Sujeeva De Silva • ROTH MKM

Answer

CEO Soroush Dardashti explained that the remaining milestones for the OEM program involve vehicle integration and packaging design to ensure the sensor fits across multiple vehicle lines, with completion expected later in the year. He confirmed the OEM's choice was influenced by FMCW's flexibility. Regarding next-gen products, Dardashti stated the new partnership includes joint development revenue to create new products for the industrial market and to facilitate Aeva's entry into new markets like consumer electronics, leveraging the partner's expertise and scale.

Ask Fintool Equity Research AI

Answer

CEO Soroush Dardashti confirmed that a significant portion of the development for the Atlas product is complete, with the focus now on the final C sample, which contributes to the planned spending reduction. Regarding the new OEM win, he explained the OEM is strategically shifting from Time-of-Flight to Aeva's FMCW technology. The engagement includes a development agreement and a letter of intent for a large-scale production program, with a target start of production in 2027.

Ask Fintool Equity Research AI

Answer

CEO Soroush Dardashti explained that Aeva has been down-selected to the final stage of the RFQ with the top 10 passenger OEM and is now discussing commercial terms after passing extensive technical and manufacturing audits. Regarding The Indoor Lab, he described it as a multiyear production deal with committed volumes, starting with major U.S. airports. He estimated the combined revenue potential from this and other industrial security applications to be around $50 million in the next few years, with potential for future growth.

Ask Fintool Equity Research AI

Answer

Peter Cannito, Chairman and CEO, stated that drones are now a proven 'force multiplier' and a growth area in defense spending, which was a key driver for the Edge Autonomy acquisition. Regarding the ispace MOU, he described it as a 'natural progression' for Redwire, a prime on the CLPS contract, to lead full missions by combining its digital engineering and subsystem expertise with ispace's lunar lander. The next milestone is to begin winning CLPS task orders together.

Ask Fintool Equity Research AI

Answer

CEO Peter Cannito explained that their forecast is a detailed, bottoms-up analysis of the pipeline rather than a simple backlog coverage metric. Regarding lunar and interplanetary opportunities, he highlighted the MASON program for building lunar landing pads, the LightShip study with ESA for a Mars spacecraft, the cislunar capabilities of the Mako satellite, and the long-term potential for in-space manufacturing to support permanent infrastructure on the Moon and Mars.

Ask Fintool Equity Research AI

Answer

Chairman and CEO Peter Cannito stated that space infrastructure is critical regardless of the administration, citing the previous Trump administration's creation of the Space Force as a positive precedent. On large bids, he noted that the sample size is too small for a meaningful win rate and that Redwire focuses on technical differentiation. Regarding PIL-BOX, Mr. Cannito explained the strategy involves creating seed crystals in space to be replicated on Earth and then licensing the resulting IP. CFO Jonathan Baliff added that significant client funds have already been invested, and the focus is now on commercialization with minimal new investment.

Ask Fintool Equity Research AI

Answer

CFO John Markovich and CEO Alan Baratz explained that revenue per customer is growing as D-Wave engages larger companies that pay for more extensive proof-of-concept development. Markovich reiterated that while the company has not provided a specific revenue target or timeline for profitability, management believes its current cash position is sufficient to reach that goal.

Ask Fintool Equity Research AI

Answer

CEO Alan Baratz explained that future system sale structures will likely vary by customer, as they are tailored to specific needs like upgrade options or intended use cases. He clarified that the performance gains from Advantage2 stem from three elements: more connectivity for larger problems, longer coherence times for faster solutions, and higher energy scale for greater precision.

Ask Fintool Equity Research AI

Answer

CEO Alan Baratz detailed two approaches: using annealing for Restricted Boltzmann Machines and inserting QPU sampling into transformer and diffusion models to potentially improve training efficiency and reduce costs. He clarified that the latter is still in the internal benchmarking phase. Baratz stated that any current use of D-Wave with hyperscaler AI infrastructure is customer-driven, but he anticipates hyperscalers will become interested once D-Wave demonstrates definitive value.

Ask Fintool Equity Research AI

Answer

CFO Adam Spice explained that large satellite programs like SDA have compressed revenue recognition cycles, with the bulk occurring over 18 months as materials are procured, leading to the observed trend. CEO Peter Beck stated that Neutron's initial reentry infrastructure is primarily its recovery barge, with potential for more assets as cadence increases. He noted the AFRL point-to-point cargo program is still in an early experimental phase.

Ask Fintool Equity Research AI

Answer

CFO Adam Spice explained that the first Neutron launch is an R&D expense and that significant cost reduction hinges on reusability, aided by the new 'Return on Investment' landing barge. CEO Sir Peter Beck added that Flatellite's key advantages are rapid, high-volume manufacturing and cost-effectiveness, driven by the company's deep vertical integration.

Ask Fintool Equity Research AI

Answer

Executive Rajesh Vashist detailed the new platforms: Cascade for high-end CED, Chorus for automotive, and the new Symphonic for 5G and industrial uses. He stated these launches will help SiTime significantly exceed its previous $100 million clocking revenue target. He clarified that the strong CED growth is not from a single product line but is driven by a broad portfolio, including all oscillator families (Epoch, Elite), clocking products like Cascade, and even buffers.

Ask Fintool Equity Research AI

Answer

CEO Rajesh Vashist attributed strong bookings to solid end-market demand across all sectors, rather than changes in lead times. He also stated the Aura acquisition is performing as planned, creating a '1 plus 1 equals 3' effect with SiTime's high-end oscillators, and reiterated the goal for clocking revenue to approach $100 million in the next few years.

Ask Fintool Equity Research AI

Answer

CEO Gideon Ben-Zvi identified Pro AV, conference rooms (VS6320), and industrial machine vision as key CIB markets. He noted that for industrial use cases, both the VS6320 and the automotive-grade VA7000 chipsets are being adopted. CFO Guy Nathanzon reiterated the company's financial model, targeting EBITDA positivity at an approximate $120 million annual revenue run rate. He restated the 2029 revenue goals by segment but clarified that a specific segment mix for the breakeven point has not been provided, only the expected ramp timing for each business.

Ask Fintool Equity Research AI

Answer

CEO Gideon Ben-Zvi confirmed that visibility is improving as sales cycles shorten and noted the Acroname integration is proceeding smoothly with a direct-to-customer sales model. He clarified that automotive ADAS wins are platform-agnostic, applying to both EV and combustion engine vehicles. CFO Guy Nathanzon added that while specific 2025 guidance isn't available, gross margins will continue to be influenced by the revenue mix between the audio-video and automotive segments and overall sales volume.

Ask Fintool Equity Research AI

Answer

CEO Amir Panush responded that while they see no direct impact from tariffs and have not had programs pushed out, they acknowledge a general sense of caution among customers, which informed their revised guidance. He stated that the WiFi 6 ramp is on track, with many of the tens of licensed customers now in volume production, and he expressed strong encouragement that CEVA is on a path to achieve a leadership position in WiFi similar to what it holds in Bluetooth.

Ask Fintool Equity Research AI

Answer

CEO Amir Panush responded that smaller, more efficient AI models accelerate the shift to on-device processing, which directly increases demand for Ceva's NPU portfolio. He noted that Wi-Fi is in a strong growth phase, driven by the transition to Wi-Fi 6, which commands a higher ASP and is seeing broad penetration across IoT markets. CFO Yaniv Arieli added that the Wi-Fi ramp is following a similar successful trajectory to Bluetooth, highlighting the significant long-term opportunity for combo chips.

Ask Fintool Equity Research AI

Answer

CEO Chuck Hong confirmed the post-trial and appeal timelines for the Samsung breach of contract case, noting an appeal is likely but has a low probability of success. He stated the Micron case will follow a similar appellate path, taking about a year to reach hearings. Hong also noted low-double-digit memory price increases in April driven by AI demand and potential tariffs. He projected that MRDM, Netlist's high-performance memory product, could capture 10-20% of the server memory market in the next few years, with adoption in AMD and Intel AI servers starting late in the current year.

Ask Fintool Equity Research AI

Answer

CEO Chuck Hong explained that the recent verdict does not alter the existing appellate timeline for prior damages but creates significant future liability for Samsung from 2023 onward. He noted the Google case remains stayed pending a key patent appeal expected this year. Regarding new products, Hong stated that MRDIMMs and CXL solutions offer high margin potential in the 20-30% range, with MRDIMM revenue ramping later in the year and CXL revenue expected in 2025 after customer qualifications.

Ask Fintool Equity Research AI

Answer

CEO Chuck Hong explained that while the consumer memory market is soft, the server market, driven by AI, remains strong. He detailed that the Lightning product for AI inference is expected to ramp next year, while CXL NVDIMM is a longer-term opportunity for data backup. Hong also contrasted the upcoming Samsung trial with the prior Micron case, noting it involves two of the same patents plus a new '608 patent, and provided key trial dates for November and December.

Ask Fintool Equity Research AI

Answer

CEO Chuck Hong explained that the $303 million Samsung patent infringement case will now proceed to the Federal Circuit Court of Appeals, with interest accruing on the award. He also confirmed a September 9 trial date for the 'Samsung II' case, which asserts patents from the Micron case plus one additional patent. On the product front, Hong detailed Netlist's focus on HBM patents, high-capacity DDR5 products, and a long-term CXL development project. CFO Gail Sasaki added that gross margins are expected to improve in Q3 and Q4 as the company moves past lower-margin inventory and benefits from better pricing on resale products, targeting an average product margin of 5-6%.

Ask Fintool Equity Research AI

Answer

COO Sanjay Gajendra clarified that the Scorpio X-Series commands a significantly higher ASP than the P-Series due to the greater value it provides in interconnecting GPUs and maximizing their utilization. He reiterated that Astera Labs' strategy is to be a flexible, rack-scale connectivity supplier, leveraging its silicon, hardware, and software teams to deliver solutions in whatever form factor best meets customer needs.

Ask Fintool Equity Research AI

Answer

CEO Jitendra Mohan confirmed that the company tracks and engages with OEMs and emerging AI players, but noted that the bulk of the current addressable market resides with hyperscalers. Regarding UALink, he described it as a positive industry initiative where Astera is well-positioned. He expects the final specification to be released at the end of Q1 2025, with the first products likely hitting the market in 2026.

Ask Fintool Equity Research AI

Answer

CFO Michael Tate confirmed that Taurus will be a strong growth driver and increase as a percentage of revenue in Q4, but did not provide a specific mix forecast for next year. Executive Jitendra Mohan expressed confidence in maintaining a strong position in Gen 6, citing their early market engagement and deep learnings from Gen 5, while also acknowledging that competition is expected.

Ask Fintool Equity Research AI

Answer

CEO Kishore Seendripu confirmed that all new product cycles in broadband are driven by significant bill-of-materials (BOM) expansion, citing transitions to XGS-PON, Wi-Fi 7, and DOCSIS 4.0, which he estimated could increase content by 30%. CFO Steve Litchfield indicated that while OpEx has been reduced, he expects a further step-down in the second half of the year.

Ask Fintool Equity Research AI

Answer

CFO Steven Litchfield identified weakness in the industrial market as the primary offset to growth in infrastructure and recovery in broadband. CEO Kishore Seendripu described CPO as a recurring topic with high hurdles, viewing MaxLinear's pure-play silicon model as a net positive, as it can partner with any optics producer.

Ask Fintool Equity Research AI

Answer

CEO Kishore Seendripu stated that MaxLinear's key differentiation is universal and not specific to China: its industry-leading low-power performance. CFO Steve Litchfield explained that while there is overlap, the connectivity and broadband segments are kept separate because of growing, distinct opportunities for Wi-Fi and Ethernet products outside of traditional broadband gateways, such as in enterprise and industrial markets.

Ask Fintool Equity Research AI

Answer

CEO William Brennan confirmed that for the first three ramping customers, revenue comes from multiple projects and SKUs, and he expects this pattern to continue with new customers after an initial project. He clarified that the scale-up opportunity exists "across the board," including for deployments that use merchant GPUs from NVIDIA alongside open protocols like PCIe.

Ask Fintool Equity Research AI

Answer

CEO William Brennan emphasized that Credo has broad design activity across multiple customers, which fuels long-term growth, rather than focusing on a single program. He confirmed active relationships with Microsoft and Amazon and noted work with xAI. While Credo is not yet shipping to all major U.S. hyperscalers, he sees it as a future growth opportunity, expressing confidence that all will eventually adopt AECs.

Ask Fintool Equity Research AI

Answer

CEO William Brennan clarified that the new 10% customer is an existing 'emerging hyperscaler' that has been a customer for a couple of years and is now significantly increasing its spending. Regarding rack densification, Brennan stated that as customers adopt direct-to-rack AECs for inter-rack connectivity, it could theoretically double the TAM within that customer's deployment.

Ask Fintool Equity Research AI

Answer

CEO Fermi Wang reiterated that Chinese customers will prefer local components when viable options exist, and Ambarella's opportunity there is for products without local equivalents or for export-focused customers. For enterprise security, he noted that growth will be driven by both unit increases and, significantly, by ASP growth from newer, higher-priced chips like CV5 and CV7.

Ask Fintool Equity Research AI

Answer

President and CEO Dr. Fermi Wang identified competitors as NVIDIA, Qualcomm, and Mobileye globally, with Horizon Robotics in China. He stressed the importance of Tier 1 partners like Continental and Bosch. To speed up adoption, he said Ambarella offers a scalable software stack (from L2+ to L4) and licenses individual software modules to help customers reduce R&D costs and development time.

Ask Fintool Equity Research AI

Answer

CEO Fermi Wang confirmed that Q2 growth was led by the IoT segment, particularly in enterprise security cameras, where inventory normalized, and in the 'other IoT' category, where customers began ramping new CV5-based products. Regarding CV3, Wang reiterated the calendar year 2026 production ramp timeline for its lead automotive win but noted that specific vehicle models have not yet been disclosed.

Ask Fintool Equity Research AI

Answer

Donald McClymont (executive) explained that multiple products are ramping, with high-ASP Vision products and the new radar product expected to be significant contributors. Regarding the Corner Radar program, he described a multi-year ramp extending through 2026-2029 and noted that the previously stated $1 billion lifetime value might be conservative, though he declined to provide specific quarterly ramp details.

Ask Fintool Equity Research AI

Answer

Executive Donald McClymont confirmed the key radar program remains on track for a 2025 ramp and noted that new safety regulations for emergency braking and driver monitoring are a direct tailwind for current design wins. CFO Kanwardev Raja Singh Bal added that cost efficiency efforts will not impact product roadmaps and reiterated comfort with the consensus breakeven revenue target of approximately $80 million.

Ask Fintool Equity Research AI

Answer

CEO David Wang identified the U.S. and other parts of Asia as key near-term opportunities, citing existing advanced packaging orders and ongoing logic tool evaluations. Regarding the high-temperature SPM tool, he highlighted its superior chemical splash control, which improves the cleaning environment and tool uptime. For the mid-temperature Tahoe tool, he emphasized its breakthrough particle removal efficiency, making it competitive with single-wafer tools for advanced nodes.

Ask Fintool Equity Research AI