(TGAN) 2022 Q3 法說會逐字稿

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

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

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

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

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

在我們開始之前，我想指出，有一個與今天的電話會議相關的幻燈片演示，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 網站投資者關係部分的實時網絡直播鏈接訪問，它們也將在今天的電話會議之後發佈在鏈接的 PDF 中。

Additionally, during the course of this call, the company may make forward-looking statements regarding the company's financial position, 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 the risks nor can the company assess the total potential impact of all factors on its business or the extent to which any factor or combination of factors may cause actual results to differ materially from those contained in any forward-looking statements.

此外，在本次電話會議期間，公司可能會就公司的財務狀況、戰略和計劃、未來運營、特定終端市場和其他討論領域做出前瞻性陳述。公司或管理層無法預測所有風險，公司也無法評估所有因素對其業務的總體潛在影響，或任何因素或因素組合可能導致實際結果與本文中所包含的結果存在重大差異的程度。任何前瞻性陳述。

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 [views] as of today, February 9, 2022. Neither the company nor 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，本次電話會議期間討論的前瞻性陳述可能會或可能不會發生，實際結果可能與預期或暗示的結果存在重大和不利的差異。對公司未來業績的任何預測均代表管理層截至 2022 年 2 月 9 日的[觀點]。公司或任何人均不對前瞻性陳述的準確性或完整性承擔責任。

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

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

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

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

Thank you, Savannah, and welcome to everyone on today's call, and thank you for joining us.

謝謝你，薩凡納，歡迎大家參加今天的電話會議，感謝你加入我們。

Product revenue increased sequentially for the eighth consecutive quarter and grew 220% year-over-year to a quarterly record of $3.6 million. We shipped over 1 million SuperGaN Gen4 FETs for 45-watt to 300-watt power adapter and fast charger applications in December of 2021. We increased the total design-ins for power adapters and fast chargers to over 50 with over 20 of them in production, and the total design-ins for higher power, between 300 watts and 4 kilowatts, increased to over 30 with 20 of them in production.

產品收入連續第八個季度環比增長，同比增長 220%，達到季度創紀錄的 360 萬美元。 2021 年 12 月，我們出貨了超過 100 萬個用於 45 瓦至 300 瓦電源適配器和快速充電器應用的 SuperGaN Gen4 FET。我們將電源適配器和快速充電器的總設計量增加到 50 多個，其中 20 多個已投入生產, 300 瓦到 4 千瓦之間更高功率的總設計增加至 30 多個，其中 20 個已投入生產。

We closed a 12.9 million non-brokered private placement of common stock at $7.71 a share in December, bringing the total amount of equity financings closed during the quarter to more than $45 million. Cash and equivalents as of December 31, 2021 was $41 million.

去年 12 月，我們以每股 7.71 美元的價格完成了 1290 萬股非經紀私募普通股，使本季度完成的股權融資總額超過 4500 萬美元。截至 2021 年 12 月 31 日，現金及等價物為 4100 萬美元。

With that, allow me to pass the call to Primit to walk through the developments in more detail over the past few months.

有了這個，請允許我將電話轉給 Primit，以更詳細地了解過去幾個月的發展。

Thank you, Mario, and good afternoon, everyone.

謝謝馬里奧，大家下午好。

As you just heard, Transphorm has continued our record product revenue traction for yet another quarter, achieving key milestones as we had talked, demonstrating capability to deliver over 1 million adapter parts in a month and strengthened our balance sheet with strong investor support.

正如您剛才所聽到的，Transphorm 在另一個季度繼續保持我們創紀錄的產品收入牽引，實現了我們所說的關鍵里程碑，展示了在一個月內交付超過 100 萬個適配器零件的能力，並在強大的投資者支持下加強了我們的資產負債表。

Like before, I will start with a quick recap of GaN overall value proposition, TGAN leadership position and clarifying our views on market positioning of various type of GaN, including clarifying some misinformation floating out there in the market and then move to reviewing our team's strong execution on various fronts in December quarter that sets us up now for an exciting 2022.

和以前一樣，我將首先快速回顧一下 GaN 的整體價值主張、TGAN 的領導地位，並澄清我們對各種類型 GaN 的市場定位的看法，包括澄清市場上漂浮的一些錯誤信息，然後再回顧我們團隊的強12 月季度在各個方面的執行，這使我們現在為激動人心的 2022 年做好了準備。

What is gallium nitride? It is a part of the wide-bandgap semiconductor material family that is becoming the new present and future of power conversion because it reduces energy, eliminates electrical waste, enables compact power conversion and lowers power system cost across a variety of electrical energy conversion applications and does this much better than silicon and also better than other new material semiconductors like silicon carbide.

什麼是氮化鎵？它是寬帶隙半導體材料系列的一部分，正在成為功率轉換的新現在和未來，因為它可以減少能源，消除電氣浪費，實現緊湊的功率轉換並降低各種電能轉換應用的電力系統成本，以及這比矽好得多，也比碳化矽等其他新材料半導體好。

Transphorm TGAN is an established innovator and leading manufacturer supplier of GaN power semiconductors over the widest range of applications from lower power to higher power, from adapters and fast chargers to higher power data center, mining, crypto mining, communications, broad industrial renewables and in design-ins for automotive electric vehicle applications.

Transphorm TGAN 是 GaN 功率半導體的成熟創新者和領先製造商供應商，其應用範圍廣泛，從低功率到高功率，從適配器和快速充電器到高功率數據中心、採礦、加密採礦、通信、廣泛的工業可再生能源和汽車電動汽車應用的設計插件。

Our strong technology and world-leading intellectual property, more than 1,000 patents, and our products have been validated by our blue-chip investors, customers, partners, including financial, IC design solution partners, manufacturing and automotive industrial leaders.

我們強大的技術和世界領先的知識產權、1,000 多項專利以及我們的產品已通過我們的藍籌投資者、客戶、合作夥伴（包括金融、IC 設計解決方案合作夥伴、製造和汽車行業領導者）的驗證。

Our talented team has relied on our core and complete GaN manufacturing capability, allowing control and innovation with our asset-light vertically integrated model that has [led] our comprehensive product portfolio with 30 billion -- more than 30 billion hours of field operations having delivered $21.5 million revenue in the calendar year 2021.

我們才華橫溢的團隊依靠我們的核心和完整的 GaN 製造能力，通過我們的輕資產垂直集成模型實現控制和創新，該模型已 [領導] 我們擁有 300 億（超過 300 億小時的現場操作）的全面產品組合2021 日曆年的收入為 2150 萬美元。

Transphorm is in a very unique position of strength to have products in the market today that addresses a tremendous multibillion market opportunity, or GaN TAM as we call it, for power conversion from lower power to higher power. And there are markets that we are already ramping today, for example, the power adapters and chargers, higher-power server crypto data com power, and now ramping in industrial, energy and renewable markets, which are also moving for us now from the midterm to the more closer near-term regime. And mid- to long term, the largest growth opportunity remains in automotive electric vehicles.

Transphorm 處於非常獨特的優勢地位，能夠在當今市場上擁有能夠解決巨大的數十億市場機會的產品，或者我們稱之為 GaN TAM，用於從低功率到高功率的功率轉換。我們今天已經在發展一些市場，例如電源適配器和充電器、更高功率的服務器加密數據通信電源，現在正在工業、能源和可再生市場發展，這些市場現在也從中期開始向我們發展到更接近的近期制度。從中長期來看，最大的增長機會仍然是電動汽車。

This GaN TAM, as you can see on the right, in the multibillion-dollar range over the next few years and a further inflection point through the EV powertrain segment middle of the decade. And we believe reaching $10 billion GaN TAM opportunity by end of the decade.

正如您在右側所見，這款 GaN TAM 在未來幾年的價值將達到數十億美元，並且在本世紀中期的 EV 動力總成領域將成為進一步的拐點。我們相信在本世紀末達到 100 億美元的 GaN TAM 機會。

Across this gamut of applications, Transphorm GaN solutions deliver high-efficiency compact systems with easy-to-use products for the customer with proven performance benefits against silicon carbide, silicon and other GaN solutions.

在這一系列應用中，Transphorm GaN 解決方案為客戶提供高效緊湊的系統和易於使用的產品，與碳化矽、矽和其他 GaN 解決方案相比，其性能優勢得到證實。

What is necessary and we aspire to do every day is deliver a combined spectrum of benefits to all power conversion customers by taking the inherent benefits of gallium nitride over silicon carbide to the next level. Our core GaN FET architecture delivers performance with high efficiency over a wide range of power levels with leadership in product qualification and reliability. Field reliability now that rivals that of standard silicon. Our asset-light vertically integrated model allows for in-house GaN supply with control, innovation and ability to scale. While others are now talking, which is a good thing, about getting into higher power with GaN, we have been there for a while now and have set benchmarks for titanium class GaN power supplies more than 3 years ago. And in process, also built up core intellectual property.

必要且我們每天都渴望做的是，通過將氮化鎵相對於碳化矽的固有優勢提升到一個新的水平，為所有功率轉換客戶提供綜合優勢。我們的核心 GaN FET 架構在廣泛的功率水平上提供高效率的性能，在產品認證和可靠性方面處於領先地位。現在可與標準矽相媲美的現場可靠性。我們的輕資產垂直集成模型允許內部 GaN 供應具有控制、創新和擴展能力。當其他人現在正在談論使用 GaN 獲得更高功率時，這是一件好事，但我們已經有一段時間了，並且在 3 多年前就已經為鈦級 GaN 電源設定了基準。並在此過程中，還積累了核心知識產權。

And we are not stopping at 650 volts or 900 volts where Transphorm has the only GaN product in the market, but are now pursuing advanced R&D with 1,200 volts, which we think is well in the realm of GaN, not just silicon carbide domain anymore.

我們並沒有停留在 Transphorm 擁有市場上唯一 GaN 產品的 650 伏或 900 伏，而是現在正在追求 1,200 伏的先進研發，我們認為這在 GaN 領域已經很好，而不僅僅是碳化矽領域。

The TGAN FET is directly compatible with leading silicon controllers and their in-built integrated drivers, no extra components or [shrubbery] required to interface our GaN with the outside world. And this is manifested in our growing ecosystem of solutions partners as we will review.

TGAN FET 與領先的矽控制器及其內置集成驅動器直接兼容，無需額外的組件或 [灌木] 即可將我們的 GaN 與外界連接。這體現在我們不斷增長的解決方案合作夥伴生態系統中，我們將對其進行審查。

And finally, our strong IP portfolio that I alluded to, 5 to 10x bigger than some competition in GaN, covers not only how GaN is made but also how it is used in many ubiquitous power application architectures, for example, like the bridge topology. As a result, TGAN has enabled our customers with products that range from adapters to automotive, from lower power to higher power, from 30 watts to 30 kilowatts. For example, realizable by our Gen5 10-kilowatt class solution in a multiphase application. Every major category of power conversion can be targeted now including automotive converters and chargers and, in the future, electric vehicles powertrain inverters as well.

最後，我提到的我們強大的 IP 產品組合比 GaN 的一些競爭對手大 5 到 10 倍，不僅涵蓋了 GaN 的製造方式，還涵蓋了它在許多無處不在的電源應用架構中的使用方式，例如橋拓撲。因此，TGAN 為我們的客戶提供了從適配器到汽車、從低功率到高功率、從 30 瓦到 30 千瓦的產品。例如，可通過我們的 Gen5 10 千瓦級解決方案在多相應用中實現。現在可以針對每個主要類別的功率轉換，包括汽車轉換器和充電器，以及未來的電動汽車動力總成逆變器。

Shifting gears to some of these verticals now from lower power to higher power, and then why we win. As the GaN adoption is happening fast now, many good companies are in the market. The market needs multiple companies to grow at a fast rate and to support the customers, especially at lower power this is happening, with Transphorm having the distinction of being in market both at lower power and higher power, allowing the customers to do more with less and a simpler architecture and bill of materials with our GaN solutions.

現在將齒輪從低功率轉向高功率，然後是我們獲勝的原因。由於現在 GaN 的採用正在迅速發生，許多優秀的公司都在市場上。市場需要多家公司快速增長並為客戶提供支持，尤其是在較低功率的情況下，這種情況正在發生，Transphorm 在市場上具有較低功率和較高功率的區別，允許客戶用更少的資源做更多的事情以及我們的 GaN 解決方案更簡單的架構和材料清單。

One of the things we try in earnest is not to confuse the market and to do our best as to how GaN, any GaN, can help the customer win. Indeed, there are some misinformation or myths, as we call it, that sometimes gets spread around down and confused about gallium nitride. So first of all, no matter what you call your GaN, normally-off operation is what the customer and the application has always demanded in power. That has been a constant. There are many good ways of doing it, which is up to the individual companies. For example, terminologies like e-mode approach or d-mode approach or whatever the mode is. At the end of the day, one needs to deliver the best-performing and the most reliable normally-off GaN. That is what matters.

我們認真嘗試的一件事是不要混淆市場，並儘最大努力了解 GaN，任何 GaN，如何幫助客戶贏得勝利。事實上，正如我們所說，有些錯誤信息或神話有時會四處傳播，並對氮化鎵感到困惑。因此，首先，無論您如何稱呼您的 GaN，常關操作都是客戶和應用程序一直以來對電源的要求。這是一個常數。有很多好的方法可以做到這一點，這取決於各個公司。例如，諸如 e-mode 方法或 d-mode 方法之類的術語或任何模式。歸根結底，我們需要提供性能最好、最可靠的常關型 GaN。這才是最重要的。

Performance is delivered by superior underlying GaN technology and coupled with solutions working with the customer, there is no universal one-size-fits-all quite yet. For example, here we show on the right, a Transphorm GaN solution TGAN FET outperforming an e-mode GaN, in this case, happens to be an IC variant in the same third-party customer testing, only as an example. Then there are all kinds of claims about megahertz switching and fast frequency, so on and so forth. The fact is that years ago, we have taken our normally-off GaN to 1 megahertz, 1,000 kilohertz, 99% efficient operation. And that too at higher power, 1 kilowatt, which is more challenging.

性能由卓越的底層 GaN 技術提供，再加上與客戶合作的解決方案，目前還沒有通用的一刀切。例如，我們在右側展示的 Transphorm GaN 解決方案 TGAN FET 優於 e-mode GaN，在這種情況下，恰好是同一第三方客戶測試中的 IC 變體，僅作為示例。然後有各種關於兆赫開關和快速頻率的說法，等等。事實是，幾年前，我們已將常關型 GaN 提高到 1 兆赫、1,000 千赫、99% 的運行效率。在更高的功率（1 千瓦）下也是如此，這更具挑戰性。

This is -- high-frequency operation is a system design trade-off, heat losses, transformer losses, everything has to be keeping in mind. So we work closely with our customers. Of course, as far as the power switch is concerned, the fundamental GaN, that is due to the inherent nature of GaN, it is not due to any particular IC or other topology. Good GaN will switch fast.

這是 - 高頻操作是一個系統設計權衡，熱損失，變壓器損失，一切都必須牢記在心。因此，我們與客戶密切合作。當然，就功率開關而言，基本的 GaN 是由於 GaN 的固有特性，而不是由於任何特定的 IC 或其他拓撲結構。好的 GaN 會快速切換。

And finally, a lot is talked about integration and drivers, and it is very important. But the one often ignored fact is that modern day controllers, many modern adapters and charger controllers, especially at lower power, have integrated drivers basically for free. As it turns out in our architecture, we integrate a small silicon set with our GaN. There is no extra driver needed at all in these cases, especially at lower power.

最後，我們談到了很多關於集成和驅動程序的內容，這非常重要。但一個經常被忽視的事實是，現代控制器、許多現代適配器和充電器控制器，尤其是在低功率下，基本上都免費集成了驅動程序。事實證明，在我們的架構中，我們將一個小型矽組與我們的 GaN 集成在一起。在這些情況下根本不需要額外的驅動器，尤其是在較低功率的情況下。

So integration is about where, what, how you integrate to give the best advantage to your customer. In the table below, we list out some of our differentiated benefits that we apply both to adapters and chargers for mobile and laptops, 45 watts to 200 watts plus, which is a key market trend in the last couple of years. The shift for adapters and chargers to GaN. Very exciting for the GaN world.

因此，集成是關於您在哪裡、什麼、如何進行集成，以便為您的客戶提供最佳優勢。在下表中，我們列出了一些差異化優勢，適用於 45 瓦至 200 瓦以上的移動設備和筆記本電腦的適配器和充電器，這是過去幾年的主要市場趨勢。適配器和充電器向 GaN 的轉變。對於 GaN 世界來說非常令人興奮。

There are multiple good offerings from various companies at the lower power end, which is growing. And Transphorm is also moving fast in this area as evidenced by the 1 million units shipped in December. As you see here, silicon obviously has been working great in the past, but now falls short in efficiency, speed and small size required for new products. GaN launches from here.

低功率端有多家公司提供的多種優質產品，而且還在不斷增長。 Transphorm 在這一領域的發展也很快，12 月出貨量達到 100 萬台就是明證。正如您在此處看到的，矽過去顯然工作得很好，但現在在新產品所需的效率、速度和小尺寸方面有所不足。 GaN 從這裡發射。

Transphorm GaN excels in ease of use and flexibility, compatibility with standard drivers, no extra bond components or shrubbery needed to interface our GaN to the external world which means cost effective, easy to use.

Transphorm GaN 的優勢在於易用性和靈活性、與標準驅動器的兼容性、無需額外的鍵合組件或灌木即可將我們的 GaN 連接到外部世界，這意味著具有成本效益且易於使用。

The intrinsic GaN performance, which is our basic GaN material and device, is fully exploited to achieve highest efficiency or lowest losses among many other GaN adapters. And the ability to go to higher power levels and reliably so where the P GaN implementation, the so-called P GaN in the e-mode rendition of the normally-off presents a weaker input interface and a weaker device. Another important reminder is power conversion application again span from low to mid to high and then also very high power levels.

GaN 的內在性能是我們的基本 GaN 材料和器件，在許多其他 GaN 適配器中被充分利用以實現最高效率或最低損耗。並且能夠可靠地進入更高的功率水平，因此在 P GaN 實現中，所謂的 P GaN 在常關的 e 模式再現中呈現出較弱的輸入接口和較弱的器件。另一個重要的提醒是電源轉換應用再次跨越從低到中到高，然後也是非常高的功率水平。

Today, out of the GaN offerings, and this is what to our best of the knowledge of release products in the market by customers, our customer systems not just talk for the future, Transphorm's GaN spans from 30 watts to 10 kilowatts. And in a 3 phase it can be even higher, as we have demonstrated with our Gen5 products. Many competing offerings may vie for higher power in the future. But today, they are limited to lower power.

今天，在 GaN 產品中，據我們所知，這是客戶在市場上發布產品的最佳知識，我們的客戶系統不僅在談論未來，Transphorm 的 GaN 功率範圍從 30 瓦到 10 千瓦不等。正如我們在 Gen5 產品中所展示的那樣，在第 3 階段它可能會更高。許多競爭產品可能會在未來爭奪更高的功率。但是今天，它們僅限於較低的功率。

So why does TGAN win? First of all, our success in higher power comes from the underlying stability of the TGAN FET architecture that allows it to be offered in industry standard thermally robust packages like the TOs, the TO247, which today's e-mode gallium nitride finds it difficult to do because of inherent device weakness. Better materials capability for a GaN device that switches better and higher power from a smaller or lower current die versus that of competing end solutions and proven reliability with high-yield manufacturing of large-area GaN power chips.

那麼為什麼 TGAN 會贏呢？首先，我們在更高功率方面的成功來自於 TGAN FET 架構的基本穩定性，這使得它能夠以行業標準的耐熱封裝提供，例如 TO、TO247，而今天的電子模式氮化鎵很難做到這一點由於固有的設備弱點。與競爭終端解決方案相比，GaN 器件具有更好的材料能力，可從更小或更低電流的芯片切換更好和更高的功率，並通過大面積 GaN 功率芯片的高良率製造證明了可靠性。

And now with these attributes, what these attributes have enabled us to do is build up a strong ecosystem of solution partners, notably manufacturers of controllers and integrated drivers. This includes market companies like Diodes, innovative controller companies like Silanna and a few others who we have not publicly announced yet. In just the last few months, our partners and Transphorm together have rolled out 4 more charger design-in solutions, 3 of them at the higher power range in the low power adapter and charger market at 100 to 250 watts and 145-watt implementation where our solutions now cover this fast charger space from 45 watts to 250 watts.

現在有了這些屬性，這些屬性使我們能夠做的是建立一個強大的解決方案合作夥伴生態系統，特別是控制器和集成驅動器製造商。這包括像 Diodes 這樣的市場公司、像 Silanna 這樣的創新控制器公司以及我們尚未公開宣布的其他一些公司。在過去的幾個月裡，我們的合作夥伴和 Transphorm 共同推出了 4 種充電器設計解決方案，其中 3 種在 100 至 250 瓦和 145 瓦實施的低功率適配器和充電器市場中的較高功率範圍內實施，其中我們的解決方案現在涵蓋了從 45 瓦到 250 瓦的快速充電器空間。

TGAN architecture that is high-performing and very easy to design in with our solution in the ecosystem has allowed us to now increase the design-ins to more than 50 with over 20 of them in production. We show a sample of this year, including the recent design wins that include -- and as we highlight here, 100 watts, 150 watts and 250-watt adapters and chargers for laptops and other applications. The higher power space, as I've said, is extremely important, higher the power, higher the energy saving, higher the impact of GaN. And on a holistic level, the impact of electricity usage and carbon footprint.

TGAN 架構具有高性能且非常易於使用我們在生態系統中的解決方案進行設計，這使我們現在能夠將設計插件增加到 50 多個，其中超過 20 個已投入生產。我們展示了今年的一個樣本，包括最近的設計勝利，其中包括——正如我們在這裡強調的那樣，用於筆記本電腦和其他應用的 100 瓦、150 瓦和 250 瓦適配器和充電器。正如我所說，更高的功率空間非常重要，更高的功率，更高的節能，更高的 GaN 影響。在整體層面上，電力使用和碳足蹟的影響。

So here are some of our Gen4 and Gen5 offerings now are compared to leading silicon carbide products in this space, because other gallium nitride, the e-mode type of gallium nitride, is not quite ready today, at least, for higher power, especially in thermally robust packages like the TO247. As an example shown here, our highest power 15 million product -- by the way, to the best we can tell, this is the lowest (inaudible) for a qualified ramped 650-volts gallium nitride in a discrete TO247 package that outperforms silicon carbide, whether it be the MOSFET or the JFET, both very good products by strong companies in a standard package in a standard bridge circuit 25% to 38% lower losses and ability to deliver 10-kilowatt power level from a single part in a half bridge configuration.

因此，這裡將我們現在的一些第 4 代和第 5 代產品與該領域領先的碳化矽產品進行比較，因為其他氮化鎵，即 e 型氮化鎵類型，至少在今天還沒有準備好更高的功率，尤其是在 TO247 等耐熱封裝中。作為此處顯示的示例，我們的最高功率 1500 萬產品 - 順便說一下，據我們所知，這是在分立 TO247 封裝中合格的斜坡 650 伏氮化鎵的最低（聽不見），其性能優於碳化矽，無論是 MOSFET 還是 JFET，都是強大公司提供的非常好的產品，採用標準封裝，採用標準橋式電路，損耗降低 25% 到 38%，並且能夠從半橋中的單個部件提供 10 千瓦的功率水平配置。

Again, why does gallium nitride and Transphorm win? Because, number one, gallium nitride offers lowest losses and highest performance of leading power semiconductor materials, thus extending the Moore's Law, as we term it, of power conversion, enabling performance output power density, in this case, to continuously increase by time -- with time.

再說一遍，為什麼氮化鎵和 Transphorm 會贏？因為，第一，氮化鎵在領先的功率半導體材料中提供最低的損耗和最高的性能，從而擴展了我們所說的摩爾定律的功率轉換，使性能輸出功率密度，在這種情況下，隨著時間的推移而不斷增加 - - 隨著時間的推移。

Gallium nitride on silicon, which is a Transphorm platform in the market, our products are made on GaN on silicon today, utilizes lower cost silicon substrates and after the GaN epi wafer step that we have full ownership of. We are not limited to just an external foundry, for example.

矽基氮化鎵是市場上的 Transphorm 平台，我們的產品是在當今的矽基 GaN 上製造的，使用成本較低的矽襯底，並且經過我們完全擁有的 GaN Epi 晶圓步驟。例如，我們不僅限於外部代工廠。

Our solutions and any GaN on silicon for that matter will leverage a full silicon wafer fab manufacturing, something, again, that Transphorm has joint ownership of, control of, in our Japan fab joint venture.

我們的解決方案和任何矽上 GaN 都將利用完整的矽晶圓廠製造，同樣，Transphorm 在我們的日本晶圓廠合資企業中擁有共同所有權和控制權。

And then the proven reliability automotive qualifications robustness in the field. So customers have selected our higher power offerings across the spectrum, whether it is crypto mining, which is an extreme power hungry application where our titanium class efficient gallium nitride solutions have enabled a 1% efficiency increase. And by the way, one system at that 1% can save a few hundred kilowatts per hour and 200 pounds of carbon footprint equivalently. What we expect is more than 50,000 metric tons of savings can be possible from what we estimate our 2022 outlook just in the crypto and the gaming segments combined together.

然後是經過驗證的可靠性汽車資格在該領域的穩健性。因此，客戶選擇了我們在整個頻譜範圍內的更高功率產品，無論是加密採礦，這是一種極度耗電的應用，我們的鈦級高效氮化鎵解決方案使效率提高了 1%。順便說一句，一個 1% 的系統每小時可以節省幾百千瓦，相當於減少 200 磅的碳足跡。根據我們對 2022 年前景的估計，僅在加密和遊戲領域相結合，我們預計可以節省超過 50,000 公噸。

Top right, in the server power space, we have, along with our customers, enabled titanium-rated power supplies for well over 3 to 4 years now. Other GaN suppliers are now trying to follow suit in this domain, which is great. Efficiency, compactness of GaN, has enabled leading gaming suppliers to adopting TGAN solutions, increasing power by 6% to 7%, while at the same time, decreasing system size by more than 10%. And being able to do so, pricing the final power supply the same price as their older generation silicon solutions.

右上角，在服務器電源領域，我們與客戶一起使用鈦金屬電源已超過 3 至 4 年。其他 GaN 供應商現在正試圖在這個領域效仿，這很棒。 GaN 的效率和緊湊性使領先的遊戲供應商能夠採用 TGAN 解決方案，將功率提高 6% 至 7%，同時將系統尺寸減小 10% 以上。並且能夠做到這一點，最終電源的定價與他們的老一代矽解決方案相同。

And then there is a variety of industrial, energy, military, high-rel and e-mobility solutions from 500 watts to 4 kilowatts where Transphorm is winning. We aim to grow this high-power segments and maintain our leadership position here. Electric vehicles are a key focus area for GaN and Transphorm. As we know, silicon carbide has done very well in this segment. And GaN, with its core capability, the fundamental capability I just showed, is poised to enable long-term benefits to the EV marketplace.

然後，Transphorm 贏得了從 500 瓦到 4 千瓦的各種工業、能源、軍事、高可靠性和電動交通解決方案。我們的目標是發展這個高功率細分市場並保持我們在這裡的領導地位。電動汽車是 GaN 和 Transphorm 的重點關注領域。眾所周知，碳化矽在這一領域的表現非常好。 GaN 憑藉其核心能力，即我剛剛展示的基本能力，有望為電動汽車市場帶來長期利益。

Essentially, GaN helps address the barriers of slower charging and range anxiety that stem from power losses and the heat constraints due to the heavy bulky converter and inverters with inefficient silicon-based electronics. Transphorm has automotive qualified AEC-qualified products today, the Gen4 high power, already ramped in the market in various commercial applications.

從本質上講，GaN 有助於解決因功率損耗和熱量限製而導致的充電速度較慢和里程焦慮的障礙，這是由於笨重的轉換器和採用低效矽基電子設備的逆變器造成的。 Transphorm 目前擁有通過汽車認證的 AEC 認證產品，即 Gen4 高功率產品，已經在各種商業應用市場上大放異彩。

Not only that, but we are targeting to stay ahead in this game by enabling in future 1,200 volt gallium nitride and taking on silicon carbide there. We will announce R&D results in this area in future. All in all, we look forward to gallium nitride improving the electric vehicle range by 10% to 20% in future or even more, depending on the efficiency enabled, and with higher power in a small form factor, enabling faster charging.

不僅如此，我們的目標是通過在未來啟用 1,200 伏氮化鎵並在該領域採用碳化矽來保持領先地位。我們將在未來公佈該領域的研發成果。總而言之，我們期待氮化鎵在未來將電動汽車的續航里程提高 10% 至 20% 甚至更多，具體取決於所啟用的效率，並以小尺寸提供更高的功率，從而實現更快的充電。

The acceleration of the EV opportunity and the aggressive adoption scenarios worldwide makes the longer-term scenario for GaN hyper attractive. The specific GaN opportunities in EV today are in the areas of OBCs, on board charger, DC/DC converters, off-grid DC to AC auxiliary inverters. And over the next several years, we will have unlocking the drivetrain inverter opportunity, something we are very closely working with our strategic partners. That will triple the accessible GaN content for automotive. We aim to be in the market with 650 volts products today and higher voltage solution in the future for all the key EV slots.

電動汽車機會的加速以及全球範圍內的積極採用情況使得 GaN 的長期前景極具吸引力。當今電動汽車中的特定 GaN 機會在 OBC、車載充電器、DC/DC 轉換器、離網 DC 到 AC 輔助逆變器領域。在接下來的幾年裡，我們將釋放動力傳動系統逆變器的機會，我們正在與我們的戰略合作夥伴密切合作。這將使汽車可獲得的 GaN 含量增加三倍。我們的目標是在今天為所有關鍵 EV 插槽提供 650 伏產品和未來更高電壓的解決方案。

Next, we move into our December quarter performance and key vectors driving our growth. First and foremost, we are happy to say that we delivered on what we had said, achieving a 152% revenue level from the first half of the year to the second half of the calendar year with key highlights of maintaining dominance in the GaN high-power segment and gaining footprint in the adapter market, including the important milestone of 1 million shipments in December.

接下來，我們進入 12 月季度的業績和推動我們增長的關鍵向量。首先，我們很高興地說，我們兌現了我們所說的，從今年上半年到下半年實現了 152% 的收入水平，其中主要亮點是保持 GaN 高-電源領域並在適配器市場獲得足跡，包括 12 月出貨量達到 100 萬的重要里程碑。

Second, as evident, we have delivered multiple quarters of product revenue growth now launching on top of our licensing -- on top of our licensing and government revenue business.

其次，很明顯，我們已經實現了多個季度的產品收入增長，現在是在我們的許可之上——在我們的許可和政府收入業務之上。

The key business focus now is on expansion and scaling revenue -- product revenue. We outlined here several key metrics that we achieved during the last quarter and put them in perspective as to future growth.

現在的關鍵業務重點是擴大和擴大收入——產品收入。我們在這裡概述了我們在上個季度實現的幾個關鍵指標，並將它們與未來增長相結合。

First, product revenue in the quarter was $3.6 million, our eighth successive record quarter in this department with $1 million of government revenue making up the rest. TGAN continues to grow its share in the adapter and fast chargers areas now with over 50 design-ins, out of which over 20 plus are in production. We look forward to growing, especially in the 100 watts plus segment, you can call it the range of the lower powered adapter area. And we are really pleased to have new solutions and reference designs, not only by Transphorm, but also our valued partners who like the TGAN solution over, say, the e-mode type of solutions because of our ease of interfacing and no external drivers needed, designability and drivability.

首先，本季度的產品收入為 360 萬美元，這是我們在該部門連續第八個創紀錄的季度，其餘的為 100 萬美元的政府收入。 TGAN 在適配器和快速充電器領域的份額繼續增長，現在擁有超過 50 種設計，其中超過 20 種正在生產中。我們期待增長，尤其是在 100 瓦以上的細分市場，您可以將其稱為低功率適配器領域的範圍。我們真的很高興有新的解決方案和參考設計，不僅來自 Transphorm，還有我們尊貴的合作夥伴，他們喜歡 TGAN 解決方案而不是 e-mode 類型的解決方案，因為我們易於連接且無需外部驅動程序、可設計性和可駕駛性。

We are pleased to lead in the GaN for the higher power. Broadly speaking, 300-watt to 4-kilowatt is in production today and many of these applications in the 1 to 4-kilowatt range, where we increased the design-ins to now over 30, out of which more than half are in production. We aim to grow and further get into areas like energy, PV power, e-mobility, where we are opening up new design-ins.

我們很高興能在 GaN 中引領更高的功率。從廣義上講，300 瓦到 4 千瓦的電力目前正在生產中，其中許多應用在 1 到 4 千瓦的範圍內，我們將設計加入量增加到現在超過 30 個，其中一半以上正在生產中。我們的目標是發展並進一步進入能源、光伏發電、電動汽車等領域，我們正在這些領域開闢新的設計。

We have 17 products in our wide portfolio, low power to high power, 650 volts and the only 900-volt product in the market, in surface mount packages and TO type of packages. Three of these are automotive qualified parts already. And we will continue in the future to expand this product offering to meet our customer and market needs.

我們廣泛的產品組合中有 17 種產品，從低功率到高功率、650 伏和市場上唯一的 900 伏產品，採用表面貼裝封裝和 TO 類型封裝。其中三個已經是汽車合格零件。我們將在未來繼續擴展此產品供應，以滿足我們的客戶和市場需求。

Very importantly, now with significant emphasis and positive challenges, will be a shift in focus on capacity expansion and managing production growth in what is still a challenging worldwide supply chain environment expected to be there for the next couple of quarters. We made a very important proof point in our adapter product capacity with the 1 million parts in December and now have expansion efforts underway for wafer capacity, both internal and external.

非常重要的是，現在具有重大重點和積極挑戰，將在未來幾個季度仍然充滿挑戰的全球供應鏈環境中將重點轉移到產能擴張和管理生產增長上。我們在 12 月的 100 萬個零件的適配器產品產能中取得了非常重要的證明點，現在正在努力擴大內部和外部的晶圓產能。

Three key takeaways basically. We had a record quarter product revenue growth with Transphorm and our partner solutions penetrating the market, focusing on supply chain execution and planning for capacity initiatives.

基本上是三個關鍵要點。 Transphorm 和我們的合作夥伴解決方案進入市場，專注於供應鏈執行和容量計劃規劃，我們實現了創紀錄的季度產品收入增長。

To that end, we have started moving on the previously announced Global Wafers partnership that we talked about last time. Global Wafers is also an investor in Transphorm for epi wafer expansion to support significant expected 2023 demand. Our wafer fab joint venture with our financial strategic partner remains on track and looking ahead for various initiatives there also to be ready for higher ramps in the future.

為此，我們已經開始推進我們上次談到的先前宣布的 Global Wafers 合作夥伴關係。 Global Wafers 也是 Transphorm 的投資者，用於擴展外延晶圓，以支持 2023 年的巨大預期需求。我們與財務戰略合作夥伴的晶圓廠合資企業仍步入正軌，並展望未來的各種舉措，也為未來更高的產量做好準備。

We are working through our industrial and automotive partnerships that remain solid. In the area of servo drives and robotics, Yaskawa is a key partner for Transphorm. We had a milestone deliverable delay that has shifted some of the cash payment receivables by a quarter or so, but overall, no major program change. Within Nexperia, who is our licensee and semiconductor partner, and especially, they look to expand GaN in the automotive and EV area. Our next milestone here is our Gen5 AEC automotive qualification, our Gen5 already having achieved commercial qualification and introduced in the market, the AEC automotive qualification we expect by middle of the year.

我們正在通過保持穩固的工業和汽車合作夥伴關係開展工作。在伺服驅動器和機器人領域，安川電機是 Transphorm 的重要合作夥伴。我們有一個里程碑式的交付延遲，已將一些應收現金支付轉移了四分之一左右，但總體而言，沒有重大的計劃變化。 Nexperia 是我們的被許可方和半導體合作夥伴，尤其是他們希望在汽車和電動汽車領域擴展 GaN。我們的下一個里程碑是我們的 Gen5 AEC 汽車認證，我們的 Gen5 已經獲得商業認證並推向市場，我們預計在今年年中獲得 AEC 汽車認證。

Marelli is now moving to targeted product development phase with our Gen4 and 5 products for onboard chargers and DC/DC converter and also the Transphorm product today supports up to 50 kilowatts of prototype inverter, the drivetrain inverter that can be achieved by paralleling our higher power Gen5 devices. We continue design-ins with other Japan-based EV for 2023, 2024, DC/DC and OBC opportunities. That remains on track.

Marelli 現在正進入目標產品開發階段，我們的 Gen4 和 5 產品用於車載充電器和 DC/DC 轉換器，而且 Transphorm 產品今天支持高達 50 千瓦的原型逆變器，該傳動系統逆變器可以通過並聯我們的更高功率來實現Gen5 設備。我們繼續為 2023 年、2024 年、DC/DC 和 OBC 機會設計其他日本電動汽車。這仍然在軌道上。

The government's revenue and the epi business remains steady as well. On the epi side, this is RF epi wafers, we increased our traction with the DoD customers. We continue to support them. And we are also engaged with a couple of commercial designs. Still, we are awaiting the progress feedback there with the cycles of learning at our customers. The Navy program is running exactly to plan. And like I mentioned, we also have innovative 1,200 volts R&D, which is in part supported by an R&D grant and contract from ARPA-E Department of Energy.

政府收入和外延業務也保持穩定。在外延方面，這是射頻外延晶圓，我們增加了對國防部客戶的吸引力。我們繼續支持他們。我們還參與了一些商業設計。儘管如此，我們仍在等待客戶的學習週期以及那裡的進度反饋。海軍計劃完全按計劃運行。就像我提到的那樣，我們還有創新的 1,200 伏研發，這部分得到了 ARPA-E 能源部的研發撥款和合同的支持。

With that, a quick recap of our major announcement in the last quarter and in January with -- starting with Yaskawa convertible to equity, the Gen4 automotive qualification, continued partnership with Diodes Inc., highlighting the superior performance and ease of use of our gallium nitride, financial investments over $45 million that have strengthened our balance sheet, success in the GaN adapter area and of course, today, our products revenue -- record product revenue quarter.

因此，快速回顧一下我們在上個季度和 1 月份的主要公告——從 Yaskawa 可轉換為股權開始，Gen4 汽車資格，繼續與 Diodes Inc. 合作，突出我們的鎵的卓越性能和易用性氮化物，超過 4500 萬美元的金融投資加強了我們的資產負債表，在 GaN 適配器領域取得了成功，當然還有今天我們的產品收入——創紀錄的產品收入季度。

All in all, we are very excited to be in the midst of an all-round GaN adoption growth phase with Transphorm and our worthy fellow GaN companies in the market. TGAN's focus remains in expanding our leadership in the high power GaN, growing our footprints in the adapters and fast chargers, and capacity expansion, keeping up first with the demand and then next year staying well ahead of the demand curve.

總而言之，我們很高興能與 Transphorm 和我們在市場上有價值的 GaN 公司合作，進入一個全面的 GaN 採用增長階段。 TGAN 的重點仍然是擴大我們在高功率 GaN 領域的領先地位，擴大我們在適配器和快速充電器方面的足跡，以及擴大產能，首先跟上需求，然後在明年保持領先於需求曲線。

With that, I'd like to turn over to Cameron for our financial results.

有了這個，我想把我們的財務結果交給卡梅倫。

Thank you, Primit, and hello to everyone joining us today.

謝謝你，Primit，向今天加入我們的每個人問好。

Let me start with some financial highlights. 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 adjustments to the fair value of our convertible note. Starting with the income statement. Q3 FY '22 saw a continuation of our growth story. Total GAAP and non-GAAP revenue comprising product and government was $4.6 million in the quarter compared to $3.3 million product and government revenue from the prior quarter and $2 million for the equivalent quarter in 2020. This quarterly and year-over-year increase was driven by record product sales from ramping shipments including over 1 million units shipped in the month of December. This growth is supplemented by continued execution on our 3-year government contracts.

讓我從一些財務亮點開始。對於我的評論，我將參考 GAAP 和非 GAAP 結果，它們在我們的新聞稿表中與 GAAP 一致。非公認會計原則結果不包括基於股票的補償、折舊、攤銷和可轉換票據公允價值的調整。從損益表開始。 22 財年第三季度見證了我們增長故事的延續。本季度包括產品和政府在內的 GAAP 和非 GAAP 總收入為 460 萬美元，而上一季度的產品和政府收入為 330 萬美元，而 2020 年同期為 200 萬美元。這一季度和同比增長的推動12 月份出貨量超過 100 萬件，出貨量創下新高。持續執行我們的 3 年期政府合同補充了這一增長。

Focusing more now on product sales. The 3 months to September saw our eighth successive quarter of product revenue growth and a record product revenue of $3.6 million. But comparing this quarter to the same quarter last year, product revenue grew by over 200%. This growth is being driven across a broad range of power conversion applications, including fast chargers and adapters, gaming, data center and crypto mining.

現在更多地關注產品銷售。截至 9 月的 3 個月裡，我們的產品收入連續第八個季度增長，產品收入達到創紀錄的 360 萬美元。但與去年同期相比，本季度產品收入增長了 200% 以上。這種增長是由廣泛的電源轉換應用推動的，包括快速充電器和適配器、遊戲、數據中心和加密挖掘。

Cost of goods sold were $3.9 million in the quarter, an increase of 102% year-on-year below the revenue increase of 129% over the same period. This COGS increase is largely driven by strong volume growth across several market segments.

本季度銷售商品成本為 390 萬美元，同比增長 102%，低於同期收入增長 129%。 COGS 的增長主要是由多個細分市場的強勁銷量增長推動的。

We have also increased our manufacturing personnel and are, as Primit mentioned, investing in incremental capital equipment to support product growth. Operating expenses on a non-GAAP basis were $4.4 million in the current quarter compared to $4.5 million in the prior quarter. When comparing non-GAAP OpEx to the same quarter in the prior year, we saw a 20% increase. This growth, being primarily driven by an expansion in our sales and applications team to support our increased revenue together with one-off compliance costs tied to our year-end change.

我們還增加了製造人員，並且正如 Primit 所提到的，正在投資增加資本設備以支持產品增長。本季度按非公認會計原則計算的運營費用為 440 萬美元，而上一季度為 450 萬美元。將非 GAAP 運營支出與去年同期相比，我們看到了 20% 的增長。這一增長主要是由我們的銷售和應用團隊的擴張推動的，以支持我們增加的收入以及與我們年終變化相關的一次性合規成本。

Turning to EPS. I will focus my remarks here on non-GAAP results. The revenue growth allied to continued OpEx management resulted in non-GAAP EPS loss of $0.09 in the quarter, a $0.04 improvement on the equivalent quarter in the prior financial year.

轉向EPS。我將把我的評論集中在非公認會計原則的結果上。與持續運營支出管理相關的收入增長導致本季度非公認會計準則每股收益虧損 0.09 美元，比上一財年的同季度增加 0.04 美元。

Turning now to the balance sheet. Across all aspects of the balance sheet, the December quarter saw significant improvement. Initially, assets. The company had total assets of $55 million as at 31st of December, more than 3x the equivalent number in the prior quarter. This was driven by strong raise activity, adding in excess of $45 million before fees to our balance sheet and resulting in a cash balance of $41 million at the end of the quarter. This raise included strategic partners, such as SAS Global Wafer together with strong institutional investment from MCM and Boardman Bay amongst others.

現在轉向資產負債表。在資產負債表的各個方面，12 月季度都有顯著改善。最初，資產。截至 12 月 31 日，該公司的總資產為 5500 萬美元，是上一季度同等數字的 3 倍多。這是由強勁的加薪活動推動的，在我們的資產負債表中增加了超過 4500 萬美元的費用，導致本季度末的現金餘額為 4100 萬美元。此次融資包括戰略合作夥伴，例如 SAS Global Wafer，以及來自 MCM 和 Boardman Bay 的強大機構投資。

Operational bond did increase in the quarter, primarily due to timing of receipts and funding tied to development agreement with Yaskawa, funding we anticipate to receive in the near future. Inventory also increased to support an improved traction and will enable continued revenue growth. The company also significantly reduced its liabilities to $18.6 million as at December 31. This is just over 50% of the $34 million liabilities that the company had as at 30 September. The key driver here was a successful conversion of the $15.6 million note that the company held with a long-term customer partner and now shareholder Yaskawa.

本季度的運營債券確實增加了，主要是由於收到的時間和與安川開發協議相關的資金，我們預計在不久的將來會收到資金。庫存也增加了，以支持更好的牽引力，並將實現持續的收入增長。截至 12 月 31 日，該公司還將其負債大幅減少至 1860 萬美元。這僅略高於該公司截至 9 月 30 日的 3400 萬美元負債的 50%。這裡的關鍵驅動因素是成功轉換了該公司與長期客戶合作夥伴、現在的股東 Yaskawa 持有的 1560 萬美元票據。

This combination of funding activity, loan conversion and our ongoing focus on cost and working capital management have significantly strengthened our balance sheet and improved our stockholders' equity position by over $55 million in the quarter. It is through these developments that we believe the company is very well positioned to meet the qualification requirements for uplisting our common stock to NASDAQ. This is an ambition that we will continue to pursue and are working internally to realize this.

這種融資活動、貸款轉換以及我們對成本和營運資金管理的持續關注，顯著增強了我們的資產負債表，並在本季度將我們的股東權益狀況改善了超過 5500 萬美元。正是通過這些發展，我們相信該公司能夠很好地滿足將我們的普通股上市到納斯達克的資格要求。這是我們將繼續追求的雄心壯志，並正在內部努力實現這一目標。

Turning to the next slide and transitioning from our financial performance, I wanted to touch on position. The company is very well positioned to grow across multiple segments, including consumer, data centers, crypto mining, industrial epi and, in the long term, the EV market. We are right now at a stage where we are seeing strong adoption and, as illustrated in our presentation today, strong revenue growth.

轉到下一張幻燈片並從我們的財務表現過渡，我想談談頭寸。該公司非常有能力在多個領域實現增長，包括消費者、數據中心、加密貨幣挖礦、工業外延以及長期的電動汽車市場。我們現在正處於一個我們看到強勁採用的階段，正如我們今天的演講所示，強勁的收入增長。

Revenue traction exists today in several segments, including consumer, data centers, crypto and industrial applications, a key proof of this traction being the shipment of over 1 million units in the month of December.

如今，收入牽引力存在於多個領域，包括消費者、數據中心、加密和工業應用，12 月份出貨量超過 100 萬台就是這種牽引力的關鍵證明。

Looking ahead, our strong balance sheet will allow us to continue to invest in our growth engine across all aspects of the company. With this strong foundation in place, our focus turns to execution, ensuring that we can support the growing demand and what we believe will be a broad market inflection point in the medium term. In addition to our existing revenue streams, we do expect to see initial revenue in the automotive segment in this time frame. From the other company, we'll drive toward our long-term target model, enabled by continued momentum across multiple segments, now including automotive.

展望未來，我們強勁的資產負債表將使我們能夠繼續投資於公司各個方面的增長引擎。有了這個堅實的基礎，我們的重點轉向執行，確保我們能夠支持不斷增長的需求，以及我們認為這將是中期廣泛的市場拐點。除了我們現有的收入來源外，我們確實預計在這個時間範圍內會看到汽車領域的初始收入。從另一家公司開始，我們將朝著我們的長期目標模型邁進，這得益於多個領域的持續發展勢頭，現在包括汽車領域。

Turning now to the next slide, where I'd like to reiterate our long-term operating model. We are in the process of building a high-growth, cash-generative business. The company has multiple revenue streams, including government, product across several segments and our epi vertical. In the current year, we've continued to generate solid revenue from both licensing and government contracts, and this is being supplemented by significant growth in product revenue. As mentioned earlier, product revenue has grown 8 quarters in succession and has become a much greater proportion of our overall revenue in the year, growing from 17% to around 30%.

現在轉到下一張幻燈片，我想在其中重申我們的長期運營模式。我們正在建立一個高增長、產生現金的業務。該公司有多種收入來源，包括政府、多個細分市場的產品和我們的外延垂直市場。在本年度，我們繼續從許可和政府合同中獲得可觀的收入，而產品收入的顯著增長補充了這一點。如前所述，產品收入連續 8 個季度增長，在我們全年總收入中的佔比從 17% 增長到 30% 左右。

This growth has been driven across a broad range of power conversion applications, including fast chargers, adapters, gaming, data centers, crypto mining. We achieved annual product revenue growth of 200% in the last fiscal year and are targeting a continuation of this trajectory moving forward. From 2023 onwards, as we continue to ramp our production revenue across our target segments, product will form over 90% of our revenue. As with our current year, this growth coming from multiple segments and not simply consumer. Automotive revenue will further contribute to this multi-segment growth in 2022.

這種增長是由廣泛的電源轉換應用推動的，包括快速充電器、適配器、遊戲、數據中心、加密挖掘。我們在上一財年實現了 200% 的年度產品收入增長，並致力於繼續保持這一軌跡向前發展。從 2023 年起，隨著我們繼續在目標細分市場增加生產收入，產品將占我們收入的 90% 以上。與我們今年一樣，這種增長來自多個領域，而不僅僅是消費者。汽車收入將在 2022 年進一步促進這一多細分市場的增長。

This consistent rapid acceleration in our product revenue allows TGAN to target a 5-year annual CAGR in excess of 50%. From a margin perspective, our strong product portfolio, now including Gen4 and Gen5 parts, together with our manufacturing excellence will translate our sales into a gross margin in the 40% range. The company will continue, as it is currently doing, to invest to support all aspects of our core operations. This stable existing structure allowing us to translate gross margins into developing an operating margin that we believe will be in excess of 20%.

我們產品收入的持續快速增長使 TGAN 的目標是 5 年的年復合增長率超過 50%。從利潤率的角度來看，我們強大的產品組合（現在包括第 4 代和第 5 代零件）以及我們卓越的製造能力將使我們的銷售額轉化為 40% 範圍內的毛利率。公司將繼續按照目前的做法進行投資，以支持我們核心業務的各個方面。這種穩定的現有結構使我們能夠將毛利率轉化為我們認為將超過 20% 的營業利潤率。

Concluding now with a few key highlights. Transphorm is a pioneer and leading provider of GaN power conversion devices. We have a disruptive technology that provides solutions across a number of significant growing markets. We have established a strong network of blue-chip partners, including KKR, Marelli, SAS Global Wafer, Yaskawa and others. We're commercially ramping with strong production revenue growth, now growing for 8 successive quarters, and have a comprehensive product offering today that meets our customers' needs across a wide range of power levels and segments, all of which is underpinned by a strong balance sheet, the industry strong IP portfolio and a very deep talented team.

現在以幾個關鍵亮點結束。 Transphorm 是 GaN 功率轉換器件的先驅和領先供應商。我們擁有一項顛覆性技術，可為許多重要的增長市場提供解決方案。我們建立了強大的藍籌合作夥伴網絡，包括 KKR、Marelli、SAS Global Wafer、Yaskawa 等。我們的商業收入增長強勁，現已連續 8 個季度實現增長，並且今天擁有全面的產品組合，可滿足我們客戶在各種功率水平和細分市場的需求，所有這些都以強大的平衡為基礎表，行業強大的IP組合和非常深厚的人才團隊。

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

我們準備的材料和評論到此結束。我們現在想打開任何問題的電話。接線員，請繼續管理通話的問答部分。

(Operator Instructions) And we will take our first question from David Williams.

（操作員說明）我們將從大衛威廉姆斯那裡回答我們的第一個問題。

Congrats on the continued execution here. Just maybe a little -- sorry, a little bit of color. So you shipped the 1 million in December, and as we kind of think about that cadence going forward, is this kind of a level set that we should think about expanding on as we go through maybe from a monthly basis, does this flow, maybe can we draw a state line, maybe 1 million this quarter and then continuing or do you think there'll be some step down? Or maybe just any color around that trajectory would be helpful.

恭喜這裡繼續執行。只是可能有點——抱歉，有點顏色。所以你在 12 月出貨了 100 萬台，當我們考慮到這種節奏的前進時，我們應該考慮在這種水平上擴展嗎？我們可以劃定一條州界線，本季度可能會達到 100 萬，然後繼續，還是您認為會有所下降？或者也許只是該軌跡周圍的任何顏色都會有所幫助。

Yes. Thank you, Dave. Yes, the 1 million, like we said, was a key benchmark as a reminder of the capacity efforts that we have put in a large -- one of the large orders. There is some seasonality definitely in the adapter business. So it's not quite exactly 1 million, 1 million. And we also focus on our mix of higher power to lower power like all various segments.

是的。謝謝你，戴夫。是的，就像我們說的那樣，100 萬是一個關鍵基準，提醒我們在大訂單中投入的產能努力 - 這是大訂單之一。適配器業務肯定有一些季節性。所以它不完全是一百萬，一百萬。我們還專注於將高功率與低功率相結合，就像所有不同的細分市場一樣。

So yes, it's not exactly a month-to-month. And usually, the December numbers are -- in these adapters were good for us. But the core -- the fundamental point there is now we have established capacity, including multiple sources of packaging that allows us to do more than that when required in future. But it won't be exactly to things like that, 1 million, 1 million in that terms. We have various mix of products, packaged products, die products, higher power products. So it really depends on the customer mix in any given quarter.

所以，是的，這不完全是一個月到一個月。通常，12 月的數字是 - 在這些適配器中對我們有好處。但核心 - 基本點現在我們已經建立了能力，包括多種包裝來源，使我們能夠在未來需要時做更多的事情。但它不會完全是這樣的東西，100萬，100萬。我們有各種產品組合，封裝產品，模具產品，更高功率的產品。因此，這實際上取決於任何給定季度的客戶組合。

Okay. Very fair. And then any way to kind of think about maybe the mix that you did ship this quarter, just kind of thinking about -- it's wide power range, a lot of units. How did that mix shake out? Is there a way maybe to quantify the magnitude of lower or maybe the 45 versus maybe the upper end of that 300 volts?

好的。很公平。然後以任何方式考慮您在本季度發布的組合，只是想一想 - 它的功率範圍很廣，有很多單位。這種混合物是如何動搖的？有沒有辦法量化下限或 45 與 300 伏的上限的幅度？

In the adapter space itself, it was more focused on 65 watts was the -- was the high runner there. In the adapter space, and as you look at the complete -- lower power adapters versus higher power, we had a good -- of course, units-wise, that is very different because a 4-kilowatt TO247 is a different part than a 65-watt adapter of VQFN. But in that adapter space, it was definitely the 65 watts, which was the front runner.

在適配器空間本身，它更專注於 65 瓦，是那裡的佼佼者。在適配器領域，當您查看完整的 - 低功率適配器與高功率適配器時，我們有一個很好的 - 當然，單位方面，這是非常不同的，因為 4 千瓦的 TO247 是不同的部分。 VQFN 的 65 瓦適配器。但在那個適配器領域，絕對是 65 瓦，它是領跑者。

Okay. Fantastic. And then you before have kind of talked about the differential in your packaging and what it allows you to do in the -- especially in the higher power. Can you maybe step us through that again? And maybe just so we all have a better understanding of the importance of the packaging and why that matters?

好的。極好的。然後你之前談到了包裝中的差異以及它允許你做什麼 - 特別是在更高的功率方面。你能不能再引導我們一次？也許只是為了讓我們都更好地了解包裝的重要性以及為什麼這很重要？

Sure. So the key to higher power, right, and this is physics that nobody can change, is that heat needs to be taken out, right? From the die, which is GaN or whatever semiconductor may be, to the package, through the heat sync to the outside world. That is just basic physics that cannot be violated. So traditionally, the higher-power folks have light thermally robust packages, which nicely interfaced where heat sync are -- have a good thermal resistance, contribute to good thermal resistance performance like the TO packages, TO247, in particular, which has been an industry forerunner. Silicon carbide uses it extensively. GaN uses it. But what happens in those TO packages is that there is input voltage swings that happen in the application. And it happens in any application, but especially in the TO packages combined with GaN or the higher power packages. And our Transphorm GaN solution with the integrated approach of the silicon FET and the GaN together bringing out the best of both worlds, is really immune to such input voltage fluctuations, whereas the other approach of achieving normally-off, which is this e-mode approach, the input of the device in that is weaker and more susceptible to those signals.

當然。所以更高功率的關鍵，對，這是任何人都無法改變的物理特性，是需要帶走熱量，對吧？從芯片（GaN 或任何可能的半導體）到封裝，通過熱量同步到外部世界。那隻是不能違反的基本物理學。因此，傳統上，高功率的人擁有輕質耐熱封裝，它在熱同步的地方很好地接口——具有良好的熱阻，有助於良好的熱阻性能，如 TO 封裝，特別是 TO247，這一直是一個行業先行者。碳化矽廣泛使用它。 GaN使用它。但在這些 TO 封裝中發生的情況是應用中會出現輸入電壓波動。它發生在任何應用中，尤其是在與 GaN 或更高功率封裝相結合的 TO 封裝中。我們的 Transphorm GaN 解決方案採用矽 FET 和 GaN 的集成方法，將兩全其美，真正不受此類輸入電壓波動的影響，而另一種實現常關的方法，即這種 e-mode方法，設備的輸入更弱，更容易受到這些信號的影響。

So what they have to do is put it in different packages and which means for the same power, you may need to parallel 2 packages where we could have done it or we do it with one package, for example. So it's -- the crux of the matter is the fundamental weakness of the e-mode B-type GaN gate that manifests itself in this fashion. And there will be -- I mean, in future, things will improve. But that is the crux of the matter, which is -- which we have exploited. Gallium nitride, silicon carbide also for that matter is widely offered in TO247, gallium-nitride being our gallium nitride.

所以他們要做的就是把它放在不同的包中，這意味著對於相同的功率，您可能需要並行 2 個我們可以做到的包，或者我們用一個包來做，例如。因此，問題的癥結在於以這種方式表現出來的 e-mode B 型 GaN 柵極的根本弱點。並且會有 - 我的意思是，在未來，情況會有所改善。但這是問題的癥結所在，我們已經利用了這一點。氮化鎵、碳化矽也在 TO247 中廣泛提供，氮化鎵是我們的氮化鎵。

Okay. fantastic. Certainly appreciate the color there. Very helpful. And then maybe one last one, if I can, maybe for Cameron. If you kind of think about the opportunities ahead of you and the limited resources, how do you think about your investments going forward, maybe over the next 6 to 12 months? And where do you see the greatest need for investment? And I guess do you get to a point, maybe a tipping point where you begin to maybe need to focus more on the higher quality or the higher value products versus the higher volume or do you think you have enough capacity and resources to run those kind of simultaneously, just kind of given the strength of the design wins that you've had over the last several quarters?

好的。極好的。當然欣賞那裡的顏色。很有幫助。然後也許是最後一個，如果可以的話，也許是給卡梅倫的。如果您考慮一下您面前的機會和有限的資源，您如何看待您未來的投資，也許是在未來 6 到 12 個月內？您認為哪裡最需要投資？而且我想你是否達到了一個臨界點，也許你開始可能需要更多地關注更高質量或更高價值的產品而不是更高的產量，或者你認為你有足夠的能力和資源來運行這些產品嗎？同時，只是考慮到您在過去幾個季度中獲得的設計勝利的力量？

We certainly have, David, a very good solid balance sheet now, and that gives us the opportunity to invest, invest both in CapEx, as Primit mentioned, to bring up the capacity to enable higher volume. And we're also investing in personnel. There's -- across different aspects of the company, whether that's (inaudible) applications. We have invested in developing our manufacturing team and growing that. And we'll continue to do that, David. I think the great thing about the company is the strong base that we've established and the strength that we've got across a number of different parts of the company, and it's building on it rather than really investing in one area more than the other. So a gradual growth.

正如 Primit 所提到的，我們當然有，大衛，現在有一個非常穩健的資產負債表，這給了我們投資的機會，同時投資於資本支出，以提高實現更高交易量的能力。我們還在人員方面進行投資。在公司的不同方面，無論是（聽不清）應用程序。我們已投資發展我們的製造團隊並不斷發展。我們將繼續這樣做，大衛。我認為公司的偉大之處在於我們已經建立了強大的基礎以及我們在公司的許多不同部門中獲得的實力，而且它正在以此為基礎，而不是真正投資於一個領域而不是其他。所以逐漸成長。

Great. And best of luck on the quarter, but congrats on the solid quarter.

偉大的。祝你本季度好運，但祝賀季度業績穩定。

And our next question will come from Ananda Baruah with Loop Capital.

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

Yes, congrats on the strong revenue performance. Really nice to see. A couple for me if I could. On as the fast charging and adapter revenue that you guys are driving, could you describe to us the market share gain dynamics? Primit, I think you talked in your prepared remarks that the need of interfacing and the need for new external driver plays a role in your design-in. Is that one of the main drivers of the share gain? Is it really happening at the design-in level? Is there anything in addition to that? Just context around the share gain dynamic would be great. And then I have a quick follow-up.

是的，祝賀強勁的收入表現。真的很高興看到。如果可以的話，給我一對。關於你們正在推動的快速充電和適配器收入，您能否向我們描述一下市場份額的增長動態？ Primit，我認為您在準備好的評論中談到了接口的需求和對新外部驅動程序的需求在您的設計中發揮了作用。這是股票收益的主要驅動力之一嗎？它真的發生在設計層面嗎？除此之外還有什麼嗎？只是圍繞份額增益動態的背景會很棒。然後我有一個快速跟進。

Yes. At the 2 key level, one is that, right? So our parts -- we've been saying for a while, our parts are easier to design in because they seamlessly interface with the outside world, can use -- we don't need external drivers. We are already using integrated drivers that come with the controllers. So what has this led to, right? Now this has led to more solutions partners and solutions with Transphorm's GaN, external solution partner companies like Diodes and Silanna as well as our solutions and others like that we have not announced.

是的。在 2 個關鍵級別，一個是，對嗎？所以我們的部件——我們一直在說，我們的部件更容易設計，因為它們與外部世界無縫連接，可以使用——我們不需要外部驅動程序。我們已經在使用控制器附帶的集成驅動程序。那麼這導致了什麼，對吧？現在，這導致了更多的解決方案合作夥伴和 Transphorm 的 GaN 解決方案、Diodes 和 Silanna 等外部解決方案合作夥伴公司以及我們的解決方案和其他我們尚未宣布的解決方案。

So this ecosystem has basically helped amplification of our resources, our market footprint, to create this penetration. And second, actually, our performance of the GaN itself, our fundamental GaN device, to the best of our knowledge, inherent GaN devices still higher performance because of superior switching characteristics that our basic device design, our materials capability, epi materials capability and device design enabled. So both those reasons, ease of use and higher performance.

所以這個生態系統基本上有助於擴大我們的資源、我們的市場足跡，以創造這種滲透。其次，實際上，我們的 GaN 本身的性能，我們的基礎 GaN 器件，據我們所知，固有的 GaN 器件仍然具有更高的性能，因為我們的基本器件設計、材料能力、外延材料能力和器件具有出色的開關特性設計啟用。所以這兩個原因，易用性和更高的性能。

Performance makes a lot of sense, too. Yes, that's helpful. And another one to that end, are you guys -- are these sole-source agreements that when you win a design-in, is it entirely sole sourced on Transphorm GaN?

性能也很有意義。是的，這很有幫助。還有一個問題，你們是不是這些獨家協議，當你贏得設計時，它是否完全來自 Transphorm GaN？

They come in various mixes and flavors. So typically, what we find is the larger companies may require multiple sources, at least on paper. Some do use in this area multiple sources, some basically effectively may end up becoming sole source, whether with somebody else's GaN, frankly, or our GaN. But yes, it is important to have, at least on paper, multiple sources agreements. That said, some of the folks who go -- especially when we go win with a strong partner solution, right, a complete solution. We have got some wins that are sole sourced while others, especially the larger players, will always want multiple sources.

它們有各種混合和口味。因此，通常情況下，我們發現較大的公司可能需要多個來源，至少在紙面上是這樣。有些確實在這個領域使用了多種來源，有些基本上可能最終成為唯一來源，坦率地說，無論是使用別人的 GaN，還是我們的 GaN。但是，是的，至少在紙面上達成多來源協議很重要。就是說，有些人去 - 特別是當我們通過強大的合作夥伴解決方案獲勝時，正確的，一個完整的解決方案。我們獲得了一些單一來源的勝利，而其他人，尤其是較大的玩家，總是需要多個來源。

I guess. And this makes sense. And then -- and I guess, once you get in, even through a multisource situation, your GaN has stronger performance, it's easier to use, et cetera, et cetera. You can gain share once you're inside as well. That makes a lot of sense also. Cool.

我猜。這是有道理的。然後 - 我猜，一旦你進入，即使是在多源情況下，你的 GaN 也有更強的性能，更容易使用等等。一旦你在裡面，你也可以獲得份額。這也很有意義。涼爽的。

Correct. And this -- like I've said before, this is a very large market. I liken it many times to the GaN in leading markets that was booming in the late '90s and the 2000s, where multiple good companies and solutions were required to sustain a very large market worldwide.

正確的。這——就像我之前說過的，這是一個非常大的市場。我多次將其比作 GaN 在 90 年代末和 2000 年代蓬勃發展的領先市場，需要多家優秀的公司和解決方案來維持全球非常大的市場。

That's super helpful. And it was either you or Mario who also said that the demand contribution, I think the term broadly was used and talked about across crypto mining, gaming, I think it was across crypto mining, gaming. I don't know if data center was mentioned. But I guess the question was, are you seeing momentum in crypto mining? I think last quarter, you had mentioned that gaming had been strong. And strong is my term, you may not have said it exactly like that, but it was robust and nicely contributive. I got the sense that the crypto was a little stable and data center was a little on the calm. But I just wanted to ask about that because the comment was made that the demand -- the strength this quarter just kind of was more broad. And I think crypto was also mentioned. But I guess any context around what you saw in the last 90 days in crypto, gaming and the data center. And I guess to that end, any context about what you're expecting there as we go through the year.

這非常有幫助。是你或馬里奧也說過需求貢獻，我認為這個詞被廣泛使用和談論，涉及加密採礦、遊戲，我認為它涉及加密採礦、遊戲。我不知道是否提到了數據中心。但我想問題是，你看到加密貨幣挖礦的勢頭了嗎？我認為上個季度，您曾提到遊戲表現強勁。強大是我的用語，你可能沒有完全那樣說，但它很健壯，而且貢獻很大。我感覺到加密貨幣有點穩定，數據中心有點平靜。但我只是想問這個問題，因為有人評論說需求 - 本季度的實力更加廣泛。我認為還提到了加密貨幣。但我猜想你在過去 90 天裡在加密、遊戲和數據中心所看到的任何背景。我想為此，在我們度過這一年的過程中，關於你對那裡的期望的任何背景。

Yes. What we can say in the recently completed quarter of the higher power products, crypto was the leading share of our higher power products in the last quarter. Data center is steady, and we expect -- especially like we have said in past, I didn't explicitly say this time, but the new regulations coming out in the European regulations, especially in the data center requiring titanium class power supplies by January 2023. We expect to see an uptick in the data center-based higher power apps by second half of this year or later Q4 of this year.

是的。我們可以說，在最近完成的高功率產品季度中，加密是上一季度我們高功率產品的主要份額。數據中心是穩定的，我們期待——尤其是像我們過去說的，這次我沒有明確說，但是歐洲法規中的新規定，特別是在數據中心要求鈦級電源在 1 月份之前2023 年。我們預計到今年下半年或今年第四季度末，基於數據中心的高功率應用程序將出現增長。

Got it. Got it. And gaming, just kind of remains -- is robust the right way to say it? It sounds like things are going well there.

知道了。知道了。而遊戲，只是一種遺體——是健壯的正確說法嗎？聽起來那裡的事情進展順利。

Correct. Our steady customers are remaining robust.

正確的。我們的穩定客戶保持強勁。

Very helpful. And then just one quick clarification for me. At the very end, when you were going through the long-term model, was it -- did you say initial auto rev in 2023?

很有幫助。然後只是對我的一個快速澄清。最後，當你經歷長期模型時，是不是 - 你說的是 2023 年的初始汽車轉速？

Yes, that's right. We're looking at late '22 for initial automotive revenue.

是的，這是正確的。我們正在尋找 22 年末的初始汽車收入。

And our next question will come from Richard Shannon.

我們的下一個問題將來自 Richard Shannon。

Maybe I'll follow up on the topic of kind of applications for your product revenues here. Maybe asked another way here, how much of your product drivers or maybe your adapter revenue are coming from "high-power power stuff" 300 watts and above? Any way you can characterize or quantify that for us?

也許我會在這裡跟進您的產品收入的應用程序的主題。也許在這裡問另一種方式，您的產品驅動程序或適配器收入中有多少來自 300 瓦及以上的“大功率電源”？你有什麼方法可以為我們描述或量化它？

In the adapter portion, Richard, the -- like in the last quarter, a majority of the revenue in the adapter portion was centered around 65 watts. That's it. The trend is to now get to 100 volts, 140 volts is another important slot where our partner, the Diodes and us, have solutions together. And then also moving into 200 to 250 watts. But last quarter shipments, the dominant application was 65 watts.

在適配器部分，Richard，與上一季度一樣，適配器部分的大部分收入集中在 65 瓦左右。就是這樣。現在的趨勢是達到 100 伏，140 伏是我們的合作夥伴 Diodes 和我們共同擁有解決方案的另一個重要位置。然後也進入 200 到 250 瓦。但在上個季度出貨量中，占主導地位的應用是 65 瓦。

Okay. That is helpful. A quick question on some numbers here. Gross margins in the December quarter, if I calculate right around 16% or so. It was a little bit lower than the last quarter without a big licensing chunk in there 2 quarters ago at 21%. I think I heard you say some increased cost investments in capacity. I don't know if there's any mix or yield dynamics in there, but if you could help us understand why that went downwards and kind of what you expect going forward this year.

好的。這很有幫助。關於這裡的一些數字的快速問題。 12 月季度的毛利率，如果我計算在 16% 左右的話。與兩個季度前沒有大量許可的上一季度相比，這一比例略低，為 21%。我想我聽到你說一些增加的容量成本投資。我不知道那裡是否有任何混合或收益動態，但如果你能幫助我們理解為什麼會下降，以及你對今年的預期如何。

Sure. Sure. I think certainly, licensing is one of the key things that, Richard, as you highlight. I mean it's essentially 100% margin. And we did invest in the team. We added several head count to support the growth, not just in Goleta, but also in our Aizu facility. I think near term, I think that we'll see our margins kind of steadily increase. A combination of volume, continued focus and improvement in efficiencies and, obviously, increased fixed cost component as well. And the long-term model remains the same as we target that 40% gross margin in the longer term.

當然。當然。我認為，理查德，正如您所強調的那樣，許可是關鍵的事情之一。我的意思是它基本上是100％的利潤。我們確實對團隊進行了投資。我們增加了幾名員工來支持增長，不僅在 Goleta，而且在我們的會津工廠。我認為短期內，我認為我們會看到我們的利潤率穩步增長。數量、持續關注和效率提高的結合，顯然也增加了固定成本部分。長期模型與我們的長期目標是 40% 的毛利率保持不變。

Right. Okay. Perfect. Last question, I'll jump on the line here on the automotive space. Here, you've talked about kind of initial revenues in automotive in 2023. I didn't hear you say anything about having any design wins with an automotive OEM. I know you've got relationships with Tier 1s like Marelli as an example. But I'm assuming you don't have any wins with OEMs yet. In order to hit this time frame of auto revenues in '23, when do you have to have a design win in place? Will you be able to announce that right away? And then how many of these wins do you expect to maybe have this year?

對。好的。完美的。最後一個問題，我將在汽車領域跳線。在這裡，您談到了 2023 年汽車行業的初始收入。我沒有聽到您說過汽車 OEM 會贏得任何設計勝利。我知道您與像 Marelli 這樣的 1 級公司有關係，例如。但我假設您還沒有與原始設備製造商取得任何勝利。為了在 23 年達到這個汽車收入的時間框架，你什麼時候必須贏得設計勝利？你能馬上宣布嗎？那麼你預計今年可能會有多少這樣的勝利呢？

It's a kind of end of the year, early 2023, because when we say towards end of 2023 automotive revenue the kind of production revenue. So that would be for this automotive, it is where the cycles work. It's also -- our revenue will be 1 or 2 quarters ahead of our customers' revenue and that may be going to an OEM. So it will precede a car model by as much as 6 months, right, when we have to ship our product. That's how the automotive supply chain is typically structured.

這是一種年底，即 2023 年初，因為當我們說到 2023 年底汽車收入時，就是生產收入。所以這將是這輛汽車，它是循環工作的地方。這也是 - 我們的收入將比我們客戶的收入提前 1 或 2 個季度，這可能會流向 OEM。所以它會比汽車模型早 6 個月，正確的，當我們必須運送我們的產品時。這就是汽車供應鏈的典型結構。

So this would be basically for 2024 models, so to speak. And we would expect, in this case, end of the year or early 2023 to confirm. Obviously, the design-in process is moving along at every node, but that's what we would expect in that time frame. Now independent of Transphorm with Transphorm's licensed technology, our good partner in Nexperia, they are independently moving the automotive EV their design-ins in which we will supply wafers and fab wafers and epi wafers. So that would be another source of revenue, automotive revenue for us. That may happen ahead of that time frame.

所以這基本上適用於 2024 年的型號，可以這麼說。在這種情況下，我們預計在今年年底或 2023 年初確認。顯然，設計過程在每個節點上都在進行，但這正是我們在那個時間框架內所期望的。現在，憑藉 Transphorm 的許可技術（我們在 Nexperia 的好合作夥伴）獨立於 Transphorm，他們正在獨立地將汽車 EV 轉移到他們的設計中，我們將在其中提供晶圓、晶圓廠晶圓和外延晶圓。因此，這將是我們的另一個收入來源，即汽車收入。這可能會在那個時間框架之前發生。

Our next question will come from Michael Mani.

我們的下一個問題將來自 Michael Mani。

This is Michael on for Craig. Congrats on the positive momentum you're seeing. My first question is on the renewables and alternative energy markets. I believe you mentioned that some of these opportunities have pulled into more of the intermediate and near term. Could you talk about what changed there for -- to allow that to happen, if anything? And would these be material contributors in 2022 or is this more of a 2023 and beyond driver?

這是克雷格的邁克爾。恭喜您看到的積極勢頭。我的第一個問題是關於可再生能源和替代能源市場。我相信你提到其中一些機會已經進入更多的中期和近期。你能談談那裡發生了什麼變化——如果有的話，允許這種情況發生嗎？這些會是 2022 年的重要貢獻者，還是更多的是 2023 年及以後的驅動因素？

Yes. So thank you. So first of all, our traction in the high power, the 1- to 4-kilowatt segment, 1 to 5 kilowatts with the crypto data centers, gaming, this has allowed the market also to recognize the potential of Transphorm GaN, now hundreds of thousands of units have been ramped. Performance has been established. So in part, that and our continued design-in efforts has allowed us to do that in some, for example, some inverter opportunities or energy storage, UPS, those kind of applications. So we do see in 2022, and it was -- we were expecting, that was in our planning. And the good thing is it's getting realized now. So we do see that happening in 2022.

是的。所以謝謝。因此，首先，我們在高功率、1 到 4 千瓦的細分市場、1 到 5 千瓦的加密數據中心、遊戲領域的牽引力，這讓市場也認識到了 Transphorm GaN 的潛力，現在數百成千上萬的單位已經傾斜。業績已確立。因此，在某種程度上，這一點以及我們持續的設計工作使我們能夠在某些方面做到這一點，例如，一些逆變器機會或儲能、UPS 等應用。所以我們確實在 2022 年看到了，而且這是 - 我們期待的，這在我們的計劃中。好消息是它現在正在實現。所以我們確實看到這種情況在 2022 年發生。

Great. My next question is on your visibility. So it's nice to see the growing number of design wins. And while acknowledging it's early, could you characterize the level of visibility you have into the second half of this calendar year with either your high-volume charger adapter ramps. I think you mentioned we'd see some uptick in your higher power offerings like data center and you talked about renewable energies, too. But in general, what else -- could you elaborate on the rest of your visibility? And to what extent could some of these new design wins that you mentioned start to convert into production?

偉大的。我的下一個問題是關於你的知名度。所以很高興看到越來越多的設計獲勝。雖然承認它為時尚早，但您能否通過大容量充電器適配器斜坡來描述您在本日曆年下半年的可見度水平。我認為您提到我們會看到您的更高功率產品（例如數據中心）有所增加，並且您也談到了可再生能源。但總的來說，還有什麼——你能詳細說明一下你的其他可見性嗎？您提到的這些新設計勝利中的一些可以在多大程度上開始轉化為生產？

Yes. No, we do expect these newer design wins both in lower power stay, lower power area and higher power area, to start not necessarily every single one of them, but a lot of them we expect to convert to design-ins. And our goal will be to keep growing product revenue quarter-over-quarter, right? That's the key. And the demand remains very strong. So we are very excited by that. It will also be managing together our supply chains worldwide and increasing our capacity. That will complete the picture. But yes, we are very excited. The demand remains extremely strong, and we do expect a lot of those designs to convert, and we do expect our product revenues to keep growing quarter-over-quarter.

是的。不，我們確實希望這些較新的設計在更低功耗、更低功耗區域和更高功率區域中獲勝，不一定會開始每一個，但我們希望將其中很多轉換為設計導入。我們的目標是保持產品收入環比增長，對嗎？那是關鍵。需求仍然非常強勁。所以我們對此感到非常興奮。它還將共同管理我們在全球的供應鏈並提高我們的產能。這將完成圖片。但是，是的，我們非常興奮。需求仍然非常強勁，我們確實預計其中很多設計會轉換，我們確實預計我們的產品收入將保持季度環比增長。

Our next question will come from Orin Hirschman with AIGH Investment.

我們的下一個問題將來自 AIGH Investment 的 Orin Hirschman。

Congratulations on the progress. In terms of your -- again, this has been asked in different ways, but maybe this is a slightly different way of asking it as well. In terms of the design wins across the chargers as we go up the power scale, are you seeing a higher win rate, a relatively higher win rate as we go to higher power handset chargers?

祝賀取得進展。就您而言，再次以不同的方式提出了這個問題，但也許這也是一種略有不同的詢問方式。就設計勝率而言，當我們提高功率規模時，您是否看到更高的勝率，當我們使用更高功率的手機充電器時，勝率相對更高？

Like I said, like the 65 watts, which is the highest volume in the market today, that was our -- by extension, that was also our highest. When we saw newer wins -- of the newer wins we saw, we did see adoption in the higher power. So those are the 3 we highlighted. It doesn't mean we didn't get to 65. But yes, you're right, we are seeing in the 100 -- 140 and 250 watts, we are seeing some nice wins as the market -- a lot of the market is at 65 watts, but slowly, it may move to higher power levels, right, 90, 100, 140, and even higher than 200.

就像我說的，就像 65 瓦，這是當今市場上的最高容量，那是我們的 - 通過擴展，這也是我們的最高容量。當我們看到新的勝利時——在我們看到的新勝利中，我們確實看到了更高權力的採用。這就是我們強調的 3 個。這並不意味著我們沒有達到 65。但是，是的，你是對的，我們看到了 100 - 140 和 250 瓦，我們看到了一些不錯的市場胜利 - 很多市場功率為 65 瓦，但慢慢地，它可能會移動到更高的功率水平，對，90、100、140，甚至高於 200。

Okay. And in terms of realizing your gross margin goal, maybe discuss a little bit as to what needs to happen. How important for that is just the absorption aspect of it in terms of if nothing else changed, would that drive a good piece of the gross margin gains to get price to target?

好的。在實現您的毛利率目標方面，也許可以討論一下需要發生的事情。就這一點而言，它的吸收方面有多重要，如果沒有其他變化，這是否會推動毛利率的很大一部分收益以達到目標價格？

Indeed, the absorption of our fixed cost and capacities, et cetera, as we have already put in, that is one of the key drivers of the gross margin, and I'll let Cameron elaborate on that.

事實上，我們已經投入的固定成本和產能等的吸收，是毛利率的關鍵驅動因素之一，我會讓卡梅倫詳細說明這一點。

Yes, I think that's one of the several, Orin. I think volume will help, obviously, in terms of price competitiveness, in terms of yields and continuing to focus on efficiencies in our product offering. So I don't think there's any one factor. I think it's a few. But certainly, the more revenue we have, the less impactful fixed cost absorption is -- that's certainly true as we continue to grow.

是的，我認為這是其中之一，奧林。我認為，顯然，在價格競爭力、產量和繼續關注我們產品供應的效率方面，銷量將有所幫助。所以我認為沒有任何一個因素。我認為是幾個。但可以肯定的是，我們擁有的收入越多，固定成本吸收的影響就越小——隨著我們的持續增長，這當然是正確的。

And last question for me would be just in terms of the pricing delta on the handset ordering from higher -- from the base level towards the high end power. What's that delta like? Is it a meaningful delta where highest -- the highest ones are 20%, 30% higher in terms of ASPs? How should we view that as well?

對我來說，最後一個問題只是關於從更高級別訂購的手機的定價增量 - 從基本級別到高端電源。那個三角洲是什麼樣的？這是一個有意義的增量，最高的地方——最高的是 20%，就 ASP 而言高出 30%？我們又該如何看待呢？

The ASP is actually a range on the adapter side, it's sort of under $1 for 65 watts, kind of the $0.70, $0.80, $0.90 regimes. 45 watts would be a bit lower than that. On the higher power side, on the crypto mining, the data center, gaming, the 3-kilowatt part, you're looking at kind of $4, $5 those kind of ASPs, right? And as you go to our highest power part, for energy, the 5 to 10-kilowatt part, you're looking at $7, $8, those kind of ASPs. So it's 10x because our parts, our power capability or the current carrying capability of the parts is indeed 10x difference. So that's reflected in the ASPs.

ASP 實際上是適配器方面的一個範圍，65 瓦的價格低於 1 美元，類似於 0.70 美元、0.80 美元、0.90 美元的製度。 45瓦會比這低一點。在更高功率方面，在加密採礦、數據中心、遊戲、3 千瓦部分，你正在尋找 4 美元、5 美元的那種 ASP，對吧？當你進入我們的最高功率部分時，對於能源，5 到 10 千瓦的部分，你會看到 7 美元，8 美元，那種 ASP。所以它是 10 倍，因為我們的零件，我們的功率能力或零件的載流能力確實是 10 倍的差異。這反映在 ASP 中。

And with no further questions, I would like to turn the call back to Mario Rivas for closing remarks.

沒有其他問題，我想把電話轉回給馬里奧·里瓦斯（Mario Rivas）做閉幕詞。

Thank you, Savannah. I want to thank everybody again for joining us on today's call. I look forward to reporting on our continued progress and developments over the coming year. Operator, you may now disconnect the call.

謝謝你，薩凡納。我要再次感謝大家加入我們今天的電話會議。我期待著報告我們在來年的持續進展和發展。接線員，您現在可以斷開通話了。

And this concludes today's conference. Thank you for your participation, and you may now disconnect.

今天的會議到此結束。感謝您的參與，您現在可以斷開連接。