Quicklogic Corp (QUIK) 2025 Q3 法說會逐字稿

Ladies and gentlemen, good afternoon.

女士們、先生們，午安。

At this time, I would like to welcome everyone to the QuickLogic Corporation's third quarter fiscal 2025 earnings results conference call. As a reminder, today's call is being recorded for replay purposes through November 18, 2025.

在此，我謹代表 QuickLogic 公司歡迎各位參加 2025 財年第三季財報業績電話會議。再次提醒，今天的通話將被錄音，以便回放至 2025 年 11 月 18 日。

I would now like to turn the conference over to Ms. Alison Ziegler of Darrow Associates. Ms. Ziegler, please go ahead.

現在我謹將會議交給達羅聯合公司的艾莉森‧齊格勒女士。齊格勒女士，請繼續。

Thank you, Vonn, and thanks to all of you for joining us. Our speakers today are Brian Faith, President and Chief Executive Officer, and Elias Nader, Senior Vice President, and Chief Financial Officer. As a reminder, some of the comments QuickLogic makes today are forward-looking statements that involve risks and uncertainties, including but not limited to statements regarding our future profitability and cash flows, expectations regarding our future business and statements regarding the timing, milestones and payments related to our government contracts. Statements regarding the use of the company's ATM program and statements regarding our ability to successfully exit a fence wall.

謝謝Vonn，也謝謝各位的參與。今天的演講嘉賓是總裁兼執行長布萊恩·費斯，以及高級副總裁兼財務長伊萊亞斯·納德。提醒各位，QuickLogic 今天發表的一些評論屬於前瞻性聲明，涉及風險和不確定性，包括但不限於有關我們未來盈利能力和現金流的聲明、對我們未來業務的預期以及有關我們政府合約的時間表、里程碑和付款的聲明。關於公司 ATM 程序的使用情況的聲明以及關於我們成功走出圍牆能力的聲明。

Actual results may differ due to a variety of factors including delays in the market acceptance of the company's new products, the ability to convert design opportunities into customer revenue, our ability to replace revenue from end of life products, the level and timing of customer design activity, the market acceptance of our customers' products, the risk that new orders may not result in future revenue. Our ability to introduce and produce new products based on advanced wafer technology on a timely basis, our ability to adequately market the low power competitive pricing and short time to market of our new products, intense competition from competitors. Our ability to hire and retain qualified personnel, changes in demand or supply, general economic conditions, political events, international trade disputes, natural disasters, and other business interrupted interruptions that could disrupt supply or delivery of or demand of the company's products, and changes in tax rates and exposure to additional tax liabilities.

實際結果可能因多種因素而異，包括公司新產品市場接受度的延遲、將設計機會轉化為客戶收入的能力、我們彌補產品生命週期結束造成的收入損失的能力、客戶設計活動的水平和時間、客戶產品的市場接受度、新訂單可能無法帶來未來收入的風險。我們能否及時推出和生產基於先進晶圓技術的新產品，能否充分推廣我們新產品的低功耗、有競爭力的價格和較短的上市時間，以及來自競爭對手的激烈競爭。我們能否招募和留住合格人員、供需變化、總體經濟狀況、政治事件、國際貿易爭端、自然災害以及其他可能擾亂公司產品供應或交付或需求的業務中斷，以及稅率變化和麵臨額外稅務責任的風險。

For more detailed discussions of the risks, uncertainties, and assumptions that could result in those differences, please revert to the risk factors discussed in QuickLogic' most recently filed periodic report with the SEC. QuickLogic assumes no obligation to update any forward-looking statements or information which speak as of their respective dates of any new information or future events. In today's call, we will be reporting non-GAAP financial measures. You may refer to the earnings release we issued today for a detailed reconciliation of our GAAP to non-GAAP results and other financial statements.

有關可能導致這些差異的風險、不確定性和假設的更詳細討論，請參閱 QuickLogic 最近向美國證券交易委員會提交的定期報告中討論的風險因素。QuickLogic 不承擔更新任何前瞻性聲明或資訊的義務，這些聲明或資訊僅代表其各自發布之日的情況，除非出現任何新資訊或未來事件。在今天的電話會議上，我們將公佈非GAAP財務指標。您可以參考我們今天發布的獲利報告，以了解我們的 GAAP 與非 GAAP 結果及其他財務報表的詳細調整。

We've also posted an updated financial table on our IR webpage that provides current and historical non-GAAP data.

我們還在投資者關係網頁上發布了更新的財務表格，其中提供了當前和歷史的非GAAP數據。

Please note QuickLogic uses its website, blog, corporate Twitter account, Facebook page, and LinkedIn page as channels of distribution of information about its business.

請注意，QuickLogic 使用其網站、部落格、公司 Twitter 帳戶、Facebook 頁面和 LinkedIn 頁面作為其業務資訊的發布管道。

Such information may be deemed material information, and QuickLogic may use these channels to comply with its disclosure obligations under Regulation FD.

此類資訊可能被視為重要訊息，QuickLogic 可以使用這些管道來履行其在《公平揭露條例》(Regulation FD) 下的揭露義務。

A copy of the prepared remarks made on today's call will be posted on QuickLogic IR webpage shortly after the conclusion of today's earnings call. I would now like to turn the call over to Brian. Go ahead, Brian.

今天財報電話會議結束後不久，準備好的發言稿將會發佈在 QuickLogic IR 網頁上。現在我想把電話交給布萊恩。請繼續，布萊恩。

Thank you, Alison. Good afternoon, everyone, and thank you all for joining our third quarter 2025 conference call.

謝謝你，艾莉森。各位下午好，感謝各位參加我們2025年第三季電話會議。

We have made very significant progress since our August conference call.

自從八月份的電話會議以來，我們取得了非常顯著的進展。

Last quarter I stated that we focused considerable engineering resources to accelerate storefront design wins for our strategic Route FPGA and expand our served available market to include very high density EFPGA hard IP designs targeting advanced fabrication nodes.

上個季度我曾表示，我們投入了大量工程資源，以加快我們戰略路由 FPGA 的店面設計贏得，並擴大我們服務的可用市場，包括面向先進製造節點的超高密度 EFPGA 硬 IP 設計。

I am proud to say our engineering team has executed beautifully, and we are realizing these goals.

我很自豪地說，我們的工程團隊出色地完成了任務，我們正在實現這些目標。

We expect to begin recognizing storefront revenue in early 2026 and that it will provide a meaningful contribution to total 2026 revenue.

我們預計將於 2026 年初開始確認實體店面收入，且該收入將對 2026 年總收入做出有意義的貢獻。

The interest from large defence industrial based entities or dibs in the SRH test chip we funded is notably higher than I anticipated.

大型國防工業實體對我們資助的 SRH 測試晶片的興趣或搶購意圖明顯高於我的預期。

We have significantly expanded our ability to address the lucrative markets for very high density, discrete FPGAs and ASICs that require large blocks of EFPGA.

我們已大幅增強了滿足高密度、分離式 FPGA 和 ASIC 市場需求的能力，這些市場需要大塊的 EFPGA。

New contracts and engagements are for much larger blocks of EFPGA and on advanced fabrication processes.

新合約和合作項目涉及更大批量的 EFPGA 和先進的製造流程。

The value contribution of EFPGA and customer designs has grown substantially.

EFPGA 和客戶設計的價值貢獻已大幅成長。

Our penetration in commercial market sectors is expanding.

我們在商業市場領域的滲透率正在擴大。

And with this progress, the rate of new contract closure is accelerating to the point that license revenue may surpass NRE revenue for the first time this quarter.

隨著這一進展，新合約的簽訂速度正在加快，以至於本季授權收入可能首次超過非經常性工程收入。

We believe these trends will accelerate going forward.

我們認為這些趨勢未來將會加速發展。

Before I get into the tangible data that support these points, I want to take a moment and provide some colour for the revenue guidance Elias will share in his presentation.

在深入探討支持這些觀點的具體數據之前，我想花點時間，為 Elias 將在他的演講中分享的收入預測提供一些背景資訊。

Based on our backlog and forecasts provided to us by our customers, we are targeting total revenue of $6 million for Q4.

根據我們目前的訂單量和客戶提供的預測，我們預計第四季總收入將達到 600 萬美元。

The majority of the contracts that support this outlook are already on the books or have been forecasted by customers to be awarded during the coming weeks.

支持這一觀點的絕大多數合約已經簽訂，或者客戶預測將在未來幾週內授予。

However, a contract valued at nearly $3 million for a commercial application targeting an advanced fabrication node has been forecasted by the customer to be awarded late in the quarter.

然而，客戶預測，一份價值近 300 萬美元、針對先進製造節點的商業應用合約將在本季末授予。

If this contract is awarded on or very near the date forecasted, we will be able to recognize a large portion of that revenue in Q4 and with that realize our $6 million objective.

如果該合約在預測日期當天或非常接近預測日期時授予，我們將能夠在第四季度確認該收入的很大一部分，從而實現我們 600 萬美元的目標。

We have a very high level of confidence in winning this contract, but note that it could push into Q1 2026, and that would result in lower Q4 2025 total revenue.

我們對贏得這份合約非常有信心，但請注意，合約可能會推遲到 2026 年第一季度，這將導致 2025 年第四季度總收入下降。

Due to this, Elias will present an unusually wide guidance range.

因此，埃利亞斯將給出異常寬泛的指導區間。

And now let's walk through our accomplishments.

現在讓我們一起來回顧一下我們所取得的成就。

In early August we delivered design files to global foundries to fabricate our SRH FPGA test chip using its 12LP process.

8月初，我們將設計文件交付給GlobalFoundries，讓他們使用其12LP製程製造我們的SRH FPGA測試晶片。

This test chip was designed to meet the requirements of certain large DIBs that have programs in development today that are good candidates for this device.

這款測試晶片的設計旨在滿足某些大型DIB的需求，這些DIB目前正在開發的專案非常適合使用這款裝置。

We expect delivery of test chips in early Q1 2026 and believe we will have our SRH Dev kit ready for shipment to customers shortly thereafter.

我們預計將於 2026 年第一季初收到測試晶片，並相信我們的 SRH 開發套件將很快準備好交付給客戶。

This initiative was financed by QuickLogic and is independent from our contract with the US government.

這項計劃由 QuickLogic 資助，與我們和美國政府的合約無關。

Our decision to invest the money and resources to develop this test chip was based on our belief that it is critical in our quest to secure strategic design wins and accelerate our storefront business model.

我們決定投入資金和資源開發這款測試晶片，是因為我們相信它對於我們贏得策略設計訂單和加速我們的門市業務模式至關重要。

Since our last earnings conference call, I have personally met with a number of the DIBs that worked with us through the development process.

自從上次財報電話會議以來，我親自會見了一些在開發過程中與我們合作的DIB（分散式投資機構）。

And I cannot emphasize enough the potential of our SRH storefront initiative.

我必須強調我們SRH門市計畫的巨大潛力。

In prior meetings, all I had to show were PowerPoint presentations, and now with a test chip and fabrication, the level of enthusiasm is palpably higher.

在之前的會議上，我只需要展示 PowerPoint 演示文稿，現在有了測試晶片和製造工藝，大家的熱情明顯高漲。

As a matter of fact, we already have commitments for SRH Dev kit orders that we expect to receive by the end of this month.

事實上，我們已經收到了SRH開發套件的訂單承諾，預計將在本月底前收到貨物。

I see this as our first tangible step towards the hundreds of millions of dollars in potential storefront business we could win in the coming years.

我認為這是我們朝著未來幾年可能贏得的數億美元潛在店面業務邁出的實際第一步。

The importance of demonstrating our SRH FPGA test chip goes well beyond the storefront designs we believe it will enable us to secure.

展示我們的 SRH FPGA 測試晶片的重要性遠遠超出了我們認為它將使我們能夠獲得的店面設計。

FPGA is the number one spend category for semiconductor devices by the defence industrial base, and custom ASICs are a close second.

在國防工業基地，FPGA 是半導體裝置支出最多的類別，客製化 ASIC 緊隨其後。

Together we believe these two categories make up roughly half of the DIBs semiconductor TAM.

我們認為這兩類半導體加起來約佔DIB半導體TAM的一半。

We expect many of the new strategic designs that require various levels of radiation hardness will use either discrete FPGA devices that we can storefront or EFPGA hard IP we can license in new ASIC designs.

我們預計許多需要不同程度抗輻射能力的新策略設計將使用我們可以儲存的獨立 ​​FPGA 裝置，或使用我們可以授權用於新 ASIC 設計的 EFPGA 硬體 IP。

By delivering a discrete SRH FPGA test chip fabricated on the 12 OP process, we are demonstrating the broader capability of our EFPGA heart IP for ASIC applications that will meet program requirements ranging from radiation tolerant to strategic rad hard.

透過交付採用 12 OP 製程製造的獨立 SRH FPGA 測試晶片，我們正在展示我們的 EFPGA 核心 IP 在 ASIC 應用方面的更廣泛能力，該 IP 將滿足從抗輻射到戰略抗輻射加固的各種程序要求。

There are three very important points I want to highlight here.

這裡我想強調三點非常重要的內容。

First, DIBs are already using Global Foundry's 120 fabrication process for radiation tolerant and SRH A6. Second, government contracts require the use of onshore fabrication for strategic programs when devices are available. As it stands today, we will be the only source for strategic Rad-Hard FPGAs and SRH EFPGA hard IP that is fabricated in the US by a US company.

首先，DIBs 已經採用 Global Foundry 的 120 製造流程來製造抗輻射和 SRH A6 裝置。其次，政府合約要求在有可用設備的情況下，對戰略項目使用國內製造。就目前而言，我們將是唯一一家由美國公司在美國製造的策略性抗輻射 FPGA 和 SRH EFPGA 硬體 IP 的供應商。

Third, in my meetings at Large DIBs, engineering managers have clearly stated that being able to design with our Aurora FPJA user tools for both our SRH Discrete FPJs and our EFPJ hard IP and ASIC designs is a huge plus.

第三，在我參加的大型DIB會議上，工程經理們明確表示，能夠使用我們的Aurora FPJA用戶工具為我們的SRH離散FPJ和EFPJ硬IP和ASIC設計進行設計是一個巨大的優勢。

During our last conference call, I stated that Q3 would mark the low point for revenue recognition for US government SRH FPGA contract this year.

在上次電話會議上，我曾表示，第三季將是美國政府 SRH FPGA 合約今年收入確認的最低點。

Funded by the current tranche, revenue recognition from the contract will rebound significantly in Q4.

有了這筆資金支持，該合約的收入確認將在第四季度大幅反彈。

Beyond that, we anticipate an increase in quarterly revenue recognition in 2026 that will be funded by the next tranche.

除此之外，我們預計 2026 年季度收入確認將會增加，這將由下一批資金提供。

During our last conference call, I forecasted the award of a mid-seven-figure contract from a DIBs during Q4 that targets Intel 18A.

在上次電話會議上，我預測第四季度將有來自 DIBs 的一份價值數百萬美元的合約授予 Intel 18A。

Unfortunately, there has been a delay in funding that pushes this contract into 2026.

遺憾的是，由於資金延遲到位，這份合約將推遲到 2026 年才能生效。

We are highly confident that we'll be awarded this contract, but at this juncture our customer has limited visibility on the timing of funding.

我們非常有信心能夠獲得這份合同，但目前我們的客戶對資金到位時間尚不明朗。

While we await funding for this seven-figure deal, it is worth noting that we have already been awarded multiple contracts by this strategic customer during 2025.

在我們等待這筆七位數交易的資金到位之際，值得注意的是，我們已經從這位策略客戶那裡獲得了 2025 年的多份合約。

We deliver customer specific EFPGA hard IP for this customer's first Intel 18A test chip last April.

去年四月，我們為該客戶的第一款 Intel 18A 測試晶片交付了客戶客製化的 EFPGA 硬體 IP。

We expect to receive our allocation of test chips from this contract during Q1 2026 for our internal verification and characterization.

我們預計將在 2026 年第一季收到根據該合約分配的測試晶片，用於我們的內部驗證和特性分析。

We were subsequently awarded a mid-six-figure contract for a second Intel 18A test chip.

隨後，我們又獲得了一份價值數十萬美元的合同，用於生產第二顆英特爾 18A 測試晶片。

We deliver customer specific EFPGA heart IP for this test chip during Q3.

我們將在第三季交付客戶客製化的用於此測試晶片的 EFPGA 核心 IP。

In addition to these Intel 18A test chip contracts, during our last conference call, I announced this customer awarded us a contract for a $1 million LET feasibility study that we are scheduled to deliver next week.

除了這些英特爾 18A 測試晶片合約之外，在上次電話會議上，我宣布這位客戶授予我們一份價值 100 萬美元的 LET 可行性研究合同，我們計劃下週交付。

We are anticipating a follow-on order in the coming weeks associated with this feasibility study that will enable the customer to tape out a very high density intel 18A proof of concept device during the second half of 2026.

我們預計在接下來的幾週內會收到與這項可行性研究相關的後續訂單，這將使客戶能夠在 2026 年下半年完成高密度英特爾 18A 概念驗證設備的流片。

The architectural changes we implemented in this feasibility study can be leveraged across all advanced fabrication nodes, which we define as 12 nanometres and below.

我們在這項可行性研究中實施的架構變更可以應用於所有先進的製造節點，我們將其定義為 12 奈米及以下。

With these changes, we can now address the lucrative markets that require very high density EFPGA blocks in AI design and very high density discrete FPGAs.

透過這些改變，我們現在可以滿足人工智慧設計中對高密度 EFPGA 模組和高密度分離式 FPGA 的需求，從而開拓利潤豐厚的市場。

This significantly expands our SAM for EFPGA hard IP and discrete devices, including our SRHFPGA triplets and other storefront opportunities.

這將顯著擴展我們針對 EFPGA 硬 IP 和分離裝置的 SAM，包括我們的 SRHFPGA 三元組和其他應用領域機會。

We initiated our digital proof of concept triplet program earlier this year as a strategy to accelerate our storefront triplet initiative. Internally, we refer to this as POC.

今年早些時候，我們啟動了數位概念驗證三聯體計劃，以此作為加速實體店三聯體計劃的策略。在內部，我們稱之為 POC。

With the support of our large strategic partners, we have leveraged our existing EFPGA hard IP and readily available third-party IP to move forward rapidly and with minimal investment.

在大型策略夥伴的支持下，我們利用現有的 EFPGA 硬 IP 和現成的第三方 IP，以最小的投資快速推動發展。

In line with the forecast I shared in our last conference call, we completed the initial phase of the digital FPGA triplet POC, where the EFPGA IP is connected to UCIE IP and the necessary interface logic for the IPs to communicate.

正如我在上次電話會議中分享的預測，我們完成了數位 FPGA 三元組 POC 的初始階段，其中 EFPGA IP 連接到 UCIE IP 以及 IP 通訊所需的必要介面邏輯。

This digital simulation of the POC is available now and can be further developed to meet different customer requirements.

此概念驗證的數位模擬現已推出，並可進一步開發以滿足不同的客戶需求。

Together with our ecosystem partners, we are engaging with prospective customers in the defence, aerospace, industrial, and commercial markets.

我們與生態系統合作夥伴一起，正在與國防、航空航太、工業和商業市場的潛在客戶接觸。

We plan to move forward with the next phases of the FPGA chip let POC once external funding is committed.

一旦外部資金到位，我們計劃推進FPGA晶片的下一階段POC。

This phase will include incorporating additional IP such as programmable GPIOs, AXI bus, DSPs, data converters, and interfaces such as PCI Express to meet specific customer requirements.

此階段將包括整合更多 IP，例如可程式 GPIO、AXI 匯流排、DSP、資料轉換器和介面（例如 PCI Express），以滿足特定客戶的要求。

We are optimistic that our POC initiative will lead to storefront revenue in 2026.

我們樂觀地認為，我們的概念驗證計畫將在 2026 年帶來實體店收入。

On October second, we announced a new $1 million EFPGA hard IP contract for a high performance data centre ASIC that will be fabricated on TSMC's 12 nanometre process.

10 月 2 日，我們宣布了一項價值 100 萬美元的 EFPGA 硬 IP 合同，用於開發高性能數據中心 ASIC，該 ASIC 將採用台積電的 12 奈米製程製造。

In this ASIC, our EFPGA hard IP will be the primary IP in the design.

在這個ASIC中，我們的EFPGA硬IP將是設計中的主要IP。

This contract is a great illustration of our success in several of the points I mentioned earlier.

這份合約很好地體現了我們在我前面提到的幾個方面所取得的成功。

The need for larger blocks of EFPGA.

需要更大塊的EFPGA。

The increasing value contribution of EFPGA and customer designs.

EFPGA 和客戶設計的價值貢獻日益增加。

Winning contracts for designs targeting advanced fabrication processes and our growing success in commercial market sectors.

我們贏得了針對先進製造工藝的設計合同，並在商業市場領域取得了越來越大的成功。

We will soon announce the expansion of our involvement with a DIB that specializes in cybersecurity for strategic and tactical weapons systems.

我們很快就會宣布擴大與專門從事戰略和戰術武器系統網路安全的國防工業局 (DIB) 的合作。

This DIB designs secure system on chip processors that leverage the enhanced security that only EFPGA can provide.

這款DIB設計了安全的系統單晶片處理器，利用了只有EFPGA才能提供的增強安全性。

Running these processes and hardware is inherently more secure than software solutions.

運行這些流程和硬體本質上比軟體解決方案更安全。

With EFPGA at the heart of the designs, the hardware can be altered to respond to new threats and updated algorithms. We are proud to have been chosen as a trusted supplier of EFPGA hard IP for these designs.

以 EFPGA 為核心的設計，可以對硬體進行修改，以應對新的威脅和更新的演算法。我們很榮幸被選為這些設計中值得信賴的 EFPGA 硬 IP 供應商。

Last April, we announced an EFPGA hard IP contract with a new defence industrial based customer valued at $1.1 million that will be fabricated on the GF 12 LP process.

去年四月，我們宣布與一家新的國防工業客戶簽訂了一份價值 110 萬美元的 EFPGA 硬 IP 合同，該合同將採用 GF 12 LP 工藝製造。

This application utilizes a large block of our EFPGA hard IP for critical functions, which is a trend we are seeing, particularly in designs targeting advanced fabrication nodes.

該應用程式利用了我們 EFPGA 硬 IP 的很大一部分來實現關鍵功能，這是我們目前看到的趨勢，尤其是在先進製造節點的設計中。

With the cooperation of this DIB and its end customer, we are leveraging the large EFPGA core into a new seven-figure contract we expect to announce in the coming weeks.

在DIB及其最終客戶的合作下，我們正在利用大型EFPGA核心簽訂一份新的七位數合同，我們預計將在未來幾週內宣布該合約。

In the scope of this new contract, we will be provided with test chips that we will incorporate in an evaluation kit.

根據這份新合同，我們將獲得測試晶片，並將其整合到評估套件中。

The evaluation kit will be compatible with common third-party development environments used by both DIBs and commercial customers.

此評估工具包將與DIB和商業客戶常用的第三方開發環境相容。

This enables these customers to accelerate system level evaluations and designs that can use either a storefront version of the 12 LP test chip or our EFPJA hard IP in an ASIC.

這使得這些客戶能夠加速系統級評估和設計，他們既可以使用 12 LP 測試晶片的商店版本，也可以使用我們在 ASIC 中的 EFPJA 硬體 IP。

We anticipate having evaluation kits available in late 2026.

我們預計將於 2026 年底推出評估工具包。

With that, I will turn the call over to Elias for his presentation of financial data.

接下來，我會把電話交給 Elias，讓他介紹財務數據。

Thank you, Brian, and good afternoon, everyone.

謝謝你，布萊恩，大家下午好。

Total third quarter revenue was $2 million.

第三季總收入為200萬美元。

And aligned with the midpoint of our guidance.

與我們指導方針的中點相符。

Total revenue was down 52.5% from Q3 2024.

總收入比 2024 年第三季下降了 52.5%。

And down 45% compared to Q2 2025.

與 2025 年第二季相比下降 45%。

Rounded to the nearest $100,000.

四捨五入到最接近的十萬美元。

New product revenue in Q3 was $1 million.

第三季新產品收入為100萬美元。

And mature product revenue was $1.1 million.

成熟產品收入為 110 萬美元。

New product revenue was down 73.1% from Q3 2024 and down 67.3% compared to Q2 2025.

新產品營收比 2024 年第三季下降 73.1%，比 2025 年第二季下降 67.3%。

Mature product revenue was up from $0.7 million in the third quarter of 2024 and up from $0.8 million in the second quarter of 2025.

成熟產品收入較 2024 年第三季的 70 萬美元有所增長，較 2025 年第二季的 80 萬美元有所增長。

Non-GAAP gross margin in Q3 was a negative 11.9%. This compared with non-GAAP gross margin of 65.3% in Q3 2024.

第三季非GAAP毛利率為-11.9%。相較之下，2024 年第三季的非 GAAP 毛利率為 65.3%。

And 31% in Q2 2025.

到 2025 年第二季將達到 31%。

The primary reasons for the lower Q3 gross profit margin are unfavourable absorption of fixed costs due to lower revenue and the fact that $300,000 of R&D costs were allocated to COGS.

第三季毛利率下降的主要原因是收入下降導致固定成本吸收不利，以及 30 萬美元的研發成本被納入銷售成本。

Non-GAAP operating expenses in Q3 were approximately $2.9 million.

第三季非GAAP營運費用約290萬美元。

This was approximately $300,000 below the midpoint of our outlook due to the COGS allocation I just mentioned.

由於我剛才提到的銷售成本分配，這比我們預期的中點低了約 30 萬美元。

This compares with non-GAAP operating expenses of $3.3 million in the third quarter of 2024 and $2.5 million in the second quarter of 2025.

相比之下，2024 年第三季的非 GAAP 營運費用為 330 萬美元，2025 年第二季的非 GAAP 營運費用為 250 萬美元。

Non-GAAP net loss was $3.2 million or $0.19 per diluted share.

非GAAP淨虧損為320萬美元，即每股攤薄虧損0.19美元。

This compares to a non-GAAP net loss of $0.9 million, or $0.06 per diluted share in Q3 2024 and a non-GAAP net loss of $1.5 million, or $0.09 per diluted share in the second quarter of fiscal 2025.

相較之下，2024 年第三季非 GAAP 淨虧損為 0.90 萬美元，即每股攤薄虧損 0.06 美元；2025 財年第二季非 GAAP 淨虧損為 1.50 萬美元，即每股攤薄虧損 0.09 美元。

The difference between our GAAP and non-GAAP results is related to non-cash stock-based compensation expenses.

我們的 GAAP 和非 GAAP 結果之間的差異與非現金股票選擇權費用有關。

Impairment charges and restructuring costs.

減損費用和重組成本。

Stock-based compensation for Q3 was $0.8 million.

第三季股票選擇權補償金額為 80 萬美元。

Stock-based compensation was $1.2 million in Q3 2024 and $0.8 million in Q2 2025.

基於股票2024 年第三季補償金為 120 萬美元，2025 年第二季補償金為 80 萬美元。

Impairment charges were $0.3 million in Q2 2025.

2025 年第二季減損費用為 30 萬美元。

For the third quarter, three customers accounted for 10% or more of total revenue.

第三季度，有三家客戶的收入佔總收入的 10% 或以上。

At the close of Q3, total cash was $17.3 million.

第三季末，現金總額為1730萬美元。

Inclusive of utilization of $15 million from our $20 million credit facility.

其中包括使用我們 2000 萬美元信貸額度中的 1500 萬美元。

This compares with $19.2 million inclusive of usage of $15 million from our $20 million credit facility at the close of Q2 2025.

相較之下，截至 2025 年第二季末，已動用 2,000 萬美元信貸額度中的 1,500 萬美元，總額為 1,920 萬美元。

The net of approximately $200,000 raised with an ATM in July, cash usage during Q3 was approximately $1.9 million.

7 月透過 ATM 機籌集的淨額約為 20 萬美元，第三季現金使用量約為 190 萬美元。

This was primarily driven by tip outs and wafer costs associated with the internally financed SRH FPGA test chip.

這主要是由於內部融資的 SRH FPGA 測試晶片的晶片損耗和晶圓成本所致。

In addition to these one-time costs, there were also expenditures related to revenue contracts and repayments for finance, tooling and equipment.

除了這些一次性成本外，還有與收入合約相關的支出以及融資、工具和設備的償還。

Now moving to our guidance and outlook for our fiscal fourth quarter which will end on December 28, 2025.

現在讓我們來談談截至 2025 年 12 月 28 日的第四財季的業績指引和展望。

Based on backlog and cost forecasts, we're targeting total revenue of $6 million for Q4.

根據積壓訂單和成本預測，我們第四季的目標總收入為 600 萬美元。

Many of the contracts that support this outlook are already on the books, or have been forecasted by customers to be awarded during the coming weeks.

支持這一觀點的許多合約已經簽訂，或者客戶預測將在未來幾週內授予。

However, The cost for a contract valued at nearly $3 million for a commercial application has forecasted the award late in the quarter.

然而，一項價值近 300 萬美元的商業應用合約預計要到本季末才能授予。

If this contract is awarded on or very near the date forecasted.

如果該合約在預測日期當天或非常接近預測日期時授予。

We will be able to recognize a large portion of that revenue in Q4.

我們將在第四季度確認其中很大一部分收入。

And with that realize our $6 million objective.

這樣一來，我們就實現了籌集600萬美元的目標。

We have a very high level of confidence in winning this contract.

我們對贏得這份合約非常有信心。

But note that it could push into Q1 2026.

但請注意，這可能會推遲到 2026 年第一季。

That would result in Q4 revenue of $3.5 million.

這將使第四季營收達到 350 萬美元。

Due to this, our guidance range for total Q4 revenue is $3.5 million to $6 million.

因此，我們對第四季總營收的預期範圍為 350 萬美元至 600 萬美元。

At $3.5 million, we expect total revenue to be comprised of $2.5 million in new product revenue.

我們預計總收入為 350 萬美元，其中新產品收入為 250 萬美元。

And $1 million in mature product revenue.

以及100萬美元的成熟產品收入。

At $6 million, we expect $5 million in new product revenue.

總投資600萬美元，我們預期新產品收入將達到500萬美元。

Based on the anticipated Q4 revenue mix, non-GAAP gross margin for the fourth quarter is expected to be approximately 45% at $3.5 million of revenue and 68% at $6 million of revenue.

根據預期的第四季營收組成，第四季非GAAP毛利率預計在營收350萬美元時約為45%，在營收600萬美元時約為68%。

At the low end of the range, the primary reason for a lower gross profit margin.

在價格區間的低端，這是毛利率較低的主要原因。

Is attributed to less favourable absorption of fixed costs.

這歸因於固定成本吸收效率較低。

Taking the range of our Q4 outlook into consideration.

考慮到我們對第四季前景的預期範圍。

Our full year 2025 non-GAAP gross profit margin is expected to be 38% plus or Minus 5%.

我們預期 2025 年全年非 GAAP 毛利率為 38%，上下浮動 5%。

Q4 non-GAAP operating expenses are expected to be approximately $3 million plus or Minus 5%.

預計第四季非GAAP營運費用約300萬美元，上下浮動5%。

With this we are modelling full year 2025 non-GAAP OpEx.

由此，我們模擬了 2025 年全年非 GAAP 營運支出。

Will be approximately $11.3 million.

大約為1130萬美元。

Please note that, given the nature of our industry, we may occasionally need to classify certain expenses to COGS, versus OpEx or capitalize certain costs.

請注意，鑑於我們所在行業的性質，我們有時可能需要將某些費用歸類為銷售成本，而不是營運支出，或將某些成本資本化。

These classifications are related to labour and tooling for IP contracts with customers.

這些分類與客戶簽訂的知識產權合約中的勞動力和工具相關。

This may cause variability in our quarterly gross margins and operating results.

這可能會導致我們季度毛利率和經營業績出現波動。

That will usually balance out on the operating line.

這通常會在生產線上達到平衡。

After interest and other income at the low end of the revenue range, we forecast a Q4 non-GAAP net loss of approximately $1.9 million or $0.11 per share.

扣除利息和其他收入（收入處於較低水平）後，我們預測第四季度非GAAP淨虧損約為190萬美元，即每股虧損0.11美元。

At the high end of our revenue range, we are projecting a non-GAAP net profit of approximately $600,000 or $0.04 per share.

以我們收入範圍的上限計算，我們預計非GAAP淨利潤約為60萬美元，即每股0.04美元。

The main difference between our GAAP and non-GAAP results is related to non-cash stock-based compensation expenses.

我們的 GAAP 和非 GAAP 結果之間的主要區別在於非現金股票選擇權費用。

In Q4 we expect this compensation will be approximately $800,000.

我們預計第四季這筆補償金約為 80 萬美元。

This is the same as Q3 2025 and down slightly from Q4 2024.

這與 2025 年第三季相同，略低於 2024 年第四季。

As a reminder, there will be movement in our stock-based compensation during the year, and it may vary each quarter based on the timing of grants.

再次提醒，我們的股票選擇權激勵計畫在年內會有變動，每季的變動可能會根據授予時間的不同而有所變動。

Even at the low end of our revenue guidance range, we anticipate positive cash flow in Q4.

即使以我們營收預期範圍的下限計算，我們也預期第四季將實現正現金流。

However, the timing of payments from a US government contract could negatively impact its outlook.

然而，美國政府合約的付款時間可能會對其前景產生負面影響。

Given the fact that we raised approximately $2 million using our existing ATM in October, we are well prepared for any delayed payments associated with the US government contract.

鑑於我們在 10 月利用現有的 ATM 籌集了大約 200 萬美元，我們已經為與美國政府合約相關的任何延遲付款做好了充分準備。

Thank you. With that, let me now turn the call over to Brian for his closing remarks.

謝謝。那麼，現在讓我把電話交給布萊恩，請他作總結發言。

Thank you, Elias.

謝謝你，伊萊亞斯。

We have logged considerable progress during the last few months and we are leveraging that progress to produce tangible results.

在過去的幾個月裡，我們取得了相當大的進展，我們正在利用這些進展來取得實際成果。

Earlier, I talked about those results and now I would like to take the next few minutes to help you understand the industry trends that are driving these results. With that understanding, I think you will appreciate what is driving the increased interest in FPGA technology and why more companies are incorporating larger blocks of EFPGA at the core of new ASIC designs.

前面我談到了這些結果，現在我想花幾分鐘時間幫助大家了解推動這些結果的產業趨勢。有了這樣的理解，我想您就能明白是什麼推動了人們對 FPGA 技術日益增長的興趣，以及為什麼越來越多的公司將更大的 EFPGA 模組整合到新的 ASIC 設計的核心中。

The overarching trend in both commercial and DIB designs is smart systems. Smart systems rely on algorithms for their intelligence. Algorithms can be processed much faster and with much lower power consumption in hardware than software. Hardware processing is also inherently more secure against cyber threats than software.

商業和DIB設計中的總體趨勢是智慧系統。智慧系統依靠演算法來實現其智慧。與軟體相比，硬體處理演算法的速度更快，功耗更低。硬體處理本質上也比軟體處理更能抵禦網路威脅。

The challenge here is that algorithms must be updated over the life cycle of the product. This means hardware must be programmable so it can adapt to changing algorithms. This has led to the need for larger blocks of EFPGA at the heart of ASIC designs versus past use cases where small blocks of EFPGA were more commonly used as programmable connectivity bridges. This means both the need and the value propositions for EFPGA are increasing.

這裡的挑戰在於，演算法必須在產品的生命週期中不斷更新。這意味著硬體必須是可編程的，以便能夠適應不斷變化的演算法。這使得 ASIC 設計的核心需要更大的 EFPGA 模組，而過去通常使用較小的 EFPGA 模組作為可程式連接橋接器。這意味著對 EFPGA 的需求和價值主張都在不斷增長。

Sophisticated smart systems designs typically target advanced fabrication nodes. This means higher fixed costs and longer design cycles for ASIC.

複雜的智慧系統設計通常針對先進的製造流程節點。這意味著ASIC的固定成本更高，設計週期更長。

To favourably offset these higher fixed costs, a designs must deliver longer life cycles than in the past.

為了有效抵消這些較高的固定成本，設計必須比以往提供更長的使用壽命。

Designs that employ EFPGA can adapt to changing algorithms, evolving functional requirements, and external changes that are not evident during the design cycle.

採用 EFPGA 的設計可以適應不斷變化的演算法、不斷演變的功能需求以及在設計週期中不明顯的外部變化。

This flexibility lengthens the life cycle of ASIC designs and provides program managers with the confidence to move ASIC to production more quickly and with lower risk.

這種靈活性延長了 ASIC 設計的生命週期，使專案經理更有信心以更低的風險更快地將 ASIC 投入生產。

This shortens design cycles and lowers development costs.

這縮短了設計週期，降低了開發成本。

Last but certainly not least, there are many programs in development today that must be compliant with rigorous environmental requirements ranging from radiation tolerant to strategic rad-hard.

最後但同樣重要的是，目前有許多正在開發的專案必須符合嚴格的環境要求，從耐輻射到策略性抗輻射。

Our internally funded development of an SRH FPGA test strip is designed to address the full range of these requirements and accelerates our ability to pursue design wins.

我們內部資助開發的 SRH FPGA 測試條旨在滿足所有這些要求，並加快我們贏得設計專案的能力。

By using the same onshore 12LP fabrication process that DIBs have used for SRH ASIC, we are optimizing our chances of winning discrete FPGA designs we can storefront and contracts for EFPGA hard IP that customers can incorporate in ASIC designs.

透過使用與 DIB 為 SRH ASIC 使用的相同的本土 12LP 製造工藝，我們正在優化贏得可儲存的獨立 ​​FPGA 設計以及客戶可將其整合到 ASIC 設計中的 EFPGA 硬 IP 合約的機會。

Further enhancing our position is the fact customers can execute designs with our Aurora user tools for both.

此外，客戶可以使用我們的 Aurora 使用者工具來執行設計，這進一步鞏固了我們的地位。

The fact this investment by QuickLogic has been received very well by Strategic DIBs is underscored by the commitment we have for SRH Dev kit orders that we anticipate receiving by the end of this month.

QuickLogic 的這項投資受到了策略性 DIB 的熱烈歡迎，這一點從我們對 SRH 開發套件訂單的承諾中可見一斑，我們預計將在本月底收到這些訂單。

Before I turn the call over for Q&A, I want to take a moment to recognize Veterans Day and express my heartfelt gratitude to all those who have served our country.

在將電話轉入問答環節之前，我想藉此機會向退伍軍人節致敬，並向所有為我們國家服務的人表達我衷心的感謝。

This day has personal meaning for me, as several members of my family have served, and I have deep respect for the sacrifices made by veterans and their families. It's something we honour at QuickLogic, especially as we develop technologies that contribute to our nation's defence and security.

這一天對我來說意義非凡，因為我的幾位家人都曾服役，我對退伍軍人及其家屬所做的犧牲深表敬意。在 QuickLogic，我們非常重視這一點，尤其是當我們開發有助於國家國防和安全的技術時。

Operator, I would now like to open the call for questions.

接線員，現在開始接受提問。

Thank you. We will now be conducting a question-and-answer session where selected analysts will be invited for questions.

謝謝。接下來我們將舉行問答環節，屆時將邀請部分分析師提問。

(Operator Instructions)

（操作說明）

Our first question comes from Quinn Bolton with Needham. You may proceed with your question.

我們的第一個問題來自 Needham 的 Quinn Bolton。您可以繼續提問。

Hey everyone, it's, Neil Young on for Quinn Bolton.

大家好，我是尼爾楊，今天替奎因博爾頓作客。

Thank you for letting me ask a question. So, first question I wanted to ask, hey, that's like I said, on for Quinn, sorry about that. So, what is the or what impact is the government shutdown having on your business? Based on the prepared remarks, it sounds like you have seen some delays of projects. Have you seen any cancellations and then. Given the ongoing shutdown, although it is allegedly supposed to end soon here, what gives you confidence in a rebound of the USG Strategic Radiation Ardent FPGA program in Q4? And then I have a follow-up.

謝謝您允許我提問。所以，我想問的第一個問題是，嘿，就像我說的，輪到奎因了，抱歉。那麼，政府停擺對您的業務有何影響？根據您準備的發言稿，聽起來您似乎遇到了一些專案延誤的情況。你看到有取消的預訂嗎？鑑於目前政府停擺仍在繼續，儘管據說很快就會結束，是什麼讓您對美國政府戰略輻射增強型FPGA計畫在第四季度反彈充滿信心？然後我還有一個後續問題。

Thanks.

謝謝。

Yeah, I think firstly, let's zoom out. Programmable logic has been a big part of the defence industrial base for decades, and that's not changing. It's pervasive across like 75% of defence systems and as I mentioned earlier, a very large percentage of the total semiconductor spend by the DOD. So that demand is not going away. The question is, as you get down to the nuts and bolts of these programs, is the funding going to be there based on the budgets and what not.

是的，我認為首先我們應該把視角拉遠一些。可程式邏輯技術幾十年來一直是國防工業基礎的重要組成部分，這種情況不會改變。它已廣泛應用於大約 75% 的國防系統，正如我之前提到的，它占美國國防部半導體總支出的很大一部分。所以這種需求不會消失。問題是，當你深入了解這些項目的具體細節時，根據預算等等情況來看，資金是否到位。

So I think that. From the programs that we have today on contract, we are not seeing any delays with those. Elias did mention in his conversation about the cash usage for the quarter or I should say net cash gain in the quarter. We did use the ATM in October, sort of as an anticipation in case there was something like this that happened as far as funding goes, so. If there is a delay in funding, then we have no issue with that. If there's no delay, then we'll have a good positive cash flow for the quarter.

所以我認為是這樣。從我們目前已簽訂合約的專案來看，這些專案都沒有出現任何延誤。Elias 在談話中確實提到了本季的現金使用情況，或者我應該說是本季的淨現金收益。我們在十月確實使用過自動櫃員機，算是提前做好準備，以防萬一資金方面出現類似情況。如果資金到位延遲，我們對此沒有異議。如果沒有延誤，那麼我們本季將有良好的正現金流。

Aside from that, if you look at other contracts coming down the pipe, I mean, it's, you could find this all publicly that a lot of the new RFIs or RFSs or RFPs that were coming out from the government for various development programs, some of those were actually paused, and I think that's largely because some of those workers that were driving that were put on furlough. Again, I don't anticipate those going away permanently. It's more once the government's funded and people get back from furlough, these are going to be full steam ahead. So, you might see a delay in some of those new programs, but not the ones that we are fully executing on today. I just do not see that change because this is not an experimental technology. There are actual programs of record that need this today and moving forward on that.

除此之外，如果你看看其他即將簽訂的合同，我的意思是，你可以公開了解到，政府針對各種發展項目發布的許多新的 RFI、RFS 或 RFP，其中一些實際上已被暫停，我認為這主要是因為一些負責這些項目的工人被暫時解雇了。我再次強調，我不認為這些問題會永久消失。一旦政府撥款到位，人們結束休假重返工作崗位，這些計畫將會全面推進。因此，您可能會看到一些新專案有所延遲，但我們目前正在全面執行的專案不會受到影響。我並不認為這種改變會發生，因為這不是實驗性技術。目前有一些正式的、有記錄在案的項目需要這樣做，並且正在推進中。

Does that answer your first question?

這樣回答了你的第一個問題嗎？

Yeah, very helpful, thank you. And then the second question I want to ask, so sounds like storefront revenue in 2026 is supposed to have a meaningful step up. If possible, I was wondering if you could maybe size the range of storefront revenue you think is possible, and then, if not, maybe you could give us some idea of what could drive upside to your, internal expectations or, on the other side perhaps drive downside to those expectations.

是的，很有幫助，謝謝。然後我想問的第二個問題是，聽起來 2026 年實體店的收入應該會有顯著成長。如果可以的話，我想知道您能否大致估算一下您認為可能的店面收入範圍；如果不行，您能否告訴我們哪些因素可能會推高您的內部預期，或者反過來，哪些因素可能會導致這些預期下降。

Thanks.

謝謝。

Sure, I'll start with the what and then I'll answer with the why. So on the what side I mean.

當然，我會先說明是什麼，然後再解釋為什麼。所以，我指的是哪一邊？

I would say significant for us is going to be the 10% or thereabouts of total revenue and without giving the exact number because we haven't put numbers out for 2026 yet we think that the storefront revenue associated with these developments that we've been talking about is going to be meaningful, meaning it'll be in that 10% range, and yes, I do think next year's revenue will be notably higher than this year's total revenue. As you get into why do I feel like that, I think if you go back to my opening remarks about the strategic radar initiative, I cannot tell you how many meetings I've had in the last quarter since the last conference call face to face with these DIBs that see what we're doing. They like the fact that we've done this tape out that we talked about and even as of today, lots of calls and emails asking for when they can get their hands on this and so when you start to see people pulling for the technology and you know that the projects that are under development, public projects, right, the strategic defence system is going under a major modernization that's all public knowledge and then if you throw into that.

我認為對我們來說意義重大的部分將是總收入的 10% 左右。由於我們還沒有公佈 2026 年的具體數字，所以無法給出確切的數字，但我們認為，與我們一直在討論的這些發展相關的店面收入將意義重大，也就是說，它將達到 10% 的水平。是的，我確實認為明年的總收入將明顯高於今年的總收入。當你問起我為什麼會有這種感覺時，我想如果你回顧一下我關於戰略雷達計劃的開場白，我無法告訴你，自從上次電話會議以來，我在過去一個季度裡與這些了解我們正在做的事情的DIB（國防工業集團）進行了多少次面對面的會議。他們喜歡我們製作了這段錄音帶，就像我們之前討論的那樣。即使到了今天，仍然有很多電話和電子郵件詢問他們何時可以獲得這段錄音帶。所以，當你開始看到人們支持這項技術，並且你知道正在開發的項目，公共項目，對吧，戰略防禦系統正在進行重大現代化改造，這些都是公開信息，然後如果你把這些因素考慮進去。

This notion of hypersonic and golden dome, a lot of these programs are going to need some level from strategic radar down to radiation tolerant, and the part that we've got in the fab now is designed to address those needs. So, as we get it out, we start moving to these orders for dev kits, we start getting those out, hopefully by the end of Q1, I think we're going to be a prime, a real prime spot to monetize that and start turning, talk that I've had for 2.5 years into actual revenue and bottom line contribution. But it's not just one entity here. We are talking about all the major dips that we have been talking to. I think there's good demand for that. So that's why we think it's going to be meaningful for next year.

高超音速和金色圓頂的概念，許多這類專案都需要一定程度的戰略雷達和抗輻射能力，而我們現在在工廠裡製造的零件正是為了滿足這些需求而設計的。所以，隨著我們推出產品，我們開始處理開發套件的訂單，我們開始發貨，希望到第一季末，我認為我們將成為一個真正的黃金地段，能夠實現盈利，並將我兩年半以來一直在談論的事情轉化為實際的收入和利潤貢獻。但這並非僅僅涉及一個實體。我們正在討論的是我們一直在關注的所有重大下跌。我認為這方面的需求很好。所以我們認為這對明年來說意義重大。

Does that answer your question?

這樣回答了你的問題嗎？

Thank you. Yes, thank you very much.

謝謝。是的，非常感謝。

Great. You're welcome.

偉大的。不客氣。

Our next question comes from Richard Shannon with Craig Hallam. You may proceed with your question.

下一個問題來自理查德·香農和克雷格·哈勒姆。您可以繼續提問。

Great, thanks, Brian, and Elias, for taking my questions. Quality of the audio here is pretty poor on my end, so hopefully you can hear me. Apologize if you can't hear.

太好了，謝謝布萊恩和伊萊亞斯回答我的問題。我這邊的音頻品質很差，希望你能聽清楚我的聲音。如果您聽不到，請見諒。

We can hear you just fine.

我們聽得很清楚。

Okay, let's go. I guess at least one of us can.

好了，我們走吧。我想我們當中至少有一個人可以做到。

A lot of detail on the call here, and some really interesting stuff going on here. Let me ask you kind of a big picture, high-level question here with your new initiative on the GF12 LP process or, initiative here.

這次通話有很多細節，而且發生了一些非常有趣的事情。讓我問你一個關於你提出的 GF12 LP 流程或倡議的宏觀、高層次的問題。

I guess how do we think about the opportunity for FPGAs versus Basics that would include your hard IP in here and are the dynamics here for timing for each of these markedly different than the other?

我想我們應該如何看待 FPGA 與 Basics（包括您的硬 IP）之間的機會，以及它們各自的時序動態是否明顯不同？

Well, I'd start by saying, For 12 LP.

首先，我想說的是，適用於 12 LP。

That is a very commonly used process by the defence industrial base.

這是國防工業基地非常常用的製程。

I think the heritage of that is that that was the most advanced process that Global Founders had, and Global Founders is US owned and operated, and so if you wanted to have something that was manufactured onshore by a US company, that was sort of the most advanced you can get. Global has since come out with 12LP plus, which is a more advanced version of 12 LP.

我認為它的歷史淵源在於，這是 Global Founders 當時最先進的工藝，而 Global Founders 是一家美國擁有和運營的公司，所以如果你想要一件由美國公司在本土生產的產品，那它就是你能得到的最先進的工藝。Global 隨後推出了 12LP plus，這是 12 LP 的更高級版本。

But if you think about what's involved in doing an ASIC or an SOC, you need lots of IP available and you need lots of test data characterization on all that IP in order to feel comfortable to move forward, with that on your ASIC.

但是，如果你想想開發 ASIC 或 SoC 所涉及的內容，你需要大量的可用 IP，並且需要對所有這些 IP 進行大量的測試資料表徵，才能放心地將它們應用到你的 ASIC 上。

And in terms of the defence community, it's a very risk averse community as they should be as they're designing the system. So, there is a wealth of IP on 12LP that there is, it's today, it's known, it's understood characterization data and the government, again this is all publicly fundable, the government has been.

就國防界而言，這是一個非常規避風險的群體，這是理所當然的，因為他們正在設計這套系統。所以，12LP 上有很多智慧財產權，如今，這些智慧財產權是眾所周知的，其特徵數據已被理解，而且政府也一直在資助這些智慧財產權。

Helping people do a ASIC on 12LP. A lot of IP is available. There's government funded multi-project wafers and all those things to encourage development on that note.

幫助人們在 12LP 上進行 ASIC 交易。有很多IP位址可供使用。政府資助的多項目晶圓以及其他種種措施都在鼓勵這方面的發展。

So from that standpoint, I think you are going to see 12LP a lot. You have seen it in the past, you are going to see it in the future. So then the question for us is, okay, we have our IP on 12LP now we can build devices from that or we could build, or we could license that for people doing their own ASICs.

所以從這個角度來看，我認為你會看到很多 12LP 唱片。你過去見過它，將來也會看到它。所以對我們來說的問題是，好的，我們現在有了 12LP 的 IP，我們可以用它來製造設備，或者我們可以把它授權給那些自己開發 ASIC 的人。

And I think we've already talked about IP licenses that we have on ASICs and you've heard timing on that, so people will start to be taping out those and going to production hopefully in the next few years. So, there's a near term license opportunity. There's a back end royalty opportunity for us on that, and we definitely plan to monetize that to several million dollars a year, on the device side.

我認為我們已經討論過我們在 ASIC 上的 IP 許可，你們也聽說了相關的進度安排，所以人們將開始進行晶片流片，並有望在未來幾年內投入生產。所以，近期有一個授權許可的機會。我們可以在這方面獲得後端版稅機會，我們絕對計劃在設備方面將其變現為每年數百萬美元。

That gets interesting because we've obviously taken our commercial total PIP and we've done a Rad-hart implementation of that.

這很有意思，因為我們顯然已經採用了我們的商業總 PIP，並且我們已經對其進行了 Rad-hart 實作。

So the goal behind that is to do this strategic Rad-hart FPGA and having to take that out if you fast forward to when we could do an actual product dive for production on that, once that's out, that's going to be a significant step function increase in the revenue potential for us personally.

因此，背後的目標是開發這款策略性的 Rad-hart FPGA，如果快轉到我們可以真正進行產品生產的時候，一旦它發布，對我們個人而言，收入潛力將出現顯著的階躍式增長。

Because devices of that nature are always going to have a much higher ASP than what a royalty contribution would be.

因為這類設備的平均售價總是會比專利費高很多。

So I think 12LP is critically important for us and it's sort of a land and expand strategy on that now. We want to license it to as many people as we can. We want to have this strategic Rad-Hard FPGA captured for revenue, and that's, I think, the basis of what could be hundreds of millions of dollars in revenue.

所以我認為 12LP 對我們來說至關重要，現在我們採取的是一種先佔領後擴張的策略。我們希望盡可能地將其授權給其他人。我們希望獲得這款具有戰略意義的抗輻射 FPGA 產品，從而實現營收目標，我認為這將是我們獲得數億美元營收的基礎。

I do not know if I answered your question in it's in entirety. If I didn't, just tell me.

我不知道我是否完全回答了你的問題。如果我沒有，請告訴我。

You did for the most part. I am just trying to circle around this a bit here from a very high level. I'm going to ask another pretty high level question here, Brian, which is comparing the opportunity you're now undergone with GFS 12 LP or how do you compare the opportunity to what you've been doing with Rad-Hard with, the other founders you've announced with, I guess from a total perspective overall, I'll let you pick a time frame, but how do you see the relative size of each of these opportunities.

大部分情況下你都做到了。我只是想從宏觀層面稍微探討一下這個問題。Brian，我接下來要問一個比較高層次的問題，那就是你如何比較你現在參與的 GFS 12 LP 項目，或者你如何比較你之前與 Rad-Hard 以及其他你宣布合作的創始人一起做的事情，我想從整體上看，我讓你選擇一個時間範圍，你如何看待這些機會的相對規模。

For you?

為你？

By the other founders you're referring to SkyWater and Honeywell or somebody else?

您所說的其他創辦人是指 SkyWater 和 Honeywell，還是另有其人？

Those are the ones, yes.

沒錯，就是那些。

Okay, so I think Without getting into programmatic details.

好的，所以我覺得不用深入探討程序細節。

I think that the 12 LP opportunity for us is a larger opportunity.

我認為對我們來說，12 LP 的機會更大。

Because it has the strategic Rad-hart FPGA, it also has IP licensing as an option. And one of the nice things, and I this, is that as you get smaller process technology, you get denser transistors, you get more capability. You can stuff in a dye, and there's going to be higher value to that, and we enumerated that as far as like where we're taking our EFPG architecture, but the same is true at 12 nanometre and 12 LP.

由於它採用了策略性的 Rad-hart FPGA，因此也可以選擇 IP 授權。其中一個好處是，隨著製程技術的進步，電晶體的密度會更高，性能也會更強。你可以往裡面塞染料，這樣會有更高的價值，我們已經列舉了這一點，就像我們正在推進我們的 EFPG 架構一樣，但 12 奈米和 12 LP 也是如此。

The more transistors and functionality we can stick on that diet, the higher the value of the part's going to be, and I think again the interesting part about 12LP here is that we can get a lot of capability running on our FPGA 12LP, and maybe somebody doesn't even need to do an ASIC now for 12LP. That's huge. If we can start helping people address the needs of a mission without having to go off and do a custom ASIC, you're talking about saving a customer or the government.

我們能在這個晶片上整合的電晶體和功能越多，晶片的價值就越高。我認為 12LP 的有趣之處在於，我們可以在 FPGA 12LP 上運行很多功能，也許現在有人甚至不需要為 12LP 開發 ASIC 了。那可是件大事。如果我們能夠幫助人們滿足任務需求，而無需自行開發客製化的 ASIC，那麼就是在為客戶或政府節省成本。

Literally tens of millions of dollars in years of development, cost and time.

耗費數千萬美元，歷經數年研發、成本與時間。

And that's the real benefit I think to getting our FPJ on 12 nanometre.

我認為，將我們的 FPJ 製程升級到 12 奈米才是真正的優勢所在。

Given that it's strategic at heart and so capable of the note now as you talk about those other foundries.

鑑於它本質上是戰略性的，並且現在能夠像你談論其他鑄造廠那樣發出這樣的信號。

Those are older process geometries that they've talked about and so there's going to be a difference in what you can do on the die, there's a difference in what you can do capability wise.

他們之前討論過的都是比較老的工藝幾何形狀，所以在晶片上能做的事情會有所不同，能力方面也會有所不同。

Not bad, just different, but I think the bigger bucket of revenue for us is going to be what we're going to be able to do at 12 nanometre on these for the for the time being.

還不錯，只是不一樣，但我認為對我們來說，更大的收入來源將是我們在 12 奈米製程上能夠做到的事情。

Okay, and I don't want to get into more details on that just because that's a little too much programmatic information if I go further.

好的，我不想再深入討論這方面的細節了，因為如果我繼續深入，就會涉及太多程序化資訊。

Yes, I get that. Just that high level here is very helpful to think about Brian, thanks for that. You mentioned, expecting orders for your, new dev kits here I think by the end of the end of this month and delivering those sometime next year. Can you give us a sense of how many, dev kits and how many customers you expect to ship that to? And then what's kind of the, design cycle, once customers get that in hand in terms of their next steps?

是的，我明白了。光是這種高層次的思考方式就對布萊恩很有幫助，謝謝你。您提到，預計本月底之前會收到新的開發套件訂單，並於明年某個時候交付。能否大致說明一下，你們預計會向多少客戶交付多少套開發套件？那麼，一旦客戶掌握了這些訊息，他們的下一步設計流程會是怎麼樣的呢？

So I'm not going to give numbers, probably not surprised to hear that, but it's going to be enough that it's, it will be.

所以我不會給出具體數字，你可能不會對此感到驚訝，但數量已經足夠了，肯定會足夠了。

It will be a significant revenue number, so not just a rounding number on the income statement.

這將是一項可觀的收入，而不僅僅是損益表上的一個可忽略不計的數字。

And we've, Elias talked about the money that we spent in Q3 on that. We've intentionally bought enough dye that we can provide enough for these customers that want to test these things out both in terms of dev kit and on just raw devices themselves on their own boards.

埃利亞斯談到了我們在第三季度在這方面花費的資金。我們特意購買了足夠的染料，以便能夠為想要測試這些產品的客戶提供足夠的染料，無論是在開發套件方面，還是在他們自己的電路板上直接在原始設備上進行測試。

Now the way this works from an evaluation perspective.

現在，從評估的角度來看，這是如何運作的。

Again this is a very cautious and risk averse community that we're talking about they're going to want to do their own testing on these things and that generally takes, a couple quarters to go off and do all of your exercising of your design and the different environmental tests that need to.

再說一遍，我們談論的是一個非常謹慎、規避風險的群體，他們會想要對這些事物進行自己的測試，這通常需要幾個季度的時間來完成所有的設計驗證和各種必要的環境測試。

Need to be done on those devices you've probably read the TRL levels technology readiness level, we want to get customers as quickly as possible to TRL 5 and TRL 5 is where they can actually say that they've taken the part and they've run it through the rigorous testing that's representative of the environment that they're going to operate in.

您需要在這些設備上完成這些操作。您可能已經了解了 TRL 等級（技術成熟度等級），我們希望盡快幫助客戶達到 TRL 5 級。 TRL 5 等級意味著他們已經對該零件進行了嚴格的測試，這些測試能夠代表他們將要運行的環境。

And so we hope to be able to support our customers to get through that at some point through the middle of next year and then at that point start intercepting actual programs of record with us and moving into you know pretty late stages of the design hopefully with them.

因此，我們希望能夠幫助我們的客戶在明年年中某個時候度過難關，然後屆時開始與我們一起介入實際的正式項目，並希望能夠與他們一起進入設計的後期階段。

And again, that's why time is so critical. That's why we took the leap of faith to do their own design and to fund our own tape out, knowing that MPWs don't come along very often, and we wanted to make sure that we're on one that still gave us enough time to have the part come out, verify it, and get into the hands of the dip so they can start playing with it in their own labs and not just trust our own data.

所以說，時間才如此關鍵。這就是為什麼我們冒險嘗試自行設計並自籌資金進行流片的原因，因為我們知道多工藝晶片並不常見，我們希望確保我們選擇的專案能夠給我們足夠的時間將晶片生產出來，進行驗證，並交付給客戶，以便他們可以在自己的實驗室中進行測試，而不僅僅是相信我們自己的數據。

Okay, great perspective there, Brian. Last question, I'll jump out of line.

好的，布萊恩，你的觀點很棒。最後一個問題，我先插一句。

A lot of irons in the fire that you have going on here, which is great to see here, and in QuickLogic, obviously is a fairly small company here seems like, might need a bit more, support to a broad range of customers coming your way here very soon. How do we think about the spend levels we need to see next year, whether it comes through, OpEx or the stuff that gets allocated to COGS here? How do we think about where this could go if things go really well and you get a lot of attention, a lot of activity in these DIB kits you are sending out.

你這裡同時在進行很多項目，這很好。 QuickLogic 顯然是一家規模較小的公司，似乎需要更多支持，以便很快能為眾多客戶提供服務。我們應該如何考慮明年需要達到的支出水平，無論是營運支出還是分配給銷售成本的部分？如果一切進展順利，你寄出的這些 DIB 套件獲得了大量關注和積極參與，我們該如何思考這將走向何方？

So I'll start answering Eli can chime on those. So from a, from the engineering perspective and the go to market, team perspective, we obviously have identified certain critical hires, some of them you can find on our website today, and these are all about getting the right resources to get the devices out into the hands of the DIB as soon as possible, and you can find that on our website, engineering, field application engineering, and so on. As we move from test chip to actual product chip, there will be more expenses.

所以我會開始回答這些問題，Eli 也可以補充一些內容。因此，從工程和市場推廣團隊的角度來看，我們顯然已經確定了一些關鍵的招聘人員，其中一些您今天可以在我們的網站上找到，所有這些都是為了獲得合適的資源，以便盡快將設備交付到DIB用戶手中，您可以在我們的網站上找到相關信息，包括工程、現場應用工程等等。從測試晶片到實際產品晶片的過渡階段，會產生更多費用。

There will be other things that need to be paid for, and I think that we have a good line of sight on what those are going to be, and it's not going to be outrageous for next year. I think it's going to be very mindful. Of where we are financially as a company and tied in with getting these customers on board with test strips so that any investments we do make it's coming from the perspective of knowing what our customer wants, knowing the problem that our solution solves, and in some cases even perhaps getting funding from customers to co-invest in these things so that they have skin in the game and it offsets the upfront cost for QuickLogic to get it to market.

還有其他一些需要支付的費用，我認為我們已經大致了解了這些費用是什麼，而且明年的費用不會太高。我認為他會非常用心。就我們公司目前的財務狀況而言，我們與讓這些客戶接受試紙息息相關，因此我們所做的任何投資都是從了解客戶的需求、了解我們的解決方案所解決的問題的角度出發的，在某些情況下，甚至可能從客戶那裡獲得資金來共同投資這些項目，這樣他們就參與其中，並抵消 QuickLogic 將產品推向市場的前期成本。

Yes, correct. And in fact, Richard, if I may add, Like, for example, we have three new hires we are looking for, all engineers, and as such, OpEx is definitely headcount moderating. So, I do not anticipate, even with all the additions that Brian is describing, probably we will be looking at probably $3.5 million of OpEx per quarter, probably next year, but starting in the, in Q2 or so. I think for now, we're okay with about under Three.

是的，沒錯。事實上，理查德，如果我可以補充一點的話，例如，我們正在招募三名新員工，他們都是工程師，因此，營運支出肯定會控制人員編制。因此，即使加上布萊恩所描述的所有新增項目，我預計我們每季的營運支出可能也不會達到 350 萬美元，可能要等到明年，大概從第二季開始。我認為目前來說，三個以下是可以接受的。

Okay. That's great detail, guys. I will jump the line.

好的。細節做得真棒，夥計們。我要插隊。

Thank you.

謝謝。

Thanks, Richard.

謝謝你，理查。

(Operator Instructions)

（操作說明）

Our next question comes from Rick Neaton with Rivershore Investment Research. You may proceed with your question.

下一個問題來自 Rivershore Investment Research 的 Rick Neaton。您可以繼續提問。

Thank you. Hi, Brian and hi Elias.

謝謝。嗨，布萊恩，嗨，伊萊亞斯。

Hello Eric.

你好，埃里克。

I'd like to understand.

我想了解一下。

Your, Q4 guidance, are you.

你的第四季指導意見，就是你。

Proposing an either or situation where we're either going to have $3.5 million plus or minus or $6 million plus or minus.

提出一種二選一的方案，要嘛我們得到 350 萬美元左右，要嘛我們得到 600 萬美元左右。

Is that what you're saying?

你是這個意思嗎？

Yes, because there's a, there's an issue with timing, right? So, if the order comes in, for example, to complete it to $6 million. It would come in late in the quarter and we may be able to recognize certain portions of that revenue.

是的，因為時間安排上有問題，對吧？例如，如果接到訂單，要求完成金額達到 600 萬美元。這筆款項會在季度末到賬，我們或許能夠確認其中的部分收入。

But if it comes in and we're not able to deliver in that quarter, let's just say it comes in on the day of our close of the day after, it's definitely Q1 at that point. So it's almost like a timing issue, Rick, and that's why we were in, we went to great pains to identify the difference between a $3.5 million revenue and a $6 million revenue, and really it's one order.

但如果訂單到了，而我們又無法在該季度完成交付，比如說訂單是在我們第二天收盤當天到賬的，那麼那肯定就屬於第一季了。所以這幾乎是一個時機問題，里克，這就是為什麼我們費盡心思去找出 350 萬美元收入和 600 萬美元收入之間的區別，而實際上這只是一個訂單的問題。

And as such, it's all about timing. So, it's very difficult to answer a question now to someone saying, okay, would you be able to recognize 100% of it? And the answer is clearly no.

因此，一切都取決於時機。所以，現在很難回答有人問你：“你能100%認出它嗎？”答案顯然是否定的。

If it comes in in Q4.

如果它在第四季上市的話。

So that is why Brian and I agreed. If that's the case, and we anticipate that order coming in, at least in Q4, let's just hope it does, we at least have the possibility of beating the high end of the range.

所以這就是我和布萊恩達成一致的原因。如果情況真是如此，而且我們預計訂單至少會在第四季度到來，但願如此，這樣我們至少有可能超越預期範圍的上限。

Okay.

好的。

Thank you for that explanation.

謝謝你的解釋。

What do you forecast as your share count for 2025?

您預測2025年您的股份數量將達到多少？

Well, 17,90,252 shares, that's outstanding right now.

目前流通股數為 1790252 股。

Okay.

好的。

One final question.

最後一個問題。

Yeah.

是的。

Yeah, no, that, that's fine.

嗯，沒問題。

So That that's your ending share account would be 170.

所以，你的期末股份帳戶餘額就是 170。

Okay, 3 months ago.

好的，3個月前。

You described your expected revenue decline for 2025 with the adjective modest and now your key for guidance.

您用「適度」來形容您對 2025 年預期收入下降的預測，現在，您的關鍵指引是什麼？

Suggests 20 to 30%.

建議20%至30%。

Decline in annual revenue from 2024.

2024年起年收入下降。

What changed since August?

自八月以來發生了哪些變化？

To cause what I would describe as a significant double-digit.

造成我所說的顯著的兩位數。

Percentage wise revenue decline.

營收百分比下降。

Eric, that's the challenge of having large IP contract values, when we're talking $3 million type ASPs for these. So I think in the call we mentioned one clearly is in 2026, so that goes from this year into next year.

艾瑞克，這就是擁有高額智慧財產權合約所帶來的挑戰，因為我們談論的是像 300 萬美元這樣的平均售價。所以我覺得我們在電話會議中明確提到，其中一個是在 2026 年，也就是從今年到明年。

And then Some other smaller ones that contribute to that, but again, when you have $3 million IP contracts, if they don't happen in the year, the fiscal year, there's going to be a big change in percentage wise from the revenue levels that we're at today.

還有一些其他較小的項目也對此有所貢獻，但是，如果你有價值 300 萬美元的知識產權合同，如果這些合同在當年（即本財年）沒有落實，那麼收入水平與我們目前的收入水平相比，百分比將會發生很大的變化。

Once that becomes more of the norm and we get more of these higher value contracts like we're talking about now, that starts to smooth out some of that lumpiness, but.

一旦這種情況變得更加普遍，我們獲得更多像我們現在討論的這種高價值合同，就會開始平緩一些波動，但是。

When we're at the stage where we are now, there's almost unavoidable if something moves out that's going to materially impact a percentage of that.

當我們處於現在這個階段時，如果某些事情發生，幾乎不可避免地會對其中一部分產生實質影響。

Okay.

好的。

Thanks for that explanation and thanks for having me on the, call.

謝謝你的解釋，也謝謝你邀請我參加電話會議。

Thanks, Rick.

謝謝你，里克。

This now concludes our question-and-answer session. I would like to turn the floor back over to Brian Faith for closing comments.

我們的問答環節到此結束。現在我把發言權交還給布萊恩費斯，請他做總結發言。

Yeah, I want to thank everybody for joining us today. Hopefully, we will connect with some of you at one of our upcoming events including the Craig Hallam Alpha Select one on one conference in New York on November 18th, the semiconductor focused annual New York Summit, also in New York on December 16th or the annual Needham Growth Conference in early January 2026.

是的，我要感謝今天到場的各位。希望我們能在即將舉行的活動中與你們中的一些人見面，包括 11 月 18 日在紐約舉行的 Craig Hallam Alpha Select 一對一會議、12 月 16 日在紐約舉行的半導體行業年度紐約峰會，以及 2026 年 1 月初舉行的 Needham 年度增長會議。

Thank you and have a good day.

謝謝，祝您今天愉快。

Ladies and gentlemen, thank you for your participation. This does conclude today's teleconference. Please disconnect your lines and have a wonderful day.

女士們、先生們，感謝各位的參與。今天的電話會議到此結束。請斷開線路，祝您有美好的一天。