SiTime Corp (SITM) 2025 Q3 法說會逐字稿

Good afternoon and welcome to SiTime's 3rd quarter 2025 financial results conference call. After the speaker's presentation, there will be a question-and-answer session. ( Operator Instructions). As a reminder, this conference is being recorded today, November 5, 2025. I would now like to turn the call over to Brett Perry of Shelton Group Investor Relations. Brett, please go ahead.

下午好，歡迎參加SiTime 2025年第三季財務業績電話會議。演講結束後，將進行問答環節。（操作說明）提醒各位，本次會議於2025年11月5日進行錄製。現在我將把電話交給謝爾頓集團投資者關係部門的布雷特·佩里。布雷特，請繼續。

Thank you, Ari. Good afternoon and welcome to SiTime 3rd quarter 2025 Financial results conference call. Joining us on today's call from SiTime are Rajesh Vashist, Chief Executive Officer, and Beth Howe, Chief Financial Officer.

謝謝你，阿里。下午好，歡迎參加SiTime 2025年第三季財務業績電話會議。今天參加電話會議的 SiTime 代表有執行長 Rajesh Vashist 和財務長 Beth Howe。

Before we begin, I'd like to point out that during the course of this call, the company may make forward-looking statements regarding expected future results, including financial positions, strategy, and plans, future operations, the timing, market, and other areas of discussion. It's not possible for the company's management to predict all risks, nor can the company assess the impact of all factors on its business or the extent to which any factors or combination of factors may cause actual results that differ materially from those contained in any forward-looking statements.

在開始之前，我想指出，在本次電話會議期間，公司可能會就預期的未來業績發表前瞻性聲明，包括財務狀況、策略和計劃、未來營運、時間表、市場以及其他討論領域。公司管理階層不可能預測所有風險，公司也無法評估所有因素對其業務的影響，或任何因素或因素組合可能導致實際結果與任何前瞻性聲明中所包含的結果有重大差異的程度。

In light of these risks, uncertainties, and assumptions, the forward-looking events discussed during this call may not occur, and actual results could differ materially and adversely from those anticipated or implied. Neither the company nor any person assumes responsibility for the accuracy and completeness of the forward-looking statements. The company undertakes no obligation to publicly update forward-looking statements for any reason after the date of today's conference call to conform statements to actual results or to changes in the company's expectations.

鑑於這些風險、不確定性和假設，本次電話會議中討論的前瞻性事件可能不會發生，實際結果可能與預期或暗示的結果有重大不利差異。本公司及任何個人均不對前瞻性陳述的準確性和完整性負責。本公司不承擔在今天電話會議日期之後因任何原因公開更新前瞻性聲明的義務，以使聲明與實際結果或公司預期的變化相符。

For more detailed information on risks associated with the business, we refer you to the risk factors described in the 10K filed on February 14, 2025, as well as the company's subsequent filings with the Securities and Exchange Commission.

有關與該業務相關的風險的更多詳細信息，請參閱 2025 年 2 月 14 日提交的 10-K 文件中描述的風險因素，以及該公司隨後向美國證券交易委員會提交的文件。

During the call management we will refer to non-GAAP financial measures, which are considered to be an important measure of company performance.

在電話會議管理過程中，我們將參考非GAAP財務指標，這些指標被認為是衡量公司績效的重要指標。

These non-GAAP financial measures are provided in addition to and not as a substitute for nor superior to measures of financial performance prepared in accordance with US GAAP.

這些非GAAP財務指標是依照美國GAAP編製的財務績效指標的補充，而非替代或優於後者。

This GAAP to non-GAAP reconciliation includes stock-based compensation expense, amortization of acquired intangibles, and acquisition-related expenses, which include transaction and certain other costs, cash costs associated with business acquisition, as well as changes in the estimated fair value of contingent consideration and earn out liabilities. We refer. Due to the company's press release issued earlier today for a detailed reconciliation between GAAP and non-GAAP financial results. With that, it's now my pleasure to turn the call over SiTime CEO Rajesh, please go ahead.

這項 GAAP 與非 GAAP 的調整包括股份支付費用、收購無形資產攤銷以及與收購相關的費用，其中包括交易成本和某些其他成本、與業務收購相關的現金成本，以及或有對價和盈利能力負債的估計公允價值的變化。我們指的是。由於該公司今天早些時候發布了新聞稿，對 GAAP 和非 GAAP 財務業績進行了詳細的調整。那麼，現在我很高興把電話交給SiTime執行長Rajesh，請開始吧。

Thank you, Brett. Good afternoon, everyone. It's a pleasure to connect with you all again.

謝謝你，布雷特。大家下午好。很高興能再次與大家聯繫。

We value the trust of our long standing shareholders and extend a warm welcome to those joining the SiTime journey. As AI becomes more prevalent, it drives the need for better timing and synchronization, which in turn propels faster growth for precision timing.

我們珍惜長期股東的信任，並熱烈歡迎加入 SiTime 之旅的新夥伴。隨著人工智慧的日益普及，人們對更精確的計時和同步的需求也隨之增加，這反過來又推動了精準計時技術的快速發展。

Our key applications are centered around AI, including networking and computing hardware in clusters, XPUs, GPUs, CPUs, etc. For inference, personal AI computers, and AI-based next generation communications equipment.

我們的主要應用圍繞著人工智慧展開，包括叢集中的網路和運算硬體、XPU、GPU、CPU 等，用於推理、個人人工智慧電腦和基於人工智慧的下一代通訊設備。

Here, as well as in all our other end markets, SiTime provides differentiation with resilient performance and reliability. Q3 2025 was a milestone quarter in SiTime's history with revenue of $83.6 million, up 45% year over year, an increase in gross margins to 58.8%, and EPS more than doubling to $0.87 cents.

在這裡，以及在我們所有其他終端市場，SiTime 都憑藉其強大的效能和可靠性實現了差異化。2025 年第三季是 SiTime 史上具有里程碑意義的一個季度，營收達到 8,360 萬美元，年增 45%，毛利率提高到 58.8%，每股收益翻了一番多，達到 0.87 美元。

Exceptionally strong bookings reinforce our outlook for continued growth momentum. Our growth is playing out geographically as well. In Q3, we saw double-digit percentage growth in every region. We continue with design and momentum across all our end customer segments, highlighting the broad demand for our products.

強勁的預訂量增強了我們對持續成長勢頭的預期。我們的成長也體現在地域分佈。第三季度，我們所有地區都實現了兩位數的百分比成長。我們持續推動面向所有終端客戶群的設計和發展勢頭，凸顯了市場對我們產品的廣泛需求。

In Q3, demand from CED. Communications, enterprise and data center customers surged with segment revenue up 115% year over year. This marks the 6th consecutive quarter of triple digit growth in CED and represents 51% of our revenue in Q3.

第三季度，來自 CED 的需求。通訊、企業和資料中心客戶數量激增，該部門營收年增 115%。這標誌著 CED 連續第六個季度實現三位數成長，占我們第三季營收的 51%。

We expect the growth to continue at a fast pace, driven by 3 trends. First, we will generate more revenue with our oscillators and clock generators in existing design as their shipments increase. Examples include Elite and elite RF oscillators, which enable better synchronization for lower latency and higher GPU efficiency.

我們預計在三大趨勢的推動下，成長將繼續保持快速勢頭。首先，隨著現有設計中振盪器和時鐘產生器的出貨量增加，我們將從中獲得更多收入。例如，Elite 和 Elite RF 振盪器可以實現更好的同步，從而降低延遲並提高 GPU 效率。

Second, we continue to win new designs which will generate new revenue. For example, optical module bandwidth is doubling to the 1.6 terabit level, and these new modules are beginning to ramp now. Demand for the 1.6 terabit modules has recently doubled, indicating a sharp transition to 1.6 terabit technology in the first half 2026.

其次，我們不斷贏得新的設計訂單，這將帶來新的收入。例如，光模組頻寬正在翻倍，達到 1.6 太比特水平，這些新模組現在正開始大規模生產。最近對 1.6 太比特模組的需求翻了一番，這表明 2026 年上半年將迅速過渡到 1.6 太比特技術。

Additionally, site times oscillator ASPs in this application are higher because of the higher frequency and performance requirements. The third reason is that CED orders are coming in with shorter lead times with the supply chain preparedness and product architecture, Saan has better availability and is doing a great job in fulfilling this demand.

此外，由於頻率和效能要求較高，此應用中的站點時間振盪器 ASP 也較高。第三個原因是，隨著供應鏈的準備和產品架構的完善，CED 訂單的交付週期縮短，Saan 的供貨能力更強，能夠很好地滿足這一需求。

Our funnel is growing rapidly as well, particularly in clocks, where it has quadrupled to $300 million in the past year. All of these trends are giving us higher confidence for 2026. Moving to aerospace defense, precise timing is critical. For example, our Endura oscillators enable synchronized movements and robust communications.

我們的銷售管道也在快速成長，尤其是在鐘錶領域，過去一年成長了四倍，達到 3 億美元。所有這些趨勢都讓我們對2026年更有信心。在航空航太防禦領域，精準的時機至關重要。例如，我們的 Endura 振盪器能夠實現同步運動和強大的通訊。

With GPS becoming increasingly compromised, localized timing with the highest performance oscillators provides essential holdover capability for continued operations.

隨著 GPS 訊號越來越不穩定，採用最高效能振盪器的局部化授時技術為持續運作提供了必要的保持能力。

In automotive, a recently launched forest clock generator is ramping atop AS car companies and is integrating into leading L4 and Robotaxi designs. Our product roadmap features failsafe technology which advances safety first design with high stability timing and predictable failover for L4 autonomy.

在汽車領域，最近推出的森林時脈產生器正在自動駕駛汽車公司中迅速普及，並整合到領先的 L4 和 Robotaxi 設計中。我們的產品路線圖以故障安全技術為特色，推進了安全至上的設計，具有高穩定性時序和可預測的故障轉移，可實現 L4 級自主運作。

And finally, in mobile IoT consumer, we expect strong growth from our symphonic clock generator in mobile applications in the coming year.

最後，在行動物聯網消費領域，我們預計來年我們的交響時鐘產生器在行動應用中將實現強勁成長。

We're very excited to introduce the Titan platform, a breakthrough that marks SiTime entry into the $4 billion stand-alone resonator market. Titan opens an incremental $400 million or serviceable market today, which we expect to grow to $1 billion by 2028.

我們非常興奮地推出 Titan 平台，這是 SiTime 進軍價值 40 億美元的獨立諧振器市場的突破性進展。Titan 目前開闢了一個價值 4 億美元的新增服務市場，我們預計到 2028 年該市場將成長至 10 億美元。

This platform is the result of more than 2 decades of innovation, hundreds of millions of dollars in investment, and 6 generations of men's technology. Over that time, we've improved resonated performance by 100X, and we see another 10 to 20 times improvement within reach as we continue to innovate.

該平台是二十多年來創新、數億美元投資和六代男士科技的結晶。在此期間，我們將共振性能提高了 100 倍，隨著我們不斷創新，我們預計還能再提高 10 到 20 倍。

Titan fundamentally transforms the resonator market. First, it eliminates the need for standalone board level resonators, which is a persistent challenge for customers by enabling semiconductor level packaging and integration.

Titan 從根本上改變了諧振器市場。首先，它消除了對獨立板級諧振器的需求，這對客戶來說一直是一個挑戰，因為它實現了半導體級封裝和整合。

Second, it creates long-lived revenue streams for these semiconductor companies that integrate Titan and deliver more value to their customers.

其次，它為整合 Titan 的半導體公司創造了長期的收入來源，並為客戶帶來了更多價值。

We believe Titan and a resonated roadmap put SiTime years ahead of the industry. Our leadership will enable a new class of electronics that are smaller, lower power, and higher performance, setting the stage for the next wave of innovation.

我們相信，Titan 和與之相符的發展路線圖使 SiTime 領先業界數年。我們的領導地位將催生出更小、更節能、性能更高的新型電子產品，為下一波創新浪潮奠定基礎。

Across the business, robust demand and a healthy funnel position, it positions us well for continued strong growth. We remain committed to further investing in R&D, deepening customer engagement, and strengthening operating leverage. SiTime is well positioned for enduring success. I look forward to the opportunities ahead and to sharing our continued progress.

整個業務的強勁需求和健康的銷售管道，使我們處於持續強勁成長的良好狀態。我們將持續致力於加大研發投入、深化客戶互動和增強營運槓桿作用。SiTime 已做好充分準備，必定持久成功。我期待未來的機遇，並與大家分享我們持續的進展。

I'll not turn the call over to Beth to discuss our financial results in more details, Beth.

貝絲，我不會把電話轉給貝絲來詳細討論我們的財務表現。

Thanks, Rajesh, and good afternoon, everyone.

謝謝拉傑什，大家下午好。

Today, I'll walk through our 3rd quarter fiscal 2025 results and then provide our outlook for the 4th quarter. As a reminder, I'll focus on non-GAAP financials which are reconciled to GAAP in our press release.

今天，我將介紹我們 2025 財年第三季的業績，然後展望第四季。再次提醒大家，我將重點放在非GAAP財務數據，這些數據已在我們的新聞稿中與GAAP進行了核對。

Q3 reflects the continued execution of our strategic priorities. Our performance demonstrates the strength of our diversified products and applications, the scalability of our operating model, and the growing demand for our differentiated solutions.

第三季反映了我們策略重點的持續執行。我們的業績證明了我們多元化產品和應用的實力、我們營運模式的可擴展性，以及市場對我們差異化解決方案日益增長的需求。

In the third quarter, revenue increased 45% year on year to $83.6 million driven by revenue in communications Enterprise Data Center, which grew 115% year over year to $42.1 million.

第三季度，營收年增 45% 至 8,360 萬美元，主要得益於通訊企業資料中心業務的營收年增 115% 至 4,210 萬美元。

Sales into the automotive, industrial, and defense market totaled $20.2 million up 14% year on year. And sales into the mobile IoT and consumer market increased 4% year on year to $21.3 million of which our large consumer and customer represented $15.3 million.

汽車、工業和國防市場的銷售額總計 2,020 萬美元，較去年同期成長 14%。行動物聯網和消費市場的銷售額年增 4%，達到 2,130 萬美元，其中大客戶和消費者的銷售額為 1,530 萬美元。

In terms of the mix of revenue, the communication enterprise data center market represented 51% of revenue, while the mobile IoT consumer market represented 25% of revenue and the automotive industrial defense market represented 24% of revenue.

從收入組成來看，通訊企業資料中心市場佔營收的 51%，行動物聯網消費市場佔營收的 25%，汽車工業國防市場佔營收的 24%。

Q3 non-GAAP gross margin was 58.8%, up 70 basis points year on year due to improving product mix and favorable product cost. Total non-GAAP operating expenses increased 14% year on year to $33.7 million. For the quarter, R&D expense was $18.5 million and SG&A expense was $15.2 million as we invested in both sales and marketing.

第三季非GAAP毛利率為58.8%，年成長70個基點，這得益於產品組合的改善和有利的產品成本。非GAAP營運總支出較去年同期成長14%，達3,370萬美元。本季研發費用為 1,850 萬美元，銷售、一般及行政費用為 1,520 萬美元，因為我們在銷售和行銷方面都進行了投資。

We continue to be disciplined while investing for future growth. Q3 non-GAAP operating income was $15.4 million an improvement of $11.4 million or 12% points versus the same quarter a year ago. Q3 non-GAAP net income was $23.4 million or 28% of revenue. And non-GAAP earnings per share more than doubled year over year to $0.87 cents.

我們將繼續保持嚴謹的財務管理，同時為未來的成長進行投資。第三季非GAAP營業收入為1,540萬美元，較去年同期成長1,140萬美元，增幅達12個百分點。第三季非GAAP淨利為2,340萬美元，佔營收的28%。非GAAP每股盈餘年增超過一倍，達到0.87美分。

Turning to the balance sheet, accounts receivable were $22.5 million with DSO improving to 24 days versus 35 days in Q2 due to better revenue linearity. Inventory at the end of the quarter was $86.7 million compared to $84.1 million in Q2 as we continue to maintain strong inventory for assurance of supply.

從資產負債表來看，應收帳款為 2,250 萬美元，由於收入線性度提高，DSO 從第二季的 35 天改善至 24 天。本季末庫存為 8,670 萬美元，而第二季為 8,410 萬美元，我們繼續保持充足的庫存以確保供應。

During the quarter, cash from operations more than doubled sequentially to $31.4 million. As expected, capital expenditures stepped down in Q3 to $5.1 million. We ended the quarter with $810 million in cash and short-term investments.

本季度，經營活動產生的現金流量較上季成長超過一倍，達到 3,140 萬美元。如預期，第三季資本支出下降至 510 萬美元。本季末，我們持有現金和短期投資 8.1 億美元。

Now I'd like to provide our outlook for the December quarter. For Q4, we expect revenue of $100million to $103 million gross margins of 60% to 60.5%, operating expenses of $35million to $36 million interest income of $7million to $7.5 million and diluted share count of approximately 27 million shares. As a result, we expect 4th quarter non-GAAP EPS to be in the range of $1.16 to $1.21 dollars per share.

現在我想介紹一下我們對12月季度的展望。預計第四季營收為 1 億美元至 1.03 億美元，毛利率為 60% 至 60.5%，營運支出為 3,500 萬美元至 3,600 萬美元，利息收入為 700 萬美元至 750 萬美元，稀釋後股份總數約為 2,700 萬股。因此，我們預計第四季非GAAP每股收益將在1.16美元至1.21美元之間。

In closing, our 3rd quarter performance and outlook for Q4 reflect the strong top-line momentum and the meaningful operating leverage in our model as we scale. We are executing on our strategy to lead in high growth, high value markets. Our diversified portfolio continues to gain traction across AI, automotive, industrial defense, and consumer sectors, reinforcing the strength of our multi-market approach.

最後，我們第三季的業績和對第四季的展望反映了我們模式中強勁的營收成長動能和隨著規模擴大而產生的顯著營運槓桿效應。我們正在執行我們的策略，以引領高成長、高價值市場。我們在人工智慧、汽車、工業國防和消費品領域的多元化投資組合持續獲得市場認可，鞏固了我們多市場策略的優勢。

Operational discipline remains a cornerstone as evidenced by the expanding gross margins and significant increase in operating income. With a robust product pipeline and deepening customer engagement, we are well positioned to drive sustained growth, operating leverage, and long-term shareholder value.

營運紀律仍然是公司的基石，不斷擴大的毛利率和顯著增長的營業收入就證明了這一點。憑藉強大的產品線和不斷加深的客戶互動，我們有能力推動持續成長、提高營運槓桿和創造長期股東價值。

With that I'll open it up for questions operator.

接下來我將開放問答環節，操作員可以提問了。

Thank you. At this time, we will conduct the question-and-answer session. (Operator Instructions).

謝謝。屆時我們將進行問答環節。（操作說明）

Our first question comes from the line of Tori Spanberg, Stifel. Your line is now open.

我們的第一個問題來自 Tori Spanberg 的 Stifel 系列。您的線路已開通。

Yes, thank you. Congrats on the record revenue and the very strong outlook.

是的，謝謝。恭喜公司創下營收新高，前景非常樂觀。

Could you give us a sense for what's driving the the strength in Q4? I mean, I assume CED is going to con continue to be a strong growth driver, but yeah, on a relative basis, could you talk about the three segments into Q4 please?

您能否為我們介紹一下第四季業績強勁成長的驅動因素？我的意思是，我假設 CED 將繼續成為強勁的成長動力，但是，從相對角度來看，您能否談談這三個業務板塊在第四季度的表現？

Sure, I'll start there, Tori. So we do see a kind of continuation of trends and sequential growth in each of our segments for Q4.

當然，我就從那裡開始吧，托里。因此，我們看到第四季各個業務板塊都呈現出某種趨勢的延續和連續成長。

No surprise the AI and data center business continues to to lead the growth in terms of the strength of the markets, but we are continuing to see adoption of our new mobile symphonic product as well as performance in aerospace and defense as we look into Q4.

人工智慧和資料中心業務持續引領市場成長，這並不令人意外，但展望第四季度，我們將繼續看到我們的新型行動交響樂產品在航空航太和國防領域的應用以及業績表現。

Very good. And that's my follow-up a question for you, Rajesh.

非常好。拉傑什，這是我的後續問題。

So now that you got, clocks getting designed when you got the resonator product line, I'm just wondering, how that serves to, pull in more oscillator opportunities for you as well, because my understanding is, sometimes you get, drawn in with more components, especially as you get design range for clocks and resonators. So, any color you could add there please?

既然你們在設計諧振器產品線的同時也開始設計時鐘，我想知道，這如何能為你們帶來更多的振盪器機會，因為我的理解是，有時你會接觸到更多的組件，尤其是在時鐘和諧振器的設計範圍擴大之後。那麼，您能在那裡添加什麼顏色嗎？

Yeah, thanks for that, Tori.

謝謝你，托里。

The clocks definitely do bring the oscillators or oscillators bring in more clocks, but in spite of the very robust funnel that we have in clocks, we're still a relatively small player in the clock cycle. So I think it'll probably be for it to be able to pull in our oscillators to significant levels. That's probably out for about a year and a half at least. As far as sighting the resonator pulling us in, I think that's definitely not going to have any meaningful revenue until late 2026 or 2027 even going out in the future. I think the main reason for talking about these is to indicate that.

時鐘確實會引入振盪器，或者振盪器會引入更多的時鐘，但儘管我們在時鐘方面擁有非常強大的管道，我們在時鐘週期中仍然是一個相對較小的參與者。所以我認為它很可能是為了能夠將我們的振盪器拉到顯著的水平。可能至少還要一年半才能上市。至於利用諧振器吸引我們，我認為即使未來推出，也肯定要到 2026 年底或 2027 年才會產生任何有意義的收入。我認為談論這些的主要原因是為了表明這一點。

SiTime has really established its position as a broad-based timing supplier, which makes it completely unique. There is nobody else that has oscillators as strongly as we do have clocks rising and resonators coming into the future and bringing in a lot of strategic value to the customers. So we just wanted to expose that to investors to get them to understand how far we have come in the last couple of years in building ourselves out.

SiTime 真正確立了其作為一家業務廣泛的計時供應商的地位，這使其獨樹一幟。沒有其他公司像我們一樣擁有如此強大的振盪器，時鐘技術正在蓬勃發展，諧振器技術也正在走向未來，並將為客戶帶來巨大的策略價值。所以我們希望向投資者展示這一點，讓他們了解我們在過去幾年在自我發展方面取得了多大進展。

That's fair perspective. Congrats again.

這是個合理的看法。再次恭喜。

Thank you.

謝謝。

Thank you.

謝謝。

(Operator Instructions).

（操作說明）

Our next question comes from the line of Quinn Bolton, Needham & Company. Your line is now open.

我們的下一個問題來自 Quinn Bolton, Needham & Company 公司。您的線路已開通。

Hey guys, say congratulations on the results and outlook. I guess I just wanted to come back. We're just, I might have missed some of your initial comments on the Titan resonator market, but obviously I think historically resonators have, kind of sold at lower price points than than clocks and oscillators, and so. Just wondering, as that business ramps, I think you said late 2026 into 2027, can you give us a sense of what's the margin profile of the Titan family and does that, is that sort of aligned with your, kind of roughly 60% gross margin that you guided to for the fourth quarter?

嘿，夥計們，恭喜你們取得的成績和美好的前景。我猜我只是想回來。我可能錯過了你之前對 Titan 諧振器市場的一些評論，但顯然我認為從歷史上看，諧振器的售價一直比時鐘和振盪器低，等等。我想問一下，隨著業務的成長（我記得您說過會在 2026 年底到 2027 年），您能否大致介紹一下 Titan 系列產品的利潤率情況？這是否與您先前預測的第四季約 60% 的毛利率相符？

You're exactly right, Quinn.

你說得完全正確，奎因。

The ASPs are definitely lower. They're lower than oscillators typically, and they're lower than clocks typically. But, as they say, it really shows up in volume because that $4 billion dollar resonator market is a $40 billion unit market or more. So the ASPs are low, we're talking $0.20 cents or below. But the gross margins are definitely in the 60% regime and in fact probably higher, and yeah, so the design winds are typically, would be in tens of millions of units, level design wins.

平均售價肯定更低了。它們通常比振盪器低，也通常比時鐘低。但正如他們所說，這真的體現在銷售上，因為40億美元的諧振器市場實際上是400億美元甚至更大的單元市場。所以平均售價很低，我們說的是 0.20 美元甚至更低。但毛利率肯定在 60% 左右，實際上可能更高，是的，所以設計之風通常是數千萬台，級別設計成功。

Excellent. And then you know you've you've kind of filled out the the timing portfolio and I realized, you may have additional product lines you can add to oscillators or clocks, but I guess I just wanted to think about you guys raised roughly 400 million. You're sort of in the 3rd quarter, looking to M&A. Can you just give us any updated thoughts on, M&A? I think there have been some assets that have been rumored for sale, divisions of larger, analog companies, any thoughts on like. Atomic clocks. There's been some, acquisitions of atomic clock companies announced over the past couple of months. And so just, any updated thoughts on what you might be thinking on, further enhancing the product portfolio through M&A.

出色的。然後你知道，你已經基本上完善了時間產品組合，我意識到，你可能還有其他產品線可以添加到振盪器或時鐘中，但我想我只是想想你們籌集了大約 4 億美元。你們現在大概處於第三季度，專注於併購。您能否就併購方面提供一些最新的看法？我認為有些資產被傳要出售，是一些大型模擬公司的部門，大家對此有什麼看法嗎？原子鐘。過去幾個月裡，已經宣布了一些對原子鐘公司的收購。那麼，關於透過併購進一步增強產品組合，您有什麼最新的想法嗎？

Yeah, we certainly are interested in M&A, and I think we're looking to get scale.

是的，我們當然對併購感興趣，我認為我們正在尋求擴大規模。

Unfortunately, the atomic clock business, particularly the ones you may be referring to, are quite far out in revenue terms. So while very interesting technologically and certainly something which is a gleam in our eye.

遺憾的是，原子鐘業務，特別是您可能提到的那些業務，在收入方面還相當落後。所以，雖然從技術角度來看非常有趣，而且這確實是我們心中的一個夢想。

I think we would be looking more near term for M&A that actually has some impact.

我認為我們應該更關注近期內真正能產生影響的併購交易。

Understood. Okay, thank you, Rijesh.

明白了。好的，謝謝你，裡傑什。

Sure.

當然。

Thank you.

謝謝。

Our next question comes from the line of Tori Svanberg of Stifel. Your line is now open.

我們的下一個問題來自 Stifel 的 Tori Svanberg。您的線路已開通。

Oh yeah, thanks. Just a few follow-ups. First of all, Beth, the gross margin is pretty strong, 60, 60.5. I assume that is again, mixed driven, but is there also a sort of a scale element here? So you get over $100 million quarterly revenue, just naturally the gross margin higher and, where could we eventually go here?

哦，謝謝。還有一些後續問題。首先，貝絲，毛利率相當高，達到 60% 到 60.5%。我猜這又是混合因素驅動的結果，但這裡是否存在某種規模經濟？這樣一來，季度營收就能超過 1 億美元，毛利率自然也會更高，那麼，我們最終會走向何方呢？

Thanks for the question, Tori.

謝謝你的提問，托里。

So as we've talked about, our target is to have 60+% gross margins, and we're getting there in Q4.

正如我們之前討論過的，我們的目標是毛利率達到 60% 以上，我們將在第四季實現這一目標。

Product mix and ASP definitely plays a part as CED has grown. Those have very attractive ASPs and margins for us. So as that business has become 50%, 51%. Of the mix that is positive for us as well and then we will you know always continue to work on our cost but and and that is also benefited by the scale. So I think if I look at it product mix is definitely helping us as we mix to more and more CED and then the scale and cost components also play a role.

隨著 CED 的發展，產品組合和平均售價肯定發揮了作用。這些產品的平均售價和利潤率對我們來說都非常有吸引力。因此，該業務已達 50%、51%。這對我們來說也是有利的，而且我們將繼續努力降低成本，規模優勢也對此有所幫助。所以我覺得，從產品組合的角度來看，隨著我們越來越多地採用 CED 產品，產品組合肯定對我們有所幫助，規模和成本因素也發揮了作用。

Great. And then my last question is for back to you, Rajesh. Could you just give us an update on, where you stand with, your go to market strategy? I think in the past you, put together some efforts to work a little bit closer with the hyperscalers, maybe even closer to some of the bigger chip players that sell to those hyperscalers. So you know any update there would be helpful.

偉大的。最後一個問題想問你，拉傑什。能否簡單介紹一下貴公司的市場進入策略進展？我認為過去你們曾努力與超大規模資料中心營運商更緊密地合作，甚至可能與一些向這些超大規模資料中心營運商銷售晶片的大型晶片廠商更緊密地合作。所以你知道，任何相關方面的更新都會很有幫助。

Thank you.

謝謝。

Yeah, I think we're continuing to make significant progress, particularly in the semiconductor area.

是的，我認為我們正在持續取得重大進展，尤其是在半導體領域。

I think you, we also see the entry of new people in the market who are not your typical players. I mean, notably, Oracle and of course OpenAI and so on. So I think we are looking at the whole ecosystem and as the timing company that is focused on high end timing, differentiated timing, those are clearly customers that we're looking at moving into and what we find ourselves is that we, as there's more performance, less latency. Smaller size, lower power, there's a greater need for site and products, and I think the 1.6 terabits per second is a great example of that.

我認為，我們也看到一些非典型玩家進入市場。我的意思是，尤其是 Oracle，當然還有 OpenAI 等等。所以我認為我們正在著眼於整個生態系統，作為一家專注於高端定時、差異化定時的定時公司，這些顯然是我們正在努力爭取的客戶群體，我們發現，隨著性能的提高和延遲的降低，我們自身也在不斷進步。體積更小，功耗更低，對網站和產品的需求就更大，我認為每秒 1.6 太比特就是一個很好的例子。

In the last couple of calls when you've talked, we've seen that further out in time, but we've seen acceleration among many of these technologies. So, it looks really good.

在最近幾次通話中，我們看到，雖然時間跨度更長，但許多此類技術的發展速度都在加快。看起來真不錯。

Very good thank you again.

非常感謝。

Thank you.

謝謝。

Our next question comes from the line of Chris Casso of Wil Wolf Research. Your line is now open.

我們的下一個問題來自 Wil Wolf Research 的 Chris Casso。您的線路已開通。

Yeah thanks good evening I guess the first question is, with regard to the customer base, can you, give us some sense right now of, obviously you know AI data center is is is what's driving. A lot of this right now, how much of that market are you able to address with the reach that you have now with, the sales and the engineering and, the customer relationships right now and what can you do to expand that into the areas where, you just don't have penetration right now as, a smaller player and what's a very big market.

好的，謝謝，晚上好。我想第一個問題是，關於客戶群，您能否向我們介紹目前的情況，顯然您知道人工智慧資料中心是推動成長的主要因素。目前，很多問題在於，憑藉你現有的銷售、工程和客戶關係，你能涵蓋多大的市場？作為一家規模較小的公司，你能做些什麼來拓展到你目前尚未滲透到的、但市場規模非常大的領域？

Yeah, I think just to be very clear, Chris, we're in the early innings of all of this. If you look at the ecosystem that we are selling to, we're selling to semiconductor companies, as noted, we're selling to the hyper scalers. We're selling to the OEMs that are working on it. We're selling to the ODMs. We're selling to. The module makers we're selling to the active cable makers, so yim has almost an embarrassment of riches, and we are building ourselves up and hence the comment on both making significant efforts in R&D as we see the need for greater and greater product needs that are 12 years out even and then of course into the channel strategy.

是的，克里斯，我想非常明確地指出，這一切還處於早期階段。如果你看看我們所服務的生態系統，正如前面提到的，我們服務於半導體公司，我們服務於超大規模資料中心。我們把產品賣給正在研發該產品的原始設備製造商 (OEM)。我們針對原始設備製造商 (ODM) 銷售產品。我們正在向…銷售。我們正在向有源電纜製造商銷售組件，所以 yim 幾乎擁有令人眼花繚亂的資源，我們正在不斷發展壯大，因此才會有這樣的評論：一方面，我們在研發方面投入了大量精力，因為我們看到了未來 12 年內日益增長的產品需求，另一方面，當然還有渠道戰略。

Not only directly addressing the OEMs but also the hyper scalars as we mentioned and increasing significantly a geographic footprint both in in all geographies actually in the United States, in Asia, and as well as in Europe. So I think it's we're actually on a very fast growth curve in adding resources in R&D. And development as well as in marketing and sales to address all these markets, but it's early innings.

我們不僅直接面向原始設備製造商 (OEM)，而且正如我們所提到的，也面向超大規模企業，並顯著擴大了地理覆蓋範圍，實際上包括美國、亞洲和歐洲等所有地區。所以我認為，我們其實正處於研發資源快速成長期。開發、行銷和銷售也需要兼顧所有這些市場，但這還處於早期階段。

Got it helpful, for my follow-up, could you talk a bit about content and, you mentioned earlier on the call 1. 6T transition. What, does that transition do to timing content to your content on the board and you know what else should we we be watching as as potential content drivers within that CED segment?

明白了，這對我很有幫助。為了後續跟進，能否談談內容方面的問題？您之前在通話中提到過：1.6T過渡。這種轉變對你在白板上發佈內容的時間安排有何影響？此外，在 CED 細分市場中，我們還應該關注哪些潛在的內容驅動因素？

Yeah, so that's probably one of the easiest ones to talk about because it's one where we see higher volumes and we see the significant increase in in ESPs and average selling prices. So that's relatively an easy one, but also in the switches. Also in the accelerator cards, the connectivity cards, the, whether they're PCIE or the UCX or any of the other technology, I think it really comes into full force.

是的，這可能是最容易討論的話題之一，因為我們看到成交量較高，ESP（售價）和平均售價也大幅上漲。所以這相對來說比較容易，但也涉及開關方面。此外，在加速卡、連接卡中，無論是PCIE、UCX或其他任何技術，我認為它都能真正發揮全部作用。

We also think that there is a future roadmap where timing the whole conversation around triplets is starting to get very interesting as we look forward out into the future. It's not happening now, but it's happening out in the future. I think that gets very interesting, significantly increasing content as we go forward.

我們也認為，隨著我們展望未來，圍繞三胞胎的討論的時機安排將變得非常有趣，未來發展路線圖也隨之展開。現在還沒發生，但將來一定會發生。我認為這將會非常有趣，隨著我們不斷推進，內容也會顯著增加。

Thank you.

謝謝。

Thank you.

謝謝。

(Operator Instructions).

（操作說明）

Our next question comes from the line of Quinn Bolton of Needham and Company. Your line is now open.

我們的下一個問題來自 Needham and Company 的 Quinn Bolton 家族。您的線路已開通。

Alright thanks for letting me ask you a couple of follow-ups. I guess the first on the CED business up well over 100%, with the fourth quarter guidance, I guess it's just wondering, can you talk anything about visibility lead times in that business? Are you starting to see any shortages of other components that could constrain that business or maybe on the flip if things are tight? Do you think there may be any hoarding or, inventory stocking starting to take place in the CED business and then I've got a quick follow-up.

好的，謝謝您允許我問幾個後續問題。我猜想，CED 業務的第一項成長超過 100%，根據第四季度的業績指引，我想問的是，您能否談談該業務的可見性提前期？您是否開始發現其他零件短缺，這可能會限制該業務的發展，或者反過來，如果供應緊張，可能會出現什麼問題？你認為 CED 產業是否可能出現囤積居奇或庫存積壓的情況？我還有一個後續問題。

Yeah, I mean, we're in our business, we certainly don't think there's hoarding in our business we certainly don't think that there's any shortages in the sense that side time, back to my prepared comments, we have built up a robust chain value chain, a robust supply chain, and we were able to move because of our programmability and a focus on this market. So we were good in getting to that. We do hear rumors of some of the optical.

是的，我的意思是，在我們這個行業，我們當然不認為我們這個行業有囤積現象，我們當然不認為有任何短缺。回到我準備好的發言，我們已經建立了一個強大的價值鏈、一個強大的供應鏈，我們能夠發展壯大，是因為我們的可編程性和對這個市場的專注。所以我們在實現這個目標方面做得很好。我們確實聽到了一些關於光學方面的傳聞。

Components that are in shortage, but I don't think that anybody's holding back, because we see quite a significant increase in in volumes, but so far that's about it. We've also of course heard of substrate shortages, but I think that's sort of fairly common knowledge, nothing that's very particular to timing.

雖然零件短缺，但我認為沒有人因此而保留，因為我們看到產量出現了相當大的增長，但到目前為止，情況大概就是這樣。我們當然也聽過基質短缺的問題，但我認為這算是常識，跟時間關係不大。

Great. And then I guess kind of just wondering if you had any updated thoughts sort of on just what you would now maybe call typical seasonal trends as we start thinking about modeling 2026, when you were less driven by CED and maybe a little bit more mobile IoT focused, you saw, pretty strong seasonality of the market. Quarter wondering if you think that seasonal pattern starts to, mitigate a little bit with with the business mixing to CED or would you still think the March quarter, is down, kind of 10%, 15%, maybe more just due to seasonal factors, just any sort of thoughts on what what seasonality may now be.

偉大的。然後，我想問的是，當我們開始考慮對 2026 年進行建模時，您對現在所謂的典型季節性趨勢是否有任何更新的想法？當時您較少關注 CED，而更專注於行動物聯網，您發現市場季節性非常強。我想知道，隨著業務向 CED 混合，季節性模式是否會開始有所緩解，或者您是否仍然認為 3 月份的季度會下降 10%、15% 甚至更多，僅僅是由於季節性因素造成的？只是想了解現在的季節性狀況。

Hey Quinn, this is Beth. Maybe I'll start there. So as I think about seasonality, we do still see some seasonality in our business, so I still do expect that we'll see that pattern from Q4 to Q1.

嗨，奎因，這是貝絲。或許我就從那裡開始。所以，當我考慮季節性因素時，我們仍然看到業務中存在一些季節性，所以我仍然預計從第四季度到第一季我們會看到這種模式。

That being said, overall our business is being driven by kind of the strong demand we're seeing across our portfolio. I think we've talked a lot about CED and AI. And the ongoing demand there as well as demand in in the other segments. So again, there will, I would expect there's still kind of seasonalities as you were describing, but I also, there's a number of things are going on that can that can mitigate that. I think I'd also keep in mind as we've talked about before, that in any given quarter we service some very big customers and and so.

也就是說，整體而言，我們業務的成長是由我們產品組合中強勁的需求所驅動的。我認為我們已經討論了很多關於CED和AI的話題。而且，該領域以及其他領域的需求都持續成長。所以，我預期還是會存在你剛才描述的那種季節性因素，但是也有一些事情正在發生，可以減輕這種影響。我認為還要記住，正如我們之前討論過的，在任何一個季度，我們都會服務一些非常大的客戶等等。

You also can sometimes from time to time see a little bit of shifting between quarters just depending on, where that demand falls and when they make the orders that is just there's nothing to be read into that other than just when the orders shipped. So hopefully that gives you some insights about seasonality, but I do continue to expect that we'll see that that seasonal Q4 to Q1 that we've seen in the past.

有時，你還會看到季度之間出現一些小的變化，這取決於需求在哪裡以及他們何時下訂單，但這除了訂單何時發貨之外，沒有什麼可解讀的。希望這能讓您對季節性有所了解，但我仍然預計我們會看到過去常見的第四季度到第一季的季節性波動。

Perfect, thank you, Beth.

太好了，謝謝你，貝絲。

Thank you.

謝謝。

This concludes our question-and-answer session. I would now like to turn it back to management for closing remarks.

我們的問答環節到此結束。現在我想把發言權交還給管理階層，請他們作總結陳詞。

Well, thank you all very much. We are really pleased to be able to put out these stellar results. I think we see significant growth coming, and we're very happy to have you guys along for the ride. So thank you very much.

非常感謝大家。我們非常高興能夠公佈這些出色的成果。我認為我們將迎來顯著的成長，我們非常高興能與你們一起經歷這段旅程。非常感謝。

Thank you for your participation in today's conference. This does conclude the program. You may now disconnect.

感謝您參加今天的會議。節目到此結束。您現在可以斷開連線了。