Silicom (SILC) 2026 年第三季法說會：營收大增 71%，上調財測指引

重點摘要

• 2026 年第三季營收年增 71% 至 2,670 萬美元，超越管理層預估的 2,500 萬至 2,600 萬美元指引區間。
• Silicom 比預期更早實現單季非 GAAP 獲利。淨利為 30 萬美元（即每股盈餘 0.04 美元），相較去年同期的淨虧損 210 萬美元實現轉虧為盈。
• 毛利成長 63% 至 810 萬美元。儘管營收成長 71%，營業費用僅增加 9%，展現出強勁的營運槓桿效應。
• 管理層將 2026 全年營收指引從半年前的 8,200 萬至 8,300 萬美元上調至 9,600 萬至 9,800 萬美元。第四季營收預估為 2,700 萬至 2,800 萬美元。
• Silicom 在 2026 年前十個月共取得 8 項 Design Win，已追平 2025 全年總數，並達到原本 2026 年目標（7 至 9 項）的低標。
• 管理層預期近期獲得的 Design Win，以及涵蓋邊緣系統、智慧網卡（Smart NIC）、FPGA 解決方案、AI 推論、白牌交換器和後量子加密的廣泛產品佈局，將支持 2027 年及未來的持續成長。

關鍵財務數據

除非另有說明，本公司列示之財務結果均採用非 GAAP 基準。

截至 2026 年 9 月 30 日，營運資金與有價證券總額為 1.07 億美元，折合每股約 18 美元。Silicom 擁有 4,500 萬美元的現金、現金等價物及高評級有價證券，且無負債。高品質庫存總額為 7,300 萬美元。

在近 12 個月中，北美地區貢獻了 78% 的營收，歐洲與以色列佔 11%，遠東及其他市場貢獻 11%。其中單一美國客戶佔營收比重約 13%。

業務與營運表現

管理層將營收成長主要歸因於 Silicom 核心產品組合的出貨量增加，以及客戶加速部署。營收年增率從 2025 年第四季的 17% 加速至 2026 年第一季的 33%、第二季的 59% 及第三季的 71%。

Silicom 在第三季取得 2 項 Design Win。某家現有藍籌股客戶在先前採用標準型伺服器網卡與 FPGA 智慧網卡後，進一步採用了客製化高速伺服器網卡。管理層預計來自該客戶的總營收將從 2026 年的約 300 萬美元增加至 2027 年的近 1,000 萬美元。

一家新的一線雲端資安客戶選用了整合 5G 連線功能的 Silicom 邊緣網路設備。該客戶已下首批訂單，預計於 2026 年底前開始放量。管理層預計完全放量後，該設備每年帶來的營收將超過 500 萬美元。Silicom 也正與該客戶評估更高階的邊緣設備，包括用於邊緣 AI 應用場景的 GPU 整合產品。

在 AI 推論方面，Silicom 正在交付現有客戶的首批量產訂單，並尋求追加訂單。公司同時也正與另一家潛在客戶就雙供應商合作機會進行後期洽談。

管理層財務預測

這是 Silicom 在 2026 年內第二次調升全年指引。管理層亦預計第四季成長將在第三季獲利的基礎上顯著突破，但未提供具體的盈餘目標。

管理層對 2027 年的成長持正面態度，但未發布具體數據指引。預期的成長驅動力包括已獲得的 Design Win 進入部署階段、2026 年取得的新專案，以及公司潛在業務管道的進一步轉化。

風險與關注焦點

• AI 推論採購決策與產品引進可能涉及較長的時間時程、初期部署階段以及漫長的時間爬坡週期。
• 一家 AI 推論潛在客戶最近因戰略方向改變而暫停了專案。
• 雙供應商策略創造了額外機會，但也為現有客戶引入了競品方案。管理層認為總體趨勢是機會大於風險，因為預期的年出貨量可達數萬台。
• 營收在地理區域上仍集中在北美，且單一美國客戶約佔近 12 個月營收的 13%。

分析師問答集錦

管理層表示，典型的 Design Win 大約在 6 個月後開始產生營收，並在大約 12 個月時進入量產放量階段。隨後營收通常會維持在已建立的常態營運規模附近。2026 年錄得的強勁成長，主要反映了 2025 年或更早獲得的新案，而非 2026 年上半年取得的成果。

Design Win 通常可維持 3 至 5 年的生命週期，有時甚至更長。現有客戶也經常回流進行產品升級，例如從低速網卡轉換為高速網卡，從而帶來後續續約獲選的機會。

在 AI 推論方面，管理層澄清，雙供應商模式是指引進競爭供應商的產品，而非將 Silicom 的設計交由另一家公司製造。Silicom 認為，其同時提供基於 FPGA 與商業現成（COTS）解決方案的能力，使其能夠滿足不同的成本與效能需求。

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

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.

分析師問答

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.