Research Reports

Q2 2025 revenue $198.7M, up 19.3% sequentially, above guided range (CEO, CFO)
Gross margin 47.7%, at higher end of guidance; operating margin 12.8%, well above guided range (CFO)
Operating expenses $69.3M sequentially, driven by enterprise storage investment, new projects, and stronger Taiwan dollar (CFO)
Non-GAAP EPS $0.69 per ADS; stock-based compensation $0.2M in Q2 (CFO)
Cash & equivalents $282.3M at quarter end, down from $331.7M due to $16.7M dividend payout and inventory build (CFO)
eMMC/UFS mobile business “significantly outperformed” expectations; strong booking momentum from flash makers and module makers (CEO)
PCIe5 8-channel controller revenue grew >75% sequentially, now >10% of client SSD controller revenue (CEO)
Memory card revenue more than doubled year-over-year in H1 2025, driven by Nintendo Switch 2 launch (CEO)
Automotive revenue expected to account for at least 10% of total revenue by 2026–2027 (CEO)
Official guidance (Q3 2025): Revenue $219M–$228M (+10%–15% sequential); gross margin 48%–49%; operating margin 12.3%–14.3%; effective tax rate ~18%; stock-based comp & dispute expenses $6.5M–$7.5M (CFO)
Full-year 2025: Targeting annual revenue run rate ~$1B exiting the year; gross margins toward higher end of historical 48%–50% range by year-end; effective tax rate ~15%; stock-based comp & dispute expenses $32M–$34M (CFO)

“We exceeded our revenue and operation margin guidance for the second quarter… we are well positioned for a strong second half, and remain confident that we will exit the year with our target $1 billion revenue run rate.” (CEO)
“We are the only controller company partnered with all flash makers, giving us significant advantage and insight into current and future NAND technologies.” (CEO)
“Our family of UFS controller for smartphone and other mobile and IoT devices grew meaningfully in the quarter as demand from both our flash maker and module maker customers accelerated.” (CEO)
“We are currently shipping to many of the largest automotive brands in the business, including Mercedes, Tesla, BYD, Xiaomi, Toyota, Honda and many others.” (CEO)
“We remain confident that we can drive gross margins towards the higher end of the historical range of 48% to 50% by the end of this year.” (CFO)

Metric	Value	Speaker/Context
Q2 2025 Revenue	$198.7M	CFO – sequential +19.3%, above guided range
Q2 Gross Margin	47.7%	CFO – at higher end of guidance
Q2 Operating Margin	12.8%	CFO – well above guided range
Q2 Non-GAAP EPS	$0.69 per ADS	CFO
Q2 Cash & Equivalents	$282.3M	CFO – down from $331.7M Q1
Q2 Stock-Based Compensation	$0.2M	CFO – excluded from non-GAAP
Q3 Revenue Guidance	$219M–$228M	CFO – +10%–15% sequential
Q3 Gross Margin Guidance	48%–49%	CFO
Q3 Operating Margin Guidance	12.3%–14.3%	CFO
Q3 Effective Tax Rate Guidance	~18%	CFO
Full-Year 2025 Tax Rate	~15%	CFO
Full-Year Stock-Based Comp & Dispute Expenses	$32M–$34M	CFO
PCIe5 8-channel Controller Q2 Growth	>75% sequential	CEO – now >10% of client SSD controller revenue
Memory Card Revenue H1 2025	More than doubled YoY	CEO
Automotive Revenue Target	≥10% of total by 2026–2027	CEO

Topic: 汇率对运营利润率的影响，以及MonTitan、NVIDIA BlueField和PCIe Gen5进展
Key points:
- 新台币兑美元Q2环比升值超10%，导致Q2和Q3营业利润率比稳定汇率下低约1个百分点。
- MonTitan设计动能强劲，预计Q4开始初始爬坡，2026年将具备更显著的势头；已有4家Tier1客户，因资源不足无法服务更多。
- NVIDIA BlueField资格认证进入最终阶段，预计Q4进入生产；该合作还为与其他BU和产品线交往打开大门。
- PCIe Gen5控制器在AI扩展/缩放配置中需求强劲，被供应链提前采用。
Mgmt stance: 积极——管理层看好企业端多个项目（MonTitan、BlueField、PCIe5）的爬坡和长期增长。

Topic: Q4'24至Q4'25收入增量来源，以及OpEx杠杆
Key points:
- Q4'24到Q4'25约5500万美元增量收入来自eMMC/UFS份额提升、PCIe5 SSD新产品、MonTitan和BlueField的初始爬坡。
- 公司未给出2026年指引，但MonTitan在2026-27年仍预期达到5%-10%收入占比。
- 2025年OpEx显著增加后，预计随着毛利率改善和收入规模化，运营利润率将获得杠杆；2026年将继续投资新项目（尤其是先进几何节点）。
Mgmt stance: 乐观——强调营收增长和运营杠杆双重驱动，同时持续投资以支持更多设计项目。

Topic: 毛利率前景及MonTitan固件开发的可扩展性
Key points:
- 毛利率取决于产品组合：高容量产品利润率略低于公司平均水平，高端产品利润率更高；当前已超指引上限，但无法评论具体范围，预计2026年结果更好。
- MonTitan固件开发：完成几个客户项目后，将拥有广泛可复用的固件能力（SDK、纯硬件、全交钥匙），从而降低资源压力。
Mgmt stance: 中性偏积极——短期毛利率受组合影响，长期固件复用将提升效率。

Topic: 汽车业务突破、MonTitan产品路线图及冷存储市场
Key points:
- 汽车业务取得重大突破：在中国与BYD、小米等车企合作，进入丰田全球车型（2025年末开始爬坡），预计2026-27年汽车收入占比超10%。
- MonTitan路线图：16通道Gen5控制器已量产；8通道MonTitan（型号8388）年底可用，适合128TB企业级SSD；PCIe Gen6 MonTitan家族将于明年基于TSMC 4nm流片，已有至少2家NAND厂商参与。
- 冷存储市场：NAND厂商联合定义标准（性能略优于近线HDD），预计3-5年内打开，公司将积极跟进。
Mgmt stance: 极度乐观——汽车、企业级和冷存储均进入快速增长通道，MonTitan将成为长期增长引擎。

Topic: 运营利润率目标与营收规模的关系（通话中断，无完整回答）
Key points:
- 分析师提问：基于25%+运营利润率目标、当前OpEx水平以及毛利率回到50%-51%的假设，营收规模需达到更高水平（但句末因信号中断未完成）。
- 管理层因听不清未能回应，仅表示无法听到完整

Topic: 移动业务增长的可持续性及客户库存
Key points:
- 移动控制器（eMMC/UFS）增长来自中国市场和低价移动DRAM推动的模组厂扩张，以及NAND制造商为价值线转向外包控制器方案。
- NAND制造商因资源不足，将UFS 4.1（主流）和UFS 5.0（高端，2026年底至2027年）固件开发外包给SMI，SMI凭借外包机会持续增长。
- 管理层预计移动市场份额有望在2年内达到30%；当前拥有6个月积压订单，并自信年底可实现10亿美元年化营收。
Mgmt stance: 看好，因项目管道充足（“many projects in hand”）、需求稳定（未出现客户恐慌性拉货）、份额持续扩张，且NAND制造商外包趋势提供长期机会。