Ideal Power Inc (IPWR) 2023 Q2 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to the Ideal Power Second Quarter 2023 Results Call. (Operator Instructions) As a reminder, this event is being recorded. I would now like to turn the conference over to Jeff Christensen. Please go ahead.

早安，女士們、先生們，歡迎參加理想動力 2023 年第二季業績電話會議。 （操作員說明）謹此提醒，正在記錄此事件。我現在想把會議交給傑夫·克里斯滕森。請繼續。

Thank you, operator, and good morning, everyone. Thank you for joining Ideal Power's Second Quarter 2023 Conference Call. With me on the call are Dan Brdar, President and Chief Executive Officer; and Tim Burns, Chief Financial Officer. Ideal Power's second quarter 2023 financial press release is available on the company's website at idealpower.com.

謝謝接線員，大家早安。感謝您參加理想動力 2023 年第二季電話會議。與我一起參加電話會議的是總裁兼執行長 Dan Brdar；和財務長蒂姆伯恩斯。 Ideal Power 2023 年第二季財務新聞稿可在公司網站 Idealpower.com 上取得。

Before we begin, I'd like to remind everyone that statements made on the call and webcast, including those regarding future financial results and industry prospects, are forward-looking and may be subject to a number of risks and uncertainties that could cause actual results to differ materially from those described in the call. Please refer to the company's SEC filings for a list of associated risks. And we will also refer you to the company's website for more supporting industry information.

在開始之前，我想提醒大家，電話會議和網路廣播中的陳述，包括有關未來財務業績和行業前景的陳述，都是前瞻性的，可能會受到許多風險和不確定性的影響，從而導致實際結果與電話中描述的內容有重大差異。請參閱該公司向 SEC 提交的文件，以了解相關風險清單。我們還將推薦您訪問公司網站以獲取更多配套行業資訊。

Now I'll turn the call over to Ideal Power's President and CEO, Dan Brdar. Dan?

現在我將把電話轉給 Ideal Power 的總裁兼執行長 Dan Brdar。擔？

Thank you, Jeff. Good morning, everyone, and welcome to our second quarter 2023 financial results conference call. I'll update you on our progress since the start of the second quarter, including the successful completion of all of our first half 2023 milestones as well as our priorities for the balance of the year to commercialize our B-TRAN semiconductor technology. And then Tim Burns, our CFO, will take you through the numbers, after which we'll take your questions.

謝謝你，傑夫。大家早安，歡迎參加我們的 2023 年第二季財務業績電話會議。我將向您介紹自第二季初以來我們的進展情況，包括成功完成 2023 年上半年所有里程碑以及我們今年剩餘時間將 B-TRAN 半導體技術商業化的優先事項。然後我們的財務長 Tim Burns 將向您介紹這些數字，然後我們將回答您的問題。

The second quarter and all of 2023 thus far were transformative in our transition from a technology development company to a commercial company, included some of the most significant accomplishments in the company's history as we continue to advance our aggressive B-TRAN commercialization road map. We're thrilled about our recent success in five major areas. First, we successfully completed the full process flow engineering run as we proved that our B-TRAN device was manufacturable at our high-volume wafer fabrication supplier with high yield and excellent device performance.

迄今為止，第二季度和2023 年全年是我們從技術開發公司向商業公司轉型的變革性時期，其中包括我們在繼續推進積極的B-TRAN 商業化路線圖時取得的一些公司歷史上最重要的成就。我們對最近在五個主要領域取得的成功感到非常興奮。首先，我們成功完成了完整的流程工程運行，因為我們證明了我們的 B-TRAN 裝置可以在我們的大批量晶圓製造供應商處製造，並且具有高產量和出色的裝置性能。

This cleared the last and by far, the biggest technical risk for B-TRAN development and commercialization. This was a pivotal accomplishment and a prerequisite for commercialization; second, we delivered hundreds of B-TRAN devices to diversify technologies to complete our work under the NAVSEA solid-state circuit breaker program. Third, we implemented an innovation in how we drive and control B-TRAN. Subsequent testing validated an additional 20% improvement in conduction losses, making B-TRAN conduction losses 5x better than conventional bidirectional circuits utilizing two IGBTs and two diodes.

這消除了 B-TRAN 開發和商業化的最後一個也是迄今為止最大的技術風險。這是一項關鍵成就，也是商業化的先決條件；其次，我們交付了數百個 B-TRAN 設備，以實現技術多樣化，以完成我們在 NAVSEA 固態斷路器計畫下的工作。第三，我們在驅動和控制 B-TRAN 的方式上實施了創新。隨後的測試驗證了傳導損耗額外提高了 20%，使 B-TRAN 傳導損耗比使用兩個 IGBT 和兩個二極體的傳統雙向電路好 5 倍。

This improvement was incorporated into all the B-TRAN customer kits we delivered to test and evaluation program participants; fourth, we completed shipments to the large companies in our customer test and evaluation program; and fifth, we successfully completed all the Phase 1 deliverables under our development agreement with a top 10 global automaker.

這項改進已納入我們交付給測試和評估計劃參與者的所有 B-TRAN 客戶套件中；第四，我們完成了向客戶測試和評估計劃中的大公司的發貨；第五，我們成功完成了與全球十大汽車製造商的開發協議下的所有第一階段交付成果。

We're actively engaged with multiple customers in each of our key target markets, and I couldn't be more pleased or excited about our progress. I'll now discuss each of our 2023 milestones along with other key developments. We were excited to announce the introduction of our first commercial product, the SymCool Power Module earlier this year. Our SymCool product is a multi-die B-TRAN module well suited for the large growing solid-state circuit breaker market.

我們正在與每個關鍵目標市場的多個客戶積極合作，我對我們的進展感到非常高興或興奮。現在，我將討論 2023 年的每個里程碑以及其他關鍵進展。我們很高興地宣布今年早些時候推出了我們的第一個商業產品 SymCool 電源模組。我們的 SymCool 產品是一款多晶片 B-TRAN 模組，非常適合不斷成長的大型固態斷路器市場。

The global solid-state switching equipment market is projected to grow at a compound annual growth rate of 7.6% to approximately $9.3 billion by 2028, with semiconductors comprising a significant portion of the switching equipment cost. solid state circuit breakers are of great interest to utility, industrial and military customers since they can act orders of magnitude faster than traditional electromechanical breakers, thereby eliminating electrical arching and its associated maintenance due to contact wear as well as the fire hazard associated with arching.

全球固態開關設備市場預計將以 7.6% 的複合年增長率成長，到 2028 年將達到約 93 億美元，其中半導體佔開關設備成本的很大一部分。固態斷路器引起了公用事業、工業和軍事客戶的極大興趣，因為它們的動作速度比傳統機電斷路器快幾個數量級，從而消除了由於觸點磨損而導致的電弧及其相關維護以及與電弧相關的火災危險。

The downside of solid-state circuit breakers has been the high conduction losses of traditional semiconductors, such as IGBTs. Since circuit breakers are continuously conducting devices, high losses from traditional semiconductors results in a significant loss of useful energy and the generation of a large amount of waste heat that must be removed from the breaker, which increases the breaker cost and size.

固態斷路器的缺點是傳統半導體（例如 IGBT）的傳導損耗較高。由於斷路器是連續導電裝置，傳統半導體的高損耗導致有用能量的顯著損失，並產生必須從斷路器中去除的大量廢熱，這增加了斷路器的成本和尺寸。

With clear advantages over electromechanical breakers and IGBT-based solid-state circuit breakers, B-TRAN enabled solid-state circuit breakers are ideal for a range of utility, industrial power control and military high-power applications from 600 volts to tens of thousands of volts. We targeted our initial product for the solid-state circuit breaker market because B-TRAN can be an enabling technology for the application due to its very low conduction losses. We continue to see significant customer interest in our SymCool product and the solid-state circuit breaker application as a result of our recently completed program with the U.S. Navy.

與機電斷路器和基於IGBT 的固態斷路器相比，具有明顯的優勢，支援B-TRAN 的固態斷路器非常適合從600 伏特到數萬伏的一系列公用事業、工業電源控制和軍事大功率應用。伏特。我們將初始產品定位於固態斷路器市場，因為 B-TRAN 因其極低的傳導損耗而成為此應用的支援技術。由於我們最近完成了與美國海軍的項目，我們繼續看到客戶對我們的 SymCool 產品和固態斷路器應用產生了濃厚的興趣。

This interest includes the participation of two Forbes Global 500 power management market leaders in our test and evaluation program. In addition, we recently conducted switching tests on discrete packaged devices up to 150 amps. This compares to the 50-amp rating shown in our B-TRAN discrete data sheet, we're testing at a level of 3x higher than the published device rating. As a result of this testing, the planned 100-amp rating of our multi-die SymCool module will be increased prior to first sales, exceeding the power handling expectations set earlier this year with respective SymCool customers.

這種興趣包括兩位福布斯全球 500 大電源管理市場領導者參與我們的測試和評估計劃。此外，我們最近對高達 150 安培的分立封裝裝置進行了開關測試。與我們的 B-TRAN 離散資料表中顯示的 50 安培額定值相比，我們測試的水平比已發布的設備額定值高 3 倍。此次測試的結果是，我們的多晶片 SymCool 模組計畫的 100 安培額定值將在首次銷售前提高，超出今年稍早與相應 SymCool 客戶設定的功率處理預期。

We've begun fabrication of initial SymCool power modules and continue to expect low volume sales of SymCool to start later this year. The design cycles for industrial applications such as solid-state circuit breakers, varies, it's relatively short, typically about a year. Revenue for SymCool is expected to ramp up in the second half of 2024 as initial customers complete their solid-state circuit breaker product designs. Let's turn to the supply chain necessary to support our sales ramp beginning in the second half of next year.

我們已經開始製造初始 SymCool 電源模組，並繼續預計 SymCool 將在今年稍後開始小批量銷售。固態斷路器等工業應用的設計週期各不相同，但相對較短，通常約一年。隨著初始客戶完成固態斷路器產品設計，SymCool 的收入預計將在 2024 年下半年增加。讓我們轉向支持明年下半年開始的銷售成長所需的供應鏈。

During the second quarter, we qualified a wafer fabrication supplier in Asia with high-volume capability. Test results from the first flow engineering run with this wafer fabricator demonstrated the manufacturability of B-TRAN with high yields and excellent device performance, clearing the last and by far, the biggest technical risk for B-TRAN development and commercialization. This successful fabrication run was accomplished in the wafer foundry's existing silicon fabrication line without the need for any special equipment or capital investment to produce high-quality wafers fabricated on both sides. This was a pivotal accomplishment and was a prerequisite for commercialization.

在第二季度，我們對亞洲一家具有大批量生產能力的晶圓製造供應商進行了認證。該晶圓製造商的首次製程工程測試結果證明了 B-TRAN 的可製造性，具有高良率和出色的裝置性能，消除了 B-TRAN 開發和商業化的最後一個也是迄今為止最大的技術風險。這次成功的製造運作是在晶圓代工廠現有的矽製造線上完成的，無需任何特殊設備或資本投資來生產雙面製造的高品質晶圓。這是一項關鍵成就，也是商業化的先決條件。

Wafer and device testing results displayed high-yield, minimal die-to-die variability and excellent performance characteristics. While it's reasonable to expect some improvement in results when you transition from a development fab to a production fab, the first run at a wafer foundry is often called the pipe cleaner lot as every production facility has different equipment and established process recipes and there's an expectation that process flow adjustments will be necessary in future lots.

晶圓和裝置測試結果顯示出高產量、最小的晶片間變異性和出色的性能特徵。雖然從開發工廠過渡到生產工廠時，可以合理地期望結果會有所改善，但晶圓代工廠的第一次運作通常被稱為管道清潔批次，因為每個生產工廠都有不同的設備和已建立的工藝配方，並且存在期望未來批次中需要對工藝流程進行調整。

Even though it was the first run, and we were working on larger diameter wafers than we used in development, results from this engineering run exceeded expectations and really validated the strength of the full process flow for B-TRAN that we developed over several years working with development fabrication partners. We now have multiple runs ongoing with this high-volume wafer foundry with the first of these runs expected to be completed later this month.

儘管這是第一次運行，而且我們正在研究比開發中使用的直徑更大的晶圓，但這次工程運行的結果超出了預期，並真正驗證了我們多年來開發的B-TRAN 完整工藝流程的強度與開發製造合作夥伴。我們現在正在與這家大批量晶圓代工廠進行多次運行，其中第一次運行預計將於本月晚些時候完成。

These runs will provide ample devices for additional 2023 deliveries under our test and evaluation program, SymCool production in support of our development program with a top 10 global automaker as well as initial internal and third-party discrete device and SymCool testing. We're pleased with both the performance and overall quality of the wafer fabrication and the technical capability of the wafer foundries manufacturing team.

這些運行將為我們的測試和評估計劃下的 2023 年額外交付、SymCool 生產提供充足的設備，以支援我們與全球十大汽車製造商的開發計劃以及初始內部和第三方分立設備和 SymCool 測試。我們對晶圓製造的性能和整體品質以及晶圓代工廠製造團隊的技術能力感到滿意。

This wafer foundry is also already certified to automotive standards, making them a quality supplier for our automotive programs and reflects the high standards capabilities and quality of their wafer fabrication. Also, as I mentioned last quarter, we're working with a second high-volume wafer foundry in Europe and expect to complete a similar full process flow run with them. The second wafer foundry is very experienced in manufacturing bipolar devices such as IGBTs and the detailed review of the process flow went well.

該晶圓代工廠也已通過汽車標準認證，使其成為我們汽車項目的優質供應商，並體現了其晶圓製造的高標準能力和品質。此外，正如我上季度提到的，我們正在與歐洲第二家大批量晶圓代工廠合作，並期望與他們完成類似的完整工藝流程。第二晶圓代工廠在製造 IGBT 等雙極元件方面經驗豐富，製程的詳細審查進展順利。

We're in the process of qualifying this wafer foundry and expect to begin a wafer run at their production facility later this year. With these two wafer foundry partners on board, we'll have dual sourcing for wafer fabrication in different parts of the world with no exposure to China. This dual sourcing will provide us with sufficient supply capacity for the large customers we're engaging. Both wafer foundries have world-class experience, facilities and capabilities and are eager to be engaged in a new high-performance technology such as B-TRAN. Overall, our dual sourcing strategy will allow us to proactively secure not only the necessary production capacity but also the ability to source components and services from partners in disparate geographies as part of our strategy to mitigate supply chain risk.

我們正在對這家晶圓代工廠進行資格認證，並預計今年稍後在他們的生產設施上開始晶圓生產。有了這兩個晶圓代工合作夥伴，我們將在世界不同地區進行晶圓製造的雙重採購，而不會涉足中國。這種雙重採購將為我們所接觸的大客戶提供足夠的供應能力。兩家晶圓代工廠都擁有世界一流的經驗、設施和能力，並渴望涉足B-TRAN等新型高性能技術。整體而言，我們的雙重採購策略將使我們不僅能夠主動確保必要的生產能力，而且能夠從不同地區的合作夥伴那裡採購組件和服務，作為我們降低供應鏈風險策略的一部分。

Now let's turn to our DOD-funded NAVSEA program with the U.S. Navy. We're excited to have shipped hundreds of packaged and tested devices through our partner on the project Diversified Technologies, or DTI completing our work under this program. The medium voltage solid-state circuit breaker designed by DTI for this project will have direct applicability to military applications and commercial markets where circuit breakers are in wide use, such as electric utility, solar, wind and energy storage installations.

現在讓我們來看看國防部資助的美國海軍海軍陸戰隊 (NAVSEA) 計畫。我們很高興透過我們多元化技術專案（DTI）的合作夥伴運送了數百個封裝和測試的設備，完成了我們在該計劃下的工作。 DTI為本計畫設計的中壓固態斷路器將直接適用於斷路器廣泛使用的軍事應用和商業市場，例如電力、太陽能、風能和儲能裝置。

As I mentioned, our participation in this highly visible NAVSEA program resulted in the expansion of companies participating in our test and evaluation program. As part of its final deliverables to the Navy, DTI will introduce a family of solid-state circuit breakers for potential sales to the Navy as part of its future ship electrification program. Our objective is to continue to build on our work for the Navy we're pursuing other solid-state circuit breaker opportunities with DTI while commercializing B-TRAN for utility and industrial solid-state circuit breaker applications, a process that started earlier this year with the launch of our SymCool product.

正如我所提到的，我們對這一引人注目的 NVSEA 計劃的參與導致了參與我們測試和評估計劃的公司的擴大。作為向海軍交付的最終產品的一部分，DTI 將推出一系列固態斷路器，作為其未來船舶電氣化計劃的一部分，可能會銷售給海軍。我們的目標是繼續為海軍工作，我們正在與 DTI 尋求其他固態斷路器機會，同時將 B-TRAN 用於公用事業和工業固態斷路器應用，這一過程於今年早些時候開始我們推出了SymCool 產品。

On the technology development front, the testing we conducted in our lab on the devices we shipped to DTI, enabled our technical team to realize an additional 20% improvement in conduction losses, making B-TRAN conduction losses of 5x better than conventional bidirectional circuits utilizing two IGBTs and two diodes. This improvement did not require any changes to the B-TRAN die design or packaging and was incorporated into the driver provided to participants in our test evaluation program. It will also be used in the company's intelligent power module product we'll be introducing later this year and is the basis for one of several new patent applications we filed in the quarter.

在技​​術開發方面，我們在實驗室對運送給 DTI 的設備進行了測試，使我們的技術團隊實現了傳導損耗額外改善 20%，使 B-TRAN 傳導損耗比傳統雙向電路好 5 倍兩個IGBT 和兩個二極體。這項改進不需要對 B-TRAN 晶片設計或封裝進行任何更改，並且已納入提供給我們測試評估計劃參與者的驅動程式中。它還將用於我們將於今年稍後推出的公司智慧功率模組產品，並且是我們在本季度提交的幾項新專利申請之一的基礎。

Following the completion of our deliveries to DTI for the NAVSEA program, we completed B-TRAN customer shipments to the large companies in our test and evaluation program utilizing package devices from our newly qualified fabrication partner. The response from customers in the program has been overwhelmingly positive as they appreciate an innovative, very low loss new semiconductor and the advantages it could bring to the OEM products. This quarter, and as previously announced, we also added a second Forbes Global 500 leader in diverse power management markets to the B-TRAN test and evaluation program roster.

在完成向 DTI 的 NVSEA 專案交付後，我們利用新合格製造合作夥伴的封裝裝置，完成了向測試和評估專案中的大公司的 B-TRAN 客戶發貨。該計劃中的客戶反應非常積極，因為他們欣賞創新、損耗極低的新型半導體及其為 OEM 產品帶來的優勢。正如先前宣布的那樣，本季度我們還在 B-TRAN 測試和評估計劃名單中添加了第二位福布斯全球 500 強多元化電源管理市場領導者。

This company will evaluate B-TRAN initially for use in solid-state circuit breakers in its smart infrastructure division. Power management companies make things like protective relays for utilities, circuit breakers, power converters for renewable energy and a whole variety of power electronics equipment for high-power applications.

該公司將首先評估 B-TRAN 在其智慧基礎設施部門的固態斷路器中的應用。電源管理公司生產公用事業保護繼電器、斷路器、再生能源電源轉換器以及各種高功率應用電力電子設備。

The companies you typically think of as being in that group are companies like Siemens, Eaton, ABB and Schneider, very large, well-recognized equipment providers in the power space. B-TRAN customer shipments to program participants included multiple package B-TRAN devices, advice driver, and a power test board housed in the safety enclosure to facilitate and accelerate the valuation process.

您通常認為屬於該組的公司是西門子、伊頓、ABB 和施耐德等公司，它們是電力領域非常大、公認的設備提供者。 B-TRAN 客戶向計畫參與者發貨的貨物包括多個封裝 B-TRAN 設備、建議驅動器以及安裝在安全外殼中的電源測試板，以促進和加速評估過程。

B-TRAN shipments to date for test and evaluation program participants include a top 10 global automaker, a global Tier 1 automotive supplier, a leading provider in the solar industry, two Forbes Global 500 power management companies and a global provider of backup power and energy management solutions with additional kits to follow for current and new program participants.

迄今為止，測試和評估計畫參與者的B-TRAN 出貨量包括一家全球十大汽車製造商、一家全球一級汽車供應商、一家太陽能行業領先供應商、兩家福布斯全球500 強電源管理公司以及全球備用電源和能源供應商管理解決方案以及可供當前和新專案參與者遵循的附加套件。

As you know, our test and evaluation program will remain an embedded process in our sales and marketing effort and a source of input to our next generation of products. We'll continue to add additional potential customers to the program. Through the test and evaluation program, we'll gather valuable feedback on their application-specific product requirements and potentially secure product development or other commercial agreements.

如您所知，我們的測試和評估計劃仍將是我們銷售和行銷工作中的一個嵌入式流程，也是我們下一代產品的輸入來源。我們將繼續為該計劃添加更多潛在客戶。透過測試和評估計劃，我們將收集有關其特定應用產品要求的寶貴回饋，以及潛在的安全產品開發或其他商業協議。

The program will allow us to get a good handle on customers' technology evaluation process, their product design cycles and their commercial plans. Moving on, we entered into a development agreement late last year with a global top 10 automotive OEM. We're partnering with this automaker's advanced technology development team to develop a custom B-TRAN power module in collaboration with an innovative packaging company also selected by the automaker.

該計劃將使我們能夠很好地掌握客戶的技術評估流程、產品設計週期和商業計劃。接下來，我們在去年年底與全球十大汽車原始設備製造商簽訂了開發協議。我們正在與該汽車製造商的先進技術開發團隊合作，與該汽車製造商選擇的創新封裝公司合作開發客製化 B-TRAN 電源模組。

This custom B-TRAN-based model module is targeted for use in electric vehicle drivetrain inverters in the automakers next-generation electric vehicle platform. This represents our second engagement with the world's leading automotive manufacturers as another top 10 global automaker is already in our test and evaluation program. This program is on an accelerated time line to get the custom module production ready by 2025 as the customers stated goal for the program. We successfully completed all Phase 1 deliverables of this multiyear program, including the completion of a wafer run, shipment of devices and test boards to both the automaker and the packaging company, they selected. And providing technical support and test data on B-TRAN, its performance and drive circuitry.

這種基於 B-TRAN 的客製化模型模組旨在用於汽車製造商下一代電動車平台中的電動車傳動系統逆變器。這是我們第二次與世界領先的汽車製造商合作，因為另一家全球十大汽車製造商已加入我們的測試和評估計劃。該計劃正在加快進度，按照客戶設定的計劃目標，並在 2025 年準備好客製化模組的生產。我們成功完成了這個多年計畫的所有第一階段交付成果，包括完成晶圓運行、向他們選擇的汽車製造商和封裝公司運送設備和測試板。並提供B-TRAN及其性能和驅動電路的技術支援和測試數據。

Working closely with the automaker, we've already agreed on the scope of work and objectives for Phase II of the program with their engineering team and await final approval of the Phase II purchase order. In Phase II, we'll work closely with the automakers innovative packaging company to integrate B-TRAN dive into the power module design. Phase III will be extensive testing of the custom module incorporating B-TRAN devices to meet automotive certification standards, which are pretty substantial. So it's really us and the packaging company working independently in Phase I and then Ideal Power providing devices to the packaging company for incorporation into the module in Phase II.

透過與汽車製造商的密切合作，我們已經與其工程團隊就該專案第二階段的工作範圍和目標達成一致，並等待第二階段採購訂單的最終批准。在第二階段，我們將與汽車製造商創新封裝公司密切合作，將 B-TRAN 技術整合到電源模組設計中。第三階段將對包含 B-TRAN 設備的客製化模組進行廣泛測試，以滿足相當重要的汽車認證標準。因此，第一階段實際上是我們和封裝公司獨立工作，然後 Ideal Power 向封裝公司提供設備，以便在第二階段將其整合到模組中。

And then Phase III is all about testing and certification of the module itself, so we can be the core of the powertrain inverter for their next-generation electric vehicles. Shifting to our upcoming milestones. We're on track to launch our second commercial product in the third quarter which will build upon the multi-die packaging design of SymCool and add a bidirectional intelligent driver. This product will target renewables -- particularly renewables, such as solar and wind, coupled with energy storage, stand-alone energy storage, EV charging and other industrial end markets. Similar to the solid-state circuit breaker market, these markets typically have design cycles closer to a year.

然後第三階段就是模組本身的測試和認證，這樣我們就可以成為他們下一代電動車動力總成逆變器的核心。轉向我們即將到來的里程碑。我們預計在第三季推出第二款商業產品，該產品將基於 SymCool 的多晶片封裝設計，並添加雙向智慧驅動器。該產品將針對再生能源——特別是太陽能和風能等再生能源，以及儲能、獨立儲能、電動車充電和其他工業終端市場。與固態斷路器市場類似，這些市場的設計週期通常接近一年。

Revenue for the intelligent power module will start in late 2024 and ramp into early 2025 as it gets through OEM product design cycles. Our B-TRAN is moving into commercialization, a great time when renewables, energy storage, electric vehicles, electric vehicle charging are in the early stages of their adoption. These market segments still have the largest part of their growth curve ahead of them. Automotive manufacturers are finding with B-TRAN, there's a path to reduce power semiconductor costs, the second largest production cost on electric vehicles and simultaneously improve vehicle range to mitigate driver range anxiety.

智慧電源模組的收入將於 2024 年底開始，並在完成 OEM 產品設計週期後於 2025 年初逐步增加。我們的 B-TRAN 正在進入商業化，這是可再生能源、能源儲存、電動車、電動車充電處於採用早期階段的好時機。這些細分市場仍然面臨著成長曲線的最大部分。汽車製造商發現，透過 B-TRAN，可以降低功率半導體成本（電動車的第二大生產成本），同時提高車輛續航里程，並緩解駕駛者的續航里程焦慮。

The inherent bidirectionality and lower losses of B-TRAN are well suited to renewables coupled with energy storage, making renewable energy a dispatchable resource and improving the usable kilowatt hours from these systems. Our approach is that we'll be feeding the marketplace with products and incorporating customer feedback into our product planning. In the long term, as large customers such as electric vehicle manufacturers, look for second sources of supply, our objective will be to license our technology to other large players in this space that have production capacity and who've already invested in the front end of the business for sales and service support. This will allow us to stay focused on technology and not be spending capital replicating what's already out there for semiconductor distribution and service to customers.

B-TRAN 固有的雙向性和較低的損耗非常適合與儲能相結合的可再生能源，使再生能源成為可調度的資源，並提高這些系統的可用千瓦時。我們的方法是，我們將為市場提供產品，並將客戶回饋納入我們的產品規劃中。從長遠來看，隨著電動車製造商等大客戶尋找第二供應來源，我們的目標是將我們的技術授權給該領域擁有生產能力並且已經在前端進行投資的其他大型參與者銷售和服務支持業務。這將使我們能夠繼續專注於技術，而不是花費資本複製現有的半導體分銷和客戶服務。

Looking at our expanding B-TRAN patent estate, we currently have 75 issued B-TRAN patents, with 32 of those issues outside of the United States. Our current geographic coverage for our patents includes North America, China, Japan, South Korea, India and Europe, all representing our high-priority patent coverage geographies. As part of our product development and introductions, we're expanding our patent efforts to include improvements in the architecture itself and what we believe to be high-value patents on our driver and packaging designs as both are unique to the bidirectional nature of our technology.

看看我們不斷擴大的 B-TRAN 專利資產，我們目前擁有 75 項已頒發的 B-TRAN 專利，其中 32 項是在美國境外申請的。我們目前的專利涵蓋地區包括北美、中國、日本、韓國、印度和歐洲，所有地區均代表我們的高優先專利涵蓋地區。作為我們產品開發和推出的一部分，我們正在擴大我們的專利工作，以包括架構本身的改進以及我們認為驅動器和封裝設計的高價值專利，因為兩者都是我們技術的雙向性質所獨有的。

As a result of our continued innovation, our list of pending patents increased from 22 to 35 since our last report. In addition, we treat our double-sided wafer fabrication process as a trade secret. So even studying our patents, somebody wouldn't have the know-how to be able to fabricate the device. There's an enormous amount of learning that's gone into the fabrication process flow to make high-quality, high-performing double-sided devices for commercial sale. In summary, the second quarter was transformative for the company as we prove that our double-sided B-TRAN device was manufacturable at a high-volume wafer foundry with high yield and without the need for capital investment.

由於我們不斷創新，自上次報告以來，我們的待批專利清單從 22 項增加到 35 項。此外，我們將雙面晶圓製造流程視為商業機密。因此，即使研究我們的專利，也有人不具備製造該設備的專業知識。為了製造高品質、高性能的商業銷售的雙面器件，製造流程中需要大量的學習。總而言之，第二季對公司來說是變革性的，因為我們證明我們的雙面 B-TRAN 裝置可以在大批量晶圓代工廠生產，產量高，且無需資本投資。

The fabricated devices improved upon the already high expectations for B-TRAN performance as demonstrated through the testing of hundreds of packaged devices. Market interest is strong and we remain focused on executing on our B-TRAN commercialization road map. We're thrilled that we are successfully executing to plan, having already met all our milestones for the first half of the year and being on track to meet the key milestones and objectives I outlined for the remainder of 2023.

透過對數百個封裝設備的測試證明，所製造的設備改進了對 B-TRAN 性能本已很高的期望。市場興趣濃厚，我們仍然專注於執行 B-TRAN 商業化路線圖。我們很高興能夠成功執行計劃，已經實現了上半年的所有里程碑，並有望實現我為 2023 年剩餘時間概述的關鍵里程碑和目標。

We're confident B-TRAN will displace conventional power semiconductors in many applications within the electric vehicle, renewable energy, energy storage solid-state circuit breaker and motor drive markets. Now I'd like to hand the call over to our Chief Financial Officer, Tim Burns, to review our second quarter financial results. Tim?

我們相信 B-TRAN 將在電動車、再生能源、儲能固態斷路器和馬達驅動市場的許多應用中取代傳統功率半導體。現在我想將電話轉交給我們的財務長蒂姆伯恩斯，以審查我們第二季的財務業績。提姆？

Thank you, Dan. I will review the second quarter 2023 financial results. In the second quarter, we recorded development revenue of $98,000 and grant revenue of $37,000. We completed our work on the subcontract with DTI and will not recognize any additional grant revenue for the NAVSEA program. As a result, we do not expect grant revenue in the third quarter. Development revenue in the third quarter is dependent on the timing of the Phase II work under our development agreement with a top 10 global automaker.

謝謝你，丹。我將回顧 2023 年第二季的財務表現。第二季度，我們的開發收入為 98,000 美元，補助收入為 37,000 美元。我們完成了與 DTI 的分包合約工作，並且不會確認 NAVSEA 計劃的任何額外撥款收入。因此，我們預計第三季不會有補助金收入。第三季的開發收入取決於我們與全球十大汽車製造商的開發協議下第二階段工作的時間表。

Operating expenses were $2.4 million in the second quarter of 2023, compared to $1.7 million in the second quarter of 2022, driven primarily by higher research and development expenses and part weighted packaging costs associated with devices shipped to DTI the top 10 global automaker under Phase 1 of the program and with the large companies in our test and evaluation program. Operating expenses were also impacted by higher personnel costs as we added head count over the last year, and reflected higher stock-based compensation expense on performance stock unit and new hire grants.

2023 年第二季的營運費用為240 萬美元，而2022 年第二季的營運費用為170 萬美元，這主要是由於第一階段運送給全球十大汽車製造商DTI 的設備相關的研發費用和零件加權包裝成本增加所致。該計劃以及我們的測試和評估計劃中的大公司。營運費用也受到人員成本上升的影響，因為我們去年增加了員工人數，並反映出績效股票單位和新員工補助金的股票薪酬費用增加。

Although we expect higher research and development spending in the balance of 2023 at or above that seen in the second quarter, we continue to expect some quarter-to-quarter variability in operating expenses, particularly our research and development spending due to the timing of semiconductor fabrication runs and other development activities and hiring as well as the potential impact of additional government funding.

儘管我們預計 2023 年剩餘時間的研發支出將達到或高於第二季度的水平，但我們仍然預計營運支出會出現一些季度變化，特別是由於半導體的時機而導致的研發支出製造運作和其他開發活動和招聘以及額外政府資助的潛在影響。

We expect to keep general and administrative expenses in 2023 close to 2022 levels, excluding the impact of stock-based compensation expense despite the impact of inflation on the cost of services. Sales and marketing spending is expected to increase modestly in 2023 from 2022 levels due to hiring and cost associated with commercialization efforts, including new product launches. Net loss in the second quarter of 2023 was $2.3 million compared to $1.7 million in the second quarter of 2022. Second quarter 2023 cash burn was $1.8 million on the lower end of our guidance of $1.8 million to $2 million. Cash burn in the second quarter was unchanged from the first quarter of 2023. Cash burn was $3.7 million in the first half of 2023. We expect third quarter 2023 cash burn of approximately $1.9 million to $2.1 million and full year 2023 cash burn of $8 to $8.5 million. Cash and cash equivalents totaled $12.7 million at June 30, 2023.

儘管通貨膨脹對服務成本產生了影響，但我們預計 2023 年的一般和管理費用將保持在接近 2022 年的水平，不包括基於股票的薪酬費用的影響。由於招聘和與商業化工作（包括新產品發布）相關的成本，預計 2023 年銷售和行銷支出將比 2022 年的水平小幅增加。 2023 年第二季的淨虧損為230 萬美元，而2022 年第二季的淨虧損為170 萬美元。2023 年第二季的現金消耗為180 萬美元，低於我們指引的180 萬至200 萬美元的下限。第二季的現金消耗與2023 年第一季持平。2023 年上半年的現金消耗為370 萬美元。我們預計2023 年第三季的現金消耗約為190 萬至210 萬美元，2023 年全年的現金消耗為8 至210 萬美元。850 萬美元。截至 2023 年 6 月 30 日，現金及現金等價物總額為 1,270 萬美元。

Given our planned cash burn, which remains modest, we have ample liquidity on our balance sheet to fund operations through 2024 as we commercialize our technology and also to be a well-capitalized partner for the broad spectrum of companies that are either already participating or that we expect to participate in the testing and evaluation of our B-TRAN technology as well as the global top 10 automakers that has engaged us for development program.

鑑於我們計劃的現金消耗仍然不大，我們的資產負債表上有充足的流動性，可以為我們的技術商業化提供到2024 年的營運資金，並成為眾多已經參與或正在參與的公司的資本充足的合作夥伴。我們希望參與我們的B-TRAN技術以及與我們合作開發專案的全球前10名汽車製造商的測試和評估。

We have no debt, a clean capital structure and an asset-light business model. At June 30, we had 5,938,458 shares outstanding up slightly from the 5,931,569 shares outstanding at the end of March and 1,040,248 warrants outstanding, unchanged from the end of March. Including 849,586 stock options, restricted stock units and performance stock units outstanding, we had 7,828,292 diluted shares outstanding at June 30. At this time, I'd like to open up the call for questions. Operator?

我們沒有債務、乾淨的資本結構和輕資產的商業模式。截至 6 月 30 日，我們的流通股數量為 5,938,458 股，較 3 月底的 5,931,569 股略有增加，流通認股權證為 1,040,248 份，與 3 月底持平。截至 6 月 30 日，我們共有 7,828,292 股稀釋後流通股，包括 849,586 股已發行股票選擇權、限制性股票單位和已發行績效股票單位。此時，我想開放提問。操作員？

(Operator Instructions) Our first question is coming from David Williams.

（操作員說明）我們的第一個問題來自 David Williams。

Congrats on the progress, and it's really come a long way this year. So definitely a deserving congratulations there. Just a couple of quick things. But one I wanted to see if you could touch on just the importance of the initial T&E customer shipments. And maybe talk a little bit about the early feedback that you received.

恭喜你取得了進展，今年確實有了很大的進步。所以絕對值得祝賀。只是一些快速的事情。但我想看看您能否談談最初的 T&E 客戶發貨的重要性。也許可以談談您收到的早期回饋。

Yes. Part of what we're going through is an education process because it is a new semiconductor architecture. So getting devices in people's hands on the technical teams of our customers is really key to just get them comfortable with it. The feedback that we've been getting has been really positive because we position this with educating about the technology before we ships, getting to the data sheet. And what they're finding is that the devices that we gave them are performing better than we said they would.

是的。我們正在經歷的一部分是教育過程，因為它是一種新的半導體架構。因此，將設備交到我們客戶的技術團隊的手中對於讓他們適應它確實至關重要。我們得到的回饋非常積極，因為我們在發貨之前就進行了技術教育，並獲取數據表。他們發現我們提供給他們的設備的性能比我們所說的要好。

So engineers, I think kind of engineers, because I am one, we get excited when we get new technology and that does better than it was supposed to. So what they saw were the devices that we shipped them have lower losses. The switching was better than, I think, what they were expecting and they got this kit that's already just ready for them to hook up instrumentation and made it really easy for them to start exercising devices. So we've got a lot of excitement from people that have received their kits and are starting to exercise them.

所以工程師，我認為是工程師，因為我就是其中之一，當我們獲得新技術並且效果比預期更好時，我們會感到興奮。所以他們看到我們運送給他們的設備損失更低。我認為這種切換比他們預期的要好，他們得到了這個套件，該套件已經準備好讓他們連接儀器，並使他們可以輕鬆開始鍛煉設備。因此，我們對收到工具包並開始使用它們的人感到非常興奮。

Yes, fantastic. I just want to see if you could provide a little more color maybe on the performance improvements that you realized on the production units versus what was observed in the lab or on the development devices. What led to that and is this something you think you can further expand on? Or have we reached some kind of theoretical threshold in terms of performance advantages?

是的，太棒了。我只是想看看您是否可以提供更多關於您在生產單元上實現的性能改進與在實驗室或開發設備上觀察到的性能改進的信息。是什麼導致了這一點？您認為您可以進一步擴展這一點嗎？或者說我們在效能優勢方面已經達到了某種理論閾值嗎？

We don't think we're at the theoretical threshold. In fact, our team has already got sort of the next generation that they've been doing simulations on. There's a couple of things that really led to it. On a lesser level, at the die level as we transitioned from the development fab to the production level fab, we incorporated some of the last changes that we learned in the development process into the die design itself.

我們認為我們還沒有達到理論閾值。事實上，我們的團隊已經有了他們一直在進行模擬的下一代產品。有幾件事真正導致了它。在較小的層面上，當我們從開發晶圓廠過渡到生產級晶圓廠時，在晶片層面，我們將在開發過程中學到的一些最後的變化融入晶片設計本身。

But the bigger change really happened on the driver and how we were choosing to drive the device itself. Once we -- once the technical team actually had a whole bunch of devices that could go in the lab and really start to test and forced to failure and really explore the margins in terms of the design. What they discovered were there are some pretty innovative ideas of what we can incorporate into the driver itself that allowed us to drive the device even more efficiently, that gave us the lower conduction losses and ultimately, the subject of a patent that we've submitted.

但更大的變化確實發生在驅動程式以及我們選擇驅動設備本身的方式上。一旦我們——一旦技術團隊實際上擁有了一大堆可以進入實驗室的設備，並真正開始測試並被迫失敗，並真正探索設計方面的利潤。他們發現，我們可以將一些非常創新的想法融入驅動器本身中，使我們能夠更有效地驅動設備，從而降低傳導損耗，最終成為我們提交的專利的主題。

Is that also what has helped you achieve the 3x increase in the -- both the tested amperage. I know you talked about 150 amps. Is that right?

這也是幫助您將測試電流強度提高 3 倍的原因嗎？我知道你談到了 150 安培。是對的嗎？

It's not. But our focus here has been with a new technology under promise and over deliver. So we were very conservative in terms of what we rated the initial devices at in terms of what was in our data sheet and what we're sharing with customers. Because the last thing you want is for customers to find out that there's either no margin in your design or even worse, it doesn't meet the specs that you gave them. So it was really us just being conservative in terms of how we were introducing the technologies to customers because we wanted to continue to be excited in a good way, not excited because it didn't do what they was supposed to do.

它不是。但我們這裡的重點是新技術的承諾和交付。因此，我們對初始設備的評級（數據表中的內容以及我們與客戶分享的內容）非常保守。因為您最不想看到的就是客戶發現您的設計要么沒有餘量，要么更糟的是，它不符合您給他們的規格。因此，我們實際上只是在如何向客戶介紹技術方面保持保守，因為我們希望繼續以良好的方式感到興奮，而不是因為它沒有做他們應該做的事情而感到興奮。

Does that open up additional TAM, do you think with the increased power level?

您認為隨著功率等級的提高，這會帶來額外的 TAM 嗎？

Yes, it does because -- and some of the folks that we're talking to, for example, with circuit breakers, the way people are going to make solid-state circuit breakers is they're going to parallel devices. And if your current rating is significantly higher, it just means you need less devices to get to the power levels that you ultimately want to size the breaker for. So it makes the breaker even more cost effective if you have to use fewer semiconductors because there's more current carrying capability in them.

是的，確實如此，因為 - 我們正在與一些人交談，例如，在斷路器方面，人們製造固態斷路器的方式是他們將並聯設備。如果您的電流額定值明顯更高，則表示您需要更少的設備來達到您最終想要確定斷路器尺寸的功率等級。因此，如果您必須使用更少的半導體，那麼它會使斷路器更具成本效益，因為它們的載流能力更強。

And then lastly, just wanted to see if you've seen an acceleration in the inbound calls or maybe customer activity after the recent announcements that clearly point to the progression towards commercial availability here and just is the activity picked up any, I guess?

最後，只是想看看在最近的公告之後，您是否看到了呼入電話或客戶活動的加速，這些公告清楚地表明了這裡的商業可用性的進展，我猜活動是否有所增加？

Yes. What we're really starting to see is we worked pretty early on to get some really high-quality names. But now as we're starting to approach other customers, we're finding these customers already know who we are. So clearly, we're seeing technical teams that are going to do background work on the technology. We're finding -- when we're talking to these large customers, we're not starting from ground 0 of what is a B-TRAN. They're diving right into very deep technology questions that indicate that they've already been doing their homework in the technology. So it's all part of that missionary work that we need to do to raise the awareness in the technical community.

是的。我們真正開始看到的是，我們很早就開始努力獲得一些真正高品質的名字。但現在，當我們開始接觸其他客戶時，我們發現這些客戶已經知道我們是誰。很明顯，我們看到技術團隊將對該技術進行背景工作。我們發現，當我們與這些大客戶交談時，我們並不是從 B-TRAN 的第 0 部分開始。他們正在深入研究非常深入的技術問題，這表明他們已經在技術方面做好了功課。因此，這都是我們需要做的傳教工作的一部分，以提高技術社群的意識。

(Operator Instructions) Our next question is coming from Jeff Grampp.

（操作員說明）我們的下一個問題來自 Jeff Grampp。

Curious on SymCool, what would you guys kind of characterize as the biggest risk to achieving the first commercial sales later this year? And maybe just taking a step back, if you guys kind of had to do a postmortem on where you are today versus where you thought you'd be at the start of the year here? Are we kind of on track, ahead of schedule, behind schedule? Just kind of qualitatively, directionally, how would you kind of characterize the progress year-to-date there?

對 SymCool 感到好奇，你們認為今年稍後實現首次商業銷售的最大風險是什麼？也許只是退後一步，如果你們必須對今天的情況與年初時的情況進行事後分析？我們是步入正軌、提前還是落後？只是從品質上、方向上來說，您如何描述今年迄今為止的進展？

Year-to-date, we're tracking to exactly what we said we were going to do this year. So we're actually -- which when you're doing a new technology, new products, there's always surprises that come along, but our team has been really, I think, just diligent and just very countered hard-working group of people. When we get a surprise, we all get together and we figure out what to do about it and get corrective action in place and move forward.

今年迄今為止，我們正在準確地追蹤我們今年所說的要做的事情。所以我們實際上——當你在做一項新技術、新產品時，總會有驚喜出現，但我認為我們的團隊真的很勤奮，而且是一群非常勤奮的人。當我們感到驚訝時，我們都會聚在一起，想出該怎麼做，並採取糾正措施並繼續前進。

So we are very much on schedule for everything we said we were going to do this year and our team just gets kind of more and more excited as we go along here because it's becoming very, very real for them. On the SymCool module itself, part of it is, it is a device that doesn't have a long operating history. So I think it's going to take us doing some independent reliability testing, which we have planned to start here a little bit later this year.

因此，我們今年要做的所有事情都按計劃進行，我們的團隊在我們在這裡進行的過程中變得越來越興奮，因為這對他們來說變得非常非常真實。就SymCool模組本身而言，它的一部分是，它是一個沒有很長運行歷史的設備。因此，我認為我們需要進行一些獨立的可靠性測試，我們計劃在今年稍後開始。

And the customers deliberately breaking some devices themselves to find out how much margin is in the design to make themselves comfortable. So I think it's really getting everybody comfortable that you're not looking at a product that's got tens of thousands of operating hours in the field on it. But we see that all the time. I mean, silicon carbide had to go through that, GaN devices have had to go through that.

而且客戶還故意親自拆開一些設備，看看設計上還有多少餘裕可以讓自己舒服。因此，我認為這確實讓每個人都感到放心，因為您看到的不是在現場運行了數萬小時的產品。但我們一直都看到這一點。我的意思是，碳化矽必須經歷這個過程，GaN 裝置也必須經歷這個過程。

Even new designs of IGBTs kind of have to go through that. It's just the natural course of convincing the technical community that the device will do what it's supposed to do. And the fact that we've been conservative in how we've approached the rating, I think gives the technical community that we've been talking to, a lot of confidence that we're not hiking what the device will do.

即使是新的 IGBT 設計也必須經歷這個過程。這只是讓技術界相信該設備能夠完成其應有的功能的自然過程。事實上，我們在評級方面一直持保守態度，我認為這給了我們一直在交談的技術社群很大的信心，讓我們相信我們不會提高該設備的功能。

And for my follow-up, you guys should have two commercial products in the market as we look into '24. I think you guys had mentioned maybe some change to the OpEx profile as it relates to having those products in the market. But like philosophically, how do you guys think about balancing conserving the burn rate, conserving the capital versus making sure you put enough kind of proverbial kindling wood to make sure your products have the best chance to succeed. How do you strike that balance?

對於我的後續行動，當我們研究 24 世紀時，你們應該在市場上有兩種商業產品。我想你們已經提到了營運支出概況可能會發生一些變化，因為它與將這些產品推向市場有關。但就像哲學上一樣，你們如何考慮在保持燃燒率、節約資本與確保放置足夠的引火木以確保你的產品有最大成功機會之間取得平衡。你如何取得這種平衡？

Yes. So for us, I mean, that's what it is. It's a balance. We try to be very judicious in our cash use. And as we look forward, we try to plan for the major expenditures and also see where we can potentially cut back a little bit. So we'll still have a modest increase in cash burn as we look at 2024. But if you look at even 2022 versus 2023, we were at 6.8 in 2022 for cash burn. We'll probably be in the low 8s here coming out this year. They'll probably be somewhat close to a similar increase next year. .

是的。所以對我們來說，我的意思是，就是這樣。這是一種平衡。我們盡量謹慎使用現金。展望未來，我們將嘗試對主要支出進行規劃，並看看我們可以在哪些方面進行潛在的削減。因此，展望 2024 年，我們的現金消耗仍然會小幅增加。但如果你看看 2022 年與 2023 年的情況，你會發現 2022 年的現金消耗率為 6.8。今年我們發布的作品可能會排在前 8 名。明年他們可能會接近類似的增幅。 。

Because we'll continue to make sure we leverage the resources we have, leverage our internal capabilities, the silicon infrastructure that's out there. And then for the things we can control, like G&A, for instance, where we won't be adding people, and we'll be keeping a really tight rate on that kind of spend as well. So it is a balancing act, but it's one that I think we can do pretty well here as we commercialize the technology.

因為我們將繼續確保利用我們擁有的資源、我們的內部能力和現有的矽基礎設施。然後，對於我們可以控制的事情，例如一般行政費用，我們不會增加人員，我們也會對此類支出保持非常嚴格的比率。所以這是一種平衡行為，但我認為當我們將這項技術商業化時，我們可以做得很好。

One of the things we do, too, Jeff, is we've been able to build a great network of partners and folks that we collaborate with. So for example, we need to do high-power testing of our SymCool module. While we'd like to do it in our lab, we have to spend money on capital to go do that. So we'll go do it at UT Austin, if there are semiconductor center. So having access to places where we can avoid or defer any capital investment on our own by working with some of the development partners we have really helps us be pretty aggressive in keeping the cost side of this as low as possible.

傑夫，我們所做的事情之一就是我們已經能夠建立一個由合作夥伴和合作夥伴組成的龐大網路。例如，我們需要對 SymCool 模組進行高功率測試。雖然我們想在實驗室裡做這件事，但我們必須花錢才能做到這一點。所以我們會去 UT Austin 做，如果有半導體中心的話。因此，透過與我們擁有的一些開發合作夥伴合作，我們能夠進入可以避免或推遲任何資本投資的地方，這確實有助於我們非常積極地將成本方面保持在盡可能低的水平。

Is there an argument to be made that maybe in '24, you might reallocate R&D investments into kind of sales and marketing? Or is the R&D just too important, a lifeblood of the company to view that way?

是否有人認為，也許在 24 年，您可能會將研發投資重新分配到銷售和行銷方面？或者研發太重要了，是公司的命脈，以至於不能這樣看待？

I think the competition is always getting better. So if you're not continuing to invest in your technology and bring products out that really give you a competitive advantage in the market segments you're going after, you're putting the company at risk.

我認為競爭總是會變得更好。因此，如果你不繼續投資你的技術並推出真正能為你在你所追求的細分市場中帶來競爭優勢的產品，你就會讓公司面臨風險。

I will now turn this call back to Jeff Christensen to read any submitted questions through the webcast. Thank you.

我現在將把這個電話轉回給傑夫·克里斯滕森，以閱讀透過網路廣播提交的所有問題。謝謝。

Thank you, operator. And I wanted to -- those questions that were asked there were asked by David Williams. They're both analysts, sell-side analysts, David Williams, of benchmark and Jeff Grampp of Alliance Group Partners. We have several questions that have been posted into the ask a question in the webcast portal. Our first question is, where do you see the sales of products and markets that will contribute to revenue the most over the next 24 months?

謝謝你，接線生。我想——那裡提出的那些問題是大衛威廉斯提出的。他們都是分析師，賣方分析師，基準分析師大衛威廉斯（David Williams）和聯盟集團合作夥伴公司的傑夫格蘭普（Jeff Grampp）。我們有幾個問題已發佈到網路廣播入口網站中的「提問」。我們的第一個問題是，您認為哪些產品和市場的銷售對未來 24 個月的收入貢獻最大？

Yes. It's clearly going to be how we're switching activities like solid-state circuit breakers, protective relays, that will be sort of where the first revenue is. And then things that will take advantage of our intelligent power module that's coming out later this year that are really going to be things like solar coupled with energy storage. Variety of power converter applications that can use bidirectionality because they incorporate batteries. So really more industrial kind of applications while we get through the longer design cycle and certification requirements for the automobile sector.

是的。顯然，這將是我們如何轉換固態斷路器、保護繼電器等活動，這將是第一個收入來源。然後，將利用我們今年稍後推出的智慧電源模組的東西，實際上將是太陽能與儲能相結合的東西。各種電源轉換器應用可以使用雙向性，因為它們包含電池。因此，在我們完成汽車行業更長的設計週期和認證要求的同時，確實有更多的工業應用。

Thank you. What reception and traction have you seen from B-TRAN devices released to participants in the test and evaluation program, anything that surprised you?

謝謝。您從向測試和評估計劃參與者發布的 B-TRAN 設備中看到了什麼反響和吸引力，有什麼讓您感到驚訝的嗎？

We were a little surprised that just how excited some of the things were when they actually -- they wanted to make sure that they were using the kit correctly because the data they were getting was better than what we told them in the initial data sheet. So it's energizing for our team, too, to see that the customers are excited about what they're getting, and they're actually really starting to dig pretty deeply into the device and now starting to share with us their thoughts on how they might want to use it.

我們有點驚訝的是，有些事情實際上是多麼興奮——他們想確保他們正確使用該套件，因為他們獲得的數據比我們在初始數據表中告訴他們的要好。因此，看到客戶對他們所獲得的產品感到興奮，他們實際上已經開始深入研究該設備，現在開始與我們分享他們對如何使用該設備的想法，這對我們的團隊來說也是充滿活力的。想要使用它。

For example, one of the Fortune 500 -- Fortune Global 500 companies that's in our test and evaluation program, they want to start with solid-state circuit breaker. But as we talk to them, we realize that they're thinking about this for a bunch of other things that are in their smart infrastructure division like protective relays and power converters and a few other things. So it's just nice to see the technical community really responding in such a positive way now that they have got devices in their hands.

例如，財富 500 強——財富全球 500 強之一的公司參與了我們的測試和評估計劃，他們希望從固態斷路器開始。但當我們與他們交談時，我們意識到他們正在考慮智慧基礎設施部門的許多其他產品，例如保護繼電器和電源轉換器以及其他一些產品。因此，很高興看到技術社群現在已經拿到了設備，並以如此積極的方式做出了反應。

Our next question that was posted is, are you still pursuing the data center market? This appears to be a promising opportunity.

我們發布的下一個問題是，您還在追求資料中心市場嗎？這似乎是一個很有前途的機會。

Yes. In fact, one of the companies that's in our test and evaluation program, they make UPS systems. That's one of their main product lines. So we actually had our technical teams meet together here, when was it? About 2 weeks ago. Just taking them through the test and evaluation kit, and they're talking about issuing a solicitation to us to get us to do some co-development work for them. So it looks like it's still going to be a pretty nice market for us in the long term.

是的。事實上，他們是我們測試和評估計劃中的公司之一，他們生產 UPS 系統。這是他們的主要產品線之一。所以我們實際上讓我們的技術團隊在這裡開會了，是什麼時候？大約兩週前。只是帶他們通過測試和評估套件，他們正在談論向我們發出邀請，讓我們為他們做一些共同開發工作。因此，從長遠來看，這對我們來說仍然是一個相當不錯的市場。

(Operator Instructions)

（操作員說明）

Our next question is has B-TRAN been tested for reliability or failure rate compared to conventional solutions? Does any improvement simply correlate to lower compact count, subcomponent count? Or does the B-TRAN technology have an additional reliability benefit compared to conventional solutions.

我們的下一個問題是，與傳統解決方案相比，B-TRAN 是否經過了可靠性或故障率測試？任何改進是否僅與減少緊湊數量、子組件數量相關？或者與傳統解決方案相比，B-TRAN 技術是否具有額外的可靠性優勢？

Well, we've done some of our own reliability testing here in-house, but we're actually going to go to a third party to be in reliability testing here later this year, now that we've got many devices. Because when you do third-party reliability testing, you actually need a lot of devices, hundreds and hundreds of devices, and they need to come from multiple fabrication lots, so they can make sure that there's no lot-to-lot variability issues. .

好吧，我們已經在內部完成了一些我們自己的可靠性測試，但實際上我們將在今年晚些時候前往第三方進行可靠性測試，因為我們已經有了很多設備。因為當您進行第三方可靠性測試時，您實際上需要大量設備，數百個設備，並且它們需要來自多個製造批次，因此他們可以確保不存在批次間差異問題。 。

What we are seeing is there are things that are inherently indicative of higher reliability for B-TRAN for two reasons. One is, if you look at a typical IGBT, they use wire bonding as part of the process. And if you look at -- in IGBT failure modes, one of the things that is a high area for failure are the wire bonds that are used within the package to connect dies electrically to the IGBT.

我們看到的是，有些事情本質上表明 B-TRAN 具有更高的可靠性，原因有二。其一是，如果您觀察典型的 IGBT，您會發現它們使用引線鍵合作為工藝的一部分。如果您仔細觀察，在 IGBT 故障模式中，最容易發生故障的因素之一就是封裝內用於將晶片與 IGBT 電連接的引線鍵合。

Our design deliberately does not use any wire bonding. It is what's called the flip chip design, where everything is soldered to conductive surfaces. So there's not a wire bond that can fatigue and fail. The other key contributor that we're seeing, that looks like it's going to be a major factor in reliability is the fact that we just generate less heat and heat is the killer of electronics.

我們的設計故意不使用任何引線鍵合。這就是所謂的倒裝晶片設計，其中所有部件都焊接到導電表面。因此，不存在會疲勞和失效的引線鍵合。我們看到的另一個關鍵因素，看起來將成為可靠性的一個主要因素，那就是我們產生的熱量更少，而熱量是電子產品的殺手。

So if you're producing less heat and if you have less heat, you've got to take out of the package you inherently should expect longer life from that. But we'll get that all validated because the reliability testing we'll do it to third party. We'll have temperature extremes and cycling at a whole bunch of other stuff. But so far, it's looking pretty encouraging in terms of some of the design choices that we made that will really drive high reliability for the package.

因此，如果您產生的熱量較少，並且熱量較少，則必須從包裝中取出，您本質上應該期望從中獲得更長的使用壽命。但我們會驗證這一切，因為我們將向第三方進行可靠性測試。我們將經歷極端溫度和其他一系列的騎行。但到目前為止，我們所做的一些設計選擇看起來相當令人鼓舞，這些設計選擇將真正提高封裝的高可靠性。

Another question that was posted was Onsemi CEO recently stated that drivetrain content for ICE is $50 per vehicle versus $750 per vehicle for EVs. How are you positioned to compete against that what I think is the silicon carbide products that companies like On have?

發布的另一個問題是 Onsemi 執行長最近表示，ICE 的傳動系統內容為每輛車 50 美元，而電動車每輛車為 750 美元。你們如何與 On 等公司的碳化矽產品競爭？

Well, I think Tesla put a pretty good stake in the ground here a couple of months ago where they said they're going to reduce their amount of silicon carbide by 75%. The challenge is it's a cost issue. I mean, silicon carbide is a much more expensive material. It's harder to process. We know from our own work in wafer supply. If we go buy a silicon wafer, it costs us about $60. If you want to buy a silicon carbide wafer, it's $800.

嗯，我認為特斯拉幾個月前在這裡投入了相當多的股份，他們表示將減少 75% 的碳化矽用量。挑戰在於成本問題。我的意思是，碳化矽是一種更昂貴的材料。處理起來比較困難。我們從自己在晶圓供應方面的工作得知。如果我們去買一塊矽片，大約需要花費 60 美元。如果你想購買碳化矽晶圓，價格為 800 美元。

And you take that coupled with the fact that it's a much harder material to polish, to process. You can see why silicon carbide devices are much more expensive. Now, silicon carbide will get better in terms of cost and quality over time. But for now, part of what we're seeing directly from the OEMs in the automobile side is they're looking for lower-cost solutions that help them improve range because of the fact that silicon carbide is just -- it really is a challenge for the EV makers because cost is one of their big impediments right now to broad-scale adoption.

再加上它是一種更難拋光、加工的材料。您可以明白為什麼碳化矽設備要貴得多。現在，隨著時間的推移，碳化矽在成本和品質方面都會變得更好。但就目前而言，我們直接從汽車方面的原始設備製造商那裡看到的部分情況是，他們正在尋找低成本的解決方案來幫助他們提高續航里程，因為碳化矽確實是一個挑戰對於電動車製造商來說，因為成本是目前大規模採用的一大障礙。

Congratulations on removing the manufacturing risk. Now the remaining risk seems to be adoption. How should we think about the speed and breadth of adoption in the corresponding TAMs associated with the markets you are targeting?

恭喜您消除了製造風險。現在剩下的風險似乎是採用。我們應該如何考慮與您的目標市場相關的相應 TAM 的採用速度和廣度？

Yes. If you take a look at our website, we have a presentation that gives you some idea of the TAM. The IGBT market is really the market that we are pursuing because it's the high-power semiconductor market, which is really where our technology fits best. And that is, what? $11 billion by 2026, I think, is the targeted market. What's interesting is things like the solid-state circuit breaker market are incremental to that because IGBTs haven't made much progress in those kind of markets.

是的。如果您造訪我們的網站，我們會提供一個演示文稿，讓您對 TAM 有一些了解。 IGBT市場確實是我們正在追求的市場，因為它是高功率半導體市場，這確實是我們的技術最適合的地方。那就是，什麼？我認為，到 2026 年，目標市場將達到 110 億美元。有趣的是，諸如固態斷路器市場之類的市場正在不斷增加，因為 IGBT 在此類市場中尚未取得太大進展。

So we think the addressable market is going to be pretty substantial for us. The adoption really varies a lot by industry. Obviously, automotive is the most challenging due to long design cycle certification standards, products have to withstand shock and vibration. So that's why we're targeting things in the industrial space that are less demanding in terms of certifications, things like solid-state circuit breakers, protective relays, power converters for renewable energy.

因此，我們認為潛在市場對我們來說將是相當大的。不同行業的採用情況確實有很大差異。顯然，汽車產業最具挑戰性，因為認證標準設計週期長，產品必須承受衝擊和振動。因此，我們的目標是工業領域認證要求較低的產品，例如固態斷路器、保護繼電器、再生能源電源轉換器。

Their design cycles are lower, their risk profiles are lower, and that will be where the early adoption is. And that all helps us build volume to really satisfy the data and the operating time that's going to be needed for the automobile sector. So they really fit together pretty nicely. And they both have these two large macro trends behind them, the adoption of renewable energy and electric vehicles.

它們的設計週期較短，風險狀況也較低，這將是早期採用的地方。這一切都有助於我們增加產量，真正滿足汽車產業所需的數據和運行時間。所以他們真的很適合在一起。它們背後都有兩大宏觀趨勢，即可再生能源和電動車的採用。

We've had several questions posted, continue to post them, please, and look forward to answering them. What are the specific opportunities you see as a result of the massive tailwinds we expect for Greentech from thereon the Inflation Reduction Act and the CHIPS Act?

我們已經發布了幾個問題，請繼續發布這些問題，並期待得到解答。我們預期《通貨膨脹削減法案》和《CHIPS 法案》將為綠色科技帶來巨大的推動力，您認為這些機會是什麼？

Yes. Let me start with the CHIPS Act. The CHIPS Act, is initially focused on wafer fabrication, where a lot of investment is going to go. And then there's going to be programs that come out after that relate to R&D. We will certainly be pursuing some of the R&D kind of activities that come out for funding. But more interestingly for us is it should create the opportunity to have a domestic fab as the investment in wafer production facilities goes into building our capability here on market, which for us is important for markets, particularly like the military, where they want domestic sourcing.

是的。讓我從《CHIPS 法案》開始。 《CHIPS 法案》最初專注於晶圓製造，大量投資將流向該領域。之後將會出現與研發相關的項目。我們肯定會進行一些尋求資金支持的研發活動。但對我們來說更有趣的是，它應該創造建立國內晶圓廠的機會，因為對晶圓生產設施的投資將用於建立我們在市場上的能力，這對我們來說對市場很重要，特別是像軍隊這樣的市場，他們需要國內採購。

So I think it's going to generally be beneficial. Unfortunately, it's going to just take a while because these government programs take quite a while to get formed, to get funded, and to go through their solicitation process. But in the long term, I think we'll see opportunities both on the R&D side and future wafer fab collaboration.

所以我認為這通常是有益的。不幸的是，這需要一段時間，因為這些政府項目需要相當長的時間才能形成、獲得資金並完成招標程序。但從長遠來看，我認為我們將在研發方面和未來晶圓廠合作方面看到機會。

On the push for Greentech, it really fits into our sweet spot because what we're going to see here as more and more solar and wind are deployed, you really need to start coupling energy storage with them because of their intermittency. It makes them a more valuable resource and as battery costs continue to decline, it creates the need for fast-switching bidirectional devices that can operate as efficiently as possible, and that really is what we do very, very well. So I think it's going to create a really great global opportunity for us as we bring the particular intelligent power module to the marketplace.

在推動綠色科技方面，它確實符合我們的最佳點，因為隨著越來越多的太陽能和風能的部署，我們將在這裡看到，由於它們的間歇性，您確實需要開始將能量存儲與它們耦合。這使它們成為更有價值的資源，並且隨著電池成本的持續下降，它產生了對能夠盡可能高效運行的快速切換雙向設備的需求，而這確實是我們做得非常非常好的。因此，我認為，當我們將特定的智慧功率模組推向市場時，這將為我們創造一個真正巨大的全球機會。

For the (inaudible) for Dan and Tim in the second quarter, were those open market buys?

對於丹和提姆第二季的（聽不清楚），這些是公開市場購買的嗎？

Yes, they were. They're all open market buys.

是的，他們是。都是公開市場買的。

When do you expect being able to disclose who some of your development partners are?

您預計什麼時候能夠透露您的一些開發合作夥伴是誰？

That's a good question. We're hoping on the automobile side that we can start to put some pressure on them that it's material relationship for us, particularly as they start to ramp up their spending with us for development. For the rest of them, it's kind of case by case. I think most of them, they don't want their competitors to know what they're doing.

這是個好問題。我們希望在汽車方面，我們可以開始向他們施加一些壓力，因為這對我們來說是物質關係，特別是當他們開始增加與我們的發展支出時。對其他人來說，這是具體情況而定。我認為他們中的大多數人都不希望競爭對手知道他們在做什麼。

But I think at some point, when they're far enough along, we'll be able to start naming who they are. In my written comments, I mentioned some companies, for example, that are in like the power management markets. Obviously, I won't say which ones, but some of the companies I named are in our test and evaluation program. So we hope to be able to be more specific about that as some of these companies get further along and start to actually buy product from us.

但我認為在某個時候，當他們走得足夠遠時，我們將能夠開始命名他們是誰。例如，在我的書面評論中，我提到了一些類似電源管理市場的公司。顯然，我不會透露是哪些公司，但我點名的一些公司在我們的測試和評估計劃中。因此，隨著其中一些公司取得進一步進展並開始實際向我們購買產品，我們希望能夠更具體地說明這一點。

How should we think about your revenue model and expect to implement across your offerings, whether it's SymCool or the custom drivetrain modules for the top auto OEMs or other offerings?

我們應該如何考慮您的收入模式並期望在您的產品中實施，無論是 SymCool 還是頂級汽車 OEM 或其他產品的客製化傳動系統模組？

So for the revenue model overall, so initially, there will be some development revenue, probably relatively modest with product sales. So our initial focus will be on product sales. But longer term, we are open and part of our overall strategy is to start licensing the technology as well to some of the large semiconductor players that are out there that already have the infrastructure in place to expand the sales of the B-TRAN product offering.

因此，對於整體收入模式而言，最初會有一些開發收入，可能與產品銷售相比相對較小。所以我們最初的重點將是產品銷售。但從長遠來看，我們持開放態度，我們整體策略的一部分是開始向一些已經擁有基礎設施以擴大 B-TRAN 產品銷售的大型半導體廠商授權該技術。

For the SymCool, again, we're going to have initial sales here later this year due to the timing and design cycles with those OEMs, it will really be the second half of 2024 until we see the revenue ramp and the intelligent power module is probably 3 to 6 months behind that in terms of the overall ramp. And then the EV revenue really will start probably in '25, but it will be after that when you really start to see the ramp as it's incorporated into production models for sale.

對於 SymCool，同樣，由於這些 OEM 的時間安排和設計週期，我們將在今年晚些時候進行首次銷售，這實際上要到 2024 年下半年，直到我們看到收入增長並且智能電源模組開始銷售。就整體成長而言，可能落後3 至6 個月。然後，電動車收入可能會在 25 年真正開始，但在那之後，當它被納入待售的生產車型時，你才真正開始看到成長。

If the automaker is expecting to include B-TRAN in its 2025 EV models, when would the company expect to deliver product to the automaker and realize revenue?

如果汽車製造商預計將 B-TRAN 納入其 2025 年電動車車型中，那麼該公司預計何時向汽車製造商交付產品並實現收入？

We'll actually start to see revenue in '25 because to get through that certification process, it's not a matter of tens of thousands of dollars. They've got to spend quite a bit to get all the modules built that they need to take through automotive certification and all the reliability testing they're going to need to do. So while we won't in the production vehicle yet, we'll start to see revenue from it in 2025 to support their plan to actually have a production ready in the design of cars that will be coming out in subsequent years.

實際上，我們將在 25 年開始看到收入，因為要通過認證過程，這不是數萬美元的問題。他們必須花費大量資金來建造所有需要通過汽車認證和所有可靠性測試的模組。因此，雖然我們還不會量產車輛，但我們將在 2025 年開始看到收入，以支持他們的計劃，即在隨後幾年推出的汽車設計中實際做好生產準備。

What is the revenue range per electric vehicle that Ideal Power will recognize?

Ideal Power 將確認每輛電動車的收入範圍是多少？

It's going to vary somewhat based on the vehicle. We've been targeting the drivetrain inverter as the first point of this. But there's also other places in the vehicle where our technology applies. Some of the circuit protection that's in vehicles, the onboard chargers, DC to DC converters and so forth. If you look at what's been published, the semiconductors that are in an electric vehicle tend to make up about 8% to 10% of the full production cost of the vehicle.

根據車輛的不同，它會有所不同。我們一直將傳動系統逆變器作為首要目標。但車輛中還有其他地方可以應用我們的技術。車輛、車載充電器、DC-DC 轉換器等中的一些電路保護。如果您查看已發布的內容，您會發現電動車中的半導體往往佔汽車全部生產成本的 8% 至 10% 左右。

So if you think about cars that are in the $80,000 to $100,000 range, which is where they are now, that would tell you it's going to be in the range of $800 to $1,000. So it's really going to be a function of how do they use semiconductors, how do they drive cost out of the products. But for us, the per vehicle cost is pretty substantial. I think most people are surprised that after the batteries, the semiconductors are the second highest cost component.

因此，如果你考慮一下價格在 80,000 美元到 100,000 美元之間的汽車（這就是它們現在的情況），那就會告訴你它將在 800 美元到 1,000 美元之間。因此，這實際上取決於他們如何使用半導體，如何降低產品成本。但對我們來說，每輛車的成本相當可觀。我認為大多數人都感到驚訝的是，半導體是僅次於電池的第二高成本組件。

And I'm sure it will decrease over time somewhat. But right now, we estimate based on some data that's out there, that it's about $2,000 to $3,000 per vehicle for power semiconductor devices in your average EV.

我確信它會隨著時間的推移而減少。但目前，我們根據現有的一些數據估計，平均電動車中的功率半導體裝置每輛車的成本約為 2,000 至 3,000 美元。

What does production ready in 2025 mean for the automotive OEM. Does that mean that they'd have in their vehicles in 2025?

2025 年投產對於汽車 OEM 意味著什麼？這是否意味著他們會在 2025 年將其安裝在車輛中？

No. That means that there is a design that has been completed. It's been tested. It's been through certifications automobile standards, and it's been proven that it can be made in sufficient volumes at sufficient costs so that the rest of the vehicle design is already incorporating it, and you would expect to see it coming into the vehicle probably in the subsequent model year.

不，這意味著有一個設計已經完成。已經過測試了。它已經通過了汽車標準認證，並且已經證明它可以以足夠的成本進行足夠的批量生產，因此車輛設計的其餘部分已經將其納入其中，您可能會期望在接下來的時間內看到它進入車輛中型號年份。

The warrants that are outstanding. When those are exercised, will they bring cash into the company?

尚未償還的認股權證。當這些行使時，他們會為公司帶來現金嗎？

Yes, they will. So there's a couple of different tranches of those warrants. All of them are highly in the money. There's some $2.32 warrants and some at $8.59 as well. The first warrants expire actually in November of 2024. So we're forecasting cash coming in for those warrants, again in November '24. The other large tranche of warrants is in -- I believe it's August of 2025. So overall, there's over $4 million of exercise price out there that we'd anticipate over that period.

是他們會。這些認股權證有幾個不同的部分。他們都非常有錢。有的認股權證價格為 2.32 美元，有的認股權證價格為 8.59 美元。第一批認股權證實際上將於 2024 年 11 月到期。因此，我們預計這些認股權證將在 2024 年 11 月再次收到現金。另一部分認股權證將於 2025 年 8 月發行。總體而言，我們預計該期間的行使價格將超過 400 萬美元。

How should we think about your margin profile?

我們該如何考慮您的保證金狀況？

So at volume, we're expecting margins in roughly the 50% range. So if you look at gross margin. So in lower volumes, obviously, we're going to have to work up to that number. Initially, I would even probably say we shouldn't be expecting gross profit on initial very well volume sales just because of the volume number. But the B-TRAN technology, if we start to scale it here, we think 50% is probably the right target longer term.

因此，就銷量而言，我們預計利潤率約為 50%。因此，如果你看一下毛利率。因此，顯然，在產量較低的情況下，我們將不得不努力達到這個數字。最初，我甚至可能會說，我們不應該僅僅因為銷量數字就期望最初銷量非常好，從而獲得毛利。但是 B-TRAN 技術，如果我們開始在這裡擴展它，我們認為 50% 可能是長期的正確目標。

And as you think about particularly the automakers who are going to want a second source, that will ultimately be a licensing arrangement that we put in place with another semiconductor company and licensing revenue is essentially 100% gross margin.

當你想到特別是想要第二個來源的汽車製造商時，這最終將是我們與另一家半導體公司實施的授權安排，而授權收入基本上是 100% 的毛利率。

The Ideal shareholder -- as an Ideal shareholder-friendly company that is committed to maximizing future dilution to the benefit of shareholders and rewarding long-term shareholders commencement with the company's growth?

理想的股東－作為一家理想的股東友善公司，致力於最大限度地稀釋股東的未來利益，並以公司的成長來回報長期股東？

Yes. So Jeff, first, I'd say it would be minimizing future dilution would be our goal. So yes, we're very considered of how and when we raise money and the impact that, that will have on our investors. That's why we take the approach when we can, you don't want to try to raise money when you need money because that's -- those deal terms just don't look as good to the current existing shareholder base. So we evaluate the impact on the existing shareholder base anytime we consider anything involving capital.

是的。所以傑夫，首先，我想說，我們的目標是最大限度地減少未來的稀釋。所以，是的，我們非常考慮如何以及何時籌集資金，以及這將對我們的投資者產生的影響。這就是為什麼我們在可能的情況下採取這種方法，當你需要資金時你不想嘗試籌集資金，因為那些交易條款對當前現有的股東基礎來說看起來並不那麼好。因此，每當我們考慮涉及資本的任何事情時，我們都會評估對現有股東基礎的影響。

Do you anticipate or are interested in entering into any exclusivity agreements with customers such as automakers?

您是否預計或有興趣與汽車製造商等客戶簽訂任何獨家協議？

Me personally, no. I don't like exclusive agreements. But typically what you get for them, particularly if you're an early-stage company, you give up an awful lot. And I think it's too early to really know who are going to be the volume customers for us in the long term. So our objective is really going to be, let's get as many customers engaged as possible. It helps drive volume and drive cost down, it just opens more markets. So we would not be terribly interested in exclusivity, particularly at such an early stage in the company.

就我個人而言，不是。我不喜歡獨家協議。但通常情況下，你會放棄很多東西，特別是如果你是一家早期公司。我認為現在真正了解誰將成為我們的長期批量客戶還為時過早。因此，我們的目標實際上是，讓盡可能多的客戶參與其中。它有助於提高銷量並降低成本，它只是打開了更多市場。因此，我們不會對排他性非常感興趣，尤其是在公司的早期階段。

Can you talk about other companies developing this bidirectional power switch? Who are your competitors?

您能談談其他開發這種雙向電源開關的公司嗎？誰是你的競爭對手？

Yes, there's a lot of interest in bidirectional switching just a result of the fact that energy storage is going into so many applications. But what we've seen are approaches that are out there that are basically using existing topologies and just putting devices back to back and doubling their losses.

是的，人們對雙向開關很感興趣，因為儲能正在進入如此多的應用。但我們所看到的方法基本上是使用現有的拓撲，只是將設備背對背放置，使損耗加倍。

Our technical team -- and in fact, some of them were at a conference this week. And so we scan pretty routinely to see what's being done out there for bidirectional switching. And we haven't seen anything that is really terribly innovative that is going to dramatically impact the losses the way B-TRAN can. It's just these repackaging of multiple MOSFETs or multiple IGBTs as a way to make a bidirectional switch that might be convenient for electrical connection, but doesn't bring any significant improvement in terms of losses.

我們的技術團隊——事實上，他們中的一些人本週參加了一次會議。因此，我們定期進行掃描，看看雙向切換方面做了哪些工作。我們還沒有看到任何真正具有可怕創新性的東西能夠像 B-TRAN 那樣極大地減少損失。只是將多個MOSFET或多個IGBT重新封裝，作為一種雙向開關的方式，可能方便電氣連接，但在損耗方面並沒有帶來任何顯著的改善。

Do you have any specific opportunities in EV charging? Can you comment about those?

您在電動車充電方面有什麼具體的機會嗎？您能對此發表評論嗎？

Yes. In fact, we have some folks that are involved in EV charging in our test and evaluation program. EV charging really is focused on a couple of things. One is faster charging. So if you can push more power into a battery, you're charging it, you can charge it in a lower amount of time. The other thing we're seeing is some of the business models that are coming out for the EV charging folks are actually incorporating buffer batteries with the EV chargers because what they're finding is for a lot of people, they're charging their electric vehicles on their way home from work, if they stop at the grocery store or stop to run errands.

是的。事實上，我們的測試和評估計劃中有一些人參與了電動車充電。電動車充電確實專注於幾件事。一是充電速度更快。因此，如果您可以為電池注入更多電量，那麼您就可以在更短的時間內為其充電。我們看到的另一件事是，為電動車充電人員推出的一些商業模式實際上是將緩衝電池與電動車充電器結合在一起，因為他們發現對許多人來說，他們正在為電動車充電車輛在下班回家的路上，如果他們停在雜貨店或停下來辦事。

So the electric vehicles are being charged during the peak demand of the day and the highest rates if they couple backup batteries with them, they can charge those batteries from the grid at night and then use those to charge vehicles. So there's an interest in the bidirectionality that we're seeing and EV charging as people get more sophisticated business models out there. So I think there's going to be some pretty good opportunities for us in that marketplace because those business models are certainly evolving and looking to innovate so that they have something that helps them get more useful kilowatt hours into the vehicles.

因此，電動車在一天的高峰需求期間進行充電，如果將備用電池與電動車連接起來，他們可以在晚上從電網為這些電池充電，然後用它們為車輛充電。因此，隨著人們獲得更複雜的商業模式，我們對雙向性和電動車充電產生了興趣。因此，我認為我們在這個市場上將會有一些非常好的機會，因為這些商業模式肯定在不斷發展並尋求創新，以便他們擁有可以幫助他們在車輛中獲得更多有用千瓦時的東西。

What about garnering capital support from some of these major players you are dealing with?

從與您打交道的一些主要參與者那裡獲得資本支持怎麼樣？

I think if there is an opportunity to particularly form a little more strategic relationship with some of them, we would certainly be open to that discussion because it certainly gives you validation, among others in the customer base. I think we have to get a little bit further along in terms of our engagement with some of them where they're actually starting to incorporate actual finished product into their OEM products, but I think it's something that could be pretty important for us in terms of just the strategic relationships and how we access capital and how we grow the market.

我認為，如果有機會與其中一些建立更具策略性的關係，我們肯定會願意進行討論，因為它肯定會為您以及客戶群中的其他人帶來驗證。我認為我們必須在與其中一些公司的接觸方面取得進一步進展，他們實際上已經開始將實際的成品納入他們的 OEM 產品中，但我認為這對我們來說可能非常重要只是戰略關係以及我們如何獲得資本以及我們如何發展市場。

How is semiconductor supply, chain disruptions impacted the company to date? And what will be the impact as you commercialize the technology and start to ramp volumes?

迄今為止，半導體供應、供應鏈中斷對公司有何影響？當您將該技術商業化並開始增加產量時，將會產生什麼影響？

Well, as we were going through the development work, we use development fabs in the U.S. So we didn't really see any disruption in what we were doing. As we were working on our driver, we saw some issues with parts availability. But generally, when you're designing a circuit board, if there's not a certain resistor that you're looking for, there's one that is close to it that you can get as an alternative. But it's been very much our focus in terms of where should our wafer fabs be, who should they be, who are we partnering with for packaging.

嗯，當我們進行開發工作時，我們使用美國的開發工廠，因此我們並沒有真正看到我們正在做的事情受到任何干擾。當我們開發驅動程式時，我們發現了一些零件可用性問題。但一般來說，當您設計電路板時，如果沒有您正在尋找的特定電阻器，則可以找到接近它的電阻器作為替代品。但我們重點關注的是我們的晶圓廠應該在哪裡、他們應該是誰、我們與誰合作進行封裝。

So I think the disruptions that the industry saw as a result of COVID figure very prominently in our thinking in terms of who we work with and what those arrangements look like. Fortunately, since we are working in silicon, the wafers that we use are commonly available, they're typically the same kind of specs you would make in IGBT with. So they're made in high volume in many places around the world. So it's really who's fabricating your wafers and who's doing your packaging that we focus on making sure that we've got diversity in terms of capability and geography. So if there is another global disruption in supply chains, we've done the best that we can do to insulate ourselves from interrupting the business.

因此，我認為，新冠疫情對產業造成的破壞在我們對與誰合作以及這些安排是什麼樣子的思考中佔據了非常重要的地位。幸運的是，由於我們從事矽工作，因此我們使用的晶圓很常見，它們通常與您在 IGBT 中製造的規格相同。因此它們在世界各地大量生產。因此，我們真正關注的是誰在製造您的晶圓以及誰在進行您的包裝，以確保我們在能力和地理位置方面擁有多樣性。因此，如果全球供應鏈再次中斷，我們會盡力避免業務中斷。

It looks like we're all out of time. Dan, do you have any closing remarks?

看來我們都沒有時間了。丹，您有什麼結束語嗎？

I just want to thank everybody for joining our call. We've made great progress on our path to commercialize our technology, our talented team is on track for a very successful 2023. We look forward to some commercial announcements in advance of our next update call and also our introduction of our next product to the marketplace, and we'll continue to actively share our story with the investment community. So at this point, I'd like to thank everybody for joining us. And operator, you may end the call.

我只想感謝大家加入我們的電話會議。我們在技術商業化的道路上取得了巨大進步，我們才華橫溢的團隊預計在2023 年取得非常成功。我們期待在下一次更新電話會議之前發布一些商業公告，也期待我們向市場推出我們的下一款​​產品。市場，我們將繼續積極與投資界分享我們的故事。此刻，我要感謝大家加入我們。接線員，您可以結束通話了。

Thank you. Ladies and gentlemen, this concludes today's conference, and you may disconnect your lines at this time. We thank you for your participation.

謝謝。女士們、先生們，今天的會議到此結束，您可以掛斷電話了。我們感謝您的參與。