Silicom Ltd (SILC) 2025 Q3 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome to the Silicom Third Quarter 2025 Results Conference Call. [Operator Instructions]

女士們、先生們，感謝你們的耐心等待。歡迎參加Silicom 2025年第三季業績電話會議。[操作說明]

You should have all received by now the company's press release. If you have not received it, please contact Silicom's investor relations team at EK Global Investor Relations at 1-212-378-8040 or view it in the news section of the company's website www.Silicom-usa.com.

你們現在應該都已經收到公司的新聞稿了。如果您尚未收到，請聯絡 Silicom 的投資者關係團隊 EK Global Investor Relations，電話：1-212-378-8040，或在公司網站 www.Silicom-usa.com 的新聞版塊查看。

I would like to hand over the call to Mr. Kenny Green of EK Global Investor Relations. Mr. Green, would you like to begin, please?

我謹將電話轉交給EK全球投資人關係公司的肯尼‧格林先生。格林先生，請您開始吧？

Thank you operator, I would like to welcome all of you to Silicom's Quarterly Results Conference Call. Before we start, I would like to draw your attention to the following Safe Harbor statement.

謝謝接線員，歡迎各位參加Silicom季度業績電話會議。在開始之前，我想提請大家注意以下安全港聲明。

This conference call contains four little statements. Such statements may include, but are not limited to, and explain the future financial operating results and Silicom's outlook and prospects.

本次電話會議包含四項簡短聲明。此類聲明可能包括但不限於解釋未來的財務經營業績以及Silicom的展望和前景。

Those statements are based on management's current beliefs, expectations, and assumptions which may be affected by subsequent business, political, environmental, regulatory, economic, and other conditions and are subject to known and unknown risks and uncertainties and other factors.

這些聲明是基於管理層當前的信念、預期和假設，這些信念、預期和假設可能會受到後續商業、政治、環境、監管、經濟和其他條件的影響，並且會受到已知和未知風險、不確定性和其他因素的影響。

Many of which are outside of Silicom's control, which may cause actual results that differ materially from expectations expressed or implied in the forwarding statement.

其中許多因素超出了 Silicom 的控制範圍，這可能導致實際結果與轉發聲明中明示或暗示的預期有重大差異。

These include but are not limited to Silicom's increasing dependence for substantial revenue growth of a limited number of customers, the speed and expense to which Silicom solutions are adopted by the relevant markets.

這些問題包括但不限於：Silicom 對少數客戶的大量收入成長越來越依賴，以及 Silicom 解決方案被相關市場採用的速度和成本。

Difficulties in the commercializing and marketing of Silicom's products and services, maintaining and protecting brand recognition, protection of intellectual property, competition, disruptions to manufacturing and sales and marketing.

Silicom 產品和服務的商業化和行銷面臨困難，品牌認知度的維護和保護面臨挑戰，智慧財產權保護面臨競爭，生產、銷售和行銷受到干擾。

Development in customer support activities, the impact of war, rising inflation, changing interest rates, volatile exchange rates, as well as any continuing or new effects resulting from pandemics and global economic uncertainty.

客戶支援活動的發展、戰爭的影響、通貨膨脹加劇、利率變化、匯率波動，以及流行病和全球經濟不確定性帶來的任何持續或新的影響。

Which may in fact which may impact customer demand through customers exercising greater caution and selectivity with their short-term IT investment plans.

這實際上可能會影響客戶需求，因為客戶在製定短期 IT 投資計畫時會更加謹慎和謹慎。

The factors noted are not exhaustive. Further information about the company's business, including information about factors that could materially affect Silicom's results of operations and financial conditions, are discussed in Silicom's annual report on Form 20.

以上列舉的因素並不全面。有關公司業務的更多信息，包括可能對 Silicom 的經營業績和財務狀況產生重大影響的因素的信息，請參閱 Silicom 的 20 表格年度報告。

And other documents filed by the company that may be subsequently filed by the company from time to time with the Securities and Exchange Commission, the SEC.

以及公司隨後可能不時向美國證券交易委員會（SEC）提交的其他文件。

Therefore, there can be no assurance that actual future results are not materially or significantly from anticipated results.

因此，不能保證未來的實際結果不會與預期結果有實質或顯著差異。

Consequently, investors are reminded not to rely on those forward-looking statements.com does not undertake to update any forward-looking statements as a result of new information on future events or developments except as may be required by law.

因此，投資者應注意不要依賴這些前瞻性陳述。除法律另有規定外，本網站不承諾因未來事件或發展的新資訊而更新任何前瞻性陳述。

In addition, following the company's disclosure of certain non-GAAP financial measures in today's earnings release, such non-GAAP financial measures will be discussed during this call.

此外，鑑於公司在今天的獲利報告中揭露了某些非GAAP財務指標，本次電話會議將討論這些非GAAP財務指標。

Such non-GAAP measures are used by management to make strategic decisions, forecast future results, and evaluate the company's current performance.

管理階層使用此類非GAAP指標來制定策略決策、預測未來績效和評估公司目前的績效。

And she believes that that the presentation of these non-GAAP financial measures are useful to investors' understanding and assessment of the company's ongoing cooperation and prospects for the future.

她認為，這些非GAAP財務指標的列示有助於投資人了解和評估公司目前的合作狀況和未來前景。

Unless otherwise stated, it should be assumed that the financials discussed in this conference call. On a non-GAAP basis, non-GAAP financial measures disclosed by management are provided and additional information to investors to provide them with an assessing the company's financial conditions and operating results.

除非另有說明，否則應假定本次電話會議中討論的財務數據。依照非公認會計準則 (non-GAAP) 計算，管理階層揭露的非公認會計準則財務指標將作為補充資訊提供給投資者，以便他們評估公司的財務狀況和營運績效。

These measures are not in accordance with or a substitute for GAAP. A full reconciliation of non-gaps to financial GAAP financial measures are included state earnings relief which you can find them through the Commonwealth.

這些措施不符合公認會計準則，也不能取代公認會計準則。州政府收入救濟措施中包含了非缺口與財務 GAAP 財務指標的全面核對，您可以透過聯邦政府找到這些措施。

And with us on the line today we have Mr. Leon Eisenman; President and CEO and Mr. Iran Gillard; CFO. Leon will begin with an overview of the results followed by Iran who will provide an analysis of the financial results.

今天和我們連線的是總裁兼執行長萊昂·艾森曼先生和財務長伊蘭·吉拉德先生。萊昂將首先概述業績，隨後伊朗將對財務業績進行分析。

We'll then turn over the call to the question-and-answer session, and with that, I would now like to hand the call over to Luron, the CEOs. Leon, please go ahead.

接下來，我們將把電話轉入問答環節。現在，我想把電話交給 Luron 的執行長們。萊昂，請繼續。

Thank you, Kenny. I would like to welcome everyone to our conference call to discuss the results of the third quarter of 2025.

謝謝你，肯尼。歡迎各位參加我們的電話會議，共同探討2025年第三季的業績。

We are pleased with the ongoing progress that we have made in the third quarter, marked by another period of strong execution in line with our strategic plan and demonstrating solid design with momentum and success across varied product lines.

我們對第三季的持續進展感到滿意，這一季度我們再次按照戰略計劃強勁執行，並在各種產品線上展現了穩健的設計、強勁的勢頭和成功。

The design win momentum is trekking ahead of expectations. Since the beginning of the year, we have achieved eight major new design wins with important new customers, as well as existing ones, which builds out for us an impressive roster of design wins, the key for our expected growth from 2026 and beyond.

設計方案的中標動能遠超預期。今年年初以來，我們已與重要的新客戶以及現有客戶達成了八項重大的新設計合作，這為我們積累了令人印象深刻的設計合作項目名單，也是我們從 2026 年及以後實現預期增長的關鍵。

I remind you that our goal was to reach between seven and nine design wins for the full year of 2025. As of October, we have suppressed the lower end of our 2025 target. Range and with two months left to the end of the year, we are just one designing short of the upper end of this ambitious target range.

我提醒各位，我們的目標是在 2025 年全年獲得 7 到 9 個設計項目。截至10月份，我們已經下調了2025年目標的下限。距離年底還有兩個月，我們距離實現這個雄心勃勃的目標範圍的上限只差一個設計方案了。

We see new design wings as the most tangible indicator of our progress, in addition to the breadth and depth of our opportunities fun. The focus on our core product lines, coupled with deep relationship with customers and potential new customers, has created this solid funnel.

我們認為，除了我們機會的廣度和深度之外，新的設計成果是我們進步的最切實的標誌。專注於核心產品線，並與現有客戶和潛在新客戶建立深厚的關係，打造了這個穩固的銷售管道。

We expect to continue to convert this channel to further design wins in 2026 and have set for ourselves a new aggressive target of between seven to nine additional design wins in the coming year spanning all product lines, including FPGAs, Ed solutions, and Smartix.

我們預計在 2026 年將繼續把這個管道轉化為更多的設計訂單，並為自己設定了一個新的雄心勃勃的目標，即在未來一年內再贏得 7 到 9 個設計訂單，涵蓋所有產品線，包括 FPGA、Ed 解決方案和 Smartix。

Our third quarter performance demonstrates that we are successfully advancing and meeting our milestones and our solid momentum underlies our optimism for returning to double-digit revenue growth in 2026 and beyond.

第三季業績表明，我們正在成功推進並實現我們的里程碑，我們強勁的發展勢頭也讓我們對2026年及以後恢復兩位數的營收成長充滿信心。

In terms of financial results for the quarter, we reported revenues of USD15.6 million in the upper half of the quarter's guidance range. Our balance sheet has remained very strong.

就本季財務表現而言，我們公佈的營收為 1,560 萬美元，處於本季預期範圍的上半部分。我們的資產負債表一直都非常穩健。

At September, our working capital and marketable securities totaled USD114 million including USD76 million in cash deposits and highly rated bonds with no debt representing approximately USD20 per share.

截至 9 月，我們的營運資金和有價​​證券總額為 1.14 億美元，其中包括 7,600 萬美元現金存款和無債務的高評級債券，每股價值約為 20 美元。

The financial strength provide us with flexibility that we need to execute on our strategy and seize opportunities as they arise. I would like to focus on our design win momentum.

雄厚的財力為我們提供了執行策略和抓住機會所需的靈活性。我想重點談談我們設計專案的成功動能。

In the third quarter, we secured three significant design wins, and earlier this week, we announced another important and fourth recent design.

第三季度，我們獲得了三個重要的設計訂單；本週早些時候，我們宣布了另一項重要的、也是最近的第四項設計訂單。

Each win demonstrates the strength of our product portfolio, the trust of our customers' base, and most importantly, it is a solid indication of the successful implementation of our growth strategy.

每一次勝利都證明了我們產品組合的實力、客戶群的信任，最重要的是，它有力地表明了我們成長策略的成功實施。

Those new design means span all our product lines, FPGA, Smartix, and edge networking systems and are for a variety of applications, underscoring the continued relevance of our solutions across diverse customer needs and market segments and applications.

這些新的設計方案涵蓋了我們所有的產品線，包括 FPGA、Smartix 和邊緣網路系統，適用於各種應用，凸顯了我們的解決方案在滿足不同客戶需求、市場領域和應用方面的持續相關性。

One of those design wins was awarded by a long-term network optimization customer of ours. This customer selected our advent a system as a platform for several of its next generation appliances.

其中一個設計方案是由我們的一位長期網路優化客戶授予的。這位客戶選擇我們的 vent a 系統作為其多款下一代設備的平台。

With this expansion, our business with this customer is expected to increase dramatically to around USD4 million annually at the full run rate.

隨著擴張，我們與該客戶的業務量預計將大幅成長，以正常速度計算，每年約 400 萬美元。

This highlights the natural progression of our deep relationship with this customer from networking cards to FPGA smart cards and now to edge systems.

這凸顯了我們與該客戶之間深厚關係的自然發展歷程，從網路卡到FPGA智慧卡，再到現在的邊緣系統。

More broadly, it reflects our strong customer partnership drive, repeat and expanding engagement across all our product lines while also laying the groundwork for other opportunities, including additional innovative aid platforms currently under discussion.

更廣泛地說，這反映了我們強大的客戶夥伴關係驅動力，以及在所有產品線中不斷擴大的重複參與度，同時也為其他機會奠定了基礎，包括目前正在討論的其他創新援助平台。

We also achieved the first design win with the US-based provider of multi-site networking solutions which selected our customized edge device to enhance scalability, security, and efficiency across its customer base.

我們還與一家總部位於美國的、提供多站點網路解決方案的供應商贏得了第一個設計訂單，該供應商選擇了我們定制的邊緣設備來增強其客戶群的可擴展性、安全性和效率。

Initial deployments are expected to begin by year end 2025 with a projected run rate of approximately million dollars annually in 2026.

預計首批部署將於 2025 年底開始，預計 2026 年的年運行率約為 100 萬美元。

Importantly, the customer is pursuing several additional sizable projects, each with multi-million dollar revenue potential, and is in discussion with us regarding another customized edge product for a separate use case together representing a significant long-term growth opportunity.

重要的是，該客戶正在推進幾個其他規模較大的項目，每個項目都有數百萬美元的收入潛力，並且正在與我們討論針對另一個獨立用例的定制邊緣產品，這些都代表著一個重要的長期增長機會。

Earlier this week, we secured a design from a leading SAA provider which selected our edge networking system combined with a Silicom mix to support wired 5G and Wi-Fi connectivity.

本週早些時候，我們從領先的 SAA 供應商那裡獲得了設計方案，該方案選擇了我們的邊緣網路系統與 Silicom 的組合，以支援有線 5G 和 Wi-Fi 連線。

Initial orders amounted to approximately USD500 with full deployment run rate expected to reach around USD3 million annually. We see strong further potential, and we are discussing with this customer the adoption of an additional Silicom platform.

首批訂單金額約為 500 美元，預計全面部署後的年營運金額將達到約 300 萬美元。我們看到了巨大的發展潛力，我們正在與這位客戶討論採用額外的 Silicom 平台。

We were particularly excited to achieve our second quantum cryptography related win from a tech giant with a span of just a few months, providing strong validation of our leadership in this critical emerging space and serving as a reference point for further opportunities.

我們尤其興奮的是，在短短幾個月內就從一家科技巨頭那裡獲得了第二個與量子密碼學相關的項目，這有力地證明了我們在這一關鍵新興領域的領先地位，並為未來的機遇提供了參考。

The design was from a global application delivery leader for our advanced FPGA smart card incorporating SSL hardware acceleration and post-quantum cryptography offload.

該設計來自全球領先的應用程式交付公司，用於我們先進的 FPGA 智慧卡，該智慧卡整合了 SSL 硬體加速和後量子加密卸載功能。

This solution will enable the customer to deliver high performance, enhanced scalability, and simplified secure connections. Ramp up is expected through 2026 with annual revenues anticipated to reach USD2 million run rate.

該解決方案將使客戶能夠實現高效能、增強可擴展性和簡化的安全連接。預計到 2026 年將實現成長，年收入預計將達到 200 萬美元。

Although quantum computers are not likely to be widely available for several years. Suppliers of communications equipment and services must plan now in order to defend effectively against harvest now decryptator attack strategies.

儘管量子電腦在未來幾年內不太可能廣泛普及。通訊設備和服務供應商必須現在就制定計劃，以便有效防禦「立即收穫」解密器攻擊策略。

We are seeing that regulators and enterprises are already preparing for the future security threat they pose to privacy since quantum attacks have the potential to break today's widely used encryption standards.

我們看到，監管機構和企業已經在為量子攻擊可能對隱私造成的未來安全威脅做準備，因為量子攻擊有可能打破當今廣泛使用的加密標準。

Forward-looking companies are therefore moving early to integrate PQC into their architectures to ensure business continuity, with emerging privacy and compliance requirements, and position themselves as leaders in secure infrastructure in the post quantum world.

因此，具有前瞻性的公司正在儘早將 PQC 整合到其架構中，以確保業務連續性，滿足新興的隱私和合規要求，並將自己定位為後量子時代安全基礎設施的領導者。

Our PQC ready smart cards put Silicom ahead of the adoption curve at the forefront of this future transition.

我們符合 PQC 標準的智慧卡使 Silicom 在未來轉型中處於領先地位，引領了產業變革。

The fact that we already offer a mature PQC ready solution differentiate differentiates us clearly as an advanced technology partner, bring bringing us interest from both equipment suppliers and service providers.

我們已經提供成熟的 PQC 就緒解決方案，這使我們作為先進技術合作夥伴脫穎而出，引起了設備供應商和服務提供者的興趣。

All those design means demonstrate again the value of our broad portfolio and our sterling reputation as a trusted partner.

所有這些設計手段再次證明了我們廣泛的產品組合的價值以及我們作為值得信賴的合作夥伴的卓越聲譽。

Each of those wins represents a combination of extensive technical collaboration and customer trust, reinforcing our strategy of building enduring relationships that evolve into multiple high value engagements. Together, the design wins achieved throughout 2025.

這些勝利都體現了廣泛的技術合作和客戶的信任，鞏固了我們建立持久關係並發展成為多個高價值合作項目的策略。2025 年全年取得的設計獎項總數。

Establish a solid foundation for accelerated growth from 2026 onwards and strengthen our confidence in maintaining our momentum into 2026 and importantly marking our return to long-term double-digit revenue growth.

為 2026 年及以後的加速成長奠定堅實基礎，增強我們對維持 2026 年成長動能的信心，更重要的是，標誌著我們重返長期兩位數收入成長。

The opportunities final remains broad spanning all our product linesed systems, Smartin, and STGA solutions, addressing both new and existing customers across multiple industries and multiple applications.

最終的機會仍然很廣泛，涵蓋我們所有產品線系統、Smartin 和 STGA 解決方案，面向多個行業和多個應用領域的新舊客戶。

I urge you to review our investor presentation available on our website, which highlights many of those opportunities as well as examples of those that have successfully passed through the opportunity funnel to become design wins and source of recurring revenues.

我強烈建議您查看我們網站上提供的投資者演示文稿，其中重點介紹了許多此類機會，以及一些成功通過機會篩選流程，最終贏得設計項目並帶來持續收入的案例。

As we move into 2026, we expect to see many more opportunities in our funnel transform into design wins with numerous new opportunities for all of our product lines consistently entering the funnel.

展望 2026 年，我們預期銷售漏斗中的更多機會將轉化為設計上的成功，我們所有產品線都將持續湧入銷售漏斗，帶來眾多新的機會。

As I mentioned earlier, our newly announced target for 2026 is to achieve seven to nine new design wins, driving forward our growth strategy and providing the foundation for sustainable long-term value creation at Silicom.

正如我之前提到的，我們新宣布的 2026 年目標是贏得七到九個新的設計項目，這將推動我們的成長策略，並為 Silicom 的可持續長期價值創造奠定基礎。

In terms of guidance for the fourth quarter of 2025, we expect revenues in the range of USD15 to USD16 million and we continue to anticipate double-digit annual growth rate in 2026 and beyond.

對於 2025 年第四季的業績指引，我們預計營收將在 1,500 萬至 1,600 萬美元之間，並且我們繼續預計 2026 年及以後將保持兩位數的年增長率。

Our overall objective remains unchanged to create significant long-term value for our shareholders by achieving EPS above USD3 which we expect to reach as revenues scale to USD150 to USD160 million range.

我們的整體目標仍然不變，即透過實現每股收益超過 3 美元，為股東創造顯著的長期價值。我們預計，隨著營收成長到 1.5 億至 1.6 億美元，這一目標將得以實現。

Importantly, a faster ramp up of certain high potential deals currently in the pipeline would accelerate this timeline, enabling us to achieve our strategic goals ahead of schedule.

重要的是，加快推進目前正在籌備中的某些高潛力交易將加快這一進程，使我們能夠提前實現戰略目標。

In summary, we are very pleased with our continued progress in 2025. With eight major new design wins already secured year-to-date, well within the target range for the full year.

總而言之，我們對2025年的持續進展感到非常滿意。今年迄今，該公司已斬獲八項重大新設計訂單，遠超過全年目標範圍。

We are executing ahead of the plan and building strong momentum across all our product lines. We remain focused on continuing to build long-term customer relationships and expand our design wind funnel, providing a solid foundation for the accelerated double-digit growth we expect from 2026.

我們目前的執行進度比計劃更快，所有產品線都呈現出強勁的成長動能。我們將繼續專注於建立長期的客戶關係，並擴大我們的設計風向標，為我們預期從 2026 年開始的兩位數加速成長奠定堅實的基礎。

With our unique technologies, a highly satisfied and growing customer base, a motivated team, as well as strong balance sheet to support all our endeavors, we are ideally positioned for 2026 and beyond, with the ultimate goal of delivering significant long-term value for our shareholders.

憑藉我們獨特的技術、高度滿意且不斷增長的客戶群、積極進取的團隊以及支持我們所有努力的強勁資產負債表，我們已為 2026 年及以後的發展做好了充分準備，最終目標是為我們的股東創造巨大的長期價值。

We look forward to updating you on our progress as we close our 2025 and heading to 2026, which we believe will be an inflection infection year for Silicom.

我們期待在 2025 年即將結束、邁向 2026 年之際，向您報告我們的進展。我們相信，2026 年將是 Silicom 的轉捩點。

With that, I will now hand over the call to Eran Gilad for a detailed review of the quarter results. Eran, please go ahead.

接下來，我將把電話交給埃蘭·吉拉德，讓他詳細回顧本季的業績。埃蘭，請繼續。

Thank you Liron and good day to everyone. Revenues for the third quarter of 2025 were USD15.6 million 6% ahead of the USD14.8 million reported in the third quarter of last year.

謝謝Liron，祝大家今天愉快。2025 年第三季營收為 1,560 萬美元，比去年第三季報告的 1,480 萬美元成長了 6%。

The geographical revenue breakdown over the last 12 months was as follows. North America 75%, Europe and Israel 17%, Far East and the rest of the world, 8%.

過去 12 個月的地域收入細分情況如下。北美 75%，歐洲和以色列 17%，遠東和世界其他地區 8%。

During the last 12 months, we had one10% plus customer, which accounted for about 14% of our revenues.

在過去的 12 個月裡，我們有一個佔比超過 10% 的客戶，該客戶貢獻了我們約 14% 的收入。

I will be presenting the rest of the financial results on a non-ge basis which excludes the non-cash compensation expenses in respect of options and RSUs granted to directors, officers, and employees, taxes on amortization of acquired intangible assets, as well as lease liabilities, financial expenses.

我將以非一般性財務報表為基礎，列示其餘財務業績，其中不包括授予董事、高管和員工的期權和限制性股票單位的非現金補償支出、收購無形資產攤銷的稅款以及租賃負債和財務費用。

For the full reconciliation from GAAP to non-GAAP numbers, please refer to the press release we issued earlier today.

有關 GAAP 和非 GAAP 數據的完整調整表，請參閱我們今天早些時候發布的新聞稿。

Gross profit for the third quarter of 2025 was USD5 million representing a gross margin of 31.8% compared to a gross profit of USD4.2 million or gross margin of 28.8% in the third quarter of 2024.

2025 年第三季毛利為 500 萬美元，毛利率為 31.8%，而 2024 年第三季毛利為 420 萬美元，毛利率為 28.8%。

While I note that our short to midterm expected growth margin range remains between 27% to 32%, we are very pleased with achieving a growth margin at the higher end of this range ahead of our strategic plan model.

雖然我注意到我們中短期預期成長率範圍仍然在 27% 到 32% 之間，但我們非常高興能夠在策略規劃模型之前實現該範圍的較高成長率。

Operating expenses in the third quarter of 2025 were USD7.4 million compared with USD6.5 million reported in the third quarter 2024.

2025 年第三季的營運費用為 740 萬美元，而 2024 年第三季的營運費用為 650 萬美元。

Our operating expenses in the quarter were higher than expected due to the relative weakness of the US dollar. The currency in which we report versus the Israeli shekel and the Danish throne, the main currencies in which a large portion of our expenses are generated.

由於美元相對疲軟，本季我們的營運費用高於預期。我們報告所使用的貨幣與以色列謝克爾和丹麥克朗（我們大部分支出產生的主要貨幣）之間存在差異。

Operating loss for the third quarter of 2025 was USD2.4 million compared to an operating loss of USD2.3 million as reported in the third quarter of 2024.

2025 年第三季營業虧損為 240 萬美元，而 2024 年第三季營業虧損為 230 萬美元。

Net loss for the quarter was USD2.1 million compared to a net loss of USD1.7 million in the third quarter of 2024.

本季淨虧損為 210 萬美元，而 2024 年第三季淨虧損為 170 萬美元。

Loss per share in the quarter was USD0.36. This is compared with loss per share of USD0.28 as reported in the third quarter of last year.

本季每股虧損0.36美元，而去年第三季每股虧損為0.28美元。

Now turning to the balance sheet, as of September 30, 2025, our working capital and marketable securities amounted to USD114 million including USD46 million in high-quality inventory and USD76 million in cash equivalents, bank deposits, and highly rated multiple securities with no debt.

現在來看資產負債表，截至 2025 年 9 月 30 日，我們的營運資金和有價​​證券總額為 1.14 億美元，其中包括 4,600 萬美元的高品質庫存和 7,600 萬美元的現金等價物、銀行存款和高評級多種證券，且無債務。

That ends my summary. I would like to end back to the operator for the questions and answers session, operator.

我的總結到此結束。我想把問答環節交還給操作員。

Thank you, ladies and gentlemen. [Operator Instructions]

謝謝各位女士、先生。[操作說明]

The first question is from Ray Koontz from Needham.

第一個問題來自尼德姆的雷·昆茨。

Hi this is Jeff Hobson on to Ryan Konz from Needham.

大家好，我是 Jeff Hobson，現在連線來自 Needham 的 Ryan Konz。

Just wanted to understand maybe more where, Silicom could fit in with the ongoing, AI narrative. Obviously, AI have a place in AI, but I would think there are also specialized situations where, your guys' next, could be utilized, so just maybe, some more info on that.

我只是想更深入地了解一下，Silicom 在當前的 AI 發展趨勢中可以扮演什麼角色。顯然，人工智慧在人工智慧領域佔有一席之地，但我認為在某些特殊情況下，你們的下一步計畫或許可以派上用場，所以也許可以提供更多相關資訊。

Absolutely. So when we look at AI, we see opportunities in a few different product lines, maybe even all product lines, to be more accurate.

絕對地。所以當我們審視人工智慧時，我們發現一些不同的產品線，甚至可能是所有產品線，都有機會更準確地說是利用人工智慧。

So on the one side, we see opportunities for our necks, our high speed nicks, 400 gig nicks. Those are just, the right equipment you need for the inference systems as well as the training systems. So this is one area that we think this could be very good potential.

一方面，我們看到了我們頸部、高速切口、400 吉切口的機會。這些正是推理系統和訓練系統所需的合適設備。所以我們認為這方面很有潛力。

Another area is with the FPGA because a lot of things are not really well defined still I would say in AI systems and there's a lot of proprietary communication and protocols that FPGA can bridge the GAAP there where AI's are not available right now and probably will not be in the foreseeable future.

另一個應用領域是 FPGA，因為人工智慧系統中許多東西還沒有真正明確定義，而且有很多專有通訊和協議，FPGA 可以彌合人工智慧目前無法使用、在可預見的未來可能也無法使用的公認應用程式設計（GAAP）之間的鴻溝。

And the third one is also on the edge systems where we are able to see opportunities. Opportunities for edge interference. We actually just had a webinar together with Intel about it yesterday showing some some use cases of AI at the edge, and we feel there's opportunities with all of them.

第三個面向也與邊緣系統有關，我們能夠從中看到機會。邊緣幹擾的機會。昨天我們剛和英特爾一起舉辦了一場網路研討會，展示了一些邊緣人工智慧的應用案例，我們認為所有這些案例都蘊藏著機會。

Some of those are more advanced right now. Some of them are more early exploratory, but I think we definitely have opportunities in all of them.

有些技術現在更先進了。有些項目還處於早期探索階段，但我認為我們在所有這些項目中都肯定有機會。

Thank you. And then looking at the presentation, you also have some large opportunities with service providers and, some telco equipment.

謝謝。從簡報來看，你們在服務供應商和一些電信設備方面也有一些很大的機會。

Just curious of the spending environment in those two, in the telecom industry, if that's getting better or if there's, certain things that are pushing spending or new types of hardware there.

我只是好奇這兩個國家（指電信業）的消費環境，情況是否有所改善，或者是否有某些因素在推動消費或新型硬體的發展。

Yeah, I mean, we have discussions with both service providers as well as OEMs and enterprises, service providers, we have like one, also tier two, tier three service providers.

是的，我的意思是，我們既與服務提供者進行討論，也與原始設備製造商和企業進行討論。對於服務提供者，我們有一些二級和三級服務提供者。

Some of them are the really big telcos and some of them are smaller. We definitely see for our products for our type of products, we see the need, customers see the need, they actually need our products for the next generation.

有些是規模很大的電信公司，有些則規模較小。我們確實看到了這類產品的市場需求，客戶也看到了這種需求，他們確實需要我們的產品來滿足下一代的需求。

And to support their customers. So this is something that that we feel will have good opportunities. We probably will also have designs with service providers, so we feel good about it.

並為他們的客戶提供支援。所以我們認為這方面會有很好的發展機會。我們也可能與服務提供者合作制定方案，所以我們對此感到樂觀。

Perfect, thank you, I'll pass it on.

太好了，謝謝，我會轉達的。

[Operator Instructions]

[操作說明]

There are no further questions at this time. Before I ask Mr. Eizenman to go ahead with his closing statement, I would like to remind participants that a replay of this call will be available by tomorrow on Silicom's website www.sillicom-usa.com.

目前沒有其他問題了。在請艾森曼先生作總結發言之前，我想提醒各位與會者，本次電話會議的錄音將於明天在 Silicom 的網站 www.sillicom-usa.com 上提供。

Mr. Eizenmann, would you like to make your concluding statement?

艾森曼先生，您想做總結陳詞嗎？

Thank you, operator. Thank you, everybody for joining the call and for your interest in Silicom. We look forward to hosting you on our next call in three months. Good day.

謝謝接線生。感謝各位參加本次電話會議，也感謝大家對Silicom的關注。我們期待三個月後與您進行下一次通話。再會。

Thank you. This concludes Silicom's third quarter 2025 results conference call. Thank you for your participation. You may go ahead and disconnect.

謝謝。Silicom 2025 年第三季業績電話會議到此結束。感謝您的參與。您可以斷開連線了。