Peraso Inc (PRSO) 2025 Q2 法說會逐字稿

Good afternoon and welcome to Peraso Inc.'s second-quarter 2025 conference call. (Operator Instructions) As a reminder, this conference call is being recorded today, Monday, August 11, 2025. I would now like to turn the call over to your host for today's conference call, Mr. Jim Sullivan. Please go ahead.

下午好，歡迎參加 Peraso Inc. 2025 年第二季電話會議。（操作員指示）提醒一下，本次電話會議將於今天（2025 年 8 月 11 日星期一）進行錄音。現在，我想將電話轉給今天電話會議的主持人吉姆·沙利文先生。請繼續。

Good afternoon and thank you for joining today's conference call to discuss Peraso's second-quarter 2025 financial results. I'm Jim Sullivan, CFO of Peraso, and joining me today is Ron Glibbery, our CEO.

下午好，感謝您參加今天的電話會議，討論 Peraso 2025 年第二季的財務表現。我是 Peraso 的財務長 Jim Sullivan，今天與我一起出席的是我們的執行長 Ron Glibbery。

Today, after the market closed, we issued a press release and related Form 8-K, which was filed with the Securities and Exchange Commission. The press release and Form 8-K are available on Peraso's website at www.perasoinc.com under the Investor Relations section. There is also a slide presentation that we will be using in conjunction with today's call that may be access to the webcast link on the IR website.

今天，市場收盤後，我們發布了一份新聞稿和相關的8-K表格，並提交給了美國證券交易委員會。新聞稿和 8-K 表格可在 Peraso 網站 www.perasoinc.com 的「投資者關係」部分找到。我們還將結合今天的電話會議使用幻燈片演示，以便訪問 IR 網站上的網路廣播連結。

As a reminder, comments made during today's conference call may include forward-looking statements. All statements other than statements of historical fact could be deemed as forward-looking. Peraso advises caution and reliance on forward-looking statements. These statements include without limitation, any projections of revenue, margins, expenses, non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating expenses, adjusted EBITDA, non-GAAP net loss, cash flows, or other financial items, including anticipated cost savings, as well as any statements concerning the expected development, performance, and market share, or competitive performance of our products or technologies and any statements related to prospective future financing arrangements or capital transactions and the evaluation of pursuit of strategic alternatives.

提醒一下，今天電話會議上的評論可能包括前瞻性陳述。除歷史事實陳述之外的所有陳述均可視為前瞻性陳述。Peraso 建議謹慎並依賴前瞻性陳述。這些聲明包括但不限於對收入、利潤、費用、非公認會計準則毛利、非公認會計準則毛利率、非公認會計準則營業費用、調整後息稅折舊攤銷前利潤、非公認會計準則淨虧損、現金流量或其他財務項目（包括預期成本節約）的任何預測，以及有關我們產品或技術的預期發展、績效和市場市場或競爭績效的任何聲明，以及未來的任何資本聲明與未來交易和市場的任何條款

All forward-looking statements are based on information available to Peraso on the date hereof. These statements involve known and unknown risks, uncertainties, and other factors that may cause Peraso's actual results to differ materially from those implied by the forward-looking statements, including unexpected changes in the company's business. More detailed information about these risk factors and additional risk factors are set forth in Peraso's public filings with the SEC. Peraso expressly disclaims any obligation to update or alter its forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by applicable law.

所有前瞻性陳述均基於 Peraso 截至本文日期所掌握的資訊。這些聲明涉及已知和未知的風險、不確定性和其他因素，可能導致 Peraso 的實際結果與前瞻性聲明所暗示的結果有重大差異，包括公司業務的意外變化。有關這些風險因素和其他風險因素的更多詳細信息，請參閱 Peraso 向美國證券交易委員會提交的公開文件。Peraso 明確表示不承擔更新或修改其前瞻性聲明的任何義務，無論是由於新資訊、未來事件或其他原因，除非適用法律要求。

Additionally, the company's press release and management statements during this conference call will include discussions of certain measures and financial information in terms of GAAP and non-GAAP. With respect to our remarks on today's call involving non-GAAP numbers unless otherwise indicated, referenced amounts exclude stock-based compensation expense, amortization of intangible assets, severance costs, and the change in fair value of warrant liabilities. These non-GAAP financial measures, definitions, and the reconciliation of these differences between them and comparable GAAP measures are presented in a press release and related Form 8-K which provide additional details. For those of you unable to listen to the entire call at this time, a recording will be available on the investor relations page of our website.

此外，本公司在本次電話會議中的新聞稿和管理聲明將包括對 GAAP 和非 GAAP 方面的某些指標和財務資訊的討論。關於我們在今天的電話會議上涉及非公認會計準則數字的評論，除非另有說明，引用的金額不包括股票薪酬費用、無形資產攤銷、遣散費用和認股權證負債公允價值變動。這些非 GAAP 財務指標、定義以及它們與可比較 GAAP 指標之間的差異的調整均在新聞稿和相關 8-K 表中提供，其中提供了更多詳細資訊。對於現在無法收聽整個電話會議的人，我們將在網站的投資者關係頁面上提供錄音。

Now I'd like to turn the call over to our CEO Ron Glibbery for his prepared remarks. Ron?

現在，我想將電話轉給我們的執行長 Ron Glibbery，請他發表準備好的演講。羅恩？

Thank you, Jim. Good afternoon and welcome to everyone on the phone and the webcast. We appreciate you joining us for today's conference call. We had a solid and productive second quarter, marked by continued market momentum and growing demand for Peraso's industry leading mmWave technology.

謝謝你，吉姆。下午好，歡迎大家透過電話和網路直播。感謝您參加今天的電話會議。我們的第二季表現穩健且富有成效，市場勢頭持續強勁，對 Peraso 業界領先的毫米波技術的需求不斷增長。

Revenue from our mmWave products increased 45% sequentially and more than 200% year-over-year, as we continued to ramp shipments to an expanding customer base and across multiple targeted end markets. Further highlighting sustained market leadership of our 60 gigahertz solutions, we achieved a significant milestone having surpassed 2 million cumulative shipments of our mmWave devices. Complementing the growth of our mmWave products, we have continued to exercise disciplined cost management, resulting in lower run rate operating expenses and significant year-over-year improvement in our operating results for the quarter.

隨著我們繼續向不斷擴大的客戶群和多個目標終端市場增加出貨量，我們的毫米波產品收入環比增長 45%，同比增長超過 200%。我們的毫米波設備累積出貨量已超過 200 萬台，這進一步凸顯了我們 60 千兆赫解決方案在市場中的持續領先地位，並取得了重要的里程碑。為配合毫米波產品的成長，我們持續實行嚴格的成本管理，從而降低了運行率營運費用，並使本季的營運表現較去年同期顯著改善。

Looking at slide 4, fixed wireless access continues to represent the largest and fastest growing market opportunity for mmWave technology due to its unique ability to deliver reliable high speed and low latency broadband connectivity to homes and businesses without the cost burden associated with fiber infrastructure. Throughout the first half of the year, we have already -- we've seen a steady and broadening recovery in both market demand and customer orders for our fixed wireless access solutions.

從投影片 4 可以看出，固定無線存取繼續代表毫米波技術最大且成長最快的市場機遇，因為它具有獨特的能力，可以為家庭和企業提供可靠的高速和低延遲寬頻連接，而無需承擔光纖基礎設施帶來的成本負擔。在整個上半年，我們已經看到固定無線存取解決方案的市場需求和客戶訂單都在穩步、廣泛地復甦。

Highlighting our most recently announced win. In July, we announced one of our leading partners, Tachyon Networks, selected Peraso's mmWave modules to power its latest outdoor 60 gigahertz fixed wireless solution. Our advanced mmWave's module enable Tachyon solutions to deliver fiberglass speeds at a breakthrough price point, supporting rapid broadband deployments in both dense urban and rural markets.

重點介紹我們最近宣布的勝利。7 月，我們宣布我們的主要合作夥伴之一 Tachyon Networks 選擇了 Peraso 的 mmWave 模組為其最新的戶外 60 千兆赫固定無線解決方案提供支援。我們先進的 mmWave 模組使 Tachyon 解決方案能夠以突破性的價格提供光纖速度，支援在密集的城市和農村市場中快速部署寬頻。

More specifically, their latest solution offers gigabit connectivity, has an over 3 kilometer range and is compatible with Tachyon's existing TNA 300 series, with the ability to support up to 48 client connections per sector. This win and our ongoing collaborative partnership with Tachyon Networks are a testament to Peraso's recognized technology leadership for high performance mmWave solutions.

更具體地說，他們的最新解決方案提供千兆連接，範圍超過 3 公里，並與 Tachyon 現有的 TNA 300 系列相容，每個扇區最多可支援 48 個客戶端連接。此次勝利以及我們與 Tachyon Networks 的持續合作夥伴關係證明了 Peraso 在高性能毫米波解決方案方面公認的技術領導地位。

Today, we remain engaged with numerous wireless internet service providers that are utilizing browsers mmWave technology, improving concepts for future fixed wireless access deployment. We expect these and additional new opportunities to contribute to our sustained future growth as we convert successful proof of concepts into new initial production orders.

今天，我們仍與眾多利用瀏覽器毫米波技術的無線網路服務供應商保持合作，以改善未來固定無線存取部署的概念。隨著我們將成功的概念驗證轉化為新的初始生產訂單，我們期望這些以及其他新機會將促進我們未來的持續成長。

Now turning to slide 5. In addition to capitalizing on the recent momentum with the fixed wireless access market, we continue to be excited about the growing interest and market opportunity for mmWave technology in next-generation tactical communications and military defense applications. Following a series of early perspective discussions and initial engagement with potential customers and ecosystem partners, we have become increasingly confident that the inherent characteristics of our mmWave technology are well matched to solve a number of critical communication challenges encountered in tactical defense environments.

現在翻到投影片 5。除了利用固定無線接入市場近期的發展勢頭之外，我們還對下一代戰術通訊和軍事防禦應用中人們對毫米波技術日益增長的興趣和市場機會感到興奮。經過一系列早期觀點討論以及與潛在客戶和生態系統合作夥伴的初步接觸，我們越來越有信心，我們的毫米波技術的固有特性能夠很好地解決戰術防禦環境中遇到的許多關鍵通信挑戰。

As discussed on the previous call, we demonstrated our first commercial proof point earlier this year was a strategic contract with a specialized defense contractor to deliver mission critical wireless application to global military and defense forces. We have since been working in close collaboration with this lead customer to refine a jointly created and deployable system solution for a first of its kind tactical defense application.

正如上次電話會議所討論的那樣，我們在今年早些時候展示了我們的第一個商業證明點，即與一家專業國防承包商簽訂的戰略合同，為全球軍事和國防部隊提供關鍵任務無線應用。從那時起，我們就一直與該主要客戶密切合作，完善聯合創建並可部署的系統解決方案，用於首個此類戰術防禦應用。

In June, we announced a significant milestone with the delivery of initial production shipments of our advanced 60 gigahetz wireless solutions in support of this jointly developed solution. More specifically, this new deployable systems solution leverages Peraso's technology to provide heightened communication and situational awareness to help safeguard both military personnel and non-combatants, such as medics and humanitarian responders operating in high-risk environments.

6 月份，我們宣布了一個重要的里程碑，即交付首批先進的 60 千兆赫無線解決方案，以支援這項共同開發的解決方案。更具體地說，這種新的可部署系統解決方案利用 Peraso 的技術來提供更高的通訊和態勢感知能力，以幫助保護軍事人員和非戰鬥人員，例如在高風險環境中行動的醫務人員和人道主義救援人員。

As a company, we are proud to be part of enabling this next-generation tactical communication solution designed to mitigate and prevent unnecessary human casualties. This notable win is also further validation of the performance and versatility of our mmWave technology, helping to establish Perasos's commercial presence and accelerate our strategic expansion in the broader tactical defense communications market.

作為一家公司，我們很自豪能夠參與實現這項旨在減輕和防止不必要的傷亡的下一代戰術通訊解決方案。這場顯著勝利也進一步驗證了我們毫米波技術的性能和多功能性，有助於確立 Perasos 的商業地位並加速我們在更廣泛的戰術防禦通訊市場的戰略擴張。

With increasing awareness of its inherent performance attributes and advanced capabilities, including ultra low latency, high reliability, and stealthy multi-gigabit data transmission, we believe that 60 gigahertz mmWave technology is poised to gain substantial market traction across a broad span of mission critical applications. As just one prominent example from our previously mentioned early discussions with prospective future customers and ecosystem partners, we've recently observed heightened interest around leveraging the benefits mmWave for various drone-related applications.

隨著人們對其固有性能屬性和先進功能（包括超低延遲、高可靠性和隱密的多千兆位元資料傳輸）的認識不斷提高，我們相信 60 千兆赫毫米波技術將在廣泛的關鍵任務應用中獲得巨大的市場吸引力。這只是我們之前提到的與潛在未來客戶和生態系統合作夥伴進行的早期討論中的一個突出的例子，我們最近觀察到人們對利用毫米波的優勢進行各種無人機相關應用的興趣日益濃厚。

More generally, we are highly motivated by both the significant and growing commercial potential of mission critical applications, as well as the associated opportunities to contribute to future positive real-world impacts. We believe Peraso's advanced mmWave technology and commercially proven solutions represent the unique strategic advantage that we can capitalize on and continue to scale over time. As such, we remain committed to expanding our market presence, collaboration with ecosystem partners, and customer engagement in the tactical defense communications market over the coming quarters.

更普遍地說，我們對關鍵任務應用程式的巨大且不斷增長的商業潛力以及為未來積極的現實世界影響做出貢獻的相關機會充滿熱情。我們相信，Peraso 先進的毫米波技術和經過商業驗證的解決方案代表著我們可以利用並隨著時間的推移而不斷擴展的獨特戰略優勢。因此，我們將繼續致力於在未來幾季擴大我們的市場影響力、與生態系統合作夥伴的合作以及在戰術防禦通訊市場的客戶參與度。

Move to slide 6. Although we traditionally dedicate a majority of our quarterly calls and commentary to updates on our two largest targeted markets, I want to take the opportunity on today's call to briefly highlight both the versatility of our mmWave products and the incremental growth opportunities that exist in adjacent end markets.

移至幻燈片 6。雖然我們傳統上將大部分季度電話會議和評論用於更新我們最大的兩個目標市場，但我想藉今天的電話會議機會簡要介紹一下我們的毫米波產品的多功能性以及相鄰終端市場中存在的增量增長機會。

Kindly note, we generally separate and refer to our collective target adjacent and end markets as two distinct categories. The first being transportation. And the second category, we call professional video delivery. Well, the typical revenue contribution from both these categories is smaller relative to fixed wireless access business, we do have a combination of current or recurring customers, sales, as well as active engagements in both these adjacent markets.

請注意，我們通常將我們的共同目標相鄰市場和終端市場分開並稱為兩個不同的類別。首先是交通運輸。第二類，我們稱之為專業視訊傳輸。嗯，這兩個類別的典型收入貢獻相對於固定無線存取業務來說較小，我們確實擁有現有或經常性客戶、銷售額以及在這兩個相鄰市場的積極參與。

Having provided that background in this context, the most important takeaway is that mmWave technology delivers a uniquely compelling value proposition for overcoming complex connectivity challenges across diverse applications in both our targeted and adjacent markets. It's largely the same inherent high performance and advanced capabilities that mmWave brings to fixed wireless and tattoos and communications. These same attributes make mmWave a critical enabler and frequently the only practical economic solution for applications requiring a robust high-data rate connectivity.

在此背景下提供背景資訊後，最重要的一點是，毫米波技術提供了獨特而引人注目的價值主張，可以克服我們目標市場和鄰近市場中各種應用中的複雜連接挑戰。它與 mmWave 為固定無線、紋身和通訊帶來的固有高效能和先進功能大致相同。這些相同的屬性使毫米波成為關鍵推動因素，並且通常成為需要強大的高數據速率連接的應用的唯一實用的經濟解決方案。

As a recent example further highlighting MMwave's unique capabilities and value proposition in adjacent markets, in June, we received and have since shipped the production order of a 60 gigahertz wireless solution in support of a new customer's wireless video system for classroom environments.

最近的一個例子進一步凸顯了 MMwave 在鄰近市場的獨特能力和價值主張，6 月份，我們收到並已發貨 60 千兆赫無線解決方案的生產訂單，以支持新客戶用於教室環境的無線視訊系統。

This customer chose to incorporate Perasos's 60 gigahetz wireless mmWave technology to enable its solution for the reliable delivery of high performance, low latency video, and high-density school environments while also operating completely independent of schools frequently congested existing WiFi infrastructure. Also notable, this was our first ever production shipment in support of a solution, specifically tailored for education; and therefore, reflected in the expansion of our served addressable market.

該客戶選擇採用 Perasos 的 60 千兆赫無線毫米波技術，使其解決方案能夠可靠地提供高效能、低延遲視訊和高密度學校環境，同時還能完全獨立於學校經常擁擠的現有 WiFi 基礎設施運作。同樣值得注意的是，這是我們首次為支持專門針對教育的解決方案而進行的生產發貨；因此，這反映在我們所服務的目標市場的擴張上。

Looking now at slide 7, borrowing from the layout that we utilize to show our overall pipeline in previous quarters, we recently introduced this new pipeline slide in order to specifically track and visualize the progression of our customer base over time.

現在看投影片 7，借鑒我們在前幾季展示整體通路的佈局，我們最近推出了這個新的通路投影片，以便專門追蹤和視覺化我們的客戶群隨時間的進展。

Noting the time frame between the two respective funnels from Q4 2023 to Q2 2025, representing approximately 18 months. We are very pleased with the substantial progress we made towards expanding our customer base over this relatively short period, especially when viewed in the context of how time and resource intensive it can often be to acquire a single new customer and then successfully advance engagement on a specific program for initial evaluation through the design process and ultimately see a customer's finished product be released to production.

注意兩個漏斗之間的時間範圍從 2023 年第四季到 2025 年第二季度，大約為 18 個月。我們很高興看到我們在相對較短的時間內為擴大客戶群所取得的實質進展，特別是考慮到獲取一個新客戶，然後成功地推進對特定項目的參與，透過設計過程進行初步評估，並最終看到客戶的成品投入生產，通常需要投入大量的時間和資源。

Although doubling our number of customers that are now in production from 7 to 14, hopefully, speaks for itself, there's another potentially more subtle takeaway that I want to highlight. In addition to successfully attracting and securing new customers, this slide also demonstrates our ability to effectively advance a growing number of funnel opportunities and program engagements across an increasingly diverse group of in market applications.

儘管我們目前投入生產的客戶數量從 7 個增加到 14 個，希望這能說明問題，但還有另一個可能更微妙的收穫我想強調一下。除了成功吸引和獲得新客戶之外，這張投影片還展示了我們有效地推進日益多樣化的市場應用群體中越來越多的通路機會和計畫參與的能力。

Turning to slide 8. This is another view of our pipeline over the same 18 month period ending in June. But shown in terms of the number of SKUs or individual device models, irrespective of whether an individual SKU is associated with a new or existing customer. The overall trajectory is definitively positive and similar to the prior slide, also demonstrates our substantial progress on advancing a sizable number of engagement opportunities and to finished customer products released into production.

翻到第 8 張投影片。這是截至 6 月的 18 個月期間我們的管道的另一種視圖。而是以 SKU 數量或單一裝置型號來顯示，無論單一 SKU 是否與新客戶或現有客戶相關聯。整體軌跡肯定是正面的，與先前的幻燈片相似，也顯示我們在推進大量參與機會和將成品客戶產品投入生產方面取得了實質進展。

The other two takeaways that I want to briefly highlight are, first, the number of customer SKUs that are now currently in production have increased 90% over the last 18 months. This metric alone reflects a dramatically more diversified base of existing products with the potential for revenue contribution.

我想簡要強調的另外兩個要點是，首先，目前正在生產的客戶 SKU 數量在過去 18 個月中增加了 90%。僅此一項指標就反映出現有產品基礎的顯著多樣化，並具有貢獻收入的潛力。

Lastly, as of quarter end, we had seven additional engagements in the pre-production stage, representing potential incremental revenue contribution in the relatively near future as customers release these products into production. In summary, we are pleased with our demonstrated growth and market momentum through the first half of the year as we continue to ramp production shipments of our mmWave solutions in support of an expanding and increasingly diverse customer base. Combined with our ongoing commitment to discipline and expense management, we have meaningfully improved our operating results and significantly reduced our quarterly cash burdens.

最後，截至季度末，我們在預生產階段又有七個額外的項目，這意味著在不久的將來，隨著客戶將這些產品投入生產，可能會帶來潛在的增量收入貢獻。總而言之，我們對上半年所展現的成長和市場動能感到滿意，因為我們將繼續提高毫米波解決方案的生產出貨量，以支持不斷擴大和日益多樣化的客戶群。結合我們對紀律和費用管理的持續承諾，我們顯著改善了經營業績，並大幅減少了季度現金負擔。

Looking forward, we have good visibility into new term orders for mmWave solutions with an existing backlog that supports continued sequential growth. In fact, we currently expect record quarterly revenue contribution from our mmWave products in the third quarter. Having said that, we continue to be diligently focused on converting our healthy pipeline of existing customer engagements into new designs and incremental production orders in support of sustained growth in 2026 and beyond.

展望未來，我們對毫米波解決方案的新訂單期限有很好的了解，現有的積壓訂單可支援持續的連續成長。事實上，我們目前預計第三季我們的毫米波產品將貢獻創紀錄的季度收入。話雖如此，我們仍將繼續努力將現有客戶合作的健康管道轉化為新的設計和增量生產訂單，以支持 2026 年及以後的持續成長。

I'll now turn the call back over to Jim to review the financials and provide our current revenue outlook for the third quarter of 2025.

現在我將把電話轉回給吉姆，讓他審查財務狀況並提供我們對 2025 年第三季的當前收入展望。

Thank you, Ron. Turning now to the results for the second quarter of 2025. Total net revenue for the second quarter was $2.2 million compared with $3.9 million for the prior quarter and $4.2 million for the second quarter of 2024.

謝謝你，羅恩。現在來看看 2025 年第二季的業績。第二季總淨收入為 220 萬美元，上一季為 390 萬美元，2024 年第二季為 420 萬美元。

Product revenue in the second quarter was $2.2 million compared with $3.8 million in the prior quarter and $4.1 million in the second quarter of 2024. The decreases in product revenues for the second quarter of 2025 compared with the prior quarter and comparable period of 2024 were attributable to the previous completion of EOL shipments of memory IC products during the first quarter of 2025.

第二季產品營收為 220 萬美元，上一季為 380 萬美元，2024 年第二季為 410 萬美元。2025 年第二季產品收入與上一季及 2024 年同期相比有所下降，原因是 2025 年第一季已完成記憶體 IC 產品的 EOL 出貨。

Specific to sales of millimeter wave products, revenues were $2.2 million in the second quarter of 2025 compared with $1.5 million in the prior quarter and $0.7 million in the second quarter of 2024. GAAP gross margin decreased to 48.3% in the second quarter from 69.3% in the prior quarter and 55.5% in the year ago quarter. The decrease in GAAP gross margin for the second quarter of 2025 from the prior comparable periods was primarily attributable to revenue being comprised entirely of millimeter wave products.

具體到毫米波產品的銷售，2025 年第二季的營收為 220 萬美元，而上一季為 150 萬美元，2024 年第二季為 70 萬美元。第二季 GAAP 毛利率從上一季的 69.3% 和去年同期的 55.5% 下降至 48.3%。2025 年第二季 GAAP 毛利率較上年同期下降，主要原因是營收完全由毫米波產品組成。

On a non-GAAP basis, gross margin for the second quarter was also 48.3% compared with 69.3% in the prior quarter and compared with 68.8% in the second quarter of 2024. GAAP operating expenses for the second quarter of 2025 were $2.9 million compared with $3.2 million in the prior quarter and $6.8 million in the second quarter of 2024. The year-over-year decrease in operating expenses on a GAAP basis was primarily attributable to reduced stock-based compensation expense and $2 million of charges for software license obligations and severance costs incurred during the second quarter of 2024 and amortization expense related to intangible assets fully amortized in 2024.

以非公認會計準則計算，第二季毛利率為 48.3%，上一季為 69.3%，去年同期為 68.8%。2025 年第二季的 GAAP 營運費用為 290 萬美元，上一季為 320 萬美元，2024 年第二季為 680 萬美元。以美國通用會計準則計算，營業費用年減主要歸因於股票薪酬費用減少、2024 年第二季產生的 200 萬美元軟體許可義務和遣散費用以及 2024 年完全攤銷的無形資產相關攤銷費用。

Non-GAAP operating expenses, which exclude stock-based compensation, amortization of intangible assets, and severance costs, were $2.7 million in the second quarter compared with $3.1 million in the prior quarter and $5 million in the second quarter of 2024. The year-over-year decrease in operating expenses on a non-GAAP basis was primarily attributable to a $1.6 million charge for software license obligations recorded in the prior year, as well as previously implemented cost reductions and ongoing cost containment initiatives.

第二季非公認會計準則營運費用（不含股票薪資、無形資產攤提和遣散費）為 270 萬美元，而上一季為 310 萬美元，2024 年第二季為 500 萬美元。非公認會計準則下的營業費用年減主要歸因於上一年記錄的 160 萬美元軟體授權義務費用，以及先前實施的成本削減和持續的成本控制措施。

GAAP net loss for the second quarter of 2025 was $1.8 million or loss of $0.31 per share compared with a net loss of $0.5 million or a loss of $0.08 per share in the prior quarter and compared with a net loss of $4.4 million or loss of $1.88 per share in the same quarter a year ago. Non-GAAP net loss, which excludes stock-based compensation, amortization of intangible assets, severance costs, and change in fair value of warrant liabilities for the second quarter of 2025 was $1.7 million or loss of $0.28 per share.

2025 年第二季 GAAP 淨虧損為 180 萬美元，即每股虧損 0.31 美元，而上一季淨虧損為 50 萬美元，即每股虧損 0.08 美元，而去年同期淨虧損為 440 萬美元，即每股虧損 1.88 美元。2025 年第二季非公認會計準則淨虧損（不含股票薪資、無形資產攤提、遣散費及認股權證負債公允價值變動）為 170 萬美元，即每股虧損 0.28 美元。

This compared with a non-GAAP net loss of $0.4 million or a loss of $0.07 per share in the prior quarter and a net loss of $2.1 million or loss per share of $0.88 in the same quarter a year ago. The weighted average number of basic and diluted shares outstanding for purposes of calculating both GAAP and non-GAAP EPS for the second quarter of 2025 was approximately 6 million shares.

相較之下，上一季非公認會計準則淨虧損為 40 萬美元，即每股虧損 0.07 美元，去年同期淨虧損為 210 萬美元，即每股虧損 0.88 美元。用於計算 2025 年第二季 GAAP 和非 GAAP 每股盈餘的加權平均基本流通股和稀釋流通股數約為 600 萬股。

Adjusted EBITDA, which we define as GAAP net income or loss as reported, excluding stock-based compensation, amortization of intangible assets, severance costs, change in fair value of warrant liabilities, interest expense, depreciation and amortization, and the provision for income taxes, was negative $1.6 million in the second quarter of 2025 compared with negative $0.3 million in the prior quarter and negative $1.9 million in the second quarter of 2024.

調整後 EBITDA（我們將其定義為報告的 GAAP 淨收入或虧損，不包括股票薪酬、無形資產攤銷、遣散費、認股權證負債公允價值變動、利息費用、折舊和攤銷以及所得稅準備金）在 2025 年第二季度為負 160 萬美元，而上一季為負 30 萬美元，而負 20 萬美元，而上一季為負 14 萬美元，而負 20 萬美元。

With regard to the balance sheet, as of June 30, 2025, the company had approximately $1.8 million of cash and equivalents. The net change in the company's cash and equivalent balance for the second quarter was approximately $1 million and included approximately $1.1 million in net proceeds from the company's at the market offering program during the quarter. As of today's call, the company has approximately 6.2 million shares of common stock and exchangeable shares outstanding.

就資產負債表而言，截至 2025 年 6 月 30 日，該公司擁有約 180 萬美元的現金和等價物。該公司第二季現金及等價餘額的淨變動約為 100 萬美元，其中包括該公司本季市場發行計畫的約 110 萬美元淨收益。截至今日電話會議，該公司已發行約 620 萬股普通股和可交換股票。

Lastly, before discussing our outlook, I wanted to briefly acknowledge the recently announced decision by our board of directors to explore potential strategic alternatives, including the merger, sale of assets, or other similar transaction, as well as various potential sources of additional capital. As previously disclosed, we have retained a financial advisor to assist with the exploration process, which includes evaluation of the unsolicited non-binding proposal received in June. Aside from confirming that a formal review process is currently underway, there are no related updates to be shared today.

最後，在討論我們的前景之前，我想簡要地承認董事會最近宣布的決定，即探索潛在的戰略替代方案，包括合併、出售資產或其他類似交易，以及各種潛在的額外資本來源。如前所述，我們已聘請一位財務顧問協助勘探過程，其中包括評估 6 月收到的未經請求的非約束性提案。除了確認目前正在進行正式審查程序外，今天沒有相關更新可以分享。

Now turning to our outlook, as Ron previously discussed, we are seeing positive market momentum for our millimeter wave solutions as evidenced by the ramp of production shipments to an expanding customer base. Based on the current backlog, we anticipate continued sequential growth and record revenue contribution from our millimeter-wave solutions in the September quarter. More specifically, the company expects total net revenue for the third quarter of 2025 to be in the range of $2.8 million to $3.1 million.

現在談談我們的展望，正如羅恩之前所討論的，我們看到毫米波解決方案的積極市場勢頭，這從向不斷擴大的客戶群生產出貨量的增加中可以看出。根據目前的積壓訂單，我們預計 9 月季度我們的毫米波解決方案將繼續實現連續成長並創下收入貢獻記錄。更具體地說，該公司預計 2025 年第三季的總淨收入將在 280 萬美元至 310 萬美元之間。

This concludes our prepared remarks, and we thank you for your time this afternoon. Operator, please commence the QA session.

我們的準備好的演講到此結束，感謝您今天下午抽出時間。操作員，請開始 QA 環節。

(Operator Instructions) David Williams, Benchmark.

（操作員指示）大衛威廉斯，基準。

Hey, good afternoon, gentlemen, and thanks for taking my question. I guess maybe, first, lots of nice progress there across the space and especially in the tactical comms segment. And Ron, I think you mentioned being engaged on some drone opportunities there. And we've heard at least these earnings season a couple of folks have talked specifically about just the demand, they're seeing develop in that space. So I'm wondering if you could give us maybe a little more color on the number of engagements, or just kind of what you're seeing and the different opportunities in that military space.

嘿，先生們，下午好，感謝您回答我的問題。我想也許，首先，整個領域，特別是在戰術通訊領域，取得了許多進展。羅恩，我想你提到在那裡參與一些無人機計畫。我們聽說，至少在這個收益季節，有幾個人專門談論了他們所看到的該領域的需求發展。所以我想知道您是否可以向我們詳細介紹一下交戰次數，或者您所看到的情況以及軍事領域的不同機會。

Thanks, Dave, thanks for being on the call. Yeah, so basically we -- the fundamental concept to keep in mind is stealth. So when we communicate on the battlefield, there's a -- it's very difficult or impossible for the enemy to test the signal.

謝謝，戴夫，謝謝您接聽電話。是的，所以基本上我們要記住的基本概念就是隱身。因此，當我們在戰場上進行通訊時，敵人很難甚至不可能測試訊號。

So basically, we got a customer engagement today whereby we use that on the ground with the battalions and infantry. But that same company is now looking to move that concept of drones. So the idea is you move the concept of drones whereby when you're using a drone for some kind of attack. You can determine whether the target is friend or foe. So that's opportunities on the drone side of things. Does that make sense?

所以基本上，我們今天得到了客戶的認可，我們在地面上與營和步兵一起使用它。但該公司目前正尋求推動無人機這個概念。所以這個想法就是當你使用無人機進行某種攻擊時，你就轉移了無人機的概念。您可以確定目標是朋友還是敵人。這就是無人機方面的機會。這樣有道理嗎？

Yes, it does. And one of the other things they brought up was the targeting on the battlefield from the RF communication. I'm just wondering if your kind of envelope or your precision in terms of the signal. Does that give you an opportunity maybe to participate there, where they're concerned with maybe picking up that RF signal and targeting those increments?

是的。他們提出的另一件事是透過射頻通訊進行戰場瞄準。我只是想知道您的訊號包絡類型或精度。這是否為您提供了參與其中的機會，他們可能關注的是接收射頻訊號並瞄準這些增量？

Well, that's exactly the point there. Because we use a concept called beam forming, and we can create very -- and we develop some custom beam formers for this application whereby we have a very narrow signal. And that signal is essentially impossible for the enemy to detect. So that's really what we've been doing on the battlefield side of things. This can be also applied to not just that application but also on this strict standard communicate like signal communication. But the core concept remains the same which is this ability to operate on the battlefield with a stealthy capability.

嗯，這正是重點所在。因為我們使用了一種稱為波束形成的概念，我們可以創建非常——並且我們為這種應用開發了一些定制的波束形成器，從而我們可以獲得非常窄的信號。而敵人基本上不可能偵測到該訊號。這就是我們在戰場上所做的事情。這不僅適用於該應用程序，也適用於信號通訊等嚴格的標準通訊。但核心概念保持不變，即以隱身能力在戰場上作戰的能力。

That's great. And then maybe, secondly here, I know you probably can't discuss or comment much here on the acquisition. But the press release seemed a little sloppy, at least in our opinion, and had multiple misstatements, I believe. But first, I just want to see if you confirm that that was a legitimate offer. And two, any updates in terms of how you're thinking about the business given your balance sheet and just kind of where you're position today. Lots of opportunities but the balance sheet is a little constrained here, so just anything around that would be helpful. Thanks.

那太棒了。其次，我知道您可能無法就此次收購進行太多討論或評論。但至少在我們看來，這份新聞稿似乎有點草率，而且我認為它有許多錯誤陳述。但首先，我只是想看看您是否確認這是一個合法的提議。第二，根據您的資產負債表和目前的狀況，您對業務有何看法？機會很多，但資產負債表有點受限，所以任何相關的事情都會有幫助。謝謝。

Is that to me or to Jim, Dave?

那是對我而言，還是對吉姆、戴夫而言？

To whomever.

對任何人。

Sure. I mean, I can comment on the balance sheet. From our perspective, right now, we have cash into the fourth quarter of this year. We'll have an updated disclosure in our 10-Q that will be filed here by Thursday.

當然。我的意思是，我可以對資產負債表發表評論。從我們的角度來看，目前，我們有足夠的現金進入今年第四季。我們將在周四之前提交的 10-Q 報告中披露更新的資訊。

In the previous 10-Q, we said we had cash into the third quarter, so we've obviously extended our runway. As we disclosed on the call, we've been -- I've done some trading under our ATM program to bring in additional capital. We remain in pursuit of various opportunities to raise capital, and first and foremost, attempting to do it non-dilutively.

在之前的 10-Q 中，我們說過我們在第三季有現金，所以我們顯然延長了我們的跑道。正如我們在電話會議上披露的那樣，我們已經——我已經根據我們的 ATM 計劃進行了一些交易，以引入額外的資本。我們仍在尋求各種籌集資金的機會，並且首先嘗試以非稀釋性的方式進行。

We did sign an NRE agreement in the month of July. A good amount for us, but a modest amount overall and are pursuing other engagements. And those NRE engagements are non-recurring engineering. It's a great way for us to bring in additional capital and offset costs, et cetera.

我們確實在七月簽署了 NRE 協議。對我們來說這是一個不錯的數目，但總體來說還是不多，我們正在尋求其他合作。那些 NRE 工作都是非經常性工程。對我們來說，這是一種引入額外資本、抵銷成本等的好方法。

We continue to pursue all activities on the financing front and remain pleased with our execution and in particular with our outlook for Q3 and in particular our visibility towards the outlook, which is as frankly as good as it's been based on our backlog. With regard to the proposal we received, yes, we can confirm that that is a valid proposal. And we don't have more to say other than what I said on the call and what's been included in our SEC filings.

我們將繼續在融資方面開展所有活動，並對我們的執行情況感到滿意，特別是對第三季度的前景以及我們對前景的預見性感到滿意，坦率地說，根據我們的積壓訂單，我們的前景很好。關於我們收到的提案，是的，我們可以確認這是一份有效的提案。除了我在電話會議上說的內容以及我們提交給美國證券交易委員會 (SEC) 的文件中的內容之外，我們沒有更多要說的。

No, okay, fantastic. I appreciate the color there. And just, Jim, I guess as you kind of think about the growth that you're seeing here, your inventory had a nice step down this quarter as well. Obviously, that's beneficial on the cash side. How do you think that inventory level is going to trend? And do you feel like we've burned through much of the inventory digestion that we had been kind of struggling with the last several quarters?

不，好的，太棒了。我很欣賞那裡的色彩。吉姆，我想，正如您所看到的增長一樣，本季度您的庫存也有了顯著的下降。顯然，這對現金方面有利。您認為庫存水準將如何變化趨勢？您是否覺得我們已經完成了過去幾季以來一直在努力消化的大部分庫存？

Yes, absolutely. We're definitely seeing movement, not with all customers, but in particular, evidenced by the large purchase order we announced earlier this year from our largest internet equipment customer. We still have one or two other customers there. They are still working through their inventory.

是的，絕對是。我們確實看到了變化，雖然不是所有客戶都有變化，但特別是我們今年早些時候宣布的來自最大互聯網設備客戶的大額採購訂單就證明了這一點。我們在那裡還有一兩個其他客戶。他們仍在處理庫存。

But we're in a position now where the inventory we have in hand is basically spoken for on future shipments. And we've had to go ahead and start replenishing certain other products that go in the chip set. So not everyone's through it, but enough are that we're seeing things turned back on and burning through the inventory that we had and have started placing new orders.

但我們現在的情況是，我們手邊的庫存基本上都用於未來的出貨。我們必須繼續前進並開始補充晶片組中的某些其他產品。所以，並不是每個人都經歷了這一切，但有足夠多的人看到事情重新開始，消耗掉我們現有的庫存，並開始下新訂單。

And one last bit, if I may, sorry to take the time here. But I did want to ask on opportunities on the military side, it seems like you've got such an interesting and unique capability here that this would be an area of opportunity, especially for maybe defense NREs or to work with maybe the DOD or some of the others. Is that -- are you seeing any traction there? Do you think they're aware of what you're doing? And is that an opportunity maybe to drive some near-term NRE or other revenue?

最後，如果可以的話，我很抱歉在這裡浪費了時間。但我確實想問軍事方面的機會，看起來你們在這裡擁有如此有趣和獨特的能力，這將是一個機會領域，特別是對於國防非房地產人員或與國防部或其他一些機構合作而言。那是——你看到那裡有任何牽引力嗎？你認為他們知道你在做什麼嗎？這是否是一個推動近期 NRE 或其他收入的機會？

They -- we are driving in like -- this is actually a very custom design. And so what we're finding with the military is it's not fixed wireless. It's not Peraso fixed wireless solution. So NRE is definitely a part of our strategy moving forward.

他們——我們開車時就像——這實際上是一種非常客製化的設計。因此我們發現，軍隊使用的並不是固定無線系統。這不是 Peraso 固定無線解決方案。因此，NRE 無疑是我們未來策略的一部分。

The thing to keep in mind, I would say we have like maybe three levers including software, the modules, and antennas. And so we can adjust all of those. So for example I gave earlier whereby we use ex-antennas to create this very narrow beam on the battlefield. It's a very, very strong advantage for us.

要記住的是，我們可能有三個槓桿，包括軟體、模組和天線。因此我們可以調整所有這些。例如，我之前提到過，我們使用前天線在戰場上產生非常窄的波束。這對我們來說是一個非常非常強大的優勢。

So you can see that our ability to adjust some of those parameters on our products through NRE as you suggest, is a very powerful tool for us. So that's something we're executing on. So that's a -- it's a terrific point. And so we've got our first NRE from the bag. We didn't publicly announce them, but NRE is going to play a big role in the next year and a half, and we're hoping to build that beyond where we're at today.

因此您可以看到，正如您所建議的，我們能夠透過 NRE 調整我們產品上的一些參數，這對我們來說是一個非常強大的工具。這就是我們正在執行的事情。所以，這是一個非常棒的觀點。這樣我們就從袋子裡取出了第一個 NRE。我們沒有公開宣布，但 NRE 將在未來一年半內發揮重要作用，我們希望將其發展到超越目前的水平。

Thanks so much for the color and I certainly appreciate it and best of luck on the quarter.

非常感謝你提供的顏色，我非常感激，並祝你本季好運。

Thanks David.

謝謝大衛。

Kevin Liu, K. Liu & Company.

Kevin Liu，K. Liu & Company。

Hi, good afternoon, guys, and nice progress here on the millimeter-wave side. I know you guys talked a little bit about some of the winds you've had with Tachyon and others in the quarter. With the seven pre-production winds in the pipeline, just wondering if you can add in more color to some of the other winds that you have there. And when you would expect some of those to start contributing to your revenue stream?

大家下午好，我們在毫米波方面取得了良好的進展。我知道你們談論了本季與 Tachyon 和其他公司合作時遇到的一些風向。目前已經有七種預生產風在籌備中，我只是想知道您是否可以為現有的其他風添加更多色彩。您預計這些產品什麼時候會開始為您的收入流做出貢獻？

I could say that basically a lot of that is fixed wireless. And I think what we're seeing in the market is a lot of the previous chips that vendors like Qualcomm and others just kind of gone by the wave side. I'd say our thesis that we're becoming the dominant player in fixed wireless is coming true, Kevin. So a lot of that is in the fixed wireless side of things just because, well, we've got so many customers, so much credibility in that space that basically that we continue to grow and dominate that space.

我可以說，基本上很多都是固定無線的。我認為我們在市場上看到的是，高通等供應商推出的許多晶片都已經過時了。凱文，我想說，我們將成為固定無線領域主導者的論點正在成為現實。所以其中很多都是在固定無線方面，因為我們在這個領域擁有如此多的客戶和如此高的信譽，基本上我們可以繼續發展並主導這個領域。

But obviously, we've got designers on the military side of things as well. And as they said previously, our ability to operate in stealth mode and that is the ability to operate without really being detected by the enemy, it's just extremely important characteristic of our technology on the defense side of things. So I'd say out of the seven, most of it's fixed wireless, some of it's military, we have other -- video is certainly kind of an interesting area for us. But I would say fixed wireless in defense is main areas for us right now.

但顯然，我們也有軍事方面的設計師。正如他們之前所說，我們具有隱身作戰的能力，也就是在不被敵人發現的情況下作戰的能力，這是我們技術在防禦方面的極其重要的特徵。所以我想說，在這七個中，大多數是固定無線，有些是軍用，我們還有其他 - 視訊對我們來說當然是一個有趣的領域。但我想說，國防固定無線是我們目前的主要領域。

It's good to hear. And just as it relates to your backlog as you come in at Q3, and obviously, you're going to see some nice sequential growth here, just wondering how strong that backlog is. Have you guys fully shipped everything against some of the larger orders you received earlier in the year? And have you continued to build upon that? And just anything you can share in terms of your visibility for the remainder of this year would be helpful.

聽到這個消息真好。正如您在第三季進入的積壓訂單一樣，顯然，您會看到一些不錯的連續成長，只是想知道積壓訂單有多強勁。你們今年稍早收到的一些大額訂單是否已經全部出貨了？您是否繼續在此基礎上繼續發展？只要您能分享一些有關您在今年剩餘時間內的知名度的信息，就會很有幫助。

(multiple speakers)

（多位發言者）

Yes, I think as I mentioned in my response to David, we have excellent visibility on the third quarter. We're very comfortable with our backlog relative to the revenue number that we provided for guidance. No, not all of that has been shipped. So there's always the possibility for shipments not to go, et cetera that anyone has. But we're very comfortable with where we sit, it's probably for being where we're at in one of the best shapes it's been kind of halfway through the quarter.

是的，我認為正如我在回覆大衛時提到的那樣，我們對第三季的前景非常有信心。相對於我們給出的指導收入數字，我們對我們的積壓訂單感到非常滿意。不，並非所有貨物都已發貨。因此，貨物無法送達的可能性始終存在，任何人都有可能遇到這種情況。但我們對自己的現狀感到非常滿意，這可能是因為我們在本季中期處於最佳狀態之一。

We're still filling in for fourth quarter, still expecting some additional orders. And obviously, as I mentioned in response to David's question, still waiting for a few customers to run through inventory and turn back on. But definitely pleased from where we sit right now. I feel very good with Q3. We still have a little more work to do on Q4.

我們仍在填補第四季度的空缺，仍期待一些額外的訂單。顯然，正如我在回答戴維的問題時提到的那樣，仍在等待一些客戶清點庫存並重新開機。但從我們現在的處境來看，我們絕對很高興。我對 Q3 感覺非常好。我們在第四季還有一些工作要做。

As I also mentioned and Ron mentioned, we did secure one non-recurring engineering deal in in July until we've kind of gone through the revenue recognition and talked to the auditors, kind of put a modest amount in 3Q, and expect more of that in 4Q. But right now, we've been modest on 3Q. So pleased with where we sit. And we even have a fair amount into early '26. So definitely seeing better visibility there.

正如我和羅恩所提到的那樣，我們確實在 7 月獲得了一項非經常性工程交易，直到我們完成收入確認並與審計師交談後，我們在第三季度投入了一筆適度的金額，並預計在第四季度會有更多投入。但目前，我們對第三季的業績持謹慎態度。我們對所坐的位置很滿意。到 26 年初我們甚至已經擁有了相當多的資產。因此那裡的能見度肯定更好。

Sounds good. And just on the non-recurring engineering deal. I know it's early and we haven't quite figured out all the accounting behind it. But conceptually, how should we think about the implications from that? Does that provide you guys with a revenue stream that could contribute all the way through the next year and a half? Or would it be fairly lumpy in terms of the periods you get that? And then also just from an extent standpoint, do you need to make some investments on the R&D side to staff up to handle those types of arrangements?

聽起來不錯。並且僅涉及非經常性工程交易。我知道現在還為時過早，我們還沒有完全弄清楚背後的所有會計問題。但從概念上來說，我們該如何思考其意義？這是否會為你們帶來一條可以持續到未來一年半的收入來源？或者就您獲得該資訊的周期而言，它會不會相當不均勻？然後從程度的角度來看，您是否需要在研發方面進行一些投資以配備人員來處理這些類型的安排？

I'll do the question on a LIFO basis. Modest -- it's only a finance person could answer. Modest -- any expense adjustments are pretty modest, didn't need to go out and that headcount. It's supporting an existing customer.

我將按照後進先出法來回答這個問題。謙虛－只有財務人員才能回答。適度－任何費用調整都相當適度，不需要出去進行人員盤點。它為現有客戶提供支援。

So right now, I would say we need to make modifications to satisfy the needs for the customer's applications. So something that's certainly in the forecast. Obviously, we are pursuing additional NRE opportunities. And obviously, the goal for companies like us is obviously, again, you get the cash. It offsets your engineering expense. And then ideally, you come out of it with a future product to offer to others.

所以現在，我想說我們需要做出修改以滿足客戶應用程式的需求。所以這肯定是預測到的事情。顯然，我們正在尋求更多的 NRE 機會。顯然，像我們這樣的公司的目標顯然是再次獲得現金。它抵消了您的工程費用。然後理想情況下，你就能創造出未來的產品來提供給其他人。

Often the way I've seen these, whoever pays for the NRE may get some exclusivity, et cetera, depending on how it's negotiated, features exclusive, et cetera. And then -- but you obviously look to add another set of SKUs in our tool kit or sell to other customers. But hard for me to say on the revenue recognition, we obviously didn't -- it's modest six-figure amount, so hard to say. We've just been racing on the current quarter, and it was a July transaction.

通常我看到的情況是，無論誰支付 NRE 費用，都可能獲得一些獨家權利等等，這取決於如何談判、獨家功能等等。然後——但您顯然希望在我們的工具包中添加另一組 SKU 或出售給其他客戶。但我很難說收入確認情況，我們顯然沒有——這是一個適度的六位數金額，所以很難說。我們剛開始本季的比賽，這是七月份的交易。

(multiple speakers)

（多位發言者）

So racing on the Q2 quarter. I should say quarter.

因此，第二季的競爭十分激烈。我應該說四分之一。

I think in terms of your question regarding whether it's lumpy, Kevin, like I guess my takeaway knowing that it's certainly the focus on one customer -- and then my kind of guidance would be that there's going to be an ongoing NRE for at least a year and a year and a half, I would say. And so not so lumpy, kind of steady state, but I would also make the point I think it's very important is when we (inaudible) was very important, which is we're not adding a lot of or even any new expense. So this is all -- its existing engineering talent.

凱文，關於你關於它是否不成體系的問題，我認為我的觀點是，它肯定關注的是一個客戶 - 然後我的指導是，至少會有一個持續一年半的 NRE，我想說。因此，並不是那麼不穩定，而是處於穩定的狀態，但我還要指出的是，我認為非常重要的是，當我們（聽不清楚）時，我們沒有增加很多甚至任何新的開支。這就是全部——其現有的工程人才。

The other thing is that anytime we do NRE, it's for production. Like we get paid on the engineering side of things, but we will not do NRE if it's not leading to production. For us, production is the most important metric, frankly. So I think that's really important to make a point to make for us is that all of this is leading to what we consider significant production. So that's kind of the model we have right now that we're trying to do is ongoing NRE that kind of pays for engineering with programs that lead to good production.

另一件事是，任何時候我們進行 NRE 都是為了生產。就像我們在工程方面獲得報酬，但如果它不能帶來生產，我們就不會做 NRE。坦白說，對我們來說，產量是最重要的指標。所以我認為對我們來說真正重要的是，所有這些都將帶來我們認為的重大生產。所以，我們現在嘗試採用的模型是持續的 NRE，它透過能夠帶來良好生產的項目來支付工程費用。

Yeah, understood. Well, congrats again on the progress and thanks for taking the questions.

是的，明白了。好吧，再次祝賀您取得的進展，並感謝您回答問題。

My pleasure.

我的榮幸。

David Williams, Benchmark.

大衛威廉斯 (David Williams)，《基準》。

You couldn't get nothing.

你不可能一無所獲。

No. (multiple speakers)

不。（多位發言者）

That's exactly right. Well, I didn't -- I don't want to go all the time and give some time to others, but I did want to ask on the BEAD funding. And we've got some clarification. I know there are some changes there in terms of the more technology neutral. And just curious if you're hearing anything from your customers in terms of is that a benefit yet. And do you think it will be over time as now for that BEAD funding may roll into fixed wireless access?

完全正確。嗯，我沒有——我不想總是去，也不想花一些時間在別人身上，但我確實想問一下 BEAD 資金問題。我們得到了一些澄清。我知道在技術更加中立方面有一些變化。我只是好奇您是否從客戶那裡聽到關於這是否有好處的說法。您是否認為隨著時間的推移，BEAD 資金可能會轉向固定無線存取？

I'd say there's two things in the regulatory plan we should highlight. One is to be -- it's a little early. I mean, BEAD was for like a couple of years, very fiber focused. And so people got into that kind of mode of operation. So I think people are just trying to understand now how it's going to change for fixed wireless.

我想說，監理計畫中有兩件事我們應該強調。一是——現在還有些早。我的意思是，BEAD 在過去的幾年中一直非常注重纖維。於是人們就開始採用這種運作模式。所以我認為人們現在只是想了解固定無線將如何改變。

Obviously, it's a benefit to us, right? I don't know if it's obvious, but it is obvious. I mean, the main benefit we have over fiber, frankly, is just the cost of the rollout and the time. There's two major factors there. One is the cost, so no trenching. And the time, there's not that many trenching machines, for example, right? So it's so -- we have a very strong advantage when it comes to fixed wires in those environments. So we're hearing from customers that they're very happy with the changes that they seem to be.

顯然，這對我們有好處，對吧？我不知道這是否明顯，但很明顯。我的意思是，坦白說，我們相對於光纖的主要優勢只是部署成本和時間。這裡有兩個主要因素。一是成本，所以不挖溝。而當時，挖溝機的數量並不多，對嗎？所以，在這些環境中，我們在固定線路方面具有非常大的優勢。因此，我們從客戶那裡聽說，他們對這些變化感到非常滿意。

The other point I think we made on the presentation was that in the Big Beautiful Bill, for lack of a better term, that was recently passed, there's a real chance that a lot of the open and unlicensed spectrum is going to get auctioned off except for ours. So that helps us as well. So from a regulatory perspective, that's kind of a net bonus for us. So a lot of people aren't aware of that, but that's kind of a positive regulatory update for us as well.

我認為我們在演示中提出的另一點是，在最近通過的《大美麗法案》（由於缺乏更好的術語）中，除了我們的頻譜之外，許多開放和未經授權的頻譜很有可能會被拍賣。這對我們也有幫助。因此從監管角度來看，這對我們來說是一種淨紅利。所以很多人沒有意識到這一點，但這對我們來說也是一種積極的監管更新。

Okay, great. And just one last one, did you feel funny saying Big Beautiful Bill? Thanks.

好的，太好了。最後一個問題，你覺得說「大美人比爾」很奇怪嗎？謝謝。

I don't.

我不知道。

Again, thanks for the time.

再次感謝您抽出時間。

I thought that's what it was called. Go ahead.

我以為它就是這麼叫的。前進。

Certainly, I show there are no further questions in the queue at this time. That will conclude today's conference call. Thank you for your participation. You may now disconnect.

當然，我表明此時隊列中沒有其他問題。今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。

Thank you.

謝謝。