Ideal Power Inc (IPWR) 2026 Q1 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to the Ideal Power First Quarter 2026 Results Conference Call.

各位女士、各位先生，早安，歡迎參加 Ideal Power 2026 年第一季財報電話會議。

(operator instructions)

(接線員指示)

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

現在我想把會議交給 Jeff Christensen 先生。先生，請開始。

Thank you. And good morning, everyone.

謝謝。各位早安。

Thank you for joining Ideal Power's first quarter 2026 results conference call.

感謝各位參加 Ideal Power 2026 年第一季財報電話會議。

On the call with me are David Somo, President and Chief Executive Officer and Tim Burns, Chief Financial Officer.

與我一同出席的有總裁暨執行長 David Somo，以及財務長 Tim Burns。

Ideal Power's first quarter 2026 financial results press release is available on the company's website at idealpower.com.

Ideal Power 2026 年第一季財務結果新聞稿已公布於公司網站 idealpower.com。

Before we begin, I'd like to remind everyone that statements made on the call and webcast, including those regarding future financial results and the company's 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 the associated risk. We would also refer you to the company's website for supporting company information. Now, we'll turn the call over to Ideal Power's President and Chief Executive Officer, David.

在開始之前，我想提醒各位，本次電話會議與網路直播中所發表的陳述（包括關於未來財務結果與公司前景的陳述）屬於前瞻性陳述，可能受到多項風險與不確定性影響，致使實際結果與本次會議所描述者出現重大差異。相關風險清單請參閱公司向 SEC 提交的文件。我們也請各位參考公司網站上的相關公司資訊作為佐證。現在，我們把電話交給 Ideal Power 總裁暨執行長 David。

Thank you, Jeff. I appreciate everyone joining us today. I'll provide an update on our commercial progress since the start of the first quarter. Afterward, I'll turn things over to Tim to discuss our financial results.

謝謝你，Jeff。感謝各位今天加入我們。我將提供自第一季開始以來我們商業進展的最新情況。之後我會把時間交給 Tim，說明我們的財務結果。

We look forward to your questions after our remarks.

在我們發言結束後，期待各位提問。

First, our lead Asia customer project for low-current solid-state circuit breakers, or SSCBs. Continues to advance through product development and remains on track for prototype units for 800-volt AI data center and energy grid customer evaluations.

首先，我們在亞洲的主要客戶之低電流固態斷路器（SSCB）專案，持續推進產品開發，並仍按計畫提供原型機，供 800 伏 AI 資料中心與電網客戶進行評估。

The prototype units are expected to be available in the fourth quarter of 2026, with initial low-volume sales orders to support the prototype builds.

原型機預計於 2026 年第四季提供，並會有初期的小量銷售訂單以支援原型機製作。

Beyond that initial project, we started two new projects with this customer, one for a medium current SSCB. Designed for 800-volt DC data centers, energy storage applications, EV charging, and industrial microgrids, and a second for a low-current SSCB for smart industrial buildings.

除該初始專案之外，我們也與此客戶啟動了兩個新專案：其一為中電流 SSCB，設計用於 800 伏直流資料中心、儲能應用、電動車充電與工業微電網；其二為用於智慧工業建築的低電流 SSCB。

Second, we signed a letter of intent with an industry partner to co-develop a B-TRAN enabled intelligent SSCB prototype. For evaluation by a US Hyperscaler in its development environment for the NVIDIA Rubin Ultra 800-volt DC AI data center power distribution system.

第二，我們與一位產業夥伴簽署意向書，共同開發一款採用 B-TRAN 的智慧型 SSCB 原型。該原型將供一家美國超大規模雲端業者（Hyperscaler）在其開發環境中評估，用於 NVIDIA Rubin Ultra 800 伏直流 AI 資料中心配電系統。

Prototype delivery is targeted for the end of Q4 2026, with an expected purchase order for the delivery of the prototype units.

原型交付目標為 2026 年第四季末，並預期會收到交付原型機的採購訂單。

This prototype is also planned to be offered to additional US Hyperscalers and other AI data center operators adopting the NVIDIA Rubin UltraRack architecture, our comparable 800-volt DC AI data center power distribution systems for evaluation.

此原型也計畫提供給其他美國超大規模雲端業者及其他採用 NVIDIA Rubin UltraRack 架構的 AI 資料中心營運商，以及我們可比的 800 伏直流 AI 資料中心配電系統進行評估。

Third, we delivered initial next-generation B-TRAN custom packaged samples and development kits for evaluation to Stellantis for EV applications.

第三，我們已向 Stellantis 交付初批次世代 B-TRAN 客製封裝樣品與開發套件，供其電動車應用評估。

We are on track to complete the remaining deliverables under our existing purchase order with Stellantis by mid-2026.

我們正按計畫於 2026 年年中前完成與 Stellantis 現有採購訂單下的其餘交付項目。

Fourth, we engage new Asia-based global suppliers of power solutions for the potential development of B-TRAN enabled SSCBs for use in solid-state transformers, or SSTs, targeting 800-volt DC AI data centers, energy storage systems, EV charging, and the energy grid.

第四，我們與新的亞洲在地全球電力解決方案供應商展開合作，評估開發採用 B-TRAN 的 SSCB，用於固態變壓器（SST），目標市場包括 800 伏直流 AI 資料中心、儲能系統、電動車充電與電網。

SSTs represent a meaningful opportunity for B-TRAN, and these are our first SST-specific customer engagements.

SST 對 B-TRAN 而言代表一項具意義的機會，而這些是我們首次針對 SST 的客戶互動。

Fifth, we engaged several multinational customers for the potential development of B-TRAN based SSCBs across AI data centers, smart industrial building applications, energy storage systems, and the renewable energy grid.

第五，我們與多家跨國客戶接洽，評估在 AI 資料中心、智慧工業建築應用、儲能系統與再生能源電網等領域，開發以 B-TRAN 為基礎的 SSCB。

Sixth, strategic investment discussions with global market-leading customers continue to be part of our commercial strategy.

第六，與全球市場領先客戶的策略性投資討論，仍是我們商業策略的一部分。

I have ongoing discussions with potential strategic investors and plan to continue to see those through.

我正與潛在策略投資人持續討論，並計畫繼續推進這些洽談。

Reflecting this progress, our sales opportunity funnel increased to over $300 million revenue opportunity today, up from approximately $200 million. At the time of our investor business update call at the end of February.

反映上述進展，我們的銷售機會漏斗目前已增加至超過 3 億美元的營收機會，較約 2 億美元成長。該 2 億美元為我們在 2 月底投資人業務更新電話會議時的水準。

These opportunities continue to diversify across AI data centers, industrial and automotive applications, as well as across multiple geographies.

這些機會持續在 AI 資料中心、工業與車用應用之間，以及在多個地理區域之間更加多元化。

While a growing funnel is encouraging, converting it into design wins, production orders and revenue is the top priority.

雖然漏斗擴大令人鼓舞，但將其轉化為設計導入（design wins）、量產訂單與營收，仍是首要任務。

We are focused on execution and working closely with customers to complete their product development and testing to advance projects through the funnel and into volume production orders and revenue.

我們專注於執行，並與客戶密切合作，完成其產品開發與測試，推動專案在漏斗中向前進展，並進入量產訂單與營收階段。

At the Advanced Power Electronics Conference in March, we met with approximately 30 companies that expressed interest in B-TRAN during and following the conference.

在 3 月的先進電力電子會議（Advanced Power Electronics Conference）上，我們與約 30 家在會議期間及會後對 B-TRAN 表達興趣的公司會面。

And some of those discussions have since progressed in the qualified sales funnel opportunities.

其中部分討論此後已推進為合格的銷售漏斗機會。

In addition, during my recent two-week business trip in Asia, my second such trip to Asia this year, I highlighted that we initiated two new projects with our lead Asia customer, our first opportunities with SST customers, and we saw strong interest in B-TRAN enabled solid-state circuit protection applications, spanning AI data centers, energy storage systems, grid infrastructure, and the industrial sector.

此外，在我最近為期兩週的亞洲出差期間——這是我今年第二次前往亞洲——我強調我們已與主要亞洲客戶啟動兩個新專案、我們首次取得 SST 客戶機會，並且我們看到市場對採用 B-TRAN 的固態電路保護應用有強烈興趣，涵蓋 AI 資料中心、儲能系統、電網基礎設施與工業領域。

Now I'd like to briefly touch on the upcoming market inflection in the industry's transition of power architectures.

接下來我想簡要談談產業在電力架構轉型中即將出現的市場拐點。

We continue to see growing industry momentum in the adoption of next-generation high-voltage DC power architectures for AI data centers and grid infrastructure.

我們持續看到產業動能增強，採用次世代高電壓直流電力架構於 AI 資料中心與電網基礎設施。

Importantly, the AI data center build-out has driven extraordinary growth in GPUs, CPUs, and training chips.

重要的是，AI 資料中心的建置帶動了 GPU、CPU 與訓練晶片的爆發性成長。

But the power systems delivering electricity to operate the next generation of those chips are now the limiting factor, and the industry is mobilizing to address it.

但為下一代晶片提供運作電力的電力系統如今成為限制因素，產業正動員資源加以解決。

Legacy 400 to 400-volt AC-based data centers were designed for rack power levels of 10 to 50 kilowatts.

傳統以 400 伏交流為基礎的資料中心，是以每個機櫃 10 到 50 千瓦的功率等級來設計。

Next-generation AI workloads are pushing those requirements to 100 to 150 kilowatts in the near term, and eventually beyond 500 kilowatts.

次世代 AI 工作負載在短期內正把需求推升至 100 到 150 千瓦，並最終超過 500 千瓦。

With some industry planning scenarios targeting 1 megawatt per rack by 2030.

部分產業規劃情境甚至以 2030 年每個機櫃 1 兆瓦為目標。

To support that scale, the industry is transitioning the higher voltage DC or 800-volt DC power architectures.

為支援此一規模，產業正轉向更高電壓的直流、亦即 800 伏直流電力架構。

The shift NVIDIA has been actively driving through its GPU platform roadmap.

這項轉變由 NVIDIA 透過其 GPU 平台路線圖積極推動。

We believe this transition is in its earliest stages and will expand demand for solid-state circuit protection, capable of handling bidirectional current flow. Microsecond fault detection, and intelligent control that the traditional mechanical breakers were simply not designed to support.

我們認為這項轉型仍處於最早期階段，並將擴大對固態電路保護的需求，其需能處理雙向電流流動、微秒級故障偵測，以及傳統機械式斷路器原本並非為支援而設計的智慧控制。

At the recent Advanced Power Electronics Conference, we presented a paper highlighting why solid-state circuit breakers are essential for emerging 800-volt AI data center power distribution architectures and how B-TRAN effectively addresses the key design challenges customers face, including power efficiency. Controllability, asphalt response, power density and system cost, challenges that have made silicon carbide solutions a difficult fit for this application.

在近期的先進電力電子會議上，我們發表了一篇論文，說明為何固態斷路器對新興的 800 伏 AI 資料中心配電架構至關重要，以及 B-TRAN 如何有效解決客戶面臨的關鍵設計挑戰，包括功率效率、可控性、瀝青反應、功率密度與系統成本——這些挑戰使得碳化矽解決方案難以適用於此一應用。

Building on this emerging market opportunity, we also added our first potential solid-state transformer projects to the sales funnel with prospective customers in Asia.

在此新興市場機會的基礎上，我們也將首批潛在的固態變壓器專案加入銷售漏斗，對象為亞洲的潛在客戶。

Our addressable market opportunity is large and is expanding as the industry's power transition unfolds across multiple markets.

我們的可服務市場機會龐大，並且隨著產業電力轉型在多個市場展開而持續擴大。

Shifting topics, our patent coverage spans North America, China, Taiwan, Japan, South Korea, India and Europe, all representing our priority patent coverage geographies.

轉換話題，我們的專利布局涵蓋北美、中國、台灣、日本、南韓、印度與歐洲，這些皆為我們優先布局專利的地理區域。

As a result of our continued innovation, our list of issued B-TRAN patents is now at 103.

由於我們持續創新，我們已核發的 B-TRAN 專利數量現已達到 103 件。

With 50 of those issued outside of the United States.

其中有 50 件是在美國以外的地區核發。

To safeguard our intellectual property further, we treat the double-sided wafer process flow we developed 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.

為了進一步保護我們的智慧財產，我們將為製造裝置而開發的雙面晶圓製程流程視為商業機密，並且不揭露我們晶圓製造合作夥伴的身分，且在嚴格保密條款下與其合作。

So even if a competitor studied our patents, they wouldn't have the know-how to fabricate the device.

因此，即使競爭對手研究了我們的專利，他們也不會具備製造該裝置的技術訣竅。

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.

此外，為將侵權的潛在風險降至最低，我們僅與位於具有尊重智慧財產權歷史的國家之晶圓代工廠與封裝廠合作。

In closing, commercial momentum continues to build with prototype programs progressing with our Lead Asia customer, co-development of prototype units with an industry partner for evaluation by U.S. Hyperscaler, Stellantis deliverables progressing on schedule. Our first opportunities for B-TRAN enabled SSPs and engagement expanding with several new SSCB opportunities with multinational customers.

最後，商業動能持續增強：與我們亞洲主要客戶的原型計畫持續推進；與產業夥伴共同開發原型單元，供美國超大規模雲端業者（Hyperscaler）評估；Stellantis 的交付項目亦按進度推進。我們在 B-TRAN 使能的 SSP 方面迎來首批機會，並且與多家跨國客戶的多個新 SSCB 機會之互動持續擴大。

The industry's transition toward high-voltage BC power architectures and AI data centers and energy infrastructure is expanding the opportunity for advanced solid-state circuit protection that traditional mechanical breakers do not address, and B-TRAN is uniquely positioned to meet that need.

產業正轉向高電壓直流（BC）電力架構，以及 AI 資料中心與能源基礎設施，這正在擴大先進固態電路保護的機會，而傳統機械式斷路器無法滿足此需求；B-TRAN 具備獨特優勢，能夠滿足這項需求。

Our focus remains on converting our expanding sales funnel and customer engagements into production orders, revenue, and long-term shareholder value creation.

我們的重點仍是將不斷擴大的銷售漏斗與客戶互動轉化為量產訂單、營收，以及長期的股東價值創造。

The strategic priorities we have set are designed to achieve these goals.

我們所設定的策略優先事項旨在達成這些目標。

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 Tim Burns，請他回顧我們的財務狀況。Tim。

Thank you, David, and good morning, everyone.

謝謝你，David，各位早安。

Our first quarter 2026 cash burn from operating investing activities was $2.3 million, compared to $2.1 million in the first quarter of 2025 and $2.2 million in the fourth quarter of last year.

我們 2026 會計年度第一季來自營運與投資活動的現金消耗為 230 萬美元，相較於 2025 會計年度第一季的 210 萬美元，以及去年第四季的 220 萬美元。

Our Q1 cash burn was below our guidance of $2.6 million to $2.8 million.

我們第一季的現金消耗低於我們所提供的 260 萬至 280 萬美元指引。

We continue to manage expenses prudently and aggressively. We expect second quarter 2026 cash burn to be approximately $2.5 million to $2.7 million with a full year 2026 cash burn of approximately $10 million to $10.5 million.

我們持續審慎且積極地管理費用。我們預期 2026 會計年度第二季現金消耗約為 250 萬至 270 萬美元，2026 全年現金消耗約為 1,000 萬至 1,050 萬美元。

This compares to a 2025 cash burn of $9.6 million.

相較之下，2025 會計年度的現金消耗為 960 萬美元。

The higher forecasted cash burn in 2026 compared to 2025 is due primarily to the hiring of additional sales and engineering personnel.

2026 年相較 2025 年預估現金消耗較高，主要是因為增聘額外的銷售與工程人員。

Cash and cash equivalents totaled $16.4 million on March 31 2026.

截至 2026 年 3 月 31 日，現金及約當現金合計為 1,640 萬美元。

We have no debt and a clean capital structure.

我們沒有負債，資本結構乾淨。

We did not record revenue in the first quarter of 2026. Initial orders from the companies evaluating 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.

我們在 2026 會計年度第一季未認列營收。對於正在評估我們產品、以期可能納入其 OEM 產品的公司而言，初期訂單預期規模較小；隨著客戶在其設計週期中推進、進行產品認證並為其 B-TRAN 為基礎的產品商業化建立庫存，訂單規模將會增加。

Operating expenses were $3.7 million in the first quarter of 2026, compared to $2.8 million in the first quarter of 2025, driven primarily by higher stock-based compensation expense and personnel costs.

2026 會計年度第一季營業費用為 370 萬美元，相較於 2025 會計年度第一季的 280 萬美元，主要由較高的股份基礎給付費用與人員成本所帶動。

Stock-based compensation expense increased in the first quarter of 2026 due to equity award modifications under the transition services agreement with our former CEO and inducement grants to our incoming CEO in the fourth quarter of 2025.

2026 會計年度第一季股份基礎給付費用增加，係因與前任執行長之過渡服務協議下的股權獎酬修改，以及 2025 年第四季授予即將上任執行長的誘因性授予。

We expect operating expenses to increase modestly in the coming quarters due to growth in our sales and engineering teams to support our commercialization efforts, as well as our growing number of customer engagements.

我們預期未來幾季營業費用將小幅增加，原因在於擴編銷售與工程團隊以支援商業化工作，以及客戶互動數量持續增加。

We continue to expect some quarter to quarter variability in operating expenses, particularly research and development spending, due to the timing of semiconductor fabrication runs, product development and other research and development activities, as well as hiring.

我們仍預期營業費用將出現一定的季對季波動，特別是研發支出，原因包括半導體晶圓製造投片時點、產品開發與其他研發活動的時程，以及招募進度。

The timing of equity award grants investings and related non-cash stock-based compensation expense recognition will also cause variability in our quarterly operating expenses as it has in the last two quarters.

股權獎酬授予的時點、歸屬（vesting）以及相關非現金股份基礎給付費用的認列，也將如同過去兩季一樣，造成我們季度營業費用的波動。

Net loss in the first quarter of 2026 was $3.6 million compared to $2.7 million in the first quarter of 2025.

2026 會計年度第一季淨損為 360 萬美元，相較於 2025 會計年度第一季的 270 萬美元。

At the end of March, we had 12112118 shares outstanding, 1,464,226 options and stock units outstanding, and 2238040 pre-funded warrants outstanding.

截至 3 月底，我們流通在外股數為 12,112,118 股；流通在外的選擇權與股票單位為 1,464,226 份；以及流通在外的預先注資認股權證（pre-funded warrants）為 2,238,040 份。

At March 31, 2026, our fully diluted share count was 15814384 shares.

截至 2026 年 3 月 31 日，我們完全稀釋後股數為 15,814,384 股。

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

此時，我想開放提問。

Operator.

接線員。

Thank you. At this time, we'll be conducting our question-and-answer session.

謝謝。現在我們將進行問答環節。

(event instructions)

（活動指示）

Okay, while we wait, I will turn this call back over to Mr. Jeff Christensen to read questions submitted to the webcast.

好的，在我們等待的同時，我會把電話交回給 Jeff Christensen 先生，請他朗讀提交至網路直播的問題。

Thank you.

謝謝。

Thank you. Our first minute question is, if you could leave investors with one message today about why Ideal Power is a compelling investment opportunity at this stage of the company's development, what would it be?

謝謝。我們第一個提交的問題是：如果你今天只能留給投資人一句話，說明為什麼 Ideal Power 在公司發展的這個階段是一個具吸引力的投資機會，那會是什麼？

Yes, I'll take that one, Jeff. We're at the cusp of a high-voltage DC secular megatrend, where the energy infrastructure across data centers, grid, energy storage, and industrial applications are at the early stages of transitioning from AC to high-voltage DC systems.

好的，Jeff，這題我來回答。我們正處於高電壓直流（HVDC）長期結構性大趨勢的臨界點；資料中心、電網、儲能與工業應用等能源基礎設施，正處於從交流（AC）系統轉向高電壓直流系統的早期階段。

This aligns very strongly to the capabilities we have and benefits of our B-TRAN product, specifically in areas like solid-state circuit breakers.

這與我們的能力以及 B-TRAN 產品的效益高度契合，特別是在固態斷路器等領域。

As I mentioned at the beginning of my comments, it's not just a one-year phenomenon, we think this is a multi-year secular megatrend that will continue is is just starting and will continue through 2030 and beyond, so we expect that to expand the market opportunity for B-TRAN and the applications that we're targeting over that period of time.

如同我在一開始所提到的，這不只是為期一年的現象；我們認為這是一個將持續多年的結構性大趨勢，現在才剛開始，並將延續到 2030 年及更久。因此，我們預期在這段期間，B-TRAN 以及我們鎖定的應用將擴大其市場機會。

Thank you. The next submitted question was, any sense that electric vehicle recovery, mainly in Europe, is igniting interest in B-TRAN.

謝謝。下一個提交的問題是：是否感受到電動車復甦（主要在歐洲）正在點燃對 B-TRAN 的興趣？

So, in our sales opportunities, we have multiple customers that are evaluating B-TRAN, both across automotive OEMs like Stellantis and Tier 1s.

就我們的銷售機會而言，我們有多家客戶正在評估 B-TRAN，涵蓋 Stellantis 等汽車 OEM，以及一級供應商（Tier 1）。

Listening to some of the commentary from our peers, and what I've seen in the market is that the current oil situation is driving renewed interest in EVs, and that renewed interest could lead to increased sales volumes, which increases the opportunity for B-TRAN on those programs that we have with our customers.

從一些同業的評論以及我在市場上看到的情況來看，目前的油價情勢正帶動市場對電動車的再度關注；而這種再度關注可能帶來更高的銷售量，進而提升我們與客戶合作之相關專案中，B-TRAN 的機會。

Thank you. The next committed question is, please comment on how B-TRAN compares with Infineon's CoolSiC JFET product.

謝謝。下一個提交的問題是：請評論 B-TRAN 與英飛凌（Infineon）的 CoolSiC JFET 產品相比如何。

Yeah, so Infineon's CoolSiC JFET, that's a new form of a silicon carbide device. Initially, there were silicon carbide MOSFETs.

好的。英飛凌的 CoolSiC JFET 是一種新型的碳化矽元件。在此之前，主要是碳化矽 MOSFET。

The comparison between B-TRAN here is first and foremost in the inherent bidirectional conducting and blocking capability of B-TRAN.

B-TRAN 的比較重點，首先在於其天生具備雙向導通與雙向阻斷能力。

JFETs, like silicon carbide MOSFETs, require back-to-back configuration, so at least two devices to be able to conduct and block in both directions compared to a single device for B-TRAN.

JFET 與碳化矽 MOSFET 一樣，需要背對背（back-to-back）配置，因此至少需要兩顆元件才能在兩個方向導通與阻斷；相較之下，B-TRAN 只需要單一元件。

In addition, like I've heard during my recent tour with customers. Where they are evaluating silicon carbide MOSFETs, it becomes very difficult in medium and high current applications to share current and control the turn-on and turn-off of the devices and SSCB applications, which is an area they cite as a strength for B-TRAN.

此外，正如我最近拜訪客戶時聽到的回饋：當他們評估碳化矽 MOSFET 時，在中高電流應用中，要進行電流均分並控制元件的開通與關斷會變得非常困難；而在 SSCB 應用方面，他們指出這正是 B-TRAN 的強項。

And obviously, if we can reduce the component count, we can reduce the system size and improve the power density and reduce the cost of the overall system.

而且很明顯地，如果我們能降低元件數量，就能縮小系統尺寸、提升功率密度，並降低整體系統成本。

We've gotten questions submitted, so please continue to click that button to ask a question. We look forward to answering your questions.

我們已收到提交的問題，請繼續點擊按鈕提問。我們期待回答各位的問題。

The next submitted question is, please discuss where the company stands today in terms of manufacturing readiness.

下一個提交的問題是：請說明公司目前在製造就緒度方面的狀況。

Yes, so we're ready. We have relationships with multiple foundries and packaging firms.

是的，我們已經準備好了。我們與多家晶圓代工廠與封裝公司建立了合作關係。

They'll be able to handle our sales ramp here over the next couple of years.

它們將能在未來幾年支援我們的銷售放量。

We also have a road map to support business over the long-term, supporting our forecasted capacity requirements while also providing significant cost reduction. So from a manufacturing perspective, we're in good shape.

我們也有一份長期路線圖來支援業務發展，在滿足我們預測的產能需求的同時，也能帶來顯著的成本降低。因此從製造角度來看，我們狀況良好。

Any additional color on the incremental improvements in the quality and quantity of the sales funnel? Additionally, what initiatives is Ideal Power undertaken to expand its sales funnel?

能否補充說明銷售漏斗在品質與數量方面的增量改善？另外，Ideal Power 採取了哪些措施來擴大其銷售漏斗？

Yeah, so I'll take that one. As I mentioned during my prepared remarks, the sales funnel has increased by more than 50% since the end of February and the March call that we did.

好的，這題我來回答。如我在事先準備的發言中提到，自二月底以及我們三月那場電話會議以來，銷售漏斗已增加超過 50%。

For the full year 25 earnings.

以 2025 全年財報為基準。

The rigor around it has really increased as we and and I personally sit in biweekly funnel reviews with the sales team, not only to look at the opportunities that are in there, but also understand what is being added to the funnel, where are we in customer development projects.

我們在管理上的嚴謹度確實大幅提升；我本人與銷售團隊每兩週會進行一次漏斗檢視，不僅查看其中的商機，也了解有哪些新案源被加入漏斗、以及我們在客戶開發專案中的進度。

How are things progressing, what can we do to speed up those projects by between our sales team and our applications engineering organization, if there are any issues that come up, how do we resolve those quickly with customers to work towards keeping projects on track, and so I'd say the funnel rigor has certainly improved. From the beginning of the year until now as we get a stronger handle on the opportunities going into the funnel and we progress those opportunities through the funnel, both through our sales team and our applications engineering team and regular engagements with customers.

進展如何、我們能做什麼來加速這些專案（透過銷售團隊與應用工程組織的協作）；若出現任何問題，我們如何與客戶快速解決以維持專案按計畫推進。因此我會說，漏斗管理的嚴謹度確實改善了。從年初到現在，隨著我們更能掌握進入漏斗的商機，並透過銷售團隊、應用工程團隊以及與客戶的定期互動來推進這些商機。

Thank you.

謝謝。

Does Ideal Power still expect to complete the automotive qualification reliability testing this summer?

Ideal Power 是否仍預期在今年夏天完成車用認證的可靠度測試？

Yes, we continue to make progress toward completing automotive reliability testing this summer.

是的，我們持續朝今年夏天完成車用可靠度測試的目標推進。

Thank you. And the next question on the thing, what is the importance of the automotive qualification to Ideal Power?

謝謝。下一個問題是：車用認證對 Ideal Power 的重要性是什麼？

Yeah, so it's a requirement by automotive customers to deploy B-TRAN in their vehicles. So customers can proceed with product development while the qualification is taking place, but to put the products into vehicles to begin their field testing on the road, and then to release in series models, they need to have the components automotive qualified.

是的，這是車廠客戶將 B-TRAN 導入其車輛的必要條件。客戶可以在認證進行期間繼續產品開發，但要把產品裝進車輛、開始道路實地測試，並進一步在量產車型中導入，就必須讓元件通過車規認證。

You mentioned the automotive qualification completion this summer. The other submitted question was, what other near-term catalysts that the market should be looking out for in the next three to six months?

你提到今年夏天完成車用認證。另一個提交的問題是：未來三到六個月市場還應關注哪些其他短期催化劑？

Yeah, from that perspective, it's really well you communicated earlier. So it's announcing additional agreements with customers, whether they're custom development agreements or new programs that.

是的，從這個角度來看，基本上就是你先前所提到的。也就是宣布與客戶簽訂更多協議，不論是客製化開發協議或新的專案計畫。

Potentially for custom development.

可能是針對客製化開發。

It's also what we're expecting to start getting purchase orders. So we'll start to talk about those and announce those as they come in.

另外，我們也預期將開始收到採購訂單。因此我們會在訂單進來時開始對外說明並發布公告。

But it's really all around commercial activity. We'll continue to make progress with Stellantis. We're targeting, again, those deliverables here to be completed by mid-year.

但重點都圍繞在商業化活動。我們將持續推進與 Stellantis 的合作。我們的目標是再次強調，這些交付項將在年中前完成。

So we're expecting commercial announcements here over the course of the next three to six months that will be meaningful for us.

因此我們預期在未來三到六個月內會有對我們具重要意義的商業公告。

Who is the main competition for B-TRAN?

B-TRAN 的主要競爭對手是誰？

So if we look at for the applications we're targeting, it would primarily be silicon carbide MOSFETs. IGBTs really aren't considered in the space because of the losses associated with them. And when you're conducting, the vast majority of the time, you want to minimize those losses.

如果看我們鎖定的應用領域，主要會是碳化矽（SiC）MOSFET。由於 IGBT 相關損耗較高，在這個領域通常不被視為主要選項。而在導通狀態占絕大多數時間的情境下，你會希望把這些損耗降到最低。

Any other -- so let me look here.

還有其他——我再看一下。

The timeline for revenue, any other comments about the timeline for meaningful revenue?

關於營收時程：對於實質性營收的時間表，還有其他評論嗎？

We're still on track with what we said in the business update call.

我們仍符合在業務更新電話會議中所說的進度。

Obviously, the projects we discussed on the call today, we're expecting to contribute to that, but there's no change in our expectation.

當然，今天電話會議中討論的專案，我們預期會對此有所貢獻，但我們的預期沒有改變。

Okay.

好的。

Thank you. Are there any key hires planned in sales and engineering in the coming quarters?

謝謝。未來幾季在銷售與工程方面是否規劃任何關鍵招募？

So we've already actually added to the team this year. We added a sales director in Europe, applications engineering support in Asia.

其實我們今年已經擴編團隊了。我們在歐洲新增了一位銷售總監，在亞洲新增了應用工程支援。

We've actually added someone in the quality team that's assisting with our automotive qualification.

我們也在品質團隊新增了一位人員，協助我們的車用認證。

But the team is largely intact. We probably had just maybe a couple more positions over the balance of the year, but we have the core team in place to commercialize the technology.

但整體團隊大致已到位。今年剩餘時間可能只會再補幾個職缺，但我們已具備將技術商業化的核心團隊。

How are things going with -- you mentioned Stellantis. Any other comment about other automakers?

關於——你提到 Stellantis。對其他車廠還有什麼補充嗎？

As part of the final, if I look at over $300 billion in opportunities that we have, it's roughly split about 50/50 on a percentage basis between automotive and then general data center, general industrial applications.

若看我們超過 3,000 億美元的機會總量，按比例大約有 50% 來自汽車領域，另外 50% 來自一般資料中心與一般工業應用。

So we do have other projects that are under consideration or evaluation by either automotive tier ones or OEMs, specifically around EV contactors, battery disconnect units.

因此我們確實也有其他專案正在由汽車一級供應商或 OEM 進行考量或評估，特別是圍繞電動車接觸器、電池斷開單元（BDU）。

Thank you.

謝謝。

Any other -- can you provide any other color on the strategic partner investment possibilities?

還有其他——你能否就策略夥伴投資的可能性提供更多說明？

Not much more depth that I can go into at this time, other than I have ongoing discussions, as I mentioned in my prepared remarks, from potential strategic investors.

目前我無法再提供更深入的細節；只能說如我在事先準備的發言中提到的，我正與潛在策略投資人進行持續討論。

I have. Continued those discussions at a high level in some of the companies and working to expand that to other areas to consider what may be the best fit for our company and a strong validation of B-TRAN in the market based on investment of somebody who has interest in adopting our products.

我已經在部分公司層級持續進行這些高層次的討論，並努力將範圍擴展到其他領域，以評估什麼樣的合作最適合我們公司；同時，若有對採用我們產品有興趣的投資人進行投資，也將是市場對 B-TRAN 的強力驗證。

Thank you. That concludes our question-and-answer session.

謝謝。以上為我們的問答環節。

David, do you have any closing remarks?

David，你有任何結語嗎？

Yes, I just want to thank everyone who joined the call today.

有的，我想感謝今天加入電話會議的各位。

Along with our sales team, I'll be attending PCIM in Europe next month, and I look forward to sharing updates with you in August regarding our progress as we execute on our plan to commercialize B-TRAN.

我將與我們的銷售團隊一同在下個月前往歐洲參加 PCIM，並期待在八月與各位分享我們在執行 B-TRAN 商業化計畫上的進展更新。

In closing, I want to recognize the company's employees for their innovation and continued hard work and thank them for their efforts.

最後，我想肯定公司員工的創新與持續努力，並感謝他們的付出。

Operator, you may end the call.

接線員，您可以結束通話。

Thank you. Ladies and gentlemen, this concludes today's conference. All parties may disconnect and have a great day.

謝謝。各位女士、先生，今天的會議到此結束。各方可斷線，祝各位有美好的一天。