快辑半导体SRH FPGA测试芯片交付在即，2026年收入增长可期

Core Insights - The company disclosed significant progress during the Q3 FY2025 earnings call, including the completion of design file delivery for the SRH FPGA test chip, with physical delivery expected in early Q1 2026 and subsequent shipment of the SRH development kit [1] - There is strong demand for the SRH FPGA chip from the Defense Industrial Base (DIBs), with customer commitments already secured, and royalty revenue expected to contribute approximately 10% to total revenue in 2026 [1] Financial Performance - The company anticipates total revenue for 2026 to be significantly higher than in 2025, driven by the adoption of SRH FPGA devices in defense and aerospace sectors, as well as the expansion of the EFPGA hard IP licensing business [2] - A commercial contract valued at nearly $3 million, if awarded by the end of Q4 2025, may delay some revenue recognition to Q1 2026, potentially impacting short-term performance [2] Project Development - In 2026, the company plans to increase hiring for key engineering and marketing personnel, with quarterly operating expenses (OPEX) expected to be around $3.5 million, focusing on supporting customer delivery of test chips and product devices [3] - The company will continue to advance the chiplet concept validation project to attract new customers and accelerate the development of royalty revenue [3]