Eos Energy Enterprises Inc (EOSE) 2024 Q2 法說會逐字稿

Ladies and gentlemen, thank you for standing by. My name is Desiri, and I will be your conference operator today. At this time, I would like to welcome everyone to the EOS Energy’s second quarter 2024 earnings conference call. (Operator Instructions)

女士們先生們，謝謝你們的支持。我叫 Desiri，今天我將擔任你們的會議操作員。此時此刻，我歡迎大家參加 EOS Energy 2024 年第二季財報電話會議。（操作員說明）

I would now like to turn the conference over to Liz Higley, Director of Investor Relations. Please go ahead.

我現在想將會議交給投資者關係總監 Liz Higley。請繼續。

Yeah. Good morning, everyone, and thanks for joining us for EOS's financial results and conference call for the second quarter 2024. On the call today, we have EOS CEO, Joe Mastrangelo, and CFO, Nathan Kroeker. Before we begin, allow me to provide a disclaimer regarding forward-looking statements.

是的。大家早安，感謝您參加我們的 EOS 2024 年第二季財務業績和電話會議。今天的電話會議有 EOS 執行長 Joe Mastrangelo 和財務長 Nathan Kroeker。在開始之前，請允許我提供有關前瞻性陳述的免責聲明。

This call, including the Q&A portion of the call, may include forward-looking statements, including but not limited to, current expectations with respect to future results and outlook for our company, and statements regarding our ability to secure final approval of a loan from the Department of Energy LPO or our anticipated use of proceeds from any loan facility provided by the US Department of Energy, which are subject to certain risks, uncertainties, and assumptions.

本次電話會議（包括電話會議的問答部分）可能包括前瞻性陳述，包括但不限於對我們公司未來業績和前景的當前預期，以及有關我們獲得貸款最終批准的能力的陳述能源部LPO 或我們對美國能源部提供的任何貸款融資的收益的預期用途，這些都受到某些風險、不確定性和假設的影響。

Should any of these risks materialize or should our assumptions prove to be incorrect, our actual results may differ materially from our expectations or those implied by these forward-looking statements. The risks and uncertainties that forward looking statements are subject to are described in our SEC filings.

如果這些風險中的任何一個成為現實，或者我們的假設被證明是不正確的，我們的實際結果可能與我們的預期或這些前瞻性陳述所暗示的結果有重大差異。我們向 SEC 提交的文件中描述了前瞻性陳述所面臨的風險和不確定性。

Forward-looking statements represent our beliefs and assumptions only as of the date such statements are made. We undertake no obligation to update any forward-looking statements made during this call to reflect events or circumstances after today, or to reflect new information or the occurrence of unanticipated events, except as required by law.

前瞻性陳述僅代表我們截至做出此類陳述之日的信念和假設。我們沒有義務更新本次電話會議期間所做的任何前瞻性陳述以反映今天之後的事件或情況，或反映新資訊或意外事件的發生，除非法律要求。

The conference call will be available for replay via webcast through EOS Investor relations website at investors.eose.com. Joe and Nathan will walk you through the company highlights, financial results, and business priorities before we proceed to Q&A. With that, I'll now turn the call over to EOS CEO, Joe Mastrangelo.

電話會議將透過 EOS 投資者關係網站 Investors.eose.com 進行網路直播重播。在我們進行問答之前，喬和內森將向您介紹公司亮點、財務表現和業務重點。現在，我將把電話轉給 EOS 執行長 Joe Mastrangelo。

Thanks, Liz. Good morning, everyone. Thanks for joining us for our second quarter earnings call. Let's start off with our operational highlights page. Just a couple of things to give context around the numbers. Upper left-hand side of the page where we talk about our commercial pipeline.

謝謝，莉茲。大家早安。感謝您參加我們的第二季財報電話會議。讓我們從我們的營運亮點頁面開始。只需提供一些有關數字的背景資訊即可。頁面的左上角是我們談論我們的商業管道的地方。

That $13.8 billion represents nearly a $500 million increase over last quarter, which continues to show the opportunity that we have to position EOS technology out in the marketplace.

這 138 億美元意味著比上個季度增加了近 5 億美元，這繼續表明我們有機會在市場上定位 EOS 技術。

Nathan will walk through more on booked orders and order backlog in his section, but we continue to see traction and I'll go through some more details about what we've seen since the end of June to today, since announcing the closing of the service financing and how that's impacting this top line on the page.

內森（Nathan）將在他的部分詳細介紹預訂訂單和訂單積壓，但我們繼續看到牽引力，我將詳細介紹自6 月底到今天（自宣布關閉以來）我們所看到的情況的更多詳細資訊服務融資及其對頁面頂行的影響。

On the bottom, we've now gotten to 4 gigawatt hours of discharge energy, with the majority of that coming from out in the field we continue to see the potential of technology and the technology working and continuing to deliver performance for our customers.

在底部，我們現在已經達到了 4 吉瓦時的放電能量，其中大部分來自現場，我們繼續看到技術的潛力，並且技術正在發揮作用，並繼續為我們的客戶提供性能。

On the revenue side in Q2, revenue of $900,000 really impacted and driven by two things; one, planned, which was the implementation of the state-of-the-art line, which we knew we would slow down our production rate as we were bringing the line in place.

在第二季的收入方面，90 萬美元的收入確實受到兩件事的影響和推動；一是計劃中的，即實施最先進的生產線，我們知道當我們將生產線安裝到位時，我們的生產率會降低。

When you really think about what the team did with the state-of-the-art line, they basically took what was an empty building at the beginning of the quarter and basically transformed it into our first automated state of the art production line in around 60 days. Tremendous performance there.

當你真正思考團隊如何使用最先進的生產線時，他們基本上採用了本季初的一座空建築，並將其基本上改造成我們第一條最先進的自動化生產線。那裡的表演非常精彩。

The second piece driving when you see where revenue was as we were going through and working with Cerberus, and I'll talk more about their investment thesis and the process that we went through. But we went through a very detailed due diligence process with Cerberus.

第二部分是當你看到我們正在經歷並與 Cerberus 合作時的收入情況時，我將更多地談論他們的投資論文和我們經歷的過程。但我們與 Cerberus 進行了非常詳細的盡職調查過程。

And as we got into the quarter, we really made the decision to preserve capital to get us to what we thought would be the closing point of the quarter. So we preserve capital around bringing in working capital and really focused on getting the line up and running. And that's why you see the $900,000 revenue in the quarter.

當我們進入本季度時，我們確實做出了保留資本的決定，以使我們能夠達到我們認為的本季的結束點。因此，我們圍繞引入營運資金保留資本，並真正專注於生產線的啟動和運作。這就是您看到本季收入為 900,000 美元的原因。

Nathan will also walk through the $52 million in cash. But what I'd say overall, really strong performance by the team, truly to me, amazing when you think about the implementation of the state-of-the-art line. I'll give some more details on that later. And then continuing to see the technology work out in the field, really very important things.

內森還將分發這 5,200 萬美元的現金。但總的來說，我想說的是，當你想到最先進的生產線的實施時，團隊的表現非常出色，對我來說確實令人驚嘆。稍後我將提供更多詳細資訊。然後繼續看到該技術在該領域的應用，這確實是非常重要的事情。

And when you think about the three things we've always talked about as it relates to growing on orders, customers being able to come and see the state-of-the-art line, check technology working out in the field now at 4 gigawatt hours, or 3.6 gigawatt hours happening at customer locations.

當您想到我們一直在談論的三件事時，因為它涉及訂單增長、客戶能夠來參觀最先進的生產線、檢查目前在該領域運行的技術是否達到 4 吉瓦小時，即客戶所在地發生的3.6 吉瓦小時。

And the third piece of that being financing. I'll talk more about how our relationship and the investment with Cerberus helps us position to grow for the future. So we go to the next page on our recent achievements. The biggest achievement, I think, in the second quarter was securing the strategic investment from Cerberus.

第三部分是融資。我將更多地討論我們與 Cerberus 的關係和投資如何幫助我們在未來發展。因此，我們將進入下一頁介紹我們最近的成就。我認為第二季最大的成就是獲得了 Cerberus 的策略投資。

Really a phenomenal job by the entire team. And I like to recognize Nathan Kroeker and Michael Silverman, who really quarterbacked this process through and got us to the finish line, to really have a partner that now has, we've secured financing for us to position the company to get to profitability.

整個團隊的工作確實非常出色。我想感謝內森·克羅克(Nathan Kroeker) 和邁克爾·西爾弗曼(Michael Silverman)，他們真正支持了這一過程並讓我們到達了終點線，真正擁有了現在擁有的合作夥伴，我們已經為我們獲得了融資，使公司能夠實現盈利。

We brought the state-of-the-art line into commercial production at the end of the quarter, which I talked about. This is just one of these things where what I right now tell the team is what was a dream is now a reality. And you find yourself when you're walking to a meeting, and you walk past the line that you somewhat get distracted just watching how the line works and the work that's been done by Chris Dellinger and the team has just been fantastic to see that line now up and producing batteries.

正如我所談到的，我們在本季末將最先進的生產線投入商業生產。這只是其中之一，我現在告訴團隊的是夢想現在已經成為現實。當你步行去開會時，你會發現自己在走過隊伍時會有些分心，只是看著隊伍如何運作以及 Chris Dellinger 和團隊所做的工作，看到這條隊伍真是太棒了現在開始生產電池。

And then last one, something we're announcing today, we are selected by Bloomberg New Energy Finance as a tier one energy storage supplier. I think the big thing here is we're one of five US companies and one of two alternate technology battery manufacturers selected to be on this list.

最後，我們今天宣布，我們被彭博新能源財經選為一級儲能供應商。我認為這裡最重要的是，我們是入選此名單的五家美國公司之一，也是兩家替代技術電池製造商之一。

Really shows how the team has gone from, you know, six years ago, an R&D company into an operating company recognized by one of the preeminent voices in the new energy space. I think it just can need to continue head down, getting work done. But getting this type of recognition really does motivate the team as they come in every day to go to work.

真實地展示了該團隊如何從六年前的研發公司轉變為受到新能源領域傑出聲音之一認可的營運公司。我認為它只需要繼續埋頭完成工作。但獲得這種類型的認可確實會激勵團隊每天上班。

Third page. You know, why Cerberus chose EOS. This is a page I think everybody should kind of read through, digest. I'm not going to talk through the bullet points, but we wanted to share with you what Cerberus shared with us after we closed the loan and why they invested in EOS.

第三頁。你知道為什麼 Cerberus 選擇了 EOS。我認為每個人都應該通讀、消化這一頁。我不會詳細討論要點，但我們想與您分享 Cerberus 在我們結束貸款後與我們分享的內容以及他們投資 EOS 的原因。

And I think it validates many of the points that we talked about over the years that we've been a public company. I think the level of detail that Cerberus went through in their due diligence is something that we've never gone through as a company in securing financing and really having them go out and talk to third parties, work with customers, talk to suppliers, just validated what the team has done and how we're positioning the company for the future.

我認為這證實了我們多年來作為一家上市公司所討論的許多觀點。我認為 Cerberus 在盡職調查中所經歷的詳細程度是我們作為一家公司在獲得融資方面從未經歷過的，並且真正讓他們出去與第三方交談，與客戶合作，與供應商交談，只是驗證了團隊所做的事情以及我們如何為公司未來定位。

I'd say some of the biggest things for us, I'll talk about a little bit more on the next page, are access to not only internal expertise in Cerberus to help make EOS a better company, but also just the broader network that Cerberus has out in the marketplace. In many avenues that allows EOS to play bigger and play like that tier one supplier that BNEF recognized recently.

我想說對我們來說最重要的事情，我將在下一頁詳細討論，不僅是獲得 Cerberus 的內部專業知識以幫助使 EOS 成為一家更好的公司，而且還包括更廣泛的網絡Cerberus 已上市。在許多方面，EOS 可以發揮更大的作用，並像 BNEF 最近認可的一級供應商一樣發揮作用。

The second piece of this, I would say, as you think about how this positions us is, we talked about that third leg to the stool and commercial orders on financing and Cerberus and their access to the capital markets is allowing us to really think about how do we facilitate customer projects to go from an opportunity, an LOI, a late-stage order into a book to order. Being able to work with them and use their financial expertise to do that is going to pay dividends as we move forward.

第二部分，我想說的是，當你思考這對我們的定位時，我們討論了融資和 Cerberus 的第三條腿和商業訂單，以及它們進入資本市場的機會讓我們真正思考我們如何促進客戶項目從機會、意向書、後期訂單轉變為預訂訂單。能夠與他們合作並利用他們的財務專業知識來做到這一點將為我們的前進帶來紅利。

If we go to the following page with some of the tailwinds, we signed a 960-megawatt hour letter of intent with a new customer that was brought in and introduced to us by Cerberus and that deal will close subject to their final financing.

如果我們進入下一頁，看到一些順風車，我們與 Cerberus 引入並介紹給我們的新客戶簽署了一份 960 兆瓦時的意向書，該交易將根據他們的最終融資完成。

But really exciting as we start to really sit down and talk about how the technology works and the use cases that the technology can deliver on, there's also been an additional 11 customer factory visits. Again, we talk about come see the line, see batteries being produced, show that the company is a real operating company.

但真正令人興奮的是，當我們開始真正坐下來討論技術的工作原理以及技術可以實現的用例時，還有另外 11 家客戶工廠參觀。再次，我們談到來看看生產線，看看正在生產的電池，並表明該公司是一家真正的營運公司。

We've had 11 customers come into the factory since announcing the closing of the deal. Our short-term pipeline has gone up 6 gigawatt hours and we've got 17 plus gigawatt hours of longer, of longer-term market opportunities that we've not yet reflected in our pipeline slide that Nathan's talked about, because the majority of that has happened subsequent to closing the second quarter.

自宣布交易結束以來，已有 11 位客戶來到工廠。我們的短期管道已增加 6 吉瓦時，我們還有 17 多吉瓦時的長期市場機會，但我們尚未在內森談到的管道幻燈片中反映出來，因為其中大部分發生在第二季度結束後。

But you're really starting to see activity in the marketplace around the excitement of having a long-term strategic investor in the company. On the right-hand side of the page around operational excellence, one of the things that we're going to be doing is implementing an operating council where we're going to be bringing in expertise from Cerberus and also bringing in the experts that we have on our own board to sit down and really work with the team to help position us to start delivering more reliably as we move forward.

但你確實開始看到市場上的活動圍繞著公司擁有長期策略投資者而令人興奮。在關於卓越營運的頁面右側，我們要做的一件事是建立一個營運委員會，我們將在其中引入 Cerberus 的專業知識，並引入我們的專家 我們有自己的董事會成員坐下來，真正與團隊合作，幫助我們在前進的過程中開始更可靠地交付。

I'm very excited about having the expertise in the room. It helps make our team better and will help make the company better in the short term and in the long term. We've also continued to identify new cost out opportunities, both on design, materials and looking at contract manufacturing for various components of our system.

我對房間內擁有專業知識感到非常興奮。它有助於讓我們的團隊變得更好，也有助於讓公司在短期和長期變得更好。我們也繼續尋找新的成本節約機會，包括設計、材料以及系統各個組件的合約製造。

As we continue to evolve and move towards that goal of 100% US content over the next 18 to 24 months, we've also been able to accelerate the work on our proprietary software. This has been great, to be able to sit down and work through how we want to position the company for the long-term.

隨著我們在未來 18 到 24 個月內不斷發展並朝著 100% 美國內容的目標邁進，我們也能夠加快專有軟體的開發工作。這真是太棒了，能夠坐下來討論我們希望如何長期定位公司。

Having secured the financing and knowing that we execute the financing is there, has allowed us as a leadership team to take a step back and think about the company more strategically. We've always talked about software being a key component of the long-term strategy for EOS, and now we're really focused on accelerating that and bringing that to market faster and continuing to build up the capabilities that we talked about.

在獲得融資並知道我們執行融資後，我們作為領導團隊可以退後一步，更具策略性地思考公司。我們一直在談論軟體是 EOS 長期策略的關鍵組成部分，現在我們真正專注於加速這一進程，更快地將其推向市場，並繼續建立我們所談論的功能。

If you go back and think about what we talked about in our December strategic outlook, we're now accelerating on that, on that strategy that we laid out end of last year. And then as we've closed the financing, we're starting to work with many of our tier one suppliers on how they can expand their relationships with us on improved terms to enable us to deliver faster, deliver at lower cost and really deliver to the marketplace.

如果你回想一下我們在 12 月的策略展望中所討論的內容，我們現在正在加速實施我們去年年底制定的策略。然後，當我們完成融資時，我們開始與許多一級供應商合作，研究他們如何以更好的條件擴大與我們的關係，使我們能夠更快地交付，以更低的成本交付，並真正交付給市場。

So all in all, when you really look at this, you know, work through the second quarter, I'd summarize like a lot of the effort of the entire company was getting a closing on the financing from Cerberus. And then once that financing was closed and announced, we quickly shifted to getting the line into commercial production, getting customers in to see how the line works, and then how do we really position ourselves to deliver on both our growth and profitability goals that we've laid out previously.

總而言之，當你真正審視這一點時，你知道，整個第二季度的工作，我都會總結整個公司的許多努力都是為了完成 Cerberus 的融資。然後，一旦融資完成並宣布，我們迅速轉向將生產線投入商業生產，讓客戶了解生產線的工作原理，然後我們如何真正定位自己以實現我們的增長和盈利目標之前已經佈置過了。

And I think we're off to a good start there with more to come as we go through the second half of the year. Now, if we go to the next section and talk about operational scale and manufacturing capacity, if we move to the next page, just some shots of the state-of-the-art line. We are rapidly approaching the 10 second cycle time as we continue to go through.

我認為我們已經有了一個好的開端，下半年我們將取得更多進展。現在，如果我們進入下一部分並討論營運規模和製造能力，如果我們進入下一頁，則只是最先進生產線的一些鏡頭。隨著我們繼續進行，我們正在迅速接近 10 秒的循環時間。

And really this is less about the mechanical performance of the line and more about the software integration around part tracking and quality metrics and being able to work through various aspects of building a high-quality battery at overall 10 second cycle time, we feel really good about the work that the team is doing.

事實上，這與生產線的機械性能無關，更多的是圍繞零件跟踪和質量指標的軟體集成，以及能夠在 10 秒的總循環時間內完成構建高質量電池的各個方面，我們感覺非常好關於團隊正在做的工作。

We validated all of our subassembly processes for quality, which is important. You know, what goes into that box that then becomes a battery is as important as the box itself. You know, as you think about what we did in second quarter, you know, we aligned our direct labor costs to the production volume and then tried to manage through our manufacturing overhead to be able to minimize the impact of slowing down production while implementing the line and continuing to position ourselves to grow production as we scale into the capacity of the line over the second half of the year.

我們驗證了所有組件流程的質量，這很重要。您知道，放入盒子中然後成為電池的東西與盒子本身一樣重要。你知道，當你思考我們在第二季度所做的事情時，你知道，我們將直接勞動力成本與產量掛鉤，然後嘗試透過我們的製造費用進行管理，以便能夠最大限度地減少生產放緩的影響，同時實施隨著我們在下半年擴大生產線的產能，我們將繼續做好產量成長的準備。

And we achieved and we continued to work our direct material cost out targets and we're now at 66%, which is up around 11 points versus the last time we talked to you at the end of 1Q, so the team continues to deliver on that roadmap we laid out in December. As we move forward, you know, you know, the biggest item here, and Nathan will talk about it in his section, is improving our labor and overhead utilization.

我們實現並繼續努力實現直接材料成本目標，現在達到 66%，比我們上次在第一季末與您交談時上升了約 11 個百分點，因此團隊繼續交付我們在 12 月制定了路線圖。隨著我們前進，你知道，你知道，這裡最大的項目，內森將在他的部分中討論它，是提高我們的勞動力和管理費用利用率。

And that labor and overhead utilization comes with volume coming through on the line and comes with really getting to stabilize performance and normalize performance and then getting the team to execute on the plan that we laid out. But that's critical to us. As you think about the cost out targets that we, that we laid out at the beginning of the year, we continue to fine tune that line performance.

勞動力和管理費用的利用率隨著生產線的數量而增加，並且隨著真正穩定性能和標準化性能，然後讓團隊執行我們制定的計劃而出現。但這對我們來說至關重要。當您考慮我們在年初制定的成本目標時，我們將繼續微調該生產線的效能。

You don't stop with just implementing the line. There's many things that we started to look at of how you can do lean manufacturing and stigma around various components of the line to continue to refine and improve performance and training the workforce for this new work environment that we operate in.

你不會只是停留在實現這條線上。我們開始考慮如何圍繞生產線的各個組件進行精益製造和恥辱，以繼續完善和提高績效，並為我們營運的新工作環境培訓員工。

Good news is, in one of those 11 customer visits that we've had here in the month of July, one of the customers mentioned to us that they've never seen a factory that looked as clean and it was as safe as when they walked through and saw the state-of-the-art line in production.

好消息是，7 月我們拜訪了 11 名客戶，其中一位客戶向我們提到，他們從未見過一家工廠像他們剛來時那樣乾淨、安全。

So we just got to train the workforce to work in this new environment as we move forward. We're also in the process of testing higher density materials for to achieve our Q4 cost out target. If you go back and think about what Francis Richey talked about in December and the work that he was doing on the inside of the battery, what's in the box, if you will.

因此，隨著我們的前進，我們只需培訓員工在這個新環境中工作。我們也正在測試更高密度的材料，以實現我們的第四季成本目標。如果你回想一下 Francis Richey 在 12 月談到的內容以及他在電池內部所做的工作，盒子裡有什麼，如果你願意的話。

We continue to deliver on that. Those materials are on test and some preliminary positive results, but we've got to continue working towards that and then cutting that in to production as we get into the fourth quarter. And then the big one here as we move forward, is just automating our sub assembly processes to then take the line capacity up from what we forecasted to we think is entitlement around that and then allow us to position for line number two as we continue to see the growth in the marketplace.

我們將繼續兌現這項承諾。這些材料正在接受測試，並取得了一些初步的積極成果，但我們必須繼續為此努力，然後在進入第四季度時將其投入生產。然後，當我們前進時，這裡最重要的就是自動化我們的子組裝流程，然後將生產線容量從我們預測的提高到我們認為的權利，然後允許我們在繼續生產時定位第二條生產線看到市場的增長。

So really, you know, great performance by the team, still work left to do, but very encouraging about the foundation that we've laid and what we can build around what we now have positioned in Turtle Creek to grow the company going forward. If we now move over to the commercial opportunity pipeline and orders backlog before I turn this over to Nathan to walk through the pipeline metrics, I just want to spend a moment on what we're seeing in the marketplace.

所以說真的，你知道，團隊的出色表現，還有很多工作要做，但我們已經奠定的基礎以及我們可以圍繞我們現在在Turtle Creek 的定位進行的建設以推動公司向前發展，這非常令人鼓舞。如果我們現在轉向商業機會管道和訂單積壓，然後再交給內森來了解管道指標，我只想花一點時間討論我們在市場上看到的情況。

The left-hand side of this page really talks about new long duration energy storage requirements. Everybody kind of thinks about this. I just want to peel back a little bit here. The proverbial onion, if you will, to talk about how use cases are evolving in the marketplace. When we talk about long duration energy storage, and we say going above six to eight hours, we're starting to see in the marketplace is it's not a straight six to eight hour discharge.

本頁的左側實際上討論了新的長期儲能要求。每個人都會思考這個問題。我只是想在這裡稍微剝離一下。如果你願意的話，可以用眾所周知的洋蔥來談論用例在市場中如何演變。當我們談論長時間儲能時，我們說超過六到八小時，我們開始在市場上看到它不是直接六到八小時的放電。

It's multiple discharge cycles in a day for different durations, which our battery can handle and actually was designed to be able to do that. So when you're looking at a deeper duck curve or double peaks in a day, you're talking about discharging and charging the technology multiple times in a day, which is a key differentiator in our product.

這是一天內不同持續時間的多個放電週期，我們的電池可以處理這些放電週期，而且實際上是為了能夠做到這一點而設計的。因此，當您在一天內查看更深的鴨子曲線或雙峰時，您正在談論的是一天內多次放電和充電技術，這是我們產品的關鍵差異化因素。

Now, in the middle of this, we've always talked about, you know, you read a lot of the news. We've always talked about, you know, EOS, we're a good neighbor, right? We're manufacturing in the USA. We're NDAA compliant, which is very important from a grid and an energy security standpoint.

現在，在這中間，我們總是談論，你知道，你讀了很多新聞。我們一直在談論，你知道，EOS，我們是一個好鄰居，對吧？我們在美國製造。我們符合 NDAA 要求，從電網和能源安全的角度來看，這非常重要。

We're certified safe. Product is non-flammable. It's non-flammable from the point it's made to when it's transported to when it's installed to when it's operated. We're functionally silent. You know, our units out in the field when you stand by them, probably wouldn't be any louder than my voice right now.

我們已獲得安全認證。產品不易燃。從製造到運輸、安裝到運行，它都是不可燃的。我們在功能上保持沉默。你知道，當你站在我們的部隊在戰場上時，他們的聲音可能不會比我現在的聲音更大。

Whereas if you think about other technologies in the field when they're up and running, it's like having a police siren going off continuously throughout the day, and then we're fully recyclable at the end of our, at the end of our useful life. You know, this is important because we can come back and we look at, you know, what's inside the battery.

然而，如果你考慮一下該領域的其他技術，當它們啟動並運行時，就像警笛全天不斷響起，然後我們在我們的有用的結束時完全可回收。你知道，這很重要，因為我們可以回來看看電池裡面有什麼。

We can, we can repurpose the electrolyte and bring it back to its original state. We can reuse the felt that's inside the battery, and the plastics can be recycled all through normal recycling processes, processes that exist today. So what does all that mean if you're buying our technology? Well, the right-hand side of this page talks about a new way of thinking about levelized cost of storage.

我們可以，我們可以重新利用電解質並將其恢復到原始狀態。我們可以重複利用電池內部的毛氈，並且塑膠可以透過正常的回收過程（當今存在的過程）進行回收。那麼，如果您購買我們的技術，這一切又意味著什麼？好吧，本頁的右側討論了一種思考平準化儲存成本的新方法。

The dark green line is EOS. The yellow line is the incumbent technology out in the marketplace. Given the fact of our load degradation and nothing having to do augmentation, and also the fact that you can multiple cycle during the day, we can deliver more revenue for our customers over the life cycle of a project over 25 years.

深綠線是EOS。黃線是市場上現有的技術。考慮到我們的負載下降且無需進行任何增強，以及您可以在一天中多次循環這一事實，我們可以在超過 25 年的專案生命週期中為客戶帶來更多收入。

Now, how does that translate? You know, everybody likes to talk about, well, your CapEx is a little higher. True point, there is higher CapEx driven by the power density that we have. But you got to weigh the power density off with the factors I talked about in the middle of the page. Same time people talk about, well, your RT is a little bit lower than lithium ion.

現在，這要怎麼翻譯呢？你知道，每個人都喜歡談論，你的資本支出有點高。確實如此，我們擁有的功率密度驅動了更高的資本支出。但你必須權衡功率密度與我在頁面中間談到的因素。同時，人們談論，嗯，你的 RT 比鋰離子低一點。

Also, a true statement. But because we don't augment at the midpoint of a project life cycle, because we can do peak shifting along with ancillary energy services and deliver more energy, and because we can do multiple cycles in a day, the total energy that a customer can deliver is significantly higher than what you get with an incumbent technology.

另外，一句真實的話。但是，因為我們不會在專案生命週期的中點進行擴充，因為我們可以與輔助能源服務一起進行調峰並提供更多能源，並且因為我們可以在一天內進行多個週期，所以客戶可以使用的總能源交付的成果明顯高於現有技術所獲得的成果。

So when we talk to customers and we're educating them on how this product is different and how it delivers different benefits and how it delivers different use cases that are emerging as the market evolves, our levelized cost of storage advantage can be up to 30% over a 25-year project lifecycle.

因此，當我們與客戶交談並向他們介紹該產品有何不同、如何提供不同的優勢以及如何提供隨著市場發展而出現的不同用例時，我們的平均儲存成本優勢可高達 30 25 年專案生命週期的百分比。

That this page here is really what we go through when we're outselling. When Nathan talks about the pipeline, that's what we're doing as we're moving every step of the way down that pipeline. Now, you lay on top of this. What I talked about earlier, with having access to stronger financial partners to bring financing to our customers, it becomes a very compelling offer.

這一頁確實是我們在銷售超額時所經歷的。當內森談到管道時，這就是我們正在做的事情，因為我們正在沿著管道推進每一步。現在，你躺在上面。我之前談到的，透過與更強大的金融合作夥伴合作為我們的客戶提供融資，它成為一個非常有吸引力的報價。

What I'd like to do now is take that backdrop and now turn it over to Nathan to walk through our pipeline and then go through the financials. Thanks for listening.

我現在想做的就是把這個背景交給內森，讓他檢查我們的管道，然後檢查財務狀況。感謝您的聆聽。

Thanks, Joe, and thanks everybody for joining us this morning. I will spend the rest of our time walking through our commercial pipeline, talk about how we've strengthened the balance sheet along with our second quarter performance, and then we will wrap up with an outlook for the balance of 2024.

謝謝喬，也謝謝大家今天早上加入我們。我將用剩下的時間來介紹我們的商業管道，討論我們如何加強資產負債表以及第二季度的業績，然後我們將對 2024 年的業績展望進行總結。

Moving into our commercial pipeline. We are excited to see increased activity and corresponding growth following the announcement we made with Cerberus in late June. As of June 30, our pipeline was nearly $14 billion, representing 52 gigawatt hours of storage, including a $1.4 billion in signed letters of intent, which are primarily waiting upon successful commercialization of first project deployment and customer financing.

進入我們的商業管道。繼 6 月底我們與 Cerberus 宣布之後，我們很高興看到活動的增加和相應的增長。截至6 月30 日，我們的管道價值近140 億美元，相當於52 吉瓦時的儲存量，其中包括價值14 億美元的已簽署意向書，這些意向書主要等待第一個專案部署和客戶融資的成功商業化。

It should be noted that the commercial tailwinds we have seen following the strategic investment are just beginning to be reflected in these numbers, as there was only four days of the quarter remaining when we made the announcement.

應該指出的是，我們在戰略投資之後看到的商業順風才剛開始反映在這些數字中，因為當我們宣布這一消息時，本季度只剩下四天了。

More specifically, the 960-megawatt hour letter of intent that we signed in July, will be included in our pipeline when we update it for the third quarter, and we expect that LOI to become a booked order upon closing of customer financing.

更具體地說，我們在 7 月簽署的 960 兆瓦時意向書將在我們更新第三季時納入我們的管道中，我們預計意向書將在客戶融資結束後成為預訂訂單。

As we've highlighted in prior quarters, we are now tracking to 2.2 gigawatt hours in late-stage approvals, which generally include projects awaiting financing, government grants or other shortlisted projects.

正如我們在前幾個季度所強調的那樣，我們現在正在追蹤後期批准的 2.2 吉瓦時，其中通常包括等待融資、政府撥款或其他入圍項目的項目。

The 4% increase in commercial pipeline quarter-over-quarter reflects the healthy churn of new projects moving in and through the pipeline as Joe discussed earlier. We feel very good about our total pipeline and we're seeing positive changes in the overall mix as we shift toward utility scale project opportunities with blue chip customers, and we continue to see positive movement towards grid scale deployment with several major utilities.

正如 Joe 之前所討論的，商業管道項目環比增長 4%，反映出新項目的健康流失。我們對我們的總管道感覺非常好，隨著我們轉向與藍籌客戶的公用事業規模專案機會，我們看到整體組合的積極變化，並且我們繼續看到與幾家主要公用事業公司朝著電網規模部署的積極進展。

Our backlog as the quarter end was $587 million, which is up 10% from this time last year but slightly lower than last quarter. During the quarter, we booked an additional 25 megawatt hours for an expansion of our Maada'oozh project with Indian Energy, bringing the total project size up to 60 megawatt hours designed to enhance grid resiliency for the Viejas tribal band in Alpine, California.

截至季末，我們的積壓訂單為 5.87 億美元，比去年同期成長 10%，但略低於上季。本季度，我們與 Indian Energy 合作預訂了額外 25 兆瓦時的 Maada'oozh 項目擴建項目，使項目總規模達到 60 兆瓦時，旨在增強加州阿爾派恩 Viejas 部落地區的電網彈性。

This is our largest order to date that is being funded by the California Energy Commission and we look forward to continuing to deliver storage in the state of California going forward. Now moving into our backlog, the change you see in overall value was due to the renegotiation of an existing MSA that included several leases where we were able to amend the terms in order to remove certain components and improve the overall economics and make better use of our balance sheet.

這是我們迄今為止最大的訂單，由加州能源委員會資助，我們期待繼續在加州提供儲存服務。現在進入我們的積壓工作，您看到的整體價值的變化是由於現有 MSA 的重新談判，其中包括幾項租賃，我們能夠修改條款，以刪除某些組件並提高整體經濟效益並更好地利用我們的資產負債表。

This is a good example of how we continue to work with each of our customers to enhance the overall quality of our backlog and pipeline. Turning to the next page, I want to spend some time talking about the cash requirements to get us to profitability and fund future capacity expansion. At the end of June, we announced a strategic investment of up to $315.5 million from an affiliate of Cerberus Capital Management to support our growth plans.

這是我們如何繼續與每位客戶合作以提高我們的積壓訂單和管道的整體品質的一個很好的例子。翻到下一頁，我想花一些時間討論現金需求，以使我們實現盈利並為未來的產能擴張提供資金。6 月底，我們宣布從 Cerberus Capital Management 的一家附屬公司獲得高達 3.155 億美元的策略投資，以支持我們的成長計畫。

This investment comes during a secular shift in global energy markets where the demand for safe alternatives to incumbent battery technologies is increasing and the world is facing significant energy growth, along with an increased focus on higher energy independence and security. As Joe discussed earlier, the capital investment will be instrumental in enabling us to deliver a differentiated product, a safe and simple energy storage solution with proprietary software capabilities.

這項投資是在全球能源市場長期轉變的背景下進行的，其中對現有電池技術的安全替代品的需求不斷增加，世界正面臨能源的顯著增長，以及對更高能源獨立性和安全性的日益關注。正如喬之前所討論的，資本投資將有助於我們提供差異化的產品、安全且簡單的具有專有軟體功能的能源儲存解決方案。

The investment is structured as a $210.5 million delayed draw term loan, of which $75 million was funded at closing. The remaining $135 million will be funded over the coming months as we deliver on our business plan and achieve certain operational and financial milestones. In addition to the term loan, there is a $105 million revolver that we may draw upon if required at Cerberus discretion.

該投資的結構為 2.105 億美元的延遲提取定期貸款，其中 7,500 萬美元在交割時已到位。剩餘的 1.35 億美元將在未來幾個月內提供資金，幫助我們實現業務計劃並實現某些營運和財務里程碑。除了定期貸款外，如果 Cerberus 酌情需要，我們還可以動用 1.05 億美元的左輪手槍。

Given the equity interest that Cerberus has in the business, they are incentivized to ensure that we have sufficient growth capital to get to profitability and this revolver provides that additional flexibility and growth capital should it be needed. The structure was very intentional as we believe the $210 million is sufficient to get us to positive operating cash flow in 2025.

鑑於 Cerberus 在該業務中擁有的股權，他們有動力確保我們有足夠的成長資本來實現盈利，而這種左輪手槍在需要時提供了額外的靈活性和成長資本。這個結構是經過深思熟慮的，因為我們相信 2.1 億美元足以讓我們在 2025 年實現正營運現金流。

But then we also added the revolver for added flexibility in the event that it is needed to accelerate future lines to meet customer demand. This transaction enhances our ability to continue working with the DOE to close the previously announced conditional commitment for a loan guarantee.

但隨後我們也添加了左輪手槍，以便在需要加快未來生產線以滿足客戶需求的情況下增加靈活性。這項交易增強了我們繼續與能源部合作以完成先前宣布的貸款擔保有條件承諾的能力。

With our immediate capital needs met, Cerberus is now working alongside us on the DOE loan closing process. While we believe the Cerberus facility provides us with the cash needed to get to profitability, we view the DOE loan as a way to further accelerate and increase capacity at a lower cost of capital than the Cerberus revolver and as shareholders, Cerberus is motivated to assist us in getting the loan closed.

在滿足我們當前的資本需求後，Cerberus 目前正在與我們一起完成能源部貸款結清流程。雖然我們相信Cerberus 貸款為我們提供了實現盈利所需的現金，但我們認為能源部貸款是一種以比Cerberus 左輪手槍更低的資本成本進一步加速和提高產能的方式，並且作為股東，Cerberus 有動力協助我們完成貸款。

One of the immediate benefits of the Cerberus investment was giving us the ability to retire our $100 million existing senior secured term loan for $27 million, of which $20 million has already been paid and the remaining $7 million will be payable over the next 12 months. This strengthens our balance sheet and puts us on a stronger foundation from which to execute on our growth plans.

Cerberus 投資的直接好處之一是讓我們能夠以 2,700 萬美元的價格償還 1 億美元的現有高級擔保定期貸款，其中 2,000 萬美元已經支付，剩餘的 700 萬美元將在未來 12 個月內支付。這增強了我們的資產負債表，並為我們執行成長計畫奠定了更堅實的基礎。

Now before getting into the second quarter financial results, let me provide an update on our cash position and a bit more detail on future funding milestones and how they're designed to operate.

現在，在介紹第二季度財務業績之前，讓我提供有關我們現金狀況的最新信息，以及有關未來融資里程碑及其運作方式的更多詳細信息。

We ended the quarter with $52.5 million in cash on the balance sheet, not including $5.1 million in short and long-term restricted cash, which relates to the minimum liquidity on the Cerberus loan and several required escrow deposits.

本季結束時，我們的資產負債表上有 5,250 萬美元現金，不包括 510 萬美元短期和長期限制性現金，這與 Cerberus 貸款的最低流動性和幾筆所需的託管存款有關。

The initial funding of $75 million under the Cerberus loan was funded on June 21. The net amount to the balance sheet was $50 million. After deal fees, original issue discount and payments to terminate the Atlas loan. The remaining three tranches may be drawn in the amounts of $30 million, $65 million, and $40.5 million on August 31, October 31, and then January 31, 2025, upon the achievement of certain milestones.

Cerberus 貸款的 7500 萬美元初始資金已於 6 月 21 日到位。資產負債表淨額為 5,000 萬美元。支付交易費用後，原始發行折扣和付款以終止 Atlas 貸款。其餘三筆金額分別為 3,000 萬美元、6,500 萬美元和 4,050 萬美元，具體可在 8 月 31 日、10 月 31 日和 2025 年 1 月 31 日在實現某些里程碑後提取。

With August 31 upon us, we are very focused on meeting and exceeding the first performance milestones and we continue to make positive strides on all areas of the business. Lastly, while balancing the commissioning of our state of the art manufacturing line and closing on the Cerberus investment, we've been very focused on minimizing cash burn and optimizing working capital to support our ongoing operations and strategic initiatives.

8 月 31 日即將到來，我們非常專注於實現並超越第一個業績里程碑，並繼續在業務的所有領域取得積極進展。最後，在平衡我們最先進的生產線的調試和完成 Cerberus 投資的同時，我們一直非常注重最大限度地減少現金消耗和優化營運資本，以支持我們持續的營運和戰略舉措。

As a proactive measure to conserve capital in the second quarter, we made the decision to scale back production volumes and prioritize shipping new product from our new line. While we still expect to be at negative contribution margins in the short term, we have a clear path to positive contribution margins before year end as we scale our production on the state-of-the-art line.

作為第二季節省資本的積極措施，我們決定縮減產量並優先從新生產線運送新產品。雖然我們仍然預期短期內的邊際貢獻率為負，但隨著我們在最先進的生產線上擴大生產規模，我們有一條明確的途徑在年底前實現正邊際貢獻。

We have also been taking measures to increase cash inflows and enhance our liquidity as we monetize our tax credits and collect on customer milestone payments. During the quarter, we entered into tax credit purchase agreements to sell our 2023 and first quarter 2024 production tax credits.

我們也一直在採取措施增加現金流入並增強流動性，將稅收抵免貨幣化並收取客戶里程碑付款。在本季度，我們簽訂了稅收抵免購買協議，以出售 2023 年和 2024 年第一季的生產稅收抵免。

We received $3.4 million in cash, representing a 10% discount on the face value of these credits. We anticipate continuing these transactions and as we ramp up production, we have seen increased interest in future tax credit purchases at smaller discounts, which equates to more cash on the balance sheet when we sell future credits.

我們收到了 340 萬美元現金，相當於這些積分面額 10% 的折扣。我們預計這些交易將繼續進行，並且隨著我們提高產量，我們發現人們對以較小折扣購買未來稅收抵免的興趣有所增加，這相當於我們出售未來稅收抵免時資產負債表上有更多現金。

In addition, customer deposits and milestone payments continue to be a source of cash to fund our working capital requirements as we ramp up operations. We continue to see positive momentum with our commercial activity and we anticipate an increase in deposits as pipeline begins to convert to booked orders.

此外，隨著我們擴大運營，客戶存款和里程碑付款仍然是滿足我們營運資金需求的現金來源。我們繼續看到商業活動的積極勢頭，並且隨著管道開始轉換為預訂訂單，我們預計存款會增加。

With that, let's get into our financial results. In the second quarter, revenue was $0.9 million, which is down compared to $6.6 million in Q1, but higher than the prior year period, primarily due to increased component and commissioning revenue.

接下來，讓我們來看看我們的財務表現。第二季營收為 90 萬美元，比第一季的 660 萬美元有所下降，但高於去年同期，這主要是由於組件和調試收入的增加。

As we discussed in our Q1 call, we expected Q2 revenue to be significantly lower as we focused on debugging and initiating commercial production on our first state of the art manufacturing line, while also transitioning to our new lower cost battery module and scaling back production volumes to conserve capital as we closed the server's transaction.

正如我們在第一季電話會議中討論的那樣，我們預計第二季度的收入將大幅下降，因為我們專注於在我們的第一條最先進的生產線上進行調試和啟動商業生產，同時也過渡到我們新的低成本電池模組並縮減產量為了節省資金，我們關閉了伺服器的交易。

Cost of goods sold was $14.1 million, a 26% increase compared to prior year. While there are a lot of ins and outs that flow through this line item, there are really only two significant things that happened with COGS this quarter. First, we had increased project costs associated with several more customer sites that are now undergoing installation and commissioning than we had a year ago.

銷售成本為 1,410 萬美元，比上年增長 26%。雖然此訂單項目有很多細節，但本季的銷貨成本實際上只發生了兩件重要的事情。首先，與一年前相比，我們增加了與更多客戶站點相關的專案成本，這些客戶站點現在正在進行安裝和調試。

And second, we delivered more units at a lower cost per unit than last year, with the primary deliveries being Z3 units to a 2020 customer in New Jersey that has provided access to their site as an opportunity to showcase our new Z3 system to prospective customers. While providing a valuable test case for customers, the upgrading of the energy story systems on this demo site resulted in increased costs this quarter without any associated revenue.

其次，我們以比去年更低的單位成本交付了更多的設備，其中主要交付的是2020 年新澤西州客戶的Z3 設備，該客戶提供了訪問其網站的機會，有機會將我們的新Z3 系統展示給潛在客戶。雖然為客戶提供了有價值的測試案例，但該演示站點上能源故事系統的升級導致本季成本增加，但沒有任何相關收入。

As we increase our production going forward, the fixed cost components of labor and factory overhead will be absorbed across a greater number of units, driving down per unit costs and supporting our path to profitability.

隨著我們未來產量的增加，勞動力和工廠管理費用的固定成本部分將被更多的單位吸收，從而降低單位成本並支持我們的獲利之路。

Other operating expenses for the quarter totaled $15.8 million, which is 33% lower than the prior year, mainly driven by a 95% decrease in asset write downs and a 14% decrease in SG&A and R&D expenses. Other operating expenses included $2.3 million, or 14% of non-cash items, including stock-based compensation, depreciation, amortization, and asset write downs.

本季其他營運費用總計 1,580 萬美元，較上年同期下降 33%，主要是由於資產減記減少 95%，以及 SG&A 和研發費用減少 14%。其他營運支出包括 230 萬美元，即非現金項目的 14%，包括股票薪酬、折舊、攤提和資產減記。

Operating loss in the quarter was $29 million, a 16% improvement compared to the prior year. Excluding non-cash items such as stock-based compensation, depreciation, amortization and PPE write-offs, our operating loss was $25.5 million.

該季度營運虧損為 2,900 萬美元，比上年同期減少 16%。不包括股票薪酬、折舊、攤提和 PPE 沖銷等非現金項目，我們的營運虧損為 2,550 萬美元。

Net loss to shareholders for the quarter was $28.2 million, compared to a net loss of $131.6 million in the prior year. The net loss in the quarter included a $68.5 million gain on the extinguishment of the Atlas term loan finally, let's shift our focus to our 2024 outlook on the next slide.

本季股東淨虧損為 2,820 萬美元，而上一年淨虧損為 1.316 億美元。本季的淨虧損包括最終取消 Atlas 定期貸款帶來的 6,850 萬美元收益，讓我們將注意力轉移到下一張投影片中的 2024 年展望。

Regarding our revenue estimates for 2024, we continue to expect to realize between $60 million and $90 million based on our current production plans and anticipated customer delivery schedules. However, with the timing of the capital investments and the ramp up of the new line, we're probably not going to be at the upper end of that range come year end.

關於 2024 年的收入預測，根據我們目前的生產計劃和預期的客戶交付時間表，我們繼續預計實現 6,000 萬至 9,000 萬美元的收入。然而，隨著資本投資的時機和新生產線的增加，到年底我們可能不會達到該範圍的上限。

As Joe mentioned earlier, we have achieved 66% of our direct material cost out target and continue to deliver on our cost out road map, giving us line of sight to positive contribution margin for the end of this year, contribution margin being defined as revenue, less direct labor and direct materials, including the benefit of the production tax credits.

正如 Joe 之前提到的，我們已經實現了 66% 的直接材料成本支出目標，並繼續實現我們的成本支出路線圖，這使我們能夠看到今年年底的積極邊際貢獻，邊際貢獻被定義為收入，減少直接勞動力和直接材料，包括生產稅收抵免的好處。

Before we close for today, I want to remind everybody that we have our special shareholders meeting coming up in September and we look forward to talking to you then. With that, I want to thank everybody for their time today. I would now like to turn it over to the operator for questions. Operator?

在今天結束之前，我想提醒大家，我們將於 9 月召開特別股東大會，我們期待屆時與您交談。在此，我要感謝大家今天抽出寶貴的時間。我現在想把它交給接線員詢問。操作員？

Thank you. We will now begin the question-and-answer session. (Operator Instructions)

謝謝。我們現在開始問答環節。（操作員說明）

Chip Moore, Roth.

奇普摩爾、羅斯。

Good morning. Hey everybody. Thanks for taking the question. Congrats on the achievements this quarter. I wanted to ask about Cerberus. You talked about their network and playing bigger, just maybe talk about what they bring to commercial development, whether that's data center or other opportunities.

早安.嘿大家。感謝您提出問題。恭喜本季取得的成就。我想問一下關於塞伯魯斯的事情。你談到了他們的網絡和做大，也許只是談談他們為商業發展帶來了什麼，無論是資料中心還是其他機會。

And then you talked about exploring financing solutions to help drive customer adoption. Maybe just expand a bit upon that.

然後您談到探索融資解決方案以幫助推動客戶採用。也許只是對此進行擴展。

Hey, Chip. Good morning. How are you? As it relates to data centers, there's multiple avenues that we can go through. I mean, obviously, first off, Cerberus has a large real estate portfolio that we can leverage into that tie into data centers as far as customers that they may have the same time, just at a $60 billion-plus company, they've got a lot of connections with a lot of different players in the marketplace that have opened up and made introductions for us as far as who we can talk to.

嘿，奇普。早安.你好嗎？由於它與資料中心相關，因此我們可以採取多種途徑。我的意思是，顯然，首先，Cerberus 擁有龐大的房地產投資組合，我們可以利用這些投資組合與資料中心建立聯繫，只要他們可能同時擁有客戶，就在一家價值超過 600 億美元的公司，他們擁有與市場上許多不同參與者的聯繫已經建立，並為我們介紹了我們可以交談的對象。

And that's generating pipeline of opportunities and then around financing, not direct financing per se from servers themselves, but obviously in the network that they have with other financial players is bringing us in to discuss the portfolio of opportunities that we have and the opportunity for other financial players to finance projects that we have.

這正在產生機會管道，然後圍繞融資，不是來自服務器本身的直接融資，而是顯然在他們與其他金融參與者的網絡中，我們正在討論我們擁有的機會組合以及其他人的機會金融參與者為我們擁有的項目提供資金。

So it's really multifaceted when you think about the gateways that they bring to us. And as we've been going through here the first 30 days, we're working on all of those to see where those come out, along with continuing what we were doing before.

因此，當您考慮它們為我們帶來的門戶時，它確實是多方面的。正如我們在前 30 天經歷的那樣，我們正在研究所有這些問題，看看結果如何，同時繼續我們之前所做的事情。

That’s helpful, Joe. And just curious in general, how customer tone has changed since you announced the deal. I guess particularly for those utility backed projects that take a bit longer and they're a little more cautious, what you're seeing there?

這很有幫助，喬。總的來說，我很好奇，自從您宣布這項交易以來，客戶的語氣發生了怎樣的變化。我想特別是對於那些需要更長的時間並且更加謹慎的公用事業支援的項目，您在那裡看到了什麼？

Yeah, I mean, Chip, when you look at utility backed projects, the ones that we're executing on, we continue to execute on. I think it brings a sense of somewhat surety of the company being able to deliver at the same time with newer projects that we might have been discussing.

是的，我的意思是，奇普，當你看看公用事業支援的項目時，我們正在執行的項目，我們將繼續執行。我認為這給公司帶來了一種確定感，即公司能夠同時交付我們可能正在討論的新專案。

It now brings being able to say that you've secured financing to get to profitability now gives people the confidence that the project is going to be delivered where there was a question mark before.

現在，您可以說您已獲得融資以實現盈利，這讓人們有信心該專案將在之前存在問號的地方交付。

It's like what I said in my earlier remarks of what I tell the team. What's once a dream or a vision is now a reality of us executing to realizing our potential. I think customers like that versus a lot of the uncertainty that we had surrounding the company before we got the financing from servers.

這就像我之前在對團隊的演講中所說的那樣。曾經的夢想或願景現在已成為現實，我們正在努力實現我們的潛力。我認為客戶喜歡這樣，而不是在我們從伺服器獲得融資之前我們對公司存在許多不確定性。

Got a couple. If I could sneak one more in just on the milestones. Yeah. The biggest risks that you see there or how comfortable you are with those milestones, and then remind us, I think you have sort of two shots on goal, sort of getting to ultimate goals out in. I think it's April next year. Thank you.

有一對。如果我能在里程碑上再偷偷溜一趟就好了。是的。你在那裡看到的最大風險，或者你對這些里程碑的適應程度，然後提醒我們，我認為你有兩次射門機會，有點接近最終目標。我認為是明年四月。謝謝。

Yeah. Obviously, we feel good about the milestones that we have. They're in line with the financial objectives that we laid out to begin with for the company, and we'll work through those to go through with the ultimate goal being of achieving the milestones in April.

是的。顯然，我們對所取得的里程碑感到滿意。它們符合我們一開始為公司設定的財務目標，我們將努力完成這些目標，最終目標是在四月實現里程碑。

But we want to achieve all the milestones as we go through and we execute on the plan that we have, because that ties to the financial plan that we've had in the estimates that we've published to the market.

但我們希望在執行計劃時實現所有里程碑，因為這與我們向市場發布的估計中的財務計劃有關。

Thank you.

謝謝。

Martin Malloy, Johnson Rice.

馬丁·馬洛伊，約翰遜·賴斯。

Good morning. Congratulations on all the progress you're making. I wanted to ask about the ramp in production capacity to the 8 gigawatt hours. Could you maybe talk about some of the factors that would influence that? And now that you've got more confidence on the financing side, any update there in terms of the pace of ramping that potentially moving beyond the 8 gigawatt hours?

早安.恭喜您所取得的所有進步。我想問一下產能提升至 8 吉瓦時的情況。您能否談談影響這一點的一些因素？既然您對融資方面有了更多信心，那麼關於可能超越 8 吉瓦時的產能增長速度方面有什麼更新嗎？

So Martin, I think the one thing that doesn't change for EOS is just we'll expand capacity as we have the order book. And I think the way that we built the company was when you really look at closing orders and delivering projects, you know, you're talking about, you know, a 12 to 18 month timeline to be able to do that, where expanding capacity can be done in a lower amount of that time.

所以馬丁，我認為 EOS 不會改變的一件事就是我們將在擁有訂單的情況下擴大產能。我認為我們建立公司的方式是當你真正考慮關閉訂單和交付項目時，你知道，你正在談論，你知道，能夠做到這一點的 12 到 18 個月的時間表，其中擴大產能可以在更少的時間內完成。

Now, obviously, as we see the pipeline strengthening and orders getting close to getting close to closing, we will make a decision on adding the second, third, and fourth line as demand comes in, and that can obviously be accelerated as demand accelerates and then beyond the 8 gigawatt hours.

現在，顯然，當我們看到管道加強和訂單接近關閉時，我們將決定隨著需求的增加而增加第二、第三和第四條生產線，並且隨著需求的加速和增加，這顯然可以加速。

I mean, we've always said, like, we've been relatively conservative on the market share that we thought EOS would be able to gain as we've grown. And we've always thought of being bigger than an 8 gigawatt hour manufacturer. So we will go through and evaluate locations that would allow us to optimize logistics costs if we were to think about doing a factory number two.

我的意思是，我們總是說，我們對市場份額相對保守，我們認為隨著我們的發展，EOS 將能夠獲得市場份額。我們一直想成為比 8 吉瓦時製造商更大的公司。因此，如果我們考慮建造第二家工廠，我們將仔細檢查並評估可以優化物流成本的地點。

But the thing about the way the line is designed and the way the capacity costs are designed is that you don't need a massive, massive factory to gain economies of scale. Actually doing it in smaller chunks, closer to where the demand is, lowers your logistics costs and reduces the cycle time to bring, to bring projects online.

但生產線的設計方式和產能成本的設計方式是，你不需要一個龐大的工廠來獲得規模經濟。實際上，以較小的區塊進行，更接近需求地點，可以降低您的物流成本並縮短專案上線的周期時間。

So that's how we would think about that. We haven't really thought about, you know, factory two as of yet, but, you know, that would be the plan long-term as the company continues to grow, hopefully.

這就是我們的想法。到目前為止，我們還沒有真正考慮過二號工廠，但是，隨著公司不斷發展，這將是一項長期計劃。

Okay. And then as a follow up question, just wanted to try to get your sense as to how important the domestic content is in the customer decision making process?

好的。作為一個後續問題，我只是想了解您對國內內容在客戶決策過程中的重要性的看法？

Martin, it's becoming very important. I mean, I'll let Nathan talk through that because he's been doing a lot of work on that.

馬丁，這變得非常重要。我的意思是，我會讓內森來討論這個問題，因為他在這方面做了很多工作。

Yeah, I would say. Martin, good morning. I would say it depends on the customer and the use case. Everybody's focused on the domestic content and the bonus credit. I think where we really bring additional value is with our 91% domestic content tracking towards 100.

是的，我會說。馬丁，早安。我想說這取決於客戶和用例。每個人都專注於國內內容和獎勵積分。我認為我們真正帶來額外價值的是我們 91% 的國內內容接近 100。

You know that if a developer is putting solar and storage, you know, into a project and they're using us made steel, we have the ability for them to unlock bonus credits on the entire project.

您知道，如果開發商將太陽能和儲存設備投入到一個專案中，並且他們使用我們製造的鋼材，我們就有能力讓他們解鎖整個專案的獎金積分。

And there's real value there. That is a significant increase in the overall IRR for the project. So again, we'll work through with customers in terms of sizing every individual project and make sure they can capitalize on that value.

那裡有真正的價值。這意味著該項目的整體 IRR 顯著增加。同樣，我們將與客戶一起確定每個項目的規模，並確保他們能夠利用該價值。

So I think it's customer by customer, but it's a key part of the discussion.

所以我認為這是逐個客戶的，但這是討論的關鍵部分。

And I think, Martin, inside of that, it's not just. I would just add, like, it's not just the total number. You know, we sit above 90% on US content today. It's not just that total number that's important, it's the components within that and being NDAA compliant, because that's a guarantee around grid security and how your software works and all of your printed circuit boards and things that you have in your project.

我認為，馬丁，這不僅僅是如此。我想補充一點，這不僅僅是總數。您知道，我們今天的美國內容佔比超過 90%。重要的不僅僅是總數，還包括其中的組件以及是否符合 NDAA，因為這是圍繞電網安全、軟體工作方式以及所有印刷電路板和項目中的東西的保證。

And I think that becomes also important as the company looks for a higher degree of energy independence in the future.

我認為，隨著公司未來尋求更高程度的能源獨立性，這也變得非常重要。

Thank you. I'll turn it back.

謝謝。我會把它轉回來。

(Operator Instructions) Ryan Pfingst, B. Riley.

（操作員說明）Ryan Pfingst、B. Riley。

Hey, good morning, guys. Thanks for taking my questions. Can you just talk about potential risks to certain parts of the business or to the DOE loan if we do get a change in US administration?

嘿，早上好，夥計們。感謝您回答我的問題。您能否談談如果美國政府確實發生變化，某些業務或能源部貸款可能面臨的風險？

Right. I really wouldn't know how to, how to answer that other than to say that. I think both, both sides of the aisle agree that US manufacturing is important. I think what we've laid out as far as the financing that we have in the partnership with Cerberus, that's financing that gets us to profitability and self-funding the business as we grow going forward.

正確的。除了這麼說，我真的不知道該怎麼回答。我認為兩黨都同意美國製造業很重要。我認為，就我們與 Cerberus 合作的融資而言，我們所製定的融資方案是讓我們在未來發展過程中實現盈利並自籌資金的融資。

And I think that's what we're focused on. While also focusing on closing the DOE loan. I think around closing the DOE loan, it's important for everyone to realize that we had a major change in the capital structure of this company a little over 30 days ago, which have required us to go back and work through some of the, some of the terms and conditions on the loan.

我認為這就是我們關注的重點。同時也專注於結束能源部貸款。我認為，在結束能源部貸款時，每個人都必須認識到，我們公司的資本結構在 30 多天前發生了重大變化，這要求我們回去解決一些、一些問題。

And we continue to work on that with the DOE LPO along with Cerberus. And you know, one of the things that we're really working on with them is the inter creditor agreement. Now that a new creditor has come in and we were able to retire the Atlas debt as part of the service financing.

我們將繼續與 DOE LPO 以及 Cerberus 合作解決這個問題。你知道，我們真正與他們合作的事情之一是債權人間協議。現在有了新的債權人，我們能夠作為服務融資的一部分償還 Atlas 債務。

We meet regularly with the DOE and in fact, the team will be in Washington next week to continue that work. And we're confident that we'll be able to close that loan here in the future and we'll just continue to work on that while at the same time.

我們定期與能源部會面，事實上，該團隊將於下週前往華盛頓繼續這項工作。我們相信，我們將來能夠在這裡結束這筆貸款，同時我們將繼續努力。

I've always said, Ryan, that we've designed this business to utilize any kind of programs that are there, but not to be dependent upon that for our success. But I think what everyone agrees with is we want more manufacturing in the United States.

瑞安，我總是說，我們設計這項業務是為了利用現有的任何類型的程序，但我們的成功並不依賴這些程序。但我認為每個人都同意我們希望美國有更多的製造業。

We want energy security as we move forward. And we need energy storage whether you're using renewables or fossil fuel to power the future of the country, we're going to need energy storage. And EOS provides all three of those things. And that's what we just have to keep working on.

我們在前進的過程中需要能源安全。我們需要能源存儲，無論您使用再生能源還是化石燃料來為國家的未來提供動力，我們都需要能源儲存。EOS 提供了這三件事。這就是我們必須繼續努力的。

Yeah, makes sense. Thanks for that color. And I guess just one second one. Just curious what the mix looks like today for the current pipeline from a customer type perspective, between utilities, IPP's and smaller customers?

是的，有道理。謝謝那個顏色。我猜只有一秒鐘。只是好奇從客戶類型的角度來看，當前管道在公用事業、IPP 和小型客戶之間的組合是什麼樣的？

Yeah, I think it's consistent with how it's been in the past. We try to maintain a portfolio in the pipeline and in the backlog. No different from your personal investment allocation. Right. You want diversification there.

是的，我認為這與過去的情況是一致的。我們嘗試在管道和待辦事項中維護投資組合。與您的個人投資分配沒有什麼不同。正確的。你想要那裡的多元化。

Different types of customers move at different pace, have different motivators. We're very happy to have a combination of IPP's utility backed developers. You know, we've got smaller projects, commercial and industrial projects, micro grid applications.

不同類型的客戶以不同的速度行動，有不同的動機。我們很高興擁有 IPP 公用事業支援的開發商的組合。你知道，我們有較小的專案、商業和工業專案、微電網應用。

So it's a good portfolio. We have never given a detailed breakdown of that, but I would say the overall mix is consistent with where it's been in the past, and we continue to focus our business development efforts across those various customer segments.

所以這是一個很好的投資組合。我們從未對此進行過詳細分析，但我想說，整體組合與過去的情況一致，並且我們將繼續將業務開發工作重點放在這些不同的客戶群上。

Great, thanks for all that and congrats on all the progress here.

太好了，感謝您所做的一切，並祝賀這裡取得的所有進展。

There are no further questions at this time. Mr. Joe Mastrangelo, our CEO, I turn the call back over to you.

目前沒有其他問題。我們的執行長 Joe Mastrangelo 先生，我將電話轉回給您。

Thank you, and thanks everyone for listening today. Again, a lot to be proud of in the second quarter. Focus moving forward growing the business, scaling the line, driving down costs as we get through the second half of the year, again, I'd like to congratulate everyone that works at EOS for all the hard work in what was a very uncertain environment.

謝謝大家，也謝謝大家今天的收聽。同樣，第二季度有很多值得驕傲的事情。我們下半年的重點是發展業務、擴大生產線、降低成本，我想再次祝賀所有在 EOS 工作的人，他們在非常不確定的環境中付出了辛勤的努力。

As we move forward now, we know what the path is to get to profitability, and that's delivering on the plan to unlock the financing to grow the company into what is a secular shift in the energy industry.

隨著我們現在的前進，我們知道實現盈利的途徑是什麼，這就是落實釋放融資的計劃，使公司發展成為能源產業的長期轉變。

And thank all of our customers who have the faith to place purchase orders with us and all of our shareholders for investing their money and working with us as we grow the company. We'll continue head down, focused on the goal and getting the hard work done.

感謝所有有信心向我們下採購訂單的客戶，感謝所有股東投入資金並與我們一起發展公司。我們將繼續埋頭苦幹，專注於目標，完成艱苦的工作。

As I've said many times in my more than 30-year career, this is by far the hardest thing I've ever done, but also the most rewarding when you see progress. So thanks everyone for listening, and we'll keep everyone updated, look forward to talking in September in our special shareholder meeting.

正如我在 30 多年的職業生涯中多次說過的那樣，這是迄今為止我做過的最困難的事情，但也是當你看到進步時最有成就感的事情。感謝大家的聆聽，我們會及時向大家通報最新情況，期待在 9 月的特別股東大會上進行討論。

Ladies and gentlemen, this concludes today's conference call. You may now disconnect.

女士們、先生們，今天的電話會議到此結束。您現在可以斷開連線。