Electrovaya Inc (ELVA) 2025 Q1 法說會逐字稿

Greetings. Welcome to the Electrovaya Q1 2025 Financial results conference call.

問候。歡迎參加 Electrovaya 2025 年第一季財務業績電話會議。

(Operator Instructions)

（操作員指令）

I will now turn the conference over to your host John Gibson, CFO. You may begin.

現在我將會議交給主持人、財務長約翰吉布森 (John Gibson)。你可以開始了。

Thank you. Good afternoon, everyone, and thank you for joining today's call to discuss Electrovaya's Q1 2025 financial results.

謝謝。大家下午好，感謝您參加今天的電話會議討論 Electrovaya 2025 年第一季財務業績。

Today's call is being hosted by Dr. Rajshekar DasGupta, CEO of Electrovaya, and myself, John Gibson, CFO.

今天的電話會議由 Electrovaya 執行長 Rajshekar DasGupta 博士和我本人，財務長 John Gibson 主持。

Today, Electrovaya issued a press release concerning its business highlights and financial results with the 3-month period ending December 31, 2024.

今天，Electrovaya 發布了一份新聞稿，介紹其截至 2024 年 12 月 31 日的 3 個月的業務亮點和財務表現。

If you would like a copy of the release, you can access that on our website. If you'd like to view our financial statements and management discussion and analysis, you can access those documents on the [Ceta plus] website at [www.carus.ca] or on the SEC's EDGAR website at SEC.gov/Edgar.

如果您想要一份該新聞稿的副本，您可以在我們的網站上取得。如果您想查看我們的財務報表和管理討論與分析，您可以透過 [Ceta plus] 網站 [www.carus.ca] 或美國證券交易委員會的 EDGAR 網站 SEC.gov/Edgar 存取這些文件。

As with previous calls, our comments today are subject to the normal provisions relating to forward-looking information. We will provide information relating to our current views regarding market trends, including their size and potential for growth and our competitive position within our target markets.

與先前的電話會議一樣，我們今天的評論也受前瞻性資訊相關正常規定的約束。我們將提供與我們對市場趨勢的當前看法相關的信息，包括其規模和成長潛力以及我們在目標市場中的競爭地位。

Although we believe that the expectations reflected in such forward-looking statements are reasonable, they do obviously involve risks and uncertainties, and actual results may differ materially from those expressed or implied in such statements.

儘管我們認為此類前瞻性陳述所反映的預期是合理的，但它們顯然涉及風險和不確定性，實際結果可能與此類陳述中表達或暗示的結果有重大差異。

Additional information about factors that could cause actual results to differ materially from expectations and about material factors or assumptions applied in taking forward-looking statements may be found in the company's press release and in the Q1 fiscal 2025 results and the most recent annual information form and management discussion analysis under risks and uncertainties.

有關可能導致實際結果與預期存在重大差異的因素以及前瞻性陳述中應用的重要因素或假設的更多信息，請參閱公司新聞稿、2025 財年第一季度業績以及風險和不確定性下的最新年度信息表和管理層討論分析。

As well as in other public disclosure documents Canadian security regulatory authorities and their equivalent in the US. Also, please note that all the numbers discussed on the call are in US dollars unless otherwise noted.

以及在其他公開揭露文件中的加拿大安全監管機構及其美國同等機構。另請注意，除非另有說明，電話會議中討論的所有數字均為美元。

And now I'd like to turn the call over to Rajshekar.

現在我想將電話轉給拉傑謝卡爾。

Thank you, John, and good evening, everyone.

謝謝你，約翰，大家晚上好。

It is a pleasure to address you today as we discuss our Q1 fiscal year 2025 quarter. This quarter was marked by several groundbreaking milestones that underline the strength of our business and our trajectory for growth. I'll highlight a few of the key ones here.

今天，當我們討論 2025 財年第一季時，我很高興能與大家見面。本季取得了多項突破性的里程碑，彰顯了我們業務的實力和成長軌跡。我將在這裡重點介紹其中的幾個關鍵點。

Despite the typical weaker seasonality of Q1, we delivered a strong financial performance with $11.2 million in revenue, achieving over 30% margins in our seventh consecutive quarter of positive adjusted EBITDA.

儘管第一季的季節性特徵較為淡季，但我們仍然取得了強勁的財務業績，營收達到 1,120 萬美元，連續第七個季度實現正調整後 EBITDA，利潤率超過 30%。

During the quarter, we secured a $51 million direct loan approval from the Export Import Bank of the United States under the Bank's Make More in America Initiative, a pivotal step towards expanding our lithium-ion cell manufacturing in Jamestown, New York. This move will not only increase capacity but also improve margins and enable larger scale projects.

在本季度，我們根據美國進出口銀行的「在美國製造更多」計畫獲得了該銀行 5,100 萬美元的直接貸款批准，這是我們擴大在紐約詹姆斯敦的鋰離子電池製造的關鍵一步。此舉不僅將增加產能，還將提高利潤率並使更大規模的專案成為可能。

In order to support closing conditions and support bank refinancing activities, we embarked on a successful equity raise with gross proceeds of about $12.8 million which was led by excellent institutions with a long-term mindset. It is great to see that support, especially as it has been a difficult market for clean technology in general.

為了支持成交條件和支持銀行再融資活動，我們進行了成功的股權融資，總收益約為 1,280 萬美元，由具有長遠眼光的優秀機構領投。很高興看到這種支持，特別是在清潔技術總體來說是一個困難的市場的情況下。

Now this equity round was sufficient to meet the requirements of EXIM and the North American banking partner we are working with, which was a key condition for both parties. More furthermore, it has led to significant strengthening of our balance sheet and financial position which has allowed us to accelerate our Jamestown battery system assembly plans.

現在這輪股權融資已經足以滿足美國進出口銀行和我們正在合作的北美銀行合作夥伴的要求，這對雙方來說都是一個關鍵條件。此外，它還顯著增強了我們的資產負債表和財務狀況，使我們能夠加快詹姆斯敦電池系統組裝計劃。

Further on that point, we decided to accelerate our plans for battery system assembly operations at the Jamestown facility. Similar assembly equipment that is currently used at our existing Ontario facility has been procured, some of which is already installed, and hiring key personnel is well underway.

進一步而言，我們決定加快詹姆斯敦工廠的電池系統組裝業務計畫。我們已經採購了目前在安大略工廠使用的類似組裝設備，其中一些已經安裝完畢，關鍵人員的招募也在順利進行中。

I anticipate being able to commence commercial operations in April 2025. However, we have the capability to further accelerate this if necessary.

我預計將於 2025 年 4 月開始商業營運。然而，如果有必要，我們有能力進一步加快這一進程。

The start of assembly in Jamestown will help support ramp up in overall production while also supporting the company's mitigation strategy with respect to potential trade barriers. Overall, I believe Electrovaya has a robust tariff mitigation strategy, portions of which are already being implemented.

詹姆斯敦組裝工廠的啟動將有助於支持整體產量的提高，同時也支持該公司針對潛在貿易壁壘的緩解策略。總的來說，我相信 Electrovaya 擁有強而有力的關稅減免策略，其中部分策略已在實施中。

With regards to sales, Electrovaya continues to seek good momentum from its two material handling OEM partners and End-Customers of its material handling products. As some of you may have noticed, Toyota Material Handling and Raymond Corporation are merging under Toyota Material Handling North America. I believe this will ultimately be beneficial to the Electrovaya as it will streamline some of our activities.

在銷售方面，Electrovaya 繼續從其兩大物料搬運 OEM 合作夥伴和物料搬運產品的最終客戶那裡尋求良好的發展勢頭。有些人可能已經注意到，豐田物料搬運公司和雷蒙德公司正在合併為豐田物料搬運北美公司。我相信這最終將有利於 Electrovaya，因為它將簡化我們的一些活動。

A recently introduced leasing program with one of the, [our] OEM partners has demonstrated high sales interest and has already led to encouraging traction. Furthermore, the company has seen momentum growing from one of its key end customers for repowering existing warehouse infrastructure with electrified batteries.

我們最近與 OEM 合作夥伴推出的租賃計劃已經表現出很高的銷售興趣，並且已經取得了令人鼓舞的進展。此外，該公司還看到其一個主要終端客戶正在利用電池為現有倉庫基礎設施重新供電。

Also, a positive sign is our current largest operator of battery equipment, a Fortune 100 retailer who has indicated renewed demand for Electrovaya's products.

此外，一個積極的信號是，我們目前最大的電池設備營運商，一家財富 100 強零售商，已表示對 Electrovaya 產品的需求重新出現。

We are seeing increasing activity in other sectors and are on track to ship our first modules to global construction OEM in Japan later this quarter. In Japan, we've had a flurry of interest through our partnership with Sumitomo Corporation with other prospective OEMs, which I believe some of which will turn into material contracts.

我們看到其他領域的活動日益增多，並預計在本季稍後向日本的全球建築 OEM 發送首批模組。在日本，我們透過與住友商事以及其他潛在 OEM 的合作引起了人們的濃厚興趣，我相信其中一些將會轉化為實質合約。

There are also a number of projects in development for autonomous vehicle applications which includes everything from warehousing products to defense vehicles. Our high voltage battery products continue to be seeded in a wide variety of potential applications.

還有許多自動駕駛汽車應用專案正在開發中，涵蓋從倉儲產品到國防車輛的一切。我們的高壓電池產品將繼續在各種潛在應用中推廣。

Our solid-state developments continue to make progress. Today we have pouch cell cycling consistently to over 200 cycles. We have achieved a proof of concept for scalable manufacturing of solid-state separators. And our current focus is on increasing the scale of manufacturing processes and optimizing the [cell] chemistry.

我們的固態發展不斷取得進展。如今，我們的軟包電池循環次數已超過 200 次。我們已經實作了固態分離器可擴展製造的概念驗證。我們目前的重點是擴大製造流程的規模和優化[細胞]化學反應。

By far our highest near-term priority remains ensuring that the Jamestown facility is financed to produce our world leading lithium-ion battery products. We are currently in the process of finalizing loan documentation with both EXIM and a leading North American bank for their respective financing packages to support both the Jamestown expansion as well as improve the company's overall working capital position.

到目前為止，我們近期的首要任務仍然是確保詹姆斯敦工廠獲得資金來生產我們世界領先的鋰離子電池產品。我們目前正在與美國進出口銀行和一家領先的北美銀行敲定貸款文件，以獲得各自的融資方案，以支持詹姆斯敦的擴建並改善公司的整體營運資金狀況。

There has been substantial progress, and I would say most of the documentation is substantially advanced. We continue to anticipate closing these facilities almost simultaneously and during the current quarter.

已經取得了實質的進展，而且我想說大部分文件都具有相當大的先進性。我們繼續預計將幾乎同時並在本季關閉這些設施。

With that, I'd like to pass the call back to John Gibson, who will go into the financial results in more detail.

說完這些，我想把電話轉回給約翰·吉布森 (John Gibson)，他將更詳細地介紹財務結果。

Thanks Rajshekar.

謝謝 Rajshekar。

Revenue for Q1 2025 was $11.2 million compared to $12.1 million in Q1 2024.

2025 年第一季的營收為 1,120 萬美元，而 2024 年第一季的營收為 1,210 萬美元。

With the decrease being due to delivery timing rather than production or order volume, Q1 is, as in the past, affected by seasonal shutdowns from our customers, with little to no deliveries made in the last two weeks of the quarter. The company also had approximately $1 million of finished goods awaiting shipment at the end of the quarter.

由於產量下降是由於交貨時間而不是生產或訂單量造成的，與過去一樣，第一季受到客戶季節性停工的影響，在本季度的最後兩週幾乎沒有交貨。該公司還有約 100 萬美元的成品等待本季末出貨。

As we previously stated, we had $20 million of orders pushed out of the 2024 fiscal year as a result of customer delays. However, I'm happy to say that we have started to ship those orders during this quarter and will continue throughout Q2 and Q3.

正如我們之前所說，由於客戶延誤，我們有 2000 萬美元的訂單被推遲到 2024 財年。不過，我很高興地說，我們已經在本季開始發送這些訂單，並將在第二季和第三季繼續發送。

We also continue to move closer to our breakeven point of $50 million and maintain our 2025 revenue guidance for the ramp up beginning due to 2025.

我們也將繼續向 5,000 萬美元的損益平衡點邁進，並維持 2025 年收入指導，以實現從 2025 年開始的成長。

Gross margin for the quarter was 30.5%, an increase on the per quarter figure of 29.2%. Battery system margin was slightly higher at 30.8% for the year. Course margins will vary based on product mix and timing, and management is focused on maintaining strong margins throughout 2025 and beyond.

本季毛利率為 30.5%，較上季的 29.2% 成長。全年電池系統利潤率略高，為30.8%。課程利潤率將根據產品組合和時間而有所不同，管理層專注於在 2025 年及以後保持強勁的利潤率。

Although our operating loss slightly increased year over year, it is important to note that the company had approximately $340,000 of non-recurring operating expenses in the quarter with no corresponding expenses in the prior year, this obviously has a material impact on our operating products.

雖然我們的經營虧損年比略有增加，但值得注意的是，公司本季的非經常性經營費用約為34萬美元，而去年同期沒有相應的費用，這顯然對我們的經營產品產生了重大影響。

Our adjusted EBITDA was $0.5 million, which is flat to the prior year. We have now recorded seven consecutive quarters of positive adjusted EBITDA. This gives us a strong capability to continue our growth plans and support operations going forward.

我們的調整後 EBITDA 為 50 萬美元，與前一年持平。我們現在已經連續七個季度實現正向調整後 EBITDA。這使我們有能力繼續我們的成長計劃並支持未來的營運。

Overall net loss for the quarter was $0.4 million compared to $0.2 million in the prior year. Were it not for the one-off costs mentioned, then we would have been close to the breakeven for this quarter.

本季總淨虧損為 40 萬美元，去年同期為 20 萬美元。如果不是提到的一次性成本，那麼本季我們就已經接近收支平衡了。

The company generated positive cash flow provided by operation activities of $1 million and negative net changes in working capital of $1.2 million compared to overall positive cash flow from operations at $0.5 million in the prior year. The company end its Q1 2025 with positive networking capital of $12.6 million compared to negative networking capital of $0.4 million in the prior year.

該公司經營活動產生的正現金流為 100 萬美元，營運資本淨變動為負 120 萬美元，而前一年整體經營活動產生的正現金流為 50 萬美元。截至 2025 年第一季度，該公司的網路資本為正 1,260 萬美元，而上一年的網路資本為負 40 萬美元。

This demonstrates the continued improved financial and operational performance of the company, and management is committed to continuing this positive trend.

這顯示公司財務和營運績效持續改善，管理層致力於延續這一正面趨勢。

At December 31, 2024, total debt was $15.3 million compared to $18.4 million in the prior year. Management continues to manage cash conservatively and as already mentioned, we are close to refinancing our working capital facility, which will reduce our overall financing costs and provide us with additional working capital headroom as we increase production in 2025.

截至 2024 年 12 月 31 日，總債務為 1,530 萬美元，而上年為 1,840 萬美元。管理層繼續保守地管理現金，正如前面提到的，我們即將為我們的營運資金工具進行再融資，這將降低我們的總體融資成本，並在我們在 2025 年增加產量時為我們提供額外的營運資金空間。

We believe we have adequate liquidity to support our anticipated growth for the fiscal year. That concludes the financial overview. I'll turn the call over to Raj for concluding remarks.

我們相信我們有足夠的流動性來支持我們本財年的預期成長。以上就是財務概覽。我將把電話轉給 Raj 來做最後發言。

Thank you, John. In closing, Electrovaya has started fiscal year 2025 on the right note. Our technology is industry leading, and the general focus globally and especially in the United States on domestic manufacturing works to our favour. Electrovaya, in my opinion, has never been in a better position for success.

謝謝你，約翰。最後，Electrovaya 已經以良好的開端迎接 2025 財年。我們的技術在產業中處於領先地位，全球特別是美國普遍關注國內製造業，這對我們有利。在我看來，Electrovaya 從未處於如此有利的成功位置。

That concludes our remarks this evening. John and I would now be pleased to hold a question-and-answer session.

今晚我們的演講就到此結束。約翰和我現在很高興舉行問答環節。

(Operator Instructions)

（操作員指令）

Danielle Magner, Raymond and James.

丹妮爾·馬格納、雷蒙德和詹姆斯。

Hi guys, thanks for taking my call today. Just a few questions from my end. Sounds like, existing facilities rather than new bills are becoming more of an opportunity for at least one customer. Do you expect other customers to follow Suit?

大家好，感謝您今天接聽我的電話。我只想問幾個問題。聽起來，對於至少一位客戶來說，現有設施而不是新帳單正變得越來越有機會。您是否希望其他客戶效法？

Yeah, existing facilities represents a larger opportunity size. This particular customer started out using our technology and new facilities. They saw the benefits in those facilities and made a strategic decision to start implementing our technology across their existing infrastructure. So that was a great thing to see. We expect to see some more of that with other, major end customers and that's really our strategy.

是的，現有設施代表更大的機會。這位特定的客戶開始使用我們的技術和新設施。他們看到了這些設施的優勢，並做出了策略決策，開始在現有基礎設施中實施我們的技術。看到這一點真是太好了。我們希望與其他主要終端客戶看到更多這樣的合作，這確實是我們的策略。

They get to see the product sometimes when they're making new investments and they see those benefits and then they expand that, to existing infrastructure. So, definitely a good sign, something we'd like to see more of, and that's something I would expect to see more of in the coming years.

他們有時在進行新投資時會看到產品，看到這些好處，然後將其擴展到現有的基礎設施。所以，這絕對是一個好兆頭，我們希望看到更多這樣的情況，我希望在未來幾年看到更多這樣的情況。

Got it. And I got some discussions with customers. Any indication that the current US administration's policies will potentially lead to delays in orders?

知道了。而我和顧客進行了一些討論。是否有跡象表明當前美國政府的政策可能會導致訂單延遲？

We haven't seen that at all, thus far. I think the policies have provided some anxiety with respect to potential price increases, but, beyond that, no. In fact, I'd say that some customers are trying to get their orders in sooner. In fear that prices might go up.

到目前為止，我們還沒有看到這種情況。我認為這些政策確實為潛在的價格上漲帶來了一些擔憂，但除此之外，並沒有其他擔憂。事實上，我想說有些客戶正試圖盡快收到訂單。擔心價格可能會上漲。

Got it. Alright well thanks I'll jump back and thank you.

知道了。好的，謝謝，我會回來謝謝你。

Eric Stine, Craig-Hallum.

艾瑞克·史坦、克雷格·哈勒姆。

Hey, so just on the EXIM, bank loan, can you talk about steps left to finalize it and maybe it's simply, you're almost there and you just got last few things to tie up, so that would be first and then just curious, there's obviously a lot of noise around the new administration and funding, and I know that's primarily the infrastructure bill and the IRA, but just wondering, level of confidence in closing this loan against the current political backdrop.

嘿，那麼就進出口銀行貸款而言，您能否談談還剩下哪些步驟需要完成？

Yeah, on your first question, I'd say it's at the in terms of condition precedents somethings like that we've already met those, we're at the point where it's essentially working out the loan documents. Now there are two banks involved there's EXIM, and there's a large North American bank who handles the working capital side of things.

是的，關於您的第一個問題，我想說的是，就先決條件而言，我們已經滿足了這些條件，我們目前正處於製定貸款文件的階段。現在有兩家銀行參與其中，一家是進出口銀行，另一家是負責營運資金的大型北美銀行。

So, the two banks have to work together, there's a major creditor all those documents are lengthy and need a lot of lawyers to get through, but we're well under way on that process and like I said in the call we expect that to be fully closed this quarter so making very good progress there on your second question, both John and I were in Washington fairly recently.

因此，兩家銀行必須合作，有一個主要債權人，所有這些文件都很冗長，需要很多律師才能完成，但我們正在順利進行這一流程，正如我在電話中所說的那樣，我們預計本季度將完全結束，因此在您的第二個問題上取得了非常好的進展，約翰和我最近都在華盛頓。

EXIM is, in good is, I would say not affected by some of those changes you mentioned and we see no reason to be worried about closing this.

我認為，EXIM 的良好運作不會受到您提到的某些變化的影響，而且我們認為沒有理由擔心關閉這項服務。

Overall, this project of ours fits perfectly with the new administration's goals, it's manufacturing in the United States bringing that manufacturing back from overseas. It's a strategic product, so we and, the EXIM portion that we're in is called Make More in America, which is something I think the new administration would have named themselves, so I think we're in a good position.

總的來說，我們的這個計畫完全符合新政府的目標，那就是將美國製造業從海外帶回美國。它是一種戰略產品，因此我們和我們所在的美國進出口銀行部分被稱為“在美國製造更多”，我認為新政府會給自己命名，所以我認為我們處於有利地位。

Okay, it's a good colour. Maybe just turning to, Sumatoma, you mentioned, I think you're quote a flurry of interest, in that, I mean, I'm just curious, is that interest in a like product, so in construction equipment, or is that for other applications, and if so, what are those applications?

好的，顏色不錯。也許只是轉向，Sumatoma，你提到，我認為你引用了一連串的興趣，我的意思是，我只是好奇，這種興趣是對類似產品的興趣，所以在建築設備中，還是對其他應用感興趣，如果是，那些應用是什麼？

Most of the interest is coming from the construction space, so while we had already signed up last year with this global construction OEM in Japan and that was through Sumitomo. There's a second one we're very close to closing.

大部分興趣來自建築領域，因此我們去年已經與日本的這家全球建築原始設備製造商簽約，透過住友公司。第二個我們也快要完成了。

And there's a few others actually we're in discussions with in Japan, as you may know, there are quite a few large OEMs in the construction space that are based there, so, great progress overall, and we're shipping our first modules to Japan this quarter.

實際上，我們正​​在與日本的其他一些公司進行討論，正如你所知，日本有不少建築領域的大型原始設備製造商，因此，總體而言，我們取得了很大的進展，我們將於本季度向日本運送第一批模組。

Got it. That's right. Okay, perfect and then last one for me, I know you reiterated the guide in Q1 that was, I think, pretty aligned with what your expectation was. Can you just remind us of kind of linearity of revenues or expectations throughout the remainder of fiscal '25?

知道了。這是正確的。好的，完美，對我來說最後一個問題，我知道您重申了第一季的指南，我認為這與您的預期非常一致。您能否提醒我們一下 25 財年剩餘時間內的營收或預期線性？

Yeah, it should be onwards and upwards so we're in current quarter we've ramped up, assembly. We're also getting ready to put that into Jamestown, so I would say it's, every quarter should be you should see some, we're expecting to see a quarter to quarter.

是的，應該是不斷向前向上，所以我們在當前季度已經加大了組裝力度。我們也準備好把它放到詹姆斯敦，所以我想說，每個季度都應該看到一些，我們預計每個季度都會看到一些。

Okay, pretty gradual. I mean, kind of spread nicely, or is there a corner where you based on where backlog is today, you think there could be a step up.

好的，相當循序漸進。我的意思是，傳播得如何？ 或根據今天的積壓情況，您認為是否有一個角落可以向上邁進。

I think each quarter is probably going to be a step up from the previous one.

我認為每個季度都可能會比上一個季度有所進步。

Okay. All right, thank you.

好的。好的，謝謝。

Craig Irwin, Ross Capital.

克雷格歐文（Craig Irwin），羅斯資本（Ross Capital）。

Hi, good evening. Thanks for taking my questions, Raj, can you maybe give us an update on the new markets where you're going to see, important deliveries this year that kind of lay the foundation for growth over the next couple of years. I mean, you've talked about mining, robotics, rail, military, and other opportunities, what's changed or maybe what's the update that you could share with us at this point?

嗨，晚上好。感謝您回答我的問題，Raj，您能否向我們介紹一下新市場的最新情況，今年您將看到的重要交付將為未來幾年的成長奠定基礎。我的意思是，您談到了採礦、機器人、鐵路、軍事和其他機會，現在有什麼變化，或者您可以與我們分享什麼最新消息？

Yeah, so, great question. So it is a smorgasbord of opportunities. These are what I would call seeding opportunities which go into, it takes time for, new products to go into scale, you know [we] [am] customer of take roughly two years to scale something up.

是的，這個問題問得好。因此，這是一個充滿機會的大雜燴。這些就是我所說的播種機會，新產品的規模化需要時間，你知道，我們客戶大約需要兩年的時間來擴大規模。

But we're in a lot of places as you mentioned, robotics where we're building modules and packs specifically, for various partners. We've seen repeat orders recently from AGV, OEM that we hadn't seen orders from for quite a long time, so that's positive, and then like you said, mining construction, electric trucks are a topic that's come up again, and defense.

但正如您所說，我們在許多領域，例如機器人領域，都在為各種合作夥伴專門建立模組和套件。我們最近看到了來自 AGV、OEM 的重複訂單，這些訂單是我們很長時間沒有看到的，所以這是積極的，然後就像你說的，採礦建設、電動卡車是一個再次出現的話題，還有國防。

What we're seeing is I would say, so these opportunities are heating up, partly because we added some staff in the US on the sales front, but I think partly potentially because our competition is, not doing too well. And so, we're seeing some opportunities coming up from probably OEM customers who are looking to switch suppliers.

我想說，我們看到這些機會正在升溫，部分原因是我們在美國銷售方面增加了一些員工，但我認為部分原因可能是我們的競爭對手錶現不太好。因此，我們看到一些可能來自希望更換供應商的 OEM 客戶的機會。

Understood. So then, you've had some new products that you've been talking about for a while, and I know you've been testing those with different customers, and they're sort of at the early stages of roll out. Can you maybe talk about how these high-powered products are expanding your opportunity for this year?

明白了。那麼，您已經談論了一些新產品，我知道您一直在與不同的客戶測試這些產品，它們正處於推出的早期階段。您能否談談這些高性能產品如何擴大您今年的機會？

Do you expect them to make a material contribution to mix. And are they important for, serving these customers, that historically use another supplier?

您是否期望他們為混合做出物質貢獻？它們對於服務這些過去一直使用其他供應商的客戶是否重要？

Yeah, I'd say the primary goal, with these opportunities is to ramp up our demand really 2026 onwards. In fiscal 2025 they are going to, they, we are seeing revenue generated from some of these opportunities but still pales in comparison to the material handling revenue.

是的，我想說，利用這些機會的首要目標是在 2026 年及以後真正提升我們的需求。在 2025 財年，我們看到從這些機會中產生的一些收入，但與物料處理收入相比仍然相形見絀。

But what we'd like to see is by 2026, 2027, it really becomes a very diverse for applications we're in, and we're very confident we're going to see that based on the progress we've seen in some of these opportunities which are still too early really to delve into in much detail.

但我們希望到 2026 年、2027 年，我們所從事的應用將真正變得非常多樣化，並且我們非常有信心，我們將基於我們在其中一些機會中看到的進展看到這一點，但現在深入探討還為時過早。

But like I said, they span everything from defense from trucks from AGVs, etc. So it's a great long list of applications.

但就像我說的，它們涵蓋了從防禦到卡車到 AGV 等的所有領域。

Great and then last question if I may. Can you maybe describe for us the process you went through, with EXIM to bring the supply chain to North America, can you maybe talk about, your selection of anode and cathode suppliers, other materials used in the battery manufacturing, other equipment used in the battery manufacturing, and how, sort of North American centric this is.

太好了，如果可以的話，這是我的最後一個問題。您能否為我們描述一下您與 EXIM 合作將供應鏈引入北美的過程，能否談談您對陽極和陰極供應商的選擇、電池製造中使用的其他材料、電池製造中使用的其他設備，以及如何以北美為中心。

And then has the financing for Jamestown from EXIM and the improved visibility on that facility, has that changed customer conversations in North America and maybe led to a different character or volume of discussions with these important US and Canadian customers.

然後，美國進出口銀行為詹姆斯敦提供的融資以及該設施知名度的提高，是否改變了北美客戶的對話，並可能導致與這些重要的美國和加拿大客戶進行不同性質或數量的討論。

Yeah, so our objective, main objective with the EXIM and Jamestown in particular is to make a domestic.

是的，所以我們的目標，特別是與進出口銀行和詹姆斯敦合作的主要目標是建立一個國內市場。

Domestically produced lithium-ion cell with Electrovaya technology and also to diversify our supply chain and get to that fundamentally to have a fully North American base. It's going to go in stages, I think, first, we're going to rely on some supply chains from Korea and Japan.

採用 Electrovaya 技術在國內生產鋰離子電池，同時也實現供應鏈多元化，從根本上實現擁有完全北美基地的目標。我認為它將分階段進行，首先，我們將依賴來自韓國和日本的一些供應鏈。

And then as time goes on, more and more will be domestic the, but from the get-go we will not be reliant on anything from the PRC. And that was one of the goals with EXIM and that includes the manufacturing equipment as well.

隨著時間的推移，我們會越來越依賴國內產品，但從一開始我們就不會依賴來自中華人民共和國的任何東西。這也是 EXIM 的目標之一，其中也包括製造設備。

So, that's what we're heading towards. We've qualified those materials over the last, almost a year, so we're well on our way on that process. To your second point, most definitely that domestic manufacturing and our exciting technology as well is, bringing in interest from parties who are specifically looking for that.

這正是我們努力的方向。我們在過去近一年的時間裡對這些材料進行了認證，因此我們在這過程中進展順利。關於你的第二點，毫無疑問的是，國內製造業和我們令人興奮的技術正在引起那些對此有特殊需求的各方的興趣。

So, just last week we got approached by another large defense contractor and that's an opportunity that, we were not expecting, so, these are the types of things that were we could see more of, especially after things start moving more substantially in Jamestown.

就在上週，另一家大型國防承包商與我們接洽，這是我們沒有想到的機會，所以，這些都是我們可以看到的更多的事情，特別是在詹姆斯敦的事情開始有了實質性進展之後。

Excellent. Well, congratulations on the progress there. I'll hop back in the queue.

出色的。好吧，恭喜你取得的進展。我將重新回到隊列中。

Jeffrey Campbell, Seaport Research Partners.

傑弗瑞‧坎貝爾（Jeffrey Campbell），海港研究夥伴。

Thank you, and congratulations on a good quarter.

謝謝，並祝賀您本季業績良好。

[Roger], guiding 2025 revenues to exceed $60 million just high level. What part of parts of the business might represent upside of that estimate and maybe what aspects might put that estimate at risk.

[羅傑]，預計 2025 年收入將超過 6000 萬美元，這是一個高水準。業務的哪些部分可能超出該估計，哪些方面可能使該估計面臨風險。

So, if the, I'd say everything could provide upside especially the material handling space. $60 million is a conservative figure, where actually if you read our FOI it's sort of broken down in there.

所以，如果，我想說一切都能提供好處，特別是物料處理空間。 6000 萬美元是一個保守的數字，實際上，如果你讀過我們的《資訊自由法》，你會發現裡面有詳細的分解數據。

But it could most definitely go up. It's we're pretty early into the fiscal year still. I would say next quarter will provide some more granularity to that guidance, but at this point we just want to remain pretty buttoned up and conservative. There are lots of opportunities that could move the needle.

但它肯定會上漲。現在我們才剛進入財政年度的初期。我想說下個季度將會對該指導提供更詳細的信息，但目前我們只想保持相當保守和謹慎的態度。有很多機會可以推動事態的發展。

Okay, well, good, we'll stay tuned to that. The press release noted growing rental fraction through an OEM. So two questions there. One, is it reasonable to assume that some of this new traction includes a new customer mix that's more sensitive to upfront capital costs.

好的，很好，我們會繼續關注。新聞稿指出，透過 OEM 租賃的比例不斷增加。這裡有兩個問題。首先，是否可以合理地假設，這種新的發展動力包括對前期資本成本更敏感的新客戶組合。

And the other in contrast, why is one of your largest customers choosing rentals for existing warehouses instead of just buying new batteries as they would for a greenfield unit.

與此相反的是，為什麼你們最大的客戶之一選擇租用現有倉庫，而不是像為新倉庫那樣購買新電池。

It wasn't referring to rentals. It was a leasing. So, if you think about our two OEMs partners Raymond and there's Toyota material handling, and now they, coming under the same umbrella, but they already are under the same umbrella, that's even more so.

這並不是指租金。這是一次租賃。因此，如果你想想我們的兩個 OEM 合作夥伴 Raymond 和豐田物料搬運，現在他們屬於同一個保護傘下，但他們已經在同一個保護傘下，情況就更是如此。

What we find is there's a certain segment of customer which refers to lease equipment and that type of customer typically is not used our products because they're more expensive with this higher residual value leasing which is worked out with in partnership with the OEM.

我們發現，有一部分客戶需要租賃設備，而這類客戶通常不使用我們的產品，因為與 OEM 合作制定的更高殘值租賃價格更昂貴。

Taking into account a store called Performance of the batteries, the cycle life, the reliability, the warranty rates, etc and with all that came up with a pretty strong financial package to provide the customers and that's been a very successful program, very new launched in late October. And it's already generated that particular area more business for us than all of last year.

考慮到電池的性能、循環壽命、可靠性、保固率等，並結合所有這些，我們為客戶提供了一套非常強大的財務方案，這是一個非常成功的計劃，於 10 月下旬推出。它已經為我們在該地區創造的業務量比去年全年還要多。

So, if I understand it, what we might say here is that this particular customer left to their own devices might have just leased equipment from the get-go, but they tried your equipment out in the Greenfield space and presumably had to pay for it because it wasn't leasing package, and they liked it. And in the meantime, Toyota, Raymond and Electrovaya have put together a package for leasing that they really like, and this might be what they would have preferred to begin with and you're seeing the result with a strong response is that kind of--

所以，如果我理解正確的話，我們在這裡可能會說，這個特定的客戶可能從一開始就租用了設備，但他們在 Greenfield 空間嘗試了您的設備，並且可能需要為此付費，因為它不是租賃包，而且他們喜歡它。與此同時，豐田、雷蒙德和 Electrovaya 已經推出了一套他們非常喜歡的租賃套餐，這可能是他們一開始就喜歡的，你會看到其強烈的反響，那就是——

I'd say you're pretty close, if you think about, who uses this equipment there's the big retailers who we are bread and butter currently, and they generally know what they're looking for. They're looking for life cycle costs. They want the best battery and they take our battery.

我想說你已經非常接近了，如果你想一想，誰在使用這種設備，那就是目前我們的經濟支柱——大型零售商，他們通常知道他們在尋找什麼。他們正在尋找生命週期成本。他們想要最好的電池，但他們拿走了我們的電池。

Then there's third party logistics companies who are operating facilities or other parties. They're looking for five-year contracts and the leasing model works extremely well for those types of customers, and that's what we're seeing this new traction.

還有營運設施或其他方的第三方物流公司。他們正在尋求五年合約，租賃模式對這些類型的客戶來說非常有效，這就是我們看到的新趨勢。

Okay, that's really helpful. My last question is, kind of turning the tariff question around, is there any fear that retaliatory tariffs, say, in Japan or elsewhere in Asia, might slow down Electrovaya's ability to export into that region?

好的，這確實很有幫助。我的最後一個問題是，反過來說關稅問題，是否有人擔心日本或亞洲其他地區的報復性關稅可能會削弱 Electrovaya 向該地區出口的能力？

We don't think so, we'll see, (inaudible) [tariffs] make a lot of news. Thus far there hasn't really been anything there, so we'll wait to see what happens.

我們不這麼認為，我們會看到，（聽不清楚）[關稅]成為很多新聞。到目前為止那裡還沒有任何動靜，所以我們將拭目以待。

Okay, alright, thanks very much I appreciate it.

好的，好的，非常感謝。

Jeff Grampp, Alliance Global Partners.

聯盟全球合作夥伴 (Alliance Global Partners) 的 Jeff Grampp。

Curious on the EXIM loan, does the timing of closing that understanding it's, hopefully in the next 45 days to 60 days, but does the timing of that closing have any effect positively or negatively with respect to the timelines to operationalize the system or sell manufacturing operations at Jamestown, or are those largely independent events in a sense?

我對進出口銀行貸款感到好奇，按照這種理解，貸款完成的時間是希望在未來 45 天到 60 天內，但貸款完成的時間對於系統投入運營或在詹姆斯敦出售製造業務的時間表是否有積極或消極的影響，或者從某種意義上說，這些在很大程度上是獨立的事件？

Yeah, I'd say they're independent events. We've already started placing the longest lead time orders for our own equipment. So, they're independent events.

是的，我認為它們是獨立事件。我們已經開始為我們自己的設備下最長交貨期的訂單。所以，它們是獨立事件。

Okay, great, and my follow up on the acceleration of the timeline to do the systems in Jamestown, pretty clear the benefits to the extent there's any tariffs or trade related kind of macro issues to deal with but are there any business specific reasons outside of trade, that it makes sense to accelerate into Jamestown. Can you hit on kind of a business specific operational benefits synergies, things of that nature, that would be helpful. Thanks.

好的，太好了，我對加快詹姆斯敦系統建設時間表的後續關注，很明顯，在處理關稅或貿易相關的宏觀問題方面，這樣做的好處是顯而易見的，但除了貿易之外，是否還有任何特定於商業的原因，使得加速進入詹姆斯敦變得有意義。您能否談談特定業務的營運效益綜效，以及諸如此類的有益的事情？謝謝。

Yeah, on the business side we're trying to build up a team in Jamestown. We'll ultimately be building battery packs, battery modules, and battery cells. So, the sooner that team gets familiar with making battery systems, the better. So, we're taking this as a good opportunity to get that started, and in place.

是的，在商業方面，我們正嘗試在詹姆斯敦建立一支團隊。我們最終將製造電池組、電池模組和電池單元。因此，團隊越早熟悉電池系統的製造越好。因此，我們認為這是一個很好的機會來開始並實施這項計劃。

The second reason is capacity. We can, we're seeing growth in demand, and it makes sense instead of having another shift in Mississauga, start a first shift in Jamestown.

第二個原因是容量。我們可以看到需求在增長，因此，沒有必要在密西沙加安排另一個班次，而是在詹姆斯敦開始第一個班次，這是很有意義的。

So overall, it's a no brainer. It's, you get out of your comfort zone a little bit, you got to train a new team and add in more equipment, but something we would do anyway.

總的來說，這是毫無疑問的。也就是說，你需要稍微走出自己的舒適區，訓練一支新團隊並增加更多設備，但無論如何我們都會這麼做。

We also have a number of grants and tax incentives available to us, in Jamestown, so we're, trying to utilize those, sooner rather than later.

詹姆斯敦還提供多項補助金和稅收優惠，因此我們正努力儘早利用這些優惠。

Understood, and just a related one to sneak in, is the main accelerant, human capital solution, I mean, is it basically hiring and training is the main, bottleneck, if you will, and in terms of how fast you can accelerate start up there or what other factors are at play?

明白，只是一個相關的偷偷溜進去，是主要的加速器，人力資本解決方案，我的意思是，基本上招聘和培訓是主要的瓶頸，如果你願意的話，就你能多快加速啟動而言，或者還有哪些其他因素在起作用？

That's the main one. The equipment, a lot of it's already been installed now, and the team there, the head of operations in Jamestown is extremely familiar with, assembly of our batteries already. We have to train the rest of the team that its hiring.

這是最重要的。現在很多設備已經安裝完畢，那裡的團隊、詹姆斯敦的營運負責人非常熟悉我們電池的組裝。我們必須對團隊的其他成員進行培訓。

And there'll be a lot of people going back and forth from Ontario to New York. To [enable] that training.

將會有許多人員往返於安大略省和紐約之間。為了[實現]該項培訓。

Got it perfect, thank you guys for the time. I appreciate it.

非常好，感謝你們抽出時間。我很感激。

(Operator Instructions)

（操作員指令）

Amit Dayal, H.C. Wainwright.

阿米特·達雅爾，H.C.溫賴特。

Thank you, so with respect to the solid state batteries, is any of this in the hands of customers who may be testing it or is it still in the lab?

謝謝，那麼關於固態電池，是否有客戶正在測試它，還是仍在實驗室中？

It's still in the lab we've refrained from sending up the customers just yet because we believe there's some more optimization to be done. But overall, I'm pleased with the progress the team has made. Cells are looking good; the technology fundamentally is good. It does require some innovative work which takes time. We want to make sure we get it right.

它仍在實驗室中，我們暫時不會將其發送給客戶，因為我們相信還需要進行一些優化。但總的來說，我對球隊的進步感到滿意。細胞看起來良好；這項技術從根本上來說是好的。它確實需要一些需要時間的創新工作。我們要確保一切正確。

Understood, with respect to, storage related opportunities, it seemed like an entire call you had mentioned. There were some promising opportunities that were being cultivated, has any of that materialized, or can we expect any of that to materialize, in this, fiscal year?

我理解，就與儲存相關的機會而言，您提到的整個通話似乎都涉及其中。我們正在培育一些有希望的機會，這些機會有沒有實現，或者我們可以預期其中任何一個會在本財政年度實現？

Yes, there is one project that we're looking to have materialized this fiscal year. Currently we're working out the details with an integration partner who's a large utility company or part of a large utility company, so we're working that out, and also have to provide the end customer with a fully-fledged, proposal.

是的，我們希望在本財年實現一個專案。目前，我們正在與一家大型公用事業公司或大型公用事業公司的一部分整合合作夥伴制定細節，所以我們正在解決這個問題，並且還必須向最終客戶提供一份成熟的提案。

Okay, and this is part of--

好的，這是其中的一部分——

There is [shared] interest for our products in that space, it's a market which I believe is still very price sensitive overall and hence we've been a little reticent to go after in a big way.But it's being driven by some of our key end customers who want to see this product.

我們的產品在那個領域有共同的興趣，我認為這個市場總體上對價格仍然非常敏感，因此我們一直不太願意大規模地去追求它。

Okay, understood. Jamestown capacity, [ask] can you remind us, what the capacity is and how you're planning to ramp, operations there.

好的，明白了。詹姆斯敦的產能，[問]您能否提醒我們，那裡的產能是多少，以及您計劃如何擴大那裡的運營。

Yeah, in dollar terms roughly it's, say a $200 million dollar, capacity-ish. Give or take in terms of timeline, we'll start battery system assembly in April we'll start the cell production which is the capital-intensive piece in mid 2026 so that the timeline has not changed from our last call.

是的，以美元計算，大約是 2 億美元的容量。就時間表而言，我們將於 2026 年 4 月開始組裝電池系統，並於 2026 年中期開始生產電池，這是資本密集的部分，因此時間表與我們上次計劃的一樣沒有變化。

Okay. So that's all I [had]. Thank you.

好的。這就是我[有]。謝謝。

Thanks a lot, Amit.

非常感謝，阿米特。

Okay, we've reached the end of the question-and-answer session. I will now turn the call back over to management for any closing remarks.

好的，問答環節已經結束。我現在將電話轉回給管理階層，請他們做最後發言。

That, well, that concludes our call and thank you all for listening. We look forward to speaking again after we report our second quarter 2025 results. Have a wonderful evening.

好了，我們的通話到此結束，感謝大家的收聽。我們期待在報告 2025 年第二季業績後再次與您交談。祝您有個美好的夜晚。

This concludes today's conference, and you may disconnect your lines at this time.

今天的會議到此結束，各位現在可以掛斷電話了。

Thank you for your participation.

感謝您的參與。