Peraso Inc (PRSO) 2026 Q1 法說會逐字稿

Good afternoon, and welcome to Peraso Inc.'s first-quarter 2026 conference call. (Operator Instructions) As a reminder, this conference call is being recorded today, Monday, May 11, 2026.

各位下午好，歡迎參加 Peraso Inc. 2026 會計年度第一季電話會議。（接線員指示）提醒各位，本次電話會議將於今天（2026 年 5 月 11 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 first quarter 2026 financial results. I'm Jim Sullivan, CFO of Peraso, and joining me today is Ron Glibbery, our CEO. Today, after the market closed, we issued a press release and related Form 8-K, which was filed with the Securities and Exchange Commission.

各位下午好，感謝各位參加今天的電話會議，一同討論 Peraso 2026 會計年度第一季財務結果。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。今天在收盤後，我們發布了新聞稿及相關的 Form 8-K，並已向美國證券交易委員會（SEC）提交。

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 accessed through the webcast link on the Investor Relations website.

新聞稿與 Form 8-K 可於 Peraso 網站 www.perasoinc.com 的「投資人關係」專區取得。此外，我們也準備了一份投影片簡報，將在今天的電話會議中搭配使用，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 within the meaning of Section 27A of the Securities Act of 1933 as amended and Section 21E of the Securities Exchange Act of 1934 as amended. 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《1933 年證券法》（修訂版）第 27A 條及《1934 年證券交易法》（修訂版）第 21E 條所定義的前瞻性陳述。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.

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。

Any statements regarding the sufficiency of the company's capital resources and its ability to continue as a going concern, any statements regarding customer demand forecasts and concentration risk and any statements related to prospective future financing arrangements or capital transactions and the evaluation or pursuit of strategic alternatives. All forward-looking statements are based on information available to Peraso on the day hereof.

任何關於公司資本資源是否充足及其持續經營能力的陳述、任何關於客戶需求預測與集中度風險的陳述，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。所有前瞻性陳述均以 Peraso 於本日可得之資訊為基礎。

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.

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出現重大差異，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 SEC. Peraso expressly disclaims any obligation to update or alter its forward-looking statements, whether it is a result of new information, future events or otherwise, except as required by applicable law. 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.

關於這些風險因素的更詳細資訊以及其他風險因素，已載於 Peraso 向 SEC 提交的公開文件中。除適用法律要求外，Peraso 明確聲明不負有更新或修正其前瞻性陳述之義務，不論係因新資訊、未來事件或其他原因。此外，公司新聞稿及本次電話會議中管理層的陳述，將包含以 GAAP 與非 GAAP 口徑呈現之若干衡量指標與財務資訊的討論。

With respect to remarks on today's call involving non-GAAP numbers, unless otherwise indicated, referenced amounts exclude stock-based compensation expense 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，所引用的金額不包含以股份為基礎之薪酬費用，以及認股權證負債公允價值的變動。

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. 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.

這些非 GAAP 財務衡量指標、其定義，以及其與可比 GAAP 指標之差異調節，均載於我們的新聞稿及相關 Form 8-K 中，並提供更多細節。若各位此刻無法收聽完整電話會議，錄音將可於我們網站的投資人關係頁面取得。

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

接下來我將把電話交給我們的執行長 Ron Gilberry，請他進行事先準備的發言。Ron？

Thank you, Jim. Good afternoon, and welcome to everyone joining us on the call and webcast. We appreciate you taking the time to be here today. First quarter results were generally in line with our published revised expectations with revenue negatively impacted by the anticipated delay of the shipment of a sizable order, which represented a significant portion of our first quarter backlog due to material availability from one of our Asia-based suppliers.

謝謝你，Jim。各位下午好，歡迎所有透過電話與網路直播加入我們的朋友。我們感謝各位今天撥冗參與。第一季結果整體而言大致符合我們先前公布的修正後預期；營收受到一筆大型訂單出貨如預期延後的負面影響，該訂單因我們一家亞洲供應商的物料供應狀況，原本占第一季在手訂單（backlog）的相當大比例。

We shipped this order in the current quarter, and we have since also begun taking steps to reduce our future reliance on any single supplier. While our top-line results reflected this headwind, during the quarter, we continued to maintain active customer engagement across all of our target end markets, including advancing multiple new opportunities for our 60 gigahertz technology in tactical communications and edge AI applications.

我們已於本季完成該訂單出貨，並且也已開始採取措施，以降低未來對任何單一供應商的依賴。儘管營收表現反映了這項逆風，我們在本季仍持續於所有目標終端市場維持積極的客戶互動，包括推進多項 60GHz 技術在戰術通訊與邊緣 AI 應用上的新機會。

Turning to slide 4. Fixed wireless access continues to represent the largest and most mature end market for our 60 gigahertz solutions. Although a combination of current market dynamics, including the shortage and related increase in pricing of memory chips are contributing to subdued near-term demand and purchase order activity from existing customers, we believe that we remain well positioned to benefit from a recovery in orders once market conditions improve.

請看投影片第 4 頁。固定無線接入（Fixed Wireless Access）仍是我們 60GHz 解決方案最大且最成熟的終端市場。雖然目前市場動態的綜合影響——包括記憶體晶片短缺及其帶動的價格上漲——正導致既有客戶短期需求與採購訂單活動偏弱，但我們相信，一旦市場狀況改善、訂單回升，我們仍具備良好定位以受惠。

As highlighted on our previous conference call, in March, we secured a notable new customer win with MikroTik's launch of its next-generation 60 gigahertz N-Ray point-to-point product at Mobile World Congress, incorporating Peraso technology.

如我們在上一場電話會議中所強調，3 月我們取得一項重要的新客戶成果：MikroTik 在世界行動通訊大會（Mobile World Congress）推出其新一代 60GHz N-Ray 點對點產品，並採用 Peraso 技術。

With MikroTik's global reach and market share across a broad number of wireless Internet service providers, we believe this newly introduced product will result in incremental fixed wireless access deployments using our industry-leading 60 gigahertz technology.

憑藉 MikroTik 在全球的觸及能力，以及其在眾多無線網際網路服務供應商（WISP）中的市占率，我們相信這項新推出的產品將帶來更多採用我們業界領先 60GHz 技術的固定無線接入部署。

More broadly, our fully integrated Dune platform continues to resonate with operators that are pursuing high-performance, but also cost-effective wireless deployments in challenging urban environments. The combination of multi-gigabit throughput, low power, long-range end point-to-multipoint capability remains a compelling alternative to traditional backhaul approaches.

更廣泛而言，我們完全集成的 Dune 平台持續獲得營運商青睞，這些營運商正尋求在具挑戰性的都會環境中部署高效能且具成本效益的無線網路。其多 Gb 吞吐量、低功耗、長距離的端點點對多點能力之組合，仍是相較傳統回傳（backhaul）方式的具吸引力替代方案。

As such, we are continuously supporting a range of proof-of-concept evaluations with wireless ISPs worldwide, which we believe have the potential to translate into additional production orders for existing fixed wireless customers.

因此，我們持續支援全球各地無線 ISP 的多項概念驗證（proof-of-concept）評估；我們相信，這些評估有機會轉化為既有固定無線客戶的額外量產訂單。

Moving to Slide 5, the interest level in 60 gigahertz technology for tactical communications continues to gain momentum, and we increasingly see our expansion into this market as a potentially significant contributor for Peraso's future growth.

接著看投影片第 5 頁，市場對 60GHz 技術用於戰術通訊的興趣持續升溫，我們也愈來愈認為，拓展此市場可能成為 Peraso 未來成長的重要貢獻來源。

Although the timing and magnitude of orders remains uncertain, the opportunity in tactical communication stems from the fundamental attributes of our millimeter-wave technology, including narrow beam directional links, dynamic beam steering, oxygen attenuation and utilizing unlicensed spectrum.

儘管訂單的時點與規模仍不確定，戰術通訊的機會源自我們毫米波技術的基本特性，包括窄波束定向鏈路、動態波束轉向、氧氣吸收衰減，以及使用免執照頻譜。

Together, these attributes provide for inherently stealthy communications, low probability of detection, low probability of interception, and robust anti-jamming performance, making 60 gigahertz uniquely well-suited for mission-critical applications.

綜合而言，這些特性可提供先天具隱蔽性的通訊、低可偵測概率、低可攔截概率，以及強健的抗干擾（anti-jamming）表現，使 60GHz 特別適用於任務關鍵型應用。

On today's increasingly modernized battlefield, the need for secure and clandestine communications naturally spawns numerous different send and receive scenarios, including forward operating bases and surveillance, vehicle-to-vehicle, air-to-ground, and ship-to-shore communications.

在當今愈加現代化的戰場上，對安全且隱密通訊的需求自然衍生出多種不同的收發情境，包括前進作戰基地與監視、車對車、空對地，以及艦對岸通訊。

After extensive collaboration to evaluate potential applications for our technology within tactical communications, in March, we achieved a notable milestone with the announcement of Intacct as a defense contractor customer.

在與合作夥伴進行廣泛協作、評估我們技術於戰術通訊中的潛在應用之後，我們於 3 月達成一項重要里程碑：宣布 Intacct 成為我們的國防承包商客戶。

Our initial engagement with this customer began in 2024 and resulted in a jointly developed system solution for enhanced situational awareness on the battlefield. This novel, deployable solution continues to generate positive feedback and is scheduled for additional planned field trials in the August timeframe.

我們與該客戶的初次合作始於 2024 年，並共同開發出一套系統解決方案，以提升戰場態勢感知能力。這項新穎且可部署的解決方案持續獲得正面回饋，並已排定於 8 月期間進行更多規劃中的實地測試。

Separately, as part of our customer announcement in March, we disclosed that Intacct selected Peraso's 60 gigahertz millimeter wave technology for its next-generation drone identification friend or foe system. For additional context, this is a purpose-built solution designed for highly contested electronic warfare environments. It enables secure, real-time mutual authentication between friendly drones and ground forces, allowing counter-drone systems and operators to quickly distinguish from both.

另外，作為我們於 3 月發布的客戶公告的一部分，我們揭露 Intacct 已選用 Peraso 的 60GHz 毫米波技術，用於其下一代無人機敵我識別系統。補充說明，這是一套為高度對抗性的電子戰環境量身打造的專用解決方案。它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，使反無人機系統與操作人員能夠迅速加以區分。

Peraso's integrated beamforming wireless transceivers provide the low-power, highly directional connectivity that's essential for maintaining stealth and reliable communication in dense battlefield conditions. In mid-April, we delivered initial limited production shipments of our optimized modules in support of Intacct's next-generation drone platform. This expanded engagement with our lead customer further reinforces our viewing that tactical communication represents a significant long-term market opportunity.

Peraso 的整合式波束成形無線收發器提供低功耗、高指向性的連線能力，這對於在密集戰場環境中維持隱蔽性與可靠通訊至關重要。4 月中旬，我們已交付首批小量量產出貨的最佳化模組，以支援 Intacct 的下一代無人機平台。與我們主要客戶的這項擴大合作，進一步強化了我們對戰術通訊為重要長期市場機會的看法。

Our announced collaboration has also served to increase the visibility and awareness of 60 gigahertz technology and the advantage that it brings to mission-critical tactical defense applications. In recent months, we've been approached by additional prospective customers and partners seeking to explore how Peraso's 60 gigahertz millimeter wave technology could be incorporated into their future product roadmaps. Needless to say, we're excited about our growing momentum in tactical communications.

我們已宣布的合作也提升了 60GHz 技術的能見度與認知度，以及其在任務關鍵型戰術防務應用中所帶來的優勢。近幾個月來，已有更多潛在客戶與合作夥伴主動接洽，期望探討如何將 Peraso 的 60GHz 毫米波技術納入其未來產品藍圖。不用說，我們對於在戰術通訊領域日益增強的動能感到振奮。

Turning to slide 6, in addition to tactical communications, we continue to identify and be actively engaged on prospective growth opportunities in other areas outside of our [Korpix] wireless access market. We have frequently referred to these areas as adjacent markets because they are seemingly diverse and not easily grouped into a common end markets category.

轉到第 6 張投影片，除了戰術通訊之外，我們也持續在 [Korpix] 無線接入市場之外的其他領域，辨識並積極投入潛在的成長機會。我們經常將這些領域稱為相鄰市場，因為它們看似多元，且不易歸類到單一共同的終端市場類別。

That said, a majority of the adjacent opportunities we are targeting today involve the application of edge AI in areas such as last mile delivery, autonomous vehicles and drones. One specific example that I highlighted on our previous conference call was our announced collaboration with Fireworks on our VX60 platform for robotaxis.

儘管如此，我們目前鎖定的多數相鄰機會，涉及在最後一哩配送、自動駕駛車輛與無人機等領域應用邊緣 AI。我在上一場電話會議中特別提到的一個例子，是我們宣布與 Fireworks 合作，在我們的 VX60 平台上用於無人計程車（robotaxis）。

Regardless of whether it's an autonomous vehicle, drone, or humanoid robot, implementing Edge AI frequently comes with the burden of requiring high-bandwidth wireless connectivity to upload massive amounts of captured data from various sensors and cameras, and then also download large blocks with updates to the device's operating system or instructions.

無論是自動駕駛車輛、無人機或人形機器人，導入邊緣 AI 往往伴隨一項負擔：需要高頻寬無線連線，以便上傳由各式感測器與攝影機所擷取的大量資料，並同時下載大容量的更新內容，例如裝置作業系統更新或指令。

While this requirement is relatively easy to address in scenarios with a single vehicle, drone, or robot, a fleet of vehicles parked side by side, a swarm of drones in the air, or a factory floor full of robots could easily pose a significant challenge for traditional wireless technology. Although purely illustrative, this slide provides a clear visual depiction of the challenges, as well as the value proposition delivered by 60 gigahertz wireless solution.

在僅有單一車輛、無人機或機器人的情境下，這項需求相對容易滿足；但若是多輛車並排停放的一個車隊、空中的無人機群，或是一整個工廠產線佈滿機器人，對傳統無線技術而言就可能構成重大挑戰。雖然僅為示意，本投影片清楚呈現了相關挑戰，以及 60GHz 無線解決方案所提供的價值主張。

At the bottom, with the traditional 5 gigahertz Wi-Fi network, signals flood the space like a light bulb, creating widespread co-channel interference that collapses capacity and impairs reliability. Whereas at the top of the slide, 60 gigahertz technology utilizes directional, narrow beam links that eliminate interference, enabling numerous simultaneous multi-gigabit connections with low latency in the same density footprint.

在下方，使用傳統 5GHz Wi‑Fi 網路時，訊號會像燈泡一樣向空間泛射，造成廣泛的同頻干擾，導致容量崩潰並降低可靠性。相較之下，在投影片上方，60GHz 技術採用具方向性的窄波束連結以消除干擾，使得在相同密度的覆蓋範圍內，能以低延遲同時建立大量多 Gbps 連線。

With 60 gigahertz, you not only overcome the challenge, but you achieve maximum throughput, zero co-channel interference, and reliable real-time robot control. Although purely illustrative, the relative outcomes shown here are representative of the real-world challenges associated with implementing Edge AI at scale in close proximity. And I want to briefly emphasize that these exact same dynamics and respective outcomes extend beyond the factory floor to effectively any centralized hub for autonomous edge AI devices.

採用 60GHz，不僅能克服上述挑戰，還可達到最大吞吐量、零同頻干擾，以及可靠的即時機器人控制。雖然僅為示意，這裡所呈現的相對結果，確實反映了在近距離、大規模導入邊緣 AI 時所面臨的真實世界挑戰。我也想簡要強調，這些相同的動態與對應結果，不僅限於工廠產線，亦適用於任何集中式樞紐場景中的自動化邊緣 AI 裝置。

Today, we are working to advance ongoing discussions and have technology evaluations underway with multiple new prospective customers across a series of edge AI and connected autonomous device applications.

目前，我們正推進持續中的洽談，並與多家新的潛在客戶在多項邊緣 AI 與連網自動化裝置應用上進行技術評估。

To the extent we are successful at converting these activities into design wins and future product ramps. It will represent expansion of our existing served market and also contribute to diversification of our future revenue base.

若我們能成功將這些活動轉化為設計導入（design wins）與未來產品放量，將代表我們既有可服務市場的擴張，並有助於分散未來營收基礎。

In closing, while near-term visibility, particularly within fixed wireless access is below where we would like to do a combination of broader market dynamics and irregular customer order patterns. We remain optimistic about the breadth of our customer engagement. We believe there is a growing recognition of 60 gigahertz millimilliwave's unique value proposition, and we are continuing to pursue expanding opportunities for 60 gigahertz wireless technology within tactical communication as well as other markets that require high bandwidth and secure connectivity beyond our core fixed wireless access business.

總結而言，儘管短期能見度（特別是在固定無線接入領域）低於我們期望，原因在於更廣泛的市場動態以及客戶下單模式不規則等因素的綜合作用，我們仍對客戶互動的廣度保持樂觀。我們相信市場對 60GHz 毫米波獨特價值主張的認知正在提升；我們也將持續在戰術通訊以及其他需要高頻寬與安全連線的市場中，追求擴大 60GHz 無線技術的機會，超越我們核心的固定無線接入業務。

Our primary focus over the coming quarters is to secure new purchase orders, while also increasing the conversion rate of existing customer engagements into design wins with the goal of achieving renewed top-line growth.

未來幾季我們的主要重點，是取得新的採購訂單，同時提高將既有客戶互動轉化為設計導入（design wins）的轉換率，以期恢復營收成長。

With that, I'll turn the call over to Jim to review the financial results and share our outlook for the second quarter.

接下來，我把電話會議交給 Jim，由他回顧財務結果並分享我們對第二季的展望。

Thank you, Ron. Turning now to the results for the first quarter of 2026. Total net revenue for the first quarter was $1 million, compared with $2.9 million for the prior quarter and $3.9 million for the first quarter of 2025. Product revenue in the first quarter was $0.7 million, compared with $2.8 million in the prior quarter and $3.8 million in the first quarter of 2025.

謝謝你，Ron。現在來看 2026 年第一季的業績。第一季總淨營收為 100 萬美元，相較前一季為 290 萬美元，2025 年第一季為 390 萬美元。第一季產品營收為 70 萬美元，相較前一季為 280 萬美元，2025 年第一季為 380 萬美元。

The decrease in product revenue for the first quarter of 2026 from the comparable periods was primarily attributable to lower shipments of millimeter wave products. And year over year also reflected a significant reduction in shipments of legacy memory ICs due to the previously announced product end-of-life.

2026 年第一季產品營收較可比期間下滑，主要歸因於毫米波產品出貨量降低；此外，年對年也反映出因先前已公告的產品終止（end-of-life），傳統記憶體 IC 出貨量大幅減少。

Specific to sales of millimeter wave products, revenues were $0.6 million in the first quarter of 2026, compared with $2.4 million in the prior quarter and $1.5 million in the first quarter of 2025. Gross margin was 61.5% in the first quarter 2026, compared with 52.2% in the prior quarter and compared with 69.3% in the year-ago quarter.

就毫米波產品銷售而言，2026 年第一季營收為 60 萬美元，相較前一季為 240 萬美元，2025 年第一季為 150 萬美元。2026 年第一季毛利率為 61.5%，相較前一季為 52.2%，去年同期為 69.3%。

The sequential increase was primarily attributable to a higher mix of revenue contribution from non-recurring engineering products, while the year over year decline primarily reflected the decrease in sales of. Memory ITs.

季對季的提升主要歸因於非經常性工程（NRE）產品的營收貢獻占比提高；而年對年的下滑主要反映記憶體 IC 的銷售下降。

GAAP operating expense for the first quarter of 2026 was $3.1 million, compared with $2.8 million in the prior quarter and $3.2 million in the first quarter of 2025. Non-GAAP operating expenses, which exclude stock-based compensation were $2.9 million in the first quarter, compared with $2.7 million in the prior quarter and $3.1 million in the first quarter of 2025.

2026 年第一季 GAAP 營業費用為 310 萬美元，相較前一季為 280 萬美元，2025 年第一季為 320 萬美元。非 GAAP 營業費用（排除股份基礎給付）第一季為 290 萬美元，相較前一季為 270 萬美元，2025 年第一季為 310 萬美元。

A recent non-GAAP operating expenses level of approximately $3 million per quarter continues to reflect the benefits realized from previously implemented cost reductions and ongoing cost containment initiatives. GAAP net loss for the first quarter of 2026 was $2.5 million or a loss of $0.22 per share, compared with a net loss of $1.2 million or a loss of $0.13 per share in the prior quarter and compared with a net loss of $0.5 million or a loss of $0.08 per share in the same quarter a year ago.

近期每季約 300 萬美元的非 GAAP 營業費用水準，持續反映先前已實施的成本削減以及持續成本控管措施所帶來的效益。2026 年第一季 GAAP 淨損為 250 萬美元，或每股虧損 0.22 美元；相較之下，上一季淨損為 120 萬美元，或每股虧損 0.13 美元；而去年同期淨損為 50 萬美元，或每股虧損 0.08 美元。

Non-GAAP net loss, which excludes stock-based compensation and changes in fair value or warranty liabilities for the first quarter of 2026 was $2.3 million or a loss of $0.20 per share. This compared with a non-GAAP net loss of $1.2 million or a loss of $0.13 per share in the prior quarter and a net loss of $0.4 million or a loss of $0.07 per share in the same quarter a year ago.

2026 年第一季非 GAAP 淨損（排除股份基礎給付以及認股權證負債或保固負債公允價值變動）為 230 萬美元，或每股虧損 0.20 美元。相較之下，上一季非 GAAP 淨損為 120 萬美元，或每股虧損 0.13 美元；去年同期淨損為 40 萬美元，或每股虧損 0.07 美元。

The weighted average number of basic and diluted shares outstanding for purposes of calculating both GAAP and non-GAAP EPS for the first quarter of 2026 was approximately 11.6 million shares. Adjusted EBITDA, which we define as GAAP net income or loss as reported, excluding stock-based compensation, change in fair value of warrant liabilities, interest expense, depreciation and amortization and the provision for income taxes was negative $2.3 million in the first quarter of 2026, compared with negative $1.1 million in the prior quarter and negative $0.3 million in the first quarter of 2025.

用於計算 2026 年第一季 GAAP 與非 GAAP 每股盈餘（EPS）的基本及稀釋加權平均流通股數約為 1,160 萬股。調整後 EBITDA（我們定義為所報告之 GAAP 淨利或淨損，排除股份基礎給付、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 2026 年第一季為負 230 萬美元；相較之下，上一季為負 110 萬美元，2025 年第一季為負 30 萬美元。

With regards to the balance sheet, as of March 31, 2026, the company had approximately $2.7 million of cash, compared with $2.9 million as of December 31, 2025. The net decrease of approximately $0.2 million in the company's cash balance at quarter end reflected the operating loss and capital expenditures of $2.5 million, partially offset by $2.3 million of net proceeds from sales of the company's after market offering program during the first quarter.

就資產負債表而言，截至 2026 年 3 月 31 日，公司現金約為 270 萬美元；相較之下，截至 2025 年 12 月 31 日為 290 萬美元。季末公司現金餘額淨減少約 20 萬美元，反映營運虧損及資本支出合計 250 萬美元，部分由第一季透過公司 ATM（at-the-market）發行計畫出售股票所取得的 230 萬美元淨收益所抵銷。

As of today's call, the company has approximately 14.2 million shares of common stock and exchangeable shares outstanding. 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.

截至今日電話會議，公司流通在外的普通股及可交換股份合計約 1,420 萬股。如先前揭露，公司一直在評估潛在的策略性替代方案，包括合併、資產出售或其他類似交易，以及各種可能的額外資金來源。

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

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

Now turning to our outlook, as Ron previously discussed, overall visibility into future near-term demand is lower due to irregular lumpy order patterns from our customers. Additionally, we believe that certain amount of our customers are being negatively impacted by the higher pricing and reduced availability of memory devices.

接著談到展望，如 Ron 先前所述，由於客戶訂單模式不規則、呈現「大單不連續」的特性，對未來短期需求的整體能見度較低。此外，我們認為部分客戶正受到記憶體裝置價格上升與供應可得性下降的負面影響。

Based on shipments to date and existing order backlog, the company currently expects total net revenue for the second quarter of 2026 to be approximately $1.2 million. This concludes our prepared remarks, and we thank you for your time this afternoon.

根據目前出貨進度與既有訂單積壓，公司目前預期 2026 年第二季總淨營收約為 120 萬美元。我們的準備發言到此結束，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）

Kevin Liu, K. Liu & Company.

Kevin Liu，K. Liu & Company。

Hi. Good afternoon, guys. I wanted to start here first on kind of the supply and chain challenges that impacted the Q1 orders. Did you guys see that affect other orders outside of the large one that was shipped here in Q2? And was there any sort of ongoing spillover effect in that even though you were able to shift that one, maybe there's still shortages that are affecting other orders? Just wondering what sort of color you can give us there.

嗨，大家午安。我想先從第一季訂單受到影響的供應鏈挑戰談起。你們是否看到這個問題也影響到除了第二季出貨的那筆大單之外的其他訂單？另外，是否存在某種持續性的外溢效應：即使你們能把那筆訂單往後移，可能仍有短缺在影響其他訂單？想請你們分享一些更具體的看法。

Sure, I can speak to that, Kevin. Thanks for joining the call. I mean, the product that was affected is not exclusive to that specific customers. So it was really a broad, it affected a broad product line, although clearly the main, there was really one customer that was affected. It's kind of a long story, but the issue has been completely resolved.

當然可以，我來回應，Kevin。謝謝你加入電話會議。我的意思是，受影響的產品並非只供應給那位特定客戶，因此影響其實相當廣泛，涵蓋了一條較廣的產品線；不過很明顯地，主要受影響的確實是某一位客戶。這說來話長，但這個問題已經完全解決了。

The manufacturer was testing parameters that were not important to us. We kind of resolved that, and obviously, we're back on track. Of course, in the meantime, it exposed just a flaw in our supply chain that we've now, I would say, robustly fixed in terms of having alternative suppliers, so we don't expect to see this again, I mean this was a one-off, but unfortunately hit the first quarter and but it's fully, we feel it's fully resolved.

製造商當時在測試一些對我們而言並不重要的參數。我們已經把這件事協調解決，顯然也已回到正軌。當然，在此期間也暴露出我們供應鏈上的一個缺陷；我會說我們現在已經相當有韌性地修補完成，例如建立替代供應商，因此不預期會再發生。我是說，這是一次性的事件，但不幸地影響了第一季；不過我們認為已經徹底解決。

Good to hear. With respect to your FWA customers, both on kind of the existing customer side as well as some of the newer ones that are starting to move into production. I'm just wondering what exactly it is that's creating the visibility challenges, are they working through more significant inventory levels after purchases last year, is this more related to them being slow on reproduction given some of the memory shortages, just wondering what exactly we could pinpoint this to.

很高興聽到。關於你們的 FWA 客戶，不論是既有客戶，或是一些較新的客戶正開始進入量產階段。我想了解造成能見度挑戰的具體原因是什麼：他們是否在消化去年採購後較高的庫存水位？還是更多與記憶體短缺導致他們在再生產（reproduction）上進度較慢有關？想請問我們可以把原因更精準地歸因到哪一點。

Well, I mean, definitely the consistent feedback is the memory issue. So that's just a fact in the marketplace now that several customers have confirmed. So, obviously, if we look around the industry, we've seen that with other companies that rely on DRAM, we're hoping. This situation stabilizes in the next quarter, but we'll wait and see. But I would say that's most consistent.

嗯，我的意思是，最一致的回饋確實是記憶體問題。所以這已經是目前市場上的一個事實，且有多位客戶都已確認。很明顯地，如果我們放眼整個產業，也看到其他依賴 DRAM 的公司同樣受到影響。我們希望這個情況在下一季能趨於穩定，但還要再觀察。不過我會說，這是最一致的因素。

Obviously, a lot of these are new customers that are coming online, and sometimes there are glitches just kind of ramping up. For example, one customer had an issue just sourcing their casing from a supplier, and that's completely resolved now, but a bit of a growing plane. So we expect to see a much better performance over the course of the rest of the year.

另外，很多都是剛上線的新客戶，有時在拉升產能的過程中會出現一些小狀況。舉例來說，有一位客戶在向供應商採購外殼時遇到問題，現在已完全解決，但這算是成長過程中的陣痛。因此我們預期在今年剩餘期間，表現會明顯改善。

Got it. And on the Defense side of things, now that that Fender Foer system is shipped and is in production, I'm wondering what you think the cadence of orders looks like either over the course of this year or kind of in future years, is this a small initial shipment with much big volumes behind it?

了解。再談國防業務這邊，既然那套 Fender Foer 系統已經出貨並進入量產，我想請教你們認為今年或未來幾年的訂單節奏會是什麼樣子？這會是一筆小規模的初始出貨，後面還會有更大的量嗎？

And then more generally, if you could just speak to i I think you mentioned some field trials coming up in August, how does that opportunity kind of differ from what you guys have done so far on the defense side?

另外更一般性地，如果你們能談談——我想你提到 8 月會有一些實地測試（field trials），那個機會與你們迄今在國防端所做的事情有何不同？

Yeah, I think from our perspective, I think broadly for the company, just to put all this in perspective, and we our our fixed wireless business. We really feel that we've got a very high percentage of market share and that business will stabilize. So from our perspective, the kind of the military, defense, security, communications business is a very important part of our future.

是的，我想從我們的角度來看，也更廣泛地替公司把整體情況放在脈絡中說明一下。我們的固定無線（fixed wireless）業務，我們確實認為已取得非常高的市占率，而該業務將會趨於穩定。因此就我們而言，軍事、國防、安全與通訊相關業務，是我們未來非常重要的一部分。

And Kevin, I think you know this, but just to remind you, the real win there is, the broad win there is secure communications that can't be detected, again, because of our beamforming, very difficult time detecting, but even more difficult time to jam. And this is becoming broadly an issue in the military, but very in particularly with regards to drones. And I think we've all seen the footage from the wars in Ukraine and in the Middle East where there's so much drone activity, but a lot of that activity historically, it's been facilitated by wireless, but of course, the enemies are getting very smart at how to jam wireless, and you've seen a lot of like non-jammable systems or people going to fiber optic, but those solutions have many problems.

Kevin，我想你知道這點，但提醒一下，真正的勝利、廣泛的勝利在於安全通訊——無法被偵測到；再次強調，因為我們的波束成形，使得偵測非常困難，但更難的是要去干擾（jam）。而這正逐漸成為軍方普遍面臨的議題，尤其是與無人機相關。我想大家都看過烏克蘭與中東戰爭的影像，無人機活動非常頻繁；但過去這些活動在很大程度上是由無線通訊所促成的，當然敵方也越來越聰明，知道如何干擾無線通訊。你也看到很多像是「不可干擾」的系統，或是有人改用光纖，但那些解決方案有很多問題。

I think broadly our win in military is the stealth capability, the non-genmobility, and we're seeing some real traction there. The IFF that we announced is, I would call that a subset, an important subset, like obviously the key win there is the fact that it can't be detected, and of course, the pain point in the battlefield is friendly fire.

我認為我們在軍用領域整體的優勢在於匿蹤能力、不可干擾性（non-jammability），而我們也看到一些實質進展。我們宣布的 IFF，我會把它視為一個子集合——一個重要的子集合；顯然那裡的關鍵勝利在於它無法被偵測到，而戰場上的痛點當然是誤擊友軍（friendly fire）。

But that was, ironically, the friendly fire was kind of our first foray into the market. But really what we're discovering now, and I think what you're going to start seeing the orders, and I'll get to that in a second, is really broadly this stealth and non-jammable communications capabilities.

但諷刺的是，誤擊友軍其實算是我們最早切入市場的切入點。不過我們現在真正發現的——我想你也會開始看到訂單，我等一下會談到——其實是更廣泛的匿蹤與不可干擾通訊能力。

Our customers, so the August field trials, we expect to start to see volume in later in Q3 and Q4. But certainly even in Eastern Europe, we're seeing a real sense of urgency to get non-jammable wireless solutions. And so I think we'll start to see NRE later this year and then real production in the first half of '27.

我們的客戶方面，就 8 月的實地測試而言，我們預期在第三季後段以及第四季開始看到放量。但即使在東歐，我們也感受到一股強烈的急迫性，要取得不可干擾的無線解決方案。因此我認為我們會在今年稍晚開始看到 NRE，然後在 2027 年上半年進入真正的量產。

But one interesting point in kind of conversations with customers over the last couple of weeks, for example, is kind of the situation with Starlink in these war zones, which again is also a millimeter wave technology, but the core problem is that, it relies on GPS, and the way guys like Iran are jamming that is to actually jam the GPS, and that makes the system a bit inoperable, and in our, and of course, with our technology, we don't need GPS.

不過，過去幾週與客戶對話中有一個有趣的點，例如，是這些戰區裡 Starlink 的情況；它同樣也是毫米波技術，但核心問題在於它依賴 GPS，而像伊朗這樣的勢力干擾的方式其實是去干擾 GPS，這會讓系統變得有點無法運作；而我們的技術當然不需要 GPS。

So, look, I mean, military communications, I think we've saturated the market in fixed wireless. I think we're going to just start once that stabilizes and memory prices stabilize, we'll see that market grow. But from our perspective, we see the military market being at least as big, but probably much larger than that market. And you can expect to hear a lot of focus from us over the last over the next few quarters with regards to what we're doing on that front.

所以你看，軍用通訊方面，我認為我們在固定無線市場已經相當飽和。一旦那邊趨於穩定、記憶體價格也穩定下來，我們會看到那個市場成長。但從我們的角度來看，我們認為軍用市場至少跟那個市場一樣大，但很可能大得多。你可以預期在接下來幾個季度，會聽到我們在這方面投入很多焦點。

I appreciate the detail on that. And then just with respect to NRE, wondering what sort of programs are contributing to that number in the first quarter and then to what extent those continue versus any sort of other opportunities you want to highlight within your pipeline, either related to edge AI or some of the?

感謝你提供這麼多細節。接著就 NRE 而言，我想了解第一季的 NRE 數字是由哪些專案貢獻的，以及這些專案在後續會延續到什麼程度；另外，你們的管線中是否還有其他機會想特別強調，不論是與邊緣 AI 相關或是某些其他的？

Well, yes, there's really two broad areas there. So with regards to military, the term that we refer to is size, weight, and power. So, people want them smaller, they want them smaller, and they want them lighter, and they want less power consumption. So all those things, especially, I mean, pretty much everything for the military is battery operated.

嗯，是的，主要有兩大領域。就軍用而言，我們常用的術語是尺寸、重量與功耗（size, weight, and power）。也就是說，大家希望它更小、更小、也更輕，並且希望耗電更低。這些都很重要，尤其是——我的意思是，軍方幾乎所有東西都是電池供電。

When you think of drones, think of, soldiers, they're all in the field, and they're battery operated, so power consumption. So, optimizing all those parameters for our customers is a source. And that will definitely continue.

你想想無人機、想想士兵——他們都在野外，都是靠電池，所以功耗很關鍵。因此，為客戶把這些參數最佳化就是一個來源，而且這肯定會持續。

And then for Edge AI, so the Edge AI, I'm sure you saw the slide, and I think that slide that we showed about Edge AI, where we show essentially the silos created by our technology versus traditional Wi-Fi technology, really underscores the win there. I mean, one of our engineers called it our superpower, like it really is amazing how on a factory floor, for example, the only way to solve that, the interference problem with Wi-Fi is to create little rooms for each of the robots, which is not obviously practical.

再來是邊緣 AI。邊緣 AI 方面，我相信你看過那張投影片；我們展示的那張關於邊緣 AI 的投影片，基本上呈現了我們的技術相較於傳統 Wi‑Fi 技術所形成的「隔離區」（silos），這其實非常凸顯我們的優勢。有位工程師稱之為我們的超能力——在工廠現場之類的環境，Wi‑Fi 要解決干擾問題，唯一的方法就是為每個機器人建一個小房間，但這顯然不實際。

So some of the first quarter NRE was attributable to actually optimizing our system for Edge AI, but I think we'll continue to see that grow over the course of the rest of this year as we get more and more customers involved in that space. And the idea is to, again, optimize for those situations. So the two main sources or the two main markets we feel are contributing to our NRE is tactical communications as well as AJI.

所以第一季的部分 NRE 其實來自於我們針對邊緣 AI 去最佳化系統；但我認為在今年剩下的時間裡，隨著越來越多客戶加入這個領域，我們會持續看到它成長。核心概念是再次針對那些情境做最佳化。因此，我們認為貢獻 NRE 的兩個主要來源或兩個主要市場，是戰術通訊以及 AJI。

Got it. And maybe a last couple of housekeeping ones for Jim before I turn it over. Just on the gross margin for the Q2 guidance, obviously, there was a nice margin for Q1, is that sustainable given the mix of revenue that you see or is it going to shift more heavily back towards the product price?

了解。在我把問題交出去之前，還有最後幾個給 Jim 的例行問題。關於第二季指引的毛利率，第一季毛利率表現不錯；以你們看到的營收組合來看，這樣的水準可持續嗎？還是會更偏回到產品價格（product）那一端？

No, we expect it to shift more heavily back to the product side. Obviously, with that large order, as Ron talked about, pushing the NRE was a larger percentage. So it pushed up the margins. We'll see a much higher percentage of product revenue in Q2. So I expect the margins to come back down into the 50s.

不，我們預期會更偏回到產品端。顯然，正如 Ron 提到的那筆大訂單，使得 NRE 的占比更高，所以把毛利率往上推。第二季我們會看到產品營收占比高很多，因此我預期毛利率會回落到 50% 多的區間。

That makes sense. And then just lastly, what kind of the appropriate share count we should be thinking about now for Q2 and beyond?

這很合理。最後一個問題，關於第二季以及之後，我們在模型中應該採用怎樣的適當股數（share count）？

I'm sorry, say that again. What sort of?

抱歉，你再說一次。什麼樣的？

The share count, just wondering where you guys stood either at quarter end or today that we can use in our model?

股數。我想了解你們在季末或今天的股數大概是多少，讓我們可以用在模型裡？

Yes, in the script we set approximately 14.2. We've been active in our ATM program. We'll provide a full update on that in the 10-Q filing. But we're probably, with additional activity, probably around 14.5 million shares, common shares, and sustainable shares outstanding.

好的，在講稿裡我們設定約 14.2。我們一直有在進行 ATM 計畫。我們會在 10‑Q 申報中提供完整更新。不過若加上後續的活動，我們大概在 1,450 萬股左右——普通股，以及可持續的流通在外股數。

Got it. Thank you for that, and good luck here in the quarter.

了解。謝謝你提供資訊，也祝你們本季順利。

Thanks a lot, Kevin.

非常感謝你，Kevin。

Thanks, Kevin.

謝謝，Kevin。

Thank you. 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, and you may now disconnect.

謝謝。我這邊顯示目前佇列中沒有其他問題。今天的電話會議到此結束。感謝各位參與，現在可以斷線。

Thank you.

謝謝。