PDF Solutions, Inc. (PDFS) 2026 Q2 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 second-quarter conference call ending Tuesday, June 30, 2026. (Operator Instructions) As a reminder, this conference is being recorded.

各位好，歡迎參加 PDF Solutions, Inc. 的電話會議，討論截至 2026 年 6 月 30 日（星期二）止第二季的財務結果。(接線員指示) 提醒各位，本次會議將被錄音。

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

若您尚未收到相應的新聞稿副本，已發布於 PDF 的網站 www.pdf.com。

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

在本次電話會議過程中將發表的部分陳述屬於前瞻性陳述，包括關於 PDF 未來財務結果與表現、成長率以及對其解決方案需求的陳述。PDF 的實際結果可能會有重大差異。

You should refer to the section entitled Risk Factors on pages 16 through 30 of PDF's annual report on Form 10-K for the fiscal year ending December 31, 2025, and similar disclosures in subsequent SEC filings.

請參閱 PDF 截至 2025 年 12 月 31 日止會計年度 Form 10-K 年報第 16 至 30 頁「風險因素」章節，以及後續向 SEC 申報文件中的類似揭露。

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.

本次電話會議所述之前瞻性陳述與風險係基於 PDF 目前可得之資訊。PDF 不承擔更新之義務。

Now I'd 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.

現在我想介紹 PDF 的總裁暨執行長 John Kibarian，以及 PDF 的財務長 Adnan Raza。Kibarian 先生，請開始。

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

感謝各位參加今天的電話會議。若您尚未閱讀我們第二季的財報新聞稿與管理層報告，請至我們網站的投資人專區查閱，兩者皆已發布。

For today's call, I will provide a summary of the past quarter, our perspective on the environment and outlook for the next quarter and the remainder of the year.

在今天的電話會議中，我將概述上一季的情況、我們對環境的看法，以及對下一季與今年剩餘期間的展望。

The second quarter built on a strong Q1, providing great progress on our objective to position PDF Solutions as the leading commercial data analytics and mission-critical platform for the semiconductor industry. This was visible in the bookings, customer activity and our product development during the quarter.

第二季延續第一季的強勁表現，讓我們在實現將 PDF Solutions 定位為半導體產業領先的商用資料分析與關鍵任務平台之目標上取得重大進展。這在本季的訂單、客戶活動以及產品開發上皆清楚可見。

From a bookings perspective, secureWISE and DirectScan systems led the way with eight-figure contracts for each. We achieved a number of seven-figure contracts for Exensio products and services, including with hyperscalers and photonics companies as the growth in the AI ecosystem continues to be strong. Finally, Cimetrix bookings were at a record high on top of a very strong Q1 as the equipment industry continues to be robust.

就訂單而言，secureWISE 與 DirectScan 系統領先，兩者各自取得八位數金額的合約。我們也取得多筆 Exensio 產品與服務的七位數合約，其中包括與超大規模雲端業者（hyperscalers）及光子公司合作；隨著 AI 生態系持續強勁成長，相關需求亦然。最後，Cimetrix 的訂單在第一季已非常強勁的基礎上再創歷史新高，顯示設備產業仍然穩健。

Overall, across all products, the strong bookings resulted in building backlog while supporting meaningful revenue growth for the first half of the year compared with the previous year. Adnan will provide revenue details in his prepared remarks.

整體而言，跨所有產品的強勁訂單一方面推升在手訂單（backlog），同時也支撐今年上半年相較去年同期的顯著營收成長。Adnan 將在其事先準備的發言中提供營收細節。

During the quarter, we placed three new eProbe e-beam inspection machines with customers. This includes two with new customers, one of which is in evaluation and the other of which is a five-year subscription. The third is to a new factory for an existing customer as part of a previously signed contract. These three machines, along with the machines shipped in Q1, means we are two-thirds of the way to our goal for the year.

本季我們向客戶部署了三台新的 eProbe 電子束（e-beam）檢測設備。其中兩台為新客戶：一台正在評估中，另一台為五年期訂閱。第三台則是提供給既有客戶的新廠，屬於先前已簽署合約的一部分。這三台設備加上第一季出貨的設備，意味著我們已完成今年目標的三分之二。

The new customer is using DirectScan on a more mature process node compared to the other DirectScan customers and for five years, carrying them well into mass production. We feel this contract is important as it demonstrates the value of DirectScan approach in mature nodes.

該新客戶相較其他 DirectScan 客戶，是在較成熟的製程節點上使用 DirectScan，且合約期為五年，將一路支援其進入量產。我們認為此合約相當重要，因其展現 DirectScan 方法在成熟節點上的價值。

We believe the large SecureWise booking with an existing customer reaffirms secureWISE's availability in virtually all 300-millimeter fabs around the world and for many more years. While it was an eight-figure contract and the largest in the history of SecureWise that we are aware of, the contract value is at minimum and both the customer and we anticipate building from this space.

我們相信，與既有客戶簽下的大型 SecureWise 訂單，再次確認 secureWISE 幾乎已部署於全球所有 300 毫米晶圓廠，並將持續多年。雖然這是一筆八位數合約，也是我們所知 SecureWise 歷史上最大的一筆，但合約金額為最低承諾值，且客戶與我們都預期將在此基礎上持續擴大。

With this contract in place, we have now refreshed the largest SecureWise contracts as well as expanded the business to provide SecureWise services to front-end fabs and back-end test and assembly facilities. Our industry thrives from collaboration between suppliers and customers. In the future, more of that collaboration will be AI agent-driven.

在此合約到位後，我們已完成最大幾筆 SecureWise 合約的更新，並擴展業務，將 SecureWise 服務延伸至前段晶圓廠以及後段測試與封裝組裝設施。我們的產業仰賴供應商與客戶之間的協作而蓬勃發展。未來，更多此類協作將由 AI 代理（AI agent）驅動。

SecureWise is well positioned to be the cornerstone of an agentic collaboration across the industry. Selling activity was very high across all aspects of the semiconductor industry from hyperscalers to equipment vendors. We did see significant activity in our characterization and DirectScan systems as customers look to develop advanced processes and nodes. We anticipate that this activity will result in strong bookings in this category as the year progresses.

SecureWise 已具備良好條件，可成為全產業代理式（agentic）協作的基石。從超大規模雲端業者到設備供應商，半導體產業各層面銷售活動都非常熱絡。我們也看到客戶為了開發先進製程與節點，在我們的特性分析（characterization）與 DirectScan 系統方面有顯著活動。我們預期隨著年度推進，這些活動將帶動此類別的強勁訂單。

Overall, it was a strong Q2 and first half of the year, both in terms of our traction with customers and our product development. Now let's turn to our perspective on the environment. The investment in semiconductors continues to be driven by the unprecedented build-out of AI data centers. The unique element of this cycle is how AI is transforming not just the demand for semiconductors, but also how engineering and production is being executed.

整體而言，第二季與上半年表現強勁，無論是在客戶牽引力或產品開發方面皆是如此。接下來談談我們對環境的看法。半導體投資仍持續由前所未有的 AI 資料中心建置所驅動。本輪週期的獨特之處在於，AI 不僅改變對半導體的需求，也正在改變工程與生產的執行方式。

While it's debatable where we are in the semiconductor demand cycle, it is clear to me that we are in the very early stages of AI transformation of semiconductor manufacturing and engineering. All participants in the semiconductor supply chain will need to leverage AI agents to be more nimble, innovative and cost effective.

雖然目前處於半導體需求循環的哪個階段仍有爭議，但對我而言很清楚：我們正處於 AI 轉型半導體製造與工程的非常早期階段。半導體供應鏈的所有參與者都需要運用 AI 代理，以更敏捷、更具創新力且更具成本效益。

As the semiconductor industry continues to evolve, opportunities for open dialogue and peer-to-peer learning are more important than ever. PDF Solutions CONNECT conference is designed to bring together members of the community to share insights, discuss challenges and explore technologies and innovations shaping our industry's future, including recent developments from PDF Solutions. The event will be held October 15 and 16 in San Francisco during SEMICON West week.

隨著半導體產業持續演進，開放對話與同儕互學的機會比以往任何時候都更重要。PDF Solutions CONNECT 大會旨在匯聚社群成員，分享洞見、討論挑戰，並探索塑造本產業未來的技術與創新，包括 PDF Solutions 的最新進展。活動將於 10 月 15 日至 16 日在舊金山舉行，時間為 SEMICON West 週期間。

Looking towards the second half of the year, we see increased opportunities across the entire product portfolio. With that optimism and our progress in the first half of the year, we reconfirmed 20% year-over-year revenue growth for this year. I want to thank all the PDF customers, employees and contractors for their efforts during the quarter.

展望下半年，我們看到整體產品組合的機會增加。基於這份樂觀以及上半年的進展，我們再次確認今年營收年增 20% 的目標。我要感謝所有 PDF 的客戶、員工與承包商在本季的努力。

Now I'll turn the call over to Adnan, who will review the financials and provide his perspective on our results. Adnan?

接下來我把電話交給 Adnan，他將回顧財務狀況並分享他對我們業績的看法。Adnan？

Thank you, John. Good afternoon, everyone, and good to speak with you all today. We're happy to review the financial results of the second quarter and to bring you up to date on the progress of the business. Please note that all of the financial results we discuss 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.

謝謝你，John。各位下午好，很高興今天能與大家通話。我們很高興回顧第二季的財務結果，並向各位更新業務進展。請注意，我們在今天電話會議中討論的所有財務結果皆以非 GAAP 基礎呈現，並已在我們網站的資料中提供與 GAAP 財務數字的調節表。

For Q2, our total revenues were $61.5 million, up 19% on a year-over-year basis. For the first half of this year, our revenues grew 22% on a year-over-year basis versus the comparable first half of last year due to contributions from multiple products. We are pleased with the revenue growth we saw compared to last year and remain committed to our long-term revenue growth rate target of 20%.

第二季總營收為 6,150 萬美元，年增 19%。今年上半年營收較去年同期年增 22%，主要來自多項產品的貢獻。我們對相較去年所見的營收成長感到滿意，並將持續致力於長期 20% 的營收成長率目標。

Our platform revenue this quarter was $49.1 million, up 14% versus Q2 of last year and up 24% for the six-month year-to-date period versus comparable period of last year. We benefited this quarter from the DirectScan booking that John talked about, which is with a new non-leading-edge customer.

本季平台營收為 4,910 萬美元，較去年第二季成長 14%；以年初至今六個月計，較去年同期成長 24%。本季我們受惠於 John 提到的 DirectScan 訂單，該訂單來自一位新的非先進製程（non-leading-edge）客戶。

Our ending backlog includes a meaningful amount of revenue left in this contract, which will be recognized over the years to come. Our volume-based revenue increased 45% versus Q2 of last year, driven by strong gain share and the strength in Cimetrix runtime licenses.

我們的期末在手訂單（backlog）包含該合約中相當可觀的尚未認列收入，將在未來數年逐步認列。我們的按量計價（volume-based）收入較去年第二季成長45%，主要受惠於強勁的收益分成（gain share）以及 Cimetrix 執行階段（runtime）授權的強勁表現。

From a bookings perspective, John spoke about the multiple eight-figure and seven-figure deals booked during the quarter, which were across multiple products in the PDF platform. Our business activity with equipment customers was strong, including both secureWISE and Cimetrix. Our total backlog grew to $271 million this quarter, up 10% versus last quarter and up 16% versus Q2 of last year.

從接單（bookings）的角度來看，John 提到本季簽下多筆八位數與七位數的交易，涵蓋 PDF 平台的多項產品。我們與設備客戶的業務活動強勁，包括 secureWISE 與 Cimetrix。本季我們的在手訂單總額成長至 2.71 億美元，較上季增加10%，較去年第二季增加16%。

Based on what we can see in our pipeline, we anticipate strong bookings momentum for the second half of the year and expect to grow our backlog as we exit this year. It is worth noting as a reminder that we do not include potential future Cimetrix runtime licenses or gainshare revenues in our backlog, and our backlog would be even higher if we included some estimates of these highly probable future amounts.

根據我們在商機管線（pipeline）中所見，我們預期下半年接單動能強勁，並預期在今年結束時在手訂單將進一步成長。值得提醒的是，我們不會將未來可能的 Cimetrix runtime 授權或收益分成收入納入在手訂單；若將這些高度可能發生的未來金額做部分估計納入，在手訂單將會更高。

We reported gross margin of 73% for Q2, which was lower versus Q1 of this year due in part to the higher perpetual software licenses in Q1. We expect our gross margin to increase next quarter towards the higher levels we have seen during the prior quarters, and we have line of sight to our long-term gross margin target model of 77%.

我們第二季毛利率為73%，較今年第一季下降，部分原因是第一季一次性（perpetual）軟體授權占比較高。我們預期下季毛利率將回升，朝向前幾季所見的較高水準；同時，我們也能看見達成長期毛利率目標模型77%的明確路徑。

Our operating expense for the quarter were up only 5% versus same quarter of last year, mainly to support the increases in R&D expenses, offset by better management in our SG&A resources. We delivered operating margins of 22% or about 300 basis points higher than the same quarter of last year due to disciplined spend even with the lower gross margins this quarter.

本季營業費用僅較去年同期增加5%，主要用於支援研發費用的增加，並由我們在銷售、一般及行政（SG&A）資源上的更佳管理所抵銷。儘管本季毛利率較低，我們仍因嚴謹的費用控管，交出22%的營業利益率，較去年同期提高約300個基點。

We remain committed to our 27% target operating margin model communicated in December. For EPS, we reported profit of $0.27 for the quarter, which was up 42% versus the same quarter of last year and up 49% for the year-to-date comparable period.

我們仍致力於12月所溝通的27%目標營業利益率模型。每股盈餘（EPS）方面，本季我們報告每股獲利0.27美元，較去年同期成長42%，年初至今的可比期間成長49%。

Turning to the balance sheet. We ended the quarter with cash and cash equivalents of $114.9 million compared to $31.2 million of prior quarter and outstanding debt of $67.5 million. During the quarter, we helped Advantest exit their equity stake at a more than 2 times return for their investment in PDF shares via a follow-on equity offering, and we're thankful to them for their continued partnership.

接著看資產負債表。本季期末現金及約當現金為1.149億美元，較上季的3,120萬美元增加；未償還債務為6,750萬美元。本季我們透過後續股票發行（follow-on equity offering），協助 Advantest 以超過2倍的投資報酬退出其對 PDF 股票的持股；我們也感謝他們持續的合作夥伴關係。

As part of the equity offering, we sold approximately 1.9 million primary shares and added $81.8 million to our balance sheet.

作為該次股票發行的一部分，我們出售約190萬股新發行（primary）股票，為資產負債表增加8,180萬美元。

During the quarter, we generated operating cash flow of $16.4 million and utilized $14.1 million towards CapEx, mainly for eProbe tools to meet the demand we are seeing and to order some of the longer lead time items as we look to future shipments. For each of the next two quarters, we expect to spend incrementally higher CapEx than Q2.

本季我們產生1,640萬美元的營運現金流，並投入1,410萬美元資本支出（CapEx），主要用於 eProbe 工具，以滿足我們所見的需求，並在展望未來出貨時預先訂購部分交期較長的項目。未來兩個季度，我們預期資本支出將較第二季逐季增加。

For the full year, we expect the average quarterly CapEx similar to Q2. The increased CapEx year over year is in part due to higher component costs we're seeing to meet the customer demand that John spoke about for the DirectScan systems. Given the strength of our business, we expect to grow our cash balances this year and end the year at higher ending cash balance compared to Q2, while we also bring down our debt balance via scheduled payments.

就全年而言，我們預期平均每季資本支出與第二季相近。資本支出年增的部分原因，是為了滿足 John 提到的 DirectScan 系統客戶需求，我們所面臨的零組件成本上升。鑑於我們業務的強勁表現，我們預期今年現金餘額將成長，並在年底達到高於第二季的期末現金水位；同時也將透過既定還款計畫降低債務餘額。

As we look to the rest of the year and based on the bookings momentum in our deal pipeline discussed earlier, we reaffirm our prior guidance of revenue growth of 20% for full year 2026 compared to the prior full year 2025.

展望今年剩餘期間，並基於先前討論的交易管線接單動能，我們重申先前指引：2026會計年度全年營收相較2025會計年度全年成長20%。

With that, let me turn the call over to the operator for Q&A.

接下來，我把電話交給接線員進行問答。

(Operator Instructions) Clark Wright, D.A. Davidson.

(接線員指示) Clark Wright，D.A. Davidson。

Roughly a year ago, you noted that the target audience for DirectScan systems was 5 to 10 customers. Based on the conversations you're having today with prospects, has that group expanded?

大約一年前，你們提到 DirectScan 系統的目標客群是5到10家客戶。根據你們目前與潛在客戶的對話，這個族群是否已擴大？

Yes, it's a good question, Clark. Thank you. We do think it's expanding. That's -- in my prepared remarks, I mentioned that we saw value for a customer that was developing a more mature node. And we do see other customers like them that are developing more mature nodes. And we have been working with them for a while.

是的，這是個好問題，Clark。謝謝。我們確實認為正在擴大。在我事先準備的發言中，我提到我們看到某位正在開發較成熟製程節點的客戶能從中獲得價值。我們也看到其他類似、正在開發較成熟節點的客戶。而且我們已與他們合作一段時間了。

This contract was a significant contract for us. It kicked off in the second quarter. And we do see besides them, expansion there as well as expansion with other customers. It does increase the aperture. How much broader it is, I don't know, but it's definitely bigger than what we thought.

這份合約對我們而言是一份重要合約。它在第二季啟動。除了他們之外，我們也看到那邊的擴張，以及與其他客戶的擴張。這確實擴大了適用範圍。到底擴大到多廣我不確定，但肯定比我們原先想的更大。

Got it. And then it was great to see the acceleration in backlog growth this quarter. Can you talk about the source of growth? And if this is primarily coming from your large existing customers or if there's a broadening across the customer base?

了解。另外，本季在手訂單成長加速令人振奮。你能談談成長來源嗎？這主要來自你們既有的大型客戶，還是客戶基礎更廣泛地擴張？

Yes. So some of it is from the new customers, as I alluded to on that DirectScan contract, which contributed to backlog, as Adnan said in his prepared remarks. But also, usually, a good chunk of it is existing customers. As I said, the large eight-figure secureWISE contract was with an existing equipment company extending out for a number of years, their use of the system at a minimum level with growth on top of that.

是的。其中一部分來自新客戶，正如我在那份 DirectScan 合約上所暗示的；如 Adnan 在事先準備的發言中所說，該合約對在手訂單有所貢獻。但同時，通常相當一部分也來自既有客戶。如我所說，那筆八位數的 secureWISE 大型合約，是與一家既有設備公司簽訂，將其系統使用延長多年；在最低使用水準之上還有額外的成長空間。

Got it. And then last one for Adnan. Just could you help me better understand just the components that drove the gross margin contraction this quarter, if we should think about current levels being the run rate for the rest of the year? Or if we should think about expansion back to more of the 1Q levels?

了解。最後一題給 Adnan。你能否協助我更清楚理解本季毛利率下滑的驅動因素？我們是否應將目前水準視為今年其餘時間的常態水準？或是應該預期回升到更接近第一季的水準？

Yes, absolutely. So I think I said this in the prepared remarks, but really, Q1 had some perpetual software licenses, and that is really what drove the difference for this quarter. I also mentioned in the remarks that for the next quarter, we expect the margins to be reverting back to the levels that we are historically used to.

是的，當然可以。我想我在事先準備的發言中提過，第一季有一些一次性（perpetual）軟體授權，這正是造成本季差異的主要原因。我也在發言中提到，下季我們預期毛利率會回到我們歷史上較習慣的水準。

But I think more important than anything, if you remember when we raised our gross margin and operating margin targets, we said that we expect this new target to be achieved at a faster pace than what we took for the last ones. And recall, the last ones took us two years.

但我認為比任何事情都更重要的是，如果你還記得我們上調毛利率與營業利益率目標時，我們說過預期達成新目標的速度會比上一次更快。而回想上一次，我們花了兩年時間。

So as long as we're inside of that time window, that remains our goal. And the last comment I made on the call in the prepared remarks is that we have a line of sight to the 77% target model. So stay tuned.

因此，只要我們仍在那個時間窗口內，這仍然是我們的目標。而我在電話會議中、於事先準備的發言最後提到的一點是：我們已能看見達成77%目標模型的明確路徑。敬請期待。

Blair Abernethy, Rosenblatt Securities.

Blair Abernethy，Rosenblatt Securities。

Nice quarter, guys. John, I'm just wondering on the -- first off, on the secureWISE, to get an 8-figure contract there is pretty impressive. How are you thinking about the market opportunity now for secureWISE that you've had it for a year or so? And just how big do you think that TAM could be?

這一季表現不錯，各位。John，我想先問一下 secureWISE——能拿到一筆八位數合約相當令人印象深刻。在你們擁有它大約一年左右之後，你現在如何看待 secureWISE 的市場機會？你認為其可服務市場總量（TAM）可能有多大？

Yes. When we acquired it, our thesis was that they had really only monetized the equipment vendors. They fundamentally installed all the front-end fabs and then charge the equipment vendors for access. You saw last year, we did -- and it came out at our user conference, a large contract with Intel that standardized on secureWISE. And they spoke at our user conference that they would make secureWISE available to any equipment vendor that wanted to have remote access at Intel, and they continue to talk about that at their events with equipment vendors about the importance of getting remote connectivity and superior support.

是的。當我們收購它時，我們的投資論點是，他們實際上只把設備供應商這一端變現了。他們從根本上在所有前段晶圓廠（front-end fabs）完成安裝，然後向設備供應商收取存取費用。你們去年也看到，我們——而且在我們的用戶大會上也公布了——與英特爾簽了一份大型合約，將 secureWISE 標準化。他們也在我們的用戶大會上表示，會讓 secureWISE 對任何希望在英特爾進行遠端存取的設備供應商開放，而且他們在與設備供應商的活動上也持續談到這點，強調取得遠端連線與更優質支援的重要性。

They provide a minimal level through that contract. And then if the customer wants to transmit lots of data -- the equipment vendor wants to transmit lots of data and provide more AI-driven solutions, then they direct the equipment vendor to us. So this has been a great way to us to convince every equipment vendor remote access is possible because Intel has made that possible.

他們透過那份合約提供最低限度的服務層級。然後如果客戶想要傳輸大量資料——也就是設備供應商想要傳輸大量資料並提供更多 AI 驅動的解決方案——他們就會把設備供應商導向我們。因此，這一直是我們用來說服每一家設備供應商「遠端存取是可行的」的一個很好的方式，因為英特爾已經讓這件事成為可能。

Now with this contract we signed this last quarter, took a very significant customer of ours on the equipment side and commit across all 300-millimeter fabs for a number of years. So that communicates to the equipment industry and secureWISE will be available at any front-end fab that you're going to. Intel also -- as well as other customers started making it available in the back-end test and assembly.

而在我們上季簽下的這份合約中，我們讓一位在設備端對我們非常重要的客戶，承諾在所有 300 毫米晶圓廠（fabs）全面採用，為期多年。因此，這向設備產業傳達了一個訊息：secureWISE 將會在你要去的任何前段晶圓廠都可用。英特爾也——以及其他客戶——開始在後段測試與封裝（back-end test and assembly）提供它。

So if you look at what we've done, we started to demonstrate that there is a secureWISE application with the fabs themselves, right? That was in the Intel contract for their own internal use. There is, of course, an expanding capability at the equipment vendors because we are demonstrating that it is becoming a standard that you can count on in most places.

所以如果你看我們做了什麼，我們開始證明：晶圓廠本身也有 secureWISE 的應用場景，對吧？那是在英特爾合約中供其內部使用的。當然，設備供應商端的能力也在擴張，因為我們正在證明它正在成為一個你在多數地方都可以依賴的標準。

And we're extending it into the back end because the production is getting more complex. We think, as I said in my prepared remarks, ultimately, more and more of that activity on the secureWISE network will just be agents. It won't necessarily be humans. Already, the majority of the revenue comes from data transmission across the network, which is really a key part of the AI pipeline.

而我們也把它延伸到後段，因為生產正變得更複雜。我們認為，正如我在事先準備的發言中提到的，最終在 secureWISE 網路上的活動會越來越多只是代理（agents）。不一定會是人。事實上，目前大部分營收已經來自於跨網路的資料傳輸，而這正是 AI 管線（pipeline）的關鍵部分。

So how much bigger we think it can grow at least at the company growth rate over these next few years, at least at that level.

所以我們認為它還能成長得更大，至少在未來幾年能以公司整體成長率的水準成長，至少能達到那個程度。

Okay. Great. And then just turning over to the DFI. Just maybe talk about the pipeline there, how it's shifted and there's an eval you said in one of the machines that we shipped this quarter. How are you thinking about the ramp there in terms of getting to contracted revenue?

好的。很好。接著轉到 DFI。能否談談那邊的管線（pipeline）情況、它如何轉變？以及你提到我們本季出貨的一台機器正在進行評估（eval）。你們如何看待那邊的爬坡（ramp），也就是要如何走到簽約營收（contracted revenue）？

Yes. So we -- I think we've had a very good dialogue with that customer. We know what kinds of things they want to see the machine do. They selected the machine because they thought it had some very unique capability. It is -- this is getting us into the memory market, which is an important step, expansion into the more mature nodes, expansion into memory, we'll look at geographic expansion as we get further through this year, early next year.

是的。所以我們——我認為我們和那位客戶的對話非常順暢。我們知道他們希望看到這台機器能做到哪些事情。他們選擇這台機器，是因為他們認為它具備一些非常獨特的能力。這——這讓我們進入記憶體市場，這是重要的一步；也讓我們擴展到更成熟的製程節點、擴展到記憶體；隨著今年、以及明年初我們進一步推進，我們也會再看地理區域的擴張。

So how quickly it converts, I think these things typically take close to a year to convert. So I'm not going to go and speculate on when it will convert, but -- or if it will convert, but we do see this as an important beachhead for us.

至於轉換速度，我認為這類事情通常接近一年才會轉換。所以我不會去推測它何時會轉換——甚至是否會轉換——但我們確實把這視為對我們很重要的一個灘頭堡（beachhead）。

Okay. And then in terms of your CapEx, you -- just -- Adnan, I wonder if you -- I didn't catch all of that. Did you say that you sort of felt that the run rate we're seeing for Q2 is going to be the average for the year? Is that --

好的。那再談到你們的資本支出（CapEx），你——就是——Adnan，我想問一下，我剛剛沒有完全聽清楚。你是說你們覺得我們在第二季看到的支出水準，會是今年的平均水準嗎？是這個意思嗎--

Yes. Let me clarify that. So two comments, two parts. One, that we expect for Q3 and Q4, the CapEx to incrementally be higher compared to where it was for Q2. And then you look at the whole year CapEx and just look at an average quarterly amount, the math would say it's similar to where we were in Q2 of this year. So net-net, spending a little bit more.

是的。我澄清一下。所以兩點、兩個部分。第一，我們預期第三季和第四季的資本支出會比第二季逐步提高。然後如果你看全年 CapEx，把它換算成平均每季金額，數學上會顯示它和今年第二季的水準差不多。所以總體而言（net-net），支出會多一點。

But I think the key thing to take away is, look, with the strength of bookings, with the strength in the business, even with this CapEx, we are looking to grow cash from the levels of Q2. So that's something we feel good about.

但我認為要帶走的重點是：你看，憑藉訂單（bookings）的強勁、業務的強勁，即使有這些 CapEx，我們仍預期現金會從第二季的水準往上成長。所以這是我們感到很有信心的一點。

Christian Schwab, Craig-Hallum.

Christian Schwab，Craig-Hallum。

It's Ben Taxdahl on for Christian here. A lot of my questions were answered, but just one on the eProbe business. We're on target to hit [6] this year, it seems like. Is there -- what's the visibility looking like into '27? And could we ship another 6? Or how can I kind of think about that?

我是 Ben Taxdahl，代 Christian 發問。我大部分的問題都已經被回答了，但還有一個關於 eProbe 業務的問題。看起來我們今年有望達到 [6]（6 台/6 套）這個目標。那對於 2027 年的能見度如何？我們是否還能再出貨另外 6 台？或者我該怎麼思考這件事？

Yes. Well, it's a little -- I mean, we are having dialogues with customers about that now, Ben. I don't know that we're ready to go and communicate what we think 2027 would look like. We have been working with our supply chain to both optimize time that it takes to bring things out, so we have more flexibility. Capacity, we feel pretty good about. We think that they're able to build at a level higher than this. So we feel like we're not limited from a capacity standpoint yet.

是的。嗯，這有點——我的意思是，我們現在正和客戶就此進行對話，Ben。我不確定我們是否已準備好對外溝通我們認為 2027 年會是什麼樣子。我們一直在與供應鏈合作，去優化把產品交付出來所需的時間，讓我們有更大的彈性。就產能而言，我們感覺相當不錯。我們認為他們能夠在高於目前的水準進行生產。所以我們覺得從產能角度來看，我們目前還沒有受到限制。

And a little bit on supply, the biggest issue has just been around timeline and supply chain, as we alluded to costs, particularly around the computing element of the solution, keep going up on the computing side. So we're doing some things there around how do we drive our cost to be a little bit more effective given where memory prices are going and other things like that.

而在供應方面，最大的問題主要在時程與供應鏈上；另外我們也提到成本，特別是解決方案中的運算（computing）元件，運算端的成本仍在上升。因此，我們正在做一些事情，思考在記憶體價格走勢以及其他因素之下，如何讓我們的成本結構更具效率。

So hopefully, by later this year, we'll be able to communicate our targets for 2027 in terms of what we think production will be. But there's potential that we could produce more if we needed to. But for sure, there's the leverage there.

所以希望在今年稍晚，我們能夠溝通我們對 2027 年的目標，也就是我們認為產量會是多少。但如果有需要，我們確實有可能生產更多。但可以確定的是，那裡存在槓桿空間。

(Operator Instructions) At this time, there are no more questions.

(接線員指示) 目前沒有更多問題。

Ladies and gentlemen, this concludes the program. Thank you for joining us on today's call. You may now disconnect.

各位女士、先生，本次會議到此結束。感謝各位參與今天的電話會議。您現在可以掛線。