(TGAN) 2024 Q2 法說會逐字稿

Thank you for standing by, and welcome to Transphorm second-quarter fiscal 2024 earnings conference call. (Operator Instructions) As a reminder, today's program is being recorded.

感謝您的耐心等待，歡迎參加 Transphorm 2024 財年第二季財報電話會議。 （操作員指示）提醒一下，今天的節目正在錄製中。

And now I'd like to introduce your host for today's program, Mr. David Hanover of Investor Relations. Please go ahead, sir.

現在我想介紹一下今天節目的主持人，投資者關係部的大衛漢諾威先生。請繼續，先生。

Good afternoon, and welcome to Transphorm's second-quarter fiscal 2024 earnings conference call. Joining us today from Transphorm are Primit Parikh, President and Co-founder; and Cameron McAulay, Chief Financial Officer.

下午好，歡迎參加 Transphorm 2024 財年第二季財報電話會議。今天加入我們的是來自 Transphorm 的總裁兼聯合創始人 Primit Parikh；和財務長卡梅倫·麥考利。

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.

在我們開始之前，我想指出，有一個與今天準備好的演講相關的幻燈片演示，管理層將在電話會議期間參考幻燈片。這些幻燈片可以透過 Transphorm 網站投資者部分的即時網路廣播連結訪問，這些幻燈片也將在今天的電話會議之後發布並作為 PDF 連結提供。

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 predict all risks, nor can the company assess the potential impact of all factors on its business for 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、策略和計劃、未來營運、特定終端市場以及其他討論領域做出前瞻性陳述。公司或管理階層不可能預測所有風險，公司也無法評估所有因素對其業務的潛在影響，以判斷任何因素或因素組合可能導致實際結果與任何內容中包含的結果有重大差異。前瞻性陳述。

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. Any projections as to the company's future performance represent management's estimates as of today, November 9, 2023. Neither the company or any person assumes responsibility for the accuracy or completeness of the forward-looking statements.

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也可能不會發生，實際結果可能與預期或暗示的結果有重大不利差異。對公司未來業績的任何預測均代表管理層截至今天（2023 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。

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 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.

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。

With that said, it is now my pleasure to turn the call over to Transphorm's CEO, Primit Parikh. Primit?

話雖如此，現在我很高興將電話轉給 Transphorm 的執行長 Primit Parikh。普里米特？

Thank you, and good afternoon to everyone on the call. We are pleased to report a strong second quarter of fiscal 2024, as year-over-year revenue grew 36% to $5 million. And product revenue increased 18% over the prior quarter to $3.6 million, exceeding our expectations. We also delivered higher gross margin and reduced cash burn each exceeding our expectations.

謝謝您，祝所有參加電話會議的人下午好。我們很高興地報告 2024 財年第二季的強勁表現，營收年增 36% 至 500 萬美元。產品收入比上一季成長 18%，達到 360 萬美元，超出了我們的預期。我們也實現了更高的毛利率和減少的現金消耗，兩者都超出了我們的預期。

The design-in momentum continues to be very strong, having grown our pipeline further by over 5% since our last investor call. Our product pipeline today is over $475 million, dominated by high-power products with Transphorm as a clear advantage in quality and reliability performance and IP differentiation.

設計勢頭依然強勁，自上次投資者電話會議以來，我們的產品線進一步增長了 5% 以上。目前，我們的產品線已超過 4.75 億美元，其中以高功率產品為主，Transphorm 在品質和可靠性性能以及 IP 差異化方面具有明顯優勢。

Q2 to revenue was comprised of about 70% in product revenue, with government revenue just under $1.5 million, the government portion at the lower end of our targeted range due to the timing of our key government contract negotiations.

第二季的收入約佔產品收入的 70%，其中政府收入略低於 150 萬美元，由於我們關鍵的政府合約談判的時間安排，政府部分處於我們目標範圍的下限。

Overall, more than 70% of the product revenue mix came from high-power areas, where Transphorm continues to be the world's number one GaN company with superior high performance and reliability over every other GaN competitor, most notably e-mode GaN.

總體而言，超過 70% 的產品收入來自高功率領域，Transphorm 繼續成為全球排名第一的 GaN 公司，其高性能和可靠性優於所有其他 GaN 競爭對手，尤其是 e-mode GaN。

A white paper was recently published that outlines the superiority of Transphorm's GaN technology. We continue to make new advances, unlocking more capability of the GaN to address larger market segments, as evidenced by strong product offerings that now include high-power surface mount packages like the TOLL and the TOLT, the top-side cooled package, another first by Transphorm in gallium nitride.

最近發布的一份白皮書概述了 Transphorm GaN 技術的優越性。我們不斷取得新的進展，釋放GaN 的更多功能，以應對更大的細分市場，強大的產品系列證明了這一點，這些產品現在包括高功率表面貼裝封裝，如TOLL 和TOLT、頂部冷卻封裝、另一個首創通過氮化鎵中的 Transphorm。

We now have also started sampling [ping to ping], as well as other high-performing, high-power products that are drop-in replacement to silicon carbide market. We continue to have additional wins in the lower power area, especially our recent system-in-package, SiP strategy, enabling multiple customer wins.

我們現在也開始取樣 [ping to ping]，以及其他高性能、高功率產品，這些產品是碳化矽市場的直接替代品。我們繼續在低功耗領域取得更多勝利，特別是我們最近的系統級封裝、SiP 策略，從而贏得了多個客戶。

Now going through slide 3. I will first start with the high-level corporate update. Our leadership in high-power GaN remains strong, as we grew our pipeline to over $475 million. And our products surpassed more than 200 billion hours in the field further demonstrating our superior reliability.

現在瀏覽投影片 3。我將首先從高層企業最新情況開始。我們在高功率 GaN 領域的領先地位依然強勁，我們的產品線已擴大至超過 4.75 億美元。我們的產品在現場的使用時間超過了 2000 億小時，進一步證明了我們卓越的可靠性。

We are expanding leadership in three key high-power verticals: computing power for data centers, AI machines, and blockchain' energy and industrials, including micro inverters, UPS, and servo motors; and electric vehicles, initially with two and three wheelers followed by four wheelers.

我們正在擴大在三個關鍵高功率垂直領域的領導地位：資料中心的運算能力、人工智慧機器以及區塊鏈能源和工業，包括微型逆變器、UPS 和伺服馬達；以及電動車，最初是兩輪和三輪汽車，後來是四輪汽車。

We continue to increase our penetration in the low-power side as well, with the system-in-package partnership as well as growth in notebook chargers that benefit from the superior reliability delivered by the physics-based benefits of our GaN versus e-mode GaN. Having delivered strong product revenue growth over the previous quarter, coupled with our robust pipeline, we expect to see continued sequential product revenue growth in the current third quarter.

隨著系統級封裝合作夥伴關係以及筆記本充電器的成長，我們也繼續提高在低功耗方面的滲透率，這些充電器受益於我們的GaN 相對於e 模式基於物理的優勢所帶來的卓越可靠性氮化鎵。上一季產品營收強勁成長，加上我們強大的產品線，我們預計第三季產品營收將持續連續成長。

Second, we recently engaged Bank of America, BofA Securities, to act as our financial advisor in connection with our previously announced and ongoing strategic review to enhance stockholder value. Given both inbound interest we have received from third parties coupled with continuing strong macro interest in GaN power, with the help of Bank of America, we are systematically pursuing multiple options that may include the merger or sale of the company. As we previously discussed, we are working on securing non-dilutive debt financing, as well as having in-depth discussions on certain licensing possibilities as we work to secure our financial runway well into fiscal 2025.

其次，我們最近聘請美國銀行（美國銀行證券）作為我們的財務顧問，參與我們先前宣布的和正在進行的策略審查，以提高股東價值。鑑於我們從第三方收到的入境興趣以及對 GaN 功率持續強勁的宏觀興趣，在美國銀行的幫助下，我們正在系統地尋求多種選擇，其中可能包括合併或出售公司。正如我們之前所討論的，我們正在努力確保非稀釋性債務融資，並就某些許可可能性進行深入討論，以確保我們的財務跑道順利進入 2025 財年。

Now moving on to slide 4. I will next review other key vectors and execution metrics for the quarter. We reported $5 million revenue in Q2, 70% of which was from product sales that exceeded our expectations, with the majority coming from high-power which is more than 300 watts for us. It is worth noting that competing e-mode GaN has not realized yet end-product customer ramps due to unclear fulfilled voltage reliability of e-mode GaN at least from offerings from the leading e-mode GaN foundry.

現在轉到投影片 4。接下來我將回顧本季的其他關鍵向量和執行指標。我們報告第二季營收為 500 萬美元，其中 70% 來自超出我們預期的產品銷售，其中大部分來自我們超過 300 瓦的大功率。值得注意的是，由於 e-mode GaN 的電壓可靠性（至少來自領先的 e-mode GaN 代工廠）的電壓可靠性尚不明確，競爭 e-mode GaN 尚未實現最終產品客戶的成長。

For fast chargers in the low-power space, we secured 15 new design-ins, taking the total to more than 115 with over 30 now in production. Notable is our multiple wins at two of the top three worldwide laptop OEMs due to the performance and reliability of d-mode normally of that delivers high efficiency from an effectively smaller die due to its superior dynamic characteristics.

對於低功耗領域的快速充電器，我們獲得了 15 種新設計，總數超過 115 種，其中 30 多種現已投入生產。值得注意的是，由於d 模式的性能和可靠性，我們在全球三大筆記型電腦OEM 廠商中的兩家中多次獲勝，通常由於其卓越的動態特性，d 模式可以透過較小的晶片提供高效率。

We are gaining rapid traction with our SiP, or system-in-package strategy, with more and more integrated controller and driver companies. And a strong ecosystem partner now who are increasingly preferring to design-in Transphorm's pure play GaN chips, with more than five products now in design-in and two SiP products release.

隨著越來越多的整合控制器和驅動器公司的出現，我們的 SiP（系統級封裝）策略正在迅速獲得關注。現在，一個強大的生態系統合作夥伴越來越傾向於設計 Transphorm 的純 GaN 晶片，目前有超過五種產品處於設計階段，並發布了兩種 SiP 產品。

To the best of our knowledge, Transphorm still is the only GaN company with broad-based customers in the high-power across segments from 300 watts to over 4 kilowatts, who have ramped in the market. And now we are addressing 7.5-kilowatt power levels from a single chip.

據我們所知，Transphorm 仍然是唯一一家在 300 瓦到 4 千瓦以上高功率領域擁有廣泛客戶的 GaN 公司，並且在市場上的份額不斷擴大。現在我們正在透過單晶片解決 7.5 千瓦的功率等級問題。

Since our last update, we had a record of 33% sequential increase in design-ins for high-power that stand today at over 100 of which over 35 are in production.

自上次更新以來，我們的高功率設計連續增加了 33%，目前已超過 100 個，其中超過 35 個已投入生產。

Adding to our already diversified package portfolio, we introduced several new products, notably the high-power surface mount TOLL and TOLT, top side cooled packages, a first for GaN. We are working with leading customers in the server, energy and microinverter space, for this high-reliability, high-performance parts.

除了我們已經多元化的封裝產品組合之外，我們還推出了多種新產品，特別是高功率表面貼裝 TOLL 和 TOLT、頂部冷卻封裝，這是 GaN 的首個產品。我們正在與伺服器、能源和微型逆變器領域的領先客戶合作，開發這種高可靠性、高效能的零件。

We are also sampling a full point TO-247 high-power GaN, something e-mode GaN cannot do due to the inherent gate weakness. And these full point TO-247 are pin-to-pin compatible with silicon carbide MOSFETs, while exhibiting 25% lower losses at 5 kilowatts versus the latest silicon carbide MOSFETs from global top three supplier.

我們也對全點 TO-247 高功率 GaN 進行了取樣，這是 e-mode GaN 由於固有的閘極弱點而無法做到的。這些全點 TO-247 與碳化矽 MOSFET 腳位對接腳相容，同時與全球三大供應商的最新碳化矽 MOSFET 相比，在 5 千瓦時的損耗降低了 25%。

Recent high-temperature full-voltage stress testing on this super GaN products revealed superior reliability and the dynamic performance over e-mode GaN from the leading foundry that exhibited 400% increase in resistance, i.e., losses for the e-mode GaN case after just 500 hours of reliability testing.

最近對這款超級 GaN 產品進行的高溫全電壓應力測試表明，其可靠性和動態性能優於領先代工廠的 e-mode GaN，其電阻增加了 400%，即 e-mode GaN 外殼的損耗在僅僅500小時的可靠性測試。

Whereas this may be acceptable for low-power adapters, it certainly is not for high-power server industrial and automotive. And this is where Transphorm GaN especially excels. This, coupled with ecosystem partnerships, with IC companies for Transphorm GaN that can be used with standard controller and drivers will also contribute to our anticipated sequential product revenue growth.

雖然這對於低功率適配器來說可能是可以接受的，但對於高功率工業和汽車伺服器來說肯定不可行。這正是 Transphorm GaN 尤其擅長的。再加上生態系統合作夥伴關係，以及與可與標準控制器和驅動器一起使用的 Transphorm GaN 的 IC 公司的合作，也將有助於我們預期的連續產品收入成長。

Our 1,200 volts GaN has progressed well, with models and data sheets that are drawing significant interest from EV customers, some of whom are even starting to view GaN as a possible future replacement for silicon carbide, with automotive qualified products today at 650 volts. And then having 1,200 volts in the future with the promise of a simpler supply chain and attractive cost structure with gallium nitride.

我們的 1,200 伏特 GaN 進展順利，其模型和數據表引起了電動車客戶的極大興趣，其中一些客戶甚至開始將 GaN 視為未來碳化矽的可能替代品，目前已推出 650 伏特汽車級產品。未來將有 1,200 伏特電壓，並有望提供更簡單的供應鏈和具有吸引力的氮化鎵成本結構。

Our efforts to improve operational capacity and cost led to continued higher productivity from our Japan Epi reactors. While further capacity from qualification at our global wafer reactors is expected by the start of fiscal-year 2025, we added high-volume packaging subcontractors for both our high-power and low-power products, a move aimed towards improving margins as well as capacity as we target aggressive growth over the next few quarters.

我們努力提高營運能力和成本，從而使我們的日本 Epi 反應器的生產率持續提高。雖然預計到 2025 財年開始時，我們的全球晶圓反應器將獲得更多產能，但我們為高功率和低功率產品增加了大批量封裝分包商，此舉旨在提高利潤率和產能我們的目標是在未來幾個季度實現積極成長。

Moving on to slide 5 now. Let me turn to our partnerships in key manufacturing and customer initiatives. Our manufacturing scale expansion efforts remain ongoing with global wafer reactors now in qualification. And expect it to be done by the end of fiscal-year 2024 to ramp in fiscal 2025.

現在轉到投影片 5。讓我談談我們在關鍵製造和客戶計劃方面的合作夥伴關係。我們的製造規模擴張工作仍在繼續，全球晶圓反應器現已獲得資格認證。預計在 2024 財年末完成，並在 2025 財年逐步完成。

We now have six out of eight of our MOCVD reactors installed and running at various levels of production or development. And consistent with previous updates, about [$50 million] of annualized product revenue comprising both wafer and package products can be supported.

現在，我們八個 MOCVD 反應器中的六個已安裝並在不同的生產或開發水平上運行。與先前的更新一致，可以支持約[5000萬美元]的年化產品收入，包括晶圓和封裝產品。

Our AFSW wafer fab continues to operate on target and has sufficient capacity plans in place for fiscal-year '24 and '25. With incoming interest of third parties in the AFSW wafer fab joint venture, we are also potentially looking to add a third partner that could reduce our ownership to roughly half of the current levels in fiscal 2025, while maintaining IP ownership for our technology in the fab.

我們的 AFSW 晶圓廠繼續按目標運營，並為 24 財年和 25 財年制定了充足的產能計劃。隨著第三方對AFSW 晶圓廠合資企業產生興趣，我們也可能尋求增加第三方合作夥伴，以便在2025 財年將我們的所有權減少到目前水準的大約一半，同時保留我們晶圓廠技術的知識產權所有權。

Transphorm has the only GaN offering with 3 and 5 micro-seconds short-circuit rating, developed under a funded effort from Yaskawa, a worldwide leader in motion control and robotics. We also achieved 12 kilowatts from a single device in a half-bridge topology without any paralleling, which promises over 30- to 60-kilowatt scale inverters when used in three-phase single and parallel mode, an important step towards enabling EV in wafers with gallium nitride.

Transphorm 擁有唯一具有 3 微秒和 5 微秒短路額定值的 GaN 產品，該產品是在運動控制和機器人領域的全球領導者安川馬達的資助下開發的。我們還透過半橋拓撲中的單一設備實現了12 千瓦的功率，無需任何並聯，這有望在三相單相和並聯模式下使用時提供超過30 至60 千瓦規模的逆變器，這是朝著在晶圓中實現電動車邁出的重要一步氮化鎵。

We also came one more step closer to achieving our targeted growth in the EV two-wheeler and three-wheeler charging space, with the release of 300 watt and 600 watts two- and three-wheeler EV charger power supply designs. We have successful ongoing design-ins at two of the top five India-based OEMs that we expect to ramp next calendar year.

隨著 300 瓦和 600 瓦兩輪和三輪電動車充電器電源設計的發布，我們距離實現電動兩輪和三輪車充電領域的目標增長又近了一步。我們在印度排名前五的原始設備製造商中的兩家已經成功進行了持續設計，我們預計明年將繼續進行設計。

As stated before, with the automotive exclusivity behind us now, we progressed on worldwide customer engagements with EV four-wheeler customers for charger and converter applications, with 650-volt automotive AECQ one-on-one qualified products. And we are in early discussions regarding our 1,200-volt technology.

如前所述，隨著我們現在在汽車領域的獨家地位已經過去，我們在充電器和轉換器應用領域與電動四輪車客戶的全球客戶合作方面取得了進展，並推出了650 伏特汽車AECQ 一對一合格產品。我們正在就 1,200 伏特技術進行早期討論。

Some manufacturers, including a leading US OEM have engaged in efforts to develop gallium nitride as a potential future replacement of silicon carbide. We received payments of a little bit more than $1.4 million in Q2 on our NSTXL Epi wafer government program that was awarded to Transphorm in the fiscal first quarter of FY24. And thus far, we have received about $4.4 million of payments from performance under this award.

一些製造商，包括美國一家領先的原始設備製造商，已致力於開發氮化鎵作為未來潛在的碳化矽替代品。我們在第二季度收到了超過 140 萬美元的 NSTXL Epi 晶圓政府計劃付款，該計劃在 2024 財年第一季授予 Transphorm。到目前為止，我們已根據該獎項收到了約 440 萬美元的績效付款。

We are also in meaningful discussions for licensing with various parties, some of whom are planning for GaN fab manufacturing under the US chipsets. This would result in significant non-dilutive capital that could be in place in fiscal 2020.

我們也正在與各方就許可問題進行有意義的討論，其中一些各方正計劃在美國晶片組下進行 GaN 晶圓廠製造。這將導致大量非稀釋資本可能在 2020 財政年度到位。

Last but not least, Transphorm is also part of the micro electronics common chipset trust through our participation in the coalition led by University of Southern California to enhance production of 5G and 6G semiconductor manufacturing, where we expect to secure support for funding through this program for enhancing some of our rf GaN epi trust.

最後但並非最不重要的一點是，Transphorm 還透過參與南加州大學領導的聯盟，成為微電子通用晶片組信託的一部分，以提高 5G 和 6G 半導體製造的產量，我們希望透過該計劃獲得資金支持增強我們對射頻GaN 外延的一些信任。

Now on to slide 5. Our core capabilities, again, from low power to high-power wafers and package products are captured in our large and growing pipeline. In line with our strategic emphasis and revenue profile, about 70% of our power products pipeline applications are for high-power defined as over 300 watts. Across the full spectrum, Transphorm's gallium nitride is fundamentally superior to other GaN like e-mode GaN and typical foundry offerings, the impact of high reliability and robustness getting even more evident in the higher public areas.

現在轉到投影片 5。我們的核心能力，從低功率到高功率晶圓和封裝產品，都體現在我們龐大且不斷增長的管道中。根據我們的策略重點和收入狀況，我們約 70% 的電源產品管道應用都是針對 300 瓦以上的高功率。在整個範圍內，Transphorm 的氮化鎵從根本上優於其他 GaN（如 e-mode GaN 和典型代工產品），高可靠性和穩健性的影響在較高的公共區域中變得更加明顯。

This, coupled with growing ecosystem partnerships with IC companies, both in the low-power and high-power space, we expect to convert larger portions of this pipeline into production, hence, supporting our targeted product revenue growth both near term and long term.

再加上與 IC 公司在低功耗和高功率領域不斷發展的生態系統合作夥伴關係，我們預計將這一管道的大部分轉化為生產，從而支持我們的短期和長期目標產品收入成長。

In closing, our priorities will be on the following areas.

最後，我們的優先事項將集中在以下領域。

First, progressing through the strategic review process now with the assistance of Bank of America, BofA Securities, to systematically identify the best options to enhance shareholder value, including the potential merger or sale of the company. And to secure non-dilutive debt and other capital, such as licensing, meaningfully extending our cash runway well into fiscal-year 2025.

首先，在美國銀行、美銀證券的協助下，目前正在進行策略審查流程，以系統化確定提高股東價值的最佳選擇，包括潛在的合併或出售公司。為了確保非稀釋性債務和其他資本（例如許可），有意義地將我們的現金跑道延長到 2025 財年。

Second, continuing sequential product revenue growth in the current fiscal Q3. And growing our worldwide sales and application footprint to enable faster conversion of our growing design-ins into revenue. All are based on our superior performance, high reliability, and cost effectiveness of SuperGaN products, as well as our ecosystem of strong solution partners in the IC space, SiPs notably, for lower power and system level solutions for higher power.

其次，本財季第三季產品營收持續較上季成長。並擴大我們的全球銷售和應用足跡，使我們不斷增長的設計更快轉化為收入。所有這些都基於我們SuperGaN 產品的卓越性能、高可靠性和成本效益，以及我們在IC 領域強大的解決方案合作夥伴生態系統，特別是SiP，可提供較低功耗和更高功率的系統級解決方案。

Third, continue to improve margins through achieving higher volumes, transitioning to lower cost packaging subcontractors, and following our technology road map to improve performance while reducing costs.

第三，透過實現更高的產量、轉向成本更低的包裝分包商以及遵循我們的技術路線圖來提高性能，同時降低成本，繼續提高利潤。

Fourth, accessing new markets like 800-volt battery EV systems. And adding new offerings, like the 1,200-volt GaN and motor-drive products with short-circuit capable GaN, as well as other novel topologies like the four-quadrant bidirectional switch all first enabled by Transphorm GaN.

第四，進入 800 伏特電池電動車系統等新市場。並增加了新產品，例如 1,200 伏特 GaN 和具有短路能力 GaN 的馬達驅動產品，以及其他新穎的拓撲，例如四象限雙向開關，所有這些均首先由 Transphorm GaN 實現。

Overall, as one of the only pure-play GaN power semiconductor companies in the world, with volume production in both the low-power and high-power segments, we are well positioned to progress towards our long-term model in fiscal-year 2024 and beyond.

總體而言，作為全球唯一一家在低功率和高功率領域均實現量產的純 GaN 功率半導體公司，我們已做好充分準備，在 2024 財年朝著我們的長期模式邁進。

With that, I will hand it over to Cameron to walk you through our financials. Thank you.

接下來，我將把它交給卡梅倫，向您介紹我們的財務狀況。謝謝。

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 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 tables. Non-GAAP results exclude stock-based compensation, depreciation, amortization, and other income and expenditure.

謝謝你，普里米特。今天加入我們的大家大家好。現在讓我先簡要回顧一下我們最近完成的季度的財務表現。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格中與公認會計原則進行了調整。非公認會計準則績效不包括股票薪資、折舊、攤提以及其他收入和支出。

Starting with the income statement. Total GAAP and non-GAAP revenue comprising product and government was $5 million in the quarter. This represents an increase of [15%] to the prior quarter and an increase of 36% over the same quarter last year.

從損益表開始。本季 GAAP 和非 GAAP 總收入（包括產品和政府）為 500 萬美元。這比上一季成長了 [15%]，比去年同期成長了 36%。

Product sales were $3.55 million in the quarter, in excess of our expectations. And an increase of 18% from the prior quarter and 12% from the same quarter last year. Our product revenue is being driven across a broad range of power conversion applications, including fast chargers and adapters, and gaming and data centers. As noted by Primit, we continue to see positive momentum with our customers and production.

該季度產品銷售額為 355 萬美元，超出了我們的預期。季增18%，比去年同季成長12%。我們的產品收入來自廣泛的電源轉換應用，包括快速充電器和適配器以及遊戲和資料中心。正如 Primit 所指出的，我們繼續看到客戶和生產的積極勢頭。

Looking to the immediate future, the company anticipates a continuation of our sequential product revenue growth in the current quarter.

展望不久的將來，公司預計本季產品收入將繼續成長。

Government revenue was $1.45 million (sic - see press release, "$1.46 million") in the quarter, a decrease of $1.45 million in the prior quarter and an increase of $1 million from the same quarter of last year. This yea-on year-increase has been driven by the successful award and execution of our new $50 million government program. We will continue to see solid revenue from this program over the year, with flattish revenue anticipated in the coming quarter.

本季政府營收為 145 萬美元（原文如此，請參閱新聞稿，「146 萬美元」），比上一季減少 145 萬美元，比去年同期增加 100 萬美元。這一同比增長得益於我們新的 5000 萬美元政府計劃的成功授予和執行。今年我們將繼續看到該計劃的穩定收入，預計下一季的收入將持平。

The reduction from the prior quarter is attributable to pre-work done at the inception of the contract that increased revenue particular to Q1. The gross margin in the quarter was 23%, down from 35% delivered in the prior quarter. And higher by 11%, when compared to the same quarter last year. The [train] driver here from the prior quarter was the reduced overall revenue from our higher margin government business.

較上季減少的原因是合約開始時所做的前期工作增加了第一季的收入。本季毛利率為 23%，低於上一季的 35%。與去年同期相比增加了 11%。上一季的驅動因素是我們利潤率較高的政府業務的整體收入減少。

Direct margins for a product business remained largely stable in the quarter. We anticipate company gross margins will remain largely stable in the coming quarter for our product and government businesses. 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 and scale are expected to contribute to this increase.

本季產品業務的直接利潤率基本上保持穩定。我們預計未來一個季度我們的產品和政府業務的毛利率將基本保持穩定。我們繼續朝著毛利率超過 40% 的長期模式邁進。許多行動，包括新產品的推出、持續的成本效率活動，以及隨著我們不斷發展和擴大規模而獲得的好處，預計將有助於這一成長。

Operating expenses on a non-GAAP basis were $6.4 million in the current quarter, down 6% from the prior quarter. Spend for the current quarter is anticipated to remain largely flat.

本季以非 GAAP 計算的營運費用為 640 萬美元，比上一季下降 6%。預計本季的支出將基本持平。

Coming to EPS, I will focus my remarks here on the non-GAAP results. The non-GAAP EPS loss in the quarter was [8%] flat when compared to the prior quarter.

談到每股收益，我將重點討論非公認會計原則的績效。本季非 GAAP 每股盈餘損失與上一季持平 [8%]。

From an operational perspective, we continue to see solid traction in our targeted markets as evidenced by our improvement in both customers and production, and design and active. As mentioned earlier, the company anticipates sequential product revenue growth in the current quarter. 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.

從營運角度來看，我們在客戶和生產、設計和活躍度方面的改進證明了我們在目標市場中繼續保持強勁的吸引力。如前所述，該公司預計本季產品收入將持續成長。我們的短期重點是產品執行和產能擴張，以支持中長期成長。我們也繼續投資於公司的長期成長引擎。

Coming out of the balance sheet our shareholders' equity was $23.7 million at the end of the quarter, an increase from $19.6 million as at March 31, and $22.8 million in June.

從資產負債表來看，本季末我們的股東權益為 2,370 萬美元，高於 3 月 31 日的 1,960 萬美元和 6 月份的 2,280 萬美元。

Operational cash burn excluding capital investment, decreased significantly in the quarter from $6.8 million to $5.1 million. This was driven primarily by improved collections, including receipts from our government business and ongoing tight spend management procedures. As noted in the prior quarter, the company has no debt on its balance sheet.

本季營運現金消耗（不包括資本投資）大幅下降，從 680 萬美元降至 510 萬美元。這主要是由於收款工作的改善，包括政府業務的收入和持續嚴格的支出管理程序。正如上一季所指出的，該公司的資產負債表上沒有債務。

Cash and cash equivalents were $6.2 million at quarter end, enabled largely through the $8 million received from our rights issue. We continue to progress towards completion on debt facilities and expect to conclude these facilities in the near term.

截至季末，現金和現金等價物為 620 萬美元，主要是透過配股獲得的 800 萬美元實現的。我們繼續努力完成債務融資，並預計在短期內完成這些融資。

Looking ahead, we 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 through our continued progress with design wins and production customers.

展望未來，我們繼續對進一步加強資產負債表的機會持開放態度，以確保我們能夠繼續投資於我們的成長，這種成長是透過我們在設計贏得和生產客戶方面的不斷進步而實現的。

Concluding note with a few key highlights. Transphorm, publicly listed on the Nasdaq Exchange, is a global leader and robust GaN 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 and segments.

結論性說明有幾個關鍵要點。 Transphorm 在納斯達克交易所公開上市，是下一代電源系統的全球領導者和強勁的 GaN 未來。我們的顛覆性一流技術正在抓住不斷成長的巨大市場機會。我們正在透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，可以滿足客戶在各種功率等級和細分市場的需求。

All of this is underpinned by the industry's strongest IP position, a vertically integrated supply chain, and a deep and talented team. That concludes our prepared remarks and materials. And we would now like to open the call to any questions.

所有這一切都以業界最強大的知識產權地位、垂直整合的供應鏈以及深厚而才華橫溢的團隊為基礎。我們準備好的發言和材料到此結束。我們現在願意就任何問題展開電話諮詢。

Operator, please proceed with the Q&A portion of the call.

接線生，請繼續通話的問答部分。

(Operator Instructions) David Williams, The Benchmark Company.

（操作員說明）David Williams，基準公司。

Hey, good afternoon, everyone. It's certainly good to speak with you again. And congrats on just the continued progress here. I guess, first premise, I wanted to ask a little bit about the profit that you're going through on the strategic side. You talked about having a lot of interest there.

嘿，大家下午好。很高興再次與您交談。並祝賀這裡的持續進展。我想，第一個前提，我想問一下您在策略上所獲得的利潤。你談到那裡有很多興趣。

Is there any further, maybe, color you can provide there in terms of the types of interests, and really where things are leaning today? Is there any one that's shown some interest that gets you more optimistic? Or just anything, I guess, to help us understand how you're thinking about this ongoing strategic review.

就興趣類型以及當今事物的真正傾向而言，您是否可以提供更多的顏色？有沒有人表現出一些興趣讓你變得更樂觀？或者只是任何事情，我想，可以幫助我們了解您如何看待正在進行的策略審查。

No. Thank you. Thank you, David. I think most important thing there, and as we talked, we hired BofA Securities, Bank of America, to help us channel systematically this interest that we talked about the inbound interest. So we can do the due process for all of these opportunities that are in the way. That is what we can share publicly. Definitely we will continue to update on that as soon as updates of this become due.

不，謝謝。謝謝你，大衛。我認為最重要的是，正如我們所討論的，我們聘請了美國銀行證券、美國銀行來幫助我們有系統地引導我們談到的入境興趣。因此，我們可以對所有這些阻礙的機會採取正當程序。這就是我們可以公開分享的內容。當然，一旦更新到期，我們將繼續更新。

But that's a key message, that we did this for a reason, getting BofA Securities on board. So we can systematically channel through this audit opportunities.

但這是一個關鍵訊息，我們這樣做是有原因的，讓美國銀行證券加入。因此，我們可以有系統地引導這種審核機會。

Yeah, thanks for that. And I thought it was interesting, your commentary just about silicon carbide or GaN being a competitor there. And we've talked about this quite a bit in the past. But we've heard one of your peers earlier this week that also it was probably the most glowing review that I've heard before publicly, in terms of just that opportunity.

是的，謝謝你。我認為這很有趣，你的評論只是關於碳化矽或氮化鎵是那裡的競爭對手。我們過去已經多次討論過這個問題。但本週早些時候我們聽到一位同行說，就這個機會而言，這可能是我之前公開聽到過的最熱情的評論。

Can you talk to us about how you think about GaN in terms of displacing silicon carbide? And especially, the materials and where we are today. But it feels like just from an efficiency standpoint and a cost perspective that there would be a large opportunity, at least, in that 1,200-volt range that the GaN could really feel and become the de facto standard. Is that how you feel? And maybe just any color would be helpful. Thank you very much.

能和我們談談您對 GaN 取代碳化矽的看法嗎？尤其是材料和我們今天所處的位置。但僅從效率和成本角度來看，至少在 1,200 伏特電壓範圍內，GaN 確實有很大機會成為事實上的標準。你是這樣的感覺嗎？也許任何顏色都會有幫助。非常感謝。

No, thanks, David. We definitely strongly believe in that, right? So today, if you look at the low power and intermediate power on the high-power side space, that is not too much silicon carbide. Of course, silicon carbide has done very well on the automotive side, right, with many strong companies in the fray.

不，謝謝，大衛。我們絕對堅信這一點，對吧？所以今天如果你看大功率側空間上的低功率和中功率，那就是碳化矽並不算太多。當然，碳化矽在汽車方面做得非常好，對吧，有很多實力雄厚的公司在競爭。

But according to physics, this is just physics, that GaN should have 70% lower losses than silicon carbide. And I think we have announced publicly before and shown results that Transphorm GaN -- other GaN, I don't know about.

但根據物理學，這只是物理學，GaN 的損耗應該比碳化矽低 70%。我想我們之前已經公開宣布並展示了 Transphorm GaN 的結果——其他 GaN，我不知道。

But Transphorm GaN has harnessed about half of that 25% to 35% lower losses than silicon carbide, with affordable cost structure of GaN on silicon for 650 volts, and for our 1,200-volt platform GaN on sapphire. So that's the reason we believe this inquiry is now for -- even for automotive, there is no question on other areas. We are into micro inverters, for example, server, UPS, all of those areas.

但 Transphorm GaN 的損耗比碳化矽低 25% 至 35%，其成本結構經濟實惠，適用於 650 伏特基 GaN 以及我們的 1,200 伏特藍寶石基 GaN 平台。因此，這就是我們認為現在進行此項調查的原因——即使是針對汽車產業，其他領域也不存在任何問題。我們專注於微型逆變器，例如伺服器、UPS，所有這些領域。

But now for automotive side, the inbound interest coming in has been very exciting for us, both for a 650 volts, for a 400-volt battery node, and then with our GaN-on-sapphire 1,200-volt node for the 800-volt battery applications. So exciting, definitely.

但現在在汽車方面，我們對 650 伏特、400 伏特電池節點以及我們的 800 伏特藍寶石基 GaN 1,200 伏特節點的興趣非常興奮電池應用。絕對如此令人興奮。

That's great. Well, congrats again on the progress. And certainly, looking forward to hearing how the rest of the year turns out and further down at [adoption]. Thank you, sir.

那太棒了。好吧，再次恭喜你的進展。當然，期待聽到今年剩餘時間的結果以及[收養]的進一步進展。謝謝你，先生。

Thank you.

謝謝。

Craig Ellis, B. Riley.

克雷格·艾利斯，B.萊利。

Hi, this is Ethan Widell calling in for Craig Ellis. Thanks for taking my questions. To start, it sounds like you have some nice design-in activity, especially in high power. I guess, between high and low power, where are you seeing more engagement activity and value? And what is your confidence level and your ability to fulfill demand? Thank you.

大家好，我是伊森‧威德爾 (Ethan Widell)，替克雷格‧艾利斯 (Craig Ellis) 打電話。感謝您回答我的問題。首先，聽起來您有一些不錯的設計活動，尤其是在高功率方面。我想，在高權力和低權力之間，您在哪裡看到更多的參與活動和價值？您滿足需求的信心程度和能力如何？謝謝。

And so, on that, as we have said before, a high-power is where Transphorm is one of the undisputed leaders in high-power GaN, that is. And we'll continue to want to establish a leadership and extend our leadership in high-power. And about 70%, we have said it, of our revenues come from high-power.

因此，就這一點而言，正如我們之前所說，高功率就是 Transphorm 是高功率 GaN 領域無可爭議的領導者之一。我們將繼續希望建立領導力並擴大我們在高權力方面的領導力。我們已經說過，我們大約 70% 的收入來自大功率。

That said, we do like the low-power segment, of course, because we offer better performance with reliability. And it's a good ramping area for us, especially with the, system in package, SiP partnerships, that we talked about with multiple very strong IC partners enabled again by the so-called open architecture or easy, easy drivable architecture of Transphorm's GaN.

也就是說，我們確實喜歡低功耗部分，當然，因為我們提供更好的性能和可靠性。這對我們來說是一個很好的發展領域，特別是透過系統級封裝、SiP 合作夥伴關係，我們與多個非常強大的IC 合作夥伴進行了討論，這些合作夥伴再次透過Transphorm 的GaN 的所謂開放式架構或簡單、易於驅動的架構來實現。

So clearly, our focus, leadership in high-power. 70% revenues there. Low-power is a good segment. We want to win our fair share in that market.

很明顯，我們的重點是高權力領導。 70%的收入都在那裡。低功耗是一個很好的細分市場。我們希望在這個市場上贏得公平的份額。

In terms of fulfilling the demand, we continue to do two things there. One is focus on our sales and FAE, sales and field application footprint worldwide. That's an important part to continue to fulfill that demand and support customers.

在滿足需求方面，我們繼續在那裡做兩件事。一是專注於我們的銷售和 FAE、全球銷售和現場應用足跡。這是繼續滿足需求和支援客戶的重要組成部分。

And second, as you heard in the call, on capacity. Our Epi wafer capacity is coming up nicely. And our wafer fab has been stable, with plans in place for capacity increases there. So for the near and midterm, we are reasonably well set to fulfilling the demand with those two key areas I talked about.

其次，正如您在電話中聽到的，關於容量。我們的 Epi 晶圓產能成長良好。我們的晶圓廠一直穩定，並已製定產能增加計畫。因此，在近期和中期，我們已經做好充分準備來滿足我談到的這兩個關鍵領域的需求。

Thank you. And then could you speak to your expected cash burn over the next few quarters? And whether equipment base financing is still an option that you're considering?

謝謝。然後您能談談您未來幾季的預期現金消耗嗎？設備基礎融資是否仍然是您正在考慮的選擇？

Yeah. Thank you. Cameron here. So the one I got to say is as we brought our cash burn down significantly from $6.8 million to $5.1 million in the current quarter, I think that it will likely hover around that level for that for the near future. I think the key thing for us is, as Primit mentioned in his prepared remarks, is that we're actively pursuing primarily debt facilities. But also, looking at licensing opportunities.

是的。謝謝。卡梅倫在這裡。因此，我要說的是，當我們將本季的現金消耗從 680 萬美元大幅減少到 510 萬美元時，我認為在不久的將來，現金消耗可能會徘徊在該水平附近。我認為對我們來說最重要的是，正如普里米特在他準備好的演講中提到的那樣，我們正在積極尋求主要的債務融資。而且，還要尋找許可機會。

The combination of that would bring our financial stability comfortably into fiscal 2025. And we're hoping to conclude that in the near term.

這一切的結合將使我們的金融穩定進入 2025 財年。我們希望在短期內得出這個結論。

Understood. Much appreciated. (multiple speakers)

明白了。非常感激。 （多個發言者）

Sorry. Just finishing the thought on equipment leasing. That is an avenue that we'll remain open to. And we'll continue to pursue that, along with our other avenues of potential funding.

對不起。剛完成設備租賃的想法。這是我們將保持開放的途徑。我們將繼續追求這一目標，以及其他潛在融資途徑。

Yeah. Thank you for that.

是的。謝謝你。

(Operator Instructions) Ananda Baruah, Loop Capital.

（操作員指令）Ananda Baruah，Loop Capital。

Hey. Thanks, guys, and good afternoon. Thanks for taking the question. Yes, I guess a few if I could. Just going back, Primit, to the strategic review. Is there any timeframe or any time-related signpost that you guys are looking at that would be useful for us to be aware of?

嘿。謝謝大家，下午好。感謝您提出問題。是的，如果可以的話，我想有一些。普里米特，我們回到策略審查上來。你們正在查看的任何時間表或任何與時間相關的路標是否對我們有用？

I think the key thing I'll reiterate there, Ananda, is with the BofA Securities on. We are working hand in hand with them to, very systematically, now drive this process. So we'll be definitely be updating as and when the key updates are due -- public updates are due. But we are progressing very systematically with BofA here.

阿南達，我認為我要重申的關鍵是美國銀行證券。我們正在與他們攜手合作，非常有系統地推動這項進程。因此，當關鍵更新到期時，我們肯定會進行更新——公共更新到期。但我們正在與美國銀行一起非常有系統地取得進展。

Okay, got it. Thanks. Thanks for that, Primit. And it is going to -- like the product road map, the ramps you guys are seeing in product revenue, lots of when the high-powered winds. Seems like they're really amplified the last 90 days. What's the useful way for us to think about -- given the decline in activity, given the momentum that you've seen you and your colleagues who continue to see sequentially in prior growth.

好，知道了。謝謝。謝謝你，普里米特。它將會——就像產品路線圖一樣，你們在產品收入中看到的斜坡，很多時候都是在強風時發生的。看起來它們在過去 90 天確實被放大了。考慮到活動的下降，考慮到您和您的同事在先前的成長中繼續看到的勢頭，我們應該思考什麼是有用的方式。

What's the useful way for us to think about the impact of what's been good design activity near both high-power and low-power, manifesting into revenue dynamics across the product portfolio over the next 12 to 24 months? And any context it underpins that would be, like, useful too.

對我們來說，思考高功率和低功率方面的良好設計活動所產生的影響（體現在未來 12 到 24 個月內整個產品組合的收入動態中）的有用方法是什麼？它所支持的任何背景也都是有用的。

Great question. The way we think about those and just based on our historical experience and where we are today with customer. First of all, we were very pleased with the growth, and especially we grew the low-power design-ins by 15% versus last quarter. And the high-power, like we said, 33% from 75-plus, 200-plus just in one quarter.

很好的問題。我們思考這些的方式只是基於我們的歷史經驗以及我們今天與客戶的關係。首先，我們對成長感到非常滿意，尤其是低功耗設計比上季成長了 15%。而高功率，就像我們說的，光是一個季度就從 75 多、200 多上升了 33%。

And this was a result of, again, our product's reputation in the field and performance. And just adding a few sales heads in Asia, which helped us expand so much. And long term, the way we think about it, the conversion is on the high-power side. The design cycles are slightly higher. It could be from 12 months to 18 months.

這也是我們產品在該領域的聲譽和性能的結果。光是在亞洲增加了一些銷售主管，就幫助我們實現如此大的擴張。從長遠來看，我們認為轉換是在高功率方面。設計週期略高。可能是 12 個月到 18 個月。

For a brand new design from scratch, it could be even 18 to 24 months. On the low power, they tend to be faster from, say, nine months. If it's a derivative product, it could even be as fast as six months, but usually nine months. In a brand new product with a large OEM, a large OEM could be 12 months plus.

對於一個全新的設計來說，從頭開始，甚至可能需要 18 到 24 個月。在低功率下，它們往往會更快，例如九個月。如果是衍生產品，甚至可能快至六個月，但通常是九個月。對於擁有大型 OEM 的全新產品，大型 OEM 可能需要 12 個月以上。

And historically, on the high-power side, our conversion rate has been very strong around more than 75% conversion rate. That doesn't mean other 25% is lost, just maybe still ongoing. But we have had very good success rate on the high-power.

從歷史上看，在高功率方面，我們的轉換率非常高，大約超過 75%。這並不意味著其他 25% 會消失，只是可能仍在繼續。但我們在高功率方面取得了非常好的成功率。

On the low-power, it is it tends to be a bit more fragmented. But that's why we are adding -- we have more than 115 -plus wins now ongoing.

在低功耗方面，它往往更加分散。但這就是我們增加的原因——我們現在已經取得了超過 115 場勝利。

And on that side, the steps we have taken with our SiP system and SiP partners is something we expect the next two, three quarters to start adding revenue nicely. Because it actually magnifies our own sales channels and application channels with these SiP partners that we have.

在這方面，我們對 SiP 系統和 SiP 合作夥伴採取的措施預計將在未來兩三個季度開始很好地增加收入。因為它實際上放大了我們自己的銷售管道和與我們擁有的這些SiP合作夥伴的應用管道。

And probably just to follow up on, I guess, the high power. Both are very, very interesting, but the high power, because that's a bigger impact.

我想，可能只是為了跟進高權力。兩者都非常非常有趣，但是功率很高，因為影響更大。

Of the 35 products, in which you're in production right now, is that to say given the timeline that you actually just spoke to, is that to say -- well, actually, let me just -- I guess what I'm wondering is the 35 you have in the field today, how do those layer in over the last 36 months?

在你們現在正在生產的 35 種產品中，考慮到你們實際上剛剛談到的時間表，就是說——好吧，實際上，讓我——我猜我是什麼想知道你們今天在現場的35名員工，在過去36 個月中是如何分層的？

And is it useful to say that of the 100 you have that in the next 36 months, given the timeframe you gave, you could double the amount of products in production? Is there any usefulness in that?

是否可以說，在您擁有的 100 種產品中，在接下來的 36 個月內，考慮到您給出的時間範圍，您可以將生產中的產品數量增加一倍？這有什麼用處嗎？

No. Good question again. I think we can look back where we were in terms of the 35. I believe, a couple of months ago -- I mean, a couple of quarters ago, sorry, we were about, I would say, 20-plus if I remember correctly. And where we expect -- so out of the 100-plus design-ins we have, so 35 plus having production, so you can say around 65, 70 are still design ins, right?

不，又是一個好問題。我想我們可以回顧一下 35 人的情況。我相信，幾個月前——我的意思是，幾個季度前，抱歉，如果我沒記錯的話，我們大約是 20 人以上正確。我們所期望的——在我們擁有的 100 多個設計中，有 35 個以上已經投入生產，所以你可以說大約 65、70 個仍然是設計，對吧？

So over the next 18 to 24 months, I would say, if our estimates are good around 80% of that, so you can say out of the 70% to 80%, about 80%. So that would be like 55, 60 of them more would get into production. So yeah, we should more than double from where we are today. That's a good way to look at it call.

因此，在接下來的 18 到 24 個月中，我想說，如果我們的估計在 80% 左右，那麼你可以說在 70% 到 80% 中，大約是 80%。因此，大約有 55、60 個將投入生產。所以，是的，我們應該比現在的水平增加一倍以上。這是看待呼叫的好方法。

Cool. And just -- you mentioned the new sales force was -- the messaging to be that the 30% sequential increase in high-end design-ins was primarily driven by the incremental sales force.

涼爽的。只是 - 您提到新的銷售團隊是 - 傳達的訊息是，高端設計的 30% 連續成長主要是由增量銷售團隊推動的。

No, it helps coverage. But it's actually primarily driven by the products we have, benefits versus the e-mode GaN and the performance benefits versus silicon carbide; the proven reliability and the 200 billion hours in the field.

不，它有助於覆蓋。但它實際上主要是由我們擁有的產品、相對於增強型 GaN 的優勢以及相對於碳化矽的性能優勢所推動的；經過驗證的可靠性和 2000 億小時的現場使用時間。

But the coverage, coverage definitely helps. That's why I alluded to it just like a headcount or two. You can suddenly get coverage of 15 more accounts, right? So that that definitely helps.

但報道肯定有幫助。這就是為什麼我像一兩個人一樣提到它。您可以突然獲得 15 個以上帳戶的保障，對嗎？所以絕對有幫助。

Got it. And so, if it's more -- I guess, what I'm trying to tease out is, these kinds of sequential increases, these kinds of wins, is there something that's structurally sustainable to it? These design-ins? You hit a stride, so to speak, such that -- I don't know if it's 30% Q over Q, but like 25 new one sequentially. If you hit something that is bit of a sweet spot now, or I guess this is maybe not sustainable.

知道了。因此，如果更多的是——我想，我想弄清楚的是，這些連續的成長，這些勝利，是否存在著結構上可持續的東西？這些設計？可以這麼說，你邁出了一大步，這樣——我不知道 Q 是否比 Q 多 30%，但就像連續 25 個新的一樣。如果你現在找到了一些最佳點，或者我想這可能是不可持續的。

I think we were very pleased with where we were this quarter, right? So I think if you look at past, we've been adding healthily on the high-power side, right? I believe two quarters ago, we were 60 and then we went to 75. So we added 15. [These would be added] more as a very good quarter we had in terms of new design-ins added.

我認為我們對本季的表現非常滿意，對嗎？所以我認為，如果你回顧過去，我們一直在健康地增加高功率方面，對嗎？我相信兩個季度前，我們的數量是 60，然後達到了 75。所以我們添加了 15。[這些將被添加]更多是我們在添加新設計方面的一個非常好的季度。

So yeah, we should -- we cannot get a 33% increase, I think, every quarter over quarter. But we should look to healthy increases, right? Because the products are there, the performance are there, the manufacturing capacity is there. And with the promotions and what we are gaining worldwide footprint now, we should look forward to these increases. But I cannot say whether each quarters will be a 30% increase.

所以，是的，我們應該——我認為，我們不可能每個季度都實現 33% 的成長。但我們應該期待健康的成長，對嗎？因為產品在那裡，性能在那裡，製造能力在那裡。隨著促銷活動以及我們現在在全球範圍內獲得的影響力，我們應該期待這些增長。但我不能說每季是否會增加30%。

Certainly. And the biggest single increase in operating spend, if I look back 12 months to today, has been in sales and marketing -- sorry, it's just the marketing. And (multiple speakers) what we've invested significantly, and I think you can start to see the momentum coming from that additional headcount.

當然。如果我回顧 12 個月至今，營業支出增幅最大的是銷售和行銷——抱歉，這只是行銷。 （多位發言者）我們已經投入了大量資金，我認為您可以開始看到額外員工帶來的動力。

That's helpful. Thanks, guys. Appreciate it.

這很有幫助。多謝你們。欣賞它。

Aaron Martin, AIGH Investment Partners.

亞倫馬丁 (Aaron Martin)，AIGH 投資合夥人。

Hi, guys. Congratulations on the progress. I think it's the first EV two-, three wheeler design-ins. Can you talk a little bit more about that and your expectations there? Are you talking with multiple -- I think you said two design-ins, looking for a design win by the end of the year and the ramp in 2024.

嗨，大家好。祝賀取得的進展。我認為這是第一個電動兩輪、三輪車設計。您能多談談這一點以及您的期望嗎？你在談論多個——我想你說的是兩個設計方案，希望在今年年底前獲得設計勝利，並在 2024 年實現設計升級。

And how should we think about the EV two-wheeler market? We're obviously much further along than the four wheeler. I mean, in terms of sizing and the ramp, how do those designs compare from a size perspective relative to some of the other designs you currently have?

我們該如何看待電動兩輪車市場？我們顯然比四輪車走得更遠。我的意思是，就尺寸和坡道而言，從尺寸角度來看，這些設計與您目前擁有的其他一些設計相比如何？

Yeah, no. Thank you for that. So yes, it is definitely exciting. The first two design-ins we won. And these are very reputable customers, two out of the top five as we speak. And we are targeting -- we expect to get initial production orders by end of the year towards that and then ramp in calendar year 2024.

是的，不。謝謝你。所以，是的，這絕對令人興奮。我們贏得了前兩項設計。這些都是信譽良好的客戶，在我們所說的前五名中就有兩家。我們的目標是——我們預計在今年年底前獲得初步生產訂單，然後在 2024 年增加產量。

Like we have said before, we still expect these design-ins to be around a million-dollar level from the EV, not each design-in million dollar level, but hit a million-dollar-plus level in calendar year 2024. And we are engaged -- actually, beyond two out of five, we are engaged with 10-plus customers actually in India and Asia on this two-wheeler charger opportunities that are onboard charger, or a portable charger, or a pull charger in the two wheeler space.

正如我們之前所說，我們仍然預計電動車的這些設計成本約為百萬美元水平，而不是每個設計成本都達到百萬美元水平，但在 2024 年將達到百萬美元以上的水平。實際上，超過五分之二的人與印度和亞洲的10 多個客戶就兩輪車充電器的機會進行了接觸，這些機會是車載充電器、便攜式充電器或兩輪車中的拉動充電器空間。

So on the question of the size, ultimately versus, say, if you look at a four-wheeler opportunity and onboard charger or the inverter, those will be much larger size but a little bit behind in time.

因此，在尺寸問題上，最終與四輪車和車載充電器或逆變器相比，它們的尺寸會大得多，但在時間上有點落後。

But coming right now, where it stands with the two and three wheeler and if you compare it to, say, other design-ins such as server power or blockchain or inverter UPS space we have, we believe it can be up as much or even more growing in this EV two-wheeler segment in 2024 and 2025.

但現在，兩輪和三輪車的情況，如果你將它與其他設計進行比較，例如我們擁有的伺服器電源或區塊鍊或逆變器 UPS 空間，我們相信它可以增加甚至更多2024 年和2025 年，該電動兩輪車細分市場將出現更多成長。

Okay. And then for the ramp in 2024, you're expecting more than these two design-ins or that's, really, these two design-ins are enough for that?

好的。然後，對於 2024 年的斜坡，您期望的不僅僅是這兩個設計，或者說，真的，這兩個設計就足夠了？

No. We do hope to get more design-ins also for 2024, which we are working on.

不會。我們確實希望在 2024 年能獲得更多設計，我們正在努力做到這一點。

Okay. Congratulations on the progress.

好的。祝賀取得的進展。

Thank you.

謝謝。

Thank you. This does conclude the question-and-answer session of today's program. I'd like to hand the program back to Primit Parikh for any further remarks.

謝謝。今天節目的問答環節到此結束。我想將程式交還給普里米特·帕里克 (Primit Parikh) 以供進一步評論。

No, thank you. And thank you for the attention today. And we expect to continue on this momentum that we have secured, with moving along with the strategic review.

不，謝謝。感謝您今天的關注。我們希望繼續保持我們已經確保的這一勢頭，並繼續進行策略審查。

And extending our cash runway well into fiscal 2025, executing on our product priorities, and product revenue growth backed by cost down and margin improvements. And then executing on our new products to keep continuing growing the design-ins and stay ahead of competition.

將我們的現金跑道延伸至 2025 財年，執行我們的產品優先事項，並在成本下降和利潤率提高的支持下實現產品收入成長。然後執行我們的新產品，以不斷改進設計並保持競爭優勢。

Thank you very much, and till next time.

非常感謝，下次再見。

Thank you, ladies and gentlemen, for your participation in today's conference. This does conclude the program. You may now disconnect. Good day.

女士們、先生們，感謝你們參加今天的會議。這確實結束了該程式。您現在可以斷開連線。再會。