Dragonfly Energy Holdings Corp (DFLI) 2025 Q4 法說會逐字稿

Good afternoon, ladies and gentlemen, and welcome to the Dragonfly Energy Fourth Quarter 2025 Earnings Conference Call. (Operator Instructions)

各位女士、各位先生，下午好，歡迎參加 Dragonfly Energy 2025 年第四季財報電話會議。(接線員指示)

This call is being recorded on Monday, March 16, 2026. I would now like to turn the conference over to Szymon Serowiecki, Investor Relations. Please go ahead.

本次電話會議於 2026 年 3 月 16 日（星期一）錄音。現在我想把會議交給投資人關係部的 Szymon Serowiecki。請開始。

Thank you, operator. Appreciate you joining us for today's call. Joining me here today, Dr. Denis Phares, Dragonfly Energy's Chairman, President and Chief Executive Officer; and Wade Seaburg, Chief Commercial Officer. On the call today, we will be discussing fourth quarter and full year 2025 financial and operating results.

謝謝，接線員。感謝各位參加今天的電話會議。今天與我一同出席的有 Dragonfly Energy 董事長、總裁兼執行長 Denis Phares 博士，以及首席商務長 Wade Seaburg。今天的電話會議將討論 2025 年第四季及全年財務與營運結果。

These results are preliminary as they are subject to finalization and adjustment in connection with the preparation of our annual report on Form 10-K for fiscal 2025 to be filed later this month. More detail is provided in the press release. Before I turn the call over to Denis, I'd like to make a brief statement regarding forward-looking remarks.

這些結果為初步數據，仍可能在我們編製 2025 會計年度 Form 10-K 年報（預計於本月稍晚提交）過程中完成定稿並進行調整。更多細節請參閱新聞稿。在我把電話交給 Denis 之前，我想就前瞻性陳述做一段簡短說明。

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，公司將基於目前預期，依據 1995 年《美國私人證券訴訟改革法》之定義發表前瞻性陳述。這些前瞻性陳述受到風險、不確定性及其他因素影響，可能導致實際結果與該等前瞻性陳述所明示或暗示者存在重大差異。

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 as released on the company's website. Please note that all comparisons will be discussed today are on a year-over-year basis unless otherwise noted.

實際結果可能因新聞稿及定期向 SEC 提交之文件中所述因素而有所不同。管理層將引用部分非 GAAP 財務衡量指標。與最接近之對應 GAAP 指標的調節表可於公司網站發布之資料中查閱。請注意，除非另有說明，今天討論的所有比較皆以年對年為基礎。

I'll now turn the call over to Denis.

現在我把電話交給 Denis。

Thank you, Szymon, and thank you, everyone, for joining us today. First, I'd like to take a moment to reflect on the meaningful progress Dragonfly Energy has made in 2025. Throughout the past year, we focused on strengthening our financial foundation, expanding our commercial footprint and validating our technology across multiple industries. We believe these efforts have positioned Dragonfly Energy to capitalize on the opportunities we see ahead. A key priority is strengthening our balance sheet and capital structure.

謝謝你，Szymon，也謝謝各位今天加入我們。首先，我想花一點時間回顧 Dragonfly Energy 在 2025 年取得的重大進展。在過去一年中，我們專注於強化財務基礎、擴大商業版圖，並在多個產業驗證我們的技術。我們相信，這些努力已使 Dragonfly Energy 能夠把握我們所看到的未來機會。其中一項關鍵優先事項是強化資產負債表與資本結構。

During 2025, we completed several capital raising transactions, including a significant debt restructuring that materially improved our liquidity position and simplified the balance sheet. Importantly, these actions provided the financial flexibility needed to focus on operational execution and support our commercial growth initiatives. For the full year, net sales increased 16% to $58.6 million, primarily driven by growth in our OEM channel, where revenue grew 34% year-over-year.

在 2025 年期間，我們完成了多項募資交易，包括一項重大的債務重整，顯著改善了我們的流動性狀況並簡化了資產負債表。重要的是，這些行動提供了所需的財務彈性，使我們能專注於營運執行並支持商業成長計畫。全年淨銷售額成長 16% 至 5,860 萬美元，主要由 OEM 通路成長帶動，其中該通路營收年增 34%。

This performance was driven by continued integration of our lithium power systems across a growing number of RV OEMs despite ongoing pressure in the broader market. One of the most notable developments during the year was our progress in the heavy-duty trucking industry. After an extended pilot program, Werner Enterprises, one of the largest fleets in North America placed its first order of our Battle Born Dual Flow power pack in the fourth quarter.

此一表現主要來自我們的鋰電力系統持續整合至越來越多的 RV OEM 客戶，即使整體市場仍面臨持續壓力。年度期間最值得關注的發展之一，是我們在重型卡車產業的進展。在一段延長的試點計畫之後，北美最大車隊之一的 Werner Enterprises 於第四季首次下單採購我們的 Battle Born Dual Flow 動力電源組。

We believe the transition from pilot testing to a commercial order represents a meaningful validation of the technology and highlight the operational benefits our system can deliver to fleet operators. While this market has not yet contributed material revenue, the progress we have made positions us well to benefit as truck orders begin to normalize.

我們認為，從試點測試轉為商業訂單，代表對該技術的重要驗證，並凸顯我們的系統可為車隊營運商帶來的營運效益。雖然該市場目前尚未帶來具重大性的營收貢獻，但我們所取得的進展使我們在卡車訂單開始回歸常態時，具備良好受益條件。

At the same time, we continue to expand our reach into adjacent industries including industrial, marine and rail, while introducing new products that extend the Battle Born ecosystem. Wade will discuss these developments in more detail in a moment. Alongside this commercial progress, we also advanced our intellectual property portfolio, which now includes almost 90 issued or pending patents across battery technology, system integration capabilities and proprietary software.

同時，我們持續擴展至相鄰產業，包括工業、海事與鐵道，並推出可延伸 Battle Born 生態系的新產品。Wade 稍後將更詳細說明這些進展。在商業進展之外，我們也推進了智慧財產權組合，目前在電池技術、系統整合能力與專有軟體方面，已取得或申請中的專利接近 90 件。

This growing IT foundation supports the long-term development of our advanced battery technology and reinforces our position as a provider of integrated power solutions. As our customer base has continued to evolve toward OEM trucking and industrial markets, we felt it was important to also align the company's cost structure with these growth priorities while ensuring that incentives across the organization remain closely aligned with long-term shareholder value.

這項日益擴大的智慧財產基礎，支持我們先進電池技術的長期發展，並強化我們作為整合式電力解決方案供應商的定位。隨著客戶基礎持續朝 OEM 卡車與工業市場演進，我們認為有必要讓公司的成本結構也與這些成長優先事項一致，同時確保全組織的激勵機制與長期股東價值緊密對齊。

Earlier this month, we implemented a series of actions to strategically realign our cost structure. The initiative includes several key elements. At the leadership level, members of Dragonfly's executive leadership team and Board of Directors have agreed to reduce their cash compensation by approximately 20% for the remainder of fiscal 2026 effective April 1, 2026.

本月稍早，我們實施了一系列措施，以策略性地重新調整成本結構。該計畫包含數個關鍵要素。在領導層方面，Dragonfly 的高階管理團隊成員與董事會已同意，自 2026 年 4 月 1 日起至 2026 會計年度剩餘期間，將其現金薪酬下調約 20%。

In lieu of cash compensation, they have received equity-based incentives directly aligning leadership compensation with long-term share price performance and reinforcing our commitment to creating value for shareholders. This action underscores the confidence we have in our ability to drive long-term shareholder value.

作為現金薪酬的替代，他們已獲得以股權為基礎的激勵，直接將領導層薪酬與長期股價表現連結，並強化我們為股東創造價值的承諾。此舉凸顯我們對推動長期股東價值能力的信心。

We are also implementing targeted workforce and compensation adjustments designed to reduce overall payroll expenses. These actions include a combination of selected workforce reductions and salary adjustments which are expected to reduce our overall payroll expense by approximately 20%.

我們也正在推動具針對性的員工編制與薪酬調整，以降低整體薪資支出。這些措施包括部分人力精簡與薪資調整的組合，預期可使整體薪資費用降低約 20%。

Nonexecutive employees have received equity-based compensation, again, better aligning our employees with shareholders. Third, we are reducing discretionary spending across the organization as we shift resources toward OEM, trucking and industrial markets, areas where we see the strongest commercial opportunities. This includes a reduction in DTC focused marketing spend.

非主管職員工已獲得以股權為基礎的薪酬，再次使員工與股東的利益更一致。第三，隨著我們將資源轉向 OEM、卡車與工業市場（我們認為這些領域具備最強的商業機會），我們正在降低全組織的非必要支出。其中包括削減以 DTC（直接面向消費者）為重點的行銷支出。

Taken together, these actions are expected to generate annualized cost savings of approximately $4.9 million. We also expect an additional expense reduction of $4.0 million through consolidation of rental space. Collectively, this results in an annual increase in adjusted EBITDA of $8.9 million.

綜合而言，這些措施預期可帶來約 490 萬美元的年化成本節省。我們也預期透過整併租賃空間，額外降低 400 萬美元費用。合計而言，這將使調整後 EBITDA 每年增加 890 萬美元。

Importantly, we believe the organization is now appropriately sized while still retaining the resources needed to support disciplined growth as the business scales. As outlined in our release, we believe these changes help position the company to reach positive adjusted EBITDA, which we expect to achieve as the business approaches an annual revenue run rate of approximately $70 million.

重要的是，我們相信目前組織規模已適切，同時仍保有在業務擴張時支持有紀律成長所需的資源。如同我們在新聞稿中所述，我們認為這些變革有助於公司達成調整後 EBITDA 轉正；我們預期當業務接近約 7,000 萬美元的年化營收運行率時即可達成。

Ultimately, the actions we have taken, including strengthening the balance sheet, expanding our commercial partnerships and aligning our cost structure are intended to support our path toward achieving positive adjusted EBITDA as the business continues to scale while also aligning the entire organization with shareholders of our company.

最終，我們所採取的行動，包括強化資產負債表、擴大商業合作夥伴關係，以及調整成本結構，旨在支持公司在持續擴張的同時，邁向調整後 EBITDA 轉正的路徑，並使整個組織與公司股東的利益一致。

With that, I'll turn the call over to Wade.

接下來，我把電話交給 Wade。

Thank you, Denis. I'd like to spend a few minutes discussing the progress we're seeing across our commercial markets. particularly in heavy-duty trucking and the adjacent industries where Dragonfly Energy continues to expand its presence. Starting with trucking. As we have highlighted in previous calls, we believe the heavy-duty trucking market represents one of the most compelling long-term opportunities for Dragonfly Energy.

謝謝你，Denis。我想花幾分鐘談談我們在各個商業市場看到的進展，特別是在重型卡車以及 Dragonfly Energy 持續擴大布局的相鄰產業。先從卡車市場開始。如同我們在先前的電話會議中強調的，我們認為重型卡車市場是 Dragonfly Energy 最具吸引力的長期機會之一。

Fleets are increasingly focused on reducing fuel consumption, lowering operating costs, and improving driver comfort while navigating tightening emissions regulations. The commercial opportunity we have been building remains intact. Though the timeline for meaningful revenue contribution has extended beyond what we initially anticipated.

車隊正日益聚焦於降低燃油消耗、降低營運成本，並在排放法規日趨嚴格的情況下提升駕駛舒適度。我們所建立的商業機會仍然存在。然而，對於產生具重大意義的營收貢獻，其時間表已延後，超出我們最初的預期。

While this revenue is not yet reflected in our guidance for Q1 2026, fleet engagement continues to progress. We are now beginning to see larger commitments emerge as fleets move beyond evaluation phases. As we progress through 2026, several fleets are working toward deployments involving hundreds of trucks per fleet, reflecting growing confidence in lithium-powered auxiliary power systems as a practical solution for reducing idling and improving operational efficiency.

雖然這筆營收尚未反映在我們對 2026 年第一季的財測指引中，但車隊端的導入與互動仍持續推進。隨著車隊逐步走出評估階段，我們開始看到更大規模的承諾浮現。隨著 2026 年的推進，已有數個車隊正朝向每個車隊數百輛卡車的部署目標邁進，反映出市場對鋰電輔助電力系統作為降低怠速、提升營運效率之可行解決方案的信心正在提升。

In the fourth quarter of 2025, we announced a major commercial milestone with Werner Enterprises. Following a successful long-term pilot, Werner Enterprises placed an initial production order for our Battle Born DualFlow power pack solutions. This represents the largest fleet deployment of our systems to date and provides important validation for the technology in real-world commercial operations.

在 2025 年第四季，我們與 Werner Enterprises 宣布達成一項重大的商業里程碑。在成功完成長期試點後，Werner Enterprises 下達了我們 Battle Born DualFlow 電力模組解決方案的首批量產訂單。這是迄今為止我們系統最大規模的車隊部署，並為該技術在真實商業營運環境中的應用提供了重要驗證。

The program demonstrates how fleets can reduce idling, lower fuel costs and improved driver comfort while maintaining uptime. Importantly, this order was placed during a prolonged freight recession, in which many carriers are delaying capital spending, reflecting the real-world value our systems deliver.

該專案展示了車隊如何在維持出勤率（uptime）的同時，降低怠速、減少燃油成本並提升駕駛舒適度。值得注意的是，這筆訂單是在長期貨運景氣衰退期間下達的；在此期間，許多承運商延後資本支出，這也反映出我們系統所帶來的實際價值。

The Battle Born DualFlow power pack, which is one of our key products for this industry, also received external recognition during the year when it was honored with the Seal Sustainable Product and Innovation Awards, which highlight innovative technologies delivering measurable environmental impact. This recognition highlights the operational and environmental benefits the system is designed to deliver.

Battle Born DualFlow 電力模組是我們在該產業的關鍵產品之一，並於年度期間獲得外部肯定，榮獲 Seal Sustainable Product and Innovation Awards（永續產品與創新獎），該獎項聚焦於能帶來可衡量環境影響的創新技術。此項肯定凸顯了該系統所設計要提供的營運與環境效益。

Our solutions significantly reduced diesel idling during driver rest periods and in many deployments, fleet have seen idle time reduced by nearly 70%, preventing an estimated 10 to 12 metric tons of CO2 emissions per vehicle annually when deployed at scale. Turning to the RV market.

我們的解決方案在駕駛休息期間可大幅降低柴油引擎怠速；在許多部署案例中，車隊的怠速時間幾乎降低了 70%，在大規模部署時，估計每輛車每年可避免約 10 至 12 公噸的二氧化碳排放。接著談 RV 市場。

We ended 2025, having notably expanded our OEM footprint with Battle Born batteries now standard across select model lineups, Airstream, Awaken RV and Ember RV. These partnerships reflect growing OEM recognition of the value our integrated lithium power systems deliver, and we expect these relationships to continue deepening in 2026.

我們在 2025 年結束時，顯著擴大了我們在 OEM 端的版圖；Battle Born 電池現已成為 Airstream、Awaken RV 與 Ember RV 部分車型系列的標準配備。這些合作關係反映出 OEM 對我們整合式鋰電供電系統價值的認可正在提升，我們預期這些關係在 2026 年將持續深化。

Beyond RV and trucking, we are seeing encouraging traction in several adjacent markets. A notable example is the rail sector, where the American Railway Engineering and Maintenance of Way Association, AREMA, recently approved the industry's first lithium battery standard.

除了 RV 與卡車運輸之外，我們也在數個相鄰市場看到令人鼓舞的進展。其中一個顯著例子是鐵道領域：美國鐵道工程與維修協會（AREMA）近期核准了業界首個鋰電池標準。

This development is important because it provides rail operators with a clear framework for evaluating lithium-based energy storage systems across communications and signaling infrastructure, an area that has historically relied on legacy battery technologies.

這項發展很重要，因為它為鐵道營運商提供了清晰的框架，用以評估應用於通訊與號誌基礎設施的鋰基儲能系統；而該領域過去長期依賴傳統電池技術。

Following this milestone, our partnership with National Railway Supply has begun introducing Dragonfly Energy's lithium battery systems into the rail market, positioning us to support the industry's transition toward more advanced and reliable energy storage solutions.

在此里程碑之後，我們與 National Railway Supply 的合作已開始將 Dragonfly Energy 的鋰電池系統導入鐵道市場，使我們得以支持該產業轉向更先進且更可靠的儲能解決方案。

We are also seeing progress in the marine market through our partnership with World Cap, a leading manufacturer of power catamaran. Following successful deployments across earlier models, World Cat expanded the integration of Battle Born Power Systems into additional platform, reinforcing the reliability of our technology and demanding marine environments.

我們也透過與 World Cat（領先的動力雙體船製造商）的合作，在海事市場看到進展。在早期機型成功部署後，World Cat 擴大在更多平台上整合 Battle Born Power Systems，進一步強化我們技術在嚴苛海事環境中的可靠性。

More broadly, we continue to expand the Battle Born ecosystem through new solutions designed for commercial applications, including industrial power stations and integrated solar offerings that complement our energy storage systems. Across these markets, we are seeing a consistent theme.

更廣泛而言，我們持續透過為商用應用所設計的新解決方案擴展 Battle Born 生態系，包括工業電力站以及可與我們儲能系統互補的整合式太陽能方案。在這些市場中，我們看到一個一致的主題。

Customers are looking for reliable, efficient power solutions that integrate seamlessly into their operations. We believe Dragonfly Energy's ability to combine battery technology, system integration and domestic manufacturing positions us well to serve those evolving needs.

客戶正在尋找可靠、高效率，且能無縫整合至其營運流程的供電解決方案。我們相信，Dragonfly Energy 結合電池技術、系統整合與美國本土製造的能力，使我們能夠很好地滿足這些不斷演進的需求。

With that, I'll turn the call back to Denis.

接下來我把電話交回 Denis。

Thank you, Wade. Turning now to our fourth quarter preliminary financial results. Net sales in the quarter grew 6.9% to $13.1 million, driven by strength in our OEM channel. OEM revenue increased approximately 30% year-over-year as manufacturers continued integrating our lithium power systems at the factory level, and we continue to expand our customer base.

謝謝你，Wade。接著談我們 2025 年第四季的初步財務結果。本季淨銷售額成長 6.9% 至 1,310 萬美元，主要受惠於 OEM 通路的強勁表現。隨著製造商持續在工廠端整合我們的鋰電供電系統，OEM 營收年增約 30%，同時我們也持續擴大客戶基礎。

DTC revenue declined to $4.7 million from $5.7 million, reflecting continued market headwinds and our changing corporate focus. As we have discussed previously, our long-term growth strategy increasingly centers on OEM partnerships where we can deliver integrated solutions at scale. Fourth quarter gross profit was $2.4 million with a gross margin of 18.2% compared to gross profit of $2.5 million with a gross margin of 20.8%.

DTC（直面消費者）營收由 570 萬美元下滑至 470 萬美元，反映市場逆風持續以及我們公司策略重心的轉變。如同我們先前所討論的，我們的長期成長策略愈來愈以 OEM 合作夥伴為核心，因為我們能以規模化方式提供整合式解決方案。第四季毛利為 240 萬美元，毛利率 18.2%，相較之下，前期毛利為 250 萬美元、毛利率 20.8%。

Operating expenses increased 29.9% to $12.6 million, which includes onetime expenses due to the debt restructuring. Net loss was $45 million versus a net loss of $9.8 million and net loss per share was $14.92 compared to a net loss of $13.89 per share.

營業費用增加 29.9% 至 1,260 萬美元，其中包含因債務重整所產生的一次性費用。淨損為 4,500 萬美元，相較之下前期淨損為 980 萬美元；每股淨損為 14.92 美元，相較之下前期每股淨損為 13.89 美元。

Adjusted EBITDA was negative $3.8 million compared to negative $2.3 million. For the full year, net sales increased 16% to $58.6 million, driven by 34% growth in OEM revenue. Gross margin improved 370 basis points to 26.7% as higher production volumes supported better utilization of our manufacturing operations and adjusted EBITDA improved to negative $11.4 million from negative $18.5 million.

調整後 EBITDA 為負 380 萬美元，相較之下前期為負 230 萬美元。全年淨銷售額成長 16% 至 5,860 萬美元，主要由 OEM 營收 34% 的成長所帶動。隨著更高的產量帶動製造營運的更佳產能利用率，毛利率提升 370 個基點至 26.7%；調整後 EBITDA 亦由負 1,850 萬美元改善至負 1,140 萬美元。

Looking ahead to 2026, our priorities remain consistent. We plan to continue expanding OEM partnerships, pursuing opportunities across our commercial markets and improving operational efficiency across the organization.

展望 2026 年，我們的優先事項維持一致。我們計畫持續擴大 OEM 合作夥伴關係、在各商用市場尋求機會，並提升全公司營運效率。

In the near term, First quarter results will reflect continued pressure from the broader economic environment, which has been particularly evident in our core RV market, especially in January as well as a slower than anticipated ramp in our Trucking segment.

短期而言，第一季業績將反映整體經濟環境持續帶來的壓力，這在我們核心的 RV 市場中特別明顯，尤其是在 1 月；同時，我們卡車運輸（Trucking）業務的放量速度也低於預期。

Since then, activity has shown signs of stabilizing. As a result, we expect the first quarter revenue to be approximately $9.5 million and adjusted EBITDA loss to be $4.6 million. As the year progresses, we expect to see improved operating leverage across the business as we continue to work towards achieving positive adjusted EBITDA.

此後，相關活動已出現趨於穩定的跡象。因此，我們預期第一季營收約為 950 萬美元，調整後 EBITDA 虧損為 460 萬美元。隨著年度推進，我們預期在持續朝正向調整後 EBITDA 目標邁進的同時，整體業務的營運槓桿將有所改善。

While near-term market conditions remain challenging, we believe the actions we have taken over the past year have meaningfully strengthened our foundation and positioned Dragonfly Energy for improved operating leverage as our commercial channel scale. These initiatives also support our path towards positive adjusted EBITDA, and more closely align the company's leadership and all of our employees with our shareholders.

儘管短期市場狀況仍具挑戰，我們相信過去一年所採取的行動已實質強化我們的基礎，並在商用通路規模擴大之際，使 Dragonfly Energy 具備更佳的營運槓桿條件。這些措施也支持我們邁向正向調整後 EBITDA 的路徑，並使公司領導團隊與全體員工與股東的利益更加一致。

With that, operator, we can now open the line for questions.

接下來，接線員，我們可以開放提問。

(Operator Instructions)

（接線員指示）

Chip Moore, Roth Capital.

Chip Moore，Roth Capital。

Hey. Good evening. Hey, everybody, thanks for taking the question. Denis, I wanted to ask maybe if you could expand on RV OEM market. I think you called out a weaker January, but some more encouraging signs after that. Maybe you can speak to what you're seeing in that market here through the start of March.

嗨。晚安。各位好，謝謝讓我提問。Denis，我想請你或許可以再多談談 RV 的 OEM 市場。我想你提到 1 月較疲弱，但之後有一些較令人鼓舞的跡象。也許你可以談談截至 3 月初，你在這個市場看到的情況。

Yeah. Thanks for your question, Chip. I think I'll let Wade take that one.

好的。謝謝你的問題，Chip。我想這題我讓 Wade 來回答。

Yeah. No problem. Thanks, Chip. Happy to answer. Yes, we saw a less -- and this is reflected in RVIA's numbers that they put out for January as well. So we saw a demand not as strong as OEMs had thought going into January, which necessitated them to rightsize their inventory a little bit and get it more in line with where demand numbers were for January.

好的。沒問題。謝謝，Chip。很樂意回答。是的，我們看到需求較為疲弱——這也反映在 RVIA 針對 1 月所公布的數據中。因此，我們看到 1 月的需求不如 OEM 在進入 1 月前所預期的強勁，這使得他們需要稍微調整庫存規模，讓庫存水位更貼近 1 月的實際需求數字。

However, in February and the first half of March, we've seen some recovery in that. The other thing that I would add is we're seeing a lot of interest in expanded capacity, energy storage capacity for model year change.

不過，在2月以及3月上半月，我們看到這方面已有一些復甦。另外我想補充的是，我們看到市場對擴充產能、以及因應車型年度更替的模型年變更所需的能源儲存產能有很高的興趣。

So we anticipate expansion within our existing OEMs. So it's -- I think they're projecting a flat market RVIA on a whole with regards to RVIA or with regards to the overall demand. However, we're going to see expansion within our energy storage footprint in RV.

因此，我們預期會在既有的OEM客戶中進行擴張。所以——我認為他們對整體RVIA市場（不論是就RVIA或就整體需求而言）預測是持平的。不過，我們將會在房車（RV）領域的能源儲存布局中看到擴張。

That's helpful way. I appreciate it. And maybe for my follow-up, on heavy-duty trucking, that market obviously has been weak for some time. But I think most forecasters are looking for a bit of a pickup and probably some pent-up demand as well in the back half of the year, if that's what you're anticipating? And what you would expect in terms of a revenue ramp sort of more back-half weighted? Any color there?

這樣說很有幫助。謝謝你。那我追問一下，關於重型卡車運輸，這個市場顯然已經疲弱一段時間了。但我想多數預測機構都認為下半年會有些回升，可能也會有一些遞延需求釋放；這也是你們的預期嗎？以及你們對營收爬坡的看法，是否會更偏向下半年？能否分享一些看法？

Yeah. That sentiment aligns very much with what our conversations are with our largest and midsized fleets. We're seeing capital expenditures start to happen again when they've gone through years of just not buying capital equipment.

是的。這樣的情緒與我們和最大及中型車隊客戶的對話非常一致。我們看到在經歷多年幾乎不採購資本設備之後，他們開始再次進行資本支出。

And then the other thing that, I mean, in that market is the 2027 engines are being released for the new NOx emissions, and those engines are showing higher idle rates, which is making our product even a stronger relevancy to their capital expenditures. So I anticipate a very exciting second half of the year for duty truck.

另外，該市場還有一點是：為符合新的NOx排放標準，2027年引擎即將推出，而這些引擎的怠速率更高，這讓我們的產品在他們的資本支出中更具相關性與吸引力。因此，我預期重型卡車在今年下半年會非常令人振奮。

Great. Sorry, one last one. Just maybe the -- it sounds like you're deemphasizing or deprioritizing the DTC business. Just should we think about that as sort of declining modestly from here? Or how would you think about that side of the --

很好。抱歉，最後一題。聽起來你們正在弱化或降低對DTC業務的優先順序。我們是否應該把它視為從現在起小幅下滑？或者你會如何看待那一塊的——

Yeah, Chip. We've seen pretty much a steady decline in our DTC revenue for several years now actually. So it really is just a continuation of that steady decline. And because we've seen so much growth with our systems, the fleets, the OEMs, it just makes more sense to really put a lot of our focus, both in terms of marketing spend and product development spend in those buckets.

是的，Chip。其實我們的DTC營收已經連續好幾年幾乎呈現穩定下滑。所以這基本上就是那個穩定下滑趨勢的延續。而且由於我們在系統業務、車隊客戶與OEM方面成長很多，把更多焦點放在那些領域更合理——不論是行銷支出或產品開發支出。

Yeah. Got it, understood. I'll hop back, thank you. Thanks very much.

好的。了解，明白。我先回到隊列，謝謝。非常感謝。

Thanks, Chip.

謝謝你，Chip。

Leanne Hayden, Canaccord Genuity.

Canaccord Genuity的Leanne Hayden。

Hi everyone. Thanks so much for taking my questions. To start, I was hoping you could just elaborate a bit on some early customer feedback you've received on your expanded product lines, the Battle Born solar panels came out more recently, but any color there that you could provide would be helpful. Thank you.

大家好。非常感謝讓我提問。首先，我想請你們多談一點你們擴充產品線後收到的一些早期客戶回饋；Battle Born太陽能板是比較近期推出的，但若能提供一些相關資訊會很有幫助。謝謝。

Thanks for the question, Leanne. Yes, we've been moving in the direction of full systems, both in terms of our industrial customers and our RV OEM customers. So it really helps us to expand the per unit cost because now we're providing not just the batteries but the entire system in terms of the accessories, that's where that has really paid off.

謝謝你的問題，Leanne。是的，我們一直朝向完整系統的方向推進，無論是工業客戶或房車OEM客戶都是如此。這確實有助於我們提高單位價值，因為現在我們提供的不只是電池，還包括配件在內的整套系統；這也是我們真正獲益的地方。

But additionally, we do see some uptick in revenue in most of our segments because of these new products. Some people -- some customers buy them individually. But I would say the biggest boon for us is the incorporation in full systems.

此外，因為這些新產品，我們在多數業務區隔也確實看到營收有所上升。有些人——有些客戶會單獨購買。但我會說，對我們最大的助益是把它們納入完整系統中。

Got it. Okay. Yes, that's very helpful. Thank you. Just as a follow-up, curious if you could speak on your exposure to the recent lithium carbonate price volatility. I understand that you have kind of a unique battery chemistry and manufacturing process. So maybe to what degree those might insulate you from recent cost increases?

了解。好的。是的，這非常有幫助。謝謝。追問一下，想請你談談你們對近期碳酸鋰價格波動的曝險程度。我理解你們有相對獨特的電池化學體系與製造流程。所以這些因素在多大程度上能讓你們免受近期成本上升的影響？

Well, the industry as a whole is susceptible to increases in the raw components, including lithium carbonate. To date, we have not experienced that, but it's not certain that we won't have potentially a slight increase moving through the year. But it is something that we feel we'll be able to incorporate as lithium carbonate in general, is a relatively small component of the battery pack as a whole.

整個產業都會受到原材料（包括碳酸鋰）上漲的影響。截至目前我們尚未遇到這種情況，但也不能確定今年接下來不會出現一些小幅上升。不過我們認為這是可以吸收並納入的，因為整體而言，碳酸鋰在整個電池包中的占比相對較小。

Nevertheless, the raw component materials have been volatile. And so it's likely that the entire industry is going to see some fluctuation over the next 12 months.

儘管如此，原材料確實一直很波動。因此，整個產業在未來12個月內很可能都會看到一些起伏。

Yeah. That's really makes sense. I'll just sneak in one more, if I could. I appreciate all the color you provided on cost down initiatives. That's great. Curious if you could help us think about cash burn throughout 2026 a bit more?

是的。這很合理。如果可以的話，我再插問最後一題。我很感謝你們對降本措施提供的各種細節。這很棒。想請你們協助我們更進一步思考一下2026年全年的現金消耗（cash burn）情況？

Well, these cuts certainly help with that. So we've been obviously very cognizant as to our cash levels for some time now. We managed to address the balance sheet issues late last year when we raised when we raised the funds. But moving forward, we really are focused on our P&L. We're focused on making sure that our spend continues to reduce.

這些削減措施當然有助於改善。所以我們顯然已經有一段時間非常留意我們的現金水位。我們在去年年底募資時，已經處理了資產負債表方面的問題。但往前看，我們確實把重點放在損益表（P&L）。我們專注於確保支出持續下降。

And we do see a significant increase moving forward in some of these adjacent markets. And as Wade noticed, even in our RV OEM markets, a greater uptake of our systems. And therefore, we do see some improvement for sure in terms of our cash flow going through the year.

而且我們確實看到一些鄰近市場在未來會有顯著成長。同時，如Wade提到的，即便在我們的房車OEM市場，我們的系統採用率也在提高。因此，就今年的現金流而言，我們確實看到一定程度的改善。

Got it. All right. Thanks, Dennis, and thanks guys. Appreciate it.

了解。好。謝謝你，Dennis，也謝謝各位。感謝。

Thank you, Leanne.

謝謝你，Leanne。

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

如果目前沒有其他問題，我將把電話交給Denis Phares做結語。請開始。

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

感謝各位今天加入我們。我們期待在接下來幾個季度與各位分享更多細節。祝各位有美好的一天。

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

各位女士先生，今天的電話會議到此結束。感謝各位的參與，現在可以掛線。