Ideal Power Inc (IPWR) 2025 Q4 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to the Ideal Power fourth quarter and full year 2025 results conference call. (Operator Instructions) As a reminder, this event is being recorded.

女士們、先生們，早安，歡迎參加 Ideal Power 2025 年第四季及全年業績電話會議。（操作說明）提醒：本次活動正在錄影。

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

現在我將把會議交給傑夫·克里斯滕森。請繼續。

Thank you, Holly, and good morning everyone. Thank you for joining Ideal Power's fourth quarter and full year 2025 results conference call.

謝謝你，霍莉，大家早安。感謝您參加 Ideal Power 2025 年第四季及全年業績電話會議。

On the call with me are David Somo, President and Chief Executive Officer, and Tim Burns, Chief Financial Officer. Ideal Power's fourth quarter and full year 2025 results press release is available on the company's website at idealpower.com.

與我一起通話的是總裁兼執行長大衛·索莫和財務長蒂姆·伯恩斯。Ideal Power 2025 年第四季及全年業績新聞稿可於本公司網站 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. Please refer to the company's SEC filings for a list of associated risks.

在開始之前，我想提醒大家，電話會議和網路直播中發表的聲明，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性的影響，導致實際結果與電話會議中描述的結果存在重大差異。請查閱公司向美國證券交易委員會提交的文件，以了解相關風險清單。

We would also refer you to the company's website for more supporting company information. Now I'll turn the call over to Ideal Power's President and Chief Executive Officer David.

我們也建議您造訪公司網站以獲取更多公司相關資訊。現在我將把電話交給 Ideal Power 的總裁兼執行長 David。

Thank you, Jeff. I appreciate everyone joining us today. As you know, we laid out our strategy, commercial opportunities, priorities and expectations on our recent business update webcast call. It's a plan designed to accelerate commercialization and deliver increased value to our shareholders and our customers. Now that we have set out a clear path, our focus is on disciplined execution.

謝謝你，傑夫。感謝今天各位的到來。如您所知，我們在最近的業務更新網路直播電話會議上闡述了我們的策略、商業機會、優先事項和預期。這是一項旨在加速商業化並為我們的股東和客戶創造更大價值的計劃。既然我們已經制定了明確的道路，那麼我們的重點就是嚴格執行。

I won't repeat what I shared on our business update webcast call. Instead, I'll discuss our progress since the start of the fourth quarter. Afterwards, I'll turn things over to Tim to discuss our financial results. We look forward to your questions after our remarks.

我不會重複我在業務更新網路直播電話會議上分享的內容。相反，我將討論自第四季度開始以來我們取得的進展。之後，我會把發言權交給提姆，讓他來討論我們的財務表現。我們期待各位在我們的發言結束後提出問題。

First, we announced a multiyear strategic cooperation agreement with Lazzen for the design, development and worldwide sales of a portfolio of B-TRAN-enabled circuit protection products.Think solid-state circuit breakers, battery disconnect units and EV contactors. Their first B-TRAN-enabled solid-state circuit breaker is expected to target AI data center customers.

首先，我們宣布與 Lazzen 達成多年戰略合作協議，共同設計、開發和在全球範圍內銷售一系列支援 B-TRAN 技術的電路保護產品。這些產品包括固態斷路器、電池隔離開關和電動車接觸器。他們首款採用 B-TRAN 技術的固態斷路器預計將瞄準人工智慧資料中心客戶。

Other potential products include SSCBs for the intelligent grid, renewable energy and energy storage systems and EV charging infrastructure, along with contactors and battery disconnect units for EVs. For those of you not familiar with Lazzen, they are a publicly traded leading circuit protection solutions provider and systems integrator in Asia that is becoming increasingly focused on expanding into the North American and European markets.

其他潛在產品包括用於智慧電網、再生能源和儲能係統以及電動車充電基礎設施的固態斷路器，以及用於電動車的接觸器和電池斷路器。如果您還不熟悉 Lazzen，他們是一家在亞洲領先的上市電路保護解決方案提供商和系統整合商，目前正日益專注於拓展北美和歐洲市場。

Second, we signed a letter of intent with a leading power module manufacturer in Asia to develop and offer a family of B-TRAN-based power modules for sale to their customers. This customer already provides a portfolio of IGBT and silicon carbide modules. They see compelling value in B-TRAN and are interested in developing differentiated and customized B-TRAN-enabled solutions due to its inherent competitive advantages in a variety of end-use applications.

其次，我們與亞洲一家領先的功率模組製造商簽署了一份意向書，開發並向其客戶銷售一系列基於 B-TRAN 的功率模組。該客戶已提供IGBT和碳化矽模組產品組合。他們看到了 B-TRAN 的巨大價值，並且由於 B-TRAN 在各種終端應用領域固有的競爭優勢，他們有興趣開發差異化和客製化的 B-TRAN 解決方案。

Third, we continue to advance our relationship with Stellantis, including executing on our existing purchase order for custom development and packaged B-TRAN devices for EV applications. We completed the first of five deliverables under this PO in the second half of 2025.

第三，我們繼續推動與Stellantis的關係，包括執行我們現有的採購訂單，為電動車應用客製開發和封裝B-TRAN裝置。我們在 2025 年下半年完成了該採購訂單下的五項交付成果中的第一項。

We expect to complete the remaining four deliverables by mid-2026. That includes the delivery of custom packaged B-TRAN devices and reference design kits for the testing and evaluation in EV applications. We also remain engaged with Stellantis on a potential development program for EV contactors. Our B-TRAN patent estate continues to grow.

我們預計在 2026 年中完成剩餘的四項交付成果。這包括交付客製化封裝的 B-TRAN 裝置和參考設計套件，用於電動車應用中的測試和評估。我們也與Stellantis公司保持聯繫，探討電動車接觸器的潛在開發計畫。我們的 B-TRAN 專利組合持續成長。

Currently, we have 100 issued B-TRAN patents with 48 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. As a result of our continued innovation, our list of pending B-TRAN patents is now at 78.

目前，我們擁有 100 項已頒發的 B-TRAN 專利，其中 48 項是在美國境外頒發的。我們的專利涵蓋範圍涵蓋北美、中國、台灣、日本、韓國、印度和歐洲，這些都是我們高度重視專利涵蓋的地區。由於我們不斷創新，我們目前待審批的 B-TRAN 專利數量已達 78 項。

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.

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我們設備的成熟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，並與他們嚴格保密地合作。因此，即使競爭對手研究了我們的專利，他們也沒有製造該設備的專業知識。

In addition, to minimize the potential for infringement, we exclusively work with foundries and packaging houses in countries that have a history of respecting intellectual property rights. I want to close by detailing the strategic priorities for the company.

此外，為了最大限度地減少侵權的可能性，我們只與那些在智慧財產權保護方面有著良好歷史的國家的鑄造廠和包裝廠合作。最後，我想詳細闡述公司的策略重點。

First, continuing to add new opportunities to the sales funnel. We have a good start today with nearly $200 million of potential sales opportunities identified, but need to continuously expand the sales funnel with new engagements and opportunities. Our opportunities are global, and we added a sales leader in Asia late last year and expect to add a sales leader in Europe and a field applications manager in Asia in the near term to support the global commercialization of B-TRAN.

首先，繼續為銷售管道增加新的機會。今天我們取得了良好的開端，已確定了近 2 億美元的潛在銷售機會，但需要透過新的互動和機會不斷擴大銷售管道。我們的機會遍及全球，去年底我們在亞洲增加了一名銷售主管，預計近期將在歐洲增加一名銷售主管，在亞洲增加一名現場應用經理，以支持 B-TRAN 的全球商業化。

Drive initial revenue ramp by converting sales opportunities in the funnel to design-ins and custom development agreements on the earliest possible schedule. It is not just about expanding our sales funnel, it is even more important that we execute and advance qualified opportunities through the funnel to production orders and revenue.

透過儘早將銷售管道中的銷售機會轉化為設計導入和客製化開發協議，推動初期收入成長。不僅是擴大銷售管道，更重要的是，我們要執行並推動合格的銷售機會，最終轉化為生產訂單和收入。

Secure production orders with Lazzen for their first B-TRAN-enabled solid-state circuit breaker product and expand our strategic cooperation with Lazzen to include solutions to address additional markets and applications. complete the remaining deliverables under the Stellantis purchase order and continue to advance opportunities for EV contactors and battery disconnect units with Stellantis and other global automakers and Tier 1 suppliers. Continue exploring strategic investment opportunities with global market leaders.

與Lazzen公司簽訂首款採用B-TRAN技術的固態斷路器產品生產訂單，並擴大與Lazzen的策略合作，以涵蓋更多市場和應用的解決方案。完成Stellantis採購訂單的剩餘交付工作，並繼續與Stellantis及其他全球汽車製造商和一級供應商合作，推進電動車接觸器和電池隔離單元的合作機會。繼續與全球市場領導者探索策略投資機會。

We are engaged with a small number of global market leaders on potential strategic investments. Strategic investors are typically motivated by two factors, first, new and innovative technologies that best solve customer solutions challenges related to market shifts.

我們正在與少數幾家全球市場領導者洽談潛在的策略投資。策略投資者通常受兩個因素驅動，首先是能夠最好地解決與市場變化相關的客戶解決方案挑戰的新興創新技術。

For example, the transition from AC to 800-volt DC data center power distribution systems, second, providing additional resources and development support to guide and accelerate the commercialization of new technologies that are of significant interest to their business. While these investments take time, they offer significant validation and alignment of interest with customers.

例如，從交流電過渡到 800 伏特直流電資料中心配電系統；其次，提供額外的資源和開發支持，以指導和加速對其業務具有重大意義的新技術的商業化。雖然這些投資需要時間，但它們能顯著驗證並協調公司與客戶的利益。

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

現在我想把電話交給提姆‧伯恩斯，讓他來看看我們的財務狀況。提姆？

Thank you, David, and good morning, everyone. I'll begin by summarizing our recent capital raise. We raised $12.6 million in estimated net proceeds from a public offering and concurrent private placement that closed on February 25. The offering included common stock and prefunded warrants.

謝謝你，大衛，大家早安。我先簡單介紹一下我們最近的融資狀況。我們透過公開發行和同時進行的私募配售籌集了約 1,260 萬美元的淨收益，該配售於 2 月 25 日完成。此次發行包括普通股和預付認股權證。

Prefunded warrants are common stock equivalents included in the company's weighted average shares outstanding for EPS calculations, but not included in shares outstanding as they do not have voting rights until exercised. For those of you unfamiliar with prefunded warrants, they are not what you think of when you have to add warrant coverage to a deal.

預付認股權證是普通股的等價物，計入公司用於計算每股收益的加權平均流通股數，但不計入流通股數，因為它們在行使之前不具有投票權。對於那些不熟悉預付認股權證的人來說，它們並不是你在交易中需要增加認股權證保障時所想到的那種東西。

The prefunded warrants were effectively paid for except for the par value of a fraction of a cent at closing rather than a sweetener added on top of common stock for little or no additional consideration. We are excited that the financing was led by the company's largest existing institutional shareholders with participation from Ideal Power insiders, including our CEO.

除了交割時支付的不到一美分的面值外，預付認股權證實際上已經全部支付完畢，而不是像普通股那樣以極少或無需額外對價的方式額外支付。我們很高興此次融資由公司最大的現有機構股東牽頭，Ideal Power 內部人士（包括我們的執行長）也參與其中。

The offering strengthened our balance sheet. Post offering, we still have a clean capital structure and no debt. Our fourth quarter 2025 cash burn was $2.2 million compared to $2.6 million in the fourth quarter of 2025 and $2.7 million in the third quarter of 2025. Our Q4 cash burn was well below our guidance of $2.5 million to $2.7 million. Our full year 2025 cash burn was $9.6 million compared to $9.2 million in the full year 2024.

此次發行增強了我們的資產負債表。上市後，我們依然擁有健康的資本結構，沒有債務。2025 年第四季現金消耗為 220 萬美元，而 2025 年第四季為 260 萬美元，2025 年第三季為 270 萬美元。我們第四季的現金消耗遠低於我們先前預測的 250 萬至 270 萬美元。2025 年全年現金消耗為 960 萬美元，而 2024 年全年現金消耗為 920 萬美元。

Our full year 2025 cash burn was below our guidance of approximately $10 million. We continue to manage expenses prudently and aggressively. We expect first quarter 2026 cash burn to increase to approximately $2.6 million to $2.8 million with a full year 2026 cash burn of approximately $10.5 million, with the year-over-year increase primarily due to planned 2026 hiring, including expanding the direct sales team, as David had mentioned. This compares to a 2025 cash burn of $9.6 million.

我們2025年全年現金消耗低於我們先前約1000萬美元的預期。我們繼續審慎而積極地控制支出。我們預計 2026 年第一季現金消耗將增加到約 260 萬美元至 280 萬美元，2026 年全年現金消耗約為 1050 萬美元，同比增長主要是由於計劃在 2026 年招聘員工，包括擴大直銷團隊，正如 David 所提到的那樣。相較之下，2025 年的現金消耗量為 960 萬美元。

Cash and cash equivalents totaled $6.1 million at December 31, 2025, which does not include the $12.6 million of estimated net proceeds from our recent capital raise. We did not record revenue in the fourth quarter of 2025. Initial orders from the companies valuing our products for potential inclusion in their OEM products are expected to be small with order sizes increasing as customers progress through their design cycles, perform product qualification and build inventory for the commercialization of their B-TRAN-based products.

截至 2025 年 12 月 31 日，現金及現金等價物總額為 610 萬美元，這還不包括我們最近籌集資金的預計淨收益 1,260 萬美元。2025年第四季我們沒有錄得收入。預計那些對我們的產品表示重視，並考慮將其納入其 OEM 產品中的公司最初的訂單量會比較小，隨著客戶推進其設計週期、進行產品認證以及為其基於 B-TRAN 的產品建立庫存以實現商業化，訂單規模將會增加。

Operating expenses were $1.9 million in the fourth quarter of 2025 compared to $2.8 million in the fourth quarter of 2024, driven primarily by lower stock-based compensation expense and personnel costs. The lower stock-based compensation included the forfeiture and modification of certain equity awards in connection with retirement and transition services agreement the company entered into with our prior CEO.

2025 年第四季的營運費用為 190 萬美元，而 2024 年第四季為 280 萬美元，主要原因是股權激勵費用和人員成本降低。較低的股票選擇權補償包括因公司與前任執行長簽訂的退休和過渡服務協議而沒收和修改的某些股權獎勵。

Due to the accounting rules around equity award modifications, the company expects significantly higher stock-based compensation in the first quarter, tapering off in the second quarter. We continue to expect some quarter-to-quarter variability in operating expenses, particularly our research and development spending due to the timing of semiconductor fabrication runs, product development, other research and development activities as well as hiring.

由於股權獎勵調整的會計準則，公司預計第一季股票選擇權激勵支出將大幅增加，第二季將逐漸減少。我們預計營運費用仍會存在一些季度間的波動，特別是研發支出，因為半導體製造運作、產品開發、其他研發活動以及招募的時間表會影響研發支出。

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

股權授予的時間以及相關的非現金股票選擇權費用的確認也會導致我們季度營運費用的波動。

Net loss in the fourth quarter of 2025 was $1.9 million compared to $2.6 million in the fourth quarter of 2024. Net loss in the full year 2025 was $10.6 million compared to $10.4 million in the full year 2024.

2025 年第四季淨虧損為 190 萬美元，而 2024 年第四季淨虧損為 260 萬美元。2025 年全年淨虧損為 1,060 萬美元，而 2024 年全年淨虧損為 1,040 萬美元。

At the end of December 2025, we had 8,537,387 shares outstanding and our fully diluted share count was 10,565,023 shares. Upon the closing of our recent capital raise and is detailed in the final prospectus supplement we filed with the SEC on February 25, we had 12,089,289 shares outstanding, 2,238,040 prefunded warrants outstanding and 1,486,955 stock option and stock units outstanding for a fully diluted share count of 15,814,384 shares.

截至 2025 年 12 月底，我們有 8,537,387 股流通股，完全稀釋後的股份總數為 10,565,023 股。在我們最近完成的融資完成後（詳見我們於 2 月 25 日向美國證券交易委員會提交的最終招股說明書補充文件），我們共有 12,089,289 股流通股、2,238,040 份已發行預付認股權證和 1,486,955 股

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

現在，我想開放提問環節。操作員？

(Operator Instructions)

（操作說明）

Casey Ryan, WestPark Capital.

Casey Ryan，WestPark Capital。

This is a good segue as we exit '25 and look forward to 2026. Tim, thanks for the breakdown on the operating expense line. I think that was going to be my first question. You talked about R&D being tied to the production sort of delivering samples to customers. What's the view on SG&A?

在我們告別 2025 年，展望 2026 年之際，這是一個很好的過渡。提姆，謝謝你提供的營運費用明細。我想那本來應該是我的第一個問題。你提到研發與生產，也就是向客戶交付樣品，是緊密相關的。您對銷售、管理及行政費用有何看法？

And I'm just sort of thinking up from 4Q, but maybe looking back, typically, it's been $300,000 kind of has been the number. Is that sort of a good range to think about for '26? Or will that also vary quite a bit?

我只是從第四季開始往前追溯，但回顧過去，通常情況下，30萬美元左右一直是這個數字。對於 2026 年來說，這個範圍是否比較適合？或者說，這種情況也會有很大差異？

Yes. On a cash basis, it will not vary, right? So the only thing that could cause variation really is stock-based compensation expense. But we're expecting actually to keep G&A relatively flat. It may be up low single digits in terms of percent, but our goal is to keep G&A flat year-over-year.

是的。如果以現金結算，價格不會有變化，對吧？因此，唯一可能導致波動的因素就是股票選擇權費用。但我們預期一般及行政費用實際上將保持相對穩定。雖然增幅可能只有個位數百分比，但我們的目標是保持一般及行政費用與前一年持平。

Okay. Terrific. That's very helpful. And then I feel like the opportunities with Lazzen sound exciting and encouraging for sure. Can you tell us a little bit about if -- where they use your product, will that typically be new builds and new products?

好的。了不起。那很有幫助。而且我覺得與 Lazzen 的合作機會聽起來確實令人興奮和鼓舞。您能否簡單介紹一下他們的產品使用情況—通常是在新建築和新產品中嗎？

Or is there actually sort of a retrofit and maybe like upgrade and repair kind of opportunity given that it's a better solution than what might already be in the field in some locations?

或者，考慮到它比某些地方已經投入使用的解決方案更好，是否存在某種改造、升級和維修的機會？

Yes. So I'll take that one, Casey. Lazzen has a portfolio of what are the older style mechanical breakers and those are deployed in a variety of different applications. They're developing their solid-state circuit breaker portfolio now and building that out, and that's where we have the opportunity to participate in a portfolio of products from them, starting with areas like solid-state circuit breakers and static transfer switches that can go into first target for them in data centers and then also renewable energy, battery energy storage systems and grid applications.

是的。那我就選這個了，凱西。Lazzen 擁有一系列老式機械破碎機，這些破碎機被應用於各種不同的應用中。他們目前正在開發和拓展其固態斷路器產品組合，而我們也有機會參與他們的產品組合中，首先是固態斷路器和靜態轉換開關等領域，這些產品可以首先應用於資料中心，然後擴展到再生能源、電池儲能係統和電網應用。

So that's likely to be the first end markets for their portfolio of the solid-state circuit breakers they're developing where we have an opportunity to participate with them with B-TRAN.

因此，這很可能是他們正在開發的固態斷路器產品組合的首批終端市場，我們有機會透過 B-TRAN 與他們合作。

Okay. And then just to the extent that you know the process, do you think data centers when we talk about the transition to the power systems, are those also like greenfield, meaning it's a whole new building? Or is it possible that an existing data center could be fully retrofitted? And so it would be new from the standpoint of how it operates inside its four walls, but maybe its location might not be new.

好的。那麼，就您對這個過程的了解程度而言，您認為當我們談到向電力系統過渡時，資料中心是否也像綠地一樣，意味著它是一個全新的建築物？或者，是否有可能對現有的資料中心進行全面改造？因此，從其內部運作方式來看，它將是全新的，但它的地理位置可能並不新。

Yes. Interesting question because primarily, we're focused on new greenfield build-outs, but I also think there are some opportunities for brownfield, particularly as you have data centers stood up that are 400-volt single-phase AC, 3-phase AC and if they're going to adopt the new NVIDIA platforms, which could drive the power distribution systems to 800 volt, then there is a need to replace the infrastructure across the data center. So I think they're possible, certainly greenfield as all new opportunity, and there will likely also be some brownfield.

是的。這是一個有趣的問題，因為我們主要關注的是新建項目，但我認為在現有資料中心改造方面也存在一些機會，特別是對於那些採用 400 伏特單相交流電或三相交流電的資料中心而言，如果他們要採用新的 NVIDIA 平台，而這些平台可能會將配電系統升級到 800 伏特，那麼就需要更換整個資料中心，那麼就需要更換整個資料中心的基礎設施，那麼就需要更換整個資料中心，那麼就需要更換整個資料中心的基礎設施。所以我認為這些都是有可能的，綠地開發當然是全新的機遇，而且可能也會有一些棕地開發。

Okay. Terrific. Terrific. And then I was trying to drop this down, but you mentioned in 2026, you guys have, I think, four or five milestones with Stellantis that you're planning on achieving, which is terrific. I'm just curious if you could qualify the nature of those?

好的。了不起。了不起。然後我本來想把這個主題往下說，但你提到在 2026 年，你們計劃實現 Stellantis 的四五個里程碑，這真是太棒了。我只是好奇您能否具體說明這些事物的性質？

Like are those tasks and accomplishments that the ideal power team can drive? Or in some cases, are you gated because they're dependent on some process over at Stellantis? I'm just wondering how much is in your control sort of just in terms of we need to execute ABCD.

理想的團隊能夠完成哪些任務並達成哪些成就？或者在某些情況下，您是否因為依賴 Stellantis 的某些流程而被限制存取？我只是想知道，在執行 ABCD 這類事情上，有多少事情是你們可以控制的。

Yes. So overall, there were 5 deliverables. One of them we completed late last year. So there's four remaining deliverables. Under that PO, it's custom development work.

是的。所以總共有 5 項交付成果。其中一個項目我們去年底完成了。所以還剩下四項交付成果。根據該採購訂單，這是定制開發工作。

So it's custom packaging for the device. So there's two variants of packaging that they want us to deliver as well as just some reference design kits so that they can evaluate the technology further in the applications that they're looking at. So those are the four deliverables. They are completely within our control, and we expect to complete those by mid-'26.

所以這是為該設備定制的包裝。所以他們希望我們交付兩種不同的包裝方案，以及一些參考設計套件，以便他們可以在他們正在研究的應用中進一步評估這項技術。以上就是四項交付成果。這些都完全在我們的掌控之中，我們預計將在 2026 年年中完成這些工作。

Yes. That's terrific, Tim. Listen, I think between today and the update last week, I think we have a good sense of what's possible for '26. So thanks for the terrific update, and we look forward to the rest of the year making progress.

是的。太棒了，提姆。聽著，我認為結合今天和上週的更新，我們對 2026 年可能發生的事情有了比較清晰的認識。非常感謝您提供的精彩更新，我們期待在今年餘下的時間裡取得進展。

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

現在我將把電話轉回給傑夫·克里斯滕森，讓他宣讀透過網路直播提交的問題。

Thank you, Holly. And I wanted to mention that the business update webcast call is available -- the link to it is available on our Investor Relations web page. I encourage you to watch it. Our first question, gentlemen, is what product development work is still required by Ideal Power to match the product line with customer needs?

謝謝你，霍莉。我想提一下，業務更新網路直播電話會議已經上線——連結可以在我們的投資者關係網頁上找到。我建議你去看一看。各位先生，我們的第一個問題是，Ideal Power 還需要進行哪些產品開發工作才能讓產品線滿足客戶需求？

Yes. So our current B-TRAN product, the first-gen product that we have today and have been widely sampling to customers meets the target applications that we have prioritized for accelerating our commercialization. So that includes areas like the solid-state circuit breakers, static transfer switches, EV contactors. Really no further modifications required at a device level.

是的。因此，我們目前的 B-TRAN 產品，也就是我們今天擁有的第一代產品，並且已經廣泛地向客戶提供樣品，滿足了我們為加速商業化而優先考慮的目標應用。這包括固態斷路器、靜態轉換開關、電動車接觸器等領域。設備層面實際上無需進行任何進一步的修改。

Where we're spending our time with customers now is really on their specific product development, where we're working with them to incorporate B-TRAN from optimizing drivers in the power supply circuitry to thermal solutions to fit into their enclosures and so forth, working with our device.

我們現在與客戶合作的重點是他們具體的產品開發，我們與他們合作，將 B-TRAN 整合到他們的產品中，從優化電源電路中的驅動器到適合他們外殼的散熱解決方案等等，與我們的裝置合作。

So really, the products are set for initial applications that we've targeted, and it's more working with the customer through their product development now.

所以實際上，這些產品是為我們設定的初始應用場景準備的，現在更多的是與客戶合作，共同進行產品開發。

Thank you. The next submitted question is, what are the main hurdles to cross the sizable orders?

謝謝。下一個提交的問題是，要跨越大額訂單的主要障礙是什麼？

Yes. First and foremost, we need to work with the customers to complete their product development and qualifications. Once they have that design complete and they've got their qualification package for things like solid-state circuit breakers that they can deliver to their customers, then it's really on our customers to go win the business at their end customers.

是的。首先，我們需要與客戶合作，完成他們的產品開發和認證。一旦他們完成了設計，並獲得了固態斷路器等產品的資質認證包，可以交付給客戶，那麼真正贏得最終客戶訂單的就取決於我們的客戶了。

So getting to those sizable orders requires getting through the product development and qualification with our customers, them going to their customers, introducing the products as part of their sales process and then having the customers adopt those systems and start to scale out builds.

因此，要獲得這些大額訂單，需要與我們的客戶一起完成產品開發和資格認證，然後他們將產品介紹給他們的客戶，作為其銷售流程的一部分，然後讓客戶採用這些系統並開始擴大生產規模。

Thank you. The next question, on the possible strategic partners, what do these partners need to see in order to make a decision?

謝謝。下一個問題是，關於潛在的策略夥伴，這些合作夥伴需要看到什麼才能做出決定？

Yes. Part of this is they'll need to evaluate and confirm that B-TRAN advantages kind of best solve the design challenges that they're seeing in systems requirements. So as they consider how to best meet some of the needs of end customers with the systems they're developing, they want to confirm that B-TRAN best provides the advantages to solve some of the challenges that they have. That then can move them forward with the strategic partner engagements.

是的。其中一部分原因是他們需要評估並確認 B-TRAN 的優勢是否能最好地解決他們在系統需求中遇到的設計挑戰。因此，當他們考慮如何透過他們正在開發的系統來更好地滿足最終客戶的一些需求時，他們希望確認 B-TRAN 是否能夠最好地提供優勢來解決他們面臨的一些挑戰。這樣一來，他們就可以推進與策略夥伴的合作。

Thank you. We've had several submitted questions, and we encourage you to click that Ask a Question button. Our next question is, are there opportunities for NRE revenue in 2026?

謝謝。我們已經收到一些提問，我們鼓勵您點擊「提問」按鈕。我們的下一個問題是，2026 年是否有 NRE 收入機會？

Short answer is yes on that one. As we work across many different customers and have discussions with them, where there are opportunities for some custom development, similar to what we've done with Stellantis or other customers who may want something either a bit different or want additional engineering support on the development of their products, that would present NRE revenue opportunities for us.

簡而言之，答案是肯定的。由於我們與許多不同的客戶合作並與他們進行討論，因此有機會進行一些客製化開發，類似於我們為 Stellantis 或其他客戶所做的那樣，他們可能想要一些不同的東西，或者希望在產品開發方面獲得額外的工程支持，這將為我們帶來 NRE 收入機會。

What ideal power solutions will drive the earliest revenue?

哪些理想的電力解決方案能夠最早帶來效益？

Yes. Here again, if I look at it from a product perspective, it will be things like solid-state circuit breakers and static transfer switches that are used in markets that adopt new technologies faster. So it would be data center, battery energy storage systems and grid applications is where we see the first opportunities and earliest revenue potential for B-TRAN-based products.

是的。同樣，如果我從產品角度來看，像固態斷路器和靜態轉換開關這樣的產品，會在那些更快接受新技術的市場中使用。因此，資料中心、電池儲能係統和電網應用是我們認為基於 B-TRAN 的產品最早出現機會和最早產生收入潛力的領域。

Thanks. Please comment on your plans to expand the sales funnel.

謝謝。請就您拓展銷售通路的計畫發表意見。

Well, two approaches here. The first, as you heard during the prepared remarks, we're expanding and investing in our own sales resources here. So late last year, we added a sales leader in Asia. We now are adding an applications engineering manager there that is able to sit in the lab with customers to help them accelerate their product development and new customers evaluate B-TRAN for their potential products.

這裡有兩種方法。第一點，正如你們在事先準備好的發言中聽到的那樣，我們正在擴大和投資我們自己的銷售資源。所以去年年底，我們在亞洲增設了一位銷售主管。我們現在正在那裡增加一名應用工程經理，他可以與客戶一起在實驗室裡幫助他們加速產品開發，並幫助新客戶評估 B-TRAN 是否適合他們的潛在產品。

The second area is really leaning into our distributor network, where we're putting new tools in place that can help them sell B-TRAN and actually some programs that will incentivize them to go out and get design ins and design wins and customer evaluations with our products.

第二個方面是真正依靠我們的經銷商網絡，我們正在部署新的工具來幫助他們銷售 B-TRAN，並且實際上還有一些計劃來激勵他們去爭取設計方案、贏得設計訂單以及使用我們的產品獲得客戶評價。

So that will help us fill the top of the funnel. And in fact, not in our funnel today is more than 100 different opportunities that we're vetting. And once qualified, I would expect many of those to move into the funnel.

這樣就能幫助我們把漏斗頂部裝滿。事實上，目前我們正在篩選的潛在客戶超過 100 個。一旦符合資格，我預計其中許多人會進入銷售漏斗。

What are the company's plans to shorten the prospect sales cycle?

公司有哪些縮短潛在客戶銷售週期的計畫？

Yes. Really because B-TRAN is a new technology and different from conventional solutions that customers understand well like IGBTs and silicon carbide FETs. We need to help the customers both evaluate our products for their systems and then accelerate product development where we have a different power supplier driving structure for the devices.

是的。實際上，B-TRAN 是一項新技術，與客戶熟知的傳統解決方案（如 IGBT 和碳化矽 FET）不同。我們需要幫助客戶評估我們的產品是否適合他們的系統，然後加快產品開發，尤其是在我們為設備採用不同的電源供應商驅動結構的情況下。

So the first is reference design kits. We continue to work on optimized reference design kits that serve as a very good point for customers to start their design and accelerate their product development by doing a good part of the work for them specific to the B-TRAN subsystem of their products.

首先是參考設計套件。我們繼續致力於優化參考設計套件，這些套件可以為客戶提供一個很好的起點，幫助他們開始設計並加快產品開發，因為它們可以為他們完成產品 B-TRAN 子系統的大部分工作。

The second is use our applications engineering resources here within the company as customers get into their product development and have questions, we're providing direct support to them through our engineering team with applications notes as well as supporting them on calls or as needed, sitting in the lab with them. And then the final area is leverage our distributors.

第二點是利用我們公司內部的應用工程資源，當客戶進行產品開發並遇到問題時，我們會透過我們的工程團隊為他們提供應用說明的直接支持，也會在需要時透過電話或與他們一起在實驗室提供支援。最後一點就是利用我們的經銷商。

We work with distributors like Richardson Electronics that has significant experience in the power industry. They actually build power systems as well as cell components. And so they have a technical sales organization and field apps engineers that can help customers understand how to develop with our B-TRAN products.

我們與像 Richardson Electronics 這樣在電力行業擁有豐富經驗的經銷商合作。他們實際上也生產電力系統和電池組件。因此，他們擁有技術銷售團隊和現場應用工程師，可以幫助客戶了解如何使用我們的 B-TRAN 產品進行開發。

We've, again, continue to get questions submitted. We encourage you to click that Ask a Question button. The next submitted question is, will Lazzen manufacture the product? What's the thinking on that? And relative to the company has talked about licensing the technology.

我們再次收到提交的問題。我們鼓勵您點擊「提問」按鈕。下一個提交的問題是，Lazzen 是否會生產該產品？對此有何看法？而該公司也曾談到這項技術的授權許可問題。

Yes. So I would expect Lazzen and other similar customers to really be on a purchase order relationship, potentially over time, maybe a longer-term supply agreement. But that would be buying products manufactured by Ideal Power. Where it may come up from a licensing perspective is as we deal with large multinational customers that typically want to ensure they're multisource or reduce the risk in their supply chain.

是的。因此，我預計 Lazzen 和其他類似客戶實際上會建立採購訂單關係，隨著時間的推移，可能會達成更長期的供應協議。但那指的是購買Ideal Power公司生產的產品。從許可角度來看，當我們與大型跨國客戶打交道時，可能會遇到這種情況，這些客戶通常希望確保他們的供應鏈採用多源採購或降低風險。

And that's where we would be open to consider a licensing agreement with either if we should be unable to supply for whatever reason, gives the customer confidence that they can have the product manufactured for them, either by themselves or somebody else.

如果我們因為任何原因無法供貨，我們將考慮與任何一方簽訂授權協議，這能讓客戶確信他們可以自己或其他人為他們生產產品。

But certainly, in those -- in that scenario, were it to come about, while we're open to licensing, I want to maintain a favorable position there and kind of first right of supply.

但當然，在那種情況下——如果真的發生了，雖然我們對授權持開放態度，但我希望保持有利地位，並擁有優先供應權。

Any update on the automotive qualification testing?

汽車資質測試有任何最新進展嗎？

What we've said is that we expect to complete the automotive reliability testing by this summer, and I believe we're on track to do that.

我們之前說過，我們預計將在今年夏天完成汽車可靠性測試，我相信我們正在按計劃推進。

Why is B-TRAN bidirectional such an important advantage?

B-TRAN雙向傳輸為何如此重要？

Yes, two different scenarios I'll describe here. One is you think about in the context of battery entered storage systems or EVs where you have a battery system that's both discharging and then charging again, you have to conduct current in both directions. So that's an obvious advantage where the system has to be bidirectional.

是的，我將在這裡描述兩種不同的情況。一方面，你可以考慮電池儲能係統或電動車，其中電池系統既會放電又會充電，因此你必須雙向導電。因此，當系統必須是雙向的時，這是一個明顯的優勢。

Then if you look at particularly the new 800-volt distribution systems and data centers, here, you get into a situation where you never -- the current doesn't cross 0 like it does in AC-based systems. And without trying to make this too technical, what it means is when you have constant current and voltage, when fault conditions arise, current can actually be caused to flow backwards in both directions.

然後，如果你特別觀察新的 800 伏特配電系統和資料中心，你會發現，這裡的電流永遠不會像交流電系統那樣越過 0。簡單來說，就是當電流和電壓恆定時，如果發生故障，電流實際上可能會在兩個方向上反向流動。

And so you want to be able to ensure that you can identify where that's happening, be able to contain it and be able to control how that ripples through the system. So from that perspective, it's something referred to as selectivity inside the 800-volt power distribution system, you need to have bidirectional capabilities in the circuit protection systems.

因此，你需要確保能夠辨識出這種情況發生在哪裡，能夠控制它，並且能夠控制它在系統中的傳播方式。所以從這個角度來看，這被稱為 800 伏特配電系統中的選擇性，電路保護系統需要有雙向功能。

What are your thoughts on the recent announcement of Stellantis sharing more electric vehicle technology with Leapmotor of China? And will that have any effect on your relationship, either positive or negative?

您如何看待Stellantis最近宣布與中國躍遷汽車共享更多電動車技術？這會對你們的關係產生任何影響嗎？無論是積極的還是消極的？

No, I think it could be a positive for Ideal Power. We've, for some time now, worked closely with Stellantis. As Tim mentioned in his comments, we're preparing a custom package devices for their evaluation in EV platforms as well as working with them towards an EV contactor program.

不，我認為這對理想電力公司來說可能是件好事。一段時間以來，我們一直與Stellantis保持著密切的合作關係。正如 Tim 在評論中提到的那樣，我們正在準備定制封裝設備，以便在電動車平台上進行評估，並與他們合作開展電動車接觸器專案。

So to the extent that they would be sharing some of that technology would open up a bigger market opportunity for us out of the same investment in the design and development of the products.

因此，如果他們能夠分享一些技術，那麼我們只需在產品設計和開發方面進行相同的投資，就能獲得更大的市場機會。

And in the Stellantis program or any other vehicle EV program, how do you think about -- will it be one model, multiple models of vehicles? What -- how do you think about -- how should investors think about that?

在 Stellantis 專案或其他任何電動車專案中，您是如何考慮的——是推出一款車型，還是推出多款車型？投資人應該如何看待這個問題？

Yes. The automotive companies rarely invest in a technology to build for one model. They typically want to take it across multiple models to get the economies of their investment, economies of scale there. And so our expectation would be with any of the automotive OEMs or Tier 1s considering our product that are they -- if we're successful in them adopting B-TRAN that it would play across more of their EV fleet, multiple models as opposed to just a single model.

是的。汽車公司很少會為了開發一款車型而投資研發某種技術。他們通常希望將其推廣到多個模型上，以獲得投資經濟效益和規模經濟效益。因此，我們期望任何考慮採用我們產品的汽車原始設備製造商或一級供應商——如果我們成功地讓他們採用 B-TRAN，它將在他們的更多電動汽車車隊中發揮作用，多種車型，而不僅僅是單一車型。

Are there a couple of milestones that Ideal Power will achieve with the recent capital raise?

Ideal Power 透過最近的融資將實現哪些里程碑目標？

=Yes. I think primarily, it's to expand and accelerate the commercialization of B-TRAN and our sales initiatives in support of it. So I mentioned the new hires that we're bringing on board, sales leader in Europe, and applications manager in Asia and then to engage and ensure we're getting our unfair share of mind at our distributors as a smaller company with design evaluation, design-in, design win registration programs that we can fund to really have the distributors excited about selling our products. So it's focusing both our internal resources and our distributor network on accelerating B-TRAN commercialization.

是的。我認為主要目的是為了擴大和加速 B-TRAN 的商業化以及我們為此開展的銷售計劃。所以我提到了我們新招的員工，歐洲的銷售主管和亞洲的應用經理，然後我們努力與分銷商互動，確保我們這家規模較小的公司能夠獲得分銷商的重視，透過設計評估、設計導入、設計中標註冊計劃，我們可以資助這些計劃，真正讓分銷商對銷售我們的產品充滿熱情。因此，我們將集中內部資源和經銷商網絡，加速 B-TRAN 的商業化進程。

Thank you. That concludes our question-and-answer session. I'd like now to turn the call over to David for closing remarks.

謝謝。我們的問答環節到此結束。現在我把電話交給大衛，請他作總結發言。

I just want to thank everyone who joined the call with us today and appreciate the questions. We are committed to executing on our plan and sharing our progress as we move forward. Operator, you may end the call.

我只想感謝今天所有參與我們電話會議的人，並感謝大家提出的問題。我們將致力於執行我們的計劃，並在推進過程中與大家分享我們的進展。接線員，您可以結束通話了。

Thank you.

謝謝。

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

今天的會議到此結束。所有參與者都可以斷開連接，祝大家有美好的一天。