Eos Energy Enterprises Inc (EOSE) 2024 Q3 法說會逐字稿

Good morning and welcome to the EOS Energy Enterprises third quarter, 2024. Conference call. As a reminder, today's call is being recorded and your participation implies consent to such recording. At this time. All participants are in a listen-only mode, a brief question and answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please press star zero on your telephone keypad. With that. I'd like to turn the call over to Liz Higley, Director of Investor Relations. Thank you. You may begin.

早安，歡迎來到 EOS 能源企業 2024 年第三季。電話會議。謹此提醒，今天的通話正在錄音，您的參與即表示您同意此類錄音。此時。所有參與者均處於僅聽模式，正式演示後將進行簡短的問答環節。如果有人在會議期間需要接線員協助，請按下電話鍵盤上的星號零。就這樣。我想將電話轉給投資者關係總監 Liz Higley。謝謝。你可以開始了。

Good morning everyone and thank you for joining us for eos' financial results and conference call for the third quarter, 2024. On the call today, we have Eoss, CEO, Joe Mirano and CFO Nathan Kraker. Before we begin, allow me to provide a disclaimer regarding forward-looking statements. 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 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. Provide the US Department of Energy, which are subject to certain risks uncertainties and assumptions. Should any of these risks materialize or should our assumptions prove to be incorrect? Our actual results may differ materially from our expectation or those implied by these forward-looking statements. The risks uncertainties that forward-looking statements are subject to are described in our sec filings, 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. Today's remarks will also include references to Nongaap financial measures. Additional information including reconciliation between nongaap financial information to us. GP financial information is provided in the press release. Nongaap information should be considered as supplemental in nature and is not meant to be considered in isolation or as a substitute for the related financial information prepared in accordance with GAAP.

大家早安，感謝您參加我們的 eos 2024 年第三季財務業績和電話會議。今天參加電話會議的有 Eoss 執行長 Joe Mirano 和財務長 Nathan Kraker。在開始之前，請允許我提供有關前瞻性陳述的免責聲明。本次電話會議（包括電話會議的問答部分）可能包括前瞻性聲明，包括但不限於對公司未來業績和前景的當前預期以及聲明。關於我們獲得能源部 LPO 貸款最終批准的能力或我們對任何貸款設施收益的預期用途。美國能源部提供的資訊受到某些風險的不確定性和假設的影響。這些風險是否會成為現實，或者我們的假設會被證明是錯誤的？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。前瞻性陳述所面臨的風險不確定性在我們的美國證券交易委員會備案文件中進行了描述，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，我們不承擔更新在此期間做出的任何前瞻性陳述的義務。今天的演講也將提及 Nongaap 金融措施。其他信息，包括向我們提供的非公認會計準則財務資訊之間的調節。普通合夥人的財務資訊在新聞稿中提供。NonGAAP 資訊本質上應被視為補充性訊息，不應被單獨考慮或取代根據 GAAP 編制的相關財務資訊。

In addition, our nongaap financial measures may not be the same or comparable to similar nongaap measures presented by other companies. This conference call will be available for replay via webcast or EOS investor relations website at investors dot eos dotcom. Joe and Nathan will walk you through the company highlights financial results and business priorities. Before we proceed to Q&A with that, I now turn the call over to CEO Joe Mastrangelo.

此外，我們的非公認會計原則財務指標可能與其他公司提出的類似非公認會計原則財務指標不同或不具可比性。本次電話會議將透過網路廣播或 EOS 投資者關係網站 Investors dotcom 進行重播。喬和內森將帶您了解公司的重點財務表現和業務重點。在我們進行問答之前，我現在將電話轉給執行長 Joe Mastrangelo。

Thanks Liz. Welcome everyone. Thanks for taking the time this morning to listen in. We start off on our page with operating highlights. You know, I just want to start off with the tremendous progress that we're making commercially. And I think that's, that's shown by the announcement that we made this morning on a $73 million order with the city utilities of Springfield, Missouri. Really a phenomenal job by the commercial team getting our first large order in the municipal market. This is the largest order that city utilities has ever placed for an energy storage system. We're probably selected the technology for this project. We look forward to start delivering this project throughout 2025. Really an exciting time for us, I think showing the power of the Z three and what it can do out of the marketplace. At the same time, we also have what people would think is a small order would want more, a lot more as a repeat customer and just show that the relationships that the team is building out in the marketplace and the fact that the technology also really works in a microbit application. So two really strong examples of the commercial offering and the performance of the product out at the same time. Two big things that we that we also have announced recently regarding financing, you know, Mason has been working on creating the financing capacity for us to scale the company. You know, last week we announced achieving the milestones and getting the $65 million funding from services that that cash balance you see on the lower right hand side of the page does not reflect that 65 million. It's a great job not only in partnership with services, but also on the team in delivering and bringing that fund. And at the same time, we submitted our paperwork for your final us government approval for a loan with the with the loan programs over the loan programs office for a title 17 loan. Very excited to bring that to closure here by year end in a process of going through that as the company has evolved and changed, we feel really good about the partnership. We build an ability to allow us to scale the company further on the lower left hand side of the page. The technology continues to prove itself out in the field. We're, we're now at 4.4 gigawatt hours over four gigawatt hours discharge on the field that discharge on the field is very important because it shows customers using the product that incremental 400 megawatt hours that you have to hit. The 4.4 is also very important because that's the energy that we're generating. And when we test and prove out the resiliency performance and operating characteristics of the product and your battery is tested before it gets out in the field, we're really excited about the performance that we see the middle of this page bottom of the middle of this page is an area where, you know, we're disappointed in our performance, you know, executing on a supply chain strategy is doing a million things correctly. If one of those things don't go well, you have a problem and that's what happens to us here in the third quarter. And we look at what we talked about last year about developing a new Q design that allows us to improve the performance of our product out in the field and get better footprint density. We have some challenges in opening and bringing that supply chain outline which we're working through to be able to bring that product online. Now, we're going to work through that. We're going to work through with the supplier. We're going to continue to develop and grow. The good news is it hasn't had any impact on our backlog. We continue to work with customers on timing of deliveries and continue to work on supply chain diversification. We can and expect to do better than this in the future. What's important here is we've brought new leadership around the operational team and some new talent that I've experienced across the industry, both in other battery technologies and other competitors and in integrators. So we're bringing in experienced people that have done this before to help us scale the company as we move forward while we're not happy with where we are. I feel very confident with the team's ability to execute and deliver. As we look to the future, going to the next page, talk about some of these on the prior page, I just want to hit on a couple of things around the cerebras milestones. The line continues to perform and we're really happy with our ability to build a good backup cycle times are less than ten seconds and the first pass yield is greater than 97 and continue to see the performance of that line. And what it means to us as far as being able to scale and deliver large projects has been really the foundation of everything we do going forward. We're also the team is also the head of target on its concept. Also, I'll talk a little bit more about that as we get into the presentation here on the next page. Really, I think the foundation and the thesis of the investment from servers, we're proving that out to be true every day and we're just going to continue notably Grindstone execute and deliver for customers and shareholders.

謝謝莉茲。歡迎大家。感謝您今天早上抽出時間收聽。我們首先在頁面上展示營運亮點。你知道，我只想從我們在商業上的巨大進步開始。我認為，這一點從我們今天早上宣布的與密蘇裡州斯普林菲爾德市公用事業公司簽訂的價值 7,300 萬美元的訂單中就可以看出。商業團隊在市政市場獲得了我們的第一個大訂單，這確實是一項了不起的工作。這是城市公用事業公司迄今為止為儲能係統下的最大訂單。我們可能已經為這個項目選擇了技術。我們期待在 2025 年開始交付該專案。對我們來說，這確實是一個激動人心的時刻，我認為這展示了 Z 3 的強大功能以及它在市場上的能力。同時，我們也有人們認為的小訂單會想要更多，作為回頭客，並且只是表明團隊在市場上建立的關係以及技術也確實在 microbit 應用程式中工作。因此，商業產品和產品性能的兩個非常強大的例子同時出現。我們最近也宣布了兩件關於融資的大事，你知道，梅森一直致力於為我們擴大公司規模創造融資能力。您知道，上週我們宣布實現了里程碑，並從服務中獲得了 6500 萬美元的資金，但您在頁面右下角看到的現金餘額並不反映這 6500 萬美元。這不僅是與服務部門合作的一項出色工作，而且對於交付和帶來該資金的團隊來說也是一項出色的工作。同時，我們提交了文件，以供美國政府最終批准貸款計劃辦公室的貸款計劃第 17 章貸款。非常高興能在年底前完成這項工作，隨著公司的發展和變化，我們對這種合作關係感到非常滿意。我們在頁面左下角建立了一種能力，使我們能夠進一步擴大公司規模。該技術不斷在現場證明自己。我們現在的現場放電量為 4.4 吉瓦時，超過 4 吉瓦時，現場放電非常重要，因為它向使用該產品的客戶表明，您必須達到增量 400 兆瓦時。4.4 也非常重要，因為這是我們產生的能量。當我們測試並證明產品的彈性性能和操作特性以及您的電池在投入現場之前進行測試時，我們對我們在本頁中間底部中間看到的性能感到非常興奮在這個頁面中，我們對自己的表現感到失望，執行供應鏈策略就意味著正確地做了一百萬件事。如果其中一件事進展不順利，就會出現問題，這就是我們第三季發生的情況。我們回顧了去年討論的有關開發新 Q 設計的內容，該設計使我們能夠提高產品的現場性能並獲得更好的佔地面積密度。我們在開放和引入供應鏈大綱方面面臨一些挑戰，我們正在努力解決該大綱，以便能夠將該產品上線。現在，我們將解決這個問題。我們將與供應商合作。我們將繼續發展和成長。好消息是它對我們的積壓工作沒有任何影響。我們繼續與客戶合作確定交貨時間，並繼續致力於供應鏈多元化。我們可以並且期望將來能做得更好。這裡重要的是，我們為營運團隊帶來了新的領導層，以及我在整個行業（包括其他電池技術、其他競爭對手和整合商）中經歷過的一些新人才。因此，我們引進了以前做過這件事的經驗豐富的人來幫助我們在前進的過程中擴大公司規模，儘管我們對目前的狀況並不滿意。我對團隊的執行和交付能力非常有信心。當我們展望未來時，進入下一頁，討論上一頁上的一些內容，我只想談談大腦里程碑的一些事情。該生產線繼續運行，我們對能夠構建良好的備份週期時間不到 10 秒且首次合格率大於 97 的能力感到非常滿意，並且繼續看到該生產線的性能。就能夠擴展和交付大型專案而言，這對我們意味著什麼，這確實是我們未來所做的一切的基礎。我們的團隊也是其概念目標的負責人。另外，當我們進入下一頁的演示時，我將對此進行更多討論。確實，我認為伺服器投資的基礎和論點，我們每天都在證明這一點是正確的，我們將繼續為客戶和股東執行和交付 Grindstone。

I talked about the two new orders that we want. Very exciting. But at the same time working with service, we've been able to pull together a full bankability offering out in the marketplace. Some of the things we've talked about in the past when they get to our pipeline page is how do you move things down through that pipeline? We're now bringing our talk about more details, the ability for customers to look at us and say this is a bankable technology. And I have the backstop, we need to take the to take the risk to move with the new technology. You know, we see because of that, we see the large utility pipeline strengthening and indeed will talk about the numbers that we have underlying this. But what I can tell you is that more and more people are coming to us, more and more customers are coming to us to really look at the inherent benefits of the technology. What we've learned, you know, from the standpoint of operating the business through the due diligence that we've gone through both with the doe and the services is that we have a technology with differentiated performance. We probably haven't done the best job historically in presenting that technology and what it means to deliver benefits to the customers. That's becoming very clear to us. And that's why you see things like city utilities becoming a vocable order in less than six months. From when we first got the request for location in the door, move down to operational scale and capacity. You know, we are delivering on our call that road map and we are optimizing our production supply on the left hand side of this page as far as cost up progress, you know, very critical for us as we really look to switch our mindset from having a path to profitability to delivering profitable growth our goal as a company is to grow but deliver profits while doing so. The left hand side of this page allows us to do that, you know, on the direct material side from the launch, we're down 42% of our of cost. That's ahead of our plan. 80% of our direct material target is achieved and locked in and will be cut in over the next few months to deliver on that. On that, on that, on that initial strategy that we talked about almost a year ago. Now, those two pieces there really are achieved because what we have is a battery with readily available commodities that you can go out and get great scale on. And as we've gone out and done this and look at doing things. We're also finding ways and suppliers to partner with us to find ways to take cost out of the overall system. On the direct labor side, we've seen a 77% improvement since we launched the, a lot of that has to do with the implementation of the moving one. You know, our direct labor was 41% lower than Q1. Now, while we only had 8% higher battery output, with that 41% we delivered 24% more energy output field to our customers. What's critical to think about here is we could have done more if we had the queues to be able to deliver, we timed kind of the way we were manufacturing to what we had to be able to put into the queues to deliver out of the field to customers. But when you look at this, if you think about this, the line is using less hours to operate, to deliver more power our batteries in the field. And as we increase that, we're going to see more and more of the benefits, which brings me to the third, the third bucket on the left hand side, which is our overhead. You know, the overhead has seen an improvement 25% since we launched the product and that 25% now that the line is up and running includes higher depreciation cost for the moving line. So we still see overall operating costs, overhead costs coming down even with this incremental cost for the line coming in and, and produce more batteries that gets better and better over time. And that's one of the things that we've always talked about as being one of the drivers for future performance on our cost out road map, we feel very confident being able to deliver on this. And Brian Miller who is our new supply chain, our supply chain manufacturing leader has really brought a fresh set of eyes to this with a lot of experience across different companies to help us really streamline how we operate and improve the throughput that the assets that we have, the three areas that we're focused on there is on our sub assembly process. So what goes into the moving line? It's still semi automated. We talked about this. On the last call, we've actually yielded more parts out of that process than we ever have before. We've increased the throughput out of the out of that line and implementing automation as we get into the beginning of next year allows us to take the moving line to around two gigawatt hours of output annually. We see 57% lower direct labor costs. With this incremental automation that those direct labor costs are really avoiding having to hire labor to do the work that we're going to do on battery manufacturing. You know, as I said before, we achieved 12th cycle times, we exceeded 97% 1st pass yield. We continue look at ways to make this line better as we've been operating the line. We get feedback from our operators on the factory floor who have said, look if the screens are easier to control the equipment, we simplified, we can make better decisions faster and a lot better throughput we're going through and adjusting those to allow us to control the availability of the line better. At the same time, you learn as you build and every day we run that line and then we stop and we look at what we learn and we go back and we fix and update and improve. So two of the areas that we've really looked on, looked at and are improving is the conveyor traffic management. So how batteries throw up flow station to station on the line while at the same time how we program the robots to get better reliability and performance out of them as volume increases. As I said before, that manufacturing overhead that I talked about earlier will actually will actually improve and that number will get better no matter if the cost comes down. And that's how we will profit growth on containerization. This is the area where it was stubbed our toe here in the quarter. We had a slower ramp up. We've got to work through that and diversify that supply base while continuing to invest with our existing supplier. We are implementing a cube automation in our factory here in Turtle Creek that will increase the output of cubes by five X once implemented, that's already started and beyond the initial stations are in place and that will continue here over the next the next few months. You know, the Q through the third quarter enclosure constraint impact will impact our second half revenue again. We don't like disappointing versus our expectations, but we feel as though we'll be able to work through here through the end of the year and get into 2025 and deliver the volume that we have committed to our customers. We're going to get better. We're going to continue to refine, we're going to continue to learn, we're going to continue to improve and continue to become a reliable partner for our customers and someone who reliably delivers for our shareholders. As we, as we look to the commercial growth section for tone and just want to spend a moment looking at how we're strengthening the value.

我談到了我們想要的兩個新訂單。非常令人興奮。但在與服務合作的同時，我們已經能夠在市場上提供完整的銀行服務。過去，當他們訪問我們的管道頁面時，我們討論過的一些事情是如何透過管道向下移動事物？我們現在將帶來更多細節，以及讓客戶看到我們並說這是一項值得投資的技術的能力。我有後盾，我們需要冒險來適應新技術。你知道，正因為如此，我們看到大型公用事業管道正在加強，並且確實會談論我們所擁有的數字。但我可以告訴你的是，越來越多的人來找我們，越來越多的客戶來找我們，真正了解這項技術的內在好處。您知道，從營運業務的角度來看，我們透過與母公司和服務部門進行的盡職調查了解到，我們擁有具有差異化效能的技術。歷史上，我們在介紹該技術及其為客戶帶來利益的意義方面可能沒有做得最好。這對我們來說變得非常清楚。這就是為什麼你會看到像城市公用事業這樣的事情在不到六個月的時間內就成為了一個口頭命令。從我們第一次收到門內位置請求時，開始考慮營運規模和容量。你知道，我們正在按照我們的路線圖進行呼籲，我們正在本頁左側優化我們的生產供應，就成本上升進度而言，這對我們來說非常重要，因為我們真的希望將我們的思維方式從擁有一條實現獲利成長的獲利之路，作為一家公司，我們的目標是在成長的同時創造利潤。此頁面的左側允許我們做到這一點，您知道，在發布後的直接資料方面，我們降低了 42% 的成本。這超出了我們的計劃。我們 80% 的直接物質目標已實現並鎖定，並將在未來幾個月內削減以實現這一目標。關於這一點，關於我們大約一年前討論過的最初策略。現在，這兩部分確實已經實現，因為我們擁有的是一種帶有現成商品的電池，您可以出去大規模使用。當我們出去做這件事並考慮做事時。我們也正在尋找與我們合作的方式和供應商，以找到降低整個系統成本的方法。在直接勞動力方面，自我們推出以來，我們已經看到了 77% 的改善，其中很大一部分與搬家的實施有關。你知道，我們的直接勞動力比第一季下降了 41%。現在，雖然我們的電池輸出僅提高了 8%，但我們為客戶提供了 41% 的多出 24% 的能源輸出。這裡要考慮的關鍵是，如果我們有能夠交付的隊列，我們可以做得更多，我們按照我們製造的方式計時，我們必須能夠將其放入隊列中以交付到現場給客戶。但當你看到這一點時，如果你考慮這一點，你會發現生產線的運行時間減少了，以便為現場的電池提供更多電力。隨著我們增加這一點，我們將看到越來越多的好處，這讓我想到了第三個，左側的第三個桶，這是我們的開銷。您知道，自從我們推出該產品以來，管理費用已改善了 25%，而現在生產線已啟動並運行，管理費用提高了 25%，其中包括移動生產線更高的折舊成本。因此，我們仍然看到整體營運成本和間接成本下降，即使生產線的增量成本增加，並且隨著時間的推移，生產更多的電池，這些電池會變得越來越好。這是我們一直在談論的事情之一，作為我們成本路線圖上未來績效的驅動因素之一，我們非常有信心實現這一點。我們的新供應鏈、我們的供應鏈製造負責人布萊恩·米勒（Brian Miller）確實為這一問題帶來了新的視角，他在不同公司擁有豐富的經驗，可以幫助我們真正簡化營運方式並提高我們資產的吞吐量。那麼移動線包含什麼呢？它仍然是半自動化的。我們討論過這個。在最後一次通話中，我們實際上從過程中生產了比以前更多的零件。我們增加了該生產線的吞吐量，並在明年初實施自動化，使我們能夠將移動生產線的年產量提高到約 2 吉瓦時。我們發現直接勞動成本降低了 57%。透過這種增量自動化，這些直接勞動成本實際上避免了僱用勞動力來完成我們將要進行的電池製造工作。你知道，正如我之前所說，我們實現了第 12 次循環，一次合格率超過了 97%。在營運這條生產線的過程中，我們不斷尋找改進這條生產線的方法。我們從工廠車間的操作員那裡得到反饋，他們說，看看螢幕是否更容易控制設備，我們簡化了，我們可以更快地做出更好的決策，並且我們正在經歷並調整這些以允許我們更好的吞吐量更好地控制線路的可用性。同時，你一邊建立一邊學習，每天我們都會運行這條生產線，然後我們停下來看看我們學到了什麼，然後我們回去修復、更新和改進。因此，我們真正關注、關注並正在改進的兩個領域是輸送機交通管理。那麼電池如何在生產線上從一個站到另一個站，同時我們如何對機器人進行編程，以便隨著體積的增加而獲得更好的可靠性和性能。正如我之前所說，我之前談到的製造費用實際上將會改善，而且無論成本是否下降，這個數字都會變得更好。這就是我們透過貨櫃化來實現利潤成長的方式。這是本季我們的腳趾被撞到的區域。我們的成長速度較慢。我們必須解決這個問題並使供應基地多樣化，同時繼續對現有供應商進行投資。我們正在 Turtle Creek 的工廠實施立方體自動化，一旦實施，立方體的產量將增加五倍，這已經開始，並且在初始站就位之後，將在接下來的幾個月內繼續在這裡。要知道，Q透過第三季的圈地限制影響將再次影響我們下半年的營收。我們不喜歡與我們的期望相比令人失望，但我們覺得我們能夠在這裡工作到今年年底，並進入 2025 年並交付我們向客戶承諾的數量。我們會變得更好。我們將繼續完善，我們將繼續學習，我們將繼續改進，繼續成為客戶的可靠合作夥伴和為股東提供可靠服務的人。當我們專注於商業成長部分的基調時，我們只想花點時間看看我們如何增強價值。

You know, a lot of what we've talked about in with our batteries that we have lower range of efficiency than other technologies particularly lithium on. But the chart on the left shows is various round of efficiencies across a full depth of discharge. So 0 to 100 back down to zero. And what the round of efficiencies are. The lines that you see are a four hour, six hour, 10 hour and a 16 hour. So we've now taken the Z three to the point of discharging at 16 hours. What we've done is we've gone and we looked at how the industry quotes its round trip efficiency. We were quoting and discussing 0 to 100. Now, every battery that's out in the marketplace has a tear off outside of that, that 20 to 80 discharge window. What happens to other technologies is degrade their performance faster or they have problems being able to secure the life of their battery leo that doesn't happen. We just have a lower round trip efficiency and the customer can benefit from it if you can. But what we've learned is as you are comparing us to other technologies, you need to compare us on the same basis. So at a 16 hour discharge, we're about 90% you know, that's not the same size system that you would have for a four hour discharge. That would be in the 80% discharge. So as the durations get longer, the is more efficient as we've always said. And as you think about us in the standard window, we're competitive with what's out in the market today. And at the same time, we can offer that wider range as the customer requires it. And that's why you're starting to see more and more interest in the product. On the right hand side of the page, we're building this full bankability offering. The first one is extending our warranty and launching a sweep of insurance products. These are the products where customers question, you know, what's the viability of how do we move forward? You know, how do we know that the product is going to work and we're going out and, and now putting that into our business file and now finding financial instruments that will help give the customers the assurity that they have to take that first order to be the first to first instead of the first to second. Next is we've done some critical third party validation, both with the due diligences with the doe service adding in there being a bnef tier one supplier and then refreshing our D&B bankability and our certification. All those things give the customers the comfort of knowing that they have the warranty and the guarantee that they're going to get the product that they contracted for. They've got third parties that will validate the technology will work. And then the last one is proving out this ability to deliver large scale projects. We continue to work on and improve our supply chain. As I talked about, we continue to ramp as we look at the moving line. I feel really good about a lot of the things that happened in this last quarter, feel disappointed in the revenue but know that we have the team, the resources and the knowledge to fix and get better as we fold. So with that, I'll turn over.

你知道，我們在電池方面談到的許多內容都表明，我們的電池效率比其他技術（尤其是鋰電池）要低。但左邊的圖表顯示了整個放電深度的各輪效率。所以 0 到 100 又回到零。以及本輪效率是多少。您看到的線是 4 小時、6 小時、10 小時和 16 小時。所以我們現在已經把 Z 3 帶到了 16 小時的放電點。我們所做的是我們已經離開了，我們研究了行業如何引用其往返效率。我們引用並討論了0到100。現在，市場上出售的每顆電池都會在 20 到 80 次放電窗口之外發生撕裂。其他技術的情況是其性能下降得更快，或者在確保電池壽命方面存在問題，而這種情況卻不會發生。我們只是往返效率較低，如果可以的話，客戶可以從中受益。但我們了解到，當您將我們與其他技術進行比較時，您需要在相同的基礎上對我們進行比較。因此，在 16 小時放電時，我們大約有 90% 的放電率，這與 4 小時放電時的系統尺寸不同。這將是 80% 的放電量。因此，正如我們一直所說的那樣，隨著持續時間的延長，效率會更高。當您在標準視窗中思考我們時，我們與當今市場上的產品具有競爭力。同時，我們可以根據客戶的要求提供更廣泛的產品範圍。這就是為什麼您開始看到人們對該產品越來越感興趣。在頁面的右側，我們正在建立完整的可融資性產品。第一個是延長我們的保固期並推出一系列保險產品。客戶會問這些產品，我們如何前進的可行性是什麼？你知道，我們如何知道該產品將會發揮作用，我們要走出去，現在將其放入我們的業務檔案中，現在尋找金融工具，這將有助於向客戶保證他們必須首先採取這一措施順序是從第一到第一，而不是從第一到第二。接下來，我們進行了一些關鍵的第三方驗證，包括對美國能源部服務的盡職調查，增加了 BNEF 一級供應商，然後更新了我們的 D&B 銀行能力和認證。所有這些都讓客戶感到安心，因為他們知道他們有保固並保證他們將獲得他們合約中的產品。他們有第三方來驗證技術是否有效。最後一個是證明這種交付大型專案的能力。我們繼續致力於並改善我們的供應鏈。正如我所說，當我們觀察移動線時，我們會繼續斜坡。我對上個季度發生的許多事情感覺非常好，對收入感到失望，但我知道我們有團隊、資源和知識來修復並在我們倒閉時變得更好。既然這樣，我就翻身了。

Thanks Joe and thanks everyone for joining us this morning. I will spend the rest of the time walking through our commercial growth, providing an update on our strategic partnership with Cerberus and then review our third quarter financial performance and our outlook for the remainder of the year. Our commercial pipeline as of September 30th stood at $14.2 billion which is up $400 million from the prior quarter and represents 59 gigawatt hours of storage which is up 13%. Sequentially, this pipeline includes $1.7 billion in signed letters of intent. A 23% increase quarter over quarter with most of these either awaiting customer financing or confirmation of interconnect approvals.

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增長，提供我們與 Cerberus 戰略合作夥伴關係的最新信息，然後回顧我們第三季度的財務業績和今年剩餘時間的前景。截至 9 月 30 日，我們的商業管道價值為 142 億美元，比上一季增加了 4 億美元，儲存容量為 59 吉瓦時，成長了 13%。隨後，該管道包括價值 17 億美元的已簽署意向書。環比成長 23%，其中大部分正在等待客戶融資或互連批准的確認。

Notably in July we signed a 960 megawatt hour letter of intent with a solar plus storage developer in Puerto Rico, which is now reflected in these numbers. We expect that loi to convert into a booked order as soon as the customer completes their financing. As we look forward, we expect Puerto Rico and surrounding island countries to be significant growth markets as we expand our presence in the region.

值得注意的是，我們在 7 月與波多黎各的一家太陽能加儲存開發商簽署了一份 960 兆瓦時的意向書，現在這些數字已反映出來。我們預計一旦客戶完成融資，loi 就會轉換為預訂訂單。展望未來，隨著我們擴大在該地區的業務，我們預計波多黎各和周邊島嶼國家將成為重要的成長市場。

As previously highlighted, we are currently tracking 2.2 gigawatt hours in late stage approvals which we define as projects awaiting financing, government grants or final selection from project shortlists. This number includes a few key projects such as the projects that are pending financing in Puerto Rico or the notification of the next phase of doe grants for three long duration energy storage projects with one of the biggest names in the industry and a longstanding developer relationship which encompasses a deal predicated on California Energy Commission funding for a Marine Corps based storage installation. This figure is pretty consistent with last quarter, showing minimal change. As these projects progress through critical approval stages, the 3% increase in our commercial pipeline quarter over quarter reflects the healthy churn of new projects entering progressing through and sometimes completing interim stages within the pipeline. As Joe discussed earlier, our strategic partnership with Cerberus has clearly served as a positive catalyst driving momentum within our pipeline. Cerberus has actively supported commercial initiatives in several important ways, not only have they leveraged their extensive list of contacts and credibility in the marketplace to initiate and advance conversations with potential customers. But they have been working tirelessly to help us with developing a comprehensive bankability solution. As Joe discussed earlier, we feel very confident about our pipeline and the positive trends. We are seeing more specifically with the recent efforts to improve overall bankability. We are seeing renewed interest in larger utility scale project opportunities with blue chip customer projects in the southeast and Western regions. Additionally, as we discussed earlier, we continue to experience promising developments with municipalities and electric co ops as well as microgrid and data center applications.

正如先前所強調的，我們目前正在追蹤後期批准的 2.2 吉瓦時項目，我們將其定義為等待融資、政府撥款或從項目候選名單中最終選擇的項目。這個數字包括一些關鍵項目，例如波多黎各待融資的項目或美國能源部下一階段撥款通知的三個長期儲能項目，這些項目是業內最著名的項目之一，並與開發商建立了長期關係，包括一項基於加州能源委員會為海軍陸戰隊儲存裝置提供資金的交易。這個數字與上季非常一致，變化很小。隨著這些專案進入關鍵審批階段，我們的商業管道季度環比增長 3%，反映出新專案進入管道內、有時甚至完成管道內的過渡階段的健康流失。正如 Joe 之前討論的那樣，我們與 Cerberus 的戰略合作夥伴關係顯然是推動我們管道發展勢頭的積極催化劑。Cerberus 以多種重要方式積極支持商業計劃，他們不僅利用其廣泛的聯絡人清單和市場信譽來發起和推進與潛在客戶的對話。但他們一直在不懈地努力幫助我們開發全面的銀行可融資性解決方案。正如喬之前所討論的，我們對我們的產品線和積極趨勢非常有信心。我們更具體地看到最近為提高整體銀行可融資性所做的努力。我們發現東南部和西部地區的藍籌客戶專案對大型公用事業規模專案機會重新產生了興趣。此外，正如我們之前討論的那樣，我們繼續在市政當局和電力合作社以及微電網和資料中心應用方面取得有希望的發展。

Now moving to the right, our backlog as of quarter end was $589 million which is up 9% from this time last year and up slightly from last quarter during the quarter, we booked an additional order with Watmore who is a repeat customer supporting an existing community micro grid in Lincoln, Nebraska. In our first project with Watmore, we supported the city of Logan Utah's electric utility for their first energy storage system.

現在向右移動，截至季度末，我們的積壓訂單為5.89 億美元，比去年同期增長9%，比上個季度略有增加。產品的回頭客。在我們與沃特莫爾的第一個項目中，我們為猶他州洛根市電力公司的第一個儲能係統提供了支持。

Yesterday, we also announced a large customer agreement with city utilities to provide 216 megawatt hours of long duration energy storage for two project sites in Springfield, Missouri, which will be included in next quarter's published backlog numbers. This was their largest investment to date in energy storage and a significant win for our team. This is a great example of how a project can advance quickly through our pipeline as we moved directly from proposal to firm contract without going through the loi phase. We are very excited about this city utilities relationship as we see this as a model that we can use to expand our presence with other municipal customers.

昨天，我們還宣布與城市公用事業公司達成一項大客戶協議，為密蘇裡州斯普林菲爾德的兩個項目場地提供216 兆瓦時的長期儲能，該項目將包含在下季度公佈的積壓訂單數量中。這是他們迄今為止在能源儲存方面最大的投資，也是我們團隊的重大勝利。這是一個很好的例子，說明專案如何透過我們的管道快速推進，因為我們直接從提案轉向確定合同，而無需經過意向書階段。我們對這種城市公用事業關係感到非常興奮，因為我們認為這是一個可以用來擴大我們與其他市政客戶的業務的模式。

The next page provides an update on our capital position and recent updates related to the Cerberus strategic investment in eos as many of you know, since joining the company, I have been laser focused on securing the foundational capital needed to deliver on our profitable growth strategy. A significant amount of effort has gone into the capital sources on this page and I believe we are now well positioned to scale the company with our Cerberus relationship and our upcoming doe loan. As a quick reminder on the structure of that investment, it includes a $210 million delayed draw term loan that funds in increments upon the achievement of certain performance milestones and a $105 million revolver that we may draw upon if needed at service's discretion.

下一頁提供了我們資本狀況的最新資訊以及與Cerberus 對eos 策略投資相關的最新更新，正如你們許多人所知，自從加入公司以來，我一直專注於確保實現我們的盈利增長戰略所需的基礎資本。我們在本頁的資金來源方面投入了大量精力，我相信我們現在已經做好了充分準備，可以透過我們的 Cerberus 關係和即將到來的美國能源部貸款來擴大公司規模。簡單提醒一下該投資的結構，其中包括一筆2.1 億美元的延遲提取定期貸款，該貸款在實現某些業績里程碑後逐步提供資金；以及一筆1.05 億美元的循環貸款，如果需要，我們可以根據服務部門的酌情決定動用該貸款。

At the end of August, we announced the successful achievement of all four of the first performance milestones. This allowed us to draw an additional $30 million on the delayed draw term loan to fund our capital expansion and ongoing operations. These milestones included targets related to the company's automated production line materials cost out improvements in Z three technology performance and customer cash conversion included in. This was our successful achievement of battery module production cycle times of less than ten seconds while exceeding first pass yield targets in the high 90s on the state of the art battery manufacturing line. This was a critical milestone and an important step toward profitability, given the implications to our manufacturing throughput. I'm also pleased to state that just last week, we successfully met the requirements for the second tranche of performance milestones. And as a result, we're able to draw down an incremental $65 million on the term loan while achieving all four of last week's milestones. A key accomplishment was exceeding our cost out target and already exceeding yield metrics for the two upcoming milestone dates. These accomplishments are important steps as we position the company for growth, we now have $170 million or a little over 80% of the term loan funded without having to give up any incremental equity that was incorporated into the overall strategic investment structure.

八月底，我們宣布成功實現全部四個首個性能里程碑。這使我們能夠透過延遲提取定期貸款額外提取 3000 萬美元，為我們的資本擴張和持續營運提供資金。這些里程碑包括與公司自動化生產線材料成本改進Z三項技術性能和客戶現金轉換相關的目標。我們成功實現了電池模組生產週期時間小於 10 秒，同時超過了最先進的電池生產線上 90 年代的首次合格率目標。考慮到對我們製造吞吐量的影響，這是一個關鍵的里程碑，也是實現獲利的重要一步。我還很高興地指出，就在上週，我們成功滿足了第二批績效里程碑的要求。因此，我們能夠提取 6500 萬美元的增量定期貸款，同時實現上週的全部四個里程碑。一項關鍵成就是超出了我們的成本目標，並且已經超越了即將到來的兩個里程碑日期的產量指標。這些成就是我們為公司發展定位的重要步驟，我們現在擁有 1.7 億美元或略高於 80% 的定期貸款資金，而無需放棄納入整體戰略投資結構的任何增量股權。

The next performance milestone date is scheduled for January 31st and we are actively working towards the next funding tranche of $40.5 million alongside the next round of performance milestones.

下一個業績里程碑日期定於 1 月 31 日，我們正在積極努力爭取下一輪 4,050 萬美元的融資以及下一輪業績里程碑。

This $210 million is a critical piece of getting to profitability, but we also have the optionality presented by the revolver in the event that it is needed to escalate growth and meet customer demand.

這 2.1 億美元是實現盈利的關鍵部分，但如果需要擴大成長並滿足客戶需求，我們也可以選擇左輪手槍。

And finally, as we announced yesterday, we have made significant progress in working with the doe over the last couple of months as we move closer to closing and funding on the previously announced doe loan commitment. This loan provides reimbursement for previous eligible capital and operating expenditures associated with project amaze as well as funding additional manufacturing capacity at a lower cost of capital than a Cerberus revolver depending on the final timing of the first advance, we expect to receive between $50.60 million dollars before funding certain doe reserve accounts and then we will be able to continue to submit additional eligible costs for reimbursement every few months as we continue to build out project amaze.

最後，正如我們昨天宣布的那樣，隨著我們接近完成之前宣布的美國能源部貸款承諾並為其提供資金，過去幾個月我們在與美國能源部的合作方面取得了重大進展。這筆貸款為先前與專案相關的合格資本和營運支出提供補償，並以比Cerberus 左輪手槍更低的資本成本為額外的製造能力提供資金，具體取決於第一筆預付款的最終時間，我們預計將收到5,060 萬美元在為某些美國能源部儲備帳戶提供資金之前，我們將能夠繼續每隔幾個月提交額外的合格費用以供報銷，同時我們將繼續建造驚奇項目。

A lot of progress has been made on this loan since we last spoke to you working alongside Cerberus. We have reached agreement on all of the significant loan documents with the doe and are currently awaiting final approvals. It's important to note that the size of the loan is expected to be reduced somewhat as and you may recall Joe explaining this in previous quarters, some of our shakedown and operating costs are coming in lower than previously anticipated.

自從我們上次與您與 Cerberus 合作以來，這筆貸款已經取得了許多進展。我們已與能源部就所有重要貸款文件達成協議，目前正在等待最終批准。值得注意的是，貸款規模預計將有所減少，您可能還記得喬在前幾個季度解釋過這一點，我們的一些調整和營運成本低於先前的預期。

In addition with the Cerberus capital getting us closer to profitability. We just don't expect to need as much additional capital as we were thinking when we originally applied for the loan.

此外，Cerberus 資本讓我們更接近獲利。我們只是預計需要的額外資金不會像我們最初申請貸款時想像的那麼多。

We ultimately ended the quarter with $23 million in cash on the balance sheet, not including $7.06 million in short and long term restricted cash related to escrowed security deposits and our minimum liquidity covenant under the Cerberus loan.

最終，本季結束時，我們的資產負債表上有 2,300 萬美元的現金，其中不包括與託管保證金相關的 706 萬美元的短期和長期限制性現金以及 Cerberus 貸款下的最低流動性契約。

We continue to explore opportunities to monetize our production tax credits and recently sold our electroactive material or E credits for the first time netting over $800,000 just ahead of the October 15th tax return filing deadline. As you may recall, the eam credits are related to the utilization of cathode and anode materials. As well as electro chemically active components like solvents, additives and electrolyte salts that are critical to our energy storage processes. We have calculated the credit as 10% of the costs incurred during production excluding material costs. However, we continue to review and assess the final regulations and expect a sizable increase in the amount of our E credits as a result of these final regulations. This monetization is an important milestone given the added complexity and due diligence requirements on the EAM credits and shows the importance of being an American manufacturer, building American products with American materials. We feel confident that we will be able to monetize these eams along with our 45 X credits going forward.

我們繼續探索將生產稅收抵免貨幣化的機會，最近在 10 月 15 日納稅申報表提交截止日期之前首次出售了我們的電活性材料或電子抵免，淨收入超過 80 萬美元。您可能還記得，EAM 學分與正極和負極材料的利用有關。以及對我們的能量儲存過程至關重要的電化學活性成分，如溶劑、添加劑和電解質鹽。我們將抵免額計算為生產過程中發生的成本（不包括材料成本）的 10%。然而，我們將繼續審查和評估最終法規，並預計由於這些最終法規的實施，我們的 E 學分數量將大幅增加。鑑於 EAM 積分的複雜性和盡職調查要求的增加，這種貨幣化是一個重要的里程碑，並顯示了作為美國製造商、用美國材料製造美國產品的重要性。我們相信，我們將能夠透過這些 eams 以及我們的 45 X 積分來貨幣化。

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, the purchase order we announced yesterday includes a sizable deposit which will help fund some of the upfront working capital requirements of production and we continue to see positive momentum and anticipate an increase in customer deposits as pipeline continues to convert to booked orders.

此外，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。隨著我們擴大運營，我們昨天宣布的採購訂單包括一筆可觀的定金，這將有助於為生產的一些前期營運資金需求提供資金，我們繼續看到積極的勢頭，並預計隨著管道繼續轉換為預訂，客戶定金將會增加訂單。

With that, let's get into our third quarter. Financial results in the third quarter, revenue was $0.9 million which was unchanged compared to the prior quarter and roughly 25% higher than the prior year.

接下來，讓我們進入第三季。第三季財務業績，營收為 90 萬美元，與上一季相比持平，比上年同期成長約 25%。

As you may recall, last December, we discussed some of the benefits and cost reductions associated with our new Inline Cube design. Unfortunately, our Q3 revenue is much lower than our expectation as we were negatively impacted by the delays in these newly designed enclosure receipts which are a critical component in the assembly of our new inline cubes.

您可能還記得，去年 12 月，我們討論了與新的 Inline Cube 設計相關的一些好處和成本降低。不幸的是，我們第三季的收入遠低於我們的預期，因為我們受到這些新設計的外殼收貨延遲的負面影響，這些新設計的外殼收貨是我們新內聯立方體組裝的關鍵組成部分。

As Joe mentioned earlier, we've taken proactive measures to address the supply chain constraints we are facing. We are actively working with our key supplier and look at ways to diversify our supply chain and get more reliable performance and minimize the impact to our production schedule. This delay has had no adverse impact on our total committed backlog and we are actively working with customers on updated delivery schedules.

正如喬之前提到的，我們已採取積極措施來解決我們面臨的供應鏈限制。我們正在積極與我們的主要供應商合作，尋找使我們的供應鏈多樣化、獲得更可靠的性能並儘量減少對我們生產計劃的影響的方法。這次延遲對我們承諾的積壓總量沒有產生不利影響，我們正在積極與客戶合作更新交貨時間表。

Cost of goods sold was $25.8 million compared to 21.3 million in the prior year. The increase was mainly driven by two large projects undergoing commissioning in the quarter and a $6.3 million lower of cost or market inventory reserve adjustment just to remind everyone, given we still have negative margins on our finished product. The accounting requirements are to book a reserve to reduce the value of all finished goods and work in process inventory at the end of the quarter. And given the enclosure delays, we discussed earlier, we had more whip at the end of the third quarter than we otherwise would have had including the LCM adjustment. There was $9.8 million or 35% of COGS in noncash items such as depreciation, amortization reserve adjustments and stock based compensation.

銷售成本為 2,580 萬美元，而前一年為 2,130 萬美元。這一增長主要是由於本季正在進行調試的兩個大型項目以及成本或市場庫存儲備調整減少了 630 萬美元，只是為了提醒大家，因為我們的成品利潤率仍然為負。會計要求是在季度末登記儲備金以減少所有成品和在製品庫存的價值。考慮到我們之前討論過的封地延遲，我們在第三季末的鞭子比包括 LCM 調整在內的其他情況要多。其中 980 萬美元或 35% 的銷貨成本來自於非現金項目，例如折舊、攤提準備金調整和股票薪資。

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

隨著我們未來產量的增加，間接勞動力和工廠間接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 $28.4 million. An increase of 65% compared to prior year, mainly driven by shakedown costs associated with the state of the art Manufacturing Line which are eligible costs for reimbursement under the doe loan along with higher legal and professional fees related to financing activities and a $3.2 million noncash PP and E writeoff in the quarter as we made enhancements to Z three excluding noncash items such as depreciation amortization stock based compensation and PP and E writeoffs. Other operating expenses were $19.8 million.

該季度的其他營運支出總計 2840 萬美元。與前一年相比增加了65%，主要是由於與最先進的生產線相關的調整成本，這些成本是美國能源部貸款下可報銷的合格成本，以及與融資活動相關的更高的法律和專業費用以及320 萬美元的非現金本季的 PP 和 E 沖銷是因為我們對 Z 三項進行了增強，不包括折舊攤銷、基於股票的補償以及 PP 和 E 沖銷等非現金項目。其他營運費用為 1,980 萬美元。

The operating loss in the quarter was $53.3 million compared to an operating loss of 37.8 million in the prior year, excluding noncash items that I've already mentioned, our operating loss was 35.0 million.

本季的營運虧損為 5,330 萬美元，而上一年的營運虧損為 3,780 萬美元，不包括我已經提到的非現金項目，我們的營運虧損為 3,500 萬美元。

Net loss to shareholders for the quarter was $342.9 million compared to net income of $14.9 million in the prior year. While net loss to common shareholders was $384.1 million compared to $14.9 million in the prior year. These significant differences were mainly the result of a change in fair value of derivatives tied to mark to market adjustments as our share price increased by approximately 134% in the current quarter, comparable to our share price decrease of approximately 50% for the prior period.

本季股東淨虧損為 3.429 億美元，去年同期淨利為 1,490 萬美元。普通股股東的淨虧損為 3.841 億美元，而前一年為 1,490 萬美元。這些重大差異主要是由於與市場調整相關的衍生性商品公允價值變化造成的，因為我們的股價在本季上漲了約 134%，而上一季我們的股價下跌了約 50%。

This quarter, we elected to introduce nongaap measures including adjusted EBITA and adjusted EPS. As we believe these metrics provide a more accurate and relevant comparison of our financial performance period over period. Given the large noncash movements included in our net loss, we plan to continue to report these nongaap metrics going forward. Adjusted EBITA in the quarter was negative $46.1 million compared to negative 30.8 million in the prior year with an adjusted EPS of negative 44¢.

本季度，我們選擇引入非公認會計原則措施，包括調整後的息稅折舊攤提前利潤和調整後的每股盈餘。我們相信這些指標可以更準確、更相關地比較我們一段期間內的財務表現。鑑於我們的淨虧損中包含大量非現金變動，我們計劃繼續報告這些非公認會計準則指標。本季調整後 EBITA 為負 4,610 萬美元，去年同期為負 3,080 萬美元，調整後每股收益為負 44 美分。

Finally, let's shift our focus to 2024 outlook on the next slide as we discussed earlier, driven by the challenges we've had with our enclosure supply chain. We are reducing our revenue guidance and expect to recognize approximately $15 million in revenue for the full year. Importantly, this reduction is not driven by the cancellation of any orders or customer deliveries. But rather we have been working with our customers to reschedule deliveries to align with our latest estimates of enclosure availability.

最後，正如我們之前討論的那樣，我們將重點轉向下一張幻燈片中的 2024 年展望，這是由我們的機櫃供應鏈面臨的挑戰所推動的。我們正在降低收入指引，預計全年收入約為 1500 萬美元。重要的是，這種減少並不是由取消任何訂單或客戶交貨造成的。相反，我們一直在與客戶合作重新安排交貨時間，以符合我們對機櫃可用性的最新估計。

As with any supply chain disruption, it takes a while to get back on schedule and our fourth quarter revenue estimates now take this into account as well. The delayed deliveries and corresponding revenue from Q3 and Q4 of 2024 should occur in Q1 and Q2 of 2025. As the enclosure supply chain stabilizes to meet customer demand while disappointed in the impact of this year's revenue outlook, we feel confident about our growth trajectory as we look at 2025 and beyond.

與任何供應鏈中斷一樣，需要一段時間才能恢復正常，而我們第四季的收入預測現在也考慮到了這一點。2024 年第三季和第四季的延遲交付和相應收入應在 2025 年第一季和第二季發生。隨著機櫃供應鏈穩定以滿足客戶需求，同時對今年營收前景的影響感到失望，我們對 2025 年及以後的成長軌跡充滿信心。

Cerberus sees the strategic value in their investment and continues to support our strategy to deliver profitable growth. They have been very understanding as a partner as we've worked together to ramp up production and also reviewed the supply chain issue and agreed to give us a waiver on our September 30th revenue covenant without any additional fees for doing so. We anticipate a similar waiver or amendment for the December 31st covenant as well. Since making our initial investment, Cerberus has not only provided financial support but also valuable insights and resources that will improve our product offering, strengthen our product supply chain and open up new commercial opportunities. Their commitment to our vision and operational goals is enabling us to navigate challenges more effectively and capitalize on emerging opportunities. Lastly, we expect to achieve positive contribution margin before year end. And just to remind everyone, we define contribution margin as sales price, less direct labor, direct materials and also includes the benefit of the production tax credits. The team continues to be very focused on cost out and has been driving both product performance improvements and material cost out. As we move forward on delivering key customer projects. We look forward to providing more information on our expectations for 2025 on a future call and look forward to keeping you updated on our progress. And with that, I want to thank everybody for their time today and I would now like to turn it over to the operator for questions, operator.

Cerberus 看到了其投資的策略價值，並持續支持我們實現獲利成長的策略。作為合作夥伴，他們非常理解我們，我們共同努力提高產量，也審查了供應鏈問題，並同意豁免我們 9 月 30 日的收入契約，而無需為此支付任何額外費用。我們預計 12 月 31 日契約也會有類似的豁免或修訂。自進行初步投資以來，Cerberus 不僅提供了財務支持，還提供了寶貴的見解和資源，這些見解和資源將改善我們的產品供應、加強我們的產品供應鏈並開闢新的商業機會。他們對我們的願景和營運目標的承諾使我們能夠更有效地應對挑戰並利用新出現的機會。最後，我們預計在年底前實現正貢獻率。只是提醒大家，我們將邊際貢獻定義為銷售價格減去直接勞動力、直接材料，還包括生產稅收抵免的好處。團隊仍然非常關注成本節約，並一直在推動產品性能改進和材料成本節約。隨著我們繼續交付關鍵客戶專案。我們期待在未來的電話會議上提供有關我們對 2025 年期望的更多信息，並期待向您通報我們的最新進展。說到這裡，我要感謝大家今天抽出寶貴的時間，我現在想把問題交給接線員，接線生。

Thank you. At this time, we will conduct the question and answer session as a reminder to ask a question. You will need to press star 11 on your telephone and wait for your name to be announced to withdraw your question. Please press star 11 again. Please stand by while we compile the Q&A roster.

謝謝。這時，我們會進行問答環節，作為提醒提問。您需要按電話上的星號 11 並等待您的名字被宣布才能撤回您的問題。請再按星號 11。我們正在整理問答名單，請稍候。

Our first question comes from Thomas Boyes with TD Cowan Thomas. Please go ahead with your question.

我們的第一個問題來自 TD Cowan Thomas 的 Thomas Boyes。請繼續你的問題。

Appreciate you guys taking the questions. Maybe just the first one you know, could you give us any insight into the underlying issues that that led to the new inline enclosures being delayed, you know, is a manufacturing issue with, with molds, a shortage of capital equipment for the supplier, production set up. Was there a shortage of raw materials? Just any insight there would be helpful.

感謝你們提出問題。也許只是您知道的第一個，您是否可以讓我們深入了解導致新的內聯外殼被推遲的根本問題，您知道，是製造問題，模具，供應商資本設備短缺，生產設立。原料有沒有短缺？只要有任何見解都會有幫助。

Yeah, Thomas, good morning. I just want to clear, I want to clear up like what we're talking about because we've gotten some emails into the IR in box, you know, you know, with people asking specifically what this is. So let me first explain to everybody what we're talking about. So the battery module is the gray box that goes into a steel enclosure. So you take battery modules, you manufacture them on our automated line. That production was that a was at a higher, more productive rate than we've ever done in the past. We didn't have any issues with the plastics or anything else around us. We're manufacturing batteries and as we sit here right now, we have 27 cubes worth of batteries manufactured, waiting for steel enclosures to show up the steel enclosure. You put 672 batteries inside of that steel enclosure. There were some challenges.

是的，湯瑪斯，早安。我只是想澄清，我想澄清我們正在談論的事情，因為我們已經收到一些電子郵件到 IR 收件匣中，你知道，你知道，人們具體詢問這是什麼。那麼首先讓我先向大家解釋一下我們在說什麼。因此，電池模組是一個裝在鋼製外殼中的灰色盒子。因此，您採用電池模組，在我們的自動化生產線上進行製造。與我們過去的生產相比，生產效率更高、生產力更高。我們對塑膠或周圍的其他任何東西都沒有任何問題。我們正在製造電池，現在我們已經製造了 27 個立方體的電池，正在等待鋼製外殼出現。您將 672 顆電池放入鋼製外殼內。存在一些挑戰。

Our supplier, transitioning from prototype to scaled manufacturer to be able to get the throughput that we needed and the quality that we require to get out in the field. We've been working with the supplier to be able to get to that point and to be able to flow production. But we're not wasting a crisis at the same time that these things have been happening. We went into our process where we integrate the batteries into the cube and we're finding ways to reduce cycle time and do that faster. That will allow us to catch up once the supply chain catches up. At the same time that we're doing this, we're out in the market looking for 2nd and 3rd sources of supply. The natural question would be why didn't you do that before? But I think everybody has to take a step back and realize that up until June of this year, we were, we were, we were an under capitalized company. So it was hard to go out and get two sources of supply. So we bet on a supplier that's always delivered for us and I believe will deliver for us in the future. And we had an acute supply chain issue that resulted in lower shipments than anticipated. Well, we are working through it and we'll work through it and we'll come back with updates to everybody as we have more information. But I just wanted to, to clear that up and make it clear of what we're talking about and get at the underlying issue that we have and how the team is working on that to resolve and get back to the flow that we expect coming off of our automated line. And also out of the factory with the cubes that go out to the Field.

我們的供應商從原型機轉變為規模化製造商，以便能夠獲得我們所需的吞吐量和我們在現場所需的品質。我們一直在與供應商合作，以達到這一目標並能夠進行流水生產。但我們不會在這些事情發生的同時浪費一場危機。我們進入了將電池整合到立方體中的過程，我們正在尋找減少循環時間並更快完成的方法。一旦供應鏈趕上，這將使我們能夠迎頭趕上。在我們這樣做的同時，我們也在市場上尋找第二和第三供應來源。自然的問題是為什麼以前不這樣做？但我認為每個人都必須退後一步，認識到直到今年六月，我們一直是一家資本不足的公司。所以很難出去拿兩個貨源。因此，我們把賭注押在了一家始終為我們提供服務的供應商上，我相信將來也會為我們提供服務。我們遇到了嚴重的供應鏈問題，導致出貨量低於預期。嗯，我們正在解決這個問題，我們將解決這個問題，當我們獲得更多資訊時，我們會向每個人提供最新消息。但我只是想澄清這一點，明確我們正在討論的內容，了解我們遇到的根本問題，以及團隊如何解決這個問題，並回到我們預期的流程離開我們的自動化生產線。工廠裡的立方體也被運往現場。

No, I got it. That's very, that's very helpful. You know, how quickly can this be, be dual, dual source? Obviously, it looks like just with this customer and it takes a little bit of time to get to the quality level that you're looking for. I'm just trying to maybe assess, you know, what's the risk of seeing these supply chain challenges, you know, persistent to Q1,25 or if it's something that can be achieved in a relatively short amount of time.

不，我明白了。這非常非常有幫助。你知道，雙源能多快實現嗎？顯然，看起來就像是針對該客戶，需要一點時間才能達到您正在尋找的品質水準。我只是想評估，你知道，這些供應鏈挑戰持續到 25 年第一季的風險是什麼，或者是否可以在相對較短的時間內實現。

But tom great, great question. But I say like we were, we were out like no one supplier is going to be able to deliver what we need from a product as the company scales and grows. So you start looking at where we are and like the the the order that we signed that we announced last night, you put on top of that, the backlog that we have and the projects that we're executing. We need more than one supplier to be able to do that. We're in the process of cutting of, of bringing in a second source of supply. We already have a prototype in house from that supplier to be able to look at that design and do all the quality verifications with the goal of getting production started by the end of this year from the second supplier.

但是湯姆，很好，很好的問題。但我想說的是，隨著公司規模的擴大和發展，我們的處境就像沒有任何供應商可以提供我們所需的產品。所以你開始看看我們現在的處境，例如我們昨晚宣布的簽署的訂單，除此之外，還有我們的積壓訂單和我們正在執行的項目。我們需要多個供應商才能做到這一點。我們正在削減或引入第二個供應來源。我們已經擁有該供應商的內部原型，可以查看該設計並進行所有品質驗證，目標是在今年年底從第二家供應商開始生產。

Excellent. No, I really appreciate you answering the questions. I'll hop back into.

出色的。不，我真的很感謝你回答這些問題。我會跳回來。

Thanks. Thanks so much.

謝謝。非常感謝。

Stand by for our next question.

等待我們的下一個問題。

Our next question comes from Martin Malloy. Martin. Go ahead with your question.

我們的下一個問題來自馬丁·馬洛伊。馬丁.繼續你的問題。

Thank you for taking my questions. First one, I just wanted to find out if you have any early customer feedback from the early installations of the Z three battery.

感謝您回答我的問題。第一個，我只是想了解您是否有關於Z三電池早期安裝的早期客戶回饋。

Nothing, nothing that we're sorry, Marty. Nothing that nothing that we, we'll talk, we'll talk about that as we go forward here in the future. What I would tell you on the modules themselves is that, is that they perform well and we're in the process of installing them with the customers. We're being purposeful in how we're doing that. It is a new, it is a new product for, for the customer and working through that and getting them up and operating. What I say is like the initial results that we're seeing are positive, but we got, we have more work to do with them.

沒什麼，沒什麼讓我們抱歉的，馬蒂。沒什麼，我們會談論的，我們會在未來繼續前進時談論這個。關於模組本身，我想告訴您的是，它們性能良好，我們正在與客戶一起安裝它們。我們的做法是有目的的。這是一個新產品，對客戶來說，這是一個新產品，我們要努力解決這個問題，讓他們啟動並運作。我想說的是，我們看到的初步結果是正面的，但我們還有更多的工作要做。

Okay. And it's great to see a large order. Like what you announced the utility. Can you maybe talk about customers visiting either your, your, I think you have a pilot project in, in New Jersey or demonstration project or the automated line. Has that type of customer changed or are you seeing more customers come through and, and wanting to, to see what you're capable of here now that you've got the automated line up and running?

好的。很高興看到大訂單。就像你宣布的實用程式一樣。您能否談談客戶訪問您的，您的，我認為您在新澤西州有一個試點項目或示範項目或自動化生產線。這種類型的客戶是否發生了變化，或者您是否看到更多的客戶過來，並且想要看看您在自動化排隊已啟動並運行後能夠在這裡做什麼？

Yeah. Yeah. So what what I say, Marty is, yes, we have a lot of people coming in both to New Jersey and to Turtle Creek in Pennsylvania. You know, II I think when you walk into the factory and you see the batteries moving down the line, people then look at this and say we see that you can scale and we take them over to where we do the containerization and show them the processes that we, that we're putting in place to allow us to get the throughput that we want. I mean, that's ultimately why city utilities felt comfortable with placing their largest order for energy storage that they've ever placed on us. And I think the team that we've built, you know, we continue to build out talent on the organization. You know, we have, we've had a talented team, but as the company scales, we need more of that talent on the field here making, helping the company we're doing that. We're bringing in people that have worked for competitors that have worked in lithium ion that have worked in the space and they're coming to eos because when they, when they come and interview, they see what we have and they realize what the market needs and they know that they can be part of building something that's going to change the way we power the future. I really believe in this. And I think the team believes in it. And unfortunately, we had this period of time where we had a hiccup, you know, a supply chain doing a million things, right? Every day, millions of simple things at the end of the day. Like when you look at what happened here, you say, wow, you know, this is a simple coq, yes, these things happen all the time. But when you're a company of our size, they can, they can cause, you know, a big, big issue with being able to deliver on your commitments, embarrassed by the fact that we're not on the commitment, but convict have a high conviction that the team will deliver and that the customer sees benefit of the product. You know, the page that I presented with the roundtrip efficiencies that's pretty powerful. We never went up to a 16 hour discharge before. But when you look at that, when you look at that round trip efficiency there in the normal operating window that everybody talks about, that's very powerful. The other thing I'd add to the inside of that is, you know, although the sound wasn't really great. I understand when I was talking and we hopefully we fixed that now. But like when you think about like we've got this battery out there, we've got our own ems and now partnering with service to bring in A I and edge computing and software and analytics. That form of that battery is only going to improve over time. I mean, we are in the early stages of bringing this product to market. There's a lot more we can do and we love sharing that with our customers because when they see it, they believe it and then you see the the impact of that in our pipeline.

是的。是的。所以我要說的是，馬蒂，是的，我們有很多人來到新澤西州和賓夕法尼亞州的龜溪。你知道，我認為當你走進工廠，看到電池沿著生產線移動時，人們會看著這個並說我們看到你可以擴展，我們把它們帶到我們進行集裝箱化的地方並向他們展示我們正在實施的流程是為了獲得我們想要的吞吐量。我的意思是，這就是為什麼城市公用事業公司願意向我們下達有史以來最大的儲能訂單。我認為我們已經建立的團隊，我們將繼續在組織中培養人才。你知道，我們擁有一支才華橫溢的團隊，但隨著公司規模的擴大，我們需要更多的人才在這個領域工作，幫助我們正在做的公司。我們引進了曾為競爭對手工作過、曾在鋰離子領域工作過、在該領域工作過的人，他們來到eos 是因為當他們來面試時，他們看到了我們擁有的東西，他們意識到我們擁有什麼。我真的相信這一點。我認為團隊相信這一點。不幸的是，我們在這段時間遇到了麻煩，你知道，供應鏈做了一百萬件事，對吧？每天結束時都會有數百萬件簡單的事。就像當你看到這裡發生的事情時，你會說，哇，你知道，這是一個簡單的公雞，是的，這些事情一直在發生。但是，當你是一家像我們這樣規模的公司時，他們可以，他們可以導致，你知道，一個很大很大的問題，無法兌現你的承諾，因為我們沒有履行承諾，而是被定罪，這讓他們感到尷尬堅信團隊能夠交付產品並且客戶會看到產品的好處。你知道，我所展示的頁面的往返效率非常強大。我們之前從未進行過長達 16 小時的出院。但是當你看到這一點時，當你看到每個人都在談論的正常操作視窗中的往返效率時，這是非常強大的。我要添加到裡面的另一件事是，你知道，儘管聲音並不是很好。當我說話時我明白了，我們希望現在就解決這個問題。但是，就像當你想到我們已經有了電池一樣，我們也有了自己的 ems，現在與服務部門合作引入人工智慧、邊緣運算、軟體和分析。這種形式的電池只會隨著時間的推移而不斷改進。我的意思是，我們正處於將該產品推向市場的早期階段。我們還有很多事情要做，我們喜歡與客戶分享這些，因為當他們看到它時，他們就會相信它，然後你就會看到它對我們管道的影響。

Great. Thank you very much.

偉大的。非常感謝。

Stand by for our next question.

等待我們的下一個問題。

Our next question comes from Steven Garro with steel. Steven. Go ahead with your question.

我們的下一個問題來自史蒂文·加羅（Steven Garro）的鋼鐵。史蒂文.繼續你的問題。

Thank you. Good morning, everybody.

謝謝。大家早安。

I think two questions for me. You, you talked, you talked a little bit about this, but when you think about the supply chain issues, I mean, obviously we're talking about small numbers turning into large numbers. So the revenue ramp and the push out looks large, right, relative to what you reported. But how should we think about? I know it's early but, but should we think about a major revenue inflection point in the first quarter, next year or the second quarter, next year? Is there, is there any color you can give us around that?

我想對我來說有兩個問題。你，你談到了，你談到了一些這個問題，但是當你考慮供應鏈問題時，我的意思是，顯然我們正在談論小數字變成大數字。因此，相對於您所報告的內容，收入成長和推出看起來很大，對吧。但我們該如何思考呢？我知道現在還為時過早，但是我們是否應該考慮明年第一季或明年第二季的主要收入轉折點？您能給我們一些顏色嗎？

Yeah, great question. So, so what what I would say, like we'll come out with 2025 guidance, but when you, when we just talk about ramping into the production, right? What I, what I would say is we'll get to a normalized rate of production here in December. You have to realize like even with those 27 tubes of batteries sitting on the four waiting for a cube to show up, we're not running the line to its full, its full capacity number of hours per day. Like we're trying to manage to deliver for customers while managing the cost, the cash and inventory impact that we're having. So we're trying to time everything. I think we'll get to a normalization. We'll talk about that on a future call. But what I would say is I anip to be a first quarter that's relatively higher obviously than what we're doing now. But relatively flat ramping into growth as we get into the second quarter and second half of next year, principally driven by, you know, when I spoke about the automation of the sub assemblies to be able to get the line to be up above two gigawatt hours of production. That's when we're going to see the ramp. We're being very purposeful on that sub assembly manual. Actually, you know, we, we're getting good performance out of our semi automated line in order to get with good quality automating that process, which we've always talked about gets us the throughput to get more batteries off the line time that with multiple suppliers coming in on the cube and the changes we're making in in the containerization process. I think you really see the growth coming in as we get into the second quarter and second half of next year.

是的，很好的問題。那麼，我想說的是，我們將推出 2025 年指導，但當我們只是談論投入生產時，對嗎？我想說的是，我們將在 12 月達到正常化的生產力。你必須意識到，即使將 27 管電池放在 4 管電池上等待立方體出現，我們也沒有將生產線運行到其每天的滿容量小時數。就像我們試圖在管理成本、現金和庫存影響的同時，設法為客戶提供服務一樣。所以我們正在努力安排一切時間。我認為我們會實現正常化。我們將在以後的電話會議中討論這一點。但我想說的是，我希望第一季的業績明顯高於我們現在所做的。但隨著我們進入明年第二季度和下半年，成長相對平穩，主要是由，你知道，當我談到子組件的自動化以使生產線能夠超過 2 吉瓦時生產時間。那時我們就會看到坡道。我們對子組裝手冊的編寫非常有目的。實際上，您知道，我們從半自動化生產線中獲得了良好的性能，以便以高品質的方式實現流程的自動化，我們一直在談論這可以讓我們獲得足夠的吞吐量，從而使更多的電池下線時間更長。我認為，當我們進入明年第二季和下半年時，您確實會看到成長。

Great. No, that's.

偉大的。不，是這樣。

That's, that's good call. Thank you. And the, and the other, the other question I had was when given sort of your stage of production growth and you obviously had the, the city utility order come in.

那是，這是個好電話。謝謝。我遇到的另一個問題是，當給出某種生產成長階段時，您顯然會收到城市公用事業訂單。

Is there any way to think about the, the Lois and the commitments and, and how much of that is sort of in limbo until you guys prove the production and the delivery, etcetera? So they're kind of on the cusp of being signed, but you need, you need traction for those customers to sign or is it, or is it just other issues and timing that's that's driving the when these things get signed?

有沒有辦法考慮路易斯和承諾，以及在你們證明生產和交付等之前，其中有多少是懸而未決的？因此，它們正處於簽署的風口浪尖，但是您需要，您需要吸引這些客戶簽署，或者只是其他問題和時間來推動這些事情簽署？

No, thanks for that question. Look, I think this is really as we talked about earlier in the call, this is really about customers that you know, closing on their financing, getting their interconnections, getting, you know, important pieces of their projects pulled together in many cases, they're on project short lists and just waiting to get projects awarded. I would say it's really not about us proving out our manufacturing capabilities. It really has to do with normal project development milestones that that customers are working through.

不，謝謝你提出這個問題。聽著，我認為這確實是我們在電話會議之前談到的，這實際上是關於你認識的客戶，完成他們的融資，建立他們的互連，在許多情況下將他們專案的重要部分整合在一起，他們在項目候選名單上，正在等待獲得專案獎勵。我想說，這並不是要證明我們的製造能力。它確實與客戶正在經歷的正常專案開發里程碑有關。

So again, we continue to work with them as we talked about on the bankability side, coming up with insurance products and and other warranty enhancements in order to help them with their bankability and their financing. I think you're going to see a significant increase in throughput through our pipeline as a result of that. And we're looking forward to talking more about that in future quarters as it comes to fruition.

因此，我們再次繼續與他們合作，正如我們在銀行可融資性方面所討論的那樣，推出保險產品和其他保固增強功能，以幫助他們提高銀行可融資性和融資。我認為您將看到我們管道的吞吐量顯著增加。我們期待在未來幾個季度，隨著它取得成果，並更多地討論這個問題。

Excellent. Thank you.

出色的。謝謝。

Stand by for our next question.

等待我們的下一個問題。

Our next question comes from Joseph Osha with Guggenheim. Joseph. Go ahead with your question.

我們的下一個問題來自古根漢的約瑟夫·奧沙。約瑟夫.繼續你的問題。

Hi, good morning. Thanks a lot. The first question I was going to ask is, has just been asked, it, it sounds like we can look forward to the fully automated line probably hitting its full stride. Kind of second half of next year. Is, is that fair from the, from the comments I just heard? All right.

嗨，早安。多謝。我要問的第一個問題是，剛剛被問到，聽起來我們可以期待全自動生產線可能會全面發展。大概是明年下半年吧從我剛剛聽到的評論來看，這公平嗎？好的。

Okay, thanks. And then I, I thought this news item in the press release on the insurance wrap is interesting. Is this something that some of your customers are asking for and in, in order to secure attractive financing or just one or two of them or, or all of them, I'm just trying to understand how, how important getting this done is, is going to be you know, in terms of, of getting a revenue ramp and product in the.

好的，謝謝。然後我，我覺得保險包裝新聞稿裡的這個新聞很有趣。這是您的一些客戶所要求的嗎？而言。

And Joe, what I would say is just a little bit of color on what we're doing, right? We have quotes. This isn't like let's go out and find it. This is which one do we want to use? I think what this helps us do is accelerate. What's sitting in Lois and what's sitting in late stage because it takes off the table. Any questions you would have about es being here to deliver the references of the product So, you know, now that we're able to go in with the production that we have and then tell people look as you come in and you're making your first buy. Here's the way you get comfortable with your first buy. And I think over time that goes away. So it's just in my view and I'll let Nathan comment as well because he's leading the charge here. This is a way for us to accelerate pipeline conversion as we look forward here.

喬，我想說的只是我們正在做的事情的一點色彩，對嗎？我們有報價。這不像我們出去尋找它。我們要使用哪一個？我認為這有助於我們加速。路易斯的什麼以及後期的什麼，因為它已經脫離了桌面。您對 es 在這裡提供產品參考有任何疑問 所以，您知道，現在我們能夠參與我們現有的生產，然後告訴人們您進來時的樣子以及您正在製作的產品您的第一次購買。這是讓您對第一次購買感到滿意的方法。我認為隨著時間的推移，這種情況就會消失。所以這只是我的觀點，我也會讓內森發表評論，因為他是這裡的領導者。正如我們所期望的那樣，這是我們加速管道轉換的一種方式。

Yeah, and I would just add, I think it, I think it's specific to each individual customer, right? It depends on what, you know how they're putting their financing together. In some cases. It's bridge financing which is tied to ITC. So it's short-term insurance products around the ITC, there's insurance products around the ITC clawback, there's performance guarantee insurance, there's warranty backstop options. You know, we're talking also about extending our standard warranty terms. So again, it's case by case customer by customer, what we're endeavoring to do is have a suite of products with a, a large insurance underwriter who's done their due diligence on our technology, done their due diligence on our ability to manufacture and deliver and then tailor those offerings to a particular project or a particular customer in order to meet their needs in order to get their deals closed and progress.

是的，我想補充一點，我認為這是針對每個客戶的，對嗎？這取決於什麼，你知道他們如何整合融資。在某些情況下。這是與 ITC 相關的過橋融資。因此，有圍繞 ITC 的短期保險產品，有圍繞 ITC 回撥的保險產品，有履約保證保險，還有保固支援選項。您知道，我們也正在討論延長我們的標準保固條款。所以，再次強調，根據客戶的具體情況，我們正在努力做的是與一家大型保險承保商合作提供一套產品，他們對我們的技術進行了盡職調查，對我們的製造和生產能力進行了盡職調查。

Okay. Let, let me just perhaps before I go away, ask this a different way then because you guys were talking about advancing Lois, which, which is great. Is the shipping of any of this $589 million of, of hard backlog contingent on closing insurance or, or not?

好的。也許在我離開之前，讓我以不同的方式問這個問題，因為你們正在談論推進路易斯，這非常棒。這 5.89 億美元的硬積壓訂單的運輸是否取決於終止保險？

No, no, those are firm orders that we have in our backlog today. So what we're really talking about is how do we move things from, you know, opportunities into a pipeline through Lois and into booked orders?

不，不，這些是我們今天積壓的確定訂單。因此，我們真正討論的是如何將機會從機會轉移到通過 Lois 的管道中並轉移到預訂訂單中？

Great. Thanks. Thanks so much guys.

偉大的。謝謝。非常感謝你們。

That's true.

這是真的。

Standby for our next question.

等待我們的下一個問題。

Our next question comes from Chip Moore with Ross Capital partners. Chip. Go ahead with your question.

我們的下一個問題來自 Chip Moore 和 Ross Capital 合作夥伴。晶片.繼續你的問題。

Good morning. Thanks for taking the question. Hey, everybody. I just wanted to maybe follow up there, Joe on, on sort of near term pipeline conversion. I guess just any early thoughts, you know, given the new political environment on what that could mean is, you know, does that introduce some potential for delays, you know, sort of near term is as people wait to see how things shake out or what are your thoughts there? Thanks.

早安.感謝您提出問題。嘿，大家。我只是想跟進一下，喬，關於近期管道轉換。我想任何早期的想法，你知道，考慮到新的政治環境，這可能意味著什麼，你知道，這是否會帶來一些延遲的可能性，你知道，短期內人們會等待事情如何發展或你有什麼想法？謝謝。

Yeah, I mean, so here, here's how I would think about this.

是的，我的意思是，這就是我對此的看法。

Right?

正確的？

I think we need energy storage regardless of who's in the White House, right? The industry needs it. It's there's global growth around it. There was growth five years ago in storage and there's been growth here as technology gets adopted over the last 24 months. I think the other piece that we need is is we need American Built energy storage and we, we need safe assets on our grid that we sleep well at night knowing that we can control them. And that's what Eio Springs, I think, I think it's very clear on making America manufacturer again, which we've done proactively and we look at accelerating into that demand for a product that the industry needs combined with a long strategy that we've held for the last five years of being a US manufacturer with a President that we need to see. You know, you know, with potentially a President elect, I've been busy here. I don't know where the election stands, but, you know, it looks like with the Trump administration that's come in and has been very clear about how they feel about importing from China. Well, we're here, we build our product in Pennsylvania. Our suppliers go through Ohio, Michigan, New York, Massachusetts. I mean, it's the center of the country. It's 91% US manufactured, moving towards 100 with the software being developed by the, by an American company. I think that's pretty powerful. And I think we need this, this technology. And I said this many times every time everybody asked me about this, I'm an energy executive. I'm not a green tech person. I've worked across every possible area of the energy value chain. We need this technology regardless of, of who's there. And it's being adopted because it's required and it can work.

我認為無論誰入主白宮，我們都需要能源儲存，對嗎？行業需要它。圍繞它的是全球成長。五年前，儲存領域出現了成長，隨著過去 24 個月內技術的採用，儲存領域也出現了成長。我認為我們需要的另一件事是我們需要美國建造的能源存儲，我們需要電網上的安全資產，讓我們晚上睡個好覺，知道我們可以控制它們。這就是Eio Springs，我認為，我認為再次成為美國製造商是非常明確的，我們已經積極主動地做到了這一點，我們著眼於加速滿足行業所需產品的需求，並結合我們已經制定的長期戰略。你知道，你知道，隨著潛在的當選總統，我一直在這裡很忙。我不知道選舉結果如何，但是，你知道，川普政府上台後，他們對從中國進口的看法非常明確。好吧，我們在這裡，我們在賓夕法尼亞州生產我們的產品。我們的供應商經過俄亥俄州、密西根州、紐約州、麻薩諸塞州。我的意思是，它是這個國家的中心。它的 91% 是美國製造的，隨著軟體由一家美國公司開發，這一比例正在向 100% 邁進。我認為這非常強大。我認為我們需要這個技術。每當每個人問我這個問題時，我都會多次說過，我是一名能源主管。我不是綠色科技人士。我的工作遍及能源價值鏈的每一個可能的領域。無論誰在場，我們都需要這項技術。它被採用是因為它是必需的並且它可以發揮作用。

Very good. Appreciate that show and look forward to seeing you everybody next week. Thanks, greatship.

非常好。欣賞這個節目並期待下週與大家見面。謝謝，偉大的船。

Thanks.

謝謝。

This concludes our question and answer session. I would now like to turn it back over to Joe Mastrangelo for closing comments.

我們的問答環節到此結束。我現在想把它轉回給 Joe Mastrangelo 徵求結束意見。

Thank you and thanks everyone for listening in today. Just a couple of points. I want to reiterate We will come back with the progress that we're having on, on opening up the supply chain around bringing cubes in and where we stand on that. I think, you know what, when we talk about bankability, we've got to be very clear that, you know, this is something that given where we are with the, with the, with the capital available that Nathan's brought to the company. We now went out proactively with servers to find Marsh to be able to go out and get quotes in to be able to do this. This wasn't a Oh my God, we have to do it. It was let's play on our toes versus being on our heels when we're out in the market commercially. And that's where we're bringing in. I think one of the things that we didn't talk a lot about on the call. I mentioned it in one of my answers is being able to bring in this suite of analytics and performance monitoring to improve the way the technology performs out in the field. I think we're to expand the team and put a world class team on the field to be able to do this. And I think the last thing which we weren't asked, but I want to proactively address because we talked about it as it relates to the covenant and Malone around revenue service approach eos about waiving that, that covenant, they approached us because they understand what was happening around the supply chain and that this was an acute issue, not a systemic issue. And they believe in the team, they believe in the ability to scale this business and they are been a good partner for eos being able to do this. We look forward to continuing to work through, get the doe loan closed, get the supply chain stabilized and running and continuing to, to work our pipeline and convert that pipeline through to bookable orders out into the field. I feel really good about I feel really good about the prospects of the company growing. I feel disappointed in the revenue that we deliver in this quarter, but this isn't a company that we should be looking at an individual quarter is a company that we have to look at over a period of time. And when you look at the product that we're putting out in the field, it's an amazing product and it's an amazing product that proves that not only can you invent technology in the US, but you can manufacture technology in the US and you can deploy technology in the US and that's what the team at EOS has done and will continue to do and we're hard at work making that happen every day. I thank everyone again for their time and we'll be back soon with further updates as they happen.

謝謝大家，也謝謝大家今天的收聽。只是幾點。我想重申，我們將帶著我們在開放供應鏈方面所取得的進展以及我們在這方面的立場回來。我想，你知道嗎，當我們談論融資能力時，我們必須非常清楚，你知道，這是考慮到我們目前的情況，以及內森為公司帶來的可用資本。我們現在主動與伺服器聯繫，尋找 Marsh 能夠出去獲取報價，以便能夠做到這一點。這不是天啊，我們必須這麼做。當我們進入商業市場時，我們要保持警惕，而不是緊跟在後。這就是我們要引入的地方。我認為這是我們在電話會議上沒有談論太多的事情之一。我在一個答案中提到，能夠引入這套分析和效能監控來改善技術在現場的執行方式。我認為我們要擴大團隊規模，並派出一支世界級的團隊來實現這一目標。我認為我們沒有被問到的最後一件事，但我想主動解決，因為我們討論了它，因為它與契約有關，馬龍圍繞收入服務方法 eos 關於放棄該契約，他們聯繫我們是因為他們了解供應鏈周圍發生了什麼，這是一個尖銳的問題，而不是一個系統性問題。他們相信團隊，相信擴大業務的能力，並且他們是 eos 能夠做到這一點的良好合作夥伴。我們期待繼續努力，結束美國能源部的貸款，使供應鏈穩定並運行，並繼續工作，工作我們的管道，並將該管道轉換為可預訂的訂單到現場。我對公司發展的前景感到非常滿意。我對我們本季交付的收入感到失望，但這不是我們應該關注的公司，而是我們必須在一段時間內關注的公司。當你看到我們在該領域推出的產品時，你會發現這是一個了不起的產品，它證明了你不僅可以在美國發明技術，而且可以在美國製造技術，而且你可以在美國部署技術，這就是EOS 團隊已經做過並將繼續做的事情，我們每天都在努力實現這一目標。我再次感謝大家抽出時間，我們很快就會回來並提供進一步的更新。

Thank you for your participation in today's conference. This does conclude the program. You may now disconnect.

感謝您參加今天的會議。這確實結束了該程式。您現在可以斷開連線。