Vicor Corporation (VICR) 2026 Q2 法說會逐字稿

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

各位女士、先生，感謝您稍候。歡迎參加 Vicor Corporation 2026 年第二季財報電話會議。(接線員指示) 請注意，今天的會議將被錄音。

I would like now to turn the conference over to Jim Schmidt, Chief Financial Officer. Please go ahead.

現在我想把會議交給財務長 Jim Schmidt。請開始。

Thank you. Good morning, and welcome to Vicor Corporation's earnings call for the second quarter ended June 30, 2026. I'm Jim Schmidt, Chief Financial Officer; and I'm in and over 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 6 月 30 日止第二季的財報電話會議。我是財務長 Jim Schmidt；我與執行長 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 and six months ended June 30, 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 6 月 30 日止三個月及六個月的財務結果。該新聞稿已張貼於我們網站的投資人關係頁面：www.vicorpower.com。

I remind listeners this conference call is being recorded and is the copyrighted property of Vicor 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 1995.

提醒各位，本次電話會議將被錄音，且為 Vicor Corporation 之著作權財產。同時提醒您，我們在本次會議中所做的各項陳述，可能構成 1995 年《私人證券訴訟改革法》(Private Securities Litigation Reform Act of 1995) 安全港條款所定義之前瞻性陳述。

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，並包含管理層對銷售成長、支出與獲利能力之預期，均屬涉及風險與不確定性之前瞻性陳述。

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明為正確。實際結果可能與我們今天任何陳述中明示或暗示的內容存在重大差異。

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.

我們所面臨的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 網站上的 EDGAR 系統取得。

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

請注意，本次電話會議所提供之資訊僅截至今日（2026 年 7 月 21 日，星期二）為準。Vicor 不承擔更新任何陳述（包括本次會議中的前瞻性陳述）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. I'll now turn to a review of our Q2 financial performance, after which Phil will review recent market developments, and Patrizio Phil and I will take your questions.

今日會議的網路重播將於稍後在我們網站的投資人關係頁面提供。接下來我將回顧我們第二季的財務表現，之後 Phil 將回顧近期市場發展，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；如需更多資訊，請參閱我們的新聞稿或即將發布的 Form 10-Q。

As stated in today's press release, Vicor recorded product and royalty revenue for the second quarter of $143.4 million, up 26.9% sequentially from the first quarter of 2026 total of $113 million and up 1.6% from the second quarter of 2025 total of $141 million which included a $45 million patent litigation settlement.

如今日新聞稿所述，Vicor 第二季產品與權利金收入為 1.434 億美元，較 2026 年第一季的 1.13 億美元環比成長 26.9%，並較 2025 年第二季的 1.41 億美元年增 1.6%；2025 年第二季包含 4,500 萬美元的專利訴訟和解金。

Advanced Products revenue increased 45% sequentially to $94.2 million and Brick Products revenue increased 2.4% sequentially to $49.2 million. Shipments destocking distributors increased 4.2% sequentially and increased 38.8% year-over-year.

先進產品（Advanced Products）收入環比成長 45% 至 9,420 萬美元；磚型產品（Brick Products）收入環比成長 2.4% 至 4,920 萬美元。出貨至去化庫存（destocking）的經銷商之出貨量環比增加 4.2%，並年增 38.8%。

Exports for the second quarter decreased sequentially as a percentage of total revenue to approximately 46% from the prior quarter's 48.9%. For Q2, Advanced Products share of total revenue increased to 65.7% compared to 57.5% for the first quarter of 2026, with Brick Products share correspondingly decreasing to 34.3% of total revenue.

第二季出口占總營收比重環比下降至約 46%，前一季為 48.9%。第二季先進產品占總營收比重上升至 65.7%，相較 2026 年第一季為 57.5%；磚型產品占比則相應下降至總營收的 34.3%。

Royalty income from our most recent license agreement, which provides for $5 million quarterly payments in its first year, and $10 million quarterly payments in its second year, contributed $15 million to Q2 revenue. In view of its accounting treatment, this license agreement is expected to contribute $5 million in Q3 and $10 million per quarter for the following four quarters.

我們最新授權協議的權利金收入（該協議第一年每季支付 500 萬美元、第二年每季支付 1,000 萬美元）為第二季營收貢獻 1,500 萬美元。考量其會計處理方式，預期該授權協議將於第三季貢獻 500 萬美元，並在接下來四個季度每季貢獻 1,000 萬美元。

Turning to gross margin. We recorded a consolidated gross profit margin of 58%, a 280 basis point increase from the prior quarter. Q1 gross margin decreased 730 basis points from the same quarter last year, which included the previously mentioned $45 million patent litigation settlement.

接著談毛利率。我們合併毛利率為 58%，較前一季提高 280 個基點。第一季毛利率較去年同期下降 730 個基點；去年同期包含前述 4,500 萬美元的專利訴訟和解金。

I'll now turn to Q2 operating expenses. Total operating expense increased 6.1% sequentially from the first quarter of 2026 to $48.2 million, a substantial increase in operating expenses was due to a substantial increase in contingent legal expenses paid out to the law firms partnering with Vicor for the license deal reached in Q2.

接下來談第二季營業費用。總營業費用較 2026 年第一季環比增加 6.1% 至 4,820 萬美元；營業費用的大幅增加，主要係因第二季達成授權交易而支付給與 Vicor 合作之律師事務所的或有法律費用大幅增加所致。

The amounts of total equity-based compensation expense for Q2 included in cost of goods, SG&A and R&D was $897,000 and $2,085,000 and $1,198,000, respectively, totaling approximately $4.2 million.

第二季計入銷貨成本、銷售一般及行政費用（SG&A）與研發（R&D）的股權基礎薪酬費用分別為 897,000 美元、2,085,000 美元與 1,198,000 美元，合計約 420 萬美元。

Turning to income taxes. We recorded a tax benefit for Q2 of approximately $10.9 million, representing an effective tax rate for the quarter of minus 27.9%, the company's tax provision and effective tax rate for the quarter ended June 30, 2026, was positively impacted by stock options exercised in the quarter.

接著談所得稅。第二季我們認列約 1,090 萬美元的稅務利益（tax benefit），代表本季有效稅率為負 27.9%；截至 2026 年 6 月 30 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 Q2 totaled $49.8 million. GAAP diluted income per share was $1.04 based on a fully diluted share count of 47,708,000 shares.

第二季淨利合計 4,980 萬美元。GAAP稀釋後每股盈餘為 1.04 美元，係以完全稀釋後股數 47,708,000 股計算。

Turning to our cash flow and balance sheet. Cash and cash equivalents totaled $453.6 million at Q2, an increase of $49.4 million sequentially. And we're pleased to report that last Monday, July 13, we received a payment from the IRS relating to our application for ChiP Act investment tax credit in the amount of $14.3 million. as a refund from our 2023 tax return. This amount and other tax credit amounts we expect from subsequent tax returns will add to our cash balance in Q3 and beyond.

接著談現金流量與資產負債表。截至第二季末，現金及約當現金合計 4.536 億美元，環比增加 4,940 萬美元。我們也很高興報告，上週一（7 月 13 日）我們收到美國國稅局（IRS）就我們申請《ChiP Act》投資稅額抵免所支付的 1,430 萬美元款項，作為 2023 年報稅的退稅。該金額以及我們預期自後續報稅取得的其他稅額抵免金額，將在第三季及之後增加我們的現金餘額。

Accounts receivable net of reserves totaled $78.9 million at quarter end, with DSOs for trade receivables at 37 days. Inventories net of reserves increased 10.2% sequentially to $104.5 million. Annualized inventory turns were [$2.1 million], cash flow provided by operating activities totaled $34 million for the quarter. Capital expenditures for Q2 totaled $11.2 million, we ended the quarter with a construction and progress balance primarily for manufacturing equipment of approximately $18.2 million and with approximately $23.5 million remaining to be spent.

扣除備抵後的應收帳款為 7,890 萬美元，期末貿易應收帳款的 DSO 為 37 天。扣除備抵後的存貨環比增加 10.2% 至 1.045 億美元。年化存貨周轉率為 [$2.1 million]，本季營業活動提供之現金流量合計 3,400 萬美元。第二季資本支出合計 1,120 萬美元；本季末在建工程與在製（construction and progress）餘額（主要為製造設備）約 1,820 萬美元，且尚有約 2,350 萬美元待支出。

I'll now address bookings and backlog. Q2 book-to-bill came in above one, and one year backlog increased 26% from the prior quarter, closing at $379.7 million. 2026 is the year in which Vicor's innovative products and technology licensing practice came into focus within the industry. As we bring on incremental capacity, we expect a nearly 10% increase in Q3 revenue and over $600 million in 2026 revenue.

我現在將說明訂單與在手訂單。第二季接單出貨比（book-to-bill）高於 1，而一年期在手訂單較前一季增加 26%，期末達 3.797 億美元。2026 年將是 Vicor 的創新產品與技術授權業務在產業內受到聚焦的一年。隨著我們新增產能，我們預期第三季營收將接近成長 10%，且 2026 年營收將超過 6 億美元。

To achieve these growth objectives, we are planning for double-digit sequential increases in product revenue for advanced products.

為達成這些成長目標，我們規劃先進產品的產品營收將呈現連續（季對季）雙位數成長。

As we said last quarter, this guidance is based on conservative assumptions about our licensing practice. Specifically, the new licensing agreements may not result until our second ITC case gets to its final determination in 2027.

如同我們上季所說，這項指引是基於對我們授權業務的保守假設。具體而言，新的授權協議可能要等到我們第二起 ITC 案件在 2027 年作出最終裁定後才會有結果。

Additional exclusion orders further restricting importation of infringing computing systems may provide motivation to close new licensing deals on favorable terms. Along with revenue growth, we expect margin expansion. Phil?

進一步的排除令若更嚴格限制侵權運算系統的進口，可能會促使以有利條件完成新的授權交易。除營收成長外，我們也預期毛利率將擴張。Phil？

Thank you, Jim. At our recent Annual Shareholders Meeting, I presented an update on our company's strategy and objectives. Our financial objectives of $2.5 billion in revenues at 70% gross margins, superseded the $1 billion and 65% gross margin targets set in 2023, which we are on our way to achieving.

謝謝你，Jim。在我們最近的年度股東大會上，我就公司策略與目標提供了最新進展。我們的財務目標為營收 25 億美元、毛利率 70%，已取代 2023 年設定的營收 10 億美元與毛利率 65% 目標，而我們正朝達成該目標邁進。

Our updated objectives are based on a two-pronged strategy, leveraging synergy between our power module sales and IP licensing practice.

我們更新後的目標是基於雙軌策略，運用電源模組銷售與 IP 授權業務之間的協同效應。

As discussed at the ASM, our power module business is focused on a set of 100 customers across four markets and four regions globally. Within each of the four markets of HPC, industrial, automotive and aerospace and defense, we have customers who are on the cutting edge of high-growth applications with the most demanding requirements for power and current density with high efficiency and signal integrity.

如同在年度股東大會（ASM）所討論，我們的電源模組業務聚焦於全球四個市場與四個區域中的 100 家客戶。在 HPC、工業、車用以及航太與國防這四個市場中，我們的客戶位於高成長應用的最前沿，對功率與電流密度提出最嚴苛的要求，同時需要高效率與訊號完整性。

A perfect example of this is vertical power delivery. AI data center hyperscalers and OEMs need vertical power delivery to meet compute density requirements and AI data center performance. The market opportunity is growing rapidly and competitors are challenged to deliver on two key specifications, current gain and current density.

垂直供電（VPD）就是一個完美例子。AI 資料中心的超大規模業者（hyperscalers）與 OEM 需要垂直供電，以滿足運算密度需求與 AI 資料中心效能。市場機會正快速成長，而競爭對手在兩項關鍵規格上面臨挑戰：電流增益與電流密度。

With current gains greater than 40 and current density up top 5 amps per millimeter squared, Vicor's second-generation VPD is way ahead of all Generation one competitive solutions.

在電流增益大於 40、電流密度最高達每平方毫米 5 安培的條件下，Vicor 的第二代 VPD 遠遠領先所有第一代競爭解決方案。

As discussed at the annual meeting, we will engage with selected customers with development systems and tools starting this quarter. Our objectives for our second-generation VPD solutions over the next few quarters will be to expand our business opportunities with OEMs and hyperscalers wanting to be long-term strategic partners.

如同在年度股東大會所提到，我們將自本季起以開發系統與工具與特定客戶展開合作。未來幾季，我們第二代 VPD 解決方案的目標，是擴大與希望成為長期策略夥伴的 OEM 與超大規模業者的商機。

Major new product introductions are also underway in our industrial and aerospace and defense businesses, with market expansion now occurring outside of lead top 100 customer opportunities that drove initial module development.

我們在工業以及航太與國防業務方面也正推進多項重大新產品導入，市場擴張目前已發生在原先帶動初期模組開發的前 100 大客戶機會之外。

As stated at our ASM a few weeks ago, we are very focused on the successful execution of our business strategy, which leverages our vertically integrated chip fab and handover as the first of a multiplicity of foundries supporting our new financial targets of $2.5 billion in revenues with 70% gross margins and 40% operating income.

如同我們幾週前在年度股東大會所述，我們非常專注於成功執行商業策略；該策略運用我們垂直整合的晶圓廠，並以交接作為多家晶圓代工廠中的第一家，以支撐我們新的財務目標：營收 25 億美元、毛利率 70%、營業利益 40%。

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 I wanted to start with the second-gen VPD and just maybe an update on how you're progressing with the lead customer, but also Phil mentioned starting to more broadly sample second-gen VPD to a broader customer base.

各位好，恭喜你們交出不錯的成果與展望。我想先從第二代 VPD 開始，請更新一下你們與領先客戶的進展；另外 Phil 也提到，將開始更廣泛地向更多客戶提供第二代 VPD 樣品。

Do you still feel like you're on track to secure or ramp designs with either hyperscaler or other OEM customers for second-gen VPD over, say, the next 12 to 18 months?

你們是否仍認為，在未來 12 到 18 個月左右，第二代 VPD 有望在超大規模業者或其他 OEM 客戶那邊取得設計導入或開始放量？

Yes. So we've completed development with respect to a baseline of 3 amps per square millimeter current density with the initial chipset for our lead customer.

是的。我們已針對領先客戶的初始晶片組，完成以每平方毫米 3 安培電流密度為基準的開發。

We are now completing demo systems, including a dedicated VPD demo system to showcase with other customers. And we're on our way to raise the bar as far as per square millimeter late this year, beginning of next year. So I'm delighted with the progress we made within the last several months in terms of reaching initial targets. And we have the road map to expand on that.

我們目前正在完成展示系統，包括一套專用的 VPD 展示系統，用於向其他客戶展示。而且我們正朝著在今年稍晚、明年初進一步提高每平方毫米指標的方向前進。因此，就過去幾個月在達成初始目標方面的進展而言，我非常滿意。而且我們也有路線圖可在此基礎上持續擴展。

And beyond the lead customer Patrizio, would you expect design wins to sort of ramp maybe at this point, second half of '27 for vertical power delivery?

那麼除了領先客戶之外，Patrizio，你是否預期垂直供電的設計導入大概會在 2027 年下半年左右開始放量？

I'm not going to make commitments with respect to specific days. I will say that I was in the valley for this is just last week, but there is a good deal of interest in our capabilities. We've been approached by two companies wishing us to provide a building block that is critical to deployment of IVRs. We look at that as an incremental opportunity.

我不會就特定日期作出承諾。但我可以說，我上週才剛去矽谷，那邊對我們能力的興趣相當高。已有兩家公司接洽我們，希望我們提供一個對 IVR 部署至關重要的基礎模組（building block）。我們將其視為額外的增量機會。

The reality of these capabilities -- competitive capabilities that is as you look at the migration of IVRs from 12-volt to 6-volt to 1.8-volt inputs, is that they're barely capable of delivering the real world largely over 1 amp per square millimeter. That's the message we're getting consistently from people in the on.

現實是，當你看到 IVR 的輸入電壓從 12V 遷移到 6V 再到 1.8V 時，競爭對手的能力——也就是競爭性的能力——幾乎只能在真實世界中勉強提供略高於每平方毫米 1 安培的水準。這是我們從業界人士那裡持續收到的訊息。

When you look at all the factors at play, term of deleting, other factors, the competitive capability is quite limited, barely above 1 amp per square millimeter. And the market need, particularly with respect to were for scale engines, other advanced HPC system is already above those levels and project it to become much higher in a matter of a few years. And frankly, the industry has no solution for these requirements.

當你把所有影響因素都納入考量——包括散熱等其他因素——競爭能力相當有限，幾乎只略高於每平方毫米 1 安培。而市場需求，特別是針對超大規模運算引擎以及其他先進 HPC 系統，已經高於這些水準，並預期在短短幾年內會變得更高。坦白說，產業對這些需求目前沒有解決方案。

Got it. And then, Patrizio, so just any updates on securing a site with or without building for your second chip fab?

了解。另外，Patrizio，關於你們第二座晶圓廠，無論是有無廠房，你們在取得用地方面有任何更新嗎？

So we have several options at this point. They made some offers. Now them was second up yet, but we have the investment of choice at this point. And we'll probably be making decisions in the last few weeks.

目前我們有幾個選項。對方提出了一些方案。現在還沒有完全定案，但就目前而言，我們有多個投資選擇。我們可能會在接下來幾週內做出決定。

Excellent. Thank you very much.

太好了。非常感謝。

Richard Shannon, Craig Hallum.

Richard Shannon，Craig-Hallum。

Great, guys. Thanks for taking my questions. I guess the first one is, Jim, I'd love for you to repeat the numbers regarding royalties with -- I think it was a new license year, something those went by pretty quickly here.

很好，各位。謝謝回答我的問題。我想第一個問題是，Jim，我希望你能重複一下關於權利金的數字——我記得你提到的是新的授權年度之類的內容，剛剛講得有點快。

And if you could follow up with just kind of general expectations of how to think about royalties in the current quarter as you -- within the context of the guidance you just gave us of revenues up 10%, please?

另外，能否再補充一下，在你剛給的指引（營收成長 10%）的脈絡下，我們應該如何概括性地看待本季的權利金表現？

Okay. I'm going to -- Richard, I'll reread that paragraph for everyone. So royalty income from our most recent license agreement, which provides for $4 million, $5 million quarterly payments in its first year and $10 million quarterly payments in its second year. So that's a total of $60 million, contributed $15 million in Q2 revenue. In view of its accounting treatment, this license agreement is expected to contribute $5 million in Q3 and $10 million per quarter for the following 4 quarters.

好的。Richard，我會把那段話再念一次給大家。我們最新授權協議的權利金收入：第一年每季支付 400 萬至 500 萬美元，第二年每季支付 1,000 萬美元。因此合計為 6,000 萬美元，並在第二季營收中貢獻了 1,500 萬美元。考量其會計處理方式，預期該授權協議在第三季將貢獻 500 萬美元，並在接下來的 4 個季度每季貢獻 1,000 萬美元。

So the revenue is different than the cash collections, Richard, because of the GAAP accounting treatment. The $15 million recognized in Q2 was a result of the termination clauses in the agreement. So we could account for $15 million of the deal in this quarter. And because of the accounting treatment, that will drop to $5 million of revenue recognition in Q3 and then back up to $10 million for the balance of the agreement per quarter.

所以，Richard，營收與現金收款不同，是因為 GAAP 會計處理方式。第二季認列的 1,500 萬美元是因協議中的終止條款所致。因此我們可以在本季認列該筆交易中的 1,500 萬美元。而由於這項會計處理，第三季的營收認列將降至 500 萬美元，之後在協議剩餘期間每季則回升至 1,000 萬美元。

Okay. I think that answered my question also about the implied guidance there. And maybe if you can -- maybe I'll just ask Patrizio following up on this on characterizing this customer here, OEM, hyperscaler, et cetera. and whether this has been a past customer as well, please?

好的。我想這也回答了我對那裡隱含指引的問題。另外，如果可以的話——也許我再追問 Patrizio，關於這位客戶的性質：OEM、超大規模業者（hyperscaler）等等，以及這是否也是過去的客戶，麻煩說明一下？

I can't comment with respect to the identity of licensees. But I think what we have publicly disclosed, which I can reiterate here is that we have a multiplicity of OEM licensees we scale as of now.

我無法就被授權方的身分置評。但我想我們已公開揭露的資訊——我也可以在此重申——是我們目前擁有多家 OEM 授權客戶。

Okay. Fair enough. And my follow-on question is partially based on what I see in the press release and then also true to, I think in your response to one of the past questions here about IVRs, the statement here in the press release about feeding IVRs with the cereal suppliers an incremental opportunity for Vicor. Would love for you to help me understand that a little bit better here? It seems like you could interpret as an incremental opportunity or could be displacing a full second-gen VPD solution here.

好的。可以理解。我接下來的問題部分是基於我在新聞稿中看到的內容，也呼應我記得你們先前回答某個關於 IVR 的問題：新聞稿中提到以「穀物供應商」來餵給 IVR，對 Vicor 是一個增量機會。希望你能幫我更清楚理解這點。看起來你可以把它解讀為增量機會，或是可能在取代完整的第二代 VPD 解決方案。

So I'd love for you to help us understand that a little bit better, please.

所以也請你幫我們更清楚理解一下，謝謝。

So our technology lends itself to supporting either alternative. Without question, a pure factorized power system is capable of considerably more current density several times more with considerably better efficiency. But that doesn't mean that all applications would go in that direction for a variety of reasons.

我們的技術本身就適合支援這兩種替代方案。毫無疑問，純粹的分解式供電（factorized power）系統能提供高得多的電流密度——可達數倍——且效率顯著更佳。但這不代表所有應用都會因各種原因而走向那個方向。

One thing that IVRs do have to be fair, is that they have flexibility. So in applications with a large multiplicity of nodes, a highly fragmented seller nodes, there's something to be said for IVRs in that they do provide a great deal of flexibility, configurability, but that comes a significant expense in terms of insertion loss. 15%, maybe 10%, but then if you try to get it down to a 10% loss, they need to run a lower frequency and they still have transient under issues, which factorized power system no longer has. So we have a huge efficiency advantage relative to this competitive alternatives. But that doesn't mean we can't play a support role for those alternatives and capture significant business.

公平地說，IVR 的確有一個優點：彈性。因此在節點數量很多、節點高度分散的應用中，IVR 的確有其價值，因為它提供很高的彈性與可配置性，但代價是相當可觀的插入損耗：15%，也許 10%；但如果你想把損耗降到 10%，它們需要以較低頻率運作，而且仍然會有瞬態欠壓等問題，而分解式供電系統已不再有這些問題。因此相較於這些競爭替代方案，我們在效率上有巨大的優勢。但這不代表我們不能在那些替代方案中扮演支援角色並取得可觀的業務。

Okay, great. Thank you.

好的，很棒。謝謝。

Justin Clare, ROTH Capita.

Justin Clare，ROTH Capita。

Hey, good morning. Thanks for taking our questions here. So I wanted to touch on the guidance. So updated your 2026 guide to over $600 million here. It looks like the update is primarily related to the additional royalty payments that you had laid out. But wondering if there are any other notable changes relative to the initial guide related to shipment expectations or related demand.

嗨，早安。謝謝讓我們提問。我想先談一下指引。你們把 2026 年指引上調到超過 6 億美元。看起來這次更新主要與你們先前提到的額外權利金（royalty）付款有關。但我想了解，相較於最初的指引，是否還有其他值得注意的變動，例如出貨預期或需求相關的變化？

And then just on the new licensing agreement, I wondering if you could share just how that's structured. Is that only royalty payments that you're anticipating from that? Or could you also see greater demand from your fab as a result of that licensing agreement?

另外關於新的授權協議，我想請問其結構是如何安排的。你們預期只會收到權利金付款嗎？還是這份授權協議也可能帶動你們晶圓廠（fab）的需求增加？

So the total revenue growth comes to your point from a combination of new licensing deals. The ones we closed down, specifically the one that was closed in the second quarter, and product revenue growth.

整體營收成長如你所說，來自新授權交易的組合。包括我們已完成簽署的那些，特別是第二季完成的那一筆，以及產品營收的成長。

The initial license agreement that was closed in Q2 does not, for the first couple of years, provide for a sourcing relationship, but that's understood to be part of the relationship going forward, in conjunction with our second-gen VPD capabilities. And that's going to be the natural of this relationships going forward. with OEMs and hyperscalers.

第二季完成的初始授權協議，在前幾年並未包含供應（sourcing）關係，但我們理解這將是未來關係的一部分，並會與我們第二代 VPD 能力相結合。而這也將是我們未來與 OEM 與超大規模業者合作關係的自然走向。

Got it. Great. And then just wanted to touch on the expansion underway at your first fab here. Just wondering if you could share an update on the progress, when you anticipate the expansion being completed, and then you had previously talked about being able to reach $1.5 billion in revenue after that -- or at least $1.5 billion in revenue could be supported by the expansion.

了解。很好。另外我想談一下你們第一座晶圓廠目前正在進行的擴產。想請你更新一下進度、預期何時完成擴產；另外你們先前提到擴產後可支援達 15 億美元的營收——或至少擴產可支撐 15 億美元的營收規模。

But I think that's sensitive to product mix. So just wondering if you could also share just how product mix might affect whether or not you could deliver either above or below that $1.5 billion.

但我想那會受產品組合影響。所以也想請你說明，產品組合會如何影響你們是否能達到高於或低於 15 億美元的水準。

Well, so, as reported, we are expanding capacity, but also absorbing that expanded capacity. And as time progresses were inevitably getting close to full capacity transaction with the first chip fab, and that's why we're working to close on a second facility.

嗯，如同我們所報告的，我們正在擴充產能，同時也在消化這些新增產能。隨著時間推進，我們不可避免地會接近第一座晶片晶圓廠的滿載產能，因此我們才在推動第二個設施的落地。

The specific number at which the first fab will top out is, I think, yet TBD. To your point, that target as of a year ago was a lot lower than it has been. And our version team is continuing to work to expand it to the extent possible.

第一座晶圓廠最終的產能上限具體會落在多少，我想目前仍有待確定（TBD）。如你所說，一年前的目標比現在低很多。而我們的團隊仍持續努力，在可能的範圍內進一步提升它。

But we are in a privileged position that with limited capacity, we have the opportunity to select those engagements that makes sense strategically for the long term. And that's what we're doing. We're not sold out, but we're approaching capacity in this session. And as we get closer, at least through the time frame before the second fab comes up, we're going to be very selective in our engagements.

但我們也處於一個有利的位置：在產能有限的情況下，我們有機會挑選那些在長期策略上有意義的合作案。而這正是我們正在做的事。我們還沒有完全售罄，但在這個階段正逐步接近產能上限。而當我們更接近上限時，至少在第二座晶圓廠投產之前的這段期間，我們會非常審慎地選擇合作案。

Got it. Okay. I appreciate it. Thank you.

了解。好的。感謝。謝謝。

Thank you.

謝謝。

John Dillon, DMB Capital.

John Dillon，DMB Capital。

All right. Thank you very much. And, guys, congratulations on a great quarter. I've got a follow-up to the last question. And that's -- you stated your goal of $2.5 billion in revenue coming up here. And I'm wondering, are you planning on getting there with your existing factory? Or is it going to take a second fab to get there along with revenue plus the royalty income, can you get to $2.5 billion with your existing facility?

好的。非常感謝。各位，恭喜本季表現亮眼。我有一個延續上一題的追問。你們提到接下來的營收目標是 25 億美元。我想請問，你們是否打算用現有工廠達成？還是需要第二座晶圓廠才能達成？另外若把產品營收加上權利金收入，僅靠現有設施能達到 25 億美元嗎？

No. Okay. That's definitely No, it's going to take a second fab together.

不行。好的。那答案很明確：不行，必須要有第二座晶圓廠一起配合。

Okay, well that kind of led into my follow-up. My channel checks are saying that you guys have Avago, Google and AMD. And AMD, we've seen pictures of gold bars in the new processor. So how big are these going to be in the next year? And how are you going to have the capacity to serve them?

好的，那也引出了我的下一個追問。我這邊的通路調查顯示你們的客戶有 Avago、Google 和 AMD。而 AMD 我們也看到新處理器裡有金條的照片。所以這些在明年會有多大規模？你們要如何具備產能來服務他們？

I'm not going to comment about sizings of gold bars anywhere. But so near to say, we have a very distinctive product. It's distinctive that is manufactured uniquely in a fab with 3D meter interconnect processes that give it its golden look.

我不打算評論任何地方金條尺寸的問題。但可以說的是，我們有一個非常獨特的產品。它的獨特之處在於，採用具備 3D 互連製程的晶圓廠進行獨家製造，因而呈現出金色外觀。

But to be clear, while it's got a golden look, it doesn't carry the cost of gold with it to the contrary. Among other things, we are going to have the lowest cost card. So I think we got exciting years ahead with respect to raising the bar on the revenue line and the profitability along the lines of what Phil was suggesting earlier. But it's going to take a second fab to get to those levels.

但要說清楚，雖然它看起來是金色的，但相反地，它並不承擔黃金的成本。此外，我們將會有成本最低的卡。所以我認為，未來幾年在提高營收表現與獲利能力方面會很令人振奮，方向也如 Phil 先前所提到的。但要達到那些水準，還需要第二座晶圓廠。

And how big will that second fab be? Will it be able to do $1.5 billion? Or do you expect it to be able to do more in revenue?

那第二座晶圓廠會有多大？它能做到 15 億美元嗎？還是你們預期它能帶來更多營收？

We are down selecting to size that have the word with all to support a considerable expansion as much as 2 times potentially 3 times the first fill.

我們正在縮小選擇範圍，挑選在規模上能夠支援相當幅度擴張的方案，可能達到第一座廠的 2 倍，甚至 3 倍。

Thank you very much. I'll get back in the queue.

非常感謝。我回到隊列後面。

Thank you.

謝謝。

Richard Shannon, Craig-Hallum Capital.

Richard Shannon，Craig-Hallum Capital。

Great, guys. Thanks for taking a follow-up here. I'm going to follow up on the last answer you produce, just to make sure I understand it here. So your first model of $1 billion was just with the first fab and as you just heard from your answers here, the $2.5 billion requires a second fab here. And if I heard you correctly, the second fab is going to be 2 times to 3 times the first fab. It seems like your -- you'd have the ability to do a lot more than $2.5 billion with both those fabs plus any licensing here. So wondering if you could rationalize the disconnect here, please?

很好，各位。謝謝讓我再追問一下。我想針對你們上一個回答再追問，確認我理解正確。所以你們最初的 10 億美元模型只是基於第一座晶圓廠；而如同你們剛才的回答，25 億美元需要第二座晶圓廠。如果我沒聽錯，第二座晶圓廠會是第一座的 2 倍到 3 倍。看起來你們用這兩座晶圓廠再加上任何授權收入，應該有能力做到遠超過 25 億美元。所以想請你們解釋一下這裡的落差，謝謝？

So with the second site and the second fab, there's going to be a series of steps. This is not all going to be built out on day one needless to say, we don't want to create unnecessary or premature depreciation. We're going to have a couple of steps to begin with, we're looking to essentially double capacity. But we are selecting sites that have the requisite expansion flexibility so that without having to go to a third site, we can further increase capacity.

所以在第二個據點與第二座晶圓廠方面，會有一連串的步驟。不用說，不可能第一天就全部建置完成，我們也不想造成不必要或過早的折舊。一開始我們會分幾個步驟進行，目標基本上是把產能加倍。但我們正在選擇具備必要擴充彈性的地點，讓我們不必再去第三個據點，也能進一步提升產能。

Okay. That is helpful. And my follow-on question is on product gross margins. I'm assuming all the royalty revenue is 100% here. And if I back that out, calculated product gross margin is actually down a couple of hundred basis points from the last couple of quarters here.

了解。這很有幫助。我接著的問題是關於產品毛利率。我假設所有權利金收入在這裡是 100% 毛利。如果我把它扣除後回推計算，產品毛利率其實比過去幾季下降了幾百個基點。

I wonder if you could help us understand the dynamics there and whether that's that trend to reverse itself here in the near future.

想請你們協助我們理解其中的動態，以及這個趨勢在近期是否會反轉。

I think Jim commented expectations of increasing margins?

我想 Jim 有提到對毛利率提升的預期？

Yes

是的。

There and so we -- there will be a lift in the GM product you going forward, Richard, as we get utilization to go higher and absorption to go higher.

是的，所以——Richard，隨著我們的產能利用率提高、吸收率提高，未來產品毛利率會上升。

I will say that there was sort of a maybe onetime, but an important event here in the second quarter relative to moving equipment around in the first fab to make space for the equipment that's coming in. So that was incremental expense and cost of sales in the period that did not get capitalized and cannot be capitalized. So that did weigh on product gross margins as well.

我會說，第二季有一個可能算是一次性、但很重要的事件：我們在第一座晶圓廠內移動設備，以騰出空間給即將進廠的設備。因此在該期間產生了額外費用並計入銷貨成本，這些費用沒有資本化、也不能資本化。所以這也對產品毛利率造成了壓力。

So you can imagine what had to happen in the factory to make the space really optimized for the new equipment coming in. It wasn't cheap to do that.

所以你可以想像，為了讓工廠空間真正為新設備進駐而最佳化，必須做哪些事情。那並不便宜。

Okay. Thanks for that explanation. That's all for me. Thank you.

了解。謝謝你的說明。我這邊就到這裡。謝謝。

Neil Gore, Stockholder.

Neil Gore，股東。

Your goal of $2.5 billion within that goal, will royalties be at 50% of revenue at that time?

你們 25 億美元的目標中，到那個時候權利金會占營收的 50% 嗎？

I don't think we're in a position to make a specific position with respect to the mix.

我不認為我們目前能就組合占比做出具體說法。

I think there's a lot to happen on the IP front. In Vicor is enabling technology on all of the areas where the industry is needs for increased current density and increased power bands. So this will play itself out over a number of years. And the outcome of this campaign is still to undergo the steps we're going to need to take and the effect of those steps.

我認為在智慧財產權（IP）方面還有很多事情會發生。Vicor 在產業需要提升電流密度與提升功率等各個領域，提供的是使能技術。因此這會在多年之間逐步發展。而這項行動的結果，仍取決於我們需要採取的步驟以及這些步驟所帶來的影響。

So I think all I can say is that we see a significant expansion in licensing income in years to come. We do expect crossing of the cars within the industry by hyperscalers, bus OEMs, recognizing that playing a game of catch me if you can will result in significant issues in terms of the supply chain.

所以我能說的是，我們看到未來幾年授權收入將顯著擴張。我們確實預期產業內會出現「跨越鴻溝」的情況，由超大規模業者（hyperscalers）、匯流排 OEM 等認知到，玩「你追我跑」的遊戲會在供應鏈方面造成重大問題。

If they're using our technology, the only ethical legal thing to do is to pay for it by way of a license. And then before too long, may apply to the industrials hole.

如果他們使用我們的技術，唯一合乎道德且合法的做法，就是透過授權來付費。然後不久之後，這可能也會適用於整個工業領域。

Thank you.

謝謝。

Quinn Bolton, Needham & Company.

Quinn Bolton，Needham & Company。

Thanks for taking my follow-up. Patrizio, I wanted to come to the licensing side of the business. I think the second license with your first licensee as well as your most recent license looks like those were I think, just a couple of years in duration, which probably means you need to resign licenses as you get close to the end of 2027.

謝謝讓我追問。Patrizio，我想談談業務中的授權面向。我認為你們與第一位被授權方的第二份授權，以及你們最近的一份授權，看起來期限都只有幾年，這可能意味著在接近 2027 年底時，你們需要續簽授權。

Can you just -- from a big picture level, talk about your strategy with sort of new licenses, would you look to expand to include more of the vertical power delivery content or sourcing agreements, but any -- can you provide any high-level thoughts on re-signing those licenses as the current licenses come due?

你能否從宏觀層面談談你們對新授權的策略？例如是否會考慮擴大涵蓋更多垂直電力傳輸（vertical power delivery）的內容或採購協議？另外，對於現有授權到期時的續簽，你能否提供任何高層次的想法？

Yeah, Yes. So we have a well-defined mature licensing practice. It's got flexibility where needed, it is not though up for grabs in terms of flexibilities that don't make sense. So it does involve any OEM, any hyperscaler, it does not involve competitors.

可以，是的。所以我們有一套定義清楚、成熟的授權實務。在需要時具備彈性，但在不合理的彈性方面並不是可以任意讓步的。因此它涵蓋任何 OEM、任何 hyperscaler，但不涵蓋競爭對手。

The competitors can participate in terms of -- without infringing our IP by sourcing their products, otherwise infringing products into OEMs service scalers have a license from Vicor.

競爭對手可以透過——在不侵害我們 IP 的前提下——採購我們的產品來參與；否則，若其侵權產品流入 OEM 或服務型 hyperscaler，就必須向 Vicor 取得授權。

The licensing model is involved already two kinds of licenses. One, you might call a proportional license, which provides for royalties, unit royalties in the proportion to actual usage. We also, in more recent years, have done 2-year deals that are, in effect, all inclusive.

這個授權模式已經包含兩種類型的授權。第一種可稱為按比例授權（proportional license），依實際使用量收取權利金、也就是按單位計的權利金。另外，在近幾年我們也做過為期 2 年、實質上屬於全包式（all inclusive）的合約。

With these deals, we understand, given the limited time frame what the current usage by the licensee is going to be. But needs to say, given the rate of expansion with hyperscales OEMs in VA market, in particular, it would be very difficult, if not impossible, to predict their level of business 5, 10 years down the road.

在這類合約下，考量到時間範圍有限，我們能理解被授權方目前的使用量會是多少。但不用說，鑑於 hyperscale OEM 在 VA 市場（特別是該市場）的擴張速度，要預測他們在 5 年、10 年後的業務水準將非常困難，甚至不可能。

So with all inclusive licenses by necessity, we have to have a short time frame and then negotiate a new license depending on how the business by the licensee evolves during the two-year period.

因此，對於全包式授權而言，基於必要性，我們必須設定較短的期間，然後再依據被授權方在這兩年期間內業務的演變情況，重新協商新的授權。

Understood. Thank you, Patricio.

了解。謝謝你，Patricio。

Thank you.

謝謝。

John Dillon, DNB Capital.

John Dillon，DNB Capital。

Hi, thanks for taking my follow-up. Hey, Phil, I just wanted to check with you, how are the bookings looking for this quarter?

嗨，謝謝讓我追問。Phil，我想跟你確認一下，本季的訂單預訂（bookings）看起來如何？

Last time I mentioned, I think it mentioned in -- the press release, John, the bookings are great. I mean our bookings tend to be -- can be lumpy. So sometimes, we've reported book to bills of close to 2%. This one was a little bit lower, but I don't see any weakness at all going forward. Aerospace and defense is strong.

就像我上次提到的，我想在——新聞稿裡也有提到，John，訂單預訂很強勁。我的意思是，我們的 bookings 往往——可能會有波動。所以有時候，我們曾回報過 book-to-bill 接近 2%。這次稍微低一點，但我完全沒有看到未來有任何疲弱。航太與國防很強。

Industrial is very strong. high-performance compute is strong. So yes, all things look good.

工業市場非常強勁。高效能運算很強。所以，是的，各方面看起來都很好。

Excellent. And in the last press release, you talked about an OEM and you said they had a capability of being a second source. My question is, will there be a second source? And if not, how is a second source coming along for you guys?

很好。另外在上一份新聞稿中，你們談到一家 OEM，並表示他們具備成為第二來源（second source）的能力。我的問題是，會有第二來源嗎？如果沒有，你們在建立第二來源方面的進展如何？

So as commented at the shareholders' meeting, our strategy in the short term has evolved with a focus on bringing on additional capacity through a second facility, a second chip fab that we can solidly control.

如同在股東會上所評論的，我們的短期策略已經演進，重點放在透過第二座設施、第二座我們能夠穩固掌控的晶圓廠，來導入額外產能。

We've had discussions with respect to potential alternate sources there will likely be more discussions, but the natural disengagements but the terms of predictability time line is such that it would not put us in the position we need to be in terms of expanding capacity for key customers in the next couple of years.

我們就潛在的替代來源進行過討論，未來很可能還會有更多討論，但自然的脫鉤（disengagements）以及可預測性的條件與時程，使得它無法讓我們在未來幾年為關鍵客戶擴充產能方面，達到我們需要的位置。

So a shift with respect to the relative focus not a change with respect to long-term strategy. I expect there's going to be out and sources, not just in support of applications in AI potentially in other markets. And that's consistent with, in fact, making the most out of a very comprehensive portfolio that spans across a number of key powers technologies.

因此，這是相對重點的轉移，而不是長期策略的改變。我預期會有外部來源（out and sources），不僅用於支援 AI 的應用，也可能用於其他市場。而這也符合我們事實上要把一個非常全面、橫跨多項關鍵電源技術的產品組合效益最大化。

Excellent. And do you still expect 25% to 30% of your business from Cerebrus next year?

很好。你們仍然預期明年有 25% 到 30% 的業務來自 Cerebrus 嗎？

I'm not going to make specific comments with respect to customers for obvious reasons, but we enjoy a very strong relationship. And I think these and other customers are doing very well in their own space.

基於顯而易見的原因，我不會就特定客戶做具體評論，但我們確實維持非常強健的合作關係。而我認為這些以及其他客戶在各自的領域都表現得很好。

Thank you very much.

非常感謝。

Richard Shannon, Craig-Hallum Capital.

Richard Shannon，Craig-Hallum Capital。

Thanks, guys, for taking my follow-up again here. At the risk of ask a very similar question to the last one here. Instead of asking about Cerberus going forward here, can you tell us what is Cerberus the 10% customer in the second quarter?

謝謝各位再次讓我追問。冒著問到跟上一題非常類似問題的風險。我不問未來 Cerberus 的狀況，你們能否告訴我們，Cerberus 在第二季是否是那個占比 10% 的客戶？

We liberty to say-

我們可以自由地說——

I think we will disclose that in the queue, but I don't know that it would have been Richard. So I don't know that I can comment right now, but let's take a look at the queue.

我想我們會在 Q（季報/10-Q）裡揭露，但我不確定會不會是 Richard。所以我現在不確定能否評論，不過我們可以看看 Q。

Okay. I'll look forward to reading that. My follow-on question here is looking at the next customers for a second gen VPD here. I'd love to get a sense of how you expect the sales cycle to go? And Patrizio, also, if you could comment on the degree to which any changes in architectures in whatever way that you would deem important to convey to us here, how those will affect kind of that sales cycle here, just kind of generally speaking, please?

好的。我期待閱讀。我的後續問題是，關於第二代 VPD 的下一批客戶。我想了解你們預期銷售週期會如何進行？另外 Patrizio，如果你也能評論一下：在你認為重要、值得對外說明的範圍內，架構上的任何變更會如何影響這個銷售週期？請就一般性角度談談。

Let me take the second part first, and then Phil will address the first part of your question.

我先回答第二部分，然後 Phil 會回答你第一部分的問題。

So as suggested earlier, we see the industry with its usual trades of looking at each other shoulder and parting each other's initiative. To keep going down a path this characterized by continued toll dependency on voltage engine at the point-of-load. This fundamentally flow strategy. It's not going to work.

如同先前所暗示的，我們看到這個產業一如往常地彼此觀望、互相模仿對方的作法。繼續走一條以在負載點（point-of-load）依賴電壓調節器（voltage engine）的路徑。這在根本上是一個有缺陷的策略。它行不通。

As suggested in the earlier comments, it's a strategy where you can only get some increment of current density, well below what's going to be needed before too long, at expense of giving up on current gain.

如同先前的評論所指出，這種策略最多只能在電流密度上取得一些增量，而且遠低於不久後所需要的水準，代價則是犧牲電流增益（current gain）。

And that doesn't solve the problem. A problem which requires a combination of high enough on density with overall high enough current gain.

而那並不能解決問題。這個問題需要的是：足夠高的電流密度，並且整體要有足夠高的電流增益的組合。

Now if you don't have the car gain, as suggested earlier, and that's been the catalyst for being approached by a couple of companies. You can use IVR to stress somewhat the cards capability, but still short or what's going to be needed.

如果你沒有電流增益（如同先前所說），而這也正是促使幾家公司來接觸我們的催化因素。你可以用 IVR 在某種程度上強化卡的能力，但仍然不足以滿足未來所需。

At the dispatched requiring a still very high current bus converter at 1.8 volt. So that's a strategy that's got trade-offs, as suggested earlier, it's got some good redeeming features, flexibility in terms of petitioning domains. It's great of that, but not far from ideal in terms of overall power system figures on it.

代價是仍然需要一個在 1.8 伏特下、電流非常高的匯流排轉換器（bus converter）。因此這是一種有取捨的策略；如同先前所說，它有一些可取之處，例如在分割電源域（partitioning domains）方面的彈性。在那方面很不錯，但就整體電源系統的性能指標而言，仍然離理想狀態很遠。

So we see a different approach in the -- is reflected in the power system technology that we developed patented. It's reflected in a chip in converter housing package, packaging technology, the cool be made in ship fabs that are heavily protected by Vicor IP investor strategy we're pursuing.

因此我們看到一種不同的方法——這反映在我們所開發並取得專利的電源系統技術上。也反映在晶片內轉換器外殼封裝（converter housing package）的封裝技術上；這些可以在晶圓廠製造，並且受到我們正在推動的 Vicor 智財（IP）投資人策略的高度保護。

So Richard, this is Phil. So with regards to the cycle, the development cycle, if you like, if you go back just a few months to the APAC Conference in San Antonio, Texas. You had a number of big OEMs on a few hyperscale is almost sort of lobbying the semiconductor audience on their AI product development in terms of saying, here's what we need from you guys with regards to current density, which they were asking for something around 3 amps per millimeter squared. And packaged heights in terms of thermal management and just assembly and yield, issues of less than 3 millimeters.

Richard，我是 Phil。關於週期、也就是你說的開發週期，如果你回顧幾個月前在德州聖安東尼奧舉辦的 APAC 會議，當時有多家大型 OEM 以及一些 hyperscale 業者，幾乎是在向半導體業界「遊說」他們的 AI 產品開發需求，表示他們需要你們在電流密度方面提供的能力，大約是每平方毫米 3 安培。

Now you look at what's being developed and delivered to these OEMs and hyperscalers today is Generation 1 VPD that comes nowhere near that request. And so you can imagine the excitement that's out there to engage with Vicor that has three amps per millimeter squared now moving to 5 amps per millimeter squared next year, early next year and a 1.5-millimeter package with very easy thermal management techniques.

現在你看看目前正在開發並交付給這些 OEM 與 hyperscaler 的，是第一代 VPD，距離那個需求差得很遠。因此你可以想像，市場上對於與 Vicor 合作的興奮程度：我們現在已經做到每平方毫米 3 安培，明年、明年初將提升到每平方毫米 5 安培，並且是 1.5 毫米的封裝，且採用非常容易的散熱管理技術。

So there's a lot of companies that want to engage because they're sort of making do with the current Gen 1 VPD solution. So what we expect is engagement with a hyperscaler and a couple of OEMs now this -- rest of this year. And I believe that those programs will start to, if you like, evolve into production systems, sort of, I would say, late third quarter, fourth quarter of next year in terms of the ramps that are needed.

所以有很多公司想要合作，因為他們目前只是勉強使用現有的第一代 VPD 解決方案。因此我們預期在今年剩餘時間，會與一家 hyperscaler 以及幾家 OEM 展開合作。我相信這些專案將在明年第三季末、第四季左右，開始演進到量產系統，也就是開始進入所需的爬坡（ramps）階段。

Which then, as Patrizio mentioned, allows us to move into our first fab. And then as we bring on the second fab in late '27, '28, you've now got the ramp that, that follows through into that new facility with this expanded capacity. So that's what we expect to see.

接著，如 Patrizio 所提到的，這讓我們得以進入我們的第一座晶圓廠（fab）。然後當我們在 2027 年底、2028 年啟用第二座晶圓廠時，你就會看到產能爬坡（ramp），並延伸到那座具備擴增產能的新設施。所以這就是我們預期會看到的情況。

Great. Thanks for all that detail, guys.

很好。謝謝各位提供這麼多細節。

Don McKenna, DB McKenna.

Don McKenna，DB McKenna。

Hi, guys congratulations and my question deals with the backlog. And I was wondering how much of the significant increase there is attributed to the new licensing agreement, if any?

嗨，各位恭喜。我想問的是關於積壓訂單（backlog）。我想知道，這次顯著增加當中，有多少（如果有的話）可歸因於新的授權協議？

Relatively little. So we have a feel, pointed out coming from a number of different end markets. So take as an example, the VAD market. Our level business with key customers there is a large multiple of what it has been in past years. And that's the result of the build-out with respect to AI.

相對來說很少。如我們指出的，需求來自多個不同的終端市場。舉例來說，以 VAD 市場為例。我們與那裡的關鍵客戶所維持的業務量，相較過去幾年已是很大的倍數成長。而這是 AI 建置擴張（build-out）所帶來的結果。

So that's just one example of growing demand coming from a multiple markets, which we need to address.

所以這只是多個市場帶來需求成長的一個例子，而我們需要去因應。

Yeah, just to comment on the automatic test equipment market. That's a great story because it's also a factorized power architecture that relies on low noise performance and thin package technology.

是的，我再補充一下自動測試設備（ATE）市場。那是一個很棒的故事，因為它同樣採用因子化電源架構（factorized power architecture），仰賴低雜訊表現以及薄型封裝技術。

We've had a number of competitors come up to us in different shows saying, we just can't get Vicor out of there because of the signal low performance low signal-to-noise ratios that we are able to deliver and also the thinness of the packages. We can't get anywhere near that.

我們在不同展會上有不少競爭對手來跟我們說，他們就是沒辦法把 Vicor 從那裡擠出去，因為我們能提供的低訊號雜訊表現、低訊噪比，以及封裝的薄型化。他們完全達不到那個水準。

So it's a great market for us, and we are firmly entrenched in some of the biggest ATE companies, and that market is also growing with new entrants in overseas markets that we're also designing in our FPA solutions into. So that's going to continue to be a good growth story for us going forward.

所以那對我們來說是個很好的市場，我們也已經深耕在一些最大的 ATE 公司之中；而且隨著海外市場的新進者加入，那個市場也在成長，我們也正把 FPA 解決方案設計導入他們的產品中。因此，這將會在未來持續成為我們良好的成長故事。

Great. So let me -- I think what I'm hearing you say is it's existing customers with increased needs and as for the bulk of this is coming from. But is -- do you also see any of it being just the fact that as you're nearing capacity, people are putting in their orders for farther out deliveries?

很好。所以讓我——我想我聽到你們的意思是，主要是既有客戶需求增加，這是大部分來源。但——你們是否也看到有一部分是因為你們接近產能上限，大家就把訂單往更遠期的交期先下了？

Yes. Lead times have cashed out a little bit, but they're generally speaking, consistent with industry. Fence nowadays, whether it's semiconductors, PC boards, some of the key components within the industry have and lead times had to reflect the realities of demand exceeding capacity in a number of key areas, not just ours.

是的。交期（lead times）已經稍微回落一些，但整體而言大致與產業一致。如今不論是半導體、PC 板，或是產業內一些關鍵零組件，交期都必須反映在多個關鍵領域中「需求超過產能」的現實，不只是我們這邊。

Thank you very much.

非常感謝。

(Operator Instructions)

（接線員指示）

Joe Dabanny, Individual Investor.

Joe Dabanny，個人投資人。

Hey guys, thanks for taking my question. I was just wondering if you could speak a little bit about how the next-generation advanced packaging architectures are going to help proliferate Gen 2 VPD across the industry?

嗨，各位，謝謝讓我提問。我想請教一下，下一代先進封裝架構將如何幫助第二代 VPD 在整個產業中更廣泛普及？

It's just got by far the biggest current density, the lowest thermal assistance, the lowest noise, if Phil pointed out earlier, that in VAT arena, we've had long-standing -- when I say long standing, I mean, 40 years track record of does because of the unique signal integrity capabilities of our products.

它目前在各方面都明顯是最高的電流密度、最低的熱輔助、最低的雜訊；正如 Phil 先前指出的，在 VAT 領域，我們有長期——我說的長期是指 40 年——的實績，因為我們產品具備獨特的訊號完整性能力。

Those are also differentiators, believe it or not, in AI, in computing capabilities that more and more are relying on nodes with fondly thography operating at lower and lower voltages, where signal integrative comes more and more of activity of differentiators.

而這些特性在 AI 上也同樣是差異化因素，信不信由你；在運算能力方面，越來越多仰賴以更精細的微影（lithography）製程節點、在越來越低的電壓下運作，此時訊號整合性（signal integrity）就越來越成為一項關鍵的差異化因素。

So we are unique in these capabilities. And again, that uniqueness is not limited to one facet of the overall challenge. It involves many different facets, all of which are heavily protected in terms of the IP we've been developing over the last 10 years. So we feel very good about our opportunities going forward for all those reasons.

所以我們在這些能力上是獨特的。而且再次強調，這種獨特性不只侷限於整體挑戰中的某一個面向。它涵蓋許多不同面向，而這些面向都受到我們過去 10 年所開發之智慧財產（IP）的高度保護。因此，基於所有這些原因，我們對未來的機會感到非常樂觀。

Great. And then one more about the recent licensee that signed in May. Can you kind of speak on what would have happened to the supply chain if that license was not negotiated by them?

很好。另外再問一個關於 5 月簽下的最新被授權方（licensee）。你能否談談，如果他們沒有談成這個授權，供應鏈會發生什麼事？

Well, so we have a well-thought-out.

嗯，所以我們有一套經過周詳規劃的。

Well, so we have a well top-out strategy with respect to protecting international property enforcing IP. As you know, in the U.S., a patent holder has a moralistic right to the IP that is protected by patents. And they're right is right to exclude, among other things, importation of infringing products.

嗯，所以我們在保護智慧財產、執行 IP 方面，有一套經過周詳規劃的策略。如你所知，在美國，專利權人對受專利保護的 IP 擁有法定權利。而其中一項權利是排除權（right to exclude），包括但不限於禁止進口侵權產品。

And infringing products are now limited to power modules copied by Skubal competitors, it does involve the competitors' customers and contract manufacturers. And those customers, customers, OEMs, hyperscalers. It's incumbent on them to make sure in the supply chain that intellectual property is respected. The inventors deserve to have their IP respected in the marketplace. And we've been very focused on a very comprehensive strategy to make sure that our IP gets the respect it deserves.

而侵權產品現在不僅限於被某些競爭對手仿製的電源模組，也涉及競爭對手的客戶與代工製造商。而那些客戶——客戶、OEM、超大規模業者（hyperscalers）。他們有責任確保在供應鏈中尊重智慧財產權。發明人理應在市場上獲得其 IP 被尊重。而我們一直非常專注於一套非常全面的策略，以確保我們的 IP 得到它應得的尊重。

And I think we have made sizes in that direction. There's more sites coming. And as I mentioned earlier, I believe there's going to be a crossing of the cars in the industry, taking place in the next couple of years.

我認為我們已經朝這個方向取得了一些進展。後面還會有更多進展。而且如我先前提到的，我相信未來幾年產業將會出現一個關鍵的轉折點。

This does conclude today's question-and-answer session. and this will also conclude today's conference call. Thank you so much for your participation, and you may now disconnect.

今天的問答環節到此結束，今天的電話會議也將結束。非常感謝各位的參與，您現在可以掛線。