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- **Revenue Growth**: Q3 revenue of $463 million (+24% YoY), driven by data center computing (+113% YoY) and semiconductor stability.
- **Factory Expansion**: New Thailand factory poised to add $1+ billion in annual revenue, with Q4 2026 ramp for second-wave customers.
- **Margins**: Gross margin 39.1% (Q3), targeting 40%+ in near term; operating margin 16.8% (highest since 2022).
- **2026 Outlook**: Data center revenue to grow 25%-30%, semiconductor recovery in H2 2026, and I&M sequential growth.
- **Risk Management**: Tariff costs expected to rise in Q4, but factory consolidation and cost controls mitigate impact.

**【CEO Summary Section】**
- Q3 revenue of $463 million exceeded expectations, driven by a 24% year-over-year increase, with data center computing revenue more than doubling year-over-year.
- Highlighted the new Thailand factory's readiness to start production within months, with potential to generate over $1 billion in annual revenue.
- Emphasized strong execution in semiconductor and industrial markets, with Q3 semiconductor revenue flat year-over-year despite near-term market volatility.
- Projected 2025 total revenue growth of approximately 20%, with data center computing revenue expected to more than double in 2025.

**【CFO Financial Commentary】**
- Gross margin improved to 39.1%, driven by benefits from China factory closure and lower tariff costs.
- Operating margin reached 16.8%, the highest since 2022, with operating expenses flat sequentially at $103 million.
- Q4 2025 guidance: total revenue of $470 million (±$20 million), gross margin 39%-40%, and EPS of $1.75 (±$0.25).
- Full-year 2025 free cash flow up 124% year-over-year, with capital expenditures expected to remain elevated for data center capacity expansion.

**【Q&A Key Highlights】**
- **Data Center Growth**: CEO expects 25%-30% year-over-year growth in 2026, with new customer wins and factory ramping in late 2026.
- **Semiconductor Outlook**: Positive signals for 2026, with new product adoption in leading-edge logic and memory markets.
- **Thailand Factory**: Ready to start production within months, targeting second-wave customers with pre-developed technology blocks.
- **Margin Management**: CFO anticipates 40%+ gross margin in the near term, despite data center mix headwinds.
- **Tariff Mitigation**: Q3 tariff costs lower than expected, but Q4 impact expected to increase by 100 basis points.
- **Industrial & Medical Recovery**: Sequential revenue growth and inventory normalization, with design wins in aerospace, defense, and medical.
- **Acquisition Strategy**: Focus on industrial medical and high-growth semiconductor opportunities, with balance sheet flexibility for strategic deals.

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