KULR Technology Group Inc (KULR) 2024 Q4 法說會逐字稿

Good afternoon, and thank you for joining us for the KULR Technology Group fourth quarter and full year 2024 earnings call. Joining me on the call today will be Michael Mo, the Chief Executive Officer of the company; as well as Shawn Canter, the Chief Financial Officer of the company.

下午好，感謝您參加 KULR 科技集團 2024 年第四季和全年財報電話會議。今天與我一起參加電話會議的還有公司執行長 Michael Mo 和財務長 Shawn Canter。

I am Stuart Smith, and I will be your moderator for the call today. After we receive opening statements from both Michael and Sean, we will dive into a question-and-answer portion of the call, which will be the answering of questions submitted by you via e-mail and social media. But before we begin the call, please listen to the following safe harbor statement.

我是史都華史密斯，我將擔任今天電話會議的主持人。在我們收到邁克爾和肖恩的開場白後，我們將深入討論電話會議的問答部分，即回答您透過電子郵件和社交媒體提交的問題。但在我們開始通話之前，請聽聽以下安全港聲明。

This call contains certain forward-looking statements based on the company's current expectations, forecasts and assumptions that involve risks and uncertainties. Forward-looking statements made on this call are based on information available to the company as of the date hereof. The company's actual results may differ materially from those stated or implied in such forward-looking statements due to risks and uncertainties associated with KULR Technology Group's business, which include the risk factors disclosed in their Form 10-K filed with the Securities and Exchange Commission on April 12, 2024, as may be amended or supplemented by other reports KULR files with the Securities and Exchange Commission from time to time.

本次電話會議包含基於公司目前預期、預測和假設的某些前瞻性陳述，涉及風險和不確定性。本次電話會議中所做的前瞻性陳述是基於本公司截至本電話會議之日所掌握的資訊。由於 KULR 科技集團業務相關的風險和不確定性，公司的實際結果可能與此類前瞻性陳述中明示或暗示的結果存在重大差異，其中包括 2024 年 4 月 12 日向美國證券交易委員會提交的 10-K 表中披露的風險因素，這些因素可能會由 KULR 不時向美國證券交易委員會提交的其他報告進行修改或補充。

Forward-looking statements include statements regarding their expectations, beliefs, intentions or strategies regarding the future and can be identified by forward-looking words such as anticipate, believe, could, estimate, expect, intend, may, should and would or similar words. All forecasts provided by management on this call are based on information that is available at this time and management expects that internal projections and expectations may change over time.

前瞻性陳述包括關於其對未來的期望、信念、意圖或策略的陳述，可以透過前瞻性詞語來識別，例如預期、相信、可能、估計、期望、打算、也許、應該和會或類似的詞語。管理層在本次電話會議上提供的所有預測均基於目前可用的信息，管理層預計內部預測和預期可能會隨著時間的推移而發生變化。

In addition, the forecasts are entirely based on management's best estimate of their future financial performance given their current contracts, current backlog of opportunities and conversations with new and existing customers about their products and services. KULR Technology Group assumes no obligation to update the information included on this call, whether as a result of new information, future events or otherwise.

此外，這些預測完全基於管理層根據其當前合約、當前積壓的機會以及與新舊客戶就其產品和服務進行的對話對其未來財務業績的最佳估計。KULR 科技集團不承擔更新本次電話會議中包含的資訊的義務，無論是由於新資訊、未來事件或其他原因。

With that, I will now turn the call over to Michael Mo, CEO of KULR Technology Group. Michael, the call is yours.

現在，我將電話轉給 KULR 科技集團執行長 Michael Mo。邁克爾，你來決定。

Thank you, Stuart. This is Michael Mo. Thanks, everyone, for joining us today. KULR closed out 2024 with a record quarter in Q4. Revenue increased to $3.37 million, up 44% from Q4 2023, while our operating loss decreased by 29% year-over-year.

謝謝你，斯圖爾特。這是 Michael Mo。感謝大家今天加入我們。KULR 在 2024 年第四季創下了紀錄。營收增至 337 萬美元，較 2023 年第四季成長 44%，而我們的營運虧損較去年同期減少 29%。

Gross margin was 64% in Q4 2024 compared to 29% in the same quarter 2023. Product sales customers increased 35% to 53 in 2024 compared to 39 in 2023. Service revenue customers increased 100% to 34 in 2024 from 17 in 2023. By the end of 2024, KULR had approximately $30 million in cash and $20 million in Bitcoin Holdings. As of March 26, 2025, we have over $80 million in cash in Bitcoin Holdings and no debt.

2024 年第四季毛利率為 64%，而 2023 年同期為 29%。2024 年產品銷售客戶數量從 2023 年的 39 個增加到 53 個，增幅為 35%。服務收入客戶從 2023 年的 17 個增加到 2024 年的 34 個，成長了 100%。到 2024 年底，KULR 擁有約 3,000 萬美元現金和 2,000 萬美元比特幣資產。截至 2025 年 3 月 26 日，我們在比特幣控股公司擁有超過 8,000 萬美元的現金，且沒有債務。

KULR is in its strongest financial position ever with a rock solid balance sheet and 2025 will be a transformational year for us. Energy consumption and thermal management are the key bottlenecks for artificial intelligence, AI infrastructure and applications. At KULR, we will leverage our energy management expertise to serve multiple fast-growing markets in space exploration, robotics, physical AI at the edge and AI infrastructure platforms. We expect to lease double our revenue in 2025 as we grow our Energy Management business and expand into new applications.

KULR 的財務狀況處於有史以來最強勁的水平，資產負債表穩健，2025 年將是我們的轉型之年。能耗和熱管理是人工智慧、AI基礎設施和應用的關鍵瓶頸。在 KULR，我們將利用我們的能源管理專業知識為太空探索、機器人、邊緣實體 AI 和 AI 基礎設施平台等多個快速成長的市場提供服務。隨著我們能源管理業務的成長和新應用領域的擴展，我們預計到 2025 年我們的收入將翻倍。

To accommodate our growth, we're expanding our Webster Texas headquarter. We have signed a lease for over 13,000 square feet of additional office space next door to our current facility, making the total size to over 31,000 square feet of manufacturing and office space. Our headquarter facility has received AS9100 certification, which is a significant milestone reflecting KULR's dedication to producing the highest quality products within the aerospace and defense industries.

為了適應我們的發展，我們正在擴大位於德州韋伯斯特的總部。我們已經簽署了一份租約，租用目前工廠隔壁超過 13,000 平方英尺的額外辦公空間，使製造和辦公空間的總面積達到超過 31,000 平方英尺。我們的總部設施已獲得 AS9100 認證，這是一個重要的里程碑，反映了 KULR 致力於在航空航天和國防工業中生產最高品質的產品。

The AS9100 is the globally recognized quality management standard for organizations that design, develop and provide aerospace demand and aviation products and services. We're now well positioned as the one-stop shop total solution provider to design, test, manufacture, and certified battery products of the highest quality in the United States. As you all know, we've been investing in our KULR ONE battery platform. We're now reaping the benefits of that investment. For our KULR ONE Space product, we now have multiple customer engagements to design their 20793 compliant batteries.

AS9100 是針對設計、開發和提供航空航天需求和航空產品和服務的組織而製定的全球公認的品質管理標準。現在，我們已成為美國設計、測試、製造和認證最高品質電池產品的一站式整體解決方案提供者。眾所周知，我們一直在投資我們的 KULR ONE 電池平台。我們現在正在收穫這項投資的回報。對於我們的 KULR ONE Space 產品，我們現在有多個客戶參與設計符合 20793 標準的電池。

We're going through 20793 certification process now with NASA for one of our customers. We have KULR ONE Space reference platform for 100, 200, and 400-watt hour batteries. We have our own battery management system, BMS for both terrestrial and space applications that are radiation tolerant. We're entering production stage for both our KULR ONE Space and Guardian customers in 2025. In addition to KULR ONE Space and Guardian products, we're seeing growing demand for battery pack design and manufacturing services from US companies developing drones and robotics.

我們目前正在與 NASA 合作為我們的一位客戶進行 20793 認證流程。我們擁有適用於 100、200 和 400 瓦時電池的 KULR ONE Space 參考平台。我們擁有自己的電池管理系統，適用於地面和太空應用的耐輻射的 BMS。我們將於 2025 年進入為 KULR ONE Space 和 Guardian 客戶提供產品的生產階段。除了 KULR ONE Space 和 Guardian 產品外，我們還看到開發無人機和機器人的美國公司對電池組設計和製造服務的需求不斷增長。

Defense tech and warehouse automation are two areas of particular interest. The new generation of defense tech companies are focused on innovating rapidly and delivering cost-effective systems to the battlefield. Bomb costs and performance are more important than ever. And KULR is focused on delivering cost-effective solutions for these companies by leveraging our supply chain and advanced technology portfolio across multiple projects.

國防技術和倉庫自動化是兩個特別受關注的領域。新一代國防科技公司專注於快速創新並向戰場提供具有成本效益的系統。炸彈的成本和性能比以往任何時候都更加重要。KULR 致力於利用我們在多個專案中的供應鏈和先進技術組合為這些公司提供具有成本效益的解決方案。

Robots for warehouse operations is another rapidly growing area, and these solutions are all battery operated. Safety is paramount in these applications and KULR is able to offer companies in this space a range of solutions to improve safety profile and performance for their battery packs. NVIDIA's CEO, Jensen Huang, has highlighted the emergence of physical AI, AI systems capable of understanding, interacting with the physical world as a significant rapidly growing market opportunity.

倉庫操作機器人是另一個快速成長的領域，這些解決方案都是由電池供電的。在這些應用中，安全性至關重要，KULR 能夠為該領域的公司提供一系列解決方案，以提高其電池組的安全性和效能。NVIDIA 執行長黃仁勳強調，實體 AI 的出現，即能夠理解並與物理世界互動的 AI 系統，是一個重要的快速成長的市場機會。

He has referred to this sector is a multitrillion dollar opportunity, particularly emphasizing the potential in robotics and autonomous machines. At KULR, our exposure to this market began through our battery customer interactions. But we quickly realized that this is a massive market opportunity that we must participate in with more than just batteries. We'll announce our strategic partnership to enter the robotics and physical AI market in the next few weeks.

他認為該領域是一個數兆美元的商機，並特別強調了機器人和自動機器的潛力。在 KULR，我們對這個市場的了解始於與電池客戶的互動。但我們很快就意識到，這是一個巨大的市場機遇，我們必須參與其中，而不僅僅是利用電池。我們將在未來幾週內宣佈建立戰略合作夥伴關係，進軍機器人和實體人工智慧市場。

We announced on Tuesday that we now have 668 Bitcoins, which is more than two-thirds way towards our near-term goal of 1,000 Bitcoins. I get asked a lot about how we start the volatility in Bitcoin. Michael Saylor said the best, "volatility is by talent."

我們在周二宣布，我們現在擁有 668 個比特幣，這已經完成了我們近期 1,000 個比特幣目標的三分之二以上。常常有人問我，我們是如何引發比特幣波動的。邁克爾·塞勒 (Michael Saylor) 說得最好，“波動性取決於天賦。”

In this agent AI where things are transforming at a crazy rate overnight, so one may call it the DeepSeek moment. We better get used to volatility. I believe that to survive and to thrive in this new era of AI, KULR needs to build a culture that embraces volatility so they can reduce the rig -- so it can reduce the risk of our own DeepSeek moments.

在這個代理 AI 中，事物在一夜之間以瘋狂的速度發生變化，因此人們可以稱之為 DeepSeek 時刻。我們最好習慣波動。我相信，為了在人工智慧新時代生存和發展，KULR 需要建立一種接受波動性的文化，這樣他們才能減少鑽孔機——從而降低我們自己的 DeepSeek 時刻的風險。

Bitcoin Treasury Strategy serves two objectives for us. One, we believe that Bitcoin is a long-term store value that beats inflation and gains in value. Number two, it's a training ground for building dynamic corporate culture and execution cadence that positions KULR to succeed in the new AI era. We're doubling down our commitment to BTC with BTC mining. We're actively exploring partnership opportunities.

比特幣財政策略對我們來說有兩個目標。首先，我們相信比特幣是一種能夠戰勝通貨膨脹並且增值的長期價值儲存手段。第二，它是建立動態企業文化和執行節奏的訓練場，為 KULR 在新 AI 時代取得成功奠定基礎。我們正在透過 BTC 挖礦加倍致力於 BTC。我們正在積極探索合作機會。

As we roll out our AI products and Energy Management technology applied to AI data centers, we expect to apply due to BTC mining as well to reduce energy costs. Cathie Wood has predicted Bitcoin to reach $1.5 million by 2030. Michael Saylor is projecting Bitcoin to reach $20 trillion in market capitalization within the next 4 to 8 years from the $2 trillion market cap right now. I hope they're both right.

隨著我們推出應用於 AI 資料中心的 AI 產品和能源管理技術，我們希望也能利用 BTC 挖礦來降低能源成本。凱西伍德 (Cathie Wood) 預測，到 2030 年，比特幣的價格將達到 150 萬美元。邁克爾·塞勒 (Michael Saylor) 預測，比特幣的市值將在未來 4 到 8 年內從目前的 2 兆美元增加到 20 兆美元。我希望他們都是對的。

Speaking of Cathie Wood, I would like to wrap up my portion of the presentation with her big ideas for 2025, AI, robotics, energy storage, and blockchain Bitcoin. These ideas are not isolated. Their convergence accelerates innovation, leading to potential growth or exponential growth to profound social impact that are fundamentally and structurally changing our financial systems.

說到凱西伍德，我想用她對 2025 年、人工智慧、機器人、能源儲存和區塊鏈比特幣的宏偉構想來結束我的演講部分。這些想法並不是孤立的。它們的融合加速了創新，帶來了潛在成長或指數級成長，並產生了深遠的社會影響，從根本和結構上改變了我們的金融體系。

At KULR, although we're a small company with limited resources, but we view this convergence as a generation opportunity for us to participate in, because we are all at the very early stage of AI, and we have not even yet started the physical AI and the robotics stage yet. There will be many DeepSeek moments to come, and we want to be ready to take advantage of those moments. We'll focus on applications where we can add our expertise and the existing business is disrupted by AI, and we can pivot to these businesses that could be accretive to KULR quickly.

在 KULR，雖然我們是一家資源有限的小公司，但我們將這種融合視為我們參與的一代機遇，因為我們都處於人工智慧的早期階段，甚至還沒有啟動實體人工智慧和機器人階段。未來還會有很多 DeepSeek 時刻，我們希望做好準備，充分利用這些時刻。我們將專注於可以增加我們的專業知識且現有業務受到人工智慧顛覆的應用程序，並且我們可以轉向這些可以快速增值 KULR 的業務。

To give some context around our thinking and strategy, I'd like to share with you a couple of data points. In a recent interview at the Tokyo University in Japan, Sam Altman, CEO of OpenAI, predicted that OpenAI software programming AI agent will be the top one program in the world by the end of 2025.

為了讓您了解我們的想法和策略，我想與大家分享一些數據點。OpenAI執行長薩姆·奧特曼近日在日本東京大學接受採訪時預測，到2025年底，OpenAI軟體程式設計的人工智慧代理將成為全球排名第一的程式。

SoftBank CEO, Masa Son, expects AI intelligence to advance 1,000 times every technology cycle, which lasts about two to three years. At that rate, we can expect AI intelligence to be 1 million times more intelligent than what they are today by the end of this decade. As these predictions become realities over the coming months and years, every company in the world will become an AI and software company.

軟銀執行長孫正義預計，每個技術週期（大約持續兩到三年）AI智能將進步1000倍。以這個速度，我們預計到本世紀末，人工智慧將比現在智慧 100 萬倍。隨著這些預測在未來幾個月和幾年內成為現實，世界上的每家公司都將成為一家人工智慧和軟體公司。

KULR needs to get there as fast as possible. Now before I hand the call over to Shawn, I let encourage you to check out our new website at www.kulr.ai. It's a fresh new look to showcase all of our products and services. Thank you very much.

KULR 需要盡快到達那裡。在把電話交給 Shawn 之前，我想先推薦大家去我們的新網站 www.kulr.ai。它以全新的面貌展示了我們所有的產品和服務。非常感謝。

Next, Shawn, will discuss financial details.

接下來，肖恩將討論財務細節。

Thank you, Mike. Let's cover some key highlights now for both the fourth quarter and the full year 2024. Topics worth noting include revenue, a record revenue quarter and record revenue year for KULR Gross margin. Gross margin was up 100%, fourth quarter 2024 over fourth quarter 2023.

謝謝你，麥克。現在讓我們來介紹一下第四季和 2024 年全年的一些關鍵亮點。值得關注的主題包括 KULR 毛利率的收入、創紀錄的收入季度和創紀錄的收入年份。2024 年第四季的毛利率較 2023 年第四季成長了 100%。

Operating expenses were down. We continued the trend of expanding our paying customer base and reduced our customer concentration. KULR's balance sheet is strong. We have a meaningful net cash position with no material debt obligations.

營業費用下降。我們持續擴大付費客戶群並降低客戶集中度。KULR 的資產負債表強勁。我們擁有可觀的淨現金狀況，且無重大債務義務。

Our cash and Bitcoin Holdings are worth over $80 million as of the close on March 25. We established our Bitcoin treasury position in 2024 and now own 667 Bitcoin. Let's start with our income statement. In the fourth quarter, KULR set a new revenue record. Revenue was approximately $3.4 million, and this is about 44% higher than the same period last year and 6% higher than the third quarter of 2024, which was then itself another revenue record quarter.

截至 3 月 25 日收盤，我們的現金和比特幣持有量價值超過 8,000 萬美元。我們於 2024 年建立了比特幣資金部位，目前擁有 667 個比特幣。讓我們從損益表開始。第四季度，KULR創下了新的營收紀錄。營收約 340 萬美元，比去年同期高出約 44%，比 2024 年第三季高出 6%，而 2024 年第三季本身也是另一個創收入紀錄的季度。

In 2024, KULR delivered $10.7 million of revenue, another revenue record for KULR. This was up 9% from 2023, which was itself also a revenue record year. In 2024, product revenue was approximately $3.6 million, down 47% year-over-year and service revenue was approximately $4.4 million in 2024, up 51% from the same period last year. In 2024, KULR signed its first two revenue-generating license agreements and recorded $2.7 million in revenue.

2024 年，KULR 實現了 1,070 萬美元的收入，創下了 KULR 的另一個收入記錄。這比 2023 年成長了 9%，而 2023 年本身也是創收入紀錄的一年。2024年產品營收約360萬美元，較去年同期下降47%，2024年服務收入約440萬美元，較去年同期成長51%。2024 年，KULR 簽署了前兩份創收授權協議，並錄得 270 萬美元的收入。

We are excited about this business model and hope to be able to announce similar type deals in the coming quarters. Gross margin for the fourth quarter was 64% versus 29% in the same period last year. For the full year 2024, gross margin was 51% versus 37% in 2023, a 37% increase year-over-year. 2024 versus 2023 full year R&D expenses were down 34%, and SG&A was down 16%. 2024 earnings per share improved 55% over 2023.

我們對這種商業模式感到非常興奮，並希望能夠在未來幾季宣布類似的交易。第四季毛利率為64%，去年同期為29%。2024年全年毛利率為51%，而2023年為37%，較去年同期成長37%。 2024年全年研發費用與2023年相比下降了34%，銷售、一般及行政費用（SG&A）下降了16%。 2024年每股收益比2023年成長了55%。

Now let's spend a moment on customers. In 2024, KULR had 71 paying customers, up from 53 in 2023. Paying product customers were up 36% from 39 in 2023 to 53 in 2024. Service customers were up 100% to 34 in 2024. In addition to expanding our customer base, we are reducing our paying customer concentration.

現在讓我們花一點時間來討論一下客戶。2024 年，KULR 擁有 71 位付費客戶，高於 2023 年的 53 位。付費產品客戶從 2023 年的 39 人增加到 2024 年的 53 人，增幅為 36%。2024 年服務客戶數量成長 100%，達到 34 家。除了擴大我們的客戶群之外，我們還在降低付費客戶的集中度。

Now a few points on our balance sheet. Compared to the end of 2023, our balance sheet has improved materially. At the end of 2024, our cash balance sheet was $30 million -- our cash on hand was $30 million.

現在來看看我們的資產負債表上的幾個要點。與 2023 年底相比，我們的資產負債表有了顯著改善。截至 2024 年底，我們的現金資產負債表為 3,000 萬美元——我們的現金餘額為 3,000 萬美元。

Our current accounts receivable was $2.6 million, and we held $20 million in Bitcoin. Total assets were $63 million at 12/31/2024 versus $11 million at the end of 2023, up 479% and we had no material financial debts. Total liabilities were down 58% to $5.5 million. Before moving on, as a reminder, we currently hold about 667 Bitcoin. KULR has decided to early adopt the new FASB rule for marking to market our Bitcoin Holdings.

我們的目前應收帳款為 260 萬美元，我們持有價值 2,000 萬美元的比特幣。截至 2024 年 12 月 31 日，總資產為 6,300 萬美元，而 2023 年底為 1,100 萬美元，成長 479%，且我們沒有重大財務債務。總負債下降 58% 至 550 萬美元。在繼續之前，提醒一下，我們目前持有大約 667 個比特幣。KULR 已決定儘早採用新的 FASB 規則來標記我們的比特幣持有量。

So you'll see on our 2024 income statement, a line item called "Change in fair value of digital assets." At the end of 2024, this line item was a $719,000 charge. This is a non-cash item. It just reflects the change in value from the purchase date to the mark date, in this case, 12/31/2024. It does not reflect that we sold any Bitcoin.

因此，您會在我們的 2024 年損益表中看到一項名為「數位資產公允價值變動」的項目。截至 2024 年底，此項費用為 719,000 美元。此為非現金項目。它只是反映了從購買日期到標記日期（在本例中為 2024 年 12 月 31 日）的價值變化。這並不反映我們出售了任何比特幣。

Going forward, our Bitcoin holdings will be marked on a monthly basis. Back to you, Stuart.

今後，我們的比特幣持有量將按月標記。回到你身邊，史都華。

Thank you, Shawn. Well, let's jump right into the questions now. And this first question is for you, Michael, here it goes. I saw the news on Thursday, March 12, about the deal with space agency or a space agency to provide M35A batteries. How prevalent do you think space travel becomes over the next 10 years, will there be applications on earth as well?

謝謝你，肖恩。好吧，現在讓我們直接進入問題。第一個問題是問你的，邁克爾，就是這樣。我在 3 月 12 日星期四看到了有關與航太局或航太機構達成協議提供 M35A 電池的新聞。您認為未來 10 年太空旅行會變得多麼普遍？地球上也會有應用嗎？

Thanks, Stuart. Yeah, space travel will definitely become more affordable and prevalent over the next 10 years. But we believe that the bigger market opportunity is privatized space exploration with new satellite equipment into space that they're all going to require batteries to power them. And also as the volumes go up, the cost will go down.

謝謝，斯圖爾特。是的，未來 10 年，太空旅行肯定會變得更便宜和普及。但我們相信，更大的市場機會是私有化的太空探索，新的衛星設備進入太空，它們都需要電池來供電。而且隨著產量的增加，成本也會下降。

As that happens, we expect some of these more higher-end technology to be available for applications on earth.

隨著這種情況的發生，我們預計其中一些更高端的技術將在地球上得到應用。

All right. Excellent. Next question is for you, Shawn. Here it is. Are there plans to diversify crypto or buy more?

好的。出色的。下一個問題是問你的，肖恩。這裡是。是否有計劃使加密貨幣多樣化或購買更多加密貨幣？

Thanks, Stuart. Sure. As we've indicated before several times, from a crypto point of view, we are focused on our BTC or Bitcoin treasury program.

謝謝，斯圖爾特。當然。正如我們之前多次指出的那樣，從加密的角度來看，我們專注於我們的 BTC 或比特幣財務計劃。

Okay, thank you for that. Here's the next question, and it's for you again, Michael. There is a rumor circulating on Twitter aka X that KULR is providing materials to Rocket Lab Archimedes engine, specifically a carbon composite material to be used in a rocket called Neutron. One, can KULR please confirm or deny that they are providing any materials to Rocket Lab? Two, if they are providing any materials to Rocket Lab, can KULR confirm or deny if the materials provided would be sufficient for the two companies to announce a partnership?

好的，謝謝你。這是下一個問題，還是問你，麥可。Twitter 又名 X 上流傳著一則謠言，稱 KULR 正在向 Rocket Lab 阿基米德發動機提供材料，具體是一種用於名為 Neutron 的火箭的碳複合材料。首先，KULR 能否確認或否認他們向 Rocket Lab 提供了任何資料？二、如果他們向 Rocket Lab 提供任何材料，KULR 能否確認或否認所提供的材料是否足以讓兩家公司宣布合作？

And three, if the partnership will be announced, can KULR please give details of any further opportunities that may arise from working together with Rocket Lab and how much money KULR expects to realize from the partnership and how often they would be providing materials. I'm pretty sure he slipped about seven questions in there.

第三，如果宣布合作，KULR 能否詳細說明與 Rocket Lab 合作可能產生的任何進一步機會，以及 KULR 預計從合作中獲得多少收益，以及他們將多久提供一次材料。我確信他在其中偷偷提了七個問題。

Michael, I'll leave it to you.

邁克爾，我就把它交給你了。

Thanks, Stuart. Yeah, I'm glad that this investor really did a lot of homework on both KULR and Rocket Lab sounds like, but I really can't comment on the rumors that we have not officially announced, that we have any relationship with. So I'm just going to leave it to that.

謝謝，斯圖爾特。是的，我很高興這位投資者確實對 KULR 和 Rocket Lab 做了很多功課，但我真的無法評論我們尚未正式宣布的與我們有任何關係的謠言。所以我就不多說了。

Understood. So the next question, Shawn, is for you. Why is such a large portion of cash being invested into Bitcoin? And could this money be better allocated to focus on the growth of the KULR brand at this clear pivotal time for the company. Also, I would like to know what the company plans to do with their Bitcoin reserve if the company comes on financial hardship.

明白了。肖恩，下一個問題是問你的。為什麼有這麼大比例的現金被投資在比特幣？在公司這個關鍵時刻，這筆資金是否可以更好地分配給 KULR 品牌的成長？此外，我想知道，如果公司遇到財務困難，公司計劃如何處理其比特幣儲備。

More than that, would they rather dilute investors or sell a portion of the Bitcoin Holdings?

更重要的是，他們是否寧願稀釋投資者的股份或出售部分比特幣持有量？

Thanks, Stuart. Good topic. Our treasury strategy is to retain liquidity and significant cash at reserves, in addition to building our BTC treasury position, as I've said before, given the economic context in today's world and the fundamentals of Bitcoin, and what I mean by that is sort of the growing demand across several dimensions, individuals, institutions, state organizations, government bodies and the fixed supply of Bitcoin, that they'll only be $21 million ever created, we consider BTC a good store value over time.

謝謝，斯圖爾特。好題目。我們的財務策略是保留流動性和大量現金儲備，此外還要建立我們的 BTC 財務狀況，正如我之前所說，考慮到當今世界的經濟背景和比特幣的基本面，我的意思是個人、機構、國家組織、政府機構等多個方面的需求不斷增長，而比特幣的固定供應量僅為 2100 萬美元，我們認為 BTC 隨著時間的儲存價值。

And therefore, a positive for KULR shareholders. We consider our liquidity and our cash on hand to fund operations as we go through our internal decision-making processes. All of our decisions get analyzed through a lens of what we think is in the overall best interest of the KULR shareholder base. And decisions around cash management and our BTC treasury program are no different than that.

因此，這對 KULR 股東來說是一件好事。在進行內部決策過程中，我們會考慮流動性和庫存現金來為營運提供資金。我們所有的決定都會透過我們認為最符合 KULR 股東整體利益的角度來分析。現金管理和我們的 BTC 財務計劃的決策與此沒有什麼不同。

So our strategy is to be a long-term holder of BTC, Bitcoin, and we do not see a scenario today that would cause us to change that strategy.

因此，我們的策略是長期持有 BTC 和比特幣，而且我們目前沒有看到任何會導致我們改變策略的情況。

Okay. Shawn, let's stay on this topic and let's stay with you. Here's the question. Why invest in Bitcoin and not invest in your company? I would imagine you need to improve product and facilities to create revenue.

好的。肖恩，我們繼續討論這個話題，並和你一起討論。問題如下。為什麼要投資比特幣而不投資你的公司？我想您需要改進產品和設施來創造收入。

Sure. Excellent question. We don't really see the two -- we don't see that we have to make a decision between the two, though, that we have to make a choice between the two today. We're investing in our company. And we consider our BTC Treasury program, a very valuable asset to KULR and its shareholders.

當然。非常好的問題。我們並沒有真正看到這兩者——我們沒有看到我們必須在兩者之間做出決定，但是，我們今天必須在兩者之間做出選擇。我們正在投資我們的公司。我們認為我們的 BTC 財務計畫對於 KULR 及其股東來說是一項非常寶貴的資產。

We're also investing in our people, our facilities and our product development.

我們也對我們的員工、設施和產品開發進行投資。

Excellent. All right. Next question. This is for you, Michael. During the last earnings call, you were asked if KULR could deliver/produce if any large battery contract was awarded.

出色的。好的。下一個問題。這是給你的，麥可。在上次財報電話會議上，您被問及如果獲得任何大型電池合同，KULR 是否可以交付/生產。

You said, yes, and that KULR had a partner that was also ready to go if that big volume contract came along. What do you consider to be a quote-unquote, big contract? What is the name of the company partner you mentioned you would be ready to help take on the production of a big contract.

您說是的，而且如果有大批量合約到來，KULR 有一個合作夥伴也準備好了。您認為什麼才算是所謂的大合約？您提到的願意協助承接大合約生產的公司夥伴叫什麼名字？

Yeah. I mean we do have a number of customers with contracts over $1 million, and we do have customers ready on production. As I talked earlier, we have expanded our facility in Webster, Texas to over 31,000 square feet. And so now we're actually ready to take on some of these bigger contracts. And I think that in our new facility, we can manufacture thousands of batteries per year without blink of an eye.

是的。我的意思是，我們確實有許多客戶的合約金額超過 100 萬美元，而且我們確實有一些客戶已準備好進行生產。正如我之前所說，我們已將位於德州韋伯斯特的工廠擴建至 31,000 多平方英尺。所以現在我們實際上已經準備好承擔一些更大的合約。我認為，在我們的新工廠裡，我們每年可以毫不費力地生產數千個電池。

So yeah, we're ready for these big contracts.

是的，我們已經為這些大合約做好了準備。

All right. Well, during the last two earnings calls, you've mentioned that revenues were down in part because KULR's biggest customer had not resigned a contract/agreement. However, you said they were expected to do so in 2024. Did that transpire?

好的。嗯，在最近兩次財報電話會議上，您提到收入下降的部分原因是 KULR 最大的客戶尚未續約合約/協議。但是，您說他們預計在 2024 年實現這一目標。有這樣的事嗎？

Yeah. In 2024, that particular customer did not order any products, but we were still able to make up the difference with new customers and finish the year on a record quarter. So as you've seen in the general battery market in the United States, it's been a very challenging time for a lot of people, a lot of our customers. So we won't make any prediction right now on when and how much this customer will order for 2025. But without any forecast from this one particular customer, we still expect our revenue to at least double in 2025.

是的。2024 年，該特定客戶沒有訂購任何產品，但我們仍然能夠透過新客戶彌補差額，並以創紀錄的季度結束這一財年。正如您在美國電池市場上看到的那樣，對於許多人、我們的許多客戶來說，這是一個非常具有挑戰性的時期。因此，我們現在無法預測該客戶 2025 年的訂單時間以及訂單量。但即使沒有這個特定客戶的任何預測，我們仍然預計到 2025 年我們的收入將至少翻倍。

Okay. Here's another question on a different topic, though. This is for you, Michael. Has KULR considered pursuing a service contract providing a service technician on every US military airbase with helicopters to utilize KULR Xero Vibe?

好的。不過，這是另一個關於不同主題的問題。這是給你的，麥可。KULR 是否考慮過簽訂服務合同，為每個配備直升機的美國軍事空軍基地提供一名服務技術人員來使用 KULR Xero Vibe？

Yeah. That's a great idea, but it's really up to the US military to grant such contracts. So, so far, we haven't received any indication of such contract or arrangement is welcomed by the US military at this moment.

是的。這是一個好主意，但是否授予此類合約實際上取決於美國軍方。因此，到目前為止，我們還沒有收到任何跡象表明美國軍方目前歡迎此類合約或安排。

Okay. So Michael, next question, are there any data centers that have a KULR product at this time?

好的。那麼邁克爾，下一個問題是，目前有哪些資料中心擁有 KULR 產品？

Yeah. So our Japanese license customer is testing the KULR Xero VIBE product. I believe some of the engagement is for data center customers.

是的。因此，我們的日本授權客戶正在測試 KULR Xero VIBE 產品。我相信其中一些合作是針對資料中心客戶的。

Okay. Michael, this is about the sales team. How big is KULR sales team? And do you contract third-party sales agents as well?

好的。邁克爾，這是關於銷售團隊的。KULR 銷售團隊有多大？你們也與第三方銷售代理簽約嗎？

Yes. We are growing our sales team, sales and marketing team together. Yes, we do have third-party sales agents for our SafeCASE and other products. We've just added a new VP of Business Development, Jeong Song. He was at EaglePicher and Enovix, and he's helping developing new battery customers.

是的。我們正在共同發展我們的銷售團隊、銷售和行銷團隊。是的，我們的 SafeCASE 和其他產品確實有第三方銷售代理。我們剛剛增加了一位新的業務發展副總裁 Jeong Song。他曾在 EaglePicher 和 Enovix 工作，負責協助開發新的電池客戶。

Josh Sung also just joined us as VP of AI and robotics. Josh started his career at Qualcomm, where he developed the CDMA footprint for Southeast Asian markets, and has a lot of experience in IoT as well as AI software. So -- and our whole team is about 10 people.

Josh Sung 也剛加入我們，擔任人工智慧和機器人副總裁。Josh 的職業生涯始於高通，在那裡他為東南亞市場開發了 CDMA 業務，並在物聯網和人工智慧軟體方面擁有豐富的經驗。所以——我們的整個團隊大約有 10 個人。

Okay. Another question for you then, Michael. What has the partnership or collaboration with the United States Postal Service produced?

好的。那麼，邁克爾，我要問你另一個問題。與美國郵政服務的合作或協作產生了什麼成果？

Yeah. We are working on final approval for a couple of very large size SafeCASE configurations. I believe it's over 3-kilowatt hours to have UPS permits. Once that's granted, then we have the power tools and EV customers where we're going to ship their recycled batteries on the UPS network.

是的。我們正在對幾個非常大的 SafeCASE 配置進行最終批准。我認為獲得 UPS 許可證需要超過 3 千瓦時。一旦獲得批准，我們就會有電動工具和電動車客戶，我們將透過 UPS 網路運送他們的回收電池。

All right. Very good. Let's change gears and talk to you again, Shawn, with another question. How much revenue in Q4 came from licensing deals?

好的。非常好。肖恩，讓我們換個話題，再跟你聊聊另一個問題。第四季有多少收入來自授權交易？

Sure. So in the fourth quarter 2024, KULR generated $1.7 million in revenue from licensing. And while we're on the topic for the full year 2024, we generated $2.7 million from licensing.

當然。因此，在 2024 年第四季度，KULR 透過授權獲得了 170 萬美元的收入。當我們討論 2024 年全年時，我們從許可證中獲得了 270 萬美元的收入。

All right, Shawn. Michael, here's another question. What new products or customers are pursuing? Is KULR pursuing to utilize its TRS to potentially gain new business?

好的，肖恩。邁克爾，這是另一個問題。正在追求什麼新產品或新客戶？KULR 是否正在尋求利用其 TRS 來潛在地獲得新業務？

Yeah. Well, TRS will be utilized across all of our products for the KULR ONE battery for space, for DoD, for the robotics, so it's across all of our new battery initiatives.

是的。嗯，TRS 將用於我們所有的產品，包括用於太空、國防部、機器人的 KULR ONE 電池，所以它適用於我們所有的新電池計劃。

Okay. Another question for you here, Michael. Can you provide an update on coolers current and future endeavors with private space stations, particularly with Axiom Station and Starlab. Given your partnerships with Axiom Space and Voyager Space, what growth opportunities do private space stations present for the company?

好的。邁克爾，這裡還有另一個問題要問你。您能否提供有關冷卻器目前和未來與私人太空站（特別是 Axiom Station 和 Starlab）合作的最新進展？鑑於您與 Axiom Space 和 Voyager Space 的合作，私人太空站為公司帶來了哪些成長機會？

Yeah. We can't comment on individual customer activities, but we feel very strongly the KULR ONE Space platform is gaining traction with private space companies, especially with the 20793 certification.

是的。我們無法對個別客戶的活動發表評論，但我們強烈感覺到 KULR ONE Space 平台正在受到私人太空公司的青睞，尤其是在獲得 20793 認證之後。

And in also, our off-the-shelf products, off the shelf, the customizable KULR ONE Space platforms, the 100-watt hour, 200, the 400-watt configurations. These are very competitive products for satellites and other private space missions.

此外，還有我們的現成產品、現成的可客製化的 KULR ONE Space 平台、100 瓦時、200 瓦、400 瓦的配置。對於衛星和其他私人太空任務來說，這些都是非常有競爭力的產品。

Okay. Shawn, let's talk to you. Here's another question. The January 25, 2024 lease amendment extended the San Diego facility lease at 4863 Shawline Street to November 30, 2025, known as the first renewal. What are KULR's plans for its California operations after the state? Does management anticipate extending this lease again?

好的。肖恩，我們來和你談談。這是另一個問題。2024 年 1 月 25 日的租約修正案將位於 Shawline 街 4863 號的聖地牙哥設施租約延長至 2025 年 11 月 30 日，即第一次續約。進入加州之後，KULR 對其業務有何計劃？管理層是否預計再次延長租約？

Thanks, Stuart. Sure. As you know, we have moved our official headquarters to our Texas -- Webster, Texas facility. Our California activity continues to be an important part of our company, whether we stay in this particular facility in California long term or identify a different facility for our California-based activities, is simply an optimized operating decision that we will make based on the long-term best interest of KULR, its customers and its shareholders. And once that decision is made, and it's appropriate to share it, we'll certainly share that with everyone.

謝謝，斯圖爾特。當然。如您所知，我們已將官方總部遷至德州韋伯斯特工廠。我們在加州的業務仍然是我們公司的重要組成部分，無論我們是長期留在加州的這個特定設施，還是為我們在加州的業務尋找不同的設施，都只是我們根據 KULR、其客戶和股東的長期最佳利益做出的優化營運決策。一旦做出決定，並且適合分享，我們一定會與大家分享。

All right. Very good. Michael, on March 2025 announcement, stated the KULR ONE space battery incorporating the Molicel M35A cells, except for completion this month, followed by NASA Safety board review. Can you share the key progress made in March towards this completion?

好的。非常好。麥可在 2025 年 3 月的公告中表示，KULR ONE 太空電池將採用 Molicel M35A 電池，但將於本月完成，隨後接受 NASA 安全委員會的審查。您能否分享一下三月為完成這項工作所取得的關鍵進展？

Yeah. We are going through the NASA JSC 20793 certification testing right now. I believe the customer will be ready for NASA mission in 2025.

是的。我們現在正在進行 NASA JSC 20793 認證測試。我相信客戶將為 2025 年的 NASA 任務做好準備。

Okay, Michael. The next question is for you. With Archer Aviation and Vertical Aerospace disclosing their use of the Molicel battery cells what opportunities exist for KULR to integrate its patented thermal runway Shield as a thermal management solution in their aircraft given coolers partnership with Molicel to enhance battery safety?

好的，麥可。下一個問題是問你的。隨著 Archer Aviation 和 Vertical Aerospace 揭露其使用 Molicel 電池單元，鑑於冷卻器與 Molicel 合作以提高電池安全性，KULR 有哪些機會將其專利的熱跑道防護罩作為熱管理解決方案整合到其飛機中？

Great question. Molicel is very well respected in the industry. So you see industry leaders like Archer and Vertical use them. We have a very close relationship with Moli. We have done FTRC and IZM testing on the M35A cells.

好問題。Molicel 在業界享有很高的聲譽。因此你會看到像 Archer 和 Vertical 這樣的行業領導者使用它們。我們與Moli的關係非常密切。我們已經對 M35A 電池進行了 FTRC 和 IZM 測試。

And also there are new power cells, such P50 and they have actually a new version, more powerful cell coming as well. So we've gained a lot of knowledge about that. And we're building our KULR ONE Air reference platform with Molicel for electric aviation and draw markets.

另外還有新的電池，例如 P50，而且它們實際上還有新版本，更強大的電池即將推出。因此我們對此有了更多的了解。我們正在與 Molicel 合作建置 KULR ONE Air 參考平台，面向電動航空和繪圖市場。

So TRS will be play an integral role for that, and we're looking forward to really leverage that relationship and grow business for both us and Moli.

因此，TRS 將在其中發揮不可或缺的作用，我們期待真正利用這種關係並發展我們和 Moli 的業務。

Okay. The next question is also for you, Michael. A September 2024 announcement stated that KULR completed its initial engagement with the US Army under the expanded $2.4 million battery contract focusing on silicone and node lithium-ion battery prototypes with plans for KULR ONE Guardian battery production in 2025. Can you provide an update on the progress of this project since Q3 2024, including any developments in testing, production time lines or expanded applications for the Army?

好的。下一個問題也是問你的，麥可。2024 年 9 月的公告稱，KULR 根據擴大後的 240 萬美元電池合約完成了與美國陸軍的初步合作，該合約重點關注矽膠和節點鋰離子電池原型，併計劃於 2025 年生產 KULR ONE Guardian 電池。您能否提供自 2024 年第三季以來該專案進展的最新情況，包括測試、生產時間表或陸軍擴展應用方面的任何進展？

Sure. We actually receive another development and testing order from the Army. We believe we're doing cell screening testing for them to show the value of cell screening for qualified cells to find defective cells before they are built into the battery pack. And so therefore, we can build the most reliable battery pack for the Army. We will go to production with them pilot production we've done in fall of 2025.

當然。我們實際上收到了陸軍的另一份開發和測試訂單。我們相信，我們正在為他們進行電池篩選測試，以展示合格電池的篩選價值，以便在將合格電池裝入電池組之前發現有缺陷的電池。因此，我們可以為陸軍製造最可靠的電池組。我們將與他們一起在 2025 年秋季開始進行試生產。

Okay. Here's the next question, Michael. After the Japanese deal regarding cathode applications. What are your involvement in nuclear energy? Is there any upcoming project about that?

好的。這是下一個問題，邁克爾。在日本達成有關陰極應用的協議後。您在核能領域都參與了哪些工作？有沒有關於此的即將開展的項目？

Yes. The nuclear energy is a long-term investment for our customers. it's going to take some time. I actually met with Charlie Oppenheimer, the grandson of Mr. Oppenheimer, which the movie was based on. We had dinner together and we talked about his new company, Oppenheimer Energy. I learned a lot about how long it takes and how much money it takes to build a nuclear power plant, and it's kind of mind boggling. So we're just getting started -- start engaging with these customers, but it's going to be a long, long time for some of them to get to through fruition.

是的。核能對我們的客戶來說是一項長期投資，這需要一些時間。我實際上見過查理·奧本海默，他是這部電影的原型奧本海默先生的孫子。我們一起吃了晚飯，談論了他的新公司奧本海默能源。我了解了很多關於建造一座核電廠需要多長時間和多少錢的知識，這真是令人難以置信。因此，我們才剛開始與這些客戶接觸，但對於其中一些客戶來說，要取得成果還需要很長很長的時間。

Understood. Michael, here's the next question. You announced the first sale of your M35A battery cells. Is there only one customer so far? Did that customer just make a onetime purchase -- or are there ongoing sales expected?

明白了。邁克爾，這是下一個問題。您宣布首次銷售 M35A 電池單元。到現在為止只有一位顧客嗎？該客戶是否只是進行了一次性購買——或者是否預計會有持續的銷售？

Yes. I think this question is about the M35A golden lot or what we call the golden lot cell that has on the NASA Work Construction 37. And then we have other customers for those cells as well as we're using those cells to build KULR ONE space batteries for customers that need to meet the JSC 20793 certification.

是的。我認為這個問題與 M35A 黃金地段有關，或與 NASA Work Construction 37 上的黃金地段單元有關。然後，我們還有其他客戶需要這些電池，我們正在使用這些電池為需要滿足 JSC 20793 認證的客戶製造 KULR ONE 太空電池。

Okay. Michael, what is the current status of your Guardian One contract with the Army?

好的。邁克爾，您與陸軍的《衛報一號》合約目前進展如何？

This is probably similar to the previous question. We're going through more testing, self-screening with the customer right now and targeting prototype production in fall of 2025.

這可能與上一個問題類似。我們目前正在與客戶進行更多測試和自我篩選，目標是在 2025 年秋季進行原型生產。

All right. And another topic here for you, Michael. Has your fan customers started selling fans?How far off might sales be that are larger than the minimum? Are there any other vibe customers since then?

好的。這裡還有另一個話題要跟你討論，麥可。你的粉絲客戶開始賣粉絲了嗎？大於最低限度的銷售額可能有多大？從那時起還有其他氛圍顧客嗎？

Yes. They have not gone into volume production yet. We're working on faster throughput on the balancing system to lower the cost. We're also developing acoustic energy elimination technology to combine that with vibration and lamination.

是的。它們尚未投入批量生產。我們正在努力提高平衡系統的吞吐量以降低成本。我們也正在開發聲能消除技術，將其與振動和層壓相結合。

It actually turns out that the acoustic energy is as important to eliminate this vibration energy in server environment. So we're working with the customer pretty hard on that. And then hopefully, later this year, we will be announcing those kind of products into the market.

事實證明，在伺服器環境中，聲能對於消除振動能量同樣重要。因此，我們正在與客戶進行非常艱苦的合作。希望今年稍後我們能夠向市場推出這類產品。

All right. Excellent. Thank you for that, Michael. Shawn, as you deplete your cash is this next question, will you sell Bitcoin to support the company's operations?

好的。出色的。謝謝你，麥可。肖恩，當你耗盡現金時，下一個問題是，你會出售比特幣來支持公司的營運嗎？

Thanks, Stuart. We believe our Bitcoin Holdings will account for meaningful shareholder value over the long term. We don't anticipate using our BTC holdings to meet normal course working capital funding and think we'll have available cash on hand to meet those needs.

謝謝，斯圖爾特。我們相信，從長遠來看，我們的比特幣控股將為股東帶來有意義的價值。我們不打算使用我們的 BTC 持有量來滿足正常的營運資金需求，並且認為我們手頭上有足夠的現金來滿足這些需求。

Shawn, the final question is for you. Here we go. Given the growing interest in cryptocurrency adoption, and electrification driven by policies such as the Bitcoin strategic reserve announced by President Trump, how does KULR Technology Group plan to leverage its thermal management and battery solutions to support Bitcoin mining and energy storage infrastructure in the United States.

肖恩，最後一個問題是問你的。開始了。鑑於人們對加密貨幣採用的興趣日益濃厚，以及川普總統宣布的比特幣戰略儲備等政策推動的電氣化，KULR 科技集團計劃如何利用其熱管理和電池解決方案來支持美國的比特幣挖礦和能源儲存基礎設施。

And what impact does the company expect this to have on the revenue and margins over the next 12 to 18 months?

公司預計這會對未來 12 到 18 個月的收入和利潤產生什麼影響？

Sure, good question. We think the announcement of the strategic Bitcoin reserve is a strong positive for Bitcoin and therefore, for KULR and shareholders. We're one of the largest corporate owners of Bitcoin. And we are always looking to leverage our knowledge, resources and asset base to explore potential sources of shareholder value.

當然，好問題。我們認為，宣布戰略性比特幣儲備對比特幣來說是一個巨大的利好，因此對 KULR 和股東來說也是如此。我們是比特幣最大的企業所有者之一。我們始終致力於利用我們的知識、資源和資產基礎來探索股東價值的潛在來源。

As you know, we've already signed a license for our KULR Xero Vibe cooling solutions. And as we continue to explore these opportunities, we'll look to execute on those that drive material revenue growth and positive margin contribution.

如您所知，我們已經為我們的 KULR Xero Vibe 冷卻解決方案簽署了許可。隨著我們繼續探索這些機會，我們將尋求執行那些推動材料收入成長和正利潤貢獻的機會。

All right. Thank you for that, Shawn. As mentioned, that was our final question, which concludes the question-and-answer portion of this call. I'd like to thank both of our guests, Shawn Canter, CFO of the company; as well as, of course, Michael Mo, the CEO of KULR Technology Group. But most of all, I know Michael and Shawn want to extend their deepest gratitude to all of you shareholders who have tuned in and those that have submitted their questions.

好的。謝謝你，肖恩。如同所提到的，這是我們的最後一個問題，結束了本次電話會議的問答部分。我要感謝我們的兩位嘉賓，公司財務長 Shawn Canter；當然還有 KULR 科技集團執行長 Michael Mo。但最重要的是，我知道麥可和肖恩想向所有收看節目和提交問題的股東表示最深切的感謝。

With that, that concludes our call, and I'll turn the call back over to our operator, Thomas.

我們的通話到此結束，我將把電話轉回給我們的接線生托馬斯。

Thank you. This does conclude today's conference call and webcast. You may disconnect at this time and have a wonderful day. Thank you for your participation.

謝謝。今天的電話會議和網路廣播到此結束。現在您可以斷開連接並享受美好的一天。感謝您的參與。