Power Integrations, Inc. (POWI) 2026 Q2 法說會逐字稿

Hello, everyone. Thank you for joining us, and welcome to Power Integrations' Q2 earnings. (Operator Instructions)

各位好。感謝各位加入，歡迎參加 Power Integrations 第二季財報電話會議。(接線員指示)

I will now hand the conference over to Joe Shiffler, Senior Director of Investor Relations. Joe, please go ahead.

現在我將把會議交給投資人關係資深總監 Joe Shiffler。Joe，請開始。

Thanks, Ben. Good afternoon. Thanks, everyone, for joining us. With me on the call today are Jen Lloyd, our CEO; and our CFO, Nancy Erba. After Jen and Nancy's prepared remarks, we'll open it up for questions. Slides accompanying today's earnings release and conference call can be found on our investor website at investors.power.com. Our discussion today will include forward-looking statements denoted by words like will, expect, should, outlook, forecast and similar expressions that look toward future events or performance.

謝謝你，Ben。各位下午好。感謝各位加入我們。今天與我一同參與電話會議的有我們的執行長 Jen Lloyd，以及我們的財務長 Nancy Erba。在 Jen 和 Nancy 的事先準備發言之後，我們將開放提問。今日財報新聞稿與電話會議所搭配的簡報，可在我們的投資人網站 investors.power.com 上取得。我們今天的討論將包含前瞻性陳述，通常以 will、expect、should、outlook、forecast 等字眼及其他類似用語表示，這些陳述著眼於未來事件或績效。

Such statements are subject to risks that may cause actual results to differ from those projected or implied. Such risks are discussed in today's press release, in our most recent annual report on Form 10-K and in subsequent quarterly reports on Form 10-Q. During this call, we will refer to financial measures not calculated according to GAAP.

此類陳述受各種風險影響，可能導致實際結果與所預測或暗示者有所不同。相關風險已在今日新聞稿、我們最近一期 Form 10-K 年報，以及後續的 Form 10-Q 季報中討論。在本次電話會議中，我們將提及若干非依 GAAP 計算的財務衡量指標。

Non-GAAP income statement measures exclude stock-based compensation expenses, amortization of acquisition-related intangible assets, accrual for a judgment in a legal matter, a restructuring charge recognized in the first quarter of 2026, and the tax effects of these items. A reconciliation of non-GAAP measures to our GAAP results is included in today's press release and in the accompanying slides. This call is the property of Power Integrations, and any recording or rebroadcast is expressly prohibited without the written consent of Power Integrations.

非 GAAP 損益表衡量指標排除以股份為基礎之酬勞費用、併購相關無形資產攤銷、法律案件判決之應計費用、於 2026 年第一季認列之重組費用，以及上述項目的稅務影響。非 GAAP 指標與 GAAP 結果之調節表已包含於今日新聞稿及隨附簡報中。本通話內容為 Power Integrations 之財產，未經 Power Integrations 書面同意，明確禁止任何錄音或轉播。

Now I'll turn it over to Jen.

現在我把時間交給 Jen。

Thank you, Joe, and thanks, everyone, for joining us. I'm excited to share more about our strong Q2 results, progress on our strategic objectives and new wins in our growth markets. We reported Q2 revenue of $119 million, up 10% from the prior quarter with sequential improvement in all four end market categories. Non-GAAP operating margin expanded by more than 5 percentage points to 17.1%, and we generated $22 million in operating cash flow.

謝謝你，Joe，也感謝各位加入我們。我很高興能分享我們第二季強勁的成果、在策略目標上的進展，以及在成長市場的新斬獲。我們第二季營收為 1.19 億美元，較上一季成長 10%，四個終端市場類別皆呈現季增改善。非 GAAP 營業利益率擴大超過 5 個百分點至 17.1%，並創造 2,200 萬美元的營業現金流。

It was a strong quarter, and Nancy will cover more of the details in a few minutes. These results demonstrate our ability to deliver profitable growth in the near-term as we pivot our long-term focus toward markets like energy infrastructure, rail, data center, and automotive. These markets are characterized by rising voltage and power levels along with high uptime requirements, creating a need for high-voltage solutions which maximize efficiency, power density, reliability, and safety.

這是一個表現強勁的季度，Nancy 將在幾分鐘後說明更多細節。這些結果展現了我們在短期內實現獲利成長的能力，同時我們也將長期重心轉向能源基礎設施、鐵道、資料中心與車用等市場。這些市場的特徵是電壓與功率水準持續提升，且對高可用性（uptime）有很高要求，因此需要能最大化效率、功率密度、可靠性與安全性的高電壓解決方案。

Our technology and system expertise add the greatest value in these markets, and we are orienting our investments and our organization around these long-term opportunities. Our commitment to innovation and investment in high-voltage GaN took another step forward today with the demonstration of our 2,200-volt PowiGaN technology.

我們的技術與系統專業在這些市場中能創造最大的價值，我們正圍繞這些長期機會來調整投資與組織配置。我們對創新與高電壓 GaN 投資的承諾，今天隨著 2,200 伏 PowiGaN 技術的展示再向前邁進一步。

This milestone extends PowiGaN into application spaces traditionally served by silicon carbide while reinforcing Power Integrations' leadership in high-voltage GaN. Unlike conventional GaN on silicon, which faces practical voltage limitations, PowiGaN continues to scale to higher voltages while preserving the efficiency and power density advantages of GaN. Another advantage of PowiGaN versus GaN on silicon is reliability.

這項里程碑將 PowiGaN 延伸至傳統上由碳化矽所服務的應用領域，同時也強化 Power Integrations 在高電壓 GaN 的領導地位。不同於傳統的矽基 GaN（GaN on silicon）在實務上面臨電壓限制，PowiGaN 能在維持 GaN 的效率與功率密度優勢下，持續擴展至更高電壓。相較於矽基 GaN，PowiGaN 的另一項優勢是可靠性。

Because PowiGaN is a platform technology, our new 2,200-volt technology uses the same proven architecture as prior voltage nodes at 750, 900, 1,250, and 1,700 volts. That means customers can expect the same reliable performance that we've demonstrated over eight years in the market. PowiGaN offers a long-term pathway for data center customers, giving them confidence that they can incorporate GaN today without fear of being boxed in and forced to change technologies on next-gen designs.

由於 PowiGaN 是一項平台技術，我們新的 2,200 伏技術採用與先前 750、900、1,250 與 1,700 伏電壓節點相同、經驗證的架構。這表示客戶可期待我們在過去八年市場實績中所展現的同等可靠表現。PowiGaN 為資料中心客戶提供長期的發展路徑，讓他們有信心可在今日導入 GaN，而不必擔心被侷限、並在下一代設計中被迫更換技術。

With 1,500-volt architectures already in view, customers can adopt GaN knowing that the technology road map extends well beyond current requirements. Rather than relying on complex stacked device approaches, future high-voltage systems can leverage a single technology platform that combines high reliability, high switching frequency, and exceptional power density.

在 1,500 伏架構已可預見的情況下，客戶可採用 GaN，並確信技術路線圖將遠超過目前需求。未來的高電壓系統不必仰賴複雜的堆疊式元件方法，而可運用單一技術平台，結合高可靠性、高切換頻率與卓越的功率密度。

We're excited to demonstrate 2,200-volt GaN and share our road map for even higher voltage nodes to come. Today, we have a broad range of ongoing customer engagements addressing 800-volt data centers. Recent discussions with hyperscalers confirm that power continues to be a major challenge for them, and we're excited about the opportunities for Power Integrations technology to be a key part of the solution.

我們很高興展示 2,200 伏 GaN，並分享未來更高電壓節點的路線圖。目前我們與客戶有廣泛且持續的合作案，聚焦於 800 伏資料中心。近期與超大規模業者（hyperscalers）的討論確認，電力仍是他們面臨的重大挑戰；我們也對 Power Integrations 技術有機會成為解決方案的關鍵一環感到振奮。

The biggest component of our projected $1 billion data center SAM is the main power path to the GPU, and we are working closely with customers to define and develop solutions using our unique 1,250-volt GaN, which offers a high-density alternative to stacked 650-volt designs. The second track in our data center engagements is auxiliary power, where we see an expanding range of opportunities in and around the data center rack, including switch trays, power sidecars and other high-voltage sockets.

我們預估 10 億美元資料中心 SAM 中最大的組成部分，是通往 GPU 的主電力路徑；我們正與客戶密切合作，定義並開發採用我們獨特 1,250 伏 GaN 的解決方案，提供相較於堆疊式 650 伏設計更高密度的替代方案。我們在資料中心合作的第二條主軸是輔助電源；我們看到資料中心機櫃內外的機會範圍正在擴大，包括交換器托盤（switch trays）、電源側掛模組（power sidecars）以及其他高電壓插座。

We have a healthy roster of design-ins and a strong pipeline of ongoing design activity with our 1,700-volt products for 800-volt data centers. In June, we published two reference designs targeting NVIDIA 800-volt racks with our 1,700-volt InnoMux products. These aux supplies will sit on the compute tray in a native 800-volt system, powering components such as MCUs, gate drivers, and op-amps, delivering space savings of about 30% compared to discrete silicon carbide designs.

我們在 800 伏資料中心的 1,700 伏產品方面，擁有健康的設計導入（design-in）名單，以及強勁且持續的設計活動管線。6 月，我們發表了兩款參考設計，使用 1,700 伏 InnoMux 產品，鎖定 NVIDIA 800 伏機櫃。這些輔助電源將置於原生 800 伏系統的運算托盤上，為 MCU、閘極驅動器與運算放大器等元件供電；相較於分離式碳化矽設計，可節省約 30% 的空間。

Higher voltages are an important trend, not just in the context of data centers, but across the entire power ecosystem that will support AI infrastructure as well as electric vehicles and the modernization of power grids around the world. This evolving landscape includes renewable energy, high-voltage DC transmission, solid-state transformers, and battery storage.

更高電壓是一項重要趨勢，不僅在資料中心情境中如此，也遍及整個將支援 AI 基礎設施、電動車，以及全球電網現代化的電力生態系。這個持續演進的版圖涵蓋再生能源、高壓直流輸電、固態變壓器與電池儲能。

We address these applications today with our high-powered gate drivers, and our GaN road map will enable us to offer an even broader range of solutions for customers over time. I'd like to say a few words specifically about battery storage systems, which are a critical part of modern power infrastructure with deployments expected to grow at a double-digit CAGR through 2035.

我們目前以高功率閘極驅動器來因應這些應用，而我們的 GaN 路線圖也將使我們能隨時間為客戶提供更廣泛的解決方案。我想特別談談電池儲能系統；它是現代電力基礎設施的關鍵組成，預期至 2035 年部署量將以兩位數 CAGR 成長。

Battery storage makes electrical systems more resilient, flexible, and efficient by storing energy and delivering it when needed to smooth fluctuations, balance supply and demand, or provide backup power. Energy storage is becoming a foundational element of renewable energy systems, industrial power infrastructure, and power for AI data centers.

電池儲能透過儲存能量並在需要時釋放，使電力系統更具韌性、彈性與效率，可用於平滑波動、平衡供需，或提供備援電力。儲能正成為再生能源系統、工業電力基礎設施，以及 AI 資料中心用電的基礎要素。

Power conversion in large-scale battery systems is typically performed by high-voltage silicon-based switching modules paired with gate drivers like our SCALE-2 driver boards. However, rising power demands are driving a shift towards higher voltage architectures and greater adoption of silicon carbide. While silicon carbide can deliver significant gains in efficiency and power density, it introduces new challenges requiring more advanced gate driver technology. This trend plays to our strengths.

大型電池系統的電力轉換通常由高電壓矽基開關模組搭配閘極驅動器（例如我們的 SCALE-2 驅動板）來完成。然而，不斷上升的功率需求正推動架構朝更高電壓轉移，並提高碳化矽的採用。雖然碳化矽可在效率與功率密度上帶來顯著提升，但也引入新的挑戰，因而需要更先進的閘極驅動技術。這股趨勢正好發揮我們的強項。

Our advanced gate drivers provide the precise switching performance required for silicon carbide systems, enabling our customers to confidently deploy the next generation of energy storage infrastructure. We are currently shipping gate drivers into battery storage systems used alongside renewable energy installations, and we added an important new customer in Q2, winning a utility scale design at a top supplier of batteries for energy storage systems and EVs.

我們先進的閘極驅動器可提供碳化矽系統所需的精準切換效能，使客戶能夠有信心地部署下一代能源儲存基礎設施。我們目前正將閘極驅動器出貨至與再生能源裝置搭配使用的電池儲能系統，並且在第二季新增了一位重要客戶，於一家頂尖的能源儲存系統與電動車電池供應商取得公用事業級（utility scale）設計導入。

We also have a number of customer engagements underway for battery storage, specifically targeting AI data centers, another element of our projected $1 billion data center SAM in 2030. Having touched on some of our longer-term growth opportunities, I'll now comment on the appliance and low-power industrial markets, which will continue to be the main drivers of revenue and cash flow as we pivot towards higher power markets.

我們也正在進行多項電池儲能的客戶合作案，特別鎖定 AI 資料中心，這也是我們預估 2030 年資料中心可服務市場（SAM）達 10 億美元的另一個構成要素。在談到部分較長期的成長機會後，我接下來將評論家電與低功耗工業市場；在我們轉向更高功率市場的同時，這些市場仍將持續成為營收與現金流的主要驅動力。

We are calibrating our investments to maintain strong competitive positioning in these markets even as we allocate more R&D and go-to-market resources toward our longer-term priorities. Recent product releases like TOPSwitch GaN and TinySwitch-5 are emblematic of this approach, building on existing IP, brand equity, and customer familiarity with proven architectures.

我們正在校準投資配置，即使將更多研發與市場推進資源分配至長期優先事項，也能在這些市場維持強勁的競爭定位。近期的產品發表，如 TOPSwitch GaN 與 TinySwitch-5，正體現了此一策略：在既有 IP、品牌資產，以及客戶對成熟架構的熟悉度之上持續延伸。

TOPSwitch GaN now has a strong pipeline of designs underway as customers look to bring the efficiency and power density of GaN to appliances, power tools, and more. TinySwitch-5 now has designs in production and should contribute meaningful revenue in the second half of '26, particularly at appliance customers where we've had a number of recent wins.

隨著客戶希望將 GaN 的效率與功率密度導入家電、電動工具等應用，TOPSwitch GaN 目前已有強勁的設計案管線正在推進。TinySwitch-5 目前已有設計進入量產，並可望在 2026 年下半年貢獻可觀營收，特別是在家電客戶端，我們近期取得了多項勝出案。

Tiny 5's flexible operating frequency helped one of our top appliance customers meet a tight time-to-market schedule because they could reuse an existing transformer design. In addition, its excellent cross-regulation performance easily enabled separate outputs for the main motor, control panel, and MCU, all while meeting a stringent standby power spec.

Tiny 5 的彈性工作頻率協助我們的一家頂級家電客戶趕上緊迫的上市時程，因為他們可以重複使用既有的變壓器設計。此外，其優異的交叉調節（cross-regulation）效能，讓主馬達、控制面板與 MCU 的獨立輸出更容易實現，同時仍符合嚴格的待機功耗規格。

Driven largely by Tiny 5 and TOP GaN, our pipeline of appliance designs is healthy, keeping us in position to benefit when demand improves in the appliance market. Our industrial revenue is up 16% year-to-date, driven by broad-based growth across high and low power applications, including renewable energy, home and building automation, tools, and metering.

在 Tiny 5 與 TOP GaN 的主要帶動下，我們的家電設計案管線維持健康，使我們在家電市場需求回升時仍能掌握受益位置。我們的工業營收年初至今成長 16%，成長動能來自高、低功率應用的廣泛擴張，包括再生能源、居家與樓宇自動化、工具與電表計量等。

We have a strong ongoing design activity in each of these areas, supported by a healthy demand environment. Automotive revenue, which is included in our industrial category, is on track to double this year and ramp up in the years ahead as we leverage our strong position in emergency power supplies and drive further GaN penetration in EVs. Much like data centers, EV power architectures are evolving in ways that create greater need for advanced high-voltage technology.

在上述各領域，我們都有強勁且持續的設計活動，並受到良好的需求環境支撐。汽車營收（納入我們的工業類別）今年可望倍增，並在未來幾年持續放量，因為我們將運用在緊急電源供應器的強勢地位，並進一步提升 GaN 在電動車中的滲透率。如同資料中心，電動車的電源架構也正以會增加對先進高壓技術需求的方式演進。

Our GaN road map aligns with rising main battery voltages, while our highly integrated products are ideal for micro DC-to-DC converters. These power supplies represent the next layer of automotive content for Power Integrations as EV architectures move towards distributed high-voltage power conversion and away from low-voltage batteries for powering subsystems.

我們的 GaN 產品藍圖與主電池電壓上升的趨勢一致，而我們高度整合的產品非常適合微型 DC 對 DC 轉換器。隨著電動車架構朝向分散式高壓電力轉換發展，並逐步遠離以低壓電池為子系統供電的方式，這些電源供應器代表 Power Integrations 在汽車領域內容的下一個層級。

In Q2, we won a design at a major Tier 1 supplier for a GaN-based micro DC-to-DC converter scheduled for production next year. This win represents another important endorsement of PowiGaN in the auto market, where other high-voltage GaN offerings have struggled to break through, but customers are increasingly impressed by the documented reliability performance of our GaN.

在第二季，我們於一家主要一級供應商（Tier 1）取得一項以 GaN 為基礎的微型 DC 對 DC 轉換器設計導入，預計於明年量產。此一勝出案代表 PowiGaN 在車用市場的另一項重要背書；在該市場中，其他高壓 GaN 方案一直難以突破，但客戶對我們 GaN 經文件驗證的可靠度表現愈來愈印象深刻。

In closing, our Q2 results demonstrate solid progress on our near-term priorities as we continue to invest for long term growth in data center, energy infrastructure, automotive, and high-power industrial. We're excited about the direction the market is heading. The way the world generates, distributes, stores, and uses electrical energy is changing in ways that will demand more advanced high-voltage semiconductor technology.

總結而言，我們第二季的成果顯示在近期優先事項上取得穩健進展，同時我們也持續投資於資料中心、能源基礎設施、汽車與高功率工業等領域的長期成長。我們對市場發展方向感到振奮。全球在電能的發電、輸配、儲存與使用方式正發生變化，將需要更先進的高壓半導體技術。

Power Integrations is a pure-play high-voltage company with differentiated technology and a road map increasingly well aligned with the long-term needs of the market. Our team is intently focused on converting those advantages into sustainable growth and shareholder value.

Power Integrations 是一家純高壓（pure-play）公司，具備差異化技術，且其產品藍圖與市場長期需求的契合度正持續提升。我們的團隊正專注於將這些優勢轉化為可持續的成長與股東價值。

Now I'll turn it over to Nancy, for a review of the financial highlights.

接下來我把時間交給 Nancy，請她回顧財務重點。

Thanks, Jen, and good afternoon, everyone. Our Q2 results marked another quarter of execution against our financial priorities for 2026: driving revenue growth, focusing investment in our highest priority markets, expanding operating margin, and generating cash flow while reducing inventory in the channel and on our balance sheet. Revenue was $118.9 million in Q2, up 3% from a year-ago and 10% sequentially.

謝謝你，Jen，各位下午好。我們第二季的結果，標誌著我們在 2026 年財務優先事項上的又一季執行成果：推動營收成長、將投資聚焦於最高優先市場、擴大營業利潤率，並在降低通路與資產負債表庫存的同時創造現金流。第二季營收為 1.189 億美元，較去年同期成長 3%，較前一季成長 10%。

Our Industrial business had another strong quarter with 14% growth led by home and building automation, power tools, and broad-based industrial applications. For the first half of 2026, industrial revenue grew 16% year-over-year, following the 15% growth we reported for 2025, demonstrating sustained momentum in our largest end markets.

我們的工業業務再度繳出強勁一季，成長 14%，主要由居家與樓宇自動化、電動工具，以及廣泛的工業應用所帶動。2026 年上半年，工業營收年增 16%；在我們 2025 年所報告的 15% 成長之後，顯示我們在最大終端市場中維持持續動能。

Consumer revenue was up 5% over the prior quarter with seasonal strength in air conditioning, offsetting continued softness in major appliances. The communications and computer categories grew sequentially by 16% and 5%, respectively, coming off seasonal lows in Q1. Non-GAAP gross margin was 55.1% for the quarter, up 160 basis points sequentially and slightly above the high end of our outlook.

消費性營收較前一季成長 5%，空調的季節性強勁抵銷了大型家電持續疲弱的影響。通訊與電腦類別分別較前一季成長 16% 與 5%，主要是第一季季節性低點後的回升。本季非 GAAP 毛利率為 55.1%，較前一季提升 160 個基點，且略高於我們展望區間的上緣。

This increase reflects better mix with industrial rising to 43% of sales as well as higher volume and a favorable impact from the yen-dollar exchange rate. As a reminder, there is currently about a one-year lag between fluctuations in the yen and the resulting impact on our P&L. The exchange rate was volatile through last year, causing some ripples in our gross margin as we move through 2026.

此一提升反映了產品組合改善（工業占比上升至銷售額的 43%），以及更高的出貨量與日圓兌美元匯率的有利影響。提醒各位，目前日圓波動與其對我們損益表（P&L）影響之間約有一年的落後期。去年匯率波動較大，當我們進入 2026 年時，對毛利率造成了一些波紋式影響。

In Q3, the yen flips back to being a slight headwind, followed by another modest benefit in Q4, based on what we see today. Non-GAAP operating expenses in Q2 were $45.2 million, down slightly from the prior quarter and below our outlook range, which had a midpoint of $47 million. We continue to align expenses more closely with revenue through the restructuring we completed in Q1 and a broader set of efficiency and spending discipline initiatives.

以目前所見，第三季日圓將轉為輕微逆風，第四季則再度帶來些許正面助益。第二季非 GAAP 營業費用為 4,520 萬美元，較前一季略降，且低於我們展望區間（中位數為 4,700 萬美元）。我們持續透過第一季完成的重整，以及更廣泛的效率提升與支出紀律措施，使費用與營收更緊密對齊。

At the same time, we are protecting investments in our strategic growth markets, including data center, industrial, energy, automotive, and rail. Reflecting the combined effects of revenue growth, higher gross margin, and focused investments, non-GAAP operating margin for the second-quarter was 17.1%, up 540 basis points from the prior quarter.

同時，我們也保護在策略性成長市場的投資，包括資料中心、工業、能源、汽車與鐵道。在營收成長、毛利率提升與聚焦投資的綜合影響下，第二季非 GAAP 營業利潤率為 17.1%，較前一季提升 540 個基點。

Non-GAAP net income was $20.9 million or $0.37 per diluted share, up from $0.25 in the prior quarter. Turning to the balance sheet and cash flow. Cash flow from operations was $22 million for the quarter, while CapEx was $4 million, resulting in free cash flow of $18 million. Receivables increased by $12 million during the quarter, reflecting higher revenue, while inventory decreased by $5 million.

非 GAAP 淨利為 2,090 萬美元，或稀釋後每股盈餘 0.37 美元，高於前一季的 0.25 美元。接著看資產負債表與現金流。本季營運活動現金流為 2,200 萬美元，資本支出（CapEx）為 400 萬美元，因此自由現金流為 1,800 萬美元。本季應收帳款增加 1,200 萬美元，反映營收提高；庫存則減少 500 萬美元。

Days on hand fell by 27 days to 265 days at quarter end. We do expect a further reduction in inventory days in the second half. Channel inventory also declined during the quarter with weeks on hand improvement of more than 1.5 weeks to 7.3 weeks. As a reminder, we believe that channel inventory between seven and eight weeks is an appropriate target, and we're pleased to be back in that range.

期末庫存天數（Days on hand）下降 27 天至 265 天。我們預期下半年庫存天數將進一步下降。通路庫存於本季亦下降，週數（weeks on hand）改善超過 1.5 週至 7.3 週。提醒各位，我們認為通路庫存維持在 7 至 8 週是合適的目標區間，我們也很高興已回到此一範圍。

I'll now review the third-quarter outlook. We expect revenue to be between $122 million and $130 million, a 6% sequential increase at the midpoint. We expect consumer to be lower, reflecting normal seasonality, while revenue from the communications, computer, and industrial categories should continue to grow. I expect non-GAAP gross margin to be in a range of 54% to 55%, still near the top end of our target range.

我現在將回顧第三季展望。我們預期營收將介於 1.22 億美元至 1.30 億美元之間，以中位數計算，較前一季成長 6%。我們預期消費性市場將較低，反映正常的季節性，而通訊、電腦與工業類別的營收應可持續成長。我預期非 GAAP 毛利率將落在 54% 至 55% 的區間，仍接近我們目標區間的上緣。

Non-GAAP operating expenses for Q3 should be in the range of $45 million to $46 million. At the midpoint, that would be a slight increase from Q2, but meaningfully below the prior year. On last quarter's call, we said we expected low single-digit growth in non-GAAP OpEx this year. We now believe we are on a course for a low single-digit decrease even as we continue to make the important and material investments in key long-term growth initiatives.

第三季非 GAAP 營業費用預計將介於 4,500 萬美元至 4,600 萬美元之間。以中位數計算，將較第二季小幅增加，但明顯低於去年同期。在上一季的電話會議中，我們表示預期今年非 GAAP 營業費用將呈現低個位數成長。我們現在認為，即使我們持續在關鍵的長期成長計畫上進行重要且具實質性的投資，我們仍正朝向低個位數下降的軌道前進。

Finally, I expect non-GAAP operating margin for the third-quarter to be between 17% and 19% as compared to the 17.1% we reported for Q2. The first half of 2026 demonstrates the leverage we have in our business model when we deliver revenue growth and maintain discipline on expenses and capital allocation. We remain committed to these financial principles and the importance of bringing differentiated value to our customers while executing to our road map.

最後，我預期第三季非 GAAP 營業利益率將介於 17% 至 19% 之間，相較於我們第二季所報告的 17.1%。2026 年上半年展現了當我們實現營收成長，並在費用與資本配置上維持紀律時，我們商業模式所具備的槓桿效益。我們仍致力於這些財務原則，以及在依照我們的產品藍圖執行的同時，為客戶帶來差異化價值的重要性。

In closing, I want to thank our global team for their commitment to POWI, focus on our strategic priorities, and to driving shareholder value. And now Ben, we can open it up for questions.

最後，我要感謝我們全球團隊對 POWI 的投入、對策略優先事項的專注，以及推動股東價值的努力。現在，Ben，我們可以開放提問。

David Williams, Needham & Co.

David Williams，Needham & Co.。

Congratulations on the continued success here. Maybe, Jen, if we can think about -- sorry, I was really excited about the 2,200-volt GaN that you released and talked about in the script there. I'm just wondering if you could give us some color around that of when you expect maybe that could be in the market. Obviously, you've sampled that and shown it. But when do you think that could start producing revenue?

恭喜你們持續取得成功。Jen，也許我們可以談談——抱歉，我對你們發布並在講稿中提到的 2,200 伏 GaN 真的很興奮。我想請問你能否分享一些背景：你們預期它大概何時會進入市場？顯然你們已經提供樣品並展示過了。但你認為它何時可能開始帶來營收？

And is it part of potential designs now that you can start talking about? Or are we still maybe a few more quarters out before you can start talking about design wins and potentials there?

另外，它是否已經納入一些潛在設計中，讓你們現在就可以開始談？還是我們可能還要再等幾個季度，你們才會開始談到設計導入（design win）以及相關潛力？

Yes. Thank you, David, for that question. And I'm glad that you're excited about it. We're pretty excited about it also. Really, right now, we're looking at a time frame that's probably a bit further out. Right now, it's really just a technology demonstration. It's not a product -- we haven't launched any products on that platform. But we are seeing customers across data center, auto, and other markets that want to see that road map.

是的。謝謝你，David，提出這個問題。也很高興你對此感到興奮。我們也非常興奮。就目前而言，我們看的時間範圍可能還要更久一些。目前它確實只是技術展示。它還不是產品——我們尚未在該平台上推出任何產品。但我們確實看到資料中心、車用以及其他市場的客戶希望看到這條產品藍圖。

In the data center specifically, those products would be on the 1,500-volt road map. And that's obviously much further out in time. You're talking about several years before we would have products. So no, it's not probably the next couple of quarters. It would be the next couple of years before we see anything meaningful there.

以資料中心來說，這些產品會在 1,500 伏的產品藍圖上。而那顯然在時間上要更久。你說的是在我們能推出產品之前，還需要好幾年。所以不會是在接下來幾個季度。我們要在接下來幾年才會看到任何具意義的成果。

Great. And then maybe just on the channel inventory, you talked about that coming down and being healthy. Just kind of curious what you're seeing in terms of order velocity and maybe speak to if you feel like you're shifting to consumption now? And what are the opportunities for maybe some channel fill now that we're back kind of in this normal range, but it feels like the demand is starting to pick up some.

了解。另外關於通路庫存，你提到它正在下降並且處於健康水位。我想了解你們看到的下單速度（order velocity）如何？以及你是否覺得現在正在轉向以終端消耗（consumption）為主？還有，既然我們回到這個正常區間，而需求似乎開始回升，是否有機會出現一些通路補庫（channel fill）？

I think you characterized it well. If I look at where we started the year with channel inventory above nine, we knew that there had been some buildup last year that seems to have worked its way through. So I'm pleased to see that level coming down both in Q1 and then again in Q2. I do think we're at much healthier levels right now.

我認為你的描述很到位。如果我回顧年初時通路庫存高於九週，我們知道去年確實有一些庫存累積，而現在看起來已經逐步消化。因此，我很高興看到這個水位在第一季下降，並在第二季再次下降。我確實認為我們目前的水位健康得多。

The devil is always in the detail, and we measure every channel partner and what they're holding, what they have by product type, as you can imagine, and where it is regionally. And right now, we feel good about the health of the inventory that's in the channel. And I do agree, I think in that seven to eight, around eight weeks, is a healthy level.

細節永遠最關鍵；如你所想，我們會衡量每一家通路夥伴及其持有量、依產品類型的庫存結構，以及區域分布。而目前，我們對通路中的庫存健康狀況感到放心。我也同意，我認為約七到八週、接近八週，是健康的水位。

The first half demand has been compelling, right? We're pleased with how the first half has played out. We expect to continue to see growth in Q3, as I referenced. We expect that to be in three of the categories that we sell into in terms of growth rates, as I mentioned in my prepared remarks. And so I would expect some level of sell-in in Q3, but still aiming to stay in that healthy range around 8 weeks.

上半年需求表現相當強勁，對吧？我們對上半年的進展感到滿意。如我先前提到的，我們預期第三季將持續成長。就成長率而言，我們預期我們所服務的三個類別會呈現成長，正如我在事先準備的發言中所提。因此，我預期第三季會有一定程度的通路進貨（sell-in），但仍會以維持在約八週的健康區間為目標。

Tore Svanberg, Stifel.

Tore Svanberg，Stifel。

Yes. So for my first question, Jen, obviously, there's some new products, design and so on and so forth. Could you just maybe update us on the timeline, especially for data center and automotive? I think in the past, you've talked about maybe data center becoming more material in '28. I'm wondering if that's still on track. And then on the auto side, you sound a little bit more positive on this call over the revenues doubling this year. Just curious what the expectation would be for '27.

是的。我的第一個問題，Jen，顯然你們有一些新產品、設計等進展。你能否更新一下時程，特別是資料中心與車用？我記得過去你們曾提到資料中心可能在 2028 年變得更具規模。我想確認這是否仍按計畫進行。另外在車用方面，你在這次電話會議中對今年營收倍增聽起來更為正面。我想了解你們對 2027 年的預期會是什麼。

Okay, sure. Let me take the automotive first. So yes, we're -- we feel we're on track on automotive. So we've been talking about a $100 million target out in the '29, '30 time frame, and we still believe that that's attainable. Of course, how that progresses is dependent on the market conditions in EV, but we're excited about this next step of BOM expansion from where we entered that market with the emergency power supply designs and now we're seeing some of our first micro DC-to-DC converter designs.

好的，當然。我先談車用。是的，我們——我們覺得車用進展符合預期。我們一直在談在 2029、2030 年左右達到 1 億美元的目標，我們仍相信這是可達成的。當然，進展速度取決於電動車市場狀況，但我們對下一步的 BOM（物料清單）擴張感到興奮：我們最初以緊急電源供應（emergency power supply）設計切入該市場，而現在我們正看到一些首批微型 DC 對 DC 轉換器設計。

That's a significant step in the BOM expansion. So we think that's going well. On the data center side, really, there's kind of two tracks to our engagement there. We've been very heavily focused on winning aux power designs. Those are applications that we can address with products that we have today. So that looks like could be revenue in 2028.

這是 BOM 擴張上的一個重大步驟。因此我們認為進展良好。至於資料中心方面，我們的投入大致有兩條路徑。我們一直非常專注於贏得輔助電源（aux power）設計。這些應用我們可以用現有產品來滿足。因此看起來可能在 2028 年帶來營收。

Then on maybe the second track of our engagement on data center is around the main power path to the GPU. And that is a further out in time that will -- that and actually some of the aux will be dependent on when the 800-volt systems deploy. But the engagement on the main power path is still earlier. It's still an opportunity that requires work with our customers since it is a unique technology that we're rolling out, and there are a number of things to be worked through. So that's still evolving, but that's a little further out in time.

接著，資料中心投入的第二條路徑，可能是圍繞 GPU 的主電源路徑（main power path）。這在時間上更往後——而且其實主電源路徑以及部分輔助電源，都將取決於 800 伏系統何時部署。但在主電源路徑上的投入仍處於更早期。這仍是一個需要與客戶共同投入的機會，因為這是我們正在推出的獨特技術，還有許多事項需要逐一解決。因此這仍在演進中，但時間點會再更往後一些。

That's great color. And as my follow-up, I do recognize the 2,200-volt GaN is obviously even further out. But I'm just curious what that means for potential 800-volt designs because I would think that as customers look for 800 volt, they obviously want to see the path to 1,500 volt. And with your 2,200-volt technology now available, I'm just curious if that potentially puts you in a better position as you try and garner some design wins for 800 volt.

那是很棒的色彩。作為我的追問，我確實理解 2,200 伏 GaN 顯然還更遠一些。但我只是好奇，這對潛在的 800 伏設計意味著什麼，因為我會認為當客戶尋求 800 伏時，他們顯然也希望看到通往 1,500 伏的路徑。而你們現在已具備 2,200 伏技術，我只是好奇，當你們嘗試爭取 800 伏的設計導入（design wins）時，這是否可能讓你們處於更有利的位置。

I think so, Tore. What we just keep hearing is the criticality of power across -- it's not just data center, it's across lots of industries. It's super compelling. And our customers are saying and citing that power is really one of their key risk areas to solve. And having that road map and being -- having a track record of innovation in high voltage, we really think this is helping us and is giving us the opportunity to really partner with our customers with our road map to solve those challenges, not just today at 800 volts, but as things evolve.

我想是的，Tore。我們一直聽到的是，電力的重要性橫跨——不只是資料中心，而是涵蓋許多產業。這非常有吸引力。我們的客戶也表示並指出，電力確實是他們需要解決的關鍵風險領域之一。而擁有那樣的路線圖，並且——在高電壓創新方面有既有的成果紀錄，我們真的認為這正在幫助我們，也讓我們有機會與客戶以我們的路線圖更緊密合作來解決這些挑戰，不僅是今天的 800 伏，還包括隨著事態演進的未來。

Christopher Rolland, Susquehanna.

Christopher Rolland，Susquehanna。

Congrats on the quarter. My first question is around supply. You guys kind of have a nontraditional supply chain. And at least during the last cycle, you were able to serve some upside when others were not. I guess, can you talk about your capacity, ability to serve upside, and whether you think your competitors are running into supply issues, opening the door for you to pick up share?

恭喜本季表現。我的第一個問題是關於供應。你們的供應鏈有點非傳統。而至少在上一個週期中，當其他人無法供應時，你們能夠承接一些額外需求。我想問的是，你們能否談談你們的產能、承接額外需求的能力，以及你們是否認為競爭對手正遭遇供應問題，從而為你們打開取得市占的機會？

I think we have had feedback recently actually from certain of our customers, one hyperscaler in particular that we met with this week, that actually framed a very similar comment that you just put forward. We do have a unique supply chain structure. We do think that our ability to supply and our ability to still keep our lead times very competitive does provide us an opportunity, particularly as we look across the markets that we serve.

我認為我們最近其實從某些客戶那裡得到回饋，特別是我們本週與其中一家超大規模業者（hyperscaler）會面時，他們的表述與你剛才提出的評論非常相似。我們確實有獨特的供應鏈結構。我們也認為，我們的供應能力以及仍能維持非常具競爭力的交期，確實為我們帶來機會，尤其是當我們放眼我們所服務的各個市場時。

But as we think about the relationships that are needed now in technology road map, which Jen just commented on, but also an ability to supply and supply consistently, we do think that does present us an opportunity where we may be able to take advantage of that as we go forward. I want to also acknowledge, right, the ops team here at POWI because they work really hard to make that happen.

但當我們思考現在在技術路線圖方面所需要的關係——Jen 剛剛也提到——以及供應能力與穩定、持續供應的能力時，我們確實認為這為我們帶來一個機會，讓我們在未來能夠加以把握。我也想要致謝，對吧，POWI 的營運團隊，因為他們非常努力才讓這一切得以實現。

It's not something that's easy, but we have structured processes and relationships with our partners that allow us to maintain that competitiveness and have products available for our customers when we need them. But I appreciate you raising it because it literally just came up with -- from one of the customers this week, and we do think that it provides us an opportunity, and we're going to do our best to execute to that.

這並不容易，但我們已建立流程與我們合作夥伴之間的關係，使我們能維持這樣的競爭力，並在需要時為客戶提供可用的產品。不過我很感謝你提出這點，因為這週確實就——由其中一位客戶提了出來；我們也認為這為我們帶來機會，而我們會盡最大努力把它執行到位。

Great. Additionally, one of your competitors is talking about using GaN. I think it's even 600-volt GaN in a back-to-back FET architecture to address SSTs. And just considering you have this new announcement on 2.2 kilovolts, might you or have you explored anything for SSTs? Additionally, what kind of new applications do you think 2.2 kilovolts opens up for you?

很好。另外，你們的一位競爭對手正在談論使用 GaN。我想甚至是 600 伏 GaN，採用背對背 FET 架構來因應 SST。考量到你們剛宣布 2.2 千伏的新進展，你們是否可能、或是否已經探索過用於 SST 的任何方案？另外，你認為 2.2 千伏會為你們開啟哪些新的應用？

So on the SSTs, to date, our discussions have been mostly around the products we have today, which are gate driver products that can potentially address those applications for our customers. However, there is discussion about our GaN in those applications. In terms of new applications for 2,200 volt, where we're hearing our customers really is around data center and automotive applications, where we think that that technology could be useful.

關於 SST，迄今為止，我們的討論多半圍繞在我們目前已有的產品，也就是閘極驅動器產品，這些產品可能可以為客戶對應那些應用。不過，確實也有在討論我們的 GaN 用於那些應用。至於 2,200 伏的新應用，我們從客戶那裡聽到的主要是在資料中心與車用應用上，我們認為那項技術可能會很有用。

But I mean, we learn new things every day, and it would not surprise me at all if new applications open up. So I don't have any detailed comments today, but you'll hear more as that market evolves.

但我的意思是，我們每天都在學到新東西，如果有新的應用被開啟，我一點也不會意外。所以我今天沒有任何更細節的評論，但隨著市場演進，你們會聽到更多。

I think one thing that we are seeing, though, is the footprint that we already have today in terms of work with energy customers and our gate driver business today is giving us access to early looks at what may be designed, right? I mean, there's still so much work to be done in this space. But as Jen mentioned, power being so critical both to inside the data center, which people have been focusing on, but really now how do you get power to the data center.

不過我認為我們正在看到的一點是，我們目前在能源客戶方面既有的佈局，以及我們現有的閘極驅動器業務，正讓我們能夠更早接觸到可能會被設計進去的方向，對吧？我的意思是，這個領域仍有非常多工作要做。但如同 Jen 提到的，電力的重要性不僅在資料中心內部——大家一直在關注的——而是現在更進一步到：如何把電力送到資料中心。

And that infrastructure opportunity is one that we think we're very well positioned to serve because we already have that footprint and are already selling into those markets. So we are actively engaged there and look forward to being able to share more as we learn more in terms of the direction that our customers are going.

而我們認為那個基礎設施的機會，我們非常有利於提供服務，因為我們已經有那樣的佈局，並且已經在那些市場中銷售。因此我們正積極投入其中，也期待隨著我們對客戶走向的了解增加，能分享更多資訊。

There are no further questions at this time. I will now turn the call back to CEO, Jen Lloyd, for closing remarks.

目前沒有進一步的問題。我現在把電話交回給執行長 Jen Lloyd 作結語。

All right. Thank you again for joining us today and for your continued interest in Power Integrations. I want to thank our employees around the world for their hard work, innovation, and commitment to execution as well as our customers, partners, and suppliers for their continued collaboration and support. We are encouraged by the progress we've made this year, reflected in stronger financial performance, continued momentum across our industrial business, and meaningful advances in our strategic growth initiatives.

好的。再次感謝各位今天加入我們，並持續關注 Power Integrations。我要感謝我們全球員工的辛勤工作、創新，以及對落實執行的承諾；也感謝我們的客戶、合作夥伴與供應商持續的協作與支持。我們對今年所取得的進展感到振奮，這反映在更強勁的財務表現、我們工業業務的持續動能，以及我們策略性成長計畫的重大進展。

As power systems evolve toward higher voltages, greater efficiency, and increased reliability, we believe our technology, expertise, and products position us well for the opportunities ahead. We remain focused on disciplined execution, technological leadership, and creating long term value for our shareholders. We thank you for your support and look forward to updating you again next quarter.

隨著電力系統朝向更高電壓、更高效率與更高可靠性演進，我們相信我們的技術、專業能力與產品，使我們在未來的機會上具備良好定位。我們將持續專注於紀律性的執行、技術領導地位，以及為股東創造長期價值。感謝各位的支持，我們期待在下個季度再次向各位更新。

Thanks, Jen, and thanks, everyone, for listening. There will be a replay of this call available shortly on our website, our investor website, which is investors.power.com. Thanks again for listening, and good afternoon.

謝謝你，Jen，也謝謝各位的收聽。本次電話會議的重播將很快在我們的網站、也就是我們的投資人網站 investors.power.com 上提供。再次感謝各位收聽，祝各位下午愉快。

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

今天的電話會議到此結束。感謝各位參與。各位現在可以掛線。