高塔半導體 (TSEM) 2025 Q1 法說會逐字稿

Welcome to Tower financial results conference call for the first quarter of 2025. Before we begin, I would like to remind you that some statements made during this call may be forward-looking and are subject to uncertainties and risk factors that could cause actual results to be different from those currently expected. These uncertainties and risk factors are fully disclosed in our Forms 20-F and 6-K filed with the Securities and Exchange Commission as well as filings with the Israel Securities Authority. They are also available on our website.

歡迎參加 Tower 2025 年第一季財務業績電話會議。在我們開始之前，我想提醒您，本次電話會議中做出的一些陳述可能是前瞻性的，並且受不確定性和風險因素的影響，可能導致實際結果與當前預期的結果不同。這些不確定性和風險因素在我們向美國證券交易委員會提交的 20-F 和 6-K 表格以及向以色列證券管理局提交的文件中進行了充分披露。您也可以在我們的網站上找到它們。

Tower assumes no obligation to update any such forward-looking statements. Please note that the first quarter of 2025 financial results have been prepared in accordance with US GAAP, the financial tables and data in today's earnings release and in this earnings call also include certain adjusted financial information that may be considered non-GAAP financial measures under Regulation G and related reporting requirements as established with the Securities and Exchange Commission. The financial tables include a full explanation of these measures and a reconciliation of these non-GAAP measures to the GAAP financial measures.

Tower 不承擔更新任何此類前瞻性聲明的義務。請注意，2025 年第一季的財務結果是按照美國 GAAP 編制的，今天的收益報告和本次收益電話會議中的財務表格和數據還包括某些調整後的財務信息，根據美國證券交易委員會制定的 G 條例和相關報告要求，這些信息可能被視為非 GAAP 財務指標。財務表包括這些指標的完整解釋以及這些非 GAAP 指標與 GAAP 財務指標的對帳。

We have a supporting slide deck that complements the conference call. This presentation is accessible on our company's website and is also integrated into today's webcast for your convenience.

我們有一個輔助幻燈片來補充電話會議。該演示文稿可在我們公司的網站上訪問，並且還整合到今天的網路廣播中以方便您觀看。

Now I'd like to turn the call to our CEO, Mr. Russell Ellwanger. Russell, please go ahead.

現在我想把電話轉給我們的執行長 Russell Ellwanger 先生。拉塞爾，請繼續。

Hello, everyone. Thank you for joining our call today. It is a pleasure to have the opportunity to update on our activities and progress. We opened 2025 with a quarterly revenue of $358 million with a net profit of $40 million. We guide the second quarter of 2025 to a midpoint of $372 million, plus or minus 5% and affirm our target for year over year growth with sequential revenue increases throughout 2025 and with strong acceleration in the second half as our multi-fab capacity investments complete customer qualifications and ramp into production.

大家好。感謝您今天參加我們的電話會議。我很高興有機會更新我們的活動和進展。2025 年伊始，我們的季度營收為 3.58 億美元，淨利為 4,000 萬美元。我們預計 2025 年第二季的營收將達到 3.72 億美元的中點，上下浮動 5%，並確認我們的同比增長目標，即 2025 年全年收入將連續增長，並且隨著我們的多晶圓廠產能投資完成客戶認證並投入生產，下半年收入將強勁加速。

The overall market experienced uncertainty due to tariffs and related policy shifts. However, Tower offers a clear advantage to our customers through our global footprint and proactive cross-qualification of all major process flows across our sites. Our global manufacturing flexibility, combined with the strength of our wide technical offerings, give us an immediate opportunity to grow wherever demand emerges or constraints occur.

由於關稅和相關政策變化，整體市場面臨不確定性。然而，Tower 憑藉其全球影響力以及對我們所有站點主要流程的主動交叉認證，為我們的客戶提供了明顯的優勢。我們的全球製造靈活性，加上我們廣泛的技術產品的優勢，使我們在任何地方出現需求或出現限制時都有立即增長的機會。

We will now present first quarter 2025 revenue breakdown whilst adding some flavor for the year. Please reference slide number 4. In looking at our first quarter revenue breakdown, we see two significant year over year shifts. Firstly, RF infrastructure has grown from 14% of our total revenue in Q1 '25 to 22%, and this at a higher corporate revenue level.

我們現在將展示 2025 年第一季的營收細節，同時為今年增添一些亮點。請參考投影片編號 4。透過查看第一季的收入細節，我們發現同比出現了兩個顯著的變化。首先，射頻基礎設施占我們總收入的比例從 2025 年第一季的 14% 成長到 22%，而且這是在更高的企業收入水準下實現的。

Secondly, power grew from 10% to 18% of our corporate revenue, a very important shift resulting from a share gain in a new served market, which we will refer to shortly. In our RF infrastructure business, we continue to see growth driven by data center and AI expansions served by our Silicon Photonics and Silicon Germanium technologies for optical fiber communications. The first quarter of 2025 continued record revenue levels for these two technologies. As we look toward the second quarter, we see further strong sequential increases with continued growth forecasted in the third and again in the fourth quarter of the year.

其次，電力在我們公司收入中所佔的比例從 10% 增長到 18%，這是一個非常重要的轉變，源自於我們在新服務市場的份額成長，我們稍後會提到這一點。在我們的射頻基礎設施業務中，我們繼續看到由用於光纖通訊的矽光子學和矽鍺技術服務的資料中心和人工智慧擴展所推動的成長。2025 年第一季這兩項技術的收入持續創下新高。展望第二季度，我們看到了進一步強勁的連續成長，預計第三季和第四季將繼續成長。

Silicon Photonics continues to displace traditional EML solutions at 800 gigabit per second and is anticipated to increase further at 1.6 terabit per second, for which we are presently in a production ramp. The market shift to Silicon Photonics, combined with the expected 800G and 1.6T optical transceiver five-year CAGR of 49% based on Lightcounting reports, provides ample opportunity for Tower revenue and blended margin growth in the years to come.

矽光子技術繼續以每秒 800 千兆位元的速度取代傳統的 EML 解決方案，並且預計將進一步提高到每秒 1.6 太比特，我們目前正處於量產階段。市場向矽光子的轉變，加上根據 Lightcounting 報告預計 800G 和 1.6T 光收發器五年複合年增長率為 49%，為未來幾年 Tower 收入和混合利潤增長提供了充足的機會。

Please reference slide number 5. In addition to being a driver within these strong market dynamics, we continue to invest in next generations of technology to maintain our very high market share in Silicon Photonics. For example, this past quarter, we announced a new technology that enabled InnoLight to reduce the number of external lasers used for 800G module by a factor of two and hence, substantially reducing the transceiver cost. We also announced with OpenLight the achievement of a 400 gigabit per lane modulator performance, enabling next generations of 3.2T products. To our knowledge, this is the first demonstration of a 400 gigabit per second modulator integrated on an 8-inch silicon wafer.

請參考投影片編號 5。除了成為這些強勁市場動態的推動者之外，我們還將繼續投資下一代技術，以保持我們在矽光子學領域的極高市場份額。例如，上個季度，我們宣布了一項新技術，使旭創科技能夠將 800G 模組使用的外部雷射數量減少一半，從而大幅降低收發器成本。我們還與 OpenLight 合作宣布實現了每通道 400 千兆位元的調製器效能，從而支援下一代 3.2T 產品。據我們所知，這是首次在8吋矽晶片上整合400千兆位元每秒調變器的示範。

Please reference slide number 6. Along with Silicon Photonics, Silicon Germanium is growing strongly with continued adoption for TIAs and drivers and optical modules, which are benefiting from the same strong market dynamics. Longer term, we see adoption of Silicon Germanium and satellite terrestrial receivers as well as in low-noise amplifiers for the most advanced handsets, providing additional growth vectors for this high-margin segment of our business.

請參考投影片編號 6。與矽光子技術一樣，矽鍺技術也呈現強勁成長勢頭，在跨阻放大器 (TIA)、驅動器和光學模組領域的應用不斷增加，這些領域也受益於同樣強勁的市場動態。從長遠來看，我們看到矽鍺和衛星地面接收器以及最先進手機的低雜訊放大器的應用，為我們業務中這一高利潤部分提供額外的成長動力。

In 2024, the handset market demonstrated about 7% growth with Tower's RF-SOI year over year growth being at about 30%. This year, the handset market is currently forecast to see flat to minimal growth, creating a situation where our RF-SOI customers are now burning off some inventory. However, our handset market saw overall growth being more than compensated by a new served market for Tower, namely Envelope Tracker served by our highly differentiated custom-developed power management 300-millimeter BCD platform. We expect this to continue to grow and provide a strong revenue stream for multiple years.

2024 年，手機市場將實現約 7% 的成長，Tower 的 RF-SOI 年成長率將達到約 30%。今年，目前預計手機市場將保持平穩或略有成長，這導致我們的 RF-SOI 客戶正在消耗一些庫存。然而，我們的手機市場整體成長被 Tower 的新服務市場所抵消，即由我們高度差異化的客製化開發的電源管理 300 毫米 BCD 平台服務的 Envelope Tracker。我們預計這一數字將繼續成長，並在未來幾年提供強勁的收入來源。

Finally, in power management, we are seeing a strong rebound in both our high-voltage 200-millimeter platforms as well as continued strong growth in our 300-millimeter BCD platforms. Our higher-voltage 200-millimeter power business serving automotive, industrial and consumer applications are in the midst of a strong ramp. In 300-millimeter BCD, we are primarily benefiting from the strong ramp of new business serving the handset market, namely Envelope Tracker, as previously mentioned.

最後，在電源管理方面，我們看到高壓 200 毫米平台強勁反彈，300 毫米 BCD 平台持續強勁成長。我們服務於汽車、工業和消費應用的高電壓 200 毫米電源業務正處於強勁增長之中。在 300 毫米 BCD 中，我們主要受益於服務於手機市場的新業務的強勁增長，即前面提到的包絡追蹤器。

An Envelope Tracker is used in advanced handsets to improve battery life by interacting closely with the baseband to dynamically adjust the operating point of the power amplifier, minimizing wasted energy. Our current ramp is in support of a major new handset with a newly introduced custom baseband that is coupled with our direct customers Envelope Tracker.

包絡追蹤器用於高級手機，透過與基頻緊密互動來動態調整功率放大器的工作點，從而延長電池壽命，最大限度地減少能源浪費。我們目前的目標是支援一款新型主要手機，該手機配備了新推出的客製化基頻，並與我們的直接客戶 Envelope Tracker 相結合。

The 300-millimeter business is expected to grow strongly as we continue to qualify additional products and ramp the large capacity we have available in the Albuquerque facility. We are seeing a market rebound in our machine vision sensor business, both in 200-millimeter and 300-millimeter.

隨著我們繼續對更多產品進行認證並擴大阿爾伯克基工廠的產能，300 毫米業務預計將強勁成長。我們看到機器視覺感測器業務的市場正在反彈，無論是 200 毫米還是 300 毫米。

Customers have consumed their inventories and are placing orders not just for existing SKUs, but also for new sockets, demonstrating refreshed vibrance in this market. This includes not only the traditional machine vision market using our global shutter pixel technology, but also 3D depth centers direct time of flight based on our SPAD pixel technology for robotics and autofocus applications. The impact of this rebound is expected to be seen in the revenue of the second half of this year.

客戶已經消耗了庫存，不僅訂購了現有的 SKU，還訂購了新的插座，這表明市場煥發了新的活力。這不僅包括使用我們的全域快門像素技術的傳統機器視覺市場，還包括基於我們的SPAD像素技術的用於機器人和自動對焦應用的3D深度中心直接飛行時間。預計此次反彈的影響將在今年下半年的收入中顯現。

Utilization. In the first quarter, Fab 2, we continued to build the additional SiGe capacity operated at approximately 55% utilization. Fab 3 is at 80% utilization, Fab 5 at 65%, growing with the increased high-voltage power management demand. And Fab 7 300-millimeter was fully utilized with the highest process layers to date, with additional activities allowing us to be well above our 85% utilization model. Fab 9 was at 70% utilization. To note, as previously stated, Fab 2 and Fab 9 are in the midst of repurposing towards Silicon Germanium and Silicon Photonics with available capacity awaiting full customer qualification.

利用率。在第一季度，我們繼續在 Fab 2 建造額外的 SiGe 產能，利用率約為 55%。Fab 3 的利用率為 80%，Fab 5 的利用率為 65%，隨著高壓電源管理需求的增加而成長。Fab 7 300 毫米已充分利用迄今為止最高的製程層，而其他活動使我們的利用率遠高於 85% 的模型。Fab 9 的利用率為 70%。需要注意的是，如前所述，Fab 2 和 Fab 9 正在重新轉向矽鍺和矽光子學，可用產能正在等待客戶的全面認證。

In summary, we are pleased with progress across all areas. We reaffirm quarter over quarter revenue growth for the year. Silicon Photonics and SiGe demand remains strong, in fact, very strong with Tier 1 customer alignment on next-generation co-development in 200 and 300-millimeter. Our 200-millimeter high-voltage power is experiencing high demand with continued strong interest in 300-millimeter 65-nanometer and final line BCD programs. The industrial image market is rebounding on top of a stable medical and camera imaging business, and we remain confident in the realization of high-volume display activities.

總而言之，我們對各領域的進展感到滿意。我們重申本年度收入將逐季成長。矽光子學和 SiGe 的需求仍然強勁，事實上，隨著一級客戶在 200 毫米和 300 毫米下一代共同開發方面的合作，需求非常強勁。我們對 200 毫米高壓電源的需求很高，而人們對 300 毫米 65 奈米和最終線 BCD 程序的興趣持續濃厚。在醫療和相機成像業務穩定的背景下，工業影像市場正在反彈，我們對實現大批量展示活動仍然充滿信心。

With that, I'd like to turn the call to our CFO, Mr. Oren Shirazi. Oren, please?

接下來，我想將電話轉給我們的財務長 Oren Shirazi 先生。請問奧倫嗎？

Hello, everyone. Earlier today, we released our financial results for the first quarter of 2025. For the first quarter of 2025, we reported revenue of $358 million, representing a $31 million or 9% year over year revenue increase compared to the same quarter in 2024.

大家好。今天早些時候，我們發布了 2025 年第一季的財務表現。2025 年第一季度，我們的營收為 3.58 億美元，與 2024 年同期相比，成長 3,100 萬美元，年增 9%。

Gross profit and operating profit for the first quarter of 2025 were $73 million and $33 million, respectively, similar to the same quarter in 2024. This gross profit and operating profit benefited from the year over year revenue increase. This benefit was offset by the Agrate fab fixed cost, which, as previously communicated, commenced operations during the fourth quarter of 2024.

2025 年第一季的毛利和營業利潤分別為 7,300 萬美元和 3,300 萬美元，與 2024 年同期持平。該毛利和營業利潤受益於同比收入的成長。該收益被 Agrate 晶圓廠的固定成本所抵消，該晶圓廠於 2024 年第四季開始營運。

Net profit for the first quarter of 2025 was $40 million, reflecting $0.36 basic earnings per share and $0.35 diluted earnings per share. Net profit for the first quarter of 2024 was $45 million or $0.40 basic and diluted earnings per share and included a nonrecurring income tax benefit.

2025 年第一季淨利為 4,000 萬美元，每股基本收益為 0.36 美元，每股稀釋收益為 0.35 美元。2024 年第一季淨利潤為 4,500 萬美元，即每股基本收益和稀釋收益 0.40 美元，其中包括非經常性所得稅收益。

Moving to our balance sheet and future CapEx and cash plans. Our balance sheet remains very strong, evidenced by the following indicators and financial ratios. As of the end of March 2025, our assets totaled $3.1 billion, primarily comprised of $1.3 billion in fixed assets, predominantly comprised of fab machinery and $1.7 billion of current assets.

轉向我們的資產負債表和未來的資本支出和現金計劃。我們的資產負債表依然非常強勁，以下指標和財務比率就是明證。截至 2025 年 3 月底，我們的資產總額為 31 億美元，主要包括 13 億美元的固定資產（主要包括晶圓廠機械）和 17 億美元的流動資產。

Current assets ratio is very strong at about 7x, while shareholders' equity reached a record of $2.7 billion at the end of March 2025. An additional indication of our financial strength has been awarded to us last week by Standard & Poor's Israel recent annual rating review, which reaffirmed our rating as iIAA stable, endorsing a stable outlook for the company.

流動資產比率非常強勁，約 7 倍，而股東權益在 2025 年 3 月底達到了創紀錄的 27 億美元。上週，標準普爾以色列公司在最近的年度評級審查中給予我們進一步的認可，該審查再次確認我們的評級為 iIAA 穩定，認可公司的穩定前景。

Our strong financial position allows us to invest in strategic opportunities that support our corporate vision as follows. One, we've committed to pay up to $300 million to acquire equipment and CapEx in the 12-inch New Mexico fab, 15% of which has been paid and the remaining 85% is forecasted to be paid as we ramp up qualifications by end of 2026. As part of the STMicro partnership, $500 million in cash are allocated for this Italy 12-inch fab equipment. We've already invested 80% of such amount and the balance is expected by the end of 2025.

我們強大的財務狀況使我們能夠投資於支持我們企業願景的策略機遇，如下所示。首先，我們承諾支付高達 3 億美元用於購買 12 吋新墨西哥晶圓廠的設備和資本支出，其中 15% 已經支付，剩餘 85% 預計將在 2026 年底前隨著資質的提高而支付。作為與意法半導體合作的一部分，該義大利12吋晶圓廠的設備將獲得5億美元現金。我們已經投資了其中的 80%，預計到 2025 年底將完成剩餘的投資。

And three, for our high-margin SiPho and SiGe business, we announced we will invest $350 million to expand our capacity in our 8-inch fabs in Israel and Texas and in our 12-inch Uozu fab in Japan. 25% of such amount has been paid to-date. The remaining 75% is expected to be paid by end of 2026.

第三，對於我們高利潤的 SiPho 和 SiGe 業務，我們宣布將投資 3.5 億美元擴大我們在以色列和德克薩斯州的 8 英寸晶圓廠以及在日本的 Uozu 晶圓廠的產能。迄今已支付該金額的 25%。剩餘的75%預計將於2026年底前支付。

All of these investments, including the SiPho and SiGe CapEx, are fully reflected in our previously presented strategic and financial model. Under this model, we target $2.7 billion in annual revenue at full loading of our existing fabs, including Agrate and New Mexico, $560 million in annual operating profit and $500 million in annual net profit.

所有這些投資，包括 SiPho 和 SiGe 資本支出，都完全反映在我們先前提出的策略和財務模型中。在這種模式下，我們的目標是在現有晶圓廠（包括阿格拉特和新墨西哥晶圓廠）滿載的情況下實現年收入27億美元，年營業利潤5.6億美元，年淨利潤5億美元。

That concludes my prepared remarks. Now I'd like to turn the call back to the operator so we can take your questions.

我的準備好的發言到此結束。現在我想將電話轉回給接線員，以便我們回答您的問題。

(Operator Instructions)

（操作員指示）

Cody Acree, the Benchmark Company.

科迪·阿克里（Cody Acree），Benchmark 公司。

Congrats on the progress. Russell, congrats on the new Envelope Tracking business. Maybe we can just start there. Can you just maybe help us size that business revenue-wise today and then your expectations for the year and maybe as you look into the next few quarters?

恭喜你取得進展。拉塞爾，恭喜新的信封追蹤業務。也許我們可以從那裡開始。您能否幫助我們估算一下今天​​的業務收入，然後展望一下今年以及未來幾季的業務收入？

I'm not sure I really should, being that it's very specific to a certain customer, and I think not difficult to find out who that customer is. It has reached very high volumes and will continue at even higher volumes. I mean we're talking thousands of wafers per month. But I don't think it would be proper for me to give more color than that, especially with your own reporting. I think you would specifically know exactly who we're talking about.

我不確定我是否應該這樣做，因為它針對的是特定的客戶，而且我認為找出那個客戶是誰並不難。它的銷量已經非常高，並且還將繼續保持更高的銷售量。我的意思是我們每個月要生產數千片晶圓。但我認為我不應該對此進行過多的描述，尤其是考慮到您自己的報導。我想您一定清楚我們在談論誰。

And this is going to be accounted for in your RF Mobile business. Is that correct?

這將在您的 RF Mobile 業務中得到體現。對嗎？

The Envelope Trackers in the power management.

電源管理中的包絡追蹤器。

In power management, okay.

在電源管理方面，好的。

That was when I talked about the increase from the 12% to the 18%.

當時我談到了從 12% 增加到 18% 的問題。

In the 300-millimeter, right. Okay. Awesome. Can you maybe help us with the size of your SiPho business this quarter and your expectations for the rest of the year?

在 300 毫米內，對的。好的。驚人的。您能否告訴我們本季 SiPho 業務的規模以及今年剩餘時間的預期？

Certainly. I think this is just in line with what we talked about when we entered the year, and there's no difference right now and what we're seeing in the growth. We finished the previous year with SiPho at about $105 million, and we said that we would see a doubling of that within 2025. And that's everything pretty much on track for that to occur.

當然。我認為這與我們今年初談論的情況一致，現在和我們所看到的成長情況沒有什麼不同。去年，我們在 SiPho 上的投資約為 1.05 億美元，我們預計到 2025 年，這一數字將翻倍。一切進展順利，一切似乎都按計畫進行。

Okay. Great. And then lastly, can you maybe just -- actually two more questions. Can you just talk about the tone of business that you may be getting from customers in your conversations, both officially and unofficially, I guess, as you're just talking to them and getting their read on the impact of the current tariff landscape?

好的。偉大的。最後，能否再問兩個問題？您能否談談您在與客戶交談時可能聽到的商業語氣，無論是正式的還是非正式的，因為您只是在與他們交談並了解他們對當前關稅情況影響的看法？

There's certainly discussion about tariffs and a potential impact. We've not seen any yet, and our customers aren't really seeing an impact. There's potentially some fear, not as far as our manufacturing, which is stated. We do have the ability through cross qualification to manufacture in many different global locations depending on customer needs or desires.

肯定會有關於關稅及其潛在影響的討論。我們尚未看到任何影響，我們的客戶也沒有真正感受到影響。可能存在一些擔憂，但就我們的製造業而言，情況並非如此。我們確實有能力透過交叉資格認證根據客戶的需求或願望在全球許多不同的地點進行生產。

But there's some potential fear that if you look at the very end market, for example, some of the power management going into power tools that are being produced in China, that potentially could have a softening in the end market of the China products being sold into the US. None of that has been realized yet, but there's some concern there.

但如果你看一下終端市場，例如，一些用於電動工具的電源管理元件是在中國生產的，那麼存在一些潛在的擔憂，這可能會導致銷往美國的中國產品的終端市場出現疲軟。這些都還未實現，但還是存在一些擔憂。

However, we have not seen any pullback in orders nor a discussion of pullback in orders due to any concerns on tariffs. And some of that, again, is because of our ability to support our customers in manufacturing and shipping from various global locations.

然而，我們並未看到訂單回落，也沒有看到因關稅問題而引發的訂單回落的討論。而這部分是因為我們有能力支持我們的客戶從全球各地進行製造和運輸。

Great. Thanks for the help there. And then just lastly, any thoughts or comments around the Indian project that was in the media last couple of weeks about the possible tabling of that project?

偉大的。謝謝您的幫忙。最後，對於過去幾週媒體報導的印度項目可能被擱置，您有什麼想法或評論嗎？

Very good question, Cody. Let me just think for a second so that I answer it properly and ethically correct. So I did read the article. It came as a surprise because we stopped the project. And at our request, we withdrew from the project some five, six months ago. I will say without breaking any type of confidentiality agreement that we had that the article itself was 100% baseless, really no truth in anything that it said. It was Tower that withdrew from it.

非常好的問題，科迪。請讓我思考一下，以便我能夠正確且合乎道德地回答這個問題。所以我確實讀了這篇文章。這很令人驚訝，因為我們停止了這個專案。按照我們的要求，我們在大約五、六個月前退出了該計畫。我可以說，在不違反我們簽訂的任何保密協議的情況下，這篇文章本身是 100% 毫無根據的，其中所說的任何內容都不是事實。塔爾從中撤退了。

The reasons we withdrew are very good reasons. But again, out of confidentiality, it would not be proper for me to go into those reasons. However, we never press released anything about the India project. That was released by others, not by us, even during the time that we were engaged. But why we didn't press release anything is we never had any formal agreement to go forward.

我們撤軍的理由非常充分。但再次強調，基於保密原因，我不宜深入探討這些原因。然而，我們從未發布任何有關印度項目的消息。那是別人發布的，不是我們發布的，即使在我們訂婚期間也是如此。但我們之所以沒有發布任何新聞，是因為我們從未達成任何正式的協議。

We were working on an opportunity as one should always look at and develop every opportunity that's good for your customers, good for your shareholders, good for your business, and it could have been a very good thing. But ultimately, for reasons that we thought were very good, we withdrew from the project, unlike anything that was in the article. It was Tower that withdrew.

我們正在努力抓住機會，因為人們應該始終關注和開發每一個對你的客戶、對你的股東、對你的業務有利的機會，而這可能是一件非常好的事情。但最終，由於我們認為非常好的理由，我們退出了該項目，這與文章中所說的任何內容都不一樣。撤退的是塔爾。

(Operator Instructions)

（操作員指示）

Richard Shannon, Craig-Hallum.

理查德·香農，克雷格·哈勒姆。

Maybe I'll start with the first one on Silicon Photonics. I prepared to ask you about the competitive dynamics here, and I think you made a brief remark to that. I guess I'd love to get your sense of -- given a few other founders have started talking a little bit about Silicon Photonics for transceivers, whether you're seeing anything specifically?

也許我會從第一個關於矽光子學的內容開始。我準備問您這裡的競爭動態，我想您對此做了簡短的評論。我想我很想了解您的感受——鑑於其他幾位創始人已經開始談論收發器的矽光子學，您是否看到了什麼具體的東西？

And then maybe as a follow-on in this general topic, Silicon Photonics, how do you see the 1.6 generation shaping up from a revenue point of view versus the 800-gig generation that you're already obviously doing very well in?

然後，也許作為矽光子學這一一般主題的後續問題，從收入的角度來看，您如何看待 1.6 代與您顯然已經做得很好的 800G 代相比的發展？

So I didn't honestly follow the first part of your question. Maybe you could restate it, but I'll answer the second part. The 1.6T, we are in a ramp right now with additional customers saying that they will be ramping strongly in the second half. So we are -- it's very real. We're supplying it in a good fashion, and these are 8 x 200 channels. So moving along very well. And I wanted to -- if you could really just restate the first part of the question because I didn't pick up what the question was?

所以我真的沒有理解你問題的第一部分。也許你可以重述一下，但我會回答第二部分。1.6T，我們現在正處於成長階段，更多客戶表示他們將在下半年強勁成長。所以我們——這是非常真實的。我們以良好的方式提供它，這些是 8 x 200 頻道。進展非常順利。我想—您是否可以重述問題的第一部分，因為我沒聽懂問題是什麼？

Sure. It was just based on competitive dynamics in Silicon Photonics. We've seen a couple of other foundries talk about either in earnings calls or in other events about getting into the transceiver part of the market here. So I just wanted to get your sense of whether you're seeing any of that?

當然。它只是基於矽光子學的競爭動態。我們已經看到其他幾家代工廠在收益電話會議或其他活動中談論進入這裡的收發器市場。所以我只是想了解您是否看到了這些？

We would estimate our market share is somewhere about 80%. Now, any time that you have a very strong market share, you have to work very hard to protect it. And the best way to do that is shipping wafers that perform well on time and having customer-aligned road maps that their next-generation needs are ready and available before they need them. So that's where we're engaged right now. It's a very big growing market, as I stated. If you look at the analyst report, it's looking to have a 49% CAGR. A 49% CAGR. So it's a very big growth market. Our point will be to maintain very strong share as that market is growing. But it is a very big market. It's also a very high-value product. High-value products drive very high margins.

我們估計我們的市場佔有率約為80%。現在，只要你擁有非常強大的市場份額，你就必須非常努力地保護它。而實現這一目標的最佳方式是按時交付性能良好的晶圓，並製定與客戶一致的路線圖，確保他們的下一代需求在他們需要之前就已準備就緒並可用。這就是我們現在所從事的工作。正如我所說，這是一個非常大的成長市場。如果你看分析師報告，你會發現它的複合年增長率為 49%。複合年增長率為 49%。所以這是一個非常大的成長市場。我們的目標是隨著市場的成長而維持非常強大的份額。但這是一個非常大的市場。這也是一個非常高價值的產品。高價值產品帶來非常高的利潤。

So hopefully, that answers your question. But at present, we are serving four of the top five producers as far as optical integrators and I think in a sole position with four of the top five.

希望這能回答你的問題。但目前，就光學整合商而言，我們為前五大生產商中的四家提供服務，我認為我們獨佔了前五名生產商中的四家。

Okay. Excellent. I appreciate that feedback. My next question, Russell, is regarding utilization. It sounds like you're cross-fertilizing processes across multiple fabs, which you described already here today, which makes total sense here. But I want to get a sense of when we start to see this complete and start to see greater capacity available here? And I guess my question is specifically oriented towards Silicon Germanium and Silicon Photonics. I want to know whether -- is that utilization pretty much 100%? And when does that spigot open up here to see -- it sounds like you have great demand here. I'd love to get a sense of when we start to see acceleration there?

好的。出色的。我很感謝你的回饋。拉塞爾，我的下一個問題是關於利用率的。聽起來您正在對多個晶圓廠之間的工藝進行交叉授粉，您今天已經在這裡描述過了，這完全有道理。但我想了解什麼時候我們才能開始看到這一切完成，並開始看到這裡有更大的容量？我想我的問題專門針對矽鍺和矽光子學。我想知道——利用率是否接近 100%？這裡的龍頭什麼時候打開呢？聽起來這裡的需求很大。我很想知道我們什麼時候會開始看到加速？

Yes. To restate what I said during the prepared remarks, for the SiGe and SiPho as a combined infrastructure business, we see continued growth, record revenue presently, and we see that growing in Q2, growing additionally in Q3 and growing additionally in Q4. So if you were talking about capacity opening up, that's the only way that could happen when there's big demand. Obviously, we're running as many as we can presently, but the cross-qualifications as well as even within Newport Beach, additional capacity capability being added. So that's happening real time. And you'll see it as -- we anticipate that you'll see it in Q2 and then incrementally higher Q3 and again, incrementally higher in Q4.

是的。重申我在準備好的發言中所說的話，對於 SiGe 和 SiPho 作為綜合基礎設施業務，我們看到持續增長，目前創紀錄的收入，並且我們看到第二季度的增長，第三季度的進一步增長，第四季度的進一步增長。因此，如果您談論的是產能開放，那麼當需求量很大時，這是唯一可行的方法。顯然，我們目前正在盡可能地運行，但交叉資格以及甚至在紐波特海灘內，都在增加額外的容量。所以這是實時發生的。您會看到 - 我們預計您會在第二季度看到它，然後在第三季度逐步增加，並在第四季度再次逐步增加。

Okay. Last question, I'll jump on the line here. Just want to ask kind of big picture longer term, thinking out a couple of years or if you want to pick a different time frame here. And looking at some of the big picture or the biggest drivers of your top line here. Obviously, RF infrastructure with the two segments we talked about today is going to be one, I would imagine, fit in their power, RF-SOI with the new capacity. And then your last earnings call, you specifically mentioned in your closing remarks about OLED on silicon backplanes here. I wonder if you could kind of rank order which ones you think are going to be the biggest dollar contributors over a two-year time frame or whatever you'd like to pick Russell?

好的。最後一個問題，我就直接回答了。只是想問長期的大局，考慮一下幾年，或者你是否想在這裡選擇一個不同的時間框架。看看這裡的一些整體情況或影響您收入的最大驅動因素。顯然，我們今天討論的兩個部分的 RF 基礎設施將會合而為一，我想，這將適合它們的功能，即具有新容量的 RF-SOI。然後，在您上次的收益電話會議上，您在結束語中特別提到了矽背板上的 OLED。我想知道您是否可以按順序排列出您認為在兩年的時間範圍內哪些人將成為最大的美元貢獻者，或者您想選擇羅素嗎？

On incremental dollar growth and especially the margin impact of it, the biggest contributor will be RF infrastructure. Power on absolute dollars should continue to be a big growth driver. RF Mobile, as stated, has pulled back a bit within the first quarter as compared to where we were at during 2024, but we expect that as well to snap back and have very strong growth in '26 and '27. So I think that those will be the biggest. The display, we're confident of display realizing big revenue growth. There's activities happening, customer forecasts that are happening, but it has not been accomplished yet. So I don't want to overstate that.

對於增量美元成長以及特別是其利潤影響而言，最大的貢獻者將是射頻基礎設施。絕對美元的力量應該會繼續成為一個巨大的成長動力。如前所述，與 2024 年相比，RF Mobile 在第一季有所回落，但我們預計它也會反彈，並在 2026 年和 2027 年實現強勁增長。所以我認為這些會是最大的。顯示器方面，我們有信心顯示器實現收入大幅成長。活動正在進行，客戶預測正在進行，但尚未完成。所以我不想誇大這一點。

The biggest confidence in the future of what's happening presently, the activities are there, the revenue not yet. So upon starting to get into a few thousand wafer per month of backplane shipment, that's when I'll be much more confident on the growth driver of the display. But to get to the few thousand wafer a month, I'm confident in that presently on display itself. And again, what we do with the OLED is the backplane, the silicon backplane.

對目前發生的未來最大的信心是，活動已經存在，但收入尚未出現。因此，當我開始實現每月數千片晶圓的背板出貨量時，我會對顯示器的成長動力更有信心。但對於每月生產數千片晶圓的目標，我對目前所展示的成果充滿信心。再次強調，我們對 OLED 所做的就是背板，也就是矽背板。

Matt Bryson, Wedbush.

馬特布萊森，韋德布希。

Just with the RF Mobile business, I think it's either at the lowest point or close to the lowest point that it tends to hit. Can you tell us whether or not this might be a bottom, how far customers are in terms of reducing their inventories? And I guess, is it all inventory reduction? Or I think there's been a bit of effort in China to ramp up domestic production on the RF side. Is that affecting the business at all?

就 RF Mobile 業務而言，我認為它要么處於最低點，要么接近最低點。您能否告訴我們這是否是一個底部，客戶在減少庫存方面進展如何？我猜，這都是庫存減少嗎？或者我認為中國已經做出了一些努力來提高射頻方面的國內產量。這對業務有影響嗎？

So by forecast, we see the mobile business growing throughout the year, the RF Mobile, so RF-SOI specifically in the front-end module. So it should be growing throughout the year against the Q1. So I would -- at least from forecast, I would say that, yes, this Q1 was the lowest point. Now, on the base business itself, you are correct, there has been a drive in China.

因此，根據預測，我們看到行動業務全年都在成長，RF Mobile，特別是前端模組中的RF-SOI。因此與第一季相比，全年應該會有所成長。所以我會——至少從預測來看，我會說，是的，這個第一季是最低點。現在，就基礎業務本身而言，您說得對，中國已經出現了一股推動力。

And possibly something that came as a little bit of a surprise and maybe a negative impact of trying to get the Chinese regulatory approval was needing to show them our customers and different numbers from our customers. And potentially, that drove some further drive for some of our very big Chinese customer to give more market share into China. So that is part of what we're seeing as well. We have one customer to where they are sourcing more of their volume percentage inside of the country itself.

可能有些讓人感到意外，也可能是試圖獲得中國監管部門批准的負面影響是需要向他們展示我們的客戶以及來自我們客戶的不同數字。這可能會進一步推動我們的一些中國大客戶向中國市場提供更多市場份額。這也是我們所看到的部分情況。我們有一位客戶，他們從國內採購的量佔比更大。

Lisa Thompson, Zacks Investment Research.

麗莎湯普森（Lisa Thompson），Zacks 投資研究公司。

I'd just like to ask a little bit more about your sales and how it relates to tariffs? I know at the year-end, you said 42% of revenues go to the US. But I believe that just means that's where you send the bill. Do you actually have -- what percent of product or so do you have coming from outside the US to the US?

我只是想多問一下你們的銷售情況以及它與關稅的關係？我知道，您說年底時 42% 的收入流向了美國。但我相信這只是意味著你要把帳單寄到那裡。您實際上有多少比例的產品是從美國境外運往美國的？

We -- like we said in the financials, you're right, 42% of our revenues about -- are for US customers. Usually, the shipping of the goods is not done to US. It's done to where the customer ask us to send -- to send it for continued work, which usually is -- I mean, it's not usually, there is a lot of regions in the world, according to the customer request. It can be Philippines, Thailand, in order to package them and test them and put them into a final end product according to the customer request. It doesn't matter that the corporate is in the US for this case.

就像我們在財務報表中所說的那樣，您是對的，我們約 42% 的收入來自美國客戶。通常，貨物不運送到美國。它是根據客戶要求我們發送的地點完成的——發送它以進行繼續工作，這通常是——我的意思是，通常不是，世界上有很多地區，根據客戶的要求。可以是菲律賓、泰國，以便根據客戶要求對它們進行包裝、測試並將它們製成最終產品。對此案來說，公司是否在美國並不重要。

So the 42% is just who you bill, right? It's not where it goes?

那麼 42% 就是您要收取的費用，對嗎？不是去哪裡了？

It's the headquarter of the parent company that we bill. That's how we do it. It's not the place that we ship to, the product. Because again we ship what we are doing to the next -- to packaging houses and to the next station in the supply chain, right?

我們向母公司總部開出帳單。我們就是這樣做的。這不是我們運送產品的地方。因為我們再次將正在生產的產品運送到下一個包裝廠，然後運送到供應鏈中的下一個站點，對嗎？

Correct. So that would mean possibly that very little of that revenue actually goes physically to the US and would be captured by tariffs, right?

正確的。所以這可能意味著這些收入中只有很少一部分真正流向了美國，並被關稅所捕獲，對嗎？

Yes, exactly. Yes. A very small part of that physically enters the US, yes.

是的，確實如此。是的。是的，其中只有很小一部分實際進入了美國。

All right. That's good to know. And just one small question. Do you expect operating expenses to stay above the $40 million level from the rest of the year?

好的。知道這一點很好。還有一個小問題。您是否預計今年剩餘時間的營運費用將保持 4000 萬美元以上的水平？

We expect it to remain about flat at the current levels of $40 million a quarter, right? Yeah.

我們預計它將保持在目前每季 4000 萬美元的水平上，對嗎？是的。

Cody Acree, the Benchmark Company.

科迪·阿克里（Cody Acree），Benchmark 公司。

Just a couple of quick questions. The volume that you're seeing from Agrate, has that started in earnest?

只是幾個簡單的問題。您從 Agrate 看到的交易量是否已經開始認真成長了？

Yeah. In Q4, it actually started in earnest.

是的。在第四季度，它才真正開始認真起來。

Any thoughts on that ramp, Russell, throughout the year?

拉塞爾，對於這一整年的情況，你有什麼想法嗎？

Q2 will be a reasonable number. Q3, Q4, we expect will be higher by forecast. That was something that had mentioned previously that we see the Q1 revenue as the low. The bulk of our RF-SOI at this point is 300-millimeter, not 200-millimeter. And by design, we've tried to move all of the 300-millimeter into the Agrate factory for multiple reasons, not the least of which is allowing then more capacity in Fab 7 for the SiGe and Silicon Photonics growth for new 300-millimeter platforms.

Q2 將是一個合理的數字。我們預計第三季、第四季將會更高。正如我們之前提到的，我們認為第一季的收入是最低的。目前我們的 RF-SOI 主體是 300 毫米，而不是 200 毫米。按照設計，我們試圖將所有 300 毫米晶圓轉移到 Agrate 工廠，原因有很多，其中最重要的一個原因是讓 Fab 7 擁有更多產能，用於新 300 毫米平台的 SiGe 和矽光子學增長。

Okay. Thanks. That's very helpful. And then you mentioned the Envelope Tracking, Power Management business, and you mentioned New Mexico in the same breath. You're not ramping that in New Mexico yet. Is that right? Or is that the plan? Are you ramping wafers in New Mexico already?

好的。謝謝。這非常有幫助。然後您提到了信封追蹤、電源管理業務，同時也提到了新墨西哥州。你還沒有在新墨西哥州加強這一點。是嗎？或者這就是計劃？你們已經在新墨西哥州大量生產晶圓了嗎？

That specific project is being worked in New Mexico. It is not yet ramped in New Mexico. Right now, that is coming out of the Uozu factory in Japan.

該具體項目正在新墨西哥州實施。目前，該產品尚未在新墨西哥州投入使用。目前，該產品正從日本魚津工廠生產。

Okay. Great. And then lastly, could you just -- I'm sorry, I'm going slow on this update. But can you cover your conversation or your explanation about what's happened in China in the RF Mobile business? You mentioned a customer, the qualification process and some regulatory approval movement with a customer. Can you just rediscuss that a bit?

好的。偉大的。最後，您能否—抱歉，我更新得比較慢。但是您能否談談或解釋一下 RF Mobile 業務在中國發生的事情？您提到了一位客戶、資格認證流程以及與客戶的一些監管審批動向。您能再討論一下這個問題嗎？

During the diligence and working to get Chinese approval for the Intel acquisition, we were very careful about not opening up anything about customers that were not Chinese-based, but we had very little choice but to be open about revenues and activities of Chinese customers with the Chinese government. We think potentially as a result of that at least one customer got a lot of pressure to start sourcing in China. And that happened, and some of their market share is now going internally into China. Presently, it's not the most advanced platforms. The capability doesn't sit there to do that, but volumes of older platforms are now being manufactured in China and not with us.

在為獲得中國對英特爾收購案的批准而進行盡職調查的過程中，我們非常小心，沒有公開任何有關非中國客戶的信息，但我們別無選擇，只能向中國政府公開中國客戶的收入和活動。我們認為，這可能是因為至少有一位客戶面臨很大的壓力，開始在中國採購。事實確實如此，他們的部分市場份額現在轉移到了中國國內。目前，它還不是最先進的平台。雖然我們無法做到這一點，但是大量舊平台現在都在中國生產，而不是在我們這裡。

Okay. But that does not change your expectations of the RF Mobile business is still troughing in Q1 and should improve through the year?

好的。但這並沒有改變您對 RF Mobile 業務在第一季仍處於低谷並且全年應該會有所改善的預期？

Correct.

正確的。

Richard Shannon, Craig-Hallum.

理查德·香農，克雷格·哈勒姆。

I'm going to follow on Cody's last question here on mobile. And specifically, I think it was in response to my question here about improvements kind of longer term. I think you talked about a snap back in '26 and '27 in RF-SOI and mobile. I guess I wanted to get some sense of the dynamics? Are you expecting a much better market or what I would guess is some share gains here, but maybe you can kind of clarify how and where this -- you expect this to occur?

我將在行動裝置上關注 Cody 的最後一個問題。具體來說，我認為這是對我關於長期改進的問題的回答。我認為您談到了 26 年和 27 年 RF-SOI 和行動裝置的快速回升。我想我想了解其中的動態？您是否期待市場會變得更好，或者我猜測市場份額會有所增長，但也許您可以澄清一下這種情況將如何發生以及在何處發生？

We have brought on multiple newer customers, some relatively new entries into the market that have grown remarkably fast. One specifically I don't believe that we've press released with, we intend to, but it's a customer that was very strong in antennas that then went into making their own antenna switches. And they've been very successful. They've grown very strong. We have multiple other customers that as well are gaining share very quickly. So that's a lot of what we're talking about within the growth of the remaining quarters of 2025.

我們引進了多個新客戶，其中一些是相對較新的市場參與者，但成長速度非常快。具體來說，我不認為我們已經發布了新聞，但我們打算這樣做，但這是一家在天線方面非常強大的客戶，然後他們開始製造自己的天線開關。他們非常成功。他們已經變得非常強大了。我們還有其他多個客戶，他們的市場份額也在快速成長。這就是我們所討論的 2025 年剩餘幾季的成長情況。

These customers because of their big share gains during a time that the market was being built at a reasonable rate, the 7% improvement, and they got share gains in it, they certainly bought as many products as they could. As you're initially ramping and gaining share, the one thing that you cannot do is undersupply to customers' demand.

這些客戶因為在市場以合理的速度建設期間獲得了巨大的市場份額，即 7% 的增長，並且他們也獲得了市場份額的增長，所以他們當然會購買盡可能多的產品。當你最初擴大規模並獲得市場份額時，你不能做的一件事就是滿足客戶的需求。

So the handset integrators that we're buying from them, they themselves built relatively big inventory, so they wouldn't let them down. When the market then started to pull back with the forecasted no to very low single-digit growth in 2025, they were stuck with inventory that's burning off now. So for the existing SKUs that we had shipped last year, they have inventory that's being burned off. But there's continual new designs for more advanced models.

因此，我們從他們那裡購買的手機整合商自己就建立了相對較大的庫存，所以他們不會讓他們失望。當市場開始回落，預計 2025 年成長率為零或非常低的個位數時，他們就陷入了正在消耗的庫存困境。因此，對於我們去年發貨的現有 SKU，他們的庫存正在被消耗掉。但更先進的模型的新設計仍在不斷湧現。

So that's what we're really counting on for the growth in this year. As far as getting into 2026 and beyond, there's more established, very large customers that we have reengaged with or newly engaged with, that their ramps are planned to start in the fourth quarter of '25 and go throughout 2026 or to begin in the first quarter of 2026. So if you look at '26, we see it as a very big growth year for our RF Mobile business, mainly front-end module serving handsets. Hopefully, that gives the color you're asking for.

所以這就是我們今年真正期待的成長。至於進入 2026 年及以後，我們與更多老客戶或新客戶重新接洽，他們的產能提升計畫於 2025 年第四季開始，持續至 2026 年全年，或從 2026 年第一季開始。因此，如果你看一下 26 年，我們會發現這是我們的 RF Mobile 業務成長非常快的一年，主要是為手機提供服務的前端模組。希望這能給出您想要的顏色。

That was very helpful. My next question is related to the New Mexico fab with Intel here. And I guess maybe I had a little bit of confusion that Cody asked on as well here. But maybe I'll ask in a slightly different way here is when do we expect to qualify equipment here, start to see depreciation and then also go to production? And this last part of the question, Russell, I asked because last call, you talked about a large PO you got in power management, I think, very early this year that -- we're not talking about ramping until next year. It seems like very early to award a PO for. So I just want to make sure I understand that well?

這非常有幫助。我的下一個問題與英特爾在新墨西哥州的工廠有關。我想我可能對 Cody 在這裡提出的問題有點困惑。但也許我會以稍微不同的方式問，我們什麼時候可以預期這裡的設備合格，開始折舊，然後投入生產？拉塞爾，我之所以問這個問題的最後一部分，是因為上次你談到了你在電源管理方面獲得的一筆大訂單，我想，這是今年年初的事情——我們討論的不是明年才開始增加訂單。現在授予採購訂單似乎還為時過早。所以我只是想確保我理解得很清楚？

As far as the first part of your question, we would start seeing production shipments within this year, which is what we've -- had stated in the third, fourth quarter of this year. Upon hitting a certain level of production shipments is when you begin depreciation of tools. So that's when we would start seeing depreciation. You'd have to refresh me, though, on the second part of the question. I talked about a big PO for power management?

就您問題的第一部分而言，我們將在今年內開始看到生產出貨，這正是我們在今年第三季和第四季所說的。當生產出貨量達到一定水準時，工具就開始貶值。所以那時我們就會開始看到貶值。不過，你必須讓我重新認識問題的第二部分。我談到了電源管理的大 PO？

Yes. In the last earnings call. In fact, I can pull that up here and find it real quickly. I think it was in your prepared remarks, actually. If you give me a second, I can locate it here. Yes. So last quarter, you said we delivered successful prototypes to lead customers and based on that received our first production PO related to 65-nanometer BCD.

是的。在上次財報電話會議上。事實上，我可以在這裡找到它並很快找到它。事實上，我認為這是在你準備好的發言稿中。如果您給我一點時間，我可以在這裡找到它。是的。您說上個季度我們向主要客戶交付了成功的原型，並在此基礎上收到了我們第一份與 65 奈米 BCD 相關的生產訂單。

Yeah, that was in Fab 11x. I didn't say that it was big volume. But we did receive our first production PO. Before we start recognizing revenue, we have certain milestones on the volume that we ship. And those volumes, we would believe will hit Q3, Q4.

是的，那是在 Fab 11x。我並沒有說音量很大。但我們確實收到了第一份生產採購訂單。在我們開始確認收入之前，我們對出貨量設定了一定的里程碑。我們相信這些交易量將達到第三季和第四季。

Okay. That's helpful to give some perspective there. And then my last quick question, Russell, is related to Silicon Photonics. I think you've mentioned additional platforms that do laser attach with the Silicon Photonics you're delivering today. Wondering when we might see that into production? And then also, how do we ââ¬â when -- general time frame, when do we expect to intersect with the CPO market?

好的。這對於提供一些觀點是有幫助的。然後我的最後一個快速問題，拉塞爾，與矽光子學有關。我想您已經提到過可以與您今天交付的矽光子學進行雷射連接的其他平台。想知道什麼時候我們可以看到它投入生產？然後，我們如何——一般時間框架，我們預計何時與 CPO 市場相交？

It's a very good question, the latter part. The bigger question is when will the CPO market actually be realized. And it's thought to be probably at least four years out. So I am not sure the exact timing of when CPO will be there. What we're doing with CPO are very good active programs to ensure that our customers that are really, as I stated, the big players on the optical integrator side, that they know they can stay with us for multiple generations and that we're well prepared and they're well prepared at the time that it would be if it does get adopted, that will be their supplier.

後半部的問題問得非常好。更大的問題是CPO市場何時才能真正實現。預計這可能至少還要四年。所以我不確定 CPO 到達的具體時間。我們與 CPO 合作開展的是非常出色的主動計劃，以確保我們的客戶（正如我所說，是光學集成商方面的主要參與者）知道他們可以與我們合作多代，並且我們做好了充分的準備，他們也做好了充分的準備，如果它確實被採用，那將是他們的供應商。

So -- and we have many forms of how we're pursuing that. If that answers the CPO question. And what was the other part of the question, I'm sorry?

所以——我們有很多方式來追求這個目標。如果這回答了 CPO 的問題。抱歉，問題的另一部分是什麼？

Laser attach.

雷射附著。

Exactly. That's where we do the integrated laser, that's with the OpenLight platform. When will that start seeing volume shipments? By forecast, we have multiple customers that are saying it's 2026. We'll see if that occurs, but that is what's being stated on it.

確切地。這就是我們製造整合雷射的地方，使用 OpenLight 平台。什麼時候才能開始大量出貨？根據預測，我們有多位客戶表示是 2026 年。我們將看看是否會發生這種情況，但這就是上面所說的。

That does conclude our Q&A session. I would now like to turn the call to Mr. Russell Ellwanger. Please go ahead.

我們的問答環節到此結束。現在我想把電話轉給 Russell Ellwanger 先生。請繼續。

Thank you. This past month, Dr. Preisler, the VP of RF Technologies; Dr. Racanelli, Tower's President and I, attended the Optical Fiber Conference, OFC, in San Francisco. We have developed quite a strong reputation in the optical transceiver field. And candidly, it was almost embarrassing we were greeted as rock stars. During the conference, we met with over 60 customers with discussions and real-time activities in multiple areas. For example, programs for further platform efficiencies, multiple form factors for next-generation 400G modulators and co-package optics.

謝謝。上個月，RF 技術副總裁 Preisler 博士；我和 Tower 總裁 Racanelli 博士參加了在舊金山舉行的光纖會議 (OFC)。我們在光收發器領域已經享有相當高的聲譽。坦白說，我們受到像搖滾明星一樣的歡迎，這幾乎讓我們感到尷尬。會議期間，我們與60多位客戶進行了多領域的討論和即時活動。例如，進一步提高平台效率的程式、下一代 400G 調製器的多種外形尺寸以及共封裝光學元件。

As executive management, we continuously meet with our lead customers and new customers, both groupings either already creating or with the potential to create a large industry impact. In my most recent multi-week customer visits, I was thrilled with the extreme capability, character and passion of our existing customers as well as newer customers, spanning not just data center, but also our mobile front-end module, power management and imaging offerings.

作為高階主管，我們不斷與我們的主要客戶和新客戶會面，這兩類客戶要么已經創造了巨大的行業影響，要么有可能創造巨大的行業影響。在我最近數週的客戶拜訪中，我對我們現有客戶和新客戶的極強能力、性格和熱情感到非常興奮，這不僅涉及資料中心，還涉及我們的行動前端模組、電源管理和成像產品。

It really is the most exciting time for Tower. There's an interesting quote from former US President, Bill Clinton. He stated, old age is when our memories outweigh our dreams. Myself, not being a spring chicken, I pondered these words. I specifically pondered what defines vibrant inspired youth. My thought is that it's not just a high weighting of dreams and maybe better wording than dreams is high and noble aspirations, but as, or even more importantly, that these aspirations are tied to consequent actions.

這確實是 Tower 最令人興奮的時刻。美國前總統比爾柯林頓有一句有趣的名言。他說，當我們年老的時候，我們的記憶就會超過我們的夢想。我自己也不再年輕了，我思考著這些話。我特別思考了充滿活力、充滿靈感的年輕人的定義是什麼。我的想法是，這不僅僅是對夢想的高度重視，也許比夢想更好的措辭是高尚和崇高的願望，但更重要的是，這些願望與隨之而來的行動息息相關。

At Tower, we have many high and challenging aspirations, but most importantly, are the real-time consequential actions we are taking to achieve them. Extremely capable people with boundless passion in an environment that promotes and inspires both the capability and passion is unstoppable, especially when this environment is based upon customers with equal capability and passion that are dedicated to partner towards mutual success.

在 Tower，我們有許多遠大而富有挑戰性的抱負，但最重要的是，我們正在採取即時的行動來實現這些抱負。極其有能力的人擁有無限的熱情，在一個能夠促進和激發他們能力和熱情的環境中，這種熱情是不可阻擋的，特別是當這種環境建立在擁有同等能力和熱情、致力於與合作夥伴共同取得成功的客戶的基礎上時。

We thank you for your interest in the company. We look forward to updating you over the next quarters as we continue our progress towards achieving our multiyear aspirations.

我們感謝您對我們公司的關注。我們期待在接下來的幾季向您通報最新情況，我們將繼續朝著實現多年期目標的方向前進。

In the short-term, we will be attending the following conferences and look forward to seeing you face-to-face as possible for your schedules. On May 18, we will participate in the Oppenheimer Annual Israeli Conference in Tel Aviv. On May 28, we will participate at the Craig-Hallum 22nd Annual Institutional Investor Conference in Minnesota. On May 29, we will participate at the TD Cowen 53rd Annual Technology, Media and Telecom Conference in New York.

短期內，我們將參加以下會議，並期待盡可能按照您的日程與您面對面交流。5月18日，我們將參加在特拉維夫舉行的奧本海默以色列年度會議。5月28日，我們將參加在明尼蘇達州舉行的Craig-Hallum第22屆年度機構投資者會議。5月29日，我們將參加在紐約舉行的TD Cowen第53屆年度科技、媒體和電信會議。

Again, thank you for your interest. Thank you for your support, and best wishes to you.

再次感謝您的關注。謝謝您的支持，並向您致以最良好的祝愿。

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

謝謝。今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。