Innventure Inc (INV) 2025 Q3 法說會逐字稿

Good day and thank you for standing by. Welcome to the Innventure third quarter 2025 earnings conference call. (Operator Instructions).

您好，感謝您的耐心等待。歡迎參加 Innventure 2025 年第三季財報電話會議。（操作說明）

I would now like to hand the conference over to your speaker today, Lucas Harper. Please go ahead, sir.

現在我謹將會議交給今天的演講嘉賓盧卡斯·哈珀。請繼續，先生。

Thank you, operator, and thank you all for joining us for Innventure's third quarter 2025 earnings call. My name is Lucas Harper, Innventure's Chief Investment Officer, and joining me from the company are Bill Haskell, Chief Executive Officer, and Dave Yablunosky, Chief Financial Officer.

謝謝接線員，也感謝各位參加 Innventure 2025 年第三季財報電話會議。我是 Innventure 的投資長 Lucas Harper，與我一同出席的還有公司執行長 Bill Haskell 和財務長 Dave Yablunosky。

Earlier today, we issued a press release announcing our financial results, which is available on our investor revelations website along with a supplemental slide presentation. As referenced on slide five, we will be discussing non-GAAP financial measures during this call.

今天早些時候，我們發布了一份新聞稿，公佈了我們的財務業績，該新聞稿以及補充幻燈片演示文稿均可在我們的投資者資訊揭露網站上找到。如幻燈片五所述，我們將在本次電話會議中討論非GAAP財務指標。

The most directly comparable GAAP financial measures, and a reconciliation of the differences between the GAAP and non-GAAP financial measures are available in our earnings release and supplemental slide presentation on our website.

最直接可比較的 GAAP 財務指標，以及 GAAP 和非 GAAP 財務指標之間差異的調整表，可在我們的獲利報告和補充幻燈片簡報中找到，這些資料可在我們的網站上查閱。

In addition, certain statements being made today are forward-looking statements that are based on management's current assumptions, beliefs, and expectations concerning future events impacting the company.

此外，今天所作的某些陳述屬於前瞻性陳述，這些陳述是基於管理階層目前對影響公司的未來事件的假設、信念和預期。

These forward-looking statements involve a number of uncertainties and risks including but not limited to those described in our earnings release Form 10Q for the period ended September 30, 2025, and other filings with the SEC. The actual results of operations and financial condition of the company could differ materially from those expressed or implied in our forward-looking statements.

這些前瞻性聲明涉及許多不確定性和風險，包括但不限於我們在截至 2025 年 9 月 30 日的獲利報告表格 10-Q 以及向美國證券交易委員會提交的其他文件中所述的風險和風險。本公司的實際經營績效及財務狀況可能與我們前瞻性聲明中明示或暗示的內容有重大差異。

And now I'd like to turn the call over to Bill Haskell.

現在我想把電話交給比爾‧哈斯克爾。

Thanks, Lucas, and thanks to everyone joining us today. I want to start by revisiting the momentum we discussed on our last earnings call where we highlighted Accelsius rapid progress in the data center liquid cooling market and the early traction with hyperscales, OEMs, and co-location providers.

謝謝盧卡斯，也謝謝今天所有到場的朋友。首先，我想回顧一下我們在上次財報電話會議上討論的發展勢頭，當時我們重點介紹了 Accelsius 在資料中心液冷市場的快速進展，以及與超大規模資料中心、OEM 廠商和託管服務供應商的早期合作。

I'm pleased to report that this momentum has not only continued. But has accelerated in Q3 our opportunity pipeline for Accelsius grew an impressive 79% quarter over quarter, now exceeding $1 billion. This opportunity is hard to overstate and is a testament to Excelsius's cutting edge technology and marked the leading position within two-phase directed chip liquid cooling.

我很高興地報告，這種勢頭不僅沒有停止，反而繼續保持了下來。但第三季度，Accelsius 的商機通路成長迅猛，季增了 79%，目前已超過 10 億美元。這個機會的重要性怎麼強調都不為過，它證明了 Excelsius 的尖端技術，並標誌著其在兩相定向晶片液冷領域的領先地位。

This rapid growth is not just volume. Over 75% of the pipeline now represents production opportunities for 2026, marking a clear shift from proof of concept to large scale deployments. During the second quarter, Josh spoke to the incredible momentum Accelsius is seeing in bookings, which has continued Q3 order bookings surpassed all previous quarters combined, and we expect our growth trend to continue into Q4 and beyond.

這種快速成長不僅體現在銷量上。超過 75% 的專案目前代表著 2026 年的生產機會，這標誌著從概念驗證到大規模部署的明顯轉變。第二季度，Josh 談到了 Accelsius 在訂單方面取得的驚人成長勢頭，第三季度的訂單量超過了之前所有季度的總和，我們預計這種成長趨勢將持續到第四季度及以後。

This validates the inflection point in commercial bookings we anticipated last quarter. Accelsius also remains at the forefront of technology innovation. At the OCP Global Summit in early October, the company debuted the MR250 solution, which is a purpose-built to deliver 250 kilowatts of liquid cooling capacity.

這證實了我們上季預期的商業預訂拐點。Accelsius 也始終處於技術創新的前端。在 10 月初的 OCP 全球高峰會上，該公司首次推出了 MR250 解決方案，該方案專為提供 250 千瓦的液冷能力而設計。

This is the company's first in a series of multi-rack solutions for production skill deployments. Our expectation is that the company will announce its third advanced cooling product within the next quarter, ensuring its product suite keeps up with the rapidly evolving needs of data center operators.

這是該公司推出的首款用於生產技能部署的多機架解決方案系列產品。我們預計該公司將在下一季發布其第三款先進冷卻產品，以確保其產品系列能夠跟上資料中心營運商快速變化的需求。

Accelsius has also expanded its manufacturing footprint with a dedicated facility in Austin. Additionally, Accelsius has installed demonstration sites across the Bay Area, Miami, Virginia, and London, providing opportunities for customers to witness the technology firsthand.

Accelsius 也透過在奧斯汀設立專門工廠擴大了其生產規模。此外，Accelsius 還在舊金山灣區、邁阿密、維吉尼亞和倫敦等地設立了演示站點，為客戶提供親身體驗該技術的機會。

These investments are enabling us to scale efficiently and meet growing demand. All these achievements build directly on the foundation we discussed in Q2, where we saw early proof of concept engagements and the start of production orders.

這些投資使我們能夠有效率地擴大規模，滿足不斷增長的需求。所有這些成就都直接建立在我們第二季度討論的基礎之上，當時我們看到了早期的概念驗證合作和生產訂單的開始。

Today, the shift to production is real and the market's adoption of two-phase directed chip cooling is accelerating. We remain selective in our deployments, ensuring each engagement has a multiplier effect and positions Accelsius for significant follow-on opportunities.

如今，向生產領域的轉變已成為現實，兩相定向晶片冷卻技術在市場上的應用正在加速。我們在部署方面仍保持謹慎，確保每次合作都能產生倍增效應，並為 Accelsius 贏得重要的後續機會。

Accelsius continues to make measurable operational progress, and our confidence in its ability to create long-term value has never been greater. That confidence is underscored by Johnson Controls $25 million strategic investment in Accelsius announced in early October.

Accelsius 持續取得可衡量的營運進展，我們對其創造長期價值的能力充滿信心。江森自控在 10 月初宣布對 Accelsius 進行 2,500 萬美元的策略性投資，這進一步印證了該公司的信心。

This commitment from a global leader validates the progress Accelsius has made and the strength of its trajectory, further reinforcing our position and expanding our resources. We believe this investment signals confidence not only in the technology but in our ability to lead the next generation of data center cooling solutions.

全球領導企業的這項承諾，驗證了 Accelsius 取得的進步及其強勁的發展勢頭，進一步鞏固了我們的地位，並擴大了我們的資源。我們相信，這項投資不僅顯示了我們對這項技術的信心，也顯示了我們對引領下一代資料中心冷卻解決方案的能力的信心。

Now shifting to AeroFlexx, which continues to deliver strong performance and innovation and sustainable packaging solutions. The third quarter marked the company's fifth consecutive quarter of revenue recognition, now spanning across pet, baby, industrial, personal care, and household market categories.

現在轉向 AeroFlexx，它將繼續提供強大的性能、創新和可持續的包裝解決方案。第三季是該公司連續第五個季度確認收入，目前已涵蓋寵物、嬰兒、工業、個人護理和家居市場類別。

This diversification highlights the strength of our growing customer pipeline in both the US and the EU. An example of AeroFlexx expanding partner network is our recent announcement in the baby care category with ĕleeo brands to launch the Boogie Bubbling Vapor Bath product.

這種多元化發展凸顯了我們在美國和歐盟不斷增長的客戶管道的實力。AeroFlexx 擴大合作夥伴網絡的一個例子是我們最近宣布與 Äleeo 品牌合作，在嬰兒護理領域推出 Boogie 泡泡蒸汽浴產品。

This collaboration demonstrates our ability to expand into new segments and meet evolving consumer needs. Operationally, AeroFlexx continues to set the highest standards for quality and compliance. For the fifth consecutive year, our Westchester manufacturing site achieved a perfect rating in its BRC audit under the BRCGS Global Standard.

此次合作展現了我們拓展新領域、滿足不斷變化的消費者需求的能力。在營運方面，AeroFlexx 繼續保持著品質和合規性方面的最高標準。我們的韋斯特切斯特製造工廠連續第五年在 BRCGS 全球標準下的 BRC 審核中獲得滿分。

This certification is widely recognized as the benchmark for safety and quality in packaging and distribution. It reflects our robust systems and processes to ensure product safety, traceability, and regulatory compliance, critical for food grade packaging and trusted by manufacturers, retailers, and brand owners worldwide.

該認證被廣泛認為是包裝和分銷領域安全和品質的基準。它體現了我們強大的系統和流程，以確保產品安全、可追溯性和合規性，這對於食品級包裝至關重要，並受到全球製造商、零售商和品牌所有者的信賴。

AeroFlexx commitment to excellence is further validated by recent industry recognition. In Q3, the company received two prestigious awards, the CosmPet Best Packaging Award and the Gold Winner of the German Packaging Award. These accolades underscore AeroFlexx leadership in delivering innovative, sustainable, and high-quality packaging solutions.

AeroFlexx 對卓越品質的承諾也得到了近期業界認可的進一步驗證。第三季度，該公司獲得了兩項殊榮，分別是 CosmPet 最佳包裝獎和德國包裝獎金獎。這些榮譽凸顯了 AeroFlexx 在提供創新、永續和高品質包裝解決方案方面的領先地位。

Looking ahead, Aeroflex is well positioned to capitalize on the growing demand for sustainable packaging supported by a strong pipeline, industry validation, and continued operational excellence. AeroFlexx progress exemplifies in venture strategy of building market changing companies that deliver tangible value for shareholders.

展望未來，憑藉強大的產品線、行業認可和持續卓越的運營，Aeroflex 已做好充分準備，把握市場對永續包裝日益增長的需求。AeroFlexx 的發展歷程體現了其創投策略，即打造能夠改變市場、為股東創造實際價值的公司。

Now moving to our newest operating company, Refinity, which continues to make significant progress toward commercializing its breakthrough technology. Refinity started the year with three strategic priorities for 2025, and we are proud to say it is successfully executing its roadmap. In collaboration with VTT, Refinity has successfully demonstrated fluidized bed conversion of real plastic waste to hydrocarbon liquid and gas products at both bench and pilot scale.

現在讓我們來看看我們最新的營運公司 Refinity，該公司在將其突破性技術商業化方面持續取得重大進展。Refinity 年初制定了 2025 年的三大策略重點，我們很自豪地說，它正在成功地執行其路線圖。Refinity 與 VTT 合作，已成功在實驗室規模和中試規模上展示了流化床將真正的塑膠廢料轉化為碳氫化合物液體和氣體產品。

This achievement validates the core process and sets the stage for commercial deployments. Building on this technical foundation, Refinity is progressing through engineering design for its first commercial demonstration and full-scale plant, working closely with leading engineering and equipment provider partners.

這項成果驗證了核心流程，並為商業部署奠定了基礎。基於此技術基礎，Refinity 正在推進其首個商業示範和全規模工廠的工程設計，並與領先的工程和設備供應商合作夥伴密切合作。

These efforts reflect the company's commitment to rapid and responsible scale-up. Refinity has also refined its commercialization strategy. The company is planning a mid-scale demonstration. Approximately 2.5 kilotons or 5 million pounds per year at a partner location in 2026.

這些措施體現了公司致力於快速、負責任地擴大規模的承諾。Refinity 也完善了其商業化策略。該公司計劃進行中等規模的示範活動。到 2026 年，合作地點的年產量約為 2.5 千噸或 500 萬磅。

This will be followed by larger commercial demonstrations at around 10 kilotons per year and ultimately full commercial scale deployments reaching approximately 150 kilotons per year. While still early in the company's life, we are proud of its recent progress and look forward to the future.

接下來將進行更大規模的商業示範，年產量約 10 千噸，最終實現全面商業規模部署，年產量約 15 千噸。公司雖然成立時間尚短，但我們為公司近期的進展感到自豪，並對未來充滿期待。

Taken together, these operating company updates illustrate how inventor's model is driving tangible value creation for our shareholders. So before passing the call to Dave, I'd like to take a moment to provide additional context on invention's value creation model.

綜上所述，這些營運公司的最新動態說明了發明家模式如何為我們的股東創造實際價值。因此，在將電話轉給戴夫之前，我想花一點時間，就發明創造的價值模式提供一些補充背景資訊。

Since Inventor's inception about 10 years ago, we've deployed approximately $160 million into our family of operating companies from Inventure's own balance sheet. That capital has produced net assets for in venture shareholders with an estimated value of $860 million with approximately $460 million distributed in pure cycle shares alone.

自 Inventor 大約 10 年前成立以來，我們已經從 Inventor 自身的資產負債表中向旗下營運公司投入了大約 1.6 億美元。該資本已為創投股東創造了淨資產，估計價值 8.6 億美元，其中僅以純週期股份形式分配的淨資產就約為 4.6 億美元。

We expect the model to continue to increase asset value as demonstrated by the growth of Excelsius. The model is working exactly as designed. We've built a disciplined, data-driven model that pairs transformative technologies with proven operators, institutional processes, and capital discipline.

我們預期模式將持續提升資產價值，Excelsius 的成長就證明了這一點。此模型運作完全符合設計預期。我們建構了一個嚴謹的、數據驅動的模型，將變革性技術與成熟的營運者、機構流程和資本紀律結合。

Each success builds confidence not just in a single company but in the indenture platform itself, a platform designed to turn technological breakthroughs into significant value for our shareholders. Now I recognize our share price doesn't currently reflect the underlying values we've created, but the facts are clear.

每一次成功不僅增強了人們對一家公司的信心，也增強了人們對契約平臺本身的信心。該平台旨在將技術突破轉化為股東的重大價值。我知道我們目前的股價並沒有反映出我們所創造的潛在價值，但事實很清楚。

Our disciplined approach, our focus on launching companies with billion-dollar potential, and our ability to scale market changing businesses are producing tangible results. Accelsius is a prime example. Its momentum and operational progress are real, and it's just one of several companies in the inventor family demonstrating the power of our model.

我們嚴謹的方法、專注於打造具有十億美元潛力的公司以及擴大市場變革型業務規模的能力，正在產生切實可見的成果。Accelsius 就是一個絕佳的例子。它的勢頭和營運進展是實實在在的，而且它只是發明家家族中眾多證明我們模式威力的公司之一。

We believe in venture shares are undervalued compared to the strength of our underlying assets. Our commitment to shareholders has always been a priority, as demonstrated by the PCT distribution I just spoke about. We make every decision with an eye toward creating real and measurable value for the people who put their trust and capital behind us.

我們認為，與我們基礎資產的實力相比，創投股票被低估了。我們對股東的承諾始終是我們的首要任務，正如我剛才提到的PCT分紅所證明的那樣。我們做每一個決定，都專注於為那些信任我們、投資我們的人創造真正可衡量的價值。

Innventure has a proven history of delivering value for investors, and we continue to execute our strategy, expand our pipeline, and scale our operating companies. We intend to build on that track record.

Innventure 在為投資者創造價值方面有著良好的記錄，我們將繼續執行我們的策略，擴大我們的專案儲備，並擴大我們營運公司的規模。我們打算在此基礎上再創佳績。

With that, I'll turn the call over to Dave.

接下來，我會把電話交給戴夫。

Thanks Bill and good afternoon, everyone. For the third quarter, Innventure reported revenue of $0.5 million resulting from proof-of-concept sales at Accelsius. While early-stage revenue growth has taken longer than expected, we continue to see momentum building in our operating companies, particularly at Accelsius, as evident in Bill's remarks.

謝謝比爾，大家下午好。Innventure 第三季報告稱，其收入為 50 萬美元，這主要得益於在 Accelsius 的驗證性銷售。雖然早期收入成長所需時間比預期要長，但我們繼續看到旗下營運公司的發展勢頭不斷增強，尤其是在 Accelsius，正如比爾的演講中所表明的那樣。

Total G&A expenses for the quarter were $16.9 million an improvement from $18.6 million in the second quarter and $19.7 million in the first quarter. We continue to scale our teams to support our growth while at the same time finding ways to operate more efficiently at a lower cost. Our net loss for the quarter was $34.7 million. Adjusted EBITDA for the quarter was a loss of $17.5 million.

本季一般及行政費用總額為 1,690 萬美元，較第二季的 1,860 萬美元及第一季的 1,970 萬美元有所改善。我們不斷擴大團隊規模以支持業務成長，同時也尋找以更低成本更有效率運作的方法。本季淨虧損為3,470萬美元。本季調整後 EBITDA 虧損 1,750 萬美元。

Turning to the balance sheet, we ended the quarter with $14.1 million in cash, up $3 million from the $11.1 million where we began the year. We continue to actively manage our capital structure. We issued 10 million of new convertible debentures in September and another 5 million in November.

從資產負債表來看，本季末我們擁有 1,410 萬美元現金，比年初的 1,110 萬美元增加了 300 萬美元。我們將繼續積極管理我們的資本結構。我們在9月發行了1000萬份新的可轉換債券，11月又發行了500萬份。

We also closed a [$9.8 million] pipe in October, issuing 1.6 million shares of common stock and 1.6 million Series Awards. These actions provide us with additional flexibility to fund operations and support our growth initiatives. Finally, as Bill highlighted, Accelsius secured a $25 million strategic investment from Johnson Controls, providing significant growth capital as we execute on the company's strategic plan.

10 月份，我們還完成了一筆 980 萬美元的融資，發行了 160 萬股普通股和 160 萬份系列獎勵。這些舉措為我們提供了更大的靈活性，使我們能夠為營運提供資金並支持我們的成長計劃。最後，正如比爾所強調的那樣，Accelsius 從江森自控獲得了 2,500 萬美元的策略投資，為我們執行公司策略計畫提供了重要的成長資金。

We remain focused on prudent capital allocation and maintaining the flexibility to support our operating companies as they scale. Through our recent financings and our rigorous approach to expense management, we are well positioned to successfully execute our growth strategy and create long-term value for our shareholders.

我們將繼續專注於審慎的資本配置，並保持靈活性，以支持旗下營運公司擴大規模。憑藉我們近期的融資以及嚴格的費用管理措施，我們完全有能力成功執行成長策略，並為股東創造長期價值。

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

這樣，我就把電話轉回接線生進行問答環節。

(Operator Instructions). Chip Moore with Roth Capital Partners.

（操作說明）Chip Moore，Roth Capital Partners 合夥人。

Good evening. Thanks for taking the question. Hey, everybody. I wanted to, I want to start with, Accelsius, that opportunity pipeline pretty impressive at over a billion, maybe just help us think about how we should think about that is this potential deployments, where you're actively being evaluated versus some other technologies, and then that growth you saw on the quarter, is this representative of a larger hyper scaler type customer or is it more spread out?

晚安.感謝您回答這個問題。大家好。我想先談談 Accelsius，你們的商機通路規模超過十億美元，非常驚人。或許你們能幫我們思考一下，我們該如何看待這些潛在的部署，也就是你們正在積極與其他技術進行比較的情況。另外，你們在本季看到的成長，是代表了大型超大規模客戶的成長，還是更分散的客戶群的成長？

Significantly spread out and thanks to the question chip, so there are literally several 100 leads within that billion-dollar pipeline and even with a, I would call it a factor down pipeline it's still in excess of 100, that kind of represent opportunities that we would anticipate will turn into revenue.

由於線索分佈非常分散，而且得益於提問環節，因此在這個價值十億美元的銷售管道中實際上有數百個潛在客戶，即使考慮到銷售管道中存在一個因素，我稱之為通路下游，仍然有超過 100 個潛在客戶，這些潛在客戶代表著我們預期會轉化為收入的機會。

At this stage there is no one dominant customer that will dominate that pipeline again it's several 100 that make up the aggregate of growth of a billion. And that continues to grow. That pipeline continues to grow very aggressively as we get out into the marketplace.

現階段，沒有任何主要客戶能夠再次主導這條銷售管道，而是由數百個客戶共同構成了十億的成長總量。而且這種趨勢還在持續成長。隨著我們進入市場，這條產品線將繼續快速成長。

I think it was we talked before, you can certainly get significant large, nine-figure orders from hyperscalism, and certainly that is prospectively true, but our pipeline is much more granular and made up of literally hundreds of, smaller opportunities, but many in the seven figure-eight figure range in terms of economic value.

我想我們之前也討論過，超大規模項目當然可以獲得數額巨大的九位數訂單，這在理論上是肯定的，但我們的項目渠道更加細緻，由數百個較小的機會組成，其中許多機會的經濟價值都在七位數到八位數之間。

Thanks, Bill, that, that's helpful and, maybe a follow-up. I think you called out, I think it was 80% or so of that representing potential production opportunities for next year just help us think about you know what that could translate win rates, those type of things and then I know you've been, working on some proof of concepts just how those are going and any insight on potential timing for some of those.

謝謝比爾，這很有幫助，或許可以做個後續跟進。我認為你剛才提到，其中大約 80% 代表了明年的潛在生產機會，請幫助我們思考一下，你知道，這可能會轉化為勝率之類的東西。我知道你一直在進行一些概念驗證工作，這些工作進展如何？對於其中一些工作的潛在時間安排，你有什麼見解嗎？

Yeah, sure, so the proven concepts, as kind of dominated the pipeline, a couple of quarters ago, I think as we reported it, the pipeline now is made up of about 75%, and I would call that by dollar volume 75% in terms of production orders, and so the vast majority of those are follow-ons from earlier POCs which kind of translates to people like the POC.

是的，當然，所以那些已經驗證過的概念，就像幾個季度前我們報道的那樣，佔據了整個流程，現在流程中大約有 75% 是已經驗證過的概念，我稱之為按美元金額計算的 75% 的生產訂單，因此其中絕大多數都是早期概念驗證的後續，也就是那些喜歡概念驗證的人。

They seem to be working well as people are starting to contemplate larger orders. So we've submitted many proposals as follow-ons. And again, these are significantly larger in scope, each one as compared to, what we've commented on before, and I would just kind of frame it this way, we haven't adjusted our forecast from last quarter.

它們似乎效果不錯，因為人們開始考慮下更大的訂單。因此，我們提交了許多後續提案。再次強調，這些項目的範圍要大得多，與我們之前評論過的相比，每個項目都是如此。我這樣解釋一下：我們還沒有調整上季的預測。

We still believe that what we're projecting in bookings for this year and revenue for next year are unchanged. We feel quite confident, and I think our confidence grows every day that that we will meet or exceed those those targets. So we're not sharing those, of course, forward-looking, but there's a robust growth projected and we feel very confident that we'll hit that.

我們仍然認為，我們對今年預訂量和明年收入的預測保持不變。我們感到非常有信心，而且我認為我們的信心與日俱增，相信我們能夠達到甚至超越這些目標。當然，我們不會透露這些前瞻性數據，但預計會有強勁的成長，我們非常有信心能夠實現這一目標。

Good to hear. No, that, that's helpful. And maybe if I could sneak one last one in, on Accelsius as well, just obviously post quarter, right? You've secured, the JCI. Partnership and investment, just, how has that been received? Is that helping to move the needle on, with customers and any other, details you can share? Thanks.

很高興聽到這個消息。不，那樣才有用。或許我還能偷偷加一篇關於 Accelsius 的文章，當然是在季度結束後，對吧？你已經獲得了 JCI 認證。合作與投資方面，反應如何？這是否有助於推動客戶和其他方面的進展？能否分享更多細節？謝謝。

Yeah, sure, so I would say this, certainly the industry has noticed based upon a lot of inflow of activity, so there's no question that people have stood up and taken notice of that and as it was indicated, this is a strategic investment. It's not really driven by a fund within JCI is more a corporate investment

是的，當然，我想說的是，業內人士肯定已經注意到這一點，這體現在大量的業務活動上，所以毫無疑問，人們已經意識到這一點，正如之前所指出的，這是一項戰略投資。這並非由江森自控內部的某個基金驅動，而更像是一項企業投資。

So it's viewed as strategic through their eyes, that was, their descriptive of the investment. So what you could take from that is that we would anticipate, some commercial activity and some, commercial rollouts in conjunction with JCI and other partners, over the course of the next few quarters.

所以，在他們看來，這是一項具有戰略意義的投資，這是他們對這項投資的描述。因此，我們可以得出這樣的結論：在接下來的幾個季度裡，我們將與江森自控和其他合作夥伴進行一些商業活動和商業推廣活動。

Thanks very much. I'll hop back in queue. Appreciate it.

非常感謝。我重新排隊。謝謝。

Thank you.

謝謝。

Aashi Shah with Sidoti and Co.

阿希·沙阿 (Aashi Shah) 與 Sidoti 和 Co.

Congratulations on the quarter, and I wanted to continue with the previous question and ask like, what are the investments of supply chain bills that will be required for a Accelsius to support the large-scale development starting in 2026.

恭喜本季取得佳績，我想繼續先前的問題，例如，Accelsius 要支持從 2026 年開始的大規模開發，需要對供應鏈進行哪些投資？

Yeah, so I know you've seen from for Weave and others before having challenges with their supply chain. We were very thoughtful from day one, and one of Josh's very first hires was his head of supply chain.

是的，我知道你之前也看到 Weave 和其他一些公司在供應鏈方面遇到挑戰。從一開始我們就考慮得非常周全，Josh 最早僱用的員工之一就是他的供應鏈主管。

And so we thoughtfully designed the system so that we could use primarily North American suppliers for all components and most all of those components are dual sourced so to date we don't anticipate any supply chain challenges.

因此，我們精心設計了該系統，以便主要使用北美供應商提供所有組件，幾乎所有組件都是雙重來源的，因此到目前為止，我們預計不會遇到任何供應鏈挑戰。

We also are partnering with contract manufacturers to augment our manufacturing capacity. So while we can manufacture some meaningful volumes internally, some of our manufacturing will come from other, large partners that that service the industry already and that are that are well known.

我們也與代工廠合作，以擴大我們的生產能力。因此，雖然我們可以在內部生產一些有意義的數量，但我們的一些生產將來自其他已經為該行業提供服務且廣為人知的大型合作夥伴。

Right, and, with the pipeline now exceeding a billion dollars, can you quantify how much of that pipeline is in the late-stage negotiations and how much of the conversion rate can we expect over the next 12 months to 18 months? I know you will not, you don't give numbers like that, but like any color on that will be really helpful.

沒錯，現在專案儲備金已經超過十億美元，你能量化一下其中有多少專案處於後期談判階段，以及在未來 12 到 18 個月內我們可以預期轉換率是多少嗎？我知道你不會這麼做，你不會那樣給出數字，但是如果能提供一些顏色資訊就太好了。

I would just say this, the pipeline metrics are very well calibrated. We have a system that we use that takes things from, very initial leads all the way through to high kind of high conviction orders. I'm not going to share the metrics of, how much has made it to high conviction or high probability, but I would say that things are moving nicely through the funnel if you want to think about it in those terms.

我只想說，管道指標校準得非常好。我們使用一套系統，可以從非常初步的線索處理到高度可信的訂單。我不會透露有多少人達到了高置信度或高機率，但如果你想從這個角度來看，可以說事情進展順利。

So you know the leads come in and then they're qualified and then we find out whether people have the funds to support them and the need and so forth, but things are moving nicely and what's really interesting is that nothing seems to fall out of the pipeline.

所以你知道，線索進來後，我們會進行資格審查，然後了解人們是否有資金支持他們，以及他們是否真的需要等等，但一切進展順利，真正有趣的是，似乎沒有任何事情會從流程中掉隊。

Meaning, customers express an interest and maybe their timing changes or their order quantities and volumes change but ultimately, I think people that see two phase as the future are, seriously engaged with us and so, I think some meaningful fraction will translate into revenue, but I'm not providing any guidance on what those percentages could look like.

也就是說，客戶表達了興趣，他們的時間表、訂單數量和規模可能會發生變化，但最終，我認為那些將兩階段視為未來的人會認真地與我們互動，因此，我認為其中一部分會轉化為收入，但我不會提供任何關於這些百分比可能是多少的指導。

I understand. And so are there any integration milestones that need to be completed before the transition you transition these pipeline orders into form orders or any technical or regulatory milestones that we should look forward to?

我明白。那麼，在將這些管道訂單過渡到正式訂單之前，是否有任何需要完成的整合里程碑？或者是否有任何技術或監管方面的里程碑值得我們期待？

No, not really. I mean, ultimately, we've again already delivered products. We've been through the various certifications. The various customers are testing these and have been doing so over the last, couple of three quarters, and which gives them the confidence to move forward, and we are in a position where we can manufacture.

不，其實不是。我的意思是，歸根結底，我們已經交付了產品。我們已經通過了各種認證。各個客戶都在測試這些產品，並且在過去兩三個季度一直在進行測試，這讓他們有信心繼續推進，而我們現在也具備了生產能力。

We have, certain amounts of inventory already and we have the ability to continue to manufacture, really without any either technical or regulatory hurdles, so. I think we're well positioned to be able to deliver as the customers need it. I will comment that, in this industry, particularly when you get the production scale orders. The gestation time between, placing an order and taking delivery, can be a couple of quarters.

我們已經有一些庫存，並且有能力繼續生產，真的沒有任何技術或監管方面的障礙。我認為我們已做好充分準備，能夠滿足客戶的需求。我想說的是，在這個行業，尤其是在接到生產規模訂單的時候。從下單到收貨，可能需要幾個季度的時間。

These are very sophisticated, large installations, for these various data centers that that people are looking to populate and so it's a regular, well, well-run kind of orchestrated dance to get all the equipment to arrive at the right place at the right time for the right components, but we have good visibility now into the expected timing of not only orders but of delivery of those orders that will ultimately result in revenue.

這些都是非常複雜、規模龐大的安裝項目，用於人們希望填充的各種資料中心。因此，這是一個常規的、運作良好的協調過程，以確保所有設備在正確的時間到達正確的地點，並配備正確的組件。但現在，我們不僅可以很好地了解訂單的預期時間，還可以很好地了解最終將帶來收入的訂單交付時間。

Right thank you.

好的，謝謝。

Stephen Brenner with Northland Capital Markets.

史蒂芬‧布倫納，來自北地資本市場公司。

Yeah, just one for me, today is it possible to use the booking strength from your balance sheet?

是的，我今天只需要一個問題，能否利用貴公司資產負債表中的應收帳款實力？

You can't really divine how much we have a bookings on the balance bookings. Yeah, we're not going to be reflecting bookings on the balance sheet. I think, obviously when we get to revenue, you'll see revenue.

你無法真正估算我們剩餘預訂量中有多少是實際預訂量。是的，我們不會在資產負債表上反映預訂情況。我認為，很明顯，當我們談到營收時，你就會看到營收了。

But it's not really a balance sheet item until we and so we place or bill customers which get billed typically when they when they leave the loading dot. So I don't think there's really any mechanism. Dave, can you weigh in on that? Is there any? Any way to yeah that.

但直到我們向客戶下單或開立帳單時，它才真正成為資產負債表上的項目。通常情況下，客戶離開裝貨點時就會收到帳單。所以我覺得其實沒有什麼機制。戴夫，你能談談你的看法嗎？有嗎？有什麼辦法可以實現嗎？

That's correct. Right now, we're not reflecting on the balance sheet, the scope and scale of the bookings with the customers. The, orders we've received in, have not made their way to the balance sheet on purpose and as they do we'll certainly point them out in future earning earnings calls.

沒錯。目前，我們還沒有考慮資產負債表、客戶預訂的範圍和規模。我們收到的這些訂單，有意沒有計入資產負債表，將來我們一定會在財報電話會議上指出這些訂單。

But I would say that you know the bookings continue to grow very, excuse me, the pipeline continues to grow very aggressively as it pertains. I mean even since the end of the quarter when reported, it continues to grow at a rapid clip. There have been a number of.

但我想說的是，預訂量持續成長，抱歉，銷售管道也持續快速成長。我的意思是，即使從季度末公佈的數據來看，它仍然保持著快速成長。已經發生過很多次。

Shows where we display the video conference in DC OCP as we talked about, there's another conference coming up next week, so there's a great deal of activity, and I will just share anecdotally that when you go to any of these conferences, our booth is generally one of the most active booths in the whole place.

正如我們之前提到的，我們在 DC OCP 展示了視訊會議，下週還有另一場會議，所以活動非常多。我可以根據我的經驗分享一下，當你參加這些會議時，我們的展位通常是整個會場中最活躍的展位之一。

There's extreme interest in two phase directorship. I think most of the sophisticated players see that there's an ultimate need. It's not a want, it's a need. And based upon some of the reference designs that we've done is that others independently have done like Jacobs Engineering, but they compare this two-phase directed chip versus single phase water, the two phase outperforms.

人們對兩階段董事製表現出極大的興趣。我認為大多數經驗豐富的玩家都明白，這最終是必要的。這不是想要，而是需要。根據我們所做的一些參考設計，以及其他人（如 Jacobs Engineering）獨立完成的一些設計，他們將這種兩相定向晶片與單相水進行了比較，結果表明兩相晶片的性能更優。

Not only in heat removal but it also is, the total cost of ownership, over a period is materially lower, and that's principally because we can use, I'll say warmer water for the water loop in the data centers and so they don't have to be chilled, to as cold a temperature which saves a great deal of energy. It's above 4% of energy for cooling for every 1 °C of warmer water that we can accept, so it's very material in terms of energy savings and and operating savings.

不僅在散熱方面，而且從長遠來看，總擁有成本也顯著降低，這主要是因為我們可以使用溫度較高的水作為資料中心水循環系統的水，因此無需將其冷卻到很低的溫度，從而節省大量能源。對於我們能夠接受的每升高 1 攝氏度的水溫，冷卻能耗將增加 4% 以上，因此在節能和營運成本節約方面意義重大。

Thank you. This will now conclude today's question-and-answer session. Ladies and gentlemen, this will also conclude today's conference call. Thank you for participating and you may now disconnect. Everyone. Have a great day.

謝謝。今天的問答環節到此結束。女士們、先生們，今天的電話會議到此結束。感謝您的參與，您現在可以斷開連接了。每個人。祝你有美好的一天。