Eos Energy Enterprises Inc (EOSE) 2025 Q1 法說會逐字稿

Good morning and welcome to the Eos Energy Enterprises first quarter 2025 earnings conference call. I am Frances and I'll be the operator assisting you today.

早安，歡迎參加 Eos Energy Enterprises 2025 年第一季財報電話會議。我是法蘭西斯，今天將擔任協助您的接線生。

(Operator Instructions) I would now like to turn the call over to Liz Higley, Vice President of Investors relations. Please go ahead.

（操作員指示）現在，我想將電話轉給投資者關係副總裁 Liz Higley。請繼續。

Good morning, everyone and welcome to EOS's first quarter 2025 conference call. Today I'm joined by CEO Joe Mastrangelo, CCO Nathan Kroeker and CFO Eric Javidi. 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.

大家早安，歡迎參加 EOS 2025 年第一季電話會議。今天，與我一起參加會議的還有執行長喬·馬斯特朗傑洛 (Joe Mastrangelo)、首席商務官內森·克羅克 (Nathan Kroeker) 和首席財務官埃里克·賈維迪 (Eric Javidi)。本次電話會議（包括問答部分）可能包含前瞻性陳述，包括但不限於對我們公司未來業績和前景的當前預期。

Should any of these risks materialize or should our assumptions prove to be incorrect, our actual results may differ materially from our expectations or implied by these forward-looking statements. The risks and 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.

如果任何這些風險成為現實，或者我們的假設被證明是錯誤的，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。我們向美國證券交易委員會提交的文件中描述了前瞻性陳述所面臨的風險和不確定性。前瞻性陳述僅代表我們截至作出該陳述之日的信念和假設。

We undertake no obligation to update these 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 non-gap financial measures. Additional information, including reconciliation between non-GAAP financial information to US GAAP financial information is provided in the press release.

除非法律要求，否則我們不承擔更新本次電話會議中所作聲明的義務，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。今天的發言也將提及非缺口財政措施。新聞稿中提供了更多信息，包括非公認會計準則財務資訊與美國公認會計準則財務資訊的對帳。

Non-GAAP information should be considered as supplemental 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-gap financial measures may not be the same as or comparable to similar non-gap measures presented by other companies.

非 GAAP 資訊應視為補充訊息，不應單獨考慮或取代根據 GAAP 編制的相關財務資訊。此外，我們的非差距財務指標可能與其他公司提出的類似非差距指標不同或不可比較。

This conference call will be available for replay via webcast through EOS's investor relations website at investors.eose.com. Joe, Eric, and Nathan will walk you through our business outlook and financial results before we proceed to Q&A. With that, I'll now turn the call over to EOS, CEO Joe Mr. Angelo.

本次電話會議將透過 EOS 投資者關係網站 investors.eose.com 進行網路直播重播。 Joe、Eric 和 Nathan 將為您介紹我們的業務展望和財務業績，之後我們將進入問答環節。說完這些，我現在將電話轉給 EOS 執行長 Joe Angelo 先生。

Thanks, Eliizabeth, and welcome everyone to the one earnings call. Thanks for the time this morning. Starting off on our classic operating highlights page, I'm not going to really spend a lot of time on the top half of the page.

謝謝，伊莉莎白，歡迎大家參加財報電話會議。感謝您今天上午抽出時間。從我們經典的操作亮點頁面開始，我不會在頁面的上半部分花費太多時間。

I'll let Nathan talk about that in his new role as Chief Commercial Officer for the company, but I do want to spend some time talking around the activity inside of the pipeline and the orders booking, critical in our 12. booking projects in California, a large market for energy storage, one of those projects being at a military base, critical to have safety and an NDAA compliant product which EOS brings.

我會讓 Nathan 在他擔任公司首席商務官的新職位上談論這個問題，但我確實想花一些時間談談管道內部的活動和訂單預訂，這對我們在加利福尼亞州的 12 個預訂項目至關重要，加利福尼亞州是一個巨大的能源存儲市場，其中一個項目位於軍事基地，對於安全性和 EOS 帶來的符合 NDAA 的產品至關重要。

Second, you saw two large MOU's showing that not only does our product bring benefits in the United States but also brings to allied countries when you look at what we're doing both the UK and also the ability in announcing the MOU for Puerto Rico where we believe we can help the island with its grid instability and start delivering product as quickly as possible as they get their approvals.

其次，您看到的兩份大型諒解備忘錄表明，我們的產品不僅為美國帶來了好處，而且還為盟國帶來了好處，看看我們在英國所做的工作以及為波多黎各宣布諒解備忘錄的能力，我們相信我們可以幫助該島解決電網不穩定問題，並在獲得批准後儘快開始交付產品。

Next, I would say after the quarter, we signed a microgrid project in Florida critical to talk about this for two reasons. One, it's at a school. You want the safest product next to our children and EOS brings that safety.

接下來我想說，在本季結束後，我們在佛羅裡達州簽署了一個微電網項目，談論這一點至關重要，原因有二。一，它在學校。您希望為我們的孩子提供最安全的產品，而 EOS 可以帶來這種安全。

Second, it's with a large operator of energy storage and gives us another proof point with that operator of the benefits of EOS's can bring to the market shift down to the bottom of the page where I'd really like to spend the majority of my time talking about is what I believe is one of our strongest quarters operationally to date as a company.

其次，它與一家大型能源儲存運營商合作，為我們提供了另一個證據點，證明 EOS 可以為市場帶來的好處，這一點已經轉移到頁面底部，我真的很想在這裡花大部分時間來談論我認為是我們公司迄今為止運營最強勁的一個季度。

We deliver $10.5 million of revenue. We really saw the team step up and start to ramp in and overcome some of the supply chain challenges that we've had previously and get to really what is a good run rate more details on that in a moment, but also like everyone to remember that you know we go direct to customers.

我們實現了 1050 萬美元的收入。我們確實看到團隊不斷進步，開始努力克服我們之前遇到的一些供應鏈挑戰，並真正了解了什麼是良好的運行率，稍後將詳細介紹這一點，但也像大家一樣記住，我們直接面向客戶。

So we're exposed a little bit to the fits and starts when you have a permitting and site readiness and things there's no dealer network in the middle of what we do it's direct to customer so we managed through that complexity, but the team has done a great job of getting the supply chain up and running, shift to the lower right hand side.

因此，當您獲得許可和場地準備就緒時，我們會遇到一些斷斷續續的情況，而且我們所做的事情中沒有經銷商網絡，而是直接面向客戶，所以我們設法解決了這種複雜性，但團隊在建立和運行供應鏈方面做得很好，轉移到右下角。

Very strong cash position for the company here as we exit one. I think there's some key things underneath that I'd like to talk about, that cash position is reflected in the strategic partnership and investment from services.

當我們退出時，公司的現金狀況非常強勁。我想談一些關鍵的事情，現金狀況反映在策略夥伴關係和服務投資。

The execution and first draw on the DOE loan, but underneath those two factors you're starting to see operational cash generation. I think there's two things I'd like to talk about from the balance sheet that highlight this.

執行和首次提取 DOE 貸款，但在這兩個因素之下，你開始看到營運現金的產生。我想從資產負債表中談兩件事來強調這一點。

First one is you'll, if you look at our contract liabilities, they're up 80%. That up 80% is reflecting of customers giving us deposits on projects and feeling secure with the strategic investment and the financing that we have and paying that. Cash up front and allowing us to start running the company from its operations. The second piece is I think when you look at our balance sheet, you'll see inventory and payables up in like amounts.

首先，如果你看看我們的合約負債，你會發現它們上漲了 80%。這一成長 80% 反映出客戶為我們提供專案定金，並且對我們的策略投資和融資感到放心並願意支付定金。預付現金，讓我們開始經營公司。第二點是，我認為當你查看我們的資產負債表時，你會看到庫存和應付款項的金額相同。

Historically you probably would have seen inventory up with payables being flat because a lot of times we're as we were receiving goods in the past, we're being asked to either pre-pay or pay on very quick terms. What the team has been able to do is extend those terms as we show. Stability and growth while at the same time get price to drive down cost and really attribute and drive the improvement that we're seeing in our gross margin profit.

從歷史上看，您可能會看到庫存增加而應付款項持平，因為很多時候我們在收到貨物時，被要求預付款或以非常快的條件付款。正如我們所展示的，團隊所能做的就是延長這些條款。穩定和成長，同時獲得價格以降低成本，並真正歸因和推動我們所看到的毛利率利潤的提高。

So that cash balance is very important, very strong, but underneath that you're starting to see the seeds of an operating company that will perform. We go to the to the next page, when you look at what we're building is a stronger scaled EOS.

因此，現金餘額非常重要、非常強勁，但在這之下，你開始看到一家營運公司能夠正常運作的種子。我們進入下一頁，當你看到我們正在建立的是一個更強大的 EOS。

I think when you look externally, I still always come back and remind myself the demand for power. Is going to is going to double by 2050 for multiples for multiple reasons and across the globe. So this is a critical industry as critical as anything else that we do today.

我想，當你向外看時，我還是會回頭提醒自己對權力的需求。由於多種原因，到 2050 年，全球人口將增加一倍。因此，這是一個至關重要的行業，與我們今天所做的任何其他行業一樣重要。

Giving safe, secure power to the world is as important as fresh as fresh air and clean water for the future. The second is, in order to do that, we need longer duration energy storage. We're forecasting a very large cager over the next 10 years. For that long duration storage and EOS as a product that fits in that. The same time we're going through a period of global supply chain volatility.

為世界提供安全、可靠的電力對未來來說與新鮮的空氣和乾淨的水一樣重要。第二，為了做到這一點，我們需要更長的能量儲存。我們預測未來 10 年內將出現規模非常大的捕撈船。對於長期存儲，EOS 是適合的產品。同時，我們正經歷全球供應鏈波動的時期。

Tariffs are giving are giving upward cost pressure into the industry and creating a risk which we think we can manage with the way that we positioned ourselves, but also creates uncertainties as far as project timing and how the market will evolve here in the near term.

關稅給該行業帶來了成本上行壓力，並帶來了風險，我們認為我們可以透過自己的定位來管理這種風險，但同時也為專案時間安排以及短期內市場如何發展帶來了不確定性。

I don't think this is a long term. I think this is Near term challenge that we have to work our way through how we thought about this if you move to the middle of the page, 100% US manufacturer, and I'll talk about what that means as I give you an update on the automation of our factory here in Turtle Creek. High domestic content takes out complexity in your supply chain with a path to get to 100% of US content and a supply chain that's portable that you can bring to other regions geographies as we grow and really a technology that brings.

我認為這不是一個長期目標。我認為這是近期的挑戰，我們必須想辦法解決這個問題，如果你翻到頁面中間，100% 美國製造商，我會在向你介紹我們位於 Turtle Creek 的工廠自動化最新情況時，談談這意味著什麼。高國產化率可以消除供應鏈的複雜性，讓您能夠獲得 100% 美國本土化的內容，並且隨著我們的發展，您可以把可移植的供應鏈帶到其他地區，這確實是一項技術帶來的進步。

Flexible operations, ability to deliver multiple revenue sources to customers, and ability to meet the demands of an ever evolving more complex energy ecosystem and power generation and electricity requirements. How do we position the company when you look at what's happening? Nathan will go through where how we're seeing the pipeline advancing.

營運靈活，能夠為客戶提供多種收入來源，並且能夠滿足不斷發展的更複雜的能源生態系統和發電及電力需求。從目前的情況來看，我們如何定位公司？內森將介紹我們如何看待管道的進展。

We have announced 4.5.4 gigawatt hours of MOUs in new geographies. Singing manufacturing we'll go through and talk about where we are as far as bringing forward the facility that we have in Pittsburgh, and we continue to work on our accelerated expansion plan and as we have meaningful updates.

我們已在新的地區宣布了 4.5.4 千兆瓦時的諒解備忘錄。我們將討論歌唱製造，並討論我們在匹茲堡工廠的進展情況，我們將繼續致力於加速擴張計劃，並進行有意義的更新。

We'll provide those to you as they occur and lastly is that differentiated performance that we talked about which Nathan will highlight as he gives you a case study on how We think we're a great partner to help data centers achieve the goals that we need moving forward.

我們會及時向您提供這些信息，最後是我們討論過的差異化性能，Nathan 會重點介紹這一點，並為您提供一個案例研究，說明我們如何認為自己是一個優秀的合作夥伴，可以幫助數據中心實現我們未來需要的目標。

If we go to the following page, we're reiterating our 2025-year guidance. When we look at this, we feel like we're solidly within the range of $150 to $190 million of revenue. That's 10x what we did last year. When you look at why we are reiterating that guidance on the manufacturing side, we 51% higher on our Q1 deliveries versus Q4 of 2024 and in fact, as we sit here today and talk to you this morning, what we've shipped to the field in 2025 exceeds what we've shipped in 2024.

如果我們翻到下一頁，我們會重申我們的 2025 年指導方針。當我們看到這一點時，我們覺得我們的收入穩穩地在 1.5 億美元至 1.9 億美元的範圍內。這是我們去年業績的 10 倍。當您了解我們為何重申製造方面的指導時，您會發現，我們第一季度的交付量比 2024 年第四季度高出 51%，事實上，當我們今天早上坐在這裡與您交談時，我們 2025 年運送到現場的貨物數量超過了 2024 年的運送量。

The team is really starting to get a strong foundation around how we execute and deliver to customers. Inside of all this as we move forward, we We'll see some pricing variability as we start looking at the overall revenue numbers. Given the fact that I talked about this on the last call, there's some initial projects that were early on to build references, to build relationships with customers that are lower price points that we're seeing in the market today as we as we secure new revenue for the company.

團隊確實開始為如何執行和交付客戶奠定堅實的基礎。隨著我們不斷前進，當我們開始查看整體收入數字時，我們會看到一些定價變化。鑑於我在上次電話會議上談到了這一點，有一些早期的初始項目是為了建立參考，與客戶建立關係，這些客戶的價格低於我們今天在市場上看到的價格，同時我們為公司確保了新的收入。

On the on the far right hand side, what are the revenue triggers? Allow us to get to that 150 to 190, we are staging our subassembly automation. I'll give you an update that update on that in a moment. The next piece of this is increasing the containerization capacity.

最右邊的收入觸發因素是什麼？讓我們達到 150 到 190，我們正在分階段實現子組裝自動化。我馬上會向你提供最新更新資訊。下一步是增加貨櫃容量。

Let me explain that for a second. We build our product from a raw material into a battery module. Battery modules go into a container. Containers are wired and software is installed, and that's installed out in the field.

讓我解釋一下。我們將原料打造成為電池模組。電池模組放入容器中。容器已連接並安裝了軟體，這些都在現場安裝。

The first part where we focused a lot of our efforts on the on the automation of the process was that taking raw materials into components into batteries, and really getting that up and running, and that's why you're seeing the growth in our output. But when you take those batteries, think about assembling a truck on an on an automated line.

我們首先集中精力實現流程自動化，將原材料製成組件，再製成電池，並真正啟動和運行這個過程，這就是為什麼你會看到我們的產量成長。但是當你拿起這些電池時，想像一下在自動化生產線上組裝一輛卡車。

We're now finding ways that we think we can automate that and make that faster and deliver higher quality. Now that's going to mean a little bit higher capital cost as we start thinking about that as we're moving forward, but leading when you think about what it would cost to bring capacity online in the future and then lastly, you're going to start seeing us generate more project and service revenue, so things that happen beyond the factory doors.

我們現在正在尋找可以實現自動化、加快速度並提供更高品質服務的方法。現在，這將意味著更高的資本成本，因為我們在前進的過程中開始考慮這個問題，但當你考慮未來將產能上線需要花費多少錢時，最後，你將開始看到我們產生更多的專案和服務收入，所以事情發生在工廠大門之外。

Again, going back to what I said earlier on, we are a direct to customer model, not a ship to dealer model. So you'll start. Seeing us generate revenue out in the field and revenue from service of the equipment that's out running, so we feel like with all the uncertainty and we'll continue to manage that and keep everyone updated on that but as we sit here today, we feel really comfortable about the guidance that we've given and what the team needs to work on.

再次回到我之前所說的，我們採用的是直接面對客戶的模式，而不是運送給經銷商的模式。那你就開始了。看到我們在現場創造收入，並從正在運行的設備服務中獲得收入，所以我們感覺儘管存在所有的不確定性，但我們將繼續管理這些不確定性，並讓每個人都了解最新情況，但今天我們坐在這裡，我們對我們給出的指導以及團隊需要努力的方向感到非常滿意。

There's a lot of things and a lot of areas that we continue to manage, but I think with the team that we have inside the business, we feel confident in reiterating the guidance as we move forward. If you go to the next page.

有很多事情和領域需要我們繼續管理，但我認為，憑藉我們業務內部的團隊，我們有信心在未來的發展中重申這項指導方針。如果你轉到下一頁。

Just quickly on delivering profitable growth, our goal is not to just be a high growth company, but it's to be a profitable high growth company. You can see the three main areas of delivering profits are around getting your direct material or cost of the product where you need to be. I talked about that earlier and what we're seeing as far as working with suppliers, we have many suppliers coming to us and wanting strategic relationships with us.

在快速實現獲利成長方面，我們的目標不僅是成為一家高成長公司，而是成為一家獲利性高成長公司。您可以看到，實現利潤的三個主要領域是圍繞如何獲得您需要的直接材料或產品成本。我之前談到了這一點，就我們與供應商的合作而言，有很多供應商來找我們並希望與我們建立策略關係。

The team will keep working this, but we feel confident and comfortable where we are as far as the core components inside the product and the partners, we have to deliver those on the right-hand side of this page, and then we have to pause and talk about the scaling up operation that we're talking about. You don't scale a factory overnight like when you think about what we're seeing in the tar in in with tariffs, right, and people talking about the brain.

團隊將繼續努力，但就產品內部的核心組件和合作夥伴而言，我們對目前的狀況充滿信心和信心，我們必須在此頁面右側提供這些組件，然後我們必須暫停並討論我們正在談論的擴大規模操作。你不可能在一夜之間就擴大工廠的規模，就像你在思考我們在焦油中看到的關稅以及人們談論的大腦一樣。

Manufacturing back to the US, you have to start building it and then over time you get there. We've been at this for multiple years. What we know is you have to scale the facilities, scale your capabilities, scale your labor, train them, and then grow into this.

製造業回到美國，你必須開始建設，然後隨著時間的推移你就能到達那裡。我們已經這樣做很多年了。我們知道，你必須擴大設施規模、擴大能力規模、擴大勞動力規模，對他們進行培訓，然後才能成長。

We're seeing improvements from where we started with still room to grow as we continue to ramp into the second half. If we go to the next page, one of the most important. Parts of how we're doing this and probably you'll hear in the background as I'm talking this rhythmic banging, that rhythmic banging that you're hearing is the left hand side of this page. That battery parts being made. So this is all about automating the upfront, raw materials come in.

我們看到，與開始時相比，情況有所改善，但隨著我們繼續進入下半年，仍有成長空間。如果我們進入下一頁，這是最重要的一頁。我們這樣做的部分，以及當我談論這種有節奏的敲擊聲時，您可能會在背景中聽到這種有節奏的敲擊聲，您聽到的有節奏的敲擊聲就在這個頁面的左側。正在製造的電池零件。所以這一切都是為了實現前期原料的自動化。

Some assemblies get manufactured. They go into a battery. A battery gets assembled. The battery goes into the container. We can see before and after shots about how the team is making this better on terminals. So think about a battery.

一些組件被製造出來。它們進入電池。電池組裝完畢。電池放入容器中。我們可以看到前後鏡頭，了解團隊如何在終端機上達到更好的效果。想想電池。

A battery has 2 terminals, and a battery has 19 bipolars, and we've size all this to be. Able to get the delivery that we want off of the automated line that's been up and running with great deals, but you see not only the output go up, but labor rate comes down and when that output goes up on the square footage that you have, your manufacturing overhead comes down when that labor input goes down on the on the output that you're putting out, that middle column on the prior page goes down.

一個電池有 2 個端子，一個電池有 19 個雙極，我們已經確定了它們的尺寸。我們可以從已經投入運行的自動化生產線上獲得所需的交付量，並且交易量很大，但您會看到，不僅產量上升了，而且勞動力成本也下降了，而當您擁有的平方英尺的產量上升時，您的製造費用就會下降，而當勞動力投入下降時，您的產出就會下降，上一頁的中間欄就會下降。

So these are two critical components for us to grow into the space that we have and the capacity that we can achieve off of our automated line. It's another one of these mesmerizing experiences for me when I go and look at this product working, the left-hand side is in the factory producing and making that banging noise.

因此，這是我們在現有空間和自動化生產線產​​能範圍內發展的兩個關鍵因素。當我去觀察這個產品的運作時，這對我來說是另一個令人著迷的體驗，左側是在工廠生產並發出砰砰的聲音。

You hear the right-hand side is at our supplier being factory acceptance tested to be shipped here. On the left-hand side, you install one of those on the right-hand side, we install eight of those lines to get up to full capacity, and that's going to be happening over the next 60 to 90 days.

您聽到的右側是我們的供應商正在進行工廠驗收測試以便運送到這裡。在左側，安裝其中一條；在右側，我們安裝八條這樣的生產線以達到滿載生產，這將在未來 60 到 90 天內完成。

We feel really good about the performance that we see and our ability to scale the business, and with that I'll turn it over to Eric that'll walk through the financial results in the first quarter. Thanks for listening.

我們對所看到的表現和擴大業務的能力感到非常滿意，因此我將把時間交給 Eric，他將介紹第一季的財務表現。謝謝聆聽。

Thank you, Joe, and good morning, everyone. Turning to our financials, we had a great start to 2025, delivering EOS's highest quarterly revenue to date. We reported $10.5 million in revenue representing both a 58% year over year and 44% growth from prior quarter. As Joe mentioned earlier, this performance was driven by increased customer deliveries with Q1 achieving record output across all areas of our manufacturing processes. That momentum has continued into the second quarter with April records being set over March.

謝謝你，喬，大家早安。談到我們的財務狀況，我們在 2025 年取得了良好的開端，實現了 EOS 迄今為止最高的季度收入。我們報告的收入為 1050 萬美元，年增 58%，比上一季增長 44%。正如喬之前提到的，這一業績是由客戶交付量的增加所推動的，第一季我們製造流程的所有領域的產量都創下了歷史新高。這一勢頭一直持續到第二季​​度，四月份的記錄超過了三月。

Cost of goods sold came in at $35 million resulting in a gross loss of $24.5 million. The increase in COGS was primarily driven by an increase in product shipment volumes and inefficiencies associated with our current manual subassembly process. These impacts were partially offset by 42% lower per unit product costs year over year.

銷售成本為 3500 萬美元，導致總損失為 2450 萬美元。銷貨成本的增加主要是由於產品出貨量增加以及當前手動組件流程效率低下所致。這些影響被年減 42% 的單位產品成本所部分抵銷。

Looking ahead, we expect our transition to automated subassemblies to increase productivity, as Joe discussed earlier, positively impacting our gross profit margins. Notably, our underlying gross margin improved compared to both the prior year and previous quarter by 93% and 89% points respectively, reflecting meaningful continued improvements in labor and overhead costs as we continue to scale production.

展望未來，正如喬之前所討論的，我們預計向自動化組件的過渡將提高生產率，從而對我們的毛利率產生積極影響。值得注意的是，我們的基本毛利率與去年同期和上一季相比分別提高了 93% 和 89%，這反映出隨著我們不斷擴大生產規模，勞動力和管理成本得到了持續的顯著改善。

We are driving down costs operationally and continuing to see improvements in margins across our customer contracts. As the year progresses. Improved per unit economics are expected to increase the net realizable value of our inventory, thereby reducing the need for an inventory reserve on the balance sheet. With our current trajectory, this trend should continue delivering overall favorability to the P&L.

我們正在降低營運成本，並繼續看到客戶合約利潤率的提高。隨著時間的流逝。預計單位經濟效益的提高將提高我們庫存的淨可實現價值，從而減少資產負債表上庫存儲備的需要。按照我們目前的軌跡，這種趨勢應該會繼續為損益帶來整體有利的影響。

Now turning to expenses, we recorded $28.4 million in operating expenses. While operating expenses increased year over year, the growth was primarily driven by two factors. First, approximately 48%, or $4.3 million of the increase with non-cash items such as stock-based compensation, PP&E write downs related to manual subassembly equipment and depreciation.

現在談到費用，我們記錄了 2840 萬美元的營運費用。雖然營運費用逐年增加，但成長主要受兩個因素推動。首先，約 48%（即 430 萬美元）的成長來自非現金項目，例如股票薪酬、與手動組件設備相關的 PP&E 減損以及折舊。

The remaining 52% of the increase was driven by strategic headcount growth across several key business areas as we continue to build the foundation for future scalable growth. We reported net income of $15.1 million possibly impacted by $74.6 million in non-cash gains related to the fair value of the re-measurement of warrants and related derivatives which were influenced by the end of quarter stock price.

其餘 52% 的成長則是由幾個關鍵業務領域的策略性員工人數成長所推動的，我們將繼續為未來的可擴展成長奠定基礎。我們報告的淨收入為 1,510 萬美元，可能受到與認股權證和相關衍生品的公允價值重新計量相關的 7,460 萬美元非現金收益的影響，這些收益受到季度末股價的影響。

Adjusted EBITDA loss for the quarter was $43.2 million but importantly, we had a margin improvement of 145% points. Moving to cash, we ended the quarter with over $111 million in total cash. We continue to make meaningful gains in operational efficiency and working capital management. Further, we received the last $40.5 million from servers, fully funding the term loan and had $7 million in cash inflows for more exercises.

本季調整後的 EBITDA 虧損為 4,320 萬美元，但重要的是，我們的利潤率提高了 145%。談到現金，本季末我們的現金總額超過 1.11 億美元。我們在營運效率和營運資金管理方面繼續取得顯著進展。此外，我們從伺服器中收到了最後的 4050 萬美元，完全資助了定期貸款，並獲得了 700 萬美元的現金流入以用於更多演習。

As it relates to Cerberus, last week was our fourth and last measurement period under the term loan. For the April milestones, we successfully achieved three of the four while extending the fourth and final milestone. The milestones achieved for April related to material cost, Z3 technology performance, and progress on our automated line.

就 Cerberus 而言，上週是我們定期貸款下的第四個也是最後一個測量期。對於四月的里程碑，我們成功實現了四個里程碑中的三個，同時延長了第四個也是最後一個里程碑。四月實現的里程碑涉及材料成本、Z3 技術性能以及自動化生產線的進展。

The final milestone that was extended is related to cash receipts. We were granted an extension through July 31, 2025 due to its linkage with the reduction in 2024 sales, which we announced last November. In aggregate over the past 10 months, the team successfully delivered on 15 of 16 total milestones, and we fully expect to deliver on the final milestone.

延長的最後一個里程碑與現金收入有關。由於這與我們去年 11 月宣布的 2024 年銷售額下降有關，因此我們獲得了延期至 2025 年 7 月 31 日。在過去 10 個月中，團隊總共成功實現了 16 個里程碑中的 15 個，我們完全有信心實現最後一個里程碑。

This is a huge accomplishment by the team. When you think about where we were a year ago and compare it to where we are now, it's truly outstanding execution across the hitting these milestones allowed us to bring in the full $210.5 million while also reducing erber maximum potential equity ownership in the company from 49% when the loan was first announced to now being a maximum of 34% if we don't meet the final milestone on the extended deadline.

這是該團隊取得的一項巨大成就。當你回想起我們一年前的情況並將其與現在的情況進行比較時，你會發現我們在實現這些里程碑方面的執行力確實非常出色，這使我們能夠籌集到全部 2.105 億美元，同時如果我們未能在延長的期限內達到最終里程碑，則 Erber 在公司的最大潛在股權所有權將從貸款首次宣佈時的 49% 降至現在的最高 34%。

While our financial results reflect the ongoing costs of scaling, we've made significant progress in positioning the business for long-term success. We are well capitalized and our cost out roadmap is on track. In all, we feel very confident in our ability to scale our operations and execute in a very important year for the company.

雖然我們的財務表現反映了持續擴大規模的成本，但我們在為長期成功定位業務方面取得了重大進展。我們的資本充足，成本支出路線圖也進展順利。總而言之，我們對在公司非常重要的一年擴大業務規模和執行能力充滿信心。

Lastly, I'd just like to note that I'm now 60 days into the CFO role here at EOS. Over the past two months, I've been able to spend considerable time meeting team members from across the company while also engaging with customers, suppliers, and partners.

最後，我想指出的是，我擔任 EOS 財務長已經 60 天了。在過去的兩個月裡，我花了大量時間與公司各個團隊成員會面，同時也與客戶、供應商和合作夥伴交流。

With each day I've become more excited about the opportunities ahead and EOS's ability to capture the growth for this market. I'm looking forward to continuing the mission and ascension while delivering value to our employees, customers, and shareholders. With that, I'll pass it over to Nathan for our commercial performance.

每一天，我都對未來的機會以及 EOS 抓住這個市場成長的能力感到更加興奮。我期待著繼續履行使命並不斷提升，同時為我們的員工、客戶和股東創造價值。說完這些，我會把我們的商業表演交給 Nathan。

Thanks Eric. Good morning, everyone. Before we get into our commercial results for the quarter, I would like to briefly address the topic of tariffs, which have been top of mind for many. As Joe highlighted earlier, tariffs should be a strong tailwind for our business, particularly on the commercial side. With tariffs driving up costs for some of our competitors, we're seeing incremental interest from prospective customers seeking a US-based solution, and we've had multiple new opportunities arise for projects originally scoped for incumbent technologies.

謝謝埃里克。大家早安。在我們公佈本季的商業業績之前，我想先簡單談談關稅問題，這是許多人最關心的問題。正如喬之前強調的那樣，關稅應該會對我們的業務產生強勁的推動作用，特別是在商業方面。由於關稅推高了部分競爭對手的成本，我們看到潛在客戶對尋求美國解決方案的興趣日益濃厚，並且我們最初針對現有技術的專案也出現了多個新的機會。

Our American made product with 91% domestic content is becoming a key competitive advantage, and we expect this to be a significant growth driver moving forward. We saw strong momentum in our commercial pipeline during the first quarter, closing the quarter with $15.6 billion in opportunities, reflecting a 17% year over year improvement with a 10% increase from the prior quarter.

我們產品中的 91% 為美國製造，這正在成為一項關鍵的競爭優勢，我們預計這將成為未來重要的成長動力。我們在第一季看到了商業通路的強勁發展勢頭，本季結束時的商業機會價值達到 156 億美元，年成長 17%，季增 10%。

This pipeline now represents 60 gigawatt hours of long duration energy storage. We experienced a net increase of $1.4 billion in Q1, primarily driven by large project opportunities in Puerto Rico, multiple eight-hour projects in California, a series of projects with a traditional oil and gas player in URA, and new projects tied to both direct and indirect data center activity.

該管道目前代表著 60 千兆瓦時的長時儲能。我們在第一季實現了 14 億美元的淨成長，主要得益於波多黎各的大型項目機會、加州的多個八小時項目、與 URA 的傳統石油和天然氣公司合作的一系列項目，以及與直接和間接資料中心活動相關的新項目。

While our pipeline includes a wide range of customer use cases, data centers remain a strong example of EOS's growth potential. These opportunities come from both traditional developers citing projects at existing interconnects along with virtual power purchase agreements with developers selling to data center operators to improve their reliability, sustainability, and generation mix.

雖然我們的產品線涵蓋了廣泛的客戶用例，但資料中心仍然是 EOS 成長潛力的一個有力例證。這些機會既來自傳統開發商在現有互連中引用項目，也來自與開發商簽訂的虛擬購電協議，開發商向資料中心營運商出售電力以提高其可靠性、永續性和發電組合。

In the first quarter, we signed a 750 megawatt hour MOU with a large developer to supply energy storage through a virtual power purchase agreement to top tier data center operators. This agreement highlights the increasing role of long duration storage for today's hyper scalers.

第一季度，我們與一家大型開發商簽署了一份750兆瓦時的諒解備忘錄，透過虛擬購電協議向頂級資料中心營運商提供儲能。該協議凸顯了長期儲存對於當今超大規模企業日益增長的作用。

During the quarter, we also saw strong growth in lead generation. Quarter over quarter lead ion increased by 32% to $13.5 billion representing 55 gigawatt hours of storage. Of that, $5.4 billion dollars was added in Q1, while $2.1 billion of prior quarterlies progressed into the Opportunity pipeline.

在本季度，我們也看到了潛在客戶開發的強勁成長。鉛離子儲能容量季增 32%，達到 135 億美元，相當於 55 千兆瓦時的儲能容量。其中，第一季增加了 54 億美元，而前幾季的 21 億美元已進入機會管道。

While most of our commercial focus remains on the US markets today, we are very excited about several other emerging opportunities. Specifically, last quarter we discussed the UK's cap and floor program. Shortly after quarter end and not yet reflected in the numbers for Q1, we signed two important MOUs with strong development. Partners.

雖然我們目前大部分的商業重點仍然放在美國市場上，但我們對其他幾個新興機會感到非常興奮。具體來說，上個季度我們討論了英國的上限和下限計劃。在季度結束後不久，但尚未反映在第一季的數據中，我們簽署了兩份重要的諒解備忘錄，發展勢頭強勁。合作夥伴。

The first was a 5-gigawatt hour MOU with Frontier Power, a leading UK developer founded by former National Grid executives. Under the MOU, Frontier plans to submit multiple bids utilizing the EOS technology in the first application window of Ofgem's long duration energy storage cap and floor framework.

第一份是與 Frontier Power 簽署的 5 千兆瓦時的諒解備忘錄，Frontier Power 是由前國家電網高層創立的英國領先開發商。根據諒解備忘錄，Frontier 計劃在 Ofgem 長期儲能上限和下限框架的第一個應用視窗中利用 EOS 技術提交多個投標。

This program guarantees a minimum level of revenue for long duration energy storage operators, reducing price volatility risk and incentivizing investment in alternative technologies. This new program requires a minimum of 8 hours in storage duration, making EOS technology a strong fit. We expect submissions to be submitted in June and anticipate projects to be selected and awarded before year end.

該計劃保證了長期儲能業者最低收入的水平，降低了價格波動風險並激勵對替代技術的投資。這個新程式要求儲存時間至少為 8 小時，因此 EOS 技術非常適合。我們預計申請將於 6 月提交，並預計專案將在年底前被選中並授予獎項。

This partnership also opens the door to developing local manufacturing in the UK should significant project volumes materialize, as we have discussed previously, our supply chain strategy was designed to be transportable, and we can co-locate manufacturing capacity near customer demand.

如果專案量大幅增加，這種合作關係也為在英國發展本地製造業打開了大門，正如我們之前所討論的，我們的供應鏈策略旨在實現可運輸，並且我們可以將製造能力集中在客戶需求附近。

The second MOU is with TripVentures for a single 400 megawatt hour project in Puerto Rico. We expect this to become a firm order as soon as the governmental NEPA review is completed on the project. With this first project moving forward, we believe EOS's technology will become a significant part of enhancing the grid resiliency in this harsh island environment.

第二份諒解備忘錄是與 TripVentures 簽署的，涉及波多黎各的 400 兆瓦時專案。我們預計，一旦政府的 NEPA 審查完成，這將成為一項確定的訂單。隨著這個首個計畫的推進，我們相信 EOS 的技術將成為增強這個惡劣島嶼環境下電網彈性的重要組成部分。

Now transitioning to our backlog, our 331 backlog stood at $681 million representing 2.6 gigawatt hours of storage, which is a 13% year over year increase. Although backlog was flat quarter over quarter, we signed two microgrid orders and delivered over $10.5 million in revenue for the quarter.

現在轉到我們的積壓訂單，我們的 331 個積壓訂單價值 6.81 億美元，代表 2.6 千兆瓦時的儲存量，年增 13%。儘管積壓訂單與上一季持平，但我們簽署了兩份微電網訂單，並在本季度實現了超過 1,050 萬美元的收入。

You may recall that we announced the San Diego Navy project in March. Fully funded by the California Energy Commission, this strategic order provides essential energy resiliency to the US Navy's Western fleet. As bases and other military applications rely on storage to ensure operational reliability and security, we believe that our American-made technology will become the preferred solution.

您可能還記得我們在三月宣布了聖地牙哥海軍計畫。該戰略訂單由加州能源委員會全額資助，為美國海軍西部艦隊提供了必要的能源彈性。由於基地和其他軍事應用依靠儲存來確保運行的可靠性和安全性，我們相信我們的美國製造技術將成為首選解決方案。

After quarter, we also signed an order with one of the largest regulated utilities in the Southeast with a strong pipeline of storage projects, a name that many of you would recognize, to deliver on a microgrid project for a school district in Florida.

本季結束後，我們還與東南部最大的受監管公用事業公司之一簽署了一項訂單，該公司擁有強大的儲存項目管道，這個名字很多人都會熟悉，我們將為佛羅裡達州的一個學區提供微電網項目。

While net growth in our backlog was flat from last quarter, we're very encouraged by market dynamics and the near-term project demand that we see. With that, I want to take a deeper dive into data centers and how EOS technology is uniquely positioned to serve this critical and fast-growing customer segment.

雖然我們的積壓訂單淨成長與上一季持平，但我們對市場動態和近期專案需求感到非常鼓舞。因此，我想更深入地了解資料中心以及 EOS 技術如何以獨特的方式服務這個關鍵且快速成長的客戶群。

Data centers represent a compelling long term growth opportunity in our pipeline. The enormous and continuously increasing power demands of data centers make long duration energy storage the most efficient and immediate solution for reducing operating costs and increasing up time.

資料中心代表著我們管道中一個引人注目的長期成長機會。資料中心龐大且不斷成長的電力需求使得長時儲能成為降低營運成本和增加正常運作時間的最有效和最直接的解決方案。

The EO Z3 energy system was specifically designed to address the complex duty cycles and power challenges presented in data centers by enabling customers to address several critical operating requirements. First, the flexibility to support multiple. And partial daily cycles to ensure consistent reliable power without interruption.

EO Z3 能源系統專門設計用於解決資料中心面臨的複雜工作週期和電力挑戰，幫助客戶滿足多項關鍵營運要求。第一，支援多種靈活性。並採用部分每日循環以確保持續可靠的電力供應而不會中斷。

This flexibility also allows for peak shaving to reduce demand charges, solar shifting, energy arbitrage, or the sale of ancillary services, all of which helps to reduce the overall cost of electricity supply. The multi-cycling capability also allows for additional storage capabilities with the same CapEx investment, reducing levelized cost of storage by 30% on representative projects.

這種靈活性還允許調峰以減少需求費用、太陽能轉移、能源套利或輔助服務的銷售，所有這些都有助於降低電力供應的整體成本。多循環能力還允許以相同的資本支出投資實現額外的儲存能力，從而將代表性項目的平準化儲存成本降低 30%。

Second, being specifically designed for long duration discharge cycles, the Z3 system better aligns with intermittent generation resources or time of use pricing to lower total electricity costs by as much as 50%. While delivering this operating flexibility, the Z3 system requires minimal auxiliary power to operate and experiences very low system degradation. Our systems draw auxiliary power of just 12% of installed energy capacity, whereas incumbent technologies can be significantly higher, especially in warm climates or multi-cycle use cases.

其次，Z3 系統專為長時間放電週期而設計，可以更好地與間歇性發電資源或使用時間定價保持一致，從而將總電力成本降低多達 50%。在提供這種操作彈性的同時，Z3 系統只需要很少的輔助電力即可運行，且系統效能下降幅度非常小。我們的系統僅消耗安裝能源容量的 12% 的輔助電力，而現有技術的消耗量可能要高得多，尤其是在溫暖的氣候或多循環使用情況下。

Much of this additional aux power is consumed by complex cooling systems that are required to maintain alternative technologies within a narrow operating temperature range. Without this critical cooling, these systems would experience lower performance, increased degradation, and incremental risk of thermal runaway, potentially leading to catastrophic fires and loss of the entire system. Our lower aux power requirements increase power available for annual computing by approximately 3.5% on a typical system.

這些額外的輔助電力大部分被複雜的冷卻系統消耗，這些系統需要將替代技術維持在較窄的工作溫度範圍內。如果沒有這種關鍵的冷卻，這些系統的性能將會降低，性能下降的現象會加劇，熱失控的風險也會增加，可能會導致災難性的火災和整個系統的損失。我們較低的輔助電源需求使典型系統年度計算可用的電力增加了約 3.5%。

Finally, the low system degradation of the Z3 system means lower long-term operating costs and more consistent performance over the life of the asset than other technologies that may require system augmentation every 5 to 10 years. This translates into approximately 50% lower operating costs over the life of the asset.

最後，與其他可能需要每 5 到 10 年進行一次系統增強的技術相比，Z3 系統的低系統退化意味著更低的長期營運成本和更穩定的資產使用壽命內的效能。這意味著資產使用壽命內營運成本降低約 50%。

Finally, many of the data center customers in our pipeline have sustainability goals that require economical storage paired with local renewable generation, and the operating flexibility, safety profile, and better lifetime economics of our technology are well suited to meet the diverse and evolving needs of today's data center energy landscape. With that, I want to thank everyone for joining us today, and I will now hand over to the operator for Q&A.

最後，我們通路中的許多資料中心客戶都有永續發展目標，需要經濟的儲存與本地再生能源相結合，而我們技術的運作靈活性、安全性和更好的終身經濟性非常適合滿足當今資料中心能源格局多樣化和不斷變化的需求。最後，我要感謝大家今天的參與，現在我將把時間交給接線員進行問答。

Thank you, and we will now begin the question-and-answer session. (Operator Instructions) and your first question comes from the line of Chip Moore from Roth Capital. Please go ahead.

謝謝！我們現在開始問答環節。 （操作員指示）第一個問題來自羅斯資本的Chip Moore。請繼續。

Good morning. Thanks for taking the question. I want to maybe ask about, subassembly automation. I think you said your first terminal cell pass site acceptance. It just any more color on early integration there and then maybe help us think about. That ramp in Q3 and how to think about the revenue trajectory baked into guidance.

早安.感謝您回答這個問題。我可能想問一下有關子組裝自動化的問題。我認為您說的是第一個終端單元通過站點驗收。它只是在早期整合上提供更多的顏色，然後也許可以幫助我們思考。第三季的營收成長以及如何看待納入指引的營收軌跡。

Yeah, Chip, good morning. So yes, you can, you could hear it in the background here working and building parts. So it's up and running and we're scaling into production ramp. I mean it's already at partial run rate producing more than we were producing on our semi-automated line.

是的，Chip，早安。是的，你可以，你可以聽到這裡的背景工作和構建部分的聲音。因此它已啟動並運行，我們正在擴大生產規模。我的意思是，它的部分運作率已經比我們半自動化生產線的產量還要高。

So it's already having an impact on the production for the factory. I think when you think about where we are on subassemblies, as I said, we've got. The first station for subassembly is the first of 8 going through site acceptance testing at Acro.

所以它已經對工廠的生產產生了影響。我想，當你考慮我們在子組件方面所處的位置時，正如我所說的，我們已經做到了。第一個子組裝站是 Acro 進行現場驗收測試的 8 個站中的第一個。

From there you follow on with the 7 coming online here as we get through the second quarter, and we'll ramp into that as we get into, you'll start to see. Like a ramp as we install in May, June, and then getting up into capacity in July and August. So I think, as you as you think about, as we've said before, you should see quarter over quarter improvement in output, if you look at what we've done in the month of April.

從那裡開始，隨著我們進入第二季度，您將關注到 7 的上線情況，隨著我們進入第二季度，我們將逐步實現這一目標，您將開始看到。就像我們在五月、六月安裝的坡道，然後在七月和八月達到容量。所以我認為，正如我們所想，正如我們之前所說的那樣，如果您看看我們在四月份所做的事情，您應該會看到產量逐季度有所改善。

We've produced as many cubes in April, 75% of the first quarter volume, and as we said, we've already, as we sit here today, produced as many cubes in 2025 as we did in 2024. So we're finding good old fashioned efficiencies and I think as the subassemblies come in, we'll be able to run the line, the automated line longer, and I think you'll see that revenue growth that that that dovetails into getting into the guidance range for the year.

我們在 4 月生產的立方體數量已達到第一季產量的 75%，正如我們所說，截至今天，我們在 2025 年生產的立方體數量已與 2024 年生產的立方體數量相同。因此，我們找到了良好的傳統效率，我認為隨著子組件的進入，我們將能夠更長時間地運行生產線，自動化生產線，我認為你會看到收入增長與進入今年的指導範圍相吻合。

Thanks Joe for that and maybe a follow up if. You, just around, all that's going on in the world and tear ups and some of that uncertainty and understanding that that's going to be a positive for you guys, but I think you called out, some of that near term uncertainty, can shift project timing. Is that something you're seeing or is that sort of baked into the, maybe the low end of the of the guidance range? Thanks.

謝謝喬，如果可以的話也許還會跟進。你們，就在周圍，世界上發生的一切，還有眼淚和一些不確定性，並且理解這對你們來說是一件積極的事情，但我認為你們也提到過，一些短期的不確定性，可能會改變項目的時間安排。這是您所看到的嗎？或者這是否已經融入指導範圍的低端？謝謝。

Yes, I think all the above chip, and I think markets don't like uncertainty. I think that the certain thing is we need energy storage for our power grid. So I think you're seeing projects moving forward. I think people are going to wait and see what happens with 45X with the investment tax credit.

是的，我認為以上所有因素都對市場不利，我認為市場不喜歡不確定性。我認為可以肯定的是，我們的電網需要儲能。所以我認為你會看到專案正在向前推進。我認為人們將拭目以待，看看 45X 投資稅收抵免會帶來什麼結果。

But we're still seeing other things move forward with regulated utilities and other areas where you're, like co op developers and things like that. We just keep working forward to get things closed out and we'll keep everybody updated on where we are.

但我們仍然看到其他事情在受監管的公用事業和其他領域取得進展，例如合作開發商等等。我們只是繼續努力，把事情解決掉，並且會讓每個人都了解我們的進展。

But I think the most important thing we always have to remember is energy demand is going to double and you need long duration energy storage in order to meet that demand, and that's what we're building towards.

但我認為我們必須始終記住的最重要的事情是能源需求將會翻倍，而你需要長時間的能源儲存才能滿足這一需求，這就是我們正在努力的方向。

Great, thanks very much. I'll hop back in you.

太好了，非常感謝。我會跳回你體內。

Great, thanks, Chip.

太好了，謝謝，Chip。

And your next question comes from Thomas Boyes from TD Cowen. Please go ahead.

您的下一個問題來自 TD Cowen 的 Thomas Boyes。請繼續。

Thanks very much for taking the questions. Maybe just to follow up on Chip's initial point. With the subassembly automation kind of well underway and then containerization, slated for the second half of the year, can you maybe frame for us just on the relative impact to labor between the two? I mean, my feeling obviously is that subassembly is far more labor intense, but I just wanted to kind of understand how we get to the kind of the 1.3% scale on labor that that you're targeting.

非常感謝您回答這些問題。也許只是為了跟進 Chip 最初的觀點。隨著子組裝自動化的順利進行以及預計今年下半年進行的貨櫃化，您能否為我們介紹一下這兩者對勞動力的相對影響？我的意思是，我的感覺顯然是子組裝需要更多的勞動力，但我只是想了解我們如何達到您所針對的 1.3% 的勞動力規模。

Yeah, when you, when you look at, what we've always talked about is that we've used a flexible labor force as it relates to subassembly manufacturing, and that requirement for labor will go down significantly as we bring as we bring the subassembly manufacturing online, not only that, but quality and yield go up off of those off of those as well.

是的，當你看到我們一直在談論的是，我們在子組件製造方面使用了靈活的勞動力，隨著我們將子組件製造上線，對勞動力的需求將大幅下降，不僅如此，質量和產量也會隨之提高。

So it's not just about like in that labor number it's production employees, but it's also time spent on part inspection and make sure that you're passing good parts in your manufacturing line. So that all comes down and that's how you, and that's ultimately how we get to that labor number on the container I look. That's another area that we've got to work on.

因此，這不僅涉及生產員工的勞動力數量，還涉及零件檢查所花費的時間，並確保在生產線上傳遞的是優質零件。所以這一切都歸結於你，這就是你最終如何得到我所看到的貨櫃上的勞動力編號。這是我們必須努力的另一個領域。

I think as we've thought about and looked at containerization, it's an important thing that our thinking around this has evolved over time, where it is relatively labor intensive right now as far as wiring battery modules into the trays, integrating trays into the containers, and then testing and shipping. We think there's ways that we can speed production up.

我認為，當我們思考和研究貨櫃化時，重要的是我們對此的思考隨著時間的推移而發展，目前，就將電池模組連接到托盤、將托盤整合到貨櫃中，然後進行測試和運輸而言，它相對勞動密集。我們認為有辦法加快生產速度。

So what really what you're talking about is your labor rate. Per unit comes down, but your total labor number will stay the same like from a from an employee standpoint, but you're getting more throughput.

那麼您真正談論的是您的勞動率。雖然每單位的成本會下降，但從員工的角度來看，總勞動力數量將保持不變，但您的生產量會更高。

You're able to do things faster the same number of employees, and it's a huge productivity gain that we're going to gain on both sides of those and on the containerization side we're looking at incremental investment that allows that allows us to get incremental output on the same asset base, and we'll come back with more info on that as we work through. The bids from suppliers to be able to like to ramp up that automation.

我們能夠以相同數量的員工更快地完成工作，這將帶來巨大的生產力提升，在集裝箱化方面，我們正在考慮增量投資，這使我們能夠在相同的資產基礎上獲得增量產出，我們將在工作過程中提供更多相關資訊。供應商的出價能夠提高自動化程度。

Perfect. No, I appreciate that and then this is a follow up, I saw reports in the news that the DA had missed a, $365 million dollar funding deadline for energy storage, projects in, Puerto Rico. Is that something that your project specifically were being funded by? Is that related to the Nepa piece? I just wanted to see, if there's any exposure there from that.

完美的。不，我很感激，然後這是後續報道，我在新聞中看到，DA 錯過了波多黎各能源儲存項目 3.65 億美元的資金期限。這是你的計畫的具體資助來源嗎？這與 Nepa 作品有關嗎？我只是想看看那裡是否有任何曝光。

Well, they can lad in, but not that we're aware of. And like I think like, just to be clear with Nipa, NEA is an environmental review of the site, and I think like, where we've gotten with the customer is, we've laid out a really strong project that helps the island. That delivers returns for the customer, but that's that what you're talking about like I don't know Nathan, if you've heard anything on that, but I haven't seen that. No.

嗯，他們可以進來，但據我們所知不是。我想，為了明確尼帕島，NEA 會對該地點進行環境審查，我認為，我們與客戶達成的共識是，我們已經制定了一個真正有力的項目來幫助島上。這會為客戶帶來回報，但這就是你所說的，我不知道內森，你是否聽說過這件事，但我沒有看到過。不。

We have regular conversations with the customer as recently as yesterday. Everything's moving forward with the project. I don't, I'm not aware that this would have any effect on the project we announced.

就在昨天，我們還在與客戶進行定期對話。專案一切進展順利。我不知道，我不知道這會對我們宣布的項目產生任何影響。

Got it. Hey, thanks so much. And then I could just sneak one more in, before hopping back in was just on I wasn't sure if you had mentioned the second DOE loan re reimbursement timing, has that meaningfully shifted, how are you seeing that, come down the pipe?

知道了。嘿，非常感謝。然後我可以再偷偷地再說一次，在跳回來之前，我不確定你是否提到過第二筆 DOE 貸款的償還時間，這是否有所改變，你對此有何看法，進展如何？

We're in regular contact with DOE. We're working through the process with them. They're obviously, when you have someone new coming into a job, they're doing a portfolio review and we're part of that portfolio review and we're on track to submit for the reimbursement as scheduled.

我們與 DOE 保持著定期聯繫。我們正在與他們一起完成這一過程。顯然，當有新人上任時，他們會進行投資組合審查，而我們也是投資組合審查的一部分，並且我們會按計劃按計劃提交報銷申請。

Great thanks again.

再次感謝。

Your next question comes from Martin Malloy from Johnson Rice. Please go ahead.

您的下一個問題來自 Johnson Rice 的 Martin Malloy。請繼續。

Good morning. Thank you for taking my questions. First question, I just want to ask about potential expansion of capacity beyond the 2-gigawatt hours of annual capacity and lead times, whether it be at Turtle Creek or a greenfield facility, how we should be thinking about the timing of ramping capacity expansions.

早安.感謝您回答我的問題。第一個問題，我只想問一下除了 2 千兆瓦時的年產能和交貨時間之外的潛在產能擴張情況，無論是在 Turtle Creek 還是在新建設施，我們應該如何考慮擴大產能的時機。

Yeah, hey Marty, good morning. so we are in the process like we talked about last Ernie's announcement. We're in the process of looking at a second site. The receptivity of locations hosting the second factory for EOS has been great.

是的，嘿，馬蒂，早安。所以我們正在進行中，就像我們談論上次厄尼的公告一樣。我們正在考察第二個站點。EOS 第二工廠選址的接受度非常高。

We're working through with a couple of geographies and states to look at where we want to locate and what that means for us from the ability, the facility that we would have, the logistics around that facility in the workforce, as we have updates on that specific topic, we'll give them, but we're in the process of negotiating.

我們正在與幾個地區和州合作，研究我們想要在哪裡設立工廠，以及這對我們意味著什麼，包括我們擁有的能力、工廠周圍的物流以及勞動力，我們會向他們提供關於這個特定主題的最新消息，但我們正在談判中。

We talked about on the last call about, going out and instead of doing this line by line, doing a bulk order for the, subassembly and battery module assembly lines, so basically what we have here in Turtle Creek right now and we're in the final negotiations with suppliers on that to look at delivery times, I think what we would say is like given where we are.

我們在上次電話會議上談到，我們不是逐行進行，而是批量訂購組件和電池模組裝配線，所以基本上我們現在在 Turtle Creek 這裡的情況是這樣的，我們正在與供應商就交貨時間進行最後的談判，我想我們會說，考慮到我們現在的情況。

You're talking about year end, probably implementation line 2 into next year for the ramp up as far as timing for line 2 would be concerned and then on the second factory, we'll come back on that like we, like what we're really happy about right now is with Turtle Creek every week.

您說的是年底，可能在明年實​​施第 2 號生產線，以便實現產能提升，就第 2 號生產線的時間安排而言，然後在第二家工廠，我們會再回來，就像我們現在真正高興的是每週與 Turtle Creek 合作一樣。

Set a record for production, every week the team increases from the week before, and we just, we also need to keep focused on optimizing what we have while expanding, and we'll come back with updates on that. But I would think about meaningful step up and volume happening late this year, beginning of next year.

創下生產記錄，每週團隊都會比前一周增加，我們只是，我們也需要在擴展的同時專注於優化現有資源，我們會回來更新相關資訊。但我會考慮在今年年底、明年年初實現有意義的提升和銷售成長。

Thank you. And for my second question, just wanted to ask about repeat orders and particularly from larger utilities or developers and kind of curious about the Florida order if that was from a utility company that had pilot tested the Z3 battery previously.

謝謝。對於我的第二個問題，我只是想詢問重複訂單的情況，特別是來自大型公用事業公司或開發商的訂單，並且有點好奇佛羅裡達州的訂單是否來自之前對 Z3 電池進行過試點測試的公用事業公司。

Yeah, I would, what I would say is that is an order that came through an existing relationship, one that we've been working with for a long time. So yes, that's a repeat order, I would say.

是的，我想說的是，這是透過現有關係而來的訂單，我們已經合作了很長時間。是的，我想說，這是重複的訂單。

Great thank you I'll turn it back.

非常感謝，我會把它退回去。

Thanks, Marty. And your next question comes from Patrick Willett from Stifel. Please go ahead.

謝謝，馬蒂。您的下一個問題來自 Stifel 的 Patrick Willett。請繼續。

Hey, it's bad enough for Stephen Gengaro . Thanks for taking the questions. You talked to some pricing variability in the backlog. Is it reasonable to assume the older orders are going to be fulfilled ahead of newer orders? And is there anything you're doing to smooth variability quarter to quarter and any insight on pricing variability going into 2026 deliveries?

嘿，這對 Stephen Gengaro 來說已經夠糟糕了。感謝您回答這些問題。您談到了積壓訂單中的一些價格波動。假設舊訂單將先於新訂單完成，這合理嗎？您是否採取了什麼措施來平滑季度間的變化，並對 2026 年交付的價格變化有何見解？

Yeah, so, yes, older orders, lower price, been, the, like, so first off, we schedule the orders. Let's take a step back. We schedule orders to customer demand, not to price, so we're not as focused on quarter by quarter.

是的，是的，舊的訂單，較低的價格，所以，首先，我們安排訂單。讓我們退一步來看。我們根據客戶需求而不是價格來安排訂單，因此我們並不那麼關注每季。

Numbers as we are as getting the product up and running in the field per customer demand. So that's the first prioritization. What I would say is yes, in 2 there's, as we talked about this the last time and we, when we talked about it in the presentation. You know there are some projects coming through in 2 that are in the lower end of our price range. I think Nathan can talk a little bit about what he's seeing out in the market on price in the last couple of months here.

數字是我們根據客戶需求在現場啟動和運行產品。這是首要任務。我想說的是，是的，正如我們上次討論過這個問題，我們在演示中也討論過這個問題。您知道，2 月份有一些項目的價格處於我們價格範圍的低端。我認為 Nathan 可以稍微談談他所觀察到的過去幾個月的市場價格。

Yeah, look, I think with the increased focus on safety, operating costs, flexibility, and tariffs, like we said earlier, these are tailwinds and all of that, I think, is combined to one continue to support the prices that we're seeing in our pipeline, right?

是的，看，我認為隨著對安全性、營運成本、靈活性和關稅的關注度增加，就像我們之前所說的那樣，這些都是順風，我認為所有這些因素結合在一起，繼續支持我們在管道中看到的價格，對吧？

So you can see what those are, but also to drive increased interest and increased demand for the product. If you look at what's in our backlog and what's in our pipeline, I think that's a pretty good indication of where we see.

因此，您不僅可以看到它們是什麼，還可以增加對產品的興趣和需求。如果你看看我們的積壓工作和管道中有什麼，我認為這很好地表明了我們所看到的情況。

Pricing shaking out for the next several years a lot of what's in the pipeline, like we said, has been added recently and it's at prices that we're seeing in the market and Pat.

未來幾年的價格將會發生震動，正如我們所說的，許多正在籌備中的產品都是最近添加的，而且價格是我們在市場上看到的價格。

The other thing we've always talked about is like, I know we want to simplify things and get to a to a levelized price point, but like, but it truly is apples and oranges when you look at us versus others, and what we spend a lot of time with the customers on is explaining to them that with an EOS technology you can run multiple cycles a day.

我們一直在談論的另一件事是，我知道我們想要簡化事情並達到一個平準的價格點，但是，當你把我們和其他人進行比較時，這真的是蘋果和橘子，我們花了很多時間向客戶解釋，使用 EOS 技術，你可以每天運行多個週期。

So the price to revenue is astronomically better and that's where EOS costs comes out and where we have a lot of interest in the market today, and that's what we keep driving on. I, you hear the stories about, being able to buy lithium in the low 100s, the mid 150s, not necessarily a DC block, probably sells or packs that are going to go into a block at that price range, but with EOS what we sit down and talk to people about is like.

因此，價格與收入的比率非常高，這就是 EOS 成本的體現，也是我們目前對市場非常感興趣的地方，這也是我們繼續努力的方向。我，你聽說過這樣的故事，能夠以 100 多美元到 150 多美元的價格購買鋰，不一定是 DC 塊，可能會以這個價格範圍出售或打包成塊，但對於 EOS，我們坐下來和人們談論的是這樣的。

Yes, there's a CapEx number, but if you take the case study that Nathan laid out on data centers, there's a couple important things that we really want to talk about is multiple cycles drive down the levelized cost. Storage because they can get more energy out of the same asset. You can't do that with other technologies because you can't cool it down.

是的，有一個資本支出數字，但如果你看一下 Nathan 在資料中心提出的案例研究，我們真正想要討論的幾個重要的事情是多個週期降低平準化成本。存儲，因為他們可以從相同的資產中獲得更多的能源。使用其他技術則無法做到這一點，因為無法將其冷卻下來。

So yes, maybe you can run an 8-hour cycle on lithium, but it's probably over, it's oversized or lower power, and you're going to have to cool that. With ours you can run a 2 and a 6, a 4 and a 4, a 6 and a 2. That gives you the flexibility you need given the ups and downs that you have in demand for power. The other big thing to talk about is this maximize.

所以是的，也許你可以用鋰電池運行 8 小時的循環，但它可能已經結束了，它的尺寸過大或功率較低，你必須冷卻它。透過我們的，您可以運行 2 和 6、4 和 4、6 和 2。這為您提供了所需的靈活性，可以適應您對電力需求的變化。另一件要談的重要事情是最大化。

I think where Nathan talked about low auxiliary power that not having to run a cooling system and a fire suppression system, you get 3.5% more computing on a data center because you're not sucking power out of your power generation to maintain your system. Those are two big things when you start talking about price versus competition. We really don't talk price. We talk value, and there's a lot of value in an EO system out in the market.

我認為 Nathan 談到低輔助功率時，不需要運行冷卻系統和滅火系統，資料中心的運算能力就會增加 3.5%，因為你不會從發電中吸取電力來維護你的系統。當你開始談論價格與競爭時，這是兩件大事。我們確實不談價格。我們談論價值，市場上的 EO 系統具有很大的價值。

All right, appreciate the perspective. Thank you. You had mentioned the potential for local manufacturing abroad if demand presents itself. Curious what sort of levels of demand you'd need to see to pursue a sort of localized manufacturing strategy and if you think you could roll out the abroad localized manufacturing before completing the 8-gigawatt hours of capacity under Project Amaze in the US.

好的，欣賞你的觀點。謝謝。您曾提到，如果有需求，海外本地製造的潛力就很大。好奇的是，您需要看到什麼樣的需求水平才能推行某種本地化製造策略，以及您是否認為可以在美國 Project Amaze 完成 8 千兆瓦時的產能之前推出海外本地化製造。

Depends. So yes, what you need to we what we need to always think about, and this is in my experience is you don't want to build a factory for a project because then afterwards you have a problem where you build the factories where you have a demand that's going to sustain a factory overtime and that's the decision making process that we'll go through.

視情況而定。所以是的，我們需要始終思考的是，根據我的經驗，你不想為一個專案建造一座工廠，因為之後你會遇到一個問題，即在建造工廠時，你需要滿足一個需求，以維持工廠的加班時間，這就是我們要經歷的決策過程。

We are, very excited about what's happening in the UK and the potential for that to be a market for us and other geography, other countries in the EU. So we'll see how that plays out, but like we have to have something that's going to sustain itself over a period of time, otherwise you wind up with a stranded asset, and we don't really want to do that for the long term. Great thanks so much.

我們對英國的發展以及它成為我們和其他地區、歐盟其他國家市場的潛力感到非常興奮。所以我們會看看結果如何，但我們必須擁有一些能夠在一段時間內維持下去的東西，否則你最終會得到擱淺的資產，而我們真的不想長期這樣做。非常好，非常感謝。

And your next question comes from Joseph Osha from Guggenheim Securities, please go ahead.

您的下一個問題來自古根漢證券公司的約瑟夫·奧沙，請繼續。

Hey there, good morning, guys. Just, if I look at the slide that shows your cost reductions across different categories and you know the targets for you when you are at quote unquote scale, I'm just trying to understand what scale means is that 8 gigawatts once a maze is fully up and running, just trying to use this as a way to get at the gross margin question.

嘿，大家早安。只是，如果我看一下顯示不同類別成本削減的幻燈片，並且您知道在所謂的規模下您的目標，我只是想了解規模意味著什麼，即一旦迷宮完全啟動並運行，8 千兆瓦，只是試圖用它作為解決毛利率問題的一種方式。

Yeah, so it obviously, Joe, as you look at the chart itself, it ramps down over it ramps down over time. What we're talking about when we're when we're fully at scale is getting above that gigawatt hour of production number to be able to be able to do that on the line so they can remember each line is 22-gigawatt hours like we've expanded the capacity we can get off the line. So that's what we're working towards.

是的，喬，很明顯，當你查看圖表本身時，它會隨著時間的推移而下降。當我們完全達到規模時，我們談論的是生產量超過千兆瓦時，以便能夠在生產線上做到這一點，這樣他們就可以記住每條生產線的產量是 22 千兆瓦時，就像我們擴大了生產線的產能一樣。這就是我們努力的目標。

Alright, so I guess I'm confused. Are you saying? If you've got 12-gigawatt hour line running and that's better than a gigawatt hour, that's scale, I guess I don't quite follow. Yeah So, I'm sorry?

好吧，我想我很困惑。你是說什麼？如果你有 12 千兆瓦時的線路在運行，而且這比 1 千兆瓦時更好，這就是規模，我想我不太明白。是的，那麼，我很抱歉？

Yes. That is what we're.

是的。我們就是這樣的。

It relates to this chart and obviously scale is a relative term, so the greater the scale, right, gets a greater production capacity, you're going to get greater benefit as it relates to each of these categories.

它與這張圖表相關，顯然規模是一個相對術語，因此規模越大，生產能力就越大，您將獲得更大的利益，因為它與每個類別相關。

Okay, so with that in mind, is, are there any comments you'd be prepared to make today about what that chart tells us about how we should think about gross margins say at the end of 2026, what it sounds like we could reasonably expect to have 22 gigawatt hour lines running by that point. How assuming everything goes well, how might that inform our thinking about what margin looks like say coming out at the end of next year.

好的，考慮到這一點，您今天準備就該圖表告訴我們的關於我們應該如何看待 2026 年底的毛利率發表什麼評論嗎？聽起來我們可以合理地預期到那時將有 22 千兆瓦時的生產線在運作。假設一切進展順利，這將如何影響我們對明年年底利潤率的思考。

No, we're not going to give that guidance, Joe.

不，我們不會給出這樣的指導，喬。

I got a ask. Okay, alright, the second question, I was going to ask a little bit about the LPO and then a question came up earlier, Joe, I believe I heard you say portfolio review. What does that mean? are they coming and asking you questions that they haven't asked you before or tell me a bit about what the portfolio review process looks like for you guys.

我有一個問題。好的，好的，第二個問題，我本來想問一些關於 LPO 的問題，然後之前出現了一個問題，喬，我相信我聽到你說了投資組合審查。這意味著什麼？他們是否會來問你一些以前沒有問過你的問題，或者告訴我一些你們的投資組合審查流程是什麼樣的。

Yeah, and this is Eric Joe. It's just a standard process. We're engaged with them on a daily basis as we go through the process of getting of each draw and then just, maintaining our compliance with the with the loan as it's as it's documented that that's what Joe means just consistent communication. It's business as usual, no different questions, just continuing to work with them and business as usual.

是的，我是艾瑞克喬。這只是一個標準流程。我們每天都會與他們接觸，在進行每次提款的過程中，我們會保持對貸款的遵守，因為這是記錄在案的，這就是喬所說的持續溝通。一切照常，沒有什麼不同的問題，只是繼續與他們合作，一切照常。

Yeah, rhythm hasn't changed, Joe, at all. I think what you're new and anybody that's new in a job wants to look at what are you going to do, and they're just going through the normal looking at it and asking us questions, maybe in a lot of instances questions that we've probably already answered, but it's a new person in the job and you're just bringing them up to speed on where we are.

是的，節奏一點都沒變，喬。我認為你是新人，任何新上任的人都想看看你要做什麼，他們只是進行正常的觀察並向我們提問，也許在很多情況下我們可能已經回答過這些問題，但這是新上任的人，你只是讓他們了解我們的工作情況。

Okay, so you're not as you think obviously that's important, they're not sending any signals to you at this point that would cause you concern?

好的，所以你的情況並不像你想的那樣，這顯然很重要，他們現在沒有向你發出任何會讓你擔心的信號？

No, otherwise we would have said that.

不，否則我們就會這麼說。

Thank you very much.

非常感謝。

We've been very happy on the engagement. Yeah, that's what.

我們對訂婚感到非常高興。是的，就是這樣。

I was going to add is it's not even business as usual. They've been very collaborative, working together. They're being, incredibly good constructive partners, as Joe mentioned anytime you get any new boss, sometimes they may change things as it relates to just their process and, but, we're getting everybody up to speed there and it's actually been a really good relationship since I've been here.

我想補充的是，這甚至不是正常的業務。他們合作非常愉快，一直在一起工作。他們是非常好的建設性合作夥伴，正如喬提到的，每當你有新老闆時，有時他們可能會改變一些與他們的流程有關的事情，但是，我們會讓每個人都跟上進度，自從我來到這里以來，我們的關係一直很好。

Okay, thank, thanks very much.

好的，謝謝，非常感謝。

There are no further questions on the queue. I would now like to turn the call over back to ELizabeth Higley. Please go ahead.

隊列中沒有其他問題。現在我想把電話轉回伊莉莎白·希格利。請繼續。

Thanks, operator. We now want to get into some of our say technology questions. A few of them, most commonly asked or already addressed on the call, but we'll go through a few more.

謝謝，接線生。我們現在想討論一些我們所說的技術問題。其中有幾個問題，最常見的或已在電話中解決，但我們將討論更多問題。

So the first question what is currently the biggest headwind to converting late-stage pipeline opportunities into signed contract orders? Are macro factors such as global tariff or tax credit uncertainty causing developers to delay finalizing orders?

那麼第一個問題是，目前將後期管道機會轉化為已簽署的合約訂單的最大阻力是什麼？全球關稅或稅收抵免不確定性等宏觀因素是否導致開發商推遲完成訂單？

Thanks, Eliizabeth. So I guess we should just start off and talk about some of the macro factors. I mean, the world obviously needs energy storage, energy consumption, energy demand is expected to double, right? We're getting more intermittent generation resources on our grids, and we've got aging infrastructure on the grids.

謝謝，伊麗莎白。所以我想我們應該開始討論一些宏觀因素。我的意思是，世界顯然需要能源儲存、能源消耗，能源需求預計會翻倍，對嗎？我們的電網中間歇性發電資源越來越多，但電網基礎設施卻老化了。

I mean, there's some big fundamentals that say we're going to continue to need long duration storage for the foreseeable future. So then we bring it closer to home and say what's causing, uncertainty or is there uncertainty right now in converting opportunities, I think.

我的意思是，一些重要的基本原理表明，在可預見的未來，我們將繼續需要長期儲存。因此，我們將其放在更切合實際的層面，並說出造成不確定性的原因，或者目前在轉換機會方面是否存在不確定性，我想。

Any time you have folks watching the headlines to see what's going to happen with the ITC, what's going to happen with some of the other incentives, uncertainty kills deals, uncertainty slows deals, and customers we're seeing are rerunning their return models, can they get to appropriate returns as Joe talked about earlier?

任何時候，人們都會關注頭條新聞，了解 ITC 會發生什麼，了解其他一些激勵措施會發生什麼，不確定性會扼殺交易，不確定性會減緩交易，我們看到客戶正在重新運行他們的回報模型，他們能否獲得適當的回報，正如喬之前談到的那樣？

We're going back having conversations with customers about multi-cycle double cycle, other things that they can extract value from these batteries in order to work with those return models. So I think it's slowed things down. I don't think it changes our long-term view of what that pipeline opportunity is and how that converts to backlog over time.

我們將與客戶討論多循環、雙循環以及他們可以從這些電池中提取價值的其他事項，以便與這些回報模型合作。所以我認為這會減慢進程。我認為這不會改變我們對管道機會是什麼以及隨著時間的推移它如何轉化為積壓的長期看法。

Great, thanks everyone. I'll just wrap up here, I think keep in front of us the long term, macro factors of energy demand doubling by 2050, the need for long duration energy storage increasing to be able to meet that demand, CEO sitting with a product that we feel meets a very significant segment inside of energy storage, and as I've said all along in this journey.

太好了，謝謝大家。我就在這裡總結一下，我認為我們要考慮長期的宏觀因素，到 2050 年能源需求將翻一番，對長時儲能的需求將不斷增加，才能滿足這一需求，首席執行官坐在一起討論我們認為可以滿足儲能領域非常重要的一個細分市場的產品，正如我在此過程中一直所說的那樣。

You need multiple technologies to get the job done and we're one of those technologies that I think that are key to a to a safe, secure, and flexible energy ecosystem, the team here, I think, there's, there is a lot of uncertainty in the in the environment right now with what's happening and tariffs and other and other factors, this team though has hardened as nails on how to navigate through uncertain times and get through things.

你需要多種技術來完成工作，而我們的技術是我認為對安全、可靠和靈活的能源生態系統至關重要的技術之一，這裡的團隊，我認為，目前的環境中存在很多不確定性，包括正在發生的事情、關稅和其他因素，但這個團隊已經堅定地知道如何度過不確定的時期並解決問題。

I think we feel really good about what Doing to position the company for the long term and also deliver in the short term, what used to be, our 8 o'clock in the morning call that we have where we go through production for the day prior and then what we need to do that day, it does start off every day with we did more than we did the day before and we're on track to do more than we did the week before and we just need to keep building off of this.

我認為，我們對公司長期定位和短期交付的舉措感到非常滿意，過去，我們每天早上 8 點都會召開電話會議，討論前一天生產情況以及當天需要做的事情，現在，我們每天都會比前一天做得更多，而且我們有望比前一周做得更多，我們只需要在此基礎上繼續努力。

This is clearly coming up with a way that IOS will execute going forward, the EOS way will be finding ways to become more productive, finding ways to become more efficient, and finding a better a way every day to be a little bit better than you were the day before, but not as good as we'll be tomorrow. And I'd really like the team that we have in place.

這顯然是提出了 IOS 未來執行的方式，EOS 的方式將是尋找提高生產力的方法，尋找提高效率的方法，每天尋找更好的方法，比前一天更好一點，但不如明天好。我真的很喜歡我們現有的團隊。

Now I'd like to talk about that second here to close out because you can have great technology, you can have all these great machineries, you can have everything, but you're nothing without great people and when you look at my extended leadership team in the company.

現在我想在這裡結束討論第二點，因為你可以擁有偉大的技術，你可以擁有所有這些偉大的機器，你可以擁有一切，但如果沒有偉大的人才，你就什麼都不是，看看我公司擴大的領導團隊。

More than half of them have joined the company in the last 12 months, and I think that's a testament to the type of talent that we can attract given where the company is and also a reason why you're seeing the performance that you're seeing, and it's less about, it's more about being additive like what I've always about is we've had a strong leadership team.

其中超過一半的人是在過去 12 個月內加入公司的，我認為這證明了我們根據公司現狀能夠吸引到什麼樣的人才，也是你看到如此出色表現的原因，而這並不是什麼問題，而是一種附加因素，我一直認為我們擁有一支強大的領導團隊。

Now we're just adding into the middle of the organization to be able to manage the growth of the company and really starting to look at like when you're when you're in a small startup mode, it's always about how many hats you're wearing during the day to get things done and now it's about having people wear one or two hats, not five hats.

現在，我們只是在組織中層增加了一些人員，以便能夠管理公司的發展，並且真正開始關注當你處於小型初創模式時，你總是需要考慮在一天中戴多少頂帽子來完成工作，而現在需要考慮的是讓人們戴一頂或兩頂帽子，而不是五頂帽子。

So that we can continue to grow and expand the company, and that's one of the key things that we're focused on. So we feel really good about where we are both on the commercial side and understanding our value proposition to the market, being able to scale the company and bring the company up to a liter in long duration energy storage, and we'll keep working on that and keep everyone informed on that and thanks everyone for the time today.

這樣我們就可以繼續發展和擴大公司，這是我們關注的關鍵事項之一。因此，我們對我們在商業方面所處的位置感到非常滿意，並且了解我們對市場的價值主張，能夠擴大公司規模，並將公司的長期儲能能力提升到一升，我們將繼續努力，並讓每個人都了解這一點，感謝大家今天的時間。