Onto Innovation Inc (ONTO) 2025 Q4 法說會逐字稿

Good day, and welcome to the Onto Innovation fourth-quarter earnings release conference call. Today's conference is being recorded.

大家好，歡迎參加 Onto Innovation 第四季財報電話會議。今天的會議正在錄影。

At this time, I'd like to turn the conference over to Sidney Ho. Please go ahead.

此時，我想把會議交給何鴻燊先生。請繼續。

Thank you, Lisa, and good afternoon, everyone. Onto Innovation issued its 2025 fourth quarter financial results this afternoon shortly after the market closed. If you did not receive a copy of the release, please refer to the company's website where a copy of the release is posted.

謝謝你，麗莎，大家午安。Onto Innovation於今天下午股市收盤後不久發布了2025年第四季財務業績。如果您沒有收到新聞稿副本，請造訪本公司網站查看新聞稿副本。

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

今天參加電話會議的有執行長麥可·普利辛斯基和財務長布萊恩·羅伯茨。我想提醒各位，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意義上的前瞻性陳述。

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. Onto Innovation does not undertake the obligation to update these forward-looking statements in light of new information or future events.

這些聲明會受到各種變化、風險和不確定因素的影響，導致實際結果與預期有重大差異。有關可能影響 Onto Innovation 業績的風險因素的更多信息，我建議您查閱我們的盈利報告和提交給美國證券交易委員會的文件。Onto Innovation 不承擔因新資訊或未來事件而更新這些前瞻性聲明的義務。

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.

除非另有說明，我們今天對財務表現的討論將以非公認會計準則（non-GAAP）為基礎。提醒各位，今天的盈利報告中提供了 GAAP 和非 GAAP 結果之間的詳細調整表。

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

現在我把電話交給我們的執行長麥克‧普利辛斯基。麥克風？

Thank you, Sidney. Good afternoon, everyone, and thank you for joining us on our call today. We ended 2025 on a high note with orders from 2.5D packaging for AI devices more than doubling in the quarter, contributing to a record revenue of $267 million. Financially, gross and operating margins both improved sequentially, and we set a record for cash generation of $95 million in the quarter.

謝謝你，西德尼。各位下午好，感謝各位今天參加我們的電話會議。2025 年以強勁的勢頭收官，人工智慧設備的 2.5D 封裝訂單在本季度增長了一倍多，創下了 2.67 億美元的收入紀錄。財務方面，毛利率和營業利率均較上季提高，本季現金流創下 9,500 萬美元的紀錄。

Overall, great momentum as we look ahead to the new year, where across the industry, the surge in AI investments is projected to drive a powerful up cycle in the semiconductor capital equipment spending. For example, NVIDIA forecasts that global AI infrastructure will grow at a 40% CAGR over the next five years, while capital expenditures from hyperscale’s are forecasted to exceed $600 billion in 2026. To meet this demand, industry leaders such as TSMC have signalled a multiyear expansion in CapEx with 2026 spending increasing by more than 30%, mostly to support the addition of new factories.

總體而言，展望新的一年，勢頭強勁，預計整個行業人工智慧投資的激增將推動半導體資本設備支出出現強勁的成長週期。例如，NVIDIA 預測，未來五年全球 AI 基礎設施將以 40% 的複合年增長率成長，而超大規模的資本支出預計到 2026 年將超過 6,000 億美元。為了滿足這項需求，台積電等產業領導者已發出訊號，將在未來幾年擴大資本支出，到 2026 年支出將增加 30% 以上，主要用於支援新建工廠。

As a result, analysts project strong WFE growth in the range of 10% to 20% in 2026 with the pay hinging on how quickly new clean room space becomes available.

因此，分析師預測，到 2026 年，WFE 將強勁成長 10% 至 20%，而薪資取決於新的無塵室空間的可用速度。

For Onto innovation, these dynamics are incredibly positive. Recent discussions with customers are increasingly more constructive and include views into longer-term forecasts with several extending into 2027.

對於 Onto 的創新而言，這些動態是非常正面的。最近與客戶的討論越來越有建設性，並包括對長期預測的看法，其中一些預測甚至延伸到 2027 年。

In fact, we are quite happy to announce a volume purchase agreement from one of our HBM customers covering Dragonfly 2D and 3D bump metrology demand through 2027. This agreement is valued at over $240 million, including over $60 million in systems for 3D bump metrology. This is an example of where our expanding portfolio of technology is putting us in a position to increase the value we deliver to our customers, serving the seemingly insatiable demand for AI.

事實上，我們非常高興地宣布，我們的一位 HBM 客戶已與我們達成批量採購協議，涵蓋 Dragonfly 2D 和 3D 凸塊計量需求，直至 2027 年。該協議價值超過 2.4 億美元，其中包括價值超過 6,000 萬美元的 3D 凸點計量系統。這正是我們不斷擴展的技術組合使我們能夠增加為客戶創造的價值，滿足市場對人工智慧似乎永無止境的需求的一個例證。

So let's continue with a deeper look into our advanced packaging business, which grew over 25% sequentially driven by demand for Dragonfly inspection and Iris films metrology and establish 2.5D applications. For new and emerging applications, we are supporting four separate customer evaluations of our next-generation inspection systems at the customer's facilities.

接下來，讓我們更深入地了解我們的先進包裝業務，該業務在 Dragonfly 檢測和 Iris 薄膜計量以及建立 2.5D 應用的需求推動下，環比增長超過 25%。對於新興應用，我們正在客戶現場支援四個獨立的客戶評估，以檢驗我們的下一代檢測系統。

While still early, preliminary feedback on system performance has been positive, with customers acknowledging significant improvement in optical performance and higher throughput. The qualification efforts are in preparation to support our customers in 2.5D packaging and high-bandwidth memory, including next-generation hybrid bonding applications where our current generation tools are already being adopted for process control and R&D.

雖然目前還處於早期階段，但對系統性能的初步反饋是積極的，客戶認可了光學性能的顯著提升和更高的吞吐量。此次資格認證工作旨在為我們的客戶提供 2.5D 封裝和高頻寬記憶體的支持，包括下一代混合鍵合應用，我們目前的工具已被用於製程控制和研發。

In addition to 2D inspection, 3D metrology is becoming more crucial as smaller denser interconnects used in die stacking and fan-out packaging applications require more precision to ensure coplanarity across die and wafer.

除了 2D 檢測之外，3D 計量也變得越來越重要，因為晶片堆疊和扇出封裝應用中使用的更小、更密集的互連需要更高的精度來確保晶片和晶圓的共面性。

Our pipeline for 3DI metrology is expanding beyond HBM. And in the quarter, we received additional purchase orders from multiple advanced packaging customers, including an OEM requiring precise metrology for new panel level process development.

我們的 3DI 計量產品線正在擴展到 HBM 之外。本季度，我們收到了多家先進封裝客戶的額外採購訂單，其中包括一家 OEM 廠商，該廠商需要精確計量技術來開發新的面板級製程。

In fact, we see investment in panel-level packaging growing as enterprise server and AI device designers look for packaging solutions with greater economies of scale through large-format panels.

事實上，我們看到，隨著企業伺服器和人工智慧設備設計人員尋求透過大尺寸面板實現更大規模經濟效益的包裝解決方案，面板級包裝方面的投資正在成長。

Our JetStep systems are well positioned for the transition to panels delivering the ability to print large packages without stitching at throughputs that customers need for reliable and repeatable high-volume applications. Customers are also adopting Firefly process control for applications in glass and panel fan-out where yields can be improved by feeding process metrology into the stepper for shop by shot adjustments.

我們的 JetStep 系統已做好充分準備，可以向面板過渡，無需拼接即可列印大型包裝，其吞吐量能夠滿足客戶對可靠、可重複的大批量應用的需求。客戶也開始在玻璃和麵板扇出應用中採用 Firefly 製程控制，透過將製程計量輸入步進器進行車間逐次調整，可以提高良率。

As a proof point, we are proud to have been awarded orders for JetStep and Firefly systems in the quarter to support an exciting new large panel packaging facility. These orders represent the first of several potential phases of expansion to support planned demand.

作為佐證，我們很自豪地宣布，本季度我們獲得了 JetStep 和 Firefly 系統的訂單，以支持一個令人興奮的新型大型面板包裝工廠。這些訂單代表著為滿足計劃需求而可能採取的幾個擴張階段中的第一個階段。

Finally, as large-format heterogeneous packaging becomes more prevalent, concerns continue to increase about residual charge on die causing yield issues when connected to another day. The surface charge metrology technology acquired from semi lab is a powerful solution to this emerging challenge, and we were pleased to have received our first orders for this evolving market need.

最後，隨著大尺寸異構封裝的日益普及，人們越來越擔心晶片上的殘餘電荷在與其他晶片連接時會導致良率問題。從半電子實驗室引進的表面​​電荷計量技術是應對這一新興挑戰的有力解決方案，我們很高興收到了針對這一不斷變化的市場需求的第一批訂單。

With this positive momentum across a broad range of our products in support of AI device fabrication we estimate advanced packaging revenue to grow over 30% in 2026, resulting in a new revenue record for this market.

憑藉我們眾多支援人工智慧設備製造的產品所取得的正面勢頭，我們預計到 2026 年，先進封裝收入將成長超過 30%，從而為該市場創造新的收入記錄。

Rounding out our specialty devices and advanced packaging markets, power semiconductor revenue was strong in the fourth quarter, but is expected to decline seasonally in the first quarter. For 2026, we expect Power semi revenue to decline around 10% based on weakening demand for EVs and slowing infrastructure spending. Semi lab will likely experience a similar decrease from our original planning as we work to pivot from opportunistic sales to longer-term market opportunities across our broader customer base.

完善我們的特種元件和先進封裝市場，功率半導體營收在第四季表現強勁，但預計第一季將出現季節性下滑。預計到 2026 年，由於電動車需求疲軟和基礎設施支出放緩，電力半導體收入將下降約 10%。半導體實驗室的銷售額可能會像我們最初的計劃一樣出現類似的下降，因為我們正努力從機會主義銷售轉向面向更廣泛客戶群的長期市場機會。

Now turning to advanced nodes. Our revenue in 2025 more than doubled from a year ago. With less than 3% of revenue coming from China, this growth was driven by our strong position in OCD at leading global manufacturers in both logic and memory. Expanding on this position, our recently announced Atlas G6 is being adopted for new critical applications in both gadolaroun and HBM DRAM, which we expect will add to growth in 2026.

現在開始介紹進階節點。我們預計2025年的收入將比一年前翻倍以上。來自中國的收入佔比不到 3%，這一成長主要得益於我們在 OCD 領域與全球領先的邏輯和記憶體製造商的緊密合作。基於此，我們最近發布的 Atlas G6 正在應用於 gadolaroun 和 HBM DRAM 等新的關鍵應用中，我們預計這將促進 2026 年的成長。

Complementing our OCD technology, our films metrology and integrated metrology both achieved record revenue in 2025. Adding to this momentum in integrated metrology, we are expanding beyond the strong position in memory to now include two logic customers to support leading-edge processes expected to ramp in 2026.

與我們的 OCD 技術相輔相成，我們的薄膜計量和整合計量在 2025 年均實現了創紀錄的收入。為了進一步鞏固我們在整合計量領域的良好勢頭，我們正在從強大的記憶體領域擴展到包括兩家邏輯客戶，以支援預計將於 2026 年量產的領先製程。

To summarize, with both advanced packaging and our advanced nodes businesses strengthening, revenue for the first quarter is now expected to be in the range of $275 million to $285 million. We expect demand to continue to increase in the second quarter with revenue exceeding $300 million. This represents a further acceleration in the core business for the first half of 2026 to 12% to 14% as compared to the second half of 2025.

總而言之，隨著先進封裝和先進節點業務的增強，預計第一季的收入將在 2.75 億美元至 2.85 億美元之間。我們預計第二季需求將持續成長，營收將超過 3 億美元。這代表 2026 年上半年核心業務成長將進一步加快，達到 12% 至 14%，而 2025 年下半年則為 12% 至 14%。

Our backlog has nearly doubled over the last three months to a new record level of approximately two quarters, adding support for this strong growth. We expect continued growth in the second half, and we are working closely with both customers and suppliers to manage tightening capacity and the gradual extension of lead times.

過去三個月，我們的積壓訂單幾乎翻了一番，達到約兩個季度的新紀錄水平，這為強勁的成長提供了支撐。我們預計下半年將繼續成長，我們正在與客戶和供應商密切合作，以應對產能收緊和交貨時間逐步延長的問題。

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

接下來，我將把電話交給布萊恩，讓他回顧我們的財務亮點並提供第一季業績展望。布萊恩？

Thanks, Mike. Good afternoon, everyone. We delivered a strong fourth quarter as revenue, gross margin and operating margin, all met or exceeded expectations. We reported record revenue of $267 million, representing a 22% increase from Q3.

謝謝你，麥克。大家下午好。第四季業績表現強勁，營收、毛利率和營業利潤率均達到或超過預期。我們公佈了創紀錄的 2.67 億美元營收，比第三季成長了 22%。

For the full year, revenue finished at $1.5 billion, also a record for Onto Innovation. Gross margin for Q4 improved by about 50 basis points to 54.6% from Q3. Operating margins improved to 25.2% in the fourth quarter, an increase of 410 basis points from the third quarter. Adjusted diluted earnings per share in Q4 were $1.26.

全年營收達到 15 億美元，也創下了 Onto Innovation 的紀錄。第四季毛利率較第三季提高約 50 個基點，達到 54.6%。第四季營業利潤率提高至 25.2%，比第三季提高了 410 個基點。第四季調整後稀釋每股收益為 1.26 美元。

Overall, the team is executing well as we delivered more than 50% of our tools in Q4 from our extended factories, completed the acquisition of Semi Lab in mid-November, and implemented a more robust forecasting and spending control process as part of our annual planning exercises.

總體而言，團隊執行情況良好，我們在第四季度從擴展工廠交付了超過 50% 的工具，在 11 月中旬完成了對 Semi Lab 的收購，並在年度計劃工作中實施了更強大的預測和支出控制流程。

Let me dive a little deeper into Q4 and full year 2025 revenue. Advanced Packaging and Specialty devices in the fourth quarter of approximately $145 million represented slightly more than half of our revenue as sales from our 2.5D packaging business doubled as compared to Q3.

讓我更深入地探討一下2025年第四季和全年的營收狀況。第四季先進封裝和特種裝置的收入約為 1.45 億美元，占我們總收入的一半多一點，其中 2.5D 封裝業務的銷售額比第三季翻了一番。

Additionally, approximately $9 million of revenue related to the semi lab acquisition is included in this category. For the full year, advanced packaging and specialty devices together totaled $504 million of revenue. Advanced nodes more than doubled in 2025 to $308 million, driven by growth in both DRAM and logic, which together represent about 75% of the total.

此外，與半導體實驗室收購相關的約 900 萬美元收入也包含在這一類別中。全年來看，先進封裝和特殊設備的總收入為 5.04 億美元。2025 年，先進節點市場規模成長超過一倍，達到 3.08 億美元，這主要得益於 DRAM 和邏輯晶片市場的成長，兩者合計約佔總額的 75%。

Advanced nodes revenue grew sequentially by slightly over 30% to $72 million in Q4, primarily due to pilot line sales related to a new gate all around customer. We generated a record level of $95 million of cash in the quarter for a cash conversion of approximately 150% of non-GAAP net income.

第四季度，先進節點收入環比增長略超過 30%，達到 7,200 萬美元，這主要是由於與一家全新全方位客戶相關的試點生產線銷售。本季我們創造了創紀錄的 9,500 萬美元現金，現金轉換率約為非 GAAP 淨收入的 150%。

In the fourth quarter, we adopted the One Big Beautiful Bill Tax Act which allowed us to accelerate the expensing of certain R&D costs from a tax perspective. The adoption of the new Tax Act results in cash tax savings of $19 million in 2025 and an additional estimated $14 million in cash savings in 2026. Finally, upon the close of semi lab on November 17, we paid $445 million in cash and issued 641,771 shares of our common stock.

第四季度，我們採用了《一項偉大的美麗法案》稅收法案，該法案允許我們從稅務角度加速某些研發成本的費用化。新稅法的實施將在 2025 年節省 1,900 萬美元的現金稅款，預計在 2026 年還將額外節省 1,400 萬美元的現金稅款。最後，在 11 月 17 日半導體實驗室關閉時，我們支付了 4.45 億美元現金，並發行了 641,771 股普通股。

Now turning to our outlook for the first quarter. We currently expect revenue of $275 million to $285 million as demand continues to strengthen across advanced packaging and advanced nodes. As Mike noted, revenue in Q2 is expected to surpass $300 million, which will result in 12% to 14% core growth in the first half of 2026 as compared to the second half of 2025.

現在來談談我們對第一季的展望。由於先進封裝和先進節點的需求持續增強，我們目前預計營收將達到 2.75 億至 2.85 億美元。正如麥克指出的那樣，第二季的收入預計將超過 3 億美元，這將使 2026 年上半年的核心成長率比 2025 年下半年高出 12% 至 14%。

While too early to provide more specific numbers, our current levels of backlog, continued customer confidence and the recently signed VPA lead us to expect higher revenue in the second half of '26 over the first half of this year.

雖然現在提供更具體的數字還為時過早，但我們目前的積壓訂單水準、持續的客戶信心以及最近簽署的虛擬採購協議 (VPA) 使我們預計 2026 年下半年的收入將高於今年上半年。

We remain focused on converting higher levels of revenue in a meaningful improvement in both our gross and operating margins in 2026 with an expectation for continued margin expansion each quarter this year. At the Q1 revenue midpoint, we would expect approximately 50 basis points of gross margin improvement from Q4 levels as we mitigate tariffs and incrementally ship more from our extended factories.

我們將繼續專注於在 2026 年將更高的收入轉化為毛利率和營業利率的顯著提高，並預計今年每季的利潤率都將持續增長。以第一季營收中位數計算，隨著我們緩解關稅影響並從我們的擴建工廠逐步增加出貨量，我們預計毛利率將比第四季水準提高約 50 個基點。

Operating expenses in Q1 should approximate $80 million as we realize a full quarter of semi lab costs. Operating margins are expected to improve to approximately 25.5% to 26.5% in the first quarter. Earnings per share for the quarter is expected to be in the range of $1.26 to $1.36 per share, assuming an estimated tax rate of approximately 16% and about 49.9 million shares outstanding. And as a reminder, beginning here in Q1, we are moving to a calendar quarter and fiscal year-end of March 31, June 30 and September 30 and December 31.

第一季的營運費用預計約為 8000 萬美元，因為我們將收回一個季度的半導體實驗室成本。預計第一季營業利潤率將提高至約 25.5% 至 26.5%。假設稅率約為 16%，流通股約為 4,990 萬股，則本季每股收益預計在 1.26 美元至 1.36 美元之間。再次提醒大家，從第一季開始，我們將採用日曆季度和財政年度結束日期，分別為 3 月 31 日、6 月 30 日、9 月 30 日和 12 月 31 日。

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

那麼，在回答大家的問題之前，我先把麥克風交給麥克，讓他做些總結發言。麥克風？

Thank you, Brian. In summary, this quarter underscores the strength and breadth of our execution across the company. We delivered record quarterly revenue, advanced our product road maps and expanded our position in both advanced nodes and advanced packaging.

謝謝你，布萊恩。總而言之，本季凸顯了我們公司在各方面執行力的實力和廣度。我們實現了創紀錄的季度營收，推進了產品路線圖，並擴大了我們在先進節點和先進封裝領域的地位。

At the same time, our operational discipline is creating meaningful shareholder value from accelerated offshoring activities that improve scalability and profitability, the smooth integration of Semi Lab and more disciplined forecasting and spending controls, which together will provide consistent gross and operating margin expansion through 2026.

同時，我們的營運紀律正在透過加速離岸業務活動創造有意義的股東價值，從而提高可擴展性和盈利能力，順利整合 Semi Lab，以及更加嚴格的預測和支出控制，這些因素共同將帶來持續的毛利率和營業利潤率增長，直至 2026 年。

As evidenced by our backlog doubling over the last three months, visibility for 2026 has dramatically improved as customers plan for sustained investments in advanced nodes and advanced packaging capacity to support the rapid expansion of AI.

從過去三個月我們積壓訂單翻倍的情況可以看出，隨著客戶計劃持續投資於先進節點和先進封裝能力以支援人工智慧的快速發展，2026 年的前景已顯著改善。

Our team is playing a pivotal role across this ecosystem as we work to scale and bring new innovative solutions to help our customers solve their greatest challenges. Our multiple new product platforms highlighted by our next-generation inspection tools, which we believe will set the bar around combined high-resolution optics and faster throughput are examples of how we are setting the pace of innovation for this rapidly evolving and scaling industry. This gives me great confidence that Onto Innovation is well positioned to outperform in 2026 and beyond.

我們的團隊在這個生態系統中發揮關鍵作用，我們致力於擴大規模，並推出創新解決方案，幫助客戶解決他們面臨的最大挑戰。我們推出的多個新產品平台，特別是我們的下一代檢測工具，我們相信這些工具將為高解析度光學元件和更快的吞吐量樹立新的標桿，這些都體現了我們如何引領這個快速發展和規模化行業的創新步伐。這讓我非常有信心，Onto Innovation 已做好充分準備，在 2026 年及以後取得優異成績。

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

麗莎，現在讓我們開始接受各位分析師的提問。

(Operator Instructions) Blayne Curtis, Jefferies.

（操作說明）布萊恩·柯蒂斯，杰弗里斯。

Ezra Weener on for Blayne. Just the first, can you talk a little bit about what you see for the market outlook for the year? You've had some peers talk about packaging up to 40% growth, but there's been a pretty large range. Can you talk about what you're seeing for the year?

埃茲拉·維納替補布萊恩上場。首先，您能否談談您對今年市場前景的看法？有些同業談到包裝產業的成長率高達 40%，但實際成長率的範圍相當大。您能談談您對今年的展望嗎？

We mentioned we would expect to see our advanced packaging grow over 30% this year.

我們曾提到，預計今年我們的先進包裝業務將成長超過 30%。

And then for WFE as well, sorry.

抱歉，WFE 也一樣。

WFE is harder to track because first, advanced packaging is only now just starting to be added to some WFE numbers, some not. And then you have all the construction costs also in there. So I think we're seeing certainly broad-based demand, broad-based expansions across both IDMs, the large device manufacturers as well as OSATs as well as other smaller players looking to provide new innovative solutions such as the customer we mentioned in panel that are providing alternatives to some of the more traditional advanced packaging solutions being used today.

WFE 更難追踪，因為首先，先進的包裝技術現在才開始被添加到一些 WFE 數據中，而有些則還沒有。此外，還有所有的建築成本也包含在內。所以我認為我們確實看到了廣泛的需求，廣泛的擴張，涵蓋了IDM、大型設備製造商、OSAT以及其他希望提供創新解決方案的小型企業，例如我們在小組討論中提到的那位客戶，他們正在提供一些替代目前使用的傳統先進封裝解決方案的方案。

So given all this growth, I think the end customers, the AMDs, et cetera, are looking for alternatives as well to make sure they can scale and grow.

鑑於這種成長勢頭，我認為最終客戶，例如 AMD 等公司，也在尋找替代方案，以確保他們能夠擴展規模並實現成長。

Got it. And then in terms of follow-up, you talked about expanding lead times and increasing visibility. Can you talk a little bit about what that backlog looks like? And in the best case scenario, what your capacity is in terms of growth?

知道了。然後，在後續跟進方面，您談到了延長交付週期和提高可見度。能簡單介紹一下積壓的工作狀況嗎？在最好的情況下，你的成長潛力有多大？

So we've said historically, our capacity -- we're set up to be able to serve a $2 billion run rate. That's only improved as we bring up the extended factories. That was with our existing factories, which are, of course, still here. So I think when you look at multiple shifts, the extended factories $2 billion number is certainly no issue for us right now. We are in the middle of ramping up the extended factory. So of course, there's a transition period that we're working through over the next couple of quarters.

所以我們從歷史上就說過，我們的能力──我們有能力服務20億美元的年化收入。隨著我們擴建工廠，情況只會越來越好。那是針對我們現有的工廠而言的，當然，這些工廠現在仍然存在。所以我覺得，考慮到多班制生產，工廠擴建所需的 20 億美元對我們來說目前肯定不是問題。我們正在加緊擴建工廠。當然，接下來的幾季我們將經歷一個過渡期。

But I don't see capacity being a big issue for us. It's more on the supply chain side, the rapid development, a rapid increase in orders, the customers wanting to pull things in that's putting a strain on some of our suppliers, especially in the area of precision optics and things like this where lead times are relatively fixed.

但我認為產能對我們來說不會是個大問題。更多的是供應鏈方面的問題，快速發展、訂單快速增長，客戶希望盡快收到產品，這給我們的某些供應商帶來了壓力，尤其是在精密光學等領域，這些領域的交貨時間相對固定。

So we're working very closely with our supply chains and our customers to make sure we're getting the forecasted demand they require, and we're working with our suppliers to make sure we can deliver.

因此，我們正與供應鏈和客戶密切合作，以確保我們能夠獲得他們所需的預測需求，並且我們正與供應商合作，以確保我們能夠交付產品。

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

（操作說明）Craig Ellis，B. Riley Securities。

Yes. Mike, congratulations on the good execution in the quarter. I wanted to follow up on the view for 30% year-on-year advanced packaging growth. Can you just talk about some of the expectations you have around the contour of that growth through the year? And then in addition to that, just some of the more notable programmatic wins that may be included or that would be additive to that if they were secured later this year.

是的。麥克，恭喜你本季表現出色。我想跟進一下關於先進包裝行業同比增長 30% 的觀點。您能否談談您對今年成長前景的一些預期？此外，還有一些更值得關注的程序化購買項目，如果今年稍後能夠達成，可能會被納入其中，或者為該項目增添新的內容。

Good question, Craig. In fact, we expect our advanced packaging revenue to be relatively stable throughout the -- between the first half, second half. So it's pretty strong, demand is strong. It shifts from different customers, of course. But overall, it's relatively stable.

問得好，克雷格。事實上，我們預計我們的先進包裝收入將在整個——上半年和下半年之間——將保持相對穩定。所以它非常強勁，需求也很旺盛。當然，這會因不同的顧客而異。但總體而言，它相對穩定。

Now you asked also about what kind of puts and takes or upside. I think the adoption of G5 and how strongly, how strong that adoption is or the rate of adoption, that could certainly add even stronger upside for the second half, which might change some of that trajectory.

現在你還問到了什麼樣的賣權、買權或上漲空間。我認為 G5 的採用以及採用的力度或速度，肯定會在下半年帶來更強勁的成長潛力，這可能會改變部分發展軌跡。

But in the 30%, we're not expecting a tremendously large adoption of G5. We've taken a conservative approach there, which is why we said over 30% growth in the second for the year in advanced packaging.

但在那 30% 的地區，我們預計 G5 的採用率不會非常高。我們在這方面採取了保守的做法，所以我們才說，今年第二季先進包裝業務的成長超過 30%。

And then the follow-up question is related to advanced nodes. So were being specific with upside on advanced packaging. We're not being specific yet on advanced nodes. Can you talk about from that nice $300 million second quarter number, what visibility you do have in the back half of the year in advanced nodes? And what are you expecting to kind of affirm over the next couple of quarters to lock in advanced nodes this year and it sounds like good gate all around the memory growth, but I'll let you fill that in.

接下來的問題與高階節點有關。所以我們正在具體討論先進包裝的優勢。我們目前還沒有針對高階節點給出具體細節。能否根據第二季3億美元的亮眼業績，談談您對下半年先進節點業務的展望？那麼，您預計在接下來的幾個季度會確認哪些訊息，以鎖定今年的先進節點？聽起來記憶體成長方面會有不錯的進展，但我還是讓您來補充吧。

Yes. Thank you. So I think broad strokes, advanced nodes is expanding, and we can see customer discussions concerned with how quickly can you support our ramp and the demand and being able to meet that demand. So that's a positive sort of sentiment.

是的。謝謝。所以我認為總體而言，先進節點正在擴展，我們可以看到客戶討論的重點是，你們能多快地支持我們的產能提升和需求，以及能否滿足這種需求。所以這是一種正面的情緒。

Now the question becomes timing. So that's where we're having more of a little bit of uncertainty in where we're hedging ourselves a little bit. There are several factories that are expected to open up. Many we're getting some of the orders now in that helped drive some of our business that we're expecting for the first quarter.

現在的問題是時機。所以，我們在採取一些對沖措施方面，存在著一些不確定性。預計將有多家工廠開業。我們現在收到的一些訂單推動了我們第一季的部分業務成長。

But overall, I would say -- and then there's a timing for DRAM in the second half. And several of the discussions we're having with customers are tied around VPAs right now, which will give us better insight as those get more solidified into what the magnitude of the advanced nodes growth will be.

但總的來說，我想說——然後DRAM在下半年的時機就成熟了。目前我們與客戶的幾次討論都與虛擬實體陣列 (VPA) 有關，隨著 VPA 的發展，我們將更了解高階節點的成長規模。

That said, I would expect us to at least perform in that range of the 10% to 20%, so 15% plus in that range for advanced nodes. And hopefully, as we close some of these additional VPAs we'll be able to refine that number.

也就是說，我預期我們的效能至少能達到 10% 到 20% 的範圍內，高階節點的效能則能達到 15% 以上。希望隨著我們完成這些額外的虛擬購屋協議，我們能夠更精確地確定這個數字。

(Operator Instructions) Edward Yang, Oppenheimer.

（操作說明）愛德華·楊，奧本海默。

I just want to focus on this $240 million VPA that you mentioned for HBM. I'm just a little shocked, I guess, in a good way. In order to adjust properly sizes, again, it seems like a big number because from what I would gather, your total AI packaging revenue for 2025 is around that $240 million, but that includes the three HBM customers and the big foundry customers as well.

我只想重點談談你提到的HBM的2.4億美元VPA。我有點驚訝，不過是驚喜的那種驚訝。為了正確調整尺寸，這似乎是一個很大的數字，因為據我了解，你們 2025 年的 AI 封裝總收入約為 2.4 億美元，但這其中包括三個 HBM 客戶和大型代工廠客戶。

So is that the right way to think about it and that you have one customer coming in with the equivalent of what you made from four customers in 2025 and the timing of -- and the cadence of how you would recognize that VPA. And would you expect additional VPAs from the other customers as well?

所以，這種思考方式是否正確？也就是說，一個客戶帶來的收益相當於你在 2025 年從四個客戶那裡獲得的收益，以及你如何確定 VPA 的時間和節奏。您是否也期望從其他客戶那裡獲得額外的虛擬購買協議 (VPA)？

For sure, we expect additional VPAs. So we are in discussions with other customers. That particular customer, remember, it's a two year, so it's extending into two years. It was more 2027 weighted, so maybe 2/3, 1/3. However, we see some acceleration of the of the demand. And so we're starting to see this move towards this 50-50 kind of a range.

我們肯定會看到更多虛擬合作夥伴。所以我們正在和其他客戶洽談。記住，那位客戶的合約是兩年，所以合約會延長到兩年。2027 年的權重較高，所以可能是 2/3，1/3。然而，我們看到需求出現了一些加速成長的跡象。因此，我們開始看到這種趨勢朝著 50/50 的比例發展。

Okay. And you touched on this a little bit, but G5, your new high-resolution Dragonfly platform with -- can you discuss or update us in the tone of the conversations that you're having with that big foundry customer, the qualification discussions, better sense on timing, pricing and et cetera. Any color?

好的。您剛才稍微提到了這一點，但是 G5，您的新高分辨率 Dragonfly 平台——您能否以與那家大型代工廠客戶的對話語氣，討論或更新一下您與該客戶進行的認證討論，更好地了解時間安排、定價等等。任何顏色？

Yes, I won't speak specifically to a specific customer, but generally, the tones have been the tone from many customers has been positive. Yes, I won't go into specifics, but I will say that things are progressing either ahead or according to what we expected. The changes or let's say, there is no change to the time lines we've provided in the past, where we expect these accelerated evaluations to end in the Q1, Q2 time Q2, the first half of the year, with hopefully starting to catch ramps in the second half of the year.

是的，我不會具體針對某個客戶，但總的來說，很多客戶的回饋都是正面的。是的，我不會透露具體細節，但我可以說，事情的進展要么比我們預期的要好，要么至少符合我們的預期。變化，或者說，與我們過去提供的時間表相比，沒有變化，我們預計這些加速評估將在今年第一季、第二季度，也就是上半年結束，並希望在今年下半年開始逐步恢復正常。

Charles Shi, Needham.

石正麗，李約瑟。

So Mike, I think previously when you talked about packaging, you're more talking -- I mean, more narrowly defined part of your packaging business being the AI packaging, 20% more opportunity in '26 versus '25. This time, you talk about overall packaging, 30% higher than last year. I wonder if you can give some color on the narrowly defined AI packaging. What's the expected number for this year? And I have maybe one more follow-up.

所以麥克，我認為你之前談到包裝的時候，更多的是在談論——我的意思是，你包裝業務中更狹義的部分是人工智慧包裝，2026 年的機會比 2025 年多 20%。這次，你們說的是整體包裝，比去年高出 30%。我想知道您能否就人工智慧包裝的狹義定義做一些闡述。今年的預期數字是多少？我可能還有一個後續問題。

So it's getting very difficult to keep those separations as the market has expanded and the number of customers serving, let's say, the AI device manufacturers increasing -- for instance, I believe I mentioned in my prepared remarks that the panel customer is serving AI applications. So traditionally, that wouldn't have been included in what we call AI packaging.

因此，隨著市場擴張，以及服務於人工智慧設備製造商等客戶數量的增加，保持這些差異變得越來越困難——例如，我相信我在準備好的發言稿中提到過，小組客戶正在服務於人工智慧應用。所以傳統上，這不會包含在我們所說的AI打包中。

So now we see many OSATs, several other specialty packaging customers all getting into this supply chain. So we're not -- we're no longer really separating it. It's quite difficult to do at this point. So the 30%, I would say the vast majority of that 30% growth is all tied to supporting the strong demand in AI.

所以現在我們看到很多 OSAT 廠商、其他一些專業包裝客戶都進入了這個供應鏈。所以我們現在——我們不再真正將它們分開了。目前來看，這相當困難。所以，我認為這 30% 的成長，絕大部分都與滿足人工智慧領域的強勁需求有關。

Maybe the follow-up since you actually mentioned about panel. It has been a while since I think Jeff being mentioned on earnings calls glad to hear that, and I hope to hear that more often going forward. So it sounds like the litho business has maybe have turned a corner, sounds like that's what's happening. And -- can you give a little bit of color what's happening right now?

既然你提到了小組討論，那或許可以做個後續跟進。很久沒聽到有人在財報電話會議上提到傑夫了，很高興聽到這個消息，希望以後能更頻繁地聽到。聽起來膠印產業可能已經迎來了轉機，聽起來情況就是這樣。那麼—您能簡單介紹一下目前的情況嗎？

And is there some competitive displacement going on? Maybe if you will, because we -- I believe a lot of us have basically modeled zero for our lease revenue for quite a while, but what's the expectation for this year?

是否存在競爭性人才流失的情況？也許可以，因為我們——我相信我們很多人在很長一段時間裡基本上都把租賃收入設定為零，但今年的預期是什麼？

Not zero. -- Fair question. I don't know that we're going to break out the litho business at this point. I think we can later as the year progresses and we get a little more color. There's a lot going on in litho right now or in the panel market.

不是零。 ——問得好。我不知道我們目前是否會開展膠印業務。我認為隨著時間推移，天氣逐漸變暖，我們就能看到更多色彩了。目前膠印行業和麵板市場都發生了很多事情。

We've talked over the last, I don't know, year about the increased engagement with our PACE lab. The number of customers were running samples through for our Pacelab and that the industry which had a tremendous amount of overcap capacity was starting to see utilizations pick up and that kind of thing.

在過去的一年裡，我們一直在討論如何提高 PACE 實驗室的參與度。越來越多的客戶正在我們的 Pacelab 實驗室進行樣品測試，而這個行業之前存在大量的產能過剩，產能利用率也開始上升，諸如此類的事情。

So we still think that's the case. That's the trend we're on. We're now starting to see proof of that with customers beginning to resume orders. We expect that's going to increase into 2027. And the forecast starts to -- at least the data that we've seen suggests that 2027 will be in supply-demand where there's just not enough supply to meet the demand, which is a good thing.

所以我們仍然認為情況就是這樣。這就是我們目前的發展趨勢。現在我們已經開始看到顧客恢復下單的跡象。我們預計到 2027 年這一數字還會持續成長。預測開始顯示——至少我們看到的數據表明，2027 年將會出現供需失衡的情況，供應不足以滿足需求，這是一件好事。

David Duley, Steelhead Securities.

David Duley，Steelhead Securities。

I was wondering -- when you look at your co-op inspection business and your HBM inspection business, maybe you could help us understand what the -- what your relative guess is for the growth rates of the two segments are in 2026?

我想問一下——當您審視您的合作社檢驗業務和 HBM 檢驗業務時，您能否幫助我們了解一下——您對這兩個業務板塊在 2026 年的增長率的相對預測是多少？

I would say, no, they're relatively similar, to be honest. When I looked at some of the data here, from a amount of capacity being added, it's relatively similar. So I think that -- and the complexities of course, of the are higher. So the capital intensity is higher. But we have to also see how much more of the applications we gain with the Dragonfly G5, which is a variable that we didn't bake into much into our number.

說實話，我覺得它們比較相似。當我查看這裡的一些數據時，從新增產能來看，情況相對相似。所以我認為——當然，其中的複雜性也更高。因此，資本密集度更高。但我們還得看看 Dragonfly G5 能帶來多少應用，而這正是我們在計算中沒有充分考慮的變數。

We took a conservative approach there. So that could drive some upside and swing the answer to be more on the coast side. But right now, I'd say they're relatively similar. And you can tell with the large VPA we just announced. Memory is definitely expanding, and we have a good position in memory.

我們在那裡採取了保守的做法。所以這可能會帶來一些上漲空間，並使結果更傾向於沿海地區。但就目前而言，我認為它們比較相似。從我們剛發表的大型 VPA 就能看出這一點。記憶體領域正在蓬勃發展，而我們在記憶體領域佔據有利地位。

Okay. And then just as a clarification, and I think Charles was referring to it on his previous question. The whole I think you mentioned the advanced packaging business was $504 million for the year. Is that the base level that you think is going to grow 30% or higher in 2026? Or is it just part of that number? I just want a clarification.

好的。然後，為了澄清一下，我想查爾斯在他之前的問題中也提到了這一點。我想你剛才提到的先進包裝業務全年產值為 5.04 億美元。你認為這個基準水準在 2026 年會成長 30% 或更高嗎？或者它只是那個數字的一部分？我只是想確認一下。

It's part of that number. To be clear, the advanced packaging and specialty devices was the $500 million for 2025.

它是其中的一部分。需要明確的是，先進包裝和特殊設備是 2025 年的 5 億美元目標。

Okay. So, it's just -- it's the coated HBM inspection business that you expect to go greater than 30% in 2026.

好的。所以，預計到 2026 年，塗層 HBM 檢測業務的成長率將超過 30%。

OSATs, it's panel. It's all of advanced packaging. We expect to grow greater than 30% for the year.

OSAT，它是面板。這都是先進包裝技術。我們預計今年的成長率將超過30%。

Vedvati Shrotre, Evercore ISI.

Vedvati Shrotre，Evercore ISI。

The first one I had was, could you remind us like where the semi lab contributions come in for like 2026, like what your expectations are for revenue there? And then excluding that contribution, like in terms of organic growth, do you expect to outperform that WFE growth of 20%.

我的第一個問題是，您能否提醒我們一下，例如半導體實驗室在 2026 年的貢獻情況，以及您對這部分收入的預期？那麼，如果排除有機成長的貢獻，您預計能否超過 WFE 20% 的成長？

Yes, I'll take the first part. And for semi lab, we talked about since the close. They did about $9 million of revenue contribution in Q4 after the close in mid-November. For 2026, as Mike noted, we have initially said somewhere low -- 100 to 110 was kind of the revenue. We do expect that power semi, which is a significant portion of their business may, given the market cycle feel a little bit more challenged than we originally thought but certainly have high expectations for.

是的，我來做第一部分。至於半導體實驗室，我們從下半年就開始討論了。在 11 月中旬交易結束後，他們在第四季度貢獻了約 900 萬美元的收入。正如麥克指出的那樣，對於 2026 年，我們最初給出的預期較低——收入大概在 100 到 110 之間。我們預計，鑑於市場週期，電力半導體業務（佔其業務的很大一部分）可能會比我們最初預想的面臨更大的挑戰，但我們對其抱有很高的期望。

And then for the growth rate maybe without Semilab, do you think you outperformed the WFE growth of 20% for 2026 as total revenues -- in contributions -- ?

那麼，如果排除 Semilab 的影響，您認為在 2026 年的總收入（以貢獻計）方面，您的成長率是否超過了 WFE 預測的 20%？——？

Yes. I mean in Mike's prepared remarks, we talked about WFE in the 10% to 20%. Certainly, there's a lot of different estimates that are out there. I think we'll go back to the comments we made around -- as we said, advanced packaging, looking at 30%-plus growth. And as Mike said, advanced nodes, probably somewhere mid-teens as those orders you'll kind of firm up over the course of time and let you guys kind of do the rest of the math.

是的。我的意思是，在麥克的準備發言稿中，我們談到了 WFE 在 10% 到 20% 之間的比例。當然，市面上有很多不同的估算數據。我認為我們會回到我們之前討論過的話題——正如我們所說，先進的包裝技術有望實現 30% 以上的成長。正如麥克所說，高級節點，大概在十幾度左右，因為這些訂單會隨著時間的推移而逐漸確定，剩下的計算就交給你們自己來完成吧。

Brian Chin, Stifel.

Brian Chin，Stifel。

A few questions. Maybe circling back to the DPA that you announced. I guess is there a reason maybe it's just a timing thing in terms of the timing of back end versus front-end investments. But is there a reason that doesn't include both front and back end?

幾個問題。或許可以回到你之前宣布的DPA（資料保護協議）。我猜想，這或許是有原因的，可能只是後端投資與前端投資時機上的一個問題。但是，有沒有一種理由不包含前端和後端呢？

And maybe what kind of toggle or optionality exists within the VPA to ship Gen 5 as opposed to Gen 3? Or is the expectation that most of this will be Gen 3.

VPA 中是否存在某種切換或選項，可以讓我們選擇發布第五代產品而不是第三代產品？或者說，人們預期其中大部分將是第三代產品。

You're talking about a dragon slice I think in HPM yes, so I was getting confused. There's a lot of options built into the VPA. It's Dragonfly inspection. For sure, we're ramping now. So it's G3s now. There could be some upgrade options that the customer may choose to take, may not, they're being offered. But that it's primarily the current products that have been qualified now for their aggressive ramp.

我想你說的應該是HPM裡的龍形切片吧，所以我有點搞混了。VPA內建了很多選項。這是蜻蜓檢查。當然，我們現在正在加緊生產。所以現在是G3s了。可能會有一些升級選項供客戶選擇，客戶也可能不選擇，但這些選項是提供的。但目前主要是這些產品已經通過了嚴格的審批，可以進行大規模的產能擴張。

Got it. And then Mike, maybe I didn't hear a lot of discussion on some of the new products and applications 3DI, critical films. Those are probably also tailwinds for you in advanced nodes and maybe elsewhere. But maybe ballpark, how much do you see that contributing to the growth rates on an annual basis this year?

知道了。還有，Mike，我可能沒聽到太多關於 3DI 和關鍵影片等新產品和應用的討論。這些因素也可能對你在高階節點乃至其他領域帶來有利影響。但粗略估計一下，您認為這對今年的年度成長率有多大貢獻？

For this year, the new products as far as their contribution to growth rate this year?

就今年而言，新產品對今年成長率的貢獻如何？

Yes. So -- .

是的。所以——。

I think you asked in total. So I would say we've got the HSIR. We've got some of the Atlas G6 that's coming in. I'd say on a relative basis, -- these are early penetration. So you're talking maybe 10% of the business, maybe a little less, but certainly growing into 2027.

我認為你問的是全部內容。所以我覺得我們已經有了HSIR。我們有一些Atlas G6即將到貨。相對而言，我認為——這些都是早期滲透。所以，這可能占到業務的 10%，也可能略少一些，但肯定會在 2027 年之前成長。

So when you look at just the adoption cycle, we're going to get insertions. We're going to get some initial ramps this year which we're already seeing. You can see that with the 3D business. And then as the customers continue to expand that gets much bigger in 2027. And many of these are opening up new applications for us. So they're actually expanding our SAM and expanding our growth opportunities into 2027 as well.

所以，如果只看採用週期，我們就會得到插入量。今年我們將迎來一些初步的坡道建設，目前我們已經看到了一些成果。從 3D 業務中就可以看出這一點。隨著客戶群的不斷擴大，到 2027 年，這個數字將會更大。其中許多技術正在為我們開闢新的應用領域。所以他們實際上正在擴大我們的SAM，並將我們的成長機會擴展到2027年。

Got it. Maybe just sneak in just one quick last one. There's been discussion that there's a fair bit of FinFET spending mixing in with kind of gate all around this year, maybe off of more than one customer. Just how are you thinking about that in terms of your revenue this year versus last year in advanced nodes, foundry logic. And do you view maybe more around spending in '27 is kind of more of a tailwind for your business?

知道了。或許可以偷偷地再來一個。有傳言稱，今年 FinFET 領域的支出相當可觀，可能與多家客戶的資金有關。您如何看待今年與去年相比，在先進節點和代工邏輯方面的收入變化？您是否認為2027年的支出成長對您的業務來說更像是一種順風？

Well, I think our business is really driven by the hardest, most difficult challenges, and that will be in the gate all around nodes, and that's where we're seeing the strongest demand in nearly all the demand. So -- if you go 5 nanometer and above, the attach rate for OCD was much less. Films was -- we didn't -- I don't -- maybe we're just introducing films at that time. So no, it's really all around gate all our apps. It's really all driven by gate all around.

我認為，我們業務的真正驅動力在於應對最艱難、最棘手的挑戰，而這些挑戰就存在於節點周圍的閘門中，這也是我們在幾乎所有需求中看到最強勁的需求所在。所以——如果尺寸達到 5 奈米及以上，OCD 的附著率就會大大降低。電影——我們沒有——我不——也許我們當時只是在介紹電影。所以，不，這實際上都是圍繞著我們所有應用程式的門禁系統展開的。這一切其實都是由大門驅動的。

There are no further questions in queue at this time. I'll turn the conference back to the speakers for any closing or additional comments.

目前沒有其他問題需要提問。我將把會議交還給各位發言者，讓他們作總結發言或補充發言。

Thanks, Lisa. We will be participating in a number of investor conferences throughout this 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 Eastern Time this evening.

謝謝你，麗莎。本季我們將參加多場投資者會議。我們期待在那裡見到你們中的許多人。今天電話會議的錄音將於今晚美國東部時間7:30左右在我們的網站上提供。

We would like to thank you for your continued interest in Onto Innovation.

感謝您一直以來對 Onto Innovation 的關注。

Lisa, please conclude the call.

麗莎，請結束通話。

And ladies and gentlemen, this concludes today's call. Thank you for your participation. You may now disconnect.

女士們、先生們，今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線了。