納微半導體 (NVTS) 2025 Q2 法說會逐字稿

Thank you for standing by. welcome to the Navitas Semiconductor Q2 '25 earnings call.

感謝您的支持。歡迎參加 Navitas Semiconductor 2025 年第二季財報電話會議。

(Operator Instructions)

（操作員指示）

Now, I would like to turn the call over to Lori Barker, Investor relations. Lori, please go ahead.

現在，我想將電話轉給投資者關係部的 Lori Barker。洛瑞，請繼續。

Good afternoon, everyone. I'm Lori Barker, Investor Relations for Navitas. Thank you for joining Navitas Semiconductor's second-quarter 2025 results conference call. I'm joined today by Gene Sheridan, our President, and CEO, and Co-Founder; and Todd Glickman, CFO.

大家下午好。我是 Navitas 投資者關係部門的 Lori Barker。感謝您參加 Navitas Semiconductor 2025 年第二季業績電話會議。今天與我一起出席的還有我們的總裁、執行長兼聯合創辦人 Gene Sheridan 和財務長 Todd Glickman。

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

本次網路廣播的重播將在電話會議結束後約一小時在我們的網站上提供；並將持續 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. Reconciliation of this non-GAAP financial measures with the most directly comparable GAAP measures are included in our second-quarter earnings release and also posted on our website in the Investor Relations section. Non-GAAP expenses and operating margin exclude stock-based compensation, amortization of intangible assets, and other non-recurring items.

我們的收益報告包括非公認會計準則財務指標。此非 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二季財報中，並且也會發佈在我們網站的投資人關係部分。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 future financial performance of Navitas. You can identify these statements by words like we expect, we believe, or similar terms. We wish to caution you that such forward-looking statements are subject to risks and uncertainties that could cause actual events or results to differ materially from expectations expressed in our forward-looking statements.

在本次電話會議中，我們將對未來事件或 Navitas 未來財務表現做出前瞻性陳述。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。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 section in our most recent 10-K and 10-Q. Our estimates or other forward-looking statements may change. 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。我們的估計或其他前瞻性陳述可能會改變。除非法律要求，Navitas 不承擔更新前瞻性陳述以反映實際結果、改變的假設或可能發生的其他事件的義務。

Now, over to Gene Sheridan, CEO.

現在，交給執行長 Gene Sheridan。

Thanks, Lori. Thanks to all of you for joining our Q2 2025 earnings call.

謝謝，洛瑞。感謝大家參加我們的 2025 年第二季財報電話會議。

I'm pleased to announce Q2 revenues of $14.5 million, which are in line with our guidance despite a number of headwinds that continue to challenge near-term results. Our industry is in a classic semiconductor downturn, with a slowdown in projections for solar, industrial, and EV sectors; the continued impact of tariff conflicts; and now, the removal of tax credits for the solar and EV industry.

我很高興地宣布第二季的營收為 1,450 萬美元，儘管近期業績面臨許多不利因素，但仍符合我們的預期。我們的產業正處於典型的半導體衰退期，太陽能、工業和電動車產業的預測放緩；關稅衝突的持續影響；現在，太陽能和電動車產業的稅收抵免被取消。

Despite these short-term industry headwinds, Q2 was a very strategic quarter for our company. We've decided to more aggressively transition and invest in a leadership position for AI data centers. AI data centers represents an extraordinary opportunity. One that Navitas is uniquely positioned to capitalize on.

儘管存在這些短期行業逆風，但第二季對我們公司來說是一個非常具有戰略意義的季度。我們決定更積極地轉型並投資於人工智慧資料中心的領導地位。人工智慧資料中心代表著一個非凡的機會。納維塔斯 (Navitas) 擁有獨特的優勢，可以利用這一優勢。

In Q2, we announced that Nvidia has selected Navitas to support their vision for next-generation 800-volt data centers. We also raised nearly $100 million of new capital in a quarter, providing additional cash flow to support our plans for growth, including investments needed to execute on development milestones over the coming quarters to support a significant (inaudible) expected in late 206.

在第二季度，我們宣布 Nvidia 已選擇 Navitas 來支援其新一代 800 伏特資料中心的願景。我們還在第一季籌集了近 1 億美元的新資本，提供了額外的現金流來支持我們的成長計劃，包括在未來幾季實現發展里程碑所需的投資，以支持 206 年末預計的重大（聽不清）目標。

Furthermore, in Q2, we announced our new GaN foundry partner, Powerchip, which is enabling our next -generation, eight-inch, low-cost manufacturing platform to support our cost and capacity goals for this expanded AI data center opportunity. Our existing high-voltage GaN supplier is TSMC, which is utilizing six-inch wafers. Over the next two-plus years, we expect our high-voltage customers to transition to Powerchip's eight-inch factory, which can produce nearly 80% more chips per wafer compared to six-inch for little incremental cost. We expect this will yield more attractive price points for our customers and higher gross margins from Navitas. We are already planning to ramp our medium-voltage 80- to 200-volt GaN from Powerchip's eight-inch line.

此外，在第二季度，我們宣布了新的 GaN 代工合作夥伴 Powerchip，這將為我們的下一代 8 英寸低成本製造平台提供支持，以支持我們針對這一擴展的 AI 數據中心機會的成本和容量目標。我們現有的高壓GaN供應商是台積電，採用的是六吋晶圓。在接下來的兩年多時間裡，我們預計我們的高壓客戶將轉向力晶的八英寸工廠，與六英寸工廠相比，該工廠每片晶圓可以多生產近 80% 的晶片，而且成本增量很小。我們預計這將為我們的客戶帶來更具吸引力的價格點，並提高 Navitas 的毛利率。我們已經計劃從 Powerchip 的八英寸生產線上提升我們的中壓 80 伏特至 200 伏特 GaN 產量。

Last, we made the decision to sharpen our focus on the high-end performance applications of the mobile, consumer, and appliance sectors. Subsequently, going forward, we will reduce our focus, investment, and revenue expectations around the more mainstream price-sensitive applications in these sectors. We expect this transition will allow Navitas to maintain its spending discipline with operating expenses at or below current levels, while shifting significant customer acquisition and R&D investments to next-generation AI data centers in the related and critically needed energy infrastructure markets.

最後，我們決定將重點放在行動、消費和家電領域的高端性能應用。因此，展望未來，我們將減少對這些領域更主流的價格敏感應用的關注、投資和收入預期。我們預計，這一轉變將使 Navitas 能夠保持其支出紀律，將營運費用保持在當前水平或以下，同時將大量客戶獲取和研發投資轉移到相關且急需的能源基礎設施市場的下一代人工智慧資料中心。

With that in mind, I'd like to share much more detail around the opportunities that we are targeting with this increased focus. AI is about to transform everything in our lives and on our planet. The impact will be felt in all sectors. But it starts with the cloud.

考慮到這一點，我想分享更多關於我們透過提高關注度而瞄準的機會的細節。人工智慧即將改變我們的生活和地球上的一切。各行各業都會感受到其影響。但它始於雲。

The world's most powerful AI processors are rapidly being developed and deployed in the cloud. With this massive processing capability, we are also seeing an explosion in power requirements that has never been seen before. While we now have AI processors that are rapidly approaching the intelligence of a human brain, we should also consider that the energy consumption of the human brain is believed to be less than 20 watts, while AI processors may require over 1 billion watts to generate a similar level of intelligence.

全球最強大的人工智慧處理器正在雲端快速開發和部署。隨著這種大規模處理能力的出現，我們也看到了前所未有的電力需求爆炸性成長。雖然我們現在擁有的人工智慧處理器正在迅速接近人腦的智能，但我們也應該考慮到，人腦的能耗被認為不到 20 瓦，而人工智慧處理器可能需要超過 10 億瓦才能產生類似的智能水平。

So this presents a very large scale power problem for our industry. In particular, total AI processor power consumption is projected to go from 7 gigawatts in 2023 to over 70 gigawatts by 2030. That 10x increase is creating a number of power challenges for our industry but will also generate significant commercial opportunities for the suppliers that deliver leading solutions to these major power problems.

所以這給我們的產業帶來了非常大規模的電力問題。具體來說，預計人工智慧處理器的總功耗將從 2023 年的 7 千兆瓦增加到 2030 年的 70 千兆瓦以上。這 10 倍的成長給我們的產業帶來了許多電力挑戰，但也為那些為這些主要電力問題提供領先解決方案的供應商創造了巨大的商業機會。

In power electronics, when any system requires a significant increase in power capability, one of the most effective strategies is to increase the operating or system bus voltage. Since power distribution losses are inversely proportional to the square of the operating voltage, a 4x increase in voltage translates into a 16x reduction in power loss and a very dramatic improvement in energy efficiency.

在電力電子技術中，當任何系統需要顯著增加功率容量時，最有效的策略之一就是增加工作電壓或系統匯流排電壓。由於配電損耗與工作電壓的平方成反比，因此電壓增加 4 倍意味著功率損耗減少 16 倍，能源效率顯著提高。

Before AI, traditional data centers operated with the 12-volt [bus] and achieved overall energy efficiencies in the 70% range. In the last two years, with the deployment of the first AI chips, the data center industry has quickly transitioned to a 48-volt bus architecture, reducing power distribution losses by up to 16x and targeting overall efficiencies in the 80% range.

在人工智慧出現之前，傳統資料中心採用 12 伏特 [匯流排] 運行，整體能源效率達到 70% 左右。在過去的兩年裡，隨著首批人工智慧晶片的部署，資料中心產業迅速過渡到 48 伏特總線架構，將配電損耗降低了 16 倍，並將整體效率提高到 80% 左右。

These 48-volt data centers are also supporting a major upgrade from 10 to 20 kilowatts in a traditional server rack to 100- to 200-kilowatt rack in a 48-volt data center. While such a change is dramatic, it is far from adequate to handle the exponential growth in AI power requirements.

這些 48 伏特資料中心也支援從傳統伺服器機架中的 10 至 20 千瓦到 48 伏特資料中心中的 100 至 200 千瓦機架的重大升級。雖然這種變化是巨大的，但它遠遠不足以應對人工智慧電力需求的急劇增長。

Thankfully, Nvidia has announced their intentions to enable 800-volt data centers in the future. With a 15x increase in operating voltage, overall data center efficiency should improve significantly while targeting rack power that can achieve 1 megawatt or more. This is an important step and vision for the data center industry but also poses significant challenges and opportunities for the power electronics industry and semiconductor suppliers such as Navitas.

值得慶幸的是，Nvidia 已宣布他們未來計劃啟用 800 伏特資料中心。隨著工作電壓增加 15 倍，資料中心的整體效率將顯著提高，同時機架功率將達到 1 兆瓦或更高。這對資料中心產業來說是重要的一步和願景，但也為電力電子產業和納維等半導體供應商帶來了重大挑戰和機會。

Traditional 12-volt data centers have moderate power semiconductor content and little or no demand for the ultra-efficient gallium nitride and silicon carbide technology that Navitas is producing. The near-term move to 48 volts has increased that power semiconductor content to around $10 million to $20 million per gigawatt of power demand, which may represent over $1 billion per year power semiconductor market opportunity, globally, over the next five years. But GaN and silicon carbide will be required only selectively in these lower voltage and lower power systems.

傳統的 12 伏特資料中心具有中等功率半導體含量，對 Navitas 生產的超高效氮化鎵和碳化矽技術的需求很少或根本沒有。近期向 48 伏特的轉變已將功率半導體內容增加到每千兆瓦電力需求約 1,000 萬至 2,000 萬美元，這可能意味著未來五年全球功率半導體市場每年將有超過 10 億美元的商機。但在這些低電壓和低功率系統中，只需要選擇性地使用 GaN 和碳化矽。

However, as we look at 800-volt systems, these supercharged data centers will require three different stages of power conversion, all of which we believe will need a combination of gallium nitride and silicon carbide technologies to meet their power, efficiency, and density requirements.

然而，當我們研究 800 伏特系統時，這些增壓資料中心將需要三個不同階段的電力轉換，我們認為所有這些階段都需要結合氮化鎵和碳化矽技術來滿足其功率、效率和密度要求。

As a result, we expect power semiconductor content of AI data centers to expand to $30 million to $50 million per gigawatt of power delivered, with the majority demanding gallium nitride or silicon carbide. When combining this growing content with the 10x increase in AI power projected in the future, we believe this could translate into a $2.6 billion dollar per year opportunity by 2030 for gallium nitride and silicon carbide.

因此，我們預期人工智慧資料中心的功率半導體內容將擴大到每千兆瓦電力 3,000 萬至 5,000 萬美元，其中大部分需要氮化鎵或碳化矽。當將這種不斷增長的內容與未來預計的 10 倍人工智慧能力相結合時，我們相信到 2030 年，這將為氮化鎵和碳化矽帶來每年 26 億美元的商機。

Let me break down this opportunity further and explain Navitas' capability and plans. There are three power conversion applications or stages for the 800-volt data centerer opportunity.

讓我進一步分析這個機會並解釋 Navitas 的能力和計劃。800 伏特資料中心機會有三個電源轉換應用或階段。

The first stage starts with the power grid itself, which is not well prepared to handle this significant surge in energy demand. The existing grid was designed over 100 years ago and is antiquated, inefficient, and lacks the stability needed to electrify our planet. The existing grid is built on low-frequency transformers or LFTs, which have no semiconductor content and don't offer good flexibility to deal with the growing instability of the grid itself and the fast-charging power requirements of data centers and our planet.

第一階段從電網本身開始，電網尚未做好充分準備來應對能源需求的大幅成長。現有電網的設計已有 100 多年歷史，已經過時、效率低下，並且缺乏為地球供電所需的穩定性。現有的電網建立在低頻變壓器或 LFT 上，這些變壓器不含半導體成分，不能提供良好的靈活性來應對電網本身日益增長的不穩定性以及數據中心和地球的快速充電電力需求。

The answer is in solid state transformers or SSTs. SSTs enable up to 75% reduction in size and weight and offer an inherent robust ability to efficiently deliver more power under a wide range of operating conditions. SSTs require the most efficient power semiconductors like silicon carbide; and require silicon carbide that withstands ultra-high voltages to interface directly with the grid, which operates at 10,000 volts or higher.

答案是固態變壓器或SST。SST 可將尺寸和重量減少高達 75%，並具有在各種操作條件下高效提供更多功率的固有強大能力。SST 需要最高效的功率半導體，例如碳化矽；並且需要能夠承受超高電壓的碳化矽來直接與運行電壓為 10,000 伏特或更高的電網連接。

Our GeneSiC technology is a leader in ultra-high voltage or UHV silicon carbide technologies, with voltage ratings up to 6.5 kV. This positions Navitas to support this megatrend to upgrade the grid with robust, efficient, solid state transformers. In the process, we expect to participate in creating a brand new $1 billion per year market opportunity for Navitas.

我們的 GeneSiC 技術在超高壓或 UHV 碳化矽技術領域處於領先地位，額定電壓高達 6.5 kV。這使得 Navitas 能夠支援這一大趨勢，使用堅固、高效的固態變壓器來升級電網。在此過程中，我們希望參與為 Navitas 創造一個每年 10 億美元的全新市場機會。

We have completed initial sample evaluations with positive customer results. We are now developing engineering samples initially at 2.3 and 3.3 kV in our new SiCPAK package optimized for these ultra-high voltages and designed for very high reliability. We expect to deliver these final samples to customers in Q4 this year.

我們已經完成了初步樣品評估，並獲得了客戶的正面評價。我們目前正在採用新的 SiCPAK 封裝開發初始電壓為 2.3 和 3.3 kV 的工程樣品，該封裝針對這些超高電壓進行了最佳化，並且具有極高的可靠性。我們預計將於今年第四季向客戶交付這些最終樣品。

Our target customers include major power system integrators such as Schneider, ENCON, Vertiv, among others. We expect first customers will create system designs during 2026, with many targeting 2027 for mass production ramp-up.

我們的目標客戶包括施耐德、ENCON、Vertiv 等主要電力系統整合商。我們預計首批客戶將在 2026 年期間創建系統設計，其中許多客戶計劃在 2027 年實現量產。

We currently see limited competition in this exciting new market. And we are aggressively investing in expanding our technology lead and forging strategic relationships with the early leaders that are creating these SSTs.

我們目前看到這個令人興奮的新市場的競爭有限。我們正在積極投資擴大我們的技術領先地位，並與創建這些 SST 的早期領導者建立策略關係。

These SSTs convert from the grid power from over 10,000 volts down to 800 volts needed for next-generation data centers. We estimate this stage requires about 8 million of power semis per gigawatt of power delivered, which translates to about a $500 million per year opportunity for silicon carbide technology in the next five years.

這些 SST 將電網電力從 10,000 多伏轉換為下一代資料中心所需的 800 伏特。我們估計，這一階段每輸送一千兆瓦的電力大約需要 800 萬個電力半拖車，這意味著未來五年碳化矽技術每年將有約 5 億美元的商機。

But this is only the estimate for grid powered data centers, we see the same trends and opportunities to upgrade the grid to connect with large scale renewable energy and storage systems and also, to power the rest of our increasingly electrified planet. In total, we estimate SSTs and grid power reflects well over [$1 billion] per year total market for Navitas' silicon carbide technology by 2030.

但這只是對電網供電資料中心的估計，我們看到了同樣的趨勢和機會，即升級電網以連接大規模再生能源和儲存系統，並為我們日益電氣化的地球的其他部分提供電力。總體而言，我們估計，到 2030 年，SST 和電網電力將反映出 Navitas 碳化矽技術每年超過 [10 億美元] 的總市場規模。

This takes us to the second stage, which converts that incoming 800 volts from the grid down to 48 volts. This second stage requires 800 volts-to-48volt DC-to-DC converters that are integrated directly onto the server motherboard, where real estate is at a premium and thermal management is critical.

這就進入了第二階段，將電網輸入的 800 伏特電壓轉換為 48 伏特電壓。第二階段需要 800 伏特至 48 伏特的直流-直流轉換器，這些轉換器直接整合到伺服器主機板上，而伺服器主機板的空間非常寶貴，熱管理也至關重要。

As a result, this second stage will require the highest frequency, efficiency, and density technologies which GaN and silicon carbide can offer. While the 800-volt input of the (inaudible) can utilize high-voltage GaN or silicon carbide, the 48-volt output of the (inaudible) is a perfect fit for our new mid-voltage 80- to 200-volt GaN, which we expect to introduce beginning later this year.

因此，第二階段將需要 GaN 和碳化矽所能提供的最高頻率、效率和密度技術。雖然 (聽不清楚) 的 800 伏特輸入可以利用高壓 GaN 或碳化矽，但 (聽不清楚) 的 48 伏特輸出非常適合我們新的中壓 80 至 200 伏特 GaN，我們預計將於今年晚些時候開始推出。

Our target customers for this stage include (inaudible), (inaudible), and Delta, among others.

我們此階段的目標客戶包括（聽不清楚）、（聽不清楚）和達美航空等。

Similar to the first stage, initial engineering samples have been evaluated by our early customers with positive results. We are now developing final engineering samples for lead customers in Q4; and supporting them to finalize their system design and supplier selections, in advance of early production ramps expected to start in late 2026.

與第一階段類似，初始工程樣品已經由我們的早期客戶評估並獲得了積極的結果。我們目前正在為第四季度的主要客戶開發最終的工程樣品；並支援他們完成系統設計和供應商選擇，以便在預計於 2026 年底開始的早期生產爬坡之前完成。

We are one of only two suppliers that can offer the full range of high voltage GaN, high voltage silicon carbide, and the mid-voltage GaNs for this application. We believe we offer the best performance versions of each. We estimate this application represents $1 billion per year TAM, given $15 million of power semis per gigawatt delivered.

我們是僅有的兩家能夠提供全系列高壓 GaN、高壓碳化矽和中壓 GaN 的供應商之一。我們相信我們提供的每種版本都是性能最佳的。我們估計，考慮到每交付一千兆瓦電力半導體需要 1500 萬美元，該應用代表每年 10 億美元的 TAM。

Finally, we come to the third stage, which takes the 48 volts from the second stage and converts it down to 12 volts or less to eventually power the AI processor itself. This 48-volt DC-to-DC converter has the most critical demands for high efficiency, density, and reliability, given it is the closest to the AI processor on the motherboard.

最後，我們進入第三階段，它將第二階段的 48 伏特電壓轉換為 12 伏特或更低的電壓，最終為 AI 處理器本身供電。這款 48 伏特 DC-DC 轉換器對高效率、高密度和高可靠性的要求最為嚴格，因為它距離主機板上的 AI 處理器最近。

For this stage, Navitas will use our new 80- to 200-volt GaN technology. This technology offers industry-leading frequency, efficiency, and density; and does it in an innovative new package, which efficiently removes the heat from the top and the bottom of the package, all in a very tiny 5-by-6-millimeter footprint.

在此階段，Navitas 將使用我們新的 80 至 200 伏特 GaN 技術。該技術提供了業界領先的頻率、效率和密度；並且採用了創新的新封裝，可以有效地消除封裝頂部和底部的熱量，所有這些都在一個非常小的 5 x 6 毫米的佔用空間內完成。

Initial customer evaluations are complete with positive results. As with the other stages, we plan to deliver final engineering samples in Q4 and expect customers to finalize their system design and supplier selections, in advance of early production ramps in late 2026. We estimate this stage represents the largest of the three stages with a $1.2 billion per year TAM, given $20 million of power semis per gigawatt of power delivered.

初步客戶評估已完成並取得積極成果。與其他階段一樣，我們計劃在第四季度交付最終工程樣品，並希望客戶在 2026 年底早期生產之前完成其係統設計和供應商選擇。我們估計這一階段是三個階段中最大的一個，每年的總市場價值為 12 億美元，假設每輸送一千兆瓦電力需要 2000 萬美元的電力半成品。

In aggregate, we believe that AI data center and related energy infrastructure opportunities represent a very sizable $2.6 billion dollar per year market opportunity for our industry and for our company. We are pleased that our years of collaboration with industry leaders like Nvidia has led Navitas to be recognized among this sector's key ecosystem partners.

總的來說，我們相信人工智慧資料中心和相關能源基礎設施機會對我們的產業和公司來說代表著每年 26 億美元的巨大市場機會。我們很高興，多年來與 Nvidia 等行業領導者的合作使 Navitas 成為該領域的主要生態系統合作夥伴之一。

We are excited at the positive initial customer evaluations and look forward to developing the final technology for each of the three stages I described. We believe we're at the right time and the right place with the right leading-edge technology to establish a leadership position in this fast-emerging AI data center and energy infrastructure market.

我們對最初的正面客戶評價感到非常興奮，並期待為上述三個階段開發最終技術。我們相信，我們正處於正確的時間和正確的地點，擁有正確的尖端技術，可以在這個快速崛起的人工智慧資料中心和能源基礎設施市場中確立領導地位。

While some of the market headwinds and our decision to sharpen our focus within the mobile and consumer segments will constrain our near-term financial performance, we believe we're making the important decisions and investments to capitalize on this exciting opportunity.

儘管一些市場阻力以及我們決定將重點放在行動和消費者領域的決定將限制我們近期的財務業績，但我們相信我們正在做出重要的決策和投資，以利用這一令人興奮的機會。

We recognize a lot of important information and updates have been shared today. To assist investors to better understand Navitas' plans and opportunities for AI data centers and related energy infrastructure, we're posting a short PowerPoint on our Investor website today that further explains many of the opportunities I just covered. In addition, we will be holding a live presentation and Q&A event open to the public later in the week.

我們認識到今天已經分享了很多重要的資訊和更新。為了幫助投資者更了解 Navitas 在人工智慧資料中心和相關能源基礎設施方面的計劃和機會，我們今天在投資者網站上發布了一個簡短的 PowerPoint，進一步解釋了我剛才介紹的許多機會。此外，我們將在本週晚些時候舉辦一場向公眾開放的現場演示和問答活動。

Now, let me turn it over to Todd to explain further on the financial implications of the strategies and initiatives that I've described.

現在，讓我讓托德進一步解釋我所描述的策略和舉措的財務影響。

Thank you, Gene.

謝謝你，吉恩。

In my comments today, I will take you through our second-quarter 2025 financial results. And then, I'll walk you through our outlook for the third quarter and explain further on the financial implications of some of the important Q2 achievements, market dynamics, and announcements that Gene has described.

在今天的評論中，我將帶您了解我們 2025 年第二季的財務表現。然後，我將向您介紹我們對第三季的展望，並進一步解釋 Gene 所描述的一些重要的第二季成就、市場動態和公告的財務影響。

Revenue in the second quarter of 2025 was at the midpoint of guidance at $14.5 million. As expected, revenue and the industry environment remained relatively static compared to the first quarter of 2025. The decline compared to the year-ago quarter was primarily the result of lower revenues in the China EV and industrial markets, as semiconductor customers wait for improved economic indicators.

2025 年第二季的營收達到預期中位數 1,450 萬美元。正如預期的那樣，與 2025 年第一季相比，收入和行業環境保持相對穩定。與去年同期相比的下降主要是由於中國電動車和工業市場收入下降，因為半導體客戶正在等待經濟指標的改善。

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

在討論毛利和費用之前，我想先請您參閱我們新聞稿中的 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衡量指標。

Gross margin in the second quarter was 38.5%, which was up sequentially compared to 38.1% in the first quarter, primarily due to a slight favorable change in product mix. In the second quarter, we executed on further synergies and operational efficiencies associated with prior acquisitions, as we reduced operating expenses sequentially from $17.2 million to $16.1 million.

第二季毛利率為38.5%，較第一季的38.1%較上季上升，主要由於產品結構略有有利變化。在第二季度，我們進一步發揮了與先前的收購相關的協同效應和營運效率，同時將營運費用從 1,720 萬美元環比減少至 1,610 萬美元。

Operating expenses were comprised of SG&A expenses of $6.9 million and R&D expenses of $9.2 million. Expenses were slightly higher-than-projected as we incurred additional second-quarter-only R&D expenses related to our high-power GaN development.

營運費用包括 690 萬美元的銷售、一般及行政費用和 920 萬美元的研發費用。由於我們在第二季產生了與高功率 GaN 開發相關的額外研發費用，因此費用略高於預期。

Consolidating certain support groups and sites and further streamlining day-to-day functions has allowed us to significantly reduce SG&A by 17% or $1.4 million from the first quarter, while we continue investing in next-generation GaN and SiC technology platforms to serve the increasing power consumption across AI data center and energy infrastructure markets.

整合某些支援小組和站點並進一步簡化日常職能，使我們能夠將銷售、一般和行政費用 (SG&A) 從第一季大幅削減 17% 或 140 萬美元，同時我們能夠將銷售、一般和行政費用 (SG&A) 從第一季大幅削減 17% 或 140 萬美元，同時我們繼續投資下一代 GaN 和 SiC 技術平台，以滿足 AI 資料中心和能源基礎設施市場日益增長的電力消耗。

Adding all this together, the second-quarter 2025 loss from operations improved sequentially to $10.6 million from $11.8 million in the first quarter of 2025 by leveraging SG&A cost reductions.

綜合以上因素，透過降低銷售、一般及行政費用，2025 年第二季的營業虧損從 2025 年第一季的 1,180 萬美元環比改善至 1,060 萬美元。

Our weighted average share count for the second quarter was 199 million shares. Approximately 20 million shares were issued yielding net cash proceeds of $97 million through our at-the-market offerings that we concluded during the quarter.

我們第二季的加權平均股數為 1.99 億股。我們在本季完成的市場發行共發行了約 2,000 萬股股票，產生了 9,700 萬美元的淨現金收益。

Turning to the balance sheet, accounts receivable was relatively flat since last quarter at $12.5 million. Inventory is $15.1 million, down from $16.1 million in the first quarter. We took an approximately $3 million China SiC inventory reserve on US-produced SiC products, given the impact of the unstable tariff environment on our sales into China.

從資產負債表來看，應收帳款自上個季度以來相對持平，為 1,250 萬美元。庫存為 1510 萬美元，低於第一季的 1610 萬美元。考慮到不穩定的關稅環境對我們在中國的銷售的影響，我們對美國生產的 SiC 產品採取了約 300 萬美元的中國 SiC 庫存儲備。

Ultimately, we believe our US manufacturing location for sick wafers will provide Navitas with a significant strategic advantage with our US customers for AI data center and energy infrastructure, over time.

最終，我們相信，隨著時間的推移，我們在美國的矽片製造基地將為 Navitas 在人工智慧資料中心和能源基礎設施方面與美國客戶帶來顯著的戰略優勢。

Our balance sheet remains very strong as we exit Q2 2025 with high levels of liquidity and improved working capital position. Cash and cash equivalents at quarter end were $161 million. We continued to carry no debt.

隨著我們在 2025 年第二季結束時擁有高水準的流動性和改善的營運資金狀況，我們的資產負債表仍然非常強勁。季度末的現金和現金等價物為 1.61 億美元。我們繼續沒有負債。

Moving on to guidance for the third quarter, we currently expect revenue of $10 million, plus or minus $500,000. This expected revenue reduction reflects both adverse impacts from China tariff risks for our silicon carbide business and our strategic decision to deprioritize lower-margin China mobile business, while we accelerate our investment and leadership in AI data centers and associated new energy infrastructure.

展望第三季的預期，我們目前預計營收為 1,000 萬美元，上下浮動 50 萬美元。預期收入減少既反映了中國關稅風險對我們的碳化矽業務的不利影響，也反映了我們降低利潤率較低的中國行動業務優先級的戰略決策，同時我們加快了對人工智慧資料中心和相關新能源基礎設施的投資和領導地位。

These applications have ever increasing power demands ideally served with Navitas' differentiated GaN and SiC technologies that we expect to yield strong growth potential and higher margins over time.

這些應用對功率的需求不斷增長，Navitas 差異化的 GaN 和 SiC 技術可以完美滿足這些需求，我們預計這些技術將隨著時間的推移產生強勁的成長潛力和更高的利潤率。

We believe this transition toward AI data center and energy infrastructure markets will take multiple quarters. We have set up our balance sheet, accordingly.

我們相信，向人工智慧資料中心和能源基礎設施市場的轉變將需要多個季度。我們已經據此制定了資產負債表。

In addition to the completion of our $97 million net capital raise, we have reduced operating expenses 25% from second-quarter 2024. We believe we are well-positioned with the resources and runway to execute on opportunities for our next wave of growth, driven by increased scale and profitability.

除了完成 9,700 萬美元的淨資本籌集外，我們還從 2024 年第二季起將營運費用減少了 25%。我們相信，我們擁有充足的資源和發展空間，能夠在規模和獲利能力提升的推動下抓住下一波成長機會。

Gross margin for the third quarter is expected to be flat compared to the second quarter, with our guidance at 38.5%, plus or minus 50 basis points, as our expected mix remains consistent in the near term.

預計第三季的毛利率與第二季持平，我們的預期為 38.5%，上下浮動 50 個基點，因為我們的預期組合在短期內保持一致。

Turning to operating expenses, we anticipate operating expenses of $15.5 million in the third quarter, down from $16.1 million in Q2 2025 as we continue to execute on our plan of focusing on fewer markets to drive capital efficiency across the business through the transition.

談到營運費用，我們預計第三季的營運費用為 1550 萬美元，低於 2025 年第二季的 1,610 萬美元，因為我們將繼續執行專注於較少市場的計劃，以在過渡期間提高整個業務的資本效率。

For the third quarter of 2025, we expect our weighted average share count to be approximately 214 million shares.

對於 2025 年第三季度，我們預計加權平均股數約為 2.14 億股。

In closing, we are pleased with our Q2 results, particularly around the recognition of our technology-attracting fresh investment, the announcement of strategic ecosystem partnerships, and the acceleration of our focus and investment in data centers and energy infrastructure.

最後，我們對第二季的業績感到滿意，特別是在吸引新投資的技術方面獲得認可、宣佈建立戰略生態系統合作夥伴關係，以及加快對資料中心和能源基礎設施的關注和投資。

Looking forward, while some industry headwinds continue and we will expect to further lessen our reliance on mobile revenues, we are confident these strategic moves position the company for its next wave of significant growth.

展望未來，儘管產業仍面臨一些不利因素，我們預計將進一步減少對行動收入的依賴，但我們相信，這些策略舉措將使公司迎來下一波顯著成長。

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

接線員，我們開始問答環節。

We will now begin the question-and-answer session.

我們現在開始問答環節。

(Operator Instructions)

（操作員指示）

Ross Seymore, Deutsche Bank.

德意志銀行的羅斯·西摩。

Gene, in this transition -- let's get the bad news out of the way first -- how do you expect the revenues to behave between now and the time in, it sounds like, second half of next year where the bigger ramp will occur in the data center side? So as we drop-down first before we go back up on the other side, how should we think that shape looks?

吉恩，在這個轉變過程中──我們先把壞消息說清楚──您預計從現在到明年下半年資料中心方面收入將如何成長？因此，當我們先下降然後再回到另一側時，我們應該認為那個形狀是什麼樣子的？

Yeah. Thanks, Ross. Good question. The obvious question, right?

是的。謝謝，羅斯。好問題。這是一個顯而易見的問題，對吧？

As we make the transition, we're going to both reduce dependency on mobile, as Todd and I described, which does involve reducing some revenues; being more selective in that market. At the same time, we're layering in all new design wins from other sectors and even, the 48-volt data centers.

正如托德和我所描述的，在我們進行轉型的過程中，我們將減少對行動裝置的依賴，這確實會減少一些收入；我們會在該市場上更加挑剔。同時，我們也將吸收來自其他領域甚至 48 伏特資料中心的所有新設計成果。

I think those net out to some softer quarters over the next one or two quarters but sets us up well as we shift all of our heavy investment into the AI data center, first, 48-volt; but much bigger, as we described, with the 800-volt. So it will be a transitionary period. But some softer quarters in the near term. But setting us up well for big growth as we get into '26.

我認為這些因素會在未來一兩個季度導致一些季度表現較疲軟，但當我們將所有大量投資轉移到人工智慧資料中心時，我們處於有利地位，首先是 48 伏特；但正如我們所描述的，規模要大得多，是 800 伏特。所以這將會是一個過渡時期。但短期內一些季度的業績會比較疲軟。但當我們進入 26 年時，這將為我們帶來巨大的成長。

And then, that's the perfect transition to the good side of the equation. When you get into '26 -- and you say most of these ramps are late '26, are you talking second half or fourth quarter?

然後，這就是向等式好的一面的完美過渡。當你進入 26 年時 — — 你說這些坡道大部分都是在 26 年末，你指的是下半年還是第四季度？

And then, looking even further beyond that, what's the margin structure you think this business could offer? Especially on your gross margin line, it seems like it would have significantly less pressure from competitors perhaps; but inherently, a more performance-centric market. So what gross margin do you think that could deliver?

然後，進一步看，您認為這項業務可以提供什麼樣的利潤結構？特別是在毛利率方面，似乎來自競爭對手的壓力會小得多；但本質上，這是一個更以業績為中心的市場。那麼您認為這能帶來多少毛利率呢？

Yeah. Let me -- covering the first part, recognize the 800-volt data center is heavily a 2027 play. That's a pretty extraordinary one with really high content, we believe, of GaN and silicon carbide across those three stages we talked about.

是的。讓我——涵蓋第一部分，認識到 800 伏特資料中心很大程度上是 2027 年的玩意。我們認為，這是一個非常特殊的產品，在我們討論的三個階段中，GaN 和碳化矽的含量非常高。

48 volts are still ramping, right? We previously announced 70 customer projects, over 40 wins. They're not as big. They're not as significant. But those will be contributing and layering into growth and help offset some of that reduced mobile dependency we talked about throughout '26. So I think that's the dynamic for '26 on the top line.

48 伏特電壓仍在上升，對嗎？我們之前宣布了 70 個客戶項目，其中有 40 多個獲得成功。它們沒那麼大。它們並不那麼重要。但這些都會對成長做出貢獻並產生影響，並有助於抵消我們在 26 年期間談到的一些對行動裝置依賴的減少。所以我認為這就是 26 年頂線的動態。

I think on margin, we still have our same long-term margin model, north of 50 points. As you point out, the AI data center and the energy infrastructure markets should be very high-value markets. They're really driven around performance, efficiency, density.

我認為就保證金而言，我們仍然擁有相同的長期保證金模型，即 50 點以上。正如您所指出的，人工智慧資料中心和能源基礎設施市場應該是非常高價值的市場。它們真正關注的是性能、效率和密度。

Cost is secondary, even supply chain output is a higher issue than cost. And that's, also, obviously, part of what we're doing with mobile and reducing that dependency; being more selective. So I think all that sets us up well.

成本是次要的，甚至供應鏈產出也是比成本更重要的問題。顯然，這也是我們在行動裝置方面所採取的措施的一部分，旨在減少對行動裝置的依賴，提高選擇性。所以我認為這一切都為我們做好了準備。

I'd add in another factor, which is a big announcement in the quarter, Powerchip. Low-cost 8-inch, that's also going to be layering in over the next 12 to 24 months. That's going to drive great cost reduction for us, better price points in the market, better upside on growth, but also add to the incremental gross margin as we go from high 30%s, low 40%s and head towards that longer-term model of 50% and beyond.

我想補充另一個因素，那就是本季的重大公告，Powerchip。低成本的 8 吋也將在未來 12 到 24 個月內推出。這將大大降低我們的成本，提高市場價格點，增強成長潛力，同時也增加毛利率，因為我們的毛利率將從 30% 的高點、40% 的低位，逐漸向 50% 甚至更高的長期模式邁進。

Thank you.

謝謝。

Thanks, Ross.

謝謝，羅斯。

Blayne Curtis, Jefferies

布萊恩·柯蒂斯（傑富瑞）

Maybe just following up on Ross. I just want to understand what portion of your mobile business, historically, are you deeming that lower gross margin business you're walking away? You said a continued headwind. I'm just trying to understand, does the absolute amount per quarter go lower from here? Or is the remainder stuff you'll stick with for a little bit longer?

也許只是在跟進羅斯。我只是想了解一下，從歷史上看，您認為應該放棄的行動業務中毛利率較低的部分是哪一部分？您說逆風持續存在。我只是想知道，從現在起每季的絕對金額會降低嗎？還是你會將剩下的東西堅持一段時間？

Yeah. Good questions, Blayne.

是的。布萊恩，問得好。

And so we've often highlighted how the value of GaN in chargers and in other application goes up as you go up in power. Ultra-fast chargers, we've talked about in the past, are really north of 100 watts. We participated in things below that, 45 watts, 65 watts. Those are popular power levels, even with silicon chargers. There's a lot of volume there. A lot of that volume is in China.

因此，我們經常強調，隨著功率的增加，GaN 在充電器和其他應用中的價值也會增加。我們過去討論過的超快速充電器實際上功率超過 100 瓦。我們參與了低於這個功率的項目，45瓦，65瓦。即使使用矽充電器，這也是很受歡迎的功率等級。那裡有很多東西。其中很大一部分來自中國。

But we don't love the price points. We don't love the margin profile. And we don't love the price profile, going forward. So we're going to really refocus on those ultra-fast chargers, 100-watt and plus.

但我們不喜歡這個價格。我們不喜歡這個利潤率概況。而且我們不喜歡未來的價格走勢。因此，我們將重新關注那些 100 瓦及以上的超快速充電器。

Case in point, we just announced a 90-watt Xiaomi aftermarket charger. That's a great one. In China, that's with a great brand and a great partner and an incredible power density. It's the power that is on the upper end of most notebooks but in the size of a typical 12-watt silicon charger. So that's the kind of things we'll keep going with.

例如，我們剛剛發布了一款 90 瓦的米售後充電器。這真是太棒了。在中國，我們擁有一個偉大的品牌、一個偉大的合作夥伴以及令人難以置信的功率密度。它的功率與大多數筆記型電腦相當，但尺寸卻與典型的 12 瓦矽充電器相當。所以我們會繼續做這樣的事情。

We're going to like that margin profile better. But admittedly, it's going to be less revenue-based. The mainstream where we're reducing is more China, more 65-watt and 45-watt, and we see that being far more than offset as we start to ramp AI data centers later in '26.

我們會更喜歡這個利潤率概況。但不可否認的是，它將不再那麼依賴收入。我們減少的主流是中國，更多的是 65 瓦和 45 瓦，而且我們看到，隨著我們在 26 年下半年開始增加 AI 資料中心，這一數字將遠遠超過抵消額度。

And then, I just was curious on the transition to Powerchip. Can you just walk us through in terms of your ability to get any volumes before Powerchip ramps? Is there any impact from that transition in your revenue outlook?

然後，我只是對向 Powerchip 的過渡感到好奇。您能否向我們介紹一下在 Powerchip 產量增加之前，您獲得產量的能力？這種轉變對您的收入前景有何影響？

Yeah.

是的。

You can break it into two pieces. We've actually got the, what we call, the mid-voltage GaN that's brand new, 80- to 200-volts. That's very important for 48-volt data centers today and 800-volt data centers tomorrow in this, what I call, the stage 3. That's starting out straight away from Powerchip. We're already sampling that next quarter from Powerchip. That will start ramping production in early '26.

你可以把它掰成兩塊。我們實際上已經獲得了所謂的全新中壓 GaN，電壓為 80 至 200 伏特。這對於今天的 48 伏特資料中心和明天的 800 伏特資料中心非常重要，我稱之為第三階段。這是直接從 Powerchip 開始的。我們已經在下個季度從 Powerchip 獲得樣品。該公司將於 26 年初開始提高產量。

The high-voltage GaN, we're already shipping today from TSMC. We'll start sampling that to customers, if not late this year, early next year. That will start ramping in late '26. We expect a lot of our customers to migrate quite quickly from TSMC to Powerchip, given the big advantages in technology cost and capacity.

我們今天已從台積電出貨高壓 GaN。我們將開始向客戶提供樣品，如果不是在今年年底，那麼明年年初。這一數字將於 26 年底開始上升。鑑於技術成本和產能的巨大優勢，我們預期許多客戶很快就會從台積電轉向力晶。

In short, there's no supply issue. This is more -- the revenue headwind is purely because of where pricing and margin went in mobile.

簡而言之，不存在供應問題。更重要的是──收入逆風純粹是因為行動領域的定價和利潤率。

Yeah. exactly. Yeah. Thanks for clarifying. No supply at all. In fact, by bringing up 8-inch, that gets you 80% more die per wafer. We'll have a lot of capacity.

是的，確實如此。是的。謝謝澄清。根本沒有供給。事實上，透過採用 8 英寸，每個晶圓可以多出 80% 的晶片。我們將擁有很大的產能。

No shortages or supply chain issues on our mobile decisions in the short term.

短期內我們的行動決策不會出現短缺或供應鏈問題。

Kevin Cassidy, Rosenblatt Securities.

羅森布拉特證券公司的凱文·卡西迪。

Since the announcement from NVIDIA, have you seen any adoption increase, just in the 48-volt data centers today, for moving to gallium nitride? It seemed like they were a little hesitant in the past. But does that help break a logjam?

自 NVIDIA 發佈公告以來，您是否看到目前 48 伏特資料中心對氮化鎵的採用有所增加？看起來他們過去有些猶豫。但這有助於打破僵局嗎？

Yeah. It's a good thought, Kevin.

是的。這是一個好主意，凱文。

I think -- well, it's a little too early to call it fully. But it brings up an important point. While we see GaN designs already underway for the 48-volt system of an 800-volt data center, that same, what I was calling stage 3, that 48-volt converter using GaN, can also be used in 48-volt data centers.

我認為——嗯，現在下結論還為時過早。但它提出了一個重要的觀點。雖然我們看到 800 伏特資料中心的 48 伏特系統已經在採用 GaN 設計，但我所說的第 3 階段，即使用 GaN 的 48 伏特轉換器，也可以用於 48 伏特資料中心。

So we're hopeful that as we prove it out with an eye towards 800-volt, we could get some upside next year, putting it in place even before the 800-volt ramp-up with 48-volt data centers.

因此，我們希望，隨著我們著眼於 800 伏特來證明這一點，我們可以在明年獲得一些優勢，甚至可以在 48 伏特資料中心的 800 伏特升級之前將其部署到位。

But it's a little too early to call it. We'll sort of see how that plays out and obviously do what we can to support it.

但現在下結論還為時過早。我們將觀察其進展情況，並盡我們所能支持它。

Okay. I see. And then, also on the transition from TSMC to Powerchip, should we expect to see inventory build? Are you going to get a safety supply of TSMC wafers before making the transition?

好的。我懂了。然後，從台積電到力晶的轉型，我們是否應該期待看到庫存的增加？在轉型之前，你們會確保台積電晶圓的安全供應嗎？

Yeah. TSMC is committed to at least a two-year supply through mid of '27. That might get extended. But even if it doesn't, we can do additional last time buys as you're implying.

是的。台積電承諾到 27 年中期至少供應兩年。這可能會延長。但即使沒有，我們也可以像您暗示的那樣進行額外的最後一次購買。

Our message to our customers, if it takes them a little bit longer to transition to Powerchip, we can supply them through all of '27, probably even into '28, if it's needed. I don't think it will take anybody that close.

我們向客戶傳達的訊息是，如果他們需要更長的時間來過渡到 Powerchip，我們可以在整個 27 年為他們提供供應，如果需要的話，甚至可能持續到 28 年。我認為它不會讓任何人靠近得這麼近。

And there are so many big advantages on cost capacity and tech to make that move. But that gives us a nice cushion and a high confidence on supply chain.

實現這項措施在成本、容量和技術方面都具有許多巨大優勢。但這給了我們良好的緩衝，並對供應鏈充滿信心。

Okay. Thank you.

好的。謝謝。

Thanks, Kevin.

謝謝，凱文。

Jack Egan, Charter Equity Research.

傑克‧伊根（Jack Egan），憲章權益研究公司。

Just on the near term, I was hoping you could go through the drivers for the big sequential decline in September. You have a weaker demand environment; some tariff headwinds; and then, the narrowing of your products portfolio. So how much did each of those contribute to the guidance for September?

就短期而言，我希望您能夠了解導致 9 月環比大幅下滑的因素。您面臨需求環境減弱、關稅阻力增加以及產品組合縮小等問題。那麼，這些因素對 9 月的預測分別有多大貢獻呢？

Yeah. You summarized it really well, Jack.

是的。你總結得非常好，傑克。

They're almost equal weight. In the short term, we knew silicon carbide was a risk for us in China on the tariffs. We're one of the few guys that does US manufacturing. That's a risk that is turning into reality.

它們的重量幾乎相等。短期內，我們知道碳化矽對我們在中國的關稅構成風險。我們是少數在美國進行製造的公司之一。這種風險正在變成現實。

That same risk of having US manufacturing, of course, becomes a great strength as we look at AI data centers and energy infrastructure over time because our customers, which are heavily US-based, love the idea of a US supply chain.

當然，當我們長期關注人工智慧資料中心和能源基礎設施時，擁有美國製造業的同樣風險也變成了巨大的優勢，因為我們的客戶主要位於美國，他們喜歡美國供應鏈的想法。

But in the short term, that's caused us some impact. I think that's mostly a Q3 impact, maybe a little bit Q4.

但從短期來看，這對我們造成了一些影響。我認為這主要是對第三季的影響，也許對第四季也有一點影響。

The other is the intention to be more selective in mobile, reduce our dependency. That's going to be a multi-quarter effort, as Todd applied.

另一個目的是在行動裝置上更具選擇性，減少我們的依賴。正如托德所說，這將是一項持續多個季度的努力。

And then, we've not seen ramp-ups of new design wins, given the industry slowdowns continuing, I think, for a couple of quarters more. It's a little hard to predict even by our larger competitors.

然後，由於行業放緩將持續幾個季度，我認為我們還沒有看到新設計勝利的增加。即使對於我們規模更大的競爭對手來說，這也有點難以預測。

So I'd give them equal weight on driving some of the sequential decline in Q3.

因此，我認為它們對第三季的環比下滑具有同等重要的作用。

Okay. That's helpful.

好的。這很有幫助。

And then, on the data center side, has the 800-volt announcements with NVIDIA led to more engagement with other data center customers? Would Navitas have the design and support resources to handle those additional products? Would NVIDIA really just take the bulk of your focus for the foreseeable future?

那麼，在資料中心方面，與 NVIDIA 合作推出的 800 伏特公告是否引起了與其他資料中心客戶的更多互動？Navitas 是否有設計和支援資源來處理這些附加產品？在可預見的未來，NVIDIA 真的會佔據你的大部分注意力嗎？

Yeah. It's definitely open doors. We thought we're well positioned already. A lot of these customers, we know very well around the world. Many of them are doing power supplies in markets where we're already serving, whether it's notebook or desktop or even early server work that we've already done.

是的。這絕對是敞開的大門。我們認為我們已經處於有利地位。我們非常了解世界各地的許多這樣的客戶。他們中的許多人正在我們已經服務的市場中生產電源，無論是筆記型電腦還是桌上型電腦，甚至是我們已經完成的早期伺服器工作。

We know the customers well, especially on SST -- that's the newest field, solid-state transformers. So we've had a lot of inbound there. It's opening up a lot of doors, which is exciting.

我們非常了解客戶，尤其是 SST——這是最新的領域，固態變壓器。因此，我們在那裡收到了很多來訪者。它打開了很多扇門，令人興奮。

To your point about opening doors, too, we should mention that NVIDIA is hugely influential. We're super excited about their vision. They're not the only guys looking to drive this move towards higher-voltage data centers. Those are opportunities that are also emerging.

關於您所提到的打開大門，我們也應該提到 NVIDIA 具有巨大的影響力。我們對他們的願景感到非常興奮。他們並不是唯一希望推動資料中心向更高電壓邁進的人。這些也是正在出現的機會。

Nothing really to announce yet. But I think there's other players that are going to be pushing in the same direction, expanding the market opportunity.

目前還沒有什麼可以宣布的。但我認為其他參與者也會朝著同一方向努力，擴大市場機會。

Got it. Thank you.

知道了。謝謝。

Thanks, Jack.

謝謝，傑克。

Joe Moore, Morgan Stanley.

摩根士丹利的喬摩爾。

I wonder if you could talk about the competition for these NVIDIA products. You've had 10 different companies announce their participation in this partnership. Obviously, you guys have a wider range of wide band-gap products to address it with.

我想知道您是否可以談談這些 NVIDIA 產品的競爭情況。已經有 10 家不同的公司宣布參與這項合作。顯然，你們有更廣泛的寬頻隙產品來解決這個問題。

But can you just talk about -- when you talk about that SAM -- your position within that SAM?

但是當您談論 SAM 時，您能談談您在 SAM 中的職位嗎？

Yeah. Definitely, Joe.

是的。當然，喬。

You touched on the first point, which is, this is a pretty extraordinary challenge from grid power at tens of thousands of volts to step it all the way down to GPU power at sub-one volt. Each of these three stages has a big demand on high efficiency and high density. So you're going to need the best high-performance, high-reliability, and high-efficiency technology in each stage.

您提到了第一點，這是一個相當艱鉅的挑戰，從數萬伏的電網電源一路降至低於一伏的 GPU 電源。這三個階段對高效率、高密度都有很大的要求。因此，您在每個階段都需要最好的高效能、高可靠性和高效率技術。

We feel like we're starting from a great place, not just having the range, but on the silicon carbide, what we call ultra-high voltage, 2.3 kilovolt, all the way up to 6.5 kilovolt -- very few suppliers in that space.

我們感覺我們的起點很好，不僅擁有廣泛的應用範圍，而且擁有碳化矽，我們稱之為超高壓，2.3 千伏，一直到 6.5 千伏——該領域的供應商很少。

We have the best performance, the best reliability -- in our opinion, gives us a great starting point.

我們擁有最佳的性能、最佳的可靠性——我們認為，這給了我們一個很好的起點。

We're investing aggressively to expand that lead generationally in packages and portfolio. You go to that second stage of high-voltage GaN -- which companies have high-voltage GaN, high-voltage silicon carbide? It may take a combination of those two in the second stage.

我們正在積極投資，以擴大產品包裝和產品組合的領先優勢。您進入高壓 GaN 的第二階段——哪些公司擁有高壓 GaN、高壓碳化矽？第二階段可能需要將這兩者結合。

And the output of that, the mid-voltage GaN, 80- to 200-volt. Very, very few, even of the named suppliers that are participating have that combination.

其輸出為中壓 GaN，電壓為 80 至 200 伏特。即使是參與活動的指定供應商，也很少具備這種組合。

And then, that third stage is all mid-voltage GaN, 80- to 200-volt GaN with a 40-volt converter, demanding the highest efficiency, highest density.

然後，第三階段是所有中壓 GaN，80 至 200 伏特 GaN 隨附 40 伏特轉換器，要求最高效率、最高密度。

Part of our strategic decision to defocus and reduce some of our dependency on mobile is shifting aggressively to accelerate that R&D: push that technology advantage, push the focus, and increase the customer intimacy.

我們的策略決策之一是減少對行動裝置的依賴，並積極轉向加速研發：推動技術優勢、推動重點並增加客戶親密度。

I think those are all positives.

我認為這些都是正面的。

Another big positive for us is our size. While we're up against some big guys, I think our small size is our advantage: speed, flexibility, innovation, risk-taking, and focus. It all comes back to focus.

對我們來說另一個巨大的優勢是我們的規模。雖然我們面臨一些大公司的競爭，但我認為規模小是我們的優勢：速度、靈活性、創新性、敢於冒險和專注。一切又回到焦點。

And so a lot of what you heard today is us really doubling down and increasing the focus in this critical fast-moving market.

所以，大家今天聽到的很多內容都是關於我們真正加倍努力並加大對這個關鍵的、快速發展的市場的關注。

Great. Thank you.

偉大的。謝謝。

Thanks, Joe.

謝謝，喬。

Jon Tanwanteng, CGS Securities.

Jon Tanwanteng，銀河證券。

I was wondering, since there's, obviously, no design wins as part of the announcement -- there's a long time until you get there; you're announcing this transition away from your core bread-and-butter markets -- are you getting any design and engineering revenue along the way? Or is it really just risking it all with the knowledge that you do think you have a performing product before we get there?

我想知道，既然很明顯，公告中沒有提到設計勝利——距離實現這一目標還有很長的路要走；你們宣布了這一遠離核心生計市場的轉型——在此過程中，你們是否獲得了任何設計和工程收入？或者在我們到達那裡之前，您真的只是冒著風險，認為自己已經擁有了性能良好的產品？

How should we think about the cash flows along the way, as well? Obviously, nice to see that you do raise the capital but what should we expect before the cash flows start ramping again?

我們還應該如何考慮這過程中的現金流？顯然，很高興看到您確實籌集了資金，但是在現金流再次開始增加之前我們應該期待什麼？

Yeah. It is an important point. I don't -- as much as the 800-volt is exciting -- and there's a lot to do and we're off to a good start and we think we're well positioned -- it's mainly a 2027 play. 2026 is still ramping on 48-volt data centers.

是的。這是一個重要的觀點。我不這麼認為——儘管 800 伏特很令人興奮——而且還有很多事情要做，而且我們有一個良好的開端，我們認為我們已經做好了準備——這主要是 2027 年的計劃。 2026 年我們仍然會在 48 伏特資料中心上加大投入。

We've already announced the 40 design wins, over 70 in total customer projects that will be ramping. Yeah, those are being offset by some of this reduction in mobile dependency but you're going to see those shine through as we ramp up in '26. So you're going to see those, I think, great announcements, great design wins.

我們已經宣布了 40 個設計勝利，總共有 70 多個客戶專案正在加速推進。是的，這些影響在一定程度上被對行動裝置依賴性的減少所抵消，但隨著我們在 26 年的擴張，你會看到這些影響顯現出來。所以我認為你會看到那些偉大的公告和偉大的設計勝利。

We didn't put a big spotlight on pipeline this quarter just because we had so much else to cover to better explain the AI data center opportunity. But you'll definitely see those design wins and see those growth proof points along the way throughout '26.

本季我們並沒有專注於管道，因為我們還有很多其他內容需要介紹，以便更好地解釋人工智慧資料中心的機會。但你肯定會看到這些設計上的勝利，並看到 26 年期間的成長證明點。

And then, there was another, I think, question, Todd, for you.

然後，我認為還有一個問題要問你，托德。

Yeah. Jon, I think you mentioned something about cash flow. Yeah, this last quarter, our operating cash flow was around $11 million.

是的。喬恩，我想你提到了一些關於現金流的事情。是的，上個季度，我們的經營現金流約為 1,100 萬美元。

With the $106 million on our balance sheet today, we expect to maintain cash flow usage of around $10 million to $11 million, going forward.

我們目前的資產負債表上有 1.06 億美元，我們預計未來現金流量使用量將維持在 1,000 萬至 1,100 萬美元左右。

So that's our profile, going forward, because we expect to also keep operating expenses pretty flat.

這就是我們未來的發展方向，因為我們預計營運費用也將保持相當穩定。

Okay. Great. Thank you.

好的。偉大的。謝謝。

And just to clarify, Gene, when you say things improving through '26, are you talking about just data center or are you expecting other markets to recover, as well?

吉恩，需要澄清的是，當您說情況到 26 年會有所改善時，您是指資料中心，還是您預計其他市場也會復甦？

Yeah. think that depends somewhat on the markets. We did enter this year with a strong pipeline, strong design wins. Some of those forecasts have come down or delayed a bit with the continued softness in the market.

是的。我認為這在某種程度上取決於市場。我們確實在今年擁有了強大的產品線和出色的設計成果。隨著市場持續疲軟，部分預測有所下降或延後。

But I would certainly expect to see recovery, as I think most do going into '26. That's going to add to some tailwinds for us.

但我肯定會看到復甦，因為我認為大多數人都會在進入26年時期待復甦。這將為我們帶來一些順風。

Okay. Thank you.

好的。謝謝。

Thank you, Jon.

謝謝你，喬恩。

(Operator Instructions)

（操作員指示）

Richard Shannon, Craig-Hallum Capital Group.

克雷格-哈勒姆資本集團的理查德·香農。

A couple of questions here. Gene, curious to understand the change in focus here and what's driving this. Have we had a material change in pricing trends in certain markets here? I know you've got a fairly aggressive competitors, specifically in China with mobile, but wondering if there's been any change here in the last quarter or two that's dictated this? Or is it just a continuing trend that made it harder?

這裡有幾個問題。吉恩，我很好奇想了解這裡焦點的變化以及推動這項變化的原因。我們這裡某些市場的定價趨勢是否發生了重大變化？我知道你們的競爭對手相當激烈，特別是在中國的行動領域，但我想知道過去一兩個季度是否發生了什麼變化導致了這種情況？或者這只是一個持續的趨勢，使事情變得更加困難？

Yeah. I think you nailed it on the head, Richard. No big announcements here. We've seen this trend for a while. We've talked about the importance of ultra-fast charging and where we bring the real value.

是的。我認為你說得很對，理查德。這裡沒有什麼重大公告。我們已經看到這種趨勢有一段時間了。我們已經討論了超快速充電的重要性以及我們帶來的真正價值。

We participated in some of the more mainstream price sensitive, as I said, 45-, 65-watt -- some decent volume there in China. But those trends continue.

我們參與了一些較主流的價格敏感型產品，正如我所說，45 瓦、65 瓦的產品在中國有相當不錯的銷售量。但這些趨勢仍在持續。

And when the market is soft, people get more aggressive on price, it's normal. But we don't like that pricing trend. We don't like the margin profile. And frankly, we're getting ready for a much more attractive pricing margin profile, where we really want to put our investment and focus, as you're hearing throughout the call.

當市場疲軟時，人們在價格上會變得更加激進，這是正常的。但我們不喜歡這種定價趨勢。我們不喜歡這個利潤率。坦白說，我們正在為更具吸引力的價格保證金狀況做準備，正如您在整個通話過程中聽到的那樣，我們確實希望將我們的投資和重點放在那裡。

Okay. Fair enough. If I missed this, I apologize. But I just want to get a sense of how you're thinking of the trajectory in gross margins over the near term.

好的。很公平。如果我錯過了這一點，我深感抱歉。但我只是想了解您對近期毛利率走勢的看法。

I think it was an earlier question about what to expect from a revenue perspective, which seems maybe bumping along the bottom or whatever phrase you'd like to use. But how do we think about gross margins here, particularly as we de-emphasize some of these lower-margin markets? Will we get up to a bump above 40% here fairly soon? Or does that really take the revenue inflection to make that happen?

我認為這是一個先前的問題，關於從收入角度可以期待什麼，這似乎可能是在底部徘徊，或者無論你想使用什麼短語。但是，我們如何看待這裡的毛利率，特別是當我們不再強調一些利潤率較低的市場時？我們很快就會達到 40% 以上的水平嗎？或者這真的需要收入變化才能實現嗎？

Yeah. It's actually going to take the revenue inflection to make that happen. To your point, we've delivered 38.5%. We're guiding to 38.5% in Q3. And we expect it to remain that level as some of the other businesses are experiencing some tariff pressure on their margins, mainly in our silicon carbide business.

是的。實際上，需要透過收入調整來實現這一目標。正如您所說，我們已經實現了 38.5%。我們預計第三季這一比例將達到 38.5%。我們預計它將保持在這一水平，因為其他一些企業的利潤率正面臨關稅壓力，主要是我們的碳化矽業務。

So you're not going to see that gross margin profile increase until the other sectors kick in.

因此，在其他部門開始發揮作用之前，你不會看到毛利率上升。

Okay. Great. Thanks, guys.

好的。偉大的。謝謝大家。

Thank you, Richard.

謝謝你，理查。

Therea are no further questions at this time. That concludes today's call.

目前沒有其他問題。今天的電話會議到此結束。

Thank you all for joining. You may now disconnect.

感謝大家的加入。您現在可以斷開連線。