Flux Power Holdings Inc (FLUX) 2025 Q4 法說會逐字稿

Good afternoon and welcome to the Flux Power fourth quarter and fiscal year 2025 earnings conference call. (Operator Instructions)

下午好，歡迎參加 Flux Power 2025 財年第四季及全年業績電話會議。 （操作員指示）

I would now like to turn the conference over to Joel Akronowitz, Managing Director. Please go ahead.

現在，我想將會議交給董事總經理喬爾·阿克羅諾維茨 (Joel Akronowitz)。請開始。

Good afternoon and welcome to Flux Power's fourth quarter and full year fiscal 2025 earnings conference call. I'm Joel Akronowitz, Managing Director of Shelton Group, Flux Power's Investor Relations firm. And joining me today are Krishna Vanka, Flux Power CEO, Kevin Royal, Chief Financial Officer, and Kelly Frye, Chief Revenue Officer.

下午好，歡迎參加 Flux Power 2025 財年第四季及全年財報電話會議。我是 Flux Power 投資者關係公司 Shelton Group 的董事總經理 Joel Akronowitz。今天與我一起參加會議的還有 Flux Power 執行長 Krishna Vanka、財務長 Kevin Royal 和首席營收長 Kelly Frye。

Before I turn the call over to Christian, I'd like to remind our listeners that during the course of this conference call, the company will provide financial guidance, projections, comments, and other forward-looking statements regarding future market developments, the future financial performance of the company, new products, or other matters. These statements are subject to the risks and uncertainties that we discuss in detail in our documents filed with the SEC.

在將電話會議交給克里斯蒂安之前，我想提醒各位聽眾，在本次電話會議期間，公司將提供財務指引、預測、評論和其他前瞻性聲明，涉及未來市場發展、公司未來財務業績、新產品或其他事項。這些聲明受我們在提交給美國證券交易委員會的文件中詳細討論的風險和不確定性的影響。

Specifically, our 10-K and our most recent 10-Q, which identify important risk factors that could cause actual results to differ materially from those contained in the forward-looking statements. Also, the company's press release and management statements during this conference call will include discussions with certain adjusted or non-gap financial measures.

具體而言，我們的10-K報表和最新的10-Q報表，其中列出了可能導致實際結果與前瞻性陳述中所述結果有重大差異的重要風險因素。此外，公司新聞稿和本次電話會議中的管理層聲明將包含對某些調整後或非缺口財務指標的討論。

These financial measures and related reconciliations are provided in the company's press release and related current report on Form 8-K, which can be found on the investor relations section. Flex Power's website at www.flexpower.com.

這些財務指標及相關對帳資訊已在公司新聞稿及8-K表格相關當前報告中提供，可在投資者關係部分查閱。 Flex Power網址：www.flexpower.com。

For those of you unable to listen to the entire call at this time, a recording will be available via webcast on the company's website. And now it's my great pleasure to turn the call over to Flux's CEO Krishna Vanka. Krishna, please go ahead.

如果您目前無法收聽完整電話會議，可以透過公司網站的網路直播收聽錄音。現在，我非常榮幸地將電話會議交給 Flux 執行長 Krishna Vanka。 Krishna，請開始吧。

Thank you and welcome to everyone as we review our fourth quarter and fiscal year 2025 results and business updates. I have been at Flux Power now for six months as CEO and have had the opportunity to meet more extensively with our customers and partners. This gave me a better understanding of their business, the product requirements, and how Flux Power can offer added value through our battery solution.

感謝各位，歡迎大家蒞臨，我們將回顧第四季及2025財年的業績及業務更新。我加入Flux Power擔任執行長已有六個月，有機會與我們的客戶和合作夥伴進行更廣泛的交流。這讓我更了解了他們的業務、產品需求，以及Flux Power如何透過我們的電池解決方案提供附加價值。

These discussions have made me very excited about the company's future and the opportunities that lie ahead of us. Power is at the forefront of shaping the future for intelligent energy solutions, where every lithium ion battery functions as part of a connected self-optimizing network. This vision is part of a mandate shared across the members of our newly established management team, and we are all fully committed to achieving our long term objectives both operationally and financially.

這些討論讓我對公司的未來以及我們面臨的機會感到非常興奮。電力是塑造未來智慧能源解決方案的前沿，每個鋰離子電池都將成為互聯互通、自我最佳化網路的一部分。這個願景是我們新成立的管理團隊成員共同的使命的一部分，我們都將全力以赴地實現我們在營運和財務方面的長期目標。

In our last earnings call, I shared with you the 5 strategic initiatives that will be guiding our execution and performance in the upcoming quarters and years. These initiatives include number 1, achieving profitable growth, 2 executing on operational efficiencies, 3, implementing a solution selling approach, number 4, building the right products for customer needs, and number 5 integrating value added software across our battery portfolio to generate recurring revenue streams.

在上次財報電話會議上，我與大家分享了五項策略舉措，這些舉措將引導我們未來幾季和幾年的執行和業績。這些措施包括：第一，實現獲利性成長；第二，提高營運效率；第三，實施解決方案銷售方法；第四，根據客戶需求打造合適的產品；第五，將加值軟體整合到我們的電池產品組合中，以產生經常性收入來源。

As highlighted in our press release issued earlier today, we finished 2025 with a solid year over year growth on both on a quarterly and annualized basis. We also significantly improved our gross profit and margin performance, contributing to meaningful improvement in our bottom line results. Acknowledging that we still have some work to do to achieve our goals of profitability and cash flow break even, we are demonstrating initial progress. In support of these goals, we have implemented various operational efficiencies to further reduce costs.

正如我們今天早些時候發布的新聞稿中所強調的，我們在2025年取得了穩健的同比增長，無論是季度還是年度。我們的毛利和利潤率也顯著提升，為公司獲利績效的顯著改善做出了貢獻。儘管我們仍需努力才能實現獲利和現金流損益兩平的目標，但我們已經取得了初步進展。為了支持這些目標，我們實施了多項營運效率措施，以進一步降低成本。

First, I spent time in China meeting with existing partners in order to strengthen the vendor relationships. We discussed the macroeconomic situation and determined ways to work together to help offset the impact of the current tariffs. More broadly, we also engaged with our domestic vendors to mitigate the international tariff exposure by renegotiating contract terms where possible.

首先，我在中國與現有合作夥伴會面，以加強與供應商的關係。我們討論了宏觀經濟形勢，並確定了合作方式，以抵消當前關稅的影響。更廣泛地說，我們也與國內供應商進行了接觸，盡可能透過重新協商合約條款來降低國際關稅風險。

We are also evaluating additional product engineering work to reduce costs by simplifying our design. This work is ongoing and we'll have more details to share with you on future costs. Finally, in June, we took action to reduce our headcount by about 15% across all segments of the company except for sales and marketing. This will help to reduce our ongoing operation expenses and ultimately our cash flow.

我們也正在評估額外的產品工程工作，透過簡化設計來降低成本。這項工作仍在進行中，我們將在未來與您分享更多有關成本的詳細資訊。最終，我們在6月採取行動，將公司除銷售和行銷部門以外的所有部門的員工人數削減了約15%。這將有助於降低我們的持續營運費用，並最終改善我們的現金流。

As part of our initiative to grow our software offerings and provide high value solutions to customers, we have made good progress on our SkyEMS AI platform during this quarter. I'm pleased to inform you that we have provided beta testing access of our SkyEMS version 2.0 to 1 of our airline customers, and we will be rolling it out soon to additional customers in the coming months.

作為我們不斷拓展軟體產品線並為客戶提供高價值解決方案的舉措的一部分，本季度，SkyEMS 人工智慧平台取得了良好進展。我很高興地通知您，我們已向部分航空公司客戶提供了 SkyEMS 2.0 版本的 Beta 測試訪問權限，並將在未來幾個月內向更多客戶推出。

By embedding our solution into a connected ecosystem of vehicles, chargers, and software, that will eventually create an integrated services and solutions that will generate recurring revenue and predictable replacement cycles.

透過將我們的解決方案嵌入到車輛、充電器和軟體的互聯生態系統中，最終將創建一個整合的服務和解決方案，從而產生經常性收入和可預測的更換週期。

He believes these initiatives will position to accelerate product adoption among our customers, thus expanding our market share and driving our growth of sustained profitable growth. Now I would like to review some of our recent customer successud.

他相信，這些措施將有助於加速我們產品在客戶中的普及，從而擴大我們的市場份額，並推動我們持續獲利的成長。現在，我想回顧一下我們最近為客戶取得的一些成功。

In early July we received a purchase order through our GS distributor for a major North American airline for 120 units of our newly announced and redesigned G8420 lithium ion battery pack. This $2 million plus order will be delivered throughout the calendar year 2025, reinforcing this airline's commitment to operational efficiency, sustainability, and next generate fleet readiness.

7月初，我們透過GS經銷商收到了北美一家大型航空公司的訂單，訂購120套我們新發布並重新設計的G8420鋰離子電池組。這份價值200多萬美元的訂單將於2025年全年交付，這進一步鞏固了該航空公司對營運效率、永續性和下一代機隊準備就緒的承諾。

In mid-August we received an additional 1.2 million plus purchase order through our GST distributed from another airline for a GT lithium-ion energy solution along with the SkyEMS software platform. This is a great example of success of our new solution selling strategy. We offered the customer a powerful combination of both hardware and software designed specifically to transform their fleet of ground service equipment.

8月中旬，我們透過GST分銷管道，又收到了另一家航空公司價值超過120萬美元的採購訂單，涵蓋GT鋰離子能源解決方案以及SkyEMS軟體平台。這是我們全新解決方案銷售策略成功的絕佳範例。我們為客戶提供了強大的硬體和軟體組合，專為升級其地面服務設備機隊而設計。

In addition to our progress on the new business development, it is also important to know that we have now shipped more than 28,000 battery packs. This represents a tremendous opportunity to add intelligence to the customer's existing equipment and IT infrastructure with our SkyEMS software and telemetry systems.

除了我們在新業務拓展方面取得的進展外，值得一提的是，我們目前已發貨超過28,000個電池組。這為我們利用SkyEMS軟體和遙測系統為客戶現有設備和IT基礎設施增添智慧化帶來了巨大的機會。

Now I would like to hand over the call to Kelly Frey, our Chief Revenue Officer, to discuss our partnerships and solutions selling initiative which are transforming the way we sell by aligning our product offerings to each customer's specific needs. Kelly, please go ahead.

現在，我想把電話交給我們的首席營收官凱利·弗雷 (Kelly Frey)，討論一下我們的合作夥伴關係和解決方案銷售計劃，這些計劃通過調整我們的產品以滿足每位客戶的具體需求，從而改變我們的銷售方式。凱利，請講。

Thank you, Krishna, and thanks everyone for joining us today. I'm now in my third quarter at Flux Power and like Krishna, over the past several months, I've immersed myself in the outbound business development activities across the company. I'd like to spend just a few minutes walking you through how we're thinking about the business today and where we see opportunities and momentum building.

謝謝你，Krishna，也謝謝大家今天加入我們。我現在已經是Flux Power的第三季了，和Krishna一樣，在過去的幾個月裡，我一直全心投入公司外部業務拓展活動。我想花幾分鐘時間，向大家介紹我們目前對業務的思考，以及我們看到的機會和發展勢頭。

At Flux, our top focus is on building long-term partnerships with customers, dealers, and OEM sales teams. Over the last couple of quarters we've shifted our sales approach to engage more directly with end customer users while continuing to fulfill business through OEMs, dealers, and distribution partners. This is giving us better visibility into their needs and how we can deliver more value along with our dealer and OEM partners.

在 Flux，我們最關注的是與客戶、經銷商和 OEM 銷售團隊建立長期合作夥伴關係。在過去的幾個季度中，我們調整了銷售方式，更直接地與最終客戶用戶互動，同時繼續透過 OEM、經銷商和分銷合作夥伴開展業務。這使我們能夠更好地了解他們的需求，以及如何與經銷商和 OEM 合作夥伴共同創造更多價值。

We're not just selling a battery, we're also selling the company telematic software, which can be a critical component for customers to design their charging and energy management infrastructure. In fact, our Sky EMS telemetry and energy management systems for monitoring and optimizing battery performance are becoming a bigger piece of the conversation.

我們不僅銷售電池，還銷售公司的遠端資訊處理軟體，它可以成為客戶設計充電和能源管理基礎設施的關鍵組件。事實上，我們用於監控和優化電池性能的 Sky EMS 遙測和能源管理系統正變得越來越重要。

In addition to the potential new revenue streams from our software, we're also excited about our growth opportunities and new market verticals and geographies. We're leveraging our strong foothold in the United States and targeting expanded opportunities in North and Central America, where we think Plux can play an important role. These efforts are expected to open up significant market potential to help drive future growth.

除了軟體帶來的潛在新收入來源外，我們也對成長機會以及新的垂直市場和地理感到興奮。我們正在利用在美國的穩固基礎，並瞄準北美和中美洲的更多機會，我們認為 Plux 可以在這些地區發揮重要作用。這些努力預計將釋放巨大的市場潛力，幫助推動未來成長。

Partnerships are another key driver of our growth strategy. Currently we're engaged in more OEM discussions than at any other point in our history. We're working to remove barriers to adoption by expanding certifications, pursuing private label opportunities, and investing in marketing. The goal is to turn first-time buyers into long-term repeat customers.

合作夥伴關係是我們成長策略的另一個關鍵驅動力。目前，我們與原始設備製造商 (OEM) 的洽談比以往任何時候都多。我們正努力透過擴大認證範圍、尋求自有品牌機會以及增加行銷投入來消除採用障礙。我們的目標是將首次購買者轉變為長期回頭客。

We are also looking at partnerships beyond OEMs with telematics providers as well as energy and charging infrastructure players. We see a real opportunity to strengthen the ecosystem around our solutions and add more value for our customers.

除了與原始設備製造商 (OEM) 合作之外，我們還在尋求與遠端資訊處理供應商以及能源和充電基礎設施供應商建立合作夥伴關係。我們認為這是一個真正的機會，可以增強我們解決方案的生態系統，並為客戶創造更多價值。

Finally, in terms of our sales pipeline, Flex has been involved in more opportunities this year and quoting activity is up significantly. And even though it may take a couple more quarters for that activity to materialize into backlog, the recent trend is very encouraging.

最後，就我們的銷售管道而言，Flex 今年獲得了更多機會，報價活動也大幅增加。儘管這些活動可能還需要幾個季度才能轉化為待售訂單，但最近的趨勢非常令人鼓舞。

So with that, let me now hand the call over to our CFO Kevin Royal to discuss our results for the quarter and year. Kevin?

那麼，現在我將把電話交給我們的財務長 Kevin Royal，討論我們本季和全年的業績。 Kevin？

Good afternoon everyone. Revenue for the fourth quarter of 2025 was $16.7 million compared to $13.4 million during the same quarter of the prior year. Full year 2025 revenue increased to $66.4 million from $60.8 million in the prior year. Increased sales for the full year 2025 was driven by higher volume in both material handling and ground support equipment markets, higher average selling prices in the GSE market, while slightly offset by lower average selling prices in the material handling market.

大家下午好。 2025年第四季營收為1,670萬美元，去年同期為1,340萬美元。 2025年全年營收從去年的6,080萬美元增至6,640萬美元。 2025年全年銷售額的成長得益於物料搬運和地面支援設備市場銷量的成長以及地面支援設備市場平均售價的上漲，但物料搬運市場平均售價的下降略微抵消了這一增長。

Gross margin in the fourth quarter was 34.5% compared to 26.8% during the same quarter of the prior year. Full year 2025 gross margin increased to 32.7% from 28.3% in the prior year. The improvement in gross margin was driven by sales of higher margin products, the benefit of cost savings initiatives, and lower warranty related expense.

第四季毛利率為34.5%，去年同期為26.8%。 2025年全年毛利率從去年的28.3%增加至32.7%。毛利率的提升得益於高利潤產品的銷售、成本節約措施的成效以及保固相關費用的降低。

Operating expenses in the fourth quarter of 2025 were $6.5 million compared to $5.4 million in the fourth quarter of 2024. Full year 2025 operating expenses increased to $26.8 million from $23.8 million in the prior year. Higher operating expenses were driven by $2.9 million of one-time costs associated with the multi-year restatement of previously issued financial statements.

2025年第四季營運費用為650萬美元，而2024年第四季為540萬美元。 2025年全年營運費用從上年的2,380萬美元增加至2,680萬美元。營運費用的增加是由於與先前發布的財務報表的多年期重述相關的290萬美元一次性成本。

The net loss for the fourth quarter was $1.2 million or $0.07 per share compared to a net loss of $2.2 million or $0.13 in the fourth quarter of 2024.

第四季淨虧損為 120 萬美元，即每股 0.07 美元，而 2024 年第四季淨虧損為 220 萬美元，即每股 0.13 美元。

Net loss for the full year was $6.7 million or $0.40 per share, which includes approximately $3 million in one time cost. This compares to a net loss of $8.3 million or $0.50 per share in 2024.

全年淨虧損為670萬美元，合每股0.40美元，其中包括約300萬美元的一次性成本。相較之下，2024年的淨虧損為830萬美元，合每股0.50美元。

Excluding one-time costs associated with the multi-year restatement of previously issued financial statements and stock-based compensation, the fourth quarter non-gap net loss was $30,000 or $0.00 per share compared to a non-gap net loss of $1.9 million or $0.11 per share in the prior period.

不包括與多年重述先前發布的財務報表和股票薪酬相關的一次性成本，第四季度非差距淨虧損為 30,000 美元或每股 0.00 美元，而上一季的非差距淨虧損為 190 萬美元或每股 0.11 美元。

For the full year, non-gap net loss was $2.8 million or $0.17 per share, which excludes one-time cost associated with the multi-year restatement of previously issued financial statements and stock-based compensation.

全年非缺口淨虧損為 280 萬美元，即每股 0.17 美元，不包括與多年重述先前發布的財務報表和股票薪酬相關的一次性成本。

This compares to a net loss of $6.8 million or $0.41 per share in the prior year. Adjusted EBITDA for the fourth quarter was positive $600,000 compared to negative $1.2 million in the same quarter a year ago. Full year 2025 adjusted EBITDA was a negative $0.1 million compared to a negative $4 million in the prior year.

相較之下，去年同期淨虧損680萬美元，合每股0.41美元。第四季調整後EBITDA為正60萬美元，去年同期為負120萬美元。 2025年全年調整後EBITDA為負10萬美元，去年同期為負400萬美元。

Turning to the balance sheet, we ended the quarter with cash and cash equivalents of $1.3 million compared to $600,000 a year ago. I will now turn it over to Krishna for his final remarks prior to the question and answer session.

談到資產負債表，本季末我們的現金及現金等價物為130萬美元，去年同期為60萬美元。現在，我將把時間交給克里希納，讓他在問答環節之前做最後的演講。

Thank you, Kevin. As we highlighted today, we finished fiscal 2025 with solid year over year growth on both a quarterly and as well as on annualized basis. We have a refreshed leadership team here that's fully focused on executing our strategic initiatives, including implementing our solutions-based sales approach with partners and customers to increase the value we provide.

謝謝凱文。正如我們今天所強調的那樣，我們在2025財年取得了穩健的季度和年度同比增長。我們擁有一支煥然一新的領導團隊，他們全心全意地執行我們的策略計劃，包括與合作夥伴和客戶共同實施基於解決方案的銷售策略，以提升我們提供的價值。

Although the current tariff and macroeconomic enrollment create uncertainty and near term caution to certain customers, the growth of our sales opportunities combined with the expected benefits from our strategic initiatives gives us a reason to be increasingly optimistic for the later part of our fiscal year. With that said, I will now turn the call back over to the operator for Q&A session, operator.

儘管當前的資費和宏觀經濟影響給某些客戶帶來了不確定性和短期謹慎，但我們銷售機會的成長，加上我們策略性舉措的預期收益，讓我們有理由對本財年下半年更加樂觀。話雖如此，現在我將把電話轉回給接線員，進行問答環節。

We will now begin the question and answer session. (Operator Instructions) Craig Irwin, Roth Capital Partners. Please go ahead.

我們現在開始問答環節。 （操作員指示）羅斯資本合夥人克雷格歐文。請講。

Hi guys, it's Andrew on for Craig, but thank you for, thanks for taking our questions. First question for me, it's really nice to see the strong gross margin expansion in the quarter. Can you guys just kind of, talk a little bit more about what went right in the quarter there and, you guys have also talked about, near term visibility to, 40% gross margin, so kind of, additional color on kind of wherever you are on that journey would be great.

大家好，我是安德魯，代替克雷格回答我們的問題。謝謝你回答我們的問題。我的第一個問題是，很高興看到本季毛利率的強勁成長。能否請您再詳細談談本季有哪些進展順利？之前也提到過，近期毛利率可望達到40%。所以，如果能進一步說明目前的情況，那就太好了。

Yeah, so we've had some initiatives to improve the cost of our product input so that the components of raw materials that go into our products. It really, that's what you're seeing flow through the quarter that contribute to probably about 60% of the improvement, the other being lower warranty costs, as we continue to improve the quality of our products, we're really starting to see. The number of repair incidents declined both for the full year, but especially in the 4th quarter. So both of those items contributed to the improvement that we saw in the gross profit in the quarter.

是的，我們採取了一些措施來降低產品投入成本，從而降低產品原料的成分。實際上，您在本季看到的這些成本大概貢獻了60%左右的改善。另一個因素是保固成本的降低。隨著我們不斷提升產品質量，我們開始真正看到效果。全年維修事故數量都有所下降，尤其是在第四季。所以，這兩項因素都促成了本季毛利的提升。

Great. No, it was great to see the progress and second one for me, before I jump back in the queue, congrats on getting the, beta rollout of, Sky BMS 2.0. Can you just kind of talk about how that's, the customers received the product so far and maybe just remind us kind of what the what the upgraded, product, provides versus, the initial roll out of Sky BMS.

太好了。不，我很高興看到進展，對我來說，第二個問題，在我重新加入討論之前，恭喜您獲得 Sky BMS 2.0 的 Beta 版本。您能否簡單談談目前顧客收到產品的情況，並提醒我們升級後的產品與 Sky BMS 最初推出的產品相比有哪些不同？

Yeah, so this new version of IMS is really designed with customers in mind. We work closely with both the airline industry and the material handling to understand their pain points. These are specifically related to, hey, let us know when it's time to charge your battery. Can you increase the efficiency of the battery charging? Can we know when are we using the battery when it's discharging just to warm up the vehicle, for example, in colder and.

是的，所以新版IMS的設計確實以客戶為中心。我們與航空業和物料搬運業密切合作，了解他們的痛點。這些痛點具體涉及到：例如，讓我們知道什麼時候該為電池充電。你們能提高電池充電效率嗎？我們能知道什麼時候使用電池嗎？例如在寒冷天氣裡，電池放電只是為了預熱車輛。

So we took all the feedback and we improved the product. We also made it pretty light and slick that can almost work, on a mobile environment like in a browser. So this is the new product, we are very proud of, as I mentioned, that we gave this to an existing airline who is testing this, gave us good feedback so far. We are also giving it to a material handling customer this week as we speak, and pretty soon we will roll this out. And as you heard me saying, we are, packaging this together when we sell the battery, that's one of the things we did earlier with the airline for $1.2 million. That solution included, SkyEMS software.

因此，我們採納了所有回饋，並改進了產品。我們也讓它變得非常輕巧流暢，幾乎可以在行動環境中（例如在瀏覽器中）運作。正如我之前提到的，我們非常自豪地將它提供給了一家正在測試的航空公司，到目前為止，他們的反饋很好。本週，我們也正在將它提供給一位物料搬運客戶，很快就會正式推出。正如你剛才所說，我們在銷售電池時會把電池打包在一起，這是我們之前與該航空公司合作完成的一項工作，當時我們花費了120萬美元。該解決方案包含SkyEMS軟體。

Great, we really appreciate the call. Congrats on the continued progress in the strong quarter.

太好了，非常感謝您的來電。恭喜您本季持續取得強勁進展。

Thank you.

謝謝。

Amit Dayal, HC Wainwright.

阿米特·達亞爾、HC 溫賴特。

Thank you. Good afternoon, everyone. Congrats on all the progress. I'm just trying to see, what the pipeline is looking like for you guys and if you maybe I've shared the backlog number, I didn't see it in the press release, I think, so any color on that would be helpful.

謝謝大家。午安.祝賀你們取得的所有進展。我只是想看看你們的進度，以及我分享的積壓訂單數量，但我好像在新聞稿裡沒看到，所以任何細節都會有所幫助。

Thank you.

謝謝。

Yeah, so, specifically, related to the outlook, while we don't provide guidance, we have seen kind of a bit of a slowdown and a pause from some of our customers in the quarter that we're currently in, which would be our first fiscal quarter.

是的，具體來說，就前景而言，雖然我們沒有提供指導，但我們看到，在當前這個季度，也就是我們的第一財季，我們的一些客戶出現了一些放緩和暫停的情況。

We've also started to see an increase in quoting activity, which we think bodes very well for, the 2nd fiscal quarter, which is the 4th calendar quarter. As it specifically relates to to backlog, our current number is right at $9 million as we end the quarter.

我們也開始看到報價活動增加，我們認為這對第二財季（也就是第四個日曆季度）來說是個好兆頭。具體到積壓訂單方面，截至本季末，我們的積壓訂單量恰好為900萬美元。

Okay, thank you, and you know as you sort of look to now maybe moving from data to actual sort of product roll out for the SkyEMS. How should we think about, what the plan is on that side and, what are your expectations for the attached rate, are you selling this independently as well, or will this exclusively initially be sold along with the battery solutions? Just trying to get a sense of, what the sort of at least the initial sales strategy is going to be for this offering.

好的，謝謝。您現在可能要從數據轉向 SkyEMS 的實際產品推廣。我們該如何考慮？這方面的計劃是什麼？您對附加費率的期望是什麼？您會單獨銷售這項服務嗎？還是最初會與電池解決方案一起單獨銷售？我只是想了解一下，至少在初期，這項服務的銷售策略是什麼樣的。

Sure, I'll answer this, and then I'll have Kelly add any more color. So, yes, our strategy is to package and sell the SkyEMS software along with the battery. That's why we are calling it intelligent battery, and we are seeing some good success with it as we roll this out. Beta is the name we gave it to make sure customers are happy and they will gladly use the product, but the product is literally ready with their live data. So as I mentioned, in in a month or two, we will remove the name Beta from the product and call it Sky EMS 2.0, which we are already selling.

當然，我會回答這個問題，然後我會讓凱利補充更多細節。所以，是的，我們的策略是將 SkyEMS 軟體與電池一起打包銷售。這就是我們稱之為智慧電池的原因，隨著產品的推廣，我們也看到了一些不錯的成功。我們給它起名為 Beta，是為了確保客戶滿意，他們會樂意使用產品，但實際上，該產品已經準備好了，可以儲存他們的即時數據。所以，正如我所提到的，一兩個月後，我們將從產品中刪除 Beta 這個名稱，並將其命名為 Sky EMS 2.0，我們已經在銷售該產品了。

As I mentioned, with every battery possible, you also probably noticed we have 28,000 units that are already in the field. Our intentions are to go back and get them on the platform as much as we can. We do have a few thousands of the batteries in the field that are already online. It's literally working with these customers, giving them access and having them pay for it, which gives us a very good upsell opportunity.

正如我所提到的，對於所有可能的電池，您可能也注意到了，我們已經有28,000個電池單元投入使用。我們的目標是盡可能地將這些電池單元投入到我們的平台上。我們確實有數千個電池單元已經投入使用。這實際上是與這些客戶合作，讓他們訪問並付費，這為我們提供了非常好的追加銷售機會。

With that said, Kelly, do you want to add any other colors?

話雖如此，凱利，你想添加其他顏色嗎？

Sure, I think Krishna, you nailed it, but it's really three motions. The first is telematics on every battery to make sure that we're positioning in it in every. Including at least a base level of telemetry, Sky EMS with each battery. Then it is going back to the installed base of customers who are maybe in their first, second, third, fourth year of having a flux battery even longer and saying, hey, there could be value in you putting telemetry on this battery so that you can get better visibility, which allows for better capital planning, better optimization.

當然，我認為克里希納，你說得對，但實際上有三個動議。首先是在每個電池上安裝遠端資訊處理系統，以確保我們在每個電池上都定位準確。至少包括基本水平的遙測，以及每個電池的Sky EMS系統。其次是聯繫那些可能已經使用Flux電池第一年、第二年、第三年、第四年甚至更長時間的客戶，告訴他們，嘿，在這個電池上安裝遙測技術可能會很有價值，這樣你就可以獲得更好的可視性，從而實現更好的資本規劃和優化。

And that's kind of the second motion and then the third motion is once somebody takes perhaps their first version of Sky EMS, as we move we have upsell opportunities perhaps advanced reporting, advanced optimization capability, integrations with other software they may be using, so it's kind of an upsell, on top of the additional, sorry, the original, purchase of that telemetry.

這是第二種動議，第三種動議是，一旦有人採用了他們的第一個版本的 Sky EMS，隨著我們的發展，我們就有了追加銷售的機會，也許是高級報告、高級優化功能、與他們可能正在使用的其他軟體的集成，所以這是一種追加銷售，在額外的、對不起的、原始的購買遙測技術之上。

Understood. Thank you for that. Yeah, that's all I have for this call. I'll take my other questions offline. Thank you.

明白了。謝謝。是的，我這次電話會議就講這麼多。其他問題我會在線下回覆。謝謝。

Thanks Amit.

謝謝阿米特。

Rob Brown, Lake Street Capital Markets.

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

Good afternoon. First question on the airline orders that you received, I think there were two pretty sizable orders there. Could you give us a sense of sort of what's driving that is an expansion into the fleet or really, kind of the new product offerings that you've got.

午安.第一個問題是關於您收到的航空公司訂單，我認為有兩筆訂單規模相當大。您能否介紹一下，是什麼推動了機隊規模的擴張，或者說，是什麼推動了您推出的新產品？

So, the G8T 420, the $2 million, is a redesigned battery. It was redesigned to be more efficient, more gross margin driven, design. So I would say it is as a new product that we sold to an existing airline, and the second order we mentioned is for the G lithium ion, which is sold as a package with Sky EMS. So those that's an existing product that we sold with the software added to it as a package.

價值200萬美元的G8T 420電池是經過重新設計的。它經過重新設計，效率更高，更有利於毛利率。所以，我想說，這是我們向一家現有航空公司銷售的新產品。我們提到的第二筆訂單是G系列鋰離子電池，它與Sky EMS一起打包銷售。也就是說，我們之前銷售的都是現有產品，只是增加了軟體。

Could I add something, Krishna? The other thing is, so Krishna is accurate in that. The other thing is just to remind everybody, we're still at a very early adoption phase of lithium within the ground support equipment market. So even our existing customers who have purchased several 100 or even a couple 1,000 of batteries from us. Or low thousands of batteries from us still have a lot of migration to do from lead acid to lithium or from internal combustion to lithium.

我可以補充一點嗎，Krishna？另外，Krishna 的說法很準確。另外，我想提醒大家，在地面支援設備市場，鋰電池的應用還處於非常早期的階段。因此，即使是我們現有的客戶，那些已經從我們這裡購買了幾百個甚至幾千個電池，或者幾千個電池的客戶，仍然需要進行大量的遷移，從鉛酸電池到鋰電池，或者從內燃機電池到鋰電池。

So it's not only just upselling the existing customers to get further adoption throughout their fleets. They typically roll out airport by airport by airport or sometimes by region or by country. So it's the existing increased adoption and then it's new airport acquisition is the other, sorry, new airline acquisition is the other key focus in that market.

因此，這不僅僅是向現有客戶進行追加銷售，以進一步提升其整個機隊的採用率。他們通常會逐個機場、有時甚至按地區或國家進行推廣。因此，首先是現有客戶採用率的提升，然後是新機場的收購，沒錯，是新航空公司的收購，這是該市場的另一個重點。

Okay, great, thank you for the color, and then on the quoting activity I think you talked about an uptick, after a bit of a loll, what, what's the, is that both material handling and ground support equipment or what's sort of the dynamics of that, improving, order quoting?

好的，太好了，謝謝你的顏色，然後在報價活動上，我認為你談到了上升，經過一點休息之後，那是什麼，那是什麼，是物料處理和地面支持設備，還是那種改進訂單報價的動態？

Kelly, do you want to take it?

凱莉，你想拿走它嗎？

Yes, I can. So really I think everybody on this call is aware we service two main markets. There's the ground support equipment market and the material handling market. The ground support equipment market, we didn't see as much of a pullback in capital expenditures. There was a little where there was related to uncertainty with the economy.

是的，我可以。所以，我想在座的各位都知道，我們服務於兩個主要市場：地面支援設備市場和物料搬運市場。在地面支援設備市場，我們的資本支出沒有太大的回落。這主要是因為經濟不確定性。

We think driven mostly by the tariffs and what was going to happen, perhaps a little downturn in passenger traffic. So there was some impact on the ground support equipment market. However, in the material handling market, we did see, in, particularly Q1 calendar year, there was a little bit of advanced purchasing. Let's get it before the tariffs hit.

我們認為，主要受關稅以及即將發生的事件的影響，客運量可能會略有下降。因此，地面支援設備市場受到了一些影響。然而，在物料搬運市場，我們確實看到，尤其是在第一季度，出現了一些提前採購的情況。讓我們在關稅生效前盡快行動。

And then there was a pullback on capital expenditures. I think everybody's aware our batteries go into lift trucks. Lyft trucks are a fairly heavy capital expenditure. We saw customers kind of holding their capital tight to chest in a kind of late Q1, Q2, and now that increased, coding activity is really people saying, okay, I think I understand what's going on with tariffs.

然後資本支出就出現了回落。我想大家都知道我們的電池會用在堆高機上。 Lyft 的堆高機是一項相當大的資本支出。我們看到客戶在第一季末和第二季有點緊縮開支，現在編碼活動的增加真的讓人們說，好吧，我想我明白關稅是怎麼回事了。

I understand the impact on my supply chain. Okay, I'm now going to release that capital to purchase the lift drugs, purchase the batteries, etc. So that's really what's driving it in that in the material handling market. Okay thank you I'll turn it over.

我了解這對我的供應鏈的影響。好的，我現在要釋放這筆資金來購買升降機藥品、電池等等。所以這才是推動物料搬運市場發展的真正因素。好的，謝謝，我這就翻頁。

This concludes our question-and-answer section. I'd like to turn the conference back over to Krishna Vanka for any closing remarks.

我們的問答環節到此結束。現在請克里希納·萬卡（Krishna Vanka）致閉幕詞。

Thank you all again for joining us on the call today. We really look forward to speaking with you again during our cross water call in November time frame operator, you may not disconnect.

再次感謝大家今天參加我們的電話會議。我們非常期待在11月的跨海通話期間再次與您交談。接線員，請勿斷開連接。

The conference is now concluded. Thank you for attending today's presentation. You may now disconnect.

會議現已結束。感謝您參加今天的演講。您可以斷開連線了。