Wolfspeed Inc (WOLF) 2026 Q4 法說會逐字稿

Hello, everyone. Thank you for joining us, and welcome to the Wolfspeed Inc. Fourth quarter fiscal year 2026 earnings call. On the call today from the Wolfspeed team is Chief Executive Officer, Robert Feurle; Chief Financial Officer, Gregor Van Issum; and Dan Whalen, Vice President, Investor Relations. After today's prepared remarks, we will host a question-and-answer session.

大家好。感謝各位加入我們，歡迎參加 Wolfspeed Inc. 2026 會計年度第四季財報電話會議。今天與會的 Wolfspeed 團隊成員包括執行長 Robert Feurle、財務長 Gregor Van Issum，以及投資人關係副總裁 Dan Whalen。在今天的事先準備發言之後，我們將進行問答環節。

I will now hand the conference over to Dan Whalen. Dan, please go ahead.

我現在把會議交給 Dan Whalen。Dan，請開始。

Thank you, operator, and good afternoon, everyone. Welcome to Wolfspeed's fourth quarter fiscal 2026 conference call. We encourage you to reference the slides that were published on our IR website today. Please note that we will be presenting non-GAAP financial results during today's call, which we believe provide useful information to our investors. Non-GAAP results are not in accordance with GAAP and may not be comparable to non-GAAP information provided by other companies.

謝謝主持人，大家午安。歡迎參加 Wolfspeed 2026 會計年度第四季電話會議。我們建議各位參考今天已發布在我們投資人關係網站上的簡報。請注意，我們在今天的電話會議中將呈現非 GAAP 財務結果，我們相信這能為投資人提供有用資訊。非 GAAP 結果不符合 GAAP，且可能無法與其他公司提供的非 GAAP 資訊相互比較。

Non-GAAP information should be considered as a supplement to and not a substitute for financial statements prepared in accordance with GAAP. A reconciliation to the most directly comparable GAAP measures is in our press release and posted in the Investor Relations section of our website, along with the historical summary of our other key metrics.

非 GAAP 資訊應視為依 GAAP 編製之財務報表的補充，而非替代。與最直接可比較之 GAAP 指標的調節表載於我們今日的新聞稿，並已張貼於本公司網站的投資人關係專區，同時亦包含我們其他關鍵指標的歷史摘要。

Today's discussion includes forward-looking statements about our business outlook, and we may make other forward-looking statements during the call. Such forward-looking statements are subject to numerous risks and uncertainties. Our press release today and the SEC filings noted in the release mention important factors that could cause actual results to differ materially.

今天的討論包含關於我們業務展望的前瞻性陳述，我們也可能在通話過程中提出其他前瞻性陳述。此類前瞻性陳述受到眾多風險與不確定性影響。我們今日的新聞稿以及新聞稿中所提及的 SEC 申報文件，列示了可能導致實際結果出現重大差異的重要因素。

With that, I will turn the call over to Robert.

接下來，我把電話交給 Robert。

Thank you, and good afternoon, everyone. We appreciate you joining us today. This quarter marks another step in building momentum since we substantially refreshed our leadership team and capital structure. The fourth quarter revenue results of $150 million represents another quarter of delivering results at the midpoint of the guidance range and further demonstrates we are delivering on our commitments.

謝謝，大家午安。感謝各位今天加入我們。本季是在我們大幅更新領導團隊與資本結構之後，持續累積動能的又一步。第四季營收為 1.5 億美元，代表我們再度於指引區間中點交出成果，也進一步證明我們正在履行承諾。

Reflecting on this past fiscal year, we have proactively taken aggressive actions, including recapitalizing the company to strengthen the balance sheet and bolstering our leadership team and our sales organization with seasoned industry veterans. We have also adjusted our go-to-market sales state. We positioned the company to refocus on our technology leadership and a customer-centric approach. But we have accomplished a lot as we continue to deliver on our commitments we remain early in our transformation and as each month and quarter passes.

回顧剛結束的會計年度，我們主動採取了積極行動，包括對公司進行資本重整以強化資產負債表，並以具豐富經驗的產業資深人士強化我們的領導團隊與銷售組織。我們也調整了我們的市場進入（go-to-market）銷售策略。我們讓公司重新聚焦於技術領先與以客戶為中心的方法。然而，儘管我們持續履行承諾、每個月與每一季都在推進，我們仍處於轉型的早期階段，但已完成了許多工作。

We continue to gain further confidence in our path to profitability as we execute our strategic priorities and navigate broader industry dynamics. As I said on my very first earnings call leading the Rope team, we have enormous potential, underpinned by strong foundational elements. Since then, we've been proactive building upon these strengths while attracting incorporating industry veterans with extensive customer relationships to leverage, optimize and capitalize on our physical operational and intellectual assets.

隨著我們執行策略重點並因應更廣泛的產業動態，我們對邁向獲利的路徑持續更有信心。正如我在首次以領導 Rope 團隊身分主持財報電話會議時所說，我們擁有巨大的潛力，並由強健的基礎要素所支撐。自那時起，我們主動在這些優勢之上持續建構，同時延攬並納入具深厚客戶關係的產業資深人士，以發揮、優化並充分運用我們的實體、營運與智慧資產。

Most recently, as announced late July, Andy Mattes was appointed to our Board of Directors -- as the former CEO of Coherent and depositor with more than 40 years of leadership in semiconductor and advanced technology industries brings a strong record of strategic leadership, operational excellence and industry relationships to further bolster and accelerate our path to profitability.

最近，如同我們在 7 月下旬宣布的，Andy Mattes 已獲任命加入我們董事會——他曾任 Coherent 的執行長，並在半導體與先進科技產業擁有超過 40 年的領導經驗，具備卓越的策略領導、營運執行與產業人脈紀錄，將進一步強化並加速我們邁向獲利的進程。

Also, in early June, we announced the launch of a dedicated data center solutions team to capitalize on the further growth in our fastest-growing end market. To lead this effort, we appointed two industry veterans in the Cisco area the of tech innovation with extensive experience in high-voltage power architecture for AI and data center applications.

此外，在 6 月上旬，我們宣布成立專責資料中心解決方案團隊，以掌握我們成長最快終端市場的進一步成長。為領導此項工作，我們任命了兩位產業資深人士，來自 Cisco 領域的科技創新圈，並在 AI 與資料中心應用的高電壓電力架構方面擁有豐富經驗。

Our investment and focus on Air data center applications is gaining momentum, reflected in both revenue growth and expanding customer traction. In fiscal 2026 revenue in this business more than doubled versus fiscal 2025 including increasing approximately 20% from the fiscal third quarter to the fourth quarter. We continue to see encouraging progress as new design wins ramp at leading our supply companies including LITEON, Magnet and others to support multiple hyperscaler customers. These wins spend both established and emerging HVDC AI architectures -- transition to 800-volt architectures is increasing silicon carbide content across the data center power ecosystem.

我們在 AI 資料中心應用上的投資與聚焦正持續累積動能，反映在營收成長與客戶採用度的擴大。在 2026 會計年度，此業務營收較 2025 會計年度增加逾一倍，其中從會計年度第三季到第四季約再成長 20%。隨著新的設計導入在領先的電源供應商（包括 LITEON、Magnet 等）逐步放量，以支援多家超大規模（hyperscaler）客戶，我們持續看到令人鼓舞的進展。這些導入涵蓋既有與新興的 HVDC AI 架構——向 800 伏特架構的轉移，正在提升資料中心電力生態系中碳化矽的含量。

These next-generation power architectures become a critical enabler of AI infrastructure hyperscaler customers are placing greater emphasis on system efficiency, quality and supply assurance. Joint AC-DC power supplies, we are seeing opportunities emerge across battery backup units super capacitors, fuses and high-voltage DC to DC conversion. We're also pursuing opportunities on the secondary side of high-voltage DC to DC conversion systems, which could further expand our addressable market over time.

這些次世代電力架構正成為 AI 基礎設施的關鍵推動因素，超大規模客戶愈來愈重視系統效率、品質與供應保障。在 AC-DC 電源供應方面，我們看到機會正於電池備援單元、超級電容、保險絲以及高電壓 DC-DC 轉換等領域浮現。我們也在高電壓 DC-DC 轉換系統的次級側（secondary side）尋求機會，這可能隨時間進一步擴大我們的可服務市場。

While the month remains in its early stages, we believe our technology leadership and available manufacturing capacity position us well to participate in this long-term growth opportunity. with industry-leading IC technology and differentiated, vertically integrated 200-millimeter manufacturing capability, we are well positioned to support this transition AI data center adoption continues to scale.

雖然目前仍處於早期階段，但我們相信，我們的技術領先地位與可用製造產能，使我們具備良好條件參與這項長期成長機會。憑藉業界領先的 IC 技術與具差異化、垂直整合的 200 毫米製造能力，隨著 AI 資料中心採用持續擴大，我們已做好支援此一轉型的準備。

These are all clear examples demonstrating the team is executing and delivering on the key strategic priorities we committed to. I will also comment on a few updates regarding our commitment to technology leadership, another key strategic priority.

以上皆是明確例證，顯示團隊正在執行並交付我們所承諾的關鍵策略重點。我也將就我們對技術領先的承諾（另一項關鍵策略重點）補充幾點最新進展。

This past June, we announced two significant achievements at PCM, a leading power technology conference in Europe, Gen5 MOSFET technology and 10-kilovolt MOSFET commercial readiness. At PCA, we announced our fifth generation silicon carbide most technology, making another significant milestone in our innovation road work. Gen 5 -- most deliver the best specific on-state resistance in the industry while maintaining the excellent switching behavior introduced in our Gen 4 MOSFET.

今年 6 月，我們在歐洲一場領先的電力技術會議 PCM 上宣布兩項重大成果：Gen5 MOSFET 技術，以及 10 千伏 MOSFET 的商用就緒。在 PCA 上，我們宣布第五代碳化矽 MOS 技術，為我們的創新路線圖再立下一個重要里程碑。Gen 5 MOSFET 在維持我們 Gen 4 MOSFET 所導入的優異切換特性之同時，提供業界最佳的比導通電阻（specific on-state resistance）。

This combination represents a substantial performance leap in efficiency over competitive solutions, giving our customers the option to maintain efficiency and reduce the overall size of their systems or maintain system size and achieve greater power density.

此一組合相較競爭方案在效率上帶來顯著的性能躍升，讓客戶可選擇在維持效率的同時縮小系統整體尺寸，或維持系統尺寸並達成更高的功率密度。

Gen 5 enables more compact track inhibitors, extended EV driving range, right sized battery systems and improved EV charging infrastructure, directly addressing the cost efficiency pressures faced by automotive OEMs. Beyond automotive, Gen 5 also addresses several industrial power supply applications, demanding leading-edge performance, including AI data center power supplies, Solidstate transformers and renewable energy conversion.

Gen 5 可實現更緊湊的軌道抑制器、延長 EV 純電行駛里程、配置更合適的電池系統並改善 EV 充電基礎設施，直接回應汽車 OEM 所面臨的成本效率壓力。除汽車領域外，Gen 5 亦可滿足多項工業電源供應應用對領先性能的需求，包括 AI 資料中心電源、固態變壓器以及再生能源轉換。

Importantly, Gen5 was developed and is running our highly automated 200-millimeter facility in Mohawk Valley in Upstate New York. This provides our automotive and industrial customers with a rapid low-risk part from design into volume production. While we are diversifying our revenue and customer base beyond our historical core concentration as discussed above, -- we are also continuing to develop and improve our automotive customer relationships.

重要的是，Gen5 已在我們位於紐約州北部莫霍克谷（Mohawk Valley）的高度自動化 200 毫米工廠完成開發並投入運行。這使我們的汽車與工業客戶能以快速、低風險的方式，將零件從設計導入量產。在我們如上所述將營收與客戶基礎多元化、超越過往核心集中度的同時，-- 我們也持續發展並強化與汽車客戶的合作關係。

To this point, our previously announced partnership with Joao onboard charging systems reflect the continued importance of slincarbide and next-generation EV platforms. More recently, we were awarded first-time business from a European Tier 1 supplier supporting the onboard charger or a large German OEM.

就此而言，我們先前宣布與 Joao 車載充電系統的合作夥伴關係，反映出碳化矽以及下一代 EV 平台的重要性持續提升。更近期，我們獲得一家歐洲一級供應商的首次訂單，為一家大型德國 OEM 的車載充電器提供支援。

To touch on the aerospace and defense market briefly, our 10-kilowatt silicon carbide MOSFET was acknowledged at the PCM at the top innovation at the conference. We also recently announced the memorandum of understanding of GE Aerospace to accelerate the adoption of high-voltage line carbide across industrial, aerospace and defense market. This technical partnership includes the supply of the industry's first commercially available in template both speed and will ensure co-development of standard high-voltage power module format. This domestic partnership strengthens our supply chain resilience and aligns with US government priorities around critical technologies for AI, energy, defense and national security.

簡要談及航太與國防市場，我們的 10 千瓦碳化矽 MOSFET 在 PCM 會議上被評為大會頂尖創新。我們也於近期宣布與 GE Aerospace 簽署合作備忘錄（MOU），以加速高電壓碳化矽在工業、航太與國防市場的採用。此技術合作包含供應業界首款商用可得的 in template both speed，並將確保共同開發標準化的高電壓功率模組封裝格式。此一國內合作夥伴關係強化了我們供應鏈的韌性，並與美國政府在 AI、能源、國防與國家安全等關鍵技術的優先事項保持一致。

Now materials business, we continue to serve a broad range of power and RF-based customers, including our 150-millimeter LTA customers. We are also working closely with them on their 200-millimeter transition by providing state-of-the-art samples and technical support. For increased focus, customer-centric approach and operational discipline continued to be the backbone of these relationships.

在材料業務方面，我們持續服務廣泛的功率與 RF 客戶群，包括我們的 150 毫米 LTA 客戶。我們也透過提供最先進的樣品與技術支援，與他們密切合作推進其 200 毫米轉換。為了更聚焦，以客戶為中心的方法與營運紀律仍是這些關係的基石。

Regarding our 300-millimeter of trades, we continue to explore new opportunities and make steady progress. Since our last update, began shipping the first engineering semis to mutate customers for the internal evaluation. We continue to view this as a longer-term growth opportunity. Prior to turning it over to Gregor, I will close by saying thank you to the entire Mosby team for their continued commitment, execution and drive. Our strategic alignment is significantly improved with new leadership and new sales strategy and a stronger capital structure -- as positioning us to capitalize on long-term industry trends. This will continue to strengthen our earnings potential, and we believe will ultimately deliver significant value creation for shareholders.

關於我們的 300 毫米 of trades，我們持續探索新機會並穩步推進。自上次更新以來，我們已開始向多家客戶出貨首批工程用半成品，供其內部評估。我們仍將此視為一項較長期的成長機會。在交棒給 Gregor 之前，我最後要感謝整個 Mosby 團隊持續的投入、執行力與衝勁。在新領導團隊、新銷售策略與更強健的資本結構之下，我們的策略一致性已顯著提升 -- 使我們得以把握長期產業趨勢。這將持續強化我們的獲利潛力，我們相信最終將為股東創造顯著價值。

Thank you, Robert, and good afternoon, everyone. In addition to the key strategic priorities infused by Robert, we have also made great strides with our operational excellence initiatives which will continue to increase our earnings potential and differentiate us in the marketplace as a partner of choice.

謝謝你，Robert，各位下午好。除了 Robert 所注入的關鍵策略優先事項之外，我們在營運卓越計畫上也取得重大進展，這些計畫將持續提升我們的獲利潛力，並使我們在市場上作為首選合作夥伴更具差異化。

I will turn to our fourth quarter results. We generated $150 million in total revenue for the quarter in line with the midpoint of our guidance. Materials revenue was approximately $ 43 million. Power was approximately $ 106 million, which represents 6% sequential growth as the quarter benefit from strength in AI data centers, which increased approximately 20% from Q3 to Q4 and more than doubled from fiscal 2025 to fiscal '26 which helped to compensate for the softer results in automotive.

我將說明我們第四季的業績。本季總營收為 1.50 億美元，符合我們財測區間的中點。材料營收約為 4,300 萬美元。功率業務約為 1.06 億美元，較前一季成長 6%；本季受惠於 AI 資料中心需求強勁，該部分自 Q3 至 Q4 約成長 20%，且自 2025 會計年度至 2026 會計年度成長逾一倍，協助抵銷汽車業務較疲弱的表現。

Next, our adjusted non-GAAP gross margin for the quarter was minus 19.9%, reflecting a 70 basis point sequential improvement. This was driven primarily by product mix, including higher I&E sales in power and higher RF sales in materials. Fund utilization continues to be the primary driver of our gross margin profile and improving factory utilization remains one of the most important levers to drive margin expansion.

接著，本季調整後非 GAAP 毛利率為負 19.9%，較前一季改善 70 個基點。主要由產品組合帶動，包括功率業務中較高的 I&E 銷售，以及材料業務中較高的 RF 銷售。產能利用率仍是影響我們毛利率結構的主要因素，而提升工廠利用率仍是推動毛利率擴張最重要的槓桿之一。

As I mentioned during the third quarter earnings call, we continue to focus on producing the same revenue with less capacity consumed. This continued efforts position us to keep expanding our earnings potential per dollar of invested capital even if it makes the reported underutilization larger. Non-GAAP operating expenses totaled $62 million in the quarter versus $61 million in the prior quarter, largely due to continued investment in R&D and marketing-related expenses.

如我在第三季法說中提到的，我們持續聚焦於以更少的產能消耗創造相同的營收。這些持續的努力，使我們即便在帳面上呈現更高的未充分利用，也能持續提升每投入一美元資本所對應的獲利潛力。本季非 GAAP 營業費用合計 6,200 萬美元，前一季為 6,100 萬美元，主要因持續投資研發以及行銷相關費用。

Adjusted non-GAAP EBITDA for the quarter was negative $62 million comparable to the prior quarter. Gross capital expenditures were only $5 million in the fourth quarter versus $38 million in the prior quarter. Changes in working capital contributed approximately $23 million to cash for Q4, driven primarily by continued reduction of inventory levels.

本季調整後非 GAAP EBITDA 為負 6,200 萬美元，與前一季相當。第四季資本支出總額僅 500 萬美元，前一季為 3,800 萬美元。營運資金變動在 Q4 約為現金貢獻 2,300 萬美元，主要由持續降低庫存水位所帶動。

Now -- turning to cash flow, which remains one of our top priorities. Operating cash flow for Q4 was negative $54 million and included a $41 million benefit from further reduction of inventory levels in the quarter. We ended the quarter with approximately $1.1 billion in cash and short-term investments, allowing us to pursue our strategic priorities with confidence. We continue to pursue aggressive efforts to reduce our debt and cost of capital.

現在 -- 轉向現金流，這仍是我們最優先的事項之一。Q4 營運現金流為負 5,400 萬美元，其中包含本季進一步降低庫存水位所帶來的 4,100 萬美元效益。本季末我們持有約 11 億美元的現金與短期投資，使我們能有信心推進策略優先事項。我們持續採取積極措施以降低負債與資金成本。

During the fourth quarter, our capital structure further improved as holders of $46 million of our to our convertible notes exercised a voluntary conversion of their debt to equity. This debt principal decrease resulted in approximately $1 million of annual interest expense savings. Net debt was approximately $600 million at the end of the quarter.

在第四季期間，我們的資本結構進一步改善，持有我們 4,600 萬美元可轉換公司債的持有人自願將其債務轉換為股權。此債務本金下降使我們每年利息費用約節省 100 萬美元。本季末淨負債約為 6.00 億美元。

Turning to our business outlook. We continue to see growth in our device business and are targeting revenue between $140 million and $160 million in the first quarter of fiscal year 2027. We are expecting non-GAAP gross margin to remain negative. As we are entering the new year, we are now expanding our guidance to include non-GAAP operating expenses and we expect them to be in the range of $62 million to $66 million in the fiscal first quarter of 2027.

接著談我們的業務展望。我們持續看到器件業務成長，並以 2027 會計年度第一季營收介於 1.40 億至 1.60 億美元為目標。我們預期非 GAAP 毛利率仍將為負值。隨著我們進入新年度，我們現已擴大財測範圍納入非 GAAP 營業費用，並預期 2027 會計年度第一季將落在 6,200 萬至 6,600 萬美元之間。

Thank you, Gregor. Before we open the call up for questions, I will reiterate we are laser focused on continuing to deliver on our key strategic initiatives, including technology ship, diversifying our revenue and customer base, operational excellence and financial discipline. Cumulatively, this will cement part to profitable growth, stronger earnings power and greater value creation for our shareholders.

謝謝你，Gregor。在我們開放提問之前，我想再次強調，我們正高度聚焦於持續推進關鍵策略性計畫，包括技術藍圖、多元化我們的營收與客戶基礎、營運卓越以及財務紀律。綜合而言，這將鞏固通往獲利性成長的道路、更強的獲利能力，並為股東創造更大的價值。

With that, operator, we are now ready to take questions.

那麼，接線員，我們現在準備開始提問。

(Operator Instructions)

(接線員指示)

Christopher Rolland, Susquehanna.

Christopher Rolland，Susquehanna。

Hi, and thanks for the question. I guess my first is just going to be a pretty simple near-term question. When it comes to automotive and industrial, your primary customers what are you seeing? What does the outlook look like, both for materials and devices? And are you confident that June is the bottom for this business?

嗨，謝謝讓我提問。我想我的第一個問題會是相當簡單的短期問題。就汽車與工業領域而言，作為你們的主要客戶，你們看到了什麼？無論是材料或元件，展望如何？你們是否有信心六月會是這項業務的谷底？

Yes, I think -- thanks for the question, it's Robert here. So Primit, what we see is that our diversification efforts in terms of broader customer structure globally is really starting to do pay off, right? And then of course, we cannot influence the demand of our end customers. But what we can clearly see is that pretty much both in the I&E space and also in the auto space, we see now really good traction.

是的，我想——謝謝你的問題，我是Robert。所以，Primit，我們看到的是，我們在全球更廣泛客戶結構方面的多元化努力，確實開始見到成效，對吧？當然，我們無法影響終端客戶的需求。但我們可以清楚看到的是，無論在工業與能源（I&E）領域以及汽車領域，我們現在都看到非常好的動能。

And again, we also announced an additional design win now at driven car OEM for onboard charging, and we see really a broad engagement across the globe. How the overall demand will develop across these end verticals, it's hard to predict quite frankly speaking here. also some of our customers are going through product mix changes, especially on the auto side here. So I think that's something which is rather hard to play.

而且我們也再次宣布，現在在某家領先的汽車OEM上，針對車載充電又新增了一項design win，我們也看到在全球範圍內非常廣泛的合作互動。整體需求在這些終端垂直領域將如何發展，坦白說很難預測。此外，我們的一些客戶也正在進行產品組合調整，特別是在汽車端。所以我認為這是相對難以判斷的部分。

Thank you, Robert. Maybe as a follow-up, there's a ton of interest in AI. You've talked about AI revenue. I don't know if you have any projections perhaps for next year and where you might be. But if you could talk about the progression of products that you will be releasing to market and/or have design wins for. Obviously, you had the announcement with LITEON.

謝謝你，Robert。也許追問一下，市場對AI有非常高的興趣。你們談到AI營收。我不確定你們是否有明年的一些預估，以及可能會到什麼水準。但如果可以的話，請談談你們將推向市場的產品演進，和/或已取得design win的進展。顯然你們先前與LITEON有相關公告。

I believe that's for PSUs, for a sidecar. I don't know if there's any timing around that, but SSTs beyond that perhaps even with your 10-kilovolt solutions. Maybe if you could talk about the progression and new product opportunities and what that time line might look like?

我相信那是針對sidecar的電源供應器（PSU）。我不確定那方面是否有時程，但除此之外的SST，甚至你們的10千伏解決方案。也許你可以談談產品演進與新產品機會，以及大概的時間軸會是什麼樣子？

Absolutely, great question. So rush, we doubled our revenue from FY25 to 26%. That just shows you kind of the momentum this market segment has gained and cutting speaking, this was not on anybody's radar screen couple of years ago.

當然，這是個很好的問題。所以，首先，我們的營收從FY25到FY26成長了一倍，達到26%。這正好顯示這個市場區隔所累積的動能；坦白說，幾年前這還不在任何人的雷達上。

In terms of the product portfolio, you were quite frankly looking into -- again, like you said, on the PSU side, discrete devices. Here, we are engaged, and we named two of these companies, MACOM and [Lumentum] in your press release all the year. But of course, we are engaged with -- across the whole ecosystem on the power supply side.

就產品組合而言，坦白說你看到的是——如你所說，在PSU端是分離式元件。在這裡我們已經有合作，我們也在今年的新聞稿中點名了其中兩家公司：MACOM與[Lumentum]。當然，我們也在電源供應端與整個生態系統廣泛合作。

And then working with the major solid-stage transformer companies on the higher voltage devices, which are primarily 2.3 and 3.3 kilowatt modules and here, it's around how do we get the end customers, which are the hyperscalers comfortable pretty much with the reliability aspect and also making sure that they are comfortable in pretty deploying these SSDs.

接著，我們也與主要的固態變壓器公司合作，聚焦在較高電壓的元件，主要是2.3千瓦與3.3千瓦模組；重點在於如何讓終端客戶——也就是hyperscaler——對可靠性面感到放心，同時也確保他們能夠放心地大規模部署這些SST。

So we're really engaged from 750-volt devices, bolt devices, 2.3 kilowatt devices, 3.3 kilowatt device. And again, in the high -- the higher the voltage comes to a more differentiated product portfolio -- and we have the product and we have this in our 200-millimeter Morowali fab.

因此我們在750伏元件、800伏元件、2.3千瓦元件、3.3千瓦元件等方面都深度投入。而且在高電壓端——電壓越高，產品組合就越具差異化——我們有產品，而且這些產品是在我們200毫米的Morowali晶圓廠生產。

So where we're getting a lot of requests from these customers is okay, we're going to go deploy this now, are you ready to ramp. And the good news is with us having completed the 6- to 8-inch transition I think this is a huge, huge asset for us as a company, right? And as you know, we're vertically integrated, it means we got the substrates. We got the products. And again, we are really all in serve them out of the mobile fab.

所以我們從這些客戶收到很多需求是：好，我們現在要開始部署了，你們是否準備好放量爬坡？好消息是，我們已完成6吋到8吋的轉換，我認為這對我們公司而言是一項非常、非常重要的資產，對吧？而且如你所知，我們是垂直整合，代表我們有基板。我們有產品。並且我們確實全力以赴，從Mohawk Valley晶圓廠來供應他們。

Joshua Buchalter, TD Cowen.

Joshua Buchalter，TD Cowen。

Hey, guys. Thank you for taking my question. Maybe following up on Chris' last one. So I think you called out you're great to see the data center business doubling, but it still remains modest. I guess, any time line or you're able to offer us on when you would expect data center revenue to become more meaningful? And I guess how much of that is tied specifically to the 800-volt architecture versus broader compute and AI deployments. Thank you.

嗨，各位。謝謝讓我提問。也許延續Chris上一個問題。我想你們提到資料中心業務翻倍很令人振奮，但規模仍然不大。我想問，你們是否能提供任何時間表，預期資料中心營收何時會變得更具意義？另外，這有多少是特別與800伏架構相關，而不是更廣泛的運算與AI部署所帶動？謝謝。

Yes. So again, there are a couple of factors driving the demand. One is, of course, the 800 volts deployment, that's a big milestone here, which is going to happen and we're working on various qualifications across the whole ecosystem.

是的。所以，再次說明，有幾個因素在驅動需求。其中之一當然是800伏的部署，這是一個重要里程碑，將會發生，而我們也正在整個生態系統中推進各項認證。

But then also the whole deployment of solid state transformers, right? I mean this is where I talked about the 2.3 kilowatts, 3.3-kilowatt devices -- are really important and us being able to deliver these devices from our morale factor is previous in a really good situation to take advantage of that demand.

但另外還有固態變壓器的整體部署，對吧？我的意思是，這就是我提到的2.3千瓦、3.3千瓦元件——非常重要；而我們能夠從Morowali工廠交付這些元件，使我們處於非常有利的位置來掌握這波需求。

Got it. Thank you. And then for my follow-up, any help you can give us on the gross margin trajectory, either near term or longer term? Like I guess for the medium term, what level of Mohawk Valley utilization or revenue is needed for gross margins to flip positive?

了解。謝謝。那我的追問是，你們能否就毛利率走勢提供一些協助，不論是短期或長期？例如在中期而言，Mohawk Valley的產能利用率或營收需要到什麼水準，毛利率才會轉為正值？

Yes, thanks for the question. I think, indeed, gross margin neutrality is the next big milestone for us to drive towards. That is particularly driven by volume growth. As you know, we have a high fixed cost nature in our business. Revenue expansion is the best way to improve our margins inherent profitability of the products is quite okay, I would say, so it's really about asset utilization.

是的，謝謝你的提問。我認為，確實，毛利率達到損益兩平（neutrality）是我們接下來要推進的下一個重大里程碑。這主要是由出貨量成長所驅動。如你所知，我們的業務具有高固定成本的特性。營收擴張是改善我們利潤率的最佳方式；我會說產品本身的內在獲利能力其實相當不錯，所以關鍵真的在於資產利用率。

It greatly depends on the exact mix you have between devices and material, but also within material on the end market. So we are pretty happy to see that some of the industrial markets having a lot of traction, including the data center side. But in the ballpark, we would say on $800 million annual run rate -- that's probably the ballpark where a breakeven gross margin point lies right now. But again, that could be plus/minus several million depending on the mix.

這在很大程度上取決於你在裝置與材料之間的確切組合，以及材料在終端市場內部的組合。因此，我們很高興看到部分工業市場有很強的動能，包括資料中心端。但大致而言，我們會說以年化約8億美元的營收運行率（annual run rate）——這大概就是目前毛利率損益兩平點所在的區間。不過再說一次，這可能會因組合不同而上下浮動數百萬美元。

Jed Dorsheimer, William Blair.

Jed Dorsheimer，William Blair。

Hey, guys. Thanks for taking my question. So my first is could you just take a minute and maybe come back and talk about what you could do in terms of cash management? And specifically, around the L1 and what that would save in terms of interest, I believe that is callable at this point in time. What would that save you on annual interest and what would that do to your cash burn? And then I have a follow-up.

嗨，各位。謝謝讓我提問。我第一個問題是，你們能否花一點時間回來談談在現金管理方面可以做些什麼？特別是關於L1，以及如果處理它在利息方面能省下多少；我相信以目前時間點它是可被提前贖回（callable）的。這會為你們每年的利息支出節省多少？又會對你們的現金消耗（cash burn）帶來什麼影響？然後我還有一個追問。

Jed, thanks for the question. Obviously, the first lien debt is the highest prior debt to refinance. Right now, it's around 16% interest, depending on the means of refinancing you can calculate on the $630 million of outstanding debt, how much saving that would be. But again, it depends on what type of refinancing or repayment that would be, but it will be a meaningful contribution to the cash flow.

Jed，謝謝你的提問。顯然，第一順位留置權（first lien）債務是最優先需要再融資的債務。目前利率大約在16%左右，取決於再融資的方式，你可以用6.3億美元的未償債務來計算能省下多少。但同樣地，這取決於再融資或償還的類型，不過這將對現金流帶來顯著的貢獻。

In this particular quarter, overall, we have spent $32 million in cash out of the total $54 million in operating cash flow. So you can see it's a meaningful amount Obviously, that's not all coming from the L1, but a significant portion of that.

在本季度，我們總體上在總計5,400萬美元的營運現金流中，支出了3,200萬美元的現金。所以你可以看到這是一個相當可觀的金額。顯然，這不全都來自L1，但其中有相當大的一部分是。

Got it. And then just as my follow-up question that retiring the L1 would also unencumber the ability to break the business into between materials and power. Is that still the case? I believe the covenants previously and maintained that Apollo would have would have to sign off on that. But I'm assuming if the L1 was taken care of, that would unlock that covenant. Not that you're planning on doing that. I'm just wanting to make sure that I had that correct.

了解。那我的追問是，償還L1也會解除限制，使得把業務拆分為材料與功率兩部分成為可能。這仍然是事實嗎？我記得先前的契約條款（covenants）以及Apollo所維持的條款，必須由他們簽核同意。但我假設如果L1處理掉了，就會解除那項契約限制。並不是說你們打算這麼做。我只是想確認我的理解是否正確。

I would say I don't go into that. We are absolutely no interest to break it into. So whether that's allowed or not, it's quite irrelevant from our perspective. We believe that having a vertical integrated business drives in really a performance differentiator when it comes to our device performance.

我想我不會深入談那個。我們完全沒有興趣把它拆分。所以是否允許，從我們的角度來看其實相當無關緊要。我們相信，垂直整合的業務模式在我們的元件（device）性能方面，確實帶來了差異化的競爭優勢。

I think when you look at the Gen 5 product performance that we have released at the PCIM, we have seen a leap in performance that others have not been able to achieve with the technology in play, and we are convinced that this is to a certain extent contributing by the fact that we are vertically integrated. So whether that may or may not be true, I don't think, really is relevant for us at all.

我認為，當你看我們在PCIM上發布的第5代（Gen 5）產品性能時，我們已經看到性能上的躍升，而其他人在現有技術路線下尚未能達到。我們確信，這在某種程度上是因為我們採取垂直整合所帶來的貢獻。

Joseph Cardoso, JPMorgan.

Joseph Cardoso，JPMorgan。

Good afternoon. Thanks for taking the time. This is Aakanksh on for Joseph Cardoso. Just had a broad question here related to materials revenues, $43 million this quarter. while you support 150-millimeter LTA customers through their 200-millimeter transition. How do we think about materials revenue from here? When does 200 begin contributing more meaningfully to the overall number?

下午好。謝謝你們撥冗。我是代Joseph Cardoso提問的Aakanksh。我這裡有一個較宏觀的問題，與材料營收有關：本季為4,300萬美元。同時你們在150毫米LTA客戶轉向200毫米的過程中提供支援。我們該如何看待接下來的材料營收？200毫米何時會開始對整體數字做出更有意義的貢獻？

So we're working with all the major customers on qualifying the 8-inch to 200-millimeter materials as we speak, and some of them are digesting inventory levels. And I think it kind of -- we're exactly in this transition from 6- to 8-inch -- some LTAs are running out, some LTAs 150 are still continuing.

我們正在與所有主要客戶合作，針對8吋（200毫米）材料進行認證（qualifying），而且其中一些客戶正在消化庫存水位。我認為我們正處於從6吋到8吋的過渡期——有些LTA即將到期，有些150毫米的LTA仍在持續。

And this is something I would say here, which will continue for this year as we're seeing this transition year to happen. But as we see, of course, overall demand for silicon carbide and if you look in all the market studies, silicon carbide market is growing.

我會說，這種情況今年會持續，因為我們看到今年就是這個轉換年。但當然，隨著碳化矽的整體需求提升，而且如果你看所有市場研究，碳化矽市場正在成長。

This means also our customers on the material side will transition to 8-inch eventually and then we clearly are in a very good position with leading-edge quality and leading technology on ADM side to take full advantage of that.

這也意味著我們材料端的客戶最終會轉向8吋；而在那方面，我們在ADM端具備領先的品質與領先的技術，顯然處於非常有利的位置，可以充分把握這個機會。

We have reached the end of the Q&A session. This concludes today's call. Thank you for attending. You may now disconnect.

我們已到達問答環節的結束。今天的電話會議到此結束。感謝各位參與。您現在可以斷線。