納微半導體 (NVTS) 2024 Q4 法說會逐字稿

Good afternoon. Thank you for standing by. And welcome to Navitas Semiconductor's fourth quarter 2024 financial results conference call.

午安.感謝您的支持。歡迎參加 Navitas Semiconductor 2024 年第四季財務業績電話會議。

Please be advised today's conference is being recorded and the replay will be available on Navitas Semiconductor's Investor Relations website. I would now like to hand the conference over to Stephen Oliver, Vice President of Investor Relations.

請注意，今天的會議正在錄製，重播將在 Navitas Semiconductor 的投資者關係網站上提供。現在，我想將會議移交給投資者關係副總裁 Stephen Oliver。

Good afternoon, everyone. I'm Stephen Oliver, Vice President of Investor Relations. Thank you for joining Navitas Semiconductor's fourth quarter and full-year 2024 results conference call. I'm joined today by Gene Sheridan, our Chairman, President, CEO, and Co-founder; and Todd Glickman, CFO.

大家下午好。我是投資者關係副總裁史蒂芬‧奧利佛 (Stephen Oliver)。感謝您參加 Navitas Semiconductor 2024 年第四季和全年業績電話會議。今天與我一起出席活動的還有我們的董事長、總裁、執行長兼共同創辦人 Gene Sheridan；以及財務長 Todd Glickman。

A replay of this webcast will be available on our website, approximately 1 hour following this conference call and available for approximately 30 days. Additional information related to our business is also posted on the Investor Relations section of our website.

此網路廣播的重播將在電話會議結束後約 1 小時在我們的網站上提供，並將持續約 30 天。與我們的業務相關的其他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 fourth quarter earnings release and also posted on our website in the Investor Relations section.

我們的收益報告包括非公認會計準則財務指標。這些非 GAAP 財務指標與最直接可比較的 GAAP 指標的對帳包含在我們的第四季度收益報告中，並且也會發佈在我們網站的「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, we will make forward-looking statements about future events or about the future financial performance of Navitas, including acquisitions. You can identify these statements by words like we expect, or we believe or similar terms.

在本次電話會議中，我們將對未來事件或 Navitas 未來財務表現（包括收購）做出前瞻性陳述。您可以透過「我們期望」、「我們相信」或類似的字詞來識別這些陳述。

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，此類前瞻性陳述受風險和不確定性的影響，可能導致實際事件或結果與我們的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-Qs.

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。另請參閱我們最新的 10-K 和 10-Q 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改變。並且，除非法律要求，Navitas 不承擔更新前瞻性聲明以反映實際結果、改變的假設或可能發生的其他事件的義務。

And now, over to Gene Sheridan, CEO.

現在，請執行長 Gene Sheridan 發言。

Thank you, Steve. And thanks to everyone joining us today. We completed 2024 with an all-time high of $83 million in revenue, despite a semiconductor slowdown throughout the year in which most of our larger power semiconductor peers saw declining revenues.

謝謝你，史蒂夫。感謝今天與我們一起的各位。儘管全年半導體市場放緩，大多數大型功率半導體同行的收入都在下降，但我們在 2024 年仍以 8,300 萬美元的歷史新高收入完成了收官。

While our silicon carbide business was impacted by the slowdown in Solar, Industrial, and EV, our GaN business grew over 50% in 2024 to an all-time high with revenues coming from Mobile, consumer, Appliance, and the initial ramp up of data centers.

雖然我們的碳化矽業務受到太陽能、工業和電動車放緩的影響，但我們的 GaN 業務在 2024 年增長了 50% 以上，達到歷史最高水平，收入來自行動、消費者、家電和資料中心的初始成長。

We also completed 2024 with an extraordinary $450 million of design wins which reflects lifetime revenues of new customer programs in which Navitas products are expected to ramp to revenues over the next few years.

我們還在 2024 年取得了驚人的 4.5 億美元的設計勝利，這反映了新客戶專案的終身收入，其中 Navitas 產品預計將在未來幾年內增加收入。

This designment [though] represents a win rate of over 50% and gives us increased confidence and visibility to expected growth as we look into the second half of 2025 and 2026.

然而，這種設計代表著超過 50% 的成功率，並且讓我們在展望 2025 年下半年和 2026 年時對預期成長更加有信心，也更加清晰。

I'm also pleased with our total customer pipeline growth, which has nearly doubled from $1.25 billion at the end of 2023 to $2.4 billion at the end of '24, reflecting strong expected expansion in our major markets.

我對我們的總客戶通路成長也感到滿意，該成長幾乎翻了一番，從 2023 年底的 12.5 億美元增加到 2024 年底的 24 億美元，反映了我們主要市場的強勁預期擴張。

Let me share some specifics in each. Our Data Center sector has the highest growth rates in revenue and design win with 40 customer project wins throughout the year.

讓我分享一下每個方面的一些具體細節。我們的資料中心部門在收入和設計方面擁有最高的成長率，全年共贏得 40 個客戶專案。

These wins were at top ODMs in Asia that target major tier one Data Center players such as Google, Amazon, Facebook, Alibaba, Dell, HP, and others.

這些勝利來自亞洲頂級的 ODM，目標是主要的第一線資料中心參與者，例如Google、亞馬遜、Facebook、阿里巴巴、戴爾、惠普等。

Our system reference designs that span from 2.7 kilowatts to 8.5 kilowatts were key enablers for this new business as we showcase to customers the extraordinary energy efficiency and power density that is possible, particularly when combining our GeneSIC technology in the PFC circuit and our GaNSafe technology in the LLC circuits for these AC-to-DC power supply units.

我們的系統參考設計涵蓋從 2.7 千瓦到 8.5 千瓦的功率範圍，這是這項新業務的關鍵推動因素，因為我們向客戶展示了可能的非凡能源效率和功率密度，特別是將我們的 GeneSIC 技術結合到 PFC 電路中，並將我們的 GaNSafe 技術結合到 LLC 電路中，用於這些交流-直流電源裝置。

Also, we view the emergence of lower cost AI platforms such as DeepSeek as a positive development that we expect to drive a lower cost of AI implementations which can accelerate AI adoption, both in the Cloud as well as the Edge, potentially translating to greater overall demand for power and for Navitas technology.

此外，我們認為 DeepSeek 等低成本 AI 平台的出現是一個積極的發展，我們預計這將推動 AI 實施成本的降低，從而加速雲端和邊緣的 AI 應用，並有可能轉化為對電力和 Navitas 技術的整體需求增加。

Our Data Center customer pipeline has more than doubled to over $165 million as compared to $70 million the year prior. As announced last quarter, we have started sampling our 80- to 120-volt family of GAN devices targeting 48-volt DC-to-DC converters and Data Centers, as well as 48-volt EV battery systems and 48-volt robots in the longer term.

我們的資料中心客戶通路價值從去年的 7,000 萬美元增加了一倍多，達到 1.65 億美元以上。正如上個季度宣布的那樣，我們已經開始對 80 至 120 伏特系列 GAN 設備進行抽樣，長期目標是 48 伏特 DC-DC 轉換器和數據中心，以及 48 伏特 EV 電池系統和 48 伏特機器人。

We expect growing customer demand activity throughout 2025 and first appreciable revenues next year. In the ED space, we are happy to announce over 40 design wins in 2024 across Europe, US, China, and Korea, heavily focused on onboard chargers, as well as roadside chargers.

我們預計 2025 年全年客戶需求活動將持續成長，明年營收將首次出現可觀成長。在 ED 領域，我們很高興地宣布，2024 年我們將在歐洲、美國、中國和韓國獲得超過 40 項設計勝利，主要集中在車載充電器和路邊充電器。

We're also excited to announce what we believe to be the industry's first GAN design win into any electric vehicle. China's number three EV player, [Chang Yan], has selected Navitas GaNSafe Technology to power their next-generation EV onboard chargers. And they have achieved extraordinary power densities of 6 kilowatts per liter and energy efficiencies of 96%.

我們也很高興地宣布，我們認為這是業界首次將 GAN 設計應用於電動車。中國第三大電動車企業長炎股份選擇 Navitas GaNSafe 技術為其下一代電動車車載充電器提供動力。它們實現了每公升 6 千瓦的非凡功率密度和 96% 的能源效率。

Chang and estimates that these GaNSafe-powered onboard chargers could extend lifetime driving range by 10,000 kilometers and could reduce charging costs by 15% to 20%. We expect this project and other GaN EV projects to start production ramp in the first half of 2026.

Chang 估計，這些採用 GaNSafe 供電的車載充電器可將汽車的終身行駛里程延長 10,000 公里，並將充電成本降低 15% 至 20%。我們預計該計畫和其他 GaN EV 計畫將於 2026 年上半年開始量產。

Our EV pipeline has expanded rapidly to over $900 million compared to $400 million a year ago and now represents nearly 40% of our $2.4 billion dollar pipeline.

我們的電動車產品線已迅速擴大至超過 9 億美元，而一年前僅為 4 億美元，目前占我們 24 億美元產品線的近 40%。

In the Mobile sector, we have enabled very broad expansion in the adoption of GaN chargers with over 180 design lamps. This includes the first significant wins with transient, now a top 5 global smartphone player and the leader in markets such as Middle East, Africa, and Central and South America.

在行動領域，我們透過超過 180 種設計燈實現了 GaN 充電器的廣泛應用。這包括與 Transient 合作的首次重大勝利，Transient 目前是全球五大智慧型手機廠商之一，也是中東、非洲、中美洲和南美洲等市場的領導者。

We also had our first wins in India with Geo, a leader in consumer networking, who selected Navitas GaN IC to power their next-generation Wi-Fi equipment. We expect both of these new customers will reflect multiple million-dollar projects ramping in late '25, demonstrating greater mainstream adoption of GaN chargers, expanding into these lower-cost regions.

我們也首次在印度與消費網路領導者 Geo 合作，他們選擇了 Navitas GaN IC 為其下一代 Wi-Fi 設備提供動力。我們預計，這兩位新客戶都將在 25 年底啟動多個價值數百萬美元的項目，展示 GaN 充電器的更廣泛主流應用，並擴展到這些低成本地區。

We now estimate that GaN chargers will reach over 10% adoption rate of all Mobile chargers to power smartphones, tablets, and laptops in 2025 as the average power of these chargers approaches 45 watts.

我們現在估計，到 2025 年，GaN 充電器在所有為智慧型手機、平板電腦和筆記型電腦供電的行動充電器中的採用率將達到 10% 以上，因為這些充電器的平均功率接近 45 瓦。

This power increases an important trend to not only support faster charging for all consumers. But also, our GaN value increases as that power level increases, delivering the maximum power of the highest efficiencies and with the smallest size and weight for these wall adapters. Navitas continues to supply 10 of the top 10 Mobile players, designing with Navitas GaN IC technology.

這種功率增加的一個重要趨勢是不僅支援為所有消費者提供更快的充電速度。而且，隨著功率等級的提高，我們的 GaN 值也會提高，從而為這些壁式轉接器提供最高效率的最大功率以及最小的尺寸和重量。Navitas 繼續為十大移動廠商中的 10 家提供產品設計，並採用 Navitas GaN IC 技術。

In the Solar Space, we are on track for a major launch this summer with the leader in micro converters to begin an important and significant transition from silicon to GaN, enabling a new wave of energy efficiency, power density and size, weight, and cost reductions for the Solar industry.

在太陽能領域，我們計劃於今年夏天與微型轉換器領域的領導者合作推出一款重要產品，開始從矽到GaN的重要而有意義的轉變，為太陽能產業帶來新一輪的能源效率、功率密度和尺寸、重量和成本降低浪潮。

We see microconverse becoming the leading residential Solar Solution, and many other players in this space are expected to pursue a similar transition from silicon to GaN.

我們看到 microconverse 成為領先的住宅太陽能解決方案，而該領域的許多其他參與者預計也將實現從矽到 GaN 的類似轉變。

Across Solar, Energy Storage, Industrial, and Appliance sectors, we enjoyed over 170 customer designs in 2024, which we expect will fuel important growth in 2026 and beyond.

在太陽能、儲能、工業和家電領域，我們在 2024 年獲得了超過 170 個客戶設計，我們預計這將推動 2026 年及以後的重要成長。

I'm excited to share our plans for a major technology announcement coming up on March 12. This will be our first-ever global online launch event. And while the details won't be disclosed until that event, we believe this announcement will usher in a new era for power electronics and accelerate gallium nitride and silicon carbide in major multibillion dollar markets. We hope you will all join us for this exciting event.

我很高興與大家分享我們即將於 3 月 12 日發布的重大技術公告的計劃。這將是我們的首次全球線上發表會。雖然細節要到該活動舉行時才會披露，但我們相信，這項聲明將開啟電力電子的新時代，並加速氮化鎵和碳化矽在數十億美元主要市場的發展。我們希望大家都能參加這個令人興奮的活動。

Finally, looking towards 2025, we expect a Q1 revenue decline, reflecting normal Mobile seasonality, coupled with continued and market weakness and some remaining inventory correction in the Solar industrial EV markets.

最後，展望 2025 年，我們預計第一季營收將下降，這反映了正常的移動季節性，再加上持續的市場疲軟以及太陽能工業電動車市場的一些剩餘庫存調整。

We expect a modest recovery Q2 and anticipate returning to healthy growth in the second half of the year, fueled by our $450 million of design wings last year and the expected start of a semiconductor recovery.

我們預計第二季將出現溫和復甦，並預計在下半年恢復健康成長，這得益於我們去年 4.5 億美元的設計部門以及半導體復甦的預期開始。

Now let me turn it over to Todd Glickman, our CFO, to cover the financials in greater detail.

現在，讓我將話題轉交給我們的財務長 Todd Glickman，讓他更詳細地介紹財務狀況。

Thank you, Gene. In my comments today, I will first take you through our fourth quarter and annual 2024 financial results. And then I'll walk you through our outlook for the first quarter along with some of the market dynamics we are currently seeing.

謝謝你，吉恩。在今天的評論中，我將首先帶您了解我們的第四季度和 2024 年年度財務業績。然後我將向您介紹我們對第一季的展望以及我們目前看到的一些市場動態。

Revenue in the fourth quarter of 2024 was within guidance at $18 million. As expected, most of the sequential decline was in the Mobile and consumer markets. The decline compared to a year-ago quarter was primarily the result of lower revenues in the EV, Solar, and Industrial markets.

2024 年第四季的營收達到預期的 1,800 萬美元。正如預期的那樣，大部分連續下滑發生在行動和消費市場。與去年同期相比的下降主要是由於電動車、太陽能和工業市場的收入下降。

For the full year of 2024, we grew revenue to $83.3 million or 5% from $79.5 million in 2023. Our GaN revenue grew more than 50% for the full year and reached an all-time high as aggressive adoption of GaN to replace silicon continued in the Mobile, consumer, and Appliance segments with data set of revenues starting in the second half of the year.

2024 年全年，我們的營收將從 2023 年的 7,950 萬美元成長至 8,330 萬美元，增幅 5%。我們的 GaN 收入全年增長超過 50%，達到歷史最高水平，因為行動、消費和家電領域繼續積極採用 GaN 來替代矽，並且從下半年開始的收入數據集來看。

Before addressing gross profit and expenses, I'd like to refer you to the GAAP to non-GAAP reconciliations in our press release earlier today. In the rest of my commentary, I will refer to non-GAAP measures.

在討論毛利和費用之前，我想先請大家參考一下我們今天早些時候發布的新聞稿中的 GAAP 與非 GAAP 的對帳。在我的其餘評論中，我將參考非公認會計準則指標。

Gross margin in the fourth quarter was 40.2%, which was relatively flat sequentially compared to 40.1% in the third quarter. For the fiscal year 2024, non-GAAP gross margin was 40.4% compared to 41.8% in 2023, primarily due to less favorable market mix.

第四季毛利率為40.2%，與第三季的40.1%相比較上季持平。2024 財年，非 GAAP 毛利率為 40.4%，而 2023 年為 41.8%，主要是由於市場組合較不利。

In the fourth quarter, we executed on expense management initiatives and reduced operating expenses sequentially to $19.9 million comprised of SGNA expenses of $8 million and R&D expenses of $11.9 million. This demonstrates our ability to balance operational efficiency while we continue investing in next generation GaN and SiC technology. And in market development, primarily in Data Center, EV and Mobile sectors.

第四季度，我們執行了費用管理計劃，將營運費用環比減少至 1,990 萬美元，其中包括 800 萬美元的 SGNA 費用和 1,190 萬美元的研發費用。這證明了我們有能力平衡營運效率，同時繼續投資下一代 GaN 和 SiC 技術。在市場開發方面，主要在資料中心、電動車和行動領域。

For fiscal year 2024, non-GAAP operating expenses were $83.4 million compared to $73.5 million in the prior year. Adding all this together, the fourth quarter 2024 loss from operations was $12.7 million, flat sequentially, as cost reductions offset the quarter-over-quarter revenue decline and a loss of $49.7 million for the full year compared to a loss of $40.3 million for 2023.

2024 財年，非 GAAP 營業費用為 8,340 萬美元，而前一年為 7,350 萬美元。綜合上述因素，2024 年第四季的營業虧損為 1,270 萬美元，與上一季持平，因為成本削減抵銷了季度環比收入下降的影響，全年虧損 4,970 萬美元，而 2023 年的虧損為 4,030 萬美元。

Our weighted average share count for the fourth quarter was $187 million shares.

我們第四季的加權平均股數為 1.87 億股。

Turning to the balance sheet, in Q4, the company disengaged with a silicon carbide distributor, resulting in a one-time $11.6 million expense related to an inventory reserve and bad debt. Accounts receivable sequentially declined to approximately $14 million from $26 million in the prior quarter. And inventory fell to $15.5 million from $21.3 million. In turn, reducing our days of inventory to [130] down from [147].

談到資產負債表，在第四季度，該公司與一家碳化矽分銷商脫離了合作關係，導致與庫存儲備和壞帳相關的一次性費用1160萬美元。應收帳款從上一季的 2,600 萬美元環比下降至約 1,400 萬美元。庫存從 2130 萬美元下降至 1550 萬美元。反過來，將我們的庫存天數從[147]。

Our balance sheet remains very strong as we enter 2025 with high levels of liquidity and improved working capital position. Cash and cash equivalents at quarter end were $87 million. And we continue to carry no debt.

隨著我們進入 2025 年，我們的資產負債表依然保持強勁，流動性水準高，營運資金狀況改善。季度末的現金和現金等價物為 8700 萬美元。而且我們仍然沒有債務。

Moving on to guidance for the first quarter, we currently expect revenues in the range of $13 million to $15 million, reflecting greater than typical seasonality, given continued softness and remaining inventory corrections in Solar, EV, and Industrial-end markets.

談到第一季的指引，我們目前預計收入在 1300 萬美元至 1500 萬美元之間，考慮到太陽能、電動車和工業端市場的持續疲軟和剩餘的庫存調整，這反映出高於典型的季節性。

Overall, while we continue to forecast a more muted first half of 2025, we anticipate growth to resume in the second half, fueled by 2024 design wins and expected recovery in a number of our end markets.

總體而言，雖然我們繼續預測 2025 年上半年將較為平淡，但我們預計下半年將恢復成長，這得益於 2024 年設計的勝利以及我們多個終端市場的預期復甦。

Gross margin for the first quarter is expected to be slightly lower than the fourth quarter, with our guidance at 38% plus or minus 50 basis points, as our expected mix continues to lean toward the Mobile market in the near term. We expect modest margin improvement throughout the year, aligned with the growth anticipated in our higher power markets.

預計第一季的毛利率將略低於第四季度，我們的預期為 38% 上下浮動 50 個基點，因為我們的預期組合在短期內繼續傾向於移動市場。我們預計全年利潤率將適度提高，與我們預期的高功率市場的成長保持一致。

Turning to operating expenses, we have completed some additional workforce reductions and are realizing further synergies and operational efficiencies associated with prior acquisitions, all of which align our cost structure with revenue expectations.

談到營運費用，我們已完成一些額外的裁員，並正在實現與先前的收購相關的進一步協同效應和營運效率，所有這些都使我們的成本結構與收入預期保持一致。

By consolidating certain support and engineering functions and sites and further streamlining the company, we anticipate a reduction of our first quarter operating expenses to $18 million and approximately $15.5 million per quarter thereafter.

透過整合某些支援和工程功能和站點並進一步精簡公司，我們預計第一季的營運費用將減少至 1,800 萬美元，此後每季的營運費用將減少至約 1,550 萬美元。

Combining all of our cost reduction and efficiency improvements with our strong cash position, clean balance sheet, and growth outlook firmly positions the company to reach expected positive EBITDA in 2026. For the first quarter of 2025, we expect our weighted average share count to be approximately $190 million shares.

將我們所有的成本削減和效率改進與我們強勁的現金狀況、清晰的資產負債表和成長前景相結合，公司將在 2026 年實現預期的正 EBITDA。對於 2025 年第一季度，我們預計加權平均股數約為 1.9 億股。

In closing, while we are thoughtfully navigating the near-term softness in some of our end markets, our substantial customer pipeline and design wins and ever-increasing technology lead puts us in a strong position to scale to profitability as we enable the next generation of power electronics.

最後，雖然我們正在深思熟慮地應對部分終端市場的短期疲軟，但我們大量的客戶管道和設計勝利以及不斷增強的技術領先優勢，使我們在推出下一代電力電子產品時處於有利地位，可以擴大盈利能力。

Operator, let's begin the Q&A session.

接線員，我們開始問答環節。

Thank you. (Operator Instructions)

謝謝。（操作員指令）

Ross Seymour, Deutsche Bank.

德意志銀行的羅斯·西摩。

Hi, guys. Thanks for letting me ask a question. Gene, just wanted to talk a little bit about where you think the cyclical bottom is?

嗨，大家好。感謝您讓我提問。吉恩，我想稍微談談您認為週期性底部在哪裡？

I know seasonality plays a big part in the March quarter overall in some of your more consumer and Mobile areas, but do you think the cyclical side of the equation is found the bottom now? And if so, how do you view the slope of the recovery?

我知道季節性因素在你們的一些消費和移動領域總體上在 3 月份季度中起著重要作用，但您是否認為等式的周期性方面現在已經觸底？如果是的話，您如何看待經濟復甦的勢頭？

Yeah. Good question, Ross. Certainly, Q1 by all measures looks to be a cyclical bottom at least from a Navitas perspective. Obviously, we're a smaller player. We have maybe different market dynamics on where GaN and so carbon are being adopted.

是的。問得好，羅斯。當然，至少從 Navitas 的角度來看，第一季無論從哪方面來看都似乎是一個週期性的底部。顯然，我們的規模較小。在採用 GaN 和碳方面，我們可能面臨不同的市場動態。

Industrial still seems pretty sluggish. Solar, we're a little more bullish on especially as the GaN adoption starts middle of the year. EV is probably where we've seen the best pickup starting in China. I think others have observed the same.

工業似乎仍然相當低迷。我們對太陽能更加看好，尤其是隨著 GaN 的採用在今年年中開始。電動車可能是我們在中國看到的最好的皮卡類型。我想其他人也觀察到了同樣的情況。

And we're more bullish there too because we've just got such a strong pipeline in onboard chargers in particular combination of silicon carbide and GaN, as well as the roadside chargers, which is all so carbide in brand-new modules we introduced.

我們對此也更加樂觀，因為我們在車載充電器方面擁有如此強大的產品線，特別是碳化矽和GaN的組合，以及路邊充電器，這些都是我們推出的全新模組中的碳化物。

So I think all of those are sort of at play. But from our perspective, cyclical bottom certainly seems to be Q1. But we see the recovery starting in Q2 a nice healthy growth outlook for the second half.

所以我認為所有這些都在起作用。但從我們的角度來看，週期性底部肯定是第一季。但我們認為第二季將開始復甦，下半年的成長前景良好。

And I guess as my follow up, you talked about the strength of the GaN business growing over 50% last year. And I'm not asking you for specific numbers in the silicon carbide side of things, but how are you viewing that market?

我想作為我的後續提問，您談到了去年 GaN 業務的強勁成長，成長了 50% 以上。我並不是想問您碳化矽的具體數字，而是問您如何看待這個市場？

Was it in your mind just weaker because the end market was weak, inventory burn, et cetera? And we've heard that from many players. Or was there something a little more Navitas specific in that that would potentially adjust your strategy for your silicon carbide business going forward?

您是否認為它之所以變弱只是因為終端市場疲軟、庫存消耗等等？我們從很多玩家那裡聽說了這一點。或者是否有一些更具體的 Navitas 因素可能會調整您未來的碳化矽業務策略？

Yeah. No, great question. Certainly the market slowdown, solar carbon is specifically focused primarily at EV, Solar, and Industrial. And those are the three things we've seen slowed down in the last year as the whole industry has seen them.

是的。不，這個問題問得好。當然，市場放緩，太陽能碳主要集中在電動車、太陽能和工業領域。我們看到，去年整個產業都出現了這三方面放緩的現象。

So that's certainly first-order effect, but also, we talked about increasing our focus as a company around strategic applications last quarter. And that's really in the EV space, where we're leveraging GaN and selling carbon together with our system reference designs. And those have increased dramatically in terms of pipeline.

所以這當然是一階效應，而且，上個季度我們也談到了作為一家公司，我們將更加關注戰略應用。這確實是在電動車領域，我們利用 GaN 並將碳與我們的系統參考設計一起銷售。就管道而言，這些已經大幅增加。

The design wins a big percentage of that $450 million of design wins last year, was in the EV space which leverages both GaN and solar carbide. Secondarily, as they said with roadside chargers, that's all silicon carbide.

該設計在去年 4.5 億美元的設計獎中贏得了很大一部分份額，該設計屬於利用 GaN 和太陽能碳化物的電動車領域。其次，正如他們所說的路邊充電器，那都是碳化矽。

So I think that's shifting things for us. And then of course, we're just rolling out in the last couple of quarters, the data-center strategy, which again has a combination of GaN and silicon carbide playing into it.

所以我認為這對我們來說正在改變。當然，我們剛剛在過去幾季推出了資料中心策略，其中又結合了 GaN 和碳化矽。

So I think we had our own investment and focus areas to sort of work through. And I think we're starting to see that come through, particularly as the market improves, but even without that market improvement.

所以我認為我們有自己的投資和重點領域需要解決。我認為我們已經開始看到這種現象的出現，特別是隨著市場好轉，但即使沒有市場好轉。

We'll see these designs -- design wins kicking in and the silicon carbide business, growing nicely throughout the year.

我們將看到這些設計—設計勝利開始發揮作用，碳化矽業務全年都將良好成長。

Thank you.

謝謝。

Thanks, Ross.

謝謝，羅斯。

Quinn Bolt, Needham Company.

奎因博爾特（Quinn Bolt），尼德漢姆公司。

Hey, guys. I just wanted to ask and make sure, Todd, I heard you right on the OpEx beyond Q1, did you say it would come down to $15.5 million? And if that's right, how long do you think you can keep it at that level?

嘿，大家好。我只是想問一下並確認一下，托德，我聽清楚了你關於第一季之後的營運支出的問題，你是否說過它會降至 1550 萬美元？如果正確的話，您認為可以將該水平維持多久？

And then I guess a follow-up question, obviously, you guys have cut off [X] now by, roughly 25%, at what point, how much fat do you think you've got here? Do you feel like you're starting to potentially limit growth in some of these new opportunities with the cuts you've made?

然後我想問一個後續問題，顯然，你們現在已經將 [X] 減少了大約 25%，那麼在什麼時候，你們認為這裡有多少脂肪？您是否覺得，您所做的削減可能會開始限制一些新機會的成長？

Yeah. Thanks, Quinn. Let me take that first question. So yes, $15.5 million on a go-forward basis. We expect to keep that fairly flat on a go-forward basis as we're continuing to leverage what we currently have in our business. And so, we don't expect much growth on that op X number.

是的。謝謝，奎因。讓我來回答第一個問題。是的，未來金額為 1550 萬美元。我們預計未來這一數字將保持相對平穩，因為我們將繼續利用我們現有的業務優勢。因此，我們預計 op X 數字不會有太大成長。

In regards to your second question on basically, yeah, is there any fat left in the business? We have been pretty diligent on looking internally and on acquisition synergies. And we feel like the business is right sized right now.

關於你的第二個問題，基本上，是的，業務中還剩下什麼利潤嗎？我們一直非常認真地研究內部情況和收購綜效。我們覺得目前業務規模合適。

So we do not see any more fat to trim. We are properly sized to grow, especially in the second half that we're seeing today and across markets such as Data Center, EV, and Mobile.

因此，我們看不到任何需要削減的脂肪。我們的規模適合成長，特別是在我們今天看到的下半年以及資料中心、電動車和行動等市場。

Maybe if I could just one quick one on Data Center, I think in the past, you guys had sort of thought that could be a $10 million to $20 million dollar business in 2025. Just wondering if that's still sort of the right ballpark to be thinking about for Data Center or if you've seen any movement in that kind of expectation? Thank you.

也許我可以快速問一下資料中心，我想在過去，你們可能認為到 2025 年這可能是一項價值 1,000 萬到 2,000 萬美元的產業。只是想知道這是否仍然是資料中心需要考慮的正確範圍，或者您是否看到這種預期有任何變化？謝謝。

Yeah. Thanks, Quinn. We're not obviously giving out full-year guidance for breaking it down by sector but do feel good about the trajectory. We started ramping in Q3, as you know, the design winds grew nicely. I mentioned 40 total for the year.

是的。謝謝，奎因。顯然，我們不會給予按行業細分的全年指引，但對發展軌跡感到滿意。如您所知，我們從第三季開始加大力度，設計之風發展順利。我提到今年總共有 40 個。

I think through Q3, it was only 9 or 10 year-to-date last year. So a really strong Q4 design win period, which will only help to accelerate that. So no specific breakout for the year, but the trajectory is good and growing sequentially throughout '25.

我認為截至第三季度，去年迄今為止這一數字只有 9 或 10。因此，第四季的設計勝利期確實強勁，這只會有助於加速這一進程。因此，今年沒有具體的突破，但軌跡很好，並且在整個 25 年都在持續成長。

Great. Thank you. Thanks, Todd.

偉大的。謝謝。謝謝，托德。

Kevin Cassidy, Rosenblatt Securities.

羅森布拉特證券的凱文卡西迪 (Kevin Cassidy)。

Yeah. Thanks for taking my question. Mine also is centered around Data Center of the 40 design winds. Can you describe kind of what the bell curve is of the various power supplies you've mentioned in the press release, it's 2.7 kilowatts, the 8.5 kilowatts?

是的。感謝您回答我的問題。我也是圍繞40設計風的資料中心。您能否描述新聞稿中提到的各種電源的鐘形曲線，是 2.7 千瓦，還是 8.5 千瓦？

But I guess, is it weighted one side or the other? Is it right in the middle for where most of the designs are?

但我猜測，它是一側有重量還是另一側有重量？對於大多數設計來說，它是否正處於中間位置？

Yeah, good question. It started off pretty broad from even some below 2 kilowatts, which is a little surprising because our technology is best for the high density, the high power, as Kevin. But I think in many cases people really want to try it out.

是的，好問題。它一開始的範圍就很廣，甚至低於 2 千瓦，這有點令人驚訝，因為我們的技術最適合高密度、高功率，正如 Kevin 所說。但我認為在很多情況下人們確實想嘗試一下。

They know the future is GaN and silicon carbate for Data Center power supplies because the future is high density and high efficiency. But now we're seeing, I think the sweet spot is really where you can max out that power density.

他們知道未來資料中心電源的趨勢是GaN和碳酸矽，因為未來是高密度和高效率的。但現在我們看到，我認為最佳點實際上是可以最大化功率密度的地方。

And there's two form factors in Data Center for AC-to-DC power supplies. So there's CRPS form factor. We've pushed that to its limit at 4.5 kilowatt. And we're seeing nice pickup, probably more concentrated there or you can go where the entire power shelf is dedicated to power supplies. That's the ORV. Specification there we pushed it to 8.5 kilowatt and going even higher.

資料中心的交流到直流電源有兩種外形尺寸。因此存在 CRPS 外形尺寸。我們已經將其推至 4.5 千瓦的極限。我們看到了不錯的回升，可能更集中在那裡，或者你可以去整個電源架專用於電源的地方。這就是 ORV。我們將其規格提高到 8.5 千瓦，甚至更高。

So I'd look at those higher power levels as where we're seeing the increased concentration because that's really where that GaN and SiC combination can give you -- the really the efficiencies and densities so like you can't touch. And we're going to keep pushing those limits, going forward.

因此，我認為在更高的功率水平下，我們會發現濃度有所提高，因為這正是 GaN 和 SiC 組合真正能夠提供無可比擬的效率和密度的地方。我們將繼續突破這些極限，繼續前進。

Okay, great. And just a couple other questions. Are these deployments -- are they going to be tied to any particular GPUs or are these going to be deployed despite any GPU upgrade cycle?

好的，太好了。還有其他幾個問題。這些部署是否會與任何特定的 GPU 綁定，或者是否會在任何 GPU 升級週期內進行部署？

Yeah. I think a lot of people now are shifting beyond Blackwell to Rubin. So I think without obviously getting the customer confidential specific projects in terms of market trends, I think we'll see a lot of the designs starting out.

是的。我認為現在很多人都從布萊克威爾轉向魯賓。因此，我認為，在市場趨勢方面，顯然無需獲得客戶機密的具體項目，我們將看到許多設計開始起步。

They're going to be Rubin focused or let's say Rubin class of processor focused. And it's not all about NVD, of course we're seeing other processors pop up traditional server ones as well as new AI ones that are getting into the mix as well. So I think right now, we're kind of focused on next generation that are going to drive a lot of the new designs -- are going to drive a lot of the ramps in '26 at this point.

他們將會以 Rubin 為中心，或者說以 Rubin 類別處理器為中心。這不僅僅是關於 NVD，當然，我們看到其他處理器也加入了傳統伺服器處理器和新的 AI 處理器的行列。所以我認為現在，我們主要關注的是下一代產品，這將推動許多新的設計 - 將在 26 年推動許多坡道。

Okay, understood. Thank you.

好的，明白了。謝謝。

Jack Egan, Charter Equity Research.

傑克·伊根（Jack Egan），特許權益研究公司。

Hey, guys. Thanks for taking the questions. I was hoping you could talk a bit about the distributor disengagement. Was that a part of the cost production plan or something else?

嘿，大家好。感謝您回答這些問題。我希望您能談談分銷商脫離的問題。這是成本生產計劃的一部分還是其他什麼？

No. That was separate, given the lack of performance across silicon carbide, we decide to replace one of our channel partners because they really weren't achieving the design wins. We were expected across EV and Industrial and their lack of ability to pay for some delivered products.

不。這是另一回事，鑑於碳化矽性能的缺乏，我們決定更換我們的一個通路合作夥伴，因為他們確實沒有獲得設計勝利。我們預計電動車和工業領域將無力支付部分已交付產品的款項。

But on a go-forward basis, we have inserted a new channel partner. And that's going to help us with our growth in the second half of 2025.

但從未來來看，我們已經引進了新的通路合作夥伴。這將有助於我們在 2025 年下半年成長。

Great. Okay. And then, it's good to see that your cash burn has slowed a bit, a pretty good bit over the past two quarters. How are you thinking about raising capital at all? I mean, are you comfortable with your current cash balance and the cost reductions to kind of wait out the cyclical slowdown?

偉大的。好的。然後，我們很高興地看到，你們的現金消耗已經放緩了一點，在過去兩個季度減緩了相當多。您是怎麼考慮籌集資金的？我的意思是，您是否對當前的現金餘額和成本削減感到滿意，以等待週期性放緩的結束？

That's a great question. To your point, right, we finished the year with $87 million. We burned $12 million in cash in Q4. And on a go-for basis, if we look past one-time events in Q1, we do expect that cash to slow down over class usage to decrease over time.

這是一個很好的問題。正如您所說，我們今年的營收為 8700 萬美元。我們在第四季消耗了 1200 萬美元現金。從正面的角度來看，如果我們回顧第一季的一次性事件，我們確實預期現金的使用量會隨著時間的推移而減少。

And so right now, we have 2-plus years of cash available to us. So we don't see any need organically to raise cash. However, as we've stated in the past, if there's a strategic initiative that we want to pursue, then that would be an avenue where we'd raise cash.

所以現在，我們有兩年以上的現金可供使用。因此，我們認為沒有必要透過內部方式籌集現金。然而，正如我們過去所說的那樣，如果我們想要推行一項策略舉措，那麼這將是我們籌集資金的途徑。

Got it. Thanks so much.

知道了。非常感謝。

(Operator Instructions)

（操作員指令）

Jon Tanwanteng, CJS Securities.

Jon Tanwanteng，CJS 證券。

Thanks for taking my question. I was wondering if you could talk about the $450 million in the design-win pipeline, maybe how much of that falls into this year, next year and the year after, as you see scheduled from today? And I know different markets can be connected.

感謝您回答我的問題。我想知道您是否可以談談設計得標管道中的 4.5 億美元，也許其中有多少會涉及今年、明年和後年，正如您從今天安排的那樣？我知道不同的市場是可以連通的。

Yeah. Thanks, Jon. Thanks for -- and it's important to clarify it's our first time to give kind of a total design-win indication coming out of the pipeline.

是的。謝謝，喬恩。謝謝 — — 需要澄清的是，這是我們第一次給出一個從頻道中得出的整體設計獲勝跡象。

So first, let me clarify design was not a purchase order. But it is where the customer has actually selected Navitas to be included in the final production hardware. So it's a very significant industry-wide event, let's say our common term to get into that design validation phase, which is what people also call it.

首先，讓我澄清一下，設計不是採購訂單。但客戶實際上已選擇 Navitas 將其納入最終生產硬體中。所以這是一個非常重要的產業事件，我們通常說的是進入設計驗證階段，人們也這麼稱呼它。

The $450 million does represent the lifetime revenue. We take a pretty conservative view; Mobile and consumer products may be one or two years. The more Industrial or higher power markets may be three or four years. So it's spread out over that lifetime period.

4.5 億美元確實代表了終身收入。我們持相當保守的觀點；行動和消費產品可能需要一到兩年的時間。工業化或更高功率的市場可能需要三到四年。所以它是在整個生命週期中分佈的。

But to your question, when does it start to ramp? We also try to take a conservative view on the ramp time. So we've only considered programs that are ramping in '25, '26, or '27. We are working on things that could kick in or start in '28 or beyond, but we excluded them.

但對於你的問題，它什麼時候開始上升？我們也嘗試對爬坡時間採取保守的看法。因此，我們只考慮了在'25、'26 或 '27 年正在加速發展的項目。我們正在研究可能在 28 年或以後開始的事情，但我們將它們排除在外。

So in between all of my comments there, it kind of gives you a feel for how does that layer in over the next three years and run for the next one to four years.

因此，在我的所有評論之間，它會讓您感受到未來三年以及未來一到四年該如何發展。

Got it. Thank you. That's helpful. And then could you help us understand the margin profile in the second half of the year as you get the design wins ramps? How much comes from the higher volume GaN products and in higher margin ones in things like Data Center versus a recovery in SIC markets.

知道了。謝謝。這很有幫助。那麼，隨著設計勝利的增加，您能否幫助我們了解下半年的利潤狀況？有多少來自於更大批量的 GaN 產品和資料中心等領域中利潤更高的產品，以及 SIC 市場的復甦。

Yeah. Well, we don't comment on margin specific as it relates to end market. You can -- we always know that our corporate margin Mobile is always slightly below our corporate margins and higher power markets such as EV and Data Center will be bigger than our company margin level.

是的。嗯，我們不對與終端市場相關的具體利潤發表評論。你可以——我們始終知道，我們的公司移動利潤率始終略低於我們的公司利潤率，而電動車和數據中心等更高功率的市場將大於我們的公司利潤率水平。

And so, as the second half picks up and those higher markets start to convert design wins, we do expect some marginal margin growth. But long term, I think what those markets lead us to is our long-term goal of 50%-plus margin, and that's no change from that.

因此，隨著下半年復甦以及那些高端市場開始轉化設計勝利，我們確實預期利潤率會有一些邊際成長。但從長遠來看，我認為這些市場將引領我們實現 50% 以上的利潤率的長期目標，這一點不會改變。

Okay, great. And then one more if I could, just the reduction in OpEx that you're talking about in the next two quarters, how much is coming out of R&D versus SGNA?

好的，太好了。然後如果可以的話我再問一個問題，您談到的未來兩季營運支出的減少，來自研發和 SGNA 的支出是多少？

No, great question. I think if you look historically at our splits, you're going to see that same split on a go-forward basis as you look at R&D and SGNA as we've taken those synergies out of both -- via the acquisitions from both avenues.

不，這個問題問得好。我認為，如果你從歷史上看我們的拆分，你會看到，在未來，我們會進行同樣的拆分，因為我們透過從兩個管道進行的收購，從研發和 SGNA 中獲得了協同效應。

Understood, thank you.

明白了，謝謝。

Ross Seymour, Deutsche Bank.

德意志銀行的羅斯·西摩。

Thanks for letting me squeeze in one follow up. Just want to talk about the competitive landscape.

感謝您讓我擠出時間進行後續跟進。只是想談談競爭格局。

But Gene, have you seen any significant changes in the aggressiveness of the competition, pricing, need-to-burn inventory, any sort of those cyclical dynamics, especially with a downturn as persistent as this one?Oftentimes, you'll get those sorts of acts of desperation by about this time in the cycle. Have you seen that?

但是吉恩，您是否看到競爭激烈程度、定價、庫存消耗等任何週期性動態發生了重大變化，尤其是在像這次這樣持續的經濟低迷時期？通常，到了這個週期的這個時候，你會看到這類絕望的行為。你見過嗎？

Yeah. I think we saw it more concentrated, not surprisingly, on silicon carbide, just because that's where some of the market slowdown occurred. So in the last year, even a year and a half ago when we started talking about some of the Solar slowdown and Industrial and EV.

是的。我認為我們看到這種趨勢更加集中在碳化矽上，這並不奇怪，因為那裡出現了一些市場放緩的情況。因此，在去年，甚至一年半以前，我們開始談論太陽能、工業和電動車方面的一些放緩。

With that slowdown, you get pockets of inventory. You also get a little bit more ASP erosion. That does seem to have stabilized. I think the inventory pockets are reducing and stabilizing, maybe one more quarter, as we mentioned in the prepared remarks.

隨著經濟放緩，你會看到大量庫存。您還會感受到更多的 ASP 侵蝕。看來情況確實已經穩定下來。我認為庫存正在減少並趨於穩定，也許再過一個季度，就像我們在準備好的評論中提到的那樣。

And the ESP erosion seems to be stabilizing. So I think that's all pretty encouraging and not as dramatic because again it's been a little bit more healthier supply and demand across the Mobile and consumer space and a little bit of Appliance.

ESP 侵蝕似乎正在趨於穩定。所以我認為這一切都非常令人鼓舞，而且並不那麼戲劇化，因為行動和消費領域以及一點家電領域的供需情況再次變得更加健康。

Perfect. Thank you.

完美的。謝謝。

Richard Shannon Craig-Hallum.

理查德·香農·克雷格·哈勒姆。

Okay, guys. Thanks for taking my questions. Gene, maybe I ask a question here on calendar '25 sales outlook. I know you're not quantifying any sort of thought process here. But obviously, last year, had a really good year in in GaN and obviously, silicon car by markets were very challenged to say the least here.

好的，夥計們。感謝您回答我的問題。吉恩，也許我可以在這裡問一個關於 25 年銷售前景的問題。我知道你在這裡沒有量化任何思考過程。但顯然，去年是 GaN 市場表現非常好的一年，而且顯然，矽汽車市場面臨著巨大的挑戰。

How do we think about 2025 between the two material systems here? Is one going to be notably better than the other?

我們如何看待這兩種材料體系之間的 2025 年？其中一個會明顯比另一個好嗎？

Yeah, I think as I mentioned earlier, Rich, we really like our focused strategy on Data Centers, which is going to see a combination of growth in both GaN and silicon carbide. We're using that silicon carbide in the PFC circuit for most designs, GaN on the second stage or LLC. That's getting us the best efficiency, the best density for the customer.

是的，正如我之前提到的，Rich，我們非常喜歡我們專注於資料中心的策略，這將看到 GaN 和碳化矽的結合成長。在大多數設計的 PFC 電路中，我們都使用碳化矽，在第二階段或 LLC 中使用 GaN。這使我們能夠為客戶提供最佳的效率和最佳的密度。

So I think that trend speaks for itself. I think the same kind of thing as I mentioned that's going on with EV. Onboard chargers, bullish that roadside chargers is also improving as that infrastructure does need to get filled out around the world, and that's 100%, silicon carbide.

所以我認為這個趨勢是不言而喻的。我認為，正如我之前提到的，EV 也發生了同樣的事情。車用充電器、路邊充電器也不斷改善，因為世界各地都需要完善基礎設施，而這 100% 都是碳化矽。

So I think all of those will have a healthy growth going forward, I think for both technologies because they're often used in combination in a number of our key market growth drivers.

因此，我認為所有這些都將在未來實現健康成長，我認為對於這兩種技術都是如此，因為它們經常結合用於我們的許多關鍵市場成長動力。

Okay, fair enough. Thanks for that. Maybe a quick question for Todd. I've heard about the new OpEx spending level here and obviously still have a profile of 50% gross margins here at the high-end model here. And then also, getting the EBITDA break even here, I guess.

好吧，夠公平。謝謝。也許可以問 Todd 一個簡單的問題。我聽說過這裡新的營運支出水平，顯然這裡的高端模式的毛利率仍然有 50%。然後我想，這裡就能達到 EBITDA 收支平衡了。

My question here is how do we think about the revenue per quarter to get to that break-even level?

我的問題是，我們如何考慮每季的營收才能達到損益兩平水準？

Yeah, right. So I think you know we went through this is our second reduction. I think we went from a break even to the mid-50s to mid-40s. This brings you to a break even of high 30s, obviously dependent on gross margins. But that's what we feel like this X level brings us to a break even in high 30s of revenue per quarter.

是的，對。所以我想你知道我們經歷了這是我們的第二次削減。我想我們的利潤從收支平衡到了 50% 左右再到 40% 左右。這將使您的收支平衡達到 30% 的高位，這顯然取決於毛利率。但我們認為這個 X 等級可以讓我們每季的營收達到 30% 的高點。

Okay. Perfect. Thanks. That'll be all for me.

好的。完美的。謝謝。對我來說這就夠了。

Jack Egan, Charter Equity Research.

傑克·伊根（Jack Egan），特許權益研究公司。

Great. Thanks for taking the follow up. You mentioned you found some additional synergies in OpEx. And last quarter, you said you were targeting a 14% reduction in force. So is that going to be higher like up towards 20% now or the cost savings found elsewhere?

偉大的。感謝您的跟進。您提到在 OpEx 中發現了一些額外的協同效應。上個季度，您曾說過，您的目標是裁員 14%。那麼現在這個數字會更高，例如高達 20%，還是在其他地方節省成本？

Yeah. These cost savings were found elsewhere as we've gone through a number of acquisitions, historically. So those cost savings were separate from the ones in Q4. And we're directly related to synergies across those acquisitions.

是的。從歷史上看，我們經歷了多次收購，並在其他地方發現了這些成本節省。因此，這些成本節省與第四季的成本節省是分開的。我們與這些收購的綜效直接相關。

Great. Thanks so much.

偉大的。非常感謝。

Richard Shannon, Craig Hallum.

理查德·香農、克雷格·哈勒姆。

Alright. Well, that was fast getting back in here. Let's hear two questions. I got on the call late. So I may have missed some prepared remarks here.

好吧。嗯，回來得真快。我們來聽兩個問題。我遲到了。所以我可能遺漏了一些準備好的發言。

But Gene, did I catch you accurately that you had a very market acceleration design went to the Data Center space here? I think if I heard you correctly, [10] to the first three quarters and then [30] in the fourth quarter to get to [40]?

但是 Gene，我是否準確地抓住了您的意思，即您有一個非常適合市場加速的設計，並且已經進入了這裡的數據中心領域？如果我沒聽錯的話，前三節的得分是[10]，第四節的得分是[30]，[40]？

If that's accurate here, can you kind of lay out the dynamics here? What's going on as the share gains acceleration in the market? And then when do these design ones go to market? Can they happen this year or is it beyond this year?

如果這是準確的，您能在這裡描述一下動態嗎？市場股價加速上漲，到底發生了什麼事？那麼這些設計產品什麼時候上市呢？這些事情會在今年發生嗎？或者會在今年之後發生嗎？

Yeah, both good points. And yes, you've got the facts right, Rich. So I think it is an acceleration. I'd like to think it's probably an acceleration of share gain. But let's hold that until we sort of deliver on the POs and the revenue.

是的，兩點都很好。是的，你掌握的事實是正確的，里奇。所以我認為這是一種加速。我認為這可能是股票成長的加速。但讓我們先保留這一點，直到我們能夠完成採購訂單和收入為止。

But certainly, the market continues to accelerate. And we're pleased to see even after things like DeepSeek, that the CapEx numbers keep going up globally, the power requirements even continue to go up.

但可以肯定的是，市場正在持續加速發展。我們很高興看到，即使在 DeepSeek 之後，全球的資本支出數字仍在不斷上升，電力需求甚至還在持續上升。

As I talked about a lot of our design ones are not pushing to that power limit 4.5 kilowatt on the CRP 8.5 kilowatt. And we're going to go even higher than that on the ORv3 platform that I mentioned. So I think that's all pretty encouraging outlook for us.

正如我所說的，我們的許多設計並沒有將 CRP 8.5 千瓦的功率限制推至 4.5 千瓦。而且我們還將在先前提到的 ORv3 平台上實現更高的目標。所以我認為這對我們來說都是非常令人鼓舞的前景。

Okay, fair enough on my follow up question. No, that was it. Just another big picture question for you, Gene. Just obviously, have a different geopolitical environment since the last earnings call. I wanted to see if there's any changes that you would highlight either positive or negative, globally.

好的，我的後續問題已經回答完畢。不，就是這樣。這只是我要問您的另一個宏觀問題，吉恩。顯然，自上次財報電話會議以來，地緣政治環境已經改變了。我想看看您是否會強調全球範圍內的正面或負面變​​化。

Yeah, good question. Those are always broad macro questions, right? So obviously, there's talk about tariffs, hard to know how tariffs play out, where are they, which countries, how do people respond to that equipment level, the chip level.

是的，好問題。這些總是廣泛的宏觀問題，對嗎？顯然，人們都在談論關稅，很難知道關稅將如何發揮作用，它們在哪裡，哪些國家，人們對設備層面、晶片層面有何反應。

But fundamentally, we're one of the few companies doing semiconductor manufacturing in the United States as we build solar carbon at XFAB in Texas. So that probably puts us a little bit better position than many, other.

但從根本上來說，我們是美國為數不多的幾家從事半導體製造的公司之一，因為我們在德克薩斯州的 XFAB 建造太陽能碳。因此這可能使我們的地位比其他許多國家略高一些。

We're already well into our China for China strategy, which was really about providing localized support for our China customers, kind of defending and protecting that business, but also, trying to grow and accelerate it over time.

我們已經深入實施了我們的「中國為中國」戰略，該戰略的重點實際上是為我們的中國客戶提供本地化支持，捍衛和保護我們的業務，同時也試圖隨著時間的推移推動和加速我們的業務發展。

So I think both of those gives us a pretty good position in the changing macroeconomic environment. But we'll have to see. It's a complicated world out there.

因此我認為這兩點使我們在不斷變化的宏觀經濟環境中佔據了相當有利的地位。但我們還需要拭目以待。外面的世界很複雜。

Okay. Perfect. Thanks, Gene.

好的。完美的。謝謝，吉恩。

Thanks, Rich.

謝謝，里奇。

Thank you. Excuse me, seeing as there are no more questions in the queue, that concludes our question-and-answer session. That also concludes this call. Thank you all for joining. You may now disconnect.

謝謝。抱歉，由於沒有其他問題，我們的問答環節到此結束。本次通話到此結束。感謝大家的加入。您現在可以斷開連線。