Quicklogic Corp (QUIK) 2026 Q2 法說會逐字稿

Ladies and gentlemen, good afternoon. At this time, I would like to welcome everyone to QuickLogic Corporation's second-quarter fiscal 2026 earnings results conference call. As a reminder, today's call is being recorded for replay purposes.

各位女士、先生，下午好。此刻，我謹代表 QuickLogic Corporation 歡迎各位參加 2026 會計年度第二季財報結果電話會議。提醒各位，今天的電話會議將錄音以供日後重播。

I would now like to turn the conference over to Ms. Alison Ziegler of Darrow Associates. Ms. Ziegler, you may begin.

現在我想將會議交給 Darrow Associates 的 Alison Ziegler 女士。Ziegler 女士，請開始。

Thank you, Operator, and thank you 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, revenue growth and cash flows, expectations regarding our future business and statements regarding the timing, milestones and payments related to our government contracts, statements regarding expected contracts and the expected magnitude of such contracts and statements regarding expected adoption rates and/or orders by our customers.

謝謝主持人，也感謝各位加入我們。今天的講者是總裁兼執行長 Brian Faith，以及資深副總裁兼財務長 Elias Nader。提醒各位，QuickLogic 今天的部分評論屬於前瞻性陳述，涉及風險與不確定性，包括但不限於：關於我們未來獲利能力、營收成長與現金流的陳述；對未來業務的預期；以及與政府合約相關之時程、里程碑與付款的陳述；關於預期合約及其規模的陳述；以及關於客戶預期採用率和／或訂單的陳述。

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 by competitors, 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.

實際結果可能因多種因素而有所不同，包括：公司新產品的市場接受度延遲；將設計機會轉化為客戶營收的能力；替換生命週期終止（EOL）產品營收的能力；客戶設計活動的程度與時點；客戶產品的市場接受度；新訂單可能無法帶來未來營收的風險；能否及時導入並量產基於先進晶圓技術的新產品；能否充分行銷新產品的低功耗、具競爭力的定價與縮短上市時間；競爭對手的激烈競爭；招募與留任合格人員的能力；產品需求或供給的變化；整體經濟狀況；政治事件、國際貿易爭端、天然災害及其他可能中斷公司產品供應或交付、或影響需求的營運中斷；以及稅率變動與額外稅務負債的風險。

For more detailed discussions on the risks, uncertainties, and assumptions that could result in these 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.

如需更詳細了解可能導致上述差異的風險、不確定性與假設，請參閱 QuickLogic 最近向美國證券交易委員會（SEC）提交之定期報告中所討論的風險因素。QuickLogic 不承擔更新任何前瞻性陳述或資訊之義務；該等陳述或資訊僅反映其各自日期之新資訊或未來事件。

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 and non-GAAP results and other financial statements. We have also posted an updated financial table on our IR webpage that provides current and historical non-GAAP data.

在今天的電話會議中，我們將報告非 GAAP 財務衡量指標。您可參考我們今日發布的財報新聞稿，其中包含 GAAP 與非 GAAP 結果的詳細調節表以及其他財務報表。我們也已在投資人關係（IR）網頁上張貼更新後的財務表格，提供目前與歷史的非 GAAP 數據。

Please note, QuickLogic uses its website, the company blog, corporate Twitter account, Facebook page and LinkedIn page as channels of distribution of information about its business. Such information may be deemed material information and QuickLogic may use these channels to comply with its disclosure obligations under Regulation FD. A copy of the prepared remarks made on today's call will be posted on QuickLogic's IR webpage shortly after the conclusion of today's earnings call.

請注意，QuickLogic 透過其網站、公司部落格、公司 Twitter 帳號、Facebook 專頁與 LinkedIn 專頁作為發布公司業務資訊的管道。此類資訊可能被視為重大資訊，QuickLogic 可能使用這些管道以遵循《公平揭露規則》（Regulation FD）下的揭露義務。今天電話會議的預備講稿副本將於本次財報電話會議結束後不久張貼於 QuickLogic 的 IR 網頁。

I'd like to turn the call over to Brian. Go ahead.

我想把電話交給 Brian。請。

Thank you, Alison. Good afternoon, everyone, and thank you all for joining our second quarter 2026 conference call. Since our last conference call, we have made significant progress towards achieving our 2026 goals and have narrowed our full year growth outlook to a range of 70% to 80%. With this anticipated growth, we are continuing to model non-GAAP profitability and cash flow positive operations for the second half of 2026.

謝謝你，Alison。各位下午好，感謝各位參加我們 2026 年第二季電話會議。自上次電話會議以來，我們在達成 2026 年目標方面取得重大進展，並將全年成長展望收斂至 70% 至 80% 的區間。在此預期成長下，我們持續以非 GAAP 口徑建模，預期 2026 年下半年可達成獲利並維持營運現金流為正。

In addition to contributions from Storefront and RadPro, we anticipate our second half growth will be driven in part by new customers and new market sectors, including automotive, robotics and commercial satellite applications. We also believe there is good potential to sign an eFPGA IP architectural license late this year. The short story is, 2026 is on target to be a very successful year for QuickLogic and our accomplishments are positioning us well to continue our growth and market penetration trends in 2027 and beyond.

除了 Storefront 與 RadPro 的貢獻之外，我們預期下半年成長部分將由新客戶與新市場領域帶動，包括車用、機器人與商用衛星應用。我們也認為在今年稍晚簽署一項 eFPGA IP 架構授權具有良好潛力。簡而言之，2026 年正朝著成為 QuickLogic 非常成功的一年邁進，而我們的成果也讓我們在 2027 年及之後持續成長與市場滲透的趨勢上具備良好定位。

Before I go into what has elevated our confidence in full year 2026 revenue growth, let's take a moment to touch on what weighed on Q2 and why we will guide for flat revenue in Q3. We anticipated finalizing a seven-figure extension of an existing customer contract in late Q2. The revenue for this extension was forecasted to be recognized in Q2 and Q3. This contract extension has been delayed as the customer is reevaluating what functions it wants to put in embedded FPGA versus the functions that will be locked down in the fixed portion of its ASIC prior to finalizing the design.

在我說明是什麼提升了我們對 2026 全年營收成長的信心之前，先花點時間談談第二季的壓力來源，以及為何我們將第三季指引為營收持平。我們原本預期在第二季末敲定一項既有客戶合約的七位數延長案。該延長案的營收原先預估將在第二季與第三季認列。此合約延長案已延後，原因是客戶在最終定案設計前，正在重新評估其希望放入嵌入式 FPGA 的功能，以及將鎖定在其 ASIC 固定部分中的功能。

This delay is the sole reason why Q2 revenue was at the low end of our guidance range and the primary reason why we will forecast flat Q3 revenue. We remain confident in securing this contract extension, but this delay removes it from our 2026 forecast.

這項延遲是第二季營收落在我們指引區間低端的唯一原因，也是我們預測第三季營收持平的主要原因。我們仍有信心取得此合約延長案，但這項延遲使其不再納入我們的 2026 年預測。

In addition to this delayed contract extension, we are removing a commercial ASIC design targeting Intel 18A from our second half 2026 forecast. Several uncertainties involving this design arose recently and in the best-case scenario, the eFPGA hard IP contract for this ASIC will be a 2027 opportunity. While these two changes lead us to forecast flat revenue for Q3, the value of contracts and orders that we have on the books and the progress we are realizing in other areas gives us the confidence to raise the low end of our full year outlook.

除了這項延後的合約延長案之外，我們也將一項以 Intel 18A 為目標的商用 ASIC 設計自 2026 年下半年預測中移除。近期該設計出現數項不確定性；在最佳情境下，該 ASIC 的 eFPGA hard IP 合約將成為 2027 年的機會。雖然這兩項變動使我們預測第三季營收持平，但我們目前帳上既有的合約與訂單價值，以及我們在其他領域所取得的進展，讓我們有信心上調全年展望的低端。

At the foundation of our anticipated Q4 growth is our ongoing contract with the US government, which was increased last year to a total ceiling value of $89 million. We are forecasting revenue recognition from this contract will contribute a significant percentage of total Q4 revenue. In addition to this, we have a sound base of mature product business, continued demand for RadPro Dev Kits and ongoing IP contracts that are already on the books scheduled for Q4.

支撐我們預期第四季成長的基礎，是我們與美國政府的持續合約；該合約去年提高至總上限金額 8,900 萬美元。我們預測該合約的營收認列將貢獻第四季總營收的相當比例。此外，我們也擁有成熟產品業務的穩健基礎、RadPro 開發套件（Dev Kits）的持續需求，以及已在帳上、排定於第四季的持續 IP 合約。

Since our last conference call, we have continued to receive and deliver orders for our RadPro Dev Kit. We expect this trend to continue and with a number of evaluations already underway, we are very optimistic that we'll see initial Storefront device demand in 2027. We are continuing our work on the contracts targeting GlobalFoundries 12LP process that we discussed in our last conference call. This includes the receipt of discrete FPGA test chips that we taped out for the contract with a $2.7 million ceiling value that we announced May 13.

自上次電話會議以來，我們持續接獲並交付 RadPro 開發套件的訂單。我們預期此趨勢將持續；且已有多項評估正在進行中，我們對於 2027 年將看到 Storefront 裝置的初期需求感到非常樂觀。我們也持續推進上次電話會議中提到、以 GlobalFoundries 12LP 製程為目標的合約工作。其中包括我們為該項上限金額 270 萬美元、於 5 月 13 日公告之合約所投片（tape out）的離散 FPGA 測試晶片之收貨。

Within the scope of this contract, QuickLogic will be provided test chips that we will characterize and include in a new 12LP eval kit that is scheduled to release in Q4. The eval kit will be compatible with common third-party development environments used by both DIB and commercial customers. This enables customers to accelerate evaluations of discrete and chiplet designs that we can provide as Storefront solutions.

在該合約範圍內，QuickLogic 將取得測試晶片，我們將進行特性化（characterize），並納入一套新的 12LP 評估套件（eval kit），預計於第四季發布。該評估套件將相容於 DIB 與商用客戶常用的第三方開發環境。這使客戶能加速評估我們可作為 Storefront 解決方案提供的離散與晶粒（chiplet）設計。

Beyond these scheduled contributions is an anticipated extension of our $1 million LUT contract to target Intel 18A-P and pending contracts with new customers I mentioned earlier. The majority of our development and customer design activity in Intel 18A has shifted to Intel 18A-P. Intel 18A-P is capable of delivering over 9% higher performance at isotropic power or more than 18% lower power at isotropic performance.

除上述已排定的貢獻之外，還包括我們 100 萬美元 LUT 合約預期延伸至 Intel 18A-P，以及我先前提到與新客戶的待定合約。我們在 Intel 18A 的大部分開發與客戶設計活動已轉移至 Intel 18A-P。Intel 18A-P 在等向功耗（isotropic power）下可提供超過 9% 的更高效能，或在等向效能（isotropic performance）下可降低超過 18% 的功耗。

Given the fact we have been able to leverage the development work we completed for Intel 18A, the time and cost to develop eFPGA hard IP for Intel 18A-P will be de minimis. As a matter of fact, we anticipate receiving a follow-on contract from the customer that funded our 1 million LUT developments in Intel 18A for an Intel 18A-P implementation that we are targeting for Q4 delivery. We will continue working with some customers on Intel 18A designs, but we expect most will transition to Intel 18A-P and that it will also be the focus for new design activity. We believe the release of Intel 18A-P will likely accelerate design activity and with that opportunities for our eFPGA hard IP.

鑑於我們已能運用先前為 Intel 18A 完成的開發工作，為 Intel 18A-P 開發 eFPGA 硬 IP 的時間與成本將可忽略不計。事實上，我們預期將從資助我們在 Intel 18A 上進行 100 萬 LUT 開發的客戶，取得一份後續合約，用於我們目標於第四季交付的 Intel 18A-P 實作。我們將持續與部分客戶合作進行 Intel 18A 設計，但我們預期多數客戶將轉向 Intel 18A-P，而 Intel 18A-P 也將成為新設計活動的重點。我們相信 Intel 18A-P 的發布很可能會加速設計活動，並隨之帶來我們 eFPGA 硬 IP 的機會。

In addition to the follow-on 1 million LUT contract, we are working closely with several new customers on ASIC designs that target the incorporation of our eFPGA hard IP. Two of these potential contracts are in late-stage negotiations. The first is a design targeting automotive, industrial automation and robotic applications. The second is an international customer that is developing an ASIC for a LEO satellite application. We are also working closely with a new customer that has interest in an eFPGA architectural license.

除了後續的 100 萬 LUT 合約之外，我們也正與數家新客戶密切合作，進行以導入我們 eFPGA 硬 IP 為目標的 ASIC 設計。其中兩項潛在合約已進入後期談判階段。第一項是鎖定汽車、工業自動化與機器人應用的設計。第二項是一家國際客戶，正在為低地球軌道（LEO）衛星應用開發 ASIC。我們也正與一位對 eFPGA 架構授權有興趣的新客戶密切合作。

Earlier this year, we were awarded a five figure feasibility study contract to evaluate our eFPGA IP for a particular use case. We have recently completed the contract and the customer is now investigating if a custom implementation of our IP targeting its proprietary process will meet its PPA requirements. The initial results look promising and if successful, this will lead to an eFPGA IP architectural license late this year.

今年稍早，我們獲得一份五位數的可行性研究合約，用以評估我們的 eFPGA IP 在特定使用情境下的適用性。我們近期已完成該合約，客戶目前正在評估：針對其專有製程、客製化實作我們的 IP，是否能滿足其 PPA（功耗、效能、面積）需求。初步結果看來相當有希望；若成功，將在今年稍晚促成一份 eFPGA IP 架構授權。

As most of you are aware, QuickLogic's initial FPGA devices leveraged one-time-programmable anti-fuse technology. This is the highly reliable technology used and mature products we have been supplying to defense and aerospace contractors for decades. Beyond the ongoing demand for our mature products, which have recently been designed into new programs, certain DIBs have shown an interest in our existing devices in smaller packages than we currently offer. One in particular has contracted with us to fund and qualify this smaller package for new designs.

如各位多數人所知，QuickLogic 最初的 FPGA 裝置採用一次性可程式化（OTP）的反熔絲（anti-fuse）技術。這是一項高度可靠的技術，也是我們數十年來持續供應給國防與航太承包商的成熟產品所採用的技術。除了我們成熟產品的持續需求（近期亦已被設計導入新的專案）之外，部分國防工業基礎（DIB）也對我們現有裝置、但採用比目前供應更小封裝的版本表達興趣。其中一家已與我們簽約，出資支持並完成此較小封裝的認證，以用於新設計。

Our evaluation of this opportunity suggests it could become a new multi-million-dollar market for QuickLogic that only requires a minimal ongoing operational investment. We are working closely with this DIB and are in discussions with other DIBs and aerospace companies to fully leverage this opportunity.

我們對此機會的評估顯示，它可能成為 QuickLogic 一個新的數百萬美元級市場，而僅需極少的持續營運投入。我們正與該 DIB 密切合作，並與其他 DIB 及航太公司洽談，以充分把握此一機會。

In 2025, we launched our digital proof of concept strategy as a very cost-effective way for both QuickLogic and prospective chiplet customers to execute evaluations. This strategy has led to more than 5 active proposals that include chiplets targeting GlobalFoundries 12LP, Intel 18A, and Intel 18A-P fabrication processes. The 12LP eval kit I mentioned earlier will enhance these efforts by enabling customers to rapidly move beyond software simulations to real hardware evaluations. I believe these and other proposals on the horizon will lead to meaningful chiplet revenue beginning in 2027.

在 2025 年，我們推出數位概念驗證（digital proof of concept）策略，作為 QuickLogic 與潛在 chiplet 客戶進行評估的一種極具成本效益的方法。此策略已促成超過 5 件進行中的提案，涵蓋以 GlobalFoundries 12LP、Intel 18A 與 Intel 18A-P 製程為目標的 chiplet。我先前提到的 12LP 評估套件將強化這些工作，使客戶能快速從軟體模擬推進到實際硬體評估。我相信這些以及其他即將到來的提案，將自 2027 年起帶來具意義的 chiplet 營收。

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

接下來，我將把電話會議交給 Elias，由他進行財務數據的簡報。

Good afternoon, everyone. Total second quarter revenue was $5.5 million. This was 48.7% from Q2 2025 and up 8.5% from Q1 2026. Due solely to delay in the extension of an existing contract that Brian previously discussed, this was below the midpoint of our guidance. New product revenue in Q2 was $4.7 million and mature product revenue was $0.8 million. New product revenue was up 59.7% from Q2 2025 and up 8.6% compared to Q1 2026. Mature product revenue was up 6.9% compared to Q2 2025 and up 8.8% from Q1 2026. Non-GAAP gross margin in Q2 was 46.8%. This was above the midpoint of a 42% outlook and a significant increase over a reported 31% in Q2 2025 and 39.6% in Q1 2026.

各位下午好。第二季總營收為 550 萬美元。較 2025 年第二季下降 48.7%，較 2026 年第一季成長 8.5%。僅因 Brian 先前提及的一份既有合約展延延遲，本季營收低於我們財測區間的中位數。第二季新產品營收為 470 萬美元，成熟產品營收為 80 萬美元。新產品營收較 2025 年第二季成長 59.7%，較 2026 年第一季成長 8.6%。成熟產品營收較 2025 年第二季成長 6.9%，較 2026 年第一季成長 8.8%。第二季非 GAAP 毛利率為 46.8%。此數字高於 42% 展望的中位數，且相較於 2025 年第二季所報告的 31% 以及 2026 年第一季的 39.6% 均有顯著提升。

Non-GAAP operating expenses in Q2 were approximately $3.5 million. Due to the allocations of R&D costs between OPEX and COGS and new hires, this was slightly above a $3.3 million outlook. This compares to $2.5 million in Q2 2025 and $3.2 million in Q1 2026. Q2 2026 non-GAAP net loss was $1.1 million, a loss of $0.06 per share. This compares to a non-GAAP net loss of $1.5 million or loss of $0.09 per share in Q2 2025 and a non-GAAP net loss of $1.3 million or loss of $0.08 per share in the first quarter of fiscal 2026. The difference between our GAAP and non-GAAP results is primarily related to non-cash stock-based compensation expenses, restructuring charges and the removal of a significant non-recurring gain.

第二季非 GAAP 營業費用約為 350 萬美元。由於研發成本在營業費用（OPEX）與銷貨成本（COGS）之間的分攤，以及新增人員聘用，該數字略高於 330 萬美元的展望。相較之下，2025 年第二季為 250 萬美元，2026 年第一季為 320 萬美元。2026 年第二季非 GAAP 淨損為 110 萬美元，每股虧損 0.06 美元。相較之下，2025 年第二季非 GAAP 淨損為 150 萬美元（每股虧損 0.09 美元），2026 會計年度第一季非 GAAP 淨損為 130 萬美元（每股虧損 0.08 美元）。我們 GAAP 與非 GAAP 結果之差異，主要與非現金的股份基礎給付費用、重組費用，以及剔除一項重大的一次性收益有關。

Stock-based compensation for Q2 was $753,000 compared to outlook of $900,000. Stock-based compensation was $843,000 in Q2 2025 and $858,000 in Q1 2026. Impairment charges were $0 in Q2 2026 compared to $300,000 in Q2 2025 and $0 in Q1 2026. Restructuring costs were $16,000 in Q2 2026 compared to $21,000 in Q2 2025 and $11,000 in Q1 2026. We also removed a non-recurring gain of $950,000 that was included in our GAAP results in Q2 2026. There were no non-recurring gains in Q2 2025 or Q1 2026.

第二季股份基礎給付為 75.3 萬美元，低於 90 萬美元的展望。2025 年第二季股份基礎給付為 84.3 萬美元，2026 年第一季為 85.8 萬美元。2026 年第二季減損費用為 0 美元，相較之下 2025 年第二季為 30 萬美元，2026 年第一季為 0 美元。2026 年第二季重組成本為 1.6 萬美元，相較之下 2025 年第二季為 2.1 萬美元，2026 年第一季為 1.1 萬美元。我們亦剔除了 2026 年第二季 GAAP 結果中包含的一項 95 萬美元的一次性收益。2025 年第二季與 2026 年第一季均無一次性收益。

For the second quarter, two customers accounted for 10% or more of total revenue. At the close of Q2, excluding a $5 million drawdown from our line of credit, net cash was $13.5 million. This compares favorably with a projection of slightly less than $12 million and with the $3.8 million in net cash reported at the close of Q4 2025. This increase of $9.7 million in net cash through the first half of fiscal 2026 is inclusive of $9.8 million raised with our ATM prior to our last conference call.

就第二季而言，有兩位客戶各自占總營收的 10% 或以上。截至第二季末，若不含自我們信用額度提取的 500 萬美元，淨現金為 1,350 萬美元。此結果優於略低於 1,200 萬美元的預估，亦優於 2025 年第四季末所報告的 380 萬美元淨現金。2026 會計年度上半年淨現金增加 970 萬美元，其中包含我們在上次法說會之前透過 ATM（隨市發行）籌得的 980 萬美元。

Now moving to our guidance and outlook for our third fiscal quarter, which will end on September 27, 2026. Based on backlog and customer forecast, our total revenue guidance for Q3 is $5.5 million plus or minus 10%. We expect total revenue to be comprised of $4.7 million in new product revenue and $0.8 million in mature product revenue.

接著談我們第三個會計季度（將於 2026 年 9 月 27 日結束）的財測與展望。根據在手訂單與客戶預測，我們對第三季的總營收指引為 550 萬美元，上下浮動 10%。我們預期總營收將由 470 萬美元的新產品營收與 80 萬美元的成熟產品營收所構成。

Earlier this year, we anticipated an increase in second half mature revenue. However, based on current forecasts, we are now estimating full year 2026 mature revenue will be flat with 2025 at approximately $3.3 million.

今年稍早，我們預期下半年成熟產品營收將增加。然而，根據目前的預測，我們現在估計 2026 全年成熟產品營收將與 2025 持平，約為 330 萬美元。

Based on the anticipated Q3 revenue mix, non-GAAP gross margin for the third quarter is expected to be approximately 47% plus or minus 5%. For the full year, we are modeling a non-GAAP gross profit margin of approximately 51%.

根據預期的第三季營收組合，第三季非 GAAP 毛利率預計約為 47%，上下浮動 5%。就全年而言，我們建模的非 GAAP 毛利率約為 51%。

Please note that given the nature of the industry, we may occasionally need to classify certain expenses to COGS versus OPEX or capitalize certain costs. These classifications are related to labor and tooling for IP contracts. This may cause variability in our quarterly gross margins and operating expenses that will usually balance out on the operating line.

請注意，鑑於產業特性，我們可能偶爾需要將某些費用在銷貨成本（COGS）與營業費用（OPEX）之間重新分類，或將某些成本資本化。這些分類與 IP 合約的勞務與治具（tooling）相關。這可能導致我們季度毛利率與營業費用出現波動，但通常會在營業利益（operating line）上相互抵銷。

With that in mind, our Q3 non-GAAP operating expenses are expected to be approximately $3.6 million plus or minus 5%. Due to the variabilities in the allocations of R&D costs between OPEX and COGS and new hires, we are raising our full year outlook for non-GAAP OPEX to a range of $13.7 million to $13.9 million. The forecasted growth of approximately 17% in non-GAAP OPEX over 2025 as compared to our outlook for 70% to 80% revenue growth in 2026 illustrates the strong inherent leverage of our business model.

基於上述，我們預期第三季非 GAAP 營業費用約為 360 萬美元，上下浮動 5%。由於研發成本在 OPEX 與 COGS 之間分攤的變動性以及新增人員，我們將全年非 GAAP OPEX 展望上調至 1,370 萬至 1,390 萬美元的區間。相較於我們對 2026 年營收成長 70% 至 80% 的展望，非 GAAP OPEX 相對 2025 年約 17% 的預期成長，顯示我們商業模式具備強勁的內生營運槓桿。

After interest and other income, we're forecasting a Q3 net loss of about $900,000 or loss of approximately $0.05 per share. Based on our current outlook, we still anticipate non-GAAP profitability for the second half of 2026. The main difference between our GAAP and non-GAAP results is related to non-cash stock-based compensation expenses. In Q3, we expect this compensation will be approximately $900,000. This compares to $828,000 in Q3 2025 and $753,000 in Q2 2026. As a reminder, there will be movement in the stock-based compensation during the year, and it may vary quarter to quarter based on the timing of grants.

在計入利息及其他收益後，我們預測第三季淨損約 90 萬美元，或每股虧損約 0.05 美元。根據目前展望，我們仍預期 2026 年下半年可達成非 GAAP 獲利。我們 GAAP 與非 GAAP 結果的主要差異，與非現金的股票基礎給付費用相關。第三季我們預期該項給付約為 90 萬美元。相較之下，2025 年第三季為 82.8 萬美元，2026 年第二季為 75.3 萬美元。提醒一下，股票基礎給付在年度內會有變動，且可能因授予時點不同而在各季度間波動。

We anticipate Q3 cash use of approximately $400,000. With this, we expect to close Q3 with a net cash balance that is slightly over $13 million. Please note that the cash use could vary based on the timing of certain payments and receipts from contracts during the quarter. Based on our current outlook, we anticipate positive cash flow during the second half of 2026.

我們預期第三季現金使用約 40 萬美元。因此，我們預期第三季結束時的淨現金餘額將略高於 1,300 萬美元。請注意，現金使用可能會因季度內某些合約款項的支付與收款時點而有所變動。根據目前展望，我們預期 2026 年下半年將出現正向現金流。

With that, thank you for your time. I will now turn the call over to Brian for his closing comments.

以上，感謝各位撥冗。接下來我將把電話會議交給 Brian，請他做結語。

Thank you, Elias. 2026 is shaping up to be a very good year for QuickLogic. Based on contracts and orders we have on the books and the status of our negotiations on a couple of new contracts, we have narrowed our full year growth outlook to 70% to 80%. With this, we are modeling non-GAAP profitability and cash flow positive operations for the second half of 2026.

謝謝你，Elias。2026 年看起來將是 QuickLogic 非常好的一年。根據我們帳上既有的合約與訂單，以及我們就幾項新合約談判的進展，我們已將全年成長展望收斂至 70% 至 80%。基於此，我們建模 2026 年下半年可達成非 GAAP 獲利，且營運現金流轉正。

As important as this is, I want to emphasize in parallel we have laid the groundwork for continued growth and profitability in 2027 and beyond. Earlier this year, we forecasted three completed tape-outs in 2026. The first was completed and we are scheduled to receive an allotment of test chips that we will incorporate in a 12LP eval kit. This will help our customers accelerate evaluations and we believe will lead to new designs that we can Storefront as either discrete devices or chiplets.

在此同時，同樣重要的是，我想強調我們也已為 2027 年及之後的持續成長與獲利奠定基礎。今年稍早，我們預測 2026 年將完成三次 tape-out。第一次已完成，我們預計將收到一批測試晶片，並把它們納入 12LP 評估套件（eval kit）。這將協助客戶加速評估，我們相信也將帶來新的設計，並可透過 Storefront 以獨立元件或 chiplet 的形式提供。

In addition to this, we have a number of other chiplet opportunities in the works that we believe will lead to new contracts and Storefront orders beginning in late 2027. We have two more tape-outs scheduled for late 2026. In one case, we will have access to enough devices to support initial production orders that we can supply through our Storefront initiative beginning in 2027.

此外，我們還有多項其他 chiplet 機會正在推進中，我們相信將在 2027 年下半年開始帶來新的合約與 Storefront 訂單。我們另有兩次 tape-out 排程在 2026 年底。其中一個案例，我們將能取得足夠的元件以支援初期量產訂單，並可自 2027 年起透過我們的 Storefront 計畫供貨。

We are continuing to support demand for our RadPro eval kit and anticipate new orders through the second half of 2026. We are optimistic this will lead to initial Storefront orders beginning in 2027. We are also optimistic that we will receive and secure a contract for our second-ever eFPGA IP architectural license in 2026, and will work closely with the end customer as it develops a device targeting its proprietary fabrication process in 2027. We have recently won two new designs for our existing mature products and have been awarded a contract to qualify a new small package option. We believe this will open a multi-million-dollar opportunity to expand into new designs beginning in 2027. With these many accomplishments, I am hopeful you can share my pride in the extraordinary execution by the QuickLogic team and my high level of optimism in our future growth.

我們持續支援 RadPro 評估套件的需求，並預期 2026 年下半年仍會有新訂單。我們樂觀認為這將促成自 2027 年起的初期 Storefront 訂單。我們也樂觀預期在 2026 年取得並簽下我們史上第二份 eFPGA IP 架構授權合約，並將在 2027 年與終端客戶密切合作，協助其開發針對其專有製程的裝置。我們近期也為既有成熟產品贏得兩項新設計，並獲得一份合約以認證一種新的小型封裝選項。我們相信這將開啟數百萬美元等級的機會，自 2027 年起擴展至更多新設計。在這些成果之下，我希望各位能與我一同為 QuickLogic 團隊卓越的執行力感到自豪，也能分享我對未來成長的高度樂觀。

Thank you and we'll now open the call for questions.

謝謝，接下來我們開放提問。

(Operator Instructions) Neil Young, Needham & Company.

(接線員指示) Neil Young，Needham & Company。

So just looking at the rest of the year, it looks like 4Q is now carrying much of sort of the full year growth story. I guess just doubling down on that, sort of what's your confidence level on timing risk? Is any of that revenue recognition contingent on milestones or deliverables that could possibly flip past 4Q into '27? Then I have one more.

我看一下今年剩下的時間，似乎第四季現在承擔了全年成長故事中的很大一部分。我想再追問一下，你們對時程風險的信心程度如何？這些營收認列是否有任何部分取決於里程碑或交付項目，可能會從第四季延後到 2027 年？然後我還有一個問題。

That's a great question. We meet regularly between our business and engineering teams to make sure that the technical resources are available and prioritizing the work that is related to revenue recognition. So we look at these contracts that I was alluding to in the call and when we would need to make delivery of these items, and we are scheduling work now so that we can hit those milestones for rev rec. And so now it's a matter of closing on a couple of these contracts in order to make that happen. That's more on the business side to close the contract versus the engineering side and the deliverables.

這是個很好的問題。我們的商務與工程團隊會定期開會，確保技術資源到位，並優先處理與營收認列相關的工作。因此，我們會檢視我在電話會議中提到的這些合約，以及我們需要在何時交付這些項目；我們現在就安排工作，以便達成營收認列所需的里程碑。接下來就取決於把其中幾份合約完成簽訂，才能讓這些事情發生。相較於工程端與交付項目，這更多是在商務端完成合約簽署的工作。

To be clear, we've lined up the engineering team and in some cases they're already starting work on these items so that we can deliver and meet the revenue recognition expectations for the numbers that we just talked about.

講清楚一點，我們已把工程團隊配置好，而且在某些情況下，他們已經開始著手這些項目，確保我們能交付並符合我們剛才談到的數字所預期的營收認列。

Okay. And then my other question, if I heard you right, you were talking about most customers are planning to transition from Intel 18A to 18A-P and the porting costs will be de minimis given existing dev work. So I guess practically, does that mean any revenue from active Intel 18A engagements could get delayed while customers are waiting to redesign for 18A-P? Or does the existing 18A work carry forward unaffected? Anything you can offer there?

了解。那我另一個問題，如果我沒聽錯的話，你提到多數客戶計畫從 Intel 18A 轉到 18A-P，而由於既有的開發工作，移植成本將微不足道。所以實務上，這是否意味著任何正在進行的 Intel 18A 專案所帶來的營收，可能會因客戶等待為 18A-P 重新設計而延後？還是既有的 18A 工作會不受影響地延續？你們能否提供一些看法？

Yes, so we have multiple 18A opportunities that we've been discussing on these calls. And we actually have a revenue stream from one of the customers that's related to the 1 million LUT IP contract. And we are expecting, as I said on the call, that to transition to A-P. There's a couple other proposals that we have out that would still allow us to leverage the work that we've done on our 18A-P core, but they could also kick over to 18A-P. And once we've done the port the first time, doing subsequent licenses or derivative licenses off that very first port to other customers is very cost and time effective for us, meaning that we could hit the revenue targets if we get new contracts on 18A-P or customers that are moving all to 18A-P.

是的，所以我們在這些電話會議中一直在討論多個 18A 的機會。而且我們確實從其中一位客戶那裡取得了一條收入來源，這與 100 萬 LUT IP 合約有關。並且如我在電話會議上所說，我們預期它會轉換到 18A-P。另外我們還有幾個已提出的提案，仍然能讓我們運用在 18A-P 核心上已完成的工作，但它們也可能會轉到 18A-P。而一旦我們第一次完成移植，基於第一次移植成果再對其他客戶進行後續授權或衍生授權，對我們而言在成本與時間上都非常有效率；也就是說，如果我們在 18A-P 上取得新合約，或客戶全面轉向 18A-P，我們就能達成營收目標。

I think we've got good coverage. It shows I think the operating leverage we have with our model and the fact that we have the automation with Australis in order to deliver for these customers in a timely fashion. I do think there's a lot of investment that's happened in the ecosystem in general around Intel 18A, not P. And some customers will, I think, make use of that, perhaps, if they're far down the path on a chip design before they kick over. Because you can imagine that ecosystem in general, everybody has to have certain things done on 18A-P or chip designs to move that direction. I'm talking about all the different IPs that you might be integrating into that. So I think, like I said, it'll be a gradual transition for some as the ecosystem matures. In some cases, if it's high digital content, we can move a lot faster like we are with our hard porting.

我認為我們的覆蓋面相當不錯。我覺得這展現了我們商業模式的營運槓桿，以及我們透過 Australis 的自動化能力，能及時為這些客戶交付。我確實認為整個生態系在 Intel 18A（非 P）周邊已經有大量投資發生。我想有些客戶可能會利用這些投資，或許在他們的晶片設計已經走得很深、在切換之前。因為你可以想像，整體生態系中，大家都必須在 18A-P 上完成某些事項或晶片設計，才能往那個方向前進。我指的是你可能會整合進去的各種不同 IP。所以我認為，如我所說，隨著生態系成熟，對部分客戶而言會是逐步轉換。在某些情況下，如果是高數位內容，我們可以移動得更快，就像我們在硬移植（hard porting）上所做的那樣。

Tyler Burmeister, Lake Street Capital Markets.

Tyler Burmeister，Lake Street Capital Markets。

Good quarter, and congrats on the narrowed full year guidance there. I guess maybe first, I'll go to the dev kit customers. Is there any way to quantify, I guess, how many of those you think -- I guess I think your comment was moved to Storefront revenue next year. I guess any way to quantify that, I think about the number there would be great.

本季表現不錯，也恭喜你們把全年指引區間縮窄。我想也許先從開發套件（dev kit）客戶談起。有沒有辦法量化一下，你們認為其中有多少——我想你們的評論是明年會轉為 Storefront 營收。有沒有辦法量化？我覺得如果能提供大概的數量會很有幫助。

These are related to programs I'm not really allowed to talk about. But what I can say is the -- I think that people that would have a need for a strategic rad-hard FPGA are ones that we're engaged with. In some cases they already have dev kits. And I do believe that we will have Storefront revenue next year related to the valuations that are going on, on those dev kits. As far as like how many or what percent, I won't go into that. But I have high confidence that they will lead to Storefront sales next year.

這些與一些我不太被允許談論的專案有關。但我能說的是——我認為，會需要策略性抗輻射加固（rad-hard）FPGA 的那些人，就是我們正在接觸的對象。在某些情況下，他們已經有開發套件。而我確實相信，明年我們會有與這些開發套件正在進行的評估相關的 Storefront 營收。至於像是有多少或占比多少，我就不深入了。但我對它們明年會帶來 Storefront 銷售有很高的信心。

Understood. Understood. All right. Sorry to keep asking questions about programs like this. Maybe another way. You previously bracketed the strategic rad-hard opportunity in total, I think, at 10 to 20 sockets across multiple programs. I'm wondering if as you've got these dev kits now in the customers' hands, you've had continued conversations with those customers, if you've maybe seen any change to that opportunity set? If that opportunity set's got larger, if these conversations maybe affirm that opportunity set up. I guess any color that you can give on maybe that would be interesting.

了解。了解。好。抱歉一直問這類專案的問題。也許換個方式問。你們先前把策略性 rad-hard 的總機會量大概框在 10 到 20 個 socket、跨多個專案。我想知道，現在這些開發套件已經在客戶手上、你們也持續與客戶對話之後，是否看到這個機會集合有任何變化？例如機會集合是否變大，或這些對話是否進一步確認了那個機會集合。如果能提供一些補充說明會很有意思。

I guess the way I'd say it is that we are engaged -- (technical difficulty) with more groups now than we were the last time we spoke on our Q1 call. So the opportunity set has expanded, which is a good thing. I think that's natural. As you start having real silicon and real dev kits, you start getting new opportunities that maybe were from people that were in a wait-and-see mode. And once they see real silicon, they start to move faster. It's encouraging that it has expanded.

我想我會這樣說：我們現在正與比上次在第一季電話會議時更多的團隊接觸——（技術問題）。所以機會集合已經擴大，這是好事。我認為這很自然。當你開始有真正的矽晶片（real silicon）和真正的開發套件時，就會出現一些新的機會，可能來自先前處於觀望狀態的人。而一旦他們看到真正的矽晶片，就會開始加快腳步。這種擴大是令人鼓舞的。

That's why we inserted that comment in the script today that we expect to see more dev kits going out even from now until the end of the year to support additional evaluations. I wish I could give more color on these things, but hopefully you understand the sensitive spot I'm in with respect to nondisclosure agreements for these types of programs in particular.

這也是為什麼我們今天在講稿中加入那段評論：我們預期從現在到年底，還會有更多開發套件出貨，以支援更多評估。我希望能對這些事情提供更多細節，但也希望你能理解，針對這類專案，因為保密協議（NDA）的關係，我所處的位置相當敏感。

No, completely understand. Sorry to put you on the spot like that, but appreciate the color.

不，完全理解。抱歉讓你有點為難，但謝謝你提供的補充說明。

Thanks, Tyler.

謝謝你，Tyler。

Gus Richard, Northland Capital Markets.

Gus Richard，Northland Capital Markets。

Just on the rad-hard contract, just could you update us on how much you have left and when do you expect the next tranche?

關於那份 rad-hard 合約，能否更新一下你們還剩多少，以及你們預期下一筆 tranche 會在什麼時候？

So as far as how much we have left, we haven't disclosed the details of that. But I'll recap for everybody. We are currently operating and executing on the $13 million tranche. We announced that in mid-December of last year. And we have said on the call that, that would be -- we're forecasting it would be fully recognized during this fiscal year 2026. We also said on the call that we expect Q4 to be a big contributor to the revenue growth and within Q4, the government contract would be a big contributor to that.

至於還剩多少，我們尚未披露相關細節。但我可以替大家回顧一下。我們目前正在執行 1,300 萬美元的 tranche。我們在去年 12 月中旬宣布了這件事。而我們也在電話會議上表示，我們預測它會在 2026 財政年度內全部認列。我們也在電話會議上說過，我們預期第四季會是營收成長的重要貢獻者，而在第四季之內，政府合約會是其中的重要貢獻者。

So we are forecasting that we will have another tranche in place before the end of the year which would be supporting that. I guess like -- Gus, let me just add one more thing to that question. I think that everybody knows that the US government is a large customer for QuickLogic. So you could always look in the Q and see what percentage -- what 10% customers we have and the percentages of those and you could probably derive it from that.

因此我們預測，在年底之前會再有另一個 tranche 到位，以支撐上述情況。我想——Gus，讓我就這個問題再補充一點。我想大家都知道，美國政府是 QuickLogic 的大客戶。所以你也可以查看 10-Q，看看我們有哪些占比達 10% 的客戶及其占比，你大概可以從中推導出來。

Got it. And then on the eFPGA, I think it sounds like one contract was delayed. They're not sure what they want hard and what they want to be gate array. Do you have any sense on how much revenue you expect over the next couple of quarters from eFPGA licenses?

了解。另外關於 eFPGA，我想聽起來有一份合約被延後了。他們還不確定哪些要做成硬化（hard），哪些要做成閘陣列（gate array）。你們對未來幾個季度從 eFPGA 授權可望取得多少營收，有沒有概念？

eFPGA licensing in general. So our bucket is the eFPGA support work, the NRE work that goes from the US government. So we don't break it down into, I guess, the level that you're asking about necessarily. But for the second half of the year, I think that overall bucket is probably close to, let me see, about $8 million to $10 million, somewhere in that range off the cuff here. I would say that for the larger IP contracts, we have a few that we're executing on right now that are already signed. I mentioned that in the script itself that we're operating on ones we've already signed, and then we have a few that are in late-stage negotiations.

關於 eFPGA 授權整體而言。我們的分類是 eFPGA 支援工作，以及來自美國政府的 NRE 工作。所以我們不會把它拆得像你問的那麼細。但就今年下半年而言，我認為那個整體桶（bucket）大概接近 800 萬到 1,000 萬美元，臨時估算大概在這個範圍。至於較大型的 IP 合約，我們目前有幾個正在執行，且都已簽署。我在講稿中也提到，我們正在執行已簽署的案子，另外也有幾個正處於後期談判階段。

And by the way, we don't have to win all the ones that we're in late-stage negotiations on in order to meet the revenue growth targets that we've outlined for the year of between 70% and 80%. So that's why we're feeling good about that number and where we are with those negotiations.

順帶一提，我們不需要在所有目前處於後期談判階段的案子上都贏得合約，仍然可以達成我們為今年所概述的 70% 到 80% 的營收成長目標。這也是為什麼我們對這個數字以及目前談判進展感到樂觀。

By the way, if I might add, Gus, you brought up the one that -- the extension that shifted out of 2026. And I'd like to just elaborate in a moment to make sure everybody is, I guess, fully aware of this. So in that design, that was on one process node already and we had made some deliveries and recognized IP collected on that design. That customer then looked at for their applications might want to go to a more advanced process node.

另外，如果我可以補充一下，Gus，你提到那個——延長案被推遲到 2026 年之後。我想稍微再說明一下，確保大家，我想，是完全了解這件事。在那個設計中，它原本已經在某個製程節點上進行，我們也已經交付了一些內容，並且就該設計確認了已收取的 IP 收入。之後那位客戶從其應用角度評估，可能希望轉到更先進的製程節點。

And when they go to a more advanced process node, that's why it would be an extension to a current customer and why it would pick up further revenue for QuickLogic. And to some extent, I could understand why they wanted to do sort of a more detailed analysis of what should go into the eFPGA and what should go into the hard logic because moving to any more of these advanced process nodes, especially more than what we were already at, is going to be a very significant mask cost for them and I think they wanted to make sure they're doing their diligence from their end customer perspective before they make that call.

而當他們轉到更先進的製程節點時，這就是為什麼它會成為現有客戶的延伸案，並且會為 QuickLogic 帶來進一步的營收。在某種程度上，我能理解他們為什麼想要更仔細地分析哪些功能應該放進 eFPGA、哪些應該放進硬邏輯，因為轉到任何更先進的製程節點——尤其是比我們目前所在的節點還更先進——對他們而言都會是非常可觀的光罩成本；我想他們希望在做出決定之前，從其終端客戶的角度先完成應有的盡職調查。

So while it's disappointing from a 2026 revenue perspective, we are confident it'll go to 2027 for us. And I, again, to some extent, can understand why they're being cautious about the partitioning before they would sign a contract with us.

所以，雖然從 2026 年的營收角度來看令人失望，但我們有信心它會在 2027 年落到我們這邊。而且我再次強調，在某種程度上，我能理解他們在與我們簽約之前，對於分割（partitioning）方案會如此謹慎。

Yes. Just to be clear on the eFPGA revenue, you threw out an $8 million number. Was that just for the second half or is that for the full year?

是的。為了釐清 eFPGA 的營收，你提到一個 800 萬美元的數字。那是只針對下半年，還是全年？

Second half, but that's inclusive of what we're doing on our government side, too, because that's one bucket of revenue for us. It's services the IP together.

下半年，但那也包含我們在政府端所做的部分，因為那對我們來說也是一個營收桶（revenue bucket）。它是把服務與 IP 一起算在內。

Richard Shannon, Craig-Hallum Capital Group.

Richard Shannon，Craig-Hallum Capital Group。

Let's ask about the sales guide for the year. So the midpoint's the same as you had before here. And we've had a notable contractor move out to '27. So you must have picked up some business or at least increased confidence in some other business here. Can you help us understand the dynamics that led to the midpoint that hasn't changed here?

我想問一下今年的銷售指引。所以中位數跟你們之前給的一樣。而我們看到有一個顯著的合約案被推遲到 2027 年。因此你們一定是拿到了一些新業務，或至少對其他業務的把握度提高了。你能幫我們理解一下，為什麼在這些變動之下，中位數仍然沒有改變的動態因素嗎？

Yes, I think the biggest factor there, Richard, is that when we were outlining our range earlier, we were being conservative. We weren't putting everything in the kitchen sink in that number we're conveying. So even though we had some movement there, that's why the midpoint stayed the same.

是的，我認為最大的因素是，Richard，當我們先前提出那個區間時，我們採取了保守的做法。我們並沒有把所有可能的項目都一股腦地塞進我們對外傳達的那個數字裡。所以即使有一些變動，中位數仍然維持不變。

Okay. Fair enough. I want to follow up on an earlier question. I think it was from Tyler about Storefront for next year. I think his question was kind of looking more at the RadPro product line here, but wondering to the degree to which you're going to see Storefront revenues outside of that, can you elaborate on product customers' applications? And any thought on the scale of the Storefront revenues for next year?

好的。合理。我想追問先前的一個問題。我想那是 Tyler 問到明年 Storefront 的部分。我認為他的問題比較聚焦在 RadPro 產品線，但我想了解的是，除了那之外你們在多大程度上會看到 Storefront 的營收；你能否就產品客戶的應用情境多做說明？以及對於明年 Storefront 營收規模有沒有任何想法？

Yes, it's a good question. So the last call I think is the first time that we started talking about these multiple tape-outs that we're planning for the year, the three. And of course any Storefront revenue, it's a tangible thing and we have to have a chip to sell in order to get Storefront revenue.

是的，這是個好問題。所以我想在上一次電話會議中，我們第一次開始談到今年規劃的多次 tape-out，也就是三次。當然，任何 Storefront 的營收都是具體可交付的東西；我們必須有晶片可以賣，才能產生 Storefront 營收。

So if we park for a moment the RadPro stuff, we have this other test chip that we're expecting to get back later this year that we've already taped out, get it on eval kits, and we already have interest from companies in that. They've seen the spec sheet. They know it's coming, and we're in some commercial discussions in some cases around how they could get access to those next year for stacking in multi-chip packages. So I do think that if you combine that with what we're planning on RadPro, we've talked about single-digit millions of dollars for revenue next year based on all these different test chips.

所以如果我們先把 RadPro 的部分放一邊，我們還有另一顆測試晶片，預期今年稍晚會回片；我們已經完成 tape-out，會把它放到評估套件上，而且我們已經收到一些公司的興趣。他們看過規格表。他們知道它即將推出，而在某些情況下，我們也正在進行商務討論，討論他們明年如何取得這些晶片，用於多晶片封裝中的堆疊。因此我確實認為，如果把這個再加上我們對 RadPro 的規劃，我們談到過明年基於這些不同測試晶片，營收會是數百萬美元的個位數規模。

Now we still have the other two that we've talked about on this call that we're planning to be taping out by the end of the year and we do think that if you just look at cycle times for silicon, that would also be silicon that's available next year for some level of sale, early volume for customers.

另外，我們在這通電話會議也提到另外兩個，我們計畫在年底前完成 tape-out；而我們也認為，如果只看矽晶的週期時間，那些矽晶也會在明年可用，能以某種程度對外銷售，提供客戶早期的小量出貨。

And then on top of that, we didn't really give a lot of airtime to it today, but there has been a large increase in the number of RFIs and RFPs and RFSs, request for information, request for proposal, request for solution from different government channels, a significant uptake actually in these requests.

再者，今天我們沒有花太多時間談這點，但來自政府不同管道的 RFI、RFP、RFS 數量大幅增加——也就是資訊徵詢（request for information）、提案徵求（request for proposal）、解決方案徵求（request for solution）——這些需求實際上顯著上升。

So we've been writing proposals and submitting them and I'm hopeful at some point there's a numbers game here that will land one or more of these that would also then contribute to service revenue in the beginning, but potentially some early device test chip revenue for Storefront by the end of next year just based on the timelines that the government's asked for on these and how fast we can react with either current silicon or silicon that we could design fairly quickly.

所以我們一直在撰寫並提交提案；我希望在某個時間點，這裡有點像是機率遊戲，最終會拿下一個或多個案子，進而在一開始貢獻服務營收；但也可能依據政府在這些案子上要求的時程，以及我們用現有矽晶或能相當快速設計出的矽晶來回應的速度，在明年年底前為 Storefront 帶來一些早期的裝置測試晶片營收。

Does that answer your question, Richard?

Richard，這有回答你的問題嗎？

Yes, that was very helpful. Maybe just a couple more for me and I'll jump out of line here. On the RadPro products here, I want to get any sort of feedback you're getting from customers who have already taken dev kits. And is the timeframe that you're hoping for, for decisions from some of those lead customers? I think you were kind of talking about kind of end of the year, early next year sort of timeframe. Is that still holding from what you understand?

有的，非常有幫助。我再問兩個問題就不佔用時間了。關於 RadPro 產品，你們從已經拿到開發套件的客戶那邊收到什麼樣的回饋？以及你們希望那些領先客戶做出決策的時間點是什麼？我記得你們提到大概是年底到明年初這樣的時間框架。就你們目前了解，這個時程還成立嗎？

Yes. Again, I can't go into specifics on what customers are saying to this. But there's been a lot of activity with those dev kits. There's been a lot of training that we've given, a lot of -- frequent interaction with those customers on the support side. So yes, I am hopeful that we're going to get some indications by the end of the year, like I said previously. But besides that, like I said, we've actually been exposed to even more groups within these customers that we weren't talking to three months ago. And I think that's a good sign that this is expanding beyond the initial set of customers.

是的。同樣地，我不能具體說明客戶對此的回應內容。但這些開發套件的活動非常多。我們提供了很多訓練，也有很多——與客戶在支援面頻繁互動。所以是的，我希望我們能在年底前得到一些訊號，就像我之前說的。除此之外，如我所說，我們其實也接觸到這些客戶內部更多的團隊，而三個月前我們還沒有跟他們對話。我認為這是個好跡象，代表它正在從最初那一批客戶之外擴大。

And those could also use something that could result in test chip purchases next year. So that's a good thing. It's a good sign. It's expanding, meaning that even if we hear back by the end of the year that some are good with the part and they're going to move forward, I don't think it stops there. I think it continues to grow within these companies as they start having more engineers play with the software, play with the devices, get comfortable with it and start identifying programs of record to insert into.

而那些團隊也可能會用到一些東西，進而在明年帶來測試晶片的採購。所以這是好事。這是個好跡象。它正在擴大，意思是即使我們在年底前收到回覆，部分客戶對這個元件感到滿意並打算往前推進，我不認為事情就到此為止。我認為它會在這些公司內部持續成長，因為會有更多工程師開始使用軟體、操作裝置、熟悉它，並開始辨識可導入的既定專案（programs of record）。

Okay, that sounds great. And my last question, I'll jump out of line here. Any chance you're going to tell us the percent of sales from the 10% customers in the second quarter?

好的，聽起來很棒。我最後一個問題，我插個隊先問一下。你們有可能告訴我們第二季來自前10%客戶的銷售額占比嗎？

Please check the Q when we file it. I'm not trying to get cheesy. It's going to be in the (technical difficulty) It'll be in there. I don't know off the top of my head.

請在我們提交Q的時候查看。我不是想打太極。會在（技術問題）會在裡面。我一時想不起來。

(Operator Instructions) Rick Neaton, Rivershore Investment Research.

（接線員指示）Rick Neaton，Rivershore Investment Research。

I'm not going to ask you any more questions about how sure are you about your outlook for the year. I have a kind of an off-the-wall question about post-quantum cryptography and how eFPGAs fit into that given your little demonstration project you're running with the company out of Florida Atlantic on that. And is that defense related? Is that nondefense related? And how does an eFPGA fit into like a preemption for quantum computing and what's the timeframe on that?

我不會再問你們對今年展望有多有把握之類的問題了。我有個有點天馬行空的問題，關於後量子密碼學，以及鑑於你們與佛羅里達大西洋那家公司正在進行的小型示範專案，eFPGA在其中如何契合。那是國防相關嗎？還是非國防相關？eFPGA如何在面對量子運算的預先防護中發揮作用？時間表是什麼？

Those are great questions. I like those. So the stuff that we talked about publicly with respect to post-quantum, it's not limited to just defense, but there's clearly a desire for it to go into defense. But really, you could think about anything with respect to critical infrastructure, it is something that's a target to be hacked. That could be a defense system, it could be a satellite communication system. It could be water systems that we've been hearing about online. Any of those are, I'd say, targets that are ripe for attempted hacking.

這些問題很好。我喜歡。所以我們公開談到的後量子相關內容，不僅限於國防，但顯然也希望能導入國防領域。不過其實你可以把任何關鍵基礎設施都納入考量，它們都是可能被駭的目標。可能是國防系統，也可能是衛星通訊系統。也可能是我們在網路上聽到的供水系統。我會說，這些都是很容易成為駭客嘗試入侵的目標。

And so -- and I think there was actually a presidential order that came out, certainly since last call, that talked about people should start looking at how we protect these systems with more advanced cryptography. And the reason why that desire is there is because of the fear that once quantum computing is actually deployed, the conventional cryptographic systems are going to be hacked in a beat of an eye. So now they're looking at, well, how do I get the safety mechanisms into these systems? So post-quantum PQA is something that people are looking at.

而且——我想其實自上次電話會議以來，確實有一項總統行政命令發布，提到大家應該開始研究如何用更先進的密碼學來保護這些系統。之所以有這種需求，是因為擔心一旦量子運算真正部署，傳統的密碼系統會在轉眼間被破解。所以現在他們在思考：我該如何把安全機制導入這些系統？因此後量子PQA是大家正在關注的方向。

And unfortunately, those algorithms are not like fully stabilized yet. They're still evolving. And so whenever you hear about something that's critical capability and these systems that is critical infrastructure and standards are evolving, that's the perfect scenario for FPGA or eFPGA because with eFPGA, as we all know on the call, you can manufacture it into your silicon and program the functionality later. And that's a big desire for these people that are looking at post-quantum cryptographic algorithms because they could run that in the reprogrammable eFPGA core in their ASIC and they can forward deploy the chips, program it later. That's a big part of the value proposition.

不幸的是，這些演算法還沒有完全穩定。仍在演進中。所以每當你聽到某項關鍵能力、這些屬於關鍵基礎設施的系統，以及標準仍在演進時，那就是FPGA或eFPGA的完美情境；因為使用eFPGA，如同我們在電話會議上都知道的，你可以把它製造進你的矽晶片中，之後再去編程其功能。這對於研究後量子密碼演算法的人來說非常有吸引力，因為他們可以在其ASIC中的可重編程eFPGA核心上運行，先把晶片前置部署出去，之後再進行編程。這是價值主張的重要一環。

And so we're seeing a lot of interest in that area now, both from defense and non-defense. And again, I think it's reinforced by the fact that the government is very sensitive in looking at this as well. So that's why you started to see some collaborations on the marketing side with us and other partners and why I think we've done a blog about it as well because we are seeing definite interest there. Does that answer your question, Rick?

因此我們現在在這個領域看到很多興趣，國防與非國防都有。而且我認為，政府也非常敏感並在關注這件事，這一點也進一步強化了趨勢。所以你才會開始看到我們在行銷端與其他夥伴的一些合作；我想我們也寫過一篇部落格談這件事，因為我們確實看到明確的興趣。Rick，這有回答你的問題嗎？

Yes, it does. Thank you for that explanation. One follow-up on that is your relationship with PQSecure similar to the relationship you have or had at ETH in Zurich when you developed the Arnold chip as kind of a demonstration project? Or is this the first step toward a commercial product?

有的。謝謝你的說明。我有個追問：你們與PQSecure的關係，是否類似於你們在蘇黎世ETH開發Arnold晶片時那種示範專案的合作關係？還是這是邁向商業產品的第一步？

I'd say this is -- well, this is more advanced than ETH in Zurich. So ETH Zurich was a research university and they were doing a lot of research around low-power computing with eFPGA. So in some ways, this is similar because it's the beginning stages of a trend, right? That was low-power. This is post-quantum cryptographic algorithm deployment.

我會說這——嗯，這比蘇黎世ETH更進一步。因為ETH Zurich是研究型大學，他們做了很多圍繞eFPGA的低功耗運算研究。所以某種程度上這很類似，因為它是某個趨勢的起步階段，對吧？那時候是低功耗。而這次是後量子密碼演算法的部署。

But I think the big difference now is that these are actual companies that we're working with. It's not a research institute or university. So it's much more, I would say, closer to real products and solving real problems and generating real revenue for QuickLogic versus the ETH Zurich one, which is more of a low-power proof of concept. It did generate interest, but I think what we're seeing now is there's going to be more definitive interest that's going to generate near-term revenue for us. It's a very clear, compelling use case for eFPGA.

但我認為現在最大的差異是，我們合作的對象是實際的公司。不是研究機構或大學。所以我會說，這更接近真正的產品、解決真正的問題，並為QuickLogic帶來實際營收；相較之下，蘇黎世ETH那個更像是低功耗的概念驗證。它確實帶來了興趣，但我認為我們現在看到的是更明確的興趣，將在短期內為我們帶來營收。這是eFPGA非常清楚且具吸引力的使用案例。

There are no further questions at this time. I would like to turn the call back over to Brian for closing comments.

目前沒有其他問題。我想把電話會議交回給Brian做結語。

Yes. Thank you for participating today. You can catch up with us tomorrow at the Canaccord Genuity Conference here in Boston. We're presenting at 2:30 PM Eastern and there is a webcast available for that for those of you that are not in Boston. We are also participating in the Needham Virtual Semiconductor Conference next week, the Lake Street Conference in September and the CEO Summit at SEMICON West in October. Thank you again and have a great day.

好的。感謝各位今天的參與。明天在波士頓的Canaccord Genuity Conference也可以與我們見面。我們將於美東時間下午2:30進行簡報，未在波士頓的各位也可透過網路直播收看。我們也將參加下週的Needham虛擬半導體會議、9月的Lake Street會議，以及10月在SEMICON West的CEO高峰會。再次感謝，祝各位有美好的一天。

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

今天的電話會議到此結束。您現在可以掛線，感謝您的參與。