Enovix Corp (ENVX) 2023 Q4 法說會逐字稿

Thank you.

謝謝。

Hello, everyone, and welcome to Enovix Corporation's Fourth Quarter and Full Year 2023 financial results conference call. With us today are President and Chief Executive Officer, Dr. Raj Tillery, Chief Financial Officer for Hana mode and Chief Operating Officer, RJ Marotta.

大家好，歡迎參加 Enovix Corporation 2023 年第四季和全年財務業績電話會議。今天與我們在一起的有總裁兼執行長 Raj Tillery 博士、Hana mode 財務長和營運長 RJ Marotta。

Rajan for Khun will provide an overview and then we'll thank you.

Rajan for Khun 將提供概述，然後我們將感謝您。

Hello, everyone, and welcome to Enovix Corporation's Fourth Quarter and Full Year 2023 financial results conference. With us today are President and Chief Executive Officer, Dr. <unk>, I'm here in Fab two.As you can see in Malaysia. Yes, thank you for standing by, and welcome to the Enovix full year 2023.

大家好，歡迎來到 Enovix Corporation 2023 年第四季及全年財務表現發表會。今天與我們在一起的是總裁兼首席執行官 博士，我在 Fab 2。正如您在馬來西亞看到的那樣。是的，感謝您的支持，歡迎來到 Enovix 2023 年全年。

Currently, all participants are in a listen-only mode. After the speakers' presentation, there will be a question and answer session. As a reminder, today's program will be recorded. And now I'd like to introduce your host for today's program, Charlie Anderson, Senior Vice President of Investor Relations and Corporate Strategy. Please go ahead, sir.

目前，所有參與者都處於僅監聽模式。演講者演講結束後，將進行問答環節。提醒一下，今天的節目將被錄製。現在我想介紹一下今天節目的主持人，投資者關係和企業策略高級副總裁查理安德森。請繼續，先生。

Thank you.

謝謝。

Hello, everyone, and welcome to Enovix Corporation's Fourth Quarter and Full Year 2023 financial results conference call. With us today are President and Chief Executive Officer, Dr. Raj Hilary, Chief Financial Officer for Hana mode and Chief Operating Officer, and Jim Marrotte, Raj and for Han will provide an overview and then we'll take your questions after the Q&A session will conclude our call.

大家好，歡迎參加 Enovix Corporation 2023 年第四季和全年財務業績電話會議。今天與我們在一起的有總裁兼首席執行官 Raj Hilary 博士、Hana 模式首席財務官兼首席營運官 Jim Marrotte、Raj 和 Han 將提供概述，然後我們將在問答環節後回答您的問題將結束我們的通話。

Before we continue, let me kindly remind you that we released our fourth quarter 2023 Shareholder Letter after the market close today. It's available on our website at ir dot anavex.com. A replay of this video call will be available later today on the Investor Relations page of our website. 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.

在繼續之前，請允許我提醒您，我們在今天收盤後發布了 2023 年第四季股東信。您可以在我們的網站 ir dot anavex.com 上取得該資訊。今天晚些時候，我們網站的投資者關係頁面將提供該視訊通話的重播。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。這些前瞻性陳述是基於目前的預期，可能由於多種因素而與未來實際事件或結果有重大差異。

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 of our statements are made as of today, February 20, 2024, 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.

有關可能影響我們未來財務表現和業務的因素的討論，請參閱今天的股東信中的揭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資訊於今天（2024 年 2 月 20 日）作出。我們不能保證這些陳述將被證明是正確的，我們不打算也不承擔更新這些陳述的責任。

Except as required by law. 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 the non-GAAP financial measures in our shareholder letter, which is posted on the Investor Relations page of our website.

法律要求的除外。在本次電話會議中，我們也將討論非公認會計準則財務指標，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 財務指標的調整表，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 Raj, to begin. Raj.

我現在將把電話轉給 Raj，開始。拉傑.

Thank you, Charlie, and thanks to everyone for joining us today. I'm going to kick off with a few high-level remarks, and then we're actually going to show you some new video of our SAP do featuring Ajay, I guess, is actually now in Malaysia, and he's going to show you some update on manufacturing there after that for Han will cover some financials and the outlook before closing and then look forward to your questions.

謝謝你，查理，也謝謝大家今天加入我們。我將首先發表一些高層講話，然後我們實際上將向您展示一些以 Ajay 為主角的 SAP 工作的新視頻，我想，現在實際上正在馬來西亞，他將向您展示之後，韓將介紹一些有關製造業的最新情況，包括一些財務狀況和交易結束前的前景，然後期待您的提問。

Okay.

好的。

We had a we had a strong finish to 2023, and now we have laid the groundwork on how to scale up in 2024. First, we reported record revenue of $7.4 million in Q4, well above our expectations. And secondly, we are in the process of completing our factory acceptance testing and a good amount of our Gen two equipment is now in Fab two in Malaysia ready to produce the first batteries in April, and it's very exciting to see that progress.

我們在 2023 年取得了出色的成績，現在我們已經為如何在 2024 年擴大規模奠定了基礎。首先，我們報告第四季營收達到創紀錄的 740 萬美元，遠高於我們的預期。其次，我們正在完成工廠驗收測試，大量第二代設備現已位於馬來西亞的第二工廠，準備在四月生產第一批電池，看到這一進展非常令人興奮。

Third, we made significant progress with our customers, both in smartphones and in EVs. Last quarter, we hosted them the executive management teams from two of the top smart smartphone OEMs from China at our Fremont headquarters, and very good discussions on how to collaborate and making batteries for their for their phones. Additionally, we entered into a development agreement with a leading automaker to validate the advantages of the Intermec cell architecture for an EV battery.

第三，我們與客戶在智慧型手機和電動車領域取得了重大進展。上季度，我們在弗里蒙特總部接待了來自中國兩家頂級智慧型手機原始設備製造商的執行管理團隊，並就如何合作以及為他們的手機製造電池進行了很好的討論。此外，我們與一家領先的汽車製造商簽訂了開發協議，以驗證 Intermec 電池架構在電動車電池中的優勢。

Now this significantly increases the addressable market for MMX technology, and we have a strong pipeline of additional opportunities in this space. And last, we've gained significant confidence in reaching the 1,000 cycles on a smartphone class badly and we look forward to sampling it next quarter.

現在，這顯著增加了 MMX 技術的潛在市場，並且我們在該領域擁有大量其他機會。最後，我們對在智慧型手機類別上達到 1,000 次循環有了很大的信心，我們期待著下個季度對其進行採樣。

As I look back at our accomplishments last year, which were substantial, we began the year as a new management team in operating at an expensive, lower-yielding California factory with a product portfolio that frankly was not very well aligned to the key large customers and end markets that we wanted to go after or in contrast to that, we exited this year with a manufacturing base in Malaysia ready to produce industry leading batteries, a seasoned team in Korea than a ship batteries over 20 years that we acquired and close alignment with our customers that led us to gain a really in-depth knowledge and detailed product specifications that is helping us build category leading products targeted at the largest portion of the market, which is the smartphones. Now we are engaged actively with the world's largest smartphone OEMs at various levels. These companies are eager to harness. It's our architecture to keep up with the demand for more and more power-hungry applications by just a megatrend. I'll show some data and touch upon this in a minute. But first, let's take a look at our goals, what we need to do this year is to position ourselves for the large inflection revenue. Smartphone launches is very simple. First, we need to demonstrate high volume manufacturing on our Gen two equipment in our Fab two in Malaysia. Now I'm not seeing is believing. So we're going to show you a video of the fab to featuring IGA and that we just made in the last the last couple of days that speaks to our progress. And of course, Ajay will join us for Q&A.

當我回顧去年我們取得的巨大成就時，我們以新的管理團隊的形式開始了這一年，在一家昂貴、產量較低的加州工廠運營，坦率地說，我們的產品組合與主要大客戶不太相符和我們想要追求的終端市場或與之相反，我們今年退出了馬來西亞的製造基地，準備生產行業領先的電池，在韓國擁有經驗豐富的團隊，而不是我們收購的超過20 年的船舶電池，並且緊密結合與客戶的合作使我們獲得了真正深入的知識和詳細的產品規格，這有助於我們建立針對市場最大部分（即智慧型手機）的類別領先產品。現在我們正在與全球最大的智慧型手機原始設備製造商進行各個層面的積極合作。這些公司都渴望利用。我們的架構旨在滿足大趨勢對越來越多耗電應用程式的需求。我將展示一些數據並稍後討論這一點。但首先，讓我們看看我們的目標，今年我們需要做的是為巨額拐點收入做好準備。智慧型手機的發布非常簡單。首先，我們需要在馬來西亞第二代工廠展示第二代設備的大量生產。現在我不是眼見為憑。因此，我們將向您展示一段以 IGA 為特色的晶圓廠視頻，該視頻是我們最近幾天剛剛製作的，說明了我們的進展。當然，Ajay 將加入我們進行問答。

From Manish, I think it's pretty early for him there, but he's online, they're standing by.So Operator, go ahead and let's run the video.

來自曼尼什，我認為對他來說現在還很早，但他在線，他們正在待命。所以接線員，繼續，讓我們運行視頻。

And here in Fab two, as you can see in Malaysia, we are standing in the clean tech index plus 10 gig clean room. And right here, which I'm going to show you right now is a zone one, one of the lasers in Zone one, which is the annual laser and now will give you a closer look, as you can see that our four laser sources here, two for cleaning and two for the cutting and then the web go through, as you can see the rollout. So the ones which come from full quarters get loaded on this machine, go through these lasers and here we can show you the little bit closer look in terms of the laser firing. This machine is operating at 1350 UPH or close to it. And we are producing actually cells for FET, the sales, as you can see, the electrodes are getting better. And as you can see from here, when it finishes all the process here, it goes through what is called in-line inspection system, which is really the gamut as we looked at the 27 different clinical parameters, critical to quality parameters, which then get logged as we see and it will move correction system, which gets, you know, triggering the lasers for position and dollarization. And this is the and what we call airless averages that are lasers.

在 Fab 二號這裡，正如您在馬來西亞看到的那樣，我們處於清潔技術指數加上 10 兆潔淨室的行列。在這裡，我現在要向您展示的是第一區，第一區的其中一個激光器，這是年度激光器，現在將讓您仔細觀察，因為您可以看到我們的四個激光源在這裡，兩個用於清潔，兩個用於切割，然後將捲材穿過，如您所看到的展開。因此，來自各個方面的雷射被裝載到這台機器上，透過這些雷射器，在這裡我們可以向您展示雷射發射方面的近距離觀察。該機器的運行速度為 1350 UPH 或接近該速度。我們實際上正在生產 FET 電池，正如您所看到的，電極的銷售正在變得更好。正如您從這裡看到的，當它完成這裡的所有流程時，它會經過所謂的線上檢查系統，這實際上是整個範圍，因為我們查看了27 種不同的臨床參數，這些參數對品質參數至關重要，然後正如我們所看到的那樣被記錄下來，它將移動校正系統，您​​知道，該系統會觸發雷射進行位置和美元化。這就是我們所說的無氣平均雷射。

Next, I will show you the the other to the cathode and February. That leaves us now I'm standing in front of the SLSR., which is a separate laser where I can show you the rules that get loaded here, as you can probably see on the film and truly resources to people leaders, which are basically creating the pattern and putting the separated it goes through the same type of system and we can do a little bit more close up here in terms of how the patterning is being done. Again, this one is running at 13, 50 UPH in the middle of SAP. And the in-line inspection system, again is very similar to ones which I just showed you on the on the anode, it captures roughly 38 different parameters out of which 25 are critical to quality and the others are more for productivity. We see it, et cetera. That's all captured here in line. Again, feedback loop back to the latest adjustments will position into anything and you get better certainly does that now I'm standing here in front of the sector zone to the Zone two, and there's going to be 11 cycles here total or eight cycles for the edge we have and you can see the staggered in action here now it is merging up and then the four layers, as you can see, and it is stacking creating six stacked at a time quenching, multi on-the-fly vision systems right there and making sure that the stack is accurate and properly positioned in this Q. So this is this is the output of the staggered. We have six beautiful looking stacks, which were created by this machine. Now we are standing in front of the final formation cabinets, which is also called Zone four. And we will assure you now you can see have changed into a class 100,000. downing protocol, which is just a smoke and not the bunny suit, which I will in the class 10,000. And you can see now the loader automatic loader, which is one of which is loading the trade directly into the final formation, Kevin, and you can see how that is working.

接下來，我將向您展示另一個陰極和二月。現在我站在 SLSR 前面，這是一個單獨的雷射器，我可以向您展示此處加載的規則，正如您可能在電影中看到的那樣，以及真正為人民領袖提供的資源，這些基本上是創建圖案並將其分離出來會經過相同類型的系統，我們可以在這裡就圖案的完成方式進行更近距離的了解。同樣，這個在 SAP 中間以 13, 50 UPH 運作。線上檢查系統也與我剛剛向您展示的陽極上的系統非常相似，它捕獲大約 38 個不同的參數，其中 25 個對品質至關重要，其他則對生產率更重要。我們看到它，等等。這一切都在這裡排隊捕獲。再說一遍，回到最新調整的回饋循環將定位到任何東西，你肯定會變得更好，現在我站在扇區前面到第二區，這裡總共會有 11 個週期，或者 8 個週期我們擁有的邊緣，你可以在這裡看到交錯的動作，現在它正在合併，然後是四層，正如你所看到的，它正在堆疊，一次創建六個堆疊的淬火，多動態視覺系統對並確保堆疊在該Q 中準確且正確定位。這就是交錯的輸出。我們有六個漂亮的堆棧，都是這台機器創造出來的。現在我們站在最後的編隊櫃前，也叫第四區。我們向您保證，您現在可以看到已經變成了 100,000 級。唐寧協議，這只是煙霧，而不是兔子套裝，我將在 10,000 級課程中使用兔子套裝。現在你可以看到裝載機自動裝載機，其中之一是將交易直接裝載到最終的形成中，凱文，你可以看到它是如何工作的。

Okay.

好的。

As you can see, we are standing here in the zone four area. Again, I'm blessed for down four plus 100 days, and this is the final step after the sales go through the final formation. They go through OCV. test. And now the batteries are semi industries of being fed to the sort of fully then automatically. This will be a nearly lights-out operation where the trees are loaded from the all the way from final formation of CV into the sorter business order area, which is the final step of sorting and putting batteries in bins to be sold to the final customer. So that's this operation. As you can see, thank you for watching keep following our journey to scale at analytics.com for updates as we post them.

正如你所看到的，我們正站在第四區。再次，我很幸運能夠度過四百多天的時間，這是銷售完成最終形成後的最後一步。他們通過 OCV。測試。現在，電池已成為半自動供電的半工業。這將是一個近乎熄燈的操作，從最終形成CV 到分類機業務訂單區域，樹木都會被裝載到分類機業務訂單區域，這是對電池進行分類並將其放入垃圾箱中以出售給最終客戶的最後一步。這就是這個操作。如您所見，感謝您繼續關注我們在analytics.com 上的擴展之旅，以獲取我們發布的更新。

That is awesome. As you can see, our confidence is very high on Feburary, 2 and we accomplished a great deal in a very short amount of time. And I'm really proud of everything the team has done. In addition to proving out manufacturing at this year, we will need to deliver samples of batteries around the to the smartphone specification fire, fast charge and very high cycle life. I'm happy to report that our global R&D teams have made significant progress in the recent months, and we're looking forward to sending our first samples of what we call EX. one m. for mobile next quarter by the end of the year will have an enhanced version of this technology called EX2M., which will also be ready to sample. Now these two will be truly revolutionary products and they will be the first smartphone batteries in the world that we are aware of that will have a 100% active silicon anode while also delivering 1,000 foot charge and discharge cycles, along with the ability to really fast charge and increase energy density or the batteries that are shipping in the market today, the need for high energy density is critically important. The smartphone industry. It's a huge $10 billion-plus addressable market, not to give you a greater appreciation for why smartphones need a higher energy density batteries.

太棒了。正如您所看到的，我們在 2 月 2 日信心十足，在很短的時間內完成了很多工作。我對團隊所做的一切感到非常自豪。除了今年驗證製造能力外，我們還需要提供符合智慧型手機規範的防火、快速充電和非常高循環壽命的電池樣品。我很高興地向大家報告，我們的全球研發團隊在最近幾個月取得了重大進展，我們期待著發送我們稱之為 EX 的第一批樣品。一米到今年年底，下個季度的行動裝置將推出該技術的增強版本，稱為 EX2M，也將準備提供樣品。現在，這兩款產品將成為真正的革命性產品，它們將是我們所知的世界上第一款智慧型手機電池，它將具有100% 活性矽陽極，同時還提供1,000 英尺的充電和放電週期，以及真正快速的能力充電並提高能量密度 對於當今市場上銷售的電池來說，對高能量密度的需求至關重要。智慧型手機產業。這是一個價值 100 億美元以上的巨大市場，但並不是為了讓您更好地理解為什麼智慧型手機需要更高能量密度的電池。

Last quarter, we asked the tedious research team I'm familiar with from my days at Qualcomm to analyze the impact of the looming applications on smartphones that the results of the study are actually staggering. I want to show this to you in a slide here. What I what you see here is in the lab side, the global JNI output forecast of the amount of video and image fans in billions. You can see in 23, 15, 24, 59 to 28 we expect expected to be a staggering 2,500 billions of frames generated.

上個季度，我們請我在高通工作時熟悉的乏味研究團隊分析即將出現的應用程式對智慧型手機的影響，研究結果實際上是令人震驚的。我想在此處的幻燈片中向您展示這一點。我在這裡看到的是實驗室方面的全球 JNI 輸出對視訊和圖像粉絲數量的預測（以十億為單位）。您可以看到，在 23、15、24、59 到 28 年間，我們預計將產生驚人的 25,000 億幀。

And these are I'm going to be on mostly battery-operated devices on phones, PCs, laptops and so on and what you see in the middle is actually very interesting data. What we did here is actually Trofile how much battery consumption in terms of how much capacity is used per hour and million bars, but different applications. On the left side, you see non-high base, conventional applications and the right side, you see the air-based applications. So things like 4K video. When you go to eight k. video, a lot of up sampling is done using AI applications, things like YouTube that you're all familiar with on the lab side, but on the right side, things like charge EBITDA are lower to chat bots. It's staggering that Chad GPT actually consumes more battery than running YouTube on your phone. It's pretty amazing. And it is just the beginning. And this is very important because this is what we are hearing from all our customers that they just need a much higher energy density battery. In fact, I just saw a couple of new funds launched by by some of our Chinese OEMs. And actually the flyers for the phone is actually all about the applications that run how you got to see something similar for the Samsung Galaxy Entertainment. So the trends are clear with our product roadmap and our customer relations, we are well positioned to enable the smartphone industry to really Usher a new era of mobile computing. In addition to that, we have now drilled our first deal done in EVs. And with that, I'm going to turn over to Fran, who will provide a recap of the financials and then the outlook.

我將在手機、個人電腦、筆記型電腦等主要由電池供電的設備上使用這些數據，您在中間看到的實際上是非常有趣的數據。我們在這裡所做的實際上是Trofile以每小時使用多少容量和百萬個來計算電池消耗量，但應用程式不同。在左側，您可以看到非高底座、傳統應用程序，而右側，您可以看到基於空氣的應用程式。如 4K 影片。當你去八公里的時候。影片中，許多上取樣是使用人工智慧應用程式完成的，例如你們在實驗室方面都熟悉的 YouTube 之類的東西，但在右側，收費 EBITDA 之類的東西比聊天機器人要低。令人震驚的是，Chad GPT 消耗的電池實際上比在手機上運行 YouTube 還要多。這真是太神奇了。而這只是開始。這非常重要，因為我們從所有客戶那裡聽到，他們只需要更高能量密度的電池。事實上，我剛剛看到我們的一些中國整車廠推出了幾隻新基金。實際上，手機的傳單實際上都是關於運行應用程式的，您如何看到三星銀河娛樂的類似功能。因此，我們的產品路線圖和客戶關係的趨勢很明確，我們已做好充分準備，使智慧型手機產業真正迎來行動運算的新時代。除此之外，我們現在已經完成了第一筆電動車交易。接下來，我將請弗蘭來介紹財務狀況和前景。

Thanks, Ike. So all the relevant financials that in our quarterly report, so I won't go into the deep into the details, but I'll just do a quick recap of the results and outlook for Q4. Now, we delivered revenue of $7.4 million, well ahead of our expectation. We ended the quarter with about $307 million of cash and equivalents. Our Q4 CapEx was about $29 million. About $27 million was used in operation and about $10,000 million of cash was used in acquisition of Logica net of the cash that we acquired as part of Project. As a reminder, we are accelerating the depreciation of Fab one equipment post our decisions up to stop manufacturing in our Feburary 1 up and as we decide to convert it for product development purposes, our Q4 results included $18.5 million of accelerated depreciation of $6.2 million of this was in COGS, $12.2 million of this was in R&D and $0.1 million was in SG&A. In Q1, we expect a similar amount of accelerated depreciation, but most of it will be in R&D expenses.

謝謝，艾克。所有相關的財務數據都在我們的季度報告中，所以我不會深入討論細節，但我只會快速回顧第四季度的結果和前景。現在，我們實現了 740 萬美元的收入，遠遠超出了我們的預期。本季結束時，我們擁有約 3.07 億美元的現金及等價物。我們第四季的資本支出約為 2900 萬美元。大約 2700 萬美元用於運營，大約 100 億美元現金用於收購 Logica，扣除我們作為項目一部分獲得的現金。提醒一下，在我們決定在2 月1 日停止生產後，我們正在加速Fab one 設備的折舊，並且當我們決定將其轉換用於產品開發目的時，我們第四季度的結果包括1850 萬美元的加速折舊，其中620 萬美元為其中 1,220 萬美元用於研發，10 萬美元用於銷售管理費用。在第一季度，我們預計會有類似數量的加速折舊，但大部分將用於研發費用。

And now turning to our guidance for the first quarter of 24, we are expecting revenue in the range of $3.5 million to $4.5 million. Now there's some impact or meaningful impact to our Q1 guidance because of the water in Middle East, which is causing a longer time for the ships to go from Korea to Europe. And we expect for Q1 adjusted EBITDA loss of $24 million to $31 million and expect non-GAAP EPS of between $0.29 loss and $0.35 loss. I would like to note that our non-GAAP EPS loss does include the impact of the accelerated depreciation, the write-off term, which is about $0.1.

現在轉向 24 月第一季的指導，我們預計收入在 350 萬美元至 450 萬美元之間。現在，由於中東的洪水導致船舶從韓國到歐洲的時間更長，我們的第一季指導受到了一些影響或有意義的影響。我們預計第一季調整後 EBITDA 虧損為 2,400 萬美元至 3,100 萬美元，非 GAAP 每股盈餘預計虧損 0.29 美元至 0.35 美元。我想指出的是，我們的非 GAAP 每股收益損失確實包括加速折舊（沖銷期限）的影響，約為 0.1 美元。

And with that, I'll now turn correct.

有了這個，我現在就改正了。

Okay. Thank you for one. In closing, I'm super excited by all the work we've done in '23 and we set set the framework for our business to scale in the years forward. And we have significant proof points to deliver in '24. And I'm super excited by, as you can tell by all the stuff we have going on in our manufacturing fabs and executing to these key milestones. And so with that, I'll open up for questions.

好的。謝謝你的一份。最後，我對我們在 23 年所做的所有工作感到非常興奮，我們為我們的業務在未來幾年的擴展制定了框架。我們有重要的證據可以在 24 年提供。我非常興奮，你可以從我們製造工廠中正在進行的所有事情以及執行這些關鍵里程碑中看出。因此，我將開放提問。

We will now begin the Q&A session. Please note that this call is being recorded. Before we go to live questions, we are going to read the two most highly, but any questions submitted by shareholders ahead of this call during the call registration?

我們現在開始問答環節。請注意，此通話正在錄音。在我們進行現場提問之前，我們將閱讀兩個最高的問題，但是股東在電話登記期間在此電話會議之前提交的任何問題嗎？

First question is Will management address the current and future status of government contacts for batteries, is there still a near term eight digit revenue opportunity or have management fully again?

第一個問題是管理階層是否會解決政府電池合約的當前和未來狀況，短期內是否仍有八位數的收入機會或再次擁有全面的管理層？

Yes. So very good question. And you know, as I as we did last last quarter. We continue to deliver batteries to the OEM Army contract that we have with. These are breakthrough enables safe batteries that the Army will use and vests and so on. And we expect to continue to do that through this year. As we do that, these batteries are put into different kinds of tests by the by the Army in and a lot of qualification process and so on. Once that's done, we do expect that there will be and up in high volume production and we will have a good business opportunity there also with the acquisition of this company that get it. They have a very good batteries that are actually being sold to the Korean military. And we see opportunities to actually market those batteries to the US Army also. So yes, we do expect to continue to do that.

是的。這是非常好的問題。你知道，就像我上個季度所做的那樣。我們繼續向與我們簽訂的 OEM 陸軍合約提供電池。這些突破使得陸軍將使用的安全電池和背心等成為可能。我們預計今年將繼續這樣做。當我們這樣做時，這些電池會由陸軍進行不同類型的測試以及大量的資格認證過程等等。一旦完成，我們確實預計將會出現大批量生產，並且透過收購這家獲得它的公司，我們將在那裡擁有良好的商機。他們擁有非常好的電池，實際上正在出售給韓國軍方。我們也看到了向美國陸軍實際銷售這些電池的機會。所以，是的，我們確實希望繼續這樣做。

Second question is what is happening with the former production space in Fab one now that the Gen one line has been shut.

第二個問題是，既然第一代生產線已經關閉，一號晶圓廠的前生產空間正在發生什麼。

Bahram?

巴赫拉姆？

Yes. Thank you for that question. So Fab one, so we are not doing high-volume manufacturing Fab one, but we are using it right now to make samples to give like EX. one and EXTUM. and so on to give it to our smartphone customers to sample to validate the technology before our Fab two is ready. And as I mentioned, we expect to produce cells from Fab two in Malaysia and April timeframe. So we are actually using the current fab in Fremont for that. Also with this new EV opportunity we have, which we expected that we will need a clean room and the dry room in the facility to make ourselves here which we are going to do here in Fremont. So it continues to be a good R&D facility for us.

是的。謝謝你提出這個問題。所以 Fab one，所以我們沒有進行大批量生產 Fab one，但我們現在正在使用它來製作樣品，以提供像 EX 一樣的樣品。一和EXTUM。等等，以便在我們的二號工廠準備就緒之前，將其提供給我們的智慧型手機客戶進行樣品驗證技術。正如我所提到的，我們預計將在 4 月的時間內在馬來西亞的二號工廠生產電池。因此，我們實際上正在使用弗里蒙特目前的晶圓廠來實現這一目標。此外，我們還擁有這個新的電動車機會，我們預計我們將需要設施中的無塵室和乾燥室來讓我們自己在這裡，我們將在弗里蒙特做這件事。因此，它對我們來說仍然是一個很好的研發設施。

We will now go to the Q&A questions will be answered in the order they are received. Please ask one question and one follow-up question at most. We will now pause a moment to assemble the queue. Our next question comes from Colin Rusch with Oppenheimer. Please unmute your audio and ask your question.

我們現在將進入問答環節，問題將按照收到的順序進行回答。請最多提出一個問題和一個後續問題。我們現在暫停一下來整理隊列。我們的下一個問題來自科林·魯什和奧本海默。請取消音訊靜音並提出您的問題。

Thanks so much because as you've gotten deeper into the customer conversations and testing on the smartphone side, can you talk about the number of SKUs you're expecting to have to make in the next 18 months to 24 months to serve those customers?

非常感謝，因為隨著您更深入地了解客戶對話並在智慧型手機方面進行測試，您能否談談您預計在未來 18 個月到 24 個月內必須生產多少 SKU 才能為這些客戶提供服務？

Yes. Thank you for the question, Colin. So what's happening right now. I'll give you a little bit of color taking that opportunity of the question. So what's happening right now is that we've got the very detailed specifications from multiple customers. I mean, these are 2030 page documents on how the batteries tested different temperatures, different size requirements, fast-charging requirements, safety requirements and so on from multiple smartphone OEMs. So we are now building samples and sampling, and we will be sampling them soon. And these customers with the requirements that they've given. And what we do is we test the batteries to those requirements so that when we give them the cells, we're pretty confident that they will pass. It's something that I've always done in my past is to make sure we understand the customers' testing requirements, test them and then give it to them. And then what we expect to happen is after they pass the technology qualification, we expect to get different dimensions and capacities. So 5,000 amperes or 6,000 amperes based on what smartphone it's going into. And each customer has a slightly different size, like if it's going to flip phone it's one side. We've got a candy bar phone. It's going to be slightly different size. And then and then we will make those particular form factor batteries from our Malaysia fab get them, those samples they go, they go through the rest of the qualification and when get to high-volume production next year, it's hard to tell exactly how many, Sam, how many different shapes will need to do because we are sampling to multiple customers and based on how quickly those those evaluations on their side go, it'll it'll it'll drive that. I say probably in the single digits is what I think it should or shouldn't be too many because I do think that a lot of customers will tend to use a similar kind of cell because the phone form factor is kind of very similar between customers.

是的。謝謝你的提問，科林。那麼現在發生了什麼事。藉這個問題的機會，我會給你一點顏色。所以現在發生的事情是我們從多個客戶那裡得到了非常詳細的規格。我的意思是，這些是 2030 頁的文檔，內容涉及多個智慧型手機 OEM 廠商的電池如何測試不同溫度、不同尺寸要求、快速充電要求、安全要求等。所以我們現在正在建造樣品並進行採樣，我們很快就會對其進行採樣。這些客戶提出了他們提出的要求。我們所做的就是測試電池是否符合這些要求，這樣當我們給他們電池時，我們就非常有信心它們會通過。我過去一直在做的事情就是確保我們了解客戶的測試要求，對其進行測試然後將其提供給他們。然後我們期望發生的事情是他們通過技術資格後，我們期望獲得不同的尺寸和容量。因此，5,000 安培或 6,000 安培取決於所使用的智慧型手機。每個客戶的尺寸都略有不同，例如如果要翻蓋手機，尺寸會有所不同。我們有一部直板電話。尺寸會略有不同。然後我們將從我們的馬來西亞工廠生產那些特殊形狀的電池，他們會拿到這些樣品，他們會通過其餘的資格認證，當明年進入大批量生產時，很難確切地說出有多少薩姆，需要做多少種不同的形狀，因為我們正在向多個客戶取樣，並且根據他們那邊的評估進行的速度，它會推動這一點。我說可能是個位數，我認為應該或不應該太多，因為我確實認為很多客戶會傾向於使用類似的手機，因為客戶之間的手機外形非常相似。

Yes, both super-helpful And then given the opportunity in mobility, there's certainly a lot going on in terms of vehicle design pack design and given safety profile that you guys have and the potential for fast charger, can you talk a little bit about your expected pack size and how that might look for some of these vehicles as they look to optimize both space and the energy density in the vehicles, are we talking about 60 kilowatt hours per vehicle are we talking something more like 80 or 90?

是的，都非常有幫助然後考慮到移動性的機會，在車輛設計包設計和考慮到你們擁有的安全配置以及快速充電器的潛力方面肯定有很多事情要做，您能談談您的預期的包裝尺寸以及其中一些車輛在尋求優化車輛空間和能量密度時可能會如何看待，我們是在談論每輛車60 千瓦時，還是在談論更像80 或90 千瓦時的東西？

Yes. A good question, Colin. But so what just to be clear, what we're doing now is working with one of what we talked about is one OEM that's interested and there's others we're talking to on proving out the value proposition by proving out that we can control swelling proving out that we can charge fast exactly what kind of sales that would be, how many there would be, what kind of EVs there would be?

是的。這是個好問題，科林。但需要明確的是，我們現在正在做的是與我們談論的其中一家感興趣的原始設備製造商合作，我們正在與其他人合作，通過證明我們可以控制膨脹來證明價值主張證明我們可以快速充電，具體會是什麼樣的銷量，會有多少輛，會有什麼樣的電動車呢？

It's too early to tell and we will continue to update you on milestones as we get there at this point, we're just proving out the technology.

現在下結論還為時過早，我們將繼續向您通報里程碑的最新情況，我們只是在證明這項技術。

And yes, the only thing I would add legislation, they will have our architecture, our unique architecture. What's common is that all of these so that we are working with automotive makers are with our unique architecture and will have fast charge as a unique differentiator.

是的，我唯一要添加立法的是，他們將擁有我們的架構，我們獨特的架構。共同點是，我們與汽車製造商合作的所有這些都具有我們獨特的架構，並將快速充電作為獨特的差異化因素。

Thanks. So much, guys.

謝謝。就這麼多，夥計們。

Our next question comes from Bill Peterson with JP Morgan. Please unmute your audio in.

我們的下一個問題來自摩根大通的比爾彼得森。請取消音訊靜音。

Yes, thanks for taking the question. Maybe maybe just to piggyback off that last question it sounds like you said the key focus area will be fast charging. But can you just shed some light on some of the key milestones and time lines for this? What are the committed contribution in commitments from Nova X in terms of sampling test? And I guess is there further appetite for genomics as well as resources as well to actually ink any additional agreements? Or just should we just think of this is the single agreement for now?

是的，感謝您提出問題。也許只是為了順應最後一個問題，聽起來你說重點關注領域將是快速充電。但您能否透露一些關鍵的里程碑和時間表？Nova X在抽樣測驗上做出了哪些承諾貢獻？我想對基因組學和資源是否還有進一步的興趣，以實際簽署任何額外的協議？或者我們應該認為這是目前的單一協議？

Yes, I am. We hope to get samples out this year. That's our goal. We are working with the other OEMs do, but I can't really comment much further than that. It's kind of early stage and we'll keep you updated as we make progress.

我是。我們希望今年能拿到樣品。這就是我們的目標。我們正在與其他原始設備製造商合作，但我無法對此發表更多評論。目前仍處於早期階段，隨著進展，我們會及時向您通報最新情況。

Okay. Second question. So when we think about EXYTXPNMNEX. to, I guess, what are the key changes you're making on the materials side? I mean are there other formulations and process manufacturing process fix for EX. one M. and EX. two? And I guess if not, I guess the formulations reacts to if they haven't been fix whatever the issues are, performance gaps you're looking to address before locking in the materials choices in process. Just trying to get a sense for how much are these are at this stage?

好的。第二個問題。所以當我們想到 EXYTXPNMNEX 時。我想，你們在材料方面做出的關鍵改變是什麼？我的意思是 EX 是否還有其他配方和製程製造製程修復。一位 M. 和 EX。二？我想如果沒有的話，我想如果配方沒有解決，無論問題是什麼，在鎖定過程中的材料選擇之前，您希望解決的性能差距都會發生反應。只是想了解現階段這些費用是多少？

Yes, good question. So basically, if I if I am look at the X. one m., it's built on top of what we have done in the X1 which is adapt that technology to meet the requirements of the smartphone market. And when I say the requirements or smartphone market, there is a few key requirements in one is clearly safety people really care about safety, safety influence. As you know, we have we have spent a lot of time on that, and that's one area we address.

是的，好問題。所以基本上，如果我看一下 X.one m.，它是建立在我們在 X1 中所做的基礎上的，即調整該技術以滿足智慧型手機市場的要求。當我說智慧型手機市場的要求時，有幾個關鍵要求，其中之一顯然是安全人們真正關心安全、安全影響。如您所知，我們在這方面花費了大量時間，這也是我們要解決的領域。

The second area is cycling our previous EX. one batteries ran up to 500 cycles. Our target and the EX1M is thousand cycles, which is basically doubling that. And that's a significant increase and the third one is the ability to charge really, really fast. So if you think about a smartphone, you know, when you have a smartphone, what a lot of customers do is particularly with these AI applications a whole day battery life is getting harder and harder. So when the battery life goes down, they would like to be able to charge and get to a 15%, 20%, 30% charge, so they can go through the rest of the day. So that is a very important care about our to do that safely and to do that in a way that it doesn't hurt the battery longer term is a very key care about. And that's one thing that we feel good about.

第二個區域是騎我們之前的 EX。一顆電池可循環運轉 500 次。我們的目標和 EX1M 是千次循環，基本上是這個數字的兩倍。這是一個顯著的成長，第三個是充電速度非常非常快的能力。因此，如果你考慮智慧型手機，你就會知道，當你擁有智慧型手機時，很多客戶所做的就是特別是使用這些人工智慧應用程序，一整天的電池壽命變得越來越難。因此，當電池壽命縮短時，他們希望能夠充電並達到 15%、20%、30% 的電量，這樣他們就可以度過一天剩下的時間。因此，我們非常關心安全地做到這一點，並以一種不會長期損害電池的方式做到這一點，這是一個非常關鍵的關心。這是我們感覺良好的一件事。

Now and the third one is increasing energy density. So we have now looked at all the different forms out shipping in the market, and we believe that we can provide an advantage compared to that while keeping fast charge, while keeping increasing the cycle life and also at different temperatures. I mean that's the other thing you need to worry about in these markets is what temperature you operate before. I will operate the battery at what top of the cycle charges looks like and so on. So those are all the things that the X1 and mattresses. And again, these are slightly different based on each customer. Some customers want more cycle life and maybe a little less needy, some customers, one more ED and less localized so we are now in the middle of basically at Target specification, which we'll finalize now on the X1M. And those are the batteries that we expect to sample from our Malaysia factory in April. What do you have to end as on top of that is actually continued to increase energy density. And you've seen us put out a slide before and where we expect to get there with that while keeping the increases and cycle life while keeping the increase in fast charge, while keeping all the safety parameters now to be able to accomplish that. We have finalized a set of materials for EAFs1M cathodes, anodes, electrolyte separators and so on. And we have shortlisted what they will be for EX. two m. and in short order, we'll decide which ones have some very promising results. So we're pretty optimistic of being able to get there.

現在第三個是增加能量密度。因此，我們現在已經研究了市場上出貨的所有不同形式，我們相信我們可以在保持快速充電、同時保持增加循環壽命以及在不同溫度下提供相比的優勢。我的意思是，在這些市場中您需要擔心的另一件事是您之前的操作溫度。我將在循環充電的頂部時操作電池，等等。這些就是X1和床墊的全部。同樣，根據每個客戶的不同，這些也略有不同。有些客戶想要更長的循環壽命，也許需求少一點，有些客戶則希望多一個ED 和更少的本地化，所以我們現在基本上處於Target 規格的中間，我們現在將在X1M 上最終確定這一規格。這些是我們預計四月從馬來西亞工廠取樣的電池。除此之外，你所要結束的其實是繼續增加能量密度。您已經看到我們之前發布了一張投影片，以及我們期望實現的目標，同時保持成長和循環壽命，同時保持快速充電的成長，同時保持現在所有的安全參數，以便能夠實現這一目標。我們已經敲定了一套EAFs1M正極、負極、電解質隔膜等材料。我們已經列出了 EX 的候選名單。兩米。很快，我們將決定哪些有一些非常有希望的結果。因此，我們對能夠實現這一目標非常樂觀。

Thanks, Raj.

謝謝，拉傑。

Our next question and then Marcus Can you with Canaccord, please unmute your audio and ask request everyone.

我們的下一個問題是 Marcus，您可以使用 Canaccord，請取消音訊靜音並詢問大家。

Thanks so much for taking my question. I'd like to ask about your materials supply chain earlier in the quarter. You announced an agreement with group 14, and I'm curious, first of all, how diversified your your silicon supply chain is and how how extensive are the choices by handset vendors for device vendors into making that decision? Or is that purely a decision that innovation will make in terms of which silicon they put it?

非常感謝您提出我的問題。我想在本季早些時候詢問你們的材料供應鏈狀況。你們宣布了與第 14 集團的協議，我很好奇，首先，你們的晶片供應鏈有多多樣化，以及手機供應商為設備供應商做出這一決定的選擇有多大？或者這純粹是創新將根據他們放置哪種晶片而做出的決定？

You put into your batteries?

你裝進電池了嗎？

You?

你？

Yes. So you know, if you look at producing a battery that increases energy density, but also meets all these other requirements. And I can't emphasize enough of that because ultimately a battery has to meet the requirements that are required by the end product, which our customers make cycle life fast charge swelling, the end of life and so on. It's a function of not just the anode, but it's the function of the silicon anode, a function of the cathode and more importantly, the electrolyte because you know in a battery, the electrolyte when it interfaces that cathode has a certain properties, certain rate needs to behave, but interested because they are the other side, just what we have said. And we all at the same time being able to pass lithium ions and the separators make big big role as to how sticky the separator and how to handle this type pressure and so on. So the recipe of choosing the right cathodes, write down or write separators and putting them together is really the intellectual property that we have at innovation and experience we have here. So we like I said, there's multiple choices on anodes, multiple choices and cathodes, multiple choices and electrolytes. And that is the intellectual property that we have. We are constantly looking for new materials. We were very excited by the results we got from the grew 14 material and that team has been super supportive. We are also talking to other people. Supply diversity is also important and ultimately, what we're going to do is to find the right recipe for the right and applications based on the customer feedback. So that's kind of the best way to answer that question.

是的。所以你知道，如果你考慮生產一種既能提高能量密度，又能滿足所有其他要求的電池。我無法強調這一點，因為最終電池必須滿足最終產品所需的要求，我們的客戶使循環壽命、快速充電膨脹、壽命結束等。它不僅是陽極的功能，而且是矽陽極的功能，陰極的功能，更重要的是電解質的功能，因為你知道在電池中，電解質與陰極接觸時具有一定的性能、一定的速率需要表現得好，但感興趣，因為他們是對方，正如我們所說的。我們同時能夠通過鋰離子，並且隔膜在隔膜的粘性以及如何處理這種類型的壓力等方面發揮著重要作用。因此，選擇正確的陰極、寫下或寫下隔膜並將它們組合在一起的秘訣實際上是我們在這裡擁有的創新和經驗的智慧財產權。所以我們就像我說的，陽極有多種選擇，陰極有多種選擇，電解質有多種選擇。這就是我們擁有的智慧財產權。我們不斷尋找新材料。我們對從成長的 14 材料中獲得的結果感到非常興奮，並且團隊給予了極大的支持。我們也在和其他人交談。供應多樣性也很重要，最終我們要做的是根據客戶回饋找到正確的配方和應用。所以這是回答這個問題的最佳方式。

Thank you. And just as a follow-up, I'd like to ask about your time lines here on the FAT. and SAT. testing. With your confidence level in terms of getting out samples for the Agility line in the second quarter? I know that on our recent podcast you discussed, is this a little bit of a pushout in some of the time lines there. If you just kind of reiterate that and give us confidence that you can get those samples out in the second quarter? Thank you.

謝謝。作為後續行動，我想詢問一下你們在 FAT 上的時間表。和SAT。測試。您對第二季獲得敏捷產品線樣品的信心程度如何？我知道，在我們最近的播客中，您討論過，這在某些時間線上是否有點推後。如果您只是重申這一點並使我們相信您可以在第二季度拿出這些樣品？謝謝。

I'll answer a little bit high level. And I just feel free to add in Malaysia, I'm not sure how the line is, but basically, we feel very confident that we're going to get samples out in April timeframe to our customers and what we did, we did announce some delays on SAT of one of the zones. And again, you got to remember these are very very complicated things we are doing. These are tens of machines, all working in tandem together. One thing about Jay and myself and the leadership team we've done is we're not going to cut corners, right? We're not going to cut corners in the requirements of FIT in the requirements of SAT. How much material we need to run, what will they need to come up with before we take acceptance of any of these missions for our customers from our suppliers. So that has caused some amount of back and forth with our suppliers. But we feel good now that it's within reach and we feel good about emissions we received and we do expect all of them too. We work together and some of them have been shipped there in Malaysia somewhat, and therefore they are shipping, but we are holding the date for getting the samples to customers, although some of the zones have pushed a little bit.

我會回答一點高水準。我只是隨意補充一下，在馬來西亞，我不確定這條線是怎樣的，但基本上，我們非常有信心，我們將在四月份的時間範圍內向我們的客戶提供樣品，以及我們所做的事情，我們確實宣布了其中一個區域的 SAT 考試有一些延誤。再說一遍，你必須記住我們正在做的這些事情非常非常複雜。這些是數十台機器，全部協同工作。關於傑伊和我本人以及我們所做的領導團隊的一件事是我們不會走捷徑，對嗎？我們不會在 SAT 的要求中偷工減料地滿足 FIT 的要求。在我們從供應商為我們的客戶接受任何這些任務之前，我們需要運行多少材料，他們需要提供什麼。因此，這導致了我們與供應商之間的一些反覆。但現在我們感覺很好，因為它觸手可及，我們對收到的排放量感覺很好，我們也期望所有這些排放量都能實現。我們一起工作，其中一些已經在馬來西亞發貨，因此它們正在發貨，但我們保留了向客戶提供樣品的日期，儘管有些區域已經推遲了一點。

Yes, just to add to that, we are feeling clearly, but I'm here calling in from that I'm feeling pretty confident about the how the machines, some of the data as well as the early data on equity during the in the apart from the Q2, we will definitely get samples out of from the agility. Sorry.

是的，補充一點，我們的感覺很清楚，但我是從那裡打電話過來的，我對機器的運作方式、一些數據以及早期的股權數據非常有信心。除了Q2之外，我們肯定還會從敏捷中得到樣品。對不起。

Our next question comes from Jed Simon with William Blair. Please unmute your audio and ask your questions.

我們的下一個問題來自傑德·西蒙和威廉·布萊爾。請取消音訊靜音並提出問題。

Hi. Thanks for taking my question here, guys. Raj, and you've talked about some of the performance trade-offs between EX. one EX. one M. and EX. two. I was wondering how should we think about the value creation in terms of some of those trade-offs and what I'm really trying to get to is ASP. differences between the different data products?

你好。謝謝你們在這裡提出我的問題，夥計們。Raj，您已經討論了 EX 之間的一些性能權衡。一個 EX。一位 M. 和 EX。二。我想知道我們應該如何考慮這些權衡中的價值創造，而我真正想要實現的是 ASP。不同數據產品之間的差異？

And then I have a follow-up.

然後我有一個後續行動。

Yes.

是的。

I mean, Jet is really really based on the end markets I think our view is that when you go into things like smartphones where they're going to laptops, you've got to get to 800,000 cycles in that range. You think about it. If you have a phone, you're going to charge it every day. So you're looking at three and 50 charges discharge cycles a year, or let's say you keep this one for 2.5 to 3 years, you're quickly at the thousand range, right? So you pretty much. And to be able to do that, if you look at it available ours and maybe some other IoT devices, you might keep it for less than a number of years. Maybe you don't charge it every day, so you can go get away with less number of cycles, right? When we decided to go after smartphones as a big market and then laptops thousand cycles, 800,000 cycles became a must and we aim at thousand as a target. If some customers wanted to take a cycle device. That's good. We can do that, but we set the goal aggressively. Now the ASP is going to depend upon what the value most right. I mean, ultimately, there is must meet requirements, which is fast charge, which is cycle life, which is not so well at the high temperatures when you store the battery safety and so on. Once you meet those, the amount of E. we provide on top of that is what's going to change the ASP premium that we command in some other markets maybe cycle as is not that important, we can index more insight on ED and then we can get a premium for that. So it really depends on the end market are somewhat must-have requirements and some requirements that once you do them, you can get more premium for holiday as a follow up.

我的意思是，Jet 確實基於終端市場，我認為我們的觀點是，當你進入智慧型手機等筆記型電腦領域時，你必須在該範圍內達到 80 萬次循環。你想想吧。如果你有手機，你每天都會為它充電。因此，您每年會考慮 3 次和 50 次充電放電週期，或者假設您將其保留 2.5 到 3 年，那麼您很快就會達到一千次，對吧？所以你差不多了。為了做到這一點，如果你看看我們的以及其他一些物聯網設備，你可能會保留它不到幾年。也許您不會每天都充電，所​​以您可以減少循環次數，對吧？當我們決定將智慧型手機作為一個大市場，然後是筆記型電腦千次循環時，800,000 次循環就成為必須，我們的目標是千次。如果有些顧客想要攜帶自行車裝置。那挺好的。我們可以做到這一點，但我們設定的目標非常激進。現在 ASP 將取決於最正確的值。我的意思是，歸根結底，有一個必須滿足的要求，這是快速充電，這是循環壽命，這是在高溫下存放電池時的安全性等等。一旦你滿足這些要求，我們提供的 E 數量將改變我們在其他一些市場的 ASP 溢價，可能會循環，因為這並不重要，我們可以索引有關 ED 的更多見解，然後我們可以為此獲得溢價。因此，這實際上取決於終端市場是否有一些必須具備的要求，以及一些要求，一旦您滿足了這些要求，您就可以在假期中獲得更多溢價作為後續。

I know on wearables, we've talked about Apple watch in terms of value where the value of the additional battery life is not as great as that of the phone, but I'm curious some and when we look at Apple vision or when we look at, it's something that only has two hours of battery life and it's certainly gating the adoption of that of that product.

我知道在穿戴式裝置上，我們已經討論過 Apple Watch 的價值，其中額外電池壽命的價值不如手機那麼大，但我很好奇，當我們看看 Apple 的願景或當我們看看，它的電池壽命只有兩個小時，這肯定會限制該產品的採用。

How do you think about the value in terms of the and therefore the the gating function of the battery to was to kind of help those markets some open up to larger volumes Thanks.

您如何看待電池的價值以及電池的門控功能是否可以幫助那些市場擴大銷售，謝謝。

Yes, absolutely. I mean, that is the delta. There are more and more applications like that coming out that absolutely need much higher energy density. And I'm one of those proud owners of Apple vision Pro. I love the device and I head the two hour battery life is the single biggest problem with the devices, the battery life. So but it's a phenomenal device. And, you know, I mean, I think the reason the devices so great is because of the performance that's in there with the memories and the process and the displays I mean, there's an Amex app by trade on it, and it just feels like you're in a movie in IMAX theater. But you know, the battery goes on pretty fast. So I think there's the premium is is there in those markets because, you know, that's I think all told 4,100 product. And I mean people will be willing to I mean what if you could double the battery life that we are some.

是的，一點沒錯。我的意思是，那是三角洲。越來越多的此類應用絕對需要更高的能量密度。我是 Apple Vision Pro 的驕傲擁有者之一。我喜歡這個設備，我認為兩小時的電池壽命是該設備最大的問題，即電池壽命。但它是一個非凡的設備。而且，你知道，我的意思是，我認為這些設備如此出色的原因是內存、處理過程和顯示器的性能，我的意思是，上面有一個美國運通應用程序，感覺就像你正在IMAX 影院看電影。但你知道，電池電量消耗得很快。所以我認為這些市場有溢價，因為我認為這就是 4,100 種產品。我的意思是人們會願意我的意思是如果你能讓電池壽命比我們的電池壽命加倍怎麼辦。

So I think a lot lot. I mean, I actually think that is just the first of the many products that are coming. And this is what I mentioned when I first came to this job is that performance and the end user experience that great processors, great memory devices great displays, great cameras can deliver is huge. I mean, we haven't seen how good that can be. And now we are seeing with early products coming out. There'll be a lot more like that that'll come out. And you'll see that too deliver the experience that these advances in chips and cameras and memories as really delivered you can't really realize them until you have better battery. And that's why I think that once we produce this battery, there'll be a lot of opportunity for us, but a differentiated ASP.

所以我想了很多很多。我的意思是，我實際上認為這只是即將推出的眾多產品中的第一個。這就是我第一次從事這項工作時提到的，出色的處理器、出色的儲存設備、出色的顯示器、出色的相機可以提供巨大的性能和最終用戶體驗。我的意思是，我們還沒有看到它有多好。現在我們看到早期產品已經問世。還會有更多類似的事情出現。你會發現，這也帶來了晶片、相機和記憶體方面的進步所帶來的體驗，除非你擁有更好的電池，否則你無法真正意識到它們。這就是為什麼我認為一旦我們生產出這種電池，我們就會有很多機會，但差異化的ASP。

Our next question comes from Derek Soderberg with Cantor. Please unmute your audio.

我們的下一個問題來自德里克·索德伯格和康托。請取消音訊靜音。

Yes, yes.

是的是的。

Hey, everyone. Thanks for taking the questions. I wanted to start with on the slide deck. It looks like you guys have the goal of multiple smartphone launches in 2025. I'm wondering what you're going to need from a production capacity standpoint to achieve this? And can you do that with a single line. Do you need to once any detail on that would be great.

嘿大家。感謝您提出問題。我想從投影片開始。看來你們的目標是在 2025 年推出多款智慧型手機。我想知道從生產能力的角度來看，您需要什麼才能實現這一目標？你能用一行程式碼做到這一點嗎？您是否需要了解任何細節，那就太好了。

Thanks.

謝謝。

Yes. So you know, I think it's important for me to like explain how the process works I know I get asked this question a lot. So if you if you think about where we are in our journey, we now have a recipe with the X. one m. that we feel pretty good about that actually meets the requirements of the market. We are factory coming up now and we feel pretty good that we'll be able to get some samples in in April from that. And so what happens next, right? We're going to give this to our customers. We are going to test them and they are going to give us some feedback and they're going to give us feedback on maybe some optimization on dimensions of how big the battery should be and so on, we're going to make those changes because we have an equity line that can actually do different sized batteries. We're going to give those back to them and they're going to test them again. And like I said, we are sampling multiple cell phone customers. And when you do that, typically it's nine to 12 months, as I mentioned, and how long it takes them to qualify the battery because you remember, we're talking about a thousand cycle battery, which means they're going to charge decide for 1,000 cycles to make sure it's okay. And that will take some time to take the nine to 12 months and then you know, we get designed into if things go really well, maybe multiple models, they'll start with one model, I think, really well, maybe you'll have multiple OEMs. And so the amount of volume that we need is going to depend upon how these qualification cycles go. And that's going to get how much capacity we need to build. We do have one line now that can produce, as I mentioned, around 9 million batteries or so a year, and we're going to be watching those customer qualifications closely and making decisions on how to make sure we have enough capacity based on how the design wins are going. And that's something that the as this year goes through, we'll continue to update you on that.

是的。所以你知道，我認為解釋這個過程如何運作對我來說很重要，我知道我經常被問到這個問題。因此，如果您考慮我們目前的旅程，我們現在有一個 X.1 m 的配方。我們感覺還不錯，確實符合市場的要求。我們的工廠即將建成，我們感覺很好，我們將能夠在四月收到一些樣品。那麼接下來會發生什麼，對吧？我們會將其提供給我們的客戶。我們將測試它們，他們將給我們一些反饋，他們將給我們反饋，可能會對電池大小等尺寸進行一些優化，我們將做出這些改變，因為我們有一條股權線，實際上可以生產不同尺寸的電池。我們將把這些還給他們，他們將再次測試它們。正如我所說，我們正在對多個手機客戶進行抽樣。當你這樣做時，通常需要 9 到 12 個月，正如我所提到的，以及他們需要多長時間來鑑定電池，因為你記得，我們​​談論的是千次循環電池，這意味著他們將決定充電1,000 個週期以確保沒問題。這需要一些時間，需要 9 到 12 個月，然後你知道，我們的設計是，如果事情進展順利，也許有多個模型，他們將從一個模型開始，我想，真的很好，也許你會擁有多個OEM。因此，我們需要的數量將取決於這些資格週期的進展。這將得到我們需要建造的容量。正如我所提到的，我們現在確實有一條生產線，每年可以生產大約 900 萬個電池，我們將密切關注這些客戶的資質，並根據如何確保我們擁有足夠的產能做出決定。設計的勝利正在繼續。這就是今年發生的事情，我們將繼續向您通報最新情況。

Got it.

知道了。

And as my follow-up, R.J., you spoke a bit about yield on the last podcast on you mentioned a bit about throughput. Just now on the video, you know, from your perspective, how is the equipment as a whole? I know you guys did a bunch of proof-of-concept tests, but I'm just curious your thoughts and confidence level around everything together hitting of that 13, 50 UPH metric and share. Any incremental details on how throughput is tracking as well or?

作為我的後續行動，R.J.，您在上一個播客中談到了產量，您提到了一些關於吞吐量的問題。剛才影片裡，你知道，從你的角度來看，整個設備怎麼樣？我知道你們做了很多概念驗證測試，但我只是好奇你們對 13、50 UPH 指標的想法和信心水平，並分享。有關吞吐量如何追蹤的增量詳細資訊？

Yes, the yields are in a part as Rod mentioned, we are a company you're going to have. I'd just take one example of laser. For example, we have about '25, '26 because of all the parameters doing that in equity, making sure the CP and the keeping pace of that is good. It would no more than 1.0. Our EBITDA levels. We'll further fine-tune that to 1.33, but we are fairly looking very good when we are the equity that the yield on certain critical processes products we're learning from Fab one. Our goal will not only hold. But without the start-up at the right time, you know, kind of more and more confident we are gaining equity as it POC has helped us design the group, but right now, the equities are held, the yields are going to hold. It's going to happen here. Some of it has already started, but the machine behind me are going to have the right, we are going to assure that the fine-tuning will help us get there when you are at a better place. So that we are UPS was Zone two and two it really the battery life. She runs that ore, which will run at 1350. You get you're wondering owning it Aparup, we'll do the 1350, but we can see will that be an automaker instead of the water, what and for R-PA, December 13, we won three out of the ones which are kind of locked in, and we're feeling good about both what

是的，正如羅德所提到的，收益率是一部分，我們是一家你將擁有的公司。我只想舉一個雷射的例子。例如，我們大約有“25”、“26”，因為所有參數都公平地做到這一點，確保 CP 和保持良好的節奏。不會超過1.0。我們的 EBITDA 水準。我們將進一步將其微調至 1.33，但當我們與從 Fab one 學習的某些關鍵工藝產品的良率相當時，我們看起來相當不錯。我們的目標不僅會實現。但是，如果沒有在正確的時間啟動，你知道，我們對獲得股權越來越有信心，因為 POC 幫助我們設計了該集團，但現在，股權被持有，收益率將保持不變。這將會發生在這裡。其中一些已經開始，但我身後的機器將擁有權利，我們將確保微調將幫助我們在您處於更好的位置時實現目標。所以我們的 UPS 是第二區，第二區確實是電池壽命。她經營該礦石，其運作價格為 1350。你知道你想知道擁有它 Aparup，我們會做 1350，但我們可以看到這將是一家汽車製造商而不是水，什麼和 R-PA，12 月 13 日，我們贏得了其中的三個有點被鎖定了，我們對這兩者都感覺良好

Our next question comes from Anthony Stoss with Craig Hallum.

我們的下一個問題來自安東尼·斯托斯和克雷格·哈勒姆。

Please unmute your audio and ask your the rise of a lot of my questions were asked and maybe now that you've had wrote Jade under your belt for a while. Can you update us what you've learned from route, Jade? And then also just to get far on the action here, on just your view on OpEx for March and were up trends through the rest of the year?

請取消你的音訊靜音並詢問你的崛起，我提出了很多問題，也許現在你已經寫了 Jade 一段時間了。Jade，可以告訴我們你從路線中了解到的最新情況嗎？然後還想進一步了解這裡的行動，談談您對 3 月份營運支出的看法以及今年剩餘時間的上升趨勢？

Yes, Rajat, I visited the factory, I think a few months ago in our we are super thrilled by the acquisition. It's really phenomenal. I mean, this company has been making production. Battery is shipping for over 20 years, and it's an expertise that that really complements what we have in the company and they understand battery manufacturing, they understand safety, they understand different end markets. And more importantly, their coding expertise is phenomenal. So it went well the thing I want to mention is that when you quarter roll properly to the right specifications, it makes it much easier to cut it on the laser and the stack. It so it's very important you on the incoming material quality and specification and which is one of the problems we had when we were running in Gen one that we were relying on a third party all quarters who wasn't that motivated really recorded like how we wanted to because you know you got to remember we don't just take roles and make them really rolls like other people that they used to supply to Calumet laser. So they're very different and we stack them. So it's a you know, I realized when I came in last year that it was a key piece of the manufacturing process. We absolutely needed. And now we are using that capacity to even for us to do is FAT and SAT and so on. So when the material comes out, we're able to quickly go back and forth between making sure its coating is right and the laser cutting is right. And so on. So it's like a end-to-end optimization.

是的，拉賈特，我參觀了這家工廠，我想幾個月前我們對這項收購感到非常興奮。這真是太神奇了。我的意思是，這家公司一直在生產。電池的銷售已有 20 多年的歷史，這種專業知識真正補充了我們公司的現有能力，他們了解電池製造、他們了解安全性、他們了解不同的終端市場。更重要的是，他們的程式設計專業知識非常出色。所以一切進展順利，我想提的是，當您按照正確的規格正確進行四分之一卷時，在激光和堆疊上切割它會變得更加容易。因此，對傳入材料的品質和規格非常重要，這是我們在第一代運行時遇到的問題之一，我們所有季度都依賴第三方，而第三方並沒有像我們那樣積極記錄想要這樣做，因為你知道你必須記住，我們不只是扮演角色，讓他們像他們過去為Calumet Laser 提供的其他人一樣真正發揮作用。所以它們非常不同，我們將它們堆疊起來。所以這是一個你知道的，當我去年進來時，我意識到這是製造過程的關鍵部分。我們絕對需要。現在我們正在使用這個容量來甚至為我們做的是FAT和SAT等等。因此，當材料出來時，我們能夠快速地在確保其塗層正確和雷射切割正確之間來回切換。等等。所以這就像一個端到端的最佳化。

The second thing we found is that the team at Roger has two things that they do really well. In addition to the things I mentioned, they know how to make high high current batteries. So these are batteries that can actually propel things like run electric motors, run drones, not on military applications at that center very unique value proposition that actually we are able to now looking at how to extend the customer breadth there. And the second one is they can make our ship batteries. They can make the batteries that can make different ship batteries because of their ability to the way the laminate and the various tank batteries. So we have some customer base that actually overlap and that we're able to now go in and also present some of the some of the silicon anode based batteries and but some customer base where we are able to sell route jet, mid graphite batteries. And so we will continue to spend more time and grow the revenue of that company that we acquired. I mean, it's one team now. So super exciting and it's very fortuitous that we were able to get that acquisition done quickly.

我們發現的第二件事是，羅傑的團隊有兩件事做得非常好。除了我提到的事情之外，他們還知道如何製造高電流電池。因此，這些電池實際上可以驅動電動馬達、無人機等設備，而不是該中心的軍事應用，這是非常獨特的價值主張，實際上我們現在能夠研究如何擴大那裡的客戶範圍。第二個是他們可以製造我們的船舶電池。他們可以製造可以製造不同船舶電池的電池，因為他們能夠製造層壓板和各種罐式電池。因此，我們有一些實際上重疊的客戶群，我們現在可以進入並展示一些基於矽陽極的電池，但還有一些我們能夠銷售航線噴氣式、中型石墨電池的客戶群。因此，我們將繼續花更多的時間來增加我們收購的公司的收入。我的意思是，現在是一個團隊了。非常令人興奮，我們能夠快速完成收購也是非常幸運的。

Yes.

是的。

Touching on the OpEx side from Q4 to Q1, that should be similar level from Q1 to Q2, there should be a decline because of $18.5 million of the depreciation that we talked about. And also because of the actions that we've taken, Fremont, some of those benefits will come through. So you should get additional low-single digit kind of a benefit like that should also decline. And then for the year after that, we should be holding it steady or maybe go up slightly towards the end of the year for the full year, like, you know, like if you look at the EBITDA of the company, you should kind of think of it for the full year, very similar to what we had in '23. And you know what fairly steady through the years previous best of luck guys.

談到第四季度到第一季的營運支出方面，第一季到第二季的水平應該相似，但由於我們談到的 1850 萬美元的折舊，應該會出現下降。而且，由於我們採取的行動，弗里蒙特，其中一些好處將會實現。因此，您應該獲得額外的低個位數福利，這樣的福利也應該會下降。然後在那之後的一年裡，我們應該保持穩定，或者可能在年底時略有上升，就像，你知道，如果你看看公司的 EBITDA，你應該有點想想全年的情況，與我們23年的情況非常相似。你知道過去幾年相當穩定，祝大家好運。

Thank you.

謝謝。

Our next question comes from gold Arnold with Cowen. Please unmute your audio and ask.

我們的下一個問題來自金·阿諾德和考恩。請取消音訊靜音並詢問。

Thank you, and thanks, everyone, for all the prepared remarks.

謝謝大家，謝謝大家準備好的發言。

And actually for the for the great video.

實際上是為了精彩的影片。

Raj was hoping we can maybe just go back to EX. one MNEXI. two M.

Raj 希望我們可以回到 EX。一個 MNEXI。兩個M。

There's already been a lot of discussion around it. But just curious if you can maybe quantify what the energy density targets are for each and just how that compares to leading edge mobile phones in the market today?

圍繞它已經有很多討論。但只是好奇您是否可以量化每個產品的能量密度目標是什麼，以及與當今市場上的領先手機相比如何？

Yes. With UBM, we haven't put out exactly a precise target, mainly because we are making the right, I would say, trade-off between energy density, cycle life, fast charge, safety and then and then also the and that shows up and that's very important. It will definitely be higher than what is in the market today, I think and we put some slight we put in our investor deck, what we expect to get to NEX 2M, what exactly EX. one of them will land is a decision we're going to make together with our customers as I mentioned, it's not just one parameter that drives it doesn't drive design wins. It's a sum total of all those five parameters that we need to be thinking about. And that's where we are focused on. It will definitely improve the over what's in the market for sure. We just want to make sure that we did it right with our customers because they also are involved now in the trade-offs that they actually want to make to get the right battery in time.

是的。對於UBM，我們還沒有提出一個精確的目標，主要是因為我們正在能量密度、循環壽命、快速充電、安全性以及隨後出現的和顯示之間做出正確的權衡這非常重要。我認為它肯定會高於今天的市場價格，我們在投資者平台上做了一些輕微的調整，我們期望 NEX 2M 獲得什麼，EX 到底是什麼。其中之一將是我們將與客戶一起做出的決定，正如我所提到的，這不僅僅是一個推動設計成功的參數。這是我們需要考慮的所有這五個參數的總和。這就是我們關注的地方。它肯定會改善市場上的產品。我們只是想確保我們與客戶的合作是正確的，因為他們現在也參與了他們實際上想要及時獲得合適電池的權衡。

Okay.

好的。

Okay. Got it.

好的。知道了。

That makes sense.

這就說得通了。

Certainly a lot of parameters you need to solve for depending on the customer.

當然，根據客戶的不同，您需要解決許多參數。

Okay.

好的。

Then just as a follow-up, very clear on when it's one M. and EX. two m. or expected to be a shift for customers to a shift for customers to sample, but when will the cells actually becoming of the high volume manufacturing line? I guess I'd imagine that some customers want to see sales of that line as part of the qualification process to is that within the nine to 12 month window that you talked about?

然後作為後續行動，非常清楚何時是 M. 和 EX。兩米。或者預計將由客戶轉變為客戶樣品，但電池什麼時候才能真正進入大批量生產線？我想我想一些客戶希望看到該系列的銷售作為資格流程的一部分，是在您談到的 9 到 12 個月的窗口內嗎？

The short answer is yes. The good news is our agility line and the high volume manufacturing line use the exact same modules. So in that sense and also from the same place they're bought in Malaysia in the same factory that you see that RJs right now. So in that sense that it's a lot of similarity. So our expectation is that once they get samples from one moving to the other one should be a short cycle time call because they're really the same machines. It's just the scale is different, which is actually a very key part of our strategy to reduce that cycle time. But ultimately, look, we'll get them the samples. But the exact qualification time, like I said, is going to depend upon a phone level qualification and when I talk to my customers, they basically tell me look, Roger, depending upon how good you have a sample set and where we put it anywhere between nine and 12 and that's kind of what we are looking working towards.

簡短的回答是肯定的。好消息是我們的敏捷生產線和大批量生產線使用完全相同的模組。因此，從這個意義上說，它們也是從馬來西亞購買的同一家工廠購買的，與您現在看到的 RJ 相同。所以從這個意義上來說，它有很多相似之處。因此，我們的期望是，一旦他們從一台機器獲取樣本，移動到另一台機器應該是一個很短的周期時間調用，因為它們實際上是相同的機器。只是規模不同，這實際上是我們減少週期時間策略的一個非常關鍵的部分。但最終，我們會提供他們樣品。但是，正如我所說，確切的資格認證時間將取決於電話級別的資格認證，當我與客戶交談時，他們基本上告訴我看，羅傑，這取決於您的樣本集有多好以及我們將其放在哪裡9 到 12 之間，這就是我們正在努力的目標。

Okay. Got it.

好的。知道了。

Got it. Great.

知道了。偉大的。

Thanks, Russ.

謝謝，拉斯。

And certain question.

還有一定的問題。

Our next question comes from Ananda Baruah with Loop Capital Market.

我們的下一個問題來自 Loop Capital Market 的 Ananda Baruah。

Please unmute your audio and Asha.

請取消音訊和 Asha 的靜音。

Yes, good afternoon, guys. Thanks for taking the questions. Really appreciate it. And I guess the first one maybe is for Ajay. If you saw a line of Jay, just to the earlier question about about yield. Is there a useful way to think about where you guys think yields in phase two will be in April, May we start start putting out legitimate samples, another yield target through the year as well.

是的，下午好，夥計們。感謝您提出問題。真的很感激。我想第一個可能是給阿傑的。如果您看到 Jay 的一句話，正好回答了先前有關產量的問題。有沒有一個有用的方法來考慮你們認為四月份第二階段的產量將在哪裡，我們可以開始提供合法的樣本，這也是全年的另一個產量目標。

And I guess I have a quick follow-up. Like what's the value of the yield targets that you guys have as well? And kind of a quick follow-up after that.

我想我有一個快速的跟進。你們的產量目標的價值是多少？之後會快速跟進。

Thanks.

謝謝。

Good, good question. So the all the learnings and all the root cause analysis that we have done on the GEN-1, I would argue that we offer our platform ramping up, ramping it up where we ended in one. That's where we will be. And then two, all the learnings have been it goes into the Gen two, the design and what GEN-1 could not provide. We have figured out we have to make sure the design accommodated that here and then I will start a pretty decent yield. What we all see the new windows are the process driven more than 1.1, 1.2 EBITDA kind of bang for every process step viewpoint during the, but again, we'll be global when you get a pretty decent yield after that, all the fine-tuning and given the three quarters, we are going to deliver upwards of bless you like that's how we are thinking and that of your branding actually, and these are supported.

好，好問題。因此，根據我們在 GEN-1 上所做的所有學習和所有根本原因分析，我認為我們提供了我們的平台，使其在我們最終的平台上提升。那就是我們將會去的地方。然後是第二代，所有的學習都進入了第二代，設計以及第一代無法提供的東西。我們已經發現我們必須確保設計能夠適應這一點，然後我將開始獲得相當不錯的產量。我們所看到的新視窗是流程驅動的，超過1.1、1.2 EBITDA，對於每個流程步驟的觀點來說都是一種爆炸，但同樣，當您在那之後獲得相當不錯的收益時，我們將成為全球性的，所有的罰款 -調整併考慮到這三個季度，我們將向您提供向上的祝福，就像我們的想法和您的品牌實際上一樣，並且這些都得到了支持。

That's super helpful. Thanks.

這非常有幫助。謝謝。

Yes, super helpful. And I guess the follow-up is maybe for Raj and far on as well, like what in terms of your margin model, right? So let's say you hit the the 90% plus yield toggles that that as you just spoke of what is that at scale margins? Is that in the margin model? I guess, where are you in the margin model when you start shipping, you kind of volumes, those kinds of deals to initial customers, production and production?

是的，超級有幫助。我想後續行動可能是針對 Raj 的，以及更遠的地方，就像你的利潤模型一樣，對嗎？假設您達到了 90% 以上的收益率，正如您剛才所說，規模利潤率是多少？這是在保證金模型中嗎？我想，當你開始出貨時，你的利潤模型處於什麼位置，你的數量，對初始客戶的交易，生產和生產？

Yes, that's right number. The right number to think about I mean, look, this is consumer products, right? I mean, we've all done this with the processors and memories NIJ, and I've done it for I don't know how many decades, but you got to get to 90 plus percent yields. I mean high 90s is where we really need to get to. But we have premiums that we believe we can come in because of what we're able to provide and that will help us for a while, but ultimately, we got to get to those numbers. And I think we we factored that in into how the asset is done, unless it is done and that's kind of the important part here is that the acceptance criteria for the machines used to be running at that level of CPGA so that when we get them mastering them altogether shouldn't take a hopefully shouldn't take a lot of optimization to get to target deals, kind of what we're planning.

是的，這是正確的數字。考慮正確的數字我的意思是，看，這是消費品，對吧？我的意思是，我們都用處理器和內存 NIJ 做到了這一點，而且我已經這樣做了我不知道有多少年了，但你必須達到 90% 以上的良率。我的意思是 90 年代高點是我們真正需要達到的目標。但我們相信我們可以提供保費，因為我們能夠提供這些，這將在一段時間內幫助我們，但最終，我們必須達到這些數字。我認為我們將這一點納入資產的完成方式中，除非它已完成，這就是這裡的重要部分，即機器的驗收標準曾經在 CPGA 級別上運行，因此當我們獲得它們時完全掌握它們不應該需要大量的優化來實現目標交易，就像我們正在計劃的那樣。

Okay, awesome. Thanks a lot.

好吧，太棒了。多謝。

Appreciate it.

欣賞它。

Our next question comes from Chris Speller with B. Riley. Please unmute your audio and ask your questions.

我們的下一個問題來自 Chris Speller 和 B. Riley。請取消音訊靜音並提出問題。

Hey, guys.

大家好。

Thanks for taking my question. I just wanted to follow up on you talking about nine to 12 months to qualify for some of these wins?

感謝您提出我的問題。我只是想跟進您所說的 9 到 12 個月才有資格獲得其中一些勝利？

Is that after?

是之後嗎？

Yes, one of them is already in customers' hands. Are we already in that like nine to 12 months, some of the samples of our prior sales, you've acquired some of these customers. And then should we think about is there a kind of a lead time out here between design it and kind of a launch that's a good kind of rough what timeframe we should expect. I just wanted to kind of get a little bit more on the cadence there?

是的，其中一件已經在客戶手中。我們是否已經在 9 到 12 個月內，從我們之前銷售的一些樣本中，您已經獲得了其中一些客戶。然後我們應該考慮一下，在設計和發布之間是否存在某種提前期，這是我們應該預期的一個很好的大致時間範圍。我只是想了解那裡的節奏？

Yes, that is what after we delivered the samples from for in April from our factory, right? I mean what we have done previously has really helped them understand our technology and how it works and so on. But the product that's actually targeted to go into the cellphone is 1,000 cycles fast charging product, which is one we want to sample in April, and that's when you can think of the clock starting from now, all in all, you know, typically my experience in these kind of things is that the we will get to a model that we are going to be in Delphi Technology Evaluation there that just evaluating the battery in isolation in terms of the tests and so on, then they'll actually passed that, then they'll actually put it an actual phone model and that will go on for for some time and then they get the precise one is will go into is the one that happens next. So that's the total period of nine to 12 months. The actual design win of what model we are on will come just a few months before high-volume typically doesn't they don't decide way ahead. But but the good news is once you pass the technology qualification, once you are in the in their vendor list, subsequent models can come much faster because you're now insight, right? And that's what my experience has been in previously with memories and process. The first one takes a little longer once we get in follow-on models can come faster interested.

是的，這就是我們工廠四月份的樣品交付後的情況，對吧？我的意思是我們之前所做的確實幫助他們了解了我們的技術及其工作原理等等。但實際目標是進入手機的產品是 1,000 次循環的快速充電產品，這是我們想要在 4 月份採樣的產品，那時你可以想像從現在開始的時鐘，總而言之，你知道，通常是我的在這類事情上的經驗是，我們將得到一個我們將在德爾福技術評估中使用的模型，該模型只是根據測試等單獨評估電池，然後他們實際上會通過，然後他們實際上會把它放在一個實際的手機型號上，這將持續一段時間，然後他們得到準確的信息，將進入下一步發生的情況。這就是 9 到 12 個月的總時間。我們所採用的型號的實際設計勝利將在大批量生產之前幾個月到來，通常他們不會提前做出決定。但好消息是，一旦你通過了技術資格認證，一旦你進入了他們的供應商名單，後續的模型就會來得更快，因為你現在有了洞察力，對吧？這就是我之前的記憶和過程的經驗。一旦我們進入後續模型，第一個模型需要更長的時間才能更快地產生興趣。

And maybe just on the route shade contribution in the fourth quarter, can you update us on what the run rate is for that for that legacy business seemed a little bit stronger than I am expecting at least.

也許就第四季度的路線陰影貢獻而言，您能否向我們介紹傳統業務的運行率，該業務似乎至少比我預期的要強一些。

Yes, no, I guess I can talk about that. So in the fourth quarter, Roger business tends to be stronger. There's normally seasonality associated with it. So be for the year, the seasonality is that the second quarter is kind of the low point. The fourth quarter is the strong point, generally speaking, this year in '23, what we saw was that there was a bunch of business that was at the end of the year and beginning of 2024 end of '23 beginning of '24 and a lot of that got shipped and and '23. So that was a factor where the revenue came in stronger and also like you know, quarter-on-quarter decline also, it contributed to it. So generally speaking, though, for the first three quarters, you should think of it of about $18 million annualized run rate. And then fourth quarter are stronger end like Canada, fourth quarter of '23 being somewhat exceptionally stronger.

是的，不，我想我可以談談這個。所以在第四季度，羅傑的業務往往會更加強勁。通常與季節性相關。因此，就今年而言，季節性因素是第二季是低點。第四季度是強點，一般來說，今年23年，我們看到的是有很多業務是在年底和2024年年初，23年末、24年初和其中很多都已發貨，並且'23。因此，這是收入強勁的一個因素，正如你所知，季度環比下降也是原因之一。但一般來說，前三個季度的年化運行率約為 1800 萬美元。第四季的表現更加強勁，例如加拿大，23 年的第四季表現異常強勁。

Our next question comes from Tim more with a question. Please unmute your audio and.

我們的下一個問題來自蒂姆·莫爾（Tim more）。請取消音訊靜音並。

Yes, thanks, and most of my questions are already answered. But regarding you mentioned the 90% yield goal commentary two questions ago. Can you maybe give us a rough better sense? I mean, bondholder to hold you to it have a timing roadmap maybe for potential revenues run rate. And when you look out to maybe the December quarter or the March quarter next year, from the Feburary 2 sample production, if that goes pretty well, any rough thoughts on maybe what the revenue tied to that could be a year from our quarterly?

是的，謝謝，我的大部分問題已經得到解答。但關於你在兩個問題前提到的90%的收益率目標評論。您能給我們一個大概的更好的了解嗎？我的意思是，債券持有人要讓你堅持下去，有一個時間路線圖，也許是為了潛在的收入運行率。當你從 2 月 2 日的樣品生產中展望明年 12 月季度或 3 月季度時，如果進展順利，是否可以粗略地思考一下與該季度相關的收入可能是我們季度報告一年後的結果？

Yes, it is the right word for now is just saying that we are guiding one quarter at a time and so we'll get to it when we get to it. But you kind of talked about the timing of the production ramp and you talked about we gave you some good color on that. And we have given like, you know, '25 that we will be in smartphones and you also you will have a revenue ramp associated with that?

是的，目前這個詞是正確的，只是說我們一次指導一個季度，所以當我們到達時我們就會做到這一點。但您談到了生產進度的時間安排，並且您談到我們為此提供了一些很好的資訊。我們已經給了類似的訊息，你知道，'25 我們將進入智慧型手機領域，你也會看到與此相關的收入成長？

I don't know.

我不知道。

Yes, I mean I absolutely. I mean, look, we are going to sample products from our Feburary 2 in April. And we hopefully will be some some IoT type customers that can go to production earlier in '24. But the smartphone months will really be in '25. So and I think that's just the way you guys should be thinking about this. And again, super excited by the technology and the acceptance of the customer base once we qualify, it's just the it's going to be a lot more fun.

是的，我的意思是我絕對。我的意思是，看，我們將在 4 月對 2 月 2 日的產品進行樣品測試。我們希望一些物聯網類型的客戶能夠在 24 年早些時候投入生產。但智慧型手機真正的流行期將是在 20 世紀 25 年代。所以我認為這就是你們應該思考的方式。再說一次，一旦我們獲得資格，我們對這項技術和客戶群的接受感到非常興奮，這只會變得更有趣。

That's good. Yes.

那挺好的。是的。

I think you were pretty clear on that 2025 timing for the smartphones but the IoT actually pretty promising maybe towards the end of the year.

我認為您很清楚 2025 年智慧型手機的發佈時間，但物聯網實際上很有希望，可能會在今年年底。

And the other question I had just on smartphone, I mean, I mentioned it was a sum total of parameters and there's trade-offs. If you could ask during qualifications and maybe pilots, you think you could get out to do an exclusive contract for a major OEM customer. I think you do unique specification exclusively for them for them? Is that something you would consider?

我剛剛在智慧型手機上提出的另一個問題，我的意思是，我提到這是參數的總和，並且需要權衡。如果您可以在資格審查和試點期間詢問，您認為您可以為主要 OEM 客戶簽訂獨家合約。我認為你們專門為他們做獨特的規格？這是你會考慮的事情嗎？

Yes. I mean, you know, look, it's just a business case, right? I mean served as guaranteed volumes and good ASP totally open to it. But by the way, the nature of this business is that what I expect to happen is that we'll probably sign some joint development agreement or something like that. And then they'll talk about, you know, what size battery they want, what's a battery, we make, what time is it yield, and that's how these things go typically from my experience, but am I in some way, it will become a little bit exclusive because of the shape of the battery, not the technology itself like data that makes sense for.

是的。我的意思是，你知道，這只是一個商業案例，對吧？我的意思是作為有保證的數量和良好的 ASP 完全開放。但順便說一句，這項業務的本質是，我預計我們可能會簽署一些聯合開發協議或類似的協議。然後他們會談論，你知道，他們想要什麼尺寸的電池，什麼是電池，我們製造，什麼時候產出，根據我的經驗，這些事情通常是這樣進行的，但我在某種程度上，它會因為電池的形狀，而不是像有意義的數據那樣的技術本身，它變得有點排他性。

Thanks and good luck with the April sampling, and that's it for my questions.

謝謝，祝四月採樣順利，這就是我的問題。

Thank you very much.

非常感謝。

There are no further questions at this time. With that, I'd like to turn and over to you, Dr. Ross Aleris and closing remarks.

目前沒有其他問題。說到這裡，我想請 Ross Aleris 博士致閉幕詞。

Yes, thank you all. Have been a really great year in '23 recap, super excited by where we are in '24. So look forward to talking to you guys next quarter. Thank you for all your interest.

是的，謝謝大家。在 23 年回顧中，這是非常偉大的一年，對我們在 24 年所處的位置感到非常興奮。因此，期待下個季度與你們交談。感謝您的關注。