Hyliion Holdings Corp (HYLN) 2025 Q4 法說會逐字稿

Hello everyone. Thank you for joining us and welcome to the Hyliion Holdings fourth quarter 2025 earnings call.(Operator Instructions) I will now hand the call over to Greg Stanley, Chief Accounting Officer. Please go ahead.

大家好。感謝您參加海利昂控股2025年第四季財報電話會議。 （操作說明）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. Welcome to Hyliion Holdings Fourth Quarter 2025 Earnings Conference Call. On today's call are Thomas Healy, our Chief Executive Officer; and Jon Panzer, our Chief Financial Officer. A slide presentation accompanying today's call is available on Hyliion's Investor Relations website at investors.hyliion.com.

謝謝大家，大家早安。歡迎參加 Hyliion Holdings 2025 年第四季財報電話會議。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。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 as such are subject to risks and uncertainties.

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所做的預測、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 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.

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

請注意，不應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。接下來，我將把電話交給湯瑪斯。

Hello and thank you for joining us for Hyliion's fourth quarter and full year 2025.

您好，感謝您參加 Hyliion 2025 年第四季及全年業績報告發表會。

Ladies and gentlemen, we are currently experiencing technical difficulties. Please stand by as we resolve the issue.

女士們、先生們，我們目前遇到技術故障。請稍候，我們正在處理此問題。

Hello everyone, and apologies for the technical difficulties there. Thank you for joining us for Hyliion's fourth quarter and full year 2025 earnings call. Heading into 2026, we are positioned strongly to deploy more early adopter units and move towards commercialization. As we shared on our last call, the Kernel power module is now performing at a level that meets our initial customer needs.

大家好，很抱歉出現了技術故障。感謝您參加 Hyliion 2025 年第四季及全年業績電話會議。展望 2026 年，我們已做好充分準備，部署更多早期採用者設備，並朝著商業化邁進。正如我們在上次通話中提到的，內核電源模組目前的性能已經達到了我們最初客戶的需求水準。

On today's call, we'll provide more details on our early customer deployment plans, and cover the current status of UL certification and product performance demand we're seeing across commercial and military markets and how we are preparing to scale production to support growth.

在今天的電話會議上，我們將提供更多關於早期客戶部署計畫的細節，並介紹我們在商業和軍事市場看到的UL認證現狀和產品性能需求，以及我們如何準備擴大生產規模以支援成長。

Turning first to UL certification. We made significant progress during the quarter and are now nearing completion of this important milestone. To provide additional context, UL certification for the carnal power module occurs at three levels: the linear electric motor, the battery pack and the full power module.

首先來看UL認證。本季我們取得了顯著進展，目前已接近完成這一重要里程碑。為了提供更多背景信息，UL 對汽車動力模組的認證分為三個級別：線性電機、電池組和完整動力模組。

I'm pleased to share that we have successfully completed UL testing for both the linear electric motor and the battery pack, meaning we have completed two of the three certifications we need. We have completed our initial round of testing on the full power module.

我很高興地宣布，我們已經成功完成了線性馬達和電池組的 UL 測試，這意味著我們已經完成了所需的三個認證中的兩個。我們已經完成了全功率模組的第一輪測試。

Through that process, we identified several small refinements, including gasket updates to further strengthen water ingress protection and the opportunity to incorporate recent power output improvements. With those enhancements now underway, we plan to begin our next round of UL testing shortly and expect to complete the certification in the second quarter.

透過這個過程，我們發現了一些小的改進之處，包括更新墊圈以進一步加強防水性能，以及將最近的功率輸出改進納入其中的機會。隨著這些改進措施的進行，我們計劃很快開始下一輪 UL 測試，並預計將在第二季完成認證。

Overall, we are very encouraged by the progress and view UL certification for early adopter units as a near-term gating item towards delivering units to customer sites. Beyond certification progress, we now have five KARNO units at our facility, two development units and three early adopter customer units.

總的來說，我們對目前的進展感到非常鼓舞，並將早期採用者設備的 UL 認證視為向客戶現場交付設備的近期關鍵一步。除了認證進展之外，我們目前在我們的工廠擁有五台 KARNO 設備，兩台開發設備和三台早期採用客戶設備。

These systems are being continuously exercised through a range of load profiles, extended duration testing, customer-specific operation scenarios and military representative applications. As we shared last quarter, we achieved over 150 kilowatts of power generation, which is sufficient for initial customer deployments.

這些系統正在透過一系列負載曲線、長時間測試、客戶特定操作場景和軍事代表性應用進行持續測試。正如我們上個季度所分享的，我們實現了超過 150 千瓦的發電量，足以滿足初始客戶部署的需求。

We have since demonstrated 175 kilowatts of power production in testing following recent upgrades and we expect to reach the full 200-kilowatt design power rating by year-end as we transition into commercialization. These improvements include refinements to the piston design, and updates to cylinder liner material to enhance heat retention within the system.

經過最近的升級，我們在測試中已經實現了 175 千瓦的發電量，我們預計到年底，隨著我們過渡到商業化階段，將達到 200 千瓦的設計功率額定值。這些改進包括對活塞設計的改進，以及對汽缸套材料的更新，以增強系統內的保溫性能。

And importantly, we do not believe reaching the full rating will require any fundamental architecture changes, but rather a series of incremental optimizations across the platform. The steady progress we have made in the past couple of quarters, reinforces our confidence in achieving the final 200-kilowatt design specifications this year.

更重要的是，我們認為達到最高評級不需要任何根本性的架構改變，而只需要對整個平台進行一系列漸進式的最佳化。過去幾季我們取得的穩定進展，增強了我們今年實現最終 200 千瓦設計規格的信心。

One thing to note, we are still experiencing some technical difficulties, and we would ask that you please follow along on the slides that are posted on our website. Continuing on Fuel flexibility continues to be a key differentiator of the KARNO system, and we made meaningful progress in this area during the quarter.

需要注意的是，我們目前仍遇到一些技術難題，請參考我們網站上發布的幻燈片進行操作。燃料靈活性仍然是 KARNO 系統的關鍵差異化優勢，我們在本季在這方面取得了實質進展。

We successfully demonstrated dynamic fuel switching with the carnal power module transitioning between natural gas and propane. The system can automatically switch between fuels without shutting down and without any user input to indicate which type of fuel is being utilized.

我們成功地展示了動態燃料切換，動力模組可以在天然氣和丙烷之間切換。該系統無需關閉，也無需用戶輸入任何資訊來指示正在使用哪種類型的燃料，即可自動切換燃料。

We simply changed the incoming fuel supply, and the unit continues to operate as designed, truly highlighting our unique fuel-agnostic capabilities. Another recent accomplishment was successfully running a KARNO core on diesel fuel and being able to export power to the grid while meeting Tier 4 final emissions requirements without the use of exhaust aftertreatment systems.

我們只是改變了進油方式，而裝置仍然按設計運行，這真正突顯了我們獨特的燃料無關性能力。最近的另一項成就是成功地使用柴油燃料運行 KARNO 核心，並且能夠在不採用廢氣後處理系統的情況下向電網輸出電力，同時滿足 Tier 4 final 排放要求。

We expect to begin incorporating diesel capability into customer-deployed systems this year. Diesel capability is particularly important for defense applications where it remains the dominant fuel source. More broadly, the majority of installed generators worldwide operate on diesel, which significantly expands the KARNO power modules addressable market in mission-critical and prime power applications.

我們預計今年將開始在客戶部署的系統中整合柴油動力功能。柴油動力性能對於國防應用尤其重要，因為柴油仍然是主要的燃料來源。更廣泛地說，全球已安裝的大多數發電機都使用柴油，這大大擴大了 KARNO 電源模組在關鍵任務和主電源應用領域的潛在市場。

For example, many data centers prefer pipeline natural gas for prime power but still require on-site diesel for resiliency. We believe our ability to operate on both fuels will allow customers to avoid purchasing separate natural gas and diesel generators and instead rely on a single flexible platform for both primary and backup operations.

例如，許多資料中心傾向於使用管道天然氣作為主電源，但仍需要現場柴油以確保電力供應的穩定性。我們相信，我們能夠使用兩種燃料進行操作，這將使客戶無需購買單獨的天然氣發電機和柴油發電機，而是依靠一個靈活的平台進行主要和備用操作。

Next, I'd like to share our outlook for 2026, which can be seen on Slide 5. This includes our deployment plans, product development priorities, business development activity and manufacturing capability. We are entering 2026 with strong demand across commercial, data center and military markets.

接下來，我想分享我們對 2026 年的展望，詳情請見投影片 5。這包括我們的部署計劃、產品開發重點、業務發展活動和製造能力。進入 2026 年，商業、資料中心和軍事市場的需求仍然強勁。

As previously shared, we have nearly 500 units under nonbinding letters of intent. In addition to a broader set of customers actively evaluating the platform. The primary focus now is transitioning from development into real-world field deployments and moving towards commercialization and scaling.

如之前所述，我們已有近 500 套房產簽署了不具約束力的意向書。除了更廣泛的客戶群正在積極評估該平台之外。現在的主要重點是從研發過渡到實際現場部署，並朝著商業化和規模化方向發展。

From a development perspective, our overall plan remains consistent with what we have previously communicated. We expect to deploy approximately 10 early adopter units prior to commercialization including the two units delivered to the Navy last year and a third unit that we recently completed and that will go to a customer site following UL certification and product validation.

從發展角度來看，我們的整體計劃與我們先前公佈的內容保持一致。我們預計在商業化之前部署約 10 台早期採用者設備，其中包括去年交付給海軍的兩台設備，以及我們最近完成的第三台設備，該設備將在獲得 UL 認證和產品驗證後交付給客戶。

Throughout 2026, we plan to deploy these systems into customers' environments and commercialization to follow later this year. One area where we are seeing particularly strong long-term interest is the data center market. With recent industry announcements pointing towards a shift to 800-volt TC architectures for next-generation AI facilities, we believe our KARNO technology is uniquely well positioned.

2026 年全年，我們計劃將這些系統部署到客戶環境中，並在今年稍後實現商業化。我們看到，資料中心市場是一個具有特別強勁長期吸引力的領域。鑑於近期產業公告顯示下一代人工智慧設施將採用 800 伏特 TC 架構，我們相信我們的 KARNO 技術具有獨特的優勢。

Our platform already operates at 800 volts DC, which aligns directly with this emerging standard and has the potential to reduce conversion stages lower equipment requirements, improve overall system reliability and efficiency and simplified site electrical architectures.

我們的平台已經以 800 伏特直流電運行，這與這一新興標準直接吻合，並有可能減少轉換級數、降低設備要求、提高整體系統可靠性和效率以及簡化現場電氣架構。

In 2026, we plan to demonstrate this capability in live environments to showcase this potential. Early this year, we successfully demonstrated a mission representative maybe load profile on a Navy owned KARNO asset. The system managed rapid load changes [sustaining] in performance under high stress operating conditions, reinforcing its suitability for shipboard and defense use.

2026年，我們計劃在實際環境中演示這項功能，以展示其潛力。今年年初，我們成功地在海軍擁有的 KARNO 資產上演示了代表性的任務載重剖面。該系統能夠應對快速的負載變化，並在高壓運行條件下保持性能穩定，進一步證明了其適用於船隻和國防用途。

This was an important validation milestone and has accelerated discussions around additional defense platforms and with NASA, who is exploring coupling our KARNO technology with nuclear power generation. We have identified several near-term opportunities across multiple branches of the military that are moving towards potential contract awards, which we expect to finalize this year.

這是一個重要的驗證里程碑，加速了關於其他國防平台以及與美國太空總署（NASA）的討論，NASA正在探索將我們的KARNO技術與核能發電結合。我們已經確定了多個軍種的近期機會，這些機會正在朝著潛在的合約授予方向發展，我們預計將在今年完成。

We believe these opportunities could represent $40 million to $50 million worth of new revenue opportunities on top of the approximately $20 million worth of contracts with O&R that we are currently executing on today. As part of our current Navy program, we plan to deliver additional KARNO power modules and cores in 2026 for specialized shipboard testing.

我們相信，除了我們目前正在執行的與 O&R 簽訂的價值約 2000 萬美元的合約之外，這些機會還能帶來價值 4000 萬至 5000 萬美元的新收入機會。作為我們目前海軍計劃的一部分，我們計劃在 2026 年交付更多 KARNO 電源模組和核心，用於專門的艦載測試。

Once completed, these deliveries will represent about half of our early adopter units. One deliverable will be a multi KARNO power module for the ship demonstrating our ability to create high-power systems through coupling our 200-kilowatt cores together.

完成後，這些交付的貨物將約占我們早期用戶設備的一半。其中一項交付成果將是用於該船的多 KARNO 功率模組，該模組將展示我們透過將 200 千瓦核心耦合在一起來創建高功率系統的能力。

Building on our work with the Navy, I'd like to provide an update on plans for a previously discussed two megawatt KARNO power module, which we believe aligns well with the needs for data center and other high-power applications. This can be found on Slide 6. In 2025, we spent significant time developing our multi-KARNO power module configuration for shipboard use.

在與海軍合作的基礎上，我想就之前討論過的 2 兆瓦 KARNO 功率模組的計劃提供最新進展，我們認為該模組非常符合數據中心和其他高功率應用的需求。這可以在第 6 張投影片上找到。2025年，我們投入了大量時間開發用於船艦的多KARNO電源模組配置。

Through that effort, we identified substantial overlap between the Navy architecture and what is required for higher power commercial deployments. As a result, we have leveraged that design foundation to advance a modular, scalable configuration suitable for data center applications.

透過這項努力，我們發現海軍架構與更高功率的商業部署所需架構之間存在大量重疊。因此，我們利用這項設計基礎，推進了適用於資料中心應用的模組化、可擴充配置。

Our initial concept was a 2 megawatt system comprised of 10 200-kilowatt KARNO cores integrated into a compact footprint, roughly the size of a 20-foot shipping container. Recent customer discussions have led us to evolve the configuration into a more flexible architecture.

我們最初的概念是一個 2 兆瓦的系統，由 10 個 200 千瓦的 KARNO 核心組成，整合在一個緊湊的空間內，大致相當於一個 20 英尺的貨櫃的大小。最近與客戶的討論促使我們將配置演變為更靈活的架構。

The system is designed to scale in approximately 800 kilowatt increments, allowing configurations, such as 800 kilowatts, 1.6 megawatts, 2.4 megawatts, 3.2 megawatts and so on. This modular approach aligns closely with feedback from data center customers where power requirements vary depending on site electrical architectures.

該系統設計為以大約 800 千瓦的增量進行擴展，允許配置為 800 千瓦、1.6 兆瓦、2.4 兆瓦、3.2 兆瓦等等。這種模組化方法與資料中心客戶的回饋非常吻合，因為不同站點的電氣架構對電力需求各不相同。

By enabling expansion through the addition of core sets, we can tailor output to specific customer needs while maintaining high power density and resiliency. Now turning to Slide 7. Moving on to our commercial customer deployments. We recently entered into a strategic partnership with ABM Industries to support the deployment of integrated distributed energy solutions.

透過增加核心組件來實現擴展，我們可以在保持高功率密度和彈性的同時，根據客戶的特定需求量身定制輸出。現在請看第7張投影片。接下來談談我們的商業客戶部署狀況。我們最近與 ABM Industries 建立了戰略合作夥伴關係，以支援整合分散式能源解決方案的部署。

This collaboration, combined with KARNO technology with ABM site engineering, integration and operational capabilities, helping simplify deployment and broader customer access across commercial, industrial, data center and mission-critical applications. ABM is also equipped to offer energy as a service contracts with their customers.

此次合作結合了 KARNO 技術與 ABM 現場工程、整合和營運能力，有助於簡化部署，並擴大客戶在商業、工業、資料中心和關鍵任務應用領域的存取範圍。ABM 也具備向客戶提供能源即服務合約的能力。

This partnership allows us to remain focused on advancing and commercializing the KARNO platform while leveraging an experienced partner to support end-to-end customer solutions. Now turning to Slide 8, where I'd like to provide a brief update on our manufacturing readiness. Today, we operate more than 30 additive manufacturing machines, the majority of which are located at our Austin facility.

透過此次合作，我們可以繼續專注於推動 KARNO 平台的發展和商業化，同時藉助經驗豐富的合作夥伴來支援端到端的客戶解決方案。現在請看第 8 張投影片，我想簡單介紹一下我們的生產準備。目前，我們擁有 30 多台增材製造設備，其中大部分位於我們在奧斯汀的工廠。

These printers span three different machine models with configurations that are able to produce 1, 2 or 4 parts at once. We expect to take delivery of several additional printers this year that we've had on order from last year. With these additions, we believe our additive manufacturing capability or capacity will be well positioned to meet planned production needs for 2026 and 2027, while providing a strong foundation for scaling further into 2028.

這些印表機涵蓋三種不同的機器型號，配置可一次生產 1 個、2 個或 4 個零件。我們預計今年將收到幾台去年訂購的印表機。我們相信，透過這些新增設備，我們的積層製造能力將能夠很好地滿足 2026 年和 2027 年的計畫生產需求，同時為 2028 年的進一步擴大規模奠定堅實的基礎。

Our current focus is on maximizing the speed, power and productivity of each machine. During the first quarter of 2026, we initiated efforts to improve printer throughput and we'll be dedicating both printer time and engineering resources to these optimization initiatives throughout the year.

我們目前的重點是最大限度地提高每台機器的速度、動力和生產效率。2026 年第一季度，我們啟動了提高印表機吞吐量的計劃，並將在全年投入印表機時間和工程資源來推進這些優化舉措。

In parallel, we plan to take delivery of and begin testing one or more printers equipped with the latest laser technology from GE Calibrium, which we believe has the potential to further improve print speed and efficiency. On our last earnings call, we discussed the potential risk related to magnet supply, particularly given the export constraints from China.

同時，我們計劃接收並開始測試一台或多台配備 GE Calibrium 最新雷射技術的印表機，我們相信這項技術有潛力進一步提高列印速度和效率。在上次財報電話會議上，我們討論了磁鐵供應的潛在風險，特別是考慮到中國的出口限制。

We are pleased to share that we have made meaningful progress in mitigating that risk and have already begun receiving components. While this does not fully eliminate supply chain risk, it substantially reduces our exposure and improves our confidence in supporting planned production.

我們很高興地宣布，我們在降低該風險方面取得了實質進展，並且已經開始收到相關零件。雖然這並不能完全消除供應鏈風險，但它大大降低了我們的風險敞口，並增強了我們支持計劃生產的信心。

Turning to Slide 9. To wrap up, I'd like to share our key milestones for 2026, which are summarized on the slide and highlight the achievements we expect to deliver over the course of the year. We began the year with an early win by successfully operating the KARNO core on liquid fuel and meeting emissions requirements.

翻到第9張投影片。最後，我想和大家分享我們 2026 年的主要里程碑，這些里程碑已在幻燈片中進行了總結，並重點介紹了我們預計在這一年中取得的成就。今年年初，我們取得了開門紅，KARNO 核心成功地使用液態燃料運行，並滿足了排放要求。

Looking ahead, we expect to achieve UL certification for the early adopter carnal power modules during the second quarter of this year, which will enable broader customer site deployments. In parallel, we expect to achieve the full 200-kilowatt design power by the end of 2026. We also plan to complete the remaining early adopter units during the year.

展望未來，我們預計將在今年第二季度獲得早期採用者陰道電源模組的 UL 認證，這將使更廣泛的客戶現場部署成為可能。同時，我們預計到 2026 年底將達到 200 千瓦的設計功率。我們也計劃在年內完成剩餘的早期用戶樣機。

These deployments are an important step towards validating system performance across real-world applications, and will support our plan to commercialize the 200-kilowatt KARNO power module in late '26 which will then allow us to begin scaling production.

這些部署是驗證系統在實際應用中性能的重要一步，並將支援我們在 2026 年底實現 200 千瓦 KARNO 功率模組商業化的計劃，屆時我們將能夠開始擴大生產規模。

In addition, we expect to complete a multi-canal core platform featuring the systems and controls required to coordinate multiple units operating in tandem. This configuration will serve as a stepping stone towards a larger multi-megawatt KARNO system designed to support data center and other customers with higher power requirements.

此外，我們預計還將建造一個多通道核心平台，該平台配備協調多個單元協同運作所需的系統和控制裝置。此配置將作為邁向更大規模的多兆瓦 KARNO 系統的墊腳石，該系統旨在支援資料中心和其他具有更高功率需求的客戶。

We expect to secure additional U.S. military contracts with a total revenue opportunity of $40 million to $50 million, further advancing the development work underway to support autonomous navy vessels and other mission-critical defense applications.

我們預計將獲得更多美國軍方合同，總收入機會為 4000 萬至 5000 萬美元，進一步推進正在進行的研發工作，以支援自主海軍艦艇和其他關鍵任務國防應用。

Taken together, these milestones support our expectation of generating approximately $10 million worth of revenue during 2026 from a combination of commercial customer activity and R&D service contracts. Turning to Slide 10. Looking ahead over the next three years, we plan to build on the progress to achieve in 2026 as the KARNO Power module transitions from early deployment into scaled commercialization.

綜合來看，這些里程碑事件支持了我們2026年透過商業客戶活動和研發服務合約的組合來創造約1000萬美元收入的預期。翻到第10張投影片。展望未來三年，我們計劃在 2026 年取得的進展基礎上繼續努力，使 KARNO Power 模組從早期部署過渡到規模化商業化。

In 2027, we expect to ramp commercial deliveries and expand the range of applications where KARNO is deployed. This includes advancing the development of our multi-megawatt KARNO power module for data center applications. We view 2027 as the year will transition from initial commercialization into meaningful production scale.

預計到 2027 年，我們將加強商業交付力度，並擴大 KARNO 的應用範圍。這包括推進我們用於資料中心應用的多兆瓦 KARNO 功率模組的開發。我們認為 2027 年將是產品從初步商業化過渡到有意義的生產規模的一年。

In parallel, we plan to expand our additive manufacturing capability or in capacity in preparation for anticipated growth in 2028. By '28 and beyond, we expect to accelerate commercial growth as increased production capacity enables us to address a broader portion of customer demand.

同時，我們計劃擴大積層製造能力或產能，為 2028 年的預期成長做好準備。到 2028 年及以後，隨著產能的提高，我們有望加快商業成長，從而滿足更廣泛的客戶需求。

This includes fulfilling interest in multi-megawatt systems for data centers as well as continued expansion within military applications. Turning to Slide 11. To wrap up, '25 was a year focused on resolving product and production challenges, strengthening the core architecture of the KARNO power module and expanding its operating capabilities across fuel and mission-critical profiles while also improving performance.

這包括滿足對資料中心多兆瓦系統的需求，以及在軍事應用領域的持續擴展。翻到第11張幻燈片。總結起來，2025 年的重點是解決產品和生產方面的挑戰，加強 KARNO 動力模組的核心架構，並擴展其在燃料和任務關鍵型配置下的運作能力，同時提高效能。

In 2026, our focus shifts from development to deployment, and commercialization. With UL certification nearing completion, early adopter units moving into the field, growing military engagement and strong data center interest, we believe we are well positioned to transition from validation to scaled execution over the coming years.

2026年，我們的重點將從研發轉向部署和商業化。隨著 UL 認證接近完成，早期採用者設備投入使用，軍方參與度不斷提高，以及資料中心的濃厚興趣，我們相信，在未來幾年內，我們已經做好充分準備，從驗證過渡到規模化執行。

With that, I'll turn the call over to Jon to walk through the financial update, starting on Slide 12.

接下來，我會把電話交給 Jon，讓他從第 12 張投影片開始解說財務更新。

Thank you, Thomas, and good morning, everyone. In the fourth quarter, we recorded revenue of $700,000 from research and development services related to our contracts with the Office of Naval Research. Cost of sales was $600,000, resulting in a small gross margin gain. In the fourth quarter of '24, we recorded $1.5 million of R&D revenue and a $100,000 gross margin gain.

謝謝你，托馬斯，大家早安。第四季度，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 70 萬美元的收入。銷售成本為 60 萬美元，導致毛利率略有上升。2024 年第四季度，我們錄得 150 萬美元的研發收入和 10 萬美元的毛利。

As a reminder, R&D services reflect -- revenue reflects the sale of KARNO Cores and related components to the U.S. Navy and the work we perform to test and validate these units. Total operating expenses for the fourth quarter were $15 million down from $17.2 million in the fourth quarter of '24.

需要提醒的是，研發服務收入反映了向美國海軍銷售 KARNO 核心零件及相關組件的收入，以及我們為測試和驗證這些零件而進行的工作。第四季總營運支出為 1,500 萬美元，低於 2024 年第四季的 1,720 萬美元。

The decrease was driven by lower R&D and SG&A costs as well as a $500,000 gain from asset sales in connection with the powertrain exit and termination. R&D work continued at a strong pace in the quarter but was lower than '24 when we were purchasing components at a faster pace.

下降的原因是研發和銷售、管理及行政成本降低，以及因退出和終止動力總成業務而出售資產獲得的 50 萬美元收益。本季研發工作持續保持強勁勢頭，但低於 2024 年，當時我們採購零件的速度更快。

SG&A expenses were down about 6% compared to the fourth quarter of 2024, primarily due to lower facilities and insurance costs, partially offset by a small increase in labor costs. Our total net loss for the fourth quarter was $13.2 million, down from $14.4 million in the fourth quarter of '24.

與 2024 年第四季相比，銷售、一般及行政費用下降了約 6%，主要原因是設施和保險成本降低，但部分被勞動成本的小幅成長所抵銷。我們第四季的總淨虧損為 1,320 萬美元，低於 2024 年第四季的 1,440 萬美元。

For the full year 2025, we reported revenue of $3.5 million, all from R&D services and gross profit of $170,000. This compares with revenue of $1.5 million and gross profit of $100,000 in 2024. Full year operating expenses were $65.7 million compared to $64.4 million for all of '24. The small increase compared to '24 is related to higher R&D expenses this year, partially offset by lower SG&A and powertrain exit and termination expenses.

2025 年全年，我們報告的收入為 350 萬美元，全部來自研發服務，毛利為 17 萬美元。相較之下，2024 年的營收為 150 萬美元，毛利為 10 萬美元。全年營運費用為 6,570 萬美元，而 2024 年全年營運費用為 6,440 萬美元。與 2024 年相比，小幅成長與今年較高的研發費用有關，但部分被較低的銷售、一般及行政費用以及動力總成退出和終止費用所抵消。

Our full year net loss was $57.2 million compared to $52 million in 2024. Turning to Slide 13. Our cash and investment position, we spent $12.4 million during the fourth quarter and $67.4 million for all of 2025. Full year capital spending was $23.7 million and consisted primarily of additive printing machines and related equipment, along with facility investments to support printer operations.

我們全年淨虧損為 5,720 萬美元，而 2024 年預計為 5,200 萬美元。翻到第13張幻燈片。根據我們的現金和投資情況，我們在第四季度支出 1,240 萬美元，2025 年全年支出 6,740 萬美元。全年資本支出為 2,370 萬美元，主要包括增材印表機及相關設備，以及支援印表機營運的設施投資。

Cash generated from asset sales for the full year was $2.2 million. As a reminder, asset sales related to the monetization of equipment previously used in our Powertrain division and will continue into 2026. We finished the fourth quarter with $152.4 million of cash and short- and long-term investments on our balance sheet.

全年資產出售所得現金為 220 萬美元。再次提醒，與動力總成部門先前使用的設備貨幣化相關的資產出售將持續到 2026 年。在第四季末，我們的資產負債表上擁有 1.524 億美元的現金以及短期和長期投資。

While this outcome was a little lower than the $155 million we projected for the end of the year; we did end up deferring $10 million of plant equipment financing into 2026. Excluding that deferral, our year-end cash and investment balance would have been about $7.5 million higher than projected, mostly due to lower capital spending and lower operating expenses.

雖然這一結果比我們預計年底的 1.55 億美元略低，但我們最終還是將 1,000 萬美元的工廠設備融資推遲到了 2026 年。如果不計入該項遞延支出，我們年末的現金和投資餘額將比預期高出約 750 萬美元，這主要是由於資本支出和營運費用降低所致。

Looking forward into 2026, as Thomas noted earlier, we expect to generate approximately $10 million in revenue this year from both R&D services and commercial customers. Commercialization of the KARNO power module is expected to occur late in the year. Also, as Thomas mentioned, we plan to slow capital spending in 2026 as we work to optimize the output of the printers we have on hand today.

展望 2026 年，正如 Thomas 之前提到的，我們預計今年將透過研發服務和商業客戶產生約 1,000 萬美元的收入。預計 KARNO 功率模組將於今年稍後實現商業化。此外，正如托馬斯所提到的，我們計劃在 2026 年放緩資本支出，同時努力優化我們目前擁有的印表機的輸出。

We are planning to execute equipment financing for up to $10 million this year, although that amount may shift up or down based on actual capital expenditures and available capital. Overall, for 2026, higher revenue, thoughtful expense control, lower capital spending and planned equipment financing are expected to result in a lower level of total spending compared to 2025.

我們計劃今年進行高達 1000 萬美元的設備融資，但該金額可能會根據實際資本支出和可用資金而上下調整。總體而言，預計 2026 年，更高的收入、週詳的費用控制、更低的資本支出和計劃中的設備融資將導致總支出水準低於 2025 年。

Our current forecast is for net spending of just over $50 million during the year resulting in a year-end cash and investment balance of approximately $100 million. On past calls, we've consistently noted that we expect that the capital we have on hand today will be sufficient to carry us through commercialization of the KARNO Power module. Based on our current plans, that continues to be the case.

我們目前的預測是，本年度淨支出略高於 5,000 萬美元，年末現金和投資餘額約為 1 億美元。在先前的電話會議中，我們一直強調，我們預計目前手頭上的資金足以支持 KARNO Power 模組的商業化進程。根據我們目前的計劃，情況依然如此。

Last quarter, we noted that we anticipate that additional capital will eventually be required to support production growth, particularly for the purchase of additional additive manufacturing equipment. In anticipation of that eventuality, we have filed a standard S3 shelf registration statement with the SEC to provide us with additional capital raising flexibility in the future.

上個季度，我們指出，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。為了應對這種情況，我們已向美國證券交易委員會提交了一份標準的 S3 擱架註冊聲明，以便將來在融資方面擁有更大的靈活性。

An S3 is a valuable tool commonly used by established public companies to efficiently and opportunistically raise funds from time to time through the issuance of debt or equity. Now I'll turn the call back over to Thomas.

S3 是一種有價值的工具，成熟的上市公司經常使用它來高效且有針對性地透過發行債務或股權不時籌集資金。現在我把電話轉回給湯瑪斯。

Thank you, Jon. As we look ahead, our focus for 2026 is clear. We'll be building units and getting them into the field and expanding real-world customer operating experience. We believe this year we'll be defining for Hyliion as customers begin operating the platform in live environments, and we transition from development to scaled execution.

謝謝你，喬恩。展望未來，我們2026年的工作重點很明確。我們將製造設備並將其投入使用，從而擴大實際客戶操作經驗。我們相信，今年對 Hyliion 而言將是具有里程碑意義的一年，因為客戶開始在實際環境中運行該平台，我們將從開發階段過渡到規模化執行階段。

Beyond initial deployments, we see significant opportunity in both data center infrastructure and military applications. The shift towards an 800-volt DC architecture in next-generation AI data centers aligns directly with KARNO's design and we believe our modular and fuel flexible platform is well positioned to position this evolution.

除了初始部署之外，我們看到資料中心基礎設施和軍事應用領域都存在著巨大的機會。下一代人工智慧資料中心向 800 伏特直流架構的轉變與 KARNO 的設計直接契合，我們相信我們模組化和燃料靈活的平台能夠很好地引領這一發展趨勢。

At the same time, resilient and mission-critical power remains a priority for the U.S. military. We are excited by the opportunity ahead and our focus on execution as we move into the next phase of growth. I will now hand it over to the moderator to open up for Q&A.

同時，具備韌性和關鍵任務能力的電力仍然是美國軍方的優先事項。我們對未來的機會感到興奮，並將專注於執行，邁入下一個成長階段。現在我將把發言權交給主持人，開始問答環節。

(Operator Instructions)

（操作說明）

Martin Malloy. Johnson Rice & Company L.L.C.

馬丁·馬洛伊。約翰遜賴斯公司有限責任公司

Good morning. Congratulations on all the progress you're making. Congratulations on all the progress you're making. Wanted to ask about the commercialization later this year. And you mentioned, I think, half the units will be going to the U.S. Navy.

早安.恭喜你所取得的所有進步。恭喜你所取得的所有進步。想問一下今年稍後的商業化情況。我想，你剛才也提到過，其中一半的裝備將交付給美國海軍。

Could you talk maybe about the end markets for the other units and where you're seeing customer interest from? You mentioned data centers. Is that where the other half of the units are going?

您能否談談其他產品的終端市場，以及您觀察到的客戶興趣來自哪些方面？你提到了資料中心。另一半單元房也運往那裡嗎？

Sure. Appreciate the question. So military is a huge focus for us this year. We're at the point where we're actually starting to put the systems together, that will go into that unmanned autonomous ships. So that's a very exciting one for us this year. Other applications include just prime power. So think about like powering facilities, providing power for EV charging, those sort of opportunities.

當然。感謝您的提問。所以，軍事是我們今年的重點領域。我們現在正著手將各種系統組裝起來，這些系統將用於無人自主船舶。所以，這對我們來說是今年一件非常令人興奮的事。其他應用包括僅作為主電源。所以可以考慮為設施供電、為電動車充電提供電力等等這類機會。

And then the last one is that data center side of things. So ultimately, data centers are looking for that larger platform that 2.4, 3.2-megawatt system. But one of the focuses for this year is we can really showcase and provide the benefits to data centers even on a 200-kilowatt system.

最後一點就是資料中心方面的問題。所以最終，資料中心都在尋找更大的平台，像是 2.4 兆瓦、3.2 兆瓦的系統。但今年的重點之一是，即使是 200 千瓦的系統，我們也能真正展示並為資料中心帶來好處。

And so one of the things that we decided to do is take some of these early adopter units and actually use them as mobile units that we can showcase in various applications. And so one of the ones we do plan on showcasing this year is a data center opportunity.

因此，我們決定採取的措施之一，就是將一些早期用戶提供的設備實際用作行動設備，以便在各種應用中進行展示。因此，我們今年計劃重點展示的項目之一是資料中心機會。

Thank you. And just for a follow-up question. Could you maybe talk about the capacity that you'll have as you exit this year in terms of manufacturing on a megawatt annual basis or give us some measures what it would cost to add additional megawatts per year in manufacturing capacity so we can get a feel for how '27 might look?

謝謝。還有一個後續問題。您能否談談貴公司今年底的年產能（以兆瓦為單位）？或給我們一些估算，說明每年增加兆瓦產能需要多少成本，以便我們了解2027年的情況？

So at this stage, we haven't shared exact specifics around what you're asking. Reason being is we really want to showcase improve this printer speed improvements that we are highlighting. So that's going to be a big focus for this year.

所以現階段，我們還沒有透露您所詢問的具體細節。原因是我們確實想展示我們正在重點介紹的印表機速度改進方面的優勢。所以這將是今年的工作重點。

Just to give a little background there, as you buy an additive machine and you start utilizing it, there are levers you can pull like how much power in the lasers, how many parts you're producing on a build plate, things like that to increase the throughput. And so that's going to be the focus for this year.

簡單介紹一下背景，當你購買一台增材製造機器並開始使用它時，你可以調整一些參數，例如雷射的功率、在建造平台上生產的零件數量等等，以提高產量。所以，這將是今年的工作重點。

And then with that, that will give us a stronger clarity on exactly how much capacity we have with the existing installed base. But all that being said, we are highly confident that we've the strong production capacity for '26 and '27. And then as we look at 2028, that's where we envision we'll really need to start adding additional printers to start scaling capacity.

這樣一來，我們就能更清楚地了解現有裝置容量究竟有多大。儘管如此，我們仍然非常有信心，我們擁有2026年和2027年的強大生產能力。展望 2028 年，我們預計屆時我們將真正需要開始增加印表機，以擴大產能。

So I know that does not give you the exact color you were looking for, but hopefully, you understand why we want to focus on those printer speed improvements and proving that we can get to the throughput that we anticipate.

我知道這並不能給你想要的確切顏色，但希望你能理解為什麼我們要專注於提高印表機速度，並證明我們可以達到我們預期的吞吐量。

Thank you. Very helpful, and I'll pass it back.

謝謝。很有幫助，我會把它轉達出去。

Sean Milligan, Needham & Company LLC.

Sean Milligan，Needham & Company LLC。

Hey, Thomas. Thanks for taking the questions.

嘿，托馬斯。謝謝您回答問題。

Thanks Sean. Good to hear from you.

謝謝你，肖恩。很高興收到你的來信。

When you talk about the incremental $40 million to $50 million potential from the military, I'm trying to understand, is that -- like do you consider that skilled deployments? Or is that like additional testing across different platforms and different agencies, things like that, that would then scale -- could scale beyond that $40 million to $50 million range?

當您談到軍事方面可能新增的 4000 萬至 5000 萬美元時，我想了解的是——您是否認為這是技術部署？或者，這是否意味著需要在不同的平台和不同的機構之間進行額外的測試，諸如此類，然後才能擴大規模——規模能否超過 4000 萬至 5000 萬美元的範圍？

Yeah. So it is really focused on additional applications and more unique development for the military and so right now, we have our Navy work we're doing. It's really focused around being the prime power on a fully unmanned autonomous ship platform. We are also looking at stationary power deployment.

是的。所以它真正專注於為軍隊開發更多應用和更獨特的技術，目前我們正在進行海軍相關的工作。它真正專注於成為完全無人自主船舶平台上的主要動力來源。我們也在研究固定式電源部署方案。

So think about like powering a base doing that with the Navy. These additional contracts are both a continuation of that work plus adding actually new applications, new opportunities.

想像一下，這就像海軍為基地供電一樣。這些新增合約既是對先前工作的延續，也增加了新的應用和新的機會。

So think about like different ship platforms, think about other branches of the military, how they need prime power solutions as well and starting to expand the use cases of the KARNO technology. It's not so much just placing a standard PO to just buy additional equipment. But obviously, this work we're doing with the military is in an effort to go to that stage.

所以想想不同的船艦平台，想想其他軍種，他們也需要主電源解決方案，並開始擴展 KARNO 技術的應用案例。這不僅僅是下達一份標準的採購訂單來購買額外的設備。但很顯然，我們與軍方合作的目的就是為了達到那個階段。

Okay. Great. Thank you. And then on this new 800-kilowatt module that you're talking about. I think historically, you gave some numbers around KPIs for the KARNO versus like fuel cells or traditional gas I was curious if there's any update in terms of like how this module might change that?

好的。偉大的。謝謝。然後是關於您提到的這款新型 800 千瓦模組。我認為，從歷史數據來看，您曾經給出過一些關於 KARNO 與燃料電池或傳統燃氣動力系統相比的關鍵績效指標 (KPI) 數據。我很好奇，這個模組可能會如何改變這些指標，目前是否有任何更新資訊？

Does it look more attractive for you as you scale up to the larger platforms here? And then what kind of risks are there scaling up from the 200 to the 800 and then the 3.2 million ultimately, what do you need to work through on your side to prove that up and get that done?

隨著平台規模的擴大，您是否覺得它更有吸引力？那麼，從 200 人擴大到 800 人，最終擴大到 320 萬人，會有哪些風險？為了證明這一點並最終實現目標，你們這邊需要解決哪些問題？

All right. So a few pieces to that question. So first is around kind of how it compares against other solutions in the market. So we see customers looking at kind of the conventional internal combustion engines, looking at fuel cell and then looking at technology like ours. In terms of how it shapes up, and I'll put some broad numbers to it, is with a normal internal combustion engine, cost per kilowatt.

好的。所以，關於這個問題，我有幾個面向要說。首先，我們來看看它與市場上其他解決方案相比如何。所以我們看到客戶先專注在傳統的內燃機，然後是燃料電池，最後才專注在像我們這樣的技術。就其發展而言，我將給出一些大致的數字，以普通內燃機為例，每千瓦的成本是多少。

And maybe I'll use -- if you look at our 200-kilowatt system, what the end numbers would be, if you bought a 200-kilowatt internal combustion engine really designed for prime power and natural gas solutions. You're probably going to be approaching that $250,000, $300,000 for that actual solution.

也許我會用——如果你看看我們的 200 千瓦系統，如果你購買一台真正為主電源和天然氣解決方案設計的 200 千瓦內燃機，最終的數字會是多少。實際解決方案可能需要花費 25 萬到 30 萬美元。

Then as you look at our system, we're more around $0.5 million. As you look at fuel cells, you're up closer to around that $700,000. So it really still puts us in the middle of those two, which is what we -- where we're targeting to be. And then obviously, our system has benefits over those other solutions that really drive the payback, the return on investment.

然後，當你查看我們的系統時，你會發現我們的成本大約在 50 萬美元左右。如果考慮燃料電池，價格就接近 70 萬美元左右了。所以，這實際上仍然使我們處於這兩者之間，而這正是我們——我們努力的目標。顯然，我們的系統相比其他解決方案具有優勢，能夠真正提高投資報酬率。

So that's improved efficiency, so you're actually going to use less fuel. And then on the maintenance side, having lower maintenance as well as what we're anticipating, which will then help you with driving a faster payback and return on your investment. So that's kind of how we shape up against competition.

這樣效率就提高了，實際上你會消耗更少的燃料。在維護方面，較低的維護成本以及我們預期的成本，將有助於您更快地收回投資並獲得回報。這就是我們應對競爭的方式。

Now another one of the benefits of this modular platform is it allows customers to really match the power they need with the amount of capacity we're giving them. So different data centers have different architectures, and this 800 kilowatt system allows that flexibility. In terms of the risk you asked about of going from 200 to 800 to then the 3.2.

這個模組化平台的另一個優點是，它可以讓客戶真正根據自身需求調整我們所提供的容量。因此，不同的資料中心有不同的架構，而這套 800 千瓦的系統能夠提供這種彈性。至於你問到的 200 到 800 再到 3.2 的風險。

So the key thing here is the actual power generation unit that 200-kilowatt KARNO core remains the same in every size iteration. And so once we validate and have confidence in that 200 kilowatt architecture, you're really just replicating it. I would equate it to think of like going and buying an electric vehicle. You can buy ones that have different ranges.

所以關鍵在於實際的發電單元，也就是 200 千瓦的 KARNO 核心，它在每個尺寸迭代中都保持不變。因此，一旦我們驗證了 200 千瓦架構並對其充滿信心，你實際上只是在複製它。我會把它比喻成去買一輛電動車。你可以買到不同量程的產品。

At the end of the day, they're just putting more of the same batteries in the vehicle to get you longer range. We're taking the same approach to power generation, where we're putting more of the same KARNO cores together to give you more capacity. So in '25, we actually spent a lot of time, a lot of effort on developing this 800-kilowatt system because that is what's being utilized in the -- for the Navy.

歸根結底，他們只是在車上裝上更多相同的電池，以延長續航里程。我們在發電方面也採用了同樣的方法，即將更多相同的 KARNO 核心組合在一起，為您提供更大的發電容量。所以在 2025 年，我們實際上花費了大量的時間和精力來開發這個 800 千瓦的系統，因為海軍正在使用這種系統。

And then from there, what we said is, well, as opposed to going and doing a reengineering and doing a 2 megawatt system, why don't we just take that 800 kilowatt and make that modular so that those can be stacked together. So we're already well underway with the development of that system actually.

然後，我們說，與其重新設計並建造一個 2 兆瓦的系統，為什麼不直接採用 800 千瓦的功率，並將其模組化，以便可以將它們堆疊在一起？實際上，我們已經在系統開發方面取得了相當大的進展。

And then on the ABM dealer partnership, can you just give us a little more background on ABM, and maybe like their expertise in terms of power deployment and like what end markets they are stronger in.

關於 ABM 經銷商合作關係，您能否再給我們介紹一下 ABM 的一些背景信息，例如他們在電力部署方面的專業知識，以及他們在哪些終端市場更具優勢。

Absolutely. So ABM has a lot of breadth and experience in this space in power generation. And their skills are widespread, everything from -- they've got a strong customer base. Customers are already working with that are coming to them saying, Hey, we need additional power. We want to need to scale and expand -- to then they can actually do the site engineering.

絕對地。因此，ABM 在發電領域擁有廣泛的業務範圍和豐富的經驗。他們的技能非常廣泛，涵蓋各個領域——他們擁有強大的客戶群。已經有一些客戶主動聯繫他們，說：“嘿，我們需要額外的電力。”我們需要擴大規模和規模——這樣他們才能真正進行網站工程。

So look at how do you integrate the actual power unit, then they can actually do that integration work, the actual deployment and then they're set up to also do the long-term continuing service and upkeep of that site as well.

所以，要考慮如何整合實際的動力裝置，然後他們才能真正進行整合工作、實際部署，而且他們還可以對該站點進行長期持續的維護和保養。

And in addition to all that, they also offer energy as a service solutions to their own customer, which for background there, that means that ABM would actually come in and procure and buy the technology, the solutions and then they would charge the end customer based on a cost per kilowatt type of a purchasing agreement to make it easier for customers to adopt solutions for power gen.

除此之外，他們也向自己的客戶提供能源即服務解決方案。簡單來說，這意味著 ABM 會採購和購買相關技術和解決方案，然後根據每千瓦成本類型的採購協議向最終客戶收費，以便客戶更容易採用發電解決方案。

So ABM very well versed in this space, one of the large players there. And then there focuses range everywhere from things like airports to data centers, to mission-critical applications. So we've already started discussions with ABM and end customers together, and we're excited to see where that will take us here in '26 and beyond.

ABM 非常精通這一領域，是該領域的大型企業之一。此外，他們的關注點涵蓋了從機場到資料中心，再到關鍵任務應用程式等各個方面。所以我們已經開始與 ABM 和最終客戶一起進行討論，我們很高興看到這將在 2026 年及以後將我們帶到何處。

Great. Thank you for the time.

偉大的。感謝您抽出時間。

Ted Jackson, Northland.

泰德傑克遜，北地。

Hey Thomas. Hey, John. So I've got a few questions for you. Let's start with just making sure I understand kind of CapEx and capacity. So right now, exiting, say, exiting '25 at 30 printers. And if I understand then, you're going to add one or two more during 2016 and rather than expand the fleet the effort is really focused on using it better.

嘿，托馬斯。嘿，約翰。我有一些問題想問你。首先，我們先來確認一下我對資本支出和產能的理解是否正確。所以現在，比如說，從 30 台印表機的 25 號出口退出。如果我理解正確的話，你們打算在 2016 年再增加一兩架飛機，而且與其說是擴大機隊規模，不如說是更有效地利用現有飛機。

But when we exit this year, roughly speaking, you'll be at 32 units, but you'll be running them at a much higher throughput rate. Is that the message?

但到今年年底，粗略估計，你們將擁有 32 台設備，但你們的運行吞吐量將要高得多。這就是你想傳達的訊息嗎？

Yeah. Ted, I think you've got to summarize accurately. We don't know exactly how many we'll have maybe a handful this year. So I wouldn't say exactly two, it might be a little more than that. But those are units we had on order from last year. But you're thinking about it correctly.

是的。泰德，我覺得你需要準確地總結一下。我們不知道今年會有多少人，也許只有幾個。所以我不會說剛好兩個，可能比兩個多一點。但這些都是我們去年訂購的設備。但你的想法是對的。

We've got a certain amount of capacity, and that capacity rate has been growing as we get more of these printers commissioned and operating to their optimum state. As Thomas has mentioned earlier, some of these are the latest generation printers, which have higher laser power than what we're used to.

我們已經具備一定的產能，隨著更多印表機投入使用並達到最佳運作狀態，產能成長速度也不斷提高。正如托馬斯之前提到的，其中一些是最新一代的印表機，它們的雷射功率比我們以前習慣的要高。

So the work that we're going to do to increase print speed this year will be related to taking advantage of that higher power and also just other programming opportunities that just make the printers run faster. So that's a lot of -- the good news is that's a great increase in output with not a whole lot of investment in terms of dollars.

因此，我們今年提高列印速度的工作將與利用更高的功率以及其他能夠讓印表機運行更快的編程機會有關。所以，好消息是，產量大幅成長，而美元投資卻不多。

So that's what our focus will be on this year. So yes, we'll end in 2026 with a handful more printers and more throughput from the ones that we have.

所以這就是我們今年的工作重點。所以，是的，到 2026 年，我們將增加幾台印表機，現有印表機的吞吐量也會更高。

And then the range of your printers is from there's the older ones with one laser, and then you have some with two and then you've had some with four. And these -- the we'd be purchasing will be more of these of the four laser printers. Is that correct?

然後，你們的印表機種類繁多，有的老式印表機只有一個雷射頭，有的有兩個雷射頭，還有的甚至有四個雷射頭。而我們將要購買的，將是這四款雷射印表機中的更多台。是這樣嗎？

Actually, it's a mix. It's a mix. So Thomas also mentioned that GE is working on some new laser technology, and we're excited to help them out on development of that or trying to test out what that's capable of and that will actually be one of the printers with the smaller number of plates. So we've really got opportunities across the range of our printer fleet.

實際上，這是一種混合體。這是一種混合體。所以托馬斯也提到，通用電氣正在研發一些新的雷射技術，我們很高興能夠幫助他們進行這項技術的開發，或者嘗試測試它的功能，而這實際上將成為印版數量較少的印表機之一。因此，我們所有的印表機產品都有很多機會。

Okay. And then, I mean, I know you probably won't tell me this, but do you kind of get a sense in terms of just sort of understanding as you roll through this and then you start your capacity expansion and the CapEx. I mean, roughly speaking, for like the ideal printer whatever one it might be, what's the outlay for a singular unit?

好的。然後，我的意思是，我知道你可能不會告訴我，但是當你推進這項工作，然後開始產能擴張和資本支出時，你是否會逐漸理解一些事情？我的意思是，粗略地說，對於一台理想的印表機（無論是什麼樣的印表機），一台印表機的價格是多少？

The cost -- what are you asking? For a printer or for

成本－你問的是什麼？對於印表機或

Yes.

是的。

Yeah. I mean these are commercially available printers. So our exact cost we can't share, but that is information that if you're looking at what added the printing machines cost that's pretty readily available.

是的。我的意思是，這些都是市面上可以買到的印表機。因此，我們無法透露確切的成本，但如果您查看增加的印刷機成本，這些資訊很容易獲得。

Maybe, Ted, just to add slightly more just some machines can actually come in less than $1 million and then other machines can be in the low single-digit millions.

泰德，或許我還要補充一點，有些機器的價格可能不到 100 萬美元，而有些機器的價格可能在幾百萬美元左右。

And then going over to the kind of your revenue forecast and the development work you do, you're guiding to $10 million of revenue mix between development work and I assume some unit revenue recognition. Starting with the development work. You had $20 million of revenue with the U.S. Navy. If you kind of go through it, you rolled through about $5 million of that so far.

然後，就你們的收入預測和你們所做的開發工作而言，你們預計開發工作和一些單位收入確認的收入組合將達到 1000 萬美元。從開發工作開始。你從美國海軍獲得了 2000 萬美元的收入。如果你仔細算算，到目前為止你已經花了大約 500 萬美元。

So you've got about $15 million of that kind of left to work through. You got another, let's call it, $40 million or $50 million across other things that you think you can bring in. When we look at -- start with the older stuff, I mean will you recognize a significant piece of that remaining $15 million in '26?

所以你還有大約 1500 萬美元這類資金要處理。你還有另外，我們姑且稱之為 4000 萬或 5000 萬美元，是你認為可以透過其他途徑獲得的收入。當我們回顧過去——從較早的時期開始——我的意思是，你能認出1926年剩下的1500萬美元中的大部分嗎？

How do we think about that? And then what would be the timeline if you would, for the new revenue related to get these contracts and where you would start seeing it happen? And then kind of what are the milestones that you have to do to recognize that and get paid?

我們該如何看待這個問題？那麼，如果您要簽訂這些合同，您認為與新收入相關的時間表是什麼？您預計何時開始看到這些收入產生？那麼，你需要完成哪些里程碑才能獲得認可和報酬呢？

There's a lot of pieces there. So remind me if I forget one of them. So the -- you're correct that most of the revenue that we project to earn this year would be from R&D services, although there will be commercial revenue from following commercialization of the very initial units that are early deployment units.

那裡有很多碎片。如果我漏掉了哪個，請提醒我。所以——你說得對，我們預計今年獲得的大部分收入將來自研發服務，儘管早期部署的首批設備商業化後也會有商業收入。

And part that is R&D services revenue is part of that $20 million roughly of R&D contracts that we have. Part of that we spent in 2024. Last year, I think you're right, about $5 million spent so far there is upside opportunity that just based upon the pace of our work. Some of that could roll into 2027 as well.

研發服務收入的一部分，是我們約 2,000 萬美元研發合約的一部分。其中一部分我們已在 2024 年支出。去年，我認為你說得對，到目前為止已經花費了大約 500 萬美元，僅憑我們目前的工作進度，還有很大的成長空間。其中一些情況可能會延續到 2027 年。

The new contracts that we were talking about today, we plan to get those -- we hope to get those under contract and those will -- are really more kind of next fiscal year and really will provide us that runway and pathway into 2027 and beyond. See, again, the time line for those new contracts, again, we expect it to be kind of late in the year.

我們今天談到的新合同，我們計劃——我們希望——簽訂合同，而且這些合同實際上更像是下一個財政年度的合同，它們將真正為我們到 2027 年及以後的發展提供緩衝和途徑。再說一遍，關於這些新合約的時間表，我們預計要到今年晚些時候才能完成。

And then on the commercialization side, the milestones, obviously, we want to get a lot of hours on the units that we have, get these initial early adopter customer units in the customers' hands, finished testing at our location, put them on customer sites. They have to meet customer specifications in terms of their operating capabilities.

然後在商業化方面，里程碑很顯然，我們希望在我們現有的設備上累積大量的測試時間，將這些早期採用者客戶的設備交付到客戶手中，在我們這裡完成測試，並將它們部署到客戶現場。它們的運作能力必須滿足客戶的特定要求。

We mentioned UL certification has to be completed, and there's some steps around just our manufacturing processes and so forth that have to be optimized and repeatable and so forth. So there's a lot of steps, fairly well-defined things that we have to do, which we expect to get done over the course of this year. Does that catch everything you were asking?

我們提到過必須完成 UL 認證，而且圍繞我們的製造流程等還有一些步驟需要優化和重複等等。因此，我們需要採取很多步驟，做一些相當明確的事情，我們預計這些工作將在今年內完成。這是否涵蓋了您所有的問題？

It did. Thanks. It did. And then on the 10 systems, I mean, I know Pen Systems it's a rough guestimate for what you think you'll be able to put out in the field during '26. Half of those are from the military and by I'm going to assume those are not like the boxes, if you would, that I've seen in new testing facilities, but a little more bespoke, let's call it, the remaining will you recognize revenue on any of those?

確實如此。謝謝。確實如此。至於那 10 個系統，我的意思是，我知道 Pen Systems 的情況，這只是你認為在 2026 年能夠在現場推出的產品的一個粗略估計。其中一半來自軍方，但我假設這些不像我在新測試設施中看到的那些盒子，而是更客製化的，我們姑且稱之為……剩下的部分，你會確認其中任何部分的收入嗎？

I mean I'm hard-pressed to see like if you're going to do $10 million that -- and you have $10 million in revenue that you're going to recognize revenue on all 10 units that you're kind of circling in for kind of being put to customers? But would you recognize revenue on KARNO modules outside of the military during 2020.

我的意思是，我很難理解，如果你要投入 1000 萬美元——而且你有 1000 萬美元的收入，你要把這 10 件即將交付給客戶的產品的收入都確認下來嗎？但是，2020 年您是否會確認 KARNO 模組在軍方以外的收入？

Sure. So maybe just to start off with the color of the units. So yes, about half of them going to military now. That is actually a split of some of them in at that 800-kilowatt module designed for going into the ship plus actually, just to your point, Ted, about the military will also be taking delivery of boxes as well units that are in a full 200-kilowatt enclosure, which is more focused on base deployment and prime power applications.

當然。那麼，或許可以先從單位的顏色開始。是的，現在大約有一半的人參軍了。實際上，其中一些被拆分成一個 800 千瓦的模組，該模組設計用於安裝在船艦上。此外，正如你所說，泰德，軍方也將接收一些箱體以及安裝在完整的 200 千瓦外殼中的單元，這些單元更側重於基地部署和主電源應用。

So we're actually doing both with the military, which is pretty exciting. And then on the units, the remaining units, which are more commercial ones, some of those will be going out to customer sites deployed. They are paying for these systems, even though we won't recognize revenue right on the front end. They are paying for the systems.

所以我們現在正與軍方合作這兩方面的工作，這非常令人興奮。然後，剩下的那些設備，也就是更偏向商業用途的設備，其中一些將會被運送到客戶現場部署。即使我們無法立即確認收入，他們也需要為這些系統付費。他們為這些系統付費。

And then some of those units, a couple of them, we're also anticipating having them as units that we can -- as we were talking about bringing out the data center showcase the abilities there, integrate into customer sites and really prove that application because as we look at '28, '29, 2030, there is so much growth happening in the data center space that we want to make sure that people will view us this year as a viable solution in that market. And so that's where it's important for us to showcase that.

而且，我們還計劃將其中一些單元（幾個單元）作為我們可以展示的單元——正如我們剛才所說，推出數據中心，展示其功能，將其整合到客戶現場，並真正證明其應用，因為展望 2028 年、2029 年、2030 年，數據中心領域正在發生巨大的增長，我們希望確保人們今年會將我們視為該市場中的解決方案。所以，對我們來說，展示這一點就顯得格外重要。

I'll then hand it over to Jon on how it works in terms of actually recognizing that early adopter unit revenue though.

接下來我會把這個問題交給 Jon，讓他解釋如何實際確認早期採用者單位的收入。

Yeah. So just as an example of some of the early units that we expect to deploy initially here and some that are already built and operating. Once we have reached official commercialization, then we would expect to recognize revenue for those.

是的。舉例來說，我們預計最初將在這裡部署一些早期單元，其中一些單元已經建成並投入使用。一旦產品正式商業化，我們就可以確認相應的收入。

There could be some that are still in the process of acceptance and so on that may slip outside of that. But yes, that's the point of commercialization that we can recognize revenue and the earliest ones that we deliver would be the prime candidates for that recognition right away.

可能有些人仍在接受的過程中，等等，因此可能會被排除在外。沒錯，商業化的關鍵就在於此，我們可以確認收入，而我們最早交付的產品將是立即確認收入的首選對象。

Yeah. But just to make sure I understand. You will recognize some revenue. But when you talk about the 10 units, it's not 10 units that are going to flow through in terms of your P&L, it's 10 units that you're actually going to -- for a lack of a better term, you're going to ship? They're going to be saying they may hit have been accepted in revenue recognized.

是的。但我想確認一下我是否理解正確。您將獲得一些收入。但是，當你談到這 10 個單位時，指的不是會在你的損益表中流動的 10 個單位，而是你實際要——姑且這麼說吧——要發貨的 10 個單位？他們會說，這些收入可能已被確認。

Yes, you're correct. And maybe just to decompose the revenue a little bit further, there's going to be services related to R&D services, so testing and engineering work, even stuff we contract out. And then the deliveries that Thomas just mentioned on full systems and 800 kilowatt system.

是的，你說得對。為了更詳細地細分收入，我們還可以考慮與研發服務相關的服務，例如測試和工程工作，甚至是我們外包的工作。還有托馬斯剛才提到的整套系統和 800 千瓦系統的交付。

And then what we would call commercial customers, the initial units that we're deploying now with our early adopter customers, those will turn into revenue once we've crossed the threshold of commercialization as well as making sure, individually on those contracts that we've met the contract -- the customer contractual requirements.

然後，我們稱之為商業客戶，也就是我們現在與早期採用者客戶一起部署的初始設備，一旦我們跨越了商業化的門檻，這些設備就會轉化為收入，同時我們還要確保，在這些合約中，我們單獨滿足了合約——客戶的合約要求。

Okay. And then my very last question because I've taken up more time than I'm allowed, I think. But with -- you're up to 175 kilowatts with regards to the KARNO autonomous, you've got -- you said as you've kind of gone through testing, I mean, as part of this part of the process of why you go through beta and everything helps into the sun you got more tweaks to do to get up to the 200 kilowatts.

好的。最後一個問題，因為我佔用的時間可能已經超過了允許的時間。但是，就 KARNO 自主系統而言，你的功率已經達到了 175 千瓦，正如你所說，在進行測試的過程中，我的意思是，作為測試版開發過程的一部分，為了獲得更好的性能，你還需要進行更多調整才能達到 200 千瓦。

Can you take a little time and kind of talk about where the things are that you need -- that you've discovered to -- that you need to revise and kind of where you are in the process to resolving those issues for lack of a better term, so that we can -- so that you can get to that 200-kilowatt goal? That's my last question. Thanks very much.

您能否花一點時間談談您需要改進的地方——您發現需要改進的地方——以及您在解決這些問題（暫且這麼說吧）的過程中所處的階段，以便我們——以便您能夠實現 200 千瓦的目標？這是我的最後一個問題。非常感謝。

Perfect. All right. So yes, obviously, great progress in the quarter get into that $175 million. We -- another core thing is we don't see it as fundamental architecture changes to get to the full 200 kilowatts. It's really about refinement. So to use an analogy, like this is a heat powered solution, right?

完美的。好的。所以，是的，很明顯，本季取得了巨大進展，達到了 1.75 億美元。我們——另一個核心問題是，我們認為達到 200 千瓦的功率不需要進行根本性的架構改變。其實關鍵在於精益求精。打個比方，這就好比是個利用熱能的解決方案，對吧？

And so it's almost like squeezing a balloon. When you go contain the heat in one area like squeezing a balloon, it wants to expand and go out other areas. And so we talked about earlier in the year of '25 the regions, that's really -- that fine mesh, the thermal battery saw a deficiency there.

所以這就像擠壓氣球一樣。當你把熱量限制在一個區域時，就像擠壓氣球一樣，熱量會膨脹並擴散到其他區域。所以我們在 2025 年早些時候討論過這些地區，那真的是——那種精細的網狀結構，熱電池在那裡有缺陷。

Once we solve that, it was like squeezing the balloon in that area to then it showcase some other areas we needed to work on. So to give examples, those are -- over the past quarter, we've been working on a new cylinder wall sleeve that has better thermal properties, so it doesn't let heat transfer through as easily.

一旦我們解決了這個問題，就像擠壓氣球的那個區域一樣，然後它就顯示出我們需要改進的其他一些方面。舉例來說，在過去的一個季度裡，我們一直在研究一種新的氣缸壁套，它具有更好的隔熱性能，因此熱量不容易通過它傳遞。

We're working on a new piston design that reduces the amount of radiation. So heat that can actually flow through it as well as smaller things like improved thermal blankets around the solution that keeps heat and better, some unique materials that can stop heat from transferring from one part to the other.

我們正在研究一種新的活塞設計，以減少輻射量。因此，熱量實際上可以穿過它，以及更小的東西，例如圍繞解決方案的改進型隔熱毯，以保持熱量，更好的是，一些獨特的材料可以阻止熱量從一部分傳遞到另一部分。

All this, as noted, it's small changes. Some of the things that I mentioned just now have already been rolled in. That's what got us to those improved power levels. Others are at a stage where we just got the first batch of these new cylinder wall, sleeves in just this past week. Pistons, we expect to get those in, in the coming weeks.

如前所述，所有這些都是微小的變化。我剛才提到的一些事情已經納入考慮範圍了。正是這一點使我們的功率水平得到了提升。還有一些公司，我們上週才收到第一批新的汽缸壁和套筒。活塞，我們預計在未來幾週內到貨。

And so we are in the middle of still evolving that, but trying this all back together, it's important to note, like we're at the point where the power that these systems are producing now is sufficient to get the initial units out there. And so that is the prime focus right now. And then in parallel, we'll work on continuing to get up to that 200 kilowatts.

因此，我們目前仍在不斷改進，但需要注意的是，我們現在所處的階段是，這些系統現在產生的能量足以將最初的設備投入使用。所以，這就是我們目前的首要任務。同時，我們將繼續努力，爭取達到 200 千瓦的目標。

So hopefully, that adds some helpful color.

希望這能增添一些有用的信息。

It does. Okay. Thanks very much and thanks for all the time.

確實如此。好的。非常感謝，也感謝您一直以來抽出時間。

Martin Malloy, Johnson Rice.

馬丁·馬洛伊，約翰遜·賴斯。

Oh. Thank you for taking a follow-up question. Just wanted to ask about the control systems that you mentioned. Is that something you're developing internally? Or could we see some sort of partnership there?

哦，謝謝您回答我的後續問題。我想問一下您提到的控制系統。這是你們公司內部正在研發的專案嗎？或者我們能否看到雙方建立某種合作關係？

Yeah. We've really taken the approach of developing all the software in-house. So it is Hyliion IP, the design developed in-house by Hyliion and we see this as a key part of our solution and one that -- I didn't mention this in Ted's last question, but we even see some software improvements that we can make that will even squeak out some additional kilowatts out of the system.

是的。我們採取了完全自主研發軟體的方式。所以這是 Hyliion IP，是 Hyliion 內部開發的設計，我們認為這是我們解決方案的關鍵部分，而且——我在 Ted 的最後一個問題中沒有提到這一點——我們甚至看到了一些軟體改進，我們可以進行這些改進，從而使系統額外產生一些千瓦的功率。

So with all that in-house solution owned by us, where we will integrate with others is for site integration, right? So we will not be the primary controller on a site, that is something that we will integrate with other site systems or others EV charging pedals, things like that and then let them operate it. It is key to note though, we do have the ability to integrate into other DC architectures.

所以，我們擁有了所有內部解決方案，我們將與其他方案進行集成，以實現網站集成，對嗎？因此，我們不會成為現場的主要控制器，我們將其與其他現場系統或其他電動車充電踏板等設備集成，然後由它們來操作。但要注意的是，我們確實有能力整合到其他資料中心架構中。

So think about like a battery pack. You can plug a battery pack right into the KARNO power module, and we can communicate directly with that and even control the battery. And so we see it as a very advanced software and one that customers who have been on site have actually seen it as a little bit of like a Tesla moment where Tesla was the first to really put a large screen in display into their cars.

你可以把它想像成一個電池組。您可以將電池組直接插入 KARNO 電源模組，我們可以直接與該模組通信，甚至控制電池。因此，我們認為它是一款非常先進的軟體，到現場體驗過的客戶實際上認為它有點像特斯拉時刻，因為特斯拉是第一個真正將大螢幕顯示器安裝到汽車中的公司。

We're -- believe we're one of the first to really put a large screen and a lot of information that a user can look at real time on the actual power module and get feedback both at the unit or through the cloud.

我們相信我們是首批真正將大螢幕和大量資訊即時顯示在實際電源模組上，用戶可以在設備上或透過雲端獲取回饋的公司之一。

Yeah. We've got a very strong software and controls team and they were -- many of them were some of our top people back when we had our Powertrain division. So we've been really able to leverage those skill set of those people.

是的。我們擁有一支非常強大的軟體和控制團隊，他們中的許多人都是我們以前動力總成部門的頂尖人才。因此，我們能夠充分利用這些人的技能。

Terrific. Thank you for your time.

了不起。感謝您抽出時間。

Thank you.

謝謝。

(Operator Instructions) There are no further questions at this time. I will now turn the call back to Thomas for closing remarks.

（操作說明）目前沒有其他問題。現在我將把電話轉回給湯瑪斯，請他作總結發言。

Thank you, everyone, for joining today's call. Apologies again for the technical difficulties at the start there, but glad we were able to get that resolved. And just setting the stage again for 2026, this is a year that we're focused on getting units out there into the field, getting those customer deployments out there and really showcasing the units working.

感謝各位參加今天的電話會議。再次為一開始出現的技術問題致歉，但很高興我們能夠解決這個問題。再次為 2026 年做好準備，今年我們將專注於將設備投入使用，讓客戶參與部署，並真正展示設備的運作。

We started the deployments of early adopter units last year, continue that this year and get units out into the field. And then as we look at the years ahead, I mean, a lot of exciting opportunities growing, not just in prime power, but then the other two that we mentioned heavily on this call with the military expanding upon military contracts and then also the data center space.

我們去年開始部署早期採用者設備，今年將繼續這項工作，並將設備投入實際應用。展望未來幾年，有許多令人興奮的機會正在湧現，不僅在電力領域，而且在我們這次電話會議中重點提到的另外兩個領域，即軍方擴大軍事合約以及資料中心領域。

So we look forward to hopefully sharing further good news in those two areas throughout this year. Thank you again for joining the call. We look forward to chatting again on our next earnings call.

因此，我們期待今年能在這兩個領域分享更多好消息。再次感謝您參加通話。我們期待在下次財報電話會議上再次與您交流。

This concludes today's call. Thank you for attending. You may now disconnect.

今天的電話會議到此結束。謝謝各位的出席。您現在可以斷開連線了。