納微半導體 (NVTS) 2026 Q2 法說會逐字稿

Hello, and thank you for standing by. My name is Glaiza, and I will be your conference operator today. At this time, I would like to welcome everyone to the Navitas Semiconductor second-quarter '26 earnings. (Operator Instructions)

您好，感謝您耐心等候。我叫 Glaiza，今天將擔任本次電話會議的接線員。此刻，我謹代表公司歡迎各位參加 Navitas Semiconductor 2026 年第二季財報電話會議。(接線員指示)

I would now like to turn the call over to Brett Perry of Shelton Group Investor Relations. Please go ahead.

接下來我想把電話交給 Shelton Group 投資人關係部的 Brett Perry。請開始。

Good afternoon, and welcome to Navitas Semiconductor second-quarter 2026 financial results conference call. Joining us today are Navitas' President and CEO, Chris Allexandre; and CFO, Tonya Stevens.

各位下午好，歡迎參加 Navitas Semiconductor 2026 年第二季財務業績電話會議。今天與會者包括 Navitas 總裁暨執行長 Chris Allexandre，以及財務長 Tonya Stevens。

I'd like to remind listeners that management's prepared remarks 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's contained in the Private Securities Litigation Reform Act of 1995.

提醒各位聽眾，管理層的事先準備發言包含前瞻性陳述，這些陳述受風險與不確定性影響；管理層也可能在回覆各位提問時提出額外的前瞻性陳述。因此，公司主張適用《1995 年私人證券訴訟改革法案》中所載之前瞻性陳述「安全港」條款之保護。

Actual results may differ from those discussed today, and therefore, we refer you to a more detailed discussion of risks and uncertainties in the company's filings with the Securities and Exchange Commission, including Forms 10-K and 10-Q.

實際結果可能與今日討論內容有所不同，因此我們請各位參閱公司向美國證券交易委員會（SEC）提交之文件中，對風險與不確定性更為詳盡的說明，包括 10-K 與 10-Q 表格。

In addition, any projections as to the company's future performance represent management's estimates as of today, July 27, 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，任何關於公司未來表現的預測，均代表管理層截至今日（2026 年 7 月 27 日）的估計。除非適用法律另有要求，Navitas 不承擔於未來更新這些預測之義務，無論市場狀況是否改變。

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

另外，公司新聞稿以及管理層在本次電話會議中的陳述，將包含以 GAAP 與非 GAAP 口徑呈現的某些衡量指標與財務資訊之討論。公司新聞稿中包含 GAAP 與非 GAAP 項目的定義與調節表，提供更多細節。

For those of you unable to listen to the entire call at this time, a recording will be available via webcast for 90 days in the Investor Relations section of Navitas' website at www.navitassemi.com.

若各位目前無法收聽完整會議，錄音將以網路直播回放形式提供 90 天，可至 Navitas 官網 www.navitassemi.com 的投資人關係（Investor Relations）專區收聽。

And now, it's my pleasure to turn the call over to Navitas' President and CEO. Chris, please go ahead.

現在，我很榮幸把電話交給 Navitas 總裁暨執行長。Chris，請開始。

Good afternoon, and thank you for joining us on today's second-quarter 2026 earnings call. We appreciate your continued interest and support as we execute our strategic transformation to Navitas 2.0.

各位下午好，感謝各位參加今天的 2026 年第二季財報電話會議。在我們推動策略轉型至 Navitas 2.0 的過程中，感謝各位持續的關注與支持。

In the second quarter, we delivered increasing revenue of 22% sequentially, coupled with a stronger third-quarter guidance. High-power markets grew more than 50% year over year, serving as further evidence of the building momentum in our GaN and high-voltage SiC product, especially in our focused area of AI infrastructure.

第二季，我們營收較前一季成長 22%，同時也提供更強勁的第三季財測指引。高功率市場年增超過 50%，進一步證明我們的 GaN 與高電壓 SiC 產品動能正在形成，尤其是在我們聚焦的 AI 基礎設施領域。

We're also delivering on our Navitas 2.0 transformation. We are well ahead by over one quarter of expected action for nearly all sales to be coming from high-power market by year-end, with revenue contribution for mobile and low-end consumer being insignificant. We continue to deliver step by step on what we said we would do, and this quarter serves as another proof point of our consistent progress.

我們也正落實 Navitas 2.0 轉型。在年底前幾乎所有銷售都將來自高功率市場方面，我們的進度已較原先預期提前超過一個季度；而行動裝置與低階消費性產品的營收貢獻將微不足道。我們持續一步一步兌現先前所說的計畫，而本季再次成為我們穩健推進的有力佐證。

Over the past several quarters, we have aggressively pivoted the entire organization to focus on high-power market, where Navitas GaN and high-voltage SiC technology can deliver meaningful differentiation and increase long-term value. The resource reallocation and organization realignment is now substantially complete with new leadership in place and a refreshed product and technology road map we are sharpening our focus on AI infrastructure, which comprise both AI data center and the grid energy infrastructure required to power them. Combined, this AI infrastructure market represents the vast majority of our long-term serviceable addressable market for GaN and high-voltage SiC and underpin our future growth trajectory as a high power company.

過去幾個季度，我們積極推動整個組織轉向聚焦高功率市場；在該市場中，Navitas 的 GaN 與高電壓 SiC 技術能帶來具實質意義的差異化並提升長期價值。資源重新配置與組織調整目前已大致完成，新領導團隊已就位，產品與技術路線圖也已更新；我們正進一步聚焦 AI 基礎設施，涵蓋 AI 資料中心以及為其供電所需的電網與能源基礎設施。合計而言，AI 基礎設施市場占我們 GaN 與高電壓 SiC 長期可服務可觸及市場（SAM）的絕大多數，並支撐我們作為高功率公司的未來成長軌跡。

Turning into a closer look at our reported results and progress for the second quarter. As previously mentioned, total revenue increased 22% sequentially to $10.5 million, driven by growth across our high-power markets. High power represent the majority of our overall revenue mix with revenue contribution from mobile in Q2, declining both sequentially and year over year as in the prior quarter.

接著更深入檢視我們第二季的公告結果與進展。如先前所述，總營收較前一季成長 22% 至 1,050 萬美元，主要由高功率市場全面成長所帶動。高功率已占我們整體營收組合的大多數；第二季來自行動裝置的營收貢獻，如同上一季一樣，無論較前一季或較去年同期皆呈下降。

I also want to highlight that both GaN and SiC contributed to our sequential growth with a particular acceleration in our SiC business during the quarter. As expected, we also delivered expanded gross margin as a result of more favorable revenue mix towards higher value, higher-power product, and improving scale.

我也想強調，GaN 與 SiC 皆對我們的季增成長有所貢獻，其中本季 SiC 業務的加速尤為明顯。如預期，我們也因營收組合更偏向高價值、高功率產品，以及規模改善，而帶動毛利率擴張。

Notably, our strong momentum continues to build and accelerate into the second half of the year. Our expanding backlog extends beyond '26 coupled with record book-to-bill supporting our expectation for continued double-digit quarterly growth through the second half of the year.

值得注意的是，我們的強勁動能持續累積，並在下半年進一步加速。我們持續擴大的在手訂單（backlog）已延伸至 2026 年以後，並且在創新高的接單出貨比（book-to-bill）支持下，我們預期下半年將維持每季雙位數成長。

The third quarter will also represent a return to year-over-year growth, driven entirely by high power markets. This also translates to achieving mid-single-digit revenue growth for the full year, while similarly having substantially exited the mobile and the low-end consumer market. This is a significant change in the revenue composition for the company and clear evidence that we are delivering on Navitas 2.0 transformation.

第三季也將回到年對年成長，且完全由高功率市場所驅動。這也意味著我們有望達成全年中個位數（mid-single-digit）的營收成長，同時也已在很大程度上退出行動裝置與低階消費性市場。這是公司營收結構上的重大改變，也清楚證明我們正在落實 Navitas 2.0 轉型。

With growth increasingly driven by a combination of AI data center and grid and energy infrastructure, we expect AI infrastructure market will represent more than one-third of our total sales by year-end, setting the stage for continued momentum in 2027.

隨著成長愈來愈由 AI 資料中心以及電網與能源基礎設施的組合所帶動，我們預期到年底 AI 基礎設施市場將占我們總銷售額的三分之一以上，為 2027 年的持續動能奠定基礎。

While we are nearing completion of our transformation to a high-power company, our focus continues to be grounded in four key pillars: market focus, technology leadership, operational efficiency, and financial discipline.

雖然我們即將完成向高功率公司的轉型，但我們的重點仍建立在四大支柱之上：市場聚焦、技術領先、營運效率與財務紀律。

Starting with our focus on high-power market. The rapid adoption of AI is driving immense market demand for overcome critical power bottlenecks across AI infrastructure including both AI data center and grid energy. As a result, Navitas unique ability to deliver high-power products, leveraging both GaN and high-voltage SiC technologies, we are benefiting from accelerating momentum to enable customers' high-power application within data center as well as the grid and energy infrastructure needed to supply them with power. Together, those two areas of AI represent the large majority of our long-term SAM, growth trajectory, and where the company is headed.

首先談我們對高功率市場的聚焦。AI 的快速採用正推動龐大的市場需求，以克服 AI 基礎設施（包含 AI 資料中心與電網能源）中的關鍵電力瓶頸。因此，憑藉同時運用 GaN 與高電壓 SiC 技術來提供高功率產品的獨特能力，Navitas 正受惠於加速的動能，協助客戶在資料中心內的高功率應用，以及為其供電所需的電網與能源基礎設施。綜合而言，這兩個 AI 領域占我們長期 SAM 與成長軌跡的絕大部分，也是公司未來前進的方向。

In AI data center, we are currently generating growth ahead of the market transition to 800-volt DC. For example, increasing power level in AC/DC power supply units are driving the need for higher density, which in turn, is accelerating the replacement of silicon with our high-voltage SiC. We are also actively engaged with hyperscalers, merchant power customers, data centers, OEM, ODM on multiple programs ramping in the second half of '26 that will accelerate throughout 2027. We're also seeing strong traction in DC/DC PSUs and battery backup units where both our SiC and GaN solutions are being designed in. Again, this activity is happening today in advance of the 800-volt transition.

在 AI 資料中心方面，我們目前的成長已領先市場向 800 伏直流（DC）轉型的進程。例如，AC/DC 電源供應器（PSU）功率等級提升，帶動對更高功率密度的需求，進而加速以我們的高電壓 SiC 取代矽（silicon）。我們也正積極與超大規模業者（hyperscalers）、商用電源客戶、資料中心、OEM、ODM 在多個專案上合作，這些專案將於 2026 年下半年放量，並在 2027 年持續加速。我們也在 DC/DC PSU 與電池備援單元（battery backup units）看到強勁進展，我們的 SiC 與 GaN 解決方案皆已被導入設計（designed in）。再次強調，這些活動都在 800 伏轉型之前就已於今日發生。

In fact, we continue to believe that the transition to 800-volt architecture for next-generation AI data center will happen in 2027 as various xPUs, GPUs, hyperscalers will introduce it at different times, and it will unfold in a series of steps. Each step will represent an inflection point that drives increasing momentum and explosive growth for Navitas high-power GaN and high-voltage SiC content.

事實上，我們仍相信下一代 AI 資料中心向 800 伏架構的轉型將在 2027 年發生；不同的 xPU、GPU 與超大規模業者將在不同時間點導入，並會以一連串步驟逐步展開。每一步都將成為一個拐點，推動 Navitas 高功率 GaN 與高電壓 SiC 內容的動能提升並帶來爆發式成長。

I will briefly walk through each of those inflection points, which also outlined in the earnings related slide deck that we've posted to the Investors section of our website.

我將簡要說明上述每一個拐點；這些內容也已在我們發布於公司網站「投資人」專區的財報相關簡報中加以概述。

What's clear is the evolution to 800 volt is inevitable as it remains the industry's only path forward to achieve much higher-power and higher-density AI racks.

顯而易見，演進至 800 伏是不可避免的，因為這仍是產業唯一可行的前進路徑，得以實現更高功率與更高密度的 AI 機櫃。

The first inflection point second half '26 ramp and accelerating in first half '27. SiC adoption in AC/DC PSUs is being driven by power scaling and density requirement independent of the 800 volt DC initiatives.

第一個拐點是在 2026 年下半年開始放量，並於 2027 年上半年加速。SiC 在 AC/DC 電源供應器（PSU）中的採用，係由功率擴展與密度需求所驅動，且不依賴 800 伏直流（DC）倡議。

As the AI data center racks require more power, it is driving AC/DC PSUs, which ultimately drives high density and therefore, accelerating the replacement of silicon by SiC even with 50-volt DC output. This is already underway, and the growth is happening now and will continue throughout 2027 and beyond.

隨著 AI 資料中心機櫃需要更多功率，將帶動 AC/DC PSU 的需求，進而推升高密度要求；因此，即使在 50 伏 DC 輸出的情況下，也會加速以 SiC 取代矽。這項趨勢已在進行中，成長正在發生，並將延續至 2027 年及其後。

Following, there will be a second inflection ramping in mid-2027. First, the introduction of the 800-volt busbar in the sidecar rack with power system elements such as AC/DC power shells and BBU moving from the IT rack to the power sidecar with output of 800-volt DC to the IT rack. This change is bringing additional high-voltage SiC content in higher-power AC/DC PSUs now with 800-volt output plus new SiC and GaN content in top of the rack DC PSUs and BBUs. We are in advanced system design and reliability testing with several key customers and are preparing the ramp.

接著，第二個拐點將在 2027 年年中開始放量。首先是在 sidecar 機櫃中導入 800 伏匯流排（busbar），並將 AC/DC 電源機殼（power shells）與 BBU 等電力系統元件，從 IT 機櫃移至電力 sidecar，並以 800 伏 DC 輸出至 IT 機櫃。此變更將在更高功率的 AC/DC PSU 中帶來額外的高電壓 SiC 含量（現為 800 伏輸出），並在機櫃頂部（top of the rack）的 DC PSU 與 BBU 中新增 SiC 與 GaN 含量。我們正與數家關鍵客戶進行先進系統設計與可靠度測試，並為放量做準備。

Then the third inflection point, ramping mid- to late 2027 really accelerating in late '27 and early 2028. The integration of the high-density DC/DC conversion tightly into the GPU and xPU trays using GaN for its superior switching frequency and power density in megawatt scale rack across various GPU and xPU and hyperscalers at various time. At that point, fundamental change happened in data center IC rack power architecture. 800-volt comes in straight to the servers.

接著是第三個拐點，於 2027 年年中至年末放量，並在 2027 年末與 2028 年初大幅加速。在兆瓦級機櫃中，將高密度 DC/DC 轉換緊密整合至 GPU 與 xPU 托盤，利用 GaN 在切換頻率與功率密度方面的優勢，並將於不同 GPU、xPU 與超大規模業者在不同時間點導入。屆時，資料中心 IC 機櫃電源架構將發生根本性改變：800 伏將直接進入伺服器。

This is what most are referring as native 800-volt. We're highly confident in our position for 2027 ramp with our GaN. Simultaneously, the AC/DC PSUs will continue to be in higher demand for high-voltage SiC with increased power level and density on top of BBUs and other power system.

這就是多數人所稱的原生 800 伏（native 800-volt）。我們對於 2027 年以 GaN 支援放量的布局極具信心。同時，隨著功率等級與密度提升，加上 BBU 與其他電力系統的需求，AC/DC PSU 對高電壓 SiC 的需求也將持續增加。

Lastly, there would be a fourth inflection point 2028 and beyond. This is where solid-state transformers come into play an on-site data center, taking mid-voltage AC electricity from utility grid and directly converting to 800-volt DC, which get distributed across the data center. This is the full 800-volt DC evolution with ultra-high voltage SiC and GaN across grid modernization, solid-state transformers, and end-to-end power delivery from grid to core with full wide-band gap solution.

最後，第四個拐點將在 2028 年及其後出現。此時固態變壓器將在資料中心現場發揮作用，將來自公用電網的中壓交流（AC）電力直接轉換為 800 伏直流（DC），並在整個資料中心內分配。這是完整的 800 伏 DC 演進：在電網現代化、固態變壓器，以及從電網到核心的端到端供電中，全面採用超高電壓 SiC 與 GaN 的寬能隙解決方案。

Complementing this significant opportunity within AI data center is the equally large and even longer duration market opportunity in grid and energy infrastructure. Today, we are actively advancing design activity and sampling across BESS, solar farm converters, PSUs, and solid-state transformers application.

在 AI 資料中心這項重大機會之外，電網與能源基礎設施也同樣存在規模相當、且週期更長的市場機會。目前我們正積極推進並提供樣品，涵蓋 BESS、太陽能電站變流器、PSU 與固態變壓器等應用。

Our recently introduced 2.3Kv and 3.3Kv GeneSiC modules are receiving excellent feedback, and customers have begun requesting volume samples for system-level testing in the second half of the year.

我們近期推出的 2.3kV 與 3.3kV GeneSiC 模組獲得極佳回饋，客戶已開始要求於今年下半年提供量產級樣品，以進行系統層級測試。

We're also seeing early interest in our new isolated TO-247 family, which offers unique advantage in liquid cooling application.

我們也看到市場對全新隔離式 TO-247 系列的早期興趣，該系列在液冷應用中具備獨特優勢。

Importantly, I want to reemphasize that Navitas remain technology-agnostic, and we are prepared to offer customers the optimal solution, whether that be GaN or high-voltage SiC across the full power chain from grid to rack. This unique flexibility allows us to capture more content per system as well as support multiple architectures. As previously mentioned, both GaN and SiC are contributing to the current growth, and we expect AI infrastructure to drive the substantial majority of our revenue and growth going forward.

重要的是，我想再次強調 Navitas 仍維持技術中立（technology-agnostic），並已準備好為客戶提供最佳化解決方案，無論是 GaN 或高電壓 SiC，皆可涵蓋從電網到機櫃的完整電力鏈。這種獨特的彈性使我們能在每個系統中取得更多內容價值，同時支援多種架構。如先前所述，GaN 與 SiC 皆在推動目前的成長；展望未來，我們預期 AI 基礎設施將驅動我們營收與成長的絕大部分。

Turning to our second key pillar. Technology leadership is essential to our success, and we continue to diligently invest in innovation, and expanded product road map for both GaN and high-voltage SiC.

接著談我們第二個關鍵支柱。技術領先對我們的成功至關重要；我們持續投入創新，並擴展 GaN 與高電壓 SiC 的產品藍圖。

On GaN, we are advancing our reference platform solution, including the 800-volt to 6-volt DC/DC power delivery board demonstrated at recent industry events with a 800-volt to 12-volt version in development. We have kicked off a new program utilizing Navitas unique solution to maximize system efficiencies in the secondary side or 800-volt data center topologies.

在 GaN 方面，我們正推進參考平台解決方案，包括近期產業活動中展示的 800 伏轉 6 伏 DC/DC 供電板，並正在開發 800 伏轉 12 伏版本。我們已啟動一項新計畫，運用 Navitas 的獨特解決方案，以在次級側或 800 伏資料中心拓撲中最大化系統效率。

Our industry-leading DFN 8x8 dual-side cool package continues to gain broad adoption with superior power density, thermal performance, and board space savings.

我們業界領先的 DFN 8x8 雙面散熱封裝，憑藉卓越的功率密度、熱效能與節省板面空間的優勢，持續獲得廣泛採用。

And our 650-volt 11-milliohm GaN FET remains the lowest RDS(on) high-voltage GaN device in the industry, and we have a significant number of customers preparing for mass production. Additionally, our medium-voltage honorable GaN is seeing increasing adoption for secondary side and other applications.

而我們 650 伏、11 毫歐 GaN FET 仍是業界 RDS(on) 最低的高電壓 GaN 元件，且已有大量客戶正為量產做準備。此外，我們的中電壓 GaN 也在次級側與其他應用中獲得日益增加的採用。

On the high-voltage SiC, GeneSiC technology, based on our property trench assisted planner architecture, continues to differentiate with its best-in-class reliability, efficiency, and manufacturability, attributes that are increasingly critical as voltage scale from grid and energy infrastructure application.

在高電壓 SiC（GeneSiC 技術）方面，基於我們專有的溝槽輔助平面（trench-assisted planar）架構，持續以同級最佳的可靠度、效率與可製造性形成差異化；隨著電壓在電網與能源基礎設施應用中提升，這些特性愈發關鍵。

We recently introduced our isolated TO-247 product family spanning 1.2Kv to 3.3Kv, delivering module-like performance, the standard discrete footprint with integrated isolation for direct cooling, and simplify customers' manufacturing. As mentioned earlier, we're also seeing customer traction in both AI DC and grid and energy infrastructure application.

我們近期推出的隔離式 TO-247 產品系列涵蓋 1.2kV 至 3.3kV，提供類模組等級的效能、標準分立元件外形尺寸，並整合隔離以支援直接冷卻，同時簡化客戶製造流程。如先前所述，我們也在 AI 直流（DC）以及電網與能源基礎設施應用中看到客戶動能。

We also recently expanded our SiC portfolio with newly introduced 1.2Kv JFET product line to be released early next year initially targeting AI data center, solid-state transformers, and energy grid infrastructure application. Our new JFET product line opens door to address an additional $1 billion of incremental TAM by 2030.

我們也近期擴充 SiC 產品組合，新增 1.2kV JFET 產品線，預計於明年初發布，初期鎖定 AI 資料中心、固態變壓器與能源電網基礎設施應用。我們新的 JFET 產品線將使我們得以在 2030 年前額外切入約 10 億美元的增量 TAM。

Also, we continue accelerating towards our ambition to deliver best-in-class ultra high-voltage SiC technology and product and are already in discussions with select customers regarding the planned third-quarter release of our new 6.5Kv SiC technology, which we expect to unveil very, very soon.

此外，我們持續加速朝向提供同級最佳的超高電壓 SiC 技術與產品之目標邁進，並已與特定客戶就我們計畫於第三季發布的新 6.5kV SiC 技術展開討論；我們預期將在非常、非常近期對外揭露。

Additionally, we are currently engaged with -- on the development of next-generation 10Kv SiC devices with a prominent lead customer and expected announcement in coming weeks.

另外，我們目前也正與一家重要的領先客戶合作開發下一代 10kV SiC 元件，並預計在未來幾週內發布相關公告。

In addition to expanding our existing SiC portfolio and technology, last week, we announced a strategic partnership for Magnachip to license our GeneSiC Gen 4 and Gen 5 trench-assisted planar technology, spanning 1.2Kv, 2.3Kv, 3.3Kv, and high voltage.

除擴展既有 SiC 產品組合與技術之外，上週我們宣布與 Magnachip 建立策略合作夥伴關係，授權其使用我們的 GeneSiC 第 4 代與第 5 代溝槽輔助平面技術，涵蓋 1.2kV、2.3kV、3.3kV 以及高電壓。

Supported by our supply chain and material ecosystem, the technology will [port it], qualify, and internalize in their fab in South Korea. This partnership delivers two primary strategic benefits.

在我們供應鏈與材料生態系的支持下，該技術將在其韓國晶圓廠進行[移植]、認證並內部化。此合作夥伴關係帶來兩項主要策略效益。

First, it enabled expanding adoption of our SiC technology across more target markets, expanding Navitas technology beyond the technology current focus; second, and longer term, this collaboration facilitate establishing of another foundry source of Navitas SiC wafers, ultimately strengthening our supply chain resilience and supporting our ability to efficiently scale GeneSiC solution.

首先，這使我們得以在更多目標市場擴大對我們 SiC 技術的採用，將 Navitas 的技術版圖擴展至目前技術重點以外；其次，且從更長期來看，這項合作有助於建立 Navitas SiC 晶圓的另一個晶圓代工來源，最終強化我們供應鏈的韌性，並支持我們有效率地擴大 GeneSiC 解決方案的規模。

Our deliberate strategic decision to prioritize AI infrastructure over automotive, unlike some of our competitors, has allowed us to bring focused, high-performance product to market faster. Having both GaN and SiC is also seen by customers as a key differentiator and allows us to focus on customer needs, independent of any technology bias.

我們有意做出的策略性決策是優先布局 AI 基礎設施而非汽車領域，這與部分競爭對手不同，使我們能更快將聚焦且高效能的產品推向市場。同時具備 GaN 與 SiC 也被客戶視為關鍵差異化因素，讓我們能不受任何技術偏好影響、以客戶需求為核心。

Additionally, this has allowed us to secure initial design wins with key customers that will continue to support our long-term growth trajectory for years to come.

此外，這也使我們得以與關鍵客戶取得初期設計導入（design win），並將在未來多年持續支撐我們的長期成長軌跡。

Operational efficiency. With respect to operations, we are making excellent progress on our strategic partnership with GlobalFoundries. Lead parts from our pivot to 8-inch GaN are on track for customer sampling and qualification before year-end, and we expect to have initial qualified product in early 2027. This transition will enable US-based GaN manufacturing, supporting national security application and long-term supply chain resilience.

營運效率。就營運而言，我們與 GlobalFoundries 的策略合作夥伴關係正取得極佳進展。我們轉向 8 吋 GaN 的先導零件進度符合規劃，預計在年底前提供客戶送樣與認證，我們也預期在 2027 年初取得首批完成認證的產品。此一轉換將使 GaN 製造落地美國，支援國安相關應用並提升長期供應鏈韌性。

I also want to note that we have secured appropriate buffer capacity at TSMC to ensure a smooth transition for existing customers throughout '29 and beyond. In addition, we continue to further strengthen and streamline our supply chain, consolidating to fewer, more strategic OSAT partners that are better equipped to support high power at scale.

我也想指出，我們已在台積電（TSMC）取得適當的緩衝產能，以確保現有客戶在 2029 年及之後的過渡順暢。此外，我們持續進一步強化並精簡供應鏈，整併至更少但更具策略性的 OSAT 夥伴，這些夥伴更有能力在規模化情境下支援高功率產品。

Internally, we are also increasingly leveraging AI tools across designs, operations, and other functions to accelerate execution and improve efficiency as we scale.

在內部方面，隨著我們擴大規模，我們也日益在設計、營運及其他職能中運用 AI 工具，以加速執行並提升效率。

In terms of the fourth pillar, maintaining financial discipline continues to be a fundamental operating principle. Over the past nine months, we have transformed the organization with realized significant efficiency and have held operating expense essentially flat.

就第四大支柱而言，維持財務紀律仍是我們最基本的營運原則。過去九個月，我們已完成組織轉型並實現顯著效率提升，且將營業費用基本維持持平。

With our transformation now substantially complete and with a clear visibility into accelerating report, we are prudently increasing investment in specific areas, including expanded product development like our JFET or ISO-TO, strengthening customer support for key committed program and enhancing operational readiness for upcoming ramp of volume shipments.

隨著轉型現已大致完成，且我們對加速成長的能見度清晰，我們正審慎地在特定領域增加投資，包括擴大產品開發（如我們的 JFET 或 ISO-TO）、強化對關鍵已承諾專案的客戶支援，以及提升營運準備度以迎接即將到來的量產出貨爬坡。

Each of these objectives are directly aligned with our goal of capturing a substantial multiyear growth opportunity for GaN and high-voltage SiC solution across AI infrastructure markets.

上述每一項目標都與我們的目標直接一致：在 AI 基礎設施市場中，掌握 GaN 與高電壓 SiC 解決方案的可觀多年期成長機會。

Also, we recently raised additional capital to further strengthen our balance sheet and support ongoing strategic execution. More specifically, with $567 million (sic - see slide 3, "$557 million") of cash at quarter end, we now have increased flexibility to fund strategic investments in our business, including our Foundry Plus program, capacity expansion, and supply reservation agreement with our foundry partners as well as potential strategic inorganic opportunities.

另外，我們近期也募集了額外資本，以進一步強化資產負債表並支持持續的策略執行。更具體而言，季末我們持有 5.67 億美元（原文如此——見投影片 3，「5.57 億美元」）現金，使我們在為業務進行策略性投資方面更具彈性，包括我們的 Foundry Plus 計畫、產能擴充，以及與晶圓代工夥伴的產能保留協議，並包含潛在的策略性外部併購／投資機會。

That being said, I want to be clear that our immediate and overarching focus remains on driving strong top-line growth together with gradual gross margin expansion through improving mix and scale while maintaining an unwavering path towards becoming a profitable high-power company.

儘管如此，我想明確表示，我們當前且最核心的重點仍是推動強勁的營收成長，同時透過改善產品組合與規模效益，逐步擴大毛利率，並堅定不移地朝成為一家獲利的高功率公司邁進。

In closing, I'm very pleased with our continued progress and growing momentum. Q2 represents another proof point that we are executing on our strategic Navitas 2.0 transformation. We are delivering on our commitment to achieve quarterly growth by year-end, will have substantially completed our transition to a high-power company, and expect to be back to year-over-year growth.

最後，我對我們持續的進展與日益增強的動能感到非常滿意。第二季再次證明我們正在落實 Navitas 2.0 轉型策略。我們正兌現於年底前達成季度成長的承諾，將大致完成向高功率公司的轉型，並預期恢復年對年成長。

This majority of the growth is being driven by AI infrastructure market. This is also supporting our expectation for continued double-digit growth for the second half, setting the stage for continued growth momentum into '27 and beyond.

這其中大部分的成長是由 AI 基礎設施市場所帶動。這也支撐我們對下半年持續雙位數成長的預期，並為 2027 年及之後的持續成長動能奠定基礎。

With our substantial cash balance and market leadership, we are well-positioned to deliver sustained growth as we capitalize on the opportunity to enable the AI revolution with our differentiated high-power GaN and high-voltage SiC.

憑藉我們充足的現金部位與市場領導地位，我們已做好準備，在把握以差異化高功率 GaN 與高電壓 SiC 推動 AI 革命的機會之際，實現可持續的成長。

With that, I'll pass the call to Tonya to review our second-quarter financials and the third-quarter outlook.

接下來，我把電話交給 Tonya，請她回顧我們第二季財務表現以及第三季展望。

Thank you, Chris. Before I begin, please note, unless otherwise indicated, I will focus my comments on non-GAAP results. A detailed reconciliation of all non-GAAP to GAAP financial measures can be found in our press release published earlier today.

謝謝你，Chris。在我開始之前，請注意，除非另有說明，我的評論將聚焦於非 GAAP 結果。所有非 GAAP 與 GAAP 財務衡量指標的詳細調節表，可在我們今日稍早發布的新聞稿中查閱。

Revenue in the second quarter of 2026 was at the high end of guidance, increasing 22% sequentially to $10.5 million. This represents an increase of approximately $1.9 million from the $8.6 million in the first quarter.

2026 年第二季營收位於指引區間高端，季增 22% 至 1,050 萬美元。相較第一季的 860 萬美元，約增加 190 萬美元。

As Chris highlighted, the double-digit growth was driven by increased traction in high-power markets, which grew more than 50% year over year and reflects a notable improvement in our revenue composition as our mobile and low-end consumer business continues to be a smaller portion of overall revenue. We continue to expect this historical business to become insignificant by year-end.

如 Chris 所強調，這項雙位數成長來自高功率市場的動能提升；該市場年增超過 50%，並反映我們營收結構的顯著改善，因為行動裝置與低階消費性業務在整體營收中的占比持續下降。我們仍預期這項歷史業務在年底前將變得微不足道。

As a result of improved product mix and higher quarterly revenue, gross margin expanded by 50 basis points sequentially and 100 basis points year over year to 39.5%.

受惠於產品組合改善與單季營收提升，毛利率季增 50 個基點、年增 100 個基點至 39.5%。

Our accelerating shift in overall revenue mix towards higher-value, high-power markets, and away from mobile and low-end consumer remains fundamental to our ongoing gross margin expansion strategy. We continue to expect gradual improvement in gross margin throughout the year as we drive top-line growth in high-power markets, coupled with expected return to year-over-year revenue growth.

我們整體營收組合正加速轉向更高價值的高功率市場、並遠離行動裝置與低階消費性市場，這仍是我們持續推動毛利率擴張策略的核心。隨著我們在高功率市場推動營收成長，並預期恢復年對年營收成長，我們仍預期毛利率將在全年逐步改善。

Operating expenses for the second quarter were $15.5 million compared to $15.0 million in the prior quarter and $16.1 million in the same quarter a year ago. Operating expenses for the quarter continued to reflect our commitment to focused and disciplined spending.

第二季營業費用為 1,550 萬美元，前一季為 1,500 萬美元，而去年同期為 1,610 萬美元。本季營業費用仍反映我們對聚焦且具紀律支出的承諾。

OpEx was at the high end of our guidance range as we began making incremental investments in the business, particularly in new R&D programs to accelerate growth. Having diligently maintained effectively flat OpEx in recent quarters during our strategic transformation, we are increasingly focused on the resources and investments required to support the longer-term success and sustained growth of the transformed company.

由於我們開始對業務進行增量投資，特別是投入新的研發計畫以加速成長，營業費用落在我們指引區間的高端。在策略轉型期間，我們近幾季一直嚴謹地將營業費用維持在實質持平；如今，我們更聚焦於支持轉型後公司長期成功與持續成長所需的資源與投資。

As such, we are targeting a prudent increase of approximately $1.0 million to $1.5 million in quarterly OpEx beginning in the third quarter. This equates to a roughly 10% increase yet remains meaningfully lower than our expected top line growth rate. The incremental OpEx will be allocated to scaling the business, including investments to accelerate new product development, strengthen our engineering and application support for key committed programs, and reinforce operational readiness in advance of expected growth in ramping shipments.

因此，我們目標自第三季起，將單季營業費用審慎增加約 100 萬至 150 萬美元。這相當於約 10% 的增幅，但仍顯著低於我們預期的營收成長率。新增的營業費用將用於擴大業務規模，包括加速新產品開發的投資、強化對關鍵已承諾專案的工程與應用支援，以及在預期出貨爬坡成長之前，強化營運準備度。

Loss from operations in the second quarter was $11.4 million compared to a loss of $11.7 million in the prior quarter and $10.6 million in the second quarter of 2025. In Q2, weighted average basic and diluted shares outstanding were approximately $240.7 million, resulting in a Q2 loss per share of $0.04 flat to the $0.04 per share loss in the prior quarter and compared to a loss of $0.05 per share in the year-ago second quarter.

第二季營業損失為 1,140 萬美元，前一季為損失 1,170 萬美元，而 2025 年第二季為損失 1,060 萬美元。第二季加權平均基本及稀釋後流通股數約為 2.407 億股，使第二季每股虧損為 0.04 美元，與前一季每股虧損 0.04 美元持平，並優於去年同期第二季每股虧損 0.05 美元。

Before moving to the balance sheet, I want to briefly provide additional context related to our reported GAAP net loss for the second quarter. Results on a GAAP basis included a noncash charge of $203 million related to the October 2021 business combination earn-out share provisions that were contingent upon stock price appreciation targets. These earnout shares were deferred merger consideration paid out to stockholders in connection with the company's de-SPAC transaction.

在進入資產負債表之前，我想先簡要補充一些與我們第二季所報告 GAAP 淨損相關的背景。GAAP 口徑的結果包含一筆 2.03 億美元的非現金費用，與 2021 年 10 月企業合併中之或有對價（earn-out）股份條款相關，該條款取決於股價達成上漲目標。這些 earn-out 股份屬於與公司 de-SPAC 交易相關、支付給股東的遞延合併對價。

This earn-out was fully recognized and settled by the end of Q2 and no further charges related to it are expected. As such, going forward, there will no longer be an associated line item for the change in fair value of this earn-out liability reported under other income or expense on the company's statement of operations.

此項或有對價（earn-out）已於第二季末前全數認列並完成結算，預期不會再有與其相關的進一步費用。因此，未來公司損益表中列於其他收入或費用項下、關於此項或有對價負債公允價值變動的相關科目將不再出現。

Turning to the balance sheet. Cash and cash equivalents at the end of the second quarter 2026 were $557 million compared to $221 million at the end of the first quarter. The increase in cash and cash equivalents primarily reflects the additional capital raised during the quarter of approximately $373 million at an average stock price of $21.89, which meaningfully strengthened the company's balance sheet and overall financial position. As a reminder, the company continues to have no debt.

接著看資產負債表。截至2026年第二季末，現金及約當現金為5.57億美元，相較於第一季末的2.21億美元。現金及約當現金的增加主要反映本季以平均股價21.89美元募集約3.73億美元的新增資金，顯著強化了公司的資產負債表與整體財務狀況。提醒一下，公司仍然沒有任何負債。

In addition to bolstering liquidity and working capital flexibility, the significant added capital ensures ample resources for accelerating our continued transformation into a scaled high-power company. This includes strategic investments in support of advancing our Foundry Plus initiative, potential capacity expansion, and supply reservation agreements with our US-based foundry partners as well as potential pursuit of selective strategic opportunities.

除了強化流動性與營運資金的彈性之外，這筆大幅增加的資金也確保我們擁有充足資源，加速持續轉型為具規模的高功率公司。這包括為推進Foundry Plus計畫所做的策略性投資、潛在的產能擴充、與美國本土晶圓代工夥伴簽訂的供應預留協議，以及可能把握具選擇性的策略機會。

With respect to inventory, we ended the second quarter with $19.5 million of inventory compared to $14.9 million in the prior quarter reflecting the start of our build of appropriate buffers of TSMC wafers to ensure a smooth transition for our customers. This buffer inventory is also reflected in an approximately $15 million increase in Q2 prepaid expenses and other current assets on the balance sheet until the wafers are received as inventory in future quarters. The sequential $4.6 million increase in Q2 inventory and $15 million prepaid for future anticipated wafer receipts primarily reflects our measured investment to support customers' future anticipated AI data center growth. More broadly, channel and distributor inventory remains at healthy levels.

就存貨而言，第二季末存貨為1,950萬美元，較前一季的1,490萬美元增加，反映我們開始建立適當的台積電晶圓緩衝庫存，以確保客戶順利轉換。在未來季度晶圓以存貨形式入庫之前，這些緩衝存貨亦反映在資產負債表上第二季預付費用及其他流動資產約增加1,500萬美元。第二季存貨季增460萬美元，以及為未來預期晶圓收貨所支付的1,500萬美元預付款，主要反映我們為支援客戶未來預期的AI資料中心成長而進行的審慎投資。更廣泛而言，通路與經銷商端的庫存仍維持在健康水位。

Moving to guidance for the third quarter of 2026. We expect accelerated sequential growth with revenue increasing 28% to $13.5 million, plus or minus $0.5 million. At the midpoint, this also represents a return to year-over-year growth, while reflecting a completely different revenue composition as we rapidly shift away from mobile and low-end consumer with growth driven by high power markets and specifically AI infrastructure.

接著是2026年第三季的財測指引。我們預期營收將加速季增28%至1,350萬美元，上下浮動50萬美元。以中位數來看，這也代表營收將回到年增成長，同時反映營收組成已完全不同：我們正快速降低行動與低階消費性產品比重，成長動能將由高功率市場、特別是AI基礎設施所帶動。

Non-GAAP gross margin is expected to be 39.7% plus or minus 100 basis points which at the midpoint represents a 20-basis-point increase, reflecting a continued favorable shift in revenue mix towards high-power markets and some additional improved scale.

非GAAP毛利率預期為39.7%，上下浮動100個基點；以中位數計算，較前期提升20個基點，反映營收組合持續有利地轉向高功率市場，以及規模進一步改善。

As previously discussed, we are moderately increasing our investment in OpEx going forward to further accelerate our expected future growth. Non-GAAP operating expenses are anticipated to range between $15.5 million to $17.5 million.

如先前所討論，我們未來將適度提高營業費用（OpEx）投資，以進一步加速我們預期的未來成長。非GAAP營業費用預估介於1,550萬至1,750萬美元。

That concludes our formal remarks. Operator, please open the call for questions.

以上為我們的正式發言。接線生，請開放提問。

(Operator Instructions) Quinn Bolton, Needham & Company.

(接線生指示) Quinn Bolton，Needham & Company。

Chris, Tonya, thank you very much for taking my questions. Congratulations on the nice third-quarter outlook. Chris, I can say I wanted to start, there's been a lot of noise in sort of chatter in the market that 800-volt architectures may be delayed, including confirmation, I think, that NVIDIA's Kyber rack may have been canceled to be replaced by something as of now that's unannounced. But given some of this noise around 800-volt architectures, can you just sort of comment on what you're seeing in terms of adoption of 800-volt and whether there's any impact on your 2027 revenue outlook as a result of perhaps architecture shifting around?

Chris、Tonya，謝謝你們回答我的問題。恭喜第三季展望相當不錯。Chris，我想先從一個話題開始：市場上有不少雜音與討論，認為800伏特架構可能延後；我想也有一些確認訊息指出，NVIDIA 的 Kyber 機櫃可能已被取消，將由目前尚未公布的方案取代。在這些關於800伏特架構的雜音之下，你能否談談你們看到的800伏特採用進度，以及若架構有所調整，是否會影響你們對2027年營收展望？

Thank you, Quinn. This is Chris. And I would bet you would ask that question.

謝謝你，Quinn。我是Chris。我就知道你會問這個問題。

So we provided in the early comments, the steps, and I call that the inflection point. So first of all, I want to reiterate that thanks to the fact that we have both GaN and SiC, we are able to grow ahead of the 800-volt.

我們在前面的評論中已說明相關步驟，我把那稱為拐點。首先，我想重申：由於我們同時具備GaN與SiC，我們能夠在800伏特普及之前就先行成長。

Number two, you probably saw that what I call the inflection 2 is the introduction of the 800-volt through the power sidecar. And by the way, that [sizes] as well for the plus or minus 400-volt which is used for the xPUs and the ASIC. And you can see that there's already a step, in the usage and the step-up in the content in both GaN and SiC.

第二，你可能也看到我所稱的第二個拐點，是透過電源sidecar導入800伏特。順帶一提，這也同樣適用於正負400伏特的情境，該電壓用於xPU與ASIC。你可以看到，無論在GaN或SiC上，使用量已經出現階梯式提升，單機價值含量也在上升。

Moving to the third inflection point, which is I think what you're referring to so-called native 800-volt where the DC/DC conversion moves down to the GPU tray.

再到第三個拐點，我想這就是你所指的所謂原生800伏特，也就是DC/DC轉換下移到GPU托盤（tray）。

Of course, I'm not going to comment on NVIDIA and Kyber plan. I would -- I believe they've made a communication about their plan, and I would refer you to that.

當然，我不會評論NVIDIA與Kyber的計畫。我相信他們已就其計畫做過溝通，我會請你參考他們的說明。

What I would tell you, though, is I think there is a misconception in the 800-volt being a digital switch. If you look at the inflection number 2 is actually the start of the 800-volt through the sidecar rack. That's number one, which will drive more SiC and more GaN content.

不過我想說的是，我認為把800伏特視為一個「數位式開關」的看法存在誤解。如果你看第二個拐點，其實就是透過sidecar機櫃開始導入800伏特。這是第一點，將帶動更多SiC與更多GaN的內容價值。

Number two, even if you look at inflection number 3, which is where the GaN content really step up as you move the DC/DC into the compute tray and you have no choice that you use GaN because of the switching frequency, the one thing I would tell you is you have multiple GPUs, you have multiple xPUs, you have multiple platforms. What we see is that this ramp will happen in steps throughout '27, of course, accelerate in '28. But it's not a one thing and one customer.

第二，即便看第三個拐點，也就是當你把DC/DC移到運算托盤、由於切換頻率的關係你別無選擇必須使用GaN、因此GaN內容價值會大幅提升的階段；我想提醒的是，你有多顆GPU、多顆xPU、以及多個平台。我們看到的是，這個爬坡會在2027年以階梯式逐步發生，並在2028年加速。但它不是單一事件，也不是單一客戶所決定。

So the short answer to your earlier question, do we see that as a change in outlook? What we said as an answer is no. And I think that goes back to multiple times, you heard me saying that adding both GaN and SiC is a strategic advantage for us to capitalize -- to capture content and is even more so today.

所以回到你先前的問題：我們是否將其視為展望的改變？我們的回答是不會。而這也呼應你多次聽到我說的：同時具備GaN與SiC對我們而言是策略優勢，能讓我們掌握並取得更多內容價值，而在今天這點更為重要。

Got it. Thank you very much. And then I was wondering, Chris, if you could talk about sort of applications for your new silicon JFET product line that you discussed on the call. Is that mostly AI infrastructure, energy grid infrastructure, kind of what are some of the initial applications you'll target with the silicon JFETs?

了解。非常感謝。另外我想請教，Chris，你能談談你們在電話會議中提到的新款矽基JFET產品線的應用嗎？那主要是AI基礎設施、電網基礎設施，還是其他？你們初期會鎖定哪些矽基JFET的應用？

So thank you for that question. It's actually a very strategic decision that we made to expand our SAM. As I mentioned, this will add nearly $1 billion of SAM by 2030. I think (inaudible) even referred to $1.3 billion of SAM by 2030.

謝謝你的問題。這其實是我們為擴大可服務市場（SAM）所做的一項非常策略性的決策。如我提到的，這將在2030年前為SAM增加接近10億美元。我想（聽不清）甚至提到2030年前SAM可達13億美元。

This is essentially a product that is very well suited for safety critical applications. So the focus here is going to be both AI data center and the energy grid infrastructure. So you find it in applications like eFuse, O-ring, of course, solid-state circuit breakers, anything that helps to protect. As you move to higher power, the protection -- circuit protection and power protection has become a bigger thing. And I think it's a sign that will actually accelerate SAM in the future.

這基本上是一款非常適合安全關鍵（safety critical）應用的產品。因此，重點將同時放在AI資料中心與電網基礎設施。你會在像是eFuse、O-ring，當然還有固態斷路器等應用中看到它，凡是有助於保護的都屬於其範疇。隨著功率提升，保護——電路保護與電力保護——變得更為重要。我認為這也顯示未來SAM將會加速成長。

I'll just give you an example. I just met an SST customer, and we've been talking about (inaudible) SiC for a while with them. Just the fact that we can offer 1.2Kv up to 3.3Kv JFET, the SAM that we could capture in that SST went up by 4%. So this is a significant -- and thank you for the question. It's actually -- I'm glad you asked this, this is actually a significant decision that we've made to expand the portfolio with JFET.

我舉個例子。我剛見了一位 SST 客戶，我們和他們就（聽不清）SiC 談了一段時間。僅僅因為我們能提供 1.2kV 到 3.3kV 的 JFET，我們在那家 SST 客戶可取得的 SAM 就提升了 4%。所以這是相當顯著的——也謝謝你的提問。其實——我很高興你問到這點，這確實是我們做出的重要決策：用 JFET 來擴充產品組合。

Your next question comes from Jon Tanwanteng.

下一個問題來自 Jon Tanwanteng。

I'm sorry, Jon.

抱歉，Jon。

Can you hear me?

你聽得到我嗎？

Yes. I'm sorry, I got -- you can go ahead and ask a question now.

可以。抱歉，我剛剛——你現在可以繼續提問。

Okay. First of all, congrats. And then second, I was wondering if you could talk a little bit more about the Magnachip deal. Is that a volume or fix type of deal -- and when do you expect it to contribute would be this year next?

好。首先，恭喜。第二，我想請你再多談一點 Magnachip 這筆合作案。這是按出貨量計算的合作，還是固定型態的合作——你預期它會在今年或明年開始貢獻？

And then after that, do you expect any more licensing to follow on the back of that as well?

另外，在這之後，你是否也預期會有更多授權合作跟進？

So first of all, thank you, Jon, for the question. This is Chris. I appreciate the question.

首先，Jon，謝謝你的提問。我是 Chris。我很感謝這個問題。

We just announced that partnership with Magnachip, which by the way, goes beyond SiC, but we just announced the SiC portion.

我們剛宣布與 Magnachip 的合作夥伴關係；順帶一提，這不只涵蓋 SiC，但我們目前先公布了 SiC 的部分。

First of all, it's a validation of the technology merits and benefit of trench-assisted MOSFET from GeneSiC technology that we've been in business for quite some time. The way you have to use it -- this is not so much about the licensing. I mean, of course, it will, over time, play in our revenue stream, but this is not the prime objective.

首先，這是對 GeneSiC 技術中「溝槽輔助（trench-assisted）MOSFET」技術優勢與效益的驗證，而我們在這項技術上已經耕耘相當長一段時間。你必須這樣看待它——這不完全是關於授權本身。當然，隨著時間推進，它會反映在我們的營收來源中，但這不是主要目的。

Number one is expand our SAM because per the press release we've made, Magnachip is actually going to focus on markets that we don't serve. So it's actually going to augment our ability to reach more customers, more market, and more SAM with our GeneSiC technology.

第一，是擴大我們的 SAM，因為依我們發布的新聞稿，Magnachip 實際上會聚焦在我們目前尚未服務的市場。因此，它會強化我們以 GeneSiC 技術觸及更多客戶、更多市場，以及更大 SAM 的能力。

Number two, is it creates an opportunity for us to partner with Magnachip in the foundry concept. As we talked about -- as we see the huge demand ahead of us and the SiC growing at a 60% to 70% CAGR in the context of data center grid, I think having more opportunity for us to secure capacity is essential.

第二，它為我們創造了與 Magnachip 在晶圓代工（foundry）模式上合作的機會。如同我們談到的——在我們看到前方龐大需求、且在資料中心電網（data center grid）的脈絡下 SiC 以 60% 到 70% 的 CAGR 成長之際，我認為讓我們有更多機會確保產能是至關重要的。

So we're not creating competitor. We are creating an extension of Navitas, and we are very much looking forward to the partnership in the years to come with Magnachip.

所以我們不是在創造競爭對手。我們是在打造 Navitas 的延伸，我們也非常期待未來幾年與 Magnachip 的合作。

Got it. And I appreciate that color. Second, could you possibly comment on the Wolfspeed litigation? What's going on there? What do you think your chances might be and kind of what's the risk?

了解。也謝謝你補充這些細節。第二個問題，你能否評論一下與 Wolfspeed 的訴訟？目前進展如何？你認為勝算如何，以及風險大概是什麼？

Okay. So I'm sure you understand that I cannot comment on the specifics of pending litigation. But what I want is to give every some context around the litigation. And I'll refer to the Wolfspeed because you had a question about Wolfspeed, but I refer as well to the Renesas litigation that just came last week. And the other thing I would say is everything I'm going to say is actually on public record.

好。我相信你能理解，我無法評論尚在進行中的訴訟細節。但我想提供一些關於這些訴訟的背景脈絡。我會提到 Wolfspeed，因為你問的是 Wolfspeed；同時我也會提到上週才發生的 Renesas 訴訟。另外我要說的是，我接下來講的內容都可以在公開紀錄中找到。

So number one, Wolfspeed already sued us because we stopped buying wafers from them a while back. Then they sued us or they sued two of our employees that worked at Wolfspeed in the past, including one that they had RIF'd, in their cost-reduction effort awhile back. Then they even tried to file and they failed, a restraining order when third parties recruiters who are calling their people for job position we had online on the web, they felt. And now they to sue for patent infringement, in both GaN and SiC.

第一，Wolfspeed 先前就因為我們一段時間前停止向他們採購晶圓而起訴我們。接著他們又起訴我們，或起訴兩位曾在 Wolfspeed 任職、後來到我們這裡的員工，其中一位還是他們先前在一段時間前為了降低成本而裁撤（RIF）的人。之後他們甚至試圖申請禁制令但未成功，因為第三方獵頭在聯絡他們的人、針對我們在網路上刊登的職缺進行招募，他們認為——而現在他們又以專利侵權為由提告，涵蓋 GaN 與 SiC。

So in my opinion, this is the last step in campaign of harassment and intimidation -- litigation and looks like a desperate move.

所以在我看來，這是騷擾與恐嚇行動的最後一步——透過訴訟，看起來像是孤注一擲的舉動。

Then two weeks later, just last week, Wednesday, Renesas sued us. I'm not sure it's clear for everybody, but I want to make sure to understand that based on the public record, Renesas would own up to 39% of Wolfspeed. So is all this a coincidence, the week before the earnings and all this confidence, I'll let you decide.

接著兩週後，也就是上週三，Renesas 起訴了我們。我不確定大家是否都清楚，但我想確保大家理解：根據公開紀錄，Renesas 可能持有 Wolfspeed 高達 39% 的股權。所以這一切是否只是巧合——在財報前一週、在所有這些信心之下——就留給各位自行判斷。

Then as I said, the timing is bizarre and curious. We've been in GaN and SiC for more than a decade, and yet, we just got sued by Wolfspeed.

如我所說，這個時間點既離奇又耐人尋味。我們在 GaN 與 SiC 領域已經超過十年，但卻直到現在才被 Wolfspeed 提告。

I left Renesas more than a year ago in June 25. I'm coming up to one-year anniversary in Navitas and yet, we just got sued by Renesas last week. All this the week before earnings. I don't think this is a coincidence.

我在 6 月 25 日離開 Renesas 已經一年多了。我在 Navitas 也快滿一週年，但 Renesas 卻在上週才起訴我們。而且都是在財報前一週。我不認為這是巧合。

So let's face it, and I'll give you my view there. You don't start litigation like this if you are winning market share, your technology is superior. You heard today our financial results. You heard the momentum we are building. I give you the detail of the full inflection point we see for both GaN and SiC and the momentum we have with customers.

所以坦白說，我也分享一下我的看法。如果你正在贏得市占、你的技術更優越，你不會發動這樣的訴訟。你今天也聽到了我們的財務結果。你也聽到了我們正在建立的動能。我也提供了我們對 GaN 與 SiC 兩者所看到的完整拐點細節，以及我們在客戶端的動能。

We're making a lot of progress. So sorry for the long-winded question -- answer, but I'll leave you with two things. Number one is what we filed in the 8-K when the Wolfspeed litigation came. We respect IP and technology. Actually, the company is a result of a decades of innovation coming from start-ups, okay, in both can GaN and SiC, and we'll defend ourselves.

我們正在取得很大的進展。抱歉我回答得有點冗長——但我最後留給你兩點。第一點是我們在 Wolfspeed 訴訟發生時於 8-K 中所提交的內容。我們尊重智慧財產權與技術。事實上，公司本身就是數十年創新累積的成果，來自新創公司——好嗎——涵蓋 GaN 與 SiC，我們也會為自己辯護。

Number two is we let everybody draw their own conclusion on why -- now Wolfspeed and their major shareholders are running to the courthouse instead of competing in a fair way in the marketplace.

第二點是，為什麼現在 Wolfspeed 以及其主要股東選擇跑去法院，而不是在市場上以公平方式競爭——就讓大家自行下結論。

And that's going to be my only comment on this case during that call.

以上將是我在本次電話會議中對此案的唯一評論。

Madison DePaola, Rosenblatt Securities.

Madison DePaola，Rosenblatt Securities。

Hi, this is Maddie calling on behalf of Kevin Cassidy. Thanks for taking my questions. Just in regards to the Magnachip partnership, what other technology licensing opportunities are you considering? And then I have a follow-up after that.

你好，我是 Maddie，代表 Kevin Cassidy 來電。謝謝你回答我的問題。關於 Magnachip 的合作夥伴關係，你們還在考慮哪些其他技術授權機會？之後我還有一個追問。

So we licensed to Magnachip, as I mentioned, Maddie, the GeneSiC technology. We always consider -- we're not in the business of licensing our technology. We had the business of serving customers and growing the top line of Navitas. And starting this multiyear growth journey, I talked about with the infrastructure. But we're always open to license our technology to partners and people we can partner with.

如我提到的，Maddie，我們授權給 Magnachip 的是 GeneSiC 技術。我們一直都會評估——但我們並不是以授權技術為主要業務。我們的業務是服務客戶並推動 Navitas 的營收成長。並且展開我所談到、以基礎設施為主軸的多年成長旅程。但我們也始終對將技術授權給合作夥伴、以及能夠合作的對象保持開放態度。

Okay. Great. And then you mentioned the record book-to-bill and backlog extending beyond 2026. How much of that is of the expected 2027 growth is supported by the committed programs versus programs that are already -- or are still in qualification?

好的。很好。然後你提到創紀錄的接單出貨比（book-to-bill）以及積壓訂單延伸到 2026 年之後。其中有多少預期的 2027 年成長是由已承諾的專案所支撐，相較於那些已經——或仍在認證（qualification）中的專案？

Yeah. So I'll start. This is Tonya, Maddie. Thank you for your question. We are breaking out what percent is committed in 2027 or what percent relates to our backlog.

是的。那我先開始。我是 Tonya，Maddie。謝謝你的問題。我們正在拆分 2027 年有多少比例是已承諾的，或有多少比例與我們的積壓訂單相關。

What we can say is -- what gives us confidence is the various inflection points that Chris described in his prepared remarks and them coming on top of each other, so it's a compound growth effect. The fact that we have both GaN and SiC, which are both critical to gaining content a few competitors have both and having both allows us to participate, like Chris said, in all of those inflection points. And then also what gives us confidence is the number of programs that are moving through qualification and into production, including design wins and DVTs, EVTs, and PVTs.

我們可以說的是——讓我們有信心的是 Chris 在事先準備的發言中所描述的各個拐點（inflection points），而且它們接連出現，因此形成複合式的成長效應。我們同時擁有 GaN 與 SiC，兩者對於提升內容價值（content）都至關重要；競爭對手中同時具備兩者的並不多，而同時具備讓我們能如 Chris 所說，參與所有這些拐點。另外讓我們有信心的是，有大量專案正從認證階段推進到量產，包括設計導入（design wins）以及 DVT、EVT 與 PVT。

Maddie, it's a very good question. I have two things. Number one is, I mean, you probably saw that we directionally gave you a sense of beyond Q3, how the business is going to continue, right? And the reason we did that is despite mobile going down even faster than we talked about, we're going to grow more than we expected. And we are surprised and I'm sure you are surprised by the momentum that we have in the business and the outlook that we have today. And that's pre 800-volt, as I mentioned. That's a very important thing to understand.

Maddie，這是個非常好的問題。我有兩點。第一，我是說，你可能看到我們在方向性上讓你了解 Q3 之後業務將如何延續，對吧？我們之所以這麼做，是因為儘管行動裝置（mobile）下滑得比我們談到的還快，我們仍將比預期成長更多。我們感到驚訝，我相信你也會對我們業務的動能以及我們今天看到的展望感到驚訝。而且如我提到的，那還是在 800 伏（800V）之前。這是一個非常重要、需要理解的點。

Now, this is not one program, as Tonya said. This is multiple hyperscalers, multiple OEM, ODM, multiple power level of the AC/DC PSUs. And that continues to the inflection number two, which will be somehow in '27.

現在，這不是單一專案，如 Tonya 所說。這是多家超大規模業者（hyperscalers）、多家 OEM、ODM，以及不同功率等級的 AC/DC 電源供應器（PSU）。而這會延續到第二個拐點，大概會在 2027 年。

So for me, what gives me confidence is this is not like -- there is a bit of a shift of the view. I think up to now, the view was the growth for Navitas will come from one large GaN big socket that will come with the 800V transition native, i.e., inflection number three and the SiC will come from the grid. But this is very different.

所以對我而言，讓我有信心的是，這並不是像——觀點有些轉變。我認為到目前為止，外界的看法是 Navitas 的成長會來自一個大型 GaN 的大插槽（big socket），並隨著原生的 800V 轉換到來，也就是第三個拐點；而 SiC 則會來自電網（grid）。但現在非常不同。

Today, what we see is across AC/DCs, DC/DCs, BBUs, the internal board in the sidecar rack, in the compute tray, it's 10s and 20s of programs, different programs, different board, different customers. Some of them are SiC. Some of them are high-voltage SiC, some of them ultra-voltage SiC. Some of them are GaN. Some of them are both SiC and GaN. We've seen in a couple of cases that we have, especially for DC/DC PSUs and PSUs, both SiC and GaN. So that's what gives us confidence, Maddie.

今天我們看到的是，在 AC/DC、DC/DC、BBU、sidecar 機櫃內部板卡、運算托盤（compute tray）等各處，是數十個、二十幾個專案——不同專案、不同板卡、不同客戶。其中一些是 SiC。有些是高電壓 SiC，有些是超高電壓 SiC。有些是 GaN。有些同時是 SiC 和 GaN。我們在幾個案例中看到，特別是在 DC/DC PSU 和 PSU 上，同時採用 SiC 與 GaN。所以這就是讓我們有信心的原因，Maddie。

Of course, we're not going to guide '27. We only gave you kind of directionally how Q4 is going to look like. Just to make the point that the transition to Navitas 2.0 and to be a core company is essentially one quarter ahead, okay, of what I talked about six months ago. And that's all driven by this 800V and the sidecar rack acceleration that we see.

當然，我們不會對 2027 年給出指引。我們只是方向性地告訴你 Q4 大概會是什麼樣子。只是要強調一點：向 Navitas 2.0 的轉型、並成為一家核心公司（core company），基本上比我六個月前談到的時間點提前了大約一季，好嗎？而這一切都是由我們看到的 800V 與 sidecar 機櫃加速所驅動。

Joe Moore, Morgan Stanley.

Joe Moore，摩根士丹利。

Great, thank you. In terms of the 800-volt sidecar, you talked about mid-2027 timing. I feel like there's some sidecars in the market maybe sooner. So can you talk about what's the progression for Navitas to penetrate that business?

很好，謝謝。關於 800 伏 sidecar，你提到時間點在 2027 年年中。我覺得市場上可能有一些 sidecar 會更早出現。所以你能談談 Navitas 滲透這塊業務的進程嗎？

I think you absolutely -- thank you, Joe. This is Chris. You're actually absolutely right. I think when I refer to the mid-'27, it's actually really kind of when things accelerate. I think what you're referring to the sidecar rack earlier ramp is the plus or minus 400-volt, which I think is also more attached to some ASIC and xPU.

我想你說得完全——謝謝你，Joe。我是 Chris。你其實完全正確。我提到 2027 年年中，實際上是指事情真正開始加速的時間點。我想你所指的較早期的 sidecar 機櫃拉升（ramp），是正負 400 伏（plus or minus 400-volt），我認為這也更與某些 ASIC 和 xPU 相關。

But you're absolutely right that we see, in particular with AC/DC PSUs and DC/DC PSUs and to some extent, BBUs as well, that the sidecar rack 800-volt or plus or minus 400-volt is going to ramp earlier next year.

但你完全正確，我們看到，特別是在 AC/DC PSU、DC/DC PSU，以及某種程度上也包括 BBU，sidecar 機櫃的 800 伏或正負 400 伏，將在明年更早開始放量。

But from a meaningful -- what I tried to give in the slide and the remark is trying to give a sense of the step functions of the inflection. I think clearly, there's going to be an acceleration in mid of the year, so Q2. But we see program ramping associated to the sidecar in the first half of next year.

但就「有意義的」——我在投影片與發言中想傳達的是拐點的階梯式跳升（step functions）。我認為很明顯地，年中會有一次加速，也就是 Q2。但我們看到與 sidecar 相關的專案在明年上半年就會開始爬坡放量。

Very helpful, thank you. And then in terms of the other markets, you talked about infrastructure as a third exiting the year. Can you talk about what's happening on the performance compute and the non-infrastructure and electrification side?

非常有幫助，謝謝。另外就其他市場而言，你談到基礎設施在年底會占三分之一。你能談談高效能運算（performance compute）、非基礎設施以及電氣化（electrification）那邊的情況嗎？

So on the high-performance compute, as the high-end computers are moving and accelerating the use of much higher power type of architecture, including even embedded GPUs we see a raise of the power level of the PSUs, okay? I mentioned that in last earnings, we moved from 65 watt, 200 watt type of chargers. Now, we have customers doing 200 plus, 280 watts. So we see an acceleration in the GaN usage, and that's benefiting us.

在高效能運算方面，隨著高階電腦正在轉向並加速採用更高功率的架構，甚至包括內建 GPU，我們看到 PSU 的功率等級在提升，好嗎？我在上次財報中提到，我們從 65 瓦、200 瓦這類充電器。現在，我們有客戶在做 200 瓦以上、280 瓦。因此我們看到 GaN 使用加速，這對我們有利。

I would refer to some announcements that were made, for instance, by a large US OEM in computing, for instance, that came up with a super high-end GPU-enabled notebook that basically includes a 280-watt charger, which is full of GaN with a significant content. At that point, you have about $5 to $6 of content of GaN.

我會提到一些已發布的公告，例如某家美國大型運算 OEM 的公告，他們推出了一款超高階、支援 GPU 的筆電，基本上配備了 280 瓦充電器，裡面大量採用 GaN，且內容價值很高。在那種情況下，GaN 的內容價值大約是 5 到 6 美元。

And then when it comes to the -- even high level, we just released with a customer 1,600 watts platform that basically helps to power the super high-end gaming platform. So those are, of course, not as high volume, but the content is so much higher that I think it has contributed to us. And I think this was -- this business, as we mentioned in the last earnings has actually helped us to compensate and really kind of neutralize us moving from mobile ahead of the AI data center growth, which I mentioned with AI infrastructure being one-third of our revenue by Q4.

然後談到——即使在更高功率層級，我們剛與一位客戶發布了 1,600 瓦的平台，基本上用來為超高階遊戲平台供電。所以這些當然不是高出貨量，但內容價值高得多，我認為這也對我們有所貢獻。而且我認為——如我們在上次財報所提到，這項業務其實幫助我們在行動裝置下滑之際，補償並在某種程度上抵消影響，直到我提到的 AI 資料中心成長到來；我也提到 AI 基礎設施到 Q4 將占我們營收的三分之一。

(Operator Instructions) Tristan Gerra, Baird.

（接線員指示）Tristan Gerra，Baird。

Hi, this is Tyler Bomba on for Tristan. Building on the last question, what are your expectations for revenue mix between high-end compute and data center exiting this year?

嗨，我是 Tyler Bomba，代替 Tristan 出席。延續上一題，你們對於今年結束時，高階運算與資料中心之間的營收組合有何預期？

Yeah. So I'll start. So we don't break down our revenue by our high-power markets, the four high-power markets being data center infrastructure, the two of those combined being AI infrastructure, then performance computing as well as industrial electrification. But Chris did give more context relative to by the end of the year, we expect the AI infrastructure to be a third or greater of our total revenue by year-end.

是的。我先開始。我們不會按高功率市場拆分營收；四個高功率市場分別是資料中心基礎設施（其中兩個合併可視為 AI 基礎設施）、高效能運算，以及工業電氣化。不過 Chris 的確補充了更多背景：到今年年底，我們預期 AI 基礎設施將占我們年末總營收的三分之一或更高。

I think the way you should think about this is basically, over the last 12 months, we pivoted from being essentially mobile exposed to essentially being nonmobile exposed. And in the last earnings, I referred to mobile being insignificant by the end of the year.

我認為你應該這樣看：過去 12 個月，我們從本質上「高度曝險於行動裝置」轉向為「基本上不曝險於行動裝置」。在上次財報電話會議中，我提到到今年年底，行動裝置將變得無足輕重。

The reason why we kind of gave a sense about the year-over-year growth by the end of Q4 is to kind of really outline that it's actually even less than insignificant. So we're not going to get specific about the numbers here, but I think I said in my -- in my early script that basically, we are one quarter ahead of my expectation in terms of mobile being gone. So that gives you a sense, right?

我們之所以大致提供 Q4 年增成長的感覺，是為了更清楚地說明：它其實甚至比「無足輕重」還要更低。所以我們不會在這裡提供具體數字，但我想我在——在我先前的講稿裡說過，基本上，就行動裝置業務消失這件事而言，我們比我原先的預期提前了一個季度。所以這能讓你有個概念，對吧？

And then the other thing that we gave color is the fact that one-third of Q4 revenue is coming from AI infrastructure. And you can see really this AI infrastructure being the acceleration of our growth Q2 to Q3 and Q3 to Q4, which I think is why we came higher than the Street expectation.

另外我們也補充了一點：Q4 營收的三分之一來自 AI 基礎設施。你也可以看到，AI 基礎設施確實推動了我們從 Q2 到 Q3、以及從 Q3 到 Q4 的成長加速，我認為這也是我們表現高於市場預期的原因。

Yeah. And we've also said on prior earnings call and reiterate this time that AI infrastructure is growing at over 50% quarter on quarter, both in Q1 and in Q2, and we expect it to accelerate. It's accelerating every quarter.

是的。我們在先前的財報電話會議也說過，這次再重申：AI 基礎設施在 Q1 與 Q2 都以超過 50% 的季增率成長，而且我們預期它會進一步加速。它每一季都在加速。

Very, very helpful. We've heard price increases across the industry. Are you seeing this trend for your products as well? And does that vary across silicon carbide and GaN.

非常、非常有幫助。我們聽到整個產業都有漲價。你們的產品也看到這個趨勢嗎？而且在碳化矽與 GaN 之間是否有所差異？

So we've seen price increase in silicon. I think you've seen that across the board and in other technologies like memory and so forth.

我們確實看到矽（silicon）有漲價。我想你也看到這是全面性的，其他技術例如記憶體等等也是如此。

I'm not going to get specific about price increase with customers. However, as I said before, is as tension comes, you expect the pricing to go up. But right now, we're focusing on getting our customers to adopt this new technology and transition to new architecture.

我不會就與客戶之間的漲價細節做具體說明。不過如我先前所說，當供需緊張出現時，你會預期價格上升。但目前我們的重點是讓客戶採用這項新技術，並轉換到新的架構。

So price increase in the core market, and I'm not referring to the market we move away from, has not been so far a focus on our side.

因此，在核心市場的漲價——我不是指我們正在退出的那個市場——到目前為止並不是我們這邊的重點。

Richard Shannon, Craig-Hallum.

Richard Shannon，Craig-Hallum。

Thanks, guys, for letting me ask you a couple of questions. First one for you Chris, here. When you talk about the four stages of inflection within AI data center, are there any particular stages of inflection that you feel relatively more or less confident about the share you're going to get? And if so, do you have any way to characterize where those differences come from like GaN versus silicon carbide or where you have both or anything else?

謝謝各位讓我問幾個問題。第一個問題給 Chris。你提到 AI 資料中心的四個拐點階段，在這些階段中，有沒有哪一些你對於能拿到的市占相對更有信心或較沒信心？如果有，你能否描述差異來源，例如 GaN 對比碳化矽，或是你們同時具備兩者，或其他因素？

And I recognize the difficulty in answering a question about stages in terms of time when, obviously, the four stages a couple of years out here, I'd love to get your sense on that, please.

我也理解要回答「階段」在時間上的問題很困難，因為顯然這四個階段是未來幾年才會發生；但我仍希望聽聽你的看法，謝謝。

So first of all, I think on Stage 1, it's happening now, okay? And we are very excited about the amount of program. And really something I mentioned in the earlier remarks is the acceleration the replacement of silicon by silicon carbide, okay? And as you move to higher density and a higher efficiency, higher power level, there's an acceleration there.

首先，我認為第一階段正在發生，現在就正在進行，好嗎？我們對於目前的專案數量感到非常振奮。而我在先前談話中提到的一點是：以碳化矽取代矽的速度正在加快，好嗎？當你走向更高密度、更高效率、更高功率等級時，這個替代會進一步加速。

Then when it comes to Stage 2, and we are in a very advanced engagement and situation with the customer. I mean, at this stage, this is not anymore prototype, right? This is basically large quantity system-level testing, system-level reliability, -- should it be an AC/DC at 18, 23, 27, 30 kilowatt or a DC/DC at 15 to 20 kilowatt or even a BBU, right?

接著談到第二階段，我們與客戶的互動與合作已經非常深入、也處於很成熟的狀態。我的意思是，在這個階段已經不再是原型了，對吧？基本上是大量的系統級測試、系統級可靠度驗證——例如會是 18、23、27、30 千瓦的 AC/DC，或是 15 到 20 千瓦的 DC/DC，甚至是 BBU，對吧？

So what I like about Stage 2 is that it's multiple platforms, multiple hyperscalers, and multiple merchant power per hyperscaler. So it's a lot of program, which I think give us fairly good confidence that we're going to be able to capture a share.

我喜歡第二階段的一點是：它涵蓋多個平台、多家超大規模業者（hyperscalers），而且每家 hyperscaler 也會有多家商用電源供應商（merchant power）。所以專案量很大，我認為這讓我們相當有信心能夠取得一定的市占。

When you go to Stage 3, what I like about this is we move from this is one customer, one large GPU vendor flipping to 800V native, as people call it, being now looked at not just in the GPU rack, but compute rack, but across multiple racks, across multiple xPU, across multiple ASICs.

到了第三階段，我喜歡的是：我們從「單一客戶、單一家大型 GPU 供應商」轉向 800V 原生（大家常這麼稱呼）的切換，進一步擴展到不只是在 GPU 機櫃、運算機櫃被評估，而是跨多個機櫃、跨多種 xPU、跨多種 ASIC。

And I think the fact that we've been in GaN for so long, I think, give us a leading advantage. And I think I'll refer to the announcement that we made and the partnership that we announced in the past with some GPU vendors or other hyperscalers.

而且我認為，我們在 GaN 領域耕耘已久，這讓我們具備領先優勢。我也會提到我們先前發布的公告，以及我們過去宣布與一些 GPU 供應商或其他 hyperscalers 的合作夥伴關係。

And then step number 4, I think the one thing I would change compared to what I said earlier, Richard, is step number 4, the big jump is SST, where really the grid delivers you 800V. But what we see is a lot more application than SST. I referred to BESS last time, PCS, and solar.

然後是第四步，我想相較於我先前說法，Richard，我會調整的一點是：第四步最大的跳躍是 SST，也就是電網直接提供你 800V。但我們看到的應用其實遠不只 SST。我上次提到 BESS、PCS，以及太陽能。

And what I like is that, of course, the big jump is in '28 with the SSD, but really kind of we start to see some nice ramp in '27 as well with the other application. So I think it's hard to give you where I think we're going to win more than the others.

我喜歡的是：當然最大的跳躍會在 2028 年、隨著 SSD（原文如此）出現，但其實在 2027 年，隨著其他應用，我們也開始看到不錯的放量。所以我覺得很難告訴你我認為我們會在哪些地方比其他人贏得更多。

What I like is that we don't chase one thing here. It's multiple hyperscalers, multiple sockets, multiple merchant power, it's SiC, high voltage, high voltage and GaN. So gives me confidence that we've been able to capture share.

我喜歡的是我們不會只追逐單一方向。這涵蓋多家 hyperscalers、多個插槽（sockets）、多家商用電源供應商；同時包含 SiC、高電壓，以及高電壓與 GaN。因此讓我有信心，我們能夠取得市占。

Okay. Great, Chris, for all that detail. Second question is for Tonya on the OpEx here. A couple of questions. You got a little bit wider range as you've had in the past quarters here, $2 million worth. And I may have also missed any dynamics of how to think about OpEx going forward here. But what's the variability or the size of the range, and how do we think about this over the next few quarters? Any seasonality, any other investment cycles? Or should we expect it kind of largely flat for a period of time?

好的。Chris，謝謝你提供這麼多細節。第二個問題想請教 Tonya，關於這裡的營業費用（OpEx）。有幾個問題。你們這次給的區間比過去幾季稍微更寬，大約差了 200 萬美元。我可能也漏聽了未來 OpEx 該如何看待的任何動態。但這個波動或區間的大小是什麼原因？以及接下來幾季我們應該如何看待？是否有季節性、其他投資週期？或者我們應該預期它在一段時間內大致持平？

Sure. Great question. And the way you should think about OpEx and OpEx expanding, and we talked about this in the last earnings call, is relative to it being meaningfully less than our top-line growth and our revenue growth. So at the midpoint of our Q3 guide, that's a 28% revenue increase. And even at the high end of our OpEx guide, that would be approximately a 10% increase. So meaningfully less as in the one quarter to one-third range is how we think about it.

當然。這是個很好的問題。而你應該如何看待營業費用（OpEx）以及OpEx的擴張——我們在上一季的財報電話會議也談過——是相對於我們的營收（top-line）成長與收入成長而言，OpEx的增幅要顯著低於它們。因此，在我們第三季指引的中位數，營收成長為28%。即使在我們OpEx指引的高端，OpEx增幅也大約是10%。所以，我們所說的「顯著低於」大概是四分之一到三分之一這個區間，這就是我們的看法。

But you're right, we see a bigger step-up Q2 to Q3 than we're expecting going forward because as Chris and I both talked about in our prepared remarks, we've held OpEx relatively flat for several quarters and then are also meaningfully and purposefully investing in opportunities to accelerate revenue, and you're seeing that culminate in our revenue and our programs. We talked about investing in new R&D projects like the JFET, like ultra high-voltage SiC, the 6.5Kv, 10Kv and beyond, more customer support programs as we ramp in the data center, including application engineering and then that robust supply chain to make sure we're ready ahead of demand. So that's kind of how you should think about that.

不過你說得對，我們看到第二季到第三季的OpEx增幅會比我們對未來的預期更大，因為正如Chris和我在事先準備的發言中都提到的，我們已經連續好幾季讓OpEx維持相對持平，同時也在有意且大幅地投資於能加速營收的機會，而你現在看到這些投資在我們的營收與各項專案上開始開花結果。我們談到投資新的研發（R&D）專案，例如JFET、超高電壓SiC（6.5kV、10kV及更高），以及在我們於資料中心加速放量時增加更多客戶支援計畫，包括應用工程，並建立強健的供應鏈，以確保我們能在需求到來之前就做好準備。所以你大致可以這樣理解。

And we've been doing all of that while keeping OpEx flat in the past and having less of a focus on China market. So the first thing we did is make sure all of our resources were shored up and focused and shifting toward R&D versus other OpEx. And then even within R&D, made sure it was all focused on high-power markets before we started investing again.

而我們在過去一直讓OpEx維持持平的同時，也較少把重心放在中國市場。所以我們做的第一件事，是確保所有資源都補強到位、聚焦，並把資源從其他OpEx項目轉向研發。接著，即使在研發內部，也先確保全部聚焦在高功率市場，之後才再次開始投資。

So that's how I would think of it, but still meaningfully less than the revenue growth, and you see the revenue growth accelerating. So you see a little bit of an uptick in OpEx.

所以我會這樣看待，但OpEx仍然會顯著低於營收成長，而你也看到營收成長正在加速。因此你會看到OpEx有一點上升。

I'll add something, Richard. I think our focus and eyes on getting this company to get profitable has not changed. So the focus is accelerating top line growth and enabling the business with OpEx increase as a fraction of the revenue growth to stay on path for being profitable.

Richard，我補充一下。我認為我們專注並緊盯著讓公司達到獲利的目標並沒有改變。因此重點是加速營收成長，同時讓OpEx的增加作為營收成長的一個比例，來支撐業務運作，並保持在通往獲利的軌道上。

With the larger number of programs I mentioned, with the multiple inflection points with the fact that we feel there is a big opportunity for us to expand our portfolio, which means expand our SAM, we decided with the growth coming sooner in second half compared to what we had estimated six, nine months ago when I started, we decided to pull the trigger a lot faster, and that's a conscious decision.

基於我提到的更多專案數量、基於多個拐點，以及我們認為有很大的機會擴展產品組合（也就是擴大我們的SAM，可服務市場規模），再加上成長比我們在我上任時、也就是六到九個月前所估計的更早出現在下半年，我們決定更快地扣下扳機、加速推進，這是有意識的決策。

That concludes our question-and-answer session. I will now turn the call back over to Chris Allexandre for the closing remarks.

問答環節到此結束。我現在把電話交回給Chris Allexandre作結語。

Thank you, operator, and thank you for your interest and your question. I'll leave you with a couple of things, right, five, six points which I want you to take from this call.

謝謝你，接線員，也謝謝各位的關注與提問。我最後想留給大家幾點，對，五到六點，希望你們從這通電話會議帶走。

Number one is the transformation to Navitas 2.0 is essentially nearly complete. By the end of the year, as we told you, we are back to year-over-year growth despite mobile massive headwind, four quarters of sequential growth, double digit and a complete change of the mix of the revenue with essentially all revenue by the end of the year being high power and mobile being gone.

第一點是，轉型到Navitas 2.0基本上已接近完成。到今年年底，正如我們告訴各位的，我們將恢復年對年成長，儘管行動（mobile）業務帶來巨大的逆風；我們將連續四季呈現季對季成長、達到雙位數，且營收組合將徹底改變——到年底幾乎所有營收都將來自高功率，而行動業務將不再存在。

So when I took that role a year ago, we talked about transforming Navitas. I think today, it is transformed and now the focus is, how do we execute the strategy, right?

所以當我一年前接下這個職位時，我們談的是轉型Navitas。我認為今天，它已經完成轉型，現在的重點是：我們如何執行策略，對吧？

The transformation is working. I talked about adding both GaN and SiC being super critical, and we talked about the benefit in the inflection points of having both. We talked about some platform using both GaN and SiC. We talked about the fact that AI infrastructure is one-third of our revenue by the end. So this is all kind of showing that the transformation is working.

這個轉型正在奏效。我談到同時加入GaN與SiC是極其關鍵的，我們也談到同時擁有兩者在各個拐點上的好處。我們談到一些同時使用GaN與SiC的平台。我們也談到AI基礎設施到年底將占我們營收的三分之一。所以這些都在顯示轉型正在奏效。

The one thing I want to also highlight is this is not one customer. This is multiple hyperscalers, multiple merchant power, multiple platforms. We refer to AC/DC PSUs, which is the first inflection, but I think that we got the question earlier, AC/DC PSUs, DC/DC PSUs, BPUs, SSDs, multiple things.

我也想強調的一點是，這不是單一客戶。這是多家超大規模雲端業者（hyperscalers）、多家商用電源（merchant power）供應商、多個平台。我們提到AC/DC電源供應器（PSU），那是第一個拐點，但我想我們之前也被問到：AC/DC PSU、DC/DC PSU、BPU、SSD，還有很多不同項目。

So the way I view this is the AI is the catalyst of the large SAM that we go after. We added $1 billion with JFET. Now it's and the revenues transition to Navitas 2.0. So 2.0 is actually who we are, not who we're going to become. And that came one quarter earlier than I expected, to be honest with you. And credit to the team and the Navitas employee that did this amazing job to transition this company.

所以我的看法是，AI是我們所追逐的龐大SAM的催化劑。我們透過JFET新增了10億美元。現在，營收也正在轉向Navitas 2.0。因此2.0其實就是我們現在的樣子，而不是我們將來才會變成的樣子。老實說，這比我預期早了一季發生。這要歸功於團隊以及Navitas的員工，他們做了非常出色的工作，完成了公司的轉型。

And now, it's about execution and operational discipline to basically be on the path of a multiyear growth journey and path to profitability, which I mentioned. And that's what I want to leave you with. So it's a very important quarter for us because it's not talking about transforming, it's talking about transformed, okay, which is very important. Thank you.

而現在，重點在於執行與營運紀律，基本上要走在多年成長旅程的軌道上，並朝我提到的獲利之路前進。這就是我想留給各位的重點。所以這對我們來說是非常重要的一季，因為我們不再是在談「正在轉型」，而是在談「已經轉型完成」，好嗎？這非常重要。謝謝。

Ladies and gentlemen, that concludes this call. Thank you all for joining. You may now disconnect.

各位女士、先生，本次電話會議到此結束。感謝各位參與。您現在可以掛線。