SiTime Corp (SITM) 2025 Q3 法說會逐字稿

Good afternoon and welcome to SiTime's third-quarter 2025 financial results conference call. (Operator Instructions). As a reminder, this conference is being recorded today, November 5, 2025.

下午好，歡迎參加SiTime 2025年第三季財務業績電話會議。（操作說明）提醒各位，本次會議將於2025年11月5日進行錄製。

I would now like to turn the call over to Brett Perry of Shelton Group Investor Relations. Brett, please go ahead.

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 third-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；以及財務長 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.

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。

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

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。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 will refer to non-GAAP financial measures, which are considered to be an important measure of company performance. 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.

在電話會議期間，管理階層將提及非GAAP財務指標，這些指標被認為是衡量公司績效的重要指標。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 earnout liabilities. We refer you to the company's press release issued earlier today for a detailed reconciliation between GAAP and non-GAAP financial results.

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。有關 GAAP 和非 GAAP 財務業績的詳細調節，請參閱本公司今天稍早發布的新聞稿。

With that, it's now my pleasure to turn the call over SiTime's CEO, Rajesh. Please go ahead.

接下來，我很榮幸將電話交給 SiTime 的執行長 Rajesh。請繼續。

Thank you, Brett. Good afternoon, everyone. It's a pleasure to connect with you all again. We value the trust of our long-standing shareholders and extend a warm welcome to those joining the SiTime journey.

謝謝你，布雷特。大家下午好。很高興能再次與大家聯繫。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。

As AI becomes more prevalent, it drives the need for better timing and synchronization, which in turn, propels faster growth for precision timing. Our key applications are centered around AI, including networking and computing hardware in clusters, XPUs, GPUs, CPUs, et cetera. For inference, personal AI computers and AI-based, next-generation communications equipment. Here, as well as in all our other end markets, SiTime provides differentiation with resilient performance and reliability.

隨著人工智慧的日益普及，人們對更精準的計時和同步的需求也隨之增加，進而推動了精確計時技術的快速發展。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。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。

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.

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 sixth consecutive quarter of triple-digit growth in CED and represents 51% of our revenue in Q3.

第三季度，來自 CED、通訊、企業和資料中心客戶的需求激增，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 three 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. Additionally, SiTime's oscillator ASPs in this application are higher because of the higher frequency and performance requirements.

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。此外，由於更高的頻率和性能要求，SiTime 在此應用中的振盪器平均售價也更高。

The third reason is that CED orders are coming in with shorter lead times. With the supply chain preparedness and product architecture, SiTime has better availability and is doing a great job in fulfilling this demand. 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.

第三個原因是 CED 訂單的交貨週期越來越短。憑藉著完善的供應鏈準備和產品架構，SiTime 的供貨能力更強，能很好地滿足市場需求。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。

Moving to aerospace defense, precise timing is critical. For example, our Endura oscillators enable synchronized movements and robust communications. With GPS becoming increasingly compromised, localized timing with the highest performance oscillators provides essential holdover capability for continued operations.

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。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, our recently launched Chorus clock generator is ramping at top ADAS car companies and is integrating into leading L4 and Robotaxi designs. Our product roadmap features Fail-Safe technology which advances safety-first design with high stability timing and predictable failover for L4 autonomy.

在汽車領域，我們最近推出的 Chorus 時鐘產生器正在頂級 ADAS 汽車公司中迅速普及，並正在整合到領先的 L4 和 Robotaxi 設計中。我們的產品路線圖以故障安全技術為特色，該技術以高穩定性時序和可預測的故障轉移為L4自主運作的安全性優先設計。

And finally, in mobile IoT consumer, we expect strong growth from our Symphonic clock generator in mobile applications in the coming year. We're very excited to introduce the Titan Platform, a breakthrough that marks SiTime entry into the $4 billion stand-alone resonator market.

最後，在行動物聯網消費領域，我們預計明年我們的 Symphonic 時脈產生器在行動應用中將實現強勁成長。我們非常激動地推出 Titan 平台，這是一項突破性進展，標誌著 SiTime 正式進軍價值 40 億美元的獨立諧振器市場。

Titan opens an incremental $400 million SAM or serviceable market today, which we expect to grow to $1 billion by 2028. This platform is the result of more than two decades of innovation, hundreds of millions of dollars in investment, and six generations of MEMS 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.

Titan 今天開闢了一個價值 4 億美元的 SAM 或可服務市場，我們預計到 2028 年該市場將成長到 10 億美元。該平台是二十多年來創新、數億美元投資和六代 MEMS 技術共同作用的成果。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. Second, it creates long-lived revenue streams for these semiconductor companies that integrate Titan and deliver more value to their customers.

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。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 our 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 和我們精心設計的路線圖將使 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 now turn the call over to Beth to discuss our financial results in more details. Beth?

現在我將把電話交給貝絲，讓她更詳細地討論我們的財務表現。貝絲？

Thanks, Rajesh, and good afternoon, everyone. Today, I'll walk through our third-quarter fiscal 2025 results and then provide our outlook for the fourth quarter. As a reminder, I'll focus on non-GAAP financials which are reconciled to GAAP in our press release.

謝謝拉傑什，大家下午好。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.

第三季反映了我們戰略重點的持續執行。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. 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.

第三季度，營收年增 45% 至 8,360 萬美元，主要得益於通訊-企業-資料中心業務營收年增 115% 至 4,210 萬美元。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-資料中心市場佔收入的 51%，行動物聯網消費市場佔收入的 25%，汽車工業國防市場佔收入的 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 percentage 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.

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美元。

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 $100 million to $103 million, gross margins of 60% to 60.5%, operating expenses of $35 million to $36 million, interest income of $7 million to $7.5 million, and diluted share count of approximately 27 million shares. As a result, we expect fourth-quarter non-GAAP EPS to be in the range of $1.16 to $1.21 per share.

現在我想介紹一下我們對12月季度的展望。對於第四季度，我們預計收入為 1 億美元至 1.03 億美元，毛利率為 60% 至 60.5%，營運費用為 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，稀釋後股份數量約為 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 third-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.

總之，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，我將開放提問環節。操作員？

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

謝謝。屆時我們將進行問答環節。（操作員說明）Tore Svanberg，Stifel。

Yes, thank you. Congrats on the record revenue and the very strong outlook. Could you give us a sense for what's driving the strength in Q4? I mean, I assume CED is going to continue to be a strong growth driver. But yeah, on a relative basis, could you talk about the three segments into Q4, please?

是的，謝謝。恭喜公司創下營收新高，前景非常樂觀。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，我預計 CED 將繼續成為強勁的成長動力。但是，從相對角度來看，您能否談談第四季度這三個部分的情況？

Sure, I'll start there, Tore. So we do see a kind of continuation of trends and sequential growth in each of our segments for Q4. No surprise the AI and data center business continues 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.

當然，我就從那裡開始，托雷。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。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，因為其市場實力依然強勁。但展望第四季度，我們將繼續看到我們的新型行動 Symphonic 產品在航空航太和國防領域的應用和表現。

Very good. And as my follow-up, a question for you, Rajesh. So now that you got clocks getting design win, 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 wins for clocks and resonators. So any color you could add there, please?

非常好。最後，我還有一個問題想問你，Rajesh。既然你們的時鐘產品獲得了設計訂單，你們也推出了諧振器產品線，我只是想知道這如何能為你們帶來更多的振盪器專案機會。因為我的理解是，有時你會不知不覺地被更多的組件所吸引，尤其是在時鐘和諧振器的設計中標之後。請問您能在那裡添加什麼顏色呢？

Yeah, thanks for that, Tore. The clocks definitely do bring the oscillators or oscillators bring in more clocks. But in spite of the very, 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, 1.5 years, at least.

是啊，謝謝你，托雷。時鐘確實會引入振盪器，或者說振盪器會引入更多的時鐘。儘管我們在時鐘領域擁有非常非常強大的管道，但我們在時鐘週期中仍然只是相對較小的參與者。所以我認為，要讓它能夠將我們的振盪器拉到顯著的水平，可能至少還需要一年到一年半的時間。

As far as Titan the resonator pulling us in, I think that's definitely not going to have any meaningful revenue until late '26 or '27, even going out in the future. I think the main reason for talking about these is to indicate that 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.

至於 Titan 諧振器能否吸引我們，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想表明 SiTime 已經真正確立了其作為廣泛的定時供應商的地位，這使其完全獨一無二。沒有其他公司擁有像我們一樣強大的振盪器、不斷增長的時鐘以及面向未來的諧振器，這些都將為客戶帶來巨大的戰略價值。

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.

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。

Quinn Bolton, Needham & Company.

奎因·博爾頓，尼德姆公司。

Hey, guys. 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 clocks and oscillators. And so just wondering, as that business ramps, I think you said late '26 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。恭喜你們所取得的成績和所取得的成就。我猜我只是想回來。我可能錯過了您對 Titan 諧振器市場的一些最初評論。但很顯然，我認為從歷史上看，諧振器的售價一直比時鐘和振盪器低。所以我想問一下，隨著業務的成長，我記得您說過從 2026 年末到 2027 年，您能否給我們介紹一下 Titan 系列產品的利潤率情況，以及這是否與您之前預測的第四季度約 60% 的毛利率相符？

You're exactly right, Quinn. 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 resonator market is a $40 billion unit market or more.

你說得完全正確，奎因。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。

So the ASPs are low, we're talking $0.20 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.

所以平均售價很低，我們說的是 0.20 美元或更低。但毛利率肯定在 60% 以上，實際上可能更高。是的，所以設計之風通常會帶來數千萬個單位的收益——關卡設計獲勝。

Excellent. And then you've kind of filled out 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 third quarter, looking to M&A.

出色的。然後，您就完善了時序產品組合，我意識到，您可能也可以為振盪器或時鐘添加其他產品線。但我只是想說，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。

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?

您能否就併購方面提供一些最新的看法？我認為有一些資產被傳要出售，都是一些大型模擬公司的部門。對原子鐘之類的東西有什麼看法嗎？過去幾個月裡，一些原子鐘公司被宣布收購。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. 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, I think we would be looking more near term for M&A that actually has some impact.

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。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，雖然這項技術非常有趣，也確實是我們目前關注的方向，但我認為，在短期內，我們更應該關注那些能夠產生實際影響的併購活動。

Understood. Okay, thank you, Rajesh.

明白了。好的，謝謝你，拉傑什。

Tore Svanberg, Stifel.

Tore Svanberg，Stifel。

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，是的，謝謝。還有一些後續問題。首先，貝絲，毛利率相當高，達到 60% 或 60.5%。我推測這又是混合驅動的。但這裡是否也存在某種尺度因素呢？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, Tore. So as we've talked about, our target is to have 60%-plus gross margins, and we're getting there in Q4. Product mix and ASP definitely plays a part as CED has grown. Those have very attractive ASPs and margins for us.

謝謝你的提問，托雷。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。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。

So as that business has become 50%, 51% of the mix, that is positive for us as well. And then we will always continue to work on our cost, but -- 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.

因此，隨著該業務佔比達到 50% 或 51%，這對我們來說也是個好消息。然後我們將繼續努力降低成本，而且——規模也有利於成本控制。所以我覺得，從這個角度來看，產品組合肯定對我們有幫助，因為我們越來越多地採用 CED 產品，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 any update there would be helpful. Thank you.

偉大的。那麼，我的最後一個問題是問你，拉傑什。能否簡單介紹一下貴公司目前的市場推廣策略進展？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。所以任何相關更新都會很有幫助。謝謝。

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

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。我認為你——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。

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 SiTime products.

所以我認為我們應該關注整個生態系統。作為一家專注於高端計時和差異化計時的公司，這些顯然是我們正在努力爭取的客戶群。我們發現，隨著效能的提高、延遲的降低、尺寸的縮小、功耗的降低，對 SiTime 產品的需求也越來越大。

And I think the 1.6 terabits per second is a great example of that. 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.

我認為每秒 1.6 太比特就是一個很好的例子。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.

非常好。再次感謝。

Chris Caso, Wolfe Research.

克里斯‧卡索，沃爾夫研究公司。

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, AI data center 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 in what's a very big market?

嗯，謝謝。晚安.我想第一個問題是關於客戶群的，您能否向我們介紹目前的情況——顯然，人工智慧資料中心是目前推動這一切的主要因素。以您目前的銷售、工程和客戶關係能力，您能夠涵蓋多大的市場佔有率？作為一家規模較小的公司，在這樣一個巨大的市場中，你目前還沒有滲透到某些領域，那麼你該如何將業務拓展到這些領域呢？

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 hyperscalers. 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 SiTime 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 one, two years out even.

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。我們把產品賣給模組製造商。我們面向的是電纜製造商。所以 SiTime 擁有近乎令人羨慕的豐富資源，我們正在不斷發展壯大，因此，我們看到了未來一兩年內越來越大的產品需求，所以我們對研發投入了大量精力。

And then of course, into the channel strategy, not only directly addressing the OEMs but also the hyperscalers, 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.

當然，接下來是通路策略，不僅要直接面向原始設備製造商 (OEM)，還要面向超大規模資料中心營運商，正如我們所提到的，並且要大幅擴大地理覆蓋範圍，包括美國、亞洲和歐洲等所有地區。所以我認為——我們實際上正處於快速增長期，在研發、行銷和銷售方面投入大量資源，以開拓所有這些市場，但這還只是初期階段。

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 what else should we be watching as potential content drivers within that CED segment?

明白了，很有幫助。我的後續問題是，您能否談談內容方面的問題？您之前提到過 1.6T 過渡的電話會議。這種轉變對董事會上的內容發佈時間有何影響？在 CED 領域，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 ASPs, in average selling prices. So that's relatively an easy one. But it's also in the switches, also in the accelerator cards, the connectivity cards, the -- whether they're PCIe or they're 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，因為我們看到銷量更高，平均售價也大幅上漲。所以這題相對來說比較簡單。但它也存在於交換器、加速卡、連接卡中——無論是 PCIe、UCX 或其他任何技術，我認為它都真正發揮了全部作用。

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。

(Operator Instructions) Quinn Bolton, Needham & Company.

（操作說明）Quinn Bolton，Needham & Company。

All right, 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 I'm 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。我猜首先是 CED 業務，根據第四季度預期，成長超過 100%。我想問的是，您能談談該行業中產品曝光的提前期嗎？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產業是否可能開始出現囤積居奇或囤貨的情況？然後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 SiTime, 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 our focus on this market. So we were good in getting to that.

是的，我的意思是，在我們這個行業，我們當然不認為有囤積行為。在我們的業務中，我們當然不認為有任何短缺，因為SiTime，回到我準備好的發言，我們已經建立了一個強大的產業鏈——價值鏈、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。

We do hear rumors of some of the optical components that are in shortage, but I don't think that anybody's holding back because we see quite a significant increase 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.

我們確實聽到了一些關於某些光學元件短缺的傳聞，但我認為沒有人因此而有所保留，因為我們看到產量出現了相當大的增長。但目前為止，就只有這些了。當然，我們也聽說過基質短缺的情況。但我認為這算是常識，跟時間安排沒什麼特別關係。

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 March quarter.

偉大的。然後，我想問的是，當我們開始考慮 2026 年的預測時，您對現在所謂的典型季節性趨勢有什麼最新的想法嗎？當你較少關注 CED，而更專注於行動物聯網時，你會發現 3 月的季度季節性非常明顯。

Wondering if you think that seasonal pattern starts to mitigate a little bit 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 seasonality may now be.

我想知道，隨著業務向 CED 合併，您是否認為季節性模式開始有所緩解？或者您仍然認為，由於季節性因素，3 月份的季度業績會下降 10%、15% 甚至更多？關於季節性現在可能是什麼，大家有什麼想法嗎？

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'd 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 that are going on that can mitigate that.

也就是說，總體而言，我們的業務是由我們整個產品組合中看到的強勁需求所驅動的。我認為我們已經討論了很多關於 CED 和 AI 以及這些領域持續的需求，以及其他領域的需求。所以，我預計還是會存在——就像你剛才描述的那樣，季節性因素仍然存在。但是，我也認為——目前有很多事情可以緩解這種情況。

I think I'd also keep in mind as we've talked about before, that in any given quarter, we service some very, very big customers. And so 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 order is shipped.

我認為還應該記住，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非常大的客戶。所以，有時你也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單——這除了訂單何時發貨之外，沒有什麼可解讀的。

So hopefully that gives you some insights about seasonality, but I do continue to expect that we'll see that seasonal Q4 to Q1 that we've seen in the past.

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

謝謝。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, really pleased to be able to put out these stellar results. I think we see significant growth coming, and we're very, 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。