Financial Data and Key Metrics Changes - Q3 revenue was $49.9 million, at the midpoint of guidance, with a gross profit margin of 18.6%, at the low end of guidance [7][18] - Total consolidated revenue from continuing operations was $45.9 million, down 13.3% year over year and down 3.5% sequentially [17] - Q3 adjusted operating loss was $7.4 million, compared to an adjusted operating loss of $2.9 million in Q3 2024 [20][21] Business Line Data and Key Metrics Changes - Revenue from power analytic solutions was $41.5 million, down 12.7% year over year [17] - Revenue from power IC was $4.4 million, down 18.9% year over year [18] - Communication segment revenue increased 34% sequentially and 95% year over year [8] Market Data and Key Metrics Changes - Pricing pressure on legacy products, especially in China, has intensified, leading to some business being walked away from [7][9] - Fab utilization rates are expected to decline again in Q4, with a low point around the mid-50s percentile [8] Company Strategy and Development Direction - The company aims to reposition its product portfolio to be more competitive and has identified five critical objectives [4][9] - New generation product development is being fast-tracked, with 30 new products released in the first nine months of 2025 and at least 20 more expected in Q4 [10][11] - A strategic licensing agreement with Hyundai Motor Company for IGBT technology is expected to expand the company's footprint into industrial, AI, and renewable markets [12] Management's Comments on Operating Environment and Future Outlook - Management acknowledges past failures to execute and is focused on improving financial fundamentals and delivering long-term shareholder value [4][16] - The next few quarters are expected to remain challenging as legacy products decline and new generation products ramp up [16][30] - Management is committed to transparency and exploring all strategic options available [15][30] Other Important Information - The company has initiated multiple OpEx cost reduction programs, including workforce streamlining, expected to generate approximately $2.5 million in annualized savings [12][13] - Cash balance at the end of Q3 was $108 million, down from $113.3 million at the end of Q2 2025 [22][23] Q&A Session Summary Question: Impact of incentives on Q4 - Management confirmed that the $2.5 million impact from the incentive program will be felt in Q4, aimed at reducing inventory in the channel [31][32] Question: Gross margin trends - Q4 is expected to be the lowest point for gross margin, with a utilization rate in the mid-50s [33][34] Question: Hyundai-Mobis agreement details - The agreement allows the company to license IGBT technology for its own purposes, with expected revenue contributions starting in 2027 [37] Question: Sustainability of communication segment strength - The company has regained competitiveness in the communication segment, which is critical for future financial recovery [39]