Flux Power Holdings Inc (FLUX) 2025 Q3 法說會逐字稿

Greetings, and welcome to the Flux Power Holdings fiscal third quarter 2025 financial results conference call. (Operator Instructions) As a reminder, this conference is being recorded. Before we begin the formal presentation, I would like to remind everyone that statements made on the call and webcast may include predictions, estimates or other information that might be considered forward-looking.

您好，歡迎參加 Flux Power Holdings 2025 財年第三季財務業績電話會議。（操作員指示）提醒一下，本次會議正在錄音。在我們開始正式演講之前，我想提醒大家，電話會議和網路廣播中的陳述可能包括預測、估計或其他可能被視為前瞻性的資訊。

While these forward-looking statements represent our current judgment on what the future holds, they are subject to risks and uncertainties that could cause actual results to differ materially. You are cautioned not to place undue reliance on these forward-looking statements, which reflect our opinions only as of the date of this presentation.

雖然這些前瞻性陳述代表了我們目前對未來的判斷，但它們受制於風險和不確定性，可能導致實際結果大不相同。請注意不要過度依賴這些前瞻性陳述，這些陳述僅反映我們截至本簡報發布之日的觀點。

Please keep in mind that we are not obligating ourselves to revise or publicly release the results of any revision to these forward-looking statements in light of new information or future events. Throughout today's discussion, we will attempt to present some important factors relating to our business that may affect our predictions. You should also review our most recent Form 10-K for a more complete discussion of these factors and other risks, particularly under the heading Risk Factors.

請記住，我們沒有義務根據新資訊或未來事件修改或公開發布這些前瞻性陳述的任何修改結果。在今天的討論中，我們將嘗試提出一些與我們的業務相關的可能影響我們預測的重要因素。您還應該查看我們最新的 10-K 表格，以更全面地了解這些因素和其他風險，尤其是在「風險因素」標題下。

A press release detailing these results crossed the wire this afternoon at 4:01 P.M. Eastern Time and is available in the Investor Relations section of our company's website, fluxpower.com. Your hosts today, Krishna Vanka, Chief Executive Officer; Kevin Royal, Chief Financial Officer; and Jeff Mason, VP of Operations, will present results of operations for the fiscal third quarter ended March 31, 2025.

詳細介紹這些業績的新聞稿已於美國東部時間今天下午4:01發布，可在我們公司網站 fluxpower.com 的「投資者關係」版塊查閱。今天的主持人：執行長 Krishna Vanka、財務長 Kevin Royal 和營運副總裁 Jeff Mason 將公佈截至2025年3月31日的第三財季營運表現。

At this time, I will turn the call over to Flux Power's CEO, Krishna Vanka.

現在，我將電話轉給 Flux Power 的執行長 Krishna Vanka。

Thank you, operator, and good afternoon, everyone. I am very pleased to welcome you to today's third fiscal quarter 2025 financial results conference call. Since joining Flux in March, I have spent some good time engaging with our internal teams, products, customers and partners. This has given me a clear view into how our solutions drive value for our customers and where we must focus to scale responsibly and profitably.

謝謝接線員，大家下午好。我很高興歡迎大家參加今天的2025財年第三季財務業績電話會議。自從三月加入 Flux 以來，我花了一些時間與我們的內部團隊、產品、客戶和合作夥伴進行交流。這讓我清楚地了解到我們的解決方案如何為客戶創造價值，以及我們必須關注哪些方面才能負責任且有利可圖地擴大規模。

With that said, based on these insights, we have aligned our five strategic initiatives that will guide our execution, culture and performance metrics moving forward. Let me take them one by one with you. Number one, profitable growth. Our top priority here is achieving consistent quarterly profitable results as we scale. Number two, operational efficiencies.

話雖如此，基於這些見解，我們調整了五項策略舉措，以引導我們未來的執行、文化和績效指標。讓我一一帶你去看看。第一，獲利成長。我們的首要任務是在擴大規模的同時實現持續的季度獲利。第二，營運效率。

We are aggressively optimizing our supply chain and internal processes to reduce costs, especially amid this tariff uncertainty. Jeff Mason will touch on tariffs in more detail later on this call. Number three, solution selling. Led by our Chief Revenue Officer, Kelly Frey, this initiative is transforming how we sell by aligning our offerings to the customers' problems.

我們正在積極優化我們的供應鏈和內部流程以降低成本，尤其是在關稅不確定的情況下。傑夫梅森 (Jeff Mason) 將在稍後的電話會議中更詳細地討論關稅問題。第三，解決方案銷售。在我們的首席營收長凱利弗雷 (Kelly Frey) 的領導下，這項舉措正在透過調整我們的產品以解決客戶的問題來改變我們的銷售方式。

Number four, build the right products. We are focused on building innovations that will meet real customer needs while expanding our margins. Number five, software and recurring revenue, very exciting here. SkyBMS, our intelligent battery platform is the foundation for a broader recurring revenue strategy. With that said, today, I do want to do a little bit of deep dive on to those last two initiatives.

第四，打造正確的產品。我們專注於創造能夠滿足客戶實際需求並擴大利潤的創新。第五，軟體和經常性收入，非常令人興奮。SkyBMS 是我們的智慧電池平台，也是更廣泛的經常性收入策略的基礎。話雖如此，今天我確實想深入探討最後兩項舉措。

With the launch of the G96 solution, Plug Power is advancing the electrification of airline drone support equipment by addressing growing demands for higher power, greater intelligence and sustainable operations. This product is helping us further expand our portfolio to support high energy demand pushback tractors, positioning Flux Power as a technology leader in the shift to clean, high-performance GSE electrification.

隨著 G96 解決方案的推出，Plug Power 正在透過滿足對更高功率、更高智慧和永續營運日益增長的需求來推進航空無人機支援設備的電氣化。該產品幫助我們進一步擴展產品組合，以支援高能耗需求的後推式拖拉機，使 Flux Power 成為向清潔、高性能 GSE 電氣化轉變的技術領導者。

We continue to develop and expand our SkyBMSA platform to support the full life cycle of an intelligent battery. What does this mean? Number one, plan. We will provide tools for fleet and infrastructure planning. Number two, operate, providing the real-time operational insights.

我們繼續開發和擴展我們的 SkyBMSA 平台，以支援智慧電池的整個生命週期。這是什麼意思？第一，計劃。我們將提供車隊和基礎設施規劃工具。第二，運營，提供即時運營洞察。

Number three, optimizing the usage on the fleet. Number four, predictive maintenance. Number five, providing recycling with respect to the second life option. SkyBMS is already in pilot with select customers. As you may have noticed, earlier this week, we announced a patent award for intelligent battery life cycle maximization, which is a proprietary AI-based algorithm.

第三，優化船隊的使用。第四，預測性維護。第五，提供關於第二次生命選擇的回收。SkyBMS 已與部分客戶進行試點。您可能已經注意到，本週早些時候，我們宣布了一項智慧電池生命週期最大化專利獎，這是一種基於人工智慧的專有演算法。

As Flux Power accelerates its evolution from a battery manufacturer to a technology-driven energy solutions provider, these innovations and our SkyBMS software will play a central role. However to achieve this vision, we are planning to have every battery we ship to be cloud connected moving forward. We are incredibly excited about SkyBMS, and we'll share more details about this software strategy on our future calls.

隨著 Flux Power 加速從電池製造商向技術驅動的能源解決方案提供商轉型，這些創新和我們的 SkyBMS 軟體將發揮核心作用。然而，為了實現這一願景，我們計劃將我們運送的每一塊電池都連接到雲端。我們對 SkyBMS 感到非常興奮，我們將在未來的電話會議上分享更多關於該軟體策略的細節。

I will now turn the call over to Jeff Mason to discuss operational updates. Jeff?

現在我將把電話轉給傑夫梅森 (Jeff Mason) 討論營運更新。傑夫？

Thank you, Krishna. As geopolitical complexities continue to influence global trade, we remain steadfast in our commitment to operational resilience and value creation. We are responding to tariff pressures and accelerating our road map to sustain momentum. Our product does contain a partial made in China content that is impacted by the latest tariffs. We have already updated our price list and have shared with our customers.

謝謝你，克里希納。隨著地緣政治複雜性持續影響全球貿易，我們依然堅定不移地致力於營運彈性和價值創造。我們正在應對關稅壓力並加快我們的路線圖以保持發展勢頭。我們的產品確實包含部分中國製造的內容，這些內容受到最新關稅的影響。我們已經更新了我們的價格表並與我們的客戶分享。

Considering recent tariff changes impacting the global supply chain, we are rapidly adapting sourcing tactics as part of our short-term supply chain response. We are accelerating the evaluation of new suppliers, particularly for battery cells and other raw materials. We will continue supplier continuity by maintaining existing long-term supplier relationships while transitioning to alternative regions with lower tariff exposures.

考慮到最近關稅變化對全球供應鏈的影響，我們正在迅速調整採購策略，作為短期供應鏈回應的一部分。我們正在加快對新供應商的評估，特別是電池單元和其他原材料的供應商。我們將透過維持現有的長期供應商關係來維持供應商的連續性，同時轉向關稅風險較低的替代地區。

We are reinforcing the company's commitment to LFP battery solutions to ensure we meet our existing customer needs and requirements. And we are investigating new battery chemistries tailored to specific applications, ultimately providing new opportunities for our existing and future customers.

我們正在加強公司對 LFP 電池解決方案的承諾，以確保滿足現有客戶的需求和要求。我們正在研究針對特定應用的新型電池化學成分，最終為我們現有和未來的客戶提供新的機會。

Our long-term supply chain strategy has adopted a commodity-based sourcing strategy to ensure resilience and cost efficiency in key material categories. We are focused on partnerships and building strategic alliances with OEM suppliers and manufacturers who can consistently deliver high-quality and competitively priced components.

我們的長期供應鏈策略採用了以商品為基礎的採購策略，以確保關鍵材料類別的彈性和成本效率。我們專注於與能夠持續提供高品質且價格具有競爭力的零件的 OEM 供應商和製造商建立合作夥伴關係和策略聯盟。

We are also focused on supplier diversification, reducing the exposure to high-tariff regions by onboarding qualified suppliers across alternative regions, including North America. Our objective is to establish a diversified and agile supply network that supports long-term scalability and innovation. Looking ahead, we are working toward domestic assembly and manufacturing expansion.

我們也注重供應商多樣化，透過引入北美等其他地區的合格供應商來減少對高關稅地區的曝險。我們的目標是建立一個多元化、靈活的供應網絡，支持長期的可擴展性和創新性。展望未來，我們正致力於國內組裝和製造擴張。

We are committed to scaling domestic assembly capabilities in the US with a focus on reducing exposure to the international logistics and tariff zones. We are also planning to accelerate R&D investments, including tariff-resistant product design.

我們致力於擴大美國國內的組裝能力，並專注於減少對國際物流和關稅區的影響。我們也計劃加快研發投資，包括抗關稅產品設計。

Our engineering teams are prioritizing designs that use lower tariff materials and including potential new chemistries. We are also advancing innovation partnerships and collaboration with US-based companies to secure future supply chain at competitive costs.

我們的工程團隊優先考慮使用低關稅材料和包括潛在新化學品的設計。我們也正在推動與美國公司的創新夥伴關係和合作，以具有競爭力的成本確保未來的供應鏈。

Despite near-term global headwinds, our proactive strategy ensures three goals: maintain optimal margins, sustained growth driven by US-based manufacturing and product innovation and long-term competitiveness with a cost-efficient, diversified supply chain and scalable infrastructure. Taken together, we are transforming challenges into catalysts for future growth.

儘管近期全球面臨逆風，但我們的積極主動策略確保了三個目標：保持最佳利潤率、由美國製造和產品創新推動的持續成長以及透過具有成本效益的多樣化供應鏈和可擴展的基礎設施保持長期競爭力。總之，我們正在將挑戰轉化為未來成長的催化劑。

I will now turn the call over to Kevin Royal to discuss the fiscal third quarter highlights and then walk through our business updates and financials. Kevin?

現在我將把電話轉給凱文·羅亞爾 (Kevin Royal)，討論第三財季的亮點，然後介紹我們的業務更新和財務狀況。凱文？

Thank you, Jeff. Revenue for the third fiscal quarter increased 16% to $16.7 million compared to $14.5 million in the third fiscal quarter of 2024, driven by higher demand in the material handling and ground support equipment markets with unit growth of 10% and 25%, respectively.

謝謝你，傑夫。第三財季營收為 1,670 萬美元，較 2024 年第三財季的 1,450 萬美元成長 16%，這得益於物料搬運和地面支援設備市場需求的增加，單位成長率分別達到 10% 和 25%。

Revenue for the first quarter of fiscal 2025 was $16.1 million and revenue for the second quarter of fiscal 2025 was $16.8 million. Gross profit for the third fiscal quarter of 2025 increased 32.5% to $5.3 million compared to a gross profit of $4 million in the third fiscal quarter of 2024. Gross margin increased to 32% in the third fiscal quarter of 2025 as compared to 28% in the third fiscal quarter of 2024.

2025財年第一季的營收為1,610萬美元，2025財年第二季的營收為1,680萬美元。2025 財年第三季的毛利為 530 萬美元，較 2024 財年第三季的 400 萬美元成長 32.5%。2025 財年第三季的毛利率從 2024 財年第三季的 28% 上升至 32%。

Gross profit margin increased by 374 basis points due to a decrease in warranty-related costs, partially offset by slightly higher material costs. We have a continued focus on product cost reduction in order to further improve our gross profit margins with a near-term target of 40% or higher gross profit margin.

由於保固相關成本的下降，毛利率增加了 374 個基點，但材料成本略有上升，部分抵消了這一影響。我們將繼續致力於降低產品成本，以進一步提高毛利率，近期目標是達到40％或更高的毛利率。

Selling and administrative expenses increased to $5.7 million in the third fiscal quarter of 2025 as compared to $5.3 million in the third fiscal quarter of 2024, primarily attributable to professional fees of approximately $500,000 associated with the multiyear restatement of previously filed financial statements.

2025 財年第三季的銷售和管理費用從 2024 財年第三季的 530 萬美元增至 570 萬美元，主要歸因於與先前提交的財務報表的多年重述相關的約 50 萬美元的專業費用。

Research and development expenses decreased to $1.1 million in the third fiscal quarter of 2025 compared to $1.3 million in the third fiscal quarter of 2024, mainly driven by lower salaries and severance costs. Adjusted EBITDA loss was $1.1 million in the third fiscal quarter of 2025 as compared to an adjusted EBITDA loss of $1.7 million in the third fiscal quarter of 2024.

2025 財年第三季的研發費用從 2024 財年第三季的 130 萬美元下降至 110 萬美元，主要原因是薪資和遣散費降低。2025 財年第三季調整後 EBITDA 虧損為 110 萬美元，而 2024 財年第三季調整後 EBITDA 虧損為 170 萬美元。

Net loss for the third fiscal quarter of 2025 was $1.9 million compared to a net loss of $3 million in the third fiscal quarter of 2024, primarily attributable to an increase in gross profit in the current quarter, partially offset by the increase in selling and administrative expenses related to costs associated with the multiyear restatement of previously filed financial statements.

2025 財年第三季的淨虧損為 190 萬美元，而 2024 財年第三季的淨虧損為 300 萬美元，主要原因是本季毛利潤增加，但與多年重述先前提交的財務報表相關成本相關的銷售和管理費用增加部分抵銷了這一損失。

Cash was $0.5 million on March 31, 2025, as compared to $0.6 million at June 30, 2024, reflecting changes in working capital management. Available working capital includes our line of credit as of March 31, 2025, under our $16 million credit facility from Gibraltar Business Capital with a remaining available balance of $3.75 million, subject to borrowing base limitations and satisfaction of certain financial covenants and $1 million available under our subordinated line of credit with Cleveland Capital.

2025 年 3 月 31 日的現金為 50 萬美元，而 2024 年 6 月 30 日的現金為 60 萬美元，反映了營運資金管理的變化。可用營運資金包括截至 2025 年 3 月 31 日的信用額度，即我們從直布羅陀商業資本獲得的 1600 萬美元信貸額度，剩餘可用餘額為 375 萬美元，但須遵守借款基準限制和某些財務契約的滿足情況，以及我們與克利夫蘭資本的次級信用額度下的 100 萬美元可用餘額。

We continue to be in good standing with both Gibraltar and Cleveland Capital and remain confident in their continued support of Flux and our long-term mission.

我們繼續與直布羅陀和克利夫蘭資本保持良好關係，並對他們繼續支持 Flux 和我們的長期使命充滿信心。

I will now turn it over to Krishna for his final remarks prior to the question-and-answer session.

現在，我將把時間交給克里希納，讓他在問答環節之前發表最後的演講。

Thank you, Kevin. As you saw, during the quarter, we delivered strong year-over-year revenue and gross margin growth, driven by enhanced sales strategies, growing demand for our innovative suite of products, even with some of the tariff challenges starting to emerge in Q3.

謝謝你，凱文。正如您所看到的，在本季度，儘管第三季度開始出現一些關稅挑戰，但我們仍實現了強勁的同比收入和毛利率增長，這得益於銷售策略的加強和對我們創新產品套件的需求不斷增長。

Here, we are shaping the future of intelligent energy solutions where every battery functions as part of a connected self-optimizing network. This evolution allow us to deliver software-driven value that's going to extend beyond the traditional energy storage today, unlocking operational insights, predictive maintenance and long-term efficiencies for our customers. I'm very excited about this future.

在這裡，我們正在塑造智慧能源解決方案的未來，其中每個電池都作為連接的自優化網路的一部分發揮作用。這種演變使我們能夠提供軟體驅動的價值，這種價值將超越當今傳統的能源存儲，為我們的客戶提供營運洞察力、預測性維護和長期效率。我對這個未來感到非常興奮。

We look forward to keeping our shareholders informed as we execute against our strategic initiatives and expand our leadership in this market, supported by a growing diverse base of large enterprise customers. Thanks for joining us today.

我們期待在執行策略性舉措和擴大我們在這個市場的領導地位的過程中，不斷向股東通報情況，並得到日益多樣化的大型企業客戶群的支持。感謝您今天加入我們。

I'll now turn the call back over to the operator for the Q&A session. Operator?

我現在將把電話轉回給接線員，進行問答環節。操作員？

(Operator Instructions)

（操作員指示）

Craig Irwin, ROTH Capital Partners.

克雷格歐文（Craig Irwin），羅仕證券資本合夥公司（ROTH Capital Partners）。

Good evening, and thank you for taking my questions. Krishna, congrats on a strong quarter out of the gates. It's nice to see accountability driving execution at Flux. So congratulations there. The last several months, there have been positive developments in the airport ground support equipment space. It seems that both airport operators and airlines are looking to partner on ways to adopt environmentally responsible business practices.

晚上好，感謝您回答我的問題。克里希納，祝賀你在本季度取得了強勁的成績。很高興看到 Flux 的責任感推動執行力。所以恭喜你。過去幾個月，機場地面支援設備領域取得了積極的發展。看來機場營運商和航空公司都在尋求合作，採取對環境負責的商業行為。

Can you talk about the sensitivity of these customers to potential pricing actions from tariffs and some of the volatility we're seeing for other areas in clean technology like the withdrawal of subsidies. I know they generally weren't getting subsidies. But can you maybe talk about the commitment of these customers to their programs and their suppliers?

您能否談談這些客戶對關稅潛在定價行為的敏感性，以及我們在清潔技術其他領域看到的一些波動，例如取消補貼。我知道他們一般不會得到補貼。但是您能否談談這些客戶對他們的專案和供應商的承諾？

Definitely. Thanks for the question. And yes, as you mentioned, we are very closely working with our customers in the GSE, and they are well committed on a long term for their ESG goals and making the transformation. So it is very early for us to say the full impact of the tariffs or the broader reduction of subsidies. But at this point, I can say that it's almost business as usual and their commitment to do the transformation work with us is on an ongoing basis.

確實。謝謝你的提問。是的，正如您所說，我們正與 GSE 的客戶密切合作，他們長期致力於實現 ESG 目標並實現轉型。因此，現在就判斷關稅或更大範圍削減補貼的全面影響還為時過早。但目前，我可以說，一切幾乎照常進行，他們與我們一起進行轉型工作的承諾也將持續下去。

Thank you. The second thing I wanted to ask about is your SkyBMS. So you have had systems out there with major customers in testing, customers that have partnered with Flux to maybe shape and inform the functionality that they would like.

謝謝。我想問的第二件事是有關您的 SkyBMS。因此，您已經擁有了一個可供主要客戶測試的系統，這些客戶已經與 Flux 合作，可能是為了塑造和告知他們想要的功能。

What sort of feedback do you have from these customers as far as the potential ROI that they're seeing on the adoption of this technology? And maybe if you could also comment as well as far as on the maintenance side and the overall life cycle analysis, whether or not you think this technology can extend the functional life of the systems you're deploying at customers?

就採用這項技術的潛在投資報酬率而言，您從這些客戶那裡得到了什麼樣的回饋？或許您也可以從維護方面和整體生命週期分析的角度進行評論，您是否認為這項技術可以延長您在客戶部署的系統的功能壽命？

Definitely. Thanks for the question. And yes, SkyBMS moving forward is going to be a very important component on how our customers realize the value of our solution. And as I mentioned earlier, we already have multiple customers that are working towards integrating this technology into their day-to-day operations. The ROI is definitely going to come back in the form of reducing the number of visits for us to go do any maintenance because the data is going to provide the intelligence for us to remotely take care of a lot of issues.

確實。謝謝你的提問。是的，SkyBMS 的發展將成為我們的客戶實現我們解決方案價值的一個非常重要的組成部分。正如我之前提到的，我們已經有多個客戶正在努力將這項技術融入他們的日常營運中。投資回報率肯定會以減少我們進行維護的訪問次數的形式回歸，因為數據將為我們提供遠端處理許多問題的智慧。

That's number one internally for us. From a customer perspective, it's part of the ecosystem. This is where they already run their operations on different technologies, and this is where our SkyBMS, the APIs and whatnot going to bring the integration data together.

對我們來說，這是內部最重要的事。從客戶的角度來看，它是生態系統的一部分。他們已經在這裡使用不同的技術開展業務，而我們的 SkyBMS、API 等將在這裡將整合資料整合在一起。

So definitely a higher ROI than disconnected systems that they have today. The battery intelligence is going to be the central component, both with the charger on one side and the fleet telematics on the other side.

因此，其投資報酬率肯定比他們目前所採用的斷開系統更高。電池智慧將成為核心部件，一側是充電器，另一側是車隊遠端資訊處理。

Excellent. Then my last question is related to the forklift market and the adoption of lithium ion you're seeing with your customers. So the short-term uncertainty we're seeing in the economy does not seem like it's really significantly disrupted capital plans or longer-term capital plans, I should say.

出色的。我的最後一個問題與堆高機市場以及客戶對鋰離子的採用有關。因此，我們應該說，我們在經濟中看到的短期不確定性似乎並沒有真正嚴重擾亂資本計劃或長期資本計劃。

Are you seeing any change or difference in the level of interest of these Tier 1 customers as far as adoption of lithium for their distribution centers over the next couple of years? Is this potentially driving efficiency initiatives at these customers that might bring you new opportunities as people look towards the other side of this short-term uncertainty?

在未來幾年內，您是否看到這些一級客戶對其配送中心採用鋰電池的興趣程度有任何變化或差異？當人們開始關注這種短期不確定性的另一面時，這是否有可能推動這些客戶的效率舉措，並可能為您帶來新的機會？

Yeah, another great question. Thank you. We are very early in this process, as you know, but we are actually hearing that certain of our competitors honestly altered shipments altogether because they are subjected to higher tariffs compared to where we are. And we believe this actually is providing us an advantage to take more market share.

是的，又一個好問題。謝謝。如您所知，我們處於這個過程的早期階段，但我們實際上聽說我們的某些競爭對手確實徹底改變了發貨量，因為與我們相比，他們要繳納更高的關稅。我們相信這實際上為我們提供了獲得更多市場份額的優勢。

We are seeing this in terms of increased level of interest coming from these types of customers. And also, we have seen an increase in the quotation activities as part of our sales force. So as Jeff mentioned, we are turning this into a greater opportunity for us.

我們看到這類客戶的興趣日益濃厚。此外，我們也看到銷售團隊的報價活動增加。正如傑夫所提到的，我們正在將此轉化為我們的更大機會。

Great. Well, thanks again for taking my questions. Congratulations on the strong results. I'll go ahead and hop back in the queue.

偉大的。好吧，再次感謝您回答我的問題。恭喜您取得如此優異的成績。我將繼續並重新回到隊列中。

Thank you.

謝謝。

Eric Stine, Craig-Hallum.

艾瑞克·史坦、克雷格·哈勒姆。

Hey, this is Luke on for Eric. So first, we know that last quarter, adding the new sales personnel was a big point of emphasis. Could you maybe just broadly talk more about some of the positive changes you've seen so far as a result of this new effort? And if you plan to make more additions to that team, maybe to target some more specific or underpenetrated end markets?

嘿，這是艾瑞克的盧克。首先，我們知道上個季度增加新的銷售人員是一個重點。您能否更廣泛地談談迄今為止您所看到的這項新舉措所帶來的一些積極變化？如果您打算為該團隊增加更多成員，也許是為了瞄準一些更具體或滲透不足的終端市場？

Sure, definitely. Good question. I actually just invited Kelly Frey, our CRO, to this room. So Kelly, it's almost like the question came. I'll let Kelly answer your question there.

當然，絕對是如此。好問題。實際上，我剛剛邀請了我們的首席風險官凱利·弗雷 (Kelly Frey) 來這個房間。所以凱利，這幾乎就像問題來了一樣。我會讓凱利來回答你的問題。

There's the biggest thing that we've seen is that the market for lead acid batteries, which is the first step towards electrification, very much as a commoditized product because it's not a very intelligent product, if you will. It doesn't have a lot of data associated to it. When someone moves to lithium, you have an opportunity to take that data and use it to really fit into a larger solution that the client is trying to solve in terms of their overall energy usage, the overall life cycle of their equipment, be it in the ground support equipment market or in the material handling market.

我們看到的最大問題是，鉛酸電池市場（這是邁向電氣化的第一步）非常像商品化產品，因為它不是一種非常聰明的產品，如果你願意的話。它沒有很多與之相關的數據。當有人轉向鋰電池時，您就有機會獲取這些數據並將其用於真正適合客戶試圖解決的更大的解決方案，即他們的整體能源使用情況、設備的整體生命週期，無論是在地面支援設備市場還是在物料搬運市場。

So if I were to put a bow around it, I would say that the real change that we've seen in the first couple of months that I've been here is the opportunity to position us as a software company that happens to have very good batteries and that we fit into an ecosystem of telematics on the equipment, be it at the airport or in the material handling space or how that equipment might interact with the over-the-road fleet and the electrification of that. So yes, very exciting times.

所以，如果要我概括一下的話，我想說，我來到這裡的頭幾個月裡，我們看到的真正變化是，我們有機會定位為一家軟體公司，恰好擁有非常好的電池，並且我們適合設備上的遠程信息處理生態系統，無論是在機場還是在物料處理領域，或者這些設備如何與公路車隊互動及其電氣化。是的，這是非常令人興奮的時刻。

All right. Very helpful. And just for a follow-up here. So last call, you talked about some heavy-duty models like it looks like the G96 now being introduced and deployed in the next few months. Can you maybe talk a bit more about how this time line is sort of trending for deployment and what sorts of end markets you expect to serve here outside of airport GSE?

好的。非常有幫助。這只是這裡的後續內容。最後一次，您談到了一些重型車型，例如 G96，它們將在未來幾個月內推出和部署。您能否再多談這個時間表的部署趨勢，以及除了機場 GSE 之外，您預計還會服務哪些終端市場？

So that particular model is geared towards the airports and the GSEs with those types of trucks. That said, as you can see, we are evolving more and more into the higher voltage category here, which means it can open up new verticals eventually or even more domination into this GSV market as we support more and more models. So the product that we announced is already with customer testing, validating and also in production. So it's great news for us. We were able to move forward pretty quickly last quarter, and this is the pace at which we want to start developing and deploying new products.

因此，此特定型號適用於配備此類卡車的機場和地面支援設備 (GSE)。也就是說，如您所見，我們正在越來越多地向更高電壓類別發展，這意味著隨著我們支援越來越多的型號，它最終可以開闢新的垂直領域，甚至在這個 GSV 市場中佔據更大的主導地位。因此，我們發布的產品已經經過客戶測試、驗證並投入生產。這對我們來說是個好消息。上個季度我們進展得相當快，這也是我們希望開始開發和部署新產品的速度。

Great, that's helpful I'll turn it over thank you.

太好了，這很有幫助，我會轉過來謝謝你。

Rob Brown, Lake Street Capital Markets.

羅布布朗 (Rob Brown)，Lake Street Capital Markets。

Good afternoon. Got pretty good orders in the quarter. I just wanted to get a sense of what the order trends, kind of are. I know the visibility is not as good now, but how do you sort of see the order trends? Do you continue to see a bit of a back end loaded order book at this point?

午安.本季的訂單量相當不錯。我只是想了解訂單趨勢是什麼樣的。我知道現在的可見度不太好，但是您如何看待訂單趨勢？現在您還看到一些後端載入的訂單簿？

Yeah, this is Krishna, and I'll also ask Kevin to add anything after my answer here. But fortunately, we have a pretty good inventory in stock that is not subject to these full reciprocal tariffs. As a result, we are anticipating that Q4 will be very minimally impacted by the tariff increase. So the demand continues to continue and our commitment to deliver on time is also in the process.

是的，這是克里希納，我還會讓凱文在我回答後添加任何內容。但幸運的是，我們有相當多的庫存，不受這些完全互惠關稅的約束。因此，我們預計第四季度受關稅上調的影響將非常小。因此需求持續存在，我們按時交貨的承諾也在進行中。

Rob, this is Kevin. As you can imagine, the tariffs were a bit of a shock to the system, and we're working with our customers to really gauge demand given an unnecessary increase in selling prices to cover those tariffs. I think as Krishna mentioned in an earlier answer, it is certainly true that we're feeling as though we could come out of this with a competitive advantage from a cost standpoint.

羅布，這是凱文。你可以想像，關稅對系統造成了一定衝擊，我們正在與客戶合作，以真正衡量需求，因為為了支付這些關稅，銷售價格不必要地上漲了。我認為，正如克里希納在之前的回答中提到的那樣，我們確實感覺我們可以從成本的角度獲得競爭優勢。

And we are seeing early activity and quite a bit of incoming inquiries resulting in our sales force putting more quotations out to customers and potential customers.

我們看到了早期的活動和大量的詢問，這導致我們的銷售人員向客戶和潛在客戶提供了更多的報價。

Okay, great. Thank you. I'll turn it over.

好的，太好了。謝謝。我把它翻過來。

There are no further questions. Please continue.

沒有其他問題了。請繼續。

Thank you, operator. I would like to thank each of you on this call for joining our financial results conference today. And we all here look forward to continue to update you on our progress quarter-by-quarter and the growth we are making. Thanks, and have a great day.

謝謝您，接線生。我要感謝各位參加我們今天的財務表現會議。我們所有人都期待著繼續向你們通報我們每季的進展和所取得的成長。謝謝，祝您有愉快的一天。

Ladies and gentlemen, this concludes today's conference call. Thank you for your participation. You may now disconnect.

女士們、先生們，今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。