Dragonfly Energy Holdings Corp (DFLI) 2025 Q3 法說會逐字稿

Good afternoon, and welcome to Dragonfly Energy's third quarter 2025 earnings call. (Operator Instructions) I'll now turn the call over to Szymon Serowiecki, Investor Relations. Please go ahead.

下午好，歡迎參加 Dragonfly Energy 2025 年第三季財報電話會議。（操作員指示）現在我將把電話轉交給投資者關係部門的 Szymon Serowiecki。請繼續。

Thank you, operator. Appreciate you joining us for today's call. Joining us today, Dr. Denis Phares, Dragonfly Energy's Chairman, President and Chief Executive Officer; and Wade Seaburg, Chief Commercial Officer. Tyler Bourns, Chief Marketing Officer, is also available for Q&A.

謝謝接線生。感謝您參加今天的電話會議。今天與我們一同出席的有 Dragonfly Energy 董事長、總裁兼執行長 Denis Phares 博士，以及首席商務長 Wade Seaburg。首席行銷長泰勒·伯恩斯也接受問答環節。

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

在將電話交給丹尼斯之前，我想先就前瞻性評論做個簡短的聲明。在本次電話會議中，本公司將根據目前的預期，做出符合 1995 年美國私人證券訴訟改革法案規定的前瞻性聲明。這些前瞻性陳述受到風險、不確定性及其他因素的影響，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 measure can be found in today's release on the company's website. Please note that comparisons that will be discussed today on a year-over-year basis unless otherwise date. I'll now turn the call over to Denis.

實際結果可能會因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而有所不同。管理階層將參考一些非GAAP財務指標。有關與最接近的相應 GAAP 指標的調節表，請參閱公司網站今天發布的公告。請注意，除非另有說明，今天討論的比較將以同比為基礎。現在我將把電話交給丹尼斯。

Thank you, Szymon, and thank you, everyone, for joining us on this Friday afternoon. We know this is an unusual time for an earnings call, but as many of you have seen, we have had an exceptionally busy and productive period leading up to today's announcement.

謝謝Szymon，也謝謝各位在周五下午抽出時間參加我們的節目。我們知道現在召開財報電話會議的時間不太尋常，但正如你們許多人所看到的，在今天的公告發布之前，我們經歷了一段異常忙碌且卓有成效的時期。

In the third quarter, we continued our return to strong year-over-year revenue growth with sales increasing 26% to $16.0 million. Our gross margin expanded by over 700 basis points to nearly 30%, driven by operational improvements and positive product mix. Together with disciplined cost control, this led to a $3.3 million improvement in adjusted EBITDA.

第三季度，我們持續保持強勁的年成長勢頭，銷售額成長 26%，達到 1,600 萬美元。由於營運改善和積極的產品組合，我們的毛利率增加了 700 多個基點，接近 30%。加上嚴格的成本控制，這使得調整後的 EBITDA 提高了 330 萬美元。

Just as importantly, this was a quarter defined not only by financial performance, but by business execution. Beyond our financial results, we successfully executed a comprehensive capital raising and debt restructuring that fundamentally reshaped our balance sheet and greatly improved our liquidity.

同樣重要的是，本季不僅以財務業績為標誌，更以業務執行力為標誌。除了財務表現之外，我們還成功實施了全面的融資和債務重組，從根本上重塑了我們的資產負債表，並大大提高了我們的流動性。

Since July, we raised approximately $90 million in gross proceeds through three unstructured common equity offerings. Then in early November, we finalized a transformative restructuring of our term debt. This restructuring of our debt included a $45 million prepayment, $25 million of debt converted into preferred equity, and the forgiving of $5 million outright. As a result, our total debt principal now stands at only $19 million, which carries a significantly lower interest rate and extended covenant flexibility through 2026.

自 7 月以來，我們透過三次非結構化普通股發行籌集了約 9,000 萬美元的總收益。隨後在 11 月初，我們完成了定期債務的變革性重組。此次債務重組包括提前償還4,500萬美元，將2,500萬美元債務轉換為優先股，以及直接免除500萬美元債務。因此，我們的債務本金總額目前僅1,900萬美元，利率顯著降低，且債務契約的彈性延長至2026年。

Achieving this level of balance sheet improvement in just a few months reflected strong execution and confidence from both our lenders and investors. These decisive actions represent an important inflection point for Dragonfly Energy.

短短幾個月內資產負債表就取得如此顯著的改善，反映了我們強而有力的執行力以及貸款方和投資者對我們的信心。這些果斷的舉措對蜻蜓能源是一個重要的轉捩點。

In addition to the financial benefits, we believe our improved balance sheet sends a strong signal to current and potential customers about the company's stability and long-term financial health as our previous financial condition influenced some customer decisions and adoption time lines.

除了財務上的好處之外，我們相信，我們改善的資產負債表向現有和潛在客戶發出了一個強烈的信號，表明公司的穩定性和長期財務健康狀況，因為我們先前的財務狀況影響了一些客戶的決策和採用時間表。

With these actions behind us and a strengthened balance sheet, we can now dedicate more time and resources to business growth. In short, we have established a much stronger financial foundation and significantly enhanced our capital structure.

隨著這些措施的實施以及資產負債表的增強，我們現在可以投入更多的時間和資源用於業務成長。簡而言之，我們已經建立了更穩固的財務基礎，並顯著優化了資本結構。

We are now positioned to allocate resources toward near-term revenue opportunities strategic investment in our proprietary technology and continued expansion into adjacent markets. For the first time as a public company, we feel we are playing offense.

我們現在有能力將資源分配給近期收入機會、對我們專有技術的策略投資以及繼續向鄰近市場擴張。作為一家上市公司，我們第一次感覺自己處於進攻狀態。

Now I'd like to turn the call over to Wade to discuss our activities and accomplishments in our key end markets. Wade?

現在我想把電話交給韋德，讓他來討論我們在主要終端市場的活動和成就。韋德？

Thanks, Denis. I'd like to focus on the strong momentum we are building in our OEM business and how our strategic approach is driving results in our key markets. In the RV market, we expanded our OEM footprint through several notable partnerships.

謝謝你，丹尼斯。我想重點談談我們在 OEM 業務方面正在建立的強勁發展勢頭，以及我們的策略方法如何在我們的關鍵市場中取得成果。在房車市場，我們透過幾項重要的合作擴大了我們的 OEM 業務範圍。

Our partnership with Airstream, which we announced on our last call, continues to gain momentum. Battle Born Batteries are now standard across Airstream's 2026 motorized models, reinforcing our position as a trusted supplier in the premium RV segment.

我們在上次電話會議上宣布的與 Airstream 的合作關係正在不斷推進。Battle Born 電池現已成為 Airstream 2026 年所有機動車型的標配，鞏固了我們作為高端房車領域值得信賴的供應商的地位。

We also announced two new important partnerships during this quarter. In August, we announced our partnership with Awaken RV, a newly launched manufacturer founded by industry veteran, Scott Hubble. Awaken selected Battle Born Batteries as the standard lithium power solution across their entire debut lineup of molded fiberglass trailers, recognizing our ability to deliver the safe, reliable, and long-lasting power that off grid traveler's demand.

本季我們也宣布了兩項重要的新合作關係。8 月，我們宣布與 Awaken RV 建立合作關係，Awaken RV 是一家新成立的房車製造商，由業內資深人士 Scott Hubble 創立。Awaken 選擇 Battle Born Batteries 作為其首款模壓玻璃纖維拖車的標準鋰電池解決方案，認可我們能夠提供離網旅行者所需的安全、可靠和持久的電力。

Then in September, we expanded our long-standing partnership with Ember RV making Battle Born Batteries standard across its 2026 overland series with factory-installed systems delivering up to 7-kilowatt hours of power, Ember has relied exclusively on our batteries since their founding in 2021 and this latest expansion demonstrates their continued confidence in our technology and our ability to adapt to continuously evolving OEM needs.

隨後在 9 月，我們擴大了與 Ember RV 的長期合作關係，將 Battle Born Batteries 電池作為其 2026 年越野系列的標準配置，工廠安裝的系統可提供高達 7 千瓦時的電量。自 2021 年成立以來，Ember 一直完全依賴我們的電池，此次最新合作的擴展表明他們對我們的技術以及我們適應不斷變化的 OEM 需求的能力充滿信心。

Our RV partnerships span premium brands like Airstream, innovative new entrants such as Awaken RV, and established partners like Ember RV, underscoring our position as a leading provider of high-performance lithium power solutions across all market segments. Importantly, while the overall industry remains challenged, we are consistently gaining market share through deepening integration with existing partners and wins with new manufacturers.

我們的房車合作夥伴涵蓋了Airstream等高端品牌、Awaken RV等創新新晉品牌以及Ember RV等老牌合作夥伴，這凸顯了我們作為高性能鋰電池解決方案領先供應商在所有細分市場中的地位。值得一提的是，儘管整個行業仍面臨挑戰，但我們透過深化與現有合作夥伴的整合以及贏得新製造商的青睞，不斷擴大市場份額。

Turning to heavy-duty trucking. We continue to gain traction in a market where current capital investment remains constrained. Several fleets that completed pilot programs have expanded into additional units after experiencing measurable gains in idle reduction, fuel savings, and driver comfort.

轉向重型卡車運輸。在當前資本投資仍受限的市場環境下，我們持續獲得發展動力。一些完成試點計畫的車隊在怠速減少、燃油節省和駕駛員舒適度方面取得了顯著成效後，已擴大了車隊規模。

In particular, we recently began receiving production orders from a large nationally recognized fleet following a long-term pilot of our lithium power systems designed for idle reduction and hotel load support. These orders reflect the continued expansion of our solutions into real-world operations with meaningful customer validation emerging from pilot programs. We expect to make an announcement soon.

尤其值得一提的是，在對我們專為減少怠速和支援飯店負載而設計的鋰電池供電系統進行長期試點後，我們近期開始收到來自全國知名的大型車隊的生產訂單。這些訂單體現了我們的解決方案正持續拓展至實際運營，試點計畫也獲得了客戶的有力驗證。我們預計很快就會發布相關公告。

Our collaboration with PACCAR, one of the most respected commercial truck manufacturers in the world and the only American-owned Class A truck manufacturer is another important milestone in this segment. Earlier this year, PACCAR completed independent testing of our lithium power systems at their technical center.

我們與 PACCAR 的合作是該領域又一個重要的里程碑。 PACCAR 是世界上最受尊敬的商用卡車製造商之一，也是唯一一家美國擁有的 A 級卡車製造商。今年早些時候，PACCAR 在其技術中心完成了對我們鋰電池系統的獨立測試。

The systems were evaluated under the worst-case idle reduction conditions, and the results formed the basis of a jointly coauthored Whitepaper focused on practical lithium power solutions that reduce idling, fuel costs, and maintenance for Class 8 fleets.

這些系統在最壞情況下的怠速減少條件下進行了評估，評估結果構成了共同撰寫的白皮書的基礎，該白皮書重點關注可減少 8 級車隊怠速、燃料成本和維護的實用鋰電池解決方案。

We debuted the Whitepaper at the battery show where it was reviewed by industry technology leaders, and it has continued to attract attention across the sector. At the ATA MCE conference in October it became a frequent topic of discussion among carriers and system integrators who are searching for commercially viable electrification solutions that can withstand real fleet demands.

我們在電池展上首次發布了這份白皮書，並受到了行業技術領導者的審閱，此後它持續引起整個行業的關注。在 10 月舉行的 ATA MCE 會議上，這成為了營運商和系統整合商經常討論的話題，他們正在尋找能夠滿足實際車隊需求的商業上可行的電氣化解決方案。

We believe this collaboration provides credible third-party validation of our technology under demanding conditions and it has increased our visibility with large fleet operators who are exploring practical and cost-effective paths to electrification.

我們相信，此次合作在嚴苛的條件下為我們的技術提供了可信的第三方驗證，並提高了我們在正在探索切實可行且經濟高效的電氣化途徑的大型車隊營運商中的知名度。

As we have said before, we believe this significant adoption in heavy-duty trucking is a matter of when, not if, with growing validation from respected OEMs and leading fleets, we believe Dragonfly is well positioned to capture meaningful share as this market turns.

正如我們之前所說，我們相信，隨著受人尊敬的原始設備製造商和領先車隊的不斷驗證，重型卡車領域對 Dragonfly 的大規模採用只是時間問題，而不是會不會發生的問題。我們相信，隨著市場轉變，Dragonfly 已做好充分準備，能夠佔據可觀的市場份額。

Now I will turn the call back to Denis to discuss key technology developments, third quarter financial results, and our fourth quarter outlook.

現在我將把電話轉回給丹尼斯，讓他討論關鍵技術發展、第三季財務業績以及我們第四季的展望。

Thanks, Wade. Our commercial traction aligns with continued advancements in our technology platform. During the quarter, we expanded our intellectual property portfolio with two newly granted United States patents. The first strengthens our proprietary Dragonfly IntelLigence platform and enables more robust data exchange, improved system reliability, and advanced performance across mobile and stationary applications.

謝謝你，韋德。我們的商業成功與我們技術平台的持續進步一致。本季度，我們透過獲得兩項新的美國專利，擴大了我們的智慧財產權組合。第一項改進增強了我們專有的 Dragonfly IntelLigence 平台，並實現了更強大的資料交換、更高的系統可靠性以及在行動和固定應用程式中的更高級性能。

The second patent advances our Wakespeed charge control technology and supports high-power vehicle to trailer charging and broader system integration. With approximately 100 filed pending or granted patents, our IP portfolio reinforces our evolution into a complete power systems provider.

第二項專利推進了我們的 Wakespeed 充電控制技術，並支援高功率車輛對拖車充電和更廣泛的系統整合。我們擁有約 100 項已提交、正在申請或已獲授權的專利，我們的智慧財產權組合鞏固了我們向全方位電力系統供應商的發展。

I also want to reinforce our domestic manufacturing capabilities, which continue to differentiate Dragonfly in today's volatile trade environment. With final assembly completed at our Nevada facility, we maintain greater control over quality cost management and production timelines.

我還想加強我們的國內製造能力，這在當今動盪的貿易環境中仍然是蜻蜓公司脫穎而出的關鍵。由於最終組裝工作已在我們內華達州的工廠完成，我們能夠更好地控製品質、成本和生產進度。

During the quarter, we received recognition of our domestic manufacturing capabilities through a $300,000 grant from the Nevada Tech Hub. This nondilutive capital is supporting modernization initiatives, including upgrades to key manufacturing lines and is expected to generate six-figure annual savings while enhancing efficiency and scalability.

本季度，我們憑藉在國內的生產能力獲得了內華達州科技中心提供的30萬美元撥款。這筆不稀釋股權的資金將用於支持現代化改造項目，包括關鍵生產線的升級，預計每年可節省數十萬美元，同時提高效率和可擴展性。

As a Nevada-based company with a 400,000 square foot manufacturing facility in Reno, we are proud to contribute to the state's vision of building a complete lithium loop from domestic battery manufacturing to recycling.

作為一家總部位於內華達州的公司，我們在裡諾擁有 40 萬平方英尺的製造工廠，我們很自豪能夠為該州構建從國內電池製造到回收的完整鋰循環的願景做出貢獻。

Now turning to our third quarter results. Net sales grew 26% year over year to $16 million, reflecting a 44% increase in OEM net sales. Within our OEM segment, adoption trends in our core RV market remain healthy. Existing partners are integrating our solutions across additional model lineups while we continue to add new manufacturers to our customer base.

現在來看我們第三季的業績。淨銷售額年增 26% 至 1,600 萬美元，其中 OEM 淨銷售額增長 44%。在我們的OEM業務領域，核心房車市場的採用趨勢仍然保持良好。現有合作夥伴正在將我們的解決方案整合到更多車型系列中，同時我們也不斷增加新的製造商加入我們的客戶群。

Net sales to DTC customers totaled $5 million compared to $5.2 million, reflecting continued macroeconomic headwinds. Third quarter gross profit increased an impressive 65% to $4.7 million, with gross margin expanding 710 basis points to 29.7%. This substantial margin improvement reflects increased volumes, product mix, and operational efficiencies achieved through our corporate optimization program.

面向 DTC 客戶的淨銷售額總計 500 萬美元，而去年同期為 520 萬美元，反映出宏觀經濟持續面臨不利因素。第三季毛利大幅成長 65% 至 470 萬美元，毛利率成長 710 個基點至 29.7%。這一顯著的利潤率提升反映了我們透過公司優化計劃實現的銷售成長、產品組合優化和營運效率提高。

Operating expenses decreased to $8.5 million from $8.9 million. Net loss was $11.1 million versus a net loss of $6.8 million and net loss per share was $0.20 compared to a loss of $0.98 per share. Adjusted EBITDA improved to negative $2.1 million from negative $5.5 million, reflecting continued strength in the OEM segment and gross margin expansion.

營運費用從 890 萬美元減少到 850 萬美元。淨虧損為 1,110 萬美元，而去年同期淨虧損為 680 萬美元；每股淨虧損為 0.20 美元，而去年同期每股虧損為 0.98 美元。經調整的 EBITDA 從 -550 萬美元改善至 -210 萬美元，反映出 OEM 業務的持續強勁和毛利率的擴張。

Turning to our outlook for the fourth quarter of 2025. We expect net sales of approximately $13 million, representing a growth of approximately 7% year over year in our seasonably slowest quarter. We are forecasting adjusted EBITDA of approximately negative $3.3 million.

接下來，我們展望一下2025年第四季。我們預計淨銷售額約為 1,300 萬美元，在通常的淡季季度，年增約 7%。我們預測調整後 EBITDA 約為負 330 萬美元。

While we had initially targeted adjusted EBITDA breakeven by year-end, we have made substantial progress towards this objective against a much more challenging backdrop than we anticipated characterized by a volatile tariff environment that extended the freight recession, macroeconomic uncertainty, and the government shutdown that impacted our industrial customers, some of which rely on government funding.

雖然我們最初的目標是在年底前實現調整後 EBITDA 收支平衡，但在比我們預期更具挑戰性的背景下，我們已朝著這一目標取得了實質進展。這一背景的特點是關稅環境波動加劇了貨運衰退，宏觀經濟不確定性以及政府停擺影響了我們的工業客戶，其中一些客戶依賴政府資金。

Despite these challenges, we have fundamentally strengthened our balance sheet and expanded our OEM footprint, providing a solid foundation for execution in 2026. We remain confident in our ability to achieve profitability as we continue executing on our growth initiatives.

儘管面臨這些挑戰，但我們已從根本上加強了資產負債表，並擴大了 OEM 業務範圍，為 2026 年的執行奠定了堅實的基礎。我們仍然對實現獲利能力充滿信心，我們將繼續推進成長計劃。

To summarize, this was one of the most strategically important quarters in our company's history. We strengthened our balance sheet, secured meaningful validation in heavy-duty trucking, expanded OEM penetration, and improved our margin profile. These achievements reflect disciplined execution across our commercial, operational, and financing strategies.

總而言之，這是我們公司歷史上最具戰略意義的季度之一。我們加強了資產負債表，在重型卡車領域獲得了有意義的驗證，擴大了 OEM 滲透率，並改善了利潤率狀況。這些成就體現了我們在商業、營運和融資策略方面嚴謹的執行力。

With a stronger financial foundation, and real momentum across our end markets, we are well positioned to capture the opportunities ahead. We remain focused on operational discipline, margin expansion, and executing against a clear strategy that moves us toward profitability, and we are confident in our ability to create long-term shareholder value.

憑藉更強大的財務基礎和在終端市場的強勁發展勢頭，我們已做好充分準備，抓住未來的機會。我們將繼續專注於營運紀律、利潤率擴張，並執行明確的策略，以實現獲利目標。我們對創造長期股東價值的能力充滿信心。

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

接線員，我們現在開始接受提問。

(Operator Instructions) George Gianarikas, Canaccord Genuity.

（操作說明）George Gianarikas，Canaccord Genuity。

Maybe to focus first just on the guidance a little bit for Q4 as to which segment of the business is dragging down sequentially, the revenue is it -- the OEM business that's sort of impacting the Q4 outlook?

或許我們應該先關註一下第四季的業績指引，看看是哪個業務板塊拖累了第四季的業績，是營收下滑嗎？是OEM業務對第四季的前景造成了影響嗎？

Hi George, thanks for the question. Yes, the -- it's an interesting economic environment we're in right now. And I would say in terms of our OEM business, Q4 is always the slowest quarter by seasonality. We've got a number of days off on the holidays. So that's not unexpected.

嗨，喬治，謝謝你的提問。是的，我們現在所處的經濟環境很有趣。就我們的 OEM 業務而言，第四季度通常是季節性因素導致的淡季。假期裡我們有好幾天休息時間。所以這並不出乎意料。

There may be a little bit less than what we expected in the OEM segment, but really, what's happening is we don't have as much visibility in the D2C segment.

OEM 領域的成長可能比我們預期的要少一些，但實際上，我們目前對 D2C 領域的了解還不夠深入。

And DTC is typically strongest in the fourth quarter. We got the Black Friday sales coming up. And given the macroeconomic conditions now and the low consumer sentiment, we're just trying to be cautious because we really don't have a lot of visibility there.

DTC（直接面向消費者）業務通常在第四季度最為強勁。黑色星期五促銷活動即將到來。鑑於目前的宏觀經濟狀況和低迷的消費者信心，我們只是想保持謹慎，因為我們對這方面真的不太清楚。

Also included in the DTC segment, we have a number of industrial customers that have basically shut down due to the government shutdown. So just a number of things really led to us being a little bit more cautious with our guidance.

此外，在DTC業務部門中，我們還有許多工業客戶，由於政府停擺，他們的業務基本上已經停止營運。所以，很多因素促使我們在提供指導時更加謹慎。

Right. And maybe assuming a return -- I'm not asking for '26 guidance necessarily, but assuming a normalization from the consumer, is it fair to say we can look for significant growth in 2026? And how you're thinking about the year for performant shape of 2026?

正確的。假設消費者需求恢復正常——我並不是要求對 2026 年做出預測，而是假設消費者需求恢復正常，那麼我們是否可以期待 2026 年會顯著成長呢？你如何看待2026年的運動表現？

Yes. We're pretty confident about 2026. Not only do we expect more of a return to normality, but we're also expanding into those new segments. So there's not a lot -- for example, the trucking business that we're starting to break into right now is going to be the primary growth driver in 2026 for us. So obviously, when you break -- when you're growing from a very low number into a completely new business segment, that's where we expect to be the most tangible growth.

是的。我們對2026年相當有信心。我們不僅期待生活逐漸恢復正常，而且還在向新的領域拓展業務。所以並沒有太多——例如，我們現在開始涉足的卡車運輸業務將成為我們 2026 年的主要成長動力。所以很明顯，當你突破瓶頸——當你從一個非常低的數字發展到一個全新的業務領域時，我們預計就會出現最明顯的成長。

Got it. And in terms of -- can you help us sort of right size our mind in terms of where the balance sheet where the cash sits today after these transactions, where the share count sits today? Just trying to understand how to sort of have a real-time snapshot of your assets and your share count?

知道了。至於－您能否幫助我們理清思路，了解這些交易後目前的資產負債表狀況（現金狀況）和目前的股份數量？我只是想了解如何即時掌握我的資產和股份數量？

Well, I mean, my goodness, it's night and day from where it was. Our balance sheet, quite frankly, was a significant hindrance to us in terms of business growth. And I'm not even talking just our inability to invest as much as we wanted in near-term growth opportunities. But a lot of these new fleets, for example, or new customers that are these large fleets, they're public companies.

我的天哪，這裡和以前簡直是天壤之別。坦白說，我們的資產負債表對我們的業務成長構成了重大阻礙。我說的不僅僅是我們無法像我們希望的那樣，在短期成長機會上進行足夠的投資。但很多這樣的新車隊，或者說這些大型車隊的新客戶，都是上市公司。

And obviously, they're going to look at our balance sheet and that's going to influence their decision. And so -- everybody likes the products. Everybody knows we're an innovative company, and it's really difficult for them to really commit the way that it has been.

很顯然，他們會查看我們的資產負債表，這將影響他們的決定。所以——大家都喜歡這些產品。大家都知道我們是一家創新公司，所以他們很難像以前那樣真正投入其中。

And now with this turnaround, for the first time as a public company, we've been able to alleviate the going concerns. It really puts us in a completely different situation allows us to really invest in the growth that we've been expecting over the last, honestly, 12 months.

現在，隨著公司業績的扭轉，作為一家上市公司，我們第一次得以消除持續經營方面的擔憂。這確實讓我們處於一個完全不同的境地，使我們能夠真正投資於我們在過去12個月中一直期待的成長。

And maybe just I understand the numbers, though, Denis, how much cash do you have on the balance sheet now? Because these transactions happened after the end of the quarter. So can you just sort of update us on the proper share count for our models -- proper cash for our models, et cetera.

或許只有我理解這些數字才行，丹尼斯，你現在的資產負債表上有多少現金？因為這些交易發生在季度末之後。所以，您能否向我們更新我們模型的正確股份數量、模型的正確現金等資訊？

So there's about 125 million common shares -- 121 million shares, and a pro forma cash balance after the debt paydowns and everything is on the order of $30 million.

所以，普通股大約有 1.25 億股——1.21 億股，在償還債務和其他所有費用後，預計現金餘額約為 3,000 萬美元。

$30 million. Okay. Great. And maybe just to talk about -- my last question, with some of the growth initiatives that you're able to put in place now that the balance sheet has been fixed essentially. What are the sort of things that you were able to do from a customer perspective to expand your -- and accelerate our growth in 2026?

30美元百萬。好的。偉大的。最後，我想談談我的最後一個問題，既然資產負債表已經基本修復，您現在可以實施一些成長計劃。從客戶角度來看，您採取了哪些措施來擴大自身業務，並加速我們在 2026 年的成長？

Well, for example, we've had a pretty lean outside sales team, and we've been trying to expand into these large markets, the trucking market, for example. But also, we talked a lot about the oil and gas market for a long time.

例如，我們的外部銷售團隊一直比較精簡，我們一直在努力拓展這些大型市場，例如卡車運輸市場。此外，我們也長時間地討論了許多關於石油和天然氣市場的問題。

We have -- we believe; the only Class 1 [V2] lithium-ion battery certification on the market. And we have not been able to invest in growth into that segment, which we believe is an enormous opportunity. And there's been changes in the past, there were changes how natural gas is treated.

我們相信，我們擁有市場上唯一獲得 Class 1 [V2] 鋰離子電池認證的產品。然而，我們一直未能加大對該領域的投資，而我們認為這是一個巨大的機會。過去也曾發生過一些變化，天然氣的處理方式也發生過變化。

But nevertheless, even though it affected what we were doing in terms of methane reclamation, there's still large opportunities for storage in that segment because it's primarily dominated by lead acid batteries. So there's a ton of meat on the bone that we really haven't been able to invest it in terms of specifically manpower.

但是，儘管這影響了我們在甲烷回收方面的工作，但該領域仍然存在巨大的儲能機會，因為目前該領域主要由鉛酸電池主導。因此，這方面有許多潛在的發展空間，只是我們一直未能投入足夠的人力物力。

But also, we've been able to invest more in product development as well. And that's really where we put a lot of our cash this year to really try to get that new OEM business and try to accelerate trucking. So our product development will also be able to accelerate with new resources.

此外，我們也能夠加大對產品研發的投入。今年，我們確實把很多資金投入這個領域，努力爭取新的 OEM 業務，並加速卡車運輸的發展。因此，有了新的資源，我們的產品開發也將能夠加速進行。

Congratulations on all the good work you've done over the last couple of months.

祝賀你在過去幾個月所做的出色工作。

Chip Moore, ROTH Capital.

Chip Moore，ROTH Capital。

Denis, I wanted to echo congrats on the debt restructuring, right, clearly, understandable that that's been a hindrance on the commercial side. So maybe just expand on your comments about facing some headwinds there. I know it's early, right? It's only closed a week ago.

丹尼斯，我想再次祝賀你債務重組成功，沒錯，很明顯，這在商業方面造成了阻礙，這是可以理解的。所以，或許你可以詳細說說你​​在那方面遇到的阻力。我知道現在還早，對吧？它一周前才關門。

So how are you thinking about early feedback from potential customers, whether it's fleets or OEMs? Is this more so to think about capital budgets for next year. And with this comfort, that really helps? Or just what are the conversations you're having?

那麼，您如何看待來自潛在客戶（無論是車隊還是原始設備製造商）的早期回饋？這是否更多是為了考慮明年的資本預算？有了這種舒適感，真的會有幫助嗎？或者你們都在聊些什麼？

Well, it was like a flip of the switch really. I mean, we're starting to get POs now. I mean you've got to consider the fact that as a vendor, our balance sheet is going to be a large part of what customers look at. It's not just the product and the benefits of the product, but also our long-term viability as a company.

嗯，就像撥動開關。我的意思是，我們現在已經開始收到採購訂單了。我的意思是，你必須考慮到，作為供應商，我們的資產負債表將是客戶關注的重要部分。這不僅關乎產品及其帶來的好處，更關乎我們公司的長期生存能力。

And I think that what we've been able to accomplish in a very short period of time, has basically taken that out of the conversation. And now the focus is on the product itself and on the ROI and driver comfort and the ability of fleets to operate more efficiently now.

我認為，我們在很短的時間內所取得的成就，基本上已經讓這個問題不再被討論。現在，重點在於產品本身、投資回報率、駕駛員舒適度以及車隊提高營運效率的能力。

It really is a game changer in terms of the fact that the conversations have completely changed over now to how do we get going with these projects.

這確實改變了遊戲規則，因為現在的討論重點已經完全轉移到我們如何啟動這些項目。

That's great. And a follow-up there, Denis, maybe you talked about EBITDA breakeven. Obviously, you need some more volume, but it sounds like the outlook here for next year is getting better, you'll also have quite a bit lower interest expense as well, right? So just any more thoughts there? And then as you do hit breakeven, how are you thinking about some of the other growth areas, dry electrode and some of those -- any update there?

那太棒了。丹尼斯，還有一個後續問題，你剛才可能談到了 EBITDA 損益平衡點。顯然，你們需要增加銷量，但聽起來明年的前景正在好轉，你們的利息支出也會大幅降低，對嗎？還有什麼其他想法嗎？當達到損益平衡點後，您如何看待其他一些成長領域，例如乾電極等等——這方面有什麼最新進展嗎？

Yeah. So you're right. We need more volume to get back to where we anticipated we would be. But the stage is set because we are getting better gross margins. We're operating more efficiently, we've gone through an optimization program to really set the stage for our ability to be profitable again.

是的。你說得對。我們需要更大的銷售量才能恢復到預期水準。但由於我們的毛利率正在提高，一切就緒。我們的營運效率更高了，我們實施了一項優化計劃，真正為我們再次獲利奠定了基礎。

So all these things are very, very good things and driving volume is our number one priority, and that's how we get back to profitability.

所以所有這些都是非常非常好的事情，提高銷售量是我們的首要任務，這也是我們恢復獲利的方式。

Of course, we continue to make progress on the dry electrode and even on the solid state chemistries, but the top priority is getting back to profitability. And we're not going to jeopardize the long-term health of the company by overspending on those initiatives, but we are making progress.

當然，我們在乾電極甚至固態化學領域中不斷取得進展，但首要任務是恢復獲利能力。我們不會為了這些項目而過度支出，從而危及公司的長期健康發展，但我們正在取得進展。

We continue to make progress. And of course, with the extra resource that we have, that progress will be accelerated.

我們持續取得進展。當然，有了額外的資源，這項進程將會加快。

Very clear. And maybe just the last one, just the government shutdown impacts, right? I imagine it's not massive but has that abated here as things have opened up, hopefully, we don't get another one shortly, but yeah thanks.

非常清楚。或許只有最後一點，也就是政府停擺的影響，對吧？我想疫情應該不嚴重，但隨著各地開放，疫情是否已經緩解？希望短期內不會再發生類似事件，謝謝。

I think it's a little early to see what the overall ramifications are since we just opened up again. But we do have important customers that were unable to follow through with some relatively meaningful projects because of the government shutdown. So we're keeping an eye on that. And obviously, we've taken that into consideration with the guidance for this quarter.

我認為現在判斷整體影響還為時過早，因為我們才剛剛重新開放。但由於政府停擺，我們一些重要的客戶無法繼續推動一些相對重要的專案。所以我們會密切關注此事。顯然，我們在製定本季業績指引時已經考慮到了這一點。

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

目前沒有其他問題了。我將把電話交給丹尼斯·法雷斯，請他作總結發言。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.

感謝今天所有到場的各位。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。