(TGAN) 2022 Q4 法說會逐字稿

Good afternoon. My name is Savannah, and I will be your conference operator. I would like to welcome everyone today to Transphorm's Business Update Conference Call. (Operator Instructions) Please be advised that today's conference is being recorded.

下午好。我的名字是薩凡納，我將成為您的會議接線員。今天我想歡迎大家參加 Transphorm 的業務更新電話會議。 （操作員說明）請注意，今天的會議正在錄製中。

Joining today's call from Transphorm are Mario Rivas, Chief Executive Officer; Primit Parikh, Co-Founder, President and Chief Operating Officer; and Cameron McAulay, Chief Financial Officer.

參加 Transphorm 今天電話會議的還有首席執行官 Mario Rivas； Primit Parikh，聯合創始人、總裁兼首席運營官；和首席財務官卡梅倫麥考利。

Before we begin, I would like to point out that there is a slide for notations associated with today's call in which management will be referencing during the conference call. These slides can be accessed through the live webcast link in the Investor Relations section of Transphorm's website, and they will also be posted on the linked PDF subsequent to today's conference call.

在我們開始之前，我想指出，有一張與今天的電話會議相關的符號幻燈片，管理層將在電話會議期間參考該幻燈片。這些幻燈片可以通過 Transphorm 網站投資者關係部分的實時網絡直播鏈接訪問，它們也將在今天的電話會議之後發佈在鏈接的 PDF 中。

Additionally, during the course of this call, the company may make forward-looking statements regarding the company's financial position, strategies, plans and future operations with specific end markets and other areas of discussion. It is not possible for the company or management to predict all the risks nor for the company to assess the total potential impact of all factors on its business or to the extent which any factor or combination of factors may cause actual results to differ materially from those contained in any forward-looking statements.

此外，在本次電話會議期間，公司可能會就公司的財務狀況、戰略、計劃和未來運營與特定終端市場和其他討論領域做出前瞻性陳述。公司或管理層不可能預測所有風險，也不可能評估所有因素對其業務的總體潛在影響，或任何因素或因素組合可能導致實際結果與這些因素產生重大差異的程度包含在任何前瞻性陳述中。

In light of all these risks, uncertainties and assumptions, the forward-looking statements discussed during this call may or may not occur, and the actual results could differ materially and adversely from those anticipated or implied. Any projections as to the company's future performance represent management's views as of today, May 24, 2022. Neither the company or any person assumes responsibility for the accuracy or completeness of the forward-looking statements.

鑑於所有這些風險、不確定性和假設，本次電話會議期間討論的前瞻性陳述可能會或可能不會發生，實際結果可能與預期或暗示的結果存在重大和不利的差異。對公司未來業績的任何預測均代表管理層截至今天（2022 年 5 月 24 日）的觀點。公司或任何人均不對前瞻性陳述的準確性或完整性承擔責任。

The company undertakes no obligation to publicly update the forward-looking statements for any reason after the date of this call, should conform such statements to actual results or to change in the company's expectations. For more detailed information on risks associated with the company's business, we refer you to the risk factors described on Transphorm's S-1, 10-KT and other subsequent filings with the SEC.

公司不承擔在本次電話會議後以任何理由公開更新前瞻性陳述的義務，應使此類陳述符合實際結果或公司預期的變化。有關與公司業務相關的風險的更多詳細信息，請參閱 Transphorm 向 SEC 提交的 S-1、10-KT 和其他後續文件中描述的風險因素。

With that, I will now turn the call over to Transphorm's CEO, Mario Rivas, for opening remarks. Mario, please go ahead.

有了這個，我現在將把電話轉給 Transphorm 的首席執行官 Mario Rivas 做開場白。馬里奧，請繼續。

Thank you, Savannah, and welcome to everybody on today's call. We appreciate you joining us today. Allow me to review our fiscal fourth quarter and recent highlights. We achieved an uplisting of transfer common stock to the Nasdaq under the ticker symbol TGAN.

謝謝你，薩凡納，歡迎大家參加今天的電話會議。感謝您今天加入我們。請允許我回顧一下我們的第四財季和最近的亮點。我們在股票代碼 TGAN 下實現了將普通股轉移到納斯達克。

The full year fiscal '22 revenue increased 89% year-over-year to a record $24.1 million due to strong growth in product revenue. The fourth quarter of fiscal year '22 total revenue increased sequentially for the ninth consecutive quarter to a record of over $4 million with total revenue for the quarter at $4.93 million. We secured our largest SuperGaN high-powered Gen IV pad production order for the company today for over 0.5 million units of 3-kilowatt class power supplies. The magnitude of this order clearly demonstrates Transphorm's continuing leadership in high-power GaN. We also secured a laptop adapter design win from a Tier 1 Fortune 100 company, including an initial purchase order of 50,000 units of SuperGaN Gen IV 240 mohm class FET. These FETs provide higher efficiency for 65-watt fast-charging adapter applications when compared with competing e-mode GaNs that require a larger 150 mohm device for similar applications. As a result, this Transphorm SuperGaN FET allow our customers to do more with less. Cash and equivalents as of March 31, 2022 were $34 million.

由於產品收入的強勁增長，22 財年全年收入同比增長 89%，達到創紀錄的 2410 萬美元。 22 財年第四季度總收入連續第九個季度環比增長，達到創紀錄的 400 萬美元以上，該季度總收入為 493 萬美元。今天，我們為該公司獲得了最大的 SuperGaN 高功率第四代焊盤生產訂單，訂購了超過 50 萬個 3 千瓦級電源。這一訂單的規模清楚地表明了 Transphorm 在高功率 GaN 領域的持續領先地位。我們還獲得了一家財富 100 強公司的筆記本電腦適配器設計合同，其中包括 50,000 件 SuperGaN Gen IV 240 mohm 級 FET 的初始採購訂單。與在類似應用中需要更大 150 mohm 器件的競爭 e-mode GaN 相比，這些 FET 為 65 W 快速充電適配器應用提供了更高的效率。因此，這款 Transphorm SuperGaN FET 讓我們的客戶能夠事半功倍。截至 2022 年 3 月 31 日，現金及等價物為 3400 萬美元。

I now pass the call to Primit for a detailed walk-through of the developments these past few months. Primit?

我現在將電話轉給 Primit，以詳細了解過去幾個月的發展。普里特？

Thank you, Mario, and good afternoon, everyone. Transphorm, TGAN, has continued our product revenue ramp, delivering our ninth successive quarter of product revenue growth and cementing our leadership position in high-power GaN with a new 500,000-plus unit order for kilowatt class gallium nitride, a strong result of our targeted deliberate investments over the past several years in high-performance GaN products for the broad market areas from low power to high power.

謝謝馬里奧，大家下午好。 Transphorm, TGAN 繼續我們的產品收入增長，實現了我們連續第九個季度的產品收入增長，並通過新的 500,000 多件千瓦級氮化鎵訂單鞏固了我們在高功率 GaN 領域的領先地位，這是我們目標的強勁結果在過去幾年中，我們有意投資於高性能 GaN 產品，適用於從低功率到高功率的廣泛市場領域。

To the best of our knowledge, TGAN is the only GaN company to be shipping anything in the kilowatt range in these high-volume productions today. This places us in a very strong position to address the $3 billion GaN TAM in diverse areas like blockchain computing, data servers, communications, gaming, energy, renewables and electric vehicles, while systematically growing our share in the lower power fast charger and adapter consumer segments.

據我們所知，TGAN 是當今唯一一家在這些大批量產品中出貨千瓦級產品的 GaN 公司。這使我們在解決區塊鏈計算、數據服務器、通信、遊戲、能源、可再生能源和電動汽車等不同領域的 30 億美元 GaN TAM 方面處於非常有利的地位，同時系統地增加我們在低功率快速充電器和適配器消費者中的份額段。

First, I'll give a short recap of gallium nitride, the overall value proposition, our leading position clarifying market positioning of various types of GaN products and then review our strong execution in the March 2022 ending quarter and then our expansion strategy for FY 2023. Gallium nitride GaN is a wide band gap semiconductor material for power conversion that reduces electrical energy base, enables compact power conversion footprint and lowers power systems cost, supports a variety of electrical power conversion applications, chargers, converters, inverters, and does this significantly better than traditional silicon and much better than other new semiconductors like silicon carbide. TGAN is an established innovative design pioneer and leading manufacturer supplier of high-voltage GaN power semiconductor products over the widest range of applications from 30 watts, lower power to over 4 kilowatts higher power and in application areas ranging from adapters and fast chargers for which GaN has been well accepted in the market today to higher power data centers, mining, crypto mining, communication infrastructure, broad industrial, renewable energy and in design-in for automotive electric vehicle applications as a result of our targeted investments and strategy.

首先，我將簡要回顧一下氮化鎵、整體價值主張、我們的領先地位，明確各種類型 GaN 產品的市場定位，然後回顧我們在 2022 年 3 月結束季度的強勁執行情況，然後回顧我們 2023 財年的擴張戰略. 氮化鎵 GaN 是一種用於功率轉換的寬帶隙半導體材料，可降低電能基礎，實現緊湊的功率轉換佔位面積並降低電力系統成本，支持各種電力轉換應用、充電器、轉換器、逆變器，並在這方面顯著比傳統的矽更好，也比碳化矽等其他新型半導體要好得多。 TGAN 是高電壓 GaN 功率半導體產品的成熟創新設計先驅和領先製造商供應商，其應用範圍從 30 瓦、低功率到超過 4 千瓦的高功率，應用領域包括 GaN 的適配器和快速充電器由於我們有針對性的投資和戰略，目前市場已廣泛接受更高功率的數據中心、採礦、加密採礦、通信基礎設施、廣泛的工業、可再生能源和電動汽車應用的設計。

Our core and strong fundamental IP with over 1,000 patent strong portfolio as well as our high-performance, high-quality products have been validated by various broad chip investors, customers and partners, financial partners, design partners, manufacturing partners and automotive and industrial market customer partners as well as the U.S. Department of the Defense. Our comprehensive and differentiated product offering, backed by a high-quality manufacturing base that we essentially own, has ramped in the market now with over 40 billion hours in our customers' product in the field, including both high-power and low-power GaN, and resulted in over $124 million of revenue in our fiscal 2022, a record for us and a 1.9x growth about in spite of a challenging supply chain environment.

我們的核心和強大的基礎 IP 擁有超過 1,000 項強大的專利組合，以及我們的高性能、高質量產品，已得到各種廣泛的芯片投資者、客戶和合作夥伴、金融合作夥伴、設計合作夥伴、製造合作夥伴以及汽車和工業市場的驗證客戶合作夥伴以及美國國防部。我們全面和差異化的產品供應，以我們基本上擁有的高質量製造基地為後盾，現已在市場上大放異彩，我們客戶在該領域的產品超過 400 億小時，包括高功率和低功率 GaN ，並在我們的 2022 財年創造了超過 1.24 億美元的收入，這是我們的記錄，儘管供應鏈環境充滿挑戰，但仍實現了 1.9 倍的增長。

Our focus is on building a product-driven, fast-ramping profitable business, and we are already off to the races doing that. While we have multiple revenue segments like historically licensing and now government revenue and products, we target over 90% of the mix from product revenue in 2023, representing a 200% CAGR from over 2020. We are committed to making the required operating and capital investments for increased scale, high-performance products and solutions for our customers and fostering an adoption over multiple end markets to achieve our targets and our target model of well over 50% long-term CAGR with gross margins over 40% and operating margins, including over 20%.

我們的重點是建立一個產品驅動的、快速增長的盈利業務，我們已經開始這樣做了。雖然我們有多個收入部分，例如歷史上的許可以及現在的政府收入和產品，但我們的目標是 2023 年超過 90% 的產品收入組合來自 2020 年的複合年增長率為 200%。我們致力於進行所需的運營和資本投資為我們的客戶增加規模、高性能產品和解決方案，並促進在多個終端市場的採用，以實現我們的目標和我們的目標模型，即長期復合年增長率超過 50%，毛利率超過 40%，營業利潤率，包括超過20%。

We are in a unique and differentiated position among the GaN suppliers to have products in the market today that address a tremendous multibillion dollar market opportunity of GaN for power conversion across the various segments, again, from lower power adapters and chargers to higher-power server crypto datacom power that we had already ramped in, our customers are already ramping into industrial energy and renewables, now also in production with quite a few accounts and in the mid- to long-term large growth opportunities with automotive electric vehicles. Further bolstering our long-term picture beyond 2024, 2025. Our GaN solutions delivered high efficiency, compact systems with easy-to-use and easy-to-interface products for the customer with proven performance benefits against silicon, silicon carbide and other gallium nitride solutions like e-mode GaN.

我們在 GaN 供應商中處於獨特和差異化的地位，在今天的市場上擁有能夠解決 GaN 在各個領域（從低功率適配器和充電器到高功率服務器）功率轉換的巨大市場機會的產品我們已經開始使用加密數據通信電源，我們的客戶已經開始涉足工業能源和可再生能源，現在也有不少客戶在生產中，並且在汽車電動汽車方面有中長期的巨大增長機會。進一步支持我們在 2024 年和 2025 年之後的長期前景。我們的 GaN 解決方案為客戶提供了高效、緊湊的系統以及易於使用和易於接口的產品，並具有與硅、碳化矽和其他氮化鎵相比經過驗證的性能優勢e-mode GaN 等解決方案。

The GaN TAM is in the multibillion dollar range. This is the GaN TAM we show here that is reasonably addressable by products we have today all in the near-term pipeline over the next few years. And from 2021 to 2026, a very strong 5-year growth of more than 3x fueled by a robust faster growth in GaN TAM versus the overall power semiconductor market in each of the segment areas shown here. And then a further inflection point through electric vehicle powertrain segment mid-decade, giving GaN and Transphorm a 10x larger EV segment market in 2026 for a $6 billion GaN TAM.

GaN TAM 價值數十億美元。這就是我們在這裡展示的 GaN TAM，可以通過我們今天擁有的所有產品在未來幾年的近期管道中合理解決。從 2021 年到 2026 年，在 GaN TAM 與此處所示每個細分領域的整體功率半導體市場相比，強勁的更快增長推動了超過 3 倍的非常強勁的 5 年增長。然後在 10 年中期的電動汽車動力總成細分市場出現進一步的轉折點，使 GaN 和 Transphorm 在 2026 年以 60 億美元的 GaN TAM 獲得 10 倍的電動汽車細分市場。

One of our key attributes from early on, this has been our philosophy, is doing more with less. We want to enable our customers by taking the inherent benefits of GaN over both silicon and silicon carbide to the next level and delivering multipronged benefits to power conversion customers. Our patented, normally off gallium nitride FET architecture delivers high efficiency over a wide range of power levels with leadership and product proliferation and reliability, field reliability rivaling that of standard silicon with a sub 0.3 FIT, which is called failure in time per billion hours of operation. TGAN's asset-light, vertically integrated value chain allows for in-house GaN wafers with manufacturing control, innovation and ability to scale.

從早期開始，我們的關鍵屬性之一就是我們的理念，即事半功倍。我們希望通過將 GaN 相對於矽和碳化矽的固有優勢提升到一個新的水平，並為功率轉換客戶提供多方面的優勢，從而為我們的客戶提供支持。我們獲得專利的常關氮化鎵 FET 架構在廣泛的功率水平上提供高效率，具有領先地位和產品增殖和可靠性，現場可靠性可與標準矽相媲美，FIT 低於 0.3，這被稱為每十億小時的故障時間手術。 TGAN 的輕資產、垂直整合的價值鏈允許內部 GaN 晶圓具有製造控制、創新和擴展能力。

Few other companies are now talking about getting into higher power with GaN. We have been setting these benchmarks for over 4 years now. For example, titanium class kilowatt scale GaN power supplies with our customers. And in process, also built up very fundamental IP for the same. We offer products spanning from 45 watts to 10 kilowatts. Also, we have led in terms of high-voltage offerings, 650 volts, 900 volts being the only company with a 900-volt product in the market and are now pursuing, in R&D, 1,200-volt gallium nitride which we have proven is well within the realm of GaN, not just silicon carbide territory anymore.

現在很少有其他公司在談論使用 GaN 獲得更高的功率。我們已經設定這些基準超過 4 年了。例如，我們客戶的鈦級千瓦級 GaN 電源。並且在這個過程中，也為此建立了非常基礎的IP。我們提供從 45 瓦到 10 千瓦的產品。此外，我們在高壓產品方面處於領先地位，650 伏、900 伏是市場上唯一擁有 900 伏產品的公司，現在正在研發中，我們已經證明 1,200 伏氮化鎵很好在 GaN 領域內，不再只是碳化矽領域。

TGAN FET is directly compatible with leading silicon controllers and their in-build drivers bringing ease of design and drivability. No extra components or shrubbery, as we call it, are needed to interface our GaN with the outside world, a feature that has brought us a rich ecosystem of solution partners, and they appreciate this. Above all, our strong IP, 5 to 10x versus some other GaN competition, underpins all of this strength with core patents in not just gallium nitride materials and manufacturing, that's, of course, very key, but equally important in how the gallium nitride is used in common power application architecture, like, for example, the totem-pole bridge topology that is now widely used and is a core example of Transphorm original GaN product design innovation.

TGAN FET 與領先的矽控制器及其內置驅動器直接兼容，從而簡化了設計和可驅動性。正如我們所說，不需要額外的組件或灌木來將我們的 GaN 與外部世界連接起來，這一特性為我們帶來了豐富的解決方案合作夥伴生態系統，他們對此表示讚賞。最重要的是，我們強大的 IP（與其他一些 GaN 競爭產品相比是 5 到 10 倍）通過核心專利鞏固了所有這些優勢，而不僅僅是氮化鎵材料和製造，這當然非常關鍵，但對於氮化鎵的生產方式同樣重要用於常見的電源應用架構，例如現在廣泛使用的圖騰柱橋拓撲，是 Transphorm 原創 GaN 產品設計創新的核心示例。

Another one of our key attributes from early on is the ownership of our GaN wafer production supply chain, an advantage that is becoming even more important in today's geopolitical climate. This starts with the design of our safe, robust and easy-to-interface, normally off GaN FET. We directly own and control our epi wafer manufacturing with multiple MOCVD reactors. These are the tools used to making or growing gallium nitride on, say, for example, silicon wafers that we do in 2 geographical locations owned by Transphorm, California and Japan.

從早期開始，我們的另一個關鍵屬性是我們對 GaN 晶圓生產供應鏈的所有權，這一優勢在當今的地緣政治環境中變得越來越重要。首先是設計我們安全、堅固且易於接口的通常關閉的 GaN FET。我們通過多個 MOCVD 反應器直接擁有和控制我們的外延晶圓製造。這些是用於製造或生長氮化鎵的工具，例如，我們在 Transphorm、加利福尼亞和日本擁有的兩個地理位置進行的矽晶片。

Our wafer factory is a joint venture with our financial strategic partner. And to remind, it is a high-quality manufacturing site with the only formal report of yields for gallium nitride matching those of silicon CMOS running in the same factory, another feature that has contributed to our high-powered GaN products yield and quality. While packaging is done with our key OSAT partners, we bring Transphorm IT in these designs. For example, allowing GaN to be efficiently used in robust TO packages desired by higher power customers.

我們的晶圓廠是與我們的財務戰略合作夥伴的合資企業。提醒一下，這是一個高質量的製造基地，擁有與在同一工廠運行的矽 CMOS 相匹配的氮化鎵產量的唯一正式報告，這也是我們提高高功率 GaN 產品產量和質量的另一個特點。雖然封裝是由我們的主要 OSAT 合作夥伴完成的，但我們在這些設計中引入了 Transphorm IT。例如，允許 GaN 有效地用於高功率客戶所需的穩健 TO 封裝。

Last but not the least is our application and design efforts both with customers and solution partners, who work preferentially with our GaN for their controller or driver products. As a result, Transphorm has enabled our customers with products that range from adapter to automotive, lower power to higher power as shown in this chart from 30-watt adapters and wall block chargers to more than 10 kilowatt. And even higher power systems are realizable by paralleling multiple of our 10-kilowatt Gen V solutions, for example, in multiphase applications. This wide breadth of products is also complemented by the highest voltage range, 650 volts, 900 volts. Qualification, JEDEC AEC qualification, which Transphorm has always led in the first and then proven robust qualification product over product and now in R&D for innovative solutions like the 1,200 volt gallium nitride. We are not a one-trick pony. We service the entire market, the entire gamut of customers.

最後但並非最不重要的是我們與客戶和解決方案合作夥伴的應用和設計工作，他們優先使用我們的 GaN 來開發他們的控制器或驅動器產品。因此，Transphorm 為我們的客戶提供了從適配器到汽車、從低功率到高功率的產品，如圖所示，從 30 瓦適配器和壁式充電器到超過 10 千瓦。通過並聯我們的多個 10 千瓦第五代解決方案，例如在多相應用中，甚至可以實現更高功率的系統。這種廣泛的產品還與最高電壓範圍 650 伏、900 伏相輔相成。資格認證，JEDEC AEC 資格認證，Transphorm 一直引領著第一個然後經過驗證的穩健認證產品超過產品，現在正在研發創新解決方案，如 1,200 伏氮化鎵。我們不是一招一式的小馬。我們為整個市場、所有客戶提供服務。

Now I will discuss why TGAN wins in various verticals from lower power to higher power. As GaN adoption is happening fast, which is great, many good companies are in the market with gallium nitride, notably at lower power adapters and chargers, while TGAN is systematically addressing today high power and low power together. Silicon obviously has been great in the past and still works today, but fall short in efficiency, speed and the smaller size required for new products. GaN takes off from here. A few factors that outline TGAN's differentiated benefits over competing GaN are that we excel in ease of use and flexibility with standard drivers, controllers interfacing with our GaN FET as a result of the integration choices that we have made.

現在我將討論為什麼 TGAN 在從低功率到高功率的各個垂直領域中獲勝。由於 GaN 的採用正在迅速發生，這很好，許多優秀的公司都在使用氮化鎵，特別是在低功率適配器和充電器方面，而 TGAN 正在系統地同時解決當今的高功率和低功率問題。矽在過去顯然很出色，今天仍然有效，但在效率、速度和新產品所需的更小尺寸方面存在不足。 GaN 從這裡起飛。概述 TGAN 相對於競爭 GaN 的差異化優勢的幾個因素是，由於我們做出的集成選擇，我們在標準驅動器、與我們的 GaN FET 接口的控制器方面具有出色的易用性和靈活性。

No extra BoM components or shrubbery is required to interface, again, our GaN, which makes the solution cost effective, especially key in lower power chargers and adapters for smartphones and laptops where total BoM cost is key. The intrinsic gallium nitride performance fully exploited in our products to achieve the highest efficiency or lowest losses among many other GaN and then bringing reliability and robustness across the entire power chain.

同樣，與我們的 GaN 接口不需要額外的 BoM 組件或灌木，這使得解決方案具有成本效益，尤其是在總 BoM 成本是關鍵的智能手機和筆記本電腦的低功率充電器和適配器中的關鍵。在我們的產品中充分利用了氮化鎵的內在性能，以在許多其他 GaN 中實現最高效率或最低損耗，然後為整個電源鏈帶來可靠性和穩健性。

This is evidenced very clearly by our proven design wins with customer systems in production as TGAN is adopted in many more market verticals today with higher range, higher reliability and higher performance. As you can see, applications like server power, gaming, blockchain crypto mining, a variety of industrial and also select high rel applications like aerospace. Some of these are more than 10x the power levels that some of the other gallium nitride offerings enabled today, mainly more or less in the low-power range. Along with the ease of use benefits, reduced BoM and the intrinsic GaN performance, the underlying results for our high-power dominance stem from the fact that typical e-mod gallium nitride, competing gallium nitride interface to the outside world is inherently weaker and harder to operate in many common package types.

我們經過驗證的設計在生產中贏得了客戶系統，這非常清楚地證明了這一點，因為 TGAN 在當今更多的垂直市場中被採用，具有更高的範圍、更高的可靠性和更高的性能。如您所見，服務器電源、遊戲、區塊鏈加密挖掘、各種工業等應用程序以及航空航天等高相關應用程序。其中一些是當今其他一些氮化鎵產品實現的功率水平的 10 倍以上，主要或多或少在低功率範圍內。除了易於使用的優勢、降低的 BoM 和固有的 GaN 性能外，我們高功率主導地位的潛在結果源於以下事實：典型的 e-mod 氮化鎵、與外界競爭的氮化鎵界面本質上更弱、更難在許多常見的封裝類型中運行。

The fundamental design innovations in directly controlled manufacturing does enable superior performance, superior dynamic performance as it is called from our gallium nitrides, allowing smaller GaN dye to be used for the same power level versus larger or sometimes even 2 packages for competing GaN versus one from Transphorm for the same application.

直接控制製造中的基本設計創新確實實現了卓越的性能、卓越的動態性能，正如我們的氮化鎵所稱的那樣，允許使用較小的 GaN 染料實現相同的功率水平，而不是更大甚至有時甚至 2 個封裝用於競爭 GaN，而不是一個來自Transphorm 用於相同的應用。

We prefer to lay out the facts of our GaN products very clearly and hopefully seek to clear any confusion in understanding by customers or investors in this space. First off, power customers, power applications have always required normally off products, whether it's silicon or gallium nitride this is just a basic safety thing. And gallium nitride FETs on the market today are normally off. The Transphorm gallium nitride FET, just like silicon MOSFET, is normally off. How this is achieved, whether e-mode GaN or other type of GaN are not -- are kind of technicalities of little constituents. Other than what matters is the implementation by each particular company, their solutions, the performance, reliability, ease of use and, of course, the cost of the solutions.

我們更願意非常清楚地列出我們 GaN 產品的事實，並希望能夠消除客戶或投資者在該領域的理解上的任何困惑。首先，電源客戶，電源應用一直需要常關產品，不管是矽還是氮化鎵這只是一個基本的安全的東西。目前市場上的氮化鎵場效應晶體管通常處於關閉狀態。 Transphorm 氮化鎵 FET 與硅 MOSFET 一樣，通常處於關閉狀態。如何實現這一點，無論是 e-mode GaN 還是其他類型的 GaN，都屬於少量技術問題。除了每個特定公司的實施、他們的解決方案、性能、可靠性、易用性，當然還有解決方案的成本之外，重要的是。

High performance, first comes from the underlying GaN, and it is not a function of a particular implementation. For example, a so-called GaN IC just won't give you high performance if the underlying GaN is not high performance. We, our design partners and customers have validated higher efficiency of the TGAN FET with other gallium nitride versus other gallium nitride in the same application. This is not to say that other gallium nitride cannot improve. But just pointing out where the fundamental benefits arise from. And when it comes to high speeds, high frequency, that is nature's gift to gallium nitride, at least well designed gallium nitride, operating at much higher speed than silicon and even silicon carbide.

高性能，首先來自底層的 GaN，它不是特定實現的功能。例如，如果底層 GaN 不是高性能的，那麼所謂的 GaN IC 就不會為您提供高性能。我們、我們的設計合作夥伴和客戶已經驗證了 TGAN FET 與其他氮化鎵相比在同一應用中的效率更高。這並不是說其他氮化鎵不能改進。但只是指出根本利益來自哪裡。而當談到高速、高頻時，這是大自然賜予氮化鎵的禮物，至少是設計良好的氮化鎵，其運行速度遠高於矽甚至碳化矽。

Finally, there are various shenanigans out there about integration. Clearly, integration is a design choice of the offeror. Clearly, integration is important. But where, how are aspects of how each product is designed. For example, we can talk of a driver FET integrated in GaN or other levels of integration, but a lot of modern day controllers have already integrated drivers in build, literally [free.] In our Transphorm GaN FET, we choose to integrate a small low-voltage silicon FET with our high-voltage GaN. Thus, no need for any external or internal driver in, say, fast charger phone or laptop applications, where the controller already houses a driver because we have a traditional silicon light interface with the performance of high-voltage gallium nitride.

最後，還有各種關於整合的惡作劇。顯然，集成是要約人的設計選擇。顯然，整合很重要。但是，每個產品的設計方式在哪裡，如何設計。例如，我們可以談論集成在 GaN 或其他集成級別中的驅動 FET，但許多現代控制器已經在構建中集成了驅動器，字面上是 [免費]。在我們的 Transphorm GaN FET 中，我們選擇集成一個小型的低壓矽 FET 與我們的高壓 GaN。因此，在快速充電器手機或筆記本電腦應用中不需要任何外部或內部驅動器，因為我們擁有具有高壓氮化鎵性能的傳統矽光接口，因此控制器已經包含驅動器。

Now the higher power space is a very large market for GaN and very important. Very simply put, higher the power, the higher the energy saving impact of GaN, higher the impact on electricity usage and carbon footprint at the holistic level, higher the semiconductor content because the larger the chips enhance the total higher market.

現在，更高功率的空間對於 GaN 來說是一個非常大的市場並且非常重要。很簡單地說，功率越高，GaN 的節能影響越大，整體層面對用電量和碳足蹟的影響越大，半導體含量越高，因為芯片越大，整個市場就越高。

Here, our Gen IV and Gen V offerings are compared to leading silicon carbide offerings in this space as other types of gallium nitride, like the e-mode gallium nitride, are not quite ready today, at least, for high power especially in thermally robust packages like the TO247 due to the inherent device weakness. Previously, we had shown that with our highest power 15 mohm product to best we can tell, this is the lowest resistant, highest current, horsepower 4650-volt GaN qualified and in production in a discrete package like the TO247 that outperforms silicon carbide, good silicon carbide products like the MOSFET and the JFETs and realizes a 25% to 38% lower loss in an apples-to-apples comparison, delivering 10-kilowatt class power levels from a single part in a half bridge testing.

在這裡，我們將我們的第四代和第五代產品與該領域領先的碳化矽產品進行了比較，因為其他類型的氮化鎵，例如 e-mode 氮化鎵，至少在今天還沒有完全準備好用於高功率，特別是在耐熱性方面由於固有的設備弱點，像 TO247 這樣的封裝。之前，我們已經證明，我們的最高功率 15 mohm 產品是我們能說的最好的，這是最低電阻、最高電流、馬力的 4650 伏 GaN，並且在生產中採用分立封裝，如 TO247，其性能優於碳化矽，好MOSFET 和 JFET 等碳化矽產品在比較中實現了 25% 到 38% 的低損耗，在半橋測試中從單個部件提供 10 千瓦級的功率水平。

Now there are also independent third-party validation confirming the same thing what we had previously said. For example, a recent technical paper at the PCIM Europe trade show and conference, where superiority of TGAN or silicon carbide in 5-kilowatt applications was published. Customers have selected our high-power GaN products across the spectrum. And some of our wins were all built on the foundation of efficiency, performance, ease of use and reliability as our customers as well as third-party reports have also shared. Recently, we secured a PO of over 500,000 units for high-power GaN. And mind you, these are 7, 8, 10x bigger chips than used in lower power adapter-type applications, validating our leadership in high-power GaN.

現在也有獨立的第三方驗證證實了我們之前所說的相同的事情。例如，最近在 PCIM 歐洲貿易展和會議上發表了一篇技術論文，其中發表了 TGAN 或碳化矽在 5 千瓦應用中的優勢。客戶選擇了我們全系列的高功率 GaN 產品。我們的一些成功都建立在效率、性能、易用性和可靠性的基礎上，正如我們的客戶和第三方報告也分享的那樣。最近，我們獲得了超過 500,000 台的高功率 GaN 訂單。請注意，這些芯片比低功率適配器類型應用中使用的芯片大 7、8、10 倍，驗證了我們在高功率 GaN 領域的領先地位。

Blockchain computing is a power-hungry application where our GaN has enabled a 1% efficiency. And to put that in perspective, 1 system can save a few hundred kilowatt hours per year and well over 100 pounds of carbon footprint depending on what your source of energy is, with more than 50,000 metric tons of reduction possible just from our own 2022 outlook in blockchain computing and gaming alone.

區塊鏈計算是一個耗電量大的應用，我們的 GaN 實現了 1% 的效率。換個角度來看，一個系統每年可以節省幾百千瓦時和超過 100 磅的碳足跡，這取決於您的能源是什麼，僅根據我們自己的 2022 年展望，就可以減少 50,000 多公噸僅在區塊鏈計算和遊戲中。

Shown on the right here, in the server power segment, we, with our customers, have enabled titanium rating now for more than 4 years. Other GaN suppliers are trying to follow suit, which will all be good for the GaN market, and starting to talk about titanium efficiencies. Here again, our existing customers have increased their follow-on orders, and we anticipate further that initiatives and regulations like the EU ecodesign from 2023, we even increase further the need for high-efficiency high-power gain like that from Transphorm.

如右圖所示，在服務器電源領域，我們與客戶一起啟用鈦金屬評級已有 4 年多了。其他 GaN 供應商正試圖效仿，這對 GaN 市場都有利，並開始談論鈦的效率。再一次，我們現有的客戶增加了他們的後續訂單，我們進一步預計，從 2023 年開始，歐盟生態設計等舉措和法規，我們甚至會進一步增加對 Transphorm 等高效高功率增益的需求。

We aim to grow the high-power segment continuously and maintain our leadership position here. While there is a very significant growth for us in the various segments we outlined from low power to high power, the EV applications continue to present a massive long-term opportunity as the performance of GaN enables continued performance of the electric vehicles addressing and improving on fundamental issues of power loss, heat generation and range anxiety with high-power density enabled fast charging, reduced size, lower losses that ultimately result in higher range.

我們的目標是持續發展大功率細分市場並保持我們的領先地位。雖然在我們概述的從低功率到高功率的各個領域都有非常顯著的增長，但 EV 應用繼續提供巨大的長期機會，因為 GaN 的性能使電動汽車的性能能夠持續解決和改進高功率密度帶來的功率損耗、發熱和續航里程焦慮等基本問題可以實現快速充電、減小尺寸、降低損耗，最終實現更高的續航里程。

Transphorm is accelerating this opportunity for electric vehicles for GaN. It will accelerate in the next few years. Where today, Transphorm is addressing the EV markets, specific EV opportunity markets are in the areas of onboard chargers, DC/DC converters and upgrade DC-AC inverters with the main drive train inverter opportunity after 2025, '26 that can triple the accessible GaN content from about $70 to well over $200. As I also alluded to, we announced our preliminary 1,200 volts gallium nitride R&D results.

Transphorm 正在為 GaN 的電動汽車加速這一機會。未來幾年將加速。今天，Transphorm 正在解決 EV 市場，具體的 EV 機會市場在車載充電器、DC/DC 轉換器和升級 DC-AC 逆變器領域，以及 2025 年之後的主傳動系統逆變器機會，'26 可以使可訪問的 GaN 增加三倍內容從大約 70 美元到超過 200 美元不等。正如我還提到的，我們公佈了我們初步的 1,200 伏氮化鎵研發結果。

In fact, this week at a premier IEEE conference, the ISPSD including 800 volts of operations from our gallium nitride for which a 1,200-volt device is necessitated and with higher efficiency over competing 1,200-volt silicon carbide products that, of course, are well established in the market today. But it's a clear proof point that GaN is not sitting still. We are not sitting still. We are moving forward. Besides Transphorm has AEC automotive and qualified products today with our Gen IV power solutions that are already ramped in the market for various commercial and industrial power segments.

事實上，本週在一次重要的 IEEE 會議上，ISPD 包括來自我們的氮化鎵的 800 伏操作，需要 1,200 伏設備，並且與競爭的 1,200 伏碳化矽產品相比具有更高的效率，當然，這是很好的在今天的市場上成立。但這是一個明確的證據，即 GaN 並沒有坐以待斃。我們沒有坐以待斃。我們正在前進。此外，Transphorm 今天還擁有 AEC 汽車和合格產品，以及我們的第四代電源解決方案，這些解決方案已經在各種商業和工業電源領域的市場上大放異彩。

Now I'm going to turn our attention to our execution in the last quarter and then how we expect going forward. In the December quarter, we had announced several vectors driving our growth. We are very pleased in the March quarter, which is the fourth fiscal quarter of 2022 to achieve our ninth successive quarter of product revenue growth with a key highlight of Transphorm dominating in GaN high-power segments. Our latest proof point of our leadership is our largest single order 'til date for high-power GaNs of over 0.5 million units that we recently secured. We also continue to gain our share in the low-power fast charger segment and have secured multiple early wins at marquee customers that I'll outline in the next slide.

現在，我將把注意力轉向上一季度的執行情況，然後是我們對未來的預期。在 12 月季度，我們宣布了幾個推動我們增長的向量。我們很高興在 2022 年第四財季的 3 月季度實現了我們連續第九個季度的產品收入增長，其中 Transphorm 在 GaN 大功率領域佔據主導地位的一個關鍵亮點。我們領先地位的最新證明是我們最近獲得的超過 50 萬件高功率 GaN 的最大單筆訂單。我們還繼續在低功率快速充電器領域獲得份額，並在我將在下一張幻燈片中概述的大型客戶中獲得了多項早期勝利。

Our management focus remains squarely on product revenue growth, supply chain management and capacity expansion. Overall, we are seeing a very strong demand for the rest of the year and beyond as well as we are gaining share in every segment, including continued leadership in high power. We do face near-term headwinds due to the worldwide supply chain issues facing the industry today. This may land our fiscal Q2, which is the July to September quarter, more in line with fiscal Q1, which is the April to June quarter, resulting in approximately a 1 quarter shift. We anticipate that continued strong growth scenario from there on, targeting a robust 50% growth in the second half versus first half of the year. The midterm scenario through calendar 2023 remains very strong as our capacity initiatives, our current capacity initiatives are expected to be online.

我們的管理重點仍然是產品收入增長、供應鏈管理和產能擴張。總體而言，我們看到今年剩餘時間及以後的需求非常強勁，並且我們在各個領域都獲得了份額，包括在高功率領域的持續領先地位。由於當今行業面臨的全球供應鏈問題，我們確實面臨近期的不利因素。這可能會使我們的第二財季（即 7 月至 9 月季度）與第一財季（即 4 月至 6 月季度）更加一致，從而導致大約 1 個季度的變化。我們預計從那時起持續強勁的增長情景，目標是下半年與上半年相比強勁增長 50%。到 2023 年的中期情景仍然非常強勁，因為我們的產能計劃，我們當前的產能計劃預計將上線。

Thus, supply chain management as well as capacity expansion are our top focus areas over the next several quarters. We expect that with our strong balance sheet, leadership in high-power products and gaining share in lower power will allow us to continue this momentum forward.

因此，供應鏈管理和產能擴張是我們未來幾個季度最關注的領域。我們預計，憑藉我們強大的資產負債表、高功率產品的領先地位和在低功率產品中的份額，我們將繼續保持這一勢頭。

What we show here now is the key metrics in growth vectors that we achieved during the Jan to March quarter, and we had previously targeted as well as how they are shaping our future growth. First, product revenue in the quarter was $4 million, our ninth successive record quarter in this department and already representing 80% of the quarter's total revenue. We have in place a strong and record backlog 'til date, driven by continued and robust demand for our products. We continue to win and grow our share in the adapters and fast chargers.

我們現在在這裡展示的是我們在 1 月至 3 月季度實現的增長向量的關鍵指標，我們之前的目標以及它們如何塑造我們未來的增長。首先，本季度的產品收入為 400 萬美元，這是我們在該部門連續第九個創紀錄的季度，已經佔該季度總收入的 80%。在對我們產品的持續強勁需求的推動下，我們擁有強大且創紀錄的積壓訂單。我們繼續贏得併擴大我們在適配器和快速充電器方面的份額。

We added at least 5 design-ins in the last quarter, the January to March quarter. We also secured important design wins, including a laptop adapter win with a Tier 1 Fortune 100 company with the first 50,000 unit secured and pilot production wins, additional pilot production wins at a leading Asia-based smartphone manufacturer for 65-watt and a pilot order for a worldwide e-retailer for 140-watt adapters. We look to grow especially in the 100-plus watts segment. For example, the new USB-C PD 3.1 standard with enabling 140 watts, where we will have cutting-edge solutions by Transphorm and our valued partners who like the TGAN solution over competing GaN, say, e-mod or other products because of ease of interface and no external driver needed.

我們在最後一個季度，即 1 月至 3 月季度添加了至少 5 個設計插件。我們還獲得了重要的設計勝利，包括與一家財富 100 強企業贏得筆記本電腦適配器，獲得首批 50,000 台設備和試生產，贏得亞洲領先的 65 瓦智能手機製造商的額外試生產和試點訂單140 瓦適配器的全球電子零售商。我們希望特別是在 100 多瓦的領域有所增長。例如，支持 140 瓦的新 USB-C PD 3.1 標準，我們將擁有由 Transphorm 和我們重要的合作夥伴提供的尖端解決方案，他們喜歡 TGAN 解決方案而不是競爭 GaN，例如 e-mod 或其他產品，因為它易於使用接口，無需外部驅動程序。

We are pleased to leave in GaN for higher power, broadly speaking 300-watt to 4-kilowatt that is already in production at our customers today, where we continue to add design-ins now at 35-plus with over 15 in production.

我們很高興離開 GaN 以獲得更高的功率，從廣義上講，300 瓦到 4 千瓦的功率已經在我們的客戶中投入生產，我們現在繼續在 35+ 中添加設計，其中超過 15 個已投入生產。

It is notable that more than 50% of our revenues now are already in the higher-power segment that includes multi-kilowatt GaN solution. We aim to further grow and get into areas like energy, EV power e-mobility, where we are opening up new design-ins. We have 17 high-voltage GaN qualified and released products in our comprehensive portfolio today. Again, low power to high power, 650 volts, the only 900-volt product in the market, and many of these products are either in compact surface mount packages or thermally robust TO packages.

值得注意的是，我們現在超過 50% 的收入已經在包括多千瓦 GaN 解決方案在內的高功率領域。我們的目標是進一步發展並進入能源、電動汽車等領域，我們正在這些領域開闢新的設計。今天，我們全面的產品組合中有 17 款符合高壓 GaN 標準並已發布的產品。同樣，從低功率到高功率，650 伏，市場上唯一的 900 伏產品，其中許多產品要么採用緊湊的表面貼裝封裝，要么採用耐熱的 TO 封裝。

Our products do not have these limitations of package type. 3 of these products are already AEC automotive qualified parts today, including our Gen IV, with Gen V AEC to follow in the future.

我們的產品沒有這些包裝類型的限制。其中 3 款產品今天已經通過了 AEC 汽車認證，包括我們的 Gen IV，未來還會有 Gen V AEC。

As I mentioned, a significant emphasis and positive challenge now is on the capacity expansion and managing product revenue for rapid growth in what is still a very challenging worldwide supply chain environment for the next couple of quarters. While we have achieved sufficient peak package adapter product growth and capacities as we previously had also mentioned, now we have expansion efforts underway for high-power packaged products and both internal and external wafer capacity in the areas of epi wafer growth and wafer production.

正如我所提到的，現在一個重要的重點和積極的挑戰是在未來幾個季度仍然非常具有挑戰性的全球供應鏈環境中，產能擴張和管理產品收入以實現快速增長。正如我們之前提到的，雖然我們已經實現了足夠的峰值封裝適配器產品增長和產能，但現在我們正在努力擴大高功率封裝產品以及外延晶圓增長和晶圓生產領域的內部和外部晶圓產能。

So 3 takeaways with our record quarter: product revenue growth with leadership in high power GaN; gaining all around and focus on supply chain execution; and multiple capacity initiatives ongoing. Strategic partners have always been important for our business. First and foremost, top of the list now this includes manufacturing and capacity increases and partners who we are working with. The global wafers partnership and epi expansion is on track, with completion scheduled for mid-calendar year 2023. We are managing on track with our AFSW fab joint venture with our financial strategic partner and planning further increases in capacity, wafer fab capacity, in the second half of the calendar year 2022 and 2023 to keep up with the rising demand that we are seeing.

因此，我們創紀錄的季度有 3 個收穫：在高功率 GaN 領域處於領先地位的產品收入增長；全方位了解並專注於供應鏈執行；多項能力舉措正在進行中。戰略合作夥伴一直對我們的業務很重要。首先，最重要的是，現在這包括製造和產能增加以及我們正在合作的合作夥伴。全球晶圓合作夥伴關係和外延擴展正在按計劃進行，計劃於 2023 年年中完成。我們正在與我們的財務戰略合作夥伴建立 AFSW 晶圓廠合資企業，併計劃進一步增加產能，晶圓晶圓廠產能，在2022 年和 2023 年下半年，以跟上我們所看到的不斷增長的需求。

In the industrial and automotive segment, our partners who also happen to be valued shareholders in TGAN are working closely with us. We expect to complete the Yaskawa development program payment in the imminent future and have updated the development plan with Yaskawa for cost-effective innovative solutions for robotic applications. Nexperia, who is also our automotive partner and licensee, customer partner for IP wafer and fab wafer supply, has recently demonstrated independently a 35-kilowatt GaN inverter for EVs at the APEC trade show in Houston.

在工業和汽車領域，我們的合作夥伴也恰好是 TGAN 的重要股東，正在與我們密切合作。我們預計在不久的將來完成安川開發計劃付款，並與安川更新開發計劃，為機器人應用提供具有成本效益的創新解決方案。 Nexperia 也是我們的汽車合作夥伴和被許可方、IP 晶圓和晶圓廠晶圓供應的客戶合作夥伴，最近在休斯頓的 APEC 貿易展上獨立展示了用於電動汽車的 35 千瓦 GaN 逆變器。

The next milestone for us in this area is the AEC qualification of our Gen V products, which we are already commercially qualified and already ramped in the market for commercial production. Other EV, DC/DC and OBC opportunities currently with Japan-based Tier 2, Tier 1s and Marelli for charger and converter are in progress with midterm insertion possibilities. The government revenue business stream remains steady, with targeted $0.9 million in the Jan to March quarter done on track, driven by our Navy program of epi wafer manufacturing. And like before, excellent results on the 1,200-volt GaN with our ARPA-E program.

我們在這一領域的下一個里程碑是我們第五代產品的 AEC 認證，我們已經獲得了商業認證，並且已經在市場上進行了商業生產。目前與總部位於日本的 Tier 2、Tier 1s 和 Marelli 的充電器和轉換器的其他 EV、DC/DC 和 OBC 機會正在進行中，並有中期插入的可能性。政府收入業務流保持穩定，在我們的海軍外延晶圓製造計劃的推動下，1 月至 3 月季度的 90 萬美元目標按計劃完成。和以前一樣，我們的 ARPA-E 程序在 1,200 伏 GaN 上取得了優異的成績。

Additional RF epi, especially government epi customers are ongoing, but the primary focus now is on satisfying our internal power products for the rapid demand and rapid growth that we are seeing.

額外的射頻外延，尤其是政府外延客戶正在進行中，但現在的主要重點是滿足我們的內部電源產品，以滿足我們所看到的快速需求和快速增長。

All in all, we are very excited to be in the midst of an all-round GaN adoption growth phase with Transphorm and our good fellow GaN companies in the market. TGAN focus remains in 3 key areas: expanding our leadership in high-power GaN; gaining share in the adapters and fast chargers; and capacity expansion. First, keeping up and then next year, staying ahead of the very strong demand that our products are generating.

總而言之，我們很高興能與 Transphorm 和我們在市場上的優秀 GaN 公司一起處於全面的 GaN 採用增長階段。 TGAN 的重點仍然在 3 個關鍵領域：擴大我們在高功率 GaN 領域的領導地位；在適配器和快速充電器中獲得份額；和產能擴張。首先，跟上，然後在明年，領先於我們產品產生的非常強勁的需求。

With that, over to Cameron to present the detailed picture of our financials.

有了這個，卡梅倫來展示我們財務的詳細情況。

Thank you very much, and hello to everyone joining us today. Let me start with a brief recap of our unaudited results for our more -- most recently completed quarter. Please note that these results are subject to the completion of our audit procedures. We anticipate filing our 10-K for our fiscal year ended March 31 in mid-June.

非常感謝您，並向今天加入我們的每個人問好。讓我先簡要回顧一下我們最近完成的季度的未經審計的結果。請注意，這些結果取決於我們的審計程序是否完成。我們預計在 6 月中旬提交截至 3 月 31 日的財政年度的 10-K。

For my remarks, I will refer both to GAAP and non-GAAP results, which are reconciled to GAAP in our press release table. Non-GAAP results exclude stock-based compensation, depreciation and amortization and adjustments to fair value of our previously held convertible notes. Starting with the income statement.

對於我的評論，我將參考 GAAP 和非 GAAP 結果，它們在我們的新聞稿表中與 GAAP 一致。非公認會計原則的結果不包括基於股票的補償、折舊和攤銷以及我們之前持有的可轉換票據的公允價值調整。從損益表開始。

Total GAAP and non-GAAP revenue, comprising product and government, was $4.9 million in the quarter. This represents a 7% quarterly growth when compared to $4.6 million product and government revenue for the prior quarter. Total revenue for FY '22 was $24.1 million, an increase of 89% in the prior fiscal year. This quarterly and year-over-year increase was driven by record product sales from ramping shipments. Product revenue now forms the majority of our total revenue number, over 80% in the quarter just completed and over 50% for the year.

本季度包括產品和政府在內的 GAAP 和非 GAAP 總收入為 490 萬美元。與上一季度 460 萬美元的產品和政府收入相比，這意味著季度增長 7%。 22 財年的總收入為 2410 萬美元，比上一財年增長 89%。這一季度和同比增長是由出貨量增加導致創紀錄的產品銷售推動的。產品收入現在占我們總收入的大部分，剛剛完成的季度超過 80%，全年超過 50%。

Continuing to focus on product sales. Our last quarter saw our ninth successive quarter of product revenue growth and record product revenue of over $4 million. This represents a 10% increase from the prior quarter. Product sales for FY '22 grew 190% in FY '21. This growth has been driven across a broad range of per conversion applications, including fast chargers and adapters, gaming, data center and crypto.

繼續專注於產品銷售。我們上個季度的產品收入連續第九個季度增長，產品收入創紀錄地超過 400 萬美元。這比上一季度增長了 10%。 22 財年的產品銷售額在 21 財年增長了 190%。這種增長是在廣泛的每次轉換應用中推動的，包括快速充電器和適配器、遊戲、數據中心和加密。

The overall blended gross margin for the year was 48%. The gross margin in the quarter was 23%. The company is progressing nicely towards its long-term model of gross margins in excess of 40%. A number of actions, including new product introductions, discrete ongoing cost efficiency activities and benefits that we will receive as we continue to grow and scale will contribute to this.

全年的整體混合毛利率為 48%。本季度毛利率為23%。該公司正朝著毛利率超過 40% 的長期模式取得良好進展。許多行動，包括新產品推出、離散的持續成本效率活動以及隨著我們不斷發展和擴大規模而獲得的收益，都將有助於實現這一目標。

Operating expenses on a non-GAAP basis were $4.7 million in the current quarter compared to $4.5 million in the prior quarter. This modest growth being primarily driven by an expansion in our sales and applications team to support our increased revenue, together with one-off compliance costs tied to our uplisting to Nasdaq. When comparing non-GAAP OpEx in the same quarter of the prior year, we saw a 16% increase, due primarily to personnel increases across the company, ongoing compliance costs and strong R&D spend.

本季度按非公認會計原則計算的運營費用為 470 萬美元，而上一季度為 450 萬美元。這種適度的增長主要是由於我們的銷售和應用團隊的擴張以支持我們增加的收入，以及與我們在納斯達克上市相關的一次性合規成本。在比較去年同期的非 GAAP 運營支出時，我們看到增長了 16%，這主要是由於整個公司的人員增加、持續的合規成本和強大的研發支出。

Turning to EPS. I will focus my remarks here on non-GAAP results. The revenue growth allied to continued OpEx management resulted in a non-GAAP EPS loss of $0.08 in the quarter, a $0.01 improvement on Q3. Our non-GAAP EPS for the fiscal year improved $0.20 to a non-GAAP EPS loss of $0.22 for the year. From an operational perspective, we continue to see strong traction in our targeted markets. Q4 saw record product bookings contributing to a strong backlog position. This record is excluding the over 500,000 unit production order the company booked for kilowatt class power supplies, which was received in the current quarter. The company is fully booked for the current quarter, our short-term focus being on product execution and enabling capacity expansion to support medium to long-term growth.

轉向EPS。我將把我的評論集中在非公認會計原則的結果上。與持續運營支出管理相關的收入增長導致本季度非公認會計準則每股收益虧損 0.08 美元，比第三季度增加 0.01 美元。我們本財年的非 GAAP 每股收益提高了 0.20 美元，全年非 GAAP 每股收益虧損 0.22 美元。從運營角度來看，我們繼續在目標市場看到強大的吸引力。第四季度，創紀錄的產品預訂量促成了強大的積壓狀況。該記錄不包括該公司在本季度收到的超過 500,000 台千瓦級電源的生產訂單。該公司本季度的訂單已滿，我們的短期重點是產品執行和產能擴張，以支持中長期增長。

Turning now to the balance sheet. FY '22 saw a great deal of progress. The cash position improved by $25 million due to our strong raise activity in the year. We exited the year with $34 million in cash, providing a stable runway for the company to grow. We also significantly reduced our liabilities in the year, firstly, in the first half of FY '22 through our execution on the $10 million development loan. And in October, our long-term partner, Yaskawa, converted their $15 million loan into equity.

現在轉向資產負債表。 22 財年取得了很大進展。由於我們今年的強勁籌資活動，現金狀況增加了 2500 萬美元。我們以 3400 萬美元的現金結束了這一年，為公司的發展提供了穩定的跑道。我們還通過執行 1000 萬美元的開發貸款，顯著減少了今年的負債，首先是在 22 財年上半年。 10 月，我們的長期合作夥伴 Yaskawa 將其 1500 萬美元的貸款轉換為股權。

The combination of these activities has improved the shareholders' equity position by over $55 million in the fiscal year. These activities provide the company a strong platform to enter this fiscal year. Looking ahead, we will remain open to opportunities to further strengthen our balance sheet to ensure that we are able to continue to invest in our growth. We also successfully completed our targeted uplifting to Nasdaq in the quarter and have seen a strong increase in trading volume in the period since this was completed.

這些活動的結合使本財年的股東權益狀況提高了超過 5500 萬美元。這些活動為公司進入本財年提供了強有力的平台。展望未來，我們將繼續把握機會，進一步加強我們的資產負債表，以確保我們能夠繼續投資於我們的增長。我們還成功地在本季度完成了對納斯達克的定向上調，並且在完成後的這段時間內交易量出現了強勁增長。

Transitioning from our financial performance, I wanted to touch on our positioning. The company is well positioned to grow across multiple segments, including consumer, data centers, crypto mining, industrial and, in the longer-term, EV. We are now at a stage where we have seen and continue to see strong adoption and, as illustrated in our presentation, revenue growth. Revenue traction exists today in several segments, including customer data centers, crypto and industrial applications. Looking ahead, our strong balance sheet will allow us to continue to invest in our growth engine across all aspects of the company, both from a staffing and a capacity perspective.

從我們的財務表現過渡，我想談談我們的定位。該公司有能力在多個領域實現增長，包括消費者、數據中心、加密貨幣挖礦、工業以及長期的電動汽車。我們現在處於一個我們已經看到並繼續看到強勁採用的階段，並且如我們的演示文稿所示，收入增長。如今，收入牽引力存在於多個領域，包括客戶數據中心、加密貨幣和工業應用。展望未來，我們強勁的資產負債表將使我們能夠從人員配備和產能的角度繼續投資於公司各個方面的增長引擎。

With this strong foundation in place, our focus turns to execution, ensuring that we can support the growing demand in what we will believe will be a broad market inflection point in the medium term. In addition to our existing revenue streams, we expect to see initial wins in the automotive segment in this time frame. From the other company, will drive towards our long-term target model, enabled by continued momentum across multiple segments.

有了這個堅實的基礎，我們的重點轉向執行，確保我們能夠支持不斷增長的需求，我們認為這將是中期廣泛的市場拐點。除了我們現有的收入來源外，我們預計在這個時間框架內會看到汽車領域的初步勝利。另一家公司將推動我們的長期目標模型，這得益於多個細分市場的持續發展勢頭。

Concluding now with a few key highlights. Transphorm, publicly listed on the Nasdaq Exchange, is a pioneer and leading provider of GaN power conversion devices. We have disruptive technology that provides solutions today across a number of significant growing markets. We have established a strong network of blue-chip partners, including KKR, Marelli, SAS, Yaskawa and others. We are commercially ramping with strong production revenue growth now growing for 9 successive quarters. We have a comprehensive product offering today that meets our customers' needs across a wide range of power levels and segments. All of which is underpinned by a strong balance sheet, the industry's strongest IP position and a deep and talented team.

現在以幾個關鍵亮點結束。 Transphorm 在納斯達克交易所上市，是 GaN 功率轉換器件的先驅和領先供應商。我們擁有顛覆性技術，可為當今許多重要的增長市場提供解決方案。我們建立了強大的藍籌合作夥伴網絡，包括 KKR、Marelli、SAS、Yaskawa 等。我們正在商業化，強勁的生產收入增長現在連續 9 個季度增長。今天，我們提供全面的產品，可滿足客戶在各種功率級別和細分市場的需求。所有這一切都以強大的資產負債表、業界最強大的知識產權地位以及深厚而才華橫溢的團隊為基礎。

This completes our prepared materials and remarks. We'd now like to open the call to any questions. Operator, please proceed with the Q&A portion of the call.

這完成了我們準備好的材料和評論。我們現在想打開任何問題的電話。接線員，請繼續電話的問答部分。

(Operator Instructions) Our first question will come from David Williams with The Benchmark Company.

（操作員說明）我們的第一個問題將來自 Benchmark Company 的 David Williams。

Congrats on the progress, and very impressive design win results and orders there.

祝賀取得的進展，非常令人印象深刻的設計贏得了結果和訂單。

Thank you.

謝謝你。

Thanks, David.

謝謝，大衛。

Yes. If we kind of step back and look at just the strength of those design wins, it seems like there could be more opportunities here than maybe resources. You talked about adding the capacity. But I guess as you kind of look out the next 6 to 12 months, do you feel that you have enough internal capacity that you can fulfill these orders, at least to some degree? Or how do you kind of think about, I guess, the backlog and fulfilling this demand?

是的。如果我們退後一步，只看那些設計勝利的力量，似乎這裡可能有比資源更多的機會。你談到了增加容量。但我想，當你展望未來 6 到 12 個月時，你是否覺得你有足夠的內部能力來完成這些訂單，至少在某種程度上？或者，我猜你是如何考慮積壓和滿足這一需求的？

Thank you for that. So yes, we are seeing a very strong demand. And like we said, a record backlog is in place. We obviously fulfill -- strive to fulfill this opportunity across the range. But like I also said, we have capacity to fulfill today and are adding more capacity as we go online. The next 2 to 3 quarters is really where the supply chain, in part, limited by the worldwide supply chains. And what we need in coming to increase that capacity will be something we'll be watching very, very closely. And overall, the picture doesn't change.

謝謝你。所以是的，我們看到了非常強勁的需求。就像我們說的那樣，記錄積壓已經到位。我們顯然實現了——努力在整個範圍內實現這個機會。但就像我也說過的，我們今天有能力實現，並且隨著我們上線，我們正在增加更多的能力。接下來的 2 到 3 個季度，供應鏈確實在一定程度上受到全球供應鏈的限制。我們需要什麼來增加這種能力，我們將非常非常密切地關注。總的來說，情況沒有改變。

We have several capacity efforts going on, which will come online all towards the end of this year and then in 2023, like I alluded in the call. So the next few quarters, like I alluded to, we have to grapple with the capacity balancing that with the demand, which is looking very strong.

我們正在進行幾項容量工作，這些工作將在今年年底和 2023 年全部上線，就像我在電話會議中提到的那樣。所以接下來的幾個季度，就像我提到的那樣，我們必須努力平衡產能與需求，這看起來非常強勁。

Okay. Great. And then you'd mentioned this in the script at APEC, but there was a traction inverter design that we saw that appeared to be a GaN-based traction inverter. And it was the first one we had seen. Just curious if you could give us any color. And if I'm not mistaken, I think, Nexperia has a license agreement with your products. Is that -- am I thinking about that right? And how do you think about that traction inverter? It seems like maybe that's pulling forward a little bit faster than what we would have anticipated.

好的。偉大的。然後你在 APEC 的腳本中提到了這一點，但我們看到的牽引逆變器設計似乎是基於 GaN 的牽引逆變器。這是我們看到的第一個。只是好奇你能不能給我們任何顏色。如果我沒記錯的話，我認為 Nexperia 與您的產品簽訂了許可協議。那是——我在想對嗎？您如何看待牽引逆變器？看起來這可能比我們預期的要快一點。

No, it's a great proof point. And as you rightly said, all those statements are correct. Nexperia did it with their products. They have a license agreement with Transphorm for the GaN as well. And it's a fantastic proof point for gallium nitride. That it was a demonstration, but it's a fantastic proof point that the 35-kilowatt inverter was demonstrated.

不，這是一個很好的證明點。正如你所說的那樣，所有這些陳述都是正確的。 Nexperia 用他們的產品做到了這一點。他們還與 Transphorm 簽訂了 GaN 許可協議。這是氮化鎵的絕佳證明點。這是一個演示，但它是 35 千瓦逆變器演示的絕佳證明點。

Okay. Great. And then maybe just lastly for me is how you're thinking about the business. It seems like we're in a bit of a decelerating macro here. But I think, at least from your perspective, it's more of a demand is driven by the transition in technology and lift from demand from end consumption. So as I kind of think about, I guess, your performance through the cycle or maybe through a downturn, how should we think about your business?

好的。偉大的。然後也許最後對我來說是你對業務的看法。看起來我們在這裡有點減速宏。但我認為，至少從您的角度來看，更多的是一種需求是由技術轉型驅動的，以及最終消費需求的提升。所以當我想，我想，你在整個週期或經濟低迷時期的表現，我們應該如何看待你的業務？

No, that is well framed. So our demand gallium nitride in general, Transphorm and gallium nitride in general is the technology transition to newer products, right? So it is -- the demand has been strong. Our supply side, supply chain growth, capacity growth are the important things that we will focus on. But like I said, this was our -- we just recently landed a 0.5 million order in higher power that we mentioned. Our largest order to date was the recent win that we secured and we hope to be targeting those kind of things as we go forward.

不，那是很好的框架。所以我們對氮化鎵的總體需求，Transphorm 和氮化鎵總體上是向更新產品的技術過渡，對吧？所以它是 - 需求一直很強勁。我們的供應端、供應鏈增長、產能增長是我們將重點關注的重要事項。但就像我說的，這是我們的——我們最近剛剛獲得了我們提到的更高功率的 50 萬份訂單。迄今為止，我們最大的訂單是我們最近獲得的勝利，我們希望在我們前進的過程中瞄準這些事情。

Our next question will come from Ananda Baruah with Loop Capital.

我們的下一個問題將來自 Loop Capital 的 Ananda Baruah。

Congrats on the progress as well. I guess this could be for Mario and for Primit. Mario -- I mean, Primit, just to your remarks just a moment ago about macro, have you -- it sounds like you guys are not yet seeing what you would consider to be an incremental impact from macro or sort of slowing economic growth. I just want to make sure that, that is in fact accurate that you guys are not yet seeing that as far as you can tell.

也祝賀進步。我想這可能適用於馬里奧和普里米特。馬里奧——我的意思是，普里米特，就你剛才關於宏觀的評論，你有沒有——聽起來你們還沒有看到你認為宏觀或經濟增長放緩帶來的增量影響。我只是想確保這實際上是準確的，就你們所知，你們還沒有看到這一點。

Yes, I'll answer it first. Mario may add his comments after that. Yes, so we are not to a first order, actually. We are not seeing that yet. Sometimes to a second order, we see it, for example, some of our customers are designing complex systems, right? That has many other parts in it. And even though the customers are ready to go with our solution, they could be short of an IC, some other silicon product IC or some other component in their BoM, of their system, which could delay our design-in. So those kind of things, we are seeing but overall macro, we are not yet seeing a direct impact yet, which I guess is a good thing. And then we are striving to increase our capacity to keep up with the demand.

是的，我會先回答。馬里奧可能會在那之後添加他的評論。是的，所以實際上我們不是第一個訂單。我們還沒有看到。有時對於第二個訂單，我們會看到它，例如，我們的一些客戶正在設計複雜的系統，對嗎？這裡面還有很多其他的部分。即使客戶已準備好採用我們的解決方案，他們的系統可能缺少 IC、其他矽產品 IC 或 BoM 中的其他組件，這可能會延遲我們的設計。因此，我們正在看到這類事情，但總體而言，我們尚未看到直接影響，我認為這是一件好事。然後我們正在努力提高我們的能力以滿足需求。

Definitely, we haven't seen anything like that. And demand is very strong, and we're changing after it for the next couple of quarters. Now we are in semiconductors, so this is not new, so. But we haven't seen any evidence at the moment that there is a slowdown.

當然，我們還沒有見過這樣的事情。需求非常強勁，我們將在接下來的幾個季度中做出改變。現在我們在半導體領域，所以這並不新鮮，所以。但目前我們還沒有看到任何證據表明經濟放緩。

Mario, that's super helpful. And then to Primit's remark, this is more of a clarification question, guys. Primit, you made a remark about -- and please just sort of correct this for me. You made a remark, that I heard, something along the lines of we can -- sort of supply chain isn't really necessarily an issue right now, but maybe 2, 3 quarters out, it could be. And Mario it's something, maybe that's kind of what you were saying as well. Could you just clarify that for me? I just want to make sure that I understand that accurately.

馬里奧，這非常有幫助。然後對於 Primit 的評論，伙計們，這更像是一個澄清問題。普里米特，你發表了評論——請為我糾正一下。你說了一句，我聽說，我們可以做到——供應鏈現在不一定是一個問題，但也許 2、3 個季度後，它可能是。和馬里奧這件事，也許這就是你所說的。你能幫我澄清一下嗎？我只是想確保我準確地理解了這一點。

No. Actually, the supply chain, yes. So we have to focus, definitely manage the supply chain and focus on the supply chain downstream, our own wafer production and the raw materials, spare parts, consumables, et cetera, that we need. So we have to manage the supply chain. Our demand is growing fast, right? And we have a record backlog in place. So for the next couple of quarters, the supply chain and our own capacity is an important for us to watch out.

不。實際上，供應鏈，是的。因此，我們必須集中精力，絕對管理供應鏈，並專注於下游供應鏈、我們自己的晶圓生產以及我們需要的原材料、備件、消耗品等。所以我們必須管理供應鏈。我們的需求正在快速增長，對吧？我們有記錄的積壓工作。因此，在接下來的幾個季度中，供應鍊和我們自身的產能對我們來說非常重要。

Beyond that, our capacity initiatives that we have already put in place will bear fruit to increase our capacity, say, towards end of this year end and going into 2023. So the next couple of quarters, while the demand is very strong, no change in increasing demand. Our supply chain and capacity is something we'll be watching very carefully.

除此之外，我們已經實施的產能計劃將取得成果，以增加我們的產能，例如，在今年年底和 2023 年之前。所以接下來的幾個季度，雖然需求非常強勁，但沒有變化在日益增長的需求中。我們將非常仔細地觀察我們的供應鍊和產能。

Yes. And just to add to that. The last couple of quarters, we've been working very hard to monitor a very tight supply chain. So that continues going forward, at least for the rest of the year as far as we can see it. So that's why we consider it prudent to say we could have headwinds because the supply chain continues to be very tight. Hopefully, it will be successful on.

是的。只是為了補充一點。過去幾個季度，我們一直在努力監控非常緊張的供應鏈。因此，就我們所見，至少在今年剩下的時間裡，這種情況仍在繼續。這就是為什麼我們認為謹慎地說我們可能會遇到逆風，因為供應鏈仍然非常緊張。希望它會成功。

That's really helpful clarification. And last one for me right now is, I guess, on the new win, the 500,000 unit win, how -- timing for delivery on that, how are you guys thinking about that? That would be helpful.

這真的很有幫助。現在對我來說最後一個是，我想，關於新的勝利，500,000 單位的勝利，如何 - 交付時間，你們怎麼想的？那會很有幫助。

The timing is over the next few quarters.

時間安排在接下來的幾個季度。

Our next question will come from Fahad Najam with Loop Capital.

我們的下一個問題將來自 Loop Capital 的 Fahad Najam。

Mario, on the 500,000 new unit order win, can you maybe tell us a little bit more about this and what application this is targeting, what ASPs, if you can share? Anything you can share with us on this new order win.

馬里奧，在贏得 500,000 個新單位訂單的情況下，您能否告訴我們更多關於此的信息以及此應用程序的目標，哪些 ASP，如果您可以分享？您可以在此新訂單中與我們分享任何內容。

Well, we are receiving -- the customer privacy at this moment, right? But we did say this Fortune 100 computer manufacturer.

好吧，我們現在正在接收 - 客戶隱私，對嗎？但我們確實提到了這家財富 100 強的計算機製造商。

I'll just clarify that. It's a higher power design-in, so with our TO247 products that Transphorm is absolute leader in. It's in the -- like we said, it's in the 3-kilowatt plus class segment. So that is what we said, 3-kilowatt plus. That's the key point that Transphorm is dominating in this, is leading -- leadership position in the kilowatt class segment where other gallium nitride has not yet penetrated. So it's our TO247, 3-kilowatt class. Generally, they apply to various segments like crypto mining, data server, energy, those kind of products.

我只是澄清一下。這是一種更高功率的設計，因此 Transphorm 在我們的 TO247 產品中絕對處於領先地位。正如我們所說，它屬於 3 千瓦以上級別的細分市場。這就是我們所說的，3 千瓦以上。這是 Transphorm 在這方面占主導地位的關鍵點，在其他氮化鎵尚未滲透的千瓦級領域處於領先地位。所以這是我們的 TO247，3 千瓦級。一般來說，它們適用於各種領域，如加密挖掘、數據服務器、能源等產品。

Got it. And what kind of ASPs do you think this segment enjoys? And what are the trends in this segment?

知道了。您認為該細分市場喜歡什麼樣的 ASP？這部分的趨勢是什麼？

Generally speaking, those ASPs, as you can imagine, scale with the power level are in the -- well in the multi-dollar range.

一般來說，您可以想像，那些隨功率水平擴展的 ASP 在 - 好在多美元的範圍內。

Got it. And then on the supply chain side, are you guys able to get access to your technology like from your suppliers like AIXTRON? Anything you can share with us on your supply chain constraints or anything or any update on that supply chain?

知道了。然後在供應鏈方面，你們是否能夠從像 AIXTRON 這樣的供應商那裡獲得您的技術？您可以與我們分享有關您的供應鏈限製或該供應鏈的任何內容或任何更新的任何信息？

Yes. So we work closely with our partners like AIXTRON that you mentioned, they are extremely collaborative working with Transphorm. We also have, as you can imagine, there are many downstream elements in supply chain, including from like larger companies like AIXTRON to smaller companies for spare parts and consumables. So all of that entire value ecosystem has to be managed. So it's not just one kind of out there, right? The key partners, like the example you gave, we work extremely closely together.

是的。因此，我們與您提到的 AIXTRON 等合作夥伴密切合作，他們與 Transphorm 的合作非常密切。正如您可以想像的那樣，我們還擁有供應鏈中的許多下游元素，包括從像 AIXTRON 這樣的大公司到備件和消耗品的小公司。因此，必須管理所有整個價值生態系統。所以它不僅僅是一種存在，對吧？關鍵合作夥伴，就像你舉的例子一樣，我們非常密切地合作。

Okay. And then one last question for me. Maybe I misheard you, but if I recall in the past, you had targeted entering the EV market by 2025. But I think on the call today, you said 2026. Did I hear that correctly? Maybe can you rehash or remind us when do you expect to have meaningful penetration in the EV market?

好的。然後是我的最後一個問題。也許我聽錯了，但如果我記得過去，你的目標是到 2025 年進入電動汽車市場。但我想在今天的電話會議上，你說的是 2026 年。我沒聽錯嗎？也許您能重新討論或提醒我們您預計何時會在電動汽車市場取得有意義的滲透？

No, in part correct. So what we had said in kind of the 2024 time frame, getting the onboard charger and DC/DC converter opportunities that we are in the design-ins today. What I said is from 2026, it opens up the TAM for the inverter, the EV powertrain, which significantly increases the GaN content possible in the automotive by 3x because these are much higher-power levels. Hence the larger amounts of total semiconductor area and total semiconductor products used.

不，部分正確。因此，我們在 2024 年的時間框架中所說的，獲得了我們今天在設計中的車載充電器和 DC/DC 轉換器機會。我所說的是從 2026 年開始，它為逆變器、EV 動力總成開闢了 TAM，這使汽車中可能的 GaN 含量顯著增加了 3 倍，因為這些功率水平要高得多。因此，使用的總半導體面積和總半導體產品數量更大。

So we are today designing into the onboard charger DC/DC converter, that's earlier -- that's midterm, but that's an earlier time frame. The inverter, the drivetrain inverter, that's a later time frame, which is what we had said before as well.

所以我們今天正在設計車載充電器 DC/DC 轉換器，那是更早的——那是中期，但那是更早的時間框架。逆變器，傳動系統逆變器，這是一個較晚的時間框架，這也是我們之前所說的。

(Operator Instructions) And our next question will come from Richard Shannon with Craig-Hallum Capital.

（操作員說明）我們的下一個問題將來自 Craig-Hallum Capital 的 Richard Shannon。

Maybe ask a financial one here is I just want to make sure I'm kind of putting the things together, you're right, so you're talking about pretty strong demand, but perhaps some supply chain constraints here. So I guess just thinking about revenues going forward here, especially as we look at it more from the product side point of view, are we looking for a flattening of the curve here for a quarter or 2? Or is it still going to grow but at a slower pace? I just want to make sure I'm getting the key leads right on this. How can you help us understand that better, please?

也許在這裡問一個財務問題，我只是想確保我把這些東西放在一起，你是對的，所以你說的是相當強勁的需求，但這裡可能存在一些供應鏈限制。所以我想只是考慮一下這裡的收入，特別是當我們更多地從產品方面來看它時，我們是否在尋找曲線在一個季度或兩個季度內趨於平緩？還是它仍然會增長但速度較慢？我只是想確保我在這方面得到了關鍵線索。請您如何幫助我們更好地理解這一點？

Sure. No, I think, Richard, we are seeing, as Primit mentioned, we are seeing some headwinds there. And it may be that the September quarter lands more in line with the June quarter, so there's a flattening there. But from there, we do see a resumption of strong growth, and there's a 50% target in the second half versus the first half of the year. So really just a 1-quarter shift as much as anything else. It's certainly not a demand issue, and it's certainly not a growth issue.

當然。不，我認為，理查德，正如普里米特所說，我們看到了一些不利因素。並且可能是 9 月季度與 6 月季度更加一致，因此那裡出現了扁平化。但從那時起，我們確實看到了強勁增長的恢復，下半年與上半年相比，目標是 50%。所以真的只是一個四分之一的班次，就像其他任何事情一樣。這當然不是需求問題，當然也不是增長問題。

Okay. So just to make sure I understand this, Cameron, you said September kind of in line with June, but how do we think about June? Is June still a growth quarter here, at least, from a product point of view or not necessarily?

好的。所以只是為了確保我理解這一點，卡梅倫，你說 9 月有點像 6 月，但我們如何看待 6 月？至少從產品的角度來看，6 月份是否仍然是一個增長季度？

I think that you can expect to see a continuation of growth in the June quarter. I mean I think we don't guide specifically, but the demand is there. And we're continuing to execute towards that. I did mention that we were fully booked as well, Richard. So there are constraints in that regard. But I think the flattening is more than that kind of June to September quarter and then a kind of resumption of the growth trajectory from there.

我認為您可以期望在 6 月季度看到繼續增長。我的意思是我認為我們沒有具體指導，但需求是存在的。我們將繼續朝著這個方向努力。我確實提到我們也訂滿了，理查德。所以在這方面存在限制。但我認為扁平化不僅僅是那種 6 月到 9 月的季度，然後是從那裡恢復增長軌跡。

Got it. Okay. That is helpful. Maybe, Cameron, another one for you on gross margin, specifically on the product side here. Obviously, you don't do any that specifically, but if I'm trying to read the numbers here right here, it seems like product gross margins have grown here a bit quarter-to-quarter. Maybe you can give us a sense of the degree to which that is mix versus yield and how that's tracking and how you think about kind of the path to getting to that 40% plus gross margin number.

知道了。好的。這很有幫助。也許，卡梅倫，另一個毛利率給你，特別是在產品方面。顯然，您並沒有專門做任何事情，但是如果我想在這裡閱讀這些數字，那麼產品毛利率似乎每季度都有一點增長。也許你可以讓我們了解混合與收益率的關係，以及它是如何跟踪的，以及你如何看待達到 40% 以上毛利率的途徑。

Sure. Sure. I think over the course of the year, I think product and government was 23% for the quarter, 22% for the year. And I think that's relatively stable over the course of each quarter aside from the occasional blip that you get, which is kind of typically mix-driven. I think for us, I mean, we're pleased with where we are.

當然。當然。我認為在這一年中，我認為產品和政府在本季度為 23%，全年為 22%。我認為這在每個季度的過程中都是相對穩定的，除了你偶爾會得到的信號，這通常是混合驅動的。我想對我們來說，我的意思是，我們對我們所處的位置感到滿意。

I think what we have to do now over the course of the next year and beyond is look at different opportunities to improve the margin. That's cost efficiency, that's new product introduction, that's the opportunities you get from growing the business as well, Richard. And I think that each one of those factors will help improve the margin as we think about the long-term target of 40%.

我認為在明年及以後的過程中，我們現在必須做的是尋找不同的機會來提高利潤率。那是成本效率，那是新產品的推出，那也是你從業務發展中獲得的機會，理查德。而且我認為，當我們考慮 40% 的長期目標時，這些因素中的每一個都將有助於提高利潤率。

Okay. Perfect, Cameron. Primit, my last question for you as we think about the kind of high-power segment of the market here. I think you're suggesting or even stating directly that you don't believe any other GaN companies are supplying kilowatt class opportunities here. So maybe if you can discuss whether you're seeing that imminent inflection by other GaN guys. And then also thinking on the other side against silicon, what are the things -- what are the obstacles and accelerators for you getting more share of that market?

好的。完美，卡梅倫。 Primit，當我們考慮這裡的高功率市場時，我要問你的最後一個問題。我認為您是在暗示甚至直接表示您不相信任何其他 GaN 公司在這裡提供千瓦級的機會。因此，如果您可以討論一下您是否看到其他 GaN 公司即將發生的變化。然後在另一邊思考矽，有什麼東西——你獲得更多市場份額的障礙和加速器是什麼？

Sure. So to the first point, to the best we can see, no other GaN companies is at least ramped to the extent that we have. There may have been an isolated product announcement a year or so, but not certainly in the volumes that we have had and the diversity of customers and products in the market that we have had, not the company's product, but customer systems in the market. That is what we have achieved in high power.

當然。因此，就第一點而言，據我們所知，沒有其他 GaN 公司至少能達到我們所擁有的程度。一年左右可能會有一個孤立的產品發布，但不確定我們擁有的數量以及我們擁有的市場上客戶和產品的多樣性，不是公司的產品，而是市場上的客戶系統。這就是我們在高功率方面取得的成就。

Second, actually, it'll be good to have more GaN companies in the higher power segment, right? Multiple companies with this market is tremendous. We are looking at a very strong year-over-year growth, a multiyear growth year in all low power, high power, but high power in specific and multiple GaN companies will vie for that. And that is what it takes to make a strong market as well because that leads to the second part of your question is, clearly, there's an efficiency and loss advantage over silicon, operating at higher speeds, higher frequency, smaller systems.

其次，實際上，在更高功率領域擁有更多 GaN 公司會很好，對吧？擁有這個市場的多家公司是巨大的。我們正在看到非常強勁的同比增長，所有低功率、高功率的多年增長年，但特定的高功率和多家 GaN 公司將爭奪這一目標。這也是建立強大市場所需要的，因為這導致了你問題的第二部分，很明顯，與硅相比，在更高的速度、更高的頻率、更小的系統下運行，它具有效率和損耗優勢。

And as you go to high power, the impact of energy savings is also very important, right? 100-watt adapter with a 1% improvement saves 1 watt. If you are looking at 5 kilowatts that saves 50 watts and that much amount of electricity. So the shift from silicon to gallium nitride at the high power, we believe, will be a strong one over the next few years.

而且當你使用大功率時，節能的影響也很重要，對吧？提高 1% 的 100 瓦適配器可節省 1 瓦。如果您正在尋找 5 千瓦，則可以節省 50 瓦和那麼多的電量。因此，我們相信，從矽到高功率氮化鎵的轉變將在未來幾年成為一個強有力的轉變。

Our next question will come from Michael Mani with B. Riley Securities.

我們的下一個問題將來自 B. Riley Securities 的 Michael Mani。

This is Michael on for Craig Ellis. And congratulations on the kilowatt class win as well. Maybe to start with capacity regarding adapters. So I believe, if I recall correctly, in the last quarter's presentation, there was a point that you expect it to get to $5 million to $10 million monthly units maybe by the end of 2022 and or next year in 2023.

這是克雷格·埃利斯的邁克爾。也祝賀千瓦級獲勝。也許從有關適配器的容量開始。所以我相信，如果我沒記錯的話，在上一季度的演示文稿中，有一點是你預計到 2022 年底或明年 2023 年，它可能會達到每月 500 萬至 1000 萬美元的單位。

I was wondering if that target still held with everything going on and how you thought you were tracking to that. And then if you could just walk us through the milestones to get us there in terms of investments quarter-over-quarter and getting equipment, just how do we get to that goal?

我想知道這個目標是否仍然存在，以及你認為你是如何跟踪的。然後，如果您可以引導我們完成里程碑，讓我們在季度投資和設備獲取方面達到目標，我們如何實現這一目標？

Yes. So overall, I believe we had mentioned the total wafer capacity and that obviously is a mix of high power, low power and various levels of segment, right? So that depends on our mix of the products, how much gets allocated where, for the adapters specifically what we have shown. And we proved, we had said that our packaging OSAT capacity, we wanted to demonstrate well over 1 million a month with 2 OSAT subcontractors partners in place for packaging. And that we have achieved.

是的。所以總的來說，我相信我們已經提到了晶圓總產能，這顯然是高功率、低功率和不同級別細分市場的混合，對吧？所以這取決於我們的產品組合，分配了多少，對於適配器，特別是我們展示的內容。我們證明，我們曾說過我們的封裝 OSAT 能力，我們希望通過 2 個 OSAT 分包商合作夥伴來展示每月超過 100 萬個封裝。我們已經做到了。

We showed a proof point that we could ship over 1 million a month and including we have now 2 qualified OSAT suppliers. The expansion -- the second part of your question, the expansion that we refer to, and I refer to in the call today are for continued expansion in the higher-power packages as well as expansion of our own wafer capacity expansion, both on the epi wafers side and the wafer fab side.

我們證明了我們每月可以出貨超過 100 萬個，包括我們現在有 2 家合格的 OSAT 供應商。擴張——你問題的第二部分，我們提到的擴張，我在今天的電話會議中提到的擴張是為了繼續擴張更高功率的封裝以及擴張我們自己的晶圓產能擴張，兩者都在外延晶圓側和晶圓廠側。

Got it. And then maybe just a quick follow-up on the kilowatt class win. I was just wondering if you could talk about the potential for further orders from the same customer or whether in your backlog or engagement with other customers, you sense that you could secure similar design wins and other customers of the same size in the higher-power segment.

知道了。然後也許只是對千瓦級勝利的快速跟進。我只是想知道您是否可以談論來自同一客戶的進一步訂單的潛力，或者是否在您的積壓或與其他客戶的接觸中，您感覺您可以在更高功率的情況下獲得類似的設計勝利和相同規模的其他客戶部分。

Yes, we believe so. Both -- answer to both those questions is, yes, the same customer and the same types of customer in the application areas and similar power range. We expect that will continue to be a growth segment for us.

是的，我們相信。兩者——對這兩個問題的回答是，是的，相同的客戶和相同類型的客戶在應用領域和相似的功率範圍內。我們預計這將繼續成為我們的增長部分。

And our final question will come from Orin Hirschman with AIGH.

我們的最後一個問題將來自 AIGH 的 Orin Hirschman。

Congratulations on the progress. Just to follow up on the last question. Could it also be for the exact same application for another customer? Is it a standard type of application where it could just be for another customer as well for the same exact thing?

祝賀取得進展。只是為了跟進最後一個問題。是否也適用於另一個客戶的完全相同的應用程序？它是一種標準類型的應用程序，它可能只適用於另一個客戶，也適用於同樣的事情嗎？

Yes, that is absolutely correct.

是的，這是絕對正確的。

Okay. And can you just go through again quickly some of the higher-power design-in verticals, meaning the end products right now, not only stuff that you're shipping today, but where you actually have design-ins besides you've mentioned server crypto, but let me -- if I can just ask you to rattle them off again.

好的。您能否再次快速瀏覽一些更高功率的設計輸入垂直領域，即現在的最終產品，不僅是您今天發貨的東西，而且除了您提到的服務器之外，您實際上還有哪些設計輸入？加密貨幣，但讓我 - 如果我能要求你再次大聲疾呼。

Yes. So it is -- sorry, we got echo over there. But I'll start again, I'm hearing some echo but if you guys are not -- it's in blockchain, computing, gaming center, the data centers and servers, UPS and renewable energy.

是的。所以它是 - 對不起，我們在那裡得到了迴聲。但我會重新開始，我聽到了一些迴聲，但如果你們沒有——那就是區塊鏈、計算、遊戲中心、數據中心和服務器、UPS 和可再生能源。

Would it hold true that you could be in a graphics chip card or something of that nature?

您是否可以使用圖形芯片卡或類似的東西？

Yes, it is possible that those servers are also having -- those servers will have a multi-kilowatt class. So not so much in a graphic chip card, Orin. But for example, a graphics chip card that necessitates, due to the high-performance graphics here, a 3-kilowatt server, for example, or a 2-kilowatt server, right, or for that matter of 1.5 kilowatt server. Those types are -- we have not talked explicitly about that, but those type of applications where very high power in a compact footprint is necessity, there GaN and Transphorm's GaN definitely should have a value play over existing silicon products.

是的，這些服務器可能也有——這些服務器將有一個多千瓦級。所以在圖形芯片卡中沒有那麼多，奧林。但是例如，由於這裡的高性能圖形，因此需要一個圖形芯片卡，例如 3 千瓦的服務器，或者 2 千瓦的服務器，對，或者就這樣，1.5 千瓦的服務器。這些類型是——我們沒有明確討論過，但是那些需要在緊湊的佔位面積中實現高功率的應用類型，GaN 和 Transphorm 的 GaN 絕對應該比現有的矽產品更有價值。

Do you have any design-ins on that very high performance type of products for the data center?

您是否對用於數據中心的高性能產品進行了任何設計？

Yes. The data centers we have. We have design-ins in the data centers. In the past, we have talked about publicly about some customers that have done public announcements with us, for example, Bell Power has a whole slew of power supplies from -- starting from 2 kilowatts to 3.6 kilowatts, number of power supply designs with our GaN targeted to data server.

是的。我們擁有的數據中心。我們在數據中心有設計插件。過去，我們公開談論過一些與我們進行過公開聲明的客戶，例如，Bell Power 擁有從 2 千瓦到 3.6 千瓦的一整套電源，與我們的電源設計數量GaN 針對數據服務器。

On a high-performance card like you were just describing?

在您剛剛描述的高性能卡上？

The high performance card, I do not publicly talk about that yet.

高性能卡，我還沒有公開談論過。

Okay. So you're saying it's something you could address or are addressing, but haven't announced any definitive wins?

好的。所以你說這是你可以解決或正在解決的問題，但還沒有宣布任何明確的勝利？

It's potentially that level of power we can -- the GaN 2-kilowatt, 3-kilowatt level of power, which at the end of the day, it will be a server, right, that can be addressed.

這可能是我們可以達到的功率水平——GaN 2 千瓦、3 千瓦的功率水平，歸根結底，這將是一台服務器，對，可以解決。

Okay. And I just want to -- last question, just clarification on the auto opportunity. Could you just go back to 2024 with actually for revenue from the initial auto products? And is that correct? I just want to make sure I caught that.

好的。我只想-- 最後一個問題，只是澄清一下汽車的機會。你能回到 2024 年，從最初的汽車產品中獲得實際收入嗎？這是正確的嗎？我只是想確保我抓住了那個。

Yes. That is what we are targeting. That is correct.

是的。這就是我們的目標。那是對的。

In terms of announcements on design wins, it sounded like just in passing that you had indicated that it sounds like there are some early card design wins, but I want to make sure I got that right.

關於設計獲勝的公告，聽起來你只是順便說一下，這聽起來像是有一些早期的卡設計獲勝，但我想確保我做對了。

No, not design wins. That is design-ins, which as you can appreciate, the auto design-in is a long process with the Tier 2, Tier 1s and then ultimately, they are design-in with the OEM car manufacturers. So we are in design-ins, the process, not yet a completed design win because that has to be validated not only with the Tier 2 or Tier 1 with who we would work with, but the end OEM customer as well.

不，不是設計獲勝。這就是設計導入，正如您所了解的，汽車設計導入是一個漫長的過程，涉及第 2 層、第 1 層，然後最終，它們與 OEM 汽車製造商一起進行設計。因此，我們處於設計過程中，尚未完成設計勝利，因為這不僅需要與我們合作的 2 級或 1 級客戶進行驗證，還需要最終 OEM 客戶進行驗證。

In terms of getting those design wins in order to get revenue in -- from the auto space in 2024, knowing how they work the model years as well, when would you have to actually see the early wins?

在獲得這些設計勝利以獲取收入方面——從 2024 年的汽車領域獲得收入，知道它們在模型年份也是如何工作的，你什麼時候才能真正看到早期的勝利？

Sometimes you see in mid-2023, mid- to late 2023 is what we would have to nail it down.

有時你會在 2023 年中看到，2023 年中後期是我們必須確定的。

Do you think there's a chance to see anything still in '22 or it's not likely yet?

你認為有機會在 22 年看到任何東西還是不太可能？

We expect more and more in the mid-2023 segment because it just takes with not only our direct -- like even if we have a direct win with our Tier 2, Tier 1, they have to also secure subsequently a design-in with the end automotive customers. But as we alluded to, we have a variety of partners also.

我們預計在 2023 年中期的細分市場會越來越多，因為它不僅需要我們的直接 - 就像即使我們在第 2 層和第 1 層直接獲勝，他們也必須隨後確保與終端汽車客戶。但正如我們所提到的，我們也有各種各樣的合作夥伴。

They are also, for example, our licensee partner. In Nexperia, they will have their own independent efforts, right, that are on their own, increasing the so-called the reach of GaN, Transphorm's GaN, and we supply wafers into that. So there can be multiple options or avenues for us.

例如，他們也是我們的被許可方合作夥伴。在 Nexperia，他們將有自己的獨立努力，對，就是靠他們自己，增加所謂的 GaN 的覆蓋範圍，Transphorm 的 GaN，我們向其中提供晶圓。因此，我們可以有多種選擇或途徑。

And that will conclude today's conference. Thank you for your participation, and you may now disconnect.

今天的會議到此結束。感謝您的參與，您現在可以斷開連接。