Dragonfly Energy Holdings Corp (DFLI) 2026 Q1 法說會逐字稿

Hello, everyone. Thank you for joining us and welcome to Dragonfly Energy Holdings Corp's first quarter 2026 earnings conference call.

各位好。感謝各位加入我們，歡迎參加 Dragonfly Energy Holdings Corp 2026 年第一季財報電話會議。

After today's prepared remarks, we will host a question-and-answer session. If you would like to ask a question, please press star one to raise your hand. To withdraw your question, press star one again. I will now hand the conference over to Simon Serewetski. Please go ahead.

在今天的事先準備發言之後，我們將進行問答環節。若您想提問，請按星號一舉手。若要撤回提問，請再按一次星號一。現在我把會議交給 Simon Serewetski。請開始。

Thank you, operator.

謝謝，接線員。

We appreciate you joining us for today's call.

感謝各位參加今天的電話會議。

From here today, Dr. Dennis Ferris, Dragonfly Energy Holdings Corp's Chairman, President, and Chief Executive Officer, Wade Seaburg, Chief Commercial Officer.

今天與會的有：Dragonfly Energy Holdings Corp 董事長、總裁兼執行長 Dennis Ferris 博士，以及商務長 Wade Seaburg。

First on the call, Dennis, I would 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.

在通話開始前，Dennis，我想先就前瞻性陳述做一段簡短說明。在本次電話會議中，公司將依據目前的預期，根據 1995 年《美國私人證券訴訟改革法》之定義發表前瞻性陳述。

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.

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。實際結果可能因新聞稿及向 SEC 定期申報文件中所述因素而有所不同。

Management will refer 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, further comparisons will be discussed today on a year-over-year basis unless otherwise noted. I will now turn the call over to Dennis.

管理層將提及部分非 GAAP 財務衡量指標。與最接近之對應 GAAP 指標的調節表，可於公司網站今日發布的新聞稿中查閱。請注意，除非另有說明，今天的進一步比較將以年對年為基礎進行討論。現在我把電話交給 Dennis。

Thank you, Simon, and thank you, everyone, for joining us today.

謝謝你，Simon，也謝謝各位今天加入我們。

First quarter results came in above guidance on both net sales and adjusted EBITDA and reflected a softer RV environment as expected. The RV market continues to navigate meaningful headwinds, with industry shipments and recent retail sales data down year-over-year.

第一季的淨銷售與調整後 EBITDA 均高於指引，並如預期反映出房車（RV）市場環境較為疲弱。RV 市場仍在面對顯著逆風，產業出貨量與近期零售銷售數據皆較去年同期下滑。

While the broader market remains soft, we continue to see healthy adoption trends within our OEM partnerships, driven by both expanded integration across additional model lineups and increased energy storage content within existing platforms.

儘管整體市場仍偏弱，我們在 OEM 合作夥伴中的採用趨勢仍然健康，主要受惠於在更多車型產品線中擴大整合，以及在既有平台中提高能源儲存配置含量。

We are encouraged by signs of stabilization in the RV market as we move into the second quarter, as well as the strong momentum we are seeing in our heavy-duty trucking business. After several years of building our presence in trucking, we are now beginning to see that work translate into meaningful revenue.

隨著我們進入第二季，我們對 RV 市場出現穩定跡象感到鼓舞，同時也看到重型卡車業務的強勁動能。在卡車領域耕耘數年後，我們現在開始看到這些努力轉化為具規模的營收。

Following our quarter end, Stevens Transport, one of the largest temperature-controlled freight carriers in North America, placed our largest trucking purchase order to date, valued at over $3 million, covering nearly 500 trucks. Deliveries are expected to begin in the second quarter and continue to ramp through 2026.

在本季結束後，Stevens Transport（北美最大的溫控貨運承運商之一）下達了我們迄今最大的卡車採購訂單，金額超過 300 萬美元，涵蓋近 500 輛卡車。預計交付將於第二季開始，並在 2026 年持續放量。

Stevens has been a partner since 2024, when we began deploying our all-electric APU across a portion of their fleet for validation testing. We believe the results of that pilot program gave Stevens the confidence to commit to transitioning their entire fleet of 2,500 trucks to our platform, and this purchase order marks the beginning of that broader commitment.

Stevens 自 2024 年起即為合作夥伴，當時我們開始在其部分車隊部署全電動 APU 以進行驗證測試。我們相信該試點計畫的結果讓 Stevens 有信心承諾將其 2,500 輛卡車的整個車隊轉換至我們的平台，而本次採購訂單標誌著這項更廣泛承諾的起點。

Importantly, the order spans our full heavy-duty trucking product portfolio, reflecting the expansion of our relationship beyond the initial deployment, a trend we are seeing more broadly as fleets transition from pilots to fleet-wide, multi-system implementation.

重要的是，該訂單涵蓋我們完整的重型卡車產品組合，反映出我們與對方的合作關係已從初期部署擴展；而當車隊從試點走向全車隊、跨系統的導入時，我們也在更廣泛的市場中看到同樣的趨勢。

Wade will discuss the heavy-duty trucking environment in more detail, but I would note that the backdrop for our trucking business has shifted meaningfully over the past several months, and we believe we are well positioned to build on this momentum throughout the year.

Wade 將更詳細說明重型卡車的市場環境，但我想指出，過去幾個月卡車業務的外部背景已出現顯著變化，我們相信公司已具備良好定位，可在全年持續延續並擴大這股動能。

Turning to our cost structure, as we noted on our fourth quarter call, we implemented a series of decisive actions to align our cost structure with key growth opportunities, while also ensuring that incentives across the organization remain closely aligned with long-term shareholder value.

談到成本結構，正如我們在第四季電話會議中提到的，我們採取了一系列果斷措施，使成本結構與關鍵成長機會相匹配，同時也確保全組織的激勵機制與長期股東價值保持高度一致。

This included reductions in marketing spend, primarily in DTC-focused channels, targeted workforce reductions, and compensation adjustments at the leadership level, where members of the executive team and board agreed to reduce cash compensation by approximately 20%, with that portion converted to equity-based incentives, again with the goal of directly aligning the interests of our leadership team with those of long-term shareholders. Since implementing these actions in March, we have realized approximately $4.5 million in annualized expense reduction on an adjusted basis.

這些措施包括降低行銷支出（主要在以 DTC 為主的通路）、有針對性的裁員，以及領導階層的薪酬調整；其中，管理團隊與董事會成員同意將現金薪酬下調約 20%，並將該部分轉換為股權型激勵，目標同樣是讓領導團隊的利益與長期股東的利益直接一致。自 3 月實施這些措施以來，我們在調整後口徑已實現約 450 萬美元的年化費用降低。

We also expect an additional $4 million in annualized expense reduction from the consolidation of rental space, which is expected to be finalized in the second quarter. Collectively, these actions are expected to drive an annualized adjusted EBITDA improvement of approximately $9 million.

我們也預期，透過整併租賃空間，將再帶來額外 400 萬美元的年化費用降低，該整併預計於第二季完成。綜合而言，這些措施預期將帶動年化調整後 EBITDA 改善約 900 萬美元。

Following these actions, we believe Dragonfly Energy Holdings Corp is now appropriately sized while still retaining the resources necessary to support growth as our business continues to scale. Moving on to the technology and IP side, in April, we received our first patent allowance from the Japan Patent Office for our powderized solid-state electrolyte and electroactive materials application.

在採取上述措施後，我們認為 Dragonfly Energy Holdings Corp 的規模已更為適切，同時仍保有在業務持續擴張時支援成長所需的資源。接著談技術與智慧財產權方面，4 月我們獲得日本專利局對我們粉末化固態電解質與電活性材料申請案的首件專利核准。

This milestone strengthens our global intellectual property portfolio, which includes nearly 90 issued or pending patents across battery technology, system integration capabilities, and proprietary software. While our top priority remains getting back to profitability, we continue to advance our dry electrode and solid-state programs, which we believe represent a significant long-term opportunity for Dragonfly.

此一里程碑強化了我們的全球智慧財產權組合，其中包含近 90 件已核准或申請中的專利，涵蓋電池技術、系統整合能力與專有軟體。雖然我們的首要任務仍是重返獲利，但我們持續推進乾式電極與固態電池計畫，我們相信這代表 Dragonfly 長期的重大機會。

We have developed a significant amount of valuable IP over the years that we look to appropriate leverage through organic development, partnerships, joint ventures, and similar structures. Alongside this progress, we continue to invest in our domestic manufacturing capabilities.

多年來我們累積了大量有價值的智慧財產權，並希望透過有機開發、合作夥伴關係、合資及類似架構加以適切運用與變現。在推進上述進展的同時，我們也持續投資於國內製造能力。

Earlier this month, we were selected for a second round of Nevada Tech Hub funding, a $527,000 non-dilutive award that will support the expansion of our in-house cylindrical cell prototyping and testing capabilities. The project is expected to run through Q2 2027, and receiving this award for a second consecutive cycle reflects the program's confidence in our domestic battery manufacturing roadmap.

本月稍早，我們獲選進入 Nevada Tech Hub 資金的第二輪，獲得 527,000 美元的非稀釋性補助，將用於擴充我們內部圓柱電芯原型製作與測試能力。該專案預計執行至 2027 年第二季，而連續第二個週期獲得此項補助，也反映出該計畫對我們國內電池製造藍圖的信心。

With that, I would like to turn the call over to Wade to discuss our commercial markets in more detail.

接下來，我想把電話交給 Wade，請他更詳細地說明我們的商用市場。

Thank you, Dennis. I would like to discuss the progress we are seeing across our commercial markets, with a particular focus on heavy-duty trucking, where rising diesel prices and an accelerating fleet replacement cycle are strengthening the ROI case for our solutions in real time. Fleets have been operating through an extended freight recession, with capital spending constrained across the industry.

謝謝你，Dennis。我想討論我們在各個商用市場看到的進展，並特別聚焦於重型卡車領域；在該領域，柴油價格上漲以及車隊汰換週期加速，正即時強化我們解決方案的投資報酬率（ROI）論點。車隊一直在延長的貨運衰退中營運，整個產業的資本支出都受到限制。

Against that backdrop, the Stevens Transport order is particularly meaningful. It reflects a customer who evaluated our technology under pressure and chose to commit to transitioning their entire 2,500-truck fleet to our platform.

在這樣的背景下，Stevens Transport 的訂單格外具有意義。這反映出一位客戶在壓力之下評估了我們的技術，並選擇承諾將其整個 2,500 輛卡車車隊轉換至我們的平台。

Following the Werner order in the fourth quarter, Stevens has now placed a purchase order spanning nearly 500 trucks, with delivery scheduled throughout 2026. The scope of the order is worth noting, as it spans our full heavy-duty trucking product portfolio: the dual-flow power pack, the all-electric APU, and inverter.

繼第四季的 Werner 訂單之後，Stevens 現已下達一張涵蓋近 500 輛卡車的採購訂單，預計於 2026 年全年分批交付。該訂單的範圍值得注意，因其涵蓋我們完整的重型卡車產品組合：雙流電源組（dual-flow power pack）、全電動 APU，以及逆變器。

The deployment is also expected to span four different OEM chassis, including trucks equipped with our 24-volt dual-flow power pack. Together, these products address the full range of a truck's needs during the rest period. The dual-flow supports starter battery health and reduces idle-related strain.

此次部署預期也將涵蓋四種不同的 OEM 底盤，其中包括配備我們 24 伏雙流電源組的卡車。這些產品合計可滿足卡車在休息期間的全方位需求。雙流系統可維持啟動電池健康並降低怠速相關的負荷。

The all-electric APU eliminates engine idling by powering in-cab hotel loads, HVAC, climate control, and onboard appliances without running the engine, and the inverter delivers clean, stable AC power for onboard electronics and appliances.

全電動 APU 透過為駕駛艙內的旅居用電負載、HVAC、空調控制及車載電器供電，在不啟動引擎的情況下消除引擎怠速；而逆變器則為車載電子設備與電器提供乾淨、穩定的交流電（AC）電力。

Our ability to deliver fully integrated solutions differentiates our platform, reinforces our position as a complete energy solutions provider in this market, and increases our revenue opportunity per truck. The timing of the Stevens order is also worth noting given the broader economic environment. Diesel prices have increased significantly since the beginning of the year, which has had a meaningful impact on the ROI equation for fleet operators evaluating our solutions.

我們提供完整整合式解決方案的能力，使我們的平台具備差異化優勢，鞏固我們在此市場作為完整能源解決方案供應商的定位，並提升每輛卡車的營收機會。考量更廣泛的經濟環境，Stevens 訂單的時點也值得注意。柴油價格自年初以來大幅上升，對於正在評估我們解決方案的車隊營運商而言，已對 ROI 的計算產生實質影響。

Based on our internal fleet modeling, the dual-flow power pack was delivering a payback period of just over one year at prior diesel prices. In the current pricing environment, the payback period is under 10 months, with similar improvements across our all-electric APU.

根據我們內部的車隊模型，在先前的柴油價格下，雙流電源組的回收期略高於一年。在目前的價格環境下，回收期縮短至 10 個月以內；我們的全電動 APU 也有類似的改善。

Compounding this dynamic is the 2027 engine transition. As many carriers are pre-buying 2026 trucks in anticipation of higher prices when the new NOx-compliant engines come to market. These next-generation engines are showing higher idle rates, as they need to operate at elevated temperatures to process emissions effectively, leading to increased fuel consumption and engine wear during rest periods.

進一步加乘此一趨勢的是 2027 年引擎轉換。由於預期符合新 NOx 規範的引擎上市後價格將更高，許多承運商正提前採購 2026 年車款。這些新一代引擎呈現較高的怠速率，因其需要在較高溫度下運轉以有效處理排放，導致休息期間燃油消耗與引擎磨耗增加。

They are also expected to be meaningfully more expensive, further strengthening the economics for our idle reduction solutions. With these converging factors, we believe the outlook for the balance of the year is increasingly favorable.

同時，這些引擎預期也將顯著更昂貴，進一步強化我們怠速減量解決方案的經濟性。在多項因素匯聚之下，我們認為今年剩餘期間的展望愈發有利。

Fleet capital spending is beginning to recover, and the fleets that deferred equipment purchases through the downturn are now moving. We are engaging in meaningful conversations and seeing encouraging progression as fleets advance through their evaluation phases. We have spent the last few years validating our technology and establishing our credibility across the industry.

車隊資本支出正開始復甦，而在低迷期間延後設備採購的車隊如今也開始行動。我們正進行具實質意義的洽談，並在車隊推進其評估階段時看到令人鼓舞的進展。過去幾年，我們一直在驗證我們的技術並在整個產業建立可信度。

Now, we are seeing that work start to translate into the commercial momentum we have been building toward. Turning to the RV market, the overall environment remained soft in the first quarter, with recent industry data showing March new RV retail sales down more than 20% year-over-year, while wholesale shipments also declined year-over-year.

現在，我們看到這些努力開始轉化為我們一直在累積的商業動能。轉向 RV 市場，第一季整體環境仍然疲弱；近期產業數據顯示，3 月 RV 新車零售銷量年減超過 20%，而批發出貨量也呈現年減。

Against that backdrop, we remained well-positioned and continue to see healthy adoption trends within our OEM partnerships. Importantly, that growth is coming not only from broader inclusion across additional model lineups but also from increased energy storage content within select existing models, as OEMs look to deliver more capable power systems to their customers. We are in active discussions with existing OEM partners on expanding our energy storage solutions to additional model lineups and increasing battery capacity within select current platforms, and we expect to provide further updates as those conversations progress.

在此背景下，我們仍處於有利位置，並持續在 OEM 合作夥伴中看到健康的採用趨勢。重要的是，這項成長不僅來自於在更多車型產品線中的更廣泛導入，也來自於在部分既有車型中提高能源儲存配置含量，因 OEM 希望為客戶提供更強大的電力系統。我們正與既有 OEM 夥伴積極討論，將我們的能源儲存解決方案擴展至更多車型產品線，並在部分現有平台中提升電池容量；隨著這些討論推進，我們預期將提供進一步更新。

Across both markets, we enter the second quarter with improving momentum, with trucking accelerating from a strong commercial foundation and RV positioned to benefit as end market conditions improve.

在兩個市場方面，我們以改善中的動能進入第二季：卡車業務在穩固的商用基礎上加速成長，而 RV 業務則有望在終端市場狀況改善時受益。

With that, I will turn the call back to Dennis.

接下來，我把電話交回給 Dennis。

Thank you, Wade.

謝謝你，Wade。

Turning now to our first quarter financial results.

接著來看我們第一季的財務結果。

Net sales were $9.7 million, including $5.8 million in OEM net sales and $3.7 million in DTC net sales, reflecting the softer demand environment in the RV market. Gross margin was 17.6%, reflecting lower volumes. We expect meaningful improvement in Q2 as trucking revenue scales and fixed cost absorption improves.

淨銷售額為 970 萬美元，其中 OEM 淨銷售額為 580 萬美元，DTC 淨銷售額為 370 萬美元，反映 RV 市場較疲弱的需求環境。毛利率為 17.6%，反映出出貨量較低。隨著卡車營收規模擴大及固定成本吸收改善，我們預期第二季將有顯著改善。

Operating expenses totaled $7.4 million compared to $9.8 million, primarily driven by our targeted cost reduction measures. Net loss attributable to common shareholders was $7.7 million or $0.64 per diluted share, and adjusted EBITDA was negative $4.6 million. Looking ahead to the second quarter, we expect net sales of approximately $13.2 million, representing sequential growth of 36% as we begin to realize meaningful trucking revenue.

營業費用合計 740 萬美元，較 980 萬美元下降，主要由我們有針對性的成本削減措施所帶動。歸屬於普通股股東的淨損為 770 萬美元，或每股稀釋虧損 0.64 美元；調整後 EBITDA 為負 460 萬美元。展望第二季，我們預期淨銷售額約為 1,320 萬美元，較前一季成長 36%，因我們開始實現具實質意義的卡車營收。

For adjusted EBITDA, we anticipate a loss of approximately $1.9 million, representing a sequential improvement of $2.7 million, reflecting a higher revenue run rate and the cost actions we implemented in Q1 flowing through the business.

就調整後 EBITDA 而言，我們預期虧損約為 190 萬美元，較前一季改善 270 萬美元，反映較高的營收運行水準，以及我們在第一季實施的成本措施在業務中逐步反映。

We continue to target positive adjusted EBITDA at an annualized net sales run rate of approximately $70 million. With a more efficient cost structure in place and commercial momentum building across both our trucking and RV businesses, we believe we are well positioned to reach this target and deliver long-term value for our shareholders.

我們仍以年化淨銷售額運行水準約 7,000 萬美元為目標，以達成調整後 EBITDA 轉正。在更有效率的成本結構到位，且卡車與 RV 兩大業務的商業動能持續累積之下，我們相信我們已具備良好條件達成此目標，並為股東創造長期價值。

We view 2026 as a pivotal year for Dragonfly Energy Holdings Corp. Over the past year, we have both greatly improved our capital structure and reduced our cost base. Importantly, our board and executive team now operate under a compensation structure weighted toward equity, closely aligning their interests with those of our long-term shareholders.

我們將 2026 年視為 Dragonfly Energy Holdings Corp. 的關鍵一年。過去一年，我們大幅改善了資本結構並降低了成本基礎。重要的是，我們的董事會與管理團隊目前採用以股權為主的薪酬結構，使其利益與長期股東的利益更緊密一致。

We are also beginning to see the tangible benefits from our investments in the trucking market with material commercial orders and believe our momentum in the market will continue to increase as other carriers and OEMs follow suit, especially against the backdrop of higher fuel prices.

我們也開始看到我們在卡車運輸市場投資所帶來的具體效益，已取得具規模的商用訂單；我們相信，隨著其他承運商與 OEM（原始設備製造商）跟進，特別是在燃油價格上漲的背景下，我們在市場上的動能將持續增強。

With a stronger balance sheet, a leaner cost structure, and accelerating commercial traction in trucking, we believe Dragonfly Energy Holdings Corp is strongly positioned to capitalize on the opportunities in front of us. We look forward to seeing many of you at upcoming meetings and conferences.

憑藉更強健的資產負債表、更精實的成本結構，以及在卡車運輸領域加速的商業進展，我們相信 Dragonfly Energy Holdings Corp 已具備優勢，能夠把握眼前的機會。我們期待在即將到來的會議與研討會上與各位中的許多人見面。

In closing, I would like to thank our employees, customers, and stockholders for their continued support of Dragonfly Energy.

最後，我要感謝我們的員工、客戶與股東持續支持 Dragonfly Energy。

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

接線員，我們想開放電話會議進入提問環節。

We will now begin the question-and-answer session. Please limit yourself to one question and one follow-up. If you would like to ask a question, please press star 1 to raise your hand. To withdraw your question, press star 1 again. We ask that you pick up your handset when asking a question to allow for optimum sound quality. If you are muted locally, please remember to unmute your device.

我們現在開始問答環節。請每位僅限一個問題及一個追問。若您想提問，請按星號 1 舉手。若要撤回您的問題，請再按一次星號 1。我們請您在提問時拿起話筒，以確保最佳音質。若您在本地端被靜音，請記得解除裝置靜音。

Please stand by while we compile the Q&A roster.

請稍候，我們正在彙整問答名單。

First question, Chip Moore, ROTH.

第一個問題，ROTH 的 Chip Moore。

Hey, Dennis and Wade. Thanks for taking the question. How are you guys doing?

嗨，Dennis 和 Wade。謝謝讓我提問。你們近況如何？

Good. How are you doing, Chip?

很好。你呢，Chip？

Good. Hey, So, nice to see this.

很好。嘿，很高興看到這些進展。

Commercial momentum on the trucking side. Wondering maybe if you could expand a bit on—I think, Wade, you talked about some of the efforts there and conversations you have been having, but any way to help think about the pipeline of opportunities similar to the order you outlined, what is the addressable opportunity, and how far are some of those conversations?

在卡車端的商業動能。想請你們能否再多談一點——我想 Wade 你提到了一些努力方向以及你們正在進行的對話——但是否有方式協助我們理解機會管線（pipeline），例如你所概述的那筆訂單類似的機會、可觸及的市場機會有多大，以及其中一些對話目前進展到什麼程度？

Yeah, the pipeline is really strong, Chip. Thanks for the question.

是的，Chip，機會管線非常強勁。謝謝你的提問。

We have been, for the last three years since we have entered this market, iterating product solutions and lining that up with OEMs and a lot of fleet trials that are happening in the marketplace over the last three years. And a percentage of those fleets have now started to order trucks. I mean, just—

過去三年，自從我們進入這個市場以來，我們一直在反覆迭代產品解決方案，並與 OEM 對接，同時在市場上進行了大量車隊試用（fleet trials），這些都在過去三年持續進行。而其中一部分車隊現在已開始下單訂購卡車。我的意思是——

I saw on Transport Topics yesterday that truck orders are up 200% again.

我昨天在《Transport Topics》看到，卡車訂單又成長了 200%。

I think the second straight month has been up triple digits. So, you are seeing it at the OEM level, where fleets are starting to now order trucks again. And as they are ordering those trucks, they are taking into account all of the technologies that they have been testing over that time.

我想這已是連續第二個月出現三位數的成長。所以你會在 OEM 層級看到，車隊現在開始再次下單訂車。而在他們訂購這些卡車時，也會把這段期間測試過的各項技術一併納入考量。

This is one of the reasons why in the previous call, we talked about Werner announcements that we had at the end of last year, and that announcement was significant because at the time, they were not spending any money on really anything, So, to be able to get them to spend capital on technology at that point was a real significant marker for us within the heavy-duty truck market.

這也是為什麼在上一通電話會議中，我們談到去年底我們與 Werner 的公告；那項公告之所以重要，是因為在當時他們幾乎沒有在任何事情上花錢，因此能讓他們在那個時間點投入資本於技術，對我們在重型卡車市場而言是一個非常重要的里程碑。

So, , as far as total addressable market, they are building 250,000 trucks every single year, and about half of those have sleeper cabs and need some sort of driver comfort feature. So, , the overall market is really strong for the solutions that we are putting out there.

至於整體可觸及市場（TAM），他們每年生產 250,000 輛卡車，其中約一半配有臥鋪駕駛室（sleeper cabs），需要某種駕駛舒適性功能。因此，就我們推出的解決方案而言，整體市場非常強勁。

That is great. That is helpful, Wade.

太好了。這很有幫助，Wade。

And maybe for my follow-up, maybe, Dennis, around dry electrode and solid-state, obviously, capital being a priority and preserving the balance sheet. But any updates there or anything capital-light or anything else being explored around those assets? Thanks.

那我的追問可能是給 Dennis，關於乾式電極與固態電池；顯然資本是優先事項，且要維持資產負債表的穩健。但那邊有沒有任何更新？或是否在探索任何輕資本（capital-light）的方式，或其他與這些資產相關的方案？謝謝。

Yeah, I mean, we are still—obviously, the top priority, as I mentioned, is revenue, cost structure, and getting back to profitability.

是的，我的意思是，我們仍然——如我所提，最優先的事項顯然是營收、成本結構，以及回到獲利。

But we do have some obviously minimal spend to maximize what we can do in terms of developing the dry electrode, the solid-state, continuing the development of IP.

但我們確實也有一些——顯然是最低限度的投入——以在乾式電極、固態電池方面盡可能推進開發，並持續進行智慧財產（IP）的研發。

So, what we are doing really just in the background, we are developing partnerships. We have interested parties, obviously, in what we are doing. It is a tricky time in terms of batteries.

因此，我們目前主要是在幕後推動合作夥伴關係的建立。對我們正在做的事情，顯然也有感興趣的各方。就電池產業而言，這是一個棘手的時期。

It is what is happening outside of China is becoming more and more difficult. So, having technology is very important, and it is not lost on anyone trying to do something domestically.

中國以外地區正在發生的情況變得越來越困難。因此，擁有技術非常重要，而任何試圖在國內推動相關事情的人都不會忽視這一點。

So, we continue to develop the supply chain, to develop the partnerships, and we look forward to being able to announce something really meaningful in the future here.

因此，我們持續發展供應鏈、建立合作夥伴關係，也期待未來能夠宣布一些真正有意義的進展。

A reminder, if you would like to ask a question, please press star 1 to raise your hand. To withdraw your question, press star 1 again.

提醒您，若您想提問，請按星號 1 舉手。若要撤回您的問題，請再按一次星號 1。

There are no further questions at this time. I will now turn the call back to Dennis Ferris for closing remarks.

目前沒有其他問題。我現在把電話交回 Dennis Ferris 進行結語。

Provide your feedback on BizChat

在 BizChat 提供您的回饋

Thank you all for joining us today. We look forward to sharing more updates with you in the coming quarters.

感謝各位今天加入我們。我們期待在接下來的幾個季度與各位分享更多更新。

This concludes today's call.

今天的電話會議到此結束。

Thank you for attending. You may now disconnect.

感謝您的參與。您現在可以掛線。