KULR Technology Group Inc (KULR) 2025 Q3 法說會逐字稿

Thank you, everyone, for joining us here today for the KULR Technology Group third-quarter 2025 earnings call. I will be your host and moderator, Stuart Smith.

感謝各位今天蒞臨參加 KULR Technology Group 2025 年第三季財報電話會議。我是主持人兼司儀，史都華史密斯。

In just a moment, I will be joined by the Chief Executive Officer of the company, Michael Mo, as well as the Chief Financial Officer for the company, Shawn Canter. After we are given their opening statements, we will have a question-and-answer section on the call today.

稍後，公司執行長邁克爾·莫和財務長肖恩·坎特將與我一同出席。在聽完他們的開場白後，今天的電話會議將進入問答環節。

But before we get started, please listen to the following Safe Harbor statement that will cover the statements made on the call today. This call may contain 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.

但在我們開始之前，請聽以下安全港聲明，該聲明將涵蓋今天電話會議上發表的聲明。本次電話會議可能包含一些基於公司目前預期、預測和假設的前瞻性陳述，這些陳述涉及風險和不確定性。本次電話會議中所作的前瞻性陳述均基於本公司截至本次會議發布之日可取得的資訊。

KULR Technology Group's actual results may differ materially from those stated or implied in such forward-looking statements due to risks and uncertainties associated with their business, which include risk factors disclosed in their Form 10-K filed with the Securities and Exchange Commission on March 31, 2025, as may be amended or supplemented by other reports KULR files with the Securities and Exchange Commission from time to time.

由於與KULR Technology Group的業務相關的風險和不確定性，KULR Technology Group的實際業績可能與此類前瞻性聲明中所述或暗示的業績存在重大差異，其中包括KULR Technology Group於2025年3月31日向美國證券交易委員會提交的10-K表格中披露的風險因素，以及KULR不時向美國證券交易委員會提交的其他補充報告可能對其進行的修訂或補充證券交易委員會的其他補充。

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. All forecasts that are provided by management on this call are based on information available at this time, and management expects that internal projections and expectations may change over time.

前瞻性陳述包括有關公司對未來的預期、信念、意圖或策略的陳述，可以透過諸如預期、相信、可能、估計、期望、打算、或許、應該和將會等前瞻性詞語或類似詞語來識別。管理層在本次電話會議上提供的所有預測均基於目前可獲得的信息，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 based entirely 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 in 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現有合約、現有訂單機會以及與新舊客戶就其產品和服務進行的溝通，對其未來財務表現的最佳估計。KULR Technology Group 不承擔因新資訊、未來事件或其他原因而更新本次電話會議中所含資訊的義務。

Now with that, let me welcome on to the call, Chief Executive Officer of KULR Technology Group, Michael Mo. Michael, the call is yours.

現在，讓我歡迎 KULR 技術集團執行長 Michael Mo 先生參加這次電話會議。邁克爾，由你決定。

Thank you, everyone, for joining us today. I'm proud to share that KULR delivered our strongest quarter to date. In Q3 2025, we generated approximately $6.9 million in revenue, growing 116% year over year and 75% sequentially from last quarter. Our product revenue more than doubled, showing that our transition from services to a product-driven company is firmly underway.

謝謝各位今天蒞臨。我很自豪地宣布，KULR 迎來了迄今為止業績最好的一個季度。2025 年第三季度，我們創造了約 690 萬美元的收入，年增 116%，季增 75%。我們的產品收入翻了一番多，這表明我們從服務型公司向產品驅動型公司的轉型正在穩步進行。

We also strengthened our financial foundation. We have approximately $140 million in cash and digital assets and no debt following the full repayment of the $8 million Coinbase loan. This strong financial foundation allows us to invest in research and development, growing product, production capabilities, expand facilities and accelerate growth across the KULR ONE platform. We believe we are at the beginning of a super growth cycle in our energy storage and management business, and this optimism is backed by real results.

我們也加強了財務基礎。在全額償還 Coinbase 的 800 萬美元貸款後，我們擁有約 1.4 億美元的現金和數位資產，並且沒有債務。強大的財務基礎使我們能夠投資於研發、提升產品和生產能力、擴大設施，並加速 KULR ONE 平台的發展。我們相信，我們的儲能和管理業務正處於超級成長週期的開端，而這種樂觀情緒也得到了實際成果的支持。

This summer, we launched KULR ONE Air built on the same technology foundations as our KULR ONE Space and Guardian platforms. Since July, we have created more than 150 KULR ONE Air battery SKUs giving us one of the largest made-in-USA battery portfolios in the market, and that the demand is growing strong. We have over a dozen late-stage opportunities or signed contracts across unmanned autonomous vessels, drones, direct energy systems and underwater vehicles, and we're seeing an acceleration in customer engagements.

今年夏天，我們推出了 KULR ONE Air，它基於與 KULR ONE Space 和 Guardian 平台相同的技術基礎。自 7 月以來，我們已生產了 150 多種 KULR ONE Air 電池 SKU，使我們擁有了市場上最大的美國製造電池產品組合之一，而且市場需求正在強勁增長。我們在無人自主船舶、無人機、定向能係統和水下航行器領域擁有十幾個後期項目機會或已簽署合同，並且我們看到客戶參與度正在加速提高。

At the same time, we're expanding the KULR ONE platform into AI data centers and telecom infrastructure with new battery backup units, BBUs, and battery energy store systems, BESS products, both of which sit in some of the fastest-growing energy markets in the world. With these growth engines coming online, we expect our energy storage and management business to grow tenfold over the next three years.

同時，我們正在將 KULR ONE 平台擴展到人工智慧資料中心和電信基礎設施領域，推出新的電池備用單元 (BBU) 和電池儲能係統 (BESS) 產品，這兩個領域都位於世界上一些成長最快的能源市場。隨著這些成長引擎的上線，我們預計未來三年我們的儲能和管理業務將成長十倍。

What sets KULR apart is simple. We deliver faster, we deliver with higher quality and we deliver better performance, all at a competitive price point. Customers feel that difference immediately. A big part of that advantage comes from our team and our facilities in Texas. We design, prototype, build and test our batteries in-house, all under one roof, which allows us to move with the speed and precision.

KULR的獨特之處很簡單。我們交貨速度更快、品質更高、性能更好，而且價格極具競爭力。顧客立刻就能感受到這種差異。這一優勢很大程度上源於我們的團隊和我們在德克薩斯州的設施。我們自主設計、製作原型、製造和測試電池，所有工作都在同一個屋簷下完成，這使我們能夠快速、精確地開展工作。

And to meet the rising demand, we're preparing for our next phase of expansion. In 2026, we plan to grow our Texas headquarter to over 100,000 square feet and scale production from a few thousand packs per month right now to more than 50,000 packs per month, supported by new automated battery production lines.

為了滿足不斷增長的需求，我們正在為下一階段的擴張做準備。到 2026 年，我們計劃將位於德州的總部擴建至 10 萬平方英尺以上，並將電池組的產量從目前的每月數千個增加到每月 5 萬多個，這得益於新的自動化電池生產線的支援。

This is an exciting moment for KULR. We have the technology, the team, the balance sheet and the momentum to be America's trusted energy source for these growing applications.

這對KULR來說是一個令人興奮的時刻。我們擁有技術、團隊、財務狀況和發展勢頭，能夠成為美國在這些不斷成長的應用領域值得信賴的能源供應商。

I'm very excited that we are entering a super growth cycle if demand surges for advanced energy storage and management products across our corporates. UAVs, drones and autonomous robots are scaling rapidly, and our KULR ONE Air and Guardian platforms meet this demand with safe, high-performance, production-ready propulsion batteries at competitive commercial prices.

如果公司各部門對先進儲能和管理產品的需求激增，我非常高興我們將進入超級成長週期。無人機、無人飛行器和自主機器人正在迅速發展，我們的 KULR ONE Air 和 Guardian 平台以具有競爭力的商業價格提供安全、高性能、可量產的推進電池，滿足了這一需求。

Space exploration is accelerating in both private and public sectors. And KULR ONE Space positions us as a trusted partner for mission-critical energy systems built to operate in extreme environments. AI data centers need dramatically more energy and they need it fast. KULR ONE MAX platform aligns directly with industry shift towards high density, high power and high reliability backup battery systems.

太空探索在公共和私營部門都在加速發展。KULR ONE Space 將我們定位為在極端環境下運作的關鍵任務能源系統的可信賴合作夥伴。人工智慧資料中心需要大量的能源，而且需要快速取得這些能源。KULR ONE MAX 平台與業界轉向高密度、高功率和高可靠性備用電池系統的趨勢完全一致。

Telecom networks and critical infrastructures are investing heavily in resilience, driving greater demand for certified, high-reliability energy storage solutions. And the US is moving decisively towards domestic secure battery supply chain and our Texas-based design and production operation give us a strong strategic advantage.

電信網路和關鍵基礎設施正在大力投資提高網路韌性，從而推動了對經過認證的高可靠性儲能解決方案的更大需求。美國正果斷地朝著建立國內安全電池供應鏈的方向邁進，而我們位於德州的設計和生產營運為我們帶來了強大的戰略優勢。

Let me summarize why KULR is winning and why we're winning right now. First, speed. Our entire value proposition is built on getting high-performance energy systems to customers faster than anyone else because we design, engineer, test, certify and prepare for production under one roof. We can move from concept to manufacturable products in a fraction or traditional industry time lines. That speed has become a decisive advantage as customers demand semi-custom and high-performance solutions delivered quickly and reliably.

讓我總結一下KULR獲勝的原因以及我們現在獲勝的原因。首先是速度。我們整個價值主張都建立在比任何人都更快地向客戶提供高性能能源系統的基礎上，因為我們在一個屋簷下完成設計、工程、測試、認證和生產準備工作。我們可以在遠低於傳統產業所需時間的時間內，將概念轉化為可製造的產品。隨著客戶要求快速可靠地交付半客製化和高效能解決方案，速度已成為一項決定性優勢。

Second, quality. KULR's heritage in thermal management and battery safety is a core differentiator. We're [40 AS9100] and ISO 2001 certified. Customers increasingly view quality and safety, not as check boxes, but as strategic factors in selecting long-term partners.

其次，品質。KULR 在熱管理和電池安全方面的悠久歷史是其核心優勢。我們已獲得[40 AS9100]和ISO 2001認證。客戶越來越重視品質和安全，不再僅僅將其視為選項，而是將其視為選擇長期合作夥伴的策略因素。

Third, performance. We use next-generation battery cells, advanced categorization and validation processes to ensure every KULR ONE system delivers consistent, high confidence performance even in the harshest mission profile. Our focus on thermal stability and optimization is separating us from legacy pack manufacturers.

第三，表現。我們採用新一代電池單元、先進的分類和驗證流程，以確保每個 KULR ONE 系統即使在最嚴苛的任務條件下也能提供一致、高可靠性的效能。我們對熱穩定性和優化的專注使我們與傳統電池組製造商拉開了差距。

Fourth, safety. Our engineering platform is built on NASA's space-grade safety architecture, applied across the full KULR ONE ecosystem. As energy level rises across all applications, safety is becoming one of the most important buying criteria. And this is an area that KULR has a structural advantage.

第四，安全。我們的工程平台建立在 NASA 的航太級安全架構之上，並應用於整個 KULR ONE 生態系統。隨著各應用領域能源水準的提高，安全性正成為最重要的購買標準之一。而這正是KULR具有結構性優勢的領域。

Fifth, secure supply chain. Every KULR ONE battery we ship is designed, built and tested in Texas. Customers want domestic, transparent and highly controlled supply chain and KULR provides that, supported by strategically secured component partnerships worldwide.

第五，保障供應鏈安全。我們出貨的每一塊 KULR ONE 電池都是在德克薩斯州設計、製造和測試的。客戶需要國內化、透明化和高度可控的供應鏈，而 KULR 正好能夠提供這種供應鏈，並得到了全球策略性零件合作夥伴關係的支持。

And finally, customer experience and value. We believe that we have the best team in the industry because everything is done under one roof. We deliver fast turnaround, better quality, higher performance and more competitive pricing than our competition. That combination is building customers' trust, winning their business. It's a major reason why KULR's capturing momentum across the markets we serve.

最後，還有客戶體驗和價值。我們相信我們擁有業內最好的團隊，因為所有工作都在同一個屋簷下完成。我們比競爭對手提供更快的周轉速度、更高的品質、更優異的性能和更具競爭力的價格。這種組合能夠建立客戶信任，贏得客戶青睞。這正是 KULR 在我們服務的市場中快速成長的主要原因。

Let me highlight one of the most exciting developments at KULR, the launch of KULR ONE Air. We introduced this platform in July and immediately positioned us in one of the fastest-growing segments of the electrification economy, the UAV, drone, electric aviation and autonomous robotics. KULR ONE Air is a purpose-built high-performance propulsion battery architecture designed specifically for those next-generation systems.

讓我重點介紹一下 KULR 最令人興奮的發展之一，即 KULR ONE Air 的推出。我們在 7 月推出了這個平台，並立即將自己定位在了電氣化經濟中成長最快的領域之一，即無人機、無人飛行器、電動航空和自主機器人領域。KULR ONE Air 是一款專為下一代系統設計的高性能推進電池架構。

The momentum has been extraordinary. In just a few months, the platform has expanded to over 150 commercial-ready SKUs across multiple cell manufacturers and form factors. That makes KULR ONE Air one of the largest made-in-USA battery portfolios in the market. And we're entering the market at exactly the right time. The UAV and the drone battery market is expected to grow from roughly $1.5 billion in 2025 to more than $2.4 billion by 2030, driven by rapid adoption in commercial operations, public sector modernization and the rise of autonomous robotic platforms across industries.

勢頭非常強勁。短短幾個月內，該平台已擴展到涵蓋多個電池製造商和外形尺寸的 150 多個商業化 SKU。這使得 KULR ONE Air 成為市場上最大的美國製造電池產品組合之一。我們進入市場的時機恰到好處。受商業營運的快速普及、公共部門現代化以及各行業自主機器人平台的興起所推動，無人機和無人機電池市場預計將從 2025 年的約 15 億美元增長到 2030 年的超過 24 億美元。

KULR ONE Air has built our space grid engineering heritage, delivering safer bus bar and connector architectures, lower thermal rise and high-power performance that meets searing demand that legacy packs simply cannot handle. This performance profile is resonating strongly with customers who operate demanding mission environments.

KULR ONE Air 秉承了我們在空間電網工程領域的傳統，提供更安全的母線和連接器架構、更低的溫升和高功率性能，滿足傳統電池組無法滿足的嚴苛需求。這種性能表現引起了在嚴苛任務環境下運作的客戶的高度共鳴。

Demand is accelerating on every front. Today, we have actively engaged with a broad range of commercial and government customers using drones for inspection, logistics, imaging, environmental monitoring, public safety and advance robotics. In every case, operators need high-power batteries that deliver safety, power and reliability at scale.

各方面的需求都在加速成長。如今，我們已積極與許多商業和政府客戶合作，利用無人機進行檢查、物流、成像、環境監測、公共安全和先進機器人技術等領域的應用。在任何情況下，營運商都需要能夠大規模提供安全、動力和可靠性的高功率電池。

On the production side, we're scanning aggressively. We're currently producing a few thousand packs per month. And with our Texas expansion, we're targeting 50,000 packs per month by mid-2026. And if demand signal accelerates, which we anticipate, we're ready to scale to 100,000 packs per month and beyond. We have the capital, the talent, the supply chain partnerships and the facility space to execute.

在生產方面，我們正積極進行掃描工作。我們目前每月生產數千包。隨著我們在德州的業務擴張，我們的目標是到 2026 年年中每月 5 萬包的產量。如果需求訊號加速成長（我們預計會如此），我們已準備好將產量擴大到每月 10 萬包甚至更多。我們擁有執行所需的資金、人才、供應鏈合作夥伴關係和場地。

KULR ONE Air isn't just a product line. It's a platform that leverages our decades long engineering heritage and opens a multibillion-dollar market for us. AI is creating one of the largest energy transformations we've ever seen, and KULR is stepping directly into the center of this. We're expanding our KULR ONE MAX platform into two massive markets, AI data center battery backup units, BBUs and telecom infrastructure energy storage systems.

KULR ONE Air 不只是一個產品系列。這是一個利用我們數十年的工程技術傳承，並為我們開闢數十億美元市場的平台。人工智慧正在創造我們前所未見的規模最大的能源變革之一，而 KULR 正直接置身於這場變革的中心。我們將 KULR ONE MAX 平台擴展到兩個龐大的市場：人工智慧資料中心電池備用單元 (BBU) 和電信基礎設施儲能係統。

Across NVIDIA GPU generations, our consumption per server is increasing by about 100x. Rack power is climbing from today's 30 to 80 kilowatts to more than 250 kilowatts in some deployments and NVIDIA's road map is pushing towards 1 megawatt racks by 2028. At these levels, right level battery backup units, BBUs become essential. NVIDIA's latest GB300 NVL72 architecture now bakes BBUs directly into the reference design to manage power spikes right through micro outages and reduce reliance on massive UPS systems as data centers transition to 800-volt high-voltage DC system.

在 NVIDIA GPU 的各個世代中，我們每台伺服器的功耗增加了約 100 倍。機架功率正從目前的 30 至 80 千瓦攀升至某些部署中的 250 千瓦以上，而 NVIDIA 的路線圖正朝著 2028 年實現 1 兆瓦機架的目標邁進。在這些情況下，合適的電池備用單元（BBU）就變得至關重要。NVIDIA 最新的 GB300 NVL72 架構現在將 BBU 直接整合到參考設計中，以管理從微型斷電到電源尖峰的整個過程，並減少對大型 UPS 系統的依賴，因為資料中心正在過渡到 800 伏特高壓直流系統。

The whole industry is moving this way, including Meta's Open Compute Project. But with high power comes higher risk and the battery safety now -- is now mission-critical. Operators must meet stringent standards like the UL 9540A as they push for greater energy and higher discharge rates. This is where KULR has a unique advantage.

整個產業都朝著這個方向發展，包括 Meta 的開放計算專案。但高功率也意味著更高的風險，電池安全現在至關重要。操作員在追求更高能量和更高放電率的同時，必須滿足 UL 9540A 等嚴格標準。這正是KULR的獨特優勢所在。

Our space-grade safety architecture makes the KULR ONE MAX platform ideally suited for these AI rack applications. We're designing 21,700 bays and 5 amp-hour class BBU systems, specifically for next-generation NVIDIA systems. While much of the market is still relying on older 18650 cells under 3 amp-hours. We expect our BBU system to be UL 9540 certified in production ready in 2026, positioning KULR to compete in this multibillion-dollar fast-growing market. AI is rewriting the energy transition and KULR intends to be on the forefront of that transition.

我們航太級的安全架構讓 KULR ONE MAX 平台非常適合這些 AI 機架應用。我們正在設計 21,700 個機架和 5 安培小時 BBU 系統，專門用於下一代 NVIDIA 系統。雖然市面上大部分的產品仍依賴容量低於 3 安時的舊款 18650 電池。我們預計我們的 BBU 系統將於 2026 年獲得 UL 9540 認證並投入生產，這將使 KULR 能夠在這個價值數十億美元且快速成長的市場中展開競爭。人工智慧正在重塑能源轉型，而KULR決心走在這項轉型的前沿。

AI isn't just changing data centers. It is transforming the entire power network. Power and thermal has moved from the backroom issue to network-wide operating constraints. We're seeing pressure everywhere on tower, radio, fiber hubs, central offices and of course, inside the high-density AI data centers. So it's across the entire telecom infrastructure.

人工智慧不僅改變了資料中心。它正在改變整個電網。功率和散熱問題已從後台問題轉移到整個網路的運作限制。我們看到，訊號塔、無線電台、光纖樞紐、中心機房，當然還有高密度人工智慧資料中心內部，都面臨巨大的壓力。所以問題遍及整個電信基礎架構。

Recent incidents are reminding everyone why safety matters. One of the clearest example came from South Korea, where a battery-originated fire disrupted hundreds of government systems and took nearly a full day to extinguish. Events like this are forcing operators to reevaluate their backup power and thermal protection.

最近發生的事件提醒了所有人安全的重要性。最明顯的例子之一來自韓國，一場由電池引起的火災擾亂了數百個政府系統，並花了將近一天的時間才撲滅。此類事件迫使營運商重新評估其備用電源和過熱保護措施。

KULR's role is to help operators safely increase run time and energy density as he has pushed the infrastructure to its new limit. Near term, we're partnering with established backup power providers to deliver safer and higher energy lithium-ion battery packs and thermal runway mitigation to existing UPS platforms, especially in space-constrained towers, fiber hubs and central offices.

KULR 的作用是幫助營運商安全地增加運行時間和能量密度，因為他已經將基礎設施推向了新的極限。短期內，我們將與成熟的備用電源供應商合作，為現有的 UPS 平台提供更安全、更高能量的鋰離子電池組和熱失控緩解措施，尤其是在空間受限的塔樓、光纖樞紐和中心機房。

Looking ahead, we're leaning to alliance with platform players and co-development partners to leverage our safety hardware to integrate with recurring software and service business models. More to come in the near future.

展望未來，我們傾向於與平台參與者和共同開發夥伴結盟，利用我們的安全硬體與常用的軟體和服務商業模式結合。近期也將發布更多內容。

Let me make -- let me take a moment to update you on our Bitcoin treasury strategy because it continues to be an important part of how we build long-term shareholder value. As a Bitcoin+ Treasury company, we stay close to the digital asset treasury market, and we remain disciplined. We have not taken on any convertible debt to acquire Bitcoin.

讓我花點時間向您介紹我們的比特幣資金儲備策略，因為它仍然是我們建立長期股東價值的重要組成部分。作為一家比特幣+資金管理公司，我們密切關注數位資產資金管理市場，並保持嚴謹的紀律。我們沒有為了取得比特幣而承擔任何可轉換債券。

Instead, our approach is intentional. We are making incremental and economically sound BTC acquisitions through our mining operations, while directing our primary capital towards high-value and high-growth energy businesses.

相反，我們的做法是經過深思熟慮的。我們透過挖礦業務逐步收購比特幣，並採取經濟合理的措施，同時將主要資本投入高價值、高成長的能源業務。

Our mining strategy itself creates additional strategic upside. We focus on projects with renewable low-cost power and that puts us in direct partnership with mining hosts who are increasingly spending to high-power computing and AI infrastructure. These relationships give us a front-row seat in new opportunities where KULR can deliver battery energy solutions, BBUs and UPS systems to support AI workloads and grid resilience.

我們的採礦策略本身就能創造額外的策略優勢。我們專注於使用低成本再生電力的項目，這使我們與那些不斷增加對高效能運算和人工智慧基礎設施投入的礦業公司建立了直接合作關係。這些合作關係讓我們能夠搶得先機，掌握新的機遇，KULR 可以提供電池能源解決方案、BBU 和 UPS 系統，以支援 AI 工作負載和電網彈性。

Through Q3, our mining operations produced Bitcoin at an all-in cost of approximately $102,000 per coin, and we continue to evaluate projects where we can lower our average cost of acquisition even further. In short, our Bitcoin treasury and mining strategy is disciplined, aligned with shareholder value and increasingly synergistic with our move into the AI data center energy markets.

第三季度，我們的挖礦業務生產比特幣的總成本約為每枚 102,000 美元，我們將繼續評估能夠進一步降低平均獲取成本的項目。簡而言之，我們的比特幣資金管理和挖礦策略是嚴謹的，與股東價值一致，與我們進入人工智慧資料中心能源市場的舉措越來越具有協同效應。

Let me give you an update on KULR VIBE, which is becoming another exciting part of our portfolio. This year, we've been working closely with helicopter OEMs and operators across both civilian and government sectors in the US. Vibration mitigation remains one of the most challenging maintenance issues in aviation and is often described as more of an art than a science. KULR VIBE is changing that.

讓我向您介紹 KULR VIBE，它正成為我們產品組合中另一個令人興奮的部分。今年，我們與美國民用和政府部門的直升機原始設備製造商和營運商密切合作。振動控制仍然是航空領域最具挑戰性的維護問題之一，通常被描述為一門藝術而不是一門科學。KULR VIBE 正在改變這種現狀。

Our system enables maintenance team to track and balance aircraft quickly, accurately and without needing decades of experiences. The software learns over time, becoming more precise with each balance on each specific aircraft through its building learning algorithm.

我們的系統使維修團隊能夠快速、準確地追蹤和平衡飛機，而無需數十年的經驗。該軟體會隨著時間的推移而不斷學習，透過其不斷建構的學習演算法，每次對每架特定飛機進行平衡時，都會變得更加精確。

Now the government shutdown has ended, we expect our US Army program to resume in advance to the next level. On the commercial side, demand is growing rapidly. To support the civilian helicopter market, we're preparing to launch the KULR VIBE app on iOS in 2026 in partnership with a global aviation leader, making this technology more accessible than ever.

現在政府停擺已經結束，我們預計我們的美國陸軍計畫將提前恢復並進入下一階段。在商業方面，需求正在快速成長。為了支援民用直升機市場，我們正準備與全球航空業領導者合作，於 2026 年在 iOS 上推出 KULR VIBE 應用，使這項技術比以往任何時候都更容易獲得。

Let me give you a quick update on Exia. In just a few months of marketing Exia in North America, we've already deployed more than 30 units across multiple verticals. In retail, Exia is supporting workers in distribution centers of a major North American retailer. In logistics, its operating inside a national 3PL specializing oversized and bulky items. For industrial distributors, Exia is deployed across three warehouse locations, serving a restaurant sector.

讓我快速介紹一下Exia的最新情況。在北美市場推廣 Exia 短短幾個月內，我們已經在多個垂直領域部署了 30 多台裝置。在零售業，Exia 為一家北美大型零售商的配送中心員工提供支援。在物流領域，它隸屬於一家專門從事超大件和笨重物品運輸的全國性第三方物流公司。Exia 已部署在三個倉庫地點，為餐飲業提供工業分銷服務。

And in the health care, we've been running a successful pilot in a nursing home in Montreal with highly positive feedback from caretakers and we're preparing to launch a second pilot with a major hospital in the Northeast.

在醫療保健領域，我們在蒙特利爾的一家養老院成功開展了一項試點項目，護理人員給予了非常積極的回饋。我們正準備與東北部的一家大型醫院進行第二次試點計畫。

The momentum is strong because Exia's seventh generation architecture delivers the right balance of cost reduction, performance and safety, a combination that's resonating with industrial customers who need productivity gains without compromising worker well-being. As industry look to empower workers, reduce injuries and bridge labor gaps, Exia allows us to play a strategic role in the future of modern augmented workforce.

Exia 第七代架構實現了成本降低、效能和安全性之間的適當平衡，因此發展勢頭強勁。這種組合引起了工業客戶的共鳴，他們需要在不損害員工福祉的前提下提高生產力。隨著各行業尋求賦予工人更多權力、減少工傷事故並彌合勞動力缺口，Exia 使我們能夠在未來現代增強型勞動力中發揮戰略作用。

Next, Shawn Canter will provide financial updates. Shawn?

接下來，肖恩·坎特將提供財務方面的最新資訊。肖恩？

Thanks, Mike. Overall, the third quarter was another strong quarter for KULR. Our operating activity continues to position KULR for continued growth and future success. With that in mind, I'll touch on some highlights.

謝謝你，麥克。整體而言，KULR 第三季表現依然強勁。我們的營運活動持續為KULR的持續成長和未來成功奠定了基礎。基於以上考慮，我將重點放在一些內容。

Revenue grew 116% from the same quarter last year to approximately $6.9 million. Q3 was the highest revenue quarter KULR has ever posted. This grows the streak to the fifth straight quarter KULR has grown revenue over the comparable prior year period. The third quarter also sets another growth record. This one, a new trailing 12-month revenue record at $16.7 million.

第三季營收較去年同期成長116%，達到約690萬美元。這是KULR有史以來最高的季度營收。這使得KULR連續第五個季度實現營收年增。第三季也創下了新的成長紀錄。這一數字創下了過去 12 個月營收 1,670 萬美元的新紀錄。

The third quarter grew the streak to the fifth consecutive quarter KULR has set a trailing 12-month record.

第三季度，KULR 連續第五個季度創下過去 12 個月的連勝紀錄。

For the third quarter 2025 versus the third quarter 2024, product revenue grew 112%, but services revenue was down 74%. Let me make a brief comment on our services revenue. Our services work plays an important role in complementing our products business.

2025 年第三季與 2024 年第三季相比，產品收入成長了 112%，但服務收入下降了 74%。讓我簡要談談我們的服務收入。我們的服務工作在補充我們的產品業務方面發揮著重要作用。

But over time, you'll continue to see us focus our resources on products. This reflects our belief that our products business can go after a much larger global market, benefit from economies of scale, leverage our already strong and growing brand awareness and offers KULR a long sustainable growth trajectory in which to invest.

但隨著時間的推移，你會看到我們繼續將資源集中在產品上。這反映了我們相信，我們的產品業務可以開拓更大的全球市場，受益於規模經濟，利用我們已經強大且不斷增長的品牌知名度，並為 KULR 提供長期可持續的成長軌跡，值得投資。

Now let's touch on our operating expenses. In addition to what is in the 10-Q, I'd like to share the trend from the first, second and now third quarter this year. Both R&D and SG&A have gone down each quarter since the beginning of the year. R&D is down 5.2% and SG&A is down 13%. Our operating costs reflect the everyday cost to run the business as a public company, find and retain high-quality talented teammates and make the necessary investments to drive growth in the short and long term.

現在我們來談談營運費用。除了 10-Q 文件中的內容之外，我還想分享今年第一季、第二季以及現在的第三季的趨勢。今年以來，研發費用和銷售、管理及行政費用每季都在下降。研發支出下降 5.2%，銷售、管理及行政費用下降 13%。我們的營運成本反映了作為一家上市公司日常營運的成本，包括尋找和留住高素質的優秀團隊成員，以及為推動短期和長期成長而進行必要的投資。

In fact, many of the investments that we've made are bearing fruit and serve as a foundation for the vision that Mike just outlined. We are seeing increases in the number, quality and size of customer engagements.

事實上，我們所做的許多投資都已取得成效，並為麥克剛才概述的願景奠定了基礎。我們看到客戶互動的數量、品質和規模都在成長。

I'll point out that the payoffs for some of the investments will take longer to realize. It's to be expected that every investment doesn't always play out over a straight line, but we remain confident of their future payoff.

我要指出的是，有些投資的回報需要更長時間才能實現。可以預見的是，每項投資都不會總是按部就班地獲得回報，但我們仍然對其未來的收益充滿信心。

One last point on operating expenses. We won't be able to reduce costs every quarter. Our goal is to get to a positive operating earnings through strong revenue growth with appropriate investments to maintain the durability of that growth.

關於營運費用，最後一點需要說明。我們不可能每季都降低成本。我們的目標是透過強勁的收入成長來實現正的營業利潤，並透過適當的投資來維持這種成長的可持續性。

Now a few points on our balance sheet. At the end of the third quarter, our cash balance was just over $20 million. Our current accounts receivable was approximately $3 million. We held Bitcoin worth approximately $120 million. And our total assets were approximately $156 million.

現在來談談我們資產負債表上的幾個要點。第三季末，我們的現金餘額略高於 2,000 萬美元。我們目前的應收帳款約為300萬美元。我們持有價值約 1.2 億美元的比特幣。我們的總資產約為 1.56 億美元。

Before I hand things back to Stuart, I'll just add a point to another topic Mike spoke about. We continue to be enthusiastic about the exoskeleton market and technology. Based on our early commercial customer experiences and what we can see in the marketplace, the appetite for exoskeletons appears to be strong. NIKE's recent announcement of their own exoskeleton is an example.

在把事情交還給史都華之前，我還要補充一點關於麥克提到的另一個話題。我們依然對外骨骼市場和技術充滿熱情。根據我們早期的商業客戶經驗以及我們在市場上看到的現象，對外骨骼的需求似乎很旺盛。耐吉最近發布的自家外骨骼就是一個例子。

Notwithstanding that outlook, I do want to state that based on information from German Bionic, we made the appropriate decision to take onetime impairments. We do not anticipate this will materially affect our US commercial sales activity going forward. Overall, we are enthusiastic about another strong positive growth momentum quarter for KULR.

儘管如此，我還是要說明，根據 German Bionic 提供的信息，我們做出了一次性損傷賠償的適當決定。我們預計這不會對我們未來在美國的商業銷售活動產生實質影響。總體而言，我們對 KULR 又一個強勁的正成長勢頭季度感到樂觀。

Back to you, Stuart.

把機會交給你了，史都華。

All right. Thank you very much, Sean. So that, again, brings us to the question-and-answer portion of our call today. And Michael, the first question is for you. And here it is, what is KULR's strategic priorities today as a Bitcoin treasury company with operations?

好的。非常感謝你，肖恩。那麼，接下來就進入我們今天電話會議的問答環節了。邁克爾，第一個問題問你。那麼，作為一家擁有營運業務的比特幣金庫公司，KULR 目前的策略重點是什麼？

Yes. Thank you, Stuart. And this is a question that we are often asked, and I'm glad to answer it. Our priorities are focused and deliberate. Bitcoin treasury is an important role for our treasury strategy, but operationally, we are very focused and anchored in our core energy management and storage business as well as our vibration reduction technologies because we're seeing both areas present strong revenue growth for 2026 and that's where we're going to focus all of our attention and our commercial efforts on.

是的。謝謝你，斯圖爾特。這是一個我們常被問到的問題，我很樂意回答。我們的工作重點明確且經過深思熟慮。比特幣資金管理在我們的資金管理策略中扮演著重要角色，但在營運方面，我們非常專注於核心能源管理和儲存業務以及減振技術，因為我們看到這兩個領域在 2026 年都將實現強勁的收入成長，而這正是我們將所有註意力和商業努力集中於此的領域。

Very good. Well, Shawn, the next question is for you. What is the long-term strategy for the Bitcoin treasury and mining operations?

非常好。肖恩，下一個問題問你。比特幣金庫和挖礦業務的長期策略是什麼？

That's a good follow-up after the prior question about our future. We believe Bitcoin supply and demand structure supports a favorable long-term pricing outlook. After initially purchasing Bitcoin on the spot market, we shifted in mid-July to growing our position through mining. In addition to accumulating more Bitcoin, mining brings us closer to the data center ecosystem as we explore new opportunities in energy storage solutions.

這是對我們之前關於未來問題的一個很好的後續問題。我們認為比特幣的供需結構支撐著良好的長期價格前景。最初我們在現貨市場購買比特幣，7 月中旬我們轉而透過挖礦來增加我們的持股。除了累積更多比特幣之外，挖礦還能讓我們更接近資料中心生態系統，因為我們可以探索儲能解決方案的新機會。

While we're on the topic of Bitcoin, perhaps it makes sense to have a word about Bitcoin's price volatility and even the equity market volatility, which we've all recently seen. We like to maintain a strong cash position and no debt as a buffer to Bitcoin's price and the stock market volatility. We don't have any interest payments or debt maturities to worry about. We're focused on growing revenue. We've worked very hard to position ourselves to be able to take advantage of volatility rather than to be a victim of it.

既然我們談到了比特幣，或許有必要談談比特幣的價格波動，甚至是我們最近都看到的股票市場波動。我們喜歡保持充足的現金儲備，並且不負債，以此緩衝比特幣價格和股市波動帶來的影響。我們無需擔心任何利息支付或債務到期問題。我們專注於提升營收。我們一直努力調整自身定位，以便能夠利用市場波動，而不是成為市場波動的受害者。

Okay. Thank you for that, Shawn. Michael, next question for you. Given the previous reverse split and the ongoing share price pressure, what outcomes have been achieved in terms of institutional participation and market perception? And is another reverse split being considered?

好的。謝謝你，肖恩。邁克爾，下一個問題。鑑於先前的反向拆股以及持續的股價壓力，在機構參與度和市場認知方面取得了哪些成果？那麼，是否正在考慮再次進行反向拆股？

Well, since the reverse split that went into effect in June of 2025, third-party data has indicated that the company has more than doubled its institutional ownership. And today, we can say definitively that there is no basis for considering another reverse split.

自 2025 年 6 月反向拆股生效以來，第三方數據顯示，該公司機構持股比例增加了一倍以上。今天，我們可以明確地說，沒有任何理由考慮再次進行反向拆股。

All right. Michael, the next question is also for you. Several partnerships, government, military, aerospace and corporate have been announced with limited follow-up. Can management provide detailed updates expected milestones and how these programs contribute to revenue and long-term enterprise value?

好的。邁克爾，下一個問題也是問你的。已宣布與政府、軍方、航空航太界和企業達成多項合作，但後續進展有限。管理層能否提供詳細的最新信息，包括預期里程碑以及這些項目如何為收入和長期企業價值做出貢獻？

Well, across government, aerospace, defense and corporate accounts, we continue to make steady progress on the partnerships that we have previously announced. Many of these partners involve multistage qualification, certification, design, testing and integration process.

在政府、航空航太、國防和企業客戶方面，我們持續穩步推進先前宣布的各項合作項目。這些合作夥伴大多涉及多階段的資格認證、設計、測試和整合流程。

And as you know, those cycles often spend probably several quarters and also they are governed by some confidentiality agreements that limit the level of program-specific details that we can publicly talk about. As we transition to a product-focused company, these engagements are important because they establish long-term technical and operational pathway for products to get inside of these critical platforms where reliability, safety and performance matter the most.

如您所知，這些週期通常會持續幾個季度，而且它們也受到一些保密協議的約束，這些協議限制了我們可以公開談論的具體項目細節的程度。隨著我們向以產品為中心的公司轉型，這些合作非常重要，因為它們為產品進入這些關鍵平台建立了長期的技術和營運路徑，而可靠性、安全性和性能在這些平台上至關重要。

At the same time, as I talked about in our -- in my prepared remarks, it's important to highlight that the future growth of the company is now being driven by our KULR ONE Air product and also the entire KULR ONE platform, which is seeing significant broader and faster commercial adoption. As we enter to 2026, we'll keep everybody up to date on the commercial efforts around our KULR ONE MAX and AI, BBU and also telecom applications as well. These new platforms are expanding our addressable markets into multibillion-dollar markets.

同時，正如我在準備的演講稿中提到的，需要強調的是，公司未來的成長現在是由我們的 KULR ONE Air 產品以及整個 KULR ONE 平台推動的，該平台正在得到更廣泛的、更快的商業應用。進入 2026 年，我們將持續向大家通報 KULR ONE MAX 和 AI、BBU 以及電信應用的商業進展。這些新平台正在將我們的目標市場擴展到數十億美元的市場。

All right. Shawn, previously KULR has issued investor letters. Mike has said he would try to communicate more with shareholders. Is this still a priority? And if so, how will you be doing it?

好的。Shawn，前KULR成員，曾發布投資者信函。麥克表示他會努力加強與股東的溝通。這件事現在還是優先嗎？如果真是這樣，你打算怎麼做？

Sure. Well, as Mike just mentioned, due to the nature of many of our government, defense and even commercial customers and the programs we work on, we're often limited in our ability to disclose contracts and progress until later milestones occur.

當然。正如麥克剛才提到的，由於我們許多政府、國防甚至商業客戶的性質以及我們所從事的項目，我們往往在後續里程碑實現之前，無法披露合約和進度。

With that said, as we've indicated before, we hear our shareholders and their desire for more communications. In early 2026, we will write an investor letter in addition to everything else that we do to communicate.

話雖如此，正如我們先前所指出的，我們聽到了股東們的聲音，也聽到了他們希望加強溝通的願望。2026年初，除了我們目前採取的所有溝通方式之外，我們還將撰寫一封投資者信。

Going forward, at least once a year in this -- in an investor letter, we will share more intimate and a more intimate account of what we're seeing and doing. We'll use it as a reflection of where we are in the window into what may lie ahead.

今後，我們至少每年會透過一封投資者信函，更詳細地分享我們所看到和正在做的事情。我們將以此反映我們目前所處的位置，並展望未來可能的發展方向。

In 2026, we're looking forward to our next open house at our headquarters in Texas. We're looking forward to attending more events where we can speak about our progress. We're looking forward to increase institutional coverage from research analysts. I guess it's worth noting that as everybody knows, the analysts independently make those decisions, we don't. And of course, where we can publicly announce new contracts, customers and programs, we certainly will.

2026年，我們期待在德州總部舉辦下一次開放日。我們期待參加更多活動，並在活動中介紹我們所取得的進展。我們期待增加研究分析師對機構的關注。我想指出的是，眾所周知，分析師是獨立做出這些決定的，我們並不參與。當然，凡是能夠公開宣布新合約、新客戶和新專案的地方，我們一定會這樣做。

Shawn, the next question is also for you. What concrete steps is management taking to stabilize the stock price?

肖恩，下一個問題也是問你的。管理階層正在採取哪些具體措施來穩定股價？

Well, Stuart, our primary focus is squarely on accelerating revenue growth in our core energy storage and vibration reduction markets. The investments we've made are showing real traction. As we've mentioned earlier, we are securing meaningful business in autonomous systems and expect additional wins ahead. As Mike mentioned, we're pushing into infrastructure with our market-leading energy storage and management solutions. We also are advancing KULR VIBE towards a scalable, globally marketable platform.

斯圖爾特，我們目前的首要任務是加速核心儲能和減振市場的收入成長。我們進行的投資已經初見成效。正如我們之前提到的，我們在自主系統領域取得了顯著的業務成果，並期待未來能取得更多成功。正如麥克所提到的，我們正在憑藉我們市場領先的儲能和管理解決方案進軍基礎設施領域。我們也正在努力將 KULR VIBE 打造成一個可擴展的、全球市場化的平台。

It's probably worth noting also that our Bitcoin treasury strategy has touches on this question, too. Both Mike and I have mentioned at the end of the third quarter, we held about $120 million worth of Bitcoin. We have intentionally taken a conservative approach to our Bitcoin holdings.

值得一提的是，我們的比特幣資金管理策略也牽涉到了這個問題。我和麥克都提到過，在第三季末，我們持有價值約 1.2 億美元的比特幣。我們有意對比特幣持有採取保守的態度。

We have no debt or other complex structures on our balance sheet, unlike others who have levered up their balance sheets to acquire Bitcoin and have experienced or perhaps still own the risk of leverage in volatile markets.

與其他為了獲取比特幣而增加槓桿的公司不同，我們的資產負債表上沒有任何債務或其他複雜的結構，這些公司已經或可能仍然面臨著在波動市場中承擔槓桿風險的風險。

As Mike mentioned, we believe in the long-term value of Bitcoin and its unique fixed supply and increasing demand characteristics. Individuals, institutions and governments are buyers of Bitcoin. The regulatory environment has moved from a headwind to a tailwind, increased domestic and international economic and political macro risks and resulting volatility on global currencies appear to further contribute to Bitcoin demand.

正如麥克所提到的，我們相信比特幣的長期價值，以及其獨特的固定供應和不斷增長的需求特性。個人、機構和政府都是比特幣的買家。監管環境已從逆風轉為順風，國內外經濟和政治宏觀風險的增加以及由此導致的全球貨幣波動似乎進一步推高了比特幣的需求。

Let me put some numbers associated to this, just to understand the scale of this demand trend. And I asked AI for some help here. In 2011, there were an estimated 100,000 active Bitcoin addresses. In 2015, an estimated 6 million. In 2020, the estimated number of active addresses increased fivefold to 30 million.

讓我列舉一些相關的數字，以便大家了解這種需求趨勢的規模。我向人工智慧尋求了一些幫助。2011年，活躍的比特幣地址估計有10萬個。2015年估計有600萬人。2020 年，活躍地址的估計數量增加了五倍，達到 3,000 萬。

And an estimate for November 2025 indicates the number of active addresses to be approximately 60 million. That's a 58% compounded annual growth rate. It's not easy and one doesn't find every day where one can find something that grows 58% a year for 14 years.

預計到 2025 年 11 月，活躍地址的數量將達到約 6,000 萬個。這意味著年複合成長率達到58%。這並不容易，也不是每天都能找到一種東西，能夠連續 14 年每年成長 58%。

So simply, fixed supply, strong growth demand trend. All else equal, we think this suggests over time, the price of Bitcoin should rise and along with it, the value of our holdings. Historically, we acquired Bitcoin via the spot market, more recently via mining operations.

簡而言之，供應固定，需求強勁成長。在其他條件不變的情況下，我們認為這表明隨著時間的推移，比特幣的價格應該會上漲，隨之而來的是，我們持有的比特幣的價值也會上漲。從歷史上看，我們是透過現貨市場獲得比特幣，而最近則是透過挖礦業務獲得。

And as Mike mentioned, one of the reasons for this is the strategic position for KULR to both acquire Bitcoin and get insight into the infrastructure energy solutions market. Overall, Stuart, over time, we believe our stock price should reflect the results of our strong operational execution.

正如麥克所提到的，其中一個原因是 KULR 的戰略地位，它既可以獲得比特幣，又可以深入了解基礎設施能源解決方案市場。總的來說，斯圖爾特，我們相信隨著時間的推移，我們的股價應該會反映出我們強勁的營運執行成果。

Thank you for that, Shawn. And this really dovetails into that. Here is the next question. I will direct it back towards you again, Shawn. Given so much that has happened at KULR in the last year or 2, how is management viewing these changes in relationship to revenue growth and ultimately, stock price appreciation?

謝謝你，肖恩。而這其實與此密切相關。下一個問題。我會再把它指向你，肖恩。鑑於 KULR 在過去一兩年裡發生了這麼多變化，管理階層如何看待這些變化與營收成長以及最終股價上漲之間的關係？

Sure. Well, that's a great question. A lot certainly has changed over the last couple of years. I guess, again, it's worth stating again. Our focus is on growing KULR's business.

當然。這是一個很好的問題。過去幾年裡，確實發生了許多變化。我想，這一點值得再次強調。我們的重點是發展KULR的業務。

We are applying our core offerings to a larger marketplace, and we are seeing positive results. In the first part of 2026, we believe that the market demand, number and nature of customer engagements, and the engagement sizes will show up in scaling durable revenue.

我們將核心產品和服務推廣到更大的市場，並且已經取得了積極的成果。我們認為，在 2026 年上半年，市場需求、客戶互動數量和性質以及互動規模將反映在永續收入的規模成長上。

From programs that took our batteries into outer space and to the bottom of the ocean, we're now applying those same technologies, insights and learnings to higher volume programs related to autonomous vehicles, covering air, land and sea.

從將電池送入外太空和海底的項目，我們現在正將這些相同的技術、見解和經驗應用於與自動駕駛車輛相關的更大規模的項目，涵蓋空中、陸地和海洋。

Whether -- another example of change that took place over time is our decision to implement and then consolidate our facilities into just one location in Texas. As Mike mentioned earlier, we're already seeing demand signals indicating that we need more space to accommodate the customer engagements and growing programs that we see heading our way.

另一個隨著時間推移而變化的例子是我們決定將所有設施整合到德克薩斯州的一個地點。正如麥克之前提到的，我們已經看到需求訊號表明，我們需要更多空間來容納客戶互動和我們即將面臨的不斷增長的項目。

Additionally, as we've already touched on, we're exploring how our products can be applied to even larger global infrastructure markets. Again, all of this to say, we see revenue materially growing in 2026. And as we talked about in the prior question, while we don't predict ours or anyone else's stock price, it would seem that it would stand to reason, KULR's stock price should follow as revenue grows and we gain further scale.

此外，正如我們之前提到的，我們正在探索如何將我們的產品應用於更大的全球基礎設施市場。總之，我們預計 2026 年營收將大幅成長。正如我們在上一個問題中討論的那樣，雖然我們不預測我們自己或任何其他公司的股價，但從邏輯上講，隨著營收成長和規模擴大，KULR 的股價應該也會隨之成長。

Since we're talking about change, I guess I'll add one more observation even though we have touched on it already. Looking at our balance sheet and how it has evolved over the last few years. Today, we have no debt. We have over $100 million in liquid assets. We are seeing real traction across products and markets.

既然我們在談論變化，我想再補充一點看法，儘管我們已經談到這一點了。查看我們的資產負債表以及它在過去幾年中的變化。今天，我們沒有債務。我們擁有超過1億美元的流動資產。我們看到產品和市場都獲得了真正的成長動力。

We can and are investing in our real durable growth. Thanks, Stuart.

我們能夠也正在投資於真正可持續的成長。謝謝你，斯圖爾特。

Thank you, Shawn. And Michael, we're going to close out the Q&A portion with this final question directed towards you, and it is a long one. It's in regards to the KULR intelligent data system, which currently generates high fidelity vibration and thermal telemetry at scale from active battery deployments and it says -- it's a multipart question actually.

謝謝你，肖恩。邁克爾，問答環節的最後一個問題要問你，這個問題比較長。這是關於 KULR 智慧數據系統的問題，該系統目前能夠從活躍的電池部署中大規模生成高保真振動和熱遙測數據，而且——這實際上是一個多部分的問題。

Will KULR in the future, one, tokenize the aggregated data set on a public blockchain with verifiable provenance? And two, license access to leading AI labs for training foundation models specialized in battery physics, electrochemistry and predictive saving -- safety, excuse me.

KULR未來是否會將聚合資料集代幣化到具有可驗證來源的公共區塊鏈上？第二，獲得領先的人工智慧實驗室的許可，用於訓練專門研究電池物理、電化學和預測節能（抱歉，是安全）的基礎模型。

If so, what is the minimum data moat size expressed in terabytes of raw sensor streams that KULR believes would be required to position the platform as the "de facto Bloomberg terminal of battery physics?"

如果是這樣，KULR 認為要將該平台定位為“電池物理學領域的彭博終端”，所需的最小數據護城河規模（以 TB 為單位）是多少 TB 的原始感測器流？

And then he has this comment. Thank you again for your vision in building the data backbone of safe electrification. So Michael, will you handle that one, please?

然後他發表了這樣一番評論。再次感謝您在建構安全電氣化資料骨幹網路方面展現出的遠見卓識。邁克爾，這件事就交給你處理吧？

No. Thanks, Stuart. This is actually a really interesting question actually relates to AGI, artificial general intelligence. It's something like that type of question. You can think about this question or answering this in three buckets.

不。謝謝你，斯圖爾特。這其實是一個非常有趣的問題，它與通用人工智慧（AGI）有關。大概就是這類問題。你可以從三個方面來思考這個問題或回答這個問題。

First is how much data you can get from individual model of battery cells and packs? Second is how many of these cells and packs do you have in operation to get the data more size, terabyte data that this investor is referring to? And third is what you do with that data, both as a primary and secondary application for these batteries?

首先，你能從單一電池單元和電池組中獲得多少數據？其次，為了獲得這位投資者所指的更大容量（TB級）的數據，你們有多少這樣的單元和數據包正在運行？第三，您如何利用這些數據，無論是作為這些電池的主要應用還是輔助應用？

We can probably spend hours talking about this in general, but the first point is that some of these proprietary testing and categorization techniques that we have such as TRC, ICM, ISC, trigger cells and et cetera. We can get some of the most detailed and quantitative data on thermal runaway and safety behavior on both the battery cells and packs that we're interested in building for KULR ONE battery packs. This will not probably not include all the battery cells in the world, but just focus on the cells that's relevant to our applications and our customers.

我們或許可以花幾個小時來討論這個問題，但首先要指出的是，我們擁有的一些專有測試和分類技術，例如 TRC、ICM、ISC、觸發細胞等等。我們可以獲得一些關於我們感興趣的 KULR ONE 電池組的電池單元和電池組的熱失控和安全行為的最詳細和定量數據。這可能不會包括世界上所有的電池，而只會專注於與我們的應用和客戶相關的電池。

Then it's to get to scale by deploying as many packs as possibly to the field and continuously monitor them. That's where I say the EV vendors will have a tremendous advantage because they have some of the largest scale deployments and the EV BMS monitor all the cells. We can do similar with our KULR ONE battery platform. And then it's actually becoming a business model question on do you sell the battery packs? Or do you lease them out of the battery packs and charge for the use of the energy consumption through the batteries as a subscription service?

接下來就是透過向現場部署盡可能多的測試包並持續監測它們來實現規模化。正因如此，我認為電動車供應商將擁有巨大的優勢，因為他們擁有最大的部署，而且電動車電池管理系統 (BMS) 可以監控所有電池。我們可以對我們的 KULR ONE 電池平台進行類似的操作。然後，這實際上變成了一個商業模式問題：你是否出售電池組？或者，你們是出租電池組，然後以訂閱服務的形式收取電池的能源消耗費用嗎？

So I think the shareholder -- actually, the question is actually leaning towards the second case. So if your business model is Energy as a Service, then KULR have data on primary application usage and potentially second life application for these battery packs as well to maximize the lifetime value of these batteries.

所以我認為股東——實際上，這個問題實際上傾向於第二種情況。因此，如果您的商業模式是能源即服務，那麼 KULR 擁有這些電池組的主要應用使用情況以及潛在的二次利用數據，從而最大限度地提高這些電池的生命​​週期價值。

I actually really believe that Energy as a Service will be the business model for telecom, for data centers and advanced electric mobility applications. They all have different requirements for the cell performance and life span of the batteries so you can price something for each one of them as a primary application and then you can eventually take possession of the battery and then apply second life applications for another industry.

我真心相信，能源即服務將成為電信、資料中心和先進電動車應用領域的商業模式。它們對電池的電芯性能和壽命都有不同的要求，因此您可以針對每種主要應用進行定價，然後最終您可以獲得電池，並將其用於其他行業的二次利用。

And in that case, you can maximize economic value of the battery packs and also minimize waste. In those applications, the Bloomberg Terminal analogy for battery information and AGI-like monitoring system, I believe, will be the killer app.

這樣一來，既可以最大限度地發揮電池組的經濟價值，又能最大限度地減少浪費。在這些應用中，我認為彭博終端機的電池資訊類比和類似通用人工智慧的監控系統將成為殺手級應用。

Well, Michael, thank you for that. I want to thank both Michael Mo, CEO of KULR Technology Group, as well as Shawn Canter, the CFO of KULR Technology Group. That concludes our call today.

邁克爾，謝謝你。我要感謝 KULR Technology Group 的執行長 Michael Mo 和 KULR Technology Group 的財務長 Shawn Canter。今天的通話到此結束。

And with that, I'll hand the call back over to our operator, Thomas. Thomas, the call is yours.

那麼，我就把電話轉回給我們的接線生湯瑪斯。湯瑪斯，現在由你決定。

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

謝謝。今天的網路直播和電話會議到此結束。您可以暫時斷開連接，祝您有美好的一天。再次感謝您的參與。