Skywater Technology Inc (SKYT) 2025 Q2 法說會逐字稿

Thank you for standing by. My name is Kaylin. I will be your conference operator today. At this time, I'd like to welcome everyone to the SkyWater Technology second-quarter 2025 financial results. (Operator Instructions)

感謝您的支持。我的名字是凱琳。今天我將擔任您的會議主持人。現在，我歡迎大家關注 SkyWater Technology 2025 年第二季財務業績。（操作員指示）

I would now like to turn the call over to Claire McAdams, Investor Relations. You may begin.

現在我想將電話轉給投資人關係部的克萊爾‧麥克亞當斯 (Claire McAdams)。你可以開始了。

Thank you, operator. Good afternoon and welcome to SkyWater's second-quarter 2025 conference call.

謝謝您，接線生。下午好，歡迎參加 SkyWater 2025 年第二季電話會議。

With me on the call today from SkyWater are Thomas Sonderman, Chief Executive Officer; and Steve Manko, Chief Financial Officer.

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 Manko。

I'd like to remind you that our call is being webcast live on SkyWater's Investor Relations website at ir.skywatertechnology.com. The webcast will be available for replay shortly after the call concludes.

謹此提醒您，我們的電話會議將在 SkyWater 投資者關係網站 ir.skywatertechnology.com 上進行網路直播。會議結束後不久即可重播。

On the events page of our IR website, we have posted a slide presentation that accompanies today's call. 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.

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。同時發布的還有我們的財務補充資料，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。

Another important comment about our financial supplement this quarter is that we have revised it to reflect the expected revenue and gross margin disclosures we plan to report starting in Q3 to clarify the financial contributions of Fab 25 which will serve as a helpful template as you update your models in anticipation of our Q3 report.

關於本季財務補充報告的另一個重要評論是，我們對其進行了修改，以反映我們計劃從第三季度開始報告的預期收入和毛利率披露，以明確 Fab 25 的財務貢獻，這將在您更新模型以預期我們的第三季度報告時作為有用的模板。

During the call, any statements made about our future financial results in business are forward-looking statements. These forward-looking statements are subject to risks and uncertainties that could cause our actual results to differ materially. For a discussion of these risks and uncertainties, please refer to our filings with the Securities and Exchange Commission, including our earnings release files on Form 8K today and our fiscal 2024 Form 10K. All forward-looking statements are made as of today, and we assume no obligation to update any such statements.

在電話會議中，有關我們未來業務財務表現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。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，包括我們今天在 8K 表格上發布的收益報告文件和我們的 2024 財年 10K 表格。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 relief, or financial supplement, and in our Q2 earnings presentation, all three of which are posted on our IR 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減免或財務補充以及第二季度收益報告中找到這些非 GAAP 財務指標與 GAAP 財務指標的對帳表，這三份報告均發佈在我們的 IR 網站上。

Also, on our IR website events page, you'll see that we plan to participate in four investor conferences in Q3: the virtual Needham Semis conference, Jefferies in Chicago, B. Riley TMT in New York and Piper Sandler in Nashville. Please feel free to contact me directly for any investor follow-up requests.

此外，在我們的 IR 網站活動頁面上，您會看到我們計劃在第三季度參加四場投資者會議：虛擬 Needham Semis 會議、芝加哥的 Jefferies、紐約的 B. Riley TMT 和納許維爾的 Piper Sandler。如果投資者有任何後續請求，請隨時直接與我聯繫。

And with that, I'll turn the call over to Tom.

說完這些，我會把電話轉給湯姆。

Thank you, Claire, and good afternoon to everyone on the call.

謝謝你，克萊爾，祝電話裡的各位下午好。

Revenues for the second quarter came in at the upper end of our outlook provided in May at just over $59 million. With close management of cost and expenses, we deliver an upside to our gross margin, adjusted EBITDA, and non-GAAP EPS expectations for the quarter.

第二季的營收達到了我們 5 月預測的上限，略高於 5,900 萬美元。透過密切管理成本和費用，我們本季的毛利率、調整後的 EBITDA 和非 GAAP EPS 預期均有所上升。

We successfully completed SkyWater's first transformative acquisition, acquiring Infineon's Fab 25 in Austin, Texas. The transaction was finalized with an upfront payment of $93 million fully funded through our new debt facility with no future payments required. This acquisition is bolstered by a multi-year supply agreement with Infineon projected to exceed $1 billion and is further strengthened by the IP license agreement announced last week. With the acquisition closing on the first day of fiscal Q3, our report today reflects entirely SkyWater's stand-alone performance without any contribution from Fab 25. This also means that our outlook for the third quarter reflects a full quarter of contribution from Texas.

我們成功完成了 SkyWater 的首次轉型收購，收購了位於德州奧斯汀的英飛凌 Fab 25。此交易最終以 9,300 萬美元的預付款完成，該款項全額透過我們的新債務融資工具提供，無需任何後續付款。此次收購得益於與英飛凌簽訂的預計超過 10 億美元的多年期供應協議，而上周宣布的 IP 授權協議則進一步加強了此次收購。由於收購於第三財季的第一天完成，我們今天的報告完全反映了 SkyWater 的獨立業績，而沒有 Fab 25 的任何貢獻。這也意味著我們對第三季度的展望反映了來自德克薩斯州的整個季度的貢獻。

Fab 25 brings SkyWater a number of significant benefits, both strategic and financial. Strategically, the acquisition of Fab 25 firmly establishes SkyWater as the largest exclusively US-based pure play foundry service provider, offering dual source support for a foundational node 200-millimeter foundry capacity. Incorporating Fab 25 within SkyWater increases our 200-millimeter foundry business capacity by 4x here in the US, which we believe provides a long and meaningful growth path into the future. We believe Fab 25 occupies a strategic sweet spot in capabilities, delivering the output scale, quality standards, including automotive and process flexibility needed to meet the evolving semiconductor needs required for a secure US-based supply chain.

Fab 25 為 SkyWater 帶來了許多重大的策略和財務利益。從戰略上講，收購 Fab 25 牢固確立了 SkyWater 作為美國最大的純晶圓代工服務提供商的地位，為基礎節點 200 毫米代工產能提供雙源支援。將 Fab 25 納入 SkyWater 後，我們在美國境內的 200 毫米代工業務產能將提高 4 倍，我們相信這將為未來提供一條長期而有意義的成長道路。我們相信 Fab 25 在能力方面佔據著戰略最佳點，能夠提供產出規模、品質標準（包括汽車和製程靈活性），以滿足安全的美國供應鏈所需的不斷變化的半導體需求。

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

我們預計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，同時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。

Moving to the financial benefits of Fab 25, we expect the acquisition to enable us to roughly double our revenue scale and adjusted EBITDA immediately with strong free cash flow generation from the outset. With a four-year supply agreement with Infineon, we have an expectation for consistent steady financial contributions over the next several years. Our goal is to gradually bring in a higher margin mix of products through a combination of product transfers from semiconductor companies seeking to expand their domestic capacity, as well as new platform design wins and ATS development revenue. Additionally, we expect to leverage cost optimization across our Minnesota and Texas paths by driving synergies in both engineering and operations.

談到 Fab 25 的財務效益，我們預計此次收購將使我們的收入規模和調整後的 EBITDA 立即增加一倍左右，並從一開始就產生強勁的自由現金流。透過與英飛凌簽訂的四年供應協議，我們期望在未來幾年內獲得持續穩定的財務貢獻。我們的目標是透過尋求擴大國內產能的半導體公司的產品轉移以及新平台設計的勝利和 ATS 開發收入，逐步引入利潤率更高的產品組合。此外，我們希望透過推動工程和營運方面的協同效應來優化明尼蘇達州和德克薩斯州的路徑成本。

As for the expected revenue trajectory ahead for SkyWater, there are multiple growth vectors to be excited about today. The first is quantum computing. As we've been reporting for several quarters, we're currently seeing strong momentum in quantum computing applications, a domain of growing strategic importance to both the economy and national security. We are building on a solid foundation in this space by expanding our capabilities in superconducting film development, interposers, and chip operation enablement, all critical building blocks for scalable quantum systems.

至於 SkyWater 未來的預期營收軌跡，今天有幾個值得興奮的成長方向。首先是量子計算。正如我們幾個季度以來所報導的那樣，我們目前看到量子運算應用發展勢頭強勁，這一領域對經濟和國家安全都具有日益增長的戰略重要性。我們正在透過擴展我們在超導薄膜開發、中介層和晶片操作支援方面的能力來在這個領域奠定堅實的基礎，這些都是可擴展量子系統的關鍵組成部分。

Through targeted investments, SkyWater has transformed our legacy node fab in Minnesota into a high value production capable asset that now serves as a center of excellence for quantum technology development.

透過有針對性的投資，SkyWater 將我們位於明尼蘇達州的傳統節點工廠改造成了具有高價值生產能力的資產，目前已成為量子技術開發的卓越中心。

Since last quarter, we've made meaningful progress engaging with additional new quantum customers, further building upon our unique position as a trusted enabler of early-stage quantum solutions within a secure US-based environment. In the second half of the year, we plan to announce new customer engagements and communicate our plans to release a superconducting design platform for quantum and supercomputing hardware development, which we expect to enable customers to accelerate their time to market.

自上個季度以來，我們在與其他新量子客戶的合作中取得了有意義的進展，進一步鞏固了我們作為安全的美國環境中早期量子解決方案值得信賴的推動者的獨特地位。下半年，我們計劃宣布新的客戶合作，並傳達我們發布用於量子和超級計算硬體開發的超導設計平台的計劃，我們希望這將使客戶能夠加快產品上市時間。

Looking ahead, we expect continued growth in this segment as demand for quantum technology continues to expand and proliferate. Next, exciting progress ramping our advanced packaging operation in Florida continues to build momentum towards more meaningful ATS revenues towards year end.

展望未來，隨著對量子技術的需求不斷擴大和成長，我們預計該領域將繼續成長。接下來，我們在佛羅裡達州的先進封裝業務取得了令人興奮的進展，這將繼續為年底更有意義的 ATS 收入積累動力。

Our overall advanced packaging program has progressed ahead of schedule, despite some ongoing tariff uncertainties which have delayed the installation of a small number of tools. As we have previously communicated, we expect Florida Tools revenue to be back half loaded in 2025, and we currently expect the majority of this year's Tools revenue recognition in Q4.

儘管持續存在的一些關稅不確定性導致少數工具的安裝延遲，但我們的整體先進封裝計劃仍提前完成。正如我們之前所傳達的，我們預計佛羅裡達工具的收入將在 2025 年恢復一半，目前我們預計今年的大部分工具收入將在第四季度確認。

We also expect that increasing ATS revenues from Florida will help drive sequential growth for our ATS business in Q4. In our Wafer Services business, mix continues to develop favorably as customers make progress with their designs and system level qualifications. While ThermaView business will continue to be uneven during ramp up as we have previously guided, we expect it to be the engine for continued momentum in Wafer Services through year end and into 2026 before the contribution from Fab 25.

我們也預計，佛羅裡達州 ATS 收入的增加將有助於推動我們第四季 ATS 業務的連續成長。在我們的晶圓服務業務中，隨著客戶在設計和系統級資格方面取得進展，產品組合繼續保持良好發展。正如我們之前所預測的，儘管 ThermaView 業務在成長過程中將繼續不穩定，但我們預計，在 Fab 25 做出貢獻之前，它將成為晶圓服務在年底和 2026 年持續成長勢頭的引擎。

Turning to the current environment for our aerospace and defense programs. ATS continues facing headwinds given the government funding picture in Washington DC. This is not a reflection of the strong partnership we have established with the Department of Defense where we are developing multiple new products and platforms that are of high strategic value for the US government. However, the government continues to operate at 2024 spending levels, which has created continued funding delays in Washington. Despite our optimism last quarter that these funding issues would be resolved by the second half of the year, we now believe our DoD programs will continue to operate around current revenue levels through 2025.

談談我們航空航天和國防計劃的當前環境。鑑於華盛頓特區政府的資金狀況，ATS 持續面臨阻力。這與我們與國防部建立的強大合作關係並不相符，我們正在開發多個對美國政府具有高度戰略價值的新產品和平台。然而，政府繼續按照2024年的支出水準運作，這導致華盛頓的資金持續延遲。儘管我們在上個季度樂觀地認為這些資金問題將在下半年解決，但我們現在認為，到 2025 年，我們的國防部計畫將繼續以目前的收入水準運作。

We continue to view these challenges as transitory as our current programs directly support strategic mission critical national security initiatives across key US Department of Defense priorities. The current administration has clearly outlined its strategic focus areas including microelectronics, quantum, AI, missile defense, and hypersonics. All domains which align with SkyWater's engineering services, security infrastructure, and technology platforms, reinforcing our role as a critical partner in advancing the defense technology base.

我們仍然認為這些挑戰是暫時的，因為我們目前的計劃直接支持美國國防部關鍵優先事項中的戰略任務關鍵型國家安全措施。本屆政府已明確概述了其戰略重點領域，包括微電子、量子、人工智慧、飛彈防禦和高超音速。所有領域都與 SkyWater 的工程服務、安全基礎設施和技術平台一致，鞏固了我們作為推進國防技術基礎的重要合作夥伴的角色。

For a couple of DoD programs, we have executed development activities at a pace above the currently funded level, which means that some ATS revenue will immediately be recognized if funding level increases are approved.

對於國防部的幾個項目，我們執行開發活動的速度超過了目前的資助水平，這意味著，如果批准增加資助水平，一些 ATS 收入將立即得到確認。

Until we have better visibility, however, we are not including these releases into our current outlook for the remainder of the year, which brings us to our outlook for the second half of 2025. We are currently forecasting Q3 ATS revenues of approximately $50 million before adding at least $5 million of incremental revenue from Florida in Q4. Quantum computing, our second largest end market, is expected to generate revenue growth exceeding 30% in 2025.

然而，在我們獲得更好的了解之前，我們不會將這些發布納入我們對今年剩餘時間的當前展望中，這將帶出我們對 ​​2025 年下半年的展望。我們目前預測第三季 ATS 收入約為 5000 萬美元，然後在第四季度從佛羅裡達州增加至少 500 萬美元的增量收入。量子運算是我們第二大終端市場，預計到 2025 年營收成長將超過 30%。

We expect quantum momentum to continue into 2026 with a new platform and additional customer engagements. We expect both quantum and advanced packaging to be two key areas of ATS growth as we move into 2026. Within Wafer Services, we expect to continue to gain incremental traction in new platforms such as ThermaView within our Minnesota operations and continue to expect year over year revenue growth for our organic Wafer Services business in fiscal 2025.

我們預計，隨著新平台和更多客戶參與的到來，量子動能將持續到 2026 年。我們預計，到 2026 年，量子封裝和先進封裝將成為 ATS 成長的兩個關鍵領域。在晶圓服務領域，我們預計將繼續在明尼蘇達州營運的 ThermaView 等新平台上獲得增量吸引力，並繼續預計 2025 財年我們的有機晶圓服務業務收入將實現同比增長。

The addition of our Texas Fab is expected to add $75 million to $80 million of revenue from Infineon for the third quarter and continue at these levels through the next several years, altogether positioning SkyWater for significant top line growth in 2025, as well as 2026. Given that we completed the acquisition just over one month ago, today we are not in the position to provide forward guidance for fiscal '26.

德州工廠的成立預計將為英飛凌在第三季帶來 7,500 萬至 8,000 萬美元的收入，並在未來幾年繼續保持這一水平，從而使 SkyWater 在 2025 年和 2026 年實現顯著的收入成長。鑑於我們一個多月前才完成收購，今天我們無法為 26 財年提供前瞻性指引。

However, given the meaningful contributions ahead from our new acquisition today, we will communicate some broad parameters to help shape your expectations for our financial performance in the coming year. In particular, our outlook for the Q4 run rate as we exit 2025 provides a solid baseline from which we can further improve and expand upon as the demand environment begins to take shape for 2026.

然而，考慮到我們今天新收購的公司將帶來的重大貢獻，我們將傳達一些廣泛的參數，以幫助您形成對我們來年財務表現的預期。特別是，我們對 2025 年第四季運行率的展望提供了一個堅實的基礎，隨著 2026 年需求環境開始形成，我們可以在此基礎上進一步改進和擴展。

Our expected revenue profile in the fourth quarter reflects our expectation for total Wafer Services revenue in the mid-$80 million range and ATS revenue in the mid-$50 million range. We expect this revenue mix to generate adjusted EBITDA margins of at least 10% in the fourth quarter. When coupled with high levels of competence for incremental ATS revenue momentum next year in areas such as quantum computing and advanced packaging, expectations for $600 million of revenue and at least $60 million of adjusted EBITDA in 2026 would be a solid base to expect from SkyWater's financial profile in the coming year.

我們對第四季度的預期收入狀況反映了我們對晶圓服務總收入在 8000 萬美元左右和 ATS 收入在 5000 萬美元左右的預期。我們預計這一收入組合將在第四季度產生至少 10% 的調整後 EBITDA 利潤率。再加上明年在量子計算和先進封裝等領域 ATS 收入增量勢頭強勁，預計 2026 年 SkyWater 的收入將達到 6 億美元，調整後 EBITDA 至少達到 6000 萬美元，這將為 SkyWater 來年的財務狀況奠定堅實的基礎。

Before I hand the call over to Steve, I want to briefly step back and reflect on the broader strategic landscape and why SkyWater's momentum aligns so directly with what the market, our customers, and the country now recognize as critical.

在我將電話交給史蒂夫之前，我想簡要回顧一下更廣泛的戰略格局，以及為什麼 SkyWater 的發展勢頭與市場、客戶和國家現在認識到的關鍵因素如此直接地一致。

There's growing consensus that the US needs a stronger, more resilient semiconductor base, not just at the leading edge, but at foundational nodes that power everything from defense systems to vehicles to industrial infrastructure. These mature node chips are essential, yet much of their production remains offshore, often in areas with significant geopolitical risk. Over $5 billion of semiconductors used annually in US defense applications are sourced from China and Taiwan, a clear vulnerability for national security and industrial resilience.

越來越多的人一致認為，美國需要更強大、更有彈性的半導體基礎，不僅在前沿領域，而且在為國防系統、汽車和工業基礎設施等提供動力的基礎節點領域。這些成熟的節點晶片至關重要，但它們的大部分生產仍在海外進行，通常是在地緣政治風險較大的地區。美國國防應用每年使用的超過 50 億美元的半導體來自中國大陸和台灣，顯然對國家安全和工業彈性構成威脅。

The federal government is responding. The Section 232 investigation launched earlier this year and Secretary Lutnick's recent remarks suggesting a near-term White House action plan reflect a decisive policy shift. It's no longer a question of if domestic capacity is needed, but how fast it can be established.

聯邦政府正在回應。今年稍早啟動的第 232 條調查和盧特尼克部長最近提出的白宮近期行動計畫的言論反映了政策的決定性轉變。問題不再是是否需要國內產能，而是其建立速度有多快。

At the same time, the private sector is undergoing its own transformation. Many IDMs and mature nodes are transitioning to hybrid or fabulous models, focusing internal investment where they have differentiation and outsourcing where utilization is lower. Our external options are now viable. We believe this shift combined with customer demand for regional diversification and onshoring creates a clear and sustained signal. The market needs more US-based foundry options for mature node production.

同時，私部門也正在經歷自身的轉型。許多IDM和成熟節點正在向混合或卓越模型轉型，將內部投資重點放在具有差異化的領域，而將外包放在利用率較低的領域。我們的外部選擇現在是可行的。我們相信，這種轉變與客戶對區域多樣化和在岸化的需求相結合，產生了清晰而持續的訊號。市場需要更多位於美國的代工廠選擇來進行成熟節點的生產。

SkyWater is answering that need. Our strategy focuses on enabling this industry evolution through scaled open access 200-millimeter manufacturing paired with high value IP and specialized process capabilities. We help customers accelerate new product launches, support existing designs on shore, and diversify global supply chains.

SkyWater 正在滿足這項需求。我們的策略重點是透過規模化開放取用 200 毫米製造以及高價值 IP 和專業工藝能力來推動這一行業的發展。我們幫助客戶加速新產品的發布、支援現有的岸上設計並實現全球供應鏈的多樣化。

Fab 25 is a major step forward, expanding our 200-millimeter capacity by more than 4x and unlocking over $300 million in annual revenue potential. Its purpose built to serve real multidimensional demand from defense programs requiring trusted US production to auto and industrial customers regionalizing their supply chains to IDMs and fabless firms rethinking their manufacturing models.

Fab 25 是我們向前邁出的重要一步，它將我們的 200 毫米產能擴大了 4 倍以上，並釋放了超過 3 億美元的年收入潛力。其目的是滿足真正的多維需求，從需要可信賴的美國生產的國防計劃到將其供應鏈區域化的汽車和工業客戶，再到重新考慮其製造模式的 IDM 和無晶圓廠公司。

Beyond that, we're executing across high impact growth vectors. ThermaView is modernizing defense sensing platforms. Our quantum initiatives are advancing future state compute, and our Florida-based advanced packaging operation is addressing one of the final integration gaps in US-based chip production. These aren't isolated wins; they're components of a long-term infrastructure strategy. As we look towards 2026, SkyWater is emerging not just as a growth story but as a strategic cornerstone in reshaping the US semiconductor landscape where national interest, customer demand, and technology execution converge.

除此之外，我們也正在執行高影響力的成長向量。ThermaView 正在對國防感測平台進行現代化改造。我們的量子計畫正在推動未來狀態運算的發展，我們位於佛羅裡達州的先進封裝業務正在解決美國晶片生產中的最後一個整合差距之一。這些並不是孤立的勝利；它們是長期基礎設施策略的組成部分。展望 2026 年，SkyWater 不僅是一個成長故事，也是重塑美國半導體格局的戰略基石，國家利益、客戶需求和技術執行在此交匯。

With that I'll turn it over to Steve.

說完這些，我就把麥克風交給史蒂夫。

Thank you, Tom. Second quarter revenue of $59.1 million came in at the upper end of our guidance range, primarily due to a stronger ATS revenues versus forecasts. Our Q2 gross margin exceeded the top of expectations at 19.5%, and the impact of tools in the quarter was 10 basis points. Adjusted EBITDA of $2.3 million was also stronger than forecasts as a result of favorable gross margin performance, as well as lower operating expenses.

謝謝你，湯姆。第二季的營收為 5,910 萬美元，處於我們預期範圍的上限，這主要歸因於 ATS 收入高於預期。我們第二季的毛利率超出預期最高點，達到 19.5%，本季工具的影響為 10 個基點。調整後的 EBITDA 為 230 萬美元，由於毛利率表現良好以及營運費用降低，也高於預期。

Q2 OpEx was flat to Q1 at $13.5 million and with continued close management of spending levels, we currently expect our operating expenses for the full year will increase approximately 5% organically compared to the 10% to 15% increase previously forecast for 2025. Our Q2 EPS was favorable to guidance at a loss of $0.11 per share and included a tax expense for the quarter that was higher than forecast at over $700,000. Turning to the balance sheet, we entered the quarter with $49.4 million in cash, roughly flat to Q1, and total debt outstanding at quarter end was $65.7 million. The net increase in borrowings during the quarter was $5.5 million which funded the slightly negative cash flow from operations, as well as $3.6 million in CapEx.

第二季營運支出與第一季持平，為 1,350 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支出將有機成長約 5%，而先前預測的 2025 年營運支出將成長 10% 至 15%。我們第二季的每股盈餘符合預期，每股虧損 0.11 美元，本季的稅費高於預期，超過 70 萬美元。談到資產負債表，我們進入本季時擁有 4,940 萬美元的現金，與第一季基本持平，季末未償債務總額為 6,570 萬美元。本季借款淨增加 550 萬美元，為略為負的營運現金流以及 360 萬美元的資本支出提供資金。

On June 30, we completed the acquisition of Fab 25, and the associated adjustments to our cash, debt, and PPE balances are provided in a supplemental table in today's earnings release, as well as our Q2 earnings presentation. Concurrent with the announcement of the closing of the acquisition, we announced our new $350 million revolving credit facility. The total debt outstanding as of June 30th was $137 million of which $113 million was used to fund the purchase price plus working capital assumed, as well as all transaction and closing costs. $24 million replaced the existing balance of our short-term borrowings and the remaining $7 million added in net cash on the balance sheet. As you update your models, please reflect the June 30 balances of cash and debt as provided in today's earnings release.

6 月 30 日，我們完成了對 Fab 25 的收購，我們現金、債務和 PPE 餘額的相關調整已在今天的收益報告和第二季度收益報告中的補充表格中提供。在宣布收購完成的同時，我們也宣布了新的 3.5 億美元循環信貸額度。截至 6 月 30 日，未償還債務總額為 1.37 億美元，其中 1.13 億美元用於支付購買價格加上承擔的營運資本，以及所有交易和成交成本。 2,400 萬美元取代了我們現有的短期借款餘額，其餘 700 萬美元增加了資產負債表上的淨現金。當您更新模型時，請反映今天的收益報告中提供的 6 月 30 日現金和債務餘額。

Turning to our outlook, which will now incorporate the P&L contribution from Fab 25. Given the transformative nature of the acquisition and the significant impact on our financial results in today's financial supplement posted to our website, we have provided the updated presentation of revenue classification consistent with our new reporting, as well as the additional adjustment we will make to the non-cash person accounting treatment of acquired assets, namely the depreciation expense we will now record on the full fair market value of Fab 25's building and equipment. The total PP&E added within our supplemental balance sheet table for Fab 25 was $364 million which is subject to adjustment.

談到我們的展望，現在將納入 Fab 25 的損益貢獻。鑑於此次收購的變革性質以及對我們今天在網站上發布的財務增刊中的財務業績的重大影響，我們提供了與我們的新報告一致的更新的收入分類呈現，以及我們將對收購資產的非現金人員會計處理所做的額外調整，即我們現在將記錄在 Fab 25 建築物和設備的全部公平市場價值上的折舊費用。我們的補充資產負債表中為 Fab 25 新增的總 PP&E 為 3.64 億美元，可能會進行調整。

The majority of PPE reflects the fair market value of the building an equipment which we estimate will carry an annual depreciation charge of $30 million to $45 million for the next six to eight years. Since the final valuation is not yet complete, please note that our Q3 guidance reflects our best estimate of purchases coming adjustments, but these are subject to change until final. For Q3 guidance specifically, I will begin with Fab 25's expected contribution to our P&L results for the quarter, as these ranges are currently expected to remain relatively consistent each quarter.

大多數 PPE 反映了建築物和設備的公平市場價值，我們估計未來六到八年內每年的折舊費用將達到 3,000 萬至 4,500 萬美元。由於最終估值尚未完成，請注意，我們的第三季指引反映了我們對即將進行的採購調整的最佳估計，但這些調整在最終確定之前可能會發生變化。具體到第三季的指引，我將首先介紹 Fab 25 對我們本季損益結果的預期貢獻，因為目前預計這些範圍每季都會保持相對一致。

For the third quarter, we expect Wafer Services revenue from Fab 25 to be in the range of $75 million to $80 million. While the final depreciation figure is currently being determined at this time, we expect the reported non-GAAP gross margin for Fab 25 to be in the range of 4% to 6%. Within this range, we expect purchase accounting depreciation expense to be in the range of $8 million to $10 million each quarter. Again, this is the non-cash portion of our Fab 25 cost of revenues.

對於第三季度，我們預計 Fab 25 的晶圓服務收入將在 7,500 萬美元至 8,000 萬美元之間。雖然目前最終的折舊數字尚未確定，但我們預計 Fab 25 的報告非 GAAP 毛利率將在 4% 至 6% 之間。在此範圍內，我們預計每季採購會計折舊費用將在 800 萬美元至 1,000 萬美元之間。再次強調，這是我們 Fab 25 收入成本的非現金部分。

The other incremental P&L items related to Fab 25 are approximately $5 million per quarter of operating expenses, almost all within SG&A, and approximately $2.5 million a quarter of interest expense to reflect the incremental borrowing to fund the acquisition. Since the announcement, we have communicated our expectation for strong free cash flow generation from Fab 25. In the third quarter, we expect Fab 25 to contribute a strong and steady $8 million of adjusted EBITDA each quarter, equal to just over 10% of quarterly revenues.

與 Fab 25 相關的其他增量損益項目包括每季約 500 萬美元的營運費用（幾乎全部包含在銷售、一般和行政費用中）以及每季約 250 萬美元的利息費用（以反映為收購而增加的借款）。自公告發布以來，我們一直表示期待 Fab 25 能夠產生強勁的自由現金流。在第三季度，我們預計 Fab 25 每季將貢獻強勁而穩定的 800 萬美元調整後 EBITDA，相當於季度營收的 10% 多一點。

For our organic SkyWater business in Minnesota and now increasingly from Florida, we currently expect Q3 ATS revenue of approximately $50 million, Wafer Services revenue of $5 million to $6 million, and tool revenue in the range of $2 million to $3 million. Based on these ranges, we expect to report Q3 consolidated non-GAAP gross margin in the range of 11% to 14%. On our supplement, you will see that in addition to quantifying the impact of tools on our gross margin, we will also quantify the impact of purchase accounting depreciation.

對於我們在明尼蘇達州以及現在越來越多來自佛羅裡達州的 SkyWater 有機業務，我們目前預計第三季 ATS 收入約為 5000 萬美元，晶圓服務收入為 500 萬至 600 萬美元，工具收入在 200 萬至 300 萬美元之間。根據這些範圍，我們預計第三季合併非 GAAP 毛利率將在 11% 至 14% 之間。在我們的補充資料中，您會看到，除了量化工具對毛利率的影響之外，我們還將量化採購會計折舊的影響。

Given the expected revenue profile for Q3, we expect tools to impact gross margin by approximately 20 basis points and purchase accounting depreciation to impact gross margin by approximately 600 to 700 basis points. Total non-GAAP operating expenses in Q3 are expected to be in the range of $18 million to $20 million. As a reminder, this range reflects our expectation that our organic operating expenses will increase approximately 5% for the full year compared to 2024, as well as approximately $5 million per quarter added from Fab 25. We expect interest expense for the third quarter of $4.5 million to $5 million tax expense of $500,000 in income from non-controlling interest of approximately $1 million. On a consolidated basis, this equates to an expected net loss per share in the range of $0.14 to $0.20 per share and adjusted EBITDA in the range of $10 million to $12 million.

鑑於第三季的預期收入狀況，我們預計工具將對毛利率產生約 20 個基點的影響，而購買會計折舊將對毛利率產生約 600 至 700 個基點的影響。預計第三季非公認會計準則總營運費用將在 1,800 萬美元至 2,000 萬美元之間。提醒一下，這個範圍反映了我們的預期，即我們的全年有機營運費用將比 2024 年增加約 5%，以及 Fab 25 每季增加約 500 萬美元。我們預計第三季的利息支出為 450 萬美元至 500 萬美元，稅費為 50 萬美元，非控制權益收入約為 100 萬美元。以合併計算，這相當於預期每股淨虧損在 0.14 美元至 0.20 美元之間，調整後 EBITDA 在 1,000 萬美元至 1,200 萬美元之間。

Before turning the call over to Q&A, I will provide some additional metrics that reflect our expected quarterly run rate as we exit 2025. While we are taking a more conservative stance with regard to ATS growth, we continue to have confidence in the incremental ATS revenues driven by our Florida operations in Q4, as well as continued momentum for our organic Wafer Services business.

在進入問答環節之前，我將提供一些額外的指標，以反映我們 2025 年預期的季度運行率。雖然我們對 ATS 成長持更保守的立場，但我們仍然對第四季度佛羅裡達業務推動的 ATS 收入增量以及有機晶圓服務業務的持續成長勢頭充滿信心。

As we move into Q4, we believe that a reasonable expected quarterly run rate for consolidated SkyWater revenues will be approximately $140 million before tools. We expect this quarterly run rate to provide a solid revenue baseline as we move into 2026. While our reported gross margins may fluctuate as a result of episodic tool revenues as well as purchase accounting depreciation, as you look at our expectations for Q4's gross margin in the range of 12% to 15%, this reflects the strong flow through expected on the incremental revenue growth.

隨著我們進入第四季度，我們相信，SkyWater 合併收入的合理預期季度運行率（不包括工具）將達到約 1.4 億美元。我們預計，這一季度運行率將在 2026 年提供穩健的收入基準。雖然我們報告的毛利率可能會因偶發性的工具收入以及購買會計折舊而波動，但正如您所見，我們對第四季度毛利率的預期在 12% 至 15% 之間，這反映了預期增量收入增長的強勁流入。

Our Q4 gross margin expectation assumes $20 million to $25 million in tool revenue with a 200 basis point impact, and that purchase accounting depreciation will impact reported gross margins by 500 to 700 basis points. Given these assumptions, our expected adjusted EBITDA generation in the fourth quarter is currently estimated at approximately $14 million which represents at least 10% margin on our core revenues. Therefore, as we look to the 2026 financial metric with the highest degree of visibility and predictability beyond the revenue expectation of at least $600 million is our expectation for adjusted EBITDA generation of at least $60 million for the full year.

我們對第四季毛利率的預期是，工具收入為 2,000 萬至 2,500 萬美元，影響為 200 個基點，而購買會計折舊將對報告的毛利率產生 500 至 700 個基點的影響。基於這些假設，我們預計第四季度調整後的 EBITDA 約為 1,400 萬美元，這代表我們核心營收的利潤率至少為 10%。因此，當我們展望 2026 年財務指標時，除了至少 6 億美元的收入預期外，我們還預計全年調整後的 EBITDA 至少為 6000 萬美元，這一指標具有最高的可見性和可預測性。

As a final reminder, we continue to forecast total customer funded CapEx of approximately $200 million in the three-year period spanning 2024 to 2026. But in 2026, we currently expect a smaller portion will be recognized on our P&L as tools revenue. For now we assume $20 million in tool revenue recorded in 2026.

最後提醒一下，我們繼續預測 2024 年至 2026 年三年期間客戶資助的資本支出總額約為 2 億美元。但在 2026 年，我們目前預期在我們的損益表中確認為工具收入的比例會較小。目前我們假設 2026 年的工具收入為 2,000 萬美元。

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。

(Operator Instructions)

（操作員指示）

Quinn Bolton, Needham & Company

奎因·博爾頓，尼德漢姆公司

Hey, thanks. This is actually Neil Young on for Quinn Bolton. Regarding margins for Fab 25, I was wondering are there any future milestones that can unlock future margin expansion? And if so, what are the timing regarding those? Thanks.

嘿，謝謝。這實際上是 Neil Young 代替 Quinn Bolton 上場。關於 Fab 25 的利潤率，我想知道是否有任何未來里程碑可以實現未來利潤率的擴大？如果是的話，時間是怎樣的？謝謝。

Yeah, let me start, and Steve can add a little color. Obviously, there's multiple activities underway to expand margins. One, of course, would be bringing in ATS engineering revenue. That's something we'll start immediately. And then of course as we bring in new products, new platforms, we'll be charging market prices for those, and that will also give us good leverage to further expand margin while we're executing the take or pay. Do you have anything to add?

是的，讓我開始，史蒂夫可以添加一點顏色。顯然，我們正在進行多項活動來擴大利潤率。當然，其中之一就是帶來 ATS 工程收入。我們將立即著手進行此事。當然，當我們推出新產品、新平台時，我們會以市場價格收取費用，這也將為我們在執行「照付不議」政策時提供良好的槓桿作用，進一步擴大利潤率。您還有什麼要補充的嗎？

Now I think we started talking about Fab 25 acquisition back in February. We've been pretty clear since that time that the near-term gross margin will be compressed compared to historic levels for the company. While the GM basis points will be compressed in the near term, it is important to remember that we found a very economical way to acquire assets in the down market. We doubled the revenue; we increased the gross profit dollars.

現在我想我們從二月就開始談論 Fab 25 收購了。從那時起我們就非常清楚，與公司的歷史水準相比，近期的毛利率將會受到壓縮。雖然通用汽車的基點在短期內將會被壓縮，但重要的是要記住，我們找到了一種在低迷市場中收購資產的非常經濟的方式。我們的收入增加了一倍；我們的毛利也增加了。

So if you remember going back to Q1 or Q2 of 2024, we were around the $70 million revenue line excluding tools. We were on a path to non-GAAP gross margin of around 30%. So I believe we have a path to exceed gross margin for other foundries looking at our total business put together, but the near-term compression on gross margin will exist with Fab 25 acquisition.

因此，如果您還記得 2024 年第一季或第二季度，我們的收入（不包括工具）約為 7000 萬美元。我們的非公認會計準則毛利率預計將達到 30% 左右。因此，我相信從我們的整體業務來看，我們的毛利率可以超過其他代工廠，但收購 Fab 25 後，短期內毛利率將會受到擠壓。

Yeah, and just one other component to keep in mind is we are expecting to drive synergies through cost optimization now that we have multiple fabs, and we'll be looking at how across both operations and engineering we can drive efficiencies to optimize costs that drive more output out of Fab 25.

是的，還有一點需要記住，我們希望透過成本優化來推動協同效應，因為我們現在擁有多個晶圓廠，我們將研究如何在營運和工程方面提高效率，優化成本，從而提高 Fab 25 的產量。

Great, thanks. That's all for me.

太好了，謝謝。對我來說就這些了。

Krish Sankar, TD Cowen

Krish Sankar，TD Cowen

Hi, thanks for taking my questions. This is Steven calling on behalf of Krish. I guess a couple of questions as well from my side. I guess first off with the Fab 25, just wondering like in terms of the revenue guidance and expectations going forward from the Infineon business, what does that imply for, I guess, fab loadings? And how much capacity is there for external customers to bring in incremental Wafer demand? And how soon can that start?

你好，謝謝你回答我的問題。我是史蒂文，代表克里什打電話來。我想我這邊也有幾個問題。我想先談談 Fab 25，我只是想知道就英飛凌業務未來的收入指導和預期而言，這對晶圓廠負荷意味著什麼？而外部客戶又有多少產能可以帶來增量的晶圓需求呢？多久可以開始？

Yeah, so, obviously, the Fab as it stands today is running an Infineon product. The Fab is running at close to what they would consider their target utilization.

是的，顯然，今天的 Fab 正在運行英飛凌的產品。該工廠的運作狀況已接近其目標利用率。

We expect as we move the Fab from an IDM model to a foundry model, drive our own efficiencies and bring in, again, new capabilities as I just alluded to, we will have the bandwidth to be able to maintain the output needed for Infineon and drive new customers.

我們期望，隨著我們將晶圓廠從 IDM 模式轉變為代工模式，提高我們自己的效率，並再次引入我剛才提到的新功能，我們將擁有足夠的頻寬來維持英飛凌所需的產量並吸引新客戶。

One of the things to keep in mind, and we announced this last week is we license some high voltage IP from Infineon that runs on our 130 HV platform. We'll start talking to customers about transfers into Fab 25 regarding that kind of IP immediately as we integrate it into our design enablement capability.

需要記住的一件事是，我們上週宣布，我們從英飛凌獲得了一些高壓 IP 的許可，這些 IP 可在我們的 130 HV 平台上運行。當我們將此類 IP 整合到我們的設計支援能力中時，我們會立即開始與客戶討論將此類 IP 轉移到 Fab 25 的事宜。

And then of course we discussed before, the Fab does have advanced capabilities for 200 millimeter, it's 65 nanometer-capable, and we'll be looking at opportunities to bring in that kind of capability which doesn't really exist here in the US. So across all those different vectors, we believe there's room for upside while we execute the take or pay and continue to expand our business in Florida with our AP build out as well as executing the programs we already have in flight here in Minnesota and all that will drive margin expansion.

當然，我們之前討論過，該工廠確實擁有 200 毫米的先進能力，它具有 65 奈米能力，我們將尋找機會引入這種在美國實際上不存在的能力。因此，在所有這些不同的向量中，我們相信，在執行「照付不議」政策並繼續透過 AP 建設擴大我們在佛羅裡達州的業務以及執行我們已經在明尼蘇達州實施的項目時，都有上升的空間，所有這些都將推動利潤率的擴大。

Right. And Tom, I just have to follow up regarding that IP license agreement with Infineon, can you talk a little bit about how that came about? Was it interest from your side, and you approached them? Or was it the other way around? And as far as the time and maybe the cost to develop the PDK on your SKY130 platform? Can you help us understand how long that might take, depending on whether there's a customer interest on it?

正確的。湯姆，我必須跟進一下與英飛凌達成的 IP 許可協議，您能稍微談談這是怎麼發生的嗎？您是否對此感興趣並聯繫了他們？還是恰恰相反？那麼在您的 SKY130 平台上開發 PDK 需要多少時間和成本呢？您能否幫助我們了解這可能需要多長時間，取決於客戶是否對此感興趣？

Yeah, so for sure we believe there's customer interest. I think of it as we already have the PDK and the design and infrastructure. What we'll be doing is integrating the new IP blocks, both high voltage and copper. That's an important distinction. The capabilities we had in Minnesota were for aluminum. Now we'll have copper for S130, and our ability to get those integrated I think will happen as this year unfolds. And we'll be talking to customers in parallel so the expectation would be as we get into '26, we would be able to start, doing what you would typically do in a foundry which are people taping out to your IP, putting them on multi-project wafers, running those shuttles to the line, and then assuming functionality is as expected, you can begin to transition those two.

是的，所以我們確信客戶會感興趣。我認為我們已經有了 PDK 以及設計和基礎設施。我們要做的是整合新的 IP 區塊，包括高壓和銅。這是一個重要的區別。我們在明尼蘇達州擁有的生產能力是鋁。現在我們將擁有適用於 S130 的銅，我認為我們將在今年內實現這些整合的能力。我們將同時與客戶進行溝通，因此，我們期望在進入 26 年時，我們能夠開始做您在代工廠中通常會做的事情，即人們將您的 IP 投入生產，將它們放在多項目晶圓上，將這些穿梭機運行到生產線上，然後假設功能符合預期，您就可以開始轉換這兩者。

Again, a typical window is around two years, but the fact that we don't have to bring in new capabilities, we can leverage the current manufacturing basis plus the new IP that we got will be important. And then your question about who brought it up, it was always part of the strategy to get access to that IP so that there could be an immediate avenue for new products into the fab as we define our longer-term strategies.

同樣，典型的窗口期大約是兩年，但事實上我們不必引入新的能力，我們可以利用當前的製造基礎加上我們獲得的新 IP，這一點很重要。然後你問是誰提出這個問題的，這始終是獲取該 IP 的策略的一部分，以便在我們制定長期策略時，可以立即為新產品提供進入晶圓廠的途徑。

Great. Thanks so much, Tom.

偉大的。非常感謝，湯姆。

Richard Shannon, Craig-Hallum

理查德·香農、克雷格·哈勒姆

Well, thanks guys for taking my question. I'm going to ask both of my questions right up front here. As in your prepared remarks time you talked about two growth drivers as we go into next year packaging and quantum here.

好吧，謝謝大家回答我的問題。我要在這裡先提出我的兩個問題。正如您在準備好的演講中談到的，明年我們將進入包裝和量子兩個成長動力。

So in the packaging side, I would love to understand what, where we are in terms of business development there. Do we have contracts or strong leads and to filling that up here as we get into the next year?

因此，在包裝方面，我很想了解我們在那裡的業務發展。我們是否有合約或強有力的線索，並在進入明年時填補這些空缺？

And then the quantum side, I think you mentioned, supporting superconducting as one modality. I'd love to get a sense of the degree to which you see other modalities that contributing to your long-term contributions in quantum as well. Thank you.

然後量子方面，我想您提到過，支持超導作為一種模式。我很想了解您認為其他方式對您在量子領域的長期貢獻有多大幫助。謝謝。

Yeah, so on the advanced packaging front, clearly a lot of the focus over the last year has been preparing for the wave of tools that are now coming into Florida that is underway as we speak. Our goal is to be able to have prototype availability a year from now that would allow customers to start, creating packaging solutions based on our technology. The focus obviously coming out of the boxes with the defense industrial base. That's why the DOD funded the stand up of this platform. So there's interactions that are ongoing with that community.

是的，在先進封裝方面，顯然去年的許多重點都放在了為正在湧入佛羅裡達州的工具浪潮做準備。我們的目標是一年後能夠推出原型，以便客戶能夠開始基於我們的技術創建包裝解決方案。焦點顯然不再侷限於國防工業基礎。這就是國防部資助建立該平台的原因。因此，我們與該社區的互動正在進行中。

Many of those customers are the same ones we deal with for our ThermaView platform as well as our RadHard platform. I also, and we've talked about this before, but we also expect the commercial segment to be very interested in this technology, and we continue to engage with them. And then the last thing I remind everyone is we did have a technology, an interposer technology that we stood up, that was in flight when we took over back in 2021.

其中許多客戶與我們使用 ThermaView 平台和 RadHard 平台的客戶相同。我也是，我們之前也討論過這個問題，但我們也預期商業領域會對這項技術非常感興趣，我們會繼續與他們合作。最後我要提醒大家的是，我們確實擁有一項技術，一項我們建立的中介層技術，這項技術在我們 2021 年接手時就已在發展中。

That capability is now also being marketed to the defense industrial base. So overall I would say the tractions there and we continue to build momentum with that community in the AP space where we believe we have the only true foundry solution that is available with capabilities that not only exist today with our bonding and interposer but in the future with our fan of technology.

目前，該項能力也正在向國防工業基礎進行推銷。所以總的來說，我想說的是，我們將繼續在 AP 領域與該社區一起建立發展勢頭，我們相信我們擁有唯一真正的代工解決方案，其功能不僅存在於今天的鍵合和中介層中，而且存在於未來的技術風扇中。

And then in quantum, obviously our focus is around superconducting. Based film technology, but we've also as we've alluded to before, been engaged with PsiQuantum, and that's a combination of superconducting technology and waveguide, technology via photonics and so we see those two vectors continuing. Obviously, there's technologies like ion trap that also get discussed a lot in the quantum space that is an area that we continue to look at in terms of viability. I think capability wise we certainly have that as an option. It's just a question of what the right combination of our capabilities coupled with customer need.

在量子領域，我們的重點顯然是超導。基於薄膜技術，但正如我們之前提到的，我們也與 PsiQuantum 合作，這是超導技術和波導的結合，是透過光子學實現的技術，因此我們看到這兩個載體將繼續發展。顯然，像離子阱這樣的技術在量子領域也得到了廣泛的討論，我們將繼續關注該領域的可行性。我認為從能力上來說我們當然有這個選擇。這只是一個關於我們的能力和客戶需求如何正確結合的問題。

One thing that we are very proud of is that we not only have our front-end capabilities with superconducting films, but we also have some very strong capabilities now with our interposers and triplet strategies and these are foundational, as I alluded to in my remarks to building up quantum computing capabilities. And so all these will come into play, and we expect to not only discuss later this year our new platform for supercomputing, quantum computing, but also talk about some new customers.

我們非常自豪的一件事是，我們不僅有超導薄膜的前端能力，而且我們現在還擁有中介層和三重態策略方面的一些非常強大的能力，這些都是基礎性的，正如我在建立量子計算能力的講話中提到的那樣。所有這些都將發揮作用，我們預計今年稍後不僅會討論我們的超級運算、量子運算新平台，還會談論一些新客戶。

Does that answer your question, Richard?

這回答了你的問題嗎，理查？

And it looks like Richard removed from the queue. I would like to remind everyone in order to ask a question, please press star, then one on your telephone keypad.

看起來理查德已經從隊列中被移除了。我想提醒大家，為了提問，請先按電話鍵盤上的星號，然後再按一。

Robert Aguanno, Piper Sandler

羅伯特·阿瓜諾，派珀·桑德勒

Hey guys, thank you for taking the questions. This is Robert on for Harsh.

嘿夥計們，感謝你們回答問題。我是羅伯特，代替哈什。

Congrats on the Fab 25 acquisition closure. I just was wondering, what kinds of customers you're going to be targeting to fill that fab outside of Infineon? And if those conversations have begun to happen just yet? I know you guys just took control of the fab, but any color on what else you guys they can go into that fab?

祝賀 Fab 25 收購成功。我只是想知道，除了英飛凌之外，您還打算瞄準哪些類型的客戶來填補該晶圓廠的空缺？如果這些對話已經開始發生呢？我知道你們剛剛控制了這家工廠，但你們還知道他們還能進入這家工廠嗎？

Yeah, I mean, obviously the fab is targeted towards foundational semiconductors, so these are power management ICs, other ASICs, microcontrollers, embedded memory. These are all capabilities that exist or could exist in the fab. In terms of target customers, the group we're really looking at are what are referred to as the hybrid semiconductor manufacturers. These are companies like Infineon that have both their own fabs as well as outsource capabilities.

是的，我的意思是，顯然該晶圓廠的目標是基礎半導體，因此這些是電源管理 IC、其他 ASIC、微控制器、嵌入式記憶體。這些都是晶圓廠已經具備或可能具備的能力。就目標客戶而言，我們真正關注的群體是所謂的混合半導體製造商。這些公司包括英飛凌，它們既擁有自己的晶圓廠，也具備外包能力。

NXP, STMicroelectronics companies that value or will value having sourcing out of the US, especially when you look at some of the trade discussions going on. There's other companies like Rohm and Renesas from Japan that would be looking for sourcing out of the US. So it's really companies that value having their products made in the US that are geared towards our industrial and automotive target verticals.

NXP、義法半導體等公司重視或將重視從美國以外採購，尤其是當你看到正在進行的一些貿易討論時。還有其他公司，例如日本的羅姆和瑞薩，也正在尋求從美國採購。因此，真正重視在美國生產面向工業和汽車目標垂直市場的產品的公司。

And of course we'll be looking at, as I alluded to, moving more DoD centric products into our fabs here in the US as the DOD begins to reduce its dependency on foreign-made silicon, specifically China and Taiwanese-based silicon. I think that's a national imperative. So we believe there's going to be a strong market. You also have companies like Microchip and others that are relooking at their manufacturing strategies, even considering going to more of a fabulous model.

當然，正如我所提到的，隨著國防部開始減少對外國製造的矽片（特別是中國和台灣的矽片）的依賴，我們將考慮將更多以國防部為中心的產品轉移到我們位於美國的晶圓廠。我認為這是國家當務之急。因此我們相信市場將會強勁。還有像 Microchip 這樣的公司正在重新審視他們的製造策略，甚至考慮採用更出色的模式。

So we think there's going to be a lot of demand. There's a major mega trend underway in domestic sourcing. And we believe having 200-millimeter boundary capacity for foundational nodes will be what customers are looking for as a lot of the administrative level decision making begins to unfold in terms of action and execution inside the semiconductor ecosystem.

因此我們認為需求將會很大。國內採購正出現重大趨勢。我們相信，隨著許多管理層級決策開始在半導體生態系統內部的行動和執行方面展開，擁有 200 毫米邊界容量的基礎節點將是客戶所尋求的。

Fair enough. Thanks guys.

很公平。謝謝大家。

And at this time, I would like to turn the call back over to Tom Sonderman.

現在，我想把電話轉回給湯姆·桑德曼。

Thank you, operator. To close today's call, I want to convey the strong confidence we at SkyWater have in executing towards our long-term growth and profitability goals and our commitment to build your confidence in us. We look forward to seeing you at our upcoming Q3 investor conferences ahead of our planned Capital Markets Day in Austin. We'll report Q3 results in early November. With that, I'll conclude today's earnings call.

謝謝您，接線生。在今天的電話會議結束時，我想表達 SkyWater 對實現長期成長和獲利目標的堅定信心，以及我們致力於建立您對我們的信心。我們期待在奧斯汀計劃舉行的資本市場日之前，在即將舉行的第三季投資者會議上見到您。我們將在 11 月初報告第三季業績。今天的收益電話會議就此結束。

This concludes today's conference call. You may now disconnect.

今天的電話會議到此結束。您現在可以斷開連線。