Ideal Power Inc (IPWR) 2024 Q3 法說會逐字稿

(operator instructions).

（操作員指令）。

I would now like to turn the conference over to Mr Jeff Christensen Investor Relations, sir. Please go ahead.

現在，我想將會議交給投資者關係部傑夫克里斯滕森先生。請繼續。

Thank you All, and good morning, everyone.

謝謝大家，大家早安。

Thank you for joining Ideal Power's third quarter, 2024. Conference call with me on the call R. Daniel Brdar, President and Chief Executive Officer and Timothy Burns, Chief Financial Officer Ideal Power's third quarter, 2024. Financial results press release is available on the company's website at idealpower.com.

感謝您加入 Ideal Power 2024 年第三季。與我一起參加電話會議的還有總裁兼執行長 R. Daniel Brdar 和財務長 Timothy Burns，他們討論了 Ideal Power 2024 年第三季的情況。財務業績新聞稿可至本公司網站 idealpower.com 查閱。

Before we begin, I'd like to remind everyone that statements made on the call and webcast, including those regarding future financial results and company 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.

在我們開始之前，我想提醒大家，電話會議和網路廣播中所作的聲明，包括有關未來財務業績和公司前景的聲明，都是前瞻性的，可能受到許多風險和不確定因素的影響，這些風險和不確定因素可能導致實際結果與電話會議中描述的結果存在重大差異。

Please refer to the company's SEC filings for a list of associated risks and we would also refer to the company's website for more supporting company information.

請參閱該公司的 SEC 文件以獲取相關風險列表，我們還將參考該公司的網站以獲取更多支援公司的資訊。

Now, I would like to turn the call of the Ideal powers. President and CEO Daniel Brdar. Dan.

現在，我想回應理想力量的召喚。總裁兼執行長 Daniel Brdar。擔。

Thank you, Jeff.

謝謝你，傑夫。

I appreciate everybody joining us today. I'm excited to update you on our progress since the start of the third quarter, including several significant developments.

我感謝今天與我們一起的各位。我很高興向您通報我們自第三季開始以來的進展，其中包括幾個重大進展。

I'll cover the key highlights briefly then discuss them in a little more depth and provide context for their importance and Tim burns will discuss our financial results.

我將簡要介紹主要亮點，然後進行更深入的討論並提供其重要性的說明，然後 Tim Burns 將討論我們的財務表現。

We'll be pleased to answer your questions after our prepared remarks. First, a global Tier 1 automotive supplier recently ordered numerous discrete VTran devices, a simple power module, solid state circuit breaker, evaluation board and driver.

我們將很樂意在準備好的發言後回答您的問題。首先，一家全球一級汽車供應商最近訂購了大量分立 VTran 裝置、一個簡單的電源模組、固態斷路器、評估板和驅動器。

This customer is interested in using VTran for solid state contractor applications.

該客戶對使用 VTran 進行固態承包商應用很感興趣。

Second, we continue to meet regularly with Stellantis technical and production teams. Phase 3 is expected to begin shortly after Stellantis selects a Tier 1 supplier to design and build the drivetrain inverter for its new EV platform.

其次，我們繼續定期與 Stellantis 技術和生產團隊會面。預計第三階段將在 Stellantis 選擇一級供應商為其新電動車平台設計和製造動力傳動系統逆變器後不久開始。

In a parallel initiative, Stellantis and (in audible) [Iel] Power continue to work with a large semiconductor company with expertise in driver control secretary for the VTran Inverter driver.

在一項平行計畫中，Stellantis 和 (聽得見) [Iel] Power 繼續與一家大型半導體公司合作，該公司在 VTran 逆變器驅動器的驅動器控制秘書方面擁有專業知識。

Third, we're collaborating with our third global automaker along with our previously announced engagements with Stellantis and a second TOP10 global automaker.

第三，我們正在與第三家全球汽車製造商合作，此前我們已經宣布與 Stellantis 以及第二家全球 TOP10 汽車製造商合作。

This auto OEM is evaluating VTran enabled contactors and its electric vehicles. We recently delivered a solid tape circuit breaker evaluation board to this customer.

該汽車 OEM 正在評估支援 VTran 的接觸器及其電動車。我們最近向該客戶交付了一個實心膠帶斷路器評估板。

Fourth Richardson Electronics, a global distributor of our products is engaged with a global leader in the design and manufacturer of power conversion equipment, electric motors and motor drives for the potential use of VTran in a matrix converter application.

Fourth Richardson Electronics 是我們產品的全球經銷商，目前正與電力轉換設備、電動馬達和馬達驅動器設計和製造商領域的全球領導者合作，以便在矩陣轉換器應用中使用 VTran。

Fifth this quarter, we added RIOs Show as our second distributor. RIOs Show has already placed orders with ideal power from a large global customer interested in the company's products for solid state circuit protection applications.

本季度第五，我們增加了 RIOs Show 作為我們的第二家分銷商。RIOs Show 已經向理想電源下了訂單，該訂單來自一家大型全球客戶，該客戶對該公司的固態電路保護應用產品很感興趣。

In addition, RIOs Show recently introduced VTran to global automakers based in Japan sixth this quarter. We also added Secorm as our third distributor in response to customer requests.

此外，RIOs Show最近還在本季第六次向總部位於日本的全球汽車製造商介紹了VTran。根據客戶要求，我們還添加了 Secorm 作為我們的第三家分銷商。

Secorm is quoting our products to large companies for solid state circuit breaker applications.

Secorm 正在向大型公司推薦我們的產品，用於固態斷路器應用。

Secorm is strong in Asia, particularly China seventh. We commence third party automotive qualification testing of VTran devices.

Secorm 在亞洲實力雄厚，尤其在中國排名第七。我們開始對 VTran 設備進行第三方汽車資格測試。

This testing requires over 1,000 package VTran devices from multiple wafers runs. Initial test results are positive with no failures to date.

此項測試需要從多個晶圓運作中取得超過 1,000 個封裝 VTran 裝置。初步測試結果是積極的，迄今為止沒有故障。

Eight based on the results of testing, we increase the current rating of our power module by 25% to 200 amps.

八根據測試結果，我們將電源模組的額定電流提高 25%，達到 200 安培。

In conjunction with a power module size reduction of approximately 50%. This significantly increases the power density for the simple power module while reducing cost.

同時電源模組尺寸減少約50%。這顯著提高了簡單電源模組的功率密度，同時降低了成本。

Looking first at the automotive market since we're not constrained under our arrangement with Stellantis, we continue to lever our success with them to attract and engage other auto OEMs and Tier 1 automotive suppliers to evaluate VTran for their next generation electric and hybrid electric vehicle platforms.

首先來看汽車市場，由於我們不受與 Stellantis 的協議約束，我們將繼續利用與他們的合作成功經驗來吸引和參與其他汽車原始設備製造商 (OEM) 和一級汽車供應商，以評估 VTran 是否適用於其下一代電動和混合動力電動車平台。

This quarter, we added our third global automaker and a global tier one automotive supplier to our list of customer engagements.

本季度，我們在客戶合作名單中增加了第三家全球汽車製造商和一家全球一級汽車供應商。

The third global automaker is evaluating VTran enabled contactors for its electric vehicles. We recently delivered a solid-state circuit breaker evaluation board to this customer.

第三家全球汽車製造商正在評估其電動車是否支援 VTran 的接觸器。我們最近向該客戶交付了一個固態斷路器評估板。

While the new global Tier 1 automotive supplier ordered numerous discrete VTran devices, simple power module, solidate circuit breaker evaluation board and a driver like the third global automaker.

而新的全球一級汽車供應商則像第三家全球汽車製造商一樣訂購了大量分立的VTran裝置、簡單的電源模組、固態斷路器評估板和驅動器。

This Tier 1 supplier is also interested in using VTran for solid state contractor applications. A new application where VTran is an enabling technology.

這一級供應商也對使用 VTran 用於固態承包商應用感興趣。VTran 作為一項支援技術的新應用。

The contractor application is generating a lot of interest from global automakers and their tier one suppliers, solid state contactors provide several benefits over electro mechanical contractors.

承包商的應用引起了全球汽車製造商及其一級供應商的極大興趣，固態接觸器比機電承包商具有多種優勢。

They act much faster thereby eliminating arcing and improving safety and are more reliable as they do not include physical contacts subject to wear.

它們的動作更快，從而消除了電弧並提高了安全性，並且更加可靠，因為它們不包含易磨損的物理接觸。

In addition, they provide programmable settings for trip and current limits as well as built in safety diagnostics. Solid state contractors are also expected to cost less than electromechanical contractors in applications.

此外，它們還提供可編程的跳閘和電流限制設定以及內建安全診斷。在實際應用中，固態承包商的成本也預計低於機電承包商。

While conventional power semiconductors have conduction losses that are too high to make solid state contactors. Practical VTran is enabling as it provides ultra-low conduction losses with the added benefit of inherent bidirectionality.

而傳統功率半導體的傳導損耗太高，無法製造固態接觸器。實用的 VTran 之所以能夠實現，是因為它提供了超低傳導損耗，並具有固有雙向性的額外優勢。

VTran contactors provide an efficient fast acting solution for high voltage applications in EVs where they can play a critical role in isolating the battery inverter and onboard charger to ensure safety when the vehicle is off or being serviced.

VTran 接觸器為電動車中的高壓應用提供了高效的快速作用解決方案，它們在隔離電池逆變器和車載充電器方面發揮關鍵作用，以確保車輛熄火或維修時的安全。

The need for very low losses and the ability of a contractor acted very quickly is becoming increasingly important as automotive OEMs increase the operating voltage of their systems to enable shorter charging times for the batteries moving on to different applications for VTran.

隨著汽車原始設備製造商提高其係統的工作電壓，以縮短電池的充電時間並使其轉向 VTran 的不同應用，對極低損耗和承包商快速採取行動的能力的需求變得越來越重要。

Our program is still an, this is for a custom bran power module for use in their EV drivetrain platform across their brands.

我們的專案仍然是一個客製化的品牌電源模組，可用於其品牌的電動車動力傳動系統平台。

Atlanta’s is furthest along of the 3 global electric vehicle automakers. We're working with the development program with the development program is structured in 3 Phases.

亞特蘭大是全球三大電動車製造商中走得最快的。我們正在進行開發計劃，該開發計劃分為三個階段。

As many of you know, we successfully completed Phase 2 of our program with them earlier this year and are eagerly waiting to begin the next phase.

大家可能都知道，我們今年早些時候與他們成功完成了專案的第二階段，並且正熱切地等待著開始下一階段。

Whilst Atlanta’s upper management has been focused on resolving their well-documented inventory and labour challenges. This year, we're now seeing a return to focusing on future models and platforms.

而亞特蘭大的高階主管則一直致力於解決眾所周知的庫存和勞動力挑戰。今年，我們又重新看到對未來模型和平台的關注。

The selection of a Tier 1 for the program's drivetrain inverter is now under internal review and we're confident we'll secure the next phase of the program in the coming months.

目前，該專案動力傳動系統逆變器的一級供應商選擇正在內部審查中，我們有信心在未來幾個月確保專案的下一階段。

Since completing Phase 2, we continue to meet with their technical and production teams weekly to keep the program progressing.

自完成第二階段以來，我們每週都會與他們的技術和生產團隊會面，以確保專案進度。

Meanwhile, the Atlanta’s developed and sent out a drivetrain inverter solicitation to roughly a half dozen Tier 1 suppliers. The Tier 1 suppliers were asked to provide their proposals to supply VTran Drivetrain Inverters.

同時，亞特蘭大製定並向大約六家一級供應商發出了動力傳動系統逆變器招標書。一級供應商被要求提供供應 VTran 傳動系統逆變器的提案。

So Atlanta’s introduced our team to the Tier 1 suppliers we were not already working with, so we could bring them up to speed on the technology, our products, the unique configuration we developed for the application and the corresponding test data that demonstrated we provide better performance compared to other Silicon and Silicon Carbide Solutions.

因此，亞特蘭大將我們的團隊介紹給了我們尚未合作的一級供應商，以便我們可以讓他們了解我們的技術、產品、我們為應用程式開發的獨特配置以及相應的測試數據，這些數據證明我們與其他矽和碳化矽解決方案相比提供了更好的性能。

The Tier 1 inverter proposals have been submitted to Stellantis. They are reviewing the proposals and will down select to 1 or 2 Tier 1 suppliers to design and build the drivetrain inverter for their new EV platform.

Tier 1 逆變器提案已提交給 Stellantis。他們正在審查這些提案，並將選擇 1 或 2 家一級供應商來為他們的新電動車平台設計和製造動力傳動系統逆變器。

After the Tier 1 inverter supplier is selected by Stellantis. We expect to start the next Phase working with the Tier 1 suppliers and Stellantis teams with the objective of developing a production ready VTran power module for use in their EV drivetrain completion of the VTran module is targeted for 2025.

在 Stellantis 選定一級逆變器供應商後。我們期望開始與一級供應商和 Stellantis 團隊合作的下一階段，目標是開發可用於其電動車動力傳動系統的可投入生產的 VTran 電源模組，並計劃於 2025 年完成 VTran 模組。

Stellantis is also interested in VTran for battery circuit protection applications as well in a parallel initiative. Stellantis is working with us and a large semiconductor company with expertise in driver control circuitry for a VTran inverter driver.

Stellantis 也對將 VTran 用於電池電路保護應用感興趣，這也是一項平行計畫。Stellantis 正在與我們以及一家大型半導體公司合作，該公司在 VTran 逆變器驅動器的驅動控制電路方面擁有專業知識。

In addition, Stellantis recently introduced us to another large semiconductor company to explore potential collaboration on a novel concept utilizing VTran for the inverter module while waiting on the next Phase to be formalized. We recently commenced third party automotive qualification testing of our VTran.

此外，Stellantis 最近將我們介紹給另一家大型半導體公司，在等待下一階段正式確定的同時，探討在利用 VTran 作為逆變器模組的新概念上的潛在合作。我們最近開始對我們的 VTran 進行第三方汽車資格測試。

We prioritize shipment of package VTran devices for multiple wafers runs for this third-party testing as it will allow us to share a third-party test data with industrial customers during the automotive qualification and design in process.

我們優先運送用於多次晶圓運行的封裝 VTran 設備以進行第三方測試，因為這將使我們能夠在汽車認證和設計過程中與工業客戶共享第三方測試數據。

And prior to these industrial customers granting their potential new product offerings. Incorporating bran industrial qualification includes a subset of the testing required for automotive qualification with less stringent requirements for certain tests.

在此之前，這些工業客戶提供了潛在的新產品。納入品牌工業資格認證包括汽車資格認證所需的部分測試，對某些測試的要求則較不嚴格。

Formal third party automotive qualification is only required prior to customers including our VTran semiconductor technology and automotive products systems and subsystems offered for sale.

僅在向客戶出售包括我們VTran半導體技術和汽車產品系統及子系統在內的產品之前才需要獲得正式的第三方汽車認證。

Automotive qualification testing includes a broad array of testing required by automotive codes and standards utilizing specified parameters in some cases much more stringent than industrial standards and a wide range of test conditions.

汽車資格測試包括汽車規範和標準所要求的廣泛測試，採用指定的參數，在某些情況下比工業標準更為嚴格，並且測試條件範圍廣泛。

The testing to achieve automotive qualification requires over 1,000 package VTran devices from multiple wafer runs.

要達到汽車級認證要求的測試需要來自多個晶圓運行的 1,000 多個封裝 VTran 設備。

The process itself includes tens of thousands of power cycles at various current levels, thermal cycling at extreme temperature and humidity levels, blocking voltage and shock and vibration testing and visual inspection.

該過程本身包括各種電流水平下的數萬次功率循環、極端溫度和濕度水平下的熱循環、阻斷電壓和衝擊與振動測試以及目視檢查。

These tests are designed to expose a semiconductor to conditions that are intended to accelerate failure mechanisms and demonstrate the long term reliability of the devices since testing began last month.

這些測試的目的是將半導體暴露在旨在加速故障機制的條件下，並證明自上個月開始測試以來設備的長期可靠性。

It has gone well with no failures to date. We expect auto qualification to be successfully completed in the first half of 2025.

一切進展順利，迄今沒有出現任何故障。我們預計汽車認證將於 2025 年上半年順利完成。

As I mentioned, industrial orders in the near term are not dependent on the successful completion of automotive qualification.

正如我所提到的，短期內的工業訂單並不依賴汽車認證的成功完成。

However, third party automotive qualification will provide further assurance to industrial customers of the long term reliability of VTran and conditions beyond what is required for industrial applications.

然而，第三方汽車認證將為工業客戶提供進一步的保證，確保 VTran 的長期可靠性以及超出工業應用所需的條件。

It's also expected to potentially accelerate sales to industrial customers that are often conservative in adopting new technologies.

預計這也將有可能加速面向在採用新技術方面往往持保守態度的工業客戶的銷售。

Now let's take a look at the industrial markets as these are expected to be at the early source of our product sales and revenue ramp. Initially for solid state circuit breakers and other circuit protection applications served by our simple power module.

現在讓我們來看看工業市場，因為工業市場預計將成為我們產品銷售和收入成長的早期來源。最初適用於固態斷路器和其他電路保護應用，由我們的簡單電源模組提供服務。

VTran is enabling technology for solidate circuit protection applications as it reduces conduction losses and operating costs in power switching and control circuitry, solid state devices can act literally orders of magnitude faster than the electro mechanical circuit breakers widely used today.

VTran 是一種用於固態電路保護應用的技術，因為它可以降低電源開關和控制電路中的傳導損耗和運行成本，而固態設備的動作速度實際上比目前廣泛使用的機電斷路器快幾個數量級。

VTran enabled circuit protection devices provide the additional benefits of ultra-low conduction losses, critical and continuously conducting applications and inherent bidirectionality.

VTran 啟用的電路保護裝置提供超低傳導損耗、關鍵和連續傳導應用以及固有雙向性的額外優勢。

We've got a roster of large companies that we've been working with for several months and we've got several more in the queue in early stage discussions for customers that have already conducted an initial evaluation of our products.

我們已經與一些大公司合作了幾個月，另外還有幾家公司正處於早期談判階段，這些公司的客戶已經對我們的產品進行了初步評估。

We're now in the process of responding to their requests for proposals for custom packages and or development agreements. If their applications require any unique packaging or customization for customers that will use our standard products.

我們目前正在回應他們關於定制包和/或開發協議的提案請求。如果他們的應用需要任何獨特的包裝或定制，客戶將使用我們的標準產品。

We expect increasing order sizes as they transition from initial evaluation and prototyping to building inventory for OEM product launches.

我們預計，隨著他們從最初的評估和原型設計過渡到為 OEM 產品發佈建立庫存，訂單規模將會增加。

To facilitate this process, we created a solidate circuit breaker reference design for these customers that includes an evaluation board along with VTran devices.

為了促進這一過程，我們為這些客戶創建了一個綜合斷路器參考設計，其中包括評估板和 VTran 設備。

This reference design is expected to accelerate customers' evaluation of bran for use in their solid state circuit breaker products.

此參考設計有望加速客戶對用於固態斷路器產品的麩皮的評估。

Our revenue will be modest with small orders in the near term as customers evaluate VTran and build initial product prototypes, incorporating our products.

由於客戶會評估 VTran 並建立包含我們產品的初始產品原型，因此短期內我們的小額訂單收入將較為可觀。

Once these customers are deep into their design cycle, we expect order size to significantly increase, resulting in a ramp in revenue.

一旦這些客戶深入到他們的設計週期，我們預計訂單規模將大幅增加，從而帶來收入的增加。

While the timing of customer adoption is not within our direct control. We're targeting to ramp revenue in the second half of next year based on the multitude of global customers evaluating our technology, several of whom have already placed initial orders.

但客戶採用的時間並不在我們的直接控制範圍內。我們的目標是，基於許多全球客戶對我們技術的評估，在明年下半年提高收入，其中一些客戶已經下了初始訂單。

We added our 2 and 3 distributors, RIOs Show and Secorm in the third quarter. A significant development in our commercialization road map for VTran.

我們在第三季增加了第 2 和第 3 家經銷商，RIOs Show 和 Secorm。我們的 VTran 商業化路線圖取得了重大進展。

RIOs and Secorm are similar to our previously announced distributor Richardson electronics that they have expertise in demand creation, not just catalogue order, taking strong technical sales teams, global reach and a proven track record of securing sales for new technologies.

RIOs 和 Secorm 與我們先前宣布的經銷商 Richardson Electronics 類似，他們在需求創造方面擁有專業知識，而不僅僅是目錄訂單，擁有強大的技術銷售團隊、全球影響力和確保新技術銷售的良好記錄。

Rios is the US subsidiary of RIO, a publicly listed company on the Tokyo Stock Exchange with almost $2 billion in annual sales in over 20 international locations.

Rios 是 RIO 的美國子公司，RIO 是東京證券交易所的上市公司，在 20 多個國際地區年銷售額近 20 億美元。

(in audible) [Yosia] is focused on the sale of semiconductors and other electronic components with particular strength throughout Asia right out of the gate.

（聽得見）[Yosia] 專注於半導體和其他電子元件的銷售，在亞洲地區具有極強的實力。

They placed orders with us from a large global customer interested in our technology for solid state circuit protection applications and recently introduced VTran to global automakers based in Japan.

他們代表一家大型全球客戶向我們下了訂單，該客戶對我們的固態電路保護應用技術很感興趣，並且最近將 VTran 介紹給了總部位於日本的全球汽車製造商。

Secorm. Advanced technology is quoting our products to large companies for solid state circuit breaker applications. Our products fit very well with their customer base.

塞科姆。先進的技術正在向大型公司推薦我們的產品，用於固態斷路器的應用。我們的產品非常適合他們的客戶群。

They have customers throughout Asia with China as their primary focus. China is the largest market in the world for power semiconductors today.

他們的客戶遍布亞洲，但主要關注點是中國。中國是當今全球最大的功率半導體市場。

Secorm is focused on industrial applications, requiring circuit protection in DC infrastructure and electric vehicle charging and is a leader in sales to the utility infrastructure market.

Secorm 專注於工業應用，需要直流基礎設施和電動車充電中的電路保護，並且在公用事業基礎設施市場的銷售方面處於領先地位。

Addition of these 2 distributors is another example of our asset like business model that leverages the large investment already made in Silicon processing, distribution demand creation and support infrastructure.

增加這兩家經銷商是我們資產類商業模式的另一個例子，該模式利用了已經在矽加工、分銷需求創造和支援基礎設施方面進行的大量投資。

Utilizing data from a recent study by Mordor Intelligence. In their global power electronics market report, we expect the VTran serviceable addressable market or SAM to more than double over the next 5 years to almost $8 billion growing at a compound annual growth rate of 16% within the overall market is the $1 billion SAM for solid state switchgear.

利用 Mordor Intelligence 最近的一項研究的數據。在他們的全球電力電子市場報告中，我們預計 VTran 可服務目標市場或 SAM 將在未來 5 年內成長一倍以上，達到近 80 億美元，整體市場中的複合年增長率為 16%，固態開關設備的 SAM 為 10 億美元。

We're attacking with our SIMCO power module and the $1.4 billion SAM for renewable energy storage, microgrids and charging targeted by our SIMCO IQ product.

我們正在利用我們的 SIMCO 電源模組和價值 14 億美元的 SAM 發動攻擊，以再生能源儲存、微電網和充電為目標，這是我們的 SIMCO IQ 產品的目標。

Our SAM also includes $1.6 million for industrial applications such as motor drives and UPS systems for data centres and $3.6 billion for automotive.

我們的 SAM 還包括 160 萬美元用於工業應用，例如資料中心的馬達驅動器和 UPS 系統，以及 36 億美元用於汽車應用。

As it relates to the release. The recent election. There is some investor concern regarding the impact of the new administration on certain of our target markets such as electric vehicles and renewable energy this can be seen recently as companies in these sectors experienced sharp declines in their stock price immediately following the election.

因為它與發布相關。最近的選舉。有些投資人擔心新政府會對我們的某些目標市場（如電動車和再生能源）產生影響，最近就出現了這種擔憂，因為在大選之後，這些行業的公司股價立即大幅下跌。

While we understand the concern, the adoption of electric vehicles and renewable energy is a global market and will continue.

雖然我們理解這種擔憂，但電動車和再生能源的採用是一個全球市場，並將繼續下去。

Despite any near term changes in government policy in the United States, we see the global nature of these markets as our customer base is largely made up of large global companies. Many of them headquartered in Europe or Asia.

儘管美國政府的政策近期會發生變化，但我們看到這些市場的全球性，因為我們的客戶群主要由大型跨國公司組成。其中許多公司的總部設在歐洲或亞洲。

There is a broad and global support for the clean energy transition at all levels of government. Globally, private investment in clean energy continues to increase. Renewable energy is now the lowest cost source of electricity in many areas.

全球各級政府都廣泛支持清潔能源轉型。在全球範圍內，私人部門對清潔能源的投資持續增加。再生能源現在是許多地區成本最低的電力來源。

And industry experts continue to forecast significant growth for electric vehicles and renewables.

行業專家繼續預測電動車和再生能源將實現顯著成長。

Regardless of the administration in Washington DC, we're well positioned for growth due to the increased and inevitable further electrification of society that will drive growing demand for power semiconductors, particularly those with compelling value propositions like VTran.

無論華盛頓特區的政府如何，我們都處於有利的增長位置，因為社會電氣化的不斷增加和必然深入將推動對功率半導體的需求不斷增長，特別是那些具有令人信服的價值主張的半導體，如 VTran。

We see no change in the level of engagement of our customers as they are uniformly focused on improving the performance and cost of their next generation products.

我們沒有發現客戶的參與程度有任何變化，因為他們始終專注於提高下一代產品的效能和成本。

VTran not only improves the economics of electric vehicles and renewable energy solutions, but also other applications like solid state circuit protection, motor drives and us systems for data centres.

VTran 不僅提高了電動車和再生能源解決方案的經濟性，還提高了固態電路保護、馬達驅動器和資料中心的美國系統等其他應用的經濟性。

Turning to our high volume wafer fabrication suppliers in Europe and Asia. We're dual sourced for wafer fabrication in different parts of the world with ample capacity to support anticipated customer demand.

轉向我們位於歐洲和亞洲的大批量晶圓製造供應商。我們在世界各地擁有雙重晶圓製造來源，並擁有充足的產能來滿足預期的客戶需求。

Over the next few years, our dual sourcing for wafer fabrication and disparate geographies has no exposure to China or Taiwan to mitigate supply chain risk.

在接下來的幾年裡，我們在晶圓製造和不同地區的雙重採購將不會涉及中國或台灣，以減輕供應鏈風險。

Our fat partner in Asia was able to produce functional bidirectional devices from an engineering run last year that demonstrated high wafer yield without the need for special equipment or capital investment, there's always room to improve yields.

我們在亞洲的胖合作夥伴去年透過一次工程運作就能夠生產出功能性的雙向設備，而該設備無需特殊設備或資本投資就能實現高晶圓產量，總有提高產量的空間。

And over the course of last year, we focused on further increasing yields to reach our commercial yield target.

去年，我們專注於進一步提高產量以實現商業產量目標。

By leveraging our proprietary improvement process flow. We successfully qualified second wafer fabrication partner located in Europe last quarter.

透過利用我們專有的改進流程。上個季度，我們成功獲得了位於歐洲的第二個晶圓製造合作夥伴的資格。

The engineering run at this fab similar to the engineering run in our Asian fab provided functional bidirectional devices due to process improvements, device performance from the most recent runs of this fab match or in some cases exceeds that of devices from our FAB partner in Asia.

該晶圓廠的工程運作與我們亞洲晶圓廠的工程運作類似，由於製程改進，提供了功能齊全的雙向設備，該晶圓廠最近運行的設備性能與我們在亞洲的 FAB 合作夥伴的設備性能相匹配，甚至在某些情況下超過了它們。

We're working closely with this partner to increase yields, leveraging our lessons learned from our other wafer fabrication runs. We expect to achieve our commercial yield target at this fab in advance of our sales rep expected to start in the second half of next year.

我們正在與該合作夥伴密切合作，以提高產量，並利用我們從其他晶圓製造過程中獲得的經驗教訓。我們預計工廠將在明年下半年銷售代表開始工作之前提前實現商業產量目標。

Moving on to innovation. We expect to complete the first engineering run of our next generation VTran design. Later this year, this dye will be roughly half the size of the current dye translating to more than twice as many die per wafer while providing the same voltage and current rating capability of our current device.

持續創新。我們期望完成下一代 VTran 設計的首次工程運作。今年晚些時候，這種染料的尺寸將大約是當前染料的一半，這意味著每個晶圓上的晶片數量將是當前染料的兩倍多，同時提供與我們目前設備相同的電壓和電流額定值能力。

This next generation VTran design is part of our long-term cost reduction road map. We've already completed the packaging design for this next generation die.

下一代 VTran 設計是我們長期成本削減路線圖的一部分。我們已經完成了下一代晶片的封裝設計。

We expect the packaging itself to be about 30% smaller than our current package design with a corresponding decrease in cost turning to parallel device characterization.

我們預計封裝本身將比我們目前的封裝設計小約 30％，同時轉向並行設備特性的成本也將相應降低。

We've demonstrated that the current sharing the current sharing of VTran is better than that of conventional devices such as IGBTs when devices are run in parallel for high current capability.

我們已經證明，當裝置並聯運行以實現高電流能力時，VTran 的電流共享優於 IGBT 等傳統裝置。

This is of critical importance for solid state circuit breaker applications where OEM will combine multiple simple power modules in parallel to achieve their desired breaker rating.

這對於固態斷路器應用至關重要，因為 OEM 將並聯多個簡單電源模組以實現所需的斷路器額定值。

Unlike IGBTs, VTran is able to balance current sharing between devices in parallel at specified levels of temperature mismatch between the devices.

與 IGBT 不同，VTran 能夠在設備間指定的溫度不匹配水平下平衡並聯設備之間的電流共享。

This feature improves reliability compared to running IGBTs in parallel for multi by power modules providing us with another competitive advantage compared to conventional technologies.

與多路功率模組並聯運行 IGBT 相比，此功能提高了可靠性，為我們提供了相對於傳統技術的另一個競爭優勢。

Another advantage to our approach for the foreseeable future is that the wafers and resulting dives are all the same for any application.

在可預見的未來，我們的方法的另一個優點是，對於任何應用，晶圓和由此產生的潛水都是相同的。

Whether going into a circuit breaker, electric vehicle, energy storage system, data centre or solar installation, we can ramp up production cost effectively because we don't have to forecast wafer demand and dive design mix based on the application.

無論是進入斷路器、電動車、儲能係統、資料中心或太陽能裝置，我們都可以有效地提高生產成本，因為我們不必根據應用預測晶圓需求和深入設計組合。

For automakers it will ultimately be them buying our guys all they need from us are our wafers or dive themselves.

對於汽車製造商來說，他們最終會購買我們的產品，而他們需要的只是我們的晶圓或自己生產。

For example, under the Stellantis program, they're working with an innovative packaging company to develop a unique packaging design that fits the needs of their VTran enabled drive train and burger. This allows us to continue to focus on improving our core technologies.

例如，在 Stellantis 計劃下，他們正在與一家創新包裝公司合作開發獨特的包裝設計，以滿足其 VTran 傳動系統和漢堡的需求。這使我們能夠繼續專注於改進我們的核心技術。

We're unaware of any competing inherently bidirectional high power technologies using anything similar to our technology, high growth, high power applications such as solid state circuit breakers, power converters for energy storage, solar and wind power, electric vehicle converters and contactors, electric vehicle charging stations UPS systems for data centres and other applications are all focused on bringing down cost while improving efficiency for their next generation products.

我們不知道有任何競爭性的固有雙向高功率技術使用與我們類似的技術，高成長、高功率應用，如固態斷路器、用於儲能的電源轉換器、太陽能和風能、電動汽車轉換器和接觸器、電動汽車充電站、數據中心的UPS 系統和其他應用都專注於降低成本，同時提高下一代產品的效率。

While Silicon Carbide has been targeting many of these same applications. The high cost and inherent materials challenges of Silicon Carbide remain a long-term challenge to meet the needs of many of these customers.

而碳化矽也一直瞄準許多相同的應用。碳化矽的高成本和固有的材料挑戰仍然是滿足眾多客戶需求的長期挑戰。

This is evidenced by the recent decision by companies such as Corvo who announced they are exiting the silicon carbide market. We believe VTran particularly in bidirectional applications offers a new low loss lower cost approach.

Corvo 等公司最近宣布退出碳化矽市場就證明了這一點。我們相信 VTran 特別是在雙向應用中提供了一種新的低損耗、低成本的方法。

Looking at our expanding VTran patent state, we currently have 90 issued VTran patents with 42 of those issued outside of the United States.

綜觀我們不斷擴大的 VTran 專利狀態，我們目前已頒發 90 項 VTran 專利，其中 42 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, Europe. Now Taiwan, all representing our high priority geographic coverage.

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、歐洲。現在台​​灣，都代表了我們高度優先的地理覆蓋範圍。

Just last month, we had our first VTran patent issue in Taiwan providing coverage in a country known for its power semiconductor manufacturing as a result of our continued innovation, our list of pending VTran patents is now at 50.

就在上個月，我們在台灣發行了第一份 VTran 專利，為這個以功率半導體製造聞名的國家提供保障。

In addition, we treat the proven process flow we use to make our devices as a trade secret and work under strict confidentiality with our wafer fabrication partners. So even a competitor studied our patents, they would not have the know-how on how to actually fabricate the device.

此外，我們將用於製造設備的成熟流程視為商業機密，並與晶圓製造合作夥伴嚴格保密。因此，即使競爭對手研究了我們的專利，他們也不知道如何實際製造該設備。

Overall. This quarter, we added our third global automaker to our list of customer engagements. We secured initial orders from a global tier one automotive supplier.

全面的。本季度，我們將第三家全球汽車製造商加入我們的客戶合作名單中。我們獲得了全球一級汽車供應商的初始訂單。

We added our 2 and 3 distributors with expertise and demand creation and they're placing customer orders and providing quotes for our products to large global companies.

我們增加了 2 到 3 家具有專業知識和需求創造能力的經銷商，他們正在向大型跨國公司下客戶訂單並提供我們產品的報價。

And we're continuing to innovate and advance our VTran technology and products while preparing our supply chain to handle the pending sales ramp.

我們將繼續創新和改進我們的 VTran 技術和產品，同時準備我們的供應鏈來應對即將到來的銷售成長。

The momentum we're building is working to advance companies. The orders followed by potential custom development agreements and or design wins and revenue growth.

我們正在建立的勢頭正在推動公司的發展。訂單隨後會帶來潛在的客製化開發協議和/或設計勝利以及收入成長。

I would like to hand the call over to Timothy Burns to review our financials.

我想把電話交給蒂莫西·伯恩斯來審查我們的財務狀況。

Thank you, Dan and good morning, everyone.

謝謝你，丹，大家早安。

Our third quarter, 2024 cash burn was $2.4 million. Up from $1.9 million in the third quarter of 2023 and up from $2.2 million in the second quarter of 2024.

我們 2024 年第三季的現金消耗為 240 萬美元。高於 2023 年第三季的 190 萬美元，高於 2024 年第二季的 220 萬美元。

Our Q3 cash burn was at the low end of our guidance of $2.4million to $2.6 million due to the timing of spending and related payments.

由於支出時間和相關付款的原因，我們第三季的現金消耗處於 240 萬美元至 260 萬美元預期的低端。

We continue to manage expenses prudently and aggressively. We expect fourth quarter 2024 cash burn of approximately $2.6million to $2.8 million.

我們持續審慎、積極地管理開支。我們預計 2024 年第四季的現金消耗約為 260 萬美元至 280 萬美元。

We previously provided guidance of a cash burn for full year 2024 of $8.5 million net of an expected $1 million in proceeds from warrant exercises.

我們先前曾預計，2024 年全年現金消耗將為 850 萬美元，扣除預計 100 萬美元的認股權證行使收益。

We now expect it to be slightly below that estimate for the full year 2024.

我們現在預計 2024 年全年的銷售額將略低於該預期。

Specifically, we expect full year 2024 cash burn of approximately $8.2million to $8.4 million net of the $1 million in proceeds reward exercises.

具體來說，我們預計 2024 年全年現金消耗約為 820 萬美元至 840 萬美元，扣除 100 萬美元的收益獎勵行使。

These warrants were scheduled to expire this month. However, the warrant holder exercised the warrants in the third quarter resulting in $1 million in proceeds to the company.

這些授權令原定於本月到期。然而，認股權證持有人在第三季行使了認股權證，為公司帶來了 100 萬美元的收益。

Cash and cash equivalents totalled $18.7 million on September 30, 2024. We have no debt in a clean capital structure.

2024 年 9 月 30 日，現金及現金等價物總額為 1,870 萬美元。我們的資本結構清晰，沒有任何債務。

We recorded very modest revenue for the third quarter driven by our prioritization of devices for automotive qualification testing.

由於我們優先考慮汽車認證測試設備，我們第三季的收入非常微薄。

While initial orders from the large companies evaluating our products for potential inclusion in their OEM products will be small. We expect order sizes to increase as customers start to prototype their OEM products and progress through their design cycles.

雖然來自評估我們的產品是否可能納入其 OEM 產品的大公司的初始訂單規模很小。我們預計，隨著客戶開始對其 OEM 產品進行原型設計並推進設計週期，訂單規模將會增加。

Looking at the fourth quarter of 2024 we expect to see modest volume in commercial revenue from product sales.

展望 2024 年第四季度，我們預期產品銷售的商業收入將適中。

Operating expenses were $2.9 million in the third quarter of 2024 compared to $2.8 million. In the third quarter of 2023.

2024 年第三季的營運費用為 290 萬美元，而去年同期為 280 萬美元。2023年第三季。

We expect both research and development in sales and marketing spending to increase modestly in the coming quarters due to recent and future hiring and costs associated with our development and commercialization efforts.

我們預計，由於近期和未來的招聘以及與我們開發和商業化努力相關的成本，未來幾季銷售和行銷支出的研發都將小幅增加。

We also 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 product development, other research and development activities and hiring.

我們也預計，營業費用將出現一些季度間差異，特別是研發支出，這是由於半導體製造產品開發、其他研發活動和招聘的時間表所致。

The timing of equity grants and related stock based compensation, expense recognition will also cause variability in our quarterly operating results.

股權授予和相關股票薪酬、費用確認的時間也會導致我們季度經營業績的變化。

Our net loss was flat at $2.7 million in both the third quarter of 2024. In the third quarter of 2023.

2024 年第三季我們的淨虧損持平於 270 萬美元。2023年第三季。

At the end of September, we had $8 million, 142,776 shares outstanding 975,579 options and stock units outstanding. 887,160 prefunded warrants outstanding and 347,240 warrants outstanding.

截至九月底，我們的資產總額為 800 萬美元，流通股數為 142,776 股，流通選擇權和股票單位數為 975,579 份。未償還預付認股權證有 887,160 份，未償還認股權證有 347,240 份。

The remaining warrants have an exercise price of $8.90 cents and are set to expire in August of next year on September 30, 2024. Our full unit share account was 10,352,755 shares.

剩餘認股權證的行使價為 8.90 美分，將於明年 8 月（2024 年 9 月 30 日）到期。我們的全部單位股票帳戶有 10,352,755 股。

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

此時。接線生，我想開始問答環節。

Thank you. At this time, we are conducting our question-and-answer session (operator instruction).

謝謝。目前，我們正在進行問答環節（操作員指令）。

Brian Dobson, Clear Street.

布萊恩·多布森 (Brian Dobson)，Clear Street。

Good morning. Thanks very much for taking my question.

早安.非常感謝您回答我的問題。

You know, I guess just to bring it up to 30,000 feet if you could for a moment, opine on the outcome of the US election, in particular, if you think that some of the recent negativity surrounding green energy has been overblown and how you think this impacts the operating environment over the next 4 years.

你知道，我想如果您可以暫時將話題提升到 30,000 英尺的話，請對美國大選的結果發表一下意見，特別是，如果您認為最近圍繞綠色能源的一些負面情緒被誇大了，以及您認為這將如何影響未來 4 年的運營環境。

Yeah, you know, I think there certainly was an immediate reaction to it, but you know, if you look at the prior administration where Trump was, our President Solar actually did very well.

是的，你知道，我認為人們對此確實做出了立即的反應，但你知道，如果你看看川普任職的前任政府，我們的總統索拉實際上表現得非常出色。

So I think part of this is really just concerned that some of the incentives that are out there are going to be a headwind for things particularly like Solar and the high cost of electric vehicles, you know, is already a challenge even before the election.

因此，我認為部分原因實際上是擔心現有的一些激勵措施將對太陽能和電動車等行業產生不利影響，你知道，這在選舉之前就已經是一個挑戰了。

But you know, the customers we're working with, they, they are not disengaging in any way. You know, they're really focusing on what they need to do to keep their products competitive, which is really focused on how do they drive down the cost and improve the performance, whether it's more kilowatt hours out of an energy storage system or more range out of the battery.

但您知道，我們正在合作的客戶不會以任何方式脫離我們。你知道，他們真正關注的是他們需要做什麼來保持他們的產品競爭力，也就是真正專注於如何降低成本和提高效能，無論是從能源儲存系統中獲得更多的千瓦時還是從電池中獲得更多續航里程。

So I think it's really just more a short term reaction and based on what we've seen when this administration was in office previously, it really didn't have any deleterious impact on the solar in the US.

所以我認為這其實只是一種短期反應，根據我們之前政府執政時所看到的情況，它並沒有對美國的太陽能產生任何有害影響。

And then as I mentioned in my comments, I mean, it is a global market. So the growth that we're seeing on electric vehicles globally and renewable energy at momentums continues to be pretty strong.

正如我在評論中提到的，這是一個全球市場。因此，我們看到全球電動車和再生能源的成長勢頭持續強勁。

Yeah, thanks for that colour. You mentioned that in the quarter, you added new distributors as well and it's encouraging to hear that they've already placed orders.

是的，謝謝你的顏色。您提到本季您也增加了新的經銷商，聽到他們已經下了訂單令人欣慰。

How do you see that relationship developing over the course of 25 and 26? Is there any kind of additional colour you can give us on your long-term plans of working with those 2 partners.

您如何看待這種關係在 25 至 26 年期間的發展？您能否向我們詳細介紹一下與這兩位合作夥伴的長期合作計畫？

Yeah, so these distributors that we signed up. So now Richardson and the 2 most recent to get us to, the three distributors are all involved in demand creation.

是的，這就是我們簽約的這些經銷商。所以現在理查森和最近讓我們認識的兩家經銷商，三家經銷商都參與了需求創造。

So they're introducing us to large customers while they are handling order fulfilment for us, which is great from the perspective that many of these customers are international.

因此，他們在為我們處理訂單履行的同時，也將我們介紹給大客戶，從許多國際客戶的角度來看，這是件好事。

The real value is, is really in the introductions and when we have arrangements with the distributors that they will, you know, temporarily get a small single digit fee from customers where they introduce us to, but we handle them direct.

真正的價值在於介紹，當我們與分銷商達成協議時，他們會暫時從他們介紹我們的客戶那裡獲得一小筆個位數的費用，但我們直接與他們打交道。

So if you're talking like an automotive company, a very large industrial company, those will not be actually fulfilled ultimately through distribution, although the introduction may be made through these distributors.

因此，如果你談論的是一家汽車公司或一家非常大的工業公司，那麼這些目標最終不會真正透過分銷來實現，儘管引入可能是透過這些分銷商進行的。

So for us, it's really an extension of the sales team.

所以對我們來說，它實際上是銷售團隊的延伸。

Yeah, excellent.

是的，非常好。

And, and regarding your work with Stellantis, in entering Phase 3, can you offer any kind of additional colour on that project and how you see it perhaps progressing from a time line point of view next year?

關於您與 Stellantis 的合作，進入第 3 階段後，您能否對該項目提供任何額外信息，以及您認為它從明年的時間線角度來看可能會如何進展？

Yeah, we, you know, we actually saw the Stellantis team at the senior levels really focused on the fact that I think they were relatively slow to react to what was going on in the car market with the volume of vehicles they were building and where they were pricing vehicles.

是的，您知道，我們實際上看到 Stellantis 高層團隊非常關注這樣一個事實，我認為他們對汽車市場動態的反應相對較慢，包括他們生產的汽車數量以及他們對汽車的定價。

So it created, I think a distraction for them with coming to terms with the fact that they had an excess of inventory and they didn't have incentives to move vehicles that seemed to take away some of the priority internally for them to get approvals for a lot of the technology programs they're working on.

所以，我認為這會分散他們的注意力，使他們不得不面對庫存過剩的事實，而他們又沒有動力去清空車輛，這似乎在內部剝奪了他們獲得許多正在進行的技術項目批准的優先權。

We're, seeing that swing back now that they seem to have the road map laid out. I think they are, you know, the technical teams have continued to work and the production teams have continued to work despite that and we've been collaborating with them as well.

現在，我們看到他們正在逐漸恢復勢頭，因為他們似乎已經制定了路線圖。我認為，儘管如此，技術團隊仍然繼續工作，生產團隊也繼續工作，我們也一直在與他們合作。

So I think that they are still very much focused on getting this new version of their power module for the inverter ready for next year.

因此我認為他們仍然非常專注於為明年推出新版本的逆變器電源模組。

So they can start to actually get into actual testing of the builds that seems to really be a driver because part of the strategy that they've got are to bring out more electric vehicles that can provide longer range and reduce the cost of those vehicles.

因此，他們可以開始真正進行實際測試，這似乎真的是一個驅動因素，因為他們所採取的策略的一部分是推出更多能夠提供更長續航里程並降低車輛成本的電動車。

And we fit very well into that formula because that's really part of what our technology brings to the table.

我們非常符合這一模式，因為這實際上是我們的技術所能帶來的一部分。

Great, thanks very much.

太好了，非常感謝。

And, and just for some investors that might be new to the story, could you just quickly highlight what you're most excited about for 25 and 26?

而且，對於一些可能不熟悉這個故事的投資者，您能否簡單介紹一下您對 25 和 26 年最為興奮的事情是什麼？

Yeah, I'm really excited to the fact that, you know, the companies that we're working with.

是的，我對我們正在與這些公司合作感到非常興奮。

They're, they're very large global customers that have the ability to actually really bring out some innovative products and we're learning a lot from them as well about, you know, where they're going with their products.

他們是非常大的全球客戶，有能力真正推出一些創新產品，我們也從他們那裡學到了很多關於他們產品的發展方向的知識。

You know, it's bringing new semiconductor technology. Always takes a long time. You've got to get the customers educated about your technology. They've got to get devices and get familiar with them.

你知道，它帶來了新的半導體技術。總是要花很長時間。你必須讓客戶了解你的技術。他們必須獲得設備並熟悉它們。

They've got to start working on their designs. So it's a long process and it's, it's really exciting for us, the number of companies that we see spending time, energy and resources on an ongoing basis with us because any 1 of them can drive a significant amount of volume for us as they get to the point where they start to roll out product.

他們必須開始進行設計。所以這是一個漫長的過程，但令我們興奮的是，我們看到許多公司持續投入時間、精力和資源，因為其中任何一家公司在開始推出產品時都可以為我們帶來可觀的銷售。

Great. Look forward to catching up with you after the call.

偉大的。期待通話結束後與您聯繫。

Okay. Thank you.

好的。謝謝。

Jeff Christensen to read questions submitted through the webcast. Thank you.

傑夫克里斯滕森 (Jeff Christensen) 閱讀透過網路廣播提交的問題。謝謝。

Thanks, operator gentlemen. The first submitted question is, does VTran have uses in data centres?

謝謝，接線生先生。第一個提交的問題是，VTran 在資料中心有用途嗎？

And if yes, is ideal power taking talking to anyone about it?

如果是，理想權力獲取是否與任何人討論過此事？

Yeah, it does. You know 1 of the things that data centres really have to focus on is circuit protection, whether it's through the UPS systems or circuit protection of the servers themselves.

是的。您知道資料中心真正需要關注的事情之一是電路保護，無論是透過 UPS 系統還是伺服器本身的電路保護。

And those are continuously conducting devices that have to act extremely fast.

這些都是連續導電的設備，必須動作極快。

So we actually are already talking to customers that are looking at VTran as part of protecting the data centres from disruptions in the power quality and how they can be incorporated into the new designs for things like the UPS and a disconnects that allow the data centres to keep operating.

因此，我們實際上已經在與客戶溝通，他們將 VTran 作為保護資料中心免受電能品質中斷影響的一部分，以及如何將其納入 UPS 和斷路器等新設計中，以使資料中心能夠繼續運作。

Thank you.

謝謝。

Our next submitted question is how much annual revenue does ideal power need to be profitable and cash flow positive?

我們接下來提交的問題是，理想電力需要多少年收入才能獲利且現金流為正？

What would the margin be for that revenue?

該收入的利潤是多少？

Yeah, so there's obviously a lot of variables to take into account there, but I would say roughly $30million to $50 million is probably the range in terms of annual revenue where we would get the cash flow break even.

是的，顯然有很多變數需要考慮，但我認為，就年收入而言，大約 3000 萬美元到 5000 萬美元可能是我們實現現金流收支平衡的範圍。

And that assumes that at that point, you're above 30% gross margins with our long term target being obviously 50% gross margins. But until we get further scale, we'll probably be in the 30s at that kind of revenue range.

這假設您的毛利率超過 30%，而我們的長期目標顯然是 50% 的毛利率。但在我們進一步擴大規模之前，我們的收入範圍可能只會在30%左右。

Thank you.

謝謝。

In October, it was announced the company received orders. How accretive are those revenues and are they, will they be recognized in the fourth quarter?

十月份，該公司宣布收到訂單。這些收入的增值程度如何？

Yes. So in general, right now, most of the orders we're talking about are small and it's just because the timing of where people are in their design cycles.

是的。因此，總的來說，目前我們談論的大多數訂單都很小，這只是因為人們處於設計週期的時間表。

So while initial orders here in the near term will be small, we expect to really start to see larger orders as these customers get to actually building prototypes of their product that they intend to launch and then actually starting to build inventory for those products.

因此，雖然短期內的初始訂單規模較小，但隨著這些客戶開始實際建立他們打算推出的產品原型並開始為這些產品建立庫存，我們預計會真正開始看到更大的訂單。

So generally those orders will be fulfilled within depending I would say anywhere between, you know, if we have the inventory on hand, immediate to 12 weeks.

所以一般來說這些訂單將在一定時間內完成，具體取決於我們有庫存，從立即到 12 週不等。

So if we announce an order in October, very likely the revenue will be recognized here in the fourth quarter.

因此，如果我們在十月份宣布訂單，那麼很有可能在第四季度確認收入。

Thank you. We have several questions submitted.

謝謝。我們已提交了幾個問題。

If you have a question, please, you know, please click on the webcast portal, click on ask a question button.

如果您有任何問題，請點擊網路廣播門戶，點擊「提問」按鈕。

Our next submitted question is since there are many industries that could benefit from VTran, why is it taking so long to achieve even one large order? Where is their urgency?

我們提出的下一個問題是，既然有許多行業可以從 VTran 中受益，為什麼即使是一筆大訂單也要花這麼長時間才能達成？他們的緊迫感在哪裡？

Yeah, I would say it gets back to some of what I said for the in answering the last question, these companies have, if you look at the industrial sector, you know, 12 month design cycles.

是的，我想說這又回到了我在回答上一個問題時所說的內容，如果你看看工業領域，你會發現這些公司的設計週期為 12 個月。

So if you're still in the first half of that design cycle, it's going to be very low quantity orders, right? If you're looking later into that design cycle, which just again will be, you know, 6 months to 12 months into the design cycle.

因此，如果您仍處於設計週期的前半部分，訂單數量將會非常少，對嗎？如果您進一步研究該設計週期，那麼您知道，該設計週期將持續 6 個月到 12 個月。

We'd expect increasing water sizes. But it's really just a factor of when they began their evaluation and where they are in that design cycle.

我們預計水的體積將會增加。但這其實只是他們開始評估的時間和他們所處的設計週期的一個因素。

Thank you. Our next submitted question is at what point is an ideal power news event material enough to disclose the name or names of your global development partners.

謝謝。我們提交的下一個問題是，在什麼情況下，理想的權力新聞事件足以揭露您的全球發展夥伴的名稱。

So I would say there's not a hard and fast rule I mean, technically, I think that the stance has been made in the SEC by the SEC and NASDAQ and others that the name of the company is, can be kept confidential in most cases.

所以我想說，並沒有一個硬性的規定，我的意思是，從技術上講，我認為美國證券交易委員會、納斯達克和其他機構已經在美國證券交易委員會中表明了立場，即公司的名稱在大多數情況下可以保密。

So what you really need to look at is the relationship and how far you are along with that customer, whether they're ready to introduce a product. So there's certain checkpoints kind of that we look at where we go back to those customers and ask for permission to name them.

因此，你真正需要關注的是你們之間的關係，以及你們與客戶的合作程度，以及他們是否準備好推出產品。因此，我們會查看某些檢查點，然後聯絡這些客戶並請求他們允許透露他們的姓名。

And we'll continue to do that, but it's really, you know, when you, when you sign a formal agreement prior to launch of a product, those are times that there's much more likelihood, particularly when you're near product launch because the products will be out there, right?

我們會繼續這樣做，但你知道，當你在產品發布之前簽署正式協議時，這種可能性會更大，尤其是當你接近產品發佈時，因為產品會面世，對吧？

It's not just an R&D effort. Companies don't want people to know what they're doing just solely from an R&D perspective, but when somethings, you know, getting productized, that kind of changes the narrative.

這不僅僅是一項研發工作。公司不希望人們只從研發的角度了解他們在做什麼，但是當某些東西被產品化時，這種情況就會改變。

Thank you.

謝謝。

Our next question is, what do you see as the most likely application for a first design win? And what type of company?

我們的下一個問題是，您認為哪種應用最有可能獲得首個設計勝利？什麼類型的公司？

And what do you think the timing of the design win will be?

您認為設計獲勝的時間是什麼時候？

Yeah, the most likely application is going to be something related to solid state circuit breakers or circuit protection. We've got several companies now that that is their focus on how they want to use. VTran.

是的，最有可能的應用是與固態斷路器或電路保護相關的應用。我們現在有幾家公司，他們關注的重點是如何使用它們。VTran。

Well, there's a lot of companies that are focusing on things like, you know, EV contactors and so forth that design cycle and that wind cycle, I think on the industrial side will certainly be shorter and there's enough players in that space that we're working with that are making good progress.

嗯，有很多公司專注於諸如電動車接觸器等設計週期和風能週期，我認為在工業方面肯定會更短，而且我們在該領域有足夠多的參與者正在取得良好進展。

That that would be my expectation, my expectation for first sample, I think the companies themselves, when I think about those that are sort of in the lead with the companies we're working with, they are going to be companies that are significant suppliers to the utility space and to large industrial customers.

這是我的期望，我對第一個樣品的期望，我認為公司本身，當我想到那些與我們合作的公司處於領先地位時，它們將成為公用事業領域和大型工業客戶的重要供應商。

Where they provide other types of power control equipment and you know, other circuit protection devices where this actually brings something unique to their portfolio of products that gives them a competitive advantage versus others that we are not working with.

他們提供其他類型的電源控制設備以及其他電路保護設備，這實際上為他們的產品組合帶來了一些獨特的東西，使他們比沒有與我們合作的其他公司更具競爭優勢。

Thank you.

謝謝。

It looks like there are no other submitted questions, Dan, do you have any closing remarks?

看起來沒有其他提交的問題，丹，你還有什麼結束語嗎？

I just want to thank everybody for joining us today on today's call and for your questions and we look forward to continuing commercial announcements on our VTran before our next update call operator, you may end the call.

我只想感謝大家今天參加我們的電話會議並提出問題，我們期待在下次更新電話會議之前繼續在我們的 VTran 上發布商業公告，接線員，您可以結束通話了。

Thank you. This concludes today's conference. All parties may disconnect and have a great day.

謝謝。今天的會議到此結束。各方均可斷開連接並度過美好的一天。