Skywater Technology Inc (SKYT) 2025 Q3 法說會逐字稿

Hello, and thank you for standing by. My name is Lacy, and I will be your conference operator today. At this time, I would like to welcome everyone to the SkyWater Technology third-quarter 2025 financial results conference call. (Operator Instructions)

您好，感謝您的耐心等待。我叫萊西，今天我將擔任你們的會議接線生。在此，我謹代表 SkyWater Technology 歡迎各位參加 2025 年第三季財務業績電話會議。（操作說明）

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

現在我將把會議交給投資者關係主管克萊爾·麥克亞當斯。你可以開始了。

Thank you, operator. Good afternoon, and welcome to SkyWater's third-quarter 2025 conference call. With me on the call today from SkyWater are Thomas Sonderman, Chief Executive Officer; and Steve Manko, Chief Financial Officer.

謝謝接線生。下午好，歡迎參加 SkyWater 2025 年第三季電話會議。今天與我一起參加電話會議的還有 SkyWater 的執行長 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. 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.

我想提醒各位，本次電話會議正在SkyWater的投資者關係網站ir.skywatertechnology.com上進行網路直播。會議結束後不久，即可觀看回放。我們在投資者關係網站的「活動」頁面上發布了與今天電話會議相關的幻燈片簡報。同時發布的還有我們的財務補充文件，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業績的比較，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. 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 8-K today and our fiscal 2024 Form 10-K. All forward-looking statements are made as of today, and we assume no obligation to update any such statements.

在本次電話會議中，任何關於我們未來財務表現和業務的陳述均為前瞻性陳述。這些前瞻性陳述存在風險和不確定性，可能導致我們的實際結果與預期有重大差異。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，包括我們今天提交的 8-K 表格收益報告和我們的 2024 財年 10-K 表格。所有前瞻性陳述均截至今日，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 Q3 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GAAP財務指標。您可以在我們的獲利報告、財務補充文件和第三季度獲利簡報中找到這些非GAAP財務指標與GAAP財務指標的調節表，這三份文件均發佈在我們的投資者關係網站上。

Our upcoming investor conferences include the New York CEO Summit on December 16 and the Needham Growth Conference in January. We are also pleased to announce that SkyWater will hold its first Investor and Analyst Day on March 24 in New York City at NASDAQ's MarketSite. Please feel free to contact me directly for any investor follow-up request.

我們即將舉行的投資者會議包括 12 月 16 日的紐約 CEO 高峰會和 1 月的 Needham 成長會議。我們很高興地宣布，SkyWater 將於 3 月 24 日在紐約市納斯達克 MarketSite 舉辦首屆投資者和分析師日活動。如有任何投資者後續問題，請隨時直接與我聯絡。

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

接下來，我會把電話交給湯姆。

Thank you, Claire, and good afternoon to everyone on the call. We are pleased to report today third quarter results, which exceeded our expectations across all metrics.

謝謝你，克萊爾，也祝所有參加電話會議的朋友們下午好。我們很高興地宣布，第三季業績在所有指標上都超出了我們的預期。

Record Q3 revenues of nearly $151 million came in more than $9 million above the high end of the range provided last quarter. The majority of the upside was related to purchase accounting for Fab 25's revenue in Texas and ATS revenues for the quarter coming in above the high end of our expectations at over $54 million. The stronger performance for ATS reflects the timing of program execution within the quarter as we recorded approximately $4 million of A&D business we had previously expected to recognize in the fourth quarter.

第三季營收創歷史新高，接近 1.51 億美元，比上季給出的預期範圍上限高出 900 多萬美元。大部分成長與收購有關，Fab 25 在德州的營收和 ATS 季度收入均超過了我們預期的上限，達到 5,400 萬美元以上。ATS 業績的強勁表現反映了本季專案執行的時機，因為我們確認了約 400 萬美元的 A&D 業務收入，而我們先前預計這些業務收入將在第四季度確認。

We also reported our strongest ever quarter for quantum computing-related revenue, positioning SkyWater to exceed 30% revenue growth with our Quantum customers in fiscal 2025. With Quantum momentum continuing to build since last quarter, today, we are very pleased to announce that we have signed four new Quantum customer engagements since Q2, which I'll discuss in a moment.

我們還報告了量子計算相關收入有史以來最強勁的一個季度，這使得 SkyWater 在 2025 財年能夠憑藉量子客戶實現超過 30% 的收入成長。自上個季度以來，量子技術的發展勢頭持續增強。今天，我們非常高興地宣布，自第二季以來，我們已經簽署了四份新的量子技術客戶合作協議，我稍後會詳細介紹。

Rounding out our recap of Q3, our stronger-than-expected profitability at both the gross and operating levels reflect the fact that the majority of revenue upside in the quarter flowed directly to gross profit, which likewise led to significant outperformance in Q3's adjusted EBITDA and net earnings relative to our earlier expectations. This outperformance has established a high bar for SkyWater as we exit 2025 and begin to articulate our expectations for the coming year.

總結第三季業績，我們毛利潤和營業利潤均超出預期，這反映出本季大部分收入成長直接轉化為毛利，這也導致第三季調整後 EBITDA 和淨利潤相對於我們先前的預期大幅超出預期。這項優異表現為 SkyWater 在 2025 年底之際樹立了很高的標準，也讓我們開始展望來年的期望。

So I'll take a few moments now to discuss our visibility and growth objectives in each of our businesses as we look ahead towards the next several quarters. First, I'll discuss the environment for our ATS business, starting with aerospace and defense. You may recall that in August, we took a conservative view regarding the timing of releases for various DoD program funding.

接下來，我將花幾分鐘時間討論我們各個業務在未來幾季的知名度和成長目標。首先，我將討論我們 ATS 業務的環境，從航空航太和國防領域開始。您可能還記得，在 8 月份，我們對國防部各項計畫經費的撥付時間採取了保守的態度。

Our ATS business is largely driven by several strategic multiyear development programs with the government, and they have invested hundreds of millions of dollars in SkyWater's capabilities and capacity in support of securing trusted domestic foundry supply for critical new semiconductor platforms that are fully aligned with each of our nation's most critical aerospace and defense initiatives.

我們的 ATS 業務主要由與政府合作的幾個多年戰略發展項目推動，政府已向 SkyWater 的能力和產能投入數億美元，以支持確保為關鍵的新型半導體平台提供值得信賴的國內代工供應，這些平台與我們國家最重要的航空航天和國防計劃完全一致。

Given the roughly $4 million pull-in of ATS revenue in Q3 in addition to the continued stagnation of progress exacerbated by the shutdown of the US government, we now expect Q4 ATS revenues of approximately $50 million. On the whole, our previous outlook of around $105 million of ATS revenues for the second half of fiscal '25 is largely unchanged since our last earnings call.

鑑於第三季 ATS 收入約 400 萬美元，加上美國政府停擺加劇了進展停滯，我們現在預計第四季度 ATS 收入約為 5000 萬美元。總體而言，我們先前對 2025 財年下半年 ATS 收入約 1.05 億美元的預期與上次財報電話會議以來基本保持不變。

Turning now to our progress in the quantum computing market, which continues to be one of the most exciting and fastest-growing parts of our business. Quantum computing is a strategically important end market for SkyWater, and our investments are enabling us to play a central role as this industry transitions from research to scalable manufacturing.

現在讓我們來看看我們在量子運算市場的進展，這仍然是我們業務中最令人興奮和成長最快的部分之一。量子運算是 SkyWater 的一個具有重要戰略意義的終端市場，我們的投資使我們能夠在這個行業從研究向可擴展製造轉型的過程中發揮核心作用。

Over the past quarter, we've witnessed a significant increase in both activity and investment across the Quantum ecosystem. Several well-known players have announced large funding rounds, underscoring growing global confidence in the commercial potential of quantum computing. These investments now tallied in the multibillion-dollar range, validate this expanding opportunity and reinforce the essential role that trusted US-based semiconductor manufacturing partners like SkyWater play in bringing Quantum technologies to market.

在過去的一個季度裡，我們看到量子生態系統的活動和投資都顯著增加。多家知名企業宣布完成大規模融資，凸顯了全球對量子運算商業潛力的日益增長的信心。這些投資總額現已達到數十億美元，證實了這一不斷擴大的機遇，並鞏固了像 SkyWater 這樣值得信賴的美國半導體製造合作夥伴在將量子技術推向市場方面發揮的關鍵作用。

Within our own portfolio, today, we are at liberty to name two of our four new Quantum customers, Silicon Quantum Computing, or SQC, and QuamCore. SQC is the pioneer of a unique silicon-based spin qubit approach using atomic level precision to place individual phosphorus atoms in isotopically pure silicon. Their platform is highly compatible with existing CMOS processes, which makes SkyWater's US manufacturing capability a natural fit for scaling their technology.

今天，我們可以自由地透露我們四位新量子客戶中的兩位的名字：Silicon Quantum Computing（簡稱 SQC）和 QuamCore。SQC 是採用獨特的矽基自旋量子位元方法的先驅，利用原子級精度將單一磷原子放置在同位素純矽中。他們的平台與現有的 CMOS 製程高度相容，這使得 SkyWater 在美國的製造能力自然成為其技術擴展的理想選擇。

Our new engagement with SQC launched in Q3 and is expected to contribute strong quantum-related revenue growth for SkyWater in the coming year. QuamCore, by contrast, has a differing approach and that they are developing a superconducting quantum processor built for massive integration, targeting 1 million qubits in a single cryogenic system. Their approach focuses on architectural scalability and advanced interconnect design, two areas where SkyWater's digital logic expertise adds significant value.

我們與 SQC 的新合作已於第三季啟動，預計將在未來一年為 SkyWater 帶來強勁的量子相關收入成長。相較之下，QuamCore 採取了不同的方法，他們正在開發一種專為大規模整合而設計的超導量子處理器，目標是在單一低溫系統中實現 100 萬個量子位元。他們的方法專注於架構可擴展性和先進的互連設計，而 SkyWater 的數位邏輯專業知識在這兩個領域都具有顯著價值。

QuamCore is also one of several quantum companies completing successful funding rounds this year. These programs are great examples of how our Technology as-a-Service model enables very different quantum architectures to develop and iterate quickly from early prototyping through production scale readiness.

QuamCore也是今年成功完成融資的幾家量子公司之一。這些項目很好地說明了我們的技術即服務模式如何使截然不同的量子架構能夠從早期原型設計到生產規模準備階段快速開發和迭代。

They also demonstrate the nonrecurring engineering revenue we are capitalizing on today during process development while also positioning us for future wafer production as these customers commercialize their technologies.

它們也展示了我們目前在製程開發過程中所利用的非經常性工程收入，同時也為這些客戶將其技術商業化後未來的晶圓生產奠定了基礎。

In addition to SQC and QuamCore, two additional well-funded Quantum customers kicked off new ATS programs with SkyWater this past quarter, bringing our total number of active commercial Quantum customers to seven. Collectively, these programs span multiple modalities from spin-based and superconducting to photonic and other architectures, a testament to both the breadth of our support for multiple architectures and the adaptability of our engineering team and unique business model.

除了 SQC 和 QuamCore 之外，上個季度還有兩家資金雄厚的 Quantum 客戶與 SkyWater 啟動了新的 ATS 計劃，使我們活躍的商業 Quantum 客戶總數達到 7 家。這些項目涵蓋了從自旋和超導到光子和其他架構的多種模式，這既證明了我們對多種架構的廣泛支持，也證明了我們工程團隊的適應能力和獨特的商業模式。

We believe the future of quantum computing will not be defined by a single winning technology. Just as classical computing evolves into a diverse landscape of CPUs, GPUs, FPGAs and custom accelerators optimized for different workloads, we expect Quantum to follow a similar path where different modalities specialize around unique application requirements.

我們認為，量子運算的未來不會由單一的致勝技術決定。正如經典運算發展成為由 CPU、GPU、FPGA 和針對不同工作負載優化的客製化加速器組成的多樣化領域一樣，我們預計量子運算也將遵循類似的路徑，不同的模式將圍繞獨特的應用需求進行專門化。

We believe our diversified customer base across multiple architectures positions SkyWater to succeed no matter which technology leads in commercial adoption. As mentioned earlier, our successes year-to-date position SkyWater to exceed 30% growth in Quantum-related ATS revenues for fiscal 2025. And with our current visibility, we expect Quantum revenues could grow at a similar level in 2026, driven by new customer onboarding and program growth.

我們相信，無論哪種技術在商業應用方面領先，SkyWater 憑藉其在多種架構上的多元化客戶群，必將取得成功。如前所述，我們今年迄今的成功使 SkyWater 在 2025 財年 Quantum 相關 ATS 收入的成長超過 30%。根據我們目前的預測，在新客戶加入和專案成長的推動下，我們預計 Quantum 的營收在 2026 年可能會以類似的水平成長。

While Quantum today is a modest component of our overall revenue, it is our fastest-growing category and a key contributor to our longer-term financial targets. We expect this segment will be a highlight of our upcoming Analyst Day in early 2026, at which time we expect to discuss our long-range expectations for each of our primary served markets. With our trusted US manufacturing platform, flexible process technologies and deep collaborative partnerships, SkyWater is increasingly being recognized as the Quantum foundry and a cornerstone of US innovation infrastructure.

雖然 Quantum 目前在我們整體營收中所佔比例不大，但它是我們成長最快的類別，也是我們實現長期財務目標的關鍵貢獻者。我們預計這一部分將成為我們即將於 2026 年初舉行的分析師日的亮點，屆時我們將討論我們對每個主要服務市場的長期預期。憑藉我們值得信賴的美國製造平台、靈活的製程技術和深入的合作關係，SkyWater 正日益被公認為量子晶圓代工廠和美國創新基礎設施的基石。

Turning to our first full quarter of our newly acquired Fab 25 operations in Texas. Since first announcing this acquisition in February, we have been consistent in our expectations of strong revenue and adjusted EBITDA contributions from Texas, roughly doubling the scale of our overall business and providing strong free cash flow from the outset.

接下來，我們來看看新收購的位於德克薩斯州的 Fab 25 工廠運營的第一個完整季度。自 2 月首次宣布這項收購以來，我們一直預期德州將帶來強勁的收入和調整後的 EBITDA 貢獻，使我們的整體業務規模大致翻一番，並從一開始就提供強勁的自由現金流。

Our Texas operations contributed nearly $87 million of wafer services revenue for the third quarter, well ahead of expectations, primarily due to a higher level of work-in-process wafers during the immediate post-acquisition phase and various purchase accounting determinations. While we expect wafer services volumes in Texas will normalize as we move into 2026, on the whole, today, we are pleased to share that the expected ongoing financial contribution from Fab 25 is more favorable than we originally forecast.

第三季度，我們在德州的業務貢獻了近 8,700 萬美元的晶圓服務收入，遠超預期，這主要是由於收購後初期在製品晶圓數量較多以及各種購買會計處理決定所致。雖然我們預計隨著我們進入 2026 年，德州的晶圓服務量將趨於正常化，但總的來說，今天我們很高興地宣布，Fab 25 預計持續的財務貢獻比我們最初預測的要好。

As a reminder, Fab 25 brings a number of significant benefits to SkyWater, not just financially but strategically. SkyWater is now the largest exclusively US-based pure-play foundry service provider in the nation. While we initiated this acquisition well before the launch of increasingly proactive tariff strategies, the continued evolution of US policy regarding the critical importance of domestic semiconductor production have only amplified the strategic benefits of the acquisition. The addition of Fab 25 has significantly strengthened SkyWater's competitive position.

需要提醒的是，Fab 25 為 SkyWater 帶來了許多重大好處，不僅在財務上，而且在策略上也是如此。SkyWater 現在是全美最大的純晶圓代工服務供應商，其業務完全在美國本土開展。雖然我們在日益積極的關稅策略推出之前就啟動了這項收購，但美國政策對國內半導體生產至關重要性的持續演變，只會放大此次收購的戰略優勢。Fab 25 的加入顯著增強了 SkyWater 的競爭地位。

Our Texas operations expand our scale, diversify our customer and technology mix and add advanced manufacturing capabilities that complement our Minnesota and Florida facilities. Fab 25 enhances our ability to meet growing customer demand for secure US-based semiconductor production while improving overall efficiency and capacity utilization. We believe these advantages position SkyWater to capture new opportunities in key markets, including automotive and industrial and to drive continued growth through our technology-as-a-service model.

我們在德克薩斯州的業務擴大了我們的規模，使我們的客戶和技術組合多樣化，並增加了先進的製造能力，與我們在明尼蘇達州和佛羅裡達州的工廠互補。Fab 25 增強了我們滿足客戶對安全可靠的美國半導體生產日益增長的需求的能力，同時提高了整體效率和產能利用率。我們相信，這些優勢使 SkyWater 能夠在汽車和工業等關鍵市場抓住新的機遇，並透過我們的技術即服務模式推動持續成長。

Before discussing our outlook, I will turn briefly to our Florida operations. It was early 2024 when we announced a major $120 million program award to expand our advanced packaging platform in Florida. Since last year's announcement, the vast majority of the program focus has been dedicated to bringing in the new tooling and capabilities to complete the facilitation of our wafer-level fan-out platform in Florida.

在討論我們的前景之前，我將簡要介紹我們在佛羅裡達州的業務。2024 年初，我們宣布了一項價值 1.2 億美元的重大專案撥款，用於擴大我們在佛羅裡達州的先進包裝平台。自去年宣布以來，該計劃的絕大部分重點都放在引進新的工具和能力上，以完成我們在佛羅裡達州的晶圓級扇出平台的建造。

With tool installs ramping in Q4, we expect our Florida operations will contribute a greater level of ATS revenues over the next couple of quarters as we prepare for initial customer prototypes. With the majority of tool installations expected to be completed by the end of the first quarter, our current ramp plans anticipate running customer prototypes through the Florida fab by the second half of next year. There is growing demand within the defense and industrial base for system integration to improve size, weight and power efficiency.

隨著第四季度工具安裝量的增加，我們預計在接下來的幾個季度裡，隨著我們為首批客戶原型做準備，我們在佛羅裡達州的業務將貢獻更大水準的 ATS 收入。預計大部分工具安裝將在第一季末完成，我們目前的產能提升計畫預計將在明年下半年開始在佛羅裡達州的工廠生產客戶原型。國防和工業領域對系統整合的需求日益增長，以改善尺寸、重量和能源效率。

As advanced wafer manufacturing ramps onshore, advanced packaging capabilities are required to support these products. The global advanced packaging market estimated by old research to reach nearly $80 billion by 2030 supports a broad range of applications, including high-performance systems in automotive, IoT, 5G, AI and edge computing. Furthermore, quantum computing is driving the need for more complete solutions to increase qubit density and enable capabilities such as integrated photonics. As we look across our business, it's important to pause and reflect on the broader mission driving everything we do.

隨著先進晶圓製造技術在國內逐步普及，需要先進的封裝能力來支援這些產品。根據先前研究估計，到 2030 年，全球先進封裝市場規模將達到近 800 億美元，支援包括汽車、物聯網、5G、人工智慧和邊緣運算等在內的廣泛應用。此外，量子運算推動了對更完善的解決方案的需求，以提高量子位元密度並實現整合光子學等功能。當我們審視整個業務時，重要的是停下來反思一下驅動我們一切行動的更廣泛的使命。

For decades, the US has allowed much of its semiconductor manufacturing capability to move offshore. Today, most of the world's microelectronics are produced in Asia. Approximately half of the foundational node devices used in our defense systems are built in China or Taiwan, and that dependence reaches deep into our power grid, healthcare and transportation networks.

幾十年來，美國一直允許其大部分半導體製造能力轉移到海外。如今，全球大部分微電子產品都產自亞洲。我們國防系統中使用的基礎節點設備約有一半產自中國大陸或台灣，這種依賴關係已深入到我們的電網、醫療保健和交通網絡。

We are now working to claw this back because semiconductors have become the steel of the modern age. If you can't make your own chips, you're dependent on others for the technologies that power your economy, your security and your future. SkyWater was built to change that as a catalyst to restore domestic capability to secure trusted production and to rebuild the innovation engine that defines America's strength.

我們現在正努力奪回這部分市場份額，因為半導體已經成為現代的鋼鐵。如果你自己無法製造晶片，那麼你的經濟、安全和未來所依賴的技術就只能依賴他人。SkyWater 的建立旨在改變這種現狀，作為恢復國內生產能力以確保可靠生產並重建定義美國實力的創新引擎的催化劑。

We believe advanced packaging gives us an opportunity not just to rebuild but to leap ahead to define the next chapter of leadership as the industry moves towards new system architectures and heterogeneous integration. Our Florida operations together with our foundries in Minnesota and Texas are creating complete onshore solutions that combine flexibility, speed and trust, precisely what our customers need to design, prototype and scale the technologies that will shape the future.

我們相信，先進的封裝技術不僅為我們提供了一個重建的機會，更讓我們有機會跨越式發展，在產業邁向新的系統架構和異質整合之際，定義下一個領導篇章。我們在佛羅裡達州的業務，以及我們在明尼蘇達州和德克薩斯州的鑄造廠，正在打造完整的本土解決方案，這些方案兼具靈活性、速度和可靠性，這正是我們的客戶在設計、原型製作和擴展塑造未來的技術時所需要的。

And while we rebuild strength in today's technologies, we are also standing at the threshold of what comes next, Quantum, a new computing paradigm with the power to transform science, industry and defense in ways we can't yet fully imagine. It's essential that the United States lead in this field, and that leadership begins by ensuring quantum hardware is built here at home.

當我們重建當今技術實力的同時，我們也站在了下一個時代的門檻上——量子計算，這是一種新的計算範式，它有能力以我們目前還無法完全想像的方式改變科學、工業和國防。美國必須在這個領域發揮領導作用，而這種領導作用首先要確保量子硬體在美國本土製造。

Our customers across defense, industrial and emerging technology markets are leading that charge. They turn to SkyWater because they needed a partner who can innovate with them, move quickly and manufacture securely on US soil, and that's what it means to be America's foundry, a homegrown company free of foreign control, working shoulder to shoulder with our customers to rebuild what was created here decades ago and to ensure that America remains a place where the world's most important technologies are born, built and launched, which brings us to our outlook.

我們在國防、工業和新興技術市場的客戶正在引領這項變革。他們選擇 SkyWater，因為他們需要一個能夠與他們共同創新、快速行動並在美國本土安全生產的合作夥伴。這就是成為美國鑄造廠的意義所在——一家不受外國控制的本土公司，與我們的客戶並肩工作，重建幾十年前在這裡創造的事業，並確保美國仍然是世界上最重要的技術誕生、製造和推出的地方。這也引出了我們的願景。

First, specific to Q4. Given the government budget dynamics discussed earlier, we expect the decline in A&D-related ATS revenues to more than offset the strength in Quantum and advanced packaging, resulting in a modest sequential decline in ATS revenues expected for the fourth quarter.

首先，具體來說，針對第四季。鑑於前面討論過的政府預算動態，我們預計與 A&D 相關的 ATS 收入的下降將超過 Quantum 和先進封裝業務的強勁表現，從而導致 ATS 收入預計在第四季度出現小幅環比下降。

Our second half ATS revenue forecast remains largely unchanged since last quarter. Q4 wafer services revenue is expected to continue at roughly the same level as Q3, reflecting the continued elevated WIP in Texas and expected sequential growth in Minnesota. We also expect tools revenue to increase to the $17 million to $18 million range for an expectation of total Q4 revenues to reach a new record between $155 million and $165 million.

我們對下半年ATS收入的預測與上季基本保持不變。預計第四季晶圓服務收入將與第三季大致持平，反映出德州在製品數量持續偏高，以及明尼蘇達州預計季增。我們也預計工具收入將增至 1,700 萬美元至 1,800 萬美元，預計第四季總收入將創下 1.55 億美元至 1.65 億美元的新紀錄。

With the gross profit and adjusted EBITDA contributions from our Texas operations now expected to exceed prior estimates, we also expect to deliver upside to our prior profitability expectations for the fourth quarter, which Steve will detail in a few moments.

由於我們預計德克薩斯州業務的毛利和調整後 EBITDA 貢獻將超過先前的預期，我們也預計第四季度的盈利能力將超過先前的預期，史蒂夫稍後會詳細介紹。

Importantly, our continued momentum in quantum computing with four new customer engagements initiated since the second quarter, along with the initial ramp of ATS revenues in Florida and a more favorable financial contribution from Texas enables us today to express strong confidence that our initial baseline expectations of at least $600 million of revenue and at least $60 million of adjusted EBITDA in 2026 will prove to be conservative. We look forward to providing official 2026 guidance when we report our Q4 and fiscal year 2025 results in February.

重要的是，自第二季度以來，我們在量子計算領域持續保持增長勢頭，新增了四家客戶，加上佛羅裡達州 ATS 收入的初步增長以及德克薩斯州更有利的財務貢獻，使我們今天能夠充滿信心地表示，我們最初對 2026 年至少 6 億美元的收入和至少 6000 萬美元的調整後 EBITDA 的預期將被證明是保守的預期。我們期待在2月公佈2025財年第四季業績時，提供2026年的正式業績指引。

With that, I'll turn it over to Steve for his prepared remarks.

接下來，我將把發言權交給史蒂夫，讓他發表事先準備好的演講。

Thank you, Tom. Record third-quarter revenue of $150.7 million exceeded the midpoint of our guidance range by $15 million. Within our ATS business, the timing of program execution within the quarter resulted in a revenue pull-in from Q4 of approximately $4 million in A&D revenues. Texas wafer services revenue of nearly $87 million was $9 million above the midpoint of our expectations entering the quarter.

謝謝你，湯姆。第三季營收創歷史新高，達到 1.507 億美元，比我們先前預期範圍的中點高出 1,500 萬美元。在我們的 ATS 業務中，由於本季度專案執行的時間安排，導致第四季度 A&D 收入減少了約 400 萬美元。德州晶圓服務收入接近 8,700 萬美元，比我們本季初的預期中位數高出 900 萬美元。

As a reminder, various purchase accounting items were still in process at the time of our Q2 earnings call, and our Q3 results reflect an off-market component of the supply agreement that is approximately $5 million higher than initially forecast. The remaining $4 million of revenue upside from Texas reflects additional revenue generated from work completed in third quarter on the higher level of work-in-process wafers during the immediate post-acquisition phase, which we expect to normalize as we move into 2026.

提醒一下，在我們第二季財報電話會議時，各種採購會計項目仍在處理中，我們的第三季業績反映了供應協議中的非市場部分，該部分比最初預測高出約 500 萬美元。來自德州的剩餘 400 萬美元收入成長潛力反映了收購後初期階段第三季在較高水準的在製品晶圓上完成的工作所產生的額外收入，我們預計隨著進入 2026 年，這種情況將趨於正常化。

Nearly all of the revenue upside recorded for Q3 flow directly to gross profit without offsetting costs, evident in our reported Q3 gross margin of 24.6%. Of the $20 million of gross profit upside recorded in the quarter, we currently estimate approximately $8 million of this benefit to continue into the fourth quarter, after which we expect Texas WIP levels to normalize, resulting in a net ongoing gross profit upside from Texas of approximately $5 million per quarter compared to our earlier estimates.

第三季營收成長幾乎全部直接轉化為毛利，沒有抵銷成本，這在我們公佈的第三季毛利率為 24.6% 中可見一斑。在本季記錄的 2000 萬美元毛利潤增長中，我們目前估計約有 800 萬美元的收益將持續到第四季度，之後我們預計德克薩斯州的在建工程水平將恢復正常，與我們之前的估計相比，德克薩斯州每季度的淨持續毛利潤增長約為 500 萬美元。

A portion of the now more favorable gross margin profile for Texas is due to a reallocation from cost of revenue to operating expense of approximately $2 million. The remaining gross profit upside we consider unique to Q3 or roughly $12 million reflects the pure profit revenue upside recognized in the quarter and approximately $5 million of nonrecurring cost savings.

德州目前較為有利的毛利率狀況，部分原因是約 200 萬美元從營業成本重新分配到營運費用。我們認為第三季獨有的剩餘毛利成長空間（約 1,200 萬美元）反映了該季度確認的純利潤收入成長以及約 500 萬美元的非經常性成本節約。

These include favorability in warranty expense, where we reversed accruals due to a higher yield quality, a reduction in our STI accrual and lower-than-expected tariff exposure. Altogether, both the recurring and onetime benefits to gross margin benefited our adjusted EBITDA for the quarter, which at $25.8 million well exceeded the expected range of $10 million to $12 million for Q3.

這些有利因素包括保固費用方面的利多（由於收益率較高，我們衝回了應計費用）、STI 應計費用的減少以及低於預期的關稅風險敞口。總的來說，經常性收益和一次性收益都對毛利率產生了積極影響，使我們本季的調整後 EBITDA 達到 2580 萬美元，遠遠超過了第三季 1000 萬美元至 1200 萬美元的預期範圍。

Turning to operating expenses. Total operating expenses of $23.5 million exceeded the midpoint of our expectations by $4.5 million, reflecting the $2 million reclass from cost of revenue to SG&A as well as a higher level of incremental ongoing overhead costs related to roughly doubling the scale of our business. These expenses included higher costs for insurance, audit, HR and intercompany expenses incurred since acquiring Fab 25.

接下來談談營運費用。總營運費用為 2,350 萬美元，比我們預期的中點高出 450 萬美元，這反映了 200 萬美元從收入成本重新分類到銷售、一般及行政費用，以及與業務規模大致翻倍相關的更高水平的持續性額外管理費用。這些費用包括自收購 Fab 25 以來增加的保險、審計、人力資源和公司間費用。

Our expectation today is that our quarterly OpEx run rate will continue at around the same level as we move into 2026. Given the more attractive gross margin profile now expected for Texas, the net impact on our expected operating income and adjusted EBITDA generation from Texas is modestly more positive than we expected a quarter ago.

我們目前的預期是，到 2026 年，我們的季度營運支出運行率將繼續保持在目前的水平左右。鑑於目前預計德州的毛利率狀況將更具吸引力，德州對我們預期營業收入和調整後 EBITDA 的淨影響比我們一個季度前的預期略微積極一些。

Moving to tax. During the third quarter, it was determined that the financial impacts related to our acquisition of Fab 25 will enable us to use our deferred tax assets. As a result, our total GAAP tax benefit of $31.8 million in Q3 includes a $27.5 million noncash tax benefit, reflecting the reversal of our deferred tax asset valuation allowance. The net difference of $4.3 million represents the deferred tax assets actually recognized in the quarter equivalent to $0.09 per share. The resulting earnings per share for the quarter was $0.24.

接下來討論稅務問題。第三季度，我們確定收購 Fab 25 帶來的財務影響將使我們能夠使用遞延所得稅資產。因此，我們第三季的 GAAP 稅收優惠總額為 3,180 萬美元，其中包括 2,750 萬美元的非現金稅收優惠，反映了我們遞延所得稅資產估值準備的衝回。淨差額 430 萬美元代表本季實際確認的遞延所得稅資產，相當於每股 0.09 美元。本季每股收益為 0.24 美元。

Now turning to the balance sheet. Total debt outstanding at the end of the third quarter was $184 million, an increase of $118 million from Q2, reflecting the borrowing from our new debt facility to fund the Fab 25 purchase price plus working capital as well as all transaction and closing costs. The total addition to PP&E for the quarter was $356 million, reflecting the fair market value assessment for Fab 25.

現在來看資產負債表。第三季末未償債務總額為 1.84 億美元，比第二季增加了 1.18 億美元，這反映了我們從新的債務融資管道借款，用於支付 Fab 25 的收購價格、營運資金以及所有交易和結算費用。本季新增固定資產總額為 3.56 億美元，反映了 Fab 25 的公允市價評估。

Negative cash outflow from operations primarily reflects the significant increase in accounts receivable during the quarter, and we expect the combined business to be regularly cash flow positive outside of significant working capital changes. Capital expenditures were less than $2 million in Q3, and we ended the quarter with $31 million in cash.

經營活動產生的負現金流出主要反映了本季應收帳款的大幅增加，我們預計，除重大營運資本變動外，合併後的業務將經常實現正現金流。第三季資本支出不到 200 萬美元，季末現金餘額為 3,100 萬美元。

Turning to our guidance for Q4, beginning with our Texas operations. Given the higher level of WIP inventory moving through the Fab during the post-acquisition time period, we currently expect Texas revenues will continue at an elevated run rate of approximately $84 million to $88 million for the fourth quarter before normalizing in the low $80 million range as we move into next year.

接下來談談我們對第四季的業績預期，首先從我們在德州的業務說起。鑑於收購後期間工廠內 WIP 庫存水平較高，我們目前預計，德克薩斯州第四季度的收入將繼續保持約 8400 萬美元至 8800 萬美元的高位運行率，然後在進入明年時恢復正常，達到 8000 萬美元左右。

Also reflected in our Q4 guidance range of $155 million to $165 million of total revenues are ATS revenues of $48 million to $52 million, Minnesota wafer services revenues of $6 million to $7 million and tools revenue of $17 million to $18 million. These ranges are aligned with our earlier expectations for second half ATS revenues nearing $105 million and a sequentially stronger Q4 for our wafer services business in Minnesota. The change in total tool revenue for the full year now estimated at $23 million to $24 million reflects our expectation that one tool will push to 2026.

此外，我們第四季總營收預期範圍為 1.55 億美元至 1.65 億美元，其中 ATS 收入為 4,800 萬美元至 5,200 萬美元，明尼蘇達晶圓服務收入為 600 萬美元至 700 萬美元，工具收入為 1,700 萬美元至 1,800 萬美元。這些範圍與我們先前對下半年 ATS 收入接近 1.05 億美元以及明尼蘇達州晶圓服務業務第四季度環比增長的預期相符。預計全年工具總收入將達到 2,300 萬美元至 2,400 萬美元，這反映了我們對其中一款工具將持續生產到 2026 年的預期。

We now expect stronger overall gross margin performance for the fourth quarter compared to our previous expectations as a result of a more favorable gross margin profile for our Texas operations. We expect consolidated Q4 gross margin in the range of 17% to 20%, reflecting an estimated 200 basis point negative impact from tools in the quarter.

由於我們在德州的業務毛利率狀況更加有利，我們現在預計第四季度的整體毛利率表現將比我們先前的預期更加強勁。我們預計第四季度綜合毛利率將在 17% 至 20% 之間，反映出該季度工具業務帶來的約 200 個基點的負面影響。

We expect operating expenses to continue in the range of $23 million to $24 million, net interest expense of approximately $5.5 million, a tax provision of approximately $500,000 and $1 million of VIE. The resulting EPS guidance range for the fourth quarter is a loss of $0.08 per share to net income of $0.04 per share. Within these ranges, our expectations for adjusted EBITDA in the fourth quarter is in the range of $16 million to $22 million.

我們預計營運費用將繼續在 2,300 萬美元至 2,400 萬美元之間，淨利息支出約為 550 萬美元，稅收準備金約為 50 萬美元，VIE 為 100 萬美元。由此得出的第四季每股收益預期範圍為每股虧損 0.08 美元至每股淨收益 0.04 美元。在這些範圍內，我們對第四季度調整後 EBITDA 的預期在 1,600 萬美元至 2,200 萬美元之間。

I'll add an additional note here regarding a potential tools charge in Q4 that is not reflected in our guidance. Our current estimate of the actual total cost of procuring and installing all of the tooling in Florida currently exceeds the original program award estimate by approximately $5 million as a result of inflation-related cost charges. If we are unsuccessful in securing additional funding to cover these additional costs, we may record a net loss on tools for the fourth quarter.

我還要補充一點，關於第四季可能出現的工具費用，這並未反映在我們的業績指引中。由於通貨膨脹相關的成本增加，我們目前對在佛羅裡達州採購和安裝所有工具的實際總成本的估計比最初的專案撥款估計高出約 500 萬美元。如果我們未能成功獲得額外資金來彌補這些額外成本，我們可能會在第四季錄得工具業務的淨虧損。

As we look toward the coming year, we are increasingly confident that the initial baseline expectations for our revenue, gross margin and adjusted EBITDA performance over the coming year will prove to be conservative. We expect to provide 2026 guidance on our Q4 call in February.

展望來年，我們越來越有信心，我們對來年收入、毛利率和調整後 EBITDA 表現的初步基準預期將被證明是保守的。我們預計在2月份的第四季財報電話會議上提供2026年業績指引。

In the meantime, on today's call, we have updated certain ongoing changes, namely a roughly 200 basis point improvement in gross margin generation or mid- to upper teens from mid-teens previously, as well as higher OpEx quarterly run rate now expected to be in the $23 million to $24 million range.

同時，在今天的電話會議上，我們更新了一些正在進行的調整，即毛利率提高了約 200 個基點，從之前的十幾個百分點提高到十幾個百分點以上，以及營運支出季度運行率提高，目前預計在 2,300 萬美元至 2,400 萬美元之間。

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

接下來，我會把電話交給問答環節。接線員，請開通提問線。

(Operator Instructions) Brian Chin, Stifel.

（操作說明）Brian Chin，Stifel。

Congratulations on the good results here. Maybe to start with, the fourth quarter non-GAAP gross margin of 17% to 20%, understanding that there's like a 200-basis point impact from the tools revenue in the quarter. That's comparable to the prior 12% to 15%, right? And can you kind of flesh out what ex tool revenue, what the kind of normalized gross margin kind of would be into kind of Q1? Does this assume kind of constant revenue into Q1?

恭喜你取得好成績。或許可以先從第四季非GAAP毛利率17%到20%說起，考慮到該季度工具收入的影響約為200個基點。這和之前的 12% 到 15% 差不多，對吧？可以詳細說明一下，如果扣除工具收入，第一季的正常毛利率大概是多少嗎？這是否假設第一季的營收將保持相對穩定？

And can you also further explain -- I think I heard something about some revenue was recognized at 100% gross profit during 3Q. If you could just kind of unpack some of those gross margin questions, that would be helpful.

您能否進一步解釋一下——我好像聽說第三季有部分收入以 100% 的毛利確認了。如果你能詳細解釋一下與毛利率相關的一些問題，那就太好了。

Yes, sounds good. In the third quarter, we had a couple of items taking place. We had some revenue that passed through that was really almost 100% profit coming through the gross margin line, number one. Number two, we had a couple of items that all went in the positive direction on the cost side. So, we had a lower-than-expected warranty accrual given the higher yields in the third quarter.

好的，聽起來不錯。第三季度，我們發生了幾件事。第一，我們有一些收入直接轉化為利潤，毛利率幾乎達到了 100%。第二，我們有幾個指標在成本方面都朝著正面的方向發展。因此，由於第三季收益率較高，我們的保固提列低於預期。

We did a reversal of our STI accrual that was accrued for the first part of the year in the third quarter. And there were some lower expenses that took place in Texas that I want to make sure that we have consistency with that in the quarters to come before we really take credit for that as part of our long-term model. So those were the three or four pieces that all went in the positive direction to really help us have a higher-than-expected gross margin for the third quarter.

我們在第三季衝回了今年上半年提列的短期激勵計畫 (STI) 應計款項。德州的一些開支有所降低，我希望確保在接下來的幾個季度裡，我們能夠保持這種水平，然後再將其作為我們長期模式的一部分而真正加以利用。所以，這三、四件事都朝著正面的方向發展，真正幫助我們實現了第三季高於預期的毛利率。

Now that being the case, we think that we gave the range of 17% to 20% for the fourth quarter on the non-GAAP gross margin. And then we concluded the call by saying that going into 2026, we have upped our gross margin expectations from what we talked about, about 90 days ago, and that would be the mid- to upper teens for next year.

有鑑於此，我們認為第四季非GAAP毛利率的範圍為17%至20%。然後，我們在電話會議結束時表示，展望 2026 年，我們提高了毛利率預期，比大約 90 天前我們討論的預期更高，明年的毛利率將達到 15% 到 20% 之間。

Again, with that, we'll have some of the costs coming back in the STI accruals that were reversed this quarter. We would have those the accruals for going forward. And while we did have some savings in the gross margin, we also did have a higher level of OpEx in the Texas operations as well.

同樣，這樣一來，本季衝回的部分 STI 應計費用將會重新計入。我們將把這些作為未來發展的應計資金。雖然我們在毛利率方面取得了一些節省，但我們在德州的業務營運支出也更高。

Appreciate that. And maybe for my follow-up question, a very strong update in terms of the new Quantum customers that you signed up during the quarter. And if I heard correctly, you expect to sustain maybe a revenue CAGR in that segment at above 30% next year.

謝謝。我接下來的問題可能是，您能否就本季新簽約的 Quantum 客戶狀況提供非常重要的最新報告？如果我沒聽錯的話，您預計明年該業務板塊的收入複合年增長率將保持在 30% 以上。

I guess maybe one question. Is that higher than when you originally kind of set that $600 million revenue forecast for next year? And just curious, in ATS, is that quantum compute revenue stream with the new customer contracts, is that typically kind of average -- corporate average profitability? Or is that sometimes higher than average for ATS?

我想或許可以問一個問題。這個數字比你最初預測的明年 6 億美元的營收目標還要高嗎？我很好奇，在 ATS 中，量子計算帶來的新客戶合約收入流，其盈利能力是否通常處於平均水平——即公司平均盈利水平？或者，ATS的這個數值有時會高於平均值嗎？

Yes. I would say the 30% growth we've been talking about this year, we kind of believe this was going to be a strong year for Quantum, and that is proving to be true. We expect next year to continue at a similar pace, a 30% like number. As far as the details around each specific contract and the profitability, we don't get into that granularity. But the idea of our ATS model being very much aligned with what our customers are looking for as they try to innovate in this space, I think, bodes well for not just the existing seven customers, but the opportunity to bring in more into our Quantum ecosystem.

是的。我想說，我們今年一直在談論的 30% 的成長，我們當時就認為今年對 Quantum 來說將是強勁的一年，而事實證明確實如此。我們預計明年將繼續保持類似的成長速度，增幅約為 30%。至於每份具體合約的細節和獲利情況，我們不會深入探討。但我認為，我們的 ATS 模型與客戶在這個領域進行創新時所尋求的東西非常契合，這不僅對現有的七位客戶來說是個好兆頭，而且也為我們吸引更多客戶加入我們的 Quantum 生態系統帶來了好運。

Richard Shannon, Craig-Hallum Capital Group.

理查德·香農，克雷格-哈勒姆資本集團。

Maybe just a couple of very quick questions here. The first one I have is really just to make sure I understand the dynamics under which you're talking about your prior guidance for next year of $600 million revenue, $60 million EBITDA that can prove conservative.

可能就問幾個簡單的問題。我的第一個問題其實只是想確認一下，您所說的明年營收 6 億美元、EBITDA 6,000 萬美元的預期，在什麼情況下才算保守。

I wonder if you can lay out the dynamics that are allowing you to do that. I think from the last answers to previous questions, you alluded to that on the margin side here, but maybe if you could also lay that out on the revenue side as well.

我想知道您能否詳細闡述是什麼因素讓您能夠做到這一點。我認為從你對先前問題的回答來看，你已經在利潤率方面提到了這一點，但也許你也可以在收入方面也詳細說明。

Yes. I mean, back in August, right after the acquisition closed, we laid out the marker of $600 million and 10% or $60 million in adjusted EBITDA. And obviously, this quarter and next quarter, we feel like we're going to run a little bit ahead of the take-or-pay agreement as we took over the facility. We did have more WIP in the Fab than we anticipated. And so that's allowing us to run hot as we enter 2026.

是的。我的意思是，早在 8 月份，收購完成後，我們就設定了 6 億美元和 10%（即 6,000 萬美元）的調整後 EBITDA 目標。顯然，由於我們接管了該設施，我們感覺本季和下季的業績會略微超過照付不議協議的預期。工廠裡的在製品比我們預期的還要多。因此，這使我們能夠在進入 2026 年時保持強勁勢頭。

We believe based on the take-or-pay that an $80 million per quarter run rate is kind of a good baseline. And when you couple that with the other dynamics in the business, we're reinforcing the $600 million number with a strong level of confidence much stronger than we had back in August. But again, until we get better clarity on some other areas like the A&D side of the business, we're sticking with these numbers.

我們認為，根據照付不議的原則，每季 8,000 萬美元的運行率是一個比較合理的基準。再加上業務中的其他動態因素，我們對 6 億美元的數字更有信心，這種信心比 8 月時要強得多。但是，在我們對航空航太和國防等其他業務領域有更清晰的了解之前，我們將繼續沿用這些數字。

Fair enough. And my follow-on question is related to Quantum. Great to see some more customers coming in here. And Tom, I noted your comments about supporting a breadth of different modalities, which is quite interesting here. I may have missed the comments you made later in your prepared remarks about related to packaging here, but I'm going to question, which is to what degree is there value in having and being able to support more than one modality even for a singular quantum customer? And to what degree does also packaging help you to acquire those customers?

很公平。我的後續問題與量子力學有關。很高興看到有更多顧客光臨。湯姆，我注意到你關於支持各種不同模式的評論，這很有趣。我可能錯過了您在準備好的演講稿中稍後關於包裝方面的評論，但我想問的是，即使對於單個量子客戶而言，擁有並能夠支持多種模式的價值有多大？包裝在多大程度上也能幫助你獲得這些客戶？

Yes. So, I think, again, the fact that we can operate within different modalities means that we can attract really all types of quantum customers. And whether it's for the quantum processing unit for the peripheral circuitry for the interposers, the superconducting interposers that many are utilizing. They're all looking at different bonding technologies. These are very conducive to our virtual IDM model where we not only do front-end wafer fabrication, but also advanced packaging.

是的。所以，我認為，我們能夠以不同的模式運作這一事實意味著我們可以吸引各種類型的量子客戶。無論是量子處理單元、外圍電路或中介層，以及許多人正在使用的超導中介層。他們都在研究不同的黏合技術。這些非常有利於我們的虛擬IDM模式，在這種模式下，我們不僅可以進行前端晶圓製造，還可以進行先進封裝。

And I think the fact that we are bringing the foundry model to this space is allowing these companies to focus on what they do best, which is building the quantum systems. We focus on what we do best, which is fabricating their solutions. And I believe that combination is going to allow the US to run at a faster pace than anyone else in the world. And that's critical because Quantum is really the next realm of advanced compute and SkyWater intends to be at the center of that with our Quantum foundry model.

我認為，我們將代工模式引入這個領域，可以讓這些公司專注於他們最擅長的領域，那就是建立量子系統。我們專注於我們最擅長的領域，那就是為他們打造解決方案。我相信，這種組合將使美國的發展速度超過世界上任何其他國家。這一點至關重要，因為量子計算是先進計算的下一個領域，而 SkyWater 打算透過我們的量子代工模式成為這一領域的中心。

Quinn Bolton, Needham & Company.

奎因·博爾頓，尼德姆公司。

This is (inaudible) on for Quinn. Congrats on the solid execution. My first question is on Fab 25. It looks like the transition of ownership is going better than expected. So I was just curious on if we can get the puts and takes for the better performance here. And maybe if there's anything that has surprised you guys in terms of running a new fab.

這是（聽不清楚）給奎因的。恭喜你們出色地完成了任務。我的第一個問題是關於 Fab 25 的。看來所有權過渡進展比預期順利。所以我很好奇，我們能否透過買入和賣出策略來獲得更好的業績。或許你們在營運新工廠的過程中，有什麼事情讓你們感到驚訝？

Yes. So, I think, again, the synergies that we're seeing as we integrate what we call our unified fab model between both the Austin and Minnesota operations. I think we're seeing immediate benefit with that. I think, as I alluded to, the fact the fab was full, Infineon was clearly running it with a lot of WIP, and we've been able to benefit from that.

是的。所以，我認為，正如我們所看到的，隨著我們將所謂的統一晶圓廠模式整合到奧斯汀和明尼蘇達的營運中，協同效應正在顯現。我認為我們已經看到了立竿見影的效果。我認為，正如我之前提到的，晶圓廠滿載運轉，英飛凌顯然有很多在製品在運行，而我們也從中受益匪淺。

That said, I think the fact that we are able to demonstrate this performance in the first quarter of full ownership of the facility bodes well for not only our ability to quickly integrate a fab of this size, but also the fact that it's very conducive to our model of, again, having not only a development capability in Minnesota, but a buying capability in Texas.

也就是說，我認為我們能夠在完全擁有該設施的第一個季度就展現出這樣的業績，這不僅預示著我們能夠快速整合如此規模的晶圓廠，而且也非常有利於我們的模式，即不僅在明尼蘇達州擁有研發能力，而且在德克薩斯州擁有採購能力。

And as we look across all the different synergies that you would naturally expect to have with two fabs running similar type technologies, I think we can expect to capture more and more of those synergies. And then against the backdrop of a strong take-or-pay agreement that basically insulates us for the next several years with any market dynamics, I think gives us a nice runway to begin to bring in additional non-Infineon capabilities as the take-or-pay contract is executed.

當我們審視兩家採用類似技術的晶圓廠之間自然會產生的各種協同效應時，我認為我們可以期待越來越多的協同效應。此外，在強有力的照付不議協議的背景下，該協議基本上使我們在未來幾年內免受任何市場動態的影響，我認為這為我們提供了一個很好的緩衝期，隨著照付不議合約的執行，我們可以開始引入額外的非英飛凌能力。

And then my follow-up is on quantum computing. Obviously, SkyWater is doing very well here, and it's an important growth vector. But I just want to get some color on what SkyWater views as the most important when bringing in new quantum computing customers to ATS and then ultimately converting them to wafer services revenue.

接下來，我的研究方向是量子計算。顯然，SkyWater 在這裡表現非常出色，並且是一個重要的成長動力。但我只是想了解一下 SkyWater 認為在為 ATS 引入新的量子運算客戶，並最終將他們轉化為晶圓服務收入時，最重要的是什麼。

Yes. So, I think the first thing we look at is compatibility of our existing solutions with their needs. I think the fact that we have a CMOS foundation creates a lot of capability that is very attractive to Quantum customers. I believe the fact that we have advanced packaging that can be coupled with traditional front-end fabrication is very attractive.

是的。所以，我認為我們首先要考慮的是我們現有的解決方案是否符合他們的需求。我認為，我們擁有 CMOS 基礎架構這一事實創造了很多能力，這對 Quantum 的客戶來說非常有吸引力。我認為，我們擁有先進的封裝技術，並且可以與傳統的前端製造流程相結合，這一點非常有吸引力。

And when a customer comes in, because of our ATS model, we're able to apply resources quickly, and that allows them to move at a speed that they just wouldn't be able to do if they're working either in their own fab environment where they may not have the frequency of turns within the fab that we have or they're working with some university lab or some other entity that just doesn't move at the speed of a foundry. And having capability, coupled with the business model and a very strong technology team just makes it very easy for customers to choose to move into the foundry model versus other approaches.

當客戶來訪時，由於我們的 ATS 模型，我們能夠快速調配資源，這使他們能夠以他們無法企及的速度開展工作。如果他們在自己的晶圓廠環境中工作，可能沒有像我們這樣的晶圓廠週轉頻率；或者他們與大學實驗室或其他機構合作，這些機構的運作速度無法與晶圓廠相提並論。擁有這樣的能力，再加上商業模式和非常強大的技術團隊，讓客戶很容易選擇代工模式而不是其他方法。

And I think we're going to continue to see that build out. I'd like to remind everyone that if you look at TSMC, what they're doing with AI, they're basically the fabricator for all the top AI companies and SkyWater intends to be exactly the same thing for all the quantum companies that are now emerging into the marketplace. We intend to be the Quantum foundry. Our model is geared towards that. And it also bodes well for the US because we want these technologies to not only be innovated in the US but manufactured in the US.

我認為我們將繼續看到這種發展趨勢。我想提醒大家，看看台積電在人工智慧領域所做的一切，他們基本上是所有頂級人工智慧公司的晶片製造商，而天水科技的目標是成為所有正在湧入市場的量子公司的晶片製造商。我們的目標是成為量子技術鑄造廠。我們的模式正是朝著這個方向發展的。這對美國來說也是個好兆頭，因為我們不僅希望這些技術在美國創新，而且希望這些技術在美國製造。

Krish Sankar, TD Securities.

Krish Sankar，TD Securities。

This is Robert Mertens on the line for Krish. I guess the first one, just circling back, could you talk us a little bit more through your thoughts on the current aerospace and defense environment? I know you spelled out some benefits you saw in the quarter and December being a little bit down sequentially because of this. But maybe just looking into next year, how you think projects are trending if they're stuck in funding limbo? Or have there been more commitments or indications that spending patterns might pick up above last year 2024 levels?

這是羅伯特·默滕斯在為克里什做線傳球。我想先回答第一個問題，回到之前的話題，您能否再和我們談談您對當前航空航天和國防環境的看法？我知道您已經詳細說明了本季度的一些收益，但由於這個原因，12 月份的業績環比略有下降。但或許可以展望一下明年，你認為那些陷入資金困境的計畫會如何發展？或者，是否有更多承諾或跡象表明，2024 年的支出模式可能會高於去年的水平？

Yes. So, I think as we said in our prepared remarks, the anticipation for the second half really hasn't changed. We did have a specific program where funding that we thought was going to occur in Q4 actually got accelerated into Q3. But other than that, it's pretty much the same as when we talked in August. I think the continuing resolution model is what we are operating under.

是的。所以，我認為正如我們在準備好的演講稿中所說，人們對下半場的期望並沒有改變。我們確實有一個專門的項目，原本以為會在第四季度到位的資金實際上提前到第三季度到位了。但除此之外，情況和我們八月談話時基本上一樣。我認為我們目前採用的是持續處置模式。

Now the government shut down. I think the clarity in terms of what the world will look like when all this gets resolved is obviously something that we're looking forward to. But I will say, and it was in my prepared remarks that the programs we're working on, the amount of investment that's been made in our Minnesota facility that's now being made in our Florida facility is all geared towards the A&D community embracing the foundry model, much like we just talked about with Quantum.

現在政府關門了。我認為，當這一切得到解決後，世界將會變成什麼樣子，這顯然是我們期待看到的。但我要說的是，我在事先準備好的發言稿中也提到過，我們正在進行的項目，以及我們在明尼蘇達州工廠投入的資金，現在又在佛羅裡達州工廠投入的資金，都是為了讓航空航天和國防工業界接受代工模式，就像我們剛才和 Quantum 討論的那樣。

And the fact that government is looking for efficient ways to do things into the future, the fact that we're moving to drone-based solutions, which requires a lot more silicon semiconductors, I think, positions SkyWater very nicely for when all these, we'll call it, dynamics that are out of our control get resolved.

政府正在尋找未來高效能做事的方式，我們正在轉向基於無人機的解決方案，這需要更多的矽半導體，我認為，當所有這些我們無法控制的動態因素得到解決時，SkyWater 將處於非常有利的地位。

We continue to make strong progress with our ThermaView platform, which we introduced in January, continue to see good benefits out of that. We continue to make progress on our RadHard platform. And again, as I stated, AP continues to move forward. All those are foundry-like platforms that the DoD community will leverage. And we also have our special ASIC business that we do with that community. So it's really just getting the uncertainty resolved around funding. And when that is completed, I believe we're going to be in a very good position for that portion of our business.

我們於 1 月推出的 ThermaView 平台持續取得顯著進展，並持續從中受益。我們的 RadHard 平台持續取得進展。正如我之前所說，AP將繼續向前發展。這些都是國防部將要利用的類似鑄造廠的平台。此外，我們也與該社群開展專門的ASIC業務。所以，關鍵在於解決資金方面的不確定性。我相信，當這項工作完成後，我們在該業務領域將處於非常有利的地位。

And then my other one was just around quantum computing, but I guess we've talked about that quite a bit. I know you have the technologies in supercomputing, photonics, but are there any sort of adjacent hardware technologies or areas such as ion trap that would benefit your business that you're looking to pursue? Or is it really more ramping current customers and onboarding additional ones with the technology in place?

我的另一個問題是關於量子計算的，但我想我們已經討論過很多次了。我知道貴公司在超級運算和光子學方面擁有先進技術，但您是否正在考慮開發其他相關硬體技術或領域，例如離子阱技術，這些技術或領域對貴公司的業務有益？或者，這實際上更多的是為了提升現有客戶的需求，並利用現有技術吸引更多新客戶？

Yes. I mean we really see ourselves operating again, across all modalities. Ion trap is included in that. And I think there's a whole set of opportunities that are evolving as customers come in, they engage. The ability for us to play across that full spectrum, again, not only allows us to earn ATS dollars as people are kind of determining exactly how they're going to create their end-state solutions, but it also allows us to consolidate many of the value chains that they've already created because we have the advanced packaging capability.

是的。我的意思是，我們真的看到了自己能夠再次運營，涵蓋所有模式。離子阱也包含在內。我認為隨著顧客的到來和參與，一系列機會正在不斷湧現。我們能夠涵蓋整個領域，這不僅讓我們能夠賺取 ATS 美元，因為人們正在確定他們將如何創建最終解決方案，而且還讓我們能夠整合他們已經創建的許多價值鏈，因為我們擁有先進的包裝能力。

So when I look at Quantum, again, it's at very early stage. Our goal is to be the Quantum foundry. And the synergistic approach that we get by having a foundry model, I think, is clear, but we also have the backdrop of being a trusted fabricator for the US government. And when a company comes into SkyWater, they know that their IP will be protected.

所以，當我再次審視 Quantum 時，它仍然處於非常早期的階段。我們的目標是成為量子技術鑄造廠。我認為，我們透過代工模式獲得的協同效應是顯而易見的，但我們同時也是美國政府值得信賴的製造商這一背景。當一家公司加入 SkyWater 時，他們知道自己的智慧財產權將受到保護。

They know that all the same constraints that we apply to our DoD customers get applied to our Quantum customers and frankly, all of our customers, and that gives them confidence that they can innovate, they can be creative with their solutions but also know that their IP will be protected.

他們知道，我們對國防部客戶施加的所有限制同樣適用於我們的 Quantum 客戶，坦白說，也適用於我們所有的客戶，這讓他們相信，他們可以進行創新，可以創造性地提出解決方案，同時也知道他們的智慧財產權將受到保護。

And over time, as we become the Quantum Foundry and these programs move from ideation to commercialization, we expect to be at the center of that. And in many ways, once you figure it out, we can just move faster than anyone else. And I think that's going to be a true advantage. Quantum is very much geared towards our Technology-as-a-Service model, and we intend to leverage that going forward.

隨著時間的推移，當我們發展成為量子鑄造廠，這些項目從構思階段走向商業化階段時，我們希望能夠處於中心地位。在很多方面，一旦你弄清楚了，我們就能比任何人都更快前進。我認為這將是一個真正的優勢。Quantum 非常契合我們的技術即服務模式，我們打算在未來充分利用這個優勢。

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

沒有其他問題了。我謹將電話轉回給托馬斯·桑德曼，請他作總結發言。

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 building your confidence in us. We look forward to seeing you at our upcoming investor conferences ahead of our planned Analyst Day in New York in March. We'll report Q4 results in February. And with that, I'll conclude today's earnings call.

謝謝接線生。在今天的電話會議結束之際，我想表達 SkyWater 對實現長期成長和獲利目標的堅定信心，以及我們致力於增強您對我們的信心的承諾。我們期待在即將舉行的投資者會議上見到您，該會議是我們在三月於紐約舉行的分析師日活動的基礎。我們將於2月份公佈第四季業績。今天的財報電話會議就到此結束。

This concludes today's conference. You may disconnect.

今天的會議到此結束。您可以斷開連線。