Dragonfly Energy Holdings Corp (DFLI) 2025 Q2 法說會逐字稿

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

下午好，歡迎參加 Dragonfly Energy 2025 年第二季財報電話會議。（操作員指示）

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

我現在將電話轉給投資者關係部的 [Simon Surowiecki]。請繼續。

Thank you, operator. We 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.

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。

Before turning the call over to Denis, I'd like to make a brief statement regarding forward-looking remarks.

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 statements 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. Actual results may differ due to factors noted in the press release and in periodic SEC filings.

在本次電話會議中，公司將根據當前預期，根據美國 1995 年私人證券訴訟改革法案的含義做出前瞻性陳述。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。由於新聞稿和定期美國證券交易委員會文件中提到的因素，實際結果可能有所不同。

Management will reference some non-GAAP financial measures. Reconciliations to the nearest corresponding GAAP measure 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.

管理階層將參考一些非公認會計準則財務指標。您可在本公司網站今日發布的新聞稿中找到與最接近的 GAAP 指標的對帳表。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.

謝謝西蒙，也謝謝大家今天加入我們。

I am pleased to report strong results for the second quarter with net sales growing 23% to $16.2 million. This marks our third consecutive quarter of year-over-year revenue growth. We believe this performance demonstrates the resilience of our partnerships in what continues to be a challenging macro environment.

我很高興地報告第二季的強勁業績，淨銷售額成長 23%，達到 1,620 萬美元。這是我們連續第三個季度實現營收年增。我們相信，這種表現證明了我們的合作關係在持續充滿挑戰的宏觀環境中的韌性。

Our performance also reflects our continuing strategic focus on driving near-term revenue-generating opportunities as part of our corporate optimization program. Net sales growth was driven by continued strength from our OEM partners, which saw net sales increase more than 50% year over year. This significant growth underscores the momentum we are seeing as OEMs increasingly integrate our solutions at the factory level across an increasing number of model lineups.

我們的業績也反映了我們作為企業優化計畫的一部分，持續的策略重點是推動近期創收機會。淨銷售額的成長得益於我們 OEM 合作夥伴的持續強勁成長，其淨銷售額年增超過 50%。這一顯著增長凸顯了我們所看到的勢頭，因為原始設備製造商越來越多地在工廠層面將我們的解決方案整合到越來越多的車型陣容中。

We are particularly encouraged by what appears to be an industry-wide shift back toward premium features and value-added offerings, a notable contrast from the cost reduction approach that characterized much of the last few years. Net sales in our DTC segment were $5.9 million compared with $6.5 million as customers remain cautious due to ongoing macroeconomic uncertainty, as expected.

我們特別感到鼓舞的是，整個產業似乎正在轉向高端功能和增值產品，這與過去幾年大部分時間採取的成本削減方法形成了鮮明對比。正如預期的那樣，由於宏觀經濟持續存在不確定性，客戶仍保持謹慎態度，因此我們的 DTC 部門淨銷售額為 590 萬美元，而去年同期為 650 萬美元。

As noted last quarter, we anticipate long-term growth will be primarily driven by expanding OEM partnerships, where we can leverage our engineering capabilities and deliver integrated solutions at scale.

正如上個季度所指出的，我們預計長期成長將主要由不斷擴大的 OEM 合作夥伴關係推動，我們可以利用我們的工程能力並大規模提供整合解決方案。

On the operational front, we continue to execute our corporate optimization initiatives as we remain steadfast in positioning Dragonfly to capitalize on the near-term growth opportunities we see across our markets. The initiative is delivering measurable benefits. By strategically reallocating internal resources to immediate revenue-generating opportunities, we have been able to accelerate product development without incremental investment.

在營運方面，我們繼續執行企業優化計劃，堅定不移地定位 Dragonfly，以利用我們在各個市場看到的近期成長機會。該計劃正在帶來顯著的效益。透過策略性地將內部資源重新分配給直接的創收機會，我們能夠在不增加投資的情況下加速產品開發。

A great example of this approach is our partnership with Airstream, a leading RV OEM, in which we designed and manufactured a fully integrated energy storage system that will be a standard option across select 2026 models. This was made possible through the redeployment of existing personnel as well as the targeted manufacturing enhancements we implemented in prior quarters, which streamlined our manufacturing process.

這種方法的一個很好的例子是我們與領先的 RV OEM Airstream 的合作，我們設計並製造了一個完全整合的儲能係統，該系統將成為部分 2026 年車型的標準選項。這是透過重新部署現有人員以及我們在前幾個季度實施的有針對性的製造改進而實現的，這簡化了我們的製造流程。

We currently have similar programs underway with several RV and heavy-duty trucking OEMs, focused on developing unique solutions that address their specific operational needs. It is worth emphasizing that our domestic manufacturing capabilities remain a strategic advantage in today's volatile trade environment.

目前，我們正在與多家 RV 和重型卡車原始設備製造商進行類似的項目，專注於開發滿足其特定營運需求的獨特解決方案。值得強調的是，在當今動盪的貿易環境中，我們的國內製造能力仍具有戰略優勢。

With assembly completed at our Nevada facility, we maintain greater control over quality, cost management and production time lines compared to companies relying on overseas production. This has proven particularly valuable as the tariff environment remains volatile. Ultimately, we believe our domestic production allows us to respond quickly to evolving customer needs and supports the broader trend we are seeing towards supply chain localization.

由於組裝工作在我們內華達州的工廠完成，與依賴海外生產的公司相比，我們對品質、成本管理和生產時間線有更大的控制力。由於關稅環境依然不穩定，這一點被證明是特別有價值的。最終，我們相信我們的國內生產使我們能夠快速回應不斷變化的客戶需求，並支持我們所看到的供應鏈在地化的更廣泛趨勢。

Beyond these operational advantages, we believe a critical driver of our long-term success is our commitment to innovation and the continued expansion of our intellectual property portfolio. Recently, we were granted a patent advancing our nonflammable all solid-state battery program with materials that enhance safety, thermal stability and scalability.

除了這些營運優勢之外，我們相信，我們長期成功的關鍵驅動力是我們對創新的承諾以及智慧財產權組合的持續擴展。最近，我們獲得了一項專利，該專利透過增強安全性、熱穩定性和可擴展性的材料推進了我們的不可燃全固態電池計畫。

With this patent, we reinforce our leadership in advanced battery technology and create a strategic advantage that can drive significant upside in the years ahead. From a capital structure perspective, we made meaningful progress this quarter through two strategic initiatives.

憑藉這項專利，我們鞏固了在先進電池技術領域的領先地位，並創造了能夠在未來幾年帶來顯著成長的策略優勢。從資本結構的角度來看，本季我們透過兩項策略措施取得了有意義的進展。

First, we exchanged the remaining preferred shares to common stock, simplifying our capital structure and eliminating associated interest payments and share dilution. And second, we successfully completed a public offering of our common stock in July, raising $5.5 million to support our expansion into adjacent markets and strengthen our financial flexibility.

首先，我們將剩餘的優先股轉換為普通股，簡化了我們的資本結構並消除了相關的利息支付和股份稀釋。其次，我們在 7 月成功完成普通股公開發行，籌集 550 萬美元，以支持我們向鄰近市場的擴張並增強我們的財務靈活性。

We were very pleased that this latest raise was a straight common stock offering without warrants as opposed to past structured offerings. We were also encouraged by the strong participation from institutional investors. While the overall market environment remains uncertain, we are focused on positioning Dragonfly for the significant growth opportunities ahead, while driving towards profitability.

我們非常高興，與過去的結構性發行不同，此次最新發行是直接發行普通股，不附認股權證。機構投資者的積極參與也令我們感到鼓舞。儘管整體市場環境仍然不確定，但我們專注於讓 Dragonfly 抓住未來的巨大成長機會，同時努力實現盈利。

We continue to take decisive strategic actions to lower costs and enhance our balance sheet as we maintain focus on deepening relationships with our existing partners, enhancing our product development capabilities to meet the evolving needs of our customers and expanding into the heavy-duty trucking market. We remain confident in our ability to deliver sustained growth.

我們繼續採取果斷的策略行動來降低成本並改善我們的資產負債表，同時我們繼續專注於深化與現有合作夥伴的關係，增強我們的產品開發能力以滿足客戶不斷變化的需求並擴展到重型卡車市場。我們對於實現持續成長的能力仍然充滿信心。

Now I would like to pass the call to Wade, who will detail some of the trends we see in our OEM segment.

現在我想把電話轉給韋德，他將詳細介紹我們在 OEM 領域看到的一些趨勢。

Thanks, Denis. I would like to talk about the trends driving our OEM performance as well as the strategic initiatives positioning us for sustained growth. We believe the impressive performance we are seeing in the OEM segment reflects the strength of our great partnerships as well as our approach to collaborating with these manufacturers.

謝謝，丹尼斯。我想談談推動我們 OEM 業績的趨勢以及為我們實現持續成長做好準備的策略性舉措。我們相信，我們在 OEM 領域看到的令人印象深刻的表現反映了我們強大的合作夥伴關係以及我們與這些製造商合作的方式。

Increasingly, OEMs are coming to us for complete energy storage solutions, not just batteries. This plays directly into our strengths as we manage the design and integration process, ensuring our systems fit seamlessly into space-constrained environments, while maximizing energy density. This removes the complexity for OEMs and allows Dragonfly to deliver turnkey solutions that enhance value for the end customer.

越來越多的原始設備製造商 (OEM) 向我們尋求完整的能源儲存解決方案，而不僅僅是電池。這直接發揮了我們的優勢，因為我們管理設計和整合流程，確保我們的系統無縫地融入空間受限的環境，同時最大限度地提高能量密度。這消除了 OEM 的複雜性，並允許 Dragonfly 提供交鑰匙解決方案，為最終客戶提升價值。

By getting involved early in the design process, we are moving closer to owning the entire energy storage ecosystem from initial design to implementation and providing the accessory suite. This approach has been especially effective in the RV market, where space is at a premium and customer power demands keep growing.

透過儘早參與設計過程，我們正在逐步擁有從初始設計到實施的整個能源儲存生態系統並提供配件套件。這種方法在房車市場尤其有效，因為房車市場空間非常寶貴，而且客戶對電力的需求不斷增長。

Our work with Airstream on their 2026 motorized lineup is a great example. Our engineering team collaborated directly with Airstream's to develop their new advanced power system and advanced power plus packages, compact factory-installed solutions built around our industry-leading Battle Born batteries.

我們與 Airstream 合作開發的 2026 年機動化車型就是一個很好的例子。我們的工程團隊直接與 Airstream 合作開發其新型先進電力系統和先進電力增強套件，以及圍繞我們行業領先的 Battle Born 電池構建的緊湊型工廠安裝解決方案。

These uniquely designed systems deliver over 10-kilowatt hours of usable energy, featuring integrated cold weather heating, seamless alternator charging and solar compatibility. They can even be expanded with an additional 6.9 kilowatt hours after purchase to meet future power needs. We believe partnering with a top-tier brand like Airstream reinforces our position as the go-to provider for safe, reliable, high-performance lithium power solutions, and we look forward to continuing to build on this relationship.

這些設計獨特的系統可提供超過 10 千瓦時的可用能源，具有整合寒冷天氣加熱、無縫交流發電機充電和太陽能相容性。購買後甚至可以額外擴展 6.9 千瓦時以滿足未來的電力需求。我們相信，與像 Airstream 這樣的頂級品牌合作可以鞏固我們作為安全、可靠、高性能鋰電池解決方案的首選供應商的地位，我們期待繼續發展這種關係。

Another key development in the quarter was the accelerated adoption of our proprietary Dragonfly IntelLigence smart battery platform among OEMs. This advanced technology enhances the real-time communication capabilities of our lithium-ion phosphate batteries, allowing users to monitor performance directly through our Battle Born mobile app.

本季的另一個重要發展是我們的專有 Dragonfly IntelLigence 智慧電池平台在 OEM 中的加速採用。這項先進技術增強了我們的磷酸鋰離子電池的即時通訊能力，使用戶能夠透過我們的 Battle Born 行動應用程式直接監控效能。

Several OEMs are currently beta testing the IntelLigence solution as they finalize their 2026 model-year lineups, positioning us well for continued expansion within these partnerships. The growing integration of our IntelLigence offering validates that our technology-focused approach is delivering meaningful value to both OEMs and end users.

目前，多家原始設備製造商正在對 IntelLigence 解決方案進行 Beta 測試，以最終確定其 2026 年車型陣容，這為我們在這些合作夥伴關係中的持續擴張奠定了良好的基礎。我們的 IntelLigence 產品日益集成，證明我們以技術為中心的方法正在為 OEM 和最終用戶帶來有意義的價值。

In the heavy-duty truck market, while market conditions remain very challenging, we continue to see strong results from pilot programs. Our dual-flow power pack solution has received positive feedback, delivering measurable idle reduction and cost savings at the fleet level. We have built a solid foundation in this market and look forward to expanding our pilot programs and working with existing partners to deliver high-quality solutions.

在重型卡車市場，儘管市場條件仍然非常具有挑戰性，但我們繼續看到試點計畫取得強勁成果。我們的雙流動力組解決方案獲得了正面的回饋，在車隊層級實現了顯著的空轉減少和成本節約。我們已經在這個市場上建立了堅實的基礎，並期待擴大我們的試點項目並與現有合作夥伴合作提供高品質的解決方案。

We believe it is only a matter of when we will see significant adoption in heavy-duty trucking, not a matter of if. Whether in RV or trucking, our approach remains consistent. We continue to work with OEMs to design and manufacture tailored practical solutions that directly address real-world needs. Our customer-first approach has allowed us to expand our OEM relationships and strengthen our competitive position in markets where quality and long-term performance matter most.

我們相信，重型卡車的大規模應用只是時間問題，而不是是否的問題。無論是房車還是卡車運輸，我們的方法始終如一。我們繼續與 OEM 合作，設計和製造直接滿足實際需求的客製化實用解決方案。我們的客戶至上理念使我們能夠擴大與 OEM 的關係，並加強我們在品質和長期性能最重要的市場中的競爭地位。

Now I will turn the call back to Denis to review our second-quarter results.

現在我將把電話轉回給丹尼斯，讓他回顧我們的第二季業績。

Thank you, Wade. Net sales in the second quarter rose 23% to $16.2 million, led by an over 50% increase in OEM net sales. Sales in this segment amounted to $10.1 million, led by continued strong adoption of our solutions. Net sales to DTC customers were $5.9 million, down from $6.5 million due to continued macroeconomic pressures.

謝謝你，韋德。第二季淨銷售額成長 23%，達到 1,620 萬美元，其中 OEM 淨銷售額成長超過 50%。該部門的銷售額達到 1,010 萬美元，這得益於我們解決方案的持續強勁採用。由於持續的宏觀經濟壓力，DTC 客戶的淨銷售額為 590 萬美元，低於 650 萬美元。

Gross profit in the second quarter rose 45.4% to $4.6 million and gross margin expanded an impressive 430 basis points to 28.3%. These increases were driven by lower inventory costs as well as higher absorption of fixed costs due to increased volume, highlighting the great leverage in our manufacturing as we continue to drive revenue growth.

第二季毛利成長 45.4% 至 460 萬美元，毛利率大幅擴大 430 個基點至 28.3%。這些成長是由庫存成本降低以及由於產量增加而導致的固定成本吸收增加所推動的，凸顯了我們在製造業中的巨大槓桿作用，因為我們將繼續推動收入成長。

Operating expenses totaled $7.9 million, down from $9.9 million, which includes lower R&D costs. Net loss was $7.0 million or $0.58 per share versus a net loss of $13.6 million or $2.02 per share.

營運費用總計 790 萬美元，低於 990 萬美元，其中包括較低的研發成本。淨虧損為 700 萬美元，即每股 0.58 美元，而去年同期淨虧損為 1,360 萬美元，即每股 2.02 美元。

Adjusted EBITDA improved to negative $2.2 million compared to negative $6.2 million, reflecting increased OEM net sales and benefits from our corporate optimization initiative. Moving on to our outlook.

調整後的 EBITDA 由負 620 萬美元改善為負 220 萬美元，反映了 OEM 淨銷售額的成長以及我們企業優化計畫帶來的好處。繼續我們的展望。

In the third quarter, we anticipate net sales of $15.9 million, representing year-over-year growth of approximately 25% and adjusted EBITDA of negative $2.7 million. As a reminder, third quarter sales are typically seasonally slower than in the second quarter.

第三季度，我們預計淨銷售額為 1,590 萬美元，年成長約 25%，調整後 EBITDA 為負 270 萬美元。提醒一下，第三季的銷售通常比第二季的銷售速度慢。

To conclude, I am pleased with the progress we are making. Our focus on near-term revenue opportunities has yielded measurable benefits and has strengthened our ability to meet our customers' needs through high-quality tailored energy storage solutions.

最後，我對我們所取得的進展感到滿意。我們專注於短期收入機會，取得了可衡量的效益，並增強了我們透過高品質客製化能源儲存解決方案滿足客戶需求的能力。

We believe we have the right foundation in place, led by our domestic manufacturing advantage, our enhanced product development capabilities and the traction we are building in the heavy-duty trucking market, all of which position us for sustained growth moving forward. We are confident in our ability to capitalize on the opportunities ahead and deliver meaningful value for our shareholders.

我們相信，我們已經打下了良好的基礎，這得益於我們的國內製造優勢、增強的產品開發能力以及我們在重型卡車市場建立的牽引力，所有這些都為我們未來的持續增長奠定了基礎。我們有信心抓住未來的機遇，為股東創造有意義的價值。

Operator, we'd like to open the call to questions.

接線員，我們想開始回答問題。

(Operator Instructions) George Gianarikas, Canaccord.

（操作員指示）George Gianarikas，Canaccord。

I'd like to start a little bit on heavy-duty trucking. When do you expect some of the pilot programs that you're in to eventually result in have a P&L impact?

我想先簡單談談重型卡車。您預計您參與的一些試點計畫最終何時會對損益產生影響？

Thanks, George, for the question. Right now, within the heavy-duty trucking, we're really seeing a lot of performance out of our pilot systems and are in a position where we're waiting for fleets to move on new truck orders. There's a lot of fleets that because of the tariff increases that OEMs have pushed through on them and because of the uncertainty of the freight market are really waiting on those new truck orders to be purchased before they spec our systems in.

謝謝喬治提出這個問題。目前，在重型卡車領域，我們確實看到了試點系統的巨大性能提升，並且正在等待車隊執行新的卡車訂單。由於原始設備製造商 (OEM) 強制提高關稅，以及貨運市場的不確定性，許多車隊都在等待新卡車訂單的購買，然後再採用我們的系統。

So realistically, we're probably looking at the first half of next year. Before that, that revenue really starts to support the business. But we are seeing in Q3 and Q4, a ramp of pilot systems that will benefit the revenue side of that sector.

因此，從現實角度來看，我們可能正在考慮明年上半年。在此之前，這些收入才真正開始支持業務。但我們在第三季和第四季看到試點系統的增加，這將有利於該行業的收入。

And maybe a little bit on tariff impact. How should we sort of think about the P&L impact, excuse me, of tariffs over the next several quarters?

或許對關稅有一點影響。我們該如何看待未來幾季關稅對損益的影響？

George, thanks for your question. This is Denis. Yes, the tariff impact has been obviously fluid over the last six months as things really sort of ebb and flow, I would say. So we've been able to manage the tariff impact pretty well through a number of mechanisms. I mean, the most important one, I would say, is we've negotiated better inventory pricing, and that has contributed actually to the improved margins we experienced this quarter.

喬治，謝謝你的提問。這是丹尼斯。是的，我想說，在過去六個月裡，關稅的影響顯然是不穩定的，因為情況確實有起有落。因此，我們能夠透過多種機制很好地管理關稅影響。我的意思是，我想說，最重要的是我們已經協商了更好的庫存定價，這實際上有助於我們本季利潤率的提高。

In general, obviously, there's going to be some of that passed on to the customers. So we are managing the expenses through passing on the costs as well. And just in general, there are -- from a cash flow standpoint, there are mechanisms by which we can sort of spread out the payments through the use of bonded warehousing and that sort of thing. So we feel pretty confident in our ability to manage the tariff cost.

總的來說，顯然其中一部分會轉嫁給客戶。因此，我們也透過轉嫁成本來管理費用。一般來說，從現金流量的角度來看，我們可以透過使用保稅倉儲等機制來分攤付款。因此，我們對管理關稅成本的能力非常有信心。

But I would say more importantly, we are able to onshore most of the components anyway. So we're in a really good position in terms of doing all the assembly in-house that we can pick and choose where all the components come from. And we have completed an optimization of where we source a lot of the components. Cells obviously are kind of limited as to where you can get them globally, but that's obviously on our road map moving forward.

但我想說，更重要的是，無論如何我們都能夠將大部分零件轉移到國內。因此，我們在內部進行所有組裝方面處於非常有利的地位，我們可以挑選所有組件的來源。我們已經完成了對許多零件採購地點的最佳化。顯然，在全球範圍內獲取電池的地區有一定的限制，但這顯然是我們未來的發展路線圖。

Great. And I know you've only guided for Q3 and not Q4, but should we, in theory, expect sequential improvement into Q4? And how are you tracking relative to your aspiration of being EBITDA breakeven in the fourth quarter?

偉大的。我知道您只對第三季度進行了預測，而沒有對第四季度進行預測，但從理論上講，我們是否應該預期第四季度會出現連續改善？您目前對於第四季實現 EBITDA 收支平衡的期望進展如何？

So a lot of that really does depend on some of those expanded pilots that Wade was alluding to. The trucking industry for us feels almost like a switch. It's an industry that has been struggling over the past couple of years. We did expect things to kind of turn around this year. I think a lot of folks did.

因此，這在很大程度上確實取決於韋德所暗示的一些擴大試點。對我們來說，卡車運輸業幾乎就像是一個轉變。過去幾年來，這個行業一直在苦苦掙扎。我們確實預計今年情況會有所改善。我想很多人都這麼做過。

And then the tariff impacts on the trucking market, I think, sort of extended that freight recession. But we are confident that things are turning around pretty soon here. And we're not ready to pull back anything because we do expect the ramp to begin.

然後，我認為關稅對卡車運輸市場的影響在某種程度上延長了貨運衰退。但我們相信情況很快就會好轉。我們還沒有準備好撤回任何措施，因為我們確實預計成長將會開始。

But we do think that, in general, a lot of the new truck orders are going to be coming in as Wade noted in the first half of next year. But we do think that the expanded pilots and some of the aftermarket business that we're doing, especially using the dual flow, do begin to kick in.

但我們確實認為，總體而言，正如韋德所指出的，明年上半年將會有大量新的卡車訂單到來。但我們確實認為，擴大試點和我們正在進行的一些售後業務，特別是使用雙流，確實開始發揮作用。

Great. And in terms of sequential improvement in the fourth quarter in revenue?

偉大的。那麼第四季營收是否季增呢？

Yes. The sequential improvement is going to combine basically continued improvement in the RV industry. Actually, some of the business that we have is stretching into Q4 in terms of our ability to ramp internally. But at the same time, we are expecting the new markets to contribute as well. So there, we do expect the ramp to occur.

是的。連續的改進將結合房車產業的持續改進。實際上，就我們內部提升的能力而言，我們的一些業務正在延伸到第四季度。但同時，我們也期待新市場能做出貢獻。因此，我們確實預期會出現上升趨勢。

Great. And maybe last question for me, Denis. As it relates to the patent that you were recently awarded, can you just sort of talk a little bit about what technology was behind that?

偉大的。丹尼斯，這也許是我的最後一個問題。由於這與您最近獲得的專利有關，您能否稍微談談背後的技術？

Yes. Sure, George. That particular patent had to do with how you prepare the feedstock for solid-state batteries, particularly the solid-state electrolyte, how the composite material is mixed between the ceramics, the polymers, the salts. Very critical to how you actually deposit the layers using the dry electrode process.

是的。當然，喬治。此項專利涉及如何準備固態電池的原料，特別是固態電解質，以及如何將複合材料與陶瓷、聚合物和鹽混合。如何使用乾電極製程實際沉積各層非常關鍵。

So the dry electrode process is a combination of the feedstock preparation, the actual deposition and then how the cells are prepared. And this particular patent issuance was really important in terms of that upfront feedstock portion of it.

因此，乾電極製程是原料製備、實際沉積以及電池製備的結合。就前期原料部分而言，這項特定的專利頒發確實非常重要。

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

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.

感謝大家今天加入我們。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了。