Core Viewpoint - Semiconductor companies not strongly leveraged to datacenter and AI spending are facing tougher times, including Synaptics Incorporated, as growth in the IoT business is being offset by weaknesses in legacy mobile, automotive, and other sectors [1] Group 1: Company Performance - Synaptics Incorporated (SYNA) is experiencing challenges due to a decline in its legacy mobile and automotive segments, despite some growth in the IoT business [1] Group 2: Industry Trends - The semiconductor industry is currently under pressure, particularly for companies that do not have significant exposure to datacenter and AI-related spending [1]

Core Insights - Lantronix, Inc. (LTRX) has partnered with Trillium Engineering to provide NDAA/TAA-compliant Edge AI technology, enhancing its position in the growing drone market projected to reach $57.8 billion by 2030 [1][5] Company Developments - The collaboration emphasizes Lantronix's capability to deliver AI-powered edge computing solutions, creating recurring revenue opportunities in both defense and commercial sectors [2][5] - Trillium's imaging systems, powered by Lantronix's technology, support various applications including intelligence, surveillance, reconnaissance, and infrastructure inspection [2][4] - The partnership showcases the scalability of Lantronix's Edge AI platform for military and commercial drone applications, reinforcing its leadership in high-growth markets [3][5] Technology Highlights - A key differentiator is the Open-Q 5165RB System on Module, utilizing Qualcomm Dragonwing processors, which enables advanced AI capabilities such as real-time edge processing and adaptive object detection [4][9] - Lantronix's technology allows for precision targeting in GPS-denied environments and is designed for compact uncrewed systems [4] Financial Outlook - For Q2 of fiscal 2026, Lantronix expects revenue between $28 million and $32 million, with a midpoint of $30 million, and non-GAAP EPS projected between 2 cents and 4 cents [7][9] - The design win with Trillium is seen as a significant milestone in Lantronix's strategy for sustainable, high-margin growth through differentiated Edge AI solutions [5][6] Market Performance - LTRX has a Zacks Rank 2 (Buy) and its shares have increased by 91.3% over the past year, outperforming the Zacks Computer Networking industry's growth of 37.7% [8]

（来源：三维通信） "浙江省服务业领军企业" 是省内服务业领域的重要荣誉，既是对企业规模与效益的权威认证，也代表着企业在技术创新、数字化转型与国际竞争力方面 的行业标杆地位，是推动浙江现代服务业高质量发展的重要力量。 三维通信旗下子公司海卫通斩获该项殊荣，是政府与行业对其深耕海事服务领域多年的高度肯定。作为国内颇具影响力的海事卫星通信与智慧信息化服务 商，公司始终聚焦全球海上通信与数字化需求，构建覆盖全球的海上通信网络与数字化服务体系。其创新打造的海事AI智能工作平台——海基平台，融 合前瞻性 6G、AI、IoT、混合云及边缘计算技术，为船东、船员和海事企业提供全场景智能解决方案，助力航运运营实现安全提升与效率优化。 "浙江省服务业领军企业" 是省内服务业领域的重要荣誉，既是对企业规模与效益的权威认证，也代表着企业在技术创新、数字化转型与国际竞争力方面 的行业标杆地位，是推动浙江现代服务业高质量发展的重要力量。 三维通信旗下子公司海卫通斩获该项殊荣，是政府与行业对其深耕海事服务领域多年的高度肯定。作为国内颇具影响力的海事卫星通信与智慧信息化服务 商，公司始终聚焦全球海上通信与数字化需求，构建覆盖全球的海上通信 ...

As filed with the United States Securities and Exchange Commission on December 10, 2025. Registration No. 333-291889 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 AMENDMENT NO. 1 TO FORM S-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 Actelis Networks, Inc. (Exact Name of Registrant as Specified in Its Charter) Delaware 3669 52-2160309 (State or Other Jurisdiction of Incorporation or Organization) (Primary Standard Industrial Classification Code Number) (I.R.S. Employer ...

Company Overview - Celestica Inc. is a Canadian electronics manufacturing services (EMS) leader, providing end-to-end design, manufacturing, and supply chain solutions for OEMs across various sectors including aerospace, defense, healthtech, industrial, communications, and enterprise markets [2] - The company operates through two primary segments: Advanced Technology Solutions (ATS) and Connectivity & Cloud Solutions (CCS) [2] Financial Performance - In 2024, Celestica achieved $9.6 billion in revenue, with CCS driving 30% growth to $6.5 billion, while ATS contributed $3.1 billion with 5–6% growth [3] - The company maintains steady margins, with a gross margin of 10.72%, operating margin of 4.8%, and net income margin of 4.44% [3] - Celestica generated strong free cash flow of $303 million and has a return on equity of 22.5% [3] Industry Trends - Key industry trends such as digital transformation, cloud computing expansion, IoT proliferation, advancements in AI, 5G, and robotics, as well as reshoring and supply chain resilience align with Celestica's strengths [4] - The company's global footprint and diversified capabilities position it well to capitalize on these trends [4] Investment Case - Despite potential headwinds from cyclical demand, pricing pressures, and geopolitical uncertainties, Celestica's robust fundamentals and diversified portfolio create a compelling investment case [5] - The company is seen as a critical player in the EMS sector, offering steady growth, solid cash generation, and strategic exposure to the evolving electronics landscape [5] - The bullish thesis on Celestica emphasizes segment-level performance and exposure to high-growth markets [6]

Core Thesis - Amkor Technology, Inc. is positioned as a key player in the semiconductor industry, focusing on outsourced semiconductor assembly and test (OSAT) services, with a strong emphasis on advanced chip packaging and testing solutions critical for high-performance computing, AI, and next-generation mobile devices [2][3] Company Overview - As of December 1st, Amkor's share price was $37.74, with trailing and forward P/E ratios of 30.44 and 22.83 respectively [1] - The company has a significant customer concentration, with Apple accounting for approximately 30-40% of its revenue [3] Market Position and Growth Drivers - Amkor serves four primary end markets: communications, computing, automotive & industrial, and consumer, with smartphones and tablets making up over half of total sales [3] - Structural growth drivers such as AI, IoT, and electric vehicle (EV) adoption are accelerating demand, particularly for silicon carbide (SiC) packaging, where Amkor holds a competitive edge due to its technical expertise [3] Strategic Initiatives - The centerpiece of Amkor's growth strategy is a new $2 billion advanced packaging and test facility in Arizona, the first of its kind in the U.S., supported by major partners like Apple, NVIDIA, TSMC, and the CHIPS for America initiative [4] - This facility is expected to enhance Amkor's role as a strategic national asset, benefiting from both public and private backing [4] Financial Outlook - Although free cash flow is expected to be constrained by high capital expenditures through 2027, long-term margins and returns are anticipated to improve once the new facility ramps up [5] - The company's valuation is approximately 6.5x NTM EV/EBITDA, and it maintains a net cash balance sheet, providing downside protection [5] Risks and Opportunities - Execution risks related to the Arizona facility's buildout and customer concentration are present, but the company benefits from structural tailwinds, government support, and established partnerships, indicating significant multiyear upside potential [5]

Summary of Semtech Conference Call Company Overview - **Company**: Semtech - **Key Executives**: Hong Hou (CEO), Mark Lin (CFO) Industry Insights - **Industry Focus**: Data Center, IoT (LoRa), Optical Transceivers Key Points Financial Performance - Semtech reported a **Q3 revenue growth** of **8%** sequentially in the data center segment, with projections for **10% growth** in Q4 [3][24] - The company anticipates a significant ramp in **800G optical transceivers**, projecting **50 million units** for 2026, up from **30 million units** in 2025 [24] Product Developments - **ACC (Active Copper Cable)**: - Chosen for its **90% power savings** and negligible latency compared to AEC [4][8] - Expected to penetrate other hyperscalers' markets due to its leadership position [6] - **LPO (Low Power Optical)**: - Positioned as a more plug-and-play solution, with gradual adoption expected [12][16] - Anticipated to cannibalize DSP-based solutions, with projections of **25%-30%** of the mix being LPO-based in the future [17] - The opportunity for LPO is seen as maturing for **800G**, while **1.6T** is still developing due to signal integrity issues [20][21] Market Trends - The **LoRa** segment is experiencing growth, with Q3 revenues exceeding **$40 million** and a **CAGR of 15%-20%** [26][27] - LoRa is expanding into new verticals, including commercial drones and smart buildings, due to increased bandwidth capabilities [37] Strategic Initiatives - Semtech is focusing on divesting non-core assets to improve gross margins, targeting **60% gross margins** post-divestiture [34][41] - The acquisition of **ForceSense** technology is expected to enhance Semtech's sensing capabilities and broaden its customer base [28][30] Challenges and Opportunities - The company faces challenges in the Chinese market due to GPU availability limitations, but still sees sequential growth [42][43] - Semtech aims to fill capability gaps in its transceiver content, particularly in optics, to enhance its competitive position [44][45] Future Outlook - The company is optimistic about its growth trajectory, particularly in the data center and IoT segments, and is committed to increasing R&D investments to capture future opportunities [45][46]

Ambarella Conference Call Summary Company Overview - **Company**: Ambarella Inc. (NasdaqGS: AMBA) - **Industry**: Edge AI and IoT technology, with a focus on automotive and portable video markets Key Points Business Transformation and Market Focus - Ambarella has transformed its business model, with IoT now driving the majority of revenue, surpassing the automotive sector [3][4] - The company identifies itself as an edge AI company, which includes automotive applications, emphasizing that autonomous driving is a significant edge AI market [3][4] - The addressable market for automotive is projected to be around 50% of potential revenue by 2030, indicating a balanced focus on both IoT and automotive sectors [5] Product Development and Platform Advantage - Ambarella has developed a common hardware and software platform for both IoT and automotive applications, allowing for efficient product development across various sectors [6][7] - The company has shipped over 36 million SoCs, establishing a significant install base that enhances its competitive position [6] - The platform's durability is emphasized despite competition from larger players like NVIDIA, which dominate the cloud and data center markets [8][9] Growth Drivers in Portable Video - Portable video is identified as a major growth driver, with applications extending beyond action cameras and drones to include wearable cameras and video conferencing [10][11] - The introduction of AI technology is expected to enhance product offerings in the portable video category, leading to further innovation [11] Market Dynamics and Competition - The drone market is estimated at approximately 10 million units, with a significant opportunity arising from the U.S. government's ban on DJI drones, creating a market gap for competitors [14][15] - Ambarella faces competition from major players like Mobileye, Qualcomm, and NVIDIA, but believes it has a competitive edge in power efficiency and software licensing models [20] Automotive Sector Insights - The company continues to invest in the CV3 family for advanced driver-assistance systems (ADAS), but faces challenges in securing OEM contracts due to competition and software solution delays [17][18] - The potential lifetime value of winning an OEM contract is significant, with estimates around $700-$800 million [21] Financial Performance and Strategy - Ambarella has seen growth in enterprise security revenue despite a declining percentage of total revenue, with a focus on non-Chinese markets [23] - The average selling price (ASP) of AI chips has increased from $6 to $16 over six years, with expectations for continued growth as new generations of chips are introduced [24][26] - The company maintains a long-term gross margin target of 59%-62% while balancing R&D investments and operating expenses [31][32] M&A and Future Outlook - Ambarella is open to M&A opportunities, particularly in algorithm and software sectors, to enhance its market offerings [34] - The company aims to maintain independence while recognizing the potential for faster growth under a larger platform that could invest in its technology [37] Additional Insights - The company has successfully generated positive operating cash flow for 16 consecutive years, indicating financial stability [33] - Ambarella's strategy includes leveraging existing technology across multiple applications to minimize R&D costs and maximize revenue potential [12][13]

Core Technologies & Applications - Focus on linking tokenized Real World Assets (RWAs) [1] - Emphasis on decentralized identity solutions [1] - Integration with Layer 2 scaling solutions [1] - Exploration of cross-chain interoperability [1] - Utilization of Zero-Knowledge Proofs for enhanced privacy [1] Decentralized Finance (DeFi) & Emerging Trends - Connection to DeFi protocols and derivatives markets [1] - Involvement with Decentralized Insurance [2] - Engagement with prediction markets [1] - Exploration of BTCFi [3] Enterprise & Infrastructure - Integration with existing systems [1] - Focus on enterprise systems [2] - Connection to IoT [3]

Summary of Shenzhen Inovance Technology Co. (300124.SZ) Conference Call Company Overview - **Company**: Shenzhen Inovance Technology Co. - **Stock Code**: 300124.SZ - **Industry**: Industrial Automation Key Points Order Growth - Inovance reported a year-over-year (yoy) growth in industrial automation (IA) segment orders of over 20% in November 2025, compared to over 10% in October 2025, indicating a strong upward trend [1][7] - Month-over-month (mom) growth is estimated at approximately 19% for November 2025, compared to around 10% in November 2024 [1] Market Segments Driving Growth - The growth in orders is attributed to strong performance in various end-markets, including: - Port and logistics equipment - Smartphones - Consumer electronics - Lithium batteries - Semiconductors - Automotive equipment - Air compressors [1] Management Guidance - Management expects the IA segment growth to maintain around 20% yoy into the fourth quarter of 2025 and into 2026, with Goldman Sachs estimates of 19% and 17% growth for 2025 and 2026, respectively [1] Competitive Landscape - The company noted that competition in terms of pricing is less intense than the previous year, allowing it to anticipate outperforming the industry trend by 10-20 percentage points [2] Comparison with Peers - Haitian International (1882.HK) reported flat overall orders yoy in November, with a low single-digit percentage increase in domestic orders offset by a decrease in overseas orders, indicating a weaker performance compared to Inovance [3][9] Investment Thesis - Inovance is viewed as a domestic leader in industrial automation with several growth opportunities: - Strong market position in key products like inverters and servos, which are ranked No.1 in China - Potential for market share gains in programmable logic controllers (PLC) - Growth in electric vehicle (EV) components - Development in digitalization and IoT solutions [16][18] Valuation and Price Target - The 12-month price target is set at Rmb82.10, based on a 35x P/E ratio for 2026 estimates, indicating a potential upside of 16.2% from the current price of Rmb70.66 [20] Risks - Key risks include: - Slower-than-expected market share gains in industrial automation - Weaker-than-expected margin trends - Delays in the ramp-up of the EV component segment - General slowdown in manufacturing capital expenditure and automation demand [19] Financial Metrics - Projected revenue growth: - 2025: Rmb45,493.4 million - 2026: Rmb52,707.1 million - 2027: Rmb57,461.2 million [20] Conclusion - Inovance's strong order growth, competitive positioning, and growth potential in various markets make it an attractive investment opportunity, despite the risks associated with market dynamics and competition [18][19]