Eos Energy Enterprises, Inc. (EOSE) 2026 Q2 法說會逐字稿

Good morning, and welcome to Eos Energy Enterprises second quarter 2026 conference call. As a reminder, today's call is being recorded, and your participation implies consent to such recording. (Operator Instructions) With that, I would like to turn the call over to Liz Higley, Head of Investor Relations. Thank you. You may begin.

早安，歡迎參加 Eos Energy Enterprises 2026 年第二季財報電話會議。提醒各位，今天的電話會議將被錄音，您的參與即表示同意進行錄音。(接線員指示) 接下來，我將把電話會議交給投資人關係主管 Liz Higley。謝謝。您可以開始了。

Good morning, and welcome to Eos's second quarter 2026 conference Caill. Today, I'm joined by Eos's CEO, Joe Mastrangelo; COO, John Mahaz and CFO, Alessandro Lagi. Today's call may include forward-looking statements, including our expectations regarding future results and the outlook for our company. These statements are based on our current expectations and assumptions and are subject to risks and uncertainties that could cause actual results to differ materially.

早安，歡迎參加 Eos 2026 年第二季財報電話會議。今天與我一同出席的有 Eos 執行長 Joe Mastrangelo、營運長 John Mahaz，以及財務長 Alessandro Lagi。今天的電話會議可能包含前瞻性陳述，包括我們對未來業績以及公司展望的預期。這些陳述係基於我們目前的預期與假設，並受風險與不確定性影響，可能導致實際結果與所述內容出現重大差異。

For more information on these risks and uncertainties, please refer to our SEC filings. These forward-looking statements speak only as of today, and we undertake no obligation to update them, except as required by law. Today's remarks will also include references to non-GAAP financial measures. A reconciliation of these measures to the most directly comparable US GAAP measure is included in our earnings release.

關於上述風險與不確定性的更多資訊，請參閱我們向 SEC 提交的文件。這些前瞻性陳述僅截至今日有效，除法律要求外，我們不承擔更新之義務。今天的發言亦將提及非 GAAP 財務衡量指標。這些指標與最直接可比的美國 GAAP 指標之調節表已載於我們的財報新聞稿中。

Non-GAAP measures should be considered supplemental to and not a substitute for financial information prepared in accordance with GAAP. In addition, these measures may not be comparable to similarly titled measures used by other companies. This conference call will be available for replay via webcast through Eos Investor Relations website at investors.eose.com. Joe, John and Alessandro will walk you through our business outlook and financial results before we proceed to Q&A.

非 GAAP 指標應視為補充資訊，不能取代依 GAAP 編製的財務資訊。此外，這些指標可能無法與其他公司使用的同名指標相互比較。本次電話會議將可透過 Eos 投資人關係網站 investors.eose.com 的網路直播回放收聽。Joe、John 與 Alessandro 將在進入問答前，帶各位了解我們的業務展望與財務結果。

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

接下來，我把電話會議交給 Eos 執行長 Joe Mastrangelo。

Thanks, Liz. Good morning. Thanks, everyone, for joining us. This quarter comes down to three simple things. We ship more product than we have in any prior quarter. We grew our backlog and we committed to consolidating our manufacturing footprint, a strategic decision that trades near-term revenue to lower our cost base as we exit 2026. Now let me walk you through all three of these. We're tightening our 2026 revenue outlook range to $300 million to $350 million.

謝謝你，Liz。早安。感謝各位加入我們。本季可歸結為三件簡單的事。我們出貨的產品量高於以往任何一季。我們擴大了在手訂單（backlog），並承諾整併製造據點；這是一項策略性決策，透過在 2026 年底前降低成本基礎，來以短期營收換取長期效益。現在我將帶各位逐一說明這三點。我們將 2026 年營收展望區間收斂至 3 億至 3.5 億美元。

And this is a business decision, not an operating surprise. Let me address this change directly. We are accelerating the consolidation of operations into our modern Thorn Hill facility because what it has begun to deliver. Line one will be down during the move and upgrade it to the operational improvements we've implemented on Line two. The volume that would have produced is the difference in the upper end of our guidance range. We're doing this so that 2027 is not only a volume growth year, but also a margin expansion year.

這是商業決策，而非營運上的意外。我想直接說明這項變更。我們正在加速把營運整併至現代化的 Thorn Hill 廠區，因為該廠已開始展現其帶來的成果。在搬遷期間，第一產線將停線，並升級至我們已在第二產線導入的營運改善水準。原本可由該產線產出的量，正是我們指引區間上緣差異的來源。我們這麼做，是為了讓 2027 年不僅是出貨量成長的一年，也同時是毛利率擴張的一年。

John and Alessandro will take you through the operational and financial expression decision in a few moments. The low end of this range is roughly 2.5 times our 2025 revenue and more than 19 times in 2024. We delivered just under $126 million in the first half, which already exceeds all of last year's revenue. Let's frame the range itself. While we are still finalizing the detailed schedule, the shape is very clear. The second half exceeds the first half, the fourth quarter is higher than the third.

John 與 Alessandro 稍後將帶各位了解這項營運與財務表現相關決策的細節。此區間下緣約為我們 2025 年營收的 2.5 倍，且較 2024 年高出逾 19 倍。我們上半年交付接近 1.26 億美元，已超過去年全年營收。讓我們先界定這個區間本身。雖然我們仍在敲定詳細排程，但整體走勢非常清楚。下半年將高於上半年，第四季將高於第三季。

The bottom of the range takes roughly $50 million of second half growth over the first half. That is just maintaining the run rate that we exited June with on, revenue already secured through backlog in Frontier Power USA. he top end of the range is achievable and it comes down to how quickly we scale Thorn hill operations in a 24/7 production facility like we have today in Turtle Creek. We're planning for that, and we'll report against it every quarter.

區間下緣意味著下半年相較上半年約增加 5,000 萬美元。這基本上只是維持我們在 6 月底的退出（run rate）水準，且相關營收已透過 Frontier Power USA 的在手訂單確保。區間上緣是可達成的，關鍵在於我們能多快把 Thorn Hill 的營運擴展為如同目前 Turtle Creek 一樣的 24/7 生產設施。我們正為此進行規劃，並將每季就進展進行報告。

Moving to slide 5, our second quarter operating highlights. We achieved record backlog, record revenue, record cube shipments and a significant improvement in adjusted EBITDA margin. We're starting to see the operating leverage we've been talking about. As volume increases, fixed costs are spread across more cubes and that's which drives margin improvement and closes the profitability gap. John and Alessandro will take you through the details behind those numbers and our path forward.

接著看第 5 張投影片，我們第二季的營運重點。我們達成了創紀錄的在手訂單、創紀錄的營收、創紀錄的 cube 出貨量，以及調整後 EBITDA 利潤率的顯著改善。我們開始看到先前所談的營運槓桿效應。隨著出貨量增加，固定成本可分攤到更多 cube 上，進而推動利潤率改善並縮小與獲利之間的差距。John 與 Alessandro 將帶各位了解這些數字背後的細節以及我們接下來的路徑。

But before they do, I'd like to spend a moment on fleet performance and cash. First, discharge energy. The number we're looking at, at the page is up nearly 0.5 gigawatt hour since our last call. The fleet now cumulatively has discharged 6.5 gigawatt hours of energy and the Z3 fleet continues to perform, operating at an average round trip efficiency of 78%.

但在他們開始之前，我想先花點時間談談機隊表現與現金。首先是放電能量。我們在此頁面所看的數字，自上次電話會議以來增加了將近 0.5 吉瓦時。目前機隊累計已放電 6.5 吉瓦時的能量，而 Z3 機隊持續表現良好，平均往返效率為 78%。

Let me be precise about that number because precision is what matters here. 78% is the average across a 20-100-20 state-of-charge window. It includes units running on DawnOS and the units have not yet been upgraded to DawnOS. So the performance of what we've developed, but we're continuing to count that performance of where we still have to improve to show the true number of what customers are experiencing out in the field. It's a fleet average under real duty cycles, not a laboratory result on a single unit.

我想精確說明這個數字，因為此處重點在於精確。78% 是在 20-100-20 的荷電狀態（state-of-charge）區間下的平均值。其中包含運行 DawnOS 的機組，也包含尚未升級至 DawnOS 的機組。因此，我們既呈現已開發出的效能，也持續把仍需改善的部分納入統計，以反映客戶在現場實際體驗到的真實數字。這是基於真實負載循環下的機隊平均值，而非實驗室中單一機組的測試結果。

We're starting to scale here. We have more work to do but there is a clear path to continue to improve performance. Turning to cash. We ended the quarter with $364 million in total cash. What's important is what sits behind that number.

我們正開始在這裡擴大規模。我們還有更多工作要做，但持續提升效能的路徑非常清楚。接著談現金。本季末我們的總現金為 3.64 億美元。重要的是這個數字背後所代表的內容。

Our operational cash use this quarter closely matched our adjusted EBITDA loss. Cash on cash, there was very little gap between the P&L and cash flow. That burn rate needs to continue to come down and term positive. And the initiatives that John and Alessandro will walk you through are designed to drive that improvement. Now let's move on to slide 6.

本季我們的營運現金使用量與調整後 EBITDA 虧損相當接近。就現金對現金而言，損益表與現金流之間的落差非常小。這個燒錢速度需要持續下降並轉為正向。而 John 與 Alessandro 將帶各位了解的各項措施，正是為了推動這項改善。現在我們進到第 6 張投影片。

Let's focus on what wins our next order, reference hours. This page shows the hours the fleet has already delivered and the continued growth ahead with more than 200 additional megawatt hours expected to come online over the next six months based on current customer project schedules. Let's start on the top left of the page. The fleet has now run over 3.9 million cycles and discharge 6.5 gigawatt hours I talked about earlier. On Z3 specifically, over 1.1 million cycles.

讓我們聚焦於能贏得下一筆訂單的關鍵：參考運轉時數（reference hours）。本頁顯示機隊已交付的運轉時數，以及未來持續成長的動能；依目前客戶專案排程，預計未來六個月將有超過 200 兆瓦時的新增容量上線。我們先從頁面左上角開始。機隊目前已運行超過 390 萬次循環，並累計放電 6.5 吉瓦時（我先前提到的數字）。就 Z3 而言，已超過 110 萬次循環。

We're moving towards 1 gigawatt hour of discharge energy. Every hour of cycling makes the next project easier to finance because customers can now evaluate a track record, not a promise. Round trip efficiency tells a more interesting story. Note how the performance range is narrowing. The bottom is rising towards the fleet average. That is variation coming out of the system and reducing variation is what makes performance bankable.

我們正朝著 1 吉瓦時的放電能量邁進。每一小時的循環運行，都讓下一個專案更容易取得融資，因為客戶現在能評估的是實績，而不是承諾。往返效率則講述了一個更有意思的故事。請注意績效區間正在收斂。底部正在向車隊平均值上升。這代表系統中的變異正在被消除，而降低變異正是讓績效具備可融資性的關鍵。

At the same time, the top of the range has crossed above 90%. In manufacturing terms, that is entitlement. It is what this technology delivers when everything runs designed. It is not a ceiling we hope to reach. It is a level the fleet has already demonstrated, and now our work is to deliver it consistently across every cycle, every cube in the field runs. The duration tile shows the range our systems are operating in the field.

同時，區間上緣已經突破 90%。以製造的術語來說，那是「應有表現」（entitlement）。也就是當一切依設計運行時，這項技術本來就能交付的水準。這不是我們希望達到的天花板。這是整個機隊已經證明過的水準，而我們現在的工作，是在每一次循環、現場每一個機櫃（cube）的運行中，都能一致地交付這個水準。時長（duration）圖塊顯示我們系統在現場運行的範圍。

From 2.5 hours to 14, 1 product, one SKU dispatch, however the market needs it. The photo on the right is a project that was added into our backlog in November of 2024. I want to use it to show you how a pipeline opportunity becomes an asset operating in the field. The units are built and shipped by November 2025. They went on foundations in May of June of this year, and the project is expected to come online by year-end. Ordered operations roughly two years and noticed where the time went.

從 2.5 小時到 14 小時，一個產品、一個 SKU 的調度，市場需要怎麼用就怎麼用。右側的照片是一個在 2024 年 11 月新增到我們待執行訂單（backlog）中的專案。我想用它向各位展示，一個管線機會如何變成在現場運行的資產。設備在 2025 年 11 月前完成製造並出貨。它們在今年 5 月或 6 月完成基礎就位，且該專案預計在年底前併網上線。從下單到運營大約兩年，並請注意時間都花到哪裡去了。

The product was ready in 12 months. The second year was everything else from site readiness to third-party equipment delivery outside of our scope and the site construction schedule. That is one of the industry's key bottlenecks and it's exactly why Frontier Power USA was built to simplify the process and streamline the customer experience.

產品在 12 個月內就準備好了。第二年則是其他所有事項：從場址就緒、我們範圍之外的第三方設備交付，到現場施工排程。這是產業的關鍵瓶頸之一，也正是為什麼要成立 Frontier Power USA——用來簡化流程並讓客戶體驗更順暢。

The next page highlights how that strategy is translating into results. On page 7, the US storage market is changing in ways that favors our technology, load growth from data centers and electrification is pulling capacities forward faster than new generation can interconnect. In PJM, the grid operator for 65 million people and the largest power market in the country, prices have hit the ceiling in three consecutive capacity auctions.

下一頁將重點說明這項策略如何轉化為成果。在第 7 頁，美國儲能市場正以有利於我們技術的方式改變：資料中心與電氣化帶來的負載成長，正把容量需求往前拉動，其速度快於新電源能完成併網。在 PJM——服務 6,500 萬人口、也是全美最大的電力市場的電網營運商——價格已在連續三次容量拍賣中觸及上限。

And the way the market now counts a resource towards capacity, favors those that hold output to the system, full system need rather than the first two hours of it. Virginia has written the same logic into law this spring. The statute carves out 4.5 gigawatts for resources that run 10 hours or more, inside its total state storage target above 20 gigawatts. At the minimum duration, that carve-out alone is 45 gigawatt hours of energy.

而市場如今計入容量的方式，偏好能在系統「完整需求時段」持續輸出的資源，而不是只在前兩小時輸出。維吉尼亞州今年春季也把同樣的邏輯寫入法律。該法規在全州超過 20 吉瓦的儲能總目標中，劃出 4.5 吉瓦給可運行 10 小時或以上的資源。以最低時長計算，僅這個劃撥就相當於 45 吉瓦時的能量。

Buyers are no longer procuring just a storage system, they're procuring hours. Inside of this, we see 4 customer types. Energy providers and regulated utilities who generate revenue from assets. energy consumers and assurance buyers who carry them as a cost of operations. The largest energy providers are independent power producers who need to deliver multi-hour and multicycles day after day because those capacity payments reward duration and energy margin rewards throughput.

買方不再只是採購一套儲能系統，他們採購的是「小時數」。在這之中，我們看到四類客戶。能源供應商與受監管公用事業（以資產創造收入）；能源消費者與保供/保障買方（將其作為營運成本）。最大的能源供應商是獨立電力生產商（IPP），他們需要日復一日提供多小時、且每天多次循環的能力，因為容量付款獎勵時長，而能量價差獎勵吞吐量。

Utilities need assets that regulators will allow them to earn a return on over a 20-year life. Think about that for a moment. An energy provider an IPP uses that discharge window I talked about earlier. And when we've always talked about the degradation of our product over time and having a 25-year life, helps you utility with its regulator and its rate base.

公用事業需要的是監管機構允許其在 20 年壽命期間納入報酬回收的資產。請想一想這件事。能源供應商（IPP）會使用我先前提到的那個放電窗口。而當我們一直談到產品隨時間的衰減、以及 25 年壽命時，這能幫助公用事業與其監管機構溝通，並納入其費率基礎（rate base）。

And if you move over to the largest energy consumer, that's high-speed computing, where power is just the cost of goods sold. Think of a data center as a factory and think of energy storage or energy coming in as an input for them to produce. So storage is judged on delivered costs, how fast the site can energize and how reliably it will operate. The Assurance segment is made up of defense or critical infrastructure customers, where storage is priced against the cost of failure and the rapidness of being able to perform.

再看最大的能源消費者，那就是高速運算，電力只是銷貨成本的一部分。把資料中心想成一座工廠，把儲能或輸入的電力想成他們生產所需的投入。因此，儲能會以交付成本、場址能多快通電（energize）、以及運行可靠性來評估。「保障」（Assurance）客群由國防或關鍵基礎設施客戶構成，儲能的定價會對照失敗成本，以及能否快速履行任務的能力。

Two book it as revenue, one book that is cost of goods sold and one book it as insurance, all four by hours and all four screen for supply chain origin. We manufacture in Pennsylvania with the domestic supply chain. That is a commercial advantage today, not a future one that we're planning on. The pipeline on this slide is built from all four of these customer types, and the composition is where we are focused.

其中兩類把它記作收入，一類把它記作銷貨成本，一類把它記作保險；四類都以「小時數」為核心衡量，且四類都會篩選供應鏈來源。我們在賓夕法尼亞州製造，採用國內供應鏈。這在今天就是商業優勢，而不是我們為未來才規劃的優勢。本頁投影片上的管線由這四類客戶共同構成，而其組合結構正是我們聚焦的重點。

I talked about backlog earlier. But what's important to note is that 6 customers placed orders this quarter, four new and two repeat. Our pipeline of $24.6 billion, nearly 112 gigawatt hours is up 31% year-over-year. 51% of the pipeline is eight hours longer. That is the duration band where our economics separate from incumbent technologies 32% is data center related, which two years ago was a de minimis amount. Three commercial developments framed the second half.

我先前談到待執行訂單（backlog）。但重要的是，本季有 6 位客戶下單，其中 4 位新客戶、2 位回購客戶。我們的管線達 246 億美元、接近 112 吉瓦時，年增 31%。其中 51% 的管線為 8 小時及以上。這個時長區間正是我們的經濟性與既有技術拉開差距之處；32% 與資料中心相關，而兩年前這幾乎可以忽略不計。三項商業進展為下半年定調。

After the quarter closed, we were awarded a strategic partnership agreement under Golden Dome for America for the Golden Dome America program with the US department Award. During the quarter, we signed a 750-megawatt hour master supply agreement with CAPAC covering Germany, Austria and Switzerland. And Frontier Power USA holds a 2-gigawatt hour capacity reservation agreement.

在本季結束後，我們在「Golden Dome for America」框架下，獲得了 Golden Dome America 計畫的策略夥伴協議（由美國政府部門授予）。本季期間，我們與 CAPAC 簽署了 750 兆瓦時的主供應協議，涵蓋德國、奧地利與瑞士。此外，Frontier Power USA 持有一份 2 吉瓦時的產能預留協議。

Under that agreement, we are now seeing purchase orders convert into projects, beginning with the Bimergen project and most recently with the $100 million purchase order we announced this morning for Phase 1 of the Blanquilla project in ERCOT originally developed by Stella Energy. I'll highlight the obvious with nearly $25 billion of pipeline against an $807 million backlog. Our job is conversion, not origination. Capital availability is one of the critical opportunity conversion factors. Two slides ago, I mentioned we built something to improve it, and that now brings me to Frontier Power on the next slide.

在該協議之下，我們現在看到採購訂單正轉化為專案，先從 Bimergen 專案開始，最近則是我們今早宣布的、用於 ERCOT 的 Blanquilla 專案第一期 1 億美元採購訂單（該專案最初由 Stella Energy 開發）。我先點出一個顯而易見的對比：近 250 億美元的管線，對照 8.07 億美元的待執行訂單（backlog）。我們的工作是「轉化」，不是「開發來源」。資本可得性是機會轉化的關鍵因素之一。兩張投影片之前我提到我們打造了一個機制來改善這點，接下來就帶到下一張投影片的 Frontier Power。

Frontier Power USA, it's working as we intended. We have started execution on our first project because our priority is to get more projects into the field, begin generating returns and begin the operating references that help turn the investment flywheel up Frontier Power and deliver that pipeline conversion I was talking about a moment ago.

Frontier Power USA 正如我們預期般運作。我們已開始執行第一個專案，因為我們的優先事項是讓更多專案落地到現場、開始產生回報，並建立有助於推動投資飛輪加速的營運參考案例（operating references），同時實現我剛才提到的管線轉化。

We saw that strategy beginning to play out in the second quarter. A pre-existing project that will ultimately be part of Frontier Power USA was executed prior to the closing of the joint venture, using financing provided by a service affiliate. That project accounted for roughly 80% of second quarter revenue. It demonstrates how this structure can help us get projects into the field sooner and build the reference hours that support future growth. Adding this project is an asset that we believe will deliver mid-teen returns and accrete the value of the joint venture in which we hold the minority interest.

我們看到這項策略在第二季開始發揮作用。一個最終將納入 Frontier Power USA 的既有專案，在合資企業完成交割之前即已執行，並使用由服務關係企業提供的融資。該專案約占第二季營收的 80%。這顯示此一架構如何能協助我們更快讓專案進入現場，並累積支撐未來成長的參考運轉時數。我們認為納入此專案是一項資產，將帶來約中十位數百分比的報酬率，並增厚我們持有少數股權之合資企業的價值。

I'm putting that on the table first because I want you to understand it is a strategy rather than just a footnote. Our pipeline has historically experienced delays closing project financing, not technology acceptance. We saw qualified projects with real offtake sitting unbuilt because developers could not close their capital stack. So we've built the vehicle. Frontier Power USA supplies the capital, Eos supplies the technology, and we hold a minority interest in the entity.

我先把這點放在桌面上，因為我希望你們理解，這是一項策略，而不只是附註。我們的專案管線過去在專案融資結案上歷來會遇到延遲，而不是技術被接受度的問題。我們看到具備資格、且有真實承購（offtake）的專案仍未建置，只因開發商無法完成其資本結構（capital stack）的到位。因此我們打造了這個載具。Frontier Power USA 提供資本，Eos 提供技術，而我們在該實體中持有少數股權。

Walk the left side of the page, $263 million of gross proceeds initially raised, supporting an estimate $1 billion project deployment, the funnel behind it. 16-gigawatt hours of opportunity pipeline, 5 gigawatt hours acquired, selected or under active due diligence and 1.8 gigawatt hours under construction are approaching full notice to proceed. First projects under this vehicle are expected to be online by the third quarter of 2027. That is the project journey I showed you 2 slides ago, running at platform scale with capital waiting for projects instead of projects searching for capital.

沿著頁面左側來看：初始募集的總募資額為 2.63 億美元，支撐約 10 億美元的專案部署估計，以及其背後的漏斗。機會管線為 16 GWh，其中 5 GWh 已取得、已選定或正進行積極盡職調查，另有 1.8 GWh 在建中，正接近取得完整的開工通知（notice to proceed）。透過此載具的首批專案預期將於 2027 年第三季上線。這就是我在兩張投影片前向各位展示的專案旅程：以平台規模運作，讓資本等待專案，而不是讓專案到處尋找資本。

Now in the middle of the page, because this is a long-term operating asset and it creates value in three ways. Frontier Power USA operates projects for recurring revenue. It can sell projects and recycle the capital with new ones and at scale, the platform itself becomes highly valuable. Eos participates in all three. We are the long-term service agreement counterparty across the small fleet with up to 25% to 30% of total CapEx over a 20-year life.

現在看頁面中間，因為這是一項長期營運資產，並透過三種方式創造價值。Frontier Power USA 透過營運專案取得經常性收入。它也可以出售專案並以新專案回收再投入資本；在規模化之後，平台本身也會變得極具價值。Eos 參與這三種價值來源。我們是這個小型機隊的長期服務協議對手方，在 20 年壽命期間，服務相關金額最高可達總資本支出（CapEx）的 25% 至 30%。

We hold economic ownership in the platform so we share in the recurring cash flows, the project sale proceeds and any future monetization of the platform. In every project, Frontier Power USA puts into operations, ads, reference hours to the installed base and to that chart I showed earlier, which will accelerate the next order and backlog growth and conversion of pipeline into orders, orders into assets operating in the field. APAC, the US department Award and the customers who placed orders this quarter growing.

我們持有該平台的經濟所有權，因此可分享經常性現金流、專案出售所得，以及未來任何平台變現的收益。Frontier Power USA 每投入營運一個專案，就會為已安裝基礎增加參考運轉時數，並回到我先前展示的那張圖表，這將加速下一筆訂單與在手訂單（backlog）的成長，以及將管線轉化為訂單、訂單轉化為在現場營運的資產。亞太地區（APAC）、美國部門獎項，以及本季下單的客戶都在成長。

Both engines are running, and they compound as we execute our strategy and projects become operational. So we have a strong demand signal. We are building installed base operating hours as a capital partner that unlocks accelerated growth. Strong execution delivers profitable growth. And let me turn it over to the man responsible for all that John for an operational update.

兩個引擎都在運轉，並且隨著我們執行策略、專案開始營運而相互加乘。因此我們看到強勁的需求訊號。作為資本夥伴，我們正在建立已安裝基礎的運轉時數，進而解鎖加速成長。強而有力的執行帶來獲利性成長。接下來我把時間交給負責這一切的 John，請他提供營運更新。

Thanks, Joe, and good morning, everyone. Q2 was about focus, disciplined operation and increased efficiency. Turtle Creek delivered on all three. Cube output increased 20% sequentially reaching an annualized production rate of approximately 1.5 gigawatt an hour in June. More importantly, we achieved that while keeping labor costs essentially flat.

謝謝你，Joe，各位早安。第二季的重點是聚焦、紀律化營運與效率提升。Turtle Creek 在這三方面都交出成果。Cube 產出較前一季增加 20%，6 月達到約每年 1.5 GWh 的年化產能。更重要的是，我們在達成這些成果的同時，將人力成本基本維持持平。

On materials, we're beginning to see the work we've been doing translate into lower cost. Material costs improved by 10% sequentially, with the benefit of tariff free base paid in prior periods on an imported component. Excluding that, material cost per cube improved 1% sequentially. We expect further improvement in the third quarter as inventory balances are worked through production, and we realized the benefits of our cost reduction initiatives.

在材料方面，我們開始看到先前所做的工作轉化為更低的成本。材料成本較前一季改善 10%，其中受益於先前期間已支付、針對某項進口零組件的免關稅基礎成本。若排除該因素，每個 cube 的材料成本較前一季改善 1%。我們預期第三季將進一步改善，因為庫存餘額會隨生產逐步消化，且我們將實現成本降低措施的效益。

More broadly, there is a continuous learning cycle in our business where we take feedback from the field and incorporate those learnings into the design. While that can add cost in the short term, it ultimately drives meaningful cost reductions over time. When we launched DawnOS in the third quarter of 2025 material costs increased as we noted on our last earnings call. Since then, we have reduced material costs by 12.5% in less than a year. At the same time, we invested in product enhancements throughout 2026 based on the field earnings.

更廣泛來看，我們的業務存在一個持續學習循環：我們從現場取得回饋，並將這些學習納入設計。雖然短期可能增加成本，但長期而言會推動顯著的成本下降。當我們在 2025 年第三季推出 DawnOS 時，材料成本如同我們在上次財報電話會議所提到的那樣上升。自那之後，不到一年我們已將材料成本降低 12.5%。同時，我們在 2026 年依據現場回饋持續投資產品強化。

Had those enhancements not been incorporated, material costs would have been down 14.5%. We achieved this despite elevated inflation of volatile geopolitical environment and a continually evolving product design, which reflects the strength of our continuous improvement process. Labor productivity also improved during the quarter. Direct labor cost per cube declined 20% sequentially, while production increased, reflecting better execution and increasing efficiency across the factory.

若未納入這些強化，材料成本本可下降 14.5%。我們在通膨仍高、地緣政治環境波動，以及產品設計持續演進的情況下仍達成此成果，反映我們持續改善流程的強韌性。本季勞動生產力也有所提升。每個 cube 的直接人工成本較前一季下降 20%，同時產量增加，反映工廠整體執行更佳與效率提升。

Manufacturing overhead per cube improved 4% sequentially. However, if you look at Turtle Creek on a stand-alone basis, overhead for cube improved approximately 16%, reflecting the productivity gains delivered by the team at the Turtle Creek plant. The consolidated result was temporarily impacted by the underutilization of Thorn Hill as we brought Line two into commercial production. That's exactly what we would expect at this stage of the ramp.

每個 cube 的製造間接費用較前一季改善 4%。然而，若以 Turtle Creek 單獨來看，每個 cube 的間接費用約改善 16%，反映 Turtle Creek 廠團隊帶來的生產力提升。合併結果則暫時受到 Thorn Hill 產能利用不足的影響，因為我們正將第二條產線導入商業化生產。這正是我們在此爬坡階段所預期會看到的情況。

As planned, we have been operating on one partial shift while we validate the line's performance. This phased approach allowed us to add labor incrementally as we ramp up that line. Over the next several months, we'll continue to add shifts and increased utilization. As volumes ramp, we expect utilization to improve, fixed costs to be absorbed across greater production and the operating leverage built into Thorn Hill to become increasingly evident in our results.

依計畫，我們在驗證產線性能期間以一個部分班次運作。這種分階段方式讓我們能在該產線爬坡時逐步增加人力。在接下來幾個月，我們將持續增加班次並提高產能利用率。隨著產量提升，我們預期利用率將改善，固定成本可由更高的產量吸收，而 Thorn Hill 內建的營運槓桿將在我們的結果中愈發明顯。

While we're pleased with the progress that Turtle Creek, our focus is not simply on incremental improvements. Our focus is on achieving the cost structure we've always envisioned for the business. That's where Thorn Hill comes in. The biggest opportunity ahead of us is not just the continuation of what we've already accomplished is the earnings power we unlock as we fully utilize a purpose-built, highly automated manufacturing platform.

雖然我們對 Turtle Creek 的進展感到滿意，但我們的重點不僅是漸進式改善。我們的重點是達成我們一直以來為這項業務所設想的成本結構。這就是 Thorn Hill 的角色所在。我們面前最大的機會，不只是延續我們已經完成的成果，而是當我們充分利用一個為此目的打造、且高度自動化的製造平台時所能釋放的獲利能力。

During the first half of 2026, we produced 17% more cubes than we did in all of 2025, and we matched last year's total production volume in just 164 days. What's most important is that scrap dollars on that same volume were down 63%, validating that our manufacturing platform is scaling as planned. With Line two contributing only 1% of second quarter production, we have yet to realize the full benefit of Thorn Hill, leading significant operational upside ahead.

在 2026 年上半年，我們生產的 cube 比 2025 年全年多出 17%，並且僅用 164 天就達到去年全年的總產量。最重要的是，在相同產量下，報廢金額下降了 63%，驗證我們的製造平台正如計畫般擴張。由於第二條產線僅貢獻第二季產量的 1%，我們尚未完全實現 Thorn Hill 的全部效益，未來仍有顯著的營運上行空間。

Thorn Hill is already delivering the performance we intended. Initial Line two battery cycle times are 10% faster and bipolar cycle terms are 11% faster than Line one, with additional redundancies built in to improve line availability. That drives a near-term increase in overhead per cost cube and an improved as we scale production, and we will continue to improve performance from here. As we move through the third quarter, we're evaluating the timing of consolidating Line one in the Thorn Hill.

Thorn Hill 已經展現出我們原先預期的績效。第二產線（Line two）初期的電池循環時間比第一產線快 10%，雙極循環節拍比第一產線快 11%，並且加入了額外的備援以提升產線可用率。這會在短期內推升每成本立方（cost cube）的間接費用，而隨著我們擴大產量，單位成本將改善；我們也會持續從此處進一步提升績效。隨著我們進入第三季，我們正在評估在 Thorn Hill 整併第一產線（Line one）的時程。

There is never a perfect time to make a move like this. You have to balance execution, customer commitments and operational continuity. That said, after years of operating manufacturing facilities, I've learned that the sooner you pick a path, the sooner you begin realizing the benefits, waiting rarely creates value. Consolidating the footprint will allow us to upgrade Line one to the same single piece flow design, while at the same time implementing redundancies to remove a single points of failure.

要做出這樣的調整，從來沒有完美的時機。你必須在執行、客戶承諾與營運連續性之間取得平衡。話雖如此，在多年經營製造設施之後，我學到的是：越早選定路徑，就越早開始實現效益；等待很少能創造價值。整併據點將使我們能把第一產線升級為相同的單件流（single piece flow）設計，同時導入備援以消除單點故障（single points of failure）。

The focus becomes much clearer. One building, multiple production lines, one overhead structure and more volume going through the same footprint. Based on our current analysis, we believe this initiative alone could deliver an additional 10% to 15% reduction in conversion costs on top of the improvements already embedded in our current operating plan.

重點會變得更清晰。一棟廠房、多條產線、一套間接費用架構，並在相同占地內處理更多產量。根據我們目前的分析，我們相信僅此一項措施，就可能在現行營運計畫已內含的改善之外，再額外帶來 10% 到 15% 的加工轉換成本（conversion costs）降低。

Achieving those savings would require a modest investment to relocate and integrate Line one in Thorn Hill. But even after accounting for that investment, we currently estimate a payback period of approximately nine months. This is what positions us to 2027. It is the foundation for the margin improvement, Alessandro will walk you through on the next page. Thanks, everyone.

要達成這些節省，需要投入一筆適度的資本支出，將第一產線遷移並整合至 Thorn Hill。但即使把這筆投資納入考量，我們目前估計回收期約為九個月。這正是讓我們能夠邁向 2027 年的關鍵布局。這是毛利率改善的基礎，Alessandro 會在下一頁帶各位說明。謝謝各位。

With that, I'll turn it over to Alessandro.

接下來我把時間交給 Alessandro。

Thank you, John, and good morning, everyone. Before I start to discuss the quarter, let me say that it's a privilege to be here, and I want to thank the entire US team for the company that they have built and the progress that they've made over the last few years. I followed Eos for several years, first as a shareholder and now for the past two months as a CFO. Over the last 25 years, I've led finance organization across global energy and industrial businesses.

謝謝你，John，各位早安。在我開始討論本季之前，我想先說能在這裡是一種榮幸，也要感謝整個美國團隊，感謝他們打造的公司，以及過去幾年所取得的進展。我關注 Eos 已有好幾年，先是以股東身分，過去兩個月則以財務長（CFO）身分加入。在過去 25 年裡，我領導過橫跨全球能源與工業業務的財務組織。

What brought me here was the combination of a unique vision and differentiated technology, and expanding market and a business at an operational inflection point. Before I joined, I visited our manufacturing facilities. Having spent most of my career around industrial operations, the level of automation stood out. Eos designed this platform for the volume the business is growing into rather than the volume it adds, and that decision is now paying off. I strongly believe that Eos is at a real keeping point.

吸引我來到這裡的是：獨特的願景與差異化技術、正在擴張的市場，以及一家正處於營運拐點的企業。在我加入之前，我參觀了我們的製造設施。由於我職涯大多圍繞工業營運，這裡的自動化程度特別突出。Eos 設計這個平台，是為了因應公司將成長到的產量規模，而不是目前所增加的產量；而這個決策如今正在帶來回報。我堅信 Eos 正處於一個真正的關鍵轉折點。

Looking at what the team has built gives me tremendous confidence in the opportunities ahead. I believe I bring an operational mindset that complements the team with a particular focus on execution and margin expansion. I'm excited to be part of the next phase of growth and to help translate the scale we've built into stronger profitability and long-term shareholder value.

看到團隊所打造的一切，讓我對未來的機會充滿信心。我相信我能帶來一種營運導向的思維，與團隊相輔相成，特別聚焦在執行力與毛利擴張。我很期待參與下一階段的成長，並協助把我們已建立的規模轉化為更強的獲利能力與長期股東價值。

I want to finally thank Nathan for this partnership through the transition and for the financial foundation he has established. With that, let me turn now to the second quarter. Revenue increased to it's highest of $68.8 million, which is up 351% year-over-year and 21% sequentially. With cube deliveries increasing 207% year-over-year and 20% sequentially. Now turning to margins. Gross loss totaled $48.8 million.

最後，我也要感謝 Nathan 在交接過程中的合作，以及他所建立的財務基礎。接下來讓我談第二季。營收增至歷史新高的 6,880 萬美元，年增 351%，季增 21%。立方體（cube）交付量年增 207%，季增 20%。接著談毛利。毛利損失（gross loss）合計 4,880 萬美元。

Margin improved 132 points year-over-year and 7 points sequentially. Excluding stock-based compensation and depreciation and amortization, adjusted gross loss was $42.9 million, and an adjusted gross margin of negative 62%. This marks our seventh consecutive quarter of gross margin improvement and reflects the operational progress we're making across the business.

毛利率較去年同期改善 132 個基點，較前一季改善 7 個基點。排除股份基礎給付與折舊攤銷後，調整後毛利損失為 4,290 萬美元，調整後毛利率為負 62%。這是我們連續第七季毛利率改善，反映我們在整體業務上的營運進展。

The second quarter results also reflect the continued scaling of our manufacturing operations with some expected cost pressure as we invest in supporting that growth. In these regards, 2 items impacted the quarter. First, Thorn Hill. As you heard from John, a newly commissioned line operates below its long-term utilization targets, which weighed on fixed asset absorption. As throughput increases and the line matures, absorption improves.

第二季結果也反映出我們製造營運持續擴產，同時因投資以支援成長而出現一些可預期的成本壓力。在這方面，有兩項因素影響了本季。第一，Thorn Hill。如同 John 所提到，新投產的產線在長期目標利用率之下運行，拖累了固定資產吸收（fixed asset absorption）。隨著產出提升、產線成熟，吸收率會改善。

Second is field cost. Our installed base expanded, which drove higher deployment and commissioning activity, and we accelerated the DawnOS upgrades across portion of the legacy fleet. The improved field data that Joe discussed earlier is directly related to this work. Both reflect investment in supporting a growing asset base rather than a structural increase in our cost profile. We flagged these pressures last quarter, and we continue to expect in to diminish significantly by the fourth quarter.

第二是現場成本（field cost）。我們的已安裝基礎（installed base）擴大，帶動更高的部署與試運轉（commissioning）活動；同時我們加速在部分既有機隊（legacy fleet）上進行 DawnOS 升級。Joe 先前提到的現場數據改善，與這些工作直接相關。兩者都反映的是為支援成長中的資產基礎而進行的投資，而非我們成本結構的結構性上升。我們在上季已提示這些壓力，且仍預期到第四季將顯著減輕。

Operating expenses totaled $35 million, increasing 6% year-over-year while remaining essentially flat compared to the first quarter. While revenue increased 351%, we reduced the SG&A by 4% and increased R&D by 46% to invest strategically in the future software capabilities and product development. This clearly demonstrates the diligence around cost and cash management from the team. Net loss for the quarter was $276 million, with an adjusted EBITDA loss of $71.4 million.

營業費用合計 3,500 萬美元，年增 6%，但相較第一季基本持平。在營收年增 351% 的同時，我們將銷售、一般及行政費用（SG&A）降低 4%，並將研發（R&D）提高 46%，以策略性投資於未來的軟體能力與產品開發。這清楚展現團隊在成本與現金管理上的嚴謹。本季淨損為 2.76 億美元，調整後 EBITDA 虧損為 7,140 萬美元。

A margin of negative 104%, which is improving 235 points year-over-year and 16 points sequentially. Reported net loss continues to be driven primarily by noncash fair value adjustments related to our capital structure. Specifically, changes in our share price results in mark-to-market revaluation of warrants and derivative liabilities. As an example, when our share price increases, the value of certain warrants also increases, which can result in a higher account liability and a corresponding noncash expense.

EBITDA 利潤率為負 104%，較去年同期改善 235 個基點，較前一季改善 16 個基點。申報淨損仍主要由與我們資本結構相關的非現金公允價值調整所驅動。具體而言，股價變動會導致認股權證（warrants）與衍生性負債（derivative liabilities）的按市價（mark-to-market）重估。例如，當我們股價上升時，某些認股權證的價值也會上升，可能導致帳上負債增加，並產生相對應的非現金費用。

Those adjustments create volatility in reported earnings and do not reflect an operating performance. Now turning to the balance sheet and cash flow. We are encouraged by the continued improvement in how operating cash flow track adjusted EBITDA during the quarter with almost 100% free cash flow conversion from operations. Working capital did not consume incremental cash even as revenue grew 21% sequentially, and we continue to invest in the Line two build-out at Thorn Hill.

這些調整會造成申報盈餘的波動，且不反映營運表現。接下來談資產負債表與現金流。我們對本季營運現金流與調整後 EBITDA 的追蹤關係持續改善感到鼓舞，營運端幾乎達到 100% 的自由現金流轉換率。即使營收季增 21%，營運資金並未額外消耗現金；同時我們仍持續投資於 Thorn Hill 的第二產線建置。

As a result, we ended up the quarter with $364 million in cash. We remain focused on disciplined cash management, and we believe we are well positioned as we continue to improve margin. We are preparing the advanced request for the second year retranche and expect to close it by quarter end, subject to the conditions outlined in the loan agreement.

因此，我們在季末持有 3.64 億美元現金。我們仍專注於嚴謹的現金管理，並相信在持續改善毛利率的同時，我們已具備良好定位。我們正在準備第二年度第二筆分期（retranche）的進階申請，並預期在季末前完成關帳，但仍須符合貸款協議中所列的條件。

Now let me close today's prepared remarks with the critical drivers to deliver positive adjusted gross margin. When you look at our history, product adjusted gross margin moved from approximately negative 983% in the second quarter of 2024 to negative 40% this quarter. That is more than 940 points of improvement in 2 years. Two years ago, we carried the cost of building a manufacturing platform well ahead of volume. We invested in automation, expanded the footprint, qualified suppliers and build an organization for the business we believe we could become.

現在讓我以推動實現正向調整後毛利率的關鍵驅動因素，來結束今天事先準備的發言。回顧我們的歷史，產品調整後毛利率已從2024年第二季約負983%，改善至本季的負40%。這在兩年內改善了超過940個百分點。兩年前，我們在產量尚未放大之前，就先行承擔了建置製造平台的成本。我們投資自動化、擴大廠區規模、完成供應商認證，並建立起我們相信公司能成為之業務所需的組織。

Over the last year, those investments become translating into performance. We increased production, improved yields, reduced manufacturing costs and benefited from the supplier economics as volume grew. This quarter continued our progress. Some of the manufacturing gains were offset by the project execution investments I described earlier. Those were deliberate, we chose to strengthen our ability to execute as deployments scale, and that choice creates near-term margin pressure.

在過去一年，這些投資已開始轉化為績效表現。隨著產量提升，我們提高了產出、改善良率、降低製造成本，並受惠於供應商在規模擴大下的經濟效益。本季我們持續取得進展。部分製造端的改善，被我先前提到的專案執行投資所抵銷。那是刻意為之；我們選擇在部署規模擴大之際強化執行能力，而這項選擇在短期內會對毛利率造成壓力。

The heavy lifting of building the platform is largely complete and now the work is leveraging it. That is what the right side of this page shows. There are four drivers of cost out that we're pushing with detailed plans in place that John just walked us through. First, we anticipate a roughly 25% point reduction in material cost as a percentage of revenue. As backlog conversion becomes more predictable, we move from transactional purchasing to longer-term supply agreements.

建置平台的艱鉅工作大致已完成，接下來的工作是善用這個平台。這正是本頁右側所呈現的內容。John剛帶我們逐項說明，我們正以完善的細部計畫推動四項降本驅動因素。第一，我們預期材料成本占營收比重可降低約25個百分點。隨著在手訂單（backlog）轉換變得更可預測，我們將從一次性採購轉向較長期的供應協議。

Additionally, the team is executing against more than 90 active cost reduction initiatives, focused on simplifying design, reducing material content and improving manufacturability. Second is conversion costs, approximately 20 points of reduction from the framework that John just walked us through. The step change comes from running under one cost structure. Supervision, planning, quality, maintenance and production support stay relatively constant, whether we run one line or four.

此外，團隊正執行超過90項進行中的降本計畫，聚焦於簡化設計、降低材料用量並提升可製造性。第二項是轉換成本（conversion costs），依John剛說明的架構，約可再降低20個百分點。這個躍升來自於在單一成本結構下運作。無論我們運行一條產線或四條產線，監督、規劃、品質、維護與生產支援等成本都相對固定。

Materials management is one of our largest labor costs today and we move product between floors, buildings and warehouses with label intensive processes using temporary labor. At Thorn Hill, the majority of that movement is automated with conveyance and automated mobile robots. Third is project and field services, contributing another 20 points or so. As we said, we invested in the field this year through DawnOS upgrades while leveraging third-party resources.

物料管理是我們目前最大的勞動成本之一；我們以大量貼標流程並使用臨時人力，在不同樓層、建築與倉庫之間搬運產品。在Thorn Hill，這些搬運多數透過輸送系統與自動化移動機器人實現自動化。第三項是專案與現場服務，約再貢獻20個百分點左右。如我們所說，今年我們透過DawnOS升級並結合第三方資源，對現場端進行了投資。

As that work is completed and we bring execution activities back to internal teams, project productivity improves and our reliance on external support declines. We are applying the same operational discipline; we have established inside our manufacturing facilities. We actually view the field as a factory with our walls and lead principles apply. As both projects become operational, we expect this cost to increase. However, we view this as an attractive opportunity over time and believe it can become a profitable area of the business as we continue to build and scale our internal capabilities.

隨著該項工作完成，且我們把執行活動收回由內部團隊承擔，專案生產力將提升，對外部支援的依賴也會下降。我們正在套用同樣的營運紀律；我們已在製造設施內建立起來。我們其實把現場視為一座工廠，並在我們的「牆內」套用精實（Lean）原則。隨著兩個專案都進入營運階段，我們預期這項成本會上升。然而，長期來看我們認為這是一個具吸引力的機會，並相信隨著我們持續建立並擴大內部能力，它可成為公司一個可獲利的業務領域。

Finally, we expect approximately 8 points from continued yield improvements in our subassembly processes. We have already made solid progress here and as tooling and equipment upgrades are completed at a tighter component tolerance are implemented, we expect to further reduce scrap and improve first-pass yield. So combined, these initiatives provide what we believe is a clear path to over 72 points of adjusted gross margin improvement over the next 12 months, assuming we execute our plan and achieve expected production volumes.

最後，我們預期在次組裝（subassembly）流程持續改善良率方面，約可再帶來8個百分點。我們在此已取得扎實進展；隨著治具與設備升級完成，並導入更嚴格的零組件公差，我們預期能進一步降低報廢並提升一次通過良率（first-pass yield）。因此，綜合而言，這些計畫在未來12個月可望帶來超過72個百分點的調整後毛利率改善路徑——前提是我們能落實計畫並達成預期的產量。

We have demonstrated that we can build the capability. The next chapter is converting that capability into earnings, and I believe we have a clear plan to get there. As we continue the base cost control, we expect adjusted EBITDA to improve with increasing operating leverage, with execution and volume growth, determining the pace of our improvement. While there is still work ahead, I'm confident in this team, I'm confident in the road map and excited about the opportunity to drive margin expansion.

我們已證明自己具備建構這些能力的實力。下一個篇章是把這些能力轉化為獲利，而我相信我們有一個清晰的計畫可以達成。在我們持續控管基礎成本的同時，隨著營運槓桿提升，我們預期調整後EBITDA將改善；而執行力與產量成長將決定改善的速度。雖然前方仍有工作要做，但我對這個團隊有信心、對路線圖有信心，也對推動毛利率擴張的機會感到振奮。

With that, I'll turn it back to the operator for questions.

接下來我把時間交回給接線員，進入提問環節。

(Operator Instructions)

（接線員指示）

Christopher Souther, Truist.

Christopher Souther，Truist。

Hey, guys. Thanks for taking my questions here. So just to kind of unpack the updated revenue guidance. And the path here, the low end is essentially 1.5 gigawatt hours for the rest of the year, just Thorn Hill and the high end? Are we assuming that Line one comes back online at Thorn Hill is producing as well?

嗨，各位。謝謝讓我在這裡提問。我想先拆解一下更新後的營收指引。就路徑而言，低端基本上是今年剩餘期間1.5吉瓦時（GWh），只靠Thorn Hill；那高端呢？我們是否也假設Thorn Hill的一號產線會重新上線並同樣投入生產？

Hey, Chris, so lower end is basically continue the run rate of June throughout the rest of the year to get to the 300. The higher end of that is to not so much get Line one up and running in Thorn Hill, but to get Thorn Hill the full 24/7 operation by the time we get into the -- at the end of the fourth quarter.

嗨，Chris，低端基本上就是把6月的運行速率延續到今年剩餘時間，以達到300。至於高端，與其說是讓Thorn Hill的一號產線重新啟動，不如說是讓Thorn Hill在我們進入——在第四季末之前——達到完整的24/7運作。

Got it. Okay. So if Thorn Hill is just 1% of 2Q production, what kind of throughput are we seeing today? And how close are we to kind of ramping that up towards the 1.5 gigawatt hour rate we need for the low end there?

了解。好。那如果Thorn Hill只占第二季產量的1%，我們目前看到的吞吐量大概是多少？以及距離把產能爬坡到低端所需的1.5吉瓦時速率，現在大概還差多遠？

So we'll continue to run Line one is running really well, and John has actually got Line one to its nameplate performance. And the team continues to bring Thorn Hill up into operations. But the Thorn Hill up in operations right now is more of the training and staffing of the people to run the line. So we'll go one -- the way what we've learned, and we did Turtle Creek is get one turn up and running, add a second shift, get that up and running and go from there versus trying to do it all at once. But like what John and the team has done with the second line is nothing short of phenomenal when you look at the results you talked about on how the line has been performing initially.

我們會持續運行；一號產線運作得非常好，而John其實已把一號產線拉到其名目產能（nameplate performance）。團隊也持續推進Thorn Hill進入營運狀態。但目前Thorn Hill進入營運的重點，更多是在訓練與補足能操作產線的人力。因此我們會一步一步來——我們在Turtle Creek學到的方式是：先把一個班次（turn）跑順，再加第二班，讓它也跑順，然後再往下推，而不是一次到位。不過，當你看到你提到的那些結果、以及這條產線一開始的表現時，John和團隊在第二條產線上所做的，確實非常出色。

Got it. Okay. And then I appreciate all the gross margin walk drivers to get to the 10% gross margins by 2Q of next year. Can you provide a bit more detail on some of the material costs and project drivers? I think the conversion in scrap are pretty clear, but would love to get a better sense on what the cost out initiatives are and the DawnOS and third-party labor like what those kind of drivers look like and how those progress over the next year?

了解。好。另外，也感謝你們把毛利率走勢拆解，說明如何在明年第二季達到10%的毛利率。能否就材料成本與專案驅動因素提供更多細節？我覺得轉換成本與報廢（scrap）已經很清楚，但我希望更了解降本計畫具體是什麼、以及DawnOS與第三方人力等驅動因素長什麼樣、未來一年會如何推進？

So Chris, I think, and John and Alessandro can jump in. I think when you look at what the team is doing, having a clear revenue conversion plan now allows us to go out to suppliers and drive down costs, and we're seeing the costs like -- I think we talked about this in the presentation itself where 2Q, there was a little bit of timing, 3Q, we're seeing costs come down as we get into July. John will keep driving that with the team on supplier cost out.

Chris，我想——John和Alessandro也可以補充。我認為當你看團隊正在做的事，現在有了清晰的營收轉換計畫，使我們能去找供應商並推動降價；我們也看到成本正在下降——我想我們在簡報中也提到，第二季有一些時點因素，到了第三季，隨著進入7月，我們看到成本開始下來。John會和團隊持續推動供應商端的降本。

Then I think the second piece of this that you laid out is just part simplification, as you move through. It's taking DawnOS making the way the firmware and how we run the hardware that -- how we run DawnOS, simpler, taking cost out on that, scaling up with suppliers or going more from -- as we do this, we start off with a supplier that can move quickly to get us through prototype to initial production.

我認為你剛才闡述的第二個部分，在我們推進的過程中，主要就是簡化。也就是讓 DawnOS 的方式——韌體以及我們如何運行硬體、如何運行 DawnOS——變得更簡單，並在這部分降低成本；同時與供應商擴大規模，或更多地——在我們做這件事時，我們一開始會選擇能快速行動的供應商，協助我們從原型走到初期量產。

And then John, with his relationships and background with Jabil and other contract manufacturers allows us to scale into a lower-cost solution to continue to drive that down. And then the third piece of it, which you talked about is as we've gone through and started and started ramping up and installing more megawatts out in the field, we started off just like we did when we did this in Turtle Creek, if you remember, we were talking about bringing in temp labor as we brought up Eos capability and then eventually phasing out that temporary labor and having be all Eos, you see that in the seven quarters of improved margin that we've delivered.

接著，John 憑藉他與 Jabil 及其他代工廠的關係與背景，讓我們能擴展到更低成本的解決方案，持續把成本往下壓。第三個部分，也就是你提到的：當我們一路走來、開始爬坡並在現場安裝更多兆瓦時，我們一開始就像當年在 Turtle Creek 做這件事一樣——如果你還記得——我們當時談到在建立 Eos 能力時先引進臨時人力，之後逐步汰換臨時人力、改為全由 Eos 團隊承擔；你也在我們已交付的連續七個季度毛利率改善中看到了這點。

We're doing the same thing out in the field. You started off with people that worked out in the field, you build up your capabilities, we start off with supervision. Now we'll get into labor and we'll selectively use third party but drive down to a lower cost point on a labor input basis by using Eos employees to do insulation and commissioning.

我們在現場也在做同樣的事。一開始是用在現場工作的外部人員，逐步建立我們的能力，先從監工開始。接下來會進入勞務層面，我們會選擇性使用第三方，但會透過由 Eos 員工來做安裝與試運轉，在勞務投入的基礎上把成本降到更低的水準。

Okay, thanks for all the color there. I'll hop into the program.

好的，謝謝你提供這麼多細節。我就進入下一位提問。

Stephen Gengaro, Stifel.

Stephen Gengaro，Stifel。

Two for me. The first one is, can you talk about the customer concentration that we see in the 2Q rev and the backlog that you mentioned in the press release. And how we should expect and what you expect to see from sort of a diversification of the customer base going forward?

我有兩個問題。第一個是，你能談談我們在第二季營收以及你在新聞稿中提到的在手訂單（backlog）所看到的客戶集中度嗎？以及往後你預期、我們應該如何看待客戶基礎多元化的發展？

Yeah, I mean, look, Stephen, I think when you look at 2Q, like we had an opportunity to take a project that had a strong return profile added as an initial asset into Frontier Power, and we capitalized on that working with Cerberus, and it was, I think, a great move for us. When I think about what we're trying to drive with Frontier Power is we're trying to drive returns on the basis of individual project returns, which this does with the project that we're delivering right now. The same time, we create a pool of assets that can be monetized later on to spin the flywheel.

是的，我是說，Stephen，你看第二季的話，我們有機會承接一個報酬特性很強的專案，並把它作為 Frontier Power 的初始資產之一納入，我們也與 Cerberus 合作把握了這個機會；我認為這對我們來說是很好的決策。談到我們想透過 Frontier Power 推動的方向，是以單一專案的報酬為基礎來推動整體回報，而我們目前正在交付的這個專案正是如此。同時，我們也建立一個資產池，未來可以變現，用來帶動飛輪效應。

And then also, I think owning 36% of an entity and when you look at comps of other developers like Frontier Power, it gives us the opportunity to be able to build the company and build valuation around that. I think inside of this, like, over time, there's going to be a blend of of bringing in both Frontier Power as we execute and then also price that are closing out in the market with third parties, and there'll be a blend of that as we move forward.

另外，我認為持有一家實體 36% 的股權，並且對照其他像 Frontier Power 這樣的開發商的可比公司（comps），這讓我們有機會去打造公司，並圍繞它建立估值。我想在這裡，隨著時間推進，會是兩者的組合：一方面在我們執行過程中導入 Frontier Power，另一方面也會有與市場上第三方成交、結案的定價；往後會是這樣的混合。

I think the important thing for us is having sure you have a baseline of backlog conversion that allows us to load the factory that allows us to sign longer-term supply agreements because we know what we're going to need to deliver. And it just gives also the commercial team the ability to go out and sell slots in the factory to be able to accrete -- to deliver revenue and accrete margin.

我認為對我們來說重要的是，確保有一個在手訂單轉換的基礎水位，讓我們能把工廠產能排滿，並且因為知道需要交付什麼，而能簽更長期的供應協議。同時也讓商務團隊有能力到市場上去銷售工廠的產能時段（slots），以便實現——交付營收並提升（accrete）利潤率。

(Operator Instructions)

（接線員指示）

Stephen Gengaro.

Stephen Gengaro。

Sorry, Joe, I was muted, but just a follow-up to that in another question. But the follow-up was, I understand the FPSA side. But in your pipeline of opportunities and the customers you're talking to you, how should we expect that now 50% of your backlog is from that single entity. How should we think about that customer diversification evolving?

抱歉，Joe，我剛剛被靜音了，我想追問一下，另外也有一個問題。追問是：我理解 FPSA 那一塊。但在你們的機會管線（pipeline）以及你們正在洽談的客戶方面，現在你們的在手訂單有 50% 來自同一個實體，我們應該如何預期？我們應該如何看待客戶多元化接下來的演變？

Because that's something that we get a lot of questions on from investors. And I'm just curious, the conversations you're having like if we're sitting here 12 months from now, like how should we think about that from a nonaffiliated entity in the backlog.

因為這是投資人常常問我們的問題。我只是好奇你們目前的對話情況：如果我們在 12 個月後回頭看，對於在手訂單中來自非關聯實體（nonaffiliated entity）的部分，我們應該怎麼思考？

I mean, Stephen, if we're adding assets that deliver returns in the Frontier Power USA., I think it's great. What I'd like to see is less percentages change and more of the size of the pie grow. And I think that's what we're focused on. I think getting Frontier Power and being able to execute quickly, getting projects referenced down the field, lead to the other half of that pie continuing to grow. We continue to work through that, and we're very selective.

我是說，Stephen，如果我們是在 Frontier Power USA 裡新增能帶來回報的資產，我覺得這很好。我更希望看到的不是比例變動，而是整個餅的規模變大。我想這就是我們的重點。我認為讓 Frontier Power 能夠快速執行、讓專案在現場落地並形成可引用的實績，會帶動那個餅的另一半持續成長。我們會持續推進，而且我們非常挑選。

We do all the Frontier Power transactions at arm's length. So we're looking at projects that deliver returns and support long-term asset growth into Frontier Power. But at the same time, there's a large pipeline there that needs to convert and convert faster. And I feel really good when you look at things like what we announced in Germany. Germany, Austria and Switzerland, that's now landing real volume into Europe and allows us to expand in Europe.

我們所有 Frontier Power 的交易都是以獨立交易（arm's length）方式進行。所以我們看的是能帶來回報、並支持 Frontier Power 長期資產成長的專案。但同時，那裡有一個很大的管線需要轉換，而且要更快轉換。當你看像我們在德國宣布的事項，我感覺非常好。德國、奧地利和瑞士，現在正把實際的大量規模導入歐洲，並讓我們能在歐洲擴張。

We feel also good about the recent announcement that we have with the Department Award because I think we talked about the specific program where we're in a strategic partnership. But Microgrids, and when you look at when you look at energy consumption, the government is one of the largest energy consumers in the United States. So being able to come in and show them that we have a solution that is American made fair compliant, all the things that we've always talked about that can deliver the diversity of cycling and applications, is another area that we're going to be able to grow.

我們也對近期與某部門獎項（Department Award）相關的公告感到樂觀，因為我想我們談過那個特定計畫，我們在其中是策略合作夥伴。但微電網（Microgrids）方面，當你看能源消耗時，美國政府是美國最大的能源消費者之一。因此，能夠進去向他們展示我們有一套美國製造、符合相關合規要求的解決方案——也就是我們一直在談的那些——並且能提供多樣化的循環（cycling）與應用場景，這是我們能夠成長的另一個領域。

None of this moves as fast as you would like it to as we've been experiencing here over the last couple of months. But like when you look at where we are and where we want to go and the performance we're seeing out in the field, it gets stronger and stronger and stronger. So look, having a 50-50 split, I think that would mean that Frontier Power is doing its job, and we're growing a company like you see other project developers doing out in the market -- in the marketplace and having a partner where we can execute through would be great. And keeping that 50% split on the other side and making the pie bigger from the 800 is the goal that the team has.

這些事情的推進速度都不會像你希望的那麼快——我們在過去幾個月也一直有這樣的體會。但當你看我們目前的位置、我們想去的方向，以及我們在現場看到的表現，它會越來越強、越來越強、越來越強。所以你看，維持 50-50 的分配，我認為那代表 Frontier Power 正在發揮它的作用，而我們也在像市場上其他專案開發商那樣成長；同時有一個我們能透過其來執行的合作夥伴會很棒。而在另一邊維持 50% 的占比，並把那個從 800 開始的餅做大，就是團隊的目標。

Great. Thanks. And when you think about the mobilization of Line one over time and consolidating the Thorn Hill, and there's sort of two questions behind that. One is, are you doing it now versus waiting because of just the timing of backlog delivering your ability to meet delivery obligations and Mobile line? Or is it because you've seen such higher efficiency out of Thorn Hill, and it's critical to driving margin expansion.

很好。謝謝。另外，當你思考第一產線（Line one）隨時間的動員（mobilization）以及整合 Thorn Hill 時，背後其實有兩個問題。第一，你們現在就做而不是等，是因為在手訂單交付的時點、你們滿足交付義務以及行動產線（Mobile line）的能力所致嗎？還是因為你們看到 Thorn Hill 的效率高出許多，而這對推動利潤率擴張至關重要？

Stephen. Look, I think there was a couple of factors that came into this is -- just as you look at how the backlog conversion was laying out, we want to hit January running. Like when you look at this, like, we've seen the growth of the company, and I want to emphasize everybody that Turtle Creek is and could -- is operating to the nameplate. Just between the nameplate, just between all the movements and things you have to do it just becomes complicated. And this just simplifies.

Stephen。你看，我認為這裡面有幾個因素——就像你看待在手訂單（backlog）轉換的排程方式一樣，我們希望一月一開始就全速推進。當你看這件事時，像是，我們已經看到公司的成長，我想強調給大家的是，Turtle Creek 目前以及未來都——是以名義產能（nameplate）在運作。但在名義產能之間、在所有的搬運與你必須做的各種動作之間，事情就會變得複雜。而這樣做只是把它簡化。

It's a simplification effort to get to scale next year. And I think doing it this year when we know we can execute both of them together, it just also takes the noise out of 2027 for us. And really focuses us on executing around the two lines. The other piece of this is John and the team with what they've done on Line two and the redundancies that they built in from the lessons learned in 4Q and other things that we've been able to do.

這是一項簡化工作，為了在明年達到規模化。而且我認為在今年做，因為我們知道可以把兩者一起執行，也能把 2027 年對我們而言的雜音去除。並且真正讓我們專注於圍繞兩條產線的執行。另外一部分是 John 和團隊在第二條產線上的成果，以及他們從第四季（4Q）的經驗教訓和其他我們能做的事情中，建立起來的冗餘備援。

And you see it in the results you put on this page, you see it and how it's performing versus Line one. This is not about oh Turtle Creek doesn't work. It's a story of Thorn Hill works better. And why do we wind up where we wound up. Stephen, you and I have talked about this before. We moved into Turtle Creek because at the time we were setting up manufacturing, it's what we could afford. We expanded into areas of what we can afford.

你可以在你放在這一頁的結果中看到，也可以看到它相較於第一條產線的表現。這不是在說 Turtle Creek 不行。而是 Thorn Hill 表現更好。那為什麼我們最後會走到今天這一步。Stephen，你我之前談過。我們搬進 Turtle Creek，是因為當時我們在建立製造能力時，那是我們負擔得起的。我們也擴張到一些我們負擔得起的區域。

The line has laid out the way it's laid out in Turtle Creek as we had to fit it into the building that we can afford. Thorn Hill gives you now the straight shot to be able to do this without forklift, without pallet movers. It just simplifies the entire operation, which five years ago, we couldn't afford to do it. So we got Turtle Creek running the best that it could run, we knew we would come to this point. It's why we went out and negotiated to move into Thorn Hill and come up with a flagship factory.

Turtle Creek 的產線之所以會以現在這種方式配置，是因為我們必須把它塞進我們負擔得起的那棟廠房。而 Thorn Hill 現在讓你可以直線式地完成這些作業，不需要堆高機、不需要棧板搬運車。它把整個營運都簡化了；五年前我們還做不起來。所以我們把 Turtle Creek 盡可能運轉到最佳狀態，我們也知道終究會走到這個時間點。這也是為什麼我們出去談判、搬到 Thorn Hill，並打造一座旗艦工廠。

But when you go see it, you sit there and you say, I see the difference. When you look at and you think about -- you've been in the factory, Stephen, when you think about the second floor of the building where we're manufacturing bipolars and you walk that floor and then go to Thorn Hill, you see and feel the difference of the efficiencies that we gain, the material movements and how fast things can flow.

但當你去現場看，你會坐在那裡說，我看得出差異。當你回想——你去過工廠，Stephen——當你想到我們在二樓製造雙極板（bipolars）的區域，你走過那一層，再去 Thorn Hill，你會看到並感受到我們獲得的效率差異、物料搬運的差異，以及流程能有多快地流動。

And the fact that John's got it running at nine seconds is a testament to all the hard work that the team has done and the fact that, yes, we may have problems in everybody that scales in manufacturing operations. We'll stub their toe here or there, but we don't stub our toe in the same thing twice. And that's what the results are showing, and that's why we're doing what we're doing.

而 John 能把它跑到 9 秒，證明了團隊所有的辛勤工作；也證明了，是的，在製造營運規模化的過程中，每個人都可能會遇到問題。我們可能這裡或那裡會踢到鐵板，但我們不會在同一件事上踢到兩次。這就是結果所呈現的，也是我們為什麼要這麼做。

Great. Thank you. And then maybe one quick one, and I don't know if you're going to be able to address this yet, but when we think about FP USA and your ownership position in that business, how do we think about the profitability of FP USA like when does that business become profitable? And then those profits kind of you've been obtaining the one third of those profits?

很好。謝謝。那再問一個很快的問題，我不確定你現在是否能回答：當我們想到 FP USA 以及你在那個業務中的持股比例時，我們該如何看待 FP USA 的獲利能力——那個業務什麼時候會開始獲利？然後那些利潤，你們一直在取得其中三分之一的那部分？

Yeah, so Steve, remember, this will be below the line profitability. It's not going to be operating profit. But like when you're talking about like initial projects coming online in second half of next year, once those start operating, then you should start seeing the profitability come through and the return on investment occurring as other income.

是的，所以 Steve，記得這會是在線下（below the line）的獲利。它不會是營業利益（operating profit）。但像你提到明年下半年初期專案開始上線，等那些開始運轉後，你就應該會開始看到獲利貢獻出來，投資報酬也會以其他收益（other income）的形式反映。

Joseph Osha, Guggenheim.

Joseph Osha，Guggenheim。

Hi, thanks. Good morning. One of the things you talked about last year, we haven't heard as much about recently is the data center opportunity, and in particular, some of the advantages that you felt like you have in terms of the ability to cycle, the ability to locate close to the building and so forth. I'm just wondering if we might be able to get an update there. And I'm curious to the extent you're doing anything, what kind of durations you're seeing your customers ask for? Thank you.

嗨，謝謝。早安。你們去年談到的一件事，我們最近比較少聽到的是資料中心的機會，特別是你們認為自己在循環能力、能夠靠近建築物設置等方面的一些優勢。我想知道我們是否可以得到一個最新進展。另外我也好奇，如果你們正在做一些事情，你們看到客戶要求的合約期限大概是多長？謝謝。

Yeah, Joe, so we did talk about data centers on the -- if you go back to the page on the pipeline, 32% of what's in the pipeline is data center related. And we've always talked about -- and you and I have talked about this in the past, there's two things. There are two segments within data centers. Segment one is co-locating with the data center. Segment two is having a storage asset in a generating area where data centers are going to be installed.

是的，Joe，所以我們確實談過資料中心——如果你回到管線（pipeline）那一頁，管線中有 32% 與資料中心相關。而我們一直在談——你我過去也談過——有兩件事。資料中心裡有兩個細分領域。第一個領域是與資料中心同址設置（co-locating）。第二個領域是在將要部署資料中心的發電區域配置一個儲能資產。

We feel really good. I think on the second part, that's really what the talent relationship is all about is getting those projects with talent that will be in PJM and in Pennsylvania, and having them supporting the demand load from data centers. So a lot happening there.

我們感覺非常好。我認為在第二部分，這其實就是與 Talon 的合作關係的核心：在 PJM 與賓州拿到那些專案，並讓它們支援資料中心帶來的需求負載。所以那邊有很多進展。

But obviously, we're at the time lines of how the PJM auction and backstop auction are going to work. So we're working through all those things. But feel really good about the work that we're doing with Mac and his team. On the locating directly on the site, continue to work through that. There's qualification work that you need to do. I mean, like as I talked about, like the more and more that I work with high-speed computing, you realize like we like to talk about, and think about energy storage as this great technological marvel and things that they can do and everything else.

但很明顯地，我們也受制於 PJM 拍賣以及後備（backstop）拍賣將如何運作的時間表。所以我們正在把這些事情逐一推進。不過我們對 Mac 和他的團隊正在做的工作感到非常有信心。至於直接在場址上設置（locating directly on the site），我們也持續推進。你需要做一些資格認證（qualification）工作。我的意思是，就像我提到的，我越來越多地與高速運算合作，就越會意識到：我們喜歡談、也喜歡把儲能想成很了不起的技術奇蹟，能做很多事等等。

But from a data center, it's a cost of goods sold in a factory and their factory is high-speed computing. So they want to make sure that they have the reliability and performance that they need. We can perform on inference and do millisecond response times, we could do, as we've said many times, we do all the things that we talked about before that none of that has changed.

但對資料中心而言，它就是工廠的銷貨成本（cost of goods sold），而他們的工廠就是高速運算。所以他們要確保具備所需的可靠度與效能。我們可以在推論（inference）上表現、做到毫秒級反應時間；我們也可以做到——如同我們多次說過的——我們之前談到的所有事情，這些都沒有改變。

It's a matter of working through with the suppliers to get to the point where we're going to be able to announce firm contracts with people building -- with putting and citing energy storage alongside a data center.

重點在於與供應商一起把事情推進到一個階段，讓我們能夠宣布與正在建設的人——也就是在資料中心旁邊部署並選址儲能的人——簽下具約束力的正式合約。

Okay, thanks. So it sounds like at this point, it's sort of more the grid level resilience for the near term at least than it is necessarily the on-site power quality, although that's evolving. Is that a correct way to think about it?

好的，謝謝。所以聽起來在這個時間點，至少就短期而言，重點比較像是電網層級的韌性，而不一定是現場端的電力品質，雖然那也在演進中。這樣理解對嗎？

I don't know that I would term it that way, Joe, and I'm not going to handicap where we are in either one of those things. We'll announce as we come, but they're both moving and I think they're both moving -- they're both moving really well, and I'm proud of the work that the team is doing and the customers that are talking to us about that. That's not how I would characterize it.

Joe，我不確定我會用那樣的說法，而且我也不打算去臆測我們在這兩件事上的進展到哪裡。我們會在適當時候對外宣布，但兩者都在推進，而且我認為兩者都推進得——兩者都推進得非常好；我也為團隊所做的工作，以及正在就此與我們交流的客戶感到自豪。我不會那樣來描述。

Okay. And just on that other point I made about duration. One of the things we hear a lot is that the data center operators, hyperscalers, colos, whatever, are going to suppliers and saying, hey, we want rapid response time and all that. But we want pretty short duration of an hour or two. I have someone else told me yesterday, they're shipping mostly two hours. So are you seeing requests in that part of the market for shorter duration devices?

好的。另外回到我剛才提到的另一點：放電時長。我們常聽到的一件事是，資料中心營運商、超大規模業者（hyperscalers）、共置機房（colos）等等，會去找供應商說：嘿，我們要快速反應時間等等。但我們希望時長很短，大概一到兩個小時。昨天也有人跟我說，他們出貨的大多是兩小時。所以你們在那一塊市場有看到對較短時長設備的需求嗎？

The way I would term it, Joe, is you see multiple cycles and shorter durations that add up to longer duration discharge. And I think the reality of that is that plays into a strength of Eos of being able to cycle the battery multiple times in a day and have it be able to perform. So yes, like I don't know that the total amount is two hours because if you're running inference sessions and you have to cycle with our battery, you don't run the risk of the thermal runaway that you see with other technologies.

Joe，我會這樣表述：你會看到多個循環與較短的時長，累加起來形成較長時長的放電。而我認為其現實意義在於，這正好呼應了Eos的一項優勢：我們的電池能在一天內多次循環，且仍能維持性能表現。所以是的——我不確定總時長是否就是兩小時，因為如果你在跑推論（inference）工作負載、需要用我們的電池進行循環，你不會像其他技術那樣面臨熱失控（thermal runaway）的風險。

So we feel really good about where that is. And I think -- and I've said this many times before, this is no different than any other segment in the energy industry. There's going to be a diversity of technologies required for use cases. And we have a big segment where our technology can serve a use case.

因此我們對目前的進展感到非常有信心。而且我想——我以前也說過很多次，這和能源產業的任何其他細分領域並沒有不同。不同的使用情境將需要多元的技術組合。而我們有一個很大的市場區塊，我們的技術可以滿足其使用情境。

That concludes today's question-and-answer session. I'd like to turn the call back to Joe Mastrangelo for closing remarks.

今天的問答環節到此結束。我想把電話交回給Joe Mastrangelo作結語。

Thanks, everyone, for listening today. Look, we continue to make progress. I think one comment that came out were very clear on the goal of the company is to become profitable and become EBITDA profitable, gross margin is a signpost and a journey to becoming profitable and generating free cash flow. And that's what we'll keep everybody updated on as we move forward. It's the focus of John and Alessandro, and the team.

謝謝各位今天收聽。各位，我們持續在取得進展。我想有一點很清楚：公司的目標是實現獲利，並達到EBITDA獲利；毛利率是邁向獲利、並產生自由現金流過程中的一個路標與旅程。隨著我們往前推進，我們會持續向各位更新。這也是John、Alessandro以及團隊的重點。

We continue to see strength on the commercial side, and we'll have to keep working through the opportunities in the pipeline, but are really excited about the ability to create and accrete value for our shareholders through Frontier Power USA through multiple avenues of just building up the potential returns of Frontier Power itself, but also Frontier Power giving us the opportunity to do better planning as we come out of the factory, to get assets out in the field running faster to get more references around the 6.5 gigawatt hours that we've discharged really excited about how DawnOS is evolving and the performance that we've seen.

我們持續看到商業端的強勁動能；我們仍需持續推進管線中的機會，但我們對於能透過Frontier Power USA以多種途徑為股東創造並增厚價值感到非常振奮——不僅是提升Frontier Power本身的潛在報酬，也包括Frontier Power讓我們在工廠出貨時能做更好的規劃，讓資產更快部署到現場並投入運轉，並在我們已放電的6.5吉瓦時周邊建立更多案例參考；我們也對DawnOS的演進以及我們所看到的性能表現感到非常興奮。

When I look at how we cycle, look, having a technology, we're not a technology that's 50 years old. We're a relatively new technology. And as we cycle, we learn from every cycle, we update our software and we get more performance out of the system. And as we talked about, like when you think about performance of Eos and its technology, you're starting to see the bottom end of our round chip efficiency creep up to the median, which means that the overall distribution is now skewing up to the high side.

當我看我們如何進行循環時——各位，我們的技術不是那種已有50年歷史的技術。我們是一項相對新的技術。而在循環過程中，我們從每一次循環學習、更新我們的軟體，並讓系統釋放出更高的性能。如同我們討論過的，當你思考Eos及其技術的性能時，你開始看到我們往返效率（round trip efficiency）的低端逐步上移到中位數，這意味著整體分布現在正往高端偏移。

The next thing now is once you reduce variation as you shift the mean hire. Entitlement, you see it, we're running cycles at entitlement of 91%. We can run those cycles going back to the question that Joe asked like, if you look at the cycles we run, we've gone down to as little as 2.5 hours, 2.5 hours as high as the highest 11 or 14 hours off of the Z3 technology. It's a flexible technology that can meet multiple use cases.

接下來，一旦你降低變異、並把平均值往上移。在額定（entitlement）方面，你也看得到：我們以額定91%的水準在跑循環。回到Joe剛才問的問題：如果你看我們跑的循環，我們已經可以做到短至2.5小時，也可以長到11或14小時——這是基於Z3技術。這是一項具彈性的技術，能滿足多種使用情境。

We've got to keep our head down and execute and make the company profitable, and that's what we're focused on as a leadership team. We'll keep everybody updated on the progress. Thanks for listening today.

我們必須埋頭執行、讓公司實現獲利，這就是我們領導團隊目前的重點。我們會持續向各位更新進展。謝謝各位今天收聽。

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

今天的電話會議到此結束。感謝各位參與。您現在可以掛線。