0001804176-26-000027
SEC filingQ2 2026 营收增长 39.5% 至 $32.6M，由 Embedded 合作驱动，但净亏损仍达 $12.9M。
| 指标 | 本期 | 去年同期 | 同比 |
|---|---|---|---|
| Revenue | $32,612K | $23,383K | +39.5% |
| Gross Profit | $23,288K | $14,891K | +56.4% |
| Gross Margin | 71.4% | 63.7% | +770 bps |
| Operating Income | -$13,664K | -$16,100K | +15.1% |
| Operating Margin | -41.9% | -68.9% | +2700 bps |
| Net Income | -$12,910K | -$13,834K | +6.7% |
| Diluted EPS | -$0.05 | -$0.06 | +$0.01 |
| Operating Cash Flow | -$30,163K (H1) | -$18,844K (H1) | -60.1% |
| Free Cash Flow | -$32,087K (H1) | -$20,093K (H1) | -59.7% |
Q2 2026 营收增长主要由 Software and other services 驱动，该板块营收 $16.9M，同比 +149.8%，主要来自 Embedded 合作（含 Midjourney）。Product 营收下滑 5.4%，因上年同期 Embedded 芯片销售未再现，但核心业务探头销量提升部分抵消。
毛利率大幅提升 770 bps 至 71.4%，主要因高毛利的软件与服务业务占比提升。经营亏损收窄 15.1%，但费用端 R&D 和 G&A 分别增长 26.8% 和 24.4%，反映公司在产品开发和人员上的投入。
盈利质量方面，净亏损收窄但经营现金流恶化，H1 经营现金流 -$30.2M，同比多流出 $11.3M，主因营运资本变动（deferred revenue 减少、prepaid expenses 增加、accounts receivable 增加）。剔除诉讼相关一次性项（$4.0M 损失拨备与 $4.0M 保险追偿）后，run-rate 亏损与上年相当。
| 分部 | 营收 | 同比 | 经营利润/EBITDA | 利润率 | 驱动 |
|---|---|---|---|---|---|
| Core business | $21,851K | +2.2% | — | — | 探头销量提升 |
| Embedded | $10,761K | +439.2% | — | — | Midjourney 等合作 |
| 项目 | 本期 | 上期/变化 |
|---|---|---|
| Cash & ST investments | $124,659K | -$25,830K vs FY25 |
| Total Debt | $0 | — |
| Inventory | $58,559K | -$2,830K vs FY25 |
| RPO/Deferred revenue | $85,800K | -$13,800K vs FY25 |
| Operating Cash Flow | -$30,163K (H1) | -$11,319K vs H1 25 |
| Capex | $1,924K (H1) | +$675K vs H1 25 |
| Free Cash Flow | -$32,087K (H1) | -$11,994K vs H1 25 |
| FCF 转化率 | 125% (FCF/Net Loss) | — |