列。

A replay of this website will be available on our website approximately one hour following this conference call and available for approximately 30 days.

本次電話會議後約一小時，我們的網站上將提供該網站的重播，有效期約為 30 天。

Additional information related to our business is also posted on the investor relations section of our website.

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 third quarter earnings release and also posted on our website in the investor relations section.

我們的收益發布包括非 GAAP 財務指標，這些非 GAAP 財務指標與最直接可比較的 GAAP 指標的調整表包含在我們的第三季收益發布中，並發佈在我們網站的投資者關係部分。

Non-GAAP expenses and operating margin exclude stock-based compensation, amortization of intangible assets and other non-recurring items.

非公認會計準則費用和營業利潤率不包括股票薪酬、無形資產攤銷和其他非經常性項目。

In this conference call.

在這次電話會議中。

We will make forward-looking statements about future events or about the future financial performance of Navitas including acquisitions.

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。

You can identify these statements by words like we expect or we believe for similar terms.

您可以透過我們所期望的或我們認為類似的術語來識別這些陳述。

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.

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.

我們的收益報告中描述了可能影響 Navitas 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。

Please also refer to the risk factors sections in our most recent 10-K and 10 QS.

另請參閱我們最新的 10-K 和 10 QS 中的風險因素部分。

Our estimates or other forward-looking statements may change and Navitas assumes no obligation to update forward-looking statements to reflect actual results, changed assumptions or other events that may occur except as required by law.

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。

And now over to Gene Sheridan CEO.

現在請吉恩謝裡丹 (Gene Sheridan) 執行長發言。

Thanks Steve and thanks to all of you for joining us today.

感謝史蒂夫，也感謝大家今天加入我們。

Our Q3 revenue was $21.7 million within prior guidance and also a record quarter for GaN shipments.

我們第三季的營收為 2,170 萬美元，符合先前的指引，也是 GaN 出貨量創紀錄的季度。

I'm excited to announce a major new technology launch several very important customer wins and two new significant corporate announcements.

我很高興地宣布一項重大新技術的推出、幾項非常重要的客戶勝利以及兩項新的重要企業公告。

Navitas is the pioneer and leader in GaN technology releasing the world's first GaN parises and driving the world's first mainstream GaN adoption and mobile fast chargers.

Navitas 是 GaN 技術的先驅和領導者，發布了世界上第一個 GaN 巴黎人，並推動了世界上第一個主流 GaN 的採用和行動快速充電器。

Starting back in 2018, Navitas GaN ICs continued to be generations ahead of our competitors.

從 2018 年開始，Navitas GaN IC 繼續領先我們的競爭對手幾代人。

IC set new industry standards for integration efficiency, performance, reliability and ease of use.

IC 在整合效率、性能、可靠性和易用性方面設立了新的行業標準。

Now we're expanding power capabilities into AI data centers, EV chargers and next generation solar microinverters including our latest Gana family, the world's most protected and reliable GaN power platform.

現在，我們正在將電源功能擴展到人工智慧資料中心、電動車充電器和下一代太陽能微型逆變器，包括我們最新的 Gana 系列，這是世界上最受保護、最可靠的 GaN 電源平台。

Today, we're proud to announce a new low voltage GaN technology optimized for 48 volt systems giving Navitas more content and complete solutions for AI data centers.

今天，我們很自豪地宣布針對 48 伏特系統優化的新型低壓 GaN 技術，為 Navitas 提供更多內容和完整的 AI 資料中心解決方案。

Next generation platforms as well as opening up new markets like AI based robotics.

下一代平台以及開闢新市場，例如基於人工智慧的機器人。

We believe this new 80 volt to 200 volt range creates an additional billion-dollar market opportunity for Navitas in the coming years.

我們相信，這種新的 80 伏特至 200 伏特範圍將在未來幾年為 Navitas 創造額外的數十億美元的市場機會。

I'm also pleased to announce a strategic partnership with Infineon in which the two companies are creating common GaN specifications, giving our customers dual sourcing options from our two companies, with Navitas and in Infineon aligning on fundamental elements such as packaging, pin out footprint and intellectual property.

我還很高興地宣布與英飛凌建立戰略合作夥伴關係，兩家公司正在創建共同的GaN 規格，為我們的客戶提供來自我們兩家公司的雙重採購選擇，納維和英飛凌在封裝、引腳佈局等基本要素上保持一致和知識產權。

Customers will have increased confidence to accelerate GaN adoption into new high volume mainstream applications.

客戶將更有信心加速 GaN 在新的大量主流應用中的採用。

This low voltage GaN platform is another significant step in Navitas' pure play technology roadmap of nextgen integrated GaN in leading edge silicon carbide with proprietary trench assisted planar technology for no compromise, high efficiency, high power density solutions, continued innovation across a broad range of platforms has now increased Navitas portfolio to over 300 patents granted or pending.

此低壓GaN 平台是Navitas 純技術路線圖上邁出的又一重要一步，該路線圖採用領先的碳化矽下一代整合GaN，採用專有的溝槽輔助平面技術，可實現不妥協、高效率、高功率密度的解決方案，並在廣泛的範圍內持續創新。

Expanding another key element of our significant competitive advantages.

擴大我們顯著競爭優勢的另一個關鍵要素。

Next, let me turn to our progress in each of our target markets.

接下來，讓我談談我們在每個目標市場的進展。

In AI and enterprise data centers and in step with Navitas rack power demands for the Hopper Blackwell, Reuben GPU road map demanding up to 480 kilowatts per rack.

在人工智慧和企業資料中心，為了滿足 Navitas 對 Hopper Blackwell 的機架功率需求，Reuben GPU 路線圖要求每個機架高達 480 千瓦。

We've announced a new record breaking 8.5 kilowatt AI power supply design utilizing a winning combination of Gansa and Gen three fast selling carbide technology as well as our new Intello architecture that achieves over 99% peak efficiency for data center PFC applications.

我們宣布了一項破紀錄的8.5 千瓦AI 電源設計，該設計利用Gansa 和第三代熱銷硬質合金技術的成功組合以及我們的新Intello 架構，為數據中心PFC 應用實現超過99% 的峰值效率。

Our high voltage GaN safe Powerise and gen three fast selling carbon devices are featured in over 60 active customer projects with direct customers like Delta, Great Wall, Compuware and light on supplying end users like Aws, Azure and Google.

我們的高壓GaN 安全Powerise 和第三代快速銷售的碳裝置已在60 多個活躍客戶專案中得到應用，這些專案的直接客戶包括Delta、Great Wall、Compuware 以及Aws、Azure 和Google 等最終用戶的Light供應商。

Our data center revenue started in Q3 as expected and will continue ramping this quarter and throughout 2025.

我們的資料中心收入按預期從第三季開始，並將在本季和整個 2025 年繼續成長。

The new low voltage GaN technology announced today is a perfect complement to our existing high voltage GaN, in particular for AI data centers.

今天宣布的新型低壓 GaN 技術是我們現有高壓 GaN 的完美補充，特別是對於人工智慧資料中心。

This allows Navitas to deliver end to end solutions from high voltage AC to DC converters where our existing GaN is selling carbide technologies to low voltage DC to DC converters using these new 80 volt to 200 volt GaN devices.

這使得納維能夠提供從高壓交流到直流轉換器的端到端解決方案，我們現有的GaN 正在向使用這些新型80 伏到200 伏氮化鎵裝置的低壓直流到直流轉換器銷售碳化物技術。

These technologies are a critical element for the recent exponential demands at AI power requirements to boost energy efficiencies and power densities.

這些技術是滿足近期人工智慧功率需求呈指數級增長的關鍵要素，以提高能源效率和功率密度。

In order to target a doubling of Rack power every year for many years to come.

為了在未來的許多年裡每年將機架功率增加一倍。

Sampling of the new low voltage can will start this quarter for 48 volt data centers and other markets with first customer designs expected to ramp in the second half of 2025.

新的低壓罐將於本季開始針對 48 伏特資料中心和其他市場提供樣品，首批客戶設計預計將於 2025 年下半年開始量產。

In electric vehicles based on our silicon carbide best in class in circuit performance, we have won another six designs in Q3 including both onboard chargers and roadside chargers for 2025 and 2026 revenue ramps.

在基於我們同類最佳電路性能的碳化矽的電動車中，我們在第三季度贏得了另外六項設計，包括車載充電器和路邊充電器，預計將在 2025 年和 2026 年實現收入成長。

In addition to these performance benefits, our trench assisted planar Genesic devices are fully qualified to industry AEC Q101 grade and we're extending those tests well beyond AEC standards for best-in-class reliability.

除了這些性能優勢之外，我們的溝槽輔助平面 Genesic 裝置完全符合業界 AEC Q101 等級，並且我們將這些測試擴展到遠遠超出 AEC 標準的範圍，以實現一流的可靠性。

EV continues to be the largest segment in our customer pipeline with over 200 active projects.

電動車仍然是我們客戶通路中最大的部分，擁有 200 多個活躍項目。

In addition, our new low voltage GaN technology will be a perfect fit for 48-volt battery EV applications in the future.

此外，我們新的低壓 GaN 技術將非常適合未來的 48 伏特電池電動車應用。

Navitas continues to drive excellence in the mobile and consumer market with GaN Slim is featured in another 26 design wins in Q3.

Navitas 持續推動行動和消費市場的卓越發展，第三季另外 26 項設計均採用 GaN Slim 技術。

Adding to the Samsung Wins, we announced in August, we now have another three tier one OEM wins which are expected to deliver multimillion starting their ramp in Q2 of next year.

除了三星的勝利之外，我們在 8 月宣布，現在我們又贏得了三個一級 OEM 的勝利，預計從明年第二季度開始將帶來數百萬美元的勝利。

In the appliance and industrial pipeline, 30 new design ones were achieved in Q3 ranging from vacuum cleaners and led lighting to solid state grid connected circuit breakers, multi kilowatt power supplies and heat pumps.

在家電和工業產品線中，第三季實現了 30 種新設計，從吸塵器、LED 照明到固態併網斷路器、多千瓦電源和熱泵。

In solar and energy, we added another 10 designments including a multimillion dollar win at Generac which is scheduled to start production in the middle of next year.

在太陽能和能源領域，我們又增加了 10 項設計，其中包括在 Generac 贏得數百萬美元的設計，該設計計劃於明年年中開始生產。

Nextgen GaN ICs including Navitas proprietary industry leading bidirectional GaN ICs continue to track for a significant mid 25 ramp in solar microinverters.

Nextgen GaN IC（包括 Navitas 專有的業界領先的雙向 GaN IC）繼續追蹤太陽能微型逆變器在 25 年中的顯著增長。

Our new low voltage GaN will also provide further opportunities in solar in the low voltage panel side of these inverters as a perfect complement to our high voltage GaN and Soke carbide doubling our content potential in these applications.

我們的新型低壓 GaN 也將在這些逆變器的低壓面板側的太陽能領域提供更多機會，作為我們高壓 GaN 和 Soke 碳化物的完美補充，使我們在這些應用中的潛力翻倍。

Today, we're also announcing some important changes to streamline our company and drive important efficiency gains with the goal of scaling our company to profitability.

今天，我們也宣布了一些重要的變革，以精簡我們的公司並推動重要的效率提升，目標是擴大我們公司的獲利能力。

As Todd will further explain, we have reduced headcount and expenses which will reduce our revenue threshold for positive EBITA and accelerate our time to profitability.

正如托德將進一步解釋的那樣，我們減少了員工數量和費用，這將降低我們實現正 EBITA 的收入門檻，並加快我們實現盈利的時間。

We've also increased our organizational focus on our three most strategic markets.

我們也加強了對三個最具戰略意義的市場的組織關注。

AI data center mobile and EV.

人工智慧資料中心移動和電動汽車。

We believe these three markets utilizing our industry leading GaN and selling carbide technology along with complementary selling controllers and isolators will be our largest revenue drivers over the coming years.

我們相信，這三個市場利用我們領先業界的 GaN 並銷售碳化物技術以及互補的控制器和隔離器銷售，將成為我們未來幾年最大的收入驅動力。

The technologies we create for these markets will have significant opportunities for cross selling into industrial appliance, consumer solar and energy storage markets.

我們為這些市場創造的技術將有機會交叉銷售到工業電器、消費太陽能和儲能市場。

Looking forward given continued softness in some of our end markets combined with a couple of customer project delays, we anticipate a more muted outlook for the next couple of quarters.

展望未來，鑑於我們的一些終端市場持續疲軟，加上一些客戶專案延遲，我們預計未來幾季的前景將更加黯淡。

However, with the strength of our $1.6 billion-plus customer pipeline and continued design win momentum, we expect solid growth to resume later next year.

然而，憑藉我們超過 16 億美元的客戶管道和持續的設計獲勝勢頭，我們預計明年晚些時候將恢復穩健成長。

In addition, today's announcements of our new low voltage GaN technology, a dual sourcing partnership with Infineon and creation of a more efficient and focused organization all set in Navitas on an improved path to growth and profitability.

此外，今天宣布的新低壓 GaN 技術、與英飛凌的雙重採購合作夥伴關係以及創建更有效率、更專注的組織，所有這些都將在 Navitas 上實現更好的成長和盈利能力。

Now over to Todd for our financial updates.

現在請托德了解我們的最新財務狀況。

Thank you Gene.

謝謝你吉恩。

I'm just as excited today to be talking to you all as I was in 2022.

今天能與大家交談，就像 2022 年一樣，我感到很興奮。

Navitas has proven world class technology strong secular trends, driving gallium nitride and silicon carbide to replace silicon.

納維已證明世界一流的技術具有強大的長期趨勢，推動氮化鎵和碳化矽取代矽。

A seasoned leadership team with plenty of experience in semi cycles and a fabulous model that provides important flexibility to navigate these choppy waters.

經驗豐富的領導團隊在半週期方面擁有豐富的經驗，並且擁有出色的模型，為駕馭這些波濤洶湧的水域提供了重要的靈活性。

As we expand into new markets, we expect to further diversify our revenue stream from mobile chargers into multiple high growth markets with an increased focus on EV and AI data centers.

隨著我們拓展新市場，我們預計將進一步將我們的收入來源從行動充電器多元化到多個高成長市場，並更加關注電動車和人工智慧資料中心。

I'll continue my comments today with a review of our third quarter financial results and then I'll walk you through our outlook for the fourth quarter.

今天我將繼續發表評論，回顧我們第三季的財務業績，然後我將向您介紹我們對第四季的展望。

Revenue in the third quarter of 2024 was $21.7 million essentially flat with prior year and a 6% sequential quarter increase.

2024 年第三季的營收為 2,170 萬美元，與上年基本持平，季增 6%。

As Gene discussed macroeconomics continued to impact a number of our end markets.

正如吉恩所討論的那樣，宏觀經濟繼續影響著我們的許多終端市場。

However, our mobile business hit an all-time record in the third quarter, before addressing expenses.

然而，在解決費用問題之前，我們的行動業務在第三季創下了歷史紀錄。

I'd like to refer you to the GAAP to Non-GAAP reconciliations in our press release earlier today.

我想向您推薦我們今天早些時候發布的新聞稿中的 GAAP 與非 GAAP 調整表。

In the rest of my commentary, I will refer to Non-GAAP expense measures.

在我的評論的其餘部分中，我將提及非公認會計原則費用衡量標準。

Gross margin in the third quarter was 40.1% compared to 42.1% in the third quarter of 2023.

第三季的毛利率為 40.1%，而 2023 年第三季的毛利率為 42.1%。

Due to the strong mobile market mix.

由於強大的行動市場組合。

Sequentially, gross margin was relatively flat from 40.3% in the second quarter.

隨後，毛利率與第二季的 40.3% 持平。

While gross margin expanded in our mobile market and supply chain cost reductions are allowing us increased competitiveness with silicon sequential product mix is offsetting that growth and gross margin.

雖然我們的行動市場的毛利率有所擴大，而且供應鏈成本的降低使我們能夠透過矽順序產品組合提高競爭力，但抵消了成長和毛利率。

We held total operating expenses for the third quarter, relatively flat sequentially at $21.4 million comprised of SG and A expenses of $9.9 million and R&D expenses of $11.6 million, demonstrating our ability to balance operating efficiency while investing in future product generations.

我們第三季的總營運費用與上一季持平，為2,140 萬美元，其中SG 和A 費用為990 萬美元，研發費用為1,160 萬美元，這表明我們有能力在投資未來產品的同時平衡營運效率。

Adding all this together the third quarter to 2024 loss from operations was $12.7 million.

將所有這些加在一起，截至 2024 年第三季的營運損失為 1,270 萬美元。

Our weighted average share count for the third quarter was 185 million shares.

第三季的加權平均股數為 1.85 億股。

Turning to the balance sheet, it remains very strong with high levels of liquidity, cash and cash equivalents at quarter end were $99 million and we continue to carry no debt.

談到資產負債表，它仍然非常強勁，流動性水平很高，季度末的現金和現金等價物為 9,900 萬美元，我們仍然沒有債務。

Although accounts receivable increased to $26 million compared to $23 million in the prior quarter, we made good progress on reducing inventory to $21 million from $25 million in the prior quarter.

儘管應收帳款從上一季的 2,300 萬美元增加到 2,600 萬美元，但我們在將庫存從上一季的 2,500 萬美元減少到 2,100 萬美元方面取得了良好進展。

As we've discussed in past earnings calls, we are continuing to focus on working capital improvements.

正如我們在過去的財報電話會議中所討論的那樣，我們將繼續關注營運資本的改善。

Moving on to guidance for the fourth quarter, we currently expect revenues in the range of $18million to $20 million reflecting the dynamic nature and short lead times for mobile business as well as the customer project delays.

轉向第四季度的指導，我們目前預計收入在 1800 萬美元至 2000 萬美元之間，反映了行動業務的動態性和較短的交付時間以及客戶專案的延遲。

As Gene described gross margin for the fourth quarter is expected to be approximately the same as the third quarter with our guidance at 40% plus or minus 50 basis points as our mix continues to lean toward the mobile market in the near term.

正如 Gene 所描述的，第四季的毛利率預計將與第三季大致相同，我們的指引為 40% 正負 50 個基點，因為我們的組合在短期內繼續傾向於行動市場。

We expect margin improvement will align with demand recovery in higher power markets.

我們預期利潤率的改善將與高電力市場的需求復甦保持一致。

As Gene described in Q4, we initiate a reduction in headcount and expenses, while streamlining our organization and increasing our focus on our most strategic revenue drivers.

正如吉恩在第四季度所述，我們開始減少員工數量和開支，同時精簡我們的組織並更加關注最具戰略意義的收入驅動因素。

Head count was reduced by about 14% or 45 employees.

員工人數減少約 14%，即 45 名員工。

And we expect OpEx reduction of approximately $2 million per quarter that should be fully realized in the first half of 2025.

我們預計營運支出每季減少約 200 萬美元，應在 2025 年上半年完全實現。

Our Non-GAAPoperating expenses in the fourth quarter are expected to decline to approximately $20.5 million for the fourth quarter of 2024, we expect our weighted average share count to be approximately 187 million shares.

我們第四季的非公認會計準則營運費用預計將在 2024 年第四季下降至約 2,050 萬美元，我們預計加權平均股數約為 1.87 億股。

In closing.

結束時。

While we are excited about the growth opportunities in front of us, we are thoughtfully navigating near term uncertainties that are impacting the entire semiconductor industry.

雖然我們對眼前的成長機會感到興奮，但我們正在深思熟慮地應對影響整個半導體產業的近期不確定性。

Navitas is the only pure play next generation power semiconductor company.

Navitas 是唯一純粹的下一代功率半導體公司。

And this provides us with advantages, opportunities and benefits for significant expansion.

這為我們的大幅擴張提供了優勢、機會和收益。

Operator.

操作員。

Let's begin the Q&A session.

讓我們開始問答環節。

Thank you.

謝謝。

And we will now begin the question and answer session.

我們現在開始問答環節。

(Operator Instruction).

（操作員說明）。

Our first question comes from the line of Kevin Cassidy from Rosenblatt.

我們的第一個問題來自羅森布拉特的凱文卡西迪。

Your line is now open.

您的線路現已開通。

Yes, thanks for taking my question.

是的，感謝您提出我的問題。

And yeah, very interesting on the dual source of low voltage cam platform agreement.

是的，低壓凸輪平台協議的雙源非常有趣。

Is there any IP licensing in this?

這裡面有IP授權嗎？

And maybe another question I have is this driven by customer requests or is this more driven by the two companies?

也許我的另一個問題是這是由客戶要求驅動的還是這更多是由兩家公司驅動的？

You and Infineon saying that this would be a value add to our customers?

您和英飛凌表示這將為我們的客戶帶來增值？

Yeah, thanks, Kevin.

是的，謝謝，凱文。

Good question.

好問題。

So yes, we have a cross license.

所以是的，我們有交叉許可證。

It's a broad based again, cross license.

這是一個基礎廣泛的交叉許可。

So that gives us both the freedom to do a collaboration like this and gives our customers the confidence that this collaboration will be free of any sort of patent conflict between the two.

因此，這使我們能夠自由地進行這樣的合作，並讓我們的客戶相信這種合作將不會導致兩者之間出現任何形式的專利衝突。

And why do we do it?

我們為什麼要這樣做？

I think two reasons, one, but we've certainly seen with GaN ICs, people love that technology, they love that advanced technology, but they really don't like soul sourcing.

我認為有兩個原因，一是我們確實看到了 GaN IC，人們喜歡這項技術，他們喜歡這種先進技術，但他們真的不喜歡靈魂來源。

And so we want to go faster, we want to get into mainstream high volume markets quicker.

因此，我們希望走得更快，我們希望更快進入主流大批量市場。

If you can do that with two credible high quality suppliers, with common specs, common footprints, things can go a lot faster.

如果您可以與兩個可靠的高品質供應商合作，採用共同的規格、共同的佔地面積，那麼事情就會進展得更快。

This has been proven in the industry.

這已在業界證明。

It's been done many times and I think it's going to work really well for us.

這已經做過很多次了，我認為這對我們來說非常有效。

And I think Infineon fits our kind of reputation strategy and value based pricing.

我認為英飛凌適合我們的聲譽策略和基於價值的定價。

I also think we're entering the low voltage GaN market pretty recently, obviously in our case.

我還認為我們最近才進入低壓 GaN 市場，顯然就我們而言。

And the same thing for Infinia that market already has a couple of suppliers in science and EPC.

對於 Infinia 來說也是如此，該市場已經擁有幾家科學和 EPC 領域的供應商。

They actually follow a different common spec and footprint but are embroiled in a patent lawsuit that concerns customers and causes hesitation.

他們實際上遵循不同的通用規格和足跡，但捲入了一場專利訴訟，該訴訟涉及客戶並導致猶豫。

So we want to be avoid that situation, give them the risk assurance, supply chain, risk reduction assurance of two strong suppliers and also know they're free of any patent issues to worry about.

因此，我們希望避免這種情況，為他們提供兩個強大供應商的風險保證、供應鏈、風險降低保證，並且知道他們不需要擔心任何專利問題。

Okay, great.

好的，太好了。

Thanks for that explanation and maybe counter that but is there an opportunity for product differentiation for some other aspects of the design, maybe it's support or just any other angle, you might be able to have an advantage in the market.

感謝您的解釋，也許會反駁這一點，但是設計的其他一些方面是否有機會實現產品差異化，也許是支持或只是任何其他角度，您可能能夠在市場上擁有優勢。

Yeah, definitely.

是的，絕對是。

Obviously, we differentiate a lot on our system design and technical support.

顯然，我們在系統設計和技術支援方面有很大差異。

We have a data center system design group that will be expanding into this DC to DC space, giving us strong technical support, close collaboration, maybe in joint labs with customers.

我們有一個資料中心系統設計團隊，該團隊將擴展到 DC 到 DC 領域，為我們提供強大的技術支持，密切合作，也許在與客戶的聯合實驗室中。

But also I should say that while we have a broad based gan cross license, it doesn't mean we're transferring the know how I think that's something where we can choose selectively.

但我還應該說，雖然我們擁有廣泛基礎的 gan cross 許可證，但這並不意味著我們正在轉讓我認為這是我們可以選擇性地選擇的知識。

Where does the dual sourcing actually benefit customers and benefit both companies?

雙重採購真正讓客戶和雙方公司受益的地方在哪裡？

But there'll be plenty of spaces.

但會有很多空間。

We we'll continue to drive differentiation and offer sole source benchmark solutions.

我們將繼續推動差異化並提供唯一來源的基準解決方案。

So we'll kind of pick and choose where that dual sourcing relationship makes sense.

因此，我們將選擇雙重採購關係有意義的地方。

Okay.

好的。

Thank you.

謝謝。

And by the way, I was going to give congratulations to Todd for the taking the position of CFO looking forward to working with you.

順便說一句，我要祝賀托德擔任首席財務官，並期待與您合作。

Thanks, Kevin.

謝謝，凱文。

Appreciate the message.

感謝您的留言。

Thank you, Kevin.

謝謝你，凱文。

Our next question is from Quinn Bolton from Needha and Company.

我們的下一個問題來自 Needha and Company 的 Quinn Bolton。

Your line is now open.

您的線路現已開通。

Hey, this is [Shali mawi] dialing in for Quinn Bolton.

嘿，我是 [Shali mawi] 為 Quinn Bolton 撥打的電話。

Thanks for taking my questions.

感謝您回答我的問題。

I'd like to start off on the gross margin guide looks like you guys are guiding gross margins flat even though revenue will be down a few million.

我想從毛利率指南開始，看起來你們正在指導毛利率持平，儘管收入將下降數百萬。

Is this due to mix or is there anything else contributing to the gross margin guide?

這是由於混合造成的還是有其他因素影響毛利率指引？

Yeah, that's a great question.

是的，這是一個很好的問題。

As revenue has gone down a little bit, mobile continues to be strong.

儘管收入略有下降，但行動業務依然強勁。

And within mobile, we've had been able to expand our margins with that product.

在行動領域，我們已經能夠透過該產品擴大利潤。

And so that's why we were able to keep margins flat even though some of our higher power markets have been more muted on the revenue growth.

這就是為什麼我們能夠保持利潤率平穩，儘管我們的一些較高功率市場的收入成長較為平靜。

Thanks for that.

謝謝你。

And then my follow up is on what Navitas is seeing in the automotive market.

然後我的後續內容是納維在汽車市場上看到的情況。

Some of the auto semi players have talked about strength and weaknesses in certain geographies and was curious if Navitas is seeing the same.

一些汽車半成品製造商談到了某些地區的優勢和劣勢，並且很好奇納維是否也看到了同樣的情況。

Yeah, we're certainly seeing some pickup that's encouraging.

是的，我們確實看到了一些令人鼓舞的回升。

I think a year ago when the slowdown started, we saw a pickup with hybrids.

我想一年前，當經濟放緩開始時，我們看到了混合動力皮卡。

I think that's continuing.

我認為這種情況還在繼續。

But now I think we're seeing a pickup with pure EV.

但現在我認為我們看到的是純電動皮卡。

We're mainly engaged on the OBC.

我們主要從事OBC。

We see some nice progress and design wins.

我們看到了一些不錯的進展和設計勝利。

We talked about six new design wins in Q3.

我們討論了第三季的六項新設計勝利。

I think that momentum is going to continue, not just OBC, roadside chargers.

我認為這種勢頭將會持續下去，不僅僅是 OBC、路邊充電器。

I know that infrastructure is a little weak and building out slowly, but it's got to accelerate to get the full potential for battery EV.

我知道基礎設施有點薄弱且建設緩慢，但必須加速才能充分發揮電池電動車的潛力。

And we have a lot of really impressive designs going on on roadside chargers with our high voltage silicon carbide that will I think be really instrumental to improving the speed at which you can get charged up with your car, the reliability of these chargers and of course, the frequency of getting more of them spread around.

我們在使用高壓碳化矽的路邊充電器上進行了許多令人印象深刻的設計，我認為這對於提高汽車充電速度、這些充電器的可靠性以及當然非常有幫助。

So I think that's all pretty encouraging, but it does take time to work through some of the short term, slower growth rates everybody's experiencing on EV.

因此，我認為這非常令人鼓舞，但確實需要時間來解決每個人在電動車上經歷的一些短期、較慢的成長率。

Yeah, that makes sense.

是的，這是有道理的。

Thanks for all the color.

感謝所有的顏色。

Our next question comes from Tristan Jera Foot Bear.

我們的下一個問題來自 Tristan Jera Foot Bear。

Your line is now open.

您的線路現已開通。

Hi, this is Tyler on for Tristan.

大家好，我是特里斯坦的泰勒。

Thanks for taking the questions.

感謝您提出問題。

We're channel inventories today for silicon carbide and then maybe initially, how are you looking at the Silicon Carbide market growth for next year?

我們今天正在了解碳化矽的庫存，然後也許最初，您如何看待明年的碳化矽市場成長？

Yeah, thanks Tyler.

是的，謝謝泰勒。

Yeah, certainly with the slowdown first, last year in solar.

是的，首先肯定是去年太陽能產業的放緩。

Earlier this year, we talked about it with industrial and any time you get a change in growth rates, we do see pockets of channel inventory.

今年早些時候，我們與工業部門討論過這個問題，只要成長率發生變化，我們就會看到一些通路庫存。

It's not broad based, but certainly there's some pockets that have to be worked through.

它的基礎並不廣泛，但肯定有一些地方需要解決。

I think the channel inventory numbers are coming down.

我認為渠道庫存數量正在下降。

So I think the trend is good and I think they're all factored into the more muted outlook for Q4 and Q1 as well as our bullishness on returning to strong growth next year.

因此，我認為趨勢良好，並且我認為它們都已考慮到第四季度和第一季度更加黯淡的前景以及我們對明年恢復強勁增長的樂觀態度。

So I think we're going to see that growth come as selling carbide market is recovering.

因此，我認為隨著硬質合金銷售市場的復甦，我們將看到成長。

We're winning.

我們贏了。

As I said, a bunch of designs and on board chargers, off board chargers, as well as industrial and solar.

正如我所說，有很多設計和車載充電器、非車載充電器，以及工業和太陽能。

We talked about in my prepared remarks, 10 new design wins in solar.

我們在我準備好的演講中談到了太陽能領域的 10 項新設計。

That's the biggest we've seen this year.

這是我們今年見過的最大的一次。

So these are good encouraging signs.

所以這些都是令人鼓舞的好跡象。

A lot of those high-power markets are selling carbon as you know, and then we're going to layer in GaN for solar, middle of next year, GaN for for the first time end of next year.

如您所知，許多高功率市場都在銷售碳，然後我們將在明年年中為太陽能應用 GaN，並在明年底首次使用 GaN。

And so those are all going to add together to give us a better outlook for next year.

因此，所有這些都將加在一起，讓我們對明年有更好的展望。

Yeah, great.

是的，太棒了。

And that kind of touches on my next question.

這牽涉到我的下一個問題。

We're beginning to hear some higher voltage gain and protein on traditional silicon carbide applications.

我們開始聽到傳統碳化矽應用中出現了一些更高的電壓增益和蛋白質。

What are your views on this development?

您對這項發展有何看法？

And how would this affect Navitas as a supplier of both technologies?

這對納維作為這兩種技術的供應商有何影響？

Yeah.

是的。

It's definitely an interesting space.

這絕對是一個有趣的空間。

There's a lot of alternate ways to go about it.

有很多替代方法可以解決這個問題。

There's a lot of trade offs too.

也有很多權衡。

So I think you can get there today.

所以我想你今天可以到達那裡。

You could go out and announce a 1,200 volt GaN or something higher.

你可以出去宣布推出 1,200 伏特 GaN 或更高電壓的產品。

But one is the, what's the reliability?

但其一是，可靠性如何？

What's the performance?

表現如何？

But also what's the cost effectiveness?

但成本效益如何？

If you just do it by making the chip a lot bigger to handle that voltage, it'll look good.

如果你只是透過讓晶片變得更大來處理這個電壓來做到這一點，它看起來會很好。

The specs might look good but it may not be cost effective.

規格可能看起來不錯，但可能不具成本效益。

So we're really taking our time to study the right path.

所以我們確實在花時間研究正確的道路。

What's the right substrate?

什麼是合適的基材？

What's the right device geometry.

什麼是正確的設備幾何形狀。

What's the right voltage to make sure when we launch that higher voltage GaN, we really nail the right combination of commercial and technical competitiveness.

正確的電壓是多少，以確保當我們推出更高電壓的 GaN 時，我們真正實現了商業和技術競爭力的正確組合。

So I do think high voltage GaN as basically a displacement of silicon carbide technology over time could make sense.

因此，我確實認為隨著時間的推移，高壓 GaN 基本上是碳化矽技術的替代品，這可能是有意義的。

I haven't seen anything announced now that I think is going to have a significant impact, but I do believe when Navitas approaches it, we'll have the right approach in the coming years, but I think it's not a quick solution.

我現在還沒有看到任何我認為會產生重大影響的宣布，但我確實相信，當納維接近它時，我們將在未來幾年內採取正確的方法，但我認為這不是一個快速的解決方案。

Right very helpful.

對的非常有幫助。

Thanks again for the questions.

再次感謝您的提問。

Yeah, thanks Tyler.

是的，謝謝泰勒。

Our next question comes from Joe Moore with Morgan's Stanely.

我們的下一個問題來自喬摩爾和摩根斯坦利。

Your line is now open.

您的線路現已開通。

Great.

偉大的。

Thank you.

謝謝。

I wonder if you could talk about the restructuring that you're doing anything, any end markets that you're pulling away from or sort of what's the cost of losing the head count that you're losing?

我想知道您是否可以談談您正在做的任何事情的重組，您正在退出的任何終端市場，或者您正在失去的員工數量的成本是多少？

Yeah.

是的。

Thanks Joe. As Todd described about 14% headcount in aggregate about $2 million of savings per quarter.

謝謝喬。正如 Todd 所描述的那樣，大約 14% 的員工每季總共節省了 200 萬美元。

It'll take two or three quarters to kind of fully realize that.

需要兩到四分之三的時間才能完全意識到這一點。

Going forward, the restructuring and head count reduction was reasonably broad based.

展望未來，重組和裁員的範圍相當廣泛。

We were in pretty good balance so there wasn't one major area from a geographic or functional impact, but not just in cutting, tightening the belt and cutting the burn rate or headcount, but also in sharpening our focus, Todd and I both mentioned mobile, EV and AI data centers were sort of elevating those.

托德和我都提到，我們處於相當好的平衡狀態，因此沒有一個主要領域受到地理或功能的影響，但不僅僅是在削減開支、勒緊腰帶、削減燒錢率或員工人數方面，而且在加強我們的重點方面移動、電動車和人工智慧資料中心在某種程度上提升了這些水平。

So in some cases, we're promoting people and increasing resources around those three areas.

因此，在某些情況下，我們會圍繞這三個領域提拔人員並增加資源。

So I think by sharpening our focus while reducing our burn rate, I don't think we'll have a financial impact on growth rate.

因此，我認為，透過在降低資金消耗率的同時加強我們的重點，我認為我們不會對成長率產生財務影響。

I think I'll actually accelerate growth rate and certainly accelerate our time to profitability and the revenue threshold we need to get to do it.

我認為我實際上會加快成長率，並且肯定會加快我們實現盈利的時間以及我們需要達到的收入門檻。

So mobile and EV and AI data centers are the bigger focus with that said, I think we've already proven, we saw it in the mobile world, the mobile technology, we developed the [hapergysis] I found really good homes into the broader based appliance market.

因此，行動、電動車和人工智慧資料中心是更大的焦點，我認為我們已經證明了，我們在行動世界、行動技術中看到了這一點，我們開發了[hapergysis]，我在更廣泛的領域找到了真正的好家為主的家電市場。

And so that continues to be a nice adjacent or secondary market for us.

因此，這對我們來說仍然是一個不錯的相鄰或二級市場。

And I think we're going to see the same thing.

我認為我們會看到同樣的事情。

The technologies we develop for mobile, EV and AI data center will have high reuse in some of these secondary or adjacent markets like I said, consumer solar energy storage and industrial.

我們為行動、電動車和人工智慧資料中心開發的技術將在一些二級或鄰近市場（如我所說的消費性太陽能儲存和工業市場）中高度重複使用。

So I think they'll all play together, and we'll continue to update you and talk about growth and design wins and pipeline in each of the segments.

因此，我認為它們都會一起發揮作用，我們將繼續向您通報最新情況，並討論每個細分市場的成長、設計勝利和管道。

Okay.

好的。

Thank you.

謝謝。

And then for a follow up.

然後進行跟進。

I'm just curious about pricing for new sockets right now.

我現在只是對新插座的定價感到好奇。

You've got European competitors with empty fabs, Chinese competitors with empty fabs.

歐洲競爭對手的工廠空置，中國競爭對手的工廠空置。

Do you see that having impact on like pricing for new design ones.

您是否認為這對新設計的同類定價有影響？

Yeah, definitely.

是的，絕對是。

When the market softens everybody gets a little more aggressive on price to try to keep the volumes going, keep the fabs full.

當市場疲軟時，每個人都會在價格上採取更積極的態度，以試圖保持產量，保持晶圓廠滿載。

The flip side of that is we've had tremendous success at renegotiating cost structures both on the GaN side and the Southern carbide side.

另一方面，我們在重新談判 GaN 方面和南方碳化物方面的成本結構方面取得了巨大成功。

That's at the starting material level, EPI fab and device level packaging and assembly and tests.

這是在起始材料層面、EPI 晶圓廠和裝置層面的封裝、組裝和測試。

We didn't cite any numbers, but we're really taking advantage of the weaker market with significantly improved cost structures which then gives us ability to keep pace and with the price reductions to have more purchasing leverage and even win business with incremental gross margins as as things improve, especially in the higher power, more industrial markets.

我們沒有引用任何數字，但我們確實利用了疲軟的市場，顯著改善了成本結構，這使我們有能力跟上步伐，並通過降價獲得更多的採購槓桿，甚至以增量毛利率贏得業務隨著情況的改善，特別是在功率更大、工業市場更多的情況下。

So I think that's how we see it playing out.

所以我認為這就是我們所看到的結果。

Great.

偉大的。

Thank you.

謝謝。

Thank you Joe.

謝謝喬。

Our next question comes from Jack Egan from Charter Equity research.

我們的下一個問題來自 Charter Equity 研究機構的 Jack Egan。

Your line is now open.

您的線路現已開通。

Great.

偉大的。

Thanks guys.

謝謝你們。

So for the low voltage GaN in the 48 volt data center platform, I believe the market there for like intermediate bus converters is still predominantly silicon.

因此，對於 48 伏特資料中心平台中的低壓 GaN，我相信類似中間匯流排轉換器的市場仍然以矽為主。

So is GaN making inroads there at your customers?

那麼 GaN 正在向您的客戶進軍嗎？

I mean it seemed like the focus is GaN has a very good efficiency, but silicon is such so cost effective that it's pretty tough to compete with.

我的意思是，焦點似乎是 GaN 具有非常高的效率，但矽的成本效益非常高，很難與之競爭。

So are more data center customers really getting real about using GaN in those intermediate bus converters.

因此，越來越多的資料中心客戶真正開始在這些中間匯流排轉換器中使用 GaN。

Yeah, that's a really good summary, Jack of the situation.

是的，這真是一個很好的總結，傑克，了解情況。

And that's kind of why we like our chances.

這就是為什麼我們喜歡我們的機會。

I think if we were entering late and the market had already taken off again, that could be a little bit problematic.

我認為，如果我們進入較晚並且市場已經再次起飛，那可能會有點問題。

But I think there's been a lot of work done, lot of R&D, a lot of advanced research some products going into production, but we see a tremendous potential to push the frequency and efficiency up with our low voltage GaN as we did with mobile chargers and really cross that barrier to showing significant value props compared to silicon.

但我認為已經完成了大量工作、大量研發、大量高級研究，一些產品已投入生產，但我們看到了低壓 GaN 提高頻率和效率的巨大潛力，就像我們對行動充電器所做的那樣並真正跨越這一障礙，與矽相比顯示出顯著的價值。

Also combine that with system design.

也將其與系統設計結合。

It's not just the transistor, just like in the mobile chargers, we brought magnetic capability, planar Magnetics will be really critical in the 48-volt DC to DC converter, pushing the frequencies up from their traditional silicon levels and hundreds of Kilowatts or maybe a Megawatt pushing that to two-Megawatt, three-Megawatt and higher.

這不僅僅是晶體管，就像在行動充電器中一樣，我們帶來了磁性功能，平面磁性在48 伏特DC-DC 轉換器中將非常關鍵，它將頻率從傳統的矽水平推高到數百千瓦或可能是兆瓦將其提高到兩兆瓦、三兆瓦甚至更高。

So I think we've got the skills.

所以我認為我們有能力。

I think we've got the road map.

我想我們已經有路線圖了。

I think we've got the technology that can really move it.

我認為我們擁有真正可以推動它發展的技術。

Then you combine that with two strong suppliers with Navitas and Infineon on some common specs and footprints, take care of supply chain risks or any risks.

然後，您將其與納維和英飛凌這兩個強大的供應商在一些共同的規格和占地面積上結合起來，處理供應鏈風險或任何風險。

I think it's a powerful combination that will really show up at the right time at the right place as we're going from, you know Blackwell to Blackwell ultra to Ruben.

我認為這是一個強大的組合，將在正確的時間、正確的地點真正出現，就像我們從布萊克威爾到布萊克威爾超，再到魯本一樣。

There's some really big power challenges on the horizon and we need to get to work in solving those.

即將面臨一些真正巨大的電力挑戰，我們需要努力解決這些挑戰。

Great.

偉大的。

Okay.

好的。

That's helpful.

這很有幫助。

And then I guess a good segue into my next question then.

然後我想接下來可以很好地討論我的下一個問題。

So I was curious about your general thoughts on liquid cooling in data centers and how it kind of impacts power content.

因此，我很好奇您對資料中心液體冷卻的整體想法以及它如何影響電力內容。

I think there are arguments for both sides that liquid cooling might reduce the need for more efficient power conversion semiconductors.

我認為雙方都有觀點認為液體冷卻可能會減少對更有效率功率轉換半導體的需求。

But at the same time, the processor companies are going to use that liquid cooling to just keep pushing to higher and higher power levels.

但同時，處理器公司將使用液體冷卻來不斷推動更高的功率水平。

So as it relates to power content kind of, how do you see liquid cooling?

那麼，由於它與功率內容有關，您如何看待液體冷卻？

Is it a benefit for power semi companies or could it be kind of a bit of a headwind?

這對電力半導體公司來說是一種好處還是可能有點不利？

I think you nailed it with your latter comments.

我認為你後面的評論已經說明了這一點。

I think it's like any budget we desperately need as an industry, we desperately need a bigger power budget.

我認為這就像我們作為一個行業迫切需要的任何預算一樣，我們迫切需要更大的電力預算。

If you don't go to liquid cooling, everybody's going to be limited in power including the processors and then they're going to be stuck and then you're not going to be able to keep going down this exciting path of AI processors and capabilities.

如果你不採用液體冷卻，每個人的功率都會受到限制，包括處理器，然後它們就會陷入困境，然後你將無法繼續沿著人工智慧處理器這條令人興奮的道路前進，能力。

So I think liquid cooling is inevitable, I think it's necessary and it just accelerates the ability of the whole industry to get the full potential of AI and that's going to keep that parallel going up and up and up and the thirst for power for energy savings and power density are not going to slow down with liquid cooling.

因此，我認為液體冷卻是不可避免的，我認為它是必要的，它只會加速整個行業充分發揮人工智慧潛力的能力，這將使這種並行性不斷上升，以及對節能電力的渴望液體冷卻不會降低功率密度。

We need it to keep going.

我們需要它才能繼續前進。

Great.

偉大的。

Thanks Gene.

謝謝吉恩。

Thank you, Jack.

謝謝你，傑克。

Our next question comes from Jon Tanwanteng from CJ S Securities.

我們的下一個問題來自 CJ S 證券的 Jon Tanwanteng。

The line is now open.

該線路現已開通。

Hi thank you for taking my questions.

您好，謝謝您回答我的問題。

Gene I wanted to clarify, will Infineon will be manufacturing power technology using your IP and if so how does that benefit you?

Gene 我想澄清一下，英飛凌是否會使用您的智慧財產權來製造電源技術？

Yeah, well, first of all the benefits.

是的，首先是好處。

So the biggest benefit, as I said is people love the Navitas scan technology, love the NICs but would love to see two sources for this advanced scan technology that it really allows the customer to go much faster from sort of their initial net adoption or first one or two kind of high-performance platforms into the high-volume mainstream adoption that's where they really want to see two sources, two credible sources.

因此，正如我所說，最大的好處是人們喜歡 Navitas 掃描技術，喜歡 NIC，但希望看到這種先進掃描技術的兩個來源，它確實允許客戶從最初的網路採用或第一次採用更快一兩種高效能平台進入大批量主流採用，這才是他們真正希望看到兩個來源、兩個可靠來源的地方。

So, we're bringing them now two credible sources, at least in fixed focus areas which starts with the low voltage 48-volt GaN with that set of technologies are developed separately.

因此，我們現在為他們帶來了兩個可靠的來源，至少在固定焦點領域，從低壓 48 伏特 GaN 開始，該組技術是單獨開發的。

And the beauty of it is with the cross licensing, we can develop these products, common specs, common footprints, common sourcing for the customer, dual sourcing for the customer but not have to worry about patent infringement between the two companies.

它的美妙之處在於透過交叉許可，我們可以開發這些產品，共同的規格，共同的足跡，為客戶提供共同的採購，為客戶提供雙重採購，但不必擔心兩家公司之間的專利侵權。

That's the simplest way to describe it in terms of the benefit and how it'll work.

這是描述它的好處及其工作方式的最簡單方法。

Got it.

知道了。

So it's, it's only a form factor that shared as a partnership.

所以，這只是作為合作夥伴共享的形式因素。

But if that makes sense.

但如果這是有道理的話。

Okay You mentioned returning to strong growth, versus new term headwinds.

好的，您提到恢復強勁增長，而不是新學期的風。

I was wondering if you expect growth to remain negative heading into Q1.

我想知道您是否預計第一季的成長仍將保持負成長。

And if so when does the inflection occur as we get into next year?

如果是的話，當我們進入明年時，拐點何時會發生？

Yeah, I know there's a lot of debate and various opinions next year.

是的，我知道明年會有很多爭論和不同的意見。

I think the general consensus will see decent market recovery throughout next year.

我認為普遍的共識是明年市場將會出現良好的復甦。

We certainly feel bullish about all the design wins.

我們當然對所有設計勝利感到樂觀。

The design win momentum we've had for the last two or three quarters, the pipeline conversion that we're seeing a lot of those kicking in this Q2 and Q3 next year.

我們在過去兩三個季度中取得了設計勝利的勢頭，我們在明年第二季度和第三季度看到了很多管道轉換。

The two projects that pushed out from Q4, one is an EV one, another one is an industrial one.

第四季推出的兩個項目，一個是電動項目，一個是工業項目。

Those are about two to three quarter push out.

這些大約是四分之二到三分之二的推出。

So instead of seeing multimillion dollar impacts in Q4, those are pushed to Q2 or Q3.

因此，這些影響不會在第四季出現數百萬美元，而是被推遲到第二季或第三季。

So a lot of things point to that part of the year with that said Q1 is seasonally, typically down, last year was down 11%.

因此，很多事情都表明，第一季是季節性的，通常會下降，去年下降了 11%。

We see that seasonality continuing or even getting magnified.

我們看到季節性持續存在甚至被放大。

So that's why I mentioned a couple of quarters when it formally guiding to Q1.

這就是為什麼我在正式指導第一季時提到了幾個季度。

But it's clear.

但很清楚。

Q1 looks seasonally down and a bit soft.

第一季看起來季節性下降並且有點疲軟。

And then I would expect we're on a strong recovery and growth thereafter.

然後我預計此後我們將實現強勁復甦和成長。

Got it.

知道了。

And then lastly, I didn't hear you mention the industrial and appliances business, specifically the appliances.

最後，我沒有聽到你提到工業和電器業務，特別是電器。

I wondering how that fits into the new equation where you're focusing on EV and AI data center and mobile.

我想知道這如何適應您專注於電動車和人工智慧資料中心和移動的新方程式。

Yeah, it'll continue and I did mention it was a short comment, admittedly, appliances and industrial with 25 more design wins, which is great.

是的，它會繼續下去，我確實提到這是一個簡短的評論，不可否認，家電和工業領域還有 25 項設計勝利，這很棒。

It's got a nice long tail.

它有一條漂亮的長尾巴。

They're not usually as big as we know, right?

它們通常沒有我們知道的那麼大，對吧？

Not $5 million or $10 million programs, but a nice long tail of small to medium sized customers, 25 design wins.

25 項設計獲勝，不是 500 萬美元或 1000 萬美元的項目，而是中小型客戶的良好長尾。

That's usually GaN appliance selling carbon and industrial.

這通常是銷售碳和工業產品的 GaN 設備。

Oh, that's nice.

哦，那太好了。

We had or sorry.

我們曾經或遺憾過。

It was 30 in Q3. we had 25 in Q2.

第三季為 30。第二季我們有 25 個。

So that's good and as I mentioned earlier, even as we increase focus on mobile EV and AI data centers, the technology we develop for those markets will have high reuse into appliance, industrial solar energy storage and consumers.

所以這很好，正如我之前提到的，即使我們更加關注行動電動車和人工智慧資料中心，我們為這些市場開發的技術也將在家電、工業太陽能儲存和消費者中高度重複使用。

So we'll continue to track and drive those but with a greater emphasis on our biggest drivers, mobile EV and AI data center.

因此，我們將繼續追蹤和推動這些發展，但更加重視我們最大的推動因素，即行動電動車和人工智慧資料中心。

Got it.

知道了。

Thank you.

謝謝。

Our next question comes from Kevin Cassidy from Rosenblatt.

我們的下一個問題來自羅森布拉特的凱文·卡西迪。

Thanks for taking my follow up.

感謝您接受我的跟進。

You know, last week there was a smartphone supplier that said there's a trend in smartphones where they're shifting from mid-range phones to entry level phones.

你知道，上週有一家智慧型手機供應商表示，智慧型手機的趨勢是從中階手機轉向入門級手機。

First.

第一的。

Are you seeing that?

你看到了嗎？

they're kind of saying it's a barbell now of high-end phones or entry level phones.

他們有點說這是現在高階手機或入門手機的槓鈴。

Are you seeing that?

你看到了嗎？

And does that change anything in your market?

這會改變您的市場嗎？

I think a little bit, what matters to us?

我想了一下，什麼對我們來說重要？

Of course, entry level can be maybe more volume because they're going to get better price points.

當然，入門級的銷售量可能會更大，因為它們會獲得更好的價格點。

Of course, the key for us is what's the charging power if they're going to keep charging super slow to kind of minimize the cost but not maximize the consumer experience, you know, 20 watt 15 watt chargers, then that's not going to be interesting to us.

當然，對我們來說關鍵是充電功率是多少，如果他們要保持超慢充電以最大限度地降低成本，但不能最大限度地提高消費者體驗，你知道，20瓦15瓦充電器，那就不會了我們很有興趣。

But what we're seeing is a lot of guys are going to mainstream chargers and even you might call them entry level chargers but pushing that power level to 45 watts or higher, As we've always talked about, that's really the tipping point for GaN bringing a lot of value, bringing a much faster charging experience.

但我們看到很多人都轉向主流充電器，甚至你可能會稱它們為入門級充電器，但將功率水平提高到 45 瓦或更高，正如我們一直在談論的那樣，這確實是一個轉折點GaN帶來了很多價值，帶來了更快的充電體驗。

So as one, so I'm not sure exactly of that announcement and don't know the specifics and don't know the charging.

因此，作為一個人，我不確定該公告的確切內容，也不知道具體細節，也不知道收費。

But as one relevant point, I didn't highlight it in the prepared remarks, but we're doing great work with transient and you may not, that's not a household name for smartphones, but they're the leaders in Africa and other third world regions.

但作為一個相關的觀點，我沒有在準備好的發言中強調這一點，但我們在瞬態方面做得很好，你可能不會，這不是智慧型手機的家喻戶曉的名字，但他們是非洲和其他第三個國家的領導者世界各地區。

And we're making incredible progress in bringing cost effective 45 watt 65 watt chargers to those really low cost phones.

我們在為那些真正低成本的手機提供經濟高效的 45 瓦和 65 瓦充電器方面取得了令人難以置信的進展。

So that's been a pleasant surprise for us.

所以這對我們來說是一個驚喜。

It's adding to our numbers.

它正在增加我們的數字。

We said GaN was at a mobile charger all time high in Q3.

我們說過，GaN 在行動充電器領域的應用在第三季一直處於最高水準。

They're part of that mix already.

他們已經是這個組合的一部分了。

So that's one relevant you know, customer example that shows me we can bring fast charging and GaN fast charging even into sort of entry level and mainstream phones or let's say super price sensitive phones.

這是一個相關的客戶範例，它向我展示了我們甚至可以將快速充電和 GaN 快速充電帶入入門級和主流手機，或者比方說超級價格敏感的手機。

Okay, great.

好的，太好了。

That answers the question.

這就回答了問題。

Thanks.

謝謝。

Yeah, thanks Kevin.

是的，謝謝凱文。

(Operator Instruction).

（操作員說明）。

Our next question comes from Bridget Shannon, from Craig Holland Capital Group.

我們的下一個問題來自克雷格荷蘭資本集團的布里奇特·香農。

Well, thanks guys for giving me another call here.

嗯，謝謝大家再打電話給我。

Apologize for jumping late on here and asking a question.

抱歉突然跳到這裡問問題。

I'm sure has been discussed before.

我確信之前已經討論過。

But let me ask a simple one just reading from the press release here with a kind of refocusing on certain markets that don't include solar here.

但讓我問一個簡單的問題，只是閱讀這裡的新聞稿，重新關注某些不包括太陽能的市場。

So I'm kind of curious what we're thinking about that space.

所以我有點好奇我們對這個空間的想法。

Is this an area of continued development at all or just I just want to get your read on this from that gene, please.

這是一個持續發展的領域還是我只是想讓您從該基因中了解這一點。

Yeah, definitely I think if you look at broad based solar, it's a decent sized market.

是的，我絕對認為，如果你看看廣泛的太陽能，這是一個規模相當大的市場。

But you know, given where we're at as a smaller company, our silicon carbide being a smaller business focus is pretty key.

但你知道，考慮到我們是一家規模較小的公司，我們的碳化矽作為較小的業務重點是非常關鍵的。

And so what we'll continue to capture and win.

因此，我們將繼續捕捉並贏得勝利。

I think silicon carbide and broad-based solar applications with silicon carbide.

我認為碳化矽和碳化矽的太陽能應用廣泛。

If you look at strategically, where can Navitas bring the most value, the combination of GaN and so in carbidw super exciting where we can bring our system design centers to bear.

如果你從策略角度來看，Navitas 在哪裡可以帶來最大的價值，GaN 等在 carbidw 的結合非常令人興奮，我們可以讓我們的系統設計中心發揮作用。

And we've got one in EV we've got one in data centers, we've got one in mobile.

我們在電動車領域擁有一個，在資料中心擁有一個，在行動領域擁有一個。

So when you look at the combination of technologies, we can uniquely bring the deep system knowledge and system focus around mobile EV and data center.

因此，當您考慮技術組合時，我們可以獨特地圍繞移動電動車和資料中心帶來深入的系統知識和系統關注。

That's where we'll place our biggest bets.

這就是我們將下最大賭注的地方。

That doesn't mean there aren't going to be opportunities and even niche.

這並不意味著不會有機會，甚至沒有利基市場。

So even within the world of solar, I commented on solar carbide, GaN is a merging really promising opportunity for solar microinverters in particular, not broad based solar.

因此，即使在太陽能領域，我對太陽能碳化物、GaN 的評論也是一個非常有前途的機會，特別是對於太陽能微型逆變器，而不是廣泛的太陽能。

So even there, we'll find our niches which can be sizable niches and we'll continue to focus on those areas.

因此，即使在那裡，我們也會找到我們的利基市場，這些利基市場可能是相當大的利基市場，我們將繼續關注這些領域。

So I think bidirectional GaN as an example into solar micro inverters, I reiterated in my prepared remarks is on track for a nice ramp up in mid '25.

因此，我認為雙向 GaN 作為太陽能微型逆變器的一個例子，我在準備好的發言中重申，它有望在 25 年中期實現良好的成長。

So this focus on mobile EV and data centers will be very important, very strategic, but it won't be exclusive in and ignoring some of these other opportunities in the other market.

因此，對行動電動車和資料中心的關注將非常重要，非常具有戰略意義，但它不會排他性地忽視其他市場中的一些其他機會。

Okay.

好的。

Fair enough.

很公平。

Thanks for that gene and maybe just a quick follow up here.

感謝這個基因，也許只是在這裡快速跟進。

We talked about a dual sourcing range with Infineon for lower voltage products here.

我們在這裡討論了與英飛凌針對低壓產品的雙重採購系列。

Obviously, this is a first announcement I've seen of this.

顯然，這是我第一次看到這方面的公告。

So I think if you alluded to it before, I, I am honestly not familiar with where whether Infineon has announced any products in this general voltage area here.

所以我想如果你之前提到過的話,我,老實說我不熟悉英飛凌是否在這裡發布了這個通用電壓領域的任何產品。

So maybe you can just discuss how this partnership came up, how you expected to ramp out here. generally, when do you expect to start to see some real revenue contributions from it?

所以也許你可以討論一下這種合作關係是如何產生的，以及你期望如何在這裡發展。一般來說，您預計什麼時候開始看到它的一些實際收入貢獻？

Yeah, it's certainly been in the works for months, obviously just being public today for the first time.

是的，它確實已經醞釀了幾個月，顯然今天才第一次公開。

I'm not sure about in Infineon's timeline for their public announcements, but they're certainly aware of what we're announcing today and I'm sure theirs will be coming soon.

我不確定英飛凌的公開公告時間表，但他們肯定知道我們今天宣布的內容，我確信他們的公告很快就會發布。

The dual sourcing is very focused on this particular family where we see a really hot opportunity in AI data centers in particular, there's a real need for it, but people will love dual sourcing, especially if they can get it with this advanced technology to solve the efficiency and density problems of data centers.

雙重採購非常關注這個特定的系列，我們在人工智慧資料中心看到了一個非常熱門的機會，特別是，確實有必要，但人們會喜歡雙重採購，特別是如果他們可以透過這種先進的技術來解決問題資料中心的效率和密度問題。

We're going to start sampling the first low voltage can actually this quarter.

實際上，我們將在本季開始對第一個低電壓罐進行採樣。

So in the coming weeks, that's coming quite quickly and we expect first production ramps late next year.

因此，在接下來的幾週內，這將很快實現，我們預計明年稍後將首次實現產量提升。

Okay.

好的。

Wonderful.

精彩的。

Thank you.

謝謝。

There are no further questions at this time and this concludes today's conference call. thank you for joining and you may now disconnect.

目前沒有其他問題，今天的電話會議到此結束。感謝您的加入，您現在可以斷開連接。