Cuộc họp công bố kết quả kinh doanh quý 3/2026 của Silicom (SILC): Doanh thu tăng vọt 71%, nâng dự báo kinh doanh

Điểm tin chính

• Doanh thu quý 3/2026 tăng 71% so với cùng kỳ năm trước lên 26,7 triệu USD, vượt phạm vi dự báo từ 25 triệu đến 26 triệu USD của ban lãnh đạo.
• Silicom đã có lãi trở lại theo chuẩn non-GAAP theo quý sớm hơn kế hoạch. Lợi nhuận ròng đạt 0,3 triệu USD, tương đương 0,04 USD mỗi cổ phiếu, so với khoản lỗ 2,1 triệu USD của cùng kỳ năm trước.
• Lợi nhuận gộp tăng 63% lên 8,1 triệu USD. Chi phí hoạt động chỉ tăng 9% dù doanh thu tăng trưởng tới 71%, thể hiện đòn bẩy hoạt động hiệu quả.
• Ban lãnh đạo đã nâng dự báo doanh thu cả năm 2026 lên mức 96 triệu - 98 triệu USD từ mức 82 triệu - 83 triệu USD cách đây 6 tháng. Doanh thu quý 4 dự kiến đạt 27 triệu - 28 triệu USD.
• Silicom đã giành được 8 Design Win trong 10 tháng đầu năm 2026, bằng với tổng số của cả năm 2025 và đạt mức thấp của mục tiêu ban đầu từ 7 đến 9 hợp đồng cho năm 2026.
• Ban lãnh đạo kỳ vọng các Design Win gần đây cùng danh mục dự án tiềm năng mở rộng trong các mảng hệ thống biên, Smart NIC, giải pháp FPGA, suy luận AI, thiết bị chuyển mạch White Box và Mật mã hậu lượng tử sẽ hỗ trợ đà tăng trưởng tiếp tục trong năm 2027 và xa hơn.

Dữ liệu tài chính chính

Trừ khi có chỉ báo khác, công ty trình bày kết quả tài chính theo cơ sở non-GAAP.

Tính đến ngày 30 tháng 9 năm 2026, vốn lưu động và chứng khoán dễ bán đạt tổng cộng 107 triệu USD, tương đương khoảng 18 USD mỗi cổ phiếu. Silicom nắm giữ 45 triệu USD tiền, các khoản tương đương tiền và chứng khoán dễ bán được xếp hạng cao, không có nợ vay. Hàng tồn kho chất lượng cao đạt tổng cộng 73 triệu USD.

Trong 12 tháng gần nhất, Bắc Mỹ đóng góp 78% doanh thu, trong khi Châu Âu và Israel chiếm 11%, Viễn Đông và các thị trường khác đóng góp 11%. Một khách hàng tại Mỹ đóng góp khoảng 13% doanh thu.

Kết quả hoạt động kinh doanh và vận hành

Ban lãnh đạo cho rằng tăng trưởng doanh thu chủ yếu nhờ khối lượng giao hàng cao hơn trong danh mục sản phẩm cốt lõi của Silicom và việc triển khai của khách hàng đang gia tốc. Tăng trưởng doanh thu so với cùng kỳ năm trước tăng từ 17% trong quý 4/2025 lên 33% trong quý 1/2026, 59% trong quý 2 và 71% trong quý 3.

Silicom đã giành được hai Design Win trong quý 3. Một khách hàng doanh nghiệp lớn (blue-chip) hiện hữu đã chọn bo mạch kết nối máy chủ tốc độ cao tùy chỉnh sau khi đã dùng sản phẩm tiêu chuẩn (off-the-shelf) và FPGA Smart NIC trước đó. Ban lãnh đạo kỳ vọng tổng doanh thu từ khách hàng này sẽ tăng từ khoảng 3 triệu USD vào năm 2026 lên gần 10 triệu USD vào năm 2027.

Một khách hàng an ninh mạng trên nền tảng đám mây hàng đầu (Tier 1) mới đã chọn thiết bị mạng biên của Silicom tích hợp kết nối 5G. Khách hàng này đã đặt đơn hàng đầu tiên, với quá trình tăng tốc sản xuất dự kiến bắt đầu trước khi kết thúc năm 2026. Ban lãnh đạo kỳ vọng doanh thu hàng năm từ thiết bị này sẽ vượt 5 triệu USD khi đạt công suất tối đa. Silicom cũng đang cùng khách hàng đánh giá các thiết bị biên phân khúc cao hơn, bao gồm sản phẩm tích hợp GPU cho các ứng dụng AI tại biên.

Trong mảng suy luận AI, Silicom đang giao đơn hàng sản xuất đầu tiên và tìm kiếm các đơn hàng bổ sung từ một khách hàng hiện hữu. Công ty cũng đang đàm phán ở giai đoạn cuối với một khách hàng tiềm năng khác về cơ hội cung cấp theo mô hình nguồn cung kép (dual-source).

Dự báo của Ban lãnh đạo

Đây là lần nâng dự báo cả năm thứ hai của Silicom trong năm 2026. Ban lãnh đạo cũng kỳ vọng đà tăng trưởng quý 4 sẽ tiếp nối đà có lãi của quý 3 một cách đáng kể, nhưng không đưa ra mục tiêu lợi nhuận cụ thể.

Ban lãnh đạo vẫn lạc quan về tăng trưởng năm 2027 nhưng chưa đưa ra con số dự báo cụ thể. Các động lực kỳ vọng bao gồm các Design Win bước vào giai đoạn triển khai, các hợp đồng thắng mới trong năm 2026 và việc chuyển hóa sâu hơn danh mục cơ hội tiềm năng của công ty.

Rủi ro và các điểm cần theo dõi

• Các quyết định mua sắm và ra mắt sản phẩm trong mảng suy luận AI có thể kéo dài thời gian, trải qua các giai đoạn triển khai ban đầu và chu kỳ mở rộng quy mô dài hạn.
• Một khách hàng tiềm năng trong mảng suy luận AI gần đây đã tạm dừng dự án sau khi thay đổi định hướng chiến lược.
• Chiến lược nguồn cung kép tạo ra thêm cơ hội nhưng cũng đưa các giải pháp cạnh tranh vào những khách hàng hiện hữu. Ban lãnh đạo nhìn nhận xu hướng tổng thể mang lại nhiều cơ hội hơn rủi ro vì sản lượng dự kiến có thể đạt hàng chục nghìn đơn vị mỗi năm.
• Doanh thu vẫn tập trung theo khu vực địa lý ở Bắc Mỹ, trong khi một khách hàng Mỹ chiếm khoảng 13% doanh thu 12 tháng gần nhất.

Điểm nhấn phiên Hỏi & Đáp với chuyên gia phân tích

Ban lãnh đạo cho biết một Design Win thông thường sẽ bắt đầu tạo ra doanh thu sau khoảng 6 tháng và đạt đến giai đoạn tăng tốc quy mô (ramp-up) sau khoảng 12 tháng. Doanh thu sau đó nhìn chung duy trì gần mức vận hành ổn định (run rate) đã thiết lập. Tăng trưởng mạnh mẽ ghi nhận trong năm 2026 chủ yếu phản ánh các Design Win đạt được từ năm 2025 hoặc sớm hơn, thay vì các hợp đồng giành được trong nửa đầu năm 2026.

Các Design Win thường duy trì hiệu lực từ 3 đến 5 năm và đôi khi lâu hơn. Các khách hàng hiện hữu cũng thường xuyên quay lại để nâng cấp sản phẩm, chẳng hạn chuyển từ bo mạch kết nối mạng tốc độ thấp sang tốc độ cao hơn, tạo cơ hội cho các hợp đồng nối tiếp.

Về mảng suy luận AI, ban lãnh đạo làm rõ rằng việc sử dụng nguồn cung kép liên quan đến sản phẩm của một nhà cung cấp đối thủ thay vì thiết kế của Silicom được sản xuất bởi một công ty khác. Silicom tin rằng khả năng cung cấp cả giải pháp dựa trên FPGA lẫn các sản phẩm thương mại có sẵn (off-the-shelf) giúp công ty có vị thế tốt để đáp ứng các yêu cầu khác nhau về chi phí và hiệu năng.

Toàn văn biên bản cuộc họp báo cáo kết quả kinh doanh

Toàn văn cuộc gọi công bố kết quả kinh doanh

Phần trình bày của ban lãnh đạo

Operator

Ladies and gentlemen, thank you for standing by. Welcome to the Silicom Third Quarter 2026 Results Conference Call. [Operator Instructions] As a reminder, this conference is being recorded. You should have all received by now the company's press release. If you have not received it, please contact Silicom's Investor Relations team at EK Global Investor Relations at 1 (212) 378-8040 or view it in the News section of the company's website, www.silicom-usa.com. I would like now to hand over the call to Mr. Kenny Green of EK Global Investor Relations. Mr. Green, would you like to begin, please?

Kenny Green

Thank you, operator. I would like to welcome all of you to Silicom's Third Quarter 2026 Results Conference Call. Before we start, I would like to draw your attention to the following safe harbor statement. During this call, we may make forward-looking statements within the meaning of applicable securities laws. These statements may include, among other things, statements regarding the company's strategy, market opportunities, customer demand, product development initiatives, industry trends, expected deployment of the company's products and solutions, financial outlook, revenue expectations, margins, operating expenses, profitability, and future growth opportunities.

These statements involve risks and uncertainties that could cause actual results to differ materially from those expressed or implied in such statements. These risks include, among others, those described in the company's press release issued earlier today and its filings with the U.S. Securities and Exchange Commission, including its annual report on Form 20-F. The company undertakes no obligation to update any forward-looking statements.

With us on the line today are Mr. Liron Eizenman, President and CEO; and Mr. Eran Gilad, CFO. Liron will begin with an overview of the results, followed by Eran, who will provide the analysis of the financials. We will then turn over the call to the question-and-answer session. And with that, I would now like to hand the call over to Liron. Liron, please go ahead.

Liron Eizenman

Thank you, Kenny, and good day, everyone. I'm very happy to share another truly outstanding set of results for the third quarter of 2026. Results that surpassed our guidance and that clearly show that our strategic plan and our business are performing significantly better than we planned. Very importantly, this quarter, we returned to profitability, well ahead of our plan.

As we look towards the end of 2026 and into 2027, I'm excited about Silicom's continued momentum, the clear visibility we have and the vast opportunities before us. The third quarter was a truly exceptional one for Silicom, showing a strong acceleration of the growth inflection that we have been talking about all year. Revenues for the third quarter came in at $26.7 million, up an outstanding 71% year-over-year and ahead of the $25 million to $26 million guidance range. Equally important, thanks to strong execution and the inherent leverage in our business model, we have returned to profitability with positive non-GAAP net income this quarter, well ahead of our initial expectation.

Our revenue growth is fundamentally volume-driven, fueled by higher unit shipments across our core portfolio and accelerating customer deployments. You can see the acceleration in our business clearly in the trajectory of our revenue growth over the past few quarters.

In Q4 2025, we reported 17% year-over-year growth, followed by 33% in Q1 this year, 59% in Q2, and now 71% in Q3. And our guidance for the fourth quarter points to continued very strong growth at a similar level of 66% year-over-year at the top of the range. Our business is now built on a highly predictable platform of recurring revenue based on years of Design Win momentum. As our recent Design Wins ramp up, they add to the base, and that is what is driving this sharp inflection in our business.

With this strong momentum, we are once again increasing our revenue guidance for the full year 2026 to a range of $96 million to $98 million. This follows an increase in our 2026 guidance last quarter and is another indication of how we are performing well ahead of our expectations. As I often discussed, the long-term growth and strength of our core business are best tracked via our Design Win momentum. The Design Wins we secure today drive our growth for years to come, which makes them one of the most important indicators of our future performance.

I want to discuss why our Design Win translate so powerfully into revenue growth. First, every new Design Win is additive to our existing base of business. This base of active Design Wins continues to generate a stable recurring stream of revenue and each new win adds further revenues on top of it. Second, many of the Design Wins we have secured in recent years are now in their strong growth phase, ramping up from initial orders towards full-scale deployment. It is the combination of those 2 effects, new wins adding to the base and recent wins ramping up, that's additive, that is driving the strong revenue growth you are seeing today, and that gives us great confidence in our continued growth ahead.

As you may remember, at the beginning of the year, I announced that for 2026 as a whole, we were targeting between 7 and 9 new Design Wins. I'm very pleased to report that we have secured 8 new Design Wins this year, already matching our total for the full year 2025. With 2 months of 2026 still to go, we have already exceeded the low end of our target range, and we are on track to meet or even exceed its upper end.

I want to spend a few moments discussing the 2 Design Wins that we secured during the third quarter. In July, an existing blue-chip customer awarded us a new Design Win for a custom high-speed server adapter, which we engineered to exact specification for a distinct use case within PC infrastructure. Having already integrated one of our off-the-shelf server adapters as well as FPGA Smart NIC, this customer came back to us for a fully custom product. This win is expected to grow our total business with this customer from approximately $3 million in 2026 to nearly $10 million next year.

More recently, in September, we secured a Design Win with a new customer, a Tier 1 cloud-based cybersecurity giant for a Silicom edge networking device with an integrated 5G wireless connectivity. After evaluating our solution for many months, the customer selected Silicom specifically for the strength of our integrated cellular connectivity, which proved to be a key differentiator in a highly competitive process. The customer has already placed an initial order with ramp-up expected to begin before the end of this year. At full ramp-up, we expect revenues from this Design Win to exceed $5 million annually for this device alone.

In parallel, we are evaluating additional higher-end edge devices with this customer, including a GPU-integrated edge device designed for edge AI use cases. Those wins are a good example of how our strategy works. We continue to grow our business by securing Design Wins with both new and existing customers, and each successful Design Win opens the door for further wins, often with satisfied customers coming back to us for additional products and additional use cases. Those types of wins reflect the long-term trusted supplier relationships we have cultivated over many years of operations with leading blue-chip customers. Importantly, together, we expect them to make a significant contribution to further growth in 2027 on top of the very significant growth we are already delivering in 2026.

Beyond the wins already secured, our pipeline of opportunities remains very broad and deep, spanning our entire product portfolio, Edge systems, Smart NICs and FPGA-based solutions as well as AI Inference, White Box Switches and Post-Quantum Cryptography across both new and existing customers. We expect this pipeline to continue converting into Design Wins, laying the ground for sustained strong growth well beyond this year.

Turning to our outlook for the fourth quarter. Based on the predictable recurring revenues from our Design Wins platform, we expect revenues in the range of $27 million to $28 million, representing 66% year-over-year growth at the upper end of the guidance. For the full year, we have raised our revenue guidance to a range of $96 million to $98 million, representing 57% year-over-year growth. This is the second time this year that we have raised our full year guidance, which stood at $82 million to $83 million just 6 months ago.

I also want to emphasize a particularly important milestone. Last quarter, we told you that we expected to return to quarterly non-GAAP profitability during the second half of the year. We have already achieved this in the third quarter, driven by our strong execution and the significant inherent leverage in our business model and with the strong growth we expect in the fourth quarter, we expect to build significantly on this profitability in the coming quarter. This is an important turning point for Silicom, and it shows the earnings power that our growing revenues are starting to unlock.

Let me now turn to the AI Inference market, where we continue to see tangible and significant potential. The AI networking and interconnect market is highly dynamic, requiring rapid architectural changes. This plays directly to our core strength of quickly tailoring sophisticated solutions. As a direct result of those fast-moving dynamics, our pipeline is highly active. We are in final discussions with new customer with a new customer about the major evolving use case, and we expect to reach an agreement very soon. Conversely, another prospect recently suspended the project to change their strategic direction. We have a strong track record of thriving in exactly this kind of fluid environment. To secure their supply chain, inference players are increasingly adopting dual-source strategies. Because those customers anticipate needing very high product quantities in the range of tens of thousands annually, they believe they will have sufficient volume to support both sources. This shift represents a strong long-term net positive for Silicom, opening up far more opportunities than risks.

While one of our current customers now has a dual-source option, this broader trend is already driving new pipeline growth, including at least one new prospect currently evaluating us for their dual-source plans. We are uniquely equipped to capture those expanding opportunities. Our ability to deliver both FPGA-based and COTS-based solutions ensures that we can provide the most cost-effective high-performance architectures to ASIC inference companies as they scale. Ultimately, the behavior of decision-making and extended time frames in the AI Inference space closely mirror those of our traditional markets. Success in this environment requires patience and a readiness to provide consistent long-term support through very long product introductions, initial deployments, and ramp-up periods. We are fully prepared to navigate those extended cycles, having executed exactly this playbook across similar markets for more than 30 years.

Finally, this brings me to our continued balance sheet strength, which provides us with the flexibility to invest in our growth while maintaining a conservative financial profile. At the end of September, our working capital and marketable securities totaled $107 million, representing approximately $18 per share, of which $45 million in cash, cash equivalents and highly rated marketable securities with no debt.

In summary, this was another excellent quarter. It reinforces our confidence in the strength of our target market, the effectiveness of our execution and the soundness of our strategic plan, and it is a very exciting time for Silicom. Our business delivered 71% year-over-year revenue growth in the third quarter, ahead of our guidance, and we have returned to non-GAAP profitability well ahead of our original time line.

Our Design Win engine is firing on all cylinders with 8 Design Wins already secured this year, and we have once again raised our full year revenue guidance to $96 million to $98 million, representing 57% year-over-year growth. Most importantly, the strong base of design wins we have built together with our very broad pipeline of opportunities position us -- position our business very well for continued growth in 2027 and beyond.

Taken together, those achievements clearly show that we have passed an inflection point. Customer demand is stronger and our broad momentum continues to build. With accelerating revenues and our return to profitability, we expect to close 2026 on a high note, carrying this exceptional momentum into a highly promising 2027. We look forward to delivering continued strong growth and returns to our shareholders in the quarters ahead and over the long term.

With that, I will now hand the call over to Eran for a detailed review of the quarter results. Eran, please go ahead.

Eran Gilad

Thank you, Liron, and good day to everyone. I will review the financial results and business performance for the third quarter of 2026. Before beginning the financial overview, I would like to remind you that unless otherwise indicated, all financial results are non-GAAP. A full reconciliation of our results on a GAAP to non-GAAP basis is available in the press release issued earlier today.

We are very happy with our revenues for the third quarter of 2026, which were $26.7 million, 71% above the $15.6 million reported in the third quarter of last year. The geographical revenue breakdown over the last 12 months was as follows: North America, 78%; Europe and Israel, 11%; Far East and the rest of the world, 11%. During the last 12 months, we have one 10% U.S. customer, which accounted for about 13% of our revenue.

Gross profit for the third quarter of 2026 grew 63% to $8.1 million compared to a gross profit of $5 million in the third quarter of 2025. Our gross margin of 30.3% in the quarter is comfortably within our expected short to midterm gross margin range of 27% to 32%. Operating expenses in the third quarter of 2026 were $8.1 million compared with $7.4 million reported in the third quarter of 2025. I highlight that this is an increase of only 9% year-over-year compared with 71% revenue growth, a clear demonstration of the operating leverage inherent within our business model.

Operating income for the third quarter of 2026 turned positive just above breakeven at $20,000, a significant improvement from the operating loss of $2.4 million reported in the third quarter of 2025. Net income for the quarter was $0.3 million compared with a net loss of $2.1 million in the third quarter of 2025. We are delighted to have returned to quarterly non-GAAP profitability in the third quarter, well ahead of our initial expectations.

Earnings per share in the quarter were $0.04 compared with a loss per share of $0.36 in the third quarter of last year. Now turning to the balance sheet. As Liron mentioned, as of September 30, 2026, our working capital and marketable securities amounted to $107 million including $73 million in high-quality inventory and $45 million in cash, cash equivalents and highly rated marketable securities with no debt.

That ends my summary. I would like to hand back to the operator for a question-and-answer session.

Operator

[Operator Instructions] The first question is from Ryan Koontz of Needham & Company.

Phần hỏi đáp

Ryan Koontz

Great quarter, guys. Really great quarter. A few questions, if I could, please. Just can you start with reminding us what the revenue ramp? I know there's different scales of different design wins, obviously. But can you remind us of the timing of revenue ramps typically from the time that you announce a win? Are we talking 2 quarters to start small and maybe gets material in 3, 4 quarters? If you could just comment on that, just to reset the expectations here on these Design Wins, that would be really helpful.

Liron Eizenman

Yes. I mean, obviously, it differs from one Design Win to another. But usually, it's going to be in the range of 6 months. We start seeing the revenues coming in 12 months, we see the ramp-up. And then usually from that point on, it's basically continuing at the sort of run rate.

Ryan Koontz

Really helpful. So this really exemplary growth you're delivering here in the second half with a really strong acceleration exceeding 50%. These are design wins, I assume then the primarily contributors here are design wins you secured in the second half of '25. Is that a good way to think about it?

Liron Eizenman

Before, yes. But it's definitely not the Design Wins we secured in the first half of this year, those will be mainly contributing for the years to come. So everything we're seeing right now already in the growth in the revenue numbers are Design Win we achieved either in 2025 or some of them even earlier than that.

Ryan Koontz

Yes. Great. Great to hear that. And then I know you've talked in the past about this inference Design Win and the potential for this to -- any updates for us there? I know investors are keenly interested in that opportunity, but can you share any updates on your view of the opportunity and timing?

Liron Eizenman

Yes. We continue to be very excited about this opportunity, obviously, and we're seeing good momentum with this customer. And I definitely hope we will have some updates for you soon. Right now, it's still moving forward good. As we published, we got the first production order. We're working on delivering it and also working on trying to secure additional orders.

Ryan Koontz

Got it. Super. And if you could clarify -- your microphone is a little fuzzy. It's a little bit hard to hear you on this call, to be honest. But you had the comments about dual source. This is from an existing design win you have that's going to dual source? Or can you clarify your comments there?

Liron Eizenman

Absolutely. So the comment was general not about the specific Design Win or a specific customer. It's about the industry. So as those AI inference players are advancing and becoming more mature, they understand that they need a dual source strategy. And this is something we're very familiar in the market for many, many years. So we're starting to see more and more of that. That obviously the 2 ends. One side is good because it opens up more customers that today are maybe not working with us, maybe working with someone else, and suddenly they come to us, and we have such a case actually right now where we are entering, I would say, very last discussions with the customer about becoming their dual source.

And on the other side, yes, it may also be a situation where we are working with someone and that someone will have a dual source strategy. But the good news is the quantities are very, very high. That's what we hear from all those guys. It's in the tens of thousands per year. So even with a dual source strategy, the volumes that we can get even for one customer could be very big.

Ryan Koontz

Sure. That's really helpful. And these designs, this is -- obviously, this is a different sourcing strategy, different manufacturers, but this is also from a different design vendor making a different product that does serve the same requirements as yours? Or is it your design being manufactured by different manufacturers?

Liron Eizenman

It would not be our design manufactured by someone else. It will be a competitive solution from someone else. But if I think about it as a whole, I think for us, it's -- I mean, less risk and certainly more opportunity for us to sum it up in my view.

Ryan Koontz

Got it. That's really helpful. And any help for us on how we should think about the growth opportunity here in '27? I mean do you think this momentum you're seeing in the second half, can we safely say you expect that to carry forward to calendar '27?

Liron Eizenman

I'm personally very excited about '27. There's no numbers I can share right now. But in general, we believe we will continue to grow, and we believe we have a good momentum both on Design Wins that should ramp up and both on new stuff that we're still doing this year and planning to see the impact of that next year. So very, very excited. We'll continue seeing the growth, I believe. But the exact number is too early for me to provide.

Ryan Koontz

Fair. Maybe one last one if I could squeeze it in. Just if you think about your, we'll call it, legacy business from Design Wins before 2024, for example, Design Wins '23 and before, do you have any idea of that -- the stabilization of that business? I mean is it in modest decline? Is it essentially flat now? Or can you help us with your long-established business with the trajectory of that even here in the second half of '26, what is the mix of kind of old versus new Design Win in terms of growth?

Liron Eizenman

So usually, when we have a Design Win, usually it will stay at least for 3 to 5 years, sometimes even more than that. So even Design Wins that we achieved in '24, '23, very likely they will stay with us this year and next year, maybe also in '28. But a lot of times, it's a Design Win after Design Win. So as I mentioned before, if a Design Win with another customer get the same customer later on. So if they bought from us, for example, you mentioned legacy, I wouldn't call it legacy, I would say our core business, for example, one of our network adapters. And now they are going to do a refresh next year, they will probably come to us and they will say, okay, we had lower-speed adapter 3 years ago, now we want to go to a higher speed you guys have, that would be like the automated process for them. And then we will just do a new refresh, new Design Win with those guys and that happens a lot. So even those Design Wins that are running for 3, 4 years, more than that, when they do a refresh, they come to us.

Ryan Koontz

Congrats on a great quarter.

Operator

There are no further questions at this time. Before I ask Mr. Eizenman to go ahead with his closing statement, I would like to remind participants that a replay of this call will be available by tomorrow on Silicom's website, www.silicom-usa.com. Mr. Eizenman, would you like to make your concluding statement?

Liron Eizenman

Thank you, operator. Thank you, everybody, for joining the call and for your interest in Silicom. We look forward to hosting you on our next call in 3 months. Good day.

Operator

Thank you. This concludes Silicom's Third Quarter 2026 Results Conference Call. Thank you for your participation. You may go ahead and disconnect.