納微半導體 (NVTS) 2025 Q4 法說會逐字稿

Good afternoon and welcome to Navata's Semiconductor's fourth quarter 2025 financial results conference call. At this time, all participants are in a listen-only mode. At the conclusion of today's conference call, instructions will be given for the question-and-answer session.

下午好，歡迎參加納瓦塔半導體2025年第四季財務業績電話會議。目前，所有參與者均處於唯讀模式。在今天的電話會議結束後，將給予問答環節的說明。

(Operator Instructions)

（操作說明）

As a reminder, this conference call is being recorded today, Tuesday, February 24, 2026. I would not like to turn the conference over to Brett Perry of Shelton Group Investor Relations. Brett, please go ahead.

再次提醒，本次電話會議將於2026年2月24日星期二進行錄音。我不想把會議交給謝爾頓集團投資者關係部門的布雷特·佩里。布雷特，請繼續。

Thank you, operator. Good afternoon and welcome to Navitas Semiconductor fourth quarter 2025 financial results conference call. Joining us on today's call are Navitas President and CEO Chris Allexandre, CFO Todd Glickman.

謝謝接線生。下午好，歡迎參加 Navitas Semiconductor 2025 年第四季財務業績電話會議。今天參加電話會議的有 Navitas 總裁兼執行長 Chris Allexandre 和財務長 Todd Glickman。

I would like to remind our listeners that the results announced today are preliminary as they are subject to the company finalizing its closing procedures and customary quarterly review by the company's independent registered public accounting firm. As such, these results are unaudited and subject to revision until the company files its Form 10k for its year-ended December 31, 2025. In addition, management's prepared remarks.

我想提醒各位聽眾，今天公佈的結果只是初步結果，還需要公司完成結算程序，並由公司獨立的註冊會計師事務所進行例行的季度審核。因此，這些結果未經審計，可能會進行修訂，直到本公司提交截至 2025 年 12 月 31 日的 10-K 表格為止。此外，還有管理階層準備好的發言稿。

Contain forward-looking statements which are subject to risks and uncertainties, and management may make additional forward-looking statements in response to your questions. Therefore, the company claims the protection of the safe harbor for forward-looking statements that is contained in the Private Securities Litigation Reform Act of 1,995. Actual results may differ from those discussed today and therefore we refer you to a more detailed discussion of the risks and uncertainties in the company's filings with the Securities and Exchange Commission, including Form 10k and Form 102.

包含前瞻性陳述，這些陳述受風險和不確定性影響，管理層可能會根據您的問題做出額外的前瞻性陳述。因此，該公司聲稱享有 1995 年《私人證券訴訟改革法案》中關於前瞻性陳述的安全港條款的保護。實際結果可能與今天討論的結果有所不同，因此我們建議您參閱公司向美國證券交易委員會提交的文件（包括 10-K 表格和 102 表格）中關於風險和不確定性的更詳細討論。

In addition, any projections as to the company's future performance represent management's estimates as of today, February 24, 2026. Navitas assumes no obligation to update these projections in the future as market conditions may or may not change except to the extent required by applicable law.

此外，任何關於公司未來業績的預測均代表管理層截至 2026 年 2 月 24 日的估計。Navitas 不承擔未來更新這些預測的義務，因為市場狀況可能會發生變化，也可能不會發生變化，除非適用法律另有規定。

Additionally, in the company's press release and management statements during this conference call, we'll include discussions of certain measures and financial information in both GAAP and non-GAAP terms, included in the company's press release of definitions and reconciliations of GAAP and non-GAAP items which provide additional details.

此外，在公司新聞稿和本次電話會議的管理層聲明中，我們將以 GAAP 和非 GAAP 術語討論某些指標和財務信息，公司新聞稿中將提供 GAAP 和非 GAAP 項目的定義和調整表，以提供更多詳細信息。

For those of you unable to listen to the entire call at this time, the recording will be available via webcast for 90 days in the investor relations section of Navitas's website at www.navitassemi.com and now it's my pleasure to turn the call over to Navitas President and CEO Chris, please go ahead.

對於目前無法收聽完整電話會議的各位，錄音將在 Navitas 網站 www.navitassemi.com 的投資者關係版塊以網路直播的形式提供 90 天。現在，我很高興將電話會議交給 Navitas 總裁兼執行長 Chris，請開始。

Good afternoon and we appreciate you joining us today. I'm pleased to be hosting my second quality conference call as Navita's CEO. We close out the year with a productive fourth quarter as we continue to accelerate our pivot to Navitas 2.0 and align the entire organization to focus on addressing high power markets.

下午好，感謝您今天蒞臨。我很高興能以 Navita 執行長的身份主持我的第二次高品質電話會議。我們以富有成效的第四季度結束了這一年，我們繼續加速向 Navitas 2.0 轉型，並調整整個組織以專注於解決高功率市場問題。

In fact, it has been energizing five months that I joined the company, and my conviction in our industry leading GA and high voltage six solution has only grown stronger and that our strategic pivot is on the right path to successfully scale the company to the next level. Before providing comments and updates specific to the quarter, I want to briefly reiterate several key elements on our previously communicated strategic transformation and our vision to what we call Navitas 2.0.

事實上，加入公司這五個月以來，我一直充滿活力，我對我們行業領先的 GA 和高壓六路解決方案的信心與日俱增，並且相信我們的戰略轉型正走在正確的道路上，能夠成功地將公司擴展到下一個階段。在提供關於本季度的具體評論和更新之前，我想簡要重申一下我們先前公佈的策略轉型和我們稱之為 Navitas 2.0 的願景的幾個關鍵要素。

First, we're accelerating our pivot away from the company's historical mobile and low-end consumer business to focus on high power markets where organ and high voltage SI products can deliver real differentiation and value through higher density, efficiency, and availability.

首先，我們正在加速轉型，從公司傳統的行動和低端消費業務轉向高功率市場，在這些市場中，管風琴和高壓SI產品可以透過更高的密度、效率和可用性帶來真正的差異化和價值。

We are laser focused on four high growth, high value market segments AI data center, energy and grid infrastructure, performance computing, and industrial electrification.

我們專注於四個高成長、高價值的市場領域：人工智慧資料中心、能源和電網基礎設施、高效能運算以及工業電氣化。

Collectively, this segment represents a serviceable addressable market of $3.5 billion by 2030, split roughly 50/50 between GAN and high voltage six with a combined CAGR of more than 60%.

到 2030 年，該細分市場整體可服務的潛在市場規模將達到 35 億美元，其中 GAN 和高壓六維電池的份額大致各佔 50%，兩者的複合年增長率將超過 60%。

Although the largest portion of this 3.5 billion SAM are within AI data centers and grid and energy infrastructure, I want to emphasize that AI is a shared underlying catalyst across our four target markets, driving a rapid acceleration in terms of rearchitecture infrastructure customer expectation and the adoption of the new high voltage technologies.

儘管這 35 億 SAM 中的大部分都位於 AI 資料中心、電網和能源基礎設施中，但我想強調的是，AI 是我們四個目標市場共同的潛在催化劑，它推動了基礎設施重構、滿足客戶期望以及採用新型高壓技術的快速發展。

We're leveraging our proven 10-year track record as a pioneer of GA at scale, having shipped over 300-million-unit GAN devices coupled with a deep expertise in systems and applications, as well as our leadership in high voltage SI through our genetic technology.

我們憑藉 10 年來在大規模 GA 領域的先驅地位，已交付超過 3 億台 GAN 設備，並擁有深厚的系統和應用專業知識，以及透過基因技術在高壓 SI 領域的領先地位，正在不斷取得進步。

The end goal of Navitas 2.0 strategic transformation is straightforward to rapidly penetrate, secure expanded customer engagement, and achieve scale, resulting in a more sustainable, consistent, and future profitable growth for Navitas.

Navitas 2.0 策略轉型的最終目標很明確：快速滲透市場，擴大客戶參與度，實現規模化，從而為 Navitas 帶來更永續、更穩定、更獲利的未來成長。

Turning To a brief recap of our fourth quarter results, as initial progress of our pivot to Navitas 2.0, we've completed a realignment of the entire organization, both in terms of skills and geography to focus on addressing high power markets. These includes fully redeploying organizational resources, a roadmap, and focus accordingly.

簡要回顧我們第四季度的業績，作為我們向 Navitas 2.0 轉型的初步進展，我們已經完成了整個組織的重組，包括技能和地域方面的重組，以專注於滿足高功率市場的需求。這包括全面重新部署組織資源、制定路線圖並相應地調整工作重點。

Revenue in the fourth quarter came at the high end of our gallons range at $7.3 million, coupled with the fourth quarter being the first time that a high-power market represents the majority of our total revenue, we remain confident that the fourth quarter was the bottom.

第四季營收達到我們預期範圍的上限 730 萬美元，再加上第四季是高功率市場首次占我們總營收的大部分，我們仍然相信第四季是最低點。

Notably, our mobile business declined sequentially from a majority of revenue in Q3 to less than 25% of total revenue in Q4. We expect mobile to continue going down as a percentage of quarterly revenue and become insignificant by the end of '26. Also consistent with our comment last quarter, we're guiding to quarter over quarter growth for Q1 and anticipate continued sequential growth throughout '26, driven by increasing sales action. In the high stock market.

值得注意的是，我們的行動業務收入佔比從第三季的大部分下降到第四季總收入的不到 25%。我們預計行動業務在季度收入中所佔的比例將繼續下降，到 2026 年底將變得微不足道。與上個季度的評論一致，我們預計第一季將實現環比增長，並預計在銷售活動的推動下，2026 年全年將持續環比增長。在股市高企時期。

Over the last several months, as part of my extended meetings with customers and partners, I've seen numerous proof points that the new technology adoption is accelerating. AI is a catalyst, changing the game across markets. Existing technologies and architecture are no longer sufficient. The industry is moving faster than it ever has in terms of technology adoption, with customers clearly moving to take advantage of gain and high voltage technology.

在過去的幾個月裡，透過與客戶和合作夥伴的多次深入會面，我看到了許多證據，表明新技術的採用正在加速。人工智慧是催化劑，正在改變各個市場的格局。現有技術和架構已無法滿足需求。就技術應用而言，該行業的發展速度比以往任何時候都快，客戶顯然正在轉向利用增益和高壓技術。

As previously mentioned, AI is a primary catalyst that's driving momentum and bordering the adoption of high-power solutions across all four of our target high power markets.

如前所述，人工智慧是推動高功率解決方案在我們所​​有四個目標高功率市場中普及和應用的主要催化劑。

Every interaction with customers has confirmed the market is undergoing circular change and that AI is sparking a revolution we're focused on. This impeding inflection point in architecture, design and technology adoption is highly favourable to GA and high voltage, putting Navitas 2.00 at the center of this revolution.

與客戶的每一次互動都證實了市場正在經歷循環變革，而人工智慧正在引發一場我們關注的革命。建築、設計和技術採用方面的這一即將到來的轉折點對 GA 和高壓非常有利，使 Navitas 2.00 成為這場革命的中心。

As outlined in our last call, the Navitas 2.0 transformation to a high par company is being backed by decisive actions and grounded in four pillars that include market focus, technology leadership, operational efficiency and financial discipline. Let me now give you with you the measuring progress that we've made in each of these areas since our last earning call.

正如我們在上次電話會議中所概述的那樣，Navitas 2.0 向高水平公司的轉型得到了果斷行動的支持，並以市場關注、技術領先、運營效率和財務紀律這四大支柱為基礎。現在讓我向大家介紹一下自上次財報電話會議以來，我們在這些領域取得的進展。

Starting with market focus as I mentioned earlier, we're sharply focused on the high-power market of AI data center, energy and grid infrastructure, performance computing, and industrial electrification.

從我之前提到的市場重點來看，我們重點關注人工智慧資料中心、能源和電網基礎設施、高效能運算以及工業電氣化等高功率市場。

In AI data center specifically, Navitas is uniquely positioned as one of the leaders in GAM and hybridic supporting all major AI data center architectures. The density of compute power which required a higher efficiency and power of the city. It's driving the acceleration of CAM in next generation data center.

具體到人工智慧資料中心領域，Navitas 憑藉其在 GAM 和混合架構方面的領先地位，成為所有主要人工智慧資料中心架構的有力支持者之一。運算能力的密度對城市的效率和能力提出了更高的要求。它正在推動下一代資料中心中CAM技術的加速發展。

During the quarter, we've accelerated samplings of product and solution delivery with our 100-volt G and 650-volt G targeted at AI Dress Center, 800-volt HVDC, and 48-volt IBC HV buck architecture. Samples are currently available in different packages types and are being evaluated by more than a dozen customers. More recently, on February 9, we announced our breakthrough 10-kilowatt DCDC design platform.

本季度，我們加快了針對人工智慧服裝中心的 100 伏特 G 和 650 伏特 G、800 伏特 HVDC 和 48 伏特 IBC HV 降壓架構的產品和解決方案的樣品交付。目前樣品有多種包裝類型可供選擇，並正在接受十幾位客戶的評估。最近，在 2 月 9 日，我們宣布了我們突破性的 10 千瓦 DCDC 設計平台。

This is an old GAN 10-kilowatt, 800 volts to 50-volt DCDC platform which employs advanced 650 volt and 100-volt GA fat cells in a three-level half bridge architecture with synchronous actification. This platform has delivered a 98.5% peak efficiency, which we believe is the best in the industry so far.

這是一個老式的 GAN 10 千瓦、800 伏至 50 伏特 DCDC 平台，採用先進的 650 伏特和 100 伏特 GA 脂肪電池，採用三級半橋架構，具有同步驅動功能。該平台實現了 98.5% 的峰值效率，我們認為這是目前業界最好的。

This full brick package design platform achieves leading power density and support plus or minus 400-volt VDC standard for AIDS centers. This is a great example on how Navitas is able to leverage our 10 years of G and system expertise.

此全磚封裝設計平台實現了領先的功率密度，並支持愛滋病治療中心的±400伏直流標準。這是 Navitas 如何利用我們 10 年的 G 和系統專業知識的絕佳例證。

We're setting the benchmark for scalable, high performance AI infrastructure. Our product portfolio enables unprecedented power density to support rapid, large-scale expansion of AI data center while also allowing hyper scalar NOEM the ability to maximize compute density and reduce energy loss in support of deploying next generation AI workload.

我們正在為可擴展、高效能的人工智慧基礎設施樹立標竿。我們的產品組合能夠實現前所未有的功率密度，從而支援人工智慧資料中心的快速、大規模擴展，同時還能讓超大規模 NOEM 最大限度地提高運算密度並減少能源損耗，以支援部署下一代人工智慧工作負載。

On the sixth front, we are very active supporting customers in their ACDC PSU designs for current AI data filter architecture with our latest 1.2 KV six devices, leveraging our latest fifth generation genetic technology announced earlier this month. This product brings improved figures of merit and best in class thermal behaviour, the top side cooling QD pack package that are being well received by customers.

在第六個方面，我們正在積極支持客戶使用我們最新的 1.2 KV 六件套裝置，為當前的 AI 數據濾波架構的 ACDC PSU 設計提供支持，這些裝置利用了我們本月早些時候發布的最新第五代基因技術。該產品具有更高的性能指標和一流的散熱性能，其頂部冷卻QD封裝設計受到了客戶的好評。

In the grid and energy infrastructure market, the energy grid is in the process of a major transformation and modernization to support the AI catalyst, but also overall growth in energy demand. This is not a short cycle, but rather a multi-decade secular and sustainable trend that will transform grid and energy infrastructure.

在電網和能源基礎設施市場，能源網路正在經歷重大轉型和現代化，以支援人工智慧催化劑，同時也支持能源需求的整體成長。這並非短期週期，而是持續數十年的長期可持續趨勢，它將改變電網和能源基礎設施。

As a result, we're seeing an acceleration in the design cycles here as well. We are leading this effort with our new ultra-high voltage 2.3 KV and 3.3 KV 6 module and road map to even higher voltage. We are now in evaluation with over 15 OEMs globally, mostly in the US and Europe, with notable acceleration in the US.

因此，我們也看到這裡的設計週期正在加快。我們正在引領這項工作，推出了全新的超高壓 2.3 KV 和 3.3 KV 6 模組，並制定了通往更高電壓的路線圖。我們目前正在與全球 15 多家原始設備製造商 (OEM) 進行評估，主要集中在美國和歐洲，其中在美國的評估速度明顯加快。

In performance computing, we continue to see increased gain adoption in high power chargers and power units for high-end computing and AI notebooks, replacing silicon. We have more than 15 projects in production and approximately twice that number in designing across 170-watt, 200-watt, 250-watt, 240 watts, and up to 360 watts with leading global computing companies. We expect to continue gaining momentum in the performance computing market throughout 2026.

在高效能運算領域，我們看到高階運算和人工智慧筆記型電腦採用高功率充電器和電源裝置的比例不斷增加，取代了矽晶片。我們有超過 15 個正在生產的項目，還有大約兩倍於此數量的項目正在設計中，功率範圍從 170 瓦、200 瓦、250 瓦、240 瓦到高達 360 瓦，合作方均為全球領先的電腦公司。我們預計在 2026 年全年，高效能運算市場將持續保持成長動能。

And lastly, in industrial electrification, we're starting to see Gin and high voltage action in high performance applications spanning industrial pumps and heavy equipment electrification like DCDC converters and megawatt chargers.

最後，在工業電氣化領域，我們開始看到 Gin 和高壓技術在高性能應用中發揮作用，涵蓋工業泵和重型設備電氣化，如 DCDC 轉換器和兆瓦級充電器。

Turning to our second pillar, technology leadership, we continue to prioritize innovation across GAN and high voltage technology, including both product and solution supported by expanding customer engagement and core-development project. One example of this innovation and system expertise was our breakthrough 10-kilowatt DCDC platform that I just discussed previously.

再來看我們的第二個支柱——技術領先地位，我們將繼續優先考慮 GAN 和高壓技術的創新，包括產品和解決方案，並透過擴大客戶參與和核心開發專案來提供支援。這種創新和系統專業知識的一個例子就是我們突破性的 10 千瓦 DCDC 平台，我剛才已經討論過了。

Another highlight was our announcement during the last quarter of our 2,300 volt and 3,300-volt ultra-high voltage sick module portfolio, which we have accelerated sampling to more customers.

另一個亮點是，我們在上一季宣布推出 2300 伏特和 3300 伏特超高壓 SIC 模組產品組合，我們已加快向更多客戶提供樣品。

These modules feature probably trench-assisted planner technology for A and scalability, avalanche robustness, and performance in mission critical application across grid-tied infrastructure, energy storage, and megawatt scale fast charging.

這些模組可能採用溝槽輔助規劃技術，以實現 A 級可擴展性、雪崩穩健性和在併網基礎設施、儲能和兆瓦級快速充電等關鍵任務應用中的性能。

These products are available in 6 pack G plus power modules, discrete packages, and non-gooddy format with extended AAC plus availability testing. As mentioned earlier, we announced last week our Gen5 technology and upcoming new 1.2 KV CQD pack product targeting PSU ACDC for AI data centers.

這些產品提供 6 包 G+ 功率模組、分離式封裝和非 Gooddy 格式，並經過擴展 AAC+ 可用性測試。如前所述，我們上週發布了第五代技術和即將推出的針對人工智慧資料中心的 PSU ACDC 的新型 1.2 KV CQD 封裝產品。

Our new Gen5 technology continues to improve the figure of merits of our leading G6 technology. It leveraged our trench assisted planner TAAP architecture, best in class thermal behaviors, and top-side cooling in the pack.

我們的全新 Gen5 技術在領先的 G6 技術的基礎上，進一步提升了各項效能指標。它利用了我們的溝槽輔助規劃器 TAAP 架構、一流的散熱性能以及封裝頂部的冷卻。

We're now sampling our first new 1.2 kV Gen 56 product to multiple OEM and ODM designing high-power PSUs and ACDC for AI data center. On our third pillar, operational efficiency, we have taken actionable steps to create a more streamlined and rebalanced geographically deployed organization.

我們現在正在向多家為人工智慧資料中心設計高功率電源和交流直流電源的 OEM 和 ODM 廠商提供我們首款 1.2 kV Gen 56 產品的樣品。在營運效率這第三大支柱方面，我們採取了切實可行的措施，打造了一個更精簡、地理分佈更加均衡的組織。

We have been receiving strong employee buy-in and rereleasing tangible benefits from this effort also, on November 20th, we were pleased to announce a long-term strategic technology and manufacturing partnership with Global fundraise to accelerate gun technology design and manufacturing in the United States.

這項努力得到了員工的大力支持，並帶來了實際的好處。此外，11 月 20 日，我們很高興地宣布與 Global fundraise 建立長期戰略技術和製造合作夥伴關係，以加速美國槍支技術的設計和製造。

This partnership enables secure, scalable solution for our target high power market and ensures that Navitas can deliver the performance, efficiency, and scale our customer demand. It also provides Navitas the opportunity to manufacture our solution in critical and national security applications in the US.

此次合作將為我們的目標高功率市場提供安全、可擴展的解決方案，並確保 Navitas 能夠滿足客戶對效能、效率和規模的需求。這也為 Navitas 提供了在美國關鍵和國家安全應用領域生產我們解決方案的機會。

Development began a few weeks ago and both companies are deeply collaborating with production expected to begin later in the year and accelerate in 2027. Over time, we expect to transition to 18 inch in order to lower product costs and increase scale.

該項目幾週前開始研發，兩家公司正在深入合作，預計今年稍後開始生產，並在 2027 年加速生產。隨著時間的推移，我們計劃過渡到 18 英寸，以降低產品成本並擴大規模。

Also, during the quarter, we executed action to restructure and optimize our go to market strategy. This included significant consolidation of distribution channel partners from approximately 40 to less than 10 distributors. We have the ability to scale and are well suited for serving high power market while removing previously mobile central distributors.

此外，本季我們也採取了措施，重組並優化了我們的市場進入策略。這其中包括將分銷通路合作夥伴從大約 40 家大幅整合到不到 10 家。我們具備擴展能力，非常適合服務高功率市場，同時取代先前移動的中央配電箱。

And our fourth pillar, financial discipline, centers on resource realignment in support of our focus on high power markets. This includes a very targeted 19% reduction in net count in the fourth quarter, offset by realignment action to support the Navitas 2.0 shift, including hiring new employees well equipped for a high-power market, in particular within the United States.

我們的第四大支柱——財務紀律——的核心是資源重新調整，以支持我們對高功率市場的關注。這包括第四季度有針對性地減少 19% 的淨員工人數，並透過調整措施來支持 Navitas 2.0 的轉型，包括招募能夠勝任高功率市場（尤其是在美國）的新員工。

As evidenced by our fourth quarter revenue mix, we have made tremendous progress. We also brought in new additional leaders with skills in sales and marketing, R&D and operation with a focus on enabling stronger execution.

從我們第四季的收入結構來看，我們取得了巨大的進步。我們也引進了更多在銷售和行銷、研發和營運方面擁有技能的新領導，重點是增強執行力。

These collective actions focus the entire company on a hyper market and provide a foundation for efficient and effective execution going forward. Even with a larger market opportunity, our resource regiment allows us to efficiently focus our quarterly spend on the high-power market.

這些集體行動使整個公司專注於超級市場，並為未來高效執行奠定了基礎。即使市場機會更大，我們的資源管理也能讓我們有效地將季度支出集中在高功率市場。

As a result, we're targeting to maintain operating expenses flat throughout the coming year. We also expect to drive gradual margin expansion throughout '26 through improving scale and mix of high-power businesses.

因此，我們的目標是在未來一年內保持營運費用不變。我們也期望透過提高高潛力業務的規模和組合，在 2026 年逐步擴大利潤率。

Lastly, to further strengthen our balance sheet and fund future operation, we completed a private placement of common stock in November with net proceed of approximately $96 million contributing to a quarterly and cash balance of $237 million. These proceeds further support our Navitas 2.0 strategy, accelerating our transformation and funding working capital for scalable growth and long-term value creation.

最後，為了進一步加強我們的資產負債表並為未來的營運提供資金，我們在 11 月完成了普通股私募配售，淨收益約為 9,600 萬美元，使季度現金餘額達到 2.37 億美元。這些收益將進一步支持我們的 Navitas 2.0 策略，加速我們的轉型，並為可擴展的成長和長期價值創造提供營運資金。

In closing, I am very pleased with the overall progress we achieved in a relatively short period of time. Speed is a financial element of our company's culture and it's clearly working.

最後，我對我們在相對較短的時間內取得的整體進展感到非常滿意。速度是我們公司文化中重要的財務要素，而且顯然行之有效。

We are positioning Navitas 2.0 as a high-power company, sharpening our focus and execution to enable scalable growth. Looking ahead, we anticipate a return to top-line sequential growth starting in the first quarter, fuelled by increased revenue from high power markets. When combined with the benefit of our optimized cost structure, streamlined go to market approach, and accelerated product map.

我們將 Navitas 2.0 定位為一家實力雄厚的公司，透過加強專注和執行，實現可擴展的成長。展望未來，我們預計從第一季開始，在高功率市場收入成長的推動下，營收將恢復環比成長。結合我們優化的成本結構、精簡的市場推廣方式和加速的產品路線圖等優勢。

Who was positioned to achieve gradual improvement in gross margin and bottom-line results over the coming year. I'm incredibly proud of the team's dedication, hard work, and agility in pivoting to Natas to point of vision.

誰預計在未來一年內逐步提高毛利率和淨利？我為團隊的奉獻精神、辛勤工作和靈活應變能力感到無比自豪，他們迅速調整方向，實現了 Natas 的願景。

I also want to thank our customers for their support to our new strategic direction as well as ongoing contribution to mutually beneficial collaboration and partnership with that, I'll turn the call over to Todd to review our fourth quarter and full year results as well as our first quarter guidance.

我還要感謝我們的客戶對我們新策略方向的支持，以及他們對我們互利合作與夥伴關係的持續貢獻。接下來，我將把電話交給托德，讓他回顧我們第四季和全年的業績，以及我們第一季的業績指引。

Thank you, Chris. In my comments today, I will take you through our fourth quarter and full year 2025 financial results, and then I will walk you through some of the important Q4 achievements and market dynamics, as well as our outlook for the first quarter 2026. I will then return it to Chris for final remarks before we take questions.

謝謝你，克里斯。在今天的演講中，我將向大家介紹我們 2025 年第四季和全年的財務業績，然後我將向大家介紹第四季度的一些重要成就和市場動態，以及我們對 2026 年第一季的展望。然後我會把稿子交還給克里斯，讓他做最後的總結，之後我們再回答問題。

Revenue in the fourth quarter of 2025 exceeded the high end of guidance at $7.3 million compared to $10.1 million in the third quarter of 2025. As expected, revenue for the quarter reflects our strategic decision to deprioritize our low power, lower profit China Mobile and consumer business, as well as our efforts to streamline our distribution network to align our focus on high power markets.

2025 年第四季營收超過預期上限，達 730 萬美元，而 2025 年第三季營收為 1,010 萬美元。正如預期的那樣，本季的收入反映了我們降低對低功率、低利潤的中國行動和消費者業務的戰略決策，以及我們精簡分銷網絡以集中精力於高功率市場的努力。

As Chris mentioned, our high-power markets represented a majority of our quarterly revenue for the first time in the company's history, with Mogul declining to less than 25%. This is a very important milestone and representative of our strategic shift. As mentioned before, we believe that Q4 represented the bottom for revenue as our strategic actions support driving increased contribution from our high-powered business going forward.

正如克里斯所提到的，我們的大功率市場首次占公司季度收入的大部分，而 Mogul 的比例下降到不到 25%。這是一個非常重要的里程碑，代表著我們的策略轉變。如前所述，我們認為第四季是營收的最低點，因為我們的策略舉措將支持我們高成長業務在未來做出更大的貢獻。

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，我想請您參閱我們新聞稿中的 GAAP 與非 GAAP 會計準則的調整表。在接下來的評論中，我將使用非GAAP指標。

I would also like to point out that our GAAP results for the fourth quarter included a $16.6 million restructuring and impairment charge that consisted of approximately $10 million of distribution contract terminations, $4 million of fixed asset impairments, and $2 million of workforce reduction expenses associated with realigning the entire organization and distribution channel to focus on addressing high power markets of the 16.6 million restructuring and impairment charge in the quarter, 3.8 million was non-cash related items.

我還想指出，我們第四季度的 GAAP 業績包括 1660 萬美元的重組和減值費用，其中包括約 1000 萬美元的分銷合約終止費用、400 萬美元的固定資產減值費用以及 200 萬美元的裁員費用，這些費用與調整整個組織和分銷渠道以專注於解決高功率市場有關。在該季度 1,660 萬美元的重組和減損費用中，有 380 萬美元是非現金相關項目。

Gross margin in the fourth quarter was $38.7 million, which was flat sequentially with the prior quarter, reflecting the ability to maintain our margin profile despite the lower quarterly revenue. At these revenue levels, we do not yet have the leverage to overcome our fixed costs, but we expect this to improve as we further grow revenue from high power markets.

第四季毛利為 3,870 萬美元，與上一季持平，這反映出儘管季度收入下降，我們仍能維持利潤率水準。以目前的收入水平，我們還沒有足夠的議價能力來抵消固定成本，但我們預計隨著高功率市場收入的進一步增長，這種情況會有所改善。

As mentioned in our last earnings call, we expect to deliver expanded margins as we pursue a mixed change towards higher power markets and away from mobile and low-end consumer. During the fourth quarter, we executed on a 19% workforce reduction mostly deployed to mobile and consumer and an organizational realignment towards US high powered customers and markets, thereby reducing operating expenses sequentially from $15.4 million to $14.9 million.

正如我們在上次財報電話會議中所提到的，隨著我們逐步轉向高功率市場並逐步減少行動和低端消費市場，我們預計將實現利潤率的擴大。第四季度，我們執行了 19% 的員工裁減計劃，主要針對行動和消費者業務，並進行了組織架構調整，以更好地服務於美國高價值客戶和市場，從而將營運費用從 1540 萬美元環比減少至 1490 萬美元。

This is part of our strategic plan to realign companies' resources to the Navitas 2.0 focus operating expenses were comprised of SG&A expenses of $6.8 million and R&D expenses of $8.1 million. These expense levels align with our cost reduction targets.

這是我們策略計畫的一部分，旨在將公司的資源重新調整到 Navitas 2.0 重點營運費用，其中包括 680 萬美元的銷售、一般及行政費用和 810 萬美元的研發費用。這些支出水準符合我們的成本削減目標。

The fourth quarter of 2025 loss from operations was $12.1 million compared to $11.5 million in the third quarter of 2025, as the reduction in operating expenses did not fully offset the decrease in revenue. Our weighted average share count for the fourth quarter was approximately $222 million shares.

2025 年第四季營運虧損為 1,210 萬美元，而 2025 年第三季為 1,150 萬美元，因為營運費用的減少並未完全抵銷收入的減少。第四季的加權平均股份數量約為 2.22 億股。

For the full year 2025, revenue was $45.9 million compared to $83.3 million in 2024. Gross margin for the full year was 38.4% compared to 40.4% last year. 2025 operating expenses were $63.6 million compared to $83.4 million in 2024. The full year loss from operation was $46 million versus $49.7 million last year.

2025 年全年營收為 4,590 萬美元，而 2024 年為 8,330 萬美元。全年毛利率為38.4%，低於去年的40.4%。 2025年營運費用為6,360萬美元，低於2024年的8,340萬美元。全年營運虧損為 4,600 萬美元，而上年同期為 4,970 萬美元。

As Chris mentioned, the fourth quarter represents the bottom in quarterly revenue, and we expect to return to topline sequential growth throughout 2026 as we continue our transition to high power markets. Turning to the balance sheet, accounts receivable was down to $3.6 million from $9.8 million in the third quarter, reducing our DSOs to 45 days.

正如克里斯所提到的，第四季是季度營收的最低點，我們預計隨著我們繼續向高功率市場轉型，2026 年全年營收將恢復環比成長。從資產負債表來看，應收帳款從第三季的 980 萬美元降至 360 萬美元，使我們的應收帳款週轉天數減少到 45 天。

Inventory decreased to $13.3 million from $14.7 million last quarter. Cash and cash equivalents at quarter end were approximately 237 million, reflecting net proceeds of approximately $96 million from our completed private placement of common stock in November 2025.

庫存從上季的 1,470 萬美元減少到 1,330 萬美元。截至季末，現金及現金等價物約為 2.37 億美元，反映了我們在 2025 年 11 月完成的普通股私募配售所得淨收益約 9,600 萬美元。

The company continues to carry no debt our balance sheet remains very strong as we exit the year with a high level of liquidity and improved working capital position.

公司目前仍無債務，資產負債表依然非常穩健，年底流動性充足，營運資金狀況也有所改善。

Moving to guidance for the first quarter of 2026 we expect revenue to increase sequentially to between $8 million and $8.5 million. This represents the first quarter over quarter growth since the company's pivot.

展望 2026 年第一季度，我們預計營收將季增至 800 萬美元至 850 萬美元之間。這是該公司轉型以來首次實現季度環比成長。

As I just mentioned, we expect sequential growth to continue throughout the year, driven by increasing revenue contribution from high power markets. Gross margin for the first quarter is expected to be 38.7% plus or minus 25 basis points. We continue to anticipate the technological innovations to bring to high power high growth markets will result in progressive expansion of future gross margins.

正如我剛才提到的，我們預計全年將持續成長，這主要得益於高功率市場收入貢獻的增加。預計第一季毛利率為 38.7%，上下浮動 25 個基點。我們持續預期，為高功率高成長市場帶來的技術創新將逐步提高未來的毛利率。

Turning to operating expenses, we anticipate operating expenses to remain approximately 15 million for the first quarter. We expect to continue to allocate resources and expenses as we redeploy company resources towards higher power, customer, and markets. Particularly within the US, this redeployment of resources is expected to offset the strategic downsizing of our facilities to result in flat operating expenses.

就營運費用而言，我們預計第一季的營運費用將保持在 1500 萬左右。我們預計將繼續分配資源和費用，以便將公司資源重新部署到更強大的實力、客戶和市場。尤其是在美國，這種資源重新部署預計將抵消我們設施的策略性縮減，從而實現營運費用持平。

For the first quarter, we expect our weighted average share count to be approximately 230 million shares. In closing, we are pleased with our initial progress and accelerated pivot to Navata 2.0, as evidenced by high power products representing the majority of our quarterly revenue for the first time, we expect to increasingly benefit from the broadening adoption of our GAN and high voltage stick products in targeted high-power markets.

我們預計第一季的加權平均股數約為 2.3 億股。最後，我們對初步進展以及向 Navata 2.0 的加速轉型感到滿意，正如高功率產品首次占我們季度收入的大部分所證明的那樣，我們預計隨著 GAN 和高壓棒產品在目標高功率市場的廣泛應用，我們將越來越受益。

Together with our recent actions to reallocate resources, optimize operational efficiencies, and restructure distribution channels, we believe that Navitas is on a path to deliver improving margins and bottom-line results.

結合我們最近採取的重新分配資源、優化營運效率和重組分銷管道的措施，我們相信 Navitas 正在走上提高利潤率和最終收益的道路。

I would now like to turn the call back to Chris for some final comments before opening the call to questions.

現在我想把電話轉回給克里斯，請他做最後的總結發言，然後再開放提問環節。

As we close today's call, I want to address one additional matter. After an extraordinary 10 years of dedicated service, Todd has decided to step down as CFO to pursue other opportunities.

在今天的電話會議即將結束之際，我想再談一件事。在兢兢業服務 10 年後，托德決定卸任財務長一職，去尋求其他發展機會。

He has been an invaluable partner to everyone in the company, bringing financial discipline, strategic insight, and weathering integrity that helped steer us through periods of both growth and challenges.

他一直是公司裡每個人的寶貴合作夥伴，帶來了財務紀律、策略洞察力和堅韌不拔的正直品格，幫助我們度過了成長和挑戰時期。

Todd has also been a great partner over the last six months, helping to pivot and transition the company to Navitas 2.0. On behalf of the entire board and executive team, I want to extend our gratitude for all of his contribution over the past decade.

在過去的六個月裡，Todd 也一直是我們的重要合作夥伴，幫助公司轉型升級到 Navitas 2.0。我謹代表全體董事會和執行團隊，對他在過去十年中所做的一切貢獻表示衷心的感謝。

We have strong financial organization in place, and Todd is fully committed to assisting in a seamless transition until his successor has been made. We expect to communicate in the coming weeks regarding Todd's replacement and Navitas new CFO. We enter in this new chapters with confidence in our strategy, our momentum, and our ability to continue delivering long-term value for our shareholders.

我們擁有完善的財務組織架構，托德將全力協助實現平穩過渡，直到找到他的繼任者為止。我們預計將在未來幾週內就 Todd 的繼任者和 Navitas 的新財務長人選進行溝通。我們滿懷信心地開啟新的篇章，對我們的策略、發展動能以及持續為股東創造長期價值的能力充滿信心。

Thank you again for joining us today. Operators, we might now open the call to questions.

再次感謝您今天蒞臨。各位操作員，我們現在可以開始接受提問了。

Thank you.

謝謝。

(Operator Instructions) Kevin Garrigan with Jeffries. Your line is open.

（操作說明）凱文·加里根與傑弗里斯。您的線路已開通。

Yeah, hey, Chris and Todd, congrats on the results and Todd, best of luck on your next path forward. Hey, can you guys just walk us through how each of the high power and markets performed in Q4 and how we should think about the trajectory for each of those markets in Q1?

嘿，克里斯和托德，祝賀你們取得好成績，托德，祝你未來一切順利。嘿，你們能不能給我們介紹一下各個高功率市場在第四季度的表現，以及我們應該如何看待這些市場在第一季的發展軌跡？

Yeah, well, obviously, our quarter-on-quarter growth in revenue was due to the high-power markets, so they are performing well. We're not going to sort of break out the high-power markets at this time, but we do expect all of them to be performing on a go forward basis as mobile becomes immaterial as we move through the year.

是的，很顯然，我們季度環比營收成長主要歸功於高功率市場，所以這些市場表現良好。我們目前不會單獨分析高功率市場，但我們預計隨著行動端在今年變得越來越不重要，所有這些市場都將在未來繼續保持良好的表現。

Okay, got it and as a follow-up, can you just update us on the progress of the 800-volt architecture opportunity, and can you give us a sense of a timeline on customer decisions?

好的，明白了。作為後續問題，您能否向我們介紹 800 伏特架構專案的進展情況，並大致說明一下客戶決策的時間表？

Hi Kevin, this is Chris. As we talked last time, there's a lot of work going on between us and the iPrescalers, not only one but multiple of them on the adoption of the 800-volt HVDC.

你好凱文，我是克里斯。正如我們上次所談，我們和 iPrescalers 公司之間正在進行大量工作，不止一家，而是多家公司都在致力於採用 800 伏特 HVDC 技術。

We sampled, as we mentioned in the press release and in the script, some of the new products that will be used, in this type of architecture. We also announced, a leading edge, 800-volts to 50-volt DCDC brick.

正如我們在新聞稿和腳本中提到的那樣，我們對一些將在這種建築類型中使用的新產品進行了抽樣測試。我們還發布了一款領先的 800 伏特至 50 伏特 DCDC 電源適配器。

That demonstrate the performance we can get with those products. So, there's a continuation of collaboration it's a bit too early to you know tell you when this will be confirmed, but I think we are getting closer and closer with our customers.

這充分展現了這些產品所能達到的性能。所以，雙方的合作仍在繼續，現在說何時能確認還為時過早，但我認為我們與客戶的合作正在越來越緊密。

Okay, great. I appreciate the color. Congrats again on the results.

好的，太好了。我喜歡這個顏色。再次恭喜你取得好成績。

Thank you. The one thing I would add, Kevin, is, everybody refers to the 800-volt HVDC as a step function for power content in the AI data center, and this is true.

謝謝。凱文，我還要補充一點，大家都把 800 伏特高壓直流輸電稱為人工智慧資料中心功率含量的階躍函數，這是事實。

Especially with the adoption of GAN replacing silicon as you move to the add-on volt HVDC, right, but I would outline that in AIDC, and you've heard it from multiple vendors, is that there is an acceleration of demand also in using the classic architecture which is ACDC, right, using SIC, and we see, a growth throughout the year ahead of the step function with GAAN in HVDC.

尤其是在採用 GAN 取代矽之後，向附加電壓 HVDC 過渡，對吧？但我要指出的是，在 AIDC 中，而且您已經從多個供應商那裡聽到了，使用經典架構（即 ACDC，使用 SIC）的需求也在加速增長，對吧？我們看到，在 HVDC 中，GAAN 的階躍函數之前，全年都在成長。

(Operator Instructions) Kevin Cassidy with Rosenblatt. Your line is open.

（操作說明）凱文·卡西迪與羅森布拉特。您的線路已開通。

Yeah, thanks for taking my question and congratulations on the progress. Just, as you mentioned, you're working with the hyperscalers. I, is this, are you working directly with them? Would they, be building their own, power supplies or, is that going to be a pole to the, from the current power supplies, suppliers to the, hyperscalers?

是的，謝謝你回答我的問題，也恭喜你的進展。正如你所說，你正在與超大規模資料中心合作。請問，您是直接與他們合作嗎？他們會自行建構電源嗎？還是說，這會成為超大規模資料中心從現有電源供應商轉向其他供應商的機會？

Kevin, it's actually all of the above, okay, so the hyperscalers, partially two, are driving the new architecture, right, both in terms of what they expect in terms of density and power level in the ACDC PSUs, as well as the 800-volts, either 50-volt or even lower voltage, HVDC architecture, right? Now we don't work only with the hyperscalers.

Kevin，實際上以上所有情況都有涉及，好的，所以超大規模資料中心（部分是兩個）正在推動新架構的發展，對吧，無論是在他們對 ACDC 電源的密度和功率水平的期望方面，還是在 800 伏特、50 伏特甚至更低電壓的 HVDC 架構方面，對吧？現在我們不僅與超大規模資料中心合作。

If you think about PSU, which is clearly designed in OEMs and ODMs that are serving those hyperscalers, and if you look at DHDDC, a lot of these that are classic merchant power companies serving the hyperscalers are also doing designs on this new architecture. So, we work with everybody. I would tell you that the drive of the change of the architecture comes from the US and the hyperscalers, but a lot of the OEM and ODM in Taiwan, in China, but also in the US are driving that.

想想電源供應器 (PSU)，它顯然是由為超大規模資料中心服務的原始設備製造商 (OEM) 和原始設計製造商 (ODM) 設計的；再看看分散式資料中心 (DHDDC)，許多為超大規模資料中心服務的傳統商用電源公司也在基於這種新架構進行設計。所以，我們和所有人合作。我會說架構變革的驅動力來自美國和超大規模資料中心營運商，但台灣、中國以及美國的許多原始設備製造商 (OEM) 和原始設計製造商 (ODM) 也在推動這項變革。

And as we just announced this board, right, which I mentioned. Which was basically a co-development with a customer, and that's basically to showcase the level of efficiency you can get by using GAN on the primary side and GAN on the secondary side in an 800 volt to 50-volt DCDC brake and you're going to see more of those reference implementation in the future as well.

正如我們剛才宣布的董事會成員一樣，對吧，我剛才也提到了。這基本上是與客戶共同開發的，其目的主要是為了展示在 800 伏至 50 伏 DCDC 制動器中，透過在初級側使用 GAN 和在次級側使用 GAN 可以獲得的效率水平，未來您還會看到更多這樣的參考實現。

Okay, great for that. Thanks for that detail and have any of your customers or the hyperscalers, giving you an idea of when that inflection point would be of when they start doing the installations?

好的，太好了。感謝您提供這些細節。您的客戶或超大規模資料中心營運商是否能讓您大致了解一下，他們何時會開始進行部署，也就是所謂的轉折點？

I mean, the thing I would say is, as I said just earlier on Kevin's question, there are two streams if you prefer, of the AI data center growth. Number one is more data centers, more power, and that drives more PSUs, higher power PSUs, and that drives the growth in SI which we are seeing throughout 2026.

我的意思是，正如我剛才在凱文的問題上所說，人工智慧資料中心的發展有兩個方向（如果你願意這麼稱呼的話）。第一點是資料中心增多，電力需求增加，這帶動了電源供應器（PSU）和更高功率電源供應器（PSU）的需求增長，而這種增長將持續到 2026 年。

When it comes to the 800-volt HVDC, which I think is your question. When there is a discontinuity and you cannot use silicon anymore on the primary side because you're 800 volts and you have to move to a high voltage G, this is really driven by not the GPU change but the rack architecture change.

至於 800 伏特高壓直流輸電，我想這就是你的問題。當出現不連續性，並且由於電壓為 800 伏，而主側無法再使用矽材料，必須轉向高壓 G 時，這實際上不是 GPU 的變化，而是機架架構的變化所驅動的。

As you compact more GPUs into a single rack and you get to megawatt rack, you cannot get the power density and the efficiency with silicon, and that's the discontinued. I would say, as we said before, this is really about '27. Will GA be used slightly earlier? It could.

當你把更多的 GPU 整合到一個機架中，達到兆瓦級機架時，矽晶片就無法同時滿足功率密度和效率的要求，因此矽晶片被淘汰了。正如我們之前所說，這實際上與 27 年有關。GA 會提前一些投入使用嗎？有可能。

There is a case where you can use GAAN in the 48-volt IBC replacing silicon, as I mentioned in the script, where GAN brings higher efficiency. You can do it with silicon, but you get higher efficiency, and this might be the first time you see gain in data centers, but the real step function is really coming from the 800-volt VC, which is really linked to the Kabbalah, which is the higher integration of GPUs in '27.

正如我在腳本中提到的，在某些情況下，可以在 48 伏特 IBC 中使用 GAAN 代替矽，因為 GAN 可以帶來更高的效率。你可以用矽來做，但效率更高，這可能是你第一次在資料中心看到收益，但真正的階躍函數實際上來自 800 伏特電壓轉換器，它與卡巴拉有關，卡巴拉指的是 2027 年 GPU 的更高集成度。

Okay, understood.

好的，明白了。

Thank you. And also, I'll give my best wishes to Todd. Pleasure working with you.

謝謝。另外，我也會向托德致以最美好的祝愿。很高興與您合作。

Thanks, Kevin.

謝謝你，凱文。

(Operator Instructions) Quinn Bolton with Needham. Your line is open.

（操作說明）Quinn Bolton 與 Needham。您的線路已開通。

Hey guys, congratulations on the progress on the transformation to Navitas and best wishes to you, Todd. I guess, Chris, I wanted to come back on the, 800 HVDC solution, especially if you think about the primary side of that 800-volt rail.

嘿，夥計們，祝賀你們在向 Navitas 轉型過程中取得進展，也祝你一切順利，Todd。我想，克里斯，我想回到 800 伏特高壓直流輸電方案上來，特別是如果你考慮到 800 伏特輸電線路的一次側。

There are still a lot of folks in the industry that I think are talking about using silicon carbide, in that 800-volt conversion step, you are obviously, pushing the GAN solution, but I guess can you say what you're, what are you seeing from the leading GPU and hyperscalar vendors that are looking at the 800 volts or the 400 plus minus rack architectures? Are they pushing more for GAN?

我認為業內仍有許多人在討論使用碳化矽進行 800 伏特轉換，而您顯然在推廣 GAN 解決方案，但我想請您談談，您從領先的 GPU 和超大規模集成電路供應商那裡看到了什麼，他們正在考慮 800 伏特或 400 伏特以上的機架式架構？他們是否更傾向於推進生成對抗網路（GAN）的發展？

Are they open to both GAN and silicon carbide solutions? Just how do you see this playing out from a technology perspective between GAN and silicon carbide?

他們對 GAN 和碳化矽解決方案都持開放態度嗎？從技術角度來看，您認為 GAN 和碳化矽之間將會如何發展？

Thank you, Quinn. It's a very good question actually, because I think there is some level of confusion. First of all, I would tell you that we are not pushing anything. We have both SIC and GAN, and we welcome SIC being used on the primary side if it's needed and GAN being used on the primary side if that's needed. So, we're not pushing anything we are being pulled.

謝謝你，奎因。這確實是個很好的問題，因為我覺得這裡有一些誤解。首先，我要說明的是，我們並沒有強迫任何事。我們同時擁有 SIC 和 GAN，如果需要，我們歡迎在主端使用 SIC，也歡迎在主端使用 GAN。所以，我們不是主動推動什麼，而是被動地被拉扯。

We've not seen any significant use case or board implementation of customer evaluation using SIC on the primary side.

我們還沒有看到任何重要的用例或董事會實施在主要方面使用 SIC 進行客戶評估。

SIC is being used widely at 1.2 kilovolts, as I mentioned in the classic ACDC, right, which is basically prior to the resonant DC, but when it comes to resonant DC, we've been pulled by customers, and I'm talking about hyper scales to Kevin's question here, that are really driving the GAN adoption because it's more efficient and more driving higher density.

正如我在經典的 ACDC 電路中提到的，SIC 在 1.2 千伏電壓下被廣泛使用，這基本上是諧振直流電路出現之前的情況。但說到諧振直流電路，我們受到了客戶的推動，我指的是 Kevin 提到的超大規模資料中心，這真正推動了 GAN 的採用，因為它效率更高，並且能夠實現更高的密度。

Excellent. Okay and then, Chris, you also talked about your 10 kilowatts, all GAN brick solution can you give us a sense? Is that more of a reference platform, or would that be a solution that Navitas would look to source that entire brick level product?

出色的。好的，克里斯，你還談到了你的 10 千瓦全 GAN 磚塊解決方案，你能給我們介紹一下嗎？這更像是參考平台，還是 Navitas 會考慮購買整個磚級產品的解決方案？

Because I imagine it includes a fair amount of additional componentry and so just thinking about, you know. To the extent you're selling the full brick solution, I imagine that might be pretty high dollar content. So, could you just talk about whether you would really just sell the GAN solutions as part of that brick? would you sell the entire brick? and if you did sell the entire brick, what would the margin implications be?

因為我想它應該包含相當多的附加元件，所以只是想想，你知道。如果你銷售的是整套磚砌解決方案，我想那部分內容的價格應該會相當高。那麼，您能否談談您是否真的會將 GAN 解決方案作為該整體解決方案的一部分進行銷售？你會把整塊磚賣掉嗎？如果把整塊磚都賣出去，利潤率會受到什麼影響？

So, all, it's a very good question. Thank you, Quinn.

所以，各位，這是一個很好的問題。謝謝你，奎因。

We view this as an enabling, solution, enabling technology, for the customers. So first of all, as I mentioned, this is something we've done with a customer. We have not done that in a vacuum on our own, right? This is something that we've co-developed with the leading customer.

我們認為這對客戶來說是一項賦能性解決方案，一項賦能技術。首先，正如我剛才提到的，這是我們為一位客戶完成的專案。我們並非孤立地、獨自完成這項工作的，對吧？這是我們與主要客戶共同開發的產品。

Number two is we don't compete with customers at this stage we don't see a path where we're going to sell the modules. Now that design is shared with our customers and the hyperscalers as well as the ODM and OEM that are looking at how we've been able to achieve that high level of efficiency, right, 98.5%, which we believe based on what we've seen and some of our computers' feedback on top of customers are one of the best in the industry, right?

第二點是，我們目前不與客戶競爭，我們看不到任何銷售模組的途徑。現在，我們已經與客戶、超大規模資料中心營運商以及 ODM 和 OEM 廠商分享了這項設計，他們都在關注我們是如何實現如此高的效率的，對吧，98.5%，我們相信，根據我們所看到的以及我們一些電腦用戶和客戶的反饋，這是業內最好的效率之一，對吧？

So, I will tell you this is for this is what we've done in GAAN historically. We pioneered GAAN in mobile by demonstrating and helping customers to get to the highest level of efficiency, lowest EMI, highest level of density, and we are doing the same in AI datacenter and this is what I talk about when we talk about 2.0. We're leveraging the benefit and the skills of 1.0, right? and this system expertise makes a difference at the end of the day we are in the business of selling GAN and silicon carbide and enabling our customers.

所以，我要告訴你們，這就是我們在 GAAN 歷史上所做的。我們率先在行動領域應用了 GAAN 技術，透過展示和幫助客戶實現最高效率、最低電磁幹擾和最高密度，我們在 AI 資料中心也正在做同樣的事情，這就是我所說的 2.0 版本。我們正在利用 1.0 版本的優勢和技能，對吧？而這種系統專業知識最終會帶來改變，因為我們從事的是銷售 GAN 和碳化矽的業務，並致力於幫助我們的客戶。

As a matter of fact, on that board we're using some of our computers, silicon, and other, technologies and products that we don't have, but the focus is how to show and help the customers to accelerate the adoption of GAAN in HVDC.

事實上，在這個電路板上，我們使用了一些我們自己的電腦、晶片和其他技術和產品，而這些技術和產品我們自己並沒有，但重點是如何向客戶展示和幫助他們加速在高壓直流輸電中採用 GAAN 技術。

Excellent.

出色的。

Thank you very much, Chris.

非常感謝你，克里斯。

(Operator Instructions) John Tan-Wen Tang with CJS Securities. Your line is open.

（操作員說明）John Tan-Wen Tang，來自 CJS Securities。您的線路已開通。

Hi, good afternoon. Thanks for taking my questions, and I will join the queue and wishing todd well wishes on his journey.

您好，下午好。感謝您回答我的問題，我會加入排隊，並祝托德一路順風。

If you could start, maybe talk a little bit about the competitive landscape in supplying the 800-volt data center. What are you seeing just in terms of who you're bidding against in these sockets? If they're, outpricing you or doing better in technology, and on top of that, how is your partnership with Infinian evolving in that space as well?

如果可以的話，請您先談談為 800 伏特資料中心供電的競爭格局。就這些競標對手而言，你看到了什麼？如果他們在價格上勝過你，或在技術上做得更好，此外，你與 Infinian 在該領域的合作關係又是如何發展的呢？

Thank you.

謝謝。

So, thank you for your question, John. So, I'll start with the end. We continue our partnership with Infinian.

謝謝你的提問，約翰。那麼，我就從結尾開始吧。我們將繼續與Infinian保持合作關係。

We have a cross license, as and we share the same vision, which is to enable the accelerated adoption of GAN and silicon carbide in the AIDC, right? So SIC as the traditional architecture and GAN in the 800 volt DC, right? So, there's a lot of dialogue between the two companies on that front, right?

我們擁有交叉許可，我們擁有相同的願景，那就是加速 GAN 和碳化矽在 AIDC 中的應用，對嗎？所以，SIC 作為傳統架構，而 GAN 採用 800 伏特直流電，對嗎？所以，這兩家公司在這方面有很多對話，對吧？

Number two well, you will have seen that there are multiple vendors having been listed on the 800 volt AI factory ecosystem.

第二點，您應該已經看到，800伏特人工智慧工廠生態系統中列出了多家供應商。

As a matter of fact, I think it's up to 13 vendors today, but we don't see all of them in each of the sockets we target. So, I would recommend that you look at how many of those 13 are actually in the high voltage gun. So how many of them have a 650-volt G in the right package to be able to enable 800-volt HVDC? How many of them have mid voltage gain to enable the 50-volt secondary side.

事實上，我認為目前已經有 13 家供應商了，但我們無法在我們瞄準的每個插槽中看到所有這些供應商。所以我建議你看看這 13 個部件中有多少個實際上在高壓槍裡。那麼，其中有多少產品擁有合適的封裝，能夠實現 800 伏特高壓直流輸電？它們當中有多少具有中等電壓增益，可以實現 50 伏特的次級側電壓？

Some of them are listed as a silicon vendor. Okay, we are listed as a gun vendor. The other thing is, as we talked about SI being used on the ACDC as well, there is a natural pool on more SIC as we get to a higher voltage and also outside of data center to do the 800-volt HVDC, you need to enable a change of the grid architecture. This is a pure high voltage, ultra-high voltage SI.

其中一些被列為矽供應商。好的，我們已被列為槍支供應商。另外，正如我們之前討論的，SI 也用於 ACDC，隨著電壓升高，自然需要更多的 SIC，而且在資料中心之外，要實現 800 伏特 HVDC，就需要改變電網架構。這是一個純高壓、超高壓的SI。

So, what I tell you is there's a lot of competition, but not everybody's competing on the same thing. And there are not many of the vendors being listed that have both high voltage SI or old high voltage SIC and competing in the ACDC with 1.2 kV or in the grid with 2 kV and above and having high voltage and mid voltage gain.

所以，我想說的是，競爭很激烈，但不是每個人都在競爭同一件事。而且，目前列出的供應商中，既有高壓SI或老式高壓SIC，又能在1.2千伏交流直流電路或2千伏及以上電網中競爭，並且具有高壓和中壓增益的供應商並不多。

So, this competition pool is actually being reduced. That's why we are very clear about what we do. We don't play in the silicon. We play in the GAAN, high voltage, mid voltage, and in the high voltage and high voltage second.

所以，競爭的規模其實正在縮小。這就是為什麼我們對自己的工作內容非常清楚的原因。我們不涉足矽谷領域。我們參加 GAAN、高壓、中壓、高壓和高壓二級聯賽。

Got it.

知道了。

Thank you and then second, could you update us on the incremental margin of either this 800-volt data center products or high-power products in general, especially as you roll on new suppliers.

謝謝。其次，能否請您介紹 800 伏特資料中心產品或一般高功率產品的增量利潤率，尤其是在您引進新供應商的情況下？

So, first of all, as Todd said, right, we expect, continuous growths margin expansion. So, remember that the growth this year is coming from all hypermarkets and the ups and the basically mobile going down, right, being less than 25%. What I would tell you is the scale is going to help more gross margin as we grow revenue. Some of our fixed costs absorbed and that drives margin expansion.

首先，正如托德所說，我們預計利潤率將持續擴張。所以，請記住，今年的成長來自所有大型超市和零售業，而行動業務基本上正在下降，對吧，下降幅度不到 25%。我想告訴大家的是，隨著營收成長，規模擴大將有助於提高毛利率。我們分攤了一些固定成本，這推動了利潤率的提高。

Number two is the high-power products market are coming at a higher margin than mobile was, and that mix is going to change. And the third one is we are very active in ramping new suppliers on the that will help us to reduce costs, right? So, there are multiple aspects of how we are confident to see gross margin expansion as we clearly outlined for the rest of 2026, right? And as we scale further in 2027, we expect that to continue.

第二點是，高功率產品市場的利潤率高於行動產品市場，而且這種格局將會改變。第三點是，我們正在積極引入新的供應商，這將有助於我們降低成本，對吧？所以，我們有信心在 2026 年剩餘時間內實現毛利率成長，正如我們之前明確概述的那樣，這其中有很多原因，對吧？隨著我們在 2027 年進一步擴大規模，我們預計這種情況還會持續下去。

Great, thank you.

太好了，謝謝。

(Operator Instructions) Jack Egan with Charter Equity Research. Your line is open.

（操作員說明）傑克·伊根，Charter Equity Research。您的線路已開通。

Great, thanks for taking the questions. I had a follow-up on the gross margin question before me. So as mobile is getting smaller and smaller, I'm curious about the longer-term outlook. Are your gross margins more so going to be driven by mix as in, data center and non-data center, and market mix, or is it more the technological.

太好了，謝謝你回答這些問題。我面前還有一個關於毛利率問題的後續問題。隨著行動裝置螢幕越來越小，我很好奇其長遠發展前景。您的毛利率更取決於產品組合（例如資料中心和非資料中心）和市場組合，還是更多地取決於技術？

Innovation I guess that Todd mentioned that it sounds like it's referring to new products with higher ASPs, so I guess I'm trying to look at what the driver of the margins, that margin expansion is whether it's end market mix or, better product margins.

創新，我想托德提到的應該是指平均售價較高的新產品，所以我正在努力探究利潤率擴張的驅動因素是什麼，是終端市場組合還是更好的產品利潤率。

So, it's actually going to be a combination of both, so definitely end product mix right as mobile decreases the high-power markets are going to give us higher margin, those are more, based on reliability and performance, but then on as we sort of scale.

所以，實際上這將是兩者的結合，因此，隨著行動裝置的減少，最終產品組合肯定會轉向高功率市場，這將為我們帶來更高的利潤，這些利潤更多地基於可靠性和性能，但隨著我們規模的擴大，情況也會發生變化。

And these new products come into, the high-power markets we do expect like further expansions through like optimized process yields and packaging costs which will help drive our product cost down thereby driving our margins up as well.

這些新產品進入高功率市場，我們預計透過優化製程產量和包裝成本等方式進一步擴張，這將有助於降低我們的產品成本，從而提高我們的利潤率。

The one thing I would add, Jack, is, okay, its scale, cost reduction, and basically higher margin product, right, as Todd said. But the one thing I would say is that again, the growth this year, and I think we've been very clear that we are very confident that Q4 at the bottom, we are getting up for Q1, and we said we're going to grow a quarter of a quarter throughout the year with margin expansion.

傑克，我還要補充一點，那就是，正如托德所說，規模、成本降低以及利潤率更高的產品。但我還是要說，今年的成長勢頭依然強勁，而且我們已經非常明確地表示，我們非常有信心在第四季度觸底反彈後，第一季能夠實現回升。我們說過，我們將在全年每季都保持成長，並擴大利潤率。

I would reemphasize again that the growth is coming from whole high-power markets. Yes, AI data center is a big part of the future outlook, and if you look at the SA.

我再次強調，成長來自整個高功率市場。是的，人工智慧資料中心是未來展望的重要組成部分，如果你看看SA。

That we shared just a few weeks ago, it's nearly half of the SA that we see for us in 2030, but I would outline that performance computing is growing this year. Okay, it will continue to grow and also help on the margin mix. Grid infrastructure is really accelerating, and I think you're going to see higher SP product, higher margin product coming into play there, where it's more about reliability and performance and less about cost of course, costs matter.

正如我們幾週前分享的那樣，這幾乎是我們預計到 2030 年 SA 的一半，但我還要指出，效能計算在今年正在成長。好的，它會繼續成長，也有助於利潤率的提升。電網基礎設施建設正在加速推進，我認為未來會有更多高SP產品、高利潤產品湧現，這些產品更注重可靠性和性能，而較少關注成本，當然，成本也很重要。

And then as we talked about in AIDS Center, which is a cost sensitive market, it's all about efficiency right now, okay, and I think you're going to see all those markets contributing to the growth expansion in gross margins, right? So, I just wanted to calibrate a little bit your question to make sure that we don't see the growth margin expansion only coming from AI data center.

正如我們在愛滋病中心討論的那樣，這是一個對成本非常敏感的市場，現在一切都關乎效率，好嗎？我認為你會看到所有這些市場都為毛利率的成長擴張做出貢獻，對吧？所以，我只是想稍微調整一下你的問題，以確保我們看到的成長利潤率擴張不僅僅來自人工智慧資料中心。

Sure Chris, no, that's super helpful then and then I guess from a higher level, I know you're not supplying as much into some of the, automotive and industrial type markets, but you know silicon carbide has gone through just broadly speaking, has gone through a period of pretty significant oversupply and so I was just going to curious, what are your expectations on when that supply and demand and some of the other markets might balance out, whether for Navitas or whether the industry as a whole I know that you're dealing with some you know large volume wins that so it might not apply to you as much, but just, any commentary there would be helpful.

當然可以，克里斯，那真是太有幫助了。從更高的層面來說，我知道你們在汽車和工業等一些市場的供應量不大，但你知道，碳化矽總體上經歷了相當嚴重的供過於求時期。所以我很好奇，你預計這種供需平衡以及其他一些市場的供需平衡何時才能實現？無論是對 Navitas 還是對整個產業而言。我知道你們的業務是量大從中獲利，所以這可能對你們的影響不大，但任何評論都會很有幫助。

I mean, to be honest with you, John, I know, I think first of all, as an industry, veteran, I would say it's going to take some time, but I think you should ask that to the vendors that are supplying the UEV. We don't, play in the same league of SI, okay? You've seen me being very clear about the fact that we compete.

說實話，約翰，我知道，首先，作為一名業內資深人士，我認為這需要一些時間，但我認為你應該去問問那些提供 UEV 的供應商。我們和《體育畫報》不在一個級別，好嗎？你們已經看到我非常明確地表明了我們之間存在著競爭關係。

And focus on 1.2 KV for the PSUs for AI data center and 2 KV and above up to 5 KV and even more for the grid. This is where you know this is not about scale of supply. This is about how reliable and efficient and high performance is your technology. So I think for some of the six vendors operating at 450 volt, 650 volt, 800 volt focusing on EV.

對於人工智慧資料中心的電源單元，重點關注 1.2 千伏；對於電網，重點關注 2 千伏及以上，甚至 5 千伏及以上。這就說明問題與供應規模無關。這關乎你的技術的可靠性、效率和高效能。所以我認為，對於一些專注於電動車的六家以 450 伏特、650 伏特、800 伏特電壓運行的供應商來說，情況就是如此。

That's a valid concern for us. It's about scaling with the ultra high voltage, okay, which is nothing really related to supply at this stage.

這確實是我們需要考慮的問題。關鍵在於如何利用超高電壓進行擴展，好吧，這在現階段與電源供應並沒有什麼關係。

Got it thanks Chris.

明白了，謝謝克里斯。

(Operator Instructions) Richard Shannon with Craig. Your line is open.

（操作說明）理查德·香農和克雷格。您的線路已開通。

Well, great guys, thanks for taking my questions. Apologies for the ambient noise. I just jumped off a plane here and I missed a bit of the call here, so I hope I don't repeat any questions here. But, Christ, one thing I'd love to ask you is, in the data center opportunity here, to what degree are your opportunities coming from your partnership and drafting behind, if you will, from Infinian versus other ways.

太好了，謝謝各位回答我的問題。抱歉，環境噪音較大。我剛下飛機，錯過了剛才的通話，希望我不會在這裡重複問任何問題。但是，基督，我想問你的一件事是，就資料中心領域的機會而言，你的機會在多大程度上來自於你與 Infinian 的合作以及從 Infinian 那裡獲得的幫助，而不是來自其他途徑。

And then also, are there any, is there any, cross fertilization of winds within the rack, between point of load and the 800 volts down, do thosecross fertilize and give you additional benefit at all?

此外，機架內部，負載點和 800 伏特電壓之間，是否有風的交叉影響？這些交叉影響是否會為您帶來額外的好處？

So, very good question. As I mentioned, we partner with Infinian. We have a cross license. We've done that a couple of years ago. We continue to drive collaboration to enable GAN adoption, both the high voltage and mid voltage. I would say that we don't leverage or benefit from.

問得好。正如我之前提到的，我們與 Infinian 有合作關係。我們擁有交叉許可。我們幾年前就做過這件事了。我們將繼續推動合作，以促進高壓和中壓 GAN 的普及應用。我認為我們並沒有利用或從中獲益。

What you will see is, I think I got a question earlier from Kevin. Who are you bumping into most of the time? I would say, it's probably in Finnian and surely in Finnian because they have the same vision. They have the same technology, high voltage GAN, mid voltage gun, and SIC, and ultra-high voltage SIC as well for the grid infrastructure, so there are very similarities. So we bump into each other, we follow each other, but I would not say that we leverage in Finland, right?

你會看到，我之前好像收到凱文的一個問題了。你最常碰到的都是哪些人？我認為，它很可能是用芬蘭語寫的，而且肯定是用芬蘭語寫的，因為他們的視角是一樣的。它們都採用了相同的技術，包括高壓 GAN、中壓電子槍、SIC 以及用於電網基礎設施的超高壓 SIC，因此它們有許多相似之處。所以我們會偶遇，會互相關注，但我不會說我們在芬蘭利用了對方，對吧？

Now, interestingly enough, when we released the package, we found that we, because we talk to the same customers, we think the same way, is, we end up seeing the technology the same way. That's what I would say. On your question about expansion of portfolio, that's something we are looking at.

有趣的是，當我們發布該軟體包時，我們發現，因為我們與相同的客戶交流，我們的想法也相同，所以最終我們對技術的看法也相同。我也會這麼說。關於您提出的擴大投資組合的問題，我們正在考慮這個問題。

My focus right now was to pivot the company, okay, and put every ex we have, every engineer we have, every Focus we have on the four high power markets and the high voltage GAN and GAN and high voltage SIC, but we are looking at opportunities to expand the portfolio as you get a higher voltage in the data center, you're going to need circuit protection, and that's something we're going to look at in the future, right? But for now, we are laser focused on execution with the product we have and we just released.

我現在的重點是調整公司方向，把我們所有的前任、工程師和所有精力都投入到四大高功率市場以及高壓GAN和高壓SIC。但隨著資料中心電壓的提高，我們需要電路保護，因此我們也在尋找擴展產品組合的機會，這是我們未來要考慮的。但就目前而言，我們正全力以赴地執行我們已有的、剛發布的產品。

Okay, fair enough, thanks for that, Crystal and the second question probably for Todd, just on the gross margins, if I caught, the end of his prepared remarks talked about not having enough scale to really drive leverage on gross margins quite yet, here is a revenue level by which that happens here and what's that fall through margin when you start to see that that trajectory.

好的，沒問題，謝謝你，Crystal。第二個問題可能要問Todd，關於毛利率，如果我沒理解錯的話，他準備的發言稿最後提到，目前規模還不夠大，無法真正提高毛利率。請問，達到什麼收入水準才能實現這一點？當毛利率開始下降時，毛利率會下降多少？

Yeah, that's a great question. As our mix changes, obviously our margins will grow, but right now we have that scale issue. We do see margins starting to expand again in Q2 and beyond, so that's sort of the tripping point right now.

是的，這是一個很好的問題。隨著產品組合的變化，我們的利潤率顯然會提高，但目前我們面臨的是規模問題。我們看到利潤率在第二季及以後開始再次擴大，所以這算是目前的關鍵轉捩點。

What I would tell you --

我會告訴你--

Is what I would tell you, Jack, is the high-power markets and the high-power products in the high-power market are coming at a higher margin.

傑克，我想告訴你的是，高功率市場以及高功率市場的高功率產品利潤率更高。

The mobile is going down. We said that in Q4 it was 25%, and we said it's going to continue to go down and get insignificant by the end of 26, right? So I think we are very confident that the mix of the mix of the mixed change. The higher power product in the high power market increase as a percentage of the company and the new product and the cost collection we have will yield to gross margin expansion, so you'll see it loud and clear, okay, starting not very far from now.

手機斷線了。我們說過，第四季這個數字是 25%，我們也說過它會繼續下降，到 2026 年底就會變得微不足道，對吧？所以我認為我們非常有信心，這種混合變化會帶來改變。高功率產品在高功率市場中所佔比例增加，新產品和我們現有的成本控制將帶來毛利率的擴張，所以你們很快就會清楚地看到這一點，好嗎？

Okay, appreciate that detail and Todd, good luck on your next next endeavor.

好的，感謝你提供的細節，托德，祝你下一個專案一切順利。

Thank you.

謝謝。

Our last question comes from the line of Quinn Bolton with Ninham. Your line is open.

我們的最後一個問題來自奎因·博爾頓和寧漢姆的連線。您的線路已開通。

Hey, thanks for taking that follow-up question. Christ, you spent a lot of time talking about the height, the 800-volt data center opportunity, but you also talked about, needing to rearchitect the grid, and I just wondered if you could spend a second talking about the opportunity for the high voltage, silicon carbide and the solid-state transformers.

嘿，謝謝你回答我的後續問題。基督，你花了很多時間談論高度、800伏資料中心的機會，但你也談到了需要重新設計電網，我只是想問問你是否可以花一點時間談談高壓、碳化矽和固態變壓器的機會。

So where are you in the design process for some of those. Solid state transformers, and is there a way you can ballpark like what's the dollar content opportunity? I don't know if it's on a per megawatt basis or per unit basis, but is there a way to size, what the amount of, high voltage SI that goes into a solid-state transformer that start to be deployed, as the grid is re architected.

那麼，這些專案的設計流程進行到什麼階段了呢？固態變壓器，有沒有辦法大致估算一下其價值（例如價值多少）的內容機會？我不知道它是按兆瓦還是按單位計算的，但是有沒有辦法確定隨著電網重新架構的實施，開始部署的固態變壓器所需的高壓SI的數量？

Thank you, Quinn, for this follow-up question. Actually, I'm glad you asked that question because everybody focused on AIDC data center and everybody's focusing on the 800-volt HVDC architecture, which is important because it's a discontinuity in the architecture. It's a replacement of silicon by GA or by high voltage technology, but none of this is possible if the grid is not changing, and this is not just about getting a more efficient grid.

謝謝奎因提出的後續問題。實際上，我很高興你問了這個問題，因為大家都關注 AIDC 資料中心，也關注 800 伏特 HVDC 架構，這很重要，因為它是架構中的一個不連續點。這是用 GA 或高壓技術取代矽，但如果電網不改變，這一切都不可能實現，而這不僅僅是為了獲得更有效率的電網。

It's a change of the architecture and you refer to SSDs, which is basically getting from 35,000-volt AC super high power, high voltage lines down to 800 volts DC at the highest level of reliability. That drives a change, and I tell you, I've never seen the grid infrastructure changing that fast. So, you ask me, and I think we said it in the script and in the press release, we are accelerating the sampling of our 2.3 kV and 3.5 kV. Applications are any grid tied application, SST, of course, but battery energy system, megawatt chargers, solar farm at the grid tide level.

這是架構的改變，你提到了固態硬碟（SSD），它基本上是從 35,000 伏特交流電超高功率、高壓線路降到 800 伏特直流電，同時保持最高的可靠性。這帶來了變革，我告訴你，我從未見過電網基礎設施變化如此之快。所以，你問我，我想我們在劇本和新聞稿中也說過，我們正在加快 2.3 kV 和 3.5 kV 的採樣。應用範圍包括任何併網應用、SST（太陽能發電系統），當然也包括電池儲能係統、兆瓦級充電器、併網太陽能發電廠等。

Any of those applications are in accelerated designs. We are very busy talking to all those customers. That's why I said it's two legs. We have four high power markets, but if I look at the future, those two legs, the AIDC and the grid, are equally important and this is a pure high voltage SIC play.

這些應用都屬於加速設計。我們正忙著和所有客戶溝通。所以我才說它是兩條腿。我們有四個高功率市場，但如果我展望未來，AIDC 和電網這兩個環節同樣重要，而這純粹是高壓 SIC 的運作。

And to the earlier question about EV, this is not the same technology because what you have to deliver is high reliability technology, high reliable modules. So, it's a different play, right? So, I'm glad you asked the question. We see an accelerated design momentum, of course it's going to take time.

至於先前提到的電動車問題，這並非同一種技術，因為你需要提供的是高可靠性技術、高可靠性模組。所以，這是另一種玩法，對吧？所以，我很高興你問了這個問題。我們看到設計發展勢頭加快，當然，這需要時間。

This is a longer design cycle than computing. It's a longer design cycle than AIDC. But I think you'll start to see a significant revenue growth starting '27.

這是一個比電腦設計週期更長的設計週期。它的設計週期比AIDC要長。但我認為從 2027 年開始，你會看到收入顯著增長。

To your question about content, in the last investor meeting we had, we basically referred to $25,000 to $35,000 per megawatt of total content for Navitas as a SA, which is based again on ultra-high voltage six, so 1.2 KV and 2 KV and above, and GAN, and about 10 to 12 is actually outside of the data center, so you think about 25 to 35, 10 to 12 of this is outside of data center, which is purely SST, BSS, and all those applications, right? So and again inside the center you have a share between.

關於您提出的內容問題，在我們上次的投資者會議上，我們基本上提到 Navitas 的總內容成本為每兆瓦 25,000 美元至 35,000 美元，這再次基於超高壓 6，即 1.2 千伏和 2 千伏及以上，以及 GAN，其中大約 10% 到數據中心之外，所以實際上大約 35% 到資料中心到資料中心之外的內容成本中，有 10% 到 12% 位於資料中心之外，這純粹是 SST、BSS 和所有這些應用，對嗎？所以，在中心內部，你們之間又有一份份額。

Sick for PSUs and GAN as you move to DC, but we should not underestimate the importance and the potential of the grid infrastructure. As a matter of fact, we released a couple of weeks ago a detailed SA analysis that shows that both GAN and SIC are to 50% in 2030 in terms of the potential for in terms of the potential for Navitas to the $3.5 billion that we referred earlier.

在向直流電過渡時，電源單元和 GAN 可能會變得很棘手，但我們不應低估電網基礎設施的重要性和潛力。事實上，幾週前我們發布了一份詳細的SA分析報告，報告顯示，到2030年，GAN和SIC的潛力都將達到50%，而Navitas的潛力將達到我們之前提到的35億美元。

And you can see that the grid is not far off the you know the SA of data center, and the other thing I would say is this is just the beginning. So if you think about grid, this is a multiple decade transformation that will drive higher voltage continuously. We start with 2 KV, we're getting to 3 kV, we're going to get to 5 kV and above, and that's going to drive transformation for the next multiple decades.

你可以看到，網格距離資料中心的SA並不遙遠，而且我想說的是，這只是個開始。所以，從電網的角度來看，這將是一個持續數十年的變革，它將不斷提高電壓。我們從 2 千伏開始，正在邁向 3 千伏，我們將達到 5 千伏及以上，這將推動未來幾十年的變革。

Excellent. Thank you

出色的。謝謝

That concludes the question-and-answer session. I would now like to turn the call back over to the management team for closing remarks.

問答環節到此結束。現在我將把電話交還給管理團隊，請他們作總結發言。

Thank you everybody for attending this call. As you could tell, we are very proud of the progress we are making. The first five months and six months since I joined was about pivoting the company and being clear about where we are going. I think we've done that. We are focusing on accelerating samples of our technology.

感謝各位參加本次電話會議。正如你所看到的，我們對所取得的進展感到非常自豪。我加入公司的前五個月和六個月主要都在調整公司方向，明確表示公司的發展方向。我認為我們已經做到了。我們正致力於加速我們技術樣品的研發。

We have four pillars of the transformation which I mentioned market focus, technology, leadership, and operational efficiency and financial discipline, and we'll continue to update you on how we make progress, and I think we have a bright future ahead of us.

我們轉型有四大支柱，正如我之前提到的，分別是市場聚焦、技術、領導、營運效率和財務紀律。我們將繼續向大家報告我們的進展情況，我認為我們擁有光明的未來。

Ladies and gentlemen, that concludes today's call.

女士們、先生們，今天的電話會議到此結束。

Thank you all for joining in, you may now disconnect.

感謝各位的參與，現在可以斷開連結了。