Enovix Corp (ENVX) 2025 Q3 法說會逐字稿

Thank you for standing by and welcome to Enovix Corporation third-quarter 2025 earnings conference call. (Operator Instructions) As a reminder, today's program will be recorded. And now I'd like to introduce your host for today's program, Robert Leahy, Head of Investor Relations. Please go ahead, sir.

感謝您的耐心等待，歡迎參加 Enovix 公司 2025 年第三季財報電話會議。（操作說明）提醒各位，今天的節目將會錄製。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·利希。請繼續，先生。

Thank you. Hello, everyone, and welcome to Enovix Corporation's third quarter 2025 financial results conference call. With me today are President and Chief Executive Officer, Dr. Raj Talluri; and Chief Financial Officer, Ryan Benton. Raj and Ryan will provide remarks followed by Q&A.

謝謝。大家好，歡迎參加 Enovix 公司 2025 年第三季財務業績電話會議。今天陪同我出席的有總裁兼執行長拉傑·塔盧裡博士；以及財務長瑞安·本頓。Raj 和 Ryan 將致辭，隨後進行問答環節。

Before we begin, please take note that today's call contains forward-looking statements that are subject to risks and uncertainties. These statements are based on current expectations and may differ materially from actual future results due to various factors. For a discussion of these risks, please refer to the disclosures in today's press release and our filings with the Securities and Exchange Commission. You can also find these materials on our website at ir.enovix.com.

在開始之前，請注意，今天的電話會議包含前瞻性陳述，這些陳述存在風險和不確定性。這些陳述是基於目前的預期，但由於各種因素，可能與未來的實際結果有重大差異。有關這些風險的討論，請參閱今天發布的新聞稿中的披露資訊以及我們向美國證券交易委員會提交的文件。您也可以在我們的網站 ir.enovix.com 上找到這些資料。

All statements made on this call are as of today, November 5, 2025, and we undertake no obligation to update them, except as required by law. Additionally, during the call, we may reference non-GAAP financial measures. You can find a reconciliation to the most directly comparable GAAP measures in the materials posted on our Investor Relations site.

本次電話會議中所做的所有聲明均截至2025年11月5日，除法律要求外，我們不承擔更新這些聲明的義務。此外，在電話會議期間，我們可能會提及非公認會計準則財務指標。您可以在我們的投資者關係網站上發布的資料中找到與最直接可比較的 GAAP 指標的調整表。

With that, I'll turn the call over to Raj.

接下來，我會把電話交給拉傑。

Good afternoon, everyone, and thank you for joining us. Enovix is expanding the limits of battery capabilities and transforming how the battery industry will evolve over the coming years with a silicon battery. During this quarter, our team made significant advancements in developing a silicon battery while strengthening our key partnership alliances.

各位下午好，感謝各位的參與。Enovix 正在透過矽電池拓展電池性能的極限，並將在未來幾年改變電池產業的發展方向。本季度，我們的團隊在開發矽電池方面取得了重大進展，同時加強了我們的關鍵合作夥伴聯盟。

Today, I'll highlight our progress in Q3 and then provide updates on our initiatives in smartphones, smart eyewear, defense and strategic initiatives before turning it over to Ryan for a financial update. We delivered strong execution and financial progress in Q3. Revenue grew 85% year-over-year to $8 million. We achieved a non-GAAP gross profit of $1.7 million or 21% margin compared to a loss in the prior year.

今天，我將重點介紹我們在第三季度的進展，然後介紹我們在智慧型手機、智慧眼鏡、國防和戰略舉措方面的最新進展，最後將財務更新交給 Ryan。第三季度，我們取得了強勁的執行力和財務表現。營收年增 85%，達到 800 萬美元。我們實現了 170 萬美元的非 GAAP 毛利，毛利率為 21%，而前一年則虧損。

We also secured long-term funding, which is expected to finance Fab2 and enable our path to positive cash flow. Completing a shareholder-friendly warrant dividend and issuing a new convertible notes due in 2030 brings total cash and marketable securities to $648 million at the end of the quarter and allows us to execute from a position of strength.

我們還獲得了長期資金，預計將為 Fab2 提供資金，並使我們走上正現金流的道路。完成對股東有利的認股權證分紅，並發行將於 2030 年到期的新可轉換債券，使公司本季末的現金和有價證券總額達到 6.48 億美元，使我們能夠從強大的地位出發開展業務。

Our AI-1 smartphone battery was validated by an independent testing firm, Polaris Labs, as the highest energy density battery reported for a smartphone battery in the industry and in addition, having leading fast charge capabilities. Our lead smartphone program with Honor, a top eight mobile OEM has entered the final validation phase ahead of planned 2026 smartphone launch.

我們的 AI-1 智慧型手機電池經獨立測試公司 Polaris Labs 驗證，是業界報告的智慧型手機電池中能量密度最高的電池，此外，還具有領先的快速充電能力。我們與全球排名前八的手機廠商榮耀合作的旗艦智慧型手機專案已進入最終驗證階段，計劃於 2026 年推出。

Honor has been an outstanding partner, and we appreciate their cooperation as we work tirelessly to bring this breakthrough technology to the mobile phone industry. Honor's feedback on our product development and inputs into mobile battery needs has been instrumental in the execution of our road map as we advance towards commercialization. Besides Honor, our second smartphone OEM development program is also accelerating with this additional customer also now in qualification. And we are continuing to sample to other top mobile OEMs.

Honor 一直是我們傑出的合作夥伴，我們感謝他們的合作，我們將不懈努力，把這項突破性技術帶給手機產業。Honor 對我們產品開發的回饋以及對行動電池需求的意見，對我們推進商業化進程、執行產品路線圖起到了至關重要的作用。除了榮耀之外，我們的第二個智慧型手機OEM開發案也在加速推進，而這家新客戶目前也正在接受資格審查。我們也持續向其他頂級手機廠商提供樣品。

Our mobile partnerships offer us key market insights and reflect the strong commercial relationships we have today in this market. In smart eyewear, we delivered over 1,000 battery packs to our lead customer under our supply agreement. These packs are now undergoing customer qualification. Furthermore, we have delivered samples to 9 other unique OEMs and ODMs, and we expect to have some of them launch products using our batteries in 2026.

我們在行動領域的合作夥伴關係為我們提供了重要的市場洞察，並反映了我們目前在這個市場中擁有的強大商業關係。在智慧眼鏡領域，我們根據供貨協議向我們的主要客戶交付了 1000 多個電池組。這些產品目前正在接受客戶資格認證。此外，我們已向其他 9 家獨特的 OEM 和 ODM 廠商提供了樣品，我們預計其中一些廠商將在 2026 年推出使用我們電池的產品。

On the manufacturing front, we made significant progress in yield, throughput and cost optimization. We achieved yield improvements in Fab2 in Malaysia across all production zones, notably in Zone 1 laser dicing. We optimized our battery formation process in Zone 4 to increase the throughput materially. We believe Zone 4 capability now exceeds the volume requirements for the second and potentially the third high-volume lines, significantly reducing future CapEx requirements.

在製造方面，我們在良率、產量和成本優化方面取得了顯著進展。我們在馬來西亞 Fab2 的所有生產區域都實現了良率提升，尤其是在 1 區雷射切割區域。我們在 4 區優化了電池成型工藝，從而顯著提高了產量。我們相信，4 區產能目前已超過第二條乃至第三條高產能生產線的產能需求，顯著降低了未來的資本支出需求。

Shipments from our Korean factory accounted for the majority of our year-to-date revenue, with the largest contributions coming from defense and industrial customers, where we continue to benefit from strong demand. We completed the integration of our Q2 acquisition of SolarEdge assets, adding cell capacity, incremental coating equipment and room for future expansion.

今年迄今為止，我們韓國工廠的出貨量占我們收入的大部分，其中國防和工業客戶的貢獻最大，我們繼續受益於強勁的需求。我們完成了第二季對 SolarEdge 資產的收購整合，增加了電池產能、塗層設備以及未來擴張的空間。

Additionally, leveraging the capabilities of this team, we began building our first cell manufacturing capability for our 100% active silicon anode technology in Korea also. This will serve as a new product introduction line, our NPI line. Finally, I want to welcome Dan McCranie to our Board of Directors and Srikanth Kethu as Head of Enovix India, expanding our leadership team as we scale globally. Dan is a high-impact operator, sales executive and a broad leader with deep experience scaling complex technology businesses.

此外，憑藉團隊的能力，我們也在韓國開始建立我們首個用於 100% 活性矽負極技術的電池製造能力。這將作為新產品導入生產線，即我們的NPI生產線。最後，我謹歡迎 Dan McCranie 加入我們的董事會，並歡迎 Srikanth Kethu 擔任 Enovix 印度負責人，隨著我們在全球範圍內的擴張，我們的領導團隊也將得到擴充。Dan是一位極具影響力的營運者、銷售主管和資深領導者，在擴展複雜技術業務方面擁有豐富的經驗。

His track record at onsemi and other global semiconductor companies adds immediate strength to our Board as we expand commercialization and manufacturing in 2026 and beyond. Our new Head of India, Srikanth, will strengthen our world-class R&D center in Hyderabad, which accelerates our R&D efforts and help ensure the success of scaling our Malaysia facility.

他在安森美半導體和其他全球半導體公司的出色業績，將立即增強我們董事會的實力，協助我們在 2026 年及以後擴大商業化和製造規模。我們新任印度區負責人斯里坎特將加強我們在海得拉巴的世界一流研發中心，這將加速我們的研發工作，並有助於確保我們在馬來西亞工廠規模化發展的成功。

Now let's talk about smartphones. Since I started in 2023, I focused the company on smartphones as the most financially attractive market to our batteries. After visiting key OEMs in April 2023 and getting an understanding of the key product requirements from them, we started developing our smartphone batteries to meet these stringent performance targets.

現在我們來聊聊智慧型手機。自 2023 年我加入公司以來，我將公司重點放在智慧型手機上，因為智慧型手機是我們電池最具經濟吸引力的市場。在 2023 年 4 月走訪了多家主要 OEM 廠商並了解了他們的關鍵產品要求後，我們開始研發智慧型手機電池，以滿足這些嚴格的效能目標。

As we developed our technology to meet these requirements, we entered into a development agreement with Honor as a lead customer in September 2024. Over the last year, we made significant progress both in our product development and meeting their product qualification milestones. We passed the vast majority of Honor's qualification requirements and in several cases, exceeded them.

為了滿足這些要求，我們開發了自己的技術，並於 2024 年 9 月與 Honor（主要客戶）簽訂了開發協議。過去一年，我們在產品開發和實現產品認證里程碑方面都取得了顯著進展。我們達到了 Honor 的絕大多數資格要求，並且在某些方面甚至超過了這些要求。

In order to consistently achieve 1,000 charge discharge cycle with their components, we have agreed to a design iteration, which is already underway. We're on track to ship these samples in Q4, enabling Honor to complete full life cycle testing. This additional cycle is part of a thoughtful, collaborative qualification process that's typical when introducing breakthrough battery technology into flagship smartphones.

為了確保其組件能夠持續實現 1000 次充放電循環，我們已經同意進行設計迭代，目前正在進行中。我們正按計劃於第四季度發貨這些樣品，這將使榮耀能夠完成完整的生命週期測試。這個額外的測試週期是經過深思熟慮、協作式認證流程的一部分，這是將突破性電池技術引入旗艦智慧型手機時常見的做法。

This rigorous collaborative process of building a leading-edge smartphone battery with Honor, we believe, enables us to launch products with the rest of the smartphone industry in a relatively seamless fashion. Our second smartphone customer is now validating the AI-1 performance.

我們相信，透過與榮耀合作打造領先的智慧型手機電池的這種嚴謹的合作流程，能夠讓我們以相對無縫的方式與智慧型手機產業的其他廠商一起推出產品。我們的第二位智慧型手機客戶目前正在驗證 AI-1 的效能。

The next milestone for this customer will be to provide us with the precise mechanical dimensions of battery we need to supply and move to a qualification and an expected commercial launch in 2026. Additional smartphone customers have similar requirements to our lead customer, and we expect their qualification process to go much faster. What's exciting about AI-1 is that it's not just a smartphone battery. It's a platform.

該客戶的下一個里程碑將是向我們提供我們需要供應的電池的精確機械尺寸，以便進行認證並預計在 2026 年商業化發布。其他智慧型手機客戶的需求與我們的領先客戶類似，我們預計他們的資格審查過程會快得多。AI-1 的亮點在於它不僅僅是一塊智慧型手機電池。這是一個平台。

Providing this level of performance can open the doors to a much wider set of markets. We started in smartphones, a $12 billion opportunity where our 900-watt hour per liter performance gives us a clear edge for on-device AI. From there, the same technology moves naturally into smart eyewear, AR/VR and IoT, about an $8 billion market today, where success depends on getting high energy into the smallest possible space.

達到這種業績水準可以打開通往更廣大市場的大門。我們從智慧型手機領域起步，這是一個價值 120 億美元的市場，我們每公升 900 瓦時的效能使我們在設備端人工智慧方面擁有明顯的優勢。從那裡開始，同樣的技術自然而然地發展到智慧眼鏡、AR/VR 和物聯網領域，如今這是一個價值約 80 億美元的市場，其成功取決於在盡可能小的空間內實現高能量。

In defense, roughly a $3 billion market opportunity, customers are choosing Enovix for a rugged, safe, mission-ready designs and diversified supply chain with manufacturing in Korea and Malaysia. And longer term, our silicon anode architecture scales across EVs and computing markets that should exceed $500 billion by 2040.

在國防領域，這是一個價值約 30 億美元的市場機會，客戶選擇 Enovix 是因為其堅固耐用、安全可靠、隨時可執行任務的設計以及多元化的供應鏈，其產品在韓國和馬來西亞均有生產基地。從長遠來看，我們的矽陽極架構可擴展到電動車和運算市場，到 2040 年，這些市場的規模應該會超過 5,000 億美元。

Now let's turn to smart eyewear specifically, which is proving to be a faster-moving adjacent market than we previously expected. We currently have two cell designs for this market as we see two distinct product classes emerging, displayless smart eyewear designed for lightweight, voice-driven experiences and display-enabled AR eyewear, which carries much higher compute and battery demands.

現在讓我們具體談談智慧眼鏡，事實證明，這是一個比我們之前預期發展速度更快的鄰近市場。目前，我們為這個市場設計了兩種電池，因為我們看到兩種截然不同的產品類別正在興起：一種是無顯示器的智慧眼鏡，設計輕便，提供語音驅動的體驗；另一種是帶有顯示器的 AR 眼鏡，對計算和電池的需求要高得多。

We expect this to be a broad market with many different consumer electronics and fashion brands launching products in 2026. The AI-1 platform enables significantly longer run time in this space-constrained application. We now have sampled the AI-1 platform to 10 unique smartware OEMs and ODMs, and we expect to showcase the first end product with an OEM publicly in CES 2026 in January.

我們預計這將是一個廣闊的市場，2026 年將有許多不同的消費電子和時尚品牌推出產品。AI-1 平台能夠在這種空間受限的應用中顯著延長運行時間。我們目前已向 10 家獨特的智慧軟體 OEM 和 ODM 廠商提供了 AI-1 平台的樣品，我們預計將在 2026 年 1 月的 CES 展會上向 OEM 廠商公開展示首款最終產品。

Turning to defense. Momentum continues to build this quarter across multiple geographies. In Korea, we combined seasoned manufacturing capabilities for conventional lithium-ion batteries with our expertise in silicon anodes. Our leading products now include silicon doped anodes and the customer response has been encouraging. Year-to-date, our Korea facility has shipped roughly $20 million of products, the majority of which went to domestic defense and industrial customers, including two of the major three contractors in the Korean military.

轉入防守。本季度，多個地區的成長動能持續增強。在韓國，我們將成熟的傳統鋰離子電池製造能力與我們在矽負極方面的專業知識相結合。我們目前的主要產品包括矽摻雜陽極，客戶的回饋令人鼓舞。今年迄今，我們韓國工廠已交付價值約 2,000 萬美元的產品，其中大部分銷往國內國防和工業客戶，包括韓國軍方三大承包商中的兩家。

With customers outside Korea, we are seeing strong progress in both aerial and subsea drone markets. These customers are increasingly diversifying their supply chains and our manufacturing footprint has opened doors with them. Based on customer feedback, our products are meeting the demanding requirements of this segment, including high pressure tolerance, long cycle life, large capacity formats of up to 60 amp hours that operate reliably in low temperature environments. We have a robust pipeline of opportunities in this segment growing to over $80 million globally.

在韓國以外的客戶方面，我們在空中和水下無人機市場都取得了強勁的進展。這些客戶正日益實現供應鏈多元化，而我們的生產佈局為他們打開了合作之門。根據客戶的回饋，我們的產品滿足了該細分市場的苛刻要求，包括耐高壓、長循環壽命、高達 60 安培小時的容量規格，以及在低溫環境下可靠運作。我們在這個領域擁有大量潛在機會，全球規模超過 8,000 萬美元。

Before I turn it over to Ryan for the financials, I want to provide an update on the M&A front. Our mission remains unchanged, commercializing our 100% active silicon anode architecture for space-constrained high-volume devices. Our conviction drove us to strengthen our balance sheet, giving us optionality to accelerate growth organically and inorganically through strategic M&A.

在把財務部分交給 Ryan 之前，我想先報告併購方面的最新情況。我們的使命始終不變，即實現我們 100% 活性矽陽極架構的商業化，以應用於空間受限的大批量裝置。我們的信念促使我們加強資產負債表，使我們有更多選擇透過策略併購加速有機和非有機成長。

This quarter, we began evaluating several opportunities that could advance commercialization through vertical integration and accelerating entry into complementary markets. A select few that meet our strategic financial criteria are under consideration, and our funnel of opportunities continues to grow.

本季度，我們開始評估幾個可以透過垂直整合和加速進入互補市場來推進商業化的​​機會。我們正在考慮少數符合我們策略財務標準的公司，而且我們的機會管道還在不斷擴大。

While we continue to evaluate opportunities that fit our strategy and financial filters, we have not entered into any agreements at this time, and there is no certainty that any such opportunities will result in completed transactions.

雖然我們仍在評估符合我們策略和財務條件的各種機會，但目前我們尚未達成任何協議，也不能保證這些機會最終都能完成交易。

Now I'll turn it over to Ryan to give a financial update.

現在我把麥克風交給瑞恩，請他來報告財務狀況。

Thanks, Raj, and good afternoon, everyone. Before I get into the financial results, I want to highlight the capital markets activity we executed during the third quarter. On the left side of the slide, you can see the summary of our warrant dividend program. We completed the program at the end of August with all warrants either exercised or expired.

謝謝拉傑，大家下午好。在詳細介紹財務表現之前，我想先重點介紹一下我們在第三季所進行的資本市場活動。在投影片的左側，您可以看到我們的認股權證分紅計畫摘要。我們在八月底完成了該計劃，所有認股權證要么已被行使，要么已到期。

Roughly 26.5 million warrants were exercised, generating about $224 million in proceeds, net of fees and expenses. During the third quarter, we repurchased approximately $58 million of common stock. The net of these two programs resulted in $166 million in net liquidity, strengthening our cash position, enabling the funding of our Fab2 build-out and other strategic initiatives.

大約有 2,650 萬份認股權證被行使，產生了約 2.24 億美元的收益（扣除費用和支出後）。第三季度，我們回購了約 5,800 萬美元的普通股。這兩個項目淨額帶來了 1.66 億美元的淨流動資金，增強了我們的現金狀況，為我們的 Fab2 工廠建設和其他戰略舉措提供了資金。

On the right side, we show the convertible notes offering completed in September. We issued $360 million of 4.75% notes due in 2030, which after purchase discounts and capped call costs added about $303 million in net liquidity. The notes convert at $11.21 per share with a redemption trigger at approximately $14.57 per share.

右側顯示的是9月完成的可轉換債券發行。我們發行了 3.6 億美元的 4.75% 債券，將於 2030 年到期。扣除購買折扣和上限贖回成本後，淨流動性增加了約 3.03 億美元。該票據的轉換價格為每股 11.21 美元，贖回觸發價格約為每股 14.57 美元。

The capped call overlay has the ability to substantially offset potential dilution. As shown on the slide, we structured the cap call using multiple tranches, which provides several interim payoff opportunities during the term rather than the typical all or nothing settlement at maturity. If Enovix's stock price meets or exceeds one of these price thresholds, there is a substantial payout.

上限選擇權疊加策略能夠大幅抵消潛在的股權稀釋。如幻燈片所示，我們採用多期分期付款的方式構建了期權上限，這樣可以在期限內提供多次中期收益機會，而不是像通常那樣在到期時一次性全部或全部支付。如果 Enovix 的股價達到或超過這些價格門檻之一，將會有一筆可觀的收益。

If we meet all of the targets specified, the company could receive cash proceeds of over $200 million. We believe that this structure lets us capture value as we execute while managing dilution responsibly over time. The net result of all this is that we closed the quarter with $648 million in cash, cash equivalents and marketable securities.

如果我們達到所有既定目標，公司可獲得超過 2 億美元的現金收益。我們相信，這種結構使我們能夠在執行過程中獲取價值，同時隨著時間的推移負責任地控制股權稀釋。最終結果是，我們本季末持有現金、現金等價物和有價證券共 6.48 億美元。

The goal wasn't just to raise capital. It was to remove what we perceived as a financing overhang to give Raj and the team the confidence to execute upon our strategy without distraction and to give our customers comfort in our financial strength. I believe to a large extent, we have achieved these goals, and it's been impactful. We now have the resources we expect will allow us to fund Fab2 to pursue select strategic opportunities and to operate with confidence. It's exactly where a company at our stage should be.

目標不僅僅是籌集資金。這是為了消除我們認為的融資負擔，讓 Raj 和他的團隊有信心不受干擾地執行我們的策略，並讓我們的客戶對我們的財務實力感到放心。我認為在很大程度上，我們已經實現了這些目標，並且產生了影響。我們現在擁有了足夠的資源，預計這將使我們能夠為 Fab2 提供資金，以追求特定的策略機會並充滿信心地運作。這正是我們這個階段的公司應該達到的高度。

Now turning to the Q3 results. This was another strong quarter of execution for Enovix. Revenue came in at $8 million, up 85% year-over-year as we continue to deliver solid growth across defense and IoT programs while simultaneously advancing sampling activities with our lead smartphone and smart eyewear customers. Non-GAAP gross profit was $1.7 million, representing a 21% gross margin compared to a loss in the same period last year. The improvements reflect higher sales, favorable product mix and continued cost discipline.

現在來看第三季業績。對Enovix來說，這又是一個業績表現強勁的季度。營收達到 800 萬美元，年成長 85%，這得益於我們在國防和物聯網專案方面持續穩健成長，同時我們也推進了與領先的智慧型手機和智慧眼鏡客戶的樣品發放活動。非GAAP毛利為170萬美元，毛利率為21%，去年同期則出現虧損。這些改進反映了更高的銷售額、有利的產品組合和持續的成本控制。

Non-GAAP operating expenses were $31.5 million, up year-on-year. The majority of the increase was driven by higher depreciation and amortization with modest increases in R&D and manufacturing readiness investments. As a result, non-GAAP loss from operations came in at $29.8 million versus $26.9 million in the same period last year.

非GAAP營運費用為3,150萬美元，較去年同期成長。成長主要由折舊和攤提增加推動，研發和生產準備投資略有增加。因此，非GAAP營運虧損為2,980萬美元，去年同期為2,690萬美元。

Adjusted EBITDA, however, which excludes depreciation and amortization, improved by $2.3 million, a 10% improvement year-over-year. Non-GAAP net loss per share attributable to Enovix was $0.14, an improvement of $0.02 from Q3 2024. Overall, we delivered against our plan and continued building the foundation for scale and profitable growth.

然而，經過調整的 EBITDA（不包括折舊和攤提）提高了 230 萬美元，年增 10%。Enovix 的非 GAAP 每股淨虧損為 0.14 美元，比 2024 年第三季改善了 0.02 美元。總體而言，我們實現了計劃目標，並繼續為規模化和獲利成長奠定基礎。

You just saw the detailed walk-through of our Q3 results, so I'll focus here on guidance for Q4 and some context. For the fourth quarter, we expect revenue between $9.5 million and $10.5 million, up 25% sequentially at the midpoint. We expect non-GAAP loss from operations between $30 million and $33 million, reflecting continued investment in manufacturing readiness and product launch preparation as we scale towards volume production.

您剛剛已經看到了我們第三季業績的詳細分析，所以這裡我將重點介紹第四季度的業績指引和一些背景資訊。我們預計第四季營收將在 950 萬美元至 1,050 萬美元之間，以中間值計算，季增 25%。我們預計非GAAP營運虧損在3000萬美元至3300萬美元之間，這反映了我們在擴大規模以實現批量生產的過程中，對製造準備和產品發布準備工作的持續投資。

For non-GAAP net loss per share attributable to Enovix, which includes the impact of interest expense on the new convertible notes, we expect between $0.16 and $0.20. And finally, we've added a new metric for guidance. We are forecasting capital expenditures, which for the fourth quarter, we expect to be between $9 million and $12 million, primarily tied to Fab2 equipment as well as the build-out of the NPI production line in South Korea.

對於歸屬於 Enovix 的非 GAAP 每股淨虧損（包括新發行可轉換債券的利息支出影響），我們預計在 0.16 美元至 0.20 美元之間。最後，我們新增了一項業績指引指標。我們正在預測資本支出，預計第四季度的資本支出將在 900 萬美元至 1200 萬美元之間，主要與 Fab2 設備以及韓國 NPI 生產線的建設有關。

Note, our guidance does not include mass production for any commercial smartphone shipments to Honor in Q4 2025. Importantly, however, we believe that the customer commitment and launch plans remain firmly intact. Our second smartphone OEM program is also progressing well in parallel.

請注意，我們的指導意見不包括 2025 年第四季向榮耀交付任何商用智慧型手機的大規模生產。但重要的是，我們相信客戶承諾和發布計劃仍然堅定不移。我們的第二個智慧型手機OEM專案也在同步順利進行中。

While we're not giving 2026 guidance today, investors should expect a more back-weighted revenue profile next year following end customer qualification and product launches. With $648 million in cash, we believe we are well positioned to continue executing on our plan, and we remain prepared to pursue strategic opportunities where they meet both our strategic and financial criteria.

雖然我們今天不提供 2026 年的業績指引，但投資人應該預期，在完成終端客戶資格認證和產品發布後，明年的收入結構將更加偏向後半段。我們擁有 6.48 億美元的現金，相信我們有能力繼續執行我們的計劃，並且我們隨時準備尋求符合我們戰略和財務標準的戰略機會。

And with that, operator, we're ready for questions.

好了，操作員，我們準備好回答問題了。

We will now begin the Q&A session. Please note that this call is being recorded. Before we go to the live questions, we're going to read two of the most highly voted questions submitted by shareholders ahead of this call during the call registration. The first question is, do you have just one or two smartphone battery customers at this point? And do you have enough capacity to satisfy their needs?

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，我們將宣讀股東在電話會議註冊期間提交的兩張得票最高的問題。第一個問題是，目前你們只有一兩個智慧型手機電池客戶嗎？你們的產能是否足以滿足他們的需求？

Thank you for the question, and thank you all for listening. We have agreements with two smartphone OEMs, and both are in different stages of qualification. And of course, we've also sampled seven of the eight top smartphone OEMs over the past period from -- with our batteries. And we -- and we are getting positive feedback from all of them on how they feel about the batteries, different safety tests they're performing.

謝謝你的提問，也謝謝大家的聆聽。我們與兩家智慧型手機OEM廠商簽訂了協議，但這兩家廠商目前都處於不同的資格認證階段。當然，在過去一段時間裡，我們也對八大智慧型手機 OEM 廠商中的七家進行了電池測試。我們——而且我們從他們那裡都得到了積極的反饋，他們對電池的感受以及他們正在進行的各種安全測試都表示讚賞。

On the capacity front, we -- as I mentioned, we have a line that when fully facilitized, can produce up to 9 million batteries a year next year. And we also started making some -- last call, I mentioned that we started making some initial payments towards augmenting the Line 2 and so on. So we absolutely do have the capacity to support both the customers as they ramp. And 2026 will be a breakout year, and we'll continue to add capacity to support all our customer demand in '27 and so on.

在產能方面，正如我之前提到的，我們有一條生產線，如果全面投入使用，明年每年可以生產多達 900 萬顆電池。我們也開始進行一些——上次我提到過，我們已經開始進行一些初步付款，用於擴建 2 號線等等。因此，我們完全有能力支持客戶逐步擴大規模。2026 年將是突破性的一年，我們將繼續增加產能，以滿足 2027 年及以後所有客戶的需求。

Thank you. And the second question is, will Enovix pursue rapidly evolving drone manufacturers requiring improved batteries?

謝謝。第二個問題是，Enovix 是否會與那些需要改進電池的快速發展的無人機製造商競爭？

Yeah, thank you for the question. So this is a market that, as you mentioned, is, rapidly evolving. We are getting a lot of interest from many drone, OEMs both in, aero and subsea, like 22 class of drones that we're finding. And we've been, shipping batteries, high performance, high, rate batteries from our Korea facility to many defense customers in South Korea.

是的，謝謝你的提問。正如您所說，這是一個快速發展的市場。我們收到了眾多無人機製造商的濃厚興趣，包括航空和水下領域的製造商，例如我們目前發現的 22 類無人機。我們一直從韓國工廠向韓國的許多國防客戶運送高性能、高倍率電池。

We are now able to satisfy and sample those, to other, drone manufacturers that are asking us for those batteries now. And in fact, we just got another purchase order today, from, high-tech, defense, manufacturer here in the US, to provide more samples for evaluation their programs. So, yes, this is a fast-moving market and we're getting a lot of interest for our already existing commercial batteries that we're making in Korea.

現在，我們能夠滿足其他無人機製造商的需求，並向他們提供電池樣品，以滿足他們對電池的求購。事實上，我們今天剛收到來自美國一家高科技國防製造商的另一份採購訂單，要求我們提供更多樣品以評估他們的項目。是的，這是一個快速變化的市場，我們目前在韓國生產的商用電池已經引起了很多關注。

(Operator Instructions)

（操作說明）

Mark Shooter, William Blair.

馬克舒特，威廉布萊爾。

Hey guys, Congrats on naming Honor as your lead smartphone customer. This is a big name in China. Unfortunately, though, it looks like they want 1,000 cycles now. Is this correct? And how much of this was a surprise to the team? And what's required in the design front to achieve that?

嘿，各位，恭喜你們將榮耀列為你們的主要智慧型手機客戶。這是中國一個響噹噹的名字。不過不幸的是，他們現在似乎想要 1000 個循環。這樣對嗎？而這一切對團隊來說又有多少是意料之外的呢？那麼，在設計方面需要做些什麼才能實現這一點呢？

Yes, the requirement has always been 1,000 cycles. As I mentioned in the last earnings call, we have -- it's a development program that we're working together with them, and we gave them samples in July, and we were doing cycle life testing while they were doing cycle life testing on the same batteries we provided. And as we went along in this testing process, we realized that we need to make one more small design change to get to the full performance that they want. And we validated that change now internally, and we have confidence that, that change we made will actually go to the 1,000 cycles requirement.

是的，要求一直是1000個循環。正如我在上次財報電話會議上提到的，我們正在與他們合作開展一個開發項目，我們在 7 月份向他們提供了樣品，我們當時正在進行循環壽命測試，而他們也在對我們提供的相同電池進行循環壽命測試。隨著測試過程的進行，我們意識到還需要進行一個小小的設計改動，才能達到他們想要的最終效能。我們已在內部驗證了這項改變，並且我們有信心，我們所做的這項改變實際上將達到 1,000 個週期的要求。

We're now making batteries to that specification, and we expect to get those batteries and send them out to Honor this quarter, and they will start the testing again. And as you know, batteries are one of those things where when you give a new design iteration, we got to start the cycle life testing again, and it takes 3 to 4 months to do it because of just the nature of the process. We expect that to get done in 1Q next year, and then we expect to get the commercialization after that.

我們現在正在按照該規格生產電池，預計本季就能拿到這些電池並寄給榮耀，他們將再次開始測試。如您所知，電池就是這樣，每當我們進行新的設計迭代時，我們都必須重新開始循環壽命測試，而由於該過程的性質，這需要 3 到 4 個月的時間才能完成。我們預計明年第一季就能完成這項工作，之後就能商業化。

But we're very happy with the progress we've made. It's been very collaborative, and they have allowed us to mention their name, giving us -- with all the progress they have seen and what we have made and how good the batteries are. So I'm very, very confident with what the team has done, and it's going well, and we expect the batteries -- and I'm confident the batteries we shipped in 4Q will meet all the requirements.

但我們對所取得的進展非常滿意。合作非常愉快，他們允許我們提及他們的名字，讓我們了解他們所取得的所有進展、我們所取得的成就以及電池的性能。所以我對團隊的工作非常有信心，一切進展順利，我們期待電池——而且我相信我們在第四季度發貨的電池將滿足所有要求。

That's great. I appreciate that. You touched on that timeline. I'm wondering if you could add any more color there? Should -- you mentioned three to four months.

那太棒了。我很感激。你提到了那條時間線。我想知道您是否可以在那裡添加更多顏色？應該——你提到過三到四個月。

Should we be expecting that first regional testing PO to happen in Q1 with a follow-up maybe in Q2? I mean how are you guys looking at this now?

我們是否可以預期第一個區域測試採購訂單將在第一季推出，後續測試可能在第二季推出？我的意思是，你們現在是怎麼看待這件事的？

Yes. I mean, look, we don't want to launch anything -- they don't want to launch anything together. We want to launch a battery that's fully tested, solid, safe, meets all the requirements because the first battery to production, and we want to make sure we do everything right. So as I mentioned, it takes three to four months to validate it after we shipped it. And then they'll need to put it in their phone and then the next model will intersect. So we should expect something in the first half of next year if everything goes well.

是的。我的意思是，你看，我們不想推出任何東西——他們也不想一起推出任何東西。我們希望推出一款經過全面測試、可靠、安全、符合所有要求的電池，因為這是第一款投入生產的電池，我們希望確保一切都做到最好。正如我之前提到的，發貨後需要三到四個月的時間進行驗證。然後他們需要把它輸入到手機裡，然後下一代模型就會與之相交。所以如果一切順利，我們應該會在明年上半年看到一些成果。

Great. Congrats again, guys. Thanks.

偉大的。再次恭喜各位！謝謝。

Thanks, Mark.

謝謝你，馬克。

George Gianarikas, Canaccord.

George Gianarikas，Canaccord。

Hey everyone, thank you for taking my questions. Good evening. I'd like to just continue on the path of the questions around Honor. Again, congratulations. And just trying to understand the cadence of production and orders that we should be expecting. You mentioned the first quarter, we should get more detail around an order and then maybe ramping production in the second. Just your level of confidence that this is sort of the last design change before achieving order status and then production.

大家好，感謝各位回答我的問題。晚安.我想繼續探討關於榮譽的問題。再次恭喜。我們只是想了解生產節奏和我們應該預期的訂單量。你提到了第一季度，我們應該了解訂單的更多細節，然後或許可以在第二季度提高產量。你對這是否是下單生產前的最後一次設計修改有多大信心？

Yes. Look, I'm very confident. My team is very good. They've done tremendous work, and this has been a close cooperation with the customer. So we are seeing everything and they're seeing everything. They are giving us solid feedback. Again, we are trying to launch everyone should understand 100% active silicon anode battery into a smartphone, which has never been done before with a brand-new factory.

是的。你看，我很有信心。我的團隊非常優秀。他們做了很多出色的工作，並且與客戶進行了密切合作。所以我們看到了所有的一切，他們也看到了所有的一切。他們給了我們非常有價值的回饋。再次強調，我們正在嘗試將 100% 活性矽負極電池應用於智慧型手機，這是以前從未在新工廠實現過的。

So we made tremendous progress. That's why I put the time line out there. So for all the -- all our investors and for you guys to get a feel for what -- how complex this is and how much progress we have made. I'm very confident. But as I always mentioned, we don't want to launch anything that's not 100% solid, and we work closely with our customers.

我們取得了巨大的進步。這就是我公佈時間表的原因。所以，為了讓所有投資人和各位都能感受到這件事的複雜性以及我們所取得的進展。我非常有信心。但我一直強調，我們不想推出任何不夠完善的產品，我們會與客戶緊密合作。

And if all the testing goes well, I think it will be fantastic to launch next year. And again, there's another customer right behind that's also testing it, the same design iterations that we're making. That customer is also getting it. We got feedback from them that this is really benchmark in energy density that they're seeing.

如果所有測試都進展順利，我認為明年發表會非常棒。而且，還有另一位客戶緊跟在後，也在進行同樣的測試，測試的設計迭代也和我們一樣。那位顧客也收到了。我們從他們那裡得到的回饋是，這確實是他們所見過的能量密度的標竿級表現。

So there's a lot of interest, but we want to make sure it's solid when it goes to production. And as Ryan mentioned, we have a strong balance sheet, and we are well capitalized. So we have what -- we have the resources we need. We have a factory that's running well to get it to full production at the right time next year.

所以大家對此很感興趣，但我們希望確保它在投入生產時足夠可靠。正如瑞安所提到的，我們的資產負債表穩健，資金充足。所以，我們擁有所需的資源。我們工廠運作良好，明年適時能全面投產。

And maybe as a follow-up to switch gears regarding an acquisition. Obviously, you've built up an incredibly strong balance sheet. I'm curious as to where you're looking? In other words, what opportunity set are you looking to explore from an M&A perspective just because you have this enormous opportunity in front of you just with the cells that you plan to manufacture soon. What could you add to the tool set that will make that addressable market even bigger? Thank you.

或許可以作為後續行動，改變思路，考慮收購事宜。顯然，你們已經建立了非常穩健的資產負債表。我很好奇你在哪裡尋找什麼？換句話說，鑑於您即將生產的細胞帶來了巨大的機遇，您希望從併購的角度探索哪些機會？你認為可以在工具集中添加哪些內容，才能進一步擴大目標市場？謝謝。

Yes. Well, first thing I want to say is I want to be -- everyone to be clear, our mission is to make this great technology we have of 100% active silicon anode batteries into smartphones, AR/VR, IoT, compute and in some aspects into some EVs. That's our number one goal, and we are squarely focused on that.

是的。首先我想說的是——為了讓大家清楚，我們的使命是將我們擁有的這項偉大的 100% 活性矽負極電池技術應用於智慧型手機、AR/VR、物聯網、運算以及某些方面的電動車。這是我們的首要目標，我們正全力以赴地朝著這個目標努力。

But we do find as we go into that, that there are other aspects we could add to accelerate that growth in terms of channel, in terms of time to market, in terms of other components that help get that penetration of this great technology into market faster. But again, we will do it very thoughtfully.

但我們發現，在深入研究的過程中，我們還可以從其他方面入手，例如通路、上市時間以及其他有助於這項偉大技術更快滲透到市場的要素，來加速這一成長。但是，我們會再次非常慎重地處理此事。

We're not -- we're going to do it in a way that is financially makes sense and also does not distract us from our main goal. So that is probably all I can say at this point. And we are getting quite a bit of inbound interest, as you mentioned, because we have a very strong balance sheet, but we're going to be very thoughtful about how we use it. Ryan can comment.

我們不會——我們會以一種既符合財務邏輯又不會分散我們主要目標的方式來做這件事。所以，目前我大概只能說這麼多了。正如您所提到的，我們確實收到了不少投資意向，因為我們的資產負債表非常穩健，但我們會非常謹慎地使用它。瑞恩可以發表評論。

I mean I can't say it better. I mean, I think we'll pride ourselves on being good stewards of capital. It will have to make sense from a strategic standpoint, from a technology standpoint in order to further the core mission, and then we'll apply discipline, financial and diligence filters to it.

我簡直無法表達得更好了。我的意思是，我認為我們會以善用資本為榮。從策略角度和技術角度來看，它必須有意義，才能推進核心使命，然後我們將運用紀律、財務和盡職調查等篩選標準來審視它。

Jeff Osborne, TD Cowen.

Jeff Osborne，TD Cowen。

Yeah, thank you. Just two on my side. You mentioned, Raj, the yield improvements in Malaysia. I was wondering if you could just level set us where were things, where are things? Where do you need to be? I think TJ touched on sort of a risk ramping up aggressively next year to meet the customer demand. So relative to maybe where his expectations and yours are, what's left to do? And what have you achieved so far?

是啊，謝謝。我方只有兩個人。Raj，你提到了馬來西亞的收益率提高。我想知道您能否幫我們釐清一下事情的來龍去脈？你需要去哪裡？我認為TJ提到了一種風險，明年為了滿足客戶需求而大幅增加產量。所以，考慮到他和你的期望，我們還能做些什麼呢？你目前取得了哪些成就？

Yes. Great question, Jeff. Look, this year, what has happened is we've had so much inbound interest on various markets. As I mentioned, two cell phone OEMs that we have development agreements that we had to make the batteries and these are actually the batteries that you see here that have been sampling to the customers. And then we had two different smart eyewear customers, and this is actually the batteries that we ship from our factory that go right into the leg here, two different sizes of that.

是的。傑夫，問得好。你看，今年發生的情況是，我們對各個市場都產生了極大的興趣。正如我之前提到的，我們與兩家手機OEM廠商簽訂了開發協議，由我們來生產電池，而您在這裡看到的這些電池，實際上就是我們一直在向客戶提供的樣品。然後我們有兩個不同的智慧眼鏡客戶，這些電池實際上是我們從工廠發貨的，可以直接安裝到這裡的支架上，有兩種不同尺寸的電池。

Then we had another IoT customer, which is potentially very high volume. That's a slightly different size. We had to make that one. Then we were making the battery for the defense contract that we had. So a lot of like five, six different cells that we're making. And the reason I tell you that is when you're making so many different sized cells, you have to constantly adjust the lasers, adjust our stackers to -- and the tooling to make each of those.

然後我們又迎來了一位物聯網客戶，這有可能帶來非常大的業務量。尺寸略有不同。我們必須做那件事。當時我們正在為我們承接的國防合約生產電池。所以，我們正在製造五、六種不同的細胞。我之所以告訴你這一點，是因為當你製造這麼多不同尺寸的單元時，你必須不斷調整雷射、調整我們的堆疊器以及製造每個單元所需的工具。

So we -- and these are just samples, right? We're talking hundreds and thousands of units. So we did not really spend that much effort and energy on optimizing for yields because by the time we got one done, you're just retooling it for the next one. Now we've given all the samples to the customers.

所以——這些只是樣本，對吧？我們說的是成百上千台設備。所以我們並沒有真正花費太多精力和心思去優化產量，因為當我們完成一個專案時，你只需要重新調整它來做下一個專案。現在我們已經把所有樣品都寄給客戶了。

We are focused on two markets, two products, which are shorter term for production like in '26, which is a bigger smartphone cell, this one and the smaller AR/VR cell. So these two cells is what we are focused on now. We have an Agility line, we have an HVM line. And since the last couple of months, the yields are coming up very nicely.

我們專注於兩個市場，兩種產品，它們的生產週期較短，例如​​ '26 款較大的智慧型手機電池，以及這款較小的 AR/VR 電池。所以，我們現在主要關注的是這兩個細胞。我們有敏捷型產品線，也有高產量型產品線。近幾個月來，產量成長勢頭非常強勁。

And I review this every week. Actually, every week, I have a meeting on execution and very pleased with the progress, particularly on the laser side and on the stacking side, they are where we expect it to be. And again, like I said, the high-volume production now is mid- to late next year. So we will be ready for benchmark yields by that time. So I feel pretty good that it's headed in the right direction, and we are focused on it now.

我每週都會複習一次。事實上，我每週都會開會討論執行情況，我對進展非常滿意，尤其是在雷射方面和堆疊方面，它們都達到了我們預期的目標。正如我之前所說，目前的大規模生產要等到明年年中到下半年。所以到那時，我們將做好迎接基準收益率的準備。所以我覺得事情正朝著正確的方向發展，我們現在正專注於此。

Great to hear. Maybe just as my second question, to follow up on Mark's prior question. Can you just be more specific as it relates to was there a scope change with Honor as it relates to their expectations? Or was there a form factor change or chemistry change?

聽到這個消息真是太好了。或許我的第二個問題是，作為馬克先前問題的補充。您能否更具體地說明一下，Honor 的預期是否發生了變化？或者說，產品外形尺寸或化學成分改變了？

I'm just trying to understand better the tweak that you made that then now has to go through this new validation testing cycle. I get that there was a change, but what was it driven by? And what was the nature of the change?

我只是想更能理解你所做的調整，現在這個調整需要經過新的驗證測試週期。我明白發生了變化，但這種變化是由什麼驅動的呢？這種變化的本質是什麼？

So when we send the samples to them, I think I mentioned last time, we were doing cycle life testing while they were doing cycle life testing, which means you charge your battery, discharge your battery, charge your battery, discharge the battery. You want to do it 1,000 times. Now we weren't -- we hadn't completed the cycle life testing before we shipped the battery. We had done some amount of cycle life. We sent it to them.

所以當我們把樣品寄給他們的時候，我想我上次提到過，我們和他們同時進行循環壽命測試，這意味著你要給電池充電，給電池放電，再給電池充電，再給電池放電。你想做1000次。當時我們還沒有完成——我們在發貨前還沒有完成電池的循環壽命測試。我們已經完成了一定量的循環壽命測試。我們已將其發送給他們。

They started doing it. Along the way, we noticed that the trend line is now such that to get past 1,000 cycles, we have to make a chemistry change, not a form factor change, not a scope change. So -- and we started validating that chemistry change, and we now have samples internally that we believe now will go all 1,000 cycles. And we are making batteries with that new chemistry now, and those should come out in Q4.

他們開始這麼做了。在這個過程中，我們注意到，目前的趨勢線是，要突破 1000 次循環，我們必須改變化學成分，而不是改變外形尺寸，也不是改變範圍。所以——我們開始驗證這種化學變化，現在我們內部有樣品，我們相信這些樣品可以完成全部 1000 個循環。我們現在正在用這種新的化學技術製造電池，這些電池應該會在第四季上市。

And this is a normal process in building a battery for the first time. Things take a little bit longer initially than we expect. But once you get the first one done, it's a whole lot easier because all the other smartphone customers have very similar requirements.

這是首次製造電池的正常過程。事情起初進展比我們預期的要慢一些。但是一旦你完成了第一個，事情就會容易得多，因為所有其他智慧型手機客戶的需求都非常相似。

Got it. Thank you. Appreciate it.

知道了。謝謝。謝謝。

Colin Rusch, Oppenheim.

科林魯什，奧本海姆。

Thanks so much, guys. Could you talk a little bit about the supply chain and preparedness? Certainly, there's been a lot of innovation around some of the anode materials that you guys could potentially use. And can you talk a little bit about what that opportunity set looks like as you work to advance some of the advanced applications that you're talking about here, both in the phone and the military markets?

非常感謝各位。能談談供應鏈和準備工作方面的情況嗎？當然，圍繞著一些你們可能可以使用的陽極材料已經有很多創新了。您能否談談在您致力於推進您在這裡提到的一些先進應用時，無論是在手機市場還是軍事市場，您所面臨的機會是什麼？

Yes, absolutely. So what we are finding now is, I think maybe just for the broader audience, we are an architecture first battery manufacturer in the sense that we can take advantage of higher capacity or higher voltage cathodes. We can take advantage of different kinds of silicon anodes. We can take advantage of the latest advances in electrolytes to build a great battery because the better the materials get, the better our battery and our energy density we provide gets because we control the swelling and we have intellectual property and how to mix these different materials.

是的，絕對的。所以，我們現在發現，或許對更廣泛的受眾來說，我們是一家架構優先的電池製造商，因為我們可以利用更高容量或更高電壓的陰極。我們可以利用不同類型的矽陽極。我們可以利用電解液的最新進展來製造出色的電池，因為材料越好，我們的電池性能就越好，我們提供的能量密度也就越高，因為我們可以控制膨脹，而且我們擁有混合這些不同材料的智慧財產權。

So to your point, what we are finding, Colin, is that there are quite a few now of silicon anode suppliers. We were using before a silicon anode called SiOx, which is some kind of oxide -- silicon oxide. Now we're using SiC, which is silicon carbon. But there's different variations of silicon carbon. For example, the size of the particle of the carbon or the shape of the particle is a little bit different.

所以，正如你所說，科林，我們發現現在矽陽極供應商相當多。我們之前使用的是一種叫做 SiOx 的矽陽極，它是一種氧化物－氧化矽。現在我們使用的是碳化矽（SiC）。但矽碳也存在不同的變異。例如，碳顆粒的大小或顆粒的形狀略有不同。

The way they're manufactured is different. So we are testing quite a few of them. We are sampling with one, but we have second source and third source on various one of these things. So it's an exciting time to be a battery manufacturer because we can take advantage of all these tremendous material innovations and provide better and better batteries.

它們的製造方法不同。所以我們正在測試其中相當一部分。我們正在使用一個樣本，但我們對其中的各種事物還有第二個和第三個來源。因此，對於電池製造商來說，這是一個令人興奮的時代，因為我們可以利用所有這些巨大的材料創新，提供越來越好的電池。

And can you talk a little bit about the laptop opportunity? You've heard a lot about the phones and eyewear. But certainly, you guys have a fairly sizable opportunity in laptops as well. And as you get through some of the validation on the phones, how quickly could you transition into some of these other opportunities given that it seems like once you get the first one done and dusted, a lot of folks are going to line up real quick for incremental demand?

您能談談筆記型電腦的銷售機會嗎？你已經聽說了很多關於手機和眼鏡的事情。當然，你們在筆記型電腦領域也擁有相當大的機會。隨著你在手機上完成一些驗證工作，考慮到一旦你完成了第一個驗證，很多人就會很快排隊等待後續的增量需求，你能多快過渡到其他一些機會呢？

Yes. I mean it's a very good question. I mean I think you see now what AI is doing to all the edge markets, right? I mean you can see now all the AI PCs that are coming out. We talked about AI applications and smartphones. AR market is just happening because of generative AI because you're able to now talk to these things. So almost all these end markets which use batteries at the edge, the demand is increasing and the performance requirements and the battery requirements are increasing.

是的。我的意思是，這確實是個很好的問題。我的意思是，我想你現在應該明白人工智慧正在對所有邊緣運算市場產生什麼影響了吧？我的意思是，現在市面上出現了各種各樣的人工智慧電腦。我們討論了人工智慧應用和智慧型手機。AR市場的興起正是由於生成式人工智慧，因為現在人們可以與這些設備進行對話。因此，幾乎所有在邊緣使用電池的終端市場，對電池的需求都在增加，對電池性能和電池容量的要求也在增加。

So laptops is a very exciting market. But again, for a small company like ours in early stage, we need focus. And I have been very focused on going after smartphones because I always believe that is the toughest battery to make, and we have a very good relationship with customers who are giving us requirements that we need to meet.

所以筆記型電腦市場是一個非常令人興奮的市場。但是，對於像我們這樣處於早期階段的小公司來說，我們需要專注於特定領域。我一直非常專注於智慧型手機電池的研發，因為我始終認為智慧型手機電池是最難製造的，而且我們與客戶保持著非常好的關係，他們會提出我們需要滿足的要求。

From then -- from there, once we make that battery, we will be able to very quickly address other markets. Similarly, you can -- you are seeing now how quickly we were able to address the smart glasses market because we have the smartphone technology. And I see the computers coming similarly. Once we get our smartphone battery ready and in production, we should be able to quickly go into the compute market.

從那時起——一旦我們製造出那種電池，我們將能夠非常迅速地開拓其他市場。同樣，你現在也看到了，我們能夠如此迅速地開拓智慧眼鏡市場，是因為我們擁有智慧型手機技術。我認為計算機的發展也會遵循類似的規律。一旦我們的智慧型手機電池準備就緒並投入生產，我們應該能夠迅速進入計算市場。

Because in that market, basically, what it is, is it's a bunch of smartphone batteries put together. That's one way you can think about it. It's not like one giant battery. It's a bunch of five batteries packed together. So packaging, battery management systems, those are the kind of things that we partner to get our battery technology into those markets.

因為在那個市場裡，它本質上就是一堆智慧型手機電池組裝在一起而已。這是你可以考慮的方式。它不像一個巨大的電池。這是由五個電池封裝在一起製成的。因此，包裝、電池管理系統等等，都是我們透過合作將我們的電池技術推向這些市場的方式。

So we are talking to some of those customers. But if anything, I'm holding back the team from getting too many samples out there because we don't have the scale to support all of them at once. I'd like to do 1 or 2 really well and then expand.

所以我們正在和其中一些客戶洽談。但實際上，我反而阻礙了團隊推出太多樣品，因為我們沒有足夠的規模同時支援所有這些樣品。我想先把一兩件事做好，然後再擴大規模。

Perfect. Thanks so much, guys.

完美的。非常感謝各位。

Ananda Baruah, Loop Capital.

Ananda Baruah，Loop Capital。

Hey, yeah, thanks, guys. Thanks for taking the question. Yes, I guess a couple of clarification for me. Raj, was it that you said first half 2026, expect initial production volumes with Honor?

嘿，是啊，謝謝大家。感謝您回答這個問題。是的，我需要澄清幾點。Raj，你之前是不是說過，預計2026年上半年會與Honor合作推出首批產品？

Yes. Again, it depends on how well the testing goes with them. I'm confident that what we're gaming this time will be really good in the sense of meeting the 1,000 cycle requirement. And if that goes really well, we'll find the right phone intersect for first half.

是的。這同樣取決於他們的測試結果如何。我相信我們這次玩的遊戲一定能達到 1000 次循環的要求。如果進展順利，我們將找到適合上半年的手機交集。

Got it. Awesome. Thanks for that. Got it. And then the second smartphone customer, was it production in 2026 is the goal? And then part B of that question is, you had mentioned that you're able to sort of go through the process more quickly with the second smartphone customer. Can you just give some context around that? How much more quickly, what parts of the process like that? And I got a quick follow-up.

知道了。驚人的。謝謝。知道了。那麼，第二個智慧型手機客戶的目標是否是 2026 年投產呢？然後，該問題的 B 部分是，您提到過，對於第二個智慧型手機客戶，您能夠更快地完成整個流程。你能提供一些背景資訊嗎？速度能提高多少？流程的哪些部分可以加快？我很快就收到了後續回覆。

Yes, sure. Yes, it's also targeted for second -- for next year's production, but probably the later half of next year because given where we are starting -- because what we need to get from them, we've given them some cells, they're not testing. And next step from them is to get the exact dimensions of the cell that will launch into production next year, towards later part of next year, fall is when typically they launch.

當然可以。是的，它也計劃在第二年投產——明年的生產，但可能要到明年下半年，因為考慮到我們目前的處境——因為我們需要從他們那裡得到一些東西，我們已經給了他們一些細胞，但他們還沒有進行測試。他們的下一步是確定明年下半年（通常是秋季）投入生產的電池的確切尺寸。

And we'll have some time to make the battery to the exact dimensions in the first half, give it to them and they'll put it through their phone and qualify it. Like, for example, as I mentioned, this 1,000 cycles testing, right? We've now figured out what it takes to get to 1,000 cycles, and we have that chemistry now that we'll be sampling end of this quarter -- in fourth quarter of this year. You can see now that the next customer will actually get samples that we would have validated for 1,000 cycles. So you can see this problem that we are now addressing would have been solved, right, because we got ahead of that.

上半場我們會有一些時間精確地製造電池尺寸，然後交給他們，讓他們用手機測試並進行驗證。例如，就像我剛才提到的，這個 1000 次循環測試，對吧？我們現在已經弄清楚了達到 1000 個循環需要什麼，我們現在掌握了這種化學方法，我們將在本季末（今年第四季）進行取樣。現在您可以看到，下一位客戶實際上將收到我們已經驗證過 1000 個循環的樣品。所以你可以看出，我們現在正在解決的這個問題本來是可以解決的，對吧，因為我們提前採取了行動。

And there's a lot of things we learned with our collaboration with Honor, how they do with the drop test, how they do cycle life test, how they do fast charge test, how the battery management system is controlled by them, what temperatures they store the batteries, how much swelling is allowed at various temperatures.

我們與榮耀的合作讓我們學到了很多東西，例如他們如何進行跌落測試、循環壽命測試、快速充電測試、電池管理系統的控制方式、電池的儲存溫度以及在不同溫度下允許的膨脹程度。

So there's a tremendous amount of know-how in how batteries are tested to get into smartphones, which we now have, thanks to our first customer. And that's helping us with the second one because the second one also gave us the requirements and we looked at it, we're like, wow, these look very similar to the ones we got for the first one. So we're now able to meet them much faster. And my expectation is that the rest of the market will have very similar requirements because they're all phones going into similar markets. So that's why my comment on the first one is the hardest for the ones after that will be a whole lot simpler.

因此，智慧型手機電池的測試方法中蘊含著大量的專業知識，而我們現在擁有了這些知識，這要感謝我們的第一位客戶。這對我們的第二個項目很有幫助，因為第二個項目也提出了要求，我們查看後發現，哇，這些要求和我們第一個項目的要求非常相似。所以我們現在能夠更快地滿足他們的需求。我預期市場上的其他產品也會有非常相似的要求，因為它們都是類似市場的手機。所以這就是為什麼我對第一個問題的評論最難，因為後面的問題就會簡單得多。

I got it. That's good for me. I appreciate it, guys. Thanks.

我得到了它。那對我有好處。謝謝各位。謝謝。

(Operator Instructions)

（操作說明）

Derek Soderberg, Cantor Fitzgerald.

德里克·索德伯格，康托·菲茨杰拉德。

Yeah, hey guys, thanks for taking the questions. So Raj, on the chemistry change, my understanding is the chemistry reformulation can take maybe multiple months, depending on how big of a change it is, I guess. Can you share like the time line from when you notice the issue to actually solving and integrating the new chemistry? And I guess what's maybe the risk that the new chemistry doesn't quite interact with the rest of the battery and you might need to reformulate it again?

嗨，各位，謝謝你們回答問題。所以 Raj，關於化學成分的改變，我的理解是，化學成分的重新調整可能需要幾個月的時間，這取決於改變的程度。能否分享一下從您注意到問題到實際解決並整合新化學成分的時間線？我猜想，新化學成分可能無法與電池的其他部分充分相互作用，導致需要重新配製的風險是什麼？

Yes. I mean, look, the way we operate is we have a bunch of different chemistries that we are constantly have as backups. If this one doesn't work, what do we do next? What do we do next, what is next? My engineering team has been studying these, again, for the last whole the last year.

是的。我的意思是，你看，我們的運作方式是，我們有很多不同的化學物質作為備用。如果這個方法行不通，我們下一步該怎麼辦？接下來我們該做什麼？下一步是什麼？我的工程團隊在過去一年一直在研究這些問題。

We picked one that we felt was -- had the best chance, but we had backups running at the same time to see what it would be if that one had some challenges. And now the backup, we've tweaked it and the results so far look very good. So I'm confident that the batteries we shipped this quarter will meet.

我們選擇了我們認為最有希望的方案，但我們同時也運行了備用方案，以防該方案出現一些問題。現在備份部分，我們已經進行了調整，目前看來效果非常好。所以我相信我們本季出貨的電池能夠滿足要求。

But we have other backups running to them if those need another tweak. I don't believe we'll need one more, but we're always good to be prepared with multiple chances, right? The unfortunate thing about this, Derek, these are not like chips where we can do simulation and figure out what will happen, what will not. Like, for example, when I used to build processors, we'd have a simulation model.

但如果這些備份需要進一步調整，我們還有其他備份方案。我不認為我們需要再多一次機會，但多準備幾次總是沒錯的，對吧？德里克，不幸的是，這些不像晶片那樣，我們可以進行模擬，找出會發生什麼，不會發生什麼。例如，我以前組裝處理器的時候，我們會使用模擬模型。

We would do analysis. We'd know what to do and then tools will help you do it. And when you tape out, you're pretty much guaranteed to get it. Unfortunately, in batteries, you just have to run for 1,000 cycles before you -- before you know if you got it. That's just the nature of it. But the good news is once you get it, you have it. So the first one is hard, but I feel pretty confident, but let's see how it goes.

我們會進行分析。我們會知道該怎麼做，然後工具會幫助你完成它。如果你用膠帶黏起來，幾乎肯定能得到它。遺憾的是，對於電池來說，你必須運行 1000 次循環才能知道你是否成功。這就是事物的本質。但好消息是，一旦你得到了它，你就擁有了它。第一題比較難，但我覺得很有信心，不過讓我們看看結果如何。

Got it. No, I appreciate that. And then as my follow-up, Ryan, as you're looking into some of these potential agreements, I think ASPs have maybe changed since you guys have kind of last spoken about maybe a revenue breakeven point for the company.

知道了。不，我很感激。然後，Ryan，作為我的後續問題，在你研究這些潛在協議的時候，我認為自從你們上次討論公司的收入盈虧平衡點以來，平均售價可能已經發生了變化。

So as you guys sort of start to ramp to multiple customers, can you maybe share maybe what that revenue breakeven point is for you guys or anything else maybe on the near-term profitability model, if you update -- if you need to update margins or anything like that, can you share any of that detail now that you guys are sort of moving towards commercialization here next year?

隨著你們開始逐步拓展客群，能否分享一下你們的營收損益平衡點是多少？或是關於近期獲利模式的其他信息，例如如果需要更新利潤率或其他類似數據，能否分享一下這方面的細節？畢竟你們明年就要開始商業化了。

Yes. No, I think, look, fundamentally, I think we like where the market is going in terms of valuing our technology in our product. I'll stay consistent with what we've said in the past that an important milestone for us is to get multiple HVM lines in place build out in Fab2, and that's why we've started that process.

是的。不，我認為，從根本上講，我們喜歡市場對我們產品中技術價值的認可方向。我會堅持我們過去的說法，那就是對我們來說，一個重要的里程碑是在 Fab2 工廠建成多條 HVM 生產線，這就是我們啟動這一進程的原因。

In addition to getting lots of operational benefits of being able to switch over lines and run multiple products, it helps get to a certain level of scale. And it's really beyond that point. So Line 2, Line 3 that we think gets us to where we're gross margin positive and able to absorb the overhead. This is on a non-GAAP basis. And then really, it's as we march towards filling Fab2 with equipment and getting full utilization there that we see as being adjusted EBITDA positive or a proxy for cash flow positive.

除了能夠切換生產線和運行多種產品帶來許多業務上的好處之外，它還有助於達到一定的規模。而事實遠不止如此。所以我們認為，第 2 行、第 3 行可以讓我們實現毛利率為正，並且能夠吸收管理費用。這是按非GAAP準則計算的。而真正讓我們看到調整後 EBITDA 為正，或者說現金流為正，是隨著我們逐步將 Fab2 裝滿設備並實現滿載運作而實現的。

Got it. Really appreciate it.

知道了。非常感謝。

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

目前沒有其他問題了。接下來，我將把電話交給拉傑‧塔盧裡博士，請他作總結發言。

Yes. Thanks, everyone, for the thoughtful questions and joining us today. To close, I want to bring it back to the big picture. Enovix is entering one of the most important phases in our company's history, which is taking our breakthrough technology and scaling it to commercial production. We have a clear line of sight to that goal.

是的。感謝大家提出寶貴問題，也感謝大家今天參與我們的節目。最後，我想把話題拉回大局。Enovix 正進入公司歷史上最重要的階段之一，那就是將我們的突破性技術擴展到商業化生產。我們距離目標已經非常明確了。

Our AI-1 platform has been validated by third-party Polaris Labs as the highest energy density battery ever reported in a smartphone. Our lead smartphone and smart eyewear programs are progressing towards launch. Our manufacturing capabilities at Fab2 are ramping steadily. And we've delivered -- we have strengthened the balance sheet, and we secured the capital we need to execute. And we built a team that knows how to deliver.

我們的 AI-1 平台已通過第三方 Polaris Labs 的驗證，是智慧型手機中迄今為止能量密度最高的電池。我們的旗艦智慧型手機和智慧眼鏡專案正在穩步推進，即將發布。我們在Fab2的生產能力正在穩步提升。我們已經實現了目標——我們加強了資產負債表，並獲得了執行所需的資金。我們組建了一支懂得如何交付成果的團隊。

While qualifications and ramp cycles take time, what matters most that we are on the right path, with the right partners, with the right technology and with the resources to see through. I am incredibly proud of what the team around the world has accomplished, and I'm confident in the road ahead. Thank you once again for your continued support and for your interest in Enovix. We look forward to updating you on our progress next quarter. Thank you.

雖然資格認證和啟動週期需要時間，但最重要的是我們走在正確的道路上，擁有正確的合作夥伴、正確的技術和足夠的資源來實現目標。我為全球團隊所取得的成就感到無比自豪，並且對未來的道路充滿信心。再次感謝您一直以來的支持與對Enovix的關注。我們期待在下個季度向您報告我們的進展。謝謝。