KULR Technology Group Inc (KULR) 2025 Q1 法說會逐字稿

Welcome everyone to the KULR Technology Group. First quarter 2025 earnings call. I'm your moderator for the call, Stuart Smith. Before we begin the call, please listen closely to the following Safe Harbor statement covering this entire call. 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 the information available to the company as of the date hereof. KULR Technology Group's actual results may differ materially from those stated or implied in such forward-looking statements due to risk and uncertainties associated with their business, which include the risk factors disclosed in their form 10k filed with the Securities Exchange Commission on April 12, 2024, as may be amended or supplemented by other reports. The company files with the Securities Exchange commission from time to time. Forward-looking statements include statements regarding the company's 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.

歡迎大家加入KULR科技群。2025 年第一季財報電話會議。我是本次電話會議的主持人，史都華‧史密斯 (Stuart Smith)。在我們開始通話之前，請仔細聽取涵蓋整通通話的以下安全港聲明。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。由於與其業務相關的風險和不確定性，KULR 科技集團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 日向證券交易委員會提交的 10k 表格中披露的風險因素，這些因素可能會透過其他報告進行修改或補充。該公司不時向證券交易委員會提交文件。前瞻性陳述包括有關公司對未來的期望、信念、意圖或策略的陳述，可以透過前瞻性詞語（例如預期、相信、可能、估計、期望、打算、也許、應該和會）或類似詞語來識別。

All forecasts are provided by management on this call are based on the information available at this time, and management expects that internal projections and expectations may change over time. In addition, the forecasts are entirely based on management's best estimates 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 in this call, whether as a result of new information, future events, or otherwise.

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。此外，這些預測完全基於管理層對其未來財務表現的最佳估計。他們目前的合約、當前積壓的機會以及與新舊客戶關於其產品和服務的對話。KULR 技術集團不承擔更新此通話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。

Now, the call will begin with opening statements from CEO Michael Mo; followed by the Chief Financial Officer Shawn Canter. After that, we will conduct a Q&A session made up of the questions emailed in and delivered to the company via social media. But with that, let me turn the call over now to Chief Executive Officer Michael Mo. Michael, the call is yours.

現在，電話會議將以執行長 Michael Mo 的開場發言開始；隨後是財務長 Shawn Canter 的發言。之後，我們將針對透過電子郵件發送並透過社群媒體傳遞給公司的問題進行問答環節。不過，現在請容許我將電話轉給執行長 Michael Mo。邁克爾，你來決定。

Thank you, sir.

謝謝您，先生。

This is Michael.

這是邁克爾。

Thank you everyone for joining us today.

感謝大家今天的參與。

2025 is a transformational year for quarter, and the transformation is well on its way. With over $100 million in cash and Bitcoin holdings on our balance sheet and virtually no debt. We're well capitalized to grow our battery and AI robotics businesses while our capital market activities in the foreseeable future are geared to turbocharge or Bitcoin acquisition strategy. Establishing KULR is a pioneer BTC first Bitcoin treasury company.

2025年是季度轉型之年，轉型正在順利進行中。我們的資產負債表上有超過 1 億美元的現金和比特幣持有量，幾乎沒有債務。我們擁有充足的資金來發展我們的電池和人工智慧機器人業務，而我們在可預見的未來的資本市場活動將致力於增強或比特幣收購策略。創立KULR是BTC首家比特幣資金管理公司的先驅。

What is a BTC first company?

什麼是 BTC 第一公司？

A Bitcoin first company treats Bitcoin not as a side asset or payment option, but as a core pillar of its identity, strategy, and mission. Our journey of transformation is riding the wave of the greatest digital transformation in the human history, intelligence, capital, and energy. Digital transformation of intelligence is AI, digital transformation of capital, and energy is Bitcoin.

比特幣優先公司不會將比特幣視為附加資產或支付選項，而是將其視為其身分、策略和使命的核心支柱。我們的轉型之路，正乘著人類史上最偉大的數位轉型浪潮，匯集了智力、資本、能源等各方面的力量。智慧化轉型就是AI，資本、能源的數位轉型就是比特幣。

What are Michael Saler's 21 rules of Bitcoin is the need to know.

需要了解的是邁克爾·塞勒 (Michael Saler) 的比特幣 21 條規則是什麼。

In 2024, we were a struggling battery company that needs to know how to survive.

2024 年，我們是一家苦苦掙扎的電池公司，需要知道如何生存。

We were definitely in the need-to-know crowd.

我們絕對是需要了解狀況的人群。

On December 2, 2024, we did a survey on X, asking if Coder should adopt a Bitcoin treasury strategy.

2024 年 12 月 2 日，我們在 X 上進行了一項調查，詢問 Coder 是否應該採用比特幣財務策略。

The survey received over 100,000 views in over 1,500 votes, with 2/3 voting yes.

該調查獲得了超過 10 萬次瀏覽，超過 1,500 人投票，其中三分之二的人投了贊成票。

We announced our first purchase of BTC on December 26th for $21 million.

我們在 12 月 26 日宣布首次購買 BTC，購買價格為 2,100 萬美元。

Since then, we have massed over 716 Bitcoins in our treasury.

自那時起，我們的金庫中已累積了超過 716 個比特幣。

We're now #30 in the world's top public companies holding Bitcoin according to Holo 15 Capital.

根據 Holo 15 Capital 的數據，我們目前是全球持有比特幣的頂級上市公司中排名第 30 位。

BTC acquisition is like buying a digital monopoly business at one-time revenue and growing 60% a year.

BTC收購就像是購買一次性收入、年增率達60%的數位壟斷企業。

Would you do it? The answer is, of course you would.

你會這麼做嗎？答案是，當然會。

Our new capital market activities are to turbocharge our Bitcoin treasury strategy for maximum BTC holding by acquiring this digital monopoly business.

我們的新資本市場活動是透過收購這家數位壟斷企業來增強我們的比特幣財務策略，以實現比特幣持有量的最大化。

We're getting ever more entrenched into the Bitcoin and blockchain ecosystems.

我們越來越深入比特幣和區塊鏈生態系統。

We're entering into strategic BTC mining opportunities because we expect BTC pricing to be higher in the future.

我們正在進入策略性 BTC 挖礦機會，因為我們預計未來 BTC 價格會更高。

We expect our share prices to appreciate with our BTC Treasury strategy and our growing businesses. Our mining arrangement is another way to accumulate BTC at favourable cost bases with less diluted capital market activities into the future. We expect to increase our PTC yield and returns. We have launched a blockchain secured supply chain initiative to safeguard product data to our customers. One of the initial products that will be recorded on the blockchain will include lithium-ion batteries, screened to meet the NASA or instruction 37A testing methods.

我們預計，隨著我們的 BTC 財政策略和業務的成長，我們的股價將會升值。我們的挖礦安排是另一種以有利的成本基礎累積 BTC 的方式，且未來資本市場活動的稀釋程度較低。我們期望提高 PTC 收益和回報。我們推出了區塊鏈安全供應鏈計劃，以保護客戶的產品資料。將在區塊鏈上記錄的初始產品之一將包括鋰離子電池，該電池經過篩選以滿足 NASA 或指令 37A 的測試方法。

Each battery the KULR manufactures will have its metadata minted on an NFT on the blockchain. When the battery is purchased, the NFT can be transferred to the customer's on-chain wallet or moved to a burned wallet maintained by KULR to indicate ownership has been transferred. As we've been investing in a KULR one battery platform. We're now reaping the benefits of that investment. KULR is entering a pivotal phase in battery innovation, marked by accelerated development cycles, increased production scale, enhanced capacity, and growing technical validation across key sectors.

KULR 生產的每顆電池的元資料都會被鑄造在區塊鏈上的 NFT 上。購買電池時，NFT 可以轉移到客戶的鏈上錢包，或轉移到由 KULR 維護的燒毀錢包，以表示所有權已轉移。因為我們一直在投資 KULR 單電池平台。我們現在正在收穫這項投資的回報。KULR 正進入電池創新的關鍵階段，其特點是開發週期加快、生產規模擴大、產能增強以及關鍵領域的技術驗證不斷增加。

As part of our strategic growth plan, we have expanded our facility footprint to approximately 31,000 square feet, which doubled our battery production capacity. By integrating advanced manufacturing technologies with the in-house battery design expertise, we have compressed development timelines from years to as little as 6 weeks.

作為我們策略性成長計畫的一部分，我們已將工廠佔地面積擴大至約 31,000 平方英尺，這使我們的電池生產能力翻了一番。透過將先進的製造技術與內部電池設計專業知識相結合，我們將開發時間從數年壓縮到短短 6 週。

A prime example of this capability is the successful delivery of our custom certified quarter 1 space X500 battery to a storage for their asteroid mining missions. This achievement highlights the readiness of our production team and the maturity of the KULR One space platform to deliver mission critical solutions on an accelerated schedule.

這種能力的一個主要例子是成功將我們客製化認證的四分之一空間 X500 電池運送到小行星採礦任務的倉庫。這項成就凸顯了我們生產團隊的準備程度以及 KULR One 太空平台在加速交付關鍵任務解決方案方面的成熟度。

Our ability to respond rapidly to new customer requirements also support a capital efficient business model for us to serve many new markets. Our design, testing, prototyping services are cost-effective to our customers while we maintain full ownership of the all-s resulted intellectual property, ensuring long-term value creation for the company.

我們快速回應新客戶需求的能力也支持我們採用資本高效的商業模式來服務許多新市場。我們的設計、測試和原型製作服務對客戶而言具有成本效益，同時我們對所有由此產生的智慧財產權擁有完全的所有權，確保為公司創造長期價值。

Further validating or technical leadership.

進一步驗證或技術領導力。

KULR was recently selected by the Texas Space Commission to receive a $6.7 million grant aimed to advance next generation space battery systems.

KULR 最近被德州航太委員會選中，獲得一筆 670 萬美元的資助，旨在推進下一代太空電池系統的發展。

This initiative supports the development of a rocketized battery technologies capable of operating in extreme environments, including temperatures as low as 60 °C. The commission's strategic vision is to establish Texas as a global hub for space innovation and a key component of that vision is ensuring a secure in-state supply chain for space-rated energy systems.

該計劃支持開發能夠在極端環境下運行的火箭電池技術，包括低至60°C的低溫。該委員會的戰略願景是將德州打造為全球太空創新中心，而這個願景的關鍵要素之一是確保州內太空能源系統供應鏈的安全。

KULR's deep expertise combined with this grant and our expanded infrastructure in Webster, Texas, will play a critical role in fulfilling that objective without proven technical capabilities, scalable operations, and strong financial foundation could is well positioned as the premier source of fast turnaround space and defence grade battery systems delivered at cost-effective price points.

KULR 的深厚專業知識、這項撥款以及我們在德克薩斯州韋伯斯特擴大的基礎設施相結合，將在實現這一目標方面發揮關鍵作用，而無需經過驗證的技術能力、可擴展的運營和強大的財務基礎，就能夠成為快速週轉空間和國防級電池系統的主要來源，並且價格具有成本效益。

Physical AI and robotics will be a multi-trillion-dollar market according to many industry giants. The global market for wearable robotics is projected to hit $42 billion by 2033 and we see huge potential across industries that have labour shortages and high physical demands.

許多產業巨頭認為，實體人工智慧和機器人技術將成為一個數兆美元的市場。預計到 2033 年，全球穿戴式機器人市場規模將達到 420 億美元，我們看到勞動力短缺和體力需求高的產業存在巨大潛力。

We believe that exoskeletons present one of the most immediate times to market and revenue opportunities to get into the robotics and physical AI markets.

我們相信，外骨骼是進入機器人和實體人工智慧市場的最直接的上市時機和創收機會之一。

The Apogee is the world's most powerful exoskeleton designed to support and protect workers engaged in heavy and repetitive bending and lifting during the course of the workday.

Apogee 是世界上最強大的外骨骼，旨在為工作日中從事繁重和重複彎曲和舉重工作的工人提供支撐和保護。

The suit has on-board sensors connected to the cloud via an integrated cellular modem so that health and safety supervisors can use safety and ergonomic data through our enterprise grade, dashboard, and analytics.

此套裝配備機載感測器，透過整合式蜂巢式調變解調器連接到雲端，以便健康和安全主管可以透過我們的企業級、儀表板和分析使用安全和人體工學數據。

The number one MSD is lower back pain, and the Apogee was expressly designed to address this huge problem in the workplace.

首位的 MSD 是下背部疼痛，而 Apogee 就是專門為解決工作場所的這個大問題而設計的。

Right now, there are 2 business models that German Bionics is selling into the European market.

目前，德國Bionics公司正在向歐洲市場銷售兩種商業模式。

One is to sell the product for a little less than €20,000 or customers can lease the product for about €20 a day.

一種是以略低於 20,000 歐元的價格出售該產品，或者客戶可以以每天約 20 歐元的價格租賃該產品。

I think the customer engagements are about fifty-fifty between product sales and the leasing model. As the exclusive technology and distribution partner for the North American markets, we see this business model to be applicable to the US market. We have a product sales and leasing model at aggressive price points.

我認為產品銷售和租賃模式的客戶參與度大約是各佔一半。作為北美市場的獨家技術和分銷合作夥伴，我們認為這種商業模式適用於美國市場。我們擁有價格極具競爭力的產品銷售和租賃模式。

In the US there are approximately 12 million workers in the manufacturing sector. 8 million in the construction sector, the 1.8 million employees in the warehouse and storage sector. But we're facing significant labour shortages across these industries.

在美國，製造業約有 1,200 萬名工人，建築業約有 800 萬名員工，倉庫和倉儲業約有 180 萬名員工。但這些產業都面臨嚴重的勞動力短缺問題。

Every day, these millions of workers across America engage in tough manual labour that include heavy and repetitive lifting as they unload containers, breakdown pallets, take orders, and rebuild pallets for distribution. The Apogee with its powerful motors and then sensors seamlessly support this work by preventing assistance in lifting, lowering, and walking.

每天，全美各地數百萬的工人都從事著艱苦的體力勞動，包括卸載貨櫃、拆卸貨盤、接受訂單以及重建貨盤以供分發等繁重而重複的搬運工作。Apogee 配備強大的馬達和感測器，無需輔助舉起、放下和行走，即可無縫支援這項工作。

Workers wearing the suit will experience less fatigue, fewer injuries, and will be more productive. For the healthcare sector, we have over 2 million nurses and nursing assistants in the US.

穿上該防護服的工人將不會感到疲勞，不會受傷，而且工作效率更高。在醫療保健領域，美國有超過 200 萬名護理師和護理助理。

Home health and personal care aids is about another 4 million workers.

家庭保健和個人護理輔助人員約有 400 萬名。

The Apogee suit being used in German hospitals has demonstrated that they can dramatically reduce the lower back strain of the nurses when they're helping patients to move around. I'll give you a fun fact.

德國醫院使用的 Apogee 防護服已證明，它們可以顯著減少護理人員在幫助病人走動時下背部的壓力。我來告訴你一個有趣的事實。

The latest generation of the suit was developed in partnership with some of the most prestigious hospitals in Germany. One of the advancements requested by the nurses was to have handles built into the suit for patients to hold on to without a suit Patients have been usually holding on to the nurse's neck, which can be awkward and not as effective.

最新一代的防護服是與德國一些最負盛名的醫院合作開發的。護理人員要求的改進之一是在防護服中內置把手，以便患者在不穿防護服的情況下也能抓住把手。患者通常抓住護士的脖子，這樣既不方便，又不太有效。

Frequently, patients are reluctant to ask for help because they don't want to bother the nurse.

很多時候，病人不願意尋求協助，因為他們不想打擾護士。

With the Apogee suit, patients are more proactive to ask for help. They get up and move around, go outside, and therefore recover better. For the nurses, helping patients become much easier. It's a win-win solution.

穿上 Apogee 防護衣後，患者會更主動尋求協助。他們起身走動，到戶外走走，因此恢復得更好。對護士來說，幫助病人變得容易多了。這是一個雙贏的解決方案。

These suits have sophisticated machine to human interface with sensors throughout the suit that can collect data on how workers use them and how to suit impact performance and well-being. We're just scratching the surface on how to apply AI to all these data points. I can give you a few examples. Based on how the user moves and lifts things and how much weight they have lifted for the day, AI can provide recommendations on when the person may be close to fatigue and need to take a break.

這些防護服具有精密的機器與人機介面，整個防護服中都有感測器，可以收集工人如何使用它們以及如何影響績效和健康的數據。我們只是觸及瞭如何將人工智慧應用於所有這些數據點的表面。我可以舉幾個例子給你聽。根據使用者移動和舉起物品的方式以及他們一天舉起的重量，人工智慧可以就使用者何時可能接近疲勞並需要休息提供建議。

It can also provide recommendations on stretch and cool down exercises for faster recovery and providing and to prevent injuries. Just remember, these suits reduce the stress but do not eliminate them completely. So, we still need to take care of the workers. The more the device is used, and the smarter, the more adaptive it becomes. One of our customers in the paper cutting business have a couple of these suits in operation.

它還可以提供有關伸展和冷卻練習的建議，以便更快地恢復並防止受傷。請記住，這些套裝可以減輕壓力，但不能完全消除壓力。所以，我們還是需要照顧工人。該設備使用得越多，就越智能，適應性就越強。我們的一位從事剪紙業務的客戶就擁有幾套這樣的套裝。

It shows that over 10,000 pounds of weight was compensated during a two-hour work session for its workers. That's equivalent to an average elephant in just 2 hours of work. That's four elephants a day and 20 elephants a week.

數據顯示，工人在兩個小時的工作時間內承受了超過 10,000 磅的重量。這相當於一頭​​普通大像只需工作2小時。這意味著每天有四頭大象，每週有二十頭大象。

We're at the cross section of the future of AI, capital, and energy.

我們正處於人工智慧、資本和能源未來的交叉點。

We believe Bitcoin is not just a treasury plan, it's a strategic and deliberate design choice on which we're anchoring our organization. BTC's properties, limited supply, decentralized control, ethical protocols, transparent governance, unprecedented growth and scale, may the principles KULR is building around resilience, independence, transparency, and boldness.

我們相信比特幣不僅僅是一個財務計劃，它還是我們組織架構中一個策略性和深思熟慮的設計選擇。BTC 的屬性、有限的供應、去中心化的控制、道德協議、透明的治理、前所未有的成長和規模，可能是 KULR 圍繞彈性、獨立性、透明度和大膽性構建的原則。

It's not about hype; it's about building an architecture that can last 100 years.

這不是炒作，而是要建造一座可以持續 100 年的建築。

So, rather than watching from the sideline, we're diving in, fully committed to the mission with clarity, long-term conviction, and the courage to explore alternative systems. We're building a foundation that's fuelled by digital energy and that prepares us for the future that will be increasing volatile, distributed, and dynamic. I get asked a lot about how we stomach the volatility in Bitcoin.

因此，我們不會袖手旁觀，而是全心投入這項使命中，以清晰的思路、長期的信念和探索替代系統的勇氣。我們正在建立一個由數位能源驅動的基礎，為我們日益動盪、分散和動態的未來做好準備。常常有人問我，我們如何應對比特幣的波動。

Michael Saylor said the best. Volatility is vitality.

邁克爾·塞勒 (Michael Saylor) 的說法最好。波動就是活力。

In the age of AI where things are changing at blistering rates overnight. Some may call it the deep sleep moments. We better get used to the volatility and avoid our own DeepSeek moment.

在人工智慧時代，事物在一夜之間發生著驚人的變化。有些人可能稱之為深度睡眠時刻。我們最好習慣這種波動，避免我們自己的 DeepSeek 時刻。

We fully understand and appreciate the unique position KULR's at in this exciting time in history.

我們充分理解並欣賞 KULR 在這個令人興奮的歷史時刻所處的獨特地位。

Peter Thiel said, courage is a much shorter supply than genius. It takes courage to be different and take on the challenges of this new world.

彼得泰爾 (Peter Thiel) 說過，勇氣比天才更稀缺。我們需要勇氣來與眾不同並接受這個新世界的挑戰。

We appreciate you, our shareholders to be on this journey with us as we navigate our way through this highly dynamic, volatile, chaotic, and disruptive future.

我們感謝你們，我們的股東，與我們一起踏上這段旅程，共同探索這個高度動態、動盪、混亂和顛覆的未來。

Next, Shawn Canter will go over financial and operational highlights.

接下來，肖恩·坎特 (Shawn Canter) 將介紹財務和營運亮點。

Sean.

肖恩。

Thanks, Mike. Let's cover some key highlights now for the first quarter of 2025.

謝謝，麥克。現在讓我們來介紹一下 2025 年第一季的一些主要亮點。

Revenue was up 40% from the same quarter last year to $2.4 million.

營收較去年同期成長 40%，達到 240 萬美元。

Trailing 12 months revenue ended Q1 2025 is the highest trailing 12-month revenue KULR has ever generated and the third straight quarter of increasing that record.

截至 2025 年第一季的過去 12 個月收入是 KULR 有史以來最高的過去 12 個月收入，也是連續第三個季度創下這一紀錄。

For the first quarter of 2025 versus the first quarter of 2024, product revenue was up 89%, Service revenue was down 8%, and we recognized our first Bitcoin mining revenue of $250,000.

2025 年第一季與 2024 年第一季相比，產品收入成長了 89%，服務收入下降了 8%，我們實現了第一筆比特幣挖礦收入 25 萬美元。

For the first quarter of 2025 compared to the first quarter of 2024, overall revenue per customer was up approximately 64%, product revenue per customer was up 195%, and service revenue per customer was up 7%. Gross margin for the first quarter of 8% was down primarily due to unanticipated labour hours needed to complete technical projects.

2025 年第一季與 2024 年第一季相比，每位客戶的總收入成長了約 64%，每位客戶的產品收入成長了 195%，每位客戶的服務收入成長了 7%。第一季毛利率下降 8%，主要原因是完成技術專案需要意外的工時。

For the same period, year over year, operating expenses were up due to, among other things, increases in marketing, insurance, non-cash stock-based compensation, and a one-time non-cash adjustment in the carrying value of an asset. A few points on our balance sheet now. At the end of the first quarter, our cash balance was $24 million. Our current accounts receivable was $2.9 million, and we held $55 million worth of Bitcoin. Our total assets were $94 million. Additionally, we had no material financial debts. We ended the first quarter of 2025 with 670 Bitcoin, worth over $55 million as I mentioned above, and as an update.

在同一時期，與去年同期相比，營運費用有所增加，原因包括行銷、保險、非現金股票薪酬增加以及資產帳面價值的一次性非現金調整等。現在我們的資產負債表上有幾點。第一季末，我們的現金餘額為 2,400 萬美元。我們的目前應收帳款為 290 萬美元，我們持有價值 5,500 萬美元的比特幣。我們的總資產為 9,400 萬美元。此外，我們沒有重大財務債務。正如我上面提到的，截至 2025 年第一季度，我們擁有 670 個比特幣，價值超過 5500 萬美元，並且還有更新。

As of May 10th, when I started to prepare these remarks, KULR holds 716 bitcoins valued at about $74 million.

截至 5 月 10 日我開始準備這些言論時，KULR 持有 716 個比特幣，價值約 7,400 萬美元。

As a reminder, you'll see an approximately $9.7 million-dollar non-operating non-cash expense on the quarter's income statement.

提醒一下，您會在本季的損益表中看到約 970 萬美元的非營業非現金支出。

This is simply a mark to market of our Bitcoin holdings as compared to 2023-2024. This does not represent a realized loss. It does not represent that we sold any bitcoin. In fact, we did not sell any bitcoin.

這只是我們比特幣持有量與 2023-2024 年相比的市價對比。這並不代表已實現的損失。這並不代表我們出售了任何比特幣。事實上，我們沒有出售任何比特幣。

With the price of BTC over $103,000 as I write this.

當我寫這篇文章時，BTC 的價格已經超過 103,000 美元。

This unrealized loss would be reversed if marked to market.

若以市價計價，這筆未實現損失將會被沖銷。

Two remaining notes. The first, regarding our recently announced strategic relationship with German bionic and their amazing exoskeleton suit. Yes, just like an Iron Man suit.

剩下兩張紙條。第一個是關於我們最近宣布的與德國仿生公司及其令人驚嘆的外骨骼套裝的戰略關係。是的，就像鋼鐵人的套裝一樣。

This is a large addressable market. According to Sky Quest Research, the exoskeleton market is about $2.5 billion and projected to be about $24 billion in 2031.

這是一個巨大的潛在市場。據 Sky Quest Research 稱，外骨骼市場規模約為 25 億美元，預計到 2031 年將達到約 240 億美元。

Due to the reshoring of manufacturing in America, this market is only likely to grow.

由於製造業回流美國，這個市場只會持續成長。

Again, according to emerging strategy, at the end of 2023, there were 601 unfilled manufacturing positions in the United States.

同樣，根據新興策略，截至 2023 年底，美國有 601 個製造業職缺。

According to Forbes and Manufacturing today, by 2030, the United States manufacturing sector may face a shortfall of up to 2.1 million workers, costing as much as $1 trillion. With our debt free and strong balance sheet, we can now play offense when special opportunities arise. Through a mutual connection, we were introduced to the GB team. We were impressed with the team, the product, and their deep willingness to learn and understand how the human user relates to the mechanical suit and vice versa.

根據《富比士》和《今日製造業》報道，到2030年，美國製造業可能面臨高達210萬名工人的短缺，損失高達1兆美元。憑藉無債務和強勁的資產負債表，當特殊機會出現時，我們現在可以採取進攻行動。透過相互介紹，我們被介紹給了 GB 團隊。我們對這個團隊、這個產品以及他們學習和理解人類使用者與機械服之間關係的強烈意願印象深刻。

By combining the experienced, well trained human user with the power and safety features of a robotic assist, we are pushing more resources to the point and moment of work so that the user can be more productive and safer without having to compromise one or the other. This decentralization theme pushing resources to their most local use can be seen across our platform.

透過將經驗豐富、訓練有素的人類用戶與機器人助手的強大功能和安全特性相結合，我們將更多的資源投入到工作點和工作時刻，以便用戶能夠更有效率、更安全，而不必在其中一個方面做出妥協。在我們的平台上可以看到這種將資源推向最本地化用途的去中心化主題。

We are direct and clear in our belief in the long-term value of Bitcoin and our long-term plans to be acquires and holders of BTC. We are a leader in the delivery of safe, responsible power across multiple environments and applications via our battery business.

我們直接且明確地相信比特幣的長期價值，並有成為 BTC 收購者和持有者的長期計劃。我們透過電池業務在多種環境和應用領域提供安全、負責任的電力，在業界處於領先地位。

Now, via our German bionic relationship, we are empowering and protecting the individual in each moment of work by combining his or her human capability and energy with AI enabled mechanical energy.

現在，透過我們的德國仿生關係，我們將個人的能力和能量與人工智慧驅動的機械能結合，在每個工作時刻為個人提供力量和保護。

If you work in logistics, manufacturing, transportation and baggage handling, construction, warehousing and fulfilment, food and beverage logistics, or healthcare, let's get you in a suit, turn on ultra mode, and show you what we can do for you and your team.

如果您從事物流、製造、運輸和行李處理、建築、倉儲和配送、食品和飲料物流或醫療保健行業，我們將為您穿上西裝，開啟超級模式，向您展示我們能為您和您的團隊做些什麼。

Now one last point.

現在再說最後一點。

A question had previously been asked about our San Diego facility.

之前有人問過有關我們聖地牙哥工廠的問題。

As we said at the time, once a decision has been made and it was appropriate to share, we would. Well, that time has come.

正如我們當時所說的那樣，一旦做出決定並且適合分享，我們就會分享。嗯，現在是時候了。

We will not be extending our San Diego lease when it expires in November.

我們的聖地牙哥租約將於十一月到期，屆時我們將不再續約。

We will be consolidating the activity that is in our in our San Diego facility into our Webster, Texas facility.

我們將把聖地牙哥工廠的活動整合到德州韋伯斯特工廠。

Back to you, Stuart.

回到你身邊，史都華。

All right, thank you for that. Now, let's move on to the question-and-answer portion of our conference call today. So, Michael, here is the first question. Is KULR still pursuing a deal with UPS for Safe case?

好的，謝謝你。現在，讓我們進入今天電話會議的問答部分。那麼，邁克爾，這是第一個問題。KULR 是否仍在尋求與 UPS 就 Safe 案件達成協議？

Oh yes, we continue to pursue a deal with UPS on safe case, on these large size batteries. Yes.

哦，是的，我們繼續與 UPS 就這些大尺寸電池的安全問題達成協議。是的。

All right, very good.

好的，非常好。

Next question, Michael, does KULR still have a licensing deal with Amprius?

下一個問題，邁克爾，KULR 是否仍與 Amprius 有授權協議？

Well, we have a technology design partnership with Amprius. They are working on some very exciting, high energy and high-power batteries. So, it's a great partnership to work with them and, go to market together with our joint markets. We, together, we're focused on space, DOD, drones, robotics, and industrial applications. So super exciting stuff there.

嗯，我們與 Amprius 建立了技術設計合作關係。他們正在研究一些非常令人興奮的高能量、高功率電池。因此，與他們合作並共同進入市場是一次很好的合作。我們共同專注於太空、國防部、無人機、機器人和工業應用。那裡有非常令人興奮的東西。

All right, great. The next question is about SpaceX, and it says, is KULR paying SpaceX to take their tech into space in 2026? Or is SpaceX interested in what KULR has to offer?

好的，太好了。下一個問題是關於 SpaceX 的，它說，KULR 是否會向 SpaceX 付費，讓其在 2026 年將其技術送入太空？或者 SpaceX 對 KULR 提供的產品感興趣？

Yes. We are paying SpaceX to take our QA and our battery into space. This will happen actually in 2027, together with our ultra-low temperature battery program, which I mentioned earlier in my, prepared remarks about the Texas Space commission program for the low temperature. So, all these things are coming together on the SpaceX platform.

是的。我們付錢給 SpaceX，讓他們把我們的 QA 和電池送入太空。這實際上將在 2027 年實現，與我們的超低溫電池計劃同時實現，我之前在關於德克薩斯航天委員會低溫​​計劃的準備好的發言中提到過。所以，所有這些東西都匯集在 SpaceX 平台上。

All right, very good. Which of the partnerships or collaborations that have been reported this year, do you think will be the most profitable in the short term?

好的，非常好。您認為今年已通報的哪些合作關係或協作在短期內會帶來最大的利潤？

Yes, so it's a hard one to say which one, but I am equally excited about a KULR One space development, as well as our new AI robotics ass got opportunity and then I think that both of them have a really good promise.

是的，所以很難說是哪一個，但我對 KULR One 空間開發以及我們的新 AI 機器人獲得的機會同樣感到興奮，然後我認為它們都非常有前景。

Very good. I think this next question needs a little context for some of our brand-new investors. It's the question is what is the California facility used for now? Those that may not know the main operations of the company have moved very close to NASA here in the great state of Texas in the town of Webster. So, Michael, the question is specifically though, what is the California facility used for now?

非常好。我認為下一個問題需要對我們的一些新投資者進行一些背景介紹。問題是加州的設施現在用來做什麼？那些可能不知道該公司主要業務的人已經搬到了德克薩斯州韋伯斯特鎮，離美國宇航局很近的地方。那麼，邁克爾，問題具體是，加州的設施現在用於什麼？

Right. Well, thanks for giving that context, store to, some of the new, shareholders and listeners. We are in the process of transitioning all of our California activity, including currently the thermal products, the battery cell screening products, as well as some other business activities, to our Webster, Texas facility, and that's all going to happen between now and end of the year.

正確的。好吧，感謝您向一些新股東和聽眾提供這些資訊。我們正在將我們在加州的所有業務活動（包括目前的熱產品、電池篩選產品以及一些其他業務活動）轉移到我們位於德克薩斯州韋伯斯特的工廠，這一切都將在現在到年底之間完成。

Okay. All right, next question. What do you say to investors who have been waiting on sales agreements and contracts now that we're in the month of May in the, here's a quote, new production ready facility that was talked about so much last year.

好的。好的，下一個問題。現在已經是五月了，對於一直在等待銷售協議和合約的投資者，您想說些什麼呢？這裡引用去年人們熱議的新建生產就緒設施。

Yeah. That's a great question. As I talked about in the prepared remarks, we have been expanding our facility in Webster, Texas now to 31,000 square feet. And it's getting it production ready to serve more customers, faster.

是的。這是一個很好的問題。正如我在準備好的演講中提到的那樣，我們已經將位於德克薩斯州韋伯斯特的工廠擴建至 31,000 平方英尺。並且它正在做好生產準備，以便更快地為更多客戶提供服務。

Like, the example that I gave, which is Astro Forge, that we went from design to deliver the product in 6 weeks, not in 6 months or 6 years. So, we expect more of these customer engagements and get them through the pipeline into production faster in higher cadence.

就像我給的例子，A​​stro Forge，我們從設計到交付產品只花了 6 週時間，而不是 6 個月或 6 年。因此，我們期望有更多的客戶參與，並讓他們以更高的節奏更快地進入生產流程。

Very good. This next question is about our last earnings call, and Michael, it says this. Last earnings call, Michael claimed that they expect revenue to at least double by the end of 2025. Did this quarter give you confidence in that regard?

非常好。下一個問題是關於我們上次財報電話會議的，邁克爾，上面說了這些。在上次財報電話會議上，麥可聲稱，他們預計到 2025 年底收入將至少翻倍。本季是否讓您對此充滿信心？

Yes, we still expect this to happen in 2025.

是的，我們仍然預計這將在 2025 年發生。

Okay, next question. What are KULR's vision and plan for tapping into providing batteries for the EV industry where battery life and safety has to be a big concern?

好的，下一個問題。KULR 對於電動車產業提供電池有何願景和計劃？在電動車產業中，電池壽命和安全性是主要關注點。

And it also goes on to say Tesla had issues with battery fires that have affected their business. Boy, it's not just Tesla, Michael, battery fires, as we all know, are a big problem. That's the question though Michael

並且也表示，特斯拉的電池起火問題已經影響了他們的業務。天哪，邁克爾，這不僅僅是特斯拉的問題，眾所周知，電池起火是一個大問題。但這就是問題所在，邁克爾

Yeah, well, we have provided a lot of, battery testing services for large automotive OEMs throughout the years. But the EV battery business in itself is a, we believe it's a very challenging one. It has razor thin margins.

是的，多年來我們已經為許多大型汽車原始設備製造商提供了大量電池測試服務。但我們認為，電動車電池業務本身是一個非常具有挑戰性的業務。它的邊緣非常薄。

Sometimes, I think from operating basis, it's very hard to make money.

有時候，我認為從營運角度來說，賺錢非常困難。

So, you can see in the marketplace, it's very tough. So, we have intentionally stayed away from, EV batteries as a provider, but we have, done a lot of testing for, I think pretty much all the EV vendors in the industry.

所以，你可以看到，市場情況非常嚴峻。因此，作為供應商，我們有意遠離電動車電池，但我們已經為業內幾乎所有電動車供應商進行了大量測試。

Very good. Here's our final question for the call today. Does KULR have plans for other battery needs besides the current battery solutions for current customers, an example would be portable generators that don't use gas or propane, small portable battery packs for consumer electronics and mobile phones, etc.

非常好。這是我們今天電話會議的最後一個問題。除了為現有客戶提供的現有電池解決方案之外，KULR 是否有針對其他電池需求的計劃，例如不使用天然氣或丙烷的便攜式發電機、用於消費性電子產品和手機的小型便攜式電池組等。

Right. We are focused on, our KULR One platform for space, DOD robotics, and other, industrial applications at this time. So, the question seems like, seems to be pointing towards more consumer-oriented products, which, is not the focus for quota at this moment.

正確的。目前，我們專注於用於太空、國防部機器人和其他工業應用的 KULR One 平台。因此，問題似乎指向更多面向消費者的產品，而這並不是目前配額的重點。

All right, very good. Well, once again, that is our Q&A portion of the call today, which also is our final portion of the call today. I would like to thank both the guests from KULR Technology Group, the CEO Michael Moe, as well as the CFO Shawn Canter.

好的，非常好。好吧，再說一次，這是我們今天電話會議的問答部分，也是我們今天電話會議的最後部分。我要感謝來自 KULR 科技集團的嘉賓，執行長 Michael Moe 和財務長 Shawn Canter。