Enovix Corp (ENVX) 2022 Q1 法說會逐字稿

Thank you for standing by, and welcome to Enovix Corporation's First Quarter 2022 Earnings Conference Call. (Operator Instructions) As a reminder, today's conference will be recorded.

感謝您的耐心等待，歡迎參加 Enovix Corporation 的 2022 年第一季度收益電話會議。 （操作員指示）提醒一下，今天的會議將被錄製。

And now I'd like to introduce your host for today's program, Charles Anderson, Vice President of Investor Relations. Please go ahead.

現在我想介紹一下今天節目的主持人，投資者關係副總裁查爾斯·安德森。請繼續。

Thank you. Hello, everyone, and welcome to Enovix Corporation's First Quarter 2020 Results Conference Call. With us today are President, Chief Executive Officer and Co-Founder, Harrold Rust; and Chief Financial Officer, Steffen Pietzke. We will also be joined today by Chief Commercial Officer, Cam Dales; and Chief Technical Officer and Co-Founder, Ashok Lahiri, for the Q&A portion of the call. Harrold and Steffen will review the operating and financial highlights, and then we'll take your questions. After the Q&A session, we'll conclude the call.

謝謝。大家好，歡迎參加 Enovix Corporation 2020 年第一季度業績電話會議。今天與我們在一起的有總裁、首席執行官兼聯合創始人 Harrold Rust；首席財務官 Steffen Pietzke。今天，首席商務官 Cam Dales 也將加入我們的行列。首席技術官兼聯合創始人 Ashok Lahiri 負責電話問答部分。哈羅德和史蒂芬將回顧運營和財務亮點，然後我們將回答您的問題。問答環節結束後，我們將結束通話。

Before we continue, let me kindly remind you that we released our first quarter 2022 shareholder letter after the market closed today. It's available on our website at ir.enovix.com. A replay of this conference call will be available later today on the Investor Relations page of our website.

在繼續之前，請允許我提醒您，我們在今天收盤後發布了 2022 年第一季度股東信。您可以在我們的網站 ir.enovix.com 上找到它。今天晚些時候，我們網站的投資者關係頁面將提供本次電話會議的重播。

Please note that the shareholder letter, press release and this conference call all contain forward-looking statements that are subject to risks and uncertainties. These forward-looking statements are based on current expectations and may differ materially from actual future events or results due to a variety of factors. For a discussion of factors that could affect our future financial results and business, please refer to the disclosure in today's shareholder letter and our filings with the Securities and Exchange Commission. All our statements are made as of today, May 11, 2022, based on the information currently available to us. We can give no assurance that these statements will prove to be correct that we do not intend and undertake no duty to update these statements except as required by law.

請注意，股東信函、新聞稿和本次電話會議均包含前瞻性陳述，這些陳述存在風險和不確定性。這些前瞻性陳述基於當前的預期，可能由於多種因素而與未來實際事件或結果存在重大差異。有關可能影響我們未來財務業績和業務的因素的討論，請參閱今天的股東信中的披露以及我們向美國證券交易委員會提交的文件。我們的所有聲明均根據我們目前掌握的信息於今天（2022 年 5 月 11 日）作出。我們不能保證這些聲明將被證明是正確的，除非法律要求，否則我們不打算也不承擔更新這些聲明的義務。

During this call, we will also discuss non-GAAP financial measures, which are not prepared in accordance with Generally Accepted Accounting Principles. You can find a reconciliation of the GAAP financial measures to non-GAAP financial measures in our shareholder letter, which is posted on the Investor Relations page of our website.

在本次電話會議中，我們還將討論非公認會計原則財務指標，這些指標不符合公認會計原則。您可以在我們的股東信中找到 GAAP 財務指標與非 GAAP 財務指標的調節表，該信函發佈在我們網站的投資者關係頁面上。

I will now turn the call over to Harrold to begin. Harrold?

我現在將把電話轉給哈羅德開始。哈羅德？

Thank you, Charlie. Hopefully, everyone had a chance to review our shareholder letter, which detailed our first quarter. I'll keep my comments high level around our progress in technology, manufacturing and commercialization. Then Steffen will cover our financials, and we'll take your questions. As Charlie mentioned, we'll be joined by Cam and Ashok for that portion of the call.

謝謝你，查理。希望每個人都有機會閱讀我們的股東信，其中詳細介紹了我們第一季度的情況。我將圍繞我們在技術、製造和商業化方面的進展發表高水平的評論。然後史蒂芬將介紹我們的財務狀況，我們將回答您的問題。正如查理提到的，卡姆和阿肖克將加入我們的通話部分。

So let's dive in. Most important, our first production line of Fab-1 in Fremont is up and running, and we began shipping qualification cells in Q1. We expect to make our first shipments for product revenue to a technology leader in the wearable category in Q2. This marks a significant milestone and delivers on a commitment we made over a year ago, highly differentiating us from other advanced battery companies still working to develop and bring new battery technologies to market.

那麼讓我們深入探討吧。最重要的是，我們位於弗里蒙特的第一條 Fab-1 生產線已啟動並運行，我們在第一季度開始運送合格電池。我們預計在第二季度向可穿戴類別的技術領導者發貨，以獲取第一批產品收入。這標誌著一個重要的里程碑，兌現了我們一年多前做出的承諾，使我們與其他仍在致力於開發新電池技術並將其推向市場的先進電池公司截然不同。

Moving into commercialization has not gone unnoticed by our customers. We have engagements with leading companies that want our revolutionary battery in order to enable features, functions and form factors not previously available. Last week, we announced that we received an order from one of the largest consumer electronics companies in the world for our smartwatch battery. What makes this engagement so exciting is the potential for our technology to proliferate across this customer's broad consumer electronics product portfolio.

我們的客戶並沒有忽視商業化的進程。我們與一些領先的公司進行了合作，他們希望我們的革​​命性電池能夠實現以前沒有的特性、功能和外形尺寸。上週，我們宣布收到世界上最大的消費電子公司之一的智能手錶電池訂單。此次合作之所以如此令人興奮，是因為我們的技術有潛力在該客戶廣泛的消費電子產品組合中得到推廣。

After touring our Fab-1, a senior leader at this customer told us, "We need to move this technology into our mobile products quickly". The line proves you can scale. Bolstering our value proposition to industry-leading customers was our announcement in March of BrakeFlow, a breakthrough technology in advanced lithium-ion battery safety. This innovation is enabled by our unique 3D architecture and allows us to add a significant layer of safety as we boost energy density.

在參觀了我們的 Fab-1 後，該客戶的一位高級領導告訴我們，“我們需要將該技術快速轉移到我們的移動產品中”。該生產線證明您可以擴展。我們在 3 月份宣布推出 BrakeFlow，這是一項先進鋰離子電池安全方面的突破性技術，為我們向行業領先的客戶提供了價值主張。這項創新是由我們獨特的 3D 架構實現的，使我們能夠在提高能量密度的同時增加重要的安全層。

All of us are aware of the restrictions we face, checking luggage with lithium-ion batteries when flying. And we've all seen the headlines of battery fires and the terrible impact they've had on our industry and consumers. With BrakeFlow, we are pioneering a new path in battery safety. Customer response has been extremely positive, and we look forward to making BrakeFlow available in our battery cells next year.

我們所有人都知道在飛行時托運帶有鋰離子電池的行李時面臨的限制。我們都見過電池火災的頭條新聞以及它們對我們的行業和消費者造成的可怕影響。借助 BrakeFlow，我們正在開創電池安全的新道路。客戶反應非常積極，我們期待明年在我們的電池中使用 BrakeFlow。

Now let's talk about scaling our capacity beyond Fab-1. Many of you have been wondering where we stand on Fab-2, our second plant production facility. We recognize that we've taken longer than we previously communicated to announce the Fab-2 location, but it's for a very good reason. Our engineering team has taken the learnings from Fab-1 and designed a significantly improved production line, we call Gen2 that is designed to be faster and require far less space than our current generation. Major portions of the Gen2 line will occupy half the space of Gen1 with significantly higher output. This gave us the opportunity to reevaluate the optimum size for Fab-2 and caused us to shift gears and focus on smaller facilities than we have been considering.

現在我們來談談如何將我們的產能擴展到 Fab-1 之外。你們中的許多人一直想知道我們在第二個工廠生產設施 Fab-2 上的處境。我們認識到，我們宣布 Fab-2 位置的時間比之前溝通的時間要長，但這是有充分理由的。我們的工程團隊吸取了 Fab-1 的經驗，設計了一條顯著改進的生產線，我們稱之為 Gen2，其設計速度比當前一代更快，所需空間也少得多。 Gen2 生產線的主要部分將佔據 Gen1 生產線一半的空間，且產量顯著提高。這讓我們有機會重新評估 Fab-2 的最佳規模，並促使我們轉變方向，專注於比我們考慮的更小的設施。

On that note, I'm pleased to share today that we have begun placing orders for our Gen2 equipment and expect to have the full line ordered over the next several weeks. That will allow us to take delivery at a Fab-2 location in the first half of 2023, and we are confident in our ability to close on a site selection later this year that meets our needs.

就此而言，我今天很高興與大家分享，我們已經開始訂購 Gen2 設備，並預計在接下來的幾週內訂購全系列設備。這將使我們能夠在 2023 年上半年在 Fab-2 地點進行交付，並且我們有信心能夠在今年晚些時候完成滿足我們需求的選址。

Our overriding goal remains the same, installed capacity to scale to $1 billion in annual revenue with leading margins and serve the tremendous demand we see forming in our funnel. We intend to further augment our direct capacity with strategic joint venture or licensing deals that allow us to capture battery markets that require more capacity than we can put in on our own.

我們的首要目標保持不變，即年收入擴大到 10 億美元，利潤率領先，並滿足我們在漏斗中形成的巨大需求。我們打算通過戰略合資或許可交易進一步增強我們的直接產能，使我們能夠佔領需要比我們自己所能投入的更多產能的電池市場。

Now I'll turn the call over to our CFO, Steffen, who will discuss our financials. Steffen?

現在我將把電話轉給我們的首席財務官史蒂芬，他將討論我們的財務狀況。史蒂芬？

Thank you, Harrold. Our detailed financials can be found in our shareholder letter. So I will spend my time covering a few high-level topics. First, starting this quarter, in addition to our GAAP reporting, we are providing a non-GAAP income statement that excludes stock-based compensation, forward mark-to-market adjustment and other noncash and onetime items. We use non-GAAP financial information to evaluate our ongoing operations and for internal planning purposes. We believe that non-GAAP financial information may be helpful to investors in assessing our operating performance and comparing our performance with competitors and other comparable companies. You can find a full reconciliation between our GAAP and non-GAAP metrics in our shareholder letter.

謝謝你，哈羅德。我們的詳細財務信息可以在我們的股東信中找到。因此，我將花時間討論一些高級主題。首先，從本季度開始，除了我們的 GAAP 報告之外，我們還將提供非 GAAP 損益表，其中不包括基於股票的薪酬、遠期按市值調整以及其他非現金和一次性項目。我們使用非公認會計準則財務信息來評估我們的持續運營並用於內部規劃目的。我們相信，非公認會計準則財務信息可能有助於投資者評估我們的經營業績並將我們的業績與競爭對手和其他可比公司進行比較。您可以在我們的股東信中找到我們的 GAAP 和非 GAAP 指標之間的完整對賬。

Now turning to the results. We closed the first quarter of 2022 with net cash of $408 million, up from $385 million in the fourth quarter of 2021 due to proceeds from the exercise of our public warrants of $52.8 million, partially offset by $19.7 million of cash used operationally and $10.5 million of cash used on capital expenditures. We expect higher capital spending the rest of the year as we make payments for our Gen2 production line and our new automated pilot line, which we refer to as the agility line.

現在轉向結果。截至 2022 年第一季度，我們的淨現金為 4.08 億美元，高於 2021 年第四季度的 3.85 億美元，原因是行使公開認股權證所得收益為 5,280 萬美元，部分被運營使用的現金 1,970 萬美元和 1,050 萬美元所抵消。用於資本支出的現金。我們預計今年剩餘時間的資本支出將會增加，因為我們將為第二代生產線和新的自動化試驗線（我們稱之為敏捷性生產線）支付費用。

We did not recognize product revenue in the first quarter of 2022, consistent with our expectations. As Harrold mentioned, we continue to expect to begin recognizing product revenue from the sale of our batteries in the second quarter of 2022, consistent with our previously reported goal.

我們沒有在 2022 年第一季度確認產品收入，這與我們的預期一致。正如 Harrold 提到的，我們仍然預計在 2022 年第二季度開始確認電池銷售的產品收入，這與我們之前報告的目標一致。

Our operating expenses in the first quarter were $25.1 million. Excluding stock-based comp, our non-GAAP operating expenses in the quarter were $19.9 million, down from GAAP operating expenses of $20.8 million in the fourth quarter of 2021, which also excludes stock-based comp. I want to highlight that once we begin shipping for product revenue, we will shift our factory headcount cost to cost of goods sold from R&D and start depreciating our production equipment also within cost of goods sold.

第一季度我們的運營費用為 2510 萬美元。不包括基於股票的比較，我們本季度的非 GAAP 運營費用為 1,990 萬美元，低於 2021 年第四季度的 GAAP 運營費用 2,080 萬美元，其中也不包括基於股票的比較。我想強調的是，一旦我們開始運輸產品收入，我們將把工廠員工成本轉移到研發的銷售成本，並開始在銷售成本內折舊我們的生產設備。

Now let's discuss our expectation for 2022. For full year 2022, our outlook is unchanged. We expect to use between $190 million and $210 million of cash, of which we expect roughly 55% will be CapEx. We expect to generate revenue between $6 million and $12 million. As a reminder, our revenue will consist of both product revenue and nonrecurring engineering, or NRE service revenue.

現在讓我們討論一下我們對 2022 年的預期。對於 2022 年全年，我們的展望保持不變。我們預計將使用 1.9 億至 2.1 億美元的現金，其中大約 55% 將用於資本支出。我們預計將產生 600 萬至 1200 萬美元的收入。提醒一下，我們的收入將包括產品收入和非經常性工程或 NRE 服務收入。

To summarize, our balance sheet is strong, and we are investing in our commercialization engine, technology road map and production capacity for scaling. I will now turn it back to Harrold for closing remarks.

總而言之，我們的資產負債表強勁，我們正在投資於商業化引擎、技術路線圖和擴大生產能力。現在我將把它轉回給哈羅德，讓其作結束語。

Thanks, Steffen. To summarize, the first quarter was one of excellent progress for Enovix. A little over a year ago, we told you we would bring up a first-of-a-kind factory, making an industry-leading lithium-ion battery for shipment in the first half of 2022. We delivered on that promise and are hard at work ramping our production this year in Fab-1 and moving forward with our Gen2 equipment destined for Fab-2.

謝謝，史蒂芬。總而言之，第一季度是 Enovix 取得的出色進展之一。一年多前，我們曾告訴您，我們將建立一家首家工廠，生產行業領先的鋰離子電池，並於 2022 年上半年發貨。我們兌現了這一承諾，並且正在努力實現今年，我們正在努力提高 Fab-1 的產量，並推進用於 Fab-2 的 Gen2 設備。

What we didn't tell you about a year ago were all the other innovations enabled by our unique architecture beyond just energy density. A first example of this is BrakeFlow, which we believe is a game changer in advanced lithium-ion battery safety.

一年前我們沒有告訴您的是，除了能量密度之外，我們獨特的架構還實現了所有其他創新。第一個例子是 BrakeFlow，我們相信它是先進鋰離子電池安全領域的遊戲規則改變者。

Before we close, I thought I would pass along comments from some industry leaders that have recently tested our batteries. One said, the best advanced battery we have seen. We are ecstatic with the cycle life. Another said, our battery is the best silicon-enabled cell we tested by far, most silicon cells failed after 100 to 200 cycles. As you can see, this is really an exciting time at Enovix and for our customers.

在結束之前，我想我應該轉達一些最近測試過我們電池的行業領導者的評論。有人說，這是我們見過的最好的先進電池。我們對循環壽命感到欣喜若狂。另一個人說，我們的電池是迄今為止我們測試過的最好的矽電池，大多數矽電池在 100 到 200 次循環後就失效了。正如您所看到的，對於 Enovix 和我們的客戶來說，這確實是一個激動人心的時刻。

With that, I'd like to turn it back to the operator for your questions. Operator?

至此，我想將其轉回接線員詢問您的問題。操作員？

(Operator Instructions) Our first question comes from Gabe Daoud with Cowen.

（操作員說明）我們的第一個問題來自 Gabe Daoud 和 Cowen。

Maybe Harrold, just starting with the consumer electronic company that place an initial order. So what are the steps to get that into an active design win? And then what kind of has to happen to have your battery be designed into other products across the portfolio?

也許哈羅德，剛剛從下了初始訂單的消費電子公司開始。那麼，要採取哪些步驟才能將其轉化為積極的設計勝利呢？那麼，如果您的電池被設計到整個產品組合中的其他產品中，需要發生什麼情況呢？

Yes. Let me -- I'll comment on that briefly and then have Cam give a little bit more color. We're super excited about this customer. It's an industry leader in this space. And I think this first product that we're working on with them is really a leader into a bunch of other opportunities and markets of that customer, and it's something that's very exciting for the company. And I'll let Cam add a little bit more color to that.

是的。讓我——我將簡要評論一下，然後讓卡姆提供更多的信息。我們對這位客戶感到非常興奮。它是該領域的行業領導者。我認為我們與他們合作開發的第一個產品確實是該客戶的許多其他機會和市場的領導者，這對公司來說是非常令人興奮的。我會讓卡姆為此添加更多色彩。

Sure, Harrold. Happy to do that. So yes, as Harold mentioned, this is one of the largest consumer products company in the world. They have a very sophisticated product development process, and it's a multistep process, as you can imagine. This is a company that has one of the premier brands in the world, and they take great care in making sure that with the quality of products that they launched.

當然，哈羅德。很高興這樣做。所以，是的，正如哈羅德提到的，這是世界上最大的消費品公司之一。他們擁有非常複雜的產品開發流程，正如您可以想像的那樣，這是一個多步驟的過程。這是一家擁有世界頂級品牌之一的公司，他們非常謹慎地確保其推出的產品質量。

So from our perspective, we think this is a major step for us because the first part of their process is really technology verification. So we've been working with them for significantly more than a year. We've sampled them multiple times both out of our pilot lines. And they've essentially tested those cells, verified our claims and given it the stamp of approval that it meets their product requirements. So that's kind of a big deal.

因此，從我們的角度來看，我們認為這對我們來說是重要的一步，因為他們流程的第一部分實際上是技術驗證。因此，我們與他們合作已經一年多了。我們已經在試驗線上對它們進行了多次採樣。他們基本上測試了這些電池，驗證了我們的說法，並給予了批准印章，表明它符合他們的產品要求。所以這是一件大事。

The next step in this particular product, they've purchased batteries from our Fab-1 that will go into prototype watches of their design. They'll run them through their paces, do the integration with their electronics at which point they'll then move towards customized cells for their volume product and they'll start over the next, let's say, the next step of building thousands to tens of thousands of products, which they would likely keep in-house for testing purposes, at which point when you pass that hurdle, they move into full-scale high-volume production. So it's a fairly extended program, but we've gone through one of the key hurdles. And at this point, we're now actively moving towards the commercialization process.

在這個特定產品的下一步，他們從我們的 Fab-1 購買了電池，這些電池將用於他們設計的原型手錶中。他們將按自己的節奏運行它們，與電子設備集成，然後他們將轉向為其批量產品定制電池，然後他們將開始下一步，比如說，下一步是構建數千到數十個數千種產品，他們可能會將其保留在內部用於測試目的，此時當你克服這個障礙時，他們就會進入全面的大批量生產。所以這是一個相當長的計劃，但我們已經克服了其中一個關鍵障礙。目前，我們正在積極邁向商業化進程。

Well, that's helpful. And then maybe just as a follow-up, shipping gears a bit to manufacturing scale. If you obviously mentioned all the great learnings from the first line and comfortable now ordering Gen2 equipment for Fab-2. And I think you've mentioned this before, if you can maybe just remind me what's the output improvement on -- with the Gen2 equipment on the second line, either on a meters per minute or a number of units or gigawatt hour improvement, however you want to disclose it, but just curious what's that output improvement look like?

嗯，這很有幫助。然後也許只是作為後續行動，將齒輪運送到製造規模。如果您顯然提到了從第一線學到的所有寶貴經驗，並且現在很樂意為 Fab-2 訂購 Gen2 設備。我想你之前已經提到過這一點，如果你能提醒我第二代設備的輸出改進是什麼，無論是每分鐘米數還是單位數或千兆瓦時的改進，但是您想透露它，但只是好奇輸出改進是什麼樣的？

Yes. I mean, I think about it, Colin, in kind of two axis. One is just the absolute kind of space efficiency, right? If you look at the line, major portions of it twice efficient from a space standpoint in terms of how many units you can get out for a certain amount of square foot, which is obviously a huge factor when we think about kind of our expansion plans in Fab-2. And then beyond that, there are elements of the line, which actually just have higher throughput in general, on top of the space improvement. And that varies. I think in some cases, that could be a small significant number. And in other cases, it can be quite large.

是的。我的意思是，科林，我從兩個角度思考這個問題。一是絕對的空間效率，對嗎？如果你看一下這條生產線，從空間的角度來看，它的主要部分的效率是在一定平方英尺內可以生產多少個單位，這顯然是我們考慮擴張計劃時的一個重要因素在 Fab-2 中。除此之外，還有一些生產線的元素，除了空間的改善之外，它們實際上通常具有更高的吞吐量。這各不相同。我認為在某些情況下，這可能是一個很小的數字。在其他情況下，它可能非常大。

And one more point I'll just make specifically is we've -- a key part of our process is some laser patterning we do at the front end of our process. And we've been developing some strategic relationships with some of the industry leaders in the laser space to really leverage their know-how, get early access to new technologies. And in some cases, that's driving well beyond double-digit improvement and throughput for some of those processes, right? So it can be very significant, and we want to really harness all that advantage to build the most profitable line going forward.

我要特別指出的一點是，我們流程的一個關鍵部分是我們在流程前端進行的一些激光圖案化。我們一直在與激光領域的一些行業領導者建立一些戰略關係，以真正利用他們的專業知識，儘早獲得新技術。在某些情況下，這遠遠超出了其中一些流程兩位數的改進和吞吐量，對吧？因此，這可能非常重要，我們希望真正利用所有這些優勢來打造未來最有利可圖的生產線。

Got you. Really helpful. And then just one more for me and then I'll hop back in. But just where are we on getting to 900-watt hours per liter. I think the road map has that hitting -- are you hitting that number this year. Is that still the case?

明白你了。真的很有幫助。然後再給我一個，然後我就會跳回來。但我們在達到每升 900 瓦時的目標上還差得遠嗎？我認為路線圖有這樣的目標——今年你達到這個數字了嗎？現在還是這樣嗎？

Yes. Thanks for that question. Maybe I'll ask Ashok to talk about since he's driving the R&D efforts.

是的。謝謝你提出這個問題。也許我會請 Ashok 談談，因為他正在推動研發工作。

Sure. Let me comment on that. Yes, that continues to be our goal. We plan to hit 900-watt hours per liter in a product this year coming out of Fab-1.

當然。讓我對此發表評論。是的，這仍然是我們的目標。我們計劃今年 Fab-1 生產的產品達到每升 900 瓦時。

Our next question comes from Colin Rusch with Oppenheimer.

我們的下一個問題來自科林·魯什和奧本海默。

With the changes in the process for Gen2, can you talk a little bit about your CapEx number, implications there? It seems like you should be able to get some savings out of that? As well as the site selection, you talked a little bit about having some diverse sites for Fab-2 and Fab-3, but it seems like you might be able to consolidate some of that. So just trying to understand one of the cost numbers for your past expansion into the geographic footprint that are being enabled by the Gen2 process?

隨著第二代流程的變化，您能談談您的資本支出數字及其影響嗎？看來你應該能從中節省一些錢？除了地點選擇之外，您還談到了為 Fab-2 和 Fab-3 建立一些不同的地點，但看來您可以整合其中的一些。那麼，只是想了解您過去擴展到 Gen2 流程所支持的地理足蹟的成本數字之一嗎？

Yes. Maybe Colin, I'll kind of answer those in reverse sequence and ask Steffen to comment a bit on the CapEx. From a site selection standpoint, obviously, having a much more efficient footprint for a fair amount of equipment has a significant benefit on the sites. We were looking at a quite large, close to 1 million square foot building earlier this year for Fab-2. And as we were working through kind of these gen equipment designs and looking at what these vendors are capable of, we realized that we could do much better than we were thinking. That allowed us to kind of not move forward with that one building because we thought it was much too large for what we needed.

是的。也許科林，我會以相反的順序回答這些問題，並請斯特芬對資本支出發表一些評論。從站點選擇的角度來看，顯然，為相當數量的設備提供更高效的佔地面積會給站點帶來顯著的好處。今年早些時候，我們正在為 Fab-2 尋找一座相當大的、接近 100 萬平方英尺的建築。當我們研究這些一代設備的設計並研究這些供應商的能力時，我們意識到我們可以做得比我們想像的更好。這讓我們無法繼續建造那棟建築，因為我們認為它對於我們的需求來說太大了。

And then on top of that, I think we've realized that as we're looking at the customer funnel that we're going to need more of a global presence, both some domestic manufacturing and overseas manufacturing over the next several years. And between those two things, I think it's shaping kind of what we need out of Fab-2, and it's something quite a bit smaller than 1 million square feet. We're actively working with one of the largest global real estate firms now and we're actively looking at buildings.

最重要的是，我認為我們已經意識到，當我們研究客戶渠道時，我們將需要更多的全球業務，包括未來幾年的一些國內製造和海外製造。在這兩件事之間，我認為它正在塑造我們對 Fab-2 的需求，而且它的面積比 100 萬平方英尺要小得多。我們現在正在與全球最大的房地產公司之一積極合作，並且正在積極尋找建築物。

The good news of being a bit smaller in the building side is that just gives you a lot more opportunities for buildings that meet our needs. And we see a number of them based on the requirements we've given for that search stack and had our timeline to be ready for equipment for Fab-2. And then I'll ask Steffen to talk a bit about the CapEx. Obviously, efficiency of the Gen2 line is an important factor there as well.

建築面積縮小一點的好消息是，這為您提供了更多建造滿足我們需求的建築的機會。我們根據我們為搜索堆棧給出的要求看到了其中的一些，並製定了為 Fab-2 準備設備的時間表。然後我會請 Steffen 談談資本支出。顯然，Gen2 生產線的效率也是一個重要因素。

Sure. Colin, in terms of CapEx, we finished the quarter with $408 million of cash. So we are fortunate to have sufficient funds here to put initial capacity into a Fab-2. As a reminder, from a guidance perspective, we're guiding around midpoint of the range, 110 million of CapEx for this year. And going back, we are reiterating spending capital on building out Fab-1, investing into Fab-2 Gen2 line and then also putting capital to work for our agility line that helps us to move customer quicker to the funnel.

當然。 Colin，就資本支出而言，我們本季度末的現金為 4.08 億美元。因此，我們很幸運這裡有足夠的資金來為 Fab-2 投入初始產能。提醒一下，從指導的角度來看，我們指導今年的資本支出約為該範圍的中點，即 1.1 億美元。回顧過去，我們重申支出資金用於建設 Fab-1，投資於 Fab-2 Gen2 生產線，然後還將資金投入到我們的敏捷性生產線中，以幫助我們更快地將客戶轉移到漏斗中。

In terms of long-term plan and accelerating our plan, right, we have multiple avenues to do that more efficiently in a way of taking opportunity on a joint venture partnership that we alluded to in outer years, certainly, we use our free cash flow to put more capacity in. And one point to mention here, strategic partnerships. The company has a history of of having strategic partners or customers stepping up. And then the fourth point in that area you all have read a lot of initiatives in the U.S. to bring U.S. manufacturing back. There are certain vehicles that we can tap into and we have internal initiatives going on in that area.

在長期計劃和加速我們的計劃方面，我們有多種途徑可以更有效地做到這一點，通過利用我們在前幾年提到的合資夥伴關係的機會，當然，我們使用我們的自由現金流投入更多產能。這裡要提到的一點是戰略合作夥伴關係。該公司有著戰略合作夥伴或客戶挺身而出的歷史。第四點，你們都已經讀到了美國為讓美國製造業回歸而採取的很多舉措。我們可以利用某些工具，並且我們在該領域正在採取內部舉措。

Okay. That's helpful. And then with the BrakeFlow technology, it seems to me that you're able to potentially eliminate some of the extra weight and functionality of something like a vehicle pack design. I'm just curious about some of the efficiencies and some of the monetization that you guys can target with that technology for safety and elimination of some of the fire returns and other elements that go into traditional packs?

好的。這很有幫助。然後，通過 BrakeFlow 技術，在我看來，您有可能消除一些額外的重量和功能，例如車輛包設計。我只是好奇你們可以通過該技術實現一些效率和一些貨幣化，以確保安全並消除傳統包裝中的一些回火和其他元素？

Colin, you say monetization, do you -- hear you say that?

Colin，你說貨幣化，你聽到了嗎？

Yes. I mean I'm just wondering if you can talk more.

是的。我的意思是我只是想知道你是否可以多談談。

So I'll start off and Ashok can talk a little bit about technology side and Cam can maybe talk about it from a customer perspective. I think at a high level, I'm super excited about BrakeFlow because I think as we all know, battery safety has been a huge issue in the past, has kind of plagued the industry that we're all acutely aware of. And as you think about kind of the demand of batteries going forward, we're all wanting more energy, which kind of just raises the bar on kind of the safety equation and our architecture, we think, just gives us a remarkably unique opportunity to have a true safety differentiator that changes that playing field.

因此，我將首先讓 Ashok 談談技術方面的問題，而 Cam 或許可以從客戶的角度來談談。我認為從高水平來看，我對 BrakeFlow 感到非常興奮，因為我認為眾所周知，電池安全在過去一直是一個巨大的問題，一直困擾著我們都敏銳意識到的行業。當你考慮未來電池的需求時，我們都需要更多的能量，這只會提高安全方程和我們的架構的標準，我們認為，這給了我們一個非常獨特的機會擁有真正的安全優勢，可以改變競爭環境。

And so we're super excited about that, and we think it has benefits technology-wise, but also certainly, as we talk with customers. It's a super attractive thing for them that is very much supportive of our premium pricing model and Cam can talk about that first. But maybe Ashok, you can talk a little bit about from a technology standpoint first to his question.

因此，我們對此感到非常興奮，我們認為它在技術方面有好處，而且在我們與客戶交談時也是如此。這對他們來說是一件非常有吸引力的事情，非常支持我們的優質定價模式，Cam 可以先談談這一點。但也許阿肖克，你可以先從技術角度談談他的問題。

Sure. I'd be happy to. So I think we're all aware of how battery fires have -- are a critical factor that the people are aware of that caused all kinds of damage to property and potentially to people. The BrakeFlow technology essentially addresses at the cell level. It adds a layer of safety protection that prevents what -- most of these incidents is start off with an internal short that leads to a thermal runaway. And this protection prevents that internal short in many cases, to turn into a situation where the battery catches fire. And it's very unique, and it is really a direct application of our architecture to solve a problem in a way that would be difficult for others to copy.

當然。我很樂意。因此，我認為我們都知道電池起火是如何造成各種財產損失和潛在人員損失的一個關鍵因素。 BrakeFlow 技術本質上是在細胞層面上解決的。它增加了一層安全保護，可以防止大多數此類事件都是由導致熱失控的內部短路開始的。在許多情況下，這種保護可以防止內部短路，從而導致電池著火。它非常獨特，它確實是我們架構的直接應用，以其他人難以復制的方式解決問題。

And to answer your question on pack design, sure, it adds a huge layer of additional advantages in improving the pack design as a result of having a cell that is more resistant to go into runaway. I should also explain that our cell has many other properties that make the pack, a much better -- potential for it to be designed in a much better way. For example, the thermal properties of our cells are significantly better than a traditional cell and that plays a huge role in making the pack design more efficient and potentially cheaper.

為了回答您關於電池組設計的問題，當然，它在改進電池組設計方面增加了巨大的額外優勢，因為電池更能抵抗失控。我還應該解釋一下，我們的電池具有許多其他特性，使電池組變得更好——有可能以更好的方式設計。例如，我們電池的熱性能明顯優於傳統電池，這在提高電池組設計效率和可能更便宜方面發揮著巨大作用。

And I can hand it over to Cam, and he can talk more about the impact from a customer standpoint.

我可以將其交給 Cam，他可以從客戶的角度更多地談論影響。

Yes, sure, sure. Just to add to what you said. I think the feedback from customers is universally positive. And I would say that amongst the different categories where we're active, the larger the battery pack or the larger the batteries, the more important they believe the BrakeFlow technology is. So we've gotten some really great feedback from our automotive OEMs, for instance. And these guys are evaluating multiple options to try and get to higher energy densities. Of course, looking across the technology range from silicon anode companies to solid state. And we think this differentiates us really quite dramatically relative to that competition. As people try to build higher and higher energy cells, of course, the hurdle for safety goes up and up.

是的，當然，當然。只是補充一下你所說的。我認為客戶的反饋普遍是積極的。我想說的是，在我們活躍的不同類別中，電池組越大或電池越大，他們認為 BrakeFlow 技術就越重要。例如，我們從汽車原始設備製造商那裡得到了一些非常好的反饋。這些人正在評估多種選擇，以嘗試獲得更高的能量密度。當然，縱觀從矽陽極公司到固態的技術範圍。我們認為，相對於競爭對手，這使我們真正脫穎而出。當然，隨著人們試圖製造越來越高能量的電池，安全性的障礙也越來越大。

And the question is what can you do about it? One way is to try and handle it at the pack. The way I think about the question of ASP and value is that the Enovix cell by its architecture, including the safety aspects is really pulling functions out of the pack and embedding it into the cell essentially without any additional cost. And so we think there's a real value there to our solution.

問題是你能做些什麼呢？一種方法是嘗試在包裝中處理它。我思考 ASP 和價值問題的方式是，Enovix 電池的架構（包括安全方面）實際上是從包裝中提取功能並將其嵌入到電池中，基本上無需任何額外成本。因此，我們認為我們的解決方案具有真正的價值。

Our next question comes from Gus Richard with Northland.

我們的下一個問題來自 Northland 的格斯·理查德。

Just on Fab-2, with your ability to shrink your footprint, do you expect the revenue output of that Fab to be the same as you originally thought? And also, if you just give the timing of first revenue of Fab-2, that would be helpful.

就 Fab-2 而言，隨著您縮小占地面積的能力，您預計該 Fab 的收入產出與您最初想像的相同嗎？而且，如果您只給出 Fab-2 首次收入的時間，那將會很有幫助。

Yes. Thanks for that question, Gus. I think -- I would think about it at 2 axis, right? We are working as fast as possible to get Gen2 equipment in, we stated that it will be in the first half of this next year, and that will start producing revenue next year as well. To your question about will we put -- does that mean Fab-2 will be larger from a capacity standpoint? I think we remain -- we think about that kind of more of an aggregate. We're committed to still get to our $1 billion revenue run rate as quickly as we can. But I would think about it more in terms of our global footprint. We strongly believe that over the next several years, we're going to need both a domestic presence as well as (inaudible) presence. And the exact mix of how much is in each one, I think, is not determined yet. But it is most likely at this point that it will in Fab-2 servicing the $1 billion run rate along with Fab-1. They'll be a Fab-3 is a key component of that as well.

是的。謝謝你提出這個問題，格斯。我想——我會在 2 軸上考慮，對吧？我們正在盡快投入第二代設備，我們表示將在明年上半年進行，明年也將開始產生收入。對於你關於我們是否會提出的問題——從容量的角度來看，這是否意味著 Fab-2 將會更大？我認為我們仍然——我們更多地考慮這種總體。我們仍致力於盡快達到 10 億美元的收入運行率。但我會更多地考慮我們的全球足跡。我們堅信，在接下來的幾年裡，我們將需要國內業務以及（聽不清）業務。我認為，每種產品的具體含量尚未確定。但此時 Fab-2 很可能與 Fab-1 一起為 10 億美元的運行費用提供服務。他們將成為 Fab-3 也是其中的一個關鍵組成部分。

Got it. And then just with the new Gen2 equipment you add in lines, and how much is the -- how much do you estimate the incremental revenue is for each line and how much CapEx is required for a line?

知道了。然後，只需在生產線上添加新的 Gen2 設備，您估計每條生產線的增量收入是多少，以及每條生產線需要多少資本支出？

Yes. So I think as we mentioned, there's increased output, there's increased efficiency. It's probably a bit late -- sorry, a bit early to be giving specific guidance on kind of what's the nameplate revenue capacity for each line. Obviously, it's dependent on the products we're making. I think as we get a bit further along this year with those lines coming up and seeing that we're hitting our capacity numbers, we can start giving some more guidance around those things. But I think we just like to be a bit further along before we kind of talking about those things.

是的。所以我認為正如我們提到的，產量增加了，效率也提高了。現在可能有點晚了——抱歉，就每條生產線的銘牌收入能力給出具體指導有點早了。顯然，這取決於我們生產的產品。我認為，隨著今年我們在這些方面取得進一步進展，並看到我們達到了我們的產能數字，我們可以開始圍繞這些事情提供更多指導。但我認為我們只是想在談論這些事情之前再進一步討論。

Got it. And then last one for me. Just any update on your program with the DOE and automotive in general, how is that development program going? And sort of how is your initial plan and discussions with the auto guys going?

知道了。然後是我的最後一張。關於您與能源部和汽車行業的計劃的任何更新，該開發計劃進展如何？您最初的計劃以及與汽車人員的討論進展如何？

Yes. I think that's -- it's a great story. We're kind of proceeding along, I think, 3 different angles there. As we mentioned before, we've kind of been actively sampling batteries into the consumer set over the last 6, 9 months, that's continuing. The DOE program you talked about, we're kind of halfway through that 3-year program, and I'd have to say the results on that continue to be pretty stellar in terms of our demonstration of our architecture with EV class cathodes, paired with our silicon anodes. That's been very good.

是的。我認為這是一個很棒的故事。我認為我們正在從三個不同的角度進行。正如我們之前提到的，在過去的 6、9 個月裡，我們一直在積極向消費者群體提供電池樣品，而且這種情況仍在繼續。你談到的美國能源部計劃，我們這個為期 3 年的計劃已經進行了一半，我不得不說，就我們用 EV 級陰極配對的架構的演示而言，結果仍然非常出色使用我們的矽陽極。這已經很好了。

And then the last piece, I think, is that we've put in place a new unit within the company called Enovix Mobility. We've hired some key resources on the outside in that group, and we've got some really strong leadership across the EV space to kind of drive that. And we're having pretty regular conversations with EV players today, and I think the excitement is there with those guys. Obviously, there's work ahead to do that, but that's a big focus for us going forward, and we think long-term big growth opportunity for the company.

我認為最後一點是我們在公司內部設立了一個新部門，名為 Enovix Mobility。我們在該團隊外部聘請了一些關鍵資源，並且我們在電動汽車領域擁有一些非常強大的領導力來推動這一目標。今天我們與電動汽車玩家進行了相當定期的對話，我認為這些人很興奮。顯然，要做到這一點還有很多工作要做，但這是我們未來的重點，我們認為這對公司來說是長期的巨大增長機會。

And our next question comes from (inaudible) [Bruha] with Luke Capital.

我們的下一個問題來自（聽不清）[Bruha] 和 Luke Capital。

Just a couple if I could. Maybe, Harrold, just to stick there on the conversations about different fabs. In the shareholder letter, you may mention a Fab-3 and I think, say, a future facility will likely be needed after that to the localized production. Is that any different than what you've told us in the past? It sounds like it could be similar, but you guys also highlighted it in the shareholder letter, just so I wanted to ask about any incremental context on that? And then I have a quick follow-up.

如果可以的話，就幾個。也許，哈羅德，只是為了繼續談論不同的晶圓廠。在股東信中，您可能會提到 Fab-3，我認為，在那之後，未來可能需要一個設施來進行本地化生產。這和你過去告訴我們的有什麼不同嗎？聽起來可能很相似，但你們也在股東信中強調了這一點，所以我想問一下這方面有什麼增量背景嗎？然後我會進行快速跟進。

Yes. I think we've discussed in the prior calls, our need to have local capacity close to our customers, right, both domestically in Asia. So I don't think that's -- that's probably not new information. I would say from a location standpoint, we've been searching for Fab-2 facilities and Fab-3 at the same time, right, that are through this global real estate firm. And so our plan is to basically identify those optimum locations, so we're ready to act on them as quickly as we can and as quickly as the demand requires we do it.

是的。我想我們在之前的電話會議中已經討論過，我們需要在亞洲國內擁有靠近客戶的本地產能。所以我認為這可能不是新信息。我想說，從位置的角度來看，我們一直在同時尋找 Fab-2 和 Fab-3 設施，對吧，通過這家全球房地產公司。因此，我們的計劃基本上是確定那些最佳位置，以便我們準備盡快採取行動，並根據需求盡快採取行動。

Interesting. I got it. And so any context around sort of -- I mean, I don't want to put you on this, I mean I know you can't commit now. It wouldn't be responsible. But if you -- I guess I'm sort of trying to fit this again. I guess the question, Harrold, any sense of sort of when you may begin to settle on battery facilities? And I'm asking it this way, if the firm helps you identify it now, how long could you wait, if you had to -- for Fab-3?

有趣的。我得到了它。因此，任何有關的情況 - 我的意思是，我不想讓你參與其中，我的意思是我知道你現在不能做出承諾。那就不用負責了。但如果你——我想我正在嘗試再次適應這一點。我想問題是，哈羅德，您什麼時候可以開始選擇電池設施？我這樣問，如果公司現在就幫你識別它，如果必須的話，你能等多久——為了 Fab-3？

Yes. So I think I kind of look at it kind of from a milestone perspective. I mean we're going to -- we're ordering our Gen2 lines right now, that's just for Fab-2. The focus initially will be getting those lines up in Fab-2 working. And then once we're at a point where we're satisfied with the performance, I think we're going to want to move forward with Fab-3 as quickly as we can. We're not waiting, though, right? We're actually doing some of that searching now, right, so that we know where that would be. But I think we'll we want to just make sure we're not cutting any corners on the learning on the Gen2 equipment before we start trying to expand into two locations before we get the first one running right.

是的。所以我想我是從里程碑的角度來看待它的。我的意思是，我們現在正在訂購 Gen2 生產線，專門用於 Fab-2。最初的重點是讓 Fab-2 中的這些線路正常工作。一旦我們對性能感到滿意，我想我們就會盡快推進 Fab-3。但我們不會等待，對吧？我們現在實際上正在做一些搜索，對吧，這樣我們就知道那會在哪裡。但我認為，在我們開始嘗試擴展到兩個地點之前，在第一個地點正常運行之前，我們要確保我們不會在第二代設備的學習上偷工減料。

That's very helpful. And then -- super helpful. And a quick follow-up is can you remind us how much of the $6 million to $12 million this year will be product revenue versus NRE revenue or at least sort of relative representation?

這非常有幫助。然後——超級有幫助。快速跟進的是，您能否提醒我們，今年 600 萬至 1200 萬美元中有多少是產品收入與 NRE 收入或至少是某種相對代表性？

This is Steffen, [Amanda]. From a breakout, the service revenue, the nonrecurring engineering revenue is certainly like a significant component. As to the specific breakout, we are not guiding towards the specific breakout. Maybe as a reminder, these service revenue, they are milestone based, right? So they're more lumpy and we, at the end of the day, make delivery from the production line. But because of those milestones, it's to be seen how it's going to unfold over the year. And as Harrold alluded to, from the product revenue, we're anticipating to ship first this quarter.

這是史蒂芬，[阿曼達]。從突破來看，服務收入、非經常性工程收入無疑是一個重要組成部分。至於具體的突破，我們並不指導具體的突破。也許提醒一下，這些服務收入是基於里程碑的，對吧？因此，它們更加塊狀，而我們最終會從生產線發貨。但由於這些里程碑，今年將如何發展還有待觀察。正如哈羅德（Harrold）提到的那樣，從產品收入來看，我們預計將在本季度首先發貨。

All right. That's helpful. And just real quick on that. Can you give us any context on -- for the NRE revenue, what types of applications may be contributing to that just coming this year? That's it for me.

好的。這很有幫助。而且速度很快。您能否向我們介紹一下關於 NRE 收入的任何背景信息，哪些類型的應用程序可能會對今年即將到來的收入做出貢獻？對我來說就是這樣。

Yes. So this is Cam. I'll take that one. Not necessarily just for there, but we have programs kind of across the various categories that we're active in. So everything from AR, VR, to kind of just more generic wearables to mobile communications to laptop computers. All of these have development programs associated with them. So it's pretty broad-based.

是的。這就是卡姆。我會接受那個。不一定只是為了那裡，但我們的項目涵蓋了我們所活躍的各個類別。因此，從 AR、VR 到更通用的可穿戴設備、移動通信到筆記本電腦，應有盡有。所有這些都有與其相關的開發計劃。所以它的基礎相當廣泛。

And our next question comes from Mark (inaudible) of Private Investor.

我們的下一個問題來自私人投資者的馬克（聽不清）。

First, a couple of comments. As I'd like to say there's no greater motivator than disrespect and at $7.50, the stock is ridiculous. And the market doesn't really give a (expletive) of what you're preaching. So as the window opens, it's going to be very telling of who on the management team and who at the Board is going to buy or not buy stock. And I know I'll be watching and I'm sure others will. So I think, Harrold, you're the CEO and you're the leader. I would take this as a direct to frontier leadership, and I would get things snapping.

首先，有幾點評論。正如我想說的，沒有什麼比不尊重更能激勵我的了，而且這隻股票的價格是 7.50 美元，實在是太荒謬了。而市場並沒有真正給出你所宣揚的（髒話）。因此，當窗口打開時，管理團隊中的哪些人和董事會中的哪些人將購買或不購買股票將非常明顯。我知道我會關注，我相信其他人也會關注。所以我認為，哈羅德，你是首席執行官，也是領導者。我會把這視為直接領導前沿，我會讓事情崩潰。

My question is for Cam. And at CES, there was a lot of talk about goggles and wearables and how some people that your battery is enabling a product to be introduced and without the battery the product wouldn't come to market. Could you talk about that a little bit?

我的問題是問卡姆的。在 CES 上，有很多關於護目鏡和可穿戴設備的討論，以及一些人如何認為電池可以使產品得以推出，如果沒有電池，產品就不會進入市場。你能談談這個嗎？

Sure. Yes, happy to address that, and I can kind of put it in the broader context as well. I mean specific to AR/VR there's a huge amount of investment that's going into what many of the leaders in the technology space. consider potentially to be the next computing platform, right? Kind of went from mainframes to PCs to laptops to the computer in your pocket, which is a phone. And the question is kind of what's next. And a lot of people think that may be in the AR or the VR space. Some companies have changed their name to recognize how important that is.

當然。是的，很高興解決這個問題，我也可以將其放在更廣泛的背景下。我的意思是，具體到 AR/VR，技術領域的許多領導者都投入了大量資金。考慮可能成為下一個計算平台，對吧？有點從大型機到個人電腦，再到筆記本電腦，再到口袋裡的電腦，也就是手機。問題是接下來會發生什麼。很多人認為這可能是在 AR 或 VR 領域。一些公司已經更改了名稱，以認識到這一點的重要性。

And when you think about the engineering challenge there, what you're really trying to do is take all the functionality of a smartphone and make it small enough that you can wear it on your face without significant weight and bulk to it. And that's a massive engineering challenge. And probably and at least in our opinion, one of the largest challenges of that is dealing with the power budget. All these components, the modems, the RF, the display, the compute all that stuff takes power. And of course, it's a mobile device. You don't want this thing tethered to the wall, it requires battery power to power it.

當你考慮那裡的工程挑戰時，你真正想做的是採用智能手機的所有功能，並將其做得足夠小，以便你可以將它戴在臉上，而不會增加它的重量和體積。這是一個巨大的工程挑戰。至少在我們看來，最大的挑戰之一可能是處理功率預算。所有這些組件、調製解調器、射頻、顯示器、計算所有這些東西都需要電力。當然，它是移動設備。你不想把這個東西拴在牆上，它需要電池供電。

And so we think this is an ideal application for an Enovix battery. As we've mentioned in the past, we have two of the leaders in this space who have invested significant dollars into the company, both on the equity basis and in direct product development in order to be well positioned with us to power their products as they come on the market. So kind of from a bottom-line perspective, we think battery is actually the gateway or the bottleneck to the entire application. If you look at the products that are on the market today in the space, they're very rudimentary. Some of them have battery lives that's measured in kind of tens of minutes, not really ready for primetime product, and we think our solution to that is a big part of moving the industry forward.

因此，我們認為這是 Enovix 電池的理想應用。正如我們過去提到的，我們在這個領域有兩位領導者，他們在股權基礎上和直接產品開發方面向公司投資了大量資金，以便與我們一起為他們的產品提供支持他們上市了。因此，從底線的角度來看，我們認為電池實際上是整個應用程序的網關或瓶頸。如果你看看當今該領域市場上的產品，就會發現它們非常初級。其中一些電池的續航時間只有幾十分鐘，還沒有真正為黃金時段的產品做好準備，我們認為我們的解決方案是推動行業向前發展的重要組成部分。

Now that said on AR/VR, we think this is true from an application perspective in a number of the applications that we're active in. So you think about wearables and smart watches, one of the big application drivers there is monitoring of your health. And of course, this means you need to have sensors that are always on if you're taking your device and plugging it in because it needs to be recharged or you can't wear it through the night, that's a very big limitation. So again, that's a battery challenge ultimately.

就 AR/VR 而言，我們認為從應用程序的角度來看，我們活躍的許多應用程序都是如此。所以你想想可穿戴設備和智能手錶，其中一個重要的應用程序驅動因素是監控你的健康。當然，這意味著如果您攜帶設備並將其插入電源，您需要始終保持開啟狀態的傳感器，因為它需要充電，否則您無法整夜佩戴它，這是一個很大的限制。再說一遍，這最終是電池挑戰。

Even things that are more mature, devices are more mature for phones, if you actually use the 5G networks in your phones today, your phone would not last through the day. So in order to really get the benefit of that, you need better batteries. We talked a little bit earlier on the call about laptop computers, these devices are trying to move towards being more like your mobile phone, always on, ability to last through an entire day without plugging in. Again, what does that point to, it's the battery challenge.

即使是更成熟的東西、更成熟的手機設備，如果你今天真的在手機中使用5G網絡，你的手機也撐不了一天。因此，為了真正獲得好處，您需要更好的電池。我們之前在電話會議上談到了筆記本電腦，這些設備正試圖變得更像你的手機，永遠在線，能夠在不插電的情況下持續一整天。再說一遍，這意味著什麼？電池挑戰。

And so from an Enovix perspective, we think that having a breakthrough product here, it's a way for companies to be able to invest across the whole stack of their applications. This is an investment that they can make that impacts essentially all the functions and all the components that go into their device. So it's a great place to be strategically within the ecosystem.

因此，從 Enovix 的角度來看，我們認為擁有突破性產品是公司能夠投資整個應用程序堆棧的一種方式。這是他們可以進行的一項投資，基本上會影響其設備中的所有功能和所有組件。因此，這是一個在生態系統中具有戰略意義的好地方。

Did you say that the two companies in goggles are equity holders, do you -- is that -- did I hear that right?

你是不是說護目鏡裡的兩家公司是股東，你是不是我沒聽錯？

So what I said is that they've both made significant investments into the company historically, both in equity and in direct product development.

所以我想說的是，他們在歷史上都對公司進行了大量投資，無論是在股權還是在直接產品開發方面。

Okay. Well, I appreciate that. And my final comment is, it would be very helpful to the people who hold the stock that the company is not quiet for the next 90 days until we have another one of these updates. Given your technology and your standing in your industry, I would expect, hope and it's unacceptable to be as quiet as you guys have been. So I hope there's change there, and I'll be watching to see who buys and doesn't buy the stock. But thank you, and I'm glad we finally have had to.

好的。嗯，我很欣賞這一點。我的最後評論是，對於持有該股票的人來說，在我們收到另一項更新之前，該公司在接下來的 90 天內不會安靜，這將非常有幫助。考慮到你們的技術和你們在行業中的地位，我希望、希望你們能像你們一樣保持沉默，這是不可接受的。所以我希望那裡有變化，我會觀察誰購買和不購買股票。但謝謝你，我很高興我們終於不得不這麼做了。

And this concludes the Q&A portion of the conference call. I'd like to hand the conference back over to Mr. Harrold Rust for any closing remarks.

電話會議的問答部分到此結束。我想將會議交還給 Harrold Rust 先生致閉幕詞。

I just want to thank everybody for their attendance on the call today. We're really pleased and excited with the progress this quarter and also on the future of this year and executing the rest of our plan, including Fab-2, and we're super excited about the Gen2 equipment and what that represents. So with that, I think I'll say thank you again, and we look forward to updating you in the future.

我只想感謝大家參加今天的電話會議。我們對本季度的進展以及今年的未來以及執行我們計劃的其餘部分（包括 Fab-2）感到非常高興和興奮，我們對 Gen2 設備及其代表的內容感到非常興奮。因此，我想我會再次感謝您，我們期待著將來為您提供最新消息。

And this concludes today's conference call. Thank you for your participation. You may now disconnect. Everyone, have a wonderful day.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連接。祝大家度過美好的一天。