Electrovaya Inc (ELVA) 2026 Q2 法說會逐字稿

Greetings. Welcome to the Electrovaya Q2 2026 financial results conference call.

問候各位。歡迎參加 Electrovaya 2026 會計年度第二季財務業績電話會議。

(Operator Instructions)

（接線員指示）

Please note, this conference is being recorded. I will now turn the conference over to your host, John Gibson, CFO. You may begin.

請注意，本次會議將被錄音。現在我將把會議交給主持人、財務長 John Gibson。您可以開始了。

Thank you. Good afternoon, everyone, and thank you for joining today's call to discuss Electrovaya's Q2 2026 financial results.

謝謝。各位下午好，感謝各位參加今天的電話會議，一同討論 Electrovaya 2026 會計年度第二季的財務業績。

Today's call is being hosted by Dr. Raj Das Gupta, CEO of Electrovaya; and myself, John Gibson, CFO. Today, Electrovaya issued a press release concerning its business highlights and financial results for the quarter and six months ended March 31, 2026. If you would like a copy of the release, you can access it on our website. If you want to view our financial statements, management discussion and analysis, you can access those documents on SEDAR+ at www.sedarplus.ca, the SEC's EDGAR website at sec.gov/edgar or at our updated website at www.electrovaya.com.

今天的電話會議由 Electrovaya 執行長 Raj Das Gupta 博士，以及我本人、財務長 John Gibson 主持。今天，Electrovaya 已發布新聞稿，說明本季及截至 2026 年 3 月 31 日止六個月的業務重點與財務業績。如需新聞稿副本，您可至我們的網站取得。如需查閱財務報表、管理階層討論與分析（MD&A），您可在 SEDAR+（www.sedarplus.ca）、美國證券交易委員會（SEC）的 EDGAR 網站（sec.gov/edgar），或我們更新後的網站（www.electrovaya.com）取得相關文件。

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. 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.

與以往電話會議相同，我們今天的評論受有關前瞻性資訊的一般條款所規範。我們將提供與我們目前對市場趨勢（包括其規模與成長潛力）以及我們在目標市場中的競爭地位相關的資訊。儘管我們相信此等前瞻性陳述所反映的預期屬合理，但其顯然涉及風險與不確定性，實際結果可能與此等陳述所明示或暗示者存在重大差異。

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 2026 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 and US security regulatory authorities. Also, please note that all 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出現重大差異的因素，以及在作出前瞻性陳述時所採用的重要因素或假設之更多資訊，請參閱公司發布之 2026 會計年度第二季業績新聞稿，以及最新年度資訊表與管理階層討論與分析（MD&A）中「風險與不確定性」章節，並可參閱其他向加拿大及美國證券監管機構提交的公開披露文件。此外，請注意，除非另有說明，本次電話會議中討論的所有數字均以美元計價。

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

現在我想把電話交給 Raj。

Thank you, John, and good evening, everyone. It is a pleasure to speak with you today as we review our second-quarter fiscal 2026 results. Despite some supply chain disruptions stemming from recent geopolitical developments, we continued steady progress during the quarter across our financial, technology and strategic business objectives. While our material handling products continue to form the foundation of our revenue base, the quarter also marks the commencement of commercial deliveries of our latest battery systems for robotic applications in addition to shipments to two defense contractors.

謝謝你，John，各位晚上好。很高興今天與各位一同回顧我們 2026 會計年度第二季的業績。儘管近期地緣政治發展造成部分供應鏈中斷，我們在本季仍於財務、技術與策略性業務目標方面持續穩健推進。雖然我們的物料搬運產品仍是營收基礎，但本季也標誌著我們最新機器人應用電池系統開始商業交付，並且也向兩家國防承包商出貨。

These developments reflect the continued expansion of our technology platform into new and strategically important verticals. We remain highly focused on new product development, continued advancement of our core battery technologies and the ramp-up of our Jamestown manufacturing facility, all of which we believe will play a central role in supporting the company's long-term growth and success.

這些進展反映出我們的技術平台持續擴展至新的、具策略重要性的垂直領域。我們仍高度聚焦於新產品開發、核心電池技術的持續精進，以及 Jamestown 製造設施的產能爬坡；我們相信，這些都將在支持公司長期成長與成功方面扮演核心角色。

During the quarter, we also commenced shipments of our latest high-voltage battery systems. We expect high-voltage vehicle platforms to scale over the coming years and become a meaningful contributor to revenues beginning in fiscal 2027. In the airport ground support equipment sector, testing activities have continued to progress well, and our trial battery systems are now operating commercially at multiple airports. However, recent disruptions within the airline industry and broader macroeconomic uncertainty may impact the timing of capital spending decisions and near-term order flow within this sector.

本季我們也開始出貨最新的高電壓電池系統。我們預期高電壓車輛平台將在未來數年擴大規模，並自 2027 會計年度起成為營收的重要貢獻來源。在機場地面支援設備領域，測試活動持續順利推進，我們的試用電池系統目前已在多個機場進入商業運行。然而，航空業近期的擾動以及更廣泛的總體經濟不確定性，可能影響該領域資本支出決策的時點與短期訂單流入。

Turning to product and technology development. We continue to advance our technology and product portfolio, spanning advanced ceramic separator technologies through to next-generation software solutions. Our most significant development initiative is focused on energy storage products, which we expect will become a showcase of the company's integrated battery system, cell and software capabilities, delivering differentiated solutions for mission-critical energy storage applications.

接著談產品與技術開發。我們持續推進技術與產品組合，涵蓋先進陶瓷隔離膜技術到下一代軟體解決方案。我們最重要的開發計畫聚焦於儲能產品；我們預期該產品將成為公司整合式電池系統、電芯與軟體能力的展示，為任務關鍵型儲能應用提供具差異化的解決方案。

Electrovaya is developing products and technologies that fundamentally build upon our core strengths in advanced ceramic separators, cell and system safety, longevity, cycle life and high-performance battery operations. I'm particularly excited about our push into energy storage. This is a sector that I personally led at Electrovaya more than a decade ago before the market became increasingly commoditized.

Electrovaya 正在開發的產品與技術，根本上建立在我們於先進陶瓷隔離膜、電芯與系統安全性、壽命、循環壽命以及高性能電池運作方面的核心優勢之上。我對我們進軍儲能領域特別感到振奮。這個領域在十多年前、在市場日益商品化之前，我曾親自於 Electrovaya 帶領推動。

Today, however, with the rapid growth in demand for mission-critical energy infrastructure, we believe that the market environment has fundamentally changed and presents a significant opportunity for differentiated technology solutions. We believe our energy storage platforms can deliver an outsized impact through a combination of high power density, long cycle life and industry-leading safety.

然而，今日隨著任務關鍵型能源基礎設施需求快速成長，我們相信市場環境已發生根本性改變，並帶來對具差異化技術解決方案的重大機會。我們相信，我們的儲能平台可透過高功率密度、長循環壽命與業界領先的安全性之組合，帶來超比例的影響力。

Our objective is to enable customers to achieve more with a smaller and more efficient battery solution, improving both operational performance and overall economics. In addition, given the exceptional safety and field performance record of our Infinity technology, we believe mission-critical applications will represent a key target market for the company. We've already demonstrated the strength of this approach within the material handling sector, where we successfully introduced a premium battery solution to some of the world's largest companies. We believe a similar strategy can be applied to energy storage infrastructure markets.

我們的目標是讓客戶以更小、更高效率的電池解決方案達成更多成果，同時提升營運表現與整體經濟效益。此外，鑑於我們 Infinity 技術卓越的安全性與現場運行表現紀錄，我們相信任務關鍵型應用將成為公司的主要目標市場。我們已在物料搬運領域證明此策略的成效，成功向全球一些最大的企業導入高端電池解決方案。我們相信，類似策略也可應用於儲能基礎設施市場。

Within our energy storage product portfolio, which is in development, we are advancing both AC-coupled 1,500-volt systems and DC-coupled 800-volt system architectures. These platforms are being engineered to meet UL 9540A certification standards while supporting materially higher power densities than conventional lithium-ion energy storage systems. Fundamentally, our goal is to deliver greater performance and capability with a smaller overall battery footprint.

在我們正在開發的儲能產品組合中，我們同時推進 AC 耦合 1,500 伏系統與 DC 耦合 800 伏系統架構。這些平台正被設計以符合 UL 9540A 認證標準，同時支援顯著高於傳統鋰離子儲能系統的功率密度。從根本上而言，我們的目標是在更小的整體電池占地面積下，提供更高的性能與能力。

I'm also encouraged by the continued progress of our next-generation ceramic separator development program, which is expected to deliver further improvements in battery performance and capability. To support future commercialization, we are planning scaled manufacturing expansion at one of our Ontario facilities with production targeted to commence in 2027. In parallel, our solid-state battery development efforts have accelerated following the installation of upgraded infrastructure and a new dry room earlier this year.

我也對我們下一代陶瓷隔離膜開發計畫的持續進展感到鼓舞；該計畫預期將進一步提升電池性能與能力。為支持未來商業化，我們正規劃在安大略省的一處設施進行擴產，目標於 2027 年開始投產。與此同時，我們的固態電池開發工作在今年稍早完成基礎設施升級與新乾燥室（dry room）建置後已加速推進。

As I mentioned previously, we are also advancing rapidly towards the development of an ultra-fast charging lithium-ion cell and accompanying battery systems. This technology integrates a next-generation niobium oxide anode with the company's Infinity Platform to deliver enhanced safety, long cycle life and charging times of approximately five minutes.

如我先前提到的，我們也正快速推進超快速充電鋰離子電芯及其配套電池系統的開發。該技術將下一代鈮氧化物負極與公司的 Infinity 平台整合，以提供更高的安全性、長循環壽命，以及約五分鐘的充電時間。

In-house testing of prototype cells is ongoing and has successfully demonstrated the targeted high rate charging capabilities alongside excellent cycle life performance. We've also already produced prototype battery modules utilizing these cells and are actively designing complete battery systems targeting applications such as robotics, data center infrastructure support and other high-power industrial markets. We are currently targeting customer sampling this year with commercial availability expected in 2027.

原型電芯的內部測試仍在進行中，且已成功展示目標的高倍率充電能力，同時具備優異的循環壽命表現。我們也已使用這些電芯製作原型電池模組，並正積極設計完整電池系統，鎖定機器人、資料中心基礎設施備援及其他高功率工業市場等應用。我們目前目標在今年提供客戶樣品，並預期於 2027 年實現商業供應。

Finally, regarding our Jamestown expansion. I was at the facility yesterday, in fact, and I'm very pleased with the significant progress being made in site preparation and infrastructure development. Construction of the dry rooms is underway. Building floors have been reinforced to support advanced manufacturing equipment and a number of additional facility upgrades are progressing on schedule. Most importantly, we continue to strengthen the leadership and technical expertise required to successfully scale the operation.

最後，關於 Jamestown 擴建。我其實昨天才到該設施，對於場地整備與基礎設施建置所取得的重大進展感到非常滿意。乾燥室的施工正在進行中。建築地坪已加固以支撐先進製造設備，且多項設施升級也按計畫推進。最重要的是，我們持續強化成功擴大營運規模所需的領導力與技術專業。

Our cell manufacturing lead for Jamestown, Ok-soo Han, recently joined the company and has already relocated to the region. Ok-soo has been based in Michigan since 2015 and previously led new cell product introduction initiatives at LG Energy Solutions. In addition, we have continued to add other key personnel, including process engineers and manufacturing specialists with experience across several major North American battery operations.

我們 Jamestown 的電芯製造負責人 Ok-soo Han 近期加入公司，並已搬遷至當地。Ok-soo 自 2015 年起即在密西根州工作，先前曾於 LG Energy Solutions 領導新電芯產品導入計畫。此外，我們也持續延攬其他關鍵人才，包括具備多家北美主要電池營運經驗的製程工程師與製造專家。

Along with our ongoing capital equipment investments at the site, experienced talent will be critical to the successful execution of our long-term manufacturing strategy. The Jamestown expansion remains a core component of our plans to increase production capacity and support domestic manufacturing, particularly for our future energy storage and defense-related product lines.

除我們在該據點持續投入資本設備外，具經驗的人才將是成功執行我們長期製造策略的關鍵。Jamestown 擴建仍是我們提升產能與支持國內製造計畫的核心組成，特別是針對未來的儲能與國防相關產品線。

With that, I will now turn the call back over to John for a detailed review of our financial results.

接下來，我將把電話交回 John，請他就我們的財務業績進行更詳細的說明。

Thanks, Raj. Electrovaya continued its steady growth through the second-quarter of fiscal 2026. As Raj mentioned, the company did experience supply chain issues due to the current geopolitical and macroeconomic environment. At the end of the quarter, the company had approximately $1.4 million of finished goods waiting to be shipped solely due to the supply chain delays. It's important to note that revenue is only recognized once the units are delivered to customers.

謝謝，Raj。Electrovaya 在 2026 會計年度第二季持續穩健成長。如 Raj 所提到，公司確實因當前地緣政治與總體經濟環境而遭遇供應鏈問題。截至本季末，公司約有 140 萬美元的成品僅因供應鏈延遲而尚待出貨。需要強調的是，營收僅在產品交付給客戶後才會認列。

Despite these issues, revenue for the quarter was $18 million compared to $15 million in the prior year, year-over-year growth of 20%. Revenue for the six-month period was $33.6 million compared to $26.2 million in the prior year, year-over-year growth of 28%. Gross margin for the quarter was 33.4%, an increase of 230 basis points over the prior year gross margin of 31.1%, and gross margin for the six-month period was 33.2% compared to 30.9% in the prior year. As is the case with previous quarters, the gross margin is primarily driven by product mix.

儘管有上述問題，本季營收為 1,800 萬美元，較去年同期的 1,500 萬美元年增 20%。六個月期間營收為 3,360 萬美元，較去年同期的 2,620 萬美元年增 28%。本季毛利率為 33.4%，較去年同期毛利率 31.1% 提升 230 個基點；六個月期間毛利率為 33.2%，去年同期為 30.9%。與以往季度相同，毛利率主要受產品組合所驅動。

Managing suppliers, prices and tariffs continues to be at the forefront of our activities as we scale, and management believes the company is positioned -- well positioned to maintain these strong margins as we continue through 2026 and into 2027.

隨著我們擴大規模，供應商、價格與關稅的管理仍然是我們活動的重中之重，而管理層相信公司已具備——且是相當有利的——條件，能在我們持續走過 2026 年並進入 2027 年之際維持這些強勁的毛利率。

Operating profits increased significantly year-over-year. Operating profit for the quarter was $2.2 million compared to $1.4 million in the prior year, an increase of 56% and operating profit for the six-month period was $3.6 million compared to $1.2 million, an increase of 195% year-over-year. Net profit for the quarter was $1 million compared to $0.8 million in the prior year, and net profit for the 6-month period was $2.1 million compared to $0.4 million in the prior year, a significant increase of 404% year-over-year.

營業利益較去年同期大幅成長。本季營業利益為 220 萬美元，較去年同期的 140 萬美元增加 56%；六個月期間的營業利益為 360 萬美元，較去年同期的 120 萬美元年增 195%。本季淨利為 100 萬美元，較去年同期的 80 萬美元增加；六個月期間淨利為 210 萬美元，較去年同期的 40 萬美元大幅成長，年增 404%。

Q2 represents the fifth consecutive quarter of net profit and positive earnings per share. Adjusted EBITDA for the quarter was $2.8 million compared to $2 million in the prior year, an increase of $0.8 million or 41%. Adjusted EBITDA for the six-month period was $4.8 million compared to $2.6 million in the prior year, an increase of 89% year-over-year. EBITDA grew in the current year due to the improved margins and managing operating costs.

第二季（Q2）為連續第五個季度實現淨利與每股盈餘為正。 本季調整後 EBITDA 為 280 萬美元，較去年同期的 200 萬美元增加 80 萬美元或 41%。六個月期間調整後 EBITDA 為 480 萬美元，較去年同期的 260 萬美元年增 89%。本年度 EBITDA 的成長主要來自毛利率改善以及營運成本管理。

Adjusted EBITDA as a percentage of sales was 15.7% for the quarter and 14.3% for the six months. The company generated positive cash provided by operating activities of $4.3 million compared to $3.2 million in the prior year and cash used in operating activities of $5.6 million compared to $4.8 million in the prior year. The cash used being driven by increases in accounts receivable, inventory and prepaids.

調整後 EBITDA 佔銷售額比重，本季為 15.7%，六個月期間為 14.3%。公司由營業活動提供的正向現金流為 430 萬美元，較去年同期的 320 萬美元增加；而營業活動使用的現金為 560 萬美元，較去年同期的 480 萬美元增加。現金使用增加主要由應收帳款、存貨及預付費用上升所驅動。

The company ended its first-quarter with positive net working capital of $57.8 million compared to $26.2 million in the prior year, a current ratio of 7.7 compared to 3.9, a clear indicator of improved financial performance and management is committed to continuing this positive trend.

公司在第一季末的淨營運資金為正，達 5,780 萬美元，較去年同期的 2,620 萬美元增加；流動比率為 7.7，較 3.9 提升，清楚顯示財務表現改善，管理層也致力於延續這一正向趨勢。

At the end of the quarter, total debt was $21.9 million compared to $13.1 million in the prior year. This debt includes both working capital debt and the debt from the EXIM facility, while the prior year figure is solely working capital. Working capital debt was $12.2 million at the end of the quarter, a slight decrease of $0.9 million over the prior year. And at March 31, the company had drawn $19.8 million from the EXIM loan. The company made the first interest payment on the EXIM loan at the end of the quarter.

截至本季末，總負債為 2,190 萬美元，較去年同期的 1,310 萬美元增加。此負債包含營運資金借款以及 EXIM 融資工具的借款，而去年同期數字僅為營運資金借款。截至本季末，營運資金借款為 1,220 萬美元，較去年同期小幅減少 90 萬美元。且截至 3 月 31 日，公司已自 EXIM 貸款提取 1,980 萬美元。公司於本季末支付了 EXIM 貸款的第一筆利息。

The company continues to utilize cash from the equity raise for engineering and R&D efforts. At the end of the quarter, the company had $20.4 million in unrestricted cash on hand and availability within its banking facility of $7.8 million. We believe we have adequate liquidity to support our expansion into new verticals and anticipated growth as we continue through fiscal year 2026.

公司持續運用股權募資所得現金投入工程與研發工作。截至本季末，公司持有 2,040 萬美元不受限制的現金，且其銀行融資額度尚有 780 萬美元可用。我們認為，公司具備充足流動性，以支持我們擴展至新垂直領域及在 2026 會計年度持續推進的預期成長。

Finally, we are seeing some impact from the current geopolitical environment and resulting elevated energy prices on customer ordering patterns, particularly as uncertainty around operational costs, supply chain and regional demand continues to evolve. As a result, we may see a portion of orders that we had previously anticipated within the current fiscal year being deferred with some customers taking a more cautious approach to capital deployment.

最後，我們正看到當前地緣政治環境及其導致的高能源價格，對客戶下單模式造成一些影響，特別是在營運成本、供應鏈與區域需求的不確定性仍在演變之際。因此，我們可能會看到原先預期在本會計年度內發生的一部分訂單被延後，部分客戶在資本投放上採取更為審慎的態度。

However, we are also seeing some customers potentially increasing their demand from our initial expectations, which may compensate for any disruptions. While underlying demand for our products remain strong, given this potential uncertainty, we may see a portion of this activity shift into fiscal 2027. We continue to engage closely with our customers and remain confident of our long-term outlook with these timing dynamics reflecting prudence rather than any structural change in demand overall. That concludes our financial overview. Raj and I would now be pleased to hold a question-and-answer session.

然而，我們也看到部分客戶的需求可能高於我們最初的預期，這或可抵消任何干擾。雖然我們產品的基本需求仍然強勁，但鑑於這種潛在不確定性，我們可能會看到部分活動移轉至 2027 會計年度。我們持續與客戶密切互動，並對長期展望保持信心；這些時點上的變化反映的是審慎作法，而非整體需求出現任何結構性改變。以上為我們的財務概述。接下來 Raj 和我很樂意進行問答環節。

(Operator Instructions)

（接線員指示）

Colin Rusch, Oppenheimer.

Colin Rusch，Oppenheimer。

Could you give us an update on validation and testing of the line that will go into Jamestown? I just want to see or just understand how far along you are in terms of that testing and when we might expect delivery of all that equipment into the facility in the US.

你能否就將進入 Jamestown 的產線之驗證與測試提供最新進度？我想了解你們在測試方面目前進展到哪個階段，以及我們大概何時能預期所有設備運抵美國的該設施。

Colin, good to hear you. So the equipment, there's a bunch of different equipment, right? So there's the cell manufacturing equipment, which is coming primarily from a Korean supplier. And for the -- for that, we're setting up the entire line actually in Korea, and we'll be conducting a pretty extensive factory acceptance test plan over there, right?

Colin，很高興聽到你的聲音。設備方面有很多不同的設備，對吧？其中有電芯製造設備，主要來自韓國供應商。針對——針對那部分，我們其實會在韓國把整條產線完整架設起來，並在那邊執行相當全面的工廠驗收測試（FAT）計畫，對吧？

So we'll have a very large team from Jamestown primarily out there for a period of 6 weeks, where we'll run the entire production line essentially from start to finish. And that's, I would say, a somewhat unusual factory acceptance test plan, but we've done that to derisk operations in Jamestown and reduce site acceptance test work that we would do. So that's going to start occurring late summer.

因此，我們會有一支主要來自 Jamestown 的大型團隊在當地駐點約 6 週，基本上會把整條生產線從頭到尾跑一遍。我會說，這算是相對不尋常的工廠驗收測試計畫，但我們這麼做是為了降低 Jamestown 的營運風險，並減少我們在現場需要做的現場驗收測試（SAT）工作量。這項作業將在夏末開始進行。

Earlier in the summer, the same sort of activity is going to occur for our module production lines, which are highly automated. And so -- but that's not as complicated, so it will be a little bit shorter. Other equipment, a lot of it is already on site. So all the infrastructure equipment, things like dry rooms, switchgears, all -- a lot of the other ancillary infrastructure is already on site. So there's more or less a permanent construction crew on site in Jamestown right now.

在夏季較早的時候，我們的模組生產線也會進行類似的活動，該產線高度自動化。因此——但那部分沒有那麼複雜，所以時間會短一些。其他設備方面，很多已經在現場了。也就是所有基礎設施設備，例如乾燥室、開關設備（switchgears）等——以及許多其他周邊基礎設施都已到位。因此，目前在 Jamestown 現場幾乎有一支常駐的施工團隊。

Excellent. That's super helpful. And then with the niobium batteries, obviously, there's a lot of potential opportunities with that product. I just want to get a sense of what the form factor looks like right now and how big these batteries are, like how much capacity they'll ultimately have as you start to roll them out because there's certainly a number of different form factors that they could end up in different duty cycles. Just want a sense of that initial trajectory on that product.

很好，這非常有幫助。接著談到鈮電池，顯然這個產品有很多潛在機會。我想了解目前的外形規格（form factor）大概是什麼樣子，以及這些電池有多大——例如在你們開始推出時，最終會有多少容量。因為它們確實可能會以多種不同外形規格對應不同的工作循環。我想了解這個產品初期的發展軌跡。

So essentially, what we've done here with the niobium oxide is we've partnered with a leading technology player who's developed the anode material, combined it with our Infinity Platform, which is essentially our ceramic separator, our unique electrolyte. And appears that we've -- we're getting actually higher rate performance with our platform as opposed to a standard setup. So that's a good sign. The cells we're making with these -- with this new material, we're going straight to large cell format, so about 40 amp power cells, which would allow us to make larger battery systems, which we think is what the market would want for this type of technology.

基本上，我們在氧化鈮這部分所做的是：與一家領先的技術業者合作，由對方開發負極材料，並將其與我們的 Infinity Platform 結合；該平台本質上包含我們的陶瓷隔膜與我們獨特的電解液。看起來我們——相較於標準配置，我們的平台實際上能帶來更高的倍率性能。這是個好跡象。我們用這——用這種新材料製作的電芯，會直接採用大型電芯規格，大約是 40 安培的功率型電芯，這將使我們能打造更大型的電池系統，而我們認為這正是市場對此類技術的需求。

And so we're going after both the robotics segment. We have a product being developed for that as well as the, I would say, a rack-based energy storage system. The rates that these are getting is about in battery terms, over 10C. So five-minute charge, five-minute discharge, which is very, very high power levels for a battery and then it's quite exciting. But it's still early. So it's too hard to say exactly how this is going to progress, but it's moving quickly.

因此，我們同時鎖定機器人（robotics）領域——我們也正在為此開發產品——以及我會說，一種機架式（rack-based）的儲能系統。這些電池的倍率大約在電池術語中超過 10C，也就是五分鐘充電、五分鐘放電，這對電池而言是非常、非常高的功率水準，令人相當振奮。但目前仍屬早期階段，因此很難精確說明接下來會如何發展，不過進展很快。

Eric Stine, Craig-Hallum.

Eric Stine，Craig-Hallum。

Maybe we could just talk a little bit about the guidance qualification. So I just want to be clear, I guess I was unclear. So are you seeing some impact to order patterns now? Or is this just kind of being prudent in taking your typical approach to be conservative that it is possible that you see it? I guess that would be first. And then second, I mean, is there a way you can kind of give at least a high-level idea of what sort of a range or amount we are talking about?

或許我們可以再談一下指引（guidance）的限定條件。我想確認一下，可能是我沒聽清楚：你們現在是否已經看到下單模式受到一些影響？還是說這只是基於你們一貫偏保守的作法、出於審慎而提出，因為有可能會看到影響？這是第一點。第二點是，你們是否能以至少高層次的方式，提供我們一個大概的範圍或金額規模？

We've not seen significant impact to order flow, but there is -- with the current global environment, there is a chance that it does happen. So while some orders may -- some customers may slow down their orders, we are seeing some customers potentially speeding up the orders. So it's really -- it's difficult to determine and show the full impact it may have on the fiscal year, which is why we wanted to just kind of communicate that to date.

我們尚未看到訂單流入出現顯著影響，但在目前的全球環境下，確實存在發生的可能性。因此，雖然部分訂單可能——部分客戶可能會放慢下單速度，我們也看到有些客戶可能會加快下單。因此這真的——很難判斷並量化其對本會計年度可能造成的完整影響，這也是為什麼我們想先就目前為止的情況進行溝通。

Yes. May I'll expand a little bit on that is we -- for instance, I'll give you an example of the airport ground equipment, which is a new space for us. Most certainly, I would say the current geopolitical situation is affecting what may have been an earlier order flow from that sector into something that's further out. As John just said, we've seen some -- we haven't necessarily seen direct impacts just yet, but we've heard chatter that some capital budgets in some of our customer segments may be getting pushed.

是的。我可以再稍微延伸說明一下。我們——例如，我舉一個機場地面設備的例子，這對我們來說是個新領域。我可以很肯定地說，當前的地緣政治情勢正在影響原本可能較早從該產業流入的訂單節奏，使其延後到更後面。正如 John 剛才所說，我們看到了一些——我們不一定已經看到直接影響，但我們聽到一些風聲，表示我們部分客戶族群的資本預算可能正在被往後推。

At the same time, potentially one of our largest buyers might be increasing their demand beyond what we had initially expected. So it's just -- there's just a lot of noise at the moment, which is creating a little bit of difficulty for us in predicting how the rest of the fiscal year is going to go specifically. But in general, the trend and demand signals for our products is very strong. It's just this is a relatively unpredictable time, and it's always hard to give specific guidance.

同時，我們最大的買家之一可能會把需求提高到超出我們最初預期的水準。所以——目前雜訊很多，這讓我們在預測本財政年度剩餘期間的走勢時，特別是具體走勢，變得有點困難。但整體而言，我們產品的趨勢與需求訊號非常強勁。只是現在是一段相對難以預測的時期，而要給出具體指引一向都很困難。

Right. No, I mean, I think it's prudent to take that approach given everything that's going on. Okay. And maybe you mentioned airport ground support equipment. You do -- I mean, even though, yes, a possibility that things get pushed a little bit, your commentary seems to indicate that things have taken a bit of a step forward. I think previously, you talked about deployed at two airports and kind of a pilot. This go around talking about that it's deployed at multiple airports and that it's more commercialized. So I don't know if I'm reading too much into that or not.

了解。不，我的意思是，考量到目前發生的一切，我認為採取這種做法是審慎的。好。再來你提到機場地面支援設備。你確實——我的意思是，即使是的，有可能事情會稍微被往後推，但你的評論似乎顯示事情已經往前邁進了一步。我記得之前你談到在兩個機場部署、算是試點。這次你談到已在多個機場部署，而且更商業化了。所以我不確定我是不是過度解讀了。

It's not commercialized in material terms at this point. But the batteries, which I would call demo -- demonstration batteries, which have been purchased, but they're very small numbers of them. They are being used in commercial activities, right? They're at the airport doing work. The airline seems to be happy with them, right? Otherwise, we would have heard. But I do believe these airlines are pushing back some of their capital expenditures due to the higher fuel prices.

就實質層面而言，目前還談不上商業化。但這些電池——我會稱之為 demo（示範）——示範電池，已經被購買，但數量非常少。它們正被用於商業活動中，對吧？它們在機場執行工作。航空公司似乎對它們很滿意，對吧？否則我們應該會聽到回饋。但我確實認為，因為燃油價格上升，這些航空公司正在把部分資本支出往後延。

Okay. All right. Maybe last one for me. Just as you've talked about the emerging applications and energy storage, I mean, that certainly has been positioned as it will arguably or likely be the largest market, but that maybe it was a little bit further out. And today, it does seem like, again, maybe I'm reading too much into it, but it does seem like you are kind of well, you're more optimistic and potentially that it maybe is moved forward a little bit in terms of the contribution to your business. So I guess, correct me if I'm reading too much into it.

好。明白。也許最後一題。你談到新興應用與儲能，我的意思是，那當然一直被定位為可能或很可能是最大的市場，但也許時間點稍微更後面。而今天看起來——同樣也許我過度解讀——但似乎你更樂觀，並且它對你們業務的貢獻可能在時間上稍微提前了一些。所以如果我解讀過度，請糾正我。

No, you're not. We're definitely aggressively pursuing this segment. We see -- we've been in discussions with, I'd say, a fairly wide array of potential stakeholders and interested parties in this technology. The initial reception has been very strong. I think our -- the direction on the product development is fitting a portion of the market, which is not served well, right? So what is that? That's short duration energy storage. There's a lot of players looking at two hours, four-hour energy storage.

不，你沒有。我們確實正在積極推進這個細分市場。我們看到——我們一直在與我會說相當廣泛的一群潛在利害關係人與對這項技術有興趣的各方進行討論。初期反應非常強勁。我認為我們——產品開發的方向正在契合市場中的一部分，而那一部分目前服務得並不好，對吧？那是什麼？就是短時長儲能。很多業者在看兩小時、四小時的儲能。

I mean that's obviously an important area, but it is not an area we're focused on. We're focused on high-power mission-critical applications. And there is -- there are a lack of solutions for that, in my opinion. We also bring fully -- there's a word for this FEOC compliant, which is a FEOC-compliant US manufactured solutions. So our solutions coming out of the Jamestown plant will be eligible to up to 40% investment tax credits. Those are -- that's a very strong incentive.

我的意思是，那顯然是重要領域，但不是我們聚焦的方向。我們聚焦在高功率、任務關鍵型應用。我認為在那方面缺乏解決方案。我們也提供完全——有個詞叫做符合 FEOC（FEOC compliant），也就是符合 FEOC 的美國製造解決方案。因此，我們從 Jamestown 工廠產出的解決方案，將有資格取得最高達 40% 的投資稅額抵免。那——是一個非常強的誘因。

And finally, it will be a fantastic product. It's -- we have -- we know these batteries work extremely well, extremely reliably in very high-stress environments already. We already have an extremely -- a very good customer roster of folks who are using our batteries inside buildings. Now we're asking them to use them outside the building.

最後，它會是一個非常出色的產品。它——我們——我們知道這些電池在非常高壓力的環境中已經能運作得非常好、非常可靠。我們已經有一份非常——非常好的客戶名單，這些客戶在建築物內使用我們的電池。現在我們要請他們把電池用到建築物外。

So I think things are aligning well. We also recently won a Department of Energy project, which is a good example of how this is going to move. And we're going to use these products ourselves. So right, the Jamestown facility in terms of improving power reliability, which is important for an industrial site such as ours. We're going to install our own energy storage systems there instead of using diesel gensets, right?

所以我認為各項條件正在很好地對齊。我們最近也贏得了一個能源部（Department of Energy）的專案，這是這件事將如何推進的一個很好的例子。而且我們自己也會使用這些產品。所以，對，Jamestown 設施在提升供電可靠性方面——這對像我們這樣的工業場址很重要——我們將在那裡安裝自家的儲能系統，而不是使用柴油發電機組（diesel gensets），對吧？

So we are going at this aggressively in terms of hiring people to support it. We have -- we've been adding key personnel including a Head of the Product Design, someone to support the high power, high thermal modeling capabilities. That guy just came from StoreDot. So we're going all in on this. And I think it can become quite rapidly a very significant part of our business.

因此我們在這方面採取非常積極的作法，包括招募人員來支援。我們——我們一直在補強關鍵人員，包括產品設計主管，以及一位支援高功率、高熱（thermal）建模能力的人才。那位剛從 StoreDot 來。所以我們正全力投入。我認為它可以相當快速地成為我們業務中非常重要的一部分。

Theo Genzebu, Raymond James.

Theo Genzebu，Raymond James。

Just, Raj, piggybacking off of your -- the last question just there on energy storage. It clearly appears to be becoming a much larger strategic focus for the company. And as of this stage, I guess, are customer discussions primarily centered around like pilot scale deployments? Or are you beginning to see like maybe interest around like larger multi-site commercial opportunities there? Just any color on that would be great.

Raj，我接續你——剛才那個關於儲能的最後一題。很明顯它正在成為公司更大的策略重點。以目前這個階段來看，我想問客戶討論主要是集中在像試點規模的部署嗎？還是你們開始看到像更大、跨多站點的商業機會的興趣？如果能提供一些補充說明會很有幫助。

We're looking at both. Both are important to us, right? So we've started giving pricing for larger opportunities. At the same time, we want to support our existing base of customers, right? There is an opportunity to sell these solutions coinciding with existing installations of our forklift battery solutions, right?

我們兩者都在看。兩者對我們都很重要，對吧？所以我們已經開始針對較大型的機會提供報價。同時，我們也希望支援我們既有的客戶基礎，對吧？有一個機會是，將這些解決方案與我們現有的堆高機電池解決方案的既有安裝案同步銷售，對吧？

So if a building has 100 batteries inside it that are made by Electrovaya, there's an opportunity to upsell to that same customer and putting an energy storage system outside, right, which would benefit them in terms of reducing electricity costs, right? That's one opportunity. There's also opportunities to do with single customers, larger scale deployments, right? So.

所以如果一棟建築裡有 100 顆由 Electrovaya 製造的電池，就有機會對同一位客戶進行加值銷售，在建築外再設置一套儲能系統，對吧？這將在降低用電成本方面帶來效益，對吧？這是一個機會。也有機會是針對單一客戶做更大規模的部署，對吧？所以。

Okay. Great. Thanks for expanding on that. And you mentioned also the FEOC, the FEOC compliance there. Are you -- so would you say are you beginning to see that become a more important competitive -- like competitive differentiator when you're -- for customer procurement discussions at all?

好，很好。謝謝你補充說明。你也提到了 FEOC、FEOC 合規。你——所以你會說，在與客戶採購討論時，你開始看到這點變得更重要、成為更具競爭力的——例如競爭差異化因素嗎？

I think so. Obviously, we're not going to be the only manufacturer who has that capability, but it becomes a slimmer number, right?

我想是的。當然，我們不會是唯一具備那種能力的製造商，但符合條件的廠商數量會變少，對吧？

Okay. Great. And maybe just last one. I know, like, last quarter, you highlighted the start of commercial robotics and the reason increasing activities with like several OEMs. Can you help maybe frame for me how those engagements have progressed over the last few months and whether you're beginning to see maybe broader like fleet scale deployment discussions emerge?

好，很好。也許最後一題。我知道像上個季度，你強調商用機器人業務的起步，以及與多家 OEM 的活動增加。你能否幫我梳理一下，過去幾個月這些合作進展如何？以及你是否開始看到更廣泛、例如車隊規模（fleet scale）的部署討論浮現？

Yes, that is progressing well. I mean this last quarter, John, we shipped hundreds of packs.

是的，進展得很好。我的意思是，上個季度，John，我們出貨了數百個電池包。

300.

300。

300 packs, and that's going to continue and accelerate. We're adding additional OEMs, right? It takes time, of course, as there's a qualification and validation period, but we're working with already a handful of OEM partners. These are often very large companies, and we're developing more as time goes on, right? So that's definitely a key area of focus. It's already our second, number two after material handling in terms of revenue generation, and it's going to grow. We're very bullish about the segment for sure.

300 個電池包，而且這將會持續並加速。我們正在增加更多 OEM，對吧？當然這需要時間，因為有一段資格認證與驗證期，但我們已經在與少數幾家 OEM 夥伴合作。這些通常是非常大型的公司，而隨著時間推進我們也會開發更多，對吧？所以這絕對是關鍵的聚焦領域。就營收貢獻而言，它已經是我們第二大業務，僅次於物料搬運，而且它會成長。我們對這個細分市場非常看多，毫無疑問。

Okay. Great. So it sounds like it's kind of it's safe to say that it's coming along more or less in line with your expectations from like, say, five months ago?

好，很好。所以聽起來可以說，它的進展大致上與你們例如五個月前的預期一致，對嗎？

Correct. Now these are much smaller batteries, right, that go into these devices as opposed to our material handling systems, which are larger, right? So you need more of them to generate more -- to have a more material revenue generation. But it's most certainly a sector which has a long way to go and a huge growth trajectory.

正確。現在這些是更小的電池，對吧？它們用在這些裝置裡，與我們物料搬運系統所用的較大電池不同，對吧？所以你需要更多數量才能產生更——才能帶來更顯著的營收貢獻。但這無疑是一個還有很長路要走、且成長軌跡非常巨大的產業。

Craig Irwin, ROTH Capital.

Craig Irwin，ROTH Capital。

The first question I have is about backlog, right? So in your press release, there's a boiler plate section about forward-looking statements where you talk about backlog being approximately $100 million to $125 million. That's very similar to your comments last quarter where you said in your prepared remarks, $100 million to $125 million. Can you maybe update us on backlog trends?

我第一個問題是關於在手訂單（backlog），對吧？所以在你們的新聞稿中，有一段關於前瞻性陳述的制式段落，你們提到在手訂單約為 1 億美元到 1.25 億美元。這與你們上季的評論非常相似，當時你在準備好的講稿中也說是 1 億到 1.25 億美元。你能否更新一下在手訂單的趨勢？

Has your backlog been kind of flattish sequentially quarter-over-quarter? Are we seeing a little bit of churn there? What do we need to see the backlog grow? I do realize that it is a healthy level above what you will be shipping over the next 12 months. But what do we need to see for people to commit around the Jamestown facility and your capacity expansion and your new technologies and everything else?

你們的在手訂單是否在連續季度（quarter-over-quarter）上大致持平？我們是否看到一些流失（churn）？我們需要看到什麼才會讓在手訂單成長？我確實理解，這個水準相對健康，且高於你們未來 12 個月的出貨量。但我們需要看到什麼，才能讓大家對 Jamestown 設施、你們的產能擴張、新技術以及其他一切做出承諾？

This is John. I'll take that one on. So the number we use there is a combination of the backlog, frontlog and the pipeline, right? So the backlog of the orders in hand, frontlog is orders that are one that we know are coming in and pipeline are things that we have pretty good certainty over them coming in. So that's really how we get to that number. And that number has not really changed from last year to this year. All that's happened is there's going to be increases and decreases in each of the three categories to make up the same figure.

我是 John。我來回答這題。所以我們在那裡使用的數字是由在手訂單（backlog）、前置訂單（frontlog）以及管線（pipeline）組合而成，對吧？所以 backlog 是手上已接到的訂單；frontlog 是我們知道即將進來的訂單；pipeline 則是我們對其會進來有相當高確定性的項目。這就是我們如何得出那個數字。而那個數字從去年到今年其實沒有真正改變。發生的只是三個類別各自有增有減，但合計起來仍是同一個總數。

So that's really more than just like a 12-month outlook as well. That would cover 2026 and then go right into 2027. So some of that frontlog, some of that pipeline is definitely going to be going to Jamestown. And it's also only material handling. There's no revenue for -- there's no pipeline or amounts counted from other verticals in that number either. So there's no real robotics number.

所以那其實不只是像 12 個月的展望而已。它會涵蓋到 2026 年，然後一路延伸到 2027 年。因此其中一部分 frontlog、部分 pipeline 肯定會流向 Jamestown。而且那也只包含物料搬運（material handling）。那個數字裡沒有來自其他垂直領域的營收——也沒有把其他垂直領域的 pipeline 或金額算進去。所以並沒有真正的機器人（robotics）數字。

There's no energy storage. There's no airport ground equipment in there. There's no defense equipment in there. It's really just the material handling. So in terms of looking at us filling up Jamestown, once you bring all those new verticals into the conversation, we don't have any fear about there being any downtime or anything within Jamestown.

裡面沒有儲能（energy storage）。沒有機場地勤設備（airport ground equipment）。沒有國防設備（defense equipment）。真的就只有物料搬運。因此就「我們如何把 Jamestown 的產能填滿」來看，一旦把所有這些新的垂直領域納入討論，我們完全不擔心 Jamestown 會有任何停工或空檔之類的情況。

Yes. The other point there on that, it's -- for material handling specifically, companies actually place orders often at the last moment, right? Like today, we received a pretty -- an order, which is over $1 million, which requires delivery within two weeks. Obviously, we were expecting that order well before. So it would be part of a pipeline, which we were expecting, which gets delivered.

是的。關於那點的另一個補充是——就物料搬運而言，企業其實常常在最後一刻才下單，對吧？像今天，我們收到一筆相當——一筆超過 100 萬美元的訂單，要求兩週內交貨。當然，我們早就預期會有這筆訂單。所以它會是我們原本預期、並會交付的 pipeline 的一部分。

So that's often how it works in material handling. The other sectors are more traditional in the fact they give longer forecasting and it's more predictable in some senses. But we have obviously a number of key relationships, which we rely on both our OEM partner provides us pretty good forecasting, which is built into this as well as our largest end customers, right? So that's how we put this together. Obviously, timing can always shift, and that's built into the FOI.

所以物料搬運常常就是這樣運作。其他產業則比較傳統，會提供較長期的預測，在某些方面也更可預測。但我們顯然有一些關鍵合作關係可依賴：我們的 OEM 夥伴會提供相當不錯的預測，這也已納入其中；以及我們最大的終端客戶也是如此，對吧？所以我們就是這樣把它整合起來的。當然，時程永遠可能變動，而這也已反映在 FOI 裡。

Okay. I understand that. So my second question is about the energy storage market and your technology and how it fits, right? So when we looked at what the hyperscalers have done, there's not a whole lot of business with Toshiba around their titanate batteries, which tend to be very, very expensive, but have an impressive safety profile and a tremendous cycle life. Now your product is sold at a modest premium to the typical industrial lithium, but has a vastly superior product profile with -- I guess we're still running out the cycles, but let's say, somewhere between 9,000 or 10,000 and 14,000 cycles available.

好的。我理解。那我的第二個問題是關於儲能市場，以及你們的技術如何契合，對吧？當我們看 hyperscalers 的作法時，Toshiba 的鈦酸鋰電池（titanate batteries）相關業務其實不多；那類電池通常非常、非常昂貴，但安全性表現令人印象深刻，而且循環壽命非常長。現在你們的產品相較典型的工業用鋰電，售價只有溫和溢價，但產品性能輪廓卻大幅優於——我想我們還在跑循環測試，但假設可用循環次數大約在 9,000 或 10,000 到 14,000 次之間。

So it should be really compelling economics to these potential customers. Can you talk about where you stand in conversation with some of these very large customers? The third-party test data has to be very interesting to them. Are you in advanced discussions with any specific hyperscalers? Or is this product approach is simply built a block and market it and let people choose if that's what they want to use?

所以對這些潛在客戶而言，經濟性應該非常有吸引力。你能談談你們與一些非常大型客戶的對話進展到哪裡了嗎？第三方測試數據對他們一定很有意思。你們是否正與任何特定 hyperscaler 進行深入討論？還是你們的產品策略只是把模組做出來、推向市場，讓大家自行選擇是否要用？

Yes. I think as you just stated there, Craig, the product technology, the performance is compelling for this space. And that's why we're going after it in such a big way. We've had -- for the larger systems, which we're developing, we've been presenting the specifications to a wide variety of potential end customers, one of which is, I guess, you could classify as a hyperscaler and a few others are supporting hyperscalers in terms of power infrastructure. And so we're getting good feedback, good responses.

是的。我想就如你剛才所說的，Craig，這項產品技術與性能對這個領域很有吸引力。這也是我們大力切入的原因。對於我們正在開發的較大型系統，我們已向各式各樣的潛在終端客戶展示規格，其中之一我想可以歸類為 hyperscaler，另外還有幾家是在電力基礎設施方面支援 hyperscalers 的。因此我們得到不錯的回饋與反應。

However, the product isn't quite ready yet, right? So we're in that development phase and hope to bring it to market pretty much coinciding with the start-up of the Jamestown plant, right? So in early 2027, when we're making cells and modules there, that's when we're aiming to ramp up deliveries into the sector. The Toshiba product with lithium titanate, that's one we admire and have -- both in terms of the robotics segment, that robotics segment, that technology has done well. We're going after the same sort of customers that, that technology has gone after with, I would say, higher performance and lower cost.

不過，產品還沒有完全就緒，對吧？所以我們仍在開發階段，並希望在 Jamestown 工廠啟動時差不多同步推向市場，對吧？因此在 2027 年初，當我們在那裡開始生產電芯與模組時，我們的目標就是在那個時間點開始加速對該產業的出貨。Toshiba 的鈦酸鋰產品是我們欣賞的一款——無論是在機器人（robotics）領域，那個機器人領域，該技術表現都不錯。我們正鎖定同一類客戶；我會說我們能提供更高性能與更低成本。

That makes a lot of sense. Last question, if I may. You did mention robotics. That's something people ask about a lot. Can you maybe update us on the applications you're serving there? Any new customer interest or progress with existing customers where we might see commercial ramps for the demand for your product over the next couple of quarters?

這很合理。若可以的話，最後一個問題。你確實提到了機器人，這是大家常問的。你能否更新一下你們在那裡服務的應用？是否有新的客戶興趣，或與既有客戶的進展，讓我們在接下來幾個季度看到你們產品需求的商業化放量？

Yes. So the ones we're delivering now to are primarily going into, I would call, a surveillance robot machine, all right? However, most of the ones we're in discussions with are in material handling devices which are autonomous, right? So we already have two of them, which are validated and will go into production later and a number of others in discussions. These are -- sometimes they're American companies, sometimes they're Japanese companies. That's -- but there's a lot of discussions taking place for sure. Nothing too much in the humanoid space at this point, but that could always happen.

是的。我們目前正在交付的主要是用在我稱之為監控型機器人設備上，好嗎？不過，我們正在洽談的大多數則是在自動化的物料搬運設備上，對吧？所以我們已經有其中兩個完成驗證，之後會進入量產，另外還有多個正在洽談中。這些——有時是美國公司，有時是日本公司。——但確實有很多討論正在進行。目前在人形（humanoid）領域還沒有太多，但那也隨時可能發生。

Jeffrey Campbell, Seaport Research.

Jeffrey Campbell，Seaport Research。

Congratulations on another strong quarter. I wanted to ask with regard to the storage products, this might be a John question. And regarding the storage products, can you help us understand what significant scaling of the product would look like from a financing perspective? Will this possibly be a lease or a lease to own or will the customer own it? Will you bring in financial partners to take the tax benefit? Just any color you can provide would be appreciated.

恭喜又一個強勁的季度。我想就儲能產品提問，這可能是問 John 的。關於儲能產品，能否幫我們理解：從融資角度來看，產品若要大幅擴張規模，會是什麼樣子？這可能會採用租賃、或租賃轉購（lease to own），還是由客戶直接持有？你們會引入金融合作夥伴來取得稅務利益嗎？任何你能提供的補充說明都很感謝。

I think we'd offer a number of different options to each customer. Each customer is going to have a different capital budget. In some instances, it's going to be beneficial for us to own it and lease it to them. In some instances, they're going to want to purchase it and take the tax credits. It's really just going to be customer-specific. I don't think we're initially going to bring in a financing partner to help us with this just because I expect more people, more companies to actually purchase the storage units.

我想我們會為每位客戶提供多種不同選項。每位客戶的資本預算都不一樣。在某些情況下，由我們持有並租賃給他們會更有利；在某些情況下，他們會想直接購買並取得稅額抵免。這真的會因客戶而異。我不認為我們一開始會引入融資合作夥伴來協助，因為我預期會有更多人、更多公司實際上會選擇購買這些儲能單元。

So if we get to a point where we find that leasing is more advantageous, then we need to sit down and think about how we finance that. But in the short term, short to medium term, I think most of them are going to be purchased.

所以如果我們到了某個階段，發現租賃更有利，那我們就需要坐下來思考要如何為此融資。但在短期到中期，我認為大多數都會以購買方式進行。

Okay. My other question was, I was glad to see the solid-state battery work is accelerating. It would seem like a natural tech for certain military applications. I was just wondering if the traction that you're getting in this space with the Infinity technology might be paving the way for the solid-state battery testing when you deem it's ready.

好的。我另一個問題是，我很高興看到固態電池（solid-state battery）的工作正在加速。看起來它對某些軍用應用會是很自然的技術。我想請教的是：你們在這個領域以 Infinity 技術所獲得的進展，是否可能為你們認為固態電池準備就緒時的測試鋪路？

Yes, certainly, right? We have developed good relationships in the defense space already with the Infinity technology. When we think we're ready to bring this other platform up to them, we certainly will. In my experience, it's never good to bring something that's premature to a potential commercial activity, right?

是的，當然，對吧？我們已經在國防領域透過 Infinity 技術建立了良好關係。當我們認為準備好把另一個平台帶給他們時，我們一定會這麼做。以我的經驗，把尚未成熟的東西帶去做潛在商業活動，從來都不是好事，對吧？

So we're not there yet. But there was a period of time where we -- work was essentially stalled in this area, partly due to infrastructure and equipment, and that's now been resolved. So in a priority level, it's not as high as some of the other endeavors we're after, but it's certainly we're not ignoring it.

所以我們還沒到那一步。但曾有一段時間，我們——在這個領域的工作基本上停滯，部分原因是基礎設施與設備，而這些現在已經解決了。所以就優先順序而言，它沒有我們正在追求的其他一些項目那麼高，但我們當然也沒有忽視它。

Okay. We've reached the end of the question-and-answer session. I would like to turn the floor back over to management for any closing remarks.

好的。我們已到問答環節的尾聲。我想把時間交還給管理層做結語。

Thanks so much. That concludes our call this evening, and thanks for listening. We look forward to speaking with you again after we report our third-quarter 2026 results.

非常感謝。今晚的電話會議到此結束，謝謝各位收聽。我們期待在公布 2026 會計年度第三季業績後，再次與各位交流。

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

今天的會議到此結束，您現在可以掛斷電話線。感謝您的參與。