Eos Energy Enterprises Inc (EOSE) 2025 Q3 法說會逐字稿

Hello and welcome to the Eos Energy third quarter 2025 earnings conference call. (Operator Instructions)Now I would like to turn the call over to Elizabeth Higley, Vice President of Investor relations. You may begin.

大家好，歡迎參加Eos Energy 2025年第三季財報電話會議。（操作員指示）現在，我將把電話轉交給投資者關係副總裁伊麗莎白·希格利。你可以開始了。

Good morning, everyone, and welcome to EOS's third quarter 2025 conference call. Today I'm joined by EOS's CEO Joe Mastrangelo, COO John Mahaz, and CCO and interim CFO Nathan Kroeker. This call, including Q&A, may include forward-looking statements. Including but not limited to current expectations with respect to future results and outlook for our company.

各位早安，歡迎參加 EOS 2025 年第三季電話會議。今天，EOS 的執行長 Joe Mastrangelo、營運長 John Mahaz 以及首席商務長兼臨時財務長 Nathan Kroeker 也加入了我們。本次電話會議（包括問答環節）可能包含前瞻性陳述。包括但不限於對公司未來業績和前景的當前預期。

Should any of these risks materialize or should our assumptions prove to be incorrect, our actual results may differ materially from our expectation or those implied by these forward-looking statements. The risks and uncertainties that forward-looking statements are subject to are described in our SEC filings. Forward-looking statements represent our beliefs and assumptions only as the day such statements are made.

如果這些風險中的任何一個成為現實，或者我們的假設被證明是錯誤的，那麼我們的實際結果可能與我們的預期或這些前瞻性聲明所暗示的結果有重大差異。前瞻性陳述所涉及的風險和不確定性已在我們的美國證券交易委員會文件中進行了描述。前瞻性陳述僅代表我們作出該等陳述之日的信念與假設。

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-GAAP financial measures. Additional information, including reconciliation between non-GAAP financial information to US GAAP financial information, is provided in the press release.

我們不承擔任何義務更新本次電話會議中所做的聲明，以反映今天之後發生的事件或情況，或進行其他調整。除法律另有規定外，因新資訊或意外事件發生而引起的任何情況均不予受理。今天的演講也將提及非GAAP財務指標。新聞稿中提供了更多信息，包括非GAAP財務資訊與美國GAAP財務資訊之間的調節表。

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.

非公認會計準則資訊應被視為補充訊息，不應單獨考慮，也不應取代根據公認會計準則編制的相關財務資訊。此外，我們的非GAAP財務指標可能與其他公司提供的類似非GAAP指標不同，也不具可比性。

This conference call will be available for replay via webcast through EOS's investor relations website at investors.EOSE.com. Joe, John, 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 Mastrangelo.

本次電話會議將透過EOS投資人關係網站investors.EOSE.com提供網路直播重播。 Joe、John和Nathan將首先介紹我們的業務展望和財務業績，之後進入問答環節。接下來，我將把電話交給 EOS 執行長 Joe Mastrangelo。

Thanks for this. Welcome everyone to our third quarter earnings meeting. I'd like to start off on our classic page, our operating highlights. I really want to talk about, Nathan and John. We'll dive into the numbers here a little bit, but I want to spend a moment on the commercial pipeline and the orders booking and the recent announcement that we made to just talk about the team that's been at work here.

謝謝。歡迎各位參加我們的第三季財報電話會議。我想先從我們的經典頁面和營運亮點開始。我真的很想談談內森和約翰。我們稍後會稍微深入探討一下這些數字，但我想花點時間談談商業管道、訂單預訂以及我們最近發布的公告，來談談我們團隊一直以來的工作。

Nathan moved over to be our Chief Commercial Officer back in the spring, and you're starting to see the results of both him and Justin Bagnazi, who's been here for almost two years. You're seeing the pipeline going up. You're seeing MOUs and getting on the same side of the table with the customer, transferring into orders, and you're seeing those orders go into backlog and then ultimately out the door shipping.

內森在今年春天調任擔任首席商務官，現在你開始看到他和賈斯汀·巴格納齊（他在這裡工作了近兩年）共同取得的成果。你可以看到管道正在上升。你會看到諒解備忘錄的簽署，與客戶站在同一陣線上，轉化為訂單，你會看到這些訂單進入積壓，然後最終發貨。

The same time that we've won a couple of orders here after the quarter closed, we signed a very important strategic agreement with Talent Energy that I'll talk about a little bit further, how we're thinking about this on a subsequent page in the deck. Around revenue. Look, John's been here, with us for 60 days and he's going to go through the details of what he found and what, done in those first 60 days,

在本季度結束後，我們贏得了幾個訂單，與此同時，我們與 Talent Energy 簽署了一項非常重要的戰略協議，我將在演示文稿的後續頁面中進一步討論我們對此的看法。圍繞營收。約翰已經和我們在一起60天了，他會詳細講述他在最初的60天裡發現了什麼，做了什麼。

but we've had a team on the field here for the last year. Jason Greggs, Josh Payne, Jessica Troiano have been doing a fantastic job helping us position the supply chain, help us position cost to get to profitability, and really position us to scale this business. You've seen our best quarter to date. On revenue in the history of the company, it's a phenomenal performance by the team in the third quarter and more.

但過去一年我們一直都有一支隊伍在這裡比賽。Jason Greggs、Josh Payne 和 Jessica Troiano 在幫助我們定位供應鏈、幫助我們控製成本以實現盈利以及真正幫助我們擴大業務規模方面做得非常出色。你們已經見證了我們迄今為止最好的一個季度。就公司歷史上的收入而言，團隊在第三季的表現堪稱卓越，而且成績斐然。

John will talk about how we started off third quarter, which really leads us to reiterate guidance, which I'll talk about at the end of the presentation. On the cash side you saw that we hit our last cash milestone around customer cash and again this is attributable to the two hats that Nathan wears being the Chief Commercial Officer, working on both the order side and the project side along with being the CFO,

約翰將談談我們第三季的開局情況，這實際上促使我們重申業績指引，我將在演講的最後談到這一點。在現金方面，您可以看到我們達到了客戶現金方面的最後一個現金里程碑，這再次歸功於 Nathan 身兼兩職，既是首席商務官，負責訂單和項目方面的工作，又是首席財務官。

we brought in $43 million of customer cash here already in the fourth quarter. The business is becoming more stable and being positioned to scale as we move forward. It's an exciting time. Think about what the future holds, and I want to move to the next page to talk about some of the announcements that we made a few weeks ago. Look, I know when we talk about our new building, people are going to ask why now?

第四季我們已經獲得了 4,300 萬美元的客戶現金。隨著業務發展，公司正變得越來越穩定，並做好了擴大規模的準備。這是一個令人興奮的時刻。想想未來會怎樣，我想翻到下一頁，談談我們幾週前發布的一些公告。我知道，當我們談到新大樓時，人們會問為什麼是現在？

Why didn't you do this to begin with? And I just want to take a moment to talk about where we were and how we wound up where we are. We started off in Turtle Creek in 2019. We took a building that was very low cost and we expanded into a footprint with our landlord. That footprint, Expanded, is not optimized.

為什麼一開始不這樣做？我想花點時間談談我們過去的情況以及我們最終走到今天這一步的原因。我們於 2019 年在龜溪鎮起步。我們租了一棟造價很低的建築，然後和房東協商擴大了佔地面積。此擴充型佔地面積尚未優化。

This new building gives us an optimized footprint to build a world class factory to take cycle times down, to drive costs down, and to get this product where it should be as a market leader both on performance and cost. I'm excited about what we're going to be doing in our new factory as we get into next year and how John's positioning us to expand capacity to meet demand.

這座新建築為我們提供了優化的佔地面積，可以建造世界一流的工廠，從而縮短生產週期，降低成本，並使該產品在性能和成本方面都成為市場領導者。我對我們明年將在新工廠開展的工作感到興奮，也很期待約翰如何幫助我們擴大產能以滿足需求。

On our new software hub in downtown Pittsburgh. It's an honor for us to be part of the revitalization of downtown Pittsburgh. It's an honor for us to be sitting here and thinking about coming to Pittsburgh because we knew we could build things and now tapping into the brainpower and the ecosystem to make how we're building things even smarter.

我們在匹茲堡市中心的新軟體中心。能夠參與匹茲堡市中心的復興，我們深感榮幸。我們很榮幸能坐在這裡，思考來到匹茲堡，因為我們知道我們能夠在這裡有所作為，現在我們能夠利用這裡的智慧和生態系統，讓我們的建設方式更加聰明。

Being able to recruit, when you look at the work that we've done and Michelle Biskowski coming in as our Chief People Officer last year, when you look at our company, our turnover rates are in. Align with high growth startup companies and we've brought in a lot of talent to make this company better over the last 24 months and particularly in the last 12 months. I'm excited to be moving into the new building.

招募方面，看看我們所做的工作，以及去年 Michelle Biskowski 加入我們擔任首席人力資源官，再看看我們公司，我們的員工流動率已經很高了。與高成長的新創公司保持一致，我們在過去 24 個月，特別是過去 12 個月裡，引進了大量人才，讓公司變得更好。我很興奮能搬進新大樓。

You can see a rendering of what the building will look like. We're not taking the whole building. We're taking third floors, but it will be branded as Neo's building, and we look forward to the day where all of our shareholders will be able to watch a Pirates game or a Steelers game. And see that EOS logo in the skyline. It's very humbling to think about where we've come from,

您可以查看建築物的效果圖。我們不會租用整棟大樓。我們將租用三樓，但它將以 Neo 的名義進行命名，我們期待有一天我們所有的股東都能在這裡觀看海盜隊或鋼人隊的比賽。看看天際線上的EOS標誌。回首過往，不禁讓人感到無比謙卑。

but it's also very exciting to think about where we're going. So, if we go to the next page, I want to talk about the market itself. So I want to take a second here to talk about what we're trying to do as a country and as an industry and ultimately globally to truly scale into the power requirement. Requirements that we need for future growth and future economic growth around the world.

但想到我們將要去何方，也令人非常興奮。那麼，接下來我想談談市場本身。所以我想花一點時間談談我們作為一個國家、一個產業，最終在全球範圍內，為了真正滿足電力需求，正在努力做些什麼。我們未來發展和全球經濟成長所需的條件。

We're in the third energy super cycle of my career. What I'm hoping for in this energy super cycle is not that we just do the same things we've always done of adding capacity in big chunks and then looking to see if we've met demand. I think we can do this smarter. I think energy storage makes this expansion even better. I've said this before.

這是我職業生涯中的第三個能源超級週期。我希望在這個能源超級週期中，我們看到的不是像以往那樣大舉增加產能，然後看看是否滿足了需求。我認為我們可以做得更好。我認為儲能技術讓這次擴建更加完美。我以前說過。

Our systems don't care if you put a brown electron in from traditional power generation or a green electron in from renewables. They take electrons and store them for when they're needed. So, how do, what does that mean? Well, let me just talk about, put for a second, go back to my old life before EOS and talk about traditional power generation. Traditional power generation, it's installed for peaks.

我們的系統不在乎你輸入的是來自傳統發電的棕色電子，還是來自再生能源的綠色電子。它們吸收電子並儲存起來，以備不時之需。那麼，這到底是什麼意思呢？好吧，讓我花點時間，回到我加入 EOS 之前的生活，談談傳統的發電方式。傳統發電方式，用於因應用電高峰。

You build capacity for a peak once a year that may happen. The capacity factors of how that capacity, of how that generation works are in the 33% to 65% range. That means the assets are sitting idle more than they're probably actually running. So, what does energy storage do? For every 5% that you can increase the capacity, Factor of a gas turbine, of steam fired coal plant, of a nuclear facility or pumped hydro storage.

你需要為每年可能發生的高峰期做好準備。此發電能力的容量係數，即該發電方式的運作效率，在 33% 到 65% 的範圍內。這意味著這些資產閒置的時間可能比實際運作的時間還要長。那麼，儲能究竟有什麼作用呢？燃氣渦輪機、燃煤電廠、核電廠或抽水蓄能電站的容量每增加 5%，其係數增加 5%。

Every 5% increase in capacity factor is like powering $50 million homes. What does that mean? Let me put that in context. That's powering for one year. California, Texas, New York, Pennsylvania, and Illinois. We need power, we need energy storage, and we need energy storage now, and that's what we're positioning this company to deliver. At the same time, if you look at renewables,

容量係數每提高 5%，就相當於為價值 5,000 萬美元的家庭供電。這意味著什麼？讓我解釋一下背景。這樣可以維持一年的用電量。加州、德州、紐約州、賓州和伊利諾州。我們需要電力，我們需要儲能，而且我們現在就需要儲能，而這正是我們公司致力於提供的服務。同時，如果你看看再生能源，

and let's say you say, oh, renewables, inefficient, they have intermittency but just take the installed base of the renewables we have now. Don't add anything to it. Let's imagine that we don't add any more wind or solar to the power infrastructure Just putting, Energy storage systems on that existing installed base. So, what's curtailment mean?

假設你說，哦，再生能源效率低下，而且具有間歇性，但看看我們現在已安裝的可再生能源基礎。不要往裡面添加任何東西。讓我們假設我們不會在電力基礎設施中增加任何風能或太陽能，而只是在現有裝置容量的基礎上增加儲能係統。那麼，削減是什麼意思呢？

Curtailment means that the wind is blowing or the sun is shining and there's no demand for those electrons. Adding energy storage at those points in time, you can add 10 gigawatt hours at best and power 750,000 homes for a year. That would be like powering Philadelphia for the year. Don't add any additional capacity. Put energy storage alongside of it. Make our energy infrastructure more efficient.

限電是指當風很大或陽光充足，而對電力沒有需求時所發生的現象。在這些時間點增加儲能，最多可增加 10 吉瓦時，足以供 75 萬戶家庭使用一年。那相當於為費城提供一整年的電力。不要增加任何額外的容量。旁邊還要配備儲能裝置。提高能源基礎設施效率。

And make it available to consumers and industries when it's required. When you think about what all that, Trials and tribulations and variants and how things work on the upfront generation side, that has an impact on how we deliver the electrons to the end user. We have a lot of congestion on our grid. Congestion, think of it as a traffic jam.

並在消費者和行業需要時提供該服務。當你思考所有這些，包括前期生產方面的各種嘗試、磨難、變化以及運作方式時，你會發現這會對我們如何將電子技術交付給最終用戶產生影響。我們的電網非常擁擠。擁堵，可以把它想像成交通堵塞。

Energy storage on both ends of that traffic jam, on the source and the use, allows you to decongest and reduce costs in the overall system. Take what we have, make it more efficient, make it lower cost, deliver the electrons when they're needed and generate those electrons as efficiently as they possibly can. Now, we're talking about, this super cycle being driven by AI and the buildout of hyper scales.

在交通擁擠的源頭和用電環節都進行儲能，可以緩解擁塞並降低整個系統的成本。利用我們現有的資源，提高效率，降低成本，在需要時輸送電子，並盡可能有效率地產生這些電子。現在，我們談論的是由人工智慧和超大規模資料中心建設所驅動的超級週期。

And yes, they're creating new demand in the system, but at the same time, we have to deliver that demand at a cost-effective way so that consumers don't see their energy prices go up. The way you do that is with energy storage. And what's our value proposition as EOS? And I'm going to talk about EOS. We need all types of energy storage but let me specifically talk about what we bring as EOS.

沒錯，它們確實在系統中創造了新的需求，但同時，我們必須以經濟有效的方式滿足這種需求，這樣消費者就不會看到能源價格上漲。實現這一目標的方法是利用儲能。那麼，EOS 的價值主張是什麼？接下來我要談談EOS。我們需要各種類型的儲能，但讓我重點談談我們作為 EOS 所帶來的東西。

If you go with a traditional cube solution that we've been, putting out on the market with one acre, you can deliver 100 megawatt hours of cubes. If you take that same one acre and do an in-building solution because of the way our architecture of our product and how it operates, you can deliver a gigawatt hour in one acre. That's four times what is out in the market today.

如果你採用我們一直在市場上推廣的傳統立方體解決方案，佔地一英畝，就可以提供 100 兆瓦時的立方體電力。如果你利用同樣的1英畝土地，並採用我們產品的架構和運作方式，進行室內解決方案，那麼你可以在1英畝土地上輸送1吉瓦時的電力。這相當於目前市場上價格的四倍。

That's being able to take bulk storage available today, bring it to the market, get that running and get what we have operating more efficiently and deliver more electrons when they're needed so we can win the race of AI. At the same time, our round-trip efficiency, I'm going to show you data on the next page. Our round-trip efficiency is in the mid 80s to the low 90s, but that's across a very wide operating range.

這意味著要利用現有的大容量儲存技術，將其推向市場，使其運轉起來，提高現有設備的運作效率，並在需要時提供更多電力，從而贏得人工智慧競賽。同時，關於我們的往返效率，我將在下一頁向您展示相關數據。我們的往返效率在 80% 到 90% 之間，但這是在非常寬的運行範圍內實現的。

There's no other technology that can deliver that type of performance over that wide of an operating range. Not only do you have to sit there and say, do a 12, Hour continuous cycle or 16-hour continuous cycle. You want to do a four-hour cycle, then a five-hour cycle later in the day. Our technology will do that and deliver that same round-trip efficiency independent of what the ambient temperature is.

沒有其他技術能夠在如此廣泛的工作範圍內提供這種性能。你不僅要坐在那裡說，要做一個 12 小時的連續循環或 16 小時的連續循環。你要先進行一個四小時的訓練週期，然後在當天晚些時候再進行一個五小時的訓練週期。我們的技術能夠做到這一點，無論環境溫度如何，都能提供相同的往返效率。

So, we have a wide operating range, ability to go across multiple temperatures, and we can respond to fluctuations in demand. So, think about this 5 milliseconds. I can't even, that, that's faster than snapping your fingers. So, if demand changes or excess capacity comes on, our system responds five times faster than what the grid requires. It's leading in the industry in that area.

因此，我們的工作範圍很廣，能夠適應多種溫度，並且可以應對需求的波動。所以，想想這5毫秒。我簡直不敢相信，這比打響指還快。因此，如果需求改變或有過剩容量投入使用，我們的系統反應速度比電網所需速度快五倍。它在該領域處於行業領先地位。

At the same time, our system will run for 25 years, and you don't need to add extra capacity in there because we have very low degradation. And then our auxiliary loads, A lot of the times when you hear things about high round trip efficiency of other technologies, they don't tell you about the power they need to keep them cool or to keep them safe. We use 1% to 2%,

同時，我們的系統可以運行 25 年，而且由於衰減率非常低，您無需增加額外的容量。還有我們的輔助負載，很多時候，當你聽到其他技術具有高往返效率時，他們不會告訴你它們需要多少電力來保持冷卻或確保安全。我們使用1%到2%，

so when you, when we talk our high 80s to low 90s, low 90 round trip efficiency, we're talking about that in the terms of including the loads. That's a net number that goes to the, to onto the grid. And they're nonflammable, and we'll, and I've talked about this before and talk about this again.

所以，當我們談到 80 多到 90 多，90 多的往返效率時，我們指的是包括負載在內的效率。這是一個淨值，會進入網格。而且它們不易燃，嗯，我以前說過這一點，現在再說一次。

Yes, if you overcharge our battery more than 200%, you run the risk of the electrolyte heating up and having steam come out of the battery. That steam is nontoxic. We tested it as this is, Happen, it happens. It's happened. It's a safety feature of our battery. It's what makes it non-flammable, and we've been able to operate through those incidents, basically replace batteries, keep the system in place,

是的，如果電池充電超過 200%，電解液可能會過熱，導致電池冒出蒸氣。這種蒸汽無毒。我們測試過，事情就是這樣發生的。事情發生了。這是我們電池的安全功能。正是這種特性使其不易燃，我們也能夠在這些事故中維持運轉，基本上就是更換電池，讓系統繼續運作。

and start operating again. Now, let's go to the next page and talk about operations. Z3 field performance as of the end of October. This is really encouraging. What Francis Ritchie and the team at Edison. These guys have been with Eos for nearly 10 years. They've developed a product that is a killer product out in the marketplace. I'm proud to see these initial results of how we're operating.

然後重新啟動營運。現在，我們翻到下一頁，談談操作。截至10月底，Z3現場表現。這真是令人鼓舞。法蘭西斯里奇和愛迪生團隊。這些人已經在Eos工作了近10年。他們開發出了一款在市場上非常暢銷的產品。我為我們目前的營運方式所取得的初步成果感到自豪。

If you look at the bottom left hand side, you can see the average performance of the four sites that are operating, and if you look at the right-hand side, you can see the top performance of how they're operating. But what I'd like to point out to you is look at, That wide temperature range. Normally, like if you're an engineer and you're a technologist listening to these thermodynamics.

如果你看一下左下角，你可以看到四個正在運行的站點的平均性能；如果你看一下右側，你可以看到它們的最佳性能。但我想向你們指出的是，請注意這個寬廣的溫度範圍。通常情況下，例如如果你是工程師或技術專家，正在聽這些熱力學理論。

If you get to extreme temperatures, performance usually drops off. But look at our performance against those fluctuations in temperature. It's relatively flat. More to come on the performance of this product. We are very encouraged about what we're seeing and feel like this product meets all the demands I talked about on the prior page.

如果溫度過高，性能通常會下降。但看看我們應對這些溫度波動時的表現。地勢相對平坦。關於該產品的性能，後續還將有更多報導。我們對目前所看到的感到非常鼓舞，並認為該產品滿足了我在上一頁中提到的所有要求。

Now, let's go to my last, here before I turn over to John, our improved operating performance. Look, you see the performance and the increase in revenue quarter over quarter over quarter. This is all about taking production bottlenecks out, eliminating single points of failure in manufacturing, bringing someone in with John's experience is only going to make this better with time.

現在，在我把麥克風交給約翰之前，讓我們先來看看最後一個內容：我們改進後的營運績效。你看，業績和營收都逐季成長了。這一切都是為了消除生產瓶頸，消除製造過程中的單點故障，引入像約翰這樣經驗豐富的人只會隨著時間的推移讓情況變得更好。

We were able to double our revenue number from second quarter into third quarter and going into fourth quarter, we feel really confident on what we're seeing. In the first 40 days of the quarter as far as how we're going to be able to execute for the rest of this year and going forward. But on the right-hand side, what's most important for everyone here on the phone is our ability to generate returns on that volume.

從第二季到第三季度，我們的收入翻了一番，進入第四季度，我們對目前的情況非常有信心。在本季的前 40 天裡，我們將如何執行今年剩餘時間和未來一段時間的工作。但對右側而言，對電話那頭的每個人來說，最重要的是我們能否從這個交易量中獲得回報。

And if you look at those lines are rapidly approaching breakeven and ultimately profitability. And what's most important is you see the GAAP between our gross margin and our adjusted EBITDA margin closing. That's because we've always talked about the ability to scale this business on a low-cost base and deliver profitability. I'm excited about where we are. We still have a lot of work left to do. We have a great product.

如果你觀察這些曲線，你會發現它們正在迅速接近盈虧平衡點，並最終實現盈利。最重要的是，你會看到我們的毛利率和調整後 EBITDA 利潤率之間的 GAAP 收支平衡情況。這是因為我們一直以來都在談論如何以低成本擴大業務規模並獲利。我對我們目前所取得的成就感到興奮。我們還有很多工作要做。我們的產品很棒。

There's going to be more to come. We're really excited. John and Nathan will walk through both operations, commercial and financial, but this was a really good quarter delivered by a team that's wired to win and wants to be the best in the industry. With that, I'll turn it over to John and walk through operations.

後續還會有更多。我們非常興奮。約翰和內森將詳細介紹營運、商業和財務方面的情況，但這是一個非常好的季度，這是一支志在必得、渴望成為業內最佳的團隊所取得的成績。接下來，我將把麥克風交給約翰，由他來講解操作步驟。

Thanks, Joe, and good morning, everyone. Really excited to be here today to talk to you about EOS. It's been just over 60 days since I joined EOS, and as an operations leader, there's truly no better time to join a company than when it is set up for large scale growth. Before diving into what the team has accomplished and what we're focused on going forward, I just want to briefly introduce myself.

謝謝你，喬，大家早安。今天能來到這裡和大家聊聊EOS，我感到非常興奮。我加入 EOS 至今已有 60 多天了，作為一名營運負責人，加入一家正處於大規模增長期的公司，無疑是最佳時機。在深入探討團隊所取得的成就以及我們未來的工作重點之前，我想先簡單介紹一下我自己。

I bring more than 35 years of experience leading large scale, high-quality, efficient, and cost-effective operations around the world. I worked for organizations that are recognized for world class. Execution and I not only know what world class looks like, I have also built and led teams to deliver it.

我擁有超過 35 年的經驗，在全球範圍內領導大規模、高品質、高效且經濟的營運。我曾為一些以世界一流水準著稱的機構工作。執行力方面，我不僅知道世界一流是什麼樣子，我還組建並領導團隊實現了這一目標。

My experience has taught me how to drive operational excellence, building systems that are efficient, repeatable, and cost effective at scale. Those lessons translate directly into what we're doing here at EOS. What's impressed me most about EOS is the simplicity and scalability of the product, a single product skew and a highly automated manufacturing process tailored around it.

我的經驗教會了我如何推動卓越運營，建立一個高效、可重複且具有成本效益的大規模系統。這些經驗可以直接應用在我們在 EOS 所做的工作中。EOS 最讓我印象深刻的是產品的簡潔性和可擴展性，單一的產品定位以及圍繞該產品量身定制的高度自動化製造流程。

The team has done the hard work, proven the process, tightening the supply chain, and hitting cycle time milestones that demonstrate this technology can scale. As we move into the next phase of growth, my focus is on driving consistency and repeatability, creating a global playbook that allows us to replicate this model wherever our customers need long duration energy storage.

團隊已經完成了艱苦的工作，證明了流程的可行性，優化了供應鏈，並達到了週期時間里程碑，證明這項技術可以規模化。隨著我們進入下一個成長階段，我的重點是推動一致性和可重複性，創建一個全球性的行動方案，使我們能夠在客戶需要長期儲能的任何地方複製這種模式。

We see meaningful opportunities to take costs out of every aspect. Of the product, not just materials, but labor efficiency and overhead, as Joe has discussed many times on prior calls. Through process optimization, automation, layout design, and lean principles, we'll be able to increase revenue per head, square foot, and cap app.

我們看到了在各方面降低成本的實際機會。產品方面，不僅包括材料，還包括勞動效率和管理費用，正如喬在之前的電話會議中多次討論過的那樣。透過流程最佳化、自動化、佈局設計和精益原則，我們將能夠提高人均收入、每平方英尺收入和每個應用程式上限收入。

But before I get into what's next, I want to acknowledge the environment I walked into. The foundation of Edm Company is its people, and it's clear that we have at EOS is the team that's hungering to win. I inherited an operations team that's intelligent, experienced, and driven to take care of their employees, delight their customers, and deliver for their shareholders, a culture of teamwork, winning the day,

但在我深入探討接下來的事情之前，我想先談談我所處的環境。Edm 公司的基石是員工，很顯然，EOS 團隊擁有一支渴望勝利的團隊。我接手了一支營運團隊，他們聰明、經驗豐富、積極進取，致力於關懷員工、取悅客戶、為股東創造價值，並擁有團隊合作、力爭成功的企業文化。

and continuous improvement, a design team that has built an exceptional product and continues to work closely with the operations to enhance quality, efficiency, and cost. So, let's take a look at what the team's accomplished in the two months I've been here, focusing on five key areas safety, quality, cost, output, and capacity expansion. Safety is our top priority.

以及持續改進，設計團隊打造了卓越的產品，並繼續與營運部門緊密合作，以提高品質、效率和降低成本。那麼，讓我們來看看在我來到這裡的兩個月裡，團隊在安全、品質、成本、產量和產能擴張這五個關鍵領域中取得了哪些成就。安全是我們的首要任務。

We reduce safety incidents by 84% from Q2 to Q3 and year-to-date are 41% better than industry average. In September we did four times the production volumes that we did in August with zero lost time safety incidents. My goal is clear. I'm entrusted to keep our people safe and send them home to their families each and every day. Quality. We have made significant progress and decreased battery defects by 45% from Q2 to Q3.

從第二季到第三季度，我們的安全事故減少了 84%，今年迄今比業界平均高出 41%。9 月我們的產量是 8 月的四倍，而且沒有發生任何工時損失安全事故。我的目標很明確。我的職責是保障人民的安全，並讓他們每天都能平安回家與家人團聚。品質.我們取得了顯著進展，電池缺陷率從第二季到第三季下降了 45%。

Bipolars account for about 70% of the total battery defects, and with a complete cutover from manual to 100% automated bipolar production at the beginning of Q4, we expect to drive that down by another 63%. With cost, we have a single product to focus on. What does that mean? I'll give you a couple of examples. One, we have five buyers.

雙極電池約佔電池總缺陷的 70%，隨著第四季初雙極電池生產從人工生產完全過渡到 100% 自動化生產，我們預計這一比例將再下降 63%。考慮到成本，我們只需要專注於單一產品。這意味著什麼？我舉幾個例子。第一，我們有五個買家。

The activity level and cost does not change whether we buy for one line, 10 lines, or 50 lines. The organization is already scaled in all key areas for growth. two, our supply base consists of nine key suppliers making up 80% of our bill of material. To date, we have never done a large buy and buy with our suppliers because of uncertainty around capacity installation and production ramp.

無論我們購買 1 行、10 行或 50 行，活動水準和成本都不會改變。該組織在所有關鍵成長領域都已具備規模優勢。其次，我們的供應鏈由九家主要供應商組成，這些供應商占我們物料清單的 80%。迄今為止，由於產能安裝和生產爬坡的不確定性，我們從未與供應商進行大規模的採購。

We are now in the position to do so. We hosted these suppliers in Turtle Creek a few weeks ago where we reviewed our capacity forecast in the Opportunity pipeline. As they ramp their production, they will have the ability to get more efficient and realized cost absorption. With that as the backdrop, we expect to achieve further cost out in sync with their volume increases. With this and other cost initiatives,

我們現在有能力這樣做。幾週前，我們在龜溪接待了這些供應商，並審查了我們在機會管道中的產能預測。隨著產量的提高，他們將能夠獲得更高的效率和更充分的成本吸收。在此背景下，我們預期成本將進一步降低，與銷售成長保持同步。透過這項以及其他成本控制措施，

we expect to ex at Q1 gross margin positive. Moving to production output, we're now positioned to deliver a significant step change in Q4. In Q3, our automated battery line operated at 15% capacity utilization of its full two-gigawatt potential. Limited by subassembly bipolar equipment availability.

我們預計第一季毛利率將為正值。進入生產產出階段，我們已做好準備，將在第四季實現重大變革。第三季度，我們的自動化電池生產線僅以 2 吉瓦全部產能的 15% 的容量利用率運作。受限於雙極子組件設備的供應情形。

In Q4, we expect to shift three times the volume we did in Q3. We'll accomplish this by increasing capacity utilization by 167%, ramping additional shifts along with having ALL8 bipolar cells in full production. My team is laser focused on hitting the output to achieve our revenue guidance, and we're set up to do just that. In October alone, we've already shipped 179% more cubes than we did in the first month of Q3,

我們預計第四季銷售將是第三季的三倍。我們將透過提高產能利用率 167%、增加班次以及全面投產 ALL8 雙極電池來實現這一目標。我的團隊正全力以赴地完成產出目標，以實現我們的營收目標，我們已經做好了充分的準備。光是10月份，我們的立方體出貨量就比第三季第一個月增加了179%。

and in just the first four days of November. The team has already shipped 83% of August's total volume. Let me say that again. What took us a month to accomplish just three months ago will now take us only six days. Now looking ahead, our next big step comes with the new building and the installation of Line two expected in spring of 2026.

僅僅在11月的前四天。該團隊已完成八月份總出貨量的 83%。我再說一次。三個月前我們需要一個月才能完成的事情，現在只需要六天就能完成。展望未來，我們的下一個重大舉措是新大樓的建設以及預計 2026 年春季安裝的二號生產線。

What excites me here is how we'll be able to utilize the layout and the opportunities we have to be even more efficient. The space is designed for single piece flow, enabling lower cost and higher throughput. Let me give you an example of what I mean by this. Today we're moving products across three floors and two buildings, and from start to finish, which translates to materials traveling 2.1 miles.

讓我感到興奮的是，我們將如何利用現有的佈局和機會，變得更有效率。此空間採用單件流設計，可降低成本並提高產量。讓我舉個例子來說明我的意思。今天，我們要把產品運送到三層樓、兩棟大樓的另一端，從起點到終點，這意味著材料要運輸 2.1 英里。

There are significant material handling costs associated with this. In the new building, we expect this cost to decrease by 86% as we will have a one floor single piece flow in our end to end operation.

這會產生大量的物料搬運成本。在新大樓裡，我們預計成本將降低 86%，因為我們的端到端營運將採用單層單件流模式。

This not only improves cost but gives us the ability to increase throughput. You've heard us talk about having a battery come off the line every ten seconds. What we're focusing on now is reducing that time even further. With changes to line two design, we should be able to further reduce cycle time. Once validated, we will then go back and retrofit line one.

這不僅可以降低成本，還能提高產量。你們都聽我們說過，每隔十秒鐘就會有一顆電池從生產線上脫落。我們現在關注的重點是進一步縮短這個時間。透過對二號生產線設計進行改進，我們應該能夠進一步縮短生產週期。一旦驗證通過，我們將返回並對一號生產線進行改造。

We will continue to implement enhancements to the automation equipment to reduce cycle time. Finally, we're preparing a scale by diversifying our operations supply base. With multiple partners in place, we're positioned to have our suppliers build the line every 90 days if needed.

我們將繼續改進自動化設備，以縮短週期時間。最後，我們正在透過多元化營運供應鏈來擴大規模。有了多家合作夥伴，如有需要，我們可以讓供應商每 90 天生產一次生產線。

That flexibility gives us the ability to stay ahead of demand and deliver for our customers when I get the green light from Nathan. With that, I want to thank everyone for their time, and I'll let Nathan talk through the commercial highlights.

這種靈活性使我們能夠始終走在需求的前面，並在我得到 Nathan 的許可後為客戶提供服務。最後，我要感謝大家抽出時間，接下來就讓內森來介紹廣告的精彩片段。

Thanks, John. It's been great working with you and having you as part of the EOS team. Look, I've been looking forward to being on the call with you today and sharing what's been going on commercially. It's been an exciting few weeks since John has joined us, and you can feel the momentum building across the organization.

謝謝你，約翰。很高興能與您共事，也很高興您成為 EOS 團隊的一員。聽著，我一直很期待今天能和你們通話，和你們分享一下商業方面的最新情況。自從約翰加入我們以來，這幾周令人興奮不已，你可以感受到整個組織的發展勢頭正在不斷增強。

Let's start with the commercial front, where we've made significant progress since we last updated you. Just last week we announced our first purchase order with Frontier Power, a 228 megawatt hour deal supporting several long duration storage demonstrations across multiple markets. This first order is the initial movement of Frontier MOU volumes from pipeline into backlog.

讓我們先從商業方面說起，自從上次向您報告以來，我們在這方面取得了顯著進展。就在上週，我們宣布了與 Frontier Power 的第一份採購訂單，這是一筆 228 兆瓦時的交易，將支援多個市場中的幾個長期儲能示範專案。這是第一筆訂單，標誌著 Frontier MOU 的訂單量從待處理訂單轉移到了待處理訂單中。

This PO is very strategic as it is for deployments ahead of Frontier's UK cap and floor projects. That means we're getting systems in the ground early and showing the market what our technology can do ahead of the cap and four projects as we continue to support Frontier on their submissions. To put the cap and floor program in perspective, there were a total of 177 projects submitted by various developers,

這份採購訂單具有非常重要的戰略意義，因為它是為 Frontier 在英國的上限和下限項目之前的部署做準備。這意味著我們要在上限生效前儘早將系統投入使用，向市場展示我們的技術能夠做什麼，同時我們也要繼續支援 Frontier 提交四個專案。為了更好地理解上限和下限計劃，我們來看看各個開發商提交的總共177個項目。

but only 77 advanced to round two, and every single one of the 16 projects that Frontier submitted using our technology moved forward. That means EOS is represented in over 20% of the projects that made it to Round two. We have nearly 11 gigawatt hours in the second phase, more than double what was anticipated when we signed the MOU with Frontier earlier this year.

但只有 77 個項目晉級第二輪，而 Frontier 使用我們的技術提交的 16 個項目全部晉級。這意味著在進入第二輪的專案中，超過 20% 的專案採用了 EOS。第二階段我們擁有近 11 吉瓦時的裝置容量，是今年稍早與 Frontier 簽署諒解備忘錄時預期裝置容量的兩倍多。

That's a powerful endorsement of our technology and our ability to deliver at scale. And just to remind everyone, under cap and floor rules, projects must deliver at least eight hours of discharge, which plays directly to our strengths in long duration storage.

這有力地證明了我們的技術和大規模交付能力。再次提醒大家，根據上限和下限規則，專案必須至少提供八小時的放電時間，這正好發揮了我們在長期儲存方面的優勢。

We recently announced a 750-megawatt hour supply contract or MSA with em and8 Energy, one of the largest independent renewable energy operators in the US. We began our relationship with em and eight in 2023. Earlier this year, we announced an MOU where our two companies were working together to develop an opportunity pipeline.

我們最近宣布與美國最大的獨立再生能源營運商之一 em and8 Energy 簽訂了一份 750 兆瓦時的供電合約或主服務協議 (MSA)。我們與em和八於2023年開始了合作關係。今年早些時候，我們宣布簽署了一份諒解備忘錄，兩家公司將共同努力開發商機通路。

That MOU has now transitioned from pipeline into backlog as an order for 750 megawatt hours. This illustrates how our commercial process works. The first couple of 10 hour projects are expected to total 200 megawatt hours and uniquely pair solar with long duration storage in support of hyper scalar offtake requirements.

該諒解備忘錄現已從待辦事項轉為積壓訂單，金額為 750 兆瓦時。這說明了我們的商業流程是如何運作的。首批兩個 10 小時專案預計總計將達到 200 兆瓦時，並將太陽能與長時儲能獨特地結合起來，以支援超大規模的電力需求。

This is a strong signal that the market is shifting and that customers want not just long duration storage, but an American-made solution to power data centers and industrial operations. Zooming out for a moment, our commercial pipeline continues to grow as we ended the quarter at $22.6 billion a net increase of 21% quarter over quarter, representing about 91 gigawatt hours of potential projects.

這強烈表明市場正在轉變，客戶不僅需要長期存儲，還需要美國製造的解決方案來為資料中心和工業營運提供動力。從更宏觀的角度來看，我們的商業項目儲備持續成長，本季末達到 226 億美元，季減 21%，相當於約 91 吉瓦時的潛在項目。

And no surprise here, data centers are the fastest growing part of the pipeline, now making up 22% of the volume. And perhaps even more encouraging, 64% of our pipeline volume is now at six hours or more in duration. Validating what we've been saying, the world needs longer duration solutions.

毫不奇怪，資料中心是管道中成長最快的部分，目前佔總量的 22%。更令人鼓舞的是，我們目前 64% 的管道流量持續時間達到或超過 6 小時。這印證了我們一直以來的觀點，世界需要更持久的解決方案。

Geographically, we're beginning to see a significant increase in activity in PJM and New York ISO, along with the existing growth we've previously highlighted in SPP and MISO. For example, the Nerda bulk storage RFP, which is similar to the UK. The four mechanism requires that 20% of the procurement be eight-hour systems and 20% be in Zone J, which includes Manhattan.

從地理上看，我們開始看到 PJM 和紐約獨立系統營運商 (New York ISO) 的活動顯著增加，此外，我們先前強調的 SPP 和 MISO 也保持成長。例如，Nerda 的散裝儲存 RFP 與英國的類似。四種機制要求 20% 的採購必須是八小時系統，20% 的採購必須在 J 區（包括曼哈頓）進行。

This is exciting for us as this aligns exceptionally well with our technology and our ability to be deployed in populated areas with the rising demand for data centers and electrification. Customers are focused on speed to power, high density energy delivery, and de-risking supply chains with US made technology, all areas where EOS is uniquely positioned to deliver.

這對我們來說令人興奮，因為這與我們的技術以及我們在人口稠密地區部署資料中心和電氣化需求不斷增長的能力非常契合。客戶關注的是快速供電、高密度能源傳輸以及利用美國製造的技術降低供應鏈風險，而這些正是 EOS 具有獨特優勢的領域。

Finally, on backlog, we ended the quarter at $644 million with 2.5 gigawatt hours of storage, not including nearly one gigawatt hour in new orders that we've booked since the end of the quarter. This is down slightly quarter over quarter as we continue converting backlog into revenue on shipments.

最後，關於積壓訂單，本季末積壓訂單為 6.44 億美元，儲能容量為 2.5 吉瓦時，這還不包括自本季末以來我們新增的近 1 吉瓦時訂單。由於我們繼續將積壓訂單轉化為出貨收入，因此該數字環比略有下降。

During the quarter, we delivered over $30 million in revenue while adding an initial order for behind the meter storage for a large client in Germany. While Q3 may appear slower on paper, Q4 is already off to a strong start with more than $220 million in new orders booked and significant forward momentum on several large pipeline opportunities. We've built strong partnerships with leaders like Frontier and Emanate,

本季度，我們實現了超過 3,000 萬美元的收入，同時也為德國的一家大客戶增加了一個表後儲能係統的初始訂單。雖然第三季業績看起來有所放緩，但第四季已經開局強勁，新增訂單超過 2.2 億美元，幾個大型在研項目也取得了顯著進展。我們與 Frontier 和 Emanate 等行業領導者建立了牢固的合作夥伴關係。

and we continue working on additional opportunities to support the large and growing hyper scalar demand for reliable power. Moving to our financials, we again delivered record quarterly revenue as production volumes continued to ramp, with gross margins improving sequentially for the past four quarters. We're really encouraged by our progress and remain confident in our ability to scale.

我們將繼續努力尋找更多機會，以滿足不斷增長的超大規模可靠電力需求。再來看我們的財務狀況，隨著產量持續成長，我們再次實現了創紀錄的季度收入，毛利率在過去四個季度中逐週提高。我們對我們的進展感到非常鼓舞，並且對擴大規模的能力仍然充滿信心。

Now that subassembly automation is nearing completion and delivering increased manufacturing capacity and quality, as John highlighted earlier. Revenue for the quarter was $30.5 million double what we reported in Q2, supported by shipments to five different customers. To put that in perspective, we nearly doubled our 2024 revenue in the third quarter, is accelerating in Turtle Creek as our automation efforts take hold.

正如約翰之前強調的那樣，現在子組裝自動化已接近完成，並提高了製造能力和品質。本季營收為 3,050 萬美元，是第二季營收的兩倍，這得益於向五位不同客戶出貨。為了讓大家更能理解這一點，我們在第三季將 2024 年的營收幾乎翻了一番，隨著我們在 Turtle Creek 的自動化工作取得進展，這一成長速度正在加快。

Average selling price was also higher and more in line with our expectations going forward. You'll recall that in Q2 50% of our production volume was delivered to a single strategic customer at a lower ASP, which was a drag on revenue for that quarter. I'd like to highlight that as Joe mentioned earlier, this system has begun cycling and running in the field at some of the highest RTEs we've ever seen.

平均售價也更高，更符合我們未來的預期。您可能還記得，在第二季度，我們 50% 的產量以較低的平均售價交付給了單一策略客戶，這拖累了該季度的收入。我想強調的是，正如喬之前提到的，該系統已經開始在現場循環運行，其 RTE 值達到了我們所見過的最高水平。

Gross loss for the quarter was $33.9 million just slightly more than last quarter, as revenue doubled on increased volume, driving a 92 point improvement in gross margin and demonstrating the scalability of our operations as we ran. We're continuing to see steady quarter over quarter margin improvements and remain on track to reach positive contribution margin in the 4th quarter and positive gross margin as we exit the first quarter of 2026, as John previously said.

本季毛虧損為 3,390 萬美元，略高於上一季度，原因是銷量成長帶動收入翻番，毛利率提高了 92 個百分點，並證明了我們營運的可擴展性。正如約翰之前所說，我們繼續看到季度利潤率穩步提高，並預計在第四季度實現正貢獻利潤率，並在 2026 年第一季末實現正毛利率。

Building on the improvements in gross margin, operating expenses for the quarter totaled $27.3 million an improvement of $5.6 million from Q2, and 4% better than the prior year. 20% of this quarter's OE reflects non-cash items such as stock-based compensation. We ended the quarter with a net loss of $641.1 million which was primarily driven by non-cash fair value adjustments of approximately $569 million related to warrants and derivatives on our balance sheet.

得益於毛利率的提升，本季營運費用總計2,730萬美元，較第二季減少560萬美元，較上年同期下降4%。本季營運費用中有20%為非現金項目，例如股權激勵支出。本季淨虧損 6.411 億美元，主要原因是資產負債表上與認股權證和衍生性商品相關的約 5.69 億美元的非現金公允價值調整。

And to be clear, this is not an operating loss. The adjustments are largely driven by a 122% increase in our stock price quarter over quarter and the corresponding mark to market revaluation. These stock price fluctuations can and will continue to drive volatility below the line, but they have no impact on our operating results or our cash position.

需要明確的是，這並非經營虧損。此次調整主要是由於我們的股價環比上漲了 122%，以及相應的按市值計價的重新估值。這些股價波動可能會並將繼續導致線下波動，但它們對我們的經營業績或現金狀況沒有任何影響。

Adjusted EBITDA was $52.7 million compared to $51.6 million in Q2. Importantly, net margin improved by 166 basis points, reinforcing that the efficiency gains we're achieving in production are scaling across the business. The continued increase in production volumes that both John and Joe talked about should be moving us to positive contribution margins in the 4th quarter. After that important milestone,

調整後 EBITDA 為 5,270 萬美元，而第二季為 5,160 萬美元。重要的是，淨利潤率提高了 166 個基點，這進一步證明我們在生產中取得的效率提升正在整個業務範圍內推廣。約翰和喬都提到產量持續成長，這應該會讓我們第四季實現正利潤率。在經歷了那個重要的里程碑之後，

we'll start closing the GAAP on EBITDA margins and continue moving toward profitability. Turning to the balance sheet, we ended the third quarter with $126.8 million in total cash. A couple of things on cash post quarter close. First, you heard Joe talk about the customer receipts received in October second, we just completed another sale of our production tax credits, monetizing $11.8 million of 45x credits that were generated in the first few quarters of this year.

我們將開始逐步減少 EBITDA 利潤率，並繼續朝著獲利目標邁進。從資產負債表來看，截至第三季末，我們共有現金1.268億美元。季度末現金流方面有幾點需要說明。首先，你聽喬談到了10月份收到的客戶收款；其次，我們剛剛完成了另一筆生產稅收抵免的銷售，將今年前幾季度產生的45倍抵免額度1180萬美元貨幣化。

Consistent with prior transactions, we realized $0.90 on the dollar on this sale. And lastly, we've seen an increasing number of exercises in both our public and private warrants, as all warrants are now in the money. The last day to trade these public warrants is November 17th. Just as importantly, we've completed the final Cerberus milestone tied to customer cash receipts under our term loan.

與先前的交易一致，我們在此次銷售中實現了每美元 0.90 美元的收益。最後，我們看到公開認股權證和私募認股權證的行使次數都在增加，因為所有認股權證現在都處於獲利狀態。這些公開認股權證的最後交易日是11月17日。同樣重要的是，我們已經完成了與客戶根據我們的定期貸款收到的現金相關的最後一個 Cerberus 里程碑。

This means that we've achieved ALL16 milestones with no additional equity, preferred stock, or warrants being issued to Cerberus, and I want to thank all of the EOS employees for making this happen. With that, I want to thank everyone for joining us this morning, and I'll now turn it over to Joe before heading into Q&A.

這意味著我們已經實現了 ALL16 個里程碑，而沒有向 Cerberus 發行任何額外的股權、優先股或認股權證，我要感謝所有 EOS 員工為此付出的努力。最後，我要感謝大家今天早上收看我們的節目，接下來我將把發言權交給喬，然後進入問答環節。

Thanks, Nathan. Before we move into Q&A, I'd like to reiterate guidance to the low end of our range. Nathan and the commercial team have positioned us with the backlog that allows us to deliver, and you've heard from John and the impact he's making on improving our operations performance that are keeping us on track to earn between $150 million and $160 million in revenue for the total year.

謝謝你，內森。在進入問答環節之前，我想再次重申我們產品範圍低端部分的指導原則。Nathan 和商業團隊為我們爭取了足夠的訂單，讓我們能夠交付產品。你們也聽到了 John 的發言，他正在努力提高我們的營運績效，使我們預計在全年實現 1.5 億美元至 1.6 億美元的收入。

I also feel compelled to make a few comments about the short report that was issued about EOs last week. When the report surfaced last Thursday, I was in a meeting in New York with the CEO of a large independent power producer, the North American CEO of a large energy storage operator, and the CEO of one of one.

我也覺得有必要對上週發布的關於行政命令的簡短報告發表一些看法。上週四該報道出現時，我正在紐約與一家大型獨立電力生產商的首席執行官、一家大型儲能運營商的北美首席執行官以及一家公司的首席執行官開會。

The EEO's largest financial investors. We were discussing a strategy to meet America's accelerating power demands with a mix of generating technologies combined with EOZ three systems. While I was finishing up the meeting, our team quickly mobilized to review what was being said about our company.

EEO最大的金融投資者。我們正在討論一項策略，即透過多種發電技術與 EOZ 三系統相結合，來滿足美國日益增長的電力需求。會議即將結束時，我們的團隊迅速行動起來，審查了會上對我們公司的評價。

We take these issues very seriously and immediately engage our outside SEC counsel and our external auditors in this review. We are certain that the allegations in this short report are without any merit. Short reports are a fact of life these days, but the silver lining is that I am humbled by the support we received over the prior week.

我們非常重視這些問題，並立即聘請了外部證券交易委員會律師和外部審計師進行審查。我們確信這份簡短報告的指控毫無根據。如今，簡短的報告已成為常態，但令人欣慰的是，我為過去一周我們收到的支持而感到榮幸。

From the Department of Energy to the California Energy Commission to the Edison Fire Department, our customers, large institutional investors, and our vast retail investor base. I'm proud to say that I work at EOS. We're a team of 750 people who are building a great company and collectively. We own 11% of the company's equity. When I got back to Turtle Creek,

從能源部到加州能源委員會，再到愛迪生消防局，我們的客戶、大型機構投資者以及我們龐大的零售投資者群體。我很自豪地說，我在 EOS 工作。我們是一個由 750 人組成的團隊，我們正在共同打造一家偉大的公司。我們持有該公司11%的股權。當我回到龜溪鎮時，

I found a galvanized team with a singular focus to finish what we started and prove that great and innovative products can still be designed and manufactured in the United States. We are a team that is wired to win. With that, let's start by taking a few questions submitted online. I'll turn it over to Eliz. Thanks.

我找到了一支士氣高昂、目標明確的團隊，他們一心一意地完成我們開始的工作，並證明偉大的創新產品仍然可以在美國設計和製造。我們是一支天生就渴望勝利的團隊。接下來，我們先來看幾個網路提交的問題。我把它交給伊莉莎白。謝謝。

Thanks, Joe. So, moving to a few of the questions we've received online, with the first question being, can you provide an update on the timeline around factory two outside PA and if Project Amaze will need to be completed before factory two lines go live.

謝謝喬。接下來，我們來回答一些在網路上收到的問題。第一個問題是，您能否提供賓州郊區二號工廠的最新時間表，以及「Amaze計畫」是否需要在二號工廠生產線投產前完成？

Thanks for the question. As we discussed earlier in my opening remarks, we now have building partners and automation partners that can deliver a line every 90 days. This work can all be done simultaneously going forward.

謝謝你的提問。正如我在開場白中提到的，我們現在擁有可以每 90 天交付一條生產線的建築合作夥伴和自動化合作夥伴。今後這些工作可以同時進行。

Thanks, John Next question. As the company navigates the capital-intensive scale-up phase, how are you balancing the need for fresh funding with imperatives to avoid excessive shareholder dilution, and what milestones might unlock access to lower cost capital?

謝謝，約翰。下一個問題。公司在經歷資本密集型規模擴張階段時，如何平衡新資金的需求與避免過度稀釋股東權益的必要性？哪些里程碑事件可能會解鎖獲得低成本資本的途徑？

Thanks, Eliz. As you just heard John say, we're positioned to add manufacturing capacity to meet this growing demand. We're in an energy super cycle, and it's my job to deliver the orders and the capital to support this growth, and I'm committed to doing this in the most cost-effective way possible for the company.

謝謝你，伊麗莎白。正如約翰剛才所說，我們已做好準備，增加生產能力以滿足不斷增長的需求。我們正處於能源超級週期，我的工作是交付訂單和提供資金來支持這一成長，我致力於以對公司而言最具成本效益的方式完成這項工作。

All right, thanks, Nathan. I think the next one here is for Joe. What is the long-term vision and how do you plan to surpass or match the competition?

好的，謝謝你，內森。我認為下一個問題應該要問喬。你們的長期願景是什麼？你們打算如何超越或趕上競爭對手？

Thanks. So, look, I mean, you heard John talk about positioning us to be able to add capacity in the 90 day rhythm. That's great when you talk about being an energy super cycle. Nathan's out there with his two hats, winning the orders to fill the factory and securing the capital to drive growth. I'm just excited about the product that the team has delivered.

謝謝。所以，你看，我的意思是，你聽約翰說過，我們要做好準備，以便在 90 天的周期內增加產能。如果說這是一個能量超級循環，那真是太棒了。內森身兼兩職，既要贏得訂單填滿工廠，又要籌措資金推動成長。我對團隊交付的產品感到非常興奮。

I mean, we've got some things that we're working on that we're really excited about that will position this to be, the energy storage product to help meet the needs of this energy super cycle. We've got some work to do to continue to close the GAAP on profitability, and I feel really good about the playbook the team has to be able to do that.

我的意思是，我們正在研究一些讓我們非常興奮的項目，這些項目將使這款產品成為能夠滿足當前能源超級週期需求的儲能產品。我們還有一些工作要做，才能繼續實現符合美國通用會計準則的獲利目標，我對團隊能夠做到這一點的策略感到非常滿意。

But at the same time, we've got to make this the easiest technology to work with out in the field, and that's why we're investing in a software hub here in Pittsburgh. And I think when you think about what we want to do is take a great technology, Build it quickly and operate it easily out in the field. That's the simple strategy of this company and what everybody is executing on. With that, we'll turn it back over to the operator and see if there's any questions from our cell site analysts. Thanks.

但同時，我們必須讓這項技術成為現場最容易使用的技術，這就是為什麼我們要在匹茲堡投資建立一個軟體中心。我認為，當我們思考我們想要做的事情時，那就是採用一項偉大的技術，快速製造出來，並使其能夠在現場輕鬆操作。這就是這家公司的簡單策略，也是每個人都在執行的策略。這樣一來，我們將把問題交還給營運商，看看我們的基地台分析師是否有任何疑問。謝謝。

Thank you. We will now begin the question-and-answer session. At this time, I would like to remind everyone that in order to ask a question, press, then the number one on your telephone keypad. And your first question comes from the line of Julien Dumoulin-Smith with Jeffrey. Please go ahead.

謝謝。現在開始問答環節。在此，我想提醒大家，要提問，請按電話鍵盤上的數字 1。你的第一個問題來自 Julien Dumoulin-Smith 與 Jeffrey 的對話。請繼續。

Hey, good morning, team Thank you guys very much for the time. Nicely done. I gotta say, maybe just kick, absolutely nice to chat with you guys. Maybe just to kick things off here, I know you tweaked the 25 guides here, but if you think about like the quarter-to-quarter run rate and trajectory, I know you articulated this more in operational terms in your prepared remarks,

嘿，早安，各位同事。非常感謝你們抽出時間。做得好。我必須說，也許就踢一腳吧，和你們聊天真是太愉快了。或許可以先從這裡入手，我知道你對這 25 條指導方針做了一些調整，但如果你考慮一下季度間的運行率和軌跡，我知道你在準備好的發言稿中更多地從操作層面闡述了這一點，

but how would you think about, as you exit 25. With that Q4 that's implied with your full year 25 guide, how do you think about that ramping into 26' here and what that trajectory suggests if you just look at, the two Q3 Q4 trajectory on top-line, I'm just really curious how, what, how you think about that revenue trajectory going into 26 and the ability for your commercial, yeah, go for it.

但是，當你離開 25 號公路時，你會怎麼想呢？鑑於您在2025年全年業績指引中隱含的第四季業績，您如何看待2026年的成長情況？如果只看第三季和第四季的營收成長軌跡，您認為這種成長軌跡意味著什麼？我真的很好奇您如何看待2026年的收入成長軌跡以及您的商業計劃，是的，加油！

No, thanks for the question. So, in my prepared remarks, I talked about, so Q3, we were at 15% capacity utilization. If we look at going forward, we'll exit Q4 running our complete asset base 24/7. So you're looking at going from a 15% capacity utilization to 90 plus from a capacity utilization standpoint. So A lot of work was done in Q3, installing capacity, training our workforce, training the additional shifts,

不，謝謝你的提問。所以，在我準備好的演講稿中，我談到了第三季度，我們的產能利用率為 15%。展望未來，我們將在第四季末實現所有資產 24/7 全天候營運。所以從產能利用率的角度來看，你的目標是從 15% 的產能利用率提高到 90% 以上。因此，第三季我們做了很多工作，包括產能提升、員工培訓以及額外班次的培訓。

and all the costs associated with it. So, as you fast forward, all the ramping will be done. So as we enter Q1, at the very start, we'll be at OEs higher than 90%, we'll be fully realizing and utilizing the capacity Thank you. Yeah, and then on the revenue side, I mean, I'll let Nathan kind of add some comments there because that kind of falls in his two hats. Yeah.

以及與之相關的所有費用。所以，快轉到最後，所有的加速過程都會完成。因此，進入第一季開始，我們的出貨率將超過 90%，我們將充分實現並利用產能。謝謝。是的，至於收入方面，我想讓內森補充一些意見，因為這算是他的專長。是的。

No, I mean John did a good job of laying out what we're doing this year. I think as we look forward into 2026, we're seeing a tremendous amount of activity in our pipeline, right? Pipeline's up 21%. 22% of that now is data center activity. We talked about kind of the sales cycle and how these things mature over a period of months, even quarters, and we continue to see very strong activity in the pipeline as we move forward.

不，我的意思是約翰很好地闡述了我們今年的工作內容。展望 2026 年，我認為我們的研發管線將會非常活躍，對吧？管道建​​設量增加了 21%。其中 22% 來自資料中心業務。我們討論了銷售週期，以及這些事情如何在幾個月甚至幾季逐漸成熟，而且隨著我們不斷推進，我們看到銷售管道的活動仍然非常活躍。

Good news is John's capacity expansion now can be moved, in three month increments as the orders come in, and I think we're going to see new orders come in. We're going to add capacity to line up with those orders, and I see consistent revenue growth over time.

好消息是，約翰的產能擴張計劃現在可以隨著訂單的到來而以三個月為單位逐步推進，我認為我們將會看到新的訂單到來。我們將增加產能以滿足這些訂單需求，我預計隨著時間的推移，收入將持續成長。

Yeah, Julie, the only thing. I would add on the on the pipeline and order side we've always been very conservative about what we do with our backlog and our orders pipeline. Nathans got some things going on that are MOUs that we haven't been able to announce that we haven't been able to announce names yet,

是的，朱莉，就只有這件事。我想補充一點，在流程和訂單方面，我們一直對積壓訂單和訂單流程的處理非常保守。Nathans公司正在進行一些合作項目，包括一些諒解備忘錄，但我們目前還不能公佈項目名稱。

and he continues to work with Justin and the entire team to get some of these hyper scalers to go from an MOU to firm projects, and we really only want to talk about them when we close them and there's project names that we can talk about like we did with Frontier And nicely done Glad Julian sorry (multiple speakers)

他繼續與賈斯汀和整個團隊合作，促成一些超大規模企業從諒解備忘錄轉化為正式專案。我們只想在專案最終敲定並確定專案名稱後再進行討論，就像我們之前與 Frontier 合作時一樣。幹得漂亮，朱利安，抱歉。（多位發言者）

No, please And I'll make one more point. So, you think about the, all the assets we're installing. So we're learning as we go, right? So, first bipolar line comes in, took us several weeks to get it up and running. six and seven that we just got up, now we're talking days. The same thing will fast forward to when we launched line two in the spring.

不，請不要這樣。我再補充一點。所以，想想我們正在安裝的所有資產。所以，我們都是邊做邊學，對吧？所以，第一條雙極輸液管線到貨後，我們花了幾個星期才把它安裝調試好。而六、七條我們剛好安裝好，現在只需要幾天。同樣的情況也會很快發生在我們春季推出第二條生產線的時候。

All those learnings, so we're able to shrink the ramp, shrink the time to get up to full capacity. So, everything we're doing now, we're learning because it, it's, so with the data, we're going to be able to aggressively move forward much quicker than we are right now.

所有這些經驗，使我們能夠縮短產能爬坡時間，縮短達到滿載運轉所需的時間。所以，我們現在所做的一切，都是在學習，因為有了數據，我們就能比現在更快地積極向前邁進。

Awesome. And guys, if I can take sort of the natural extension of that last question, how are you thinking about the ramp here, right? I mean, it, it's pretty phenomenal what you've just achieved in the last six months here as you just described. How do you think about the cadence of ramping further lines, and then also related to that, how do you think about the financing side of that, right?

驚人的。各位，如果我可以順著上一個問題問下去，你們覺得這個斜坡怎麼樣？我的意思是，正如你剛才所描述的，你在過去六個月裡的成就真是非常了不起。您如何考慮進一步擴大生產線的節奏？另外，您如何考慮相關的融資問題？

So, you've got the $43 million from Cerberus, you got the $24 million award. You've got unrestricted balance of 60. You've got an ability to tap DOE. How do you think about financing that against potentially what seems like an accelerated ramp on CapEx? I don't want to put words in your mouth when I say accelerated, but I'm curious on how you think about just teeing this all up and setting expectations.

所以，你從 Cerberus 那裡得到了 4300 萬美元，又得到了 2400 萬美元的獎金。您的可用餘額為 60。你有能力獲得美國能源部的資助。您如何看待為該專案融資，以應對看似加速成長的資本支出？我不想替你表達我的意思，但我還是想問你，你覺得把這一切都安排妥當，並設定預期會怎麼樣？

I think Julien, I kind of put the puzzle together there that you're laying out, we have a loan from the LPO from the Department of Energy that finances four lines, right? And we're going to line two. What John's trying to do is like what we and what we have to do is reduce the cycle between starting and getting a line up and running so we start producing revenue off of that so that the capital requirements in effect become operational versus financial.

朱利安，我覺得我大致明白了你提出的問題，我們從能源部的 LPO 獲得了一筆貸款，用於資助四條生產線，對吧？我們要去二號線。約翰正在嘗試做的事情，就像我們以及我們必須做的事情一樣，就是縮短從啟動到生產線運轉的周期，這樣我們才能開始從中產生收入，從而使資本需求實際上變成營運資本需求，而不是財務資本需求。

That being said, we're in a moment of time here where the industry and the world needs our product, and we've got to be able to ramp into that as quickly as possible. I've said many times that we don't want underutilized capacity sitting around, but we're looking at all this and what John's put together from the different automation suppliers that he now has and breaking this up into pieces.

話雖如此，我們現在正處於一個行業和世界需要我們產品的時刻，我們必須盡快適應這一需求。我曾多次說過，我們不希望閒置產能，但我們正在審視所有這些，以及約翰從他現在擁有的不同自動化供應商收集到的東西，並將其分解成各個部分。

And getting everybody focused on delivering to that goal we'll be able to get that capacity online in 90 days which is well within the cycle time of how Nathan's selling the product so part of it will be what we already have in place. Other things will come from operations and deposits from customers as we close orders and then we'll look to be opportunistic if need be for growth capital if we have to.

只要讓每個人都專注於實現這個目標，我們就能在 90 天內實現該產能上線，這完全符合 Nathan 的產品銷售週期，所以其中一部分將來自我們已經擁有的資源。其他資金將來自營運收入和客戶訂單結算時的存款，如有必要，我們也將尋找機會獲取成長資金。

Awesome. Excellent. Sorry, one last tweak here. I, you talk a lot about operational metrics improving, but it seems like the latest quarter ASPs went up materially again, you tell me if we're reading that right, and you also flag, I think, in the queue here, concentration with like 80+% tied to a single customer. This is not the same customers you guys have been concentrated to in the past, I presume. Can you talk to that just a little bit about the ASP dynamics and the customer maybe of late?

驚人的。出色的。抱歉，這裡還需要做最後的調整。你經常談到營運指標的改善，但最新季度的平均售價似乎又大幅上漲了，請告訴我我們是否理解得正確。另外，我認為你也指出，這裡有一個問題，超過 80% 的銷售額都集中在一個客戶身上。我想，這應該不是你們過去一直關注的那批客戶了。您能否就近期的ASP動態和客戶狀況稍作談談？

Yeah, we talked about this a little bit last quarter as well, so Q2, I think, was the anomaly because we had one strategic customer that was a drag on revenue in Q2. What we're seeing in Q3 was revenue rates reverting back to what we view as a more normal run rate.

是的，我們上個季度也稍微討論過這個問題，所以我認為第二季度是個例外，因為我們有一個戰略客戶在第二季度拖累了收入。我們在第三季看到的是收入成長恢復到我們認為更正常的水平。

And then, deliveries in the quarter. I mean it was five individual customers, they're not all equally weighted, but I would say the customer base that we delivered to in Q3 was representative of what customer base would look like going forward.

然後是季度交付情況。我的意思是，這是五個獨立的客戶，他們的權重並不相同，但我認為我們在第三季服務的客戶群能夠代表我們未來的客戶群。

And Julian, I just want to add two points on top of what joe had just said, ASP like you could like. I TRY not to pick individual contracts for managing a portfolio like any portfolio highs, lows, but you gotta get your average where it makes sense and the average of the portfolio is up. And it's up because people are seeing the value of the technology now on this strategic customer that we talked about last quarter.

朱利安，我只想在喬剛才說的基礎上補充兩點，就像你可能喜歡的 ASP 一樣。我盡量不去挑選個別合約來管理投資組合，就像管理任何投資組合的高點和低點一樣，但你必須讓你的平均值達到合理的水平，並且投資組合的平均值要上升。之所以上漲，是因為人們現在看到了這項技術在我們上個季度談到的這位策略客戶的價值。

Look, we're getting data from that system out in the field, and it's on that page that we talked about, and the data is phenomenal. So I look at that as kind of an investment in our future where we needed to get Z3 out in the field at scale and see it operate and it's delivering on those results. So it's a mix of all things, but the overall portfolio of the order book ASP is higher than what it was.

你看，我們正在從現場的那個系統取得數據，數據就在我們之前提到的那一頁上，這些數據非常驚人。所以我認為這是對我們未來的一種投資，我們需要將 Z3 大規模地投入實際應用，看看它如何運作，而它也確實實現了這些結果。所以這是各種因素綜合作用的結果，但訂單簿的平均售價總體上比以前更高了。

Yeah, absolutely, I'm very curious to see some of these strategic partners in there in all states in coming weeks. Alright, guys, thank you very much. All the best. I'll leave it. I'll pass it over.

是的，當然，我很想在接下來的幾週內看到這些策略夥伴在各州的亮相。好的，各位，非常感謝。一切順利。我就不管了。我會把它轉交給你。

All right, thanks, Julie.

好的，謝謝你，朱莉。

Your next question comes from the line of Stephen Genero with Steel Please go ahead.

你的下一個問題來自 Stephen Genero 的《Steel》。請繼續。

Thank you. Good morning, everybody Hi Steven, how are you? I'm good, thanks. So I think two things for me. One is just to follow-up on the last question. I'm not sure how much you want to say, but you talked about sort of the average selling price kind of across the portfolio. Is that, how does that look in the backlog in the recent awards that you're booking relative to kind of what you're realizing now?

謝謝。大家早安！嗨，史蒂文，你好嗎？我很好，謝謝。所以我覺得有兩件事。其中一個問題是為了跟進上一個問題。我不太清楚你想說多少，但你剛才提到了整個投資組合的平均售價。那麼，在你最近預定的獎項中，積壓的獎項數量與你目前實際獲得的獎項數量相比，情況如何呢？

Look, I mean, you can do the math on the backlog page, right? I mean, we, you can see total dollars and total gigawatt hours and how that's trended over time and it's stayed pretty consistent over time. I mean we're not seeing long-term, long-term. I think the revenue rates that we've realized and expect to realize going forward are going to be pretty consistent when you get larger orders, we're working with customers, okay, what is our cost curve doing?

你看，我的意思是，你可以在待辦事項頁面上進行計算，對吧？我的意思是，我們可以看到總金額和總吉瓦時數，以及它們隨時間變化的趨勢，而這些趨勢一直保持相當穩定。我的意思是，我們看不到長遠的、真正的長遠影響。我認為，當我們獲得更大的訂單時，我們已經實現和預期未來將實現的收入率將相當穩定。我們正在與客戶合作，以了解我們的成本曲線狀況。

What can we do from a large volume by perspective? You saw the chart we showed on page eight, I think it was, where you see margins improving over time. You see net margins improving over time. As we continue to scale the business, but we think we're going to turn the corner here and get some positive contribution margin into this quarter, positive gross margin exiting Q1 on a path to profitable, positive EBITDA after that.

從大體積的角度來看，我們能做些什麼？你們應該在第八頁看到了我們展示的圖表，圖表顯示利潤率隨著時間的推移而提高。你會看到淨利潤率隨著時間的推移而提高。隨著我們不斷擴大業務規模，我們認為我們將迎來轉機，並在本季度實現正的貢獻毛利率，在第一季末實現正的毛利率，並最終實現盈利，之後實現正的 EBITDA。

And Steve, what I would add on top of that, look, part of my job is handing out the targets to people and the orders that were recently closed are well within the ASP portfolio target that Nathan has as CCO.

史蒂夫，我還要補充一點，你看，我的工作之一就是給員工下達目標，而最近完成的訂單完全符合內森擔任首席商務官設定的 ASP 投資組合目標。

That, that's helpful because I couldn't do the math on the post quarter announcement, but that's fine.

那很有幫助，因為我無法計算季度末公告中的數據，不過沒關係。

Thank you.

謝謝。

And remember the that we're talking about, Steven, that's post quarter close that happened after the quarter after Q3. So that'll come out in four, yeah.

史蒂文，記住我們討論的是季度末結算，也就是第三季之後的那個季度。所以，四分鐘後就能出來了，是的。

Yeah Okay. The other one I had is, it's around the margins, but it's around the cost side. When we think about. The progression of margin and some of your bigger costs that go into making the product, how should we, like, what are the necessary levers that get you to gross margin positive? Is the supply chain improving? Is it the COGS coming down per unit? Is it just scale?

好的。我還有一點，雖然有點離題，但主要是成本的問題。當我們思考時。利潤率的演變以及產品生產中一些較大的成本，我們該如何做？有哪些必要的槓桿可以讓您達到毛利率為正？供應鏈是否有改善？是單位成本下降了嗎？僅僅是規模問題嗎？

Like, are there, is there a color you can give us on how to think about. The cost structure, that's the biggest, as you've been successful with the ramp and the backlog growth, that's the biggest question we get from investors pretty consistently is, what does this look like at scale from a profitability perspective. So I'm curious if you could give some incremental color.

例如，有沒有一種顏色可以告訴我們該如何思考？成本結構是最大的問題，因為你們在產能爬坡和積壓訂單成長方面取得了成功，而我們從投資者那裡經常聽到的最大問題是，從盈利能力的角度來看，規模化後會是什麼樣子。所以我很好奇你是否可以添加一些漸層色。

Yeah, so from a cost perspective I already talked about the asset utilization. The same thing is true here is with our suppliers. So, they've had to put a lot of assets in place to be able to support this ramp. So as we ramp, they're wrapping, ramping. So, they're seeing cost optimization, they're seeing cost absorption, which will translate in cost reduction from a parts situation. Then you kind of look at labor costs.

是的，從成本角度來看，我已經談到了資產利用率。我們的供應商也存在同樣的問題。因此，他們不得不投入大量資源來支持這一成長。所以，隨著我們逐步增加產量，他們也逐漸增加產量。因此，他們正在實現成本優化和成本吸收，這將轉化為零部件成本的降低。然後你還要考慮人工成本。

So a lot of what we're focused on right now is taking cost out and making things more efficient. So I'll give you one example. We were focused on our gate, and with that we were looking at travel time, material, the way they're presented, basically all aspects of that operation came in on one weekend, completely changed the way we were doing that operation and.

所以我們目前關注的重點是降低成本，提高效率。我舉個例子。我們當時專注於我們的登機口，並以此為出發點，考慮旅行時間、材料、呈現方式等等，基本上所有運營方面的問題都在一個週末集中到了一起，徹底改變了我們開展這項業務的方式。

And the five days prior to what we did versus the five days ahead, we double the output. So the work we're doing is not having incremental gains, it's having step function gains. So you talked to, we talked about labor, you talked about utilization again, we'll be 100% utilization coming out of Q4. So you're going to get mass asset. Then it's about taking subtle times out. So, if I can, we've got a heavy. Automated process.

在我們採取行動之前的五天和之後的五天相比，我們的產量翻了一番。所以，我們所做的工作不是漸進式的進步，而是階躍式的進步。所以你跟我們談了，我們談了勞動力問題，你又談到了利用率，我們將在第四季度實現 100% 的利用率。所以你將獲得大量資產。接下來就是巧妙地安排休息時間了。所以，如果可以的話，我們有一個很重的。自動化流程。

So, if I can take 10, take ten seconds down to nine point eight seconds down to nine point six seconds, and that work is absolutely doable again, you keep, you keep moving it forward. The one thing I like about being here is where I came from I had thousands of different products, so the focus would shift every day. Now I have to come in every day and focus on the one product, so this journey never ends.

所以，如果我能把 10 秒縮短到 9.8 秒，再縮短到 9.6 秒，而且這項工作完全可以再次完成，你繼續，繼續向前推進。我喜歡這裡的一點是，我以前所在的公司有成千上萬種不同的產品，所以每天的工作重點都會改變。現在我必須每天都來上班，專注於這個產品，所以這段旅程永無止境。

There we will continue. Look at all of our cost buckets and continue to put projects together that'll close those out. We right now just to take the material cost out, forget cost savings and what we're asking from the vendor, we've got 61 different projects that we're doing right now to take the amount of parts that we have out, to take the cost out, 61 projects, and all of those projects will be closed before we execute two. So that's the way I kind of think about it.

我們將繼續探討這個問題。查看我們所有的成本類別，並繼續推進能夠逐項完成這些成本的項目。我們現在要做的就是扣除材料成本，先不考慮成本節約和我們向供應商提出的要求，我們現在有 61 個不同的項目正在進行，目的是減少零件數量，降低成本，總共 61 個項目，所有這些項目都將在我們執行兩個項目之前結束。我大概就是這麼想的。

Okay, great. No, thank you for all the color.

好的，太好了。不，謝謝你們帶來的所有色彩。

Thanks team And there are no further questions at this time. I will now turn the call back over to Joe Mastralo, CEO, for closing remarks.

謝謝大家，目前沒有其他問題了。現在我將把電話轉回給執行長喬·馬斯特拉洛，請他作總結發言。

Thank you. Thanks everyone for listening. Look, 11 thing, I want to talk about here in the closing is like the project that Nathan and Justin closed with Frontier Power because this kind of lays out another strategic puzzle piece for us as we grow the company. Look, we met Frontier back in January. Nathan and Justin met them at a trade show in the UK. We developed a relationship, signed an MOU, got a project pipeline,

謝謝。謝謝大家的收聽。最後，我想談談 Nathan 和 Justin 與 Frontier Power 完成的項目，因為這為我們公司的發展拼湊出了另一塊策略拼圖。你看，我們一月就見過 Frontier 了。內森和賈斯汀在英國的一個貿易展上遇到了他們。我們建立了合作關係，簽署了諒解備忘錄，並獲得了專案儲備。

and every week we meet with Cerberus and we go through where we are in cash, where we are financially, how we're doing in performance, and we look at Frontier not as a transaction but as a platform, Cerberus financed Frontier because we view this as experience. Operational leadership in the industry that can help us build a platform to expand out in Europe.

我們每週都會與 Cerberus 會面，討論我們的現金狀況、財務狀況、業績表現，我們把 Frontier 看作一個平台而不是一筆交易，Cerberus 為 Frontier 提供資金，因為我們認為這是一次經驗積累。在業界擁有營運領導力，可以幫助我們建立平台，拓展歐洲市場。

We're excited about how that's going to look as we move forward and really look forward to partnering with the team at Frontier at the same time, we're looking at what John's doing operationally, and you heard a really, it's fun working with him. It's great having him on the team and seeing what he's been able to deliver and the whole team underneath him. We just have to keep growing, keep focused,

我們對未來的發展前景感到興奮，也非常期待與 Frontier 團隊合作。同時，我們也在關注 John 在營運方面所做的工作，正如你所聽到的，和他一起工作真的很有趣。很高興他能加入球隊，看到他以及他帶領的整個團隊所取得的成就，真是太棒了。我們只需要不斷成長，保持專注。

and knowing that the industry needs our product. We gotta continue executing and we gotta keep making this simpler and easier to do business with. Look forward to keeping everyone updated on the progress and want to thank everyone for listening today. Thanks a lot. Talk to you soon.

而我們知道產業需要我們的產品。我們必須繼續執行，並且要不斷簡化業務流程，讓合作更方便。期待能及時向大家報告進度，並感謝大家今天的聆聽。多謝。回頭再聊。

Ladies and gentlemen, that concludes this call.

女士們、先生們，本次通話到此結束。

Thank you all for joining. You may now disconnect.

感謝各位的參與。您現在可以斷開連線了。