Enovix Corp (ENVX) 2025 Q1 法說會逐字稿

Thank you for standing by and welcome to the Enovix Corporation first quarter 2025 earnings conference call. Currently, all participants are in a listen-only mode. After the speaker's presentation, there will be a question-and-answer session. As a reminder, today's programme will be recorded.

感謝您的耐心等待，歡迎參加 Enovix 公司 2025 年第一季財報電話會議。目前，所有參與者均處於只聽模式。演講結束後，將進行問答環節。提醒各位，今天的節目將會錄製。

And now I'd like to introduce your host for today's program, Robert Lahey, Head of Investor Relations. Please go ahead, sir.

現在，我謹向大家介紹今天節目的主持人，投資者關係主管羅伯特·拉希。先生，請繼續。

Thank you. Hello everyone. Welcome to Enovix Corporation's first quarter 2025 financial results conference call. With us today, our President and Chief Executive Officer, Dr. Raj Talluri; Chief Financial Officer Ryan Benton; Chief Accounting Officer Kristina Truong and Chief Operating Officer Ajay Marathe.

謝謝。大家好。歡迎參加 Enovix 公司 2025 年第一季財務業績電話會議。今天與我們在一起的有：總裁兼執行長 Raj Talluri 博士；財務長 Ryan Benton；首席會計長 Kristina Truong 和營運長 Ajay Marathe。

Raj and Ryan will provide an overview and then we'll take your questions. After the Q&A session, we'll conclude our call. Before we continue, let me kindly remind you that we released our first quarter 2025 shareholder letter after the market closed today. It's available on our website at ir.enovix.com.

Raj 和 Ryan 將進行概述，然後我們將回答您的問題。問答環節結束後，我們將結束通話。在我們繼續之前，請允許我提醒各位，我們在今天股市收盤後發布了 2025 年第一季股東信。您可以在我們的網站 ir.enovix.com 上找到它。

A replay of this video 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.

這段影片的重播將於今天晚些時候在我們的網站投資者關係頁面上提供。請注意，股東信、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，但由於各種因素，可能與實際的未來事件或結果有重大差異。

For a discussion of those factors that could affect our future financial results and business, please refer to the disclosures in today's shareholder letter and our filings with the Securities and Exchange Commission. All of our statements are made as of today, April 30, 2025. 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績效和業務的因素的討論，請參閱今天致股東信中的揭露內容以及我們向美國證券交易委員會提交的文件。我們所有聲明均截至今日，即2025年4月30日。根據我們目前掌握的資訊。我們無法保證這些聲明的正確性，除法律要求外，我們不打算也不承擔更新這些聲明的義務。

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

在本次電話會議中，我們也將討論非公認會計原則所編製的非GAAP財務指標。您可以在我們網站的投資者關係頁面上發布的股東信中找到 GAAP 財務指標與非 GAAP 財務指標的調整表。

Okay, thank you Rob, and thanks to everyone for joining us for our format today. I'll start with a recap of our recent results and the recent milestones and then I'll turn it over to our new CFO Ryan Benton, here with me for a review of our financials and outlook. I'll have a few closing comments and then we'll take your questions.

好的，謝謝羅伯，也謝謝大家今天收看我們的節目。首先，我將回顧我們最近的業績和里程碑，然後把麥克風交給我們的新任財務長瑞安·本頓，他現在就在我身邊，將對我們的財務狀況和前景進行回顧。我還有一些總結性發言，之後我們會回答大家的問題。

We feel great about our start to 2025. First, we are pleased to have Ryan Benton as our new CFO. Ryan brings deep financial leadership and experience and we're excited to have him on board.

我們對2025年的開局感到非常滿意。首先，我們很高興瑞安·本頓擔任我們的新財務長。Ryan擁有深厚的財務領導經驗，我們很高興他能加入我們。

Second, we exceeded the midpoint of our Q1 revenue guidance, delivering $5.1 million in revenue and secured new defense bookings that support our growth into the second quarter. Third, we commenced the development of a custom smartphone cell with the exact dimensions required by our lead customer for their commercial product.

其次，我們第一季營收超過了預期中位數，實現了 510 萬美元的營收，並獲得了新的國防訂單，這將支持我們第二季的成長。第三，我們開始開發客製化智慧型手機電池，其尺寸完全符合我們主要客戶的商業產品要求。

Fourth, we made great strides in our operations. Fab2 in Malaysia accelerated progress towards mass production readiness. We secured ISO 9001 certification, completed the first formal customer audit and made critical yield improvements.

第四，我們的營運取得了長足進步。馬來西亞的Fab2工廠加快了向大規模生產準備階段邁進的步伐。我們獲得了 ISO 9001 認證，完成了第一次正式的客戶審核，並取得了關鍵的產量提升。

Fifth, in Korea we made a strategic acquisition that expanded our manufacturing footprint. This this acquisition will provide critical additional coding capacity needed in support of our Fab2 as well as our local defense customers.

第五，我們在韓國進行了一項策略性收購，擴大了我們的生產規模。此次收購將為我們的 Fab2 工廠以及本地國防客戶提供所需的關鍵額外編碼能力。

I'd like to briefly address recent developments in global trade environment. Like many global companies, we're following these developments closely. Our assessment is that there's no material impact to our near-term outlook as most of our planned near-term sales are concentrated within Asia.

我想簡要談談全球貿易環境的最新發展。與許多全球性公司一樣，我們正在密切關注這些事態發展。我們評估認為，由於我們近期計劃的銷售額主要集中在亞洲，因此不會對我們的近期前景產生實質影響。

We also see strategic opportunities though as some of our target customers have initiated efforts to diversify supply chains towards Malaysia and South Korea, where our factories are. Now for a few more details on the acquisition. On April 1, we completed the acquisition of additional manufacturing assets adjacent to our existing South Korea facilities.

我們也看到了策略機遇，因為我們的一些目標客戶已經開始努力將供應鏈多元化，轉向馬來西亞和韓國，而我們的工廠就位於這兩個國家。接下來是關於此次收購的更多細節。4月1日，我們完成了位於韓國現有工廠附近的其他製造資產的收購。

This includes equipment that will augment the coating needed for our Fab2 in Malaysia as we ramp, as well as additional production for our Korean military programs and other industrial applications that we are targeting.

這包括為我們在馬來西亞的 Fab2 工廠量產時所需的塗層設備，以及為我們的韓國軍事項目和我們正在瞄準的其他工業應用提供的額外生產設備。

The facility also offers significant room for expansion, enhancing our strategic positioning as the global supply chains continue to evolve rapidly. In smartphones, we reached a critical inflection point towards launching our first product in the market.

該設施還提供了很大的擴展空間，隨著全球供應鏈的快速發展，這將增強我們的戰略地位。在智慧型手機領域，我們迎來了一個關鍵的轉捩點，即將推出我們的第一款產品。

Last week we finalized an agreement with our lead customer on the electrochemistry we will deploy in the custom cell we're building for the upcoming product launch this year. We're now manufacturing custom cells for them to deliver qualification samples later this quarter to support integration and testing this summer.

上週，我們與主要客戶就今年即將推出的產品中，為客製化電池部署的電化學技術達成了最終協議。我們現在正在為他們生產客製化電池，以便在本季度稍後交付鑑定樣品，從而支援今年夏天的整合和測試。

Our benchmarking confirms that we are meeting all key technical requirements and the customer feedback has been very positive and constructive. They have been a great partner to us. We appreciate the attention and resources that they as well as many of our other customers have dedicated to help us pull forward.

我們的基準測試證實，我們滿足所有關鍵技術要求，客戶回饋也非常積極和建設性。他們一直是我們的好夥伴。我們非常感謝他們以及我們許多其他客戶所投入的關注和資源，幫助我們取得進展。

Now, we are also actively engaged with other smartphone OEMs to ensure rapid ramp once we establish in the market. This progress strengthens not only our smartphone initiative, but also bolsters and accelerates our broader communications commercialization roadmap.

目前，我們也積極與其他智慧型手機廠商合作，以確保一旦我們進入市場，就能迅速擴大規模。這項進展不僅加強了我們的智慧型手機計劃，而且還鞏固和加速了我們更廣泛的通訊商業化路線圖。

Fab2 in Malaysia is well positioned for scale following ISO certification and our first completed customer audit. While we continue to make enhancements on yield and other operational metrics that will be critical once we are in mass production, we feel good about the state of our manufacturing readiness and our focus this quarter is weighted heavily towards supporting custom cell developments for our marquee customers to solidify the demand in 2026.

Fab2 在馬來西亞已獲得 ISO 認證並完成了首次客戶審核，具備了擴大規模的良好條件。雖然我們仍在不斷改進良率和其他營運指標，這些指標在我們進入大規模生產階段後將至關重要，但我們對目前的生產準備感到滿意，本季我們的重點將放在支援我們主要客戶的客製化電池開發上，以鞏固 2026 年的需求。

Our focus on smartphones is strategic and deliberate. This market highly values energy density, especially given the growing demands of AI enabled features and applications such as intelligent cameras and the proliferation of LLMs.

我們對智慧型手機的關注是經過深思熟慮的策略性舉措。該市場非常重視能量密度，尤其是在人工智慧功能和應用（如智慧相機和LLM）的需求不斷增長的情況下。

The smartphone market represents the fastest path to fully utilizing Fab2 while maintaining the opportunity to price on value. Meeting the stringent requirements of smartphones facilitates other business opportunities in adjacent markets.

智慧型手機市場是充分利用 Fab2 技術並保持價格優勢的最快途徑。滿足智慧型手機的嚴格要求，也為鄰近市場的其他商業機會創造了條件。

In Q1, we delivered our first smart eyewear customer samples. We're also accelerating our expansion into handheld computer and scanner segments where we've been engaged with the market leader in retail and logistics. Recent tariff developments have created new opportunities in this segment prompting increased urgency and deeper collaboration from them.

第一季度，我們向客戶交付了首批智慧眼鏡樣品。我們也在加速向手持電腦和掃描器領域擴張，我們已經與零售和物流領域的市場領導者展開了合作。近期關稅政策的變化為該領域創造了新的機遇，促使各方更加積極主動地進行更深入的合作。

Finally, on the product front, I'm pleased to report that we recently completed benchmarking analysis of premium smartphone batteries launched in 2024 that indicates we hold a material lead in energy density and we expect it to grow considerably with future generations.

最後，在產品方面，我很高興地報告，我們最近完成了對 2024 年推出的高端智慧型手機電池的基準分析，結果表明我們在能量密度方面處於顯著領先地位，我們預計隨著未來幾代產品的推出，這一優勢將大幅增長。

Last year several conventional architecture battery manufacturers developed a technique called silicon doping where a small amount of silicon is added to graphite anodes to increase the battery capacity by modest amount.

去年，幾家傳統架構電池製造商開發了一種稱為矽摻雜的技術，即在石墨陽極中添加少量矽，以適度提高電池容量。

Based on our firsthand experience and feedback from our smartphone customers, we believe that our competition will be capped from achieving meaningful energy density increments enhancements using these techniques within their current architecture due to swelling and other trade-offs they'll have to make.

根據我們的親身經歷和智慧型手機用戶的回饋，我們認為，由於膨脹和其他權衡取捨，我們的競爭對手在當前架構下使用這些技術來提高能量密度將受到限制。

Our internal benchmarking analysis of premium smartphone batteries launched in 2024 indicates that Enovix's unique architecture with 100% active silicon anode will hold material lead in energy density and we expect it to grow considerably with future generations.

我們對 2024 年推出的高階智慧型手機電池進行的內部基準分析表明，Enovix 採用 100% 活性矽陽極的獨特架構，將在能量密度方面保持領先地位，我們預計隨著未來幾代產品的推出，這一優勢將大幅提升。

Our customers also validated that our architectural approach offers significant gains for foreseeable future by leveraging the full potential of 100% active silicon anodes.

我們的客戶也證實，我們的架構方法能夠充分利用 100% 活性矽陽極的潛力，在可預見的未來帶來顯著收益。

With that, I'll turn it over to Ryan for the financials. Ryan?

接下來，我會把財務部分交給瑞恩。瑞安？

Thanks Raj. To all the shareholders and employees watching and listening, it's my honor and pleasure to be here. I feel equally excited and fortunate to have joined Enovix at such a pivotal time as we look to expand our commercial operations and scale our next generation battery technology.

謝謝拉傑。各位正在觀看和收聽的股東和員工們，我非常榮幸和高興能來到這裡。能夠在這樣一個關鍵時刻加入 Enovix，我感到既興奮又幸運，因為我們正在尋求擴大商業營運並擴大下一代電池技術的規模。

And I'd like to add a special thanks to Kristina, our CAO. She's helped make my transition seamless as I've only been on the job two weeks, I've asked her to join us on the call to ensure we can properly answer every question that arises.

我還要特別感謝我們的首席行政官克里斯蒂娜。由於我上任才兩週，她幫助我順利完成了過渡。我已經邀請她加入我們的電話會議，以確保我們能夠妥善回答出現的每一個問題。

Before we get to the numbers, I want to give some color on what attracted me to the company, which is the opportunity to help drive the next stage of growth. Supported by an already strong foundation, a leading technology platform, a deep strategic customer engagements, a talented and dedicated workforce, and a solid capital base that is well positioned to support our growth plans.

在介紹具體數字之前，我想先談談是什麼吸引我加入這家公司，那就是有機會幫助推動公司進入下一個成長階段。憑藉強大的基礎、領先的技術平台、深入的策略客戶合作、才華橫溢且敬業的員工隊伍以及雄厚的資本基礎，我們完全有能力支持我們的成長計劃。

I look forward to doing my part to help execute on our strategy and create long-term value. Now, I'll provide a brief summary of the first quarter financials and an outlook into the second quarter. Further details are available on our website.

我期待為公司策略的實施貢獻力量，創造長期價值。現在，我將簡要總結第一季的財務狀況，並展望第二季。更多詳情請瀏覽我們的網站。

For the first quarter of 2025, as Raj noted, we delivered revenue of $5.1 million, exceeding the midpoint of our guidance. Adjusted EBITDA loss was $22.2 million, near the high-end of our guidance range of a loss of $21 million to $27 million.

正如 Raj 所指出的那樣，2025 年第一季度，我們的收入為 510 萬美元，超過了我們預期的中點。調整後的 EBITDA 虧損為 2,220 萬美元，接近我們先前預測的虧損範圍（2,100 萬美元至 2,700 萬美元）的高端。

The sequential change from Q4 was driven in part by increased expenses to support the manufacturing scale up in Asia and a modest decline in gross profit. Non-GAAP net loss per share attributable to Enovix came in at a loss of $0.15 at the high-end of our guidance range of $0.15 to $0.21.

與第四季度相比，環比變化的部分原因是為支持亞洲生產規模擴大而增加的支出以及毛利的略微下降。Enovix 的非 GAAP 每股淨虧損為 0.15 美元，處於我們先前預測的 0.15 美元至 0.21 美元區間的高端。

Capital expenditures in the quarter were $6.3 million and cash used in operations totaled $16.9 million. We ended the quarter with approximately $248 million in cash, cash equivalents and marketable securities.

本季資本支出為 630 萬美元，營運中使用的現金總額為 1,690 萬美元。本季末，我們持有約 2.48 億美元的現金、現金等價物和有價證券。

We believe our current capital position provides flexibility to support our operations well into 2026 while maintaining optionality to fund additional expansion capacity at Fab2. Now for our guidance.

我們相信，我們目前的資本狀況能夠靈活地支持我們的營運直至 2026 年，同時保留為 Fab2 的額外擴建產能提供資金的選擇權。現在輪到我們來指導了。

For the second quarter of 2025, we forecast revenue of $4.5 million to $6.5 million. Non-GAAP operating loss, which excludes certain items such as stock-based compensation in the range of $31 million to $37 million. Adjusted EBITDA loss, which further excludes certain items such as depreciation, amortization in the range of $23 million to $29 million dollars and finally non-GAAP net loss per share attributable to Enovix of $0.15 to $0.21.

我們預測2025年第二季營收為450萬美元至650萬美元（非GAAP準則）。營業虧損（不包括某些項目，例如股票選擇權費用）在 3,100 萬美元至 3,700 萬美元之間。經過調整的 EBITDA 虧損，進一步排除了某些項目，例如折舊、攤銷，金額在 2,300 萬美元至 2,900 萬美元之間，最後，歸屬於 Enovix 的非 GAAP 每股淨虧損為 0.15 美元至 0.21 美元。

One note, going forward, we will no longer be providing guidance for GAAP EPS due to the difficulty to estimate or predict. However, we will continue to provide non-GAAP EPS guidance and we have supplemented this with an additional measure non-GAAP operating income loss.

需要說明的是，由於難以估計或預測，今後我們將不再提供 GAAP EPS 指引。但是，我們將繼續提供非GAAP每股盈餘指引，我們也補充了額外的指標—非GAAP營業收入虧損。

Furthermore, in the interest of transparency, we published a new financial supplement document that compiles historical financial information into a single easy to access document. It's available on our website along with the shareholder letter.

此外，為了提高透明度，我們發布了一份新的財務補充文件，將歷史財務資訊彙編成一份易於查閱的文件。您可以在我們的網站上找到它以及股東信。

Over time, we plan to expand this resource by incorporating additional operating financial metrics and additional data. And finally, at the risk of being redundant, I want to say again how fortunate I feel to be part of the Enovix team.

隨著時間的推移，我們計劃透過納入更多營運財務指標和更多數據來擴展這項資源。最後，雖然可能有點多餘，但我還是要再次表達我作為 Enovix 團隊一員的榮幸之情。

And with that, I'll turn it back over to Raj. Raj?

好了，現在我把麥克風交還給拉傑。拉傑？

Yeah, Thank you, Ryan. It's great to have you on board. With that. We can now go to questions. Operator?

謝謝你，瑞恩。很高興您能加入我們。就這樣。現在我們可以進入問答環節了。操作員？

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

謝謝。我們現在開始問答環節。請注意，本次通話正在錄音。在進入現場提問環節之前，我們將宣讀股東在本次電話會議註冊期間提交的兩個得票最高的問題。

The first question is, can you share any updates on EX-3M in terms of energy density, release or sampling timelines?

第一個問題是，您能否分享EX-3M在能量密度、發布或採樣時間表方面的最新進展？

Yeah, thank you for the question. The question about EX-3M. Yeah, we are very excited to have formalized the definition of EX-3M which is our next node and we expect to sample that by end of this year.

是的，謝謝你的提問。關於EX-3M的問題。是的，我們非常高興地正式確定了 EX-3M 的定義，這是我們的下一個節點，我們預計將在今年年底前對其進行採樣。

We've got the basic chemistry that we're going to use and the anodes and the cathodes are locked in terms and I think in the investor deck we give you some indication of relative to EX-1M and EX-2M where it is placed.

我們已經確定了要使用的基本化學成分，陽極和陰極的規格也已經確定，我認為在投資者簡報中，我們會向您說明它相對於 EX-1M 和 EX-2M 的位置。

The actual energy density will be, as I mentioned, a combination of cycle life and also fast charge and a few other parameters.

正如我之前提到的，實際能量密度將是循環壽命、快速充電以及其他一些參數的綜合體現。

Thank you. And our second question is what is the status of the first major OEM cell phone development agreement announced May 1, 2024?

謝謝。我們的第二個問題是，2024 年 5 月 1 日宣布的首個主要 OEM 手機開發協議的進展如何？

Yeah, so as, as I mentioned before, we are working with two cell phone OEMs. One of them we've received the actual cell dimensions, which is actually means this is a cell that's going to be used in the phone that's going to go to mass production at the end of this year.

是的，正如我之前提到的，我們正在與兩家手機OEM廠商合作。我們已經收到了其中一顆電池的實際尺寸，這意味著這顆電池將用於今年年底即將量產的手機中。

We retooled our factory to actually make that particular cell and Ajay, who's actually calling in from Malaysia and his team have been working pretty hard on that. We finalized electrochemistry that will go into that and we presented that data to our customer and they're very pleased with the progress and we will be making cells to that dimension in this quarter and giving it to them in the June timeframe.

我們改造了工廠，以便生產那種特殊的電池。 Ajay（他現在正在馬來西亞打電話）和他的團隊一直在為此努力工作。我們最終確定了將要應用的電化學技術，並將數據展示給了客戶，他們對進展非常滿意，我們將在本季度生產出符合該尺寸的電池，並在六月交付給他們。

The customer that the second customer is also super engaged with us. They gave us a lot of requirements and feedback and that will be the next one that we'll address right after the cells go to the first customer.

第二位客戶也與我們互動非常正面。他們提出了許多要求和回饋，這將是我們在電池交付給第一位客戶後要立即著手解決的問題。

Thank you. We will now go to the queue. (Operator Instructions)

謝謝。現在我們要去排隊了。（操作員指示）

Our first question comes from Jed Dorsheimer at William Blair. Thank you, Jed. Please unmute your line and ask your question.

我們的第一個問題來自威廉布萊爾大學的傑德多爾斯海默。謝謝你，傑德。請解除靜音並提出您的問題。

Hi team, you have Mark Shooter on for Jed. I was wondering a question about customer conversations. How have they developed since the tariffs have been implemented on April 2, your top two Chinese customers, are they concerned about working with a US company when they have so much internal battery supply?

大家好，你們的替補是馬克·舒特（Mark Shooter），他頂替傑德（Jed）。我想問一個關於客戶溝通的問題。自 4 月 2 日關稅實施以來，你們的前兩大中國客戶發展如何？他們本身擁有如此多的電池供應，是否擔心與美國公司合作？

And on the flip side, are any US government companies or consumer electronics companies more willing to engage rather than being like a fast follower?

另一方面，是否有美國政府機構或消費性電子公司更願意積極參與，而不是僅僅做個跟風者？

Yeah, , thanks Mark. So yeah, no, no, we haven't seen any concerns from our current customers in, in China. Again, I think the tariff situation is evolving and it's dynamic and it changes week to week so far. I think they love the technology we're able to provide, the energy density we're able to bring in.

是啊，謝謝馬克。所以，是的，不，不，我們還沒有收到來自中國現有客戶的任何擔憂。我認為關稅情勢瞬息萬變，每週都在變動。我認為他們喜歡我們能夠提供的技術，以及我們所能帶來的能量密度。

And again, we make our batteries in in Asia and we ship them to other fact is in Asia so we don't see any near-term impact material interim impact on that front. We have seen more interest from many US customers not just in smartphone but other areas in wanting to have a US manufacturer who has got factories in Korea and in Malaysia.

再說一遍，我們的電池是在亞洲生產的，然後運往其他地方，事實上也是在亞洲，所以我們看不到這方面近期會有任何實質的中期影響。我們發現，許多美國客戶不僅對智慧型手機，而且對其他領域也表現出越來越濃厚的興趣，他們希望找到一家在韓國和馬來西亞設有工廠的美國製造商。

So that has kind of been some tailwinds for us. So we are now working on getting samples to them and so on.

所以這對我們來說算是一些順風。所以我們現在正在努力把樣品寄給他們等等。

Thanks Raj. I appreciate the color. As a follow up here I do the slide that you provided with the updated baseline cells. That's very helpful. And if I'm looking at the material set, the silicon carbon composites that OEMs have been using in 2024, that's what you're now comparing against.

謝謝拉傑。我喜歡這個顏色。作為後續步驟，我製作了您提供的包含更新後的基線單元格的幻燈片。這非常有幫助。如果我查看的是材料集，也就是 OEM 廠商在 2024 年使用的矽碳複合材料，那麼這就是你現在要與之比較的對象。

And if I were to the same materials that you'd be using or similar materials that you'd be using EX-2M. So, the direct compare, the way I'm looking at it is that the Enovix architecture allows more of that silicon, silicon carbon composite material in, in the cell and that can give you that 20% energy density boost. Am I thinking about that correctly?

如果我使用與你相同的材料或與你類似的材料，例如 EX-2M。所以，直接比較來看，我認為 Enovix 架構允許在電池中使用更多的矽、矽碳複合材料，這可以將能量密度提高 20%。我這樣理解對嗎？

Yeah, exactly. You know what we have seen in the market is people predominantly are still using graphite anodes, but they've as I, as we mentioned in the letter, dope it with some amount of silicon, carbon or silicon, some form of silicon compound which gives them a one time, which we did notice that it gives us a one-time improvement in energy density.

是的，確實如此。你知道，我們在市場上看到的是，人們主要仍然使用石墨陽極，但正如我在信中提到的，他們會在石墨陽極中摻雜一定量的矽、碳或矽，某種形式的矽化合物，這可以一次性地提高能量密度，我們也注意到，這確實可以一次性地提高能量密度。

By the way, as you know, with the route jet acquisition we actually have, we make silicon -- we make graphite batteries there. So we did that too. We actually added some amount of this kind of silicon compound material on top of that and we saw a modest increase in energy density.

順便一提，正如你所知，我們透過收購航線噴射機，在那裡生產矽——我們生產石墨電池。所以我們也這麼做了。我們在此基礎上添加了一些這種矽化合物材料，結果發現能量密度略有增加。

But we also saw that as we add more and more of that material, the batteries swell beyond the usable range and they also have other issues like cycle life and cycle swelling and so on. Whereas in our architecture we are able to use 100% active silicon of this material, which means there is actually no graphite in our battery right now, we just put all of this silicon material and we are able to control the swelling because of our architecture.

但我們也發現，隨著這種材料的不斷增加，電池會膨脹到超出可用範圍，並且還會出現循環壽命和循環膨脹等其他問題。而我們的架構能夠使用 100% 的活性矽材料，這意味著我們的電池中實際上沒有石墨，我們只是放入了所有這些矽材料，並且由於我們的架構，我們能夠控制膨脹。

And that's what gives us energy density gains. Now we haven't fully taken advantage of everything that the silicon architecture can provide. That's why you see us certain benefit in 2M, but as you move forward in 3M and 4M, as we increase our packaging efficiency, as we increase our various kinds of constraints that we use in there, and then different separators, cathode voltages, there's a bunch of stuff that we are working on changing.

這就是能量密度提升的原因。現在我們還沒有充分利用矽架構所能提供的所有功能。這就是為什麼你會看到我們在 2M 方面獲得某些優勢，但隨著我們在 3M 和 4M 方面取得進展，隨著我們提高封裝效率，隨著我們增加其中使用的各種約束條件，以及不同的隔膜、陰極電壓，我們正在努力改變很多東西。

In addition to having 100% active silicon anodes, that's what gives us this roadmap of increased energy density while meeting all the other requirements. So, it's just a better architecture to take advantage of the, of the benefits of silicon anodes.

除了擁有 100% 活性矽陽極之外，這正是我們能夠提高能量密度並滿足所有其他要求的路線圖。所以，這是一種更好的架構，可以充分利用矽陽極的優勢。

That's great. Thank you, Raj.

那太棒了。謝謝你，拉傑。

Thank you so much. Our next question comes from Colin Rusch at Oppenheimer. Colin, please unmute your line and ask your question.

太感謝了。我們的下一個問題來自奧本海默公司的科林·魯什。科林，請打開靜音並提出你的問題。

Thanks so much, guys. Raj, can you talk about the importance of the coding line that you're getting with the SolarEdge acquisition to facilitating not only your ramp, but also some of the learning cycles for some of those newer chemistries and being able to commercialize in an efficient way?

非常感謝大家。Raj，你能談談透過收購 SolarEdge 獲得的這條編碼線對於促進你們的業務成長、加快一些新型化學技術的學習週期以及高效地實現商業化有多麼重要嗎？

Yeah, yeah, thank you Colin, for that question. So firstly, this has been a great acquisition for us and we talked about the fact that we got quite a large footprint of the factory and a new coating line and also capacity to produce more cells for a very reasonable price. So, it was very fortunate that we were able to do that.

是啊，是啊，謝謝你科林的提問。首先，這對我們來說是一次非常棒的收購，我們談到我們以非常合理的價格獲得了工廠相當大的佔地面積、一條新的塗層生產線以及生產更多電池的能力。所以，我們能夠做到這一點真是太幸運了。

Look, I think what I've, what we realized as we start building our batteries now, it is very important that we control the coding and have enough of it. Because the cells that we talked about when I first started a couple of years ago to now you can see the cells that the customers want are getting larger and larger.

你看，我認為，正如我們現在開始製造電池時所意識到的，控制代碼並擁有足夠的代碼非常重要。因為從我幾年前剛開始談論的細胞，到現在你可以看到客戶想要的細胞越來越大。

Now we're talking over 7,000, and soon they'll probably be over 8,000, which means we need more and more quoting capacity to support the ramp, which is why we felt it was a great opportunity for us to get that.

現在我們已經超過 7000 人，而且很快就會超過 8000 人，這意味著我們需要越來越多的報價能力來支持增長，這就是為什麼我們覺得這是一個讓我們獲得它的絕佳機會。

The second one is we are now able to get these new materials. We already have existing coating in our Korea facility, but now we're able to get these new materials, quickly code them, and see the advantages, optimize the coating and figure out how to dice them on our laser dicing process to and get ahead in terms of building our roadmap.

第二點是我們現在能夠獲得這些新材料。我們在韓國的工廠已經有了現有的塗層，但現在我們能夠獲得這些新材料，快速對其進行編碼，並了解其優勢，優化塗層，並弄清楚如何在我們的雷射切割製程中對其進行切割，從而在製定我們的路線圖方面取得領先地位。

So it's a very key acquisition for us to actually optimize the coating and the dicing and the stacking that we do with now we have two coating lines on which we can do that. So it was very fortunate as we were able to get that.

因此，這筆收購對我們來說非常關鍵，它能夠幫助我們優化塗層、切割和堆疊工藝，我們現在有兩條塗層生產線可以完成這些工作。所以我們很幸運能夠得到它。

Excellent. And then from a materials perspective, obviously there's an awful lot going on in terms of evolution of both anode and cathode materials. And I guess I'm curious about the number of relationships, number of companies you're able to work with in terms of some of those advanced materials as you look at evolving the platform and being able to kind of accelerate or at least, execute against some of the increased density that you guys are talking about here?

出色的。從材料的角度來看，顯然陽極和陰極材料的發展演變都非常迅速。我很好奇，當你們著眼於平台發展和加速（或至少是應對）你們在這裡談到的密度增加的問題時，你們能夠與多少家公司建立合作關係，使用哪些先進材料？

It's been great because now we have our own, we have these customers that we are working with in a smartphone. We've now gotten recommendations from our customers on different material supplies we should be looking at.

這很棒，因為現在我們有了自己的客戶，我們正在透過智慧型手機與他們合作。現在我們已經從客戶那裡獲得了一些關於我們應該考慮的不同材料供應方面的建議。

And they have talked to the material suppliers and they're talking to us, which has been a really good thing because now we have customers suggesting different materials that we could use. There's various kinds of silicon anodes that we use.

他們已經和材料供應商談過了，現在也在和我們談，這真是一件好事，因為現在我們有客戶建議我們可以使用的不同材料。我們使用多種類型的矽陽極。

They all come with slightly different advantages in terms of energy density, in terms of cycle life, in terms of fast charge, in terms of storage, gassing, and so on. And also, now there's different cathode materials that are coming in that can actually run at higher voltages.

它們在能量密度、循環壽命、快速充電、儲存、氣體排放等方面都各有優勢。而且，現在出現了不同的陰極材料，這些材料實際上可以在更高的電壓下工作。

So, what happens is when you drive the voltage of the cathode up, we are able to pack even more energy density. And if we kind of couple that with an anode, the silicon anode, that can hold a lot more lithium, that gives us the advantage that we're now able to make higher energy density batteries.

所以，當提高陰極電壓時，我們就能獲得更高的能量密度。如果我們把這種陽極與能夠容納更多鋰的矽陽極結合起來，就能製造出能量密度更高的電池。

So, it's been a very good thing for us. And the other thing is, I've mentioned this before, maybe not to the clarity I needed to is that we are material agnostic in the sense that the same laser dysoning and stacking and formation machines we have can work with all these different kinds of materials as we optimize them.

所以，這對我們來說是一件非常好的事。還有一點，我以前也提到過，也許沒有表達清楚，那就是我們對材料沒有限制，因為我們擁有的同一批激光戴森加工、堆疊和成型機器可以與所有這些不同種類的材料配合使用，只要我們對其進行優化。

In the sense that we don't have to buy brand new machines as we change the material stack, so the cost of the machines we've bought get amortized over different material stocks. So, as we increase energy density, we can use the same factories but change the materials and get that benefit.

從某種意義上說，我們不必在改變物料庫存時購買全新的機器，因此我們購買的機器的成本可以在不同的物料庫存中攤提。因此，隨著能量密度的提高，我們可以利用同樣的工廠，但改變材料，就能獲得相對應的效益。

So it's been a very interesting journey to see that and I actually think there'll be a lot more materials coming in, even separators. We're signing much better separators now coming in and so on.

所以，見證這一切真是一段非常有趣的旅程，而且我認為未來還會有更多材料湧現，甚至包括分離器。我們現在正在簽署更好的分隔符號等等。

Excellent. Appreciate it, guys.

出色的。非常感謝，夥計們。

Our next question comes from George Gianarikas from Canaccord. George, please unmute your line and ask your question.

下一個問題來自 Canaccord 公司的 George Gianarikas。喬治，請打開靜音並提出你的問題。

Hi everyone. Thank you for taking my questions. Maybe to start, can you share any of the financial metrics around your recent acquisition in South Korea? The revenue capacity, revenue expectations, margin profile, maybe a little bit more detail on the purchase price? Thank you.

大家好。謝謝您回答我的問題。首先，您能否分享您最近在韓國收購的一些財務指標？營收能力、營收預期、利潤率情況，或許還可以提供一些關於收購價格的更多細節？謝謝。

Yeah, I mean maybe I'll pass it over to Kristina or Ryan to comment on that. But essentially what we got was it was an asset acquisition. So we essentially acquired the assets in the factory. I think 330 square feet of space. We had like 70,000 there before. So this is significantly added to that.

是啊，我或許會把這個問題轉交給克里斯蒂娜或瑞恩來評論。但實際上，我們得到的是一筆資產收購。所以我們基本上就收購了這家工廠的資產。我認為需要 330 平方英尺的空間。之前那裡大概有7萬人。所以這大大增加了上述內容。

And this has the capacity now to make our cells that we are selling it to military and also cells that can go into other markets. But maybe Kristina, you want to comment more on it.

而這項技術現在有能力生產我們向軍方出售的電池，以及可以銷往其他市場的電池。但克里斯蒂娜，或許你想對此多發表一些評論。

I mean, I'll just jump in it. The structure is an asset purchase. So, it was a $10 million purchase price and we got facility and equipment.

我的意思是，我直接就跳進去了。該結構屬於資產收購。所以，我們以1000萬美元的價格收購了這家公司，並獲得了廠房和設備。

Yeah, thank you. And maybe as a follow up, you mentioned in the press release some momentum, some sampling momentum with additional end markets. I think a handheld computer was one of them.

是的，謝謝。或許可以作為後續報道，您在新聞稿中提到了一些勢頭，一些針對其他終端市場的試銷勢頭。我認為掌上電腦是其中之一。

Can you, I know that a lot has to go well for this to happen in 2026, but to the extent you could sort of think about a revenue profile of the firm in 2026, maybe into 2027. How many different end markets do you expect to serve at that time?

我知道要讓這件事在 2026 年實現，很多事情都必須進展順利，但您能否大致考慮一下該公司在 2026 年，甚至 2027 年的收入情況？屆時您預計會服務多少個不同的終端市場？

Will you be strictly smartphone or do you maybe more of a defense footing? Will you entertain niche markets like handheld computers or maybe some smartphones? I'm just kind of curious as to break down that revenue profile. Thank you.

你會完全依賴智慧型手機，還是會更傾向於使用防禦型設備？你們會考慮掌上電腦或智慧型手機之類的細分市場嗎？我只是有點好奇想了解這個收入結構的具體構成。謝謝。

Yeah, so let me talk about the strategy before I talk about the revenue profile. So, as I mentioned in the prepared remarks, the most challenging battery to make is a smartphone battery because it has high demands on energy density.

是的，那麼在討論收入情況之前，讓我先談談策略。正如我在準備好的演講稿中提到的，製造難度最大的電池是智慧型手機電池，因為它對能量密度要求很高。

It has high demands on how fast you can charge. It has high demands on cycle life, how long it has to go. There's high demands on storage and different operating temperatures because phones get used in the cold and hot and so on.

它對充電速度要求很高。它對循環壽命有很高的要求，也就是它必須運行多長時間。由於手機需要在寒冷、炎熱等不同環境下使用，因此對儲存空間和不同的工作溫度有很高的要求。

We always felt when we target a market like that, a lot of the other markets would be much easier to address. Very similar to when I was at Qualcomm, we used to make Snapdragon that went into all the smartphones.

我們一直覺得，如果我們瞄準了這樣的市場，那麼其他很多市場就更容易開拓了。這和我以前在高通的時候很像，我們當時生產的驍龍處理器被用在所有智慧型手機裡。

We were then able to sell Snapdragon processors when I was running that division into handheld computers, into thermostats, into vacuum cleaners, and many, many different opportunities. So a similar strategy here.

當時我負責該部門，我們得以將驍龍處理器銷售到掌上電腦、恆溫器、吸塵器以及許多其他不同的領域。所以這裡也採用了類似的策略。

We're aiming at the cell phone market and we're getting requirements from customers to build this really tough battery and our customers are really helping us with those requirements as we build out that battery, we're now finding that the requirements in the other markets are actually less stringent and we can address those much easier.

我們的目標是手機市場，客戶要求我們製造一款非常堅固耐用的電池，在電池的研發過程中，客戶也一直在幫助我們滿足這些要求。現在我們發現，其他市場的要求其實沒那麼嚴格，我們可以更容易滿足這些要求。

So handheld computers is one such market. Scanners is one such market. AR VR happened to be a market that we got into. We also want to be really careful not to go into too many markets because each of these market needs a slightly different custom cell. The shape of the cell.

因此，掌上電腦就是這樣一個市場。掃描器就是這樣一個市場。AR/VR 恰好是我們進入的一個市場。我們也想非常謹慎地避免進入過多的市場，因為每個市場都需要略有不同的客製化單位。細胞的形狀。

Our factory in Malaysia right now, as I mentioned, we're making the smartphone battery for our lead customer, another smartphone customer right behind that that we've given samples and they like the results and know that will become next.

正如我剛才提到的，我們位於馬來西亞的工廠目前正在為我們的主要客戶生產智慧型手機電池，另一家智慧型手機客戶緊隨其後，我們已經提供了樣品，他們對結果感到滿意，並且知道這將是下一個客戶。

Meanwhile, we are supporting two AR glass customers with two different size cells. We are also supporting this IoT customer that I mentioned last time. And then we have the defense product that we are building.

同時，我們正在為兩位AR眼鏡客戶提供支持，這兩位客戶的眼鏡採用的是兩種不同尺寸的鏡片。我們也正在為我上次提到的那位物聯網客戶提供支援。然後，我們還有我們正在研發的國防產品。

So the factory is pretty busy and full with all the custom cells we're making. As new opportunities come in, we are looking at opportunities and looking at them not only in terms of our technology being able to meet them, but the financial returns on making a custom sell.

所以工廠現在非常繁忙，到處都是我們正在生產的客製化電池。隨著新機會的出現，我們不僅從科技能否滿足這些機會的角度來審視它們，也從客製化銷售的經濟回報的角度來審視它們。

Is opportunity large enough? Is the margin profile there? Are they big enough and so on. And that is what is really how we are making this. So really excited by how it's going and we will only see more and more opportunities for this type technology and then we just have to be careful in picking the right ones as an early-stage company.

機會是否夠大？利潤率是否符合要求？它們夠大嗎？等等。這就是我們製作這款產品的真正方式。我對目前的發展狀況感到非常興奮，我們相信這類技術會有越來越多的機會，作為一家新創公司，我們必須謹慎選擇合適的機會。

So we ramp with high volume, most profitable ones first.

所以我們先從高產量、利潤最高的產品開始逐步擴大規模。

Thank you.

謝謝。

Thank you so much. Our next question comes from Ananda Baruah from Loop Capital. Ananda, please unmute your line and ask your question. Thank you.

太感謝了。我們的下一個問題來自 Loop Capital 的 Ananda Baruah。阿南達，請打開靜音並提出你的問題。謝謝。

Yeah, thanks guys for taking the question. I really appreciate it. Good to see you guys. Ryan, good to meet you, I guess, on a one-way screen here. Yeah, definitely.

好的，謝謝各位回答這個問題。我非常感謝。很高興見到你們。瑞恩，很高興見到你，我想，是透過這塊單向螢幕吧。是的，當然。

I guess, yeah, thanks guys for, for taking the question. Really appreciate it. Good to see you guys. Ryan, good to, good to meet you. I guess on a one way screen here. Yes, definitely, I guess. Yes, just Raj, the first question is, I think you had mentioned earlier in the year and this may be what you were referring to with the first OEM sending cells to them this quarter.

我想說，是的，謝謝各位回答這個問題。真的很感激。很高興見到你們。瑞恩，很高興見到你。我猜這裡用的是單向螢幕。是的，我想肯定是這樣。是的，Raj，第一個問題是，我想你今年早些時候提到過，這可能就是你所說的第一家OEM廠商本季向他們發貨的事情。

Is it this June through August time frame still the work being done in there, that will then put you guys in position to begin to understand, what the programs with them in '26 could look like, which could then also inform the volumes of '26?

6 月到 8 月這段時間裡，那裡的工作還在進行嗎？如果繼續進行下去，你們就能開始了解 2026 年與他們合作的專案可能會是什麼樣子，這也能為 2026 年的專案數量提供參考。

Is that, is that still a crucial, crucial work getting done in that June to August timeframe?

那項工作，在六月到八月期間是否仍然至關重要？

Exactly, exactly. And it's on track. As I mentioned earlier on here, we are on track and we expect to get samples out in June. One thing I will say is that we do have meetings with them every week. It's not like we said something and we'll go back in June and talk to them.

確實如此。一切進展順利。正如我之前提到的，我們一切進展順利，預計在6月份發出樣品。我想說的是，我們每週都會和他們開會。這並不是說我們說了些什麼，然後六月再回去跟他們談。

So we've shown them the results, we've given them early cells of where we are, we talk to them about the modifications we are making to the electrochemistry to meet the different requirements and they give us some feedback back.

所以我們向他們展示了結果，我們給了他們一些早期電池，讓他們了解我們目前的進展，我們和他們討論了我們正在對電化學進行哪些修改以滿足不同的要求，他們也給了我們一些反饋。

So it's a really close collaboration with both the cell phone OEMs. And so in that sense we have a lot of visibility into how things are going. So when we do meet all the requirements, we feel more confident again ultimately we have to put all of this together in this one particular, in the custom cell that they need and they have retested in their phone and that's when the testing will be complete.

所以這是與兩家手機OEM廠商之間非常緊密的合作。因此，從這個意義上講，我們對事情的進展有很清晰的了解。所以當我們滿足所有要求後，我們再次感到更有信心，最終我們必須將所有這些整合到他們需要的特定定制單元中，並在他們的手機上重新測試，那時測試就完成了。

And that should happen, from June to August time frame.

這種情況應該會在六月到八月期間發生。

Are you guys? Got it. And then should we, should we develop an expectation that you guys can begin to, in the fall share your initial view on program inclusion, SKU inclusion and I guess at least whenever SKU inclusion like sort of volume inclusion or at least volume TAM, given the SKU inclusion, will there be any of that provided in the fall?

你們是嗎？知道了。那麼，我們是否應該期待你們在秋季開始分享你們對計畫納入、SKU納入的初步看法？我想，至少在SKU納入的情況下，例如銷售納入或至少銷售TAM，秋季是否會提供任何相關資訊？

I mean, look, ultimately, we can share as much as our customers allow us to share. Because look, as a component supplier, usually when you bring new technology and customers are very careful about saying what they're using and when, but as and when we get permission from them to share, we'll be happy to share that. Right?

我的意思是，說到底，我們能分享多少，取決於我們的客戶允許我們分享多少。因為你看，作為零件供應商，通常情況下，當你引入新技術時，客戶會非常謹慎地說明他們正在使用什麼以及何時使用，但是一旦我們獲得他們的許可，我們很樂意分享。正確的？

Okay, that's great. And then I guess just as a quick follow up and I can see the floor here. The silicon doping, process technique that you had talked about. Like how much silicon on the anode are they getting to, like, sort of at max that you guys have seen?

好的，太好了。然後我想快速補充一下，我可以看到這裡的地板。您之前提到的矽摻雜製程技術。例如，你們所見過的陽極上矽的含量最高能達到多少？

The max we've seen in the market is in the 10% range. So it's very small.

我們在市場上看到的最高漲幅在 10% 左右。所以它非常小。

Got it.

知道了。

And we are using 100% of the material, by the way, just to contrast.

順便一提，為了形成對比，我們使用了100%的材料。

No, that's super helpful. Okay, guys, I appreciate it. Thanks so much.

不，這太有幫助了。好的，謝謝各位。非常感謝。

Thank you so much. We have our next question from Derek Soderberg from Cantor Fitzgerald. Derek, please unmute your line and ask your question.

太感謝了。接下來，我們來聽聽來自 Cantor Fitzgerald 公司的 Derek Soderberg 提出的問題。德里克，請打開靜音並提出你的問題。

Yeah, Hey, guys, thanks for taking the questions and my congrats to Ryan on the new position. Wanted to follow up on George's earlier question. Just around the revenue capacity following the acquisition of the SolarEdge facility. Sounded like 4x the square footage of the '23 acquisition.

是的，嘿，各位，感謝你們回答問題，也恭喜瑞恩榮升新職位。我想就喬治之前提出的問題做個後續說明。收購 SolarEdge 工廠後，收入能力基本上達到預期水準。聽起來像是 2023 年收購面積的 4 倍。

Is this an acquisition that maybe takes the route jade potential revenue from sort of $20 million $30 million to $100 million plus? I understand that some of the electrodes will be used in batteries, but can you help us maybe quantify the potential revenue capacity or production capacity expansion with the newly expanded site?

這次收購是否有可能將玉石的潛在收入從 2,000 萬到 3,000 萬美元提升到 1 億美元以上？我知道部分電極將用於電池，但您能否幫助我們量化新擴建廠址的潛在收入或產能擴張？

Yeah, I mean, look, I think it's a little too early to exactly comment on that. We do have the space, we have the equipment, but we will, capitalize and expand that as a demand for those product materializes.

是的，我的意思是，我覺得現在對此發表評論還為時過早。我們確實有場地，也有設備，但我們會利用這些資源，隨著這些產品的需求出現，擴大規模。

We do see now a lot of requests coming in, particularly with the whole tariff scenario that people would like products from, from Korea. And we see that, like, every day. But we have to be careful to pick the right ones. And we are in the middle of that.

我們現在確實看到很多需求湧入，尤其是在關稅政策調整之後，人們希望從韓國購買產品。我們幾乎每天都能看到這種情況。但我們必須謹慎選擇合適的人選。我們正處於這個過程之中。

It's probably a little early to comment on that, but I can tell you we're, we think it's a great opportunity that we got these assets.

現在評論這件事可能還為時過早，但我可以告訴你，我們認為獲得這些資產是一個絕佳的機會。

Yeah, I will chime in. It's again, I think it is a little too early to quote a number, but it certainly does dramatically increase our capacity. And as Raj said in the prepared remarks, it's really about two things.

是的，我也要插一句。我認為現在給出具體數字還為時過早，但這無疑會大幅提高我們的產能。正如拉傑在準備好的演講稿中所說，這實際上關乎兩件事。

One is ensuring that surety of supply in terms of supporting Fab2 from a coding perspective. And we're seeing just this tremendous kind of uptick in terms of opportunities as it relates to the local defense opportunities.

一是確保從編碼角度為 Fab2 提供供應保障。我們看到，與地方國防相關的機會出現了巨大的成長。

So without, without quoting a number, it certainly, it's a tremendous opportunist deal. And I give Raj and the team credit for executing on that before I get here. But as you can see, it's in the same complex.

所以，雖然不具體說明金額，但這無疑是一筆絕佳的投機交易。在我到達之前，Raj 和他的團隊就已經出色地完成了這項工作，我對此表示讚賞。但正如你所看到的，它位於同一個建築群內。

So, it clearly is kind of part of the strategic plan. So, kudos to them to getting it done.

所以，這顯然是戰略計劃的一部分。所以，要表揚他們完成了這項工作。

Got it. That's helpful. And then as my follow up for Ajay, wondering if you can share where the HVM line is today in terms of, throughput relative to some of the UPH expectations you've put out in the past?

知道了。這很有幫助。然後，作為對 Ajay 的後續問題，我想請教一下，您能否分享一下目前 HVM 產品線的吞吐量與您過去提出的一些 UPH 預期相比如何？

Just wondering, where throughput is at this point and have you sort of passed the 90% yield throughput yet? Can you just give us an update on how things are progressing?

想問一下，目前的吞吐量是多少？你們的良率吞吐量是否已經超過 90% 了？能否簡單介紹一下事情的進展？

(multiple speakers) Sure, I hope you can, you guys can hear me, okay? Calling in from Malaysia. No, Fab2 is progressing really well. We are making a lot of good progress on all fronts. HVM line right now is configured for the custom cell as Raj alluded to, the custom cell for the first customer.

（多人發言）當然，我希望你們都能聽到我說話，好嗎？我從馬來西亞打來的。不，Fab2進展非常順利。我們在各方面都取得了很大進展。正如 Raj 所提到的，HVM 生產線目前配置的是定制單元，即為第一位客戶量身定制的單元。

And I'm talking about changing over the tooling, getting the first pipe cleaners through and starting the production for the cells that we are going to turn it over or hand over to the first customer. So that's all going really well.

我指的是更換模具，生產第一批管道清潔器，並開始為即將交付給第一位客戶的單元進行生產。一切進展都很順利。

Yields are progressing. We have made a lot of good improvements on yields and definitely stand by our original statement that we made that we will be up on the yields as the ramp production ramp really begins to the world class levels. So that's all going on track.

產量正在逐步提高。我們在產量方面取得了許多顯著的進步，我們絕對堅持我們最初的說法，即隨著產能爬坡真正開始達到世界一流水平，我們的產量將會提高。一切進展順利。

Yeah, and simultaneously, we are also working on other form factors for AR VR as Raj also talked about. And the UPH, I would say is like I said, the front end of the line, which is really the farm, the laser dicing farm.

是的，與此同時，正如 Raj 也提到的那樣，我們也在研究其他形式的 AR/VR 產品。而 UPH，正如我所說，是生產線的前端，也就是真正的農場，雷射切割農場。

We are making sure that that process comes along well. The line is itself is bought off at 1350 UPH as you know, for SAT. So, everything seems to be on track, and you know, that's what I can share right now from here, from Malaysia.

我們正在確保這個過程順利進行。如您所知，這條線路本身是以每小時 1350 美元的價格買斷的，用於 SAT。所以，一切似乎都按計畫進行，你知道，這就是我現在從馬來西亞這裡可以和大家分享的內容。

I mean, one other comment I'll make, sorry Derek, is that right now we are making many, many products in the same Fab. So we have small cells, we have, you know, three different kind of small cells.

我的意思是，我還要補充一點，抱歉了，德瑞克，目前我們正在同一個工廠生產很多很多產品。所以我們有小細胞，你知道，我們有三種不同類型的小細胞。

We have an army cell, we have a big cell that we're making an HBM line. So right now, we are really focused on executing on all these programs to get samples to our customers. Nothing we've seen here makes us concerned that when we're at high volume production, we can't get to the yields that we wanted to.

我們有一個軍用生產單元，我們有一個大型生產單元，我們正在那裡生產 HBM 生產線。所以目前，我們正全力以赴執行所有這些計劃，以便將樣品送到客戶手中。目前我們看到的情況並沒有讓我們擔心，當我們進行大規模生產時，我們無法達到我們想要的產量。

But we don't need to run them at that speed right now because mostly we're making samples.

但我們現在不需要以那種速度運行它們，因為我們主要是在製作樣品。

That's helpful. Thanks, guys.

這很有幫助。謝謝各位。

Thank you so much. Our next question comes from Bill Peterson from JP Morgan. Bill, please unmute your line and ask your question. Thank you.

太感謝了。下一個問題來自摩根大通的比爾彼得森。比爾，請打開靜音並提出你的問題。謝謝。

Yeah, hi, good afternoon and thanks for taking the questions and also thanks for the details on the competition. I guess for completeness on these sort of leading-edge competitive cells, are these in the 800-watt hour per liter range?

是的，您好，下午好，感謝您回答問題，也感謝您提供有關比賽的詳細資訊。我想完整地了解這類領先的競爭性電池，它們的功率密度是否在每公升 800 瓦時範圍內？

We've also been getting sort of questions on cycle life and I know you're looking at achieving a thousand. I'm seeing some competitors or maybe even closer to 1500. But I guess just to benchmark where the current leading edge is.

我們也收到了一些關於循環壽命的問題，我知道你們正在努力實現一千次循環的目標。我看到一些競爭對手，或者可能接近 1500 人。但我想這只是為了了解目前的領先水平在哪裡。

How do they compare in terms of cycle life and also maybe some of these other factors you talked about things like temperature, window, fast charging and so forth.

它們在循環壽命方面有何區別？還有您提到的其他一些因素，例如溫度、窗戶、快速充電等等。

Yeah, I get this question from this call usually and the nuance of this is kind of very important. So for example, when you talk about cycle life, a phone discharges a battery at different rates. Right?

是的，我常接到這類電話，而其中的細微差別其實非常重要。例如，談到電池循環壽命時，手機電池的放電速率各不相同。正確的？

So for example, the phone is on standby, it's probably drawing at 0.1 C or 0.2 C charge, but when you run a full game, it goes at like 0.7 C charge maybe. So, cycle life varies based on how you charge. So it's hard to quote cycle life as one number.

例如，手機處於待機狀態時，充電電流可能為 0.1C 或 0.2C，但運行完整遊戲時，充電電流可能達到 0.7C。所以，電池壽命會因為充電方式的不同而有所差異。因此，很難用一個數字來概括產品週期。

So what most customers do is they have a profile of how their phones actually operate and they come up with a metric on a charge profile and a discharge profile and they benchmark the cycle life based on that.

所以大多數客戶都會記錄下手機的實際運作情況，並制定充電曲線和放電曲線的指標，然後根據這些指標來衡量循環壽命。

So what I mean by that is you could take a particular phone and say this battery is 1000 cycles. You can take another phone, the exact same battery may only run to like 600, 700 cycles. Depends on how they use. Right.

我的意思是，你可以拿一部特定的手機，說它的電池壽命是 1000 次循環。你可以換一支手機，同樣的電池可能也只能循環使用 600、700 次。這取決於他們的使用方式。正確的。

So it's not a simple one number metric, it's a very customer dependent metric. But what I can tell you is that we feel our battery is extremely competitive and that's why the trade-off of cycle life versus energy density versus fast charge is what our customers feel pretty good about where we are.

所以這不是一個簡單的單一數字指標，而是一個非常依賴客戶的指標。但我可以告訴你們的是，我們認為我們的電池極具競爭力，這就是為什麼我們的客戶對我們目前在循環壽命、能量密度和快速充電之間的平衡感到相當滿意的原因。

And we have continued to improve on all three of them as we move forward. So, it's hard to answer yours with one number because it's not very meaningful. Depends on phone to phone, customer to customer.

隨著我們不斷前進，這三方面我們都持續改進。所以，你的問題很難用一個數字來回答，因為它意義不大。取決於具體電話和客戶。

Okay, but what about at least in terms of energy density, just so we understand where you're coming from?

好的，但至少從能量密度的角度來看呢？這樣我們才能明白你的意思。

Yeah, clearly. I mean we are in that, we're in that. They're all in the 800 plus range. So absolutely, we're extremely competitive with all of them.

是的，很明顯。我的意思是，我們身處其中，我們身處其中。它們都在800以上。所以，我們和他們所有公司都極具競爭力。

Okay. And then as a follow up, wanted to talk about your defense pipeline. You've been talking about it a bit more, even with the, the older root shade acquisition. But are there additional orders forming in 2025? And it looks like your additional capacity can support that defense opportunities.

好的。然後，作為後續問題，我想談談你們的國防體系。你最近也稍微談到了這一點，即使是對於年長的根部遮蔭問題。但2025年是否會有更多訂單形成？看起來你們的額外產能可以支持這些國防機會。

Can you break down the interest you have by geography, I presume you, you could be getting more in the US for the reasons you said. But maybe just around the opportunity itself, I think maybe two years back, the US military alone was around $350 million.

你能按地域細分一下你的興趣嗎？我猜你在美國可能會獲得更多興趣，原因正如你所說。但也許只是圍繞著這個機會本身，我想大概兩年前，光是美國軍方的預算就達到了 3.5 億美元左右。

So maybe updated thoughts on your opportunity?

那麼，您對這個機會有什麼新的想法嗎？

Yeah, we are getting a lot of interest because of the, as you can imagine, the entire tariff scenario. But again, we've started shipping samples to the customer. So, we've got sample purchase orders.

是的，由於正如你所想，整個關稅形勢，我們受到了很多關注。但是，我們已經開始向客戶寄送樣品了。所以，我們有一些採購訂單樣本。

And this takes time because once they get a sample purchase orders, they tested it, they like the performance, then they all want a custom spell that is very specific to that. And so the orders will take some time after the qualification period.

這需要時間，因為一旦他們收到樣品訂單，進行測試，如果對效果滿意，他們就都想要一個非常具體的客製化法術。因此，資格審查期結束後，還需要一段時間才能下單。

That's just the nature of batteries, but we are getting more and more requests for samples and we are shipping them now. And like you mentioned, the total opportunity is pretty big. So, we are fairly optimistic that once we get these samples to pass qual, it'll be meaningful for us in time.

這就是電池的特性，但我們收到了越來越多的樣品請求，現在我們正在發貨。正如你所提到的，總的機會非常大。因此，我們相當樂觀地認為，一旦這些樣品通過品質檢測，假以時日，它們對我們來說將具有重要意義。

Thanks, Raj.

謝謝，拉傑。

Thank you. Our next question comes from Gus Richard from Northland Capital Markets. Gus, please unmute your line and ask your question. Thank you.

謝謝。下一個問題來自北地資本市場的格斯理查德。Gus，請打開靜音並提出你的問題。謝謝。

Thanks for taking my question. I'm just curious, on the SolarEdge acquisition, is there anything running through the factory at this point or was it idle and sort of what is it going to take to get it up and running and how long?

感謝您回答我的問題。我很好奇，關於 SolarEdge 的收購，目前工廠裡有什麼設備在運作嗎？還是處於閒置狀態？要讓它恢復運作需要什麼條件，需要多長時間？

Yeah, it's making cells for defense applications and it is also making some cells for ESS applications. So, it's a working factory. And we were able to acquire some people that are running the factory also along with it. And there's a coating line that also we got.

是的，它正在生產用於國防領域的電池，也正在生產一些用於儲能係統的電池。所以，它是一家正常運作的工廠。而且我們還設法招攬到了一些負責工廠運作的人員。我們也引進了一條塗裝生產線。

So, it's a working factory and we're just augmenting to our capacity.

所以，這是一個正常運作的工廠，我們只是在擴大產能。

Right. And then could you just walk through sort of the milestones in front of you in terms of getting to, out of Fab2, shipping production to customers, what milestones do you have to hit for your lead customer for example, where are you in that, you know, milestones?

正確的。然後，您能否簡要介紹一下您在從 Fab2 工廠到向客戶交付產品的過程中所面臨的里程碑？例如，您的主要客戶需要達到哪些里程碑？您目前在這些里程碑中處於什麼位置？

Yeah, sure. So, there's multiple customers we're supporting from Fab2. Right? As I mentioned, there's two AR VR customers, there's an IoT customer we are supporting which actually there's a large volume opportunity and then there's defense products that we are making there and the smartphone which is a big sell that we're making in HVM line.

是的，當然。所以，我們正在透過 Fab2 為多個客戶提供支援。正確的？正如我所提到的，我們有兩個 AR/VR 客戶，我們正在支援一個物聯網客戶（實際上這是一個很大的市場機會），此外，我們還在生產國防產品，以及智慧型手機（這是我們在 HVM 生產線上銷售的一款大產品）。

So, we have sent samples to one of the AR VR customers last quarter and we are just getting ready to send to the second one. And we of course given samples to multiple smartphone customers.

所以，上個季度我們已經向其中一位 AR/VR 客戶寄送了樣品，現在我們正準備向第二位客戶寄送樣品。當然，我們也向許多智慧型手機用戶贈送了樣品。

All our energy is now focused on making this one particular large cell, 7,000 plus milliamp per cell to our lead smartphone customer. And those samples, the milestone you should look for is us delivering those samples in June timeframe.

我們現在所有的精力都集中在為我們的主要智慧型手機客戶生產這種特殊的超大電池，每個電池的電流超過 7000 毫安培。至於這些樣品，您應該關注的里程碑是我們是否能在六月交付這些樣品。

And the next milestone is, passing their qualification inside their phone because they do a lot of tests. They do drop tests, they do short circuit tests, they do energy density tests, they do cycle life test, they do storage gassing tests. All that stuff goes through between June and August timeframe and then we'll get some feedback on if that all goes well.

下一個里程碑是，他們在手機上通過資格考試，因為他們要進行很多測試。他們會進行跌落測試、短路測試、能量密度測試、循環壽命測試和儲存氣體測試。所有這些事情都會在六月到八月期間進行，然後我們會收到一些回饋，看看一切是否進展順利。

Then when we get the purchase order for the next one. On the AR VR glasses, we've actually sent the samples and the customers have put them in the glasses now and we can see now how that's going and they're giving us feedback on that.

然後等我們收到下一批貨的採購訂單。關於 AR VR 眼鏡，我們已經寄出了樣品，客戶現在已經戴了，我們可以看到效果如何，他們也正在給我們回饋。

So, milestones from Fab2 are basically delivering customer samples, getting the feedback from the customers, optimizing it, getting ready for full production. That's what you'll see us report on through the year.

因此，Fab2 的里程碑基本上是交付客戶樣品、獲得客戶回饋、進行優化、為全面生產做好準備。這就是我們將在全年報道的內容。

Got it. Thanks so much.

知道了。非常感謝。

Thank you. Our next question comes from Ananda Baruah from Loop Capital. Ananda, please unmute your line and ask your question.

謝謝。我們的下一個問題來自 Loop Capital 的 Ananda Baruah。阿南達，請打開靜音並提出你的問題。

Hey, Yes, thanks guys for taking the follow up. Hey Raj, can you remind us where PC quals again fall in the timeline? And, and like, I guess, Yes, I'll start there. When do PC quals fall in the timeline? I'll probably have to follow up on that. Thanks.

嘿，是的，謝謝各位跟進。嘿，Raj，你能提醒我們一下PC資格考試在時間線上的具體位置嗎？而且，我想，是的，我就從這裡開始吧。PC資格考試在時間線上處於什麼位置？我可能需要跟進一下。謝謝。

Yeah, you know, PCs take even longer than smartphones to call. You know, ironically it's just a, just a longer call process. But you know, like I said, we are just so busy with our current factory so full with all these products.

是啊，你知道，電腦打電話比智慧型手機打電話還要慢。諷刺的是，這只不過是一個更長的通話過程而已。但你知道，就像我說的，我們現在的工廠非常忙碌，到處都在生產這些產品。

We feel we will, once we get the smartphone qualification underway, we should be able to give that cells, that size cells with that chemistry to the PC OEMs. And like I said, the smartphones are the toughest batteries to make.

我們認為，一旦智慧型手機認證工作啟動，我們就能夠向 PC OEM 廠商提供這種尺寸、這種化學成分的電池。正如我所說，智慧型手機電池是最難製造的。

So, to me, once we make that, there are some nuances to the PC ones about temperature and cycle life and stuff like that. We can adjust on top of that with some of the electrochemistry, but those are the cells we'll start with, but they'll take another 18 months from there.

所以，對我來說，一旦我們製造出那個，PC 晶片在溫度、循環壽命等方面還有一些細微差別。我們可以透過一些電化學方法在此基礎上進行調整，但這些就是我們將要開始的電池，不過從那時起還需要 18 個月的時間。

PC quals just take longer.

PC 資格賽耗時更長。

I got it. And Raj, when you say take the smartphone quals and sort of the jump off spot the launchpad for the PC quals, would that be these first two OEM calls that you're talking about? And so, is it at some point, I'm not trying to pin you down, but just to visualize it, some point by let's say mid '26, you can start that 18 month clock.

我得到了它。Raj，你說智慧型手機資格認證是 PC 資格認證的跳板，是指你提到的前兩個 OEM 廠商電話會議嗎？所以，在某個時候，我不是想給你設定一個具體時間，只是為了讓你形像地理解一下，比如說到 2026 年年中，你就可以開始計算這 18 個月的期限了。

Is that a good way to think about it or is it. Sorry about the.

這種思考方式是否合理？抱歉。

There's multiple stages of call. Right? So, our plan is these samples that we're giving to our smartphone customers, you know, there'll be variation of that. We'll give it to the PC customers, they will start testing it, they'll give us some feedback.

通話分為多個階段。正確的？所以，我們的計劃是，我們提供給智慧型手機用戶的這些樣品，你知道，會有各種不同的版本。我們會把它提供給PC用戶，讓他們開始測試，然後給我們一些回饋。

And just like it happened on smartphones, they'll give us some nuances that they like. They store it a little longer, they store it a slightly higher temperature. They want cycle life to be little more or less, the fast charge may be not that much of a requirement for them because these are plugged on.

就像在智慧型手機上發生的那樣，他們會給我們一些他們喜歡的細微差別。他們會延長儲存時間，並稍微提高儲存溫度。他們希望電池循環壽命稍長一些，快速充電對他們來說可能沒那麼重要，因為這些設備都是插著電源使用的。

So, we'll need to make some adjustments to the electrolytes and so on and then give them the right cell and then they start the call. That's just how it moves, right? Very similar to how it has moved on the smartphone side.

所以，我們需要對電解液等進行一些調整，然後給他們合適的電池，然後他們就可以開始通話了。它就是這樣運動的，對吧？這與它在智慧型手機領域的發展方式非常相似。

Got it. Okay, great. Thanks a lot. Appreciate that.

知道了。好的，太好了。多謝。謝謝。

Thank you so much. Our next question comes from Ryan Pfingst at B. Riley. Ryan, please unmute your line and ask your question. Thank you.

太感謝了。我們的下一個問題來自 B. Riley 公司的 Ryan Pfingst。瑞恩，請打開靜音並提出你的問題。謝謝。

Yeah, hey guys, thanks for the time. I just wanted to jump in with one on the EV opportunity. In the release you comment on the major charge time improvement by a leading battery supplier in Asia, validating your cooling architecture.

嗨，各位，謝謝你們抽出時間。我只是想抓住電動車的投資機會，參與其中。在新聞稿中，您提到亞洲一家領先的電池供應商大幅縮短了充電時間，這驗證了您的冷卻架構。

Can you just dig in a bit there and provide a little more color?

能再深入挖掘一下，增添一些色彩嗎？

Yeah, we looked at that announcement and what we find is that it's just another proof point that yes, you can charge them really fast, but if you look at that announcement, the temperature does go up fast and ED is at stake.

是的，我們研究了那份公告，我們發現它只是另一個證明，雖然充電速度確實很快，但如果你仔細看那份公告，就會發現溫度上升得很快，ED（勃起功能障礙）的風險也隨之增加。

So, materials are more expensive to do such a thing. So, whereas if we did the similar stuff in our architecture, where is the conventional architecture, we can get to similar rates but provide the advantages of not swelling and provide the advantages of not getting so hot.

因此，做這件事所需的材料更貴。所以，如果我們採用與傳統架構類似的方法，我們可以達到類似的速率，但同時又不會膨脹，也不會變得那麼熱。

So just another proof point of the value of our technology and even in the EV space and we are making progress on that front. As you guys know, we have two EV customers that are working with us and we are in the middle of making samples for that also from our Malaysia factory.

這再次證明了我們技術的價值，即使在電動車領域，我們也正在取得進展。正如你們所知，我們有兩個電動車客戶正在與我們合作，我們也正在馬來西亞工廠為他們生產樣品。

Now, we have a large dry room there that we build this now and so on. So, stay tuned for updates on that. It just validates our proof, our, our argument that, fast charge and not getting hot are the key requirements in EV space. And that's what we focused on.

現在，我們在那裡建造了一個大型乾燥室，我們正在建造這個等等。所以，請繼續關注後續報道。這正好驗證了我們的觀點，快速充電和不發熱是電動車領域的關鍵要求。這就是我們關注的重點。

Understood. Appreciate it.

明白了。非常感謝。

Thank you so much. Our next question comes from Jed Dorsheimer at William Blair. Thank you, Jed. Please unmute your line and ask your question.

太感謝了。下一個問題來自威廉布萊爾大學的傑德多爾斯海默。謝謝你，傑德。請解除靜音並提出您的問題。

Hi Tim, it's Mark again, but thank you for the follow up. For the Smart Glasses market, in the in the charts that you provided, you cite a larger performance benefit than even in the smartphones. I'm wondering if you can give us some info of what about the Smart Glasses application gives a Enovix architecture even more performance advantage.

嗨，提姆，我是馬克，再次感謝你的跟進。對於智慧眼鏡市場，在你提供的圖表中，你指出其性能優勢甚至比智慧型手機還要大。我想知道您能否提供一些信息，說明智慧眼鏡應用程式的哪些方面能為 Enovix 架構帶來更大的性能優勢。

And if that is the case, are there any additional margin benefits that could come from that application?

如果情況確實如此，這種應用還能帶來其他利潤成長的益處嗎？

Yeah, absolutely. So, there's a, there's a kind of a fundamental difference between how a smart glass works with a smartphone works. What I mean by that is when the smart glass is creating an augmented reality scenario, for example, you're visualizing something.

是的，絕對是如此。所以，智慧眼鏡和智慧型手機的工作原理之間存在著一種根本性的差異。我的意思是，例如，當智慧眼鏡創建擴增實境場景時，你就是在視覺化某些東西。

What has to happen is the processor has to run full blast, and the, the display, which is basically these new displays that have come up have to run, and then the cameras are all working because they have to figure out where you're looking.

必須發生的是，處理器必須全速運轉，顯示器（基本上就是這些新出現的顯示器）必須運轉，然後所有攝影機都必須工作，因為它們必須弄清楚你的視線在哪裡。

Because you have to do what is called 6-DOF, you got to calculate the six degrees of freedom of where you're looking to create that projection. So, in other words, the memories, the process displays are all running full blast to create that user experience that draws tremendous amount of battery, even a lot more than what will happen in a smartphone.

因為你需要進行所謂的 6 自由度投影，所以你必須計算出你想要創建該投影的六個自由度。換句話說，記憶體、進程顯示等都在全速運轉，以創造那種會消耗大量電池電量的用戶體驗，甚至比智慧型手機消耗的電量還要多得多。

Because in a smartphone, typically they're all not running at the same time full blast. Right? I mean, like most of the phones on standby, most of the time, every so often it comes on, you do a video watching or something like that, but you're not blasting graphics, GPU, video camera, audio, everything at one time.

因為在智慧型手機中，它們通常不會同時全速運轉。正確的？我的意思是，就像大多數手機處於待機狀態一樣，大多數時候，它會時不時地開機，你會看影片之類的，但你不會同時開啟圖形處理、GPU、相機、音訊等所有功能。

So the draw is much higher. And the other interesting thing is the space of the battery in a smart glass is much smaller because it has to fit just in the temple of the glasses are in the back where it is. So, the amount of energy density you have to pack in a small volume is much higher and the discharge rate is higher.

所以抽籤的機率高很多。另一個有趣的地方是，智慧眼鏡的電池空間要小得多，因為它必須安裝在眼鏡腿的背面。因此，需要在較小的體積內封裝更高的能量密度，且放電率也更高。

Both of those we can do really well in our architecture. That's the reason we're getting all this, you know, excitement from our customers for this product. And that's why we have two customers that have already prepaid for the, for the volumes.

這兩點我們都能在我們的建築設計中做得很好。這就是為什麼我們的顧客對這款產品如此興奮的原因。這就是為什麼我們有兩位客戶已經預付了貨款的原因。

So it's just a, a market that takes advantage of our technology much better. And we see a few other markets like that. So typically, when there's space constraint, when there's a display, when there's a tremendous amount of draw due to either AI or processor or memory running fast, that's the market where we believe we have most advantage.

所以，這只是一個能夠更好地利用我們技術的市場。我們也看到其他一些類似的市場。因此，通常情況下，當空間受限、需要顯示畫面、或由於人工智慧、處理器或記憶體快速運行而產生大量渲染時，我們認為我們在這些市場擁有最大的優勢。

And that does translate into ASP premiums, and we are seeing that in both those markets.

而這確實會轉化為平均售價溢價，我們在這兩個市場都看到了這一點。

Thank you so much. (Operator Instructions) We have another question from George Gianarikas from Canaccord. George, please unmute your line and ask your question. Thank you.

太感謝了。（操作說明）我們還有來自 Canaccord 公司的 George Gianarikas 的一個問題。喬治，請打開靜音並提出你的問題。謝謝。

Thanks for taking my question. Curious if you could provide any update on the pricing dynamics you're seeing in the market, whether or not they continue to support this, this margin target that you laid out a couple of years ago. Thank you.

感謝您回答我的問題。我很想知道您能否提供一些關於您目前在市場上觀察到的價格動態的最新信息，以及這些動態是否繼續支撐您幾年前製定的利潤率目標。謝謝。

Yeah, absolutely. I mean, we've recorded budget repricings to our smartphone customers, and I think clearly they see the value and it's been really good. We closed the pricing on the two AR glasses that I talked about and those have been clearly validated.

是的，絕對是如此。我的意思是，我們已經對智慧型手機用戶進行了預算調整，我認為他們顯然看到了其中的價值，而且效果非常好。我們已經確定了我之前提到的兩款AR眼鏡的價格，而且這些價格已經得到了充分的驗證。

The ASP premiums we can combine when we provide value. I mean, like I said before. Right. I think the number one thing you gotta remember is that in smartphones, in AR VR glasses, in all these markets, the price of the battery as a percentage of the BoM is very small.

當我們提供價值時，我們可以合併ASP溢價。我的意思是，就像我之前說的。正確的。我認為你首先要記住的是，在智慧型手機、AR/VR眼鏡以及所有這些市場中，電池價格佔物料清單價格的比例非常小。

Right. So, if you look at a smartphone, eleven hundred thousand dollars premium tier smartphone, six hundred dollars bill of materials, the battery is between ten to fifteen dollars. Right.

正確的。所以，如果你看一部智慧型手機，一部售價 110 萬美元的高階智慧型手機，其物料清單成本為 600 美元，那麼電池的成本在 10 到 15 美元之間。正確的。

So there's still a long ways to go in terms of percentage of the BoM. But in terms of the value it provides, it unlocks the value of the processor, it unlocks the value of the display, it unlocks the value of the cameras, it unlocks the value of the memory.

因此，就佔物料清單 (BoM) 的百分比而言，還有很長的路要走。但就其提供的價值而言，它釋放了處理器的價值，釋放了顯示器的價值，釋放了相機的價值，釋放了記憶體的價值。

And if you look at smart purchases, the number one and number two are like, battery life and, and camera. So, when you provide value, there's clearly ASP premium and we are seeing that being validated. So we are quite comfortable with that.

如果你仔細觀察精明的購買行為，你會發現電池續航時間和攝影機是排名第一和第二的因素。所以，當你提供價值時，ASP溢價就顯而易見，而我們也看到了這一點得到了驗證。所以我們對此感到很滿意。

Thank you. There are no further questions at this time. With that, I'd like to turn it back over to Dr. Raj Talluri for closing remarks. Thank you.

謝謝。目前沒有其他問題了。接下來，我想把時間交還給拉傑·塔盧裡博士，請他作總結發言。謝謝。

Yeah. thank you again for joining us today. We are very encouraged by the progress we've made and we are even more excited by what's ahead. We remain focused on execution, deepening our customer relationships, unlocking the full potential of our technology and operations.

是的，再次感謝您今天加入我們。我們對所取得的進展感到非常鼓舞，對未來的發展更是充滿期待。我們將繼續專注於執行，深化與客戶的關係，充分發揮我們的技術和營運潛力。

Now, we really appreciate your continued support and we look forward to updating you again next quarter. Thank you.

我們非常感謝您一直以來的支持，期待下個季度再次向您報告最新情況。謝謝。