Twist Bioscience Corporation (TWST) 2026 Q3 法說會逐字稿

Welcome to Twist Bioscience's 2026 third quarter financial results conference call. (Operator Instructions) Please note this call is being recorded. I would like to turn the call over to Angela Bitting, SVP of Corporate Affairs. Please go ahead.

歡迎參加 Twist Bioscience 2026 會計年度第三季財務業績電話會議。(接線員指示) 請注意，本通話將被錄音。我想把電話交給企業事務資深副總裁 Angela Bitting。請開始。

Thank you, operator. Good morning, everyone. I'd like to thank you for joining us for Twist Bioscience's conference call to review our fiscal 2026 third 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.

謝謝，接線員。各位早安。感謝各位參加 Twist Bioscience 的電話會議，一同回顧我們 2026 會計年度第三季的財務業績與業務進展。我們已於開盤前發布財務業績新聞稿，並可於我們網站 www.twistbioscience.com 查閱。

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. Today, we will discuss our business progress, financial and operational performance, as well as growth opportunities. We'll then open the call for questions. We ask that you limit your questions to only one and then re-queue as a courtesy to others on the call. This call is being recorded, and the audio portion will be archived in the investor section of our website and will be available for two weeks.

今天與我一同出席電話會議的有 Twist 執行長暨共同創辦人 Emily Leproust 博士、Twist 財務長 Adam Laponis，以及 Twist 總裁兼營運長 Patrick Finn 博士。今天我們將討論業務進展、財務與營運表現，以及成長機會。之後我們將開放提問。為了禮讓其他與會者，我們請各位每次僅提一個問題，之後再重新排隊。本通話將被錄音，音訊部分將存檔於我們網站的投資人專區，並提供兩週供收聽。

During today's presentation, we will make forward-looking statements within the meaning of the US Federal Securities laws. Forward-looking statements generally relate to future events or future financial or operating performance.

在今天的簡報中，我們將在美國聯邦證券法的意義下作出前瞻性陳述。前瞻性陳述通常涉及未來事件或未來的財務或營運表現。

Our expectations and beliefs regarding these matters may not materialize. 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.

我們對於這些事項的預期與信念可能不會實現。實際財務期間的結果存在風險與不確定性，可能導致實際結果與預測有重大差異。這些風險包括我們今天稍早發布的新聞稿中所列者，以及我們向美國證券交易委員會提交之文件中更完整描述者。

The forward-looking statements in this presentation are based on information available to us as of the date hereof. We disclaim any obligation to update any forward-looking statements except as required by law.

本簡報中的前瞻性陳述係基於截至本日我們可得之資訊。除法律要求外，我們不承擔更新任何前瞻性陳述之義務。

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. When reported, a reconciliation between GAAP and non-GAAP financial measures will be included in our earnings documents, which can be found on the investor section of our website.

我們也將討論調整後 EBITDA，這是一項不符合一般公認會計原則的財務衡量指標。其計算方式可能與其他公司所呈現的類似非 GAAP 數據不同。在揭露時，GAAP 與非 GAAP 財務衡量指標之間的調節表將納入我們的財報文件中，可於我們網站的投資人專區查閱。

With that, I will now turn the call over to our CEO and co-founder, Emily Leproust.

接下來，我將把電話交給我們的執行長暨共同創辦人 Emily Leproust。

Thank you, Angela, and good morning, everyone. On slide 3, you will see that this morning we reported our 14th quarter of consecutive growth with record revenue of $118.4 million, growth of 23% year-over-year. This growth reflects the diligence and execution we have employed over the last several years, building for opportunities we see ahead. Sometimes those opportunities are clearly visible many years in advance and others require us to be nimble and engage with our customers in real time to ensure we build and deliver what they need to be successful.

謝謝你，Angela，各位早安。在第 3 張投影片上，您會看到我們今天早上公布連續第 14 季成長，營收創新高達 1.184 億美元，年增 23%。這項成長反映了過去數年我們所投入的努力與執行力，為我們所見的未來機會奠定基礎。有時這些機會在多年前就清晰可見；有時則需要我們保持敏捷，並與客戶即時互動，以確保我們打造並交付他們成功所需的產品與服務。

On slide 4, you'll see that at Twist, we sit at a unique junction where we have spent the last decade building the infrastructure to enable our customers to advance their therapeutics, diagnostics, and industrial breakthroughs resulting from their innovation. As biology becomes increasingly computational, our ability to deliver precision and speed at scale becomes even more valuable.

在第 4 張投影片上，您會看到在 Twist，我們處於一個獨特的交會點：過去十年我們建立了基礎設施，使客戶能推進其治療、診斷，以及由其創新所帶來的工業突破。隨著生物學日益走向計算化，我們以規模提供精準度與速度的能力變得更具價值。

On slide 5, I'm sure you agree that AI is shifting workflows across multiple industries. We see an inflection point in drug discovery with more and more groups leveraging AI as their first antibody discovery screen. Where one year ago, just a handful of organizations were pursuing this path, now we have seen large pharma, dry lab biotech, traditional biotech, and even major technology companies all employ AI through ML/AI approaches following the pattern of design, build, test loop. Our customer can now design more sequences, test more hypotheses, and iterate faster than ever before. In parallel, we also see the benefit of data and genetic information resulting in diagnostic assays that monitor, select, and determine next steps for a wide variety of diseases.

在第 5 張投影片上，我相信各位同意 AI 正在改變多個產業的工作流程。我們看到藥物發現出現拐點，越來越多團隊將 AI 作為其抗體發現的第一道篩選。一年前，只有少數組織走這條路；如今我們看到大型藥廠、乾實驗室（dry lab）生技公司、傳統生技公司，甚至大型科技公司，都透過機器學習/AI 方法採用「設計、建構、測試」迴圈的模式。我們的客戶現在能設計更多序列、測試更多假設，並以前所未有的速度迭代。同時，我們也看到資料與遺傳資訊帶來的效益，促成可監測、篩選並決定下一步的診斷檢測，用於多種疾病。

Turning to our product groups, over the past year, we've talked about AI-enabled discovery as an important emerging opportunity. Today, we are seeing that opportunity mature into a durable growth engine. We continue to support customers in building new models, while others are using Twist to conduct discovery for specific therapeutic targets and to iterate models. This combination of repeat business, new customer acquisition, and new organizations forming or expanding into the life sciences area gives us increasing confidence in the durability and longevity of AI-enabled discovery as a growth driver for the short, medium, and long term.

回到我們的產品群組，過去一年我們談到 AI 賦能的發現是一個重要的新興機會。今天，我們看到這個機會正成熟為一個可持續的成長引擎。我們持續支援客戶建立新模型，同時也有客戶使用 Twist 針對特定治療標的進行發現並迭代模型。這種重複性業務、新客戶取得，以及新組織成立或擴張進入生命科學領域的組合，讓我們對 AI 賦能發現作為短、中、長期成長驅動因素的持久性與延續性更具信心。

On slide 6, the promise of AI-enabled drug discovery is straightforward. Identify better drug candidates faster, reduce the cost of bringing new medicines to market, and improve the probability that candidates entering development ultimately succeed.

在第 6 張投影片上，AI 賦能藥物發現的承諾很直接。更快找出更好的藥物候選物、降低新藥上市成本，並提高進入開發階段的候選物最終成功的機率。

On slide 7, you'll see the workflow where our customers use AI to computationally generate thousands to millions of potential DNA sequences and iteratively refine those designs to identify the most promising therapeutic candidates for a specific disease. Twist quickly translates those digital designs into physical biology through high-throughput DNA synthesis of individual or pooled DNA, followed by protein expression.

在第 7 張投影片上，您會看到工作流程：客戶使用 AI 以計算方式產生成千上萬到數百萬條潛在 DNA 序列，並反覆精煉設計，以找出針對特定疾病最具前景的治療候選物。Twist 透過高通量 DNA 合成（單一或混合 DNA），並接續進行蛋白表達，快速將這些數位設計轉化為實體生物材料。

Many customers then leverage our downstream capabilities to evaluate those proteins across assays, measuring binding, developability, characterization, and other properties associated with successful drug candidates. We enable rapid design, build, test, and learn cycles at the earliest stage of discovery, supporting our customers' ultimate objectives.

許多客戶接著運用我們的下游能力，在多種分析中評估這些蛋白，衡量結合能力、可開發性、特性鑑定，以及其他與成功藥物候選物相關的性質。我們在發現的最早期階段促成快速的「設計、建構、測試、學習」循環，以支援客戶的最終目標。

When seeking a partner for this work, every customer needs a trusted provider capable of manufacturing increasingly Complex Genes, expressing proteins, generating high-quality characterization data, and delivering consistent results at the speed modern drug discovery requires. This combination of capabilities has become one of Twist's most important competitive advantages.

在尋找此項工作的合作夥伴時，每位客戶都需要一個值得信賴的供應商，能夠製造日益複雜的基因（Complex Genes）、表達蛋白、產出高品質的特性鑑定資料，並以現代藥物發現所需的速度交付一致的結果。這種能力組合已成為 Twist 最重要的競爭優勢之一。

At our Investor Day in May, we guided to triple-digit percentage order growth for AI-enabled discovery in fiscal 2026 versus fiscal 2025. Now that we are through the third quarter of the year, we are increasingly confident that we will meet or exceed that target.

在 5 月的投資人日，我們指引 2026 會計年度相較 2025 會計年度，AI 賦能發現的訂單成長將達三位數百分比。如今我們已走過本年度第三季，我們對於達成或超越該目標更具信心。

Our confidence reflects durable demand signals as existing customers return for iterative design, build, test, learn cycles, reflecting growing recognition that our platform is well-suited to support AI-enabled drug discovery programs, as well as traditional drug discovery. Importantly, our funnel of opportunities continues to expand meaningfully, and we believe that we have the potential to again post triple-digit percentage order growth for AI-enabled drug discovery in fiscal 2027 when compared to fiscal 2026.

我們的信心反映出持久的需求訊號：既有客戶回流進行反覆的「設計、建構、測試、學習」循環，顯示市場日益認可我們的平台非常適合支援 AI 賦能藥物發現計畫，以及傳統藥物發現。重要的是，我們的機會漏斗持續顯著擴大；我們相信，若以 2026 會計年度相比 2027 會計年度，我們有潛力再次實現 AI 賦能藥物發現訂單三位數百分比成長。

Turning to slide 8. During the quarter, our platform again demonstrated its importance in supporting global public health. On May 15, 2026, public health officials in the Democratic Republic of Congo announced a developing outbreak of hemorrhagic fever. The outbreak went undetected for at least a month, escaping standard PCR assays, a gap that allowed the virus to spread further before it could be identified and contained. As of July 1st, the virus has been confirmed in both the DRC and Uganda, with an estimated spread to several thousand people and at least 399 confirmed deaths.

接著看第 8 張投影片。本季期間，我們的平台再次展現其在支援全球公共衛生方面的重要性。2026 年 5 月 15 日，剛果民主共和國的公共衛生官員宣布出現正在發展中的出血熱疫情。該疫情至少有一個月未被偵測到，並躲過標準 PCR 檢測，這個缺口使病毒在被辨識與控制之前得以進一步擴散。截至 7 月 1 日，該病毒已在剛果民主共和國與烏干達均獲確認，估計已擴散至數千人，且至少有 399 例確認死亡。

Approximately one month into the outbreak, researchers used Twist Comprehensive Viral Research Panel to identify the pathogen as the Bundibugyo ebolavirus, underscoring the value of whole viral genome enrichment to catch emerging infectious diseases that standard testing missed. Separately, we also synthesized hantavirus material in less than 24 hours to support rapid response efforts during the cruise ship outbreak in May. These are powerful examples of the breadth, speed and reliability of our platform and of our role in the global research and public health communities.

疫情爆發約一個月後，研究人員使用 Twist Comprehensive Viral Research Panel 將病原體鑑定為 Bundibugyo 伊波拉病毒，凸顯全病毒基因組富集在捕捉標準檢測所遺漏之新興傳染病方面的價值。另外，我們也在不到 24 小時內合成了漢他病毒材料，以支援 5 月郵輪疫情爆發期間的快速應變工作。這些都是我們平台在廣度、速度與可靠性方面的有力例證，也展現我們在全球研究與公共衛生社群中的角色。

On slide 9, we continue to see strong accelerating momentum for our NGS Applications group, driven primarily by diagnostic customers, many of whom are focused on growing their commercial volumes, with others advancing towards commercialization. We have our eyes on several new opportunities as the pipeline remains rich for next-generation assays to inform molecular residual disease tests, optimize workflows using proprietary enzymes, and more.

在第 9 張投影片上，我們持續看到 NGS 應用事業群展現強勁且加速的動能，主要由診斷客戶帶動，其中許多客戶專注於擴大其商業化量能，另有一些正朝商業化邁進。由於產品管線仍相當充實，我們也鎖定數個新機會，包括用於提供分子殘存疾病（MRD）檢測資訊的次世代檢測（assays）、運用專有酵素優化工作流程等。

During the quarter, we increased customer adoption, strengthened our commercial pipeline, and continued to execute on new product introductions to reinforce our position as a trusted partner for next-generation sequencing workflows. As sequencing volumes continues to grow globally, we believe our differentiated technology and expanding portfolio positions us well for continued growth.

本季我們提升了客戶採用率、強化商業管線，並持續推進新產品導入，以鞏固我們作為次世代定序工作流程可信賴合作夥伴的地位。隨著全球定序量持續成長，我們相信差異化技術與不斷擴充的產品組合，將使我們具備持續成長的良好定位。

We continue to see customers turn to Twist when scientific precision and rapid execution matter most. This holds true when we are supporting academic research, cancer diagnostic, agricultural biotech, responding to emerging infectious diseases, or myriad other work streams.

當科學精準度與快速執行最為關鍵時，我們持續看到客戶選擇 Twist。無論是支援學術研究、癌症診斷、農業生技、因應新興傳染病，或其他各式各樣的工作流程，皆是如此。

On slide 10, one of the highlights of the quarter was hosting our Investor Day at our fab in Wilsonville, Oregon. Many of our customers shared how Twist products and services play a critical role in their internal workflows, providing tangible examples across multiple markets and applications. In addition, several Twist leaders showcased their expertise and leadership throughout the different areas of the business.

在第 10 張投影片上，本季亮點之一是我們在俄勒岡州威爾森維爾（Wilsonville）的晶圓廠（fab）舉辦投資人日。許多客戶分享 Twist 產品與服務如何在其內部工作流程中扮演關鍵角色，並在多個市場與應用領域提供具體案例。此外，多位 Twist 領導團隊也在不同業務領域展現其專業與領導力。

As Twist has grown, we have built an organization designed to repeatedly convert scientific innovation into commercial success. Great science creates opportunity. Operational excellence turn that opportunity to durable revenue growth, expanding profitability and long-term value creation. That requires manufacturing discipline, commercial execution, digital capabilities, and above all, an exceptional team.

隨著 Twist 成長，我們打造了一個能夠反覆將科學創新轉化為商業成功的組織。卓越科學創造機會。營運卓越將該機會轉化為可持續的營收成長、擴大利潤率與長期價值創造。這需要製造紀律、商業執行力、數位能力，而最重要的是一支卓越的團隊。

Investor Day gave us the opportunity to demonstrate the strength of that foundation through our leadership bench, differentiated technology, highly automated manufacturing, expanding capacity, and the proprietary software that powers our business. The consistent feedback we received was that investors left with a broader appreciation of the scale of our opportunities, the strength of our execution, and the depth of our organization we have built, as well as the reality of the growth opportunities that lie ahead to drive confidence in our long-term trajectory.

投資人日讓我們有機會透過我們的領導梯隊、差異化技術、高度自動化製造、擴增產能，以及驅動我們業務的專有軟體，展現這一基礎的實力。我們收到一致回饋：投資人離開時，對我們機會的規模、執行力的強度，以及我們所建立組織的深度有更廣泛的理解；同時也更清楚前方仍有成長機會，進而提升對我們長期發展軌跡的信心。

For me, Investor Day reinforced something I've believed since founding Twist. We do things the Twist way, and this is not the easy path. When someone says it's hard, I say, yes, that's the point. If it were easy, everyone would be doing it. Building what has never existed before requires relentless innovation, disciplined execution, and clear communication.

對我而言，投資人日再次印證了我自創立 Twist 以來一直相信的一件事。我們以 Twist 的方式做事，而這不是一條容易的路。當有人說這很難時，我會說，是的，這正是重點。如果很容易，人人都會去做。打造前所未有的事物，需要不懈的創新、嚴謹的執行，以及清晰的溝通。

What began as a founding principle has become how Twist operates. It's embedded in our systems, our processes, and most importantly, our people. That's how we scale innovation consistently, build trust with customers and investors, strengthen our competitive advantage, and create long-term shareholder value.

起初作為創立原則的理念，如今已成為 Twist 的運作方式。它深植於我們的系統、流程，更重要的是我們的人才。這就是我們如何持續規模化創新、建立客戶與投資人的信任、強化競爭優勢，並創造長期股東價值。

With that, I'd like to turn the call over to Paddy, who will discuss our competitive moat, how we are executing against our priorities, and why we believe the operational foundation we've built positions Twist for its next phase of growth.

接下來，我想把電話會議交給 Paddy，他將說明我們的競爭護城河、我們如何依優先事項推進執行，以及為何我們相信所建立的營運基礎能讓 Twist 進入下一階段的成長。

Thanks, Emily. Good morning, everyone. One of the things I enjoyed most about Investor Day is that people got to see Twist from the inside. They didn't just see the products, they saw how we operate. Twist's core technology differentiation is a semiconductor-based DNA synthesis platform that provides a structural advantage in cost, scale, and speed that feeds into every product and service we offer.

謝謝你，Emily。各位早安。我在投資人日最享受的一點，是大家得以從內部看見 Twist。他們不只是看到產品，也看到我們如何運作。Twist 的核心技術差異化在於以半導體為基礎的 DNA 合成平台，這在成本、規模與速度上提供結構性優勢，並延伸至我們提供的每一項產品與服務。

The same platform also enables a highly efficient new product introduction engine, allowing us to rapidly translate customer demand into scalable offerings and continuously expand our portfolio. As we increase volume on the silicon chip, we expand our wallet share, accelerate product innovation, and further strengthen our competitive advantage.

同一平台也支援高效率的新產品導入引擎，使我們能迅速將客戶需求轉化為可規模化的產品供給，並持續擴充產品組合。隨著我們提升矽晶片上的產量，我們擴大客戶錢包占比（wallet share）、加速產品創新，並進一步強化競爭優勢。

As Twist has grown, one thing has become increasingly clear to me. You'll see on slide 11, our competitive moat expands well beyond our robust IP position around the chip into a complex infrastructure where manufacturing, automation, software, commercial execution, product development, customer engagement, scientific innovation, and critically, the customer experience, all reinforce one another.

隨著 Twist 成長，有一件事對我而言愈來愈清楚。如第 11 張投影片所示，我們的競爭護城河遠不僅止於圍繞晶片的強健智慧財產（IP）布局，而是延伸到一套複雜的基礎設施：製造、自動化、軟體、商業執行、產品開發、客戶互動、科學創新，以及至關重要的客戶體驗，彼此相互強化。

Every improvement we make strengthens the platform. Every new capability benefits multiple parts of the business. Every automation project improves quality, productivity, and throughput, and every customer we add helps make the platform stronger. It's something we've been building deliberately for years. It's also why I believe our advantage continues to expand.

我們做出的每一項改善都在強化平台。每一項新能力都能讓業務的多個部分受益。每一個自動化專案都能提升品質、生產力與產出吞吐量，而我們新增的每一位客戶也都讓平台更強大。這是我們多年來有意識、持續打造的成果。這也是我相信我們的優勢仍在持續擴大的原因。

Customers are looking for a partner that can help them move faster, and we're becoming more deeply embedded in our customers' research and development activities. That creates more durable relationships, and over time, a stronger business, and that doesn't happen without exceptional and consistent execution.

客戶正在尋找能協助他們加速前進的合作夥伴，而我們也正更深度地嵌入客戶的研發活動中。這會帶來更持久的合作關係，並隨時間推進形成更強健的業務，而這一切都離不開卓越且一致的執行。

Every day, our teams are focused on delivering exceptional quality, increasing productivity, expanding capacity, and reducing turnaround times. These priorities don't change. There's no finish line. We measure ourselves by how consistently we improve.

每天，我們的團隊都專注於交付卓越品質、提升生產力、擴增產能並縮短交付週期（turnaround times）。這些優先事項不會改變。沒有終點線。我們以改善的一致性來衡量自己。

On slide 12, I talked earlier about our silicon chip, shown on the left. It's been the foundation of our commercial manufacturing platform since 2015. By miniaturizing known phosphoramidite chemistry and dramatically reducing reagent consumption, our economics have always been strong as we've created structural advantages in cost, scale, and throughput that extend across our entire portfolio.

在第 12 張投影片上，我先前提到我們的矽晶片，如左側所示。自 2015 年以來，它一直是我們商業化製造平台的基礎。透過將既有的磷酰胺化學（phosphoramidite chemistry）微型化並大幅降低試劑消耗，我們的經濟效益一向強勁，並在成本、規模與產出吞吐量上建立結構性優勢，延伸至我們整個產品組合。

Just as importantly, we continue to improve that platform, as shown on the right side of the slide. Over the last three years alone, we've reduced manufacturing costs by 60%, reduced waste by 70%, reduced turnaround time by roughly 73%, and increased oligonucleotide capacity four-fold. Those gains improve our economics, strengthen our competitive position, and create additional capacity to support future growth.

同樣重要的是，我們持續改善該平台，如投影片右側所示。僅在過去三年，我們就將製造成本降低 60%、將廢棄物減少 70%、將交付週期縮短約 73%，並將寡核苷酸（oligonucleotide）產能提升至四倍。這些成果改善了我們的經濟效益、強化競爭地位，並創造額外產能以支援未來成長。

Over the past several years, VC firms invested heavily in alternative DNA synthesis technologies. The marketing is compelling, but commercial success depends upon much more than chemistry. It requires molecular quality, reproducibility, manufacturing scale, and continuous operational improvement. We believe our platform and our track record continue to set the standard.

過去幾年，創投（VC）機構大量投資於替代性的 DNA 合成技術。行銷說法很吸引人，但商業成功所依賴的遠不止化學本身。它需要分子品質、可重現性、製造規模，以及持續的營運改善。我們相信，我們的平台與過往實績仍持續樹立標竿。

Our leadership in the field is one of the many things that gives us confidence in the long-term opportunity. Our investments aren't tied to one product cycle. They're strengthening the foundation for everything we build next. That's how we think about creating long-term value. We do not optimize for a single quarter, we focus on building a stronger company every quarter.

我們在該領域的領導地位，是眾多讓我們對長期機會充滿信心的因素之一。我們的投資並不受限於單一產品週期。它們正在強化我們下一步所打造一切的基礎。這就是我們看待長期價值創造的方式。我們不以單一季度為最佳化目標，而是專注於每一季都打造更強的公司。

On slide 13, another tangible example of continued improvement leading to a specific product launch. Last quarter, I talked about an early access launch of our Complex Genes offering, extending the range of DNA sequences researchers can order from Twist. Complex Genes are highly challenging constructs that have historically been out of reach for most platforms to synthesize consistently because of high GC content, repetitive elements, or other complex characteristics. Today, we manufacture these sequences with the same automation, the same manufacturing line as part of our standard and Express Genes production workflow with the consistent speed, scale, and quality customers expect from Twist.

在第 13 張投影片上，還有另一個具體的例子，說明持續改善如何促成特定產品的推出。上一季我談到我們的 Complex Genes 產品進行了早期存取（early access）上市，擴大研究人員可向 Twist 訂購的 DNA 序列範圍。Complex Genes 是極具挑戰性的構築體，過去由於高 GC 含量、重複元素或其他複雜特性，多數平台難以穩定合成，因此往往難以觸及。如今，我們以相同的自動化、相同的製造產線，將其納入我們標準 Genes 與 Express Genes 的生產工作流程中進行製造，並以客戶對 Twist 所期待的一致速度、規模與品質交付。

Early customer adoption has been very encouraging. During early access, we've worked with a select handful of customers who've ordered more than 1,800 Complex Genes across well over 100 orders. The execution has been superb. We've completed the overwhelming majority of these highly complex constructs in 12 days, within our expected delivery window. That matters because it's one thing to produce a complex sequence once in an R&D environment. It's something entirely different to manufacture thousands of highly complex constructs repeatedly at commercial scale with consistent quality.

早期客戶採用情況令人非常振奮。在早期存取期間，我們與少數精選客戶合作，他們在 100 多筆訂單中合計訂購了超過 1,800 個 Complex Genes。執行表現極為出色。我們在 12 天內完成了其中絕大多數高度複雜的構築體，符合我們預期的交付時程窗口。這很重要，因為在研發環境中一次性產出一條複雜序列是一回事。而以商業規模、在一致品質下反覆製造數千個高度複雜構築體，則是完全不同的挑戰。

While Complex Genes represent a relatively specialized market today, our execution demonstrates that we continue to expand the boundaries of what customers can manufacture on the Twist platform using the same highly automated production infrastructure. Each new capability increases the value of our platform, expands wallet share with existing customers, and further differentiates Twist from competitors.

雖然 Complex Genes 目前仍屬相對專門的市場，但我們的執行力證明：我們持續擴大客戶可在 Twist 平台上製造的邊界，而且使用的是同一套高度自動化的生產基礎設施。每一項新能力都會提升我們平台的價值、提高既有客戶的錢包占有率（wallet share），並進一步讓 Twist 與競爭對手形成差異化。

At Twist, we focus on automating and operationalizing any new product offering within our manufacturing workflow so that what we can do for one customer, we can deliver for thousands of customers with consistent quality, speed, and precision at scale. Two weeks ago, we launched our complex offering formally, expanding availability broadly across the market. In summary, we believe our silicon platform, automation, software, and manufacturing infrastructure uniquely position us to serve a wide range of customers across industries, creating a competitive moat that would be exceptionally difficult to replicate.

在 Twist，我們專注於將任何新產品供應在製造工作流程中自動化並營運化（operationalize），使我們能為一位客戶做到的，也能以一致的品質、速度與精準度，在規模化情境下交付給數千位客戶。兩週前，我們正式推出 complex 產品供應，將可用性大幅擴展至整體市場。總結而言，我們相信我們的矽基平台、自動化、軟體與製造基礎設施，使我們具備獨特優勢，可服務跨產業的廣泛客戶，形成極難複製的競爭護城河。

With that, I'll turn the call over to Adam Laponis to review our financial results.

接下來，我把電話會議交給 Adam Laponis，請他回顧我們的財務結果。

Thank you, Paddy. Turning to slide 14, Q3 was another quarter of consistent execution against the financial model we've laid out. Revenue grew 23% year-over-year to $118.4 million, our 14th consecutive quarter of sequential growth. We focused on growing the top line while maintaining our commitment to adjusted EBITDA breakeven for the fourth quarter of fiscal 2026 and we understand that growth of 20% or more significantly differentiates Twist among our peers. Gross margin was 52.8%, growth of 120 basis points sequentially, with 70% of incremental revenue dropping to the gross margin line.

謝謝你，Paddy。請看第 14 張投影片，第三季再次展現我們依照既定財務模型穩健執行。營收年增 23% 至 1.184 億美元，為連續第 14 個季度的季增成長。我們在推動營收成長的同時，仍維持對 2026 會計年度第四季達成調整後 EBITDA 損益兩平的承諾；我們也理解，20% 或以上的成長率能讓 Twist 在同業中顯著脫穎而出。毛利率為 52.8%，較前一季提升 120 個基點，且增量營收中有 70% 轉化至毛利。

Let me walk you through the details. On slide 15, you'll see DNA Synthesis and Protein Solutions revenue increased to $56.6 million compared to $40.8 million in the third quarter of fiscal 2025, growth of 39% year-over-year at 6% sequentially. We shipped 369,000 genes in the third quarter, plus consecutive quarter-over-quarter growth in genes manufactured for data characterization.

我來帶各位看細節。在第 15 張投影片中，DNA 合成與蛋白質解決方案營收增至 5,660 萬美元，較 2025 會計年度第三季的 4,080 萬美元成長，年增 39%，季增 6%。第三季我們出貨 369,000 個基因，且用於資料特性分析（data characterization）所製造的基因也連續季度成長。

On slide 16, we show NGS Applications revenue for the third quarter grew to approximately $61.8 million, compared to $55.3 million in the third quarter of fiscal 2025, an increase of 12% year-over-year and up 8% sequentially, driven by growth in top accounts. For the quarter, revenue from our top 10 NGS Applications customers accounted for approximately 48% of NGS Applications revenue. We served 657 NGS Applications customers in the quarter, with 182 having adopted our products.

在第 16 張投影片中，我們顯示第三季 NGS 應用營收約為 6,180 萬美元，較 2025 會計年度第三季的 5,530 萬美元增加，年增 12%、季增 8%，主要由主要客戶（top accounts）成長帶動。本季我們前 10 大 NGS 應用客戶的營收約占 NGS 應用營收的 48%。本季我們服務了 657 位 NGS 應用客戶，其中 182 位已採用我們的產品。

Looking geographically on slide 17, Americas revenue increased to approximately $77.3 million in the third quarter compared to $59.4 million in the same period of fiscal 2025, growth of 30% year-over-year. EMEA revenue rose to $33.6 million in the third quarter versus $30.7 million in the same period of fiscal 2025, growth of 9% year-over-year. APAC revenue increased to $7.5 million in the third quarter compared to $5.9 million in the same period of fiscal 2025, an increase of 26% year-over-year.

在第 17 張投影片按地區來看，美洲地區第三季營收約為 7,730 萬美元，較 2025 會計年度同期的 5,940 萬美元成長，年增 30%。EMEA 地區第三季營收升至 3,360 萬美元，較 2025 會計年度同期的 3,070 萬美元成長，年增 9%。APAC 地區第三季營收增至 750 萬美元，較 2025 會計年度同期的 590 萬美元增加，年增 26%。

On slide 18, looking at revenue by industry, therapeutic revenue was $40.4 million for the third quarter of 2026 compared to $27 million in the same period of fiscal 2025, growth of 49%, reflecting the increased uptake of our products by pharma, dry lab biotech, and large tech companies in their efforts on therapeutic discovery and including AI-enabled drug discovery.

在第 18 張投影片按產業別來看，治療（therapeutic）營收於 2026 會計年度第三季為 4,040 萬美元，較 2025 會計年度同期的 2,700 萬美元成長 49%，反映製藥公司、乾式實驗室（dry lab）生技公司與大型科技公司在治療性發現（therapeutic discovery）上的投入（包含 AI 賦能的藥物發現）帶動我們產品採用度提升。

Diagnostics revenue was $43.8 million in the third quarter of 2026 compared to $38.1 million in the same period of fiscal 2025, an increase of 15%. Diagnostics revenue grew 10% sequentially based on strong growth from top accounts.

診斷（Diagnostics）營收於 2026 會計年度第三季為 4,380 萬美元，較 2025 會計年度同期的 3,810 萬美元增加 15%。在主要客戶強勁成長帶動下，診斷營收季增 10%。

Industry and applied revenue were $5.7 million in the third quarter of 2026 compared to $6.1 million in the same period of fiscal 2025. Academic and government revenue were $15.5 million in the third quarter of fiscal 2026, an increase of 32% year over year and 21% sequentially, driven by strength in US accounts where we saw several large customers return during the quarter. Importantly, our outperformance this quarter for academic and government demonstrates the resilience of our business, the depth of our customer engagement, and the growth of this customer group.

工業與應用（Industry and applied）營收於 2026 會計年度第三季為 570 萬美元，較 2025 會計年度同期的 610 萬美元略降。學術與政府（Academic and government）營收於 2026 會計年度第三季為 1,550 萬美元，年增 32%、季增 21%，主要由美國客戶表現強勁所帶動，本季我們看到數位大型客戶回流。重要的是，本季學術與政府客群的優於預期表現，展現了我們業務的韌性、客戶互動的深度，以及此客群的成長。

Global Supply Partner revenue was $12.9 million in the third quarter of 2026 compared to $13 million in the same period of fiscal 2025. This revenue stream continues to provide a stable reoccurring revenue base while our faster-growing therapeutics and diagnostics product groups drive overall company growth.

全球供應合作夥伴（Global Supply Partner）營收於 2026 會計年度第三季為 1,290 萬美元，與 2025 會計年度同期的 1,300 萬美元相近。在我們成長更快的治療與診斷產品群推動公司整體成長之際，這條營收來源仍持續提供穩定的經常性（recurring）營收基礎。

Moving down the P&L to slide 19. You'll see our key financial metrics. Our gross margin for the third quarter was 52.8%, up sequentially and driven by strong revenue growth, even as we continue to make deliberate investments in new product offerings and manufacturing capacity that we expect to result in future margin gains as we accelerate growth and implement continuous process improvements.

接著往下看損益表（P&L），請看第 19 張投影片。你會看到我們的關鍵財務指標。第三季毛利率為 52.8%，較前一季上升，主要由強勁營收成長帶動；同時我們仍持續有計畫地投資新產品供應與製造產能，預期隨著我們加速成長並推動持續流程改善，將在未來帶來毛利率提升。

Operating expenses excluding cost to revenues were $98.7 million for the quarter compared to $81.4 million in the prior year, which includes approximately $2 million in employee transition costs as well as other one-time expenses that will result in more than $5 million reduction in OpEx in the fourth quarter.

本季營業費用（不含營收成本）為 9,870 萬美元，較去年同期的 8,140 萬美元增加；其中包含約 200 萬美元的員工轉任（transition）成本，以及其他一次性費用，這些將使第四季營業費用（OpEx）降低超過 500 萬美元。

Looking at our progress and our path to profitability and progress towards breakeven on slide 20. For the third quarter of fiscal 2026, adjusted EBITDA was a loss of approximately $11.3 million, reflecting planned one-time investment. We ended Q3 with $166.8 million in cash equivalents, and short-term investments versus $171.7 million as of March 31st, 2026.

在第 20 張投影片中，來看我們的進展、獲利路徑，以及朝損益兩平邁進的進度。2026 會計年度第三季，調整後 EBITDA 約虧損 1,130 萬美元，反映計畫性的一次性投資。第三季末我們的現金約當物與短期投資為 1.668 億美元，相較於 2026 年 3 月 31 日的 1.717 億美元。

On slide 21, turning to guidance. For fiscal 2026, we are increasing our revenue guidance and now expect total revenue of $456 million to $457 million, up $12 million at the midpoint, representing growth of approximately 21% year over year. In the third quarter, total revenue growth reflected above 20%. Based on customer demand, our current funnel, and order growth, we expect momentum to continue and look forward to sharing full year guidance for fiscal 2027 in November.

在第 21 張投影片，接著談財測（guidance）。針對 2026 會計年度，我們上調營收指引，現在預期總營收為 4.56 億至 4.57 億美元，中位數上調 1,200 萬美元，代表年增約 21%。第三季的總營收成長率如前所述高於 20%。基於客戶需求、我們目前的商機漏斗（funnel）以及訂單成長，我們預期動能將持續，並期待在 11 月分享 2027 會計年度的全年指引。

For Q4 fiscal 2026, we expect total revenue of $123 million to $124 million, growth of approximately 25% year over year at the midpoint. We expect sequential growth from both DSPS and NGS. We expect DSPS sequential growth to be driven by therapeutics and NGS to return to growth above 20% year over year. Well into our final quarter of the fiscal year, we remain confident in our trajectory and continue to expect to achieve adjusted EBITDA breakeven this quarter. Our focus is now on sustaining that performance and continuing to execute against long-term financial objectives throughout fiscal 2027.

針對 2026 會計年度第四季，我們預期總營收為 1.23 億至 1.24 億美元，以中位數計算約為年增 25%。我們預期 DSPS 與 NGS 皆將呈現季增。我們預期 DSPS 的季增將由治療相關需求帶動，而 NGS 將恢復至年增 20% 以上的成長。在本會計年度最後一季已進行相當一段時間之際，我們對自身發展軌跡仍具信心，並持續預期本季可達成調整後 EBITDA 損益兩平。我們目前的重點是維持該表現，並在 2027 會計年度持續推進長期財務目標的執行。

With that, I'll turn the call back to Emily.

接下來，我把電話交回給 Emily。

Thank you, Adam. I'd like to leave you with one final thought. When Twist was founded more than 13 years ago, our goal wasn't simply to build a better way to synthesize DNA. It was to remove barriers that slow scientific discovery. That vision is working. Today, our platform is enabling advances across cancer diagnostic, AI-enabled drug discovery, synthetic biology, and academic research.

謝謝你，Adam。我想以最後一個想法作結。Twist 在 13 年多前成立時，我們的目標不只是打造更好的 DNA 合成方式。而是要移除那些會拖慢科學發現的障礙。這個願景正在發揮作用。如今，我們的平台正促成癌症診斷、AI 驅動的新藥研發、合成生物學以及學術研究等領域的進展。

We have translated the innovation into durable business performance, delivering 14 consecutive quarters of revenue growth, expanding gross margin, and remaining on track to achieve adjusted EBITDA breakeven this quarter. Yet, I believe we are still in the early chapters.

我們已將創新轉化為可持續的業務表現，連續 14 個季度實現營收成長、擴大毛利率，並仍按計畫於本季達成調整後 EBITDA 損益兩平。然而，我相信我們仍處於早期篇章。

Biology is becoming increasingly digital, data-driven, and AI-enabled. Scientists are asking bigger questions, designing more complex molecules, and moving faster than ever before. Those trends play directly to Twist's strength and reinforce our confidence that the opportunity ahead is substantially larger than the one we set out to address 13 years ago.

生物學正變得愈來愈數位化、資料驅動，並由 AI 賦能。科學家正在提出更宏大的問題、設計更複雜的分子，並以前所未有的速度推進。這些趨勢正好直接對應 Twist 的優勢，也強化了我們的信心：未來的機會規模，將遠大於我們 13 年前起步時所要解決的市場機會。

Importantly, we continue to execute against our plan to deliver sustainable, profitable growth. As we look ahead, we are confident not only because of the opportunities in front of us, but because of the foundation we have built to capture them. We continue to see multiple durable drivers of growth, as you'll see on slide 22.

重要的是，我們持續依照計畫執行，以實現可持續且具獲利性的成長。展望未來，我們之所以有信心，不僅因為眼前的機會，更因為我們已建立起能夠把握這些機會的基礎。如同你們在第 22 頁投影片所見，我們仍看到多項具持久性的成長驅動因素。

AI-enabled drug discovery continues to expand. Molecular residual disease continues to grow in application within a reimbursement environment expanding. We see opportunity to introduce proprietary enzyme in our workflows and our internal processes to optimize performance and cost, as well as reduce our dependence on suppliers.

AI 賦能的新藥研發持續擴張。微量殘存疾病（MRD）在應用面持續成長，同時報銷環境也在擴大。我們看到機會在工作流程與內部流程中導入自有酵素，以優化效能與成本，並降低對供應商的依賴。

In the longer term, we believe NextEfficacy Therapeutics provides a personalized diagnostic and therapeutic approach that will improve patient outcomes and positively impact the healthcare system. With the growth across the market we serve expanding, our serviceable addressable market is projected to be $13 billion by 2030. In addition, our innovation engine will continue introducing new capabilities that we haven't mentioned here today, expanding that upside opportunity.

從更長期來看，我們相信 NextEfficacy Therapeutics 提供個人化的診斷與治療方法，將改善病患預後並對醫療體系帶來正面影響。隨著我們所服務市場的成長擴大，我們的可服務目標市場（SAM）預計到 2030 年將達 130 億美元。此外，我們的創新引擎將持續推出今天未提及的新能力，進一步擴大上行機會。

On slide 24, you'll see that we feel confident in our ability to drive continued growth moving forward. Specifically, we've just delivered our 14th consecutive quarter of revenue growth at 23% growth year-over-year. We believe we have a strong growth trajectory to more than double revenue from organic growth in 2031.

在第 24 頁投影片中，你會看到我們對於未來持續推動成長的能力充滿信心。具體而言，我們剛剛達成連續第 14 個季度的營收成長，年增率為 23%。我們相信，憑藉有機成長，我們在 2031 年有望將營收規模提升至超過目前的兩倍。

We guided to $123 million to $124 million for the fourth quarter of fiscal 2026, growth of approximately 25% year-over-year. Based on customer demand, our current funnel, and other growth, we expect momentum to continue. We expect to meet or exceed our guidance of triple-digit percent order growth for AI-enabled drug discovery in fiscal 2026.

我們對 2026 會計年度第四季的指引為 1.23 億至 1.24 億美元，約為年增 25%。基於客戶需求、我們目前的商機漏斗以及其他成長動能，我們預期動能將延續。我們預期在 2026 會計年度，AI 賦能新藥研發的訂單成長可達到或超過三位數百分比的指引。

Based on our robust funnel, we expect to again deliver triple-digit percent growth for orders from AI-enabled drug discovery in fiscal 2027. We expect gross margin above 52% for fiscal 2026, with a goal of margins of more than 60% as the business matures. We expect to achieve adjusted EBITDA breakeven for the first quarter of fiscal 2026. We expect to maintain this commitment for fiscal 2027. We will continue to meet our customers where they are, enabling them to truly change the world for the better.

基於我們強勁的商機漏斗，我們預期在 2027 會計年度，AI 賦能新藥研發的訂單仍可再次實現三位數百分比成長。我們預期 2026 會計年度毛利率高於 52%，並以業務成熟後毛利率超過 60% 為目標。我們預期在 2026 會計年度第一季達成調整後 EBITDA 損益兩平。我們預期在 2027 會計年度維持此承諾。我們將持續在客戶所在之處與其同行，協助他們真正讓世界變得更好。

At this time, let's open the call for questions.

現在，我們開放提問。

(Operator Instructions) Brendan Smith, TD Cowen.

（接線員指示）Brendan Smith，TD Cowen。

Congrats on the quarter. Wanted to first ask actually just about the relative breakdown of FQ3 revenues. I know you talked a little bit about this already, but it looks like therapeutics revenues were incrementally down sequentially. The volumes do look good. I guess just any additional color there on some of the ordering dynamics we should maybe be aware of.

恭喜本季表現。我想先問一下 FQ3 營收的相對拆分。我知道你們已經稍微談過，但看起來治療相關營收在季比上略有下滑。不過出貨量看起來不錯。我想請教是否能再補充一些背景，關於我們可能需要留意的下單動態。

On the new FY 2027 outlook of repeating triple-digit AI growth next year, I appreciate all that as well. I guess, is that based on, I know you said the funnel, but is this kind of based on some visibility into orders already coming in? Is this kind of reflective of ongoing conversations you're having? Any particular inflections in the type of quality of orders over the next year or so? Just kind of any color you can give us to support durability on that scale would be great.

另外，關於新的 FY 2027 展望：明年 AI 仍可重複三位數成長，我也很感謝你們的說明。我想問的是，這是基於——我知道你們提到商機漏斗——但這是否也建立在對已經開始進來的訂單有一定能見度？這是否反映你們正在進行的持續對話？未來一年左右，訂單類型或品質是否有任何特別的轉折點？任何能支持這種規模成長具持久性的補充說明都會很有幫助。

We're very excited about this quarter. We're seeing a lot of strength from existing customers as well as new customers coming in. Obviously, we had a growth of more than 20%, and we are guiding growth of more than 20%, actually almost 25% for people. Things are going really well.

我們對本季表現感到非常振奮。我們看到既有客戶的需求很強，同時也有新客戶加入。顯然，我們實現了超過 20% 的成長，而我們給出的成長指引也超過 20%，實際上對大家而言接近 25%。整體進展非常順利。

In AI-enabled discovery in particular, we had a few things happening. First, customers that have built their models are turning the crank. We are seeing new customers coming on top of that. Even the existing customers that have been turning the crank now are starting to look at new modalities. You might see people coming in with just a VHH and then expanding to a full IgG. People are not quite broadly talking about AI for bispecific, but we know it's coming.

就 AI 賦能研發而言，特別有幾件事正在發生。首先，已建立模型的客戶正在持續推進、加速運轉。同時我們也看到新客戶加入。甚至那些已經在持續推進的既有客戶，現在也開始關注新的治療形式（modalities）。你可能會看到有人一開始只做 VHH，之後擴展到完整的 IgG。大家目前還沒有很廣泛地談到用 AI 做雙特異性（bispecific），但我們知道這會到來。

Talking to customers, looking at the quotes we're giving them, the number of sequences that they have in mind that they want to build either as full DNA or as array DNA give us very strong confidence that triple-digit percentage growth that we've seen in AI-enabled drug discovery that we know we're going to be able to deliver in 2026. We see it continuing, again, from this conversation with (inaudible)

從與客戶的交流、以及我們提供給他們的報價來看，他們心中想要建構的序列數量——不論是完整 DNA 或陣列 DNA——都讓我們對 AI 賦能新藥研發所呈現的三位數百分比成長非常有信心；我們也知道自己在 2026 年將能交付這樣的成長。我們看到這種趨勢會延續，同樣來自於與（聽不清） 的對話。

Puneet Souda, Leerink Partners.

Puneet Souda，Leerink Partners。

I'll wrap my questions in one. Look, on the gene shipped, you're seeing quite a bit of acceleration here, 56% growth. Wondering why is the protein segment growing only at 39%? Just wondering if there is any pricing or ASP compression that you're seeing? I think the bigger question here is that you're pointing out triple-digit growth this year, next year, triple-digit order growth again for AI. How is the AI order-to-revenue conversion? I think that's a key question we're getting.

我把問題合併成一個。你們在基因出貨量方面看到相當明顯的加速，成長 56%。想請教為什麼蛋白質業務板塊只成長 39%？是否有任何定價或平均售價（ASP）下滑的壓力？我認為更大的問題是：你們指出今年三位數成長、明年也再次三位數的 AI 訂單成長。AI 訂單轉換為營收的轉換率如何？我想這是我們收到的一個關鍵問題。

And for Adam, on adjusted EBITDA, if you could you double-click on that and provide us how do we get to adjusted EBITDA breakeven in fourth quarter and keep that sustained or higher in fiscal 2027?

另外給 Adam：關於調整後 EBITDA，若可以的話，能否再深入說明一下——我們如何在第四季達成調整後 EBITDA 損益兩平，並在 2027 會計年度維持該水準或更高？

The number of genes is growing massively, which is great, right? I think, for us, we can process them easily on our automated system, and it should be very hard for anybody else to absorb that kind of revenue growth. The therapeutics business grew 49% year-over-year, very much in line with the growth of genes. It's correct that the DSPS only grew 36%. I think that as the volume growth comes primarily from antibody type sequences. as you know, those sequences are shorter than maybe plant genes. As we see the growth coming primarily from human therapeutics, there's maybe a shift to smaller genes, which is totally fine with us.

基因的數量正在大幅成長，這很棒，對吧？我認為，對我們而言，我們可以在自動化系統上輕鬆處理，而對其他任何人來說，要消化這種營收成長應該會非常困難。治療業務年增49%，與基因成長非常一致。DSPS 只成長36%這點是正確的。我認為，因為量的成長主要來自抗體類序列；如你所知，這些序列可能比植物基因更短。隨著我們看到成長主要來自人類治療領域，可能會轉向較小的基因，這對我們來說完全沒問題。

The key is, AI is doing exactly what we thought it would do. It just creates more sequences. The third part I mentioned is that biology now is becoming more digital, more data-driven, and more AI-enabled, and that just brings more demand for more N, more sequences, and we are absolutely seeing it in our data.

關鍵在於，AI 正在做的正是我們原本以為它會做的事。它只是產生更多序列。我提到的第三點是，生物學現在正變得更數位化、更以資料驅動、也更由 AI 賦能，而這只會帶來對更多 N、更多序列的需求；我們在數據中確實清楚看到了。

Adam, you want to take the second question?

Adam，你要回答第二個問題嗎？

No, absolutely. In terms of order-to-revenue recognition, we're noticing, particularly with AI drug discovery, that the timelines for projects are usually measured in weeks. At the end of last year when we had a pretty significant order step-up towards the end of the fiscal year, we saw there was some separation there. As we go into 2026 and look towards 2027, the two metrics converge pretty nicely.

不，當然。就訂單到營收認列而言，我們注意到，特別是在 AI 藥物發現方面，專案時程通常以週來衡量。去年年底，當我們在會計年度末出現相當顯著的訂單躍升時，我們看到兩者之間存在一些落差。隨著我們進入2026並展望2027，這兩個指標會相當漂亮地趨於一致。

The other question, in terms of adjusted EBITDA and the path and the bridge to Q4 and beyond. No, great question, and we've been very disciplined over the last number of years with how we've managed the business and our investments, and we continue to do so.

另一個問題是關於調整後 EBITDA，以及通往第四季（Q4）及之後的路徑與銜接。不，這是個好問題；過去幾年我們在業務管理與投資配置上一直非常自律，而且我們會持續如此。

As we look into Q4, we had the one-timers associated with some of the employee transitions in Q3, as well as some continued investment in our new digital capabilities that we've here launched in Q4. We expect to see sequential improvements in the OpEx moving forward, starting in Q4. That said, we see that the path to adjusted EBITDA positive in Q4 and then being able to continue to make progress on that in 2027 and beyond.

展望第四季，我們在第三季有一些與員工轉換相關的一次性項目，同時也持續投資於我們在第四季推出的新數位能力。我們預期營運費用（OpEx）自第四季起往後將呈現逐季改善。也就是說，我們看到在第四季達成調整後 EBITDA 轉正的路徑，並且能在2027及之後持續在此基礎上取得進展。

David Westenberg, Piper Sandler.

David Westenberg，Piper Sandler。

Maybe I'll just add on to Puneet's question on the EBITDA bridge. I appreciate the color there. Do you expect 20207 to have -- continued momentum in 2027 with that EBITDA bridge, i.e., do you think that you could stay EBITDA positive throughout, or do you think it's going to be quarter-on-quarter, but the year you're really focusing on that EBITDA?

也許我再接著 Puneet 關於 EBITDA 銜接的問題補充一下。我很感謝你提供的細節。你是否預期20207——在2027年這個 EBITDA 銜接上會延續動能？也就是說，你認為全年都能維持 EBITDA 為正，還是會呈現逐季波動，但你真正聚焦 EBITDA 的年份是哪一年？

For a second question, I was hoping you could give maybe some color on the new product mix in NGS, particularly around some of your new whole genome offering and then maybe some of the more expansive or faster-growing new products from customers in NGS. I'm thinking about Shield, but any other ones like that could be just incredibly high-growth potential and how they did.

第二個問題，我希望你能談談 NGS 的新產品組合，特別是你們新的全基因組方案，以及客戶端在 NGS 中一些更具延展性或成長更快的新產品。我想到的是 Shield，但還有沒有其他類似、可能具備極高成長潛力的產品，以及它們的表現如何？

Great to have you. Thanks for initiating and for your first double question. I'll start to Adam for your first one on the adjusted EBITDA momentum and then Paddy for the new work in NGS.

很高興你加入。謝謝你開場並提出第一個雙重問題。第一個關於調整後 EBITDA 動能的問題我先交給 Adam，然後 NGS 的新工作交給 Paddy。

David, great to hear you on the call. In terms of our commitment, we said we're going to give full-year guidance in November, and we plan to give a robust outlook. We're not in the business typically of going backwards, that being said. We look at our full-year adjusted EBITDA this year, improving year-on-year to being positive for the year. We look to make sequential improvements wherever possible.

David，很高興在電話會議上聽到你的聲音。就我們的承諾而言，我們說過會在11月提供全年指引，我們也計畫給出一個有力的展望。一般而言，我們不太會走回頭路，但話雖如此。我們看今年的全年調整後 EBITDA，將較去年改善並在全年層面轉為正值。我們也會在可能的地方追求逐季改善。

We also recognize we love our employees and give them a raise at the beginning of every fiscal year. We're going to balance that. We'll give a full guidance as we approach November. Also, in terms of how we look at the business long term, very positive progress on both the growth trajectory, as well as the commitment on continued progress and profitability.

我們也理解，我們很重視員工，並在每個會計年度開始時給員工加薪。我們會在這之間取得平衡。我們會在接近11月時提供完整指引。另外，就我們長期看待業務而言，無論是成長軌跡，或是對持續改善與獲利能力的承諾，都有非常正面的進展。

Just building off of what Adam was saying, just coming over to your questions on products in the NGS space. From a workflow standpoint, it's a good time just as a reminder on how we've built out some really well-differentiated enzymes using AI-driven discovery and development methods. They're critical in whole genome and other workflows. It's high-performing ligase and high fidelity, high-performing polymerase, both of which are featuring in our kits, which are benchmarking incredibly well, both internally and in our customers' hands. That's a long-term commitment to enhance our customers' success in their experiments, it's just going to be an ongoing drive into the market.

延續 Adam 的說法，接著回答你關於 NGS 領域產品的問題。從工作流程角度來看，也提醒一下我們如何透過 AI 驅動的發現與開發方法，打造出一些差異化非常明顯的酶。它們在全基因組及其他工作流程中都至關重要。包括高效能連接酶（ligase）以及高保真、高效能聚合酶（polymerase），兩者都用在我們的試劑盒中；無論在內部或在客戶手上，基準測試表現都非常出色。這是我們長期的承諾，目的是提升客戶在實驗中的成功率，並將持續推動進入市場。

If I move across into the emerging applications that we're very excited about, I'll just call out MRD again, so molecular residual disease. Obviously, we have workflows for any approach, but in particular, maybe just spend 30 seconds on the tumor informed platform. What you're seeing there obviously is a correlation between increasing probe count derived from knowledge gained from sequencing the patient's tumor, leading to higher sensitivity tests, and therefore better patient outcome.

如果我轉到我們非常興奮的新興應用，我再點名一次 MRD，也就是分子殘存疾病。顯然，我們對任何方法都有相應的工作流程，但我想特別用30秒談談腫瘤知情（tumor informed）平台。你在那裡看到的，顯然是：從對病患腫瘤進行定序所獲得的知識衍生出更高的探針數量，與更高靈敏度的檢測呈正相關，因此帶來更好的病患結果。

We see demand continue to increase. If I just go way back to talking about something like our current capacity for something like 72 million oligos per day, if you can imagine a situation of hundreds of thousands to millions of tests in the future, all demanding thousands of probes, tumor informed, delivered to a patient in, or sorry, delivered to a service lab or to hospital or wherever a customer is in a very, very short period of time. By that, I mean, a couple of days max. We're pretty excited about where that segment's going. It's another beautiful application of our synthesis platform.

我們看到需求持續增加。如果我回到更前面談，例如我們目前的產能大約是每天7,200萬條寡核苷酸（oligos）；你可以想像未來可能出現數十萬到數百萬次檢測的情境，而每一次檢測都需要數千個探針、屬於腫瘤知情，並且要在非常、非常短的時間內交付給病患——抱歉，是交付給服務實驗室、醫院或客戶所在的任何地方。我指的是，最多幾天內。我們對這個細分市場的走向感到相當興奮。這也是我們合成平台的另一個很漂亮的應用。

Subbu Nambi Guggenheim.

Subbu Nambi，Guggenheim。

As we get closer to 2027 fiscal year, do you have any preliminary thoughts on 2027 growth outlook? I know you said you'll provide us full guidance, but then you touched on this a little bit about 20% growth for both NGS and DSPS. Is that reasonable? If yes, this would be above your LRP of mid-teens growth.

隨著我們更接近2027會計年度，你對2027年的成長展望有任何初步想法嗎？我知道你說會提供完整指引，但你也稍微提到 NGS 和 DSPS 都有20%成長。這樣合理嗎？如果是，這將高於你們長期計畫（LRP）中「中十位數」的成長。

I had a clarifying question. You had $25 million AI-related orders in 2025, even assuming 100% as bare minimum triple digit, that would be $50 million. Now you're confident that $50 million growing to $100 million. Did I get that right?

我有一個釐清問題。你們在2025年有2,500萬美元與 AI 相關的訂單，即使假設100%是最低限度的三位數成長，那也會是5,000萬美元。現在你們有信心5,000萬美元能成長到1億美元。我理解得對嗎？

Yes, you got that right. That's some sort of clarifying comment. In terms of long-term growth, I think that overall the trends are in our favor. Paddy just mentioned the trends in MRD where -- I won't fully repeat his comment, but basically, what we're hearing is for high sensitivity, people want more probes. In order to be able to be fit there, the window, for the specific, it needs to be delivered fast. That's basically what we've built is the speed of delivering thousands of probes with another expression. We think that trend there is going to be a very, very strong sell into new win.

是的，你理解得對。這算是一個釐清說明。就長期成長而言，我認為整體趨勢對我們有利。Paddy 剛提到 MRD 的趨勢——我不會完整重複他的說法，但基本上，我們聽到的是：為了高靈敏度，人們想要更多探針。為了能符合那樣的需求，特定的交付時間窗口必須很快。我們所打造的，基本上就是能快速交付數千個探針的能力（換句話說）。我們認為那個趨勢將會非常、非常有力地推動新客戶贏單。

In terms of AI story, it's just incredible the business is peaking through on all the cylinders. What last year or a year ago was a big order in DSPS and now, they're a regular model. Really, we've seen a change in the order pattern, where we are seeing just big chunky orders and then sticking to customers in what they need going forward.

就 AI 這個故事而言，業務在各個面向都全面發力、表現亮眼，實在令人難以置信。去年或一年前在 DSPS 還算是一筆大單的訂單，現在已經成為常態化的模式。確實，我們看到訂單型態出現變化：我們看到一些大額、成批的訂單，之後也會持續黏著客戶，滿足他們未來的需求。

We've heard about the model for those AI bots needing more and more data points. It's the same for every story. There's a growing number of data points are needed, we can feel that hunger for data points. That's great for us to deliver. We deliver high throughput synthesis, expression, and characterization, we're going to be there to serve our customers.

我們聽過那些 AI 機器人模型需要越來越多資料點的說法。每個故事都是一樣的。所需的資料點數量持續增加，我們能感受到對資料點的渴求。這對我們來說是很好的機會去交付。我們提供高通量的合成、表達與特性分析（characterization），我們會在那裡服務客戶。

Overall, again, we're not guiding to 2027, but Q4, we're guiding to a very, very strong Q4. We're guiding to a fiscal 2026 above 20% growth. We're trying to just see the value given in Q4, we couldn't be more excited about what's to come. Again, the Twist platform is really meeting the moment of what our current students need, both on the NGS and the DNA Synthesis and Protein Solutions side.

整體而言，再次強調，我們不會對 2027 年提供指引，但就第四季而言，我們指引的是一個非常、非常強勁的 Q4。我們指引 2026 財年成長率將高於 20%。我們希望大家看到 Q4 所展現的價值，我們對接下來的發展感到無比興奮。再次強調，Twist 平台確實切中當下客戶的需求，無論是在 NGS 端，或是 DNA 合成與蛋白解決方案端。

Kyle Mikson, Canaccord Genuity.

Kyle Mikson，Canaccord Genuity。

Congrats on the 49% growth in therapeutics. Very impressive. As was mentioned earlier, the revenues were down or kind of flat quarter-over-quarter. There was some competitive actions taken by other vendors in the field. There was some discounting, I believe. Is that having any impact on the therapeutics and the AI for discovery business at all?

恭喜治療領域（therapeutics）成長 49%。非常令人印象深刻。如先前提到，營收季對季是下滑或大致持平。市場上其他供應商採取了一些競爭性行動。我相信也有一些折扣。這是否對治療業務以及用於發現（discovery）的 AI 業務造成任何影響？

Secondly, Adam, you raised the guidance by $10 million or so. The beat was $4 million. Where are you expecting this outperformance in the fiscal first quarter to come through among the different industries and the products?

第二個問題，Adam，你把指引上調了大約 1,000 萬美元。實際超預期（beat）是 400 萬美元。你預期在 2026 財年第一季，這個額外的超預期會主要來自哪些不同產業與產品線？

Thanks, Kyle, for initiating and the question. 49% growth quarter-over-quarter is outstanding. We are raising the guide by $12 million, which is three times the beat. Obviously, there's a lot of confidence. Maybe I'll step back to one sentence that Paddy said in his remarks, which really encompasses the Twist, which is that we do not optimize for a single quarter. Instead, what we're doing is we are focusing on building a stronger company every quarter. We have our eyes firmly looking ahead. Frankly, no worries about competition at all.

謝謝你，Kyle，率先提問。49% 的季對季成長非常出色。我們把指引上調了 1,200 萬美元，是超預期的三倍。顯然，這反映了很高的信心。我或許先退一步，回到 Paddy 在談話中提到的一句話，這句話其實很能概括 Twist：我們不會為了單一季度去做最佳化。相反地，我們每一季都專注於打造更強的公司。我們的目光堅定地看向未來。坦白說，對競爭完全不擔心。

The kinds of numbers in terms of thousands of sequences that people need in an array format, or the millions that people need in a pool format, I don't know if there's any other platform that actually can deliver that kind of numbers. For us, we're not really worried about competition. It's about being there for our customers, hearing what they need, and meeting their flexible data point target.

無論是人們在陣列（array）形式需要的數千條序列，或是在混合池（pool）形式需要的數百萬條序列，我不確定是否還有其他平台能真正交付這樣的量級。對我們而言，我們並不太擔心競爭。重點在於陪伴客戶、聆聽他們的需求，並滿足他們對資料點目標的彈性需求。

We think we're doing really well. As people start to expand to new modalities, again, a lot of the AI so far has been done for VHHs, and we're starting to see IGGs. As people are going to new modalities, as more customers that maybe a year ago were on the sideline, now squarely engaged. Again, we would not guide to a triple-digit percent growth on AI-driven discovery for 2027 again, as I've leaned on in 2026, without very strong comparable customers. Full speed ahead.

我們認為我們做得非常好。隨著大家開始擴展到新的治療模態（modalities），目前很多 AI 的工作主要是在 VHH 上進行，而我們也開始看到 IgG。當大家走向新的模態、當更多可能在一年前還在觀望的客戶如今積極投入。再次強調，如果沒有非常強勁、可比的客戶基礎，我們不會在 2026 年的基礎上，再去對 2027 年 AI 驅動發現給出三位數百分比成長的指引。全速前進。

Matt Larew, William Blair.

Matt Larew，William Blair。

You provided some details on customers who have sort of progressed from model building to crank turning, and then the expansion of their overall work. I'm curious if you can maybe speak more to the new customer activity that you've seen over the last 12 months, and if there's any way you can help us put a number or a direction on the number of customers still sort of just starting or getting into AI-driven discovery as a part of their workflow today? That's the first part.

你們提供了一些客戶細節：他們似乎從模型建構進展到「把曲柄轉起來」（crank turning，開始規模化運轉），並擴大整體工作量。我想請你們多談談過去 12 個月看到的新客戶活動；以及是否有任何方式能幫助我們量化或判斷方向：目前仍處於起步、或剛把 AI 驅動發現納入其工作流程的客戶數量大概有多少？這是第一部分。

The second is related, which is when we were at the Investor Day, it was clear that one area of physical investment you were making was broadening the data capability or the capability to serve data characterization. Would just be curious if you could, again, sort of put any numbers on how that business is growing, demand, what kind of services you're being asked for there. That would be helpful, again, just to contextualize the order growth for next year.

第二部分也相關：在投資人日（Investor Day）時，很清楚你們在實體投資的一個方向是擴充資料能力，或是提升提供資料特性分析（data characterization）服務的能力。想請教你們是否能提供一些數字：那塊業務成長如何、需求如何、客戶在那裡要求哪些類型的服務。這會很有幫助，也能讓我們更好地理解明年訂單成長的脈絡。

The growth for next year is anticipated to be very broad-based. We are actually adding capacity now ahead of the demand in the data characterization. As you know, the capacity that we have on the DNA Synthesis and protein expression is really outstanding and ahead of what people need.

我們預期明年的成長將非常廣泛、由多個面向共同帶動。事實上，我們正在資料特性分析（data characterization）方面提前擴充產能，以領先需求。如你所知，我們在 DNA 合成與蛋白表達上的產能非常出色，也已超前於市場目前的需求。

We know that the data piece is very exciting for our customers. They don't have to be the lab. They don't have to worry about maintenance, about calibration, about machine-to-machine reproducibility. We take care of all of that. Being able to have a one-stop shop where you give sequences, thousands of sequences, and the target that you're interested in, and being able to get data is very appealing.

我們知道資料這一塊對客戶非常有吸引力。他們不必自己當實驗室。他們不必擔心維護、校正、以及機器與機器之間的可重現性。這些我們都會處理。能夠有一站式服務：你提供序列（成千上萬條序列）以及你感興趣的標的（target），就能取得資料，這非常有吸引力。

At the same time, we are a custom business. Our customers want different things, different blend of tests, different conditions, different buffer, different solution. Our platform is built for that as well. To your question in terms of where will the growth come from, frankly, it doesn't really matter. We don't really care. We will be there for wherever the science takes our customer. At the same time, we anticipate that a lot of it will come from the data side.

同時，我們是一個客製化的業務。客戶想要的東西各不相同：不同的測試組合、不同的條件、不同的緩衝液（buffer）、不同的溶液（solution）。我們的平台也為此而打造。至於你問成長會從哪裡來，坦白說，其實不太重要。我們並不太在意。無論科學把客戶帶往何處，我們都會在那裡支持他們。同時，我們預期其中很大一部分會來自資料端。

Mac Etoch, Stephens.

Mac Etoch，Stephens。

Maybe just to clarify, sorry my connection's maybe a little bit spotty, so if you answer this, I apologize already, but the change in expectations from 3Q to 4Q implying a sequential step up in DSPS now. Can you just double tap on the drivers that you're looking at there and what's changed in how you're looking at that from the past quarter and now in 3Q?

我想澄清一下，不好意思，我的連線可能有點不穩，如果你們已經回答過我先道歉：從 3Q 到 4Q 的預期變化，現在意味著 DSPS 會出現季對季的上升。你們能否再更具體說明一下你們看到的驅動因素，以及相較於上一季、現在在 3Q 對這件事的看法有什麼改變？

Adam?

Adam？

In terms of the guide for Q4, we are expecting sequential growth in both DSPS and NGS Applications. We continue to see both strength continuing in the diagnostic space sequentially as well as in the therapeutics, often driven by the AI drug discovery.

就 Q4 的指引而言，我們預期 DSPS 與 NGS 應用（Applications）都會出現季對季成長。我們持續看到診斷領域（diagnostic）季對季維持強勁，同時治療領域也同樣強勁，而這往往是由 AI 藥物發現所帶動。

As we look at that strength continuing, it's really a testament to the pipeline of the opportunities we see. We see growth both in terms of the new customers coming in as well as in the repeat business across the DSPS and the AI drug discovery space.

當我們看到這股強勢延續時，這其實是我們所看到的機會管線（pipeline）的有力證明。我們看到成長同時來自新客戶的導入，以及在 DSPS 與 AI 藥物發現領域的重複下單（repeat business）。

Vijay Kumar, Evercore ISI.

Vijay Kumar，Evercore ISI。

My first question was, getting back to those AI orders, I think in the past, Twist has necessarily had its short order cycle, right? Shorter duration order cycle. I'm curious on commenting on fiscal 2027 triple lead AI orders. That implies a lot of visibility. Maybe could you elaborate what is different about AI that gives you this longer-term visibility versus the typical order book, which seems to be more shorter cycle?

我的第一個問題是，回到那些 AI 訂單。我想過去 Twist 的訂單週期一向比較短，對吧？訂單週期較短。我想請你們談談 2027 財年「三位數領先」（triple lead）的 AI 訂單。這代表你們有很高的能見度。你們能否說明：AI 有什麼不同，使你們相較於一般看起來更短週期的訂單簿（order book），能擁有更長期的能見度？

That's a great comment. It's true that -- you're 100% correct, that in the past we talked to pharma companies, they would send us some sequences, we would ship them very quickly, we'd get paid. We didn't always have visibility as to when the next batch would be. I think for AI, it's a little bit different, because now we are thinking about very, very big numbers. Now we have all from the DNA Synthesis and Protein Solutions side that's similar from what we are getting in the NGS side.

這是個很好的評論。確實如此——你完全正確，過去我們和製藥公司合作時，他們會寄給我們一些序列，我們會非常快速地出貨，然後收款。我們不一定總能掌握下一批會在什麼時候來。我認為在 AI 方面就有點不同，因為現在我們思考的是非常、非常大的數字。現在我們在 DNA 合成與蛋白解決方案端所做的事情，和我們在 NGS 端看到的情況很相似。

When you're thinking about big numbers millions of dollars, now you need an MSA and there's some discussion up front of what do they need, in a way it's more our customers making sure that convincing themselves that we have the capacity to do and they are a lot more transparent in what they need. Once the order comes in, again, those are our big numbers. There's a lot more engagement and transparency on their side with what they're going to do with it, what the next batch is coming in.

當你在思考的是數百萬美元等級的大數字時，現在就需要一份 MSA（主服務協議），而且前期會有一些討論：他們需要什麼；某種程度上更像是客戶在確認並說服自己我們具備交付的產能，同時他們也會更透明地說明需求。一旦訂單進來，這些又是我們的大單。他們在要如何使用、下一批何時進來等方面，會有更多的互動與透明度。

In some ways, we have been much more engaged in the science of what our customers are doing than we were before, where we were, quote-unquote, just a DNA provider or just a sequence provider. Now we've moved to the next level of providing a solution. They're talking to our CSO, Corry Sargeant, who is a drug discoverer, right? It's a much higher level of engagement, and that's why we have more visibility than we had before.

在某些方面，我們在客戶所做科學工作的參與度，比以前高得多；以前我們（所謂）只是 DNA 供應商或只是序列供應商。現在我們已經提升到提供解決方案的下一個層級。他們會和我們的 CSO（首席科學官）Corry Sargeant 交流，他本身就是藥物發現專家，對吧？這是更高層級的互動，因此我們比以前有更多能見度。

Luke Sergott, Barclays.

Luke Sergott，巴克萊。

Just a couple cleanups. Did you already call out the amount of AI revs you guys had in the quarter, or what's embedded for the full-year guide? That's my first one.

我有幾個小問題釐清一下。你們是否已經提到本季 AI 收入（revs）的金額，或是全年指引中隱含了多少？這是第一個。

The second one is more, we're getting more, I guess more, not pushback from the market, but just more interest in the market from GenScript TurboCHO. We're hearing about that side as we're doing more work on the AI labs and what this could mean for you guys, but we're also hearing them come up more in conversations given the cost. They have a different scale than you guys. Talk about where you see the competitive dynamic shaking out, what you would need to do from a scale or turnaround time, anything that you guys can do there to continue to win share and own the market.

第二個比較是，我們看到市場對 GenScript TurboCHO 的關注度更高了——我想不是市場的反彈（pushback），而是更多興趣。我們在做更多 AI 實驗室相關研究、思考這對你們可能意味著什麼時，也聽到大家提到他們；同時也因為成本因素，在對話中更常被提起。他們的規模和你們不同。談談你們如何看待競爭態勢的演變；在規模或交付週期（turnaround time）上你們需要做什麼；以及你們還能做哪些事來持續贏得市占並主導市場。

I'll start and then I'll pass the question to Adam on the financial question. We don't worry too much about the competition, frankly. We try to hear what customers want and then do that. At the same time, having a healthy paranoia and looking over the shoulder is important. I think in this case, it's a bit different. We started as a DNA company. 18 months ago, we didn't have a big presence in protein. Through the engagement with customers, we understood that they needed protein and data.

我先回答，然後把財務問題交給 Adam。坦白說，我們不太擔心競爭。我們會去聽客戶想要什麼，然後把它做出來。同時，保持健康的警覺、回頭看看競爭對手也很重要。我認為在這個案例裡有點不同。我們起家是 DNA 公司。18 個月前，我們在蛋白領域並沒有很大的存在感。透過與客戶的互動，我們理解到他們需要蛋白和數據。

Over the last 18 months, we built something that we think is pretty unique. In some ways, we are leaping ahead of GenScript, because we don't believe they have the same data capacity and capabilities as we are. In some ways, we are the disruptor, not the other way around. TrUView has been around for a long time, frankly, our customers don't care which view you use. They want to know what data capability we have, what capacities we have, and what speed we can deliver that data. The differentiation is not around the tool that you're using. The differentiation is around the breadth of the menu, the flexibility in the condition that those sets are being produced.

在過去 18 個月裡，我們打造了我們認為相當獨特的東西。某種程度上，我們正在超越 GenScript，因為我們不認為他們具備與我們相同的數據產能與能力。某種程度上，我們才是顛覆者，而不是相反。TrUView 其實已經存在很久了，坦白說，我們的客戶不在乎你用的是哪一種 view。他們想知道的是我們有什麼數據能力、有哪些產能，以及我們能多快交付那些數據。差異化不在於你使用的工具。差異化在於產品選單的廣度、以及在產出這些集合時條件設定的彈性。

Very importantly, the end. How many sequence can I test? If you're talking about millions of data points in a pool asset, I think we are unbeatable there. If you're talking about tens of thousands of sequences, in an array format, I think we're also pretty unbeatable. If you want 5, 10 sequences, you may have a choice of supplier. For large numbers, I think we're in a very good position.

非常重要的是最後一點。我能測試多少條序列？如果你談的是在一個 pool 資產中有數百萬個數據點，我認為我們在那方面無可匹敵。如果你談的是以陣列（array）形式的數萬條序列，我認為我們同樣幾乎無可匹敵。如果你只要 5、10 條序列，你可能有多家供應商可選。但對於大規模需求，我認為我們處於非常有利的位置。

Good question. In terms of AI orders and revenue, I hit on it earlier, if you looked at back a year ago at this time, in Q4 of 2025, we had a record order from an AI drug discovery project, that really made the cutover at the end of the fiscal year. Some of that order dripped into revenue recognition into Q1 fiscal 2026.

好問題。就 AI 訂單與收入而言，我先前有提到：如果你回頭看一年前的這個時點，在 2025 年第 4 季，我們拿到一筆來自 AI 藥物發現專案的創紀錄訂單，而那筆訂單在會計年度末完成切換（cutover）。其中一部分訂單在 2026 會計年度第 1 季逐步進入收入認列。

Looking at 2026, the timelines are much more lined up, just that the progress has been smoother, we've had a broader base of customers upon which to grow on, we're seeing that the orders and the revenue are much more lined up with each other. Although we haven't given specific breakouts for AI drug discovery quarter-on-quarter, I point everybody to the progress in therapeutics, and really the outsized growth in therapeutics primarily being driven by AI drug discovery. Looking forward into 2027 and beyond, we'd expect the revenue and the orders to be more lined up like they are in 2026.

看 2026 年，時程對齊得更好；只是進展更順暢，我們也有更廣泛的客戶基礎可以持續成長，因此我們看到訂單與收入彼此之間的對齊度高很多。雖然我們沒有逐季提供 AI 藥物發現的具體拆分，但我會請大家關注治療（therapeutics）的進展，而治療業務的超常成長主要是由 AI 藥物發現所驅動。展望 2027 年及以後，我們預期收入與訂單會像 2026 年一樣更加對齊。

Robert Bamberger, Baird.

Robert Bamberger，Baird。

Academic and government went from 3% growth last quarter to 32% this quarter, and up pretty nicely sequentially. Any change in what you're seeing in academic, and I guess what caused those outsized gains? Any commentary on the academic promotions as well?

學術與政府客戶從上季 3% 成長跳到本季 32%，而且環比也提升得相當不錯。你們在學術端看到的情況有任何變化嗎？以及我想問，造成這些超常增長的原因是什麼？也請談談學術端的促銷活動。

Good question. The academic segment, good quarter. Team executed well. It remains a dynamic environment, and we'll continue to execute well into that segment. Our value proposition continues to resonate. You imagine a budget-constrained environment, cost, speed, quality tends to more shots on goal for your budget and resonates well. It's something that it's a segment we've underserved through the history of Twist.

好問題。學術客群這一季表現不錯。團隊執行得很好。這仍然是一個動態的環境，我們會持續在該客群中良好執行。我們的價值主張持續引起共鳴。你可以想像在預算受限的環境下，成本、速度、品質意味著在同樣預算下能有更多次嘗試（more shots on goal），因此很能引起共鳴。這也是 Twist 歷史上我們相對服務不足的一個客群。

Express Genes and promotions into the segment continue, and we're just focused on, like all of our customers, delivering a really fantastic customer experience, because once you're on the platform, you're not going to go back to pay more for slower product. We'll continue to execute day by day, and we'll look to continue our strength in that segment.

Express Genes 以及針對該客群的促銷活動仍在持續；我們的重點就是——和所有客戶一樣——提供非常出色的客戶體驗，因為一旦你上了這個平台，你就不會回頭去為更慢的產品付更多錢。我們會日復一日持續執行，並希望延續我們在該客群的優勢。

Thank you. I'm showing no further questions at this time. I'd like to turn the call over to Emily Leproust for closing remarks.

謝謝。我這邊顯示目前沒有其他問題。我想把電話會議交回給 Emily Leproust 做結語。

Thank you for your question. The story this quarter is simple. Customer demand continues to strengthen. Our execution continues to deliver, and the platform we've built over the more than 10 years that we've been doing this is creating an advantage that continues to widen. We remain confident in our trajectory and excited about the opportunities ahead. Thank you.

謝謝你的提問。本季的故事很簡單。客戶需求持續增強。我們的執行持續交出成果，而我們在過去 10 多年建立的平台正在形成一個持續擴大的優勢。我們對自身發展軌跡仍然有信心，也對前方的機會感到振奮。謝謝。

Thank you for your participation. This does conclude the program. You may now disconnect. Everyone, have a great day.

感謝各位的參與。本節目到此結束。您現在可以掛線。各位，祝你們今天愉快。