Peraso Inc (PRSO) 2025 Q4 法說會逐字稿

Good afternoon and welcome to Peraso, Inc.'s third-quarter 2025 conference call.

下午好，歡迎參加 Peraso, Inc. 2025 會計年度第三季財報電話會議。

(Operator Instructions) As a reminder, this conference call is being recorded today, Monday, March 16, 2026.

(接線員指示) 提醒各位，本次電話會議將於今天（2026 年 3 月 16 日，星期一）進行錄音。

I would now like to turn the call over to your host for today's conference call, Mr. Jim Sullivan. Please go ahead.

現在我想把電話交給今天電話會議的主持人 Jim Sullivan 先生。請開始。

Good afternoon and thank you for joining today's conference call to discuss Peraso's fourth-quarter and full-year 2025 financial results.

下午好，感謝各位參加今天的電話會議，一同討論 Peraso 2025 會計年度第四季及全年財務結果。

I'm Jim Sullivan, CFO of Peraso. Joining me today is Ron Glibbery, our CEO.

我是 Peraso 的財務長 Jim Sullivan。今天與我一同出席的是我們的執行長 Ron Glibbery。

Today, after the market closed, we issued a press release and a 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.

今天在收盤後，我們發布了新聞稿以及相關的 Form 8-K，並已向美國證券交易委員會（SEC）提交。新聞稿與 Form 8-K 可於 Peraso 官網 www.perasoinc.com 的「投資人關係」專區取得。

There is also a slide presentation that we will be using in conjunction with today's call that may be accessed through the webcast link on the Investor Relations website.

此外，我們也準備了投影片簡報，將配合今天的電話會議使用，可透過投資人關係網站上的網路直播連結存取。

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.

提醒各位，今天電話會議中的評論可能包含前瞻性陳述。除歷史事實陳述外，所有陳述均可能被視為前瞻性陳述。Peraso 提醒各位對前瞻性陳述應審慎看待並謹慎依賴。

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 or pursuit of strategic alternatives.

這些陳述包括但不限於：任何營收、毛利率、費用、非 GAAP 毛利、非 GAAP 毛利率、非 GAAP 營業費用、調整後 EBITDA、非 GAAP 淨損、現金流或其他財務項目的預測（包括預期的成本節省）；以及任何關於我們產品或技術之預期開發、表現、市占率或競爭表現的陳述；以及任何與未來可能的融資安排或資本交易，以及對策略性替代方案之評估或推進相關的陳述。

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.

所有前瞻性陳述均以 Peraso 於本日可取得之資訊為基礎。這些陳述涉及已知與未知的風險、不確定性及其他因素，可能導致 Peraso 的實際結果與前瞻性陳述所暗示者有重大差異，包括公司業務的非預期變化。

More detailed information about these risk factors and additional risk factors are set forth in Peraso's public filings with the Securities and Exchange Commission. 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.

關於這些風險因素及其他額外風險因素的更詳細資訊，已載於 Peraso 向美國證券交易委員會提交的公開文件中。除非適用法律要求，Peraso 明確聲明不承擔因新資訊、未來事件或其他原因而更新或修改任何前瞻性陳述之義務。

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.

此外，公司新聞稿以及管理層在本次電話會議中的陳述，將包含以 GAAP 與非 GAAP 口徑呈現的若干衡量指標與財務資訊之討論。

With respect to remarks on today's call involving non-GAAP numbers, unless otherwise indicated, referenced amounts exclude stock-based compensation expense, severance costs, amortization of intangible assets, and the change in fair value of warrant liabilities.

就今天電話會議中涉及非 GAAP 數字的發言而言，除非另有說明，所引用金額不包含：以股份為基礎之薪酬費用、資遣費用、無形資產攤銷，以及認股權證負債公允價值變動。

These non-GAAP financial measures, definitions, and the reconciliation of the differences between them and comparable GAAP measures are presented in our press release and related Form 8-K, which provide additional details.

這些非 GAAP 財務衡量指標、其定義，以及其與可比較 GAAP 指標之差異調節表，均已載於我們的新聞稿與相關 Form 8-K 中，並提供更多細節。

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.

若各位目前無法收聽完整電話會議，錄音將於我們網站的投資人關係頁面提供。

I'll now turn the call over to our CEO, Ron Glibbery for his prepared remarks. Ron?

接下來我將把電話交給我們的執行長 Ron Glibbery 進行預先準備的發言。Ron？

Thank you, Jim. Good afternoon and welcome to everyone on the phone and webcast. We appreciate you joining today's conference call.

謝謝你，Jim。下午好，歡迎各位透過電話與網路直播參與。感謝各位加入今天的電話會議。

We closed out 2025 with a solid fourth quarter that was in line with our guidance range and supported by continued year-over-year growth in mmWave product shipments. For the full year, revenue from our mmWave wave products grew approximately sixfold compared to 2024.

我們以穩健的第四季為 2025 年畫下句點，表現符合我們的財測區間，並受惠於 mmWave 產品出貨量持續年增。就全年而言，我們的 mmWave 產品營收較 2024 年約成長六倍。

Together with healthy gross margins and our disciplined approach to expense management, this contributed to a meaningful improvement in our bottom-line results for the year.

再加上健康的毛利率以及我們在費用管理上的紀律，這些因素共同促成我們全年損益結果的顯著改善。

I continue to be pleased with our team's execution over the past several quarters. The year-over-year expansion in mmWave revenue underscores the growing commercial traction of our 60-gigahertz solutions in multiple targeted end markets.

我持續對團隊在過去幾季的執行表現感到滿意。mmWave 營收的年增擴張，凸顯我們 60GHz 解決方案在多個目標終端市場的商業動能正在提升。

It also reflects a combination of increased product shipments, as well as the ramp of newly secured design wins across both new and existing customers.

這也反映了產品出貨增加，以及在新舊客戶之間新取得的設計導入案（design wins）逐步放量的綜合成果。

Notably, we have achieved this while maintaining tight control over operating expenses.

值得注意的是，我們在達成上述成果的同時，仍維持對營業費用的嚴格控管。

Turning to slide 4, Fixed Wireless Access remains our largest and longest served end market. Not only was it the primary driver for our mmWave revenue growth in 2025 but we believe that Fixed Wireless Access will continue to be a sizable ongoing market opportunity for our 60-gigahertz mmWave technology.

接著看投影片第 4 頁，固定無線接取（Fixed Wireless Access）仍是我們最大且服務最久的終端市場。它不僅是 2025 年 mmWave 營收成長的主要驅動力，我們也相信固定無線接取將持續是我們 60GHz mmWave 技術一個規模可觀且長期的市場機會。

We saw a broad recovery in customer demand and order trends throughout the year, which included notable traction for our fully integrated DUNE platform, as well as our prospective 60-gigahertz mmWave modules.

我們在全年看到客戶需求與訂單趨勢廣泛復甦，其中包括我們高度整合的 DUNE 平台，以及我們預期推出的 60GHz mmWave 模組所獲得的明顯動能。

Specific to our DUNE platform, we have seen sustained uptake by customers for deployments of high-speed wireless broadband in dense urban environments. The fundamental performance benefits of the integrated platform, including lower cost deployment, low-power, long-range, and point to multi-point capabilities continue to resonate, with a growing list of wireless Internet service providers that span North America, as well as Africa.

就 DUNE 平台而言，我們看到客戶在高密度都會環境部署高速無線寬頻方面持續採用。整合式平台的核心效能優勢（包括較低的部署成本、低功耗、長距離，以及點對多點能力）持續獲得市場認同，採用的無線網際網路服務供應商名單也在擴大，涵蓋北美以及非洲。

More broadly, I want to briefly reiterate two significant Fixed Wireless Access customer wins that we secured in 2025:

更廣泛而言，我想簡要重申我們在 2025 年取得的兩項重要固定無線接取客戶勝利：

First, in July, we announced that Tachyon Networks had selected Peraso's prospectus modules for their latest outdoor [60-gigahertz-gigabit] wireless solution, supporting up to 48 client connections per sector and targeted for cost-effective deployments in both dense urban and rural environments.

第一，7 月我們宣布 Tachyon Networks 選用 Peraso 的 prospectus 模組，用於其最新的戶外 [60-gigahertz-gigabit] 無線解決方案；該方案每個扇區最多可支援 48 個客戶端連線，並鎖定在高密度都會與鄉村環境中進行具成本效益的部署。

Then, in September, we announced our renewed collaboration with WeLink to accelerate cost-effective deployments of a multi-gigabit mesh architecture for business and consumers in dense urban neighborhoods across multiple major US cities.

接著在 9 月，我們宣布與 WeLink 續展合作，以加速在美國多個主要城市的高密度都會社區，為企業與消費者部署具成本效益的多 Gigabit 網狀（mesh）架構。

We believe these customer wins position us well for continued growth over the coming years.

我們相信這些客戶勝利使我們在未來幾年具備持續成長的良好定位。

Most recently, in early March, at [ Mobile World ] Congress, MikroTik launched its next-generation 60-gigahertz wireless nRAY point-to-point product incorporating Peraso technology. Given this customer's substantial market share of wireless Internet service providers globally, we believe this product launch has the potential to reinforce our position as a leading provider of 60-gigahertz semiconductors for the Fixed Wireless Access market.

最近，在 3 月初的 [ Mobile World ] Congress 上，MikroTik 發表了其下一代 60GHz 無線 nRAY 點對點產品，並採用 Peraso 技術。鑑於該客戶在全球無線網際網路服務供應商市場擁有可觀市占率，我們認為此次產品發表有潛力強化我們作為固定無線接取市場 60GHz 半導體領先供應商的地位。

Today, we continue to support a wide span of ongoing proof of concepts utilizing Peraso's 60-gigahertz technology, with a diverse group of wireless Internet service providers. If additional proof of concepts are converted into deployments, we would expect incremental production orders to support sustained year-over-year growth of the mmWave product revenue.

目前，我們持續與多元的無線網際網路服務供應商合作，支援廣泛的概念驗證（proof of concept）專案，皆採用 Peraso 的 60GHz 技術。若有更多概念驗證轉換為實際部署，我們預期將帶來額外的量產訂單，以支撐 mmWave 產品營收持續的年增成長。

Moving to slide 5, beyond Fixed Wireless Access, we have continued to see increased market awareness of 60-gigahertz technology extending to additional end markets; most notably, Tactical Communications.

接著看投影片第 5 頁，除了固定無線接取之外，我們也持續看到市場對 60GHz 技術在其他終端市場的認知度提升；其中最值得注意的是戰術通訊（Tactical Communications）。

In fact, 2025 marks a significant step forward for Peraso, as we successfully transitioned an initial prospective customer engagement on a conceptual military defense application from an emerging adjacent opportunity to what we now view as a definitive new market vertical with high growth potential.

事實上，2025 年對 Peraso 而言是一個重要的進展里程碑：我們成功將一項針對概念性軍事防務應用的初期潛在客戶互動，從新興的相鄰機會，推進為我們如今視為具高成長潛力的明確新市場垂直領域。

In April, we achieved the first major milestone towards commercialization within the Tactical Communications market. This was highlighted by our announced contract to incorporate Peraso's 60-gigahertz wireless technology into a leading specialized defense contractors innovated and first-of-its-kind deployable system solution for enhanced situational awareness on the battlefield.

在4月，我們在戰術通訊市場的商業化進程中達成了第一個重大里程碑。這一進展體現在我們宣布簽訂合約，將 Peraso 的 60GHz 無線技術整合至一家領先的專業國防承包商所創新、且為同類首創的可部署系統解決方案中，以提升戰場態勢感知能力。

We delivered initial production shipments in support of our joint solution with this defense customer in June. And then, we were pleased to report, in November, the successful completion of initial field trials.

我們於6月交付了首批量產出貨，以支援我們與該國防客戶的聯合解決方案。隨後，我們也很高興在11月報告初步野外測試已成功完成。

Notably, this initial customer engagement has served to further validate the robust performance of our technology, while also demonstrating why our mmWave solutions are particularly well suited for these environments.

值得注意的是，這次初始客戶合作進一步驗證了我們技術的強勁效能，同時也展現了為何我們的毫米波解決方案特別適用於此類環境。

Traditional wireless communications are highly susceptible to enemy detection and jamming. In contrast, 60-gigahertz mmWave can offer healthy communication characteristics, thanks to narrow beam forming, dynamic beam steering, and oxygen attenuation. These characteristics are designed to provide low probability of detection, low probability of interception, and strong anti-jamming characteristics, all while operating in unlicensed frequency band and avoiding interference with licensed spectrum.

傳統無線通訊極易遭敵方偵測與干擾。相較之下，60GHz 毫米波可憑藉窄波束成形、動態波束轉向與氧氣衰減，提供良好的通訊特性。這些特性旨在提供低可偵測概率、低可攔截概率與強抗干擾能力，同時在免執照頻段運作並避免對需執照頻譜造成干擾。

Today, the jointly developed solution for enhanced situational awareness is undergoing additional planned field trials with our lead defense contractor. The collective feedback from these trials has been consistently positive. We continue to believe this solution and partnership could represent a meaningful long-term revenue opportunity for Peraso.

目前，這套共同開發、用於提升態勢感知的解決方案，正與我們的主要國防承包商進行額外且已規劃的野外測試。這些測試所彙整的回饋一貫正面。我們仍然相信，這項解決方案與合作關係可能為 Peraso 帶來具意義的長期營收機會。

Having said that, the progress we achieved over the past year established a strong foundation for broader engagement with our lead customer and for an expanded presence in the Tactical Communications market.

話雖如此，我們在過去一年取得的進展，已為與主要客戶更廣泛的合作，以及在戰術通訊市場擴大布局，奠定了堅實基礎。

Earlier this month, we were pleased to both name InTACT as our lead defense contractor customer and also announced that InTACT selected Peraso's 60-gigahertz mmWave technology for use in its next-generation drone identification friend-or-foe system.

本月稍早，我們很高興正式點名 InTACT 為我們的主要國防承包商客戶，並宣布 InTACT 選擇 Peraso 的 60GHz 毫米波技術，用於其下一代無人機敵我識別系統。

Given the significance of this latest win and new application for our technology, I'll turn to the next slide to review additional details:

鑑於這次最新勝利的重要性，以及我們技術的新應用，我將切換到下一張投影片，說明更多細節：

To further highlight this recent win and its validation of our 60-gigahertz mmWave wave technology for mission-critical defense applications, I want to briefly talk about the capabilities that we are enabling for our Israeli defense contractor customer.

為了進一步凸顯這次近期勝利，以及其對我們 60GHz 毫米波技術在任務關鍵國防應用上的驗證，我想簡要談談我們為以色列國防承包商客戶所實現的能力。

InTACT selected Peraso's technology to service the core communications backbone for its next-generation drone identification friend-or-foe system, engineered specifically for highly contested electronic warfare environments.

InTACT 選用 Peraso 的技術，作為其下一代無人機敵我識別系統的核心通訊骨幹；該系統專為高度對抗性的電子戰環境而設計。

With the rapid proliferation of drones on the battlefield, secure identification systems are becoming essential to prevent friendly fire incidents and enable safe coordination between unmanned and manned forces. This innovative platform enables secure, real-time, mutual authentication between friendly drones and ground forces, allowing counter-drone systems and battlefield operators to rapidly distinguish friend from foe in today's increasingly crowded skies.

隨著戰場上無人機快速普及，安全的識別系統正變得不可或缺，以防止誤擊友軍事件，並促進無人與有人兵力之間的安全協同。此創新平台可在友方無人機與地面部隊之間實現安全、即時的雙向身分驗證，使反無人機系統與戰場操作人員能在當今愈加擁擠的空域中迅速區分敵我。

A fundamental characteristic of our 60-gigahertz mmWave technology is its inherently secure and directional communications channel. Additionally, our beam forming wireless transceivers deliver low-power lengths with extremely low probability of detection, all of which makes our technology ideal for dense battlefield environments, where traditional radio frequency signals can easily be jammed and/or compromised.

我們 60GHz 毫米波技術的一項根本特性，是其天生具備安全性且具方向性的通訊通道。此外，我們的波束成形無線收發器可提供低功耗連結，且被偵測的概率極低；這些特性使我們的技術非常適合密集的戰場環境，因為傳統射頻訊號在此類環境中很容易遭到干擾及/或被攻破。

Lastly, I want to emphasize that this recently announced milestone is the result of an ongoing multi-project collaboration with InTACT over the past two years; during which, we have consistently demonstrated the readiness of Peraso's mmWave technology to enable diverse mission-critical military communications applications.

最後，我要強調，這項近期宣布的里程碑，是我們在過去兩年與 InTACT 持續進行多專案合作的成果；在此期間，我們持續展現 Peraso 毫米波技術已具備就緒度，可支援多元的任務關鍵軍事通訊應用。

Turning to slide 7, while Fixed Wireless Access and Tactical Communications remain our primary focus area, we continue to see compelling incremental opportunities in adjacent markets. Many of these adjacent market opportunities originate with a prospective customer approaching us, looking for our solution.

切換到第7張投影片，雖然固定無線接入（Fixed Wireless Access）與戰術通訊仍是我們的主要聚焦領域，但我們也持續在相鄰市場看到具吸引力的增量機會。這些相鄰市場機會中，有許多是由潛在客戶主動找上我們、尋求我們的解決方案而來。

The significant versatility of our 60-gigahertz mmWave technology allows us to solve connectivity challenges they have not been able to overcome using traditional wireless technology.

我們 60GHz 毫米波技術的高度多樣性，使我們能解決他們使用傳統無線技術一直無法克服的連線挑戰。

One example that I highlighted on our previous conference call was our first-ever production shipment, around midyear, for our customers' wireless video system in classroom environments. This specific application required delivering reliable, high-performance, low-latency video, independent of congested Wi-Fi networks.

我在上一通財報電話會議中提到的一個例子，是我們在年中左右首次量產出貨，用於客戶在教室環境中的無線視訊系統。此特定應用需要提供可靠、高效能、低延遲的視訊，且不受壅塞的 Wi‑Fi 網路影響。

As we've continued to engage with additional prospective customers across a broad range of end markets and applications, a number of our discussions have converged around the shared pain point: how to overcome the challenges associated with processing massive amounts of high-bandwidth video for Edge AI applications.

隨著我們持續與更多潛在客戶互動，涵蓋廣泛的終端市場與應用，我們的多項討論逐漸聚焦於共同痛點：如何克服為邊緣 AI（Edge AI）應用處理海量高頻寬視訊所帶來的挑戰。

A few prominent use cases include last-mile delivery services, autonomous vehicles, and drones. Notably, customers are especially attracted to 60-gigahertz mmWave's unique combination of multi-gigabit data rates for high-resolution video streaming, ultra-low latency for real-time performance, and exceptional power efficiency, which is critical for battery-operated Edge AI devices.

幾個突出的使用情境包括末端配送服務、自動駕駛車輛與無人機。值得注意的是，客戶特別看重 60GHz 毫米波的獨特組合：用於高解析度視訊串流的多Gbps資料速率、用於即時效能的超低延遲，以及卓越的電源效率——這對電池供電的邊緣 AI 裝置至關重要。

To highlight another recent milestone, during the fourth quarter, we announced our collaboration with BioWorks. We are supplying our latest 60-gigahertz prospective modules to power their VX60 platform, enabling multi-gigabit wireless connectivity, specifically designed for robotaxi fleet vehicles and physical AI applications.

為了凸顯另一項近期里程碑，我們在第四季宣布與 BioWorks 展開合作。我們正提供最新的 60GHz 前導模組（pre-production modules），為其 VX60 平台提供動力，實現多Gbps無線連線，並專為 robotaxi 車隊車輛與實體 AI 應用而設計。

This partnership directly addresses one of the biggest bottlenecks in autonomous vehicle operations: the need to rapidly upload terabytes of telemetry and high-resolution camera data, when vehicles return to depots for charging, while simultaneously delivering software updates.

此合作夥伴關係直接解決自動駕駛車營運中最大的瓶頸之一：當車輛返回站點充電時，需要快速上傳數TB的遙測與高解析度攝影機資料，同時還要推送軟體更新。

Conventional Wi-Fi and 5G solutions can easily become oversaturated under these demands. The VX60 system delivers breakthrough performance, supporting up to 1 terabyte of data transfer per vehicle per hour, which we believe can surpass the capabilities of traditional alternatives.

在這些需求下，傳統 Wi‑Fi 與 5G 解決方案很容易出現過度飽和。VX60 系統提供突破性的效能，每輛車每小時可支援最高達 1TB 的資料傳輸；我們相信其能力可超越傳統替代方案。

As I stated in our announcement, this is exactly the challenge our 60-gigahertz products were designed to solve: autonomous vehicles and the AI systems that power them to process tremendous amounts of data requiring immense bandwidth. That's what our technology does extremely well.

正如我在公告中所述，這正是我們 60GHz 產品所設計要解決的挑戰：自動駕駛車及其背後的 AI 系統需要處理龐大資料量，並要求極高頻寬。這正是我們技術特別擅長之處。

This robotaxi application could represent one of the largest-scale uses of our mmWave solutions, to date; and further validates the unique value we bring to customers across diverse Edge AI applications.

這項 robotaxi 應用可能代表迄今我們毫米波解決方案中規模最大的使用之一；並進一步驗證我們在多元邊緣 AI 應用中為客戶帶來的獨特價值。

BioWorks and its robotaxi platforms are a perfect example of how adjacent opportunities expand our served addressable market and help diversify our revenue base beyond Fixed Wireless Access and Tactical Communications.

BioWorks 及其 robotaxi 平台，是相鄰機會如何擴大我們可服務的目標市場，並協助我們在固定無線接入與戰術通訊之外分散營收基礎的最佳例證。

In closing, we are encouraged by the growing market awareness of 60-gigahertz wireless technology and its unique ability to deliver high bandwidth and secure connectivity in congested operating environments.

總結而言，我們對市場對 60GHz 無線技術的認知度提升感到振奮，該技術具備在壅塞的運作環境中提供高頻寬與安全連線的獨特能力。

Our focus for 2026 remains on broadening our customer base and pipeline of design wins across Fixed Wireless Access and Tactical Communications, while selectively pursuing high-growth opportunities in adjacent markets, such as Edge AI.

我們在 2026 年的重點仍是擴大固定無線接入與戰術通訊領域的客戶基礎與設計導入（design wins）管線，同時有選擇地追求相鄰市場中的高成長機會，例如邊緣 AI。

Combined with our ongoing commitment to disciplined expense management, we believe we are well positioned to deliver continued year-over-year growth in mmWave revenue in our operating results over the coming year.

再加上我們持續致力於嚴謹的費用管理，我們相信公司已具備良好條件，於未來一年在營運結果中實現毫米波營收的持續年增成長。

Lastly, before turning the call over to Jim, I want to acknowledge the unique challenge that we recently became aware of and which we now anticipate to have a negative impact on our top-line results for the first quarter:

最後，在把電話會議交給 Jim 之前，我想提及我們近期才得知、且目前預期將對第一季營收（top-line）結果造成負面影響的一項特殊挑戰：

Due to an unexpected delay in the receipt of key materials from one of our Asia-based suppliers, which, as of today, we believe, is stuck in customs, we are unlikely to be able to fulfill a significant order that was previously scheduled for shipment during the first quarter.

由於我們一家亞洲供應商的關鍵材料到貨出現意外延遲——截至今日我們認為貨物卡在海關——我們很可能無法履行原先排定於第一季出貨的一筆重大訂單。

Although we do expect to fulfill this order during the second quarter, the delayed shipment is anticipated to result in more than $0.5 million impact on our anticipated revenue for the first quarter.

雖然我們確實預期將於第二季履行此訂單，但延遲出貨預計將對我們第一季的預期營收造成超過50萬美元的影響。

While we clearly are disappointed by the delayed shipment, I want to emphasize that this is largely reflective of a temporary supplier logistics issue. We remain optimistic about the future prospect of Peraso's overall business.

儘管我們對延遲出貨顯然感到失望，我想強調這在很大程度上反映的是供應商物流的暫時性問題。我們對 Peraso 整體業務的未來前景仍保持樂觀。

With that, I'll hand the call over to Jim to review the financials and provide our revenue outlook for the first quarter.

接下來，我會把電話交給 Jim，由他回顧財務表現並提供我們第一季的營收展望。

Thank you, Ron.

謝謝你，Ron。

Turning now to the results for the fourth quarter of 2025:

現在來看 2025 年第四季的業績：

Total net revenue for the fourth quarter was $2.9 million compared with $3.2 million for the prior quarter and $3.7 million for the fourth quarter of 2024.

第四季總淨營收為290萬美元，較前一季的320萬美元下降，亦低於2024年第四季的370萬美元。

Full-year 2025 net revenue was $12.2 million compared with $14.6 million in the prior year.

2025 年全年淨營收為1,220萬美元，較前一年的1,460萬美元下降。

Product revenue in the fourth quarter was $2.8 million compared with $3.1 million in the prior quarter and $3.7 million in the fourth quarter of 2024. The decrease in product revenues for the fourth quarter of 2025 from the comparable period of 2024 was primarily attributable to the reduction in shipments of memory IC products due to the previously announced end of life of the products. This was partially offset by a year-over-year increase in shipments of mmWave products in the fourth quarter of 2025.

第四季產品營收為280萬美元，較前一季的310萬美元下降，亦低於2024年第四季的370萬美元。2025年第四季產品營收較2024年同期下滑，主要歸因於先前已公告產品生命週期終止（EOL），導致記憶體 IC 產品出貨量減少。此影響部分被2025年第四季 mmWave 產品出貨量年增所抵銷。

Full-year 2025 product revenue was $11.8 million compared with $14.2 million in 2024.

2025 年全年產品營收為1,180萬美元，較2024年的1,420萬美元下降。

Specific to sales of mmWave products, revenues were $2.4 million in the fourth quarter of 2025 compared with the $3 million in the prior quarter and $0.2 million in the fourth quarter of 2024. Total sales of mmWave products for full-year 2025 increased to $9.1 million from $1.3 million in 2024.

就 mmWave 產品銷售而言，2025年第四季營收為240萬美元，較前一季的300萬美元下降，但高於2024年第四季的20萬美元。2025 年全年 mmWave 產品總銷售額由2024年的130萬美元增加至910萬美元。

GAAP gross margin was 52.2% in the fourth quarter, down from 56.2% in the prior quarter and compared with 56.3% in the year-ago quarter.

第四季 GAAP 毛利率為52.2%，低於前一季的56.2%，並低於去年同期的56.3%。

GAAP gross margin for the full-year 2025 was 58% compared with 51.7% in the prior year. The increase in GAAP gross margin for the full-year 2025 compared with 2024 was primarily attributable to increased mmWave margins due to increased shipments and an increase in memory IC product margins due to reduced amortization expense related to intangible assets, which were fully amortized, as of December 31, 2024.

2025 年全年 GAAP 毛利率為58%，高於前一年的51.7%。2025年全年 GAAP 毛利率較2024年上升，主要歸因於 mmWave 出貨增加帶動 mmWave 毛利率提升，以及記憶體 IC 產品毛利率因與無形資產相關的攤銷費用降低而上升；該等無形資產已於2024年12月31日全數攤銷完畢。

On a non-GAAP basis, gross margin for the fourth quarter was 52.2% compared with 56.2% in the prior quarter and compared with 71.6% in the fourth quarter of 2024. Full-year 2025 non-GAAP gross margin was 58% compared with 67.2% in 2024. The decreases in non-GAAP gross margin for the fourth-quarter and full-year 2025 compared with the comparable periods of 2024 were primarily attributable to reduce shipments of our memory IC products.

以非 GAAP 基礎計算，第四季毛利率為52.2%，低於前一季的56.2%，亦低於2024年第四季的71.6%。2025 年全年非 GAAP 毛利率為58%，較2024年的67.2%下降。2025年第四季及全年非 GAAP 毛利率相較2024年同期下降，主要歸因於我們記憶體 IC 產品出貨量減少。

GAAP operating expenses for the fourth quarter of 2025 were $2.8 million compared with $3 million in the prior quarter and $3.7 million in the fourth quarter of 2024.

2025年第四季 GAAP 營業費用為280萬美元，較前一季的300萬美元下降，亦低於2024年第四季的370萬美元。

GAAP operating expenses for the full-year 2025 were $11.8 million compared with $20 million in the prior year. The decrease in operating expenses on a GAAP basis from the comparable period of 2024 was primarily attributable to reduced stock-based compensation expense and amortization expense related to intangible assets fully amortized in 2024, as well as a $2.3 million decrease in severance and software license obligation costs.

2025 年全年 GAAP 營業費用為1,180萬美元，較前一年的2,000萬美元下降。GAAP 基礎下，2025年全年營業費用較2024年同期下降，主要歸因於股份基礎給付費用減少，以及與於2024年已全數攤銷完畢之無形資產相關的攤銷費用減少，另加上資遣費與軟體授權義務成本減少230萬美元。

Non-GAAP operating expenses, which excludes stock-based compensation, severance costs, and amortization of intangible assets, were $2.7 million in the fourth quarter compared with $2.9 million in the prior quarter and $3.2 million in the fourth quarter of 2024.

非 GAAP 營業費用（不含股份基礎給付、資遣成本及無形資產攤銷）第四季為270萬美元，較前一季的290萬美元下降，亦低於2024年第四季的320萬美元。

Non-GAAP operating expenses for the full-year 2025 were $11.3 million compared with $14.9 million in 2024. The decrease in operating expenses on a non-GAAP basis for full-year 2025 compared with 2024 was primarily attributable to a $1.8 million decrease in software license obligation costs and the benefits realized from previously implemented cost reductions and ongoing cost-containment initiatives.

2025 年全年非 GAAP 營業費用為1,130萬美元，較2024年的1,490萬美元下降。2025年全年非 GAAP 營業費用較2024年下降，主要歸因於軟體授權義務成本減少180萬美元，以及先前已實施的成本削減所帶來的效益與持續的成本控管措施。

GAAP net loss for the fourth quarter of 2025 was $1.2 million or a loss of $0.13 per share compared with a net loss of $1.2 million or a loss of $0.17 per share in the prior quarter and compared with a net loss of $1.6 million or a loss of $0.37 per share in the same quarter a year ago.

2025年第四季 GAAP 淨損為120萬美元，或每股虧損0.13美元；相較前一季淨損120萬美元或每股虧損0.17美元，並較去年同期淨損160萬美元或每股虧損0.37美元改善。

Full-year 2025 GAAP net loss was $4.8 million or a loss of $0.67 per share compared with a net loss of $10.7 million or a loss of $3.57 a share in 2024.

2025 年全年 GAAP 淨損為480萬美元，或每股虧損0.67美元；相較2024年淨損1,070萬美元或每股虧損3.57美元。

Non-GAAP net loss, which excludes stock-based compensation, amortization of intangibles, severance costs, and changes in fair value of warrant liabilities, for the fourth quarter of 2025 was $1.2 million or loss of $0.13 per share. This compared with a non-GAAP net loss of $1.1 million or a loss of $0.15 per share in the prior quarter and a net loss of $0.5 million or a loss per share of $0.13 in the same quarter a year ago.

2025年第四季非 GAAP 淨損（不含股份基礎給付、無形資產攤銷、資遣成本及認股權證負債公允價值變動）為120萬美元，或每股虧損0.13美元。相較前一季非 GAAP 淨損110萬美元或每股虧損0.15美元，以及去年同期淨損50萬美元或每股虧損0.13美元。

Full-year non-GAAP net loss of 2025 was $4.3 million or a net loss of $0.60 per share compared with a net loss of $5.1 million or a net loss of $1.71 per share in 2024.

2025 年全年非 GAAP 淨損為430萬美元，或每股淨損0.60美元；相較2024年淨損510萬美元或每股淨損1.71美元。

The weighted average number of basic and diluted shares outstanding, for purposes of calculating both GAAP and non-GAAP EPS, for the fourth quarter of 2025 was approximately 9.2 million shares.

就計算 GAAP 與非 GAAP 每股盈餘（EPS）之目的而言，2025年第四季基本及稀釋加權平均流通在外股數約為920萬股。

Adjusted EBITDA, which we define as GAAP net income or losses 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 $1.1 million in the fourth quarter of 2025 compared with negative $1 million in the prior quarter and negative $0.4 million in the fourth quarter of 2024.

調整後 EBITDA（我們定義為依 GAAP 報導之淨利或淨損，並排除股份基礎給付、無形資產攤銷、資遣成本、認股權證負債公允價值變動、利息費用、折舊與攤銷，以及所得稅費用）在2025年第四季為負110萬美元，相較前一季為負100萬美元，且2024年第四季為負40萬美元。

Full-year 2025 adjusted EBITDA was negative $4 million compared with negative $4.5 million in 2024.

2025 年全年調整後 EBITDA 為負400萬美元，相較2024年為負450萬美元。

With regard to the balance sheet, as of December 31, 2025, the company had approximately $2.9 million of cash compared with $1.9 million, as of September 30, 2025.

就資產負債表而言，截至2025年12月31日，公司現金約為290萬美元，相較截至2025年9月30日為190萬美元。

The net increase of approximately $1 million in the company's cash balance for the fourth quarter reflected approximately $2.1 million in net proceeds from sales under the company's at-the-market offering program during the fourth quarter.

第四季公司現金餘額約增加100萬美元，反映出公司於第四季透過其隨市發行（at-the-market）計畫出售所取得約210萬美元的淨收益。

As of today's call, the company has approximately 12.6 million shares of common stock and exchangeable shares outstanding.

截至今天的電話會議，公司約有1,260萬股普通股及可交換股份在外流通。

As previously disclosed, the company has been exploring potential strategic alternatives, including a merger, sale of assets, or other similar transactions, as well as various potential sources of additional capital.

如先前揭露，公司一直在探索潛在的策略性替代方案，包括合併、出售資產或其他類似交易，以及各種可能的額外資本來源。

Aside from confirming that the strategic review process continues to be ongoing, in coordination with the company's Financial Adviser, there are no related updates to share on today's call from what we have previously disclosed.

除了確認策略檢討流程仍在進行中，並與公司財務顧問協同推進之外，今天的電話會議就我們先前已揭露的內容而言，沒有其他相關更新可分享。

Now, turning to our outlook:

接下來談談我們的展望：

We remain optimistic about the breadth of customer engagements for our mmWave solutions across Fixed Wireless Access, Tactical Military Communications, and other markets.

我們對於mmWave解決方案在固定無線接取（Fixed Wireless Access）、戰術軍用通訊及其他市場的廣泛客戶洽談仍保持樂觀。

However, as Ron previously discussed, a large order that was previously planned for shipments in the first quarter is now expected to be shipped in the second quarter of 2026. Given the size of the order, this delay is expected to have a meaningfully negative impact on our revenue forecast for the first quarter.

然而，如Ron先前所述，一筆原先規劃於第一季出貨的大型訂單，現預期將於2026年第二季出貨。鑑於該訂單規模，此延遲預期將對我們第一季的營收預測造成顯著的負面影響。

Unrelated to this order, overall visibility into future demand is lower due to a combination of regular order patterns from our Fixed Wireless Access customers, in addition to having multiple new customers that have yet to establish observable order patterns.

與該訂單無關的是，由於固定無線接取客戶的例行下單模式，再加上多位新客戶尚未建立可觀察的下單模式，導致對未來需求的整體能見度較低。

Based on revenue recognized, year to date; and assuming no contribution from the previously mentioned delayed order shipment, the company currently expects total net revenue for the first quarter of 2026 to be approximately $1.2 million.

根據截至目前已認列的營收（年初至今），並假設前述延遲出貨的訂單不帶來任何貢獻，公司目前預期2026年第一季的總淨營收約為120萬美元。

This concludes our prepared remarks. We thank you for your time this afternoon.

以上為我們準備好的發言。感謝各位今天下午撥冗參與。

Operator, please commence the Q&A session.

接線員，請開始問答環節。

(Operator Instructions)

（接線員指示）

David Williams, Benchmark.

David Williams，Benchmark。

Congratulations on the progress.

恭喜你們的進展。

Maybe, Ron first. If you think about the InTACT deal, when should we think about the revenues from that begin to start coming in? Is there any way to maybe size the total revenue opportunity for what you see in front of you here now?

也許先請Ron回答。如果你們回頭看InTACT這筆交易，我們應該在什麼時候開始看到相關營收進來？是否有辦法大致估算一下，你們目前所看到的整體營收機會規模？

Yeah. Good question.

是的。好問題。

Really, that revenue is comprised of two components.

基本上，那部分營收由兩個組成部分構成。

One is the -- what we call -- non-recurring engineering, which is NRE; of course, a one-time payment.

其一是——我們所稱的——一次性工程費用（non-recurring engineering），也就是NRE；當然，這是一筆一次性的付款。

The other is what we call production revenue.

另一個是我們所稱的量產營收（production revenue）。

We're seeing, I would say, 90% NRE, right now; 10%, product revenue.

我會說，我們目前看到大約90%是NRE；10%是產品營收。

I'm not sure, Dave. We haven't split it out, specifically. Maybe I'll leave it to Jim to maybe explicitly talk about it.

我不確定，Dave。我們還沒有特別把它拆分出來。也許我把這部分留給Jim來更明確地說明。

But we see the real shift to what I would call production revenue. As a matter of fact, I just hung up with them, earlier today. The real production is going to shift to be in the second half of 2026.

但我們看到真正的轉變會走向我所稱的量產營收。事實上，我今天稍早才剛跟他們通完電話。真正的量產將會轉移到2026年下半年。

That's what we're looking at, right now.

這就是我們目前的看法。

We do expect more non-recurring engineering revenue, primarily just really adopting this -- one of the primary goals for us is just really getting the power consumption down. That has taken a lot of effort.

我們確實預期會有更多的一次性工程（NRE）營收，主要是因為我們正在導入這項——對我們而言其中一個主要目標，就是把功耗真正降下來。這需要投入大量努力。

I would say, right now, the meaningful revenue, I would say, 90% of what we call NRE, in the second half of '26, that will shift into product revenue. We have the visibility into that.

我會說，目前有意義的營收大約90%仍是我們所稱的NRE；到了2026年下半年，將會轉為產品營收。我們對此有能見度。

Sorry. David, you still there?

抱歉。David，你還在線上嗎？

Yeah. Sorry about that. Thanks for the color. I couldn't get my phone off mute

在。抱歉剛剛那樣。謝謝你補充說明。我剛剛沒辦法把手機解除靜音。

All right. Ron, you'd also talked about the adjacent market opportunities; and, clearly, a lot of benefits.

好。Ron，你也談到鄰近市場的機會；而且顯然有很多好處。

(multiple speakers)

（多位講者）

Is there a way to quantify the number of customers that you're in active conversations with; and maybe just provide a little color on the different segments where you think that could move pretty quickly into an order or, potentially, production?

有沒有辦法量化一下你們正在積極洽談的客戶數量；以及能否就不同區隔提供一些補充說明，哪些你認為可能很快就會推進到下單或甚至量產？

The number of customers there, we're really looking at maybe in the order of three to five. But the difference is there are really more household names, I would say.

那邊的客戶數量，我們大概看是三到五家左右。但差別在於，我會說這些都是更家喻戶曉的名字。

Again, confidentiality prevents me from explicitly saying but, like, certainly, Fortune 100 companies, if you will.

同樣地，因為保密因素我無法明確說出來，但可以說是《財富》100大公司等級的企業。

The feedback to us is, the sooner, the better. Take the robotaxi situation, for example, again, these devices -- these vehicles collect information all day long. They get back. They have to recharge. They've got one hour to download a terabit of data and then, upload; go down to the data center, process it, right; and then, send new algorithms back up to the vehicle.

他們給我們的回饋是，越快越好。以robotaxi（自動駕駛計程車）的情境為例，這些裝置——這些車輛整天都在蒐集資訊。它們回到基地後，需要充電。它們只有一小時的時間下載1太位元（terabit）的資料，然後再上傳；把資料送到資料中心處理，對吧；接著再把新的演算法回傳到車上。

Now, if it was just one vehicle, sure, that's one thing. But it's 100 vehicles, for example. The real challenge is -- and what we have to keep in mind is -- it's really the aggregate throughput here, not just one vehicle but it's hundreds of vehicles.

如果只有一台車，當然，那是一回事。但例如是100台車。真正的挑戰是——以及我們必須記住的是——這裡講的是總體（aggregate）吞吐量，不只是單一車輛，而是數百台車輛。

To answer your question, this customer would take our existing silicon. I could see us being in production at the end of this year, frankly. But we could even see ourselves going into next-generation chips with this customer because, basically, the feedback from the customer is the demand is limitless.

回答你的問題，這位客戶會採用我們現有的矽晶片。坦白說，我可以想像我們在今年底就能進入量產。但我們甚至也可能與這位客戶一起導入下一代晶片，因為基本上客戶的回饋是需求沒有上限。

Yeah. We're really hoping that we can get these devices into production later this year, early '27.

是的。我們非常希望能在今年稍晚、或2027年初讓這些裝置進入量產。

Now, the other thing I will mention is I really want to shout out to this customer that we did a press release with called BioWorks. They've led a very, very sophisticated software solution that we've been working on for several years, frankly; like, in probably three, four years.

另外我也想特別提一下我們曾發布新聞稿的那位客戶BioWorks。他們主導了一套非常、非常成熟的軟體解決方案，我們坦白說已合作了好幾年；大概三、四年。

They're a key partner for us. I think what we've done a very good job of -- is those partnerships -- well, we don't have to reinvent or we don't have to invent the entire system, We work with smart partners to facilitate some of these opportunities.

他們是我們的關鍵合作夥伴。我認為我們做得很好的地方在於——透過這些合作夥伴關係——我們不必重新打造、也不必發明整個系統；我們與聰明的合作夥伴合作，以促成其中一些機會。

But that would be a real good example of how I would summarize, a, the demand for, like, very high data rate systems; and, b, doing that in a congested environment.

但那會是一個很好的例子，來總結：a，對於例如超高資料速率系統的需求；以及b，在擁塞環境中實現這件事。

And so our existing silicon address that. I could see us get into production at the end of this year and into '27.

因此，我們現有的矽晶片可以滿足這些需求。我可以想像我們在今年底進入量產，並延續到2027年。

I hope that answers your question.

希望這回答了你的問題。

Yeah. It does. Let me just ask one more question, if you don't mind.

是的。有回答。如果你不介意，我再問最後一個問題。

Just given the state of current affairs and the current conflict, just curious if you're seeing inbound interest there? It seems like maybe the technologies that we're using today could do some advancing. It seems like you might have a solution that could be very beneficial for -- especially on drone application.

鑑於目前的時局以及當前的衝突，只是好奇你們是否看到那邊有更多主動找上門的興趣？看起來也許我們今天使用的技術還能再往前推進一些。感覺你們可能有一個解決方案會非常有幫助——尤其是在無人機應用上。

Just if you're seeing ;that and then, maybe talk about your go-to-market strategy in that market -- how you're going to the market or if you're waiting for those to come to you, just maybe that development there.

想請教你們是否有看到這樣的情況；另外也談談你們在那個市場的上市策略——你們會如何切入市場，或是你們在等他們來找你們，想聽聽那邊的進展。

I have to say, I was -- when we did the last press release last week with our drone partner -- it was a company in Israel called InTACT.

我得說，我——上週我們和無人機合作夥伴發布上一則新聞稿時——那是一家以色列公司，叫 InTACT。

InTACT, again, a value-added partner who's developed, in conjunction with us, this friend-or-foe identification system.

InTACT 同樣是一家加值型合作夥伴，與我們共同開發了這套敵我識別系統。

Frankly, one of the main evolutions we've seen in warfare over the last two years is this idea of drone swarms and the skies getting cluttered with drones.

坦白說，過去兩年我們在戰爭型態上看到的主要演進之一，就是所謂的無人機蜂群，以及天空中充斥著大量無人機。

And so, basically, militaries need to identify friend or foe. They don't want to be shooting their own drones out of the sky. Alternatively, they don't want drones shooting their own people on the ground.

因此，基本上，各國軍方需要辨識敵我。他們不希望把自己的無人機從天上打下來。反過來，他們也不希望無人機誤傷地面上的自己人。

We're seeing -- that's the real traction. This really started out as -- and it still is an infantry solution. But, clearly, the drone, the interest is exploded here.

我們看到——真正的動能就在這裡。這一開始其實——而且現在仍然——是一個步兵解決方案。但很明顯地，無人機方面的興趣在這裡爆發式成長。

Frankly, again, without getting into detail, we definitely are seeing an explosion -- no pun intended there - of interest in terms of that solution for the friend-or-foe identification, which is a classic problem, frankly.

坦白說，再次強調，不談太多細節，我們確實看到對於這個敵我識別解決方案的興趣爆炸性增加——無意雙關——而這老實說是一個典型的老問題。

But, again, it looks like we've come a long way in solving that.

但再次強調，看起來我們在解決這個問題上已經走了很長一段路。

(Operator Instructions)

（接線員指示）

Kevin Liu, K Liu & Company.

Kevin Liu，K Liu & Company。

Just wanted to start with your FWA business. You guys talked about the resurgence you saw in sales to customers last year.

我想先從你們的 FWA 業務開始。你們提到去年看到對客戶的銷售出現回升。

I'm curious, as you talk about -- where do you think inventory levels are with those customers? When would you expect to see some more growth or return on orders from those folks?

我好奇，當你們談到——你們認為這些客戶的庫存水位目前大概在哪裡？你們預期何時會看到這些客戶的訂單再次成長或回補？

Frankly speaking, we -- obviously, we are seeing -- we are hoping for this shipment -- with this large shipment in Q1 with MikroTik. But, really, we're -- for many of our customers, we really are expecting to see those orders get replenished in Q3 and Q4. We're standing by for that.

坦白說，我們——很明顯地，我們希望在第一季能有這筆對 MikroTik 的大額出貨。但實際上，對我們許多客戶而言，我們確實預期在第三季和第四季會看到那些訂單回補。我們正在等待那個時點。

I would say, many of our customers, that's the timing that we're looking for.

我會說，對我們許多客戶來講，這就是我們所看的時間點。

Well, obviously, it's almost Q2 now. We really expect to see those orders come through in Q2, Q3, and the rest of this year.

嗯，顯然現在已經快到第二季了。我們確實預期會在第二季、第三季以及今年剩餘時間看到那些訂單進來。

Got it. Just with respect to that large order you referenced, I'm curious if the delay in timing from Q1 to Q2, does that impact order patterns for the remainder of this year? Or was this a fairly significant order and so would have covered the full year anyway?

了解。就你提到的那筆大單而言，我好奇從第一季延到第二季的時點延遲，是否會影響今年剩餘時間的下單節奏？或者這是一筆相當大的訂單，本來就足以涵蓋全年？

I think it will just get into queue and make an orderly push with our orders for the rest of the year. I think it will have an impact.

我認為它會進入排程佇列，並讓我們今年其餘時間的訂單以有序方式推進。我認為會有影響。

But, really, unfortunately, we're looking at a couple of weeks. It's not going to be extremely material impact. But we're looking at probably two to three weeks in terms of our -- in our order pipeline throughout the year.

但老實說，不幸的是，我們談的是幾週的差異。不會是非常重大的影響。但就我們全年訂單管線而言，可能會有大約兩到三週的影響。

Understood. With some of these newer opportunities you're winning, particularly with folks like InTACT, just curious if there's any increase in investments you guys plan to make, either on the R&D side or elsewhere?

明白。關於你們正在拿下的一些較新的機會，特別是像 InTACT 這類客戶，我好奇你們是否計畫增加投資，不論是在研發端或其他方面？

And then, just how the ramp-up might affect your gross margins, as those do move to production?

另外，當這些案子進入量產爬坡時，爬坡過程會如何影響你們的毛利率？

We've really had a policy, over the last couple of years, Kevin, I think, as you know, to really just charge the customer. We don't make a lot of profit on the engineering.

Kevin，過去幾年我們其實一直有個政策，我想你也知道，就是基本上把費用向客戶收取。我們在工程服務上不會賺很多利潤。

But, basically, our view is, if the customer wants the solution, they've got to really pay for it. We're not in a position to really bet on the come.

但基本上，我們的看法是，如果客戶想要這個解決方案，他們就必須真正為此買單。我們沒有條件去押注未來可能會發生的事。

These projects, I would say, almost -- I can't think of one where the customer really isn't making significant contribution to the engineering, the R&D effort.

我會說，這些專案幾乎——我想不出有哪一個是客戶沒有對工程、研發投入做出重大貢獻的。

I really see that continue. We're just not in a position where we can really bet on the come.

我認為這種做法會持續下去。我們就是沒有條件去押注未來可能會發生的事。

It's good because it also, at the same time, validates the market because if the customer's obviously financing that, he believes in the market himself.

這樣做也很好，因為同時也驗證了市場：如果客戶顯然在為此提供資金，他自己也相信這個市場。

That's our operating strategy, right now. We see ourselves continuing with that.

這就是我們目前的營運策略，對吧。我們會持續採用這個策略。

Obviously, that's funding our R&D expense and personnel costs, et cetera.

顯然，這也在支應我們的研發費用與人事成本等等。

Aldo, we generally come out of it with another product or another version of the product to bring to market.

另外，我們通常也會因此產出另一個產品或產品的另一個版本，推向市場。

If the NRE, combined with production orders, are large enough -- in some cases, the customer has exclusivity, although we work with the customer on that 'cause they also want to see us sell it elsewhere to bring down pricing, rather than just to them -- but if they obviously don't hit numbers, et cetera, then we relook at that.

如果 NRE（一次性工程費）加上量產訂單的規模夠大——在某些情況下，客戶會有獨家權，雖然我們會和客戶協調，因為他們也希望我們能賣到其他地方以降低價格，而不是只賣給他們——但如果他們顯然沒有達到數量等條件，那我們就會重新檢視。

We address it.

我們會處理它。

That's the other area, where we work on that. Anything we can do there to expand our product portfolio and have contribution from a customer is worthwhile.

那是我們合作的另一個面向。任何能在那方面擴充我們產品組合、並且有客戶貢獻的事情，都值得去做。

Okay. Appreciate all the color there.

好的。感謝你提供這麼多細節。

It sounds like there's a lot of good traction in some of these new markets so good luck, as you make your way through the year.

聽起來你們在一些新市場有很多不錯的進展，祝你們今年推進順利。

Thank you.

謝謝。

Thank you. I'm shown there are no further questions in the queue at this time.

謝謝。我這邊顯示目前隊列中沒有其他提問。

That will conclude today's conference call.

今天的電話會議到此結束。

Thank you for your participation. You may now disconnect.

感謝各位參與。您現在可以掛線。

Thank you very much, everyone. Bye-bye.

非常感謝各位。再見。