Skywater Technology Inc (SKYT) 2025 Q1 法說會逐字稿

Good afternoon and welcome to SkyWater Technology's first quarter 2025 financial results conference call.

下午好，歡迎參加 SkyWater Technology 2025 年第一季財務業績電話會議。

(Operator Instructions)

（操作員指示）

I would now like to turn the call over to Claire McAdams, investor relations for Skywater. Please go ahead.

現在我想將電話轉給 Skywater 投資者關係部門的 Claire McAdams。請繼續。

Thank you, operator. Good afternoon and welcome to SkyWater’s first quarter 2025 conference call. With me on the call today from SkyWater are Thomas Sonderman, Chief Executive Officer, and Steve Manco, Chief Financial Officer.

謝謝您，接線生。下午好，歡迎參加 SkyWater 2025 年第一季電話會議。今天與我一起參加電話會議的還有 SkyWater 執行長 Thomas Sonderman 和財務長 Steve Manco。

I'd like to remind you that our call is being webcast live on SkyWater's investor relations website at ir.skywatertechnology.com.

我想提醒您，我們的電話會議正在 SkyWater 的投資者關係網站 ir.skywatertechnology.com 上進行網路直播。

The webcast will be available for replay shortly after the call concludes. On the events page of our IR website, we have posted a slide presentation that accompanies today's call.

會議結束後不久即可重播網路直播。在我們的 IR 網站的活動頁面上，我們發布了與今天的電話會議配套的幻燈片演示。

Also posted is our financial supplement, which summarizes our quarterly and annual financial results for the last three years, including all non-GAAP adjustments and comparisons to our GAAP results, as well as the impact of tool sales on our gross margins.

同時發布的還有我們的財務補充報告，其中總結了我們過去三年的季度和年度財務業績，包括所有非 GAAP 調整和與 GAAP 結果的比較，以及工具銷售對我們毛利率的影響。

During the call, any statements made about our future financial results and business are forward-looking statements. These forward-looking statements are subject to risks and uncertainties that could cause our actual results to differ materially.

在電話會議中，有關我們未來財務表現和業務的任何陳述均為前瞻性陳述。這些前瞻性陳述受風險和不確定性的影響，可能導致我們的實際結果大不相同。

For a discussion of these risks and uncertainties, please refer to our filings with the Securities and Exchange Commission, including our earnings release filed on Form 8K today and our fiscal 2024 Form 10k.

有關這些風險和不確定性的討論，請參閱我們向美國證券交易委員會提交的文件，包括我們今天以 8K 表格提交的收益報告和 2024 財年的 10k 表格。

All forward-looking statements are made as of today, and we assume no obligation to update any such statements.

所有前瞻性陳述均截至今日作出，我們不承擔更新任何此類陳述的義務。

During this call, we will discuss non-GAAP financial measures. You can find a reconciliation of these non-GAAP financial measures to GAAP financial measures in our earnings release, our financial supplement, and in our quarter one earnings presentation, all three of which are posted on our investor relations website.

在本次電話會議中，我們將討論非公認會計準則財務指標。您可以在我們的收益報告、財務補充報告和第一季財報中找到這些非 GAAP 財務指標與 GAAP 財務指標的對帳表，這三份報告都發佈在我們的投資人關係網站上。

Also on our IR website events page, you'll see that we plan to participate in three investor conferences in quarter two.

另外，在我們的 IR 網站活動頁面上，您會看到我們計劃在第二季參加三場投資者會議。

B. Riley in LA.

洛杉磯的 B. Riley。

Craig Callum in Minneapolis.

明尼阿波利斯的克雷格·卡勒姆。

And TD Cowan in New York.

還有紐約的 TD Cowan。

We are also in the early stages of planning our capital markets day on Feb 25 in Austin, ideally this summer before quarter two reporting season. Please feel free to contact me directly for any investor follow-up requests. With that, I'll turn the call over to Tom.

我們也處於規劃 2 月 25 日在奧斯汀舉行的資本市場日的早期階段，理想情況下是在今年夏天第二季報告季節之前。如果投資者有任何後續請求，請隨時直接與我聯繫。說完這些，我就把電話轉給湯姆。

Thank you, Claire, and good afternoon to everyone on the call. Our revenues for the first quarter were closely aligned with the outlook provided in February and just above the midpoint of our guidance range. Gross margin and non-GAAP EPS both exceeded guidance, and adjusted EBITDA performance was stronger than forecasts at over $4 million.

謝謝你，克萊爾，祝電話裡的各位下午好。我們第一季的收入與二月提供的預期非常接近，略高於我們指導範圍的中點。毛利率和非公認會計準則每股盈餘都超出預期，調整後的 EBITDA 表現強於預期，超過 400 萬美元。

The upside achievement wafer services during quarter one was driven by strong traction from our recently launched ThermoView platform. This launch represents a significant strategic milestone for our company. ThermaView is a dedicated 90 nanometre CMOS MMS platform focused on the rapidly growing advanced thermal imaging market.

第一季晶圓服務的良好表現得益於我們最近推出的 ThermoView 平台的強勁推動。此次發布對我們公司來說是一個重要的策略里程碑。ThermaView 是一個專用的 90 奈米 CMOS MMS 平台，專注於快速成長的先進熱成像市場。

The initial attraction we are seeing from our lead customers is an important indicator that underscores both the relevance of this highly differentiated technology and the strength of our operating model for co-creating technologies and transitioning them efficiently to production.

我們從主要客戶那裡看到的初步吸引力是一個重要指標，它強調了這種高度差異化技術的相關性以及我們共同創造技術並將其有效轉化為生產的營運模式的優勢。

New products drove over half of quarter one's wafer Services revenue led by ThermoView, as well as recent ATS to Wafer Services conversions, a meaningful shift from 2024's 90% legacy mix.

新產品推動了第一季晶圓服務收入的一半以上，其中 ThermoView 居首，而最近的 ATS 到晶圓服務的轉換也推動了這一收入的增加，這與 2024 年 90% 的傳統產品組合相比發生了重大轉變。

Despite potential ThermoView lumpiness during ramp up, new products will fuel most of Wafer Service's growth in 2025, supporting sustainable, innovation-driven growth at our Minnesota fab, further increasing its long-term revenue contribution.

儘管 ThermoView 在成長過程中可能會出現一些波動，但新產品將推動 Wafer Service 在 2025 年的大部分成長，支持我們明尼蘇達工廠實現可持續的、創新驅動的成長，進一步增加其長期收入貢獻。

Offsetting the strength and weight for services was a slightly softer quarter for ATS compared to our expectations going into the quarter.

與我們對本季的預期相比，ATS 本季表現略顯疲軟，抵銷了服務業的強勁表現和重要性。

The continued budget delays and extended negotiations occurring in Washington DC are impacting our near-term revenue outlook while the US government continues to operate at 2024 spending levels. Once resolved, we are prepared to execute aggressively and expect a strong snapback in ATS revenue in the second half of 2025. SkyWater's full year outlook remains largely unchanged from our last earnings call.

華盛頓特區持續的預算拖延和延長的談判正在影響我們近期的收入前景，而美國政府的支出水準仍將維持在 2024 年的水準。一旦解決，我們準備積極執行，並預計 2025 年下半年 ATS 收入將強勁反彈。SkyWater 的全年展望與我們上次的收益電話會議相比基本保持不變。

On today's call, I want to reiterate the strategic rationale for expanding 200-millimeter pounder capacity in the US through the pending acquisition of Infineon’s flagship Fab 25 in Austin, Texas, and discuss the unique value skyWater brings to this opportunity.

在今天的電話會議上，我想重申透過收購位於德州奧斯汀的英飛凌旗艦 Fab 25 來擴大美國 200 毫米磅產能的戰略理由，並討論 skyWater 為這一機會帶來的獨特價值。

Semiconductor sovereignty in the US isn't a one size fits all equation. It requires increased domestic capacity across both advanced and foundational nodes, as well as the establishment of a comprehensive domestic packaging and test infrastructure.

美國的半導體主權並不是一個放諸四海皆準的公式。這需要提高國內先進和基礎節點的產能，並建立全面的國內封裝和測試基礎設施。

The future manufacturing landscape will include a mix of form factors 200-millimeter, 300 millimetre, and panel-based technologies, each occupying distinct and essential roles in the broader value chain. SkyWater’s acquisition of Fab 25 is a strategic step to meet this multidimensional need.

未來的製造業格局將包括 200 毫米、300 毫米和基於面板的技術等多種形式，每種技術在更廣泛的價值鏈中都佔據著獨特而重要的角色。SkyWater 收購 Fab 25 是滿足此多維需求的策略性舉措。

Recognized as one of the most advanced 200 millime CMOS fabs in the Western Hemisphere, Fab 25 is expected to unlock new domestically sourced founder capacity, creating customer opportunities for both new product development and the dual sourcing of critical foundational semiconductors.

Fab 25 被公認為西半球最先進的 200 毫米 CMOS 晶圓廠之一，預計將釋放新的國內製造能力，為客戶創造新產品開發和關鍵基礎半導體雙重採購的機會。

The 200-millimeter format remains the optimal manufacturing base for a wide range of specialty technologies including analog and mixed signal Is, power management, RF, Mimms, sensors, and high voltage CMOS.

200 毫米格式仍然是各種專業技術的最佳製造基礎，包括類比和混合訊號 Is、電源管理、RF、MIMMs、感測器和高壓 CMOS。

These technologies are critical to high growth sectors such as automotive, in particular autonomous driving and EV power control, industrial automation and sensing, medical devices, and defence systems.

這些技術對於汽車等高成長產業至關重要，特別是自動駕駛和電動車電源控制、工業自動化和感測、醫療設備和國防系統。

We believe Fab 25 occupies a strategic sweet spot in capabilities, delivering the output scale, quality standards, and process flexibility needed to meet the evolving demands of these markets, all while remaining aligned with secure US-based supply chain goals.

我們相信 Fab 25 在能力方面佔據著戰略最佳點，能夠提供滿足這些市場不斷變化的需求所需的產出規模、品質標準和流程靈活性，同時與安全的美國供應鏈目標保持一致。

Supported by a four-year supply agreement valued at over $1 billion this acquisition will provide immediate revenue and positive cash flow to our company.

在價值超過 10 億美元的四年供應協議的支持下，此次收購將為我們公司帶來直接收入和正現金流。

The acquisition will further enhance our ability to extend our differentiated technology as a service model to a broader range of customers, diversifying our revenue base and advancing our mission as an essential enabler of America's semiconductor onshoring and industrial resilience strategy.

此次收購將進一步增強我們將差異化技術即服務模式擴展到更廣泛客戶的能力，使我們的收入基礎多樣化，並推進我們作為美國半導體在岸和工業復原戰略的重要推動者的使命。

We continue to proceed to an expected mid-year closing, and we currently anticipate holding our planned capital markets Day at Fab 25 in Austin in early to mid-July.

我們將繼續進行預期的年中收尾工作，目前我們預計將於 7​​ 月初至 7 月中旬在奧斯汀的 Fab 25 舉行計劃中的資本市場日。

Now moving to our partner DA's historic announcement made during quarter one demonstrating quantum supremacy and simulation, an industry defining milestone proving that quantum systems can outperform classical computers on targeted problems.

現在轉到我們的合作夥伴 DA 在第一季發布的歷史性公告，展示了量子霸權和模擬，這是一個行業里程碑，證明量子系統可以在目標問題上勝過傳統電腦。

We believe this breakthrough underscores Skywater's vital role in enabling real world quantum innovations through its secure US-based manufacturing capabilities.

我們相信，這項突破凸顯了 Skywater 透過其安全的美國製造能力在實現現實世界量子創新方面所扮演的重要角色。

The demand for quantum computing innovation is both strong and accelerating, fuelled by intense global competition for mind share, market share, and technical leadership. Momentum continues to build around this technology space as commercial and government stakeholders alike race to capitalize on its transformational potential.

由於全球範圍內對心智份額、市場份額和技術領導地位的激烈競爭，對量子運算創新的需求強勁且不斷加速。隨著商業和政府利害關係人競相利用其轉型潛力，該技術領域的發展勢頭持續增強。

We believe SkyWater is uniquely positioned in this dynamic landscape. In 2024, advanced compute grew to become our second largest in market after aerospace and defence. Over 90% of our revenues from the advanced compute segment last year were related to quantum technology development, with key customers including D-Wave and Quantum.

我們相信 SkyWater 在這一動態領域擁有獨特的優勢。2024 年，先進運算將成為繼航空航太和國防之後我們的第二大市場。去年，我們先進計算部門 90% 以上的收入與量子技術開發有關，主要客戶包括 D-Wave 和 Quantum。

Our technology as a service model provides a critical bridge for lab to fab breakthroughs, leading to scalable production ready solutions, offering support for superconducting photonic and other qubit technologies. SkyWater's superconducting technology leverages proprietary process integration schemes, cryogenic testing capabilities, and advanced packaging platforms.

我們的服務模式為實驗室到工廠的突破提供了關鍵的橋樑，帶來了可擴展的生產就緒解決方案，為超導光子和其他量子位元技術提供支援。SkyWater 的超導技術利用專有製程整合方案、低溫測試能力和先進的封裝平台。

When coupled with the highest levels of quality and reliability, SkyWater's approach ensures rapid innovation and trusted onshore scaling. These capabilities make our company an instrumental partner in unlocking the advancements that quantum computing promises to deliver, enabling further AI leadership and enhancing our national security.

當與最高水準的品質和可靠性相結合時，SkyWater 的方法可確保快速創新和值得信賴的陸上擴展。這些能力使我們公司成為釋放量子運算潛力的重要合作夥伴，進一步鞏固人工智慧領導地位並增強我們的國家安全。

We congratulate D-Wave on this important accomplishment and look forward to communicating our continued success in quantum technology enablement as our revenue growth in this nascent and important segment continues to gain traction.

我們祝賀 D-Wave 取得這一重要成就，並期待隨著我們在這個新興且重要的領域的收入成長繼續獲得動力，我們在量子技術支援方面取得的持續成功。

Turning to the current demand environment, our ATS business, which drives the majority of the revenue for the company, has continued to face challenges from prolonged US federal budget negotiations, delaying the timing of key program funding for our A&D customers.

談到當前的需求環境，我們的 ATS 業務（為公司帶來大部分收入）繼續面臨美國聯邦預算談判延長的挑戰，從而推遲了我們為 A&D 客戶的關鍵項目提供資金的時間。

Last quarter, we expected improved visibility and a strong ATS recovery in quarter two. However, the resulting continuing resolution. Has shifted several anticipated program spending level increases into the second half of the year.

上個季度，我們預計第二季能見度將提高，ATS 將強勁復甦。然而，由此產生的決議仍在繼續。已將幾項預期的項目支出水準成長推遲到今年下半年。

Importantly, this is not a matter of program viability our customer demand. These are strategic mission critical initiatives that remain fully supported by our partners and the administration. In most cases, we continue to execute our ATS programs at 2024 spending levels with anticipated funding releases later in 2025.

重要的是，這不是我們客戶需求的程序可行性問題。這些都是策略性的關鍵任務舉措，將繼續得到我們的合作夥伴和政府的全力支持。在大多數情況下，我們將繼續以 2024 年的支出水準執行我們的 ATS 計劃，預計在 2025 年稍後發放資金。

Based on today's visibility, we continue to expect that increased program funding will drive solid ATS growth beginning in quarter three. The fundamentals of these programs remain strong. Our execution readiness is high, and we continue to see clear customer alignment on the need for rapid progress once funding is approved.

根據今天的狀況，我們繼續預計增加的項目資金將從第三季度開始推動 ATS 的穩健成長。這些項目的基礎依然強勁。我們的執行準備程度很高，我們繼續看到客戶明確同意在資金獲得批准後快速取得進展。

We also expect our Florida advanced packaging platform development to further contribute to ATS revenue, adding additional momentum to the second half.

我們也預計，我們在佛羅裡達州的先進封裝平台開發將進一步為 ATS 收入做出貢獻，為下半年增添額外的動力。

Given our current visibility and customer commitments to second half funding, we are maintaining our full year revenue guidance range of 5% revenue growth for our combined ATS's and wait for services business, plus or minus 2%.

鑑於我們目前的知名度和客戶對下半年資金的承諾，我們將維持全年收入指導範圍，即合併後的 ATS 和等待服務業務的收入增長 5%，上下浮動 2%。

Due to funding delays, we expect the year will be more back half weighted than originally forecast. We believe we will achieve year over year growth in both ATS and Wafer services in 2025.

由於資金延遲，我們預計今年的後半部分加權將比最初預測的更多。我們相信，到 2025 年，ATS 和晶圓服務都將年成長。

Now I'd like to say a few words about the current uncertainty regarding tariff policy. So far we have seen no downward revisions in the demand forecast from our major customers in response to the new tariffs.

現在我想就當前關稅政策的不確定性講幾句話。到目前為止，我們還沒有看到主要客戶因新關稅而下調需求預測。

Although we cannot eliminate all tariff risk as an exclusively domestic US semiconductor manufacturer, we believe our overall tariff exposure is limited, especially in comparison to most multinational manufacturers in our industry.

雖然作為一家美國本土半導體製造商，我們無法消除所有關稅風險，但我們相信，我們的整體關稅風險有限，尤其是與我們行業中的大多數跨國製造商相比。

Importantly, we do not expect any significant impact to our business in defence, which is our primary in market. While we use some imported materials in our defence programs, these products are entirely manufactured in the US. We do not anticipate that the impact of potentially higher input costs will have an adverse effect on the demand for of the long-term profitability of these important programs.

重要的是，我們預計國防業務不會受到任何重大影響，因為我們的主要市場是國防。雖然我們的國防計畫中使用了一些進口材料，但這些產品完全在美國製造。我們預計潛在的更高投入成本的影響不會對這些重要項目的長期獲利需求產生不利影響。

During this period, we are proactively managing costs and aligning our execution plans to help ensure we are well positioned to capitalize on the anticipated second half ramp. Overall, we believe these temporary periods of uncertainty do not diminish the long-term strategic value of our defence programs or our outlook for 2025.

在此期間，我們積極管理成本並調整執行計劃，以幫助確保我們能夠充分利用預期的下半年成長。總體而言，我們相信這些暫時的不確定時期不會降低我們的國防計畫的長期戰略價值或我們對 2025 年的展望。

For quarter two specifically, we expect total revenues in the range of $55 to $60 million. We expect ATS revenues in the $49 to $53 million dollar range and tools revenue just under $1 million.

具體來說，對於第二季度，我們預計總收入將在 5,500 萬至 6,000 萬美元之間。我們預計 ATS 的收入將在 4,900 萬至 5,300 萬美元之間，而工具的收入將略低於 100 萬美元。

With quarter one Wafer Services exceeding our expectations, we anticipate some lumpiness in quarter two as these new programs begin their production ramp, leading to between $5 to $6 million of expected Wafer Services revenues in the current quarter.

由於第一季晶圓服務超出了我們的預期，我們預計第二季會出現一些波動，因為這些新項目開始產量提升，導致本季晶圓服務收入預計在 500 萬至 600 萬美元之間。

We expect a stronger second half of 2025 with significant sequential growth in both quarter three and quarter four, driven in part by the ongoing ramp of our advanced packaging business. SkyWater continues to aim for positive non-GAAP EPS for the year. I will now turn the call over to Steve.

我們預計 2025 年下半年將會更加強勁，第三季和第四季都將實現顯著的連續成長，部分原因是我們先進封裝業務的持續成長。SkyWater 繼續致力於實現今年非公認會計準則每股收益為正。現在我將電話轉給史蒂夫。

Thank you, Thom. First quarter revenue of $61.3 million came in just above the midpoint of our guidance range. Combined ATS and Wafer Services revenue was $60.1 million, and Tools revenue was $1.2 million. Upside in Wafer Services more than offset the temporary softening in ATS as a result of government budget delays in Washington DC.

謝謝你，湯姆。第一季營收為 6,130 萬美元，略高於我們預期範圍的中點。ATS 和晶圓服務總收入為 6,010 萬美元，工具收入為 120 萬美元。晶圓服務業務的上漲足以抵消華盛頓特區政府預算延遲導致的 ATS 業務的暫時疲軟。

Our quarter one gross margin exceeded our expectations at 24.2%, and the impact of tools in the quarter was less than 20 basis points. Quarter one gross margin benefited from a roughly $2 million favorable reversal of a warranty accrual recorded last year.

我們第一季的毛利率超出預期，達到 24.2%，本季工具的影響不到 20 個基點。第一季的毛利率受益於去年記錄的約 200 萬美元的保固應計費用的有利逆轉。

Adjusted EBITDA of $4 million was stronger than forecast as a result of favorable gross margin performance as well as lower op X. Quarter one op X was $15.2 million and with continued close management of spending levels, we currently expect the increase in operating expenses for the full year will be at the lower end of the 10% to 15% increase expected for 2025 communicated previously.

調整後的 EBITDA 為 400 萬美元，強於預期，原因是毛利率表現良好以及營運費用降低。第一季營運費用為 1,520 萬美元，透過持續密切管理支出水平，我們目前預計全年營運費用增幅將處於先前公佈的 2025 年預計增幅 10% 至 15% 的低端。

Turning to the balance sheet, we ended the quarter with $51 million in cash, an increase of $32 million from your end.

談到資產負債表，本季末我們擁有 5,100 萬美元現金，比你們增加了 3,200 萬美元。

The majority of the increase was driven by advanced payments to fund tool purchases that we anticipate will be made over the course of 2025. The accounting for tools for this customer program is different than some of our other programs in that we own the tools, and the funding goes through the cash flow statement rather than being recorded as tools revenue on the P&L.

大部分的成長是由我們預計在 2025 年期間支付的工具購買資金預付款所推動。該客戶計劃的工具會計與我們的其他一些計劃不同，因為我們擁有這些工具，並且資金是透過現金流量表進行，而不是在損益表中記錄為工具收入。

Cash flow generated by the P&L was slightly positive for the quarter, and working capital changes that of the customer advance added approximately $4 million to operating cash flow.

本季損益表產生的現金流略為正值，而客戶預付款的營運資本變動為營運現金流增加了約 400 萬美元。

The majority of capital expenditures of $15 million were customer funded. We also paid down approximately $7 million on our revolver during the quarter to finish quarter one with approximately $60 million in total debt.

1500 萬美元的資本支出大部分由客戶資助。我們還在本季度償還了約 700 萬美元的循環信貸，第一季末的總債務約為 6,000 萬美元。

Before I talk about guidance, let me give you a little more color on the impact of tariffs and trade on skyWater. The situation is very dynamic, potentially increasing macroeconomic risk and making longer term financial projections difficult and subject to change. However, we believe that skyWater is relatively well positioned.

在我談論指導之前，讓我先稍微介紹一下關稅和貿易對天水的影響。情況非常動態，可能會增加宏觀經濟風險，並使長期財務預測變得困難且容易發生變化。不過，我們認為 skyWater 的定位相對較好。

From a revenue perspective, our customers have made no downward revisions to their forecasts and direct response tariffs.

從收入角度來看，我們的客戶沒有下調他們的預測和直接回應關稅。

From a cost perspective, we are taking actions to mitigate any potential financial impacts, which for us would primarily come in the form of higher costs for materials sourced outside of the US and higher costs for tools. As things stand right now, our tooling purchases are all considered 8,486 items which are exempt from tariffs.

從成本角度來看，我們正在採取措施減輕任何潛在的財務影響，對於我們來說，這主要表現為美國境外採購材料成本的提高和工具成本的提高。目前，我們的工具採購全部被視為 8,486 項免關稅的商品。

The larger concern we are focused on at the moment is any ancillary equipment purchases that are not exempt from tariffs.

目前我們關注的更大問題是任何不免關稅的輔助設備採購。

We do have some exposure on spend, but it is relatively small, about $2 million a quarter, some of which can be mitigated by simply cancelling that spend or sourcing from other countries.

我們確實存在一些支出風險，但相對較小，大約每季 200 萬美元，其中一些可以透過簡單地取消該支出或從其他國家採購來緩解。

We also could have some unknown exposure due to potential price increases from suppliers who source materials from countries affected by tariffs. We believe we should have more clarity on overall financial impact at our next earnings call.

由於從受關稅影響的國家採購材料的供應商可能會提高價格，因此我們也可能面臨一些未知的風險。我們相信，在下次收益電話會議上，我們應該對整體財務影響有更清楚的認知。

Turning to our outlook, which is all before any contribution from the pending acquisition of Fab 25. Based on the full year revenue expectations Thom discussed earlier, reflecting modest growth in both ATS and wafer services or approximately 5% growth from both businesses combined, we expect significant expansion of our gross margin profile in the second half of 2025.

談到我們的展望，這一切都是在即將進行的 Fab 25 收購做出任何貢獻之前做出的。根據 Thom 先前討論的全年營收預期，反映出 ATS 和晶圓服務的適度成長或兩項業務合計約 5% 的成長，我們預計 2025 年下半年我們的毛利率將大幅擴大。

As you recall, our combined ATS and wafer services business generated nearly 26% gross profit margin in 2024. Our gross margin model demonstrates strong flow through or incremental gross margin above the breakeven level of $45 million in quarterly revenue excluding tools.

大家還記得，我們​​的 ATS 和晶圓服務業務合併後在 2024 年產生了近 26% 的毛利率。我們的毛利率模型表明，不包括工具的季度收入中，流通毛利率或增量毛利率強勁，高於 4,500 萬美元的盈虧平衡水準。

In quarter two, the midpoint of our ATS and wafer Services revenue guidance is about $12 million above break even. Given that our EPS breakeven level is about $70 million the implication is that we expect to drop at least 70% of incremental revenues directly to gross profit.

在第二季度，我們的 ATS 和晶圓服務收入預期中點比損益平衡點高出約 1,200 萬美元。鑑於我們的每股收益盈虧平衡水準約為 7,000 萬美元，這意味著我們預計至少 70% 的增量收入將直接計入毛利潤。

Provided that ATS funding comes through as expected in the second half, our current forecast reflects gross margins on the core ATS and Wafer services business, expanding into the 30s in the second half in order to result in high 20s gross margin for the full year. Again, this is the expected range for the combined ATS and waiver services portion of our revenues.

假設 ATS 的資金在下半年如期到位，我們目前的預測將反映核心 ATS 和晶圓服務業務的毛利率，下半年將擴大到 30% 左右，從而使全年毛利率達到 20% 左右的高水準。再次強調，這是我們 ATS 和豁免服務部分合併收入的預期範圍。

We expect a little to no gross profit on the $30 million of tools revenue in 2025, most of which will be recorded in the second half. We expect close to a 300-basis point negative impact of tools revenue on our gross margin for the full year.

我們預計 2025 年 3,000 萬美元的工具收入幾乎不會產生毛利，其中大部分將在下半年實現。我們預計工具收入將對我們全年的毛利率產生近 300 個基點的負面影響。

Therefore, our expectation for reported non-GAAP gross margin in the full year is in the mid-20s or the 23% to 27% range.

因此，我們預計全年非公認會計準則毛利率在 25% 左右，即 23% 至 27% 之間。

We expect the expansion of our gross margin profile as we move through 2025 will result in profitability in the second half and for the full year odds of non-GAAP EPS and strong adjusted EBITDA of at least 10% of total revenues.

我們預計，隨著 2025 年的到來，我們的毛利率將不斷擴大，這將使我們在下半年實現盈利，並且全年非 GAAP EPS 和強勁的調整後 EBITDA 至少佔總收入的 10%。

For the full year, we expect a similar level of combined interest, tax, and VIE as we reported in 2024, which altogether are in the range of $13 to $14 million annually.

我們預計全年利息、稅金和 VIE 的總額將與 2024 年報告的水平相似，每年總計在 1300 萬至 1400 萬美元之間。

Given the forecast for profitable results in the second half and the impact of deferred taxes, we currently estimate tax expense of approximately $1.5 million in 2025 and slightly lower interest expense for the year in the $8 million dollar range.

考慮到下半年獲利結果的預測和遞延稅項的影響，我們目前估計 2025 年的稅費約為 150 萬美元，全年利息支出略低，約 800 萬美元。

Turning to quarter two guidance, given the dynamics Thom discussed earlier, we are taking a conservative view to the quarter with an expected range of $55 to $60 million in total revenue, consisting of $5 to $6 million in wafer services revenue, just under $1 million in tool revenue, and a range of $49 to $53 million in ATS revenues in advance of a rebound in quarter three.

談到第二季度的指引，考慮到 Thom 之前討論的動態，我們對本季度持保守看法，預計總收入在 5500 萬至 6000 萬美元之間，其中包括 500 萬至 600 萬美元的晶圓服務收入、略低於 100 萬美元的工具收入，以及 4900 萬美元的晶圓服務收入、略低於 100 萬美元的工具收入，以及 2900 萬美元的 ATS ATS ATS 2000 萬美元的 200 萬美元反彈。

Given these assumptions, our gross margin guidance for quarter two is in the range of 16% to 19%, with about a 30-basis point impact from tools. We expect quarter two operating expenses are approximately $15.7 million plus or minus $200,000 approximately $2 million in interest expense, $400,000 in tax, and $1 million in income from variable interest entities for an expected EPS loss for the quarter in the range of $0.16 to $0.22 per share.

基於這些假設，我們對第二季的毛利率預期在 16% 至 19% 之間，工具的影響約為 30 個基點。我們預計第二季營運費用約為 1,570 萬美元，上下浮動 20 萬美元，其中利息費用約 200 萬美元，稅金 40 萬美元，來自可變利益實體的收入 100 萬美元，預計本季每股收益虧損在 0.16 美元至 0.22 美元之間。

Based on our outlook for the full year, we expect a strong rebound in financial results for quarter three and continued sequential improvement in quarter four.

根據我們對全年的展望，我們預計第三季財務業績將強勁反彈，第四季將繼續環比改善。

And with that, I'll turn the call over to Q&A operator, please open the line for questions.

說完這些，我將把電話轉給問答接線員，請開通熱線來回答問題。

Thank you.

謝謝。

(Operator Instructions)

（操作員指示）

Our first question comes from Quinn Bolton from Needham & Company. Please go ahead. Your line is open.

我們的第一個問題來自 Needham & Company 的 Quinn Bolton。請繼續。您的線路已開通。

Hey guys, thanks for taking my question. I guess my first question is, obviously last quarter looking into quarter two you expected a recovery in ATS and that didn't happen. Now we're sort of looking for that ATS recovery to begin strongly in the second half.

嘿夥計們，謝謝你們回答我的問題。我想我的第一個問題是，顯然上季展望第二季時您預計 ATS 會復甦，但事實並非如此。現在我們期待 ATS 復甦在下半年開始強勁進行。

I understand these are key programs, but there's a lot of volatility going on in Washington right now. How do you have confidence that these programs and the budget will get approved at higher funding levels that support that second half?

我知道這些都是關鍵項目，但華盛頓目前局勢動盪。您如何確信這些計劃和預算將獲得批准並獲得支持下半年的更高資金水平？

Yeah, thanks for the question. Clearly, that's the issue that a lot of us, are wrestling with as the dynamics unfold in DC.

是的，謝謝你的提問。顯然，隨著華盛頓局勢的不斷發展，我們很多人都在努力解決這個問題。

The biggest thing that gives us confidence is the, almost $300 million of investment that has been made. By the US government over the last several years to create capability.

讓我們充滿信心的最大因素是已經進行的近3億美元的投資。由美國政府在過去幾年中創建的能力。

We believe the programs that that investment drives are very much aligned with the national security agenda, kind of irrespective of the administration, but we are going through the dynamics of a change in administration, the continuing resolution that was passed, as we were. The middle of the quarter essentially held spending at 24 levels.

我們相信，這些投資所推動的項目與國家安全議程高度一致，與政府無關，但我們正在經歷政府更迭的動態，以及通過的持續決議。本季中期支出基本維持在 24 個水準。

So given you know that we obviously had to adapt, but as the quarter has unfolded, we've had multiple dialogues with our customers within the US government as part of their exercise, which is ongoing to look at government efficiency.

因此，鑑於您知道我們顯然必須適應，但隨著本季度的展開，作為他們正在進行的工作的一部分，我們已經與美國政府內部的客戶進行了多次對話，以考察政府效率。

How they can drive out, waste and the program reviews that we're, undertaking, we feel very strong about not only the commitment coming from the customer, but our ability to execute with speed once the funding issues are resolved.

他們如何能夠消除浪費以及我們正在進行的專案審查，我們不僅對來自客戶的承諾感到非常強烈，而且一旦資金問題得到解決，我們也有能力快速執行。

So, it's really the backdrop of a change in administration, but more importantly, the criticality of the programs we have and the long-standing investment and commitment we've seen over multiple years with all these initiatives.

因此，這實際上是政府更迭的背景，但更重要的是，我們現有計劃的重要性以及多年來我們對所有這些舉措的長期投資和承諾。

And I guess Thom, maybe just to follow up to that.

我想，湯姆，也許只是為了跟進這一點。

I don't know off the top of my head how far or how long the current continuing resolution fund the government is there a date by which, we've got to either get another continuing resolution.

我不知道目前的持續決議能為政府提供多長的資金，或者說能維持多久，到時候我們要么獲得另一項持續決議。

Or to pass a budget that lands in quarter two or you know could this, could we be continuing to be funded by CRS you know well into the summer you know again just trying to get some sense of what visibility you may have into you know that funding recovery in the second half.

或者透過第二季的預算，或者您知道這是否可以，我們是否可以繼續由 CRS 資助到夏季，您再次只是想了解您對下半年資金復甦的了解程度。

And then I've got to follow up on a different topic.

然後我必須跟進另一個話題。

Yeah, so clearly, we're looking by the end of quartet two to have very good transparency in terms of what we expect the second half will look like, and that will be reflected in our quarter three forecast. So much like, again the rest of us, we're watching.

是的，很明顯，我們希望在第二季結束時，我們對下半年的預期會非常透明，這將反映在我們對第三季的預測中。就像我們其他人一樣，我們正在觀看。

What's happening in DC, the discussions driving towards a, omnibus type of bill over the summer is what we're hearing and that's what we're marching towards. But I would say by the end of quarter two we'll have good transparency.

我們聽到的消息是，華盛頓正在就夏季推出一項綜合性法案進行討論，而這正是我們正在努力的方向。但我想說，到第二季末，我們將實現良好的透明度。

Got it. And then just you guys mentioned, some of the work you're doing on the quantum computing space and in advanced computing with the wave and say quantum. I guess maybe two quick questions there, how big you mentioned is 90% of your advanced computing. Roughly how big is advanced computing as a percentage of the business?

知道了。然後你們提到了，你們在量子計算領域以及利用波和量子進行的高級計算方面的一些工作。我想也許有兩個簡單的問題，您提到的 90% 的高級計算有多大。先進計算在業務中所佔比例大概有多大？

And can you give us any sense on the type of work you're doing with Cyw? Are you manufacturing silicon photonics wafers for them? Are you doing signal and control devices? Is any comment because I think you've previously said what you're doing with the wave.

您能告訴我們您在 Cyw 所從事的工作類型嗎？你們有為他們生產矽光子晶片嗎？你們有做訊號和控制設備嗎？有什麼評論嗎，因為我認為您之前已經說過您對波浪的處理方式。

Thank you.

謝謝。

Yeah, so the advanced computer market is about 10% of the business today, and as we've alluded to, 90% of that is tied to the quantum computing space with regards to site quantum. Think of site quantum has a very complicated product that they're putting together.

是的，目前先進電腦市場約佔業務的 10%，正如我們所提到的，其中 90% 與站點量子相關的量子計算領域相關。想想站點量子正在組裝的一款非常複雜的產品。

We're part of their value chain, and our focus is around obviously our expertise in superconducting technology. And other films technology that they integrate.

我們是他們價值鏈的一部分，我們的重點顯然是超導技術的專業知識。以及他們所整合的其他電影技術。

Photonics is another component that is unique within the site quantum solution, and that's another area of expertise. But beyond that, we don't really want to provide any more detail.

光子學是站點量子解決方案中另一個獨特的組件，也是另一個專業領域。但除此之外，我們真的不想提供更多細節。

Get it and looking forward to coming down to see Fab 25 in Austin over the summer.

得到它並期待夏天去奧斯汀觀看 Fab 25。

Thank you.

謝謝。

Yeah, I apologize for the fact that it'll be the middle of, July when the heat is on, but I look forward to seeing you there.

是的，很抱歉那時是七月中旬，天氣很熱，但我期待在那裡見到你。

I'll bring a cool drink. Thanks.

我會帶一杯冷飲。謝謝。

Our next question comes from Robert Mertens from TD Securities. Please go ahead. Your line is open.

下一個問題來自道明證券的羅伯特‧梅爾滕斯 (Robert Mertens)。請繼續。您的線路已開通。

Hi, this is Robert Mertens on the line for Chris Sancar. Thanks for taking my question. Just if I'm doing the math right here, it seems like the review represented a mid-single digit, millions revenue amount for the March quarter.

大家好，我是羅伯特‧梅爾滕斯 (Robert Mertens)，接聽克里斯‧桑卡爾 (Chris Sancar) 的電話。感謝您回答我的問題。如果我在這裡做數學計算的話，似乎這份評論代表了三月季度中等個位數、數百萬的收入金額。

Just how should we think about the ramp of that business, maybe compared to some of the other programs and wait for services this year and just if you have any sort of potential sizing of what that market could be over the next few years.

我們應該如何看待該業務的成長，也許與今年的其他一些計劃和等待服務相比，以及您是否對該市場在未來幾年可能的發展規模有任何潛在了解。

Yeah, so ThermaView is driving the ramp of a wafer services business. This was, really been our plan all along, just given the traction that we have with our lead customers and, their ability to. Take our products and put them into in-state systems, we feel like that will be the main driver of growth and wait for services this year.

是的，ThermaView 正在推動晶圓服務業務的成長。這確實是我們一直以來的計劃，只是考慮到我們與主要客戶的聯繫以及他們的能力。將我們的產品放入州內系統，我們認為這將是今年成長和等待服務的主要驅動力。

We do have other converts that we talked about last year. They're coming together at somewhat of a different pace again. Some of those are tied to the medical device, rapid diagnostic space, and so their timeline to ramp is a little bit different, and I think we have the most clarity around the ThermaView space.

我們確實有去年討論過的其他皈依者。他們又以某種不同的速度走到了一起。其中一些與醫療設備、快速診斷領域相關，因此它們的時間表略​​有不同，我認為我們對 ThermaView 領域的了解最為清楚。

As far as the size, ultimately you know we see this, and this is in the deck that we provided a $9 billion dollar market.

就規模而言，最終你知道我們看到了這一點，這是我們提供的 90 億美元市場的平台。

Obviously, we're expecting to capture a percentage of that as we grow our solution into the space, but overall, we feel like, this is going to be a good growth driver for us, and it's also a market where we're entering into DOD, but we expect to continue to propagate that into the automotive space as well as the medical device space.

顯然，隨著我們的解決方案不斷拓展，我們期望獲得一定比例的市場份額，但總體而言，我們覺得這將成為我們良好的成長動力，而且這也是我們進入國防部的市場，但我們希望繼續將其推廣到汽車領域以及醫療設備領域。

As far as the ratio of, traditional our legacy last year was 90% legacy, 10% new. We are expecting this year to be 60% new, 40% legacy as we exit this year, and that was the run rate we had in the first quarter as well.

就傳統比例而言，我們去年的遺留項目是 90%，新項目是 10%。我們預計今年的產量將為 60% 為新產量，40% 為舊產量，這也是我們第一季的產量運行率。

Great, thank you. That's very helpful.

太好了，謝謝。這非常有幫助。

Our next question comes from Robert Aguanno from Piper Sandler. Please go ahead. Your line is open.

我們的下一個問題來自 Piper Sandler 的 Robert Aguanno。請繼續。您的線路已開通。

Hey guys, thanks for taking the call, doing the call here. Just to expand on that, you guys mentioned new products driving half of Wafer services. Can you maybe just double click on some of maybe the other opportunities that you might have and ultimately how big, do you think you can expand that business going forward, here in the near future?

嘿夥計們，感謝你們接聽電話，在這裡打電話。為了進一步說明這一點，你們提到了推動一半 Wafer 服務發展的新產品。您能否雙擊您可能擁有的其他一些機會，以及您認為在不久的將來可以將該業務擴展多大？

Yeah, so again we have two lead customers that we're providing product for today. So, this is wafer Services products that are then being put into, their systems that are going through additional qualifications. We have several other designs that these are design wins. Think of it as products that will immediately move into the wafer services.

是的，今天我們再次為兩位主要客戶提供產品。因此，這是晶圓服務產品，隨後被放入其係統中，並經過額外的認證。我們還有其他幾種設計，這些都是成功的設計。可以將其視為將立即進入晶圓服務的產品。

This is really How we're driving with you know with our platform is you leverage the work to create the platform and then every subsequent tape out is relatively straightforward. Of course, the two lead customers are major primes that we've been working with for several years. We generated a lot of ATS revenue from those customers as we built the platform.

這實際上就是我們如何利用我們的平台來推動的，您知道，您可以利用工作來創建平台，然後後續的每個流片都相對簡單。當然，這兩個主要客戶都是我們已經合作了好幾年的主要客戶。在建立平台的過程中，我們從這些客戶那裡獲得了大量 ATS 收入。

Those customers are obviously the lead customers that are bringing you the product into volume ramp, and then we will subsequently put in other customers as they complete their design process.

這些客戶顯然是將你的產品推向大量生產的主要客戶，然後我們會在他們完成設計過程後引入其他客戶。

So I'm not really in a position to say how big do we think the market we can go after, but we feel like the traction we're getting already is significant, and the fact that we do have these two lead customers is certainly allowing us to have a robust process that we believe will be able to bring new designs in relatively efficiently.

因此，我實際上無法說出我們認為可以追求的市場有多大，但我們覺得我們已經獲得的吸引力已經很大，而且我們確實擁有這兩個主要客戶這一事實無疑使我們能夠擁有一個強大的流程，我們相信這將能夠相對有效地引入新設計。

Fair enough. And just one more for me on the expectations around the packaging facility you know you guys mentioned a little bit of revenues coming in this year, more of a second half story. Can you talk about any sort of KPIs or any other metrics that we could use for how much impact that's going to have this year or is it more of a 26 story?

很公平。我再問一個關於包裝設施的預期，你們提到了今年的一些收入，更多的是下半年的故事。您能否談談我們可以用來衡量今年將產生多大影響的任何類型的 KPI 或其他指標，或者這更像是一個 26 個故事？

Yeah, so I think this year the impact's going to be around tools revenue. The majority of tools revenue in 2025 is coming into Florida. Again, this is coming in the second half. If you recall, we talked about the first half. We've had some infrastructure projects tied to a build back better grant we got in 2022 that are gating.

是的，所以我認為今年的影響將圍繞著工具收入。2025 年大部分工具收入將流向佛羅裡達州。再次，這是在下半年發生的。如果你還記得的話，我們討論的是上半部。我們有一些與 2022 年獲得的重建更好撥款相關的基礎設施項目，但這些項目受到限制。

The tool move-ins, those two move-ins will begin in the second half, and then we'll start generating, traditional, we'll call it ATS revenue, through the engineering efforts first as we, basically hook up the equipment, get the tools qualified, and then as we start executing the program, which will really be driven mainly in 2026. So mainly tool revenue in 2025, traditional ATS revenue in '26.

工具的搬入，那兩次搬入將在下半年開始，然後我們將開始產生傳統的，我們稱之為 ATS 收入，透過工程努力，首先我們基本上連接設備，使工具合格，然後我們開始執行程序，這將主要在 2026 年推動。因此，2025 年主要為工具收入，2026 年為傳統 ATS 收入。

Thank you.

謝謝。

Our next question comes from Richard Shannon from Craig Hallam. Please go ahead. Your line is open.

我們的下一個問題來自 Craig Hallam 的 Richard Shannon。請繼續。您的線路已開通。

Well, hi Thomas, thanks for taking my questions as well.

嗯，你好，湯瑪斯，也謝謝你回答我的問題。

Maybe let's just look broadly in the transition towards wafer services, obviously the last couple of questions then about specific term review, but maybe give us a view here, Thom.

也許讓我們廣泛地看一下向晶圓服務的過渡，顯然最後幾個問題是關於具體術語的審查，但也許在這裡給我們一個看法，湯姆。

How do we look at the number of conversions that go from ATS to Wafer services this year? Maybe can delineate that between, A&D type of customers versus other markets.

我們如何看待今年從 ATS 到 Wafer 服務的轉換數量？也許可以區分 A&D 類型的客戶與其他市場。

Yeah, so again last year, if you recall we had, I believe four announced transitions.

是的，如果你還記得的話，去年我們有四次宣布的過渡。

One was into the auto industrial sector. The other three were into the, Biodiagnostic and other, medical device area. Areas and I think those again are relatively smaller companies that are again going through the necessary qualifications. Typically, once the technology gets qualified, you're not making process adjustments.

其中一個是進入汽車工業領域。另外三家公司屬於生物診斷和其他醫療器材領域。我認為這些都是相對較小的公司，它們正在再次進行必要的資格審查。通常，一旦技術獲得認證，您就不會再進行流程調整。

What you're doing is producing product that initially is going into samples that our customers would be. Putting in front of their in-state OEMs trying to get them to buy into the new products and then ultimately ramp those up.

您所做的事情是生產最初將作為樣品提供給我們的客戶的產品。將新產品推到州內原始設備製造商 (OEM) 面前，試圖讓他們購買新產品，然後最終擴大其銷售量。

So, I think we're in that process right now, certainly in the bio space this is relatively new to us, so we're learning you know how the sequencing of those kind of align with our ramp strategies and the ThermoView side, we have obviously a lot of experience working with the DOD. In the case of these products, they are going into systems that exist today.

所以，我認為我們現在正處於這個過程之中，當然在生物領域這對我們來說相對較新，所以我們正在學習如何將這些順序與我們的坡道策略和 ThermoView 方面相一致，我們顯然在與國防部合作方面擁有豐富的經驗。就這些產品而言，它們將進入現有的系統。

These are enhanced capabilities that our solution provides. So, the testing and qualification sequencing is a little bit different there versus when they go into a new system, which we also expect to get designs.

這些是我們的解決方案提供的增強功能。因此，與進入新系統時相比，那裡的測試和鑑定順序略有不同，我們也希望獲得新設計。

Design wins for. So overall, we can do what we can do, which is develop the process, get it qualified, get the samples in the hands of our customers, and then their ramp rate, of course, depends on their qualification cycles.

設計獲勝。所以總的來說，我們可以做我們能做的，那就是開發流程，使其合格，將樣品交到客戶手中，然後他們的提升率當然取決於他們的資格週期。

As we get more converts, of course this year we expect to have converts happening as well. Each individual conversion will have less of an effect on our overall business because they'll all be operating at different kind of speeds, but collectively they will become much more predictable. This is really, if you think about last year, which was the first year the converts, this year we're getting more converts, but every year.

隨著皈依者人數的增加，我們當然希望今年也能有皈依者。每次單獨的轉換對我們的整體業務的影響較小，因為它們都以不同的速度運行，但總體而言，它們將變得更加可預測。確實，如果你想想去年，那是皈依者的第一年，今年我們會有更多的皈依者，但每年都是如此。

We should just expect to be converting new programs out of ATS in a way for services. And then the other thing that's going on as well is we're getting new design wins in the ATS. So, in addition to design wins on the ThermoView platform this year, for example, we expect to have other design wins that are coming into ATS to kind of backfill the programs that are moving into buying production.

我們只是希望將 ATS 中的新程式以某種方式轉換為服務。另一件正在發生的事情是我們在 ATS 中獲得了新的設計勝利。因此，例如，除了今年在 ThermoView 平台上獲得的設計勝利之外，我們還希望在 ATS 中獲得其他設計勝利，以補充正在轉向購買生產的項目。

Okay. Thanks for those thoughts, Thom. My second question is another program we haven't heard about in a few quarters here, and that's the radar program. Obviously funded a number of a number of years ago. I wonder if you give us an update there and how that's going and is there any impact from the budget period stalemate in Washington on that program.

好的。謝謝你的想法，湯姆。我的第二個問題是我們幾個季度以來沒有聽說過的另一個項目，那就是雷達項目。顯然幾年前就已資助了一些計畫。我想知道您是否能向我們介紹一下最新情況以及進展如何，華盛頓的預算期僵局對該計劃有何影響。

Yeah, so I would say, the technology continues to evolve leading to qualification. I think, the technology itself continues to gain in robustness as we drive towards meeting the customer requirements again in the defence industry and especially in the environment, we're in today.

是的，所以我想說，技術不斷發展，從而獲得資格。我認為，隨著我們再次努力滿足國防工業以及我們今天所處的環境中的客戶需求，技術本身將繼續變得更加穩健。

Even the requirements are changing as you move through program initiation, which in this case started at the beginning of this decade, and now as we prepare to actually put them in the in-state systems, you're beginning to refine the requirements and we want to make sure that our in-state capability matches you know the majority of the requirements coming from.

隨著計畫啟動，甚至要求也在發生變化，在本例中，計畫啟動於本世紀初，現在，當我們準備將它們實際放入州內系統時，您開始完善要求，我們希望確保我們的州內能力能夠滿足大多數要求。

The you know the customer base that we'll be serving, so we're expecting, as this year unfolds and going into next year we're getting to the point where we get a qualified process. But to your point about government funding, this is certainly one of the programs along with really all programs that are being reassessed in terms of priority.

您知道我們將要服務的客戶群，因此我們期望，隨著今年的發展以及進入明年，我們將達到獲得合格流程的階段。但就您提到的政府資助而言，這無疑是所有項目之一，而且都是在優先順序方面需要重新評估的項目之一。

One thing I think it's important to understand is that our model is a foundry model, and I think the DOD is going through a similar process that, the commercial spaces went to and that they're embracing the movement. To foundries and leveraging this type of approach, our technology foundry approach, having a common source that all the primes can access is really what we're enabling.

我認為需要理解的一件事是，我們的模型是一種代工模型，我認為國防部正在經歷與商業領域類似的過程，他們正在接受這項運動。對於代工廠來說，利用這種方法，我們的技術代工廠方法，擁有一個所有主要企業都可以訪問的共同來源，這才是我們真正想要實現的。

And if you think about government efficiency, the goal of moving from primes running labs to Boundaries running Fabs is really what SkyWater is intending to demonstrate.

如果你考慮政府效率，那麼從主要運作實驗室轉向邊界運作晶圓廠的目標正是 SkyWater 真正想要展現的。

And I think you know we are a national asset, and we expect that investment not only for the programs that I alluded to earlier, but this specific program to continue to come to SkyWater because of the unique capabilities that literally the government's been investing in since we were created back in 2017.

我想你知道我們是國家的資產，我們期望這筆投資不僅用於我之前提到的項目，而且這個特定的項目也將繼續來到 SkyWater，因為自 2017 年我們成立以來，政府一直在投資於 SkyWater 的獨特功能。

That's a great detail Thom. Thanks to all for all that. I will jump out of line.

這是一個很棒的細節，湯姆。感謝大家所做的一切。我會跳出隊伍。

We have no further questions. I would like to turn the call back over to Thomas Sonderman for closing remarks.

我們沒有其他問題了。我想將電話轉回給托馬斯·桑德曼，請他做最後發言。

Thank you, operator. At SkyWater, we are confident in our ability to execute our long-term growth and profitability goals, and we aim to strengthen your trust in our performance. We look forward to providing updates at our Capital Markets Day in Austin or quarter two earnings call in early August. With that, I conclude today's call.

謝謝您，接線生。在 SkyWater，我們對實現長期成長和獲利目標的能力充滿信心，我們的目標是加強您對我們業績的信任。我們期待在奧斯汀的資本市場日或八月初的第二季財報電話會議上提供最新消息。今天的電話會議到此結束。

Ladies and gentlemen, this concludes today's conference call.

女士們、先生們，今天的電話會議到此結束。

Thank you for your participation. You may now disconnect.

感謝您的參與。您現在可以斷開連線。