高塔半導體 (TSEM) 2025 Q3 法說會逐字稿

Good afternoon, ladies and gentlemen, and thank you for standing by. Welcome to today's Tower Semiconductor third-quarter 2025 earnings conference Call. (Operator Instructions) I must advise you that this conference is being recorded today.

女士們、先生們，下午好，感謝各位的耐心等待。歡迎參加Tower Semiconductor 2025年第三季財報電話會議。（操作員說明）我必須告知各位，本次會議正在錄音。

I would now like to hand the conference over to your speaker today, Ms. Noit Levy, Senior Vice President of Investor Relations and Human Resources. Please go ahead, madam.

現在我謹將會議交給今天的主講人，投資者關係和人力資源高級副總裁諾伊特·萊維女士。請便，女士。

Thank you. Good day, and thank you, everyone, for joining us. Welcome to Tower Semiconductor's third-quarter 2025 financial results conference call. With us today are Mr. Russell Ellwanger, our CEO; Dr. Marco Racanelli, our President; and Mr. Oren Shirazi, our CFO.

謝謝。大家好，感謝各位的參與。歡迎參加 Tower Semiconductor 2025 年第三季財務業績電話會議。今天與我們在一起的有：我們的執行長 Russell Ellwanger 先生；我們的總裁 Marco Racanelli 博士；以及我們的財務長 Oren Shirazi 先生。

Before we begin, please note that certain statements made during this call may be forward-looking and are subject to risks and uncertainties that could cause actual results to differ materially. These risks are detailed in our SEC filings, Form 20-F and 6-K, as well as filings with the Israeli Securities Authority, all available on our website. Tower assumes no obligation to update forward-looking statements.

在開始之前，請注意，本次電話會議中某些陳述可能具有前瞻性，並受到風險和不確定性的影響，這些風險和不確定性可能導致實際結果與預期結果有重大差異。這些風險已在我們的美國證券交易委員會文件（20-F 表格和 6-K 表格）以及以色列證券管理局文件中詳細說明，所有這些文件都可以在我們的網站上找到。Tower公司不承擔更新前瞻性聲明的義務。

Our third-quarter 2025 results are prepared in accordance with US GAAP. Some data presented may include non-GAAP financial measures as defined under SEC Regulation G. Reconciliations to GAAP figures and full explanations are provided in today's press release and financial tables. For your reference, a supporting slide deck is available on our website and integrated into this webcast.

我們2025年第三季的業績是依照美國通用會計準則編製的。部分數據可能包含根據美國證券交易委員會 G 條例定義的非公認會計準則財務指標。與公認會計準則數據的調節表和完整解釋已在今天的新聞稿和財務報表中提供。供您參考，我們的網站上提供了配套的幻燈片，並且已將其整合到本次網路直播中。

With that, I'd like to turn the call over to our CEO, Mr. Russell Ellwanger. Russell?

接下來，我想把電話交給我們的執行長羅素·埃爾旺格先生。拉塞爾？

Hello, everyone. Thank you for joining this earnings call. We are in the best position growing our core technologies, Power Management, CMOS image sensors, 65-nanometer RF mobile, each of which demonstrating year-over-year revenue growth, providing an excellent foundation on top of which the extreme AI-driven data center demand for our silicon photonics and silicon germanium RF platforms is driving unprecedented company growth. We ended our third quarter with revenue at $396 million, resulting in net profit of $54 million.

大家好。感謝您參加本次財報電話會議。我們在發展核心技術方面處於最佳地位，包括電源管理、CMOS影像感測器和65奈米射頻行動技術，這些技術均實現了逐年營收成長，為我們提供了良好的基礎。在此基礎上，人工智慧驅動的資料中心對我們的矽光子學和矽鍺射頻平台的極端需求，正在推動公司實現前所未有的成長。第三季結束時，我們的營收為 3.96 億美元，淨利為 5,400 萬美元。

We guide our fourth quarter to be a revenue record of $440 million, plus/minus 5%, fulfilling our beginning of year target of quarter-over-quarter growth throughout the year with strong acceleration in the second half. This underscores the increasing demand momentum we see in our served markets and is as well the result of further manufacturing capabilities, namely the very first step of a large ramp having repurposed with added capacity for factories towards new and/or stronger silicon photonics and silicon germanium capabilities.

我們預計第四季度營收將達到創紀錄的 4.4 億美元，上下浮動 5%，實現年初設定的全年季度環比增長目標，並在下半年實現強勁加速增長。這凸顯了我們在所服務市場中看到的不斷增長的需求勢頭，也是進一步提升製造能力的結果，即大規模產能提升的第一步，即透過改造工廠並增加產能，實現新的和/或更強大的矽光子學和矽鍺製造能力。

The fourth-quarter guidance indeed demonstrates the burgeoning trajectory we are on. In the following minutes, we will present the successes that we share with our customers, driving top- and bottom-line growth over the years to come.

第四季業績預期確實顯示我們正處於蓬勃發展的上升軌道上。接下來幾分鐘，我們將介紹我們與客戶共同取得的成功，這些成功將在未來幾年推動公司營收和利潤的成長。

Now to review our third quarter of 2025 revenue breakdown and discuss the key trends, please see slide 4 as reference. Our RF infrastructure business continues to deliver exceptional growth, increasing its contribution to corporate revenue from $67 million or 18% of corporate revenue in the third quarter of last year to $107 million or 27% for the third quarter of this year. For the full year, we expect this business to grow by 75% with silicon photonics more than doubling from the 2024, $105 million. This significant expansion reflects the strong customer adoption of our advanced technology and validate our strategic investments in these markets.

現在，為了回顧我們 2025 年第三季的營收細節並討論主要趨勢，請參閱投影片 4 作為參考。我們的射頻基礎設施業務持續實現卓越成長，對公司營收的貢獻從去年第三季的 6,700 萬美元（占公司營收的 18%）增加到今年第三季的 1.07 億美元（占公司營收的 27%）。我們預計該業務全年將成長 75%，其中矽光子學業務將從 2024 年的 1.05 億美元成長一倍以上。這項顯著擴張反映了客戶對我們先進技術的強烈認可，也驗證了我們在這些市場的策略投資。

The momentum we are seeing positions RF infrastructure, silicon photonics and silicon germanium platform as a key pillar for our long-term growth, fortified and propelled by deep partnership-based innovations with the foremost industry titans. Our silicon photonics business grew in the third quarter to $52 million, approximately 70% growth as compared to the third quarter of 2024. Market demand for silicon photonics continues to surge driven by a stronger-than-anticipated RAP and 1.6T products on top of a robust 400G and 800G demand.

我們看到的發展勢頭表明，射頻基礎設施、矽光子學和矽鍺平台是我們長期成長的關鍵支柱，而與產業巨頭的深度合作創新則鞏固和推動了這一發展。我們的矽光子業務在第三季成長至 5,200 萬美元，與 2024 年第三季相比成長約 70%。受強勁的 400G 和 800G 需求以及超乎預期的 RAP 和 1.6T 產品需求的推動，矽光子學的市場需求持續激增。

We have expanded capacity with our advanced SiPho platform in Fab 9, San Antonio, having shipped revenue wafers in the third quarter and expecting multiple thousands to be shipped in the fourth quarter of this year. We are in advanced stages of qualifications in Fab 2 Israel, expecting our first production shipments in the first quarter of 2026. In 300-millimeter, we have started wafer production for the innovative receive products we announced last quarter and anticipate revenue contribution from 300-millimeter silicon photonics to start in the fourth quarter of this year. Our capacity growth is fully aligned with and spoken to by our customer demand outlook.

我們在聖安東尼奧 Fab 9 工廠擴大了先進 SiPho 平台的產能，第三季已出貨可產生收入的晶圓，預計今年第四季將出貨數千片。我們在以色列 Fab 2 工廠的資質認證已進入最後階段，預計將於 2026 年第一季開始首次生產出貨。在 300 毫米方面，我們已經開始生產上個季度宣布的創新接收產品的晶圓，並預計 300 毫米矽光子學將於今年第四季開始貢獻收入。我們的產能成長完全符合客戶需求預期，並由客戶需求預期所驅動。

Silicon Photonics continues to increase market share over EML solutions given its significant cost advantage. SiPho typically requires half the number of lasers as an equivalent EML product with performance benefits, especially seen at 1.6T. As such, we anticipate this market share shift to be permanent. Hence, we are, at this point, going to add additional CapEx to address an even increase surging demand. Looking at next-generation 3.2T data rates, which will require a doubling of speed for each lane from the current 200 gigabit per second to 400 gigabit per second, we have multiple programs with industry leaders to both extend silicon capability, but we are also pursuing integrating indium phosphide modulators for our previous announcements with Open light and as well are investigating other material systems to ensure that our customer partnerships are not just ready but leading the transition to next-generation requirements for 3.2T and 6.4T.

由於矽光子技術具有顯著的成本優勢，其市佔率持續成長，超過了EML解決方案。SiPho 通常只需要同等 EML 產品一半的雷射數量，且性能更優，尤其是在 1.6T 磁場強度下。因此，我們預期這種市場佔有率的轉變將是永久性的。因此，目前我們將增加資本支出，以因應不斷增長的需求。展望下一代 3.2T 資料速率，這將要求每條通道的速度從目前的每秒 200 吉比特提高到每秒 400 吉比特，我們與業界領先企業開展了多個項目，旨在擴展矽晶片的性能，同時我們也在努力將磷化銦調製器集成到我們之前與下一代 Open Light 合作的產品中，並且我們也在努力將磷化銦調製者和 6.4T 要求的過渡。

In the past quarter, in partnership with Escape Photonics, an NVIDIA-backed start-up, we delivered the industry's first optically pumped on-chip multi-wavelength laser platform for AI data center fabrics. This innovation further expands our participation in the laser market, particularly for co-packaged optics applications, a significant adjacent opportunity, leveraging our high-volume SiPho platforms. We showcased these advancements along with others at a highly successful Tower technical symposium event in China with approximately 300 attendees, where Eoptolink delivered the keynote addressing Tower's role in supporting phenomenal market growth. Later this month, we anticipate another great TGS event in Santa Clara with Broadcom's President, Charlie Kawwas, delivering the invited customer keynote.

上個季度，我們與英偉達支持的新創公司 Escape Photonics 合作，推出了業界首個用於 AI 資料中心架構的光泵浦片上多波長雷射平台。這項創新進一步擴大了我們在雷射市場的參與度，尤其是在共封裝光學元件應用領域，這是一個重要的鄰近機遇，可以利用我們的大批量 SiPho 平台。我們在中國的一次非常成功的鐵塔技術研討會上展示了這些進展以及其他成果，約有 300 名與會者參加。 Eoptolink 在會議上發表了主題演講，闡述了鐵塔在支持市場蓬勃發展方面所發揮的作用。本月晚些時候，我們期待在聖克拉拉舉辦另一場盛大的TGS活動，屆時博通總裁查理·卡瓦斯將發表受邀客戶主題演講。

Looking at silicon germanium, silicon germanium transimpedance amplifiers and laser drivers are essential components for optical transceivers. The growth in SiGe demand is a function of data center buildouts, be it SiPho or EML-based solutions with an additional accelerator, the adoption of linear pluggable optics. Due to the elimination of the DSP in the LPO module, LPO requires both the driver for transmit and the TIA for receive to have an added function of continuous time linear equalizer, which significantly adds to the silicon area of each of the TIA and drivers, hence, nicely increasing the amount of silicon needed per unit.

從矽鍺的角度來看，矽鍺跨阻放大器和雷射驅動器是光收發器的關鍵組件。SiGe 需求的成長是資料中心建置的產物，無論是 SiPho 還是基於 EML 的解決方案，以及額外的加速器，都是線性可插拔光學元件的採用。由於 LPO 模組中取消了 DSP，LPO 需要發送驅動器和接收 TIA 都具有連續時間線性均衡器的附加功能，這大大增加了每個 TIA 和驅動器的矽面積，因此，每個單元所需的矽量顯著增加。

Multiple SiGe customers have begun material LPO production volumes, indicating a clear upward trend in this market. We started silicon germanium production in Fab 2 of our most advanced SiGe platforms and are seeing eager adoption by lead customers, driving meaningful additional contributions to SiGe capacity and shipments projected to ramp throughout 2026 and delivering high volumes thereafter. In addition to infrastructure, we have secured a new silicon germanium, low-noise amplifier designed for a Tier 1 handset customer with an initial ramp in Q4 '25 and then proceeding through 2026 and beyond, adding a significant new growth opportunity to our existing leading market share in optical transceivers as discussed, itself being a high-growth market.

多家 SiGe 客戶已開始批量生產材料 LPO，顯示市場呈現明顯的上升趨勢。我們在最先進的 SiGe 平台 Fab 2 中開始生產矽鍺，並看到主要客戶積極採用，從而為 SiGe 產能和出貨量做出有意義的額外貢獻，預計在 2026 年全年將逐步提高，並在此後實現高產量。除了基礎設施之外，我們還獲得了一款新型矽鍺低噪聲放大器，該放大器是為一級手機客戶設計的，將於 2025 年第四季度開始初步量產，然後持續到 2026 年及以後，這將為我們現有的光收發器市場份額帶來重要的新增長機會，正如之前討論的那樣，光收發器本身就是一個高增長市場。

Moving to RF Mobile. It represented about 26% of our Q3 '25 corporate revenue. RF SOI has shown steady quarter-over-quarter demand increases with our more advanced 65-nanometer, 300-millimeter platform at higher than 20% increase, second-half 2025 over second-half 2024. We released this quarter and updated RF-SOI technology that not only provides double-digit, better [RONCOF] relative to our competitors as measured by multiple Tier 1 customers, but also reduces layer count by 15%, improving our customers and our margins, hence enhancing our market share. This technology also allows customers the freedom to make a trade-off between the better RONCOF to enable a smaller die size or to have higher power handling, and as such, we are seeing strong customer traction, providing much confidence in multi-year growth.

遷移至射頻移動平台。它約占我們 2025 年第三季公司營收的 26%。RF SOI 的需求已呈現持續的季度環比增長，我們更先進的 65 納米 300 毫米平台在 2025 年下半年比 2024 年下半年增長超過 20%。本季我們發布了更新的 RF-SOI 技術，該技術不僅比我們的競爭對手提供了兩位數的更好 [RONCOF]（經多家一級客戶測量），而且還減少了 15% 的層數，從而改善了我們的客戶和利潤率，進而提高了我們的市場份額。這項技術還讓客戶能夠自由地在更好的 RONCOF 性能（以實現更小的晶片尺寸）和更高的功率處理能力之間進行權衡，因此，我們看到了強勁的客戶需求，這讓我們對未來的多年增長充滿信心。

This quarter, we made important advancement in our sensor and display technologies which represented 14% of our third quarter corporate revenue and expected to show mid-teens, full year-over-year growth. We received our first production PO for Q1 '26 shipments for OLED display backplane silicon and continue to enhance this offering, having added high-speed logic and high-speed SRAM capabilities, enabling support for 120 Hertz refresh rates critical for next generation of VR and MR applications. Medical and photography, sensor revenue remained stable, while the majority of our growth and strongest position is in machine vision, we resupply the second largest player in this market in addition to other key customers.

本季度，我們在感測器和顯示技術方面取得了重要進展，占我們第三季公司營收的 14%，預計全年同比成長將達到 15% 左右。我們收到了 2026 年第一季 OLED 顯示器背板矽的首批生產訂單，並不斷改進該產品，增加了高速邏輯和高速 SRAM 功能，從而支援 120 赫茲刷新率，這對於下一代 VR 和 MR 應用至關重要。醫療和攝影領域的感測器收入保持穩定，而我們的大部分成長和最強地位則來自機器視覺領域，我們為該市場第二大廠商以及其他主要客戶提供補貨服務。

Power Management represented 17% of our third-quarter corporate revenue. Our Power business has performed well, targeting a year-over-year growth of 15%, with disproportionately higher growth for our advanced 300-millimeter platforms, one driver of which being the strong ramp of the handset envelope tracker ETIC volume expected to continue through the next multi-years. Targeting the growing market of data center power, we have recently demonstrated 60-volt operating voltage devices with more than 40% lower Rdson than prior technology and as well introduced new elements to a 1.2, 3.3 volt, 65-nanometer BCD flow, improving power conversion efficiency aligned to our key customer needs.

電源管理業務占我們第三季公司營收的 17%。我們的電源業務表現良好，目標是實現 15% 的同比增長，其中先進的 300 毫米平台增長尤為顯著，其驅動因素之一是手機包絡跟踪器 ETIC 的強勁增長，預計這一增長勢頭將在未來幾年內持續。針對日益增長的資料中心電源市場，我們最近展示了工作電壓為 60 伏特的裝置，其導通電阻 (Rdson) 比以前的技術降低了 40% 以上，並且還在 1.2、3.3 伏特、65 奈米 BCD 製程中引入了新元件，提高了電源轉換效率，以滿足我們主要客戶的需求。

The wireless charger IC market is growing rapidly and demanding higher voltage LDMOS. To that end, working closely with lead customers, we have provided a 40-volt extension to our 300-millimeter BCD process. Specific to automotive and battery management applications, we have multiple engagements for a differentiated 140-volt reserve flow allowing higher voltages without the need for the added high expense of SOI substrates. We've continued to add to the competitiveness of this platform, greatly reducing the cell size through added features and optimized architecture.

無線充電器IC市場正在快速成長，對更高電壓的LDMOS提出了更高的要求。為此，我們與主要客戶緊密合作，為我們的 300 毫米 BCD 製程提供了 40 伏特的擴展。針對汽車和電池管理應用，我們開展了多項差異化的 140 伏特儲備電流項目，允許更高的電壓，而無需增加 SOI 基板的高昂成本。我們不斷增強該平台的競爭力，透過增加功能和優化架構，大幅縮小了單元尺寸。

Moving to utilization. At years begin, we announced a repurposing of several of our factories predominantly towards higher capacities for our infrastructure, namely silicon germanium and silicon photonics. To update on the progress, qualification and initial ramps are going well with hundreds of silicon germanium wafers shipped in Q2 and thousands in Q3 from Fab 9 in San Antonio. We met our first internal milestone of customer cycle shipments in Q3 from San Antonio, with several thousand plan to ship in Q4. Fab 2 Migdal Hani Israel is on track to ship our first and meaningful number of silicon germanium wafers in Q4 '25 and silicon photonics wafers in Q1 '26.

轉向利用率。年初，我們宣布對幾家工廠進行改造，主要目的是提高我們基礎設施的產能，即矽鍺和矽光子學。最新進展顯示，認證和初步產能爬坡進展順利，第二季已從聖安東尼奧的 Fab 9 工廠出貨數百片矽鍺晶圓，第三季出貨數千片。第三季度，我們在聖安東尼奧實現了客戶週期出貨的第一個內部里程碑，並在第四季度計劃出貨數千件。以色列米格達爾哈尼工廠 Fab 2 預計將於 2025 年第四季交付首批數量可觀的矽鍺晶圓，並於 2026 年第一季交付矽光子晶圓。

Additionally, we expect to see our first production revenue for SiPho at 300-millimeter in Fab 7 in this present quarter, Q4. Therefore, while we are in the final qualifications and initial ramp of the repurposed fabs and added capacity, our third-quarter utilization level Fab 2 in Israel operated at about 65% utilization; Fab 3 maintained our model full utilization of 85% with growing activities for SiPho capacity; Fab 5 was at 75% utilization; Fab 7 300-millimeter was fully utilized well above our 85% utilization model; Fab 9 was at 60% utilization. In summary, what a position to be in with all our core technologies demonstrating year-over-year revenue growth, the right technologies growing with the right customers.

此外，我們預計在本季（第四季）Fab 7工廠的300毫米矽磷裝置將實現首次生產收入。因此，在我們進行改造後的晶圓廠和新增產能的最終認證和初步產能爬坡之際，我們在以色列的 Fab 2 工廠第三季度的產能利用率約為 65%；Fab 3 工廠保持了我們 85% 的滿負荷產能利用率，並且 SiPho 產能活動不斷增長；Fab 5 工廠的滿負荷產能利用率，並且 SiPho 產能活動不斷增長；Fab 5 工廠的滿負荷產能利用率；毫米）的產能利用率遠高於我們 85% 的滿載產能利用率模型；Fab 9 工廠的產能利用率為 60%。總而言之，我們所有核心技術都實現了逐年營收成長，而且這些技術與合適的客戶群共同成長，這真是太好了。

On top of this, our long-term silicon germanium leadership for optical transceivers, coupled with correct market insights, namely believing in the benefits of silicon photonics having begun eight years ago with the right partner and adding those who have become the most momentous adopters of this technology, has enabled us, by far, to be in the lead position for silicon photonics manufacturing and development. This has proven timely to meet the soaring demand of data center technology roadmap and buildout, a present and future pathway for unprecedented growth for Tower. In close collaboration with our customers, we have advanced both capacity increases and technology roadmap deliverables real time addressing the rocketing requirements for AI infrastructure.

除此之外，我們在光收發器領域長期保持矽鍺技術領先地位，加上正確的市場洞察力，即相信矽光子技術的優勢，這始於八年前與合適的合作夥伴攜手，並不斷吸納那些已成為這項技術最重要採用者的企業，這些都使我們迄今為止在矽光子製造和開發領域處於領先地位。事實證明，這恰逢其時，能夠滿足資料中心技術路線圖和建設的激增需求，為 Tower 帶來前所未有的成長，無論現在還是將來。我們與客戶緊密合作，即時推進產能提升和技術路線圖交付，以滿足人工智慧基礎設施的快速成長的需求。

Specific to demand-driven capacity expansion, we target 2025 silicon photonics revenue to be above $220 million, up from $105 million in 2024, and, very importantly, at a Q4 '25 annualized revenue run rate exceeding $320 million. The $320 million SiPho run rate is enabled by the very first steps in qualification and ramp of the previously announced $350 million investment. We have begun an additional investment of $300 million for further substantial SiPho capacity expansion and next-generation capabilities in Fab 3, Fab 9, Fab 2, and Fab 7, this investment targeted to achieve full volume in wafer starts in the second half of 2026. The total capacity is fully aligned to and directly requested by our customers.

就需求驅動的產能擴張而言，我們的目標是 2025 年矽光子學收入超過 2.2 億美元，高於 2024 年的 1.05 億美元，更重要的是，2025 年第四季年化收入運行率超過 3.2 億美元。SiPho 3.2 億美元的營運速度得益於先前宣布的 3.5 億美元投資的初步資格認證和規模化進程。我們已開始追加投資 3 億美元，用於進一步大幅擴大 Fab 3、Fab 9、Fab 2 和 Fab 7 的 SiPho 產能和下一代能力，這項投資的目標是在 2026 年下半年實現晶圓開工量產。總產能完全符合客戶需求，由客戶直接提出要求。

The resulting capacity should increase our SiPho shipments by over 3x against our targeted fourth-quarter '25 qualified utilized capacity.

由此產生的產能應該會使我們的矽磷出貨量比我們 2025 年第四季的目標合格利用產能增加 3 倍以上。

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

接下來，我想把電話交給我們的財務長奧倫‧希拉齊先生。奧倫，拜託了。

Hello, everyone. Earlier today, we released our quarterly financial results and balance sheet. For the third quarter of 2025, we reported revenue of $396 million, reflecting a year-over-year revenue increase of 7% and a quarter-over-quarter revenue increase of 6%. Gross profit for the first quarter was $93 million, 16% higher compared to $80 million in the second quarter, and operating profit was $51 million, 27% higher sequentially compared to $40 million in the second quarter.

大家好。今天早些時候，我們發布了季度財務業績和資產負債表。2025 年第三季度，我們公佈的營收為 3.96 億美元，年增 7%，季增 6%。第一季毛利為 9,300 萬美元，比第二季的 8,000 萬美元成長了 16%；營業利潤為 5,100 萬美元，比第二季的 4,000 萬美元環比成長了 27%。

Net profit for the quarter was $54 million, 15% higher compared to net profit of $47 million in the second quarter. And earnings per share were $0.48 basic and $0.47 diluted as compared to $0.42 basic and $0.41 diluted earnings per share reported for the second quarter.

本季淨利潤為 5,400 萬美元，比第二季的淨利潤 4,700 萬美元成長了 15%。每股收益基本上為 0.48 美元，稀釋後為 0.47 美元，而第二季報告的每股收益基本上為 0.42 美元，稀釋後為 0.41 美元。

Newport Beach fab lease extension. As mentioned in today's press release, to address the continuous and growing 5G demand and given the full utilization of our Newport Beach Fab, we are extending the Newport Beach fab lease by up to an additional 3.5 years beyond its previous 2027 term. An upfront lease payment of $105 million will be recorded as cash used for operating activities in our Q4 '25 statement of cash flow, with corresponding impact on our balance sheet cash amount, while the resulted P&L impact would be, as announced earlier today, $6 million per quarter to be recorded over a five-year period as required by GAAP in the COGS line.

紐波特海灘工廠租賃延長。正如今天的新聞稿中所述，為了滿足不斷增長的 5G 需求，並考慮到我們位於紐波特海灘的工廠已得到充分利用，我們將紐波特海灘工廠的租賃期限在原定的 2027 年期限基礎上再延長最多 3.5 年。預付的 1.05 億美元租賃款項將計入我們 2025 年第四季度現金流量表中的經營活動現金支出，這將對我們的資產負債表現金金額產生相應影響；而由此產生的損益表影響，正如今天早些時候宣布的那樣，將按照公認會計原則的要求，在五年內每季度計入銷售成本項下 600 萬美元。

Hedging, I would like now to describe our currency hedging activities. In relation to the Japanese yen, since the majority of TPSCo's revenues is denominated in the end, and the vast majority of TPSCo cost are in hand, we have a natural hedge over most of our Japanese business and operations. To mitigate part of the remaining yen exposure, we are executing zero cost cylinder transactions to hedge the currency fluctuations. Hence, while the yen rate against the dollar may fluctuate, there is limited impact on our margins.

接下來，我想介紹一下我們的貨幣對沖活動。就日圓而言，由於TPSCo的大部分收入最終都是以日圓計價的，而且TPSCo的大部分成本都是可控制的，因此我們對大部分日本業務和營運都有天然的對沖作用。為了減輕剩餘日圓風險敞口的一部分，我們正在執行零成本鋼瓶交易來對沖匯率波動。因此，儘管日圓兌美元匯率可能會波動，但對我們的利潤率影響有限。

In relation to the Israeli shekel currency, while we have no revenues in this currency, since a portion of our cost in Israel is denominated in the shekel currency, we also hedge a large portion of such currency risk by engaging zero cost cylinder transactions to mitigate this exposure. Hence, while the shekel rate against the dollar may fluctuate, the impact on our margins is limited.

關於以色列謝克爾貨幣，雖然我們沒有以該貨幣計價的收入，但由於我們在以色列的部分成本是以謝克爾貨幣計價的，因此我們也通過進行零成本鋼瓶交易來對沖很大一部分此類貨幣風險，以降低這種風險敞口。因此，儘管謝克爾對美元的匯率可能會波動，但對我們的利潤率的影響有限。

Moving to our balance sheet and future cash and cash burn -- CapEx and cash burn. As I noted earlier, our balance sheet remains very strong as evidenced by the following indicators and financial ratio. As of the end of September 2025, our assets totaled over $3 billion, primarily comprised of $1.4 billion in fixed assets net, mainly comprised of Fab machinery and $1.8 billion of current assets. Current asset ratio is very strong at about 7x, while shareholders' equity reached a record of $2.8 billion at the end of September 2025.

接下來我們來看看資產負債表、未來現金及現金消耗——資本支出和現金消耗。正如我之前提到的，我們的資產負債表仍然非常穩健，以下指標和財務比率可以證明這一點。截至 2025 年 9 月底，我們的資產總額超過 30 億美元，主要包括 14 億美元的固定資產淨值（主要包括製造設備）和 18 億美元的流動資產。流動資產比率非常強勁，約 7 倍，而截至 2025 年 9 月底，股東權益達到創紀錄的 28 億美元。

Our strong financial position allows us to invest in strategic opportunities that support our corporate vision as follows. For our high-margin SiPho and SiGe CPG business, we previously announced plans to invest $350 million to expand our capacity in our 8-inch fab in Israel and Texas and in our 12-inch Uozu fab in Japan. This CapEx includes a large portion of comfortability CapEx for advanced development and high-end RF technology-related projects. 50% of this amount has been paid today, while the remaining 50% are expected to be paid in the coming years.

我們雄厚的財務實力使我們能夠投資於支持我們企業願景的策略機遇，具體如下。對於我們利潤豐厚的矽磷和矽鍺消費品業務，我們先前宣布計劃投資 3.5 億美元，以擴大我們在以色列和德克薩斯州的 8 英寸晶圓廠以及我們在日本的 12 英寸魚津晶圓廠的產能。這項資本支出包括用於先進研發和高端射頻技術相關項目的舒適性資本支出的大部分。其中50%已於今日支付，剩餘50%預計在未來幾年內支付。

In addition, as we announced earlier today, we have decided to allocate an additional $300 million investment for capacity growth and next-generation capability, mainly for machinery for additional SiPho and SiGe capacity growth for our 8-inch fab and for our 12-inch fab. This would put total SiPho and SiGe capacity and capability related CapEx plan at an aggregate of $650 million. All of these investments are fully reflected in our previously presented strategic and financial model. Under this model, we are targeting $2.7 billion in annual revenues at full loading of our existing fab and qualified capacity, including the previously stated capacity expansion plan, $560 million in annual operating profit and $500 million in annual net profit.

此外，正如我們今天早些時候宣布的那樣，我們已決定追加 3 億美元的投資，用於產能增長和下一代能力建設，主要用於為我們的 8 英寸晶圓廠和 12 英寸晶圓廠購買額外的 SiPho 和 SiGe 產能增長所需的設備。這將使矽磷和矽鍺產能及能力相關的資本支出計畫總額達到 6.5 億美元。所有這些投資都已充分體現在我們先前提出的策略和財務模型中。根據該模式，我們的目標是在現有晶圓廠和合格產能滿載運轉的情況下，實現年收入 27 億美元（包括先前宣布的產能擴張計劃），年營業利潤 5.6 億美元，年淨利潤 5 億美元。

That concludes my prepared remarks.

我的發言稿到此結束。

Now I'd like to turn the call back to the operator, so we can take your questions.

現在我想把電話轉回給接線員，以便我們回答您的問題。

(Operator Instructions) Cody Acree, Investment Bank.

（操作員指示）科迪·阿克里，投資銀行。

Congrats on the progress. Oren, if I can just get a quick clarification. You said that the 300 -- the incremental $300 million was already considered in your $2.77 billion total revenue expectations long term. Is that right?

恭喜你取得進展。奧倫，請容許我快速確認一下。你曾說過，這 3 億美元——新增的 3 億美元已經包含在你長期 27.7 億美元的總收入預期中了。是這樣嗎？

Yes. Yes. It may mean that we will achieve this target earlier than somebody previously expected, but yes, it is included.

是的。是的。這可能意味著我們將比之前預期的更早實現這個目標，但沒錯，它已被包含在內。

Okay. So if no incremental upside, then what's the accelerated pace do you expect, I guess, what's the give and take of that extra CapEx?

好的。所以如果沒有額外的成長空間，那麼你預期加速成長的速度是多少？我想，額外的資本支出會帶來哪些利弊？

Acceleration of achievement towards the $500 million net profit climate, which, as you know, we are still not there. So we'll accelerate the achievement. And of course, the accelerated achievement will enable higher profit sooner.

加快淨利潤 5 億美元目標的步伐，但如您所知，我們尚未達到這個目標。因此，我們將加快實現這一目標的步伐。當然，加速實現目標將使更高的利潤更快到來。

Okay. Great. And then maybe, Russell, can you just talk about some of the applications that you see driving the aggressive growth that you're seeing in RF infrastructure?

好的。偉大的。那麼，Russell，您能否談談您認為推動射頻基礎設施快速成長的一些應用呢？

Yeah, the biggest and strongest is just really the need for build-out specifically, I think, AI driven, but it continues for high volumes of 400 gigabit per second, very high volume of 800 gigabit per second in multiple formulations of it, both DR8 and 2xFR4s. And then as stated, a very high volume right now going into 1.6 gigabit, where we're seeing somewhere about 30% of all of our starts being dedicated to that platform presently. So it's really just for the continual build-out of data center and a big movement right now going into the 1.6 G.

是的，最大、最強勁的需求實際上是建設方面的需求，我認為這是由人工智慧驅動的，但它持續滿足每秒 400 吉比特的高容量，以及每秒 800 吉比特的超高容量，並有多種形式，包括 DR8 和 2xFR4。如前面所說，目前 1.6 千兆位元的流量非常大，我們看到大約 30% 的流量都用於該平台。所以這實際上只是為了資料中心的持續建設，以及目前正在向 1.6G 邁進的大趨勢。

Tavy Rosner, Barclays.

Tavy Rosner，巴克萊銀行。

Congratulations on the strong results. I wanted to ask two quick ones on the silicon photonics, please. You mentioned the leading position of Tower. So who do you see as your main competitors these days? And given the supply-demand imbalance, at the moment, are you able or considering to raise prices?

恭喜你們取得優異成績。請問關於矽光子學，我有兩個問題想快速問一下。你提到了塔樓的領先地位。那麼，你認為目前你的主要競爭對手是誰？鑑於目前的供需失衡狀況，您是否有能力或正在考慮漲價？

Able is -- probably the answer to that would be yes. But considering, no, we're very close with our customers. We understand what their needs are. We have long-term roadmaps, and we're not opportunistic, if you would look at it that way of because demand is very, very tight to gouge somebody for an extra couple of wafers. I think that's the surest way to losing goodwill and partnership.

能夠勝任——答案很可能是肯定的。但考慮到實際情況，不，我們與客戶的關係非常密切。我們了解他們的需求。我們有長期的發展路線圖，我們不是投機取巧的人，因為市場需求非常非常緊張，我們不會為了多賣幾片晶圓而趁機牟利。我認為這是失去商譽和合作關係的最有效方法。

What we are seeing, however, is extremely strong demand. And having stated that, that's the reason for after having invested $350 million, which is we're seeing the first signs of that ramp right now to increase another $300 million of investment.

然而，我們目前看到的是極其強勁的需求。綜上所述，在投資了 3.5 億美元之後，我們現在看到了投資加速成長的初步跡象，並計劃再追加 3 億美元的投資。

I had stated that we're targeting a Q4 SiPho revenue shipment run rate of over $320 million. And against the qualified capacity that we're shipping the Q4 against, we're increasing that by over 3x in start capability within the next four quarters, expecting to have that entire 3x plus available for starts in the second half of 2026. So that's quite a bit, if you were to say, 3x of a $320 million run rate. That's quite a substantial growth in SiPho that we're projecting for ourselves. So having come from, what, plus minus $28 million in '23, to $105.4 million '24.

我曾說過，我們的目標是第四季度 SiPho 的營收出貨量達到 3.2 億美元以上。以我們第四季出貨的合格產能為基準，我們將在未來四個季度內將啟動能力提高 3 倍以上，預計到 2026 年下半年，這 3 倍以上的產能將全部用於啟動。所以，如果以 3.2 億美元的年收入來算，那可就相當多了，相當於 3 倍。我們預計 SiPho 將實現相當可觀的成長。所以，從 2023 年的約 2,800 萬美元，到 2024 年的 1.054 億美元。

So this year, we're targeting over $220 million for the full year, with the $320 million-plus run rate in Q4, but bringing that to well above $900 million by target. And that target is really spoken to by customers. That's not field of dreams, if you build it, they will come, that's customers saying, please build it, we need the capacity. And so I think we sit very strong with our relationships with SiPho.

因此，今年我們的目標是全年超過 2.2 億美元，第四季實現 3.2 億美元以上的營收，最終目標是超過 9 億美元。而這個目標其實是由顧客提出的。那不是“如果你建好了，他們就會來”，而是客戶在說：“請建吧，我們需要這個產能。”所以我認為我們與SiPho的關係非常牢固。

Now also as stated in the script that we're doing quite a bit on capability, not just for present 1.6T generation but to make sure that our customers are in a leading position for the capabilities needed for 3.2T or for 6.4T, specifically the needs for a faster capable modulator of 400G. And those activities are very real time. So we're investing real time on increasing capacity, which is really being demanded by the industry.

正如腳本中所述，我們正在大力提升能力，不僅是為了當前的 1.6T 代，更是為了確保我們的客戶在 3.2T 或 6.4T 所需的能力方面處於領先地位，特別是對速度更快的 400G 調製器的需求。而且這些活動都是即時進行的。因此，我們正在投入大量時間來提高產能，而這正是業界真正需要的。

And fortunately, as stated, we are by far in the leading position on manufacturing, but we believe also to be in the leading position as far as developing next-generation platform with the leaders so that we're both prepared well before the demand actually arises.

幸運的是，正如前面所說，我們在製造方面遙遙領先，我們相信，在與行業領導者共同開發下一代平台方面，我們也處於領先地位，這樣我們就能在需求真正出現之前做好充分準備。

Did that answer your question, I hope?

希望我的回答能解答你的疑問？

Yeah. Just for the first part, do you see any changes in competitive dynamics, anyone else to growing capital in that field to try and take some share away from you guys?

是的。僅就第一部分而言，您是否看到競爭格局有任何變化？是否有其他公司在該領域增加資本，試圖從你們手中奪取一些市場份額？

I believe that most people would like to take share from us. It's growth market with good, strong customers. The point is really to the question that you asked, to be opportunistic on pricing would be probably a good invitation for our customers to say hey, we don't want to be a long-term partner, go look for someone else that you could leverage us with pricing on and they don't have to do that. We're working very closely with our customers to be reasonable and to have win-wins on both sides.

我相信大多數人都願意從我們這裡獲得股份。這是一個成長型市場，擁有優質、強大的客戶群。關鍵在於你提出的問題，在定價上投機取巧可能會讓我們的客戶覺得，嘿，我們不想成為長期合作夥伴，去找其他可以利用價格優勢來占我們便宜的公司吧，而他們完全不必這麼做。我們與客戶密切合作，力求合理，實現雙方共贏。

But yeah, I'm sure that there's others that are trying to eat into where we're at. It's very difficult to somebody to break into our position right now. Fortunately, and really for this call, have with us Marco Racanelli, the RF activities report directly under him.

但是，我確信還有其他人試圖蠶食我們現有的市場份額。現在要取代我們的位置非常困難。幸運的是，而且確實是為了這通電話，我們邀請了 Marco Racanelli，他是直接向他報告的俄羅斯聯邦活動報告員。

I don't know, Marco, if you had any color you wanted to add to that?

馬可，我不知道你有沒有想加什麼顏色？

I think on the pricing discussion, as you say, we're not taking advantage of the situation just because capacity is tight in the industry today, but we are adding value in our advanced platforms. And so in that regard, we do price higher technologies that deliver more value to customers. So in that aspect, over time, we do anticipate some price improvement as customers migrate to these more advanced technologies.

我認為關於定價的討論，正如你所說，我們並不是因為目前行業產能緊張而趁機牟利，而是因為我們的先進平台正在增加價值。因此，在這方面，我們確實會對能為客戶帶來更多價值的高端技術收取更高的價格。因此，從這個角度來看，隨著時間的推移，我們預計隨著客戶向這些更先進的技術遷移，價格會有所改善。

And I will say as well that SiPho is already very accretive in margin. So we do get paid for the value that we add, and that's how things should be based. We stated very strongly that SiPho has a very strong benefit for our customers against EML. So for our customers to be using our platforms now. And if you look at halving of lasers, it's a big deal.

我還要補充一點，SiPho 的利潤率已經非常可觀了。所以，我們獲得的報酬是與我們創造的價值相符的，而這才是薪酬應有的標準。我們非常明確地指出，SiPho 對我們的客戶來說具有對抗 EML 的非常強大的優勢。所以，我們的客戶現在正在使用我們的平台。如果把雷射器的數量減半，那就意義重大了。

You have as well at this point then for the 1.6T, the use of silicon modulator that's inside of the PIC itself versus needing an indium phosphide modulator that cost much more money and quite a bit of 3, 5 area. So there's value in the platforms. And obviously, we both share in whatever value is created.

那麼，對於 1.6T 來說，目前的優勢在於可以使用 PIC 內部的矽調製器，而無需使用成本更高、面積更大的磷化銦調製器。所以這些平台是有價值的。顯然，我們雙方都能分享所創造的價值。

Richard Shannon, Craig-Callum Capital Group.

理查德·香農，克雷格-卡勒姆資本集團。

Congrats on some very nice numbers here. Let me start off with a few questions here on silicon photonics. Russell, you made an interesting comment that I probably didn't transcribe my own notes here very well, but you mentioned something about a shift to silicon photonics, it's permanent. Can you explain what you mean by that, please?

恭喜你取得了非常不錯的成績。首先，我想問幾個關於矽光子學的問題。Russell，你提出了一個有趣的觀點，我可能沒有很好地記下自己的筆記，但你提到了向矽光子學的轉變，而且是永久性的。請問您能解釋一下您這話的意思嗎？

Yeah, what we stated in the script, it's very cost-conducive against EML. It takes half the lasers. So if you look at twofold, the cost of 3.5 and also the capacity constraint of 3.5 in that's both a big benefit to be able to use silicon photonics at the 400, 800, 1.6T and potentially, depending on development, even at 3.2T going to SiPho you have a silicon modulator, which is also very cost-conducive against needing to have a 3.5 modulator here. So yeah, by stating that there's a cost benefit that certainly drives long-term stickiness. But in addition to the cost benefit, there's performance benefit as well.

是的，正如我們在劇本中所述，它對 EML 來說非常具有成本效益。這樣只需要一半的雷射。因此，從兩個方面來看，3.5 的成本和 3.5 的容量限制，能夠在 400、800、1.6T 甚至可能（取決於發展情況）在 3.2T 上使用矽光子技術都是一個巨大的優勢，因為使用矽光子技術可以避免使用 3.5 調製器，從而大大降低成本。所以，沒錯，透過說明成本效益，確實可以提高長期用戶黏性。除了成本效益之外，性能方面也有優勢。

And when you combine cost and performance, that's really an absolute winning combination for market share stickiness, right?

當成本和性能結合起來時，這對於保持市場份額來說絕對是一個制勝組合，對吧？

Okay. My second question is, looking at 1.6 here. Obviously, we're seeing module makers talk about some nice ramps here starting next year. What kind of mix do you expect to have a 1.6 versus slower speeds in your business, I don't know, next year or a particular point? Just trying to get a sense of how fast this is scaling versus the older slower technologies.

好的。我的第二個問題是，這裡看1.6。顯然，我們看到模組製造商正在談論從明年開始的一些不錯的增產計劃。我不知道，明年或某個特定時間點，您預計貴公司1.6倍速與較慢速的車型組合會是什麼樣的呢？我只是想了解這種技術與速度較慢的舊技術相比，擴展速度有多快。

Right now, the 1.6 is close to 1/3 of our starts. So that gives you a feel for where we're at right now, and that's up from almost nothing this at the beginning of the year. So it's a very quick ramp movement to the 1.6T. I would expect that will go to over 50% within the first multiple quarters of the next year.

目前，1.6 級賽車占我們所有賽車起跑次數的近三分之一。這樣你就能感受到我們目前的處境了，而這比年初幾乎為零的情況有了很大的進步。因此，1.6T車型的銷量成長速度非常快。我預計明年頭幾個季度內，銷售量佔比將超過50%。

Okay. That is helpful. My last question on Silicon Photonics here is following up on your comments as well as one of the questions here about reaching 3 times, I think, it was a capacity comment in silicon photonics from the run rate of this current fourth quarter. What kind of timeframe do you expect to be able to get to your full utilization level on that?

好的。那很有幫助。我最後一個關於矽光子學的問題是，作為對您先前評論的補充，以及關於矽光子學產能達到當前第四季度運行速度的3倍的問題的回應。您預計需要多長時間才能達到完全利用率？

It sounds like it could be this year -- or excuse me, '26, but I just want to get your sense of what you're expecting there.

聽起來像是今年——或者抱歉，是2026年，但我只是想了解你對那一年的期待。

The demand is there or will be there by customer forecast. By planning, we should be fully installed within the first half of '26 and having all the tools up and running, being able to hit the full start capability within the second half. So the shipment level really depends at what point in the second half we do the wafer starts. You'll typically be looking at somewhere of a three- to four-month cycle between the starts and the shipment given whatever the size of the POs are. So we certainly would foresee seeing a portion of this increased capacity coming into revenue within the second half of '26, but taken into account that the first ramp that we're doing has not been realized yet either.

根據客戶預測，需求已經存在或將會存在。透過規劃，我們應該能在 2026 年上半年完成全部安裝工作，並使所有工具投入運行，從而能夠在下半年達到全面啟動能力。所以出貨量其實取決於我們在下半年的哪個時間點開始生產晶圓。根據採購訂單的大小，從開始訂購到發貨通常需要三到四個月的時間週期。因此，我們當然可以預見，這部分新增產能將在 2026 年下半年轉化為收入，但考慮到我們正在進行的第一個產能爬坡計畫尚未實現。

So the previous $350 million investment is right now in its first stages of ramping. So within the first half and predominantly in the second quarter, we should see a very big pickup in our silicon photonics shipments revenue, and that should continue in the third and fourth quarter. When we hit the full 3x or 3x-plus shipment capacity in 2026, that I really don't know. The demand is there. It's a question -- and I do believe that we'll start the full amount within the second half of the year.

因此，先前3.5億美元的投資目前正處於初期階段。因此，在上半年，尤其是在第二季度，我們應該會看到矽光子裝置出貨收入大幅成長，這種情況應該會在第三季和第四季繼續下去。2026 年我們何時才能達到 3 倍或 3 倍以上的出貨能力，我真的不知道。市場需求是存在的。這是一個問題——但我相信我們將在今年下半年開始全額投入。

The shipment could dragged on into Q1 plus/minus. But I think we'll see -- we should see a good amount of it. I mean, that's why we're doing the investment. And certainly, that's why we're accelerating it.

這批貨物的交付可能會持續到第一季左右。但我認為我們會看到——我們應該會看到相當多的這樣的例子。我的意思是，這就是我們進行這項投資的原因。當然，這也是我們加快這一進程的原因。

Okay. Perfect. One last question for me, I'll jump out of line. Oren, can you talk about kind of gross margin fall through in the next few quarters? Obviously, knowing that Silicon Photonics is a margin-accretive business for you, and it sounds like that will be your major driver here.

好的。完美的。最後一個問題，我可能要冒昧地問一下。奧倫，你能談談未來幾季毛利率下滑的情況嗎？顯然，您知道矽光子學是一項能為您帶來利潤成長的業務，而這聽起來也將是您在此領域的主要驅動力。

How do we think about this going forward here? And I want to get a sense of also when additional depreciation builds in here to think about that going forward.

接下來我們該如何看待這個問題？我還想了解何時會產生額外的折舊，以便為未來的發展做好準備。

Yeah. So I think currently, the gross profit in Q3 was 24%, $93 million over $396 million, that's the actual number. And it should be better as you see our long-term financial model and which has higher percentages. And usually, we speak about incremental margin of 50% and, of course, because of the SiPho. It will be higher, nicely.

是的。所以我認為目前第三季的毛利率為 24%，即 9,300 萬美元，而總收入為 3.96 億美元，這才是實際數字。正如您所看到的，我們的長期財務模型具有更高的百分比，情況應該會更好。通常，我們談論的是 50% 的增量利潤，當然，這都是因為 SiPho。它會更高，很好。

And it will be offset by two elements. One is the Newport Beach lease amount that we said that we will pay additional $6 million -- not additional, we'll pay a total of $6 million. And the second is what you mentioned here correctly, the depreciation from the additional CapEx, the total additional CapEx is $600 million over 15 years. So it's about $10 million a quarter. But some of that already started.

它將被兩個元素偏移。一是紐波特海灘的租賃金額，我們說過我們將額外支付 600 萬美元——不是額外支付，而是總共支付 600 萬美元。第二點正如您在這裡正確提到的，即額外資本支出的折舊，15 年內額外資本支出總額為 6 億美元。所以大約是每季1000萬美元。但其中一些已經開始了。

So it's a gradual ramp to grow the $10 million.

所以，這是一個逐步增加到 1000 萬美元的目標。

Mehdi Hosseini Rosen, SFG.

Mehdi Hosseini Rosen，SFG。

A couple of follow-up. And I apologize, I joined the call late. I apologize if I'm repeating some of the questions already covered. Russell, when you look at the opportunities associated with transceiver, are you also baking in increased content. In other words, I'm under assumption that most of opportunities currently on the transmit side and whether receive side the transmitter would also give you opportunity to increase content.

還有一些後續問題。很抱歉，我加入通話晚了。如果我重複了之前已經討論過的問題，我深感抱歉。Russell，當你審視收發器相關的機會時，你是否也考慮到了增加內容的重要性？換句話說，我假設目前發射端的大部分機會，以及接收端的發射機，都會為你增加內容的機會。

Certainly to increase volumes, both had stated that really a very nice immediate upside was a pretty advanced platform that's shipping at 300-millimeter received SiPho in the fourth quarter. And we'll go into some several formulations beyond what we're doing in the fourth quarter in 2026. So yeah, the receive is incremental served market that right now, most -- well, everything we're doing other than this first 300-millimeter activities is for transmit. So very good question.

為了增加銷量，雙方都表示，一個非常不錯的直接利好因素是第四季度推出的 300 毫米 SiPho 先進平台。我們將在 2026 年第四季推出一些超出我們目前做法的方案。所以，是的，接收是增量服務市場，目前，除了最初的 300 毫米活動之外，我們所做的一切幾乎都是為了發射。問得好。

Okay. Is there any way we could kind of think about how this SiPho capacity increased by 3x would be split into increased content versus units of transceiver shipped to the end market?

好的。我們能否考慮一下，SiPho產能增加3倍後，如何分配到增加的晶片數量和交付給終端市場的收發器數量？

I'm not really sure exactly what you mean by increased content, but it's units being used in transceivers. So -- and at the 1.6 -- I'm sorry, go ahead.

我不太確定你說的「增加內容」具體指的是什麼，但指的是收發器中使用的單元。所以——到了 1.6——對不起，請繼續。

Right, right, right. As you increase the mix of receive and transmit within the same transmitter, how much of that is baked into capacity increase of 3 times, so 3x?

對，對，對。當同一發射機內接收和發射的混合比例增加時，容量增加 3 倍（即 3 倍）有多少是實際增加的？

Right now, the increase of 3x is including very little receive. That's most all transmit.

目前，3倍的成長幾乎沒有帶來任何收益。以上就是大部分傳輸內容。

So would you need to increase capacity again as your customers migrate to receive size with SiPho?

那麼，隨著您的客戶逐漸轉向使用 SiPho 的收貨尺寸，您是否需要再次增加產能？

Yes, and we'd be really thrilled to do so. We have platforms that are doing it. I mean, it's not that we're not proactive against it. It's that right now, the transmit demand is so high. But yes, receive -- but receive really comes into very strong capabilities with DMUX, and that's a big area that we're focused on.

是的，我們非常樂意這樣做。我們已經有一些平台在做這件事了。我的意思是，並不是我們沒有積極回應這種情況。問題就在於，目前傳輸需求非常高。是的，接收－DMUX 的接收功能非常強大，這也是我們重點關注的領域。

Okay. Just a quick follow-up. In the longer term, where are we with packaging? I think a couple of quarters ago, you highlighted doing R&D, so you would extend your addressable market to include some packaging. Is there an update you can share with us?

好的。再補充一點。從長遠來看，包裝產業的發​​展方向是什麼？我認為幾個季度前，您重點強調了研發，因此您將目標市場擴展到包括一些包裝領域。您能否與我們分享最新進展？

We have an activity with a leading packaging house focused on formulating a CPO, a full, CPO. We certainly have other activities around NPO, big activities with through silicon via that's required for NPO and potentially for CPO as well. So we're making progresses there. It's not that there's a lot of CPO being used right now, it's not, but we're making good progress.

我們與一家領先的包裝公司合作，致力於配製 CPO（一種完整的 CPO）。我們當然還有其他與 NPO 相關的活動，有些大型活動涉及 NPO 所需的矽通孔，也可能適用於 CPO。所以，我們在這方面取得了進展。現在CPO的使用量並不大，確實不大，但我們正在取得良好的進展。

We also have other activities driving additional really strong capabilities. We're talking multiple generations down the road, but a really big program focused on 51.2T to have very, very advanced modulation that would possibly be required within a PIC structure or whatever CPO would be used.

我們還有其他活動來增強自身的強大能力。我們正在討論未來幾代人的發展，但一個真正龐大的項目專注於 51.2T，以實現 PIC 結構或任何 CPO 中可能需要的非常非常先進的調製。

Okay. And these opportunities are more -- if they materialize into revenue more later this decade, it would take a couple of years for commercialization, right?

好的。而且這些機會更多——如果它們在本十年後期轉化為收入，商業化還需要幾年時間，對吧？

I think it's a couple of years before CPO has strongly commercialized period, independent of Tower.

我認為CPO還需要幾年時間才能真正實現獨立於Tower的商業化。

Lisa Thompson, Zacks Investment Research.

Lisa Thompson，Zacks投資研究公司。

I was wondering if you could talk a little bit about 3.2T. It seems like the technology may not be able to go from 1.6 to 3.2. Can you tell us kind of where they are specifically with trying to solve that problem? And is there still a risk that an entire new technology might be needed?

我想請您談談3.2T引擎的情況。看起來這項技術可能無法從1.6升提升到3.2升。您能否具體說說他們在解決這個問題上進展到什麼程度了？是否仍有可能需要一種全新的技術？

I don't think an entire new technology will be needed. There are certain issues even around the DSP that's being worked on. But, no, I don't think a new technology. From our standpoint, the thing that's really required is the modulation as mentioned at 400G. And as stated in the script, we're working on three different pathways, depending on customers' needs and desires to do the 400G modulator.

我認為不需要全新的技術。即使是正在研發的DSP也存在一些問題。但是，不，我不認為這是一項新技術。從我們的角度來看，真正需要的是400G中提到的調製。如腳本中所述，我們正在研究三種不同的方案，具體取決於客戶對 400G 調製器的需求和願望。

So from the pure modulation standpoint, I think we're addressing it very strongly with very good progress. From the entire transceiver, the build-out or CPO, I mean, those are other issues, but I don't think that they're not attackable or solvable. So I don't think that 3.2T will be held up now.

所以從純粹的調製角度來看，我認為我們正在非常有力地解決這個問題，並且取得了非常好的進展。從整個收發器、建置或 CPO 的角度來看，我的意思是，這些都是其他問題，但我認為它們並非無法攻克或解決。所以我認為3.2T的計劃現在不會受到影響了。

Okay. And let me just clarify, is the revenues from SiPho totally gated by capacity as the demand there if you can build it?

好的。我再澄清一下，SiPho 的收入是否完全取決於產能，因為如果你能建造的話，那裡的需求就會增加？

Yeah.

是的。

Okay. And then one small question. When are you going to start reporting Agate utilization? Is that way far off.

好的。最後還有一個小問題。你們什麼時候開始公佈瑪瑙的使用率？那還很遠嗎？

As need and be, we could start reporting it any time. We just haven't. We were in the midst of the first ramp there. But we could start reporting it. There's no reason that we wouldn't.

如有需要，我們可以隨時開始報告此事。我們沒有。我們當時正處於第一條坡道的中間。但我們可以開始報道這件事。我們沒有任何理由不這麼做。

Richard Shannon, Craig-Hallum Capital Group.

理查德·香農，克雷格-哈勒姆資本集團。

Great. Russell, kind of big picture, looking across your business with the obvious angle also inclusive of silicon photonics. How do you think about 300-millimeter? You obviously have some through a couple of joint ventures or whatever the right term is there with Intel and ST and then have some capacity in Japan here. But how do you think about acquiring more of that?

偉大的。Russell，從大局來看，從矽光子學的角度來審視你的業務，這很顯而易見。你覺得300毫米怎麼樣？顯然，你們透過與英特爾和意法半導體的一些合資企業或其他合適的術語獲得了一些產能，而且在日本也有一些產能。但您如何考慮獲取更多這類資源呢？

It seems very important for you to have here and obviously very important for Silicon Photonics, it's clearly our big growth driver here. Is this something where you can find more partnerships like you have with the two partners you've already announced in the past? Or do you see greenfield? Or how do you intend to address that?

對你來說，擁有它似乎非常重要，對矽光子學來說也顯然非常重要，它顯然是我們這裡的主要成長動力。您是否可以像之前宣布的那樣，找到更多像那兩家合作夥伴一樣的合作關係？還是你看到的是一片綠地？或者，您打算如何解決這個問題？

Richard, it's an excellent question, and it's one that we're focused on. No, I don't think that we'll be addressing it through partnerships such as what we have with ST or what we have with Intel, we'd be addressing it somewhat organically should we go forward there. But I think it's an excellent presence to be excited for our Q4 release. And we'll be talking more to it at that point.

理查德，這是一個很好的問題，也是我們專注的問題。不，我不認為我們會透過像與ST或英特爾那樣的合作關係來解決這個問題，如果我們要繼續推進，我們會以某種自然而然的方式來解決。但我認為，這足以讓我們對第四季的產品發布感到興奮。到那時我們會對此進行更深入的探討。

That does conclude our Q&A session. I would now like to turn the call to Mr. Russell Ellwanger for any closing remarks.

我們的問答環節到此結束。現在我謹將電話轉給拉塞爾·埃爾旺格先生，請他作總結發言。

Well, Truly, thank you for continued interest in Tower. Thank you for the support of Tower. Certainly, appreciate the questions that were asked as well during the call. Really, we're very excited to update you over the coming quarters as this more than 3x capacity that we talked about for the SiPho 5G growth as that comes online and to update you about the other progresses and activities. Again, very good question, question about how this CapEx investment impacts the financial model, where Oren mentioned about it bringing in the timeline of reaching certain revenue levels, accelerating the timeline at -- due to the SiPho as mentioned accretive margins, doing it at a somewhat different financial model.

非常感謝您一直以來對Tower的關注。感謝Tower的支持。當然，也很感謝通話期間提出的問題。真的，我們非常興奮地在接下來的幾個季度向您匯報，因為我們之前談到的 SiPho 5G 容量將增長 3 倍以上，隨著 5G 的上線，我們也會向您匯報其他進展和活動。這又是一個很好的問題，這個問題是關於這項資本支出投資如何影響財務模型的，Oren 提到，由於 SiPho 的增值利潤率，它將加快達到特定收入水平的時間線，並以一種略有不同的財務模型來實現。

So we're very excited to update on all of these things. And as we get ready and prepare and give the end of year comments, which is always a summary of the year and an outlook of what we're doing in the coming years, I think there's many exciting things that we'll be talking about with you about the direction of the company and how all of these accretive actions really turned out to be a very strong benefit and a strong ROI. If we look at what we're doing with SiPho as far as CapEx, the really nice thing with the SiPho and CapEx is that it's truly from the time that you start shipping wafers, you're dealing with the half-year ROI on the CapEx that you put into the tool. So that's not from the time of ordering the CapEx.

所以我們很高興能向大家介紹所有這些事情的最新進展。當我們準備並發表年終總結時（這總是對過去一年的總結以及對未來幾年工作的展望），我認為我們將與大家討論許多令人興奮的事情，包括公司的發展方向，以及所有這些增值措施最終如何真正帶來非常強大的效益和強勁的投資回報率。如果我們看看我們在 SiPho 上的資本支出，SiPho 和資本支出真正好的地方在於，從你開始交付晶圓的那一刻起，你就可以開始計算投入到該工具中的資本支出的半年投資回報率。所以這不是下達資本支出指令時的時間。

But from the time of actually being qualified and shipping wafers and doing that ramp, ROIs are very, very quick. So as Oren stated, knowing that we're doing a very big expansion, knowing that that expansion is spoken to by customers, requesting the capacities and seeing the quick turn with this market on an ROI, you can see then how the timing of revenue is really greatly accelerated. And I hope to give -- well, not hope, we will be giving much color on that as we get the end of year and the forward-looking statements when we release Q4.

但從實際獲得資質、開始出貨晶圓並實現產能爬坡的那一刻起，投資回報就非常非常快。正如 Oren 所說，考慮到我們正在進行大規模擴張，考慮到客戶對這種擴張的需求，以及他們提出的產能要求，並且考慮到這個市場在投資回報率方面的快速轉變，你就可以看出收入實現的速度確實大大加快了。我希望——或者說希望，我們會在年底公佈第四季度業績和前瞻性聲明時詳細說明。

So again, very looking forward to going over that with you, an extremely exciting time for the company, extremely exciting, I think, for our customers and for us in the midst of customer partnerships with people that trust us and that look for us for their solution and for growing their own businesses. Very excited to host our 2025 Technical Global Symposium in Santa Clara next week, be November 18, open for all customers. Very happy that you would be coming and listening to us.

所以，我非常期待與您詳細討論此事，這對公司來說是一個極其激動人心的時刻，我認為對我們的客戶來說也是如此，對我們來說更是如此，因為我們正與那些信任我們、尋求我們解決方案並發展自身業務的客戶建立合作關係。非常高興我們下週（11月18日）將在聖克拉拉舉辦2025年全球技術研討會，歡迎所有客戶參加。非常高興你們能來聽我們講話。

As stated, Dr. Charlie Kawwas from Broadcom will be giving the customer invited talk there. It should be extremely interesting. I've heard him speak at times before, and a great speaker with a tremendous amount of knowledge and capability. Dr. Racanelli will be giving an in-depth overview. It sounds like contradictory, but an in-depth overview of all our technologies. And I'll give the introductory talk, really talking about the culture of Tower where we're going and what is the basis of what I believe to be one of the kind customer partnership.

如同先前所說，博通公司的查理·卡瓦斯博士將受邀在會上發表客戶邀請演講。這應該會非常有趣。我以前聽過他演講，他是一位很棒的演說家，擁有淵博的知識和卓越的能力。拉卡內利博士將進行深入概述。聽起來似乎自相矛盾，但這卻是對我們所有技術的深入概述。我將作開場演講，重點談談 Tower 的企業文化、我們的發展方向以及我認為獨一無二的客戶合作關係的基礎。

Now in addition to this technical symposium, on December 10, we'll be participating in the 23rd Barclays Annual Global Technology Conference in San Francisco; on January 13 and 14 in the 28th Annual Needham Growth Conference in New York. And of course, any of you as investors or analysts that wish to have additional calls with the company, please contact Noit or [Oni] and very happy to accommodate those according to your needs and desires.

除了本次技術研討會之外，我們還將於 12 月 10 日參加在舊金山舉行的第 23 屆巴克萊年度全球技術大會；並於 1 月 13 日至 14 日參加在紐約舉行的第 28 屆 Needham 年度增長大會。當然，各位投資者或分析師，如果您希望與公司進行更多電話會議，請聯絡 Noit 或 [Oni]，我們非常樂意根據您的需求和意願安排會議。

So with that, I'll end the call. And again, thank you, a very exciting time.

那麼，我就結束通話了。再次感謝，這段時間真是令人興奮。

This concludes today's conference call. Thank you for participating. You may now all disconnect. Have a nice day.

今天的電話會議到此結束。感謝您的參與。現在你們都可以斷開連結了。祝你今天過得愉快。