(TGAN) 2023 Q2 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Transphorm's Second Quarter 2023 Earnings Call. (Operator Instructions) Please be advised that today's conference is being recorded.

美好的一天，感謝您的支持。歡迎來到 Transphorm 的 2023 年第二季度財報電話會議。 （操作員說明）請注意，今天的會議正在錄製中。

I would now like to hand the conference over to your speaker today, Jack Perkins, our call moderator. Please go ahead.

我現在想把今天的會議交給你的演講者，我們的電話主持人傑克帕金斯。請繼續。

Thank you, operator. Good afternoon, and welcome to Transphorm's Second Quarter Fiscal 2023 Earnings Conference Call. Joining us today from Transphorm are Mario Rivas, Chief Executive Officer; Primit Parikh, Co-Founder, President and Chief Operating Officer; and Cameron McAulay, Chief Financial Officer.

謝謝你，接線員。下午好，歡迎參加 Transphorm 的 2023 財年第二季度收益電話會議。今天從 Transphorm 加入我們的是首席執行官 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'd like to point out that there's a slide presentation associated with today's prepared remarks, which management will be referencing during the conference call. These slides can be assessed through the live webcast linked in the Investors section of the Transphorm website, where they will also be posted and available as a link to a PDF subsequent to today's conference call.

在我們開始之前，我想指出，有一個與今天準備好的評論相關的幻燈片演示，管理層將在電話會議期間參考。這些幻燈片可以通過 Transphorm 網站投資者部分中鏈接的實時網絡廣播進行評估，這些幻燈片也將在今天的電話會議後發布並作為 PDF 鏈接提供。

Additionally, during the course of this call, the company may make forward-looking statements regarding the company's financial position, strategy and plans, future operations, specific end markets and other areas of discussion. It is not possible for the company or management to predict all risks nor can the company assess the potential impact of all factors on its business or the extent to 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、戰略和計劃、未來運營、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，也無法評估所有因素對其業務的潛在影響或任何因素或因素組合可能導致實際結果與任何前瞻性陳述。

In light of these risks, uncertainties and assumptions, the forward-looking statements discussed during the call may or may not occur, and actual results could differ materially and adversely from those anticipated or implied. Any projections as to the company's future performance represent management's estimates as of today, November 9, 2022. Neither the company nor any person assumes responsibility for the accuracy or completeness of the forward-looking statements. The company also undertakes no obligation to publicly update forward-looking statements for any reason after the date of this call to conform such statements to actual results or to the changes 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 in Transphorm's most recent quarterly report on Form 10-Q and other subsequent filings with the SEC.

鑑於這些風險、不確定性和假設，電話會議期間討論的前瞻性陳述可能會發生也可能不會發生，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 11 月 9 日）的估計。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。公司也沒有義務在本次電話會議後以任何理由公開更新前瞻性陳述，以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 最新的 10-Q 表格季度報告以及隨後提交給 SEC 的其他文件中描述的風險因素。

With that said, it is now my pleasure to turn the call over to Transphorm's CEO, Mario Rivas. Please go ahead, Mario.

話雖如此，現在我很高興將電話轉給 Transphorm 的首席執行官 Mario Rivas。請繼續，馬里奧。

Thanks, Jack. And welcome to everyone on today's call. Thank you for joining us. This quarter, revenue was $3.7 million, up 11% on a year-over-year basis when excluding onetime licensing revenue in the prior year. Product revenue was up 38% compared to the same period a year ago.

謝謝，傑克。歡迎大家參加今天的電話會議。感謝您加入我們。本季度的收入為 370 萬美元，如果不包括上一年的一次性許可收入，則同比增長 11%。與去年同期相比，產品收入增長了 38%。

We improved supply from Japan Epi reactors and completed the acquisition of additional MOCVD reactors, increased shipments from previously announced Fortune 100 laptop adapter win to a top 3 worldwide laptop manufacturer and secured a new Fortune 100 laptop adapter design-win.

我們改善了來自日本 Epi 反應器的供應並完成了對額外 MOCVD 反應器的收購，將先前宣布的財富 100 強筆記本電腦適配器的出貨量增加至全球前 3 名的筆記本電腦製造商，並獲得了新的財富 100 強筆記本電腦適配器設計勝利。

We strengthened senior operations, sales and marketing teams with seasoned industry leaders; secured ARPA-E program to innovate on Transphorm's unique bidirectional GaN technology that replaces 2 to 4 silicon devices with a single FQS GaN in applications like microinverters and motor drives; secured the approval for the wholly foreign-owned enterprise in Shenzhen, China to enhance the local customer support, sales, field applications and marketing; we expanded package offerings by adding in industry standard PQFN products, which enable pin-to-pin with multiple sources. This complements our existing high-performance PQFN products, both validated to deliver superior results versus competing GaN products.

我們加強了資深的行業領導者的高級運營、銷售和營銷團隊；獲得 ARPA-E 計劃，以創新 Transphorm 獨特的雙向 GaN 技術，在微型逆變器和電機驅動器等應用中用單個 FQS GaN 替換 2 到 4 個矽器件；獲得中國深圳外商獨資企業的批准，以加強當地的客戶支持、銷售、現場應用和營銷；我們通過添加行業標準 PQFN 產品來擴展封裝產品，這些產品支持多種來源的引腳對引腳。這補充了我們現有的高性能 PQFN 產品，與競爭 GaN 產品相比，這兩種產品均經過驗證可提供卓越的結果。

With that, it is now my pleasure to turn the call over to Primit Parikh for a more detailed overview of the quarter.

有了這個，現在我很高興將電話轉給 Primit Parikh，以更詳細地了解本季度。

Thank you, Mario, and good afternoon, everyone. We are pleased to report TGAN's second quarter revenue of $3.7 million that is slightly higher than the current consensus estimates. While this revenue was lower sequentially over fiscal Q1 due to the supply constraints we had previously alluded to in August, the product revenue in fiscal Q2 represented a 38% increase over the prior year FY '22 Q2.

謝謝馬里奧，大家下午好。我們很高興地報告 TGAN 第二季度的收入為 370 萬美元，略高於目前的普遍預期。雖然由於我們之前在 8 月份提到的供應限制，這一收入比第一財季環比下降，但第二財季的產品收入比上一財年的 22 財年第二季度增長了 38%。

Product revenue continues to be well over 80% of the total revenue in line with our long-term goals, and high-power portion of the product revenue was over 65% of the product revenue. All of this amidst what is still quite a challenging environment with multiple macroeconomic headwinds.

產品收入繼續遠超總收入的 80%，符合我們的長期目標，產品收入的高功率部分佔產品收入的 65% 以上。所有這一切都發生在一個仍然充滿挑戰的環境中，存在多重宏觀經濟逆風。

We have continued our leadership in high-power GaN, continuing shipments of products for multi-kilowatt systems serving the gaming, energy, server computing and blockchain as well as industrial power market segments. In parallel, more and more customers are recognizing the simple strength of our easy-to-use higher efficiency, TGAN FET versus competing e-mode gallium nitrate solutions, which is exemplified by us now shipping to a worldwide top 3 laptop manufacturer and securing another laptop adopter design-win at a Fortune 100 customer.

我們繼續在高功率 GaN 領域保持領先地位，繼續為遊戲、能源、服務器計算和區塊鏈以及工業電源市場領域提供多千瓦系統的產品出貨。與此同時，越來越多的客戶正在認識到我們易於使用的高效率 TGAN FET 與競爭 e-mode 硝酸鎵解決方案相比的簡單優勢，我們現在向全球排名前 3 的筆記本電腦製造商發貨並獲得另一家筆記本電腦採用者設計贏得財富 100 強客戶。

These successes have been a direct result of our targeted investments in these areas, and we plan to continue investing in these areas in the future, both internally and with our external design partners. We are in the midst of addressing some of our supply chain challenges, notably bringing more of our existing reactor capability in Japan online. And we are now seeing a nice progress there, especially with the COVID-related travel restrictions now no longer a hindrance.

這些成功是我們在這些領域進行針對性投資的直接結果，我們計劃在未來繼續在這些領域進行投資，無論是在內部還是與我們的外部設計合作夥伴。我們正在解決我們的一些供應鏈挑戰，特別是讓我們在日本的更多現有反應堆能力上線。我們現在看到那裡取得了不錯的進展，尤其是與 COVID 相關的旅行限制現在不再是障礙。

The increased wafer output will allow us to address growth in product revenue for fiscal Q3. Moreover, we are also acquiring additional reactors expected to be delivered in calendar Q1 '23 that will facilitate further expansions later in calendar 2023, as previously discussed.

增加的晶圓產量將使我們能夠解決第三季度產品收入的增長問題。此外，如前所述，我們還將購買預計在 23 年第一季度交付的額外反應堆，這將有助於在 2023 年晚些時候進行進一步擴展。

Transphorm has continued to lead on the innovation front and are now executing on an ARPA-E program to develop bi-directional gallium nitride switches. This is a very unique attribute of our [natural] GaN technology and IP that allows 2 to 4 traditional silicon-based devices to be replaced by a single bidirectional GaN in applications like solar microinverters and motor drives.

Transphorm 繼續在創新領域處於領先地位，目前正在執行 ARPA-E 計劃，以開發雙向氮化鎵開關。這是我們 [天然] GaN 技術和 IP 的一個非常獨特的屬性，它允許在太陽能微型逆變器和電機驅動器等應用中用單個雙向 GaN 代替 2 到 4 個傳統的矽基設備。

We have expanded our package offering, which is one of the most comprehensive in the GaN industry to include industry-standard surface-mount PQFN packages that allow pin-to-pin compatibility with multiple GaN sources. This complements our existing high-performance PQFN packages and both are validated for superior results versus competing GaN.

我們擴展了我們的封裝產品，這是 GaN 行業中最全面的封裝產品之一，包括行業標準的表面貼裝 PQFN 封裝，允許與多個 GaN 源實現引腳對引腳的兼容性。這補充了我們現有的高性能 PQFN 封裝，並且兩者都經過驗證，與競爭 GaN 相比具有更好的結果。

The key challenge for us -- in front of us over the next 2 quarters and FY '23 is both continuing the vector to increase our wafer capacity and increased demand across multiple applications. As reported by many companies, laptop and mobile market softness is continuing. And our goal in this area is to win new accounts for gallium nitride, increasing our market share.

我們面臨的關鍵挑戰——在接下來的 2 個季度和 23 財年擺在我們面前的是繼續增加我們的晶圓產能和增加跨多種應用的需求。正如許多公司所報告的那樣，筆記本電腦和移動市場的疲軟仍在繼續。而我們在這一領域的目標是贏得氮化鎵的新客戶，增加我們的市場份額。

Blockchain, traditionally one of our stronger areas, is experiencing weakness presently. However, our customers expect recovery over the next 6 months or so. Meanwhile, with our proven leadership in high-power GaN, we are addressing growth in the server, renewable and gaming segments while building design-in momentum in the electric vehicle 2-wheeler, 3-wheeler area.

區塊鏈，傳統上是我們的強項之一，目前正在經歷疲軟。但是，我們的客戶預計在未來 6 個月左右會恢復。同時，憑藉我們在高功率 GaN 領域久經考驗的領先地位，我們正在解決服務器、可再生能源和遊戲領域的增長問題，同時在電動汽車 2 輪車和 3 輪車領域建立設計動力。

While it is too early to comment on FY Q4 '23 in the current environment, we believe these efforts will help keep us on track and address our targeted revenue growth in the third quarter. To continue our momentum, we have now expanded our Asia presence, added new partners and bolstered our senior team.

雖然在當前環境下對 23 財年第四季度發表評論還為時過早，但我們相信這些努力將幫助我們保持正軌並實現第三季度的目標收入增長。為了保持我們的勢頭，我們現在擴大了我們在亞洲的業務，增加了新的合作夥伴並加強了我們的高級團隊。

We are pleased to report the establishment of our Shenzhen entity focusing on sales, field applications and local marketing activities. We also continue to add partners and deepen relationships with controller and IC companies as well as independent design houses or IDHs. This key part of our ecosystem is enabled by easy-to-use gallium nitride FET that can be driven by standard, discrete or integrated drivers seamlessly.

我們很高興地報告我們深圳實體的成立，專注於銷售、現場應用和本地營銷活動。我們還繼續增加合作夥伴並加深與控制器和 IC 公司以及獨立設計公司或 IDH 的關係。我們生態系統的這一關鍵部分由易於使用的氮化鎵 FET 實現，它可以由標準、分立或集成驅動器無縫驅動。

We are very pleased to have recently announced 6 new leadership appointments, comprising both internal champions and new industry veterans, hired from well-known power semiconductor leaders like Onsemi, STMicro and [Alpha & Omega]. To the best of our knowledge, TGAN is still the only GaN company to be shipping anything in high volume in multiple programs in the kilowatt range today, making us a true one-stop shop for GaN from low power to high power kilowatt class.

我們很高興最近宣布了 6 位新的領導任命，包括內部冠軍和新的行業資深人士，他們從 Onsemi、STMicro 和 [Alpha & Omega] 等知名功率半導體領導者聘用。據我們所知，TGAN 仍然是目前唯一一家在千瓦級範圍內的多個項目中大批量交付任何產品的 GaN 公司，這使我們成為真正的從低功率到高功率千瓦級 GaN 的一站式商店。

With our high-power strength and strong IP, including application-based IP for high power, we remain poised to expand into new segments. For example, we aim to convert the EV 2-wheeler, 3-wheeler opportunities into a multimillion dollar revenue base for us in FY '24, while systematically penetrating the 4-wheeler segment after that with onboard chargers, DC-DC auxiliary converters and ultimately, drivetrain inverters. I will talk about our progress in these areas later.

憑藉我們的高功率實力和強大的 IP，包括用於高功率的基於應用的 IP，我們仍然準備好擴展到新的領域。例如，我們的目標是在 24 財年將 EV 2 輪車、3 輪車機會轉化為我們數百萬美元的收入基礎，同時通過車載充電器、DC-DC 輔助轉換器和最終，動力傳動系統逆變器。稍後我將討論我們在這些領域的進展。

Overall, with approval, performance and design benefits of TGAN over competing solutions and leadership in high power, backed by the strong application-based patent portfolio, we remain well positioned to address the $3 billion GaN TAM in diverse areas like servers and communications, blockchain computing, gaming, energy and electric vehicles, 2-wheelers, 3-wheelers, 4-wheelers, while also allowing for growing our share in the lower-power fast-charger adapter segment.

總體而言，憑藉 TGAN 相對於競爭解決方案的批准、性能和設計優勢以及在高功率方面的領先地位，在強大的基於應用的專利組合的支持下，我們仍然有能力在服務器和通信、區塊鍊等不同領域解決價值 30 億美元的 GaN TAM計算、遊戲、能源和電動汽車、2 輪車、3 輪車、4 輪車，同時也增加了我們在低功率快速充電器適配器領域的份額。

With that outlined, I will next review some of the salient point of TGAN's value proposition as a recap, then review the results of our planned execution in September 2022 ending quarter and our key challenges over the next 2 quarters as well as our expansion strategy for beyond FY 2023.

有了這些概述，接下來我將回顧 TGAN 價值主張的一些要點作為回顧，然後回顧我們計劃在 2022 年 9 月結束的季度執行的結果、我們在接下來的兩個季度的主要挑戰以及我們的擴張戰略2023 財年以後。

Moving on to Slide 3 now. Gallium nitride is a wide-bandgap semiconductor material for power conversion that reduces electrical energy waste, enables compact and cost-effective power systems across a variety of electrical power conversion applications. Low-power laptop or mobile chargers, fast chargers, high-power computing power or automotive inverters. And by virtue of its inherent properties [TILS] is much better than traditional silicon and also better than newer semiconductors like silicon carbide.

現在轉到幻燈片 3。氮化鎵是一種用於功率轉換的寬帶隙半導體材料，可減少電能浪費，在各種電力轉換應用中實現緊湊且具有成本效益的電力系統。低功率筆記本電腦或移動充電器、快速充電器、大功率計算電源或車載逆變器。並且憑藉其固有特性 [TILS] 比傳統的矽要好得多，也比碳化矽等新型半導體要好。

TGAN, a pioneer and leading manufacturer, is a supplier of these high-voltage GaN power semiconductor products over the widest range of applications, from 30 volts low power to over 4 kilowatts high power. The success in these applications for Transphorm has been a result of our continued core strength, investments and strategy.

TGAN 是先驅和領先製造商，是這些高壓 GaN 功率半導體產品的供應商，其應用範圍最廣，從 30 伏低功率到 4 千瓦以上的高功率。 Transphorm 在這些應用中的成功是我們持續的核心實力、投資和戰略的結果。

Our fundamental IP platform with over 1,000 patents worldwide as well as our high-performance, high-quality products that have more than 80 billion hours in the field have been validated by blue chip partners, customers, investors, including financial partners, IC design partners, manufacturing partners, automotive-industrial market leaders and the U.S. Department of Defense.

我們在全球擁有超過 1,000 項專利的基礎 IP 平台以及我們在該領域擁有超過 800 億小時的高性能、高質量產品已得到藍籌合作夥伴、客戶、投資者（包括金融合作夥伴、IC 設計合作夥伴）的驗證、製造合作夥伴、汽車工業市場領導者和美國國防部。

Our core and differentiated product offering is enabled by a high-quality wafer manufacturing base that we essentially own. Above all, GaN is addressing a large growing multibillion-dollar market including electric vehicles and 5G smart charging, among other things, that our passionate team members are helping us to penetrate.

我們的核心和差異化產品是由我們基本上擁有的高質量晶圓製造基地提供的。最重要的是，GaN 正在解決一個不斷增長的數十億美元市場，包括電動汽車和 5G 智能充電等，我們熱情的團隊成員正在幫助我們打入這些市場。

Moving to Slide 4 now. Transphorm is in a unique and differentiated position among the GaN suppliers with our one core platform strategy that spans a wide range of power spectrum with products in the market today that address a tremendous multibillion dollar market opportunity for GaN power conversion, again, from low power adapters and chargers to high-power server, blockchain, datacom power to industrial, energy and PV inverters, renewables that we are already ramped in all of these areas.

現在轉到幻燈片 4。 Transphorm 在 GaN 供應商中處於獨特和差異化的地位，我們的單一核心平台戰略跨越廣泛的功率範圍，其產品在當今市場上再次為低功率的 GaN 功率轉換提供了數十億美元的巨大市場機會大功率服務器的適配器和充電器、區塊鏈、工業數據通信電源、能源和光伏逆變器、可再生能源，我們已經在所有這些領域進行了推廣。

And then in the mid- to long-term large growth opportunities with automotive electric vehicles, both EV 2- and 3-wheelers, first, in calendar year 2023, followed by EV 4-wheelers, further continuing GaN and Transphorm's growth beyond 2024, 2025. Transphorm GaN solutions in production today deliver high efficiency compact systems with easy-to-use and easy to interface products for the customer with proven performance benefits, which are the combination of efficiency, smaller size, lower weight, faster charging, against silicon, silicon carbide and other GaN solutions like e-mode.

然後是中長期汽車電動汽車的巨大增長機會，包括 2 輪和 3 輪電動汽車，首先是在 2023 日曆年，其次是 EV 4 輪，進一步延續 GaN 和 Transphorm 在 2024 年以後的增長， 2025. 當今生產中的 Transphorm GaN 解決方案為客戶提供高效緊湊型系統和易於使用且易於接口的產品，並為客戶提供經過驗證的性能優勢，這些優勢是效率、更小尺寸、更輕重量、更快充電速度的結合，與硅相比、碳化矽和其他 GaN 解決方案，如 e-mode。

In Slide 5, we talk about one of our key attributes and that is the ownership of our GaN wafer production supply chain, an advantage that is becoming even more important in today's changing geopolitical climate. This vertically integrated strength starts from the design of our safe, robust, easy to interface, normally of gallium nitride FET. We directly own and control our gallium nitride Epi wafer manufacturing with multiple MOCVD reactors. These are tools used for making or growing GaN material on thick silicon wafers in 2 geographical locations, California and Japan, today.

在幻燈片 5 中，我們談到了我們的一個關鍵屬性，那就是我們對 GaN 晶圓生產供應鏈的所有權，這一優勢在當今不斷變化的地緣政治氣候中變得越來越重要。這種垂直整合的優勢始於我們安全、堅固、易於接口的設計，通常是氮化鎵 FET。我們通過多個 MOCVD 反應器直接擁有和控制我們的氮化鎵 Epi 晶圓製造。這些是當今在加利福尼亞和日本兩個地理位置用於在厚矽晶片上製造或生長 GaN 材料的工具。

Our wafer fab factory is a joint venture with our financial strategic partner. And as a recap, is a high-quality manufacturing site with the only publicly reported data that show yields for GaN can match those of silicon CMOS running in the same factory, a feature that has contributed to our high-power GaN products yield and quality.

我們的晶圓廠是與我們的財務戰略合作夥伴的合資企業。回顧一下，這是一個高質量的製造基地，唯一公開報告的數據顯示 GaN 的產量可以與在同一工廠運行的矽 CMOS 相媲美，這一特性有助於提高我們的高功率 GaN 產品的產量和質量.

While packaging is done with our high-quality OSAT partners, we bring TPH Transphorm IP in this design. For example, allowing the GaN to be efficiently used in robust TO packages desired by high-power customers. Last but not the least is our application and design effort, both with customers and our solution partners who prefer now to work with our GaN because of seamless integration with their controller and driver products.

雖然封裝是由我們的高質量 OSAT 合作夥伴完成的，但我們在此設計中引入了 TPH Transphorm IP。例如，允許 GaN 有效地用於大功率客戶所需的穩健 TO 封裝。最後但並非最不重要的是我們的應用和設計工作，包括客戶和我們的解決方案合作夥伴，他們現在更喜歡使用我們的 GaN，因為與他們的控制器和驅動器產品無縫集成。

Now on Slide 6, as one looks at the competitive landscape, the Transphorm, TGAN FET performs as a leader in various verticals from low power to high power, delivering the broadest range of power. As silicon is falling short of meeting rising demands in form factor or size, speed and efficiency, gallium nitride is penetrating the power market. Many good companies are in the market with gallium nitride, notably at lower power adapters and chargers, while Transphorm addresses both, high power and low power together.

現在在幻燈片 6 上，從競爭格局來看，Transphorm, TGAN FET 在從低功率到高功率的各個垂直領域表現出色，提供最廣泛的功率範圍。由於矽無法滿足對外形尺寸或尺寸、速度和效率不斷增長的需求，氮化鎵正在滲透電力市場。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 Transphorm 同時解決了高功率和低功率這兩個問題。

A few key inherent factors that outline Transphorm's differentiated benefits versus competing GaN. First of all, superior efficiency, superior performance due to lower losses from the gallium nitride FET and especially at operating temperature due to the design of our GaN FETs.

一些關鍵的內在因素概述了 Transphorm 與競爭 GaN 的差異化優勢。首先，由於氮化鎵 FET 的損耗較低，特別是在工作溫度下，由於我們的 GaN FET 的設計，因此具有卓越的效率和卓越的性能。

Secondly, due to our integrated silicon FET gallium nitride high-voltage device combo, a robust architecture and easy-to-use platform is enabled, capable of both thermally robust high-power packages and use of substandard drivers and controllers and often integrated drivers that are already existing, literally for free, in existing controllers.

其次，由於我們的集成矽 FET 氮化鎵高壓器件組合，實現了穩健的架構和易於使用的平台，既能夠提供耐熱的高功率封裝，也能夠使用不合標準的驅動器和控制器以及通常集成的驅動器，已經存在於現有的控制器中，實際上是免費的。

What we are also seeing now is some of the so-called ICs that are attempting to go to high power, the IC component is actually remote and a discrete FET is used, basically a regular GaN.

我們現在看到的還有一些所謂的 IC 試圖走向高功率，IC 組件實際上是遠程的，並且使用了分立的 FET，基本上是常規的 GaN。

Another important retribute is that our integrated architecture's robust silicon-like interface and strong high-voltage gallium nitride device combo has resulted in proven operational reliability in both low power and high power applications versus -- most of the field data in competing GaN so far at least coming from only lower power. For our gallium nitride, we also aim to deliver on higher voltages. For example, certain 900 volt products are already in the market today and 1,200 volts is in R&D. That will certainly challenge silicon carbide at the higher voltage, higher power node where silicon carbide is gaining traction today.

另一個重要的回報是，我們的集成架構強大的類矽接口和強大的高壓氮化鎵器件組合已在低功率和高功率應用中證明了操作可靠性，而目前競爭 GaN 中的大多數現場數據在至少來自較低的功率。對於我們的氮化鎵，我們還致力於提供更高的電壓。例如，某些 900 伏產品目前已經上市，而 1,200 伏產品正在研發中。這肯定會在今天碳化矽獲得牽引力的更高電壓、更高功率節點上挑戰碳化矽。

This is especially because GaN is proven to be a much lower loss as much as 25% to 35% as we have previously discussed versus silicon carbide and does not have the high cost of FET in the complex supply chain associated with it.

這尤其是因為 GaN 被證明比我們之前討論的碳化矽損失低得多，高達 25% 到 35%，並且在與之相關的複雜供應鏈中沒有 FET 的高成本。

Next in Slide 7, we talk about these advantages that are increasingly being validated with proven wins with customer systems in production, as TGAN FET 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 and a variety of industrial and renewables and also high-rel applications are delivering more than 10x the power level that some of the other GaN offerings enable today in customer systems.

接下來在幻燈片 7 中，我們將討論這些優勢，這些優勢越來越多地通過客戶系統在生產中的成功得到驗證，因為如今 TGAN FET 以更高的範圍、更高的可靠性和更高的性能被更多的垂直市場採用。如您所見，服務器電源、遊戲、區塊鍊和各種工業和可再生能源以及高可靠性應用等應用提供的功率水平是當今其他一些 GaN 產品在客戶系統中實現的功率水平的 10 倍以上。

Again, why do we build? This is due to the inherent GaN platform, which features like use of a single device instead of two in higher power applications. More than 30% effectively lower resistance or loss benefit for similarly specified competing GaN devices like certain e-mode GaN and scalability to high power.

再次，我們為什麼要建造？這是由於固有的 GaN 平台，其特點是在更高功率應用中使用單個器件而不是兩個器件。對於類似指定的競爭 GaN 器件（如某些 e-mode GaN）和高功率可擴展性，可有效降低 30% 以上的電阻或損耗優勢。

And finally, higher the power, higher the energy and higher the impact on carbon footprint. Where gallium nitride can deliver a very meaningful gain, a 1% efficiency advantage in systems is very significant because it can save several hundred kilowatt hour for, say, a 3-kilowatt system and well over 100 pounds of carbon footprint just from a single device, depending on your source of energy.

最後，功率越高，能量越高，對碳足蹟的影響也越大。在氮化鎵可以帶來非常有意義的增益的情況下，系統中 1% 的效率優勢非常顯著，因為它可以為 3 千瓦系統節省數百千瓦時，並且僅通過單個設備就可以節省超過 100 磅的碳足跡，取決於你的能量來源。

Let me show on Slide 8. With these benefits, a variety of customers have selected TGAN in adopters and chargers. Out of the 70-odd design wins that we have ongoing that spans 30 watts to 250 watts in this lower power range, we are now shipping to one of the top 3 worldwide laptop manufacturers. Some examples of new wins this quarter are at the 65-watt and 100-watt nodes, and we show them here.

讓我在幻燈片 8 上展示一下。憑藉這些優勢，各種客戶在採用者和充電器中選擇了 TGAN。在這個較低功率範圍內，我們已經贏得了 30 瓦到 250 瓦的 70 多項設計勝利，現在我們正在向全球三大筆記本電腦製造商之一發貨。本季度取得新勝利的一些例子是在 65 瓦和 100 瓦節點上，我們在這裡展示它們。

Moving on to high power on Slide 9. As we emphasized, the high-power space is a very large market for GaN and very importantly, again, higher energy impact, higher savings for our customers, and for Transphorm, higher semiconductor content. Our Gen 4 and Gen 5 offerings are now gaining momentum, and we are working with about 45 design-ins, many in production, some examples of which are shown below.

在幻燈片 9 上繼續討論高功率。正如我們所強調的，高功率空間是 GaN 的一個非常大的市場，非常重要的是，再次對能源影響更大，為我們的客戶節省更多成本，對於 Transphorm 而言，更高的半導體含量。我們的第 4 代和第 5 代產品現在勢頭強勁，我們正在使用大約 45 個設計插件，其中許多正在生產中，其中一些示例如下所示。

In diverse applications like gaming, data center server power, where Transphorm by the way, was first to show titanium-related GaN efficiency with its patented totem-pole architecture now being used by many. UPS, where our gallium nitride enabled a 50% form factor reduction from 2U to 1U and other industrial, medical and blockchain power applications. As customers endorse and also featured in certain third-party teardowns, all of this is enabled on the foundation of efficiency, performance, ease of use and reliability.

在遊戲、數據中心服務器電源等各種應用中，Transphorm 率先展示了與鈦相關的 GaN 效率，其專利圖騰柱架構現在被許多人使用。 UPS，我們的氮化鎵使外形尺寸從 2U 減少到 1U 以及其他工業、醫療和區塊鏈電源應用。隨著客戶的認可以及某些第三方拆解的特色，所有這些都是在效率、性能、易用性和可靠性的基礎上實現的。

While there is a very significant high power and low power growth that I talked about, now on Slide 10 here, we show that EV applications continue to present a massive long-term opportunity as the performance of GaN enables continued performance of EVs, addressing fundamental issues of power loss, heat generation and anxiety of range with the high-power density delivered by GaN -- Transphorm GaN enabling things like faster charging, we reduced size and lower losses that ultimately results in higher range.

雖然我談到了非常顯著的高功率和低功率增長，但現在在幻燈片 10 中，我們展示了 EV 應用繼續提供巨大的長期機會，因為 GaN 的性能使 EV 能夠持續性能，解決基本問題GaN 提供的高功率密度帶來了功率損耗、發熱和續航里程焦慮等問題——Transphorm GaN 實現了更快的充電速度，我們減小了尺寸並降低了損耗，最終實現了更高的續航里程。

Transphorm has AEC or automotive qualified products today with our Gen 4 high-power solution already ramped in the market in various commercial and industrial applications with proven field reliability. Our 1,200-volt gallium nitride platform today in R&D has delivered early results already showing efficiency similar or even higher to silicon carbide in the multi-kilowatt range and built on a simple architecture, not requiring any fancy designs like vertical GaN structures, for example.

Transphorm 今天擁有符合 AEC 或汽車標準的產品，我們的第 4 代高功率解決方案已經在各種商業和工業應用市場中迅速推廣，並具有經過驗證的現場可靠性。我們今天在研發中的 1,200 伏氮化鎵平台已經交付了早期結果，已經顯示出與數千瓦範圍內的碳化矽相似甚至更高的效率，並且建立在簡單的架構上，不需要任何花哨的設計，例如垂直 GaN 結構。

Like we first talked in August, we are working to accelerate the EV adoption with 2-wheeler and 3-wheeler electric vehicle charging segment that falls into the sweet spot of our today's high-power solution. The specific GaN opportunities in the EV today remain in the areas that we are focused on, onboard chargers, DC-DC auxiliary power converters and off-grid DC-AC inverters, with the main drivetrain inverter opportunities opening up after 2025, '26, that can actually triple the accessible GaN content to $200 per vehicle, conservatively.

就像我們在 8 月首次談到的那樣，我們正在努力通過 2 輪和 3 輪電動汽車充電部分加速電動汽車的採用，這屬於我們今天的大功率解決方案的最佳選擇。今天，電動汽車中特定的 GaN 機會仍然存在於我們關注的領域，即車載充電器、DC-DC 輔助電源轉換器和離網 DC-AC 逆變器，主要動力傳動系統逆變器機會在 2025 年之後開放，'26,保守地說，這實際上可以使可獲得的 GaN 含量增加三倍，達到每輛車 200 美元。

We aim to be in the full market, with 650-volt devices today and higher voltage, 1,200 volts in future, including addressing future 800-volt battery vehicles to enable transform to address all key EV slots. Our 1,200-volt gallium nitride demo results like I showed before has better performance than silicon carbide. And this has started to generate attention now from EV customers.

我們的目標是進入完整的市場，擁有今天的 650 伏設備和更高電壓的未來 1,200 伏設備，包括解決未來的 800 伏電池車輛，以實現轉型以解決所有關鍵的 EV 插槽。我們之前展示的 1,200 伏氮化鎵演示結果比碳化矽具有更好的性能。這已經開始引起電動汽車客戶的關注。

For the 2- and 3-wheeler, we are directly addressing a variety of charging opportunities, including the onboard charger. This is also a very attractive market, more near term worth of TAM that approaches $1 billion to unlock opportunities for Transphorm to address by end of calendar year 2023.

對於 2 輪和 3 輪車，我們正在直接解決各種充電機會，包括車載充電器。這也是一個非常有吸引力的市場，TAM 的近期價值接近 10 億美元，可以為 Transphorm 在 2023 日曆年年底之前解決問題提供機會。

Looking at the holistic picture in Slide 12, we wanted to point out one of the key ESG impact of gallium nitride and Transphorm's offering, a tremendous amount of energy that can be saved over the next several decades. This is not just one Transphorm, but the ecosystem together in gallium nitride-based power. Our bottoms-up internal analysis shows that multi-100 terawatt hours of savings potential is achievable with gallium nitride power in computing and communications, industrial and renewables, e-mobility segments.

縱觀幻燈片 12 中的整體情況，我們想指出氮化鎵和 Transphorm 產品的關鍵 ESG 影響之一，即未來幾十年可以節省的大量能源。這不僅僅是一個 Transphorm，而是基於氮化鎵的電源的生態系統。我們自下而上的內部分析表明，在計算和通信、工業和可再生能源、電動汽車領域，使用氮化鎵電源可以實現 100 太瓦時的節能潛力。

Next, in Slide 13 now, we move to where we are today, our September quarter performance and execution on key vectors that drive our growth. With our continued leadership in high power at 65% of product revenue this quarter and continued penetration in low power, we have modestly exceeded consensus estimates, delivering $3.7 million of revenues, including $3.2 million of product revenues, while also dealing with some of the supply chain and capacity challenges that we faced.

接下來，在現在的幻燈片 13 中，我們轉向我們今天的位置，我們 9 月份的季度業績和推動我們增長的關鍵向量的執行情況。由於我們在本季度以 65% 的產品收入繼續在高功率領域處於領先地位，並且在低功率領域繼續滲透，我們已經略微超出了普遍預期，實現了 370 萬美元的收入，其中包括 320 萬美元的產品收入，同時還處理了部分供應我們面臨的供應鍊和能力挑戰。

We added both new design wins, 10 plus in the low power adopter segment, bringing our total design wins to over 70, driven by our GaN FET's ease of use, high performance and facilitating a lower total BOM, bill of materials, for the customer. Out of these, around 25 are now in production, with 3 new transitioning to production this quarter.

在我們的 GaN FET 的易用性、高性能和有助於為客戶降低總 BOM 和材料清單的推動下，我們在低功率採用者領域增加了 10 多個新設計勝利，使我們的總設計勝利達到 70 多個.其中，約有 25 個正在生產中，本季度有 3 個新過渡到生產。

We also won a design at a Tier 1 laptop manufacturer, and we are also now shipping to a worldwide top 3 laptop manufacturer. In the high-power segment, we added 10-plus design wins this quarter, bringing the total to over 45 plus with 20-plus in production, including 5 moving to production this quarter. Here, our evaluation and reference kits for high power, the availability of thermally robust packages, which are not easily available or available at all with other gallium nitride, has helped us to continue our traction.

我們還贏得了一家一級筆記本電腦製造商的設計，我們現在還向全球排名前三的筆記本電腦製造商發貨。在大功率領域，我們本季度增加了 10 多項設計勝出，使總數達到 45 多項，其中 20 多項已投入生產，其中 5 項在本季度投入生產。在這裡，我們的高功率評估和參考套件、耐熱封裝的可用性（這些封裝在其他氮化鎵中不容易獲得或根本無法獲得）幫助我們繼續發展。

We plan to continue to leverage this and expand into more segments, notably accelerating EV adoption by addressing the EV 2-wheeler market with revenue potential in CY 2023. We are making progress with reference evaluation solutions in this segment and are in discussions early design-in with several target customers now. We started sampling our pin-to-pin compatible PQFN packages that enable customers to use higher performing TGAN products while allowing them the comfort of multiple GaN sources as is required in some of these designs.

我們計劃繼續利用這一點並擴展到更多細分市場，特別是通過在 2023 年解決具有收入潛力的 EV 兩輪車市場來加速 EV 的採用。我們正在該細分市場的參考評估解決方案方面取得進展，並正在討論早期設計-現在有幾個目標客戶。我們開始對我們的引腳對引腳兼容的 PQFN 封裝進行採樣，使客戶能夠使用性能更高的 TGAN 產品，同時讓他們能夠根據其中一些設計的要求使用多個 GaN 源。

These complement our performance PQFN packages that have already been in production with our Super Gan platform and both packages delivering higher performance than other gallium nitride. We have made some progress in getting more of our internal wafer existing capacity online and acquiring new Epi-wafer capacity. To this end, our Japan Epi reactor capacity is significantly improved now, enabled in part by seamless travel between California and Japan and procurement of some of the pending reactor hardware items.

這些補充了我們已經使用我們的 Super Gan 平台生產的高性能 PQFN 封裝，並且這兩種封裝都提供了比其他氮化鎵更高的性能。我們在讓更多內部晶圓現有產能上線和獲得新的外延晶圓產能方面取得了一些進展。為此，我們的日本 Epi 反應堆產能現在顯著提高，部分原因是加利福尼亞和日本之間的無縫旅行以及一些待定反應堆硬件項目的採購。

We are also evaluating incremental investments in our JV factory for FY '24 growth and beyond. For packaging, as we previously mentioned, we have sufficient capacity in place for adopter charger PQFN products as well as our high-power products, at this time and emphasis there will be adding SKUs -- package SKUs to broaden our application space and offering more flexibility to our customers.

我們還在評估對我們合資工廠的增量投資，以實現 24 財年及以後的增長。封裝方面，正如我們之前提到的，我們有足夠的產能用於適配充電器 PQFN 產品以及我們的大功率產品，此時和重點將增加 SKU——封裝 SKU 以拓寬我們的應用空間並提供更多為我們的客戶提供靈活性。

Our near-term business focus remains squarely on supply chain management and capacity expansion with equal emphasis on demand generation and diversification to remain ahead of the challenging macroeconomic issues in semiconductor and some of our end target application areas as well.

我們近期的業務重點仍然是供應鏈管理和產能擴張，同時強調需求的產生和多樣化，以領先於半導體和我們的一些最終目標應用領域面臨的具有挑戰性的宏觀經濟問題。

As we move to Slide 14, strategic partnership and government initiatives are key for our business. We are now adding 2 more Epi reactors that we aim to be fully online with in the second half of CY 2023, bringing the recently acquired new reactor capacity to 4 and per our targeted plan, on track for doubling Epi-wafer capacity, but by end of CY 2023. We are making these investments ahead of time, especially due to the long lead times for securing equipment as well as qualifying its release to production.

隨著我們移至幻燈片 14，戰略合作夥伴關係和政府舉措對我們的業務至關重要。我們現在正在增加 2 個 Epi 反應器，我們的目標是在 2023 年下半年完全上線，使最近獲得的新反應器容量達到 4 個，並且根據我們的目標計劃，Epi-wafer 容量有望翻倍，但通過CY 2023 年底。我們正在提前進行這些投資，特別是由於確保設備安全以及使其投入生產的資格要求較長的交貨時間。

The Global Wafers Corporation partnership and Epi expansion is well on track and allows us in the future to be even more aggressive on the capacity side for our long-term demand scenarios and growth model. On the wafer fab, we continue to align plans with our JV partner and are investing in incremental capacity for next year, FY 2024.

Global Wafers Corporation 的合作夥伴關係和 Epi 擴張進展順利，這使我們能夠在未來針對我們的長期需求情景和增長模式在產能方面更加積極。在晶圓廠，我們繼續與我們的合資夥伴保持一致的計劃，並為明年 2024 財年投資增加產能。

With respect to our customer partners, firstly, with Yaskawa where we focus on robotics applications, the focus is now on the next development and funding milestone for end of the year. The Nexperia partnerships remain strong, with continued focus on Epi and wafer supply. In the electric vehicles area, we are executing on our strategy to accelerate revenues here by addressing the 2-wheeler segment in Asia for nearer-term penetration in CY 2023 and are developing our own reference design solutions for the same. This segment represents a roughly $1 billion TAM for our automotive qualified high-power GaN products in the multi-kilowatt range.

關於我們的客戶合作夥伴，首先是我們專注於機器人應用的安川，現在的重點是年底的下一個開發和融資里程碑。 Nexperia 的合作夥伴關係依然強大，繼續專注於 Epi 和晶圓供應。在電動汽車領域，我們正在執行我們的戰略，通過解決亞洲的兩輪車細分市場以在 2023 年實現近期滲透，並為此開發我們自己的參考設計解決方案。對於我們在多千瓦範圍內的符合汽車標準的高功率 GaN 產品，該部分代表了大約 10 億美元的 TAM。

The 4-wheeler opportunities for the mid to long term, focused on onboard charger, auxiliary converters, DC-DC converters and investigative efforts at small drivetrain inverters started in the 50-kilowatt range.

中長期的 4 輪車機會，主要集中在車載充電器、輔助轉換器、DC-DC 轉換器和小型動力傳動系統逆變器的調查工作始於 50 千瓦範圍內。

On the government side, our fiscal Q2 billing on the Navy program was around $0.5 million. We are now targeting a follow-on program in fiscal Q4 as the current program wraps up in fiscal Q3. We are also continuing R&D on new nodes like the 1200 volts and the innovative bidirectional switch, a unique topology enabled by a lateral GaN, like I talked about, under a small ARPA-E program.

在政府方面，我們對海軍計劃的第二財季計費約為 50 萬美元。我們現在的目標是在第四財季實施後續計劃，因為當前計劃在第三財季結束。我們還在繼續研發新節點，例如 1200 伏和創新的雙向開關，這是一種由橫向 GaN 實現的獨特拓撲，就像我在一個小型 ARPA-E 計劃下所說的那樣。

With a significant portion of our core Epi wafer manufacturing in the United States, we are also aiming to position for the CHIPS act funding and submissions for that are expected to be in calendar year Q1 '23. All in all, (inaudible) and the broader semiconductor industry have been in a challenging spot these past few quarters, we remain positioned to tackle near-term headwinds and progress towards our long-term model, aided by both capacity expansion and aggressively increasing our worldwide sales outreach.

憑藉我們在美國的大部分核心 Epi 晶圓製造，我們還計劃在 23 年第一季度為 CHIPS 法案提供資金和提交。總而言之，（聽不清）和更廣泛的半導體行業在過去幾個季度一直處於充滿挑戰的境地，在產能擴張和積極增加我們的幫助下，我們仍然有能力應對近期的不利因素並朝著我們的長期模式邁進全球銷售推廣。

TGAN's focus remains in 3 key areas. First, capacity expansion and supply chain management, keeping up with and then next year staying ahead of demand, generating as well as diversifying demand, both expanding our leadership in high power GaN and winning marquee lower power adapter and charger opportunities. And by the end of CY '23, starting to bring in EV wins in the 2-wheeler, 3-wheeler segment. And third, continued execution on our product road map and key partnerships.

TGAN 的重點仍然在 3 個關鍵領域。首先，產能擴張和供應鏈管理，緊跟需求，然後在明年保持領先，產生並多樣化需求，既擴大了我們在高功率 GaN 領域的領先地位，又贏得了大功率低功率適配器和充電器的機會。到 23 年 CY 結束時，開始在 2 輪、3 輪細分市場中贏得 EV 勝利。第三，繼續執行我們的產品路線圖和關鍵合作夥伴關係。

The strategy and initiatives that we have outlined here are expected to allow us to resume sequential revenue growth in the third quarter and then emerge stronger going forward into FY 2024.

我們在這裡概述的戰略和舉措預計將使我們能夠在第三季度恢復連續收入增長，然後在 2024 財年變得更加強勁。

With that, over to Cameron to walk you over through our financials in detail. Thank you.

有了這個，到卡梅倫來詳細介紹我們的財務狀況。謝謝你。

Thank you, Primit, and hello to everyone joining us today. Let me start with a brief recap of our financial results for our most recently completed quarter. For my remarks, I will refer both to GAAP and non-GAAP results which are reconciled to GAAP in our press release today. Non-GAAP results exclude stock-based compensation, depreciation and amortization and adjustments to fair value of our previously held convertible note.

謝謝你，Primit，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財務業績。對於我的評論，我將在我們今天的新聞稿中提及與 GAAP 一致的 GAAP 和非 GAAP 結果。非公認會計原則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。

Starting with the income statement. Total GAAP and non-GAAP revenue comprising product and government was $3.7 million in the quarter. This represents an 11% quarterly growth when compared to $3.3 million product and government revenue for the same quarter in the prior year, excluding licensing. Product revenue, as of the prior quarter, now forms the majority of our total revenue number, over 85% in the quarter just completed, much of this revenue being generated in the higher power applications.

從損益表開始。本季度包括產品和政府在內的 GAAP 和非 GAAP 總收入為 370 萬美元。與去年同期 330 萬美元的產品和政府收入（不包括許可）相比，這意味著季度增長 11%。截至上一季度，產品收入現在占我們總收入的大部分，在剛剛完成的季度中超過 85%，其中大部分收入來自更高功率的應用。

Continuing to focus on product sales, solid execution allowed us to meet our target and generate product sales of $3.2 million. Despite the reduction relative to the prior quarter, this still represents a 38% increase from the same quarter in the prior year. We expect to see further growth in the coming quarter. This revenue is being driven across a broad range of power conversion applications, including fast chargers and adapters, gaming, data center, UPS and blockchain.

繼續專注於產品銷售，穩健的執行使我們能夠實現目標並產生 320 萬美元的產品銷售額。儘管相對於上一季度有所減少，但與去年同期相比仍增長了 38%。我們預計下一季度將進一步增長。這一收入來自廣泛的電源轉換應用，包括快速充電器和適配器、遊戲、數據中心、UPS 和區塊鏈。

The gross margin in the quarter was 12%, a decrease of 10% from the prior quarter. This decrease is driven by the quarterly revenue reduction with indirect manufacturing costs constituting a larger drag on margins. This drag will reduce as we resume revenue growth. Our direct margins remain consistent, and we continue to progress towards our long-term model of gross margins in excess of 40%. A number of actions, including new product introduction, discrete ongoing cost efficiency activities and benefits that we will receive as we continue to grow in scale will contribute to this.

本季度毛利率為12%，環比下降10%。這種下降是由季度收入減少推動的，間接製造成本對利潤率構成更大的拖累。隨著我們恢復收入增長，這種拖累將減少。我們的直接利潤率保持一致，我們將繼續朝著毛利率超過 40% 的長期模式前進。一系列行動，包括新產品推出、離散的持續成本效率活動以及隨著我們繼續擴大規模而獲得的利益，將有助於實現這一目標。

Operating expenses on a non-GAAP basis were $5.1 million in the current quarter, compared to $5.4 million in the prior quarter. This 5% reduction being driven largely by a reduction in G&A costs associated with our year-end procedures incurred in the prior quarter, together with ongoing tight spend discipline across the company.

本季度按非公認會計原則計算的運營費用為 510 萬美元，而上一季度為 540 萬美元。這 5% 的減少主要是由於與我們在上一季度發生的年終程序相關的 G&A 成本的減少，以及整個公司持續嚴格的支出紀律。

Enabled by our strong balance sheet, the company continues to increase our team to support our operations across all aspects of the company, including leadership, G&A, sales, applications and R&D. When comparing non-GAAP OpEx to the same quarter in the prior year, we saw a 15% increase, primarily due to personnel increases across the company as just referenced.

在我們強大的資產負債表的支持下，公司繼續增加我們的團隊，以支持我們在公司各個方面的運營，包括領導力、G&A、銷售、應用程序和研發。將非 GAAP 運營支出與去年同期相比，我們看到了 15% 的增長，這主要是由於剛才提到的整個公司的人員增加。

Turning to EPS. I will focus my remarks here on the non-GAAP results. Despite the reduced revenue in the quarter, our tight OpEx controls enabled us to execute to non-GAAP EPS loss of $0.09, $0.01 lower than the prior quarter and flat for the same quarter in the prior fiscal year.

轉向EPS。我將把我的評論集中在非公認會計原則的結果上。儘管本季度收入減少，但我們嚴格的運營支出控制使我們能夠執行 0.09 美元的非公認會計原則每股收益損失，比上一季度低 0.01 美元，與上一財年的同一季度持平。

From an operational perspective, we continue to see solid traction in our targeted markets. 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. We also continue to invest in the long-term growth engine of the company, including new reactors. We anticipate bringing these reactors online in the second half of calendar 2023.

從運營的角度來看，我們繼續看到我們的目標市場具有強大的吸引力。該公司在本季度已訂滿。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。我們還繼續投資於公司的長期增長引擎，包括新的反應堆。我們預計這些反應堆將在 2023 年下半年上線。

Coming now to the balance sheet. Q2 saw the company maintain a strong, healthy balance sheet. Our operational bond, excluding capital investments in the quarter, was reduced to $5.8 million, driven by continued focus on cash and working capital management, together with solid receipts. This performance affords the company a stable runway to resume its growth trajectory and invest in growth.

現在來到資產負債表。第二季度，公司保持強勁、健康的資產負債表。由於持續關注現金和營運資本管理以及穩健的收入，我們的運營債券（不包括本季度的資本投資）減少至 580 萬美元。這一業績為公司提供了一條穩定的跑道，以恢復其增長軌跡並投資於增長。

Inventory grew as we look to support our backlog position, other assets and liabilities remained largely stable. Our activities have improved the shareholders' equity position $55 million when compared to the same quarter in the prior fiscal year. Looking ahead, we will remain open to opportunities to further strengthen our balance sheet to ensure that we're able to continue to invest in the company growth.

由於我們希望支持我們的積壓頭寸，庫存增加，其他資產和負債基本保持穩定。與上一財年同期相比，我們的活動使股東權益狀況改善了 5500 萬美元。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公司的發展。

Coming now to our target operating model on the next slide. Transphorm is in a process of building a high-growth, cash-generative business. From a revenue perspective, there are 3 streams of revenue: licensing, government and products. In the current fiscal year, product revenue has accounted for over 80% of our total revenues as we look forward to expecting that trend to continue.

現在在下一張幻燈片中介紹我們的目標運營模型。 Transphorm 正在建立一個高增長、可產生現金的業務。從收入的角度來看，有 3 種收入來源：許可、政府和產品。在本財年，產品收入占我們總收入的 80% 以上，我們期待這一趨勢繼續下去。

The company anticipates rapid top line growth and GaN adoption across multiple end markets with a 5-year CAGR in excess of 50%. We are confident that the company can achieve overall gross margins of over 40%, all segments will be able to benefit from the improved cost structure in our current Gen 4 and Gen 5 products. Additionally, gross margins will improve via a number of specific actions, including new product introductions and discrete ongoing cost efficiency activities as well as economies of scale.

該公司預計在多個終端市場中實現快速的收入增長和 GaN 採用，5 年復合年增長率超過 50%。我們有信心公司可以實現超過 40% 的整體毛利率，所有細分市場都將能夠受益於我們當前的第 4 代和第 5 代產品改進的成本結構。此外，毛利率將通過一些具體行動來提高，包括新產品推出和離散的持續成本效率活動以及規模經濟。

With respect to operating margin, the company will continue to invest to support all aspects of our core operations. We have a very stable OpEx structure which will ultimately allow us to translate our gross margins into an operating margin model that will deliver over 20% to the bottom line. From a cash generation perspective, CapEx will be required for increased scale in the medium to long term, but with a strong manufacturing footprint already in place, we will be able to generate free cash flow in excess of 10%.

在營業利潤率方面，公司將繼續投資以支持我們核心業務的各個方面。我們有一個非常穩定的運營支出結構，這最終將使我們能夠將我們的毛利率轉化為運營利潤率模型，從而為利潤帶來超過 20% 的收益。從現金產生的角度來看，資本支出將需要在中長期擴大規模，但由於已經擁有強大的製造足跡，我們將能夠產生超過 10% 的自由現金流。

Finally, I wanted to touch on our position. The company is well positioned to grow across multiple segments, including consumer, data centers, blockchain, industrial and in the medium to long term, the EV market. We are now at a stage where we have seen and continue to see strong adoption as evidenced in the prior quarter in the higher power space by an over 500,000 production order for 3-kilowatt (inaudible) power supply.

最後，我想談談我們的立場。該公司有能力在多個領域實現增長，包括消費者、數據中心、區塊鏈、工業以及中長期的電動汽車市場。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，正如上一季度在更高功率領域的證明，3 千瓦（聽不清）電源的生產訂單超過 500,000 個。

In the consumer segment, we increased shipments on previously announced Fortune 100 laptop adapter win, a top 3 worldwide laptop manufacturer and secured a new Fortune 100 laptop adapter design-win. Revenue traction exists today in several segments, including consumer, data centers, blockchain and industrial applications. We have seen strong traction and expect to grow revenues from our solid base.

在消費領域，我們增加了先前宣布的財富 100 強筆記本電腦適配器的出貨量，這是全球前 3 大筆記本電腦製造商，並獲得了新的財富 100 強筆記本電腦適配器設計獎。如今，收入牽引力存在於多個領域，包括消費者、數據中心、區塊鍊和工業應用。我們已經看到了強大的牽引力，並希望從我們堅實的基礎中增加收入。

Looking ahead, our solid 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. With this strong foundation in place, our focus turns to execution, ensuring that we can support the growing demand and what we 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 there, the company will rise towards our long-term target model, enabled by continued momentum across multiple segments.

展望未來，我們穩健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。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，以及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。從那裡開始，公司將朝著我們的長期目標模型邁進，這得益於多個細分市場的持續發展勢頭。

Concluding on the final slide 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 have a comprehensive product offering today that meets our customers' needs across a wide range of power levels in the segments, all of which is underpinned by a strong balance sheet, the industry's strongest IP position and a deep and talented team.

最後一張幻燈片總結了幾個關鍵亮點。 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。今天，我們擁有全面的產品組合，可以滿足我們客戶在細分市場中各種功率級別的需求，所有這些都以強大的資產負債表、業界最強大的知識產權地位和一支深厚而才華橫溢的團隊為基礎。

That concludes our prepared materials and remarks. We would now like to open the call to any questions. Operator, please proceed with the Q&A portion of the call.

我們準備的材料和評論到此結束。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 the line of David Williams from Benchmark Company.

（操作員說明）我們的第一個問題來自 Benchmark 公司的 David Williams。

Congrats on the continued progress here.

祝賀這裡的持續進展。

Thank you.

謝謝你。

I guess maybe first, Primit, you talked about the guidance, you noted a 20% growth Q-o-Q with an opportunity for 25%. I'm just wondering if maybe you could walk us through the puts and takes there to achieving the 25%. And if there's an opportunity maybe to outgrow that as well? Is this more of a demand or a supply side challenge for you?

我想也許首先，Primit，你談到了指導，你注意到環比增長 20%，有 25% 的機會。我只是想知道你是否可以引導我們完成看跌期權並在那裡實現 25%。如果有機會也可以超越它？這對您來說更多是需求方面的挑戰還是供應方面的挑戰？

Sure. So like we also noted, right, we have made definitive improvements on the supply side since last time, but it continues to be a very dynamic mix today of both demand and supply. So we are executing on both fronts. So we definitely feel good about the 20% sequential growth, which is in today's environment beyond the current quarter that we just announced. But yes, we -- it's hard -- it's not easy to say today how much more we can do, but we do need to execute on both supply side and demand side simultaneously. But that's the range we are feeling reasonably good about at this point.

當然。所以就像我們也注意到的那樣，對，自上次以來，我們在供應方面做出了明確的改進，但今天它仍然是需求和供應的一個非常動態的組合。所以我們在兩個方面都在執行。因此，我們絕對對 20% 的連續增長感到滿意，這是在我們剛剛宣布的當前季度之後的今天環境中。但是，是的，我們——這很難——今天很難說我們還能做多少，但我們確實需要同時在供應端和需求端執行。但這就是我們目前感覺相當不錯的範圍。

Okay. Fantastic. And then I wanted to ask a little bit about on the technology front. You've got a new 4 quadrant GaN switch with bidirectional current flow and operational control there. Just kind of wondering what you're seeing in terms of that market? It seems like that could be a very large market for the circuit breakers and kind of the matrix switching applications. Just kind of curious if you could give us some color on your thoughts there, where we are and what your expectations would be?

好的。極好的。然後我想問一些關於技術方面的問題。你有一個新的 4 象限 GaN 開關，具有雙向電流流動和操作控制。只是想知道你在那個市場上看到了什麼？對於斷路器和矩陣開關應用而言，這似乎是一個非常大的市場。只是有點好奇，如果你能給我們一些關於你在那裡的想法的顏色，我們在哪裡，你的期望是什麼？

Sure. So first, it's definitely a very unique application of lateral GaN in which Transphorm has been working on for a long time now since one device is replacing many. And those are the 2 markets. It's early, I want to just be also clear, it's early R&D stage right now. We know a lot about that device from previous experience. But those are the -- there is a large market in microinverters architectures. PV microinverters for bidirectional GaN and that, as you rightly pointed out, matrix converter, which is a unique topology for motor drives and then circuit breakers. Yes, it opens up all of those areas, notably microinverters in the midterm.

當然。首先，這絕對是橫向 GaN 的一個非常獨特的應用，Transphorm 已經在其中工作了很長時間，因為一個設備正在取代許多設備。這就是兩個市場。現在還早，我也想清楚，現在是早期的研發階段。我們從以前的經驗中對該設備了解很多。但這些是——微型逆變器架構有很大的市場。用於雙向 GaN 的 PV 微型逆變器，正如您正確指出的那樣，矩陣轉換器是電機驅動器和斷路器的獨特拓撲。是的，它打開了所有這些領域，尤其是中期的微型逆變器。

Okay. Very good. And then maybe, Cameron, I know that last quarter, you had thought that maybe -- you had mentioned anyway is that first quarter and second quarter fiscal -- or fiscal quarters would be relatively flat excluding the COVID and kind of reactor issues. It looks like you've cleared some of those reactor issues and some of the COVID. But your guidance, it looks like it's not quite where we would have expected that 1Q to 2Q transition to be.

好的。很好。然後也許，卡梅倫，我知道上個季度，你曾認為也許 - 你已經提到過第一季度和第二季度財政 - 或者財政季度會相對平坦，不包括 COVID 和某種反應堆問題。看起來你已經解決了一些反應堆問題和一些 COVID。但是您的指導，看起來與我們預期的從 1Q 到 2Q 的過渡不太一樣。

So I'm just kind of curious, is it just the demand side issue that you're facing going into the third quarter in terms of not recovering that, but it was about $1.1 million of the decline there. Is there -- is it more of a, I guess, the manufacturing side you're dealing with or more of the demand side, I guess, as you see some of these slowing market conditions?

所以我只是有點好奇，這是否只是您在第三季度面臨的需求方面的問題，無法恢復，但那裡的跌幅約為 110 萬美元。是否存在 - 我猜，您正在處理的更多是製造方面還是需求方面，我猜，正如您看到的一些放緩的市場條件？

Sure. I think it's a combination of both, quite honestly. I think the market conditions are well understood and known and there are some challenges there. And we're also trying to ramp our manufacturing footprint up and you've got to execute on both to Primit's comment earlier, and that's where we feel comfortable with a 20% sequential increase quarter-on-quarter. And depending on those dynamics, we hope to do slightly better on that.

當然。老實說，我認為這是兩者的結合。我認為市場狀況是眾所周知的，並且存在一些挑戰。而且我們還試圖擴大我們的製造足跡，你必須執行 Primit 早些時候的評論，這就是我們對環比增長 20% 感到滿意的地方。根據這些動態，我們希望在這方面做得更好。

Our next question comes from the line of Craig Ellis from B. Riley.

我們的下一個問題來自 B. Riley 的 Craig Ellis。

Yes. It's Craig Ellis. Nice to speak again. So I just wanted to follow up on the demand environment and drill down on what you're seeing in the laptop market because you did start to ship to a new program, and it looks like you're having follow-on success with another opportunity. The question is this, Primit, when you look at that market, how much of the laptop market are you targeting? Are you targeting just the high end, the high end and mid range? Can you give us a sense for where you're trying to position the business?

是的。是克雷格·埃利斯。很高興再次發言。因此，我只是想跟進需求環境並深入了解您在筆記本電腦市場中看到的情況，因為您確實開始向新程序發貨，而且看起來您正在通過另一個機會獲得後續成功.問題是，Primit，當您查看該市場時，您的目標是多少筆記本電腦市場？您是否只針對高端、高端和中檔？您能告訴我們您要在哪裡定位業務嗎？

Sure. So in the current -- kind of current planning scenario, it's a very, very low percent of the overall laptop market. And we are now in a position to target sort of the high-volume aftermarket, right? So aftermarket also, there is lower volume marquee designs. But now with some of the wins we talked about the Fortune 100 and then the top 3 worldwide customer, we are now targeting the higher volume of the aftermarket and then working on in-box with the laptop adopters. Those are several ongoing design-ins now. But even overall, even counting all of that still the percentage of the laptop market is still quite small.

當然。因此，在當前的計劃方案中，它在整個筆記本電腦市場中所佔的百分比非常非常低。我們現在可以瞄準大批量售後市場，對吧？所以售後市場也有小批量的選框設計。但是現在，隨著我們談到財富 100 強和全球前 3 大客戶的一些勝利，我們現在瞄準了更大的售後市場，然後與筆記本電腦採用者一起努力。這些是現在正在進行的幾個設計。但即使總體而言，即使算上所有這些，筆記本電腦市場的百分比仍然很小。

Yes. Got it. And then on the margin structure of the business, Cameron, we expected gross margins to go down in the quarter, but I think they were about 600 basis points below what I expected in the low teens versus high teens. Beyond volume, were there any items that are notable? And can you frame for us what your expectation is in the fiscal third quarter? And just outline the combination of factors to get the business back to 20% and then towards 30%, if you would, please?

是的。知道了。然後關於業務的利潤率結構，卡梅倫，我們預計本季度的毛利率會下降，但我認為它們比我在低青少年與高青少年的預期低約 600 個基點。除了數量之外，還有什麼值得注意的項目嗎？您能告訴我們您對第三財季的預期嗎？只需概述使業務恢復到 20% 和 30% 的因素組合，如果您願意，好嗎？

Sure. I think, Craig, the first thing I would say, there weren't any other particular factors in the quarter. The direct product margins are stable and we expect that stability to continue. I think the gross margin decline in the quarter was really squarely looking at sales volume and looking at absorption of indirect cost of manufacturing that the business has. And as we grow our revenue, the drag that has on the margins will reduce, and it really is just a function of volume, maintaining our execution on our new products and our cost effect -- bringing our costs down and those combination of factors that will bring us to 20% and beyond.

當然。我想，克雷格，我首先要說的是，本季度沒有任何其他特殊因素。直接產品利潤率是穩定的，我們預計這種穩定性將持續下去。我認為本季度毛利率的下降實際上是直接考慮銷量和吸收業務所擁有的間接製造成本。隨著我們收入的增長，對利潤的拖累將會減少，它實際上只是數量的函數，保持我們對新產品的執行和我們的成本效應——降低我們的成本以及這些因素的組合將使我們達到 20% 甚至更高。

Got it. And so as we look out to a period in the second half of next year, fiscal '24 when we expect to get some significant capacity benefit as you get more reactors online, would it be fair to think that gross margins can get back up towards 20% at that time, Cameron? Or do you really need more capacity than you would be bringing on then to get that 20% level?

知道了。因此，當我們展望明年下半年的一段時間，即 24 財年，我們預計隨著更多反應堆上線而獲得一些顯著的產能收益，認為毛利率可以回升到那個時候是 20%，卡梅倫？或者你真的需要比你當時帶來的更多的容量來達到那個 20% 的水平嗎？

No, I think we can get there with the capacity that we have, Craig, and we will look to get -- we will be in excess of that as we continue to bring the additional capacity online toward the tail end of calendar '23.

不，我認為我們可以憑藉我們擁有的容量到達那裡，克雷格，我們將尋求得到 - 隨著我們繼續在 23 年日曆的尾端在線提供額外的容量，我們將超過這個容量。

Yes. Got it. That's helpful. And then just 2 more. OpEx, you mentioned it was tight. It certainly was about $1 million lower than I expected. Was there anything from a timing standpoint that benefited OpEx? And are those -- is that lower OpEx structural? Or should we expect it to bounce back up? And then on cash, can you just spin out the 3 or 4 factors that contributed to that quarter-on-quarter cash decline?

是的。知道了。這很有幫助。然後只有2個。運營支出，你提到它很緊。這肯定比我預期的要低 100 萬美元。從時間的角度來看，有什麼東西對 OpEx 有利嗎？那些 - 較低的運營支出是結構性的嗎？還是我們應該期待它反彈？然後在現金方面，你能排除導致季度現金下降的 3 或 4 個因素嗎？

Thanks, Craig. So for OpEx, there are 1 or 2 factors, but they were mainly in the prior quarter. When you go through your year-end procedures and there's lots of G&A activity associated with that. So there wasn't anything there. For this quarter -- if I look ahead to next quarter, sorry, I think we will see OpEx increase kind of low single digits, and that's mainly a factor of headcount additions. We added senior members of our team. We've continued to add across the board, and you start to see the full quarter's impact of that as we look at OpEx in subsequent quarters.

謝謝，克雷格。所以對於 OpEx，有 1 或 2 個因素，但主要是在上一季度。當您完成年終程序時，會有很多與此相關的 G&A 活動。所以那裡什麼都沒有。對於本季度——如果我展望下一個季度，對不起，我認為我們會看到運營支出以較低的個位數增長，這主要是員工人數增加的一個因素。我們增加了團隊的高級成員。我們繼續全面增加，當我們查看後續季度的運營支出時，您開始看到整個季度的影響。

From cash, yes, we did bring OpEx cash burn down in the quarter to 5.8. I think that the overall burn was higher because of the investment that we made in the capital equipment. I think that burn comes down next quarter, mainly due to the function of the capital investment being slightly smaller in the quarter that we're in. And I think that the cash burn of 5.8, we hope to land pretty close to that. There are obviously puts and takes involved in each individual quarter. But as a trend, we don't see anything changing significantly.

是的，從現金來看，我們確實將本季度的運營支出現金消耗降至 5.8。我認為，由於我們在資本設備上進行了投資，因此總體消耗更高。我認為下個季度燒錢會減少，主要是由於我們所在季度的資本投資功能略小。我認為 5.8 的現金燒錢，我們希望能接近這個數字。顯然，每個季度都涉及看跌期權。但作為一種趨勢，我們沒有看到任何顯著變化。

Okay. So we can expect inventory levels which have been moving up through the year to start to come down. Cameron, do you feel like you can start turning that faster and convert that to revenue.

好的。因此，我們可以預期今年一直在上升的庫存水平將開始下降。卡梅倫，您是否覺得您可以開始更快地將其轉化為收入。

We've certainly looked to do that, yes. I mean managing inventory is managing working capital and managing cash. So it's something we're keeping a very close eye on.

我們當然希望這樣做，是的。我的意思是管理庫存就是管理營運資金和管理現金。所以這是我們密切關注的事情。

And just to add, Craig, if we have to build more, right, with some of the lead times and the supply side, we want to be able to do that.

補充一點，克雷格，如果我們必須建造更多，對，在一些交貨時間和供應方面，我們希望能夠做到這一點。

Okay. Yes, I know you want to make sure you meet customer demand.

好的。是的，我知道您想確保滿足客戶需求。

Our next question will come from the line of Ananda Baruah from Loop Capital.

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

Just a couple, if I could. On the demand side, if I recall accurately, you guys last quarter also thought that you could sort of begin to see -- I think 20% was what you talked about. Kind of like 20% growth increase in 3Q. And so I guess the point is even with macro -- is that accurate? Because it sounds like you're -- even with macro, you're actually holding the demand cadence that you thought you could? And let me just ask for clarification on that first.

如果可以的話，就一對夫婦。在需求方面，如果我沒記錯的話，你們上個季度也認為你們可以開始看到——我認為 20% 就是你們所說的。有點像第三季度增長 20%。所以我想重點是宏——準確嗎？因為聽起來你是——即使使用宏，你實際上保持著你認為可以的需求節奏？讓我先要求澄清一下。

Yes. So that's -- yes, we had -- your second point, very important for us. Even with the macros, we are showing a growth trend here now. We had said last time just to be accurate, I believe we have said around 30% from that point. And right now, what we said, it's still growing, and it's again, mix of demand/supply constantly now head to head, but still we are saying 22 within -- 20% with an opportunity for around 25%. So just so your first statement is slightly different. And then -- but your second statement is spot on that even in this challenging environment, we are still growing, which we are very happy to be in this position.

是的。這就是——是的，我們有——你的第二點，對我們來說非常重要。即使使用宏，我們現在也顯示出增長趨勢。我們上次說過只是為了準確，我相信從那時起我們已經說過大約 30%。而現在，正如我們所說，它仍在增長，而且需求/供應的混合現在不斷地正面交鋒，但我們仍然說 22 以內 - 20% 與 25% 左右的機會。因此，您的第一個陳述略有不同。然後 - 但是你的第二個陳述是即使在這個充滿挑戰的環境中，我們仍然在成長，我們很高興處於這個位置。

Thanks for the clarification. Okay. Great. And are you -- on the qualification side, are you seeing sort of what's going on with the macro, impact the qualification process in any context or are things still sort of full bore?

感謝您的澄清。好的。偉大的。你是否 - 在資格方面，你是否看到宏觀正在發生的事情，在任何情況下影響資格過程，還是事情仍然有點無聊？

So our internal product qualification, that's unequivocally no. I mean that's in our control more or less. Customized side qualification, sometimes, I would say 80% to 90% no on the qualification that's going on fine. Once in a while, we do encounter some shipments, other components like some specialized ICs or DSP lead times effect pilot runs getting delayed and things like that. So those are precisely the uncertainty that we face right now on the demand side.

所以我們的內部產品資格，這絕對不是。我的意思是，這或多或少都在我們的控制之中。定制的側面資格，有時，我會說 80% 到 90% 的資格都沒有問題。偶爾，我們確實會遇到一些發貨，其他組件，如一些專用 IC 或 DSP 交貨時間影響試運行延遲等等。因此，這些正是我們現在在需求方面面臨的不確定性。

That's super helpful. I think -- Cameron, I think last quarter, I asked you the same inflection point question, but I'm going to ask it again here. The inflection point sort of the upcoming, can you just give us context -- remind us of the context around -- to any degree you're able sort of timing and breadth? And maybe specifically the applications you see coming sort of sooner rather than later.

這非常有幫助。我想——卡梅倫，我想上個季度，我問過你同樣的拐點問題，但我要在這裡再問一次。即將到來的拐點，你能否給我們提供背景——提醒我們周圍的背景——在任何程度上你能夠在時間和廣度上進行排序？尤其是您看到的應用程序可能遲早會出現。

Thanks, Ananda. Yes, it remains a very dynamic environment. But I think if I look at the design and progress that we've made, those broader inflection points are likely in the lower power and for us, certainly in the higher-power applications. My timing hasn't changed from last time around. Ananda, I think we're late '23 in that regard. And you see a continue of that momentum, and that's what in '24 will enable us to achieve our target model.

謝謝，阿難。是的，它仍然是一個非常動態的環境。但我認為，如果我看一下我們已經取得的設計和進展，那些更廣泛的拐點可能出現在低功率應用中，對我們來說，肯定是在高功率應用中。我的時間與上次相比沒有改變。阿南達，我認為我們在這方面遲到了 23 年。你會看到這種勢頭繼續下去，這就是 24 年將使我們能夠實現目標模型的原因。

Okay. Awesome. Let me sneak one more in here, actually. Are you seeing sort of -- the demand areas that have been impacted by macro, have you seen those broaden over the last 90 days? Or are they fairly consistent with what you were seeing 90 days ago, just the areas and the applications?

好的。驚人的。實際上，讓我再偷偷溜進去一個。您是否看到某種 - 受宏觀影響的需求領域，您是否看到過去 90 天這些需求領域擴大了？還是它們與您在 90 天前看到的情況相當一致，只是區域和應用程序？

I think it's fairly consistent. I will not say that for us they have broadened, it's the laptop and the mobile there. We are candidly starting from a lower base relatively speaking. So it's offset. Blockchain continues to be -- we have large wins there, which are all intact, but that continues to be a little soft. Like I said, our customers appeared -- they tell us the recovery in about 6 months is what they are predicting at this time.

我認為這是相當一致的。我不會說對我們來說他們已經擴大了，它是筆記本電腦和手機。我們坦誠地從相對較低的基數開始。所以是抵消的。區塊鏈繼續存在——我們在那裡取得了巨大的勝利，這些勝利都完好無損，但仍然有點軟。就像我說的那樣，我們的客戶出現了——他們告訴我們大約 6 個月後的複蘇是他們目前的預測。

So those are the 2, they haven't broadened. In some other areas, like renewables, actually, we are seeing increased demand and interest as exemplified by the -- we added about 10 new design-ins and 5 new production -- into production this quarter on the high-power side. So those will start to bear fruit in couple of quarters. So overall, those 2 areas, not any big shift.

所以那些是2，他們沒有擴大。實際上，在可再生能源等其他一些領域，我們看到需求和興趣增加，例如——我們增加了大約 10 個新的設計和 5 個新的生產——本季度在高功率方面投入生產。因此，這些將在幾個季度內開始結出碩果。所以總的來說，這兩個領域，沒有任何大的轉變。

(Operator Instructions) Our next question comes from the line of Sam Peterman from Craig-Hallum.

（操作員說明）我們的下一個問題來自 Craig-Hallum 的 Sam Peterman。

This is Sam on for Richard here. I wanted to ask just 2 quick ones. First one, on the reactors that you guys are adding, I know you're trying to double capacity by the end of next calendar year. Can you remind us how many more reactors you need after you got 2 more this quarter to reach that goal and kind of what the CapEx might look like to do that?

這是 Sam 為 Richard 準備的。我只想問2個快速的。第一個，關於你們正在添加的反應堆，我知道你們正試圖在明年年底之前將產能翻一番。您能否提醒我們，在本季度再增加 2 個反應堆後，您還需要多少個反應堆才能實現該目標，以及資本支出可能會如何實現這一目標？

So the CapEx is to do doubling, total, we are to get to that double I referred to, that CapEx is already done. So that's the good news. Now beyond that, if we continue to evaluate with the triggers of again, demand and supply dynamic considerations, that would be additional. But the CapEx to acquire the reactors, to double the capacity, that has been done. We will have incremental CapEx to install some of those reactors, right? So we are working on those both ourselves here in California and some with our partners. So we will have incremental installation and facilities CapEx, but not the main reactor CapEx. That's done.

所以資本支出是翻倍，總的來說，我們要達到我提到的那個翻倍，即資本支出已經完成。所以這是個好消息。現在除此之外，如果我們繼續以需求和供應動態考慮的觸發因素進行評估，那將是額外的。但是，收購反應堆、將產能翻倍的資本支出已經完成。我們將增加資本支出來安裝其中一些反應堆，對吧？所以我們正在加利福尼亞州自己和我們的合作夥伴一起研究這些。所以我們將有增量安裝和設施資本支出，但不是主反應堆資本支出。就這樣完成了。

Got you. Okay. And then secondly, you talked about, I think, last quarter having pretty strong backlog coverage of kind of what you're expecting for revenue growth. Are you seeing that backlog kind of persisting? Or are you seeing any cancellations or pushouts just as the environment kind of softens broadly?

得到你。好的。其次，你談到，我認為上個季度有相當強大的積壓覆蓋率，你對收入增長的預期。您是否看到這種積壓持續存在？或者您是否看到任何取消或推出就像環境廣泛軟化一樣？

I think generally speaking, I mean, the backlog remains solid. I mean, there's always puts and takes, and we are seeing some softness there, and we are experiencing some pushouts. But overall, it remains solid, and we remain confident in the traction that we're seeing.

我認為一般來說，我的意思是，積壓的工作仍然穩固。我的意思是，總是有放送，我們看到那裡有些軟弱，我們正在經歷一些推擠。但總的來說，它仍然穩固，我們對我們所看到的牽引力仍然充滿信心。

Our next question comes from the line of Orin Hirschman from AIGH Partners.

我們的下一個問題來自 AIGH Partners 的 Orin Hirschman。

Just a quick question again. I know you alluded to it and discussed it a little bit, but can you get any more granular just in terms of the bidirectional use in the 2-wheelers and 3-wheelers? That's obviously getting popular very quickly in other parts of the world. Can you talk about actual design win/when do you think you'll actually have something in production?

又是一個簡短的問題。我知道您提到過它並進行了一些討論，但是您能否僅就 2 輪車和 3 輪車的雙向使用而言更細化？這顯然在世界其他地區迅速流行起來。你能談談實際的設計勝利嗎/你認為你什麼時候會真正投入生產？

Indeed, indeed. So the 2-wheelers and 3-wheelers, addressing those 2 separate points. The 2-wheeler and 3-wheeler EVs, we are targeting, and this is a target at this time, design win and some early revenue by end of calendar year 2023. So that we are still marching towards that goal. The bidirectional -- there are actually 2 aspects of the bidirectional. One is simply, bidirectional means charging in both directions, right? So for example, if you have a 2-wheeler, you are charging the battery, and that's 1 direction. And then that battery, you can take with you and then do a DC to AC and use their battery for off-grid power. That's the second direction. So that's a bidirectional in an application.

確實，確實。所以兩輪車和三輪車，解決了這兩個不同的點。我們的目標是 2 輪和 3 輪電動汽車，這是目前的目標，在 2023 日曆年年底之前贏得設計和一些早期收入。所以我們仍在朝著這個目標前進。雙向的——實際上雙向有兩個方面。一個很簡單，雙向意味著雙向充電，對嗎？例如，如果您有一輛兩輪車，您正在為電池充電，這是 1 個方向。然後那個電池，你可以隨身攜帶，然後將直流電轉換為交流電，並使用他們的電池進行離網供電。這是第二個方向。所以這在應用程序中是雙向的。

Now what we talked also in the press release about the bidirectional device, that is a true gallium nitride bidirectional switch where a single device does allow us to do that job in both directions, which is a very unique attribute of gallium nitride, in particular, in lateral GaN with the architecture we have specifically.

現在我們還在新聞稿中談到了雙向器件，這是一個真正的氮化鎵雙向開關，其中一個器件確實允許我們在兩個方向上完成這項工作，這是氮化鎵的一個非常獨特的屬性，特別是，在具有我們專門架構的橫向 GaN 中。

And I'm not showing any further questions in the queue. I'd like to turn the call back over to Primit Parikh for any closing remarks.

我沒有在隊列中顯示任何進一步的問題。我想將電話轉回給 Primit Parikh 以獲取任何結束語。

Thank you, everyone, for listening to our call and the interest, and we look forward to continuing with the solid progress with the demand. We have the supply considerations and capacity initiatives that we have undertaken and look forward to meeting the needs of our customers in gallium nitride power. Thank you all.

謝謝大家傾聽我們的電話和興趣，我們期待著繼續紮實推進需求。我們已經採取了供應考慮和產能計劃，並期待滿足客戶在氮化鎵電源方面的需求。謝謝你們。

This concludes today's conference call. Thank you for participating. You may now disconnect. Everyone, have a great day.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連接。大家，有一個美好的一天。