Research Reports

Prepared Highlights

Q2 2025 revenue $366.2M, +14% YoY, +10% QoQ (CFO)
Gross profit $115.3M; GAAP gross margin 31.5% (flat QoQ, down from 33.6% YoY) (CFO)
Non-GAAP operating expenses $99.8M (27.3% of revenue) vs. $97.1M (29.3%) prior quarter (CFO)
GAAP net income $46.1M ($0.99/diluted share); Non-GAAP adjusted net income $15.0M ($0.32/diluted share) (CFO)
EBITDA $84.5M (23.1% of revenue) vs. $26.2M (7.9%) prior quarter (CFO)
Operating cash flow $41.5M; Free cash flow $21.1M (CapEx $20.4M, 5.6% of revenue) (CFO)
Total inventory days 173 (down 14 days QoQ); finished goods days 71 (down 9 days) (CFO)
Channel inventory decreased in dollars and weeks; POS up double-digits in Asia (IR)
Official guidance (Q3 2025): Revenue ~$392M (±3%), +12% YoY at midpoint; GAAP gross margin 31.6% (±1%); Non-GAAP opex ~26% of revenue (±1%); tax rate 18% (±3%); diluted shares ~46.5M (CFO)
Mgmt quotes:
- “Our above expect revenue results represent our third consecutive quarter of year-over-year growth” (CEO)
- “We continue to increase gross profit dollar and delivered non-GAAP earnings growth of almost 70% sequentially” (CEO)
- “Revenue anticipated to increase 7% sequentially and 12% year-over-year at the midpoint, mainly driven by strong demand in Asia for AI-related computing applications” (CEO)
- “Our global POS increased across all regions with double-digit growth in Asia” (IR)
- “We are beginning to see signs of gradual demand improvement in this market, but there is still pockets of channel inventory to work through” (IR)

Prepared Metrics

Metric	Value	Speaker/Context
Revenue	$366.2M	CFO, Q2 2025
Gross margin (GAAP)	31.5%	CFO, Q2 2025
Non-GAAP net income	$15.0M ($0.32/diluted)	CFO, Q2 2025
EBITDA	$84.5M (23.1% of revenue)	CFO, Q2 2025
Free cash flow	$21.1M	CFO, Q2 2025
CapEx	$20.4M (5.6% of revenue)	CFO, Q2 2025
Total inventory days	173	CFO, Q2 2025
Cash & equivalents	~$333M	CFO, end of Q2 2025
Total debt	~$54M	CFO, end of Q2 2025
Revenue by region: Asia 78%, Europe 12%, N. America 10%	—	IR, Q2 2025
End markets: Industrial 23%, Auto 19%, Computing 26%, Consumer 18%, Comms 14%	—	IR, Q2 2025
Q3 2025 revenue guidance	~$392M (±3%)	CFO
Q3 2025 gross margin guidance	31.6% (±1%)	CFO

Q&A Batch (1-3 of 3)

Q1 — David Neil Williams

Topic: 需求驱动因素、库存消化与新产品利润率
Key points:
- 关税拉动效应“很小、不重大”；增长主要由强劲需求、市场份额提升及新设计/新项目驱动
- 汽车收入季度环比持平（占产品收入19%），但同比实际增长23.5%，表明虽仍有库存消化但市场整体改善
- 新产品通常具有更高售价（客户愿为功能/特性支付溢价）及成本改善（更小晶粒、更优封装），可弥补老产品价格年降幅
Mgmt stance: 自信需求真实、独立于关税；对汽车库存消化改善持积极态度；新产品将改善成本结构

Q2 — Tristan Gerra

Topic: AI相关收入（PCIe包交换机等）、定价策略与内部产能认证
Key points:
- AI涉及整个生态系统（服务器、CPU等），PCIe仅是英雄产品之一，公司推广系统级方案（包括先进模拟/混合信号及其他分立器件）
- 未提供AI/数据中心收入百分比；指出设计活动已扩展至工业、安全领域，并跨地区推进
- 对于同行涨价：公司监测市场，但策略不变——优先长期客户关系，利用机会扩大设计导入和市场份额
- 内部晶圆厂认证进展良好，关键客户已开始处理PCN；目标是减少对外部代工协议的依赖
Mgmt stance: 中性偏积极——对AI增长势头有信心；对定价持谨慎态度，不改变长期合作策略；内部产能迁移进展乐观

Q3 — David Neil Williams

Topic: 产能利用率、产品组合与利润率展望
Key points:
- 利用率因晶圆厂和产品线而异：高端产品线需求强劲、利用率高；大宗商品产品线利用率低且公司有意后退
- 过去几个季度持续将低成本大宗商品产能迁移至支持高端市场；内部晶圆厂产品/工艺迁移及客户认证进展良好，未来内部负载将持续增长
- 收入增长（Q3指引超季节性）有助于减少低负载成本；同时通过产品组合优化（聚焦汽车/工业、新产品的推出，如Pericom系列）和制造成本效率推动利润率改善
Mgmt stance: 自信——管理层认为毛利率将开始改善，得益于收入增长、产品组合优化及成本降低