Eos Energy Enterprises Inc (EOSE) 2024 Q4 法說會逐字稿

Good morning and welcome to Eos Energy Enterprise fourth-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.

早安，歡迎參加Eos Energy Enterprise 2024年第四季電話會議。再次提醒，今天的通話將會被錄音，您的參與即表示您同意被錄音。目前，所有參與者均處於唯讀模式。正式演講結束後將進行簡短的問答環節。

With that, I would like to turn the call over to Liz Higley, Director of Investor Relations. Please go ahead.

接下來，我將把電話交給投資者關係總監 Liz Higley。請繼續。

Good morning, everyone, and welcome to Eos' fourth quarter and full year 2024 conference call. Today, I'm joined by Eos's CEO, Joe Mastrangelo, and newly appointed Chief Commercial Officer, Nathan Kroeker.

各位早安，歡迎參加 Eos 2024 年第四季及全年業績電話會議。今天，我邀請了 Eos 的執行長 Joe Mastrangelo 和新任命的首席商務長 Nathan Kroeker。

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. 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 and uncertainties that forward-looking statements are subject to are described in our SEC filings.

本次電話會議（包括問答環節）可能包含前瞻性陳述，包括但不限於對公司未來業績和前景的當前預期。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錯誤的，那麼我們的實際結果可能與我們的預期或這些前瞻性聲明所暗示的結果有重大差異。前瞻性陳述所涉及的風險和不確定性已在我們的美國證券交易委員會文件中進行了描述。

Forward-looking statements represent our beliefs and assumptions only as 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作出該等陳述之日的信念和假設。除法律要求外，我們不承擔任何義務更新本次電話會議中作出的任何前瞻性陳述，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。

Today's remarks will also include references to non-GAAP financial measures. Additional information, including reconciliation between non-GAAP financial information to Eos' GAAP financial information is provided in the press release. Non-GAAP information should be considered as supplementary 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. In addition, our non-GAAP financial measures may not be the same as or comparable to similar non-GAAP measures presented by other companies.

今天的演講也將提及非GAAP財務指標。新聞稿中提供了更多信息，包括非GAAP財務資訊與Eos GAAP財務資訊之間的調整表。非公認會計準則資訊應被視為補充訊息，不應單獨考慮，也不應取代根據公認會計準則編制的相關財務資訊。此外，我們的非GAAP財務指標可能與其他公司提供的類似非GAAP指標不同，也不具可比性。

This conference call will be available for replay via webcast through Eos' investor relations website at investors.eos.com. Joe and Nathan will walk you through our business highlights and financial results before we proceed to Q&A.

本次電話會議將透過網路直播回放，可透過Eos的投資者關係網站investors.eos.com觀看。 Joe和Nathan將首先介紹我們的業務亮點和財務業績，然後進入問答環節。

With that, I'll now turn the call over to Eos' CEO, Joe Mastrangelo.

接下來，我將把電話交給 Eos 的執行長 Joe Mastrangelo。

Thanks, Liz, and welcome everyone to the total year 2024 earnings call for Eos. Strong year by the team. I think, you got to look inside of the numbers here to see the really the performance and continuing to position Eos for the long term in the long duration energy storage market. As we saw, we hit our revised guidance that we came out with at the end of last year. The team continues to execute.

謝謝 Liz，歡迎大家參加 Eos 2024 年全年財報電話會議。團隊表現出色。我認為，你需要深入了解這些數字，才能真正了解 Eos 的性能，並繼續將其定位在長期儲能市場中。正如我們所看到的，我們達到了去年年底發布的修訂後的業績指引。團隊繼續執行戰術。

As we look at the operating highlights on page 4, continue to see a strong commercial pipeline specifically around long duration energy storage. Our pipeline is becoming more vibrant, in my view, and really positioning to where Eos wins in the marketplace, continues to grow. We had a solid year on booked orders with $310.7 million and orders backlog now approaching $700 million and over 2.5 gigawatt hours, positioning us to grow for the future.

從第 4 頁的營運亮點來看，我們繼續看到強勁的商業項目儲備，尤其是在長時儲能方面。在我看來，我們的產品線正變得越來越活躍，真正為 Eos 在市場上的勝利奠定了基礎，並持續發展壯大。我們今年的訂單額穩定成長，達到 3.107 億美元，積壓訂單額目前接近 7 億美元，超過 2.5 吉瓦時，這為我們未來的發展奠定了基礎。

As you look at technology working out in the field, we're approaching 5 gigawatt hours of discharge energy out in the field. When you look at the number of cycles that we're talking about, the number of cycles that we've put on the technology is becoming immense with over 34,000 cycles out in the field, really showing the strength of what the Eos technology can do.

從實際應用的技術來看，我們在現場的放電能量已接近 5 吉瓦時。當你看到我們所說的循環次數時，你會發現我們已經對這項技術進行了大量的循環測試，在實際應用中已經進行了超過 34,000 次循環，這充分展現了 Eos 技術的強大之處。

With revenue, as I said earlier, we hit -- we slightly exceeded what our what our guidance was, our revised guidance was at the end of last year, really strong performance by the operating team in Turtle Creek. And then on the cash side, they can give a little bit more details, but $103 million in the bank that doesn't include the $40.5 million that we drew on the last draw for the service loan.

正如我之前所說，在收入方面，我們略微超過了我們的預期，我們去年年底修訂的預期是，Turtle Creek 營運團隊表現非常出色。至於現金方面，他們可以提供更多細節，但銀行存款 1.03 億美元還不包括我們上次提取用於服務貸款的 4,050 萬美元。

So when you think about 2024 and really go through the year, really started off and really turned the corner in the second quarter when we closed the loan from Cerberus and created the strategic investment from them, which then flowed into closing the DOE loan, which then allowed us to really bring the soda line, the state of the art line in operation and really position Eos as a strong long duration energy storage operating company.

所以，當你展望 2024 年，真正回顧這一年，你會發現，真正開始於第二季度，並真正迎來了轉機，當時我們完成了從 Cerberus 獲得的貸款，並獲得了他們的戰略投資，這隨後又促成了能源部貸款的完成，這使我們能夠真正投入運營蘇打水生產線，這條最先進的生產線，並定位一家為強大的業務。

If you go to the next page on page 5, I'd like to talk a little bit about the external environment, what we're seeing and how we're positioning the company against that backdrop. And really, what we're doing is scaling a company into a high growth environment. It's very exciting for all of us here at Eos on a day-to-day basis. When you look at the external landscape, there's a couple of truths that we really need to look at as you think about how this company will grow over time.

如果您翻到下一頁（第 5 頁），我想談談外部環境，我們目前所看到的以及我們如何在這種背景下定位公司。實際上，我們正​​在做的是將公司規模擴大到高成長環境。對於我們Eos團隊的每一個人來說，每天都充滿著激動人心的時刻。從外在環境來看，在思考公司未來發展方向時，我們需要認真考慮以下幾個事實。

The reality is energy demand is going to double out into 2050. But inside those numbers you've got to think about there's a couple of things happening here. We talk about and want to focus on the tremendous growth that we see here in the United States. We also need to think about globally, part of what we're trying to do is also there's a lot of what I would call energy poverty in the world. We have people that don't have sustainable, reliable power that as we grow the company and think about positioning ourselves in the long term, we can lean into that because we have such a simple, easy solution to operate in the harshest environments that fit well with that growth as we look to the future.

現實情況是，到2050年，能源需求將翻倍。但是，在這些數字背後，你需要考慮一些事情。我們談論並希望重點關注我們在美國看到的巨大成長。我們還需要從全球角度考慮，我們正在努力解決的問題之一是，世界上存在著許多我稱之為能源貧窮的問題。我們有一些人沒有可持續、可靠的電力供應，隨著公司的發展和對長期定位的思考，我們可以利用這一點，因為我們有一個非常簡單、容易的解決方案，可以在最惡劣的環境下運行，這非常適合我們展望未來時的發展。

At the same time, you're seeing a 25% tagger over the next 10 years for long duration energy storage, so strong market really evolving towards the Eos solution that will allow us to grow over the long term. At the same time, we are operating in an uncertain regulatory environment. The uncertainty of that regulatory environment, when you really think about it, Eos, we've been working for nearly seven years on building an American-made products.

同時，未來 10 年內，長期儲能市場將成長 25%，強勁的市場正在向 Eos 解決方案發展，這將使我們能夠實現長期成長。同時，我們正處於一個充滿不確定性的監管環境中。仔細想想，監管環境的不確定性，Eos，我們已經努力了近七年，致力於打造美國製造的產品。

When you think about our bill of materials being 90% US source that protects us against the tariffs that we're seeing happening. At the same time, when you think about the IRA and the production tax credit and the investment tax credit. I believe, and I think as people look at this, having a long-term investment tax credit is only going to help us as we grow into American energy independence and dominance, if you will, to having that long term ITC.

想想看，我們的物料清單中有 90% 的原材料來自美國，這可以保護我們免受目前正在發生的關稅影響。同時，當你想到個人退休帳戶 (IRA)、生產稅收抵免和投資稅收抵免。我認為，而且我認為人們在審視這個問題時會發現，擁有長期投資稅收抵免只會幫助我們實現美國的能源獨立和主導地位，如果你願意這麼說的話，擁有長期投資稅收抵免。

At the same time, the production tax credit is a great program, but that program is to close loopholes around, being able to utilize a production tax credit for repackaging products that are built elsewhere. What Eos does is Eos is bringing a product that has raw materials sourced in the United States, manufactured in the United States, containerized in the United States, and ship to customers.

同時，生產稅收抵免是一項很棒的計劃，但該計劃旨在堵住漏洞，防止有人利用生產稅收抵免來重新包裝在其他地方生產的產品。Eos 的做法是，將原料採購於美國、生產於美國、裝箱於美國並運送給客戶的產品帶到美國。

So we really look at these regulatory uncertainties and think of the way we've been positioning the company over the past seven years, but we also need to remember that what we've always talked about -- what I've always said is that we love having the incentives that are out there, but we've never relied on them to make the company successful and that more -- that holds true even today.

因此，我們認真審視了這些監管方面的不確定性，並思考了過去七年來我們是如何定位公司的，但我們也需要記住，我們一直在談論的——我一直說的——我們喜歡現有的激勵措施，但我們從未依賴它們來使公司取得成功，而且——即使在今天，這一點仍然適用。

Now. when you think about, and I think one of the big questions that everybody may have on their mind is, what's going to happen with the loan from the Department of Energy? What I would say is where we stand today, and I can only talk about where we stand today.

現在，當你思考這個問題時，我想每個人都可能在想一個大問題，那就是，能源部的貸款會如何發展？我只能談談我們目前的處境，也只能談談我們目前的處境。

Our relationship with the loan program office has not changed. We're continuing to work with them on a regular basis to go through the execution around Project AMAZE and bringing our capacity online in Pennsylvania, and we remain confident that we'll continue that relationship as it goes forward because this is an American made technology that plays into a large-scale need for not only the United States, but the United States allies and also other parts of the world that are experiencing energy poverty and would like to get into the developed world as they think about readily available electricity for the world.

我們與貸款項目辦公室的關係沒有改變。我們將繼續定期與他們合作，推動 AMAZE 計畫的執行，並在賓州實現產能上線。我們仍然相信，隨著計畫的推進，我們將繼續保持這種合作關係，因為這是一項美國製造的技術，它不僅滿足了美國的巨大需求，也滿足了美國盟友以及世界上其他正在經歷能源貧困並希望加入發達國家行列、為世界提供便捷電力的地區的迫切需求。

You get to the middle, and you talk about commercial growth. Commercial growth, what I find on the commercial growth side right now, you're starting to see a consolidation in the industry. You're starting to see companies coming out and really repositioning themselves with new technologies, new durations, changing from battery companies to become solar companies. Eos, we're sticking to our strategy, we've always thought about -- we spend a lot of time.

到了中間階段，你們就開始談論商業成長了。商業成長方面，我發現目前商業成長方面正在出現產業整合的趨勢。你開始看到一些公司站出來，利用新技術、新的持續時間重新定位自己，從電池公司轉型為太陽能公司。Eos，我們堅持我們的策略，我們一直以來都在思考——我們投入了大量時間。

People talk about features and specific performance parameters of products, but what we sell is a solution, what we sell is readily available megawatt hours that customers can use. We're not selling a battery technology per se, but underlying that solution is a very flexible battery technology that provides a levelized cost of storage advantage.

人們談論產品的功能和具體性能參數，但我們銷售的是解決方案，我們銷售的是客戶可以立即使用的兆瓦時電力。我們並非在銷售電池技術本身，但此解決方案的基礎是一種非常靈活的電池技術，可提供平準化的儲能成本優勢。

We're not out selling the features around what an Eos battery can do, but we sell the returns and the ability to use that technology in a variety of ways to meet the demand that I was talking about earlier out in the marketplace. What we play into then is the fact that this is a secure technology. It's compliant in every sense of the word from an energy security standpoint today. It's safe. It's non-flammable.

我們並非在推銷 Eos 電池的功能，而是在推銷其帶來的回報以及以各種方式使用該技術來滿足我之前在市場上提到的需求的能力。我們所利用的正是這項技術的安全性。從當今的能源安全角度來看，它完全符合所有相關規定。很安全。它不易燃。

Thermal runaway risk is non-existent with our product, and its reliability of the product and how it can operate and the simplicity of how it can operate is accelerating the demand that I talked about on the prior page and Nathan will talk about it in a few moments. The same time that you're seeing that growth, we've got to scale the operations of this company.

我們的產品不存在熱失控風險，而且該產品的可靠性、運作方式和操作簡單性正在加速需求成長，正如我在上一頁中提到的，Nathan 稍後會談到這一點。在你們看到這種成長的同時，我們也必須擴大公司的營運規模。

The first two months of 2025, we've set production records in our facility in Turtle Creek. The team is now operating at a level that continues to improve on a day by day, month by month basis, and that makes me feel good about how we're going to scale into the year as we think about 2025. We're also working through and have talked about subassembly automation, which will drive our capacity and get us to our current cost out entitlement which then delivers a profitable product.

2025年的前兩個月，我們在龜溪工廠的生產紀錄都已創下。團隊目前的運作水準也逐日逐月提高，這讓我對我們今年的發展規模以及展望 2025 年充滿信心。我們也在研究和討論子組裝自動化，這將提高我們的產能，使我們達到目前的成本削減目標，從而生產出獲利的產品。

Now, what's important in subassembly automation is this is not something that we're talking about doing. It's something that we're doing right now. There's equipment that's been arriving in Turtle Creek for performing factory acceptance to prepare for site testing, to start bringing this technology online in the second and third quarter of this year. So this will allow us to achieve the 2-gigawatt hour capacity out of the Turtle Creek facility with one line, which allows us to grow and deliver on our backlog. It's not so -- it's not that simple. What people talk about is eight-hour discharge in a 24-hour period that could be cut up into many different discharge durations. It could be two hours and six hours, four hours and four hours, eight hours straight in a row, seven and one hour.

現在，在子組裝自動化中，重要的是這並不是我們正在討論要做的事情。這是我們目前正在做的事情。一些設備已經運抵龜溪，用於進行工廠驗收，為現場測試做準備，以便在今年第二季和第三季開始將這項技術投入使用。這樣一來，我們就可以透過一條生產線從 Turtle Creek 工廠實現 2 吉瓦時的產能，從而使我們能夠成長並完成積壓訂單。事情並非如此——沒那麼簡單。人們談論的是 24 小時內 8 小時的出院時間，而這 8 小時可以分成許多不同的出院時間。可能是兩小時和六小時，四小時和四小時，連續八小時，七小時和一小時。

Eos is the only readily available technology that can do that where when you do those multiple cycles in a day. You're not degrading the product, you're not causing it to lose its performance, and you're not causing it to use up its useful life faster, so we feel like we fit into that long term. Now, what that means though is projects are getting bigger, with durations longer, is that customers come in and they look at the facility in Turtle Creek and are impressed.

Eos 是目前唯一能夠實現一天內多次循環的現成技術。你並沒有降低產品的性能，也沒有導致產品性能下降，更沒有導致產品使用壽命縮短，所以我們覺得我們符合這種長期發展模式。但這意味著工程規模越來越大，工期越來越長，客戶來到龜溪鎮參觀設施後都會印象深刻。

But then, think about having a gigawatt hours project and saying, wow, if I do a gigawatt hour, that's 50% of your current capacity. So what we're doing now, and this is a change in our strategy, as I've always said, we'll build capacity as we get backlogged. We're going out and we're building capacity because we know the demand is there for the product as we look forward, and I'll talk about that on the next page. So if you go to the next page on page six.

但是，想想看，如果你有一個千兆瓦時的項目，你會想，哇，如果我做1千兆瓦時，那就是你當前產能的50%。所以，我們現在正在做的，也是我們策略上的改變，正如我一直所說，我們將隨著積壓工作的減少而逐步提高產能。我們正在走出去，擴大產能，因為我們知道未來市場對該產品有需求，我將在下一頁談到這一點。所以，如果你翻到第六頁的下一頁。

That record production that we're seeing off the line is still with a 98% first pass yield. We've actually lowered the cycle time of the line to below ten seconds and continue to find ways to improve both of those numbers. When you look at Pennsylvania, we're finalizing where future lines will go outside. Side of what we're going to install in our current Turtle Creek facility to continue to grow our presence in the Pittsburgh Mont Valley area at the same time on our capacity expansion, I was talking about on the prior page subassembly automation coming online in Q2 and Q3.

我們看到的這條生產線上的創紀錄產量，一次合格率仍然高達 98%。我們實際上已經將生產線的周期時間縮短到十秒以內，並且還在繼續尋找方法來改善這兩個數字。看看賓州，我們正在最終確定未來線路的走向。在我們位於 Turtle Creek 的現有工廠中，為了繼續擴大我們在匹茲堡蒙特谷地區的業務，同時為了擴大產能，我上一頁提到的子組裝自動化將在第二季和第三季上線。

We're really looking at containerization, so putting battery modules into the cubes or into the boxes that then get shipped to customers. We're thinking like an automotive company and how we want to get that into a moving line versus a static line, and we believe we've found ways to improve throughput that allow us to get more shipments out of our existing facility. And at the same time, we've put out a request for quotation for three to the art line, so we're going to source 6 gigawatt hours of capacity to be able to build into the larger orders that we're seeing, the larger potential projects that we're seeing coming on the marketplace.

我們正在認真考慮貨櫃化，即將電池模組裝入立方體或箱子中，然後運送給客戶。我們像汽車公司一樣思考，如何將生產線從靜態生產線轉變為動態生產線，我們相信我們已經找到了提高吞吐量的方法，使我們能夠從現有工廠發出更多貨物。同時，我們已經向藝術生產線發出了三台設備的詢價請求，因此我們將採購 6 吉瓦時的產能，以滿足我們看到的更大的訂單以及市場上即將出現的更大的潛在項目。

So when you really think about this, we want to have customers come and say if I give an order, they're going to be able to build it. We know that the technology works on the state-of-the-art line. We know we can continue to improve it and make it better. And at the same time, we want to go out and as we've always talked about, we don't need one massive factory. We want to build smaller facilities closer to where the demand is to be able to reduce total logistics costs for projects.

所以仔細想想，我們希望客戶會說，如果我下單，他們就能幫我做出來。我們知道這項技術在最先進的生產線上是有效的。我們知道我們可以繼續改進它，讓它變得更好。同時，我們也想走出去，正如我們一直所說的那樣，我們不需要一座大型工廠。我們希望在需求地附近建造規模較小的設施，以便降低專案的總物流成本。

So we've gone out with have eight states bidding on where factory 2.0 is going to go, and we're negotiating state incentive packages which I think will lower the total capital costs of being able to do this expansion. And we're going to shortlist these sites here over the next few weeks and then continue to move forward of coming out and saying where's going to be where will be the second home for Eos as we think about expanding our capacity to be able to deliver on these large-scale lines. It's exciting and the team has really done a great job here as far as finding places that we could potentially be part of, and we look forward to keeping everybody updated on that as we progress.

所以我們已經讓八個州競標 2.0 號工廠的選址，我們正在與各州協商激勵方案，我認為這將降低此次擴建的總資本成本。接下來幾週，我們將對這些地點進行篩選，然後繼續推進，公佈 Eos 的第二個總部將設在哪裡，因為我們將考慮擴大產能，以便能夠交付這些大規模生產線。這令人興奮，團隊在尋找我們可能參與的地方方面做得非常出色，我們期待隨著進展情況的推進，及時向大家通報最新情況。

Go to page seven. I want to talk about delivering a profitable Z3 product. The team did a phenomenal job of taking out direct materials. So the overall, when you look at this, the fact that we delivered lower volume than anticipated last year impacted the financials that you see in for the company in 2024, notwithstanding the fact that we had lower volume. So think about this for a minute, the volume was lower than what we thought, but the material cost was lower than what we forecasted. So the entitlement of this product and continuing to really drive cost out, reset the baseline, redo your funnel, come up with new opportunities and continue to take costs out.

請翻到第七頁。我想談談如何打造一款獲利的 Z3 產品。團隊在去除直接材料方面做得非常出色。因此，總的來說，當你審視這個問題時，儘管我們去年的銷量低於預期，但這仍然影響了公司 2024 年的財務狀況。所以請仔細想想，產量比我們預想的要低，但材料成本也比我們預測的還要低。因此，該產品的權益在於繼續真正降低成本，重置基準線，重新設計銷售漏斗，尋找新的機會，並繼續降低成本。

We're just a team that's going to continue to drive this and continue to take material cost out, and we think get on a leadership basis like when you think about how people talk about cost of product, when you're comparing us against other technologies talk about cells and sell cost. We have a module that has 20 cells inside of it. If you do this on a cell basis, we're really the cost leader when you look at the market. It's simple manufacturing process.

我們只是一個會繼續推動這項事業並繼續降低材料成本的團隊，我們認為要達到領導地位，就像人們談論產品成本時那樣，當你把我們與其他技術進行比較時，要談論電池和銷售成本。我們有一個模組，裡面有20個電池。如果以單元計算，從市場角度來看，我們確實是成本領先者。製造流程很簡單。

When you look at the line that we have up and running, we met the labor plan for what we did in the state-of-the-art line. But at the same time, given the fact that we didn't automate the subassemblies, we had to add labor to continue to produce. That labor will come down over time and we'll get the labor cost down to where we believe it'll be in a market leadership position from direct material labor.

從我們已投入運作的生產線來看，我們達到了最先進的生產線所製定的勞動力計畫。但同時，由於我們沒有實現子組裝的自動化，我們不得不增加勞動力以繼續生產。隨著時間的推移，勞動成本會下降，我們將把勞動成本降低到我們認為能夠使我們在直接材料勞動力方面佔據市場領先地位的水平。

The third piece of getting the profitability is delivering on your manufacturing overhead, your footprint. The team did a great job controlling expenses and avoiding extra cost as we as we revise our revenue estimate prior year. But we really look at this and say, given the facility we have, given the capacity that we can drive, given the labor that's required to do this, when at scale and given the material costs. Yeah, we are -- we have a profitable product.

實現獲利的第三個要素是控制好你的生產成本和占地面積。在我們修改上一年的收入預測時，團隊在控制支出和避免額外成本方面做得非常出色。但我們認真審視了這個問題，並認為，考慮到我們擁有的設施、我們能夠推動的產能、大規模生產所需的勞動力以及材料成本。是的，我們－我們擁有一款獲利的產品。

And I'd like to also point out when you think about our backlog, some of the projects that are in our backlog date back to when we were launching the company, they're at lower price points than what we're selling today. If you take where the team is selling the product today with the cost that we have today, you have a profitable Z3 product. We've got to scale into that and grow that over time, but I feel really good about the product we have, the ability to build it, and the ability to really grow this company as we look to the future.

我還想指出，當我們考慮我們的待辦事項清單時，清單中的一些項目可以追溯到公司成立之初，它們的定價低於我們今天銷售的產品。如果以團隊目前銷售產品的價格和我們目前的成本來看，Z3 產品是有利可圖的。我們需要逐步擴大規模，並隨著時間的推移不斷發展壯大，但我對我們現有的產品、打造產品的能力以及展望未來發展這家公司的能力都感到非常滿意。

With that, I'll turn it over to Nathan to walk through the commercial portion of the presentation and the financials.

接下來，我將把講解交給內森，讓他來講解簡報的商業部分和財務部分。

Thanks, Joe, and thank you all for joining us this morning. It really has been an exciting year for us as a business. And as you may have seen last night, this is my last earnings call as the CFO here at Eos. It's been an incredible couple of years, and I am looking forward to spending more time with our customers as we go forward. Now with that, let's dive into our commercial growth and our financial results.

謝謝喬，也謝謝各位今天早上收看我們的節目。對我們公司來說，這真是令人興奮的一年。正如您昨晚可能看到的，這是我作為 Eos 財務長的最後一次財報電話會議。過去的兩年非常精彩，我期待未來能有更多的時間與我們的客戶相處。接下來，讓我們深入探討一下我們的商業成長和財務表現。

As we closed out 2024, our commercial pipeline stood at $14.4 billion reflecting a 9% year-over-year improvement. This represents 55 gigawatt hours of storage, of which 36% is now standalone storage, as we're seeing incremental opportunities for energy arbitrage that drives improved customer economics, meaning these projects no longer need to be coupled with solar, wind, or traditional generation to make them attractive. We anticipate this trend to continue as we go forward.

截至 2024 年底，我們的商業項目儲備金為 144 億美元，年增 9%。這相當於 55 吉瓦時的儲能容量，其中 36% 現在是獨立儲能，因為我們看到了能源套利機會的逐步增加，這推動了客戶經濟效益的改善，這意味著這些項目不再需要與太陽能、風能或傳統發電相結合才能具有吸引力。我們預計這一趨勢將持續下去。

You'll notice that we've simplified the format of this page from what you are used to seeing. As the company has matured, we've decided to consolidate our opportunity pipeline into a single metric. While each of the historical buckets experience regular ups and downs, the ultimate measure of the commercial team's success is booked orders. We continue to see healthy turnover in both our opportunity pipeline as well as lead generation.

你會注意到，我們簡化了此頁面的格式，使其與你以往看到的有所不同。隨著公司的發展成熟，我們決定將我們的商機管道整合為單一指標。雖然每個歷史資料區間都會經歷規律性的起伏，但衡量商業團隊成功的最終標準是已下訂單量。我們的銷售機會和潛在客戶開發都持續保持健康的周轉率。

Year-over-year lead generation is up 50%, of which $3.4 billion was added in the fourth quarter alone, as we're seeing increased activity on the heels of all the progress we've made in 2024. In addition, we have successfully moved nearly $2.2 billion forward into our pipeline as technical proposals or quotes are being provided to customers.

與去年同期相比，潛在客戶數量增加了 50%，其中僅第四季度就增加了 34 億美元，這得益於我們在 2024 年取得的所有進展，我們看到業務活動增加。此外，隨著技術方案或報價的提供，我們已成功近 22 億美元的專案推進到我們的專案儲備中。

The commercial activity on this page is increasingly aligned with our value proposition of longer duration, multi-cycle use cases which Eos, Z3 technology was uniquely designed for. Where we did lose projects, I'd like to point out that nearly 100% of them were for durations of four hours or less.

本頁的商業活動越來越符合我們的價值主張，即更長、多周期的使用場景，而 Eos、Z3 技術正是為此而設計的。我想指出的是，在我們失去的專案裡，幾乎 100% 的專案持續時間都在四小時或更短。

Storage fundamentals are moving in our favor. In fact, over the last year, we've seen a 122% increase in five duration projects, and we've seen the average deal size grow by 28%. Overall, projects are getting larger, and discharge needs are extending beyond historical norms.

儲存基本面正朝著對我們有利的方向發展。事實上，在過去一年中，我們看到五個長期項目增加了 122%，平均交易規模增加了 28%。整體而言，工程項目規模越來越大，排放需求也超越了歷史常態。

We continue to see growing opportunity in microgrids, data centers, and other behind the meter applications as this segment of the business gains a better understanding of the incremental value created with our multi-cycling capability. Behind these pipeline numbers are a lot of blue-chip names comprised of large, regulated utilities as well as domestic developers that themselves have robust pipelines of battery storage projects at various stages of development. When these customers come to the factory, they continue to be impressed by the progress and the growth that they see firsthand. All of this further reinforces our optimism about the future.

隨著業務的這一部分更了解我們的多循環能力所創造的增量價值，我們繼續看到微電網、資料中心和其他表後應用領域的機會不斷增長。這些在建項目背後有許多藍籌企業，包括大型受監管的公用事業公司以及國內開發商，它們本身就擁有大量處於不同開發階段的電池儲能項目。當這些客戶來到工廠時，他們親眼所見的進步和發展總是讓他們印象深刻。這一切都進一步增強了我們對未來的樂觀態度。

While the majority of our commercial efforts are focused on domestic markets today, we're excited about the developments in several international markets, a key area that I'll be focusing on in my new role. We believe the UK's cap and floor program should accelerate the adoption of long duration technologies. And we continue to focus on Latin America, Germany, and Italy as growth markets, as we also keep a keen eye on the developments in Australia, Japan, and Poland, to name a few. It's clear that the world needs long duration storage, and the timing is right for Eos as we now have a commercial product that is easy to manufacture when compared to other technologies.

雖然我們目前的商業努力主要集中在國內市場，但我們對幾個國際市場的發展感到興奮，這也是我在新職位上將重點關注的領域。我們認為英國的碳排放總量控制和下限計畫應該會加速長效技術的採用。我們將持續關注拉丁美洲、德國和義大利等成長型市場，同時密切關注澳洲、日本和波蘭等國的發展動態。很明顯，世界需要長期儲存技術，而對 Eos 來說，現在正是時候，因為我們現在擁有了一種商業產品，與其他技術相比，它更容易製造。

New factories can simply be located near customer demand in order to scale this business. Our 1,231 backlog stands at $682 million on 2.6 gigawatt hours of storage. We had some big wins in the fourth quarter, and I'd like to point out that these were all stand-alone storage projects, and we're beginning to realize our competitive advantage in the market as customers focus on multi-cycle capabilities, lower operating costs, and 20 plus year life without augmentation.

為了擴大業務規模，只需在客戶需求附近新建工廠即可。我們目前積壓的 1231 個儲能項目價值 6.82 億美元，總容量為 2.6 吉瓦時。我們在第四季度取得了一些重大勝利，我想指出的是，這些都是獨立的儲存項目，隨著客戶專注於多周期功能、更低的營運成本以及無需擴容即可使用 20 年以上的使用壽命，我們開始意識到我們在市場上的競爭優勢。

All of this improves the levelized cost of storage, and we've been working closely with customers to ensure that these benefits are being properly captured in their models. When these benefits are properly modelled, they regularly result in a 30% plus LCOS advantage compared to other technologies.

所有這些都提高了儲存的平準化成本，我們一直在與客戶密切合作，以確保這些優勢在他們的模型中得到正確體現。如果對這些優勢進行正確建模，它們通常會比其他技術帶來 30% 以上的 LCOS 優勢。

Before we move on to the next slide, as we announced yesterday, we recently signed an important order with the Naval Base of San Diego, fully funded by the California Energy Commission. This order provides essential energy resiliency to the US Navy's Western Fleet. As the nation's focus on national security intensifies, we believe our American-made technology will become the preferred solution for bases and other military applications as they increasingly rely on storage to ensure operational reliability and security.

在我們繼續下一張幻燈片之前，正如我們昨天宣布的那樣，我們最近與聖地亞哥海軍基地簽署了一份重要訂單，該訂單由加州能源委員會全額資助。這項命令為美國海軍西部艦隊提供了必要的能源保障。隨著國家對國家安全的重視程度不斷提高，我們相信，隨著軍事基地和其他軍事應用越來越依賴儲存來確保運作可靠性和安全性，我們美國製造的技術將成為它們的首選解決方案。

Flipping to the next page, a lot of work has gone into the details that make up this page over the last two quarters. The left side of this page is what is going to differentiate us as an attractive solution to customers and their investors with the list of solutions you see here driving bankability for customer projects. We believe we now have all the pieces in place to support customer project financing, which should lead to additional orders as we progress throughout the year. To clarify what I mean with this, customers and their investors want to see several things.

翻到下一頁，在過去兩個季度裡，我們在構成這一頁的細節上投入了大量精力。本頁左側列出的解決方案將使我們成為客戶及其投資者眼中極具吸引力的選擇，這些解決方案能夠提高客戶專案的融資可行性。我們相信，我們現在已經具備了支持客戶專案融資的所有條件，隨著我們今年工作的推進，這將帶來更多的訂單。為了闡明我的意思，客戶及其投資者希望看到以下幾點。

Number one, is there proven product performance and reliability? Will the technology scale? Is the product backed by a strong warranty? Do the returns of the project clear the hurdle rates for all stakeholders? And will the company stand behind the product performance for the long term? We believe we can now successfully check the box next to all of these questions. We have fully negotiated a comprehensive insurance policy framework to enhance bankability. This includes three distinct policies, an ITC bridge insurance policy, ITC clawback insurance, and warranty backstop insurance, which incorporates Eos' standard warranty.

首先，產品性能和可靠性是否經過驗證？這項技術能否規模化應用？該產品是否有強而有力的保固？該專案的報酬率是否達到所有利害關係人的預期目標？公司是否會對產品性能做出長期保證？我們相信現在可以成功地勾選所有這些問題的答案了。我們已全面協商制定了一套全面的保險政策框架，以增強銀行信譽。這包括三張不同的保單，即 ITC 橋樑保險保單、ITC 追回保險和保固擔保保險，其中包含 Eos 的標準保固。

These policies are important enhancements to our commercial offering that we believe should accelerate our pipeline growth and orders conversion. In addition, we have extended our customer warranty to meet or even exceed industry standards. We are now offering our customers a three-year standard warranty with the option to extend to five or ten years. Now, shifting over to the right-hand side of the page, let's talk about our partnership with FlexGen.

我們相信，這些政策是我們商業產品的重要補充，應該能夠加速我們的銷售管道成長和訂單轉換。此外，我們延長了客戶保固期，使其達到甚至超過業界標準。我們現在為客戶提供三年標準保修，並可選擇延長至五年或十年。現在，讓我們轉到頁面右側，談談我們與 FlexGen 的合作關係。

As announced in December, we signed a teaming agreement with FlexGen to co-develop a fully integrated domestic best solution. This collaboration combines our patented Z3 battery storage systems with a domestic inverter and transformer package integrated with FlexGen's EMS. We have jointly identified approximately 50 gigawatt hours of opportunities that we believe would benefit from this integrated solution.

正如去年 12 月宣布的那樣，我們與 FlexGen 簽署了合作協議，共同開發完全整合的國內最佳解決方案。此次合作將我們專利的 Z3 電池儲能係統與家用逆變器和變壓器組件結合，並整合了 FlexGen 的 EMS。我們共同確定了大約 50 吉瓦時的機會，我們認為這些機會將受益於此整合解決方案。

Over the past two months, we have made significant progress across multiple fronts, initial data sharing, pre-engineering, and system integration planning are well underway, laying the groundwork for full hardware integration and testing in Q2. In addition, our business development teams have generated significant new opportunities while also merging the scope of supply in both companies' existing pipelines to deliver a fully integrated solution to each other's customer base. Specific project opportunities we are engaged in thus far total $1.4 billion in potential revenue.

在過去的兩個月裡，我們在多個方面取得了重大進展，初步資料共享、預工程和系統整合規劃正在順利進行，為第二季度的全面硬體整合和測試奠定了基礎。此外，我們的業務發展團隊創造了重要的新機遇，同時整合了兩家公司現有業務管道的供應範圍，為彼此的客戶群提供完全整合的解決方案。我們目前參與的具體項目機會總潛在收入達14億美元。

Before getting into the financials, I am proud to announce that the company has completed a significant processing controls documentation and testing project, and I'm pleased to say that Eos is now stocks compliant, and we have successfully remediated our material weakness. This company-wide initiative was led by the finance and accounting team, but ultimately required the support of the entire business, demanding a lot of time and resources to make this happen. Alongside our ongoing automated manufacturing line and our financial and commercial initiatives, this is an important step toward positioning the company for long-term growth and success.

在深入探討財務狀況之前，我很榮幸地宣布，公司已完成一項重要的流程控製文件和測試項目，我很高興地表示，Eos 現在符合股票合規要求，並且我們已成功彌補了重大缺陷。這項公司範圍內的舉措由財務和會計團隊牽頭，但最終需要整個業務部門的支持，需要大量的時間和資源才能實現。結合我們正在進行的自動化生產線以及我們的財務和商業舉措，這是公司朝著長期成長和成功邁出的重要一步。

Moving to our capital structure, we ended the year with $103 million in cash on the balance sheet, having successfully brought in $133 million in gross funding in the quarter, a tremendous achievement by the team that strengthens our position as we continue to scale our operations. This included $65 million from the successful achievement of the October 31 milestone with Cerberus and $68.3 million initial draw on tranche one of the Department of Energy guaranteed loan.

再來看我們的資本結構，截至年底，我們的資產負債表上有 1.03 億美元的現金，本季成功籌集了 1.33 億美元的總資金，這是團隊的巨大成就，鞏固了我們的地位，我們將繼續擴大業務規模。其中包括 10 月 31 日與 Cerberus 成功達成里程碑後獲得的 6,500 萬美元，以及能源部擔保貸款第一期的 6,830 萬美元初始提款。

We are extremely proud to be the first company who closed and funded a Title 17 loan under the prior administration. We continue to work with the DOE on a regular basis, and we expect to submit our second advance request on schedule. This second advance is expected to include eligible costs associated with the completion of subassembly automation, as well as initial deposits and payments for items related to line two.

我們非常自豪地成為上一屆政府執政期間第一家完成並發放第 17 條貸款的公司。我們將繼續與美國能源部保持定期合作，並預計將按計劃提交第二份預先申請。第二筆預付款預計將包括與完成子組裝自動化相關的合格費用，以及與第二條生產線相關的項目的初始定金和付款。

At the end of January, we also announced the successful achievement of all four of the third set of Cerberus milestones, allowing us to draw the final $40.5 million on the term loan. As we discussed previously, this loan was structured to align with the company's operational progress and is consistent with the entire organization's determination and drive to be a high-growth, profitable energy company.

1 月底，我們也宣布成功實現了 Cerberus 第三組四個里程碑的全部目標，使我們能夠提取定期貸款的最後 4,050 萬美元。正如我們之前討論過的，這筆貸款的結構是為了配合公司的營運進展，並且與整個組織成為高成長、獲利的能源公司的決心和動力是一致的。

Additionally, during the fourth quarter, $4.4 million of the December 23 warrants were exercised, bringing $7 million in cash to the balance sheet. We expect this to continue being a source of capital at current share price levels. And lastly, customer receipts have continued to be another source of cash to fund our working capital requirements as we ramp up operations with nearly $30 million coming in from customers throughout 2024.

此外，在第四季度，12 月 23 日的認股權證中價值 440 萬美元被行使，為資產負債表帶來了 700 萬美元的現金。我們預計在目前的股價水準下，這將繼續成為資金來源。最後，隨著我們逐步擴大營運規模，客戶收款一直是滿足我們營運資金需求的另一個現金來源，預計到 2024 年，我們將從客戶那裡獲得近 3,000 萬美元的收入。

These funding sources put us in a strong financial position to continue advancing our strategic priorities from operational growth to technology development. And with that, let's get into our fourth quarter financial results.

這些資金來源使我們擁有強大的財務實力，能夠繼續推進從營運成長到技術開發的各項策略重點。接下來，讓我們來看看第四季的財務表現。

In the fourth quarter, revenue was $7.3 million which is 10% higher than the prior year and 8 times what we recorded in the most recent sequential quarter. We were able to recover from the cub supply chain challenge we had in the third quarter and deliver to more project sites than we did last year. While our gross loss was essentially flat year over year, our gross margin improved by 35 points over the prior year.

第四季營收為 730 萬美元，比上年同期成長 10%，是上一季營收的 8 倍。我們克服了第三季度遇到的幼崽供應鏈挑戰，並且比去年向更多專案現場交付了產品。雖然我們的毛虧損與去年基本持平，但我們的毛利率比去年增加了 35 個百分點。

As Joe discussed earlier, we have made tremendous progress on our direct material cost out, and we are now focusing on the fixed components of indirect labor and factory overhead, as well as improving the efficiency and effectiveness of our field services and project execution teams as we scale up to get more systems and projects through COD and cycling in the field.

正如喬之前討論的那樣，我們在降低直接材料成本方面取得了巨大的進展，現在我們正專注於間接人工和工廠管理費用的固定部分，以及提高現場服務和項目執行團隊的效率和效力，以便擴大規模，讓更多的系統和項目通過 COD 和現場循環交付。

Other operating expenses for the quarter totalled $28.2 million an increase of 52% compared to the prior year. We effectively held non-labor cash operating expenses flat while seeing an 88% increase in non-cash items like stock-based compensation and the PP&E write-off. The largest driver of the cash expense increase was a 10% increase in product engineering and software development talent that is expected to drive better performance, better margins, and profitability going forward.

本季其他營運支出總計 2,820 萬美元，較上年同期成長 52%。我們有效地將非勞動力現金營運支出控制在了水平，同時非現金項目（如股票選擇權費用和固定資產減值）增加了 88%。現金支出增加的最大驅動因素是產品工程和軟體開發人才增加了 10%，預計這將推動未來績效、利潤率和獲利能力的提升。

Net loss to shareholders was $268.1 million compared to a net loss of $41.2 million in the prior year. These significant differences were mainly the result of change in fair value of derivatives tied to market-to-market adjustments as our share price increased in the quarter compared to the share price decrease for the fourth quarter of 2023.

股東淨虧損為 2.681 億美元，而上一年淨虧損為 4,120 萬美元。這些顯著差異主要是由於與 2023 年第四季股價下跌相比，本季股價上漲，導致衍生性商品公允價值因市場調整而改變。

Adjusted EBITDA loss in the quarter was $44.6 million compared to $37.2 million in the prior year. The difference in this is related to higher debt issuance costs with Cerberus, as well as the Gen 2.3 PP&E write-offs. For the full year, we came in at $15.6 million in revenue, which is in line with our revised expectations. This was a slight decrease compared to 2023 revenue of $16.4 million, largely driven by Q3 cube availability, which we've discussed on prior calls. As we've said previously, we began to see some recovery in late Q4 and continue to focus on supply chain diversity and cube deliveries as we go into 2025.

本季調整後 EBITDA 虧損為 4,460 萬美元，而去年同期為 3,720 萬美元。造成這種差異的原因是 Cerberus 的債務發行成本較高，以及第二代 2.3 版固定資產的減損。全年營收達 1560 萬美元，與我們修訂後的預期相符。與 2023 年 1,640 萬美元的收入相比，這一數字略有下降，主要原因是第三季立方體的可用性，我們在之前的電話會議中已經討論過這個問題。正如我們之前所說，我們在第四季末開始看到一些復甦跡象，並將繼續專注於供應鏈多樣性和立方體交付，直至 2025 年。

Despite the significant direct material cost improvements which Joe discussed earlier, gross loss increased by 13% to $83.3 million, primarily due to manual subassembly inefficiencies and ongoing commissioning costs associated with several legacy projects. As I mentioned earlier, we are scaling up our projects and field services capabilities to be more efficient, and we believe this will yield significant financial benefits over time.

儘管如喬之前所討論的那樣，直接材料成本有了顯著改善，但毛虧損增加了 13%，達到 8330 萬美元，這主要是由於人工子裝配效率低下以及與幾個遺留項目相關的持續調試成本造成的。正如我之前提到的，我們正在擴大專案和現場服務能力，以提高效率，我們相信隨著時間的推移，這將帶來顯著的經濟效益。

Operating expenses came in at $91 million for the year, a 16% increase over last year. Approximately, 62% or $7.7 million of this increase is related to cash operating expenses as we expanded the team, positioning the company for growth and scale.

本年度營運支出為 9,100 萬美元，較上年增長 16%。其中約 62%（即 770 萬美元）的成長與現金營運支出有關，因為我們擴大了團隊規模，為公司的發展和擴張奠定了基礎。

Over the past 12 months, we have invested in key areas of the business such as sales talent to drive future orders, sourcing expertise to continue taking material cost out of the product, and software engineering to improve system performance. We are positioning the company for significant growth over the next few years. Net loss attributable to shareholders in '24 was $685 million. The decline compared to the prior year was driven by the mark-to-market adjustments on the fair valued debt that we discussed earlier.

在過去的 12 個月裡，我們對業務的關鍵領域進行了投資，例如銷售人才，以推動未來的訂單；採購專業知識，以繼續降低產品的材料成本；以及軟體工程，以提高系統性能。我們正在為公司未來幾年的顯著成長做好準備。2024 年歸屬於股東的淨虧損為 6.85 億美元。與前一年相比的下降是由於我們之前討論過的對公允價值債務進行市值調整所致。

Adjusted EBITDA loss for the full year was $156.6 million, an increase of 20% year over year as the increase was impacted by the items we've discussed, along with $7.4 million in debt issuance costs related to the strategic capital from Cerberus and $2 million related to PP&E write-offs as we transitioned from Gen 2.3 to Z3 manufacturing. So if you summarize everything we just talked about, we are improving the underlying Z3 related adjusted EBITDA.

經過調整後的全年 EBITDA 虧損為 1.566 億美元，年增 20%，這是由於我們討論過的項目，以及與 Cerberus 的戰略資本相關的 740 萬美元債務發行成本和與我們從 Gen 2.3 製造過渡到 Z3 製造相關的 200 萬美元 PP&E 減值成本所致。綜上所述，我們剛才討論的所有內容，就是我們正在改善與 Z3 相關的調整後 EBITDA。

We know we have work to do on labor and overhead absorption, which is being addressed by our subassembly automation. We held cash operating expenses primarily flat sequential quarter over quarter, and we are investing in specific areas of the business that are driving the scale needed for us to be a profitable operating company.

我們知道在勞動力和管理費用分攤方面還有很多工作要做，而我們的子組裝自動化正在解決這個問題。我們的現金營運支出基本上保持季度環比持平，並且我們正在投資於業務的特定領域，以推動我們達到成為一家盈利運營公司所需的規模。

Lastly, before I turn things over to Joe, I want to talk about a very positive development related to our net operating losses. With all of the capital raises that we've completed over the past couple of years, we previously disclosed the risk that our NOLs may be restricted under Section 382 of the tax code.

最後，在把發言權交給喬之前，我想談談與我們淨經營虧損相關的一個非常積極的進展。鑑於我們在過去幾年中完成的所有融資，我們先前已經揭露了我們的淨營業虧損可能受到稅法第 382 條限制的風險。

This restriction would have significantly delayed the timeline when our NOLs would have become available for use. We have now completed a Section 382 ownership shift analysis through the end of 2024, and based on this analysis, we are confident that we will be able to realize the benefit of all $740 million worth of federal NOL carry forwards with the majority of this amount coming available for use before December 30, 2029.

這項限制將大大推遲我們的 NOL 投入使用的時間。我們現在已經完成了截至 2024 年底的第 382 條所有權轉移分析，並且根據這項分析，我們有信心能夠實現所有 7.4 億美元的聯邦淨經營虧損結轉的收益，其中大部分金額將在 2029 年 12 月 30 日之前可供使用。

With that, I want to thank everybody for their time today, and I'll turn the call back over to Joe to say a few more words before we get into Q&A.

最後，我要感謝大家今天抽出時間，接下來我會把電話交還給喬，讓他再說幾句話，然後再進入問答環節。

Thanks, Nathan. Let's just wrap up here before we get to Q&A. We're reiterating the guidance that we issued earlier this year with $150 million to $190 million of revenue. You know that's 10x what we're talking about last year. Again, as I talked about earlier, we feel good about our ability to scale into that, to manage the supply chain as we move forward to be able to deliver on that. We're going to be doing some big things as you think about the year coming up.

謝謝你，內森。在進入問答環節之前，我們先總結一下。我們重申今年稍早發布的業績預期，即營收為 1.5 億至 1.9 億美元。你知道，這可是去年我們所說的數字的10倍。正如我之前提到的，我們對自身的擴展能力充滿信心，也對未來管理供應鏈的能力充滿信心，相信我們能夠實現這一目標。展望未來一年，我們將開展一些大項目。

We feel really good about the state subassembly automation. Increasing containerization capacity as we get into the second half of the year and then really as you start thinking about this, we're going to be doing more and more out in the field. So you know, when you start thinking about our cost of goods sold online, there's both product and project costs that are going to be there, and we feel that those project costs will drive service revenue in the future. So you're going to have a little bit of a ramp up of those two pieces as we as we go through the year but feel really good about the guidance number that we have and positioning the company to deliver in the long term.

我們對州級子組件自動化感到非常滿意。隨著我們進入下半年，貨櫃運輸能力將會增加；而且當你真正開始思考這個問題時，你會發現我們將越來越多地在現場開展工作。所以你知道，當我們開始考慮我們在線上銷售商品的成本時，既有產品成本也有專案成本，我們認為這些專案成本將在未來推動服務收入。因此，隨著我們今年的工作進展，這兩項業務都會逐步增加，但我們對我們給出的業績指引數字以及公司在長期發展中的成就感到非常滿意。

That I'll go to the last page here and really talk about continuing to strengthen the leadership team of Eos, continuing to build a company with aspirations to be a leader in long duration energy storage. I'd like to start off one by thank you Nathan for all the hard work he did as a CFO. When you look back at the body of work since he came in as a CFO, closing two complex loan transactions and really positioning the company for the long term. He's had his hand in rate in securing almost over $850 million of financing for the company to position us to grow for long term.

接下來，我將翻到最後一頁，認真談談如何繼續加強 Eos 的領導團隊，並繼續打造​​一家有志成為長時儲能領域領導者的公司。首先，我要感謝 Nathan 作為財務長所做的所有辛勤工作。回顧他擔任財務長以來所做的工作，他完成了兩筆複雜的貸款交易，真正為公司的長期發展奠定了基礎。他為該公司爭取了近 8.5 億美元的融資，使我們能夠實現長期發展。

At the same time, a lot of the work that you saw in bankability in different parts of the company and getting rid of the material weakness, those that has Nathan's fingerprints all over it. But at the same time, when Nathan came to Eos, what he and I talked about was his background really wasn't as operating but as an energy operating leader. I think when you look at what he's done prior to coming to Eos, it fits perfectly in him going over into the Chief Commercial Officer role.

同時，你在公司各部門看到的很多關於提高公司獲利能力和消除重大缺陷的工作，都離不開 Nathan 的參與。但同時，當 Nathan 來到 Eos 時，我和他談到的是，他的背景其實不是營運方面的，而是能源營運領導者方面的。我認為，回顧他加入 Eos 之前的經歷，他完全勝任首席商務官一職。

We've also seen as we're out a bringing projects to market with non-utilities, non-utility, so developer utility scale projects, a lot of that requires a skill set that Nathan brings. And one thing that we didn't really talk about as we went through the second half of last year, Nathan's been wearing two hats. So all the things that have been going on the finance side, Nathan was also acting as the commercial leader to help us grow the pipeline. So you saw the results and the orders in the second half of last year, so I'm really excited as he moves over into the commercial world.

我們也看到，當我們把非公用事業項目推向市場時，非公用事業，也就是開發商的公用事業規模項目，很多都需要 Nathan 所擁有的技能。去年下半年，我們沒有真正討論過的一件事是，內森一直身兼兩職。所以，在財務方面發生的一切，Nathan 也一直擔任商業領導的角色，幫助我們拓展業務管道。所以你們看到了去年下半年的業績和訂單，因此我對他進軍商業領域感到非常興奮。

At the same time, I'm very excited to bring Eric Javidi on as our CFO for the company. I mean, Eric comes with a background in financial markets, a background in high growth companies. He's had multiple global CFO,15 years of experience in the energy industry. I think he brings us the CFO that we need for the next few years here and beyond to really position Eos as we grow and look forward to partnering with him and continuing to strengthen the team as we move forward.

同時，我非常高興地宣布 Eric Javidi 加入我們公司擔任財務長。我的意思是，埃里克擁有金融市場背景，也擁有高成長公司的工作經驗。他曾擔任多位全球財務官，在能源產業擁有15年的經驗。我認為他能為我們帶來未來幾年乃至更長遠時期所需的財務官，真正幫助 Eos 在發展過程中佔據有利地位。我期待與他合作，並隨著我們不斷前進，繼續加強團隊實力。

It's an exciting time at Eos. As I've said many times, we have a lot of work to do, but we have the team that can get the work done, and we're really looking forward to executing here throughout 2025.

Eos正處於令人興奮的發展時期。正如我多次說過的那樣，我們有很多工作要做，但我們有能夠完成這些工作的團隊，我們非常期待在 2025 年在這裡開展工作。

With that, I'll turn it over for Q&A. Thanks.

接下來，我將把問答環節交給各位。謝謝。

(Operator Instructions)

（操作說明）

Thomas Boyes, TD Cowen.

Thomas Boyes，TD Cowen。

Thanks for taking the questions. Maybe the first one, I'm just trying to maybe get a better understanding of what the potential revenue cadence could be for the year, Previously, you kind of talked about positive contribution margin from Z3 being kind of the linchpin to seeing higher volumes, is that something that you are currently and it's just a composition of the backlog that kind of keeps that from being on the case, or is it really predicated on having subassembly up? And then, we will really see more of a back half weighted type of inflection?

謝謝您回答問題。或許第一個問題是，我只是想更了解今年的潛在收入節奏。之前您提到過，Z3 的正貢獻毛利是實現更高銷量的關鍵，目前是否確實如此，只是積壓訂單的構成阻礙了這一目標的實現，還是說這真的取決於子裝配的正常進行？那麼，我們是否會看到更多後半程加重的轉捩點呢？

Yeah. Hey, Thomas, good morning. So I think it -- I think yes to both of your points, right? So I think there's a part of this where you know we wanted to get through the backlog of our early book deals in 2024 that's obviously pushed into the first quarter. If you look at the at the orders that we're booking now with the cost that we have now, we're actually contribution margin positive when you think about the backlog that we're adding to the order book.

是的。嘿，托馬斯，早安。所以我覺得──我覺得你們兩點都對，對吧？所以我覺得，這其中一部分原因是，我們想處理掉 2024 年早期圖書交易的積壓工作，這些工作顯然被推遲到了第一季。如果看看我們現在預訂的訂單以及我們目前的成本，考慮到我們正在添加到訂單簿中的積壓訂單，我們實際上是貢獻毛利為正的。

I think as you think about the ramp throughout the year, I think you'll see first quarter similar to fourth quarter just because of that subassembly timing. We -- the marketing team put out a video a week ago of the first equipment that's gone through factory acceptance that's now being installed in the factory in Turtle Creek. As we ramp into that subassembly, the labor cost will come down, the output will go up, which is going to impact not only labor, but also that overhead number that we talked about which will allow us to ramp into growth as we go through the second and third quarter to get to the run rate of the line as we hit fourth quarter.

我認為，考慮到全年的生產爬坡進度，第一季和第四季的情況會比較相似，這主要是因為子組件的生產時間表。一周前，我們行銷團隊發布了一段視頻，展示了第一批透過工廠驗收的設備，這些設備目前正在龜溪工廠進行安裝。隨著我們逐步推進該子裝配，勞動力成本將會下降，產量將會上升，這不僅會影響勞動力成本，還會影響我們之前討論過的間接費用，這將使我們能夠在第二季度和第三季度逐步實現增長，並在第四季度達到生產線的正常運轉速度。

Got it, that's very helpful. And then, maybe I'm just wondering about your discussions with customers. Just given a lot of the very dynamic tariff environment, you know I've seen kind of reports just for lithium ion batteries from China that cost increase could be anywhere from like 7.5% to like over 20% and so, you know, how do you think that's induced more demand from potential customers just as they look to kind of move away from lithium ion is maybe an exposure there?

明白了，這很有幫助。而且，我可能只是好奇你和客戶的討論內容。鑑於當前瞬息萬變的關稅環境，我看到一些報告稱，光是中國鋰離子電池的成本漲幅就可能在 7.5% 到 20% 以上。因此，您認為這會如何刺激潛在客戶的需求，尤其是在他們正在尋求擺脫鋰離子電池的情況下？這或許是個風險敞口？

Well, look, before I turn it over to our Chief Commercial Officer, I'd say like that having an American made product is clearly an advantage right now in the environment that we're in and what's happened here over the last 48 hours, but at the same time, it's not just the tariff part that makes Eos a compelling solution, it's also what we talked about as that in the energy industry, everybody likes to normalize to do analysis, right? So you pick operating points so you can compare.

嗯，聽著，在我把發言權交給我們的首席商務官之前，我想說，在目前的環境下，擁有美國製造的產品顯然是一個優勢，尤其是在過去 48 小時內發生的事情之後。但同時，Eos 之所以成為一個引人注目的解決方案，不僅是因為關稅，還因為我們之前討論過，在能源產業，每個人都喜歡進行標準化分析，對吧？所以你需要選擇一些工作點來比較。

The reality of how you actually use the equipment is very different than how you talk about it in situations like this, and our -- and what we have been focused on as a team because when you really look at the team that we have, you have energy leaders in the company is how to give a technology that's going to work in real world situations.

實際使用設備的方式與在這種情況下談論設備的方式截然不同，而我們團隊一直關注的重點，因為當你真正審視我們擁有的團隊時，你會發現公司裡有能源領域的領導者，那就是如何提供一種能夠在現實世界中發揮作用的技術。

So I just think that we all have to get our head around. We all have to start looking at, you don't just charge a battery up for a period of time and then discharge it for a set period of time and that's it. But when you look at the way that things operate and the way that the grid operates, you need technology that's going to be able to flex with the supply and demand ebb and flows that happen throughout the day, and we've got a technology that allows you to do that with that.

所以我覺得我們都必須弄清楚。我們都應該開始意識到，你不能只是為電池充電一段時間，然後再放電一段時間就結束了。但是，當你觀察事物的運作方式和電網的運作方式時，你會發現我們需要一種能夠隨著一天中供需的潮起潮落而靈活調整的技術，而我們擁有一種可以讓你做到這一點的技術。

I'll turn over to Nathan and add any color he has because he's the one out there actually talking to the customers every day.

我會把麥克風交給內森，讓他補充一些內容，因為他是每天都在和顧客直接溝通的人。

Yeah, I think every customer has a different thing that they're focused on, so every conversation is a little different. In some cases, if it's upfront CapEx is paramount and it's a short duration project, yeah, they're focused on tariffs on Chinese products, but that's becoming a much smaller piece of the conversations that we're having every day.

是的，我認為每個客戶關注的重點都不同，所以每次對話都會略有不同。在某些情況下，如果前期資本支出至關重要，而且專案週期較短，那麼他們確實會關注對中國產品徵收關稅，但這在我們日常討論中所佔的比重越來越小。

Like Joe said, we're selling levelized cost to storage. We've got a significant advantage in levelized cost of storage relative to other technologies out there, particularly when you're looking at four-hour duration, driven by multi-cycle capability, just the additional flexibility that you get out of the system and no seven-to-ten-year augmentation on the system. So we're really focused on our conversations with customers about how we get them, the economic returns that they need to get their projects done. And I would say yes, we have conversations on Chinese tariffs, but that's a small piece of the overall broader discussion that we're having with customer these days.

正如喬所說，我們銷售的是儲存的平準化成本。與其他技術相比，我們在儲存的平準化成本方面具有顯著優勢，尤其是在考慮四小時持續時間時，這得益於多周期功能，以及系統帶來的額外靈活性，而且系統無需七到十年的擴容。因此，我們非常注重與客戶的溝通，並了解我們如何幫助他們獲得完成專案所需的財務回報。是的，我們會討論中國關稅問題，但這只是我們目前與客戶進行的整體更廣泛討論的一小部分。

Excellent, really appreciate the insight. I'll hop back into queue.

太好了，非常感謝您的見解。我重新排隊。

Stephen Gengaro, Stifel.

Stephen Gengaro，Stifel。

Thanks. Good morning, everybody. Two things for me. Good morning. So the first, just to follow up on the response to the first question, when we think about the kind of the revenue push out on the third quarter conference call, I thought the enclosures were sort of the biggest problem, and I was just curious if you could comment on kind of where that supply chain stands. I know I think you've diversified the supply chain.

謝謝。大家早安。對我來說有兩件事。早安.首先，為了跟進第一個問題的回答，當我們在第三季電話會議上談到營收成長時，我認為包裝盒是最大的問題，我很好奇您能否就供應鏈的現狀發表一下看法。我知道，我認為你們已經實現了供應鏈多元化。

And maybe a little more detail on why that doesn't lead to a more rapid kind of first quarter or even second quarter of rampant revenue. I'm a little -- I'm sort of disconnected on those two factors.

或許還可以更詳細地解釋一下，為什麼這不會導致第一季甚至第二季營收出現快速成長。我有點——我對這兩個因素不太了解。

So first part, Stephen, on diversifying the supply chain for enclosures, we've got multiple suppliers that are supplying to us and we're also working through with other additional suppliers to help us be able to scale capacity and not just scale the capacity but take cost out and simplify the product so that's always paramount to us on a number. Obviously, as you don't just turn a supply chain on and starts producing at scale on day one.

史蒂芬，第一部分是關於外殼供應鏈多元化的問題。我們有多家供應商向我們供貨，我們也在與其他供應商合作，以幫助我們擴大產能，不僅要擴大產能，還要降低成本並簡化產品，這始終是我們最重視的。顯然，你不可能啟動供應鏈，然後在第一天就開始大規模生產。

There's a ramp for each individual supplier as you go through that, and we're ramping into that. At the same time, like when you think about this, and we've always said this, given the timing of when we close the service loan, when we close the DOE loan, we had a push on the subassembly on the subassembly automation. That's going to happen in the first quarter and as you as you scale into that is when we're going to have more batteries coming off coming off the line.

在這個過程中，每個供應商都有一個晉升階梯，而我們正在逐步進入這個階梯。同時，就像你思考這個問題時一樣，我們一直都這麼說，考慮到我們結束服務貸款的時間，當我們結束能源部貸款時，我們對子組件自動化進行了推動。這種情況將在第一季發生，隨著規模的擴大，我們將有更多的電池從生產線上下來。

The problem is not the line itself. The line performs as we talked about. You got to feed the line; you got to feed the beast and we're building up the entire supply chain to flow that and get everything and get everything operating as we go through that.

問題不在於線路本身。該線路的性能正如我們之前所說的那樣。你必須給生產線供料；你必須餵養這頭野獸，我們正在建立整個供應鏈，以確保供應順暢，並確保一切正常運作。

Okay, great. That helps. And the second question is just around the backlog growth and I'm not sure how as the backlog gets larger, I feel like maybe there's a little more. Is it possible to give kind of more color on sort of the components of the backlog even, if it's by kind of addressable market if not by kind of customer concentration?

好的，太好了。那很有幫助。第二個問題是關於積壓工作量的成長，我不確定隨著積壓工作量增大，情況會如何，我覺得可能會有更多。能否更詳細地描述待辦事項清單的各個組成部分，例如按目標市場劃分，而不是按客戶集中度劃分？

We -- I don't think we'd ever talk about customer concentration. And I think, see, if we can certainly give metrics around like we talk about having more stand-alone storage, when you look at the last three orders that we've announced, they're all standalone storage orders. So we can talk about segmentation of where the use case is going to be and maybe segmentation generically between developer utility, CNI type customers as we move forward.

我們－我想我們永遠不會談論客戶集中度。而且我認為，你看，如果我們能給出一些指標，例如我們談到要擁有更多獨立儲存設備，那麼看看我們最近宣布的三筆訂單，它們都是獨立儲存訂單。因此，我們可以討論用例的細分，以及隨著我們不斷前進，或許還可以按開發者實用性、CNI 類型客戶等進行一般性的細分。

Okay, thank you.

好的，謝謝。

Chip Moore, Roth Capital Partners.

Chip Moore，Roth Capital Partners。

Morning. Hey. I guess, first, Nathan, congrats on the new role and nice job on all the heavy lifting. I guess, Joe, I wanted to ask -- yeah, great work. And Joe, I wanted to ask your comments around the demand you see and proactively looking to build capacity maybe expand on that, is this a function of customers becoming maybe more strategic and longer term or what are you seeing there? And then, are there ways to ensure those commitments maybe as you get closer to potentially deploying capital?

早晨。嘿。首先，Nathan，恭喜你擔任新職務，也感謝你承擔的所有繁重工作。我想問的是，喬，是的，幹得好。喬，我想問你對目前的需求以及積極尋求擴大產能的看法，這是否是因為客戶變得更加註重戰略和長期發展，或者你看到了什麼其他情況？那麼，在接近可能部署資金時，是否有辦法確保這些承諾得到履行？

Yeah, Chip, you -- you've seen the factory with your own eyes in Turtle Creek. It's impressive for people to come see that. Obviously, we are -- we become the supply chain of someone else, and they look at your supply chain and do you want to place the bet on the side of the deals, and we started our strategy of how we wanted to invest in capacity, a big project was 50-megawatt hours. You know that's an extremely small project right now.

是的，奇普，你──你親眼見過龜溪的那家工廠。能讓人們前來觀看，真是令人印象深刻。顯然，我們成為了別人的供應鏈，他們會審視你的供應鏈，看看你是否願意參與交易。我們開始製定投資產能的策略，一個大專案是 50 兆瓦時。你知道，那現在只是個非常小的專案。

I mean, a lot of the things that we're talking about are 500 megawatt hours and higher, so you start thinking about add a line, it just didn't make sense to be doing it in a staged fashion. It made a lot more sense to come out and say, alright, let's add a big chunk of capacity to feed the projects for people that, Nathan, and the team are bringing in to look at the facility and talk about the growth. Also saw the ability to diversify, we've always talked about our strategy of building out the capacity where you can build it by line and not needing a massive mega or giga factory to make the company profitable and to really co-locate near demand to lower logistics costs.

我的意思是，我們討論的許多項目都是 500 兆瓦時及以上，所以當你開始考慮增加一條線路時，分階段進行就顯得沒有意義了。更合理的做法是站出來說，好吧，讓我們增加一大批產能，以滿足內森和他的團隊邀請來考察設施並討論發展事宜的人們的項目需求。我們也看到了多元化發展的能力，我們一直在談論我們的策略，即逐步擴大產能，這樣就可以按生產線進行生產，而無需建造大型的巨型或超級工廠來使公司盈利，並且真正靠近需求地進行生產，以降低物流成本。

So we started looking at what's coming in from an opportunity pipeline, where that's located. We said let's do two things at once here, let's get more capacity online like always talked about in the Mont Valley, and we're going to do that. But at the same time, let's plan, let's find our second home, like many people in Pittsburgh.

所以我們開始研究來自商機管道的訊息，以及這些資訊位於哪裡。我們說，讓我們同時做兩件事，一是像蒙特谷一直討論的那樣，增加線上容量，二是我們將要做到這一點。但同時，讓我們制定計劃，像許多匹茲堡人一樣，尋找我們的第二個家。

I guess, we're going to have our home in Pittsburgh, but we'll have another place somewhere sunny that's closer to where all the demand is and get a couple lines in there and really diversify and allow us to get closer to customers, and closer to new supply bases to grow the company. And it just makes sense given the demand and the size of projects that we're seeing.

我想，我們會在匹茲堡安家，但我們會在陽光充足、更靠近需求集中地的地方再建一個廠，在那裡建幾條生產線，真正實現多元化，讓我們更貼近客戶，更接近新的供應基地，從而發展公司。考慮到市場需求和項目規模，這完全合乎情理。

Very helpful, Joe. And maybe just a follow up, any lessons or things you've learned applicable to future sites, in terms of optimization and things like that?

非常感謝，喬。另外，能否再補充一點，您在網站優化等方面有哪些經驗或心得可以應用在未來的網站建置中？

Yeah, when you really look at what the team has done in Turtle Creek, right, we fit capacity into a footprint. When we look at this and as we've learned and looked at raw material warehousing into subassembly and subassembly manufacturing into building modules and then containerizing them and shipping. We want a facility that we could do that on a straight shot and really, on a single line that moves through the factory that allows us to productivity, not reduce the number of material moves, reduce the cost of logistics, we will, as we look at this.

是的，當你真正了解團隊在龜溪所做的工作時，你會發現，我們把產能融入了有限的空間。當我們審視這一點，正如我們所了解和研究的那樣，從原材料倉儲到子組件組裝，再到子組件製造，最後到建築模組，再到集裝箱化和運輸。我們想要一個能夠直接完成這項工作的設施，真正地，一條貫穿整個工廠的單線生產線，使我們能夠提高生產效率，而不是減少物料搬運次數，降低物流成本，我們會認真考慮這一點。

One of the key things for us is we want to be co-located near a logistics hub. We want to, hopefully, have a rail yard nearby so that we can start talking about not just trucking but shipping. As you get larger projects, putting a lot of cubes on trains is probably cheaper in the long haul and doing the last mile by truck versus the whole thing by truck. So there's a lot of different that we're looking at.

對我們來說，關鍵因素之一是我們希望靠近物流樞紐。我們希望附近能有一個鐵路貨場，這樣我們就可以開始討論的不僅僅是卡車運輸，而是海運了。隨著工程規模的擴大，從長遠來看，將大量貨物裝上火車，然後用卡車完成最後一英里的運輸，可能比全程用卡車運輸更便宜。所以，我們正在研究很多不同的面向。

We're really -- they -- I'm excited about what we're seeing coming in as far as locations and states and how people want to bring us into their communities. And I think as we down select and go through this process, we'll keep everyone updated on it. But like really, for us, it's just finding the place where you could build out and think big,

我們真的——他們——我對即將看到的地點和州以及人們希望如何將我們帶入他們的社區感到非常興奮。我認為，在篩選候選人並完成整個流程的過程中，我們會及時向大家通報最新進展。但對我們來說，真正重要的是找到一個可以發展壯大、放眼未來的地方。

I think what we've done up until now, prior to June of last year was everything was about serving every dollar, doing the most we could with everything that we had to get to a point where you had the belief that the company was going to grow and thrive. And once, now, that we have that financing behind us and that partnership and the customers coming, we've really got to think big about how we want to grow this thing.

我認為，直到去年六月之前，我們所做的一切都是為了每一分錢，盡我們所能利用我們所擁有的一切，讓大家相信公司將會成長。現在，有了資金支持、合作夥伴關係和客戶，我們就必須認真思考如何發展壯大這個計畫。

So although we're talking about two lines, what I would say is the building will be able to hold more than two lines and you know, we've got to then take that learning. Like one of the big things is you think about how we want to grow the company and the company that we have, you can't do too many things at once, but like you sit there and Nathan alluded to, like some of the things we see going on internationally right now. At some point, we're going to have to look at like what are we going to do internationally and shipping things by boat from the US is not going to be the most cost-effective way to do that.

所以雖然我們現在討論的是兩條線路，但我想說的是，這座建築能夠容納兩條以上的線路，你知道，我們接下來必須吸取這些經驗教訓。其中一件大事就是你要思考我們想如何發展公司，以及我們現有的公司，你不能同時做太多事情，但就像你坐在那裡，內森也暗示過，就像我們現在在國際上看到的一些事情一樣。在某個時候，我們必須考慮我們在國際上應該做什麼，而從美國用船運送貨物並不是最具成本效益的方式。

So as we get through and learn how to stand up factory two in the US, there'll be factory number three that'll be somewhere else. And we just got to keep growing the company and really developing it into the growth trajectory that we see in the demand curve that we see.

所以，當我們在美國建立起第二家工廠之後，就會在其他地方建立第三家工廠。我們必須繼續發展公司，並真正按照我們看到的市場需求曲線所顯示的成長軌跡來發展它。

Great, appreciate it. Thanks. I'll go -- I'll take the rest off.

太好了，謝謝。謝謝。我去——我把剩下的都脫掉。

Fine. Thanks, Chip.

美好的。謝謝你，奇普。

Tom Curran, Seaport Research.

湯姆‧柯倫，海港研究公司。

Good morning, Nathan. Kudos on everything you accomplished. Kudos on everything you accomplished during your tenure and best of luck as CCO.

早安，內森。祝賀你所取得的一切成就。恭喜您在任期間所取得的所有成就，並祝福您擔任首席商務長一職一切順利。

Thank you. Thanks, Thomas.

謝謝。謝謝你，托馬斯。

I'm curious, as we look at these three next goals for upgrading Mont Valley Works, the stage subassembly automation, the increased containerization capacity, and the higher project service revenue for each of those, the three of those, assuming you're remaining on track for the revenue guidance range, could you just give us an idea of what each of them, when achieved could contribute to gross profit margin improvement?

我很好奇，當我們審視蒙特谷工廠升級的這三個下一步目標——舞台子組件自動化、提高集裝箱化能力以及提高項目服務收入時，假設你們的收入目標能夠保持在預期範圍內，你們能否簡要說明一下，這三個目標分別在實現後能夠為毛利率的提高做出哪些貢獻？

Well, so Tom, what I would do is like if you go back to page 7, right? So when you think about this, you know we've proven out we can drive direct material cost out of the product. What we've always said and I believe it's still an early life cycle technology, so there's a lot of cost that can still come out of this product, and as you learn, you get smarter and you just reset your funnel and go after more opportunities to take costs out and that's exactly what we're going to do in 2025.

嗯，湯姆，我的建議是，如果你回到第 7 頁，對吧？所以仔細想想，我們已經證明我們可以降低產品的直接材料成本。我們一直都說，而且我認為這項技術仍處於早期生命週期，所以這款產品還有很多成本可以降低。隨著你不斷學習，你會變得更聰明，你會重新調整你的銷售漏斗，尋找更多降低成本的機會，而這正是我們將在 2025 年要做的事情。

On the labor side, the required to run the state-of-the-art line is on plan. It's what we thought it would be, and it's highly -- it's the productivity you gain from going from doing it semi-automated to automated has been tremendous. To keep up and feed the line, we've had to bring in temporary workforce to be able to manufacture subassemblies. That's going to drive down the cost when you when you turn that on. At the same time, our containerization, what we're talking about here is truly coming back and looking at how we put modules in the trays in the cubes and cubes out the door.

勞動力方面，運作這條最先進生產線所需的人力按計劃進行。正如我們所料，從半自動化到全自動，生產力的提升非常顯著。為了跟上生產進度並確保生產線正常運轉，我們不得不引進臨時工人來生產子組件。當你開啟這個功能時，成本就會降低。同時，我們這裡所說的貨櫃化，實際上是在重新審視我們如何將模組放入立方體的托盤中，然後將立方體運出大門。

When we look at this and you start thinking about this, it's like, well, this is no different than building a car or a bus, we should be thinking about it that way. So there's productivity that we'll get out of there. Those things as you as you learn and do, you pick up ways to take costs out and that's what's going to drive us the gross margin and continue to create the value of the product, and I feel really good about the cost entitlement that this product has. It's now up to us to get the supplier relationships in place to be able to do that.

當我們審視這個問題並開始思考它時，就會發現，這與製造汽車或公共汽車沒有什麼不同，我們應該這樣思考。所以，我們能從中獲得一定的生產力。隨著你不斷學習和實踐，你會找到降低成本的方法，這將推動我們提高毛利率，並持續創造產品價值，我對這款產品的成本優勢感到非常滿意。現在，我們需要做的就是建立起與供應商的關係，以便能夠做到這一點。

And obviously, as you gain credibility, we spend a lot of time talking about the customer side of this. You also have to think about the supplier side, somebody that's coming and wants to supply the Eos. Up until June of last year, we had a lot of suppliers taking a big bet on us as far as what they were going to ship us. When were they going to get paid?

顯然，隨著信譽的提升，我們會花很多時間討論客戶方面的問題。你還要考慮供應商方面，也就是那些想要供應 Eos 的人。直到去年六月，還有很多供應商對我們寄予厚望，相信他們會給我們發貨。他們什麼時候才能拿到薪水？

Now, that you're sitting here with where we are being capitalized and growing, you start looking at this and you start talking about like how do we extend terms to really get and drive working capital and that's one of the reasons why Eric came into the company given his experience. It's like how we wind up where we're really driving inventory returns, payables and receivables, and get that all linked up so that we get the right working capital model with the right growth model and really position the company to grow as we move forward.

現在，你坐在這裡，了解了我們目前的資金狀況和發展情況，你開始審視這一切，開始討論如何延長期限以真正獲得和推動營運資金，這也是埃里克憑藉其經驗加入公司的原因之一。就像我們最終要真正推動庫存退貨、應付帳款和應收帳款，並將所有這些聯繫起來，從而獲得正確的營運資本模型和正確的成長模型，並真正使公司在未來發展中佔據有利地位。

The only thing I would add, you asked about service revenue. I mean, I think we had a million dollars in service revenue last year. That's high margin revenue and that's really a function of systems installed out in the field.

我唯一要補充的是，你問到了服務收入。我的意思是，我認為我們去年的服務收入達到了100萬美元。這是高利潤收入，而這實際上取決於現場安裝的系統。

Significant number of our customers are purchasing long term service agreements as well. And so, as we increase the installed base out in the field, I would anticipate that line item continues to grow, both in total and as well as a percentage of total revenue over time. So that'll -- that one will take some time to grow, but that's good solid margin business.

我們還有相當一部分客戶購買了長期服務協議。因此，隨著我們在現場安裝基礎的擴大，我預計該項支出總額以及佔總收入的百分比都會隨著時間的推移而持續成長。所以，這需要一些時間才能發展壯大，但這是一項利潤豐厚的穩定業務。

That's helpful. And then for the actual revenue guidance band of 150 to 190, are there any swing variables that are likely to determine where you fall within that band that are entirely within your control or at least in house, variables. And if so, could you expound on those?

那很有幫助。那麼，對於實際收入預期區間 150 至 190，是否存在一些波動變量，可能會決定你最終落在該區間的哪個位置，而這些變量完全在你的控制範圍內，或者至少是內部變量？如果是這樣，您能否詳細闡述一下？

I think it's what we talked about earlier as far as scaling in through -- throughout the quarters would really the two main things are going to be getting the semi-automated, manufacturing up to get more throughput out of line and bringing in lien principles and an assembly line approach to how we do containerization to get to the back end and get within the higher end of the guidance range. But I'd stick with the range right now as we sit here in March.

我認為這正是我們之前討論過的，關於逐步擴大規模——在接下來的幾個季度裡，兩件主要的事情將是提高半自動化生產效率，從而提高生產線的吞吐量，並引入留置權原則和裝配線方法來處理集裝箱化，以便到達後端並達到指導範圍的上限。但就目前三月的情況來看，我還是會堅持這個範圍。

Got it. So maybe I should have asked another way, Joe, because all that is clear. You guys have done a great job with that, but more, are there any specific projects in the backlog, maybe bigger ones where it's still just not entirely clear when it'll ship. And therefore, it'll be the customer's call as to whether you come in at 160 or 175 or 180 or just really mainly a reflection of like.

知道了。所以，喬，也許我應該換個方式問，因為這一切都很清楚了。你們在這方面做得非常出色，但是，還有什麼具體的項目在待辦事項清單中嗎？也許是一些較大的項目，目前還不完全清楚何時能夠交付。因此，最終價格是 160、175 還是 180，將由顧客決定，這主要反映了類似情況。

We gave guidance because we feel comfortable with the range. It's a dynamic environment where we sit today. We're comfortable with the range.

我們之所以提供指導，是因為我們對這個範圍感到滿意。我們現在所處的環境瞬息萬變。我們對這個範圍感到滿意。

Understood. Okay, thanks for taking my questions, guys.

明白了。好的，謝謝各位回答我的問題。

Martin Malloy, Johnson Rice and Company.

Martin Malloy，Johnson Rice and Company。

Thank you for taking my question, and Nathan, best of luck in your new role there.

感謝您回答我的問題，內森，祝您在新職位上一切順利。

Thank you.

謝謝。

First, I want to ask about customer feedback on the early Z3 installations and how that's going. And maybe with the performance that you're seeing now at the manufacturing facility, could you maybe talk about level of engagement you're seeing with utility customers and larger orders from them?

首先，我想詢問一下客戶對早期 Z3 安裝的回饋以及安裝情況如何。鑑於您目前在製造工廠看到的良好業績，您能否談談您與公用事業客戶的互動程度以及他們下達的更大訂單的情況？

Yeah, I'd say just in general, very positive sentiment out there. As Joe mentioned earlier, we're seeing significant increase in overall project size, both in the pipeline and opportunities we're pursuing, as well as some of the more recent transactions that we've announced. That's coming both from utilities as well as from some of the larger developers.

是的，總的來說，我認為外界情緒非常正面。正如喬之前提到的，我們看到整體項目規模顯著增加，無論是正在籌備的項目和我們正在尋求的機會，還是我們最近宣布的一些交易。這既來自公用事業公司，也來自一些大型開發商。

I think that the world in general, as we talked about, understands there's a growing need for long duration storage. We're seeing that come through in the proposals that we're bidding on and the projects that we're winning. So I think the fundamentals are moving in our favor both in terms of duration as well as overall project size.

我認為，正如我們之前討論的那樣，世界普遍認識到對長期儲存的需求日益增長。我們從投標方案和中標項目中都看到了這一點。所以我認為，無論從工期或專案總規模來看，基本面都朝著對我們有利的方向發展。

And then Martin -- what I would say what, Martin, what I would just add on utility customers, we talk about this on every call, we're going through and working with every major utility, they're in the pipeline of opportunities, they like what they're seeing it's a process and we're working through that process with them.

然後是馬丁——我想說的是，馬丁，關於公用事業客戶，我們每次通話都會談到這一點，我們正在與每一家大型公用事業公司合作，他們都在機會儲備中，他們對目前的情況很滿意，這是一個過程，我們正在與他們一起完成這個過程。

Great. Thank you. I'll turn it back.

偉大的。謝謝。我會把它轉回去。

Great.

偉大的。

I show no further questions in the audio Q&A. I would like to turn the call back over to Liz.

音頻問答環節中我沒有提出其他問題。我想把電話轉回給莉茲。

Yeah, so before we go to Liz, operator, just we opened up questions to the retail base through, so we've got some good questions come in. I mean, obviously, there's a lot of similar thoughts from Southside analysts and the retail base which is great. So you know, what we did was we prioritize the questions on number of shares that voted, and you know the top questions -- three of the top four questions were asked so Liz is going to just go through the two that remain open, and Nathan and I will address this go ahead.

是的，在我們向 Liz（運營商​​）提問之前，我們已經向零售用戶開放了一些問題，所以我們收到了一些很好的問題。我的意思是，很顯然，南區分析師和零售業人士有很多類似的想法，這很好。所以你知道，我們所做的就是根據投票股份的數量對問題進行優先排序，你知道，排名前四的問題中有三個已經被問到了，所以 Liz 將只處理剩下的兩個問題，而 Nathan 和我將繼續討論這個問題。

Thanks, Joe. I just want to say thanks for everyone for participating in this. We look forward to doing this on for future calls. So for the first question, have potential customers communicated any hesitancy in placing orders due to uncertainty associated with the IRA tax credits? If these tax credits are reduced or removed, how does the company project it would impact your growth for Project AMAZE and beyond?

謝謝你，喬。我也想感謝所有參與這次活動的人。我們期待在未來的通話中繼續這樣做。那麼對於第一個問題，潛在客戶是否因為對 IRA 稅收抵免的不確定性而表示猶豫不決，不願下單？如果這些稅收抵免減少或取消，公司預計這將對 AMAZE 項目及其他項目的成長產生怎樣的影響？

Thanks, Liz. I think it's a mixed bag. I mean, anything that we currently have in backlog is a defined project. We've got delivery dates. I would say there's really no impact to anything that's in the backlog today.

謝謝你，莉茲。我覺得好壞參半。我的意思是，我們目前待辦事項清單上的所有項目都是已定義的項目。我們已經確定了交貨日期。我認為目前積壓的工作都不會受到任何影響。

When you look into the pipeline, we are getting different feedback projects that are at NTP, close to NTP. They've got land secured; they've got interconnections secured. I'd say there's really no impact there. Those are effectively committed and moving forward -- and they don't want to lose any time and so they're not slowing down.

當你查看專案流程時，我們會收到不同的回饋項目，這些項目位於 NTP 或靠近 NTP。他們已經獲得了土地；他們已經建立了互聯互通網絡。我覺得這方面真的沒什麼影響。這些項目實際上已經投入並正在推進——他們不想浪費任何時間，所以他們沒有放慢腳步。

Some of the very early-stage opportunities in the pipeline, I think, is where we see customers pausing for just a second and reflecting. The one thing I would reiterate, though, is this business was never built on the IRA tax credits. We think this business is meeting a need in the marketplace and the tax credits accelerate the path to profitability, but they're not critical to getting to profitability, they're not critical to getting to scale. And if we execute on everything that we've laid out earlier on this call, I think we're going to have a very successful business and good growth potential going forward.

我認為，在一些非常早期階段的潛在客戶中，我們看到客戶會停下來思考片刻。不過，我要再次強調一點，這家企業從來就不是靠 IRA 稅收抵免建立起來的。我們認為這項業務滿足了市場需求，稅收抵免加速了獲利進程，但它們對於實現盈利和擴大規模並非至關重要。如果我們能夠執行先前在電話會議上提出的所有方案，我認為我們將擁有非常成功的業務和良好的未來成長潛力。

And the only thing I would add your comments is, I've seen this in my career. You -- when you look at both the solar industry and the wind industry as far as timing around ITC and people making decisions off of what ITC programs are, as I said in my earlier comments, I believe having a 10-year program is critical here with the country needs all types of energy.

我唯一想補充的是，我在職業生涯中也見過這種情況。當你審視太陽能產業和風能產業，以及投資稅收抵免 (ITC) 的時間表和人們根據 ITC 計劃做出決策時，正如我之前所說，我認為制定一項為期 10 年的計劃至關重要，因為國家需要各種類型的能源。

I've said many times on the record that I believe having a good natural gas policy is important for not only the country but our allies, and I think it's -- I think it'll be good to see those large chunks of power coming on driven by gas. But at the same time, what we've been talking about, and we've said this all along, is that it's not storage. Plus, when you look at our last three deals being standalone storage, the grid needs the storage.

我曾多次公開表示，我認為制定良好的天然氣政策不僅對國家重要，對我們的盟友也很重要，而且我認為——我認為看到大量電力由天然氣驅動將會是一件好事。但同時，我們一直在談論的，也是我們一直以來所說的，是它不是儲存。此外，考慮到我們最近的三筆交易都是獨立儲能項目，電網需要儲能。

We also have to think about the amount of energy that's wasted every day through curtailment of not being able to put it on the grid. That's what storage is going to do and that's what having a flexible resource like Eos helps you accomplish. So it's going to help us make the grid more effective. It's going to make grid investment; deliver higher returns and it's going to allow us to be more effective as the country moves towards energy independence and energy dominance.

我們還需要考慮每天因無法將能源輸送到電網而造成的能源浪費量。這就是儲存的作用，而像 Eos 這樣的靈活資源可以幫助您實現這一點。所以這將有助於我們提高電網的效率。它將促進電網投資；帶來更高的回報，並使我們能夠在國家邁向能源獨立和能源主導地位的過程中更有效率。

Thanks, Nathan. Thanks, Joe. Next question. What is the current strategy on international expansion and global production scaling, particularly criteria that drive timing, geography, and other key factors driving decisions on when and where to expand Eos globally?

謝謝你，內森。謝謝，喬。下一個問題。目前Eos在國際擴張和全球生產規模化方面的策略為何？特別是決定何時何地進行全球擴張的時機、地理和其他關鍵因素？

Look, I think international markets are pretty exciting right now. As we talked about earlier in the prepared remarks in terms of how we're prioritizing international expansion, we're really looking at a couple of different things.

我認為目前國際市場非常令人興奮。正如我們在先前的演講稿中談到的，關於我們如何優先考慮國際擴張，我們實際上正在考慮幾個不同的面向。

Number one, where's the market opportunity, right? Where do we have the right regulatory framework? Where do we have the right situations on these grids, the price volatility, the things that make it an attractive long duration storage market? Look at what sort of incentives and programs are in place in each of these jurisdictions and then look at where do we think we can get manufacturing or effect logistics costs in order to meet that need at a price point that makes economic sense for customers as well as for Eos.

首先，市場機會在哪裡？我們哪裡擁有合適的監管框架？在這些電網中，哪些情況符合要求？價格波動性如何？哪些因素使其成為一個有吸引力的長期儲能市場？看看這些地區有哪些激勵措施和計劃，然後看看我們認為在哪裡可以進行生產或降低物流成本，以便以對客戶和 Eos 都具有經濟意義的價格點來滿足這種需求。

So there's a number of markets out there. We're evaluating them. We've got a few pilot projects that we've talked about previously, but continuing to do our work and prioritize those as we go forward and look forward to announcing more in upcoming calls on this.

所以市場上有很多市場。我們正在評估它們。我們之前討論過一些試點項目，但我們將繼續推進這些項目，並優先考慮它們，期待在接下來的電話會議上宣布更多相關資訊。

Thanks, Nathan. With that, I'm going to hand the call back over to Joe.

謝謝你，內森。好了，我要把電話交還給喬了。

Look, we're a couple minutes here over time so I'll wrap up quickly here and just say you know there's a lot going on inside the company every day, and we've got the team to be able to deliver. We continue to build out a leadership team with experience in the industry that have been in in high growth environments that have scaled companies and we're going to continue to stay focused on the overall goals.

好了，我們已經超時幾分鐘了，所以我快速總結一下。我想說的是，公司每天都有很多事情發生，我們有團隊能夠完成這些工作。我們將繼續組建一支擁有行業經驗的領導團隊，這些成員曾在高速成長的環境中成功拓展過公司規模，我們將繼續專注於整體目標。

We'll adjust the strategy as we see things changing in the marketplace, and you saw one of those adjustments today with how we're thinking about sourcing and implementing manufacturing capacity. We need to keep grinding forward and have the grid to keep delivering.

我們會根據市場變化調整策略，今天你們也看到了其中一項調整，也就是我們對採購和實施生產能力的思考方式。我們需要繼續努力前進，並確保電網能夠持續供電。

And I think the most important thing underlying all of this when we talk about the industry consolidation that you're seeing a lot of that begins and ends with having the right product that we felt from day one that we have the right product to meet the future demand and blatant demand in the marketplace. And now, we've got to bring that product to market and we're laser focused on being able to do that and being able to deliver on our commitments for shareholders and for customers.

我認為，當我們談論行業整合時，所有這一切背後最重要的一點是，我們從一開始就認為我們擁有合適的產品，能夠滿足未來市場的需求和顯而易見的需求。現在，我們必須將該產品推向市場，我們正全力以赴實現這一目標，並履行我們對股東和客戶的承諾。

Thanks, everyone, for listening. I look forward to keeping everyone updated on the progress.

謝謝大家的聆聽。我會及時向大家報告最新進展。

This does conclude today's conference call. Thank you for participating. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線了。