Photronics, Inc. (PLAB) 2026 Q3 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Photronics third-quarter fiscal year 2026 earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded.

大家好，感謝您稍候。歡迎參加 Photronics 2026 會計年度第三季財報電話會議。(接線員指示) 請注意，今天的會議將被錄音。

I would now like to hand the conference over to your speaker today, Ted Moreau, Vice President of Investor Relations. Please go ahead.

現在我想把會議交給今天的發言人，投資人關係副總裁 Ted Moreau。請開始。

Thank you, operator. Good morning, everyone. Welcome to our review of Photronics' fiscal third quarter 2026 financial results. Joining me this morning are George Macricostas, Chairman and Chief Executive Officer; Eric Rivera, President and Chief Financial Officer; and Frank Lee, Senior Executive for Asia.

謝謝，接線員。各位早安。歡迎參加我們對 Photronics 2026 會計年度第三季財務結果的回顧。今天早上與我一同出席的有董事長兼執行長 George Macricostas；總裁兼財務長 Eric Rivera；以及亞洲資深主管 Frank Lee。

The press release issued earlier this morning, along with the presentation materials accompanying our remarks, is available on the Investor Relations section of our website and in the Form 8-K filed with the SEC this morning. This call includes forward-looking statements that involve risks and uncertainties, which could cause Photronics' results to differ materially from management's current expectations.

今天早上稍早發布的新聞稿，以及配合我們發言的簡報資料，可在我們網站的投資人關係專區，以及今天早上向美國證券交易委員會（SEC）提交的 Form 8-K 中取得。本次電話會議包含前瞻性陳述，涉及風險與不確定性，可能導致 Photronics 的結果與管理層目前的預期出現重大差異。

We encourage you to review the forward-looking statements disclosure included in our earnings release and in our most recent 10-K and subsequent filings. In the coming months, we will be participating in the following investor conferences: Three Part Advisors in Chicago, Lake Street Capital in New York, and the CEO Summit at SEMICON West in San Francisco, and SEMICON Europa in Munich.

我們鼓勵您查閱我們財報新聞稿以及最新的 10-K 與後續申報文件中所包含的前瞻性陳述揭露。未來幾個月，我們將參與以下投資人會議：芝加哥的 Three Part Advisors、紐約的 Lake Street Capital、舊金山 SEMICON West 的 CEO Summit，以及慕尼黑的 SEMICON Europa。

With that, I will now turn the call over to George.

接下來，我將把電話交給 George。

Thank you, Ted, and good morning, everyone. Total fiscal Q3 revenue of $216 million increased 3% year-over-year and was above the high end of our guidance range. Our fiscal third quarter results reflect the recovery of some of the semiconductor design releases that were delayed and pushed out of our fiscal second quarter.

謝謝你，Ted，各位早安。2026 會計年度第三季總營收為 2.16 億美元，年增 3%，並高於我們財測區間的上緣。我們第三季的結果反映出部分原先延遲、並從第二季遞延的半導體設計釋出已開始回復。

We began to recognize some of this recovery during the month of May, as we had previously communicated during our Q2 earnings call. This gradual recovery continued through the remainder of fiscal Q3.

正如我們在第二季財報電話會議中先前所溝通的，我們在 5 月已開始認列部分回復。這種逐步回復在第三季剩餘期間持續進行。

As discussed during our prior earnings call, we indicated that delays in new semiconductor design releases were driven by several factors, including elevated fab utilization rates, memory constraints, and geopolitical uncertainty. While these factors continue to affect the photomask industry, some design releases have moved into production.

如同我們在上次財報電話會議中所討論，我們指出新半導體設計釋出的延遲是由多項因素所驅動，包括晶圓廠產能利用率偏高、記憶體供給受限，以及地緣政治不確定性。雖然這些因素仍持續影響光罩產業，但部分設計釋出已進入量產。

With semiconductor wafer utilization rates remaining high, fabs are prioritizing higher profitability projects and expanding capacity at higher technology nodes. These node migration actions, especially at 28, 22, and 14 nanometer, are occurring across a broad set of customers in different geographic locations.

在半導體晶圓利用率仍維持高檔的情況下，晶圓廠正優先投入獲利性較高的專案，並在較先進的製程節點擴充產能。這些節點遷移行動，特別是在 28、22 與 14 奈米，正於不同地理區域的廣泛客戶群中發生。

Node migration and a sequential improvement in high-end business conditions benefited our high-end IC business, which recorded a record 44% of IC's $155 million in revenue. Our ongoing regionalized investments in the US and Korea remain on track.

節點遷移以及高階業務環境的季對季改善，帶動我們高階 IC 業務表現；高階 IC 佔 IC 營收 1.55 億美元的 44%，創下新高。我們在美國與韓國持續推動的區域化投資仍按計畫進行。

At our Allen facility, we continue to target initial revenue late this fiscal quarter, with this geographical diversification contribution reflected in fiscal 2027 revenue and beyond.

在 Allen 廠區，我們仍以本會計季度末開始產生初始營收為目標，而這項地理多元化的貢獻將反映在 2027 會計年度及其後的營收中。

In Korea, cleanroom preparation for the expansion project to 8 nanometer has been substantially completed. Having received some of the initial tools, the timetable for planned installations remains on schedule. These investments are expected to position Photronics to benefit from node migration and regionalization trends as we diversify geographically.

在韓國，擴建至 8 奈米的專案之無塵室準備工作已大致完成。在已收到部分初期設備後，既定的安裝時程仍按計畫進行。預期這些投資將使 Photronics 在我們進行地理多元化的同時，受惠於節點遷移與區域化趨勢。

Increasing our capabilities and capacity at the faster-growing high-end portion of the market also expands our potential to capture opportunities from a variety of customers, including captives, as they look to increase outsourcing.

提升我們在成長更快的高階市場區段之能力與產能，也擴大我們從各類客戶（包括自製型客戶）取得機會的潛力，因為他們正尋求提高委外比例。

As we remain on track to deliver more advanced 8-nanometer capabilities in Korea over the next year and a half, we are further advancing our global technology capabilities beyond 8 nanometer with a focus on EUV, customer partnerships, and other mask technologies.

在未來一年半內，我們仍按計畫在韓國交付更先進的 8 奈米能力；同時，我們也正進一步推進 8 奈米以下的全球技術能力，重點聚焦於 EUV、客戶合作夥伴關係，以及其他光罩技術。

Over the past several years, we have been leveraging partnerships with industry leaders to supply EUV R&D masks and solutions to customers while the full turnkey EUV merchant market develops. We have also supplied EUV-related masks to the semiconductor equipment supply chain.

過去幾年，我們運用與產業領導者的合作夥伴關係，在完整的交鑰匙 EUV 商用代工市場逐步成形之際，向客戶供應 EUV 研發用光罩與解決方案。我們也向半導體設備供應鏈提供與 EUV 相關的光罩。

Through focused internal R&D programs and capital investments and the expansion of business partnerships, we intend to gradually introduce new EUV capabilities. This pragmatic EUV strategy should expand our addressable market at the high end. Our intention is to manage the EUV investment cycle by expanding our EUV capabilities as the associated business opportunities emerge.

透過聚焦的內部研發計畫與資本投資，以及擴大商業合作夥伴關係，我們計畫逐步導入新的 EUV 能力。這項務實的 EUV 策略應可擴大我們在高階市場的可服務市場規模。我們的目標是隨著相關商機浮現而擴充 EUV 能力，以管理 EUV 的投資循環。

Turning to FPD, revenue of $61 million remains near all-time highs, reflecting our strength in producing more complex masks. Strong OLED demand was driven by consumer electronics such as flagship and high-end smartphones scheduled for launch in developed markets in the coming months. This high-end FPD demand is expected to continue through fiscal Q4 and beyond.

談到 FPD，營收為 6,100 萬美元，仍接近歷史高點，反映我們在生產更複雜光罩方面的優勢。強勁的 OLED 需求主要來自消費性電子產品，例如預計在未來幾個月於已開發市場推出的旗艦與高階智慧型手機。預期這股高階 FPD 需求將延續至第四季及其後。

We received additional G8.6 AMOLED orders from a growing customer base, an indication that the G8.6 market is broadening. Combined, these high-end projects are expected to be offset by consumer electronics for the emerging markets, where the tight memory conditions have disrupted some product launches.

我們從持續擴大的客戶基礎獲得更多 G8.6 AMOLED 訂單，顯示 G8.6 市場正在擴大。整體而言，這些高階專案預期將被新興市場的消費性電子所抵銷；在該等市場中，記憶體供應吃緊已干擾部分產品上市時程。

Our most advanced FPD writer, which was installed earlier this year, entered mass production during the quarter. It has received strong market traction as it aligns well with our customers' technology roadmaps. We expect this writer to remain a pivotal tool in strengthening our market-leading position in the high end of the FPD mask market.

我們今年稍早安裝的最先進 FPD 曝光機在本季進入量產。由於與客戶的技術藍圖高度契合，該設備獲得強勁的市場採用。我們預期這台曝光機將持續成為強化我們在高階 FPD 光罩市場領先地位的關鍵工具。

I now turn the call over to Eric to review our third quarter results and provide fourth quarter guidance.

接下來我把電話交給 Eric，請他回顧第三季結果並提供第四季財測。

Thank you, George. Good morning, everyone. Fiscal third quarter revenue came in at $216 million, an increase of 3% both year-over-year and sequentially as we recognized some recovery from the semiconductor design release delays that had occurred during our fiscal second quarter.

謝謝你，George。各位早安。第三季營收為 2.16 億美元，年增與季增皆為 3%；我們認列了部分因第二季半導體設計釋出延遲所帶來的回復。

Overall, we experienced improved demand conditions in Taiwan along with the US and Korea, particularly at the high end. IC revenue of $155 million increased nearly 5% both year-over-year and sequentially and represented 72% of total revenue. The high-end portion of IC represented 44% of IC revenue, recovering as business conditions improved, and wafer fabs prioritized more profitable chip designs, accelerating node migration trends.

整體而言，我們在台灣以及美國與韓國的需求狀況有所改善，尤其是在高階領域。IC 營收為 1.55 億美元，年增與季增皆接近 5%，佔總營收的 72%。IC 的高階部分佔 IC 營收的 44%，隨著業務環境改善而回升；同時晶圓廠優先投入獲利性更高的晶片設計，推動節點遷移趨勢加速。

Our mainstream business declined to $86 million due in part to node migration trends. Node migration from mainstream to high-end is an overall positive to the company as it is a natural evolution to higher ASPs per chip design. We are expecting mainstream to increase in the US in fiscal 2027 as we expect to capture market share at higher-end nodes once the Allen expansion is complete.

我們的主流業務下滑至 8,600 萬美元，部分原因是節點遷移趨勢。從主流節點遷移至高階節點，對公司整體而言是正面因素，因為這是每個晶片設計 ASP 提升的自然演進。我們預期在 Allen 擴建完成後，隨著我們在較高階節點取得市佔，主流業務將於 2027 會計年度在美國回升。

Turning to FPD. Fiscal Q3 revenue of $61 million declined modestly in the quarter, though remains near all-time highs. Customer activity in Korea for high-end consumer electronics remained strong, while China demand was influenced by the timing of certain consumer electronic releases for emerging markets that are being impacted by the industry's tight memory conditions.

接著談 FPD。第三季 FPD 營收為 6,100 萬美元，本季小幅下滑，但仍接近歷史高點。韓國客戶在高階消費性電子方面的活動維持強勁，而中國需求則受到部分面向新興市場的消費性電子產品釋出時點影響；該等產品正受到產業記憶體供應吃緊的衝擊。

Overall gross margin of 33% improved sequentially on product mix and increased revenue and the associated operational leverage in our financial model. Operating margin was 21%, and diluted GAAP EPS attributable to Photronics shareholders was $0.49 per share. Excluding foreign exchange impacts, non-GAAP diluted EPS was $0.50 per share.

整體毛利率為 33%，受惠於產品組合與營收增加，以及我們財務模型中相關的營運槓桿，季對季提升。營業利益率為 21%，歸屬於 Photronics 股東的稀釋後 GAAP 每股盈餘為每股 0.49 美元。排除匯率影響後，非 GAAP 稀釋後每股盈餘為每股 0.50 美元。

The improved performance of our IC business, along with our display operations remaining near all-time highs, contributed to our earnings during the quarter. Operating cash flow of $76 million represented 35% of revenue. CapEx was $37 million. Fiscal year-to-date CapEx of $130 million reflects the timing of outlays associated with the $330 million of CapEx we have been guiding to for fiscal 2026.

我們 IC 業務表現改善，加上顯示器業務維持在接近歷史高點的水準，共同帶動了本季的獲利表現。營運現金流為 7,600 萬美元，占營收的 35%。資本支出（CapEx）為 3,700 萬美元。本會計年度迄今資本支出為 1.30 億美元，反映了與我們先前對 2026 會計年度所指引的 3.30 億美元資本支出相關之支出時點安排。

We are updating our fiscal 2026 CapEx guidance to a range of between $255 million and $305 million. We remain committed to the projects and timelines driving our original $330 million CapEx guidance. However, the cadence of orders and vendor delivery of certain high-value tools to our fabs can vary, causing the timing of our capital expenditures to fluctuate.

我們將 2026 會計年度資本支出指引更新為 2.55 億至 3.05 億美元的區間。我們仍致力於推動原先 3.30 億美元資本支出指引所涵蓋的專案與時程。然而，部分高價值設備在我們晶圓廠的下單節奏與供應商交付情況可能有所變動，導致資本支出時點出現波動。

To the extent any planned spending shifts beyond this fiscal year, we would expect it to carry over into fiscal 2027. I will provide fiscal 2027 CapEx guidance during our fiscal Q4 earnings release in December. Total cash and short-term investments increased by $35 million in the quarter to $673 million, including $504 million held within our joint ventures in which we hold a 50.01% ownership interest.

若任何既定支出計畫有部分延後至本會計年度之後，我們預期將結轉至 2027 會計年度。我將在 12 月發布的會計年度第四季（Q4）財報中提供 2027 會計年度資本支出指引。本季現金與短期投資合計增加 3,500 萬美元至 6.73 億美元，其中包含我們持股 50.01% 的合資企業內所持有的 5.04 億美元。

As we consider the cash needs associated with our planned investments, we are starting from a position of significant financial strength, with a strong balance sheet and a business that generates substantial cash from operations.

在評估與既定投資計畫相關的資金需求時，我們是以相當雄厚的財務實力為起點：資產負債表穩健，且業務能從營運中產生可觀現金。

With customers demonstrating a willingness to partner with us, we believe we are well positioned to make these investments while maintaining a disciplined approach to achieving attractive returns. To support these investments, which also include our EUV investment strategies George discussed earlier, we may supplement our existing liquidity through borrowing.

在客戶展現願意與我們合作的情況下，我們相信自己具備良好條件，在維持嚴謹、以取得具吸引力報酬為目標的前提下進行這些投資。為支持這些投資（亦包含 George 先前提到的 EUV 投資策略），我們可能會透過借款來補充現有流動性。

As a reminder, our capital allocation strategy remains focused on three priorities: reinvesting in the business to support organic growth, pursuing strategic opportunities, and returning capital to shareholders. We will continue to evaluate the most effective use of our cash and remain disciplined and opportunistic in our capital allocation decisions, prioritizing investments that offer the highest expected returns.

提醒各位，我們的資本配置策略仍聚焦於三大優先事項：再投資於業務以支持內生成長、追求策略性機會，以及回饋資本給股東。我們將持續評估現金最有效的運用方式，並在資本配置決策上保持紀律且把握機會，優先投入預期報酬最高的投資。

Before providing guidance, I'd like to remind you that demand for our products is inherently variable. High-end mask sets carry significantly higher ASPs, meaning even a small number of orders can materially impact revenue and earnings. Because of the tight fab capacity, memory, and geopolitical conditions, visibility into the timeline of design releases has become even more uncertain, as we have recognized over the past two quarters.

在提供指引之前，我想提醒各位，我們產品的需求本質上具有波動性。高階光罩組（mask sets）的平均售價（ASP）顯著較高，意味著即使訂單數量僅有小幅變動，也可能對營收與獲利造成實質影響。由於晶圓廠產能緊張、記憶體成本高企以及地緣政治情勢等因素，設計釋出時程的能見度變得更加不確定，這點我們在過去兩個季度已經有所體認。

Meanwhile, the order delivery time remains in the days or weeks, requiring rapid response times for our operations. As a result, we are widening our revenue guidance range for fiscal Q4. As of today, we expect fiscal Q4 revenue to be in the range of $207 million to $227 million. Based on those revenue expectations and our operating model, we estimate fiscal Q4 operating margin between 19% and 24% and non-GAAP diluted EPS between $0.40 and $0.56 per share.

同時，訂單交付時間仍以數天或數週計，要求我們的營運必須具備快速反應能力。因此，我們將擴大 2026 會計年度第四季（Q4）的營收指引區間。截至今日，我們預期會計年度 Q4 營收將落在 2.07 億至 2.27 億美元之間。基於上述營收預期與我們的營運模型，我們估計會計年度 Q4 營業利益率介於 19% 至 24%，非 GAAP 稀釋每股盈餘（EPS）介於每股 0.40 至 0.56 美元。

I will now turn the call over to the operator for your questions.

接下來我將把電話會議交給接線員，進入提問環節。

(Operator Instructions)

(接線員指示)

Christian Schwab, Craig-Hallum

Christian Schwab，Craig-Hallum

Yes. Thanks for taking my questions, and congrats on the solid execution in the quarter. I'm wondering, as we transition to higher-node applications, I know you guys mentioned partnerships a little bit more than I remember in previous calls.

是的。感謝讓我提問，也恭喜你們本季執行表現穩健。我想請教，隨著我們轉向更先進節點的應用，我知道你們提到「合作夥伴關係」的次數似乎比我記得以往電話會議更多一些。

I'm just wondering if you could elaborate on what type of partnerships that you kind of expect that might help drive future success and more competitive lower-node applications in particular, if that's what you were trying to hit or suggest. I guess it wasn't clear to me.

我想請你們進一步說明一下，你們預期會有哪些類型的合作夥伴關係，可能有助於推動未來成功，尤其是在更具競爭力的先進（更小）節點應用方面；如果這正是你們想要強調或暗示的方向。我想我沒有完全理解。

Yes, the partnerships that we're referring to are specific to EUV.

是的，我們所指的合作夥伴關係是針對 EUV 的。

Okay. And then as far as the EUV partnerships, can you just remind me when you would expect to be fully ramped on that technology? I guess I'm sorry, I don't know if that was clear to me either.

了解。那就 EUV 的合作夥伴關係而言，你能否提醒我，你們預期何時能在該技術上全面爬坡到位？抱歉，我想這點我也不太確定是否先前有講清楚。

Yes, so we are monitoring the merchant market and seeing how it is developing so that it's effectively economically viable for us to enter it or at least make sense for us to catch the wave, so to speak, and enter at the right time. That takes a long time to ramp. So we are monitoring that and currently using our partnerships with folks in the industry, and hopefully we'll be able to report more on that in quarters to come.

是的，我們正在觀察商用（merchant）市場，並關注其發展情況，以判斷我們進入是否在經濟上可行，或至少是否值得我們所謂「順勢而為」，在適當的時間點切入。這需要很長時間才能完成爬坡。因此我們持續監測，並且目前透過與產業內夥伴的合作來推進；希望在接下來幾個季度能有更多進展可以對外說明。

And then as far as the Allen, Texas, facility. I think last time you talked about entering qualification, mass production, and I think initial revenue targets late this year, which seems to be on track. But can you give us an idea, or remind us, if you will, of what the potential revenue capacity of that facility, fully utilized, would be?

另外關於德州 Allen 的廠房。我記得上次你們談到將進入認證、量產，以及今年稍晚的初期營收目標，看起來仍在軌道上。但你們能否提供一些概念，或提醒我們：該廠在滿載運轉下的潛在營收產能大概會是多少？

Hello, Christian. Eric here. So we're not going to get into details as to how much revenue capacity we have there, other than to say that we are expanding our capacity beyond what we historically have had, particularly in the higher end of the mainstream, and that additional capacity is helping us in essentially two ways.

你好，Christian。我是 Eric。我們不會深入說明那邊的營收產能細節；我們能說的是，我們正在把產能擴充到超過過去的歷史水準，特別是在主流產品的較高階區段，而新增產能基本上會在兩個方面幫助我們。

First, it will help us increase the mainstream at the high end for areas that we haven't been servicing up until now. And furthermore, that's also going to help us expand Boise's ability to focus on the high end. So it's going to help us in two ways, more expansion at the high end of the mainstream and also help us grow our high-end revenues with Boise focusing on that.

第一，它將幫助我們在過去尚未服務的領域，提升主流產品中高階區段的供應能力。此外，這也將幫助我們提升 Boise 專注於高階產品的能力。因此它會以兩種方式幫助我們：一是擴大主流高階的供應，二是讓 Boise 更聚焦於高階，進而帶動我們的高階營收成長。

So to be clear, we have been servicing the high end out of Boise, and what will be serviced out of Allen is where we're capturing more of the higher end by bringing out of Boise sort of the mid -- how do I call it, the mid-range node, like the less critical part of the high end, if you will. We're not talking 14-nanometer, we're talking the mid-range nodes.

更清楚地說，我們一直以來都是由 Boise 來服務高階需求；而 Allen 將承接的是我們從 Boise 轉移出來、用以捕捉更多高階需求的一部分——也就是所謂中間層級的節點；我該怎麼說呢，就是高階中相對不那麼關鍵的部分。我們不是在談 14 奈米，而是在談中階節點。

65-nanometer, etc.

例如 65 奈米等等。

Thank you. No other questions.

謝謝。我沒有其他問題了。

Thank you, Christian.

謝謝你，Christian。

Max Michaelis, Lake Street Capital.

Max Michaelis，Lake Street Capital。

Hey, guys. Congrats on the quarter, and thanks for taking my questions. First one for me, just on the quarter. I know in Q2 you guys had some issues related to design releases being delayed. I know that kind of was what drove the growth in Q3 for high-end IC. I mean, are we fully caught up, or is there still more to do on that front?

嗨，各位。恭喜本季表現，也謝謝讓我提問。我第一個問題是關於本季。我知道在 Q2 你們遇到一些與設計釋出延遲相關的問題。我也知道這似乎是推動 Q3 高階 IC 成長的原因。我的意思是，我們是否已經完全追上進度了，還是這方面仍有一些待完成的部分？

So a lot of the design releases that were supposed to occur in Q2 but didn't, in fact, come across in Q3. So that was particularly helpful for Q3. Having said that, the conditions that were present in Q2 still largely remain, which are high fab utilization rates, high cost of memory, and, of course, the geopolitical conditions.

確實有不少原本應該在 Q2 發生但沒有發生的設計釋出，實際上在 Q3 才進來。因此這對 Q3 特別有幫助。不過，Q2 當時存在的條件在很大程度上仍然存在，包括晶圓廠高稼動率、記憶體成本高，以及當然還有地緣政治情勢。

Okay, sounds good. And then, still relatively new to the story, but just given the focus on EUV, can you help me kind of frame why the focus on EUV now and kind of how much incremental capital spending you guys expect on top of sort of this $255 million to $305 million CapEx, maybe into next year as well too?

好的，聽起來不錯。接著，雖然我對這個議題還算新，但鑑於你們目前聚焦在 EUV，你能否幫我梳理一下為什麼現在要把重點放在 EUV，以及在這筆約 2.55 億到 3.05 億美元的資本支出（CapEx）之外，你們預期還會有多少額外的資本支出，可能也會延伸到明年？

So with respect to EUV, as George mentioned on the prepared remarks, and as well as just on the previous question, we're waiting for the merchant market to develop on EUV before we make significant investments for a full turnkey, we call it internally, which means we'll be able to process every aspect of an EUV mask internally.

關於 EUV，如 George 在事先準備的發言中提到的，以及在上一個問題也有談到，我們會先等待 EUV 的商用（merchant）市場成熟之後，才會為完整的交鑰匙方案（我們內部這麼稱呼）進行重大投資；也就是說，我們將能在內部完成 EUV 光罩的每一個製程環節。

In the meantime, we are able to provide those services to our customers via partnerships. But again, it's while we wait for the market to develop. The reason for that is because those are significant levels of CapEx. So we want to make sure that we have the appropriate internal rate of return on those investments before we dive in.

在此期間，我們可以透過合作夥伴關係為客戶提供這些服務。但同樣地，這是在我們等待市場發展成熟的同時進行。原因在於那會是相當高水準的資本支出。因此，在我們投入之前，我們希望確保這些投資能達到適當的內部報酬率。

Gowshi Sri, Singular Research.

Gowshi Sri，Singular Research。

Good morning, gentlemen. Congrats on the high-end recovery. Can you all hear me, though?

早安，各位先生。恭喜高階業務復甦。不過你們聽得到我嗎？

Yes, we can, Gowshi.

是的，我們聽得到，Gowshi。

Okay. On the Allen, when that starts generating revenue in Q4, is that work from new customers, mid-range moving over from Boise, or is that how much of it is incremental to the company?

好的。關於 Allen，當它在第四季開始產生營收時，那些工作是來自新客戶、從 Boise 轉移過來的中階業務，還是其中有多少是對公司而言的增量？

We're not going to necessarily get into much detail, but we currently do service these customers. So the customers are largely the same, with a few exceptions here and there, but they're largely the same.

我們不一定會深入到太多細節，但我們目前確實也在服務這些客戶。因此客戶大致上是相同的，只有少數例外，但整體而言大致相同。

We have provided the services between both sites, Allen and Boise. This will be incremental to Allen. More capacity, as I mentioned in the previous questions. And more importantly, that will also help us grow Boise on the high end.

我們在 Allen 與 Boise 兩個據點之間都提供過相關服務。這會是對 Allen 的增量。如我在前面問題提到的，會增加產能。更重要的是，這也將幫助我們在高階端擴大 Boise 的成長。

So on the China side, I know you guys have pointed before that that's now kind of gearing toward the 22, 28. So was the decline mainly mainstream, or is there competition on the high-end business as well?

那在中國這邊，我知道你們之前提到現在的重心有點轉向 22、28（奈米）。所以這次下滑主要是在主流市場，還是高階業務也有競爭？

So the China market is competitive, as we've discussed before in previous calls, primarily on the mainstream. We have some local mask houses as competitors, and they're focused on the mainstream and, as a result of the last year and a half, two years, we have been focusing our efforts on the high end where we have our competitive advantage and technology leadership.

中國市場競爭激烈，正如我們在先前幾次電話會議中討論過的，主要是在主流市場。我們有一些本地光罩廠作為競爭對手，他們聚焦在主流市場；而在過去一年半到兩年期間，我們則把重心放在我們具備競爭優勢與技術領先的高階領域。

So on the mainstream designs that are still coming through, are they complete mask sets, or are you seeing more partial where they only kind of replace a few layers?

那對於仍在進來的主流設計案，客戶下單的是完整的光罩套組，還是你們看到更多是部分替換、只更換幾層的情況？

So Gowshi, I'm going to need you to repeat that question because you broke up midstream.

Gowshi，我需要你再重複一次問題，因為你剛剛講到一半訊號斷斷續續。

Okay. On the mainstream designs that are still coming through, are the customers ordering complete mask sets, or is that partial respins?

好的。對於仍在進來的主流設計案，客戶下單的是完整的光罩套組，還是部分重轉（partial respins）？

Usually it's complete mask sets, complete mask sets rather.

通常是完整的光罩套組，應該說是完整的光罩套組。

Okay. And on the gross margin side, I know Q4 was around the same revenue number, but gross margins kind of contracted about 180 basis points. Even with a better mix, what are we looking at in terms of that margin compression versus Q4?

了解。另外在毛利率方面，我知道第四季營收大約在相近水準，但毛利率大概收縮了 180 個基點。即使產品組合更好，我們要怎麼看這個相較於第四季的毛利率壓縮？

So, Gowshi, you're referring to what are we expecting for Q4 versus Q3?

所以，Gowshi，你指的是我們對第四季相較第三季的預期嗎？

No, Q4 last year did around the same number of top-line, but -- and Q3 had better mix, but we saw a margin compression. Just kind of trying to figure out what's in the cost of goods here.

不是，去年第四季的營收規模差不多，但——而第三季的組合更好，但我們看到毛利率被壓縮。我只是想釐清一下這裡的銷貨成本（COGS）包含了哪些因素。

Sure. So a number of things. So primarily it's driven by volumes and market mix, not just product mix, but also geographic mix of where the earnings and where the revenue occurs. So it's a combination of those items.

好的。有幾個因素。主要是由出貨量與市場組合所驅動，不只是產品組合，也包括地理區域組合——也就是獲利與營收發生在哪些地區。因此是這些項目的綜合影響。

Thanks. I'll take that offline. Thank you, guys.

謝謝。我之後再私下跟進。謝謝各位。

Danial Yermakhan, Freedom Broker.

Danial Yermakhan，Freedom Broker。

Hey, guys. Thanks for having me. Congrats on a great quarter. Just a quick question. The Q4 revenue guidance range is around $20 million. And I mean, what's driving this wider band? Is it mainly timing or what does -- why the visibility is lower than the previous quarter?

嗨，各位。謝謝讓我提問。恭喜這一季表現很棒。我有個簡短問題。第四季營收指引區間大約有 2,000 萬美元的跨度。請問是什麼原因導致區間變得更寬？主要是時點因素嗎？或者——為什麼能見度比上一季更低？

Sure. Thanks for the question. So as mentioned in the prepared remarks, it's because the conditions in the market that were existent in Q2 remain in Q3, and we expect them to remain in Q4 and beyond for some time, which are: number one, high fab utilization rates; number two, high memory costs; and number three, geopolitical conditions. Because of those three factors, our visibility is even more limited than it has been in the past.

好的。謝謝你的問題。如同在事先準備的發言中提到的，原因是第二季存在的市場狀況在第三季仍然存在，我們也預期第四季以及之後一段時間仍會持續，包括：第一，高晶圓廠稼動率；第二，記憶體成本高；第三，地緣政治情勢。由於這三項因素，我們的能見度比過去更為有限。

And I think just to add to that, this is George, Daniel, is that as we've stated in the past, one mask set on the high end is a big dollar amount that can swing quite a bit, a couple of million-plus dollars in a quarter easily with one mask set. So you combine that with all the regions that we're in and what Eric just said. Basically, it could get a bit choppier, less predictable results until things maybe come back to where they were before. So hopefully that helped.

我再補充一下，我是 George，Daniel。正如我們過去所說，高階的一套光罩金額很大，單一光罩套組就可能讓單季波動很明顯，輕易就是數百萬美元以上的變動。再加上我們所涵蓋的各個區域，以及 Eric 剛剛提到的因素，基本上，在情況回到以前之前，結果可能會更顛簸、較難預測。希望這樣有幫助。

Yeah, thanks. And just quickly on the end-of-life tool upgrades, last quarter, you mentioned that it's expected to peak in 2026. Could you provide any color? Is there any shift to the next year?

有的，謝謝。另外快速問一下關於壽命末期（end-of-life）設備的升級，上季你們提到預期會在 2026 年達到高峰。能否提供一些說明？是否有任何往明年延後的變化？

Yes, sure. Some of our CapEx is expected to shift onto fiscal year 2027 as a result of ordering patterns as well as delivery from our vendors. So as a result, the peak may be in '27 as opposed to '26.

是的，當然。由於下單模式以及供應商交付時程的影響，我們部分資本支出預期會轉移到 2027 財年。因此，高峰可能會落在 2027 年，而不是 2026 年。

Yeah, no question from my side. Thank you.

好的，我這邊沒有其他問題了。謝謝。

Thank you. And I'm currently showing no further questions at this time. I'd now like to hand the call back over to Ted Moreau for closing remarks.

謝謝。目前我這邊顯示沒有其他提問。接下來我想把電話交回給 Ted Moreau 做結語。

Thank you, Shannon, and thanks, everybody, for joining us today. We really appreciate your time. I look forward to connecting with everybody throughout the quarter. Have a great day.

謝謝你，Shannon，也謝謝各位今天加入我們。我們非常感謝各位撥冗。我期待在本季期間與各位保持聯繫。祝各位有美好的一天。

This concludes today's conference. Thank you for your participation. You may now disconnect.

今天的會議到此結束。感謝各位的參與。您現在可以掛線。