Ideal Power Inc (IPWR) 2023 Q3 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to the Ideal Power third quarter 2023 results call. (Operator Instructions) As a reminder, this event is being recorded.

早安，女士們、先生們，歡迎參加理想動力 2023 年第三季業績電話會議。 （操作員說明）謹此提醒，正在記錄此事件。

I would now like to turn the conference over to Jeff Christensen. Please go ahead.

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 third 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 third quarter 2023 financial results press release is available on the company's website at ideal power.com.

謝謝你，接線生。大家早安。感謝您參加理想動力 2023 年第三季電話會議。與我一起參加電話會議的有總裁兼執行長 Dan Brdar 和財務長 Tim Burns。 Ideal Power 2023 年第三季財務業績新聞稿可在公司網站 Ideal power.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 perspectives 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.

在我們開始之前，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，這些風險和不確定性可能會導致實際結果發生變化。與電話中描述的內容有重大差異。請參閱該公司向 SEC 提交的文件以獲取相關風險列表，我們還將引導您訪問該公司的網站以獲取更多支援行業資訊。

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 third quarter 2023 financial results conference call. I'll update you on our progress since the start of the third quarter, including the successful completion of all of our 2023 milestones to date, as well as our priorities for the balance of the year to commercialize our B-TRAN semiconductor technology. 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 年第三季財務業績電話會議。我將向您介紹自第三季初以來我們的進展情況，包括迄今為止成功完成 2023 年所有里程碑的情況，以及今年剩餘時間將 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 third quarter and all of 2023 showed continued excellent progress and continued execution against our published milestones focused on our transition from a technology development company to a commercial company.

第三季和 2023 年全年表現出持續的出色進展和對我們發布的里程碑的持續執行，重點是我們從技術開發公司向商業公司的轉型。

We're stacking sequential quarters of some of the most significant accomplishments in the company's history. This quarter, we accomplished several key advances that underscored the technical and commercial progress of our B-TRAN commercialization roadmap.

我們連續幾個季度匯總了公司歷史上一些最重要的成就。本季度，我們取得了多項關鍵進展，凸顯了 B-TRAN 商業化路線圖的技術和商業進展。

We're thrilled about our momentum and recent success in six major areas. First, we successfully completed Phase 1 and secured Phase 2 of our development program with a top 10 global automaker. Second, we added the SymCool IQ intelligent power module, our second commercial product to our commercial product offering.

我們對我們的勢頭和最近在六個主要領域取得的成功感到非常興奮。首先，我們成功完成了開發計畫的第一階段，並與全球十大汽車製造商合作獲得了第二階段的支持。其次，我們新增了 SymCool IQ 智慧電源模組，這是我們商業產品系列中的第二個商業產品。

Third, we completed shipments to all the large companies in our customer test and evaluation programs and recently added a global power conversion supplier to the program. Fourth, in response to customer requests, we're providing volume quotes through large test and evaluation program participants. Participants in the program have expanded their plans for B-TRAN to include additional applications.

第三，我們完成了向客戶測試和評估計劃中所有大公司的發貨，並且最近在該計劃中添加了一家全球電源轉換供應商。第四，為了回應客戶的要求，我們透過大型測試和評估計畫參與者提供大量報價。該計劃的參與者擴展了他們的 B-TRAN 計劃，以納入更多應用程式。

Fifth, we delivered hundreds of tested and package B-TRAN devices diversified technologies to complete our work under the NAVSEA solid-state circuit breaker program. And sixth, we began discussions with potential distributors for our SymCool and SymCool IQ Power modules.

第五，我們交付了數百個經過測試和封裝的 B-TRAN 設備多元化技術，以完成我們在 NAVSEA 固態斷路器計畫下的工作。第六，我們開始與 SymCool 和 SymCool IQ 電源模組的潛在經銷商進行討論。

We're actively engaged with multiple customers in each of our key markets, and I'm pleased and excited about our progress and the feedback we're receiving from our growing customer engagements. The introduction of our technology comes at a time when there are significant macro trends in the adoption of renewables and electric vehicles.

我們積極與每個關鍵市場的多個客戶合作，我對我們的進展以及我們從不斷增長的客戶參與中收到的反饋感到高興和興奮。我們的技術的推出正值再生能源和電動車的採用出現重大宏觀趨勢之際。

Key market segments, we expect to act as a driver of our revenue growth in the coming years. The increased electrification of our society and the growing adoption of batteries for a wide range of applications is driving an increased need for more efficient semiconductors for bidirectional power control.

我們預計關鍵細分市場將成為未來幾年營收成長的驅動力。我們社會的電氣化程度不斷提高，電池在各種應用中的日益普及，推動了對用於雙向功率控制的更高效半導體的需求不斷增加。

Utilizing conventional technologies, bidirectional switches for high-power applications are made using pairs of IGBTs and diodes. The downside of conventional semiconductors are they need four devices to make a bidirectional switch, which doubles the conduction losses of the individual IGBTs.

利用傳統技術，高功率應用的雙向開關是使用成對的 IGBT 和二極管製成的。傳統半導體的缺點是需要四個裝置來實現雙向開關，這使得各個 IGBT 的傳導損耗加倍。

B-TRAN enables bidirectional switching in a single device. And most importantly, B-TRAN does it with five times lower conduction losses, which translates to more useful energy for the end-use application versus the conventional approach.

B-TRAN 可在單一裝置中實現雙向交換。最重要的是，B-TRAN 的傳導損耗降低了五倍，這意味著與傳統方法相比，最終用途應用可以提供更多有用的能量。

So that means more usable kilowatt hours out of an energy storage installation or a solar plus storage installation. It means greater range for electric vehicle. It can mean faster charging for charging solutions. It's all about dramatically reducing the losses from the semiconductors that are the core of many modern products.

因此，這意味著儲能裝置或太陽能+儲能裝置可以提供更多的可用千瓦時。這意味著電動車的行駛里程更長。這可能意味著充電解決方案的充電速度更快。這一切都是為了大幅降低作為許多現代產品核心的半導體的損耗。

Our B-TRAN is moving into commercialization at a great time when renewables, energy storage, electric vehicles and 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.

我們的 B-TRAN 正在進入商業化，此時再生能源、能源儲存、電動車和電動車充電正處於採用的早期階段。這些細分市場仍然面臨著成長曲線的最大部分。

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.

B-TRAN 固有的雙向性和較低的損耗非常適合再生能源，再加上能量存儲，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。

Automotive manufacturers are finding with B-TRAN, there's a path to reduce power semiconductor costs, the second largest production cost in electric vehicles and simultaneously improving vehicle range to mitigate driver range anxiety.

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以減輕駕駛員的續航里程焦慮。

We're participating in a large, rapidly growing market for high-power semiconductor devices. That market is projected to reach $11 billion by 2026 and will be driven for many years by the adoption of renewable energy, energy storage, electric vehicles and EV charging infrastructure.

我們正在參與一個龐大且快速成長的高功率半導體裝置市場。該市場預計到 2026 年將達到 110 億美元，並將在未來多年內受到再生能源、能源儲存、電動車和電動車充電基礎設施的採用的推動。

We expect industrial markets, and in particular, solid-state circuit breakers served by our SymCool Power module to be the earliest source of our product sales. And then right behind that, in a matter of few months will be our SymCool IQ intelligent Power Module, that product applies to the renewables market, particularly renewables, coupled with energy storage, EV charging and other industrial markets.

我們預期工業市場，特別是由我們的 SymCool 電源模組提供服務的固態斷路器將成為我們產品銷售的最早來源。緊隨其後的是，我們的 SymCool IQ 智慧功率模組將在幾個月內推出，該產品適用於再生能源市場，特別是再生能源，以及儲能、電動車充電和其他工業市場。

These applications have a relatively short design cycle of about one year. And behind that, our next revenue will come from automotive manufacturers. It generally takes three to five years to get through the automakers process a process. A process we started with a top 10 global automaker last year.

這些應用的設計週期相對較短，約一年。而這背後，我們的下一個收入將來自汽車製造商。汽車製造商一般需要三到五年的時間才能走完一個流程。去年，我們與一家全球十大汽車製造商啟動了這項流程。

So the industrial markets will drive our initial revenue ramp as we ramp the business up, and continuing right behind that will be the automakers that we're engaged with that will be buying in high-volume to support their EV platforms.

因此，隨著我們業務的發展，工業市場將推動我們最初的收入成長，而緊隨其後的是我們與之合作的汽車製造商，他們將大量購買產品以支持他們的電動車平台。

We utilize an asset-light business model and are leveraging the large investment that's already been made in the silicon wafer processing infrastructure. We're a core technology team with a testing lab here in Austin and a small but growing outward-facing business development team, focused on commercializing our technology. And in terms of fabrication of wafers and packaging, all that is outsourced, leveraging the existing huge industry investment in silicon wafer processing and packaging.

我們採用輕資產商業模式，並利用已經在矽晶圓加工基礎設施方面進行的大量投資。我們是一個核心技術團隊，在奧斯汀設有一個測試實驗室，還有一個規模雖小但不斷發展的外向業務開發團隊，專注於將我們的技術商業化。在晶圓製造和封裝方面，所有這些都是外包的，並利用了現有在矽晶圓加工和封裝方面的巨大行業投資。

As we continue to execute on our aggressive B-TRAN commercialization roadmap, our near-term priorities are, begin initial sales of our SymCool Power Module, complete Phase 2 of our development program with a top 10 global automaker in the first quarter of 2024, continue providing sales quotes for large test and evaluation program participants, continued shipments to test and evaluation program participants.

隨著我們繼續執行積極的B-TRAN 商業化路線圖，我們近期的首要任務是開始SymCool 電源模組的首次銷售，在2024 年第一季度與全球十大汽車製造商完成我們的開發計劃的第二階段，繼續為大型測試和評估計劃參與者提供銷售報價，繼續向測試和評估計劃參與者發貨。

This is an embedded process in our sales and marketing and a source of input for our next-generation products. Continuing multiple wafer runs with our first high-volume wafer foundry to support our SymCool and SymCool product builds, automotive certification testing and test and evaluation partners, and qualify our second high-volume wafer foundry, including completion of a wafer run at their production facility.

這是我們銷售和行銷中的一個嵌入式流程，也是我們下一代產品的輸入來源。繼續與我們的第一個大批量晶圓代工廠進行多次晶圓運行，以支援我們的SymCool 和SymCool 產品構建、汽車認證測試以及測試和評估合作夥伴，並驗證我們的第二個大批量晶圓代工廠的資格，包括在其生產設施完成晶圓運作。

The full flow engineering run with this wafer fab is progressing well and is expected to be completed early in the second quarter of 2024. We're confident we'll have ample capacity to ship devices for the expected demand over the next few years.

該晶圓廠的全流程工程運作進展順利，預計將於 2024 年第二季初完成。我們相信，我們將有足夠的產能來運送設備，以滿足未來幾年的預期需求。

And I'll discuss the highlights of some of those third quarter accomplishments and our priorities along with other key developments. SymCool Power Modules are in fabrication at both of our packaging partners. Design cycles for industrial applications such as solid-state circuit breakers vary, but they typically take about a year.

我將討論第三季的一些成就的亮點、我們的優先事項以及其他關鍵進展。 SymCool 電源模組正在我們的兩個封裝合作夥伴處製造。固態斷路器等工業應用的設計週期各不相同，但通常需要一年左右。

Revenue for SymCool is expected to begin ramping in the second half of 2024 as initial customers complete their evaluation of the SymCool product and their result in solid-state circuit breaker product designs.

隨著初始客戶完成對 SymCool 產品的評估以及固態斷路器產品設計的結果，SymCool 的收入預計將於 2024 年下半年開始增加。

Moving on, we entered into a development agreement late last year with the 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.

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，與一家同樣由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 module is targeted for use the electric vehicle drivetrain inverters and 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.

這種基於 B-TRAN 的客製化模組旨在用於電動車傳動系統逆變器和汽車製造商的下一代電動車平台。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。

We're thrilled with the success of Phase 1 and the advancement in the Phase 2 of our development program with this automaker. The B-TRAN devices delivered to the automaker in Phase 1 outperformed the device performance specifications provided to them at the beginning of the program.

我們對與這家汽車製造商合作的開發計劃第一階段的成功和第二階段的進展感到非常興奮。第一階段交付給汽車製造商的 B-TRAN 設備的性能優於專案開始時提供給他們的設備性能規格。

The successful completion of Phase 1 was customer validation of the performance of B-TRAN and its potential impact on improving EV range and costs. We leveraged our success with this customer to attract and engage a Tier 1 auto supplier and expect it will also lead to engagement with other automobile OEMs and Tier 1 suppliers.

第一階段的成功完成是客戶對 B-TRAN 性能及其對改善電動車續航里程和成本的潛在影響的驗證。我們利用與該客戶的成功來吸引和接觸一級汽車供應商，並預計這也將導致與其他汽車原始設備製造商和一級供應商的接觸。

This program is on an accelerated timeline to get the custom module production ready by 2025 as the customer's stated goal for the program. We successfully completed all Phase 1 deliverables of this multi-year development program, including completing a wafer run, shipment of devices and test boards to both the automaker and the packaging company, they selected and providing technical support and testing on B-TRAN, its performance and drive circuitry.

該計劃正在加速推進，以期在 2025 年之前完成客製化模組的生產，這是客戶對該計劃的既定目標。我們成功完成了這個多年開發計畫的所有第一階段交付成果，包括完成晶圓運行、向汽車製造商和封裝公司運送設備和測試板，他們選擇了B-TRAN，並為其提供技術支援和測試。性能和驅動電路。

Phase 2 builds on the completion of all Phase 1 deliverables. In Phase 2, we're continuing to collaborate with the automaker and the automakers packaging company, supplying B-TRAN devices for integration into the custom power module design and finalizing the test plan for Phase 3.

第二階段建立在完成第一階段所有可交付成果的基礎上。在第二階段，我們將繼續與汽車製造商和汽車製造商封裝公司合作，提供 B-TRAN 裝置以整合到客製化電源模組設計中，並最終確定第三階段的測試計劃。

Phase 3 will be extensive testing of the custom module incorporating B-TRAN devices to meet automotive certification standards, enabling B-TRAN to be the core of the power train inverter for the automaker's next-generation electric vehicles.

第三階段將對包含 B-TRAN 裝置的客製化模組進行廣泛測試，以滿足汽車認證標準，使 B-TRAN 成為汽車製造商下一代電動車動力傳動系統逆變器的核心。

Three of the five deliverables in Phase 2 of the program have already been completed and the fourth deliverable should be completed in the next couple of weeks, well ahead of schedule. We're already discussing the scope of Phase 3 with the top 10 automaker and expected to start testing for automotive qualification in advance of completing Phase 3.

該計劃第二階段的五個可交付成果中的三個已經完成，第四個可交付成果應在接下來的幾週內完成，遠遠提前於計劃。我們已經在與排名前 10 的汽車製造商討論第三階段的範圍，並預計在完成第三階段之前開始汽車資格測試。

Turning to our test and evaluation program, B-TRAN customer shipments to program participants included multiple package B-TRAN devices, a device driver and a power test board housed in a safety enclosure to facilitate and accelerate the evaluation process.

談到我們的測試和評估計劃，B-TRAN 客戶向計劃參與者運送的貨物包括多個封裝 B-TRAN 設備、設備驅動程式和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, the program participants include a top 10 global automaker, global Tier-1 automotive supplier, leading provider in the solar industry, two Forbes Global 500 power management companies and a global provider of backup power and energy managed solutions and several others with additional kits to follow for current and new program participants.

迄今為止，B-TRAN 的出貨量，該計畫參與者包括全球排名前10 的汽車製造商、全球一級汽車供應商、太陽能產業的領先供應商、兩家福布斯全球500 強電源管理公司以及一家全球備用電源和能源管理解決方案供應商。其他幾個也為當前和新的計劃參與者提供了額外的套件。

These shipments and subsequent customer evaluations have already led to requests from some of the multi-billion dollar companies in our test & evaluation program for multiyear high-volume quotations for use in their own internal product planning. The conversion of a single opportunity could potentially have a significant impact on the trajectory of our pending revenue ramp.

這些發貨和隨後的客戶評估已經導致一些價值數十億美元的公司在我們的測試和評估計劃中提出了多年大批量報價的請求，以用於他們自己的內部產品規劃。單一機會的轉換可能會對我們即將實現的營收成長軌跡產生重大影響。

As previously announced this quarter, we added a European-based global power conversion and energy storage supplier with over $500 million in annual sales through the B-TRAN test and evaluation program roster.

正如本季度先前宣布的那樣，我們透過 B-TRAN 測試和評估計劃名冊添加了一家年銷售額超過 5 億美元的歐洲全球電力轉換和儲能供應商。

The company will evaluate B-TRAN initially for use in its static switches in data center UPS systems, solar inverters and energy storage products. They focus on improving energy efficiency in these products to reduce operating cost for their customers. This global supplier presents multiple opportunities for us. They address three of our target markets, UPS systems for data centers, renewable energy and energy storage.

該公司將首先評估 B-TRAN 在資料中心 UPS 系統、太陽能逆變器和儲能產品的靜態開關中的使用情況。他們專注於提高這些產品的能源效率，以降低客戶的營運成本。這家全球供應商為我們提供了多種機會。它們針對我們的三個目標市場：資料中心 UPS 系統、再生能源和能源儲存。

Shifting to our second product, we added SymCool IQ to our commercial product offerings. It's built on the multi-die packaging design of SymCool and adds an intelligent driver optimized for bidirectional operation. This product targets renewables, particularly renewables, such as solar and wind coupled with energy storage, stand-alone energy storage, UPS data centers, EV charging and other industrial end markets.

轉向我們的第二個產品，我們將 SymCool IQ 加入我們的商業產品。它建立在 SymCool 的多晶片封裝設計之上，並添加了針對雙向操作優化的智慧驅動程式。該產品針對再生能源，特別是再生能源，例如太陽能和風能與儲能、獨立儲能、UPS資料中心、電動車充電和其他工業終端市場。

Similar to the solid-state circuit breaker market. These markets typically have design cycles closer to year. Revenue for the intelligent power module will start next year and ramp up as OEM product designs are completed. Let's turn to the supply chain that ensures we'll support our sales ramp beginning in the second half of 2024.

類似固態斷路器市場。這些市場的設計週期通常接近年份。智慧功率模組的收入將於明年開始，並隨著 OEM 產品設計的完成而增加。讓我們轉向確保我們能夠支援 2024 年下半年開始的銷售成長的供應鏈。

Earlier this year, we qualified in Asian wafer fabrication supplier with high-volume capability. Test results from the first full flow engineering run with this wafer fabricator demonstrated the manufacturability of B-TRAN with high yield without the need for significant capital investments, an excellent device performance clearing the last and by far the biggest technical risks for B-TRAN development and commercialization.

今年早些時候，我們獲得了具有大批量生產能力的亞洲晶圓製造供應商資格。該晶圓製造商首次全流程工程運行的測試結果證明了B-TRAN 的可製造性，產量高，無需大量資本投資，出色的裝置性能消除了B-TRAN 開發的最後一個也是迄今為止最大的技術風險和商業化。

This successful fabrication run was accomplished in the wafer foundry's existing silicon wafer 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 a prerequisite for commercialization.

這次成功的製造運作是在晶圓代工廠現有的矽晶圓製造線上完成的，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 outperformed our expectations. We conducted switching tests on discrete package devices and demonstrated a robust nature of our device design. Our discrete package devices, which are rated at 50 amps, were successfully tested up to 150 amps or three times the rating shown on our data sheet.

晶圓和裝置測試結果顯示出高良率、最小的晶片間變異性，並且超出了我們的預期。我們對分立封裝裝置進行了開關測試，並證明了我們裝置設計的穩健性。我們的分立封裝元件的額定電流為 50 安培，已成功測試高達 150 安培，即我們資料表中所示額定值的三倍。

As a result of this testing, a 100 amp rating of our multi-die SymCool Power Module was increased to 160 amps. The results exceeded our expectations and validated the strength of our device design and the full process flow for B-TRAN that we developed over several years working with development fabrication partners.

此次測試的結果是，我們的多晶片 SymCool 電源模組的 100 安培額定值增加至 160 安培。結果超出了我們的預期，驗證了我們設備設計的實力以及我們多年來與開發製造合作夥伴合作開發的 B-TRAN 完整流程。

As you might imagine, engineers at our target customers are excited to see that our technology performs well beyond its advertised specifications. We have multiple wafer runs ongoing with this high-volume wafer foundry.

正如您可能想像的那樣，我們目標客戶的工程師很高興看到我們的技術表現遠遠超出其廣告規格。我們正在與這家大批量晶圓代工廠進行多次晶圓生產。

These runs will provide ample devices for additional 2023 deliveries under our test & evaluation program, SymCool production and to support our development program with a top 10 global automaker. We're pleased with both the performance and overall quality of wafer fabrication and the technical capability of the wafer foundry's manufacturing team.

這些運行將為我們的測試和評估計劃、SymCool 生產下的 2023 年額外交付提供充足的設備，並支援我們與全球十大汽車製造商的開發計劃。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 automobile standards, making it a qualified supplier for the automotive programs and reflecting the high standards capabilities and quality of their wafer fabrication. Also, as I mentioned last quarter, we're working with the second high-volume wafer foundry in Europe.

該晶圓代工廠也已通過汽車標準認證，成為汽車項目的合格供應商，反映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。

The foundry completed a feasibility study and engineering short loops for key process steps and started a qualification run. Based on the successful short loops and the wafer foundry's experience and expertise in manufacturing bipolar devices, such as IGBTs, we're confident that we'll be able to complete qualification of this foundry in the second quarter of next year.

該鑄造廠完成了可行性研究和關鍵製程步驟的短循環設計，並開始了資格運作。基於成功的短環以及晶圓代工廠在製造雙極元件（例如 IGBT）方面的經驗和專業知識，我們有信心在明年第二季完成該代工廠的資格認證。

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 capacity for the large customers we're engaging.

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能力。

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 risks.

兩家晶圓代工廠都擁有世界一流的經驗設施和能力，並渴望從事B-TRAN等新的高性能技術。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，作為我們減輕供應鏈風險策略的一部分。

We're not aware of any competing inherently bidirectional technologies. And our technology is heavily protected through patents and trade secrets. Looking at our expanding B-TRAN patent state, we have 77 issued B-TRAN patents with 33 of those issued outside of the United States.

我們不知道有任何競爭性的固有雙向技術。我們的技術受到專利和商業機密的嚴格保護。從我們不斷擴大的 B-TRAN 專利狀態來看，我們擁有 77 項已頒發的 B-TRAN 專利，其中 33 項是在美國境外頒發的。

Our current geographic coverage for our patents includes North America, China, Japan, South Korea, India and Europe with pending coverage in Taiwan, all representing high priority patent coverage geographies.

我們目前專利的地理覆蓋範圍包括北美、中國、日本、韓國、印度和歐洲，以及台灣地區的待覆蓋區域，所有這些都代表了高優先專利所涵蓋的地理區域。

As part of our product developments 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.

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 B-TRAN patents is now at 36. In addition, we treat our double-sided wafer fabrication process as a trade secrets. 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.

由於我們不斷創新，我們正在申請的 B-TRAN 專利現已達到 36 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、高性能的用於商業銷售的雙面器件，製造流程中需要大量的學習。

In summary, market interest is strong, and we remain focused on executing our B-TRAN commercialization roadmap. We're thrilled that we are successfully executing to plan, having already met all of our milestones for the first nine months of the year and remain on track to meet the key milestones and objectives I outlined for the remainder of the year.

總之，市場興趣濃厚，我們仍然專注於執行我們的 B-TRAN 商業化路線圖。我們很高興我們能夠成功地執行計劃，已經實現了今年前九個月的所有里程碑，並且繼續按計劃實現我為今年剩餘時間制定的關鍵里程碑和目標。

We expect B-TRAN to displace conventional power semiconductor solutions in many applications within the electric vehicle, renewable energy, energy storage, solid-state circuit breaker and motor drive market.

我們預計 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解決方案。

Now I'd like to hand the call over to our Chief Financial Officer, Tim Burns, to review our third quarter financial results. Tim?

現在我想將電話轉交給我們的財務長蒂姆伯恩斯，以審查我們第三季的財務業績。提姆？

Thank you, Dan. I will review the third quarter 2023 financial results. We recorded minimal development revenue for the third quarter. Development revenue in the fourth quarter is expected from the Phase 2 work under our development agreement with a top 10 global automaker.

謝謝你，丹。我將回顧 2023 年第三季的財務表現。我們第三季的開發收入微乎其微。第四季的開發收入預計來自我們與全球十大汽車製造商簽訂的開發協議下的第二階段工作。

Operating expenses were $2.8 million in the third quarter of 2023 compared to $1.8 million in the third quarter of 2022, driven primarily by higher research and development expenses. We completed our work with our development foundry partners in the third quarter and started several wafer runs with our qualified high-volume production foundry.

2023 年第三季的營運費用為 280 萬美元，而 2022 年第三季的營運費用為 180 萬美元，主要是由於研發費用增加。我們在第三季完成了與開發代工合作夥伴的合作，並與我們合格的大批量生產代工廠開始了幾次晶圓生產。

We also started our qualification run with a second high-volume production foundry. Operating expenses were also impacted by higher personnel costs as we added headcount over the last year and reflected higher stock-based compensation expense on performance stock units in new hire grants.

我們也開始與第二家大批量生產鑄造廠進行資格認證。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，並反映出新員工補助中績效股票單位的股票薪酬費用增加。

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 future government funding.

我們仍然預計營運支出會出現一些季度變化，特別是由於半導體製造運作和其他開發活動和招聘的時間表以及未來政府資助的潛在影響，我們的研發支出將出現一些變化。

We expect to keep general and administrative expenses relatively flat in the fourth quarter, 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 continue to increase modestly in coming quarters due to hiring costs associated with commercialization efforts, including new product launches.

儘管通貨膨脹對服務成本產生了影響，但我們預計第四季度的一般和管理費用將保持相對平穩，排除股票薪酬費用的影響。由於與商業化工作（包括新產品發布）相關的招聘成本，預計未來幾季的銷售和行銷支出將繼續小幅增長。

Net loss for the third quarter of 2023 was $2.7 million compared to $1.7 million in the third quarter of 2022. Third quarter 2023 cash burn was $1.9 million on the lower end of our guidance of $1.9 million to $2.1 million as we continue to manage expenses prudently and aggressively.

2023 年第三季的淨虧損為270 萬美元，而2022 年第三季為170 萬美元。2023 年第三季的現金消耗為190 萬美元，低於我們指引的190 萬至210 萬美元的下限，因為我們繼續審慎管理費用並積極地。

Cash burn in the first nine months of 2023 was $5.6 million compared to $4.7 million in the same period in 2022. We expect fourth quarter 2023 cash burn of approximately $2.2 million to $2.4 million and full year 2023 cash burn of $7.8 million to $8 million. Cash and cash equivalents totaled $10.8 million at September 30, 2023. We have no debt and a clean capital structure.

2023 年前9 個月的現金消耗為560 萬美元，而2022 年同期為470 萬美元。我們預計2023 年第四季的現金消耗約為220 萬美元至240 萬美元，2023 年全年的現金消耗為780 萬美元至800 萬美元。截至 2023 年 9 月 30 日，現金及現金等價物總計 1,080 萬美元。我們沒有債務，資本結構乾淨。

Our business model, as Dan mentioned, is very asset-light. We have a core technical team that works from a technology and a small front-end team for business development. Even if we are wildly successful, we'll still have a small team of tens of people because we're outsourcing the manufacturing and the packaging, really leveraging the existing industry investment in silicon.

正如丹所提到的，我們的商業模式是非常輕資產的。我們有一個從技術做起的核心技術團隊和負責業務開發的小型前端團隊。即使我們取得了巨大成功，我們仍然擁有一個由數十人組成的小團隊，因為我們正在外包製造和封裝，真正利用了現有的矽產業投資。

Our cash burn was $6.8 million in 2022 and will be $7.8 million in 2023. We'll probably have a similar increase next year, we'll provide more definitive guidance on our year-end call. Given our planned cash burn, which remains modest. We have ample liquidity on our balance sheet to fund operations through 2024.

2022 年我們的現金消耗為 680 萬美元，2023 年將達到 780 萬美元。明年我們可能會有類似的成長，我們將在年終電話會議上提供更明確的指導。考慮到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 2024 年之前的營運提供資金。

We'll potentially see several potential sources of funds, including product sales, development agreements, other commercial agreements with upfront payments in government-funded programs, where we see opportunities to collaborate with some of our partners. We are also exploring potential strategic relationships with our well-capitalized partners.

我們可能會看到幾個潛在的資金來源，包括產品銷售、開發協議、政府資助項目中包含預付款的其他商業協議，我們在這些方面看到了與一些合作夥伴合作的機會。我們也正在探索與資本雄厚的合作夥伴建立潛在的策略關係。

As a public company, we also have access to the capital markets if necessary. To date, our balance sheet has not been a significant topic for discussion with partners as they recognize the commercial potential of our technology.

作為一家上市公司，如有必要，我們也可以進入資本市場。到目前為止，我們的資產負債表還不是與合作夥伴討論的重要議題，因為他們認識到我們技術的商業潛力。

At September 30th, we had 5,945,347 shares outstanding, up slightly from the end of June and 1,040,248 warrants outstanding, unchanged from the end of June, including 842,697 stock options, restricted stock units and performance stock units outstanding. We had 7,828,292 diluted shares outstanding at September 30th.

截至 9 月 30 日，我們已發行 5,945,347 股，較 6 月底略有增加；已發行認股權證 1,040,248 份，較 6 月底持平，其中已發行股票選擇權、限制性股票單位及績效股單位 842,697 份。截至 9 月 30 日，我們有 7,828,292 股稀釋後的流通股。

At this time, I'd like to open up the call for questions. Operator?

此時，我想開放提問。操作員？

Thank you. At this time, we are conducting the question-and-answer session. (Operator Instructions)

謝謝。此時，我們正在進行問答環節。 （操作員說明）

David Williams, The Benchmark Company.

大衛威廉斯，基準公司。

Good morning, Tim and Dan. Just congrats on the progress here, you've made tremendous strides and continue to put forth a lot of really nice progress. And so I guess my first question is just around the test and evaluation program participants.

早上好，提姆和丹。恭喜這裡取得的進展，您已經取得了巨大的進步，並將繼續取得許多非常好的進展。所以我想我的第一個問題是關於測試和評估計劃參與者的。

And you talked about from the high-volume quotes and expanding their plans for B-TRAN. Just any additional commentary there that help maybe give us a little more color on what that could mean and maybe the magnitude of what they're talking about?

您談到了大量報價以及擴大 B-TRAN 的計劃。是否有任何其他評論可以幫助我們更好地了解這可能意味著什麼以及他們正在談論的內容的重要性？

Yeah. So we have some very large companies in that program. So these are multibillion dollar companies, we've already started getting requests for multi-year high-volume quotes. And while they initially had -- one of these companies had initial interest in this specific application, they've really expanded to start thinking about different ways they could use the technology, different applications in their product portfolio that could take advantage of the benefits of B-TRAN. So it's really become some pretty good commercial discussions on not only the initial opportunity that they were looking at, but also expanding in other areas.

是的。所以我們有一些非常大的公司參與該計劃。這些都是價值數十億美元的公司，我們已經開始收到多年大批量報價的請求。雖然他們最初對這一特定應用程式感興趣，但他們確實已經開始考慮使用該技術的不同方式，以及其產品組合中可以利用該技術優勢的不同應用程式。B-TRAN。因此，這確實成為一些非常好的商業討論，不僅涉及他們正在尋找的最初機會，而且還涉及其他領域的擴展。

Great. And just thinking about from a design perspective, what are you finding, maybe are there challenges or hurdles? And can this be a socket for socket replacement against other competing technologies?

偉大的。從設計的角度思考，你發現了什麼，也許有挑戰或障礙？這是否可以成為替代其他競爭技術的插座？

Or is there a pretty heavy lift in terms of the design that's required in order for B-TRAN versus maybe just a standardized [MOSFET] or IGBT or other technologies?

或者，與標準化 [MOSFET] 或 IGBT 或其他技術相比，B-TRAN 所需的設計是否有相當大的提升？

Well, for any new semiconductor, if it brings some significant change in performance, you're going to want to do a redesign of your OEM product to get all the benefits out of it. So for example, you got half the losses, your thermal management system is going to look very different. So the plug-and-play route really would leave an awful lot of advantages on the table.

嗯，對於任何新的半導體，如果它帶來了性能上的一些重大變化，您將需要重新設計您的 OEM 產品以從中獲得所有好處。例如，您損失了一半，您的熱管理系統看起來會非常不同。因此，即插即用路線確實會留下許多優勢。

And what we're finding really is it's really more distant education, getting them up to speed on the technology, getting them to understand how it operates so that they can think about how they extract the full value of the performance potential for their OEM products.

我們真正發現的是，這確實是更遠距的教育，讓他們了解科技的最新情況，讓他們了解科技的運作方式，以便他們能夠思考如何充分發揮 OEM 產品性能潛力的價值。

Okay, pretty good. And then maybe just lastly for me on the -- if you think about your build material content in the circuit breaker or maybe even the auto inverter. Can you give us a size of what you think that could be, once we go into the market? Just curious what your total BOM could potentially be there. Thanks.

好的，相當不錯。然後，也許最後對我來說 - 如果你考慮一下斷路器甚至汽車逆變器中的建造材料內容。您能否告訴我們您認為進入市場後可能達到的規模？只是好奇您的總 BOM 可能有多少。謝謝。

What we understand from going through the Navy project and working with some of the folks that are actually doing solid-state circuit breaker designs, the semiconductor portion of it, it's about 30% of the BOM cost of the circuit breaker. So it's fairly substantial.

透過海軍計畫以及與一些實際進行固態斷路器設計的人員合作，我們了解到，其中的半導體部分約佔斷路器 BOM 成本的 30%。所以這是相當可觀的。

For some perspective there, the market itself for solid-state switching market is over $9 billion annual market. So it's very large market.

從某些角度來看，固態開關市場本身的年市場規模超過 90 億美元。所以這是一個非常大的市場。

Thanks so much, guys.

非常感謝，夥計們。

Thanks.

謝謝。

Jeff Grampp, Alliance Global Partners.

傑夫·格蘭普，聯盟全球合作夥伴。

Good morning, guys. I'm curious to if you guys could touch on your ability to handle additional companies in the test and evaluation program. It sounds like there's a lot of applications, a lot of demand. Obviously, it takes some internal resources to manage that.

早上好傢伙。我很好奇你們是否能談談你們在測試和評估計劃中處理其他公司的能力。聽起來有很多應用程序，很多需求。顯然，需要一些內部資源來管理它。

So just wondering how full your plate is right now and then how you guys are thinking about -- I guess, properly resourcing that team to handle the [balancing act] you might have?

所以只是想知道你們現在的任務有多滿，然後你們在想什麼——我想，為該團隊提供適當的資源來處理你們可能擁有的[平衡行為]？

Yeah, it is a balancing act. Part of what we're doing is we're prioritizing the companies that come into that program. You can spend as much time on -- four guys working out of the garage as you do with a multibillion-dollar company bringing into a new technology.

是的，這是一個平衡的行為。我們正在做的部分工作是優先考慮加入該計劃的公司。你可以花在車庫裡的四個人身上工作的時間，就像你花在一家價值數十億美元的公司引入新技術上一樣多的時間。

So we're really prioritizing first where there's opportunities for higher volume. It drives us to create a lot of really good material, technical material for those customers that we can reuse. So it's part of why we focused on getting a couple on each segment, and as we work with them and develop the material they need for training, for support, for doing circuit analysis so forth.

因此，我們確實首先優先考慮有機會獲得更高銷售量的地方。它促使我們為那些我們可以重複使用的客戶創造許多真正好的材料、技術材料。因此，這就是為什麼我們專注於在每個部分尋找一對夫婦，並且當我們與他們合作並開發他們所需的培訓、支援、電路分析等材料時。

It creates a lot of material that we can use over and over again, and we'll add a couple of people to that upfront team as we go here. In fact, we're looking for a couple of people right now as more and more people come into the program. But getting through those first couple of customers in each of those segments really helps us create a lot of material that we'll get a lot of reuse out of.

它創建了許多我們可以重複使用的材料，當我們來到這裡時，我們將向該前期團隊添加一些人。事實上，隨著越來越多的人加入該計劃，我們現在正在尋找一些人。但是，在每個細分市場中接觸到最初的幾個客戶確實有助於我們創建大量材料，我們將從中獲得大量重複使用。

Great. Thanks for that detail. And my follow-up regarding the Phase 2 timeline and milestones you mentioned, Dan. I think you said three to five another one you think is pretty close.

偉大的。謝謝你的詳細資料。我的後續行動是關於你提到的第二階段時間表和里程碑的，丹。我想你說了三到五另外一個你認為非常接近的。

Can you shed a little bit more light on what kind of the remaining hurdles are to get through Phase 2? Is it too simple to think of those linearly in terms of three or five and four or five or some of these may be shorter or longer milestones to get through?

能否進一步說明要度過第二階段還需要克服哪些障礙？將這些線性地視為三個或五個以及四個或五個里程碑是否太簡單了，或者其中一些可能是更短或更長的里程碑？

I think we've got pretty clear line of sight to get through the milestones here. One we've got coming up here in a couple of weeks. We've got really all the material, it's just about ready to send off to them as part of what we want to provide for that milestone, some of them are things like we had to submit our auto certification testing plan. It's a rather detailed plan of all the things that we're going to have done at a third party to meet automotive qualification.

我認為我們已經有了非常清晰的視野來完成這裡的里程碑。我們幾週後就會到這裡來。我們已經準備好了所有材料，正準備發送給他們，作為我們想要為這一里程碑提供的內容的一部分，其中一些是我們必須提交我們的汽車認證測試計劃。這是一個相當詳細的計劃，涵蓋了我們將在第三方完成的所有事情，以滿足汽車資格。

Now we have to wait to get feedback. The initial feedback is that it looks pretty thorough, but there might be some comments that might drive some little changes. So for us, it's really been pretty straightforward with the things that we need to deliver. We don't see any hurdles there in terms of getting through the last couple of them.

現在我們必須等待得到回饋。最初的回饋是它看起來相當全面，但可能會有一些評論可能會帶來一些小的改變。所以對我們來說，我們需要交付的東西確實非常簡單。在完成最後幾個任務方面，我們沒有看到任何障礙。

Great to hear. I'll turn it back. Thank you.

很高興聽到。我會把它轉回來。謝謝。

Brian Dobson, Chardan Capital Markets.

布萊恩·多布森，查丹資本市場。

Hey, thanks very much. Do you think you could give us a little bit of color on what you're hearing from key industrial contacts as far as adoption rates and timetables there? You had mentioned that industrial would lead the first wave of adoption?

嘿，非常感謝。您是否可以向我們介紹一下您從主要行業聯絡人那裡聽到的有關採用率和時間表的信息？您曾提到工業將引領第一波採用？

Yeah. So for us, the most immediate opportunity is solid-state circuit breakers. That's because of the timing of the launch of our SymCool product and the interest that, that product has garnered because of our program with the Navy.

是的。所以對我們來說，最直接的機會就是固態斷路器。這是因為我們推出 SymCool 產品的時機，以及該產品因我們與海軍的專案而引起的興趣。

So as we look at that opportunity, I would say that is furthest along and that could -- now we should here in the near-term, I have initial sales and then again ramping in the second half of 2024. Right behind that is that SymCool IQ product intelligent power module that's really targeting more renewables, energy storage, UPS applications, et cetera.

因此，當我們看到這個機會時，我想說這是最遙遠的，而且可能 - 現在我們應該在短期內，我有初步銷售，然後在 2024 年下半年再次增加。緊隨其後的是SymCool IQ 產品智慧電源模組真正針對更多再生能源、能源儲存、UPS 應用等。

Those conversations I would say are just probably a few months behind, just as the product is the SymCool product just because of the timing of the launch of that product. But we expect similar traction as we get a little bit further along with companies in our test evaluation program that are focused in those areas.

我想說，這些對話可能只是晚了幾個月，就像該產品是 SymCool 產品一樣，只是因為產品發布的時間不同。但隨著我們與專注於這些領域的測試評估計劃中的公司取得進一步的進展，我們預計會有類似的吸引力。

Yeah, thanks for that color. And as you expand beyond industrial and into automotive, do you anticipate that the margin on your product will remain roughly the same or will it vary by segment and volume? How do you contemplate that going forward?

是的，謝謝你的顏色。當您從工業領域擴展到汽車領域時，您預計產品的利潤率將保持大致相同還是會因細分市場和數量而異？您如何看待未來的發展？

We think it could vary significantly customer to customer, opportunity and opportunity. But what we've looked at in terms of our business model is really its scale, getting to about 50% gross margins from product sales. And then as we look out and you talked about automotive, those automotive companies may very well want a second source.

我們認為，不同客戶、不同機會的情況可能會大不相同。但我們所關注的商業模式實際上是其規模，產品銷售的毛利率約為 50%。然後，當我們展望未來並且您談到汽車時，這些汽車公司很可能需要第二個來源。

We would be potentially interested in outsourcing the manufacturing in terms of licensing to a another large semiconductor company so that they can secure a second source that's much larger than us. And if we have those opportunities, that licensing revenue would obviously be pretty much 100% gross margin. So we could be incrementally better than 50% as we add more and more licencing to the mix.

我們可能有興趣將許可方面的製造外包給另一家大型半導體公司，以便他們能夠獲得比我們大得多的第二個來源。如果我們有這些機會，那麼授權收入顯然將達到 100% 的毛利率。因此，隨著我們在組合中添加越來越多的許可，我們的成績可能會逐漸好於 50%。

Excellent. Thanks very much.

出色的。非常感謝。

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

我現在將把這個電話轉回傑夫·克里斯滕森（Jeff Christensen），以閱讀透過網路廣播提交的問題。謝謝。

Thank you, Kelly. Our first question for the team is you recently now had a press release that B-TRAN outperformed the specs that you previously provided. How would you compare B-TRAN to competitors, including [silicon carbide solutions]?

謝謝你，凱利。我們向團隊提出的第一個問題是，您最近收到了一份新聞稿，表示 B-TRAN 的表現優於您先前提供的規格。您如何將 B-TRAN 與競爭對手（包括[碳化矽解決方案]）進行比較？

Yeah. If you look at -- for example, a bidirectional switch is made today based on silicon devices, IGBTs and diodes. If you look for really high performance, IGBTs and diodes, that system may have 2.5 to 3 volts of drop. We're five times better than that. We're less than -- we actually have -- depending on how we configure the device itself. We can be less than 0.5 of a Volt. So big impact.

是的。例如，如果您看一下，當今的雙向開關是基於矽裝置、IGBT 和二極管製成的。如果您尋找真正高效能的 IGBT 和二極管，該系統可能有 2.5 至 3 伏特的壓降。我們比那好五倍。我們實際上擁有的少於——取決於我們如何配置設備本身。我們可以小於 0.5 伏特。影響這麼大。

If you look at silicon carbide, silicon carbide -- the advantage silicon carbide brings is the ability to go to higher temperature and faster switching which we're finding is important in some applications. But if you look at the vast majority of high-power semiconductor applications, silicon carbide still just a small percentage of it.

如果你看看碳化矽，碳化矽——碳化矽帶來的優勢是能夠達到更高的溫度和更快的切換，我們發現這在某些應用中很重要。但如果你看看絕大多數高功率半導體應用，碳化矽仍然只佔其中的一小部分。

And part of it is because of the cost of the technology, it just isn't -- there's isn't enough performance improvement to justify its costs. So we're finding that we don't see much yet in the way of new solutions for bidirectional switching.

部分原因是技術成本，但事實並非如此——沒有足夠的性能改進來證明其成本的合理性。因此，我們發現我們還沒有看到太多雙向切換的新解決方案。

So we think we've got something that is really game-changing in terms of the level of performance that it can bring without having to incur some of the high costs of some of the more exotic materials that people have been pursuing for quite some time now.

因此，我們認為，就性能水平而言，我們已經得到了真正改變遊戲規則的東西，而不必承擔人們長期以來一直追求的一些更奇特材料的高成本。現在。

Thank you. And we have several questions in the queue here. And if you have a question, click on the ask-a-question button and we'll be happy to address it. Based on recent articles in [EE Power and Electronics Weekly], it appears that likely that SymCool has distinct advantages with a high demand to it.

謝謝。我們這裡有幾個問題正在排隊。如果您有疑問，請點擊“提問”按鈕，我們將很樂意解答。根據[EE Power and Electronics Weekly]最近的文章，SymCool 似乎有明顯的優勢，對其需求很高。

How are you positioned the company to make sure you can manage that demand and the expectations and satisfy these big customers?

您如何定位公司以確保您能夠管理該需求和期望並滿足這些大客戶？

Yeah, it's a good question. It's part of why we're actually in the process now of qualifying a second wafer fabricator. It's getting a wafer fabrication process tested, validated and ready to scale up. It takes quite a bit of time. It can take as long as a year easily to get through that process, which is why once we got the first one done, we didn't just say, okay, we're good for now.

是的，這是一個好問題。這也是我們現在正在對第二家晶圓製造商進行資格認證的部分原因。它正在對晶圓製造流程進行測試、驗證並準備擴大規模。這需要相當多的時間。輕鬆完成這個過程可能需要長達一年的時間，這就是為什麼一旦我們完成第一個過程，我們不會只是說，好吧，我們現在已經很好了。

We said what we really need to get a second one going here, which is why we've pursued the arrangement with the fab in Europe. So we want to make sure that as we come into 2024, we have plenty of capacity. So we're not trying to ramp one facility rapidly, but can actually spread that out between the two facilities. It gives us the ability to manage the supply chain a little bit better.

我們說了我們真正需要在這裡建造第二個工廠，這就是我們尋求與歐洲晶圓廠進行安排的原因。因此，我們希望確保在 2024 年到來之際，我們擁有充足的產能。因此，我們並不是試圖快速擴大一個設施的規模，而是實際上可以將其分散到兩個設施之間。它使我們能夠更好地管理供應鏈。

It keeps the fab from being in a crisis situation where they're trying to ramp faster than they're comfortable with the new product and allows us to make sure we've got a good steady flow of wafers we can use for a variety of applications.

它可以使晶圓廠避免陷入危機，因為他們試圖以比他們對新產品感到滿意的速度更快地提高產能，並讓我們能夠確保我們擁有良好穩定的晶圓流，可用於各種用途應用程序。

The nice thing about our technology and what we're doing is whether the wafers are going to be used in an application like electric vehicles or solid-state circuit breakers or solar energy storage, the dies that are getting made are all exactly the same.

我們的技術和我們正在做的事情的好處是，無論晶圓是否用於電動車、固態斷路器或太陽能儲存等應用，所製造的模具都是完全相同的。

So we actually have the ability to scale this pretty conservatively because we don't have to forecast where the dies are going to go. We don't have to forecast which mix we're going to need based on the applications and which one ramps first. So we think we've got a pretty robust way to ramp this up now once we get the second wafer fabricator through qualification.

所以我們實際上有能力相當保守地擴展這個規模，因為我們不必預測模具將要去哪裡。我們不必根據應用程式以及哪一個首先啟動來預測我們將需要哪種組合。因此，我們認為，一旦我們讓第二家晶圓製造商通過資格認證，我們就有了一種非常穩健的方法來提高這種速度。

Thank you. To clarify the company did state that -- if you could comment on it, the company did state that they expect revenue, commercial product revenue in the back half of 2023? And also if you could talk about the ramp and the timing of that ramp, any more color on that? And the industry's markets that there will be -- how the markets will roll out as you expect?

謝謝。為了澄清這一點，該公司確實表示——如果你可以對此發表評論，該公司確實表示他們預計 2023 年下半年的收入、商業產品收入？另外，如果你能談談斜坡和斜坡的時間，還有更多的顏色嗎？以及該行業將會出現的市場——市場將如何如您所期望的那樣展開？

Yeah. So first in terms of revenue, so we will have, obviously, development revenue from the Phase 2 of the program at the top 10 automakers here in the fourth quarter. In terms of the SymCool fabrication, that's in fabrication now and it's working like we may have devices available prior to year-end for commercial sale. So we'll have to see the exact timing on those sales, that product will be the first to ramp.

是的。首先是收入方面，顯然，我們將在第四季度從排名前 10 的汽車製造商的專案第二階段獲得開發收入。就 SymCool 製造而言，它現在正在製造中，而且它的工作方式就像我們可能在年底之前就可以提供商業銷售的設備一樣。因此，我們必須了解這些銷售的確切時間，該產品將首先上市。

Again, we've said, given the design cycles and evaluation cycles of some of these companies, we're looking at really modest volume for the first several months and then really ramping in the second half of 2024. So we do expect sales in the near term. But again, it will be modest in the first half and really start ramping in the second half.

我們再次說過，考慮到其中一些公司的設計週期和評估週期，我們預計前幾個月的銷量非常有限，然後在 2024 年下半年將真正增加。因此，我們確實預計銷售額將在近期。但同樣，上半年的情況會比較溫和，下半年才會真正開始加速。

And then the SymCool IQ product is roughly several months -- let's say, just to be conservative, say about six months behind in terms of expectations for that product in terms of initial sales and also the sales ramp. So if you look at that, that's probably more of a first half 2025 and ramp for the SymCool IQ products.

然後，SymCool IQ 產品大約落後了幾個月——保守地說，就該產品的初始銷售和銷售成長預期而言，大約落後六個月。因此，如果你看一下，這可能更多是 2025 年上半年以及 SymCool IQ 產品的成長。

Thank you. How many B-TRAN devices have been shipped to the evaluation partners? And any comment about -- anymore comment about pricing margins and how do we think about that?

謝謝。已向評估合作夥伴運送了多少 B-TRAN 設備？還有關於定價利潤的任何評論嗎？我們如何看待這個問題？

So several hundred tested B-TRAN devices have been shipped to potential customers. We're not going to go down and provide a specific quantity shipped each quarter, each year. But it's several hundred devices and we have wafer runs going now that will produce many, many hundreds of devices here for (inaudible) support, things like the SymCool build and also Phase 2 development agreement.

因此，數百個經過測試的 B-TRAN 設備已運送給潛在客戶。我們不會向下提供每年每季出貨的具體數量。但它有數百個設備，我們現在正在進行晶圓生產，將在這裡生產數百個設備以提供（聽不清楚）支持，例如 SymCool 構建以及第二階段開發協議。

In terms of pricing, so we're not going to go out there and put the price of B-TRAN is X because that's just going to kill us from negotiating standpoint, each opportunity is different, the size of each opportunity is different, the importance of each opportunity is different and all those things will be considered when we're pricing the product.

在定價方面，所以我們不會去那裡把B-TRAN 的價格定為X，因為從談判的角度來看，這只會殺死我們，每個機會都是不同的，每個機會的大小都是不同的，每個機會的重要性都是不同的，我們在為產品定價時會考慮所有這些因素。

If you look at B-TRAN die or die in general, I mean, it's tens of dollars. If you're looking at a IGBT power module that would compete with a SymCool or SymCool IQ, you can be talking to $200, $300. So we'll be market competitive in terms of pricing, but we're not going to disclose our pricing because that would hurt us in negotiations with companies when we are at the point where we have commercial agreement for large volumes.

如果你看一下 B-TRAN 的死亡或死亡，我的意思是，它是幾十美元。如果您正在尋找可與 SymCool 或 SymCool IQ 競爭的 IGBT 電源模組，您的價格可能為 200 美元、300 美元。因此，我們將在定價方面具有市場競爭力，但我們不會透露我們的定價，因為當我們達成大批量商業協議時，這會損害我們與公司的談判。

So -- but for perspective, $200, $300 module price and again, (inaudible) die are tens of dollars. So if you look at way in our margins, we've said at volume 50% is our target for gross margins, absent the benefit of licensing and licensing will be incremental to that 50% target.

因此，但從長遠來看，200 美元、300 美元的模組價格以及（聽不清楚）晶片價格為數十美元。因此，如果你看看我們的利潤率，我們會說，如果沒有授權的好處，50% 的銷量就是我們的毛利率目標，而授權將逐步達到 50% 的目標。

Thank you. It looks like all the questions we have. Dan, do you have any closing remarks?

謝謝。看起來我們有所有的問題。丹，您有什麼結束語嗎？

No, I just want to thank everybody for joining our call today, made great progress on our path to commercialize our technology and our talented team is on track for a very successful 2023 and 2024.

不，我只是想感謝大家今天加入我們的電話會議，在我們的技術商業化道路上取得了巨大進展，我們才華橫溢的團隊有望在 2023 年和 2024 年取得非常成功的成績。

And we look forward to some commercial announcements in advance of our next update call, and we'll continue to actively share our story with the investment community. Operator, you may end the call.

我們期待在下次更新電話會議之前發布一些商業公告，我們將繼續積極與投資界分享我們的故事。接線員，您可以結束通話了。

Certainly, thank you. This does conclude today's conference. All parties may disconnect at this time. Have a great day.

當然可以，謝謝。今天的會議到此結束。此時各方都可以斷開連線。祝你有美好的一天。