(TGAN) 2023 Q4 法說會逐字稿

Thank you for standing by, and welcome to the Transphorm's Fourth Quarter and Full Year Fiscal 2023 Earnings Call. At this time, all participants are in listen-only mode. After the speaker presentation, it will be a question-and-answer session. (Operator Instructions). I would now like to hand the call over to David Hanover of Investor Relations. Please go ahead.

感謝您的耐心等待，歡迎參加 Transphorm 2023 年第四季度和全年財報電話會議。此時，所有參與者都處於只聽模式。演講者演講結束後，將進行問答環節。 （操作員說明）。我現在想將電話轉交給投資者關係部的戴維·漢諾威 (David Hanover)。請繼續。

Good afternoon, and welcome to Transphorm's Fourth Quarter and Full Year Fiscal 2023 Earnings Conference Call. Joining us today from Transphorm are Primit Parikh, CEO, President and Co-Founder; and Cameron McAulay, Chief Financial Officer. Before we begin, I'd like to point out that there is a slide presentation associated with today's prepared remarks, which management will be referencing during the conference call. These slides can be accessed through the live webcast link in the Investors section of Transphorm's website, where they will also be posted and available as a link to a PDF subsequent to today's conference call.

下午好，歡迎參加 Transphorm 2023 財年第四季度和全年收益電話會議。今天加入我們的有來自 Transphorm 的首席執行官、總裁兼聯合創始人 Primit Parikh；和首席財務官卡梅倫·麥考利。在我們開始之前，我想指出，有一個與今天準備好的發言相關的幻燈片演示，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 網站投資者部分的實時網絡廣播鏈接訪問，這些幻燈片也將在今天的電話會議之後發布並作為 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's not possible for the company or management to rec 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. In light of these risks, uncertainties and assumptions, the forward-looking statements discussed during this call may or may not occur, and actual results could differ materially and adversely from those anticipated or implied.

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考慮所有風險，也不可能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中包含的結果存在重大差異的程度看起來的陳述。鑑於這些風險、不確定性和假設，本次電話會議中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。

Any projections as to the company's future performance represent management's estimates as of today, June 27, 2023. 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 annual report on Form 10-K and other subsequent filings with the SEC. With that said, it is now my pleasure to turn over the call to Transphorm CEO, Primit Parikh. Please go ahead, Primit.

對公司未來業績的任何預測均代表管理層截至今天（2023 年 6 月 27 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。該公司也不承擔在本次電話會議之後以任何理由公開更新前瞻性陳述的義務，以使這些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，我們建議您參閱 Transphorm 最新 10-K 表格年度報告以及向 SEC 提交的其他後續文件中描述的風險因素。話雖如此，我現在很高興將電話轉給 Transphorm 首席執行官 Primit Parikh。請繼續，普里米特。

Thank you, David, and good afternoon, everyone. Welcome to Transphorm's Fiscal Fourth Quarter and Full Year 2020 Conference Call. We continue to be pleased with our increased designing momentum, both low-power and high-power areas with growth in our power products pipeline to over $440 million and the total pipeline now nearing $600 million dominated by high-powered products.

謝謝大衛，大家下午好。歡迎參加 Transphorm 2020 年第四季度和全年的電話會議。我們對低功率和高功率領域不斷增長的設計勢頭感到滿意，我們的電源產品系列已增長至超過 4.4 億美元，目前總系列已接近 6 億美元，其中以高功率產品為主。

Q4 revenues were $3.2 million, almost 100% comprised of product revenue, which was on target. This total revenue of $3.2 million was lower than the estimated $4.5 million, largely impacted by the delay in the award and commencement of a key $115 million government contract and deliverables on another smaller RIE government contract, both of which were pushed out into the current quarter. We are happy to report that the new $115 million program is now fully in place. The overall product revenue of about $15 million in FY 2023 represents a healthy 20% increase year-over-year. Furthermore, more than 70% of the product revenue mix came from high-power, where Transphorm is the #1 game player with high performance and high reliability over every other GaN competitor, notably e-mode GaN.

第四季度收入為 320 萬美元，幾乎 100% 由產品收入組成，達到了目標。 320 萬美元的總收入低於預計的 450 萬美元，主要是由於一項價值 1.15 億美元的關鍵政府合同和另一份規模較小的 RIE 政府合同的授予和啟動的延遲而造成的，這兩項合同均被推遲到本季度。我們很高興地報告，1.15 億美元的新計劃現已全面實施。 2023 財年的整體產品收入約為 1500 萬美元，同比健康增長 20%。此外，超過 70% 的產品收入來自高功率，Transphorm 是排名第一的廠商，其高性能和高可靠性超過所有其他 GaN 競爭對手，尤其是 e-mode GaN。

Going on to Slide 3 now. Before going into our key operating metrics, I want to address our recent announcement regarding a review of strategic opportunities and alternatives for enhancing stockholder value as well as our client rights offering. As many of you are aware, the GaN power semiconductor sector has recently generated a tremendous amount of interest from leading power semiconductor companies who have silicon and silicon carbide, but not necessarily GaN power. This interest has been evidenced by the recent announcement of a large acquisition in the GaN space, by the top power semiconductor company as well as capital raises and other announcements of interest in GaN or GaN strategy.

現在轉到幻燈片 3。在討論我們的關鍵運營指標之前，我想先談談我們最近宣布的有關審查戰略機會和提高股東價值的替代方案以及我們的客戶權利提供的公告。正如許多人所知，GaN 功率半導體領域最近引起了領先功率半導體公司的極大興趣，這些公司擁有矽和碳化矽，但不一定是 GaN 功率。頂級功率半導體公司最近宣佈在 GaN 領域進行大規模收購，以及融資和其他對 GaN 或 GaN 戰略感興趣的公告，都證明了這種興趣。

Transphorm is one of the few pure-play GaN companies operating at scale. It is an established leader, especially in high-power GaN with best-in-class technology and reliability, outperforming e-mode GaN the TSMC GaN in pretty much every game topology and power level today. This is backed by wafer manufacturing ownership and our strong Power GaN IP portfolio of more than 1,000 owned or licensed patents. Given this activity, coupled with Transphorm's prowess in GaN, we believe it is an appropriate time to undergo the strategic review with a single objective of enhancing shareholder value.

Transphorm 是少數幾家大規模運營的純 GaN 公司之一。它是公認的領導者，特別是在高功率 GaN 領域，擁有一流的技術和可靠性，在當今幾乎所有遊戲拓撲和功率級別上都優於 e-mode GaN、台積電 GaN。這得到了晶圓製造所有權和我們強大的 Power GaN IP 組合（包含 1,000 多項自有或許可專利）的支持。鑑於這項活動，再加上 Transphorm 在 GaN 領域的實力，我們認為現在是進行戰略審查的合適時機，其單一目標是提高股東價值。

Based on multiple opportunities, including various levels of inbound interest we have received, our review will include, but not be limited to, financing, both from strategic partner or investor and/or traditional debt and equity financing alternatives, licensing opportunities in the U.S. and Asia and potential M&A opportunities. We also recently announced a rights offering, which has support from key shareholders, and we are pursuing conventional asset-based debt, both of which will give us runway well into fiscal 2025.

基於多種機會，包括我們收到的不同程度的入境興趣，我們的審查將包括但不限於來自戰略合作夥伴或投資者的融資和/或傳統債務和股權融資替代方案、美國的許可機會以及亞洲和潛在的併購機會。我們最近還宣布了一項配股計劃，該計劃得到了主要股東的支持，並且我們正在尋求傳統的資產債務，這兩者都將為我們在 2025 財年的順利發展奠定基礎。

Moving on to Slide 4 and coming back to our key vectors and metrics for the quarter. We achieved a 22% increase year-over-year in product revenue, nearing about $15 million in FY 2023, with majority contribution from high-power GaN, which is more than 300 watts and in key segments like computing and energy, while growing our presence in fast chargers with demonstrated performance over multiple GaN levels in the market. For fast chargers in the low-power space where we now address 25 watts to 300 watts, we secured 10 new design-ins, taking the total over 90 and ramp 3 new designs into production.

繼續看幻燈片 4，然後回到本季度的關鍵向量和指標。我們的產品收入同比增長 22%，到 2023 財年接近 1500 萬美元，其中大部分貢獻來自於計算和能源等關鍵領域的高功率 GaN（超過 300 瓦），同時我們的收入也不斷增長其在快速充電器中的存在，已在市場上的多個 GaN 級別上展示了性能。對於低功耗領域的快速充電器，我們現在解決的是 25 瓦至 300 瓦的問題，我們獲得了 10 種新設計，使總數超過 90 種，並將 3 種新設計投入生產。

Notably, we announced in March at the 8 trade show and conference that we entered the SIP or the System in Package market with integrated controller and driver with our partner, Weltrend the leading player in USB TDIC. We have repeatedly seen that our SuperGaN FET delivers higher performance over the typical TSMC's time GaN, recently, in fact, showing over 10% lower loss and running well over 30% cooler in a 280-watt charger, also as reported in Power Electronics news and validating the physics space benefit of our GaN versus e-mode GaN. Given this design-in momentum and continued superior performance, we see the beginning of an increased ramp in the second half of the fiscal year.

值得注意的是，我們在 3 月份的第 8 屆貿易展和會議上宣布，我們與我們的合作夥伴 Weltrend（USB TDIC 領域的領先廠商）一起進入具有集成控制器和驅動器的 SIP 或系統級封裝市場。我們多次看到，我們的 SuperGaN FET 比典型的台積電 GaN 時間提供了更高的性能，事實上，最近，在 280 瓦充電器中，損耗降低了 10% 以上，運行溫度降低了 30% 以上，正如《電力電子新聞》中所報導的那樣並驗證我們的 GaN 相對於 e 模式 GaN 的物理空間優勢。鑑於這種設計勢頭和持續的卓越性能，我們預計本財年下半年將開始出現增長。

Transphorm has leadership in high-power and to the best of our knowledge, it is the only GaN company with customers across segments from 300 watts to 4 kilowatts who have ramped in the market with their end products. We had a 25% sequential increase in design-ins in this area that now stand over at 60 out of which 30 are in production. We also believe we are the only GaN company to have ramped in the micro-inverter segment with several hundred thousand parts already sold and targeting $1 million with our lead customer over the coming 12 months with several other design ins with marquee customers in progress.

Transphorm 在高功率領域處於領先地位，據我們所知，它是唯一一家客戶涵蓋 300 瓦至 4 千瓦細分市場並憑藉其最終產品在市場上大舉擴張的 GaN 公司。我們在該領域的設計投入連續增加了 25%，目前已超過 60 個，其中 30 個已投入生產。我們還相信，我們是唯一一家在微型逆變器領域取得進展的 GaN 公司，已售出數十萬個零件，目標是在未來 12 個月內與我們的主要客戶達成 100 萬美元的目標，同時與大客戶的其他幾個設計項目正在進行中。

To accelerate revenue in the second half of the fiscal year, we introduced a 3 years of industry standard pin-to-pin compatible surface mount packages in the low-power area, but also applicable to high power over 300 watts, notably with the higher performance of our SuperGaN FET versus e-mode GaN across the range, which has been quantitatively validated. Clearly, we need to take this momentum and the 45% increased product SKUs into increased revenue by enhancing our sales and application outreach worldwide as well as continuing to partner with strong IC and controller companies with our GaN that can be used seamlessly with standard drivers and controllers. We also released at PCIM our 1,200-vold GaN FET simulation kits generating significant interest from EV customers who have begun to look at Transphorm GaN as future-proof 650 volts today, 1,200-volt in future, directly taking on silicon carbide at 1,200 volts.

為了加速本財年下半年的收入增長，我們在低功率領域推出了 3 年行業標準引腳對引腳兼容的表面貼裝封裝，但也適用於 300 瓦以上的高功率，特別是具有更高我們的 SuperGaN FET 與整個範圍內的 e-mode GaN 的性能對比，已得到定量驗證。顯然，我們需要通過加強我們在全球範圍內的銷售和應用推廣，以及繼續與強大的 IC 和控制器公司合作，利用我們的 GaN（可與標準驅動器和控制器。我們還在 PCIM 上發布了我們的 1,200 伏 GaN FET 模擬套件，引起了電動汽車客戶的極大興趣，他們已經開始將 Transphorm GaN 視為面向未來的 650 伏電壓，未來的 1,200 伏電壓，直接取代 1,200 伏碳化矽。

On the operations side, we intensely focused on initiatives to increase capacity as well as direct margin improvement. Our Japan Epi reactors are now well into production, and we are pleased to report new reactors at global wafers are released into development and on track for completing qualification and release to production in the fiscal fourth quarter. We have put in place lower-cost packaging partners for our flagship high-powered PO products from which we expect to see solid margin improvements in the coming quarters.

在運營方面，我們高度重視提高產能和直接提高利潤率的舉措。我們的日本 Epi 反應器現已順利投入生產，我們很高興地報告全球晶圓廠的新反應器已投入開發，並有望在第四財季完成資格認證並投入生產。我們已經為我們的旗艦高性能 PO 產品找到了成本較低的包裝合作夥伴，我們預計未來幾個季度的利潤率將大幅提高。

Let me now turn to Slide 5 to our partnership and key initiatives. Including our global wafer partnerships, we now have 6 out of the 8 MOCVD reactors we have installed with 4 running at various levels of production or development, and we are on track for 8 reactors in production by the second half of fiscal 2025, setting us up for around $50 million of annualized product revenue with just these reactors. Our AFW wafer fab is running well, and we will be addressing incremental capacity add-ons in our fiscal 2024 to be ready for fiscal 2025.

現在讓我轉向幻燈片 5，介紹我們的合作夥伴關係和關鍵舉措。包括我們的全球晶圓合作夥伴關係在內，我們現在安裝了 8 個 MOCVD 反應器中的 6 個，其中 4 個在不同的生產或開發水平上運行，並且我們有望在 2025 財年下半年將 8 個反應器投入生產，這使我們僅使用這些反應器就可以實現約 5000 萬美元的年化產品收入。我們的 AFW 晶圓廠運行良好，我們將在 2024 財年解決產能增量問題，為 2025 財年做好準備。

We made sound progress with our industrial and automotive customer shareholder partners. Our team completed development for the next round of GaN servo motor products and secured 0.5 million funding this month. We have also streamlined our partnership with Nexperia, who remains an important long-term customer for the supply of wafers. Notably, we completed their exclusivity in the 4-wheeler automotive space after paying off the remaining debt in April and have now launched a worldwide initiative for EV 4-wheelers with focus in China, EU, North America, India and continuing in Japan.

我們與工業和汽車客戶股東合作夥伴取得了良好進展。我們團隊本月完成了下一輪GaN伺服電機產品的開發，並獲得了50萬資金。我們還簡化了與 Nexperia 的合作關係，後者仍然是晶圓供應的重要長期客戶。值得注意的是，我們在 4 月份還清了剩餘債務後，完成了在四輪汽車領域的獨家經營，現在已經啟動了一項針對電動四輪車的全球計劃，重點關注中國、歐盟、北美、印度，並繼續在日本開展。

In all of these areas, our high-power GaN products are already well recognized in non-automotive segments, something we hope to leverage from. We are also reiterating our commitment to 2- and 3-wheeler EV design wins by end of this year for a ramp in calendar year 2024. To that end, we are newly sampling solutions to our customers from 300 watts to 2-kilowatt power levels for EV and 3-wheeler onboard chargers and portable chargers. Although delays from fiscal Q4 '22 to fiscal Q1 of '23, we have secured and are now executing on our new $15 million government program for enhancing epi-wafer manufacturing for the U.S. DoD ecosystem and in future also applicable to the commercial RF GaN space. We also have significant interest from companies pursuing GaN manufacturing with the U.S. chipset program, which could materialize into licensing revenue and non-dilutive cash for us in fiscal year 2024.

在所有這些領域，我們的高功率 GaN 產品已經在非汽車領域得到了廣泛認可，我們希望能夠利用這一點。我們還重申我們的承諾，即在今年年底之前贏得 2 輪和 3 輪電動汽車設計，並在 2024 年實現增長。為此，我們正在為客戶提供從 300 瓦到 2 千瓦功率級別的最新解決方案樣本適用於電動汽車和三輪車車載充電器和便攜式充電器。儘管從 22 年第四財季延遲到 23 年第一財季，我們已經確定並正在執行我們新的 1500 萬美元政府計劃，該計劃旨在增強美國國防部生態系統的外延晶圓製造，並且未來也適用於商業 RF GaN 領域。我們還對通過美國芯片組計劃尋求 GaN 製造的公司表現出濃厚的興趣，這可能會在 2024 財年為我們帶來許可收入和非稀釋性現金。

Moving to Slide 5 now. Our core capabilities from low power to high power wafers and packaged products are all reflected in our large and growing pipeline that now stands over $440 million in Power Products, a growth of about 7% from our last update and well over $500 million, including power device wafer sales and our government contracts business. The probabilistically weighted pipelines are about 40% approximately of the total number that again will increase as more design-ins move towards the finish line. By power levels, high power, which overall is everything more than 300 watts, where other GaN like e-mode today is weaker, represents the largest piece of our pipeline by market area, industrial, power adapters and charges, data center, renewables and micro-inverters are some of the key segments. The EV pipeline is growing. And now with the worldwide push since our exclusivity constraint is no longer there, we expect rapid increases in this area. Also, it should be noted that a significant portion of wafer sales pipeline to Nexperia is already towards electric vehicles.

現在轉到幻燈片 5。我們從低功率到高功率晶圓和封裝產品的核心能力都體現在我們龐大且不斷增長的產品線中，目前電源產品價值超過 4.4 億美元，比我們上次更新增長了約 7%，遠遠超過 5 億美元，其中包括電源產品器件晶圓銷售和我們的政府合同業務。概率加權管道約佔總數的 40%，隨著更多設計接近終點線，該數字還將增加。從功率水平來看，高功率（整體超過 300 瓦）代表了我們產品線中最大的部分（按市場領域、工業、電源適配器和充電、數據中心、可再生能源和微型逆變器是其中的一些關鍵部分。電動汽車管道正在增長。現在，由於我們的排他性限制不再存在，因此隨著全球的推動，我們預計該領域將迅速增長。此外，值得注意的是，Nexperia 的晶圓銷售渠道中很大一部分已經面向電動汽車。

Moving over to Slide 7 now. In summary, we continue to be in a unique and differentiated position among the GaN suppliers with our core platform, spanning a wide range of the power spectrum. Products in the market today that address a $3 billion-plus market opportunity, GaN Camphor power conversion that is expected to double over $6 billion GaN Power in the next 3 years. from lower power adapters and charges to higher power computing, comprising of server, AI, block chain and Datacom power to industrial and energy and PV inverters, including micro-inverters, all areas we are either already in production or ramping towards production. In the mid- to long term, large growth opportunities with automotive electric vehicles, both E2 and 3-wheelers, first in calendar year 2023, followed by EV 4-wheelers are expected to further continue GaN and transplant growth beyond 2024, 2025.

現在轉到幻燈片 7。總而言之，我們憑藉覆蓋廣泛功率譜的核心平台，繼續在 GaN 供應商中保持獨特且差異化的地位。目前市場上的產品可滿足價值超過 30 億美元的市場機遇，GaN Camphor 功率轉換預計在未來 3 年內將增長一倍，超過 60 億美元。從較低功率的適配器和充電到較高功率的計算，包括服務器、人工智能、區塊鍊和數據通信電源，再到工業和能源和光伏逆變器，包括微型逆變器，所有領域我們要么已經投入生產，要么正在逐步投入生產。從中長期來看，汽車電動汽車（包括 E2 和三輪汽車）的巨大增長機會（首先是 2023 年），隨後是電動四輪汽車，預計將在 2024 年和 2025 年之後進一步延續 GaN 和移植增長。

Our customers have confidence in both GaN and Transphorm, evidenced by our end products having been in the field for over 175 billion hours now with very low 0.1 field failure or fit rates, rivaling those of traditional silicon devices. This is an exciting proof point for what lies ahead for us, along with the fact today that we are still the only GAN offering with products in the market ramped in our customer systems from 30-watt fast chargers to 4-kilowatt energy and server products.

我們的客戶對 GaN 和 Transphorm 都充滿信心，我們的最終產品已在現場運行超過 1750 億小時，現場故障或安裝率非常低，僅為 0.1，足以與傳統矽器件相媲美，這證明了這一點。這是一個令人興奮的證據，證明了我們的未來，而且今天我們仍然是市場上唯一一家在我們的客戶系統中提供從 30 瓦快速充電器到 4 千瓦能源和服務器產品的 GAN 產品的事實。

Our immediate focus will be on: one, completing the rights offering, meaningfully extending the cash runway well into fiscal year 2025 and undergoing the strategic review process, identifying the best options for enhanced shareholder value; two, expanding sales and application footprint, converting more design-ins into ramped production and significant design-in expansion based on our superior performance, high-reliability super GaN products as well as our ecosystem of strong solution partners in IT; three, scaling capacity, improving margins with higher volumes, lower cost packaging and our technology road map improving performance while reducing costs as well as accessing new markets like 800 volt battery electric vehicle systems with new offerings like 1,200 volt GaN.

我們當前的重點將是：第一，完成配股，將現金跑道有效地延長至 2025 財年，並進行戰略審查流程，確定提高股東價值的最佳選擇；二是擴大銷售和應用足跡，基於我們卓越的性能、高可靠性的超級GaN產品以及我們強大的IT解決方案合作夥伴生態系統，將更多的設計轉化為量產和顯著的設計擴展；第三，擴大產能，通過更高的產量提高利潤，降低成本的封裝和我們的技術路線圖，在降低成本的同時提高性能，並通過 1,200 伏 GaN 等新產品進入 800 伏電池電動汽車系統等新市場。

We remain well positioned to tackle the near-term headwinds and progress towards our long-term model in FY 2024 and beyond. With that, I will hand over to Cameron to walk you through our financials in detail.

我們仍然處於有利地位，可以應對近期的不利因素，並在 2024 財年及以後朝著我們的長期模式取得進展。接下來，我將由卡梅倫向您詳細介紹我們的財務狀況。

Thank you, Primit, and hello to everyone joining us today. Let me now start my remarks with a brief recap of our financial results for both our most recently completed quarter and fiscal year. 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, amortization and other income and expenditure.

謝謝你，普里米特，並向今天加入我們的每個人問好。現在，讓我首先簡要回顧一下我們最近完成的季度和財年的財務業績。在我的發言中，我將參考公認會計原則和非公認會計原則結果，這些結果在我們的新聞稿表中與公認會計原則一致。非公認會計準則業績不包括股票薪酬、折舊、攤銷和其他收入和支出。

Starting with the income statement. Total GAAP and non-GAAP revenue comprising product and government and in the fiscal year licensing was $3.2 million in the quarter and $16.7 million for the fiscal year. This represents an increase of 3% year-on-year, excluding the one-off licensing revenue transaction in the prior financial year. For product revenue, both for the quarter and the fiscal year, it now forms the majority of our total revenue number, virtually 100% in the quarter just completed and close to 90% for fiscal '23. The majority of this product revenue is being generated in higher power applications. The higher percentage is subject to Q4 been driven partially by a strong delay in the company being awarded a new government contract. This was awarded in the current calendar quarter, and we expect to see revenues from this from Q1 FY '24.

從損益表開始。本季度的 GAAP 和非 GAAP 總收入（包括產品和政府以及本財年許可）為 320 萬美元，本財年為 1670 萬美元。這意味著同比增長3%，不包括上一財年的一次性許可收入交易。對於產品收入，無論是本季度還是本財年，它現在都占我們總收入的大部分，在剛剛完成的季度幾乎為 100%，在 23 財年接近 90%。該產品的大部分收入來自更高功率的應用。第四季度百分比上升的部分原因是該公司獲得新政府合同的時間大幅推遲。該獎項是在當前季度授予的，我們預計從 24 財年第一季度起即可看到收入。

Product sales were $3.2 million in the quarter and $14.7 million for FY '23. This is an increase year-on-year of 21%. This revenue has been driven across a broad range of power conversion applications, including fast chargers and adapters, gaming and data centers. As noted by Primit, we now have over 55 customers in production, a solid increase from the prior quarter. Government revenue was under $50,000 in the quarter and $1.8 million for the year. This was a decrease of $2.1 million from the prior fiscal year. The driver here being reduced activity in our prior contract, together with a 1 quarter lag between the successful completion of this trial contract and the award of our new $15 million government program. As mentioned earlier, this will drive revenues in Q1 FY '24.

該季度的產品銷售額為 320 萬美元，23 財年的產品銷售額為 1,470 萬美元。這同比增長了21%。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、遊戲和數據中心。正如 Primit 所指出的，我們現在有超過 55 家客戶投入生產，比上一季度有了大幅增長。本季度政府收入低於 50,000 美元，全年政府收入低於 180 萬美元。這比上一財年減少了 210 萬美元。這裡的驅動因素是我們先前合同中的活動減少，以及成功完成該試驗合同與授予我們新的 1500 萬美元政府計劃之間存在 1 個季度的滯後。如前所述，這將推動 24 財年第一季度的收入。

The gross margin in the quarter was 5%, a negative 6% for the fiscal year. The gross margin for the fiscal year was impacted, as discussed in our prior earnings call by a strategic nonrecurring dispositioning of epi wafer with subassembly entity. Excluding this onetime strategic write-off, the company would have reported stronger positive gross margins for the year. The 5% gross margin for the quarter is primarily a function of bond and direct costs such as staffing, do not scale with revenue and therefore, result in a larger drag of lower revenue numbers. As we resume our growth trajectory, our expectations are that margins will follow suit, including reaching 30% gross margin in the June quarter.

該季度毛利率為 5%，本財年毛利率為負 6%。正如我們在之前的財報電話會議中所討論的那樣，本財年的毛利率受到了外延晶圓與組裝實體的戰略性非經常性處置的影響。如果不包括這一一次性戰略沖銷，該公司今年的毛利率將會更高。本季度 5% 的毛利率主要是債券和人員配置等直接成本的函數，與收入不成比例，因此，收入數字下降會造成更大的拖累。隨著我們恢復增長軌跡，我們的預期是利潤率也會隨之上升，包括在六月季度達到 30% 的毛利率。

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, ongoing cost efficiency activities and benefits that we will receive as we continue to grow in scale are expected to contribute to this increased gross margin. Operating expenses on a non-GAAP basis were $7.5 million in the coming quarter and $24.2 million for the fiscal year. The increase in the quarter was driven by 3 key factors: a significant reduction in government activity, which reduces absorption of our R&D costs, increased costs to bring our reactors of the capacity and an increase in G&A costs to support ongoing compliance activities. Similarly, in FY '23, as we -- as compared to FY '22, the primary increase was an increase in the company's headcount to support our operations.

我們的直接利潤保持穩定，我們繼續朝著毛利率超過 40% 的長期模式邁進，採取了一系列行動，包括新產品推出、持續的成本效率活動以及我們將在繼續發展過程中獲得的收益。規模的增長預計將有助於毛利率的提高。按非公認會計準則計算，下一季度的運營費用為 750 萬美元，本財年的運營費用為 2,420 萬美元。本季度的增長是由三個關鍵因素推動的：政府活動的大幅減少，這減少了我們對研發成本的吸收，使我們的反應堆達到容量的成本增加，以及支持持續合規活動的一般管理成本增加。同樣，在 23 財年，與 22 財年相比，主要的增長是公司員工人數的增加，以支持我們的運營。

Turning to EPS. I will focus my remarks here on the non-GAAP results. The non-GAAP EPS loss in Q4 was $0.13 and $0.44 for the fiscal year. Excluding a onetime inventory write-off, the EPS for the quarter was more than $0.02 of the non-GAAP EPS for the prior quarter. The reduced overall revenue and increased OpEx were the primary drivers for this change. Looking ahead to the June quarter, the company guides to the below. Revenue between $5.8 million and $6.2 million, gross margin of between 30% and 34% and EPS loss between $0.10 and $0.13. From an operational perspective, we continue to see solid traction in our targeted markets as evidenced by our improvement in both customers in production and design in activity. Our short-term focus is 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.

轉向每股收益。我將在這裡重點討論非公認會計準則的業績。第四季度非 GAAP 每股收益虧損 0.13 美元，本財年虧損 0.44 美元。不包括一次性庫存沖銷，本季度每股收益比上一季度非 GAAP 每股收益高出 0.02 美元。總體收入的減少和運營支出的增加是這一變化的主要驅動力。展望六月季度，該公司的指導如下。收入在 580 萬美元到 620 萬美元之間，毛利率在 30% 到 34% 之間，每股收益損失在 0.10 美元到 0.13 美元之間。從運營角度來看，我們繼續看到目標市場的強勁吸引力，我們在生產和設計活動中客戶的改善就證明了這一點。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。

Coming now to the balance sheet. Our shareholders' equity was $19.6 million at the end of the quarter. Operational cash fund, excluding capital investment increased in the quarter to $9.4 million. This was driven primarily by reduced revenue attributable to the timing of the government contract being awarded, an increase in DSO driven by nonlinear sales in the quarter, together with weak collections. Collections have improved significantly in the current quarter. Cash and cash equivalents were $16.1 million at the quarter end. We expect our cash flow to reduce in the current quarter moving forward. We continue to invest in CapEx as we look to enable additional capacity to support our growth. Other assets and liabilities remained largely stable.

現在來看資產負債表。截至本季度末，我們的股東權益為 1,960 萬美元。本季度運營現金基金（不包括資本投資）增加至 940 萬美元。這主要是由於政府合同授予時間造成的收入減少、本季度非線性銷售導致的 DSO 增加以及收款疲弱所致。本季度的收款情況顯著改善。截至季度末，現金和現金等價物為 1,610 萬美元。我們預計本季度的現金流將減少。我們繼續投資於資本支出，因為我們希望獲得額外的產能來支持我們的增長。其他資產和負債基本保持穩定。

As announced, the company has made strong progress towards our rights issue, together with an asset-backed non-dilutive debt. We expect to conclude these facilities in the near term. A fully subscribed rate issue together with proceeds from the asset bank debt will give the company financial run rate deep into fiscal year 2025. Looking ahead, we will continue to remain open to opportunities to further strengthen our balance sheet in order to ensure that we are able to continue to invest in our growth. A growth made possible to our continued progress with the designers and production customers.

正如所宣布的，該公司在供股以及資產支持的非稀釋債務方面取得了巨大進展。我們預計將在短期內完成這些設施。完全認購的利率發行加上資產銀行債務的收益將使公司在 2025 財年的財務運行率保持良好。展望未來，我們將繼續抓住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。成長使得我們與設計師和生產客戶的持續進步成為可能。

Turning now to our target operating model. Transphorm is in the process of building a high-growth, cash-generative business. From a revenue perspective, as you know, we have 3 different streams of income: licensing, government and product. In the current fiscal year, product has amounted for the majority of our total revenues. And as we look forward, we expect this trend to continue. The company anticipates rapid top line growth and GaN adoption across multiple end markets with a 5-year expected CAGR in excess of 50%. We are confident that the company can achieve an overall gross margin of over 40%. All segments will be able to benefit now from the improved cost structure in our current products. In addition, a number of actions, including new product introductions, discrete ongoing cost efficiency activities and scale will also help our gross margins to increase.

現在轉向我們的目標運營模式。 Transphorm 正在打造一個高增長、能產生現金的業務。如您所知，從收入角度來看，我們有 3 種不同的收入來源：許可、政府和產品。在本財年，產品收入占我們總收入的大部分。展望未來，我們預計這種趨勢將持續下去。該公司預計收入將快速增長，多個終端市場將採用 GaN，預計 5 年復合年增長率將超過 50%。我們有信心公司整體毛利率能夠達到40%以上。現在，所有細分市場都將能夠從我們當前產品改進的成本結構中受益。此外，包括新產品推出、離散持續成本效率活動和規模在內的一系列行動也將有助於我們的毛利率增加。

With respect to operating margin, the company will continue to invest to support all aspects of our core operations. We have a stable OpEx structure, an environment that 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 perspective, additional CapEx will be deployed for increased scale in medium to long term. But with a strong manufacturing footprint already in place, we expect to be able to generate free cash flow in excess of 10%.

在營業利潤方面，公司將繼續投資以支持我們核心業務的各個方面。我們擁有穩定的運營支出結構，這種環境最終將使我們能夠將毛利率轉化為營業利潤率模型，從而實現超過 20% 的淨利潤。從現金角度來看，將部署額外的資本支出以擴大中長期規模。但憑藉強大的製造足跡，我們預計能夠產生超過 10% 的自由現金流。

Concluding now with a few key highlights. Transphorm publicly listed on the NASDAQ Exchange we're a global leader in GaN, the future of next-generation power systems. Our disruptive best-in-class technology is addressing a large growing market opportunity. We are commercially ramping with a strong pipeline in place. We have established a strong network of Blue Chip partners and have a comprehensive product offering today that meets our customers' needs across a wide range of power levels in the segments. All of this is underpinned by the industry's strongest IT position, a vertically integrated supply chain and a deep and talented team.

現在總結一些關鍵要點。 Transphorm 在納斯達克交易所公開上市，我們是 GaN（下一代電力系統的未來）領域的全球領導者。我們的顛覆性一流技術正在抓住不斷增長的巨大市場機會。我們正在通過強大的管道進行商業化擴張。我們已經建立了強大的藍籌合作夥伴網絡，並擁有全面的產品供應，可以滿足客戶在各個細分市場的各種功率級別的需求。所有這一切都以業界最強大的 IT 地位、垂直整合的供應鏈以及深厚的人才團隊為基礎。

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

我們準備好的發言和材料就完成了，現在我們想開始回答任何問題。接線員，請繼續通話的問答部分。

(Operator Instructions). Please stand by while we compile the Q&A roster. Our first question comes from the line of David Williams of the Benchmark Company. Your question please, David.

（操作員說明）。我們正在整理問答名單，請稍候。我們的第一個問題來自 Benchmark 公司的 David Williams。請你提問，大衛。

Hey, good afternoon gentlemen. Thanks for the time and allowing me to ask a few questions. First, congratulations on the progress and Primit congratulations on the transition to the CEO role. It's great to see -- and I guess maybe my first question is around the strategic review. And you talked a little bit in your script, but can you give us a little more color what -- anything specific that you've seen. You talked about having some inbounds. We know you've got a leading technology, and we've seen what's happened in the ecosystem. So just any clarification that would be very helpful, I think.

嘿，先生們下午好。感謝您抽出時間並允許我問一些問題。首先，祝賀您取得的進展，並祝賀 Primit 過渡到首席執行官職位。很高興看到——我想我的第一個問題可能是圍繞戰略審查。你在劇本中談了一些，但是你能給我們更多的色彩嗎——你所看到的任何具體的東西。你談到了一些界外球。我們知道您擁有領先的技術，並且我們已經看到了生態系統中發生的事情。我認為任何澄清都會非常有幫助。

Sure. No, thank you for that. So like we said, it is with the -- first of all, with the momentum, we are also having ourselves the designing momentum and customer activities is significantly increased. We are very excited about that. There is excitement in the GaN field itself with both M&A transactions, capital raises and/or announcement of interest by multiple companies. So what we are seeing is taking kind of stock of this situation, what is the best options to accelerate our growth of the brand business and simultaneously enhance stockholder value, right? So that's where we will do the -- with the Board's initiative. We will do the strategic review.

當然。不，謝謝你。正如我們所說，首先，我們的設計動力和客戶活動顯著增加。我們對此感到非常興奮。 GaN 領域本身就令人興奮，多家公司進行了併購交易、融資和/或宣布感興趣。因此，我們正在對這種情況進行盤點，加速我們品牌業務增長並同時提高股東價值的最佳選擇是什麼，對嗎？這就是我們將根據董事會的倡議開展的工作。我們將進行戰略審查。

And what we see is this can include one or more things, right? It's financing from strategic partners that also helps to accelerate growth of revenue. It may include traditional financing alternatives. We would look at licensing opportunities. We have had an example of that in the past. So we would look at licensing in both Asia and U.S. of portions of our portfolio. That also helps us to accelerate or like we said in their potential M&A transactions. So those are the kind of things we would want to be open to with, again, the single goal of enhancing stockholder value.

我們看到這可以包括一件或多件事情，對吧？來自戰略合作夥伴的融資也有助於加速收入增長。它可能包括傳統的融資替代方案。我們會考慮許可機會。我們過去就有過這樣的例子。因此，我們將考慮在亞洲和美國對我們的部分產品組合進行許可。這也有助於我們加速或就像我們在他們的潛在併購交易中所說的那樣。因此，我們希望對這些事情持開放態度，再次強調，唯一的目標是提高股東價值。

Okay. Thanks for the clarification there. And then I want to ask about your 1,200-volt GaN that you released or the simulation. And I noticed that, that was again on Saharan you guys have historically been on silicon. Is that a transition that we should think about you moving forward with? And is there any, I guess, implications from an IP standpoint, just kind of given where your competitors, at least one of your competitors is fairly large in the gain on SAP in that kind of lower power segment.

好的。感謝您的澄清。然後我想問一下你們發布的1200伏GaN或者模擬。我注意到，這又是在撒哈拉沙漠，你們歷史上一直在矽上。這是我們應該考慮讓你繼續前進的轉變嗎？我想，從知識產權的角度來看，是否有任何影響，只要你的競爭對手，至少你的一個競爭對手在這種低功率細分市場中比 SAP 獲得了相當大的收益。

Sure. Thanks, David, for that. So we -- on the 650 bold and voltage platforms, there is no change. We continue to march ahead with our Gen IV, Gen V. In future we'll work on other further enhancements to our GaN silicon platform. That's our baseline. As we look at 1,200 words we determined that -- and we've talked about this before also, the best way to get to 1,200 words was GaN on Sapphire because we have IP and expertise in growth. As you know, EPI and MOCVD growth of GaN materials is one of the strongest suite and core IP and technology of the Transphorm team, right, whether it is our flagship gain on silicon for the mainstream power segment at 650 volts or now as you are seeing GaN on Sapphire for the exciting EV high-voltage battery segment at 1,200 volts? Or if you look at our second vertical in the government business, there actually, we do GaN on silicon carbide for RF epi, which is our second, we call it our second vertical primary vertical being power. So all growth of GaN on all substrates has always been an expertise of Transphorm. So we look forward to doing that.

當然。謝謝大衛。所以我們——在 650 粗體和電壓平台上，沒有任何變化。我們繼續推進第四代、第五代。未來，我們將致力於對 GaN 矽平台進行其他進一步增強。這是我們的底線。當我們查看 1,200 個字時，我們確定——我們之前也討論過這一點，達到 1,200 個字的最佳方法是藍寶石上的 GaN，因為我們擁有 IP 和增長方面的專業知識。如您所知，GaN 材料的 EPI 和 MOCVD 生長是 Transphorm 團隊最強大的套件和核心 IP 和技術之一，對吧，無論是我們在 650 伏主流功率領域的旗艦矽增益還是現在的您看到藍寶石上的 GaN 用於令人興奮的 1,200 伏電動汽車高壓電池領域嗎？或者，如果你看看我們在政府業務中的第二個垂直領域，實際上，我們在碳化矽上進行氮化鎵用於射頻外延，這是我們的第二個垂直領域，我們稱之為第二個垂直領域，主要垂直領域是電力。因此，在所有襯底上生長 GaN 一直是 Transphorm 的專長。所以我們期待這樣做。

But again, to be clear, our 650-volt baseline continues to thrive and accelerate on GaN on Silicon 1,200. We are looking at GaN on Sapphire. We have demonstrated excellent results, which led us to now release those simulation models. And then we also do for the RF word, we also do some gain on silicon carbide at the -- especially on our government contract. And our IP is strong across the segments, our IP is quite strong.

但需要再次明確的是，我們的 650 伏基線在矽基 GaN 1,200 上繼續蓬勃發展並加速。我們正在研究藍寶石上的 GaN。我們已經展示了出色的結果，這促使我們現在發布這些仿真模型。然後我們也為射頻詞做一些事情，我們也在碳化矽方面取得了一些進展——特別是在我們的政府合同方面。我們的知識產權在各個領域都很強大，我們的知識產權非常強大。

Okay. Thanks. If I could squeeze in just one more. I just wanted to ask about your -- you've got a relatively strong position in the data center and then the power supply market. I'm just kind of curious if you're seeing anything in terms of just the AI trend and the immense amount of power that, that requires. Are you seeing increased interest from the data center for specifically for kind of AI-based workloads?

好的。謝謝。如果我能再擠進一粒就好了。我只是想問一下你們的情況——你們在數據中心以及電源市場上擁有相對強勢的地位。我只是有點好奇你是否看到了人工智能趨勢及其所需的巨大力量方面的任何東西。您是否發現數據中心對基於人工智能的工作負載的興趣日益濃厚？

Yes. So generally, we put all of that under our computing segment, which includes server power AI, we are seeing some increased inquiries recently. We hope that translates to more design-in momentum specifically for that, along with the server computing. And then we also put block chain in our computing segment as well as high-performance gaming power. So this is all 4 are part of our computing segment, which as you rightly said, on the high-power GaN side having been one of the original players, we have a good lead and performance with reliability demonstrated in the market.

是的。因此，一般來說，我們將所有這些都歸入我們的計算領域，其中包括服務器電源人工智能，我們最近看到一些詢問增加。我們希望這能轉化為更多專門針對此的設計動力以及服務器計算。然後我們還將區塊鏈放入我們的計算領域以及高性能遊戲能力中。因此，這四個都是我們計算領域的一部分，正如您所說，在高功率 GaN 方面，我們是最初的參與者之一，我們擁有良好的領先地位和性能，並在市場上展示了可靠性。

Thank you.

謝謝。

(Operator Instructions) Our next question comes from the line of Craig Ellis of B. Riley Securities. Your question please, Craig.

（操作員指令）我們的下一個問題來自 B. Riley 證券公司的 Craig Ellis。請你提問，克雷格。

Yes. Thanks for taking my question Primit and Cameron. Cameron, I wanted to just make sure I understood the elements to the revenue guide for the fiscal 1Q. So I think you said revenues in the range of $5.8 million to $6 million. So should we look at that as having a component in it that's about $1.5 million of the federal government revenue that we didn't get in the prior quarter and then the balance is a nice sequential increase in product revenue. And if so, what are the drivers for the sequential gain in product revenue?

是的。感謝普里米特和卡梅倫提出我的問題。卡梅倫，我想確保我了解第一財季收入指南的要素。所以我想你說的收入在 580 萬美元到 600 萬美元之間。因此，我們是否應該將其視為其中包含我們在上一季度沒有獲得的聯邦政府收入中約 150 萬美元的組成部分，然後餘額就是產品收入的連續增長。如果是這樣，產品收入連續增長的驅動因素是什麼？

Sure. Thanks, good question. I think the -- you're right that with the government contract being concluded in the quarter, we will see that revenue coming through in the quarter. I think that the overall product line revenue will be flattish. As Primit mentioned, we're looking to see products starting to grow from the September quarter. So I think particularly to this quarter, we will see a higher proportion of government revenue and with that normalizing as we head into Q2 and beyond.

當然。謝謝，好問題。我認為，你是對的，隨著政府合同在本季度簽訂，我們將在本季度看到收入。我認為整體產品線收入將持平。正如普里米特提到的，我們希望看到產品從九月季度開始增長。因此，我認為，特別是在本季度，我們將看到政府收入所佔比例更高，並且隨著進入第二季度及以後的時間，這種情況將趨於正常化。

Yes. And so really, we've got 2 quarters in the fiscal first quarter, Camera and one catch-up and one kind of normal and then it regresses back to a more normal level beyond that and then you get the boost from product revenue. Is that what we're seeing? And it was helpful to get Primit's view on the reactor ramp over the next 3 years. How are you feeling about the ability to convert the growing design win activity the company has in the product revenue as we go through '24. What is the linearity of the revenue ramp look like?

是的。事實上，我們在第一財季有兩個季度，一個是相機，一個是追趕，一個是正常，然後它會回歸到更正常的水平，然後你會從產品收入中得到提振。這就是我們所看到的嗎？了解普里米特對未來 3 年反應堆產能提升的看法也很有幫助。當我們進入 24 世紀時，您對將公司不斷增長的設計獲勝活動轉化為產品收入的能力有何看法？收入增長的線性是什麼樣的？

So yes, you got that part right. We are well poised actually. On the reactor, the hard work our team has put in last several quarters is now paying off. Our Japan reactors are already ramped into production. And then very exciting for us is the development of the global wafer partnerships in Taiwan, which stays exactly on track. So we have 2 reactors there now in process of development already released for development now. So that's very exciting. And those will -- we expect to be in production first calendar quarter of 2024. So we would have by that -- at that time, 6 out of 8 reactors in production. And then 2 more, we are triggering, we use appropriate triggers of the ramp. So we are going per plan, or I would say, or even slightly ahead of plan in getting all of our MOCVD reactors into production.

所以是的，你說對了。事實上我們已經做好了準備。在反應堆上，我們團隊在過去幾個季度所做的努力現在正在得到回報。我們的日本反應堆已經投入生產。對我們來說非常令人興奮的是台灣全球晶圓合作夥伴關係的發展，該合作完全步入正軌。因此，我們現在有 2 個反應堆正在開發中，現已發布可供開發。所以這非常令人興奮。我們預計這些反應堆將在 2024 年第一季度投入生產。到那時，我們將擁有 8 個反應堆中的 6 個投入生產。然後另外 2 個，我們正在觸發，我們使用適當的斜坡觸發器。因此，我們正在按計劃進行，或者我想說，甚至比計劃稍微提前一些，將我們所有的 MOCVD 反應器投入生產。

Yes. And Primit, do you think you'll be running at full utilization as you ramp those up? Or would initial utilization be much lower as you get test wafers through an issue fine-tune yields as you ramp up new equipment. How should we think about yield issues and utilization issues as that comes up?

是的。 Primit，你認為當你增加這些時，你會充分利用嗎？或者，當您在增加新設備時通過問題微調良率來獲得測試晶圓時，初始利用率會低得多。當出現這種情況時，我們應該如何考慮產量問題和利用率問題？

Yes. So let me answer that in 2 parts. First, having been through bringing reactors of different type in production, our team, we remain quite confident of our ability to do that now. Secondly, any reactor coming into production in our plants that we have, we always -- we never assume 0% to 100% turn on even in our operation plan. We always assume a gradual turn on over 3 to 4 months of the reactor or even 3 to 6 months to go to 100%, sometimes if it is a brand new different type of reactor, right? So we baked that in our plans. But given now we have demonstrated on various platforms, we feel confident to bring up the new reactors quickly.

是的。讓我分兩部分回答這個問題。首先，我們的團隊已經將不同類型的反應堆投入生產，我們仍然對我們現在做到這一點的能力充滿信心。其次，我們工廠中投入生產的任何反應堆，我們始終——即使在我們的運營計劃中，我們也從不假設 0% 到 100% 開啟。我們總是假設反應堆需要 3 到 4 個月甚至 3 到 6 個月逐漸啟動才能達到 100%，有時如果是全新的不同類型的反應堆，對嗎？所以我們把它納入了我們的計劃中。但鑑於我們現在已經在各種平台上進行了演示，我們有信心迅速推出新的反應堆。

Good for you. That sounds constructive. And then lastly, just on the auto opportunity, which has always been a very significant and attractive end market given the evolution of the relationship with Nexperia Primit, what's the best way to look at where the company would start to generate auto revenues, switch sockets because there are many for which your technology is applicable and over what time period? And are there specific customers that you're engaged with there yet? Or is that something that happens as we go through the back half of the year?

對你有好處。這聽起來很有建設性。最後，就汽車機會而言，考慮到與 Nexperia Primit 關係的發展，汽車市場一直是一個非常重要且有吸引力的終端市場，了解該公司從何處開始產生汽車收入的最佳方式是什麼？因為您的技術適用於很多領域以及適用的時間段？您在那裡有接觸過的特定客戶嗎？或者說這是下半年發生的事情嗎？

Sure. So yes, Nexperia remains an important customer partner for us with the shipment and supply of wafers. A lot of that also targeted for end automotive customers. then Transphorm's direct automotive customers, like we have said, is in the near term, EV2and 3-wheelers that remains a very exciting market for us. We stand by our goal of getting the first design win by end of this calendar year and then ramping in calendar year 2024 to significant numbers. We've actually added some slots there. So we are looking at any chargers. So these are both we are looking at onboard chargers as well as portable chargers from 300 watts to 2 kilowatts. And we are actively sampling Asia customers right now with solutions actually in that -- in those segments from 300 watts to 2 kilowatts.

當然。因此，是的，Nexperia 仍然是我們在晶圓運輸和供應方面的重要客戶合作夥伴。其中很多也針對最終汽車客戶。然後，正如我們所說，Transphorm 的直接汽車客戶在短期內是電動汽車和三輪汽車，這對我們來說仍然是一個非常令人興奮的市場。我們堅持我們的目標，即在今年年底前獲得第一個設計勝利，然後在 2024 年達到可觀的數字。我們實際上在那裡添加了一些插槽。所以我們正在尋找任何充電器。因此，我們正在關注的車載充電器以及 300 瓦至 2 千瓦的便攜式充電器。我們現在正在積極向亞洲客戶提供實際的解決方案——在 300 瓦到 2 千瓦的這些領域。

On the 4-wheeler side, our first opportunities remain in the onboard charger, again #1, and then DCDC converter #2. Now with the exclusivity with an Nexperia on the automotive completed, we can actually jump start, and we have already done that of different geographies, China, Europe, North America, while still continuing in India, still continuing Japan effort. So that's a new initiative and also helped the new initiative is also helped by our 1,200-volt GaN release sampling the sampling of the simulation model that we have done, which increases customers' interest because they see Transphorm is now a long-term player with GaN and GaN and Transphorm is a long-term player from 650 volts to 1,200 watts.

在四輪車方面，我們的第一個機會仍然是車載充電器，同樣是#1，然後是 DCDC 轉換器#2。現在，隨著 Nexperia 在汽車領域的獨家經營權的完成，我們實際上可以開始行動了，我們已經在不同地區（中國、歐洲、北美）做到了這一點，同時仍在印度、日本繼續努力。因此，這是一項新舉措，並且我們對我們所做的仿真模型進行採樣的 1,200 伏 GaN 版本也對新舉措有所幫助，這增加了客戶的興趣，因為他們看到 Transphorm 現在是一個長期參與者GaN 和 Transphorm 是 650 伏至 1,200 瓦的長期參與者。

Got it. Thank you Primit, thank you Cameron.

知道了。謝謝普里米特，謝謝卡梅倫。

Our next question comes from the line of Richard Shannon of Craig-Hallum Capital Group. Your question please, Richard.

我們的下一個問題來自克雷格-哈勒姆資本集團的理查德·香農。請你提問，理查德。

Hi guys, can you hear me?

大家好，你們能聽到我說話嗎？

We can.

我們可以。

Okay. Excellent. The line is a little spotty here. Let's see a few questions for me. I wanted to follow up on the topic of first quarter revenues and what it may imply for the rest of the year here. So I think in a prior question, you said the government should contribute about $1.5 million, if I caught that correctly. You got a $15 million contract over 3 years. How should we think about the ongoing? Is it a kind of steady recognition every quarter as a milestone basis could be lumpy? And then as we think about the product side, I just want to make sure, Cameron, I heard you expecting kind of flattish product revenues in the June quarter and then starting to grow in September.

好的。出色的。這裡的線有點參差不齊。讓我們看看我的幾個問題。我想在這裡跟進第一季度收入的話題以及它對今年剩餘時間可能意味著什麼。所以我認為在之前的問題中，如果我沒聽錯的話，您說政府應該捐款約 150 萬美元。你獲得了一份為期 3 年、價值 1500 萬美元的合同。我們應該如何思考正在進行的事情？這是一種每個季度都穩定的認可，因為里程碑的基礎可能會不穩定嗎？然後，當我們考慮產品方面時，我只是想確定一下，卡梅倫，我聽說您預計六月季度的產品收入會持平，然後在九月開始增長。

Yes, that's right, Richard. Certainly for product revenue, I think flattish in the June quarter and then solid growth through the course of the year. The government contract will be pretty linear. It's based on certain deliverables and it's largely the team working a wait time and materials and so forth. So from a revenue standpoint, I think the only quarter that we'll see a little bit more than the kind of linearity is the June quarter. But as we go through the rest of FY '24, I anticipate it being relatively flat as we work through the contract. I don't anticipate any significant lumpiness.

是的，沒錯，理查德。當然，就產品收入而言，我認為六月份季度持平，然後全年實現穩健增長。政府合同將是相當線性的。它基於某些可交付成果，並且主要是團隊在等待時間和材料等方面的工作。因此，從收入的角度來看，我認為我們唯一會看到比這種線性多一點的季度是六月季度。但當我們經歷 24 財年剩下的時間時，我預計在我們履行合同的過程中，情況會相對平穩。我預計不會出現任何明顯的塊狀現象。

Okay. That is helpful for forward modeling. Let's jump into the automotive mobility space, especially on 2 and 3 wheelers. You talked about being on track for first went by the end of the calendar year and ramping next year. I guess a 2-part question. With this win or maybe wins, but certainly when the -- your target by the end of the year, do you have a sense of how big that potential is and/or broadly speaking, how much of these EV 2- and 3-wheelers are a portion of your pipeline right now?

好的。這對於正向建模很有幫助。讓我們進入汽車移動領域，尤其是兩輪和三輪車。您談到了在日曆年年底前首次步入正軌並在明年加速。我想這是一個由兩部分組成的問題。憑藉這場胜利或也許勝利，但當然，當您在年底之前實現目標時，您是否了解這種潛力有多大和/或從廣義上講，這些電動兩輪和三輪汽車有多少現在是您管道的一部分嗎？

Yes. So overall, if you look at it, the opportunity, we want to target at least one win. That's why we say we have several -- we have more than 10 plus 10 to 15 customer engagements going on in that area right now. And we look to at least one win by end of the calendar year. The ramp, depending on the number of wins, right, we are looking at I think we had talked in the past about kind of $8 to $10 content per vehicle. That's, of course, in the case of onboard charger that can be more portable chargers as well. So we're looking to kind of a million, low single-digit million contribution from that segment going into calendar year 2024. And that is indeed part of our EV mobility and charging pipeline. We kind of set around, I believe, around 40-something million in the EV mobility and charging pipeline. That 2-wheeler, 3-wheeler is a good chunk of that. We will add more in the 4-wheelers now that this exclusivity is completed. We look forward to adding significantly and quickly more pipeline opportunities in the 4-wheeler segment as well.

是的。所以總的來說，如果你看看機會，我們希望目標是至少一場胜利。這就是為什麼我們說我們有幾個——我們現在在該領域有超過 10 個加上 10 到 15 個客戶參與活動。我們希望在今年年底之前至少取得一場胜利。斜坡，取決於勝利的數量，對吧，我們正在考慮我想我們過去曾討論過每輛車 8 到 10 美元的內容。當然，對於車載充電器來說，也可以是更便攜式的充電器。因此，我們希望到 2024 年該細分市場能貢獻 100 萬（低個位數）的貢獻。這確實是我們電動汽車移動和充電管道的一部分。我相信，我們在電動汽車出行和充電渠道上投入了大約 40 億美元。兩輪車、三輪車是其中的很大一部分。既然這種排他性已經完成，我們將在四輪車中添加更多內容。我們也期待在四輪車領域快速顯著地增加更多管道機會。

Okay. That sounds good. Let's see a couple of more questions for me. You talked about U.S. chipset money here, and I think I missed some of the full statements you made there, Primit. But I guess it seems like you would be looking for another partner here for manufacturing in the United States, I would presume, since you're targeting automotive, it's always great to have multiple geographical splits of your manufacturing here. So wondering if I'm kind of reading this right. And do you have kind of plans fairly far down the road or just exploring things and waiting until chipset money is awarded? Or how would you help us think about what you're viewing with that opportunity.

好的。聽起來很好。讓我們再看看幾個問題。你在這裡談到了美國芯片組的資金，我想我錯過了你在那裡所做的一些完整陳述，Primit。但我想您似乎會在這裡尋找另一個在美國進行製造的合作夥伴，我想，因為您的目標是汽車，所以在這裡進行多個地理劃分的製造總是很棒的。所以想知道我讀的是否正確。您是否有相當遠的計劃，或者只是探索事物並等待芯片組資金獲得？或者您將如何幫助我們思考您通過這個機會看到的內容。

Yes. No. You got that right, Richard. It's the manufacturing, the way we are looking at it is in 2 parts. First is a direct kind of funding for Transphorm that we are pursuing through this. It's also part of chipset, but it's the microelectronics comments program where there are centers of excellence in activity. These are more like -- this will work more like DoD contracts. So we are part of a couple of centers. Now, of course, it remains to be seen if those centers themselves get funded. So this to be nice development funding for things like higher voltage 1,200 world GaN and some on the RFK and EP. Those are what we will get from that.

是的。不，你說得對，理查德。這是製造，我們看待它的方式分為兩部分。首先是我們正在通過此項目為 Transphorm 尋求直接資助。它也是芯片組的一部分，但它是微電子評論程序，其中有活動的卓越中心。這些更像是——這將更像國防部合同。所以我們是幾個中心的一部分。當然，現在這些中心本身是否能得到資助還有待觀察。因此，對於更高電壓 1,200 世界 GaN 以及 RFK 和 EP 等項目來說，這是一筆不錯的開發資金。這些就是我們將從中得到的。

The manufacturing expansion funding, yes, we are looking at U.S. potentially a U.S. partner for geographical impact, as you correctly said. We are in initial discussions with a couple of companies beyond just the exploration stage. So now as just recently, there was an announcement just earlier this week about the next phase. So we look we look forward to that, but that will be with a partner, the manufacturing scale and the microelectronics common portion, that is transformed directly on our own.

製造業擴張資金，是的，我們正在考慮美國潛在的地理影響合作夥伴，正如你所說的那樣。我們正在與幾家公司進行初步討論，而不僅僅是探索階段。就在最近，本週早些時候發布了關於下一階段的公告。所以我們期待著這一點，但這將是與合作夥伴、製造規模和微電子公共部分的合作，這些部分是我們自己直接改造的。

Got it. Okay. That makes sense. One last quick question for Cameron related to the rights offering and debt facility. You talk about providing a runway. I think I don't know if you said all the way through or most of the way through fiscal '25. Any way that you could help quantify what kind of funding levels you are looking for a rate between those two?

知道了。好的。這就說得通了。卡梅倫的最後一個快速問題與配股和債務融資有關。你談到提供跑道。我想我不知道你說的是“25 財年一直”還是“大部分”。您有什麼方法可以幫助量化您正在尋找介於這兩者之間的融資水平嗎？

Sure. I mean, certainly, the rights issue is a $50 million raise issue. And what we're looking at in terms of our non-dilutive asset-backed debt is something in the kind of high single-digit multimillion dollars. The second component will hinge on appraisal values and so on and so forth, Richard, but that's the target. And that's -- we're hoping to get the combination of both of those, giving us runway deep into fiscal '21.

當然。我的意思是，配股當然是籌集 5000 萬美元。我們所關注的非稀釋性資產支持債務約為數百萬美元。第二個組成部分將取決於評估值等等，理查德，但這就是目標。我們希望將這兩者結合起來，為我們進入 21 財年奠定基礎。

Okay. Fair enough. I think that is all for me. I jump by the line, guys.

好的。很公平。我想這就是我的全部了。我插隊了，伙計們。

Thank you. (Operator Instructions). And we have a follow-up question from the line of David Williams of the Benchmark Company. Your question please, David.

謝謝。 （操作員說明）。 Benchmark 公司的 David Williams 提出了一個後續問題。請你提問，大衛。

Yes, I just want to ask on the product revenue, you've guided that to be about flat sequentially. I'm just wondering if you're seeing anything in terms of just the inventory digestion, if that's mostly complete, you're seeing more cautious stance from your customers? And then maybe just kind of if you're seeing anything in China, if that's improving or flat? Just help around that would be helpful.

是的，我只想問一下產品收入，您已指導其連續持平。我只是想知道您是否看到庫存消化方面的任何情況，如果基本完成，您是否看到客戶採取了更加謹慎的立場？然後也許你在中國看到了什麼，是有所改善還是持平？只要提供幫助就會有所幫助。

Sure. So we are seeing, I think, what we believe to be the kind of the tail end of the investor the inventory adjustment with some of our customers, including one of our partner customers in China. On the other hand, we are also seeing an increase of mix of customers, which is very positive. So we are seeing a healthy diversification of Power Products customers, especially in Greater China, that with China and then large customer design in Taiwan. So we are seeing a shift towards a more diverse mix. And then we are working through the inventory adjustments of -- especially of 1 or 2 of our customer.

當然。因此，我認為，我們正在看到我們認為投資者的尾端對我們的一些客戶（包括我們在中國的合作夥伴客戶之一）的庫存調整。另一方面，我們也看到客戶組合的增加，這是非常積極的。因此，我們看到電源產品客戶的健康多元化，特別是在大中華區，其中包括中國大陸以及台灣的大型客戶設計。因此，我們看到了向更加多樣化的組合的轉變。然後我們正在對——尤其是我們的一兩個客戶進行庫存調整。

Okay. And just one last one real quick. If you look at across the automotive platform that we're moving towards that 800-volt system where that -- where your 1200-volt GaN device would work very well. Do you think there's -- we'll see a chance that we would -- that these auto mode platforms could move beyond that 800 volts where silicon carbide would be the only alternative -- or do you think there's a physical threshold where 800 is kind of where we'll see that end up?

好的。最後一件事真的很快。如果您縱觀整個汽車平台，我們正在向 800 伏系統邁進，您的 1200 伏 GaN 器件將能夠很好地工作。您認為這些自動模式平台是否有可能超越 800 伏（碳化矽是唯一的替代品），或者您是否認為存在一個物理閾值，其中 800 伏是合適的我們最終會在哪裡看到它？

Right now, what you're seeing is a shift, first of all, from 400 volts through 800 volts, right? So today, if you look at it, still majority of the systems are at 400 volts, a lot of the new design-ins that are happening are moving to 800 volts. There's some talks about how it could potentially increase again in the future. But as of now, what we are seeing is first next is the move from 400 to 800 volts. Also, it's not to say the GaN on Sapphire cannot extend the voltage, right? That's the beauty about that platform that right now, we are focused on 1,200 volts beyond kind of our 650-volt flagship Super GaN platform. But the GaN on Sapphire platform with the right device design is -- there is no kind of a physical limit per se that would limit it only to 1,200 holes.

現在，您首先看到的是從 400 伏到 800 伏的轉變，對吧？所以今天，如果你看一下，大多數係統仍然是 400 伏，許多正在發生的新設計正在轉向 800 伏。有一些關於未來它可能如何再次增長的討論。但截至目前，我們首先看到的是從 400 伏到 800 伏的轉變。另外，這並不是說藍寶石上的 GaN 不能擴展電壓，對嗎？這就是該平台的優點，目前我們專注於 1,200 伏電壓，超越我們的 650 伏旗艦超級 GaN 平台。但具有正確器件設計的藍寶石基 GaN 平臺本身不存在將其限制為 1,200 個孔的物理限制。

Thanks again, guys.

再次感謝你們。

Thank you. At this time, I would now like to turn the conference back to Primit Parikh for closing remarks. Sir?

謝謝。現在，我想請普里米特·帕里克 (Primit Parikh) 主持會議閉幕詞。先生？

So thank you, everyone, for listening in and the interactive Q&A session. We look forward to executing on the plans to be discussed on this call and capitalize on the exciting momentum we have on the designing and the customer side to aggressively ramp our GaN business. With that, good day to you all. Thank you.

謝謝大家的收聽和互動問答環節。我們期待執行本次電話會議討論的計劃，並利用我們在設計和客戶方面的令人興奮的勢頭，積極拓展我們的 GaN 業務。祝大家有美好的一天。謝謝。

This concludes today's conference call. Thank you for participating. You may now disconnect.

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。