Eos Energy Enterprises Inc (EOSE) 2025 Q2 法說會逐字稿

Good morning, and welcome to Eos Energy Enterprises' second quarter 2025 conference call. As a reminder, today's call is being recorded, and your participation implies consent to such recording. (Operator Instructions)

早安，歡迎參加 Eos Energy Enterprises 2025 年第二季電話會議。提醒一下，今天的通話正在錄音，您的參與意味著同意錄音。（操作員指示）

With that, I would like to turn the call over to Liz Higley, Head of Investor Relations. Thank you. You may begin.

接下來，我想將電話轉給投資人關係主管 Liz Higley。謝謝。你可以開始了。

Good morning, everyone, and welcome to Eos' Second Quarter 2025 conference call. Today, I'm joined by Eos CEO, Joseph Mastrangelo; and CCO and Interim CFO, Nathan Kroeker.

大家早安，歡迎參加 Eos 2025 年第二季電話會議。今天，我與 Eos 執行長 Joseph Mastrangelo 以及首席商務官兼臨時財務長 Nathan Kroeker 一起出席了會議。

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 expectations or those implied by these forward-looking statements.

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。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。

The risks, uncertainties that forward-looking statements are subject to are described in our SEC filings. Forward-looking statements represent our beliefs and assumptions only as of the date such statements are made. We undertake no obligation to update 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.

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。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。

Today's remarks will also include references to non-GAAP financial measures. Additional information, including reconciliation between non-GAAP financial information to US. GAAP financial information, is provided in the press release. 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-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公認會計準則財務指標。附加信息，包括非 GAAP 財務資訊與美國的對帳。新聞稿中提供了 GAAP 財務資訊。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，我們的非公認會計準則財務指標可能與其他公司提供的類似非公認會計準則指標不相同或不可比擬。

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

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 和 Nathan 將為您介紹我們的業務前景和財務業績，之後我們將進入問答環節。

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

現在，我將把電話轉給 Eos 執行長 Joseph Mastrangelo。

Thanks, Liz. Welcome, everyone, to the 2Q earnings call. I want to start off with our operating highlights page. Nathan will walk through the details of the numbers on the page. I want to talk about a couple of themes.

謝謝，莉茲。歡迎大家參加第二季財報電話會議。我想從我們的營運亮點頁面開始。內森 (Nathan) 將詳細介紹頁面上的數字。我想談幾個主題。

Last month, I was able to attend the Pennsylvania Energy and Innovation Summit hosted by Senator McCormick and attended by the President. It was a great two days that we had here. What it proved to me is that energy is at the forefront of everything that we want to do as a country to grow the country, and Eos plays a very important role in how we position the United States for its energy future.

上個月，我有幸參加了由麥考密克參議員主持、總統出席的賓州能源與創新高峰會。我們在這裡度過了愉快的兩天。它向我證明了，能源是我們國家發展所要做的一切事情的重中之重，而 Eos 在我們如何定位美國的能源未來方面發揮著非常重要的作用。

A modern grid is going to require bulk stationary storage. It eases congestion. The easiest way to think about congestion is when there's too many electrons trying to get onto the grid and there's not enough electrons getting off the grid. So we are able to take those park them in our system and put them back on to better match supply and demand curves in the market.

現代電網需要大量固定儲存。它緩解了交通擁堵。思考壅塞最簡單的方式是，當有太多電子試圖進入電網，而沒有足夠電子離開電網時。因此，我們能夠將它們存放在我們的系統中，然後重新放回，以便更好地匹配市場上的供需曲線。

And one of the most important things I've learned through my 35-year career in the energy industry is every electron counts and any efficiency you can bring to the system makes the system more robust and also allows you to avoid costly new investments and make what you have produce better. And that's what curtailment is about. Curtailment is when you take existing generating assets and stop them from operating because you can't put them on the grid.

我在能源產業 35 年的職業生涯中學到的最重要的事情之一就是每個電子都很重要，任何能為系統帶來的效率都會使系統更加強大，還能讓你避免昂貴的新投資，並使你的產品更好。這就是削減的意義所在。限電是指由於無法將現有發電資產併入電網而停止其運作。

Again, an Eos solution, stand-alone energy storage, Nathan will talk about how 50% of what's in our pipeline today is stand-alone energy storage, allows you to keep running those assets, put the electrons in a parking lot, if you will, and then put them back on the grid. So think of the grid like a highway when there's a lot of traffic and you can't get on that on-ramp, park in your Eos energy storage system. And when there's -- when it frees up and one of the exit ramps wants power, we'll put it back on that highway and get it delivered cost-effectively to the people that use it.

再次，Eos 解決方案，獨立能源存儲，Nathan 將討論我們目前管道中的 50% 是獨立能源存儲，允許您繼續運行這些資產，將電子放在停車場（如果您願意），然後將它們放回電網。因此，將電網想像成一條高速公路，當交通繁忙且您無法進入匝道時，請將車停在您的 Eos 儲能係統中。當有空閒時間，並且其中一個出口匝道需要電力時，我們會將電力重新輸送到高速公路上，並以經濟高效的方式將其輸送給使用它的人。

The other piece that I would say on the Summit is really, you saw the strength of the company being in Pittsburgh. I think what you see is this ecosystem of technology, ability to manufacture the infrastructure around universities, which allows us -- which is allowing us to build a great company.

關於峰會我想說的另一件事是，你確實看到了這家公司在匹茲堡的實力。我認為你所看到的是這個技術生態系統，它能夠製造大學周圍的基礎設施，這使我們能夠建立一家偉大的公司。

What you saw in Q2, I'll get into some more details, is we had record revenue, 122% higher quarter over quarter shipments, great performance by the operating team here. I'll go into some details in a couple of pages, but like really proud of our ability to scale the enterprise. And when you think about that 122% increased shipments, it was with the same processes and labor that we had in the first quarter.

您在第二季度看到的情況（我會詳細介紹一下）是，我們獲得了創紀錄的收入，出貨量環比增長了 122%，這裡的營運團隊表現出色。我將在後面幾頁中詳細介紹，但我對我們擴大企業規模的能力感到非常自豪。當您想到出貨量增加了 122% 時，我們採用的流程和勞動力與第一季相同。

So the team is finding ways to do things better, bringing efficiency into our operations every day, and getting better output and throughput over the assets that we have. And we are continuing to scale operations. I will talk about the ramp in bringing on subassemblies, which unlocks the full capacity of our first state-of-the-art manufacturing line. And at the same time, we announced signing and ordering our second line as we start to position the company for the growth that we see flowing through the pipeline.

因此，團隊正在尋找更好的方法，提高日常營運效率，並利用現有資產獲得更好的產出和吞吐量。我們正在繼續擴大經營規模。我將談論子組件的引入，這將釋放我們第一條最先進的生產線的全部產能。同時，我們宣布簽署並訂購第二條生產線，開始為公司在生產線上看到的成長做好準備。

What I would say before we move to the next page is as it comes to the pipeline and orders backlog, things are moving, the operating dials and the steps that we work through with customers to get to an order are progressing. There was a little bit of a pause here as the OBB was approved. I think we're seeing now an acceleration. That acceleration was no more evident than what we saw here in Pittsburgh back at Senator McCormick's Energy and Innovation Summit.

在我們進入下一頁之前，我想說的是，當談到渠道和訂單積壓時，事情正在進展，操作撥盤和我們與客戶合作以達成訂單的步驟都在取得進展。由於 OBB 獲得批准，這裡出現了短暫的停頓。我認為我們現在看到了加速的跡象。這種加速並不比我們在匹茲堡參議員麥考密克主持的能源與創新高峰會上所看到的更明顯。

So I think Nathan will walk through the progress that he's making, but we see projects evolving. We see big hyperscalers and developers coming to Eos because of the things we've been working on for the last seven years of developing an American supply chain, coming up with a cost-effective, reliable, and safe solution. So if we move to the next page, I want to talk about that solution for a second.

所以我認為內森會介紹他所取得的進展，但我們也看到專案正在不斷發展。我們看到大型超大規模企業和開發商紛紛加入 Eos，因為我們過去七年來一直致力於開發美國供應鏈，並提出了具有成本效益、可靠且安全的解決方案。因此，如果我們進入下一頁，我想稍微討論一下該解決方案。

So our systems are built for resiliency. We've talked about the leadership team that we have in this company and my background. I spent half of my career in the oil and gas industry and the other half in traditional fossil generation. So what you learn being in those industries is the fact that the grid requires robust solutions that can survive the harshest environments and the things that you don't plan for.

因此，我們的系統是為彈性而建構的。我們討論了我們公司的領導團隊和我的背景。我的職業生涯有一半時間在石油和天然氣行業度過，另一半時間在傳統化石發電行業度過。因此，在這些行業中，你會了解到，電網需要強大的解決方案，能夠承受最惡劣的環境和你沒有計劃的事情。

So that all starts on the left-hand side of the page at our Edison proving ground, where we test our technology beyond the operating conditions that you see out in the field. What we've been doing over the past months is testing the Z3, and we've increased our ability to get energy out of the product by 40% from the product launch, and have a very clear road map of how we get better energy efficiency out of the product, and also developing the software.

這一切都從頁面左側的愛迪生試驗場開始，我們在這裡測試我們的技術，測試條件超出了您在現場看到的操作條件。過去幾個月我們一直在測試 Z3，自產品發布以來，我們已經將產品的能源效率提高了 40%，並且對於如何提高產品的能源效率以及開發軟體有著非常清晰的路線圖。

So when you look at our financials and see the line on R&D, what we're spending on that R&D money is making this product that we have better and putting the software over the top of it so that it gives the operability that our customers demand.

因此，當您查看我們的財務狀況並看到研發方面的投入時，您會發現我們在研發上投入的資金是為了使我們的產品變得更好，並在其之上添加軟體，以便提供客戶所需的可操作性。

In the middle piece is we do abuse testing on this product. We had an event at our Edison facility where we had an overcharge on a cube that we were testing. That overcharge on the cube resulted in smoldering of plastic inside of the cube. Not wasting a crisis, we took over 1,000 air quality measurements while that was happening. We wanted to be able to get the data to show customers that when you do have a problem, and problems will always happen, that this is a safe, nontoxic product to put into your neighborhood or onto your job location.

中間部分是我們對該產品進行濫用測試。我們在愛迪生工廠發生了一起事件，當時我們正在測試的一個立方體出現了過度充電的情況。立方體的過度充電導致立方體內部的塑膠燃燒。為了不浪費危機，我們在危機發生時進行了 1,000 多次空氣品質測量。我們希望能夠透過資料向客戶表明，當您遇到問題時（問題總是會發生），這是一種安全、無毒的產品，可以放置在您的社區或工作地點。

And we found no hazardous readings in any of the measurements that we took. These 1,000 measurements were taken all across Edison. We never closed operations at our facility in Edison, New Jersey, and we worked with the local fire department to use water to bring the -- to get the smoldering to stop. And that water was tested at the end. We collected all that water, put it in the tank, tested it, and found that, that water was as clean as it was when it went on to the cube.

我們在進行的任何測量中均未發現危險讀數。這 1,000 次測量是在愛迪生各地進行的。我們從未關閉位於新澤西州愛迪生的工廠，我們與當地消防部門合作，用水撲滅陰燃。最後對水進行了測試。我們收集了所有的水，將其放入水箱，進行測試，發現水和進入立方體時一樣乾淨。

So proved out the thought. That's why we have the proving ground. That's why we run the testing, and that's why we look to make a product that can stand up to the harshest conditions that the industry can bring.

事實證明這個想法是成立的。這就是我們設立試驗場的原因。這就是我們進行測試的原因，也是我們希望製造出能夠經受業界最惡劣條件的產品的原因。

On the third column, you may have heard about a cube winding up on the highway as we were delivering it to a customer, but you probably didn't hear about it because nothing actually happened. The picture you see is the cube sitting on the highway. There was an accident as accidents will happen.

在第三列中，您可能聽說過當我們將立方體交付給客戶時，它出現在高速公路上，但您可能沒有聽說過，因為實際上什麼也沒發生。您看到的圖片是位於高速公路上的立方體。發生了事故，事故總是會發生。

In one hour, that cube was picked up, delivered, and we were able to extract battery modules out of that cube, bring them back to Edison, and run them, and they performed as if they were new modules. So once again, proving that we have a durable solution that's safe and also, at the end of all this, recyclable.

一個小時後，那個立方體就被取走、送達了，我們從立方體中取出了電池模組，將它們帶回愛迪生並運行它們，它們的表現就像新模組一樣。這再次證明我們有一個持久的解決方案，它既安全，而且最終可回收。

That incident that we had on the left-hand side of the page, everything that was inside the cube was extracted and recycled using normal recycling methods to prove once again that Eos has a full life cycle to be able to deliver for customers.

我們在頁面左側看到的事件，立方體內的所有東西都被提取出來，並使用正常的回收方法進行回收，這再次證明 Eos 擁有完整的生命週期，能夠為客戶提供服務。

On the far right, we -- is one of our Z3 installations. We've been running the product out in the field, and happy to report that we are consistently delivering between 87% to 89% round-trip efficiency on sub- four-hour discharge cycles. We've always talked about Eos being a longer duration technology, but what we're learning with the Z3 and what we're learning with the software that we're developing is that we can extract better performance out of the technology.

最右邊是我們的 Z3 裝置之一。我們一直在現場運行該產品，並很高興地報告，我們在四小時以下的放電週期內始終保持 87% 至 89% 的往返效率。我們一直在說 Eos 是一種持續時間更長的技術，但我們從 Z3 和我們正在開發的軟體中了解到，我們可以從該技術中獲得更好的性能。

So as we look and we see these shorter cycles that we've been running for this customer, we're seeing round-trip efficiency that's on par with any other technology in the market. When you hear higher efficiencies coming from other technologies, you have to net out the cost of running HVAC on the parasitic loads, which we don't have.

因此，當我們觀察並看到我們為該客戶運行的這些較短的周期時，我們看到的往返效率與市場上任何其他技術相當。當您聽到其他技術可以實現更高的效率時，您必須扣除在寄生負載上運行 HVAC 的成本，而我們沒有這樣的成本。

And you wind up where like as we talk, and Nathan and the team are out selling, you hear that, that 89 -- we topped out at 89.5% round trip efficiency on a four-hour discharge cycle. That efficiency is in line with what everybody else is doing.

正如我們所說的那樣，當 Nathan 和他的團隊出去銷售時，您聽到了，89 - 我們在四小時放電週期內達到了 89.5％ 的往返效率。這種效率與其他人的效率一致。

So we really look at this and say, if you want something that's America's battery made in the USA with the US supply chain that's had extensive testing and operating out in the field, we've abuse tested it and learned that it's safe for the environment. We then have looked at it and said that if we do have an accident, nothing will happen, you clean it up, and you keep moving on. And when you operate this technology, that flexibility gives you better performance than what you see from other technologies.

因此，我們認真考慮了這一點，並說，如果你想要在美國製造的美國電池，並且該電池的供應鏈已經過廣泛的測試和現場操作，我們已經對其進行了濫用測試，並了解到它對環境是安全的。然後我們看著它說，如果我們真的發生了事故，什麼也不會發生，你把它清理乾淨，然後繼續前進。當您使用這項技術時，這種靈活性將為您帶來比其他技術更好的性能。

It's a compelling value proposition that we're out-selling to customers every day, and that's why you see the pipeline growing the way it is. And that's why you see things like our partner in the UK bidding twice the amount of our MOU into the cap and floor scheme in the UK because they know that this technology is built to last and has the resiliency that the industry requires.

這是一個引人注目的價值主張，我們每天都在向客戶銷售產品，這也是為什麼你會看到管道如此成長。這就是為什麼你會看到我們在英國的合作夥伴以兩倍於我們諒解備忘錄的金額投標英國的上限和下限計劃，因為他們知道這項技術經久耐用，並具有行業所需的彈性。

Now if we move to the next page, I do want to talk about -- we talk quarterly results here, but I want to take a step back and really thinking of a company that you're building for the long term and 13-week increments, sometimes you lose the actual trends that are happening in the business. So what we did on this page was really take the second half of last year and compare it to the first half of this year.

現在，如果我們進入下一頁，我確實想談談——我們在這裡討論季度業績，但我想退一步，真正思考一下你為長期和 13 週的增量而建立的公司，有時你會忽略業務中正在發生的實際趨勢。因此，我們在此頁面上所做的實際上是將去年下半年的情況與今年上半年的情況進行比較。

So you could see 3x revenue growth, 4x factory shipments. Nathan will talk about why you have the disconnect there in revenue versus shipments. We did ship what I would call a very important strategic project that was at a lower price point.

因此，你可以看到收入成長 3 倍，工廠出貨量成長 4 倍。內森 (Nathan) 將談論為什麼收入與出貨量之間存在脫節。我們確實以較低的價格完成了一個我認為非常重要的策略專案。

If you put that -- if you put in the average price that we have in our backlog on those shipments, our sales would have topped out over $20 million for the quarter. But the project that we're installing is very important for us to prove out the technology and to show that the things I talked about at the prior page work out in the field with a blue-chip operator. If you look at gross margins, we've talked about get more volume over the asset base that we have, and the margins will come.

如果你把這個數字算進去——如果你把我們積壓的貨物的平均價格算進去，我們本季的銷售額就會超過 2000 萬美元。但是，我們正在安裝的項目對於我們驗證該技術以及表明我在上一頁中談到的事情在藍籌運營商的現場運作非常重要。如果你看一下毛利率，我們說過，只要在現有的資產基礎上獲得更多的產量，利潤率就會隨之而來。

You can see that clearly as the team gets more throughput through the factory that gross margins are improving. We're going to be transitioning to CM positive cubes here as we get into the fourth quarter and targeting gross margin positive in the first quarter of next year.

您可以清楚地看到，隨著團隊透過工廠獲得更大的產量，毛利率也在提高。進入第四季度，我們將轉向 CM 正立方體，目標是在明年第一季實現毛利率為正。

It's pretty exciting for us. We built in advance a facility that can handle 2 gigawatt hours of production. And as we bring online our subassembly automation, we're starting to -- we'll start to approach that as we get to year-end, and you'll see the company delivering the gross margins that are positive for the product that we put out in the field.

這對我們來說非常令人興奮。我們提前建造了一個可以處理2千兆瓦時產量的設施。隨著我們的子組裝自動化上線，我們將開始——我們將在年底開始實現這一目標，你會看到公司為我們在該領域推出的產品帶來積極的毛利率。

And our adjusted EBITDA, actually, when you look at that, that improvement is not just in line with the gross margin improvement. It's actually better than gross margin because we're getting leverage over the investment that we're making in our base cost. We've done some scaling in different areas to be able to manage the business -- that scaling will stand the test of time, particularly when you think about functions like finance and legal and other things that you need to run a public company.

實際上，當您查看我們的調整後 EBITDA 時，您會發現這種改善不僅與毛利率的改善一致。它實際上比毛利率更好，因為我們可以充分利用我們在基礎成本上的投資。為了管理業務，我們在不同的領域做了一些擴展——這種擴展將經受住時間的考驗，特別是當你考慮到財務、法律等職能以及運營上市公司所需的其他事項時。

As we bring in the operating systems to be able to run the company, we'll have a team that's worked through the growing pains of scaling the company, and it's going to make us more efficient when we're at scale. But the most important thing that we're doing is we're making investments in core functions that allow the business to operate better, things like the sales team to get out and grow the backlog, other things like bringing in engineering resources to help us be more efficient on the factory floor, to take cost out of the product.

當我們引入作業系統來經營公司時，我們將擁有一支能夠克服公司擴張過程中成長煩惱的團隊，這將使我們在擴大規模時更有效率。但我們正在做的最重要的事情是投資核心功能，以使業務更好地運營，例如銷售團隊可以出去增加積壓訂單，其他事情包括引入工程資源以幫助我們提高工廠車間的效率，從而降低產品成本。

Those are the things that we're investing in when you look at that operating cost that we have in the model. And we're getting 2x operating leverage when you think about what we're doing on the EBITDA -- adjusted EBITDA versus gross margins.

當您查看模型中的營運成本時，這些就是我們正在投資的東西。當您考慮我們在 EBITDA（調整後的 EBITDA 與毛利率）方面所做的事情時，我們獲得了 2 倍的經營槓桿。

So we're going to continue to ramp the business, and I want to move to the next page and just walk through quickly how we're doing on that ramp. You see some pictures of the new subassembly of the new subassembly first station that's been installed. We will have two of those stations up and running and producing with the target of having all stations up and running as we get into the fourth quarter.

因此，我們將繼續擴大業務，我想進入下一頁，快速介紹我們在這方面的進展。您會看到一些已安裝的新組件第一站的新組件的圖片。我們將啟動並運行其中兩個站點，目標是在進入第四季度時讓所有站點都啟動並運行。

That speeds up the production of this product, but not only speeds up cycle times. So one thing is to get more throughput, but the second thing is we're getting better quality off of this equipment. As we were building things on the semi-automated line, you bring in human variation. We take that variation out. What we're seeing on the parts that are coming off that line is a higher process capability than what we had before and a 64% improvement in the overall part flatness.

這不僅加快了該產品的生產速度，也加快了週期時間。因此，一件事是獲得更高的吞吐量，但第二件事是我們要從該設備中獲得更好的品質。當我們在半自動化生產線上製造產品時，就會引入人為的變化。我們將這個變化除去。我們看到，從該生產線生產出來的零件的加工能力比以前更高，而且整體零件平整度提高了 64%。

Part flatness is important because that gets performance out of the battery because you get consistency in how we operate. We're seeing a three -- almost more than 3% improvement in energy efficiency just by getting that consistency in the parts coming off the line.

零件平整度很重要，因為它可以確保電池性能的發揮，從而使我們的操作方式保持一致。我們看到，僅僅透過使生產線上的零件保持一致，能源效率就提高了 3% 以上。

It's something we've been very thoughtful about as we brought it online because you don't want to introduce a bunch of parts that don't achieve the quality goals and wind up having a lot of scrap and rework, but we're very happy with how the equipment is performing, and we're ramping up that production as we go through, and we'll keep everybody updated as we go through the summer here to bringing that online and getting to full capacity and delivering on our revenue range for 2025.

我們在上線時對此進行了深思熟慮，因為我們不想引入一堆達不到質量目標的零件，最終導致大量廢品和返工，但我們對設備的性能非常滿意，並且我們正在逐步提高產量，我們將在這個夏天向大家通報最新情況，以使設備上線並達到滿負荷生產，實現我們 2025 年的收入目標。

With that, I'll turn it over to Nathan to walk through a couple of pages and then come back on Q&A. Thanks for listening.

說完這些，我會把它交給 Nathan 瀏覽幾頁，然後再回來進行問答。謝謝聆聽。

Thanks, Joe, and good morning, everyone. Echoing what Joe said, we're gaining momentum in the second quarter with a lot more to look forward to in the back half of the year. First, I wanted to touch on the One Big Beautiful Bill Act and its impact to Eos and the broader long-duration energy storage market as we see it. At a high level, the bill was extremely positive for us. It completely preserves the Section 45X production tax credits with full stackability and transferability through 2029.

謝謝，喬，大家早安。正如喬所說，我們在第二季度獲得了發展勢頭，並且在今年下半年有更多值得期待的事情發生。首先，我想談談《一個大美麗法案》及其對 Eos 和我們所看到的更廣泛的長時儲能市場的影響。從高層來看，這項法案對我們極為有利。它完全保留了第 45X 條生產稅收抵免，並且到 2029 年仍具有完全可疊加性和可轉讓性。

Just to remind you, we can generate over $90 million on each one of our manufacturing lines annually when we run them at capacity. This is a direct result of all of the hard work that we've done over the past seven years to localize our supply chain and build an American manufacturing company.

需要提醒您的是，當我們滿載運轉時，我們的每條生產線每年可以創造超過 9000 萬美元的收益。這是我們過去七年來為實現供應鏈在地化和打造美國製造公司所做的所有努力的直接成果。

Continued stackability means we qualify for the full $45 per kilowatt hour for our batteries as well as the 10% credit for the electrode active materials. Ongoing transferability means that we can continue to monetize these credits as they are generated. The good news is that we're seeing higher bids on larger volumes of credits, which means we should get smaller discounts than the 10% we've done on initial transactions. We have generated $14.3 million in credits since they came into effect, of which we've collected $6.3 million in cash to date, and we expect to sell first half 2025 credits later this year.

持續的可堆疊性意味著我們有資格獲得每千瓦時 45 美元的電池全額補貼以及電極活性材料 10% 的補貼。持續的可轉讓性意味著我們可以在產生這些信用時繼續將其貨幣化。好消息是，我們看到大量信貸的出價更高，這意味著我們應該獲得比初始交易中 10% 更小的折扣。自這些計劃生效以來，我們已產生 1,430 萬美元的信用額度，其中迄今為止我們已收取 630 萬美元的現金，我們預計將在今年晚些時候出售 2025 年上半年的信用額度。

Now shifting our focus to our customers on the ITC side of the page. While customers with wind and solar projects saw eligibility dates pulled forward compared to prior legislation, energy storage was explicitly excluded from these changes. We'll cover pipeline in more detail later, but I want to highlight that with most of our renewable coupled projects scheduled to come online in the next 30 months, we have not seen a meaningful impact from this change to date.

現在我們將重點轉移到 ITC 頁面的客戶身上。雖然與先前的立法相比，擁有風能和太陽能專案的客戶的資格日期提前了，但能源儲存明確被排除在這些變化之外。我們稍後會更詳細地介紹管道，但我想強調的是，由於我們的大多數可再生能源耦合項目計劃在未來 30 個月內上線，迄今為止我們尚未看到這一變化帶來的重大影響。

Additionally, the FIAC language in the bill is yet another tailwind as it creates new demand for our American-made product as we source, manufacture, and procure more than 90% of our materials domestically.Overall, we view the bill's passage as an important referendum on the need for American-made energy storage systems to meet the country's growing demand for energy.

此外，法案中的 FIAC 語言是另一個順風，因為它為我們美國製造的產品創造了新的需求，因為我們 90% 以上的材料都是在國內採購的。總的來說，我們認為該法案的通過將是對美國製造的能源儲存系統是否需要滿足國家日益增長的能源需求的重要公投。

Moving to our commercial pipeline. Since our last update, we've continued to see important advancements across our commercial business. An emerging theme is the increasing scale and sophistication of opportunities, particularly with large counterparties. Q2 marked a strong growth period. We ended the quarter with opportunities valued at $18.8 billion, representing 77 gigawatt hours, a 37% year over year increase and a 21% improvement quarter-over-quarter as we added $3.2 billion.

轉向我們的商業管道。自上次更新以來，我們不斷看到商業業務取得重要進展。一個新興的主題是機會的規模和複雜程度不斷增加，特別是對於大型交易對手而言。第二季標誌著強勁的成長期。本季結束時，我們的商機價值為 188 億美元，相當於 77 吉瓦時，年增 37%，季增 21%，增加了 32 億美元。

Notably, we saw a 15% quarter over quarter increase in eight-plus hour projects, validating what we have been saying for the past few quarters, market fundamentals are changing, and there is growing demand for longer duration solutions. While many of our early projects were co-located with generation, 50% of our pipeline now consists of stand-alone storage projects, reinforcing the need for storage on existing electricity grid infrastructure.

值得注意的是，我們發現八小時以上的專案數量較上季成長了 15%，這驗證了我們過去幾個季度的說法，即市場基本面正在發生變化，對更長時間解決方案的需求也在不斷增長。雖然我們的許多早期項目都與發電廠位於同一地點，但現在我們 50% 的項目都是獨立的儲存項目，這強化了在現有電網基礎設施上進行儲存的必要性。

As Joe mentioned earlier, the market is increasingly leveraging battery technology to maximize grid efficiency, which includes stand-alone storage near highly congested load zones where wholesale prices are more volatile and energy arbitrage is a real opportunity regardless of the generation source.

正如喬之前提到的，市場越來越多地利用電池技術來最大限度地提高電網效率，其中包括在高度擁擠的負載區附近設置獨立存儲，這些區域的批發價格波動更大，無論發電來源如何，能源套利都是一個真正的機會。

One of the more exciting developments we are seeing for our flexible technology is the rapid emergence of data centers. They are one of the fastest-growing opportunities in front of us, representing over 20% of our pipeline today. Now how you really need to think about this is in two main ways. The first is direct demand from developers, building fully integrated data center campuses. These projects combine multiple generation sources with our storage solutions to deliver reliable power.

我們看到的靈活技術的更令人興奮的發展之一是資料中心的快速崛起。它們是我們面前成長最快的機會之一，占我們目前通路的 20% 以上。現在您真正需要思考這個問題的主要方式有兩種。首先是來自開發商的直接需求，建置完全整合的資料中心園區。這些項目將多種發電源與我們的儲存解決方案相結合，以提供可靠的電力。

This approach reduces the time to power and can serve as a bridge to interconnection, accelerating revenue generation, reducing peak demand charges, and derisking the long-term reliance on traditional grid infrastructure.

這種方法縮短了供電時間，可以作為互聯的橋樑，加速創收，降低尖峰需求費用，並降低對傳統電網基礎設施長期依賴的風險。

The second is indirect demand, where developers are building generation plus storage projects in utility regions serving data centers. In this case, data center operators are supporting the addition of incremental capacity to the grid to offset their energy consumption, reducing their total energy costs and maximizing renewable credit capture. Last quarter, we announced a 750-megawatt-hour MOU with a developer, which is a very good example of an indirect project.

第二種是間接需求，開發商在為資料中心服務的公用事業區域建設發電加儲能專案。在這種情況下，資料中心營運商支援增加電網的增量容量以抵消其能源消耗，降低其總能源成本並最大限度地提高再生能源信用額度。上個季度，我們與開發商簽署了一份 750 兆瓦時的諒解備忘錄，這是一個間接項目的一個很好例子。

We have advanced this initiative and are currently finalizing contract terms for our first 10-hour project supporting a well-known hyperscaler in the PJM service territory. We've also made significant progress on several other MOUs discussed last quarter.

我們已經推進了這項計劃，目前正在敲定我們的第一個 10 小時專案的合約條款，該專案將為 PJM 服務區域內的知名超大規模企業提供支援。我們也在上個季度討論的其他幾項諒解備忘錄上取得了重大進展。

In April, we signed a 5 gigawatt-hour MOU with Frontier Power to deliver projects across the UK through submissions in Ofgem's cap and floor program. Frontier has now submitted over 10 gigawatt hours of storage projects utilizing Eos technology, more than double the original MOU, highlighting their strong confidence in our technology. And importantly, cap and floor requires eligible technologies to deliver a minimum of eight-hour discharge, which is a strong fit with our capabilities.

今年 4 月，我們與 Frontier Power 簽署了一份 5 千兆瓦時的諒解備忘錄，透過 Ofgem 的上限和下限計劃在英國各地交付專案。Frontier 目前已提交了超過 10 千兆瓦時的利用 Eos 技術的儲存項目，是原始 MOU 的兩倍多，凸顯了他們對我們技術的強大信心。重要的是，上限和下限要求合格的技術能夠提供至少八小時的放電，這與我們的能力非常契合。

Additionally, we are actively co-developing a broader pipeline with Frontier, targeting data center growth in Europe and long-duration storage needs in the Asia Pacific region. We continue to expand our presence in Puerto Rico and have identified several other storage projects that we are pursuing on the island with a local developer. The list of projects should significantly increase the 400-megawatt hours currently under MOU.

此外，我們正在積極與 Frontier 共同開發更廣泛的管道，以滿足歐洲資料中心的成長和亞太地區的長期儲存需求。我們繼續擴大在波多黎各的業務，並已確定與當地開發商在島上開展的其他幾個儲存項目。項目清單將大幅增加目前諒解備忘錄下的400兆瓦時產能。

Transitioning to backlog. We ended Q2 with a backlog of $672 million, representing 2.6 gigawatt hours of storage. During the quarter, we delivered over $15 million in revenue and booked two strategically important orders. The first was with a large regulated utility in the Southeast for a microgrid project supporting two schools in Florida. And the second was a repeat order with an existing customer for a renewable energy microgrid on California tribal land.

轉入積壓狀態。我們在第二季結束時的積壓訂單為 6.72 億美元，相當於 2.6 千兆瓦時的儲存量。本季度，我們的收入超過 1500 萬美元，並獲得了兩份具有戰略意義的訂單。第一個項目是與東南部一家受監管的大型公用事業公司合作，為佛羅裡達州的兩所學校提供微型電網計畫支援。第二個是與現有客戶再次下訂單，在加州部落土地上建立再生能源微電網。

As many of you know, the industry has been highly focused on the final outcome of the big beautiful bill over the first half of this year. We saw several months of customer uncertainty as customers were waiting to see what was going to happen with the final language. With that uncertainty behind us, we feel really good about the increased activity we are seeing on a number of large projects, as customers are reaching out to us as they try to navigate these new requirements.

眾所周知，今年上半年業界一直高度關注這項大美麗法案的最終結果。我們看到客戶幾個月來一直處於不確定的狀態，因為他們正在等待最終語言版本的具體內容。在擺脫了這種不確定性之後，我們對許多大型專案的活動增加感到非常高興，因為客戶在試圖滿足這些新要求時正在與我們聯繫。

This shift towards larger project opportunities means we work with more stakeholders. This includes developers, offtakers, project finance investors, lenders, technical experts, which sometimes increases time to order. While we saw a slight decrease in backlog from the prior quarter as a result of the things we've just talked about, there are strong demand signals ahead of us.

向更大專案機會的轉變意味著我們與更多的利害關係人合作。這包括開發商、承購商、專案融資投資者、貸款人、技術專家，有時會增加訂購時間。雖然由於我們剛才談到的情況，我們看到積壓訂單較上一季略有減少，但我們面前仍有強勁的需求訊號。

As we bring customers to the factory to give them an up-close view of our manufacturing expansion, share our latest Z3 field data, we have enhanced our ability to demonstrate that we can deliver. With the recent positive momentum, I'm confident that we'll be announcing some larger orders soon. Strategically, we're working to make Eos the preferred solution for grid resiliency and sustainability on a global scale.

當我們帶客戶參觀工廠，讓他們近距離了解我們的製造擴張，分享我們最新的 Z3 現場數據時，我們增強了證明我們能夠交付的能力。鑑於最近的積極勢頭，我相信我們很快就會宣布一些更大的訂單。從戰略上講，我們正在努力使 Eos 成為全球範圍內電網彈性和永續性的首選解決方案。

Along these lines, we've significantly enhanced our competitive positioning by teaming up with a major developer and engineering firm to design an indoor racking solution that takes advantage of our safety and nonflammability, enabling us to significantly reduce the spacing requirements of indoor systems. As a result, this configuration can achieve over 1 gigawatt hour per acre in site density, which is three to four times greater than traditional industry layouts, making us more competitive in space-constrained environments. This is a big step forward in delivering high-density storage.

沿著這些思路，我們與一家大型開發商和工程公司合作設計了一種室內貨架解決方案，利用我們的安全性和不可燃性，使我們能夠顯著減少室內系統的間距要求，從而大大增強了我們的競爭地位。因此，這種配置可以實現每英畝超過1千兆瓦時的站點密度，比傳統產業佈局高出三到四倍，使我們在空間受限的環境中更具競爭力。這是實現高密度儲存的一大進步。

Turning to our financials for the quarter. Before getting into the numbers, a couple of key themes I want to highlight from last quarter. Number one, revenue is up on greater volume. Number two, delivered volumes outpaced revenue, driven by lower pricing on a single project. And number three, margins improved as we continue to get more volume through the factory, covering our fixed costs.

談談本季的財務狀況。在討論數字之前，我想強調一下上個季度的幾個關鍵主題。第一，銷量增加，收入也隨之增加。第二，由於單一項目價格較低，交付量超過了收入。第三，隨著我們工廠產量不斷增加，利潤率也隨之提高，涵蓋了我們的固定成本。

In Q2, we generated record quarterly revenue of $15.2 million, a 46% increase from Q1, accompanied by a 122% increase in shipments. This was the same amount of revenue we generated for the full year of 2024, demonstrating the continued scalability of our operations. As forecasted on our last call, Q2 revenue was impacted by lower selling price as 50% of the production volume was delivered to a single strategic customer. While this project affected near-term revenue and margins, we see it as a significant growth catalyst.

第二季度，我們創造了創紀錄的季度營收 1,520 萬美元，較第一季成長 46%，出貨量成長 122%。這與我們 2024 年全年創造的收入相同，證明了我們的營運具有持續的可擴展性。正如我們上次電話會議所預測的那樣，由於 50% 的生產量交付給了單一策略客戶，第二季的收入受到銷售價格下降的影響。雖然該項目影響了短期收入和利潤，但我們認為它是一個重要的成長催化劑。

Look, for everybody to know, we've been working hand-in-hand with this customer to design a cube with simplified field installation and commissioning. Our first installation of this improved design saw truck-to-pad times of 25 minutes and cube-to-cube connection times of 30 minutes. And we have seen those metrics improve on each subsequent project. If you take a step back and think of this from a customer's perspective, we're able to reduce the time and cost associated with getting projects online out in the field.

看，為了讓每個人都知道，我們一直在與這位客戶攜手合作，設計一個簡化現場安裝和調試的立方體。我們首次安裝這種改進的設計時，卡車到停機坪的時間為 25 分鐘，立方體到立方體的連接時間為 30 分鐘。我們看到這些指標在每個後續項目中都有所改善。如果您退一步從客戶的角度考慮這個問題，我們就能減少在現場上線專案所需的時間和成本。

Gross loss came in at $31 million, a 32-point margin improvement from the prior quarter. This improvement was largely supported by the increased production volumes we are getting through the factory. We spent $32.9 million on operating expenses. But when you exclude $5.4 million in isolated one-time items, operating expenses declined quarter over quarter.

毛虧損為 3,100 萬美元，利潤率較上一季提高 32 個百分點。這項改善很大程度上得益於工廠產量的增加。我們的營運費用為 3,290 萬美元。但當你排除 540 萬美元的一次性項目時，營運費用會比去年同期下降。

While OpEx has increased year over year, approximately 28% of the increase stems largely from noncash items such as stock-based compensation. The balance of the increase was tied to strategic headcount as we build the muscle that we need to scale this business. We continue to invest in building our software capabilities to position ourselves as a leading software business and expand our sales force to support the significant growth that we see in front of us.

雖然營運支出逐年增加，但其中約 28% 的增幅主要來自股票薪酬等非現金項目。隨著我們增強擴大業務規模所需的實力，成長的餘額與策略員工人數掛鉤。我們將繼續投資建立我們的軟體能力，將自己定位為領先的軟體企業，並擴大我們的銷售隊伍，以支持我們面臨的顯著成長。

Net loss for the quarter was $222.9 million, but this includes noncash fair value adjustments tied to mark-to-market associated with the 35% increase in our stock price as of June 30. The mark-to-market adjustments will continue to create volatility below the line and is largely driven by changes in our stock price.

本季淨虧損為 2.229 億美元，但其中包括與 6 月 30 日股價上漲 35% 相關的以市價計價的非現金公允價值調整。以市價調整將繼續造成線下波動，並且很大程度上受我們股價變動的影響。

Adjusted EBITDA loss came in at $51.6 million, showing a 75-point margin increase driven by the improvements I've already discussed regarding volume, partially offset by lower selling prices. Although pricing on a single project weighed on Q2 results, we have clear visibility toward healthier unit economics as we, first of all, deliver projects more in line with our average backlog pricing; and secondly, continue to drive labor and overhead efficiencies with higher manufacturing throughput.

調整後的 EBITDA 虧損為 5,160 萬美元，利潤率增長了 75 個百分點，這得益於我之前討論過的銷量改善，但部分被較低的銷售價格所抵消。儘管單一專案的定價對第二季的業績產生了影響，但我們對更健康的單位經濟狀況有著清晰的認識，因為首先，我們按照更符合平均積壓定價的方式交付專案；其次，透過更高的製造吞吐量繼續提高勞動力和管理效率。

With these two improvements, we expect to achieve positive contribution margin in the fourth quarter of this year and achieve positive gross margin as we exit the first quarter of 2026. With $26 million in revenue booked for the first half of 2025, we see a clear path to our full-year revenue range of $150 million to $190 million. Look, we recognize this requires a significant increase in the second half, but we expect to see meaningful increases in our production capacity as subassembly automation fully comes online, as Joe has already discussed.

透過這兩項改進，我們預計今年第四季將實現正貢獻利潤率，並在 2026 年第一季末實現正毛利率。2025 年上半年的預定收入為 2,600 萬美元，我們預計全年收入將達到 1.5 億美元至 1.9 億美元。瞧，我們認識到這需要在下半年大幅增加，但正如喬已經討論的那樣，隨著子裝配自動化的全面上線，我們預計我們的生產能力將有顯著的增長。

Now moving on to our capital structure. Since I joined the company in 2023, I have been working relentlessly on securing the capital needed to expand our manufacturing operations and get this business to profitability. This culminated with the execution of two highly successful transactions in the second quarter that lowered our cost of capital, simplified our balance sheet, and strengthened our cash position. In June, we raised $336 million with tremendous institutional participation on two offerings that were both oversubscribed.

現在談談我們的資本結構。自 2023 年加入公司以來，我一直不懈努力，確保獲得擴大製造業務和實現盈利所需的資金。最終，我們在第二季完成了兩項非常成功的交易，降低了我們的資本成本，簡化了我們的資產負債表，並增強了我們的現金狀況。6 月份，我們在兩次發行中籌集了 3.36 億美元，獲得了大量機構參與，且均獲得超額認購。

Working together with our existing lenders, we were able to complete a highly effective transaction, and we've used the proceeds to, first of all, refinance a significant out-of-the-money convert that was coming due next June. You may have noticed that we've also received a $5 million rebate post-closing in accordance with the terms of the agreement.

透過與現有貸款人合作，我們能夠完成一項高效的交易，並且我們首先利用所得款項為明年 6 月到期的一筆重大價外轉換進行再融資。您可能已經注意到，根據協議條款，我們還收到了 500 萬美元的交易後回扣。

And secondly, to prepay $50 million on the Cerberus term loan, allowing us to reduce the interest rate from 15% to 7%, defer the financial covenants to March of 2027, and extend their lockup period by another year, further aligning long-term shareholder and strategic partner interests.

其次，預付 5,000 萬美元的 Cerberus 定期貸款，使我們能夠將利率從 15% 降至 7%，將財務契約推遲到 2027 年 3 月，並將其鎖定期延長一年，進一步協調長期股東和戰略合作夥伴的利益。

And finally, we've added $139 million of cash to our balance sheet, net of discounts and expenses, ending the quarter with $183 million in total cash. The overall transaction is expected to result in approximately $400 million in total interest savings over the terms of the company's debt. In addition to these transactions, we also made advancements in other areas of the cap stack.

最後，我們在資產負債表中增加了 1.39 億美元的現金，扣除折扣和費用，本季末的總現金為 1.83 億美元。預計整個交易將為該公司的債務節省約 4 億美元的總利息。除了這些交易之外，我們還在資本堆疊的其他領域取得了進展。

Post quarter end, we announced we received our second loan advance of $22.7 million from the Department of Energy. With this advance, we have drawn the maximum amount under the first tranche in connection with our first manufacturing line, and we expect to request an additional draw on the second tranche before year-end as we continue to expand our manufacturing capacity and build out Line 2.

季度結束後，我們宣布從能源部獲得了第二筆 2,270 萬美元的貸款預付款。透過這筆預付款，我們已經提取了與第一條生產線相關的第一筆款項的最高金額，並且隨著我們繼續擴大生產能力和建設第二條生產線，我們預計在年底之前請求額外提取第二筆款項。

And then yesterday, we also announced an amendment of our 26.5% convertible notes. The maturities on these notes have been extended to September 30, 2034, while the interest rate is reduced to 7% effective June of '26. The amended notes have redemption terms allowing for optional pro rata conversions, excluding the affiliated holders. And with this, we expect to redeem approximately 85% of these notes in the third quarter. The combination of strategic equity and debt refinancing, along with continued DOE support, has significantly strengthened our balance sheet to support the growing scale of domestic battery manufacturing. So for me personally, I feel like this is mission accomplished.

昨天，我們也宣布了 26.5% 可轉換票據的修訂。這些票據的到期日已延長至 2034 年 9 月 30 日，而利率自 2026 年 6 月起降至 7%。修訂後的票據具有贖回條款，允許可選的按比例轉換，但不包括關聯持有人。我們預計將在第三季贖回約 85% 的票據。戰略股權和債務再融資相結合，加上美國能源部的持續支持，顯著增強了我們的資產負債表，以支持國內電池製造規模的不斷擴大。所以就我個人而言，我覺得這是一個任務完成。

Before we move into Q&A, I'd like to revisit what we announced yesterday regarding our final cash performance milestone under the Cerberus term loan. Given Cerberus' confidence in the opportunities in front of us, along with the efficiencies we are seeing with project execution, they have granted us an additional no-penalty extension through October 31, 2025, allowing time to see this growth come to fruition. With that, I want to thank everybody for joining us today, and I'll now turn the call over for questions.

在進入問答環節之前，我想重新回顧一下我們昨天宣布的 Cerberus 定期貸款的最終現金業績里程碑。鑑於 Cerberus 對我們面前的機會的信心，以及我們在專案執行中看到的效率，他們給予我們額外的無罰款延期，至 2025 年 10 月 31 日，讓我們有時間看到這一增長取得成果。最後，我要感謝大家今天的參與，現在我將開始提問。

Thanks, Nathan. Before we turn it over to our sell-side analysts for questions, I'd like to -- Nathan and I are going to answer the first -- the top four questions that came in through Say Technologies from our retail base. I'm going to start off with two, and then Nathan will wrap up with two, and then we'll go over to questions from sell side.

謝謝，內森。在我們把問題交給賣方分析師之前，我想——內森和我將回答第一個問題——來自我們零售基地透過 Say Technologies 提出的四個最重要的問題。我將從兩個問題開始，然後 Nathan 將以兩個問題結束，然後我們將轉到賣方的問題。

First question, when is Line 2 expected to be fully operational? Will this include the subassembly line? Yes, we're forecasting Line 2 coming online in the first half of next year. Line 2 will share some of the subassembly capacity that we have for Line 1, and then eventually, we'll add to that subassembly capacity as we ramp up capacity on Line 2.

第一個問題，二號線預計何時全面投入營運？這包括子裝配線嗎？是的，我們預測 2 號線將於明年上半年上線。2號生產線將共享1號生產線的部分子組件產能，最終，隨著2號生產線產能的提高，我們將增加此子組件產能。

On what lessons from Line 1 are being applied to Line 2, and are those improvements resulting in meaningful changes to line design throughput or cost? We're planning on when we did Line 1, Line 1 is designed in the U because that's what fit into the building that we had.

1號線的哪些經驗教訓可以應用在2號線？這些改進是否會導致線路設計吞吐量或成本有有意義的變化？我們計劃在建造 1 號線時，將 1 號線設計成 U 形，因為這適合我們現有的建築。

As we look to Line 2, it will be a straight line where material will come in one side, raw materials will come in one side, and a cube will go out the back end of the other side. So we're really designing the Line 2 for total throughput and efficiency of the facility. As we think about what we've done, like we've learned a lot about operating Line 1 over the last year, and designs are being incorporated to get better quality, better reliability and availability of the line, and improved throughput.

當我們看第 2 號線時，它將是一條直線，材料從一側進入，原材料從一側進入，立方體從另一側的後端出來。因此，我們設計 2 號線的真正目的是提高設施的總吞吐量和效率。回顧我們所做的事情，我們在過去一年中學到了很多有關運營 1 號線的知識，並且正在整合設計以獲得更好的品質、更好的可靠性和線路可用性以及更高的吞吐量。

So we have some things that we've learned about where we had some single-point areas that when we do maintenance, we have to slow the line down that we're going to put in backup capacity in specific stations. And at the same time, we're going to deliver the cost of that line in line with what we did on Line 1.

因此，我們了解到了一些情況，在進行維護時，我們在某些​​單點區域必須放慢生產線速度，並在特定站點投入備用容量。同時，我們將按照 1 號線的計劃降低該線的成本。

So we're pretty happy with how we wound up there, given the environment that we're in from an inflationary standpoint and also from the changes that we're making. But what we're really excited about is doing this line in a straight line so that we get the full efficiencies and fewer material moves than what we're seeing right now in Turtle Creek.

因此，考慮到我們所處的通膨環境以及我們正在做出的改變，我們對最終的成果感到非常滿意。但我們真正興奮的是將這條生產線建成一條直線，這樣我們就能獲得充分的效率，並且比我們現在在 Turtle Creek 看到的更少的材料移動。

Second question for me is in the Q4 2024 earnings call in March 2025, it was mentioned that eight states were bidding for Factory 2.0. What is the current status of finalizing the site for Factory 2.0? We're still in negotiations with multiple states. We're not going to negotiate that in public. The response to people wanting to have a facility like Eos has been tremendous.

我的第二個問題是，在2025年3月召開的2024年第四季財報電話會議上，提到有八個州正在競標工廠2.0專案。工廠2.0的最終選址目前進展如何？我們仍在與多個州進行談判。我們不會公開談判此事。人們對於想要擁有像 Eos 這樣的設施的反應非常熱烈。

We're working through to get the right facility with the right long-term landlord that we can partner with over time. And then as we get through those discussions with -- you got to remember like you're doing this not just on a state level, but on a county level and in some instances, the town or city level to really get the best positioned factory workforce cost for Eos and long-term partnership that we want to have.

我們正在努力尋找合適的設施和合適的長期房東，以便我們能夠長期合作。然後，當我們進行這些討論時——你必須記住，你不僅在州一級這樣做，而且在縣一級，在某些情況下，在城鎮或城市一級這樣做，以真正為 Eos 獲得最佳定位的工廠勞動力成本和我們想要的長期合作夥伴關係。

Not something that you do rushing through. We're happy with the progress that we're having, and we'll update people when we have news to share. Thanks, and I'll turn it over to Nathan.

這不是你匆匆忙忙就能完成的事。我們對目前的進展感到滿意，一旦有消息可以分享，就會向大家通報。謝謝，我會把它交給 Nathan。

For the next question, last quarter, tax uncertainty was cited as delaying deals. Post BBB law, how have customer timelines or urgency shifted? And are there any major barriers still preventing deal commitments? Right. So we'll break that down one piece at a time.

對於下一個問題，上個季度，稅收不確定性被認為是交易延遲的原因。BBB 法案出台後，客戶的時間表或緊急程度發生了什麼樣的變化？是否存在阻礙交易承諾的重大障礙？正確的。因此我們將逐一進行分解。

I think we spent quite a bit of time earlier in the call talking through the impacts of the big beautiful bill. Just to recap, I mean, I think we did see some delay as customers were working through the uncertainty before the final language was adopted.

我認為我們在電話會議早些時候花了相當多的時間來討論這項美麗法案的影響。簡單回顧一下，我的意思是，我認為我們確實看到了一些延遲，因為在最終語言被採用之前，客戶正在努力解決不確定性問題。

Now that we have the final language adopted, I think with some of the accelerated timelines around solar and renewable credits on the customer side, we are seeing some of those customers wanting to move very quickly to make sure that their projects get placed in service. So to the extent that we have co-located storage associated with those projects, that can accelerate things for us.

現在我們已經採用了最終的措辭，我認為隨著客戶方面圍繞太陽能和可再生能源信用額度的一些加速時間表，我們看到一些客戶希望迅速採取行動，以確保他們的專案投入使用。因此，只要我們有與這些項目相關的共置存儲，就可以加快我們的進程。

So overall, I think getting rid of some of that uncertainty is really, really good for the industry. Projects are starting to move forward, and we're very excited about that.

所以總的來說，我認為消除一些不確定性對產業來說確實非常有利。專案開始向前推進，我們對此感到非常興奮。

Second thing that we talk about is as we work through some of the larger deals, we're getting a lot of inbound calls from folks that say, hey, I was thinking of using a different technology, but because of the FIAC restrictions or some other challenge, they're reaching out to us asking if they can change their interconnection, change their permits and go with the non-lithium technology.

我們談論的第二件事是，當我們處理一些較大的交易時，我們接到了很多人的來電，他們說，嘿，我正在考慮使用不同的技術，但由於 FIAC 的限製或其他一些挑戰，他們聯繫我們詢問他們是否可以改變他們的互連，更改他們的許可證並採用非鋰技術。

We're working through some of those. As we talked about, those take time because there are always multiple stakeholders, and we've got to work through with all of the stakeholders. But as we bring customers in for factory tours, show them that we are scaling up the business, as Joe has talked about in detail, and then also walk them through some of the latest Z3 data that we're getting from field installations, as Joe highlighted, I think we're building a lot of confidence with these customers, and I'm confident that this is going to move these deals forward quickly.

我們正在努力解決其中的一些問題。正如我們所討論的，這些都需要時間，因為總是有多個利害關係人，我們必須與所有利害關係人合作。但是，當我們帶領客戶參觀工廠時，向他們展示我們正在擴大業務，正如喬詳細談到的那樣，然後還向他們介紹我們從現場安裝中獲得的一些最新 Z3 數據，正如喬強調的那樣，我認為我們正在與這些客戶建立很大的信心，我相信這將迅速推動這些交易的進展。

And for our final question this morning, as Eos scales, how is it building a partner ecosystem across integrators, developers, and channels to support broader adoption? Look, we talked a lot about this in the commercial section earlier on the call, giving more details on some of the MOUs and the expanding relationships that we're seeing out in the marketplace.

今天早上我們的最後一個問題是，隨著 Eos 的擴展，它如何在整合商、開發人員和通路之間建立合作夥伴生態系統以支援更廣泛的採用？你看，我們在電話會議早些時候的商業部分討論了很多這個問題，提供了有關一些諒解備忘錄和我們在市場上看到的不斷擴大的關係的更多細節。

But I want to focus a little bit more here on the second half of the commercial process, which is getting projects fully commissioned, up and running out in the field. I think this is where we're really focusing on developing these strategic relationships, making sure that we find the right partners, whether those be integrators or other equipment suppliers, particularly in some of these project sites that have complex site integrations with multiple components to them, make sure that we've identified the preferred technology and the preferred partners, go through simulations before we agree to work with a certain technology, whether that's balance of plant equipment like inverters, EMS providers, working through some of those and make sure that we can go out to a customer with those partners and say, look, we've done projects with this technology in the past. We know it works and execute a flawless project for those customers going forward.

但我想在這裡更專注於商業流程的後半部分，即讓專案全面投入使用、啟動並投入運作。我認為這是我們真正專注於發展這些戰略關係的地方，確保我們找到合適的合作夥伴，無論是集成商還是其他設備供應商，特別是在一些具有多個組件的複雜站點集成的項目站點中，確保我們已經確定了首選技術和首選合作夥伴，在同意使用某種技術之前進行模擬，無論是逆變器等工廠設備的平衡，EMS提供者，還是其中的一些，我們都在研究其中的一些，並確保我們可以與這些合作夥伴一起去找客戶，並說，看，我們過去曾使用這項技術做過專案。我們知道它是有效的，並且會為未來的客戶執行完美的專案。

So I think as we think about strategic partnerships, it's as much on the commissioning and the projects out in the field as it is on sales channels. So with that, I think we're going to wrap up and take questions from the sell-side analysts.

因此，我認為，當我們考慮策略合作夥伴關係時，調試和現場專案與銷售管道同樣重要。因此，我想我們將結束討論並回答賣方分析師的問題。

(Operator Instructions) Stephen Gengaro, Stifel.

（操作員指示）Stephen Gengaro，Stifel。

So two things for me. The first, you touched on a bit in the prepared remarks. But when we think about the bridge to the second half revenue, and you did a good job, I think, talking about production growth versus revenue growth in the second quarter, but that's clearly a topic that's come up pretty frequently. Can you add some color to how we sort of bridge the revenue?

對我來說有兩件事。首先，您在準備好的發言中提到了一些。但是，當我們考慮下半年收入的橋樑時，我認為你做得很好，談論了第二季度的產量成長與收入成長，但這顯然是一個經常出現的話題。您能否詳細說明一下我們如何彌補收入差距？

And I don't know if you'll go into this much detail, but I thought you guys were pretty clear about what the second quarter was going to look like, although I think some people may have been a bit higher than that. But could you -- if there's anything you could talk about in the third quarter, that would be helpful, too.

我不知道你是否會講得這麼詳細，但我認為你們對第二季的預測非常清楚，儘管我認為有些人的預測可能比這要高一些。但是如果您能在第三季談論任何事情，那也會很有幫助。

Thanks for the question. Yes, when you look 4Q to 1Q, 1Q to 2Q, if you look at the page that we had in there, where we tried to mute out the 13-week quarterly movements, we're doubling production quarter over quarter for the last nine months.

謝謝你的提問。是的，當您回顧第四季度與第一季、第一季與第二季的情況時，如果您查看我們當時的頁面，您會發現我們試圖忽略 13 週的季度變動，過去 9 個月我們的產量環比翻了一番。

Double it again, double it again, and you're firmly in the middle of our guidance range. And that's what makes us feel like we'll get there. Now inside of that doubling, I think there's a couple of things that everybody has to realize is like we doubled that production with the same production processes, the same supply chain, and the same headcount.

再加倍，再加倍，您就穩穩地處於我們的指導範圍的中間。這讓我們感覺到我們將會到達目標。現在，在產量翻倍的過程中，我認為每個人都必須意識到幾件事，那就是我們在相同的生產流程、相同的供應鏈和相同的員工人數下將產量翻了一番。

And we've been talking about this for quite some time, that as you double production and get more throughput through the factory, you start to see margin rates improving. You see the margin rates improving. We're going to continue that trend as we get through the year. But I think that's really what we have to do is we have to just keep doing what we've been doing, which is a doubling effect of production out of the factory. Now what gets you from like, I think you can get intimidated by the bump up of saying, wow, doubling from where you are, is not going to be tough.

我們已經討論這個問題有一段時間了，隨著產量翻番，工廠的產量增加，你會開始看到利潤率的提高。您會看到利潤率正在提高。在接下來的一年裡，我們將繼續保持這一趨勢。但我認為我們真正要做的就是繼續做我們一直在做的事情，即工廠生產的翻倍效應。現在是什麼讓您感到害怕，我想您可能會說，哇，從現在的位置加倍，這並不難。

And we've been doing it without the benefit of the automation of our subassemblies. And that is starting to produce and feed the line. As we look at the capacity of the line, the capacity of the line has always been limited by the flow of parts that have come from our semi-automated subassembly process.

而我們一直在沒有利用元件自動化的情況下進行這項工作。這就是開始生產並供給生產線。當我們查看生產線的產能時，我們發現生產線的產能始終受到來自半自動化子組裝流程的零件流的限制。

I'm very encouraged by the results that we're seeing off of those subassemblies as we talked about. Parts are flatter, throughput is faster. That's resulting in better output out of the batteries that we build batteries and then test them before we -- to make sure everything works, and you start looking at that, you're saying, wow, better output battery, higher quality, higher throughput, run the line at its capacity. We've doubled, doubled, doubled, doubled and doubled again, and you're in guidance, and that's what we're shooting for.

正如我們所討論的那樣，我們對這些子組件所看到的結果感到非常鼓舞。零件更扁平，生產速度更快。這使得我們製造電池之前對電池進行測試，以獲得更好的輸出效果，以確保一切正常，當你開始觀察它時，你會說，哇，電池輸出效果更好，質量更高，產量更高，生產線以滿載運行。我們已經翻了一番、翻了一番、翻了一番、再翻了一番，而您正處於指導之中，這就是我們所追求的。

And the other thing I wanted to ask about is when you talk about incremental production lines, and you addressed this, I think, on one of the questions from the retail side. But how do you balance -- and I know the opportunity pipeline looks very good, but how do you balance sort of order flow and visibility on order flow with expansion?

我想問的另一件事是，當您談到增量生產線時，我認為您在零售方面的一個問題中回答了這個問題。但是你如何平衡——我知道機會管道看起來非常好，但是你如何平衡訂單流和訂單流可見度與擴展？

Yes. So Steve, we talked on this on the last call, and I think I want to reiterate this, like the customers that Nathan has talked about in his remarks come in and they like what they see, but they want to see more. So Line 2 is built with what we think is going to be happening here over the next few months, from the demand side that we're seeing as we move through our production capacity. What I said in the beginning was, I myself was very conservative on how we made those investments of wanting backlog in place.

是的。史蒂夫，我們在上次通話中談到了這一點，我想我要重申這一點，就像內森在他的演講中提到的那樣，客戶進來後，他們喜歡他們所看到的，但他們希望看到更多。因此，2 號線的建造是基於我們對未來幾個月將要發生的情況的預測，從我們在生產能力提升過程中看到的需求來看。我在一開始就說過，我自己對於如何進行那些希望積壓的投資非常保守。

But when you start looking at the size of the projects we're talking about, you've got to build it and have it ready to go when those projects come in. And that's why we started and placed the order for Line 2. And we're timing that -- like I know people will say, well, when is Line 2 coming in? You said before that it was going to be late this year. Now you're saying first half next year.

但是當你開始考慮我們正在談論的專案的規模時，你必須建立它並在這些專案到來時做好準備。這就是我們啟動並訂購 2 號生產線的原因。我們正在安排時間——我知道人們會問，那麼，2 號線什麼時候開通？您之前說過今年會比較晚。現在您說的是明年上半年。

It's all timed to when we think orders are going to come in and when we need the ramp. and how we utilize capital as effectively as we can, and that's when we need that capacity. And what we really want to do, I mean, you've personally been here to see the factory. It's inefficient because it's on multiple floors, getting everything running on a straight line reduces the material moves, reduces the overall cycle time from raw material in to cube out the door, and that's what gets us really excited about how we can ramp the business going forward.

一切都取決於我們認為訂單何時會到來、何時需要增加產量，以及我們如何盡可能有效地利用資本，而這正是我們需要這種產能的時候。我們真正想做的是，您親自來這裡參觀工廠。它效率低下，因為它分佈在多個樓層，讓所有東西都在直線上運行可以減少材料的移動，減少從原材料到立方體出門的總體週期時間，這就是讓我們對如何推動未來業務發展感到非常興奮的原因。

Martin Malloy, Johnson Rice & Company.

馬丁‧馬洛伊 (Martin Malloy)，約翰遜賴斯公司 (Johnson Rice & Company)。

Congratulations on all your accomplishments. I wanted to ask, you've got a significant improvement in the round-trip efficiency. It sounds like the lower cost and time to install. Is there any way to quantify the improvements that are going on in terms of an LCOE or IRR for the customer?

祝賀你所取得的所有成就。我想問一下，你的往返效率有顯著的提升嗎？聽起來安裝成本和時間較低。有沒有辦法量化客戶的 LCOE 或 IRR 方面的改進？

Yes. I mean I think those efficiency -- we're still working through that with customers on individual projects. But what we're seeing here between the reduced cost on the commissioning and the improvements in the performance, should translate into a couple of percentage points on IRR on a typical project. Every project is going to be different, but it's a meaningful difference in the amount of upfront CapEx, both from the installation side as well as the cost of the equipment.

是的。我的意思是，我認為這些效率——我們仍在與客戶就個別專案進行合作。但是，我們在這裡看到的調試成本降低和效能提高應該會轉化為典型專案 IRR 的幾個百分點。每個項目都會有所不同，但前期資本支出的金額有顯著差異，包括安裝方面以及設備成本方面。

So I think that's going to translate into better economics for customers. And we'll provide more detail on that as we go forward and have more granularity on that.

所以我認為這將為客戶帶來更好的經濟效益。隨著我們不斷推進，我們將提供更多細節並對此進行更詳細的闡述。

Martin, one thing I just would put on top of Nathan's comments is like when we talk about anything that has to do, and I've seen this throughout my career, many different technologies, we try to simplify the way we talk about things to give people that headline, and it's only gotten worse as we start living in a society where we have 30-second attention spans at best.

馬丁，除了內森的評論之外，我還要補充一點，那就是當我們談論任何與許多不同的技術有關的事情時，我們都試圖簡化談論事物的方式，以便給人們提供標題，而當我們開始生活在一個注意力最多只有 30 秒的社會時，情況只會變得更糟。

So we try to come up with headlines that make people understand. But the -- every project has its own calculus to it. And every project has its own operating and every project has its own cost curve, and we work through project by project. That's when we see and what we're seeing on the performance on the field, how we're driving down the cost curve of the product, how we're putting software on top of the battery itself to get better performance, that absolutely improves LCOS.

因此，我們嘗試想出一些能讓人們理解的標題。但是——每個項目都有自己的計算方法。每個專案都有自己的運營，每個專案都有自己的成本曲線，我們會逐一專案地進行工作。這就是我們所看到的，以及我們在現場表現中所看到的，我們如何降低產品的成本曲線，我們如何將軟體置於電池本身之上以獲得更好的性能，這絕對改善了 LCOS。

But there is no headline number that we can give somebody. There's no TikTok answer to this. It's a project-by-project basis that you work with customers to make sure that you give them an advantage. And by the way, I've said this many times, I'd love to say 100% of the time, Eos has the advantage over other technologies. We don't 100% of the time.

但我們無法提供任何具體數字。TikTok 對此沒有答案。您需要根據每個專案的具體情況與客戶合作，以確保為他們帶來優勢。順便說一句，我已經說過很多次了，我想說 100% 的情況下，Eos 都比其他技術更有優勢。我們不是 100% 都這麼做。

So we prioritize around where we do and giving the customer the benefit of an asset that delivers them higher returns.

因此，我們優先考慮我們的工作，並為客戶提供能夠為他們帶來更高回報的資產。

And just for my second question, I just wanted to ask about the second line and the ramp-up time. And you did share that the second line is going to share some of the assembly -- some of the subassembly automation. You've got multiple suppliers on the containerization side. Could you maybe talk a little bit about the time to ramp to that full 2 gigawatt hours of annual capacity with the second line?

對於我的第二個問題，我只想問第二條生產線和加速時間。您確實提到過，第二條生產線將共享一些組裝——一些子組裝自動化。在貨櫃化方面，您有多個供應商。您能否談談第二條生產線達到 2 千兆瓦時年產能所需的時間？

So Marty, what we said was we're going to bring the line in. I would assume that we are going to have lessons learned from bringing in the subassemblies. As I said in the prepared comments, we're going to share subassemblies to start and then bring on from there. But it's also going to be dependent upon what we need to do and the capital we need to allocate for customer demand. So we'll update everybody on when that's going to happen, but it depends on when the orders come in.

所以，馬蒂，我們說的是，我們要把這條線引進進來。我認為我們將從引入子組件中學習。正如我在準備好的評論中所說的那樣，我們將從共享子組件開始，然後從那裡繼續。但這也取決於我們需要做什麼以及我們需要為滿足客戶需求而分配的資金。因此，我們會向大家通報何時會發生這種情況，但這取決於訂單何時到達。

And as the orders come in, it may accelerate or we may slow it down depending on what's happening. So I don't have a very specific date, not going to give a date or commit to a date here, Marty, on the call, but we have a plan to be able to do this that it will ramp into production in the first half of next year.

隨著訂單的到來，根據情況的進展，我們可能會加速或放慢速度。因此，我沒有一個非常具體的日期，馬蒂，在電話會議上不會給出日期或承諾日期，但我們有一個計劃可以做到這一點，它將在明年上半年投入生產。

Ryan Pfingst, B. Riley.

瑞安·芬斯特、B·萊利。

You gave good insight into what it will take on the Eos end to achieve guidance for the year. Wondering if there are items on the customer side or otherwise that are somewhat out of your control that we should be aware of that could impact second-half sales here.

您對 Eos 需要採取哪些措施來實現今年的指導提供了很好的見解。想知道客戶端或其他方面是否存在一些超出您控制範圍的事項，我們應該意識到這些事項可能會影響下半年的銷售。

Yes, Ryan, thanks. We talked about some of them on the call, right? I mean I think some of the uncertainty around the bill has been alleviated. There are some customers that are trying to accelerate. Other customers are trying to raise financing.

是的，瑞安，謝謝。我們在電話中討論了其中的一些，對嗎？我的意思是，我認為圍繞該法案的一些不確定性已經得到緩解。有些客戶正在嘗試加速。其他客戶正在嘗試籌集融資。

So I think we're -- every -- again, like Joe said earlier, every customer, every project is different. We're working through them. We talked about a number of different large opportunities that we are working on that we're progressing that we've got confidence on. We just got to work through those project by project. I don't know that there's one single thing that's holding back orders at this point.

所以我認為我們——每個——就像喬之前說的，每個客戶、每個專案都是不同的。我們正在努力解決這些問題。我們討論了我們正在努力實現的許多不同的重大機遇，我們正在取得進展，並且對此充滿信心。我們只需要逐一專案地完成這些工作。我不知道目前有哪件事阻礙了訂單。

I think we're delivering on everything that customers need, and they're working through their timelines and their financing in order to be able to place firm orders. So we're excited about what the future holds on that front.

我認為我們正在滿足客戶的所有需求，他們正在按照時間表和融資安排工作以便能夠下達確定的訂單。因此，我們對這方面的未來充滿期待。

And then service revenue increased to over $1 million in the second quarter. How should we be thinking about that piece of the business, maybe both near term and then longer term as installations scale?

然後第二季服務收入增加到 100 多萬美元。我們該如何考慮這部分業務，也許是短期的，然後隨著安裝規模的擴大，再考慮長期的？

Yes. Service revenue, if you think about it, it's really tied -- today, it's really tied to our commissioning efforts and balance of plant equipment. As we grow a portfolio of assets in the field, that will have more long-term service revenue coming from legacy projects, right? So that should grow as a percentage of the total revenue mix over time as we get a larger installed base out in the field.

是的。如果你仔細想想，你會發現服務收入確實與我們的調試工作和工廠設備的平衡息息相關。隨著我們在該領域資產組合的成長，來自遺留項目的長期服務收入將會更多，對嗎？因此，隨著我們在該領域獲得更大的安裝基礎，這一比例應該會隨著時間的推移而增長。

Jeff Osborne, TD Cowen.

傑夫·奧斯本，TD Cowen。

Just a couple of questions on my side. I might have missed this, but the strategic customer, was the majority of the revenue for that project attributed to 2Q? Or is that going to linger into the third quarter?

我這邊只想問幾個問題。我可能錯過了這一點，但對於策略客戶來說，該專案的大部分收入是否歸因於第二季？或者這種情況會持續到第三季？

No, the majority of it was in Q2. We've talked about this on previous calls. If you think about our revenue recognition, a large portion of the revenue is recognized at the time of delivery. There's a portion related to final commissioning, but the vast majority of it occurs at the time of delivery, which is -- the shipments are behind us on that project. It's out in the field.

不，大部分發生在第二季。我們在之前的通話中討論過這個問題。如果你考慮我們的收入確認，那麼很大一部分收入是在交付時確認的。其中一部分與最終調試有關，但絕大多數發生在交付時，也就是說 - 該項目的貨物已經發貨。它在田野裡。

It's a beautiful site to see all the cubes lined up and getting ready and going through hot commissioning to start operating. But from a shipment standpoint, we've delivered that project.

看到所有的立方體排列整齊、準備就緒並經過熱調試開始運行，真是一個美麗的景象。但從裝運的角度來看，我們已經交付了該專案。

And then now that the capacity in Pittsburgh is ramped up or ramping, how do we think about the typical lag from order to delivery? Like, what are you quoting, Nathan, as it relates to that? And then how does that relay for investors thinking about the backlog?

那麼現在匹茲堡的產能已經提升或正在提升，我們如何看待從訂單到交貨的典型滯後？例如，內森，你引用了什麼與此相關的話？那麼這對考慮積壓訂單的投資人有何影響？

So we work with the customer and their delivery windows. And customers, in some cases, have some flexibility, and we can deliver to a storage yard while they get their final site preparations ready. But we'll work together with the factory to figure out what capacity do we have, what's the delivery window for the customer, and how do we bring those bring those together. So every customer has got an agreed-upon delivery window at the time that we sign the order.

因此，我們與客戶合作並確定他們的交貨時間。在某些情況下，客戶具有一定的靈活性，我們可以在他們做好最後的場地準備時將貨物運送到儲存場。但我們會與工廠合作，弄清楚我們的產能是多少，客戶的交貨時間是多少，以及如何將這些結合起來。因此，當我們簽署訂單時，每位客戶都會得到一個約定的交貨期限。

Is it fair to say that those are within.

可以公平地說這些都在裡面嗎？

From a quoting standpoint, I would also say like this is somewhat slot to the factory and selling seats on an airplane. And we work with customers. Going back to the earlier question around what's out of our control. I mean, the good thing with Eos is we're a single SKU company. We've designed the product so that we build to a single spec to meet the requirements of every customer, and we can move things around. So we have a lot of flexibility around that. And depending on customer needs, we can do trade-offs as we go.

從報價的角度來看，我也會說這有點像工廠的插槽和飛機上的座位銷售。我們與客戶合作。回到之前關於我們無法控制的事情的問題。我的意思是，Eos 的優點在於我們是一家單一 SKU 公司。我們設計產品時，可以根據單一規格製造，以滿足每個客戶的要求，並且我們可以移動產品。因此我們在這方面具有很大的靈活性。根據客戶的需求，我們可以隨時做出權衡。

I'm showing no further questions in the queue at this time. I'd like to turn the call back over to Joe for closing remarks.

目前隊列中沒有其他問題。我想將電話轉回給喬，請他做最後發言。

Thanks, everyone. Thanks for listening. Thanks for the questions from both retail side and sell side. Again, when I -- if you take a look back over the past nine months, operational team delivered doubling output in the factory over the prior three quarters, continue to double. We're solidly into our revenue guidance. That's the path forward for the company and what we're focused on.

謝謝大家。謝謝聆聽。感謝零售商和賣方提出的問題。再說一次，如果你回顧過去的九個月，你會發現營運團隊在前三個季度中使工廠的產量翻了一番，並且還在繼續翻番。我們堅定地執行我們的收入預期。這是公司前進的道路，也是我們關注的重點。

I think Nathan has been clear on the movement as we move things through the pipeline and continue to work with customers to pull together the Alkami to get orders closed and then turn that into subsequent revenue. We'll keep everyone updated as we go through on the capacity expansion.

我認為 Nathan 已經清楚了解這一動向，因為我們正在推動專案進展，並將繼續與客戶合作，整合 Alkami 以完成訂單，然後將其轉化為後續收入。我們將隨時向大家通報產能擴張的進展。

And again, from an overall ability to deliver, excited about seeing good product come off the automated subassembly that's higher quality that delivers better performance, which we will continue to iterate our not only the physical product, but the software around the product to give people -- to give customers the performance that they need to power America's energy future. Thanks for listening, everyone.

再次，從整體交付能力來看，我們很高興看到自動化組件生產出更高品質、性能更好的優質產品，我們將繼續迭代不僅是實體產品，還有圍繞產品的軟體，為人們提供——為客戶提供他們所需的性能，為美國的能源未來提供動力。謝謝大家的聆聽。

Thank you. This concludes today's conference call. Thank you for attending. You may all disconnect.

謝謝。今天的電話會議到此結束。謝謝您的出席。你們都可以斷開連線。