Quicklogic Corp (QUIK) 2025 Q4 法說會逐字稿

Ladies and gentlemen, good afternoon. At this time, I would like to welcome everybody to Quick Logic Corporation's fourth quarter and fiscal 2025 earning results conference call. (operator Instructions). I would now like to turn the conference over to Ms. Alison Ziegler of Darrow Associates. Ms. Ziegler, please go ahead.

女士們、先生們，午安。在此，我謹代表 Quick Logic 公司歡迎各位參加 2025 財年第四季及獲利業績電話會議。（操作說明）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, operator, 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 - Finance and Chief Financial Officer. As a reminder, some of the comments QuickLogic makes today are forward-looking statements. Involve risks and uncertainties including but not limited to statements regarding our future profitability and cash flows, expectations regarding our future business and expected revenue growth, and statements regarding the timing, milestones, and payments related to our government contracts.

謝謝接線員，也謝謝各位的參與。今天的演講嘉賓是總裁兼執行長 Brian Faith，以及資深副總裁兼財務長 Elias Nader。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、有關我們未來業務和預期收入增長的聲明，以及有關我們政府合約的時間表、里程碑和付款的聲明。

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 revenues, our ability to introduce and produce new products based on advanced wafer technology on a timely basis, our ability to Radically market the low power, competitive pricing and short time to market of our new products, intense competition by competitors.

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、我們彌補停產產品收入的能力、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的新產品、新產品、企業

Our ability to hire and retain qualified personnel, changes in product demand or supply, general economic conditions, political events, international trade disputes, natural disasters, and other business interruptions that could disrupt supply or delivery of or demand for the company's products and changes in tax rates and exposure to additional tax liabilities.

我們能否招募和留住合格人員、產品需求或供應的變化、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 refer to the risk factors discussed in QuickLogic's most recently filed periodic reports with the SEC. QuickLogic assumes no obligation to update any forward-looking statements or information which speak as of the respective dates of any new information or future events.

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截至任何新資訊或未來事件發生之日的情況。

In today's call, we will be reporting non-GAAP financial measures. May I refer to the earnings release we issued today for a detailed reconciliation of our GAAP to non-GAAP results and other financial statements. We've also posted an updated financial table on our IR webpage that provides current and historical non-GAAP data. Please note, Quick Logic uses its website, the company blog, corporate X account, Facebook page, and LinkedIn page as channels of distribution of information about its business.

在今天的電話會議上，我們將公佈非GAAP財務指標。請參考我們今天發布的獲利報告，其中詳細列出了我們的 GAAP 與非 GAAP 結果及其他財務報表的調整。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。請注意，Quick Logic 使用其網站、公司部落格、企業 X 帳戶、Facebook 頁面和 LinkedIn 頁面作為其業務資訊的分發管道。

Such information may be deemed material information, and Quick Logic may use these channels to comply with its disclosure disclosure obligations under regulation FD. A copy of the prepared remarks made on today's call will be posted on Quick Logic's 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.

此類資訊可能被視為重要訊息，Quick Logic 可以使用這些管道來履行其在《公平揭露條例》(FD) 下的揭露義務。今天財報電話會議結束後不久，Quick Logic 的投資者關係網頁上將發布今天電話會議上所作發言的副本。現在我想把電話交給布萊恩。請繼續，布萊恩。

Thank you, Allison. Good afternoon, everyone, and thank you all for joining our fourth quarter 2025 conference call. While certain contract delays over the course of the year resulted in much lower than expected 2025 revenue, we accomplished numerous tangible milestones that set the stage well for 2026 and beyond. Underscoring this is our forecast for nearly 50% sequential revenue growth in Q1. Large contracts for very high density EFPGA hard IP cops that are in late stages of negotiation.

謝謝你，艾莉森。各位下午好，感謝各位參加我們2025年第四季電話會議。儘管今年某些合約的延誤導致 2025 年的收入遠低於預期，但我們實現了許多切實的里程碑，為 2026 年及以後的發展奠定了良好的基礎。我們預測第一季營收將環比成長近 50%，這進一步印證了這一點。針對高密度 EFPGA 硬 IP 控制的大型合約談判已進入後期階段。

And the acceleration of our storefront business model, which we believe will drive a meaningful revenue contribution beginning in 2026. I'll take a few minutes now to update you on these and other accomplishments. In our February 18th press release, we announced QuickLogic was awarded a $13 million tranche for our ongoing contract with the US government that was initiated in 2022.

我們相信，從 2026 年開始，我們的實體店業務模式將加速發展，並帶來可觀的收入貢獻。現在我將花幾分鐘時間向你們報告這些以及其他方面的成就。在 2 月 18 日的新聞稿中，我們宣布 QuickLogic 獲得了 1300 萬美元的款項，用於我們與美國政府於 2022 年啟動的持續合約。

We will begin recognizing revenue from this tranche in Q1. In line with my comments during our last earnings conference call, this tranche funds increased quarterly revenue recognition relative to 2025. In parallel with our US government contract, QuickLogic internally funded the development of an SRH EFPGA test chip. Last August, we delivered design files to global foundries to fabricate our SRH EFPGA test chip using its 12 LP process.

我們將於第一季開始確認這筆款項的收入。正如我在上次財報電話會議上所說，這筆資金用於增加 2025 年的季度收入確認。在履行美國政府合約的同時，QuickLogic 內部資助開發了 SRH EFPGA 測試晶片。去年八月，我們向全球晶圓代工廠交付了設計文件，讓他們使用其 12 LP 製程製造我們的 SRH EFPGA 測試晶片。

This chip was designed to meet the specific requirements of certain large dibs that have programs in development today that are good candidates for this device. This investment positions us very well as the only source available today for a US fabricated EFPGA that addresses the full spectrum of radiation hardness requirements.

這款晶片的設計旨在滿足某些大型企業的特定需求，這些企業目前正在開發的專案非常適合使用這款晶片。這項投資使我們成為目前唯一一家能夠提供滿足所有抗輻射要求的美國製造的 EFPGA 的供應商。

We received our SRH EFPGA test chip samples earlier in Q1. And announced in a January, 14th press release that we have received orders for our SRH EFPGA dev kit that enables dibs to evaluate the test chips. I view this as a strong demand signal and our first tangible step towards what I believe will be hundreds of millions of dollars in potential storefront business for our discrete SRH FPGA during the coming years.

我們在第一季初收到了SRH EFPGA測試晶片樣品。1 月 14 日的新聞稿中宣布，我們已收到 SRH EFPGA 開發套件的訂單，該套件使 dibs 能夠評估測試晶片。我認為這是一個強烈的市場需求訊號，也是我們邁向未來幾年為我們的獨立 SRH FPGA 帶來數億美元潛在零售業務的實際第一步。

Beyond the discrete SRH EFPGA market, we are leveraging this test chip to cast a much broader net. In addition to the applications that require strategic radiation hardness that are most likely to design using our storefront discrete SRH EFPGA, There are many other applications with less rigorous radiation requirements that may prefer to integrate our SRH EFPGA heart IP in AI. Dibs are already using Global Foundry's 12 fabrication process for various levels of radiation hardness in AI designs.

除了獨立的 SRH EFPGA 市場之外，我們還利用這款測試晶片來擴大市場範圍。除了那些需要策略性抗輻射加固的應用（很可能使用我們的分離式 SRH EFPGA 進行設計）之外，還有許多其他應用對輻射的要求不那麼嚴格，它們可能更傾向於將我們的 SRH EFPGA 心臟 IP 整合到 AI 中。Dibs 已經在人工智慧設計中使用 Global Foundry 的 12 製造工藝，以實現不同級別的抗輻射能力。

By demonstrating our SRH EFPGA test chip that is also fabricated on 120, we are positioning QuickLogic to address both discrete SRH EFPGA requirements, as well as provide dibs with the confidence they need to integrate our SRH EFPGA hard IP in future ASI designs.

透過展示我們同樣採用 120 製程製造的 SRH EFPGA 測試晶片，我們讓 QuickLogic 能夠滿足分離式 SRH EFPGA 的需求，並為 dibs 提供信心，以便他們將我們的 SRH EFPGA 硬體 IP 整合到未來的 ASI 設計中。

In some cases, these dibs may also elect to utilize our storefront services for their AI designs. The short story here is by leveraging the milestones accomplished in 2025, we believe we are very well positioned to successfully address both discrete and embedded EFPGA designs across the full spectrum of radiation hardness requirements.

在某些情況下，這些公司也可能選擇利用我們的店面服務來進行人工智慧設計。簡而言之，我們相信，憑藉 2025 年的里程碑式成就，我們完全有能力成功應對各種抗輻射加固要求的離散和嵌入式 EFPGA 設計。

And with the architectural enhancements we implemented last year that are extensible to 120, we have significantly expanded our SAM in these markets to include the lucrative applications for very high density, discrete, and embedded EFPGA. During our last conference call, I stated that a mid-seven figure EFPGA hard IP contract leveraging Intel 18A was pushed into 2026 due to a delay in government funding.

憑藉我們去年實施的可擴展至 120 的架構增強功能，我們已顯著擴展了我們在這些市場的 SAM，使其涵蓋了利潤豐厚的超高密度、分立式和嵌入式 EFPGA 應用。在上次電話會議上，我曾表示，由於政府撥款延遲，一項利用英特爾 18A 的七位數 EFPGA 硬 IP 合約被推遲到 2026 年。

Based on our conversations with this db, we remain highly confident we will be awarded this contract once it is funded. While the timing of funding remains uncertain, our discussions with this db have expanded to include the potential of QuickLogic providing storefront services for the customer designed AI that will include our EFPGA hard IP.

根據我們與該資料庫的溝通，我們仍然非常有信心，一旦資金到位，我們將獲得這份合約。雖然資金到位的時間仍不確定，但我們與該資料庫的討論已擴展到 QuickLogic 為客戶設計的 AI 提供店面服務的可能性，其中將包括我們的 EFPGA 硬 IP。

We expect that we will learn more about the potential expansion of storefront and the timing for this award in the coming months. During this funding delay and the discussions about expanding the scope of our participation, we have worked closely with this db on a variety of projects. Through these efforts we have been awarded 3 smaller Intel 18A contracts that total well over $1 million and 1/4 is pending that will bring the total to nearly $2 million.

我們預計在接下來的幾個月裡，我們將了解更多關於店面擴張的可能性以及此次頒獎的時間表。在資金延遲到位以及討論擴大參與範圍期間，我們與該資料庫在各種項目上密切合作。透過這些努力，我們已經獲得了 3 份較小的 Intel 18A 合同，總金額超過 100 萬美元，另有 1/4 的合約正在審批中，這將使總金額接近 200 萬美元。

The first two contracts were for Intel 18A test chips. We delivered IP for both in 2025 and expect to receive an allotment of test chips for our internal evaluation next quarter. The third contract was for a $1 million lead feasibility study that we completed in Q4.

前兩份合約是為英特爾 18A 測試晶片準備的。我們已於 2025 年交付了這兩項技術的 IP，並預計下個季度將收到一批測試晶片，供我們內部評估。第三份合約是價值 100 萬美元的鉛可行性研究，我們已於第四季完成。

A fourth contract, which we anticipate being awarded yet this quarter, leverages the architectural enhancements developed during the $1 million le study. In support of this contract, we will deliver hard IP for a very large Intel 18A EFPGA core. The customer plans to integrate into its AI that is targeted for tape out during the second half of 2026.

第四份合約預計將在本季度授予，該合約利用了在 100 萬美元的研究中開發的建築改進措施。為了履行該合同，我們將交付用於超大型 Intel 18A EFPGA 核心的硬 IP。客戶計劃將其整合到其人工智慧系統中，該系統計劃於 2026 年下半年進行流片。

The architectural enhancements we developed in support of the $1 million li study can be leveraged across all advanced fabrication nodes, which we define as 12 nanometers and smaller. These enhancements reduce power consumption, increase performance, and reduce the silicon area required for a given size block of our core EFPGA technology. In industry terms, the enhancements materially improve our PPA.

我們為支持這項價值 100 萬美元的鋰研究而開發的架構增強功能，可以應用於所有先進的製造節點，我們將其定義為 12 奈米及更小的節點。這些改進降低了功耗，提高了效能，並減少了我們核心 EFPGA 技術給定尺寸模組所需的矽面積。從行業角度來看，這些改進顯著提升了我們的購電協議 (PPA)。

With these architectural enhancements in place, we can address the lucrative markets that require very high density EFPGA cores and AI designs and very high density discrete EFPGA. This significantly expands our SAM for EFPJ hard IP and discrete devices, including our SRH EFPGA triplets and other storefront opportunities.

有了這些架構增強功能，我們就可以滿足那些需要高密度 EFPGA 核心和 AI 設計以及高密度分離式 EFPGA 的利潤豐厚的市場需求。這將顯著擴展我們針對 EFPJ 硬 IP 和分離裝置的 SAM，包括我們的 SRH EFPGA 三元組和其他應用程式商店機會。

In addition to these dib contracts, we are working closely with a large commercial customer on a new Intel 18A contract valued at several million dollars. We originally expected this contract would be awarded in late Q4. However, the customer decided to expand the size of the EFPGA cop in their AI to provide greater programmable flexibility.

除了這些 DIB 合約之外，我們還與一家大型商業客戶密切合作，簽訂了一份價值數百萬美元的新的 Intel 18A 合約。我們最初預計這份合約會在第四季末授予。然而，客戶決定擴大其 AI 中 EFPGA 控制器的規模，以提供更大的可程式靈活性。

While this is a beneficial trend for Quicklogic, it has delayed the contract award. We are currently forecasting this contract will be awarded during Q2. During our November 2025 conference call, ICE stated that we would soon announce the expansion of our involvement with a dib that specializes in cybersecurity for strategic and tactical weapons systems.

雖然這對 Quicklogic 來說是一個有利的趨勢，但卻推遲了合約的授予。我們目前預測該合約將在第二季授予。在 2025 年 11 月的電話會議上，ICE 表示，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公司合​​作。

On December 8th, we issued a press release announcing Idaho Scientific selected our EFPGA HIP for forward-leaning hardware-based cryptographic solutions designed to address mobile IoT infrastructure and defense systems. Idaho Scientific has a rich history in leveraging EFPGA technology to deliver robust security systems that can adapt quickly to changing external threats without the vulnerabilities that are inherent in software-based solutions.

12 月 8 日，我們發布新聞稿宣布 Idaho Scientific 選擇我們的 EFPGA HIP 用於前瞻性的基於硬體的加密解決方案，旨在解決行動物聯網基礎設施和國防系統問題。愛達荷科學公司在利用 EFPGA 技術提供強大的安全系統方面擁有豐富的經驗，這些系統可以快速適應不斷變化的外部威脅，而不會出現基於軟體的解決方案固有的漏洞。

By integrating our EFPGA hard IP into its secure system on chip processors, it can further enhance its cryptographic security and address new markets much more quickly and with lower risks and lower costs. Last April we announced an EFPGA hard IP contract with a new defense industrial based customer valued at $1.1 million that will be fabricated on the GF 12 OP process.

透過將我們的 EFPGA 硬 IP 整合到其安全的系統單晶片處理器中，它可以進一步增強其加密安全性，並以更低的風險和成本更快地開拓新市場。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 OP 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 in designs targeting advanced fabrication nodes. With the cooperation of this db and its end customer, we are leveraging the large EFPGA core into a new seven-figure contract that we expect to announce this year.

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，這是我們在先進製造節點的設計中看到的趨勢。在該資料庫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，我們預計將於今年宣布該合約。

However, due to the fact this contract involves multiple parties, it is taking longer than we expected to finalize. Based on current forecasts, we anticipate the contract award later this quarter. In the scope of this new contract, we will be provided with test chips that we will incorporate in an evaluation. The evaluation kit, which is currently scheduled for late 2026, will be compatible with common third-party development environments used by both dibs and commercial customers.

然而，由於這份合約涉及多個當事方，因此完成所需時間比我們預期的要長。根據目前的預測，我們預計合約將於本季稍後授予。根據這份新合同，我們將獲得測試晶片，並將其納入評估流程。該評估套件目前計劃於 2026 年底推出，將與 dibs 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 discrete EFPGA or our EFPGA heart IP in an AI. In parallel with these efforts, we're exploring the potential to leverage the EFPGA as a chilet that is co-packaged with one of our partners, microcontrollers. We are already seeing interest from some of our partners on this concept.

這使得這些客戶能夠加速系統層級評估和設計，這些評估和設計既可以使用分離式 EFPGA 的前端版本，也可以使用我們在 AI 中使用的 EFPGA 核心 IP。同時，我們正在探索利用 EFPGA 作為 chilet 與我們的合作夥伴之一——微控制器——共同封裝的可能性。我們已經看到一些合作夥伴對這個概念表現出了興趣。

We completed the initial phase of our digital proof of concept triplet program in 2025 as a strategy to accelerate our store front ship initiative. Internally, we refer to this as POC. With the support of our large strategic partners, we leveraged our existing EFPGA hard IP and readily available third-party IP to move this program forward rapidly and with minimal investment.

我們於 2025 年完成了數位概念驗證三重奏計畫的第一階段，以此作為加速我們門市出貨計畫的策略。在內部，我們稱之為 POC。在大型策略合作夥伴的支持下，我們利用現有的 EFPGA 硬 IP 和現成的第三方 IP，以最少的投資快速推進該專案。

With ongoing debates regarding the communications and protocol layers of chiplet interfaces, this POC and our decades of experience in EFPGA bridging positions us well as a potential solution to move chilet designs forward to satisfy what appears to be significant pent-up demand.

鑑於目前關於晶片介面的通訊和協定層的爭論仍在繼續，這項概念驗證以及我們在 EFPGA 橋接方面數十年的經驗，使我們成為推動晶片設計向前發展的潛在解決方案，以滿足目前似乎存在的巨大需求。

We were invited to present a paper on our POC at the recent chiplet summit and at the Intel Foundry's partners presentation at the upcoming GomA together with Cadence and trusted Summit Conductor Solutions.

我們受邀在最近的晶片組高峰會上發表關於我們 POC 的論文，並在即將舉行的 GomA 大會上與 Cadence 和值得信賴的 Summit Conductor Solutions 一起向英特爾代工合作夥伴發表演講。

The net takeaway from our presentation at the chiplet Summit supports our optimism that chiplet will build traction in 2026. The primary hurdles today are interoperability gaps, and we believe a storefront FPGA triplet is the logical solution for a programmable bridge.

我們在 Chiplet 峰會上的演講得出的總體結論支持了我們對 Chiplet 將在 2026 年獲得廣泛應用的樂觀態度。目前的主要障礙是互通性差距，我們認為店面 FPGA 三元組是可程式橋接的合理解決方案。

Earlier this year, Epson gave us permission to share its case study that supports our claims that using FPGA technology to process algorithms lowers power consumption without sacrificing programmability relative to processing and software. We published the results in a blog post on January 13th. Epson's SC was originally architected to run workloads entirely in software.

今年早些時候，愛普生允許我們分享其案例研究，該案例研究支持了我們的說法，即使用 FPGA 技術處理演算法可以降低功耗，而不會犧牲相對於處理和軟體的可編程性。我們在1月13日的部落格文章中公佈了研究結果。愛普生的SC最初設計為完全在軟體中運行工作負載。

But as demand for more features and real-time responsiveness grew, power consumption became a limiting factor. Epson's engineering team recognized that moving compute intensive functions into dedicated hardware could deliver significant efficiency gains, but the hardware solution would need to be capable of adapting to changes in algorithms. This meant the only practical solution would be an EFPGA core integrated inside the SOC.

但隨著對更多功能和即時回應能力的需求不斷增長，功耗成為了一個限制因素。愛普生的工程團隊意識到，將運算密集功能轉移到專用硬體上可以顯著提高效率，但硬體解決方案需要能夠適應演算法的變化。這意味著唯一可行的解​​決方案是在 SoC 內部整合 EFPGA 核心。

By using our proprietary Australis EFPGA IP generator, we were able to quickly deliver a customized Tar IP course specifically designed to the SSC application that targeted TSMC's E12N fabrication technology. Adding to our challenge was the fact that this would be our first EFPGA hard IP for E12N.

透過使用我們專有的 Australis EFPGA IP 產生器，我們能夠快速交付專為 SSC 應用設計的客製化 Tar IP 課程，該課程針對台積電的 E12N 製造技術。雪上加霜的是，這將是我們第一個用於 E12N 的 EFPGA 硬體 IP。

From design handoff to silicon validation, the IP integrated cleanly into Epson's SOC without the need for re-spins or late-stage design changes. Epson was able to boot, configure, and validate the EFPGA subsystem immediately, accelerating its schedule and reducing risk. After final testing, Epson confirmed the resulting design, reduced overall power consumption by 50%. This makes a huge difference for battery powered systems.

從設計交付到晶片驗證，該 IP 順利整合到愛普生的 SoC 中，無需重新設計或後期設計變更。愛普生能夠立即啟動、配置和驗證 EFPGA 子系統，加快了進度並降低了風險。經過最終測試，愛普生確認了最終設計，整體功耗降低了 50%。這對電池供電系統來說意義重大。

Given our success in this design, we believe we are very well positioned for future opportunities with Epson, as well as other companies with similar requirements. As I'm sure you noticed in our 8-K, we took a large impairment charge on Sensible. This is due to the standard accounting practice to impair the value of an asset held for sale for a year or longer.

鑑於我們在該設計方面的成功，我們相信我們已做好充分準備，迎接未來與愛普生以及其他有類似需求的公司合作的機會。正如您在我們的 8-K 文件中看到的，我們對 Sensible 提列了一大筆減損準備。這是由於標準的會計慣例，即對持有待售一年或更長時間的資產提列減值準備。

During the last year, we have discussed the divestiture of Sensio with microcontroller companies and in one case, those discussions advanced to due diligence, but were concluded without an agreement. We are in discussions today with a large company where Sensible software potentially presents high value for new AI and drone projects. We cannot provide assurance that this or other discussions will result in a transaction.

在過去一年中，我們曾與微控制器公司討論過出售 Sensio 的事宜，其中一次討論甚至進入了盡職調查階段，但最終未能達成協議。我們今天正與一家大公司進行洽談，Sensible 軟體可能為新的人工智慧和無人機專案帶來很高的價值。我們無法保證這次或其他討論最終會促成交易。

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. Total fourth quarter revenue was $3.7 million. This was down 35% from Q4 2024. And up 84% from Q3 2025. New product revenue in Q4 was $2.8 million. And mature product revenue was $0.9 million. New product revenue was down 39% from Q4 2024. And up 199% compared to Q3 2025. Mature product revenue was down from $1 million in the fourth quarter of 2024.

謝謝你，布萊恩，大家下午好。第四季總收入為370萬美元。這比 2024 年第四季下降了 35%。與 2025 年第三季相比成長 84%。第四季新產品收入為280萬美元。成熟產品收入為 0.9 百萬美元。新產品收入較 2024 年第四季下降 39%。與 2025 年第三季相比成長 199%。成熟產品收入較 2024 年第四季的 100 萬美元有所下降。

And $1.1 million in the third quarter of 2025. Non-GAAP gross margin in Q4 was 20.8%. The primary reason is the non-GAAP gross profit margin. Was below my outlook are 473,000 in inventory reserves. And 135,000 in contracted professional services costs. Attributable to COGS that were not anticipated at the time of our last conference call.

2025 年第三季將達到 110 萬美元。第四季非GAAP毛利率為20.8%。主要原因是非GAAP毛利率。低於我的預期，庫存儲備為 473,000。還有13.5萬美元的合約專業服務費用。由於上次電話會議時未預料到的銷售成本所致。

The balance is mostly attributable to a higher than expected contribution from professional services relative to IP and mature product revenue. Long GAAP operating expenses in Q4 were approximately $3.5 million. This was 500,000 above the midpoint of our outlook. Due to the booking of certain executive incentives in Q4.

造成這種平衡的主要原因是專業服務收入相對於知識產權和成熟產品收入的貢獻高於預期。第四季長期GAAP營運費用約350萬美元。這比我們預期的中點高出 50 萬。由於第四季度預訂了某些高階主管獎勵。

This compares with non-GAAP operating expenses of $2.9 million in the fourth quarter of 2024 and $2.9 million in the third quarter of 2025. Non-GAAP net loss was $2.9 million or $0.17 per share. This compares to a non-GAAP net income of $0.6 million. Of $0.04 per diluted share in Q4 2024. And a non-GAAP net loss of $3.2 million or $0.19 per share in the third quarter of fiscal 2025.

相較之下，2024 年第四季非 GAAP 營運費用為 290 萬美元，2025 年第三季為 290 萬美元。非GAAP淨虧損為290萬美元，即每股虧損0.17美元。相比之下，非GAAP淨收入為0.6百萬美元。2024 年第四季每股攤薄收益為 0.04 美元。2025 財年第三季非 GAAP 淨虧損為 320 萬美元，即每股虧損 0.19 美元。

The difference between our GAAP and non-GAAP results is related to non-cash stock-based compensation expenses and the non-cash impairment charge for sensible that Brian mentioned. Stock-based compensation for Q4 was 700,000 compared to 900,000 in Q4 2024 and 800,000 in Q3 2025.

我們的 GAAP 和非 GAAP 結果之間的差異與 Brian 提到的非現金股票選擇權費用和非現金減損費用有關。第四季的股票選擇權補償為 70 萬，而 2024 年第四季為 90 萬，2025 年第三季為 80 萬。

For the fourth quarter, 3 customers accounted for 10% or more of total revenue. At the close of Q4, total cash was $18.8 million. Inclusive of $15 million from our credit facility.

第四季度，有 3 位客戶的收入佔總收入的 10% 或以上。第四季末，現金總額為1880萬美元。其中包括來自我們信貸額度的 1500 萬美元。

This compares with $17.3 million inclusive of $15 million from a credit facility at the close of Q3 2025. This increase of $1.5 million in net cash is inclusive of $3.2 million raised with our ATM during Q4. Now moving to our guidance and outlook for our fiscal first quarter, which will end on March 29, 2026. Based on backlog and customer forecasts, our total revenue guidance for Q1 is $5.5 million plus or minus 10%.

相比之下，截至 2025 年第三季末，該金額為 1,730 萬美元，其中包括來自信貸安排的 1,500 萬美元。淨現金增加 150 萬美元，其中包括第四季透過 ATM 籌集的 320 萬美元。現在讓我們來看看我們對截至 2026 年 3 月 29 日的第一財季的業績指引和展望。根據積壓訂單和客戶預測，我們第一季的總收入預期為 550 萬美元，上下浮動 10%。

We expect total revenue to be comprised of $4.5 million in new product revenue and $1 million in mature product revenue. For the full year, we anticipate mature product revenue will be approximately $4 million. Based on the anticipated Q1 revenue mix, non-GAAP gross margin for the first quarter is expected to be approximately 45% plus or minus 5%.

我們預計總收入將包括新產品收入 450 萬美元和成熟產品收入 100 萬美元。我們預計全年成熟產品收入約 400 萬美元。根據預期的第一季營收組成，第一季的非GAAP毛利率預計約為45%±5%。

For the full year 2026, we're modeling a 57% non-GAAP gross profit margin. However, there are several factors that we believe will weigh on our non-GAAP gross profit margin during the first half of 2026. We are modeling services revenue will be a high percentage of total revenue during the first half.

我們預計 2026 年全年非 GAAP 毛利率為 57%。然而，我們認為有幾個因素將在 2026 年上半年對我們的非 GAAP 毛利率產生影響。我們預計上半年服務收入將佔總收入的較高比例。

In support of services, we will have costs for software tools that we lease, and we will utilize outside engineering services in addition to our internal resources. A large percentage of these costs are currently being modeled as COGS. We expect some percentage of these costs will be capitalized, but it is unclear at this point the exact percentage.

為了提供支援服務，我們將產生租賃軟體工具的費用，除了內部資源外，我們還將利用外部工程服務。目前，這些成本中很大一部分被建模為銷售成本。我們預期這些成本有一部分會被資本化，但目前尚不清楚具體比例。

Also, during the first half, we will incur certain significant costs associated with large contracts that will be recognized late during the quarter, and the offsetting revenue will not be recognized until the following quarter. We're modeling these factors as negatively impacting our non-GAAP gross profit margin during Q1 and Q2.

此外，上半年我們將產生一些與大型合約相關的重大成本，這些成本將在本季末確認，相應的收入要到下一季才能確認。我們認為這些因素將對我們的第一季和第二季的非GAAP毛利率產生負面影響。

Among the significant costs we're modeling for fiscal 2026. A 3 multi-project wafer or MPW tip-outs. all three tip outs are for products that we intend to sell via our storefront program. The costs associated with 2 of these tape outs will be fully covered by customer contracts.

我們正在模擬 2026 財年的一些重大成本。3 個多項目晶圓或 MPW 出料口。這三個出料口都用於我們計劃透過我們的線上商店計劃銷售的產品。這兩次磁帶輸出的相關費用將完全由客戶合約承擔。

One of these contracts is already on the books, and another is in the very late stages of negotiation. We believe the costs associated with the third tip out will be covered at least in part by contracts. If contracts are secured in advance of this tape out, it would be an upside to a full year model. 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.

其中一份合約已經生效，另一份合約也已進入談判的最後階段。我們相信，第三次棄球的相關費用至少部分將由合約承擔。如果在錄製完成之前就能簽訂合同，那麼推出全年模式將是一個優勢。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 (COGS) 或營運支出 (OpEx)，或將某些成本資本化。

These classifications are related to labor and tooling for IP products, IP contracts, pardon me. This may cause variability in our quarterly gross margins and operating results that will usually balance out on the operating line. With that in mind, our Q1 non-GAAP operating expenses are expected to be approximately $3.2 million. Plus or minus 5%.

這些分類與知識產權產品的勞動力和工具、知識產權合約有關，抱歉。這可能會導致我們季度毛利率和經營業績出現波動，但通常會在經營業績上達到平衡。考慮到這一點，我們預計第一季非GAAP營運費用約為320萬美元。正負5%。

We are expecting full year on GAAP operating expenses to be approximately $13.5 million. This forecasted growth of 14% in non-GAAP OE over 2025. Is to support our anticipated revenue growth in 2026. After interest and other income, we're forecasting a Q1 net loss of about 800,000, or loss of approximately $0.04 per share.

我們預計全年以美國通用會計準則計算的營運費用約為 1,350 萬美元。預計到 2025 年，非 GAAP OE 將成長 14%。旨在支持我們預計在 2026 年實現的收入成長。扣除利息和其他收入後，我們預計第一季淨虧損約為 80 萬，即每股虧損約 0.04 美元。

The main difference between our GAAP and non-GAAP results is related to non-cash stock-based compensation expenses. In Q1, we expect this compensation will be approximately 800,000. Which is similar to Q4 2025 and Q1 2025. As a reminder, there will be movement in our stock-based compensation during the year. And it may vary quarter to quarter based on the timing of grants.

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。我們預計第一季這筆補償金約為 80 萬。這與 2025 年第四季和 2025 年第一季的情況類似。再次提醒各位，年內我們的股票選擇權激勵計畫會有變動。而且，由於撥款時間不同，每季的情況可能會有所改變。

Prior to this conference call, we raised approximately $3.2 million during Q1 using our existing ATM. We anticipate Q1 cash use net of money raised with our ATM will be approximately $1.4 million. Our projected Q1 cash use is negatively impacted by the expected timing of payments attributable to our prime US government contract.

在本次電話會議之前，我們在第一季利用現有的 ATM 籌集了約 320 萬美元。我們預計第一季現金使用量扣除透過 ATM 籌集的資金後約為 140 萬美元。由於我們與美國政府簽訂的主要合約的預期付款時間，我們預計第一季的現金使用將受到負面影響。

The timing of these payments during the year is expected to benefit cash flow during the second half. I say, heads up, We are working to secure a new banking partner. As we are focused on obtaining more favorable terms. That will lower our costs and purposely reduce our line of credit from $20 million to $10 million.

這些款項的支付時間表預計將有利於下半年的現金流。我提醒大家，我們正在努力尋找新的銀行夥伴。我們正致力於爭取更有利的條款。這將降低我們的成本，並將我們的信貸額度從 2000 萬美元減少到 1000 萬美元。

Thank you for your time, and with that, I will now turn the call over to Brian for his closing comments.

感謝您抽出時間，接下來我將把電話交給布萊恩，請他作總結發言。

Thank you, Elias. Through hard work, dedication, and long hours, the Quick Logic team accomplished numerous strategic milestones in 2025 that has enabled us to enter 2026 on extremely sound footing. Thank you all for what you have accomplished.

謝謝你，伊萊亞斯。透過辛勤工作、奉獻精神和長時間的努力，Quick Logic 團隊在 2025 年完成了許多策略里程碑，使我們能夠以非常穩健的基礎進入 2026 年。感謝大家所取得的成就。

Our continued performance on our prime US government contract has led to its expansion to a potential $89 million. The addition of Global Foundries and its 12OP fabrication process, which is used today by numerous dips for a variety of radiation hardness requirements, and most recently the award of a $13 million tranche. Independent of this contract, QuickLogic funded its own strategic radiation Hard or SRH discrete EFPGA test chip.

我們在美國政府主要合約中持續表現出色，使得合約金額可望擴大至 8,900 萬美元。新增了 Global Foundries 及其 12OP 製造工藝，目前已被眾多 DIP 廠商用於滿足各種抗輻射要求，最近還獲得了 1,300 萬美元的訂單。與此合約無關，QuickLogic 自行資助開發了策略性抗輻射或 SRH 分立式 EFPGA 測試晶片。

We now have test chips in hand as well as orders for our SRH EFPGA depth kit that will enable dibs to evaluate our test chip for the full spectrum radiation hardness requirements. This significantly accelerates our ability to win both discrete SRH EFPGA designs we can storefront. As well as designs that are better suited to embed our SRH EFPGA heart IP in Aix.

我們現在手邊有了測試晶片，並且收到了 SRH EFPGA 深度套件的訂單，這將使 dibs 能夠評估我們的測試晶片是否符合全光譜輻射加固要求。這大大加快了我們贏得可入駐的獨立 SRH EFPGA 設計的能力。以及更適合將我們的 SRH EFPGA 心臟 IP 嵌入 Aix 的設計。

To further accelerate our storefront business model in 2026, we are planning three multi-project wafer or MPW tape outs this year. all three tape outs are for chips that we intend to sell via our storefront program.

為了進一步加速我們在2026年的線上商店業務模式，我們計劃今年進行三個多項目晶圓（MPW）流片。這三項流片都將用於我們計劃透過線上商店項目銷售的晶片。

The cost for 2 of these tape outs will be fully covered by customer contracts. One of these contracts is already on the books, and another is in the very late stages of negotiation. We believe the 3rd tape out will be covered at least in part by contracts.

這兩次磁帶輸出的費用將由客戶合約全額承擔。其中一份合約已經生效，另一份合約也已進入談判的最後階段。我們相信第三盤磁帶的發行至少部分會受到合約的約束。

Through a revenue generating contract with a customer, we developed architectural enhancements for our core EFPGA technology that enables us to address the lucrative markets for very high density in both discrete and embedded designs. These enhancements were initially developed for Intel 18A and are extensible to all advanced fabrication nodes.

透過與客戶簽訂的創收合同，我們為核心 EFPGA 技術開發了架構增強功能，使我們能夠滿足離散和嵌入式設計中超高密度帶來的利潤豐厚的市場需求。這些增強功能最初是為 Intel 18A 開發的，並且可以擴展到所有先進的製造節點。

Given the sound foundation of the recently awarded US government contract, our outlook for continuing mature business of approximately $4 million in 2026, and the number of pending contracts that are in the late stages of negotiation, we believe we are well positioned to deliver between 50% and 100% revenue growth in 2026. With that, I will turn the call over for questions.

鑑於最近獲得的美國政府合約的良好基礎，我們預計 2026 年成熟業務將繼續保持約 400 萬美元的收入，以及許多正在談判後期階段的待定合同，我們相信我們有能力在 2026 年實現 50% 至 100% 的收入增長。接下來，我將把通話交給提問者。

(Operator Instructions).

（操作說明）

Our first question is from Richard Shannon with Craig Hallam Capital Group. Please proceed.

我們的第一個問題來自 Craig Hallam Capital Group 的 Richard Shannon。請繼續。

Thanks, Brian and Elias for taking my questions. Oh, hey, to keep, Brian, you kind of saved the best for last year with the, outlook for the year here. So I guess I'll start with that, topic here and, ask for a little bit of help and trying to think about the dollar growth here, contributions as we go from 25% to 26% and that, 50% to 100% here. Wonder if you could, portray that by, store for contribution. Defense versus commercial and. Any other ways you'd like to split that up, please?

謝謝Brian和Elias回答我的問題。哦，嘿，布萊恩，你去年對今年的展望真是精彩紛呈，把最好的都留給了去年。所以我想我就從這個主題開始，請求一些幫助，並試著思考美元的成長，以及我們從 25% 到 26% 再到 50% 到 100% 的貢獻。不知道你是否可以，透過某種方式來描繪，並為此做出貢獻。國防與商業。還有其他拆分方式嗎？

Sure, so as I said, $4 million of that is going to be our base mature business which we're very comfortable with at this point for the year and then of course the $13 million tranche for the US government contract, so that's 17, if you were to look at the range of 50% to 100%, obviously we need to get well into the 20s, to get to that, and we're expecting that there will be additional contracts that are defense related, for either.

當然，正如我所說，其中 400 萬美元將是我們的基礎成熟業務，我們目前對今年的業績非常滿意；當然還有 1300 萬美元的美國政府合同，所以總共是 1700 萬美元。如果以 50% 到 100% 的範圍來看，顯然我們需要達到 2,000 萬美元以上才能實現目標。我們預計還會有其他與國防相關的合約。

The one of those MPW test ships that I alluded to, and or IP that would be to defense contractors for use in their A6 as I mentioned as we've gone and upgraded our architecture to support higher luck counts, we're seeing a lot of interest in that type of architecture for some of these process technologies that are tried and true for US defense companies like 18A and 120P.

我提到的那些 MPW 測試船之一，或者說是供國防承包商在其 A6 上使用的 IP，正如我之前提到的，我們已經升級了我們的架構以支持更高的幸運計數，我們看到人們對這種架構非常感興趣，它適用於美國國防公司久經考驗的一些工藝技術，例如 18A 和 120P。

And then if you go on top of that a little bit further, we see other commercial IP opportunities, one of which I mentioned during the call that we felt was, pushed into 2026 from 2025 with that commercial customers specifically because they were looking at making the IP core larger to handle more capability, and so there was a lot of architectural discussions and tradeoffs going on that sort of naturally pushed that. IP contract into what we're now forecasting to be 2026, but that would be a non-defense customer for that particular IP license. Does that help give color to the question, Richard?

此外，我們還可以看到其他商業 IP 機會，我在電話會議中提到過，我們認為，由於商業客戶希望擴大 IP 核心以處理更多功能，因此，商業客戶將這一機會從 2025 年推遲到了 2026 年，因此，有很多架構方面的討論和權衡，這自然而然地推動了這一進程。IP 合約預計將於 2026 年到期，但對於該特定 IP 授權而言，該客戶並非國防客戶。理查德，這樣能幫助你更能理解這個問題嗎？

Yes, it does here. So maybe, it would, I probably should have asked this as a, multiple part question here, but maybe just want to get a little sense of what are the differences between high and low end of that ranger. I think I heard part of it, but I'd love to hear you put that all together.

是的，這裡確實如此。所以，或許我應該把這個問題分成幾個部分來問，但我只是想稍微了解一下這款 Ranger 的高端和低端型號之間有什麼區別。我好像聽到了一部分，但我很想聽你把所有內容完整地表達出來。

Please. Sure, so the, if you look at the low end of that range. That would definitely be the base $4 million dollar business, the current tranche that we have for the government contract, and I'd say.

請。當然，如果你看一下這個範圍的低端。那肯定就是那筆價值 400 萬美元的基本業務，也就是我們目前獲得的政府合約款項，而且我認為。

A couple of IP licenses, one of which would be useful for one of these MPW tape outs, and then the higher end or even exceeding the higher end of that would be as we layer additional IP licenses on top of that, and perhaps even further funding on the government contract.

幾個 IP 許可證，其中一個對其中一個 MPW 磁帶輸出有用，然後更高的上限，甚至超過更高的上限，是因為我們在此基礎上疊加額外的 IP 許可證，甚至可能在政府合約上獲得更多資金。

Okay, that is helpful. Maybe a couple other questions, for me here, so big picture when we look at strategic ride hard, both I asked this question both as EFPGAs as well as the opportunity to do storefronts for Aix and include your IP here.

好的，這很有幫助。可能還有幾個問題，對我來說，從宏觀角度來看，當我們著眼於策略性地全力以赴時，我提出的這個問題既涉及 EFPGA，也涉及為 Aix 開發店面並包含您的 IP 的機會。

What do we think or how do we think about timing of wins with any of these dibs for, I think substantial programs. I think that was the intention of this program all along here. Help us understand what you're expecting to happen this year versus in the following years.

我們認為，對於這些我認為是實質的項目而言，勝利的時機該如何掌握？我認為這正是這個計畫從一開始就想要達到的目的。請幫助我們了解您對今年和未來幾年的預期。

So this year we're expecting evaluations to take place using our test strips. Either ours or the government funded one and then getting to some sort of architecture understanding with these dips by the end of this year, this fiscal year, next year starting actual development activity, with those chips, so to be clear, this year is very much an evaluation year.

所以今年我們預計將使用我們的測試條進行評估。無論是我們自己還是政府資助的，都要在今年年底、本財年結束前對這些晶片的架構有所了解，明年才能開始使用這些晶片進行實際的開發活動。所以說清楚點，今年是評估年。

All of these com companies are very risk averse from a technical perspective and so they need the time to dig into the. The test sch and make sure that they understand it and are comfortable with the tools that go along with it, meaning our software tools and the device and the dev kits themselves.

從技術角度來看，所有這些公司都非常規避風險，因此他們需要時間深入研究。測試方案，並確保他們理解並能熟練使用相關工具，包括我們的軟體工具、設備和開發套件本身。

So meaning exiting this year with their positive feedback and sort of thumbs up that they want to move forward with architecture insertion the next year.

所以，這意味著他們今年帶著正面的回饋和點頭表示贊同，希望明年繼續推進架構插入工作。

Okay, that is helpful perspective. Maybe jumping back quickly to thought process for the year here, you mentioned a sales number and then, Elias also gave us some other numbers. I wasn't able to put those together here to understand whether we're going to be, a net income positive or cash flow positives here. Maybe you can help us understand, your thought process either both at the low and the high end of your sales guidance rank.

好的，這很有幫助。讓我們快速回到今年的思考過程，你提到了一個銷售額數字，然後，Elias 也給了我們一些其他數字。我無法將這些因素綜合起來，以了解我們能否實現淨收入為正或現金流為正。或許您可以幫助我們了解一下，您在銷售指導等級的低端和高端階段的思考過程。

Well, I'll tell you if it's we're expecting cash flow positive on the second half of the year for sure. Not the first half, Richard.

嗯，我可以告訴你，我們預計下半年現金流肯定為正值。不是前半部分，理查德。

Okay, and how about that that income or EPS? What's that looking like the bottom line.

好的，那麼收入或每股盈餘呢？看起來，最終結果會是什麼？

Same, I think we'll be on the high end in the second half of the year and not the first half as well. But I expect to be, both positive, on net income in the second half of the year.

我也這麼認為，我覺得我們下半年業績會處於較高水平，而上半年則不會。但我預計下半年淨收入將為正值。

Okay, that is helpful, and one last question for me, I'll jump on the line here.

好的，這很有幫助。我還有一個問題，我這就插上電話。

Brian, you mentioned, targeting three MPWs this year, and I think I've lost a couple of it or some of the details you offered regarding that, but maybe you can help us understand the dynamics here and is this something that's, kind of follow on to the ones you got on last year or these blossoming opportunities that you expect to continue to do here? Like how should we think about these, and I can't remember also, did you mention the, process note or even founders of those.

布萊恩，你提到今年目標是三個MPW，我想我可能漏掉了一些你提供的細節，但也許你能幫我們了解一下其中的動態，這是否是你去年獲得的那些機會的延續，或者你希望繼續在這裡抓住這些蓬勃發展的機會？我們該如何看待這些問題？還有，我記不清了，你有沒有提到流程說明，或是這些流程說明的創辦人？

Yeah. Thank you. Yeah, we did not mention process technology for these, and I, I'm not going to, but they are. Based on process technologies that we already support so we don't have to do an actual physical port to a new process to execute on these, and I think we're trying to convey that.

是的。謝謝。是的，我們沒有提到這些工藝技術，我也不打算提，但它們確實是工藝技術。基於我們已經支援的製程技術，我們不需要實際地將製程移植到新的製程流程來執行這些操作，我認為我們正在努力傳達這一點。

Two of these will be fully covered by customer contracts and one of them would be partially covered by the contract, the key here being that there's going to be end customers associated with all three of them. They're the driving force behind the definition of these and in some cases like we mentioned either partial or fully funding, the development of them during the year.

其中兩項將完全由客戶合約承保，一項將部分由合約承保，關鍵在於這三項都將有最終客戶。他們是這些定義背後的推動力量，在某些情況下（正如我們所提到的），他們會在一年中部分或全部資助這些定義和開發。

Okay, sounds good. I will jump on the line, guys. Thank you.

好的，沒問題。夥計們，我這就上線。謝謝。

Thanks, Richard.

謝謝你，理查。

Our next question is from Neil Young with Needham and Company. Please proceed.

我們的下一個問題來自 Neil Young 和 Needham and Company。請繼續。

Hey everyone, thank you for letting me ask some questions. .

大家好，感謝各位允許我提問。。

First, hey, the first question I wanted to ask about the, high performance data center win that you talked about in the press release. Maybe if we could dig a little bit deeper than that, share what the application is, just any other caller I think would be interesting.

首先，我想問的第一個問題是關於您在新聞稿中提到的高效能資料中心專案。或許我們可以更深入地挖掘一下，分享一下應用程式是什麼，我覺得其他來電者也會很有趣。

Thanks. Sure, so this is a 12 nanometer design and it's for an EFGPA core. The EFGPA core for this particular one is a meaningful percent of the die size, meaning it's not just an insurance policy. It's actually delivering capability that they've architected in from day one to be very important for the functionality of this chip.

謝謝。當然，這是一個 12 奈米設計，用於 EFGPA 核心。對於這款晶片來說，EFGPA 核心佔晶片尺寸的很大一部分，這意味著它不僅僅是一項保險措施。實際上，它實現了他們從一開始就設計進去的、對這款晶片的功能至關重要的功能。

Because it's not a 3 or 4 nanometer chip, obviously it's not going to be a GPU class device, but there's a lot of peripheral components in these data center, printed circuit boards that surround those types of devices, and this would be an example of one of those let's call it peripheral chips that are still important and critical for overall functionality but not the core of the compute, so we're continuing to execute on that, continuing our engagement with the customer.

因為它不是 3 奈米或 4 奈米晶片，顯然它不會是 GPU 等級的設備，但這些資料中心裡有很多外圍組件，圍繞著這類設備的印刷電路板，而這正是其中一個例子，我們稱之為外圍晶片，它對整體功能仍然很重要，但不是運算的核心，所以我們將繼續推進這項工作，繼續與客戶保持溝通。

And hopefully supporting their tape out at some point later this year. The nice thing about it, I'm glad you brought it up, Neil, because this is sort of the.

希望他們能在今年稍晚推出這張專輯。這件事的好處在於，尼爾，我很高興你提到了它，因為這有點像是…

Probably the largest IP contract we've had in recent times for a non-defense application and a lot of people have asked us repeatedly, are you going to be beyond just defense and we said yes and I think it's glad that we're we're able to talk about this particular example because it clearly is a non-defense application and we believe hopefully the start of other non-defense applications as well.

這可能是我們近期獲得的最大非國防應用知識產權合同，很多人反覆問我們，你們的業務是否會擴展到國防以外，我們的回答是肯定的。我很高興能夠談論這個具體的例子，因為它顯然是一個非國防應用，我們希望這也能成為其他非國防應用的開端。

The other one I'll mention is Epson, right? We gave Epson more airtime today in the call based on that blog. That's also an example of a non-defense use. So you know it's been a while getting to more commercial customers, but I think we're starting to see a little bit more momentum and interest there now that we have these other process technologies supported.

我還要提一下愛普生，對吧？根據那篇部落格的內容，我們今天在電話會議上給了愛普生更多的發言時間。這也是非防禦用途的例子。你知道，我們花了很長時間才接觸到更多的商業客戶，但我認為，隨著我們支持其他工藝技術，我們開始看到這方面出現了一些新的勢頭和興趣。

Thanks, that makes sense. The other question I had, I'm just interested in the competitive dynamic. So you talked about, the potential storefront business being pretty large for this discrete, strategic red Hart EFPGA during the coming year and the year after that. I was curious if the competition differs at all from, your traditional, EFPGA IP that you've talked about. So just any, anything different on the competition front would be helpful just understanding that.

謝謝，我明白了。我還有另一個問題，我對競爭動態很感興趣。所以你提到，在未來一年和後年，這款獨立的、具有戰略意義的紅色 Hart EFPGA 的潛在店面業務規模相當大。我很好奇，與您之前提到的傳統 EFPGA IP 相比，這種競爭格局是否有所不同。所以，任何與競爭方面不同的情況，了解這一點都會很有幫助。

Sure. So we go up to 50,000 ft and we say what's the programmable logic umbrella in total? There's EFPGA and there's EFPGAs, and most people know the EFPGA competitors or I guess the peers if you will, some of them not really competitors would be Xylynx and Alterra and the EFPGA division of Microchip and lattice and. A Phoenix and a chronic, those are sort of the companies that do discrete EFPGA devices.

當然。所以我們上升到 50,000 英尺的高度，然後問：可程式邏輯的總覆蓋範圍是多少？EFPGA 有好有壞，大多數人都知道 EFPGA 的競爭對手，或者說是同行，其中一些其實算不上真正的競爭對手，比如 Xylynx 和 Alterra，以及 Microchip 和 Lattice 的 EFPGA 部門等等。Phoenix 和 Chronic 這兩家公司都是生產分離式 EFPGA 裝置的。

Now of those, if we think about what are the ones that are US based and have a defense focus and do devices that would fall into this category of some level of radiation hardness, you can kind of go and zoom in and say, okay, well today microchip has devices from their Axtel acquisition long ago that do this rat tolerant to some extent red hard. Xylynx has some rat tolerant, I think one rat heart device.

現在，如果我們考慮哪些公司總部位於美國，專注於國防，並且生產的設備屬於這種具有一定程度抗輻射能力的範疇，那麼我們可以縮小範圍，然後說，好的，現在微晶片公司透過很久以前收購的Axtel公司生產的設備，在某種程度上具有抗輻射能力和抗輻射能力。Xylynx公司有一些對大鼠耐受的裝置，我想應該有一個是用於大鼠的心臟裝置。

I think Alterra has some, although I admit I haven't looked at their product portfolio recently, and I think Gladys would like to get into defense and doesn't really have anything today in that area. I don't think the ronic says.

我認為 Alterra 有一些產品，雖然我承認我最近沒有關注過他們的產品組合，而且我認為 Gladys 想進軍國防領域，但目前在這個領域還沒有任何產品。我不認為諷刺意味會這麼說。

I think a phoenix is mostly focused on Asia, so you're already whittled down pretty closely to just a couple of people that do any level of serious radiation hardness or tolerance, but when you compare and you say, okay, well. Let me move the bar and say it has to be manufactured on shore and it's got to meet strategic levels. I would challenge anybody to go to the websites of those companies I just mentioned and point to a device that meets those requirements.

我認為鳳凰主要集中在亞洲，所以實際上只有少數幾個人從事任何程度的嚴肅的輻射加固或耐受性研究，但是當你進行比較並說，好吧，嗯。我再提高一下標準，它必須在國內生產，而且必須達到戰略水準。我敢打賭，任何人都無法訪問我剛才提到的那些公司的網站，並指出哪一款設備符合這些要求。

I think that it's a null set. So I think we're really well positioned in that sense, as we continue to execute on this program. Now the other part of the programmable logic umbrella, as I mentioned, is EFPGIP. And none of those companies that I just mentioned have a real EFPG IP business. They want to sell you devices because they view IP as undermining device sales, I would imagine.

我認為這是一個空集合。所以我認為，從這個意義上講，我們處於非常有利的地位，因為我們將繼續執行這個專案。正如我之前提到的，可程式邏輯的另一部分是 EFPGIP。我剛才提到的那些公司都沒有真正的 EFPG IP 業務。我想，他們之所以想賣給你設備，是因為他們認為智慧財產權會損害設備銷售。

From an IP perspective, there's really just a couple of companies that have done IP in the last few years, besides QuickLogic. One is called Flex Logics that was acquired last year by Analog Devices and made captive, so they don't do licensing anymore.

從智慧財產權的角度來看，除了 QuickLogic 之外，近幾年真正從事智慧財產權業務的公司其實只有寥寥幾家。其中一家名為 Flex Logics 的公司去年被 Analog Devices 收購並成為其附屬公司，因此他們不再授權。

I know there's a French startup company called Menta, and they have licensable IP, and then there's a couple of really tiny academically oriented companies that I won't even give airtime to today.

我知道有一家名為 Menta 的法國新創公司，他們擁有可授權的智慧財產權，此外還有幾家規模非常小的、以學術為導向的公司，我今天甚至不想花時間介紹它們。

So if you compare us against one company Menta again I go back to, we're a more established company we're doing business with all these big companies we have the spectrum of IP2 devices we're US company, products made in the US, so we have a lot of, I would say differentiation at that level compared to Menta. But the more important one is when you dig into the technical details, Menta is a soft IP company.

所以，如果把我們和 Menta 這家公司比較，我還是得說，我們是一家更成熟的公司，我們和所有這些大公司都有業務往來，我們擁有全系列的 IP2 設備，我們是一家美國公司，產品在美國製造，所以我覺得在這個層面上，我們和 Menta 有很多差異化優勢。但更重要的是，當你深入研究技術細節時，你會發現 Menta 是一家軟智慧財產權公司。

And so soft IP means that when you're licensing IP to a customer they're not just getting soft IP, they're getting a big boatload of work to make it a hard IP before they put it into their AI and with that boatload of work comes a lot of risk and time and cost. And when you're a hard IP supplier like we are, we take care of all that. They don't have to worry about designing anything. They just need to think about how do we architect and use this IP.

因此，軟知識產權意味著，當你向客戶授權知識產權時，他們得到的不僅僅是軟知識產權，而是大量的工作，需要將其轉化為硬知識產權，然後才能將其應用到人工智慧中。而大量的工作會帶來許多風險、時間和成本。而對於像我們這樣的硬IP供應商來說，所有這些事情都由我們來處理。他們無需操心任何設計工作。他們只需要思考如何建構和使用這項知識產權。

And so there's a huge difference in engagement model, between us and Menta. And that's I think reflected in the wins that we're announcing who's using us it's also reflected in the average selling price of our IP right?

因此，我們和 Menta 在合作模式上存在巨大差異。我認為這一點體現在我們宣布的獲獎案例中，體現在我們知識產權的平均售價上，對吧？

We're not doing soft IP, is a $20,000 IP that comes with it a lot of work. You're licensing something for quite a bit more money, but we're taking care of that work and risk for the customer, and that's the huge difference between us and and Mensa as far as the EFPIP goes. Hopefully that helps as an update on the competitive.

我們不做軟性智慧財產權，而是一個價值 2 萬美元的智慧財產權，它需要大量的工作。您購買許可證需要花費更多的錢，但我們將為客戶承擔這項工作和風險，這就是我們與門薩在 EFPIP 方面的巨大區別。希望這些資訊能對大家有幫助，讓大家了解最新的比賽狀況。

Pandemics. Yes, very helpful. Thank you. Those are all my questions.

大流行病。是的，很有幫助。謝謝。我的問題就這些了。

You're Welcome now.

不客氣。

Our next question is from Tyler Burmeister with Lake Street Capital Markets. Please proceed.

下一個問題來自 Lake Street Capital Markets 的 Tyler Burmeister。請繼續。

Hey guys, thanks for letting me ask a few questions here. So first, great to see, excuse me, the next tranche of the USSRH development program, the $13 million you got, as well as the announcement that the program had expanded with the Global Foundries process.

大家好，感謝你們允許我在這裡問幾個問題。首先，很高興看到，抱歉，是下一批 USSRH 開發計劃資金，即你們獲得的 1300 萬美元，以及該計劃已通過 Global Foundries 工藝擴展的公告。

Maybe it's a little bit of a fall on from an earlier question. I think you said potentially in the high end of expectations this year, you could see more funding, but to the extent you're able to, I'm just wondering if you're going to give any color on what next milestones we should be expecting or looking forward to from that program.

也許這算是對之前某個問題的延伸。我認為您說過，今年如果預期收益較高，可能會獲得更多資金，但如果您方便的話，我想知道您能否透露一下我們應該期待或展望該計劃的下一個里程碑是什麼。

So, I'm asked this question a lot, Tyler, and unfortunately I can't give programmatic details out on the program, but what I can say is I'll go back to something I was given permission to say when we first got this contract, in 2022, which is that the scope of this whole contract contemplates, two devices, a test chip and a final chip.

泰勒，很多人問過我這個問題，很遺憾我不能透露該項目的具體細節，但我可以補充一點，我在 2022 年剛拿到這份合約時被允許透露的內容，那就是整個合約的範圍包括兩台設備，一台測試晶片和一台最終晶片。

And so we were able to say I think it was in December press release when we announced the contract ceiling expansion to $389 million and adding global foundries that we had in fact taped out a test chip for that contract so you can sort of check one off the list there of the two so you can imagine.

因此，我們可以說，我記得是在 12 月份的新聞稿中，我們宣布將合約上限擴大到 3.89 億美元，並增加了 Global Foundries，實際上我們已經為該合約流片了一個測試晶片，所以你可以把清單上的兩件事中的一件從清單上劃掉，你可以想像一下。

I think it's a natural extension that with more funding, especially the rate and the increase in the funding from this year over last year and the fact we've already done one but not two chips that we're embarking on that second chip development now, and unfortunately I'm not going to be able to give really specific details on what's in the chip and when we're taping it out and when it's going to come out, but it's all in line with our obligations to the government for this contract.

我認為這是一個自然而然的延伸，隨著資金的增加，特別是今年的資金投入速度和增幅比去年有所提高，而且我們已經完成了一款晶片的研發，所以我們現在開始著手研發第二款晶片。很遺憾，我無法透露晶片的具體細節，例如晶片的內部結構、流片時間以及上市時間，但這一切都符合我們對政府履行合約的義務。

Yeah, that's perfect. Appreciate the extra color there, and then, the fuller guide was great and I appreciate the details around that, just putting the pieces together, strong Q1 and a number of initiatives, kind of coming together at the same time here. Would it be reasonable to potentially expect some lumpiness through the year, maybe, Q2 sequentially down, or do you think you could, grow revenue sequentially, kind of linearly through the year?

對，那就太好了。我很欣賞其中的額外色彩，而且，更全面的指南也很棒，我很欣賞其中的細節，將所有信息整合起來，第一季度業績強勁，並且推出了一系列舉措，這些都恰好同時匯聚在一起。預計今年業績可能會出現一些波動，例如第二季環比下降，是否合理？或者您認為收入可以逐年線性成長嗎？

So we actually think that Q1 is going to be the low point for the year, right? We'll give that bread crumb, that the other quarters will be over Q1. There may be some lumpiness and I, the reason why I say maybe is that when you're dealing with contracts that are, $2 to $3 million each, especially if it's IP and it's recognized on delivery.

所以我們認為第一季將會是今年的低谷，對吧？我們透露一點訊息，其他季度將會超過第一季。可能會有一些波動，我之所以說“可能”，是因為當你處理每份價值 200 萬到 300 萬美元的合約時，尤其是當涉及知識產權並且在交付時得到確認時。

Then there's some natural lumpiness to when we get the contract and we make the delivery in a particular quarter, right? So there may be lumping us from that perspective, but I think, we're trying to give this outlook that Q1 is actually the low point for the year that it's going to be up from here.

那麼，當我們拿到合約並在某個特定季度交付貨物時，自然會出現一些時間上的波動，對吧？所以從這個角度來看，可能會有人把我們歸為一類，但我認為，我們正在努力傳達這樣的訊息：第一季實際上是今年的低谷，之後情況將會好轉。

That's perfect. I appreciate that. All right, that's all for me. Thanks guys.

那很完美。我很感激。好了，我的發言就到這裡。謝謝各位。

Thanks, Tyler.

謝謝你，泰勒。

Our next question is from Gus Richard with Northland Capital Markets. Please proceed.

下一個問題來自 Northland Capital Markets 的 Gus Richard。請繼續。

Yes, thanks for taking the questions. Just curious, on Q3 you guys mentioned, a $3 million commercial contract that you expected the revenue in Q4. Doesn't look like you did. Is that part of, the guide for Q1?

是的，謝謝你回答這些問題。我很好奇，你們在第三季提到一份價值 300 萬美元的商業合同，預計第四季會收到收入。看起來你並沒有做到。這是Q1指南的一部分嗎？

No, it's not. In this call we said that we're expecting or forecasting that to be contracted in Q2 and so that that $3 million is not part of the Q1 guide. The other thing I'll add, Gus, is when we said initially Q3 and then in Q4 we said it may be in there, or not, and it clearly got pushed. This is the one where we.

不，不是。在這次電話會議中，我們表示預計或預測該合約將在第二季簽訂，因此這 300 萬美元不屬於第一季的預期。Gus，我還要補充一點，我們最初說是在第三季度，然後在第四季度我們說可能會，也可能不會，顯然這件事被推遲了。這是我們。

Had said that now what they're looking at is a larger EFPGA core and because they're looking at larger cores they want to basically take more time on the technical feasibility side and diligence before we execute a contract but it's not in the Q1 guide to be very clear.

Had 表示，他們現在正在研究更大的 EFPGA 內核，因為他們正在研究更大的內核，所以他們希望在簽訂合約之前，在技術可行性方面和盡職調查方面投入更多的時間，但需要明確的是，這在第一季的指導方針中並沒有明確說明。

Okay, and that contract was upside decided if I, heard you correctly.

好的，如果我沒聽錯的話，那份合約是向上決定的。

I'm sorry, could you say.

對不起，你能說嗎？

The value of the contract. It was increased.

合約價值。它增加了。

Yeah, well, we said the size of the core has increased. We didn't say the value of it is increased, but the amount of EFPGA logic that they want is definitely larger than what they had originally thought of.

是的，我們說過核心的尺寸增加了。我們並沒有說它的價值增加了，但他們想要的 EFPGA 邏輯數量肯定比他們最初設想的要大。

Thank you, I understand. And then my next question is for the, test ship that you guys take out, and have gotten samples back, and you're getting orders for, the test development boards, when do you expect those to start to ship and, how much revenue do you think you can generate and from how many customers?

謝謝，我明白了。那麼我的下一個問題是關於你們的測試船，你們已經收到了樣品，並且也收到了測試開發板的訂單，你們預計這些測試船什麼時候開始發貨，你們認為可以產生多少收入，以及可以有多少客戶？

Several questions in there. Let me unpack that, so. And for clarity we've talked about two test chip tape outs now right, publicly we've talked about the government funded one we've talked about the self funded one. So because I can't give updates on the government one by my obligations to the government, I can just talk about our self-funded one.

裡面有幾個問題。讓我來解釋一下。為了清楚起見，我們已經討論過兩次測試晶片的流片，對吧？我們公開討論過政府資助的一次，也討論過自籌資金的一次。由於我對政府負有義務，無法提供有關政府項目的最新信息，所以我只能談談我們自籌資金的項目。

So on the self funded one we did receive the chips in Q1. I'd say the fab was a little bit later than what we had planned on for that. Our engineering team is working on those chips right now. And going through the validation process and what I've said previously is that as soon as we have those validated then we'll make sure that we can get those out to fulfill the test ship for the dev kit orders.

所以，對於自籌資金的項目，我們確實在第一季收到了晶片。我覺得工廠的進度比我們原先計畫的要晚一些。我們的工程團隊目前正在研發這些晶片。經過驗證過程，正如我之前所說，一旦這些驗證通過，我們將確保能夠盡快發貨，以滿足開發套件訂單的測試需求。

And I think we've said previously, we'd love to get it out by the end of Q1. If it's in the Q2, then that's fine too, because we intentionally did this test shift tape out, so we gave ourselves a lot of buffer in terms of time for us to get these into the hands of the dip for them to do the evaluations that they need to do to get comfortable, and I think your last question, Gus, there was how many customers so the.

而且我認為我們之前也說過，我們希望能在第一季末之前推出。如果是在第二季度，那也沒問題，因為我們特意提前進行了這次測試，所以我們給自己留出了充足的時間，以便將這些產品送到客戶手中，讓他們進行必要的評估，確保他們能夠放心使用。我想你最後一個問題，Gus，是關於有多少客戶。

The nature of this type of device being rather means that there aren't a lot of people that you're actually allowed to sell it to, clearly US based, and the nature of this is really for the strategic defense systems, and there's only a handful of those that actually designed for any kind of subsystem in those devices or systems I should say.

這種設備的特性決定了它實際上只能賣給少數人，顯然僅限於美國境內的商家。這種設備主要用於戰略防禦系統，而真正為這類設備或系統設計子系統的商家寥寥無幾。

So you know our target is less than 5 because those 5 really really matter in terms of these major systems.

所以你知道，我們的目標是少於 5 個，因為這 5 個數字對這些主要係統來說真的非常重要。

Got it. Thanks. Thanks for that clarity. And then, my last one is on gross margins, how do we think about the trajectory of gross margins going through the year, non-GAAP 25% for the first quarter, does that step up at all in the second quarter and, or is it more of a linear ramp? How do we think about that?

知道了。謝謝。謝謝你的解釋。最後一個問題是關於毛利率，我們如何看待全年毛利率的趨勢？第一季非GAAP毛利率為25%，第二季是否會有所提升，還是會呈現線性成長？我們該如何看待這個問題？

Q1, we said 45% give or take. Q2 would most likely be around the same flattish. And Q3 and Q4, I see an upside big time on gross margins. I have to say, over the time I've been here, this has been the most difficult piece of the puzzle to gauge and forecast, mainly because of the way we capitalize certain COGS and move certain things into OE and otherwise. So it's been very, a very tough exercise to do, but we're getting there. But overall I see a decent 57% for the full year in terms of gross margin that I said in the in the script.

Q1，我們說大概是45%。第二季很可能也大致保持穩定。第三季和第四季，我認為毛利率會有大幅成長。我必須說，在我在這裡的這段時間裡，這是最難衡量和預測的部分，主要是因為我們對某些銷售成本進行資本化，並將某些東西轉移到營運支出和其他方面。所以這是一項非常非常艱鉅的任務，但我們正在取得進展。但總的來說，我認為全年毛利率能達到57%，這和我之前在劇本裡說的差不多。

Okay. Got it. I understand. Thank you so much.

好的。知道了。我明白。太感謝了。

You're very welcome. Thank you.

不客氣。謝謝。

Our next question is from Rick Newton with Rivershore Investment Research. Please proceed.

我們的下一個問題來自 Rivershore Investment Research 的 Rick Newton。請繼續。

Thank you, for taking my question. I just had one question about chilets. And you're talking about your bridging technology that you've used in the past with programmable logic. How do you see these chilet applications, using programmable logic, in what end uses, are some of these being contemplated? And when you say the second part of the question is on bridging, are you talking about bridging on the triplet or between triplets?

謝謝您回答我的問題。我只有一個關於辣椒的問題。你指的是你過去在可程式邏輯電路中使用的橋接技術。您如何看待這些使用可程式邏輯的 Chilet 應用程式？它們最終會用於哪些用途？目前正在考慮哪些用途？當你說問題的第二部分是關於橋接時，你指的是在三元組上橋接還是在三元組之間橋接？

Okay, so two questions there. One is really the use case. For the end applications for triplets and then one is I guess how is how are they partitioned within these packages? Is it all resident in one triplet or is it multiple triplets to solve the problem, right?

好的，這裡有兩個問題。一是實際應用案例。對於三元組的最終應用，我想問的是，它們在這些包中是如何劃分的？所有資訊都儲存在一個三元組中，還是需要多個三元組才能解決問題？

Right, are you bridging between, layers on a triplet or are you bridging between multi layer triplets?

好的，你是在連接三層結構中的各層，還是在連接多層三層結構？

Yeah, okay, I'm just curious I think. Yeah, no, I can elaborate on some of this. So on the. Let's start with the end markets and use cases for the triplets. So I think we've talked about this before, but aerospace and defense is a really big market for triplets because.

好吧，我只是好奇而已。是的，我可以詳細解釋一下。所以，在…讓我們先從三元組的最終市場和用例開始。所以我覺得我們之前也討論過這個問題，航空航太和國防領域對三胞胎來說是一個非常大的市場，因為…

They don't want to have to do a bunch of custom basics if they can avoid it because their volumes are not terribly large and it costs a lot of money to go off and do these custom basics so to the extent they can make things heterogeneous inside the package, it's going to really help offset their their program costs for development.

他們不想做一大堆自訂基礎功能，如果可以避免的話，因為他們的業務量並不大，而做這些自訂基礎功能需要花費很多錢，所以如果他們能夠在軟體包內實現異構化，這將真正有助於抵消他們的程式開發成本。

So EFPJ in that case you can almost look at where our FPGAs used today in those systems and that becoming a chiplet and connecting it with other devices that FPJs interface with in those systems today. So in those systems today you generally have some sort of big processor could be a flight computer. The FPGA technology today is very useful for.

因此，在這種情況下，您可以查看 EFPJ，它幾乎可以被視為我們今天在這些系統中使用的 FPGA，並逐漸演變成一個晶片，並將其與 FPJ 在這些系統中與之交互的其他設備連接起來。所以，如今這些系統中通常會配備某種大型處理器，例如飛行計算機。如今，FPGA 技術在許多方面都非常有用。

Signals that are coming in from sensors doing preprocessing on those signals and packetizing them in a way that the actual CPU or SOC can can process on without having to redo a lot of that capability that the FPJ is doing because remember FPJs are very good at real-time highly parallelized computation.

來自感測器的訊號經過預處理，並以實際 CPU 或 SoC 可以處理的方式進行打包，而無需重新執行 FPJ 執行的許多功能，因為要記住，FPJ 非常擅長即時高度並行計算。

So that's sort of the overall defense use case for these and again you can imagine that there's a lot of software that's already been written in the defense industry for certain process architectures. There's already a lot of FDJs used packaging those die or capabilities inside one package actually saves on the A and PPA, which is area, right? A lot of these systems are going for.

所以這就是這些技術在國防領域的整體應用案例，而且你可以想像，國防工業中已經為某些流程架構編寫了大量軟體。目前已經有很多 FDJ 封裝將這些晶片或功能封裝在一個封裝內，實際上節省了 A 和 PPA（即面積），對吧？許多這類系統都朝著這個方向發展。

More miniaturization and they're looking at packaging seeing these things in a single package to do that so that's the big use case there I'd say outside of defense there's a lot of interest for. Security or things that are sort of protected from this post quantum era of computing for Really just protecting systems from a cyber perspective and EFPJ or FPJ is good for that because in the event that anything is hacked in the future if the hardware itself is programmable then you can reprogram whatever algorithm that you have in those to adapt to that threat at the time.

小型化趨勢日益明顯，他們正在考慮將這些東西封裝在一個包裝裡，這就是主要的應用場景。我認為，除了國防領域之外，還有很多其他領域對此感興趣。安全或某種程度上受到後量子時代計算的保護，實際上就是從網路安全的角度保護系統，而 EFPJ 或 FPJ 在這方面很好，因為如果將來有任何東西被黑客攻擊，如果硬體本身是可編程的，那麼你可以重新編程其中的任何演算法，以適應當時的威脅。

And so there's interest in that as far as making these systems more trusted, and I don't mean trusted from a defense perspective. I mean trusted in the sense that you can trust that it's running what it's supposed to be running and nothing more than that. So that's also an interesting use case that's coming up for EFPJ triplets again, the same idea being they've got a lot of software and infrastructure already. How can they adapt that existing infrastructure by adding a little bit of programmability and not redesigning all the AIs. So that's a a good use for an EFPJ triplet. Now as far as the bridging goes, you can see from these examples that we're not replacing the whole SOC with this EFPGA.

因此，人們對此很感興趣，希望能夠提高這些系統的可信度，我指的不是從國防角度來看的可信度。我的意思是，值得信賴，這意味著你可以相信它正在運行它應該運行的功能，僅此而已。所以，對於 EFPJ 三元組來說，這也是一個有趣的用例，同樣的想法是，他們已經擁有大量的軟體和基礎設施。他們如何在不重新設計所有人工智慧的情況下，透過增加一些可程式性來改造現有基礎設施？所以，這就是 EFPJ 三胞胎的一個很好的用途。至於橋接方面，從這些例子可以看出，我們並沒有用這個 EFPGA 取代整個 SoC。

It's basically taking the capability of to treat FPJ and getting it inside the same package as what the SOC is or the AI is in their system architecture.

基本上，就是將處理 FPJ 的能力整合到與 SoC 或 AI 相同的系統架構中。

And then as far as the actual bridging goes, Chilets is kind of like.

至於實際的銜接面，Chilets 有點像這樣。

If you go back to when USB or PCI was first being broadly adopted in the the PC or laptop era of growth that that sort of happened that was successful because everybody was able to standardize on a common interface, right? PCI is PCI, USB is USB you design a peripheral with that you go to the plug fest, everything works, everybody's happy.

回顧一下 USB 或 PCI 在 PC 或筆記型電腦快速發展的時代首次被廣泛採用的時候，當時之所以成功，是因為每個人都能夠使用統一的接口，對吧？PCI 就是 PCI，USB 就是 USB，你設計一個外設，然後去參加插拔測試，一切正常，大家都很開心。

In in chicklets it's a lot more complicated than that because you have these different flavors of UCIE as an example and you have a bunch of wires BOW and they're incompatible and so there isn't this notion of like universal compatibility and then if you dig even further into the details if you want to, the there's a difference between the physical layer and the protocol layer, right?

在小雞仔中，情況要複雜得多，因為例如 UCIE 有多種不同的版本，而且還有一堆不相容的線纜，所以不存在通用兼容性的概念。如果你願意，你還可以進一步深入研究細節，你會發現物理層和協定層之間有差異，對吧？

So you can imagine like a physical layer. Is me writing a note on a piece of paper and passing it to you, right? I pass the paper, you receive it, we're all good, but if I'm writing in a different language than what you understand, it's going to look like gibberish when you TRY to read that paper and the same thing is happening with UCIE where the physical layers may be compatible, right? UCIE course on both sides, but the protocol that people are putting over UCIE are different.

你可以把它想像成一個物理層。我是在紙上寫個便條遞給你，對吧？我把紙遞給你，你收到，一切順利，但如果我用的語言和你理解的語言不一樣，當你嘗試閱讀那張紙時，它看起來就像亂碼，UCIE 也是如此，即使物理層可能兼容，對吧？雙方都開設了 UCIE 課程，但人們在 UCIE 上執行的協議卻有所不同。

And that's exacerbated by people doing A6 at different points in time.

而人們在不同的時間點進行 A6 考試，更加劇了這種情況。

So one of the things with our EFPGA is we're thinking, well, that hardware is actually programmable. So as long as the physical layers are connecting and as long as you have enough gates in our FPJ, you can probably program them to have some level of compatibility or in my paper analogy like a translator.

所以，我們 EFPGA 的一個特點是，我們認為硬體實際上是可編程的。所以，只要物理層連接良好，並且我們的 FPJ 中有足夠多的門，你就可以對它們進行編程，使其具有一定程度的兼容性，或者用我論文中的類比來說，就像一個翻譯器。

And so we're hopeful that some of those will actually come to fruition based on that value proposition, and we're starting to get some positive feedback on that idea based on what we heard at the Chilet summit last week, and I think what we're going to hear at Gack next week in Louisiana when we're there presenting.

因此，我們希望其中一些能夠基於這一價值主張最終得以實現，而且根據我們上週在 Chilet 峰會上聽到的反饋，我們已經開始收到一些積極的反饋，我想我們下週在路易斯安那州的 Gack 大會上做報告時也會聽到類似的反饋。

Does that help with the.

這樣有幫助嗎？

Use cases? Yeah, no, I appreciate the color. And thanks for your time and answering my questions.

應用案例？是的，我很喜歡這個顏色。感謝您抽空回答我的問題。

Yeah, no problem. Always a pleasure.

好的，沒問題。總是很榮幸。

Our final question is a follow-up from Richard Shannon with Craig Hallam Capital Group. Please proceed.

最後一個問題是來自 Craig Hallam Capital Group 的 Richard Shannon 的後續問題。請繼續。

Hey guys, just one, last question for me. Brian, again hitting on the topic of strategic red hard and actually probably want to extend this maybe to Rad Hard given your comments on the call today here, but how many distinct programs are you bidding on here? I know you're not going to tell us an exact number, but I was hoping you could use language like a couple, a few, several, over a dozen, that sort of thing here. Just help us get a sense of number of programs you're bidding on. Thank you.

各位，最後一個問題。Brian，你又提到了戰略性強硬的紅色項目，考慮到你今天在電話會議上的評論，你可能還想把這個話題擴展到激進的紅色項目，但你在這裡競標了多少個不同的項目？我知道你不會告訴我們一個確切的數字，但我希望你能用「幾個」、「幾個」、「幾個」、「十幾個」之類的字眼來表示。請您提供您正在競標的項目數量。謝謝。

I would say the immediate. Ones that are the highest level of radiation hardness, they're less than 5 major programs, but there are several subsystems within each major program that we would like to be inserted into. So I guess you could what you hear about there is the total number of socket opportunities and that kind of parlance and that would be.

我會說是立即的。抗輻射能力最強的項目不到 5 個，但每個主要項目內都有幾個子系統，我們希望能夠參與其中。所以我想你可能聽到的就是插槽機會的總數之類的說法，那就是。

I don't know, 10 to 20 total. And that's for the highest level of radiation which has been our focus because that's the greatest area of differentiation. If you start relaxing the radiation hardness requirements, obviously you can get into a lot of new applications around space, and there's going to be tens of applications in space, but the initial focus, especially for these first step kit orders, is going to be the ones that are the higher levels of radiation where we don't have a competition at this point.

我不知道，總共大概10到20個吧。這是針對最高輻射水平而言的，這也是我們一直關注的重點，因為這是差異最大的領域。如果開始放寬抗輻射要求，顯然可以開拓許多新的太空應用領域，太空領域將會有數十種應用，但最初的重點，特別是對於這些第一批套件訂單而言，將是那些輻射水平較高的應用，因為目前我們還沒有競爭對手。

Got it. That's great perspective, Brian. That's all for me Thank you.

知道了。布萊恩，你的觀點很棒。我的話就這些了，謝謝。

Thanks, Richard.

謝謝你，理查。

There are no further questions, I would like to turn the conference back over to Brian Faith for closing remarks.

沒有其他問題了，我想把會議交還給布萊恩費斯，請他作閉幕致詞。

Thank you and we will provide a technical presentation on our Chiplet POC at the Intel Foundry's Partners presentation at the upcoming GOA, March 10th, together with Cadence and Trusted semiconductor Solutions. In April, we will exhibit at heart.

謝謝，我們將與 Cadence 和 Trusted Semiconductor Solutions 一起，在即將於 3 月 10 日舉行的 GOA 大會上，在 Intel Foundry 合作夥伴演示會上，就我們的 Chiplet POC 進行技術演示。四月份，我們將舉辦一場名為「心之所向」的展覽。

Which is another, government radiation effects oriented conference and also exhibit and present at IPSOC Day in Silicon Valley again in April. Thank you for your support and for joining us today, and we'll talk with you next time.

這是另一場以政府輻射影響為主題的會議，並將於 4 月再次在矽谷的 IPSOC Day 上進行展覽和展示。感謝您的支持和今天的參與，我們下次再見。

Thank you. Goodbye.

謝謝。再見。

Thank you. This will conclude today's conference. You may disconnect at this time and thank you for your participation.

謝謝。今天的會議到此結束。現在您可以斷開連接了，感謝您的參與。