Dragonfly Energy Holdings Corp (DFLI) 2025 Q1 法說會逐字稿

Good afternoon, and welcome to Dragonfly Energy's first quarter 2025 earnings call. (Operator Instructions)

下午好，歡迎參加 Dragonfly Energy 2025 年第一季財報電話會議。（操作員指示）

I'll now turn the call over to [Simon Syryatsky], Investor Relations. Please go ahead.

現在我將把電話轉給投資者關係部的 [Simon Syryatsky]。請繼續。

Thank you, operator. Appreciate you joining us for today's call. Joining me here are Dr. Denis Phares, Dragonfly Energy's Chairman, President and Chief Executive Officer; and Wade Seaburg, Chief Commercial Officer. Before turning the call over to Denis, I'd like to make a brief statement regarding forward-looking remarks.

謝謝您，接線生。感謝您參加今天的電話會議。與我一起出席的還有 Dragonfly Energy 董事長、總裁兼執行長 Denis Phares 博士和首席商務長 Wade Seaburg。在將電話轉給丹尼斯之前，我想先就前瞻性言論做一個簡短的聲明。

During this call, the company will be making forward-looking remarks within the meaning of the United States Private Securities Litigation Reform Act of 1995 based on current expectations. These forward-looking statements are subject to risks, uncertainties and other factors which could cause actual results to differ materially from those expressed or implied by such forward-looking statements.

在本次電話會議中，本公司將根據目前預期，根據美國1995年私人證券訴訟改革法案的規定做出前瞻性言論。這些前瞻性陳述受風險、不確定性和其他因素的影響，可能導致實際結果與此類前瞻性陳述所表達或暗示的結果有重大差異。

Actual results may differ due to factors noted in the press release and in periodic SEC filings. Management will reference some non-GAAP financial measures. Reconciliations to the nearest corresponding GAAP measures can be found in today's release on the company's website. Please note that all comparisons will be discussed today are on a year-over-year basis, unless otherwise noted.

由於新聞稿和定期提交給美國證券交易委員會的文件中提到的因素，實際結果可能有所不同。管理階層將參考一些非公認會計準則財務指標。您可以在公司網站今日發布的新聞稿中找到與最接近的 GAAP 指標對應的對帳表。請注意，除非另有說明，今天討論的所有比較都是基於同比的。

I'll now turn the call over to Denis.

我現在將電話轉給丹尼斯。

Thank you, Simon, and thank you, everyone, for joining us today. We were pleased to report revenue growth of 6.8% in the first quarter, exceeding our guidance and representing our second consecutive quarter of year-over-year revenue growth. While the RV market continues to navigate headwinds, adoption trends within our product portfolio remain healthy.

謝謝西蒙，也謝謝大家今天加入我們。我們很高興地報告第一季的收入成長了 6.8%，超過了我們的預期，並且是我們連續第二個季度實現同比增長。儘管房車市場持續面臨逆風，但我們產品組合中的採用趨勢仍然健康。

This is evidenced by the 10.8% growth in net sales from OEM customers, driven by broader integration of our solutions at the factory level across more models within existing partnerships. Partially offsetting OEM growth was a slight decline in net sales from DTC customers, as the segment continues to be impacted by macroeconomic pressures.

證明這一點的是來自 OEM 客戶的淨銷售額增長了 10.8%，這得益於我們在工廠層面與現有合作夥伴在更多車型上更廣泛地整合解決方案。由於 DTC 客戶的淨銷售額繼續受到宏觀經濟壓力的影響，因此該部門的淨銷售額略有下降，這在一定程度上抵消了 OEM 的成長。

While we remain committed to serving our valued DTC customers, we expect long-term growth to be led by our OEM channel as we expand our strategic partnerships and accelerate our product development and rollout efforts.

雖然我們仍然致力於服務我們尊貴的 DTC 客戶，但隨著我們擴大策略合作夥伴關係並加快產品開發和推廣力度，我們預計長期成長將由我們的 OEM 管道引領。

As we discussed in the prior quarter, we successfully launched our corporate optimization program to more precisely focus the organization and its priorities on near-term revenue-generating opportunities, accelerating our path to growth and profitability.

正如我們在上一季所討論的那樣，我們成功啟動了企業優化計劃，以便更精確地將組織及其優先事項集中在近期創收機會上，從而加速我們的成長和盈利之路。

This strategic initiative is already delivering tangible operational improvements, strengthening our ability to execute across key target markets. As part of this initiative, we reallocated resources to prioritize product development with near-term revenue potential.

這項策略性舉措已經帶來了實際的營運改進，增強了我們在主要目標市場的執行能力。作為該計劃的一部分，我們重新分配資源，優先開發具有近期收入潛力的產品。

A strong early example of this strategy is the accelerated launch of our Battle Born DualFlow Power Pack for the heavy-duty trucking market, a practical hybrid electrification solution. In today's uncertain market, we believe many fleets are looking to adopt partial electrification strategies that balance short-term cost control with long-term sustainability and performance goals.

這項策略的早期有力例證就是我們為重型卡車市場加速推出 Battle Born DualFlow Power Pack，這是一個實用的混合電氣化解決方案。在當今不確定的市場中，我們相信許多車隊正在尋求採用部分電氣化策略，以平衡短期成本控制與長期永續性和性能目標。

As Wade will discuss shortly, the dual flow solution is already gaining traction among fleets navigating these operational challenges. The optimization program has also enabled us to implement several targeted enhancements across our manufacturing operations, resulting in increased production capacity without the need for any additional head count.

正如韋德即將討論的那樣，雙流解決方案已經在應對這些營運挑戰的船隊中獲得了越來越大的關注。優化計劃還使我們能夠在整個製造營運中實施多項有針對性的改進，從而無需增加任何員工即可提高生產能力。

Under the leadership of Dr. Vick Singh, our Chief Operating Officer, we have increased the use of automation on our product lines, standardized user interfaces and implemented new accountability frameworks.

在首席營運長維克·辛格博士的領導下，我們增加了產品線的自動化使用，標準化了使用者介面並實施了新的問責框架。

Along with recent consolidation into our new 400,000 square foot facility, these operational enhancements are strengthening our ability to serve and grow our diverse customer base while maintaining our focus on cost discipline and organizational efficiency.

隨著最近整合到我們新的 400,000 平方英尺的設施，這些營運改進正在增強我們服務和擴大多樣化客戶群的能力，同時保持我們對成本紀律和組織效率的關注。

Ultimately, we believe our corporate optimization initiatives, combined with our stronger financial position following our recent debt restructuring and capital raise provides the foundation for continued revenue growth as we drive towards profitability.

最終，我們相信，我們的企業優化舉措，加上我們最近的債務重組和融資之後更加強勁的財務狀況，為我們在實現盈利的過程中持續的收入增長奠定了基礎。

Turning to the broader market environment. I'd like to highlight Dragonfly Energy's unique strategic position amid today's volatile tariff landscape. First and foremost, our growing US-based production capabilities provide a significant competitive advantage over companies relying on overseas production.

轉向更廣泛的市場環境。我想強調一下 Dragonfly Energy 在當今動盪的關稅情況下的獨特戰略地位。首先，我們不斷成長的美國生產能力比依賴海外生產的公司具有顯著的競爭優勢。

We have been investing in domestic battery production since 2012 well before onshoring became a national priority. While we continue to source certain components such as battery sales from overseas suppliers, we complete all final assembly at our Nevada based facility. An approach that not only strengthens quality control but also reflects our long-standing commitment to US manufacturing.

早在國內電池生產成為國家優先事項之前，我們就已經從 2012 年開始投資國內電池生產。雖然我們繼續從海外供應商採購某些零件（例如電池），但我們在位於內華達州的工廠完成所有最終組裝。這種方法不僅加強了品質控制，也體現了我們對美國製造業的長期承諾。

We view this strategy as an interim step on our path to becoming a complete domestic producer including production of our own lithium-ion phosphate cells. We believe our domestic operations allow us to add substantial value through design, assembly, testing and integration. Resulting in greater flexibility, improved quality assurance and key cost advantages. With a larger portion of our cost structure tied to US labor and overhead rather than imported finished goods, we are better positioned to absorb tariff-related impacts.

我們將這項策略視為我們成為完整的國內生產商（包括生產我們自己的磷酸鋰離子電池）的過渡步驟。我們相信，我們的國內業務能夠讓我們透過設計、組裝、測試和整合增加巨大的價值。從而實現更大的靈活性、更好的品質保證和關鍵的成本優勢。由於我們的成本結構中很大一部分與美國勞動力和管理費用有關，而不是與進口成品有關，因此我們更有能力吸收與關稅相關的影響。

In addition, our vertically integrated approach lays the groundwork for further domestic expansion. We've accelerated efforts to transition select components to North American-based sourcing where feasible, and we remain committed to expanding our domestic footprint as market conditions and regulatory factors evolve.

此外，我們的垂直整​​合方法為進一步的國內擴張奠定了基礎。我們已加快努力，在可行的情況下將精選組件轉向北美採購，並且隨著市場條件和監管因素的發展，我們將繼續致力於擴大我們的國內業務。

In addition, Dragonfly Energy holds a lithium supply agreement with Ioneer, positioning us ahead of the curve as the US works to localize critical mineral supply chain. Located in Nevada, Ioneer's Rhyolite Ridge lithium-boron project offers both logistical and strategic advantages with lithium development recognized as a priority industry by state leadership, we believe this agreement supports our long-term vision of building a more sustainable and resilient US-based battery ecosystem as we continue working towards full vertical integration of our battery manufacturing within the state.

此外，Dragonfly Energy 與 Ioneer 簽訂了鋰供應協議，使我們在美國致力於本地化關鍵礦產供應鏈的過程中處於領先地位。Ioneer 的 Rhyolite Ridge 鋰硼計畫位於內華達州，具有物流和戰略優勢，鋰開發被州領導層視為優先產業，我們相信該協議支持我們建立更永續、更具彈性的美國電池生態系統的長期願景，我們將繼續努力在該州實現電池製造的全面垂直整合。

In direct response to tariff developments, we've taken proactive steps to help mitigate potential impacts. First, we've leveraged our position as a long-term strategic customer to secure favorable terms with key foreign suppliers, helping to offset potential cost increases.

為了直接應對關稅變化，我們採取了積極措施來幫助減輕潛在影響。首先，我們利用長期策略客戶的地位，與主要國外供應商達成優惠條款，有助於抵銷潛在的成本上漲。

And second, we're working closely with our customers to manage pricing adjustments and ensure minimal disruption to their operations. We continue to evaluate additional strategies to enhance our flexibility and efficiency as the trade environment evolves.

其次，我們正與客戶密切合作，管理價格調整並確保對其營運的干擾最小。隨著貿易環境的變化，我們將繼續評估其他策略，以提高我們的靈活性和效率。

Looking ahead, we believe our domestic manufacturing foundation, combined with our strategic diversification into adjacent markets, positions Dragonfly Energy to navigate this volatile environment while continuing to deliver high-quality energy storage solutions to a diverse and growing customer base.

展望未來，我們相信，我們的國內製造基礎，加上我們對鄰近市場的策略多元化，將使 Dragonfly Energy 能夠應對這種動盪的環境，同時繼續為多樣化且不斷增長的客戶群提供高品質的能源儲存解決方案。

Now I would like to pass the call to Wade, who will discuss trends we are seeing in the heavy-duty trucking industry.

現在我想把電話轉給韋德，他將討論我們在重型卡車行業看到的趨勢。

Thank you, Denis. I'd like to take a few moments to provide an update on what we are seeing across the heavy-duty trucking market, where we continue to engage with both fleet owners and OEMs offering unique value-add solutions.

謝謝你，丹尼斯。我想花幾分鐘時間介紹我們在重型卡車市場看到的最新情況，我們將繼續與車隊所有者和原始設備製造商合作，提供獨特的增值解決方案。

In response to market uncertainty, fleets are increasingly focused on extending the life of existing trucks and unlocking real-world operational savings today, not years down the line. We believe our product portfolio is uniquely positioned to meet those needs, delivering cost-effective practical solutions that reduce idling, lower maintenance burdens and improve system reliability across aging fleets.

為了應對市場的不確定性，車隊越來越注重延長現有卡車的使用壽命，並實現當前而非未來數年的實際營運節省。我們相信，我們的產品組合具有獨特的優勢，可以滿足這些需求，提供具有成本效益的實用解決方案，減少空轉、降低維護負擔並提高老化車隊的系統可靠性。

This trend plays directly into Dragonfly Energy's strengths, grounded in years of experience developing advanced battery technology and power system innovations. We believe our deep technical expertise, combined with a flexible US-based manufacturing foundation enables us to deliver practical application-specific solutions that align with the evolving needs of our customers.

這一趨勢直接發揮了 Dragonfly Energy 的優勢，其優勢源自於多年開發先進電池技術和電力系統創新的經驗。我們相信，我們深厚的技術專長加上靈活的美國製造基礎使我們能夠提供符合客戶不斷變化的需求的實用的特定應用解決方案。

A strong example of this approach is our Battle Born DualFlow Power Pack, a practical and cost-effective solution for fleets seeking idle reduction benefits without the complexity or cost of an all-electric APU system. Many fleets are either dealing with the common failures of diesel APUs or simply aren't ready to transition to a fully electric system for climate control.

我們的 Battle Born DualFlow 動力組就是這種方法的典型例子，它是一種實用且經濟高效的解決方案，適合尋求減少空轉效益的機隊，無需擔心全電動 APU 系統的複雜性或成本。許多機隊要么正在處理柴油 APU 的常見故障，要么還沒有準備好過渡到全電動氣候控制系統。

With capital expenditures under pressure, the DualFlow addresses these challenges head on by powering hotel loads, such as HVAC, lighting and electronics. During rest periods, allowing fleets to significantly reduce engine idling.

在資本支出面臨壓力的情況下，DualFlow 透過為暖通空調、照明和電子設備等飯店負載供電來應對這些挑戰。在休息期間，允許車隊大幅減少引擎空轉。

In addition to fuel savings, the system also helps extend the life of the truck starter batteries by isolating and supporting parasitic loads with seamless integration into both new and existing vehicles a compact footprint and an ROI typically under one year, the DualFlow is gaining traction as a smart, dependable option for fleets looking to cut operating costs without overhauling their current systems.

除了節省燃料之外，該系統還可以透過隔離和支援寄生負載來幫助延長卡車啟動電池的使用壽命，並無縫集成到新車和現有車輛中，佔地面積小，投資回報通常在一年內，DualFlow 作為一種智能、可靠的選擇，正越來越受到車隊的青睞，這些車隊希望在不徹底檢修現有系統的情況下降低運營成本。

The strength of our value proposition is reflected in the increased fleet engagement we've seen over the past few months, marking meaningful progress as we work to establish ourselves within the heavy-duty trucking industry.

我們的價值主張的優勢體現在過去幾個月中我們看到的車隊參與度的提高，這標誌著我們在重型卡車行業站穩腳跟的努力中取得了有意義的進展。

At recent trucking industry events, we believe Dragonfly Energy Solutions have emerged as a priority for attendees with many high-profile potential customers making Dragonfly their first point of contact. As battery-related challenges in fleet operations become more visible, our solutions are being recognized as practical high-impact tools that deliver immediate cost and performance benefits.

在最近的卡車運輸行業活動中，我們相信 Dragonfly Energy Solutions 已經成為與會者的優先考慮對象，許多知名潛在客戶都將 Dragonfly 作為他們的第一個聯絡人。隨著車隊營運中與電池相關的挑戰變得越來越明顯，我們的解決方案被認可為可帶來直接成本和性能優勢的實用高效工具。

Even in a challenging market, operators see that our offerings are purpose-built to address the real-world needs supported by a compelling ROI. We believe Dragonfly Energy is uniquely positioned to capitalize on this industry shift.

即使在充滿挑戰的市場中，營運商也看到我們的產品是專門為滿足現實世界的需求而設計的，並且具有令人信服的投資回報率。我們相信 Dragonfly Energy 擁有獨特的優勢，能夠利用這一行業轉變。

Our ability to deliver practical lithium-powered solutions that directly address fleet needs continues to resonate with operators, navigating today's cost and reliability challenges. We're excited to work alongside our partners to drive meaningful performance improvements and support their long-term sustainability and operational goals.

我們能夠提供直接滿足車隊需求的實用鋰電池解決方案，並繼續引起營運商的共鳴，並應對當今的成本和可靠性挑戰。我們很高興與我們的合作夥伴一起努力，推動有意義的績效改進並支持他們的長期永續發展和營運目標。

I'll now turn the call back to Denis.

我現在將電話轉回給丹尼斯。

Thank you, Wade. I will now provide a review of our first quarter results as well as a more detailed outlook for the second quarter of 2025. First quarter net sales of $13.4 million were up 6.8%, led by continued strength from our OEM customers.

謝謝你，韋德。我現在將回顧我們的第一季業績以及對 2025 年第二季的更詳細展望。第一季淨銷售額為 1,340 萬美元，成長 6.8%，這主要得益於我們 OEM 客戶的持續強勁成長。

OEM net sales increased 10.8% to $8.1 million as we continue to see healthy adoption trends within our product portfolio. Net sales growth was partially offset by the DTC segment, which saw revenue decline approximately 3.6% to $5.0 million, reflecting continued macroeconomic uncertainty.

由於我們繼續看到產品組合中健康的採用趨勢，OEM 淨銷售額增長 10.8% 至 810 萬美元。淨銷售額的成長被 DTC 部門的部分抵消，該部門的收入下降約 3.6% 至 500 萬美元，反映出宏觀經濟的持續不確定性。

First quarter gross profit increased 12.5% to $3.9 million, and gross margin increased 500 basis points to 29.4%, primarily driven by higher volume. Operating expenses were $9.8 million, above the $8.9 million reported in the prior year period, primarily due to expenses related to patent litigation and the February capital raise, both of which are onetime in nature.

第一季毛利成長 12.5% 至 390 萬美元，毛利率增加 500 個基點至 29.4%，主要得益於銷售成長。營運費用為 980 萬美元，高於去年同期的 890 萬美元，主要原因是與專利訴訟和二月融資相關的費用，這兩項費用均為一次性費用。

Net loss was $6.8 million with a diluted loss per share of $0.93 compared to net loss of $10.4 million with a diluted loss per share of $1.55. Adjusted EBITDA was negative $3.6 million compared to negative $5.2 million. Looking ahead to the second quarter, we expect net sales to be approximately $14.8 million representing year-over-year growth of 12%, and we expect an adjusted EBITDA loss of approximately $3.5 million.

淨虧損為680萬美元，每股攤薄虧損0.93美元，去年同期淨虧損1,040萬美元，每股攤薄虧損1.55美元。調整後EBITDA為負360萬美元，去年同期為負520萬美元。展望第二季度，我們預計淨銷售額約為 1,480 萬美元，年增 12%，預計調整後的 EBITDA 虧損約為 350 萬美元。

To conclude, we believe Dragonfly Energy is well positioned to navigate ongoing market volatility while continuing to deliver high-quality energy storage solutions to our diverse customer base. By prioritizing near-term revenue opportunities, optimizing our manufacturing operations and reinforcing our financial position, we have established a clear path toward profitability and sustained growth.

總而言之，我們相信 Dragonfly Energy 能夠很好地應對持續的市場波動，同時繼續為我們多樣化的客戶群提供高品質的能源儲存解決方案。透過優先考慮近期收入機會、優化製造營運和加強財務狀況，我們已經建立了一條通往獲利和持續成長的明確道路。

Our domestic manufacturing capabilities provide a strategic advantage in today's complex environment, allowing us to respond quickly and effectively to evolving customer needs. We look forward to building on this momentum throughout 2025 and driving long-term value for our shareholders.

我們的國內製造能力在當今複雜的環境中提供了戰略優勢，使我們能夠快速有效地回應不斷變化的客戶需求。我們期待在 2025 年繼續保持這一勢頭，為股東創造長期價值。

Operator, we would like to open the call to questions.

接線員，我們想開始回答問題。

(Operator Instructions) George Gianarikas, Canaccord Genuity.

（操作員指示）George Gianarikas，Canaccord Genuity。

Hi. Good afternoon, everyone. Thank you for taking my questions. I'd like to ask about the commercialization opportunities around your dry electrode manufacturing technology. Any updates there, any developments Any news would be very much appreciated. Thank you.

你好。大家下午好。感謝您回答我的問題。我想詢問一下你們的乾電極製造技術的商業化機會。任何更新、任何進展、任何新聞都將不勝感激。謝謝。

Hi, George. Thank you for your question. I will say that development is ongoing. We're obviously still working on developing the scale up equipment, and we do have interest from commercial partners. I would like to say that we've been devoting a significant amount of resource to that.

你好，喬治。感謝您的提問。我想說的是，發展仍在繼續。顯然，我們仍在致力於開發擴大規模的設備，商業夥伴也對我們感興趣。我想說的是，我們為此投入了大量的資源。

But that is not the case in the last quarter. We've been really focusing on near-term revenue and getting back to profitability. That's been our number one priority, but we're certainly continuing progress on the dry electrode as fast as we can.

但上個季度的情況並非如此。我們一直非常關注近期收入並恢復獲利能力。這是我們的首要任務，但我們肯定會盡快繼續推進乾電極的研究。

Thank you. And maybe a follow-up, I'd just like to focus on the balance sheet and profitability. First, just thoughts on the cash balance as reported as of the end of March.

謝謝。或許作為後續，我只想關注資產負債表和獲利能力。首先，我只是對截至三月底報告的現金餘額有一些看法。

And also, I saw your EBITDA guidance for the quarter, and I would have expected a little bit of an improvement sequentially based on the increased revenue. Just any thoughts on those two would be appreciated. Thank you.

此外，我看到了你們本季的 EBITDA 預測，我預計基於營收的成長，EBITDA 將較上季略有改善。任何有關這兩者的想法都將受到讚賞。謝謝。

Sure. Well, in terms of the cash balance, we did just complete the preferred equity deal. It came in two tranches. One, the initial tranche came in the first quarter, and the second tranche came in the second quarter.

當然。嗯，就現金餘額而言，我們剛剛完成了優先股交易。它分為兩部分。第一，首筆款項是在第一季發放的，第二筆款項是在第二季發放的。

And we do feel that we have the cash to get us back to profitability at the end of the year. We -- in terms of the cash at the end of the first quarter, we did pay down some AP. So we feel very good about the fact that we're able to catch up on some of those expenses.

我們確實認為，我們有足夠的現金讓我們在年底恢復獲利。就第一季末的現金而言，我們確實償還了一些 AP。因此，我們很高興能夠彌補部分開支。

And moving forward, we have been really focused on investing in near-term revenue growth. And that's really where the spend has gone. Although we had some reductions in our research and development, the fact that we were able to accelerate the development of a highly anticipated heavy-duty trucking product like the dual flow was entirely made possible by the enhanced investments that we made in this near-term opportunity.

展望未來，我們真正專注於投資近期的營收成長。這就是真正的支出去向。儘管我們的研發經費有所減少，但我們能夠加速開發雙流等備受期待的重型卡車產品，這完全得益於我們在這一近期機會中加大的投資。

And I can't stress enough that the importance for us to get back to cash flow positive, to get back to profitability is going to open up a lot of doors in terms of our ability to really produce in not just the dry electrode, but also getting back to the solid-state development, which we're all still very excited about.

我再怎麼強調也不為過，對我們來說，恢復現金流、恢復盈利能力非常重要，這將為我們打開很多大門，讓我們不僅能夠真正生產乾電極，還能恢復固態開發，我們對此仍然感到非常興奮。

But the frustration in the recent history is the fact that we've been having to focus on cash flow and our ability to really give ourselves some breathing room, especially through this preferred equity deal and some debt relief that we got is going to make all this possible.

但近期歷史中的挫折是，我們必須一直關注現金流和我們真正給自己一些喘息空間的能力，特別是透過這筆優先股交易和我們獲得的一些債務減免，將使所有這一切成為可能。

Thank you. And maybe just a follow-up on the EBITDA in Q2 that you're expecting a loss of $3.5 million, I think it was. But why isn't there a little bit of a sequential improvement in Q2 based on the fact that revenue is ramping a little bit? Thanks.

謝謝。也許只是對第二季 EBITDA 的後續報道，您預計虧損 350 萬美元，我想是的。但是，既然營收有所成長，為什麼第二季的業績卻沒有較上季改善呢？謝謝。

That's because of some continued investment in, as I said, the near-term product development and the new products that we have coming out and driving the business that is going to get us back to the profitability that we expect. The other thing that I have to say is we're also incorporating the effect of tariffs and that's been difficult to predict. It's obviously something that's been influx.

正如我所說，這是因為我們對近期產品開發和即將推出的新產品進行了持續投資，推動了業務發展，使我們恢復到預期的獲利能力。我要說的另一件事是，我們還考慮了關稅的影響，這很難預測。這顯然是某種湧入的東西。

But given the fact that we have been allowing the situation to evolve and allowing ourselves to plan for that accordingly and try to hold on as best as we can to the very important customers that we have we've been able to incorporate that in the projections for this quarter. Thank you, George.

但考慮到我們一直在允許情況不斷發展，並允許我們自己相應地制定計劃，並盡力留住我們擁有的非常重要的客戶，我們已經能夠將其納入本季度的預測中。謝謝你，喬治。

(Operator Instructions) There are no further questions at this time. I would hand over the call to Denis Phares for closing remarks. Please go ahead.

（操作員指示）目前沒有其他問題。我將把發言權交給丹尼斯法雷斯 (Denis Phares)，請他做最後發言。請繼續。

Thank you for everyone joining us today. We look forward to sharing additional details with all of you in the coming quarters. Have a great day.

感謝各位今天加入我們。我們期待在接下來的幾季與大家分享更多細節。祝你有美好的一天。

Ladies and gentlemen, this concludes today's conference call. Thank you for your participation and you may now disconnect.

女士們、先生們，今天的電話會議到此結束。感謝您的參與，您現在可以斷開連接。