Electrovaya Inc (ELVA) 2025 Q2 法說會逐字稿

Good day, everyone, and welcome to the Electrovaya second-quarter 2025 financial results. (Operator Instructions) It is now my pleasure to turn the floor over to your host, John Gibson, Chief Financial Officer at Electrovaya. Sir, the floor is yours.

大家好，歡迎關注 Electrovaya 2025 年第二季財務表現。（操作員指示）現在我很高興將發言權交給主持人、Electrovaya 財務長約翰·吉布森 (John Gibson)。先生，請您發言。

Thank you. Good afternoon, everyone, and thank you for joining today's call to discuss Electrovaya's Q2 2025 financial results. Today's call is being hosted by Dr. Raj DasGupta, CEO of Electrovaya; and myself, John Gibson, CFO. Today, Electrovaya issued a press release concerning its business highlights and financial results for the three-month period ended March 31, 2025.

謝謝。大家下午好，感謝您參加今天的電話會議討論 Electrovaya 2025 年第二季財務業績。今天的電話會議由 Electrovaya 執行長 Raj DasGupta 博士主持；還有我本人，財務長約翰·吉布森 (John Gibson)。今天，Electrovaya 發布了一份新聞稿，介紹其截至 2025 年 3 月 31 日的三個月的業務亮點和財務表現。

If you'd like a copy of the release, you can access it on our website. If you want to view our financial statements and management discussion and analysis, you can access those documents on SEDAR+ website at www.sedarplus.ca or on the SEC 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存取。如果您想查看我們的財務報表和管理討論與分析，您可以在 SEDAR+ 網站 www.sedarplus.ca 或 SEC EDGAR 網站上存取這些文件sec.gov/edgar。

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. 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.

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。儘管我們認為此類前瞻性陳述中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 making forward-looking statements may be found in the company's press release announcing the Q2 fiscal 2025 results and the most recent annual information form and management discussion and analysis under risks and uncertainties as well as in other public disclosure documents filed with Canadian Security Regulatory Authorities. Also, please note that the numbers discussed on the call are in US dollars unless otherwise noted.

有關可能導致實際結果與預期存在重大差異的因素以及用於做出前瞻性陳述的重要因素或假設的更多信息，請參閱公司宣布 2025 財年第二季度業績的新聞稿和最新年度信息表以及風險和不確定性下的管理層討論和分析，以及提交給加拿大證券監管機構的其他公開披露文件。另外，請注意，除非另有說明，電話會議中討論的數字均以美元為單位。

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

現在我想把電話轉給 Raj。

Thank you, John, and good evening, everyone. It is a pleasure to address you today as we discuss our Q2 fiscal year 2025 quarter. This quarter marks another key milestone in Electrovaya's maturation, not only in terms of financial results, and achieving profitability, but also in how we are positioning the company for scale, margin expansion and long-term market leadership.

謝謝你，約翰，大家晚上好。今天，當我們討論 2025 財年第二季時，我很高興向大家致詞。本季標誌著 Electrovaya 走向成熟的另一個重要里程碑，不僅體現在財務表現和獲利方面，也體現在我們如何定位公司規模、利潤率擴張和長期市場領導地位方面。

With our eighth straight quarter of positive adjusted EBITDA, strong order momentum and funding secured for Jamestown, we are laying the groundwork for the next phase of our profitable and sustainable growth. We're also seeing an early impact from our strategy to develop recurring revenue streams, including energy service programs and software-enabled battery insights, which we expect to contribute more meaningfully over time.

我們連續第八個季度實現正調整後 EBITDA、強勁的訂單勢頭以及為詹姆斯敦獲得的資金，為下一階段的盈利和可持續增長奠定了基礎。我們也看到了開發經常性收入來源的策略的早期影響，包括能源服務計劃和軟體支援的電池洞察，我們預計這些策略將隨著時間的推移做出更有意義的貢獻。

I'll go through some of our key highlights and updates for the quarter that underline the strength of our business and our trajectory for growth. During the quarter, we delivered strong financial performance with $15 million in revenue, which is up 40% year-over-year, maintaining over 30% gross margins.

我將介紹本季的一些主要亮點和更新，以強調我們業務的實力和成長軌跡。本季度，我們的財務表現表現強勁，營收達 1,500 萬美元，年增 40%，毛利率維持 30% 以上。

Most importantly, we crossed the inflection point to provide a net profit of over $800,000. During the quarter, we closed a $51 million direct loan from the Export-Import Bank of the United States, a pivotal step towards expanding our lithium-ion cell manufacturing in Jamestown, New York. This project was well received at the bank and received the Deal of the Year award for their Make More in America initiative.

最重要的是，我們跨越了轉折點，實現了超過 80 萬美元的淨利潤。本季度，我們從美國進出口銀行獲得了 5,100 萬美元的直接貸款，這是我們擴大位於紐約詹姆斯敦的鋰離子電池製造的關鍵一步。該項目得到了銀行的一致好評，並因其「在美國創造更多」計劃而獲得了年度最佳交易獎。

In tandem with the EXIM facility, we also closed a $20 million working capital facility from the Bank of Montreal. This financing significantly reduces our cost of capital and improves our working capital availability. We've had a very strong order intake during the quarter with over $25 million in new orders. This momentum has continued into the current quarter, and we have strong visibility and confidence of further growth into our next fiscal year.

與美國進出口銀行的貸款同時，我們也從蒙特婁銀行獲得了一筆 2,000 萬美元的營運資金貸款。此次融資大大降低了我們的資本成本並提高了我們的營運資金可用性。本季我們的訂單量非常強勁，新訂單超過 2,500 萬美元。這一勢頭一直持續到本季度，我們對下一財年的進一步成長有著強烈的預見性和信心。

Outside of our material handling vertical, we have seen growing interest for multiple robotic applications for which we are actively developing products. We also continue to feel growing interest for our high-voltage battery products. During the quarter, we announced we received orders from a second global construction OEM through our partnership with Sumitomo Corporation Power Mobility.

在我們的物料搬運垂直領域之外，我們看到了人們對多種機器人應用日益增長的興趣，我們正在積極開發這些應用的產品。我們也持續感受到人們對我們的高壓電池產品日益增長的興趣。本季度，我們宣布透過與住友商事動力移動公司的合作獲得了第二家全球建築原始設備製造商的訂單。

This order is for high-voltage battery systems for a leading Japanese headquartered construction equipment manufacturer. We remain on track for our cell production in Jamestown mid-next year. We placed nearly all our key equipment purchases, and have qualified the material vendors for all the input materials for our lithium-ion cells.

該訂單是一家總部位於日本的領先建築設備製造商的高壓電池系統。我們將繼續按計劃於明年年中在詹姆斯敦進行電池生產。我們幾乎完成了所有關鍵設備的採購，並已確定了鋰離子電池所有輸入材料的材料供應商。

Notably, we had the foresight years back to avoid Chinese supply chains for this venture, including both on the materials and equipment side. This is going to protect us from potential future disruptions and is also something that many of our strategic customers are looking for.

值得注意的是，我們幾年前就有先見之明，避免在該專案中使用中國供應鏈，包括材料和設備方面。這將保護我們免受未來潛在的干擾，也是我們的許多策略客戶所尋求的。

To support flawless execution in Jamestown, we have also added some key members to our staff, including a senior battery engineer with over 20 years experience who has joined us from LG Chem and was also closely involved in the construction and commissioning of a recent North American gigafactory.

為了支持詹姆斯敦專案的完美執行，我們還增加了一些關鍵成員，包括一位擁有 20 多年經驗的高級電池工程師，他來自 LG Chem，並且密切參與了最近北美超級工廠的建設和調試。

Our Labs division continues to make progress with regards to our solid-state battery efforts. Currently, we have pouch cell cycling consistently, and we are now working to scale our processes with larger equipment and further process optimization.

我們的實驗室部門在固態電池研究方面繼續取得進展。目前，我們一直在進行軟包電池循環，並且我們正在努力透過更大的設備擴大我們的製程規模並進一步優化製程。

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 Raj. Q2 marks a strong step forward in both our financial performance and operational readiness. We continue to build the financial muscle needed to support scalable, profitable growth. Positive cash from operations and a stronger working capital base give us further confidence in our ability to fund other key initiatives in the second half of the year.

謝謝 Raj。第二季標誌著我們的財務表現和營運準備都向前邁出了重要一步。我們將持續增強支持可擴展、獲利性成長所需的財務實力。經營活動產生的現金流為正，營運資金基礎更加雄厚，讓我們對下半年資助其他重要計畫的能力更有信心。

Revenue for the quarter ended March 31, 2025, was $15 million compared to $10.7 million in the prior year. Revenue for the six months ended March 31 was $26.2 million compared to $22.8 million in the prior year. The increase in year-over-year revenue was driven by the increased customer demand.

截至 2025 年 3 月 31 日的季度營收為 1,500 萬美元，而去年同期為 1,070 萬美元。截至 3 月 31 日的六個月的收入為 2,620 萬美元，而去年同期為 2,280 萬美元。收入同比增長是由於客戶需求增加。

Our working capital capabilities have also increased considerably over the past few months, which has enabled more efficient execution. Going forward, we expect to further take advantage of our strengthened financial position to effectively execute on orders. We continue to move closer to our breakeven point of $50 million and maintain our 2025 revenue guidance with the ramp-up continuing in Q3.

過去幾個月，我們的營運資金能力也大幅提升，從而提高了執行效率。展望未來，我們希望進一步利用我們增強的財務狀況來有效地執行訂單。我們繼續接近 5,000 萬美元的損益平衡點，並維持 2025 年的營收預期，並在第三季繼續成長。

Gross margin for the quarter was 31.1%, a slight decrease from the prior year margin, primarily due to product mix and the prior year having some high-margin prototype batteries. Six-month gross margin was 30.9% for 2025 and 31.8% for 2024. The company did experience some marginal increased costs on certain components due to recent tariffs.

本季毛利率為 31.1%，較上年略有下降，主要原因是產品組合和去年有一些高利潤的原型電池。2025 年六個月毛利率為 30.9%，2024 年六個月毛利率為 31.8%。由於最近的關稅，該公司某些零件的成本確實出現了小漲。

However, these have been offset by continued optimization of our supply chain and internal production efficiencies leading to an overall minimum effect on our gross margins. We don't expect further significant fluctuations going forward. Given this, management believes the company is well prepared to maintain strong margins throughout 2025 and beyond.

然而，這些影響已被我們供應鏈和內部生產效率的持續優化所抵消，從而對我們的毛利率產生了整體最小的影響。我們預計未來不會有進一步的大幅波動。有鑑於此，管理層認為公司已做好充分準備，在 2025 年及以後保持強勁的利潤率。

Operating profit increased significantly for both the quarter and the year-to-date. Operating profit for Q2 2025 was $1.4 million compared to $0.7 million for the prior year, and the six-month figure was $1.2 million compared to $0.6 million in the prior year. And this also includes approximately $340,000 of nonrecurring expenses from Q1 2025.

本季和年初至今的營業利潤均大幅成長。2025 年第二季的營業利潤為 140 萬美元，而去年同期為 70 萬美元；六個月的營業利潤為 120 萬美元，而去年同期為 60 萬美元。這也包括 2025 年第一季約 34 萬美元的非經常性支出。

Our adjusted EBITDA was $2 million for the quarter compared to $1.5 million in the prior year, with the six-month figure being $2.6 million compared to $2 million in the prior year. We have now recorded eight consecutive quarters of positive adjusted EBITDA. This gives us a strong capability to continue our growth plans and support operations going forward.

本季我們的調整後 EBITDA 為 200 萬美元，而去年同期為 150 萬美元；六個月的調整後 EBITDA 為 260 萬美元，而去年同期為 200 萬美元。我們現在已經連續八個季度實現正調整後 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。

The company generated a net profit of $0.8 million for Q2 2025, a significant increase from the net loss of $0.8 million in the prior year. Furthermore, the company generated a net profit for the six months ending March 31 of $0.4 million compared to a net loss of $1 million in the prior year. Management believes the financial performance this quarter represents a true inflection point in our profitability going forward.

該公司 2025 年第二季實現淨利 80 萬美元，較上年的 80 萬美元淨虧損大幅成長。此外，截至 3 月 31 日的六個月內，該公司淨利潤為 40 萬美元，而去年同期淨虧損為 100 萬美元。管理層認為本季的財務表現代表了我們未來獲利能力的真正轉折點。

Any further revenue growth, which we have line of sight for the rest of the fiscal year will contribute to increased overall profitability. The company generated positive cash flow provided by operations of $3.2 million and net negative changes in working capital of $7.9 million compared to an overall positive cash flow from operations of $0.3 million in the prior year.

我們預計本財年剩餘時間內的任何進一步收入成長都將有助於提高整體獲利能力。該公司經營活動產生的正現金流為 320 萬美元，營運資本淨負變動為 790 萬美元，而前一年的整體營運活動產生的正現金流為 30 萬美元。

The movement in net changes in working capital is purely a timing issue as tariff uncertainty during the quarter meant the majority of invoicing happened towards the end of March. To date, we have received over two-third of the total accounts receivable balance in cash. The company ended Q2 2025 with positive net working capital of $26.2 million compared to negative working capital of $0.2 million in the prior year, a significant increase, and this demonstrates this continued improved financial and operational performance of the company and management is committed to continue this positive trend.

營運資本淨變動的變動純粹是時間問題，因為本季關稅的不確定性意味著大部分發票都發生在 3 月底。到目前為止，我們已收到超過三分之二的應收帳款總額現金。截至 2025 年第二季度，公司的淨營運資本為正 2,620 萬美元，而上一年的淨營運資本為負 20 萬美元，成長顯著，這表明公司的財務和營運業績持續改善，管理層致力於延續這一積極趨勢。

At March 31, 2025, total debt was $13.1 million compared to $18.4 million in the prior year. The company has availability within its bank facility of over $10 million. Management continues to manage cash conservatively and through the recent financing will reduce our overall finance costs and provide us with additional working capital headroom as we increase production in 2025. We believe we have adequate liquidity to support our anticipated growth for the remainder of fiscal year 2025. That concludes the financial overview.

截至 2025 年 3 月 31 日，總債務為 1,310 萬美元，而前一年為 1,840 萬美元。該公司擁有超過 1000 萬美元的銀行授信額度。管理層繼續保守地管理現金，並透過最近的融資來降低我們的整體財務成本，並在我們 2025 年增加產量時為我們提供額外的營運資金空間。我們相信，我們擁有足夠的流動性來支持 2025 財年剩餘時間的預期成長。財務概覽到此結束。

I'll now turn the call over to Raj for concluding remarks.

現在我將把電話交給 Raj 來做總結演講。

Thank you, John. In closing, Q2 reflects the beginning of a new growth phase for Electrovaya, one defined by consistent execution, profitability and increased visibility into long-term scale. Our strategy to develop US based manufacturing, coupled with supply chains that are primarily North American or from Japan and South Korea, appears to be a prescient decision today.

謝謝你，約翰。最後，第二季標誌著 Electrovaya 進入新的成長階段，這一階段的特徵是持續執行、獲利能力和長期規模可見度的提高。我們的策略是發展美國製造業，加上主要來自北美或日本和韓國的供應鏈，今天看來是一個有先見之明的決定。

I believe this provides Electrovaya an additional significant competitive advantage going forward. Electrovaya has all the pieces in place to achieve our vision of becoming the leading lithium-ion technology and manufacturing company for the heavy-duty and mission-critical applications.

我相信這將為 Electrovaya 未來的發展提供額外的顯著競爭優勢。Electrovaya 已具備實現我們願景的所有條件，即成為重型和關鍵任務應用領域領先的鋰離子技術和製造公司。

This includes our highly differentiated lithium-ion battery technology, a talented team, strong financial partners, profitability in our base operations and leading customers and partners. In closing, we remain on track to exceed our $60 million in revenue for fiscal 2025. And with Jamestown advancing, we're confident in our path to becoming a leading North American manufacturer for mission-critical battery applications. That concludes our remarks this evening.

這包括我們高度差異化的鋰離子電池技術、優秀的團隊、強大的金融合作夥伴、基礎營運的獲利能力以及領先的客戶和合作夥伴。最後，我們仍有望在 2025 財年實現超過 6,000 萬美元的營收。隨著詹姆斯敦的發展，我們有信心成為北美領先的關鍵任務電池應用製造商。今晚我們的演講到此結束。

John and I would now be pleased to hold a question-and-answer session.

約翰和我現在很高興舉行問答環節。

Certainly. Everyone at this time will be conducting a question-and-answer session. (Operator Instructions)

當然。此時每個人都會進行問答環節。（操作員指示）

Daniel Magder, Raymond James.

丹尼爾馬格德、雷蒙詹姆斯。

Hey, Raj, John. Congrats on a great quarter.

嘿，拉傑，約翰。恭喜本季取得優異成績。

Thanks Daniel.

謝謝丹尼爾。

As it relates to the $25 million in new orders, are those all coming from the material handling segment or are there different verticals that are in there?

至於 2,500 萬美元的新訂單，這些訂單是否全部來自物料搬運部門，還是來自不同的垂直領域？

There's $25 million from just material handling and on top of that, there is further orders from other sectors. So material handling still is the bulk of our business, and that's where most of the regular orders are coming from.

光是物料搬運方面的訂單就達 2,500 萬美元，此外，還有其他領域的訂單。因此，物料搬運仍然是我們業務的主要部分，大多數常規訂單也來自此。

Got it. And I guess given what's happened in the US and the new administration's policies, how has that impacted, I guess, the type and cadence of discussions you're having with customers?

知道了。我想，考慮到美國發生的事情和新政府的政策，這對您與客戶進行的討論的類型和節奏有何影響？

It's accelerating interest in our products. It's making us more competitive as well. We're a premium offering right now. And with uncertainty on pricing from some of our competitors, it's making us a more attractive option just from that.

它正在加速人們對我們產品的興趣。這也使我們更具競爭力。我們現在提供的是優質服務。由於我們的一些競爭對手的定價存在不確定性，因此我們成為一個更具吸引力的選擇。

But also what we're finding is customers are looking for long-term partners and price is just one of those aspects, but we're able to provide that stability, especially with Jamestown coming online. Our financial position also helps with consistent and growing results.

但我們也發現，客戶正在尋找長期合作夥伴，價格只是其中一個方面，但我們能夠提供這種穩定性，尤其是在詹姆斯敦上線之後。我們的財務狀況也有助於持續成長的業績。

So I think all this is filtering into providing customers with added confidence to order more. So we're seeing quite a bit of that. We're also seeing interest from other sectors more so than we had previously, one being the energy storage space, where we're getting a strong pull. Of course, it takes a bit of time for us to get our products ready for that, but that's another area where we are well underway to launching systems for.

所以我認為所有這些都會給顧客帶來更多訂購的信心。我們看到了很多這樣的情況。我們也看到其他領域對我們的興趣比以前更大，其中之一就是能源儲存領域，我們在這個領域受到了強烈的吸引。當然，我們需要一些時間來為此做好準備，但這是我們正在順利推出系統的另一個領域。

Okay. That's great. And, congrats again, I'll jump back in the queue.

好的。那太棒了。再次恭喜你，我會重新回到隊列中。

Eric Stine, Craig-Hallum.

艾瑞克·史坦、克雷格·哈勒姆。

Hi RaJ, John. So just going back to the orders and the $25 million just material handling. Can you just drill down into that a little bit? I know one of the themes here in the first half of the year is the recovery in orders or the resumption from your Fortune 100 customer.

你好，RaJ，約翰。所以回到訂單和 2500 萬美元的材料處理問題。能稍微深入探討一下這個問題嗎？我知道今年上半年的主題之一是訂單的復甦或財富 100 強客戶的恢復。

I know you've had some repeat orders from logistics in cold storage, et cetera. I'm just wondering if you could talk about how that kind of breaks down between that customer who's kind of resumed at higher levels, new customers, et cetera.

我知道你們已經收到了一些來自冷藏物流等的重複訂單。我只是想知道您是否可以談談在更高層次上恢復的客戶、新客戶等之間如何細分。

Yeah, it's a combination of all the above. So that Fortune 100 customer placed fairly significant orders during the quarter. However, they're continuing to order in the current quarter and we expect that number to grow substantially. So they are a big part of it. What we've also seen is our one of our OEM partners, we launched a leasing program with them last year.

是的，它是以上所有因素的結合。因此，財富 100 強客戶在本季下了相當多的訂單。然而，他們在本季度繼續訂購，我們預計這一數字將大幅增長。所以他們是其中很重要的一部分。我們還看到，我們的一個 OEM 合作夥伴去年與他們一起推出了一項租賃計劃。

That's generating a lot of midsized orders for us. That's great to see that momentum. So that's smaller orders, but those are very helpful to fill in the gaps on with regards to production planning. And then other major end customers, we have a leading discount retailer who has been ordering consistently and will be a major part of our fiscal 2025 revenue. And then Raymond and Toyota are steadily providing us other customers as well.

這為我們帶來了大量中型訂單。很高興看到這樣的勢頭。雖然訂單較小，但對於填補生產計劃的空白非常有幫助。然後是其他主要終端客戶，我們有一個領先的折扣零售商，它一直在持續訂購，並將成為我們 2025 財年收入的主要組成部分。雷蒙德和豐田也穩定地為我們提供其他客戶。

We're breaking into some other major end users as well potentially with energy services, so looking at Energy as a service as opposed to just selling the batteries. That's something that's currently not very significant for us but it could become quite significant for us, especially in fiscal 2026. So it's a Smorgasbord really of interest.

我們也可能透過能源服務打入一些其他主要終端用戶市場，因此我們將能源視為一種服務，而不僅僅是銷售電池。這對我們來說目前並不是很重要，但它可能會變得非常重要，特別是在 2026 財年。所以這真是一場有趣的自助餐。

Okay, great color there. Maybe then just turning to some of the emerging applications. I know, so now you've got a second construction OEM through Sumitomo. When you think about those new applications, I mean, I would think that Sumitomo opens up a significant number of potential customers and end markets. But do you think about that as you potentially add other trading house partners, or is Sumitomo get you the market reach that you want?

好的，顏色很棒。也許然後就轉向一些新興的應用程式。我知道，現在您已經透過住友獲得了第二個建築 OEM。當您考慮這些新應用時，我認為住友開闢了大量潛在客戶和終端市場。但是，您是否考慮過在潛在增加其他貿易公司合作夥伴時會這樣做，或者住友是否能幫助您達到您想要的市場範圍？

Well, in Japan, it's very much a relationship business, and we have a great relationship with Sumitomo Corporation. I think we'll maintain that. We will not be looking to work with other trading partners. Right now, today, we have the two construction OEMs, which have been we've press released, but there's a great deal more of activity in the background. And we're very enthusiastic about the momentum that we're gaining out there in Japan.

嗯，在日本，這很大程度上是一種關係業務，我們與住友公司有著良好的關係。我想我們會保持這種狀態。我們不會尋求與其他貿易夥伴合作。現在，今天，我們有兩家建築原始設備製造商，我們已經發布了新聞，但幕後還有更多的活動。我們對在日本的進展感到非常興奮。

We'll probably be setting up an operation there eventually as well to support some of that growth that we're seeing. So we're very, very pleased with that relationship that we've built up. And things move in the battery space, it takes time, of course, to get yourself qualified and into production programs. It doesn't happen overnight. But you have to seed those positions.

我們最終可能也會在那裡開展業務，以支持我們所看到的部分成長。因此，我們對所建立的這種關係感到非常非常高興。隨著電池領域的不斷發展，當然需要時間才能獲得資格並進入生產計劃。這不是一朝一夕就能實現的。但你必須播下這些職位。

And then once you have, it turns into a garden eventually.

一旦你擁有了它，它最終就會變成一個花園。

Yeah, and I guess just a follow-up and then I'll jump back in line. But the as you said, great deal more activity in the background, is that more construction equipment, or has that broadened out to other applications?

是的，我想這只是一個後續問題，然後我會重新排隊。但正如您所說，後台活動增多，是更多的建築設備，還是已經擴展到其他應用？

It's construction, there's two in construction. There's a third in construction as well we're talking to. There are other robotic applications that we're looking at in Japan as well. That seems to be the the general focus.

這是建築工程，有兩個在建。我們正在與建築業的三分之一的人進行洽談。我們也正在研究日本的其他機器人應用。這似乎是普遍關注的焦點。

Yeah, the batteries themselves are very similar to each other. So application-wise, we can kind of fairly easily pivot towards a different size of vehicle.

是的，電池本身非常相似。因此從應用角度來看，我們可以相當輕鬆地轉向不同尺寸的車輛。

Okay, thank you very much.

好的，非常感謝。

Craig Irwin, Roth Capital.

克雷格歐文，羅斯資本。

Hi, good evening, and thanks for taking my questions. So Raj, can you maybe comment a little bit about the forklift battery shipments in the quarter? Proportionately, were most of them into pre-existing installations, any greenfield facilities out there? How would you explain the mix within the forklift batteries?

大家好，晚上好，感謝您回答我的問題。那麼 Raj，您能否對本季的堆高機電池出貨量發表一些評論？按比例來說，他們中的大多數是否都位於現有設施中，還是任何新建設施中？您如何解釋堆高機電池內的混合？

I'd say it was approximately a 50-50 mix, which is new for us. Most in previous quarters, it's mostly new vehicles, new sites. This was a pretty diverse mix. With the discount retailer we've been supplying, that's mostly into existing distribution centers. With the Fortune 100 other customer there, it's, I would say, new sites. And then on the leasing program with Toyota, that's probably mostly existing distribution centers, smaller numbers, but adding up to becoming a significant sum.

我想說這大約是 50-50 的混合，這對我們來說是新的。在前幾個季度中，大多數都是新車輛、新站點。這是一個相當多樣化的組合。我們向折扣零售商供貨，這些零售商大多位於現有的配送中心。由於那裡還有財富 100 強的其他客戶，所以我想說，這是新的站點。然後，就與豐田的租賃計劃而言，這可能主要是現有的配送中心，數量較少，但加起來就是一筆不小的數目。

Excellent. And then maybe can you update us on the the progress, diversifying your markets, diversifying your serve markets outside of the lift truck markets. You mentioned robotics, there's a long list of different things that you are, addressing everything from rail to military opportunities. Where do we sit right now with

出色的。然後，您能否向我們介紹一下進展情況，包括市場多元化，以及在堆高機市場以外的服務市場多元化。您提到了機器人技術，您所涉足的領域非常廣泛，涵蓋了從鐵路到軍事等各個領域。我們現在在哪裡

The different customers that you're working with there, you share the second, construction, customer with Sumatomo that, that's online now, but, any additional color that you could share with us as far as, repeat orders or test packs as far as, where the customers are in their evaluations for following orders and and expansion to other opportunities.

您在那裡與之合作的不同客戶，您與 Sumatomo 分享第二個建築客戶，該客戶現在在線，但是，您可以與我們分享任何其他顏色，例如重複訂單或測試包，客戶正在評估後續訂單和擴展到其他機會的情況。

So with one of our defense customers, they've placed repeat orders and placed another repeat order just like last week. So again, it's small numbers, but it really demonstrates that the relationship is building, and we're tracking to something more meaningful. So we're seeing that type of activity on robotics, we have we've had a long history with a group called Jabil.

因此，我們的一位國防客戶已經下了重複訂單，並且像上週一樣又下了一次重複訂單。所以，雖然數字不大，但它確實表明雙方關係正在建立，而且我們正在追蹤更有意義的事情。因此，我們看到了機器人領域的此類活動，我們與 Jabil 集團有著長期的合作歷史。

They had been a relatively minor part of our revenue over the last few years, but started to scale things with us now. We've received more meaningful orders and are expecting to get into additional platforms with them. So that's exciting. Then there's a group called Bastian Solutions, similar idea there. So we're seeing some more activity in the robotics space. Airport ground equipment, again, seed orders in that space as well. That's one which is a fairly adjacent market to material handling.

在過去幾年裡，它們只占我們收入的一小部分，但現在它們開始與我們一起擴大規模。我們收到了更多有意義的訂單，並期待與他們一起進入更多平台。這很令人興奮。還有一個名為 Bastian Solutions 的組織，他們也有類似的想法。因此，我們看到機器人領域出現了更多活動。機場地面設備，同樣也在該空間內進行種子訂單。這是一個與物料搬運相當接近的市場。

And what have I missed there? So that's about it. Construction, of course, we've mentioned that. So those are the areas that we are seeing a fair bit of activity. And I would expect those to scale up in next fiscal year.

我錯過了什麼嗎？就是這樣。當然，我們已經提到過建築。這些就是我們看到相當多活動的領域。我希望這些規模在下一個財政年度能夠擴大。

Excellent. And then last quarter we talked about the potential to maybe pull forward pack production in Jamestown. Can you, say whether or not this is a priority at the moment? Is this something that helps you strategically, given that this facility will be producing sales in the not too distant future? And does this maybe, improve the, potential for customer capture, as you're looking at growth markets?

出色的。上個季度我們討論了提前詹姆斯敦包裝生產的可能性。您能否說一下這是否是目前的優先事項？考慮到該工廠在不久的將來將開始銷售，這對您的策略有幫助嗎？當您關注成長市場時，這是否可能會提高吸引客戶的潛力？

So we have started that operation already, Craig. So, we have a team there, and they're already working. So the plan is that we'll have the Jamestown operations will support our growth. So they will be taking care of a certain portion of our targeted manufacturing goals over the next 12 months.

所以我們已經開始了那個行動，克雷格。所以，我們在那裡有一個團隊，他們已經開始工作了。因此，我們的計劃是讓詹姆斯敦的業務支持我們的成長。因此，他們將在未來 12 個月內負責我們部分製造目標。

That gets the team there very familiar with lithium-ion batteries and specifically our batteries and well prepared for what happens afterwards, which is when we make when the cell and module production starts up. So that's already in place. I think it benefits Electrovaya significantly in the fact that it provides us added capacity.

這使得那裡的團隊非常熟悉鋰離子電池，特別是我們的電池，並為後續工作做好充分的準備，當我們開始生產電池和模組時。所以這已經到位了。我認為它對 Electrovaya 有很大好處，因為它為我們提供了額外的容量。

So instead of maybe adding a second shift here in Mississauga, we can have operations in both plants meet our growing targets, and it really benefits us operationally. So we're seeing that. In terms of it attracting additional customers, I'm not sure just yet.

因此，我們可能不需要在密西沙加增加第二個班次，而是可以讓兩個工廠的運作都達到我們的成長目標，這對我們的營運確實有益。所以我們看到了這一點。就吸引更多顧客而言，我目前還不確定。

I think the cell and module production that's scheduled next year really is a piece that is attracting a lot of interest because we'll be one of very few lithium-ion battery plants that can support customers in North America.

我認為明年計劃的電池和模組生產確實引起了很多關注，因為我們將成為極少數能夠為北美客戶提供支援的鋰離子電池工廠之一。

Great. And then lastly, if I could ask a financial question, so your total debt was down, I guess around $3.8 million sequentially, but the BMO facility is going to also deliver you, I believe, some substantial interest.

偉大的。最後，如果我可以問一個財務問題，那麼您的總債務肯定下降了，我猜大約是 380 萬美元，但我相信 BMO 貸款也會為您帶來一些可觀的利息。

Can you update us on the interest rate on the BMO facility, how this compares to your legacy facility, and, should we expect you to be using that for growth working capital so that, the net net interest can actually trend up, or is this something where you're going to continue to have a very tight balance sheet, and we'll see actual cash interest tightly controlled, possibly going down over the next few quarters?

您能否向我們介紹 BMO 貸款的利率，這與您的傳統貸款相比如何，以及我們是否應該預期您會將其用作增長營運資本，以便淨利息實際上可以上升，或者您是否會繼續保持非常緊張的資產負債表，我們將看到實際現金利息受到嚴格控制，可能在未來幾個季度下降？

Yeah, good question, Craig. Interest savings are over 5 points from our previous lender. So what I'll say there is that is a specific working capital loan. We're always going to manage that tightly and saving on our finance costs. There's no point having millions of dollars in the bank if we're paying the interest on it. So you're always going to see that. It will fluctuate based on timing as these things always do in cash receipts and payments come during the weeks and the months.

是的，克雷格，問得好。與我們之前的貸款機構相比，利息節省了 5 個點以上。所以我要說的是，這是一筆特定的營運資金貸款。我們將始終嚴格管理並節省財務成本。如果我們要支付利息，那麼在銀行存入數百萬美元就毫無意義了。所以你總是會看到這一點。它會根據時間而波動，因為這些事情總是在幾週和幾個月內以現金收入和付款的方式發生。

Essentially, this facility will allow us the room we need to grow and grow quickly. And that's what we were looking for in a banking partner, someone who is flexible. From an interest rate perspective, obviously, we have we can split our loan within Canadian and US dollars as we see fit and as our suppliers require it. So you're going to get different rates north and south of the border. But we're able to manipulate where the money sits to save on our interest costs.

本質上，這個設施將為我們提供快速成長所需的空間。這正是我們在尋找銀行夥伴時所尋找的，一個靈活的人。從利率角度來看，顯然，我們可以根據自己的需求和供應商的要求，將貸款分成加幣和美元。因此，邊境以北和以南的利率會有所不同。但我們可以操縱資金的存放位置來節省利息成本。

Understood. Well, congratulations on the solid EBITDA number. It's impressive

明白了。那麼，恭喜您取得了穩健的 EBITDA 數字。令人印象深刻

Thank you.

謝謝。

Thanks. Thanks, Craig.

謝謝。謝謝，克雷格。

Sameer Joshi, H.C. Wainwright.

Sameer Joshi，H.C.溫賴特。

Hey, good afternoon guys. Congrats on a good quarter. Just following up on sort of previous questions. Would you just let us know if whether the EXIM Bank loan is going to be drawn down upon as you order and pay suppliers? Or is it already in your bank and you will be paying interest starting now?

嘿，大家下午好。恭喜本季取得良好業績。只是跟進一下之前的問題。您能否告訴我們，當您向供應商訂購並付款時，是否會動用進出口銀行的貸款？或者它已經在你的銀行裡了，你現在就開始支付利息？

So this is it's a draw-based facility. So what we've done is we've issued all the purchase orders. And when those are due for payment, we'll draw from EXIM and pay. There's not really much point in us drawing it before it's due because otherwise, we're going to incur interest on that. So we're just going to target the due date drawdown. And from that moment on, that's when the interest accumulates.

所以這是一個基於抽籤的設施。所以我們所做的就是發出了所有採購訂單。當這些款項需要付款時，我們將從進出口銀行提取款項並付款。我們在到期前提取它並沒有多大意義，因為否則我們將產生利息。因此，我們只是要針對到期日的提款。從那一刻起，興趣就開始累積。

Makes sense. In terms of operating expenses, you have started initial assembly at the Jamestown facility and probably and are targeting mid next calendar year for full commercial operations. Should we expect to see an uptick in operating expenses or any expense additional expenses will be sort of COGS item?

有道理。在營運費用方面，你們已開始在詹姆斯敦工廠進行初步組裝，並可能計劃在明年中期實現全面商業運營。我們是否應該預期營運費用會上升，或者任何額外費用都會成為 COGS 專案？

Yeah, majority will be COGS.

是的，大多數都是 COGS。

Okay. And then the last question from me is you have maintained your guidance and but have come very strong in the second quarter. Historically, third quarter is relatively flat to second and the fourth quarter -- fiscal quarter is quite a jump. If you do that, then it seems you might exceed well exceed the $60 million guidance. Is that what you're looking at, especially looking at your $25 million orders received this quarter?Should we expect that kind of a ramp?

好的。我的最後一個問題是，您一直維持著您的指導方針，並且在第二季度表現非常強勁。從歷史上看，第三季度與第二季度和第四季度相對持平——財政季度出現了相當大的跳躍。如果你這樣做，那麼你似乎可能會遠遠超過 6000 萬美元的指導目標。這就是你所關注的，特別是考慮到你本季收到的 2500 萬美元訂單？我們期待這樣的斜坡嗎？

Yes, Sameer, we want to be conservative. However, we are expecting Q3 to show meaningful sequential growth. That's we're halfway through the quarter. So we most definitely exceed the Q2 result and we hope to maintain growth into the Q4. So yes, we potentially can exceed our guidance by a strong margin, but we don't want to put it on -- we don't want to have it.

是的，薩米爾，我們想保持保守。不過，我們預計第三季將出現有意義的連續成長。我們已經度過了本季的一半時間。因此，我們的業績肯定會超過第二季度，我們希望在第四季度保持成長。所以是的，我們有可能大幅超出我們的預期，但我們不想這樣做——我們不想這樣做。

Yes, nothing to say.

是的，沒什麼好說的。

There's a lot of volatility in the market right now, so I think it's a prudent thing to keep it.

目前市場波動很大，所以我認為維持這種狀態是明智之舉。

Absolutely. We'd rather have continued growth and a hockey stick throughout the year.

絕對地。我們寧願全年都保持持續成長和良好勢頭。

Nice, just, I would like to squeeze one more, you mentioned some of the applications, and it seems that these could be, newer applications. I mean, these could be, com this could command higher prices, and, could be higher margin, should we, think of it that way or is it going to be the same, form factor and pricing and, margins for everything?

很好，只是，我想再強調一下，您提到了一些應用程序，而且看起來這些可能是較新的應用程式。我的意思是，這些可能是，com，這可以要求更高的價格，而且，可能是更高的利潤，我們應該這樣想嗎？還是所有東西的形式因素和定價以及利潤率都會相同？

So we want to we don't want to go after any verticals where we can't, get at least 30% margins. Of course, some of those verticals will be higher margins, especially, defense, for instance, but volumes will be lower. So, I, on margin on margin wise, we will most definitely continue to, exceed 30% threshold.

因此，我們不想涉足任何無法獲得至少 30% 利潤的垂直領域。當然，其中一些垂直產業的利潤率會更高，尤其是國防產業，但交易量會更低。因此，就利潤率而言，我們肯定會繼續超過 30% 的門檻。

Now with with all the uncertainty on material prices, as of late, It's harder to predict things, but we expect that the Jamestown cell and module production are going to enhance modules, enhance margins, whether, IRA exists or not at that point.

現在，由於材料價格存在種種不確定性，預測事情變得越來越困難，但我們預計詹姆斯敦電池和模組的生產將會增強模組，提高利潤率，無論當時是否存在 IRA。

Understood.

明白了。

So, but generally speaking, when it comes to mining or construction or robotics, they're all strong margin applications.

所以，一般來說，當涉及採礦、建築或機器人技術時，它們都是利潤豐厚的應用。

Got it. Thanks, for taking my questions and, good luck.

知道了。謝謝您回答我的問題，祝您好運。

Thanks, Sameer.

謝謝，薩米爾。

(Operator Instructions)

（操作員指示）

Jeffrey Campbell, Seaport Research Partners.

傑弗裡·坎貝爾，海港研究合作夥伴。

Thank you and congratulations on the strong quarter. Ray, I wanted to start with something that's probably a little off the track, but UPS recently announced a 20,000 head layoff, said they were closing 70-plus facilities. And somehow they tried to blame Amazon for the cutback. I just thought to ask how your leasing business, which I assume UPS would be most relevant to, continues to progress.

謝謝您，並恭喜本季業績強勁。雷，我想先說些可能有點離題的事情，但 UPS 最近宣布裁員 20,000 人，並表示將關閉 70 多家工廠。不知何故，他們試圖將削減成本的責任歸咎於亞馬遜。我只是想問一下，你們的租賃業務（我認為與 UPS 最相關）進展如何。

So there are always going to be fluctuations with regards to these third-party logistics companies, some do better, some do worse. But generally speaking, the industry as a whole is growing and the need to repower lead acid batteries is increasing. So that's what we're seeing. We're seeing that transition from lead acid to demanding better batteries, and that's driving growth in orders for us. Previously, we got very little in the way of orders from third-party logistics companies, primarily because they get five-year contracts.

因此，這些第三方物流公司總是會有波動，有的做得好，有的做得差。但總體而言，整個產業正在成長，對鉛酸電池重新供電的需求也在增加。這就是我們所看到的。我們看到了從鉛酸電池到更好電池的轉變，這推動了我們的訂單成長。以前我們第三方物流公司的訂單很少，主要是因為他們簽訂的是五年期的合約。

And now with this program that we have with Toyota Material Handling, they're getting quite a bit of interest from that sector. So I don't want to speak about UPS specifically, but we're seeing demand going up, and that's all we can really comment on.

現在，我們與豐田物料搬運公司合作實施了這個項目，他們在這個領域引起了相當大的興趣。所以我不想具體談論 UPS，但我們看到需求正在上升，這也是我們真正能評論的全部。

So that's all we really care about. So that's fine. You mentioned the possibility of setting up an operation in Japan. I just wondered, as you think you had, does this mean an assembly facility or might the country want a Jamestown type facility?

這就是我們真正關心的。那就沒問題了。您提到了在日本開展業務的可能性。我只是想知道，正如您所想的，這是否意味著一個裝配設施，或者該國是否想要一個詹姆斯敦類型的設施？

No, no. It would start out. If volume goes dramatically upwards, we would consider an assembly phase. But the first phase of it would be to support customers there. So that's more like service, sales support, that kind of thing. And then as demand it would follow demand. So if demand reached a certain threshold, we would consider assembly there as well.

不，不。它會開始的。如果產量急劇上升，我們會考慮進入組裝階段。但第一階段將為那裡的客戶提供支援。所以這更像是服務、銷售支援之類的東西。然後隨著需求的增加，它就會遵循需求。因此，如果需求達到一定水平，我們也會考慮在那裡組裝。

As you noted, robotics is an early point of activity for Electrovay, but it sounds like this is ready for a new phase. I just wonder if you could provide some color on what sort of robotics applications are really driving the potential growth.

正如您所說，機器人技術是 Electrovay 的早期活動點，但聽起來它已經準備好進入新階段了。我只是想知道您是否可以提供一些關於哪種機器人應用真正推動了潛在成長的資訊。

So it's a variety of things. There's material handling robotics. There's automated cleaning, there's automated monitoring, all sorts of new products by exciting companies that are getting launched. And what's common to them is they need good batteries. So and we'll be there to support them with that.

所以它是多種多樣的。有物料搬運機器人。有自動清潔、有自動監控，還有各種令人興奮的公司正在推出的新產品。它們的共同點是都需要好的電池。所以我們會在那裡為他們提供支持。

And finally, regarding battery storage for Energy as a Service, what battery modifications are you needing to make relative to material handling, if any?

最後，關於能源即服務的電池存儲，您需要對電池進行哪些與材料處理相關的改造（如果有）？

Not really needing to make any modifications. We have software to support that, which we have already developed.

實際上不需要做任何修改。我們有已經開發好的軟體來支援這一點。

Okay. And is that software similar to the things we've talked about in the past with monitoring the energy consumption of the batteries within a warehouse type environment? Or is it something?

好的。該軟體是否與我們過去討論過的監控倉庫環境中電池能耗的軟體類似？或者有什麼事嗎？

Exactly down those lines, yeah.

是的，確實如此。

Okay, great. All right, thanks a lot. I appreciate it.

好的，太好了。好的，非常感謝。我很感激。

Thanks Jeffrey.

謝謝杰弗裡。

Aaron Martin, AIGH Investment Partners.

AIGH 投資合夥人 Aaron Martin。

Hi Raj. Hi John. Congratulations on the continued progress. A lot of the questions have been covered. But just going out a little slightly different way. You've had a very large amount of orders in the first half of the year. And we really even went into the year with some of the greenfield opportunities that we were expecting to happen last fiscal year that due to the timing of the customer got pushed out to this year. Are those still on track the orders from, that we thought we're going to do in fiscal 2024, are they still on track for 2025?

你好，Raj。你好，約翰。祝賀您不斷取得進步。很多問題都已經講到了。但只是方式稍微不同而已。你們上半年的訂單量非常大。我們甚至在今年就實現了一些原本預計會在上個財年出現的綠地投資機會，但由於客戶的時間安排，這些機會被推遲到了今年。我們原計劃在 2024 財政年度完成的訂單是否仍在按計劃進行，2025 年的訂單是否仍在按計劃進行？

Well, some of those got delivered. Actually, one of them has moved to 2026, but it's not going to affect our, revenue guidance at all because we're getting other orders. So when it comes to new buildings, the timing sometimes is a bit unpredictable, but generally speaking, the trend I would say is we're seeing, The order rates being sustained, it's not just happening in the early part of the year. I would expect it to continue, that type of, based on what we hear from the, from our pipeline, right, so there's orders that are issued and then there's orders that are of course are discussed and in place.

嗯，有些已經送達了。實際上，其中一個已經推遲到 2026 年，但這根本不會影響我們的收入預期，因為我們正在獲得其他訂單。因此，當涉及新建築時，時機有時有點難以預測，但總的來說，我想說的趨勢是，我們看到訂單率持續存在，這不僅發生在年初。根據我們從頻道中聽到的消息，我預計這種情況會繼續下去，對吧，所以會發布一些命令，然後當然會討論並實施一些命令。

I guess that's really leading to my next question. Are we as we think about the pipeline for 2026, is that starting to build now, whether as orders or as you say pipeline, the heads up we're getting from the customers? How should we start thinking about that?

我想這確實引出了我的下一個問題。當我們考慮 2026 年的管道時，我們是否現在就開始建設，無論是訂單還是您所說的管道，我們從客戶那裡得到的提示是什麼？我們該如何開始思考這個問題？

Yes, so we already have orders in hand, which are significant numbers of orders in hand, which are due for 2026 and then a pipeline on top of that, that's been communicated. For instance, with the Fortune 500 discount retailer, they've given us a fairly strong indication of what they are looking to do in 2026, and it would be probably larger than what they do in 2025. Similar kind of communications from other major end users, including Fortune 100 customer we have. So we're getting the visibility for 2026 is getting better by the day.

是的，我們手頭上已經有訂單了，而且數量相當可觀，這些訂單將於 2026 年到期，此外還有一條管道，這些都已經溝通過了。例如，對於財富 500 強折扣零售商，他們已經向我們明確了他們在 2026 年的計劃，而且他們的計劃可能比 2025 年的計劃更大。我們與其他主要終端用戶（包括財富 100 強客戶）也進行了類似的溝通。因此，我們對 2026 年的預見性正在日益提高。

And it's good timing because we really want to ensure that 2026 and fiscal 2027 numbers, we can maximize the production out of Jamestown. So that's what we wanted to see, and that's what we're headed towards based on information at hand right now.

現在時機很好，因為我們確實希望確保 2026 年和 2027 財年的數據，我們可以最大限度地提高詹姆斯敦的產量。這就是我們希望看到的，也是我們根據目前掌握的資訊所朝著的目標前進。

Got it. Switching gears a little bit towards gross margin. You've done a great job there. When it comes to tariffs, I want to differentiate in the short term and the longer term. Obviously, the Jamestown facility and that aspect of having cell production there is incredibly interesting to your customers. But in the shorter term, before Jamestown is up and running on the sell side, how should we think about tariffs and your cost of goods?

知道了。稍微改變一下話題，轉向毛利率。你在那裡做得很好。談到關稅，我想區分短期和長期。顯然，詹姆斯敦工廠以及在那裡進行電池生產的方面對您的客戶來說非常有趣。但在短期內，在詹姆斯敦作為賣方開始運作之前，我們應該如何考慮關稅和商品成本？

Yeah, so tariffs are affecting some material prices and they've gone up. At the same time, we've managed to get some material prices to go down. And then we've had optimizations in our own assembly process. Remember, $15 million in revenue is still, I would say, on a quarterly basis, a relatively small number. We hope to get to much larger ones. And so our buying power is growing, and that's offsetting any of these cost increases due to tariffs. So I would expect us to maintain margins where they probably where they are, maybe grow them a little bit. And then when we start Jamestown, of course, I would expect margins to grow more sharply.

是的，關稅影響了一些材料價格，而且價格已經上漲。同時，我們也設法降低一些材料價格。然後我們對自己的組裝過程進行了優化。請記住，我認為，按季度計算，1500 萬美元的收入仍然是一個相對較小的數字。我們希望能夠實現更大的目標。因此我們的購買力正在成長，這抵消了關稅造成的任何成本增加。因此，我希望我們能夠維持目前的利潤率，甚至可能略有成長。當然，當我們啟動詹姆斯敦計畫時，我預計利潤率會大幅成長。

And does any of that involve passing on price increases to your customers or that's really hasn't been necessary?

這是否涉及將價格上漲轉嫁給您的客戶，或者這真的沒有必要嗎？

We it really has not been necessary. What we have noticed, though, is most of the competition has been increasing prices. So there is an opportunity to do so if we thought we should. But right now, we're not seeing the need to do so, and it's made us more competitive as a result.

我們確實沒有必要這麼做。然而，我們注意到，大多數競爭都導致價格上漲。所以，如果我們認為應該的話，就有機會這樣做。但目前，我們認為沒有必要這樣做，因此這讓我們更具競爭力。

Okay, great, congratulations on the progress again.

好的，太好了，再次祝賀你取得進展。

Thanks, Aaron.

謝謝，亞倫。

Thank you. There are no further questions in the queue.

謝謝。隊列中沒有其他問題。

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

我們的通話到此結束，感謝您的收聽。我們期待在報告 2025 年第三季業績後再次與您交談。祝您有個美好的夜晚。

Thank you. Everyone, this concludes today's event. You may disconnect at this time, and have a wonderful day. Thank you for your participation.

謝謝。各位，今天的活動就到這裡了。現在您可以斷開連接，並享受美好的一天。感謝您的參與。