Hyliion Holdings Corp (HYLN) 2025 Q3 法說會逐字稿

Thank you for standing by. My name is Carly, and I will be your conference operator today. At this time, I would like to welcome everyone to the highly on Holdings third-quarter '25 conference call.

感謝您的耐心等待。我叫卡莉，今天我將擔任你們的會議接線生。此時此刻，我謹代表 Highly on Holdings 公司，歡迎各位參加 2025 年第三季業績電話會議。

(Operator Instructions)

（操作說明）

Thank you. I would now like to turn the call over to Greg Stanley, Chief Accounting Officer. 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 and good morning, everyone.

謝謝大家，大家早安。

Welcome to Hyliion Holdings third-quarter '25 earnings conference call.

歡迎參加 Hyliion Holdings 2025 年第三季財報電話會議。

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。

A slide presentation accompanying this call is available on Hyliion's investor relations website at investors.hyliion.com

本次電話會議的簡報可在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 as such are subject to risk and uncertainties.

請注意，在今天的電話會議中，我們將就公司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.

諸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。

For more information on both 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.

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兩個因素的更多信息，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, and 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，除非適用法律要求，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 and thank you for joining us for Halion's third-quarter 2025 earnings call. I'm joined today by our CFO Jon Panzer. We're excited to share the significant progress we've made this quarter with the KARNO Power Module along with the growing customer interest and market demand we're seeing for our technology.

您好，感謝您參加 Halion 2025 年第三季財報電話會議。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本季我們在 KARNO 電源模組方面取得的重大進展，以及我們看到的客戶對我們技術日益增長的興趣和市場需求。

I'm pleased to share that the KARNO Power Module is now performing at a level that meets the key performance needs of our early customers. On our previous calls, we outlined several system enhancements that were in development, and I'm happy to share that those improvements have delivered meaningful gains across multiple performance areas.

我很高興地宣布，KARNO 電源模組目前的效能已達到早期客戶的關鍵效能需求水準。在先前的通話中，我們概述了正在開發的幾項系統改進措施，我很高興地告訴大家，這些改進措施已經在多個效能領域取得了顯著的成效。

Throughout today's call, we'll review the performance metrics that matter most to our customers, including dispatchable power, reliability, emissions, and outline where we stand on each as we begin entering the next phase of KARNO deployments.

在今天的電話會議中，我們將回顧對我們的客戶而言最重要的績效指標，包括可調度功率、可靠性、排放，並概述我們在進入 KARNO 部署的下一階段時，在每個指標上的進展。

I'd like to start by directing your attention to the slides accompanying today's presentation. The first slide outlines the key performance targets that our early customers need and where we now stand against each of those benchmarks. As you'll see, we've reached a performance level that meets or exceeds these thresholds.

首先，請大家注意一下今天演講的幻燈片。第一張投影片概述了我們早期客戶所需的關鍵績效目標，以及我們目前在每個基準方面所處的位置。如您所見，我們的性能水平已經達到或超過了這些閾值。

I'll start with the power output and efficiency, which is where we saw the most significant improvement this quarter. As we shared previously, the regen component of the KARNO had been underperforming relative to our expectations over the past few months. We implemented the redesigned regen, and as anticipated, it delivered a material improvement in both power and efficiency.

我先從功率輸出和效率說起，這是我們本季進步最大的領域。正如我們之前所分享的，在過去的幾個月裡，KARNO 的再生組件的表現一直低於我們的預期。我們實施了重新設計的能量回收系統，正如預期的那樣，它在功率和效率方面都帶來了實質的提升。

We are now achieving more than 200 kW of mechanical power and north of 150 kW of electrical power generation, meaning the system now meets the power needs of our initial customers.

我們現在實現了超過 200 千瓦的機械功率和超過 150 千瓦的電力發電量，這意味著該系統現在可以滿足我們最初客戶的電力需求。

In the months ahead, we will continue to implement small design refinements that are expected to further improve electrical output and overall system performance. These refinements are anticipated to bring electrical power generation to 200 kW as we move into commercialization next year.

在接下來的幾個月裡，我們將繼續實施一些小的設計改進，預計這些改進將進一步提高電力輸出和整體系統性能。預計這些改進措施將使發電量達到 200 千瓦，並在明年進入商業化階段。

Next, I'd like to highlight an important regulatory milestone that was achieved this quarter.

接下來，我想重點介紹本季取得的一項重要的監管里程碑。

Through our internal testing, we have confirmed that the KARNO Power Module can meet the extremely stringent air quality standards established by California's South Coast Air Quality Management District, which are among the toughest in the nation.

透過我們的內部測試，我們已確認 KARNO 電源模組能夠滿足加州南海岸空氣品質管理區製定的極其嚴格的空氣品質標準，這些標準是全國最嚴格的標準之一。

While running on natural gas, the system achieved NOx levels below 2.5 parts per million and carbon monoxide in the low single-digits parts per million, performance that far exceeds compliance thresholds and was achieved without the use of any exhaust after treatment.

該系統使用天然氣運作時，氮氧化物濃度低於百萬分之 2.5，一氧化碳濃度低於百萬分之個位數，其性能遠超過合規閾值，而且無需使用任何廢氣後處理即可實現。

In addition, we are pleased that the US Environmental Protection Agency recognized the advanced nature of our technology and determined that the KARNO Power Module is not classified as an internal combustion engine under existing federal regulations.

此外，我們很高興美國環保署認可了我們技術的先進性，並認定根據現行聯邦法規，KARNO 動力模組不屬於內燃機。

This determination means that our system will not require traditional federal engine permitting and will instead only be subject to local air district authority oversight. It's a major step forward that removes a significant regulatory hurdle and allows customers to move more quickly towards deployment, as most other technologies are subject to both federal and local air permitting requirements.

這項決定意味著我們的系統將不需要傳統的聯邦引擎許可，而只會受到當地空氣品質管理部門的監管。這是一個重大進步，它消除了一個重要的監管障礙，使客戶能夠更快地進行部署，因為大多數其他技術都受到聯邦和地方空氣許可要求的約束。

Now shifting to reliability this quarter, we reached another significant milestone with one of our KARNO Power Modules completing more than 100 days of operational testing on a customer unit without any unplanned hardware related downtime. While the system wasn't operating continuously during that period, it underwent extensive runtime across a wide range of load conditions and hundreds of start-stop cycles. These results give us a high degree of confidence in the underlying architecture and its ability to deliver the low maintenance operations that customers value.

本季我們轉向可靠性方面，我們的 KARNO 電源模組之一在客戶設備上完成了超過 100 天的運行測試，沒有出現任何計劃外的硬體相關停機時間，這標誌著我們又取得了一項重要的里程碑。雖然該系統在此期間並非持續運行，但它在各種負載條件下進行了長時間運行，並經歷了數百次啟動-停止循環。這些結果讓我們對底層架構及其提供客戶所重視的低維護營運的能力充滿信心。

Finally, we demonstrated the KARNO Power Module's ability to seamlessly switch between fuels while operating under load. In a recent demonstration, the power module alternated between natural gas and propane without any interruption in power delivery, automatically adjusting performance in real time.

最後，我們展示了 KARNO 動力模組在負載運行時無縫切換燃料的能力。在最近的一次演示中，該電源模組在天然氣和丙烷之間交替使用，電力供應沒有中斷，並能即時自動調節性能。

This capability highlights the true fuel flexibility of the KARNO architecture and its ability to switch fuels while in operation without impacting performance. As a reminder, the KARNO technology will be capable of operating on more than 20 different fuel types, including natural gas, propane, diesel, hydrogen, ammonia, JP-8, and many others, providing customers with unmatched adaptability across energy sources.

這項特性凸顯了 KARNO 架構真正的燃料靈活性，以及​​在運作過程中切換燃料而不影響性能的能力。需要提醒的是，KARNO 技術能夠使用 20 多種不同的燃料類型，包括天然氣、丙烷、柴油、氫氣、氨氣、JP-8 等，為客戶提供無與倫比的跨能源適應性。

During the quarter we deployed a power module to begin our UL certification process, which is an important step that many of our customers expect before large scale commercial deployments can begin.

本季我們部署了一個電源模組，開始進行 UL 認證流程，這是許多客戶在開始大規模商業部署之前所期望的重要一步。

I'm pleased to report that the UL process for the KARNO Power Module is progressing well and is on track for completion in the coming months in parallel with deployment of systems to field trial locations.

我很高興地報告，KARNO 電源模組的 UL 認證流程進展順利，預計將在未來幾個月內完成，同時系統也將部署到現場試驗地點。

We've completed and passed UL testing requirements for the linear electric motor, and notably it passed every test on the first attempt.

我們已經完成並通過了線性馬達的 UL 測試要求，值得一提的是，它一次性通過了所有測試。

Our UL certifier stated that this was the first time that he had ever seen a component achieve full compliance on the initial try, which speaks to the robustness of the design and the tremendous work of our engineering team. During the build of the UL power module, our team identified several opportunities to enhance the design of both the high and low voltage assemblies. We made the decision to implement those updates immediately rather than to deploy the units and retrofit them later.

我們的 UL 認證人員表示，這是他第一次看到一個組件在第一次嘗試中就完全符合標準，這說明了設計的穩健性和我們工程團隊的巨大努力。在 UL 電源模組的建造過程中，我們的團隊發現了幾個可以改進高壓和低壓組件設計的機會。我們決定立即實施這些更新，而不是先部署設備，然後再進行改造。

While that choice caused some short-term adjustments to our delivery schedule, it ensures customers receive the most compliant and reliable product from the start. Next, I'd like to share the latest with our customer deployment plans.

雖然這個選擇導致我們的交貨計劃在短期內有所調整，但它確保客戶從一開始就能收到最合規、最可靠的產品。接下來，我想和大家分享我們最新的客戶部署計畫。

Similar to the approach we previously shared, some customer units will first operate at our Cincinnati and Austin facilities in a controlled environment where we are doing integration and demonstrations requested by the customer.

與我們之前分享的方法類似，一些客戶單元將首先在我們位於辛辛那提和奧斯汀的工廠的受控環境中運行，在那裡我們將進行客戶要求的整合和演示。

We presently have multiple customer units in this structure in Cincinnati with more planned before year end. From there, these systems will be transitioned to customer sites for permanent operation. Other units will go directly to customer sites.

目前我們在辛辛那提有多個客戶單位採用這種結構，年底前還計劃增加更多。之後，這些系統將移交給客戶現場進行永久運作。其餘設備將直接運送至客戶現場。

We initially projected 10 early adopter units followed by design refinements as needed based on customer feedback and system performance. We're currently building these units and aligning deliveries with customer schedules and their timing needs. These deliveries are expected to be made during the remainder of this year and in the early part of '26.

我們最初預計推出 10 台早期採用者樣機，然後根據客戶回饋和系統性能對設計進行必要的改進。我們目前正在生產這些設備，並根據客戶的進度安排和時間需求調整交付計劃。預計這些貨物將在今年剩餘時間和 2026 年初交付。

One of our early adopter customers has experienced delays in their project buildout and has shifted their project timeline into '26. As a result, we plan to utilize a couple of these early units as demonstration systems for additional customer showcase opportunities. We'll deploy these units at various customer sites with a particular focus on data centre applications and third-party demonstration centres.

我們的一位早期採用者客戶在專案建置過程中遇到了延誤，並將專案時間表推遲到了 2026 年。因此，我們計劃利用其中幾台早期樣機作為演示系統，為更多客戶展示產品提供機會。我們將把這些設備部署到各個客戶現場，尤其專注於資料中心應用和第三方演示中心。

This strategy will help us gather further product validation and increase our visibility. We expect deployments to continue at a steady pace as we progress towards full product commercialization in '26, demonstrating the KARNO Power Module's operational performance, reliability, and scalable production capacity. Beyond that, while we anticipate continued growth in R&D-related revenue, we are not yet providing detailed guidance for '26.

這項策略將有助於我們收集更多產品驗證訊息，並提高我們的知名度。我們預計，隨著我們在 2026 年實現產品全面商業化，部署將繼續穩步推進，以展示 KARNO 電源模組的運作效能、可靠性和可擴展的生產能力。除此之外，雖然我們預期研發相關收入將持續成長，但我們尚未提供 2026 年的詳細指引。

Customer interest in the KARNO power module remains very strong, and we continue to introduce new customers to the technology every month. These customers are not only seeking reliable power generation capacity, but also the differentiated attributes that set the KARNO system apart, including its ability to operate on multiple fuel types, improved resiliency, power density, low maintenance design, and high efficiency.

客戶對 KARNO 功率模組的興趣仍然非常濃厚，我們每個月都會繼續向新客戶介紹這項技術。這些客戶不僅尋求可靠的發電能力，還尋求 KARNO 系統所具備的差異化特性，包括其能夠使用多種燃料類型、增強的彈性、功率密度、低維護設計和高效率。

To date we've executed nonbinding letters of intent with customers representing nearly 500 KARNO cores. Based on current demand, we anticipate being supply constrained for the years ahead as interest in the system continues to grow across multiple sectors.

迄今為止，我們已經與代表近 500 個 KARNO 核心的客戶簽署了不具約束力的意向書。根據目前的需求，我們預計未來幾年供應將受到限制，因為多個行業對該系統的興趣持續增長。

We're also deepening our engagement with the US military as they explore broader use cases where energy security and reliability are mission critical.

我們也在加深與美國軍方的合作，因為他們正在探索更廣泛的應用場景，在這些場景中，能源安全和可靠性至關重要。

As part of our existing R&D contract with the Navy, we plan to deliver additional KARNO Power Modules and cores in '26 for specialized testing required for shipboard use.

作為我們與海軍現有研發合約的一部分，我們計劃在 2026 年交付額外的 KARNO 電源模組和核心，用於艦載使用所需的專門測試。

Our team recently visited the first autonomous navy vessel that will be powered by KARNO Cores. That ship is currently undergoing sea trials and is planned to be outfitted with its initial KARNO units in 2026. The ship is designed with numerous engine bays and is capable of housing multiple megawatts' worth of KARNO Cores for that ship's power needs.

我們的團隊最近參觀了第一艘將採用 KARNO Core 動力系統的自主海軍艦艇。該船目前正在進行海上試航，計劃於 2026 年安裝首批 KARNO 裝置。該艦設計有多個引擎艙，能夠容納數兆瓦的卡諾核心，以滿足該艦的電力需求。

This is an especially exciting program given the Navy's significant power requirements and the unique advantages the KARNO system offers in delivering efficient and low maintenance onboard power with an excellent thermal and acoustic footprint.

鑑於海軍巨大的電力需求，以及 KARNO 系統在提供高效、低維護的船上電力以及優異的熱性能和聲學性能方面所具有的獨特優勢，這是一個特別令人興奮的計劃。

Next, I'd like to share an exciting update in the nuclear space.

接下來，我想和大家分享核能領域的一個令人興奮的新進展。

Hyliion has engaged in an exploratory agreement with one of the leading organizations in the small modular reactor or SMR sector to evaluate how KARNO technology can be paired with next generation nuclear systems.

Hyliion 已與小型模組化反應器 (SMR) 領域的領先組織之一達成探索性協議，以評估 KARNO 技術如何與下一代核系統結合。

SMRs generate heat that is traditionally converted to electricity through a steam turbine. Since the KARNO Power Module's fuel source is heat, we're exploring the potential of replacing the steam turbine with a KARNO Cores to generate electricity more efficiently.

小型模組化反應器產生的熱量通常透過蒸汽渦輪機轉化為電能。由於 KARNO 動力模組的燃料來源是熱能，我們正在探索用 KARNO 核心取代蒸汽渦輪機以更有效率地發電的可能性。

While this collaboration represents a longer-term opportunity, we believe it is an important step in exploring now, given the growing interest and investment we're seeing in the nuclear energy space. Lastly, I'd like to touch on some important developments we're seeing in the data centre space. NVIDIA recently published a technical report outlining that the next generation of data centres, particularly those supporting AI workloads, will increasingly adopt 800-volt DC architectures to improve efficiency, reduce conversion losses, and enable more scalable power distribution.

雖然這項合作代表著一個長期的機會，但鑑於我們看到核能領域日益增長的興趣和投資，我們認為這是探索該領域的重要一步。最後，我想談談我們在資料中心領域看到的一些重要發展。NVIDIA 最近發布了一份技術報告，概述了下一代資料中心，特別是那些支援 AI 工作負載的資料中心，將越來越多地採用 800 伏特直流架構，以提高效率、減少轉換損耗並實現更具可擴展性的配電。

This shift aligns directly with one of Hyliion's key advantages. The KARNO Power Module native output is 800-volts DC. While other technologies will require additional and costly conversion equipment to connect to these high voltage systems, the KARNO system's design allows for direct integration. This positioned highly on as a natural fit for the evolving power architecture of modern data centre and AI infrastructure.

這項轉變與 Hyliion 的一項關鍵優勢直接契合。KARNO電源模組的原始輸出電壓為800伏特直流電。其他技術需要額外且昂貴的轉換設備才能連接到這些高壓系統，而KARNO系統的設計允許直接整合。這使得它與現代資料中心和人工智慧基礎設施不斷發展的電力架構完美契合，佔據了非常重要的地位。

Now shifting to our capacity for the years ahead, the pace of deployments will be guided by insights gained from the initial units as we continue to fine tune system performance and ensure consistent reliability. At the same time, our production capacity continues to expand as we transition more activities from our R&D facility in Cincinnati to our larger manufacturing facility in Austin.

現在，我們將著眼於未來幾年的產能，部署速度將根據從首批設備中獲得的經驗來指導，我們將繼續微調系統性能並確保持續的可靠性。同時，隨著我們將更多活動從辛辛那提的研發中心轉移到奧斯汀的大型製造工廠，我們的生產能力也不斷擴大。

We now operate roughly 30 additive manufacturing machines across 3 generations of printer technology. Our current focus is on optimizing these existing systems for higher throughput while continuing to add additional machines to support growing demand.

我們目前營運約 30 台增材製造設備，涵蓋了 3 代印表機技術。我們目前的重點是優化現有系統以提高吞吐量，同時繼續增加機器以滿足不斷增長的需求。

To help lead this next phase of growth, we've recently welcomed Darrell Preble as Vice President of Operations. Darrell brings extensive experience from the energy sector with a proven record of building scalable manufacturing programs and driving operational excellence, which he'll be responsible for at Hyliion. Prior to joining, he held senior leadership roles at Cummins and Husky Technologies.

為了引領下一階段的成長，我們最近迎來了 Darrell Preble 擔任營運副總裁。Darrell 在能源領域擁有豐富的經驗，在建立可擴展的製造項目和推動卓越營運方面有著良好的記錄，他將在 Hyliion 負責這些工作。在加入公司之前，他曾在康明斯和赫斯基科技擔任高階領導職務。

I'd also like to share some updates on the supply chain front. This year we've been focusing on expanding and qualifying new suppliers to support future production scale up.

我也想跟大家分享一下供應鏈的最新情況。今年，我們一直致力於擴大和篩選新的供應商，以支持未來的生產規模擴大。

As part of that effort, I want to highlight one supply chain challenge we're actively managing. Like many US manufacturers, we are experiencing challenges in sourcing the high strength magnets out of China that are used in our linear electric motor. At present, we have sufficient inventory to support operations through the next couple of quarters, and our team is actively pursuing multiple alternative sourcing strategies.

作為這項工作的一部分，我想重點介紹我們正在積極應對的一個供應鏈挑戰。與許多美國製造商一樣，我們在從中國採購用於直線馬達的高強度磁鐵方面遇到了挑戰。目前，我們有足夠的庫存來支援未來幾季的運營，我們的團隊正在積極尋求多種替代採購策略。

That said, the broader supply environment for these magnets remains uncertain, and we are continuing to monitor it closely to mitigate any potential impact on our production schedule. To wrap up, we're very encouraged by the progress we made so far in '25 and the strong position we're in for the months ahead. We're excited to expand our customer deliveries and transitioning the Karno power module into real world applications. As a reminder from our last call, we shared the KARNO Power Module, and its supporting infrastructure will receive a 30% tax credit.

儘管如此，這些磁鐵的整體供應環境仍然不明朗，我們將繼續密切關注，以減輕其對我們生產計劃的任何潛在影響。總而言之，我們對 2025 年迄今為止的進展以及未來幾個月我們所處的強大地位感到非常鼓舞。我們很高興能夠擴大客戶交付量，並將 Karno 功率模組過渡到實際應用中。提醒一下，我們在上次電話會議中提到過，KARNO 電源模組及其配套基礎設施將獲得 30% 的稅收抵免。

This incentive will help accelerate adoption and support our commercial ramp up over the coming years as it remains in effect for the next decade. With that, I'll turn the call over to Jon for the financial update.

這項激勵措施將有助於加快產品普及，並在未來幾年內支持我們的商業化進程，該措施將持續有效十年。接下來，我將把電話交給 Jon，讓他報告財務狀況。

Thank you, Thomas, and good morning, everyone.

謝謝你，托馬斯，大家早安。

In the third-quarter we recorded revenue of $800,000 from research and development services related to our contracts with the Office of Naval Research. Cost of sales was also approximately $800,000 resulting in a small gross loss. In the third quarter of '24, we recorded no revenue or cost of sales.

第三季度，我們從與海軍研究辦公室簽訂的合約相關的研發服務中獲得了 80 萬美元的收入。銷售成本也約 80 萬美元，導緻小幅毛虧損。2024 年第三季度，我們沒有錄得任何收入或銷售成本。

R&D services revenue reflects both the sale of carnal cores and related components to the US Navy, the work we performed to test and validate these units, and other development work. Operating expenses for the third-quarter were $15.3 million compared to $14.2 million in the third quarter of '24.

研發服務收入反映了向美國海軍出售核心零件及相關組件的收入、我們為測試和驗證這些零件而進行的工作以及其他開發工作。第三季的營運費用為 1,530 萬美元，而 2024 年第三季為 1,420 萬美元。

The increase was mostly related to higher research and development costs and lower gains from asset sales in the powertrain exit and termination line.

成長主要與研發成本上升以及動力總成退出和終止生產線資產出售收益下降有關。

The increase in R&D work reflects the more rapid pace of development and growth in the production of additive components.

研發工作的增加反映了積層製造零件生產發展和成長速度的加速。

SG&A expenses were $5.2 million down about $500 million compared to the third quarter of '24, and due primarily to lower facilities and insurance costs, partly offset by a small increase in labour costs. We recorded $2 million of interest income during the third-quarter, down from $3 million in the prior year quarter due to a lower level of investments and lower interest rates this year.

銷售、一般及行政費用為 520 萬美元，比 2024 年第三季減少了約 5 億美元，這主要是由於設施和保險成本降低，部分被勞動力成本的小幅增加所抵消。由於今年投資水準和利率較低，我們第三季錄得利息收入 200 萬美元，低於去年同期的 300 萬美元。

Our total net loss in the third quarter was $13.3 million up from $11.2 million in the third-quarter of '24, but about flat with what we reported in the second quarter of this year. Year-to-date we recorded revenue of nearly $2.8 million from R&D services and gross profit of $96,000. We recorded no revenue or gross profit in the same period in '24.

第三季淨虧損總額為 1,330 萬美元，高於 2024 年第三季的 1,120 萬美元，但與今年第二季報告的虧損額基本持平。今年迄今為止，我們從研發服務中獲得的收入接近 280 萬美元，毛利為 96,000 美元。2024 年同期，我們沒有錄得任何收入或毛利。

Year-to-date, operating expenses were $50.7 million compared to $47.2 million in the first three quarters of '24. The increase is related to higher R&D expenses this year, partly offset by lower SG&A and powertrain exit and termination expenses compared to the same period in '24.

今年迄今為止，營運費用為 5,070 萬美元，而 2024 年前三個季度為 4,720 萬美元。今年的研發支出增加與研發支出增加有關，但與 2024 年同期相比，銷售、管理及行政費用以及動力總成退出和終止費用有所降低，部分抵消了這一增長。

Net loss year-to-date was $44 million compared to $37.7 million last year. Turning to our cash and investment position, we spent $20.6 million during the third quarter and $55 million this year-to-date. Year-to-date, capital spending was $22 million and consisted primarily of additive printing machines and related equipment, along with the facility investments to support printer operations.

今年迄今的淨虧損為 4,400 萬美元，而去年同期為 3,770 萬美元。再來看我們的現金和投資狀況，我們在第三季支出了 2,060 萬美元，今年迄今支出了 5,500 萬美元。今年迄今為止，資本支出為 2,200 萬美元，主要包括增材印表機和相關設備，以及支援印表機營運的設施投資。

Cash from asset sales year-to-date in '25 was $1.2 million. We finished the third-quarter with $164.7 million of cash and short and long-term investments on our balance sheet. Throughout this year we've forecasted total '25 cash expenditures of $65 million including equipment financing of $10 million to offset part of this year's capital investments, leading to a year-end cash and investment balance of approximately $155 million.

2025 年至今，資產出售所得現金為 120 萬美元。第三季末，我們的資產負債表上擁有1.647億美元的現金以及短期和長期投資。今年以來，我們預測 2025 年現金支出總額為 6,500 萬美元，其中包括 1,000 萬美元的設備融資，以抵銷今年部分資本投資，從而在年底實現約 1.55 億美元的現金和投資餘額。

At this time, the timing of equipment financing is uncertain, with the possibility it may shift into '26 or end up being somewhat less than $10 million depending on the decisions we make related to timing and available terms.

目前，設備融資的時間表尚不確定，可能會推遲到 2026 年，或者最終金額可能略低於 1000 萬美元，具體取決於我們針對時間和可用條款做出的決定。

R&D services revenue has ramped up a little slower than we expected, partly due to a decision to defer delivery of some of the early deployment units into '26 based on the timing needed by the US Navy. Therefore, full year '25 revenue will likely be approximately $4 million.

研發服務收入的成長速度比我們預期的要慢一些，部分原因是由於美國海軍的時間要求，決定將一些早期部署單元的交付推遲到 2026 年。因此，2025 年全年收入可能約為 400 萬美元。

As Thomas noted earlier, we expect that KARNO commercialization will occur in '26, at which time we will begin recognizing revenue from KARNO Systems sales.

正如 Thomas 先前所提到的，我們預計 KARNO 將於 2026 年實現商業化，屆時我們將開始確認 KARNO 系統銷售的收入。

We continue to expect that the capital we have on hand today will be sufficient to carry us through commercialization of the KARNO Power Module. Looking ahead, we anticipate that additional capital will eventually be required to support production growth, particularly for the purchase of additional additive manufacturing equipment. However, with approximately $165 million in cash and investments as of the end of the quarter, we are well positioned to be deliberate and opportunistic in determining the timing and structure of the capital raise. Now I'll turn the call back over to Thomas.

我們仍然相信，我們目前擁有的資金足以支持 KARNO 功率模組的商業化進程。展望未來，我們預計最終需要額外的資金來支持生產成長，特別是用於購買額外的積層製造設備。然而，截至本季末，我們擁有約 1.65 億美元的現金和投資，因此我們有能力審慎地把握機會，確定融資的時機和結構。現在我把電話轉回給湯瑪斯。

As we wrap up, I want to leave you with three key takeaways.

最後，我想和大家分享三個關鍵要點。

First, the KARNO Power Module is now performing at a level our initial customers require. This marks a major step forward for the product and gives us confidence as we begin broader customer deployments.

首先，KARNO 電源模組目前的性能已經達到了我們首批客戶要求的水平。這標誌著該產品向前邁出了重要一步，也讓我們更有信心開始部署到更廣泛的客戶群。

Second, customer demand continues to strengthen. We have nearly 500 units under non-binding LOIs, and the newly established 30% investment tax credit further enhances the economics for our customers adopting KARNO systems. Together these factors create a strong momentum heading into next year.

其次，客戶需求持續增強。我們有近 500 套設備簽訂了不具約束力的意向書，新設立的 30% 投資稅收抵免進一步提高了採用 KARNO 系統的客戶的經濟效益。這些因素共同為明年的發展奠定了強勁勢頭。

And third, we're aligning with where the world's energy needs are going from Nvidia's planned move towards 800-volt DC architectures and data centres to our exploration of pairing the KARNO technology with next generation nuclear systems. Our technology is uniquely positioned to serve both near term and long-term power needs.

第三，我們正在順應世界能源需求的發展方向，從英偉達計畫向 800 伏特直流架構和資料中心轉型，到我們探索將 KARNO 技術與下一代核能係統結合。我們的技術具有獨特的優勢，能夠滿足近期和長期的電力需求。

These advancements show that we are moving from development to deployment, turning the KARNO Power Module into a real-world solution for customers who need reliable distributed power.

這些進展表明我們正在從研發階段過渡到部署階段，將 KARNO 電源模組變成一個能夠為需要可靠分散式電源的客戶提供的現實解決方案。

I'd now like to hand the call back over to the operator to begin Q&A.

現在我想把電話交還給接線員，開始問答環節。

(Operator Instructions)

（操作說明）

Ted Jackson, Northland.

泰德傑克遜，北地。

So, I got, I don't know, 3 or 4 questions. The first one is, the customer that, has shifted its, I guess you would call it acceptance of the initial KARNO units from 25 into 26, I mean, not that big of a deal. Could you just talk maybe like who, what vertical is that Customer.

所以，我大概收到了三、四個問題。第一個客戶已經將最初的 KARNO 單元數量從 25 台增加到 26 台，我的意思是，這不算什麼大事。您能否簡單介紹一下這位客戶是誰，他來自哪個產業領域？

Yeah, so this is the Navy, and so as we highlighted on today's call. Exciting news is that ship is now in the water in the ocean going through sea trials and then we're scheduled to now be installed into the ship in '26 and so that's why what we also wanted to highlight on today's call is it's not beneficial for us to build up those assets and then just have them sit waiting to actually be deployed into the ship and so what we're going to do is we're going to take some of those and we're actually going to.

是的，這就是海軍，正如我們在今天的電話會議中所強調的那樣。令人興奮的消息是，這艘船現在已經下水進行海上試航，我們計劃在 2026 年將其安裝到船上。因此，我們在今天的電話會議上也想強調一點，那就是，如果我們建造這些資產，然後只是讓它們閒置等待部署到船上，對我們來說是沒有好處的。所以我們將要做的是，我們將把其中的一些資產實際部署到船上。

Make them demonstration units that we're going to bring out to data centres to some third-party validation sites and actually utilize those assets to showcase the technology there, get more customer momentum growing, but then still be able to meet the demands of the navy and getting those units into a ship in '26.

將它們製成演示單元，我們將把它們帶到數據中心和一些第三方驗證站點，並實際利用這些資產在那裡展示這項技術，獲得更多客戶動力，但仍然能夠滿足海軍的需求，並在 2026 年將這些單元安裝到艦艇上。

And then that that ship, that's the that's the unmanned ship that they're like I mean there's been a lot of press about the development of that ship [and that's what it is, correct the kind of this next generation sort of, Clueless.]

然後就是那艘船，就是他們說的那艘無人船，我的意思是，關於那艘船的研發，媒體已經做了許多報導。【沒錯，就是這樣，更準確地說，是下一代那種無所適從的風格。 】

That's correct, and Josh and I and some of our team actually got a chance to go board the ship this past quarter, and it's unbelievably neat. It's really designed for weaponry on board and then fuel and engines to move the ship around.

沒錯，上個季度我和喬希以及我們團隊的一些成員有機會登上了這艘船，真是太棒了。它的設計初衷主要是為了搭載艦載武器，以及為船艦提供燃料和動力。

So, very different than conventional navy ships where you usually have to have sleeping quarters and a cafeteria and medical. All those things that personnel need, the ship has none of that. It's the hull of the ship. It's fuel storage. It's a handful of engine bays that we can deploy multiple megawatts of KARNO into, and then the deck of the ship is designed where they can mount different types of weapons on board.

所以，這與傳統的海軍艦艇非常不同，傳統的海軍船通常需要配備宿舍、餐廳和醫療設施。船上人員需要的所有東西，這艘船都沒有。這是船體。這是燃料儲存。艦上設有幾個發動機艙，我們可以在其中部署數兆瓦的卡諾發動機，而且艦艇甲板的設計允許在艦上安裝不同類型的武器。

And the goal of this ship is it gets deployed and then it will be out in the ocean for a long time prior to coming back to dock, and that's one of the key drivers why the navy was so excited about our technology is because If you think about like a diesel engine that a ship is normally powered by, that requires every few 100 hours you need to do an oil change.

這艘船的目標是部署後在海上航行很長時間，然後再返回碼頭。海軍對我們的技術如此興奮的關鍵原因之一是，如果你想想一艘船通常使用的柴油發動機，它每隔幾百個小時就需要更換一次機油。

Well, if there's no one on board, there's no one to do that maintenance and that's where our low maintenance design really matches what they needed out of an engine.

如果船上沒有人，就沒有人進行維護，而我們的低維護設計恰好滿足了他們對引擎的需求。

I've seen pictures of it. It's a pretty cool looking product or system.

我看過它的照片。這是一款看起來非常酷的產品或系統。

Then the next question for me, going into kind of the testing and such is on slide 3, I saw that you had a couple of, KARNO units sitting in the parking lot going through your testing phase. I mean, is that what I'm seeing there is that you have, when I came out and visited, you had one out there, now you have two out there. I mean, you mean so that's, that itself is an indication of progress with regards to you, getting systems and going through those initial, runs for your end customers.

接下來我想問的問題是，關於測試之類的，在第 3 張投影片中，我看到你們有幾台 KARNO 設備放在停車場進行測試。我的意思是，我看到的情況是，我上次來參觀的時候，你們那裡只有一個，現在有兩個了。我的意思是，你的意思是，這本身就表明你在獲取系統並為最終客戶完成初始運行方面取得了進展。

That's correct. So we've got a couple of customer assets in operation at the facility. We also have a couple of our own assets in operation at the facility.

沒錯。所以，我們在這個設施裡有幾個客戶的資產正在運作。我們自己的幾項資產也在該設施內投入營運。

So, you're absolutely, correct, and that was one of the reasons why we put that photo in there just to show that you know we are building these systems we're getting them out there, as we highlighted on today's call. The one of the next big phases here we're working on is getting that UL certification so we're going through that testing now and then once we have that then that really enables us to to start getting these assets out to customers sites.

所以，你說得完全正確，這也是我們把那張照片放進去的原因之一，就是為了表明我們正在建造這些系統，並且正在將它們推向市場，正如我們在今天的電話會議上所強調的那樣。我們正在努力的下一個重要階段是獲得 UL 認證，所以我們現在正在進行測試，一旦獲得認證，我們就可以真正開始將這些資產交付給客戶現場。

When do you think you'll have all the UL, testing completed?

你預計什麼時候能完成所有的UL認證測驗？

Yeah, it's, we're talking, in the next couple of months here we'll have that completed and as we highlighted on today's call, so there's a couple of different phases of UL, right?

是的，我們正在討論，在接下來的幾個月裡，我們將完成這項工作，正如我們在今天的電話會議上所強調的那樣，UL 分為幾個不同的階段，對吧？

So, for instance, the linear electric motor needs to be certified, the battery needs to be certified, and then the whole power module itself needs certification.

例如，線性馬達需要獲得認證，電池需要獲得認證，然後整個電源模組本身也需要認證。

So, one of the big milestones we hit, coming into today's call was we were able to achieve the certification around the linear electric motor, so we went through that testing, we got the approval there which, as we shared, I mean the big accomplishment where we actually passed it on the very first attempt of doing it, which, as our certifier said, he had never seen something passed on day one of testing, which is great to see.

所以，在今天的電話會議上，我們取得的一個重要里程碑是，我們獲得了線性馬達的認證。我們進行了測試，並獲得了批准。正如我們分享的那樣，這是一個巨大的成就，因為我們實際上在第一次嘗試中就通過了。正如我們的認證人員所說，他從未見過在測試的第一天就通過的，這真是太棒了。

Congrats On that.

恭喜！

I have a few more. I'm going to ask one more and then if I need to, I'll come back in line, and that is on the region rebuild, your, I mean, you found yourself the initial systems, and this is not a surprise. Don't have that component in it that it's not required for your customers and it's an easy swap out. Have you at this point, taken that, new component and started putting it in units and doing any testing with it and.

我還有一些。我再問一個問題，如果需要的話，我會重新排隊。這是關於區域重建的問題，我的意思是，你們找到了初始系統，這並不令人意外。不要在組件中包含客戶不需要且易於更換的零件。到目前為止，您是否已經將這個新組件安裝到單元中並進行測試了？

Well, is that like just for yourself or will you be, are you doing that and we'll go into some at least some of the initial BETA years.

嗯，這只是你自己的事，還是你會做這件事，我們至少會深入探討最初的 BETA 階段。

Yeah, so, both in our, system and then also it's now going into customer assets as well. So maybe just to step back in past quarters we talked about we saw a performance deficiency with the regen and we were working on. Deep [powdering] and new architecture, new design of that part, we over the last quarter we implemented that part into our own asset. We saw a step change in performance out of the system. So that was great to see and that really highlighted, or brought forward what we shared on today's call, which is we've now got in the performance to a point where we believe we're going to, we're meeting the needs of the customers. So for instance. All of our early units that are going out to customers only require up to about 150 kW of power generation.

是的，所以，既在我們的系統中，現在也進入了客戶資產。所以，或許可以回顧一下上個季度，我們討論過，我們發現再生方面存在性能缺陷，而我們正在努力解決這個問題。深層[粉末化]和新架構，該部分的新設計，我們在上個季度將該部分實施到我們自己的資產中。我們看到系統性能有了質的飛躍式提升。所以看到這一點真是太好了，這也真正突出了或者說推進了我們在今天電話會議上分享的內容，那就是我們現在已經將業績提升到了一個我們相信能夠滿足客戶需求的水平。例如。我們早期交付給客戶的所有機組只需要大約 150 千瓦的發電量。

We're now exceeding that. We're now north of 150 kW. So, our thought is let's move forward. Let's go ahead with the design as is, get units out into the field, and then as we near commercialization there are some small areas that we want to continue to improve. So, we're seeing some heat leakage through the piston, we're seeing some heat leakage through the cylinder wall, a sleeve that goes in there, so minor changes like changing the material of that component.

我們現在已經超過了這個數字。我們現在的功率已經超過 150 千瓦了。所以，我們的想法是繼續前進。讓我們先依照現有設計進行，把產品投入使用，然後在接近商業化的時候，我們希望繼續改進一些小方面。所以，我們發現活塞有熱量洩漏，氣缸壁有熱量洩漏，氣缸壁上有一個套筒，所以像改變該部件的材料這樣的小改動就能解決問題。

So, we're going through some of those changes so that as we get into commercialization or as we enter commercialization, we plan to be at the full 200 kW of power output of the system.

所以，我們正在進行一些改變，以便在進入商業化階段時，我們計劃使系統達到 200 kW 的滿功率輸出。

Well, that's why you go through BETA, isn't it, too, find those things and correct them.

嗯，這也是為什麼你要經歷 Beta 測試階段的原因，對吧？找出這些問題並加以改正。

So, I will step out of line. I might jump back in later picks.

所以，我要打破常規。我可能會在後面的選秀中重新加入。

Great.

偉大的。

Sean Milligan, Needham.

肖恩·米利根，尼德姆。

Just a quick question on your pipeline. The 500 units that you have an LOI, you're going to be delivering some units next year to those customers. I'm curious about the timing you expect those customers to then like test those units, at their own operations and sort of the, conversion from LOI to purchase order, maybe what your expectations are and timing there.

關於您的生產流程，我有個小問題。你們已經簽訂了 500 台設備的意向書，明年你們將向這些客戶交付部分設備。我很好奇您預計這些客戶會在何時在自己的營運環境中測試這些設備，以及從意向書到採購訂單的轉換過程，您對此有何預期和時間安排。

Sure, so, even before we get the first asset out into their operations, some of the quantity of units will move from LOI into a firm agreement, and then from there it'll be how do we continue to work through that that backlog of the additional units on the LOI which I think to your question is, how long do they need to test it.

當然，所以，即使在我們把第一台設備投入運作之前，部分設備的數量也會從意向書轉化為正式協議，然後接下來的問題就是我們如何繼續處理意向書中剩餘的設備數量，我認為這回答了你的問題，他們需要多長時間來測試。

Which we're hearing in the 6 months to 9 months is kind of the rough time frame that customers want to run the asset experience it and then from there they believe they'll have the confidence and the performance to keep going forward.

我們了解到，客戶希望在 6 到 9 個月的大致時間內運行資產體驗系統，然後他們相信，從那時起，他們將有足夠的信心和業績繼續前進。

It varies between customers some customers are saying let's do one unit right out of the gate. Others are saying let's do multiple units right out of the gate. But overarching the message is there's a lot of demand in this product and the demand is continuing to grow. Even tomorrow we have another new data center customer coming in that we're having great discussions with and so we're continuing to build that customer interest and as we shared today we foresee that we will have enough demand in this product for years ahead that we'll actually be supply constrained as opposed to demand constrained.

不同客戶的需求各不相同，有些客戶會說我們一開始就先做一台吧。其他人則說，讓我們一開始就做多個單元。但總的來說，這款產品的需求量很大，而且需求還在持續成長。即使明天我們又迎來了一位新的資料中心客戶，我們與他們進行了非常愉快的洽談，因此我們正在繼續培養客戶的興趣。正如我們今天所分享的，我們預計未來幾年對該產品的需求將足夠大，屆時我們將面臨供應緊張而不是需求緊張的情況。

That's great. Yeah, and then the, I mean, the other question was around the 500 kW and LOI. Can you give any context around how many customers that maybe represents and then sort of the, like the timing of those?

那太棒了。是的，然後，我的意思是，另一個問題是關於 500 kW 和 LOI 的。能否提供一些背景信息，例如這可能代表多少客戶，以及這些客戶到達的時間？

I think those date back to like even '24, 1st half of this year, but maybe how your discussions have expanded sort of like in terms of numbers of different opportunities you're now seeing in your pipeline, just trying to understand how the pipeline's progressing as your kind of moving KARNO forward here.

我認為這些可以追溯到 2024 年，也就是今年上半年，但也許你們的討論已經擴展到你們現在在專案儲備中看到的各種機會的數量，只是想了解隨著 KARNO 的發展，專案儲備是如何推進的。

Sure, so, just kind of rough numbers. I believe it's in the dozens of customers, not in the hundreds of customers that we signed LOIs with. We are in discussions with even, more than that. Not all discussions go to an LOI. Some discussions go to, okay, great, we like the technology, we want to see it in operation at other people's sites before we move forward with making a commitment.

當然，只是大概的數字。我認為問題出在幾十個客戶身上，而不是我們簽署意向書的數百個客戶身上。我們正在與更多人進行討論。並非所有洽談都會達成意向書。有些討論會變成這樣：好的，很棒，我們喜歡這項技術，但在做出承諾之前，我們希望看到它在其他人的網站上運作。

So, with all that, how has the market landscape evolved? I would say initially we were seeing, a lot of interest from the military, a lot of interest from EV charging. We've actually seen some sectors that have popped up that have become even larger than those, so the data center space seeing a ton of interest there. Data centres are just power constrained, right?

那麼，在所有這些變化之後，市場格局又發生了什麼樣的變化呢？我想說，最初我們看到軍方和電動車充電領域都展現了濃厚的興趣。實際上，我們已經看到一些新興領域發展得比這些領域還要龐大，例如資料中心領域就引起了人們的極大興趣。資料中心只是受限於電力供應，對吧？

That's their number one issue when they go to build out a new data centre. They talk to the utility, usually the answer is there's not enough power available and so the data centers have really shifted to moving to make your own electricity on site power generation.

這是他們在建造新資料中心時面臨的首要問題。他們會與電力公司溝通，通常得到的答覆是電力供應不足，因此資料中心已經真正轉向在現場自行發電。

Which that's exactly what our technology is even as we highlighted in today's call, NVIDIA has come out and expressed that they see the future of data centres in the years ahead here actually shifting to an 800-volt DC architecture, which that is the architecture of the Karno. We produced 800-volt DC natively, so we think we can fit perfectly into that.

這正是我們技術的核心所在。正如我們在今天的電話會議中所強調的那樣，NVIDIA 已經公開表示，他們認為未來幾年資料中心的發展趨勢實際上是轉向 800 伏特直流架構，而這正是 Karno 的架構。我們本身就能生產 800 伏特直流電，所以我們認為我們完全可以勝任這項工作。

And then we've also seen just a growing demand on the commercial, facility side of things. So, the driver there is really, can you produce your own electricity for cheaper than you could buy electricity from the grid. So, I'd say data centres, commercial applications are growing, and then, the work with the Navy we've been doing has been going really well to a point where they've actually pulled in other branches of the military that we're now starting to work with as well.

此外，我們也看到商業設施方面的需求也不斷增長。所以，真正的驅動因素是：你能不能以比從電網購買電力更便宜的價格自己發電。所以，我認為資料中心和商業應用正在成長，而且我們與海軍的合作也進展得非常順利，以至於他們實際上已經拉攏了其他軍種，我們現在也開始與他們合作。

Okay, and then the last question is around sort of like manufacturing scale up so if you go back to the first part of this year you had the powdering issues, which you've addressed and then also I think you had some outsource.

好的，最後一個問題是關於生產規模擴大的，回顧今年上半年，你們遇到了粉末問題，你們已經解決了這個問題，而且我認為你們也進行了一些外包。

You know you had outsourced product manufacturing which you brought back in house, and it sounds like the manufacturing side today your kind of homing in on design and feel comfortable with the way you are, but I'm more curious about your ability to scale in the future.

你知道你之前把產品製造外包了，現在又拿回來了。聽起來，如今你在製造方面正專注於設計，並且對目前的狀況感到滿意。但我更好奇的是，你未來能否實現規模化發展。

So, it the confidence in coming to like a systematic manufacturing process, the ability to scale up printers, and then just anything you need to do in-house there, and I think you brought up magnets, but obviously like a lot of these award potential on the data centre side specifically is very large, so just the ability to source materials, I just wanted to get your big picture thoughts there for how we are moving forward.

所以，關鍵在於建立系統化的製造流程的信心，擴大印表機規模的能力，以及任何需要在內部完成的工作。我想你提到了磁鐵，但顯然，資料中心方面的許多獎項潛力都非常巨大，所以光是材料採購能力就很重要。我只是想了解你對我們未來發展方向的整體看法。

Sure, so I'll first start with the challenges we were facing. So, we had outsourced production of the electric motor. We pulled that in-house, as you highlighted, and then we were having issues with the regen, the deep powdering. We believe we've, gotten our arms around that as well, so. As we did this past quarter, we learned in and said, yeah, manufacturing is going to become a big part of the story ahead.

當然，那我先從我們面臨的挑戰說起。所以，我們將電動機的生產外包了。正如您所指出的，我們內部進行了改進，然後我們在再生和深度粉末方面遇到了問題。我們相信我們也已經掌握了這一點。正如我們上個季度所做的那樣，我們了解到，製造業將成為未來發展的重要組成部分。

That's why we hired Darrell Preble to come in and lead operations for us. He's built out manufacturing facilities and distribution facilities for Cummins and Husky in the past, so this is not an unknown journey to him, which is great. And then as we look at the phase ahead here I think that one of the big areas of focus is going to be how do we continue to get more and more out of the additive manufacturing machines. So, we, we've got about 30 machines installed so far, we've got about in total about 3 dozen roughly that we've ordered so still a few more to be delivered here.

這就是為什麼我們聘請達雷爾·普雷布爾來領導我們的營運工作。他過去曾為康明斯和哈士奇公司建造過製造工廠和分銷工廠，所以這對他來說並非陌生的領域，這很好。展望未來，我認為重點領域之一將是如何繼續從積層製造機器中獲得更多收益。所以，到目前為止我們已經安裝了大約 30 台機器，我們總共訂購了大約 36 台，所以還有一些機器要運送到這裡。

And then from there it one of the focus areas is going to be keep getting more and more out of the machine so we know that we're not operating at their fastest parameters at the greatest throughput that takes some just work to get them to those faster throughputs so that'll be our next phase and then from there we'll look to continue to expand the number of printers we have and buy more assets and that'll be how we scale volume.

接下來，我們的重點領域之一將是不斷提高機器的性能，因為我們知道我們還沒有以最快的參數和最大的吞吐量運行，要達到更快的吞吐量還需要一些努力，所以這將是我們的下一個階段，然後我們將繼續擴大印表機的數量，購買更多資產，這就是我們擴大產量的方式。

So, the reason that that is really key to the story is we actually expect that we're going to slow down our capital expenditures, the goal right now is not just keep buying more machines. The goal is actually going to shift to let's keep getting more and more out of the existing machines we already have, and then, as Jon highlighted, then there will be another phase where, okay, let's continue to expand manufacturing and buy more assets.

所以，這才是故事的關鍵所在，因為我們實際上預計我們將放緩資本支出，現在的目標不僅僅是不斷購買更多機器。實際上，我們的目標將轉變為不斷提高現有機器的利用率，然後，正如 Jon 所強調的那樣，將進入另一個階段，即繼續擴大生產規模併購買更多資產。

Great, thank you very much for the time.

太好了，非常感謝您抽出時間。

Your next question is from Ted Jackson with Northland.

下一個問題來自諾斯蘭公司的泰德傑克森。

Thanks. Hey, I wanted to circle back. You've made a comment about; I was taking notes. I missed what you, what you've said, but that you did, you've had a bit of delay in.

謝謝。嘿，我想再補充一下。你發表了評論；我正在做筆記。我錯過了你剛才說的話，不過你確實耽擱了一會兒。

Delivery or development because you decided to go for work with 800kW Killed a lot. Is that what it, what you sort of are you,

因為你決定採用 800kW 的方案，導致交付或開發工作失敗，損失慘重。這就是你的本質嗎？你究竟是什麼樣的人？

could you go through that again with what you said in your prepared remarks.

您能否再複述一遍事先準備好的發言稿？

Yeah, absolutely so.

是的，完全正確。

So as we were putting together the UL system, we saw some areas of opportunity that we can improve both high voltage, low voltage, and so we decided to do those changes prior to going through UL certification. Because once you certify it, it's much more difficult to go make changes after that.

因此，在建造 UL 系統時，我們發現高壓和低壓方面都存在一些可以改進的機會，所以我們決定在進行 UL 認證之前進行這些更改。因為一旦獲得認證，之後再進行更改就困難得多。

You have to go back through another recertification process. So, what we decided was, why don't we go ahead and roll those improvements, those changes in now and get those done, which has been done. They're in the, to go back to your reference of the photo of the parking lot. They're incorporated into that UL system that's out there, so we made those changes. Now, that did, add some time to the schedule, and so that was just a strategic decision we made of let's get those rolled in and go through the UL certification process with those as opposed to have to do an alteration or change down the road.

你必須重新參加認證流程。所以，我們決定，為什麼不現在就把這些改進和改變落實到位，完成這些工作呢？而現在，這些工作已經完成了。它們在…，回到你提供的停車場照片參考資料。它們已被納入現有的UL體系，所以我們做出了這些改變。這確實為進度增加了一些時間，所以我們做出了一個策略決定，那就是先把這些產品整合進去，然後再透過 UL 認證流程，而不是以後再進行修改或變更。

Okay.

好的。

And, No, that's kind of it. The other question I had got asked, so thanks.

嗯，差不多就是這樣了。我還被問到了另一個問題，謝謝。

There are no further questions at this time. I will now turn the call back to Thomas Healy for any closing remarks.

目前沒有其他問題了。現在我將把電話轉回給托馬斯·希利，請他作總結發言。

Great, and we actually had a couple of questions come in, that Greg will read out for us as well.

太好了，我們還收到了一些問題，格雷格也會為我們讀出來。

Excuse me, Thomas, can you share more about why you seen as a good fit with nuclear and what timeline you envision for developing a solution in that space?

湯瑪斯，請問您能否詳細說說為什麼您認為自己適合核能領域，以及您設想在該領域開發解決方案的時間表？

So, today's call is the first time we've really talked about nuclear, but the reason we wanted to be because it really highlights the versatility of the KARNO system. So, as we've shared in the past, I mean the KARNO is a heat-powered generator, and so if you look at nuclear, all nuclear does is it makes heat, and then conventionally, they, nuclear SMRs will use steam turbines to take that heat and convert it into electricity.

所以，今天的通話是我們第一次真正討論核能，但我們之所以想討論核能，是因為它真正突顯了 KARNO 系統的多功能性。正如我們之前分享過的，KARNO 是一種熱能發電機，而核能的作用就是產生熱量，傳統的小型模組化反應器（SMR）會利用蒸汽渦輪機將熱量轉化為電能。

And so, we started engaging with an organization in the SMR space, in the nuclear space, who were looking at actually replacing that steam turbine with a KARNO, and we're seeing that we should be able to produce electricity more efficiently than even a steam turbine can. And so why that's important is, we're seeing that there's a lot of interest and a lot. Momentum in the nuclear space. It's not happening tomorrow.

因此，我們開始與一家從事小型模組化反應器（SMR）和核能領域的機構合作，他們正在考慮用卡諾（KARNO）機組替換蒸汽渦輪機，我們發現，卡諾機組的發電效率甚至比蒸汽渦輪機還要高。所以，之所以說這很重要，是因為我們看到大家對此非常感興趣。核領域的發展動能。這件事不會明天發生。

This is still a ways out as to when nuclear and SMR will be deployed, but we think it's important to get our name into that discussion now because a lot of these companies are in the R&D development phase and could select us as their way to produce the electricity as opposed to using a steam turbine.

核能和小型模組化反應器何時部署還有一段時間，但我們認為現在就讓我們的名字參與到討論中來很重要，因為很多公司都處於研發階段，他們可能會選擇我們作為發電方式，而不是使用蒸汽渦輪機。

You mentioned on today's call that NVIDIA has highlighted a new electrical architecture for data centres. Can you elaborate on how this matches Ion's existing architecture?

您在今天的電話會議上提到，NVIDIA 重點介紹了一種用於資料中心的新型電氣架構。能否詳細說明一下這與 Ion 現有的架構有何契合之處？

So data centers today are a lower voltage architecture. They are DC power, but they're in the 50, I believe it's about 58-volt DC architecture. And NVIDIA came out with a report, a white paper that said they see the future actually moving to 800-volt DC power. The Reason being is that as computers become more powerful, they consume more electricity, and when you just start scaling up, you end up consuming a lot of capital and just even the cost of copper to move that electricity around.

所以如今的資料中心採用的是低電壓架構。它們是直流電源，但它們是 50 伏特的，我相信是 58 伏特直流架構。英偉達發布了一份報告，一份白皮書，其中指出他們認為未來實際上會發展到 800 伏特直流電源。原因在於，隨著電腦效能的提升，它們消耗的電力也越來越多，而當你開始擴大規模時，最終會消耗大量的資金，甚至只是輸送電力所需的銅的成本。

So, if you move to a higher voltage architecture like these 800 volts that we're at. You can reduce how much copper you need.

所以，如果你採用像我們現在使用的這種 800 伏特這樣的更高電壓架構。你可以減少所需的銅量。

You can reduce, some of the other components and make the whole data center architecture more efficient and less costly. And so that's where we were excited to see this because it matches us perfectly. We make 800 volt DC power natively. So if that's where data centres head and they start adopting. Other technologies like the grid, 480-volt AC architecture are going to require other components, other inverters or converters to move to that 800-volt DC versus we'd be able to couple without those components.

您可以減少其他一些元件，使整個資料中心架構更有效率、成本更低。所以我們看到這個的時候非常興奮，因為它和我們非常契合。我們本地即可生產 800 伏特直流電。所以如果資料中心朝著這個方向發展，他們就會開始採用。其他技術，如電網、480伏交流架構，需要其他組件、其他逆變器或轉換器才能過渡到800伏直流電，而如果沒有這些組件，我們就可以進行耦合。

So, it just aligns well with our vision and structure of, what the product outputs and where data centres are heading. So, with that, I believe that concludes the questions that we had come in. So, on a closing note, I appreciate everyone joining today's call as we highlighted, we're pleased with some of the key metrics we've hit on the performance side of things.

所以，這與我們對產品輸出和資料中心發展方向的願景和結構非常契合。至此，我認為我們提出的問題就全部回答完了。最後，感謝大家今天參加電話會議。正如我們所強調的，我們對在業績方面取得的一些關鍵指標感到滿意。

We're seeing growing customer demand. And we're excited about, not only being a solution for the near term here, but also some of these future opportunities we discussed as well. So with that, we'll talk again next quarter, but, in the meantime, I do encourage listeners to follow us on our social media channels, also, follow the press releases we released as we'll be sharing more throughout the quarter on those channels.

我們看到客戶需求不斷成長。我們感到興奮的是，這不僅能解決近期的問題，也能為我們討論的一些未來機會帶來希望。那麼，我們下個季度再繼續討論，但同時，我鼓勵聽眾關注我們的社交媒體帳號，也請關注我們發布的新聞稿，因為我們將在本季度透過這些管道分享更多資訊。

Thank you for listening.

謝謝聆聽。

This concludes today's conference call.

今天的電話會議到此結束。

Thank you for participating. You may now disconnect.

感謝您的參與。您現在可以斷開連線了。