Enovix Corp (ENVX) 2025 Q2 法說會逐字稿

Thank you, Rob, and thank you, all, for joining us for this presentation, and thank you, TJ, for joining us today. Fellow shareholders, the company made great progress in Q2 in all fronts. We launched our A1 product platform. We hit key milestones with many of our strategic customers. We launched a warrant dividend to simultaneously reward our shareholders and also fund our future growth.

謝謝 Rob，也謝謝大家參加我們的演講，也謝謝 TJ 今天加入我們。各位股東，公司第二季各方面都取得了長足的進步。我們推出了 A1 產品平台。我們與許多策略客戶一起取得了重要的里程碑。我們推出了認股權證股息，以同時獎勵我們的股東並資助我們未來的成長。

Fab2 in Malaysia had made the first A1 batteries now of our high-volume manufacturing line. Now with our product sampling to two major smartphone OEMs and a leading eyewear company and strategic IoT customers, we are truly now moving into the commercialization phase of our journey.

馬來西亞的 Fab2 現已生產我們大批量生產線上的第一批 A1 電池。現在，我們已向兩家主要的智慧型手機 OEM 廠商、一家領先的眼鏡公司和策略物聯網客戶提供產品樣品，我們真正進入了商業化階段。

Now, in terms of highlights for the quarter, there's a few highlights, and I'm going to walk you through some of them using their shareholder letter in the bag here, and I'll point you to the things I'm talking about.

現在，就本季度的亮點而言，有幾個亮點，我將使用這裡的股東信向您介紹其中的一些亮點，並向您指出我正在談論的事情。

Revenue, we delivered Q2 revenue of $7.5 million, above the guidance range, and it's up 98% year on year. And this was driven by strong demand for our products. And our non-GAAP gross margin reached 31%, reflecting the higher margin of the defense products that we get from our Korean factory.

營收方面，我們第二季的營收為 750 萬美元，高於預期範圍，年增 98%。這是由我們產品的強勁需求所推動的。我們的非公認會計準則毛利率達到 31%，反映了我們從韓國工廠獲得的國防產品的更高利潤率。

And we launched the A1 platform. The A1 platform is a leadership platform with the core battery architecture. It has some -- all the advanced materials, micron-level design rules, and it meets all the requirements of the smartphone market. And it is, in our opinion, the highest watt hours per liter, 900 watt hours per liter battery with 3C charge rate, and now we feel it goes up to (technical difficulty) cycles.

我們推出了A1平台。A1平台是一個以核心電池架構為主的平台。它擁有一些——所有先進的材料、微米級的設計規則，並且滿足智慧型手機市場的所有要求。並且，在我們看來，這是每公升瓦時最高的電池，每公升 900 瓦時，3C 充電率，現在我們感覺它上升到了（技術難度）循環。

This is the first platform that has 100% active silicon anode, and it's in commercial qualification with our customers now. And again, we have over 400 patents on top of this technology that we have built. Doing this high energy density with long cycle life and fast charging is really the key value of this platform and our customers are -- a lot of interest from our customers to qualify this product.

這是第一個具有 100% 活性矽陽極的平台，目前正在與我們的客戶進行商業認證。而且，我們針對這項技術擁有超過 400 項專利。實現高能量密度、長循環壽命和快速充電確實是該平台的關鍵價值，我們的客戶對這款產品的品質非常感興趣。

In a small battery like this, we have 26.3 watt hours per liter. And I'm going to have TJ talk a little bit about what that number means.

在這樣的小電池中，每公升有 26.3 瓦時。我會讓 TJ 稍微解釋一下這個數字的意思。

Thank you. I decided, prior press release, which I asked him to put in here, do a little peek work on this thing. The battery is 1.8 cubic inches. And then you asked, well, how much energy is 26.3 watt hours in that little package. Well, the answer is if you do a calculation, it's enough to lift a 5,000-pound truck.

謝謝。我決定，在之前請他把新聞稿放在這裡之前，對這件事做一點了解。電池體積為 1.8 立方英吋。然後你問，那麼，這個小包裝裡的 26.3 瓦時是多少能量。嗯，答案是，如果你計算一下，它足以舉起一輛 5,000 磅重的卡車。

This is the height of this -- working height of 4.7 feet, 3 times in that little battery. And we're actually working right now on a demonstration to do that for real, except I'm going to use the Lamborghini instead of a truck.

這是這個的高度——工作高度為 4.7 英尺，是那個小電池的 3 倍。實際上，我們現在正在進行真正的演示，只不過我要用蘭博基尼而不是卡車。

Thank you, TJ. So a couple of other highlights I want to talk about. Here, we've now sampled this battery to our lead smartphone OEM, and they are doing all the different tests that they do to make sure this battery is working well in the phone that they want to launch in. And this testing takes time, 1,000 cycles, takes multiple months to test because when you -- when they put a new sampled battery in, they go through the full cycle life test.

謝謝你，TJ。我還想談談其他幾個亮點。現在，我們已經將這種電池樣品提供給了我們的主要智慧型手機 OEM，他們正在進行各種不同的測試，以確保電池在他們想要推出的手機中運作良好。而且這個測試需要時間，1,000 次循環，需要幾個月的時間進行測試，因為當他們放入新的樣品電池時，他們會進行完整的循環壽命測試。

And we started sampling them in July, so in three months. Of course, we have weekly meetings with them to see how the tests are going, and we expect the test to be completed in three months' time. If everything goes well, we should be getting orders from them to get this to mass production.

我們從七月開始對它們進行採樣，也就是三個月後。當然，我們每週都會與他們開會，了解測試的進展情況，我們預計測試將在三個月內完成。如果一切進展順利，我們應該會接到他們的訂單，進行大規模生產。

We've also made a lot of progress in smart eyewear. The AI-1 battery in smart eyewear is also a tremendous value because in smart eyewear what happens is there is not much space to put a big battery. So typically, as you can see here, the battery is really small. It fits in these lengths here. And sometimes people put two batteries, one on each side.

我們在智慧眼鏡方面也取得了很大進展。智慧眼鏡中的 AI-1 電池也具有巨大的價值，因為智慧眼鏡中沒有太多空間來放置大電池。因此通常情況下，正如您在這裡看到的，電池真的很小。它適合這裡的這些長度。有時人們會放置兩顆電池，每邊一塊。

One of the key things about the -- these smart glasses is AI is having a huge impact on the usability of these glasses because now you can talk to these ones and most of them have cameras that look at the world, so they're able to detect what's going on in the real world and then use that information to change how the glasses experience is.

這些智慧眼鏡的一個關鍵點是人工智慧對這些眼鏡的可用性產生了巨大的影響，因為現在你可以與這些眼鏡對話，而且它們大多數都配有可以觀察世界的攝像頭，因此它們能夠檢測現實世界中發生的事情，然後使用這些資訊來改變眼鏡的體驗。

So which means you need tremendous amount of energy density in a small package to actually do that, and it's a real advantage for us. And we have sampled this to multiple AR customers and the amount of samples we did also increased this year. And the other important thing to remember is that I believe that the AI use cases will only continue to grow in this market. And as these use cases grow, the process have to run faster, the memories have to run faster.

這意味著你需要在小封裝內實現巨大的能量密度才能真正做到這一點，這對我們來說是一個真正的優勢。我們已經向多個 AR 客戶提供了樣品，今年我們提供的樣品數量也有所增加。另一件需要記住的重要事情是，我相信人工智慧用例在這個市場上只會繼續成長。隨著這些用例的成長，流程必須運行得更快，記憶體必須運行得更快。

There's a lot more data that has to be computed. There will be more sensors there, which means we need a road map of product technology here where we continue to increase energy density in the small size. And you can see here on the right side, we have a road map of different technologies that will continue to increase that.

還有很多數據要計算。那裡將會有更多的感測器，這意味著我們需要一個產品技術路線圖，以便我們繼續提高小尺寸的能量密度。您可以在右側看到，我們有一張涵蓋不同技術的路線圖，這些技術將繼續提高這一水平。

Now a few other things. One thing I find about these markets like AR when they first start is that it's very important to be the battery of choice for the ecosystem. And what I mean by ecosystem. Ecosystem is people who make processors, people who make the waveguide optics, people who make different sensors. And we are now working with the people who actually make this process.

現在再說幾件其他的事情。我發現，在 AR 等市場剛起步時，成為生態系統的首選電池非常重要。這就是我所說的生態系。生態系統包括製造處理器的人、製造波導光學的人、製造不同感測器的人。我們現在正在與實際完成這一過程的人合作。

We have sampled these batteries to them to make sure that the batteries have the performance they need in the various use cases because in these markets, the use case are a little bit different than smartphones. The discharge rate is a little bit different and so on. So it's very important to have a battery that supports the ecosystem and we be in reference designs than any number of customers that can actually take the reference design and the Enovix battery has a potential of becoming the standard for that. So we're making a lot of progress on that this quarter.

我們已經對這些電池進行了採樣，以確保電池在各種用例中都具有所需的性能，因為在這些市場中，用例與智慧型手機略有不同。放電率有點不同等等。因此，擁有一款支援生態系統的電池非常重要，我們採用參考設計，而實際上可以採用參考設計的客戶數量比 Enovix 電池多，並且 Enovix 電池有可能成為該領域的標準。因此本季我們在這方面取得了很大進展。

The other thing I've said before is that when you make a battery that can meet the requirements of the smartphone market, high energy density, long cycle life, and fast charge, that is the toughest battery to make. That battery can then be used in many other markets. And we are seeing that now with the IoT markets, where recently we've had a customer in one of the leading customers in industrial handheld markets sign an agreement with us so that they can actually get these batteries and test them in the next generation of the products they want to launch.

我之前說過的另一件事是，當你製造出能夠滿足智慧型手機市場高能量密度、長循環壽命和快速充電要求的電池時，那是最難製造的電池。該電池隨後可用於許多其他市場。我們現在看到，在物聯網市場，最近我們有一位工業手持設備市場的主要客戶與我們簽署了一項協議，以便他們能夠真正獲得這些電池並在他們想要推出的下一代產品中進行測試。

Now I also mentioned that with the recent -- in the last call, with the recent tariff situation, people really want -- in defense markets, people really want batteries made from countries with more advantageous tariff situation. And we have this Korean asset that we acquired, and we added to that a lot more capacity last time with the acquisition we made from SolarEdge. That is now helping us grow this market into some of the other US defense companies, and we started sampling to multiple customers now.

現在我還提到，根據最近的關稅情況，人們真正想要的是——在國防市場，人們真正想要的是來自關稅情況更有利的國家生產的電池。我們擁有這項收購的韓國資產，上次我們從 SolarEdge 收購該資產後，我們又增加了許多產能。這正在幫助我們將這個市場拓展到其他一些美國國防公司，我們現在開始向多個客戶提供樣品。

Now our factory in Penang is really coming up together well. And in Q2, we accelerated our customer qualification efforts. Multiple customers have come now and visited our factory. And as I mentioned, in this space of making lithium-ion batteries, making custom battery is very important. We have now reduced the time it takes to make a custom battery down by 50% from before.

現在我們在檳城的工廠發展得非常好。在第二季度，我們加快了客戶資格認證工作。目前已有多位客戶前來參觀我們的工廠。正如我所提到的，在製造鋰離子電池的領域，製造客製化電池非常重要。現在，我們將製造客製化電池所需的時間比以前減少了 50%。

Because as I mentioned before, our factory, our machines are able to make batteries of different sizes, but we have to reconfigure them, and we are able to do it much faster now.

因為正如我之前提到的，我們的工廠、我們的機器能夠製造不同尺寸的電池，但我們必須重新配置它們，現在我們可以更快完成。

But the factory -- this AI-1 smartphone battery has also now passed the UN 8.3 certification, which is very important for airline safety certification for our first battery, and now we are able to ship these to our customers.

但是工廠——這款 AI-1 智慧型手機電池現在也通過了 UN 8.3 認證，這對於我們第一款電池的航空安全認證非常重要，現在我們可以將這些電池運送給我們的客戶了。

And as we build confidence in the customers we are sampling and the qualification that's going on, we now started placing purchase orders, initial purchase orders for adding more capacity to the factory and building some of the long lead time items for the second HVM line. We were also able to do that in the last quarter.

隨著我們對正在抽樣的客戶和正在進行的資格認證建立信心，我們現在開始下採購訂單，初始採購訂單用於增加工廠的產能，並為第二條 HVM 生產線製造一些長交貨期產品。我們在上個季度也做到了這一點。

What I actually want to do now is, I know we put a little teaser of a video before, I actually want to show you a video we just recently did of the entire factory producing the AI smartphone batteries that we are sampling to customers. So let's play the video.

我現在真正想做的是，我知道我們之前放了一個小預告片，我實際上想向你們展示我們最近拍攝的整個工廠生產 AI 智慧型手機電池的視頻，我們正在向客戶採樣。那麼就讓我們播放影片吧。

(video playing)

（影片播放）

Awesome. So I hope you guys got to see that video, and we are super excited by that factory. And really, that's what state-of-the-art battery factory exactly needs to look like, and you can see the cells being produced there.

驚人的。所以我希望你們能看到那個視頻，我們對那個工廠感到非常興奮。事實上，這就是最先進的電池工廠所需要的樣子，你可以看到那裡正在生產的電池。

Now, in July, we also issued a special shareholder warrant dividend, rewarding all our shareholders and giving us an opportunity to raise additional capital because we want to build out the rest of that factory that I showed in that video.

現在，在七月份，我們還發行了特別股東認股權證股息，獎勵我們所有的股東，並讓我們有機會籌集額外資金，因為我們想建造我在影片中展示的工廠的其餘部分。

Now the asset we acquired in Korea to add to our -- increase our defense capabilities -- defense battery capabilities also came with additional coating equipment. And it's a really important asset that we acquired because this newly acquired coating equipment is going to help us ramp the batteries in Fab2 as we start building out the factory and as we start getting higher and higher volume into production.

現在，我們在韓國獲得的資產增強了我們的防禦能力，防禦電池能力還附帶了額外的塗層設備。這是我們獲得的一項非常重要的資產，因為隨著我們開始建造工廠並開始將越來越多的電池投入生產，新獲得的塗層設備將幫助我們提高 Fab2 的電池產量。

Now I want to say a little bit about coating. Coating is a very important part of battery making. In coating what we do is we take this giant copper and aluminum rolls, and I see here like 105-millimeter wide and 500-meter long rolls of copper and aluminum foil. And we get this latest anode powders and cathode powders that they keep changing in the market as people make more advances, and we coat them on top of these rolls.

現在我想稍微談談塗層。塗層是電池製造中非常重要的一環。在塗層過程中，我們採用巨大的銅捲和鋁卷，我在這裡看到的是 105 毫米寬、500 公尺長的銅箔捲和鋁箔卷。我們獲得了最新的陽極粉末和陰極粉末，隨著人們取得更多進步，它們在市場上不斷變化，我們將它們塗在這些捲筒上。

Now it's very important to be able to coat this to the precision we need for the density we need and so on, because the way we make the batteries, the way we dice the rolls and put them together is very different from people who just make jelly roll batteries. So it's important that we control the coating. So this ability that we acquired is really helping us.

現在，能夠將其塗層達到我們所需的密度等所需的精度非常重要，因為我們製造電池的方式，將捲切成小塊並將它們放在一起的方式與僅製造果凍卷電池的方式非常不同。因此，控制塗層非常重要。所以，我們獲得的這種能力確實對我們有幫助。

And it's helping us in many ways. It's helping us reduce cost. It's helping us reduce -- increase the battery performance. It's also helping us prototype new materials really, really fast. It used to take us 20 weeks to prototype a new material.

它在很多方面幫助了我們。它幫助我們降低成本。它幫助我們降低——提高電池性能。它還能幫助我們非常快速地製作新材料原型。我們過去需要 20 週的時間來製作一種新材料的原型。

Now we can do it under seven because we own our own coating. And this is the power of being vertically integrated in this battery manufacturing.

現在我們可以在七天內完成，因為我們擁有自己的塗層。這就是電池製造垂直整合的力量。

Now I'm not -- this is the investor letter. I'm not going to go through all of that, but I just want to say something which I mentioned when I first joined the company. The battery is the bottleneck, and it is becoming even more of a bottleneck for people to really realize the full power of the devices they buy. And this has become even more and more evident now as the AI and AI applications have become even more prevalent in the phones and in other consumer electronic devices.

現在我不是——這是投資者信。我不會詳述這些，我只想說一些我剛加入公司時提到的事情。電池是一個瓶頸，而對於人們真正發揮所購買設備的全部功能而言，它正成為一個更大的瓶頸。隨著人工智慧和人工智慧應用在手機和其他消費性電子設備中變得越來越普遍，這一點變得越來越明顯。

Now recently, and I show a little anecdotal evidence here, we saw a smartphone AM launch like a mid-tier or maybe even a little bit lower tier phone, which is $100, $200 phone, $200, $300 phone, have like an 8,000 milliampere battery. Why is that important? And that used to be like 6,600. Of course, they made the battery bigger to get that.

最近，我在這裡展示一些軼事證據，我們看到了智慧型手機 AM 的推出，例如中階手機，甚至是低階手機，價格在 100 美元、200 美元、300 美元之間，配備 8,000 毫安的電池。為什麼這很重要？以前這個數字是 6,600。當然，為了實現這一目標，他們把電池做得更大了。

That's important because the [ build up ] materials in a smartphone, in $1,000 smartphone, the battery is becoming bigger and bigger percentage of that. And the space is not getting any bigger. So energy density is at a premium. And for us, having able to produce the AI-1 battery with a strong road map to even higher energy density, these are nice tailwinds for us to get higher ASP over time and access a much larger market.

這很重要，因為在售價 1,000 美元的智慧型手機中，電池所佔的材料比例越來越大。而且空間也沒有變大。因此能量密度非常重要。對於我們來說，能夠生產具有更高能量密度強大路線圖的 AI-1 電池，這對我們來說是一個很好的順風，可以讓我們隨著時間的推移獲得更高的 ASP 並進入更大的市場。

Can I make a point?

我可以提出一點意見嗎？

Yes, please.

是的，謝謝。

One quick point on the batteries bottleneck that makes it, I think, obvious. A typical AI chip is bigger than PC chips used to be. And it contains today 100 billion transistors. So you're looking at a chip that's the size of a commemorative postage stamp with 100 billion transistors on it.

我認為，關於電池瓶頸的一個要點是顯而易見的。典型的人工智慧晶片比過去的 PC 晶片更大。如今，它已包含 1000 億個電晶體。所以你看到的是一個紀念郵票大小的晶片，上面有 1000 億個電晶體。

And that sucker, even though it draws nano-amperes or nano-watts on a node-by-node basis, draws amperes of current. And that is the state-of-the-art chip that's already made. They're making now down to 3 nanometers to get it done. So to do AI requires a lot of power because you're using giant chips with a lot of transistors, and that's unavoidable right now.

儘管該吸盤在每個節點上消耗的電流為納安或納瓦級，但它消耗的電流卻是安培級。這就是已經製造出來的最先進的晶片。他們現在正在將精度降至 3 奈米以實現這一目標。因此，實現人工智慧需要很大的功率，因為你要使用具有大量晶體管的巨型晶片，而這現在是不可避免的。

Yes. Thank you, TJ. Okay. I'm going to turn it over to Ryan now to talk about the financials.

是的。謝謝你，TJ。好的。我現在要把話題交給瑞安來談財務問題。

Thank you, Raj. Thanks, TJ. First, a quick housekeeping point. On July 7th, we issued preliminary results, the final print you'll see here, which includes a few positive adjustments. So first, we'll talk about the Q2 results.

謝謝你，拉傑。謝謝，TJ。首先，簡單說一下整理要點。7 月 7 日，我們發布了初步結果，您將在此處看到的最終版本，其中包括一些積極的調整。首先，我們來談談第二季的業績。

So revenue, $7.5 million, well above our guidance range of $4.5 million to $6.5 million, as Raj mentioned, up 98% year-over-year. Fifth straight quarter that we've beat the midpoint of the guidance that we've provided. Nice result. Also a nice result in terms of gross profit and gross margin. As you can see, gross margin year-over-year turned positive 31%, really strong quarter on the -- basically on the back of a great product mix with the defense sector.

因此，收入為 750 萬美元，遠高於我們預期的 450 萬美元至 650 萬美元的範圍，正如 Raj 所提到的，同比增長 98%。連續第五個季度，我們的業績超過了我們提供的指導的中點。不錯的結果。從毛利和毛利率來看，這也是一個不錯的結果。如您所見，毛利率同比上升了 31%，這確實是一個強勁的季度——這主要得益於國防部門出色的產品組合。

As we move to operating expenses, you can see as well, $28.8 million for the quarter, down 5% year-over-year. The company maintained discipline in terms of spend even while it's continued to execute on meeting the mission of building out Fab2 and continuing with the R&D efforts. Loss on operations, you can see there is a result of that, so an improvement year-over-year.

當我們轉向營運費用時，您還會看到，本季營運費用為 2,880 萬美元，年減 5%。該公司在繼續履行建設 Fab2 的使命並繼續進行研發工作的同時，還在支出方面保持紀律。您可以看到，營業虧損是其結果，因此年比有所改善。

Let's go to the next slide. A couple of points here as well. So on the -- in terms of the net loss per share, on a quarterly basis, $0.13, again, also improved from our guidance range of 15% to 21%. And a couple of points on cash. We finished Q2 with $203.4 million, and that included after making payments, completing the acquisition and additional capital expenditures related to Fab2.

我們來看下一張投影片。這裡還有幾點。因此，就季度每股淨虧損而言，每股 0.13 美元也比我們的預期範圍 15% 至 21% 有所改善。還有幾點關於現金的問題。我們以 2.034 億美元的收入結束了第二季度，其中包括付款、完成收購以及與 Fab2 相關的額外資本支出。

Another point that we have here on the bottom is that the Board authorized, which we previously announced, a $60 million share buyback program. As of today, we have not made any purchases under the program, but we stand by at the ready, especially in the face of market volatility.

我們在此要強調的另一點是，董事會批准了我們先前宣布的一項 6,000 萬美元的股票回購計畫。截至今天，我們尚未根據該計劃進行任何採購，但我們已做好準備，尤其是在市場波動的情況下。

And finally, here, you see our promises for Q3 in terms of the outlook. Revenue on a top line basis, we do see growing sequentially and well above where we were last year. Net operating loss, we see increasing slightly. Really 2 things, less favorable product mix we see in Q3 and increased operating expenses related to the manufacturing readiness scale up.

最後，您可以在這裡看到我們對第三季前景的承諾。從營收來看，我們確實看到收入環比成長，並且遠高於去年的水平。我們認為營業淨虧損略有增加。實際上有兩件事，我們在第三季看到不太有利的產品組合以及與製造準備規模擴大相關的營運費用增加。

And you see in the net loss per share, we see a range of $0.14 to $0.18 compared to the $0.13 in Q2. And the midpoint of that range, right on par with the $0.16 that we posted last year. Yes. That’s it.

您可以看到，每股淨虧損在 0.14 美元至 0.18 美元之間，而第二季為 0.13 美元。該範圍的中點與我們去年公佈的 0.16 美元相當。是的。就是這樣。

Thank you. Can I go for Q&A?

謝謝。我可以去參加問答嗎？

(Operator Instructoions) Before we go to live questions, we are going to read the two most highly voted questions submitted by shareholders ahead of this call during the call registration.

（操作員指示）在開始現場提問之前，我們將在通話登記期間閱讀股東在本次通話前提交的兩個投票最多的問題。

The first question is when will Enovix batteries appear in products?

第一個問題是 Enovix 電池何時會出現在產品中？

Yes. Thank you for that question. I think as I mentioned, we are sampling our AI-1 battery now to multiple customers and particularly in the smartphone space is where we expect our first products to launch using our battery. And they are in cycling, they are in doing different task. So like I said that takes about at least 3 months for them to do all the test.

是的。謝謝你的提問。我想正如我所提到的，我們現在正在向多個客戶提供我們的 AI-1 電池樣品，特別是在智慧型手機領域，我們預計我們的第一批產品將使用我們的電池推出。他們在循環往復，執行不同的任務。所以就像我說的，他們至少需要 3 個月的時間才能完成所有測試。

And after that, once we pass all those test, we expect to get a purchase order from them, and expect the phones to launch. So it’s now in the hands of our customers and we expect them to come out as and all the test and all qualifications is done by them.

之後，一旦我們通過了所有這些測試，我們就期望收到他們的採購訂單，並期望手機能夠上市。所以現在它掌握在我們的客戶手中，我們希望他們能夠出來，並且所有的測試和資格認證都由他們完成。

The second question is, can you explain the need for the warrant? What will the money be used for? Is it for the new lines or a new facility? How many lines can you fit in your facility?

第二個問題是，您能解釋一下逮捕令的必要性嗎？這筆錢將用於什麼用途？這是為了新生產線還是新設施？您的設施可以容納多少條生產線？

Will you take that, Ryan?

瑞安，你願意接受嗎？

Okay. Yes, no, the purchase from the warrant, if exercised, will be used to complete the built-out of Fab2. So we have one high volume line that's operational now, and the facility is sized to support 4 more lines. Of course, the funds will be used for general working capital purposes, so supporting our strategic initiatives such as continued R&D development.

好的。是的，不是，如果行使認股權證，購買金額將用於完成 Fab2 的建設。因此，我們目前有一條高容量生產線投入運營，並且該設施的規模可支援另外 4 條生產線。當然，這些資金將用於一般營運資金用途，以支持我們的策略性舉措，例如持續的研發發展。

And I can report in terms a little progress on the warrants. So again, we're pleased with the result. As of yesterday, we had roughly $34 million worth of exercises, I believe, was the data that I've seen. So money that essentially has come into the company soon.

我可以報告一下逮捕令方面的一些進展。所以，我們對結果非常滿意。截至昨天，我們已經進行了價值約 3,400 萬美元的演習，這是我所看到的數據。所以這些錢基本上很快就進了公司。

(Operator Instructions) Colin Rusch, Oppenheimer.

（操作員指示）科林·拉什，奧本海默。

Congrats on all the progress. Can you talk a little bit about where you're at with the customers in terms of specs getting finalized for some of these new products? I know you've talked about the one customer getting launched here later this year, but I assume that you're making some meaningful progress with other folks as well.

祝賀你取得的所有進展。您能否與客戶簡單談談這些新產品的最終規格方面的進展？我知道您已經談到了今年稍後將在這裡推出的一位客戶，但我認為您也正在與其他人取得一些有意義的進展。

And when we can start seeing some of those incremental announcements and product finalizations or product specs getting finalized over the next several quarters?

我們什麼時候才能在接下來的幾季看到一些增量公告和產品定稿或產品規格的最終確定？

Yes. Thank you, Colin. So specs-wise, the first customer we've had the specs, and that's the specs to which we made the battery and we send them the cells, and they're testing them now. They're actually doing cycle life test, which, like I said, is charge, discharge at various times. Like we saw in the -- as I mentioned in the call, our batteries now, we feel are projecting now that it can go up to 1,000 cycles.

是的。謝謝你，科林。因此，就規格而言，我們已經為第一位客戶提供了規格，這就是我們製造電池並向他們發送電池的規格，他們現在正在對其進行測試。他們實際上正在進行循環壽命測試，就像我說的，就是在不同時間充電和放電。就像我們在電話中看到的一樣——正如我在電話中提到的那樣，我們現在感覺我們的電池可以達到 1,000 次循環。

And last time when we announced AI-1, we thought it could be like up to 800. Now we progressed further along now. And so we feel good about our technology and our customers are testing that.

上次我們宣布 AI-1 時，我們認為其數量可能會達到 800。現在我們又取得了進一步的進展。因此，我們對我們的技術感到滿意，我們的客戶也在對其進行測試。

We've just sent -- shipped samples out of our factory to the second customer now, second smartphone OEM. And those will -- again, I've been holding them back a little bit because I wanted to make sure that we satisfied all the requirements of the first one before we sent to the second one. And we sent them now. And we got the specs from them on exactly what cycle life, what performance trade-offs that they want, and we feel our current technology can meet those.

我們剛剛將樣品從工廠發送給了第二家客戶，也就是第二家智慧型手機 OEM。而那些將會——再說一次，我一直對他們有所保留，因為我想確保在發送第二個之前，我們滿足了第一個的所有要求。現在我們就把它們寄出去了。我們從他們那裡得到了關於他們想要的循環壽命、性能權衡的具體規格，我們認為我們目前的技術可以滿足這些要求。

My expectation is that they will test these batteries and then they will give us the exact dimensions, just like how the first customer did on the size of the battery. That they want for the launch next year, because next year phones will have a slightly different battery based on the display they chose, based on the camera they chose and so on. And once we get that, we will make batteries to that, and we expect that to go to production sometime later part of next year.

我的期望是他們會測試這些電池，然後給我們確切的尺寸，就像第一位客戶對電池尺寸所做的那樣。他們希望在明年推出這款手機，因為明年的手機會根據他們選擇的顯示器、相機等配備略有不同的電池。一旦我們得到它，我們就會製造電池，我們預計將於明年晚些時候投入生產。

And then of course, we're getting a lot of interest from more customers, and we will start sampling them through the year. TJ, do you want to make a comment?

當然，我們越來越受到越來越多客戶的關注，我們將在全年開始對它們進行抽樣。TJ，你想發表評論嗎？

Colin, I'd like to make a comment from a Board perspective. So I come here for a full day Board meeting once a quarter. I also come here for 3 other 6-ish hour meetings, including manufacturing and R&D. And to me, the process by which you get the spec is more important at my level than the spec itself. Do you have 1,000 cycles?

科林，我想從董事會的角度發表一點評論。因此我每季都會來這裡參加一次一整天的董事會會議。我還來這裡參加另外 3 場 6 小時左右的會議，包括製造和研發會議。對我來說，取得規格的過程比規格本身更重要。您有 1,000 個週期嗎？

Is the new spec bigger? That's the sausage making.

新的規格更大嗎？這就是香腸的製作過程。

But what we failed at, I failed at in the old pre-Raj Enovix was, we had a set of specs and we went out and made them like engineers. And I'll give you an example. There's a video of me on the website where I'm poking a nail through a battery. And it's really true our battery doesn't light up and turn on fire when you poke a stainless steel nail through it. And it's really true.

但是我們失敗了，我在 Raj Enovix 之前的舊版本中失敗了，我們制定了一套規格，然後像工程師一樣去製作它們。我給你舉個例子。網站上有一段我用釘子戳電池的影片。而且，即使用不銹鋼釘子戳穿我們的電池，它也不會亮起並著火。這確實是事實。

In our real lab we have a nail poker machine that's got fireproof chamber in it. It's also really true the cell phone guys don't care.

在我們的真實實驗室中，我們有一台帶有防火室的釘子撲克機。手機業人士也確實不在乎。

And we were working on something that was kind of an engineering abstraction for real, when our customers were doing things different. So, when Raj came here, he went to customers and said -- loved him, literally, I was shocked. He would send back pictures of boardrooms in Asia, with 20 smiling people waving at the camera. There were Raj big in the middle grinning.

當我們的客戶做不同的事情時，我們正在做一些真正的工程抽象。所以，當 Raj 來到這裡時，他走到顧客面前說——我喜歡他，真的，我很震驚。他會發回亞洲董事會會議室的照片，照片中有 20 個人微笑地向鏡頭揮手。拉吉站在中間，咧嘴笑著。

So we got their spec and their spec wasn't the kind of spec I'm talking about, it was a book. And these guys are world-class users of batteries. And then they sent us some people. And they said, no, you got to do this. No, you got to do that. This spec is interpreted this way. And they actually did some of the work to validate our spec.

所以我們得到了他們的規格，他們的規格不是我所說的那種規格，而是一本書。這些人都是世界級的電池使用者。然後他們派了一些人員給我們。他們說，不，你必須這麼做。不，你必須這麼做。本規範是這樣解釋的。他們實際上做了一些工作來驗證我們的規格。

I'll just -- back in my example, the state-of-the-art way to set a battery on fire and make sure it doesn't get on fire is you crush it. You actually crush it down and grind it together to start mixing the things inside the battery, and that's a more deadly way of starting a fire than poking a nail through it. And we now do that test. We just finished that test last week in A1 battery.

我只是——回到我的例子，點燃電池並確保它不會著火的最先進的方法是將其壓碎。實際上，你把它壓碎並研磨在一起，開始混合電池內部的東西，這是一種比用釘子戳它更致命的起火方式。我們現在進行該測試。我們上週剛完成了 A1 電池的測試。

So, point of all this is, Raj is a world-class guy working with customers, and the semiconductor industry was different. If you got Moore's Law and you've got the fastest memory with the most bits and you can meet their price, you win. And in this case, these things are pretty complicated systems, and we're building to their specs, working with their engineers.

所以，重點是，Raj 是一位與客戶合作的世界級人物，而半導體產業則有所不同。如果你遵循摩爾定律，並且擁有速度最快、位數最多的內存，而且價格可以接受，那麼你就贏了。在這種情況下，這些都是相當複雜的系統，我們正在按照他們的規格進行構建，並與他們的工程師合作。

So, my apprehension that if you build it, will they buy it, is way lower. They're going to buy it, and we're going to build it the way they want it, and I'm talking books worth of data on what they want. That's the difference in the old and new Enovix pre-Raj, post-Raj.

因此，我對如果你建造它，他們是否會購買它的擔憂要低得多。他們會購買它，我們會按照他們想要的方式建造它，我說的是有關他們想要什麼的書籍價值的數據。這就是 Raj 時代之前和 Raj 時代之後新舊 Enovix 之間的區別。

That's incredibly helpful. Appreciate that, TJ. Just thinking about capital equipment and the potential for expansion here, can you talk about preparedness of your capital equipment suppliers to support an expansion? And any sort of tweaks that you're thinking about on the line now that you've been able to do a fair amount of work on testing each of the systems?

這非常有幫助。非常感謝，TJ。僅考慮資本設備和擴張的潛力，您能談談您的資本設備供應商為支持擴張所做的準備嗎？現在您已經對每個系統進行了大量的測試，您是否考慮對生產線進行任何調整？

Yes. So I think I have mentioned that, a couple of weeks ago I was in Asia, and I visited some of our equipment suppliers. This time around, we are actually -- as I said, I mean, compared to what we used to build in Fremont to what we're building in Malaysia. The equipment suppliers now that we are using are actually people who are used to making very complex semiconductor equipment. This is people -- I mean, I saw a supplier, they kind of figure out how to put really thin copper pins into the [ dice ] at like submicron precision. I mean, it's crazy.

是的。我想我提到過，幾週前我在亞洲，拜訪了我們的一些設備供應商。這一次，我們實際上——正如我所說的，我的意思是，與我們過去在弗里蒙特建造的相比，我們在馬來西亞建造的相比。我們現在使用的設備供應商實際上是那些習慣於製造非常複雜的半導體設備的供應商。這是人們——我的意思是，我看到一個供應商，他們想出瞭如何將非常細的銅針以亞微米精度放入[骰子]中。我的意思是，這太瘋狂了。

And these are the people we're using, and there's some very exciting new technology there, and I visited a few of them. And we have some new interesting ways to actually continue to dice the electrodes and make them even faster. And so we started some proof-of-concept systems, and I saw some of the systems being built. That's what I meant when I said we are now making some initial purchase orders towards that.

這些都是我們正在使用的人員，他們擁有一些非常令人興奮的新技術，我拜訪了其中幾個人。我們有一些新的有趣的方法來繼續切割電極並使其更快。因此我們啟動了一些概念驗證系統，並且我看到了一些正在建置的系統。這就是我所說的我們現在正在為此下達一些初始採購訂單的意思。

So yes, I think we are telling them and that what we need. And some of the suppliers have actually visited our factory in Penang, and they know where these machines are going to be put in. So in terms of readiness, yes, absolutely. We are starting the work now and very exciting to see the latest advances in semiconductor manufacturing that we are now able to use to make batteries, right? I think that's the key that you will see because we make submicron like micron precision cutting and stacking.

是的，我認為我們正在告訴他們，這就是我們所需要的。一些供應商實際上已經參觀過我們位於檳城的工廠，他們知道這些機器將被安置在哪裡。因此，就準備情況而言，是的，絕對是如此。我們現在開始工作，非常高興看到半導體製造領域的最新進展，我們現在可以利用這些進展來製造電池，對嗎？我認為這是您將看到的關鍵，因為我們進行亞微米級的微米精度切割和堆疊。

So the equipment we use is very precise, and this is what is being done in semiconductor industry, and we're using the same suppliers.

因此，我們使用的設備非常精確，這就是半導體產業正在做的事情，我們使用相同的供應商。

Jeff Osborne, TD Securities.

道明證券的傑夫·奧斯本。

Just two questions on my side. If you were to win the two phone engagements as well as the eyewear, and it sounds like those would launch three, four months after the sampling started last -- or this month. How do we think about the need for sort of working capital growth? Are you already operating as if you're going to win? What are the lead times for the materials that you need to buy to ramp up Line 1 and Fab2?

我只有兩個問題。如果您贏得兩個電話合約以及眼鏡，聽起來這些將在上次樣品開始後三到四個月或本月推出。我們如何看待營運資本成長的必要性？您是否已經按照必勝的姿態行事了？為了提高 Line 1 和 Fab2 的產量，您需要購買哪些材料的準備時間？

Maybe I'll jump in there. Yes. I mean ,I think I'll answer the last part first. We're certainly operating to win. That's our -- how we're operating.

也許我會跳進去。是的。我的意思是，我想我會先回答最後一部分。我們一定會努力取得勝利。這就是我們的運作方式。

We -- obviously, the balance sheet, we finished the quarter with over $200 million at the end of Q2. And -- so we're sufficiently capitalized and we're preparing for the manufacturing ramp.

我們——顯然，從資產負債表來看，我們在第二季末的資產負債表餘額超過 2 億美元。因此，我們擁有充足的資金，正在為擴大生產做準備。

Good to hear. And then just maybe another question on the balance sheet side, just given the warrant structure was a bit creative and not familiar with most investors. I've had several people ask just in the event that only a portion of the warrants were to be exercised, is there sort of a minimum level that would avoid the need for a future capital raise?

很高興聽到這個消息。然後也許還有關於資產負債表方面的另一個問題，因為認股權證結構有點創造性，而且大多數投資者並不熟悉。有幾個人問我，如果只行使部分認股權證，是否存在某種最低水平，以避免未來需要籌集資金？

I think you mentioned $34 million as of yesterday was done. As you look at the ramp into the middle of next year, if you were to win these engagements and maybe more, how do you contemplate building out the Fab2 completely? Is half the warrant enough to do that? Or maybe just walk us through that?

我想你提到截至昨天已經完成了 3400 萬美元。當您展望明年年中時，如果您贏得這些甚至更多的訂單，您會如何考慮全面建造 Fab2？一半的授權就足以做到這一點嗎？或只是帶我們了解一下？

I'll step in here as well. I don't think the capital warrant would be sufficient capital to completely build out all 4 lines. We've talked about and we provided publicly our estimate of how much those lines cost, which is $50 million to $60 million. But certainly, even adding one additional line, which again, our balance sheet is strong as it is, right now, and the $34 million helps. That's going to get us to substantial capacity, 2 lines running in that factory.

我也會介入這裡。我認為資本憑證不足以完全建造所有 4 條線路。我們已經討論過並公開提供了這些線路成本的估計，即 5000 萬至 6000 萬美元。但當然，即使增加一行，我們的資產負債表現在也很強勁，3,400 萬美元也會有所幫助。這將使我們的產能達到相當大的水平，該工廠有兩條生產線在運作。

We talked about nameplate capacity of 9 million to 10 million units per year. So that's going to go a long way to helping the company meet important milestones.

我們談到的額定產能是每年 900 萬到 1,000 萬台。這將大大有助於公司實現重要的里程碑。

Mark Shooter, William Blair.

馬克舒特、威廉布萊爾。

I was hoping that as you guys get close to commercialization, we could revisit some of the numbers that we were talking about in regards for ASPs. We've seen that batteries have increased so much since you guys have first started talking about pursuing the smartphone market in terms of milliamp-hours. So what are you seeing now in the market for ASPs as we approach 10,000 milliamp-hours? And how do you see the AI-1 being able to get pricing power against the incumbents?

我希望隨著你們接近商業化，我們可以重新審視一些關於 ASP 的數字。自從你們開始談論進軍智慧型手機市場以來，我們已經看到電池容量在毫安培時方面有了很大的提高。那麼，當我們接近 10,000 毫安培時，您現在在 ASP 市場上看到了什麼？您如何看待 AI-1 能夠獲得相對於現有企業的定價權？

Yes. I mean -- great question, Mark. As I mentioned, right, I mean, if two years ago, if we said, three years ago or even last year, we said, hey, the next smartphone battery is going to have a 10,000 milliamp-hour battery, I don't think most people would have believed. But today, that's true. And the other interesting thing is, it's not that the battery is getting that big. It's the battery is getting that big across the tiers.

是的。我的意思是──馬克，這個問題問得好。正如我所提到的，對吧，我的意思是，如果兩年前，三年前甚至去年，我們說，嘿，下一代智慧型手機電池將配備 10,000 毫安時的電池，我想大多數人都不會相信。但今天，這是事實。另一件有趣的事情是，電池並沒有變得那麼大。各個層級的電池容量都在不斷增加。

It is something I saw when I was at Qualcomm when we started launching smartphone process, and we said we're going to use a high megapixel camera, like a 50-megapixel, 60 megapixel in the premium tier smartphone. And everyone said, okay, premium tier will have a high megapixel. I mean today, $200 phone has like over like 50, 60, 70, even 100 megapixels. So the cameras have just kind of -- and we talked about multiple cameras being on the very high end. Now multiple cameras are across the board.

這是我在高通開始推出智慧型手機流程時看到的，我們說我們將在高階智慧型手機中使用高像素鏡頭，例如 50 萬像素、60 萬像素。每個人都說，好吧，高級版將擁有更高的像素。我的意思是，今天，200 美元的手機像素已經超過 50、60、70 甚至 100 兆像素。因此，這些相機只是有點——我們討論的是多台相機處於非常高端的水平。現在多台攝影機已遍佈全線。

I see the same thing happening on batteries now. What used to be a premium tier battery, which is 7,000 -- 6,000 milliamp-hours, we're now seeing that in the $200 phones and probably go down even more. And then we see even higher capacity batteries at the top. And that clearly, just like it happened with DRAMs, it's dollars per amp hours, right? So the ASPs will continue to move up, and we probably have to redo our models now, but I do believe -- and also redo the factory loading because bigger batteries take more capacity to make.

我現在看到電池上也發生了同樣的事情。以前高階電池的容量為 7,000 至 6,000 毫安培時，現在我們在 200 美元的手機中也看到了這種電池，而且價格可能還會下降。然後我們在頂部看到了容量更高的電池。顯然，就像 DRAM 一樣，每安培小時的價格也是美元，對嗎？因此，平均售價將繼續上漲，我們現在可能必須重新設計我們的模型，但我確實相信——並且還要重新進行工廠裝載，因為更大的電池需要更大的產能來製造。

I mean this is a great thing to have, a great situation. And I actually think that the ASP will continue to go up and the premium we get for producing a higher capacity battery in the same space, which is really the key because you can't just keep making phones bigger, which means you need higher energy density. And not only higher energy density, but have that higher energy density with fast charge, with 1,000 cycles and high temperature storage, we benchmark a lot of batteries out there.

我的意思是，這是一件很棒的事情，一個很棒的情況。事實上，我認為平均售價會繼續上漲，而且在相同空間內生產更高容量的電池可以獲得更高的溢價，這才是關鍵，因為你不能只是繼續把手機做得更大，這意味著你需要更高的能量密度。不僅能量密度更高，而且具有快速充電、1,000 次循環和高溫儲存等特點，我們對許多電池進行了基準測試。

And the AI-1 is the only battery I know of that can meet all those requirements right now, and we have a strong road map for making that go higher. So, to your point, we do think that the ASPs will go up, and we do think that the premium we can command will go up with AI-1 as we start making this higher energy density reality in these phones.

據我所知，AI-1 是目前唯一能夠滿足所有這些要求的電池，而且我們有一個強大的路線圖來使其更上一層樓。所以，正如您所說，我們確實認為平均售價會上漲，而且我們確實認為，隨著我們開始在這些手機中實現更高的能量密度，我們可以要求的溢價也會隨著 AI-1 而上漲。

Great. Thanks for the color, Raj. The next market that you guys are excited about is the AR/VR and the smart glass market. So, in the last quarter, we've seen a few more products come to market or at least start to ramp. And I'm wondering if there's any increased engagement going on there?

偉大的。謝謝你的顏色，Raj。你們感興趣的下一個市場是 AR/VR 和智慧眼鏡市場。因此，在上個季度，我們看到更多的產品進入市場或至少開始加速銷售。我想知道那裡的參與度是否有增加？

I know you mentioned in the shareholder letter with the sampling. But can you go over a little bit more color of why you can command more ASP or more gross margin in those products and why the [indiscernible] is so crucial for the AR/VR smart glass opportunity?

我知道您在股東信中提到了樣品。但是，您能否更詳細地解釋為什麼這些產品能夠提供更高的平均售價或更高的毛利率，以及為什麼[音頻不清晰]對於 AR/VR 智慧眼鏡機會如此重要？

Yes. So -- Good question. Two things. First, people have always tried to make another smart device outside smartphone, right? People had tried for a long time.

是的。所以——好問題。兩件事。首先，人們一直在嘗試製造智慧型手機以外的另一種智慧型設備，對嗎？人們已經嘗試了很長時間。

People tried watches, people tried pins, people tried so many things. But none of them really -- the watches took out a little bit, but none of them really took out to a point where you don't have to pull out your smartphone to do something, and you can use this new device.

人們嘗試過手錶、嘗試過別針，嘗試過很多東西。但它們都沒有真正地——手錶確實有所改進，但它們都沒有真正地改進到你不需要拿出智慧型手機就可以使用這個新設備的地步。

Glasses are the first ones that have the potential to do that because a huge percentage of the population, including people like me, wear glasses. So if you can get more functionality into something you already wear, it's a huge benefit. The other thing is the glasses have cameras and that can look into the world. So now with Gen AI, when you look into the world, when you see what's out there and with the ability to -- also have microphones, you can just do a lot more.

眼鏡是第一個具有這種潛力的產品，因為包括我這樣的人在內的很大一部分人都戴眼鏡。因此，如果您可以為您已經穿著的衣服賦予更多功能，那將會帶來巨大的好處。另一件事是眼鏡上有攝像頭，可以觀察世界。所以現在有了 Gen AI，當你觀察這個世界，當你看到外面的世界，並且有了麥克風，你就可以做更多的事情。

And the micro displays, we haven't really seen glasses in high-volume production right now that have a very good augmentation, right? I mean the glasses today is still right now that are in high volume, mostly have cameras and audio and some form of speech recognition. But they don't -- they're not really AR, right? They're not creating that AR experience. And when you create that AR experience, what happens is you have a display inside your glasses that people can't see, but you can see.

而對於微型顯示器，我們目前還沒有看到大規模生產的具有非常好的增強功能的眼鏡，對嗎？我的意思是，如今的眼鏡仍然銷量很好，大多具有攝影機、音訊和某種形式的語音辨識功能。但它們不是——它們不是真正的 AR，對吧？他們並沒有創造那種 AR 體驗。當你創造 AR 體驗時，你的眼鏡裡就會出現一個別人看不到但你可以看到的東西。

And we've seen demos of those at CES and other markets.

我們在 CES 和其他市場上已經看到了這些產品的展示。

But we are now seeing that the customers we are sampling to are building things like that. And when you do that, here is what happens, the processor has to be on and that, more importantly, the GPU has to be on to create that image on that augmented display. That consumes a lot of battery and the memory has to be on. That consumes a lot more battery.

但我們現在看到，我們抽樣的客戶正在建立類似的東西。當你這樣做時，會發生以下情況，處理器必須打開，更重要的是，GPU 必須打開才能在增強顯示器上建立該影像。這會消耗大量電池，並且必須啟用記憶體。這會消耗更多電池。

So the amount of energy density you need with true augmented reality glasses where there is a secondary display that you see inside your eyes is much, much more. And that's where we are seeing a lot of traction for our batteries, is the next generation of those. And that's kind of where I believe that the energy density is so important in a small form factor.

因此，對於真正的擴增實境眼鏡（即眼睛內部有第二個顯示器），所需的能量密度要大得多。這就是我們看到的下一代電池的巨大吸引力。這就是我認為小尺寸產品中能量密度如此重要的原因。

Okay. Let me -- at the risk of blowing this thing up, let me -- what else an engineering point to make. So, this is an Enovix picture of smart glasses and all the systems he was talking about are there.

好的。讓我——冒著把這個東西炸毀的風險，讓我——還有什麼工程要點可以提出來。所以，這是一張 Enovix 智慧眼鏡的圖片，他談到的所有系統都在那裡。

Now, if you look at the side of the glasses on the left, you can see the small battery compartment. And if you look over here, you can see a small battery. And then this is a picture of our battery. And so, it's kind of a long, skinny, weird shape. So one thing, the way we make batteries by laser cutting anode and cathode and separating them and stacking them, you can make that thing right away.

現在，如果您看眼鏡左側，您會看到小電池倉。如果你看這裡，你會看到一個小電池。這是我們的電池的圖片。所以，它的形狀有點長、細、奇怪。因此，我們製造電池的方式是利用雷射切割陽極和陰極，然後將它們分離並堆疊起來，這樣就可以立即製造出這種東西。

Second thing is, think about a small battery like that one shown and that skin that's on there, is three layers thick. And it prevents the electrolyte, which is a flammable liquid, from getting out. It's tough, metallized three layers thick. So when you have that skin, think about making it smaller. So the skin gets smaller and smaller. And if you go through it, the skin gets more and more of the area -- volume of the battery.

第二件事是，想像圖中所示的小電池，上面的外皮有三層厚。它可以防止電解質（一種易燃液體）流出。它很堅韌，有三層金屬厚度。因此，當你有那層皮膚時，考慮把它變小。所以皮膚變得越來越小。如果你穿過它，皮膚就會獲得越來越多的電池面積——體積。

And at some point, when that battery still is about that big, but it's really super thin that there's nothing left inside, none of the anode cathode stuff that makes a battery. So all I'm saying is all batteries as they get smaller because of the overhead of connecting to them, get lower in energy density. Like these numbers are lower than the cell phone of 900 because of that effect. Point is this, that battery, we can jam a lot of watt hours per liter into that battery because we have compression.

在某個時候，當電池仍然那麼大時，它會變得非常薄，裡面什麼都沒有了，沒有任何構成電池的陽極陰極材料。所以我想說的是，由於連接電池的開銷，所有電池的尺寸都會變小，能量密度也會降低。由於這種影響，這些數字低於 900 的手機。重點是，由於我們具有壓縮功能，我們可以將每公升大量的瓦時塞入該電池中。

The material in that battery is compressed and there's a lot more of it in a given volume because we have a compression system -- a patented compression system, which happens to be made out of steel leading to point 2. Point 2 is it's got metal on it, which means the heat coming out of that battery comes out across the entire wide face, the Enovix face of that battery and radiates into the air.

電池中的材料是壓縮的，在給定的體積內會有更多的材料，因為我們有一個壓縮系統——一個專利的壓縮系統，它恰好是由鋼製成的，這就引出了第 2 點。第二點是它上面有金屬，這意味著電池散發出的熱量會透過整個寬面（即電池的 Enovix 面）散發到空氣中。

And if you try to make a battery, just stacking battery junk inside of a bag, that thing is a bag, You're just stacking stuff inside of a bag. You generate a bunch of heat. Lithium-ion batteries can get hot and work fine, except you don't exactly want something that's 50 degrees Fahrenheit up against your temple, so the batteries are kind of naturally aligned to make high-quality batteries and safe batteries as well for this application.

如果你嘗試製作電池，只是將電池垃圾堆放在袋子裡，那個東西就是一個袋子，你只是把東西堆放在袋子裡。你會產生大量熱量。鋰離子電池可以發熱並正常工作，但你肯定不想讓 50 華氏度的高溫對著你的太陽穴，所以電池自然地排列在一起，以製造出高質量電池和安全的電池，也適合這種應用。

This always actually was a better application. That's why we tried for watches. This always was a better application for our technology where it's a sweet spot, if you will, for our technology.

這實際上一直是一個更好的應用程式。這就是我們嘗試手錶的原因。對於我們的技術來說，這始終是一個更好的應用，如果你願意的話，對於我們的技術來說，這是一個最佳點。

Ananda Baruah, Loop Capital.

Ananda Baruah，Loop Capital。

Two, if I could. Raj, can you remind us how we should think about when you'll -- when the volumes that you guys will get visibility to, how that whole dynamic starts to layer in as you go through sort of finalization of the qualification with the first smartphone OEM, and then you start to go into the second smartphone OEM? Just walk us back through how you guys are anticipating getting visibility to production volumes? And then I have a quick follow-up as well.

如果可以的話，我會說兩個。Raj，您能否提醒我們，我們應該如何思考何時——何時您能夠看到數量，當您與第一家智慧型手機 OEM 完成資格認證後，整個動態如何開始分層，然後您開始進入第二家智慧型手機 OEM？請向我們介紹一下你們對如何了解生產量有何期望？然後我也會進行快速的跟進。

Yes, absolutely. I mean I think this is an important question, and I get it on every earnings call. Basically, the way the battery industry works is a little bit different from semiconductor industry. We first sampled standard-sized batteries and like rectangular batteries that we believe is the right size, not exact size, but right size in terms of capacity. And the customers test them and they give us a series of tests that they would like to do, and we do those, and we do that in our factory to make sure that it passes everything and we give it to them. And they test it for a few months typically.

是的，絕對是。我的意思是，我認為這是一個重要的問題，我在每次財報電話會議上都會聽到這個問題。基本上，電池行業的工作方式與半導體行業略有不同。我們首先對標準尺寸的電池進行了採樣，並認為矩形電池的尺寸合適，不是精確的尺寸，而是容量合適的尺寸。客戶對它們進行測試，並給我們一系列他們想要做的測試，我們進行這些測試，我們在工廠進行這些測試，以確保它通過所有測試，然後我們才把它交給他們。他們通常會進行幾個月的測試。

And then they give us the exact dimensions of the battery. And they -- one customer has given it to us right now. And then we make the battery to that dimension, then they're going to take it, put it into their phone, and then they're going to do the cycle life test. As I mentioned, 1,000 cycles, and that takes months to test, and that's what they do. And then as TJ mentioned, there's a lot of tests like crush test, drop test and so on that they do, and that takes some time.

然後他們給我們電池的精確尺寸。現在有一位顧客已經把它給我們了。然後我們將電池製作成該尺寸，然後他們將其放入手機中，然後進行循環壽命測試。正如我所提到的，1,000 個週期，需要幾個月的時間進行測試，而這就是他們所做的。然後正如 TJ 所提到的，他們會進行很多測試，例如抗壓測試、跌落測試等，這需要一些時間。

And then what they do is, typically a particular model of a phone has multiple SKUs that they launch into different parts of the world, some launch in India, some launch in Europe, some launch in US and so on. And then they take a new supplier like us and put us in one SKU and start with that and make sure that they feel comfortable introducing new technology. Then very quickly, it's going to second SKU and a third SKU in that model.

然後他們的做法是，通常一款手機的特定型號有多個 SKU，他們會將這些 SKU 投放到世界不同地區，有些在印度推出，有些在歐洲推出，有些在美國推出等等。然後，他們選擇像我們這樣的新供應商，將我們放入一個 SKU 中，從那裡開始，確保他們能夠放心地引入新技術。然後很快，它就會成為該型號的第二個 SKU 和第三個 SKU。

Then once we are qualified and we are a valid supplier, very quickly, it moves into multiple models, right? And again, this is not that different with any other supplier. I know that Micron, same thing, we produced the UFS chips, got into SKU, then few SKUs, multiple SKUs before you know it. Finally, sometime later, we're shipping millions, right? And that's exactly what I expect should happen in this case.

那麼，一旦我們具備資格並成為有效的供應商，它很快就會轉向多種模式，對嗎？再說一次，這與其他供應商並沒有什麼不同。我知道美光公司也是一樣，我們生產了 UFS 晶片，進入了 SKU，然後是幾個 SKU，不知不覺就變成了多個 SKU。最後，過了一段時間，我們的出貨量就達到數百萬了，對吧？這正是我期望在這種情況下發生的事情。

So we are in the middle of that with one customer. Now we've gotten a lot of interest after we launched the AI-1 platform launch, because now we have the technology. By the way, I don't think people quite realize, I think TJ wrote in the AI-1 press release, the amount of complex R&D work we had to do to take a 100% active silicon anode, put it under pressure, put it under the temperature stress and for the first time get a 900 watt hours per liter with 3C fast charge and 1,000 cycles and storage at high temperatures and work across temperature range. It has never been done before with 100% active silicon.

我們現在正與一位客戶處在這樣的關係中。現在，我們在推出 AI-1 平台後引起了很多關注，因為我們現在擁有了這項技術。順便說一句，我認為人們沒有完全意識到，我認為 TJ 在 AI-1 新聞稿中寫道，我們必須進行大量複雜的研發工作才能獲得 100% 活性矽陽極，將其置於壓力之下，置於溫度應力之下，並首次獲得每公升 900 瓦時，具有 3C 快速充電和 1,000 次溫度以及整個溫度。先前從未有人使用 100% 活性矽實現過這樣的效果。

So as soon as we launched that, I got a lot of requests from many customers. And in a couple of weeks, I'm going to be back in Asia. and we will sample this to other customers, and the same process will happen. They will test this battery, then they'll give us the exact dimensions that they need, then we're going to test them internally. We'll go to put them in the phone and then we expect the production to happen next year.

因此，我們一推出該產品，就收到了許多客戶的要求。幾週後，我將回到亞洲。我們將向其他客戶展示樣品，並進行相同的流程。他們將測試該電池，然後提供給我們所需的精確尺寸，​​然後我們將對其進行內部測試。我們會將它們放入手機中，然後預計明年投入生產。

That's the same process. And the second time around, it will be much faster because we are a valid supplier now. We're not the (inaudible) supplier. But the first one takes some time.

這是相同的過程。第二次將會快得多，因為我們現在是有效的供應商了。我們不是（聽不清楚）供應商。但第一個需要一些時間。

And okay, let me -- can I ask you this, TJ? I mean -- well, TJ, if you'd like to jump in also, really, really admit Raj, but any context would be good. To the extent that you're -- you can like responsibly answer this question. So if, let's say, the first call happens, you kind of wrap it up in like three or four months and then you get inclusion into the first SKU, and then -- so let's say that's kind of going through the fall and then maybe going into next year, you get on, like what you said, Raj, like the second SKU, the third SKU going into next year.

好吧，讓我——我可以問你這個問題嗎，TJ？我的意思是——好吧，TJ，如果你也想加入的話，真的，真的承認 Raj，但任何背景都是好的。在某種程度上，您可以負責任地回答這個問題。因此，如果第一次通話發生了，你會在三到四個月內完成它，然後你就會將其納入第一個 SKU，然後 - 假設這會持續到秋天，然後可能會進入明年，就像你說的，Raj，你會進入第二個 SKU，第三個 SKU 進入明年。

Is it -- and let me know if this is off base. Is it reasonable to think that like going into spring you could be what you call, I think you said like a, sort of like a valid supplier and then you could go across more SKUs? Is that reasonable? Is that the right way to think about the timing as distinct from the volumes that you get with that?

是嗎——如果這是錯的，請告訴我。是否有理由認為，就像進入春季，您可以成為您所說的那樣，我想您說的就像一個有效的供應商，然後您可以涵蓋更多的 SKU？這樣合理嗎？這是將時間與數量區分開來的正確思考方式嗎？

Yes, it's the right way to think about it. And like I said, I think the most important thing is this particular shape of the battery, how many SKUs does it satisfy. If we need to change the battery shape, then it will take us a few months to -- which I said in the prepared remarks. We're now reducing the amount of time it takes to make different sizes. So we'll need to make a different size if it's a SKU that needs a different size battery.

是的，這是正確的思考方式。就像我說的，我認為最重要的是電池的這種特殊形狀，它能滿足多少個 SKU。如果我們需要改變電池形狀，那麼我們將需要幾個月的時間——我在準備好的演講中說過。我們現在正在減少製作不同尺寸所需的時間。因此，如果 SKU 需要不同尺寸的電池，我們就需要製作不同的尺寸。

There will be some lead time associated with that. But that's just the way the progression continues, right? But the thing you got to remember is that this is a huge market. I mean we are talking about 1,200 million units plus market, and we are talking about selling a few million batteries. So the opportunity is clearly there.

這需要一些準備時間。但這只是進展繼續的方式，對嗎？但你必須記住的是，這是一個巨大的市場。我的意思是，我們談論的是 12 億台以上的市場，我們談論的是銷售數百萬個電池。因此機會顯然是存在的。

The first one is a hard one, but once we get there, it will start moving.

第一個很難，但是一旦我們到達那裡，它就會開始移動。

Tony Stoss, Craig-Hallum.

東尼·斯托斯、克雷格·哈勒姆。

I wanted to follow up on the investor letter where you talked about you've passed the airline safety certification. How important was that? And is there any additional hurdles that you need before you can start shipping in volume to that first smartphone customer? And then I had a follow-up.

我想跟進一下您在致投資者的信中提到的您已經通過了航空安全認證。那有多重要？在開始向第一位智慧型手機客戶大量出貨之前，是否還需要克服其他障礙？然後我進行了後續跟進。

Yes. So the certification of 8.3 is a very important certification because without that, it's hard to ship batteries on a plane. That's the first thing you got to remember. You're taking all kinds of exceptions to get batteries out there. The second one is when you make a battery for the first time in our factory of a certain shape, passing that gives us the confidence that this is an extremely safe battery and we are able to pass that.

是的。因此，8.3 認證是一個非常重要的認證，因為沒有它，電池就很難透過飛機運輸。這是你必須記住的第一件事。你們採取了各種例外措施來將電池推向市場。第二個是，當您第一次在我們的工廠生產某種形狀的電池時，透過該測試讓我們有信心這是一個非常安全的電池，我們能夠通過該測試。

Now there's other certifications we need to do on top of that, and we are in the middle of that. But this is a huge first step for us, that we be able to pass that on a giant new battery like we made for the first time in our factory. So it's a very important step. Like I said, the other qualifications are not -- that the customers do are not just industry-based certifications, but very specific tests that they have. As TJ was mentioning, we got books that big on how they would test the battery.

現在我們還需要進行其他認證，目前我們正處於這一階段。但這對我們來說是巨大的第一步，我們能夠將其傳遞到像我們工廠第一次製造的巨型新電池上。所以這是非常重要的一步。就像我說的，其他資格不是——客戶所做的不僅僅是基於行業的認證，而是他們所進行的非常具體的測試。正如 TJ 所提到的，我們得到了關於如何測試電池的詳細書籍。

For example, one of the tests they do is take the battery, put it in a phone and drop it from a certain height multiple times. The other one they do is they put it in like a big washing machine like thing and they spin the battery for like many, many times. And they also store it at high temperature. So there are lots of different tests that they do. And every customer is a little bit different, but we do have all those tests with us, and we try to do them ahead of time so that to make sure when they get samples, they surpassed them, but then they will do it again on their own.

例如，他們進行的測試之一是取出電池，將其放入手機中，然後從一定高度多次跌落。他們做的另一種方法是將電池放入類似大型洗衣機的東西中，然後旋轉電池很多次。而且他們還將其儲存在高溫下。所以他們會做很多不同的測試。每個客戶都有點不同，但我們確實進行了所有這些測試，並且我們嘗試提前進行測試，以確保當他們獲得樣品時，他們的測試結果超越了測試要求，但之後他們會自己再次進行測試。

So it's a pretty rigorous process.

所以這是一個相當嚴格的過程。

Got it. And then as a follow-up to --

知道了。然後作為後續行動--

TJ is going to add something to it.

TJ 將要添加一些內容。

I just want to talk about, given my background, ramping the factory. I remember when we started Cypress, we started 2 runs a week, 225 wafer runs, 50 wafers a week. And it took us a year to ramp our first Fab. So this Fab has got new and it's new equipment. We learned a hard lesson with our first Fab where the equipment wasn't what I would call semiconductor quality equipment.

鑑於我的背景，我只想談談工廠的擴張。我記得我們剛開始生產 Cypress 的時候，每週生產 2 次，共生產 225 個晶圓，每週生產 50 個晶圓。我們花了一年的時間來建造我們的第一個 Fab。所以這個工廠有了新的和新的設備。我們在第一家晶圓廠學到了慘痛的教訓，那裡的設備並不是我所說的半導體品質設備。

And we were in a place that doesn't make semiconductors anymore. We were in Fremont, California. And we call it quote, Silicon, unquote Valley, but they haven't put a new Fab here in 30 years. So you can't hire people that work in the neighboring company and want a raise to come over to your company.

我們所在的地區不再生產半導體了。我們當時在加州弗里蒙特。我們稱之為“矽谷”，但 30 年來他們沒有在這裡建立新的晶圓廠。因此，您不能僱用在鄰近公司工作並希望加薪的人到您的公司來。

So what we've got going for us is we're in Penang and Penang, Malaysia is the center, the epicenter of semiconductor assembly and test. So when you look at semiconductors today and you see modules that big with chips integrated into them, chips stack vertically with each other. Those are the kind of dimensions that those people live with. And we have people from the semiconductor industry in our plant. I'm really impressed with the quality of people in our plant.

我們的優勢在於我們在檳城，而檳城是馬來西亞的中心，是半導體組裝和測試的中心。因此，當您觀察當今的半導體時，您會看到整合了晶片的大型模組，這些晶片彼此垂直堆疊。這就是那些人所生活的維度。我們的工廠裡有來自半導體產業的人員。我們工廠員工的素質給我留下了深刻的印象。

So we've got good equipment from a good manufacturer, costs more money than I wanted and good people. So we will ramp and that -- we're not ramping to our own guess specs. We're ramping to their specs, and they're looking at stuff real time. You can send them stuff and say, does this pass fire test, and they'll give you a quick read. So I don't expect we're going to have a catastrophic problem like we had in the Fremont Fab.

因此，我們從一家優秀的製造商那裡獲得了優質的設備，成本比我想要的要高，而且人才也很優秀。因此，我們會逐步增加產量，而且我們不會按照我們自己猜測的規格增加。我們正在逐步滿足他們的規格，他們也在即時查看。您可以向他們發送一些東西並詢問這是否通過了防火測試，他們會快速為您閱讀。所以我不認為我們會遇到像弗里蒙特工廠那樣的災難性問題。

But ramping a Fab is a big deal. And there will be a surprise or two. But when you're really close with ultra-high tolerances and good manufacturing quality habits, those are things you can accommodate. All I'm saying is, don't expect this is like, make an ice cream and now you say if I buy five more ice cream makers, we're just going to ramp it. We've got a battle.

但擴大 Fab 規模是件大事。而且還會有一兩個驚喜。但是，當您真正接近超高公差和良好的製造品質習慣時，這些都是您可以適應的。我只是想說，不要指望這就像做一個冰淇淋，然後你說如果我再買五台冰淇淋機，我們就可以增加產量。我們有一場戰鬥。

We'll have more people in the plant than we have in the rest of the company. And we've got -- but we've got good people.

我們工廠裡的員工數量將比公司其他地方的員工數量還要多。我們有——但我們有優秀的人才。

So I just want to warn you, we got to do that. But this little pretesting we do when we get data from them and they tell us about the crush test as opposed to the nail penetration test. That's going to make the probability that we get through it much higher, not much higher, it's going to work. You put your head down and you make it work. We got this much money involved. We're going to get there.

所以我只是想警告你，我們必須這樣做。但是，當我們從他們那裡獲得數據時，我們會進行這項小小的預測試，他們會告訴我們有關擠壓測試而不是釘子穿透測試的資訊。這將使我們成功的可能性大大提高，不是高很多，而是會起作用。你埋頭苦幹，就能成功。我們涉及了這麼多錢。我們將會到達那裡。

Thanks for the color, TJ. If I could just sneak in one more follow-up just related to the eyewear customer. Raj, a few of the eyewear companies that are launching now, the ones that are expected to be high volume over the next several years, how difficult -- since they've secured other battery suppliers already, how difficult will it be for you to displace those folks? Do you have to wait for many generations? Or could it be in the next year or two?

謝謝你的顏色，TJ。如果我可以偷偷地再跟進一次與眼鏡顧客有關的事情。Raj，現在正在推出的幾家眼鏡公司，預計未來幾年銷量會很大，這有多難——因為他們已經找到了其他電池供應商，取代這些人有多難？難道要等好幾代嗎？或可能在未來一兩年內？

How quickly before you think that turns into a real revenue for you?

您認為多久之後這會為您帶來真正的收入？

Yes. I mean, look, we are sampling now, right? I mean we're sampling batteries now and we're testing them. And I think -- if I think about the eyewear, it's a market that I'm very familiar with, the whole AR/VR space. I used to run that group when I was at Qualcomm.

是的。我的意思是，你看，我們現在正在採樣，對吧？我的意思是我們現在正在對電池進行取樣並進行測試。我認為——如果我考慮眼鏡，這是一個我非常熟悉的市場，整個 AR/VR 領域。我在高通公司任職時曾負責管理該團隊。

That's a market that's just happening now, and there are many, many more iterations to go before we see very high volume of that product.

這是一個剛出現的市場，在我們看到產品的大量產量之前，還需要進行很多次迭代。

There will be different versions of it, by the way. I mean I think, if you think about now, it can be sold as an electronics device. It can be sold as a fashion device. It can be sold as a medical device. It can be sold as an industrial device.

順便說一句，它會有不同的版本。我的意思是，如果你現在想想，它可以作為電子設備出售。它可以作為時尚設備出售。它可以作為醫療器材出售。它可以作為工業設備出售。

So it's in the very early stage of that. So I believe that there'll be many, many versions of that, and there will be products that enable lifestyle, that enable productivity, that enable utility and so on.

所以現在還處於非常早期的階段。所以我相信會有很多很多版本，而且會有能夠改善生活方式、提高生產力、增強實用性等等的產品。

So I believe that the heart of all of them is higher energy density because as TJ mentioned, they're very small batteries and the demands are high. So I believe that when we produce a battery that's got much higher energy density than anything else and much safer, it shouldn't be that hard to convert because it's very early stage. And people love it. And these people we have given samples to love the batteries we give. It's a long ways to go to get into multimillion units, but we're happy with the technology, and we're happy with the position we have and the feedback we're getting from the people we have sampled, right?

因此我相信它們的核心都是更高的能量密度，因為正如 TJ 所提到的，它們是非常小的電池，但要求很高。因此我相信，當我們生產出一種比其他任何電池都具有更高能量密度且更安全的電池時，轉換起來應該不會那麼困難，因為它還處於非常早期的階段。人們喜歡它。而這些人都很喜歡我們提供的電池樣品。要達到數百萬台的銷售還有很長的路要走，但我們對這項技術很滿意，我們對我們目前的地位以及從我們抽樣的人那裡得到的反饋很滿意，對嗎？

Derek Soderberg, Cantor Fitzgerald.

德里克索德伯格、康托費茲傑拉。

Two questions from me, quick ones. Raj, how much are smartphone OEMs paying for batteries for the flagship smartphones today? And then second, on the industrial handheld opportunity, it sounds like maybe an RFID scanner label printer. Is this opportunity sort of in the millions or so of devices per year? Is that the best way to characterize that?

我有兩個問題，很快。Raj，目前智慧型手機原始設備製造商為旗艦智慧型手機的電池支付了多少錢？其次，關於工業手持設備的機會，聽起來可能像是 RFID 掃描器標籤印表機。這個機會是否相當於每年數百萬台設備？這是描述現象的最佳方式嗎？

That's all for me.

對我來說就這些了。

Yes. I mean I -- how much they're paying depends upon what the energy density is. It's actually disproportionate. If you -- when you increase the energy density in the same volume, the premium actually goes up higher. So what I mean is if you produce a 900 watt hour per liter battery versus 700 watt hour per liter battery, you get a different price per amp-hour, right?

是的。我的意思是——他們支付多少錢取決於能量密度。這實際上是不成比例的。如果——當你增加相同體積的能量密度時，溢價實際上會更高。所以我的意思是，如果你生產每公升 900 瓦時的電池和每公升 700 瓦時的電池，那麼每安培小時的價格是不同的，對嗎？

I hope that makes sense.

我希望這是有道理的。

So rough numbers, I would say $1.50 to $2 is probably what people pay per amp-hour. So if you got 8 amp-hour, that's probably -- you can think about anywhere between $15 to $16, right? That's probably roughly what you can think about.

所以粗略地算一下，我想說每安培小時大概要付 1.50 到 2 美元。因此，如果您有 8 安培小時，那可能是 - 您可以考慮 15 到 16 美元之間的價格，對嗎？這大概就是你能想到的大致內容。

Our next question comes from --

我們的下一個問題來自--

I'm sorry, let me answer that second question. The second question --

抱歉，讓我來回答第二個問題。第二個問題--

Yes, I'll jump in on the IHH opportunity. That's absolutely customer engagement, we think has potential for multiple million units on an annual basis.

是的，我會抓住 IHH 的機會。這絕對是客戶參與，我們認為每年有數百萬台的潛力。

Yes. One other thing I'll say about that market, the IHH market is, again, a market I'm quite familiar with. It uses the same processors as smartphones, is that there is also an opportunity to selling replacement batteries because that's a market where people can launch a product. It lasts for 4, 5 years, but people also buy batteries to replace the existing battery because they work on contract. I mean think about the UPS person that comes to your house and you sign something.

是的。關於該市場，我還要說一件事，IHH 市場是我非常熟悉的市場。它使用與智慧型手機相同的處理器，也有機會銷售替換電池，因為這是一個人們可以推出產品的市場。它可以使用 4、5 年，但人們也會購買電池來替換現有的電池，因為他們是按合約工作的。我的意思是，想像 UPS 快遞員來到你家並讓你簽署一些東西。

So there's a size of the market and then there's a size of the replacement batteries for the market, and that's a millions of units.

因此，市場規模是一定的，而市場替換電池的數量也是一定的，即數百萬個。

Gus Richard, Northland.

葛斯‧理查德 (Gus Richard)，北地。

I was just wondering as you get closer to buying, production, will you wait for as purchase order to start building inventory? Or will you stack some inventory, I mean, I know because these are each custom devices in terms of dimensions?

我只是想知道，當您接近購買、生產時，您是否會等待採購訂單來開始建立庫存？或者你會堆積一些庫存，我的意思是，我知道，因為就尺寸而言，這些都是定制設備？

Can I do it? Yes, no. I think some people have a little bit of misconception in terms of the sampling we are doing now. This are not onesie-twosie units. These are pretty substantial volumes in terms of what it takes for us to produce and to go to the qualification process for the customer. So we have substantial inventory that we use now in terms of what we are doing for both that process as well as the R&D process.

我可以做到嗎？是的，不是。我認為有些人對於我們現在進行的採樣有一點誤解。這不是一體式和二體式單位。就我們為客戶生產和進行資格認證流程所需的數量而言，這些數量相當可觀。因此，就該流程和研發流程而言，我們現在擁有大量庫存可供使用。

And so I think all those muscles are pretty well exercised, and we have -- obviously we have a great team in terms of logistics and planning and the operations side, that's fully in lockstep and meets with us multiple times a week in terms of forecasting demand from all the demand sources. And so we're -- that process is well underway.

所以我認為所有這些力量都得到了很好的鍛煉，而且我們——顯然我們在物流、規劃和運營方面擁有一支優秀的團隊，他們步調一致，每週與我們會面多次，預測來自所有需求來源的需求。因此，我們——這個過程正在順利進行中。

TJ, (inaudible) just a little bit to it, yeah.

TJ，（聽不清楚）只是一點點，是的。

Well, my comment on that is from a Board/money perspective, you can't pile up inventory. First of all, the beauty of this machine is auto line, is linear. If this part stops, everything in front of it stops. You can't pile crap up in semiconductor fabs for a long time, that was a problem. So, this thing will have a cycle time less than 30 days. And if our purchase orders have 30-day take-or-pay window, which would be a typical purchase order.

嗯，我對此的評論是從董事會/資金的角度來看，你不能堆積庫存。首先，這台機器的美妙之處在於自動走線，是直線性的。如果這個部分停止，它前面的一切都會停止。你不能在半導體工廠長期堆放垃圾，這是一個問題。所以，這個東西的周期時間將少於 30 天。如果我們的採購訂單有 30 天的照付不議期限，這將是一個典型的採購訂單。

In the semiconductor industry, we never could get that. We never could start a wafer and ship product in 30 days. In this industry, you'll be able to do that, especially with the equipment that's automated, linear equipment, and especially because it's custom stuff. So no, we're not going to need the inventory. We can't afford inventory.

在半導體產業，我們永遠無法實現這一點。我們永遠不可能在 30 天內開始生產晶圓並出貨。在這個行業中，您將能夠做到這一點，尤其是使用自動化設備、線性設備，尤其是因為它是客製化設備。所以，我們不需要庫存。我們負擔不起庫存。

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

目前沒有其他問題。最後，我想請 Raj Talluri 博士做最後發言。

Yes. Thank you, all, for joining us, and thank you, all, for your support. Really good quarter and look forward to seeing you again next quarter. Thank you.

是的。感謝大家的加入我們，也感謝大家的支持。這真是一個好的季度，期待下個季度再次見到您。謝謝。