Enovix Corp (ENVX) 2022 Q3 法說會逐字稿

Thank you for standing by, and welcome to the Enovix Corporation third quarter 2022 earnings conference call. (Operator Instructions). As a reminder, today's program will be recorded.

感謝您的耐心等待，歡迎參加 Enovix Corporation 2022 年第三季度收益電話會議。 （操作員說明）。提醒一下，今天的節目將被錄製。

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

現在我想介紹一下今天節目的主持人，投資者關係高級副總裁查爾斯·安德森。請繼續，先生。

Thank you. Hello, everyone, and welcome to the Enovix Corporation's third quarter 2020 financial results conference call. With us today are President, Chief Executive Officer, and Co-Founder, Harrold Rust; and Chief Financial Officer, Steffen Pietzke.

謝謝。大家好，歡迎參加 Enovix 公司 2020 年第三季度財務業績電話會議。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。

We will also be joined by our Chief Commercial Officer, Cam Dales; and our Chief Technology Officer, and co-founder, Ashok Lahiri, for the Q&A portion of our call. Harrold and Steffen will review the operating and financial highlights, and then we'll take questions. After the Q&A session, we'll conclude our call.

我們的首席商務官 Cam Dales 也將加入我們；我們的首席技術官兼聯合創始人 Ashok Lahiri 參與了電話會議的問答部分。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 third quarter 2020 shareholder letter after the market close 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 2020 年第三季度股東信。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 will contain forward-looking statements that are subject to risks and uncertainties. These forward-looking statements are based on our current expectations, and may differ materially from actual future events or results due to a variety of factors.

請注意，股東信函新聞稿和本次電話會議將包含前瞻性陳述，這些陳述存在風險和不確定性。這些前瞻性陳述基於我們當前的預期，並且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。

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, November 1, 2022, based on information currently available to us. We can give no assurance that these statements will prove to be correct, and we do not intend and undertake no duty to update these statements, except as required by law.

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。我們的所有聲明均基於我們目前掌握的信息，於 2022 年 11 月 1 日起作出。我們不能保證這些聲明將被證明是正確的，並且我們不打算也不承擔更新這些聲明的義務，除非法律要求。

During this call, we'll 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. I will now turn the call over to Harrold to begin. Harrold?

在本次電話會議中，我們還將討論非公認會計準則財務指標，這些指標不按照公認會計原則制定。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。我現在將把電話轉給哈羅德開始。哈羅德？

Thank you, Charlie, and thank you, everyone, for being on the call today. Enovix made strong progress in the third quarter that advanced our goals to continue commercializing, what we believe is the best product in the lithium-ion battery market that will allow our customers to deliver transformational features and products to the world.

謝謝查理，也謝謝大家今天參加電話會議。 Enovix 在第三季度取得了強勁進展，推進了我們繼續商業化的目標，我們相信這是鋰離子電池市場上最好的產品，將使我們的客戶能夠向世界提供變革性的功能和產品。

This is evidenced by the strength of our large revenue funnel and increasing engagement with leaders in portable electronic products and EVs. We have active engagements with six mega cap technology companies, two of which we have design wins with. And today, we are announcing a non-binding MOU with one of these leaders.

我們龐大的收入渠道的實力以及與便攜式電子產品和電動汽車領域領導者的日益密切的合作就證明了這一點。我們與六家大型科技公司進行了積極合作，其中我們贏得了其中兩家的設計。今天，我們宣布與其中一位領導人簽署不具約束力的諒解備忘錄。

Under this agreement, Enovix and this customer will work together to leverage our technology across their broad product portfolio, and further collaborate on our technology and manufacturing scale-up. We believe we are well positioned in the portable electronics market overall, with more than 75 accounts clamoring for our products due to our technology leadership and energy density and safety.

根據該協議，Enovix 和該客戶將共同努力，在其廣泛的產品組合中利用我們的技術，並在我們的技術和製造規模擴大方面進一步合作。我們相信，我們在便攜式電子市場整體上處於有利地位，由於我們的技術領先地位以及能量密度和安全性，超過 75 個客戶對我們的產品表示強烈歡迎。

We continue to grow our global reach throughout Asia, and have engagements with leading smartphone OEMs in China, and major consumer brands in Japan and Korea, including Samsung. We are also seeing strong interest from leading automakers, given our fast charge advantages. And in the third quarter, we shipped production sales for initial testing to a Tier-1 EV battery supplier and a top 10 global auto OEM.

我們繼續擴大在亞洲的全球影響力，並與中國領先的智能手機原始設備製造商以及日本和韓國的主要消費品牌（包括三星）建立了合作關係。鑑於我們的快速充電優勢，我們還看到領先汽車製造商的強烈興趣。在第三季度，我們向一家一級電動汽車電池供應商和一家全球十大汽車原始設備製造商運送了用於初始測試的產品。

Our task remains to scale the capacity for our revolutionary products with our Gen2 auto line, the engine of growth for the company. together with our key vendors. We made excellent progress at Gen2 during the quarter, including placing initial purchase orders for our laser patterning, assembly, and packaging lines for long-lead material, design, and proof of concept projects to demonstrate the design improvements built into Gen2.

我們的任務仍然是通過我們的第二代汽車生產線擴大革命性產品的產能，這是公司增長的引擎。與我們的主要供應商一起。本季度，我們在 Gen2 上取得了出色的進展，包括為長周期材料、設計和概念驗證項目的激光圖案、裝配和包裝線下了初始採購訂單，以展示 Gen2 中內置的設計改進。

These 47 projects are presently being completed with our key vendors and have thus far validated the design concepts and improved performance of Gen2. We have also placed a follow-on purchase order for the remainder of system fabrication with our packaging equipment vendor and expect to do the same with our (inaudible) and battery assembly vendors in the next several weeks.

這 47 個項目目前正在與我們的主要供應商合作完成，迄今為止已經驗證了 Gen2 的設計理念和改進的性能。我們還向我們的封裝設備供應商下達了剩餘系統製造的後續採購訂單，並預計在接下來的幾週內向我們的（聽不清）和電池組裝供應商做出同樣的採購訂單。

We believe that we remain on track to land our first Gen2 line in the second half of 2023. In total, over the last nine months, we've incorporated over 120 learnings from Gen1 into the detailed designs for Gen2, resulting in a line that can assemble and package many more batteries in the same footprint for significantly less capital per battery.

我們相信，我們仍有望在 2023 年下半年推出第一條 Gen2 系列。總的來說，在過去 9 個月裡，我們將 120 多項從 Gen1 學到的知識融入到 Gen2 的詳細設計中，從而打造出一條可以在相同的佔地面積內組裝和封裝更多的電池，從而大大減少每個電池的資本。

I'd like to highlight a few areas that illustrate why and how Gen2 is such an improvement. First, we have a laser pattern electrode form factor that allows us to deliver breakthroughs such as a 100% accurate silicon anode, and safety innovations like brake flow that uniquely address thermal runaway. Laser patterning is at the core of our technology, and we must become a world leader in that field.

我想強調幾個方面來說明 Gen2 為何以及如何取得如此大的改進。首先，我們擁有激光圖案電極外形尺寸，使我們能夠實現諸如 100% 準確的矽陽極等突破，以及諸如獨特地解決熱失控問題的製動流等安全創新。激光圖案是我們技術的核心，我們必須成為該領域的世界領先者。

To support our vision, we announced today, a collaboration with IPG Photonics, a global leader in laser technology. Our alliance with IPG provides ongoing access to the most advanced laser technologies and has already resulted in our Gen2 lasers having 5x the power of our current Gen1, far ahead of our original scale-up plan.

為了支持我們的願景，我們今天宣布與全球激光技術領導者 IPG Photonics 合作。我們與 IPG 的聯盟提供了對最先進激光技術的持續訪問，並且已經使我們的 Gen2 激光器的功率是當前 Gen1 的 5 倍，遠遠超出了我們最初的擴大規模計劃。

Second, in stacking, we are eliminating a frequent manual alignment of four independent punch head and replacing them with a single punch head that's export battery simultaneously. This is an example of one of the proof-of-concept projects we launched months ago, that has already been proven out long before that production tools are even built.

其次，在堆疊過程中，我們消除了四個獨立沖頭的頻繁手動對齊，並用同時輸出電池的單個沖頭代替它們。這是我們幾個月前啟動的概念驗證項目之一的示例，該項目早在生產工具構建之前就已經被證明是可行的。

Certainly, we are making a major change in how we transport and process batteries. In Gen1, we use a low precision, low speed conveyance system that moves batteries between each assembly station. For Gen2, we have replaced it with a high-speed, high-accuracy linear motor that has only become recently available.

當然，我們正在對電池的運輸和處理方式進行重大改變。在 Gen1 中，我們使用低精度、低速的輸送系統在每個組裝站之間移動電池。對於 Gen2，我們將其替換為最近才上市的高速、高精度線性電機。

This eliminates the need to move batteries on and off the track, increasing throughput and reducing the complexity, size, and cost of the equipment as we can now process on the track directly. In addition, we expect it to improve our process capability and yields, as the accuracy of the linear motor is often better than the Gen1 fixturing.

這樣就無需將電池移入和移出軌道，從而提高了吞吐量並降低了設備的複雜性、尺寸和成本，因為我們現在可以直接在軌道上進行處理。此外，我們期望它能夠提高我們的工藝能力和產量，因為線性電機的精度通常比 Gen1 夾具更好。

And lastly, we have learned in Gen1, how critical automated vision systems are both inspection and metrology. They detect issues instantly, drive faster yield learning, and increased equipment uptime. We have added significantly more metrology to Gen2 with this learning.

最後，我們在第一代中了解到，自動化視覺系統對於檢測和計量來說是多麼重要。它們可以立即檢測到問題，推動更快的良率學習，並增加設備的正常運行時間。通過這次學習，我們為 Gen2 添加了更多計量功能。

Given our high and increasing confidence in Gen2 superior performance, it has become clear to me that we must begin to redirecting resources to Gen2, even at the expense of the ongoing improvement activities of Gen1. From the beginning, we knew that improvement and learning of Gen1 were less about making Fab-1 run better and more about making Gen2 as perfect as we could.

鑑於我們對 Gen2 卓越性能的高度信心和不斷增強的信心，我很清楚我們必須開始將資源重新分配給 Gen2，即使以犧牲 Gen1 的持續改進活動為代價。從一開始，我們就知道 Gen1 的改進和學習並不是為了讓 Fab-1 運行得更好，而是為了讓 Gen2 盡可能完美。

Our goal is to replicate multiple Gen2 lines in the future, directly on our own, and indirectly via licensing and joint ventures with our roster of high-profile customers and potentially incumbent battery meters. For those of you familiar with semiconductor history, it is our blueprint for copy exact.

我們的目標是在未來直接複製多條 Gen2 生產線，並通過許可和與我們的知名客戶和潛在的現有電池計量表建立合資企業間接複製多條 Gen2 生產線。對於那些熟悉半導體歷史的人來說，這是我們精確複製的藍圖。

We believe that the result of this change in emphasis will be lower volume from our Gen1 life and Fab-1 and Gen2 -- until Gen2 ramps in 2024. It was a tough decision, but I feel it's the right one.

我們相信，這一重點變化的結果將是我們的 Gen1 壽命以及 Fab-1 和 Gen2 的產量下降，直到 2024 年 Gen2 的量產。這是一個艱難的決定，但我覺得這是正確的決定。

Now I'll turn the call over to Steffen, who will discuss our financials. And after that, I'll make some closing remarks. Steffen?

現在我將把電話轉給史蒂芬，他將討論我們的財務狀況。之後，我將做一些總結髮言。史蒂芬？

Thank you, Harrold. Our detailed financials and the reconciliation between our GAAP and non-GAAP results can be found in our shareholder letter. So I will spend my time covering a few high-level topics. We recognized a nominal amount of revenue in the third quarter, as we focused our efforts during the third quarter on optimizing Fab-1. And shipped the majority of our batteries as samples for customer qualifications.

謝謝你，哈羅德。我們詳細的財務數據以及 GAAP 和非 GAAP 業績之間的調節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。我們在第三季度確認了名義收入，因為我們在第三季度集中精力優化 Fab-1。並將我們的大部分電池作為樣品發貨以供客戶鑑定。

Our adjusted EBITDA loss in the third quarter was $20.2 million, compared to an adjusted EBITDA loss of $18 million in the second quarter of 2022. Excluding stock-based comp, our non-GAAP operating expenses in the third quarter were $19.4 million, down from non-GAAP operating expenses of $19.5 million in the second quarter of 2022, which also excludes stock-based comp.

我們第三季度調整後 EBITDA 虧損為 2020 萬美元，而 2022 年第二季度調整後 EBITDA 虧損為 1800 萬美元。不包括股票補償，我們第三季度的非 GAAP 運營費用為 1940 萬美元，低於去年同期2022 年第二季度的非 GAAP 運營費用為 1950 萬美元，其中也不包括基於股票的費用。

We closed the third quarter of 2022 with net cash of $349 million, down from $385 million in the second quarter of 2022, due to $20.6 million of cash used operationally and $16.9 million of cash used on capital expenditure.

截至 2022 年第三季度，我們的淨現金為 3.49 億美元，低於 2022 年第二季度的 3.85 億美元，原因是運營使用的現金為 2,060 萬美元，資本支出使用的現金為 1,690 萬美元。

Now, let's discuss our guidance. For full year 2022, we now expect to use between $130 million and $150 million dollars of cash, of which we expect roughly 40% will be CapEx. We are lowering our cash use guidance, primarily due to the timing of capital expenditure payments for our agility line and final payment milestones for our first Gen2 lines.

現在，讓我們討論一下我們的指導。對於 2022 年全年，我們預計將使用 1.3 億至 1.5 億美元的現金，其中我們預計大約 40% 將用於資本支出。我們正在降低現金使用指導，主要是由於我們的敏捷性產品線的資本支出支付時間和我們的第一代第二代產品線的最終付款里程碑。

For revenue, we continue to expect to recognize between $6 million and $8 million for full year 2022, with service revenue being a significant contributor. Before I turn it back to Harrold, I want to highlight that in this quarter's shareholder letter and investor presentation, we are sharing details around the economics of the Gen2 line. Many shareholders have asked us, how to best model our Enovix scale-up, and we believe the Gen2 economics will allow you to do that.

就收入而言，我們繼續預計 2022 年全年將實現 600 萬至 800 萬美元的收入，其中服務收入是一個重要貢獻者。在我把問題轉回 Harrold 之前，我想強調一下，在本季度的股東信函和投資者演示中，我們將分享有關 Gen2 系列經濟性的詳細信息。許多股東問我們，如何最好地模擬我們的 Enovix 規模擴張，我們相信第二代經濟學將允許您做到這一點。

To summarize, we exited the quarter with a very strong balance sheet. And with Gen2 underway and the caliber of customers we have, we believe we have the ingredients to scale and realize our vision of every person being positively impacted by Enovix innovation every day.

總而言之，我們在本季度結束時擁有非常強勁的資產負債表。隨著 Gen2 的進行以及我們擁有的客戶素質，我們相信我們有能力擴大規模並實現我們的願景，即每個人每天都受到 Enovix 創新的積極影響。

I will now turn it back to Harrold, for closing remarks.

現在我將把它轉回給哈羅德，讓他作結束語。

Thanks, Stefan. Our task ahead is clear. Continue to push the boundaries of what's possible with our technology, while developing and bringing up a world-class Gen2 manufacturing line to fuel our growth and satisfy our customers.

謝謝，斯特凡。我們未來的任務很明確。繼續突破我們技術的極限，同時開發和建立世界一流的 Gen2 生產線，以推動我們的發展並滿足我們的客戶。

On that first point, I am pleased to report that we are now far along with a new technology node we call EX1.5, which is within our first technology node, EX-1 and our second generation of EX-2. We have successfully built the EX1.5 wearable size batteries in our R&D line, that equates to 965 watt hours per liter for smartphone size battery up from 900 watt hours per litre for the EX-1.

關於第一點，我很高興地報告，我們現在正在開發一個稱為 EX1.5 的新技術節點，它位於我們的第一個技術節點 EX-1 和第二代 EX-2 中。我們已在研發系列中成功打造了 EX1.5 可穿戴尺寸電池，相當於智能手機尺寸電池的每升 965 瓦時，而 EX-1 的每升為 900 瓦時。

We anticipate sampling this technology next year to customers. This gives us confidence in our long-term energy density road map and our ability to move off the industry's historical trend of major improvements. I'm more excited than ever with the progress we've made with our technology, our customers, and our Gen2 manufacturing line.

我們預計明年向客戶提供該技術的樣品。這讓我們對我們的長期能源密度路線圖以及我們擺脫行業重大改進的歷史趨勢的能力充滿信心。我對我們在技術、客戶和 Gen2 生產線方面取得的進步感到比以往任何時候都更加興奮。

The collaborations we've announced today with industry leading customers and partners, supports our vision and highlights the compelling value we bring to the battery industry. With that, I'd like to turn it back over to the operator for your questions. Operator?

我們今天宣布與行業領先的客戶和合作夥伴的合作支持了我們的願景，並凸顯了我們為電池行業帶來的引人注目的價值。至此，我想將其轉回接線員詢問您的問題。操作員？

(Operator Instructions)

（操作員說明）

Colin Rusch, Oppenheimer.

科林·魯施，奧本海默。

Thanks so much guys. You've obviously been testing this equipment and working on it for quite a while now. Can you talk a little bit about the decision making and some of the triggers for shifting a little bit of the CapEx strategy, and deciding to move forward with the Gen2 line in the way that you're?

非常感謝你們。顯然，您已經測試該設備並對其進行了相當長的工作。您能否談談決策和一些改變資本支出策略的觸發因素，以及決定以您現在的方式推進 Gen2 產品線？

Yes, Colin, thanks for that question. I think it's really not a question of shipping. CapEx focus is really a question more of -- as we get further and closer to Gen2, we want to make sure from a internal resource standpoint, we've got all the talents on that we need to make that successful. We spent a lot of time the last two quarters extracting all the learnings out of Gen1.

是的，科林，謝謝你提出這個問題。我覺得這根本就不是運輸的問題。資本支出重點實際上是一個問題——隨著我們越來越接近第二代，我們希望從內部資源的角度確保我們擁有成功所需的所有人才。過去兩個季度我們花了很多時間從 Gen1 中提取所有經驗教訓。

And I'm pleased to say I think, we're not seeing additional learnings come out. So I mean that effort is kind of timed out. And we've basically, as a part of that, solve the big problems, we think that we're in Gen1 that go away in Gen2.

我很高興地說，我認為我們沒有看到更多的學習成果。所以我的意思是，這種努力有點超時了。作為其中的一部分，我們基本上已經解決了一些大問題，我們認為我們處於第一代，但在第二代中就消失了。

And so, we want to make sure we sufficiently staffed Gen2 to make sure that, that comes in to hit its objective and timeline. And that's what we got to do that. That is, in my mind, is the most important thing for the company right now, because that's the blueprint for how we scaled our business going forward.

因此，我們希望確保 Gen2 配備足夠的人員，以確保實現其目標和時間表。這就是我們必須要做的。在我看來，這是公司目前最重要的事情，因為這是我們未來如何擴展業務的藍圖。

Perfect. That's actually quite helpful. So then, shifting gears towards the customers. Obviously, there's an awful lot going on and you've talked a little bit about having prioritized customers. But can you talk a little bit about how you're moving through the qualification process with those folks, and the designing process?

完美的。這實際上很有幫助。那麼，就將注意力轉向客戶。顯然，發生了很多事情，您也談到了優先考慮客戶的問題。但是您能談談您是如何與這些人一起完成資格認證流程以及設計流程的嗎？

The numbers haven't shifted too much in the funnel. But I'm assuming that you've made some meaningful progress in discussions and moving through some of those technical details and finding -- and their buying process.

漏斗中的數字沒有發生太大變化。但我假設您在討論和完成一些技術細節和發現以及他們的購買過程中取得了一些有意義的進展。

Yes, I'll just briefly comment and let Cam pipe in. I think from a manufacturing standpoint, we've delivered a lot of samples out of Fab-1 in support of the customer qualifications. Those parts have been hitting specifications and those qualifications. We've been progressing quite well.

是的，我只是簡單地評論一下，然後讓 Cam 插話。我認為從製造的角度來看，我們已經從 Fab-1 交付了大量樣品來支持客戶資格。這些零件一直符合規格和資格。我們一直進展得很好。

I'll let Cam add a little bit of color to that.

我會讓卡姆為它添加一點色彩。

Sure. Thanks, Harrold. Hello, Colin. Yeah, to give you a little bit more of a sense of where things are in the funnel. The overall funnels is relatively stable in terms of the total dollar value. We've been focusing on moving programs from kind of design opportunities at the top down into active design, and then design wins. And I think we're up to nine design wins now.

當然。謝謝，哈羅德。你好，科林。是的，讓您對漏斗中的內容有更多的了解。就總美元價值而言，整體渠道相對穩定。我們一直致力於將項目從自上而下的設計機會轉變為主動設計，然後設計獲勝。我認為我們現在已經贏得了九項設計。

So as those programs progress through that those stages, it really goes from sampling R&D cells originally. And now most of our samples are actually coming off of Fab-1. I think we ship to 25 different companies today off of the Fab-1 line.

因此，隨著這些項目在這些階段的進展，它實際上是從最初對研發單元進行採樣開始的。現在我們的大部分樣品實際上都來自 Fab-1。我認為今天我們通過 Fab-1 生產線向 25 家不同的公司發貨。

Customers run those cells through their test programs, really matching them up against their own requirements on their products. Then this focus from switches to either using a standard cell, which we have a couple that have been defined off of our lines or to move to a customization program where we build to cell specific to customers.

客戶通過測試程序運行這些單元，真正將它們與他們自己的產品要求相匹配。然後，重點從使用標准單元（我們有幾個已經在我們的生產線上定義的單元）轉移到定製程序，在該程序中我們構建特定於客戶的單元。

So we've launched a number of those. And then it really comes down to moving into full manufacturing qualification. Part of that is testing and kind of detailed reliability on cells off of the factory line, as well as the auditing and the managing of our quality systems in the factory.

所以我們推出了其中的一些。然後真正歸結為進入全面的製造資格。其中一部分是對工廠生產線外的電池進行測試和詳細的可靠性，以及對工廠質量體系的審核和管理。

So I would say most of our focus now with these programs is kind of in those latter stages. A lot of effort going into on the quals and certifications from a quality perspective on the line, in preparation for some more meaningful volume shipments next year.

所以我想說，我們現在對這些計劃的大部分關注點都集中在後期階段。從質量角度來看，我們在生產線上的質量和認證方面投入了大量精力，為明年更有意義的批量出貨做準備。

And then really through next year, a number of significant qual programs, which ultimately will be planned to launch in 2024 on the Gen2 line set you know, significant volume.

然後，真正到明年，許多重要的質量計劃最終將計劃於 2024 年在 Gen2 系列上推出，數量可觀。

Great. Thanks so much guys.

偉大的。非常感謝你們。

Bill Peterson, JPMorgan.

比爾·彼得森，摩根大通。

Yes, thanks for taking my questions. Wanted to get some clarification around what is left, I guess, we saw for Gen2. It sounds like you still are on target for second half of 2023. But I guess, how much more work, if you can quantify or what types of areas need to be completed in order to be ready for shipping in the second half of next year?

是的，感謝您回答我的問題。我想我們想對第二代的剩餘內容進行一些澄清。聽起來您仍然在 2023 年下半年實現目標。但我猜，如果您可以量化，還需要完成多少工作，或者需要完成哪些類型的區域才能為明年下半年的發貨做好準備？

And I guess, sort of related to that, you talk about now Gens and lines and Fabs, but you really didn't talk about where this is going to be going, I guess in terms of a Fab footprint. Are you still thinking about the potential for two Fabs? Or is this -- I mean, how much is this the internal capacity or maybe partnership finance or other means?

我想，與此相關的是，你現在談論 Gens、生產線和 Fabs，但你確實沒有談論這將走向何方，我想是在 Fab 足跡方面。您還在考慮兩個晶圓廠的潛力嗎？或者是——我的意思是，這是多少內部能力，或者可能是合夥融資或其他方式？

Yes, thanks for that question, Bill. So, I think relative to your first question, Gen2 is pretty far along in the design process. I would say, detailed design process. And we expect that will be kind of going into final detailed design review towards the end of this year, right.

是的，謝謝你提出這個問題，比爾。所以，我認為相對於你的第一個問題，Gen2 在設計過程中已經走得很遠了。我會說，詳細的設計過程。我們預計這將在今年年底進入最終的詳細設計審查，對吧。

And so, we've got high confidence. Given the interactions, which are very regular that's going to pan out well. But that's kind of your final checkpoint, where you've looked at every single part and you're ready to proceed. Simultaneously with that, we're going to finish up the last of the proof of concepts to just validate the design thing.

因此，我們有很高的信心。考慮到這些互動是非常有規律的，結果將會很好。但這是你的最後一個檢查點，你已經檢查了每個部分並準備好繼續。與此同時，我們將完成最後的概念驗證，以驗證設計。

So, I think these things are all on track, and those vendors are moving very quickly. So, I'm quite confident we'll be in a position to get through that, and then have that equipment show up in the second half of next year, as we've talked about.

所以，我認為這些事情都已步入正​​軌，而且這些供應商的行動速度非常快。因此，我非常有信心我們能夠克服這一困難，然後讓該設備在明年下半年出現，正如我們所討論的那樣。

Relative to your second question, Fab-2. For us, the equipment is really the long pole in the tent. And while we've continued to look at facilities and we have multiple options, we haven't made a decision yet. We'll do. So, you know, we're going to do it in a time that makes it advantageous to us. But rest assured, it will be before that equipment needs to have a home.

相對於你的第二個問題，Fab-2。對於我們來說，裝備確實就是帳篷裡的長桿。雖然我們繼續考慮設施並且有多種選擇，但我們尚未做出決定。幹的好。所以，你知道，我們將在對我們有利的時間來做這件事。但請放心，在此之前設備需要有一個家。

Okay. Sounds like that won't be the long [pole], but that's good to hear.

好的。聽起來這不會是長[桿]，但很高興聽到。

I guess, sort of pivoting, when you think about your funnel and design wins? I'm assuming this is primarily against conventional lithium-ion batteries. You're taking the steps to really focus on getting ready for, I guess, line to new Fabs.

我想，當你考慮你的渠道和設計勝利時，有點轉變？我認為這主要是針對傳統的鋰離子電池。我想，你正在採取措施真正專注於為新工廠做好準備。

But I guess one of the risks are that competition could catch up or whether your customers and interested customers may need to be looking at other means. I guess what are you seeing from the competition? What are the risks that are associated with having other -- let's say, higher energy density silicon anode companies out there, trying to intercept the market in 2024?

但我認為風險之一是競爭可能會迎頭趕上，或者您的客戶和感興趣的客戶是否可能需要尋找其他方式。我想你從比賽中看到了什麼？其他更高能量密度的矽陽極公司試圖在 2024 年搶占市場會帶來哪些風險？

Just trying to get a feel for how the competitive landscape could evolve in the absence of having meaningful product in the market today, and really not that much next year either.

只是想了解一下，如果今天市場上沒有有意義的產品，而且明年也沒有那麼多有意義的產品，競爭格局會如何演變。

Let Cam feel that, and I've got one comment after that.

讓卡姆感受一下，之後我就收到了一條評論。

Yes. Sure, Bill. So, with respect to competition, particularly in the consumer space, we're not seeing a shift in the competitive dynamics from what we've experienced over the last year or many years, really.

是的。當然，比爾。因此，就競爭而言，特別是在消費者領域，我們並沒有看到競爭動態與過去一年或多年經歷的情況相比確實發生了變化。

The industry continues to move forward at its sort of steady material-based set of improvements in terms of energy density. And we also are moving forward, I think at a rate that's faster than the market.

該行業在能量密度方面繼續穩步推進基於材料的一系列改進。我們也在向前邁進，我認為速度比市場更快。

So in our communications, we talked about our next node of performance being EX1.5, getting us up to 965 watt hours per litre. So, what I see with the specific customers we're talking to is that, that is extremely competitive.

因此，在我們的交流中，我們談到了我們的下一個性能節點是 EX1.5，使我們的每升功率達到 965 瓦時。因此，我從我們正在交談的特定客戶中看到的是，競爭非常激烈。

We don't really see anything that's kind of out of this historical norms from the industry. And people remain focused on our solution as really their best bet to move the needle in terms of competitive advantage.

我們確實沒有看到任何不符合該行業歷史規範的情況。人們仍然關注我們的解決方案，認為這是他們提高競爭優勢的最佳選擇。

Okay. And Cam, you actually added on what I was going to add-on. So, he answered the question. Sorry, my bad.

好的。卡姆，你實際上添加了我要添加的內容。於是，他回答了這個問題。對不起這是我的錯。

Just to be clear, you're not seeing other silicon anode newer players being in the competitive space at the moment. It's more, they are looking to work with you and talking with you in that 2024 time frame?

需要明確的是，目前您還沒有看到其他矽陽極新玩家進入競爭領域。更重要的是，他們希望在 2024 年的時間範圍內與您合作並與您交談？

Yes. I mean, we certainly do see the industry as a whole continue to adopt silicon materials on the anode side. What we see is that most of those are blended with carbon. And ironically, as you plot the improvement in energy density at global view, it just essentially adds to the 4.5%, 5% increase that you see every year in the space.

是的。我的意思是，我們確實看到整個行業繼續在陽極側採用矽材料。我們看到其中大部分都與碳混合。具有諷刺意味的是，當你從全球角度繪製能量密度的改進時，它實際上只是增加了你在該領域每年看到的 4.5%、5% 的增長。

And so that's something that we've always anticipated would happen, we didn't always know how it would happen. And if you look at where we're at and our trajectory in terms improving energy density, we're still remaining that five years ahead of where the industry is today.

所以這是我們一直預期會發生的事情，但我們並不總是知道它會如何發生。如果你看看我們在提高能量密度方面的現狀和軌跡，我們仍然比當今行業領先五年。

Okay. Thanks for the color.

好的。謝謝你的顏色。

Alex Potter, Piper Sandler

亞歷克斯·波特，派珀·桑德勒

Great. Thanks a lot. So, I appreciate the new color on CapEx guidance. I just want to ask a couple of clarifying questions there to make sure I'm understanding it correctly. So, it looks like $50 million to $70 million in CapEx for a single Gen2 line, and you can make 9 million cells. My interpretation is that's like smartphone, cell phone sized cells, assuming 80% yield. Is that the right way to think about that?

偉大的。多謝。因此，我很欣賞資本支出指南的新顏色。我只是想問幾個澄清問題，以確保我正確理解它。因此，單個 Gen2 生產線的資本支出看起來為 5000 萬至 7000 萬美元，並且您可以生產 900 萬個電池。我的解釋是，這就像智能手機、手機大小的電池，假設產量為 80%。這是正確的思考方式嗎？

Yes, I think you're right. It can make 9 million smartphones sized cells. The OEE is a combination of yield and basically equipment availability. So, that's basically how many good cells you're getting out of possible 100% you get out of every moment of every day you're running. So, I think you've got it right.

是的，我認為你是對的。它可以製造 900 萬個智能手機大小的電池。 OEE 是產量和設備可用性的結合。所以，這基本上就是你從每天跑步的每一刻中 100% 獲得的好細胞數量。所以，我認為你是對的。

Okay, great. And then, you also mentioned sort of in the same paragraph that, you could make in the same footprint, a similar line that can make four times as many cells. If you are focused on smart watches. Is the CapEx for something like that also in that same range?

好的，太好了。然後，您在同一段中還提到，您可以在相同的足跡中製作一條類似的生產線，可以製作四倍數量的電池。如果您專注於智能手錶。類似的資本支出也在同一範圍內嗎？

I would say, we're still in the middle of kind of doing the proof of concept so that. My guess, it would be slightly higher. But I think economically it would still be a significant, significant advantage over where you would be with a single battery per line.

我想說，我們仍然處於進行概念驗證的過程中。我的猜測是，會稍微高一些。但我認為從經濟角度來看，與每條線路使用單個電池的情況相比，它仍然具有顯著的優勢。

(multiple speakers) Alex, It is Steffen. Maybe to give you a little bit more color. The way you have to think about it, we gave you the CapEx for a universal line, right? It can make smaller cells and large cells, and certainly, from the gross margin perspective like larger cells are more attractive, right?

（多個發言者）亞歷克斯，我是史蒂芬。也許是為了給你多一點色彩。您必須考慮一下，我們為您提供了通用線路的資本支出，對嗎？它可以製造更小的電池和更大的電池，當然，從毛利率的角度來看，更大的電池更有吸引力，對嗎？

When we start deploying the Gen2 line, my expectation is that it's gravitated from the mix perspective towards the large cells. From a dedicated line, that Harrold was alluding to on a variable size, my expectation is that the CapEx will be higher, but the gross margin will look better.

當我們開始部署 Gen2 系列時，我的期望是，從混合角度來看，它會傾向於大型電池。從哈羅德提到的可變規模的專用線來看，我的預期是資本支出會更高，但毛利率看起來會更好。

Okay. Okay. And just so I am clear. In Fab-2, you've not yet disclosed how many of these lines you contemplate building. Is that accurate or would you just start with one line?

好的。好的。我很清楚。在 Fab-2 中，您尚未透露您打算建造多少條生產線。這是準確的還是你會從一行開始？

Yes. So that we are we are proceeding with one line right now, that will land in the second half of 2023. Our plan is to actually add additional lines that would come in in 2024, into that Fab-2 location.

是的。因此，我們現在正在建設一條生產線，該生產線將於 2023 年下半年投入使用。我們的計劃是在 2024 年實際添加更多生產線，進入 Fab-2 位置。

Okay, great. I'll take the rest --

好的，太好了。剩下的我來承擔——

More than one line running by the end of 2024

到 2024 年底，將有多條線路運行

More than one by the end of 24, perfect. Okay. Thanks very much guys.

24月底不止一件事，完美。好的。非常感謝你們。

Anthony Stoss, Craig-Hallum

安東尼·斯托斯、克雷格·哈勒姆

Thanks. Harrold, I wanted to follow up on the the new track transport system. It seems relatively to -- and I understand, you've the laser side much more difficult. Can you quantify maybe how much risk that this may introduce?

謝謝。哈羅德，我想跟進新的軌道交通系統。我理解，激光方面似乎相對困難得多。您能否量化這可能會帶來多少風險？

And then secondly, I love to hear your thoughts since BrakeFlow has been out a couple of months. I want to hear, kind of the early customers that weren't afforded BrakeFlow out of the gate, now if they have a little bit of time, can they come back or what's the reception there? And do you think most of your customers will have to go with BrakeFlow?

其次，自從 BrakeFlow 發布幾個月以來，我很高興聽到您的想法。我想听聽，那些一開始就沒有獲得 BrakeFlow 的早期客戶，現在如果他們有一點時間，他們可以回來嗎？或者那裡的接待情況如何？您認為您的大多數客戶都必須選擇 BrakeFlow 嗎？

Sure. So on the first point around the track, even though this technology is new, it's being made by a very reputable company, right? And so that technology, even though it's new, I think, is already out in the market and works quite well. So I think it's a pretty -- it's a very low risk thing, in my view.

當然。因此，在賽道上的第一點，儘管這項技術是新技術，但它是由一家非常有信譽的公司製造的，對嗎？因此，我認為這項技術儘管是新技術，但已經投入市場並且運行良好。所以我認為，在我看來，這是一件風險非常低的事情。

The differences that these kinds of systems are around a few years ago. They just didn't have the same performance. And it allows us essentially to eliminate having to move parts on and off this tractor processing.

這些類型的系統的差異在幾年前就已存在。他們只是沒有相同的表現。它使我們基本上無需在拖拉機加工過程中移動零件。

So, there's just a bunch of overhead time you take out of the manufacturing process, which is great because it's not value add. And so, I don't think there's a risk there. I think it's actually a much better way to run the line, and we're super excited to be able to do it.

因此，您可以從製造過程中節省大量管理時間，這很好，因為它不會增加價值。因此，我認為那裡不存在風險。我認為這實際上是一種更好的生產線運營方式，我們非常高興能夠做到這一點。

I'll let Ashok talk a little bit about the BrakeFlow or maybe and Cam about, kind of from a customer standpoint and technology standpoint. I don't know which --

我會讓 Ashok 從客戶和技術的角度來談談 BrakeFlow 或者 Cam。我不知道是哪一個——

Sure, happy to jump in. So, I on BrakeFlow, the plan for launching that is to launch that with the launch of our larger size cells. So essentially smartphone size cells and up, we'll have some BrakeFlow built into it. We're currently not thinking about offering this as a menu item for people. We think this is something that's inherent in the technology, and it's part of our overall value proposition for the product.

當然，很高興加入。所以，我對 BrakeFlow 的推出計劃是隨著我們更大尺寸的單元的推出而推出。因此，基本上智能手機大小的電池及以上，我們將內置一些 BrakeFlow。我們目前沒有考慮將其作為菜單項提供給人們。我們認為這是技術固有的東西，也是我們產品整體價值主張的一部分。

So, with respect to customers, that would not have it. The launch of our wearable sales today don't have BrakeFlow associated with it. But of course, the amount of energy in that cells is lower. Over time, we expect that all of our products will incorporate BrakeFlow.

所以，對於客戶來說，那就沒有它了。我們今天推出的可穿戴設備銷售並未與 BrakeFlow 相關。但當然，這些細胞中的能量較低。隨著時間的推移，我們預計我們的所有產品都將融入 BrakeFlow。

And it's our hope that this becomes kind of a standard expectation from customers like, why wouldn't your cell be resistant to thermal runaway. We think it's an important foundational technology there.

我們希望這成為客戶的一種標準期望，例如，為什麼您的電池不能抵抗熱失控。我們認為這是一項重要的基礎技術。

Thank you, guys.

感謝你們。

Thanks.

謝謝。

Gus Richard, Northland Capital Markets.

格斯·理查德，北國資本市場。

Yes. Thanks for taking my question. Next year, I think majority of your significant portion of revenue is going to be professional services. Can you just - is NRE helping your customers design in your batteries or is there something else related?

是的。感謝您提出我的問題。明年，我認為您的大部分收入將來自專業服務。您能否問一下，NRE 是否正在幫助您的客戶設計電池，或者還有其他相關的事情嗎？

Yes. I Cam can comment a little bit. I mean, I think each of these programs has some amount of NRE around them. And so, I think next year is a combination of production output and NRE.

是的。我可以稍微評論一下。我的意思是，我認為每個程序都有一定數量的 NRE。因此，我認為明年是產量和 NRE 的結合。

Yes, Gus, this is Cam. I don't know that I could characterize it just as NRE. But these are essentially our product development programs, where we're customizing batteries specific to somebody's requirements.

是的，格斯，這是卡姆。我不知道我是否可以將其描述為 NRE。但這些本質上是我們的產品開發計劃，我們根據某人的要求定制電池。

And so those programs can vary from simple size change to enhancing the product with respect to, for instance, its temperature, capabilities, et cetera. And so but they're all typically around on developing products to meet customer specific requirements.

因此，這些程序可以從簡單的尺寸改變到增強產品，例如溫度、功能等。因此，他們通常都致力於開發產品來滿足客戶的特定要求。

Got it. And then, in terms of the MOU, you guys announced,nwhat is that program -- I guess for lack of a better term, sort of entail, what are you working with exactly with that customer?

知道了。然後，就諒解備忘錄而言，你們宣布了該計劃是什麼 - 我想由於缺乏更好的術語，有點需要，您正在與該客戶合作什麼？

Yes. So, thanks for that question. We're super excited about this. This is another step-in kind of a long term relationship with this particular customer. It's one of the strategic accounts. In fact, it's the same customer that that item we announced purchasing wearable cells for their next-generation smartwatch in Q2.

是的。所以，謝謝你提出這個問題。我們對此感到非常興奮。這是與該特定客戶建立長期關係的另一種逐步方式。這是戰略帳戶之一。事實上，我們宣佈在第二季度為其下一代智能手錶採購可穿戴電池的客戶正是同一家客戶。

And so, since that time, and we've been working with them to trying to put in writing, the vision of the two companies of how we work together, and the MOU as a result of that. And what's non-binding, it's really the roadmap and the framework for working together towards definitive agreements that move forward commercially on each of these areas.

因此，從那時起，我們一直與他們合作，試圖以書面形式記錄兩家公司如何合作的願景，以及由此產生的諒解備忘錄。不具約束力的是，它實際上是共同努力達成最終協議的路線圖和框架，以推動這些領域的商業發展。

The areas that we're collaborating on together, first is batteries for multiple products within different kind of vertical segments of their product lines. So wearables, mobile phones, laptop computers, and other mobile products on. Second is customization of sales to their specific requirements, often around these specific product categories.

我們共同合作的領域，首先是其產品線不同垂直領域內多種產品的電池。可穿戴設備、手機、筆記本電腦和其他移動產品也是如此。其次是根據他們的特定要求定制銷售，通常圍繞這些特定的產品類別。

Third is on collaborating with them on in the area of proprietary active materials. So think about better performing cathodes or electrolyte systems that they would like to incorporate into their specific products. And then fourth, collaborating with them on manufacturing and the scale up, in order to enhance our ability to support their volumes over time, which if we're successful here, it could be quite substantial.

第三是與他們在專有活性材料領域進行合作。因此，請考慮將性能更好的陰極或電解質系統納入其特定產品中。第四，與他們在製造和擴大規模方面進行合作，以增強我們隨著時間的推移支持他們的產量的能力，如果我們在這裡取得成功，那將是相當可觀的。

So, if you put it all together, it's a non-binding MOU, it's non-binding. But we've spent three hard months negotiating every word of that agreement, so that it accurately captures what both companies want to do together. And we use that as a roadmap towards the specific commercial agreements to come.

所以，如果你把它們放在一起，它就是一個不具約束力的諒解備忘錄，它不具有約束力。但我們花了三個月的時間來談判該協議的每一個字，以便它準確地體現了兩家公司想要一起做的事情。我們將其用作未來具體商業協議的路線圖。

Got it. And on the last element of that MOU, the manufacturing scale up. This sounds like a roadmap in order to get the products that they want and assuming this is one of the mega cap companies, your mutual ability to meet their significant demand? And do I understand that correctly?

知道了。根據該諒解備忘錄的最後一個要素，擴大生產規模。這聽起來像是一個獲得他們想要的產品的路線圖，假設這是一家大型公司，你們有能力滿足他們的重大需求嗎？我的理解正確嗎？

Yes, that's exactly right. And this is one of the mega-cap companies, what we call strategic account. And so given the volumes we're talking about, we don't expect to be able to support this customer's complete volume needs on our own. And so this is a piece of our model going forward, as we look at joint venture partners and potentially licensing to hit those volumes.

是的，完全正確。這是大型公司之一，我們稱之為戰略賬戶。因此，考慮到我們正在討論的數量，我們預計自己無法滿足該客戶的全部數量需求。因此，這是我們未來模式的一部分，因為我們正在尋找合資夥伴並可能獲得許可以達到這些銷量。

And I think even dedicated capacity plays.

我認為即使是專用容量也能發揮作用。

Yes.

是的。

Got it. And then just one housekeeping question in. I think, at the end of 2023 line, our Gen1 equipment will produce a little bit less than a million units. Is the second line in Fab-1 considered Gen1 or Gen2 or Gen1.5?

知道了。然後是一個內務管理問題。我認為，到 2023 年生產線結束時，我們的 Gen1 設備的產量將略低於 100 萬台。 Fab-1 中的第二條線是否被視為 Gen1、Gen2 或 Gen1.5？

It's Gen1

這是第一代

Okay, very good. Thank you so much.

好的，非常好。太感謝了。

Ananda Baruah, Loop Capital

阿南達·巴魯阿 (Ananda Baruah)，Loop Capital

Hey, good afternoon, guys. Thanks for taking the question. A couple if I could, really, the first is clarification from the shareholder letter. In the language we talk to our Fab-1's focus on a handful of high-profile customer launches, and then also qualification programs of strategic accounts in 2023. Are those one in the same?

嘿，下午好，伙計們。感謝您提出問題。如果可以的話，有幾個，真的，第一個是股東信中的澄清。我們談論 Fab-1 的語言是專注於少數備​​受矚目的客戶發布，然後是 2023 年戰略客戶的資格計劃。這些是同一個嗎？

Cam, why don't you feel that one?

卡姆，你為什麼沒有這種感覺呢？

So no, those are not one and the same. So in 2023, the earliest programs that are going to reach market are typically not the strategic accounts. Those are longer-term programs. But we're working with some pretty exciting products with some well-known brands that we hope to have on the market in 2023, and we can support those volumes out of out of the Gen1 factory.

所以不，這些不是一回事。因此，到 2023 年，最早進入市場的項目通常不是戰略客戶。這些是長期計劃。但我們正在與一些知名品牌合作開發一些非常令人興奮的產品，我們希望這些產品在 2023 年投放市場，並且我們可以支持 Gen1 工廠的這些產量。

The strategic accounts, we're looking to start scaling those in 2024, with significantly more volume than we can produce in Fab-1. And so, the focus for Fab-1 from a strategic account perspective is really working through qual on a number of different programs with I think we've said we're working with big strategic accounts at this point, and reached tech qual for them, and design wins with a couple of them.

對於戰略客戶，我們希望在 2024 年開始擴大規模，其數量將大大超過我們在 Fab-1 中的產能。因此，從戰略客戶的角度來看，Fab-1 的重點實際上是通過許多不同項目的質量保證工作，我想我們已經說過，我們目前正在與大型戰略客戶合作，並為他們達到了技術質量要求，其中一些設計獲勝。

So there's a lot of activity there. It's supporting their prototyping and qualification efforts through 2023 and anticipating volume production in 2024.

所以那裡有很多活動。它支持他們在 2023 年之前進行原型設計和資格認證工作，並預計在 2024 年實現批量生產。

Great. And Cam could you do initial volume production with any of the big strategic accounts? Could Fab-1 accommodate that in 2023?

偉大的。 Cam 可以與任何大型戰略客戶進行初始批量生產嗎？ Fab-1 能否在 2023 年實現這一目標？

It potentially depends on the specific product selections and the volumes that are contemplated in that type of program.

這可能取決於具體的產品選擇和該類型計劃中預期的數量。

Awesome. And a quick follow-up guys. There is, I guess, sort of another clarification. There was a remark to an earlier question that Gen2 will gravitate toward larger cells. And can you add some context for us there, given it also sounds like Cam, Gen2, -- your remarks a moment ago about, Gen2 really being used to ramp some of the big strategic -- though it seems like some of the smartwatch business will also be some of the initial big strategic business. Can you just put that with the remark earlier, Gen2 will gravitate towards the larger cells?

驚人的。還有快速跟進的人。我想還有另一種澄清。對於之前的一個問題，有人評論說 Gen2 將傾向於更大的電池。您能否為我們添加一些背景信息，因為它聽起來也像 Cam，Gen2，您剛才的言論，Gen2 確實被用來提升一些重大戰略 - 儘管它看起來像是智能手錶業務的一些也會是一些初期的大戰略業務。您能否用之前的話說，Gen2 會傾向於更大的電池？

Yes, I think, I would say, if you think Ananda, over the longer term, think of a factory that will have small cells predominantly running on these [4x] lines that we've talked about earlier. I mean, in the initial days with the first lines, I would view that we'll be doing those both small and large cells on those first lines.

是的，我想，我會說，如果你認為 Ananda 從長遠來看，會想到一家工廠，該工廠將主要在我們之前討論過的這些 [4x] 生產線上運行小型電池。我的意思是，在第一條生產線的最初幾天，我認為我們將在第一條生產線上同時製作小型和大型單元。

But then you get into 2024, 2025, you'll have dedicated lines tune for those small cells. And then these other Gen2 line will become kind of your standard for the larger cells. Because economically, that's what's going to make the most sense.

但到了 2024 年、2025 年，您將擁有針對這些小基站的專用線路。然後這些其他 Gen2 係將成為較大電池的標準。因為從經濟上來說，這才是最有意義的。

Yes, that is helpful.

是的，這很有幫助。

But in 2024, I would expect we'll be doing both of those things off that those lines probably, undoubtedly.

但到 2024 年，我預計我們無疑會在這些方面做這兩件事。

Appreciate that, awesome. Thanks, Cam.

欣賞一下，棒極了。謝謝，卡姆。

Derek Soderberg, Cantor

德里克·索德伯格、坎托

Yes, hey, guys. Thanks for taking my questions. And it's great to be back on these calls with you guys. So, on the comment that our Gen2 could be improved by up to 10x in terms of output. I think the wording around that was that, lower the cost per unit. But I think you guys put out a similar gross margin estimate, target of 50%.

是的，嘿，伙計們。感謝您回答我的問題。很高興能再次與你們一起參加這些電話會議。因此，關於我們的 Gen2 在輸出方面可以提高多達 10 倍的評論。我認為圍繞這一點的措辭是，降低單位成本。但我認為你們也提出了類似的毛利率估計，目標是 50%。

I'm wondering if you can help me square that commentary. Steffen, are you guys sort of managing towards 50%? Or can Gen2 equipment sort of drive margins beyond 50%, I guess, how should we think about the impact Gen2 equipment is going to have on margins? Thanks

我想知道你是否能幫我糾正這個評論。 Steffen，你們能做到 50% 嗎？或者第二代設備能否推動利潤率超過 50%，我猜，我們應該如何考慮第二代設備對利潤率的影響？謝謝

Thanks, Derek. So from a from a Gen2 perspective, the way to think about the margin, our long-term model is the 50% gross margin and 30% EBIT. The larger cells will have exceptional margin at the target range.

謝謝，德里克。因此，從 Gen2 的角度來看，考慮利潤率的方式，我們的長期模型是 50% 的毛利率和 30% 的息稅前利潤。較大的電池在目標範圍內將具有出色的裕度。

The smaller cells at the falloff that Harrold was talking about, we'll have larger gross margins blended with the product mix between smaller cells and large cells. And phasing out the single small variable lines. That's what we are targeting to get to the 50%. It's a blended range. It's a blended number at 50%.

在哈羅德所說的衰退中，較小的電池，與較小電池和大型電池之間的產品組合相結合，我們將獲得更大的毛利率。並逐步淘汰單一的小變量線。這就是我們達到 50% 的目標。這是一個混合系列。這是 50% 的混合數字。

Got it. That's helpful. And then I also wanted to ask about the EV announcement. Some of the progress you guys are having with the DOE program. I think you guys have said 1,500 cycles while retaining 88% capacity.

知道了。這很有幫助。然後我還想問一下有關EV的公告。你們在能源部計劃中取得的一些進展。我想你們已經說過 1,500 次循環，同時保留 88% 的容量。

I guess I'm curious how does that compare to other batteries on the market today? I mean, is that a differentiator for you guys potentially? And then also, I'm curious, where are you guys tracking on a watt hour per liter basis on those EV test cells at this point?

我想我很好奇它與當今市場上的其他電池相比如何？我的意思是，這對你們來說是一個潛在的差異化因素嗎？另外，我很好奇，你們現在在哪裡跟踪這些電動汽車測試電池的每升瓦時？

Yes. Thanks, Derek. I'll let Ashok kind of talk to this one as he's been kind of driving a lot of this effort.

是的。謝謝，德里克。我會讓阿肖克與這個人談談，因為他一直在推動這項工作。

Hi Ananda. So, yes, certainly, 1,500 cycles for a high silicone blend, let alone a 100% active silicone blend, as well as 10-year calendar life are exceptional numbers for an EV class cell. And it really shows the power of our architecture. So, it is definitely differentiated from, I think, other product on the market.

嗨阿南達。因此，是的，當然，對於高有機矽混合物（更不用說 100% 活性有機矽混合物）而言，1,500 次循環以及 10 年的日曆壽命對於 EV 級電池來說都是非凡的數字。它確實展示了我們架構的力量。因此，我認為它絕對不同於市場上的其他產品。

In your second question is how would this manifest itself into our product. I think I'll let Cam, answer that question. but we have a dedicated team that is taking this information and this data, and translating it into a product that customers can use.

你的第二個問題是這將如何體現在我們的產品中。我想我會讓卡姆回答這個問題。但我們有一個專門的團隊正在獲取這些信息和數據，並將其轉化為客戶可以使用的產品。

Yes. Thanks, Ashok. So, as we announced maybe a couple of quarters ago, we created a dedicated business unit called Enovix Mobility. They're charter for this (technical difficulty) here has been to establish relationships with the major automotive OEMs worldwide. And then to start working with them on -- essentially translating our clear technology capabilities.

是的。謝謝，阿肖克。因此，正如我們在幾個季度前宣布的那樣，我們創建了一個名為 Enovix Mobility 的專門業務部門。他們的任務（技術難度）是與全球主要汽車原始設備製造商建立關係。然後開始與他們合作——本質上是轉化我們明確的技術能力。

They've been proven on the consumer side. And then translate them into an optimum product in the in the automotive side, with the with the goal of early next year. Essentially picking our dance partner or partners from the OEM side. So, I think they've been making really excellent progress there.

它們已經在消費者方面得到了證明。然後將它們轉化為汽車領域的最佳產品，目標是明年初。本質上是從 OEM 方面挑選我們的舞伴或合作夥伴。所以，我認為他們在那裡取得了非常出色的進展。

One of the interesting points is that it turns out, perhaps, one of the most important advantages to the architecture that we've developed is its thermal properties, and its ability to enable fast charge. And so when you add on the silicon anode piece for energy density, the cycle life, which I Ashok comment on, and you add that to a cell architecture, that is just extremely beneficial from a thermal fast charge perspective. We think we have a really winning product here, and we're getting some great feedback along those lines.

有趣的一點是，事實證明，我們開發的架構最重要的優勢之一也許是其熱性能以及實現快速充電的能力。因此，當您添加矽陽極片以提高能量密度和循環壽命（我對此​​進行了評論），並將其添加到電池架構中時，從熱快速充電的角度來看，這是極其有益的。我們認為我們在這裡有一個真正獲勝的產品，並且我們收到了一些很好的反饋。

And just one last comment in terms of volume metric energy density, we will easily beat the kind of the long-term DOE goal of 750-watt hours per litre, by scaling up that chemistry into larger.

最後就體積能量密度而言，我們將通過擴大化學規模，輕鬆實現每升 750 瓦時的能源部長期目標。

That's great. Thanks, guys.

那太棒了。多謝你們。

Chip Moore, EF Hutton.

奇普·摩爾，EF·赫頓。

Hi. Thanks for taking the question. I wanted to ask on the Gen2 auto lines, getting to that 9 million cell level you laid out in the shareholder letter. Is there a good way to think about that ramp as you build that out?

你好。感謝您提出問題。我想詢問第二代汽車生產線的情況，達到您在股東信中列出的 900 萬個電池的水平。當你建造坡道時，有沒有一個好的方法來考慮坡道？

Yes. So, we've got those first lines hitting the floor in the second half of next year, right? Towards the end of the year, early part of 2024, they're shipping qualification samples to customers, which doesn't actually consume that much capacity.

是的。那麼，我們已經在明年下半年推出了第一批產品，對嗎？到今年年底、2024 年初，他們將向客戶運送合格樣品，但這實際上並沒有消耗那麼多產能。

It basically just starts at the clock on those calls, which could be a month or several months. And then you're basically ramping that capacity throughout 2024, in terms of the lines capability. So, I would kind of think of it as a bit linear throughout the year. And you'll be probably still working on some of those improvements into 2025. But the significant amount of that capacity growth will happen in 2024.

它基本上只是從這些電話的時鐘開始，這可能是一個月或幾個月。然後，就線路容量而言，您基本上會在 2024 年期間提高運力。所以，我認為全年都是線性的。到 2025 年，您可能仍在致力於其中的一些改進。但容量的大幅增長將在 2024 年發生。

Even in the (inaudible)

即使在（聽不清）

Yes. And as we talked about earlier, our plan is actually to land some additional lines in that same state by end 2024 as well.

是的。正如我們之前談到的，我們的計劃實際上是到 2024 年底在同一州鋪設一些額外的線路。

Okay. No, that's very helpful. And then, I just wanted to ask on, just the increase in throughput, the 10x increase. Maybe you can talk about just the flexibility that gives you? Whether it's on form factors for new markets or maybe there's limited volumes upfront, just what that potentially gives you?

好的。不，這非常有幫助。然後，我只是想問一下，吞吐量的增加，10 倍的增加。也許您可以只談談給您帶來的靈活性？無論是針對新市場的外形尺寸，還是前期的數量有限，這可能會給您帶來什麼？

Yes, I mean, it certainly opens up a world of possibilities. I think there's - we obviously understand, kind of the established markets and products, but there's emerging markets that are coming at us that I think would give the opportunity to really leverage that.

是的，我的意思是，它確實打開了一個充滿可能性的世界。我認為，我們顯然理解，有一些成熟的市場和產品，但新興市場正在向我們襲來，我認為這將給我們提供真正利用這一點的機會。

Certainly, also the 4x, kind of wearable cell line is going to be a game changer for some of these markets, like augmented reality when they take off. So, I think that effort is really directed at being ready for those opportunities when they arrive. And we think that's the right investment for the company to make.

當然，4x 類型的可穿戴電池系列也將成為其中一些市場的遊戲規則改變者，例如增強現實技術的騰飛。因此，我認為我們所做的努力實際上是為了在機會到來時做好準備。我們認為這對公司來說是正確的投資。

Got it. Thank you.

知道了。謝謝。

Marc Cohodes, Alder Lane.

馬克·科霍德斯，榿木巷。

Thanks, guys. So, did I hear you correct, saying you had design wins from some of the $200 billion customers? Is that right?

多謝你們。那麼，我沒聽錯吧，您說您從價值 2000 億美元的客戶中的一些獲得了設計勝利？是對的嗎？

That's correct.

這是正確的。

Okay. So, we take that concept and these customers are obviously smart, and they know that Fab-1 was a beta plant all along, proof-of-concept plant all along. So, these [inaudible] have design wins, they must have a schedule of when these products are coming out, right?

好的。所以，我們採用了這個概念，這些客戶顯然很聰明，他們知道 Fab-1 一直是一個測試工廠，一直是概念驗證工廠。因此，這些[聽不清] 獲得了設計勝利，他們必須有這些產品推出時間的時間表，對嗎？

That would be a good assumption.

這將是一個很好的假設。

So prevents them from funding their own Gen2 lines right now.

因此，他們現在無法為自己的第二代產品線提供資金。

Yes. So, Marc, I mean, obviously, we can't get into specific discussions around specific customers. But that's certainly part of our vision. And if you look at the MOU that we just signed, one of the provisions there is to look at exactly that.

是的。所以，馬克，我的意思是，顯然我們不能圍繞特定客戶進行具體討論。但這肯定是我們願景的一部分。如果你看一下我們剛剛簽署的諒解備忘錄，其中的一項條款就是要仔細研究這一點。

Hey Marc, this is Steffen. I think you need to look at this as a capital light opportunity for us to bring multiple Gen2 lines in very quickly.

嘿馬克，這是史蒂芬。我認為您需要將此視為我們快速引入多條 Gen2 生產線的資本機會。

So, under that concept, though, Cam, why wouldn't these $200 billion customers simply fund Gen2 lines right now? I mean, it sounds like Gen2 is ready to go. And if you guys are ordering equipment for Gen2, why couldn't the $200 billion customers order equipment and you guys run them? Why can't that happen tomorrow?

那麼，根據這個概念，Cam，為什麼這些價值 2000 億美元的客戶現在不簡單地為 Gen2 線路提供資金呢？我的意思是，聽起來 Gen2 已經準備好了。如果你們為 Gen2 訂購設備，為什麼價值 2000 億美元的客戶不能訂購設備並由你們來運行？為什麼明天就不能發生這種事呢？

It could. This is Harrold. I would say, Marc, we've got - we want to get through this final design checkpoint right in the next couple of months, right? So, that we've got that locked and loaded.

它可以。這是哈羅德.我想說，馬克，我們希望在接下來的幾個月內通過最終的設計檢查點，對嗎？所以，我們已經鎖定並加載了它。

I think, we would have the confidence at that point to move forward with additional lines, if customers are willing to help do that. And we'll do some of it our own, but I think we won't shy away from customers wanting to be a part of that solution.

我認為，如果客戶願意幫助做到這一點，我們屆時將有信心推進更多生產線。我們將自己做一些事情，但我認為我們不會迴避想要成為該解決方案一部分的客戶。

So you're essentially two months away from the good to go on the Gen2 line. Is that it?

所以距離第二代產品線上市還有兩個月的時間。是這樣嗎？

I think we're looking at getting, kind of sign off end of this year, early part of next year. But in that [ballpark].

我認為我們正在考慮在今年年底、明年年初簽署。但在那[球場]。

Okay, cool. Thanks, guys.

好吧，酷。多謝你們。

Thank you.

謝謝。

I would now like to turn the conference back to Mr. Rust for closing remarks.

現在我想請 Rust 先生致閉幕詞。

Thanks for everybody's time today. I just wanted to wrap up and hit on, I think, the three major takeaways that I want you guys to all have about the company. The first is customers continue to tell us we have the best battery out there.

感謝大家今天抽出時間。我只是想總結一下，我想，我希望你們都了解這家公司的三個主要要點。首先，客戶不斷告訴我們，我們擁有最好的電池。

The work we talked about on the EX1.5, which is this new kind of intermediate technology node, is this kind of evidence of us continuing up that energy density curve in support of our long-term model. We think that's super powerful and puts us on a curve that others can't be on, which is great.

我們在 EX1.5（這種新型中間技術節點）上討論的工作是我們繼續沿著能量密度曲線向上發展以支持我們的長期模型的證據。我們認為這是超級強大的，讓我們走上一條其他人無法走上的曲線，這很棒。

We've also made a lot of progress I think in technology with some of our key partners. We mentioned the IPG partnership today, which is, we think is very critical, because we're going to be big, huge laser consumer. And that's a big part of our business and we need to be world leader in that space.

我認為我們與一些主要合作夥伴在技術方面也取得了很大進展。我們今天提到了 IPG 合作夥伴關係，我們認為這非常關鍵，因為我們將成為巨大的激光消費者。這是我們業務的重要組成部分，我們需要成為該領域的世界領導者。

Second is that we've got the world's biggest customers on us to make products for them, and we want to capitalize on that demand, and so, we're just very well-positioned with our customers. And the third is that we're ready to go with this Gen2 line.

其次，我們擁有世界上最大的客戶來為他們生產產品，我們希望利用這種需求，因此，我們與客戶的關係非常好。第三，我們已經準備好推出第二代產品線。

We've done a lot of hard work on Gen1. That's been loaded into Gen2. And we're going to be ready to execute on that set growth of this company over the next couple of years. And so we think that puts us in a fantastic position to satisfy our customers, and deliver value for our shareholders in the future.

我們在 Gen1 上做了很多艱苦的工作。該內容已加載到 Gen2 中。我們將準備好在未來幾年內實現該公司的既定增長。因此，我們認為這使我們處於一個絕佳的位置，可以滿足我們的客戶，並在未來為我們的股東創造價值。

And with that, I think I'll wrap up.

至此，我想我就結束了。

This concludes today's conference call. Thank you for participating. You may now disconnect.

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。