CPS Technologies Corp (CPSH) 2025 Q1 法說會逐字稿

Ladies and gentlemen, thank you for standing by and welcome to the CPS Technologies Corp 2nd quarter investor conference call. (Operator Instructions).

女士們，先生們，感謝你們的支持，歡迎參加 CPS Technologies Corp 第二季度投資者電話會議。（操作員指令）。

I would now like to hand the conference over to your speaker today, Mr. Griffith. Please go ahead, sir.

現在我想將會議交給今天的發言人格里菲斯先生。先生，請繼續。

Thank you, operator, and good afternoon, everyone. I'm joined today by Grant Bennett, our President and CEO, Before we begin the business portion of the call, I would like to point out to all of you that statements in this conference call that are not strictly historical are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1,995 and should be considered as subject to the many uncertainties that exist in CPS's operations and environment.

謝謝接線員，大家下午好。今天與我一起參加的是我們的總裁兼執行長 Grant Bennett。在我們開始電話會議的業務部分之前，我想向大家指出，本次電話會議中非嚴格歷史性的陳述屬於《1995 年私人證券訴訟改革法案》所定義的前瞻性陳述，應被視為受 CPS 運營和環境中存在的許多不確定因素的影響。

These uncertainties include the impact of COVID-19, economic conditions, market demands, and competitive factors. Such factors could cause actual results to differ materially from those in any forward-looking statement now I'll turn the call over to Grant to offer his perspectives on the 2nd quarter's results.

這些不確定性包括 COVID-19 的影響、經濟狀況、市場需求和競爭因素。這些因素可能導致實際結果與任何前瞻性聲明中的結果有重大差異，現在我將把電話轉給格蘭特，讓他就第二季的業績發表自己的看法。

Thank you, Chuck, and welcome to the call, everyone.

謝謝你，查克，歡迎大家參加電話會議。

We're pleased to report revenues for the second quarter of $5.8 million with an operating profit of 331,000.

我們很高興地報告第二季的收入為 580 萬美元，營業利潤為 331,000。

Revenues and operating income were down from Q1 of this year, which was our highest revenue quarter in our history, but both revenues and operating income were very similar to Q4 of last year, which was our last pre-pandemic quarter.

收入和營業收入較今年第一季有所下降，而今年第一季是我們歷史上收入最高的一個季度，但收入和營業收入與去年第四季度（即疫情前的最後一個季度）非常相似。

The predominant factor in lower Q2 revenue compared to Q1 is that a large customer increased inventory in Q1, pulling in shipments originally scheduled for Q2 in Q1.

第二季度收入較第一季下降的主要原因是，一家大客戶在第一季增加了庫存，將原定於第二季度發貨的貨物拉到了第一季。

To build a larger safety inventory given concerns about COVID-19 impacting the supply and logistics chain in Q2, they reduced deliveries to begin to bring inventories back down to a more appropriate level.

鑑於擔心 COVID-19 會影響第二季度的供應和物流鏈，為了建立更大的安全庫存，他們減少了交貨量，以開始將庫存降至更合適的水平。

Let me parenthetically comment. I use the term supply and logistic chain to highlight that one somewhat unanticipated impact of COVID-19 is the impact the shutdown of passenger air travel has on air freight. International air freight costs are up very sharply because there are very few passenger planes flying between the US and Europe, and many freight forwarders primarily use excess capacity on passenger planes rather than dedicated freighters for air freight.

請允許我附加評論一下。我使用供應和物流鏈這個術語來強調，COVID-19 的一個意想不到的影響是客運航空旅行的停止對航空貨運的影響。國際空運成本急劇上漲，因為美國和歐洲之間飛行的客機很少，而且許多貨運代理主要使用客機的過剩運力，而不是專用貨機進行空運。

We moving from the revenue to the income side, we're very pleased with the very significant improvement in operating profit for the six month period just ended, operating profits were $952,000 compared to an operating loss of $486,000 for the same period a year ago.

我們從收入轉向收益方面，我們對剛結束的六個月期間的營業利潤的顯著改善感到非常高興，營業利潤為 952,000 美元，而去年同期的營業虧損為 486,000 美元。

This positive swing of over $1.4 million. Comes even though revenues were up only $633,000. This improvement reflects the pricing, product mix, and operational improvements, as well as the major customer contracts that we've discussed in previous quarters, and these improvements we believe will continue to bear fruit in future quarters.

這一正向變動超過 140 萬美元。儘管收入僅增加了 633,000 美元。這項改善反映了定價、產品組合和營運的改進，以及我們在前幾個季度討論過的主要客戶合同，我們相信這些改進將在未來幾個季度繼續取得成果。

As indicated in our press release, we've been open and operating throughout the pandemic.

正如我們的新聞稿中所述，在整個疫情期間，我們一直在開放和運作。

To date, most of our customers remain open and operational. We saw in Q2 and now expect to see in near term future quarters increased volatility in short-term demand as individual customers address pandemic-related issues such as managing inventories up and down.

到目前為止，我們的大多數客戶仍在營業並繼續營運。我們在第二季度看到，並且預計在近期未來幾季短期需求波動將加劇，因為個人客戶需要解決與疫情相關的問題，例如管理庫存的漲跌。

Addressing shortages of other components, in some cases having short term shutdowns, and in some cases we found customers have longer approval cycles given that many employees are working from home.

解決其他零件的短缺問題，在某些情況下會短期停工，在某些情況下，我們發現由於許多員工都在家工作，客戶的審批週期會更長。

CPS continues to operate and follow CDC and [OSHA] guidance.

CPS 繼續運作並遵循 CDC 和 [OSHA] 指導。

Among the things we're doing is employees' temperatures are taken at the beginning of each shift. Shifts have been staggered to reduce employee overlap. Workstations have been rearranged to ensure social distancing. All employees are using face masks, etc.

我們正在進行的工作之一是在每次輪班開始時測量員工的體溫。輪班已錯開，以減少員工重疊。工作站已重新佈置，以確保社交距離。所有員工都戴口罩等。

To our knowledge, there has been no transmission of COVID-19 between employees at CPS.

據我們所知，CPS 員工之間尚未傳播 COVID-19。

I've commented over.

我已經評論過了。

The last several quarters that we have a focus on more deeply penetrating the US defense and aerospace markets. Most applications in these markets require high reliability and high performance.

過去幾個季度，我們專注於更深入地滲透美國國防和航空航太市場。這些市場中的大多數應用都要求高可靠性和高效能。

At CPS, we're delighted and proud that we have been able to contribute to the NASA 2020 Mars perseverance rover. Which is scheduled to launch tomorrow morning in just about 15 hours to be exact. The Perseverance rover contains an ASIC module produced by CPS. We'll be issuing a press release with additional information after it's been approved by appropriate channels at the Jet Propulsion Laboratory.

在 CPS，我們很高興也很自豪能夠為 NASA 2020 火星毅力號探測器做出貢獻。確切地說，它將於明天早上發射，距離發射時間約 15 小時。毅力號火星車包含由 CPS 生產的 ASIC 模組。在獲得噴射推進實驗室適當管道的批准後，我們將發布包含更多資訊的新聞稿。

I mentioned freight costs earlier with a smile on my face. Let me just say I'm glad the customer is paying the freight cost to get the rover to its ultimate destination, not the suppliers.

我之前面帶微笑地提到了運費。我只想說，我很高興客戶支付了將探測器運送到最終目的地的運費，而不是供應商。

With that, let me turn the time to Chuck for additional details on the second quarter financial performance.

接下來，請容許我向查克介紹第二季財務表現的更多細節。

Thank you, Grant.

謝謝你，格蘭特。

So revenues for the quarter again totaled $5.8 million. This was a 10% decrease compared to 6.6.4 million dollars in Q2 of last year. This decrease was due mainly to just product mix. Gross margin for the quarter amounted to 21% of sales compared to 18% in the second quarter last year. The largest factor affecting this percentage was new contracts with our three largest customers, which we've already discussed.

因此本季的營收再次達到 580 萬美元。與去年第二季的 6,640 萬美元相比，下降了 10%。這種下降主要是由於產品組合所致。本季毛利率為銷售額的 21%，而去年第二季為 18%。影響這一百分比的最大因素是我們與三大客戶簽訂的新合同，我們已經討論過了。

Selling general administrative costs totaled $853,000 compared to last year's $917,000.

銷售一般管理費用總計 853,000 美元，而去年同期為 917,000 美元。

Sales commissions were down because of the decrease in sales volumes and our costs for travel and sales conferences were also down due to the COVID-19 pandemic.

由於銷售量下降，銷售佣金下降，而且由於新冠疫情，我們的差旅和銷售會議費用也下降。

The company experienced an operating profit for the quarter of $331,000 which compared to an operating profit in the second quarter of 2019 of $258,000.

該公司本季的營業利潤為 331,000 美元，而 2019 年第二季的營業利潤為 258,000 美元。

Turning to the balance sheet, we ended the quarter with about $117,000 of cash and $1.03 million of borrowings against our line of credit.

談到資產負債表，本季末我們擁有約 117,000 美元的現金和 103 萬美元的信用額度借款。

This net cash of minus 910000 is an improvement in our cash position from the end of the first quarter when the net cash was minus $1.46 million, so about 500,000 improvement.

這筆負 91 萬的淨現金使我們的現金狀況較第一季末的負 146 萬美元有所改善，改善幅度約為 50 萬美元。

Accounts receivable at June 20th, 2020 totaled $5 million compared with $4.1 million at June 29, 2019. Our day sales outstanding totaled 78 days at the end of the quarter compared to 58 days at the end of the second quarter in 2019. This increase is due to the elimination of the prompt pay discount and significantly increased sales from two of our largest customers respectively.

截至 2020 年 6 月 20 日的應收帳款總額為 500 萬美元，而 2019 年 6 月 29 日的應收帳款總額為 410 萬美元。截至本季末，我們的未償銷售額總計 78 天，而 2019 年第二季末為 58 天。這一增長是由於取消了及時付款折扣以及我們兩個最大客戶的銷售額大幅增加。

Inventories totaled $3.9 million at June 20th, 2020 compared to $3.1 million at June 29th, 2019.

截至 2020 年 6 月 20 日，庫存總額為 390 萬美元，而 2019 年 6 月 29 日為 310 萬美元。

The inventory turnover in the most recent four quarters was 5.5 times compared to 6.2 times for the four quarters ended June 29, 2019. This decrease in turns is directly related to the decrease in purchase purchases from our largest customer, as Grant previously discussed.

最近四個季度的庫存週轉率為 5.5 次，而截至 2019 年 6 月 29 日的四個季度的庫存週轉率為 6.2 次。正如格蘭特之前所討論的，週轉率的下降與我們最大客戶的購買量下降直接相關。

Turning to the liability side, you'll see the $1 million drawn on our $3 million dollar line of credit. Payables and accruals total $2.7 million at June 27, 2020, up slightly from $2.5 million at June 29, 2019. You'll also see the inclusion of a notes payable not in last year's liabilities. This was due to the financing of a new of new QA quality assurance equipment in the first quarter of this year. And for further discussion, I would like to turn the call back over to Grant.

轉到負債方面，您會看到從我們的 300 萬美元信用額度中提取了 100 萬美元。截至 2020 年 6 月 27 日，應付款項及應計款項總額為 270 萬美元，略高於 2019 年 6 月 29 日的 250 萬美元。您還會看到，去年的負債中沒有應付票據。這是由於今年第一季為新的 QA 品質保證設備提供了資金。為了進一步討論，我想將電話轉回給格蘭特。

Thank you, Chuck.

謝謝你，查克。

Before opening a call for questions, let me comment on two questions that several investors have asked recently. The first question is what is our current and anticipated future participation in the electric vehicle and hybrid electric vehicle markets?

在開始提問之前，請容許我先評論一下最近幾位投資人提出的兩個問題。第一個問題是，我們目前和未來預計在電動車和混合動力電動車市場的參與情況如何？

As most of our largest product line is baseplates for power modules. Power modules consist of insulated gate bipolar transistors known as IGBTs, which are very high speed, high efficiency switches that convert the electricity stored in the battery into the right form for use by the motor.

因為我們最大的產品線大部分是電源模組的底板。電源模組由絕緣柵雙極電晶體（稱為 IGBT）組成，它們是一種高速、高效的開關，可將電池中儲存的電能轉換為適合馬達使用的形式。

Most automotive OEMs purchase power modules from a module producer. A small number of OEMs produce some of their own modules.

大多數汽車原始設備製造商都從模組生產商購買電源模組。少數 OEM 生產一些自己的模組。

Our base plates today are being used in modules for some specialty EV and HEV applications, for example, in some military trucks and in some race cars.

如今，我們的底板被用在一些特殊 EV 和 HEV 應用的模組中，例如一些軍用卡車和一些賽車。

CPS is very active with most major most major module makers, primarily in Europe but also in Asia and the United States. We're providing prototypes for new product development and CPS has been chosen by some module makers as the vendor for some modules for which the development has been completed. And the module makers are now marketing the module to automotive OEMs.

CPS 與大多數主要模組製造商的合作非常活躍，主要在歐洲，但也包括亞洲和美國。我們正在為新產品開發提供原型，而 CPS 已被一些模組製造商選為某些已完成開發的模組的供應商。模組製造商目前正在向汽車原始設備製造商推銷該模組。

We can't predict how successful any specific module will be in the marketplace, but we do believe that over time modules containing CPS base plates will be used in some mainstream automobiles, particularly for higher performance vehicles.

我們無法預測任何特定模組在市場上會取得多大的成功，但我們相信，隨著時間的推移，包含 CPS 底板的模組將會被用於一些主流汽車，特別是性能更高的汽車。

Most of you know that in the past we've supplied hundreds of thousands of automotive base plates to Continental Automotive, a European module maker, and those modules in turn are now in automobiles on the road, made by Audi, Mercedes, Renault, and SmartCare.

你們大多數人都知道，過去我們曾向歐洲模組製造商大陸汽車公司供應過數十萬個汽車底板，而這些模組現在又安裝在奧迪、賓士、雷諾和 SmartCare 生產的汽車上。

Although this specific program has ended, the success of this program. Demonstrated both to module makers and automotive OEMs that ASIC is the highest reliability and highest performance base plate material It is, however, higher cost than the lower reliability and lower performance materials. The auto automotive market in general is very cost driven, but there certainly is a performance and reliability driven segment, and it is in this segment that we believe modules containing our base plates will primarily be used.

雖然這個特定的節目已經結束，但這個節目的成功。向模組製造商和汽車原始設備製造商證明，ASIC 是可靠性最高、性能最高的基板材料，然而，它的成本比可靠性和性能較低的材料更高。總體而言，汽車市場受成本驅動，但肯定存在性能和可靠性驅動的領域，我們相信包含我們底板的模組將主要應用於這一領域。

There's a great deal of press regarding EVs and HEVs, and there's a tremendous amount of development activity ongoing both at the OEMs and the module makers, but they are still a very tiny part of the market. In other words, the unit growth, the volume growth is still to come.

關於電動車和混合動力車的報告很多，而且原始設備製造商和模組製造商都在進行大量的開發活動，但他們仍然只佔市場的一小部分。換句話說，單位成長、數量成長仍未到來。

A second question regards the penetration of silicon carbide dye into power modules and what this means for CPS.

第二個問題涉及碳化矽染料滲透到電源模組以及這對 CPS 意味著什麼。

Silicon carbide IGBTs operate at higher temperatures and are more efficient than silicon-based IGBTs. They switch the power with less loss than silicon IGBTs. They are, however, much more expensive today than silicon-based IGBTs because they do operate at higher temperatures. Thermal management is even more important.

碳化矽IGBT的工作溫度比矽基IGBT更高，效率也更高。它們切換電源時的損耗比矽 IGBT 更小。然而，由於它們在更高的溫度下運行，因此現在它們比基於矽的 IGBT 昂貴得多。熱管理更為重要。

And that is where ASIC provides real advantages. Today, silicon carbide IGBT modules are beginning to penetrate niche applications where the increased performance justifies the higher cost.

這就是 ASIC 真正優勢所在。如今，碳化矽 IGBT 模組開始滲透到利基應用中，在這些應用中，性能的提高證明了更高的成本是合理的。

Revenues to date from this segment have primarily been revenues from prototype purchases of ASIC base plates by module manufacturers. Our customers are now introducing the modules that contain our base plates into the marketplace and starting to book orders.

迄今為止，該部門的收入主要來自模組製造商購買 ASIC 底板原型的收入。我們的客戶現在正在將包含我們底板的模組引入市場並開始接受訂單。

Based on customer provided forecast, we expect revenues from the recurring manufacturing of silicon carbide based modules to come soon. Again, initially from niche applications, but certainly over time as the cost of the dye come down, we're confident that silicon carbide-based IGBTs will penetrate higher volume applications such as automotive applications.

根據客戶提供的預測，我們預計碳化矽模組的重複製造收入將很快到來。同樣，最初是從利基應用開始，但隨著時間的推移，隨著染料成本的下降，我們相信基於碳化矽的 IGBT 將滲透到汽車應用等更大規模的應用中。

Let me now, open the call to questions, from, others.

現在，請允許我回答其他人的提問。

(Operator Instructions)

（操作員指示）

And we have our first question from a Mr. Lenny Dunn.

我們的第一個問題來自 Lenny Dunn 先生。

Yeah, hi, good afternoon.

是的，你好，下午好。

I understand you know this is not a quarter you can look at as typical, even though your customers and you weren't directly affected by the COVID, I know that you took, you said the one customer and your release took extra to in the first quarter in order to make sure that they were properly supplied in the second, but would you say now that things are kind of imbalanced with the orders that you're getting compared to what you normally would get.

我知道這不是一個典型的季度，儘管您和您的客戶並未直接受到 COVID 的影響，但我知道您在第一季度為一位客戶和您的發布額外花費了時間，以確保他們在第二季度得到適當的供應，但您現在是否會說，與您通常收到的訂單相比，您收到的訂單有點不平衡。

Very good question and let me answer the question this way We're very, pleased with, the underlying order book and the delivery schedules are more volatile than they've ever been and they are changing more quickly than they've ever been and as we dig into this. It's simply very clear that, it's all the uncertainty relating to COVID and, so we don't.

非常好的問題，讓我這樣回答這個問題，我們非常高興，基礎訂單和交貨時間表比以往任何時候都更加不穩定，而且隨著我們深入研究這個問題，它們的變化速度比以往任何時候都要快。很明顯，這一切都與 COVID 有關，因此我們不會這麼做。

Believe we of course can't predict when a vaccine will be available or a therapy, but, our crisp summary, is that, things are going to bounce up and down, literally for kind of for the first time in our histories, customers.

我相信我們當然無法預測何時會有疫苗或治療方法，但是，我們的簡短總結是，情況將會上下波動，這在我們的歷史上確實是第一次，對於客戶來說。

They call up and say, don't ship this, we can't get another component for the next two months or in one or two cases they may call up and say, Can you ship this early? But so it's volatile and so and as we look back on this, although our customer did not inform us in Q1.

他們打電話說，不要發貨，我們在接下來的兩個月內無法獲得其他組件，或者在一兩種情況下，他們可能會打電話說，你能提前發貨嗎？但它是不穩定的，所以當我們回顧這一點時，儘管我們的客戶在第一季沒有通知我們。

That they were building safety stock, only after they, and I only after they reduced their schedule, did they tell us that's what's going on, but short, yeah, just more short term changes but from our perspective we don't see, this is short term, it's not fundamental.

他們正在建立安全庫存，只有在他們（以及我，只有在他們減少了計劃之後）才告訴我們發生了什麼，但短期內，是的，只是更多的短期變化，但從我們的角度來看，我們看不到，這是短期的，不是根本性的。

Okay, and with.

好的，並且同意。

The supply chains being disrupted from time to time, and you're doing international business, are you having any trouble on that end?

供應鏈時不時會中斷，而您又在做國際業務，您在這方面遇到什麼麻煩了嗎？

So we have had no trouble getting materials, but, most of the products we sell need to be nickel plated and we have multiple plating vendors but generally although we try and have dual sources for each product, there are some products where only one plater is qualified.

因此我們在獲取材料方面沒有任何困難，但是，我們銷售的大多數產品都需要鍍鎳，我們有多個電鍍供應商，但一般來說，儘管我們嘗試為每種產品提供雙重來源，但有些產品只有一名電鍍師具備資格。

And we had one plating vendor close for several weeks due to a large number of employees with COVID, and that impacted our delivery schedules short term. I did mention I highlighted freight more in the spirit of this kind of it was really unexpected, but our freight costs have gone up, but we anticipate that will be relatively short term. There's now no problem in getting our product to our customers.

由於大量員工感染新冠肺炎，我們的一家電鍍供應商停工數週，這在短期內影響了我們的交貨計劃。我確實提到過，我更強調了運費，這確實是出乎意料的，但我們的運費確實上漲了，但我們預計這將是相對短期的。現在，我們可以毫無問題地將產品送到客戶手中。

Okay, and the, automotive and sounds like, ex exciting to me at least because it sounds like that could be a very large market for you.

好的，汽車聽起來至少對我來說很令人興奮，因為這聽起來對你來說可能是一個非常大的市場。

Even though you're a small component of what goes in there, When would you anticipate it's starting to ramp up?

即使你只是其中很小的一部分，你預期什麼時候它會開始上升？

So we also believe, that there'll be a role for us, we are hesitant to give more specific information. I'm not going to give more specific information that is more specific than our customers are giving us. And in other words.

因此我們也相信，我們會發揮一定的作用，但我們不願意提供更具體的資訊。我不會提供比我們的客戶所給予的更具體的資訊。換句話說。

I want to state unambiguously, for example, that we are the qualified vendor we've gone through all the development cycles of a an automotive IGPT module that looks to us like it will be successful, but the module maker has not yet firmly booked orders with the automotive OEM. And until they do that, I'm hesitant to project.

例如，我想明確地聲明，我們是合格的供應商，我們已經經歷了汽車 IGPT 模組的所有開發週期，在我們看來，這個模組將會成功，但模組製造商尚未與汽車 OEM 確定訂單。在他們這樣做之前，我不願意做出預測。

Well, from As somebody who doesn't Know the industry as carefully as you do, it would appear to me that because this is not a very expensive portion of what goes into the car that the dependability of it would count very heavily because, they're not going to save a nickel and dime thing.

好吧，作為一個不像你那樣仔細了解這個行業的人，在我看來，因為這不是汽車中非常昂貴的一部分，所以它的可靠性非常重要，因為他們不會省下一分錢。

In order and then risk warranty problems later.

為了避免以後出現保固問題。

You, I certainly would think that's the case, and the reality is, in most cases, the automotive industry shaves pennies.

你，我當然會認為情況是這樣，而現實情況是，在大多數情況下，汽車產業都在精打細算。

But we clearly believe we clearly believe and I don't want to get too philosophical here, but you have to look at the total systems cost and there are absolutely situations where if you use our material even though you pay more for the base plate, you pay less for other components and the total systems cost is lower.

但我們清楚地相信，我們清楚地相信，我不想在這裡談論太多哲學問題，但你必須考慮整個系統的成本，絕對存在這樣的情況：如果你使用我們的材料，即使你為底板支付更多費用，你為其他組件支付的費用也會更少，整個系統的成本也會更低。

And that it is that observation that gives us confidence that there's opportunities for us in this marketplace.

正是這種觀察讓我們相信，這個市場上存在著機會。

Okay, thank you for swinging back to my original question, in what time frame would you anticipate, assuming that this works, would you anticipate some ramp up?

好的，感謝您回到我最初的問題，假設這個方法有效，您預計在什麼時間範圍內會出現一些增長？

Well, again, I'm not going to get ahead of our customers, even the even the OEMs are postponing things, I've had my eye on the Ford Maki Mustang, and Ford has delayed the introduction of that.

好吧，再說一次，我不會搶在客戶之前，即使原始設備製造商正在推遲事情，我也一直關注著福特 Maki Mustang，而福特已經推遲了它的推出。

So, I, what I can say definitively is that. Modules that, the module maker has completely finished development on and is now marketing, specify our base plate.

所以，我可以肯定地說的是。模組製造商已完全完成開發並正在行銷的模組指定了我們的底板。

Okay, so I guess you don't want to commit, but it does sound like within the next 6 months, just my speculation on what you're saying, we could start seeing some ramp up well all things yeah you know.

好的，所以我想你不想承諾，但聽起來在接下來的 6 個月內，只是我對你所說的內容的猜測，我們可能會開始看到一些事情的進展，是的，你知道的。

I would, I would, again the automotive timelines.

我會，我會再次回顧汽車時間表。

They would have had to be taking delivery of product now if it's a well, I won't go into details if, the timelines can be fairly long.

如果情況良好，他們現在就必須接收產品，我不會詳細說明，因為時間表可能相當長。

But we're in that pipeline.

但我們正處於這個過程中。

Yeah, are there any other pipelines, that, we're in that we haven't been in before?

是的，我們還有哪些以前沒有去過的管道嗎？

Well, I mentioned the silicon carbide modules and one of the things that gets me excited is that it's US module producers that are very active in this area and we're now getting some forecasts where next year. Possibly even as soon as 4th quarter, we believe a silicon carbide module, that we've been qualified as the base plate supplier will start to generate material revenue.

好吧，我提到了碳化矽模組，讓我興奮的事情之一是美國模組生產商在這個領域非常活躍，我們現在得到了一些關於明年的預測。我們相信，甚至可能最早在第四季度，我們已獲得基板供應商資格的碳化矽模組將開始產生材料收入。

Okay, the thing that I've always urged to do is go to these conferences, to present so we're not a hidden company, but at the same time, clearly in person conferences, at least in their term, aren't happening.

好的，我一直敦促做的事情就是參加這些會議，進行展示，這樣我們就不會是一家隱藏的公司，但與此同時，顯然面對面的會議，至少在他們的任期內，是不會發生的。

So, but at the same time, the other side of that is that a virtual conference, it's probably easier for you to attend.

所以，但同時，另一方面，虛擬會議可能更容易讓您參加。

So have you looked into that?

那你調查過這個嗎？

Talking about investor conferences.

談論投資者會議。

Yes, we're, we anticipate in person or virtually, participating in a conference certainly for the end of the year.

是的，我們預計將親自或以虛擬方式參加年底的會議。

Good, because that was the plan before and with this COVID thing and I really TRY to stay on top of it, it's beginning to look like we're going to have vaccines that are somewhat similar to flu vaccines. And if they're not permanent, that you get one and then you have to get a booster maybe 3 months later and then the following year you may have to get another one for the next season.

很好，因為這是之前的計劃，但隨著新冠疫情的出現，我真的盡力掌握它，看起來我們將擁有與流感疫苗有些相似的疫苗。如果這些疫苗不是永久性的，那麼你接種一劑疫苗後，大概 3 個月後就必須接種加強針，然後第二年你可能還必須在下一個季節再接種一劑。

But by that time, because you're looking now at late 2021 for this second time around, you could very easily have a combo vaccine that gives you both your flu and your COVID at the same time. But you know it does look like you know there is light at the end of the tunnel finally, so you know I'm encouraged by that so we'll see, you.

但到那時，因為現在要到 2021 年底才會進行第二次接種，所以您很容易就能接種一種可以同時預防流感和新冠肺炎的聯合疫苗。但你知道，看起來隧道盡頭終於出現了光明，所以我很受鼓舞，我們拭目以待吧。

Know, yeah, I am too, I am.

知道，是的，我也是，我也是。

Too.

也。

Okay, people asking questions.

好的，有人問問題。

Thank you.

謝謝。

And we have our next question from Mr. Mike Hyde.

下一個問題來自麥克·海德先生。

Oh hi Grant hi folks how are you?

哦，嗨，格蘭特，大家好嗎？

Yeah, may I ask you a favor and I don't mean to be rude to anyone, but honestly I think there's probably more than me on this conference call and you know whether it's somebody who owns 100 shares or a million shares or $10 million shares, just seems like we ought to be able to move along and get different people who want to ask different questions.

是的，我可以請您幫個忙嗎？我無意冒犯任何人，但說實話，我認為參加這次電話會議的人可能不止我一個，而且您知道，無論是擁有 100 股、100 萬股還是價值 1000 萬美元的股票的人，我們似乎都應該能夠繼續討論，讓不同的人提出不同的問題。

And you know there's, I'm sorry that has to come from the top down. I can't make it happen or the operator can't make it happen. Anyway, quickly on your website you've got 3, electrification applications in the images right in the front of the website.

你知道，很抱歉，這必須自上而下進行。我無法實現它或操作員無法實現它。無論如何，您的網站上很快就有 3 個電氣化應用程序，它們位於網站正面的圖像中。

You know electric trains, satellites, and, a row of electric vehicles at a charger at a charging station, the charging row, and where is that and what are those vehicles and which of them have CPS stuff?

您知道電動火車、衛星，以及充電站充電器旁的一排電動車，充電排，它們在哪裡，那些車輛是什麼，哪些有 CPS 的東西？

You're talking about which on.

你在談論哪一個。

Your website, on your.

您的網站，在您的。

Website, yes.

網站，是的。

Yes, okay, I don't have that right in front of me, but, I think it's a generic vehicle, but to answer your question specifically, where are CPS base flights today? They're in the Audi A6. They're in the Audi Q5, they're in the Mercedes-Benz S Class. They're in the Smart car all electric vehicle. That particular program, they're also, by the way, in virtually every Formula One car, Formula One world is very confidential.

是的，好的，我面前沒有這個，但是，我認為它是一輛普通的車輛，但具體回答你的問題，今天 CPS 基地航班在哪裡？他們在奧迪 A6 裡。他們開的是奧迪 Q5，他們開的是賓士 S 級車。他們乘坐的是 Smart 全電動汽車。順便說一下，這個特定的程序也出現在幾乎每輛一級方程式賽車中，而一級方程式賽車的世界是非常保密的。

But, they're located our ASIC base plates are in those automobiles.

但是，他們發現我們的 ASIC 底板就在那些車裡。

That I've seen some of those photos, yeah, anyway, my suggestion is change the photo on the website to really be updated to whatever you regard as the most interesting high performance applications.

我看過其中一些照片，是的，無論如何，我的建議是將網站上的照片更改為真正更新為您認為最有趣的高效能應用程式。

Okay A very good, thank you.

好的。非常好，謝謝。

All right, second, there's all kinds of buzz about, whether it's BMW or other folks, including names you've named, and it seems like 2022 seems to be the magic year when everybody's expecting bigger volume, for example, Fisker says, late 20 to 2022, well they're going to be, fab fabulous, I believe in using a VW plant some, VW plant somewhere, for their for their EV stuff.

好的，第二，無論是寶馬還是其他人，包括您提到的名字，都有各種各樣的傳聞，似乎 2022 年是一個神奇的一年，每個人都期待更大的銷量，例如，菲斯克說，2020 年末到 2022 年，他們會非常棒，我相信他們會使用大眾的某個工廠，大眾的某個工廠，來生產他們的電動汽車。

BMW says 500,000 electric vehicles by the end of 2022. Look out without forecasting future demand because you don't know until does that sound right?

BMW表示，到 2022 年底將生產 50 萬輛電動車。無需預測未來的需求，因為您不知道這聽起來是否正確？

I, I've certainly seen those articles.

我，我當然看過那些文章。

And you've sent many of them to us which we appreciate, and, yes, the answer is that those are the plans, and, I also see a tremendous variability or differences. In aggressiveness between automotive OEMs, Nissan claimed to be the first entrant and claimed that they would be the dominant player, and it now looks like there, a very small player in the grand scheme of things compared to Some of these other auto companies if the projections are true.

我們非常感激您向我們發送了許多計劃，是的，答案是這些就是計劃，而且，我也看到了巨大的差異或差異。在汽車原始設備製造商之間的競爭中，日產聲稱自己是第一個進入者，並聲稱他們將成為主導者，但現在看來，如果預測屬實，與其他一些汽車公司相比，日產在總體上只是一個非常小的參與者。

It's go ahead.

繼續吧。

I'm just going to say it, yeah, yes, I think you're right that the, if you want to call it a tipping point or inflection point, is still ahead of us, not behind us.

我只是想說，是的，是的，我認為你是對的，如果你想稱之為臨界點或拐點，它仍然在我們前面，而不是在我們後面。

You know Tesla's all here if I may go ahead.

如果我可以繼續的話，你知道特斯拉就在這裡。

Yeah, Tesla's opened the market opened everyone's eyes, and now the BMWs of the world, are, they've got the, existential fear.

是的，特斯拉打開了市場，讓每個人都大開眼界，而現在，世界上的寶馬，他們有了生存的恐懼。

An existential motivation that Tesla has created.

特斯拉創造的存在動機。

Right, here's my last thing and let's get some other questions. My comment would be that with all the buzz about the EVs and, big volume forecasts probably somewhere in the neighbourhood of 1.5, 2 years, and so on ahead of us, but boy when the change comes it's going to be really huge and it's going to be customer driven.

好的，這是我的最後一件事，我們來回答一些其他問題。我的評論是，儘管人們對電動車議論紛紛，並且預計大批量生產可能還要再過 1.5 年、2 年左右的時間，但當變化真正來臨時，它的影響將非常巨大，而且將由客戶驅動。

That's and what I see is it isn't just the subsidies. There's like EUR90 subsidies for buying an all-electric vehicle now, and you know there's subsidies, I believe in both Germany and France, but what's driving that isn't just subsidies, it's consumers, it's customer demand, and forget Elon Musk, forget, all of his nonsense. What's driven Tesla is incredible buzz and incredible demand from customers and consumers.

我看到的不只是補貼。現在購買全電動汽車可獲得 90 歐元的補貼，而且你知道有補貼，我相信德國和法國都有，但推動這一進程的不僅僅是補貼，而是消費者，是客戶需求，忘掉埃隆馬斯克，忘掉他所有的廢話。推動特斯拉發展的是來自客戶和消費者的極大關注和巨大需求。

Right, and.

對，而且。

I won't comment on Elon Musk, but, if you drive a Tesla, it's a phenomenal car.

我不會對伊隆馬斯克發表評論，但是，如果你駕駛特斯拉，它是一輛非凡的汽車。

Yeah. It is a tremendous car. Well.

是的。這是一輛非常棒的汽車。出色地。

We all remember Tesla 4 or 5 years ago at a conference that we attended together. Let me get off and let other folks ask what they want to ask.

我們都記得四、五年前我們一起參加的一次會議上的特斯拉。讓我下車，讓其他人問他們想問的問題。

Mike, thanks very much.

麥克，非常感謝。

(Operator Instructions)

（操作員指示）

And we have our next question from a Mr. Warren Silver.

下一個問題來自沃倫·西爾弗先生。

Good afternoon, gentlemen.

先生們，下午好。

Happy with the report It has a couple of questions to ask you. The dollar is very weak now. I think it's dropped over 4% or 5% wouldn't that benefit our bottom line because the foreign companies are paying less for it and it should be advantageous to us.

對報告很滿意，有幾個問題想問你。美元現在非常疲軟。我認為，如果價格下降 4% 或 5% 以上，這對我們的利潤來說不是好事，因為外國公司為此支付的費用更少，這對我們來說應該是有利的。

That's exactly right, Warren. In fact, we've been following that pretty closely, and not only are they paying less to us, but they're paying less to us relative to our competition in Japan.

完全正確，沃倫。事實上，我們一直在密切關注這一點，他們不僅向我們支付的費用較少，而且與我們在日本的競爭對手相比，他們向我們支付的費用也較少。

The dollar is weakened against the EUR more than the JPY has, so it's definitely something that that should prove to be. Okay, second question.

美元兌歐元的貶值幅度大於日圓，因此這肯定是事實。好的，第二個問題。

There was an article about two weeks ago if I pronounced the name correctly, a Chinese bus company, Yangzhou, who uses the clay power module, gave him an order for 1,000 buses, and I'm wondering, I think there were 1,200 volts or higher. Are we involved on that order or do we supply clay at that level because I saw Delphi Technologies also was involved at 400 volt and 800 volt. Do you have a comment on that.

如果我沒讀錯的話，大約兩週前有一篇文章，一家使用黏土電源模組的中國揚州巴士公司向他下了 1,000 輛巴士的訂單，我很好奇，我認為電壓是 1,200 伏特或更高。我們是否參與了該訂單或我們是否供該級別的粘土，因為我看到德爾福科技也參與了 400 伏特和 800 伏特的訂單。您對此有何評論？

Are you referring to Cree

你指的是 Cree

R?

R？

Yes, yeah, let me just say yes Cree is a an important customer for us.

是的，是的，我只想說 Cree 是我們的重要客戶。

Are we involved on that Chinese order for 1,000 buses? I mean, they said specifically they're using decree modules.

我們是否參與了中國 1,000 輛公車的訂單？我的意思是，他們明確表示他們正在使用法令模組。

I don't, I'm not, we are the vendor for several modules. I'm, I have not been told by Cree whether the any of the modules that that for which we produce the base plate, have been sold to this to this bus company.

我不知道，我不是，我們是幾個模組的供應商。Cree 尚未告訴我，我們生產底板的任何模組是否已出售給這家公車公司。

Okay, last question, pack car, Pacific and Foundry Coworth and Peter built the trucks. They said they're building the electric trucks, and I understand that the buses and trucks have a problem with the temperature, and they would use 1,200 volts or higher.

好的，最後一個問題，包裝車，Pacific and Foundry Coworth 和 Peter 製造了卡車。他們說他們正在製造電動卡車，據我了解，巴士和卡車有溫度問題，而且它們會使用 1,200 伏特或更高的電壓。

We're getting any indications on that heavy truck market or bus market.

我們正在獲取有關重型卡車市場或公共汽車市場的任何跡象。

We believe that well, let me say we have our base plates are used in some they're primarily military heavy trucks today. And we be in short.

我們相信，我們的底板目前主要應用於一些軍用重型卡車。我們簡短地說。

We believe that we will be successful in that market for the very reasons you described, higher voltage, greater thermal cycling, greater need and ability to pay for reliability.

我們相信，我們將在該市場取得成功，原因正如您所描述的，即更高的電壓、更大的熱循環、更大的需求以及對可靠性的支付能力。

Okay, thank you. And the last question, the one in Illinois, I think Ford owns a percentage of them, 25%or 27% of them and they got a huge truck order. I believe it's from Amazon. I'm not sure, and you mentioned that we have a relationship with Ford with the Ford Mustang. Are we involved with that new startup Rivian Electric on the trucks?

好的，謝謝。最後一個問題，關於伊利諾伊州的那家工廠，我認為福特擁有其中的一定比例，25% 或 27%，而且他們獲得了一筆巨額卡車訂單。我相信它來自亞馬遜。我不確定，您提到我們與福特在福特野馬方面有合作關係。我們是否與卡車領域的新創公司 Rivian Electric 有合作？

We are not we know that at least one of our customers, module manufacturers, is calling on Rivian.

我們不知道，至少有一位我們的客戶，即模組製造商，正在呼籲 Rivian。

Okay, that's important, but.

好的，這很重要，但是。

We're not directly interacting with Rivian.

我們並沒有與 Rivian 直接互動。

Okay, well thank you very much and be safe because the C-19 is around everybody and I wish us well for the next 6 months to 9 months because it seems we're near first and goal on the 1 yard line.

好的，非常感謝，請注意安全，因為 C-19 無處不在，我祝我們在接下來的 6 到 9 個月裡一切順利，因為看起來我們已經接近 1 碼線上的第一次進球了。

Thank you.

謝謝。

Thank you very much.

非常感謝。

Thank you.

謝謝。

And we have no further questions at this time.

目前我們沒有其他問題。

Okay, we appreciate all of you joining the call, and appreciate the suggestions made during the call. Let me, COVID is constantly in front of everyone, and I'm anxious to communicate that.

好的，我們感謝大家參加電話會議，並感謝通話期間提出的建議。讓我來說，COVID 一直擺在大家面前，我急於傳達這一點。

That is important, as important as it is, it's not dominating our business. It is influencing in the short term some ups and downs, but we remain optimistic regarding our performance in 2020. We remain confident that many of the operational improvements. Resulting in the significantly improved bottom line, will continue our product sales pipeline is strong, and our sales team continues to generate new business. We, I know no one's traveling.

這很重要，儘管它很重要，但它並沒有主導我們的業務。短期內這會帶來一些影響，但我們對 2020 年的表現仍持樂觀態度。我們仍然對許多營運改善充滿信心。由此帶來的顯著改善的底線將使我們的產品銷售管道繼續保持強勁，並且我們的銷售團隊將繼續創造新的業務。我們，我知道沒有人旅行。

And if you were to visit currently, you need to have your temperature taken and wear a mask, but we hope that as COVID resolves, those of you who might be interested in seeing what we do come and take a look. With that, let me sign off and we look forward to chatting with you in 3 months. Thanks again. Thanks.

如果您現在要去參觀，您需要測量體溫並戴上口罩，但我們希望，隨著 COVID 疫情的解決，那些可能有興趣了解我們所做的事情的人可以來看看。就這樣，我就此結束，我們期待 3 個月後與您再次交談。再次感謝。謝謝。

Everybody.

大家。

Bye bye.

再見。

Ladies and gentlemen, this does conclude today's conference call.

女士們、先生們，今天的電話會議到此結束。

Thank you for participating. You may now disconnect.

感謝您的參與。您現在可以斷開連線。