Peraso Inc (PRSO) 2026 Q2 法說會逐字稿

Good afternoon, and welcome to Pareto Inc.'s Second Quarter 2026 Conference Call. At this time, all participants a listen-only mode. (Operator Instructions) As a reminder, this conference call is being recorded today, Tuesday, August 11, 2026.

下午好，歡迎參加 Pareto Inc. 2026 年第二季財報電話會議。此時，所有與會者皆為僅收聽模式。(接線員指示) 提醒各位，本次電話會議將於今日（2026 年 8 月 11 日，星期二）錄音。

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

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

Good afternoon and thank you for joining today's conference call to discuss Pros' Second Quarter 2026 financial results. I'm Jim Sullivan, CFO of Parosso; and joining me today is Ron Globe, 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.

下午好，感謝各位參加今天的電話會議，一同討論 Pros 2026 年第二季財務業績。我是 Parosso 的財務長 Jim Sullivan；今天與我一同出席的是我們的執行長 Ron Globe。今天在市場收盤後，我們發布了新聞稿及相關的 8-K 表格，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 Parosa's website at parussoinc.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 IR website.

新聞稿與 8-K 表格可於 Parosa 的網站 parussoinc.com「投資人關係」專區取得。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 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. Carasso 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》（修訂後）第 27A 條及《1934 年證券交易法》（修訂後）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。Carasso 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.

此等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 of our pursuit of strategic alternatives.

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，以及我們對策略性替代方案之追求與評估相關的陳述。

All forward-looking statements are based on information available to Prasco on the date hereof. These statements involve known and unknown risks, uncertainties and other factors that may cause Prasco'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 Prasco 於本文件日期可得之資訊為基礎。此等陳述涉及已知與未知之風險、不確定性及其他因素，可能導致 Prasco 的實際結果與前瞻性陳述所暗示者有重大差異，包括公司業務出現非預期變化。

More detailed information about these risk factors and additional risk factors are set forth in Process public filings with the SEC. Carasso 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.

關於這些風險因素的更詳細資訊以及其他風險因素，已載於 Process 向 SEC 提交的公開文件中。除適用法律要求外，Carasso 明確聲明不負有因新資訊、未來事件或其他原因而更新或修正其前瞻性陳述之義務。

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. 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.

此外，公司新聞稿及本次電話會議中管理階層的陳述，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。就今天電話會議中涉及非 GAAP 數字的說明而言，除非另有指明，所引用金額不包含以股份為基礎之薪酬費用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. 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 衡量指標之差異調節，均已載於我們的新聞稿及相關 8-K 表格中，並提供更多細節。若各位此刻無法全程收聽，本次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 Glibery, for his prepared remarks. Ron?

接下來我把電話交給我們的執行長 Ron Glibery，請他發表準備好的談話。Ron？

Thank you, Jim. Good afternoon, and welcome to everyone on the call and webcast. We appreciate you taking the time to join today's call. As reported in our press release this afternoon, revenue for the second quarter increased approximately 36% sequentially and was above our previous expectations.

謝謝你，Jim。下午好，歡迎所有透過電話與網路直播參與的各位。感謝各位撥冗參加今天的會議。如同我們今天下午新聞稿所述，第二季營收較前一季約成長 36%，並高於我們先前的預期。

The sequential growth primarily reflected our successful depilment of a previously delayed order shipment to a new fixed wireless access customer. Despite the better-than-anticipated top line results this quarter, our overall business continues to be impacted by a combination of macro-related headwinds and irregular order patterns across our existing customer base.

此一季對季成長主要反映我們成功交付先前延遲、出貨給一位新的固定無線接入（FWA）客戶的訂單。儘管本季營收表現優於預期，我們整體業務仍持續受到宏觀因素逆風與既有客戶群不規則下單型態的共同影響。

With limited ability to influence certain underlying market dynamics, particularly those affecting our leading fixed wireless access customers, we remain focused on the elements of the business we can control. These include operational efficiencies and ongoing cost management and enhancing the resilience of our supply chain while continuing to cultivate extensive customer engagement across our target end markets.

在我們對某些底層市場動態（尤其是影響我們主要固定無線接入客戶的因素）可施加影響的能力有限之下，我們仍專注於可控的業務要素。這些要素包括營運效率提升與持續的成本管理、強化供應鏈韌性，同時持續在目標終端市場中培養廣泛的客戶互動。

Turning to Slide 4. Across each of our target end markets, we continue to be encouraged by the growing recognition of 60 gigahertz millimeter wave technology and its inherent performance benefits over conventional wireless communication solutions that operate in lower frequency bands.

接著請看投影片第 4 頁。在我們各個目標終端市場中，我們持續受到鼓舞，因為市場對 60GHz 毫米波技術的認知度日益提升，並且其相較於在較低頻段運作的傳統無線通訊解決方案，具備內在的效能優勢。

Historically, the most prevalent commercial applications for 60 gigahertz technology has been fixed wireless access. While this continues to be the largest and most mature end market for Perazzo, the rapid proliferation of AI and associated demand for hardware in support of AI infrastructure has led to significant market dislocation.

歷史上，60GHz 技術最普遍的商業應用是固定無線接入。雖然這仍是 Perazzo 最大且最成熟的終端市場，但 AI 的快速普及以及支援 AI 基礎設施之硬體需求，已導致顯著的市場錯位。

With respect to fixed wireless access, this includes customers navigating persistently elevated memory prices and the constrained supply of other key components. We believe this has and is continuing to contribute to subdued purchase order activity and limited near-term visibility into future customer demand.

就固定無線接入而言，這包括客戶正面對持續偏高的記憶體價格，以及其他關鍵元件供應受限。我們認為，這已經並且仍在促成採購訂單活動偏弱，以及對未來客戶需求的短期能見度有限。

While these current market dynamics are expected to extend into the fourth quarter, the value proposition of 60 gigahertz millimeter wave technology and fixed wireless application is its commercially proven ability to overcome interference and capacity limitations in congested wireless environments.

雖然預期這些當前市場動態將延續至第四季，但 60GHz 毫米波技術與固定無線應用的價值主張，在於其已於商業上證實能在擁擠的無線環境中克服干擾與容量限制。

As such, we believe we are positioned to benefit once the current supply dislocations moderate and order patterns normalize. Having said that, it's become increasingly clear over the past 12 to 18 months, that the inherent benefits of 60 gigahertz millimeter wave technology extend beyond traditional fixed wireless access applications.

因此，我們相信一旦目前的供應錯位趨緩、下單型態回歸正常，我們將有機會受益。話雖如此，過去 12 至 18 個月以來愈來愈明顯的是，60GHz 毫米波技術的內在優勢不僅限於傳統的固定無線接入應用。

We continue to engage with prospective customers and partners seeking to utilize our 60 gigahertz solutions to address real-world challenges encountered in other end markets, namely in autonomous edge AI unmanned aerial vehicles and defense communications applications. Today, we are actively engaged on a combination of new and existing opportunities to leverage Perrazzo's proven 60 gigahertz technology in both of these high-value end markets.

我們持續與潛在客戶與合作夥伴互動，他們希望運用我們的 60GHz 解決方案，解決其他終端市場中遭遇的真實世界挑戰，尤其是在自主邊緣 AI 無人機與國防通訊應用方面。目前，我們正積極推進新舊機會的組合，以在這兩個高價值終端市場中運用 Perrazzo 經驗證的 60GHz 技術。

Turning to Slide 5. I want to start with the substantial emerging market opportunity that we see for our technology and emerging edge AI and associated autonomous systems application, whether it's operating a fleet of autonomous vehicles, a storm of drones or a factory or pool of robots, implementing Edge AI at scale creates a fundamental bandwidth challenge.

接著請看投影片第 5 頁。我想先談我們所看到的重大新興市場機會：我們的技術在新興邊緣 AI 及其相關自主系統應用上的機會。無論是運行一支自動駕駛車隊、一群無人機，或是一座工廠或一批機器人，在規模化部署邊緣 AI 時，都會產生根本性的頻寬挑戰。

These platforms typically require the continuous upload of massive volumes of sensor and camera data as well as the download of large AI models and software updates. This often entails not only multi-gigabit data transfers, but doing so well operating in close physical proximity to many other independent autonomous devices, traditional 5 gigahertz WiFi technology struggles in these types of environments due to limited spectrum.

這些平台通常需要持續上傳大量的感測器與攝影機資料，並下載大型 AI 模型與軟體更新。這往往不僅需要多 Gbps 的資料傳輸，還必須在與許多其他獨立自主裝置近距離運作的情況下完成；由於頻譜有限，傳統 5GHz WiFi 技術在此類環境中往往難以勝任。

Additionally, omnidirectional coverage creates widespread co-channel interference or overlapping of wireless signals as the number of devices share in the same channel increases, the throughput collapses in latency becomes unpredictable. With 60 gigahertz technology, we utilize highly directional narrow beams.

此外，隨著同一信道中共享的裝置數量增加，全向覆蓋會造成廣泛的同信道干擾或無線訊號重疊，導致吞吐量崩潰且延遲變得不可預測。採用 60 GHz 技術時，我們使用高度定向的窄波束。

That directional nature significantly reduces co-channel intraperence, allowing numerous simultaneous multi-gigabit length to operate reliably inside the same physical footprint with deterministic low latency performance. This isn't just conceptual. In June of this year, we completed a customer demonstration with our partner, work that put these advantages on full display.

這種定向特性可大幅降低同信道干擾，使眾多同時進行的多千兆鏈路能在相同的實體範圍內可靠運作，並提供可預期的低延遲效能。這不只是概念。今年 6 月，我們與合作夥伴完成了一場客戶展示，將這些優勢充分呈現。

Together, we created a simulated drone wireless environment and successfully operated a high-capacity network cluster that achieved a peak aggregate data rate of more than 50 gigabits per second. Within the combined space of a large room, we simultaneously transmitted several independent multi-gigabit streams, something conventional sub-6 gigahertz technology struggled to do at that density without severe interference.

我們共同建立了模擬的無人機無線環境，並成功運行一個高容量網路叢集，峰值彙總資料速率超過每秒 50 Gbps。在一個大房間的合併空間內，我們同時傳輸多條彼此獨立的多千兆串流；而傳統的 6 GHz 以下技術在如此密度下若要做到這點，往往會因嚴重干擾而受限。

The demonstration also underscored two additional attributes that are critical for autonomous and mission-critical systems. The inherent low probability of intercept and detection of 60 gigahertz lengths and the ability when combined with Bioworks network synchronization technology to maintain coordination without reliance on GPS, that GPS independence is particularly valuable in contested or GPS-denied environments.

該展示也凸顯了對自主與任務關鍵系統至關重要的另外兩項特性。其一是 60 GHz 鏈路天生具備低被攔截與低被偵測的機率；其二是與 Bioworks 網路同步技術結合後，能在不依賴 GPS 的情況下維持協同運作。這種 GPS 獨立性在對抗環境或 GPS 受限／拒止的環境中特別有價值。

Looking ahead, we see applications in both defense, especially emerging drone form tactics and commercial settings, such as automated factories, where large fleets of robots require high-capacity interference-free connectivity.

展望未來，我們看到其在國防（尤其是新興的無人機編隊戰術）以及商業場景（例如自動化工廠）中的應用；在這些場景中，大量機器人需要高容量、無干擾的連線能力。

The Bioworks collaboration is a strong example of how complementary 60 gigahertz technology can address real-world applications, the traditional wireless architectures were not designed to solve. As we've introduced on previous conference calls, many of these fundamental characteristics of 60 gigahertz are equally, if not more, critical and defense and tactical communications applications.

與 Bioworks 的合作是強而有力的例證，說明互補的 60 GHz 技術如何能解決傳統無線架構原本並非為之設計的真實世界應用問題。如同我們在先前的電話會議中所介紹，60 GHz 的許多基本特性在國防與戰術通訊應用中同樣重要，甚至更為關鍵。

Turning to Slide 6. I want to highlight one of the most unique applications of our technology within the tactical communications space, iApp app, which stands for identification brander system. It goes without saying today's increasingly modern Battlefield is a complex and congested environment, the ability to rapidly and reliably distinguish friendly assets from hostile one is mission-critical, traditional IFF systems operate by transmitting what's known as an interrogation signal and receiving authenticated responses.

接著看投影片 6。我想強調我們技術在戰術通訊領域中最獨特的應用之一：iApp app，即 identification brander system（識別標記系統）。不言而喻，當今愈發現代化的戰場是複雜且壅塞的環境；能夠快速且可靠地區分友軍資產與敵對目標是任務關鍵。傳統 IFF 系統透過發送所謂的詢問訊號（interrogation signal），並接收經驗證的回應來運作。

These signals or links can be detected, jammed or so, exposing troops and assets to devastating consequences, including friendly fire incidents. The gigahertz technology is designed to meaningfully upgrade the performance of an IFF system in three ways. First, the highly directional narrow beam makes the communication link inherently difficult for an average are to detect or intercept.

這些訊號或鏈路可能被偵測、被干擾（jam）等，從而使部隊與資產暴露於毀滅性後果之中，包括誤擊友軍事件。我們的 60 GHz 技術旨在從三個方面實質升級 IFF 系統的效能。第一，高度定向的窄波束使通訊鏈路本質上難以被一般對手偵測或攔截。

Second, that same directional beam, combined with the physical properties of the 60 gigahertz band substantially reduces the risk of spooky or successful jamming. Third, we have integrated our solutions to deliver these capabilities in a compact low-power form factor, this makes it ideal for size, weight and power constrained platforms such as unmanned aerial systems, or UAS.

第二，同樣的定向波束結合 60 GHz 頻段的物理特性，可大幅降低被欺騙或被成功干擾的風險。第三，我們已將解決方案整合為緊湊、低功耗的外形規格，使其非常適合尺寸、重量與功耗（SWaP）受限的平台，例如無人航空系統（UAS）。

In partnership with our previously announced lead defense contracts are intact, we are continuing to make solid progress on the refinement and testing of next-generation drone IPF solutions. This system is purpose-built for highly contested electronic warfare environments and is designed to enable secure real-time mutual authentication between friendly, drones and ground forces.

在與我們先前宣布的主要國防承包商合作下，我們持續在下一代無人機 IFF 解決方案的精煉與測試方面取得扎實進展。該系統為高度對抗的電子戰環境量身打造，旨在實現友方無人機與地面部隊之間安全、即時的雙向身分驗證。

Following our delivery of initial limited production modules earlier this year Feedback on this jointly developed solution continues to be positive, which we believe is meaningful validation of Perrazzo's 60 gigahertz technology for IFF applications.

在我們今年稍早交付初期小量生產模組之後，這項共同開發的解決方案持續獲得正面回饋；我們認為這是對 Peraso 60 GHz 技術用於 IFF 應用的有意義驗證。

More broadly, the combination of stealth oriented design, anti-jam resistant architecture and compact integration is generating expanded interest from additional prospective customers and partners seeking to evaluate the benefits of 60 gigahertz for their future product road maps. With that foundation, let me turn to the wider opportunity we see in unmanned aerial systems communications.

更廣泛而言，隱身導向設計、抗干擾架構與緊湊式整合的組合，正引發更多潛在客戶與合作夥伴的擴大興趣，他們希望評估 60 GHz 對其未來產品路線圖的效益。在此基礎上，讓我轉向我們在無人航空系統通訊方面看到的更大機會。

Moving to Slide 7. Building on the initial foundation from our ongoing work on IFF applications, we have identified and are beginning to target broader opportunities for our 60 gigahertz solutions and unmanned aerial systems. In fact, the rapid growth of UAVs and related systems, especially in defense and security applications has helped to increase the awareness and the limitations of traditional sub gigahertz radio lakes.

接著看投影片 7。在我們持續進行 IFF 應用工作的初步基礎之上，我們已識別並開始鎖定 60 GHz 解決方案在無人航空系統上的更廣泛機會。事實上，UAV 與相關系統的快速成長，特別是在國防與安全應用中，提升了外界對傳統次 6 GHz 無線電鏈路限制的認知。

These legacy systems are increasingly susceptible to wireless, congestion, relatively easy to detect and vulnerable to jamming in contested electromagnetic environments. Additionally, modern drones have become highly data-intensive with large arrays of sensors. They are also frequently required to support real-time coordination autonomy and swarm operations.

這些既有系統愈來愈容易受到無線壅塞影響、相對容易被偵測，並且在對抗性的電磁環境中易受干擾（jamming）。此外，現代無人機因配備大量感測器陣列而變得高度資料密集。它們也經常需要支援即時協同、自主與蜂群作戰。

Today's existing on communications infrastructure is challenged to meet all of these demands. 60 gigahertz millimeter wave technology is designed to enable a fundamentally different solution for modern new AS platforms. Instead of broadcasting energies broadly, it utilizes highly directional high-capacity data lakes.

當今既有的通訊基礎設施難以滿足上述所有需求。60 GHz 毫米波技術旨在為現代新型 UAS 平台提供一種根本不同的解決方案。它不再廣泛地廣播能量，而是利用高度定向的高容量資料鏈路。

Atmospheric oxygen absorption further limits long distance propagation, reducing the probability of detection or interception outside the intended top. Adaptive beam forming is the foundational capability that makes this possible, enabling precise energy steering and spatial filtering of interference and high spatial use of multiple independent links can operate concurrently without overlapping interference.

大氣中的氧氣吸收會進一步限制遠距離傳播，降低在預期目標之外被偵測或攔截的機率。自適應波束成形是使其成為可能的基礎能力，可實現精準的能量指向與干擾的空間濾除，並提高空間重用率，使多條彼此獨立的鏈路能同時運作而不產生重疊干擾。

As seen on the slide, the narrow point-to-point math of 60 gigahertz beams are virtually impossible to detect and extremely difficult to jam. The highly directional beam makes alignment by GAM are difficult, while oxygen attenuation further weakens potential interfering signals.

如投影片所示，60 GHz 的窄波束點對點傳輸幾乎不可能被偵測，且極難被干擾。高度定向的波束使對手難以對準進行干擾，而氧氣衰減則會進一步削弱潛在的干擾訊號。

Since by definition, the band is unlicensed 60 gigahertz also avoided interparts with licensed spectra. Bringing all of these elements together, this week, we expanded our product portfolio with the formal introduction of [Peraso'sPRM2145] and this new jam-resistant communications module is purpose-built for unmanned aerial vehicles, autonomous systems and defense applications.

此外，依定義該頻段為免執照頻段，60 GHz 也可避免與需執照頻譜產生相互干擾。綜合以上要素，本週我們正式推出 [Peraso'sPRM2145]，擴充了產品組合；這款新的抗干擾通訊模組專為無人航空載具、自主系統與國防應用而打造。

The PRM 2145 leverages our proven 60 gigahertz platform to deliver secure ultra-low latency gigabit class performance in a lightweight compact form factor optimized for airborne platforms. It is designed to support robust command and control lengths, high-definition video, ISR data transport, identification friend or for communications and drone to drone networking.

PRM 2145 採用我們經驗證的 60 GHz 平台，在針對空載平台最佳化的輕量、緊湊外形規格中，提供安全、超低延遲的千兆級效能。其設計可支援強健的指揮與控制鏈路、高畫質影像、ISR 資料傳輸、敵我識別通訊，以及無人機對無人機的網路連線。

This new module is expected to be available for customer evaluation in the fourth quarter, supporting integration across a broad range of unmanned and autonomous platforms. We believe the PRM 145 further strengthens our early entry position in these high value add markets while also reinforcing our strategy of diversifying Peraso's future growth beyond our core fixed wireless access business.

此新模組預計於第四季提供客戶評估，支援在廣泛的無人與自主平台上進行整合。我們相信 PRM 145 進一步強化了我們在這些高附加價值市場的先行進入地位，同時也鞏固我們將 Peraso 未來成長多元化、超越核心固定無線接取（FWA）業務的策略。

Turning to Slide 8. Before my concluding remarks, I want to briefly highlight 1 other real-world application and the opportunity that we are actively engaged in development of with a prospective customer. Today, the current landscape within defense, tactical communications is rapidly driving the evolution of next-generation solutions. One real-time example of this is hybrid UAV networks.

接著看投影片 8。在我做結語之前，我想簡要強調另一個真實世界的應用，以及我們正與一位潛在客戶積極投入開發的機會。目前在國防與戰術通訊領域的態勢，正快速推動下一代解決方案的演進。其中一個即時的例子就是混合式 UAV 網路。

In these architectures, 60 gigahertz communications links are combined with other transport layers, such as satellite backhaul or selective fiber to deliver high capacity, low latency connectivity while still maintaining the intended stealth and antigening benefits of millimeter wave technology.

在這些架構中，60 GHz 通訊鏈路會與其他傳輸層結合，例如衛星回程或選擇性光纖，以在維持毫米波技術原本預期的匿蹤與抗干擾效益的同時，提供高容量、低延遲的連線能力。

As visualized on this slide, this hybrid approach allows operators to optimize a complete end-to-end network for range, resilience and mission flexibility in contested or GPS-denied environments. I wanted to briefly share this example of a hybrid UAB network on today's call opportunities. First, it reflects the type of advanced system design work that we are actively collaborating with partners to solve and work toward bringing to market.

如本投影片所示，這種混合式方法可讓營運商在受爭奪或 GPS 受限的環境中，針對距離、韌性與任務彈性，最佳化完整的端到端網路。我想在今天的電話會議中，簡要分享這個混合式 UAB 網路的機會案例。首先，它反映了我們正積極與合作夥伴協作、共同解決並推動上市的先進系統設計工作類型。

And second, I believe it further illustrates the expanding role of 60 gigahertz can play beyond traditional point-to-point or fixed wireless use cases. In closing, our near-term focus remains firmly on the areas within the company's control.

其次，我認為這也進一步說明 60 GHz 的角色正在擴大，能超越傳統點對點或固定無線的使用情境。最後，我們近期的重點仍然堅定聚焦在公司可控的領域。

We continue to take steps to strengthen the resilience of our supply chain and reduce single supplier bottlenecks while also reducing to secure additional distribution partners that will expand the market reach of our 60 gigahertz millimeter wave portfolio.

我們持續採取措施強化供應鏈韌性並降低單一供應商瓶頸，同時也持續爭取更多通路合作夥伴，以擴大我們 60 GHz 毫米波產品組合的市場觸及範圍。

Our highest priority is driving commercial traction, converting existing customer engagements proof of concepts and technology demonstrations into design wins, purchase orders and production revenue that can support renewed top line growth.

我們的最高優先事項是推動商業動能，將既有客戶互動中的概念驗證與技術展示，轉化為設計導入（design wins）、採購訂單與量產營收，以支撐營收重新成長。

While near-term visibility, particularly within fixed wireless access remains limited due to external market dynamics and irregular order patterns, the breadth of our current engagements and the growing recognition of 60 gigahertz differentiated capabilities makes us optimistic for the future.

儘管短期能見度（尤其在固定無線接取領域）因外部市場動態與不規則的下單模式而仍然有限，但我們目前合作案的廣度，以及市場對 60 GHz 差異化能力日益提升的認可，讓我們對未來保持樂觀。

With that, I'll turn the call over to Jim for a detailed review of the financial results for the quarter.

接下來，我把電話會議交給 Jim，請他詳細回顧本季的財務結果。

Thank you, Ron. Turning to the results for the quarter. Total net revenue for the second quarter was $1.3 million compared with $1 million for the prior quarter and $2.2 million for the second quarter of 2025. Product revenue in the second quarter was $1.2 million compared with $0.7 million in the prior quarter and $2.2 million in the second quarter of 2025.

謝謝你，Ron。接著看本季的結果。第二季總淨營收為 130 萬美元，較上一季的 100 萬美元增加，並低於 2025 年第二季的 220 萬美元。第二季產品營收為 120 萬美元，較上一季的 70 萬美元增加，並低於 2025 年第二季的 220 萬美元。

The sequential increase in product revenue for the second quarter of 2026 was attributable to higher shipments of millimeter wave products. Sales of our legacy memory and related products were less than $25,000 in each of the first two quarters of 2026. We recorded no sales of legacy memory and related products in the second quarter of 2025.

2026 年第二季產品營收的季增，主要歸因於毫米波產品出貨量提高。我們的傳統記憶體及相關產品銷售額在 2026 年前兩季各季均低於 2.5 萬美元。我們在 2025 年第二季未認列任何傳統記憶體及相關產品的銷售。

We -- gross margin was 63.7% in the second quarter compared with 61.5% in the prior quarter and compared with 48.3% in the year-ago quarter. The sequential increase for the second quarter of 2026 was primarily attributable to millimeter wave product mix, including increased sales of inventory written down in prior periods, as partially offset by a decrease in nonrecurring engineering services or NRE revenue.

我們的毛利率在第二季為 63.7%，相較上一季為 61.5%，而去年同期為 48.3%。2026 年第二季的季增主要歸因於毫米波產品組合（包括先前期間已減記之存貨的銷售增加），但部分被一次性工程服務（NRE）營收下降所抵銷。

The year-over-year increase was primarily attributable to an increase in NRE revenue and millimeter wave product mix. combined with an increase in sales of inventory written down in prior periods as partially offset by a decrease in sales of memory and related products.

年增主要歸因於 NRE 營收增加與毫米波產品組合改善，再加上先前期間已減記之存貨銷售增加，但部分被記憶體及相關產品銷售下降所抵銷。

GAAP operating expenses for the second quarter of 2026 were $3.1 million, consistent with the prior quarter and compared with $2.9 million in the second quarter of 2025. Non-GAAP operating expenses, which excludes stock-based compensation, were $2.9 million in the second quarter, consistent with the prior quarter and compared with $2.7 million in the second quarter of 2025.

2026 年第二季 GAAP 營業費用為 310 萬美元，與上一季一致，並高於 2025 年第二季的 290 萬美元。第二季非 GAAP 營業費用（排除股權基礎給付）為 290 萬美元，與上一季一致，並高於 2025 年第二季的 270 萬美元。

Our recent non-GAAP operating expenses level of approximately $2.9 million per quarter continues to reflect the benefits realized from previously implemented cost reductions and our ongoing cost containment initiatives.

我們近期每季約 290 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所帶來的效益，以及我們持續的成本控管措施。

GAAP net loss for the second quarter of 2026 was $2.2 million or a loss of $0.16 per share compared with a net loss of $2.5 million or a loss of $0.22 per share in the prior quarter and compared with a net loss of $1.8 million or a loss of $0.31 per share in the same quarter a year ago.

2026 年第二季 GAAP 淨損為 220 萬美元，或每股虧損 0.16 美元；相較上一季淨損 250 萬美元或每股虧損 0.22 美元；並相較去年同期淨損 180 萬美元或每股虧損 0.31 美元。

Non-GAAP net loss, which excludes stock-based compensation and changes in fair value of warrant liabilities, for the second quarter of 2026 was $2.1 million or a loss of $0.15 per share. This compared with a non-GAAP net loss of $2.3 million or a loss of $0.20 per share in the prior quarter. and a net loss of $1.7 million or a loss of $0.28 per share in the same quarter a year ago.

2026 年第二季非 GAAP 淨損（排除股權基礎給付及認股權證負債公允價值變動）為 210 萬美元，或每股虧損 0.15 美元。相較上一季非 GAAP 淨損 230 萬美元或每股虧損 0.20 美元；以及去年同期淨損 170 萬美元或每股虧損 0.28 美元。

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 2026 was approximately 14.1 million shares.

用於計算 2026 年第二季 GAAP 與非 GAAP 每股盈餘（EPS）的加權平均基本及稀釋在外股數約為 1,410 萬股。

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 million in the second quarter of two and compared with negative $2.3 million in the prior quarter and negative $1.6 million in the second quarter of 2025.

調整後 EBITDA（我們定義為依 GAAP 報導之淨利或淨損，排除股權基礎給付、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）在第二季為負 200 萬美元；相較上一季為負 230 萬美元，並相較 2025 年第二季為負 160 萬美元。

With regard to the balance sheet, as of June 30, 2026, the company had approximately $3.3 million of cash compared with $2.7 million as of March 31, 2026. The net increase of approximately $0.6 million in the company's cash balance at quarter end reflected approximately $2.4 million of net proceeds from sales under the company's at-the-market offering program during the second quarter of 2026.

就資產負債表而言，截至 2026 年 6 月 30 日，公司現金約為 330 萬美元，相較 2026 年 3 月 31 日為 270 萬美元。季末現金餘額約增加 60 萬美元，反映公司於 2026 年第二季透過隨市發行（at-the-market）計畫出售股票所取得約 240 萬美元的淨募資款。

As of today's call, the company has approximately 15.1 million shares of common stock to an 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.

截至今天的電話會議，公司約有 1,510 萬股普通股及可交換股份在外流通。如先前揭露，公司一直在評估潛在的策略替代方案，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。

On June 30, 2026, the company entered into a committed equity facility with low principal investments. This facility allows but does not obligate the company to issue and sell up to $25 million of shares of its common stock. In addition to providing access to additional working capital for general corporate purposes, the facility is expected to support continued product development targeting expanded opportunities in drone, defense and tactical communications markets.

2026 年 6 月 30 日，公司與 Low Principal Investments 簽訂一項承諾式股權融資額度。該額度允許但不強制公司發行並出售最多 2,500 萬美元的普通股。除可提供一般公司用途所需的額外營運資金外，該額度亦預期將支持持續的產品開發，鎖定無人機、國防與戰術通訊市場中更廣泛的機會。

Independent of the newly entered equity facility, we don't have any updates to share today in the company's broader strategic review process. As Ron previously mentioned, overall visibility into future near-term demand remains challenging due to the regular order patterns from our fixed wireless access customers.

除新簽訂的股權融資額度之外，關於公司更廣泛的策略檢討流程，我們今天沒有其他更新可分享。如 Ron 先前提到，由於固定無線接取客戶的下單模式不規則，對未來短期需求的整體能見度仍具挑戰。

Due to insufficient visibility, we will not be providing quarterly guidance on today's call. This concludes our prepared remarks, and we thank you for your time this afternoon.

由於能見度不足，我們在今天的電話會議中將不提供季度財測指引。以上為我們的準備發言，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)

Jon Hickman, Ladenburg.

Jon Hickman，Ladenburg。

So this this new communications strategy. So who did you say your partner was again that you're working with to design for the like the factory floor and UAVs and all that.

所以這個新的溝通策略。所以你剛才說你們合作的夥伴到底是誰？你們一起在設計像是工廠現場、無人機（UAV）之類的那些應用。

Are you referring to the final slide .

你是指最後一張投影片嗎？

No, the No, is the third to the last one, showed all the robots and stuff. .

不是，不是，是倒數第三張，那張有展示所有機器人之類的。.

Yes. Well, that -- again, it's obviously still confidential, John. But the concept there is I think what's really insightful about that situation is that in the -- and you've seen this a lot in the U.S. as well as China, with humanoid robots which are basically have full freedom. The models are complicated.

是的。嗯，那個——再次強調，John，那顯然仍屬機密。但我認為那個情境真正有洞見之處在於——而且你在美國以及中國都看過很多——像是人形機器人，基本上具有完全的自由度。那些模型很複雜。

So it turns out that data flow between the network and the human robots are substantial. That's where our chips come into play. And if you look at that, I love that slide because actually that slide just shows you the benefit of our technology over traditional wireless technology, which is that we have a very narrow very, very physically limited area of operation versus traditional wireless, which has a very wide field of operation.

所以結果是，網路與人形機器人之間的資料流量相當可觀。這就是我們晶片派上用場的地方。而如果你看那張投影片，我很喜歡，因為它其實展示了我們技術相對於傳統無線技術的優勢：我們的運作範圍非常狹窄、在物理上非常受限；相較之下，傳統無線的運作範圍非常廣。

And that's why we win in to circumstances. So we really see that market as an important emerging market because of that capability of our technology. So I hope that slide got the message across. I think it did. But I mean that's really the concept behind it.

這也是為什麼在某些情境下我們能勝出。因此我們確實把那個市場視為一個重要的新興市場，因為我們技術具備那樣的能力。所以我希望那張投影片有把訊息傳達清楚。我想有。但我的意思是，那背後的概念就是如此。

You said you'd have chips available for -- for people to experiment or see if they work and by the end of the year in the fourth quarter?

你說你們會在年底、第四季提供晶片——讓大家可以試驗或看看是否可行？

Lunar ships no, no, what we meant to say was our chips are available now -- the only concern about -- we -- overall, we have run into an issue. We've seen this with other companies whereby the availability of third-party memory like DDR4, DDR5 is limiting sales. and making orders kind of lumpy.

出貨沒有，沒有；我們的意思是我們的晶片現在就已經可供使用——唯一的顧慮是——我們——整體而言，我們遇到了一個問題。我們也看到其他公司有同樣情況：第三方記憶體（例如 DDR4、DDR5）的供應限制了銷售，讓訂單變得有點忽高忽低、不太平滑。

So that's what I was referring to. As far as the silicon for that application, we are in full production, and it's available today.

所以我指的是這件事。至於那個應用所需的矽晶（silicon），我們已經全面量產，而且今天就能供貨。

So what were you talking -- when you said you would have ships available for in the fourth quarter .

那你剛才在說什麼——你說第四季會有出貨可供使用.

We have a new -- yes, we have a new module product based on our existing silicon. And the new module, we did a press release yesterday, and that is called the PRM is that -- I think that's what -- so that's a new module with some -- you have to go on our website to see the specific technical details.

我們有一個新的——是的，我們有一個基於既有矽晶的新模組產品。這個新模組，我們昨天發了新聞稿，叫做 PRM——我想你指的是那個——所以那是一個新模組，帶有一些——你得上我們網站看具體技術細節。

But basically, it's another part of our module family based on our existing silicon, of course, the significant change to that particular product is, again, a new antenna, which we design in-house ourselves. So we've got the ability to change the antenna to provide different RF characteristics.

但基本上，它是我們模組產品家族中的另一個成員，當然是基於我們既有的矽晶。而那個產品最顯著的改變是——再次強調——一個新的天線，由我們內部自行設計。

Okay. And then you've been working with some partner, I think, in Israel. On the friendly fire thing for a while now, more than -- so are you generating revenues there?

好的。然後你們一直在和某個夥伴合作，我記得是在以色列。關於「誤擊」（friendly fire）那件事已經一段時間了——所以你們那邊有在產生營收嗎？

Well, we definitely have generated revenue there, substantial revenue, seven figure revenue from two perspectives. One perspective is from an engineering perspective, and we actually have shipped volume Generally, I would say what we're seeing is originally that business and still is based on what we call inventory -- but actually, we're starting to see a shift over to the drone application as well.

嗯，我們確實在那邊產生了營收，相當可觀的營收，從兩個面向來看是七位數的營收。一個面向是工程服務的角度，而且我們其實也已經有量產出貨。一般來說，我會說我們看到的是：最初那個業務、現在也仍然是，主要是基於我們所謂的「庫存」——但其實我們也開始看到它正轉向無人機應用。

So just you can imagine the need for family fire in circumstances where you've got a drone and inventory on the ground. And then drone wants to make 100% sure that it's not targeting ground personnel. So it's really an evolution of that model from kind of ground-based communications to aerial based communications. So we're starting to see that transition. And we really do anticipate more volume from that customer over the next few quarters.

所以你可以想像，在你有無人機、而地面上有庫存（inventory）的情境下，對避免誤擊的需求。然後無人機想要 100% 確認它不會鎖定地面人員。所以這其實是那個模式從某種地面通訊，演進到空中通訊。我們開始看到這個轉變。而且我們確實預期未來幾季那位客戶會有更多的出貨量。

So this this issue of drones being jammed or their communication interrupted to make them an effective -- so theoretically, every drone should have millimeter microwave on it so that it can have.

所以這個無人機被干擾、或通訊被中斷、使其失效的問題——所以理論上，每一台無人機都應該配備毫米波微波，這樣它就能夠有……

Yeah, theoretically. And frankly speaking, that again, that is a core value proposition. So from our perspective, we've always had this capability. What's changed over the last year, John, is the fact that traditional wireless technology that was used to controlled drone now is getting jammed by the enemy.

是的，理論上是。坦白說，那再次是我們的核心價值主張。從我們的角度來看，我們一直都有這個能力。過去一年改變的是，John，用來控制無人機的傳統無線技術現在正被敵方干擾（jam）。

So, we frankly see our really our technology potentially going -- and we have to keep in mind, this is really more for military and security applications where the user wants to avoid being jammed by the end of. Obviously, if you just find a drone and a wedding and you want to take some pictures, I mean, not really necessarily requirement for anti-jamming but frankly, for military and security applications we're seeing very, very strong interest there, and you're going to see a lot of announcements from us over the next few weeks and months.

所以，坦白說，我們看到我們的技術很可能會——而且要記住，這主要是針對軍事與安全應用，使用者希望避免被敵方干擾。顯然，如果你只是買一台無人機去婚禮拍照，未必需要抗干擾；但坦白說，在軍事與安全應用上，我們看到非常、非常強烈的興趣，而你們會在接下來幾週到幾個月看到我們發布很多公告。

As a matter of fact, that was the announcement we made yesterday was a specific new module for the drone application. So we see it as a very, very important part of the drone rollout over the coming years.

事實上，我們昨天的公告就是針對無人機應用的一個特定新模組。所以我們認為，這會是未來幾年無人機普及部署中非常、非常重要的一部分。

So can you -- so it's kind of a defensive technology, you're preventing communications interruptions on the drug. Can you turn it around and make it an offensive like use it to more precisely interrupt other people stones? Or is that not a

所以你能不能——所以它有點像防禦型技術，你是在防止無人機上的通訊被中斷。你能不能反過來，把它變成進攻用途，例如用它更精準地去中斷別人的無人機？還是說那不是一個……

No. I would say it's really more command and control. I mean really the two primary applications are the friendly fire, which I described, whereby the drone can determine whether the ground personnel or ground devices or friend or follow. But of course, the other application is command and control of the drone -- so your definition depends or offensive is kind of up to you.

不。我會說它更偏向指揮與控制（command and control）。我的意思是，兩個主要應用是我剛描述的「避免誤擊」，也就是無人機可以判斷地面人員或地面裝置是友軍還是敵軍。但當然，另一個應用是無人機的指揮與控制——所以你要把它定義為防禦或進攻，某種程度上取決於你。

But yes, we don't see -- we do have the ability eventually to also detect drones but we're not doing that today. In other words, kind of a radar applications. But really, the focus for us right now with our existing technology is command and control for the drone application. And with the concept that we -- is very -- I would say, very, very difficult to jam our link. And I hope our slides they really communicated that concept.

不過是的，我們目前不認為——我們最終也有能力去偵測無人機，但我們今天還沒在做。換句話說，像雷達那類應用。但就我們現有技術而言，我們目前的重點是無人機應用的指揮與控制。而且基於這個概念：我會說，要干擾我們的鏈路非常、非常困難。我希望我們的投影片確實把這個概念傳達清楚。

Well, how are you getting yourself noticed like well the military?

那你們要怎麼讓自己被注意到，比如說被軍方注意到？

Yes, it's a very good question, Mike. So basically, we really traditional, like we do -- in the states -- in America, we've got some terrific partners that are helping us in that regard, and that's still under confidentiality. We're actually -- to be frank, we've been accepted by a NATO consortium that's actually promoting technology in nano-based countries.

是的，Mike，這是個非常好的問題。基本上，我們確實採用傳統方式——就像我們在美國一樣——我們在那方面有一些很棒的合作夥伴在協助我們，而這部分仍受保密協議約束。坦白說，我們其實已被一個北約（NATO）聯盟體系所接納，該聯盟正在推動奈米相關國家的技術。

And that's actually been a very, very strong channel for us to get recognized by these by drone manufacturer, is probably our primary channel right now for engagements. I would say, just off the top of my head, we are -- for the last two to three months, engaging with new drone customers and I mean design wins on a weekly basis.

而這也確實成為我們被這些無人機製造商認可的一個非常、非常強的管道，可能是我們目前接觸洽談的主要管道。我想隨口說一下，過去兩到三個月，我們一直在與新的無人機客戶接洽，而且幾乎每週都有設計導入（design win）。

So the exposure is very, very good through NATO, for example. We do attend trade shows and have traditional marketing channels. But the Natal alliance has been very helpful for us. So there's been a variety of methods that we're undertaking to really get ourselves on.

所以例如透過北約帶來的曝光度非常、非常好。我們也會參加展會，並有傳統的行銷管道。但北約聯盟對我們幫助很大。因此，我們正在採取多種方法，真正讓我們自己被看見、被導入。

And obviously, as the word gets out that our technology can be used for jam-resistant communications that really spreads the word as well, and that helps our communications. So we really do find that we're getting more and more increase on a weekly basis.

而且很明顯，隨著外界逐漸知道我們的技術可用於抗干擾（jam-resistant）通訊，口碑也會擴散，這同樣有助於我們的推廣。所以我們確實發現，我們每週獲得的需求與關注都在持續增加。

So just one more question there. So some of these drone manufacturers are making thousands a week or a month -- if somebody wants that kind of volume, what can you -- can you do that?

那我再問一個問題。有些無人機製造商每週或每月會生產數千台——如果有人需要那種量，你們能——你們做得到嗎？

Yeah. I mean today, I would say our capacity is about 30,000 to 50,000 units a month. But obviously, we've kind of achieved that in the past. I would say we would have no problem getting to 100,000 units a month. So we -- our primary silicon supplier is TSMC, which for them that's kind of peanuts.

可以。我的意思是，以今天來看，我們的產能大約是每月 30,000 到 50,000 台。但很明顯，我們過去其實也達到過這樣的水準。我會說，我們要提升到每月 100,000 台完全沒有問題。所以——我們的主要晶圓代工供應商是台積電（TSMC），對他們來說那點量其實是小菜一碟。

And I think with other suppliers, it's just a matter of time before we can get to those volumes. So we're not worried about achieving those volumes from an operational perspective. .

而我認為對其他供應商而言，也只是時間問題，我們就能達到那些量。所以從營運角度來看，我們不擔心達成那些出貨量。.

Kevin Lo, Kale & Company.

Kevin Lo，Kale & Company。

Maybe just a couple of follow-ons on the defense opportunities that you have. Can you talk about the pipeline? And more specifically, how soon do you think you can kind of get the second and third production customer. Is that a couple of quarters out? Is that longer term?

我想就你們在國防方面的機會再追問幾點。你能談談案源（pipeline）嗎？更具體地說，你覺得大概多久能拿到第二、第三個量產客戶？是再過幾個季度嗎？還是更長期？

And then for the hybrid UAV network that you referenced, I was curious if there are any specific LEO partners that you can name there.

另外，關於你提到的混合式 UAV 網路，我想知道是否有任何特定的 LEO（低地球軌道）合作夥伴可以點名。

For the first part of your question, Kevin, I mean, actually, they turn it out, there's been a -- there's kind of a very interesting development, which is that obviously, we're targeting its own manufacturers, but we are seeing actually traction in a related business, which is actually like fixed wireless communications, but secure fixed wireless communications.

Kevin，先回答你問題的第一部分。其實事情發展到現在，有一個——算是非常有趣的進展：很明顯我們鎖定的是無人機製造商，但我們也看到在一個相關業務上出現了實際進展，那就是固定無線通訊，且是安全的固定無線通訊。

So it turns out that some of the customers who are actually providing drone communications also would like us to provide communications on the ground. And we could see those shipments started really -- so that's very exciting. I think the drone specifically will be Q1, Q2 next year. But we -- I actually am hoping that we -- like the whole concept of secured communications is just a very, very important concept.

所以結果是，一些原本提供無人機通訊的客戶，也希望我們能提供地面端的通訊。而我們也看到這些出貨真的開始啟動——這非常令人振奮。我認為無人機這塊會在明年 Q1、Q2。但我們——我其實希望——像「安全通訊」這整個概念，是一個非常、非常重要的概念。

And again, I mean, we tried to make it clear in the slides today, but our ability to avoid Jamie is just very fundamental. This basically boils down to the narrow beam and very directional, directional and dynamics like all those things that add up to make the whole communications sell very, very difficult to detect and to jam -- so I would say there's -- we could start shipping in lower volumes even later this year.

而且再說一次，我們今天在投影片裡也試著講清楚：我們避免被干擾（jamming）的能力是非常根本的。這基本上歸結於窄波束、非常具方向性，以及方向性與動態等因素——這些加總起來，使得整個通訊訊號非常、非常難以被偵測，也難以被干擾——所以我會說——我們甚至可能在今年稍晚就能以較低的量開始出貨。

And so that's really our target. But I'm thrilled to say that the momentum certainly on the fence manufacturers overall is turning out to be very, very positive for us. Now the second part of your question is one of the -- again, and without getting specific, one of the opportunities we're specifically working on, and I find this a very interesting.

因此那就是我們的目標。但我很高興地說，整體來看，我們在國防相關製造商那邊的動能，確實對我們非常、非常正面。至於你問題的第二部分，是我們正在特別推進的其中一個——同樣地，在不具體點名的前提下——我覺得這是一個非常有意思的機會。

And one -- in a certain battlefield environment, and I can't say where -- there is a model whereby a LEO satellite provider can provide a link to a controlled drone, call it, and that controlled drone can managed kind of client drones. And so what that means is the drone operator can be really anywhere you can be anywhere in the globe and really see a real-time first-person video depiction of those client drones.

在某個戰場環境中——我不能說是哪裡——有一種模式是：某家 LEO 衛星服務商可以提供一條連結到一架「受控無人機」（姑且這麼稱呼），而那架受控無人機可以管理一群「客戶端無人機」。這代表無人機操作員其實可以在全球任何地方，並且能即時看到那些客戶端無人機的第一人稱視角影像。

And so you can do the math on how many LEO operators that are in the world. But like certainly, we're -- that's one of the applications we're working on is that specific scenario where the actual pilot of the drone is nowhere near the battlefield and using the LEO environment to actually control the client drones.

所以你可以自己算算看，全球有多少 LEO 業者。但可以確定的是——我們正在做的其中一個應用，就是這個特定情境：無人機的實際駕駛員離戰場非常遠，並利用 LEO 環境來控制那些客戶端無人機。

So that's a really interesting application for us. So we're working on that kind of in real time. So that is probably as much as I could say at this time. But certainly, suffice it to say that that's an application that people are very, really intrigued about.

所以這對我們來說是一個非常有趣的應用。我們正在以近乎即時的方式推進這項工作。所以目前我大概只能說到這裡。但可以這麼說，這是一個讓很多人非常、非常感興趣的應用。

Yeah. Just one quick follow-on on that point is with all these new things that you guys are working on, how quickly can you actually get these things to the battlefield? Are these all products that are contemplated for kind of the current conflicts that are ongoing? Or are these more so kind of next-generation technologies where it could take a year or more for them to really get into production?

了解。就這點我再快速追問一下：你們正在做這麼多新東西，實際上能多快把這些東西送到戰場？這些都是針對目前正在進行的衝突所規劃的產品嗎？還是更偏向下一代技術，可能需要一年或更久才會真正進入量產？

Kevin, I think it's going to be phased. And frankly, again, I'm going back to my earlier comments to John, I mean, we -- I can see us starting to ship literally later this year on ground-based applications. So just to give you an example, like there's -- some of our customers that are providing radar and they need communications like data links to their radar units and the radar units need to be secured.

Kevin，我認為會分階段推進。坦白說——我再回到我先前對 John 的評論——我可以想像我們在地面端應用上，真的可以在今年稍晚就開始出貨。舉例來說，有些客戶在提供雷達，他們需要通訊——例如到雷達單元的資料鏈路，而雷達單元的通訊需要是安全的。

So you can see a situation where we could be shipping there's very, very little development that has to take place because it's really like our point-to-point applications for fixed wireless access as it turned out. It just turns out it's secure. There may be a few more bells and whistles, but I can see us starting later this year.

所以你可以想像一種情況：我們可以開始出貨，而且幾乎不需要太多開發，因為它其實就像我們用於固定無線接取（fixed wireless access）的點對點應用，只是它是安全的。可能會需要再加一些額外功能，但我可以看到我們在今年稍晚就能開始。

I think from -- look, I mean, if we're talking about a very, very sophisticated kind of storm, I think swarm drones in particular, is a complex problem. -- we're probably a year away from that. But there's no doubt in my mind, we'll start shipping later this year, early Q1 and then just ramp it up from there.

我想從——你看，如果我們談的是非常、非常複雜的那種「蜂群」，我認為蜂群無人機（swarm drones）尤其是一個複雜的問題——我們大概還要一年。但我毫不懷疑，我們會在今年稍晚、明年 Q1 初開始出貨，然後從那裡逐步放量。

I appreciate that. Maybe switching gears a little bit on to more of your traditional fixed wireless business. I certainly understand some of the town user customers are going through and why they're holding off on purchases. I'm curious what you're hearing from them in terms of where their inventory levels are with your chips?

我很感謝。也許我們稍微換個話題，談談你們較傳統的固定無線業務。我當然理解一些城鎮用戶客戶正在經歷的情況，以及他們為何暫緩採購。我想了解你們從他們那裡聽到的情況：就你們的晶片而言，他們目前的庫存水位大概在哪裡？

And when they do start to reorder again, are you expecting kind of a big ramp up as they restock pretty fully? Or do you think it's kind of a more gradual uptick?

而當他們開始重新下單時，你們是否預期會出現一波較大的拉升，因為他們會把庫存補得很滿？還是你們認為會是比較逐步、溫和的回升？

I'm going to share some insight with you, Kevin, that even over the last few days, which is that the -- even though there's a lot of buzz on the military side of things, on the fixed wireless side, we've had three major customer opportunities arise very, very recently, including -- I believe this was a very, very good news for us is one of the largest OEMs in India now it feels like they're going to -- they like to start shipping our technology in India, which is obviously a tremendous market.

Kevin，我跟你分享一些洞見，甚至是過去幾天才出現的：也就是——儘管軍用端有很多討論熱度，但在固定無線這一端，我們最近非常、非常快地出現了三個重大客戶機會，其中包括——我相信這對我們是非常、非常好的消息——印度最大的OEM之一現在看起來將會——他們希望開始在印度出貨採用我們的技術，而印度顯然是一個龐大的市場。

Middle Eastern customer as well as a large -- so -- and the message from all of those potential customers is that they're seeing traction. I think with regard to our own customers, we -- I'm going to let Jim kind of answer in terms of specifics, but we actually are starting to see reorders from some customers. So we're starting to see that turn around.

另外還有一個中東客戶，以及一個大型——所以——而所有這些潛在客戶傳遞的訊息是，他們正在看到需求動能。至於我們現有客戶，我——我先讓Jim就細節部分回答，但我們確實開始看到部分客戶重新下單。所以我們開始看到情況在好轉。

We're hoping where we know for sure in Q4, we're going to start to see that turn around. In terms of what we can share globally, Jim can speak to that more specifically. But -- we really -- I think the good news and certainly what I've seen even over the last week is we're getting real momentum from new customers.

我們希望、也確定在第四季會開始看到這個好轉。就我們能在全球層面分享的部分，Jim可以更具體地說明。但——我們真的——我認為好消息是，尤其是我在過去一週看到的，是我們正從新客戶那裡獲得實質動能。

And I'm talking very large opportunities in India and the Middle East as well as a new OEM partner -- and we're hoping by Q4, we really overcome this memory situation. But by the way, one of the key points I think that our customers are trying to do on the memory side of things, is kind of switching to DDR3.

我指的是印度與中東非常大的機會，以及一個新的OEM合作夥伴——我們希望到第四季能真正克服這個記憶體供應的狀況。順帶一提，我認為我們客戶在記憶體端正在做的一個關鍵點，是某種程度上轉向DDR3。

I mean -- so one of the problems is the AI customers broadly are using DDR4, DDR5, which is very, very high speed. But luckily, in most cases, our customers can get away with DDR3, so we're starting to see that transition, which we are hoping by Q3 we will alleviate some of this pressure.

我的意思是——其中一個問題在於，整體AI客戶廣泛使用DDR4、DDR5，速度非常、非常快。但幸運的是，在多數情況下，我們的客戶用DDR3也能滿足需求，所以我們開始看到這個轉換；我們希望到第三季能緩解部分壓力。

All right. Great. One last one, perhaps for Jim. Just doesn't sound like it's curious with the Roth equity facility that you guys secured after quarter end. Did you guys tap into that at all? Or is that still fully available to you?

好的。很棒。最後一個問題，可能問Jim。我只是好奇，你們在季後取得的Roth股權融資額度（equity facility）。你們有動用過嗎？還是目前仍然完全可用？

No, we have not tapped into the RO facility or used our ATM facility. Since I think the since June 30, I think we had some trades under the ATM, maybe settle on July 1. Now there's been no activity under either facility. -- we'll have comments obviously in the 10-Q regarding our runway and liquidity, et cetera, going forward.

沒有，我們沒有動用RO額度，也沒有使用我們的ATM額度。我想自6月30日以來，我們在ATM下可能有一些交易在7月1日結算。但目前在這兩個額度下都沒有任何活動。——我們當然會在10-Q中就我們未來的資金跑道與流動性等提供說明。

Obviously, we've got some market conditions working against us on the fixed wireless side. And while a tremendous amount of activity on the drone defense side. And I kind of joke with folks. I know there's a lot of activity because a lot of NDAs are crossing my desk Ron to come back from trade shows, which is always a good sign to me. I've had quite a number of them.

顯然，在固定無線這一端，有一些市場狀況對我們不利。但在無人機防禦這一端則有大量活動。我常跟大家開玩笑說，我知道活動很多，因為我從展會回來後，有很多NDA送到我桌上要簽，對我來說這總是個好跡象。我已經看到相當多份了。

So there's some good to your comment earlier about the pipeline. But we'll be looking at that going forward. And as has been the case and kind of my mantra in past quarters, first and foremost, if we can't get our get our products out the door as quickly as we'd like, based on customer orders.

所以就你先前對管線的評論而言，確實有一些正面因素。但我們會在未來持續關注。而且一如既往、也算是我過去幾季的口頭禪：首要之務是，如果我們無法依照客戶訂單的需求，把產品以我們希望的速度出貨。

We remain focused on non-recurring engineering services, NRE transactions. I believe Ron and team are working on one right now in the defense space. And generally, those contracts have no incremental cost to us. So it's funded R&D to me that drops to the bottom line. So we've got at least one of those.

我們仍然專注於一次性工程服務（NRE）交易。我相信Ron和團隊目前正在國防領域推進其中一個案子。一般而言，這類合約對我們沒有額外的增量成本。所以對我來說，這是由客戶出資的研發，會直接反映到最終損益。因此我們至少有一個這樣的案子。

It's hopefully as high as mid six figures that we're working as well. with a number of the programs out there on technology, Ron's been very active in pursuing grants from the Canadian government obviously, each country wants to have its independent technology and resources. And while Parassois a U.S. public company, the majority of an and the majority of the team and all the engineers working on our Milliner wave technology sit in Canada.

我們也在推進另一個案子，希望金額可達中六位數。同時，針對外部多個技術專案，Ron也非常積極地爭取加拿大政府的補助；顯然，每個國家都希望擁有自主的技術與資源。而雖然Parassois是一家美國上市公司，但團隊的大多數成員，以及所有從事我們毫米波技術的工程師，都在加拿大。

So we've been pretty aggressive about applying for those, time will tell. We've done the data submissions on on the administrative side, Ron and led by Alex, our CTO; and Brad, our COO and our VP of Biz Dev, have done the technical details provided the specs, et cetera. So we're optimistic about some of those coming in. Anything I missed there, Ron, on that?

所以我們在申請這些補助上相當積極，結果如何還有待時間驗證。在行政面，我們已完成資料提交，由Ron主導，並由我們的CTO Alex帶領；而Brad（我們的COO）以及我們的商務開發副總裁則提供了技術細節、規格等。所以我們對其中一些補助能到位抱持樂觀。Ron，關於這部分我有漏掉什麼嗎？

No, that was -- yes, no perfect terrific. Jim. Thank you .

沒有，那個——是的，沒有，完全正確、非常好。Jim。謝謝。

I'll stop there. I don't know if that answered your question. Definitely did. And I look forward to seeing some of these defense announcements in the near future. .

我就先說到這裡。我不確定是否回答到你的問題。確實有。我也期待在不久的將來看到一些國防方面的公告。。

Thank you. I show that 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.

謝謝。我看到目前隊列中沒有其他提問。今天的電話會議到此結束。感謝各位的參與。您現在可以掛線。