Eos Energy Enterprises Inc (EOSE) 2025 Q4 法說會逐字稿

Good morning and welcome to Eos Energy Enterprises full year 2025 conference call. As a reminder, today's call is being recorded, and your participation implies consent to such recording. At this time, all participants are in listen-only mode. A brief question-and-answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please press 0 on your telephone keypad. With that, I would like to turn the call over to Liz Higley, head of investor relations.

早安，歡迎參加Eos Energy Enterprises 2025年全年業績電話會議。再次提醒，今天的通話將會被錄音，您的參與即表示您同意被錄音。目前，所有參與者均處於只聽模式。正式演講結束後將進行簡短的問答環節。會議期間如有任何需要接線員協助，請按下電話鍵盤上的 0。接下來，我將把電話交給投資人關係主管莉茲‧希格利。

Thank you. You may begin.

謝謝。你可以開始了。

Good morning, everyone, and welcome to EOS's 4th quarter and full year 2025 conference call. Today, I'm joined by EOS CEO Joe Ma. Angelo, COO John Mahas, CTO Francis Richie, and CCO and interim CFO Nathan Kraker. This call may include forward-looking statements including but not limited to current expectations. With respect to future results and our outlook for our company, should any of these risks materialize or should our assumptions prove to be incorrect, our actual results may differ materially from our expectation or those implied by these forward-looking statements. The risks and uncertainties that forward-looking statements are subject to are described in our SEC filings.

各位早安，歡迎參加 EOS 2025 年第四季及全年業績電話會議。今天，我邀請到了 EOS 執行長 Joe Ma。Angelo、營運長 John Mahas、技術長 Francis Richie 以及首席商務長兼臨時財務長 Nathan Kraker。本次電話會議可能包含前瞻性陳述，包括但不限於目前的預期。關於公司未來的業績和展望，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，那麼我們的實際業績可能與我們的預期或這些前瞻性聲明所暗示的業績存在重大差異。前瞻性陳述所涉及的風險和不確定性已在我們的美國證券交易委員會文件中進行了描述。

Forward-looking statements represent our beliefs and assumptions only 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. Today's remarks will also include references to non-GAAP financial measures, additional information including. Conciliation 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 or as comparable to similar non-GAAP measures presented by other companies.

前瞻性陳述僅代表我們作出該等陳述之日的信念與假設。除法律另有規定外，我們不承擔更新本次電話會議中所作聲明的義務，以反映今天之後發生的事件或情況，或反映新的資訊或意外事件。今天的演講也將提及非GAAP財務指標，以及其他相關資訊。新聞稿中提供了非GAAP財務資訊與美國GAAP財務資訊之間的對應關係。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，或不具可比性。

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

本次電話會議將透過EOS投資人關係網站investors.EOSc.com提供網路直播重播。 Joe、John、Francis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 EO 執行長喬馬斯特蘭傑洛。

Thanks, Liz. Good morning, everyone and thanks for joining us. This quarter we continue to operate in an energy environment defined by one clear trend, the acceleration of demand for power combined with constrained grid flexibility and reliability that creates opportunity for a company like EOS. What we've been talking about over the five years that we've been a public company is being able to bring a. Product that was flexible, reliable, and can-do multiple discharges in a day or long or short discharges with quick responses, that's exactly what the market's looking for. And although data centres are in the headlines and data centres are changing the way that we think about our grid. And data centres are requiring us to make decisions on faster time horizons than we've ever done before in the energy sector. There are other demand drivers in the industry, things like electrification and transport and electrification of heating, and then the increased domestic production in the United States are creating higher load growths for our grid. That fits in perfectly with our technology. We're moving to. In energy storage is moving away from managing volatility to providing reliability. What you need is this buffer resource that allows you to keep the grid balanced but also allows you to adapt to quick changes and low growth.

謝謝你，莉茲。各位早安，感謝各位的收看。本季度，我們繼續在能源環境中運營，這一環境的特點是一個明顯的趨勢，即電力需求加速增長，而電網的靈活性和可靠性受到限制，這為像 EOS 這樣的公司創造了機會。過去五年，我們作為一家上市公司一直在討論的是如何帶來…靈活、可靠，能夠一天內進行多次放電，或進行長時間或短時間放電並快速回應的產品，正是市場所需要的。儘管資料中心頻頻登上新聞頭條，且資料中心正在改變我們對電網的看法。資料中心要求我們在比以往任何能源領域更快的時間內做出決策。產業內還有其他需求驅動因素，例如電氣化、交通運輸和暖氣電氣化，此外，美國國內產量的增加也為我們的電網帶來了更高的負載成長。這與我們的技術完美契合。我們要搬到那裡去。儲能技術正從應對波動性轉向提供可靠性。你需要的是一種緩衝資源，它既能讓你保持網格平衡，又能讓你適應快速變化和低成長。

But a vision of a product and a vision of a company only go so far execution is what counts. And when you look at our quarter and our year, yes, we set records. Our volume was up, our margins improved, sequentially quarter over quarter and year over year. We had a great quarter as far as orders being booked, and Nathan will talk about how those orders fit into different use cases that are going to provide growth for the company in the future. But the bottom line is we missed our guidance, and that falls on me as the CEO of the company. What John, Francis, Nathan, and I will talk about today is building out the capabilities of our team, of our product, and of how we bring that product to market, manufacture and install it to be able to provide reliable performance. It's reliable performance not just to achieve guidance, which is important. But to achieve the operating requirements of our customer as the grid evolves and demand emerges, we think we have the product that meets those future needs we've got to continue to build the company and continue to smooth out. Out and deliver predictable performance for our shareholders and our customers. I think we have the team that is able to do that and we'll show the initial results that that are beginning to lay out how we can deliver reliably in the future, when you think about on the bottom, yes, 7 times year over year growth on revenue combined with our highest. Cash position that we've had in the company's history, along with closing the GAAP and moving towards profitability, we've removed the going concern language inside of our 10k filing which Nathan will talk about in a moment which really allows us really says we're operating the company strategically, which is important for the future. At the same time, we launched in density, which Francis will give some more details on, but in density is really taking the product that we have and finding a way to package it that's easy to operate, easy to service, easy to manufacture, and easy for customers to utilize multiple times in the day. It's not starting over; it's improving upon what we already have. The same time we're responsible to get our assets in the field up and running reliably, and Nathan and the and the project's team are doing just that. As we look at the overall results, I'm proud of what we did and disappointed that we didn't meet the guidance but we're going to work to make sure that it doesn't happen again in the future.

但是，對產品的願景和對公司的願景只能做到一定程度，執行力才是關鍵。如果你看一下我們這個季度和這一年的業績，是的，我們創造了紀錄。我們的銷量上升了，利潤率也提高了，環比和年比均有所成長。本季訂單量非常可觀，Nathan 將探討這些訂單如何融入不同的應用程式場景，從而在未來為公司帶來成長。但歸根結底，我們未能達到預期目標，作為公司首席執行官，我對此負有責任。今天，John、Francis、Nathan 和我將討論的是如何提升我們團隊、我們產品的能力，以及如何將產品推向市場、進行製造和安裝，從而提供可靠的性能。可靠的性能不僅能提供指導，這一點也很重要。但為了滿足客戶在電網發展和需求出現過程中的營運要求，我們認為我們擁有能夠滿足未來需求的產品，我們必須繼續發展公司並繼續平穩運作。為股東和客戶提供可預測的業績。我認為我們擁有能夠做到這一點的團隊，我們將展示初步成果，這些成果開始展現我們未來如何可靠地交付。從底部來看，是的，收入同​​比增長 7 倍，這是我們最高的。鑑於我們公司歷史上最高的現金狀況，以及我們停止 GAAP 並朝著盈利邁進，我們在 10-K 文件中刪除了持續經營的措辭（Nathan 稍後會談到這一點），這確實讓我們能夠真正表明我們正在以戰略性的方式運營公司，這對未來至關重要。同時，我們推出了密度包裝，弗朗西斯會對此進行更詳細的介紹，但密度包裝的真正含義是，將我們現有的產品進行包裝，使其易於操作、易於維護、易於製造，並且方便客戶一天多次使用。這不是從零開始，而是在現有基礎上進行改進。同時，我們有責任確保現場資產可靠運行，而 Nathan 和專案團隊正在努力做到這一點。從整體結果來看，我為我們所做的工作感到自豪，但對未能達到預期目標感到失望，不過我們將努力確保將來不再發生這種情況。

Moving to the next page, let's talk about how our install base is expanding today. We cover 20% of the United States. We have 20 projects installed. The company continues to expand its footprint and continues to operate out in the field.

接下來，我們翻到下一頁，談談我們目前的用戶群是如何不斷擴大的。我們的業務涵蓋了美國20%的地區。我們已經安裝了20個項目。該公司持續擴大業務範圍，並繼續在現場開展業務。

Today our Z3 product has discharged nearly 300 megawatt hours of power.

今天，我們的 Z3 產品已經釋放了近 300 兆瓦時的電力。

Every cycle is a learning opportunity and every cycle is an opportunity for us to get better and to understand our customer requirements and that's how we use it at the same time we do talk about concentration of revenue with a few large customers, but if you look at the lower right hand side of this page, we had deliveries to 11 different customers and we had revenue that came in from 18 different customers. The difference in that seven is either commissioning and installation revenue or revenue from services on installed equipment that we did earlier. When you look at this map, as we come in in future quarters, we're going to add more states. We're going to target to get to 25% here over the next few months. And then at the same time we're going to add in a map of Europe as we ship into Germany and wait for the cap and floor program to close in the UK. We're excited about what the team is doing here. We want to give a picture of how we. Operate we've talked about the operating hours out in the field in the past and that's really where we learned and that's where in density came from these customers on this map giving us feedback to enable us to deliver a product that's going to meet the future needs of the industry while working with Nathan John and the teams to make what we have out in the field more rugged to be able to operate flawlessly and to give customers the performance that they require.

每個週期都是一個學習的機會，每個週期都是我們改進自身、了解客戶需求的機會，這就是我們利用它的方式。同時，我們也談到收入集中在少數幾個大客戶身上，但如果你看一下這個頁面的右下角，你會發現我們向 11 個不同的客戶交付了產品，並且我們從 18 個不同的客戶那裡獲得了收入。這七分之一的收入要不是調試和安裝收入，就是我們先前對已安裝設備提供的服務收入。從這張地圖上看，在接下來的幾個季度裡，我們將增加更多的州。我們的目標是在接下來的幾個月內達到25%。同時，我們將添加一張歐洲地圖，顯示我們向德國發貨的情況，並等待英國的限價和下限計劃結束。我們對團隊在這裡所做的工作感到非常興奮。我們想描繪一下我們是如何做到的。我們過去曾討論過現場作業時間，而這正是我們學習和積累經驗的地方，也是地圖上這些客戶給我們反饋的地方，使我們能夠交付一款能夠滿足行業未來需求的產品，同時與 Nathan John 和團隊合作，使我們在現場使用的設備更加堅固耐用，能夠完美運行，並為客戶提供他們所需的性能。

Let's move to the next page and talk about some operational metrics. I want to start off in the upper left-hand side where we're looking at our quarterly revenue profile. If you go back to Q4 2024 and forward to Q2 of last year, you're looking at quarters that are basically growing 30%. That's basically taking our line, installing it, improving upon it, and getting 30% throughput on the same asset base. Then you come into Q3 of 2025 where we started to bring bipolar manufacturing in and you see a 2x step function from Q2 of 25 into Q2 and Q3 of 25. Then we double it again, which is again bringing more of the bipolar manufacturing online and by year end John will talk through that we achieved our two-gigawatt hour capacity coming out of the facility in Turtle Creek. On an annualized basis we're up seven times and our capacity will support the demand that we see. What's important here is we think about capacity management and as John walks through this and I think about this and you take what John's going to talk about and combine that with what Nathan is going to talk about commercially.

接下來我們翻到下一頁，談談一些營運指標。我想先從左上角開始，那裡顯示的是我們季度的收入概況。如果回顧 2024 年第四季度，再往前追溯到去年第二季度，你會發現這些季度的成長率基本上達到了 30%。基本上就是採用我們的生產線，進行安裝和改進，在相同的資產基礎上達到 30% 的吞吐量提升。然後到了 2025 年第三季度，我們開始引入雙極型裝置製造，你會看到從 2025 年第二季度到 2025 年第二季和第三季度，產量增加了 2 倍。然後我們再翻一番，這又將更多的雙極製造投入使用，到年底，約翰將詳細闡述我們在龜溪工廠實現了 2 吉瓦時的產能。以年計算，我們的產能是原來的七倍，足以滿足我們目前的需求。重要的是我們要考慮產能管理，約翰會講解這一點，我也會思考這一點，你要把約翰要講的內容和內森要講的商業方面的內容結合起來。

You're not running the factory at full capacity at any one point in time. You're creating capacity to be able to create the opportunity for the company to grow and deliver and building in a buffer to be able to manage weather through the blips that you're going to see in any factory. Anybody that's worked in an industrial process knows that nothing goes perfect and you got a plan for that and that's what we're building here to get to the stable production that I talked about earlier. We go to the bottom of the page.

工廠在任何時候都不可能滿載運轉。你正在創造能力，以便為公司創造發展和交付的機會，並建立緩衝，以便能夠應對任何工廠都會遇到的天氣波動。任何在工業生產過程中工作過的人都知道，事情不可能完美無缺，所以你需要製定計劃來應對這種情況，而這正是我們在這裡努力實現的，目的是為了達到我之前提到的穩定生產。我們滾動到頁面底部。

You're seeing a narrowing of the GAAP and improvement in margin. We're not at profitability yet, but we're on track. The company is structurally profitable. What we need to do now and what John will talk about is improve the efficiencies and the processes of how we operate. The company Thornhill and bringing our second line up and running is going to show us the full entitlement of how efficient we can be as a company. At the same time, you bring a lean mindset to what you do every day, that lean mindset tells you I've got to get better at everything I do. There's waste in these numbers today. We know that. We know we have to get better. And when you take all that in and start thinking about driving cost out of our product.

你會看到GAAP準則的適用範圍縮小，利潤率提高。我們尚未實現盈利，但正朝著正確的方向前進。該公司結構性獲利。我們現在需要做的，也是約翰將要談到的，是提高我們營運的效率和流程。Thornhill 公司以及我們第二條生產線的投產和運營，將向我們充分展示我們作為一家公司的效率。同時，你要把精實思維運用到你每天的工作中，這種精實思維告訴你，我必須在所做的每一件事上都做得更好。如今這些數字中存在著浪費。我們知道這一點。我們知道我們必須做得更好。當你把所有這些因素考慮進去，並開始思考如何降低我們產品的成本。

Taking and becoming more efficient in how we build it getting out in the field because productivity and profitability go beyond the factory doors, becoming more efficient in how we operate in the field and proving out and getting installations up and running faster than what we planned, that's how we deliver our profitability and we have a clear line of sight. On how to do that, this is a profitable business when we execute to our capabilities and that's what we're building right now. Indensity is a step function change in that, but Z3 cube is a profitable product, and we will make that profitable. What indensity. Does is it allows us to compete in a new way in the marketplace. It delivers better footprint density to customers. It allows us to build out capability faster. It makes it simpler to manufacture the product and in density gives us the ability to compete not only on price.

提高我們在現場施工的效率，因為生產力和獲利能力不僅體現在工廠裡。提高我們在現場的運營效率，驗證並加快安裝進度，使其比我們計劃的更快投入運行，這就是我們實現盈利的方式，我們對此有清晰的認識。至於如何做到這一點，當我們充分發揮自身能力時，這就能成為一項盈利的業務，而這正是我們目前正在努力的方向。密度變化是一個階躍函數，但 Z3 立方體是一款有利可圖的產品，我們將使其獲利。密度是多少？它是否使我們能夠以一種全新的方式參與市場競爭。它能為顧客帶來更高的佔地面積密度。它使我們能夠更快地建立能力。它簡化了產品的製造，並且密度更高，使我們不僅能夠在價格上競爭。

But the ability to drive further cost out to deliver the profitability that we expect. I'm excited about the work that John's doing and Francis is doing, and I'm really excited about what Nathan's seeing out in the marketplace, and I'll turn it over to John now to start that off and then hand it off to Francis and Nathan.

但我們有能力進一步降低成本，以實現我們預期的獲利能力。我對約翰和弗朗西斯正在做的工作感到興奮，也對內森在市場上看到的情況感到非常興奮，現在我將把這項工作交給約翰來啟動，然後再交給弗朗西斯和內森。

Thanks, Joe, and good morning, everyone. Great to be here with you all again this morning. Q4 was my first full quarter at EOS and I'm going to speak candidly about where we are operationally. First, there's a real progress to acknowledge. We completed our subassembly automation, making our battery line fully automated. We closed 2025 with production records across all operations and delivered our fourth consecutive quarter of record revenue.

謝謝你，喬，大家早安。今天早上再次和大家聚在一起真是太好了。第四季是我在 EOS 的第一個完整季度，我將坦誠地談談我們目前的營運狀況。首先，必須承認，我們取得了真正的進步。我們完成了子組裝自動化，使我們的電池生產線實現了全面自動化。2025 年結束時，我們所有業務的生產都創下了紀錄，並連續第四個季度實現了創紀錄的收入。

26 key suppliers supported this ramp to enable us to achieve our two-gigawatt hour line capacity. That doesn't happen without a committed team doing a lot of things right. At the same time, we fell short of our operational targets and that's on me.

26 家主要供應商為此產能提升提供了支持，使我們能夠實現 2 吉瓦時的生產線產能。如果沒有一支盡責的團隊做對很多事情，這一切都不會發生。同時，我們的營運目標未能達成，這是我的責任。

When we spoke last quarter, I felt confident in our ramp plan. We had strong early results and the excess capacity to deliver what we needed to hit our guidance. Ultimately, three very fixable issues prevented us from delivering our commitments. First, we had one isolated supplier non-performance that cost us a week of production. We addressed it directly, working closely with our supplier to quickly identify root causes and corrective actions. We implemented better controls internally and at our suppliers. That specific issue is behind us. Second, the ability for the automated bipolar production to hit quality targets took longer than expected. That drove rework and lost revenue. We improved tooling, reduced variation in the automation process, and tightened material specifications to stabilize bipolar production. We have also added laser detection to give us better visibility and control of any process variation.

上個季度我們談話時，我對我們的產能擴張計畫充滿信心。我們早期業績表現強勁，並且擁有充足的產能來實現我們的預期目標。最終，三個很容易解決的問題阻礙了我們履行承諾。首先，我們遇到一個供應商履約不力的情況，導致我們停產一週。我們直接著手解決這個問題，與供應商緊密合作，迅速找出根本原因並採取糾正措施。我們在公司內部和供應商層級都加強了管控措施。那個具體問題已經過去了。其次，自動化雙極生產線達到品質目標所需的時間比預期長。這導致了返工和收入損失。我們改進了工具，減少了自動化過程中的變化，並收緊了材料規格，從而穩定了雙極裝置的生產。我們還增加了雷射檢測功能，以便更好地觀察和控制任何製程偏差。

Third, our battery line downtime ran well above industry norms, the design intent of the line, and our internal forecast.

第三，我們的電池生產線停機時間遠遠超過了行業標準、生產線的設計預期以及我們內部的預測。

Best in class operations, and our expectation is to run at roughly 10% equipment downtime. That's my expectation and that's the expectation of our automation partners. As we push utilization higher throughout the year and ran the line for more hours, we were closer to the mid-30% range. Working closely with our automation partners, we addressed issues with our robotics, hardware, controls, maintenance schedules, and spare parts. We have also improved our technical capability and strengthened our team to improve time to resolution.

一流的營運水平，我們預計設備停機時間約為 10%。這是我的預期，也是我們自動化合作夥伴的預期。隨著我們全年不斷提高產能利用率，並延長生產線運行時間，產能利用率接近 30% 左右。我們與自動化合作夥伴緊密合作，解決了機器人、硬體、控制、維護計劃和備件方面的問題。我們也提高了技術能力，加強了團隊建設，以縮短問題解決時間。

Downtime has improved significantly in Q1. This is a controllable lever, and we have a path to world-class performance.

第一季停機時間顯著改善。這是一個可控制的槓桿，我們有了通往世界一流水平的道路。

None of these were demand issues. None were structural. This was a significant ramp of first-generation automation designs. While the magnitude of the issues was unanticipated by me, the resulting learnings, actions, and execution are my responsibility.

這些都不是需求問題。所有問題均不涉及結構性因素。這是第一代自動化設計的重要一次大規模推廣。雖然問題的嚴重程度超出了我的預料，但由此產生的經驗教訓、行動和執行都由我負責。

Look, since I've been brought in, a major focus for me has been identifying single points of failure in the system. This was first generation automation that was being run at high volumes for the first time. In some cases, you don't fully see those weaknesses until you stress the operation. We've now done that. It has allowed us to identify and address gaps in our automation, organization, and operating system. We are systematically hardening the process to make sure these failures do not occur in the future.

你看，自從我加入以來，我的主要工作重點就是找出系統中的單點故障。這是第一代自動化系統，也是首次大規模運作。有些情況下，只有在對操作施加壓力後，才能完全發現這些弱點。我們已經做到了。它使我們能夠發現並解決自動化、組織和作業系統方面的不足。我們正在有系統地完善流程，以確保將來不再發生此類故障。

The results of our efforts have driven higher quality, repeatable and predictable operations in early Q1.

我們的努力成果在第一季初實現了更高品質、可重複性和可預測性的營運。

The biggest structural risk today is a lack of redundancy. If our primary line goes down, production stops.

目前最大的結構性風險是缺乏冗餘。如果我們的主生產線停產，生產就會停止。

Those changes with line two, and as I said on the last call, we're making design changes in that line to further improve our performance. Line two is progressing well and is preparing for factory acceptance testing in Wisconsin. We've intentionally built redundancy into critical stations. Once operational, it eliminates our single largest point of failure and gives us flexibility that we simply don't have today.

第二條生產線也進行了相應的改動，正如我在上次電話會議中所說，我們正在對該生產線進行設計改動，以進一步提高其性能。二號生產線進展順利，正在為在威斯康辛州進行的工廠驗收測試做準備。我們特意在關鍵站點中設計了冗餘機制。一旦投入使用，它將消除我們最大的單一故障點，並賦予我們目前根本不具備的靈活性。

We're also addressing efficiency, as I've mentioned before. Today, materials travel across three floors and two buildings over two miles from start to finish. That's not a cost-efficient design. With Line two and the Thornhill expansion, we're redesigning the layout around single piece flow, significantly reducing material handling and complexity.

正如我之前提到的，我們也在努力提高效率。如今，材料要從頭到尾穿過三層樓、兩棟建築物，行程超過兩英里。這種設計並不經濟。隨著二號生產線和 Thornhill 擴建項目的投產，我們正在圍繞單件流重新設計佈局，從而顯著減少物料搬運和複雜性。

As we have worked to achieve the entitlement for the line output, we have uncovered inefficiencies that result in longer end to end production times and higher labour costs to achieve that goal. We are fixing those challenges, and that will allow us to operate at a higher efficiency with a lower cost structure.

在努力實現生產線產量目標的過程中，我們發現了一些效率低下的問題，導致從頭到尾的生產時間延長，勞動成本增加，才能實現這一目標。我們正在解決這些挑戰，這將使我們能夠以更高的效率和更低的成本結構運作。

We expect equipment to begin arriving in Q2 with fully automated production targeted in Q4.

我們預計設備將於第二季開始到貨，目標是在第四季度實現全面自動化生產。

Let me close with this. 2025 was a year of heavy automation implementation, capacity expansion, and rapid change. Day one is never perfect. My job is to turn new capability into repeatable disciplined operations. We've identified the gaps. We've addressed the root causes, and we're building the redundancy and process rigor required to scale reliably from here. I'm confident in the path forward and confident in the team's ability to execute it.

最後我想說的是，2025年是自動化程度大幅提高、產能擴張快速且快速改變的一年。第一天永遠不會完美。我的工作是將新獲得的能力轉化為可重複的、有條不紊的操作。我們已經找到了差距。我們已經解決了根本原因，並且正在建立冗餘機制和流程嚴謹性，以便從此可靠地擴展規模。我對前進的方向充滿信心，也對團隊執行這一方向的能力充滿信心。

Let me turn this over to someone who's helped me get up to speed quickly, our CTO Francis Richey.

讓我把麥克風交給幫助我快速上手的人——我們的技術長法蘭西斯·里奇。

Thanks John. It's great to be joining the call today.

謝謝你，約翰。很高興今天能參加這次電話會議。

I'm the Chief Technology Officer and I've been with EOSs for 11 years. I started at EOS when we were a 15-person company, and it's been a rewarding journey with an incredible team of scientists and engineers developing the chemistry, battery system, and software over multiple product iterations. I'm a chemical engineer by training, and my passion is scaling and optimizing technology to build profitable products, particularly products utilizing electrochemistry. Throughout my time at EOS, the market environment has evolved significantly, and EOS has evolved along with the market. We started with an aqueous zinc-based battery. As our technology continued to advance, we found more efficient ways to configure our systems and implement better power electronics to control performance, most recently with the EOS Z3 cube.

我是首席技術官，在 EOS 工作了 11 年。我加入 EOS 時，公司只有 15 人。與這支由科學家和工程師組成的傑出團隊一起，在多個產品迭代中開發化學、電池系統和軟體，這是一段充滿收穫的旅程。我是一名化學工程師，我的熱情在於擴展和優化技術以製造獲利產品，特別是利用電化學的產品。在我任職 EOS 期間，市場環境發生了巨大變化，而 EOS 也隨著市場的發展而不斷發展。我們最初使用的是水系鋅基電池。隨著技術的不斷進步，我們找到了更有效率的系統配置方法，並採用了更好的電力電子技術來控制性能，最近的例子就是 EOS Z3 cube。

Early customers simply wanted to buy a DC system of batteries which they would integrate into larger AC systems. Now many want a full system where EOS provides batteries, software, controls, AC integration, and site design, a complete project that can be easily installed and operated. Many of these storage solutions also require installation in an urban or suburban environment.

早期的客戶只是想購買一套直流電池系統，然後將其整合到更大的交流系統中。現在許多人想要一個完整的系統，EOS 提供電池、軟體、控制、交流電整合和場地設計，這是一個可以輕鬆安裝和操作的完整專案。這些儲存解決方案大多還需要安裝在城市或郊區環境中。

For more than two years we've operated Z3 systems in the field and tested them even longer in our Edison test facility. Learning how these systems operate in extreme environments. We've operated in very cold climates and also in hot desert environments with high winds that create sand and dust that can impact system operation.

兩年來，我們一直在現場運行 Z3 系統，並在我們的愛迪生測試設施中對其進行了更長的測試。了解這些系統在極端環境下的運作方式。我們曾在非常寒冷的氣候下作業，也曾在炎熱的沙漠環境中作業，那裡的大風會揚起沙塵，影響系統運作。

Look, the field is the ultimate proving ground, and this has helped us to improve system resilience and reliability, as well as our software and controls, which led to the launch of Dawn OS. DawnOS enables customers to manage and optimize system performance with individual battery monitoring and control to provide improved operability.

你看，實地是最終的試驗場，這有助於我們提高系統的彈性和可靠性，以及我們的軟體和控制，從而促成​​了 Dawn OS 的推出。DawnOS 使客戶能夠透過單獨的電池監控和控制來管理和優化系統效能，從而提供更好的操作性。

This is then where indensity comes in. This is a product that we've co-developed with our customers as we discuss their operating requirements and run load profiles in our Edison test facility. The same chemistry, same battery, same software and controls, different packaging, and better performance. We're entering a new phase of growth and opportunity, one that differentiates EOS from any other commercially available battery energy storage solution.

這就牽涉到密度的問題了。這是我們與客戶共同開發的產品，我們與他們討論他們的操作要求，並在我們的愛迪生測試設施中運行負載曲線。相同的化學成分、相同的電池、相同的軟體和控制方式，不同的包裝，以及更好的效能。我們正在進入一個充滿成長和機會的新階段，這使得 EOS 與任何其他市售電池儲能解決方案都截然不同。

When we talk about in density as a differentiated product, we focus on three key elements serviceability, cost, and site energy density. The intensity core significantly improves ease of serviceability. We took a page from the aviation industry and thought of an indensity core like an aircraft engine that won't require on-wing service. Instead of disconnecting the entire system to service one piece of it, indensity is designed for quick disconnect so that individual units can be safely serviced using a simple forklift, avoiding disruption of the entire system and allowing for uninterrupted operations. This is an industry-wide advantage of our solution, as we can now service each 133 kilowatt hour in density core without needing a crane, whereas competitors usually require a crane and the loss of multiple megawatt hours of energy during service or sitewide power augmentation.

當我們談到密度作為差異化產品時，我們專注於三個關鍵要素：可維護性、成本和場地能源密度。強度核心顯著提高了維修的便利性。我們借鑒了航空業的做法，並設想了一種類似飛機發動機的密度核心，這種核心不需要在機翼上進行維護。Indensity 的設計理念是快速拆卸，而不是像傳統方式那樣為了維修某個部件而斷開整個系統，這樣就可以使用簡單的叉車安全地維修單個單元，避免中斷整個系統，從而保證不間斷運行。這是我們解決方案的行業優勢，因為我們現在可以在無需起重機的情況下為密度核心的每個 133 千瓦時供電，而競爭對手通常需要起重機，並且在維護或全場電力擴容期間會損失數兆瓦時的能源。

The modular core design allows units to be stacked vertically, as many as 12 units high, significantly improving site energy density and allowing us to serve customers in areas incumbent technologies simply can't access, such as in densely populated space constrained locations where safety is often a key element in decision making.

模組化核心設計允許單元垂直堆疊，最高可達 12 個單元，顯著提高了場地能源密度，使我們能夠為現有技術無法進入的地區（例如人口稠密、空間受限的地區，在這些地區，安全通常是決策的關鍵因素）的客戶提供服務。

This new solution allows us to easily configure systems to customer energy and space requirements.

這項新方案使我們能夠輕鬆地根據客戶的能源和空間需求配置系統。

This is an exciting time, and I've had the opportunity to lead EOS's evolution from cell testing to battery manufacturing to now providing battery energy storage systems integrated with advanced controls and software. I couldn't be more excited about the future and how our product meets the needs of our customers. Thanks everyone. With that, I'll turn it over to Nathan.

這是一個令人興奮的時刻，我有幸帶領 EOS 從電芯測試發展到電池製造，再到如今提供整合先進控制和軟體的電池儲能係統。我對未來以及我們的產品如何滿足客戶的需求感到無比興奮。謝謝大家。接下來，我將把麥克風交給內森。

Thanks, Francis, and good morning, everybody.

謝謝你，法蘭西斯，大家早安。

Let me start on the commercial front where we had a very active 4th quarter.

讓我先從商業方面說起，我們在第四季非常活躍。

And I want to start by looking at the results. We ended the quarter with just over $701 million in backlog, booking nearly 1.1 gigawatt hours across 8 customers and nine individual projects, representing a 9% sequential increase.

我想先看一下結果。本季末，我們的積壓訂單略高於 7.01 億美元，在 8 位客戶和 9 個獨立項目中預訂了近 1.1 吉瓦時，環比增長 9%。

During the quarter we secured more than $240 million in new orders with a healthy diversification across commercial and industrial, distributed generation, and front of the meter utility scale applications. Now, let me give you some background on three of these orders that highlight the operating flexibility of our technology and how we can work across the energy value chain in different customer use cases.

本季我們獲得了超過 2.4 億美元的新訂單，業務多元化程度很高，涵蓋商業和工業、分散式發電以及電錶前端公用事業規模應用等領域。現在，讓我為大家介紹其中三個訂單的背景，這些訂單突顯了我們技術的運作靈活性，以及​​我們如何在不同的客戶用例中跨越整個能源價值鏈開展工作。

First of all, we signed a 50 megawatt hour master supply agreement with a developer in the Midwest to deliver projects that are supported by Commonwealth Edison's distributed Generation rebate program.

首先，我們與中西部的開發商簽署了一份 50 兆瓦時的總供電協議，以交付由聯邦愛迪生分散式發電回扣計劃支持的專案。

This program provides a $250 per kilowatt hour incentive for new energy storage systems, and we have already executed the first purchase order under this agreement with delivery being scheduled for later this year.

該計劃為新的儲能係統提供每千瓦時 250 美元的獎勵，我們已經根據該協議執行了第一份採購訂單，預計將於今年稍後交付。

Now moving on to the second one I want to highlight and just as important, we signed two initial projects for systems to be installed at hotels in Florida with a developer that has a robust pipeline of additional projects, and we expect additional projects to materialize over the next 12 to 18 months.

現在，我要重點介紹第二點，這一點同樣重要。我們與一家開發商簽署了兩個初始項目，將在佛羅裡達州的酒店安裝系統。這家開發商擁有強大的後續專案儲備，我們預計在未來 12 到 18 個月內會有更多專案落實。

And the last one I want to highlight, we secured an order from a global power company that is a focused renewable and energy storage platform to deliver a Z3 system to be installed at a national lab for integration testing.

最後我想重點介紹一下，我們從一家專注於再生能源和儲能平台的全球電力公司獲得了一個訂單，將交付一套 Z3 系統，安裝在國家實驗室進行整合測試。

And we are actively working on large scale opportunities with this customer, so this is a very meaningful project to show the Z3 performance capabilities.

我們正在積極與該客戶合作進行大規模項目，因此這是一個非常有意義的項目，可以展示 Z3 的性能能力。

All three of these projects highlight how we are building long-term partnerships that will scale into larger, more meaningful growth opportunities in the future.

這三個項目都突顯了我們如何建立長期合作關係，這些合作夥伴關係將在未來擴展到更大、更有意義的成長機會。

Now, turning our attention to the broader pipeline, we ended the quarter with a commercial pipeline of $23.6 billion representing approximately 99 gigawatt hours of opportunity, up 4% sequentially and 64% year over year.

現在，讓我們把注意力轉向更廣泛的項目儲備，本季末，我們的商業項目儲備總額為 236 億美元，相當於約 99 吉瓦時的機會，環比增長 4%，同比增長 64%。

Hyperscale and AI related projects remain a primary growth driver as we see customers looking for firm dispatchable capacity and behind the meter load smoothing solutions.

超大規模和人工智慧相關專案仍然是主要的成長驅動力，因為我們看到客戶正在尋求可靠的可調度容量和表後負載平滑解決方案。

Leads specific to data centres increased by 50% quarter over quarter while our active data centre pipeline grew by more than 40%.

與資料中心相關的銷售線索較上季成長 50%，而我們活躍的資料中心銷售管道成長超過 40%。

Many of these opportunities are specifically designed for the in-density solution. As disclosed in our public filings, EOS has been submitted for a 300 megawatt, 8-hour project in the Brooklyn Navy Yard under Nyerda's bulk storage procurement program.

這些機會中有很多都是專門為高密度解決方案設計的。正如我們在公開文件中披露的那樣，EOS 已根據 Nyerda 的散裝存儲採購計劃，向布魯克林海軍造船廠提交了一個 300 兆瓦、8 小時的專案申請。

We also have another project that was submitted under the same bulk storage program in Coned Zone K with the customer that I highlighted earlier that is testing our product at the national lab.

我們還有一個項目，也是在 Coned Zone K 的同一散裝存儲計劃下提交的，客戶就是我之前提到的那位，他正在國家實驗室測試我們的產品。

From an application perspective, we are also seeing more opportunities shift toward co-location with generation assets including both natural gas and renewables.

從應用角度來看，我們也看到越來越多的機會轉向與發電資產（包括天然氣和再生能源）的共址。

These applications typically require longer discharge durations, and as a result of this shift we are now seeing 63% of our pipeline consisting of eight hour or longer systems.

這些應用通常需要更長的放電時間，因此，我們現在看到 63% 的產品線由 8 小時或更長的系統組成。

I want to highlight PJM for a moment where we've seen recent capacity market reforms with sustained elevated clearing prices that are improving the economics for long duration storage. This aligns very well with our framework agreement that we have in place with talent.

我想重點介紹一下PJM，我們看到最近容量市場改革帶來了持續高企的清算價格，這正在改善長期儲存的經濟效益。這與我們和人才方面簽訂的框架協議非常契合。

In addition, Bimmern, a long-term partner that is publicly traded on the New York Stock Exchange, announced their technical selection of the Z3 system for the 400 megawatt hour Redbird project in IRO.

此外，長期合作夥伴、在紐約證券交易所上市的 Bimmern 公司宣布，他們已選擇 Z3 系統作為 IRO 400 兆瓦時 Redbird 專案的技術方案。

Following this project, there is an additional two gigawatts of project development pipeline that spans ERCO, PJM, and MSO that we are currently working on.

繼本專案之後，我們目前正在推進涉及 ERCO、PJM 和 MSO 的另外 2 吉瓦專案開發計劃。

Overall we are seeing very strong near term backlog growth combined with sustained long-term pipeline expansion, both of which are positioning the company very well as demand for integrated long duration storage solutions continues to accelerate.

總體而言，我們看到近期積壓訂單成長非常強勁，同時長期專案儲備也在持續擴張，這兩方面都使公司處於非常有利的地位，因為對整合式長期儲存解決方案的需求持續加速成長。

Now shifting over to the financials, we have a lot to be proud of. And as Joe and John mentioned earlier, we are focused on the work ahead of us that will deliver profitable growth. Now, let's step back and look at 2025. It was a year full of real operational progress. We exited the year having full automated battery module manufacturing. We've implemented continuous process improvements. We launched Dawn OS and we executed multiple product component cutovers. All while scaling production significantly.

現在來看財務方面，我們有很多值得驕傲的地方。正如喬和約翰之前提到的那樣，我們專注於眼前的工作，這些工作將帶來獲利成長。現在，讓我們回顧一下 2025 年。這是在實際營運中取得顯著進展的一年。到年底時，我們已實現了電池模組的全自動化生產。我們已實施持續流程改善。我們推出了 Dawn OS，並執行了多個產品元件的切換。同時，產量也大幅提升。

These foundational moves are now clearly translating into financial performance.

這些基礎性舉措如今已明顯轉化為財務績效。

We delivered our 4th consecutive quarter of record revenue and an additional consecutive quarter of gross margin improvement as production volumes ramped and subassembly automation went into production.

隨著產量提升和子組裝自動化投入生產，我們連續第四個季度實現了創紀錄的營收，並連續第二季實現了毛利率的提高。

In the fourth quarter we generated $58 million in revenue, nearly double Q3.

第四季我們創造了 5,800 萬美元的收入，幾乎是第三季的兩倍。

We exceeded the combined revenue of the first three quarters of 2025, as well as all prior year revenue combined since the company went public.

我們超過了 2025 年前三個季度的總收入，也超過了公司上市以來所有往年​​總收入的總和。

We delivered $114.2 million in full year revenue, more than seven times year over year growth.

我們全年營收達到 1.142 億美元，年增超過七倍。

As John highlighted earlier, subassembly automation represents a meaningful inflection point in our manufacturing strategy.

正如約翰之前強調的那樣，子組裝自動化代表著我們製造策略的一個重要轉折點。

It expands available capacity. It improves product consistency and quality, and it enhances labour productivity, ultimately lowering overall unit costs. Well, this is only beginning to contribute la in Q3. What we saw in Q4 reinforces our confidence in how this business scales.

它擴大了可用容量。它提高了產品的一致性和質量，提高了勞動生產率，最終降低了單位總成本。嗯，這在第三季才開始產生影響。我們在第四季看到的成果增強了我們對這項業務規模化發展的信心。

As volumes increase, we are seeing improved fixed cost absorption driving continued margin improvement.

隨著銷售量增加，我們看到固定成本吸收率提高，進而推動利潤率持續改善。

Gross loss for the year was $143.8 million a 408% point margin improvement year over year driven by significantly higher production volumes and continued product cost out.

本年度毛虧損為 1.438 億美元，年比利潤率提高 408 個百分點，主要得益於產量大幅提高和產品成本持續下降。

This quarter we introduced a new non-GAAP metric, adjusted gross profit. This excludes stock-based compensation and depreciation and amortization, and we believe this provides a clearer view of core operating performance and better aligns us with industry peers. And on that basis, adjusted gross loss for the year was $128.5 million.

本季我們引進了一個新的非GAAP指標－調整後毛利。這不包括股票選擇權激勵、折舊和攤銷，我們認為這能更清晰地反映核心經營業績，並使我們與業界同業更加一致。在此基礎上，該年度調整後的毛虧損為 1.285 億美元。

2025 operating expenses came in at $115.4 million, up 26% year over year, reflecting the targeted investments to support scaling initiatives and further enhanced product solutions.

2025營運支出為 1.154 億美元，年增 26%，反映了為支持規模化計劃和進一步改進產品解決方案而進行的定向投資。

Throughout the year we've invested in engineering.

我們全年都在工程技術方面進行投入。

Launched Don OS and in density, we closed multiple financing transactions, all while bringing in high impact new talent into the organization.

我們推出了 Don OS，並在密度方面完成了多筆融資交易，同時也為公司引進了高影響力的新人才。

Of the $115 million in OE, $25 million or 22% was comprised of non-cash items primarily driven by stock-based compensation and depreciation and amortization.

在 1.15 億美元的營運支出中，有 2,500 萬美元（佔 22%）為非現金項目，主要由股票選擇權費用、折舊和攤提構成。

The net loss for the year was $969.6 million compared to $685.9 million in the prior year. Importantly, these results included $746.8 million of non-cash impacts related to the fair value accounting adjustments, refinancing, and other non-operating items.

本年度淨虧損為 9.696 億美元，而上年度淨虧損為 6.859 億美元。值得注意的是，這些結果包括與公允價值會計調整、再融資和其他非經營項目相關的 7.468 億美元非現金影響。

The largest driver of the loss was from the 135% year over year increase in our stock price, which resulted in mark to market revaluations of both the warrants and the derivatives. Now as our share price continues to move, this line item will continue to fluctuate, and it is not tied to company operations.

虧損的最大原因是我們的股價較去年同期上漲了 135%，這導致認股權證和衍生性商品的市值重新估值。現在，隨著我們股價的持續波動，這項費用也會繼續波動，而且它與公司營運無關。

And with that we finished 2025 with an adjusted EBITDA loss of $219.1 million showing an 812 point margin improvement.

至此，我們2025年的調整後EBITDA虧損為2.191億美元，利潤率提高了812個百分點。

Well, up year over year in absolute dollars, the margin improvement in the 632% revenue growth demonstrate improving unit economics and operating leverage as we continue to scale the business.

雖然以絕對美元計算，年比利潤率有所提高，收入成長 632%，這表明隨著我們不斷擴大業務規模，單位經濟效益和營運槓桿都在改善。

These gains were driven primarily by the operational efficiencies from increased manufacturing capacity and from higher production volumes.

這些收益主要得益於製造能力提升和產量增加所帶來的營運效率提高。

Now turning to cash, we ended the year with just under $625 million worth of cash on the balance sheet, the strongest cash position in the company's history.

現在來看現金，到年底，我們的資產負債表上現金略低於 6.25 億美元，這是該公司歷史上最強勁的現金狀況。

Over the course of the year we were very intentional about strengthening our balance sheet, and that really culminated with the refinancing that we completed in November where we retired 80% of our existing 2030 converts, we reduced our interest rate by 500 basis points, and we added $474 million in cash, and we were able to free up an additional $11.5 million in restricted cash.

在過去一年中，我們非常注重加強資產負債表，並在 11 月完成了再融資，最終實現了這一目標。我們償還了 80% 的現有 2030 年到期債券，將利率降低了 500 個基點，增加了 4.74 億美元的現金，並釋放了額外的 1,150 萬美元受限現金。

Additionally, with the exercise of our public warrants, we also generated approximately $80 million in gross proceeds.

此外，透過行使我們的公開認股權證，我們也獲得了約 8,000 萬美元的總收益。

And as a result of all these actions in our current company outlook, we have removed the going concern language that we have had in our filings in prior years. This is a significant milestone that reflects the strength of our cash position and the continued improvements in our underlying operations.

由於我們目前在公司展望中採取了所有這些措施，我們刪除了前幾年文件中關於持續經營的措辭。這是一個重要的里程碑，反映了我們強勁的現金狀況和我們基礎營運的持續改善。

Now, taken together, 2025 was a foundational year for the business. We expanded customer relationships. We advanced key partnerships. We've scaled our production, we've implemented automation, we've improved our margins, and we've launched both a new software and a product configuration that builds on our existing technology while addressing the evolving market needs.

總而言之，2025 年是公司發展史上具有奠基意義的一年。我們拓展了客戶關係。我們推進了關鍵合作夥伴關係。我們擴大了生產規模，實現了自動化，提高了利潤率，並推出了基於現有技術的新軟體和產品配置，以滿足不斷變化的市場需求。

While there's still a lot of work ahead of us, the foundation that we have built positions us well for continued growth, improved profitability, and long-term value creation.

雖然我們面前還有很多工作要做，但我們已經打下的基礎使我們能夠繼續成長，提高獲利能力，並創造長期價值。

And with that, I'm going to turn the call over to Joe.

接下來，我將把電話交給喬。

Thanks Nathan. Let me wrap up with our outlook in 2026 as we initiate guidance on revenue. You can see the progression of our guidance, from 7X. If you take the midpoint of the guidance range in 2026, it's 3x what we did in 2025. Feel confident about the guidance that we're giving, given what John and Francis have talked about. And when you think about this guidance, think of it this way the $300 million is coming from backlog. And the range to the $400 million is tied to some of the bigger projects that we talked about as they go through the normal approval processes with the grid operators where our customers will be installing projects. We're excited about the things that you see the Nerta projects that Nathan talked about working with talent and PJM, things that we're seeing as far as states like Virginia, ERCOt growth. Centre growth, we feel confident that we'll begin shipping in density as we get into the second half later part of this year and that's how we go from the $300million to $400 million as we go through the year we'll give updates on where we are against that progress and when you also think about this, one other thing that we've never given official guidance on what we've talked about a few times in earnings, we talked about becoming gross margin positive in Q. One unfortunately with where we wound up in volume last year our material cost pushed out into one queue that's going to delay our path to profitability as we get into 2026. We feel very confident on the projects that that Francis is bringing from a technology standpoint that John is driving from a productivity and cost out material cost out standpoint and Nathan delivering. Better efficiency out in the field that we will be gross margin positive in the second half of 2026, and we feel very confident on the guide that we're giving on the range of $300 million to $400 million. So with that, I want to thank everybody for listening today and now we'll go to the Q&A portion where we'll start off with some of our questions that came in over the same tool from our from our retail shareholder base.

謝謝你，內森。最後，我想談談我們對 2026 年的展望，並發布營收指引。您可以看到我們從 7X 開始的指導進展。如果取 2026 年指引範圍的中點，那就是 2025 年的 3 倍。鑑於約翰和弗朗西斯所談到的內容，請對我們提供的指導充滿信心。當你考慮這項指引時，不妨這樣想：這 3 億美元來自積壓訂單。而高達 4 億美元的金額與我們之前討論過的一些大型項目有關，這些項目正在通過電網運營商的正常審批流程，我們的客戶將在那裡安裝項目。我們對 Nathan 提到的 Nerta 計畫與人才和 PJM 的合作感到興奮，也對維吉尼亞州等地的 ERCO 的發展感到興奮。中心成長方面，我們有信心在今年下半年開始提高出貨密度，從而實現從3億美元到4億美元的目標。我們將全年持續更新進度。此外，還有一點要注意，我們從未就此給出正式指引，但我們在財報中多次提到過，我們曾表示將在第一季實現毛利率為正。遺憾的是，由於去年的銷售不佳，我們的原物料成本集中上漲，這將延緩我們實現獲利的進程，直到2026年。我們對 Francis 從技術角度帶來的專案、John 從生產力和材料成本角度推動的專案以及 Nathan 的交付都非常有信心。由於現場效率提高，我們將在 2026 年下半年實現毛利率為正，我們對 3 億至 4 億美元的毛利率預期非常有信心。那麼，我要感謝大家今天的收聽，現在我們將進入問答環節，首先回答一些透過同一工具從我們的零售股東那裡收到的問題。

Okay, first one, as part of Project Amaze 8 gigawatt hour annual production targets, where does EOS expect to be at the end of 2026 for annualized manufacturing nameplate capacity?

好的，第一個問題，作為 Project Amaze 8 吉瓦時年產量目標的一部分，EOS 預計到 2026 年底的年化製造額定產能將達到多少？

Right now, we're targeting 4 gigawatt hours that's in line with the customer requirements that we have. We really want to bring position for Hill for rapid expansion, as we think about how we want to do this, the goal here is to be able to bring capacity online within the window of customer demand, and that's what John's trying to do. But it's not just. The capacity of the equipment that we're installing, it's other portions of the overall supply chain. I'll turn over to John here to add some comments, but the target for the year is four gigawatt hours of nameplate capacity coming out of 2026 that matches with where we see our backlog, and then from there we'll be able to add capacity as required. I don't know, John, if you have anything you want to add. Yeah.

目前，我們的目標是達到 4 吉瓦時，這符合我們客戶的需求。我們真心希望為 Hill 的快速擴張奠定基礎。在思考如何實現這一目標時，我們的目標是在客戶需求的窗口期內實現產能上線，而這正是 John 正在努力的方向。但這並非事實。我們正在安裝的設備的能力，以及整個供應鏈的其他部分。接下來我請約翰補充一些評論，但今年的目標是到 2026 年實現 4 吉瓦時的額定容量，這與我們看到的積壓訂單相符，然後我們將根據需要增加容量。約翰，我不知道你還有什麼要補充的。是的。

Over the last few months we've developed multiple automation partners, for automation equipment to shrink lead times. We've developed a national building partner that can deliver a building in a short period of time that's in line with our automation commitments from an implementation standpoint and then we've worked with our suppliers to understand where their inflection points are, where they have to add additional capacity and what their timelines are so that I can stay out ahead of Nathan on, from an order standpoint.

在過去的幾個月裡，我們發展了多個自動化合作夥伴，以獲得自動化設備，從而縮短交付週期。我們已經建立了一個全國性的建築合作夥伴，可以在短時間內交付符合我們自動化承諾的建築，從實施的角度來看，這符合我們的承諾。然後，我們與供應商合作，了解他們的轉折點在哪裡，他們需要在哪些方面增加產能，以及他們的時間表是什麼，這樣我就可以在訂單方面領先 Nathan。

And I would just add at the end here before we go to the next question, look, we're not out chasing. Chasing we're not out chasing volume we're building capability we're building capability to reliably deliver, when you flip the switch in your home, you want the lights to come on and we want to deliver a product that enables us to do that so we're going to be very disciplined on how we do that for delivering for customers and also disciplined about how we think about our working capital and cash balances as we also expand.

最後，在進入下一個問題之前，我想補充一點：我們不是出去追逐。我們追求的不是銷量，而是能力，我們追求的是可靠交付的能力。就像你打開家裡的開關，希望燈亮起來一樣，我們也希望提供能達成目標的產品。因此，我們將嚴格把控交付流程，為客戶提供服務；同時，隨著業務的擴張，我們也會嚴格把控營運資金和現金餘額。

If I move to the second question, what recent operational metrics and achievements validate achieving your Q1 2026 positive gross margin target? How much of the margin expansion is dependent on the indensity transition versus efficiency gains on the existing Z3 module automation line? I think we talked; I talked about the first part of that question on the last page when we issued guidance. Look, we feel like underlying this is a structurally profitable business that needs to get better at how it executes day by day, and we have a very clear path on how we want to do that and we've got the leaders and the and. The capability from a from a from a team standpoint and the equipment to be able to do that I think the pages that John talked about and the operational page I had in there shows that structural profitability we need to just execute to get there the Z3 cube. Is a profitable product. The density core is adding to provide better performance to customers, allowing us to manufacture faster and allowing us to compete on price point head-to-head with any with any technology on the market. No, John, if you want to add anything to that as far as how you see profitability evolving.

如果我轉向第二個問題，您認為近期哪些營運指標和成就能夠證明您實現了 2026 年第一季正毛利率目標？利潤率的提升有多少取決於密度轉型，有多少取決於現有 Z3 模組自動化生產線的效率提升？我想我們已經談過了；我在發布指導意見的最後一頁談到了那個問題的第一部分。你看，我們覺得這家公司從根本上來說是一家結構上盈利的企業，只是需要不斷改進日常運營，我們已經制定了非常清晰的改進路徑，並且我們有了領導者等等。從團隊的角度來看，我們有能力做到這一點，而且我們擁有所需的設備。我認為約翰提到的那些頁面以及我在那裡提到的營運頁面表明，我們需要執行才能實現結構性盈利，也就是 Z3 立方體。是一款獲利產品。密度核心的增加為客戶提供更好的性能，使我們能夠更快地進行生產，並使我們能夠在價格上與市場上任何採用任何技術的產品進行正面競爭。不，約翰，如果你想就盈利能力的發展趨勢補充一些內容的話。

Yeah, if I look at it from a lien methodology, all aspects of our operations have waste and opportunity for improvement. So, I look at, I talked earlier about downtime, so reducing downtime and increasing fixed asset utilization and labour utilization. Talked about yields, so improving the yields and reducing scrap. If I look at materials, we've got several projects that are going to reduce material costs but not only reduce material costs but also reduce assembly time and manufacturing time. We continue to look at ways to increase run rates, look at ways to increase efficiency, and then as we get into Thorn Hill, we'll have an optimized cost perspective from a material handling standpoint. We're literally going from two miles down to 1,000 ft. So, if you consider all the material handling that goes into there, there's a significant opportunity to reduce costs in just that one item.

是的，如果我從留置權方法論的角度來看，我們營運的各個方面都存在浪費和改進的機會。所以，我關注的是，我之前談到了停機時間，也就是減少停機時間，提高固定資產利用率和勞動力利用率。討論了產量，也就是提高產量和減少廢料。就材料而言，我們有幾個項目不僅可以降低材料成本，還可以縮短組裝時間和製造時間。我們將繼續尋找提高運行速度的方法，尋找提高效率的方法，然後當我們進入 Thorn Hill 時，我們將從物料搬運的角度獲得最佳化的成本視角。我們實際上是從兩英里下降到 1000 英尺。因此，如果考慮到其中涉及的所有物料搬運，僅僅這一項就有很大的機會降低成本。

And I think just closing out, like John brings up a great point on Thornhill, over time we're going to want to consolidate the footprint into one location to capture all those synergies and we'll be that'll be part of the plan as we move forward and think about expanding, with that we'll wrap up with the same questions and operator will turn it over to our cell side for any Q&A.

最後，我想說，就像約翰在 Thornhill 提出的觀點一樣，隨著時間的推移，我們希望將所有業務整合到一個地點，以獲得所有協同效應。這將是我們未來發展和考慮擴張計劃的一部分。最後，我們還有一些問題需要解答，接下來我們將把問題交給我們的客服團隊來解答。

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

謝謝。屆時我們將進行問答環節。提醒您，如果您想提問，請在電話上按 11，然後等待播報您的名字。如需撤回您的問題，請再按 11。請稍候，我們正在整理問答名單。

Our first question comes from the line of Stephen Gengaro of Stifel. Your line is now open.

我們的第一個問題來自 Stifel 的 Stephen Gengaro。您的線路已開通。

Thanks. Good morning, everybody. My first question is on the guidance and maybe two parts. One is you; you're a couple of months ago you had a high expectation for the fourth quarter and clearly you fell short and now we're looking at, pretty big ramp in 26.

謝謝。大家早安。我的第一個問題是關於指導原則的，可能包含兩個部分。一個是你；幾個月前你對第四季抱有很高的期望，但顯然你沒有達到預期，現在我們看到的是，26 年需要大幅提升業績。

How do you think about the components of guidance and sort of de-risking. The parameters you put out versus guidance historically.

您如何看待指導和降低風險的組成部分？你提出的參數與以往的指導意見相比如何？

Yeah Steven, good morning, thanks for the question. First, like, you look at the ranges I talked about when we talked about the guidance in of itself, we're looking at the improvements that John has implemented coming out of fourth quarter, looking at the backlog of orders that we have to get to the bottom end of the range, then looking at. The opportunities that we're working on, the fact that we're bringing a new line and to give us the top end of the range, but we've tried to really look at, we tried to really look at how we can change our discipline as a company to not have happened what happened in 2025 so we can't the range is 100, the range is 100 million midpoints, the midpoints 350. What hasn't changed about the company is the demand that's out there for the product we're trying to do in 2026 is better control our scale, get the manufacturing throughput quality and margin expansion that we need, and really look at like where we think we can land without going for like a degree of difficulty that's a 10 but coming in with something that we can manage to over time.

是的，史蒂文，早安，謝謝你的提問。首先，就像，你看看我之前談到的業績指引範圍，我們正在研究約翰在第四季度實施的改進措施，以及我們必須完成的訂單積壓情況，才能達到業績指引範圍的下限，然後再看看。我們正在努力抓住機遇，推出新產品線，以達到產品系列的高端水平，但我們一直在努力思考，如何改變公司的運營方式，避免重蹈 2025 年的覆轍，所以我們不能讓產品系列達到 1 億，中點數為 3.5 億。公司不變的是，市場對我們計劃在 2026 年推出的產品的需求，我們需要更好地控制規模，獲得所需的生產效率、質量和利潤率增長，並認真考慮我們能在不追求難度極高（比如 10 分）的情況下達到的目標，而是製定一個我們能夠長期掌控的目標。

Okay, great, no that's helpful and then just I imagine this is correct, but when we think about the quarterly growth, I mean, I would imagine the 1 q would be above 4Q but the low point and then escalate throughout the year. Is that a reasonable pattern?

好的，太好了，這很有幫助，我想這應該是正確的，但是當我們考慮季度增長時，我的意思是，我想第一季度會高於第四季度，但第四季度是低點，然後全年都會逐步增長。這種模式合理嗎？

Yeah, well, look, Steven, so part of, part of what we have coming in and, we don't give quarterly guidance, but from a standpoint of coming into the year, we're coming off a high point, we're delivering the customer schedules. I think we'll be around the 4th quarter number as we look at like what we have to deliver to customers and there's some, there's also commissioning revenue in there as well and then from there sequentially grow.

是的，你看，史蒂文，我們即將推出的產品有一部分，我們不提供季度業績指引，但從今年的業績來看，我們剛剛經歷了一個高峰期，我們正在按時完成客戶的訂單。我認為我們會在第四季度左右達到目標數字，因為我們要考慮必須向客戶交付的產品，其中也包括佣金收入，然後在此基礎上逐步成長。

Okay, great, thanks. I'll get back in line.

好的，太好了，謝謝。我這就重新排隊。

Thank you. Thanks Steven

謝謝。謝謝史蒂文

One moment for our next question.

請稍等片刻，我們來問下一個問題。

Our next question comes from the line of Julien Dumoulin-Smith of Jefferies. Your line is now open.

我們的下一個問題來自傑富瑞集團的朱利安·杜穆蘭-史密斯。您的線路已開通。

Hey, good morning, team. Thanks for the time. I appreciate it. Can you guys hear me, okay? Julian.

嘿，早安，各位同事。謝謝你抽出時間。謝謝。你們聽得到我說話嗎？朱利安。

You're good. Morning, Julian. Hey.

你很厲害。早安，朱利安。嘿。

Hey guys, a super cool question. As I just go back to the comment about the 300 million to 400 million range. Can you guys comment a little bit about like what exactly those bigger projects that you're talking about are, like which ones in particular seem particularly ripe, right? Again, just to maybe track against the milestones this year and what would materialize and if you can speak a little bit against. You know you've got a materially larger backlog in aggregate. What's the duration of that backlog when you think about it, just given that, call it 300 of it is burning off this year, if you will.

嘿，各位，有個超酷的問題。我再回到之前關於 3 億到 4 億這個範圍的評論。你們能不能稍微介紹一下你們所說的那些大型專案具體指的是什麼？例如，哪些專案看起來特別成熟？再次強調，只是為了對照今年的里程碑事件進行跟踪，看看哪些事情會實現，如果您能提出一些反對意見，那就太好了。你知道你的積壓工作總量要大得多。仔細想想，積壓的訂單要處理多久？假設今年有 300 個訂單可以處理完。

Yeah Julian, great question. Look, I think we go back on the material large stuff, but look, I think we all know the industry needs power quickly, but at the same time we still operate in a framework where approvals and, queues are long, so we're kind of hedging that. But like, Nathan talked about two large projects in Nycerta that when approved by Nycerta as part of their bulk storage by. Would go into delivery almost immediately. So, like that's two of them in there we've talked about PJM and what we're doing with talent. There's other projects that we have that we haven't discussed with large hyper scales that that could potentially come in, and then Nathan talked about what appears to be, when you look at the surface, they look like small projects, but they're small projects with a big pipeline of opportunity that you deliver and grow and continue to deliver, and we just got to work through that. We'll keep everybody updated on that, as we move forward, from there.

是的，朱利安，問得好。你看，我認為我們會回到大宗商品上來，但是，我想我們都知道這個行業需要快速獲得電力，但與此同時，我們仍然在一個審批流程漫長、排隊很長的框架內運作，所以我們正在採取一些對沖措施。但是，Nathan 談到了 Nycerta 的兩個大型項目，這兩個項目經 Nycerta 批准後，將成為其散裝儲存項目的一部分。幾乎立即投入出貨。所以，就像我們之前討論過的 PJM 以及我們正在做的關於人才的事情一樣，這裡就有兩個例子。我們還有一些項目，還沒有和大型超大規模企業討論過，這些企業可能會參與其中。然後內森談到，這些項目表面上看起來是小項目，但實際上卻蘊藏著巨大的機會，需要不斷交付、發展和持續交付，而我們只需要努力解決這個問題。我們會隨時向大家通報最新進展。

Got it. And then just if I can follow-up there, the defence space, seems intriguing here. Can you comment about that and market and the opportunity you see there? What is it, what is the project like look like in that space, size, duration, and just even elaborate a little bit more about what you guys were talking about a second ago and in the timing of seeing some of that come to fruition again.

知道了。然後，如果我能繼續深入探討一下，國防領域似乎很有意思。您能否就此市場以及您看到的機會發表一些看法？它是什麼？這個專案在這個領域是什麼樣子？規模、持續時間如何？能否再詳細闡述你們剛才討論的內容，以及何時才能再次看到其中一些內容得以實現？

How do you, what does that look like?

那是什麼樣子的？

So defence, like I think you start off with NDAA, right, which is, how the Défense Department of War purchases, in the NDAA, they're being, they're being told to buy American products and I think we have that American product as we go through that, there's a lot of things we have to go through as far as working with different branches of the government. To get approval I think a big thing that helps accelerate us is the due diligence process that we went through with the Department of Energy to get our to get our to get our loan but like we're working through it across all branches of the military to see what the needs are and like what we're looking at is what do what do they need and they also have there's also. Large power growth that they have and how do we meet those needs and then we go through and show them how the product is but also as you work with the military there's things that we're doing to make sure that we hit all their requirements because we want to hit the ground running, but that's something like that we'll continue to work on and we are working on and you know we do spend a significant amount of time down in Washington walking everyone through what the technology is capable of.

所以國防，我覺得要從《國防授權法案》（NDAA）說起，對吧？ NDAA規定了國防部戰爭部的採購方式，要求他們購買美國產品。我認為，在我們推進這項法案的過程中，我們需要購買美國產品，但除此之外，我們還需要與政府的不同部門合作，處理很多事情。我認為，為了獲得批准，加快我們進程的一個重要因素是我們與能源部進行的盡職調查過程，以獲得我們的貸款，但我們正在與所有軍種合作，了解他們的需求，我們正在研究他們需要什麼，以及他們還有什麼。他們擁有巨大的電力成長潛力，我們又該如何滿足這些需求？我們會向他們展示產品，但同時，在與軍方合作的過程中，我們也在努力確保滿足他們的所有要求，因為我們希望能夠迅速開展工作。諸如此類的事情，我們會繼續努力，而且我們正在努力。你知道，我們確實花了大量時間在華盛頓，向所有人詳細介紹這項技術的功能。

Got it. Excellent.

知道了。出色的。

Thank you for that. And then lastly, if I could just, ask, just given where you are coming out for 26, how do you think about the ramp of line 3 and 4, right? So how do you think about when and the timing and scaling of that, right? Obviously, you got line one and now line two here, but 34, and 4 of a 27 question, right?

謝謝。最後，如果可以的話，我想問一下，鑑於你對 26 號線路的分析，你覺得 3 號線和 4 號線的坡道怎麼樣？那麼，你如何考慮何時、何時進行以及規模如何？顯然，你這裡有第一行和第二行，但是是 34，還有 27 題中的 4 道，對吧？

Yeah, and I think Julien like this goes back to.

是的，我認為朱利安喜歡這樣可以追溯到很久以前。

Disciplined execution, right? It's a great question, right? So, John, John's taking us into a new building. The new building changes the game from a throughput efficiency and cost. Turtle Creek is a fully functioning factory that's up at two gigawatt hours of production. It hit it hit its nameplate Capac. Capacity coming out of 2025, but if you have a lean mindset, you're constantly looking at how to get things better, how to improve on things that goes with how you operate your manufacturing, but also how you implement capacity expansion. So, what we, what we've told John is come up with a plan that we can execute and implement lines within the window of when a customer orders to when they ship. So as things come in, we'll be able to do that. What John has done in his time a lot, not only did he increase output 80% in the fourth quarter, if you look at quarter over quarter sequential manufacturing output, he also went in and revamped our automation partnerships, got us in with tier one automation providers, broke up how we were doing the different. Pieces of that and position those suppliers to be able to come up with a framework agreement approach with them where we could put a signal into them and they can deliver faster than what we're doing on line two today. Line two today, part of what's happening there is it's a new building and there's a lot of work that we got to go through. We want to make sure that we get that right and we get that ramp right and the transition and balancing between the two facilities.

執行力很強，對吧？這是一個很好的問題，對吧？約翰，約翰要帶我們去一棟新大樓。新建築從吞吐量效率和成本兩方面改變了遊戲規則。Turtle Creek 是一家全面運作的工廠，目前的產能為 2 吉瓦時。它撞到了它的銘牌 Capac。產能將於 2025 年到期，但如果你秉持精實思維，你就會不斷思考如何把事情做得更好，如何改善與你的生產運作方式相關的方面，以及如何實施產能擴張。所以，我們告訴約翰的是，要製定一個計劃，讓我們能夠在客戶下單到發貨的這段時間內執行並實施生產線。所以，等事情進展順利，我們就能做到。約翰在任期間做了很多工作，不僅在第四季度將產量提高了 80%（如果你看一下季度環比的連續生產產量），他還重組了我們的自動化合作夥伴關係，讓我們與一流的自動化供應商合作，打破了我們以往不同的生產方式。把這些部分整合起來，讓這些供應商能夠與他們達成框架協議，這樣我們就可以向他們發出信號，讓他們比我們目前在第二條生產線上更快地交付產品。今天二號線的情況是，那裡正在建造一座新大樓，我們需要完成很多工作。我們希望確保一切順利，確保坡道設計合理，並確保兩個設施之間的過渡和平衡。

Yeah, that makes sense. Excellent, thank you guys. Appreciate it.

嗯，有道理。太好了，謝謝各位。謝謝。

Thanks, Julian.

謝謝你，朱利安。

One moment for our next question.

請稍等片刻，我們來問下一個問題。

Our next question comes from the line of Mark Strouse of J.P. Morgan. Your line is now open.

我們的下一個問題來自摩根大通的馬克·斯特勞斯。您的線路已開通。

Yeah, good morning.

早安.

Thank you very much for taking our questions. Just curious if you can comment on the competitive environment that you're seeing recently. Obviously, you guys are making good progress with your backlog, but there's one of your publicly listed peers that's traditionally in lithium-ion, they have really been talking up their long duration pipeline the last couple of quarters. There, there's a very large, project, long duration project up in Minnesota that just, recently got, announced. Just kind of broadly speaking, I know those are completely different technologies in both of those cases, but just kind of broadly speaking about the competitive environment would be great, thank you.

非常感謝您抽空回答我們的問題。我很好奇您能否談談最近看到的競爭環境。顯然，你們在處理積壓訂單方面取得了良好進展，但你們的一家上市同行，傳統上從事鋰離子電池業務，在過去的幾個季度裡一直在大力宣傳他們的長期產品線。明尼蘇達州最近宣布啟動了一個規模非常大、工期很長的計畫。我知道這兩種情況的技術完全不同，但如果您能大致談談競爭環境，那就太好了，謝謝。

Your point, Mark, I think first off it points to what we're showing in our backlog about longer duration discharges coming to fruition. I think it's great to have other companies that are doing it because it just goes to show that, what we've been talking about for five years, the markets now there. I've said this many times, like there's many different use cases and I always draw the correlation of energy storage is going to look like. Gas turbine technology over time you have different types of gas turbines that do different things with different efficiency points. So, I think what was announced in Minnesota, delivery in 2028 is a great example of people looking for longer duration energy storage, longer than what we do. At the same time, Nathan showed like our pipeline is up by, above 40% for longer duration. And we and it has now become 40% of our pipeline. Sorry I misspoke, but like it's becoming more and more and I, and I think like, established players, there's a market out there for that product. I think we've come up with the work that Francis has done and the team, we've come up with a solution. That delivers in that for which is going to be very important and look we've been running load profiles here in our test facility in Edison, New Jersey using the load profiles of data centres and our technology matches up great with that so we're encouraged by that, but there's a lot of demand out there and I think it's great there's other players. It's going to be a competitive marketplace and I think we’re; we have a product that competes.

馬克，你的觀點，我認為首先表明，我們積壓的專案正在逐步實現，更長時間的放電技術正在取得成果。我認為其他公司也在這樣做是件好事，因為這正好表明，我們五年來一直在談論的事情，現在已經有了市場。我已經說過很多次了，就像有很多不同的應用場景一樣，我總是會畫出儲能的關聯圖，以此展現儲能的未來發展方向。隨著時間的推移，燃氣渦輪機技術發展出了不同類型的燃氣渦輪機，它們用途不同，效率也各不相同。所以，我認為明尼蘇達州宣布的2028年交付計畫就是一個很好的例子，說明人們正在尋求比我們目前提供的更長時間的儲能方式。同時，Nathan 表示，我們的管道建設進度比預期提高了 40%，而且持續時間更長。現在，它已經占到我們業務流程的 40%。抱歉我剛才說錯了，但是我覺得這種情況越來越普遍，而且我認為，對於那些成熟的玩家來說，市場上確實有這種產品的需求。我認為我們已經總結了弗朗西斯和團隊所做的工作，並找到了解決方案。這滿足了這一點，這一點非常重要。我們一直在新澤西州愛迪生市的測試設施中運行負載曲線，使用資料中心的負載曲線，我們的技術與此非常匹配，這讓我們很受鼓舞。但是，市場上的需求很大，我認為有其他參與者是件好事。這將是一個競爭激烈的市場，我認為我們擁有具有競爭力的產品。

Yeah, makes sense. I'll take the rest of the line.

嗯，有道理。我來接剩下的線。

Thank you. Thanks.

謝謝。謝謝。

One moment for our next question.

請稍等片刻，我們來問下一個問題。

Our next question comes from the line of Craig Shere of Tuohy Brothers Investment Research. Your line is now open.

我們的下一個問題來自 Tuohy Brothers Investment Research 的 Craig Shere。您的線路已開通。

Good morning.

早安.

Thank you for taking the questions. So, first, can you opine on, the potential margin deltas, gross margin deltas between US and international orders? Does American-made help in any way internationally to do the degree some trading partners want to, right size trade balances, on a national level? And can you give some colour on the timeline for that foreign power company national lab testing and the level of prospective order flow, should they deem you're having the most optimal solution.

感謝您回答這些問題。首先，您能否就美國訂單和國際訂單之間潛在的利潤率差異、毛利率差異發表一下看法？美國製造的產品在國際上能否以任何方式幫助一些貿易夥伴實現他們所希望的，即在國家層面上調整貿易平衡？您能否詳細說明一下那家外國電力公司國家實驗室測試的時間表，以及如果他們認為您的解決方案是最理想的，預計的訂單量會是多少？

Yeah Craig just a couple of things inside of that like I think where we're where we're seeing interest in our product internationally has less to do with politics and more to do with performance. I think people are looking at what the product delivers. And less about trade balances I think having a product where we go through and talk about the intrinsic value of it is what's attracting our customers whether that's domestic or international. I think we're starting to plant seeds starting off in Germany and obviously we have a big pipeline of opportunity in the UK that that Nathan talked about just on the on your last point here like the. The customer that that Nathan talked about is a global utility that's doing testing in the United States at a lab that is tied to a project for the Nerta program so like we're going through that and by the way that test. Thing is great like we love doing that because it gives us data to show people about how the product performs and put this through its pas and that's where you know doing stuff like this that's what that's what brings out indensity and improved performance on the product that we have out in the field.

是的，克雷格，其中還有幾點需要說明，例如我認為我們在國際上看到的產品受到關注，與政治關係不大，而與產品性能關係更大。我認為人們關注的是產品能帶來什麼。我認為，與其關注貿易平衡，不如深入探討產品的內在價值，這才是吸引國內外顧客的關鍵所在。我認為我們正在德國開始播種，顯然我們在英國也有很多機會，就像內森剛才提到的你剛才提到的那樣。Nathan 提到的那位客戶是一家全球性公用事業公司，正在美國的一家實驗室進行測試，該實驗室與 Nerta 計劃的一個項目有關，所以我們正在經歷這個過程，順便說一下，那個測試。這樣做很棒，我們喜歡這樣做，因為它能為我們提供數據，向人們展示產品的性能，並檢驗它的表現。你知道，做這樣的事情，就能提高我們產品在實際應用上的密度和性能。

And would one assume that international sales are going to be slightly lower gross margin?

那麼，人們是否可以認為國際銷售的毛利率會略低一些呢？

No, I would, I wouldn't assume that.

不，我不會那樣假設。

Okay, and my last question, and I apologize if my quick math is incorrect, but it looks like you burned through maybe $65,375 million in operating cash flow before working capital changes in the quarter. Thoughts about tempering that bleed as you move in the positive gross margin in the second half of 26.

好的，我的最後一個問題，如果我的快速計算有誤，請見諒，但看起來你們在本季度營運資本變動之前可能消耗了 653.75 億美元的經營現金流。關於如何在 2026 年下半年實現正毛利率的同時，減少虧損的思考。

Yeah, look, our goal as Nathan talked about, like we've capitalized the company which we are focused on being good stewards of that capital. I think as you look at that one of the reasons why we removed the going concern, for the company in this quarter is that we see a trajectory to be able to manage the company strategically and for the long-term and then obviously like there was a ramp into a build plan that then levelizes but then we'll ramp again. So we managed through that, but like as we look at where the company is, we have cash to be able to grow it over the long-term.

是的，你看，正如內森所說，我們的目標是，我們已經為公司籌集了資金，我們專注於善用這些資金。我認為，我們之所以在本季取消公司的持續經營預期，其中一個原因是，我們看到了公司發展的方向，能夠從策略和長期的角度來管理公司。顯然，公司經歷了一個逐步推進的建設計劃，然後趨於平穩，但之後我們會再次加速發展。所以我們挺過了那段時期，但就像我們審視公司現狀時發現的那樣，我們有足夠的現金來實現長期成長。

Okay, thank you.

好的，謝謝。

Thanks.

謝謝。

One moment for our next question.

請稍等片刻，我們來問下一個問題。

Our next question comes from the line of Jeff Osborne of TD Cowen. Your line is now open.

我們的下一個問題來自 TD Cowen 公司的 Jeff Osborne。您的線路已開通。

Yeah, thank you. Just a couple of quick ones. I think, last quarter you mentioned that the yield on the bipolar line that started, I believe, in July was 98%. I was wondering what the fabrication yields were in the fourth quarter.

是啊，謝謝。就簡單問幾個問題。我想，上個季度您提到過，從7月開始的雙極線收益率為98%。我想知道第四季的製造良率是多少。

Go ahead, yeah, John, take that one.

約翰，你來吧，拿下那一個。

So the bipolar yields in the.

所以雙極收益率為。

Growing from there, so, we're basically within January hitting the target. We've reduced that significantly and we'll continue to do so, and we did not anticipate that with the automation. The goal for that automation is 97% for special.

以此為基礎，我們基本上將在1月實現目標。我們已經大幅降低了這個數字，並將繼續這樣做，而自動化並沒有預料到這一點。特殊用途自動化的目標是達到 97%。

And we're well on our way there.

我們正朝著目標穩步前進。

Perfect. And then can you just touch on, spend a few seconds on what sort of field performance has been, safety, reliability, commissioning schedules, relative to expectations.

完美的。然後，您能否簡要地花幾秒鐘談談現場表現如何，包括安全性、可靠性、調試進度，以及是否符合預期？

We're not hearing a response.

我們沒有收到任何回覆。

Folks, we're not hearing anything on your end.

各位，我們這邊沒有任何消息。

If anybody's needed, please unmute.

如果需要幫忙，請解除靜音。

So, can you hear us?

你們聽得到我們說話嗎？

Okay, folks, please stand by for just a moment while we take care of our technical difficulties.

好的，各位，請稍等片刻，我們正在處理一些技術問題。

Thank you for your patience. Please stand by.

感謝您的耐心等待。請稍候。

Folks, thank you for your patience. We'll be back in just a moment.

各位，感謝你們的耐心等待。我們馬上回來。

Okay, folks, I think we are back.

好了，各位，我想我們又回來了。

Yes, I'm sorry about that. Don't know what happened.

是的，我很抱歉。不知道發生了什麼事。

Okay, Jeff, did you want to repeat your question in case they did not hear that?

好的，傑夫，你是不是要再問一遍，以防他們沒聽清楚？

Yeah, sure thing. I was asking about, can you just spend a few seconds on sort of field reliability for units that have been shipped over the past six to nine months, what, commissioning cadence has been, safety issues, installation timing, etc. Just as we think about that trend over the past six months or so as it relates to the guidance that you've given, I just want to understand what that lag is and reliability and up time has spent.

好的，沒問題。我想問的是，您能否花幾秒鐘時間談談過去六到九個月內出貨的設備的現場可靠性，例如調試節奏、安全問題、安裝時間等等。我們想根據您提供的指導，分析過去六個月左右的趨勢，我只是想了解可靠性和正常運行時間的延遲。

Yeah, so Jeff, I don't know, I don't know if you heard, I don't know where we dropped off before, look, we continue to go through and execute on the field, bringing a new product online, operating out, operating, we were doing our operations meeting this morning and continue to see good cycles out in the field as Francis talked about. We continue to learn on each cycle and incorporate those things back into the install base from a commissioning cadence standpoint. You know it's a mix of; it's a mix and cadence of things where there's permitting challenges, there's bringing the site up to speed. There's getting our stuff up and running, there's integrating everything and we work through that with the customer on a customer-by-customer basis. But if you go back to that page I showed, we shipped to 10 customers, recognized revenue on 18 customers, and that ties back to the commissioning that we have.

是的，傑夫，我不知道，我不知道你有沒有聽說，我不知道我們之前哪裡出了問題，你看，我們繼續在現場推進和執行，將新產品上線，運營，運營，我們今天早上開了運營會議，正如弗朗西斯所說，我們繼續在現場看到良好的周期。我們在每個週期中不斷學習，並從調試節奏的角度將這些經驗融入安裝基礎中。你知道，這是一個綜合性的問題；這是一個綜合性的、有節奏的問題，其中既有審批方面的挑戰，也有讓場地盡快投入使用的問題。我們需要先把設備啟動並運作起來，然後還要整合所有東西，我們會根據每個客戶的具體情況與客戶一起解決這個問題。但如果你回到我展示的那一頁，我們向 10 位客戶發貨，確認了 18 位客戶的收入，這與我們的佣金有關。

Got it. And just very quickly, are you capturing higher price as the duration, use case extends out to six to eight hours and beyond, or is the pricing consistent with a sub four hour relative to longer duration?

知道了。另外，簡單來說，當使用時長（例如 6 到 8 小時甚至更長）時，價格是否會更高？還是說，相對於更長的使用時長，4 小時以下的價格是保持不變的？

Well, I mean Jeff, I think it all that it all depends on how you look at that. I think when you look at the value proposition of EOS and you look at our ASP in the backlog, the ASP in the backlog. It's higher than what you would expect for a shorter duration, product.

嗯，我的意思是，傑夫，我覺得這一切都取決於你怎麼看待這件事。我認為，當你審視 EOS 的價值主張，並查看我們待辦事項清單中的平均售價 (ASP) 時，你會發現待辦事項清單中的平均售價 (ASP) 確實很高。對於一款持續時間較短的產品來說，它的價格高於預期。

What we do is we sell on a levelized cost of storage basis which is a little bit higher on the cap side but a lot lower on the operating cost side, and that's what the customers evaluate, to make their purchasing decisions.

我們採用的是平準化倉儲成本法進行銷售，這種方法雖然資本成本略高，但營運成本卻低得多，而這正是客戶在做出購買決定時所評估的。

Perfect that's all I have.

完美，這就是我全部的資料了。

Thank you.

謝謝。

Thanks.

謝謝。

I am showing no further questions at this time. I would now like to turn it back to CEO Joe Msandelo for closing remarks.

我目前沒有其他問題要問。現在我謹將發言權交還給執行長喬·姆桑德洛，請他作總結發言。

Yes, thanks everyone, and again thanks for the question and the continued engagement.

是的，謝謝大家，再次感謝大家的提問和持續的參與。

A couple of points I want to close with first, demand for long duration domestically source energy storage is not a question. The grid is changing. The low growth is real whether it's AI electrification, industrial reshoring. These are structural changes to the power grid in the United States, and they're not cyclical. The market is moving towards solutions that match what we bring to the market, and that's how we've positioned EEOs for the long-term. Second, 2025 was building a foundation, strengthening our balance sheets, scaling manufacturing, standardizing our product architecture, improving operational cadence, we delivered great revenue growth. It reflects the progress that we've made. It's not linear yet, but it's directional and it's improving. Third, 2026 is a year where we have to show disciplined execution. Our guidance. Reflects what we believe we control as we sit here today. We'll keep everybody updated as we go through the year and where we wind up. I feel good about where the team is positioned and as the execution improves, predictability improves. So, we know we've got that's what that's ultimately where we need to focus on and that is where the team is focused on a day-to-day basis. And then profitability for the company. Look, it's a scaling equation, automation.

最後我想強調兩點，首先，國內對長期儲能的需求不是問題。電網正在改變。無論是人工智慧電氣化還是工業回流，低成長都是真實存在的。這些是美國電網的結構性變化，而且不是週期性的。市場正在朝著與我們為市場帶來的產品相匹配的解決方案發展，而這正是我們為 EEO 實現長期定位的方式。其次，2025 年我們奠定了基礎，加強了資產負債表，擴大了生產規模，標準化了產品架構，提高了營運節奏，實現了巨大的收入成長。它反映了我們所取得的進步。雖然目前還不是線性發展，但方向明確，而且正在不斷改進。第三，2026年是我們必須展現嚴謹執行力的一年。我們的指導。這反映了我們今天坐在這裡時認為自己能夠掌控的事情。我們會隨時向大家報告最新進展和最終結果。我對球隊目前所處的位置感到滿意，隨著執行力的提高，可預測性也會提高。所以，我們知道我們已經擁有了這一點，這才是我們最終需要關注的重點，也是團隊每天關注的重點。然後就是公司的獲利能力。你看，這是一個規模化方程式，自動化。

You know how we move material efficiency, bring a lean mindset, finding waste, eliminating waste, resetting it, going back and doing it again and again and again you see the sequential improvement in margin that we need to continue until we become margin profitable, and that's the goal of the company for to deliver long-term value to both shareholders and customers. Look, we strengthen our liquidity. It helps us operate the company more strategically. It gives us runway to be able to be able to execute. Eos is an infrastructure business, right? We are infrastructure businesses are built on discipline, consistency, and operational trust. That's what we're building and that's what we have to show and deliver.

您知道我們是如何提高材料效率、引入精益思維、發現浪費、消除浪費、重新調整、一遍又一遍地重複這些工作的，您會看到利潤率的逐步提高，我們需要繼續這樣做，直到我們實現利潤盈利，而這正是公司的目標，即為股東和客戶創造長期價值。你看，我們增強了流動性。它有助於我們更具策略性地經營公司。這給了我們執行計劃的時間和精力。Eos是一家基礎建設公司，對嗎？我們是基礎設施企業，而基礎設施企業則是建立在紀律、一致性和營運信任之上。這就是我們正在建構的，也是我們必須展示和交付的。

We appreciate the questions and the. Focus and really the attention to EOs across the board of all of our stakeholders. We look forward to demonstrating this continued improvement and progress quarter over quarter as we build a great energy infrastructure company. Thanks for listening today.

我們感謝您提出的問題。集中精力，真正關注我們所有利害關係人的各項環境影響措施。我們期待在打造一家偉大的能源基礎設施公司的過程中，每季都能持續展現出這種改善和進步。感謝您今天的收聽。

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

感謝您參加今天的會議。節目到此結束。您現在可以斷開連線了。