Penguin Solutions Inc (PENG) 2026 Q1 法說會逐字稿

Ladies and gentlemen, thank you for joining us, and welcome to the Penguin Solutions first quarter fiscal year 2026 financial results call. (Operator Instructions)

女士們、先生們，感謝各位的到來，歡迎參加 Penguin Solutions 2026 財年第一季財務業績電話會議。（操作說明）

I will now hand the conference over to Suzanne Schmidt with Investor Relations. Please go ahead.

現在我將把會議交給投資者關係部門的蘇珊娜·施密特。請繼續。

Thank you, operator. Good afternoon and thank you for joining us on today's earnings conference call and webcast to discuss Penguin Solutions first quarter fiscal 2026 results.

謝謝接線生。下午好，感謝各位參加今天的財報電話會議和網路直播，共同探討 Penguin Solutions 2026 財年第一季業績。

On the call today are Mark Adams, Chief Executive Officer; and Nate Olmstead, Chief Financial Officer. You can find the accompanying slide presentation and press release for this call on the Investor Relations section of our website. We encourage you to go to the site throughout the quarter for the most current information on the company. I would also like to remind everyone to read the note on the use of forward-looking statements that is included in the press release and the earnings call presentation.

今天參加電話會議的有執行長馬克·亞當斯和財務長內特·奧姆斯特德。您可以在我們網站的投資者關係版塊找到本次電話會議的配套幻燈片簡報和新聞稿。我們鼓勵您在本季內定期造訪公司網站，以獲取公司最新資訊。我還要提醒大家閱讀新聞稿和財報電話會議簡報中包含的關於使用前瞻性陳述的說明。

Please note that during this conference call, the company will make projections and forward-looking statements, including, but not limited to, statements about the company's growth trajectory and financial outlook, business plans and strategy, market demand and shifts, strategic agreements and existing and potential collaborations.

請注意，在本次電話會議期間，公司將做出預測和前瞻性聲明，包括但不限於有關公司成長軌跡和財務前景、業務計劃和戰略、市場需求和變化、戰略協議以及現有和潛在合作的聲明。

Forward-looking statements are based on current beliefs and assumptions, are not guarantees of future performance and are subject to risks and uncertainties, including, without limitation, the risks and uncertainties reflected in the press release and the earnings call presentation filed today as well as in the company's most recent annual and quarterly reports.

前瞻性陳述基於當前的信念和假設，並非對未來業績的保證，並且存在風險和不確定性，包括但不限於今天提交的新聞稿和盈利電話會議演示文稿以及公司最近的年度和季度報告中反映的風險和不確定性。

The forward-looking statements are representative only as of the date they are made, and except as required by applicable law, we assume no responsibility to publicly update or revise any forward-looking statements. We will also discuss both GAAP and non-GAAP financial measures. Non-GAAP measures should not be considered in isolation from, as a substitute for or superior to our GAAP results. We encourage you to consider all measures when analyzing our performance. A reconciliation of the GAAP to non-GAAP measures is included in today's press release and accompanying slide presentation.

前瞻性陳述僅代表其作出之日的觀點，除適用法律要求外，我們不承擔公開更新或修改任何前瞻性陳述的責任。我們也將討論GAAP和非GAAP財務指標。非GAAP指標不應與我們的GAAP結果割裂看待，也不應被視為GAAP結果的替代品或優於GAAP結果。我們鼓勵您在分析我們的績效時考慮所有指標。今天的新聞稿和隨附的幻燈片簡報中包含了 GAAP 與非 GAAP 指標的調整表。

And with that, let me now turn the call over to Mark Adams, CEO. Mark?

接下來，我將把電話交給執行長馬克·亞當斯。標記？

Thank you, Suzanne. We hope you all have a nice holiday season and appreciate your attending our first quarter fiscal 2026 earnings call. We are happy with our Q1 results. On our last call, we mentioned some headwinds we anticipated in the first half of our fiscal year.

謝謝你，蘇珊娜。祝大家假期愉快，感謝各位參加我們 2026 財年第一季財報電話會議。我們對第一季的業績感到滿意。在上次電話會議上，我們提到了我們預計在本財年上半年會遇到的一些不利因素。

Despite these challenges, revenue came in at $343 million in Q1, up 2% sequentially and 1% year-over-year. We view this as significant as we were able to perform well in the first quarter despite not recognizing any hyperscale hardware revenue, which had been a meaningful contributor in the prior year period. Non-GAAP gross margins were 30%, which compares favorably to the midpoint of our full year outlook, reflecting favorable mix and execution in the quarter.

儘管面臨這些挑戰，第一季營收仍達 3.43 億美元，季增 2%，年增 1%。我們認為這意義重大，因為儘管我們沒有確認任何超大規模硬體收入（而這在去年同期曾是一個重要的貢獻者），但我們在第一季度仍然取得了良好的業績。非GAAP毛利率為30%，高於我們全年預期的中位數，反映出本季產品組合和執行良好。

As a reminder, our full year outlook incorporates expected variability across the year. Non-GAAP operating income was $42 million, up 1% year-over-year, which led to non-GAAP diluted earnings per share of $0.49. We continue to see indications of a broader market shift from hyperscaler deployments and early corporate pilot programs toward wider enterprise adoption and more production scale implementations.

再次提醒，我們的全年展望已考慮了全年可能出現的波動。非GAAP營業收入為4,200萬美元，較去年成長1%，非GAAP稀釋後每股盈餘為0.49美元。我們持續看到市場從超大規模部署和早期企業試點專案轉變為更廣泛的企業和更大規模的生產部署的跡象。

Within this broader transition, there are early signs that some workloads are evolving from training-centric environments toward inference-oriented use cases as organizations operationalize AI across the enterprise. As AI systems move into full production, enterprises are increasingly focused on performance, reliability, bandwidth and overall system efficiency, areas where Penguin's ability to design tailored systems can help customers address their specific workload requirements.

在這更廣泛的轉變過程中，已有早期跡象表明，隨著各組織在整個企業範圍內實施人工智慧，一些工作負載正在從以訓練為中心的環境向以推理為導向的用例演變。隨著人工智慧系統全面投入生產，企業越來越專注於效能、可靠性、頻寬和整體系統效率，而 Penguin 設計客製化系統的能力可以幫助客戶滿足其特定的工作負載需求。

We believe enterprises are looking for partners who can deliver complete production-ready platforms spanning infrastructure, software orchestration, and advanced AI tooling supported with deep technical expertise.

我們相信，企業正在尋找能夠提供涵蓋基礎設施、軟體編排和高級 AI 工具的完整生產就緒平台，並擁有深厚技術專長的合作夥伴。

Penguin Solutions brings over 25 years of experience in this arena, starting in high-performance computing, or HPC, and expanding in the last five years to include large-scale AI factory build-outs. This expertise enables us to design, build, deploy and manage complex infrastructure solutions that align with the needs of our enterprise customers.

Penguin Solutions 在該領域擁有超過 25 年的經驗，最初從事高效能運算 (HPC)，並在過去五年中擴展到包括大規模 AI 工廠建設。憑藉這項專業技術，我們能夠設計、建置、部署和管理符合企業客戶需求的複雜基礎架構解決方案。

During the transformation of our company into a leading provider of infrastructure solutions, we have communicated the challenges we faced from having a lumpy revenue model with customer concentration. Our fiscal year 2026 guidance was developed with our ongoing focus on new business development and customer diversification in mind, while recognizing that the timing of new customer deployments can vary. We are encouraged by the customer diversification progress we are making and we'll share additional detail later in the call.

在公司轉型成為領先的基礎設施解決方案提供者的過程中，我們曾溝通過因收入模式不穩定和客戶集中而面臨的挑戰。我們在製定 2026 財年業績指引時，始終將重點放在新業務開發和客戶多元化上，同時也認識到新客戶部署的時間可能會有所不同。我們對客戶多元化方面取得的進展感到鼓舞，稍後將在電話會議中分享更多細節。

Let me now speak to the performance of each of our lines of business. Our Advanced Computing business achieved revenue of $151 million, up 9% compared to last quarter. We had several customer bookings in Q1, including two new Penguin customers, one in the defense sector and another in the education and research sector.

現在讓我來談談我們各個業務線的業績。我們的先進計算業務實現了 1.51 億美元的收入，比上一季成長了 9%。第一季我們獲得了幾筆客戶訂單，其中包括兩筆新的 Penguin 客戶訂單，一筆來自國防領域，另一筆來自教育和研究領域。

In addition, we continue to see our pipeline expand into new customer opportunities in the financial services, oil and gas, telecommunications, manufacturing and education sectors. We are also currently engaged in a number of discussions with sovereign cloud customers outside the US regarding potential large-scale AI deployments. This increase in sovereign AI opportunities internationally reinforces the need for Penguin's rapid deployment solutions and services, which enable faster time to production and thus enable a quicker return on AI capital investments.

此外，我們看到我們的業務管道不斷拓展，在金融服務、石油和天然氣、電信、製造業和教育等領域獲得了新的客戶機會。我們目前也正在與美國以外的一些主權雲端客戶就潛在的大規模人工智慧部署進行討論。國際上主權人工智慧機會的增加，進一步凸顯了對 Penguin 快速部署解決方案和服務的需求，這些解決方案和服務能夠加快產品投入生產的速度，從而加快人工智慧資本投資的回報。

As customers evaluate the transition from proof-of-concept initiatives to larger production deployments, we believe the complexity of these environments underscores the need for a trusted partner with deep technical expertise across multiple technology domains, combined with proven experiences integrating in an array of technology building blocks to deliver high-performing and highly reliable AI infrastructure.

當客戶評估從概念驗證計劃過渡到更大規模的生產部署時，我們認為這些環境的複雜性凸顯了對值得信賴的合作夥伴的需要，該合作夥伴需具備跨多個技術領域的深厚技術專長，並擁有將各種技術構建模組集成到其中的成熟經驗，以提供高性能和高度可靠的 AI 基礎設施。

In support of this need, we have recently launched the Penguin Solutions rapid development workshop program, which brings together our architecture leaders, software developers, managed service team members and supply chain experts to help potential customers better understand and plan for the complexity of implementing AI at scale. Penguin's design, build, deploy and manage framework is a proven methodology for high-performing, high-reliability AI factory deployments.

為了滿足這一需求，我們最近推出了 Penguin Solutions 快速開發研討會計劃，該計劃匯集了我們的架構領導者、軟體開發人員、託管服務團隊成員和供應鏈專家，以幫助潛在客戶更好地了解和規劃大規模實施 AI 的複雜性。Penguin 的設計、建置、部署和管理框架是一種經過驗證的高效能、高可靠性 AI 工廠部署方法。

Penguin's decades of experience in complex large data center installations is at the heart of what differentiates us from many of our hardware-centric competitors. The combination of our architectural design know-how, our ICE ClusterWare software platform and our managed services offerings reinforces Penguin Solutions role as a valued partner in helping our customers manage the complexity of AI.

Penguin 在複雜的大型資料中心安裝方面擁有數十年的經驗，這正是我們與許多以硬體為中心的競爭對手區分開來的核心所在。我們的架構設計專業知識、ICE ClusterWare 軟體平台和託管服務產品相結合，鞏固了 Penguin Solutions 作為重要合作夥伴的地位，幫助我們的客戶管理人工智慧的複雜性。

Our Integrated Memory business recorded $137 million of revenue in Q1, up 3% compared to the prior quarter and up 41% compared to Q1 2025. As we head into our second quarter, demand signals for our memory portfolio are strong across our networking, telecommunications and computing customers.

我們的整合式記憶體業務在第一季錄得 1.37 億美元的收入，比上一季成長 3%，比 2025 年第一季成長 41%。進入第二季度，我們來自網路、電信和計算行業的客戶對我們記憶體產品組合的需求訊號強勁。

One of the key performance challenges in implementing AI across both training and inference workloads is the limitation of GPU and CPU memory bandwidth. We have been an early developer of Compute Express Link or CXL solutions, which provide an open standard interconnect for high-speed, high-capacity GPU and CPU to device and GPU and CPU to memory connections designed for high-performance data center systems, including those built for AI computing. We are currently shipping early production units through our OEM partners while continuing to expand end-user qualification efforts.

在訓練和推理工作負載中實現人工智慧的關鍵效能挑戰之一是 GPU 和 CPU 記憶體頻寬的限制。我們一直是 Compute Express Link (CXL) 解決方案的早期開發者，該解決方案為高速、高容量的 GPU 和 CPU 到設備以及 GPU 和 CPU 到內存連接提供開放標準互連，專為高效能資料中心系統（包括為 AI 計算而構建的系統）而設計。我們目前正在透過我們的 OEM 合作夥伴交付早期生產單元，同時繼續擴大最終用戶認證工作。

Looking ahead, future versions of CXL are expected to emphasize memory pooling, enabling blocks of memory to be dynamically allocated to specific system resources. In parallel, we continue to invest in the design of our optical memory appliance or OMA in collaboration with key technology partners, leveraging a photonic transport layer to further increase the performance of GPU, CPU and memory interconnects.

展望未來，CXL 的未來版本預計將著重於記憶體池化，使記憶體區塊能夠動態地分配給特定的系統資源。同時，我們繼續與主要技術合作夥伴合作，投資光儲存設備（OMA）的設計，利用光子傳輸層進一步提高GPU、CPU和記憶體互連的效能。

We are seeing increasing memory demand as customers are looking for unique custom solutions to address their needs in supporting AI workloads. Beyond the core customer migration to DDR5 technology, our customers are evaluating how to best utilize memory to optimize the performance of their AI compute needs.

隨著客戶尋求獨特的客製化解決方案來滿足其在支援人工智慧工作負載方面的需求，我們看到記憶體需求不斷增長。除了核心客戶遷移到 DDR5 技術之外，我們的客戶還在評估如何最好地利用記憶體來優化其 AI 運算需求的效能。

In addition to our legacy OEM customers, we are seeing sales growth in direct-to-enterprise customer engagements and in large hyperscale customers. We believe that our over 30 years of developing specialty memory products originally under the SMART Modular brand for large Fortune 500 customers has positioned us well to capitalize on a new wave of higher performing and higher reliability memory for the AI era. We believe we are well positioned for future growth, leveraging our early investments in new technology to expand our addressable market.

除了我們傳統的 OEM 客戶之外，我們還看到直接面向企業客戶和大型超大規模客戶的銷售成長。我們相信，我們30多年來一直致力於為財富500強大型客戶開發SMART Modular品牌的專用記憶體產品，這使我們能夠很好地掌握人工智慧時代高性能、高可靠性內存的新浪潮。我們相信，憑藉早期對新技術的投資，我們已做好充分準備迎接未來的成長，並擴大我們的目標市場。

The Optimized LED business operating under the Cree LED brand generated revenue of $55 million in the first quarter, down 18% sequentially. We are seeing weak demand in our China business, along with pockets of softness among certain large US OEM customers. We remain focused on driving profitability in our LED business by leveraging our specialty product portfolio, industry-leading intellectual property and capital-light outsourced front-end operating model.

旗下 Cree LED 品牌的優化 LED 業務第一季營收為 5,500 萬美元，季減 18%。我們看到中國市場需求疲軟，同時一些大型美國OEM客戶的需求也出現疲軟跡象。我們將繼續專注於透過利用我們的專業產品組合、業界領先的智慧財產權和輕資本外包前端營運模式來提高 LED 業務的獲利能力。

Despite the top line revenue headwind, operating income was $3.5 million, representing an increase of 24% sequentially. As part of our transition from a holding company to an AI solutions provider, we continue to streamline our corporate structure.

儘管營收成長面臨不利因素，但營業收入仍達 350 萬美元，較上季成長 24%。作為我們從控股公司轉型為人工智慧解決方案提供者的一部分，我們將繼續精簡公司結構。

To that end, in late December, we signed an agreement to sell our remaining 19% stake in Zilia Technologies, formerly SMART Modular Brazil for $46 million. We expect this transaction to close in our third quarter of fiscal 2026.

為此，我們在 12 月下旬簽署了一項協議，以 4,600 萬美元的價格出售我們在 Zilia Technologies（前身為 SMART Modular Brazil）的剩餘 19% 股份。我們預計這筆交易將於 2026 財年第三季完成。

As we look forward, we remain focused on strengthening our partnerships with ecosystem partners such as NVIDIA, AMD, and CDW. As the volume of corporate deployments accelerates, Penguin Solutions can provide our white glove design and implementation services to support our customer success. We are also customizing our ICE ClusterWare platform to be compatible with other open source industry software products, enabling a more robust infrastructure solution for managing large AI deployments at scale.

展望未來，我們將繼續專注於加強與 NVIDIA、AMD 和 CDW 等生態系統合作夥伴的合作關係。隨著企業部署規模的加快，Penguin Solutions 可以提供我們一流的設計和實施服務，以支援客戶取得成功。我們也正在對 ICE ClusterWare 平台進行客製化，使其與其他開源產業軟體產品相容，從而為大規模管理大型 AI 部署提供更強大的基礎設施解決方案。

We believe that the combination of our investments in technologies such as inference systems level products, memory advancements, and our ICE software, together with our trusted design and managed services capabilities, positions Penguin Solutions as an ideal partner to help customers manage the complexity associated with implementing AI infrastructure.

我們相信，我們在推理系統級產品、記憶體技術進步以及我們的 ICE 軟體等方面的投資，加上我們值得信賴的設計和管理服務能力，使 Penguin Solutions 成為幫助客戶管理實施 AI 基礎設施相關複雜性的理想合作夥伴。

With a strong balance sheet, a growing customer base, continued investments in differentiated solutions and an experienced team that helps customers design, build, deploy and manage AI environments at scale, we remain confident in our position for long-term future success.

憑藉強勁的資產負債表、不斷成長的客戶群、對差異化解決方案的持續投資以及幫助客戶大規模設計、建置、部署和管理人工智慧環境的經驗豐富的團隊，我們對未來的長期成功充滿信心。

Let me stop now and hand the call to Nate for a more detailed review of our financial performance. Nate?

我現在就此打住，把電話交給內特，讓他對我們的財務表現做更詳細的分析。內特？

Thanks, Mark. I will focus my remarks on our non-GAAP results, which are reconciled to GAAP in our earnings release tables and in the Investor Relations materials available on our website. Now let me turn to our first quarter results. In the quarter, total Penguin Solutions net sales were $343 million, up 1% year-over-year.

謝謝你，馬克。我將重點介紹我們的非GAAP業績，這些業績已在我們的收益發布表格和我們網站上提供的投資者關係資料中與GAAP進行了核對。現在讓我來看看我們第一季的業績。本季度，Penguin Solutions 的總淨銷售額為 3.43 億美元，年增 1%。

Non-GAAP gross margin came in at 30%, which was down 0.8 percentage points versus Q1 last year. Non-GAAP operating margin was 12.1%, up 0.1 percentage points versus last year, and non-GAAP diluted earnings per share were $0.49, flat year-over-year. In the first quarter of fiscal 2026, our overall services net sales totaled $65 million, down 9% versus the prior year. Product net sales were $279 million in the quarter, up 3% versus the prior year.

非GAAP毛利率為30%，較去年第一季下降了0.8個百分點。非GAAP營業利益率為12.1%，較去年成長0.1個百分點；非GAAP稀釋後每股盈餘為0.49美元，與去年持平。2026 財年第一季度，我們的整體服務淨銷售額為 6,500 萬美元，比上年同期下降 9%。本季產品淨銷售額為 2.79 億美元，較上年同期成長 3%。

Net sales by business segment were as follows: In Advanced Computing, Q1 net sales were $151 million, which was 44% of total company net sales and down 15% year-over-year. This sales decline reflects both the wind down of our Penguin Edge business and hyperscale hardware sales in Q1 last year, which did not recur in Q1 this year.

各業務部門的淨銷售額如下：在高階計算領域，第一季淨銷售額為 1.51 億美元，占公司總淨銷售額的 44%，較去年同期下降 15%。此次銷售下降反映了去年第一季 Penguin Edge 業務和超大規模硬體銷售的逐步停止，而這些情況在今年第一季並未重現。

Q1 2026 advanced computing net sales, excluding Penguin Edge and hyperscale hardware net sales grew 52% year-over-year. In Integrated Memory, Q1 net sales were $137 million, which was 40% of total company net sales and up 41% year-over-year. And in Optimized LED, Q1 net sales were $55 million, which was 16% of total company net sales and down 18% year-over-year.

2026 年第一季優先計算淨銷售額（不包括 Penguin Edge 和超大規模硬體淨銷售額）年增 52%。在整合記憶體業務方面，第一季淨銷售額為 1.37 億美元，占公司總淨銷售額的 40%，較去年同期成長 41%。在優化型 LED 領域，第一季淨銷售額為 5,500 萬美元，占公司總淨銷售額的 16%，較去年同期下降 18%。

Non-GAAP gross margin for Penguin Solutions in the first quarter was 30%, down 0.8 percentage points year-over-year and 0.9 percentage points sequentially, primarily due to the wind down of our high-margin Penguin Edge business, as we described last quarter. Non-GAAP operating expenses for the first quarter were $61 million, down 4% year-over-year and down 6% sequentially. Operating expenses as a percentage of net sales were down both year-over-year and quarter-over-quarter, driven by lower personnel-related expenses as well as lower subcontract services costs following the completion of our US domestication in the fourth quarter of fiscal 2025.

Penguin Solutions 第一季的非 GAAP 毛利率為 30%，年減 0.8 個百分點，環比下降 0.9 個百分點，這主要是由於我們高利潤率的 Penguin Edge 業務逐步停止運營，正如我們上個季度所描述的那樣。第一季非GAAP營運費用為6,100萬美元，年減4%，季減6%。營業費用佔淨銷售額的百分比同比和環比均有所下降，這主要得益於人員相關費用的降低以及在 2025 財年第四季度完成美國本土化後分包服務成本的降低。

Q1 non-GAAP operating income was $42 million, up 1% year-over-year and up 6% versus last quarter. The combination of net sales growth and operating expense management translated into a 0.1 percentage point increase in non-GAAP operating margin versus Q1 last year. This is our sixth consecutive quarter of non-GAAP operating margin expansion year-over-year. Non-GAAP diluted earnings per share for the first quarter were $0.49, flat versus Q1 last year and up 14% versus the prior quarter. Adjusted EBITDA for the first quarter was $45 million, up 1% year-over-year.

第一季非GAAP營業收入為4,200萬美元，較去年同期成長1%，較上季成長6%。淨銷售額成長和營運費用控制相結合，使得非GAAP營業利潤率比去年第一季提高了0.1個百分點。這是我們連續第六個季度實現非GAAP營業利潤率年增。第一季非GAAP稀釋後每股收益為0.49美元，與去年第一季持平，較上一季成長14%。第一季調整後 EBITDA 為 4,500 萬美元，年增 1%。

Turning to balance sheet highlights. For working capital, our net accounts receivable totaled $342 million compared to $276 million a year ago, with the increase driven by higher sales volumes and variations in sales linearity across the quarters. Days sales outstanding came in at 51 days, up from 45 days in the prior year quarter and flat with last quarter.

接下來來看資產負債表的重點內容。就營運資金而言，我們的淨應收帳款總額為 3.42 億美元，而去年同期為 2.76 億美元，成長主要受銷售量增加和各季度銷售線性變化的影響。應收帳款週轉天數為 51 天，高於去年同期的 45 天，與上一季持平。

Inventory totaled $213 million at the end of the first quarter, down from $247 million a year ago due to order and shipment linearity. Days of inventory was 38 days, down from 49 days a year ago and down from 51 days last quarter, primarily due to the timing of receipts and shipments.

第一季末庫存總額為 2.13 億美元，低於去年同期的 2.47 億美元，因為訂單和出貨量保持穩定。庫存週轉天數為 38 天，低於一年前的 49 天和上一季的 51 天，主要原因是收貨和出貨時間的變化。

Accounts payable were $305 million at the end of the quarter, up from $244 million a year ago due primarily to higher sales volumes and the timing of purchases and payments. Days payable outstanding was 55 days compared to 49 days last year and 54 days last quarter. The year-over-year and quarter-over-quarter movements were due to the timing of purchases and payments.

本季末應付帳款為 3.05 億美元，高於去年同期的 2.44 億美元，主要原因是銷售量增加以及採購和付款的時間表。應付帳款週轉天數為 55 天，去年同期為 49 天，上季為 54 天。年比和環比波動是由於採購和付款的時間表造成的。

Our cash conversion cycle was 35 days, a decrease of 11 days compared to Q1 last year and down 14 days versus last quarter due to faster inventory turns resulting from materials shipped during the quarter and the timing of purchases and payments. Consistent with past practice, days sales outstanding, days payables outstanding and inventory days are calculated on a gross sales and gross cost of goods sold basis, which were $605 million and $509 million, respectively, in the first quarter.

我們的現金週轉週期為 35 天，比去年第一季減少了 11 天，比上一季減少了 14 天，這是由於本季度發貨的物料以及採購和付款的時間安排加快了庫存週轉速度。與以往做法一致，應收帳款週轉天數、應付帳款週轉天數和存貨週轉天數均以銷售總額和銷售成本總額計算，第一季分別為 6.05 億美元和 5.09 億美元。

As a reminder, the difference between gross and net sales is primarily related to our memory businesses, logistics services, which are accounted for on an agent basis, meaning that we only recognize the net profit on logistics services as net sales. Cash, cash equivalents and short-term investments totaled $461 million at the end of the first quarter, up $68 million from Q1 last year and up $8 million sequentially.

需要提醒的是，毛銷售額和淨銷售額之間的差異主要與我們的儲存業務和物流服務有關，這些業務是按代理方式核算的，這意味著我們只將物流服務的淨利潤確認為淨銷售額。截至第一季末，現金、現金等價物和短期投資總額為 4.61 億美元，比去年第一季增加 6,800 萬美元，比上一季增加 800 萬美元。

The year-over-year fluctuation was primarily due to free cash flow generated by the business over the past year. First quarter cash flows provided by operating activities increased by 125% to $31 million compared to $14 million provided by operating activities in Q1 of last year. The increased cash flow in the quarter versus last year was due primarily to lower investments in net working capital.

同比波動主要是由於過去一年公司產生的自由現金流造成的。第一季經營活動產生的現金流量成長了 125%，達到 3,100 萬美元，而去年同期經營活動產生的現金流量為 1,400 萬美元。本季現金流較去年同期增加，主要原因是淨營運資本投資減少。

We spent $15 million to repurchase approximately 791,000 shares in the first quarter under our stock repurchase program. As of November 28, 2025, an aggregate of $96.5 million remained available for the repurchase of our common stock under the current authorizations. For those of you tracking capital expenditures and depreciation, capital expenditures were $3 million in the quarter and depreciation was $5 million for the quarter.

第一季度，我們根據股票回購計畫花了 1,500 萬美元回購了約 79.1 萬股股票。截至 2025 年 11 月 28 日，根據目前的授權，我們仍有總計 9,650 萬美元可用於回購普通股。對於那些關注資本支出和折舊的人來說，本季資本支出為 300 萬美元，本季折舊為 500 萬美元。

And now turning to our outlook. Given our solid Q1 performance, we are pleased to confirm our full company net sales and non-GAAP diluted EPS outlook for the year, which at the midpoint calls for 6% net sales growth and $2 of non-GAAP diluted EPS.

現在讓我們展望一下未來。鑑於我們第一季的穩健業績，我們很高興確認我們對全年公司淨銷售額和非GAAP稀釋後每股收益的預期，其中值預計淨銷售額增長6%，非GAAP稀釋後每股收益增長2美元。

Consistent with the outlook we provided last quarter, our full year outlook assumes that we will continue to diversify our customer sales mix and does not include any advanced computing hardware sales to hyperscale customers.

與上季提供的展望一致，我們的全年展望假設我們將繼續實現客戶銷售組合的多元化，並且不包括向超大規模客戶銷售任何先進運算硬體。

And also consistent with our assumptions from last quarter, our FY26 financial outlook reflects the wind down of our high-margin Penguin Edge business. We expect sales from this business to essentially cease by the end of fiscal 2026. The combined effect of these two assumptions in our FY26 outlook remains approximately a 14 percentage point unfavorable year-over-year impact to our total company net sales growth and approximately a 30 percentage point unfavorable impact to advanced computing.

此外，與我們上季度的假設一致，我們的 2026 財年財務展望反映了我們高利潤率的 Penguin Edge 業務的逐步退出。我們預計到 2026 財年末，該業務的銷售額將基本停止。這兩個假設對我們 2026 財年的展望綜合起來，將對公司整體淨銷售成長產生約 14 個百分點的不利影響，對先進計算業務產生約 30 個百分點的不利影響。

Regarding sales linearity during the year and consistent with our commentary last quarter, we continue to expect second half sales to be stronger than first half sales. At the midpoint of our full year net sales outlook, we expect approximately 53% to 54% of total company net sales to come in the second half of the year as AI opportunities currently in our pipeline are assumed to book and ship in the second half.

關於全年的銷售線性成長，與我們上季度的評論一致，我們仍然預計下半年的銷售額將強於上半年的銷售額。在我們全年淨銷售額預測的中點，我們預計公司總淨銷售額的約 53% 至 54% 將在下半年實現，因為我們目前在銷售管道中的 AI 機會預計將在下半年完成預訂和交付。

With that said, our full year net sales outlook reflects the following full year growth ranges by segment. For Advanced Computing, we continue to expect full year net sales to change between minus 15% and plus 15% year-over-year. As it has previously, this outlook reflects the Penguin Edge and hyperscale hardware sales impacts mentioned earlier.

綜上所述，我們的全年淨銷售額展望反映了以下各細分市場的全年成長範圍。對於高階運算業務，我們仍然預計全年淨銷售額將年減 15% 至成長 15%。與之前一樣，這項展望反映了前面提到的 Penguin Edge 和超大規模硬體銷售的影響。

For memory, we now expect net sales to grow between 20% and 35% year-over-year. And for LED, we now expect net sales to decline between minus 15% and minus 5% year-over-year. Our non-GAAP gross margin outlook for the full year is now 29%, plus or minus 1 percentage point. We adjusted our gross margin outlook down by 50 basis points to account for a higher mix of memory sales, which have a lower gross margin than our company average.

對於記憶體業務，我們現在預計淨銷售額將年增 20% 至 35%。至於 LED，我們現在預計淨銷售額將年減 5% 至 15%。我們對全年的非GAAP毛利率預期為29%，上下浮動1個百分點。我們將毛利率預期下調了 50 個基點，以反映記憶體銷售佔比上升，而記憶體的毛利率低於公司平均值。

For non-GAAP operating expenses, we now expect a full year total of $250 million, plus or minus $10 million. For non-GAAP full year diluted earnings per share, we still expect approximately $2, plus or minus $0.25. Our FY26 non-GAAP diluted share count is still expected to be approximately 55 million shares, and our FY26 non-GAAP tax rate is still forecasted to be 22%.

對於非GAAP營運費用，我們現在預計全年總額為2.5億美元，上下浮動1000萬美元。對於非GAAP全年稀釋後每股收益，我們仍然預計約為2美元，上下浮動0.25美元。我們預計2026財年非GAAP稀釋後股份數量仍約為5,500萬股，2026財年非GAAP稅率仍預計為22%。

While we expect to use this normalized non-GAAP tax rate throughout FY26 and beyond, the long-term non-GAAP tax rate may be subject to changes for a variety of reasons, including the rapidly evolving global and US tax environment, significant changes in our geographic earnings mix or changes to our strategy or business operations.

雖然我們預計在 2026 財年及以後將使用此標準化的非 GAAP 稅率，但長期非 GAAP 稅率可能會因各種原因而發生變化，包括快速變化的全球和美國稅收環境、我們地域收益結構的重大變化或我們的策略或業務運營的變化。

Our outlook for fiscal year 2026 is based on the current environment, which contemplates, among other things, the global macroeconomic environment and ongoing supply chain constraints, especially as they relate to our Advanced Computing and Integrated Memory businesses. This includes extended lead times for certain components that are incorporated into our overall solutions impacting how quickly we can ramp existing and new customer projects and fulfill customer orders.

我們對 2026 財年的展望是基於當前的環境，其中考慮了全球宏觀經濟環境和持續的供應鏈限制等因素，特別是與我們的先進計算和整合記憶體業務相關的因素。這包括我們整體解決方案中某些組件的交付週期延長，這會影響我們加快現有和新客戶專案進度以及完成客戶訂單的速度。

Overall, we believe our focused execution, disciplined expense management and balance sheet strength provide a strong foundation for sustained profitable growth. We expect these qualities to support our continued progress as we pursue opportunities to enhance long-term shareholder value.

總而言之，我們相信，我們專注的執行、嚴格的費用管理和穩健的資產負債表為持續獲利成長奠定了堅實的基礎。我們期望這些特質能支持我們持續進步，同時尋求提升股東長期價值的機會。

Please refer to the non-GAAP financial information section and the reconciliation of GAAP to non-GAAP measures tables in our earnings release and the investor materials on our website for further details.

有關更多詳細信息，請參閱我們盈利報告和網站上投資者資料中的非GAAP財務資訊部分以及GAAP與非GAAP指標的調節表。

With that, operator, we are ready for Q&A.

操作員，好了，我們準備進入問答環節。

(Operator Instructions) Brian Chin, Stifel.

（操作說明）Brian Chin，Stifel。

A few questions. Maybe just first with the maintaining the outlook, although changing the components a little bit. Firstly, first half -- fiscal first half versus fiscal second half guidance, I guess does that suggest that the February quarter revenue is down maybe low to mid-single digits? And kind of which of the segments is driving that sequential decline? And then also for the full year, raising the memory revenue growth to 20% to 35% year-over-year.

幾個問題。或許可以先保持整體外觀不變，稍微改變一下組成。首先，關於上半年——即上財年與下財年預期相比，我猜這是否意味著2月份季度的收入可能會下降個位數百分比？那麼，究竟是哪個細分市場導致了這種連續下滑呢？此外，全年記憶體收入年增率也提高到 20% 至 35%。

But certainly, pricing should be a favorable tailwind. Curious if there are any kind of challenges or constraints shipping product given sort of how constrained some of the memory wafer supply is at the moment?

但可以肯定的是，價格因素應該會是有利的推動因素。鑑於目前部分儲存晶圓供應較為緊張，我想知道產品出貨過程中是否有任何挑戰或限制？

Hey, Brian, thanks for the question. I'll take the first end of it, and then I'll hand it over to Nate. There's two implications to the kind of forward-looking assumptions. To speak to the memory one, we continue to do a fairly good job navigating the supply constraints you're alluding to, and that allowed us to think through kind of how that business should perform going forward. And so we haven't seen anything material impacting that business and which allowed us to kind of get more granularity on the forward-looking projection, so to speak.

嘿，布萊恩，謝謝你的提問。我先拿它的一端，然後把它交給內特。這種前瞻性假設有兩個意義。關於記憶體方面，我們繼續在應對您提到的供應限制方面做得相當不錯，這使我們能夠思考這項業務未來應該如何發展。因此，我們沒有看到任何實質因素影響到這項業務，這使我們能夠更細緻地進行前瞻性預測。

On the Advanced Computing piece, and we'll talk about some of this through the call. But when we're winning these new customers, there's a process of kind of getting the award. And then since they're new customers, in many cases, we have to negotiate a master agreement, and then from there that gets converted into a purchase order. There's just more timing involved in new customers.

關於高級計算部分，我們將在通話中討論其中的一些內容。但是，當我們贏得這些新客戶時，需要一個獲得獎勵的過程。而且由於他們是新客戶，在許多情況下，我們必須協商一份總協議，然後才能將其轉換為採購訂單。對新客戶來說，時機把握得更準一些。

Now the exciting news is we are winning more new customers, but the predictability gets a little bit tougher for us in a given quarter, so to speak. And that's where, I guess, we're a little bit more cautious. I would say just -- we talked about an award with a major financial institution last quarter. I'm happy to announce that we've signed that agreement, and we expect the PO here shortly this week or worst case next.

現在令人興奮的消息是，我們正在贏得更多的新客戶，但從某種意義上說，在特定季度內，我們的預測難度也隨之增加。我想，正因如此，我們才會更加謹慎。我想說的是──我們上個季度和一家大型金融機構談過一個獎項。我很高興地宣布，我們已經簽署了該協議，預計採購訂單將於本週內送達，最遲下週送達。

I can also tell you that we have the same -- we have a major new oil and gas customer that we've also signed a master agreement with and expecting a PO in here shortly as in the next week or so. And so as we go through that, the timing of then getting the POs in the system and then going out and sourcing components and staging the equipment, all of that becomes just tougher for a first-time customer in the model. And that's where you may sense a little bit of caution as we think about our Q2 and even back half guidance to when things will hit.

我還可以告訴你們，我們也有同樣的情況——我們新來了一位重要的石油和天然氣客戶，我們已經和他簽署了一份主協議，預計很快就會收到採購訂單，大概就在下週左右。因此，隨著流程的推進，從系統中取得採購訂單，到採購組件和準備設備，所有這些對於該模式下的首次客戶來說都變得更加困難。因此，在展望第二季乃至下半年業績時，您可能會感受到我們略顯謹慎的態度，因為我們知道何時才能實現預期目標。

Nate?

內特？

Yeah. I mean I would say when you think about the full year outlook, obviously, the most significant changes would be memory looking a little bit stronger, as you alluded to, due to some benefits from pricing primarily, although the overall demand remains very strong and healthy there. But our ability to procure supply is going to be one of the key variables to think about the memory outlook for the full year.

是的。我的意思是，如果你展望全年，顯然，最顯著的變化將是記憶力市場看起來會更強一些，正如你提到的那樣，這主要是由於價格方面的優勢，儘管總體需求仍然非常強勁和健康。但是，我們能否獲得供應將是影響全年記憶體市場前景的關鍵因素之一。

And then LED looks like it's going to be weaker. That was fairly broad-based across the regions in Q1. Q2 is always a little bit softer in LED because of Chinese New Year. So I'd expect some sequential pressure probably in the LED business. I also expect sequentially advanced computing to be down Q1 to Q2, but that's what we expected when we laid things out last quarter. I think Q1 came in right about where we thought. Q2 looks similar to what we thought. And in the back half of the year, we expect some strength due to the -- some of the opportunities we see in the pipeline and bookings that are starting to shape up.

而且LED燈看起來亮度似乎會降低。第一季度，這種情況在各個地區都相當普遍。由於春節的原因，Q2 的 LED 燈光總是會稍微柔和一些。因此，我預期LED產業可能會面臨一些後續的壓力。我還預計，從第一季到第二季度，先進運算能力將有所下降，但這與我們上個季度製定計劃時的預期一致。我認為第一季的結果和我們預想的差不多。第二季的情況和我們預想的差不多。預計下半年業績將有所增長，這得益於一些正在籌備中的機會以及一些開始成形的預訂。

That's great. Maybe just for a quick follow-up. In terms of the pipeline in advanced computing, can you maybe elaborate on how some of your expansive channel partnerships with Dell, CDW, you've got sort of the strategic relationship with SKT. I think you alluded to maybe future cloud opportunities on a sovereign basis, and maybe that's contributing to the potentials for fiscal second half. Maybe can you kind of expand on how some of those partnerships are helping with the pipeline?

那太棒了。或許只是想簡單跟進一下。就先進運算領域的管道而言，您能否詳細說明您與戴爾、CDW 等公司建立的廣泛通路合作夥伴關係，以及您與 SKT 建立的策略合作關係。我認為您暗示了未來可能會有自主雲方面的機遇，這或許有助於提升下半年的業績潛力。您能否詳細說明一下這些合作關係是如何幫助推動專案開發的？

Yeah. I think across the board, most of what you talked about have been fairly exciting for us to engage with and representing a much stronger pipeline for us. I'll try to break it down. In terms of CDW, you had mentioned, our capabilities in kind of the AI factory environment and large-scale deployments is a great addition to CDW's capabilities and competencies. And we've got some good customer opportunities that just in our managed services and software solution set that we can bring to customers that are of large scale.

是的。我認為總的來說，你談到的大部分內容都讓我們感到非常興奮，也代表我們擁有了更強大的發展管道。我試著把它解釋清楚。關於 CDW，正如您所提到的，我們在人工智慧工廠環境和大規模部署方面的能力是對 CDW 能力和競爭力的極大補充。我們有一些很好的客戶機會，僅在我們的託管服務和軟體解決方案組合中，我們就能為大型客戶帶來這些機會。

And they're definitely represented in our pipeline. If you contemplate our relationship with NVIDIA, it continues to get stronger and stronger as the enterprise deployments scale and grow in number, being a services solutions provider for NVIDIA-based AI factories, Penguin is very well positioned there, and we continue to strengthen that partnership. and evaluating how we can bring the best of what we do with NVIDIA to form a strategic solution offering for our customers long term. And so the engagements with NVIDIA continue to strengthen.

他們肯定會出現在我們的產品線中。如果您仔細審視我們與 NVIDIA 的關係，您會發現隨著企業部署規模的擴大和數量的成長，這種關係也不斷加強。作為一家為基於 NVIDIA 的 AI 工廠提供服務解決方案的供應商，Penguin 在該領域佔據著非常有利的地位，我們將繼續加強這種合作關係，並評估如何將我們與 NVIDIA 的優勢結合起來，為我們的客戶打造長期的策略解決方案。因此，與英偉達的合作關係持續加強。

SKT is an exciting partnership, we've talked about on prior calls. There continues to be opportunities with them both in Korea and outside of Korea. And then we've mentioned in my prepared remarks, we've had a couple of -- a few new sovereign cloud opportunities of large scale that are in the pipeline and very exciting just because given the raw investment that is going to go into each of these deployments, we stand to benefit from our involvement. And hopefully, we'll be able to update you on future calls here.

與 SKT 的合作令人振奮，我們之前在電話會議中討論過。無論在韓國境內或境外，他們仍有很多發展機會。然後，正如我在準備好的發言稿中提到的，我們有一些新的、大規模的主權雲機會正在籌備中，這非常令人興奮，因為考慮到每個部署都將投入大量資金，我們的參與將使我們受益。希望我們以後能在這裡向您通報後續的通話情況。

Great. Thanks, Mark. Thanks, Nate.

偉大的。謝謝你，馬克。謝謝你，內特。

Samik Chatterjee, JPMorgan

薩米克·查特吉，摩根大通

Hi, thank you for taking my question. This is MP on behalf of Samik Chatterjee. So, firstly, I wanted to ask about the enterprise engagements, like you have been talking about the shift from hyperscalers towards then enterprises deploying for pilot programs and then towards broader enterprise-wide applications. Can you please help us understand like what exactly are you seeing, which is helping you see clearly mark that trend out? And then other than that, I wanted you to double-click a bit on your diversification efforts.

您好，感謝您回答我的問題。這是議員代表薩米克·查特吉 (Samik Chatterjee) 發言。首先，我想問企業合作方面的問題，就像您一直在談論的那樣，從超大規模企業轉向企業部署試點項目，然後再轉向更廣泛的企業級應用程式。您能否幫我們了解一下您究竟看到了什麼，是什麼讓您能夠清楚地看到並指出這一趨勢？除此之外，我還想請你們在多元化投資方面再加把勁。

Sure. Let me start with your first question. If I look back over the last three or four years, most of the capital expenditure dollars of massive -- of large-scale deployments was in the area of large language model training at large hyperscalers for the most part, okay? I don't want to be universal in saying 100%, but a majority of the spend that we saw was in a very consolidated set of customers.

當然。讓我們先回答你的第一個問題。回顧過去三、四年，大規模部署的大部分資本支出資金主要集中在大型超大規模資料中心的大型語言模式訓練領域，懂嗎？我不想一概而論地說100%，但我們看到的大部分支出都集中在非常集中的客戶群。

And if you want to triangulate that data with what's going on in the market, look at where NVIDIA was selling their GPUs as an example, you'll see that their major customers were consolidated to a few large hyperscale type environments.

如果你想將這些數據與市場現狀進行對比，以 NVIDIA 的 GPU 銷售情況為例，你會發現他們的主要客戶都集中在少數幾個大型超大規模環境中。

We saw the same thing. I'd say over the last 6 to 12 months, we've seen the beginning of an evolution where enterprise opportunities are accelerating in terms of just raw volume of enterprise opportunities. And I would say the capital behind that and the planning for future growth and expansion in our customer relationships in the enterprise back that up. And so it's really been an evolution, a shift from early-stage large language model training to corporate enterprise rollout.

我們也看到了同樣的情況。我認為在過去的 6 到 12 個月裡，我們已經看到了企業機會數量加速成長的趨勢。而且我認為，背後的資金以及我們在企業客戶關係中為未來成長和擴張所做的規劃都支持這一點。因此，這實際上是一個演變過程，從早期的大型語言模型訓練轉向企業級推廣。

And just based on our own pipeline activity, but also just raw market data in terms of where the products are going, we're fairly bullish on the enterprise environment as well we are on these larger sovereign AI deals. The combination of that makes us feel pretty strong on our pipeline development and diversification efforts.

僅根據我們自身的專案進度，以及產品銷往市場的原始數據，我們對企業環境以及這些大型主權人工智慧交易都相當樂觀。綜合以上因素，我們對管道開發和多元化努力充滿信心。

Matthew Calitri, Needham & Company LLC

馬修·卡利特里，尼德姆公司

Great. Hey guys, this is Matt Calitri over at Needham. Last quarter, you noted an inventory increase to support shipments at the start of 1Q FY26. And while inventory declined sequentially, it still remains elevated. How should we think about inventory levels as a leading indicator for future shipments? And how is your visibility into the remainder of the year?

偉大的。大家好，我是 Needham 的 Matt Calitri。上個季度，您提到庫存增加，以支援 2026 財年第一季初的出貨。雖然庫存環比下降，但仍處於高位。我們該如何看待庫存水準作為未來出貨量的領先指標？您對今年剩餘時間的預測如何？

Yes, you're right. Last quarter, we exited the quarter with some inventory. That was both in memory, where the price increases, when the prices go up, you're going to see that reflected in inventory. The cost of the goods goes up. And we also had some shipments in advanced computing, which shipped early this past quarter in Q1.

是的，你說得對。上個季度末，我們還有一些庫存。價格上漲時，庫存也會隨之增加。商品價格上漲了。此外，我們在先進計算領域也有一些產品出貨，這些產品在上個季度初（第一季）就已出貨。

So I think inventory being higher than where it was a year ago is not surprising given that the overall business is larger, especially in memory. It was up 41% year-over-year. But if you look at the inventory days or the inventory turns, they're in a very healthy position. So certainly no concerns there. returning inventory quickly.

考慮到整體業務規模擴大，尤其是記憶體業務，庫存高於一年前並不令人意外。較去年同期成長 41%。但如果你看一下庫存週轉天數或庫存週轉率，你會發現他們的狀況非常健康。所以這方面完全不用擔心，庫存很快就能退到。

Our business model is not one where we're buying really ahead of orders. We're buying to orders rather than to forecast generally. Now in today's constrained memory environment, we'll look for opportunities where we can secure some supply to take some risk off the table, and we have a strong balance sheet that we intend to put to use if the opportunity is out there for us to do that.

我們的商業模式並不是接到訂單前就大量採購。我們是根據訂單而不是根據預測進行採購的。在如今內存資源緊張的環境下，我們將尋找機會確保一定的供應，以降低一些風險。我們擁有強勁的資產負債表，如果出現這樣的機會，我們打算加以利用。

Got it. Very helpful. Thank you.

知道了。很有幫助。謝謝。

On the question the back half of the year, I think Mark talked already about some of the opportunities in the pipeline. It remains consistent with what we mentioned last quarter. We expect the second half of the year to be stronger in the first half. That will be especially true in advanced computing, perhaps in memory as well, again, contingent upon us being able to secure supply. But that's consistent with what we said last quarter.

關於下半年的問題，我認為馬克已經談到了一些正在籌備中的機會。這與我們上季度提到的內容一致。我們預計下半年的業績將強於上半年。在先進運算領域，這種情況尤其如此，或許在記憶體領域也是如此，當然，這取決於我們能否確保供應。但這與我們上個季度所說的內容一致。

Okay. Great, thank you. And then can you expand a little bit upon -- I think in the prepared remarks, you mentioned some work being done to customize ICE to be compatible with other open source platforms. What exactly are you guys working on there?

好的。太好了，謝謝。然後您能否再詳細闡述——我認為在準備好的發言稿中，您提到了一些正在進行的工作，以定制 ICE 使其與其他開源平台兼容。你們具體在做什麼專案？

As we think about the software stack for AI factory rollouts, there's different layers of software. Like, for example, there's cluster management layers, there's security layers, there's orchestration layers. And so what we're trying to do is build a stand-alone stack, which is partly our ICE platform and then partly best-of-breed open software stacking components that allow us to have a unique solution and that we can manage all of it as opposed to our customers having to go out and pick pieces to it.

當我們考慮人工智慧工廠部署的軟體堆疊時，會發現軟體有不同的層次。例如，有叢集管理層、安全層、編排層。因此，我們正在努力建立一個獨立的堆疊，其中一部分是我們的 ICE 平台，另一部分是最佳的開源軟體堆疊元件，這使我們能夠擁有一個獨特的解決方案，並且我們可以管理所有元件，而無需讓客戶自行選擇元件。

And we're working with customers to define what that might look like in a Penguin stack that's partially our own developed ICE platform and partially best-in-class third-party software that gives the customer the best software features. And by the way, that includes working with companies like NVIDIA to have their software as part of a customized platform for future development deployments.

我們正在與客戶合作，共同定義在 Penguin 技術堆疊中可能呈現的形式，該技術堆疊一部分是我們自己開發的 ICE 平台，一部分是業界領先的第三方軟體，旨在為客戶提供最佳的軟體功能。順便一提，這還包括與 NVIDIA 等公司合作，將其軟體作為客製化平台的一部分，用於未來的開發部署。

Excellent, very helpful, thank you.

太好了，很有幫助，謝謝。

(Operator Instructions) Maddie De Paola, Rosenblatt Securities.

（操作員說明）Maddie De Paola，Rosenblatt Securities。

Hi, this is Maddie calling on behalf of Kevin Cassidy. I was just wondering, given the recent Marvell acquisition of Celestial AI and just a broader shift towards optical fabrics, are you seeing any change in optical memory and related technologies?

您好，我是 Maddie，我代表 Kevin Cassidy 打電話。鑑於 Marvell 最近收購了 Celestial AI，以及向光結構領域的廣泛轉變，我想問一下，您是否看到光記憶體及相關技術領域有任何變化？

I wouldn't say we're seeing any changes. I think it's a strong validation of the market opportunity, broad macro opportunity. People are definitely looking at this dynamic of enhancing the bandwidth performance between memory and GPU/CPUs. So when I think about an established company like Marvell making such an investment that's publicly been announced, I -- it makes me feel good about the direction and the strategy that we're deploying here in developing that type of system-level product in memory.

我覺得我們並沒有看到任何改變。我認為這有力地驗證了市場機會和宏觀經濟機會。人們無疑正在關注如何提高記憶體和 GPU/CPU 之間的頻寬效能。所以，當我想到像 Marvell 這樣一家成熟的公司進行這樣一項已經公開宣布的投資時，我——這讓我對我們在這裡開發這種系統級內存產品的方向和戰略感到欣慰。

Great, thank you.

太好了，謝謝。

There are no further questions at this time. I will now hand it back to Mark Adams, CEO, for closing remarks.

目前沒有其他問題了。現在我將把發言權交還給執行長馬克·亞當斯，請他作總結發言。

Thank you, operator. I would like to thank our worldwide employees for their dedication and commitment. Our Q1 results reinforce that we are on the right path, and we continue to grow our pipeline of new opportunities, helping our valued customers manage the complexity of their AI infrastructure. Thank you all for joining today's call.

謝謝接線生。我要感謝我們全球員工的奉獻和付出。我們第一季的業績進一步證明我們走在正確的道路上，我們將繼續拓展新的業務機會，幫助我們尊貴的客戶管理其人工智慧基礎設施的複雜性。感謝各位參加今天的電話會議。

This concludes today's call. Thank you for attending. You may now disconnect.

今天的電話會議到此結束。謝謝各位的出席。您現在可以斷開連線了。