Vicor Corporation (VICR) 2026 Q1 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Vicor first quarter 2026 earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded.

各位好，感謝您稍候。歡迎參加 Vicor 2026 年第一季財報電話會議。（接線員指示）請注意，今天的會議將被錄音。

I would now like to hand the conference over to your speaker today, Jim Schmidt, Chief Financial Officer. Please go ahead.

現在我想把會議交給今天的主講人——財務長 Jim Schmidt。請開始。

Thank you. Good morning, and welcome to Vicor Corporation's earnings call for the first quarter ended March 31, 2026. I'm Jim Schmidt, Chief Financial Officer, and I'm in Andover with Patrizio Vinciarelli, Chief Executive Officer, and Phil Davies, Corporate Vice President, Global Sales and Marketing.

謝謝。各位早安，歡迎參加 Vicor Corporation 截至 2026 年 3 月 31 日之第一季財報電話會議。我是財務長 Jim Schmidt，我在安多佛（Andover）與執行長 Patrizio Vinciarelli 以及全球銷售與行銷企業副總裁 Phil Davies 一同出席。

Earlier this morning, we issued a press release summarizing our financial results for the three months ended March 31, 2026. This press release has been posted on the Investor Relations page of our website, www.vicorpower.com. We also filed a Form 8-K today related to the issuance of this press release.

今天稍早，我們發布新聞稿，摘要說明截至 2026 年 3 月 31 日止三個月的財務結果。該新聞稿已張貼於我們網站 www.vicorpower.com 的投資人關係頁面。我們今天也就該新聞稿之發布提交了一份 Form 8-K。

I remind listeners, this conference call is being recorded and is the copyrighted property of ICOR Corporation. I also remind you various remarks we make during this call may constitute forward-looking statements for the purposes of the Safe Harbor provisions under the Private Securities Litigation Reform Act of 1,995.

提醒各位聽眾，本次電話會議將被錄音，且為 ICOR Corporation 之著作權財產。我也提醒各位，我們在本次會議中的各項陳述，可能構成 1,995 年《私人證券訴訟改革法》（Private Securities Litigation Reform Act）安全港條款（Safe Harbor provisions）所稱之「前瞻性陳述」。

Except for historical information contained in this call, the matters discussed on this call, including any statements regarding current and planned products, current and potential customers, potential market opportunities, expected events and announcements, and our capacity expansion, as well as management's expectations for sales growth, spending, and profitability, are forward-looking statements involving risks and uncertainties.

除本次會議所含之歷史資訊外，本次會議所討論之事項，包括任何關於現有及規劃中產品、現有及潛在客戶、潛在市場機會、預期事件與公告，以及我們的產能擴張，並包括管理階層對銷售成長、支出與獲利能力之預期，均屬涉及風險與不確定性的前瞻性陳述。

In light of these risks and uncertainties, we can offer no assurance that any forward-looking statement will, in fact, prove to be correct. Actual results may differ materially from those explicitly set forth in or implied by any of our remarks today.

鑑於上述風險與不確定性，我們無法保證任何前瞻性陳述實際上將被證實為正確。實際結果可能與我們今日明示或暗示之任何陳述存在重大差異。

The risks and uncertainties we face are discussed in Item 1A of our 2025 Form 10-K, which we filed with the SEC on March 2, 2026. This document is available via the EDGAR system on the SEC's website.

我們面臨之風險與不確定性已於我們 2025 年 Form 10-K 的第 1A 項中討論；該文件已於 2026 年 3 月 2 日向美國證券交易委員會（SEC）提交。該文件可透過 SEC 網站的 EDGAR 系統取得。

Please note the information provided during this conference call is accurate only as of today, Tuesday, April 21, 2026.

請注意，本次電話會議所提供之資訊僅截至今日——2026 年 4 月 21 日（星期二）為準。

Vancor undertakes no obligation to update any statements, including forward-looking statements, made during this call, and you should not rely upon such statements after the conclusion of this call.

Vancor 不承擔更新本次會議中任何陳述（包括前瞻性陳述）之義務，且您不應在本次會議結束後依賴該等陳述。

A webcast replay of today's call will be available shortly on the Investor Relations page of our website.

今日會議的網路直播重播將於稍後在我們網站的投資人關係頁面提供。

I'll now turn to a review of Q1 financial performance, after which Phil will review recent market developments, and Patricio, Phil and I will take your questions.

接下來我將回顧第一季的財務表現，之後 Phil 將回顧近期市場動態，並由 Patrizio、Phil 與我回答各位的提問。

In my remarks, I will focus mostly on the sequential quarterly changes for P&L and balance sheet items and refer you to our press release or our upcoming Form 10-Q for additional information.

在我的說明中，我將主要聚焦於損益表與資產負債表項目的季度環比變動；更多資訊請參閱我們的新聞稿或即將提交的 Form 10-Q。

As stated in today's press release, Vicor recorded product and royalty revenue for the first quarter of $113 million, up 5.3% sequentially from the fourth quarter of 2025, total of $107.3 million, and up 20.2% from the first quarter of 2025, total of $94 million.

如今日新聞稿所述，Vicor 第一季產品與權利金營收為 1.13 億美元，較 2025 年第四季的 1.073 億美元季增 5.3%，並較 2025 年第一季的 9,400 萬美元年增 20.2%。

Advanced products revenue increased 3.7% sequentially to $64.9 million, and brick products revenue increased 7.7% sequentially to $48 million.

先進產品營收季增 3.7% 至 6,490 萬美元；磚型（brick）產品營收季增 7.7% 至 4,800 萬美元。

Shipments to stocking distributors have increased 0.5% sequentially and increased 63.6% year-over-year.

對備貨型經銷商（stocking distributors）的出貨量季增 0.5%，年增 63.6%。

Exports for the first quarter decreased sequentially as a percentage of total revenue to approximately 48.9% from the prior quarter's 49.3%. For Q1, advanced products share of total revenue decreased to 57.5%, compared to 58.4% for the fourth quarter of 2025, with brick products share correspondingly increasing to 42.5% of total revenue.

第一季出口占總營收比重較前一季下滑，約為 48.9%，前一季為 49.3%。第一季先進產品占總營收比重降至 57.5%，相較 2025 年第四季為 58.4%；磚型產品占比相應上升至總營收的 42.5%。

Turning to Q1 gross margin, we recorded a consolidated gross profit margin of 55.2%, a 20 basis point decrease from the prior quarter. Q1 gross margin increased 800 basis points from the same quarter last year.

接著看第一季毛利率，我們合併毛利率為 55.2%，較前一季下降 20 個基點。第一季毛利率較去年同期提高 800 個基點。

I'll now turn to Q1 operating expenses. Total operating expense increased 4% sequentially from the fourth quarter of 2025 to $45.5 million.

接下來談第一季營業費用。總營業費用較 2025 年第四季季增 4% 至 4,550 萬美元。

This increase included higher legal expenses related to enforcement of our IP.

此增幅包含與我們智慧財產權（IP）執行相關的較高法律費用。

The amounts of total equity-based compensation expense for Q1 included in cost of goods, SG&A, and R&D was $836,000, $1,959,000, and $1,057,000, respectively, totaling approximately $3.9 million.

第一季計入銷貨成本、銷售一般及行政（SG&A）與研發（R&D）的股權基礎補償費用分別為 836,000 美元、1,959,000 美元與 1,057,000 美元，合計約 390 萬美元。

Turning to income taxes. We recorded a tax benefit for Q1 of approximately $0.3 million, representing an effective tax rate for the quarter of minus 1.3%.

接著看所得稅。我們第一季認列約 30 萬美元的稅務利益（tax benefit），代表本季有效稅率為負 1.3%。

The company's tax provision and effective tax rate for the quarter ended March 31, 2026, was positively impacted by stock options exercised in the quarter.

公司截至 2026 年 3 月 31 日止季度的所得稅費用與有效稅率，受到本季員工行使股票選擇權的正面影響。

Net income for Q1 totaled $20.7 million.

第一季淨利合計 2,070 萬美元。

GAAP diluted income per share was $0.44. Based on a fully diluted share count of 47,254,000 shares.

依 GAAP 計算之稀釋後每股盈餘為 0.44 美元，係以完全稀釋後股數 47,254,000 股為基礎。

Turning to our cash flow and balance sheet, cash and cash equivalents totaled $404.2 million at Q1, an increase of $1.4 million sequentially. Accounts receivable net of reserves totaled $67.4 million at quarter end, with DSOs for trade receivables at 42 days.

接著看現金流量與資產負債表。第一季期末現金及約當現金為 4.042 億美元，較前一季增加 140 萬美元。期末應收帳款（扣除備抵）為 6,740 萬美元，貿易應收帳款的 DSO 為 42 天。

Inventories net of reserves increased 3.8% sequentially to $94.8 million.

存貨（扣除備抵）季增 3.8% 至 9,480 萬美元。

Annualized inventory turns were 2.1.

年化存貨週轉率為 2.1。

Cash flow used for operating activities totaled $3.9 million for the quarter, which was net of a litigation settlement payment of $28.6 million.

本季營業活動使用之現金流量合計 390 萬美元，其中已扣除 2,860 萬美元的訴訟和解付款。

Capital expenditures for Q1 totaled $12.4 million.

第一季資本支出合計 1,240 萬美元。

We ended the quarter with a construction and progress balance primarily for manufacturing equipment of approximately $10.7 million and with approximately $33.9 million remaining to be spent.

本季期末在建工程與工程進度（主要為製造設備）餘額約 1,070 萬美元，且尚有約 3,390 萬美元待支出。

I'll now address bookings and backlog.

接下來我將說明接單（bookings）與在手訂單（backlog）。

Q1 book-to-bill came in above two, and one-year backlog increased 70% from the prior quarter, closing at $300.6 million.

第一季出貨比（book-to-bill）高於 2，而一年期在手訂單較前一季增加 70%，期末達 3.006 億美元。

2026 is a year of great opportunity for Vicor.

2026 年對 Vicor 而言是充滿重大機會的一年。

We expect Q2 revenues of nearly $126 million and 2026 revenues of nearly $570 million.

我們預期第二季營收接近 1.26 億美元，2026 年全年營收接近 5.70 億美元。

This guidance is based on conservative assumptions about our licensing practice, specifically that we will not enter into new licensing agreements until our second ITC case gets its final to to its final determination in 2027.

此指引係基於對我們授權作法的保守假設，具體而言，在我們第二起 ITC 案件於 2027 年作出最終裁定之前，我們不會簽訂新的授權協議。

Additional exclusion orders further restricting importation of infringing computing systems will provide motivation to close new licensing deals on the right terms.

進一步的排除令（exclusion orders）若更嚴格限制侵權運算系統的進口，將促使各方以正確條件完成新的授權交易。

Along with revenue growth in 2026, we expect margin expansion.

隨著 2026 年營收成長，我們也預期毛利率將擴張。

Phil.

Phil。

Thank you, Jim.

謝謝你，Jim。

With the book-to-bill above two, Q1 bookings were strong across our high-performance computing, industrial, and aerospace and defense markets.

在出貨比高於 2 的情況下，第一季接單在我們的高效能運算（HPC）、工業，以及航太與國防市場皆表現強勁。

They remain strong in the second quarter, and I'll discuss each of them in turn.

第二季仍維持強勁，我將依序逐一說明。

Our lead computing customer is continuing a steep production ramp of its wafer-scale engine with best-in-class AI inference performance.

我們的主要運算客戶正持續大幅提升其晶圓級引擎（wafer-scale engine）的量產爬坡，其 AI 推論效能為同級最佳。

Wafer-scale engines and future-embedded multi-die and co-wash packages for AI chiplet solutions are uniquely enabled by vertical power delivery.

晶圓級引擎以及未來用於 AI 小晶片（chiplet）解決方案的嵌入式多晶粒（multi-die）與共封裝（co-wash）封裝，皆可透過垂直供電（vertical power delivery）獲得獨特的實現能力。

Further advances in AI performance are about to be enabled by Vaiko's second-generation VPD solution, with 3 amps per square millimeter current density and a current multiplication factor of up to 40 in a 1.5 millimeter thin package.

AI 效能的進一步提升即將由 Vaiko 的第二代 VPD 解決方案所實現，其電流密度達每平方毫米 3 安培，並可在 1.5 毫米薄型封裝中提供最高達 40 倍的電流倍增係數。

Per my Q4 comments, engagement with other HPC customers for second-generation VPD solutions will follow the generational transition by our lead customer.

如我在第四季所述，與其他 HPC 客戶就第二代 VPD 解決方案的合作，將在我們主要客戶完成世代轉換後跟進展開。

With capacity in our first chip fab earmarked for existing strategic customers, we will continue to be selective as we add additional customers.

由於我們第一座晶片晶圓廠的產能已預留給既有策略客戶，我們在新增客戶時將持續採取審慎挑選的策略。

On the VPD front, competition is handicapped by a multiplicity of issues, including inadequate current density and stacked packages that are not mechanically and thermally adept.

在 VPD 方面，競爭對手受多重問題所掣肘，包括電流密度不足，以及堆疊式封裝在機械與熱管理上並不擅長。

That's because competition copied a first-generation VPD solution. Whose pioneering aspects are still immature and at risk of continuity of supply challenges caused by patent infringement.

這是因為競爭對手複製了第一代 VPD 解決方案；其開創性的部分仍未成熟，且因專利侵權可能導致供應連續性挑戰，風險仍高。

Our broad industrial market, which is supported by our global distribution partners, had a strong first quarter, and our TOP100 industrial OEMs in the automated test and semiconductor manufacturing equipment markets. Continue to benefit from the AI data center buildout with strong order placement.

我們廣泛的工業市場在全球通路合作夥伴的支持下，第一季表現強勁；我們在自動化測試與半導體製造設備市場的 TOP100 工業 OEM 客戶，持續受惠於 AI 資料中心建置帶來的強勁下單動能。

We are also winning next-generation platforms with earlier generation and new factorized power system solutions.

我們也正以較早世代與新型模組化（factorized）電源系統解決方案，贏得下一代平台的採用。

Our current multipliers supplying high power to ASIC and memory test heads and pin electronics remain unchallenged in terms of current density, low noise, and thin packages.

我們目前為 ASIC 與記憶體測試頭及針腳電子（pin electronics）提供高功率的倍增器，在電流密度、低雜訊與薄型封裝方面仍無可匹敵。

Geopolitical developments have been a key driver of our aerospace and defense business in recent quarters.

近幾季地緣政治發展一直是推動我們航太與國防業務的關鍵因素。

Increases in spending as a percentage of GDP and replenishment of defensive and offensive systems supports the growth of this market.

國防支出占 GDP 比重的提升，以及防禦與攻擊系統的補充採購，支撐了該市場的成長。

Our objectives, goals, and strategies for 2026 remain unchanged, with a focus on a portfolio of 100 customers globally across four market segments.

我們對 2026 年的目標、方向與策略維持不變，重點是聚焦於四個市場區隔、全球 100 家客戶的組合。

Future growth opportunities will require capacity expansion, including a second fab.

未來的成長機會將需要擴充產能，包括建置第二座晶圓廠。

A combinatorial strategy of being the power system technology innovator and an IP licensing company is delivering results.

以「電源系統技術創新者」結合「IP 授權公司」的組合策略，正在帶來成果。

With that, we'll take your questions.

接下來我們開始回答各位的提問。

(Operator Instructions)

（接線員指示）

Quinn Bolton, Needham & Company.

Quinn Bolton，Needham & Company。

Hey guys, congratulations on the nice results and outlook. I guess we'll get to start with just the assumptions you're making around 2026 for the IP licensing business. Looks like royalty revenue in Q1 was about $15 million or about $60 million annualized. I know you're not assuming any additional or new licenses signed. But where do you see royalty or licensing revenue this year as part of that guidance?

各位好，恭喜你們交出不錯的成績與展望。我想先從你們對 2026 年 IP 授權業務的假設談起。看起來第一季權利金收入約 1,500 萬美元，年化約 6,000 萬美元。我知道你們並未假設會簽下任何額外或新的授權案。但在這份指引中，你們認為今年的權利金或授權收入會落在什麼水準？

The 570 guidance includes royalties, which would increase somewhat based on existing licensing agreement. But in terms of providing, in fact, safe guidance, we thought it would be best to sell aside any opportunity with respect to, if you will, early deals relating to current actions. So our working assumption for guidance purposes is that we're not going to have any until we get to further domination our second case next year, but it could be that we do get some ahead of that time frame.

5.7 億美元的指引包含權利金；依據既有授權協議，權利金會有些許增加。但就提供、事實上更保守的指引而言，我們認為最好先把任何機會先排除在外——也就是說，與目前行動相關的早期交易。就指引用途而言，我們的工作假設是，在明年我們進一步推進第二個案件之前，不會有任何新增；但也有可能在那個時間點之前就取得一些進展。

Understood. And then Patrizio last quarter, you seem pretty confident that the utilization in handover would approach 80% by the end of '26 or early 2027, looks like you're on a strong product ramp. But are you still sort of comfortable or still expecting utilization to sort of achieve those levels that you discussed last quarter?

了解。接著，Patrizio，上季你似乎相當有信心 Andover 的產能利用率會在 2026 年底或 2027 年初接近 80%，看起來你們的產品爬坡也很強勁。但你們目前是否仍然覺得可行、或仍預期產能利用率能達到你上季提到的水準？

Yes. In absolute terms with respect to product revenues, what has transpired since we last spoke on this topic is that we actually have a significant level of elasticity with respect to expansion in capacity within the facility that's giving us a little bit more flexibility with respect to the timing and choice of the location for the second fab. So to get a little bit more specific, we've seen an opportunity for revenue significant expansion in capacity. It could be as much as 50% above what had been planned to be supported in terms of annual revenues out of the first seat facility. So that gives us cushion with respect to timing, which we are fully to good use in terms of the choice of location.

是的。就產品營收的絕對值而言，自從我們上次談到這個主題後，實際上我們在現有廠房內擴充產能方面具有相當程度的彈性，這讓我們在第二座晶圓廠的時程與選址上更有彈性。更具體地說，我們看到一個顯著擴充產能、進而帶動營收成長的機會；相較原先規劃由第一座廠支撐的年營收規模，產能可能提高多達 50%。這讓我們在時程上有緩衝，也能充分運用在選址決策上。

And to give you a little bit more with respect to that, we've also come out to focusing on existing buildings as opposed to a piece of land because of the fact that with an existing building, we can execute much more rapidly in terms of capacity expansion and part of this strategy with respect to getting more out of the facility is to selectively source outside of the facility, some of the process steps that can be more easily relocate it. So that should give you the picture with respect to both the capacity utilization and the plans with respect to the expansion.

再補充一點：我們也把重點轉向既有建物，而不是購地，因為使用既有建物能更快速地執行產能擴充。這項策略的一部分，是選擇性地把某些較容易移轉的製程步驟移出廠內、在廠外進行。這應該能讓你更清楚我們對產能利用率以及擴產規劃的想法。

Sorry, Patrizio, just a quick clarification. Did you say that in the first Andover facility, you would be outsourcing some manufacturing steps either to third parties? Or would that be to the second chip fab?

抱歉，Patrizio，我快速確認一下。你是說在第一座 Andover 廠，你們會把某些製造步驟外包給第三方嗎？還是那會是在第二座晶圓廠？

It would be to an interim location for the second chip fab, but this will still be told within Vicor control. But there are process steps that can be easily located in a nearby building. And that's part of the plan to extend capacity the LFL seat facility.

會是在第二座晶圓廠的過渡性地點，但仍會在 Vicor 的控制之下。不過確實有一些製程步驟可以很容易地設置在附近的建物中。這也是延伸第一座廠產能的計畫之一。

Justin Clare, ROTH Capital Partners.

Justin Clare，ROTH Capital Partners。

I think first off, you mentioned engagement with additional VPD customers, I think, had followed the generational transition for the lead customer from Gen 4 to Gen 5. I was wondering if you could just provide an update on the anticipated timing of that transition. I think you had previously been looking for the second half of 2026. And then so just trying to get a sense for when the potential orders with additional customers could be and what the revenue timing might be?

首先，你們提到與更多 VPD 客戶的接觸，我理解這是跟隨主要客戶從第 4 代到第 5 代的世代轉換。我想請你們更新一下這個轉換的預期時程。你們先前提到可能在 2026 年下半年。想了解新增客戶可能下單的時間點，以及營收認列的時點大概會是何時？

Yes. So the generational transition we're referring to, it will be enabled in the second half of this year. And we expect ramp to begin before the end of this year with respect to that next-generation capability with the lead customer, and we will follow that with additional customers for second-gen VPD solution. As Phil pointed out earlier, we are planning for the incremental capacity that we're going to have available to support opportunities that are, as in the case of our lead customer, long-term strategic to Vicor.

是的。我們所指的世代轉換，將在今年下半年具備導入條件。我們預期在今年底前，主要客戶針對該下一代能力會開始爬坡；之後我們會把第二代 VPD 解決方案推進到更多客戶。如 Phil 先前提到的，我們正在規劃可用的增量產能，以支援那些（如同主要客戶案例）對 Vicor 具有長期策略意義的機會。

And, in spite of capacity expansions, we expect to remain capacity constrained for a substantial time frame. And that leads us to want to pick the right companies applications where, as in the case of the lead customer, we can make a very substantial difference with respect to levels of performance and opportunity to win substantial market share.

而且，即使進行產能擴充，我們預期在相當長的一段時間內仍會受限於產能。這也使我們希望選擇正確的公司與應用；如同主要客戶的案例，我們能在效能層級上帶來非常顯著的差異，並有機會取得可觀的市占。

Got it. Okay. And then just on the backlog in Q1, backlog increased significantly here to just over $300 million. Wondering if you could speak to how quickly you anticipate turning that over? And then assuming you get to, well, and then, I guess, just as the business continues to scale, how do we think about the lead times and the conversion of that backlog?

了解。那再問第一季的在手訂單（backlog）：在手訂單大幅增加到略高於 3 億美元。想請你們談談預期多久能把這些在手訂單轉成出貨？另外，隨著業務規模持續擴大，我們該如何看待交期（lead times）以及在手訂單的轉換？

And then maybe how much backlog do you think may be necessary in order to support the $800 million run rate that you have previously talked about?

另外，若要支撐你們先前談到的 8 億美元年化營收（run rate），你們認為大概需要多少在手訂單？

Well, so starting with Q2, the bookings are just as strong as they were in Q1. So we expect to once again in Q2, we have a very strong book-to-bill. So the backlog is going to keep building up as we step up the revenue levels and capacity utilization as the year progresses. No, I think the question was the existing backlog. I mean that rolls pretty much over the next 12 months.

好，那先從第二季開始說：第二季的接單（bookings）跟第一季一樣強勁。因此我們預期第二季也會再次出現非常強的接單/出貨比（book-to-bill）。隨著今年營收水準與產能利用率逐步提升，在手訂單會持續累積。你問的是既有在手訂單的消化速度——基本上會在接下來 12 個月內陸續轉出。

That's how we recognize it, so yes.

我們就是這樣認列的，所以是的。

Got it. Got it.

了解，了解。

And Justin, and any backlog we quote the bookings we quote, it's always a 12-month window, just so.

另外 Justin，我們所報告的在手訂單或接單數字，一律都是以 12 個月的窗口來計算。

Got it. Okay. And then maybe just one more on the capacity. So you've you're talking about expanding capacity at Fab 1. How much capacity do you anticipate adding what level of revenue do you think could be supported by the first fab.

了解。好。那再問一個關於產能：你們提到要在第一座廠擴充產能。你們預期會增加多少產能？第一座廠大概能支撐到什麼樣的營收水準？

And then I think you had talked about this a little bit in terms of the potential size of Fab 2, but I'm not sure I caught it. So maybe just what revenue level could be supported by the second fab?

另外，我想你們也稍微提到第二座廠的潛在規模，但我不確定我有沒有聽清楚。能否再說明第二座廠大概能支撐到什麼營收水準？

So you might recall in the past, we had earmarked capacity out of Fab 1 at roughly $1 billion per year run rate. We see a way to get that to at least $1.5 billion at this point. And that's coming out of a combination of initiatives we've identified with certain process steps that have been historically capacity limiting overall opportunities to get to a shorter cycle time and increase capacity with those steps. So that's a key element of this capacity expansion plan.

你可能記得過去我們曾把第一座廠的產能規劃在約每年 10 億美元的年化水準。我們目前看到方法可把它提高到至少 15 億美元。這來自於我們已識別的一系列措施：針對某些過去限制整體產能的製程步驟，縮短週期時間並提升這些步驟的產能。因此，這是產能擴充計畫的關鍵要素。

To complement that, as I mentioned earlier, we see opportunities with process steps that are not as critical and which can be easily redeployed an opportunity to redeploy them in existing neighboring facility against a stepping stone to the second fab, which has got a longer lead time in terms of what it takes to bring it to fruition. So we believe this approach gives us a lot more flexibility. It will improve our opportunity for significant margin expansion because we will not be incurring for a certain level of capacity as much in terms of additional equipment and depreciation.

作為補充，如我先前提到的，我們也看到一些機會：對於沒那麼關鍵、且容易重新部署的製程步驟，可以把它們部署到鄰近的既有廠房，作為通往第二座晶圓廠的「踏腳石」；而第二座晶圓廠從規劃到落地所需時間更長。我們相信這種做法能帶來更大的彈性，也會提升我們顯著擴張毛利的機會，因為在某一產能水準下，我們不需要投入那麼多額外設備與折舊成本。

And overall, it is a plan that meets the combinational objectives that we sell ourselves and the need to support a variety of market opportunities, not just in the compute space, but in the other markets, where we're seeing considerable spend.

總體而言，這是一項能同時滿足我們對外銷售時所設定的組合式目標，以及支援各式市場機會之需求的計畫；不僅是在運算領域，也包括其他市場，而我們在那些市場看到相當可觀的支出。

Jon Tanwanteng with CJS Securities.

CJS Securities 的 Jon Tanwanteng。

Congrats on the next quarter and the strong orders and outlook. My first question is, Patrizio you mentioned you expect to be capacity constrained before you expect expect the new fabs to come up. And I don't know if the expansions will occur before that as well. But what does that mean for your customers and their sourcing strategies? Do they need to turn to your competitors?

恭喜下季表現，以及強勁的訂單與展望。我的第一個問題是，Patrizio，你提到在新晶圓廠投產之前，你預期會先受到產能限制。我不確定擴產是否也會在那之前發生。但這對你們的客戶及其採購策略意味著什麼？他們是否需要轉向你們的競爭對手？

Or do you have some kind of licensing strategy that you may employ or have in mind to help them avoid that constraint? Just help me understand what the timing is around their growth trajectory is and what you expect your capacity to be underlying that?

或者你們是否有某種授權策略，可能會採用或正在考慮，以協助他們避免這種限制？請幫我理解一下：就他們的成長軌跡而言，時間點大概如何？以及你們預期在此之下的產能會是什麼狀況？

So first of all, we purchased a second interconnect line that's going to be installed in the Q3, Q4 time frame. So that is of itself is an element of the capacity expansion plan. Second, as I mentioned earlier, with the issue of the 3D interconnect line, we have identified ways to reduce cycle time and increase capacity universe proportion. Beyond that, we have expansion plans outside of the federal seed facility. And we are engaged in discussions that could lead to an open source for our second-gen VPD technology, which we believe is going to be in great demand for a variety of reasons in years to come.

首先，我們已採購第二條互連產線，預計在第三季、第四季的時間框架內安裝。因此，這本身就是產能擴充計畫的一個要素。第二，如我先前提到的，針對 3D 互連產線的問題，我們已找出縮短週期時間並提高產能利用比例的方法。除此之外，我們也有聯邦種子廠（federal seed facility）以外的擴產計畫。同時，我們正進行一些討論，可能會促成我們第二代 VPD 技術的開放授權（open source），我們相信基於多種原因，未來幾年它將有很大的需求。

It is the only way we know how to address the current demands of processors with all of the right attributes. The way it is done with competitive alternatives to some degree, build upon what we call first-generation VPD technology is, as suggested in the earlier remarks, challenged in a number of respects because of the inadequate current dense. So it's fundamentally a dominant fact. In other current density forces stacking of the elements of the solution, the stacking as mechanical complexity and terminal challenges because the heat gets trapped within the stack is fundamentally enough keeping up with escalating current density needs in future generation of processes.

就我們所知，這是唯一能以具備所有正確屬性的方式來滿足當前處理器需求的方法。以某種程度而言，競爭替代方案所採用的作法，是建立在我們所稱的第一代 VPD 技術之上；但如先前發言所暗示的，它在多個面向都面臨挑戰，原因在於目前的電流密度不足。因此，這在根本上是一個主導性的事實。換言之，電流密度會迫使解決方案的各個元件進行堆疊；而堆疊會帶來機械複雜度與端點（terminal）方面的挑戰，因為熱會被困在堆疊內部，從根本上就難以跟上未來製程世代不斷攀升的電流密度需求。

So even though we have ambitious capacity expansion plans, we see a playing a key role in years to come in terms of achieving greater overall penetration and win-win opportunities in the marketplace.

因此，即便我們有雄心勃勃的產能擴充計畫，我們仍認為未來幾年我們將在提升整體滲透率以及在市場上創造雙贏機會方面扮演關鍵角色。

Got it. Could you also talk about the upcoming 800-volt data center architecture and the potential for a transition to like a 6-volt intermediate bus and where your 48- to 12-volt systems sit within that? Do you expect maybe the NBM market to continue to grow as those architectures take share? Or is there a transitory period where maybe that falls off and maybe transition to your VPD technology and licensing royalties on that side?

了解。你也能談談即將到來的 800 伏資料中心架構，以及可能轉向類似 6 伏中間匯流排（intermediate bus）的潛力，還有你們的 48 伏到 12 伏系統在其中的位置嗎？當這些架構取得市占時，你是否預期 NBM 市場會持續成長？或者會有一段過渡期，可能會下滑，然後轉向你們的 VPD 技術，以及那一端的授權權利金？

So we believe the initiative to go directly from 800-volt to 6-volt is, frankly, ill-conceived. It's internally inconsistent. And it's relatively easy to understand why. The logic of bussing power, the 800-volt is predicated on that power distribution being a higher voltage, more efficient. And there is an opportunity to improve efficiency by a few percentage points through the use of 800-volt pass.

我們認為，從 800 伏直接降到 6 伏的倡議，坦白說，是構想不周的。它在內部邏輯上不一致，而且相對容易理解原因。以匯流排輸電的邏輯來看，800 伏的前提是以更高電壓進行配電會更有效率。透過採用 800 伏匯流排，確實有機會把效率提升幾個百分點。

But inheriting that it is the opposite effect on the other end of that proposed bus conversion that because going all the way down to 6-volt, as you can imagine, relative to 48-volt, the ratio being essentially 8:1. You have to square that. So the quarter of 8 is 64x.

但隨之而來的是，在所提議的匯流排轉換的另一端會產生相反效果，因為一路降到 6 伏——如你所想，相對於 48 伏，其比率基本上是 8:1。你必須把它平方，所以 8 的平方是 64 倍。

So the position of changing power distribution next the part of low down to 6 volts is fundamentally challenged by the exciefficiency of distributing any amount of significant power at 6 volts. You can only go short distances and retain some level of efficiency, but to some extent, that's incompatible not being safe, right, because it can give rise to hazards. So there's a lot of challenges with the low concept. And fundamentally, it is a change in direction, away from where the fab should be, which is at the point of load with respect to vertical power delivery, that's where the core challenge technically the size and going off and trying to figure out how to save a few points out of 800-volt distribution, particularly when you combine that with a step all the way down to 6 volts is, in my opinion, a better idea. But the time will tell.

因此，把配電在末端一路降到 6 伏，從根本上會受到在 6 伏下分配任何顯著功率之低效率所限制。你只能在很短的距離內維持某種程度的效率，但在某種程度上，這又與安全性不相容，對吧，因為可能引發危害。所以這個低電壓概念有很多挑戰。從根本上說，這是偏離晶圓廠應該走的方向——也就是在負載點（point of load）進行垂直供電（vertical power delivery）；那才是核心的技術挑戰與規模所在。反而去嘗試從 800 伏配電中省下幾個百分點，尤其還要再一路降到 6 伏，在我看來並不是更好的想法。但時間會證明一切。

And by the way, Vicor has provided the technology other than the volt, we did a lot of pioneering developments with respect to bus conversion from 800-volt. And should that be successful to any degree that there's going to be issues with respect to IP there, too. But in terms of your question as to what we expect to happen with that. We expect it to move forward. But we think it's a diversion from the real challenge, which is at the point of load, any particular other points to load with respect to vertical power delivery.

另外，Vicor 也提供了相關技術；除了電壓本身之外，我們在 800 伏匯流排轉換方面做了許多開創性的開發。若這在任何程度上取得成功，相關的智慧財產權（IP）也會出現一些議題。但就你問到我們預期會如何發展而言，我們預期它會繼續推進。不過我們認為這是在轉移真正的挑戰焦點——真正的挑戰是在負載點，或任何與垂直供電相關的負載點。

John Dillon with D&B Capital.

D&B Capital 的 John Dillon。

First of all, congratulations, especially on the bookings looks really good. I just wanted to go back to capacity for a minute. I want to make sure my numbers are right. If I heard correctly, you've got about $1 billion in capacity in your current fab. You can add another $0.5 billion.

首先恭喜，尤其是接單（bookings）看起來非常好。我想回到產能問題一下，確認我的數字是否正確。如果我沒聽錯，你們目前的晶圓廠大約有 10 億美元的產能。你們還可以再增加 5 億美元。

But on top of that, you have bricks. And I would guess your bricks would be at least $250 million. So am I right in assuming that your capacity with this expansion in the current area is about $1.75 billion?

但除此之外，你們還有 bricks。我猜你們的 bricks 至少會有 2.5 億美元。所以我是否可以假設，透過這次在現有區域的擴產，你們的總產能大約是 17.5 億美元？

No. So the bricks are part of it. I don't think they're quite at a level of $250 million. And as we've been saying for quite some time, before too long, they are practically irrelevant. We shouldn't be thinking about bricks.

不是。所以 bricks 是其中的一部分。我不認為它們接近 2.5 億美元的水準。而且我們已經講了相當長一段時間，用不了多久，它們幾乎就不再重要。我們不應該再去想 bricks。

And in effect, part of our strategy with respect to the expansion of capacity, the is to minimize the footprint, taken up by legacy products that don't have the growth opportunity of advanced products, in particular, second-gen VPD.

事實上，我們在擴充產能方面的策略之一，是盡量縮小那些缺乏先進產品成長機會的傳統產品所占用的廠房面積，特別是第二代 VPD。

So the number I quoted earlier as a step-up in our capacity plan for from $1 billion to $1.5 billion, that's an inclusive number. Now that inclusive number could potentially go further up, but it wouldn't be because of the big contribution. It would be because of more opportunity for special capacity of advanced products.

因此，我先前引用的數字——我們的產能計畫從每年 10 億美元提升到 15 億美元——那是一個包含在內（inclusive）的數字。這個包含在內的數字可能還有機會再往上，但不會是因為 bricks 的重大貢獻，而是因為先進產品的特殊產能機會更多。

Got it. So you see you could get above $1.5 billion?

了解。所以你認為有可能超過 15 億美元？

Yes, we feel comfortable with a $1.5 billion target at this point in time. And again, the same process that has led us to identify opportunities to set capacity up measured in revenues per year from $1 billion to $1.5 billion, may have yet some further opportunity. Again, the logic behind it is to give ourselves more runway with respect to the next set of steps, which include a variety of strategic choices ranging from the second fab to.

是的，就目前而言，我們對 15 億美元的目標感到有把握。同樣地，促使我們找出把以每年營收衡量的產能從 10 億美元提升到 15 億美元之機會的那套流程，可能還存在一些進一步的機會。其背後的邏輯，是讓我們在下一階段的各項步驟上有更長的跑道；而下一階段包含多種策略選項，範圍從第二座晶圓廠到……

Excellent. And with this expansion capacity, will you be able to satisfy the OEM and the hyperscaler customers you talked about in Q3 that came to you back in Q3 conference call, you mentioned those 2. And I'm wondering if this expansion capacity will be able to satisfy them?

很好。那麼在這次擴產之後，你們是否能滿足你在第三季提到的 OEM 與超大規模（hyperscaler）客戶？你在第三季法說電話中提到那兩類客戶。我想知道這次擴產是否能滿足他們？

Yes.

可以。

(Operator Instructions)

（接線員指示）

Richard Shannon with Craig-Hallum Capital Group LLC.

Craig-Hallum Capital Group LLC 的 Richard Shannon。

I guess my first is a simple one here. The backlog has risen very nice, I think, 70% sequentially. If you could characterize the sources of that increase here, whether it's from the lead VPD customer or anyone else in the kind of the high-performance computing space and in all other markets, you could characterize between those 3, that would be helpful?

我想我第一個問題很簡單。積壓訂單（backlog）增加得很不錯，我認為季增約 70%。你能否說明一下這次增加的來源？是來自主要的 VPD 客戶，或是高效能運算領域的其他客戶，或是其他市場？如果你能在這三者之間做個描述，會很有幫助。

Richard, it's Phil. So in high-performance compute, yes, it was the lead customer and the hyperscaler customers that we have. But we also saw some really good lift in industrial and the defense aerospace markets, as I commented. It was really strength across the board in our broad markets as well as in high-performance compute with a few lead customers.

Richard，我是 Phil。就高效能運算而言，是的，主要來自我們的領先客戶以及我們所服務的超大規模（hyperscaler）客戶。但如我所評論的，我們也看到工業以及國防航太市場有相當不錯的拉升。整體而言，我們廣泛市場以及高效能運算（由少數領先客戶帶動）都呈現全面性的強勁表現。

Okay. Great. My follow-on question is, and apologies if I missed something, I had a couple of interruptions here. But wondering if you could discuss the engagement or even design win status with follow-on VPD customers here. It sounds like, if I heard correctly, you're talking about strategic reservations on either capacity in the first fab or the proposed second one here, I wondered if you can discuss the dynamics around those follow-on customers?

好的。我的後續問題是——如果我漏聽了什麼先說聲抱歉，我這邊有幾次被打斷——想請你談談後續 VPD 客戶的合作進展，甚至是設計導入（design win）的狀態。聽起來如果我沒聽錯，你提到在第一座晶圓廠或規劃中的第二座晶圓廠，可能會有針對產能的策略性預留。我想請你談談這些後續客戶相關的動態？

So I suggested earlier, Richard, we're very much focused on competing readiness with respect to starting generational change with a lead customer. And with some other opportunities relating to that. I guess a way to think about this is that in spite of the capacity expansion that we are pursuing, we see ourselves being essentially sold out in terms of capacity for the foreseeable future. And that gives us the opportunity to be very selective with respect to new engagements in terms of their strategic significance and alignment of interest for the medium to long term.

所以我先前建議過，Richard，我們非常專注於在與一位領先客戶啟動世代交替方面的競爭就緒度。以及與此相關的其他一些機會。我想可以這樣理解：儘管我們正在推動產能擴張，但在可預見的未來，就產能而言我們基本上會是滿載售罄。這也讓我們有機會在新的合作案上非常挑剔，著重其策略重要性，以及在中長期的利益一致性。

So in a way in a way analogous to the comments I made earlier regarding expansion of capacity coming out of, first of all, giving us more time and opportunity with respect to parallel initiatives, on the front end of the business, just like the back end of the business, the fact that we're going to be enjoying some bookings and a strong backlog, and we have near-term capacity nearly sold out, gives us an opportunity to align ourselves with the right applications and the right customers going forward. So we don't have to feel a sense of urgency because of where we stand in terms of the demand side.

某種程度上，類似我先前談到的產能擴張所帶來的影響：首先，它讓我們在業務前端能有更多時間與機會推進並行的計畫；而且就像業務後端一樣，鑑於我們將享有一些訂單預訂（bookings）與強勁的在手訂單（backlog），且短期產能幾乎已售罄，這讓我們有機會在未來與正確的應用與正確的客戶對齊。因此，從需求端的情況來看，我們不必感到急迫。

Quinn Bolton with Needham & Company.

Needham & Company 的 Quinn Bolton。

Patrizio, just a quick clarification on the capacity expansion in Andover. When would you expect to reach that $1.5 billion of capacity. Is that end of '26? Is it going to take into sometime in 2027? And then I've got a follow-up.

Patrizio，想就 Andover 的產能擴張做個快速釐清。你們預期何時能達到 15 億美元的產能？是 2026 年底嗎？還是會延伸到 2027 年的某個時間？然後我還有一個追問。

Well, so I don't think we want to be that specific at this point in time. As I'm sure you noted, because of change in circumstances, we achieved the necessary comfort level to provide guidance for revenues for this year. But as we get past that, there are still so many different scenarios that it would be unwise to become very specific beyond saying that we have to step up the capacity further. And we believe that there is the market demand to use that expanded capacity as we get into '27 and beyond.

嗯，所以我認為我們此刻不想把時間點說得那麼具體。如你所見，因為情勢變化，我們已取得足夠的信心來提供今年的營收指引。但再往後看，仍有太多不同情境，因此除了說我們必須進一步提升產能之外，若再更具體會是不明智的。我們相信市場需求足以在我們進入 2027 年及之後，消化這些擴增的產能。

Got it. Okay. That's understandable. And then I just wanted to come back, I think Phil, it was Phil that mentioned on the second-gen VPD, your solutions are 1.5 millimeters high. I just wanted to clarify that.

了解。好的。這可以理解。然後我想再回到一點，我想是 Phil——是 Phil 提到第二代 VPD，你們的解決方案高度是 1.5 毫米。我只是想確認一下。

And if that's the case, I guess, at the recent APAC conference, there are a ton of presentations on vertical power with folks like NVIDIA and Google asking suppliers to hit 3 millimeters or below it. It sounds like you may be well below that threshold already. And so just wondering if you can talk about the interest you're seeing on the VPD products because it does sound like you may have a major advantage in package height versus the competition?

如果是這樣，我想在最近的 APAC 會議上，有大量關於垂直供電（vertical power）的簡報，像 NVIDIA 和 Google 這些公司都在要求供應商做到 3 毫米或更低。聽起來你們可能早已遠低於這個門檻。所以想請你談談你們在 VPD 產品上看到的興趣，因為聽起來相較競爭對手，你們在封裝高度上可能有很大的優勢？

We do. And actually, it is even bigger than you might think for reasons I'm going to explain in a moment. It's not just that our solution is 1.5 millimeters thin. But as Phil pointed out in his prepared remarks, is that combined with the fact that our solution provides 40x current multiplication. And it does all that with 3 amps per square millimeter current density.

我們確實有。而且實際上，基於我接下來要說明的原因，優勢甚至比你想的更大。不只是我們的解決方案薄到 1.5 毫米。正如 Phil 在事先準備的發言中指出的，我們的解決方案還能提供 40 倍的電流倍增（current multiplication）。而且在做到這些的同時，電流密度可達每平方毫米 3 安培。

You need to really in order to assess the figure of merit of a technology, you need to look at these 3 elements in combination. You can't just look at one.

你要真正評估一項技術的性能指標（figure of merit），必須把這三個要素合併來看，不能只看其中一個。

As an example, so-called integrated voltage IVRs. They can be even thinner than, but they don't provide any meaningful current multiplication. The only step up the current by 2 times, which is practically speaking, useless in terms of efficient power delivery to the point of low because in order to deliver, let's say, 0.6, 0.7 volt, 2000 app, they would require a 1,000-app feet, which is obviously extremely programmatic. So it's not just thickness. It's thinness combined with current density and most importantly, current multiplication because in order to have a VPD solution that is capable of supporting wafer scale or other kinds of advanced compute capabilities, you really need the combination of all these elements, not just one of them.

舉例來說，所謂的整合式電壓調節器（integrated voltage IVRs）。它們可能甚至更薄，但並不提供任何有意義的電流倍增；它們最多只把電流提高 2 倍，實務上對於將電力有效送到負載點（point of load）的低電壓端幾乎沒有用。因為若要輸出例如 0.6、0.7 伏、2000 安培，它們就需要 1000 安培的供電端，這顯然在工程上極其不切實際。所以不只是厚度；而是薄型化結合電流密度，更重要的是電流倍增。因為要有能支援晶圓級（wafer scale）或其他先進運算能力的 VPD 解決方案，你真的需要這些要素的組合，而不只是其中之一。

Jon Tanwanteng with CJS Securities.

CJS Securities 的 Jon Tanwanteng。

Jim, can you touch on the taxes in the quarter? What went into that tax rate? And then what rate can we expect going forward? And then I have a follow-up after that.

Jim，你能談談本季的稅務嗎？這個稅率是由哪些因素造成的？以及未來我們可以預期的稅率是多少？然後我之後還有一個追問。

Yes. So when we closed fourth quarter, we reversed a significant portion of the valuation allowance and our expectation was more or less that we would be in the range of 20%-ish percent of in terms of an effective tax rate. What happened, Jon, in Q1 is that there was a substantial pent-up demand in terms of stock options that get exercised that nice spread between strike and exercise price, and that's a tax benefit for us. So that's a onetime discrete item that doesn't get baked into the effective tax rate. And our feeling is that going forward, there'll still be that effect, which is a positive effect for us, but planning can be more in the line with a 20% kind of a rate.

可以。所以在我們結束第四季時，我們回轉（reversed）了相當大一部分的估值備抵（valuation allowance），而我們的預期大致上是有效稅率會落在約 20% 左右。Jon，第一季發生的是：有相當可觀的累積需求（pent-up demand）來行使股票選擇權，行使價與履約價之間有不錯的價差，而這對我們而言是稅務利益。因此這是一個一次性的離散項目（one-time discrete item），不會被納入有效稅率的常態計算。我們認為往後仍會有這個效果——對我們是正面的——但在規劃上可以更接近 20% 這樣的稅率水準。

Perfect. And then Patrizio, could you talk a little bit more or maybe Phil think about the demand from the defense and semi test businesses, what percentage of revenue are they, #1? And number two, just with regards to the defense piece specifically, are you able to meet the critical defense needs that the U.S. has with the upcoming capacity constraints that you're modeling?

很好。然後 Patrizio，你能不能再多談一點——或許 Phil 也可以——關於國防與半導體測試（semi test）業務的需求：第一，它們目前各占營收的百分比是多少？第二，特別就國防這一塊而言，考量你們正在建模的未來產能限制，你們是否能滿足美國關鍵的國防需求？

Yes. I'm sorry, some of your words. Can you repeat the first question?

可以。抱歉，你剛剛有些字我沒聽清楚。你可以重複第一個問題嗎？

Yes. First, the percentage of semi test and defense in the revenue today? And second, can you meet defense demand as it grows given that it's critical given the capacity constraints that you're modeling going forward?

可以。第一，半導體測試和國防目前在營收中的占比？第二，隨著國防需求成長，鑑於你們正在建模的未來產能限制，你們能否滿足國防需求（因為這很關鍵）？

Yes. So Jon, it's Phil. We don't break those things out. But the answer to the question is we can meet the needs of the defense market with the capacity that we have.

可以。Jon，我是 Phil。我們不會把這些項目拆分揭露。但對這個問題的回答是：以我們現有的產能，我們可以滿足國防市場的需求。

John Dillon with D&B Capital.

D&B Capital 的 John Dillon。

I was just wondering, does Vicor have any vertical power licensing agreements that will generate revenue this year?

我想請問，Vicor 是否有任何垂直供電的授權（licensing）協議，會在今年產生營收？

So there may be opportunity of alternate sourcing of the second-gen VPD technology. But this is not something that we're prepared to talk about today.

所以，第二代 VPD 技術可能存在替代來源（alternate sourcing）的機會。但這不是我們今天準備要談的內容。

Okay. And Phil, on the bookings, can we assume a bookings run rate of what we saw today for the rest of the year?

好的。那 Phil，關於訂單預訂（bookings），我們是否可以假設今年剩餘時間的 bookings 會維持在今天看到的這種運行速度（run rate）？

So John, I think the bookings are going to be above well above one, like Patrizio talked about, but. So I don't want to be pegged to particular ratio, but they are very strong going into Q2, and we'll say well above one.

John，我認為 bookings 會高於、而且是遠高於 1（就像 Patrizio 談到的那樣），但是……我不想被綁定在某個特定比率上。不過它們在進入第二季時非常強勁，我們就說會遠高於 1。

Don McKenna with D.B. McKenna & Company, Inc.

D.B. McKenna & Company, Inc. 的 Don McKenna。

Yes, Phil, could you PAUSE give us an idea of what percentage of the backlog is attributable to your lead customer?

是的，Phil，你能不能<PAUSE>給我們一個概念：在手訂單（backlog）中有多少百分比可歸因於你們的領先客戶？

Again, we don't break that out. They're an important lead customer for us, but they're not the only major one. We've got a hyperscaler and big customers across industrial and defense and aerospace that are ramping as well as just the broad market. So it's just general strength right now that's really good that we're benefiting from.

同樣地，我們不會拆分揭露。他們對我們而言是重要的領先客戶，但不是唯一的主要客戶。我們有一家超大規模業者（hyperscaler），以及橫跨工業、國防與航太等領域的大客戶也在放量（ramping），再加上整體市場。因此目前就是普遍性的強勁需求，我們正從中受益，情況非常好。

(Operator Instructions)

（接線員指示）

Neil Gore, shareholder.

股東 Neil Gore。

In the past, you said you expect that royalty income could grow to as much as 50% of product revenue. Do you still have that expectation?

過去你們曾表示，權利金收入（royalty income）可能成長到高達產品營收的 50%。你們現在仍有這樣的預期嗎？

The expectation of the licensing as a percentage of product revenues, we've talked as much as 50%. The question was, can we do we still hold to that?

關於授權收入占產品營收的比例，我們曾談到最高可達 50%。問題是，我們是否仍維持這個看法？

Yes, we feel very good about a licensing practice. We are investing heavily in it. It will be investing in it at an escalating rate because we see that business as being both a high-growth business in terms of its top line and needs to say, is nearly 100% margin in terms of profitability. We anticipate as discussed in prior meetings that there would be a time in the Northeast future when OEMs and hyperscalers will be Vicor licensees with only perhaps rare exceptions. We see that dynamic progressing.

是的，我們對授權業務非常有信心。我們正在大力投資，而且會以加速的速度持續投資，因為我們認為這項業務在營收（top line）成長方面屬於高成長，同時就獲利能力而言幾乎是 100% 毛利。我們預期，如同先前會議所討論的，在不久的將來，OEM 與超大規模業者將會成為 Vicor 的被授權方（licensees），可能只有極少數例外。我們看到這種態勢正在推進。

And and we think we're pretty close to a crossing of the with respect to the industry wanting to be protected in terms of a license enabling power system technology from Vicor.

而且我們認為，我們距離一個臨界點已相當接近：也就是產業希望透過取得 Vicor 的授權來獲得保護，使用其可實現電力系統的技術。

Do you expect that some of the other lawsuits that you have had to violating your patents, has anyone approached you to settle after the big settlements you received earlier last year?

您是否預期，在您先前因他人侵犯專利而提起的其他訴訟中，在去年年初您獲得重大和解之後，是否有人主動接洽您進行和解？

So we carried the first ITC case to a successful conclusion. And to be clear, that conclusion doesn't mean that the recent ongoing opportunity relating to the first ITC case. In fact, there is an action pending at customs as we speak, relating to that first exclusion order. While we're working with the case we brought earlier this year, for which the ITC once again chose to issue an investigation to get that to, which should result in a second exclusion order. And this may not be the end of the road.

所以我們已將第一起 ITC 案件推進並成功結案。需要澄清的是，那個結論並不代表與第一起 ITC 案件相關、近期仍在進行的機會已經結束。事實上，就在我們通話的此刻，海關那邊仍有一項與第一份排除令相關的行動正在進行。同時，我們也在推進今年稍早提起的案件，ITC 再次決定立案調查，這應該會導致第二份排除令。而且這可能還不是終點。

I mean, in Italy, we are saying that there is no 2 without 3. So there's been 2 thus far. Don't be surprised if you see a third one.

我的意思是，在義大利我們常說「無二不成三」。到目前為止已經有兩次了。如果你看到第三次，也不要感到意外。

And and so this is again part of a very comprehensive campaign. Vicor has been the pioneer in the power system industry, always very much in the forefront of very high-power density and performance for nearly 40 years. As a longstanding pioneer in the industry, we have we got into places well ahead of any competitor and scouting this new landscape with respect to power distribution architecture, power conversion engines, control system, advanced conversion components. We have consistently pursued an extensive protection through many patents. And low and behold the industry given demands in AI and with respect to other electronic systems now is very much in need of those kinds of technologies that Vicor pioneer.

而且這同樣是我們非常全面性行動的一部分。Vicor 在電力系統產業一直是先驅，近 40 年來始終站在高功率密度與高效能的最前沿。作為業界長期的先驅，我們比任何競爭對手更早進入許多領域，並在電力分配架構、電力轉換引擎、控制系統、先進轉換元件等方面，探索這個新局勢。我們一貫透過眾多專利追求廣泛的保護。而且不出所料，隨著 AI 的需求以及其他電子系統的發展，整個產業如今非常需要 Vicor 所開創的這類技術。

So licensing is going to be an expanding portion of our business, a very significant one in some right beyond our module maker through, again, unique fabs revenue capability.

因此，授權將會成為我們業務中持續擴大的部分，而且在某種程度上會非常重要，甚至超越我們作為模組製造商的角色；同樣地，這也得益於我們獨特的晶圓廠（fab）營收能力。

Okay. And next question, are there any expenses affiliated with licensing revenue? Is it part of your SG&A perhaps?

好的。下一個問題，授權收入是否會伴隨任何費用？例如可能列在您的 SG&A 裡？

Any expenses associated with licensing revenue? Of course, the lease.

任何與授權收入相關的費用？當然，有租賃費用。

Yes. So we have partnered with law firms that have the share of the interest in the outcome, subject to caps and so on and so forth. So as we regard the licensing income, we record an operating expense for the share of the proceeds from the litigation to the licensing deal owed to our partners.

是的。所以我們與律師事務所合作，他們對結果享有一定比例的利益分成，並受上限等條款約束。因此在認列授權收入時，我們會就訴訟帶來、並在授權交易中應支付給合作夥伴的那部分收益分成，認列為營業費用。

Justin Clare with ROTH Capital Partners.

ROTH Capital Partners 的 Justin Clare。

So just wanted to hear, so we did see a large transaction announcement between Open AI and a wafer scale supplier last week. And just wondering against that backdrop, can you share how your visibility into demand has evolved over the last quarter? And then maybe if you could comment on the size of the opportunity you're seeing with your lead customer for vertical power and how that compares to the visibility you had last quarter?

我想了解一下，上週我們看到 OpenAI 與一家晶圓級（wafer scale）供應商宣布了一筆大型交易。在這樣的背景下，您能否分享一下，過去一季您對需求的能見度是如何演變的？另外，也請您評論一下，您在垂直供電（vertical power）方面，從主要客戶那裡看到的機會規模，以及這與上季您所掌握的能見度相比如何？

Well, I think we felt very strongly about our lead customer technology and their market opportunity. Andfrankly, for a number of years, I was confronted with the degree of skeptics by investment bankers and the like the same level of confidence Vicor had in our lead customer. And so that's been proven out to be the right expectation. We think they have a real technological advantage, at least for a certain class of AI applications, and that will translate into a share market share growth and we believe substantial success in years to come. And that's an opportunity for us just to say, as we have with the AI market in general.

我想我們一直非常看好我們主要客戶的技術以及他們的市場機會。坦白說，多年來我一直面對投資銀行家等人士的質疑，他們對我們主要客戶的信心程度，遠不如 Vicor 的信心。而事實證明，我們的預期是正確的。我們認為他們至少在某一類 AI 應用上具有真正的技術優勢，這將轉化為市占率的提升，我們也相信他們在未來幾年會取得相當大的成功。對我們而言，這也是一個機會，就如同我們在整體 AI 市場上所看到的一樣。

Richard Shannon with Craig-Hallum Capital Group.

Craig-Hallum Capital Group 的 Richard Shannon。

Let me follow up kind of a multipart question around licensing. Maybe if you can update us on the number of licensees, you currently have generated revenues. And if there's multiple licenses probably good understanding there. And then also wondering if you have any licenses that are expiring and need to be renewed like this calendar year. And then ultimately, you talked about the ability or the belief in growth in this business here.

我想就授權再追問一個多段式問題。也許您可以更新一下，目前能帶來收入的被授權方（licensees）數量。如果有多個授權，了解其情況也會很有幫助。另外也想請問，今年這個曆年內是否有任何授權即將到期、需要續約？最後，您談到您對這項業務成長能力或成長信念。

To what degree do we need to see growth in licensees versus number of licenses? Or can you grow at the rate that you're expecting without any growth in those numbers?

在多大程度上，我們需要看到被授權方數量或授權數量的成長？或者在這些數字不成長的情況下，您仍能以您預期的速度成長嗎？

So I view our business model as being very resilient, very redundant because we have great opportunities as a module maker, and we have great opportunities as a license sale of enabling technology. And those 2 opportunities are very synergistic because in licensing deals, we provide incentives for OEMs, hyperscalers to be more than license fees to be customers of our modules in advanced technology, power system solutions. So we feel I feel, speaking for myself, very confident we're going to be very successful on each of those two fronts. And again, they reinforce each other in pretty much every where.

我認為我們的商業模式非常有韌性、也非常有冗餘性，因為我們作為模組製造商有很好的機會，同時作為使能技術的授權銷售也有很好的機會。而這兩個機會高度協同，因為在授權交易中，我們提供誘因，讓 OEM、超大規模業者（hyperscalers）不僅支付授權費，也成為我們先進技術電力系統解決方案模組的客戶。所以我覺得——以我個人而言——我們在這兩個面向都會非常成功。而且它們幾乎在各個方面都彼此強化。

Richard, maybe I can also, if you don't mind, I'll add a little bit to that. So if you look at products that are getting launched later this year, maybe early next year, from different GPU companies or even hyperscalers. A lot of them are going lateral and vertical because they can't really solve the full vertical problem, the vertical challenge because of what Patrizio has talked about. Lack of current density, mechanical issues. And so you'll see a little bit of lateral with a bit of vertical.

Richard，如果你不介意，我也補充一點。你看今年稍晚、或可能明年初，不同 GPU 公司甚至超大規模業者將推出的產品，其中很多會同時採用橫向（lateral）與垂直（vertical），因為他們無法真正解決完整的垂直問題、垂直挑戰，原因如 Patrizio 所談到的：電流密度不足、機械結構問題。因此你會看到一點橫向搭配一點垂直。

And that vertical, as we talked about, copies our first-generation VPD.

而那個垂直部分，如我們所談到的，是在複製我們第一代的 VPD。

If you go to what and the wafer scale companies do, you've got a challenge there of bandwidth, which they solve through their wafer scale engine. Everybody now is starting to look at the colos packaging, the packaging that Intel has brought to market with multi-die chiplet. The only way to power that stuff to solve the memory bandwidth problem is pure vertical power delivery. And that's where you need 1.5-millimeter high packaging, greater than 3 amps per millimeter squared current density and 40 times the if you like, the capability of the power delivery to that network multiplication where you at 6 volts, you've got 64x the power losses then at 48 volts. And at 2 volts, you've got 526x the power losses for an IVR system.

如果你看晶圓級公司在做什麼，他們面臨的是頻寬的挑戰，並透過其晶圓級引擎來解決。現在大家也開始關注共封裝（co-los）封裝，也就是 Intel 推向市場的多晶粒 chiplet 封裝。要為那類東西供電、以解決記憶體頻寬問題，唯一的方法就是純垂直供電（pure vertical power delivery）。而這就需要 1.5 毫米高度的封裝、每平方毫米超過 3 安培的電流密度，以及如果你願意這麼說，對該網路的供電能力要提升 40 倍；因為在 6 伏時，你的功率損耗會是 48 伏時的 64 倍；而在 2 伏時，對於 IVR 系統而言，你的功率損耗會是 526 倍。

So you start to run into real fundamental issues here where the VPD technology, our second-generation VPD technology for these future technologies where we're going to focus on these strategic alignments where they really need the Vicor VPD, that's where we're headed.

因此你會開始遇到真正根本性的問題；而 VPD 技術——我們第二代 VPD 技術——正是為了這些未來技術。我們將把重點放在那些真正需要 Vicor VPD 的策略性結盟上，這就是我們前進的方向。

Again, the competition tends to focus on one element, like current density, and they can make some headway with respect to that element. But, in the architecture, it is a conflict among key elements of the solution where, fundamentally, you got to take off one to make it little better for the other when the right solution, the solution must involve all of these ingredients, high condensity, high current multiplication in a solution that is relatively thin. And by the way, we're not stopping at 1.5 millimeter, we're going thinner. So because as we get to Power-on-Package, it will need to be thinner and with our technology, we can go a lot thinner.

再說一次，競爭對手往往只聚焦在某一個要素，例如電流密度，他們在那個要素上或許能取得一些進展。但在整體架構上，解決方案的關鍵要素之間存在衝突，基本上你必須犧牲一個，才能讓另一個稍微好一些；而正確的解決方案必須同時具備所有這些要素：高電流密度、高電流倍增，並且在相對薄的方案中實現。順帶一提，我們不會停在 1.5 毫米，我們會做得更薄。因為當我們走向 Power-on-Package 時，需要更薄，而以我們的技術，我們可以做到薄得多。

Don McKenna with D.B. McKenna & Company.

D.B. McKenna & Company 的 Don McKenna。

This is a simple one, guys. I haven't been able to attend the annual meeting for the last few years because of a conflict and timing. And I'm hoping that you don't schedule it for the 20th of June this year.

各位，這是一個簡單的問題。過去幾年因為時間衝突我一直無法參加年度股東會。我希望你們今年不要把它排在 6 月 20 日。

Well, the 20th of June is a Saturday. And so it's I'll let the proxy coming out soon. The annual meeting is Friday, June 19.

嗯，6 月 20 日是星期六。所以——我會讓即將發布的委託書（proxy）來說明。年度股東會是在 6 月 19 日（星期五）。

19. Okay.

19 號。好的。

This concludes the question-and-answer session. Thank you all for your participation on today's call. This does conclude the conference. You may now disconnect.

問答環節到此結束。感謝各位參與今天的電話會議。本次會議至此結束。您現在可以斷線。