納微半導體 (NVTS) 2025 Q3 法說會逐字稿

Thank you for standing by. My name is Jordan, and I'll be your conference operator today. At this time, I'd like to welcome everyone to the Navitas Semiconductor third quarter 2025 earnings call. All lines have been placed on mute to prevent any background noise. I'd now like to turn the call over to Lori Barker, Investor Relations. You may begin.

感謝您的耐心等待。我叫喬丹，今天我將擔任你們的會議接線生。在此，我謹代表 Navitas Semiconductor 公司歡迎各位參加 2025 年第三季財報電話會議。所有線路均已靜音，以防止任何背景噪音。現在我將把電話交給投資者關係部的 Lori Barker。你可以開始了。

Good afternoon everyone. I'm Laurie Barker, investor relations for Navitas. Thank you for joining Navitas Semiconductor's 3rd quarter 2025 results conference call. I'm joined today by Chris Alexandra, AI President and CEO, and Todd Glickman, CFO. 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.

各位下午好。我是勞裡·巴克，Navitas公司的投資者關係負責人。感謝您參加 Navitas Semiconductor 2025 年第三季業績電話會議。今天和我一起的有AI總裁兼執行長克里斯·亞歷山德拉和財務長托德·格里克曼。本次網路直播的錄影將在電話會議結束後約1小時在我們的網站上提供。有效期限約30天。有關我們業務的更多資訊也發佈在我們網站的投資者關係版塊。

Our earnings release includes non-GAAP financial measures. Reconciliation of these non-GAAP financial measures with the most directly comparable GAAP measures are included in our 3rd quarter earnings release and also posted on our website in the investor relations section.

我們的獲利報告包含非GAAP財務指標。這些非GAAP財務指標與最直接可比較的GAAP指標的調節表已包含在我們第三季財報中，並發佈在我們網站的投資人關係部分。

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

非GAAP費用和營業利潤率不包括股權激勵費用、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, our future strategy, or the future financial performance of Navitas. We may make predictions or describe trends in our industry and markets. You can identify some of these statements by words like we expect or we believe or similar items. We wish to caution you that all such forward-looking statements are subject to assumptions, 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、我們的未來策略或 Navitas 的未來財務表現做出前瞻性聲明。我們可以對我們的行業和市場趨勢進行預測或描述。你可以透過諸如「我們期望」、「我們相信」或類似字眼來辨識這些陳述。我們謹此提醒您，所有此類前瞻性陳述均受制於假設、風險和不確定性，這些因素可能導致實際事件或結果與我們在前瞻性陳述中表達的預期有重大差異。

Important factors that can affect Navitos's business include 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 10k and 10Q.

影響 Navitos 業務的重要因素包括可能導致實際結果與我們的前瞻性聲明之間存在差異的因素，這些因素已在我們的盈利報告中進行了描述。另請參閱我們最新 10-K 和 10-Q 文件中的風險因素部分。

Our actual performance may differ from our projections and our estimates. Assumptions and strategies may change. Navitas assumes no obligation to update forward-looking statements to reflect actual results, changed circumstances, or other events that may occur except as required by law. And now, over to Chris Alexandra, CEO.

我們的實際業績可能與我們的預測和估計有所不同。假設和策略可能會改變。Navitas 不承擔更新前瞻性聲明以反映實際結果、情況變化或其他可能發生的事件的義務，除非法律要求。現在，請執行長克里斯·亞歷山德拉發言。

Good afternoon and thank you for joining us. I am very excited to have the opportunity to address you today. I have now been in my role for approximately 60 days, and I would like to take this opportunity to share with you my vision for the future of Navitas.

下午好，感謝各位的參與。我很高興今天有機會向各位演講。我擔任這個職位已經大約 60 天了，我想藉此機會與大家分享我對 Navitas 未來的願景。

I will start by saying that I feel incredibly proud to be leading the Navitas team, a world class team that has been at the forefront of both car nitride organ and the high voltage silicon carbide or sick since the very beginning of their development.

首先，我要說的是，我非常自豪能夠領導 Navitas 團隊，這是一個世界級的團隊，從汽車氮化物有機物和高壓碳化矽有機物（或稱矽碳化物）研發之初就一直處於這兩個領域的前沿。

Today marks a crucial moment for Navitas as we enter a transformation of our company. Over the last 60 days, I've been on the road meeting and collaborating with customers, employees, suppliers and partners. That strategic tour gave me a clear view of our strengths and challenges, and, most importantly, the opportunity.

今天對Navitas來說是一個關鍵時刻，我們將進入公司轉型期。在過去的60天裡，我一直在出差，與客戶、員工、供應商和合作夥伴會面和合作。那次戰略考察讓我清楚地看到了我們的優勢和挑戰，以及最重要的機會。

The conclusion is straightforward. Navitas is a company with enormous potential, underpinned by strong conventional elements already in place in both Gha and a high voltage sea, and we have a tremendous opportunity to win in high power, high growth markets such as AI data centers.

結論很簡單。Navitas 是一家潛力巨大的公司，其強大的傳統優勢已在加納和高壓海域得到鞏固，我們在人工智慧資料中心等高功率、高成長市場擁有巨大的成功機會。

Customer computing, energy and grid infrastructure, and industrial electrification. Customers are eager to adapt those technologies into their application, and we have the experience and track record of delivering those technologies in scale and volume, and they want to collaborate.

客戶運算、能源和電網基礎設施以及工業電氣化。客戶渴望將這些技術應用到他們的應用程式中，而我們在大規模交付這些技術方面擁有豐富的經驗和良好的業績記錄，他們也希望與我們合作。

Simply put, we are in the right markets with the right technologies, and we can win with focus on strong execution. We will accelerate, pivot and double down on those high power markets and customers as we move away from consumer and mobile.

簡而言之，我們擁有合適的技術，進入了正確的市場，只要專注於強而有力的執行，我們就能取得成功。我們將加速轉型，增加對高潛力市場和客戶的投入，同時逐步減少對消費者和行動市場的投入。

I call this Navitas 2.0 a transformation to a high power sharp focused company serving red to the GPU to drive more consistent, profitable. And sustainable result.

我稱之為 Navitas 2.0 的轉型，使其成為一家專注於為 GPU 提供紅色驅動力的強大公司，從而實現更穩定、更盈利的業績。而且是可持續的結果。

Before we dig into what we are doing, let's quickly cover what is happening in the market right now. Across the entire market, electrification is accelerating and moving up in power demand. AI data centers necessitate reacting power distribution to achieve higher efficiency and density, and they are doing so exponentially.

在我們深入探討具體工作之前，讓我們先快速了解當前市場的情況。整個市場電氣化進程正在加速，電力需求也不斷上升。人工智慧資料中心需要響應式電力分配以實現更高的效率和密度，而這種需求正在指數級增長。

In parallel, the energy grid is transforming with storage. Solid state transformers, utility scale renewables and megawatt charging to support the AI catalyst, but also the overall growing energy demand. This is not a short cycle. It is a durable multi-decade sustainable trend that will reshape our architecture at rack system, and grid tile levels.

同時，儲能技術正在推動能源網路轉型。固態變壓器、公用事業規模的再生能源和兆瓦級充電不僅支援人工智慧催化劑，也支援不斷增長的整體能源需求。這不是一個短週期。這是一個可持續數十年的持久趨勢，它將在機架系統和網格瓦片層面重塑我們的建築。

This requires fundamental change in customer system architecture, design and technologies, and simply means the total market size Davita is addressing has increased multiple falls. It opens immense opportunities for high powered players such as Navitas.

這需要客戶系統架構、設計和技術發生根本性的變化，這意味著達維塔面對的市場總規模已經翻了好幾番。這為像 Navitas 這樣的實力雄厚的企業帶來了巨大的機會。

I spoke to a variety of customers over the last 60 days. Every single customer I met in those segments from leading US cypress carers and AIGP vendors, performance computing OEM and ODM to the many and very innovative customers need a complete architecture in the energy grid, told me the same message.

在過去的60天裡，我與各種各樣的客戶進行了交談。從美國領先的柏樹護理商和AIGP供應商，到高效能運算OEM和ODM，再到眾多極具創新精神、需要在電網中建立完整架構的客戶，我遇到的每一位客戶都向我傳達了同樣的訊息。

A and high voltage 6 technologies are the solution to the problem they are trying to solve and the revolution they are driving. And they united as the center of this transformation, given our long history and track record in shipping goals at scale. We have heard that message loud and clear, and therefore will immediately accelerate accordingly.

A 和高壓 6 技術是他們試圖解決的問題的解決方案，也是他們正在推動的革命。鑑於我們在大規模交付目標方面擁有悠久的歷史和良好的業績記錄，他們團結起來成為這項變革的中心。我們已經清楚地聽到了這一訊息，因此將立即加快相應的行動。

We are one of the few companies with a complete hyper portfolio, GAA integrated with IC and high voltage. This combination, along with very strong system expertise built over the last many years, offers more value to customers.

我們是少數幾家擁有完整超導產品組合的公司之一，GAA 與 IC 和高壓技術相結合。這種組合，加上過去多年累積的非常強大的系統專業知識，能為客戶帶來更多價值。

10 years ago, Navitas was looking ahead at global energy demand, which was projected to grow by 200 to 300%, doubling to tripling over the next decades. EV, wind turbines, cloud computing, data centers, solar power, climate change, quantum computing, all those energy platforms requiring significant reformats to consume efficient high voltage technologies which did not exist at that time.

10 年前，Navitas 展望了全球能源需求，預計未來幾十年全球能源需求將成長 200% 至 300%，翻倍甚至兩番。電動車、風力渦輪機、雲端運算、資料中心、太陽能、氣候變遷、量子運算，所有這些能源平台都需要進行重大改革才能使用當時還不存在的高效高壓技術。

This enormous forecasted demand made it clear that power electronics would need a transformative leap in efficiency and power level. Standing back, it was obvious even 10 years ago that the existing silicon based chip and technology would simply not get us there.

如此巨大的預測需求表明，電力電子技術需要在效率和功率層面上實現變革性的飛躍。回顧過去，即使在 10 年前，人們也清楚地認識到，現有的矽晶片和技術根本無法讓我們實現目標。

And we didn't even consider AI and its angry implications back then. Lavitas led the introduction of GA into power electronics, leapfrogging established silicon players. Then we acquired and merged with Genisic, the leading advanced technology in hybrid.

當時我們甚至沒有考慮到人工智慧及其帶來的可怕後果。Lavitas率先將GA引入電力電子領域，超越了老牌矽晶片廠商。然後我們收購了混合動力領域領先的先進技術公司 Genisic 並與之合併。

We've shipped over $300 million units with proven quality and availability over the last 7 years, and Genesic brought leading edge high voltage technology, both together enabling power architecture revolution in AI data centers, performance computing, energy and green infrastructure, and industrial electrification.

在過去的 7 年裡，我們交付了價值超過 3 億美元的產品，品質和供貨能力都得到了驗證。 Genesic 帶來了領先的高壓技術，兩者的結合推動了人工智慧資料中心、高效能運算、能源和綠色基礎設施以及工業電氣化領域的電力架構革命。

GA is now mainstream for AI data centers, performance computing and industrialification. The Nvidia 800 volt DC AI factory ecosystem announcement is the first proof point, and we expect it to be adopted across many other players.

遺傳演算法現在已成為人工智慧資料中心、高效能運算和工業化的主流技術。Nvidia 800 伏特直流 AI 工廠生態系統的發布是第一個證明點，我們預計它將被許多其他廠商採用。

High voltage 6 is also supporting and enabling the energy grid transformation necessary to enable AI and the associated demand for more power. Both markets are intertwined. underneath our portfolio are longstanding partnerships with leading abs, backend and mo partners, a deep co-design with customers, and a very advanced solution and system architecture understanding with more than 300 patents issued or pending.

高壓6也支援和推動能源網路轉型，以實現人工智慧及其相關的更多電力需求。這兩個市場相互交織。我們的產品組合建立在與領先的ABS、後端和MO合作夥伴的長期合作關係、與客戶的深度聯合設計以及對解決方案和系統架構的非常先進的理解之上，擁有300多項已頒發或正在申請的專利。

Our team has been on the forefront of gang and high voltage sick from the early days, now reaching over two decades combined, and that experience matter when customers move fast and execution is critical. Going back to 2.0. And the transformation from a mobile and consumer focused foundation to a high powered company. That pivot is backed by decisive action that we have begun to take.

我們的團隊從早期就一直處於高壓電工和高壓電工領域的前沿，現在加起來已有二十多年的經驗，當客戶行動迅速且執行至關重要時，這種經驗就顯得尤為重要。回到 2.0 時代。以及從以行動和消費者為中心的公司轉型為實力雄厚的公司。這一轉變得到了我們已經開始採取的果斷行動的支持。

Number one, resource alignment. We are relocating engineering, commercial and application support, and R&D program towards high powered platforms and customers. We're ensuring we have the right people in the right markets and the right geographies led by a renewed global high performance leadership team.

第一，資源配置。我們將工程、商業和應用支援以及研發計劃轉移到高效能平台和客戶。我們正在確保在合適的市場和合適的地區擁有合適的人才，並由一支全新的全球高績效領導團隊領導。

2, road map acceleration. We are accelerating the release of new products tailored to high power markets targeted at rack system and grid type nodes. We expand medium voltage gun devices, high voltage gun devices NIC, and a high voltage 6 module.

2、路線圖加速。我們正在加快推出專為高功率市場量身定制的新產品，目標市場為機架系統和電網型節點。我們擴展了中壓電子槍裝置、高壓電子槍裝置 NIC 和高壓 6 模組。

Number 3, go to market restructuring. We are focusing on hyper scales, GPU vendors, 1 OEM and ODM and leaders in our focus markets, AI data centers, government computing, energy and green infrastructure, and industrial explication.

第三，進入市場重組。我們專注於超大規模資料中心、GPU供應商、1家OEM和ODM廠商以及我們重點市場（人工智慧資料中心、政府運算、能源和綠色基礎設施以及工業應用）的​​領導者。

We intend to streamline our distribution network to align with those high power focused markets. This also means a change in geographical risk of deployment, including creating a stronger presence in the US where we are growing and promising engagement.4, portfolio and customer pruning. We are deprioritizing lower margin.

我們計劃精簡分銷網絡，以適應那些高功率市場的需求。這也意味著部署的地理風險發生變化，包括在美國建立更強大的影響力，因為我們正在成長並承諾參與。 4，以及產品組合和顧客精簡。我們正在降低低利潤率產品的優先順序。

Short life cycle project, transaction markets and customers such as mobile and selected China-based segments to redeploy capacity and attention to durable high power programs. Our focus is on the long-term engagement where technological innovation makes a difference.

生命週期短的專案、交易市場和客戶（例如行動和部分中國市場）將重新部署產能和注意力到持久性高功率專案。我們專注於長期合作，在這種合作中，技術創新能夠發揮作用。

We believe this will ultimately drive high-quality business with greater predictability, consistency, and a higher margin. Overall, this change will impact our business model. Hyper engagement are indeed deeper, longer lasting, and multi-generational.

我們相信這最終將推動業務發展，提高業務質量，並增強業務的可預測性、一致性和利潤率。整體而言，這項變更將對我們的商業模式產生影響。高度參與確實更加深入、持久，並且能夠跨越幾代人。

We may often engage across multiple subsystems within the same customer. Some served by GA, others served by. That breadth is expected to increase wind rates, raise the blended margin, and produce more predictable equitable revenue compared with transactional lower margin segments such as mobile.

我們經常需要與同一客戶內的多個子系統互動。部分由GA提供服務，其他由…提供服務。這種廣度預計將提高風電費率，提高綜合利潤率，並產生比移動等交易型低利潤率領域更可預測的公平收入。

In this is the foundation for Me 2.0, a scalable, profitable, and sustainable enterprise. At the OCP Global summit, Nvidia named Navitas, a power cemeter partner for its next generation 800 volt DC AI factory power architecture that validates our ability to serve the entire power cast from the grid to the GPU.

這就是 Me 2.0 的基礎，一個可擴展、獲利且可持續的企業。在 OCP 全球高峰會上，Nvidia 宣布 Navitas 為其下一代 800 伏特直流 AI 工廠電源架構的電力合作夥伴，這驗證了我們能夠為從電網到 GPU 的整個電力供應提供電力的能力。

In support of this ecosystem, we announced our first honorable. Alongside our portfolio of 650 GA discrete sets and our GASafeIC and expanded high voltage products. This is our first formal entry into medium voltage gun, the critical range for AI server power stages and lack level distribution.

為了支持這個生態系統，我們宣布了我們的首個榮譽獎。除了我們的 650 GA 分立元件產品組合、GASafeIC 和擴展的高壓產品之外，我們還提供其他產品。這是我們首次正式進軍中壓電子槍領域，該領域是人工智慧伺服器功率級和缺乏電平分佈的關鍵範圍。

We are sampling now 2.3 kilowatts and 3.3 kilovolt high voltage 6 module to leaders in battery energy storage system so this state conformer program and megawat charging. The strategy and opportunity are clear. To get there, our plan is branded in four pillars. Number one, market focus, AI data centers, performance computing, energy and grid infrastructure, and industrial verification. We will stay sharply focused on both high power markets only.

我們現在正在對 2.3 千瓦和 3.3 千伏高壓 6 模組進行抽樣，以吸引電池儲能係統的領導者，從而實現該狀態符合程式和兆瓦級充電。戰略和機遇都很明確。為了實現這一目標，我們的計劃由四大支柱構成。第一，市場重點：人工智慧資料中心、高效能運算、能源和電網基礎設施以及工業驗證。我們將始終專注於高功率市場。

#2, technology and manufacturing leadership, continuous innovation in Ghana, GAIC, and high voltage informed by customer requirement and co-design. we have a strong foundation in technological innovation and will continue to lead the industry. We will also expand our manufacturing footprint to better serve our high powered customers. You may also see us doing more partnership to enable faster adoption.

第二，我們在技術和製造方面處於領先地位，在加納持續創新，GAIC，以及根據客戶需求和協同設計而開發的高壓技術。我們在技術創新方面擁有雄厚的基礎，並將繼續引領產業發展。我們還將擴大生產規模，以更好地服務我們的高端客戶。您可能也會看到我們進行更多合作，以加快產品普及速度。

Number 3, operational efficiency, a streamlined and rebalanced geographically deployed organization, to scalable funing and packaging and module partnerships. 4, financial discipline, prioritize investment.

第三，營運效率，精簡並重新平衡地域部署的組織架構，以實現可擴展的融資、包裝和模組化合作。第四，財務紀律，優先考​​慮投資。

Leverageable opEs and a shift towards high margin program. In the near term, this transformation will have an impact, including a reduction in guidance before returning to growth.

可利用的營運資源以及轉型為高利潤專案。短期內，這種轉變將會產生影響，包括下調業績預期，之後才會恢復成長。

We expect Q4 to mark the bottom as we take decisive action, including reducing channel inventory, consolidating distribution channels, and adjusting our inventory to better align with our new high power markets and customers.

我們預計第四季度將是業績的最低點，因為我們將採取果斷措施，包括減少通路庫存、整合分銷管道以及調整庫存，以更好地適應我們新的高功率市場和客戶。

By deprioritizing lower margin revenue and redirecting our own map and investment away from non high powered businesses, we believe we will accelerate our transformation and gradually improve the overall quality and profitability of our business throughout 2026.

我們相信，透過降低低利潤收入的優先級，並將我們的發展藍圖和投資從非高成長業務轉移出去，我們將加速轉型，並在 2026 年逐步提高我們業務的整體品質和獲利能力。

It is expected to yield more consistent growth and marginal expansion. We will continue to provide transparent updates on our progress throughout this transition to ensure accountability at every step.

預計將帶來更穩定的成長和邊際擴張。我們將繼續在整個過渡過程中提供透明的最新進展信息，以確保每一步都做到問責制。

AI data centers and performance computing are already shaping product requirements and designing and designs. On the AI data center front, we expect material P&L contribution starting 2027. Our work with NBDA and other hyperscas, GPU vendors, OEM and ODM, however, established already in 2026, a durable designing foundation for long-term growth.

人工智慧資料中心和高效能運算已經影響到產品需求和設計。在人工智慧資料中心方面，我們預計從 2027 年開始對損益做出實質貢獻。然而，我們與 NBDA 和其他超高速電腦、GPU 供應商、OEM 和 ODM 的合作，在 2026 年已經為長期成長奠定了持久的設計基礎。

On performance computing. We continue to make progress in engagement as techno technology is gaining rapid adoption in higher power, and we expect this to drive growth in 2026. In parallel, energy and green infrastructure are multi-billion dollar markets with multi-decade opportunities where high voltage is exceptionally well suited to a customer.

關於性能計算。隨著科技在高權力機構中快速應用，我們在互動方面不斷取得進展，我們預計這將推動 2026 年的成長。同時，能源和綠色基礎設施是數十億美元的市場，擁有長達數十年的機遇，而高壓電非常適合客戶的需求。

As we embark in this transformation and executing this transition, we will share information for you to track our progress to transparent and clear update in the following areas. First, a sharper focus on high power account and program, which will be seen in growing importance and weight in our revenue, driving a change in the mix.

在我們啟動這項轉型和執行這項過渡的過程中，我們將與您分享訊息，以便您可以追蹤我們在以下領域的進展，以實現透明和清晰的更新。首先，我們將更加專注於高影響力客戶和項目，這將在我們的收入中體現出越來越重要的地位和份額，從而推動收入結構的變化。

Second, Operating expense, financial discipline, and return on investment-driven roadmap decision solely focused on an Avita 2.0 North star. Third, gradual growth margin improvements.

其次，營運費用、財務紀律和投資回報率驅動的路線圖決策完全專注於 Avita 2.0 北極星。第三，逐步提高成長幅度。

As we reduce lower value shipment, grow more higher power engagement and overall improve the mix. In conclusion, and I built a strong presence in mobile fast charging, and we are very proud of the $300 million units shipped.

隨著我們減少低價值出貨，增加高價值參與，並全面改善產品組合。總之，我在行動快速充電領域建立了強大的影響力，我們為出貨量達 3 億美元的產品感到非常自豪。

This gives us an in depth understanding and takes a remote, and this is the business that brought us to where we are today. we have complementary high voltage technology products and modules enabling us to cover more of this high power chain.

這讓我們能夠深入了解並遠端操控，正是這項業務使我們取得了今天的成就。我們擁有互補的高壓技術產品和模組，使我們能夠覆蓋更多高功率產業鏈。

High power markets are different and more rewarding. Engagements are deeper, the cycles are longer, and the value we deliver is measured in system level performance and efficiency over multiple generations. This is where Navitas 2.0 will focus on.

高功率市場有所不同，而且回報更高。合作更加深入，週期更長，我們交付的價值是透過多代系統級性能和效率來衡量的。這就是Navitas 2.0的重點。

We're executing a clear pivot to high growth, high power markets focusing on AI and data centers, performance computing, energy and green infrastructure and industrial exification, anchored by a complete gan plus high voltage portfolio, with long standing customer relationship and discipline operation.

我們正在向高成長、高功率市場進行明確的轉型，重點關注人工智慧和資料中心、高效能運算、能源和綠色基礎設施以及工業出口，以完整的GAN+高壓產品組合、長期客戶關係和嚴謹的營運為支撐。

We are aligning organization, resource allocation, road map, and channels to the markets that matter. We firmly believe that the change we are making will improve the quality of our business and position us for sustained growth and marginal expansion throughout 26 and beyond. From the Greek to the GPU, Lavita 2.0 is a high power company built for scale and profitability.

我們正在調整組織架構、資源分配、路線圖和管道，以適應重要的市場。我們堅信，我們正在進行的變革將提高我們業務的質量，並使我們在未來2026年及以後實現持續成長和逐步擴張。從希臘語到GPU，Lavita 2.0是一家為規模和獲利能力而打造的強大公司。

Thank you to our employees, customers, suppliers and partners for their support during this transition.

感謝我們的員工、客戶、供應商和合作夥伴在此過渡時期給予的支持。

I look forward to deepening our partnership with stockholders, analysts, and investors with constant update as we execute.

我期待在執行過程中不斷更新訊息，從而深化我們與股東、分析師和投資者的合作關係。

With that, I'll turn the call over to TAD to review our third quarter results and our guidance.

接下來，我將把電話交給TAD，讓他回顧我們第三季的業績和業績展望。

After Todd's remarks, I'll return for Q&A, including detailing our high-power Navitas 2.0 strategy, the actions behind the transformation, and what it means for our business. Thank you.

在 Todd 演講結束後，我將返回進行問答環節，詳細介紹我們強大的 Navitas 2.0 策略、轉型背後的行動以及這對我們業務的意義。謝謝。

Thank you, Chris. In my comments today, I will take you through our third quarter 2025 financial results, and then I'll discuss the financial implications of Nato 2.0 with our accelerated transition to a high power company with focus on AI data centers.

謝謝你，克里斯。在今天的演講中，我將向大家介紹我們 2025 年第三季的財務業績，然後我將討論北約 2.0 的財務影響，以及我們加速轉型為一家專注於人工智慧資料中心的高功率公司。

Performance computing, energy and grid infrastructure, and industrial electrification markets. Also, I will outline how we plan to relocate our resources with our new, more focused approach designed to grow revenue and seek profitability.

高效能運算、能源和電網基礎設施以及工業電氣化市場。此外，我將概述我們計劃如何透過新的、更專注的方法重新分配資源，以增加收入並追求獲利。

Revenue in the third quarter of 2025 was at the midpoint of guidance at $10.1 million. While the industry environment remained relatively static compared to the second quarter of 2025, the expected revenue reduction reflects both adverse impact from the China tariff risks for our silicon carbide business and pricing pressure in our mobile business, particularly in China.

2025 年第三季營收為 1,010 萬美元，與預期中位數相符。儘管與 2025 年第二季相比，產業環境相對穩定，但預期收入下降反映了中國關稅風險對我們碳化矽業務的不利影響，以及我們行動業務（尤其是在中國）的價格壓力。

Before addressing gross profit and expenses, I'd like to refer you to the GAAP to non-GAAP reconciliation in our press. In the rest of my commentary, I will refer to non-GAAP measures. Gross margin in the third quarter was 38.7%, which was up sequentially compared to 38.5% in the second quarter, primarily due to a slight favorable change in end market mix.

在討論毛利和費用之前，我想請您參閱我們新聞稿中的 GAAP 與非 GAAP 會計準則調整表。在接下來的評論中，我將使用非GAAP指標。第三季毛利率為 38.7%，較第二季的 38.5% 上升，主要原因是終端市場組合略有有利變化。

In the third quarter, we executed on further operational efficiencies and we reduced operating expenses sequentially from $16.1 million to $15.4 million. Operating expenses were comprised of SG&A expenses of $7.1 million and R&D expenses of $8.3 million. These expenses aligned with our cost reduction targets.

第三季度，我們進一步提高了營運效率，營運費用較上季從 1,610 萬美元降至 1,540 萬美元。營運費用包括銷售、管理及行政費用 710 萬美元及研發費用 830 萬美元。這些支出符合我們的成本削減目標。

Adding all this together, the third quarter, 2025 loss from operation increased sequentially to $11.5 million from $10.6 million in the second quarter of 2025 as cost reduction did not fully offset the sequential decline in revenue.

綜合以上因素，由於成本削減未能完全抵銷收入的環比下降，2025 年第三季的營業虧損從 2025 年第二季的 1,060 萬美元環比增加至 1,150 萬美元。

Our weighted average share count for the third quarter was $213 million shares. Turning to the balance sheet, accounts receivable was down to $9.8 million from $12.5 million in the second quarter. Inventory was relatively flat since last quarter at $14.7 million.

第三季的加權平均股數為 2.13 億股。從資產負債表來看，應收帳款從第二季的 1,250 萬美元下降到 980 萬美元。庫存與上季度相比基本持平，為 1470 萬美元。

Our balance sheet remains very strong as we exit 23 2025 with high levels of liquidity and an improved working capital position. Cash and cash equivalents at quarter end for $151 million and we continue to carry no debt.

截至 2023 年 2025 年末，我們的資產負債表依然非常強勁，流動性水準高，營運資金狀況也有所改善。截至季末，公司現金及現金等價物為 1.51 億美元，且公司目前沒有負債。

Moving on to guidance for the 4th quarter, we currently expect revenues at $7 million plus or minus $2500. This expected revenue reduction reflects our strategic decision to deprioritize our low power, lower profit China mobile business, as well as our efforts to level set channel inventory and streamline distribution network to align ourselves with our high powered directive.

接下來展望第四季度，我們目前預計營收為 700 萬美元，上下浮動 2500 美元。預計收入減少反映了我們降低低功率、低利潤的中國行動業務優先事項的策略決策，以及我們為平衡通路庫存和簡化分銷網絡以配合高功率戰略所做的努力。

We believe that Q4 will represent the bottom for revenue. As these actions will allow us to move faster, to concentrate on the high powered business and customers that will in turn enable consistent gradual revenue growth throughout 2026.

我們認為第四季將是營收的最低點。這些舉措將使我們能夠更快地前進，專注於高潛力業務和客戶，從而在 2026 年實現持續漸進的收入成長。

Gross margin for the fourth quarter is expected to be relatively flat compared to the third quarter, with our guidance at 38.5% plus or minus 50 basis points. However, we anticipate the technological innovation we bring to high power, high growth markets will result in a progressive increase in gross margins going forward.

預計第四季毛利率將與第三季基本持平，我們的預期為 38.5% 上下浮動 50 個基點。然而，我們預計，我們為高功率、高成長市場帶來的技術創新將導致未來毛利率逐步提高。

Turning to operating expenses, we anticipate continuing to trim expenses to $15 million in the fourth quarter, reflecting a 24% year over year reduction. We expect to continue to reallocate resources and expenses as we redeploy the company towards higher powered customers and markets, notably US customers.

就營運費用而言，我們預計第四季將繼續削減費用至 1,500 萬美元，年減 24%。我們預計將繼續重新分配資源和費用，以便將公司重新部署到更強大的客戶和市場，特別是美國客戶。

The redeployment and an appropriate downsizing of our facilities will result in a lower quarterly operating expense level, and we believe we will be well positioned with our personnel and resources to execute on our pivot to higher power, resulting in quarter over quarter quality sales and margin growth in route to profitability.

透過重新部署和適當縮減我們的設施規模，我們將降低季度營運費用水準。我們相信，憑藉我們的人員和資源，我們將能夠很好地執行向更高功率的轉型，從而實現季度銷售額和利潤率的逐季增長，最終實現盈利。

From the 4th quarter of 2025, we expect our weighted average share count to be approximately 214 million shares. In closing, it is an exciting time at Navita 2.0 as we leverage our leadership in GA and high voltage SI to pivot to a high powered company and capture the exponential growth expected to come from AI data center, performance computing, energy and grid infrastructure, and industrial electrification.

從 2025 年第四季起，我們預計加權平均股份數量約為 2.14 億股。最後，Navita 2.0 正處於激動人心的時刻，我們將利用我們在 GA 和高壓 SI 領域的領先地位，轉型成為一家實力雄厚的公司，並抓住人工智慧資料中心、高效能運算、能源和電網基礎設施以及工業電氣化預計將帶來的指數級增長。

We are moving fast to transition from consumer and mobile markets to more sustainable higher power segments where novato is well positioned as the leader in Gan device shift and high voltage stick to deliver a high-quality scalable business. We are confident these strategic moves position the company for its next wave of more profitable growth. Operator, let's begin the Q&A session.

我們正在快速從消費電子和行動市場轉型到更永續的高功率領域，而novato作為GAN裝置轉移和高壓棒材領域的領導者，在提供高品質、可擴展的業務方面佔據了有利地位。我們相信，這些策略舉措將使公司為下一波更獲利的成長做好準備。操作員，我們開始問答環節。

As a reminder, to ask a question [Operator Instructions] Your first question comes from Kevin Cassidy from Rosenblatt Securities. Your line is live.

提醒一下，提問方式如下[操作員說明]您的第一個問題來自 Rosenblatt Securities 的 Kevin Cassidy。您的線路已開通。

Yes, thanks for taking my question and welcome, Chris. Look forward to working with you. Maybe it just could understand a little better the shape of this transition, how long of a tail is the mobile market? Do you have some, higher voltage applications in the mobile market that could continue on and then cross over to. The power supplies, high voltage power supplies, when do you expect that would be more than 50% of the business?

是的，謝謝你回答我的問題，歡迎你，克里斯。期待與您合作。或許它應該更能理解這種轉型的形態，移動市場的尾部有多長？你們在行動市場是否有一些更高電壓的應用，可以繼續發展並最終擴展到其他領域？電源，特別是高壓電源，您預期什麼時候會佔到業務的50%以上？

Yeah, no, that's a great question. Maybe I could start there and Chris can so when we're looking at the business today, right, I think as we look at Q3, mobile represents the vast majority of our business, and as we move into Q4.

是啊，這真是個好問題。也許我可以從那裡開始，克里斯也可以，所以當我們今天審視業務時，我認為，當我們審視第三季度時，行動業務占我們業務的絕大部分，而當我們進入第四季度時，情況也是如此。

It's going to actually represent less than 50%. And all the growth going forward in our company as we go quarter on quarter as we discussed the gradual growth is going to come from these new markets of AI data center, performance computing and grid infrastructure.

實際上，它只佔不到 50%。正如我們之前討論過的，公司未來每季的逐步成長都將來自人工智慧資料中心、高效能運算和網格基礎設施等新興市場。

Hey Ross, nice to meet you and a very good question. as we move towards 26, what we see is as mobile continues to decline, we see an acceleration of the high power market that star just listed, and we believe this is going to enable us to drive the quarter to quarter gradual growth that we talked about. When it comes down to mobile.

嗨，羅斯，很高興見到你，你的問題很好。隨著我們邁向26歲，我們看到行動業務持續下滑，而Star剛發布的高功率市場正在加速成長，我們相信這將使我們能夠實現先前提到的季度間穩步成長。說到行動裝置。

I think you have to differentiate the high end of the mobile to the low end of the mobile. The low end side has quickly commoditized over the last year or two. The high end, however, we've reached a plateau, and if you think about under what chargers today, there is less and less differentiation, and we anticipate an acceleration of the commoditization. That's why we decided, along with the speed and the opportunity in the high power market that Todd mentioned, we decided to accelerate that pivot that we had planned for a while.

我認為應該區分高階手機和低階手機。過去一兩年裡，低端市場迅速趨於同質化。然而，高端市場已經達到瓶頸，如果你看看如今的充電器，你會發現差異越來越小，我們預期商品化進程將會加速。正因如此，我們決定，鑑於托德提到的高功率市場的發展速度和機遇，加快我們計劃已久的轉型步伐。

Okay, great, thank you. And just as a follow-up just to understand the AI data center, I see it as two stages. One, you have the power supply companies that tend to be more conservative, we'll say in making transitions and compared to the AI data centers that are starving for more power and would probably want to switch over more aggressively. So what is the strategy there? Do you work with the end users and pull the power supply customers along with them, or do you work behind the power supply customers?

好的，太好了，謝謝。為了進一步了解人工智慧資料中心，我認為它分為兩個階段。首先，電力供應公司在轉型過程中往往較為保守，而人工智慧資料中心則迫切需要更多電力，可能希望更積極地進行轉型。那麼，他們的策略是什麼呢？你是與最終用戶合作，並帶動電源客戶一起前進，還是在電源客戶背後開展工作？

It's a very good question, Ross. Thank you for asking it. It's actually, we do both, but as we pivot, the orientation of our engagement is definitely more towards the OEM and the hyperscalers. Let's start by AI because everybody talks about AI.

羅斯，你問得好。謝謝你的提問。實際上，我們兩者都做，但隨著我們業務的轉型，我們的合作方向無疑更傾向於原始設備製造商 (OEM) 和超大規模資料中心營運商。我們就從人工智慧開始吧，因為每個人都在談論人工智慧。

AI is really a catalyst that drives change across all the markets we talked about data centers, of course, but we'll talk about performance computing that is also disrupted by AI as well as the grid energy infrastructure. So as we shift today to to AI, we ship through the, as you said, the power companies, mostly sitting in Taiwan.

人工智慧確實是推動我們討論過的所有市場（當然包括資料中心）變革的催化劑，但我們也要討論同樣受到人工智慧顛覆的效能運算以及電網能源基礎設施。所以，隨著我們今天轉向人工智慧，正如你所說，我們透過電力公司進行運輸，而這些電力公司大多位於台灣。

However, as the hyper skiers are taking control and driving the disruption, Of the architecture we see engagement is pivoting towards the US, and the announcement made by Nvidia with the 80 volt DCAI factory is really just an amplified example of how the hypers are now trying to drive from the grid to the GPU and driving the architectural change at all stages.

然而，隨著超級處理器廠商掌控局面並推動變革，我們看到架構的參與度正在轉向美國，而英偉達宣布的 80 伏特直流人工智慧工廠實際上只是一個放大的例子，說明超級處理器廠商現在如何試圖從電網到 GPU 推動各個階段的架構變革。

So we talked to those prosecutors on all levels of the stages. We of course work with their partners to implement those solutions, but the system level discussion that we have and that we had had over the last few weeks and months are really kind of enabling this transition that Nvidia talked about both for GA as well as high voltage. Great. Thank you. Sorry, I called you, I didn't use the proper name. Kevin, thanks, sorry about that.

所以我們與各階段的檢察官都進行了交談。我們當然會與他們的合作夥伴合作來實施這些解決方案，但我們在過去幾周和幾個月中進行的系統級討論，實際上正在促成英偉達所談論的GA和高電壓方面的這種轉變。偉大的。謝謝。對不起，我叫錯了你的名字。凱文，謝謝，不好意思。

Your next question comes from the line of Ross Seymour from Deutsche Bank. Your line is live.

你的下一個問題來自德意志銀行的羅斯·西摩。您的線路已開通。

Hi guys, thanks for let me ask a question and Chris, welcome aboard and you can call me Kevin if you want. So I guess the bigger picture question just to start. So when you guys were added to the collaboration list for the 800 volts data center stuff at Nvidia, there were 10 names. The line at the time was you were the only one with GA and silicon carbide.

大家好，謝謝允許我提問。克里斯，歡迎加入，如果你願意的話，可以叫我凱文。所以，我想先從更宏觀的角度來探討這個問題。所以，當你們被列入英偉達 800 伏特資料中心計畫的合作名單時，名單上有 10 個名字。當時的說法是，你是唯一一家同時擁有GA和碳化矽的公司。

Now there's 14 names and the incremental 4, a bunch of them do have the GA side, maybe not as much silicon carbide. So I guess the question is, when you look at 14 potential competitors or whatever subset you align to, what do you think the true competitive differentiation is for and is it more on the silicon carbide or the GAN side?

現在有 14 個名字和 4 個遞增的名字，其中許多都有 GA 面，可能碳化矽含量不高。所以我想問的是，當你審視 14 個潛在競爭對手或你所認同的任何子集時，你認為真正的競爭差異化體現在哪裡？是更多地體現在碳化矽方面，還是更多地體現在 GAN 方面？

Thank you. Very good question. I would say I would start by saying that the fact that we are both high voltage 6 and has not changed, and this is truly, as you said, a differentiator, and not many of our computers are having that. The other thing and I've spent over the last 8 weeks, a lot of time with those customers, right? They all told me the same.

謝謝。問得好。我想首先指出的是，我們兩款電腦都是高電壓 6 型，這一點並沒有改變，正如你所說，這確實是一個區別點，而我們很多電腦都沒有這個特性。還有一件事，在過去的 8 周里，我花了很多時間和這些客戶在一起，對吧？他們都跟我說了同樣的話。

When it is about enabling that pivot, that technology disruption, that adoption of Gan, track record matters, and we have through the pioneering of Gan into the first market that got Gan at scale, which is a mobile charger, developed expertise, deep technology understanding and experience that really matters. So I would say.

當涉及到實現這種轉變、這種技術顛覆、這種 GAN 的採用時，過往業績至關重要。我們透過將 GAN 率先引入第一個大規模應用 GAN 的市場（即行動充電器），累積了專業知識、深厚的技術理解和經驗，而這些才是真正重要的。所以我會這麼說。

Beyond the technology understanding, the fact that we have both speed and tax code is going to be a key differentiator. and as I talked to Nvidia and a few other of the IPAskers, they all told me the same. It's about speed and support to have them enabling that transition with safety and execution, and that's where we're going to differentiate against our computers.

除了技術層面的理解之外，我們同時擁有速度優勢和稅收優惠政策，這將是關鍵的差異化因素。我和英偉達以及其他幾位IPAs開發者交流過，他們都表達了同樣的看法。關鍵在於速度和支持，以便他們能夠安全、有效率地完成過渡，而這正是我們與電腦的差異化優勢所在。

Thanks for that answer, Chris. And I guess whether it be you or Todd, it's nice that the 4th quarter is the bottom. When you think about growth going forward, I thought I heard, and forgive me if I missed out a little bit on this, but I thought I heard a significant portion of the data center side would be more in 2027.

謝謝你的解答，克里斯。我想無論是你還是托德，第四季是最低點都是好事。展望未來發展，我好像聽說（如果我有所遺漏請見諒），資料中心領域在 2027 年將佔據相當大的份額。

So just not putting absolute numbers around it, but the tailwind sequentially in 1,222, etc. Of 26, what gives you the confidence this is the bottom and just kind of conceptually what are the areas that are going to grow off of the $7 million in the fourth quarter?

所以，我們不直接給出絕對數字，而是從 1,222 等季度的順風來看，在 26 季度，是什麼讓你確信這是底部？從概念上講，第四季 700 萬美元的成長將惠及哪些領域？

Yeah, I think you know it gives us confidence that this is the bottom is we actually proactively are walking away from revenue and Mogil. we want to make sure that there's not a distraction in the business and we can concentrate on the long-term goal here which is data center performance computing and grid infrastructure.

是的，我認為這讓我們更有信心，這表示我們已經觸底了。我們主動放棄了營收和 Mogil 的業務，是為了確保業務不受干擾，從而專注於長期目標，即資料中心效能計算和網格基礎設施。

So that's how it gives us the confidence and going forward, the growth is going to come out of those markets and not mobile, and. With today, mobile represent represent a large majority going forward that's going to continuously go down as you move through 2026. So that gives us confidence not only the better revenue, but it will be more sustainable and more profitable.

所以，這就是它帶給我們信心的原因，展望未來，成長將來自這些市場，而不是行動市場。就目前而言，行動端佔據了絕大多數份額，但隨著時間推移到 2026 年，這一份額將會持續下降。因此，這不僅讓我們相信收入會更高，而且會更永續、更有利可圖。

Let me add just one comment. First of all, as said, by walking away from short-term, less long-term, less. Innovation-based engagement with customers and application, we are pivoting our resource a lot faster to drive this new growth. Number 2, there's a clear acceleration in those markets.

我只想補充一點。首先，如同前面所說，要減少對短期利益的關注，減少對長期利益的關注。透過與客戶和應用程式進行基於創新的互動，我們正在更快地調整資源配置，以推動這項新的成長。第二，這些市場出現了明顯的加速成長。

Should it be the growth in data centers itself even in the form of the traditional, should I call it this way, traditional power implementation before we move to the 800 volt DC and we benefit from that through the power vendors.

資料中心本身的成長，即使是以傳統的（我應該這樣稱呼嗎？）傳統電力實施方式的形式，在我們過渡到 800 伏特直流電之前，我們透過電力供應商從中受益。

If you look at The impact of AI in performance computing with those notebooks and other high-end computers getting more powerful, they also require a lot more power, and we see an acceleration of that demand to higher power in 206 going to drive a lot of growth. Last but not least, we also see an acceleration of any form of energy and green infrastructure.

如果你觀察人工智慧對高效能運算的影響，你會發現筆記型電腦和其他高階電腦的效能越來越強，它們也需要更多的電力，我們看到206年對更高電力的需求將加速成長，這將推動許多成長。最後，我們也看到各種形式的能源和綠色基礎設施建設正在加速發展。

So we have a lot of pull from mid-size to large size customers that are really trying to accelerate how they can enable the. AI revolution. So long story short, the AI is a catalyst across multiple markets, and yes, the center itself through the 800 volts DC will drive a lot of accelerated growth, but we see that catalyst already in the fruit in 206. Thank you.

因此，我們有許多來自中型到大型客戶的訴求，他們真的希望加快實現這一目標的方式。人工智慧革命。簡而言之，人工智慧是多個市場的催化劑，是的，800伏直流電中心本身將推動許多加速成長，但我們已經在206年的成果中看到了這種催化劑。謝謝。

Our next question comes from the line of Quinn Bolton from Needham Company. Your line is live.

我們的下一個問題來自 Needham 公司的 Quinn Bolton。您的線路已開通。

Hey, guys. This is Shani Malali on for Quinn. Thanks for letting me ask some questions here. Obviously, the move away from China Mobile is having a bigger impact than expected. But I just want to get some more color on the puts and takes here and just overall, has anything new changed over the last 90 days?

嘿，夥計們。這裡是代表奎因的沙尼·馬拉利。謝謝允許我在這裡提問。顯然，放棄中國移動的影響比預期的還要大。但我只是想更詳細地了解這裡的買入和賣出情況，總的來說，過去 90 天有什麼新的變化嗎？

Nothing's new changed besides the fact that, Chris has been on the road talking to customers and they've asked us to go faster. And so instead of focusing and sort of allowing mobile to still represent a large majority of our business going forward, we did a more proactive approach to walk away from that and so that. That's really the key difference in the last 90 days that's happened just because, the growth in these new sectors is extraordinary and we want to make sure we're in the best position to take advantage of that.

除了克里斯一直在路上與客戶交談，他們要求我們加快速度之外，其他一切都沒有改變。因此，我們沒有繼續專注於行動端並讓它在未來繼續佔據我們業務的很大一部分，而是採取了更積極主動的方式來擺脫這種局面。過去 90 天發生的關鍵變化就在於此，因為這些新興產業的成長非常迅猛，我們希望確保自己處於最佳位置，並能夠充分利用這一機會。

Sean, let me some color because I joined 8 weeks ago, so if any change, I'm probably the one behind the change, right? I would say the market itself. Has not changed. Okay. There is a clear acceleration and it is faster than it was just a few months ago. But what has changed is the clarity that we have that we can't.

肖恩，讓我補充一些細節，因為我加入才 8 週，所以如果有什麼變化，那很可能是我造成的，對吧？我認為是市場本身。沒有改變。好的。增速明顯加快，比幾個月前更快。但改變的是，我們現在清楚地認識到我們做不到這一點。

We can't continue to transition smoothly. I come from a background where if you double down on the greatest opportunities, you have more chance to capture it. Again, as I said, I've met. A lot of customers, all of them in data centers, computing in all told me the same.

我們無法繼續平穩過渡。我的成長背景告訴我，如果你加倍投入最大的機會中，你就有更大的機會去抓住它。正如我之前所說，我已經見過面了。很多客戶，他們都在資料中心工作，都在進行各種計算，他們都跟我說了同樣的話。

They want to move faster. They want to enable the transition. So it was very clear for me after a couple of weeks on the road that we cannot transition this, keeping some of our resources maintaining the past, so we have.

他們想加快速度。他們希望促成這項轉變。經過幾週的奔波，我非常清楚地意識到，我們不能一邊保留一些資源維持過去的生活，一邊進行過渡，所以我們就這麼做了。

Double down and move our entire resource or most of our resources into nabling in the future so that we can capitalize on the opportunity we have and maximize our chance of winning. So I would say the one thing that has changed is the clarity and the pivot. I think historically we've been trying to manage the past and the future and with the amount of resources we have, we just have to accelerate that condition in my opinion.

加倍投入，將我們全部或大部分資源用於未來的賦能，以便我們能夠抓住眼前的機會，最大限度地提高獲勝的幾率。所以我覺得唯一改變的是方向的清晰度和轉變。我認為，從歷史上看，我們一直在試圖掌控過去和未來，而以我們擁有的資源量，在我看來，我們只需要加快這一進程。

Great. That was helpful. And then my follow-up is on the solar market. I believe in Q1, you guys talked about ramping a solar micro inverter when in the second half of this year, and I was just curious if this was still on track and if so, how is the ramp going?

偉大的。那很有幫助。接下來，我將關注太陽能市場。我記得在第一季度，你們討論過在今年下半年擴大太陽能微型逆變器的產能，我想知道這個計劃是否還在按計劃進行，如果是的話，產能提升進展如何？

Yeah, nothing has changed. I mean, you're referring to the GA BDS, which will ramp in 26 with our lead customer, which is part of the energy and green infrastructure segment that we talked about.

是的，一切都沒有改變。我的意思是，你指的是 GA BDS，它將在 26 年與我們的主要客戶一起投入使用，這是我們之前談到的能源和綠色基礎設施領域的一部分。

Thank you.

謝謝。

Your next question comes from the line of Jack Egan from Charter Equity Research. Your line is live.

你的下一個問題來自 Charter Equity Research 的 Jack Egan。您的線路已開通。

Great, thanks for taking the questions and, Chris, Jeff, congrats on being appointed CEO. So Navitas, I mean, I guess kind of a higher level question. Navatas certainly has some exciting opportunities ahead of it. You came from Veras you have experience with quite a few large companies in the analog and power space and so obviously one big difference is going to be the.

太好了，謝謝你們回答問題。克里斯、傑夫，恭喜你們被任命為執行長。所以 Navitas，我的意思是，我想這是一個更高層次的問題。Navatas未來確實擁有一些令人興奮的機會。您來自 Veras，在模擬和電源領域擁有與多家大型公司合作的經驗，因此很明顯，一個很大的不同之處將是…

Moving from, a company with 10,000 employees to a few 100. So, yeah, just from a high level, where are some of maybe the cultural or operational characteristics I guess from your prior experience experiences that you might plan to install it not the cost.

從一家擁有 10,000 名員工的公司縮減到幾百名員工。所以，是的，從宏觀層面來說，根據您之前的經驗，您可能會計劃安裝它，而不是成本方面，有哪些文化或營運方面的特點？

Thank you for the question. Of course, we are conditioning the culture as we speak. I come from a culture of strong execution. And pivot with clarity, and that's what we are bringing here. What I would say as well is I've learned very well some of the pitfalls of big companies that do not always move the fastest.

謝謝你的提問。當然，我們說話的同時也在塑造文化。我來自一個注重執行力的文化背景。並以清晰的思路進行轉型，而這正是我們在這裡所要帶來的。我還要補充一點，我已經深刻體會到一些大公司行動不夠迅速所帶來的弊端。

So the culture that we are building in Navitas and what you are seeing in the choice we've made walking away from our historical business is number one clarity. And being solely sharply focused on what's going to make us more profitable and more sustainable from a result point of view in the future. #2, speed so we can transition faster and execute the plan for our customers in a faster way. And number 3, execution, which I think was probably missing in the culture that we had here so far.

因此，我們在 Navitas 建立的企業文化，以及我們選擇放棄我們歷史悠久的業務所體現的，最重要的一點就是清晰明確。我們始終專注於如何在未來從結果的角度提升獲利能力和永續性。第二，速度，這樣我們才能更快轉型，更快地為客戶執行計劃。第三點是執行力，我認為這可能是我們目前所缺乏的文化。

Great, okay, that's helpful. And then, for the mobile business in China you are sticking with the longer-term, some of the higher wattage, higher value opportunities. Reasons why the competitive and pricing pressures won't eventually kind of move up to that side of the business like kind of like what's happening with the lower value chargers now.

好的，這很有幫助。然後，對於中國的行動業務，你要著眼於更長遠的未來，抓住一些更高價值、更具吸引力的機會。競爭和價格壓力最終不會像現在低價充電器那樣蔓延到業務的這一端，原因如下。

I think it's a very good question. What I would say is what's happening in mobile today is the fact that innovation has stopped bringing any value. We've been in the last few years about how do we basically get more power into a smaller fun factor. Today we've reached a plateau. An under the watt charger is fairly small, and it's all about getting it cheaper.

我認為這是一個很好的問題。我想說的是，如今行動領域正在發生的問題是，創新已經停止帶來任何價值。過去幾年，我們一直在思考如何在較小的娛樂性基礎上獲得更大的動力。今天我們遇到了瓶頸。低功率充電器體積相當小，其主要目的是為了降低成本。

When you look at data centers, even if you look at Performance computing, we are not at that point. At this point, this is about how do we basically accelerate the efficiency, how do we accelerate the transition, the adoption of high voltage, the adoption of GAN, and we are a complete different power level. So if I give you an example about high performance compute with AI going to the client, we're talking about how do we get those super high end computers.

當你審視資​​料中心，即使是審視高效能運算，我們也沒有達到那個階段。這一點，關鍵在於我們如何提高效率，如何加速轉型，如何採用高壓技術，如何採用 GAN 技術，以及如何將我們的功率提升到一個完全不同的水平。所以，如果我舉個例子，說的是面向客戶的高效能運算和人工智慧，我們討論的是如何獲得那些超級高階的電腦。

In multiple 10 watts, and this is a completely different ball game compared to what we've seen in mobile where content is much higher, expertise and ability to execute is much harder, and I think this is going to benefit companies like Navitas who have mastered GA for the last few years into the first market that took it to scale. So I think the answer to your question is yes. Ultimately when our level will plateau.

在多個 10 瓦的功率下，這與我們之前在行動領域看到的完全不同，行動領域的內容要求更高，專業知識和執行能力也更難掌握。我認為這將使像 Navitas 這樣的公司受益，他們在過去幾年裡掌握了 GA，並成為第一個將其規模化的市場。所以我認為你問題的答案是肯定的。最終，我們的水平會達到一個穩定期。

And innovation will not make a difference. You're going to get there, but what I see is we are very far away from this in any of the markets that we're talking about, in particularly anything that the GI where we're talking about 10, 100 X every generation after generation power delivery.

創新也無濟於事。你會達到那個目標，但我看到的是，在我們談論的任何市場中，我們距離那個目標都還很遠，尤其是在全球能源領域，我們談論的是每一代電力輸送量都要提高 10 倍、100 倍。

Your next question comes from the line of John Tan-Wen Tang from CJS Securities. Your line is live.

你的下一個問題來自 CJS 證券的 John Tan-Wen Tang。您的線路已開通。

Hi, good evening, and thank you for taking my questions. My first one is, could you just talk about the data center prospects in 26 before you ramp the 800 volt products? Just what kind of growth are you expecting in the next year with the legacy servers and ecosystems that are out there currently?

您好，晚上好，感謝您回答我的問題。我的第一個問題是，在你們加大 800 伏特產品投入生產之前，能否先談談 26 年資料中心的前景？您預計明年現有傳統伺服器和生態系統將實現怎樣的成長？

Yeah, that's a great question. So John, I mean today we do, we are shipping into AI data centers today. It's not material. As we look into 206, we'll continue to grow that revenue, but at the end of the day, the materiality when this is going to become a larger portion of our business is going to wait until 2027 when 800 volt becomes prime time. So that's when we really expect the exponential growth happening from data centers.

是的，這是一個很好的問題。所以約翰，我的意思是，今天我們確實在向人工智慧資料中心發貨。這不是物質問題。展望 2026 年，我們將繼續增加這部分收入，但歸根結底，這項業務何時才能在我們業務中佔據更大的比例，還要等到 2027 年，屆時 800 伏特電壓將成為主流。所以，我們預期資料中心將在那時真正實現指數級成長。

Sorry, do you mind if I just add a few colors? Go for it. The way I view it is, again, there is a disruption in the adoption of GAN and high voltage SICK coming with this new concept of basically breaking the traditional way the data centers were built, okay? The super high voltage going through to ACDC and then converting it down to lower power.

不好意思，我可以加幾種顏色嗎？大膽試試吧。在我看來，隨著這種新概念的出現，GAN 和高壓 SICK 的採用再次受到衝擊，它從根本上打破了傳統資料中心的建設方式，明白嗎？超高電壓通過交流/直流轉換器，然後再轉換成較低功率。

With the NVIDIA announcement, we are talking about volts down to GPU. So that will drive a lot more content and the rapid adoption of GaN. In the interim, as I said, AI is a catalyst. There's more server and AI deployment out there that drive, ultimately, growth for anybody serving power, right? So that's what Todd said.

隨著英偉達的發布，我們現在討論的是降低GPU電壓的問題。這將推動更多內容的產生和氮化鎵技術的快速應用。在此期間，正如我所說，人工智慧是一種催化劑。越來越多的伺服器和人工智慧部署最終會推動所有電力服務商的成長，對吧？這就是托德說的話。

If you look at we are shipping today in data centers, that revenue will grow. It's not material, and it will not represent a material impact. But in 27, as we pivot to the new architecture, this is where the content in GAN, mid-voltage GAN and high-voltage GAN, is going to drive to a completely different level.

如果你看看我們目前在資料中心的出貨情況，你會發現這部分收入將會成長。這無關緊要，也不會造成實質影響。但到了第 27 版，隨著我們轉向新的架構，GAN、中壓 GAN 和高壓 GAN 的內容將會提升到一個完全不同的水平。

Great, thank you. And then I was wondering if you could talk about your cash position and your burn rate, and if that leaves enough for you to ramp growth, to meet that next gen data center demand as you enter 27.

太好了，謝謝。然後我想問一下，您能否談談您的現金狀況和資金消耗率，以及這是否足以讓您加快成長，以滿足您進入 27 年後下一代資料中心的需求。

So yeah, absolutely. So we finished the quarter at $151 million and you know it's a very healthy balance sheet with no debt right now we're burning around 10 to $11 million a quarter, and that should be plenty to give us for our ongoing operations. So that's where we stand today.

是的，當然。因此，我們本季營收達到 1.51 億美元，你知道，我們的資產負債表非常健康，目前沒有任何債務，我們每個季度大約消耗 1000 萬到 1100 萬美元，這應該足夠我們日常運營使用了。這就是我們目前的處境。

Your next question comes from the line of Tristan Guerra from Baird. Your line is live.

你的下一個問題來自 Baird 公司的 Tristan Guerra。您的線路已開通。

Hi, this is Tyler Bamba for Tristan. Thanks for taking the question. Navitas was initially planning on starting to ramp silicon carbide epitaxy internally mid 2024. How much of your silicon carbide output is currently insourced? What is your target for that, either in terms of dollars or percent of revenue?

大家好，我是Tyler Bamba，代表Tristan。感謝您回答這個問題。Navitas 最初計劃於 2024 年年中開始在內部擴大碳化矽外延產能。你們目前有多少碳化矽產量是內部生產的？您的目標金額是多少？以美元還是營收百分比來衡量？

Yeah, that's a great question. So yes, we did initially when the market was tight and we wanted to generate some epitaxy in-house. But however, given the market has loosened, we no longer do that. So we never initiated that project and we are all of our substrates and EI as it relates to high voltage silicon carbide is outsourced today.

是的，這是一個很好的問題。是的，最初市場緊張，我們想在內部進行一些外延生長時，我們確實這樣做了。但是，鑑於市場已經寬鬆，我們不再這樣做了。所以我們從未啟動過那個項目，我們所有的基板和與高壓碳化矽相關的EI目前都是外包的。

Great, thanks for the question.

太好了，謝謝你的提問。

Your next question comes from the line of Richard Shannon from Craig Hallam. Your line is live.

你的下一個問題來自克雷格·哈勒姆的理查德·香農的詩句。您的線路已開通。

Oh, hi, guys. Thanks for letting me ask you a question and Chris, welcome to Navitas. I look forward to working with you as well. Let me ask my first question on data center here and talk about the engagement and how things are going here and ultimately when you expect to get to wins here.

嗨，大家好。感謝您允許我提問，克里斯，歡迎加入Navitas。我也很期待與您合作。我想先問一個關於資料中心的問題，談談這裡的參與度、進展情況，以及你們預計何時能夠取得成功。

I think the kind of One of the part of the engagements model, which we didn't hear about any any in your prepared Marx is working with Infinian as a as a second source into this area, and wondering if that's still part of the strategy here and then ultimately when do you when do you expect to be able to talk about getting wins and having visibility on when they ramp.

我認為，參與模式的其中一部分，我們在你準備的馬克思的資料中沒有聽到任何關於與 Infinian 合作的信息，作為該領域的第二個來源，我想知道這是否仍然是這裡戰略的一部分，以及最終你預計何時能夠談論取得勝利並了解他們何時擴大規模。

Thank you for the question. So first of all, I'll answer on the Infinian. We continue to communicate with Infinian. You know that we have a cost licensing going on. We continue to be aligned on the vision that we want to enable the adoption of GA and high voltage into high power markets.

謝謝你的提問。首先，我將以 Infinian 的形式回答這個問題。我們繼續與Infinian保持聯繫。你知道我們目前正在進行成本許可方面的工作。我們始終堅持同一個願景，那就是推動 GA 和高壓技術在高功率市場的應用。

When it comes to the engagement with Nvidia, and I would say broadly with the IPOs because we don't only spend time with Nvidia, but we also spend time with a lot of the other IS killers, OEM as well as ODM, right? For me, 26 is about enabling the transition. First of all, we are not focusing only on the mid voltage and closer to GPU. We are focusing on the whole chain.

談到與英偉達的合作，我想更廣泛地說是與IPO廠商的合作，因為我們不僅與英偉達合作，還與許多其他IS殺手、OEM和ODM廠商合作，對吧？對我來說，26 歲是實現轉變的關鍵。首先，我們不僅關注中間電壓和更靠近 GPU 的部分。我們關注的是整個產業鏈。

We talked about energy and grid infrastructure. If you think about the first stage of the 800 volt DC, it requires to basically move from transformers to solid state transformers, where high voltage 6 is a prime technology.

我們討論了能源和電網基礎設施。如果你考慮一下 800 伏特直流電的第一階段，它基本上需要從變壓器過渡到固態變壓器，其中高壓 6 是一項主要技術。

Then you have to go to multiple stages of power conversion. So if I, your question is when can you basically give us color on the engagement? We'll continue to give you in a transparent way how we expand our partnership. We can't be specific on any form of engagement, but what I can tell you is the number of interactions at system level, product level, technology level with some of the hyperscales that you mentioned is all time high.

然後你需要經過多個階段的能量轉換。所以，你的問題是，你什麼時候才能告訴我們訂婚的具體情況？我們將繼續以透明的方式向您通報我們如何拓展合作關係。我們無法具體說明任何形式的合作，但我可以告訴你的是，我們與您提到的一些超大規模企業在系統層面、產品層面、技術層面的互動次數達到了歷史最高水平。

Okay, great. Thanks for that detail, Chris. Second question, I really kind of looking at the calendar 26 here. It's kind of a multi-part question here. Please bear with me here. What you give us some sense of the relative contribution of your lower voltage gain here and also silicon carbide, and then also.

好的，太好了。謝謝你提供這個細節，克里斯。第二個問題，我其實是在看日曆上的26號。這是一個包含多個部分的問題。請各位稍等。請您給我們一些關於較低電壓增益和碳化矽的相對貢獻的認識，還有。

Lee, I think the question we're going to get asked a lot tomorrow morning is, can you, how do we think about calendar 26 sale? It seems like it's almost no chance it's going to grow year and year based on the dynamics you've discussed here, but if you can make any comments about how that looks, that'd be great. Thank you.

李，我想明天早上我們會被問到很多次的問題是，你覺得我們該如何看待26號日曆的銷售？根據你在這裡討論的動態來看，它似乎幾乎沒有可能逐年增長，但如果你能就此發表一些看法，那就太好了。謝謝。

So I'll start by answering your question about gan versus Sikh, right, and the growth towards 26 and I'll let Todd add some comments with with a bit more detail. First of all, we don't look at the business at gan versus Sik.

那麼，我先回答你關於甘族與錫克教的問題，對吧，以及向26歲方向發展的問題，然後我請托德補充一些細節評論。首先，我們不從 gan 與 Sik 的商業角度來看問題。

As I mentioned earlier on, we are focusing on enabling this low power to high power. And we look at revenue really from a segment point of view. Okay, that's number one. Now if you want a bit more color and we talked about the fact that starting Q4, which is the bottom, we're going to grow quarter to quarter gradually as the high power markets are upsetting the decline in mobile. Both GA and SI will grow in high power markets.

正如我之前提到的，我們正致力於實現從低功耗到高功率的轉變。我們其實是從細分市場的角度來看收入的。好的，這是第一點。現在，如果你想了解更多細節，我們之前討論過，從第四季度（也就是谷底）開始，我們將逐季逐步成長，因為高功率市場正在扭轉行動業務下滑的局面。通用原子（GA）和系統整合（SI）都將在高功率市場中發展壯大。

That's that's the fact for 26. Now if you look at at segment level, mobile will be down. Mobile consumer will be down. But high power computing and energy grid infrastruc will be up, and data centers will grow even though not material throughout 26 and they really can accelerate the growth in 207.

這就是第26條事實。現在，如果從細分市場來看，行動端的使用率將會下降。行動端用戶數量將會下降。但是，高功率運算和能源網基礎設施將會發展，資料中心將會成長，儘管在 2026 年期間並不重要，但它們確實可以在 2027 年加速成長。

Right, what, and I think one of the other questions was on when was low voltage going to go into revenue, that, that's correct, Richard?

對，還有，我想另一個問題是關於低電壓何時才能帶來收益，沒錯吧，理查德？

Yeah, and some characterization of what kind of contributions you'll see for next year.

是的，也要對明年你會看到的各種類型的作品做一些描述。

Yeah, so low voltage, we went to market with low voltage as you saw at PSMC that's designed right now for the 800 volt data center. So when that ramps, you're going to see material revenue from low voltage taking place.

是的，所以我們推出了低電壓產品，就像你在PSMC看到的那樣，它是為目前800伏特的資料中心設計的。所以當這種情況好轉時，你會看到低壓業務帶來實質的收入。

Yeah, we just announced a couple of weeks ago. Our first it's actually a mid voltage gun 100 volt, which was the first outcome partnership with PSMC that we had for a couple of years. That's really tailored towards the last stage of power conversion into the AIDC, and we expect that to start to run in 2027.

是的，我們幾週前才剛宣布過。我們的第一款產品其實是中壓槍，100伏，這是我們與PSMC幾年來的第一個合作成果。這是專門為 AIDC 的最後階段電力轉換量身定制的，我們預計它將在 2027 年開始運行。

Okay great thanks guys.

好的，非常感謝各位。

Your final question comes from the line of John Tanwen Tang from CJS Securities. Your line is live.

你的最後一個問題來自 CJS Securities 的 John Tanwen Tang。您的線路已開通。

I was just wondering if you could talk about the incremental margins in the high voltage data centers and the grid opportunities if they're any different from the existing high voltage businesses that you have or high powered businesses.

我只是想問一下，您能否談談高壓資料中心和電網機會的增量利潤，以及它們與您現有的高壓業務或高功率業務有何不同？

Yeah, I think both those margins we expect those markets to have higher margins and more sustainable than our current mobile and consumer business, which is what is contributing to our guide to basically go quote on quarter growth as margins as revenue picks up in 2026.

是的，我認為這兩個市場的利潤率都比我們目前的行動和消費業務更高，也更可持續，這也是我們預測 2026 年隨著收入增長，利潤率將按季度增長的原因。

And John, what I would say is that the high power markets are very different in nature. First of all, as we talked about, they are at the beginning of the adoption of those high voltage technologies, so the GA and high voltage 2. It's about innovation. It's about speed. It's about execution. Yes, all those customers.

約翰，我想說的是，高功率市場的性質非常不同。首先，正如我們所說，他們正處於採用這些高壓技術的初期階段，所以 GA 和高壓 2。關鍵在於創新。關鍵在於速度。關鍵在於執行。是的，所有那些顧客。

Want us to be cost competitive. Yes, cost is part of the criteria that they make decisions. What I can tell you, I've met many of them over the last 6,060 days is that they don't live with that very different from mobile where we've plateaued from an innovation standpoint and now it's about how can you make my charger cheaper.

希望我們具備成本競爭力。是的，成本是他們做決定時會考慮的因素之一。我可以告訴你的是，在過去的 6060 天裡，我接觸過很多這樣的人，他們的生活與行動領域非常相似，行動領域的創新已經停滯不前，現在的問題是如何讓我的充電器更便宜。

When we talk to the OEM, ODM hyper scalers, they are asking us how do you do what you do faster. So I think margin and value that we bring and value that we extract will help us to uplift the margin as the high power portion of our revenue increases over time.

當我們與 OEM、ODM 超大規模企業交流時，他們會問我們如何更快地完成工作。所以我認為，隨著我們高收益收入部分的增加，我們帶來的利潤和價值以及我們提取的價值將有助於我們提高利潤率。

Got it. And actually the second question is a follow-up to that. How are you planning to accelerate that development? Is it, what are the remaining things that you need to do to produce products for these markets, that work and you have, you can scale.

知道了。實際上，第二個問題是第一個問題的後續。您打算如何加速這項發展進程？也就是說，為了生產出符合這些市場需求、能夠規模化生產的產品，你還需要做些什麼？

Well, this is why we've decided to basically move faster away from mobile, right? It's application engineering, it's support to customers, it's system engineering, it's R&D, it's basically moving. Most of the the entire R&D, towards making roadmap for those markets instead of maintaining generation after generation presence in the low end mobile market. So it is basically pivoting, and I think I heard the word pivot and transformation, it is pivoting the entire resource level to capture on that growing opportunity moving forward.

所以，這就是我們決定加快擺脫行動端步伐的原因，對吧？它涵蓋應用工程、客戶支援、系統工程、研發，基本上就是行動。大部分研發投入都用於制定面向這些市場的路線圖，而不是一味地在低階手機市場維持一代又一代的市場份額。所以，這基本上是一種轉型，我想我聽到了「轉型」這個詞，它指的是整個資源層面的轉型，以抓住未來不斷增長的機會。

Okay, great. Last one for me, can you just talk about the capacity to ramp for the customers? I know you have that new agreement with with Power Trip, just help me understand what the the capacity there is to meet the demand if you do get a significant amount of share there.

好的，太好了。最後一個問題，您能談談滿足客戶需求的產能提升能力嗎？我知道你和 Power Trip 達成了新的協議，請幫我了解一下，如果你在那裡獲得了相當大的市場份額，那麼滿足需求的產能是多少。

So what I would say is first of all, TSMC has been a great partners and they are helping us to transition for next year. We expect to continue to ship from TSMC for the next multiple years. Number 2, we are ramping PSMC. We're in transition. We the first product on the voltage.

所以我想說的第一點是，台積電一直是我們很棒的合作夥伴，他們正在幫助我們為明年的過渡做好準備。我們預計未來幾年將繼續從台積電採購產品。第二，我們正在增加PSMC的產能。我們正處於轉型期。我們是第一個在電壓方面領先的產品。

We're going to transition the high voltage gun in 207. And last but not least, we continue to look for. New fundry partners are to be able to capitalize on the opportunities that we have either from a geographical supply chain point of view or a cost point of view as well as volume point of view.

我們將於 207 年對高壓槍進行改造。最後，我們將繼續尋找。新的資金合作夥伴將能夠利用我們在地理供應鏈、成本以及數量方面所擁有的機會。

Great, thank you. That concludes the Q&A session for today's meeting. You are now able to disconnect. Everybody have a great day.

太好了，謝謝。今天的問答環節到此結束。您現在可以斷開連線了。祝大家今天過得愉快。