PDF Solutions Inc (PDFS) 2025 Q3 法說會逐字稿

Good day everyone and welcome to the PDF Solutions Inc. Conference call to discuss its financial results for the 3rd Quarter conference call ending Tuesday, September 30, 2025. (Operator Instructions).

大家好，歡迎參加 PDF Solutions Inc. 的電話會議，本次電話會議將討論截至 2025 年 9 月 30 日星期二的第三季財務業績。（操作說明）

If you have not yet received a copy of the corresponding press release, it has been posted to PDF's website at www.pdf.com.

如果您尚未收到相應的媒體稿，則該媒體稿已發佈在 PDF 的網站 www.pdf.com 上。

Some of the statements that will be made in the course of this conference are forward-looking, including statements regarding PDF's future financial results and performance, growth rates and demands for its solutions. PDF's actual results could differ materially.

本次會議期間將發表的一些聲明具有前瞻性，包括有關 PDF 未來財務表現和表現、成長率以及對其解決方案的需求的聲明。PDF的實際結果可能與實際情況有重大差異。

You should refer to the section entitled Risk Factors on pages 16 through 30 of PDF's annual report on Form 10k for the fiscal year ended December 31, 2024 and similar disclosures in subsequent SEC filings.

您應該參考 PDF 公司截至 2024 年 12 月 31 日的財政年度的 10-K 表格年度報告第 16 至 30 頁題為“風險因素”的部分，以及隨後向美國證券交易委員會提交的文件中類似的披露。

The forward-looking statements and risks stated in this conference call are based on information available to PDF today. PDF assumes no obligation to update them.

本次電話會議中提及的前瞻性陳述和風險均基於PDF目前可獲得的資訊。PDF文件不承擔更新這些文件的義務。

Now I would like to introduce John Kibarian, PDF's President and Chief Executive Officer, and Adnan Raza, PDF's Chief Financial Officer. Mr. Kibarian, please go ahead.

現在我謹向大家介紹 PDF 的總裁兼執行長 John Kibarian 和 PDF 的財務長 Adnan Raza。基巴里安先生，請繼續。

Thank you for joining us on today's call. If you've not already seen our earnings press release and management report for the 3rd Quarter, please go to the investors section of our website where each has been posted.

感謝您參加今天的電話會議。如果您還沒有看到我們第三季的獲利新聞稿和管理報告，請前往我們網站的投資者關係部分，那裡已經發布了這兩份文件。

Booking in the 3rd Quarter was strong as we continue to realize the benefits from our investments in product development and customer support.

第三季預訂情況強勁，因為我們持續從產品開發和客戶支援的投資中獲益。

As we announced in the September press release, we signed an extension contract.

正如我們在9月份的新聞稿中所宣布的那樣，我們簽署了一份續約合約。

With a large customer that involves bringing a characterization vehicle infrastructure, extensor characterization software, and E-Pub machines to their manufacturing sites, as well as expand usage at their R&D site.

對於大型客戶，這意味著要將表徵車輛基礎設施、擴展表徵軟體和 E-Pub 機器引入其製造工廠，並擴大其在研發工廠的使用範圍。

The E-Pub machines under this contract are provided under a subscription. Expanding beyond the machines they have in their R&D facility; we now have shipped two additional machines that are in the process of being installed at their first production site. Also in the quarter, we announced that we licensed Tiber AI Studio from Intel.

本合約下的電子出版機以訂閱方式提供。除了他們研發設施中的機器之外，我們現在又運送了兩台機器，目前正在他們的第一個生產基地進行安裝。本季我們也宣布從英特爾獲得了 Tiber AI Studio 的授權。

With this license for source code, we are integrating the Tiber AI Studios award-winning data science operations platform directly into Accentio.

透過此原始碼許可，我們將 Tiber AI Studios 屢獲殊榮的數據科學營運平台直接整合到 Accentio 中。

Tiber AI Studio enables engineers to build and manage hundreds of thousands of AI models. Coupled with Accentsio's existing model ops, which enables model deployment in the Fab and test floors, this integration is designed to enable engineers to use Extension to both train models as well as deploy them.

Tiber AI Studio 讓工程師能夠建置和管理數十萬個 AI 模型。結合 Accentsio 現有的模型操作（可在製造車間和測試車間部署模型），此整合旨在使工程師能夠使用 Extension 來訓練模型以及部署模型。

On a standalone basis, Tiber AI Studio already had hundreds of users. As we talk with our customer base, we are hearing the same message. They have great proof of concepts using AI, but scaling and maintaining large deployments remains elusive.

Tiber AI Studio 獨立運作時就已經擁有數百名用戶。在與客戶溝通的過程中，我們聽到了同樣的回饋。他們利用人工智慧取得了巨大的概念驗證，但如何擴展和維護大規模部署仍然是一個難題。

We believe the integration of Tiber AI Studio with Accentio, which we call Acento Studio AI, is an important capability required to close this GAAP.

我們認為，將 Tiber AI Studio 與 Accentio 整合（我們稱之為 Acento Studio AI）是實現這一 GAAP 目標所需的一項重要功能。

Among the extensio contracts signed in the quarter, notably, we signed an eight-figure contract with a large IC manufacturer. We are honoured this customer selected Accentsi as a data analytics platform, their primary repository of manufacturing data, and the platform on which to integrate their internal systems using Accentsio's big data APIs.

在本季簽署的延期合約中，值得注意的是，我們與一家大型積體電路製造商簽署了一份價值數千萬美元的合約。我們很榮幸該客戶選擇 Accentsi 作為資料分析平台、其主要的製造資料儲存庫以及使用 Accentsi 大數據 API 整合其內部系統的平台。

As part of this contract, they will leverage Atencio Studio AI to manage their AI deployments and production. We also closed an eight-figure contract for secure Life with one of the largest equipment OEMs in the world, which extends and expands their existing licensing.

作為合約的一部分，他們將利用 Atencio Studio AI 來管理他們的 AI 部署和生產。我們還與全球最大的設備 OEM 廠商之一簽訂了一份價值數千萬美元的 Secure Life 合同，該合約延長並擴展了他們現有的許可。

Finally, contributions to revenue from our symmetries connectivity and control software were the strongest since the acquisition closed at the end of 2020.

最後，自 2020 年底收購完成以來，我們 Symmetries 連接與控制軟體的營收貢獻最為強勁。

Historically, the large equipment OEMs make their own control and connectivity software. However, as our market share has expanded and more equipment is now, excuse me, as our as our market share has expanded, more equipment is now shipped with our software installed on it than internally developed software of any single equipment vendor.

從歷史上看，大型設備原始設備製造商 (OEM) 通常會自行開發控制和連接軟體。然而，隨著我們的市場份額擴大，現在越來越多的設備，恕我直言，隨著我們的市場份額擴大，現在出廠時預裝我們軟體的設備比任何單一設備供應商內部開發的軟體都要多。

This means our software our customers enjoy software that is proven across more applications in the Fab, test floor, and assembly facilities. As we integrate symmetries, secure wise and AI enabled monitoring, we aim to enable equipment vendors to more easily deliver smart tools and value-added subscription services.

這意味著我們的客戶可以享受在製造車間、測試車間和裝配車間等更多應用場景中經過驗證的軟體。透過整合對稱性、安全智慧和人工智慧賦能的監控，我們旨在使設備供應商更輕鬆地提供智慧工具和增值訂閱服務。

Now I'd like to turn to the environment. The industry is making significant investments in 3D manufacturing in front-end fabs and packaging facilities, as well as product design.

現在我想談談環境問題。該產業正在對前端製造廠和封裝設施以及產品設計的 3D 製造進行大量投資。

There is an increased geographic diversification in manufacturing locations. As those investments are ramping up, we see customers working to make the new processes, products, and facilities economically viable.

製造業生產地點的地域分佈日益多元化。隨著這些投資的增加，我們看到客戶正在努力使新的流程、產品和設施在經濟上可行。

It is well understood that diversifying manufacturing comes with the risk of driving up production costs and slowing innovation. We see AI-driven collaboration as a critical capability to enable cost-effective and efficient manufacturing in many of these new locations.

人們普遍認為，製造業多元化會帶來推高生產成本和減緩創新速度的風險。我們認為，人工智慧驅動的協作是實現許多新地區經濟高效製造的關鍵能力。

Last month, we were invited to present our vision of AI-driven collaboration at Semicon CEO Summit in Arizona. My comments, which appeared to resonate with the audience, outlined how the industry can leverage our secure wise network, Debian's orchestration products, and Accentio AI to collaborate with their customers and suppliers.

上個月，我們受邀在亞利桑那州舉行的 Semicon CEO Summit 上展示了我們對人工智慧驅動協作的願景。我的演講似乎引起了聽眾的共鳴，我概述了業界如何利用我們安全的智慧網路、Debian 的編排產品和 Accentio AI 與他們的客戶和供應商進行協作。

We have also noticed that our equipment, Fab, and fabs customers are looking for ways to move from human-driven collaboration to AI-driven collaboration, in part to enable more efficient production around the world. As we look to Q4, we are preparing for our user’s conference and analyst day.

我們也注意到，我們的設備、晶圓廠和晶圓廠客戶正在尋找從人工驅動的協作轉向人工智慧驅動的協作的方法，部分原因是希望在全球範圍內實現更有效率的生產。展望第四季度，我們正在籌備用戶大會和分析師日。

Since 2020 when we acquired symmetries. And began the journey to be a comprehensive analytics platform for the industry. We have driven results equal or exceeding the long-term revenue growth, non-GAAP gross margins, and non-GAAP operating margin goals we set in 2019 and also exceeded the revised goals we established in 2023.

自 2020 年我們獲得對稱性以來。並由此開啟了成為產業綜合分析平台的旅程。我們取得的業績達到或超過了我們在 2019 年設定的長期收入成長、非 GAAP 毛利率和非 GAAP 營業利潤率目標，並且超過了我們在 2023 年制定的修訂目標。

Before 2020, we had approximately 150 customers that were primarily fabs and falas. We had few equipment companies and almost no cloud suppliers as customers.

2020 年之前，我們大約有 150 位客戶，他們主要是晶圓廠和工廠。我們當時只有少數幾家設備公司客戶，幾乎沒有雲端服務供應商。

Today, we have over 370 customers, including most of the equipment industry and multiple cloud providers. It is a unique customer base as we bring analytics capabilities to every aspect of the semiconductor supply chain.

目前，我們擁有超過 370 家客戶，其中包括大多數設備行業企業和多家雲端服務供應商。我們擁有獨特的客戶群，因為我們將分析能力帶入半導體供應鏈的各個環節。

Today, our cloud systems manage petabytes of data and secure life network transmits exabytes. Our systems are used to control tens of thousands of tools.

如今，我們的雲端系統管理PB級數據，安全的生命網路傳輸著EB級數據。我們的系統用於控制數萬台工具。

We believe the success we've achieved to date is due in large part to the relentless investments, including the acquisition of Secure Wise and the build of our e-pro machines.

我們相信，我們迄今為止的成功很大程度上歸功於我們不懈的投資，包括收購 Secure Wise 和建造我們的 e-pro 機器。

Both of which required us to use our balance sheet this year as investments were ahead of the growth they enabled. We expect the profits generated from these investments in 2025 will only enrich our balance sheet in 2026 and beyond.

今年，由於投資超過了帶來的成長，因此我們需要動用資產負債表。我們預計這些投資在 2025 年產生的利潤，將在 2026 年及以後進一步改善我們的資產負債表。

Finally, I encourage you all to attend our analyst day and users conference. There you will see our customers, partners, and PDF folks talk about the needs and opportunities for AI and analytics and manufacturing.

最後，我鼓勵大家參加我們的分析師日和使用者大會。在那裡，您將看到我們的客戶、合作夥伴和 PDF 人員討論人工智慧、分析和製造業的需求和機會。

We are honoured to have Mike Campbell, Senior Vice President of Qualcomm, Aziz Saffa, corporate Vice President of Intel, Tom Caulfield, exec Chairman of Global Foundries, and Jean-Marc Cherie, Chief Executive Officer of ST Micro, among others, share their perspectives.

我們非常榮幸地邀請到高通公司高級副總裁邁克·坎貝爾、英特爾公司副總裁阿齊茲·薩法、格羅方德公司執行董事長湯姆·考菲爾德以及意法半導體首席執行官讓-馬克·謝裡等嘉賓分享他們的觀點。

Now I'll turn the call over to Adnan.

現在我把電話交給阿德南。

Thank you, John. Good afternoon, everyone. Good to speak with you all again today.

謝謝你，約翰。大家下午好。今天很高興能再次和大家交流。

We're pleased to review the financial results of the 3rd Quarter and to bring you up to date on the progress of the business. We posted our earnings release and management report on the Investor Relations section of our website.

我們很高興回顧第三季的財務業績，並向您報告公司的最新進展。我們已在公司網站的投資者關係版塊發布了獲利報告和管理報告。

Our Form 10Q has also been filed with the SEC today. Please note that all of the financial results we discussed in today's call will be on a non-GAAP basis, and a reconciliation to GAAP financials is provided in the materials on our website.

我們今天也向美國證券交易委員會提交了 10Q 表格。請注意，我們在今天的電話會議中討論的所有財務結果均以非GAAP為基礎，與GAAP財務數據的調節表已在我們網站的材料中提供。

As you saw from our press release with our Q3 results, we achieved another record for quarterly revenue. Our bookings for this quarter totalled over $100 million as a result of multiple large deals signed across our product portfolio of Leading Edge, Exentio, and Secure wise.

正如您從我們第三季業績新聞稿中看到的那樣，我們再次創下了季度營收紀錄。由於我們在 Leading Edge、Exentio 和 Secure wise 產品組合中簽署了多筆大型交易，本季我們的預訂總額超過 1 億美元。

During the 3rd Quarter, our bookings were greater than the prior two quarters combined.

第三季度，我們的預訂量超過了前兩季的總和。

On a year-to-date basis for the three quarter period, our bookings were 49% higher than the comparable period of last year. With the contracts John mentioned, as well as additional business closed in the quarter, we ended Q3 with backlog of 292 million, which is 25% higher than last quarter and 22% higher than the same period a year ago.

截至目前，前三個季度我們的預訂量比去年同期成長了 49%。加上約翰提到的合同，以及本季達成的其他業務，我們第三季末的積壓訂單為 2.92 億美元，比上一季成長了 25%，比去年同期成長了 22%。

We are pleased that we were able to grow our backlog while delivering record quarterly revenue. Our total revenue for the Q3 period came in at $57.1 million or 10% higher than last quarter and 23% higher on a year over year basis.

我們很高興能夠在實現創紀錄的季度收入的同時，增加訂單儲備。第三季總營收為 5,710 萬美元，比上一季成長 10%，比去年同期成長 23%。

Our analytics revenues came in at 54.7 million, or 12% higher versus the prior quarter and 22% higher on a year-to-year basis. The growth in analytics compared to the prior quarter was driven by business from leading edge customers and equipment software.

我們的分析業務收入為 5,470 萬美元，比上一季成長 12%，比上年同期成長 22%。與上一季相比，分析業務的成長主要得益於領先客戶和設備軟體的業務發展。

Integrated yield revenue was 4% of total revenue in Q3 and was lower by 0.5 million compared to the prior quarter and up on a year over year basis by 0.8 million. On gross margin, we reported 76%, or slightly ahead of last quarter and down 1% versus last year's comparable quarter, which had meaningful perpetual software revenue in that quarter.

第三季綜合收益收入佔總營收的 4%，比上一季減少了 50 萬，比去年同期增加了 80 萬。毛利率方面，我們報告為 76%，略高於上一季度，但比去年同期下降了 1%，去年同期有相當可觀的永久軟體收入。

As you will recall, our long-term target for gross margin is 75%. We're pleased that we were able to be ahead of that target for this quarter.

您應該還記得，我們​​的長期毛利率目標是 75%。我們很高興本季能夠提前完成目標。

Our operating expenses in Q3 grew 3% compared to the prior quarter, primarily due to spend related to development improvements for our platform and increased variable compensation accruals due to strong results.

第三季我們的營運費用比上一季成長了 3%，主要原因是與平台開發改善相關的支出以及由於業績強勁而增加的可變薪酬提列。

On EPS, we were able to deliver $0.25 per share for the quarter, our strongest quarter for the year. For the first three quarters of 2025, our EPS of $0.64 is now $0.06 ahead of the comparable period of last year.

本季每股收益為 0.25 美元，是今年以來業績最好的季度。2025 年前三個季度，我們的每股盈餘為 0.64 美元，比去年同期高出 0.06 美元。

We generated positive operating cash flow of 3.3 million this quarter and 6.7 million for the first nine months of this year. We ended the quarter with cash equivalents, and short-term investments of approximately 35.9 million compared to the prior quarter's ending cash balance of approximately 40.4 million.

本季我們實現了 330 萬的正經營現金流，今年前九個月實現了 670 萬的正經營現金流。本季末，我們的現金等價物和短期投資約為 3,590 萬美元，而上一季末的現金餘額約為 4,040 萬美元。

We repurchased 0.2 million of our stock this quarter at a per share price of $19.55 per share. During the quarter we invested 6.3 million in CapEx, which is lower than the 8.5 million in Q2 and the 8.2 million in Q1 of this year.

本季我們以每股 19.55 美元的價格回購了 20 萬股股票。本季我們在資本支出方面投資了 630 萬美元，低於今年第二季的 850 萬美元和第一季的 820 萬美元。

2025 has been an important investment for us, like John said, as we use significant cash on the acquisition of Secure wise and related integration expenses. While only benefiting from a partial year of ownership.

正如約翰所說，2025 年對我們來說是一項重要的投資，因為我們投入了大量現金用於收購 Secure wise 以及相關的整合費用。雖然只享受了部分年所有權帶來的好處。

During the year, we also invested in building machines to meet customer demand in 2025 and 2026. Without the benefit of full subscription run rate return on the investment within the year.

年內，我們也投資建造了機器，以滿足客戶在 2025 年和 2026 年的需求。一年內無法獲得全額訂閱收入帶來的投資報酬率。

Now with two additional machines shipped and going through qualification on a subscription model, as well as the integration costs of the Secure wise acquisition largely behind us, we anticipate cash to grow over the next year.

現在，隨著兩台新機器的交付和訂閱模式的資格認證，以及 Secure wise 收購的整合成本基本上完成，我們預計未來一年現金流將有所增長。

Given the strong business activity, the growth in our backlog, and the customer opportunities in front of us, we reaffirm our prior guidance of 21% to 23% annual revenue growth range for this year.

鑑於強勁的業務活動、積壓訂單的成長以及擺在我們面前的客戶機會，我們重申先前對今年21%至23%的年度營收成長預期。

As we get ready for our analyst day and user conference on December 3rd, we look forward to sharing more details about our long-term targets for the next phase of PDF growth with you at that time.

在我們準備於 12 月 3 日舉行分析師日和用戶大會之際，我們期待屆時與您分享有關 PDF 下一階段增長的長期目標的更多細節。

We are also thankful to our customers and partners for supporting the growth we delivered this quarter and look forward to growing sequentially again in Q4.

我們也要感謝客戶和合作夥伴對我們本季成長的支持，並期待在第四季度繼續保持成長勢頭。

With that, I'll turn the call over to the operator to commence the Q&A session. Operator.

接下來，我將把電話轉交給接線員，開始問答環節。操作員。

Thank you, Mr. Raza. Ladies and gentlemen, (Operator Instructions).

謝謝您，拉札先生。女士們，先生們，（操作說明）

Blair Abernethy, Rosenblatt Securities. Please go ahead.

Blair Abernethy，Rosenblatt Securities。請繼續。

Good afternoon, gentlemen.

下午好，先生們。

Afternoon.

下午。

Nice port. I just, wanted to just ask you, a little bit about the DFI. I see that, you that you can get two more machines, the machines that are, under.

不錯的港口。我只是想問你一點關於DFI的問題。我看到，你還可以再買兩台機器，就是下面這兩台。

The lease model, when does that start to generate revenue? Is that at some point next year, or does that start to happen this year?

租賃模式何時開始產生效益？是指明年某個時候，還是今年開始？

Yeah, we are going through the deployment and qualifications of those machines, as those can take anywhere from One quarter or a little bit plus or minus on that time frame.

是的，我們正在對這些機器進行部署和認證，這可能需要一個季度的時間，或者在這個時間範圍內略有增減。

So given that we have shipped, we expect within the next quarter or the quarter after, depending on the timing of those qualifications and the customer acceptances to start converting and generating the revenue.

鑑於我們已經發貨，我們預計在下一個季度或下個季度，具體時間取決於資格認證和客戶驗收的進度，即可開始轉換並產生收入。

Okay, great. And how does the pipeline of opportunities look for DFI right now?

好的，太好了。目前DFI的發展機會前景如何？

Quite strong, actually. This is John Blair, we do.

實際上相當強勁。這是約翰布萊爾，我們都知道。

We do have other places where we would like to be able to ship machines. That's why if you didn't know, we did spend some on CapEx this quarter, in part to continue building machines which we expect shipping in the first quarter of this coming, year.

我們還有其他一些希望能夠將機器運送到的地方。所以，如果你還不知道的話，我們本季確實在資本支出方面投入了一些資金，部分原因是繼續生產我們預計明年第一季出貨的機器。

We are hoping to squeeze in one more shipment this year, but it may be tight just given the timing and what we're doing to bring up the machines already.

我們希望今年能再擠出一批貨，但考慮到時間安排以及我們正在進行的機器調試工作，時間可能會比較緊張。

So, Quite strong across a handful of customers, so it's not a huge market for e-probes, but there's, probably between 5 and 10 customers in the world, and we do have probably, closer to five, where we are actively engaged in discussion.

所以，在少數客戶中表現相當強勁，因此電子探針的市場並不大，但全球可能有 5 到 10 個客戶，而且我們可能正在與其中接近 5 個客戶積極進行洽談。

Okay, great, and then just on the secure wise, you want a large contract there this quarter. How is that, how's the go to market, there?

好的，太好了。然後，從安全角度來說，你們這季度想要簽一份大合約。那邊的市場推廣情況如何？

What, now that you've had it, for a couple of quarters, just kind of a sense of how that is building.

現在你已經擁有它幾個季度了，你對它的發展趨勢有了一些感覺？

Sure, yeah, we actually had a at the Semi Con right after Semi Con West in Phoenix this year, we had a little, we called connected summit, because, in the past, the Secure wise team had had a user’s conference in conjunction.

當然，是的，今年在鳳凰城舉行的 Semi Con West 之後，我們實際上在 Semi Con 上舉辦了一個小型的，我們稱之為互聯峰會，因為過去 Secure Wise 團隊曾同時舉辦過用戶大會。

What was different about that, was, we had not just equipment companies come but also fab companies attend. And in that conference, Intel presented how they are using Secure as their standard connectivity platform for both internally as well as to support the equipment vendors.

與以往不同的是，這次不僅有設備公司來參加，還有製造公司來參加。在那次會議上，英特爾展示了他們如何使用 Secure 作為其標準連接平台，既用於內部連接，也用於支援設備供應商。

We had felt that the way Secure wise had been run, it really only focused on the needs of the equipment vendors.

我們一直覺得 Secure Wise 的運作方式，實際上只關注設備供應商的需求。

And when we, because of our Dex network, because of our work with the fabs and our, just our general footprint, which as I said in my prepared remarks, goes from everything from wafer makers through to system companies, we thought connectivity to the fabs was actually desired by lots of folks.

而且，由於我們的 Dex 網絡，由於我們與晶圓廠的合作，以及我們廣泛的業務範圍（正如我在準備好的發言稿中所說，涵蓋了從晶圓製造商到系統公司的一切），我們認為很多人都希望與晶圓廠建立連接。

In fact, when we announced that acquisition, the first congrats I got was from one of our largest fables customers who was very intrigued with the ability to get remote access at the OSATs and fabs.

事實上，當我們宣布收購時，我收到的第一份祝賀來自我們最大的晶圓廠客戶之一，他對能夠遠端存取 OSAT 和晶圓廠非常感興趣。

And so the Intel contract was a way of us saying, okay, we're going to provide base capability on every machine at Intel. They announced that they're going to put this on every machine front end, backend, and test facilities.

因此，與英特爾簽訂的合約是我們表明的一種方式，即我們將為英特爾的每台機器提供基本功能。他們宣布，他們將在每台機器的前端、後端和測試設施上安裝這個系統。

For their use as well as to make it available for some modest level of usage at every equipment vendor. When we talked to the equipment vendors that use Secure Wise, one of their laments was not Secure Wise itself, but the fact that they were not able to get it on every factory in the world, even if it was actually already installed at some factories.

供他們使用，同時也讓每個設備供應商都能在一定程度上使用它。當我們與使用 Secure Wise 的設備供應商交談時，他們抱怨的不是 Secure Wise 本身，而是他們無法在世界上的每個工廠安裝它，即使它實際上已經安裝在一些工廠裡。

That factory may not give a specific equipment vendor access. Maybe only the largest equipment vendors in the world typically got access at every factory in the world. And the smaller equipment vendors didn't feel like they were getting access, but they would very much like it.

該工廠可能不會向特定設備供應商提供存取權限。或許只有全球最大的設備供應商才能進入全球所有工廠。而規模較小的設備供應商則覺得他們沒有獲得這種機會，但他們非常希望獲得這種機會。

They knew it makes them a lot more efficient, both for human level collaboration as well as for AI driven collaboration. So, now that we've had this company in our hands for the product in our hands for maybe 7 months now if I think about it.

他們知道，這能讓他們效率更高，無論是人際協作還是人工智慧驅動的協作。所以，現在我們已經擁有這家公司和這款產品大約7個月了，如果我沒記錯的話。

What we started doing is selling it much more broadly, into the fabs as well as into the equipment vendors, creating collaboration across them, which is what I talked about at Semicon West, and we started piling it at the OSATs, and really merging it with our Dex network because the security and some of the features that Secure Wise enables are very desirous more broadly.

我們開始更廣泛地銷售它，包括晶圓廠和設備供應商，並在他們之間建立合作，這正是我在西部半導體展上談到的。我們開始在 OSAT 廠商那裡大量部署它，並真正將其與我們的 Dex 網路融合，因為 Secure Wise 的安全性和一些功能在更廣泛的範圍內都非常受歡迎。

So it becomes an integral part and, really within the first quarter we were selling combined contracts. If you look at that first contract that we announced in Q2, which is really now you, now that it's been announced was effectively the Intel contract and we see a lot more of that coming down the pipe.

因此，它成為了不可或缺的一部分，實際上，在第一季我們就已經開始銷售組合合約了。如果你看看我們在第二季宣布的第一份合同，現在看來，它實際上是英特爾的合同，而且我們看到未來還會有更多類似的合約。

Okay, that's great. I'll jump back on the queue. Thanks guys.

好的，太好了。我重新排隊。謝謝各位。

Clark Wright, D.A. Davidson & Company. Please go ahead.

克拉克·賴特，D.A.戴維森公司。請繼續。

Hi, thank you.

您好，謝謝。

Quick question just around the customer concentration mix. Customer A that you referenced year over year went from 19% to 38%. I would love to understand kind of the, how you're winning bigger and as well as how you're looking at using ShacureW as a potential point of the spear to expand the overall customer base.

關於客戶集中度構成，我有個問題想請教一下。您提到的客戶 A 的年增長率從 19% 上升到 38%。我很想了解你們是如何取得更大成功的，以及你們是如何考慮將 ShacureW 作為潛在的切入點來擴大整體客戶群的。

Yeah, that's a great question. If you look at our business really, we kind of think about it in three categories. There is the fabs. They tend to buy almost everything from us, if you look at just a discussion I had around secure wise, as well as the test vehicles, the e-probes, exccentia, etc.

是的，這是一個很好的問題。如果仔細審視我們的業務，我們會將其分為三個類別。還有那些時尚達人。他們幾乎什麼都從我們這裡買，看看我之前關於 Secure Wise 的討論就知道了，還有測試車輛、電子探針、Excentia 等等。

And those are very large contracts typically multiple contracts with the same account and hence you see the customer concentration's really not off of one contract but off many contracts that gets those customers. They represent typically, between 40% and 50% of our business in any given quarter just looking at how things work.

而且這些通常是數額巨大的合同，同一個客戶通常會簽訂多份合同，因此你會發現客戶集中度實際上並不是來自一份合同，而是來自許多獲得這些客戶的合同。從運作方式來看，它們通常占我們每季業務的 40% 到 50%。

The fable and system companies, around 35% to 45% of our business, and that's about 100 and something, 150-ish companies, we are seeing more, interest in AI on Excentio, the Extenio cloud, the secure wise connectivity, and some of the, or what we call orchestration products, sapient products.

寓言和系統公司約占我們業務的 35% 到 45%，大約有 100 到 150 家公司。我們看到，他們對 Excentio 的 AI、Extenio 雲端、安全智慧連線以及一些我們稱為編排產品和智慧產品的產品和服務越來越感興趣。

There, we, we've had a number of wins over this past year and continue to drive business there. And then lastly, about 15% and we think in the long-term closer to 20% are the equipment vendors. We have about 200 of them with the acquisition.

過去一年，我們在那裡取得了一些成功，並將繼續在那裡推動業務。最後，設備供應商約佔 15%，我們認為從長遠來看，這一比例會接近 20%。收購完成後，我們大約有 200 台這樣的設備。

Secure wise that certainly grows our business with those customers and they have access they have desire for the same access points that the fablis is so the way we think about it over the long-term clock, you can think about fab customers as a nexus point.

從安全角度來看，這無疑會促進我們與這些客戶的業務成長，他們能夠存取並渴望獲得與 fablis 相同的存取點，因此從長遠來看，您可以將 fab 客戶視為一個樞紐點。

And they run factories, and they control the data, but they need collaboration with their customers to get qualified and their equipment suppliers to be able to reach, effective use of the machines that they purchase and put into use in the factories and so secure wise as you pointed out, is the point of that sphere because it allows us the collaboration across a number of those customers and.

他們經營工廠，控制數據，但他們需要與客戶合作才能獲得資格，也需要與設備供應商合作才能有效利用他們購買並在工廠投入使用的機器，因此，正如您所指出的，安全是這個領域的關鍵，因為它使我們能夠與眾多客戶合作。

The, Excentio contract that we did this quarter, it has a common an element with regard to Secure because they want to be able to reach their customers through Secure, on the Excentio platform from a collaboration standpoint. So this is, how we see PDF becoming a platform for the industry rather than a platform for each individual company, and Secure is a very important element to that.

我們本季與 Excentio 簽訂的合同，與 Secure 有一個共同點，因為他們希望能夠透過 Secure 在 Excentio 平台上從協作的角度接觸他們的客戶。所以，我們看到 PDF 正在從一個公司的平台變成一個產業的平台，而安全是其中非常重要的因素。

Awesome thank you appreciate that color and then it just as it as it relates to the announcement made in the end of September on the landmark contract you reaffirmed your guide for this year.

太棒了，謝謝。我很欣賞這種顏色，而且它與九月底宣布的具有里程碑意義的合約有關，你重申了你今年的指導方針。

Is there anything we should be considering as it relates to kind of the 2026 picture and what you can say so far around how that deal potentially sets up the company for kind of the next leg of growth?

關於 2026 年的發展前景，我們有哪些需要考慮的因素？就目前來看，這筆交易可能會如何幫助公司進入下一個成長階段？

Yeah, we haven't given guidance for 2026 yet and we'll do that as we get through Q4 and we do our Q4 call, but obviously, as we grow backlog, you asked the question about other, we do see a number of other opportunities on the horizon for the company over the next couple of quarters.

是的，我們還沒有給出 2026 年的業績指引，我們會在第四季結束後召開第四季財報電話會議時給予指引。但顯然，隨著積壓訂單的成長，正如你問到的其他問題，我們確實看到公司在未來幾季有很多其他機會。

You, we hope to have a strong 2026 on top of a very good bookings 2025.

我們希望在2025年預訂情況良好的基礎上，2026年也能取得強勁的業績。

Awesome, thank you for.

太棒了，謝謝。

Gus Richard, Northland Securities, Inc. Please go ahead.

格斯理查德，北地證券有限公司。請繼續。

Yeah, thanks for, taking the questions. I'm just curious on the systems you're sending to the production site, how many tools per that do you think, the customer is going to need?

謝謝你回答這些問題。我只是好奇你們要送到生產現場的系統，你們認為客戶每套系統需要多少工具？

Yeah, I think it's early to say, Gus.

是的，我覺得現在下結論還太早，格斯。

Obviously, we've put two in the first site. Two is a good number because at least, as these things are used in mission kernel manufacturing, if one were to go down, you would want to be able to at least route critical material to the other.

顯然，我們在第一個場地放置了兩個。兩個是個不錯的數字，因為至少在任務核心製造中使用這些東西時，如果其中一個出了問題，你至少希望能夠將關鍵材料輸送到另一個。

So I think very rarely. Would it be one? I think the minimum number is two and then the question is, with any inspection, capability, how much of the dance card can you fill up?

所以我覺得這種情況很少見。會是其中之一嗎？我認為最少需要兩個，然後問題是，在任何檢查和能力範圍內，你能完成多少工作？

What we've noticed as we've installed machines around the world is it gets very quick to get these things filled to very high utilizations. In part because they can't see things that are very hard to see or maybe nearly impossible with other systems.

我們在世界各地安裝機器的過程中註意到，這些機器很快就會被填滿，利用率非常高。部分原因是它們無法看到其他系統很難看到甚至幾乎不可能看到的東西。

Okay. So, we would like to go beyond the two, but right now we think two.

好的。所以，我們希望超過兩個，但目前我們認為兩個就夠了。

Okay. So, these are near production, but not necessarily in line, not, there's not. No.

好的。所以，這些產品接近量產，但不一定照計畫生產，沒有。不。

I didn't say that. Those are your words. No, I said the reason why they want two is if one goes down, they want to be able to continue production, right?

我沒說過那樣的話。這是你的話。不，我說他們想要兩台設備的原因是，如果一台設備故障，他們希望能夠繼續生產，對吧？

Okay, I just want to get, I just want to get it clear, and then of the you have several systems going out, end of this year, beginning of next, or I just want to understand, are these evaluation systems or are they, for revenue?

好的，我只是想弄清楚，你們有幾個系統將在今年年底或明年年初推出，我想了解的是，這些是評估系統還是用於盈利的系統？

There's a mix. It'll be a mix, and then the next set of machines.

情況比較複雜。會先混合使用，再用下一批機器。

There'll be a couple on eval and the remainder will be, revenue machines.

其中幾個會接受評估，其餘的都會成為賺錢機器。

Okay, I think that's it for me. Thanks so much.

好了，我想我就說這些了。非常感謝。

Thank you. (Operator Instructions).

謝謝。（操作說明）

Okay, we have a follow-up question from Blair Abernethy, Rosenblatt. Please go ahead.

好的，布萊爾·阿伯內西和羅森布拉特提出了一個後續問題。請繼續。

Oh hi, John, I just wanted to follow-up on the Hyber AI studio. Can you just, you said there's 100 or so customers for that.

嗨，約翰，我只是想跟進Hyber AI工作室的情況。您剛才說大概有100個客戶。

I'm just wondering if you can, give us some sense of the timeline of when that, You know what, when that can go to market, with the exit platform, that is when is the integration sort of ready for customers.

我只是想問一下，您能否大致介紹一下時間表，例如，什麼時候可以推出退出平台，也就是什麼時候集成功能可以面向客戶使用。

Sure, yeah, and I said actually hundreds of users, it's actually a very small number of customers, Blair, and, but thanks for asking that clarification.

當然，是的，我之前說的是數百名用戶，實際上客戶數量非常少，布萊爾，但謝謝你提出這個問題以澄清。

We will have an integration at the end of this quarter. We actually signed this contract quite a long time ago, but due to timing of other contracts, we needed to wait before we could announce it and we had had discussions with them going all the way back to 2024 around.

我們將在本季末進行整合。實際上，我們很久以前就簽署了這份合同，但由於其他合約的時間安排，我們需要等一段時間才能宣布，而且我們與他們早在 2024 年左右就開始討論此事。

This opportunity, we had evaluated in early Q1. As you can imagine, we were pretty busy in early Q1 because we're also closing secure wise and then signed a contract towards the end of Q1, then executed some activities in Q2 and announced in Q3.

我們在第一季初就評估過這個機會。正如您所想，我們在第一季度初非常忙碌，因為我們還在進行安全方面的收尾工作，然後在第一季度末簽署了一份合同，然後在第二季度執行了一些活動，並在第三季度宣布了相關消息。

But we do so as a result we've been working on with this, code base for, since all of Q3 and into Q4, and we expect to release, some, first level of integration with Extencio at the end of this quarter for some early access customers.

但我們這樣做是因為我們自第三季以來一直在開發這個程式碼庫，並且我們預計將在本季度末為一些早期訪問客戶發布與 Extencio 的第一級整合。

Okay, great, and then just on the, excentio analytics Business, what is the, what's the, renewal book look like as we kind of head into the end of 2025 here, versus last year, and, are you, and maybe in recent contract signings, what sort of the, any changes in the term length of Extenio contracting.

好的，太好了。那麼，關於 Extenio Analytics 業務，隨著我們即將進入 2025 年底，續約情況如何？與去年相比，在最近簽署的合約中，Extenio 的合約期限是否有任何變化？

Yeah, typically term lengths are three years. There's some that go as long as five and some that are short as, one or two. A book is quite robust, that large contract we signed, the eight-figure contract we signed this last quarter was probably, one of, if not the largest, stand-alone cento MA contract, in the history of the company.

是的，通常任期為三年。有些長達五分鐘，有些則只有一、兩分鐘。這本書的內容相當豐富，我們上個季度簽署的那份八位數合同，可能是公司歷史上最大的獨立 cento MA 合同之一，甚至可能是最大的。

As other larger contracts tended to have, test operations or other components, included in there. Well, what we are seeing, we're going to talk about this. At our user conference, customers really want to have a scalable AI first analytics capability.

與其他較大的合約一樣，測試作業或其他組成部分也包含在內。好，我們現在看到的，我們接下來要討論一下。在我們的使用者大會上，客戶們真正想要的是以人工智慧為先導的可擴展分析能力。

We're going to show our roadmap and what we're doing to have kind of analytics with AI first and what that means in terms of parallelization, the advances we're making around how to get to very large data sets.

我們將展示我們的路線圖，以及我們正在採取哪些措施來首先利用人工智慧進行分析，以及這在並行化方面意味著什麼，我們在處理超大型資料集方面取得的進展。

Interactively they want the human interactivity with data still, but they want to be able to operate on data where you've got a million parameters and 10 million data points, and you really can't do that with conventional business intelligence tools, right?

在交互方面，他們仍然希望與數據進行人機交互，但他們希望能夠處理擁有百萬個參數和一千萬個數據點的數據，而傳統的商業智慧工具是無法做到這一點的，對吧？

If you look at Accentio or any of the tools out there, you're limited by the compute and we're going to show what we're doing to break through that problem.

如果你看看 Accentio 或市面上的任何工具，你會發現它們都受限於運算能力，我們將展示我們是如何突破這個問題的。

Studio AI is a very, is an element to that, a very critical element to that because even when you're interacting with, a million parameters, you need to use AI methods to screen and to tell you what part of that data set you should look at. And so what we'll demonstrate.

Studio AI 是其中的一個非常關鍵的要素，因為即使你面對的是數百萬個參數，你也需要使用 AI 方法來篩選並告訴你應該查看資料集的哪一部分。所以接下來我們將示範什麼。

In December is ways of being able to operate interactively, leverage AI first and move, work with data sets that you really couldn't do in anything but a batch mode in the past, by leveraging basically a native AI approach and a natively parallel approach.

12 月，我們將探索如何以互動方式操作，首先利用 AI，然後移動，處理過去只能以批次模式處理的資料集，這主要透過利用原生 AI 方法和原生並行方法來實現。

\You can think of a lot like moving algorithms from CPUs to GPUs. You get to scale with, compute. What we will show is how you can leverage GPUs and other computing elements in an interactive, Analytics capability and we are hearing from our customers that this is what is desired.

你可以把它想像成將演算法從 CPU 遷移到 GPU。你可以進行擴展和計算。我們將展示如何利用 GPU 和其他運算元素來實現互動式分析功能，而我們的客戶也告訴我們，這正是他們所需要的。

We have a number of renewals that are coming up this year and primarily next year that I think will benefit from this, from this capability.

今年和明年我們將迎來一系列續約，我認為這些續約都將受益於這項能力。

Okay Great.

好的，太好了。

That's my thesis for the conference.

這就是我參加會議的論文主題。

Yeah, okay, excellent, the other question I just had was around, safety and, anything to report there or any progress, with the partnership, with SAP.

好的，太好了。我剛才的另一個問題是關於安全方面的，關於與 SAP 的合作，您有什麼需要報告的或有任何進展嗎？

Yeah, we've got a number of activities going on Sapiens contracts.

是的，我們有很多基於 Sapiens 合約所進行的活動。

We do expect to announce something related to Sapiens in Q4 in terms of customer, new additional customer business, and you'll see us announce something in the Sapiens family at our user conference that's really building on top of Sapiens some capability targeted to the Felson System company that we expect to announce at our user conference.

我們預計在第四季會宣布一些與 Sapiens 相關的消息，包括客戶、新增客戶業務等。您將在我們的用戶會議上看到我們宣布 Sapiens 系列產品的一些新功能，這些功能是在 Sapiens 的基礎上構建的，旨在為 Felson System 公司提供一些我們預計在用戶大會上宣布的功能。

Okay, excellent.

好的，太好了。

Thanks very much, John.

非常感謝，約翰。

Clark Wright, DA Davidson. Please go ahead.

克拉克·賴特，地方檢察官戴維森。請繼續。

Awesome.

驚人的。

Thank you. Appreciate the time. Look, any findings from Semicon West in terms of how the end markets are in the health of that sound relative to the beginning of the year or your expectations?

謝謝。感謝您抽出時間。請問，從Semicon West展會上，關於終端市場對這種聲音的健康狀況，與年初相比或與你的預期相比，有什麼發現嗎？

Yeah, Clark, it's a great point. It was an interesting semi-on, I think, because it's the first time SemiCon West was not in San Francisco. People couldn't go in and out.

沒錯，克拉克，你說得很有道理。我認為這是一場有趣的半決賽，因為這是SemiCon West首次不在舊金山舉行。人們無法自由進出。

You're kind of stranded in Phoenix. So, there was a lot more informal conversations and we did meet with also a lot of our, not just our equipment customers, but I would say, our, fabulous customers and a lot of our fab, customers, and what we heard were a few things.

你現在有點被困在鳳凰城了。所以，我們進行了很多非正式的談話，也和很多客戶見面了，不只是我們的設備客戶，而是我們非常棒的客戶，我們聽到了一些事情。

Yeah, the buildout on AI is continuing to go on. All the equipment customers participating in advanced packaging, everything around, advanced nodes on logic side do see, and on the DAM, side do see a pretty rosy outlook for 2026. I do think they're in pretty, strong position.

是的，人工智慧的建設仍在繼續。參與先進封裝、相關領域、邏輯端先進節點以及數位資產管理 (DAM) 端的所有設備客戶都對 2026 年的前景持相當樂觀的態度。我認為他們目前處於相當有利的地位。

Our customers selling into automotive industrials and communications, the ones with very differentiated products do seem to be. Talking about a robust 2026, I think that's still a mixed bag. There are customers in that sector that have some challenges to work through, but I would say for the first time the kind of ones that have very differentiated products are much more bullish.

我們面向汽車、工業和通訊產業銷售產品的客戶，尤其是那些產品差異化程度很高的客戶，似乎確實如此。談到2026年的強勁發展，我認為情況仍然喜憂參半。該行業中確實有一些客戶面臨一些挑戰需要克服，但我想說的是，那些擁有高度差異化產品的客戶，如今更加樂觀。

So I would say you start seeing kind of a more broad base of enthusiasm within the customer base than I would say three months ago or six months ago where it was really limited to just the people on the very advanced nodes and advanced packaging.

所以我覺得，與三個月前或六個月前相比，現在客戶群的熱情更加廣泛了，當時這種熱情實際上僅限於那些使用非常先進的節點和先進封裝技術的人。

So do you think it was more broad, not fully, I would say not fully broad to everybody, but definitely more broad than where it was in terms of positiveness than where it was three or six months ago.

所以你認為它的範圍更廣了嗎？雖然不能說完全廣，我認為不能說對每個人都完全廣，但就正面影響而言，肯定比三到六個月前的範圍更廣。

And then lastly I would say, our fabous customers as they are becoming more and more embracing advanced packaging are recognizing they're becoming a manufacturer and that means, ability to communicate with the OSA, more complex test data feed forward and other test flows.

最後我想說，我們優秀的客戶越來越接受先進的封裝技術，他們意識到自己正在成為製造商，這意味著他們需要能夠與 OSA 通信，進行更複雜的測試數據前饋以及其他測試流程。

We had a lot of dialogues with customers on that topic and how can they effectively become more, aware of what's going on in manufact.

我們與客戶就此主題進行了許多對話，探討他們如何更有效地了解生產過程中正在發生的事情。

Manufacturing in the past they would order a wafer from the foundry and once they hit wafer sort there wasn't a lot to worry about, but now they've got to, everything from operationally make sure they have, organic substrates available and manage the supply chain of that, of the production post the wafer sort, as well as having many more test insertion points and needing to be efficient in how they leverage and we've heard a lot of dialogue from customers in that regard, and I think that will be a growing area.

過去，製造商會從代工廠訂購晶圓，一旦進入晶圓分選階段，就沒什麼好擔心的了。但現在，他們必須事事親力親為，從營運層面確保有機基板的供應，並管理晶圓分選後生產的供應鏈，還要增加測試插入點，並需要高效地利用這些資源。我們已經聽到很多客戶在這方面的回饋，我認為這將是一個不斷發展的領域。

As we move from just a very few high valued not terribly high volume chips driving advanced packaging today to a much broader set of customers trying to leverage these advanced packaging test flows.

隨著我們從如今推動先進封裝的極少數高價值、但產量不高的晶片，發展到如今試圖利用這些先進封裝測試流程的更廣泛的客戶群。

Got it. Thank you.

知道了。謝謝。

And then in terms of, symmetries and kind of shadow backlog, I know last, according kind of referenced the fact that, tens of millions there, yeah, has that upticked as well this last sequentially?

至於對稱性和某種影子積壓，我知道上次提到過，那裡有數千萬人，是的，最近一段時間，這個數字也有所上升嗎？

Yeah, as I said in my prepared remarks, we had a very strong, quarter. We referred to it as revenue because the booking and the revenue happen in the same quarter on the runtime licenses with Secure.

是的，正如我在準備好的發言稿中所說，我們本季業績非常強勁。我們稱之為收入，因為預訂和收入是在同一季度內透過 Secure 的運行時許可證實現的。

In other words, we get designed in on the SDK and then, they ship. What we noticed as I said in my prepared remarks at the end of 2024 and we see it again this year, is more equipment is shipping with our software than with any of the proprietary software systems that the companies build, and I think that's really.

換句話說，我們的設計被納入了 SDK，然後他們就發布了。正如我在 2024 年底的準備發言稿中所說，我們注意到，而且今年我們再次看到，與公司開發的任何專有軟體系統相比，更多設備配備了我們的軟體，我認為這才是真正的問題所在。

Giving our software the reputation of being very robust and very applicable. A lot of our equipment companies that used to be on the front end are now trying to bring in tools to the back end.

這使得我們的軟體享有非常強大和非常適用的聲譽。我們許多以前從事前端的設備公司現在正試圖將工具引入後端。

Our software is already proven in back end assembly facilities that our tester companies are doing much more sophisticated.

我們的軟體已經在後端組裝工廠中得到驗證，而我們的測試公司則在更複雜的環境中進行測試。

Level test with more robots and our software is very proven with that capability too so we do see a fair amount of activity design activity in some of the customers evaluating our SDK net when you look at our runtime licenses. Three was very significant. It was a good quarter for us, very good quarter for us.

使用更多機器人進行等級測試，我們的軟體在這方面也得到了充分驗證，因此，當您查看我們的運行時許可證時，我們會發現一些正在評估我們 SDK 網路的客戶進行了相當多的設計活動。三這個數字意義非凡。這對我們來說是個不錯的季度，非常好的季度。

We don't get a lot of visibility, so we hope to sustain that in Q4. We don't have as much visibility because we only see it when they ship, but overall, while quarter by quarter may be difficult to predict on an annual by annual basis, the trend is quite positive as more and more equipment ships with our software, and they use our software for more functionality, which means they buy more of the symmetries modules.

我們獲得的關注度不高，所以希望在第四季能夠維持這種狀態。由於我們只能在產品出貨時才能看到情況，因此我們對產品的可見度並不高。但總體而言，雖然按季度預測年度數據可能比較困難，但隨著越來越多的設備搭載我們的軟體，並且他們使用我們的軟體來實現更多功能，這意味著他們會購買更多的對稱模組，因此趨勢相當積極。

Thank.

感謝。

You, that was super helpful.

你真是幫了我大忙。

Andrew MG, Winneramchi Capita. Please go ahead.

Andrew MG，Winneramchi Capita。請繼續。

Hi, good afternoon, guys. I wanted to maybe follow-up on, I think you touched on it a little bit in the last answer, but, noticed that, two of your partners in the test space, Vest and Paradigm, you have both posted very, strong results and outlooks, and you've talked in the past about advanced test and the complexity around tests being, a strong secular driver for the company.

大家好，下午好。我想就您上次回答中稍微提到的一點，再補充一點。我注意到，您在測試領域的兩個合作夥伴 Vest 和 Paradigm 都發布了非常強勁的業績和前景展望，而且您過去也談到過，高級測試以及測試的複雜性是公司發展的強大長期驅動力。

Can you maybe elaborate a little bit on what you're seeing and how the opportunity for us, is it coincident with the, as they see strong shipping’s, does our bookings or opportunities lag theirs and sort of, any other, color you could provide.

您能否詳細說明您所看到的情況，以及這對我們來說的機會如何？這是否與他們看到的強勁航運業相吻合？我們的預訂量或機會是否落後於他們？您還能提供其他什麼資訊嗎？

Sure, Andrew, thank you for the question.

當然，安德魯，謝謝你的提問。

Yeah, you're right, it tends to lag. We see that, by the way, with our yield ramp business over the years too and kind of my prepared remarks saying we've seen lots of people building out 3D production, test and assembly with, and now they're trying to figure out how to, Get a good return on a lot of these investments.

是的，你說得對，它確實容易卡頓。順便說一句，這些年來，我們在良率提升業務方面也看到了這一點。正如我事先準備好的演講稿中所說，我們看到很多人正在建立 3D 生產、測試和組裝體系，現在他們正在努力弄清楚如何從這些投資中獲得良好的回報。

We see that what that's part of what's driven our characterization vehicle on Epro bookings over these years and a lot of our evals that are ongoing, our folks recognizing they've got to get a return on what they've just put on the ground. So we would expect an advanced.

我們看到，這正是多年來推動我們在 Epro 預訂方面進行特徵分析以及正在進行的許多評估的部分原因，我們的員工意識到他們必須從他們剛剛投入的工作中獲得回報。因此，我們預計會有一個先進的版本。

On the advanced test for advanced packaging, we will also lag, our partners in that regard. The biggest application we see, and we've got a number of pilots going on with customers is data feed forward, and what this means is they have, as is many more packaging steps, they have a lot of tests. Insertion points.

在先進封裝技術的先進測試方面，我們也會落後於我們的合作夥伴。我們看到的最大應用，也是我們正在與客戶進行的一些試點項目，是資料前饋，這意味著，就像許多打包步驟一樣，他們需要進行大量的測試。插入點。

So they test more than once at wafer sort, more than once at final test, and once at system level test. There's multiple wafer sort tests, multiple test points, a package even sometimes as part of the package flow, and then finally system level test, and they do these at different temperatures and different conditions for these very large data centre chips.

因此，他們在晶圓分類時會進行多次測試，在最終測試時會進行多次測試，並在系統級測試中進行一次測試。晶圓分選測試有多次，測試點很多，有時甚至在封裝流程中還會進行封裝測試，最後還要進行系統級測試，而且這些測試都是在不同的溫度和不同的條件下針對這些非常大的資料中心晶片進行的。

The nature of that is they want to feed forward data. Typically they take the raw data, run an AI model, extract features, and send it downstream to a.

其本質在於他們想要向前傳遞資料。通常情況下，他們會獲取原始數據，運行人工智慧模型，提取特徵，然後將其發送到下游。

Another test insertion point and as the data is coming off that test, they will use that as a basis to decide to evaluate more or test less. Our original, strategy on this, Andrew, was to not be in the modelling business at all but provide them the infrastructure for kind of orchestrating the data up and down the supply chain.

另一個測試插入點，隨著測試數據的得出，他們將以此為基礎決定評估更多還是減少測試。安德魯，我們最初的策略是完全不涉足建模業務，而是為他們提供基礎設施，以便協調供應鏈上下游的數據。

We've got pilots ongoing with that. We actually have customers deployed using that on tens of tools now, over a year. In production across multiple OSATs and even that customer's come back to us and said, hey, we need capability to be able to build and maintain the models, not just move the data around and that was really the Tiber studio, Tiber AI studio.

我們正在進行相關的試點計畫。實際上，我們已經有客戶在數十種工具上部署了這項技術，超過一年了。在多個 OSAT 生產環境中，甚至這些客戶都對我們說，嘿，我們需要能夠建立和維護模型的能力，而不僅僅是移動數據，這就是 Tiber 工作室，Tiber AI 工作室的真正意義所在。

I forget the name, right, we thought our customers would be able to do that on their own or there were systems to do that on their own, but the reality is there's a lot of friction to getting that work done too and so the integration with Accentia Studio AI with Sensor model Ops is to help them not only run the model in production but manage the model through the build and through the life cycle in their central servers.

我忘了它的名字，對吧？我們當時認為我們的客戶能夠自己完成這項工作，或者他們可以使用一些系統來完成這項工作，但實際上，完成這項工作也存在很多阻礙，因此將 Accentia Studio AI 與 Sensor model Ops 集成，不僅是為了幫助他們在生產環境中運行模型，也是為了幫助他們在中央伺服器上管理模型的構建和整個生命週期。

So you know I don't think this is a one quarter bang and everything's going great, Andrew. We're going to see win by win by win with customers, but I would say we have a handful of pilots going on and data feed forward at this point.

所以你知道，我不認為這是一次小小的爆炸，一切都進展順利，安德魯。我們將與客戶實現三贏，但目前我們只有幾個試點項目正在進行，並且數據正在向前反饋。

We've got some in production already and we do anticipate that to becoming an increasingly important part of our exo test, business.

我們已經有一些產品投入生產，我們預計它將成為我們外骨骼測試業務中越來越重要的一部分。

Okay, and would you think that would be like a 2026 sort of timeline?

好的，你覺得那大概會是2026年左右的時間線嗎？

Yeah, I mean, the majority of the business impact will be in 2026 and H1st, this year there may be some additional contracts won, but the revenue impact will be de minimis.

是的，我的意思是，大部分業務影響將在 2026 年和上半年顯現，今年可能會贏得一些額外的合同，但對收入的影響微乎其微。

And then Following this, I want to clarify something. So the two tools, 2 DFIs that were, shipped and are in the process of qualification.

接下來，我想澄清一些事情。所以，這兩款工具（2 個 DFI）已經出貨，目前正在進行資格認證。

It sounded like the way you described it, they could get qualified this quarter or maybe not. Is it then fair to say that.

聽起來就像你描述的那樣，他們這季有可能獲得資格，也有可能不行。那麼，這樣說是否公平呢？

Adnan, I think in the past you've talked about multiple ways to get the guidance. You feel comfortable with the guidance even if these tool qualifications slip into Q1?

阿德南，我想你以前談過多種獲得指導的方式。即使這些工具資格要求落入 Q1 級別，您是否仍覺得該指導原則適用？

Yeah, I know exactly. I mean, any time we're looking at a quarter, particularly when we're speaking to coms such as the ones that we put in in my prepared remarks about, sequential growth for Q 4 and also both in John's and my remarks about the reaffirmation of the 21% to 20% guidance, you're absolutely right.

是的，我完全明白。我的意思是，每當我們審視一個季度，特別是當我們與溝通者談論我準備的發言稿中提到的第四季度環比增長，以及我和約翰都提到的重申 21% 至 20% 的增長預期時，你說的完全正確。

We're thinking about, this, and then other ways to get there. So, look, if the timing happens this quarter, great, but like John said, there's many other opportunities we're working on across the product platform portfolio that we have.

我們正在考慮這個問題，以及其他實現目標的方法。所以，你看，如果時機在本季度實現，那就太好了，但正如約翰所說，我們還有許多其他機會正在我們現有的產品平台組合中努力爭取。

Okay. And then maybe. This is a little bit of the timing and qualification would be towards the end of the quarter in any case, so the in or out is not a tremendous amount.

好的。然後或許會。這只是時間安排上的一個小插曲，而且無論如何，資格賽都會在季度末進行，所以進出場次不會太大。

Okay, so again, the qualification of those tools regardless would be more of a tailwind to 2026 person, the earlier question about you, right.

好的，所以再說一遍，無論如何，這些工具的資格認證對 2026 年的人來說更像是一種助力，就像之前關於你的問題一樣，對吧。

And then maybe just a little more color on, I mean, obviously you talked about, rough engaged with five customers or potential customers on you know BFI, how is there memory customers in that bucket, or are we still primarily focused on logic and to the extent it's logic, is it.

然後，也許可以再多補充一點，我的意思是，顯然你談到了與 BFI 的五位客戶或潛在客戶進行粗略接觸，那麼在這個群體中，記憶型客戶是如何被納入的呢？或者我們仍然主要關注邏輯，以及在多大程度上是邏輯性的？

You have to sort of other customers that have accepted tools. Are they looking at, what your lead customers done and. The conversations around sort of a similar broader deployment along those lines.

你必須對已經接受這些工具的其他客戶進行分類。他們是否在關注你的潛在客戶做了什麼？圍繞著類似的更廣泛的部署進行的討論也圍繞著這些方向。

Yeah, it's actually all of the above, so with our existing customers we see interest in more machines as they see the value, including the value, putting these in manufacturing and using these to monitor, lines, they.

是的，實際上以上所有因素都有，因此，隨著現有客戶看到這些機器的價值，他們對更多機器的興趣也越來越濃厚，包括將這些機器投入生產製造並用於監控生產線等。

With new customers that are in the same areas are, earlier customers maybe a different feature sizes but, logic manufacturers, we do, we started getting, ongoing pilots with customers where they're sending us wafers and showing them what you can do and it is a very unique capability so, we're able to show usually within a wafer or a few what you could see that's hard to see elsewhere.

對於處於相同領域的新客戶，以及之前的客戶，他們可能有不同的特徵尺寸，但對於邏輯器件製造商來說，我們已經開始與客戶進行持續的試點項目，他們會向我們發送晶圓，向他們展示我們能做什麼，這是一項非常獨特的能力，因此，我們通常能夠在晶圓或幾個晶圓上展示在其他地方很難看到的東西。

And then lastly, yeah, as I said, throughout the year we have interested in doing pilots on DRAM for just about 12 months now, maybe 13 months, and, you guys by sending wafers to our facility here in California and, we're getting ready to be able to ship.

最後，正如我所說，在過去的一年裡，我們一直對 DRAM 的試點計畫很感興趣，已經有大約 12 個月，也許是 13 個月了，你們可以透過將晶圓送到我們在加州的工廠，我們正在準備發貨。

I think the limiter on shipping is really us, not at least one of those customers, being in a position to ship given what we've been doing to bring up these machines and manufacturing this year.

我認為真正限制出貨的是我們自己，而不是我們的客戶，因為我們今年一直在努力提升這些機器的性能和生產效率，所以我們有能力出貨。

And, at the engineering level, there's a lot of similarities to what we're doing in the logic side, but it's very different, process technology if it's memory versus a logic technology, but also exploiting the unique capability of the machine in the software.

在工程層面，它與我們在邏輯方面所做的有很多相似之處，但它又非常不同，例如記憶體製程技術與邏輯技術之間的差異，以及在軟體中利用機器的獨特能力。

And Then just, Lastly, on the Tiber, so just to be clear, like, so it didn't. We didn't come over with existing revenue but in the press release it said something about like supporting customers, through this transition, anything you sort of that contributes will be going out and selling, once the integration is complete.

最後，關於台伯河，為了說清楚，就像，所以並沒有。我們沒有帶來現有的收入，但在新聞稿中提到，我們將支持客戶度過這個過渡期，您所做的任何貢獻都將在整合完成後進行銷售。

Yeah, that's correct, the majority of the customers were not in semiconductors, some have, interest.

是的，沒錯，大多數客戶並非來自半導體產業，只有少數客戶對此感興趣。

For us to support, and we, may, we are talking to only a very small handful about, having them be supported on the standalone version of the product, obviously we license this from Intel. Intel itself was an internal user of the product.

為了支持我們，我們可能只與極少數人討論過，讓他們在產品的獨立版本上獲得支持，顯然我們從英特爾獲得了這項授權。英特爾本身就是該產品的內部使用者。

And, for them. We will support it, offer to support it both ways, both, standalone and with Accentio. There's a lot of value, getting it integrated in Accentio for a semiconductor customer. Because it didn't really support any visualization of the data, the model, the results, just really visualization on running the models and algorithms.

而且，對他們來說。我們將提供支持，並提供兩種支援方式，既可以獨立運行，也可以與 Accentio 配合使用。對於半導體客戶而言，將其整合到 Accentio 中具有很大的價值。因為它實際上並不支援對資料、模型、結果的任何視覺化，而只是對模型和演算法的運行進行視覺化。

So, Excensios, and you didn't have a database for storing the data that you want to use, and then once you're done, you want to be able to store all of that information, so you could always go back and recreate it and Accentio has capability for that, model registration and things like that.

所以，Excentios，你沒有資料庫來儲存你想使用的數據，然後當你完成之後，你想能夠儲存所有這些信息，以便你總是可以返回並重新創建它，而Accentio具有這種能力，模型註冊等等。

So, I think for that, the user base, which is primarily at Intel, That was in semiconductors and using it, I think it's quite advantageous for them to use the integrated version for the small number of non-semiconductor customers, they may use a standalone version.

所以，我認為對於主要在英特爾（半導體產業）的使用者群體來說，使用整合版本是相當有利的；而對於少數非半導體客戶，他們可能會使用獨立版本。

Okay, great.

好的，太好了。

Thank you.

謝謝。

(Operator Instructions).

（操作說明）

There are no further questions, ladies and gentlemen, this concludes the program.

女士們、先生們，沒有其他問題了，節目到此結束。

Thank you for joining us on us on today's call.

感謝您參加今天的電話會議。