Amprius Technologies Inc (AMPX) 2025 Q3 法說會逐字稿

Ambrus Technologies 3rd Quarter 2025 earnings conference call.

Ambrus Technologies 2025 年第三季財報電話會議。

Joining us for today is Dr. Kang Sun, President Tom Stepien, and Chief Financial Officer Ricardo Rodriguez. At this time, all participants are in listen-only mode. Following management's remarks, we will open the call for questions.

今天和我們一起出席的有康孫博士、總裁湯姆·史蒂芬和財務長里卡多·羅德里格斯。目前，所有參與者均處於只聽模式。管理層發言結束後，我們將開始接受提問。

Please note that this presentation contains forward-looking statements, including, but not limited to, statements regarding our financial and business performance, our business strategy, future product development or commercialization, new customer adoption and new applications, our growth and the growth of the markets in which we operate, and the timing and ability of Ambrus to expand its manufacturing capacity, scale its business, and achieve a sustainable cost structure.

請注意，本簡報包含前瞻性陳述，包括但不限於有關我們財務和業務表現、業務策略、未來產品開發或商業化、新客戶採用和新應用、我們的成長以及我們所在市場的成長，以及Ambrus擴大其製造能力、擴大其業務規模和實現永續成本結構的時機和能力的陳述。

These statements involve known and unknown risks, uncertainties, and other important factors that may cause Ambrus's results, performance, or achievements to be materially different from any future results, performance, or achievements expressed or implied in such forward-looking statements. For a more complete discussion of these risks and uncertainties, please refer to Ambrus's filings with the Securities and Exchange Commission.

這些聲明涉及已知和未知的風險、不確定性以及其他重要因素，這些因素可能導致 Ambrus 的業績、表現或成就與此類前瞻性聲明中明示或暗示的任何未來業績、表現或成就存在重大差異。有關這些風險和不確定性的更完整討論，請參閱 Ambrus 向美國證券交易委員會提交的文件。

This presentation includes a non-GAAP financial measure which is adjusted EBITDA. This non-GAAP financial measure does not replace the presentation of Amreus's GAAP financial results and should only be used as a supplement to, not as a substitute for Amreus's financial results presented in accordance with GAAP and may not be comparable to calculations of similarly titled measures by other companies.

本次演示包含一項非GAAP財務指標，即調整後的EBITDA。此非公認會計準則財務指標不能取代 Amreus 的公認會計準則財務業績的列報，僅應作為 Amreus 根據公認會計準則列報的財務業績的補充，而不能替代後者，並且可能與其他公司類似名稱的指標的計算結果不具有可比性。

A reconciliation of adjusted EBITDA Loss. The most directly comparable GAAP financial measure is included in our shareholder letter, a copy of which is filed with the SEC and posted on our website.

調整後 EBITDA 虧損的調節表。最直接可比較的 GAAP 財務指標已包含在我們的股東信中，該信的副本已提交給美國證券交易委員會，並發佈在我們的網站上。

Finally, I would like to remind everyone that this conference call is being webcasted, and a recording will be made available for replay on the company's investor relations website at ir.ambrus.com. In addition to the webcast, the company has posted a shareholder letter that accompanies these results, which can also be found on the investor relations website.

最後，我想提醒各位，本次電話會議將進行網路直播，錄音將在公司投資者關係網站ir.ambrus.com上提供回放。除網路直播外，該公司還發布了隨附此業績報告的股東信，該信函也可在投資者關係網站上找到。

I will now turn the call over to Amprius Technologies Chief Executive Officer Dr. Kang Sun for his comments. Sir, please proceed.

現在我將把電話交給Amprius Technologies執行長康孫博士，請他發表評論。先生，請繼續。

Welcome everyone, and thank you for joining us this afternoon.

歡迎各位，感謝大家今天下午的到來。

On today's call, I will begin with a brief overview.

在今天的電話會議上，我將首先做一個簡要概述。

After that, our President Tom Stepien will recap our 3rd Quarter performance and the key accomplishments.

之後，我們的總裁湯姆史蒂芬將回顧我們第三季的業績和主要成就。

Next, our Chief Financial Officer Ricardo Rodriguez will discuss our financial results for the period. I will share some closing remarks before opening the call for questions.

接下來，我們的財務長里卡多·羅德里格斯將討論我們該期間的財務表現。在正式開始提問之前，我將作一些總結性發言。

That's the. Andreas is a pioneer and leader in silicon or battery space with over a decade of development experience and a proven track record of commercial success.

就是這樣。Andreas 是矽或電池領域的先驅和領導者，擁有十多年的開發經驗和經證實的商業成功記錄。

At Amprius, we developed, manufacture, and market high energy density and high power density silicon anode batteries with the applications across all segments of electrical mobility, including the aviation and the light electrical vehicle industries.

在 Amprius，我們開發、製造和銷售高能量密度和高功率密度的矽負極電池，其應用涵蓋電動出行的各個領域，包括航空和輕型電動汽車行業。

Today, Amprius has the most complete commercially available portfolio of city hand or materials assisting in the industry. And the commenced performance leadership with its combination of a battery energy density, power density, charging time, operating temperature range, and safety.

如今，Amprius 擁有業界最完整的城市規劃或輔助材料商業產品組合。憑藉電池能量密度、功率密度、充電時間、工作溫度範圍和安全性等綜合優勢，該產品在性能方面處於領先地位。

Across our bet portfolio. We believe we offer unmatched performance among the commercially available batteries.

涵蓋我們所有的投注組合。我們相信，我們的電池在市售產品中性能無與倫比。

Amprius has been delivering commercial batteries to the market with up to 450 wat-watt per kilo and 1,150 watt per Liter. 10C power capability.

Amprius 一直向市場供應商用電池，其功率高達每公斤 450 瓦，每公升 1150 瓦。10℃功率能力。

An extreme fast charge rate of 0% to 80% state of charge in approximately 6 minutes. The ability to operate in a wide temperature range of 30 degrees up to 55 degrees

充電速度極快，約 6 分鐘即可從 0% 充至 80%。可在攝氏30度至55度的寬溫度範圍內正常運作。

And the safety design features that enable us to pass the United States, Italy benchmark, and new penetration test. Each of these performance parameters is critically important to view the electrical mobility applications.

以及使我們能夠通過美國、義大利基準測試和新的滲透測試的安全設計特性。對於電動車應用而言，這些性能參數中的每一個都至關重要。

Not only do our batteries empower certain drones, satellites, and the vehicles to maximize performance, we also enable our customers to achieve the economic targets as well. In addition, AP has developed a 500 watt per kg and 1,300 watt per Liter battery platform that has been validated by an independent third-party.

我們的電池不僅能為某些無人機、衛星和車輛提供動力，最大限度地提高性能，還能幫助我們的客戶實現經濟目標。此外，AP 還開發了每公斤 500 瓦、每公升 1300 瓦的電池平台，該平台已通過獨立的第三方驗證。

It's our belief that there are no other commercial batteries on the market that can perform at this level today.

我們相信，目前市場上沒有其他商用電池能夠達到這種性能水準。

In the 3rd Quarter, we continue to execute against our strategy of developing leading battery performance, converting that innovation into cost wins and scaling our manufacturing through a capital efficient concrete manufacturing model.

第三季度，我們繼續執行我們的策略，即開發領先的電池性能，將這項創新轉化為成本優勢，並透過資本高效的實體製造模式擴大我們的生產規模。

We I will now return the call over to our President Tom Stefin to detail the highlights of our record quarter.

現在我將把電話轉回給我們的總裁湯姆·斯特芬，讓他詳細介紹我們創紀錄季度的亮點。

Tom.

湯姆。

Thank you, Kang.

謝謝你，康。

Amprius finds itself at a very fortunate point in time, at the intersection of a fast-growing electric aerospace market with an industry-leading set of battery products.

Amprius 正處於一個非常幸運的時期，它處於快速成長的電動航空航太市場與業界領先的電池產品組合的交匯點。

This advantage situation coupled with strong execution by our team allowed us to achieve record revenue in the 3rd quarter. We attracted new customers, continue to optimize our operations, and release compelling new products.

這一優勢形勢，加上我們團隊的出色執行，使我們在第三季度實現了創紀錄的收入。我們吸引了新客戶，不斷優化運營，並推出引人注目的新產品。

Let's start with updates on our commercialization strategy and share execution details. In the 3rd Quarter we ship batteries to 159 end customers, 80 of whom are new to the Amprius platform.

我們先來更新商業化策略，分享一下執行細節。第三季度，我們向 159 位終端客戶交付了電池，其中 80 位是 Amprius 平台的新客戶。

The remaining 79 are repeat customers. Now, to be clear, we don't shift to every customer in every quarter. We do expect to gain new customers every quarter, albeit not always 80 new ones, but we expect to gain new customers nevertheless.

其餘79位都是回頭客。需要說明的是，我們並不是每季都會對所有客戶進行調整。我們預計每季都會獲得新客戶，雖然不一定每次都能獲得 80 個新客戶，但我們仍然預期會獲得新客戶。

Since the first quarter of 2023, Amprius has built relationships with hundreds of companies and shipped batteries to a total of 444 end customers. This strong and expanding customer attraction comes from the superior performance of our batteries compared to traditional cells.

自 2023 年第一季以來，Amprius 已與數百家公司建立了合作關係，並向總共 444 家終端客戶交付了電池。我們的電池性能優於傳統電池，因此獲得了強大且不斷增長的客戶吸引力。

As we continue to move new customers through the qualification process, you're also seeing that we have plenty of room for expansion orders within our existing agreements.

隨著我們不斷推進新客戶完成資格認證流程，您也會發現，在我們現有的協議範圍內，我們還有很大的空間來滿足擴展訂單的需求。

In the 3rd quarter, our revenue totalled $21.4 million a 42% increase from the second quarter and up 173% from Q3 2024 a year ago.

第三季度，我們的營收總計 2,140 萬美元，比第二季成長 42%，比 2024 年第三季成長 173%。

Our second generation cycle batteries led the revenue chart in Q3 with a greater than 4x increase in shipments compared to Q3 2024.

我們的第二代循環電池在第三季營收位居榜首，出貨量比 2024 年第三季成長了 4 倍以上。

Cycor is a proprietary silicon anode that uses standard lithium ion processing equipment. In August, I visited a couple of our contract manufacturing partners.

Cycor 是一種專有的矽負極材料，使用標準的鋰離子電池加工設備。八月份，我拜訪了幾個我們的代工生產夥伴。

At one, they were making conventional graphite cells in the morning and in the afternoon, they were producing our you silicon cells, same line, same equipment.

有一天，他們上午生產傳統的石墨電池，下午生產我們的矽電池，同一條生產線，同樣的設備。

Cycor standardization helped us enable a second consecutive quarter of positive gross margin. Ricardo will provide more context here when he reviews our financial highlights next.

Cycor 的標準化幫助我們實現了連續第二季的正毛利率。Ricardo 將在下次回顧我們的財務亮點時提供更多背景資訊。

Looking at our customer base, about 75% of our revenue in the quarter came from the aviation segment led by unmanned aerial Systems or UAS Market. The remainder of our Q3 revenue was primarily derived from the light electric vehicle sector, which remains healthy but has a lumpier profile due to the customer's variant product introduction cycles.

從我們的客戶群來看，本季我們約 75% 的收入來自航空領域，其中無人機系統或 UAS 市場佔據主導地位。第三季剩餘的收入主要來自輕型電動車領域，該領域依然保持健康，但由於客戶產品推出週期各異，其收入波動較大。

The LED market tends to have short design in cycles, and we believe our drop in replacement batteries can help us succeed in gaining market share in this growing market.

LED 市場的更新換代週期往往較短，我們相信，我們的即插即用型替換電池可以幫助我們在這個不斷增長的市場中成功獲得市場份額。

From a geography standpoint, 75% of our revenue came from outside the United States on a ship to basis. Our strong customer diversification supports steady growth even amid uncertainty driven by US tariffs and customer delays related to the US government shutdown.

從地理角度來看，我們 75% 的收入來自美國以外的地區，採用的是船到船模式。即使在美國關稅和美國政府停擺導致客戶延遲付款等不確定因素的影響下，我們強大的客戶多元化也支撐了公司的穩定成長。

One of our major wins this quarter was a $35 million purchase order from a leading UAS manufacturer, which we announced in September.

本季我們取得的一項重大勝利是獲得了一家領先的無人機系統製造商價值 3500 萬美元的採購訂單，我們已在 9 月宣布了這一消息。

This order is a follow-on purchase from the same customer that placed a $15 million order earlier this year. While we continue to grow our customer base across geographies, applications, and budgets, these kinds of large repeat orders underscore the built-in growth engine that we have within our growing customer base. It also highlights a proven performance at scale of our batteries.

這是同一客戶今年稍早下的一筆價值 1500 萬美元的訂單的後續購買。雖然我們的客戶群在地理、應用和預算方面不斷擴大，但這類大額重複訂單凸顯了我們不斷成長的客戶群所蘊含的內在成長引擎。這也突顯了我們電池在大規模應用中已得到驗證的效能。

During the quarter, we also deepened our relationship with another key customer, AeroVironment. As a part of the US Army's Zech Prime program, we shipped samples of our ultra-high energy cells for evaluation in a variety of applications.

本季度，我們也加深了與另一重要客戶 AeroVironment 的關係。作為美國陸軍 Zech Prime 計劃的一部分，我們運送了超高能量電池樣品，用於在各種應用中進行評估。

These cells reach up to 520 watt-hour per kilogram and vastly improve endurance, payload capacity, and mission economics for high altitude platforms.

這些電池每公斤功率高達 520 瓦時，大大提高了高空平台的續航力、有效載荷能力和任務經濟性。

Another key Amprius partner in the drone segment is Nordic Wing in Denmark. In Q3, they chose our Sitecore cells to power their UAV platform after an extensive qualification and evaluation period.

Amprius 在無人機領域的另一個重要合作夥伴是丹麥的 Nordic Wing。第三季度，經過廣泛的資格認證和評估期後，他們選擇我們的 Sitecore 單元為其無人機平台提供動力。

The Astro ISR is a fixed wing craft with a wingspan of about 2.3 m. In its standard configuration, it weighs around 4.5 kilo grams.

Astro ISR 是一架固定翼飛機，翼展約 2.3 公尺。標準配置下，其重量約為 4.5 公斤。

ISR is an acronym for intelligence, surveillance, and reconnaissance. In drone speak, intelligence is a collection, processing, and analysis of information to support decision making.

ISR是情報、監視和偵察的縮寫。在無人機領域，「情報」是指收集、處理和分析資訊以支援決策。

For example, drone cameras will see the beginnings of the forest fire, and the built-in smart analytics will make a decision to send a dispatch signal to the appropriate firefighting equipment.

例如，無人機攝影機將看到森林火災的初期情況，內建的智慧分析功能將決定向相應的消防設備發送調度訊號。

Surveillance is a systematic observation of an area, person, or activity over time, continuous monitoring of a border or a convoy route, for example. Reconnaissance is a specific mission focused gathering of information, usually short-term and targeted. Is the fire really extinguished?

監視是指對某個區域、個人或活動進行一段時間的系統性觀察，例如對邊境或車隊路線進行持續監控。偵察是指以特定任務為導向的資訊收集，通常是短期且有針對性的。火真的撲滅了嗎？

The Astero ISR with the Amprius Cycor batteries flies 90% longer than with standard cells, 90% improvement, almost twice the flight time. A sterile stays airborne longer, covers more ground, and delivers real-time intelligence without interruptions.

使用 Amprius Cycor 電池的 Astero ISR 飛行時間比使用標準電池延長 90%，性能提升 90%，飛行時間幾乎翻了一番。無菌病毒在空氣中停留時間更長，覆蓋範圍更廣，並且能夠不間斷地提供即時情報。

This enhanced endurance doesn't just improve performance, we believe it redefines what's possible in every mission and can mean the difference between success and failure.

我們相信，這種增強的耐力不僅能提高性能，還能重新定義每次任務的可能性，並可能決定成敗。

Looking a bit further out, we continue to make inroads in our relationship with Amazon. After being selected for the inaugural Amazon Device Climate Tech Accelerated cohort in July 2025, we successfully advanced to the integration assessment phase.

展望未來，我們與亞馬遜的關係也不斷加深。2025 年 7 月，我們入選首屆亞馬遜設備氣候技術加速計劃，並成功進入整合評估階段。

This stage involves comprehensive testing of feasibility, customer value proposition, sustainability impact, and supply chain readiness. We are excited about this opportunity to continue working with Amazon in this next phase, and we'll share further updates as we are able.

此階段包括對可行性、客戶價值主張、永續性影響和供應鏈準備進行全面測試。我們很高興有機會在下一階段繼續與亞馬遜合作，我們將隨時分享更多最新進展。

All of these recent customer wins further demonstrate our ability to scale up to meet volume purchase orders, which we believe will continue to increase as we expand our customer funnel and continue to extend the state of the art that our sales.

最近贏得的這些客戶進一步證明了我們有能力擴大規模以滿足大批量採購訂單，我們相信隨著我們擴大客戶管道並不斷提升銷售技術水平，訂單量將繼續增長。

State of the art includes external testing. We rigorously test new products both internally and send them to external labs where they are tested against international safety standards.

最先進的技術包括外部測試。我們對新產品進行嚴格的內部測試，並將其送往外部實驗室，按照國際安全標準進行測試。

These include United Nations 38.3, standards maintained by the International Electrotechnical Commission, and for our customers in India, the Bureau of India standards.

其中包括聯合國 38.3 標準、國際電工委員會維護的標準，以及針對我們在印度的客戶所製定的印度標準局標準。

This quarter we introduced 2 new PyCorp pouch cells and 3 new PyCorp cylindrical cells that are optimized for unmanned aerial systems, high altitude platform systems, and the electric airplane duty cycles. We call these balanced power and energy cells.

本季我們推出了 2 款新的 PyCorp 軟包電池和 3 款新的 PyCorp 圓柱形電池，這些電池針對無人機系統、高空平台系統和電動飛機的運行週期進行了優化。我們稱這些為平衡功率和能量單元。

Electric aerospace platforms typically require balanced sails. You need high power, high C rate, capability for take-off and landings, and you need the high energy to enable long range.

電動航空航天平台通常需要平衡帆。你需要高功率、高C倍率、起降能力，以及高能量才能達到遠航程。

Products like these balance cells further differentiate Ampreus from traditional battery players. Many of our end customers participate in shootouts and fly-offs, competing for their own contracts. They need to demonstrate best in class performance.

像這些平衡電池這樣的產品進一步將Ampreus與傳統電池廠商區分開來。我們的許多終端客戶都會參加競標和飛行測試，以爭取自己的合約。他們需要展現一流的表現。

We help them win. Our batteries give them more kilometre’s, allow additional kilograms, to provide more watt hours that support their onboard intelligent components. We believe that the electric aerospace is on the cusp of a multi-year transformation propelled by defense and commercial demand for a new era of AI-driven autonomy.

我們幫助他們取得勝利。我們的電池能讓它們行駛更遠的公里數，增加載重，提供更多的瓦時來支援其車載智慧組件。我們認為，在國防和商業對人工智慧驅動的自主新時代的需求推動下，電動航空航太正處於多年變革的開端。

McKinsey estimates this market is $40 billion to $50 billion today, growing to $80 billion by the end of the decade.

麥肯錫估計，目前該市場規模為 400 億至 500 億美元，到本世紀末將成長至 800 億美元。

About 10% of that market and 10% of the drone's bill of materials is for batteries. Recent regulations and policy changes appear to be market accelerants. The US executive orders over the summer that promote domestic drones is one piece of evidence.

電池約佔該市場份額的 10%，也佔無人機物料清單的 10%。近期推出的法規和政策變化似乎正在加速市場發展。美國夏季頒布的旨在推廣國內無人機的行政命令就是例證。

The second is the proposed changes to the Beyond visual line of sight rules that the US Federal Aviation Authority is debating.

第二點是美國聯邦航空管理局正在討論的超視距飛行規則的擬議修改。

BVLOS is a significant unlock for drones. We expect this policy actions will accelerate adoption timeline and open new opportunities across the board. We've already experienced strong traction from the defense market and expect growing interest from these customers in the year ahead.

BVLOS（超視距飛行）是無人機的一項重大突破。我們預計這些政策舉措將加快推廣進程，並在各個領域開闢新的機會。我們已經從國防市場獲得了強勁的成長勢頭，並預計在未來一年中，這些客戶的興趣將持續增長。

Estimates show that more than $10 billion from the one big beautiful bill will be allocated to defense and the unmanned systems, and we believe that we are well positioned to benefit from this increased funding. Anecdotally, we have already seen optimism surrounding the government funding translating to strong buyer intent.

據估計，這項龐大的法案中將有超過 100 億美元分配給國防和無人系統，我們相信我們已做好充分準備，從這筆增加的資金中受益。從一些零星的跡象來看，我們已經看到，人們對政府資助的樂觀情緒已經轉化為強烈的購買意願。

Last month we exhibited at the ASA conference in Washington DC where we met with dozens of defense contractors that were either interested in or already using our products for their drones. We also attended US and international conferences, commercial UAV Expo in Las Vegas, Defense and Security Equipment International in London, and the Drone Expo also in London.

上個月，我們在華盛頓特區舉行的 ASA 會議上進行了展覽，會見了數十家國防承包商，他們要么對我們的產品感興趣，要么已經在使用我們的產品來製造無人機。我們也參加了美國和國際會議，例如在拉斯維加斯舉辦的商業無人機博覽會、在倫敦舉辦的國際國防和安全設備展，以及同樣在倫敦舉辦的無人機博覽會。

At all of these events we heard a similar message. Drones are an important part of the future, and Ampreus batteries are at the forefront of innovation to power them.

在所有這些活動中，我們都聽到了類似的訊息。無人機是未來發展的重要組成部分，而安培斯電池則處於為其提供動力的創新前沿。

As a key component supplier for unmanned drone systems, we have had our own success working with the US government. As we discussed during our August 2025 call, we are working closely with the Defense Innovation Unit.

作為無人機系統的關鍵零件供應商，我們與美國政府的合作已經取得了成功。正如我們在 2025 年 8 月的電話會議上所討論的那樣，我們正在與國防創新部門密切合作。

Our DIU contract gives us funds to increase the capacity of our Fremont, California pilot line to 10 megawatt hours and expand our capabilities to support Quick Turn Sitecore customer prototypes.

我們的 DIU 合約為我們提供了資金，可以將我們在加州弗里蒙特的試點生產線的產能提高到 10 兆瓦時，並擴展我們的能力以支持快速週轉 Sitecore 客戶原型。

Since our last update, we have received an additional $1.5 million follow-on contract, bringing our DIU contract total to $12 million. Our program mandate includes qualifying individual lithium-ion battery components from National Defense Authorization Act and DAA compliant suppliers, which will allow us to work more seamlessly with the DOD.

自上次更新以來，我們又收到了一份價值 150 萬美元的後續合同，使我們的 DIU 合約總額達到 1200 萬美元。我們的專案任務包括對符合《國防授權法案》和《國防授權法案》規定的供應商的鋰離子電池組件進行資格認證，這將使我們能夠與國防部更順暢地合作。

This includes considerations of the a dote and cathode active materials, electrolyte, and separator. This effort is part of a large momentum shift to US domestic production of batteries.

這包括對電極和陰極活性材料、電解質和隔膜的考慮。這項措施是美國電池生產向國內化轉型的重要一步。

As we worked on building out an NDAA compliant supply chain and production capacity for our customers that require it, we have continued to utilize our contract manufacturers to support our rapid growth.

在努力為有需要的客戶建立符合 NDAA 標準的供應鏈和生產能力的同時，我們繼續利用合約製造商來支持我們的快速成長。

As a reminder, we have over 1.8 gigawatt hours of capacity available to us through our partners, including our most recent added partner in South Korea.

再次提醒大家，我們透過合作夥伴（包括最近新增的韓國合作夥伴）擁有超過 1.8 吉瓦時的可用容量。

Let's put that 1.8 gigawatt hours in context. Our SA0 eight cell is our best-selling battery. It has an energy rating of 38-watt hours. 1.8 gigawatts over 38-watt hours works out to be about 50 million cells per year. We have tremendous headroom on our manufacturing capacity.

讓我們把這 1.8 吉瓦時放在具體的語境中來看。我們的 SA0 八芯電池是我們最暢銷的電池。它的能量額定值為38瓦時。 1.8吉瓦乘以38瓦時，大約相當於每年5000萬個電池。我們的生產能力還有很大的提升空間。

This capital efficient model provides production grade cells for qualification today and supports our ramp to volume while still allowing configuration control and aerospace aligned quality systems. We are also opportunistically sourcing additional partners to provide us with greater geographic diversification and operating flexibility.

這種資本高效的模式能夠提供符合生產標準的電池，以滿足目前的認證要求，並支援我們逐步擴大產量，同時也能實現配置控制和符合航空標準的品質系統。我們也積極尋找其他合作夥伴，以實現更大的地域多元化和營運靈活性。

As we head into the tail end of the year, we've carried our momentum into the 4th quarter. A few weeks ago, we announced that ES Aero, another leading UAS company, chose our Cycor SAO eight cell to power the Group one and Group two UAVs that support defense, security, logistics, and public safety applications.

隨著年底臨近，我們把這股勢頭延續到了第四季。幾週前，我們宣布另一家領先的無人機系統公司 ES Aero 選擇我們的 Cycor SAO 八電池為支援國防、安全、物流和公共安全應用的第一組和第二組無人機提供動力。

They chose us because in their words, Amprius quote offered the best combination of advanced battery technology, production readiness, and cost competitiveness to meet the program demands, unquote.

他們選擇我們，是因為用他們的話來說，Amprius 提供了先進的電池技術、生產準備和成本競爭力的最佳組合，以滿足專案需求。

We have talked extensively about our defense applications for our batteries. We see a large and growing opportunity in the public safety markets also. According to a Police One article, more than 1,500 US police departments have DFR programs, drone as first responders.

我們已經廣泛討論了我們的電池在國防領域的應用。我們也看到了公共安全市場龐大且不斷成長的機會。根據 Police One 的一篇文章報道，超過 1500 個美國警察部門擁有 DFR 計劃，將無人機作為第一響應者。

Their systems are tied into the 911 emergency systems and are dispatched to help find a lost child, monitor, smash and grab suspects, and understand if the fire is a spark or an inferno.

他們的系統與 911 緊急系統相連，並被派往協助尋找走失兒童、監控、抓捕搶劫嫌疑人，以及判斷火災是火花還是熊熊烈火。

We look forward to continuing to support the drone sector as it scales and evolves into more mission critical and business critical use cases.

我們期待繼續支持無人機產業的發展，使其規模不斷擴大，並向更多關鍵任務和業務關鍵型應用場景演進。

On a final note, we also made the exciting announcement that Ricardo Rodriguez has joined Amprius as a new Financial Officer.

最後，我們也要宣布一個令人興奮的消息：Ricardo Rodriguez 已加入 Amprius 擔任新的財務主管。

Ricardo has a proven track record of driving growth with financial discipline and high-performance markets, and he will serve as a valuable guide as we expand our commercial reach, scale global manufacturing, and reinforce Amprius leadership in the advanced battery technology.

Ricardo 在財務紀律和高績效市場方面擁有推動成長的良好記錄，他將在我們擴大商業範圍、擴大全球製造規模以及鞏固 Amprius 在先進電池技術領域的領先地位的過程中發揮寶貴的指導作用。

Since he joined on October 6th, exactly one month ago, we have aligned on objectives, agreed strategies, and developed plans. He is a tremendous addition, the right person at the right time. I look forward to working with and learning from him.

自從他於 10 月 6 日加入公司以來，整整一個月的時間裡，我們在目標上達成了一致，制定了策略，並製定了計劃。他的加入非常出色，是此時此刻最適合的人選。我期待與他共事並向他學習。

Ricardo, it's all yours. Please share our financial results for the 3rd quarter.

里卡多，這都是你的了。請分享我們第三季的財務業績。

Thank you, Tom, and good afternoon everyone.

謝謝你，湯姆，大家午安。

I'm really happy to be on board and reporting our quarterly results on behalf of our team for the first time.

我非常高興能夠加入團隊，並首次代表團隊報告季度業績。

After several weeks on the ground working in Fremont, getting to know our team, meeting some of our customers at ASA, and reconnecting with many familiar faces in the investment community that are interested in supporting our company and strategy, I could not be prouder of wearing the Ampus shirt.

在弗里蒙特實地工作了幾個星期後，我熟悉了我們的團隊，在 ASA 見到了我們的一些客戶，並與投資界的許多熟悉面孔重新建立了聯繫，他們都有興趣支持我們的公司和戰略，我為能穿上 Ampus 的襯衫感到無比自豪。

In the 3rd Quarter of 2025, we delivered $21.4 million of revenue. This translates into 42% growth over the second quarter following the previous quarter's 34% quarterly growth. This is also a 2.7x multiple of the team's revenues during the same quarter last year.

2025年第三季度，我們實現了2,140萬美元的營收。這意味著第二季度成長了 42%，而上一季季度成長率為 34%。這同時也是該團隊去年同期的 2.7 倍。

Echoing Tom's remarks, our revenue growth was driven by the addition of new customers combined with larger orders from existing customers. Within our customer base, only one customer accounted for more than 10% of our revenues in Q3.

正如湯姆所說，我們的收入成長得益於新客戶的加入以及現有客戶訂單量的增加。在我們的客戶群中，第三季只有一位客戶貢獻了超過 10% 的收入。

Going forward, we plan to continue adding to our customer mix to diversify our revenue base, and we believe that as we develop more diversified contract manufacturing capacity, additional demand can potentially be unlocked.

展望未來，我們計劃繼續擴大客戶群，以實現收入來源多元化。我們相信，隨著我們發展出更多元化的合約製造能力，額外的需求可能會被釋放出來。

At the end of Q3, we had $53.3 million of orders, including the $35 million order that Tom mentioned, to be fulfilled in the near term. This backlog is 83% higher quarter over quarter, and it highlights our team's ability to drive demand.

第三季末，我們有價值 5,330 萬美元的訂單，其中包括 Tom 提到的價值 3,500 萬美元的訂單，這些訂單將在近期內完成。積壓訂單量較上季成長 83%，凸顯了我們團隊推動需求的能力。

Our cost of goods sold at $18.1 million in Q3 did not increase at the same rate as our revenue thanks to a favourable product mix and higher volumes. This in turn enabled gross profit margins of 15%, which is a significant improvement over our gross margins of 9% in the previous Quarter.

由於產品組合有利且銷售量較高，我們第三季的銷售成本為 1,810 萬美元，但成長速度並未與我們的營收成長速度一樣快。這使得毛利率達到了 15%，比上一季的 9% 毛利率有了顯著提高。

As I discover what makes our team unique, I continue to be impressed by its resourcefulness to make the most with what we have, and that is evident in our quarterly operating expenses of $8 million in Q3, which were down very slightly relative to the previous quarter.

隨著我不斷探索我們團隊的獨特之處，我越來越讚賞他們善於利用現有資源做到最好的能力，這一點在我們第三季度 800 萬美元的季度運營支出中得到了充分體現，該支出與上一季相比略有下降。

The year over year increase in quarterly CapEx of $1.9 million was driven by targeted investment in our sales and go to market efforts along with the reallocation of some R&D expenses from cost of goods sold to CapEx as development service agreements are completed.

季度資本支出年增 190 萬美元，主要原因是我們在銷售和市場推廣方面進行了有針對性的投資，以及隨著開發服務協議的完成，將部分研發費用從銷售成本重新分配到資本支出。

These expenses bring our operating loss to $4.7 million. Compared to an operating loss of $6.8 million in the prior quarter, shrinking our operating loss by over 30% quarter over quarter.

這些支出使我們的營業虧損達到 470 萬美元。與上一季 680 萬美元的營業虧損相比，本季營業虧損季減了 30% 以上。

Our GAAP net loss for the third quarter was of $3.9 million or negative $0.03 per share, with $126.6 million weighted shares, weighted average shares outstanding.

根據美國通用會計準則，我們第三季淨虧損為 390 萬美元，即每股虧損 0.03 美元，加權平均流通股數為 1.266 億股。

Our adjusted EBITDA in Q3 was $-1.4 million compared to $-3.8 million in the previous quarter, thus reducing our adjusted EBITDA loss by over 60%. We define adjusted EBITDA as net income or loss before interest, taxes, depreciation, amortization, stock-based compensation, and other items that we do not believe are indicative of our core operating performance.

第三季調整後的 EBITDA 為 -140 萬美元，而上一季為 -380 萬美元，因此調整後的 EBITDA 虧損減少了 60% 以上。我們將調整後的 EBITDA 定義為扣除利息、稅項、折舊、攤提、股票選擇權費用以及其他我們認為不能反映我們核心經營績效的項目之前的淨收入或虧損。

In Q3, these adjustments included $1.2 million of depreciation, $1.8 million of stock-based compensation, and $450,000 of interest income.

第三季度，這些調整包括 120 萬美元的折舊、180 萬美元的股票選擇權費用和 45 萬美元的利息收入。

As of September 30th, we had 130.4 million shares outstanding, which was up by 5.4 million shares from the previous Quarter. The change includes approximately 2.2 million shares issued from option exercises and RSU vesting, along with 3.2 million shares issued under our at the market offering program.

截至9月30日，我們共有1.304億股流通股，比上一季增加了540萬股。此變更包括透過選擇權行使和限制性股票單位歸屬發行的約 220 萬股股票，以及根據我們的市場發行計畫發行的 320 萬股股票。

Now turning over to cash flow and the balance sheet, we ended the third quarter with $73.2 million in cash and no debt.

現在來看現金流和資產負債表，截至第三季末，我們擁有 7,320 萬美元現金，且無任何債務。

The main drivers of cash flow in the quarter were $9.2 million used in operating cash flow, which was mainly driven by a near term $11.2 million increase in accounts receivable at the end of the period due to our increase in sales $400 to $1000 of CapEx invested in our facility in Fremont, California.

本季現金流的主要驅動因素是經營現金流的 920 萬美元，這主要是由於銷售額成長導致期末應收帳款短期增加 1,120 萬美元，以及在加州弗里蒙特工廠投資 400 至 1,000 美元的資本支出。

And lastly, $28.7 million from financing activities consisting of $25.9 million from the issuance of common stock under our at the market sales agreement and $2.8 million of proceeds from auction exercises.

最後，融資活動收入為 2,870 萬美元，其中包括根據我們的市場銷售協議發行普通股所得的 2,590 萬美元，以及拍賣所得的 280 萬美元。

We still have approximately $20.1 million left available on the at the market offering facility as of September 30th of 2025.

截至 2025 年 9 月 30 日，我們仍有約 2,010 萬美元的資金可透過市場發行機制取得。

Before I turn over the call to Kang, I would like to take a moment to discuss our outlook for the remainder of the year.

在將電話交給康之前，我想花點時間討論我們對今年剩餘時間的展望。

We have made a decision to strategically invest in diversifying our supply chain and expanding manufacturing capacity within our Fremont facility to include electrode manufacturing.

我們決定進行策略性投資，以實現供應鏈多元化，並擴大弗里蒙特工廠的生產能力，包括電極製造。

We are doing this in collaboration with the US government Defense Innovation Unit and have secured a contract for $12 million awarded in the third quarter of this year.

我們正在與美國政府國防創新部門合作進行這項工作，並已於今年第三季獲得一份價值 1,200 萬美元的合約。

With what we know today, we expect this funding to cover the majority of our capital investment of the next several quarters as we work to develop a growing and resilient source of supply in a dynamic trade environment.

根據我們目前掌握的信息，我們預計這筆資金將涵蓋我們未來幾季的大部分資本投資，因為我們將努力在動態的貿易環境中發展一個不斷增長且具有韌性的供應來源。

As we previously stated regarding the Colorado facility, the designs for the project are effectively complete, and we are continuing to monitor the larger industry dynamics associated with building a factory in the United States.

正如我們先前對科羅拉多州工廠所作的陳述，該項目的設計實際上已經完成，我們將繼續關注與在美國建廠相關的更廣泛的行業動態。

Changes in demand, supply, battery cost structure, government incentives, trade tariffs, and other considerations, including the timing and availability of funding, will influence our decision on next steps and near-term timing.

需求、供應、電池成本結構、政府激勵措施、貿易關稅以及其他因素（包括資金的到位時間和可用性）的變化，將影響我們對下一步和近期時間表的決定。

We have secured adequate capacity for the foreseeable future through our contract manufacturing network and plan to further expand that without deploying additional capital. We also believe that our current revenue levels and even slight improvements from these can put us on a path to mainly consume cash for working capital versus funding operating expenses in the near term.

我們透過合約製造網路確保了在可預見的未來擁有足夠的產能，並計劃在不投入額外資金的情況下進一步擴大產能。我們也相信，我們目前的收入水平，甚至在此基礎上略有提高，就能使我們在短期內主要將現金用於營運資金，而不是用於營運支出。

With that, I'm happy to turn the call over to Kang for his closing remarks. Thank you very much for your attention and continued support.

接下來，我很高興把電話交給康先生，請他作總結發言。非常感謝您的關注與持續支持。

Looking ahead, we remain focused on delivering next generation lithium-ion battery performance, that the Reiss the bar for energy density and the sustain the power without compromising safety or reliability.

展望未來，我們將繼續專注於提供下一代鋰離子電池性能，使 Reiss 成為能量密度和維持功率的標桿，同時不損害安全性和可靠性。

We are also broadening our product portfolio to better align with the customer requirements and unlock new market opportunities.

我們也在拓展產品組合，以更好地滿足客戶需求並開拓新的市場機會。

Or converging a growing number of customer engagement into formal qualification and the deployment, particularly across mobility centric platforms.

或者將越來越多的客戶互動整合到正式資格認證和部署中，尤其是在以行動為中心的平台上。

As demand scales, we will continue to leverage our contract manufacturing partners' capacity to efficiently translate that demand into revenue with discipline, the quality and the Minimal additional capital investment.

隨著需求的成長，我們將繼續利用合約製造合作夥伴的產能，以嚴謹的作風、保證品質和盡可能少的額外資本投入，高效地將需求轉化為收入。

We are excited about the future ahead and looking forward to meeting and reconnecting with many of you as we attend several upcoming investor conferences.

我們對未來充滿期待，並期待在即將舉行的幾場投資者會議上與各位見面和重聚。

Thank you for your continued interest and the support of Amprius technologies. With that, I will return it back to the officer for questions.

感謝您一直以來對Amprius科技的關注與支持。這樣，我就可以把它交還給警官詢問情況了。

Thank you, sir.

謝謝您，先生。

Ladies and gentlemen, if you would like to ask a question, (Operator Instructions).

女士們、先生們，如果您有任何疑問，（操作說明）

Colin Rush, Oppenheimer & Co Inc.

科林·拉什，奧本海默公司

Thanks so much guys and congratulations on all the progress.

非常感謝各位，也祝賀你們取得的所有進展。

Just on the US capacity, could you talk a little bit about the cadence of, how that will come up and how much capacity it will actually be. And where that electrode will ultimately end up getting turned into batteries, are you looking at potentially, qualifying some incremental, contract manufacturing in the US, or will that electrode end up getting shipped overseas and returned back to the US as batteries?

僅就美國產能而言，您能否談談產能提升的節奏、產能提升的方式以及實際產能是多少？那麼，這種電極最終會如何被製成電池呢？您是否考慮在美國進行一些增量式的合約製造，還是這種電極最終會被運往海外，然後再以電池的形式運回美國？

Yeah, thanks. This is Tom.

嗯，謝謝。這是湯姆。

The answer is that we will have in the future both a US contract manufacturer and contract manufacturers in what we are what are called NDAA compliant countries, and that includes Korea. We have a contract manufacturer already today in Korea. We announced that in May.

答案是，未來我們將既有美國合約製造商，也有在所謂符合《國防授權法案》的國家（包括韓國）的合約製造商。我們目前在韓國已經有一家代工廠。我們在五月宣布了此事。

So you will see over time both for pouch cells and cylindrical cells, additional partners in this network as it continues to expand.

因此，隨著時間的推移，無論是軟包電池還是圓柱形電池，都會在這個網路中看到更多合作夥伴的加入，因為該網路仍在不斷擴展。

That's super helpful and then, being able to qualify different configurations of performance, whether it's, through different electro lay or different balances within these cells, is pretty, it's a pretty substantial, accomplishment, can you talk a little bit about the cycle time and how much, work you have done previously to be able to get some of those different battery configurations, just so we have a sense of. How quickly the platform is evolving from a technology perspective going forward.

這非常有幫助，而且能夠對不同的性能配置進行評級，無論是透過不同的電解液排列還是這些電池內部不同的平衡，這都是一項相當了不起的成就。您能否談談循環時間以及您之前為了獲得這些不同的電池配置所做的工作，以便我們對此有所了解？從技術角度來看，該平台未來的發展速度非常快。

Yeah, to fully qualify the 11 major components that make up our battery, it will take us, we've started that already, it will take us to next summer. That's largely being done in cooperation with the $12 million DIU contract that we have. We are turning up.

是的，要全面鑑定構成我們電池的 11 個主要部件，這將需要——我們已經開始這項工作了——到明年夏天才能完成。這主要是與我們簽訂的價值 1200 萬美元的 DIU 合約合作完成的。我們來了。

As of today, we have five of those 11 components, fully qualified, and the AA compliant. We'll turn the knobs on the other six, and we think we'll do that between now and next summer.

截至目前，這 11 個組件中有 5 個已完全合格，符合 AA 標準。我們會調整其他六個旋鈕，我們認為從現在到明年夏天之間就能完成這項工作。

And just one last one from me just in terms of the cadence of how you're moving customers through the sales funnel, you, as folks have had these batteries for A fairly substantial period of time here and you know you guys have talked about kind of roughly 18 month qualification period, sometimes longer, sometimes shorter for customers and you have been sampling now for about seven Quarters out of some of these facilities.

最後，關於你們引導客戶完成銷售流程的節奏，我想問一下，你們已經使用這些電池相當長一段時間了，你們也提到過大約 18 個月的資格認證期，有時更長，有時更短，而你們已經在一些工廠進行了大約七個季度的樣品測試。

Are you seeing folks, move towards purchase orders a little bit faster than they have in the past or moved to larger purchase orders?

您是否注意到，人們下採購訂單的速度比以往更快，或者採購訂單的金額更大？

Just want to get a sense of how we can think about some of this pipeline moving into, in the backlog and production.

我只是想了解一下，對於這些管線中的一些項目，我們應該如何考慮它們進入待辦事項清單和生產環境。

It's pretty distributed. Some qualifications happen within two quarters. Some take more than a year. It really depends on the complexity of the components at the end, and some are larger, some are.

分佈相當廣泛。有些資格認證只需兩個季度即可完成。有些需要一年以上。這實際上取決於最終組件的複雜程度，有些組件比較大，有些則比較小。

Bright, a nice yacht, and the other one. So it's, We did across all the 400 somewhat customers that that we.

明亮，一艘漂亮的遊艇，還有另一艘。所以，我們對所有 400 位客戶都做了這樣的操作。

Okay, thanks so many guys.

好的，非常感謝各位。

Mark Shooter, William Blair Capital Partners.

Mark Shooter，William Blair Capital Partners。

Hey team, congrats on the great execution this far. The new customers was a was a big win and a nice jump.

嘿，團隊，祝賀你們目前為止的出色執行。新客戶的加入是一次巨大的勝利，也是一次不錯的飛躍。

It's almost doubled the normal cadence the past few quarters, so I guess I'd like to dial in on, what led to that big step up in new customers this quarter.

過去幾個季度，新客戶數量的成長速度幾乎是正常水平的兩倍，所以我很想探究一下，是什麼導致了本季度新客戶數量的大幅增長。

Did we get a capacity or a yield breakthrough at the silicon supplier or your battery contract manufacturers that allowed you to ship to more cells, or did you see an actual 2 times increase in demand this quarter from last quarter?

矽供應商或電池代工廠商的產能或良率是否有所突破，從而使你們能夠向更多電池供貨？或者，你們是否看到本季需求量比上季實際成長了 2 倍？

We're definitely seeing an increase in demand as the awareness of Amreus gets out there, as we attend more conferences, as we have more wins like we talk about. It gets the attention of other folks. The 80 that we have, the 80 new that we added this quarter, was a little bit of timing.

隨著人們對 Amreus 的了解不斷加深，隨著我們參加的會議越來越多，隨著我們取得更多像我們所說的勝利，我們確實看到需求增加。它能引起其他人的注意。我們現有的 80 個，以及本季新增的 80 個，這其中有點時機上的巧合。

Some of those seeds were planted, as I said, Colin's, more than a year ago, and now are coming through and turning into real purchase orders. Other ones were planted earlier this year. So, it's a combination of those factors that's leading to the uptick.

正如我所說，科林的一些想法早在一年多前就已萌芽，現在正在變成真正的採購訂單。其他一些樹木是今年早些時候種植的。因此，正是這些因素的綜合作用導致了成長。

Great, that's very helpful, Tom. Thank you.

太好了，這很有幫助，湯姆。謝謝。

Ricardo, more for you. Congrats on joining Amprius, especially this quarter.

里卡多，這都是你的。恭喜你加入Amprius，尤其是在這個季度。

I'm hoping If you could ship.

我希望你能發貨。

Of course. Question for you, I'm hoping you could shed some light on the gross margin. The improvement, this year has been great, specifically this quarter. Going from 9% to 15%, I mean, could you TRY to break that down and maybe how you see the improvement if you put it in the buckets, is it.

當然。我有個問題想請教您，希望您能幫我解答一下毛​​利率的問題。今年的進步非常顯著，尤其是本季。從 9% 到 15%，我的意思是，你能試著分析一下嗎？如果把它分成幾個部分，你覺得改進效果如何？

And if I'm thinking about that like higher revenue or product mix or are you able to maybe raise prices this quarter seeing the performance of your batteries and the demand for your batteries in the marketplace.

如果我考慮的是提高收入或產品組合，或者考慮到電池的性能和市場對電池的需求，您是否能夠在本季提高價格。

Yeah, I mean, I think mix was the main driver of the increase from 9% to 15% quarter over quarter. If you look at the 15%, I mean, it's in no way where we believe it needs to be, right?

是的，我的意思是，我認為產品組合的變化是季度環比增長從 9% 增長到 15% 的主要驅動因素。如果你看看那 15% 的比例，我的意思是，它遠遠沒有達到我們認為應該達到的水平，對吧？

A lot of the battery peers even at higher scales are above 20%, on the gross margin line, and our goal is obviously to get there and even higher. On pricing, I do feel pretty good about where the pricing levels were for the Cycor product.

很多電池同行，即使規模更大，毛利率也超過 20%，我們的目標顯然是達到甚至超過這個水平。關於定價，我對 Cycor 產品的定價水準感到相當滿意。

And that in combination with just a larger share of our revenues being Sitecore is what drove the increase plus of course the run rate Itself contributed to that but I think the biggest contributor was really mixed because of our contract manufacturing model, right?

再加上 Sitecore 在我們收入中所佔比例更大，這推動了成長，當然，運行速度本身也對此有所貢獻，但我認為最大的貢獻因素其實很複雜，因為我們的合約製造模式，對吧？

That's helpful.

那很有幫助。

Thank you, Ricardo.

謝謝你，里卡多。

Okay.

好的。

Derek Soderberg, Cantor Fitzgerald LP.

Derek Soderberg，Cantor Fitzgerald LP。

Yeah. Thanks for taking the questions and my congrats, to Ricardo as well.

是的。感謝您回答問題，也祝賀里卡多。

I'm just hopping on the call, just now, so my apologies if any of these have been asked. The second generation Sitecore, what's the margin profile of that battery?

我剛剛才加入通話，所以如果這些問題之前有人問過，請見諒。第二代 Sitecore 的電池續航力如何？

Yeah, we haven't laid out explicitly, but the goal is to get that, north of 20% at, closer to 80% of our capacity, which we still haven't reached, right? So, but our goal is to just keep pushing that and we're frankly testing, where that should be as the revenue materializes.

是的，我們還沒有明確列出，但我們的目標是讓產能利用率達到 20% 以上，接近 80%，而我們還沒有達到這個目標，對吧？所以，我們的目標是繼續推進這項業務，坦白說，我們正在測試，隨著收入的實現，這項業務應該發展到什麼程度。

Got it. And what are some of the trade-offs between the first gen and the second gen? What might, slow down that path to 80% mix of the second generation? What are some of the trade-offs from your customer's perspective?

知道了。第一代和第二代產品之間有哪些優缺點？什麼因素可能會減緩第二代產品比例達到 80% 的進程？從客戶的角度來看，有哪些需要權衡的因素？

Derek, I mean, I think 1st year.

德瑞克，我的意思是，我想是一年級。

We refer the first thing is the same.

我們指的是第一點，這一點是一樣的。

Yeah, Cycor is our 1st generation product and the Cycor is our second generation product.

是的，Cycor 是我們的第一代產品，而 Cycor 是我們的第二代產品。

We don't have, so it's not second generation.

我們沒有，所以這不是第二代。

No, we don't have, we keep improving, we could say we have a second generation, but we may have a 3rd generation already in the lab, but we don't, separate that way, okay. We consider cymax is the 1st generation Amprius product and the Cycor is the second generation.

不，我們沒有，我們一直在改進，可以說我們有了第二代，但我們可能已經在實驗室裡有第三代了，但我們沒有，就這麼分開，好嗎？我們認為 Cymax 是第一代 Amprius 產品，而 Cycor 是第二代產品。

Got it. Okay.

知道了。好的。

That, that's helpful. And then, could you just give us an update on the timeline to cash flow break even? I think previously you guys were expecting that to happen sometime, in 2026 potentially, or maybe even early 2027, but it feels to me like the company is growing faster than expected, and you've got quite a bit of scale, to work with here and it seems like the customer growth.

那很有幫助。那麼，您能否給我們更新現金流收支平衡的時間表？我認為你們之前預計這種情況會在 2026 年，甚至可能是 2027 年初發生，但我覺得公司發展速度比預期更快，你們現在擁有相當大的規模，而且客戶成長似乎也很快。

It's quite a bit ahead of at least my expectations.

這遠遠超出了我的預期。

Can you just provide an update on, path to cash flow break even?

能否提供一下實現現金流損益平衡的最新進展？

Yeah, I mean, I think it's tough to pin down a specific quarter for that, but if you take our results from here, the most recent quarter, with another $10 million of revenues, we would have had positive EBITDA, and our EBITDA is a very good proxy for cash flow, right, given that it's pretty clean, DNA is not huge, and, in essence it's only the stock-based comp, and we have no I and no T in there.

是的，我的意思是，我覺得很難確定具體是哪個季度，但如果你以我們最近的季度業績為例，如果再增加 1000 萬美元的收入，我們的 EBITDA 就會為正，而我們的 EBITDA 是現金流的一個很好的指標，對吧？因為它非常乾淨，DNA 的影響不大，而且本質上它只是基於股票的補償，其中沒有 I 和 T。

And so it's really just a matter of time for us to get that incremental revenue, and at that point we can be not just CIT that positive but also pretty closely behind cash flow positive as well.

因此，我們獲得增量收入只是時間問題，到那時，我們不僅可以實現現金收入為正，而且現金流也將很快實現為正。

That, that's helpful. Thanks.

那很有幫助。謝謝。

Anytime.

隨時都可以。

Ryan Pfingst, B Riley & Co LLC.

Ryan Pfingst，B Riley & Co LLC。

Hey guys, thanks for taking my questions here.

大家好，感謝你們回答我的問題。

I'm jumping around calls, so apologies if anything's repetitive, but, on the margin side, Ricardo, another nice jump, quarter over quarter here in the second quarter. Just curious, if you could give some color on what you expect as we continue to see, revenue expand on the margin side.

我一會兒說說業績，一會兒說說業績，所以有什麼重複的地方，請見諒。不過，就利潤率而言，Ricardo，第二季又出現了不錯的成長，季增。我很好奇，您能否就我們持續看到的利潤率成長，談談您的預期？

Yeah, I think it's again, echoing my earlier points, it's really more driven by mix. We do believe that incremental revenue, depending on, the mix of that and the customers that it goes to, could be accretive beyond where we're currently at the gross margin level.

是的，我認為這再次印證了我之前的觀點，這真的更多是由混音驅動的。我們相信，根據產品組合和目標客戶群，新增收入可能會在我們目前的毛利率水準上有所提升。

I would love to, get the company 20% and above, here as soon as we can, but obviously understanding that there are quite a few puts and takes.

我非常希望公司能盡快獲得 20% 及以上的股份，但顯然我也明白這其中有許多利弊權衡。

Especially as we look to make larger portion of our revenues come from the Cycor product versus Cinemax and so I think as we manage that transition you'll see us pick up a couple points of gross margin here. One thing to note is that this is, this will be lumpy, right, given the not just the customer diversity but also the product diversity.

尤其是我們希望將更多收入來自 Cycor 產品而不是 Cinemax，所以我認為，隨著我們完成這一轉變，你會看到我們的毛利率提高幾個百分點。需要注意的是，考慮到客戶群的多樣性以及產品的多樣性，這種情況會比較複雜，對吧？

I do think it's, we're not totally out of the woods of having fluctuating gross margins and so I would caution here on, modelling something that's just straight up into the right on gross margin as we pick up incremental revenue because there are quite a few puts and takes within it, mainly mix driven that we sort of need to, keep in the back of our minds to make sure that these.

我認為我們還沒有完全擺脫毛利率波動的問題，所以我要提醒大家，不要簡單地假設隨著收入的增加，毛利率就會直接上升，因為其中有很多利弊，主要是由產品組合驅動的，我們需要牢記這些因素，以確保這些因素得到控制。

These expectations are realistic, right, but kind of going back to what I said earlier, like, frankly, I'm more focused on the EBITDA margins and, even if gross margins stayed where they were, with another $10 million of revenues, we would have had positive adjusted EBITDA, and that, that's very meaningful progress and I think it puts us well ahead of our peers, well ahead of anybody.

這些預期是現實的，對吧？但回到我之前說的，坦白講，我更關注 EBITDA 利潤率，即使毛利率保持不變，只要收入再增加 1000 萬美元，我們就能實現正的調整後 EBITDA，這意義重大，我認為這使我們遠遠領先於同行，遠遠領先於任何人。

Scaling a similar product and that's just a testament to the team's focus on having the leanest cost structure possible at the CapEx level.

擴大類似產品的規模，這充分證明了團隊致力於在資本支出層面實現最精簡的成本結構。

Appreciate that detail. And then, and turning to your manufacturing capacity update which I know you touched on, in the prepared remarks, but curious how important it is to establish, contract manufacturing capacity in the United States for certain customers, maybe on the defense side.

我很欣賞這個細節。然後，關於您之前提到的製造能力更新，我知道您在準備好的演講稿中已經提到過，但我很好奇在美國為某些客戶（可能是國防方面的客戶）建立合約製造能力有多重要。

Or, otherwise related to national security, does that make it more of, near term priority for you guys, or, are you able to be patient here with establishing something in the US?

或者，從國家安全角度來看，這是否會成為你們的近期優先事項？或者，你們能否耐心等待在美國建立一些東西？

It is important. And when, So, they don't have, a gun against their head and most by a certain date in 2026, but, we know where the tea leaves are in the desire for segment and domestic batteries, and we get there, we just need some more time.

這很重要。所以，他們並沒有被逼到絕境，大多數人會在 2026 年的某個特定日期之前完成，但是，我們知道市場對細分市場和國產電池的需求方向，我們只需要更多的時間就能實現目標。

Now, since you cannot hear from tom clearly, let me elaborate a little bit more, developer, we have a fraction of the cost that demanded the product, made in the United States.

既然你聽不清楚湯姆的話，讓我再詳細解釋一下，開發者，我們只需花費原先所需成本的一小部分，而且這款產品是在美國製造的。

Currently, the driver for, our activity in the United States, primarily from this DIU program. So the DIU program, the, Department of War, grant out a certain $12 million dollar contract.

目前，我們在美國的活動主要由 DIU 計畫驅動。因此，DIU計劃，即戰爭部，授予了一份價值1200萬美元的合約。

So, require us to build the advanced battery, silicon anode-based battery pilot line, okay. You can call pilot line; you can call small production line by next summer. I appreciate it majority of the customers still overseas costs.

所以，要求我們建造先進的矽負極電池試驗生產線，好的。你可以稱之為試生產線；到明年夏天，你可以稱之為小型生產線。我很感激大多數客戶仍然承擔海外成本。

Got it.

知道了。

Thank you, Kang. Thanks, guys. I'll turn It back.

謝謝你，康。謝謝各位。我會把它轉回去。

Chip Moore, Roth Capital Partners LLC.

Chip Moore，Roth Capital Partners LLC。

Hey, thanks for taking the question.

嘿，謝謝你回答這個問題。

I wanted to ask, maybe on the 53 million in orders, near term orders, maybe you could put a finer point on that. Should we think about, next couple of quarters potentially on that, and then Ricardo, to your point around, mix and potential for some lumpiness or margin impacts just anything to call out there.

我想問一下，關於 5300 萬美元的訂單，近期訂單，您能否再詳細解釋一下？我們是否應該考慮接下來幾季的情況，然後里卡多，正如你所說，產品組合可能會出現一些波動或利潤率影響，總之，任何需要指出的問題。

Yeah, I mean.

是啊，我的意思是。

Maybe I'll start with the second part of the question if that's okay. I mean, really nothing much beyond what I've already mentioned, Chip. I think, we have to work through this backlog, obviously, and that'll keep building up but at the same time we also need to have this, to have the supply in place to fulfil it, right?

如果可以的話，或許我可以先回答問題的第二部分。我的意思是，除了我剛才提到的那些之外，真的沒什麼別的了，Chip。我認為，我們顯然必須解決這些積壓問題，而且積壓問題還會不斷累積，但同時，我們也需要確保有足夠的供應來滿足這些問題，對吧？

And that'll ultimately be the gate of what the revenues can be in the near term. And on the gross margin side, I'll just echo what I said before, right?

而這最終將決定近期收入的水平。至於毛利率方面，我還是重複我之前說過的話，對吧？

I think it can still be lumpy. We do expect progression as we, sell more site cos, a proportion of the total sales, and, I mean if we would have had another 10 million of revenue that we could have fulfilled, we would have had, break even or slightly positive adjusted even in the quarter.

我覺得它可能還是會有些凹凸不平。我們預期隨著網站銷售額的成長，銷售額佔總銷售額的比例也會增加，我的意思是，如果我們能再增加 1000 萬美元的收入，我們就能實現本季收支平衡或略微盈利（經調整後）。

On the first part of the question, Chip, hopefully I'm coming through here, is the large purchase order is for a year. It's not necessarily in a year that they don't want 35 million divided by four every quarter, but there's these different layers of revenue that we're building in, and the backlog is going the right direction.

Chip，關於問題的第一部分，希望我表達清楚了，這筆大額採購訂單是為期一年的。並不是說他們一年內不想每季都拿到 3500 萬，而是我們正在建立不同層次的收入，而且積壓訂單也在朝著正確的方向發展。

So that's, so we like to see that. Versus some of the quick turn, purchase order comes in and we ship within the quarter. So we're building some customer facing muscle, and we're getting into these longer-term contracts, and they're really synchronized with the customers in use, right?

所以，我們很樂意看到這一點。與一些快速週轉的情況相比，採購訂單一旦收到，我們就能在季度內出貨。所以我們正在增強面向客戶的能力，並簽訂這些長期合同，而且這些合同與正在使用的客戶真正同步，對吧？

They have deliveries to their customers of their crafts, and that's really what sets the rhythm of when we deliver sales.

他們會向客戶交付他們的手工藝品，而這實際上決定了我們何時交付銷售產品的節奏。

That's great. That's helpful, and maybe Tom, just to follow-up there, sort of this flywheel effect of repeat orders. You had a nice one here. It feels like you're starting to hit critical mass just.

那太棒了。這很有幫助，湯姆，也許可以補充一下，重複下單會產生這種飛輪效應。你在這裡過得很愉快。感覺你好像快要達到臨界點了。

Understanding things will still be lumpy, but how are you thinking about potential for these repeat orders to keep coming in and get bigger.

我知道事情仍然會不盡人意，但您如何看待這些重複訂單不斷增加並規模越來越大的潛力？

We are incredibly optimistic, right? I mean, we have a great product. It's industry leading.

我們都非常樂觀，對吧？我的意思是，我們的產品很棒。它是行業領先者。

The market is strong. There's a number of data points there, so we feel good about what we got. We feel good about where we're going. This is a tricky quarter because of Thanks giving and Christmas here in the US.

市場行情強勁。那裡有很多數據點，所以我們對得到的結果感到滿意。我們對我們的發展方向感到滿意。由於美國正值感恩節和聖誕節，本季業績比較難預測。

Next quarter we'll have a Some, lunar holidays, so we got to work through some of that, but, we feel good about where we are.

下個季度我們會有一些農曆假期，所以我們需要處理一些相關事宜，但是，我們對目前的狀況感到滿意。

Perfect, if I could maybe ask one last one, related, I guess you talked about, some funding, anecdotally, seeing some interest out there on defense and drones just.

太好了，如果我可以問最後一個問題的話，也和你剛才提到的有關，關於一些資金，據我所知，外界對國防和無人機領域有一些興趣。

Any more detail there and then government shutdown, is that, another thing you have to navigate that, could slow things down. Thanks.

如果還有更多細節，再加上政府停擺，那就是你必須應對的另一個問題，這可能會拖慢進度。謝謝。

Yeah, we're seeing some announcements. One of our customers announced today that they want an Air Force shootout, and we're obviously very excited to hear that. So it's starting, and if you take apart the beautiful bill as a couple of analysts have.

是的，我們看到了一些公告。我們的一位客戶今天宣布他們想要一場空軍射擊比賽，我們聽到這個消息當然非常興奮。所以，它開始了，如果你像幾位分析師一樣，仔細分析一下這張漂亮的法案。

These numbers are 4 times or 5 times in 2026 budget on what they were in previous years. So, that bodes well for the future, and we're trying to make sure that everyone is aware of what we got, doubling flight time, extending payloads, that all is very meaningful in the eyes of our customers.

2026 年的預算數字是往年的 4 到 5 倍。所以，這對未來來說是個好兆頭，我們正在努力確保每個人都知道我們取得了什麼成就，飛行時間翻倍，有效載荷增加，所有這些在我們的客戶眼中都意義重大。

And if I may add, just one last thing there, addressing your point on the shutdown chip, RDIU, contract has been getting paid on schedule even through the shutdown, so, we feel confident about that.

最後，關於您提到的停工晶片問題，RDIU 的合約即使在停工期間也按時支付，因此我們對此充滿信心。

Great, appreciate it. Thanks very much.

太好了，謝謝。非常感謝。

Anytime.

隨時都可以。

Samir Joshi, H.C. Wainwright & Co., LLC.

Samir Joshi，H.C. Wainwright & Co., LLC。

Hey, good afternoon, good evening, guys. Thanks for taking my questions. It was good color in the prepared remarks and, some good questions as well. I would just like to dig into the pipeline, dig a little bit deeper into the pipeline, over the next, say, four to six quarters, and see, whether it is mostly, UAS related or LEB is part of that mix as well.

嘿，下午好，晚上好，各位。謝謝您回答我的問題。準備好的發言稿內容豐富，提出的問題也很好。我想深入研究這個產業的發展方向，在接下來的四到六個季度裡，更深入地了解一下，看看它主要與無人機系統 (UAS) 相關，還是也包含 LEB（低空爆炸物）相關。

And then in relation to that, how does the margin, profile, the gross margin profile change? I know Ricardo, you had very, exhaustive discussion about the lumpiness, that we can expect over the few quarters, but does this, product mix or end customer mix, make a difference in the gross margins?

那麼，與此相關的利潤率、利潤率結構、毛利率結構又會如何改變呢？我知道里卡多，你們已經就未來幾季可能出現的業績波動進行了非常詳盡的討論，但是產品組合或終端客戶組合的變化會對毛利率產生影響嗎？

Yeah, so maybe I'll address that latter one and then I'll let Tom address the points on the pipeline.

是的，那我可能先處理後一個問題，然後再讓湯姆來談談管道方面的問題。

Yeah, I mean, I think. I would look at the current growth margin that we have as a good base to build on with much of the variations sort of happening above this level, especially if we're able to get incremental revenue, so we're not concerned on, falling below the current levels.

是啊，我的意思是，我想。我認為我們目前的成長率是一個良好的基礎，可以以此為基礎繼續發展，很多波動都發生在這個水平之上，特別是如果我們能夠獲得增量收入的話，所以我們並不擔心會跌破目前的水平。

On mix above the current revenue levels, right, but definitely some of the, longer, larger volume agreements have different pricing than shorter term very specialized applications, and that's what will drive the potential fluctuation in the gross margins.

就目前的收入水平而言，組合確實會有所不同，但一些期限更長、數量更大的協議的定價肯定與短期、非常專業的應用不同，而這正是毛利率可能出現波動的原因。

And then at the same time we're managing obviously a pretty dynamic tariff and logistics environment where fortunately we're able to price for a lot of this stuff, but that can drive lumpiness in this as well.

同時，我們顯然還要應付一個相當動態的關稅和物流環境，幸運的是，我們能夠對很多東西進行定價，但這也會造成價格波動。

Yeah, on the first part there, about the complexion of the pipeline, it is, it's strong, as we mentioned, and it's growing this Quarter we said it was 75% aerospace, that includes these high altitude platform systems, drones, electric aircraft, both the conventional wing and the vertical take-off.

是的，關於管道結構的第一部分，正如我們所提到的，它很強勁，而且本季還在成長。我們說過，其中 75% 是航空航太領域，包括高空平台系統、無人機、電動飛機，包括傳統機翼和垂直起降飛機。

That 75% was actually down a little bit on a percentage basis compared to Q2. But the revenue was up by the 42% that we talked that we spoke of, so I look at that as a better balance between some of the other segments that we're serving, especially light electric vehicles.

與第二季相比，75%的實際百分比略有下降。但收入成長了我們之前提到的 42%，所以我認為這表明我們在服務的其他一些細分市場，特別是輕型電動車領域，實現了更好的平衡。

So it will be similar, maybe a little bit higher, a little bit lower in terms of that 75% next quarter, but better balance, I think would be my main message there on the pipeline.

所以下個季度的情況會類似，可能會略高一些，也可能略低一些，大概在 75% 這個比例上，但我認為，在產品線方面，更平衡的局面會更好。

And just to make sure, the margin profile for these two, sectors is different, right? Or is it this, are you maintaining the margins for the LEV as well?

為了確保萬無一失，這兩個行業的利潤率確實不同，對吧？或者，你們是否也維持了局部排氣通風（LEV）的利潤率？

The margins are similar for the LEV as for the aviation market. Yes.

LEV市場的利潤率與航空市場的利潤率相似。是的。

Okay, got it, and then just a clarification or maybe a little bit color on this, Amazon device, devices climatic accelerator program, how significant should we, consider this to be for you as a company going forward?

好的，明白了。那麼，關於亞馬遜的設備氣候加速器計劃，我想澄清一下，或者補充一些細節，對於貴公司未來的發展而言，我們應該如何看待這項計劃的重要性？

It's a Multi-phase program that we're in, and we've made it to the second, 3rd round. We're actually up in Seattle today, in fact, talking to them again.

這是一個多階段項目，我們已經進入第二輪、第三輪了。事實上，我們今天就在西雅圖，再次和他們洽談。

We think of it as having a seat at the table. It's sometimes hard to break into some of these large companies, but when you get invited in, as we have, you get quick access to the engineering folks, and you're able to tell your story more efficiently.

我們認為這就像是擁有了參與決策的席次。有時很難打入這些大公司，但當你像我們一樣被邀請加入時，你就能很快接觸到工程人員，並且能夠更有效地講述你的故事。

So look, we still got to do a lot of work and we still have to win their trust and their business, but we have a seat at the table.

所以你看，我們還有很多工作要做，我們仍然需要贏得他們的信任和業務，但我們已經有了談判桌的一席之地。

Understood. Thanks for all the color and, Ricardo, congrats on joining the company.

明白了。感謝大家帶來的精彩內容，里卡多，恭喜你加入公司。

Thanks so much.

非常感謝。

Happy to be working together.

很高興能與大家共事。

Ted Jackson - Northland Securities Inc.

泰德傑克森 - 北地證券有限公司

Thanks very much. I'll TRY to run through them quick because I know we're coming to the end of the call. Just a housekeeping one with regards to revenue, did you have any, design service, or government grant revenue in the quarter, and if so, what was it?

非常感謝。我會盡量快速地把這些問題回答完，因為我知道通話快結束了。關於收入方面，我有個小問題：本季您有任何設計服務收入或政府補助收入嗎？如果有，具體是多少？

The government grant, it was actually, in our other income. And it was roughly $400,000.

政府補助金實際上是我們其他收入的一部分。大約是40萬美元。

Thanks. You introduced, five new Cycor cells during the quarter. I mean, the last time you gave any kind of color with regards to the number of skews the company had, it was at 14. Where are you at with the SKU count right now?

謝謝。本季你們推出了五種新的 Cycor 細胞。我的意思是，你上次透露公司有多少個偏差數據的時候，是 14 個。你們目前的 SKU 數量是多少？

20. We have 20 skews, more common, but the catalogue today shows 20.

20.我們有 20 種傾斜角度，比較常見，但今天的目錄顯示有 20 種。

Do you, you're kind of backed into your capacity saying that you had about 50 million cells of capacity based upon your most popular, cell, which begs the question, with, I don't know, we could talk about the quarter, year-to-date, however, kind of, what's your run rate with regards to, the capacity, the, that capacity, if you can make 50 million.

你好像被你的產能限制住了，你說你根據最受歡迎的單元，擁有大約 5000 萬個單元的產能，這就引出了一個問題，我不知道，我們可以談談季度，年初至今，但是，就產能而言，你的運行速度是多少，如果你能生產 5000 萬個單元。

Theoretical 50 million cells, like at your, call it $21 million of, battery products that you sold in the quarter, what would that be on an annualized runway?

理論上，5000萬個電池單元，就像你們本季售出的2100萬美元電池產品一樣，按年計算，相當於多少？

Yeah, I don't think weed that Explicitly, yeah, that one is tough to pin explicitly because given the different SKU count, right, and the fact that. No, I'm.

是的，我不認為雜草是那種明確的，是的，很難明確地確定，因為考慮到不同的 SKU 數量，對吧，以及事實。不，我是。

I'm asking if you, I'm asking if you assumed that it was just the same battery, you see what I'm saying?

我問的是，你是不是以為它們用的都是同一款電池，你懂我的意思嗎？

Like just a, I'm just trying to get to it, get a sense with regards to, you've got this much capacity, like where are you in terms of filling it, where we get to the thing that your margins are going to be north of 20%, you're at 80% of that capacity, you see where I'm going in terms of the thought process.

就像，我只是想弄清楚，你現在有這麼多產能，你的產能利用率如何，你的利潤率會超過 20%，而你的產能利用率已經達到 80%，你明白我的意思了吧。

So how far are we where you are right now, how far are we to get to that 80%, because then it gets, can kind of you to think about, well, that's where we can think about your margins. It's kind of.

那麼，我們現在離你們還有多遠？我們離那 80% 的目標還有多遠？因為到了那個時候，你們就得好好想想了，嗯，這就是我們可以考慮你們利潤率的地方。有點像。

So I'm not asking, I'm just kind of asking like if you assumed that you were, I don't know, you, but you get where I'm going.

所以我不是問，我只是在問，如果你認為自己是，我不知道，你，但你明白我的意思。

Yeah, I see what you mean.

是的，我明白你的意思了。

I mean, it, it's a highly theoretical question because in reality it's not working that way, but it would be a couple $100 million right.

我的意思是，這是一個高度理論化的問題，因為現實情況並非如此，但應該會花費幾億美元吧。

Yeah, I remember we said, yeah, I think we said, wasn't it Kang in our May call that if we actually utilize that 1.8 gigawatt hours of capacity we'd be a billion dollar company.

是的，我記得我們說過，是的，我想我們說過，是不是康在五月份的電話會議上說過，如果我們真的利用了那 1.8 吉瓦時的產能，我們就會成為一家市值十億美元的公司。

Right, you just use our ESP today times of the capacity of availability.

沒錯，您今天只需使用我們的 ESP 即可達到可用容量的倍數。

We are going to be building dollars business.

我們將打造美元業務。

Okay, a little nuanced question with regard to the gross margins. You're at the point now where you're taking a lot of your, engineering work out of cost of goods and bringing it down to engineering, it's just kind of part of the process of, the growth of the company, that happened this quarter.

好的，關於毛利率，我有一個稍微複雜一點的問題。現在，你們已經把很多工程工作從商品成本中剝離出來，歸入工程範疇，這只是公司本季發展過程的一部分。

Do we have to see, are we going to see more of that in periods to come, and, is that something that. We're not going to see as much of an impact with regards to the margins, what kind of noise will we see with that in the coming quarters over the coming year.

我們是否必須觀察，在未來的時期是否會看到更多這樣的情況，以及，這是否是…利潤率方面不會受到太大影響，那麼在接下來的幾季和一年中，這方面會出現什麼樣的波動呢？

Very little. I mean, that adjustment here quarter over quarter was just a couple $100,000. It was not; it didn't cross the million-dollar line. Within our cost of revenue.

很少。我的意思是，這個季度的調整幅度只有幾十萬美元。並非如此；它沒有超過一百萬美元。在我們的營業成本範圍內。

Okay. And then, I, I'll ask one more that's more fun because these are all kind of little piddly ones, with regards to, you're being funded to build a pilot line with this DIU contract and then, what's the end game with that?

好的。然後，我再問一個更有趣的問題，因為這些問題都太瑣碎了，那就是，你們透過這份 DIU 合約獲得了資金來建造一條試點生產線，那麼，最終目標是什麼？

So then you have this pilot line that you've put together, done a proof of concept for the government that you can make.

所以，你已經搭建了這條試點生產線，並為政府完成了概念驗證，你可以進行生產。

What it is they want, I mean, is that something then that they have the process and then they're going to fund you to make a bigger factory that then they're going to go out and bid for someone else to do it, you see what I'm saying like where does that, what's the vision for that assuming that it goes forward and you get success.

我的意思是，他們想要的是什麼？他們有了這個流程，然後他們會資助你建造一個更大的工廠，然後他們會出去競標，讓其他人來做。你明白我的意思嗎？如果一切順利，你成功了，那麼這個願景是什麼？

Yeah, let me take that. So the DAU, a couple of points here. Primarily, it was a competitive solicitation. There were seven or eight other companies that took a swing and they chose Amprius.

好的，我來拿。所以，關於每日活躍用戶數（DAU），這裡有幾點需要說明。首先，這是一次競爭性招標。還有七、八家其他公司也參與了競標，他們最終選擇了Amprius。

We have a pilot line in Fremont. The dollars that we have received helps increase the capacity of the pilot line, and then, as Ricardo mentioned in his part of the script, also the capability. We are adding electrode manufacturing. That part of the factory of a pilot line did not exist.

我們在弗里蒙特有一條試驗生產線。我們收到的美元有助於提高試驗生產線的產能，然後，正如里卡多在他的劇本部分提到的那樣，也有助於提高生產能力。我們正在增加電極製造業務。試驗生產線的那部分工廠當時並不存在。

Their interest, the DIU's interest is domestic batteries, and they see us as, in the front of the pack, and they want to encourage us to make those available. There's certain sizes that are very popular. I mentioned the S8, that's a very popular size.

DIU 的興趣在於國產電池，他們認為我們處於領先地位，並希望鼓勵我們提供這些電池。有些尺寸非常受歡迎。我提到了S8，那是一個非常受歡迎的尺寸。

They want us to make those. And the idea of a pilot line, of course, is that we have those capabilities for many of the defense customers and whether it's primes or the folks who are the companies that serve those primes.

他們想讓我們做那些東西。當然，試點生產線的想法是，我們有能力為許多國防客戶，無論是主承包商還是為這些主承包商服務的公司，提供這些服務。

So, but I mean, is it like I mean a pilot line still not making, it's not a production level facility what I mean is the goal is for them to, a goal clearly it is for them to develop a domestic.

所以，我的意思是，它就像一條尚未投產的試驗線，它還不是生產級的設施，我的意思是，他們的目標是，很顯然，他們的目標是開發一種國產產品。

Battery production capability. I mean, do you ever have any discussions with them with regards to, what that might look like as they go forward with a larger factory? Does Colorado come into play?

電池生產能力。我的意思是，你有沒有跟他們討論過，隨著他們擴建工廠，可能會出現什麼狀況？科羅拉多州的情況會被考慮嗎？

Would they, if you go approof all this out, would they want you to go license your capabilities? Do you, you see where I'm going? Like, what's the kind of the longer end game with it? I mean, unless you don't.

如果你把所有這些能力都證明是合法的，他們會希望你把你的能力授權出去嗎？你明白我要去哪裡嗎？比如說，它的長遠最終目標是什麼？我的意思是，除非你不這麼做。

Yeah, we are very close with the DIU and the DOD generally. Their interest is, as you say, had domestic batteries. They have said publicly that there are solicitations that are coming out early in this fiscal year, probably delayed here because of the shutdown, but I think we'll see some specific additional solicitations related to domestic production.

是的，我們與國防情報部門以及整個國防部關係非常密切。正如你所說，他們感興趣的是家用電池。他們曾公開表示，本財年初期會有一些招標公告發布，可能因為政府停擺而推遲發布，但我認為我們會看到一些與國內生產相關的具體額外招標公告。

Okay. Well, 5:00, I could keep going. Congrats on the quarter. Super exciting to cover you. So talk to you soon.

好的。嗯，5點鐘的時候，我還能繼續。恭喜你本季取得佳績。能報道你真是太棒了。那就下次再聊吧。

Thank you.

謝謝。

Thank you.

謝謝。

Thank you.

謝謝。

At this time, this concludes our question-and-answer session (Operator Instructions).

至此，我們的問答環節結束。（操作說明）

And now I'd like to turn the call back over to Doctor Sun for his closing remarks.

現在，我想把電話交還給孫博士，請他作總結發言。

Thanks again everyone for joining us today. As a reminder, you can find out more about our company, receive additional updates, and learn about upcoming events from the investor relations section of our website.

再次感謝各位今天蒞臨。再次提醒，您可以透過我們網站的投資者關係版塊了解更多關於我們公司的資訊、接收更多更新以及了解即將舉行的活動。

We look forward to updating you on the exciting progress we are making in transforming the electrical mobility market. Follow me, I'd like to thank our employees, partners, and the shareholders for their continued support.

我們期待向您報告我們在變革電動車市場方面取得的令人興奮的進展。請跟著我，我謹代表公司感謝我們的員工、夥伴和股東們一直以來的支持。

Okay.

好的。

Thank you for joining us today for Amprius Technologies 3rd Quarter 2025 earning's conference call. You may now disconnect.

感謝您今天參加Amprius Technologies 2025年第三季財報電話會議。您現在可以斷開連線了。

Have a good day.

祝你有美好的一天。