ESS Tech Inc (GWH) 2025 Q2 法說會逐字稿

Ladies and gentlemen, thank you for standing by. (Operator Instructions) I'd now like to turn the conference over to Erik Bylin. Please go ahead, sir.

女士們、先生們，感謝你們的支持。（操作員指示）現在我想將會議交給 Erik Bylin。先生，請繼續。

Thank you. Welcome to ESS' second quarter of fiscal year 2025 financial results conference call. Joining me on the call today from ESS are Kelly Goodman, interim CEO; and Kate Suhadolnik, interim CFO. Following management's prepared remarks, we will hold a Q&A session. Earlier today, ESS released financial results for the second quarter of 2025.

謝謝。歡迎參加ESS 2025財年第二季財務業績電話會議。今天與我一起參加電話會議的還有 ESS 的臨時首席執行官凱利·古德曼 (Kelly Goodman) 和臨時首席財務官凱特·蘇哈多爾尼克 (Kate Suhadolnik)。在管理階層準備好發言後，我們將舉行問答環節。今天早些時候，ESS 發布了 2025 年第二季的財務表現。

The earnings release is in the Investor Relations section of the company's website. As a reminder, the information presented today will include forward-looking statements, including, without limitation, statements about our growth prospects; partnerships; Energy Base product; financial performance; capital raising, including under our Standby Equity Purchase Agreement and strategy for 2025 and beyond; and the impact of regulatory and legislative developments.

收益報告發佈在公司網站的投資者關係部分。提醒一下，今天提供的資訊將包括前瞻性陳述，包括但不限於有關我們的成長前景、合作夥伴關係、能源基礎產品、財務業績、融資（包括根據我們的備用股權購買協議和 2025 年及以後的策略）以及監管和立法發展的影響的陳述。

The forward-looking statements are also subject to known and unknown risks and uncertainties that could cause actual results to differ materially from those projected or implied during this call, in particular, those described in our risk factors set forth in more detail in our most recent periodic filings filed with the Securities and Exchange Commission as well as the current uncertainty and unpredictability in our business, challenges with raising capital, issues with our partnerships, the markets, the economy, the current geopolitical situation and the development and launch of the Energy Base.

前瞻性陳述也受到已知和未知風險和不確定性的影響，這些風險和不確定性可能導致實際結果與本次電話會議中預測或暗示的結果存在重大差異，特別是我們最近向美國證券交易委員會提交的定期文件中更詳細列出的風險因素，以及我們業務中當前的不確定性和不可預測性、籌集資金的挑戰、我們的合作夥伴關係、市場、經濟關係和政治局勢

You should not rely on our forward-looking statements as predictions of future events. All forward-looking statements that we make on this call today are based on assumptions and beliefs as of the date hereof, and we disclaim any obligation to update any forward-looking statements, except as required by law.

您不應依賴我們的前瞻性陳述來預測未來事件。我們今天在電話會議上所做的所有前瞻性陳述均基於截至本電話會議之日的假設和信念，我們不承擔更新任何前瞻性陳述的義務，除非法律要求。

During the call, we will also present certain financial information on a non-GAAP basis. Management believes that non-GAAP financial measures taken in conjunction with U.S. GAAP financial measures provide useful information for both management and investors by excluding certain items that are not indicative of our core operating results. Management uses non-GAAP measures internally to understand, manage and evaluate our business and make operating decisions. Reconciliations between U.S.

在電話會議中，我們也將以非公認會計準則 (non-GAAP) 為基礎提供某些財務資訊。管理階層認為，非公認會計準則財務指標與美國公認會計準則財務指標相結合，透過排除某些不反映我們核心經營績效的項目，為管理階層和投資者提供了有用的資訊。管理階層在內部使用非公認會計準則指標來了解、管理和評估我們的業務並做出營運決策。美國之間的和解

GAAP and non-GAAP results are presented within our earnings release. And with that, I'll turn the call over to Kelly.

我們的收益報告中列出了 GAAP 和非 GAAP 結果。說完這些，我會把電話轉給凱利。

Thank you, Eric. Good afternoon, everyone. Thank you for joining us for ESS's Q2 2025 earnings call.

謝謝你，埃里克。大家下午好。感謝您參加 ESS 2025 年第二季財報電話會議。

Before we begin with the quarterly updates, I would like to take a moment to reaffirm who we are as a company and the value we deliver. ESS is a technology leader in long duration energy storage. Our proprietary iron flow battery platform is designed to deliver safe, sustainable, non-flammable long duration energy storage for 10 hours or more.

在我們開始季度更新之前，我想花點時間重申我們是一家甚麼樣的公司以及我們提供的價值。ESS 是長時儲能領域的技術領導者。我們專有的鐵液流電池平台旨在提供安全、可持續、不易燃的長時間儲能，持續時間可達 10 小時或更長。

We use abundant, domestically sourced materials, iron, salt, and water, and our systems are designed to cycle over 20,000 times with no capacity degradation. This combination of durability, safety, and sustainability positions ESS to meet a rapidly growing market need.

我們使用豐富的國內材料、鐵、鹽和水，我們的系統設計可循環超過 20,000 次而容量不會降低。耐用性、安全性和永續性的結合使 ESS 能夠滿足快速成長的市場需求。

As data center buildouts accelerate and electrification efforts expand across industries, utilities face mounting pressure to deliver reliable, clean power at scale. At the same time, regulatory momentum around grid reliability and decarbonisation is intensifying.

隨著資料中心建設的加速和各行各業電氣化工作的擴展，公用事業面臨著大規模提供可靠、清潔電力的越來越大的壓力。同時，圍繞電網可靠性和脫碳的監管勢頭正在加強。

These converging forces are exposing the limitations of short duration storage, and lithium-ion technologies in particular are not well suited to effectively address these long duration needs at scale.

這些匯聚的力量暴露了短期儲存的局限性，尤其是鋰離子技術不太適合有效地大規模滿足這些長期儲存需求。

At an early stage in our story, we built strong relationships with tier one customers, representative of developers like SB Energy, the CNI space with Honeywell, and utilities, Portland General Electric, Sacramento Municipal Utility District, and Burbank Water and Power as examples. Leaders at the forefront of the energy transition.

在我們發展的早期階段，我們與一級客戶建立了牢固的關係，這些客戶代表了 SB Energy 等開發商、霍尼韋爾的 CNI 領域以及公用事業公司，例如波特蘭通用電氣、薩克拉門托市政公用事業區和伯班克水電公司。能源轉型前沿的領導者。

Their continued engagement and partnership gives us the foundation to continue to build a long-term commercially viable business as demand for long duration energy storage accelerates.

隨著長期儲能需求的不斷增長，他們的持續參與和合作為我們繼續建立長期商業可行的業務奠定了基礎。

Let me now highlight the four key events from the first half of the year.

現在，我來重點介紹今年上半年的四件大事。

First, we secured up to $31 million in new capital, strengthening our balance sheet and extending our operational runway as we scale deployments.

首先，我們獲得了高達 3,100 萬美元的新資本，這增強了我們的資產負債表，並在我們擴大部署規模的同時延長了我們的營運跑道。

Second, we significantly reduced our operating cash burn rate, down approximately 80% in June compared to the first quarter average.

其次，我們大幅降低了營運現金消耗率，與第一季平均值相比，6 月下降了約 80%。

Third, we made a material leap forward with a new material substitution in the core ESS stack technology, which has demonstrated extended duration of 12 to 17 hours and accelerated our cost and performance roadmap by 18 months.

第三，我們在核心 ESS 堆疊技術中實現了材料飛躍，採用了新材料替代，已證明可將持續時間延長 12 至 17 小時，並將我們的成本和性能路線圖加快了 18 個月。

And fourth, we closed our first commercial order for the Energy Center, an 8 megawatt-hour project with a US strategic partner that is expected to be delivered in 2026.

第四，我們完成了能源中心的首個商業訂單，這是一個與美國戰略合作夥伴合作的 8 兆瓦時項目，預計將於 2026 年交付。

These results are encouraging, particularly as part of the operational reset we've been executing over the past two quarters. So let me be clear, we are not declaring victory, though we are showing real progress.

這些結果令人鼓舞，特別是作為我們過去兩個季度執行的營運重置的一部分。所以我要明確一點，我們並沒有宣布勝利，儘管我們確實取得了進步。

While driving our roadmap forward, we remain focused on disciplined execution and capital control. In Q2 we made meaningful headway on our cost reduction goals.

在推動我們的路線圖向前發展的同時，我們仍然專注於嚴格的執行和資本控制。在第二季度，我們在降低成本目標方面取得了重大進展。

Although we had to make difficult but necessary decisions to ensure the long-term viability of the company, we used this inflection point to sharpen our focus on core functions, particularly around our technology, and to reposition ESS for future growth and profitability.

儘管我們必須做出艱難但必要的決定以確保公司的長期生存能力，但我們利用這個轉折點來加強對核心功能的關注，特別是圍繞我們的技術，並重新定位 ESS 以實現未來的成長和盈利。

Cost of revenue decreased 37% year over year. Total operating expenses fell by 45%. Our net loss improved 50%, and adjusted EBITDA improved nearly 60% compared to Q2 of last year. These are early but meaningful indicators that our cost discipline is taking hold.

收入成本較去年同期下降37%。總營運費用下降了45%。我們的淨虧損改善了 50%，調整後的 EBITDA 與去年第二季相比改善了近 60%。這些都是早期但有意義的指標，顯示我們的成本紀律正在發揮作用。

And while we are actively working to raise additional capital and provide additional resources for critical needs, we intend to maintain a controlled approach to costs.

在我們積極努力籌集額外資金並為關鍵需求提供額外資源的同時，我們打算保持對成本的控制。

We are dedicating engineering resources to the Energy Center design and productization, optimizing vendor contracts, and streamlining our delivery processes.

我們正在投入工程資源用於能源中心的設計和產品化，優化供應商合同，並簡化我們的交付流程。

On the commercial front, momentum continues to build. The 8 megawatt-hour Energy Center order for a US strategic partner is anticipated to be delivered in 2026, and we continue to see strong interest in our long duration solutions.

在商業方面，發展勢頭持續增強。我們為美國戰略合作夥伴訂購的 8 兆瓦時能源中心預計將於 2026 年交付，並且我們繼續看到人們對我們的長時解決方案的濃厚興趣。

We are actively engaged in a growing pipeline of commercial opportunities, including RFP activity that reflects a meaningful step up in both scale and strategic importance for ESS.

我們正積極參與日益增長的商業機會，包括反映 ESS 規模和策略重要性顯著提升的 RFP 活動。

Notably, 100% of our pipeline is now focused on the Energy Center or core component sales, and our proposal activity exceeds 1.1 gigawatt hours since the Energy Center launch, highlighting the demand from the market and the value it brings to customers seeking safe, sustainable, and scalable storage.

值得注意的是，我們 100% 的管道現在都集中在能源中心或核心組件銷售上，自能源中心啟動以來，我們的提案活動已超過 1.1 千兆瓦時，凸顯了市場需求及其為尋求安全、可持續和可擴展存儲的客戶帶來的價值。

As part of our strategic pivot, we took a hard look at how to best position ESS for long-term success, and that starts with having the right leadership in place. We are excited to welcome Jiggis Trivetti as our new Chief Operating Officer.

作為我們策略轉型的一部分，我們認真研究瞭如何最好地定位 ESS 以獲得長期成功，而這首先要有正確的領導力。我們很高興歡迎 Jiggis Trivetti 擔任我們的新任營運長。

Jiggis brings over 30 years of experience across technology, product development, manufacturing, and operations. And we look forward to his impact as we begin manufacturing and delivery of our first Energy Center orders in the coming quarters.

Jiggis 在技術、產品開發、製造和營運方面擁有超過 30 年的經驗。我們期待他在未來幾季開始製造和交付我們的第一批能源中心訂單時發揮影響力。

We have also appointed Kate Sodolnyk as interim Chief Financial Officer. Kate has served as ESS's controller for over 2 years and brings deep financial and operational expertise.

我們也任命 Kate Sodolnyk 為臨時財務長。凱特 (Kate) 擔任 ESS 的財務總監已有 2 年多，擁有深厚的財務和營運專業知識。

I am confident she will play a critical role in helping us scale with discipline and focus.

我相信她將在幫助我們以紀律和專注力擴大規模方面發揮關鍵作用。

With that, I will turn it over to Kate to walk through the financial results.

接下來，我將把財務結果交給凱特 (Kate) 來介紹。

Thank you, Kelly, and good afternoon, everyone. Unless otherwise noted, all numbers we discuss today will be on a non-GAAP basis. You'll find the reconciliation of GAAP to non-GAAP financial measures in our earnings release, which is posted to our Investor Relations website. For the second quarter of 2025, we reported GAAP revenue of $2.4 million, a 294% increase from Q1 of 2025, driven by deliveries of what are expected to be our final Energy Warehouses and Energy Centers to a related party as we prepare for the future shift to sales and operating efforts around the Energy Base product. GAAP cost of revenues were $7.5 million, down 15% versus Q1 of 2025.

謝謝你，凱利，大家下午好。除非另有說明，我們今天討論的所有數字均基於非 GAAP。您可以在我們的收益報告中找到 GAAP 與非 GAAP 財務指標的對賬，該報告發佈在我們的投資者關係網站上。2025 年第二季度，我們報告的 GAAP 收入為 240 萬美元，較 2025 年第一季度增長 294%，這得益於我們向關聯方交付預計將是我們的最終能源倉庫和能源中心，為未來轉向圍繞能源基礎產品的銷售和運營工作做準備。GAAP 收入成本為 750 萬美元，較 2025 年第一季下降 15%。

GAAP operating expenses were $6.4 million, down 35% quarter-over-quarter as our cost reduction efforts began to take hold. While we remain focused on keeping costs low, we're confident that the organization is rightsized to execute effectively. We preserve the critical capabilities needed to deliver on our near- and long-term priorities and will leverage external resources where needed. As Kelly mentioned, we've recently secured up to $31 million in new capital through a combination of immediate cash inflows and a Standby Equity Purchase Agreement for up to $25 million that we can access over a 36-month term. In the first 6 weeks of operating this program, we have already been able to raise over $2 million in capital.

由於我們的成本削減措施開始取得成效，GAAP 營運費用為 640 萬美元，季減 35%。雖然我們仍然專注於降低成本，但我們相信組織的規模合適，可以有效執行。我們保留實現近期和長期優先事項所需的關鍵能力，並在需要時利用外部資源。正如凱利所提到的，我們最近透過即時現金流入和高達 2500 萬美元的備用股權購買協議獲得了高達 3,100 萬美元的新資本，我們可以在 36 個月的期限內使用這筆資金。在該計劃實施的前六週內，我們已經籌集了超過 200 萬美元的資金。

This financing package allowed us to strengthen our balance sheet and extend our operational runway as we scale deployments and work to secure additional long-term financing. We ended July with cash and cash equivalents of $7.2 million, a meaningful improvement from the end of the second quarter. Finally, I'd like to provide an update on the impacts of recent legislation and executive actions on our business. While the One Big Beautiful Bill Act, which was signed into law in early July, included a number of changes that significantly impact the availability of investment tax credits that our customers may take advantage of, we believe that our domestic manufacturing and supply chain structure generally should benefit from these changes and make our products even more attractive to our customers. The OBBB left the Section 45X production tax credits regulations, which we qualify for, largely untouched.

這項融資方案使我們能夠在擴大部署規模和努力獲得額外長期融資的同時，增強資產負債表並延長營運跑道。截至 7 月底，我們的現金和現金等價物為 720 萬美元，與第二季末相比有顯著改善。最後，我想介紹最近的立法和行政行動對我們業務的影響。雖然 7 月初簽署成為法律的《一項偉大的美麗法案》包含了許多變化，這些變化對我們的客戶可以利用的投資稅收抵免的可用性產生了重大影響，但我們相信，我們的國內製造和供應鏈結構總體上應該受益於這些變化，並使我們的產品對客戶更具吸引力。OBBB 基本上沒有改變我們有資格享受的第 45X 條生產稅收抵免規定。

While tariff and trade restrictions continue to evolve, as we've discussed on previous calls, all of our manufacturing is conducted in our Wilsonville facility, and we do not import foreign cells for U.S. assembly. We have an extremely high degree of American-made inputs from our supply chain. Over 98% of the components in our bill of material are sourced domestically, and therefore, our exposure to these changing policies continues to be minimal. Looking ahead, we are energized by the differentiated demand for our storage solutions.

儘管關稅和貿易限制不斷變化，但正如我們在之前的電話會議中討論的那樣，我們所有的製造都在威爾遜維爾工廠進行，我們不會進口外國電池進行美國組裝。我們的供應鏈中美國製造的投入比例極高。我們的物料清單中超過 98% 的組件均來自國內，因此，我們受這些不斷變化的政策的影響仍然很小。展望未來，市場對儲存解決方案的差異化需求將為我們帶來活力。

With a stronger financial footing and sharper execution capabilities, we are well positioned to capture value as long-duration storage becomes a strategic imperative across markets. That said, our focus remains disciplined execution, value creation and transparency. With that, I'll hand the call back to Kelly for closing remarks.

憑藉更強大的財務基礎和更敏銳的執行能力，隨著長期儲存成為整個市場的策略要務，我們完全有能力獲取價值。話雖如此，我們的重點仍然是嚴格的執行、價值創造和透明度。說完這些，我將把電話交還給凱利，請他做最後發言。

Thanks, Kate. Looking ahead, we are focused on 3 core priorities. First, delivering on customer commitments. We are laser-focused on manufacturing and delivering our first Energy Base systems, ensuring execution excellence and building trust with our partners. Second, scaling with discipline.

謝謝，凱特。展望未來，我們將重點放在三個核心重點。一是兌現對客戶的承諾。我們專注於製造和交付我們的第一個能源基礎系統，確保卓越的執行並與我們的合作夥伴建立信任。第二，有紀律地擴大規模。

We intend to grow strategically, deploying capital efficiently, controlling costs and aligning our team and processes around high-impact activities. Third, converting commercial momentum into long-term growth. With strong validation from Tier 1 customers and increasing demand for long-duration storage, we are focused on advancing our pipeline and securing multiyear agreements that position us for revenue growth beginning in 2026 and beyond. To close, our recent efforts have marked a turning point for ESS. We are beginning to see the results of our strategic pivot, and we are building a business with a clear focus, tighter execution and early commercial validation.

我們打算實現策略性成長，有效部署資本，控製成本，並圍繞高影響力活動調整我們的團隊和流程。第三，將商業動力轉化為長期成長動力。憑藉一級客戶的強大認可和對長期儲存日益增長的需求，我們專注於推進我們的產品線並達成多年期協議，這將使我們從 2026 年及以後實現收入成長。最後，我們最近的努力標誌著 ESS 的一個轉捩點。我們開始看到策略轉型的成果，我們正在建立一個重點明確、執行更嚴格、早期商業驗證的業務。

Thank you for your continued support. We look forward to your questions.

感謝您一直以來的支持。我們期待您的提問。

At this time, I would like to remind everyone, in order to ask a question, press, then the number one on your telephone keypad. We'll pause just for a moment to compile the Q&A roster.

此時，我想提醒大家，要提問，請按電話鍵盤上的 ，然後按數字 1。我們將暫停片刻來整理問答名單。

Your first question comes from the line of Justin Clair.

您的第一個問題來自賈斯汀·克萊爾 (Justin Clair)。

Your line is open.

您的線路已開通。

Hey, good afternoon, thanks for the time.

嘿，下午好，感謝您抽出時間。

Here.

這裡。

So first I.

所以首先我。

Just wanted to start on the, hey, so first I just wanted to start on the energy base you had mentioned submitting I think 1.1 gigawatt hours of proposals for the energy base, so I'm wondering if you could just share, what kind of traction you're seeing with those proposals, any early wins or signs of conversion, and then, when could you expect to receive, meaningful feedback on those proposals.

我首先想談談您提到的能源基礎，我認為您提交了 1.1 千兆瓦時的能源基礎提案，所以我想知道您是否可以分享一下，您認為這些提案有什麼樣的吸引力，有什麼早期的勝利或轉變的跡象，然後，您什麼時候可以收到關於這些提案的有意義的反饋。

Thanks Justin. So we have already converted one to a win with the sale of the energy base that I mentioned in the remarks. We do expect to be converting some additional proposals to backlog in the back half of this year, so look forward to reporting on that on future calls. I will. If you consider that we launched the energy base in February and are already, seeing orders and conversion rates that we expect this year, including with utility customers, the pace at which we're able to move from proposal to contracting is something that we're really excited about.

謝謝賈斯汀。因此，透過出售我在評論中提到的能源基礎，我們已經將一個轉化為勝利。我們確實希望在今年下半年將一些額外的提案轉化為積壓提案，因此期待在未來的電話會議上報告。我會。如果您考慮到我們在二月份啟動了能源基礎，並且已經看到了我們今年預期的訂單和轉換率，包括來自公用事業客戶的訂單和轉換率，那麼我們從提案到簽約的速度確實讓我們感到興奮。

Okay, got it. And then just to follow up on that, just thinking through, as you transition from the energy base and the energy warehouse to or sorry, energy warehouse and energy center to the energy base, how should we be thinking about the the revenue trajectory from here into Q3 and Q4, how might that compare to what we saw in the first half of the year?

好的，明白了。然後，為了跟進這一點，請仔細思考一下，當您從能源基地和能源倉庫過渡到，或者抱歉，從能源倉庫和能源中心過渡到能源基地時，我們應該如何考慮從現在到第三季度和第四季度的收入軌跡，與我們在上半年看到的情況相比如何？

Yeah, Justin, this is Kate, at this stage we're not providing any guidance around revenue for the latter half of the year, as Kelly mentioned, we're hoping to close on some contracts in the second half here that will provide us with some more clarity on our future revenue runway and look forward to giving some updates on that going forward.

是的，賈斯汀，我是凱特，現階段我們不會提供任何有關下半年收入的指導，正如凱利提到的，我們希望在下半年完成一些合同，這將為我們提供更多關於未來收入跑道的清晰信息，並期待在未來提供一些更新信息。

Okay, got it. And then, okay, so then maybe shifting over you had recently secured the $31 million in capital, including the standby equity purchase agreement. So just wondering, in total how much has been secured. I think there was maybe $2 million on the on the SEPA so far, but just wanted to check in on the. You know how much of the total amount has been accessed and then just how you're thinking about equity issuance into you know Q3, Q4, how how much might be accessed in the coming quarters.

好的，明白了。然後，好的，那麼也許轉移一下，你最近已經獲得了 3,100 萬美元的資本，包括備用股權購買協議。所以我只是想問一下，總共擔保了多少？我認為到目前為止 SEPA 上可能有 200 萬美元，但我只是想檢查一下。您知道總金額中有多少已被使用，然後您如何考慮在第三季、第四季發行股票，以及未來幾季可能會使用多少股票。

Here.

這裡。

Yeah. Justin, I'll take that one as well. So as we mentioned in the remarks, we ended July with cash and cash equivalents of $7.2 million. So I think that's pretty reflective of what we've been able to bring in so far, including the $2 million we've raised under the SEPA up to this point. Our focus for the upcoming months and quarter will be to maximize on the SEPA proceeds as much as we can.

是的。賈斯汀，我也要這個。正如我們在評論中提到的那樣，截至 7 月底，我們的現金和現金等價物為 720 萬美元。所以我認為這很好地反映了我們迄今為止所能獲得的收益，包括迄今為止我們根據 SEPA 籌集的 200 萬美元。我們未來幾個月和每個季度的重點是盡可能提高 SEPA 收益。

But obviously, it's a little difficult to predict exactly how much that will be. It's dependent upon our stock performance and just our ability to really capitalize on that. But it's something we're focused on, extending our runway as much as we can with the mechanisms we have in place at this point.

但顯然，要準確預測這個數字有點困難。這取決於我們的股票表現以及我們真正利用這一點的能力。但這是我們關注的重點，利用我們現有的機制盡可能地延長我們的跑道。

Okay, got it. And I guess it's just on that, I mean your cash burn did, decline pretty meaningfully in June of Q2, so it's done 80% from Q1. How do we think about the outlook for the cash burn and the Q3, Q4, and I guess what different levers do you have to, extend that runway.

好的，明白了。我想正是因為如此，你的現金消耗在第二季的 6 月確實大幅下降，所以比第一季減少了 80%。我們如何看待現金消耗和第三季、第四季的前景，我想你需要採取哪些不同的手段來延長這條跑道。

Yeah, we hope to continue to realize those reductions we saw in June, just continuing to focus on right sizing the business cost reductions, working with our vendors to secure extended payment terms where we can to really extend our runway, but there's a few variables there to consider, but I do think we've seen meaningful improvement in our cash burn towards the end of the quarter.

是的，我們希望繼續實現我們在六月看到的削減，繼續專注於正確調整業務成本削減，與我們的供應商合作以確保延長付款期限，從而真正延長我們的跑道，但有一些變量需要考慮，但我確實認為我們已經看到本季度末我們的現金消耗有了顯著改善。

And I think just to add on that, I mean, I think we've fundamentally shifted our philosophical approach which is to right size. The business and the business costs in particular to where we are, so we are still out working on a broader capital raise as we conclude that process. We'll certainly take a look at the company where costs are and again right size, but I think the important thing for your purpose is really that we intend to continue the disciplined approach sort of regardless of what the actual number is that aligns with the direction and the capacity of the business.

我想補充一點，我的意思是，我認為我們已經從根本上改變了我們的哲學方法，即合適的規模。就我們目前的狀況而言，業務和業務成本尤其如此，因此，在完成此過程的同時，我們仍在努力進行更廣泛的融資。我們當然會考慮公司的成本和合適的規模，但我認為對於您的目的來說，真正重要的是我們打算繼續採取嚴謹的方法，無論實際數字是多少，都與業務的方向和能力相一致。

Okay, got it. I appreciate it. I'll pass it on.

好的，明白了。我很感激。我會傳達的。

That will conclude today's conference call.

今天的電話會議到此結束。

Thank you for your participation and enjoy the rest of your day.

感謝您的參與並祝您有個愉快的一天。