Hyliion Holdings Corp (HYLN) 2025 Q1 法說會逐字稿

Hello. Thank you for standing by. My name is [Tiffany]. I will be your conference operator, today.

你好。感謝您的耐心等待。我的名字是[蒂芙尼]今天我將擔任你們的會議接線生。

At this time, I would like to welcome everyone to the Hyliion Holdings' first-quarter 2025 earnings conference call.

在此，我謹代表 Hyliion Holdings 歡迎各位參加 2025 年第一季財報電話會議。

(Operator Instructions)

（操作說明）

Thank you. I would now like to turn the call over to Chief Accounting Officer, Greg Standley. Please go ahead.

謝謝。現在我將把電話交給首席會計官格雷格·史丹利。請繼續。

Thank you. Good morning, everyone. Welcome to Hyliion Holdings' first-quarter 2025 earnings conference call.

謝謝。各位早安。歡迎參加 Hyliion Holdings 2025 年第一季財報電話會議。

On today's call are Thomas Healy, our Chief Executive Officer; and Jon Panzer, our Chief Financial Officer.

今天參加電話會議的有我們的執行長 Thomas Healy 和我們的財務長 Jon Panzer。

The slide presentation accompanying this call is available on Hyliion's Investor Relations website, at investors.hyliion.com.

本次電話會議的幻燈片簡報可在 Hyliion 的投資者關係網站 investors.hyliion.com 上查看。

Please note that during today's call, we will be making certain forward-looking statements regarding the company's business outlook. Forward-looking statements are predictions, projections, and other statements about anticipated events that are based on current expectations and assumptions; and, as such, are subject to risks and uncertainty.

請注意，在今天的電話會議中，我們將對公司的業務前景做出一些前瞻性陳述。前瞻性陳述是指基於當前預期和假設對預期事件做出的預測、展望和其他陳述；因此，存在風險和不確定性。

Many factors could cause actual results to differ, materially, from forward-looking statements made on this call. For more information on factors that may cause the company's results to differ, materially, from such forward-looking statements, please refer to our presentation and press release, as well as our filings with the Securities and Exchange Commission.

許多因素可能導致實際結果與本次電話會議中所作的前瞻性陳述有重大差異。有關可能導致公司業績與此類前瞻性聲明存在重大差異的因素的更多信息，請參閱我們的演示文稿和新聞稿，以及我們向美國證券交易委員會提交的文件。

You are cautioned not to place undue reliance on forward-looking statements. We undertake no duty to update this information, unless required by applicable law.

請注意，不要過度依賴前瞻性陳述。除非適用法律另有規定，否則我們不承擔更新此資訊的義務。

With that, I now turn the call over to Thomas.

接下來，我將通話交給湯瑪斯。

Hello. Thank you for joining us for Hyliion's first-quarter 2025 earnings call.

你好。感謝您參加 Hyliion 2025 年第一季財報電話會議。

I'm joined today by our CFO, Jon Panzer. We're excited to share a number of updates on how we've advanced the KARNO program this past quarter.

今天和我一起的是我們的財務長喬恩·潘澤。我們很高興與大家分享過去一個季度我們在 KARNO 專案方面取得的一些進展。

Just a few weeks ago, we unveiled our KARNO Power Module for the first time, publicly, at the ACT Expo, an industry-leading event focused on alternative energy solutions. The response was extremely positive. And we had the opportunity to meet with many current and prospective customers.

就在幾週前，我們在專注於替代能源解決方案的行業領先盛會 ACT Expo 上首次公開展示了我們的 KARNO 電源模組。反響非常正面。我們有機會與許多現有客戶和潛在客戶會面。

We recently changed the naming structure of the KARNO generator for marketing purposes. We now refer to the generator as the KARNO Power Module, which is the complete, fully-integrated, enclosed, fuel-agnostic power-generation solution powered by the KARNO Core, a four-shaft system inside the power module that produces heat and converts thermal energy generated from oxidation of fuels into electricity.

我們最近出於行銷的目的更改了 KARNO 生成器的命名結構。我們現在將發電機稱為 KARNO 動力模組，它是一個完整的、完全整合的、封閉的、與燃料無關的發電解決方案，由 KARNO 核心提供動力，KARNO 核心是動力模組內部的四軸系統，可以產生熱量並將燃料氧化產生的熱能轉化為電能。

We also had our first unit with the US Navy running through development and testing. We're very pleased with the early indications of performance and reliability. Additionally, we've made solid progress addressing two key development challenges we discussed on our last call; specifically, production of the linear electric motor and the depowdering of complex printed parts. I'll provide details on both, in a moment.

我們與美國海軍合作的第一台設備也正在進行研發和測試。我們對目前的性能和可靠性表現非常滿意。此外，我們在解決上次電話會議上討論的兩個關鍵開發挑戰方面取得了實質進展；具體而言，就是線性馬達的生產和複雜列印零件的除粉。稍後我會詳細說明這兩點。

Starting with commercial updates. The ACT Expo in Anaheim, California marked the first time we've shown the KARNO Power Module to the public. The show floor included many companies and technologies, which need power.

首先是商業更新。在加州阿納海姆舉行的 ACT Expo 展會上，我們首次向公眾展示了 KARNO 電源模組。展會現場展出了許多需要電力的公司和技術。

However, Hyliion was one of only a few companies at the show presenting alternative power generation technologies. That fact alone highlights how underdeveloped the power segment is and reinforces the need and uniqueness of our solution.

然而，Hyliion 是展會上少數展示替代能源發電技術的公司之一。僅此一點就足以說明電力產業的欠發達程度，並凸顯了我們解決方案的必要性和獨特性。

We met with a number of existing and potential customers and partners, across a wide range of applications: EV charging, waste gas utilization, hydrogen production, and micro grids. They were all heavily represented. And the consistent message we heard was the need for power continues to grow.

我們與許多現有和潛在客戶及合作夥伴進行了會面，涉及廣泛的應用領域：電動車充電、廢氣利用、氫氣生產和微電網。他們都有大量代表參加。我們始終聽到的訊息是，對電力的需求持續成長。

Also, it's worth noting that another linear generator producer recently raised over $250 million, a strong signal of investor confidence in this category and validation that the market for distributed power is expanding.

此外，值得注意的是，另一家線性發電機生產商最近籌集了超過 2.5 億美元，這強烈表明投資者對該領域的信心，並驗證了分散式電力市場正在擴張。

A few weeks before ACT Expo, Munro Live, a popular YouTube channel known for deep dives on new technologies, released a walk-through video of our R&D center in Ohio and the KARNO Power Module. The video continues to draw significant traction and has further expanded visibility of our solution. I'd strongly encourage everyone on this call to go watch this video, if you'd like to gain a greater understanding of how the KARNO Power Module works.

在 ACT Expo 展會開幕前幾週，以深入剖析新技術而聞名的熱門 YouTube 頻道 Munro Live 發布了一段關於我們在俄亥俄州的研發中心和 KARNO 電源模組的參觀影片。該影片持續獲得廣泛關注，進一步提高了我們解決方案的知名度。我強烈建議參加本次電話會議的各位觀看這段視頻，以便更深入地了解 KARNO 電源模組的工作原理。

I'm pleased to share that we recently signed a non-binding LOI with MESA Natural Gas Solutions, a leader in power-generation solutions within the oil and gas and industrial sectors. This LOI covers joint demonstration of the KARNO Power Module and a business potential for up to 12 KARNO units. The relationship represents another important step in expanding the variety of deployment applications for the KARNO platform.

我很高興地宣布，我們最近與 MESA Natural Gas Solutions 簽署了一份不具約束力的意向書，該公司是石油天然氣和工業領域發電解決方案的領導者。此意向書涵蓋 KARNO 電源模組的聯合演示以及最多 12 台 KARNO 設備的商業潛力。該合作關係標誌著 KARNO 平台在擴展部署應用範圍方面又邁出了重要一步。

We now have well over 100 units under non-binding LOIs across a range of markets, including data centers, EV charging, waste gas utilization, industrial deployments, and military programs. These LOIs continue to build a healthy backlog of interest that we expect to convert into binding agreements, as our deployments ramp.

目前，我們在資料中心、電動車充電、廢氣利用、工業部署和軍事專案等多個市場領域，已簽署了超過 100 份不具約束力的意向書。隨著我們部署規模的擴大，這些意向書將繼續累積大量的意向，我們預期這些意向將轉化為具有約束力的協議。

We now have initial definitive agreements in place with all of our Early Adopter customers. This includes the Navy, as well as a couple of Fortune 500 companies. While we're not yet disclosing their names, we look forward to doing so, once the units are successfully deployed and running at our customers' sites.

我們目前已與所有早期採用者客戶簽訂了初步的最終協議。這其中包括海軍，以及幾家財富 500 強公司。雖然我們目前還不打算透露他們的名字，但我們期待在這些設備成功部署並在客戶現場運行後公佈它們的名稱。

Now, I'd like to provide an update on how our work is going with the US Navy. As we mentioned on the last call, we delivered our first KARNO Core to the Navy in Q1. This unit is operating at our Cincinnati facility, where it's been running through a range of development and validation tests, including frequent start-stop cycles, confirmation of its load following capabilities, control panel functionality, cloud telemetry, and other software and safety checks.

現在，我想向大家報告我們與美國海軍的合作進度。正如我們在上一次電話會議中提到的，我們在第一季向海軍交付了第一個 KARNO Core。該設備正在我們辛辛那提工廠運行，並已進行了一系列開發和驗證測試，包括頻繁的啟動-停止循環、確認其負載追蹤能力、控制面板功能、雲端遙測以及其他軟體和安全性檢查。

Overall, we are very encouraged by its performance and reliability and are pleased to say that the system has experienced no unplanned downtime or availability issues, since we began the regular operation of the unit back in March.

總體而言，我們對其性能和可靠性感到非常鼓舞，並且很高興地說，自3月份開始正常運行該設備以來，該系統沒有出現任何計劃外停機或可用性問題。

Our engineering team has been implementing software improvements and system upgrades, based on operating feedback. Those upgrades are progressing well.

我們的工程團隊根據營運回饋，一直在實施軟體改進和系統升級。這些升級工作進展順利。

In addition, we completed a new diesel test rig, for the Navy, this quarter, which allows us to further validate operation on liquid fuel and refine the design of our reactor, accordingly.

此外，本季度我們還為海軍完成了一個新的柴油機測試台，這使我們能夠進一步驗證液態燃料的運行，並相應地改進我們的反應器設計。

Let me now touch on the two issues we flagged last quarter and the progress we've made addressing them.

現在我想談談我們上個季度提出的兩個問題以及我們在解決這些問題上的進展。

First, on the production of linear electric motors. The primary reason we haven't delivered more Early Adopter units during this quarter is the lack of available linear electric motors. As we shared on the last call, we had transitioned assembly of this part to a contract manufacturer. But production issues continue and have led us to start bringing manufacturing of certain parts of this component back in-house.

首先，我們來談談直線馬達的生產。本季度我們沒有交付更多早期用戶單元的主要原因是缺乏可用的線性馬達。正如我們在上次電話會議中提到的，我們已經將該部件的組裝工作移交給了代工廠。但生產問題依然存在，導致我們開始將該組件的某些零件的生產轉移回公司內部。

Since we successfully built these motors internally before, we're confident in our ability to ramp production here in Austin. In fact, we expect to resume in-house LEM production before the end of this month, which will supplement capacity from our contract manufacturer.

由於我們之前已經成功地在內部製造了這些電機，因此我們有信心在奧斯汀提高產量。事實上，我們預計將在本月底前恢復內部 LEM 生產，這將補充我們合約製造商的產能。

Second, on depowdering. We previously noted challenges removing trapped powder from a mesh-like section of a KARNO part called the [regen]. I am happy to report that we now believe we have a solution to this problem, using a combination of advanced cleaning methods. We are pleased with early lab testing results using these procedures.

其次，關於脫粉。我們之前提到過，從KARNO部件的網狀部分中清除殘留粉末存在挑戰，該部件被稱為[再生]。我很高興地報告，我們現在相信，透過結合先進的清潔方法，我們已經找到了解決這個問題的方法。我們對使用這些方法進行的早期實驗室檢測結果感到滿意。

In early design iterations, we increased the mesh spacing to make powder removal easier but that negatively impacted power output from the KARNO Core. With the new depowder solution in place, we are able to revert to a more tightly packed mesh, which we believe will address the power deficit.

在早期設計迭代中，我們增加了網格間距，以便更容易去除粉末，但這會對 KARNO 核心的功率輸出產生負面影響。有了新的除粉解決方案，我們可以恢復到更緊密的網狀結構，我們相信這將解決功率不足的問題。

Fortunately, this is a relatively simple part to swap out so we are able to upgrade units once the new part design is validated and becomes widely available. We are in the process of validating the new part design and functionality and confirming our ability to remove residual powder. Printing of production regens will then follow.

幸運的是，這個部件更換起來相對簡單，因此一旦新的部件設計得到驗證並廣泛應用，我們就可以升級設備。我們正在驗證新零件的設計和功能，並確認我們清除殘留粉末的能力。接下來將進行生產再生紙的列印。

These two issues have consumed part of our schedule flexibility this year but are consistent with the type of challenges we anticipated during the pre-commercial phase. In the meantime, we've continued development of software improvements and other feature enhancements that were also anticipated.

這兩個問題消耗了我們今年的部分日程安排彈性，但這與我們在商業化前階段預期的挑戰類型一致。同時，我們也持續開發軟體改進和其他預期的功能增強。

Although we did not ship additional Early Adopter units in Q1, we have continued building printed part component inventory. Our plan remains to deliver 10 Early Adopter units in 2025.

雖然我們在第一季沒有向早期用戶交付更多設備，但我們一直在持續增加印刷零件組件庫存。我們的計劃仍然是在 2025 年交付 10 台早期採用者樣機。

That said, we are now expecting that some of these deployments will shift further out in the second half of 2025. This shift is due, in part, to delays in electric motor and regen production that I mentioned; and, also, to complete testing and validation work, when the KARNO Module is operating at full power.

也就是說，我們現在預計其中一些部署將推遲到 2025 年下半年。這種轉變部分是由於我提到的電機和再生製動生產延誤；以及卡諾模組滿功率運行時完成測試和驗證工作。

We also believe that our commercialization timeline remains intact. We expect to launch commercially and deliver additional KARNO Modules to customers, later this year.

我們也相信我們的商業化時程不會改變。我們預計今年稍後正式推出 KARNO 模組，並向客戶交付更多 KARNO 模組。

On the manufacturing front, we now have over 20 additive printers installed and operational. This includes multiple generations of machines, including GE's latest M Line machine. We recently received our second M Line printer and additional printers are scheduled for delivery throughout the year. These machines significantly increase our ability to scale throughput and put us in a stronger position for ramping up production, next year.

在製造方面，我們目前已安裝並投入運行超過 20 台增材印表機。這其中包括多代機器，包括通用電氣最新的 M 系列機器。我們最近收到了第二台 M 系列印表機，預計今年還將陸續交付更多印表機。這些機器顯著提高了我們擴大生產規模的能力，使我們在明年提高產量方面處於更有利的地位。

We are also continuing to develop a broader supply base, working closely with vendors to improve component quality, reduce lead times, and drive cost efficiencies across the KARNO platform.

我們也不斷拓展供應基礎，與供應商緊密合作，以提高組件品質、縮短交貨時間，並提高 KARNO 平台的成本效益。

To wrap up, we're encouraged with how the initial KARNO systems are performing and are proud of the engineering progress made this quarter. Customer traction remains strong. We're seeing increasing demand for distributed clean power solutions like ours, validated both by our own growing pipeline and by the broader success of other players in this space.

總而言之，我們對首批 KARNO 系統的效能感到鼓舞，並為本季的工程進展感到自豪。客戶需求依然強勁。我們看到市場對像我們這樣的分散式清潔能源解決方案的需求不斷增長，這不僅體現在我們自身不斷增長的專案儲備中，也體現在該領域其他參與者的廣泛成功中。

We are reiterating the guidance we shared last quarter. We remain on track to commercially launch the KARNO Power Module by year-end. We continue to expect revenue between $10 million and $15 million for full-year 2025, driven by Early Adopter unit deployments and R&D activities.

我們重申上個季度發布的指導意見。我們仍按計畫在年底前正式推出 KARNO 電源模組。我們仍預計 2025 年全年營收將在 1,000 萬美元至 1,500 萬美元之間，這主要得益於早期採用者單元的部署和研發活動。

With that, I'll now turn the call over to Jon for the financial update.

接下來，我將把電話交給 Jon，讓他報告財務狀況。

Thank you, Thomas. Good morning, everyone.

謝謝你，托馬斯。各位早安。

Starting with our 2025 first-quarter results: we recorded revenue of $500,000 for research and development services related to our contracts with the Office of Naval Research. Cost of sales was also $500,000, resulting in operating income of approximately breakeven. In the first quarter of 2024, we recorded no revenue or cost of sales.

先來看看我們 2025 年第一季的業績：我們因與海軍研究辦公室簽訂的合約而獲得了 50 萬美元的研究和開發服務收入。銷售成本為 50 萬美元，導致營業收入大致達到損益兩平點。2024 年第一季度，我們沒有錄得任何收入或銷售成本。

R&D services revenue was lower than the fourth quarter of 2024, due to the delays in deployment of Early Adopter customer units Thomas discussed earlier. We do expect R&D revenue to be higher in future quarters this year, as deployments resume.

由於 Thomas 先前提到的早期採用者客戶單元部署延遲，研發服務收入低於 2024 年第四季的水準。我們預計，隨著部署工作的恢復，今年未來幾季的研發收入將會更高。

Operating expenses, for the first quarter, were $19.7 million compared to $19 million in the first quarter of 2024. Research and development costs were $12.2 million compared to $8 million in 2024. This increase reflects a ramp-up in R&D work, growth in the production of additive components, and the procurement of parts for our initial KARNO Power Module deployments this year.

第一季的營運費用為 1,970 萬美元，而 2024 年第一季的營運費用為 1,900 萬美元。研發費用為 1,220 萬美元，而 2024 年則為 800 萬美元。這一成長反映了研發工作的加強、積層製造零件生產的成長，以及今年為我們首批 KARNO 動力模組部署採購零件的情況。

SG&A expenses were $6.1 million, down from $6.6 million in 2024, due primarily to lower facilities and insurance costs. Exit and termination costs, in the quarter, were $1.4 million and were related to the shutdown of our former powertrain business that began in late 2023.

銷售、一般及行政費用為 610 萬美元，低於 2024 年的 660 萬美元，主要原因是設施和保險成本降低。本季退出和終止成本為 140 萬美元，與我們於 2023 年底開始關閉的前動力系統業務有關。

We recognized a non-cash expense of approximately $1.6 million to writedown the value of certain powertrain assets that we previously reported as held-for-sale. This expense was partly offset by approximately $200,000 of asset sale gains that we recorded during the period.

我們確認了約 160 萬美元的非現金支出，用於減記我們先前報告為持有待售的某些動力總成資產的價值。這筆支出部分被我們在此期間確認的約 20 萬美元資產出售收益所抵銷。

In the first quarter of 2024, powertrain exit and termination costs were $4.4 million.

2024 年第一季度，動力總成退出和終止成本為 440 萬美元。

We recorded $2.5 million of interest income during the first quarter, which is down from $3.4 million in the prior year quarter, due to a lower level of investments this year. Our total net loss, in the first quarter, was $17.3 million, up from $15.6 million in the first quarter of 2024.

第一季我們錄得利息收入 250 萬美元，低於去年同期的 340 萬美元，原因是今年的投資水準較低。第一季度，我們的淨虧損總額為 1,730 萬美元，高於 2024 年第一季的 1,560 萬美元。

Turning to our cash and investment position. We spent $20.9 million during the first quarter of this year. Capital spending was $7.3 million and primarily consisted of additive printing machines and related equipment. Asset sales were $219,000. And the remaining $13.7 million of spending was related to ongoing business operations.

接下來談談我們的現金和投資狀況。今年第一季度，我們支出了2,090萬美元。資本支出為 730 萬美元，主要包括增材印表機及相關設備。資產出售所得為 219,000 美元。剩餘的 1,370 萬美元支出與持續的業務運作有關。

We finished the first quarter with $198.8 million of cash and short- and long-term investments on our balance sheet.

第一季末，我們的資產負債表上擁有 1.988 億美元的現金以及短期和長期投資。

I want to next address our planned cash spending for the year and highlight several risks and opportunities that we see.

接下來，我想談談我們今年的現金支出計劃，並重點介紹我們認為存在的一些風險和機會。

First, we have some exposure to tariffs, the largest of which relates to the purchase of additive printers from GE, which are assembled in Germany. The 10% tariff that is currently in place with EU countries is expected to increase our capital spending by $2 million to $3 million this year.

首先，我們面臨一些關稅風險，其中最大的一筆與從德國通用電氣公司購買增材印表機有關，這些印表機是在德國組裝的。目前對歐盟國家徵收的 10% 關稅預計將使我們今年的資本支出增加 200 萬至 300 萬美元。

While we source most KARNO Power Module parts from domestic suppliers, there are some parts or subcomponents that are made overseas and, thus, also subject to tariffs that could raise other spending.

雖然我們的大部分 KARNO 功率模組零件都來自國內供應商，但有些零件或子組件是在海外生產的，因此也需要支付關稅，這可能會增加其他支出。

Next, we remain opportunistic about investing in used additive printing machines that are of the same models we operate, today. We've identified a number of such machines that could also add to our capital outlays this year.

接下來，我們將繼續抓住機會，投資與我們目前使用的型號相同的二手增材印表機。我們已經確定了一些這類機器，它們也可能增加我們今年的資本支出。

Finally, R&D expenses are running somewhat higher than we expected this year, due primarily to more rapid printing and component sourcing operations, as we ramp up KARNO Power Module production and as we address the production issues Thomas mentioned earlier.

最後，由於印刷和零件採購業務的加快，以及我們提高 KARNO 功率模組產量並解決 Thomas 之前提到的生產問題，今年的研發費用比我們預期的要高一些。

We previously expected that capital expenditures for 2025 will be approximately $25 million, primarily related to purchases of new additive printing machines, facility upgrades, and other assets needed to ramp up KARNO Power Module production. We now expect capital expenditures could be closer to $30 million, although that number could vary based on the timing of printer deliveries and opportunities for additional printer purchases, as we plan for production growth in 2026.

我們先前預計 2025 年的資本支出約為 2,500 萬美元，主要用於購買新的增材印表機、設施升級以及提高 KARNO 功率模組產量所需的其他資產。我們現在預計資本支出可能接近 3000 萬美元，儘管這個數字可能會根據印表機交付的時間和額外購買印表機的機會而有所不同，因為我們計劃在 2026 年實現生產增長。

We plan to offset cash capital spending with around $10 million of equipment financing, if favorable terms are available.

如果條件允許，我們計劃透過約 1000 萬美元的設備融資來抵消現金資本支出。

To summarize these changes, we previously stated that we expected total cash outlays, this year, to be around $60 million. We now expect that spending could be closer to $65 million, due to the impact of the items I just discussed, leaving our year-end cash and investment balance at approximately $155 million.

綜上所述，我們先前曾表示，預計今年的總現金支出約為 6,000 萬美元。鑑於我剛才討論的項目的影響，我們現在預計支出可能接近 6500 萬美元，這將使我們的年末現金和投資餘額約為 1.55 億美元。

As Thomas mentioned earlier, we expect to generate between $10 million and $15 million of revenue for 2025, including both R&D services and sales of 200-kilowatt KARNO Power Modules to customers.

正如 Thomas 之前提到的，我們預計 2025 年的收入將在 1000 萬美元到 1500 萬美元之間，其中包括研發服務和向客戶銷售 200 千瓦 KARNO 功率模組的收入。

Implicit in this assumption is our expectation of commercializing the KARNO Module late in the year, when we would also expect to recognize revenue from customer Early Adopter units. The recognition of payments as revenue will be subject to the terms of sale and the actual timing of KARNO Power Module commercialization. These terms include certification and permitting of the power module, as well as achievement of operating performance criteria.

這個假設隱含著我們預期 KARNO 模組將在今年稍後實現商業化，屆時我們也將預期確認來自客戶早期採用者單位的收入。款項確認為收入將取決於銷售條款和 KARNO 功率模組商業化的實際時間。這些條款包括電源模組的認證和許可，以及達到運行性能標準。

As we reported last quarter, we expect gross margin for R&D services, this year, to be positive. We may also report positive gross margin for KARNO product sales depending on the timing of commercialization, due to the current expensing of purchase components as R&D cost.

正如我們上個季度報告的那樣，我們預計今年研發服務的毛利率將為正值。根據商業化的時間，由於目前採購組件的費用已計入研發成本，我們可能會報告 KARNO 產品銷售的正毛利率。

We continue to expect that we will quickly drive down production cost, as we scale manufacturing volume and as we roll out the 2-megawatt KARNO Module in the future.

我們仍然期望隨著生產規模的擴大以及未來 2 兆瓦 KARNO 模組的推出，我們將迅速降低生產成本。

Our current outlook for achieving break-even gross margin, on a cash basis, is near the end of 2026.

我們目前預計，以現金為基礎實現毛利率損益兩平的時間將接近 2026 年底。

Finally, we continue to expect the capital we have on hand, today, will be sufficient through the commercialization of KARNO Power Module sales.

最後，我們仍然期望，憑藉我們目前擁有的資金，透過 KARNO 功率模組銷售的商業化，我們將能夠獲得足夠的資金。

Now, I'll turn the call back over to Thomas.

現在，我把電話轉回給湯瑪斯。

Thank you, Jon.

謝謝你，喬恩。

Q1 was an important quarter for Hyliion, as we transitioned from early-stage development into our first deployment and public showcasing of the KARNO Power Module.

第一季對 Hyliion 來說是一個重要的季度，因為我們從早期開發階段過渡到首次部署和公開展示 KARNO 電源模組。

From unveiling the system at ACT Expo to demonstrating strong performance with the US Navy, we've laid a solid foundation for the remainder of the year.

從在 ACT Expo 上推出該系統，到向美國海軍展示其強勁的性能，我們為今年餘下的時間奠定了堅實的基礎。

We're encouraged by the growing customer demand, the progress made in resolving key production challenges, and the continued expansion of our additive manufacturing capabilities.

不斷增長的客戶需求、在解決關鍵生產難題方面取得的進展以及增材製造能力的持續擴展都令我們倍感鼓舞。

As always, our focus remains on delivering reliable, fuel-flexible, and scalable power solutions to customers in critical sectors.

一如既往，我們將繼續專注於為關鍵產業的客戶提供可靠、燃料靈活且可擴展的電力解決方案。

We look forward to updating you on additional deployments, technical milestones, and commercial traction on our next earnings call.

我們期待在下次財報電話會議上向您報告更多部署、技術里程碑和商業進度。

With that, we'll now turn the call back over to the operator for Q&A.

接下來，我們將把電話轉回給接線生進行問答環節。

There are no audio questions, at this time. I

目前沒有語音提問環節。我

will now turn the call back over to Greg Standley.

現在將電話轉回給格雷格·史丹利。

Thank you. We have a few questions that have come in from shareholders.

謝謝。我們收到了一些股東提出的問題。

The first question is: Can you tell us more about the Navy's unit performance?

第一個問題是：您能詳細介紹一下海軍部隊的表現嗎？

Absolutely. We've been, as we shared on the call, pleased with the reliability that we've seen out of the system.

絕對地。正如我們在電話會議中所說，我們對該系統的可靠性感到滿意。

To set the stage so you can understand what we're running on the system: we've got the Navy's KARNO Core in a power module at our Cincinnati facility that we're running on a daily basis. And so, we're running it through different test parameters, where we've got it connected to a load bank where we're turning it on, turning it off, running it through different power levels.

為了讓您了解我們在系統上運行的內容，我們先介紹一下：我們在辛辛那提工廠的電源模組中安裝了海軍的 KARNO 核心，我們每天都在運行它。因此，我們正在透過不同的測試參數對其進行測試，將其連接到負載箱，然後打開、關閉它，並使其經歷不同的功率等級。

And I think the biggest thing to note of it is we've seen very consistent reliability out of it. So since we started running it a couple of months ago, we haven't had to take the KARNO Core out of that power module, at all. We haven't had to tear it down, do any rebuilds of it. It's just been a stable reliable system.

我認為最值得注意的是，它的可靠性一直非常穩定。所以自從幾個月前開始運行以來，我們根本不需要將 KARNO Core 從該電源模組中取出。我們還沒必要把它拆掉重建。它一直是一個穩定可靠的系統。

We are going through making software improvements and changes to it to improve the performance of it. But I think the reliability is something that has really stood out for a very early unit to get out there.

我們正在對軟體進行改進和修改，以提高其效能。但我認為，對於一款如此早期推出的產品來說，其可靠性確實非常突出。

And to have that reliability is something we expected but, also, something that we're very pleased about.

這種可靠性是我們預料之中的，同時也讓我們非常開心。

Given where you are in the challenges that you discussed today, how will this impact your growth plans for next year?

鑑於您今天討論的挑戰，這將如何影響您明年的成長計畫？

On today's call, we did give updates of things that we highlighted on the last earnings around LEMs production; as well as the depowdering of the regen and then, being able to redesign the regen, in order to achieve full power.

在今天的電話會議上，我們更新了上次財報中重點提到的 LEM 生產情況；以及再生裝置的除粉，然後重新設計再生裝置，以實現全部功率。

And these are things that we did anticipate: having learnings like this throughout this year, as we go through the Early Adopter program. And so, we did allocate time for this in the schedule.

這些都是我們預料到的：在今年的早期採用者計畫中，我們會學到這樣的經驗。因此，我們在日程安排中為此預留了時間。

However, some of these learnings came earlier in the roll-out. And so, we've decided, okay, let's roll in regen improvements.

然而，其中一些經驗教訓是在推廣初期就獲得的。所以，我們決定，好吧，讓我們引入再生能力改進。

The LEMs manufacturing has really been what's prevented us from shipping more units, to date. That's really been the bottleneck on the supply chain. Hence, why we've decided: in addition to having a contract manufacturer, we're also standing up in-house assembly of that component to hopefully overcome that deficit of units that we have.

到目前為止，LEM 的製造流程一直是阻礙我們出貨量增加的主要原因。這確實是供應鏈上的瓶頸。因此，我們決定：除了與代工廠合作外，我們還將建立內部組裝廠來組裝該零件，以期克服我們目前存在的零件短缺問題。

So with that, we are still on track to be able to move into commercialization, late this year; which then, we don't envision has an impact into the amount of units and scale-up of production that we'll do next year.

因此，我們仍有望在今年稍後實現商業化；我們預計這不會對我們明年的產量和生產規模產生影響。

As we've been going through these couple of improvements that we're working on, we've been continuing to make parts. Thankfully, the regen is a very easy part to replace in the gen set. And then, LEMs is obviously a core component that we can't make additional units without having.

在我們進行這些改進工作的同時，我們也一直在繼續生產零件。值得慶幸的是，發電機組中的再生煞車裝置是一個非常容易更換的零件。而且，LEM 顯然是一個核心組件，沒有它我們就無法製造額外的單元。

But, in terms of next year, we don't see anything that we discussed on today's call having a negative impact on our ability to scale manufacturing, next year.

但就明年而言，我們認為今天電話會議上討論的任何內容都不會對我們明年擴大生產規模的能力產生負面影響。

That addresses all the questions.

這樣就解答了所有問題。

I'll turn the call back over to Thomas for closing remarks.

我將把電話轉回給托馬斯，請他作總結發言。

Thank you, Greg.

謝謝你，格雷格。

Thank you, everyone, for joining today's earnings call.

感謝各位參加今日的財報電話會議。

As noted, we thought it was a successful quarter, with being able to show strong reliability out of the Navy unit; and then, a lot of progress made on addressing a couple of those key issues in the regens and the LEMs that then, once we have those in place, we'll be able to continue deploying additional Early Adopter units.

如同先前所提到的，我們認為這是一個成功的季度，海軍部隊展現出了很強的可靠性；此外，在解決再生器和 LEM 的一些關鍵問題方面也取得了很大進展，一旦這些問題得到解決，我們將能夠繼續部署更多的早期採用者部隊。

We're still being on track to getting 10 of those out through this year; and getting to commercial launch, later in this year.

我們仍有望在今年內推出其中 10 款產品；並於今年稍後實現商業發布。

In addition to that, I just wanted to highlight that our team was participating in and part of the visit that President Trump had over to Saudi Arabia, over the last couple of days, here. We've been doing that in partnership with a company there, in Saudi Arabia. And we hope to share more on that visit, here, in the coming days.

除此之外，我還想強調一點，我們的團隊參與了川普總統在過去幾天對沙烏地阿拉伯的訪問。我們一直與沙烏地阿拉伯的一家公司合作進行這項工作。我們希望在接下來的幾天裡在這裡分享更多關於這次訪問的資訊。

With that, thank you for joining today's earnings call. We look forward to sharing further updates on the continued deployment of these Early Adopter units on our next earnings call.

感謝各位參加今日的財報電話會議。我們期待在下次財報電話會議上分享有關這些早期採用者設備持續部署的最新進展。

Thank you, everyone.

謝謝大家。

Ladies and gentlemen, this concludes today's call.

女士們、先生們，今天的電話會議到此結束。

Thank you all for joining.

感謝各位的參與。

You may now disconnect.

您現在可以斷開連線了。