Onto Innovation Inc (ONTO) 2025 Q2 法說會逐字稿

Good day and welcome to the Onto Innovation second-quarter earnings release conference call. Today's conference is being recorded. At this time, I'd like to turn the conference over to Sidney Ho. Please go ahead.

大家好，歡迎參加 Onto Innovation 第二季度收益發布電話會議。今天的會議正在錄製中。現在，我想將會議交給 Sidney Ho。請繼續。

Thank you, Justin, and good afternoon, everyone. Onto Innovation issued it's 2025 second-quarter financial results this afternoon after the market closed. Our service provider, Business Wire, has technical issues disseminating the release, but you can find it on the SEC website at sec.gov or on our company's website in the Investors Section.

謝謝你，賈斯汀，大家下午好。Onto Innovation 今天下午股市收盤後發布了 2025 年第二季財務業績。我們的服務提供者 Business Wire 在發布新聞稿時遇到了技術問題，但您可以在美國證券交易委員會 (SEC) 網站 sec.gov 或我們公司網站的投資者部分找到它。

Joining us on the call today are Michael Plisinski, Chief Executive Officer; and Brian Roberts, Chief Financial Officer.

今天參加電話會議的有執行長 Michael Plisinski 和財務長 Brian Roberts。

I'd like to remind you that the statements made by management on this call will contain forward-looking statements within the meaning of the Federal securities laws. Those statements are subject to a range of changes, risks and uncertainties that can cause actual results to vary materially. For more information regarding the risk factors that may impact Onto Innovation's results, I would encourage you to review our earnings release and our SEC filings.

我想提醒您，管理階層在本次電話會議上所作的陳述將包含聯邦證券法所定義的前瞻性陳述。這些聲明受到一系列變更、風險和不確定性的影響，可能導致實際結果發生重大差異。有關可能影響 Onto Innovation 業績的風險因素的更多信息，我建議您查看我們的收益報告和 SEC 文件。

Onto Innovation does not undertake the obligation to update these forward-looking statements in light of new information or future events. Today's discussion of our financial results will be presented on a non-GAAP financial basis unless otherwise specified. As a reminder, a detailed reconciliation between GAAP and non-GAAP results can be found in today's earnings release.

Onto Innovation 不承擔根據新資訊或未來事件更新這些前瞻性聲明的義務。除非另有說明，今天對我們財務業績的討論將以非 GAAP 財務基礎呈現。提醒一下，您可以在今天的收益報告中找到 GAAP 和非 GAAP 結果之間的詳細對帳。

Let me now turn the call over to our CEO, Mike Plisinski. Mike?

現在，讓我將電話轉給我們的執行長 Mike Plisinski。麥克風？

Thank you, Sidney. Good afternoon, everyone, and thank you for joining us on our call today. Onto Innovation delivered a strong second quarter with revenue and operating margin both exceeding the midpoint of our guidance range.

謝謝你，西德尼。大家下午好，感謝大家今天參加我們的電話會議。Onto Innovation 第二季表現強勁，營收和營業利潤率都超過了我們預期範圍的中點。

More importantly, we made excellent progress in new product adoption and announced a strategic agreement to acquire several synergistic product lines from Semilab International, a deal we expect to close in the coming months pending standard US and Hungarian regulatory approvals.

更重要的是，我們在新產品採用方面取得了巨大進展，並宣布了一項戰略協議，從 Semilab International 收購幾條協同產品線，我們預計該交易將在未來幾個月內完成，等待美國和匈牙利監管部門的標準批准。

This transaction with Semilab expands our portfolio of inspection and metrology systems by adding electrical surface metrology -- surface charge metrology and materials analysis technology. These additions will allow us to address new challenges facing our advanced nodes and advanced packaging customers as they adopt more exotic materials for use in 3D architectures.

此次與 Semilab 的交易透過增加電錶面計量——表面電荷計量和材料分析技術，擴展了我們的檢測和計量系統產品組合。這些新增功能將使我們能夠應對先進節點和先進封裝客戶在 3D 架構中採用更多特殊材料時面臨的新挑戰。

For example, the growing demand and complexity for disaggregated devices is creating a need to measure unwanted residual charge on chiplet circuitry. These charges, if not detected, can impact yield when chiplets from different sources are placed on substrates and packaged.

例如，對分解設備的需求和複雜性不斷增長，需要測量晶片電路上不需要的殘留電荷。如果未偵測到這些電荷，則當來自不同來源的晶片放置在基板上並進行封裝時，可能會影響產量。

Likewise, for new gate designs in both logic and memory, electrical metrology may provide critical insights into gate performance far earlier in the process. The importance of these technologies are reflected in the portfolio's approximately 20% annual growth over the last five years, a growth far outperforming WFE during that period.

同樣，對於邏輯和記憶體中的新閘設計，電氣計量可以在製程的早期提供有關閘效能的關鍵見解。這些技術的重要性體現在該投資組合過去五年約 20% 的年增長率上，這一增長遠遠超過了同期 WFE 的表現。

The acquired product lines are projected to add over $130 million in annual revenue, be immediately accretive to both gross and operating margin, and increase first-year earnings per share by more than 10%. With an implied price to EBITDA ratio of 10x, it is clear that this transaction will enhance shareholder value.

預計收購的產品線將增加超過 1.3 億美元的年收入，立即增加毛利和營業利潤，並使第一年的每股收益增加 10% 以上。由於隱含價格與 EBITDA 比率為 10 倍，顯然這筆交易將提高股東價值。

Now let's turn to our quarterly highlights and our thoughts about the back half of the year. As we discussed on our call in May, following 10% year-over-year growth for the first half of 2025, we're preparing for a third-quarter revenue to represent a low watermark for the business. However, our discussions with customers continue to support a revenue rebound in the fourth quarter, consistent with revenue levels we reported in the first two quarters of this year.

現在讓我們來回顧一下本季的亮點以及對下半年的展望。正如我們在 5 月的電話會議上所討論的那樣，繼 2025 年上半年實現 10% 的同比增長之後，我們正準備讓第三季度的收入成為業務的低水位。不過，我們與客戶的討論繼續支持第四季度營收反彈，與我們今年前兩季報告的營收水準一致。

So let's begin with specialty device and advanced packaging markets. AI packaging remains a key driver for us with innovations in architectures, substrates, and interconnect shrinks, creating new opportunities for Dragonfly systems in both 3D and 2D applications.

那麼就讓我們從專業設備和先進封裝市場開始。人工智慧封裝仍然是我們的關鍵驅動力，它在架構、基板和互連縮小方面不斷創新，為 Dragonfly 系統在 3D 和 2D 應用中創造了新的機會。

We'll start with the need for high resolution inspection where our next-generation Dragonfly platform achieved a significant milestone in the quarter when we successfully validated the platform's optical performance and scan time against our key customers' comprehensive new requirements for 2.5D logic packaging.

我們將從高解析度檢測的需求開始，我們的下一代 Dragonfly 平台在本季度取得了重要的里程碑，我們根據主要客戶對 2.5D 邏輯封裝的全面新要求成功驗證了該平台的光學性能和掃描時間。

Our Dragonfly platform performed exceptionally well, passing all tests, and customer pull remains strong. In fact, we are seeing pull from several additional customers exploring the need for more advanced inspection while maintaining the flexibility to serve other applications through the other sensors. As a result, we now expect to ship next-gen Dragonfly systems to several customers in the second half of the year.

我們的 Dragonfly 平台表現非常出色，通過了所有測試，客戶吸引力依然強勁。事實上，我們看到更多客戶正在探索更先進的檢測需求，同時保持透過其他感測器服務其他應用的靈活性。因此，我們預計將在今年下半年向多個客戶推出下一代 Dragonfly 系統。

Demand is also growing for our subsurface inspection for use in dye stacking process control and dye crack inspection and memory and logic applications, as well as wafer bonding applications for void and delamination detection. We expect demand to nearly double in the second half over the first half of the year, with most shipments expected in the fourth quarter. Likewise, demand for 3Di technology is increasing, with tools shipped to more than 10 different customers across an expanding list of applications, including memory, logic, OSATs, and specialty devices.

對我們的表面下檢測的需求也在不斷增長，用於染料堆疊過程控制和染料裂紋檢測以及記憶體和邏輯應用，以及用於空隙和分層檢測的晶圓鍵合應用。我們預計下半年的需求將比上半年成長近一倍，大部分出貨量預計在第四季。同樣，對 3Di 技術的需求也在不斷增長，其工具已發送至 10 多個不同的客戶，應用範圍不斷擴大，包括記憶體、邏輯、OSAT 和專用設備。

The precision and speed of the 3Di is showing advantages not only in traditional applications, but also in solving new challenges. For example, in 2.5D logic packaging, the control of chip height and flatness is critical to downstream processes.

3Di 的精確度和速度不僅在傳統應用中顯示出優勢，而且在解決新挑戰方面也顯示出優勢。例如，在2.5D邏輯封裝中，晶片高度和平整度的控制對下游製程至關重要。

Our 3Di, in conjunction with other Dragonfly sensors, will provide critical data used to control this step in next-generation AI packaging architectures. Also in the quarter, the performance of 3Di expanded our 2D position and co-packaged optics with a win over alternative technologies to measure multiple height parameters critical to production of these devices. Though nascent today, the benefit and power savings and performance, particularly for hyper scalers, is expected to drive a 30% CAGR over the next five years.

我們的 3Di 與其他 Dragonfly 感測器結合，將提供用於控制下一代 AI 封裝架構中這一步驟的關鍵資料。此外，在本季度，3Di 的性能擴展了我們的 2D 地位，並透過共同封裝光學元件戰勝替代技術來測量對這些設備的生產至關重要的多個高度參數。儘管目前還處於起步階段，但其優勢、節能和性能（特別是對於超大規模企業而言）預計將​​在未來五年內推動 30% 的複合年增長率。

In summary, we expect a sharp acceleration in AI logic packaging revenue in the fourth quarter, with revenue increasing at least 50% quarter over quarter. This improved expectation has reduced the anticipated decline in this area by half from what we'd initially projected in May. Together with an expected recovery in power revenue, specialty device and advanced packaging revenue in the fourth quarter will likely approach peak levels seen in 2024.

綜上所述，我們預期第四季AI邏輯封裝收入將大幅加速，營收季增至少50%。這項預期改善使得該地區的預期降幅比我們 5 月最初預測的降幅減少了一半。加上電力收入的預期復甦，第四季專用設備和先進封裝收入可能會接近 2024 年的高峰水準。

Now turning to the advanced node market. Second-quarter revenue from memory markets remained strong, led by increased investments in NAND, while DRAM remained near record levels. Gate-all-around revenue, which has grown by more than 50% year over year did slow in the second quarter as expected.

現在轉向高階節點市場。第二季記憶體市場收入依然強勁，主要得益於 NAND 投資的增加，而 DRAM 仍接近歷史最高水準。環柵技術營收與去年同期相比成長了 50% 以上，但第二季的成長速度如預期般放緩。

However, we are quite pleased to expand our position in this market by recently winning both Atlas OCD and Iris films orders totaling over $20 million from a new customer moving aggressively to release gate-all-around technology. We expect much of this revenue in the fourth quarter. The continued expansion of our common films business is creating a nice backdrop for the adoption of our new Iris G2 platform specifically designed to serve the estimated $500 million critical films market.

然而，我們很高興能夠擴大我們在這個市場的地位，最近我們贏得了 Atlas OCD 和 Iris 薄膜訂單，訂單總額超過 2000 萬美元，訂單來自一個積極推出環柵技術的新客戶。我們預計大部分收入將在第四季度實現。我們的普通電影業務的持續擴張為我們新推出的 Iris G2 平台的採用創造了良好的背景，該平台專為服務於預計 5 億美元的關鍵電影市場而設計。

As previously discussed, advanced node spending is expected to pause in the third quarter. However, customers continue to indicate a meaningful uptick in the fourth quarter across memory and logic. For the full year, we expect advanced nodes revenue will nearly double as compared to 2024.

如前所述，先進節點支出預計將在第三季暫停。然而，客戶繼續表示第四季度記憶體和邏輯方面出現了有意義的上升。我們預計全年先進節點收入將比 2024 年成長近一倍。

And as we think about fourth-quarter revenue, we are confident that we will see a rebound to levels more consistent with what we have reported in the first and second quarters of this year. This is based upon constructive discussions with customers, meaningful acceleration in AI packaging spend, and an uptick in advanced nodes from what's expected in the third quarter.

當我們考慮第四季度的收入時，我們相信我們將看到反彈至與今年第一季和第二季報告的更一致的水平。這是基於與客戶的建設性討論、人工智慧封裝支出的顯著加速以及第三季度預期的先進節點的成長。

So before we move into the financials, I want to take a moment to welcome our new CFO, Brian Roberts. Brian brings over two decades of experience as a public company CFO with a track record of driving financial performance and creating value for stakeholders. His operational rigor and depth of experience are important assets to the team as we build a far more resilient and flexible global operation while at the same time strengthening our overall financial foundation.

因此，在我們討論財務之前，我想花點時間歡迎我們的新財務長 Brian Roberts。Brian 擁有超過二十年擔任上市公司財務長的經驗，在推動財務表現和為利害關係人創造價值方面有著良好的記錄。在我們建立更具彈性和靈活性的全球營運的同時，加強我們的整體財務基礎時，他的營運嚴謹性和豐富的經驗是團隊的重要資產。

With that, let me turn the call to Brian to review our financial highlights and provide third-quarter guidance. Brian?

說完這些，讓我把電話轉給布萊恩，讓他回顧我們的財務亮點並提供第三季的指導。布賴恩？

Thanks, Mike. Good afternoon, everyone. I'm excited to be here as part of the Onto Innovation team and look forward to meeting or renewing acquaintances with many of you over the coming quarters.

謝謝，麥克。大家下午好。我很高興能夠成為 Onto Innovation 團隊的一員，並期待在接下來的幾個季度與你們中的許多人見面或重溫舊情。

As Mike highlighted, we delivered a solid second quarter, with revenue of $253.6 million or an increase of about 5% year over year. Gross margin for the second quarter was 54.5%. Excluding approximately $1.1 million of expense incurred in the quarter due to tariffs, gross margin would have been approximately 55%.

正如麥克所強調的，我們第二季業績穩健，營收達到 2.536 億美元，年增約 5%。第二季毛利率為54.5%。不包括本季因關稅而產生的約 110 萬美元的費用，毛利率約為 55%。

Operating margin of 25.9% was near the high end of our expected range and was a result of productivity gains in R&D and operations. Finally, earnings per share for the quarter was $1.25, reflecting approximately $0.01 of impact due to unfavorable foreign exchange loss and a $0.02 impact caused by an increase in the effective tax rate to 16%.

25.9% 的營業利潤率接近我們預期範圍的高端，這是研發和營運生產力提高的結果。最後，本季每股收益為 1.25 美元，反映了不利外匯損失造成的約 0.01 美元的影響以及有效稅率增加至 16% 造成的 0.02 美元的影響。

At a market level for the second quarter, we recorded advanced nodes revenue of $89 million or 35% of Q2's revenue. Specialty devices and advanced packaging revenue was $117 million, which represents 46% of revenue, and software and services revenue was $48 million or 19% of revenue.

在第二季的市場層面，我們記錄的先進節點收入為 8,900 萬美元，佔第二季收入的 35%。專用設備和先進封裝收入為 1.17 億美元，佔收入的 46%，軟體和服務收入為 4,800 萬美元，佔收入的 19%。

Cash from operations was $58 million, representing cash conversion of 95% of our non-GAAP net income in the quarter. We ended the quarter with approximately $895 million of cash and investments, representing an increase of $44 million from Q1.

經營活動現金流為 5,800 萬美元，佔本季非公認會計準則淨收入的 95%。截至本季末，我們的現金和投資約為 8.95 億美元，比第一季增加了 4,400 萬美元。

Given the pending acquisition of certain product lines from Semilab, we did not repurchase shares in the second quarter. Once the acquisition closes, which is expected to happen in the coming months, we will pay Semilab $475 million in cash and issue 706,215 shares of our common stock. The value of the total transaction based upon Onto's closing price as of June 27, 2025, was approximately $545 million.

鑑於即將從 Semilab 收購某些產品線，我們在第二季度沒有回購股票。收購預計將在未來幾個月內完成，一旦完成，我們將向 Semilab 支付 4.75 億美元現金並發行 706,215 股普通股。根據 Onto 截至 2025 年 6 月 27 日的收盤價，總交易價值約為 5.45 億美元。

Now turning to our outlook for the third quarter. Revenue for the third quarter is expected to be in the range of $210 million to $225 million. This reflects the anticipated slowdown in advanced node spending that has been previously communicated.

現在來談談我們對第三季的展望。預計第三季營收將在2.1億美元至2.25億美元之間。這反映了先前傳達的先進節點支出預期放緩的趨勢。

As Mike detailed, we are expecting a sharp acceleration in AI packaging spend in the fourth quarter, which gives us confidence that Q4 revenue will return to a level more consistent with what we reported in the first and second quarters of 2025.

正如 Mike 所詳述的，我們預計第四季度 AI 封裝支出將大幅增長，這讓我們有信心第四季度的收入將恢復到與 2025 年第一季和第二季報告的水平更加一致的水平。

Gross margin in the third quarter is expected to be in the range of 53% to 55%, which includes an anticipated 1 percentage point impact due to tariffs. Excluding tariffs, gross margin for the third quarter is expected to remain flat with Q2 levels. With tariffs still at the forefront of today's news, let me take a minute to provide a brief overview of our tariff exposure.

預計第三季毛利率將在 53% 至 55% 之間，其中包括預計關稅造成的 1 個百分點的影響。不計關稅，預計第三季毛利率將與第二季水準持平。由於關稅仍然是今天新聞的焦點，請允許我花一點時間簡要概述我們的關稅風險。

Today, we incur tariffs primarily in two buckets: inbound tariffs on components we source into the United States, which accounts for about 90% of our cost, and outbound tariffs primarily on parts sold into other markets within our services business. We are not currently exposed to tariffs on the sale of our tooling equipment to our customers due to executive orders signed back in April.

今天，我們主要在兩個方面產生關稅：對我們採購到美國的零件徵收的進口關稅，這占我們成本的 90% 左右；以及主要對我們服務業務內銷往其他市場的零件徵收的出口關稅。由於四月簽署的行政命令，我們目前在向客戶銷售工具設備時無需繳納關稅。

We expect to incur tariff expense of approximately $2 million to $3 million in each of the third and fourth quarters, primarily due to inbound tariffs. To further mitigate remaining tariff exposure, we are aggressively installing manufacturing capability alongside partners into several Asian markets to build out our region-for-region strategy.

我們預計第三季和第四季的關稅費用分別為 200 萬至 300 萬美元，主要原因是進口關稅。為了進一步減輕剩餘的關稅風險，我們正在與合作夥伴一起積極在幾個亞洲市場安裝製造能力，以建立我們的區域對區域戰略。

The team has done a tremendous job and expects to begin shipments of tools from these new facilities in the third quarter, with roughly half of our product volume shipped internationally by the first half of 2026. This move to better serve our international customers with a regional-based manufacturing approach, continued sourcing improvements, and applying for duty drawback approvals will result in expected 2026 tariff exposure to be negligible. The one caveat, of course, is that it is based upon the various orders and regulations in effect as of today. We will continue to monitor closely the tariff environment and adjust as necessary.

團隊做了大量工作，預計將於第三季開始從這些新工廠出貨工具，到 2026 年上半年，我們大約一半的產品將銷往國際市場。此舉旨在透過基於區域的製造方法、持續的採購改進和申請退稅批准來更好地服務我們的國際客戶，這將導致預計 2026 年的關稅風險可以忽略不計。當然，需要注意的是，它是基於截至今天有效的各種命令和法規。我們將繼續密切關注關稅環境並根據需要進行調整。

Turning to operating margins. Given the lower revenue expected in the third quarter, we will likely experience a temporary decrease in operating margin to a range of 18% to 21%. While the team has put short-term controls in place to reduce discretionary spend in Q3, we are taking a prudent approach to not significantly impact the operating cost structure, especially in R&D, which could impact our ability to meet customer needs in Q4 and in 2026.

轉向營業利潤率。鑑於第三季預計收入較低，我們的營業利潤率可能會暫時下降至 18% 至 21% 之間。雖然團隊已實施短期控制措施以減少第三季的可自由支配支出，但我們採取謹慎的態度，不會對營運成本結構（尤其是研發成本）產生重大影響，因為這可能會影響我們在第四季和 2026 年滿足客戶需求的能力。

With the anticipated rebound in revenue in the fourth quarter, we would expect operating margins to also return to a range consistent with the first two quarters of 2025. Earnings per share for Q3 is expected in the range of $0.75 to $0.95. This assumes an estimated tax rate of approximately 15% and about $49 million shares outstanding. This guidance does not include any anticipated impacts from the pending Semilab acquisition.

隨著第四季營收的預期反彈，我們預期營業利潤率也將回到與 2025 年前兩季一致的範圍。預計第三季每股收益在0.75美元至0.95美元之間。此假設預計稅率約為15%，流通股數約為4,900萬股。本指引並未包括即將進行的 Semilab 收購預期產生的影響。

And with that, let me turn it back to Mike for some closing thoughts before we take your questions.

在我們回答你們的問題之前，請容許我把話題轉回給麥克，讓他發表一些結束語。

Thank you, Brian. In summary, let me leave you with what I believe are the key takeaways from our performance to date and what we expect over the remainder of the year. First, we're quite pleased with the progress we are making across our portfolio, particularly in sub-micron 2D inspection, where we can now meet or exceed our customers' performance requirements. We're also encouraged by the growing opportunities in 3D interconnect and gate metrology as well as in common and critical films.

謝謝你，布萊恩。總而言之，讓我向大家介紹一下我們迄今為止的表現以及我們對今年剩餘時間的期望。首先，我們對我們產品組合所取得的進展感到非常滿意，特別是在亞微米二維檢測方面，我們現在可以滿足或超越客戶的性能要求。我們也對 3D 互連和閘極計量以及通用和關鍵薄膜領域日益增長的機會感到鼓舞。

Second, we are looking forward to the addition of new surface charge metrology and materials characterization technologies to our portfolio and the potential for new value creation to our customers. The acquisition is expected to be immediately accretive to both our margins and EPS, and that's not including synergies that we will discuss after the deal closes.

其次，我們期待在我們的產品組合中增加新的表面電荷計量和材料表徵技術，並為我們的客戶創造新的價值。此次收購預計將立即增加我們的利潤率和每股收益，這還不包括我們將在交易完成後討論的協同效應。

Third, and as Brian noted, the ramp-up of our region-for-region strategy will allow us to better serve our global customer base while also improving our operational resilience, mitigate tariff-related exposure, and provide meaningful improvements to our financial performance in 2026.

第三，正如 Brian 所指出的，我們區域對區域策略的加強將使我們能夠更好地服務我們的全球客戶群，同時提高我們的營運彈性，降低與關稅相關的風險，並為我們 2026 年的財務業績帶來有意義的改善。

Finally, an acceleration in AI packaging spend will drive fourth-quarter revenue back to a level consistent with the first and second quarter of this year. With the many advancements we are making to our portfolio organically and through strategic acquisitions, we believe we are well positioned to delight our customers and expand our overall share, setting the table for a stronger 2026.

最後，AI封裝支出的加速將推動第四季營收回到與今年第一季和第二季一致的水平。透過有機成長和策略收購不斷提升我們的產品組合，我們相信我們已做好準備，讓客戶滿意，擴大我們的整體份額，為 2026 年更強勁的發展奠定基礎。

And now, Justin, let's open the call for questions from our covering analysts.

賈斯汀，現在讓我們開始回答我們的分析師的問題。

(Operator Instructions) Craig Ellis, B. Riley Securities.

（操作員指示） Craig Ellis，B. Riley Securities。

Yeah, thanks for taking the question, and Brian, welcome aboard. I look forward to meeting you and interacting. Mike, I wanted to start by following up on the encouraging comments you had about next-gen Dragonfly in two areas. One, you talked about significant milestones being attained with a key customer. I was hoping for a little bit more color there and just what some of the next steps are with that customer?

是的，感謝您提出這個問題，布萊恩，歡迎加入。我期待與您見面並互動。麥克，首先我想從兩個方面來跟進你對下一代 Dragonfly 的鼓勵性評論。首先，您談到了與關鍵客戶達成的重要里程碑。我希望能提供更多細節，那麼針對該客戶接下來要採取哪些措施呢？

And then secondly, you talked about new customer revenue opportunities with this product later this year. I was hoping you could elaborate there, too.

其次，您談到了今年稍後該產品帶來的新客戶收入機會。希望你也能詳細說明一下。

Sure, Craig. We'll start with the first customer. The milestone was significant because what we did, and we told -- we said in the last call that we were starting to run samples for customers. That proved successful. Now we ran some very stringent tests, very controlled test for the customers, which demonstrated not only the resolution capability or the optical performance from a detection standpoint but also from a throughput standpoint.

當然，克雷格。我們將從第一位顧客開始。這個里程碑意義重大，因為我們所做的以及我們所說的話——我們在上次電話會議中說過，我們將開始為客戶運行樣品。事實證明這是成功的。現在，我們為客戶進行了一些非常嚴格的測試，非常受控的測試，不僅從檢測的角度展示了分辨率能力或光學性能，而且從吞吐量的角度展示了分辨率能力或光學性能。

And of course, these requirements weren't just for what's in production today, but for what they need in the years ahead. So passing those milestones was significant.

當然，這些要求不只是針對目前的生產，也針對未來幾年的需求。因此，實現這些里程碑意義重大。

As to next steps, we're still solidifying the system, making sure it performs as it is now over months of testing, reliability testing, et cetera, et cetera, so that we'll be ready to ship a high-quality product on time for the customer.

至於下一步，我們仍在鞏固系統，確保它經過數月的測試、可靠性測試等之後能夠正常運行，以便我們能夠按時為客戶交付高品質的產品。

And as for the other opportunities, we see in other markets -- and remember, we mentioned previously that this was designed for front-end applications to go after and open up the front-end macro market. But we're also seeing other customers in memory, et cetera, looking for potential high-resolution inspection to solve other yield issues.

至於我們在其他市場看到的其他機會——記住，我們之前提到過，這是為前端應用程式設計的，以追逐和開拓前端宏觀市場。但我們也看到記憶體等領域的其他客戶正在尋找潛在的高解析度檢測來解決其他產量問題。

So the applications vary customer to customer, but the performance of the Dragonfly and the demos have been very, very strong. And so, the results have been very positive, and we are getting increased demand for the tools to be able to ship this year. So we've actually started to bring in inventory and increase our production plans to ship, like I mentioned on the call, more tools this year than just the ones planned for the first customer.

因此，應用程式因客戶而異，但 Dragonfly 和演示的性能非常非常強大。因此，結果非常積極，我們對今年能夠發貨的工具的需求正在增加。因此，我們實際上已經開始引入庫存並增加生產計劃，就像我在電話中提到的那樣，今年我們將提供更多的工具，而不僅僅是為第一位客戶計劃的工具。

Yeah, that's great to hear. Congratulations on the progress. And then secondly, great to see the business bouncing back in the fourth quarter, the confidence the company has. What I wanted to do is understand if the business gets back to those first half levels, that implies a range of $250 million to $267 million.

是的，聽到這個消息真是太好了。恭喜你取得進展。其次，很高興看到第四季業務反彈，公司充滿信心。我想要了解的是，如果業務恢復到上半年的水平，這意味著收入範圍將在 2.5 億美元至 2.67 億美元之間。

What would make the difference between coming in closer to the low end versus coming in at the high end? And are there any particular programs that you're looking at as being critical to achieving that rebound? Thanks, Mike.

接近低端和接近高端之間有什麼區別？您認為有哪些特定計劃對於實現這一反彈至關重要？謝謝，麥克。

Thanks, Craig. I think the range is less driven by the programs and more by the customer demands. We've seen a lot of movements. So we've seen pull-ins from some customers. We've seen some publicly announced pushouts. And as I mentioned in the prepared remarks, we've seen an increase in demand on our AI packaging, so for tools to support a packaging. So as you know, this is a tough industry to predict.

謝謝，克雷格。我認為，產品範圍更取決於客戶需求，而不是程序。我們已經看到了很多動作。因此，我們看到了一些客戶的青睞。我們已經看到一些公開宣布的延遲措施。正如我在準備好的演講中提到的那樣，我們看到對 AI 包裝的需求增加，因此對支援包裝的工具的需求也在增加。如你所知，這是一個很難預測的行業。

So I think the Q4 will solidify, and the real variables are in the customer demand. Less so are -- we're not actually planning on any of our current programs driving the Q4 revenue number. So the new releases in the Iris films and in the Dragonfly next gen, et cetera, et cetera, those are all baked into the 2026, our view of 2026. And Q4 is really around just the strong demand we're seeing for the current products, yeah, and the nice backlog that we have.

所以我認為第四季將會穩定下來，真正的變數在於客戶需求。事實並非如此——我們實際上並沒有計劃透過任何當前項目來推動第四季度的收入數字。因此，《Iris》系列電影和《Dragonfly》系列下一代電影等的新片都融入了 2026 年的計劃，也就是我們對 2026 年的展望。第四季度實際上只是圍繞著我們對當前產品的強勁需求，是的，以及我們擁有的大量積壓訂單。

Matthew Prisco, Cantor.

馬修·普里斯科，領唱。

So I want to hit on this next-gen Dragonfly as well. Sounds like making great progress there. So just for clarification, do you still expect the evaluation tools to be in customers' hands for your end, and you still think that decision comes in first half '26? And then given the progress you've made, how are you thinking about potential to regain share there as we move through '26 and this tool moves into production? Thanks.

所以我也想了解下一代 Dragonfly。聽起來那裡取得了巨大進展。因此，只是為了澄清一下，您是否仍然希望評估工具掌握在客戶手中，並且您是否仍然認為該決定將在 26 年上半年做出？然後考慮到您所取得的進展，隨著我們進入 26 年並且該工具投入生產，您如何看待重新獲得市場份額的潛力？謝謝。

Yeah, we are definitely planning to ship tools this year, and we are on track for that. And as I mentioned, we're actually increasing the number of tools we expect to ship this year based on the strong demand drivers we see.

是的，我們確實計劃今年推出工具，而且我們的計劃正在按計劃進行。正如我所提到的，根據我們看到的強勁需求驅動因素，我們實際上正在增​​加今年預計出貨的工具數量。

I mentioned the last call, because this customer is well familiar with our tools, the cut-in period will not be as long as it typically would be for a brand-new tool. So in the discussions we've had with the customers, there are various areas of performance they want to verify in production. And after that happens, they've indicated they would be willing to move this into volume orders. So I think the guidance we've given has been conservative so far.

我提到了最後一次通話，因為這個客戶非常熟悉我們的工具，所以切入期不會像全新工具那麼長。因此，在我們與客戶的討論中，他們希望在生產中驗證各種性能領域。在此之後，他們表示願意將其轉為批量訂單。所以我認為到目前為止我們給的指導是保守的。

Okay. Great. And then you mentioned '26 quickly at the end of you prepared remarks. So just looking into next year, how are you thinking about Onto's growth potential, maybe relative to the market? And how do you rank order top growth drivers into next year and maybe some areas that could be expected headlines? Thank you.

好的。偉大的。然後您在準備好的演講結束時很快就提到了‘26’。那麼展望明年，您認為 Onto 的成長潛力如何，相對於市場而言？您如何對明年的主要成長動力進行排序，以及哪些領域可能成為頭條新聞？謝謝。

Well, for sure, we think the Dragonfly, the next-gen Dragonfly will be a strong driver. There's a lot of applications that we're finding interest in. We mentioned a few, not just for the high-resolution inspection, but also for the subsurface inspection, 3Di. So there's a lot of applications expanding needs for the Dragonfly that I think is going to drive from a growth percentage -- because that's much bigger.

嗯，我們當然認為 Dragonfly，下一代 Dragonfly 將會成為強大的驅動力。我們發現有很多應用程式都很有趣。我們提到了一些，不僅適用於高解析度檢查，還適用於地下檢查、3Di。因此，有許多應用程式對 Dragonfly 的需求不斷擴大，我認為這將推動其成長百分比——因為它的規模要大得多。

But from a growth percentage, we're pretty excited about the progress in the films market as well. So really good progress on the adoption of Iris for common films used in both the front end and packaging. We're seeing more demand on the packaging side.

但從成長率來看，我們對電影市場的進步也感到非常興奮。因此，在前端和包裝中使用的常見膠片中採用 Iris 確實取得了良好的進展。我們看到包裝方面的需求越來越大。

We also are making progress with the introduction of our second-generation Iris designed for critical films. And we expect to be shipping a tool to a top three manufacturer in the next few months for that application.

我們在推出專為評論電影設計的第二代 Iris 方面也取得了進展。我們預計將在未來幾個月內將一款工具發送到三大製造商之一，用於該應用。

Brian Chin, Stifel.

Brian Chin，Stifel。

I would just ask a couple of questions. And Brian, welcome to the call. Maybe to follow up on some of the prior questions, it sounds like Dragonfly for subsurface defect inspection is a pretty big factor in terms of that Q4 rise in revenue. Is that mainly to one customer? Is it like a new application on that customer's roadmap? If you could just provide some clarity.

我只想問幾個問題。布萊恩，歡迎您參加電話會議。也許是為了跟進一些先前的問題，聽起來用於地下缺陷檢測的 Dragonfly 是第四季度收入增長的一個相當大的因素。這主要針對一位客戶嗎？它是否像是客戶路線圖上的一個新應用程式？如果您能提供一些說明的話。

No, it's actually not one customer. It's several customers. And as we mentioned, we've been expanding the application. So I think I talked about dye stacking process control. So you can imagine memory is dye stacking. There are other dye stacking applications. 2.5D logic has also got some alignment challenges with dye and substrate and multiple substrates. So we've got basically the AI packaging type applications, but we also have applications that we're seeing in the specialty devices, particularly in power that is taking advantage of the subsurface defect inspection.

不，實際上不只一個顧客。有好幾位顧客。正如我們所提到的，我們一直在擴展該應用程式。所以我想我談論了染料堆疊過程控制。所以你可以想像記憶就是染料堆疊。還有其他染料堆疊應用。2.5D邏輯也面臨染料和基板以及多基板的一些對準挑戰。因此，我們基本上擁有 AI 封裝類型的應用，但我們也看到了在專用設備中的應用，特別是在利用地下缺陷檢測的電力中的應用。

And we also mentioned early adopters of wafer bonding or some of the pilot lines focused on wafer bonding applications. We're also seeing demand for the level of sensitivity and throughput we can offer with our subsurface inspection. So it's quite a variety, and that's good, and we continue to find new applications.

我們也提到了晶圓鍵合的早期採用者或一些專注於晶圓鍵合應用的試驗生產線。我們也看到了對地下檢測所能提供的靈敏度和吞吐量水準的需求。所以它的種類相當豐富，這很好，而且我們還會繼續尋找新的應用。

Okay, great. And then relating to the next-generation Dragonfly and it's a good announcement that you're shipping to multiple customers or plan to later in the second half. I'm just curious, Mike, how important do you think this platform is to defending your existing positions in HBM inspection?

好的，太好了。然後關於下一代 Dragonfly，這是一個好消息，你們正在向多個客戶發貨，或者計劃在下半年晚些時候發貨。我只是好奇，麥克，您認為這個平台對於捍衛您在 HBM 檢查中的現有地位有多重要？

I think it's quite important. The platform is probably the most significant -- it's probably the most significant inspection platform we've released. And that includes the shift from the old [AXi NSX], the strobing-based platform to the TDI technology, which was the start of the super flies, Dragonfly and Firefly.

我認為這非常重要。該平台可能是最重要的——它可能是我們發布的最重要的檢查平台。其中包括從舊款 [AXi NSX]（基於頻閃的平台）轉向 TDI 技術，這是超級蒼蠅、蜻蜓和螢火蟲的開始。

So I'd say this is even more significant transition than that. The capabilities in the optical systems, the illumination, the camera, the algorithms that have changed and improved, this is a really big step forward as it was designed. I mentioned in the call several times. We started this effort several years back, three years ago, and now it's being accelerated and coming to fruition, and we've been quite happy with the results coming off the wafer demos that we've seen.

所以我認為這是一個比那更重要的轉變。光學系統、照明、相機和演算法的功能都發生了變化和改進，這是設計上的一大進步。我在電話裡多次提到。我們幾年前（三年前）就開始了這項工作，現在正在加速並取得成果，我們對所看到的晶圓演示的結果感到非常滿意。

Great. If I could sneak one last quick one. Just in terms of the Q4 advanced packaging up significantly, why do you think advanced nodes maybe isn't rebounding as strongly in Q4? If you had to put a finer point on it, do you think it's more DRAM digestion oriented? Is it time to [foundry logic], something else?

偉大的。如果我能偷偷地再快速做最後一次。就第四季先進封裝的大幅成長而言，您認為為什麼先進節點在第四季的反彈可能不會那麼強勁？如果您必須對此進行更詳細的闡述，您是否認為它更側重於 DRAM 消化？是時候[代工邏輯]或其他什麼了嗎？

Well, I think it's a couple of factors. And one of them ties to just our expanded position or wallet share in each of these markets. So as a customer, let's say, adds only 5,000 or 10,000 wafer starts, we might have had a handful of OCD tools. And now we're getting a handful of OCD tools, some film tools and integrated metrology as well.

嗯，我認為有幾個因素。其中之一與我們在每個市場中擴大的地位或錢包份額有關。因此，假設客戶僅增加了 5,000 或 10,000 個晶圓啟動，我們可能已經擁有少量的 OCD 工具。現在我們獲得了一些 OCD 工具、一些膠片工具以及整合計量技術。

So our wallet share has been increasing as we demonstrate the value of that optical metrology ecosystem. So that's one thing. In addition, the win at the gate-all-around customer, which concluded both the OCD and the films metrology, that's a significant increase for the fourth quarter, mostly in the fourth quarter.

因此，隨著我們展示光學計量生態系統的價值，我們的錢包份額一直在增加。這是一回事。此外，贏得全能門客戶，包括OCD和薄膜計量，這對第四季來說是顯著的成長，主要是在第四季。

Blayne Curtis, Jefferies.

布萊恩‧柯蒂斯，傑富瑞集團。

I actually I wanted to go back to the AI packaging. I was wondering if you can give us some color. If you look at the overall segment [117], it's kind of down 9%. Maybe you could just give us a little color as to between those two pieces within that AI packaging and the specialty, how that trend versus overall. And then I really want to know in the acceleration of this logic packaging. Is it the existing main customer or are you seeing strength from additional OSAT customers?

我實際上想回到 AI 包裝。我想知道您是否可以給我們一些顏色。如果你看一下整體部分[117]，它下降了9%。也許您可以為我們稍微介紹一下 AI 包裝和專業中的這兩個部分，以及這種趨勢與整體相比如何。然後我真的很想知道這個邏輯封裝的加速情況。它是現有的主要客戶嗎？還是您看到了來自其他 OSAT 客戶的優勢？

Good question. Most of it is the existing main customer, but we are seeing orders from OSATs in support of essentially that customer or in support of the 2.5D logic packaging. So it's both, but I would say mostly it's from the existing customer, and it's a lot of these new applications. And also, as we mentioned before, the Dragonfly does a lot of different -- serves a lot of different application segments within that customer.

好問題。其中大部分是現有的主要客戶，但我們看到來自 OSAT 的訂單主要是為了支援該客戶或支援 2.5D 邏輯封裝。所以兩者都有，但我想說主要是來自現有客戶，而且有很多新的應用程式。而且，正如我們之前提到的，Dragonfly 有許多不同功能——為客戶的許多不同應用領域提供服務。

Got you. And then I'm just curious. You talked about your new Dragonfly meeting the specs of the customer. I mean, I guess I was a little bit surprised when your existing tool couldn't meet the specs of [COSL]. So when you look at the roadmap, how much visibility do you have for the COSL roadmap over the next several years beyond the current iteration? And will that tool also be able to solve the same amount of steps?

明白了。然後我只是好奇。您談到了您的新款 Dragonfly 符合客戶的規格。我的意思是，當你現有的工具無法滿足[中海油服]。那麼，當您查看路線圖時，除了當前版本之外，您對未來幾年 COSL 路線圖的了解程度如何？該工具是否也能解決相同數量的步驟？

Yeah, it's certainly designed for several generations ahead and the customer input has been confirming that. So we've been working very, very closely with the customers on the specifications, on the requirements for this tool.

是的，它確實是為未來幾代人設計的，而且客戶的意見也證實了這一點。因此，我們一直與客戶密切合作，以製定該工具的規格和要求。

But again, this tool was designed to go after front end applications, so much, much more advanced than where the packaging area was, and still is frankly. So I think we've got plenty of runway with the existing technology as we're being -- as we're designing and releasing it, but also the roadmaps extend that even further, and there's several aspects to those roadmaps, that as the years go by and we're continuing to innovate and develop, that we'll be able to continue to maintain that position.

但是，這個工具是為前端應用程式而設計的，比包裝領域先進得多，坦白說，現在仍然如此。因此，我認為我們在現有技術方面擁有足夠的發展空間——我們正在設計和發布它，而且路線圖將進一步延伸，這些路線圖有幾個方面，隨著時間的推移，我們會不斷創新和發展，我們將能夠繼續保持這一地位。

David Duley, Steelhead Securities.

Steelhead Securities 的 David Duley。

I was wondering if you might be able to elaborate a little bit more on Semilab, and it was great that you gave us some ideas of what the products and applications might be. But I think I seem to remember in the press release that you're trying to target their products at advanced nodes. So that kind of indicates, I think, that they're more trailing edge nodes or specialty nodes. Could you just elaborate on what you think your roadmap will be as far as targeting advanced nodes and what sort of sales synergies that you might have with your own tools?

我想知道您是否可以更詳細地介紹 Semilab，您給了我們一些關於產品和應用的想法，這真是太好了。但我想我似乎記得在新聞稿中您正試圖將他們的產品瞄準高級節點。所以我認為這表明它們更多的是後緣節點或專業節點。您能否詳細說明一下，就針對進階節點而言，您認為您的路線圖是什麼，以及您自己的工具可能產生什麼樣的銷售綜效？

So we gave a little bit of hint in the prepared remarks. We think there's opportunities in the metrologies for more advanced gate structures. So looking at the electrical characteristics or residual charges left in the gate and maybe using that combined with our acoustic metrology to provide some, let's say, prediction of gate performance before you go to a final test or probing somewhere in the middle of the process.

因此我們在準備好的發言中給了一點提示。我們認為計量學中存在著更先進的閘極結構的機會。因此，請查看閘極中的電氣特性或殘留電荷，並可能將其與我們的聲學計量相結合，以便在進行最終測試或在流程中間的某個地方進行探測之前提供一些閘極性能的預測。

So I think that's one area on the advanced node side. But there's also advanced packaging applications, and I think the materials characterization component is an area that we will -- as we run that through our channels to market, we may find new opportunities not just in power-semi or the specialty devices, but also in advanced node applications. I mean, the use of exotic materials, complex materials, and the interaction between layers and how these materials are stacking up, that's an area of concern for customers.

所以我認為這是高階節點的一個領域。但還有先進的封裝應用，我認為材料特性組件是我們將要關注的一個領域——當我們透過我們的管道將其推向市場時，我們可能會發現新的機會，不僅在功率半導體或專用設備中，而且在先進的節點應用中。我的意思是，特殊材料、複合材料的使用，以及層與層之間的相互作用以及這些材料如何堆疊，這是客戶關注的領域。

And if by combining some of their sensor capabilities and our AI diffract modelling technology, we can unlock additional capability from the tools, that's a big value to our customers. So that's why we said, the synergies we'll talk about post-closing when we have an opportunity to bring the engineering teams together and look in more detail of what we can actually achieve. But even as it is, as straight as the systems are, they're serving a wide range of markets that we also are serving, so packaging, specialty, power. And so there's synergies right there.

如果透過結合他們的一些感測器功能和我們的人工智慧衍射建模技術，我們可以從工具中釋放出額外的功能，這對我們的客戶來說是一個很大的價值。所以這就是為什麼我們說，當我們有機會將工程團隊聚集在一起並更詳細地了解我們實際能夠實現的目標時，我們將在交易結束後討論協同效應。但即使如此，儘管系統很簡單，它們也服務於我們也服務的廣泛市場，因此包裝，專業，電力。因此這裡存在協同效應。

Okay, and then just kind of two follow-on questions. Could you just comment about what you think the HBM spend will be in the second half of the year and 2026 if possible? And then, I have to ask about panel lithography. I've noticed -- someone's got to ask about it, Mike. Team Taiwan seems to have actually agreed upon a substrate size and there just seems like a lot more articles about moving and adoption of rectangular panels. So I was just curious if you might be able to comment.

好的，接下來還有兩個後續問題。您能否評論一下您認為今年下半年以及 2026 年（如果可能的話）的 HBM 支出是多少？然後，我必須問一下面板光刻。我注意到——有人必須問一下這件事，麥克。台灣團隊似乎實際上已經就基板尺寸達成了一致，而且似乎有更多關於移動和採用矩形面板的文章。所以我只是好奇您是否可以發表評論。

Yeah, thanks for asking. We're actually planning to shift two steppers this quarter, so it's good you asked. And hopefully additional orders for the end of the year. So that's on the litho side. From the substrate -- or the new panel size, yes, it's clear the market's going to the square substrate. Obviously, our stepper was designed for large panels, so 500 by 500, 650 by 650, even larger, and we are getting customer interest and even larger.

是的，謝謝你的詢問。我們實際上計劃在本季度轉移兩個步進機，所以你問這個問題很好。希望年底能有更多訂單。這就是光刻方面的事。從基板或新面板尺寸來看，是的，很明顯市場正在轉向方形基板。顯然，我們的步進機是為大面板設計的，所以尺寸為 500 x 500、650 x 650，甚至更大，而且我們越來越引起客戶的興趣，甚至更大。

From a positioning in the Team Taiwan opportunity, that's going to be tougher given the cost structure and the performance of the system. So that's not really the focus of our stepper. It's the much larger sizes as well. I think what it does though is demonstrates the importance of moving to square processing, especially as the chiplet architectures become more widely adopted. So I think that's positive.

從台灣團隊機會的定位來看，考慮到成本結構和系統效能，這將更加困難。所以這不是我們步進器的真正重點。它的尺寸也大得多。我認為它證明了轉向方形處理的重要性，特別是當小晶片架構得到更廣泛的應用時。所以我認為這是積極的。

And when we look at the rest of our process control equipment, we are very aggressively preparing for the new square substrate panel processing. So I think we're quite excited about that and have nearly our entire suite of process control tools being geared up to support that process. And on HBM, we expect it to be roughly flat to the first half. So relatively stable.

當我們查看其餘的製程控制設備時，我們正在積極地為新的方形基板面板處理做準備。所以我認為我們對此感到非常興奮，幾乎我們的整個流程控制工具套件都已準備好支援該流程。對於 HBM，我們預計它將與上半年大致相同。所以相對穩定。

Do you think it grows next year?

您認為明年它會成長嗎？

I would say -- I would have said yes. But I think now with the announcement of a 100% tariffs and -- there's so much uncertainty in how that really ripples through markets and decisions from customers. I think it's premature to give too much color on the 2026 right now.

我會說——我會說是的。但我認為，現在宣布徵收 100% 的關稅會對市場和消費者的決策產生怎樣的影響存在很大的不確定性。我認為現在對 2026 年做出過多預測還為時過早。

Edward Yang, Oppenheimer.

楊德昌，奧本海默。

Hi, Mike, and welcome aboard, Brian. Look forward to working with you. My question is also on Semilab, and that looked like a very attractive asset, and you picked it up at a very reasonable multiple. So just wanted to understand better why was it available. You mentioned it growing at a 20% CAGR. Is that the expected growth rate you expect for 2026 as well? And was it Onto or Semilab that wanted it to be more cash heavy versus equity in terms of the price paid?

你好，麥克，歡迎加入，布萊恩。期待與您合作。我的問題也與 Semilab 有關，它看起來是一項非常有吸引力的資產，而且您以非常合理的倍數買入了它。所以只是想更好地理解為什麼它是可用的。您提到它的複合年增長率為 20%。這也是您預期的 2026 年成長率嗎？Onto 或 Semilab 是否希望在支付價格方面更多地採用現金而不是股權？

Obviously, these deals take a long time to come to fruition. So there's a lot of discussions going on. And as the stock adjusted, obviously, Onto's view of our stock was such that we wanted to shift this to much more cash and the Semilab team agreed and we struck the deal. Not 100% cash, they still wanted a portion of the upside that they thought they would capture from the Onto stock.

顯然，這些交易需要很長時間才能實現。因此有很多討論正在進行。隨著股票的調整，顯然，Onto 對我們股票的看法是，我們希望將其轉換為更多現金，而 Semilab 團隊也同意了，所以我們達成了交易。雖然不是 100% 現金，但他們仍然希望獲得他們認為可以從 Onto 股票中獲得的部分收益。

And the other question?

還有其他問題嗎？

The growth rate for 2026. Do you expect that to be aligned with the 20% CAGR?

2026 年的成長率。您預計這與 20% 的複合年增長率一致嗎？

We expect this to be -- we'll give more clarity as we move into next year and we do the closing and whatnot, but we do expect it to be above average growth, let's say that for us.

我們預計這將是——隨著我們進入明年並完成收尾工作等等，我們將給出更清晰的解釋，但我們確實預計它的增長將高於平均水平，對我們來說就這麼說吧。

Got it. And my follow-up question. First of all, congrats on swinging the momentum on the market share side. It sounds like you're enjoying a lot of positive momentum. Just wanted to put your comments on 3Di metrology in the right context. So did you displace an incumbent there? And are these 10 customers that you gained in 3Di using your product in the typical high-performance computing applications that we associate in that segment?

知道了。還有我的後續問題。首先，恭喜您在市場佔有率方面取得進展。聽起來你正享受著許多正面的勢頭。只是想在正確的背景下發表您對 3Di 計量學的評論。那麼，您是否取代了那裡的現任者？您在 3Di 中獲得的這 10 位客戶是否在我們在該領域相關的典型高效能運算應用中使用您的產品？

So in most of the applications, and we didn't go into a lot of the traditional applications where we mentioned the memory logic and the OSATs, et cetera, that would be all displacing an incumbent. So that would be competitive wins. In the example of the co-packaged optics, I believe it -- yes, it was also a competitive win, so displacing an incumbent.

因此，在大多數應用中，我們並沒有深入討論很多傳統應用，其中我們提到了記憶體邏輯和 OSAT 等等，這些都會取代現有應用。這將是競爭性的勝利。在共同封裝光學元件的例子中，我相信－是的，這也是一場競爭勝利，因此取代了現任者。

In the case of the 2.5D logic, that unique application, the customer tried many different ways to solve that that problem with many different customers. And it was a combination of our Dragonfly sensors that ultimately resulted in the right solution with the precision they required. So that was sort of a new application based on the capabilities we were able to deliver.

就 2.5D 邏輯這個獨特的應用而言，客戶嘗試了許多不同的方法與許多不同的客戶一起解決這個問題。我們的 Dragonfly 感測器的組合最終產生了具有所需精度的正確解決方案。因此，根據我們能夠提供的功能，這是一種新的應用程式。

And that does conclude the question answer section. I'll now hand the conference back over to you.

問答部分到此結束。現在我將把會議交還給你們。

Thanks, Justin. We will be participating in a number of investor conferences throughout the quarter. We look forward to seeing many of you there. A replay of the call today will be available on our website at approximately 7:30 pm Eastern time this evening. We'd like to thank you for your continued interest in Onto Innovation. Justin, please wrap up the call.

謝謝，賈斯汀。整個季度我們將參加多場投資者會議。我們期待在那裡見到你們。今天的電話會議重播將於今晚美國東部時間大約 7:30 在我們的網站上提供。我們感謝您對 Onto Innovation 的持續關注。賈斯汀，請結束通話。

Well, thank you, and that does conclude today's conference. We do thank you for your participation. Have an excellent day.

好的，謝謝，今天的會議到此結束。我們非常感謝您的參與。祝您有個愉快的一天。