Ideal Power Inc (IPWR) 2025 Q2 法說會逐字稿

Good morning ladies and gentlemen, and welcome to the Ideal Power second-quarter 2025 results conference call. (Operator Instructions)

女士們、先生們，早安，歡迎參加理想動力 2025 年第二季業績電話會議。（操作員指示）

As a reminder, this event is being recorded. I would now like to turn the conference over to Jeff Christensen. Please go ahead.

提醒一下，此事件正在被記錄。現在我想將會議交給傑夫·克里斯滕森。請繼續。

Thank you, Kelly. Good morning everyone. Thank you for joining the Ideal Power second-quarter 2025 results conference call. With me on the call are Dan Brdar, President and Chief Executive Officer; and Tim Burns, Chief Financial Officer. Ideal Power's second-quarter 2025 financial results press release is available on the company's website at idealpower.com.

謝謝你，凱利。大家早安。感謝您參加理想動力 2025 年第二季業績電話會議。與我一起參加電話會議的還有總裁兼執行長 Dan Brdar 和財務長 Tim Burns。Ideal Power 2025 年第二季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 that differ materially from those described in the call. Please refer to the company's SEC filings for a list of associated risks. We would also refer you to the company's website for more supporting company information.

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陳述，包括有關未來財務業績和公司前景的陳述，都是前瞻性的，可能會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。請參閱該公司向美國證券交易委員會提交的文件，以了解相關風險的清單。我們也會推薦您造訪該公司的網站以獲取更多支持公司的資訊。

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

現在我想將電話轉給 Ideal Power 總裁兼執行長 Dan Brdar。擔？

Thank you, Jeff. I appreciate everyone joining us today. I'm eager to share an update on our progress since the start of the second quarter. I'll begin with the key highlights since the beginning of the second-quarter and discuss the most significant developments with additional context to highlight their significance. Afterwards, I'll turn things over to Tim to discuss our financial results. We look forward to your questions after our prepared remarks.

謝謝你，傑夫。我感謝今天與我們一起的各位。我迫切地想與大家分享自第二季開始以來我們取得的進展。我將從第二季初以來的關鍵亮點開始，並討論最重要的發展，並提供額外的背景資訊來強調其重要性。之後，我會將事情交給提姆來討論我們的財務結果。我們期待您在我們準備好的演講後提出問題。

First, we shipped updated solid-state circuit breaker prototypes to our first design win customer. These updated prototypes incorporate additional capabilities into the device driver that were requested by the customer to further differentiate their product offering. The customer is completing their prototype testing and will soon begin gathering feedback on this new product from their targeted end customers ahead of the product launch of their first B-TRAN enabled solid state circuit breaker product planned for later this year.

首先，我們將更新的固態斷路器原型發送給我們的第一個設計獲勝客戶。這些更新的原型將客戶要求的附加功能整合到裝置驅動程式中，以進一步區分他們的產品。客戶正在完成原型測試，並將很快開始從目標最終客戶那裡收集有關這款新產品的反饋，以便在今年稍後推出其首款支援 B-TRAN 的固態斷路器產品。

Second, we entered into a collaboration with a fourth global Tier 1 automotive supplier. We shipped them packaged devices, a reference design and driver to enable them to evaluate B-TRAN, and our understanding is that they plan to launch a formal solid-state EV contactor program within the next few months.

其次，我們與第四家全球一級汽車供應商達成了合作。我們向他們發送了封裝的設備、參考設計和驅動程序，以便他們評估 B-TRAN，我們了解他們計劃在未來幾個月內啟動正式的固態電動車接觸器計劃。

Third, one of our distributors introduced our products to a fourth global automaker, and the automaker's preferred Tier 1 supplier. They ordered numerous packaged B-TRAN devices, simple power modules, solid-state circuit breaker reference design boards and drivers. The customer will evaluate B-TRAN as part of their innovative solidate EV contactor design implementation.

第三，我們的一家經銷商將我們的產品介紹給了第四家全球汽車製造商，以及該汽車製造商的首選一級供應商。他們訂購了大量封裝的 B-TRAN 設備、簡單的電源模組、固態斷路器參考設計板和驅動器。客戶將評估 B-TRAN 作為其創新固態 EV 接觸器設計實施的一部分。

The same distributor also introduced our products to fifth automotive OEM for a potential EV contactor program. We're now collaborating with a total of five automakers, including four of the top 10 global automakers.

同一家經銷商還將我們的產品介紹給第五家汽車 OEM，用於潛在的 EV 接觸器計劃。我們現在總共和5家汽車廠商合作，其中包括全球前10家汽車廠商中的4家。

Fourth, Stellantis formally informed us that they are issuing a purchase order to us for custom development and packaged devices targeting multiple EV applications, broadening our collaboration with one of the world's largest automakers prior to the launch of the EV contactor program.

第四，Stellantis 正式通知我們，他們正在向我們發出針對多種電動車應用的客製化開發和封裝設備的採購訂單，在電動車接觸器計畫啟動之前擴大我們與全球最大汽車製造商之一的合作。

Fifth, we added a partnership with Kaimei Electronic Corp to distribute ideal powers products to their existing and prospective customers throughout Asia alongside their own product portfolio. Asia is the world's largest market for power electronics, and Asian companies typically adopt new technologies faster than their European and US counterparts. They started introducing B-TRAN to their customer base.

第五，我們與凱美電子公司建立了合作夥伴關係，將理想電源產品與其自己的產品組合一起分銷給其在亞洲的現有和潛在客戶。亞洲是全球最大的電力電子市場，亞洲公司採用新技術的速度通常比歐洲和美國公司更快。他們開始向客戶群介紹 B-TRAN。

Sixth, we ship solid-state circuit breaker reference designs to several large companies currently evaluating our technology for solid-state circuit breakers or EV contactor applications. This includes two previously announced Forbes Global 500 power management market leaders, as well as our fourth and fifth global Tier 1 automotive suppliers that we added in late June.

第六，我們向幾家大公司提供固態斷路器參考設計，這些公司目前正在評估我們的固態斷路器或電動車接觸器應用技術。其中包括先前公佈的兩家《富比士》全球 500 大電源管理市場領導者，以及我們在 6 月底新增的第四家和第五家全球一級汽車供應商。

And seventh, we successfully completed the third party automotive pre-qualification and reliability testing of B-TRAN devices with zero failures. We expect to complete full third-party automotive qualification and reliability testing later this year.

第七，我們成功完成了B-TRAN設備的第三方汽車預認證和可靠性測試，並且沒有任何故障。我們預計今年稍後完成全面的第三方汽車認證和可靠性測試。

Let's briefly turn to what we've repeatedly been hearing and seeing from current and prospective customers. There's a growing interest in our B-TRAN technology both for industrial and automotive applications, particularly for circuit protection applications such as solid-state circuit breakers, transfer switches, and EV contactors where ultra low conduction losses are enabling for the applications.

讓我們簡要回顧一下我們從現有和潛在客戶中反覆聽到和看到的內容。人們對我們的 B-TRAN 技術在工業和汽車應用方面的興趣日益濃厚，特別是對於電路保護應用，例如固態斷路器、轉換開關和 EV 接觸器，超低傳導損耗可實現這些應用。

For these applications, we're typically competing against silicon carbide devices, and the consistent message we are hearing from prospective customers that the cost and conduction losses of solid-state solutions using silicon carbide are too high.

對於這些應用，我們通常與碳化矽設備競爭，我們從潛在客戶那裡聽到的一致訊息是，使用碳化矽的固態解決方案的成本和傳導損耗太高。

A recent example of this is our first design win customer. This customer is one of the largest circuit protection equipment manufacturers in Asia, targeting data centers, industrial and utility markets, and renewable energy applications. This customer sent us their 20 amp unidirectional silicon carbide breaker prototypes that did not meet their cost and performance requirements. We reworked them and sent them back a 63 amp bidirectional B-TRAN breaker with a 60% reduction in losses compared to the silicon carbide prototypes.

最近的一個例子是我們的第一個設計獲勝客戶。該客戶是亞洲最大的電路保護設備製造商之一，目標市場為資料中心、工業和公用事業市場以及再生能源應用。該客戶向我們發送了他們的 20 安培單向碳化矽斷路器原型，但未能滿足他們的成本和性能要求。我們對其進行了重新加工，並將它們送回了一個 63 安培雙向 B-TRAN 斷路器，與碳化矽原型相比，其損耗減少了 60%。

Obviously, this is a significant performance improvement with much higher power density while achieving lower total losses using silicon devices that are at a lower price point than silicon carbide devices. Since then, we provide the customer with updated prototype breakers incorporating additional capability they request to be put into the device drivers to accommodate some innovative ideas on the capabilities they want to add to their breaker product.

顯然，這是一個顯著的性能改進，具有更高的功率密度，同時使用比碳化矽元件價格更低的矽元件實現了更低的總損耗。從那時起，我們為客戶提供了更新的原型斷路器，其中包含他們要求放入設備驅動程式的附加功能，以適應他們想要添加到斷路器產品中的功能的一些創新想法。

The customer is testing the updated prototypes now and they'll be soliciting feedback from their customers on these prototypes in the near term with a particular focus on data center customers. Following this feedback cycle, they planned to move forward with a product launch of their first B-TRAN enabled solid-state circuit breaker this year, and we're excited to collaborate with this customer in launching additional B-TRAN-enabled breakers across various power ratings in the future.

客戶目前正在測試更新後的原型，他們將在短期內徵求客戶對這些原型的回饋意見，特別關注資料中心客戶。在這一反饋週期之後，他們計劃在今年推出首款支援 B-TRAN 的固態斷路器產品，我們很高興能與該客戶合作，在未來推出更多支援 B-TRAN 且具有不同功率等級的斷路器。

As we previously mentioned and based on this first design win customer's projections, the initial product from this customer could translate to several $100,000 of revenue for Ideal Power in its first year of sales with the opportunity to exceed millions of dollars in revenue for us in the second year of sales. Importantly, this is just the beginning. Its initial product is anticipated to be the first of several products from this customer that will incorporate B-TRAN into solid-state circuit breakers. This customer provides a variety of circuit breaker products across various power ratings, and it's expected that they could add a full family of solid-state circuit breakers at ratings similar to their current family of electromechanical breakers.

正如我們之前提到的，根據這位首位設計獲勝客戶的預測，這位客戶的初始產品在銷售的第一年就可能為 Ideal Power 帶來數十萬美元的收入，並有機會在第二年的銷售中為我們帶來超過數百萬美元的收入。重要的是，這只是一個開始。其首款產品預計將是該客戶將 B-TRAN 融入固態斷路器的幾款產品中的第一款。該客戶提供各種不同功率等級的斷路器產品，預計他們可以添加全系列固態斷路器，其額定功率與目前的機電斷路器系列相似。

Importantly, our development agreement with this customer does not constrain us in any way from working with other companies interested in our technology for solid-state circuit breaker solutions. In fact, the work that we've done with this customer can be leveraged to benefit current and future customers aiming to bring solid-state circuit breaker products to market.

重要的是，我們與該客戶簽訂的開發協議不會以任何方式限制我們與對我們的固態斷路器解決方案技術感興趣的其他公司合作。事實上，我們與該客戶合作完成的工作可以惠及現有和未來的客戶，幫助他們將固態斷路器產品推向市場。

Due to the increased customer engagement from Asia and the magnitude of the opportunity for the region for industrial applications beyond our first design win customer, we're in the process of adding a sales director and field applications engineer for the region. We're seeing increased interest in B-TRAN for circuit breakers and static transfer switches for data centers. In both, circuit breakers and transfer switches, a smaller solid-state solution would replace bulky, slower acting electromechanical solutions.

由於亞洲客戶的參與度不斷提高，而且除了我們的第一個設計中標客戶之外，該地區的工業應用機會也很大，我們正在為該地區招募銷售總監和現場應用工程師。我們看到人們對資料中心斷路器和靜態轉換開關的 B-TRAN 的興趣日益濃厚。在斷路器和轉換開關中，較小的固態解決方案將取代笨重、動作較慢的機電解決方案。

Solid-state circuit breakers and data centers protect against faults and offer the same advantages as solid state circuit breakers and utility and other industrial applications. Transfer switches for data centers are used to minimize or eliminate server downtime by quickly switching the power source to backup power when needed. Transfer switches are critical as data centers strive for better than five 9s or better than 99.999% uptime.

固態斷路器和資料中心可防止故障，並提供與固態斷路器和公用事業及其他工業應用相同的優勢。資料中心的轉換開關用於在需要時快速將電源切換到備用電源，以最大限度地減少或消除伺服器停機時間。轉換開關至關重要，因為資料中心力求實現優於五個九或優於 99.999% 的正常運作時間。

It's also important to note that waste heat is a critical issue for data centers, and the B-TRAN-enabled switch gear like circuit breakers and transfer switches have ultra low conduction losses and generate significantly less waste heat relative to competing solid state solutions. We're excited that our B-TRAN is an enabler for customers seeking solutions for solid-state switch gear in data centers.

值得注意的是，廢熱是資料中心面臨的關鍵問題，而支援 B-TRAN 的開關設備（如斷路器和轉換開關）具有超低的傳導損耗，與競爭的固態解決方案相比，產生的廢熱要少得多。我們很高興我們的 B-TRAN 能夠幫助客戶尋求資料中心固態開關設備解決方案。

Moving on to another exciting market for B-TRAN, electric and hybrid electric vehicles, including EV contactors. For those of you unfamiliar with EV contactors, a contactor can be thought of similarly to a solid-state circuit breaker for an electric vehicle. It isolates the battery from electrical subsystems during both fault conditions and planned maintenance for improved safety.

轉向 B-TRAN 的另一個令人興奮的市場，即電動和混合動力電動車，包括電動車接觸器。對於那些不熟悉電動車接觸器的人來說，接觸器可以被認為類似於電動車的固態斷路器。它在故障情況和計劃維護期間將電池與電氣子系統隔離，以提高安全性。

Traditional electromechanical contactors aren't fast enough and do not offer programmability or diagnostic capabilities. Also, auto OEMs need a solution that is very fast acting to protect the batteries and the systems connected to the battery to prevent a runaway event, injury, or other damage.

傳統的機電接觸器速度不夠快，且不提供可程式性或診斷功能。此外，汽車原始設備製造商需要一種能夠快速採取行動的解決方案來保護電池和連接到電池的系統，以防止失控事件、傷害或其他損壞。

Stellantis and multiple other global automakers, as well as numerous Tier 1 automotive suppliers are already looking at B-TRAN for solid-state EV contact their applications. They, along with others in the industry, appear to have uniformly decided that an electromechanical contactor is not the right solution for electric vehicles due to the slow speed of electromechanical devices and the need for enhanced safety, programmability, and diagnostic capabilities.

Stellantis 和多家其他全球汽車製造商以及眾多一級汽車供應商已開始考慮將 B-TRAN 用於固態電動車接觸應用。他們和業內其他人似乎一致認為，機電接觸器不是電動車的正確解決方案，因為機電設備速度慢，而且需要增強安全性、可編程性和診斷能力。

The application of B-TRAN and EVs is exemplified by our expected purchase order from Stellantis, encompassing custom development and packaged devices aimed at multiple EV applications. The order has been approved by Stellantis internally and we expect to receive that purchase order in the near term.

我們預期從 Stellantis 獲得的採購訂單就是 B-TRAN 和電動車應用的一個例子，其中包括針對多種電動車應用的客製化開發和封裝設備。該訂單已獲得 Stellantis 內部批准，我們預計將在短期內收到該採購訂單。

The primary deliverables under this order are a non-traditional double-sided custom semiconductor package design, numerous B-TRAN dies in this custom package, and related drive circuitry. The custom package is required by the unique thermal management designs Stellantis intends to adopt for its next generation electric vehicle platforms.

該訂單的主要交付物是非傳統雙面客製化半導體封裝設計、此客製化封裝中的眾多 B-TRAN 晶片以及相關驅動電路。Stellantis 打算在其下一代電動車平台上採用獨特的熱管理設計，因此需要客製化封裝。

The combination of B-TRAN and Stellantis' thermal management design allows for commonality of parts in multiple locations whether it's EV, including the drivetrain, contactors, and other high-power EV applications and across its EV platforms. This new order is intended to form the basis for a common power semiconductor and packaging design for both the drivetrain and contactor programs.

B-TRAN 和 Stellantis 的熱管理設計的結合使得多個位置的零件可以通用，無論是電動車，包括動力傳動系統、接觸器和其他高功率電動車應用，還是跨電動車平台。這項新訂單旨在為動力傳動系統和接觸器專案的通用功率半導體和封裝設計奠定基礎。

The order will represent significant and continued progress Stellantis as they implement their EV strategy. As this order will enable multiple uses of B-TRAN and Stellantis' EV platforms, we're excited about our broadening collaboration and the customer validation of the benefits B-TRAN can provide to high power EV applications.

該訂單代表著 Stellantis 在實施電動車戰略過程中取得的重大且持續的進展。由於該訂單將使 B-TRAN 和 Stellantis 的 EV 平台實現多種用途，我們對不斷擴大的合作以及客戶對 B-TRAN 可為高功率 EV 應用帶來的好處的驗證感到非常興奮。

We remain actively engaged with Stellantis, meeting regularly with them and their program partners on both the planned EV contactor and current drivetrain inverter programs and collaborating with them on automotive qualification and related requirements. Turning to other automotive customers, we added our fourth and fifth global Tier 1 automotive suppliers to our roster of engagements.

我們一直積極與 Stellantis 合作，定期與他們及其項目合作夥伴會面，討論計劃中的電動車接觸器和當前的動力傳動系統逆變器項目，並與他們就汽車資格和相關要求進行合作。談到其他汽車客戶，我們將第四和第五家全球一級汽車供應商加入我們的合作名單。

For the fourth global Tier 1 automotive supplier, we're engaged with their engineering teams from both the US and Asia. They have B-TRAN devices in their lab and we'll be evaluating B-TRAN in the near term. Our understanding is that they expect to launch a formal solid-state EV contactor program within the next few months.

對於第四家全球一級汽車供應商，我們與來自美國和亞洲的工程團隊進行了合作。他們的實驗室裡有 B-TRAN 設備，我們將在短期內對 B-TRAN 進行評估。據我們了解，他們預計將在未來幾個月內啟動正式的固態電動車接觸器計畫。

For the fifth global Tier 1 supplier, we've begun shipping the numerous package B-TRAN devices, simple power modules, solid state circuit breaker reference design boards, and drivers that they'll evaluate for an innovative solid-state EV contactor design. Both these tier one suppliers serve several top 10 global automotive OEMs.

對於第五家全球一級供應商，我們已經開始運送大量封裝 B-TRAN 設備、簡單電源模組、固態斷路器參考設計板和驅動器，他們將對這些設備進行評估，以用於創新固態 EV 接觸器設計。這兩家一級供應商都為全球十大汽車原始設備製造商提供服務。

Moving on to the macroeconomic level, investors have asked about tariffs and evolving trade policies. While the tariff situation is very fluid, we continue to expect minimal impact on our operations from tariffs in place today. Importantly, our semiconductors are exempt from many tariff locations currently in effect, or in some cases, are capped at a low tariff rate.

從宏觀經濟層面來看，投資者詢問了關稅和不斷變化的貿易政策。儘管關稅情況非常不穩定，但我們仍然預期現行關稅對我們的營運影響微乎其微。重要的是，我們的半導體不受目前生效的許多關稅地點的約束，或者在某些情況下，受到較低關稅稅率的限制。

This limits the potential impact on us. Although the situation remains dynamic, as evidenced by recent tariff adjustments with China, we're well-positioned to mitigate the impact of future changes in tariffs and trade policies and other supply chain risks. Our asset light outsource business model leveraging the large investment already made in silicon way for processing and packaging enables flexibility.

這限制了對我們的潛在影響。儘管情況仍在不斷變化，正如最近對中國的關稅調整所證明的那樣，但我們已做好準備，以減輕未來關稅和貿易政策變化以及其他供應鏈風險的影響。我們的輕資產外包業務模式利用已在矽片加工和封裝方面進行的大量投資實現了靈活性。

Additionally, our dual sourcing approach in different geographic regions strengthens our supply chain resilience and optionality with wafer fabrication and packaging in different parts of the world. Importantly, our supply chain strategy is entirely independent of China, further insulating us from regional geopolitical and trade uncertainties and any potential trade conflicts between the US and China.

此外，我們在不同地理區域的雙重採購方式增強了我們在世界不同地區進行晶圓製造和封裝的供應鏈彈性和可選性。重要的是，我們的供應鏈策略完全獨立於中國，進一步使我們免受地區地緣政治和貿易不確定性以及中美之間任何潛在貿易衝突的影響。

Looking briefly at innovation, we intend to increase the power rating of our products later this year, and updated data sheets will be issued accordingly. We've been conservative in how we've rated our technology, which customers have told us they appreciate, as we're introducing a new technology to their markets and applications.

簡單回顧一下創新，我們打算在今年稍後提高我們產品的額定功率，並將相應發布更新的數據表。我們對我們的技術的評價一直很保守，客戶告訴我們他們很欣賞這一點，因為我們正在為他們的市場和應用引入一項新技術。

As we get more and more testing hours and go through reliability testing, including third party automotive pre-qualification testing, we're finding that we have more than ample margin in our design to increase the power rating of our products. Higher product ratings will allow customers to design their products to perform at higher ratings with the same number of devices or to hold their product ratings constant but potentially utilize fewer B-TRAN devices in their application, either of which make their product even more competitive in the marketplace. The work to complete the testing and release new data sheets for the uprated products is in progress and on track.

隨著我們進行越來越多的測試時間並進行可靠性測試（包括第三方汽車預認證測試），我們發現我們的設計有足夠的餘地來提高我們產品的額定功率。更高的產品額定值將允許客戶設計他們的產品，以使用相同數量的設備實現更高的額定值，或保持他們的產品額定值不變，但在他們的應用中可能使用更少的 B-TRAN 設備，無論哪種方式都可以使他們的產品在市場上更具競爭力。完成升級產品的測試和發布新資料表的工作正在進行中，並且進展順利。

As I mentioned earlier, we successfully completed the third party automotive pre-qualification and reliability testing of B-TRAN discrete dye last month, achieving zero die failures. Test results indicate that double-sided cool packaging utilized for B-TRAN devices is much more robust than semiconductor packages utilizing wire bonding, because wire bonding is a common point of failure in semiconductor packaging. For example, To meet automotive qualification standards, packaged devices must withstand 15,000 power cycles without failure.

正如我之前提到的，我們上個月成功完成了 B-TRAN 離散染料的第三方汽車預認證和可靠性測試，實現了零模具故障。測試結果表明，B-TRAN 設備採用的雙面冷封裝比採用引線鍵合的半導體封裝更堅固，因為引線鍵結是半導體封裝中常見的故障點。例如，為了滿足汽車認證標準，封裝的設備必須承受 15,000 次電源循環而不會發生故障。

Our devices recently passed 50,000 power cycles without any failures. In addition, the pre-qualification allowed us to identify and implement packaging improvements to optimize the design for easier assembly for high volume manufacturing and to reduce cost. The production of multiple wafer runs required for high volume automotive qualification testing is nearing completion. The gating item for completing the device packaging is the cooling for the encapsulation of the packaged devices which has been ordered, and our packaging supplier is expecting its delivery in the next few weeks.

我們的設備最近已通過 50,000 次電源循環，且未出現任何故障。此外，預審資格使我們能夠確定和實施包裝改進，以優化設計，使其更容易進行大批量生產組裝並降低成本。大批量汽車資質測試所需的多晶圓生產即將完成。完成元件封裝的關鍵項目是已訂購的封裝元件的封裝冷卻，我們的封裝供應商預計將在未來幾週內交貨。

We previously mentioned orders this year are not dependent on the successful completion of automotive qualification. However, achieving third party automotive qualification would provide additional confidence to industrial customers regarding B-TRAN's long-term reliability. It also provides evidence of reliability under conditions, including extremes of humidity and temperature, that surpass those needed for industrial applications.

我們之前提到過，今年的訂單並不依賴汽車認證的成功完成。然而，獲得第三方汽車認證將為工業客戶對 B-TRAN 的長期可靠性提供額外的信心。它還提供了在極端濕度和溫度等超出工業應用要求的條件下的可靠性證據。

And since engineers tend to be conservative when adopting new technologies, automotive qualification would potentially speed up the rollout of B-TRAN-based products by early adopters in our initial target industrial markets. Our B-TRAN patent to state continues to grow. Currently we have 96 issued B-TRAN patents with 47 of those issued outside of the United States. Our patent coverage spans North America, China, Taiwan, Japan, South Korea, India, and Europe, all representing our high priority patent coverage geographies.

由於工程師在採用新技術時往往比較保守，因此汽車認證可能會加速我們最初目標工業市場的早期採用者推出基於 B-TRAN 的產品。我們的B-TRAN專利持續成長。目前我們已擁有 96 項 B-TRAN 專利，其中 47 項是在美國境外頒發的。我們的專利覆蓋範圍遍及北美、中國、台灣、日本、韓國、印度和歐洲，這些地區都是我們優先考慮的專利覆蓋地區。

As a result of our continued innovation, our list of pending B-TRAN patents is now at 74. To safeguard our intellectual property further, we treat the proven double-sided wafer process flow we develop to make our devices as a trade secret, and do not disclose the identity of and work under strict confidentiality with our wafer fabrication partners. So even if a competitor studied our patents, they wouldn't have the know-how to fabricate the device.

由於我們不斷創新，我們目前擁有的 B-TRAN 專利已達 74 項。為了進一步保護我們的智慧財產權，我們將我們開發的用於製造設備的經過驗證的雙面晶圓製程視為商業機密，並且不會透露晶圓製造合作夥伴的身份，並且在嚴格保密的情況下開展工作。因此，即使競爭對手研究了我們的專利，他們也不知道如何製造該設備。

In summary, we're excited about the expected purchase order from Stellantis, which targets multiple EV applications and will precede the new EV contactor program with Stellantis. Our first design win customer is completing their solid-state circuit breaker prototype testing in advance of their planned B-TRAN enabled product launch later this year.

總而言之，我們對 Stellantis 的預期採購訂單感到非常興奮，該訂單針對多種電動車應用，並將先於 Stellantis 推出新的電動車接觸器計劃。我們的第一位設計得標客戶正在提前完成他們的固態斷路器原型測試，以便在今年稍後推出支援 B-TRAN 的產品。

We anticipate that following their initial product rollout, this OEM will broaden its product lineup to include a variety of B-TRAN enabled solid-state circuit breakers across multiple power ratings, which could lead to significant revenue growth for us. We use solid-state switch gear for data centers and other industrial facilities and grid infrastructure, including solid-state circuit breakers from this first design win customer as our path to significant revenue growth and profitability.

我們預計，在推出其首款產品後，該 OEM 將擴大其產品線，包括多種支援 B-TRAN 且具有多種功率等級的固態斷路器，這可能會為我們帶來顯著的收入成長。我們將固態開關設備用於資料中心和其他工業設施以及電網基礎設施，包括來自該首家設計得標客戶的固態斷路器，這是我們實現大幅收入成長和盈利的途徑。

Additionally, we're now collaborating with our fourth and fifth global Tier 1 automotive suppliers and additional top 10 global automakers as the automotive industry is seeking low loss solidate solutions for EV contactors. Looking forward, we're confident we'll deliver against all our milestones for 2025. This year, in addition to the current program with Stellantis, we're expecting a second development program with them, additional design wins and our custom development agreements for circuit protection applications with global companies, the start of our revenue ramp, and increase in the power rating of our products, and the completion of third party automotive qualification.

此外，由於汽車行業正在尋求電動車接觸器的低損耗固體解決方案，我們現在正在與我們的第四和第五家全球一級汽車供應商以及其他十大全球汽車製造商合作。展望未來，我們有信心實現 2025 年的所有里程碑。今年，除了目前與 Stellantis 合作的專案外，我們還期待與他們合作進行第二個開發項目、贏得更多設計、與全球公司達成電路保護應用客製化開發協議、開始增加收入、提高我們產品的額定功率，並完成第三方汽車認證。

Now, I'd like to hand the call over to Tim Burns to review our financials.

現在，我想把電話交給提姆·伯恩斯來審查我們的財務狀況。

Thank you, Dan, and good morning everyone. Our second quarter 2025 cash burn from operating investing activities was $2.5 million up from $2.2 million in the second quarter of 2024, and up from $2.1 million in the first quarter of 2024. Our Q2 cash burn was at the lower end of our guidance of $2.5 million to $2.7 million. Our cash burn from operating and investing activities for the first half of 2025 was $4.6 million up from $4.2 million in the first half of 2024.

謝謝你，丹，大家早安。我們 2025 年第二季的經營投資活動現金消耗為 250 萬美元，高於 2024 年第二季的 220 萬美元，也高於 2024 年第一季的 210 萬美元。我們第二季的現金消耗處於我們預期的 250 萬美元至 270 萬美元的低端。2025 年上半年，我們的營運和投資活動現金消耗為 460 萬美元，高於 2024 年上半年的 420 萬美元。

We continue to manage expenses prudently and aggressively. We expect third quarter 2025 cash burn to increase to approximately $2.7 million to $2.9 million with a full year 2025 cash burn just over $10 million with the increase primarily due to the hiring of additional sales and engineering personnel. This compares to a 2024 cash burn of $9.2 million excluding the benefit of warrant proceeds. Cash equivalents totaled $11.1 million at June 30, 2025. We have no debt in a clean capital structure.

我們將繼續審慎而積極地管理開支。我們預計 2025 年第三季的現金消耗將增加至約 270 萬美元至 290 萬美元，2025 年全年的現金消耗將略高於 1,000 萬美元，增加的主要原因是僱用了更多的銷售和工程人員。相較之下，2024 年的現金消耗為 920 萬美元（不包括認股權證收益）。截至 2025 年 6 月 30 日，現金等價物總額為 1,110 萬美元。我們的資本結構清晰，沒有任何債務。

We recorded modest revenue for the second-quarter of 2025 as customers continue to evaluate our technology. 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 and roll out B-TRAN-based products.

由於客戶繼續評估我們的技術，我們在 2025 年第二季取得了適度的收入。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較小，但隨著客戶開始為其 OEM 產品製作原型、完成其設計週期並推出基於 B-TRAN 的產品，我們預計訂單規模將會增加。

Looking at the balance of 2025, we expect to see the start of our sales ramp with revenue from product development activities, the launch of the first B-TRAN enabled breaker by our first design win customer, and other product sales. Operating expenses were $3.1 million in the second quarter of 2025 compared to $2.9 million in the second quarter of 2024, with the increase due to higher wafer fabrication and engineering personnel costs.

展望 2025 年，我們預計銷售額將開始成長，這得益於產品開發活動的收入、我們的第一個設計中標客戶推出的第一個支援 B-TRAN 的斷路器以及其他產品的銷售。2025 年第二季的營運費用為 310 萬美元，而 2024 年第二季為 290 萬美元，增加的原因是晶圓製造和工程人員成本增加。

We expect both research and development and 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. We also continue to expect some quarter-to-quarter variability in operating expenses, particularly our research and development spending through the timing of semiconductor fabrication runs, product development, other research and development activities and hiring.

由於近期和未來的招募以及與開發和商業化工作相關的成本，我們預計未來幾季研發和銷售及行銷支出都將小幅成長。我們也繼續預期營運費用將會有一些季度變化，特別是透過半導體製造運作、產品開發、其他研發活動和招募的時間安排來增加研發支出。

The timing of equity grants and related stock-based compensation expense recognition will also cause variability in our quarterly operating expenses. Net loss in the second quarter of 2025 was $3 million compared to $2.7 million in the second quarter of 2024.

股權授予的時間和相關股票薪酬費用確認也會導致我們季度營運費用的變動。2025 年第二季淨虧損為 300 萬美元，而 2024 年第二季淨虧損為 270 萬美元。

Considering our asset like business model, no debts and modest plan cash burn, we have sufficient liquidity on our balance sheet to fund operations through at least mid 2026. We'll potentially see several sources of funds over the next year, such as product sales, development agreements, and other commercial agreements with upfront payments.

考慮到我們的資產類商業模式、無債務和適度的計畫現金消耗，我們的資產負債表上有足夠的流動性來為至少到 2026 年中期的營運提供資金。明年我們可能會看到幾種資金來源，例如產品銷售、開發協議和其他需要預付款的商業協議。

Additionally, we're exploring strategic relationships with our well-capitalized and large global partners with these opportunities strengthening as we further advance these customer relationships. As a publicly traded company, we also have access to the capital markets if necessary, providing us with additional financial flexibility. At the end of June, we had 8,498,0014 shares outstanding, 945,318 options in stock units outstanding, 653,827 pre-funded warrants outstanding, and 342,240 warrants outstanding.

此外，我們正在探索與資金雄厚的大型全球合作夥伴建立策略關係，隨著我們進一步推動這些客戶關係，這些機會將會加強。作為一家上市公司，我們還可以在必要時進入資本市場，從而為我們提供額外的財務靈活性。截至 6 月底，我們有 8,498,0014 股流通股、945,318 份流通股票單位選擇權、653,827 份流通預先出資認股權證以及 342,240 份流通認股權證。

In June 30, 2025, our fully dilluted share account was 10,439,399 shares. The 342,240 warrants outstanding at June 30 2025 expired unexercised earlier this month, so there are no warrants remaining in our fully diluted share account.

截至 2025 年 6 月 30 日，我們的完全稀釋股份帳戶為 10,439,399 股。截至 2025 年 6 月 30 日未行使的 342,240 份認股權證已於本月初到期未行使，因此我們的完全稀釋股票帳戶中已沒有剩餘認股權證。

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

現在我想開始提問。操作員？

(Operator Instructions) Casey Ryan, WestPark Capital.

（操作員指示）Casey Ryan，WestPark Capital。

This is an exciting update. Hey, I did -- it did spur some questions, particularly around Stellantis. I think how do we think about the opportunity with them? I think you're mentioning platform, which is helpful, but to sort of boil it down for us in the public, I think Stellantis has 16 brands, but you mentioned it's maybe for an EV vehicle, but what's the right way to think about your exposure? Like, could you be exposed to all 16 brands? Are you exposed to all EVs within the 16 brands or is there some other way to sort of simplify what the opportunity there is?

這是一個令人興奮的更新。嘿，我確實這麼做了——它確實引發了一些問題，特別是有關 Stellantis 的問題。我想我們應該如何看待與他們合作的機會？我認為您提到的平台很有幫助，但為了向我們公眾簡單介紹一下，我認為 Stellantis 有 16 個品牌，但您提到它可能是電動車品牌，但如何正確看待您的曝光度？例如，你能接觸到所有 16 個品牌嗎？您是否接觸過這 16 個品牌的所有電動車，或者是否有其他方式來簡化其中的機會？

Yeah, I mean, our understanding from discussions with them is they want commonality across their brands and their EV platform. So you would see us in multiple brands that people would recognize. There will be some brands, like Maserati, where they will probably go with higher cost solutions like silicon carbide, where cost is not an issue and people aren't worried so much about range because it's a different application, but they really want to have a common EV platform. Since they've got to continue to support the combustion vehicles, they don't want to have multiple iterations for every brand of what their new EV products are going to look like. So it gives us a pretty broad opportunity across a broad range of of mid-size vehicles and for for new brands.

是的，我的意思是，我們從與他們的討論中了解到，他們希望他們的品牌和電動車平台具有共通性。因此，您會在人們熟悉的多個品牌中看到我們。有些品牌，例如瑪莎拉蒂，可能會選擇碳化矽等成本更高的解決方案，因為成本不是問題，而且人們也不太擔心續航里程，因為這是一個不同的應用，但他們確實希望擁有一個通用的電動車平台。由於他們必須繼續支援內燃機汽車，因此他們不希望每個品牌的新電動車產品都進行多次迭代。因此，這為我們在各種中型車和新品牌中提供了相當廣闊的機會。

So it's certainly fair for us to think it may be multiple brands, maybe not all 16, but certainly more than one, and then multiple vehicles possibly.

因此，我們完全有理由認為，可能涉及多個品牌，也許不是全部 16 個品牌，但肯定不止一個，而且可能涉及多輛汽車。

They clearly plan on it being multiple brands. They've made that very clear to us, and part of this work that they're -- they've told us that we're getting a purchase order for is to also start to drive some commonality even within the EV. Originally, the drivetrain and EV contactor programs were very separate.

他們顯然計劃將其打造為多個品牌。他們已經向我們明確表達了這一點，他們正在做的這項工作的一部分——他們告訴我們，我們正在獲得的採購訂單也是為了開始推動電動車內部的一些共通點。最初，動力傳動系統和電動車接觸器程序是分開的。

They were going separate paths, and this work is to actually converge on the semiconductor and packaging design prior to getting the contacted program awarded because they really want to have that same solution in both of those parts of the vehicle, so it gives us commonality in what we are going to provide for multiple applications within the EV.

他們走的是不同的道路，這項工作實際上是在獲得合約項目之前在半導體和封裝設計上進行融合，因為他們確實希望在車輛的兩個部分都有相同的解決方案，因此它使我們在為電動車內的多個應用提供共同點。

I think in the past we've talked about the contactors potentially being in the hundreds of dollars of content per vehicle. If you were in the like total vehicle across all these opportunities, I mean, would that number sort of move higher to sort of closer to four figures or would it still be in the hundreds but possibly higher than the contactors alone, I guess?

我認為我們過去曾討論過每輛車的承包商可能要花費數百美元。如果您對所有這些機會都抱有總體看法，那麼這個數字是否會上升到接近四位數，還是仍然在數百位，但可能比單獨的承包商還要高，我想？

Yeah, so we estimate the total power semiconductor content in the EV about $1100. The biggest part of that actually is the drive train inverter itself. EV contactor to maybe $300 of that content. So it's most of the content. The other content you're looking at is things like the onboard charger, which may use more powered devices or MOSFETs, but for us it's really the drivetrain inverter. I think I heard on semi at one point say they had about $750 of content in the drivetrain inverter for power semiconductors, so I've heard that number out there, but it's several $100 certainly for the inverter.

是的，我們估計電動車中功率半導體的總成本約為 1100 美元。其中最大的部分實際上是傳動系統逆變器本身。EV 接觸器的價格可能為 300 美元。這就是大部分內容。您正在查看的其他內容是車載充電器之類的東西，它可能使用更多供電設備或 MOSFET，但對我們來說，它實際上是動力傳動系統逆變器。我記得我曾經在半導體上聽過這樣的說法：他們在動力傳動系統逆變器中用於功率半導體的內容大約有 750 美元，所以我聽說過這個數字，但對於逆變器來說肯定是幾百美元。

One thing that we've talked about, and like I think, moving to commercial revenue is a very exciting thing for the second half of '25, but but I'm curious in terms of your design, what opportunities and how they come to you. How would you classify those in terms of a volume of opportunities, just as we're curious about all the applications of your technology.

我們討論過的一件事，我認為，轉向商業收入對於 25 年下半年來說是一件非常令人興奮的事情，但我很好奇您的設計，有哪些機會以及它們是如何來到您身邊的。正如我們對您的技術的所有應用感到好奇一樣，您將如何根據機會數量對這些進行分類。

Would you say that known design when opportunities for you to sort of number in the like 10s because we're sort of talking about automotive people primarily -- or are they potentially in the hundreds of thousands in terms of where you guys could be consumed or sort of considered as an upgrade solution?

您是否認為已知的設計機會數量只有幾十個左右，因為我們主要討論的是汽車行業人士，或者就您可能被消費或被視為升級解決方案而言，它們可能有數十萬個？

Could you clarify that a little bit, Casey on --

凱西，你能解釋一下嗎？--

Well, no, I'm just saying how many design opportunities are you guys seeing out there in the marketplace separate from what you've talked about already to sort of what's on your sales pipeline board essentially, like how big is that funnel is what I'm sort of curious about.

嗯，不，我只是說，除了你已經談到的銷售通路板上的內容之外，你們在市場上看到了多少設計機會，本質上，我很好奇的是這個管道有多大。

Yeah, I mean, it continues to grow. I mean, if you look at the automotive side, it's more discreet because there's just less players there. So there's five global auto OEMs, four of which are in the top 10 and five Tier 1 suppliers. Now, if we look at the industrial side, there's many more because there are a lot of companies that we are working with that are interested in solid-state circuit breakers.

是的，我的意思是，它還在繼續增長。我的意思是，如果你看一下汽車方面，它就更加謹慎，因為那裡的參與者較少。因此，全球有 5 家汽車原始設備製造商，其中 4 家進入前 10 名，5 家為一級供應商。現在，如果我們看工業方面，我們會發現還有很多，因為我們與許多公司合作，它們對固態斷路器感興趣。

They range in size from very large companies that people would recognize. And I'm not saying these are them by name, but they would be companies like Siemens or an Eaton or a Schneider to some mid-sized companies that are also looking to try and find a way to take market share from the big folks. So -- our earlier design wins are clearly going to be on the industrial side. We'll get funded programs through the Tier 1s and the automotive companies since their design cycles are longer. But a lot of our effort right now is really focusing on the industrial applications where we'll have our first wins.

它們的規模從人們所認識的大型公司到大型企業不等。我並不是說這些公司就是它們，而是像西門子、伊頓、施耐德這樣的公司，以及一些中型公司，它們也在試圖找到從大公司手中奪取市場份額的方法。所以——我們早期的設計勝利顯然是在工業方面。我們將透過一級供應商和汽車公司獲得資助項目，因為他們的設計週期更長。但我們現在的許多努力實際上都集中在我們將獲得首次勝利的工業應用上。

And then you mentioned silicon carbide and the cost issue. I'm just curious technically and how you guys feel about this. If -- would customers prefer silicon carbide cost not being an issue or is that not always the case and not that silicon carbide will ever get the cost parity with your solution, but I'm just curious how customers think about that.

然後您提到了碳化矽和成本問題。我只是從技術角度好奇你們對此有何感想。如果——客戶是否更希望碳化矽成本不成為問題，或者情況並非總是如此，而且碳化矽的成本永遠不會與您的解決方案持平，但我只是好奇客戶是如何看待這一點的。

I'll use the our first design win customer as the example. The breaker that they sent us that was silicon carbide. Cost was a problem, but the biggest issue was it got too hot. It wouldn't meet the standards even at 20 amp unidirectional applications. So we were actually give them breakers back that had three times the power density.

我將以我們的第一個設計獲勝客戶作為例子。他們寄給我們的斷路器是碳化矽。成本是一個問題，但最大的問題是溫度太高。即使在 20 安培單向應用中也不符合標準。因此，我們實際上將功率密度三倍的斷路器返還給他們。

There were 63 amp breakers that we sent them back and they were bidirectional, which is what they need, particularly on DC applications, that the temperature rise in them meets the codes and standards. So it's -- heat is the big problem because the conduction losses are high in silicon carbide.

我們寄回了 63 安培的斷路器，它們是雙向的，這正是他們所需要的，特別是在直流應用上，它們中的溫升符合規範和標準。因此，熱量是一個大問題，因為碳化矽的傳導損耗很高。

And then, kind of the last question. You guys also mentioned in the script, data center opportunities. Can your products be integrated into an environment, say a data center? As like a hybrid solution, like can some of your products be consumed but also be in a mixed environment with older technology as well?

然後，這是最後一個問題。你們在腳本中也提到了資料中心的機會。您的產品可以整合到某個環境中嗎，例如資料中心？就像混合解決方案一樣，您的某些產品是否可以被消費，但也可以與舊技術處於混合環境中？

Yeah. What we're seeing is they're prioritizing where there's a really a need for speed that impacts the quality of the power in the data center, so speed of transfer switches, speed of breakers. We don't expect that given data center is going to swap out every breaker all at once. They'll do that in kind of a stage fashion so. You'll just have one part of the data center that will perform at a different level and have different diagnostic capabilities and what it may have been built with 5, 10 years ago.

是的。我們看到的是，他們優先考慮真正需要速度來影響資料中心電力品質的地方，也就是轉換開關的速度、斷路器的速度。我們不希望給定的資料中心一次更換所有斷路器。他們會以一種舞台的方式來做這件事。您將只擁有資料中心的一部分，其效能將達到不同的水平，並具有不同的診斷能力，並且可能與 5 年前或 10 年前的建置有所不同。

There's like ample opportunity in existing markets and not just in greenfield bills essentially. So that's what I was curious about.

現有市場中存在大量機會，而本質上不僅限於綠地法案。這就是我好奇的地方。

I mean for data centers, the big issue for them is, electricity is the biggest operating cost. So while they want to have faster acting solutions to enable them to maximize their up time, the waste heat that comes from some of the solutions that are out there that are silicon carbide based doesn't help them because it raises their electricity usage, which works against their business model. So I think, it was a great opportunity for us as people look to modernize the data centers to actually replace things that are existing as well as being the new builds.

我的意思是，對於資料中心來說，最大的問題是電力是最大的營運成本。因此，雖然他們希望有更快的解決方案來最大限度地延長正常運行時間，但現有的一些基於碳化矽的解決方案所產生的廢熱對他們沒有幫助，因為這會增加他們的用電量，這不利於他們的商業模式。因此，我認為，這對我們來說是一個很好的機會，因為人們希望對資料中心進行現代化改造，以實際取代現有的和新建的資料中心。

Well, that's another great market for your technology. I think that's it for me, but look, this is a very exciting update. I think we're getting to sort of an important demarcation line as you get closer to commercial revenue.

嗯，這對您的技術來說又是一個巨大的市場。我想對我來說就是這樣了，但是看，這是一個非常令人興奮的更新。我認為，隨著商業收入的接近，我們正面臨一條重要的分界線。

I would now like to turn the floor over to Jeff Christensen to take any questions from the webcast. Jeff?

現在我想把發言權交給傑夫·克里斯滕森來回答網路直播中提出的問題。傑夫？

Thank you, Kelly. Our first question is a lot of that was submitted by investors is a lot of conductor specialists agree that the technology is excellent and it's a game changer for niche, solid state circuit breakers, EV hybrid applications, and more. What are the challenges to closing sales? Are there any technical challenges and are there any -- are there one or two issues the company needs to overcome, or are there issues more individual for each company?

謝謝你，凱利。我們的第一個問題是，許多投資人提出的問題，許多導體專家都認為這項技術非常出色，它將改變利基市場、固態斷路器、電動車混合動力應用等的遊戲規則。完成銷售面臨哪些挑戰？是否存在任何技術挑戰？是否存在任何——公司需要克服的一兩個問題，或者每個公司是否有更獨特的問題？

There's -- there haven't really been technical challenges. The biggest issue really is just the education process. You think about things like car by MOSFET, they've been around for 25 years, so engineers learned about them in school, they've worked with them previously. Our technology is new, so you've got to get the engineering community through that education process. You got to get devices in their hands, get them in the lab, working with them, get comfortable with them.

確實沒有遇到任何技術挑戰。最大的問題其實只是教育過程。想想汽車上的 MOSFET 之類的東西，它們已經存在了 25 年，所以工程師在學校就了解它們，他們以前也使用過它們。我們的技術是新的，所以你必須讓工程界經歷這個教育過程。你必須把設備交到他們手中，帶進實驗室，與他們一起工作，讓他們適應這些設備。

It's also part of why we do things like present papers at the Applied Power Electronics conference every year. We've got an article coming out in the IEEE magazine this year to really help discontinue that education to the technical community to get them through that learning process so they're comfortable adopting a new technology.

這也是我們每年在應用電力電子會議上發表論文等活動的原因之一。我們今年在 IEEE 雜誌上發表了一篇文章，旨在真正幫助科技社群繼續進行這種教育，幫助他們完成學習過程，以便他們可以輕鬆地採用新技術。

Thank you. Our next submitted question is, what is Ideal Power doing to drive sales ramp and increase product awareness?

謝謝。我們提交的下一個問題是，Ideal Power 正在採取什麼措施來推動銷售成長並提高產品知名度？

Yeah. So for us we're taking really several paths to market. We have our own internal sales team, we have distributor relationships, we have sales reps, we have a new partnership with Kaimei, where they'll actually be selling our products alongside their own. We're also continuing to increase awareness in the technical community. Dan had mentioned, there's going to be an article about B-TRAN and solid-state circuit breaker applications in the next issue of IEEE magazine. We also actively attend trade shows. We've been to APEC and PCIM earlier this year. We'll be at the upcoming ECCE conference in Philadelphia.

是的。因此，對我們來說，我們實際上採取了多種途徑進入市場。我們有自己的內部銷售團隊，有經銷商關係，有銷售代表，我們與凱美建立了新的合作夥伴關係，他們實際上會同時銷售我們的產品和他們自己的產品。我們也持續提高技術社群的認識。Dan 曾提到，下一期 IEEE 雜誌將會刊登一篇關於 B-TRAN 和固態斷路器應用的文章。我們也積極參與貿易展覽會。今年早些時候我們參加了 APEC 和 PCIM。我們將參加即將在費城舉行的 ECCE 會議。

And we also recently launched a global, solid-state circuit breaker campaign, that incorporates the test results that Dan had mentioned related to our first design win that show that B-TRAN significantly outperforms, silicon carbide MOSFETs and breakers. So this advantage really carries over to other solid-state switch gear applications like EV contactors, another application we're targeting. So we're really taking a multi-pronged approach in terms of getting B-TRAN into the trade press and also just really increase awareness.

我們最近也啟動了一項全球固態斷路器活動，該活動結合了 Dan 提到的與我們首次設計勝利相關的測試結果，這些結果表明 B-TRAN 的性能明顯優於碳化矽 MOSFET 和斷路器。因此，這項優勢確實延伸到了其他固態開關設備應用，例如電動車接觸器，這是我們瞄準的另一個應用。因此，我們確實採取了多管齊下的方法，讓 B-TRAN 進入行業媒體，並真正提高知名度。

The next submitted question is, I'm new to Ideal Power. In simple terms, what is an IGBT and what are the advantages of Ideal Power's B-TRAN compared to an IGBT?

下一個提交的問題是，我是 Ideal Power 的新手。簡單來說，什麼是IGBT，以及Ideal Power的B-TRAN與IGBT有哪些優勢？

Okay. An IGBT, it's a unidirectional semiconductor device that functions as an electronic switch that controls the flow of energy for various applications. IGBTs are used for high voltage, high current applications like power converters for electric vehicles or EV charging or energy storage and renewable energy, industrial motor drives, and other industrial and utility applications. IGBTs are a big market. It's about a $10 billion market today with a lot of growth expected over the coming decades just due to increasing electrification of society.

好的。IGBT 是一種單向半導體裝置，可用作電子開關，可控制各種應用中的能量流動。IGBT 用於高電壓、大電流應用，例如電動車或電動車充電或儲能和再生能源的電源轉換器、工業馬達驅動器以及其他工業和公用事業應用。IGBT 是一個巨大的市場。目前，這個市場規模約為 100 億美元，預計未來幾十年內，隨著社會電氣化程度的提高，該市場將大幅成長。

The primary advantage of B-TRAN over an IGBT is that B-TRAN offers improved performance and bidirectionality and bidirectionality is increasingly important as we use batteries more and more because you need to control the flow of energy during charging and discharging of the battery. So you see solar coupled with energy storage, you see electric vehicles, you see EV charging with backup batteries for buffer capability.

B-TRAN 相對於 IGBT 的主要優勢在於，B-TRAN 提供了改進的性能和雙向性，而且隨著我們越來越多地使用電池，雙向性變得越來越重要，因為您需要在電池充電和放電期間控制能量的流動。因此，您會看到太陽能與能源儲存相結合，看到電動車，看到電動車充電採用備用電池作為緩衝能力。

So in terms of performance, B-TRAN has significantly lower conduction losses and it's more efficient, so it produces less heat than IGBTs, that allows OEM products to be smaller and more efficient because the size of a lot of power electronics like a power converter are driven by the need to dissipate waste heat. So it really comes down to being able to provide a high level of performance and the big issue really for a lot of these bidirectional applications is anytime you're using an IGBT, you need four devices to make a bidirectional switch. You need pairs of IGBTs and diodes to control the flow in either direction.

因此，就性能而言，B-TRAN 的傳導損耗明顯較低，而且效率更高，因此產生的熱量比 IGBT 更少，這使得 OEM 產品更小、更高效，因為許多電力電子設備（如電源轉換器）的尺寸都是由散發廢熱的需求決定的。因此，這實際上歸結為能夠提供高水準的性能，而對於許多雙向應用來說，真正的大問題是，無論何時使用 IGBT，都需要四個設備來實現雙向開關。您需要一對 IGBT 和二極體來控制任一方向的電流。

So there's more parts that will fail, there's more cost, and there's significantly higher loss, about five times higher conduction loss for bidirectional switch using conventional things like IGBTs. So you end up with a more efficient solution using B-TRAN and one that can actually be lower cost because it's a lower cost bidirectional switch and lower lifetime cost for the OEMs.

因此，會發生故障的零件更多，成本更高，損耗也更高，使用 IGBT 等傳統雙向開關的傳導損耗大約高出五倍。因此，您最終會得到一個使用 B-TRAN 的更有效率的解決方案，而且該解決方案實際上可以降低成本，因為它是一種成本更低的雙向交換機，並且對於 OEM 來說可以降低終身成本。

The next question is, when will Ideal Power get the cash flow break even?

接下來的問題是，理想電力何時才能達到現金流量收支平衡？

Yeah, so for us, it really depends on product and customer mix. Obviously, the pace of adoption is going to influence that. But what it really comes down to is it only takes a few key design wins for us to get the cash flow break even. We're engaged with large global companies who are evaluating our technology for their applications and landing even a single design win can generate millions or even in excess of $10 million in revenue annually for Ideal Power.

是的，所以對我們來說，這確實取決於產品和客戶組合。顯然，採用的速度將會影響這一點。但實際上，我們只需要贏得幾個關鍵的設計就能達到現金流收支平衡。我們與大型跨國公司合作，他們正在評估我們的技術是否適合他們的應用，即使只有一個設計獲勝，每年也能為 Ideal Power 帶來數百萬甚至超過 1000 萬美元的收入。

So it just comes down to, again, which design win happen at what time and just really the pace of adoption, but it will not take us much to get there. We can do it with just solid-state circuit breakers. Obviously, we'll have contributions from development programs around electric vehicles, but it's really the industrial markets will get us there.

所以，問題又回到了什麼時候哪種設計能夠成功，以及實際採用的速度，但我們不需要花太多就能達到這個目標。我們只需使用固態斷路器就可以做到這一點。顯然，我們會從電動車開發專案中獲得貢獻，但真正讓我們實現這一目標的卻是工業市場。

So I'll ask the next question. It's about the auto qualification, so I'm going to combine some questions that were asked by a couple of different people, but what can you repeat and clarify -- can you repeat and clarify results on automotive testing? What does pre-qualification mean? And how are you able to make modifications during the testing?

那我將問下一個問題。這是關於汽車資格的問題，所以我將結合幾個不同的人提出的問題，但您能重複並澄清什麼——您能重複並澄清汽車測試的結果嗎？資格預審是什麼意思？您如何在測試期間進行修改？

When you go through automotive qualification, you have to submit many packaged devices from multiple wafer runs. So it can't just be you've cherry picked the best devices from a particular run. You have to show that you've got commonality performance across several wafer runs and many devices from each of those runs. So what is -- a good practice is to actually take devices and take them through those test cycles before you actually do all the runs for official qualification.

當您通過汽車認證時，您必須提交來自多個晶圓運行的許多封裝設備。因此，您不能只是從某次特定的運行中挑選出最好的設備。您必須證明您在多次晶圓運行以及每次運行的許多設備中都獲得了共通的性能。那麼，一個好的做法是在實際進行所有官方認證運行之前，先讓設備經過這些測試週期。

You can do it with a smaller number of devices. It helps you find out are there any issues with your packaging design that can't withstand maybe humidity or temperature because auto qualification testing is fairly expensive and it takes many devices, hundreds or a couple thousand devices to get through it all. So it's really -- pre-qualification is to make sure, are there any design issues you need to be aware of for the devices or are there any areas with the packaging.

您可以使用較少數量的設備來完成此操作。它可以幫助您找出包裝設計中是否存在無法承受濕度或溫度的問題，因為汽車資格測試相當昂貴，並且需要許多設備（數百或數千台設備）才能完成所有測試。因此，預審資格實際上是為了確保您需要注意設備的設計問題或包裝方面是否存在任何問題。

And the one thing that we saw that we want to improve was the devices that we've had packaged so far have not had cooling for encapsulation, and we think that would be a thing that would make the package even more robust. So we did some things that actually also will help us with a design that will be better suited for on the packaging side for high volume production in terms of making it easier to assemble. So prequalification just gives you that early look into any issues you might have so that before you run all the wafers and do all the packaging for the hundreds of devices that go into testing, you've already addressed those issues and you know you can pass with a good degree of confidence.

我們發現我們想要改進的一件事是，到目前為止，我們封裝的設備還沒有封裝冷卻裝置，我們認為這將使封裝更加堅固。因此，我們做了一些事情，這些事情實際上也將幫助我們設計出更適合大量生產的包裝，使其更容易組裝。因此，資格預審只是讓您儘早發現可能遇到的任何問題，以便在運行所有晶圓並對數百個需要測試的設備進行所有封裝之前，您已經解決了這些問題，並且您知道您可以非常有信心地通過測試。

And another question regarding the qualification is, does the process as we move to finalize that qualification, including the pre-qualification, does that -- any comment you can make about the inflow from industrial -- other industrial automotive customers that were previously hesitant to jump into the new technology?

關於資格認證的另一個問題是，在我們最終確定資格認證（包括資格預審）的過程中，您是否可以對來自工業——其他工業汽車客戶的流入發表任何評論，這些客戶之前曾猶豫是否要採用新技術？

Yes. So I think overall the more test data that you have and you can share with customers, the easier it is to get them to adopt the technology. So, obviously we've generated a lot of test data through our works with Stellantis to date. It's similar here with our first design win customer. We have some really great data now we can share facilitate circuit breaker applications. We have -- we had no die failures through pre-qualification. We can share that data with industrial customers.

是的。所以我認為總的來說，你擁有的測試數據越多，並且可以與客戶分享，就越容易讓他們採用這項技術。因此，顯然迄今為止我們已經透過與 Stellantis 的合作產生了大量測試數據。這與我們第一個贏得設計的客戶的情況類似。我們現在有一些非常棒的數據可以分享，以促進斷路器的應用。我們－在資格預審過程中沒有發現任何模具故障。我們可以與工業客戶分享這些數據。

So we think all of these things will help adoption and then when you get to actual auto qualification, I mean, that should certainly help because the automotive standards are much more stringent than industrial standards. You have extremes of humidity and temperature, you just don't have the industrial test, so all of those things should act to really help with adoption.

因此，我們認為所有這些都將有助於採用，然後當你獲得實際的汽車資格時，我的意思是，這肯定會有所幫助，因為汽車標準比工業標準嚴格得多。你們有極端的濕度和溫度，只是沒有進行工業測試，所以所有這些因素都應該真正有助於採用。

And just one comment on that. Part of why we did this is to generate some of this data because when you do have a new technology, there is -- I won't say reluctance, but customers are conservative and people that understand IGBTs, for example, understand that the most common reason that IGBTs fail is a fail of the wire bonding that's used to bond the dye to the package.

對此我僅發表一則評論。我們這樣做的原因之一是為了產生一些數據，因為當你擁有一項新技術時，就會有——我不會說不情願，但客戶是保守的，而了解 IGBT 的人，例如，知道 IGBT 失敗的最常見原因是用於將染料粘合到封裝上的引線鍵合失敗。

Since we don't use wire bonding, we have a different approach in terms of how our package comes together. We wanted to generate the data that showed that not only did we pass the 15,000 power cycles needed to meet auto qualification, we kept running them. And to be able to go to those customers and say, not only did we pass that criteria, we've passed 50,000 power cycles without a failure. It really helps with the technical customers that you're working with to be comfortable that the device is actually ready for adoption for their application.

由於我們不使用引線鍵合，因此我們在封裝方式上採用了不同的方法。我們希望產生的數據能夠表明，我們不僅通過了滿足汽車資格所需的 15,000 次電源循環，而且還能繼續運行它們。我們可以告訴這些客戶，我們不僅通過了這些標準，而且已經無故障地完成了 50,000 次電源循環。它確實有助於讓您正在合作的技術客戶放心，該設備實際上已準備好用於他們的應用。

There are many submitted many questions from investors and thanks for that. Please click on ask a question in the -- in this conference call online webcast portal to submit your question.

許多投資人提出了很多問題，對此我們表示感謝。請點選本次電話會議線上網路直播入口網站中的「提問」按鈕提交您的問題。

The next question that was submitted is you've definitely shown a lot of commercial progress. The stock price seems to be lagging the progress you made. What do you think the street is underappreciating or overlooking at this point?

下一個問題是，您確實展示了許多商業進步。股票價格似乎落後於你所取得的進展。您認為目前街道低估或忽略了什麼？

Yeah, I would say given the macro trends that are out there, things like renewable energy, EV adoption, proliferation of data centers, they're really driving the increasing use of power semiconductors. So we think we're commercializing our technology at a great time. We certainly have near term opportunities to secure agreements with multiple large global companies, beyond just our first design win customer in Stellantis. We bring a solution in silicon. It provides significant performance advantages over conventional technologies. It's enabling for applications like solid-state circuit breakers and contactors.

是的，我想說，考慮到現有的宏觀趨勢，例如再生能源、電動車的普及、資料中心的普及，它們確實推動了功率半導體的使用日益增加。因此我們認為我們正處於一個絕佳的時機將我們的技術商業化。除了我們在 Stellantis 的第一個設計得標客戶之外，我們當然還有機會在短期內與多家大型跨國公司達成協議。我們提出了矽解決方案。與傳統技術相比，它具有顯著的性能優勢。它適用於固態斷路器和接觸器等應用。

So we're not going to sit here and speculate on why the street is not valuing -- really valuing the enormous opportunity ahead of us. We would expect that to change as we continue to announce some of these design wins, some more custom development agreements. We start showing revenue here in the coming quarters. So for us, we can't focus on what our specific stock price is on a given day or what the mark is, what's in favor or not with the market. It's really focusing on executing and getting those commercial announcements out, and we expect then it'll take care of itself.

因此，我們不會坐在這裡猜測為什麼華爾街沒有真正重視我們面前的巨大機會。隨著我們繼續宣布一些設計成果和更多客製化開發協議，我們預計這種情況會改變。我們將在未來幾個季度開始在這裡顯示收入。因此，對我們來說，我們不能只關注某一天的具體股票價格是多少，或者標的是多少，以及市場是否利好。它真正專注於執行和發布那些商業公告，我們預計它會自行解決。

The next submitted question is, which market do you see that will contribute the most to the company's initial revenue ramp?

下一個提交的問題是，您認為哪個市場將對公司最初的營收成長貢獻最大？

It's clearly going to be the solid-state circuit breaker market. We've got so many companies that are engaged with us now. We've got the first design win with the customer. We know that they've got other plans for other products. And fortunately, the design cycles on industrial products are significantly shorter than what you see for getting through the long design cycles on the automotive side. So our focus is really going to remain driving the opportunities in the solid-state circuit breaker market, the closure because once the first company moves forward, you're no longer the first person to do something.

顯然這將是固態斷路器市場。目前有很多公司與我們合作。我們已贏得客戶的第一個設計勝利。我們知道他們對其他產品還有其他計劃。幸運的是，工業產品的設計週期比汽車產品的漫長設計週期短得多。因此，我們的重點仍然是推動固態斷路器市場的機遇，因為一旦第一家公司向前邁進，你就不再是第一個做某件事的人了。

So I think it kind of takes some of the pressure off some of the other customer teams to say, okay, people have already been through this evaluation. I'm not missing anything and I'm comfortable with making sure I've got a competing product.

所以我認為這可以減輕其他一些客戶團隊的壓力，讓他們說，好吧，人們已經通過了這個評估。我沒有遺漏任何東西，我很放心確保我有一個競爭產品。

Do you think -- the next submitted question is, do you think we will be our most successful markets could be outside the United States, especially given the recent shift in the administration away from EVs?

您是否認為—下一個提交的問題是，您是否認為我們最成功的市場會在美國以外，特別是考慮到最近政府不再關注電動車？

I think that's certainly shaping up to be the case here. Asia in particular tends to adopt new technologies quicker. The first design win that we've got is an Asian customer. We're seeing multiple Asian customers that we're working with even in the Tier 1s that we're working with now. EVs -- I mean, it's a global opportunity, but I think we will see much of what we are doing on the circuit breaker side and on the EV side.

我認為現在的情況確實如此。亞洲尤其傾向於更快採用新技術。我們贏得的第一個設計勝利來自一位亞洲客戶。我們看到我們正在與多個亞洲客戶合作，甚至與我們現在合作的一級客戶合作。電動車——我的意思是，這是一個全球性的機遇，但我認為我們將看到我們在斷路器方面和電動車方面所做的很多事情。

Start to materialize and opportunities outside of the US first and then in general, US companies seem to move more slowly than what we see for a lot of the Asian companies we're working with, which is fine. It'll just -- they'll come in behind it with their own version of the products, but it's a good insightful question. I think we will see the growth first outside of the US.

首先是美國以外的機會開始實現，然後總體而言，美國公司的行動似乎比我們合作的許多亞洲公司要慢，這很好。這只是——他們會推出自己的產品版本，但這是一個很好的、有見地的問題。我認為我們將首先在美國以外看到成長。

What is the cost -- the next submitted question is, what are the cost of four devices in a traditional IGBT that B-TRAN replaces versus the cost of the B-TRAN?

成本是多少——下一個提交的問題是，B-TRAN 取代的傳統 IGBT 中的四個設備的成本與 B-TRAN 的成本相比是多少？

Yeah, so it's scale of B-TRAN, a single B-TRAN should be at about a 10% or 20% premium to a single IGBT. So if you're looking at a bidirectional application, I mean it's significant cost savings because you need to include two IGBTs and also have two blocking diodes in that solution. So B-TRAN is actually a much less expensive alternative in terms of first cost.

是的，所以這是 B-TRAN 的規模，單一 B-TRAN 應該比單一 IGBT 高出約 10% 或 20%。因此，如果您正在考慮雙向應用，我的意思是它可以節省大量成本，因為您需要在該解決方案中包含兩個 IGBT 並且還需要兩個阻塞二極體。因此，從初始成本來看，B-TRAN 實際上是一種成本低得多的替代方案。

And also if you look at lifetime costs, it's also obviously going to help because you're going to have smaller OEM products, you can have less surface area to dissipate heat, less complex thermal management systems, overall smaller OEM product designs just because there's lower losses. So it's really both not just a first cost advantage when you're talking about bi-directional applications, but it's also a lifetime cost advantage as well.

而且如果你考慮終身成本，它顯然也會有所幫助，因為你將擁有更小的 OEM 產品，你可以擁有更少的散熱表面積，更少複雜的熱管理系統，整體上更小的 OEM 產品設計只是因為損耗更低。因此，當您談論雙向應用時，它實際上不僅僅是一個初始成本優勢，而且還是一個終身成本優勢。

The next submitted question is, of the companies you're currently working with, how many of you -- are you continuing to have engagement with in the last 6 months or -- and the other -- in the last 12 months, so any one of those time frames?

下一個提交的問題是，在您目前正在合作的公司中，有多少家公司在過去 6 個月內或 12 個月內（任何一個時間範圍內）繼續與您保持合作？

Jeff, can you repeat that it's unclear what you're asking me.

傑夫，你能再說一次嗎？我不清楚你問我什麼。

So of the companies that you've met, you said you're currently working -- you're working with, you've worked with, how many of you -- how many are you engaged with, have you engaged with in the last 6 months or 12 months? Is it all of them? I guess, the question is it all of them or --? The question I think is it all of them or any of them missing now?

那麼，在您遇到的公司中，您說您目前正在合作 - 您與其中有多少家公司合作過，您與其中有多少家公司有過合作，您在過去 6 個月或 12 個月內與其中有多少家公司有過合作？全部都是嗎？我想，問題是，--？我認為現在的問題是，它們全部消失了，還是其中任何一個消失了？

Yeah, no one's missing. Some of them, particularly large companies move slowly, but all the companies that we have been engaged with, we continue to be engaged with.

是的，沒有人失蹤。其中一些公司，特別是大公司，行動比較緩慢，但所有我們已經合作過的公司，我們都會繼續合作。

And then there are -- the next submiited question is, there are recent marketing literature about a new technology called an insulated gate transistor oscillator or IGTO. Would this technology be directly competitive to B-TRAN?

然後還有——下一個提交的問題是，最近有關於一種稱為絕緣柵電晶體振盪器或 IGTO 的新技術的行銷文獻。這項技術會與 B-TRAN 直接競爭嗎？

I did look at that. We had our guys look at it too. There's really not much technical data available. There's no data sheets or anything for the product, but it -- based on our review, it looks like it's an incremental improvement to a unidirectional IGBT. It's also not clear how it would apply to the overall IGBT market because the things that were done there will certainly create challenges to be able to reach both high voltage and high current. It's part of why you don't see MOSFET used for high voltage and high current.

我確實看過了。我們也派人看了看。確實沒有太多可用的技術數據。該產品沒有數據表或任何資料，但根據我們的審查，它看起來像是對單向 IGBT 的漸進式改進。目前還不清楚它將如何應用於整個 IGBT 市場，因為在那裡所做的事情肯定會給達到高電壓和高電流帶來挑戰。這就是為什麼你看不到 MOSFET 用於高電壓和高電流的原因之一。

It incorporates some of the same technology that limits where MOSFETs can go. But at the end of the day, it's a variant of an IGBT, so you would still need four devices, pairs of this improved IGBT and diodes to make a bidirectional switch, and as a result, the conduction losses would be much higher than what you would get using a single B-TRAN.

它採用了一些限制 MOSFET 位置的相同技術。但歸根結底，它是 IGBT 的一種變體，因此您仍然需要四個設備，即成對的改進型 IGBT 和二極管來構成雙向開關，因此，傳導損耗將比使用單一 B-TRAN 的損耗高得多。

The next submitted question is, please update us on the future expectations with large power global management companies that you're working with.

下一個提交的問題是，請向我們介紹您正在合作的大型電力全球管理公司的未來期望。

So again, I'm not sure I understand the question, but on the the companies that we are looking at power management market leaders, I mean, they're really looking at things right now like solid-state circuit breakers, right? So there hasn't been a change necessarily in the last few months. I mean, it's obviously we're continuing to educate some of those companies. They're evaluating our technology. They have it in the lab, so we're continuing to make progress, but their expectations haven't changed. I would say the one thing maybe in that regard is we've had some potential customers that are a little bit surprised.

所以，我再次不確定我是否理解了這個問題，但是對於我們正在關注的電源管理市場領導者公司而言，我的意思是，他們現在確實在關注固態斷路器之類的東西，對嗎？因此過去幾個月不一定會改變。我的意思是，我們顯然正在繼續教育其中一些公司。他們正在評估我們的技術。他們在實驗室裡有這個技術，所以我們正在繼續取得進展，但他們的期望並沒有改變。我想說的是，在這方面，也許我們的一些潛在客戶感到有點驚訝。

That silicon carbide doesn't perform as well in that application as they may have expected it to because it's considered a high performance product, but the reality is conduction losses are not the strength of silicon carbide MOSFETs. So that's where our technology has a significant advantage at a lower cost point than silicon carbide because it's not just that silicon is cheaper than silicon carbide, it's also that we really outperform silicon carbide in that application significantly.

碳化矽在該應用中的表現並不像他們預期的那樣好，因為它被認為是一種高性能產品，但事實是傳導損耗並不是碳化矽 MOSFET 的強項。因此，我們的技術在成本上比碳化矽具有顯著優勢，因為這不僅是因為矽比碳化矽便宜，而且我們在該應用上的表現也確實遠遠優於碳化矽。

That concludes our question and answer session. I would now like to hand the call back over to Dan Brdar for closing remarks.

我們的問答環節到此結束。現在我想將發言權交還給 Dan Brdar，請他做最後發言。

I just want to thank everybody for participating in today's call and for the really good questions. We look forward to sharing B-TRAN commercial announcements before our next update call. Operator, you may end the call.

我只想感謝大家參加今天的電話會議並提出非常好的問題。我們期待在下次更新電話會議之前分享 B-TRAN 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。