Silicom (SILC) 2026年第三季度业绩电话会议：营收大增71%，上调业绩指引

核心要点

• 2026年第三季度营收同比增长71%至2670万美元，超出管理层2500万至2600万美元的指引区间。
• Silicom提前实现了季度Non-GAAP盈利。净利润为30万美元（即每股0.04美元），而上年同期为亏损210万美元。
• 毛利润增长63%至810万美元。尽管营收增长71%，但运营支出仅增长9%，展现出经营杠杆效应。
• 管理层将2026全年营收指引从六个月前的8200万至8300万美元上调至9600万至9800万美元。预计第四季度营收为2700万至2800万美元。
• Silicom在2026年前十个月获得了八项设计胜出（Design Wins），追平了2025全年的总数，并达到了原本2026年七至九项目标指引的下限。
• 管理层预计，近期获得的设计胜出以及涵盖边缘系统、智能网卡（Smart NIC）、FPGA解决方案、AI推理、白盒交换机和后量子密码学（Post-Quantum Cryptography）的丰富业务管线，将支持2027年及未来的持续增长。

关键财务数据

除非另有说明，公司展示的财务业绩均按Non-GAAP准则编制。

截至2026年9月30日，营运资金和可交易证券总计1.07亿美元，约合每股18美元。Silicom持有4500万美元的现金、现金等价物及高评级可交易证券，且无债务。优质库存总计7300万美元。

在过去12个月中，北美地区贡献了78%的营收，欧洲和以色列占11%，远东及其他市场贡献了11%。一家美国客户约占营收的13%。

业务与运营表现

管理层将营收增长主要归因于Silicom核心产品组合出货量的增加以及客户部署的加速。营收同比增长率从2025年第四季度的17%提升至2026年第一季度的33%、第二季度的59%以及第三季度的71%。

Silicom在第三季度获得了两项设计胜出。此前已采用现成服务器适配器和FPGA智能网卡的一家现有蓝筹客户，此次选择了定制的高速服务器适配器。管理层预计来自该客户的总营收将从2026年的约300万美元增加到2027年的近1000万美元。

一家新开拓的一线（Tier 1）云网络安全客户选中了集成5G连接功能的Silicom边缘网络设备。该客户已下达首批订单，预计将在2026年底前开始量产爬坡。管理层预计完全量产后该设备带来的年营收将超过500万美元。Silicom还在与该客户评估更高端的边缘设备，包括用于边缘AI场景的集成GPU产品。

在AI推理领域，Silicom正在向一家现有客户交付首批生产订单，并争取追加订单。公司还在与另一家潜在客户就双重供货（dual-source）机会进行后期谈判。

管理层业绩指引

这是Silicom在2026年第二次上调全年业绩指引。管理层还预计第四季度的增长将在第三季度盈利能力的基础上显著提升，但未提供具体的盈利目标。

管理层对2027年的增长保持乐观，但未发布具体数值指引。预期驱动因素包括进入部署阶段的设计胜出、2026年获得的更多胜出项目，以及公司潜在机会管线的进一步转化。

风险与关注点

• AI推理采购决策和产品引入可能涉及较长的周期、初始部署期以及漫长的量产爬坡过程。
• 一家AI推理潜在客户近期因调整战略方向而暂停了其项目。
• 双重供货策略创造了额外机会，但也在现有客户处引入了竞争方案。管理层认为整体趋势利大于弊，因为预期年出货量可达数万台。
• 营收在地理分布上仍集中在北美地区，同时一家美国客户约占过去12个月营收的13%。

分析师问答集锦

管理层表示，典型的设计胜出项目在约6个月后开始产生营收，并在约12个月时进入量产爬坡阶段。随后营收通常会保持在已建立的运行速率附近。2026年录得的强劲增长，主要反映的是2025年或更早前获得的设计胜出，而非2026年上半年获得的项目。

设计胜出项目通常可持续3至5年，有时甚至更长。现有客户也经常会寻求产品升级（例如从低速网络适配器升级至高速网络适配器），从而带来后续中标的接续机会。

在AI推理方面，管理层澄清称，双重供货涉及的是竞争对手供应商的产品，而非Silicom的设计被另一家公司代工。Silicom认为，其既能提供基于FPGA的解决方案，又能提供商用现成（COTS）解决方案的能力，使其能够满足不同的成本和性能需求。

业绩电话会议完整文字记录

完整财报电话会议逐字稿

管理层陈述

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.

分析师问答

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.