Twist Bioscience Corp (TWST) 2026 Q1 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome to Twist Bioscience Fiscal 2026 First Quarter Financial Results Conference Call. (Operator Instructions).

女士們、先生們，感謝你們的耐心等待。歡迎參加 Twist Bioscience 2026 財年第一季財務業績電話會議。（操作說明）

Please be advised that today's conference is being recorded. I would like now to turn the conference over to Angela Bitting, Senior Vice President of Corporate Affairs. Please go ahead.

請注意，今天的會議正在錄影。現在我將把會議交給企業事務高級副總裁安吉拉·比廷。請繼續。

Thank you, operator. Good morning, everyone. I would like to thank you for joining us for Twist Biosciences conference call to review our fiscal 2026 first quarter financial results and business progress. We issued our financial results press release before the market, and it is available at our website at www.twistbioscience.com. With me on the call today are Dr. Emily Leproust, CEO and Co-Founder of Twist; Adam Laponis, CFO of Twist; and Dr. Patrick Finn, President and COO of Twist.

謝謝接線生。各位早安。感謝各位參加 Twist Biosciences 的電話會議，共同回顧我們 2026 財年第一季的財務表現和業務進展。我們在市場交易前發布了財務業績新聞稿，您可以在我們的網站 www.twistbioscience.com 上查看。今天與我一起參加電話會議的有：Twist 執行長兼共同創辦人 Emily Leproust 博士；Twist 財務長 Adam Laponis；以及 Twist 總裁兼營運長 Patrick Finn 博士。

Today, we will discuss our business progress, financial and operational performance as well as growth opportunities. We will then open the call for questions. We ask that you limit your questions to only one, and then requeue as a courtesy to others on the call.

今天，我們將討論我們的業務進展、財務和營運業績以及成長機會。接下來我們將開放提問環節。請您將問題限制為一個，然後重新排隊，以示對其他通話者的尊重。

This call is being recorded. The audio portion will be archived in the Investors section of our website and will be available for two weeks. During today's presentation, we will make forward-looking statements within the meaning of the U.S. federal securities laws. Forward-looking statements generally relate to future events or future financial or operating performance.

本次通話正在錄音。音訊部分將存檔於我們網站的投資者關係版塊，並保留兩週。在今天的演講中，我們將做出符合美國聯邦證券法定義的前瞻性陳述。前瞻性陳述通常與未來事件或未來的財務或經營績效有關。

Our expectations and beliefs regarding these matters may not materialize, and actual results in financial periods are subject to risks and uncertainties that could cause actual results to differ materially from those projected. These risks include those set forth in the press release we issued earlier today as well as those more fully described in our filings with the Securities and Exchange Commission. T

我們對這些問題的預期和信念可能不會實現，財務期間的實際結果會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測結果有重大差異。這些風險包括我們今天早些時候發布的新聞稿中列出的風險，以及我們在提交給美國證券交易委員會的文件中更詳細描述的風險。T

he forward-looking statements in this presentation are based on the information available to us as of the date hereof, and we disclaim any obligation to update any forward-looking statements, except as required by law. We'll also discuss adjusted EBITDA, a financial measure that does not conform with generally accepted accounting principles. Information may be calculated differently than similar non-GAAP data presented by other companies.

本簡報中的前瞻性聲明是基於截至本簡報發布之日我們所掌握的信息，除法律要求外，我們不承擔更新任何前瞻性陳述的義務。我們也將討論調整後的 EBITDA，這是一個不符合公認會計原則的財務指標。本資訊的計算方法可能與其他公司提供的類似非GAAP資料有所不同。

When reported, a reconciliation between GAAP and non-GAAP financial measures will be included in our earnings documents, which can be found on the Investors section of our website. With that, I will now turn the call over to our CEO and Co-Founder, Emily Leproust.

如有報告，我們將在收益文件中提供 GAAP 和非 GAAP 財務指標的調整表，您可以在我們網站的投資者關係部分找到這些文件。接下來，我將把電話交給我們的執行長兼聯合創始人艾米麗·勒普魯斯特。

Thank you, Angela, and good morning, everyone. Q1 provided a strong start to fiscal 2026 and (inaudible)

謝謝你，安琪拉，大家早安。2026財年第一季開局強勁，（聽不清楚）

pattern of consistent execution of marking our 12th consecutive quarter of revenue growth. This performance builds directly on the operating momentum established in fiscal 2025 and reflects trends that remain intact as we move through the year.

我們持續保持成長勢頭，連續第12個季度實現營收成長。這一業績直接建立在 2025 財年建立的營運動能之上，並反映了我們在今年內持續保持的趨勢。

Notably, over the last three years, we have delivered a revenue CAGR of 24% and increased margin by 20 percentage points on relatively flat OpEx, materially outpacing growth across (inaudible) industry.

值得注意的是，在過去三年中，我們在營運支出相對持平的情況下，實現了 24% 的收入複合年增長率和 20 個百分點的利潤率增長，顯著超過了整個（聽不清）行業的增長速度。

We believe the (inaudible) of sustained growth and meaningful operational progress clearly differentiates Twist within our peer group.

我們相信，持續成長和有意義的營運進度使 Twist 在同行中脫穎而出。

Going back to basics, Atlas, our strategy is simple and very deliberate. We built a semiconductor-based (inaudible) platform that gives us a technology advantage that translates into speed, scale, quality and affordability for our customers. Everything we do build on this differentiated informational platform.

回歸基本，Atlas，我們的策略很簡單，而且非常深思熟慮。我們建立了一個基於半導體的（聽不清楚）平台，這為我們帶來了技術優勢，從而為我們的客戶帶來了速度、規模、品質和價格優勢。我們所做的一切都建立在這個差異化的資訊平台之上。

As we (inaudible) serving more customers with more products, we improve our financial performance, strengthen our competitive position and extend our addressable markets. This quarter's results reflected our model is working as intended and we are building for the opportunities, we see that leverage our advantage to accelerate growth.

隨著我們（聽不清楚）為更多客戶提供更多產品，我們的財務表現得到改善，我們的競爭地位得到加強，我們的目標市場也得到擴大。本季的業績反映出我們的模式正在按預期運作，我們正在為我們認為能夠利用自身優勢加速成長的機會做好準備。

Over the last several years, we have transformed Twist into (inaudible) as an NPI machine. We consistently launch new products that sit on top of the same core manufacturing infrastructure, allowing us to expand into new applications and customer workflows without adding risk or complexity. As a result, our estimated serviceable market has expanded from approximately $2 billion in 2020 to roughly $7 billion today, driven by our current portfolio of products and services.

在過去的幾年裡，我們已經將 Twist 改造成一台（聽不清楚）新產品導入 (NPI) 機器。我們不斷推出基於同一核心製造基礎設施的新產品，這使我們能夠擴展到新的應用和客戶工作流程，而不會增加風險或複雜性。因此，在現有產品和服務組合的推動下，我們預期的服務市場規模已從 2020 年的約 20 億美元擴大到如今的約 70 億美元。

Based on our market growth and customer adoption patterns, we continue to see a clear case to more than $12 billion of (inaudible) market by 2030 with additional growth opportunities as we launch new products. Importantly, the (inaudible) expansion is occurring while serving some of the most sophisticated customers in life sciences, across therapeutics, dynastic and applied markets.

根據我們的市場成長和客戶接受模式，我們繼續看到一個清晰的案例，到 2030 年，市場規模將超過 120 億美元（聽不清楚），隨著我們推出新產品，還將有更多成長機會。重要的是，這種（聽不清楚的）擴張是在服務生命科學領域一些最成熟的客戶的同時進行的，涵蓋治療、王朝和應用市場。

These customers choose Twist because we future-proof their supply chains and innovation to enable them to move faster at scale with confidence.

這些客戶選擇 Twist 是因為我們能夠讓他們的供應鏈和創新面向未來，讓他們更有信心地快速大規模發展。

Paddy will dive deeper into one of the opportunities in the DNA Synthesis & Protein Solutions Group to detail how we are playing to win in the AI-enabled discovery market as (inaudible) and scales in real time. For our energy applications group, we see a serviceable market of over $3 billion, with about 10% market share today.

Paddy 將深入探討 DNA 合成與蛋白質解決方案集團的一項機遇，詳細介紹我們如何在人工智慧驅動的發現市場中贏得勝利，並即時擴展規模。對於我們的能源應用團隊而言，我們看到了一個超過 30 億美元的潛在市場，目前市佔率約為 10%。

Looking at our serviceable markets within this group, we expect a blended CAGR for the industry of approximately 14% across oncology and rare disease diagnostics, biopharma R&D and academic markets. Keep in mind, our revenue for NGS comes both through direct sales and -- partners who sell our (inaudible) under their brand.

從我們在這個群體中可服務的市場來看，我們預計腫瘤和罕見疾病診斷、生物製藥研發和學術市場的綜合複合年增長率約為 14%。請記住，NGS 的收入既來自直接銷售，也來自以他們品牌銷售我們產品的合作夥伴。

Importantly, we expect our growth to outpace industry levels as we leverage our NPI engine and commercial intensity to outperform our peers. We expect to drive growth in NGS Applications by expanding volumes with existing customers as they are testing skills, particularly in oncology, where recurring testing support sustained demand. In addition, we expect to add new customers in the diagnostic space.

重要的是，我們預計我們的成長速度將超過行業水平，因為我們將利用我們的新產品導入引擎和商業實力來超越我們的同行。我們期望透過擴大現有客戶的測試量來推動 NGS 應用的成長，因為他們正在測試技能，尤其是在腫瘤學領域，重複測試以支援持續的需求。此外，我們預計在診斷領域將新增客戶。

Twist will also pursue market share gains by converting legacy macro workflows, sequencing -- In biopharma R&D and academic research, growth will be driven by increasing adoption of Twist (inaudible) portfolio and by expanding product offerings to support new applications and workflows.

Twist 也將透過轉換傳統的巨集工作流程、定序——在生物製藥研發和學術研究領域，成長將由 Twist 產品組合的日益普及以及擴展產品供應以支援新的應用和工作流程來推動。

The key to our ongoing success is that over the last decade, we have built deep long-standing customer relationships that gives us clear insight into unmet needs and emerging demand. With (inaudible) customer insight with our proprietary platform to consistently deliver a strong product road map and a disciplined cadence of commercial launches.

我們持續成功的關鍵在於，在過去的十年裡，我們與客戶建立了深厚的長期合作關係，這使我們能夠清楚地了解未被滿足的需求和新興的需求。憑藉（聽不清楚）客戶洞察，以及我們專有的平台，持續提供強大的產品路線圖和有條不紊的商業發布節奏。

About a year ago, we recognize the early formation of a new category in AI-enabled therapeutic discovery, a market that was effectively nonexistent in 2024. In fiscal 2025, we had bought more than $25 million in orders, specifically tied to AI discovery.

大約一年前，我們意識到人工智慧賦能的治療發現領域正在形成一個新的類別，而這個市場在 2024 年實際上還不存在。在 2025 財年，我們購買了超過 2,500 萬美元的訂單，這些訂單專門用於人工智慧發現。

This exemplifies Twist's ability to help define new categories by listening closely to customers, adapting our road map ahead of market inflection points and investing early to establish leadership. This was done with flat operating expenses through the fourth quarter of last year. Going forward, we see meaningful growth ahead as this category continues to develop.

這體現了 Twist 透過密切傾聽客戶意見、在市場轉折點之前調整路線圖以及及早投資以確立領導地位來幫助定義新類別的能力。這是在去年第四季營運費用保持不變的情況下實現的。展望未來，隨著該品類的持續發展，我們預期未來將顯著成長。

In the first quarter, we made targeted deliberate transient and structural investments to expand our advantages for all the opportunities we see across the business.

第一季度，我們進行了有針對性的、有計劃的臨時性和結構性投資，以擴大我們在業務各個方面所看到的優勢，抓住各種機會。

Some of these investments are in the commercial team to amplify (inaudible) in the market, although and operations to support the scale of the full portfolio. Importantly, we made these investments while remaining focused on our core financial priorities, including revenue growth gross margin and adjusted EBITDA breakeven.

這些投資的一部分用於商業團隊，以擴大（聽不清楚）市場影響力，以及支持整個產品組合規模的營運。重要的是，我們在進行這些投資的同時，仍然專注於我們的核心財務重點，包括收入成長、毛利率和調整後的 EBITDA 損益平衡點。

To be clear, we are committed to adjusted EBITDA breakeven in the fourth quarter of fiscal 2026. On top of this, we see an opportunity to increase our growth rate and we have -- our operating expenses up by about $10 million per quarter without putting adjusted EBITDA breakeven at risk.

需要明確的是，我們致力於在 2026 財年第四季實現調整後 EBITDA 收支平衡。除此之外，我們看到了一個提高成長率的機會，而且我們已經做到了——每季營運支出增加約 1000 萬美元，而不會危及調整後的 EBITDA 盈虧平衡點。

As you know, investment in growth is like a turbo and engine. There is a lag between pushing the gas pedal and the acceleration. On an ongoing basis, we expect approximately 75% to 80% of our all incremental revenue growth across all product lines to drop to the gross margin line. We have worked hard to get to this point, and we'll continue to tune the machine. As a team, we are focused on three key performance metrics: revenue, gross margin and adjusted EBITDA breakeven.

如你所知，對成長的投資就像渦輪增壓器和引擎一樣。踩下油門踏板到車輛加速之間有延遲。我們預計，所有產品線新增收入的 75% 到 80% 將持續轉化為毛利。我們付出了很多努力才走到今天這一步，我們將繼續改進這台機器。作為一個團隊，我們專注於三個關鍵績效指標：收入、毛利率和調整後 EBITDA 損益平衡點。

We measure many other things within the company and the business, but ultimately, these three metrics drive our future growth. Our management team and every employee at Twist are measured and incentivized on these three metrics.

我們在公司和業務中衡量許多其他方面，但最終，這三個指標將驅動我們未來的成長。Twist 的管理團隊和每位員工都會根據這三個指標進行評估和激勵。

Overall, we are managing the business, keeping an eye on the gas and the growth like. And we expect to become an even more formable force in the coming years as we sustain growth through disciplined reinvestment of our profits. At this time, I'd like to turn the call over to Paddy to further expand on our growth initiatives around AI-enabled discovery.

總的來說，我們正在管理這項業務，並密切關注天然氣供應和成長。我們預計，隨著我們透過有紀律地將利潤再投資來保持成長，未來幾年我們將成為一支更有影響力的力量。此時，我想把電話交給 Paddy，讓他進一步闡述我們圍繞人工智慧賦能發現的成長計畫。

Thank you, Emily. At Twist, we're constantly engaged with our customers and key opinion leaders. Going back to December 2024 within a relatively narrow time window, we were in dialogue with several customers, bringing forward new ideas to the use of our platform technology, expanding beyond DNA synthesis and deeply into protein expression and antibody characterization for thousands of sequences.

謝謝你，艾米麗。在 Twist，我們始終與客戶和關鍵意見領袖保持互動。回到 2024 年 12 月，在相對較短的時間窗口內，我們與幾位客戶進行了對話，提出了使用我們平台技術的新想法，將應用範圍從 DNA 合成擴展到蛋白質表達和抗體表徵，涉及數千個序列。

As you may remember from biology class, DNA includes a sequence for protein, which can then be expressed in a cell. The proteins expressed in a cell can then be purified and run through specific assays to determine the protein's characteristics, including stability, developability and more.

你可能還記得生物課上講過，DNA包含蛋白質序列，蛋白質可以在細胞中表現。然後可以純化細胞中表達的蛋白質，並透過特定的檢測來確定蛋白質的特性，包括穩定性、可開發性等。

Historically, we made DNA. We've expanded to also expressing proteins from the DNA, opening up a $700 million market to Twist. Because our semiconductor-based platform writes DNA sequences at scale, AI presents a fabulous use case that incorporates our unparalleled throughput speed, quality and cost advantages. All customers are engaged in a design-build test land cycle.

從歷史上看，我們創造了DNA。我們已將業務拓展到從 DNA 中表達蛋白質，為 Twist 開闢了一個價值 7 億美元的市場。由於我們的半導體平台能夠大規模寫入 DNA 序列，因此人工智慧提供了一個絕佳的應用案例，充分發揮了我們無與倫比的吞吐量速度、品質和成本優勢。所有客戶都參與了設計-建造-測試-實地循環。

The customer designs the sequences we build the proteins and then we conduct a series of assays to test the proteins.

客戶設計序列，我們建立蛋白質，然後我們進行一系列檢測來測試蛋白質。

Once we deliver the products or data, the customer learns from the information and optimizes the cycle to the next iteration. These customers fall into 3 different buckets. First, we are currently working with large pharma companies who are building robust, large language models and preparing training sets.

一旦我們交付產品或數據，客戶就可以從這些資訊中學習，並優化流程，進入下一個迭代階段。這些客戶可以分為 3 個不同的類別。首先，我們目前正在與大型製藥公司合作，他們正在建立強大的大型語言模型並準備訓練集。

We received thousands of sequences to (inaduible), but ultimately, this customer type doesn't want the DNA strands. They want Twist to conduct protein expression and characterize the protein, delivering only a data file with the result of the assays.

我們收到了數千個序列（無法理解），但最終，這類客戶並不想要 DNA 鏈。他們希望 Twist 進行蛋白質表現並對蛋白質進行表徵，僅提供包含檢測結果的數據檔案。

These customers have a wet lab, but cannot handle the volume of sequences we want to test and may not be new to Twist with this being an expansion of our work with them. Our second customer group includes (inaudible) tech companies focused on creating or expanding their presence in life sciences.

這些客戶擁有濕實驗室，但無法處理我們想要測試的序列數量，而且他們可能不是 Twist 的新客戶，這是我們與他們合作的擴展。我們的第二類客戶群包括（聽不清楚）專注於在生命科學領域創建或擴大業務的科技公司。

They do not have a wet lab and operate as a so called dry lab company. This means they rely on Twist to conduct all research experiments, and we deliver the data to them for evaluation and next steps. These customers are new to Twist.

他們沒有濕實驗室，而是以所謂的乾實驗室公司形式運作。這意味著他們依靠 Twist 進行所有研究實驗，而我們將數據提供給他們進行評估和後續步驟。這些客戶都是 Twist 的新用戶。

A third customer group is well-funded biotech companies that need thousands of sequences and data, essentially pursuing similar paths to large pharma. Across all customers, the work is customer calling to their requirements, with the work streams and margin profiles are similar across customer types, and we have the capacity to serve all.

第三類客戶是資金雄厚的生技公司，它們需要成千上萬的序列和數據，本質上與大型製藥公司走著類似的道路。對於所有客戶而言，工作內容都是根據客戶的需求來回應，工作流程和利潤率在不同類型的客戶之間是相似的，我們有能力服務所有客戶。

When we launch a new product or service and the work in AI-enabled discoveries a series of bots, we completely worked using the best tools, spending no expense to ensure the customer receives what they needs.

當我們推出新產品或服務，並在人工智慧驅動的探索領域運用一系列機器人時，我們完全使用最好的工具，不花任何費用來確保客戶獲得所需的東西。

Once we know the product resonates with customers, we optimize processes, automating proceeds through a series of improvements to rapidly bring the margin profile in line with the rest of the business for 75% to 80% of incremental revenue dropped to the gross margin line.

一旦我們知道產品能引起客戶的共鳴，我們就會優化流程，透過一系列改進實現流程自動化，從而迅速使利潤率與業務的其他部分保持一致，將 75% 到 80% 的新增收入計入毛利率。

We've done this time and time again with a repeatable process. In fact, we continued to strive in the first quarter with 74% of incremental revenue dropping through to gross margin. What began as exploratory work in early 2025, leveraging our platform to AI-enabled discovery market, is now transitioning into repeat production-level workflows with customers increasingly focused on generating high-quality data at scale.

我們已經透過可重複的流程一次又一次地完成了這項工作。事實上，我們在第一季繼續努力，新增收入的 74% 轉化為毛利。2025 年初，我們開始探索利用我們的平台進入人工智慧驅動的發現市場，如今，這項工作正逐步過渡到重複的生產級工作流程，客戶越來越注重大規模產生高品質數據。

As models mature, the constraint is no longer algorithm development with the speed, quality and economics of experimental data generation. That shift is driving demand toward platforms that can reliably deliver large volumes of data quickly and cost effectively and Twist fits that needs very well.

隨著模型的成熟，限制因素不再是演算法開發的速度、品質和經濟性，而是實驗數據產生的速度、品質和經濟性。這種轉變推動了對能夠快速、經濟高效地可靠地交付大量數據的平台的需求，而 Twist 正好滿足了這種需求。

Our platform is uniquely suited to this customer need, allowing customers to move from design to data in days, not months. We see this as a durable and expanding opportunity that aligns directly with Twist's core strength of customization at scale, with an immediately serviceable market of $1.5 billion for customers of antibody discovery services and $700 million for protein expression. With that, I'll turn it over to Adam to discuss the financials for the quarter.

我們的平台完美契合了客戶的這項需求，使客戶能夠在幾天內（而不是幾個月內）完成從設計到資料的轉換。我們認為這是一個持久且不斷擴大的機會，與 Twist 的核心優勢——大規模客製化——直接契合，抗體發現服務的客戶市場規模達 15 億美元，蛋白質表達的客戶市場規模達 7 億美元，可立即提供服務。接下來，我將把發言權交給亞當，讓他來討論本季的財務狀況。

Thank you, Paddy. Revenue for the first quarter increased to $103.7 million, growth of 17% year-over-year and approximately 5% sequentially. Gross margin came in higher than expected at 52.0% for the first quarter of fiscal 2026, an increase of approximately four margin points over the first quarter of fiscal 2025, supported by increasing revenue and our continuous process improvement efforts.

謝謝你，帕迪。第一季營收增至 1.037 億美元，年增 17%，季增約 5%。2026 財年第一季毛利率為 52.0%，高於預期，比 2025 財年第一季毛利率提高了約 4 個百分點，這得益於收入的成長和我們持續的流程改善工作。

DNA Synthesis & Protein Solutions revenue increased to $51.1 million, growth of 27% year-over-year driven by strength from customers pursuing AI-enabled discovery, whether building models or testing molecules. NGS Applications revenue for the first quarter grew to approximately $52.6 million, excluding one large customer, NGS grew 18% year-over-year.

DNA 合成與蛋白質解決方案收入成長至 5,110 萬美元，年增 27%，這主要得益於客戶在人工智慧驅動的發現方面的強勁需求，無論是建立模型還是測試分子。NGS 應用業務第一季營收成長至約 5,260 萬美元，不包括一位大客戶，NGS 年增 18%。

For the quarter, revenue from our top 10 NGS Applications customers accounted for approximately 36% of NGS revenue. Looking geographically. Americas revenue increased to approximately $58.4 million for the first quarter compared to $53.7 million for the same period of fiscal 2025, growth of 9% year-over-year. EMEA revenue rose to approximately $38.4 million in the first quarter versus $28.3 million in the same period of fiscal 2025, growth of 36% year-over-year. APAC revenue increased to approximately $7 million in the first quarter compared to $6.7 million in the same period of fiscal 2025.

本季度，我們前 10 大 NGS 應用客戶的營收約佔 NGS 營收的 36%。從地理位置上看。美洲地區第一季營收增至約 5,840 萬美元，而 2025 財年同期為 5,370 萬美元，較去年同期成長 9%。EMEA地區第一季營收增至約3,840萬美元，而2025財年同期為2,830萬美元，較去年同期成長36%。亞太地區第一季營收增至約 700 萬美元，而 2025 財年同期為 670 萬美元。

Looking at revenue by industry. Therapeutics revenue rose to approximately $37.2 million for the first quarter of 2026 compared to $26.8 million in the same period of fiscal '25, an increase of 39%, reflecting the increased uptake of our products by large pharma and biotech customers in their efforts on therapeutics discovery and including AI-enabled discovery.

按行業查看收入。2026 年第一季治療業務收入約為 3,720 萬美元，而 2025 財年同期為 2,680 萬美元，成長了 39%，這反映出大型製藥和生物技術客戶在治療發現（包括人工智慧輔助發現）方面對我們產品的採用率有所提高。

Diagnostics revenue was approximately $35.3 million for the first quarter of 2026, substantially equivalent to $35.5 million in the same period of fiscal 2025. Excluding one customer, Diagnostics was up 12% year-on-year. Adding to diagnostics, recall about 75% of our global supply partners revenue is OEM partners selling Twist products for NGS Applications.

2026 年第一季診斷業務收入約為 3,530 萬美元，與 2025 財年同期的 3,550 萬美元基本持平。除一名客戶外，診斷業務年增 12%。除了診斷之外，我們全球供應合作夥伴約 75% 的收入來自 OEM 合作夥伴銷售用於 NGS 應用的 Twist 產品。

Although we do not always know our OEM partners and customers, we believe the vast majority of their revenue is focused on diagnostics. Industry and Applied revenue were $6.1 million in the first quarter of 2026 compared to $5.5 million in the same period of fiscal '25, an increase of 11%.

雖然我們並不總是了解我們的 OEM 合作夥伴和客戶，但我們相信他們絕大部分的收入都集中在診斷方面。2026 年第一季工業和應用收入為 610 萬美元，而 2025 財年同期為 550 萬美元，成長了 11%。

Academic research and government revenue was approximately $12.2 million, relatively equivalent with $12.4 million in the same period of fiscal 2025.

學術研究和政府收入約為 1,220 萬美元，與 2025 財年同期的 1,240 萬美元基本持平。

We saw less large-scale projects compared to the same period of last year, but a large expansion in the number of customers purchasing from us based on our MPI and academic commercialization efforts. We see the academic market returning to growth in Q2 with increased confidence in NIH funding for 2026.

與去年同期相比，我們看到的大型專案有所減少，但基於我們在 MPI 和學術界的商業化努力，從我們購買產品的客戶數量大幅增加。我們預計，隨著對美國國立衛生研究院 (NIH) 2026 年撥款的信心增強，學術市場將在第二季度恢復成長。

Global Supply Partner revenue was $12.8 million in the first quarter of 2026 compared to $8.5 million in the same period of fiscal 2025, an increase of 50%, driven by three factors a significant new partner for NGS coming online, substantive growth in our diagnostics OEM partners and growth for our distributors in APAC. Moving down the P&L.

2026 年第一季全球供應合作夥伴營收為 1,280 萬美元，而 2025 財年同期為 850 萬美元，成長了 50%，這主要得益於三個因素：NGS 的重要新合作夥伴上線、診斷 OEM 合作夥伴的實質成長以及亞太地區經銷商的成長。向下移動損益表。

Our gross margin for the first quarter increased to 52.0%, an improvement of approximately four margin points versus the same period of fiscal 2025, reflecting our strong revenue growth and customer base as well as continuous process improvements. Operating expenses, excluding cost of revenues for the first quarter was $86.9 million compared with $77.5 million in the same period of 2025.

第一季毛利率增至 52.0%，比 2025 財年同期提高了約 4 個百分點，這反映了我們強勁的營收成長和客戶群，以及持續的流程改善。第一季的營業費用（不含營業成本）為 8,690 萬美元，而 2025 年同期為 7,750 萬美元。

The increase in operating expenses was driven by investment in our commercial groups to drive additional revenue growth as well as digital capabilities. Looking at our progress and our path to profitability.

營運費用的增加是由於我們對商業團隊的投資，以推動額外的收入成長和提升數位化能力。審視我們的進展和實現盈利的路徑。

For the first quarter of fiscal 2026, adjusted EBITDA was a loss of approximately $13.4 million, an improvement of approximately $2.8 million versus the first quarter of fiscal '25.

2026 財年第一季調整後 EBITDA 虧損約 1,340 萬美元，較 2025 財年第一季改善約 280 萬美元。

This improvement demonstrates our ability to scale efficiently even as we front-load strategic investments in commercial and digital capabilities. These investments are expected to remain stable or moderate slightly in the second half of the fiscal year.

這項改進表明，即使我們前期對商業和數位能力進行策略性投資，我們也能有效率地擴大規模。預計這些投資在下半年將保持穩定或略有放緩。

For the first quarter of fiscal 2026, net cash used in operating activities was $24.8 million. Capital expenditures in the first quarter of fiscal 2026 were $10 million. We ended the quarter with $197.9 million in cash, cash equivalents and short-term investments.

2026 財年第一季度，經營活動使用的淨現金為 2,480 萬美元。2026 財年第一季資本支出為 1,000 萬美元。本季末，我們持有現金、現金等價物和短期投資共 1.979 億美元。

Turning to guidance. For fiscal 2026, we expect total revenue of $435 million to $440 million, growth of approximately 16% at the midpoint. We expect the revenue increase versus prior guidance to be generally balanced across DSPS and NGS.

尋求指導。我們預計 2026 財年總營收為 4.35 億至 4.4 億美元，中位數約為 16%。我們預期 DSPS 和 NGS 的營收成長與先前的預期基本持平。

For Q2 of fiscal 2026, we expect total revenue of $107 million to $108 million, growth of approximately 16% year-over-year at the midpoint. For NGS, we expect strong sequential growth in Q2 behind growth in key accounts with sequential growth throughout the year, as previously discussed.

我們預計 2026 財年第二季總營收為 1.07 億美元至 1.08 億美元，以中間值計算，年增約 16%。對於 NGS，我們預計第二季將實現強勁的環比成長，主要客戶的成長將帶動全年環比成長，正如先前討論的那樣。

We remain confident in our trajectory and continue to forecast reaching adjusted EBITDA breakeven for the fourth quarter of fiscal 2026. With that, I'll turn the call back to Emily.

我們對我們的發展軌跡仍然充滿信心，並繼續預測將在 2026 財年第四季實現調整後 EBITDA 盈虧平衡。這樣，我就把電話轉回給艾蜜莉了。

Thank you, Adam. As we step back and look across the business, what stands out is how consistently the pieces are coming together. At Twist, our growth is being driven by a repeatable model. We're expanding our addressable markets through disciplined product innovation, (inaudible) more volume onto the same silicon-based platform and converting that scale into improving financial performance.

謝謝你，亞當。當我們退後一步，縱觀整個業務，最突出的就是各個環節是如何齊頭並進的。在 Twist，我們的成長是由可複製的模式所驅動的。我們正在透過嚴謹的產品創新來擴大我們的目標市場，（聽不清楚）在同一矽基平台上實現更大的產量，並將這種規模轉化為不斷提高的財務表現。

This is not dependent on a single product, customer or market. It is the result of an NPI engine that continues to deliver paired with operational execution that scales efficiently.

這並非取決於單一產品、顧客或市場。這是新產品導入引擎持續交付成果，並配合高效可擴展的營運執行的結果。

We continue to introduce new products across both DNA Synthesis & Protein Solutions, and NGS Applications with different adoption dynamics with the same underlying outcome, more customers, more applications and more volume flowing through the manufacturing infrastructure.

我們不斷推出涵蓋 DNA 合成與蛋白質解決方案和 NGS 應用領域的新產品，這些產品雖然在採用動態方面有所不同，但最終結果卻是一樣的：更多的客戶、更多的應用以及更多的產量透過製造基礎設施流動。

This is what allows us to support growth while maintaining margin discipline and capital efficiency. Importantly, we have built this platform with significant capacity already in place. We're able to support continued demand without introducing meaningful execution risk.

這使得我們能夠在保持利潤率和資本效率的同時，支持業務成長。重要的是，我們搭建這個平台時已經具備了相當大的容量。我們能夠在不引入重大執行風險的情況下滿足持續的需求。

As revenue scales, the economics of the model become increasingly favorable, reinforcing our confidence in the path ahead. This is why we remain very confident reiterating our expectation to reach adjusted EBITDA breakeven in Q4 of fiscal 2026.

隨著收入規模的擴大，該模式的經濟效益變得越來越有利，增強了我們對未來道路的信心。因此，我們仍然非常有信心重申我們的預期，即在 2026 財年第四季度實現調整後 EBITDA 盈虧平衡。

The drivers of that outcome are already visible in the business today: consistent revenue growth, gross margin above 50%, disciplined investment in operating expenses to accelerate growth and a stable cost structure.

推動這一結果的因素如今已在公司業務中顯現出來：持續的收入成長、超過 50% 的毛利率、為加速成長而對營運費用的嚴格投資以及穩定的成本結構。

More broadly, Twist is increasingly positioned as an enabling infrastructure provider across the biological continuum from early discovery through diagnostics and into therapeutics development. Whether it is enabling AI-driven discovery, supporting precision diagnostics or scaling production for applied markets, customers choose Twist because our platform allows them to move faster, reduce risk and operate at scale.

更廣泛地說，Twist 的定位日益成為貫穿整個生物學領域的基礎設施提供者，從早期發現到診斷再到治療開發。無論是實現人工智慧驅動的發現、支援精準診斷，或是擴大應用市場的生產規模，客戶選擇 Twist 是因為我們的平台能夠幫助他們更快地行動、降低風險並大規模運作。

To help investors engage more deeply with our strategy, platform and long-term opportunities, we plan to host an Investor Day in May. At that time, we will provide a deeper look at how our customers use our products, our product road map, market expansion opportunities and financial framework as we continue to scale the business beyond adjusted EBITDA breakeven.

為了幫助投資者更深入地了解我們的策略、平台和長期機遇，我們計劃在五月舉辦投資者日活動。屆時，我們將深入探討客戶如何使用我們的產品、我們的產品路線圖、市場擴張機會和財務框架，因為我們將繼續擴大業務規模，超越調整後的 EBITDA 損益平衡點。

We expect to provide more event details in the coming weeks. In closing, Twist entered the remainder of fiscal 2026 with a differentiated platform, expanding markets, consistent execution and a clear line of sight to profitability. We are focused on doing what we have consistently done, launching products, serving customers exceptionally well and scaling the business with discipline.

我們預計在未來幾週內提供更多活動詳情。綜上所述，Twist 進入 2026 財年剩餘時間時，擁有差異化的平台、不斷擴大的市場、持續的執行力和清晰的獲利前景。我們專注於做好我們一直以來都在做的事情：推出產品，為客戶提供卓越的服務，並以嚴謹的態度擴大業務規模。

With that, we are happy to take your questions. Operator?

那麼，我們很樂意回答您的問題。操作員？

(Operator Instructions).

（操作說明）

Matt Larew, William Blair Capital Partners.

Matt Larew，William Blair Capital Partners。

Hi, good morning and thanks for taking my questions.

您好，早安，感謝您回答我的問題。

I want to follow up on demand you referenced in terms of AI trend discovery. Emily, you talked about this being a durable opportunity, but when you think about customers trying to build out a foundation model and models, is that -- does this demand something you think that's measured in months or years? Or is this that you referenced just a new part of the drug discovery ecosystem, will be the first part.

我想跟進您提到的關於人工智慧趨勢發現的需求。艾米麗，你提到這是一個持久的機會，但是當你想到客戶試圖建立基礎模型和模型時，這是否需要以月或年為單位來衡量？或者，您所提到的只是藥物研發生物系統的一個新部分，這將是第一部分。

And the second part of that was you called out over 50,000 genes manufactured for data characterization in the quarter. Curious what that number was in the prior period and kind of how the economics of delivering data versus delivering DNA work for Twist?

第二部分是，你提到本季生產了超過 50,000 個用於數據表徵的基因。很好奇上一時期這個數字是多少，以及對 Twist 來說，提供數據和提供 DNA 的經濟效益如何？

Thanks, Matt. Great question. Yes, so we're very excited about what AI is doing for Twist by pulling volume onto our chips and enabling us to ramp revenue and definitely, this quarter, 27% growth in DNA Synthesis & Protein Solutions is very much driven by AI.

謝謝你，馬特。問得好。是的，我們對人工智慧為 Twist 帶來的改變感到非常興奮，它提高了我們晶片的產量，使我們能夠增加收入。毫無疑問，本季 DNA 合成和蛋白質解決方案業務 27% 的成長很大程度上是由人工智慧驅動的。

In terms of durability, so it's still early days, but what we are seeing is customers that had big orders over the last few quarters are coming back with other big orders. And so it doesn't seem to be letting down.

就耐用性而言，現在下結論還為時過早，但我們看到的是，過去幾個季度下了大訂單的客戶又帶著其他大訂單回來了。所以它似乎並沒有讓人失望。

And at the same time, we're adding more and more of the top 20 pharma to our platform as well as the -- as well as the startups that are very well funded, but we were -- we don't have full penetration. So we see that there's a lot of growth coming.

同時，我們正在將越來越多的前 20 家製藥公司以及資金雄厚的新創公司添加到我們的平台上，但我們還沒有完全滲透。所以我們看到未來會有很大的成長空間。

And then long term, what we think is that AI is going to become the first path in the -- right now -- in the path, in vivo or in vitro was the question you had to ask yourself and we think AI will be the first path, it will be about probably the same cost of about $250,000 to discover an antibody.

從長遠來看，我們認為人工智慧將成為——目前——在體內或體外這條道路上的第一條途徑，這是你必須問自己的問題，我們認為人工智慧將是第一條途徑，發現一種抗體的成本可能與 25 萬美元左右相同。

But it would be -- the data will be delivered in two weeks instead of six weeks with in vivo or in vitro and then in vivo and in vitro are still going to be important, but as a second path.

但數據將在兩週內交付，而不是像體內或體外實驗需要六週。體內和體外實驗仍然很重要，但作為第二途徑。

As far as the 50,000 genes that we use internally for characterization, I don't want to call it quite -- but it is back loaded into our Q4 and Q1. And in the first quarter, we felt we had to share the number because 271,000 genes in the quarter looks good, but actually, it -- it's a small number compared to the actual number because we had more than 50,000 genes. So the trend looks good.

至於我們內部用於表徵的 50,000 個基因，我不想完全這麼說——但它已經回溯到我們的第四季和第一季了。在第一季度，我們覺得必須公佈這個數字，因為該季度 271,000 個基因看起來不錯，但實際上，與實際數量相比，這只是一個小數字，因為我們有超過 50,000 個基因。所以這個趨勢看起來不錯。

In terms of cost or price for the data, it kind of depends. But in general, it's $50 for a fragment, $100 for clonal genes, $200 plus for an antibody, can be $300 to $400 of the data depending on what kind of data customers want. So definitely, as we sell the customer to data, we get a great benefit to the top line as well.

至於數據的成本或價格，這要視情況而定。但一般來說，一個片段的價格是 50 美元，克隆基因的價格是 100 美元，一個抗體的價格是 200 美元以上，而數據的價格則根據客戶想要的數據類型而定，可能在 300 美元到 400 美元之間。所以毫無疑問，當我們向客戶推銷數據時，我們的營收也會因此獲得巨大收益。

Thank you.

謝謝。

Subbu Nambi, Guggenheim Securities.

Subbu Nambi，古根漢證券。

Hi, good morning.

您好，早安。

Thank you for taking my questions. You raised guidance by more than the fiscal 1Q '26 beat. Could you speak to where the increased confidence specifically is coming for both DNA Synthesis and NGS?

謝謝您回答我的問題。你們將業績預期上調幅度超過了2026財年第一季的預期。能否具體談談DNA合成和NGS技術信心增強的具體原因？

And as we move past the single customer that created the fiscal 4Q, fiscal 1Q air pocket, are there any other single customer dynamics that you're carefully monitoring and your outlook for the rest of this fiscal year?

隨著我們擺脫造成第四財季和第一財季業績下滑的單一客戶的影響，您是否正在密切關注其他單一客戶的動態？您對本財年剩餘時間的展望如何？

Yes. Thanks, Subbu. Well, I think the -- you're correct. We raised guidance by more than double the -- at the midpoint. This comes from all across the Board confidence.

是的。謝謝，Subbu。嗯，我覺得──你說得對。我們將業績指引上調了超過兩倍──中點。這源自於各方面的自信。

The one customer dynamic that we mentioned in (inaudible) application, it's passed. That customer is back. The orders are in. So we think we are set up really well in NGS, just not that one customer, but overall, when that customer -- now that the customer is back. We think there's a great setup as we look at more and more data coming from bespoke MRB enabled by Twist at super high resolution, high sensitivity, bespoke (inaudible).

我們在（聽不清楚）應用程式中提到的那項客戶動態，已經通過了。那位顧客又來了。訂單已下訂。所以我們認為我們在 NGS 方面已經做好了充分的準備，只是對於那一位客戶來說還不夠，但總體而言，當那位客戶——現在這位客戶回來了——一切都很好。我們認為這是一個絕佳的方案，因為我們看到越來越多來自客製化MRB的數據，這些數據由Twist技術提供支持，具有超高解析度、高靈敏度和客製化的特性。（聽不清楚）

We think there's lots of -- there.

我們認為那裡有很多——。

And then in DNA Synthesis & Protein Solutions, we have a great -- we had a great platform with DNA head-to-head. We win pilots and with great growth, but now that we've added protein and data on top of it, it's really meeting the moment.

而在 DNA 合成和蛋白質解決方案領域，我們擁有一個非常棒的平台，可以進行 DNA 的直接比較。我們贏得了試點項目，並且取得了巨大的成長，但現在我們又增加了蛋白質和數據，這才是真正契合當下情況。

And we see those big customers coming back for more. So we overall the strategy that we've had, which was to add great products that all feed onto the same platform is working.

我們看到這些大客戶又回來購買更多產品了。因此，我們一直以來的策略，即不斷推出優秀的產品，並將它們整合到同一個平台上，整體而言，這項策略是行之有效的。

And so we'll feed the NP engine, we'll do it again. We'll deploy commercial balance. We have a lot of head count open for salespeople when our competitions that are laying off people and laying out salespeople, is just where the in the field. And we don't expect to have other one customer dynamics in the future.

所以我們會把數據輸入到 NP 引擎中，再來一次。我們將部署商業平衡。當我們的競爭對手都在裁員、裁減銷售人員時，我們卻有很多銷售人員空缺，這正是該領域目前的情況。我們預計未來不會再出現其他單一客戶動態。

Thank you.

謝謝。

Doug Schenkel, Wolfe Research.

道格‧申克爾，沃爾夫研究中心。

Good morning.

早安.

Thank you for taking my questions. My first is a follow-up on the over 50,000 genes manufactured for data characterization. I just want to make sure that I'm thinking about it right, when I think of that as being almost synonymous in pharma volume.

謝謝您回答我的問題。我的第一篇論文是對為數據表徵而製造的 50,000 多個基因的後續研究。我只是想確認我的想法是否正確，因為我認為它在醫藥銷售方面幾乎是同義詞。

So that's one. And then kind of the follow-up there is I just want to make sure we understand what's in guidance for the balance of the year. So that's one topic.

這是其中之一。然後，我想跟進一下，確保我們了解今年剩餘時間的指導方針是什麼。這是其中一個話題。

Sort of related to that, the second is, the 271,000 genes shipped in the quarter was quite robust. That grew over 30% year-over-year. Can you just talk about what you're seeing competitively? And I'll leave it there.

與此有些相關的是，第二點是，本季出貨的 271,000 個基因數量相當可觀。年成長超過30%。能談談你觀察到的競爭格局嗎？我就說到這裡吧。

Thank you.

謝謝。

Paddy, do you want to take that one?

帕迪，你想接那個嗎？

I mean the growth you're seeing is primarily driven by the pharma segment and the interest in AI.

我的意思是，你現在看到的成長主要由製藥業和人們對人工智慧的興趣所驅動。

I think we're pretty clear in those numbers. And that the scale of the platform is resonating incredibly well with that customer base.

我認為這些數字已經很清楚了。而且，該平台的規模與該客戶群產生了非常好的共鳴。

I think I said in my words that when we're being approached the typical experimental size is a few thousand genes, a few thousand antibodies and a few thousand characterizations run in parallel, and that's where the power of our platform with scale and speed and quality and economics is very, very enabling.

我想我之前說過，當我們接到合作計畫時，典型的實驗規模是幾千個基因、幾千種抗體，同時還要進行數千次表徵，而我們的平台在規模、速度、品質和經濟性方面的優勢，正是在這方面發揮著非常非常重要的作用。

So that's a good start. We're starting to understand the reordering pattern of the customers. So just to echo Emily's comment, it's early, but we can see what's coming next is good. Then from a competitive standpoint, we have a healthy paranoia and obsession with what's going on out in the market.

這是一個好的開始。我們開始了解客戶的複購模式。所以，正如艾米莉所說，現在下結論還為時過早，但我們可以看出接下來的事情是好事。從競爭的角度來看，我們對市場上發生的事情抱持著健康的警覺和執著。

We're starting to see the early benchmarking studies when customers in this segment are going to other vendors. And the data really shows how strong Twist is compared to our competitors, we're weeks faster than the competition as it stands to be.

我們開始看到早期基準研究顯示，該領域的客戶正在轉向其他供應商。數據確實表明，與我們的競爭對手相比，Twist 的實力有多強大，我們目前比競爭對手快了好幾週。

And then just in general, on the competitive landscape, we've got our eyes on our competition. Where they are, we know what they're working on, we know where -- we know where they're laying off. We know where they're resizing, restructuring. We know them at a very, very intimate level in the hand-to-hand combat of selling. But really for us, we are just relentlessly focused on our own game, and we're looking to really scale and accelerate into this opportunity.

此外，從整體競爭格局來看，我們一直密切關注著我們的競爭對手。他們在哪裡，我們知道他們在做什麼，我們知道他們在哪裡裁員。我們知道他們在哪些方面進行規模調整和結構重組。在銷售的激烈競爭中，我們對他們有著非常非常深入的了解。但對我們來說，我們始終專注於自己的比賽，並希望真正抓住這個機會，擴大規模，加速發展。

Catherine Schulte, Baird.

凱瑟琳舒爾特，貝爾德。

Hey guys, this is Josh on for Catherine. I was wondering if you could walk through gross margin expectations for 2Q, how that should progress through the rest of the year? And then I was also wondering, should we still bake in sequential improvements for the rest of fiscal '26?

大家好，我是Josh，替Catherine為您報道。我想請您介紹一下第二季的毛利率預期，以及這項預期在今年剩餘時間內將如何變化？然後我還在想，我們是否應該繼續在 2026 財年剩餘時間內逐步改進？

Adam, do you want to take that one?

亞當，你想接那個嗎？

Thank you, Josh, for the question. We really see Q1 and the 52% performance is proof that our manufacturing engine is working as intended. Our decision to hold the full year guidance at above 52% reflects really deliberate choice in accelerating our top line growth rather than maximizing short-term margin expansion.

謝謝你的提問，喬希。我們看到了第一季的業績，52% 的業績證明我們的生產引擎正在按預期運作。我們決定將全年成長預期維持在 52% 以上，這反映出我們確實有意加快營收成長，而不是追求短期利潤最大化。

We do see continued improvements throughout the year coming in terms of the gross margin. But what we're doing now is we're both hiring the operators, adding the additional automation to ensure we can handle the higher capacity and throughput for things like AI drug discovery that Paddy talked about in the call.

我們預計今年毛利率將持續改善。但我們現在正在做的，是招募操作員，增加額外的自動化，以確保我們能夠處理更高的產能和吞吐量，例如 Paddy 在電話會議中提到的 AI 藥物發現。

We've also introduced several new characterizations of rapid clip and other new technologies. When we launch these products, we do it with manual process (inaudible) plating them to make sure we meet the customers' need staff.

我們還引入了快速剪輯的幾種新功能以及其他新技術。當我們推出這些產品時，我們採用手工工藝（聽不清楚）進行電鍍，以確保滿足客戶的需求。

We're now automating those over time, and this investment temporarily moderates the margin expansion. That's really the right trade-off for long-term revenue growth. Most importantly, the core engine of our business hasn't changed.

我們正在逐步實現這些流程的自動化，而這項投資將暫時減緩利潤率的擴張。這才是實現長期收入成長的正確權衡方案。最重要的是，我們業務的核心引擎沒有改變。

We continue to see 75% to 80% of incremental revenue dropped through to the gross margin line over time. So maintaining our above 52% on gross margins, about giving ourselves the flexibility to aggressively fund the growth we see right in front of us, and we always say it, but we'd much rather build a multibillion-dollar business at a 50%-plus gross margin than the $500 million business. So thank you for the question.

隨著時間的推移，我們持續看到 75% 到 80% 的新增收入最終轉化為毛利率。因此，保持 52% 以上的毛利率，讓我們能夠靈活地積極為眼前的成長提供資金，我們一直都說，我們寧願建立一個毛利率超過 50% 的數十億美元企業，而不是建立一個 5 億美元的企業。謝謝你的提問。

Thank you.

謝謝。

Vijay Kumar, Evercore

Vijay Kumar，Evercore

Hey guys, thanks for taking the question.

各位，謝謝你們回答這個問題。

This is Mackenzie on for Vijay. You talked a little bit about the strategic investments you made in the quarter. And I was just wondering if you could talk a little bit more about these investments why now and where specifically were the investments made? And then the second question is you disclosed that the AI-driven orders were $25 million in fiscal '25. How much of this came in fourth quarter? And what did you see for orders in the first quarter?

這是麥肯齊替補維傑上場。您簡要地談到了本季度進行的戰略投資。我想請您再詳細談談這些投資，為什麼是現在，以及具體投資地點在哪裡？第二個問題是，您透露 2025 財年人工智慧驅動的訂單額為 2,500 萬美元。其中有多少是在第四季實現的？第一季的訂單狀況如何？

Yes. Thanks for the question. The $25 million of order growth that we saw last year were back loaded. So some came in Q4, but some also came in Q1 meaning that the order came in Q4, but they shipped in Q1. So definitely, some of the Q1 performance comes from the -- that order growth that we've seen.

是的。謝謝你的提問。去年我們看到的 2500 萬美元訂單成長主要集中在後半段。所以有些貨物是在第四季度到達的，但有些貨物是在第一季到達的，這意味著訂單是在第四季度下的，但貨物是在第一季發貨的。所以，第一季的部分業績肯定來自於我們看到的訂單成長。

And those customers are coming back. So there's definitely a high confidence. It's not a onetime thing. It's not a flash in the pan. It's coming back.

而且這些顧客還會再來。所以，我們的信心絕對很高。這不是一次性事件。這並非曇花一現。它要回來了。

In terms of the investment, we think of the investment in two ways. One, a more structural investment and the other are transient investment.

就投資而言，我們從兩個方面來考慮投資。一種是結構性投資，另一種是短期投資。

So to give you a flavor, the structural investments are mostly in hiring of sales and commercial people. We just -- we've always had the strategy of hiring a little bit ahead knowing of what the business will need. It takes one or two quarters for a salesperson to ramp rapidly.

簡單來說，結構性投資主要集中在銷售和商務人員的招募。我們一直以來的策略都是提前招聘，了解業務需要什麼人才。銷售人員需要一到兩個季度才能快速上手。

And so we definitely want to do that. And we see a lot of good growth coming our way. And so we want to make sure that we're able to capitalize on it and that we don't have -- we're not short on salespeople.

所以，我們當然想這麼做。我們預計未來將迎來許多良好的成長機會。所以我們希望確保能夠充分利用這一優勢，並確保我們不會缺少銷售人員。

So those are structural investments that are here to stay. And then there's some transient investment to help improve the business, mostly around our digital infrastructure.

所以這些都是會長期的結構性投資。此外，還有一些短期投資用於改善業務，主要圍繞我們的數位基礎設施。

So to give you a flavor for what that is, just last week, actually, we launched our first e-commerce for NGS Application business. In the past, we've always had a very, very strong e-commerce presence for the DNA Synthesis & Protein Solutions and a very large fraction of our revenue for that product group comes from e-commerce. However, we did not have any e-commerce for NGS Applications. So literally 0% of our revenues.

為了讓您了解一下，就在上週，我們推出了第一個 NGS 應用電子商務平台。過去，我們在 DNA 合成和蛋白質解決方案領域一直擁有非常強大的電子商務實力，該產品組的收入很大一部分都來自電子商務。然而，我們當時並沒有任何針對NGS應用的電子商務平台。所以，這其實只占我們收入的0%。

But we hired some contractors, and we made a what we call a transient investment in our digital infrastructure to launch a new channel for e-commerce. And we anticipate that, that channel will be a catalyst and complementary to the salespeople we are hiring.

但我們聘請了一些承包商，並對我們的數位基礎設施進行了所謂的臨時投資，以推出新的電子商務管道。我們預計，該通路將成為催化劑，並對我們正在招募的銷售人員起到補充作用。

And over time, we have the ability to taper off that investment in our digital infrastructure. Again, a contract or -- we decide when to turn them on enough. There's still more work to do on our e-commerce platform.

隨著時間的推移，我們有能力逐步減少對數位基礎設施的投資。再說一遍，合約或——我們決定何時足夠地開啟它們。我們的電商平台還有很多工作要做。

So it's not totally finished yet, but we're excited in the first phase of the launch. So hopefully, that gives you a flavor for what we call the structural investments and the transient investment.

所以雖然還沒有完全完成，但我們對發布的第一階段感到興奮。希望這能讓您對我們所說的結構性投資和短期投資有所了解。

But at the end of the day, Q4 breakeven is a given for us now. So now it's all about how much growth can we exit in Q4. So it's all about we have that very high confidence in growth and hopefully, the guide reflects that confidence.

但歸根究底，第四季實現損益平衡對我們來說已是板上釘釘的事了。所以現在關鍵在於我們第四季能實現多大的成長。所以，關鍵在於我們對成長抱持非常高的信心，希望這份指南也能反映出這種信心。

Thank you.

謝謝。

Brendan Smith, TD Cowen.

布倫丹史密斯，TD Cowen。

Great, thanks for taking the questions.

太好了，謝謝你回答這些問題。

May just another one on NGS from us. Emily, I think you referenced plans to sign additional partnerships within the diagnostics space moving forward.

可能我們還會再發布一篇關於NGS的文章。艾米麗，我想你提到未來將在診斷領域簽署更多合作協議的計劃。

So I guess, first from us, I mean, do you all have kind of a target number of deals you expect to confirm this year? And maybe more importantly, how material do you feel kind of new partnerships will be to growth of NGS and maybe hitting your own internal revenue expectations over the next, just say, one year to two years versus really just core execution and advancement of the existing partnerships you already have?

所以我想先問問我們，你們今年有沒有預計確認的交易目標數量？更重要的是，您認為新的合作關係對 NGS 的發展以及在未來一到兩年內實現您內部的收入預期有多重要？相較之下，與核心業務的執行和現有合作關係的推進相比，哪種更為重要？

Thanks.

謝謝。

Yeah, thank you. That's a really important question and something that we spent a lot of time on, actually Paddy is head of opening those doors for new partners. And so we think about it kind of in two ways. The first is FY2026 growth in NGS is going to come from existing partners.

是啊，謝謝。這是一個非常重要的問題，也是我們花了很多時間研究的問題。事實上，帕迪負責為新夥伴打開這些大門。所以我們從兩個方面來考慮這個問題。首先，2026 財年 NGS 的成長將來自現有合作夥伴。

Those deals are already signed, the pilots are done, the validation of education, it's done. And so now it's just being there for them as the volume ramp for our current investors -- current partners, make sure that our supply chain is there for them.

這些協議已經簽署，試點計畫已經完成，教育認證也已經完成。因此，現在我們所做的就是隨著現有投資者——現有合作夥伴的產量成長，確保我們的供應鏈能夠滿足他們的需求。

And -- however, when we look at the growth [fertile] in 2027 and 2028, we do need new partners for that. And we have a very sustained effort. And actually, you may remember that at JPMorgan, we split where [Adam] took investor calls and Paddy, our CTO, to the customer's call.

但是——當我們展望 2027 年和 2028 年的成長前景時，我們確實需要新的合作夥伴。我們一直在持續努力。事實上，你可能還記得，在摩根大通，我們採取了分工，[Adam] 負責接聽投資者電話，而我們的首席技術官 Paddy 則負責接聽客戶電話。

And so we have a dual track where we're working actively to get new partners on Board for diagnostics. We don't have all of the volume.

因此，我們採取雙軌制策略，積極尋求新的合作夥伴加入診斷團隊。我們沒有全部的音量。

But the performance that we have is very, very, very strong. The supply chain excellence that we bring, we're able to future proof the supply chain of our partners. And so we are working on bringing more on Board is going well. But we don't need them for 2026, but we're counting on them for sustained growth in 2027 and beyond.

但我們目前的表現非常非常非常好。我們憑藉著卓越的供應鏈能力，能夠確保合作夥伴的供應鏈面向未來。因此，我們正在努力吸收更多人加入團隊，目前進展順利。但我們2026年不需要它們，但我們指望它們在2027年及以後會持續成長。

Mac Eok, Stevens.

Mac Eok，Stevens。

Hey, good morning, and apologies if you already answered this question, my connection is a little spotty. But just looking at the performance in 1Q and the continuation of the 52% gross margin guide, how are you thinking about the guidance for the rest of the year, just given the level of investments that you're making in the business?

嗨，早上好，如果您已經回答過這個問題，請見諒，我的網路連線不太穩定。但僅從第一季的業績以及52%毛利率預期的延續來看，考慮到貴公司在業務方面的投資規模，您如何看待今年剩餘時間的業績預期？

Thank you. Adam, do you want to cover that question?

謝謝。亞當，你想回答這個問題嗎？

No, no. Thank you, Matt -- Mack, we did have a chance to address that question. It really reflects our confidence in the business and our ability to drive growth and the choice to invest into that.

不，不。謝謝你，馬特——麥克，我們確實有機會回答了這個問題。這充分體現了我們對自身業務的信心，以及推動業務成長的能力和我們選擇投資於此的決心。

And so while we do see continued improvement in gross margin throughout the year, it will be at a more moderated clip as we continue to invest into the CapEx and the infrastructure and the people to accelerate the growth.

因此，雖然我們預計全年毛利率將持續改善，但隨著我們繼續投資於資本支出、基礎設施和人員以加速成長，毛利率的成長速度將會放緩。

And we are maintaining, giving ourselves that flexibility really would rather -- I said it before, build the multibillion-dollar business at a 50% plus gross margin and a $500 million business at a 60% gross margin.

我們正在保持這種靈活性，我們真的更願意——我之前說過——以 50% 以上的毛利率打造數十億美元的業務，以 60% 的毛利率打造 5 億美元的業務。

So we are excited. We are looking forward to moving forward and there's no looking back an as Emily and Paddy have also mentioned is, within line of sight, we are absolutely committed and focused on making sure that any scenario where adjusted EBITDA breakeven by Q4 of this year.

我們感到非常興奮。我們期待著向前邁進，絕不回頭。正如艾米麗和帕迪也提到的那樣，在可預見的未來，我們絕對致力於確保在今年第四季度實現調整後 EBITDA 收支平衡。

I am showing no further questions at this time. I would now like to turn the call back over to Emily for closing remarks.

我目前沒有其他問題要問。現在我想把電話交還給艾蜜麗，請她做總結發言。

Thank you for joining us today. Twist's growth is built on a repeatable scalable model. Our innovative technology, increased platform volume, operational rigor and commercial prowess are translating into improving financial performance.

感謝您今天蒞臨。Twist 的成長建立在可複製、可擴展的模式之上。我們的創新技術、不斷增長的平台容量、嚴格的營運和商業實力正在轉化為不斷提高的財務表現。

This is not driven by one product customer or market, but by a durable NPI engine and execution that scales efficiently. We remain confident in our ability to drive sustained growth.

這並非由單一產品客戶或市場驅動，而是由持久的新產品導入引擎和高效可擴展的執行力驅動。我們對實現持續成長的能力依然充滿信心。

Thank you.

謝謝。

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

今天的電話會議到此結束。感謝您的參與，您現在可以斷開連接了。