超潔淨科技 (UCTT) 2026 年第三季法說會：營收創新高與產能擴充

超潔淨科技 (Ultra Clean Technologies, UCTT) 隨著支援全環繞柵極 (GAA) 與高頻寬記憶體 (HBM) 的蝕刻與沉積系統需求加速，公佈 2026 財年第三季營收創下歷史新高。管理層亦上調其產能規劃，同時指出零組件供應持續受限以及營運資金需求增加。

重點提要

• 2026 財年第三季營收達到創紀錄的 7.59 億美元，季增 17.7%、年增 48.8%，超越公司財測指引的高標。
• Non-GAAP 毛利率季增 60 個基點至 17.3%，營業利益率由第二季的 7.0% 升至 9.0%。每股盈餘 (EPS) 季增 0.45 美元，達 1.15 美元。
• 產品營收季增 19.1% 至 6.819 億美元，主要受惠於支援全環繞柵極 (GAA) 與高頻寬記憶體 (HBM) 應用的蝕刻與沉積需求推升。
• 展望 2026 財年第四季，管理層預估營收介於 8 億至 8.6 億美元之間，以約 4,890 萬股稀釋股數計算，EPS 介於 1.11 至 1.35 美元之間。
• UCT 預計將在第一季達到約 40 億美元的產能規模，並擁有 15% 至 20% 的額外彈性產能。若要進一步擴充至 50 億美元以上，預計在 2027 年至 2028 年期間需再投入 8,000 萬至 1 億美元的投資。
• 根據客戶預測、晶圓廠產能利用率及關鍵零組件的供應狀況，管理層預期 2027 年晶圓廠設備支出將超過 2,000 億美元。

重要財務數據

管理層討論的所有財務結果均以 Non-GAAP 為基準。

業務與營運表現

半導體產品佔總營收的 86%，其中晶圓代工與邏輯佔 52%，記憶體佔 34%。服務貢獻 10%，非半導體市場則佔 4%。UCT 前兩大客戶貢獻了該季度營收的 61%。

產品成長主要由用於全環繞柵極 (GAA) 與高頻寬記憶體 (HBM) 生產的蝕刻與沉積系統所帶動。管理層表示，AI 相關投資正支撐先進晶圓代工、DRAM、下一代 HBM 及先進封裝的產能擴充。

服務業務受惠於 OEM 與晶圓廠客戶強勁的需求。管理層預計隨著美國新晶圓廠開始投產，服務營收將逐步增加，且隨著 2027 年至 2028 年晶圓投片量增加，貢獻將更顯著。

UCT 持續擴大其製造據點版圖。馬來西亞 2.6 萬平方英尺的無塵室擴建工程比預期更早上線。在未來幾個季度，公司預計將菲律賓宿霧的產能提升一倍，並在新加坡及捷克增加無塵室產能。此外，公司亦計劃明年將馬來西亞與泰國的垂直整合製造產能提升一倍。

公司在蝕刻、ALD（原子層沉積）、PVD（物理氣相沉積）與微影應用領域獲得了 8 項新開發計畫合約。另有數量相當的計畫正在蝕刻、沉積、微影與量測領域進行開發與驗證。管理層表示，隨著計畫在未來二至三年內進入量產，早期與客戶開展合作將有助於提高 UCT 在每台設備的零件價值、市佔率與毛利率。

管理層指引

展望 2026 財年第四季，UCT 預期：

• 營收介於 8 億至 8.6 億美元之間，取中位數計算代表季增 9.4%。
• EPS 介於 1.11 至 1.35 美元之間。
• 稀釋股數約為 4,890 萬股。

管理層持續認為在年營收達到 40 億美元時，毛利率有機會邁向 20%。主要驅動因素包括更高的產量與利用率、工程化產品比重提升、垂直整合度提高以及在低成本地區生產增多。公司警告，推進過程將是漸進式的，新產能階段可能會帶來暫時性的毛利率逆風。

UCT 預計將在第一季達到約 40 億美元的產能規模，並看好至 2027 年將有進一步優化的空間。若產能要突破 50 億美元，在 2027 年至 2028 年期間需追加約 8,000 萬至 1 億美元的投資。管理層表示，這些投資將根據客戶需求分階段進行，並與客戶的長期路線圖保持一致。

風險與關注焦點

• 隨著產業需求成長，供應鏈壓力依然高企。管理層預計質量流量控制器 (MFC) 的供應限制可能會再持續一至兩個季度。
• 由於 UCT 預先下單採購關鍵零組件並維持較高安全庫存，存貨季增 9,340 萬美元，導致營運現金流為負 4,230 萬美元。
• 受產品組合、整合時程、出貨流程、營收認列方式及會計年度不同影響，單季營收表現可能無法完全與 UCT 最大客戶的趨勢精確同步。
• 前兩大客戶佔營收比重達 61%，顯示客戶集中度較高。
• 產品毛利率可能隨產量、產品組合、生產地區、原材料成本及運費而波動。產能擴充亦可能對獲利能力造成暫時性壓力。
• UCT 在第三季透過按市價發行 (ATM) 計畫發行了 43.2 萬股，淨募集約 3,400 萬美元；並於第四季初另售出 220 萬股，淨募集 1.691 億美元，其中部分資金用於償還循環信貸額度。

分析師問答亮點

產能投資與客戶承諾：管理層表示，產能規劃是透過與主要客戶進行早期溝通來開展，包括共享預測與長期需求規劃。公司預計新增的產能將被主要客戶充分利用。

長期產業前景：管理層表示，透過與客戶的討論，2027 年晶圓廠設備支出超過 2,000 億美元的說法獲得了更堅實的支撐。對於 2028 年，公司指出能見度正在提高，但承認客戶尚未給出明確的產業支出數字。

供應鏈執行力：UCT 表示，第三季期間未曾延誤客戶所需的任何子系統出貨。公司將此歸功於維持領先預測需求一至兩個季度的產能部署、持有戰略性庫存以及提升供應鏈能見度。

共同創新機會：公司正利用其希爾斯伯勒（Hillsboro）卓越中心更早參與客戶的產品開發。管理層預計，成功的計畫在進入量產後將有助於提升市佔率並擴大毛利率。

檢測與量測：管理層表示，UCT 在光學檢測與量測領域看到了額外的子系統與工程機會，並指出這些領域與公司目前為主要晶圓廠設備客戶所支援的系統具有相似性。

法說會完整逐字稿

完整財報電話會議逐字稿

管理層陳述

Operator

Good afternoon, ladies and gentlemen, and welcome to Ultra Clean Technologies Third Quarter 2026 Earnings Call and Webcast. [Operator Instructions] This call is being recorded on Tuesday, October 27, 2026. I would now like to turn the conference over to Rhonda Bennetto, Investor Relations. Please go ahead.

Rhonda Bennetto

Thank you, operator. Good afternoon everyone, and thank you for joining us. With me today are James Xiao, CEO; and Mike Keogh, CFO. James with some prepared remarks about the industry and highlight some of the opportunities ahead for UCT. Mike will follow with the financial review, and then we'll open up the call for questions.

Today's call contains forward-looking statements that are subject to risks and uncertainties. For more information, please refer to the Risk Factors section in our SEC filings. All forward-looking statements are based on estimates, projections and assumptions as of today, and we assume no obligation to update them after this call. Discussion of our financial results will be presented on a non-GAAP basis. A reconciliation of GAAP to non-GAAP can be found in today's press release posted on our website.

And with that, I'd like to turn the call over to James. James, please go ahead.

James Xiao

Thank you, Rhonda, and good afternoon, everyone. We appreciate you joining us for our third quarter 2026 earnings call. With me today is Mike Keogh, who came on board as UCT's Chief Financial Officer in August. This is Mike's first earnings call with us and I will share a few more words about him shortly. This afternoon, I will briefly highlight our third quarter results, share our view of the industry and update you on our UCT 3.0 strategy. Mike will then review our financials and we'll open the call for questions.

I'm very pleased to report that UCT delivered another strong quarter. Revenue from both Products and Service came in ahead of our expectations. Our bottom line also outperformed, reflecting our continued focus on improving profitability. These results highlight healthy demand across our end markets and solid execution by our team around the world. This quarter also proved the effectiveness of our ramp readiness strategy by planning capacity ahead of demands. We execute on the operational agility required to accommodate excessive orders and deliver them on time.

AI demand continued to deliver strong investment across the semiconductor ecosystem. With the world's leading chip makers and equipment companies expanding capacity to support multiyear AI growth. As AI shift from training to everyday use, it is creating demand across the entire chip stack. Leading-edge foundries are adding capacity on new nodes. Memory makers are adding clear room space and fab capacity for DRAM and next-gen HVM. And once packaging is growing rapidly to fulfilled HVM demand.

These are the areas where UCT is the strongest. And as volume and complexity increase, our customers rely even more on our subsystems and engineering expertise. Based on the visibility our customers are sharing with us, we now expect 2027 wafer fab equipment spending to be above $200 billion. That outlook is grounded in what we can see and measure. The signs that influence our decision making, other lens of our customers' forecast, the fab utilization and the availability of critical components across the supply chain. Today, all 3 remain healthy for us.

As our business continues to scale, we are prepared to anticipate and manage the supply chain excursions. Because we've had support by real-time visibility from our internal systems and from our customers, we can identify potential constraints early and address them quickly. So our customers' ramp continue uninterrupted. In the tight supply environment, that reliability is one of the most valuable performance we continue to deliver to our customers.

Through our UCT 3.0 strategy, we're using the up cycle, not only to expand our capacity but to strengthen our technical capabilities and accelerate our response time. Ramp readiness is driving disciplined growth. NPX is deepening our co-innovation partnership with our customers and digital transformation is improving our operational efficiency and speed. Being ramp-ready is fundamental to our customer first mindset, ensuring we have the capacity and supply chain in place before our customers need them. The 26,000 square feet of clean room space expansion will build out in Malaysia came online earlier than anticipated, which help us to outperform this quarter. And over the next few quarters, we expect to double our Wellman capacity in Cebu, Philippines and to bring additional clean room capacity online in Singapore and the Czech Republic.

We also expect to double our vertical integrated manufacturing capacity in Malaysia and Thailand next year. This helped address the critical component constraints that are limiting the industry today. By producing more of these components in-house, we gain greater control over our supply, improve on-time delivery to our customers and position UCT to capture additional share during this ramp.

Our MPX initiative continued to make solid progress within our growing center of excellence. Recently, we secured 8 new program wins across etch, ALD, PVD, and lithography applications, spanning gas deliveries, thermal and other critical subsystems. A similar number of programs are now moving through development and qualification across etch, deposition, lithography and metrology. Coinnovating earlier with our customers strengthens our position to be qualified as the first supplier and to capture more high-value content per tool. We expect this program to gain momentum as our customers advance through their technology road map and no transactions in the coming years.

And our product road map are fully aligned with our customers. Digital transformation is helping us scale more efficiently. Our initiatives are focused on the processes, which we can make the most impact, starting with the road to fulfill the core of our value chain. We've also launched an integrated planning platform that links demand, supply, inventory and capacity in real time in the tight supply environment, keeping materials moving smoothly between our customers, UCT and our suppliers is critical.

And it is equally important that data has moved just as smoothly to enable the smooth material flow. This platform we launched automates that exchange. So when the customer demand changes, we can pass that signal quickly through our supply chain and respond with speed and agility. We believe UCT has become a more strategically important partner to the world's leading equipment companies in manufacturing, in engineering and in service. Our objective is unchanged: to move fast, stay agile and deliver what matters most to our customers, continuing to execute on those principles will create sustainable long-term value for our shareholders.

Before I hand the call over, I'd like to formally welcome Mike to UCT. He has already made a significant impact, working very closely with our leadership teams, operating discipline, footprint optimization, capacity planning and our digital transformation initiative. We're very glad to have him on the team.

Mike, now over to you for the financial review.

Michael Keogh

Thank you, James, and good afternoon, everyone. I'm pleased to join you from my first earnings call as UCT's Chief Financial Officer. I joined UCT because I see a compelling growth opportunity as the semiconductor industry enters what we believe are the early stages of a multiyear growth cycle. This is an exciting inflection point for our industry and UCT's deep technical capabilities and long-standing customer relationships position us well to support the demand we're seeing today and the opportunities ahead. My priorities will center on strengthening execution and disciplined capital allocation. That includes drive cash conversion and building the financial processes and capabilities to support UCT as we scale. With that, let me turn to our quarterly financial results.

In my prepared remarks, I will be referring to non-GAAP numbers only. As James mentioned, the third quarter marked another period of strong performance for UCT, with top and bottom line results above the high end of our guidance. Revenue was $759 million, a record quarter, up 17.7% sequentially and 48.8% year-over-year. Gross margin was 17.3% and up 60 basis points from last quarter and operating margin was 9.0%, up from 7.0% in Q2. EPS was $1.15 and up $0.45 over the prior quarter.

Semiconductor products represented 86% of total revenue, including 52% from foundry and logic and 34% for memory. Services represented 10% of revenue, while non-semiconductor markets accounted for the remaining 4%. Our 2 largest customers contributed 61% of total revenue. Products revenue was $681.9 million, up 19.1% sequentially. The increase in sales was driven primarily by strength in etch and deposition supporting gate all around and high-bandwidth memory, which positions us well for the current wave of node transitions as the industry ramps.

Services revenue was $77.1 million, up 6.7% sequentially on strength across both our OEM and fab customers. Services revenue growth traditionally lags Products as increases are tied to wafer starts. We expect Services revenue to increase incrementally over time as the new U.S. fabs come online in ramp, with a larger contribution as wafer starts to increase throughout 2027 and 2028.

Our revenue follows the same underlying demand as our largest customers, but not always quarter-to-quarter. Timing differences can be caused by product mix, where our content is integrated, shipping flows, revenue recognition and fiscal calendars. Historically, averaged as a group, we track in line with our customers and expect to perform in line with WFE growth.

Total gross margin was 17.3%. Products gross margin was 15.9%, up from 15.1% in Q2 and services margin was 30.1%, up from 28.9% in the prior quarter. The improvements were driven by increased volumes and stronger contributions this quarter from our higher-margin product lines. Margins can vary quarter-to-quarter with fluctuations in volume, mix, region, materials and freight.

We continue to see a path to our target of 20% gross margin at $4 billion of revenue, driven by higher volume and utilization, a growing mix of higher value engineered products, increased vertical integration and more production in lower cost regions. These gains will build steadily rather than in large steps, and capacity expansions may be a temporary headwind as each phase comes online.

Operating expense was $62.9 million or 8.3% of revenue compared to $62.5 million or 9.7% of revenue in Q2. Total operating margin was 9.0%, up 200 basis points over Q2. By segment, Products improved to 8.5% from 6.5%, and Services increased to 13.6% from 11.2% in the prior quarter. Our tax rate was 20.0% and EPS was $1.15 on 46.2 million diluted shares.

Operating cash flow was negative $42.3 million, reflecting demand acceleration and the working capital required to ensure timely delivery to our customers. Inventory was $723.3 million, up $93.4 million from prior quarter. During this up cycle, we have been building inventory, including preordering, critical components and maintaining elevated levels of safety stock to help mitigate potential supply chain disruptions and continue to meet or exceed customer delivery expectations.

Through our ATM equity program, we sold 432,000 shares in Q3 at an average price of $80.13, which resulted in approximately $34 million in net proceeds. In the first week of the fourth quarter, we sold an additional 2.2 million shares under the program at an average price of $78.45 and received another $169.1 million in net cash proceeds. We used a portion of these proceeds to pay off the outstanding balance on our revolving credit facility. Currently, we have $193 million remaining of the $400 million ATM program. We ended the quarter with $270.9 million in cash compared with $255.9 million last quarter.

Now let me turn to capacity because this is a very important driver of our growth plan. I'll cover where we are today. We'll come to next and how we manage the risk. During the quarter, we accelerated capacity expansion and now expect to be at approximately $4 billion of capacity in Q1 and see a path to additional capacity and increase utilization through further optimization of our current footprint through 2027.

In addition, we continue to have about 15% to 20% burst capacity to bridge us to our next phase of expansion. Growing to $5-plus billion will require additional capacity beyond our current footprint. We anticipate investing roughly $80 million to $100 million incrementally through 2027 and 2028 to support this expansion. We are in conversations with our customers to help identify strategic locations that align with their long-term road maps. Taken together, our current footprint supports the next phase of growth and we will add capacity for $5 billion and beyond in phases, pacing our investment to customer demand.

Now to our outlook. For the fourth quarter, we expect revenue of $800 million to $860 million, up 9.4% sequentially at the midpoint and expect EPS of $1.11 to $1.35 on approximately 48.9 million diluted shares. In summary, we delivered excellent results on solid execution. We have the capacity in place for our next phase of growth, and we will continue to execute on our UCT 3.0 strategy with the agility and discipline to cycle demands.

And with that, operator, please open the call for questions.

Operator

[Operator Instructions] And your first question comes from the line of Timothy Arcuri with UBS.

分析師問答

Timothy Arcuri

So James, you're expanding a lot obviously to support this ramp. And you're also investing lots of money, Mike, you talked about investing another $80 million to $100 million. I'm sure your customers will help you with that. But what sort of assurance is -- I mean, this is a lot of money that you're investing. And so how do you think that this -- on the other side of this, is there some way that you can be part of their preferred program that you ensure that you'll gain share through this? Is there something that you're getting in exchange for investing all this money? I mean, obviously, you want to help them, but is there some other thing you can do to make you even stickier with them and cause you to gain some share?

James Xiao

Great question, Tim. I think that you see that the whole industry is really looking for a long-term agreement, starting from our customers' customer. And so our customers also look at the supply chain resilience they mentioned in their earnings call. So with that, we actually have very open and constructive discussion with our key customers. And we really kind of try to engage with them early on so that the future forecast are shared and the future demands are really kind of openly discussed. And the future capacity we're going to add are going to be fully utilized by our key customers.

Timothy Arcuri

Yes. I guess just on that point, James. So if I -- Mike, it sounds like you're expanding to more than $5 billion worth of capacity. So that translates to like $330 billion WFE. And I mean, that's much higher than what people think '28 is going to be. So obviously, you must be getting signals from your customers to go out and spend this money, otherwise you wouldn't be doing that. So is that -- like is that an unreasonable sort of estimation of where WFE is going? And it sounds like that capacity is going to be in place to support '28. Is that right?

James Xiao

So just a small correction, Tim. So if you do really kind of proportionately reach our revenue to the WFE. So our $5 billion run rate is approximately to the $250 billion. So that's kind of well in line with even your own broadcast, right? So most of the analysts, I don't think any of the customers gave a clear WFE number beyond '27. But as you can see that most of the analysts gave $250 billion WFE in 2028, and we don't see a reason not to agree with that.

Operator

And your next question comes from the line of Charles Shi with Needham.

Yu Shi

Maybe the first question about the supply chain excursion. We heard your largest customer a week ago talk about the supply constraints holding them back a little bit. That did come across as a surprise, at least to me, that would have -- think supply chain excursion, like you said, it will happen, but maybe not to the degree this early. But where exactly you see are the potential supply chain excursions right now?

And specifically, there has been good amount of charters about mass flow controller, MSC shortage. And how are you navigating that? Just from your numbers, your reporting numbers this quarter and your guidance for next quarter, clearly, you don't look like the one holding to customers back, but I want to get your thoughts.

James Xiao

Thank you. I think that this is was broadly discussed in our industry at this moment. As I mentioned, Charles, before when you see the industry grow at more than 10% quarter-to-quarter growth rate, the supply chain will continue to face increasing pressure. So excursion will happen, and it did happen. I think as Mike mentioned, we actually really kind of proactively position ourselves by always having excessive capacity 1 to 2 quarters ahead of the demand forecast we see. And we also build stock to really kind of address the supply chain excursions.

So that operation agility and supply chain resilience help us to manage this excursion better. One thing I can tell you is that we do not miss a single module of subsystems that needed for our customers' quarter. And we also really kind of exceed our forecast by really handle the drop in demand that customers pushed to us during the last 2 quarters. So that should tell how well we manage this supply chain excursion, where we will continue to do so.

Yu Shi

Maybe a follow-up that actually still go back to the MFC shortage. James, any thoughts based on your discussion with the MFC suppliers well, given that you actually don't have an MFC business. So I kind of imagine that the compensation dialogue with the suppliers may be more candid. But what's the latest what you hear from them when they think the supply can be more in balance, more and more matching demand when the supply catches on to the very, very rapidly growing demand for MFC?

James Xiao

Yes. I think that the MFC constraints may continue for a quarter or 2. But we definitely see that in the end of the day, the industry will address that challenge collectively and closely communication with our customers and also with our suppliers will help us to smoothen that challenge and really the collaboration and the partnership matter the most at this moment.

Operator

And your next question comes from the line of Krish Sankar with TD Cowen.

Robert Mertens

This is Robert Mertens online on behalf of Krish. Congratulations on the strong quarter and guide. So my first question, you sort of have addressed just on the component shortage side, but maybe going along with that, if you could just expand a bit on what areas you're co-innovating with customers where you think the customized approach adds the most value. Sort of how do you weigh those opportunities against expanding your manufacturing capacity and flexibility? Being able to actually ship with the customers once -- one in addition to making sure that you have a long runway with the product road map?

James Xiao

Great question. I think that we definitely do both, right? So immediate need to really demonstrate our long-term partnership with our customers really fulfill they are a ramp request by really fast fulfill the demand that really kind of increased quarter-by-quarter right now, and we're doing well on that. So in terms of the NPI engagement with our customers, so we did launch the center of excellence on NPI in Hillsborough, leveraging our acquired company called GIS. So the engineering capability and the prototype manufacturing capabilities there give us a really very flexible capability to co-work with customers on their new product development.

And by utilizing that, as I mentioned in an announcement, we are able to really successfully engage on 8 NPI programs with customers, tried over different product lines at the customer side. What it does is really fully aligned with customers' future product road map. We'll see those products most likely get further on the next node NPI, the customer is going to commercialize in the next 2 to 3 years, and we'll have a meaningful margin expansion and share gain when we have that into the high-volume production mode.

At the same time, I think we also continue to engage with customers, getting into their design phase, so changing our integration mode from build to print to build to SAP. That will further improve our stickiness and technology collaboration with our customers and improve our share and margins.

Operator

And your next question comes from the line of [ Edward Young ] with Oppenheimer.

Unknown Analyst

My question is also on supply chain. And congrats on your execution there. Understanding that UCT is delivering on time, the delays in other suppliers' components prevent customers from completing systems? And would that ultimately affect you? Just want to better understand that.

Michael Keogh

Yes. Thanks for the question. Is your question related to our suppliers and whether they're going to any subsystems that may impact our ability to ship?

Unknown Analyst

No, I'm saying if there are competitors or others in the ecosystem that might have these excursions even if you're executing, are there -- when they're going into the NAND system, would that -- with the excursions elsewhere, could that affect UCT?

Michael Keogh

Yes. So right now, we're not seeing that. As James mentioned earlier, we did not -- we were not gated by anything last quarter. We didn't miss the shipment. There continues to be a lot of pressure in the supply chain, and we do have to look out for that. And we've been thoughtful about where that may come from with our -- as we're seeing increasing revenue, we have been buying ahead and ensure that we have our strategic supply map.

I think we have to continue to stay diligent for it. We're -- when we looked at our Q4. We've taken some of that into account, but where we think that risk may come from. But right now, I still feel like we're pretty well positioned for that and that's not going to play into our ability to ship.

Unknown Analyst

Okay. And my follow-up question is on your large debt customer recently announcing an expansion into optical inspection. Are you seeing any opportunities opening up for new subsystem or engineering opportunities for -- and are you engaged in supporting any of these new platforms?

James Xiao

Ed, as you know that we actually have all the major WFE customers as our existing customers. So we are familiar with the optical inspection systems and also the lithography systems. If you break down into the subsystem level, there are a lot of similarities. And so therefore, yes, we'll have new opportunity as we customer for the optical inspection and metrology.

Operator

And your next question comes from the line of Christian Schwab with Craig-Hallum.

Unknown Analyst

This is [ Ben Taxon ] on for Christian. A lot of my questions have been answered, but I got one last for you. And this call, very positive commentary in last call. This call almost maybe even seen as more positive compared to last call. So how -- I guess are you guys thinking about it like that as well in the environment going forward? And then kind of tie into that, specifically, what has the conversations been like with customers kind of over this last quarter and how have they evolved? And has it been extended out? I mean, you guys -- it seems like you have some capacity pull forward and such. So can you just articulate that a bit?

James Xiao

Yes. I think that the sentiment does not change that much. I think it's just that we execute pretty well. Maybe that makes a little bit different, right, in terms of the results and the outlook. On the customer side, I think that the -- you'll hear them saying that it's the 2027 is solid, above $200 billion. That's really more confirmed compared to a wider range a quarter ago. I think '27 is more solid. It's probably one thing we can say now.

And the second thing is that we start to hear from -- you can also hear from the earnings call that '28 is more or less booked as well. So you see different numbers. But what I see is really what the analyst community are selling out the $250 billion above. I don't hear any of the customer gave that number yet.

Unknown Analyst

So, yes, you're not hearing customers. But at '28 is coming to life a little bit more.

James Xiao

And also, I think that you also hear the news that there is a new factory announcement like CMC's Dallas fab and the tariff acts become more concrete.

Operator

Thank you. And I'm showing no further questions at this time. I would like to hand it back to James Xiao for closing remarks.

James Xiao

Well that concludes our Q3 '26 earnings call. Thank you all for joining us, and we'll see you all in the next quarter.

Operator

Thank you, presenters. And ladies and gentlemen, this concludes today's conference call. Thank you all for joining. You may now disconnect.