NeoVolta Inc (NEOV) 2025 Q3 法說會逐字稿

Greetings, and welcome to NeoVolta third-quarter fiscal 2026 earnings conference call. (Operator Instructions)

各位好，歡迎參加 NeoVolta 2026 財政年度第三季財報電話會議。(接線員指示)

As a reminder, this conference is being recorded. I would now like to turn the conference over to your host, Mr. Ardes Johnson. Thank you. You may begin.

提醒各位，本次會議將被錄音。現在我想將會議交給主持人 Ardes Johnson 先生。謝謝。您可以開始了。

Thank you, operator. and good morning, everyone. Welcome to NeoVolta's third-quarter fiscal 2026 earnings call. I'm Ardes Johnson, Chief Executive Officer, and I'm joined today by our Chief Financial Officer, Steve Bond. Before we begin, I would like to remind everyone that our remarks today will include forward-looking statements within the meaning of federal securities laws.

謝謝，接線員。各位早安。歡迎參加 NeoVolta 2026 財政年度第三季財報電話會議。我是執行長 Ardes Johnson，今天與我一同出席的是財務長 Steve Bond。在開始之前，我想提醒各位，我們今天的發言將包含依據聯邦證券法所定義的前瞻性陳述。

These statements are subject to a number of risks and uncertainties that could cause actual results to differ materially from what we discuss today. For more information, please refer to the full safe harbor statement on slide 2 of our investor presentation as well as the risk factors described in our Form 10-K for the year ended June 30, 2025, and our Form 10-Q for the quarter ending March 31, 2026, filed with the SEC. We do not undertake any obligation to update these forward-looking statements, except as required by law.

這些陳述受到多項風險與不確定性影響，可能導致實際結果與我們今天討論的內容存在重大差異。欲了解更多資訊，請參閱我們投資人簡報第 2 頁的完整安全港聲明，以及我們向美國證券交易委員會（SEC）提交的截至 2025 年 6 月 30 日止年度 Form 10-K 與截至 2026 年 3 月 31 日止季度 Form 10-Q 中所述的風險因素。除法律要求外，我們不承擔更新這些前瞻性陳述的任何義務。

With that, let me turn to the quarter. On our last earnings call in February, we spent a significant amount of time walking investors through our strategy and vision. The transformation of NeoVolta from a residential-focused storage provider into a vertically integrated energy solutions platform spanning residential, C&I and utility scale markets.

接下來我談談本季表現。在 2 月的上次財報電話會議中，我們花了相當多時間向投資人說明我們的策略與願景。也就是將 NeoVolta 從以住宅為主的儲能供應商，轉型為垂直整合的能源解決方案平台，涵蓋住宅、商業與工業（C&I）以及公用事業級市場。

We laid out the road map in detail. We explained why we believe this is the right moment to build this platform and why NeoVolta is uniquely positioned to capture the opportunity. This quarter, the story shifts from vision to execution, and I'm pleased to report that the progress has been real and meaningful across every dimension of our platform.

我們已詳細提出路線圖。我們也說明了為何我們相信現在正是打造此平台的適當時機，以及為何 NeoVolta 具備獨特優勢可把握此一機會。本季，故事將從願景轉向執行；我很高興向各位報告，我們在平台的各個面向都取得了真實且具意義的進展。

Before I walk through that progress, I want to address a leadership announcement we made this week alongside our earnings release. We have appointed Jing Nealis as NeoVolta's new Chief Financial Officer, effective May 18. Jing brings more than 20 years of financial leadership experience with deep expertise in the energy transition, technology and manufacturing sectors. Most recently, she served as the CFO of SES AI Corporation, where she led the company through a period of significant transformation and growth, raising substantial capital, expanding operations and establishing multiple revenue-generating business units.

在我說明這些進展之前，我想先談談我們本週在發布財報的同時所宣布的一項領導團隊人事消息。我們已任命 Jing Nealis 為 NeoVolta 新任財務長，自 5 月 18 日起生效。Jing 擁有超過 20 年的財務領導經驗，並在能源轉型、科技與製造業領域具備深厚專長。最近，她擔任 SES AI Corporation 的財務長，帶領公司在顯著轉型與成長期間，募集大量資金、擴大營運，並建立多個可創造營收的事業單位。

Jing joins at exactly the right moment. We are ramping a domestic manufacturing platform, expanding commercial operations across multiple verticals and pursuing one of the most significant growth opportunities in the US clean energy sector. Her experience navigating this complexity is precisely what the phase of NeoVolta's growth requires. I want to take a moment to recognize Steve Bond. Steve has been a cornerstone of NeoVolta since the beginning. As Co-Founder and CFO, he helped build the financial foundation that has made everything we are doing today possible, and I'm grateful for his contributions.

Jing 在此刻加入正逢其時。我們正加速建立國內製造平台、在多個垂直領域擴展商業營運，並追求美國潔淨能源產業中最重要的成長機會之一。她在駕馭此類複雜情勢方面的經驗，正是 NeoVolta 成長階段所需要的。我也想花點時間肯定 Steve Bond。Steve 自 NeoVolta 創立以來一直是公司的中流砥柱。作為共同創辦人兼財務長，他協助建立了財務基礎，使我們今天所做的一切成為可能，我對他的貢獻深表感謝。

Steve is not going anywhere. He is stepping into a critical new role as Executive Vice President and President of NeoVolta Power, LLC, where he will lead our Georgia manufacturing facility through the production ramp and into mass output. Getting that plant to commercial production on time is mission-critical for NeoVolta, and there's no one I would rather have running it. Steve, thank you for everything, and I know the best is still ahead.

Steve 不會離開。他將轉任一個關鍵的新職務，擔任執行副總裁暨 NeoVolta Power, LLC 總裁，負責帶領我們喬治亞州製造工廠完成產能爬坡並進入量產。讓該工廠按時達到商業化生產對 NeoVolta 至關重要，而我想不到有誰比他更適合負責此事。Steve，謝謝你所做的一切，我也相信最好的仍在前方。

Now let me turn to the key highlights from the quarter and our progress sets. Let me start where I believe the focus belongs, the Georgia facility. Our manufactured joint venture, NeoVolta Power, LLC is on track. This is what the investment community has been watching closely, and I want to be direct about where we stand. I am pleased to report that our manufacturing equipment has started to arrive on site at our Georgia facility. Installation is targeted for June and we expect initial production to begin ramping in Q3 of this calendar year.

現在我來談談本季的重點摘要與我們的進展。我先從我認為最應該聚焦的地方開始：喬治亞州工廠。我們的製造合資企業 NeoVolta Power, LLC 正按計畫推進。這是投資界一直密切關注的重點，我想直接說明我們目前的狀況。我很高興報告，我們的製造設備已開始運抵喬治亞州工廠現場。安裝目標為 6 月，我們預期今年曆年第三季開始進行初期產能爬坡。

I want to put this into perspective. We formed this joint venture in January of this year. In less than 6 months, we have secured a facility, finalized our production design, accepted equipment and are weeks away from installing that equipment and commissioning our production line. That is a significant pace of execution. I also want to remind investors is something that is increasingly important in this market.

我想把這件事放在更大的脈絡下看。我們在今年 1 月成立這家合資企業。不到 6 個月，我們已取得廠房、完成生產設計、驗收設備，並距離設備安裝與產線試車投產僅剩數週。這是相當快的執行速度。我也想提醒投資人一點：在這個市場中，這件事正變得愈來愈重要。

NeoVolta Power being structured to be fully FEOC-compliant. We are one of only a handful of best suppliers in the United States that could offer FEOC-compliant, domestically assembled systems that qualify for the IRS Section 45X Advanced Manufacturing Production Credits and Section 48E Investment Tax Credits, including potential domestic content [bonus] treatment.

NeoVolta Power 的架構設計將可完全符合 FEOC 規範。我們是美國少數能提供符合 FEOC 規範、在美國境內組裝的系統供應商之一，且可符合美國國稅局（IRS）第 45X 條先進製造生產抵減（Advanced Manufacturing Production Credits）與第 48E 條投資稅額抵減（Investment Tax Credits）的資格，並包含潛在的國內含量[加成]待遇。

As best demand continues to ramp and as procurement decisions increasingly turn on incentive qualification and supply chain compliance, this is a meaningful and durable competitive advantage. In April, we further strengthened that platform by increasing our ownership interest in the NeoVolta Power from 60% to 80% at no to cash cost while retaining full Board and operational control. At the same time, we expanded our commercial agreement with PotisEdge to support business development and customer engagement as we approach production.

隨著電池需求持續爬升，且採購決策愈來愈取決於補貼資格與供應鏈合規性，這將成為一項重要且可長期維持的競爭優勢。4 月，我們進一步強化該平台：在不需現金支出的情況下，將 NeoVolta Power 的持股比例由 60% 提高至 80%，同時保留董事會與營運的完全控制權。同時，我們也擴大與 PotisEdge 的商業協議，以在接近投產之際支援業務開發與客戶互動。

These are deliberate steps to deepen our economic stake and commercial reach as we near first output. Turning to our C&I platform. This quarter marked a defining commercial milestone. In March, we received our first purchase order from Luminia LLC. The initial order valued at approximately $1.9 million for 40 units of our NVGAIN-125K261 commercial and industrial battery storage system is the first concrete transaction under the strategic supply collaboration framework we announced in December of 2025.

這些都是在接近首次出貨之際，為了加深我們的經濟利益與商業觸及所採取的審慎步驟。接著談我們的 C&I 平台。本季達成一項具指標性的商業里程碑。3 月，我們收到來自 Luminia LLC 的第一張採購訂單。該筆初始訂單金額約 190 萬美元，內容為 40 套我們的 NVGAIN-125K261 商用與工業電池儲能系統，這是我們在 2025 年 12 月宣布的策略供應合作架構下的第一筆具體交易。

Luminia is one of the most active C&I synergy storage developers in the United States, with contracted demand for approximately 160-megawatt hours and additional pipeline of approximately 640-megawatt hours. This initial purchase order is the first step in what we expect to be a sustained, multiyear commercial relationship, representing approximately $39 million in potential equipment revenue under the broader collaboration framework. On the utility scale front, we are in active discussions with prospective customers and partners as we build out our commercial pipeline in this market. We are encouraged by the early engagement we are seeing and believe our integrated platform and domestic manufacturing capabilities position us well to compete. We will provide updates as this business develops further.

Luminia 是美國最活躍的 C&I 協同儲能開發商之一，已簽約需求約 160 兆瓦時，另有約 640 兆瓦時的額外案源管線。這張初始採購訂單是我們預期將形成長期、多年度商業合作關係的第一步；在更廣泛的合作架構下，潛在設備營收約 3,900 萬美元。在公用事業級方面，我們正與潛在客戶與合作夥伴積極洽談，同時建立該市場的商業案源管線。我們對目前看到的早期互動感到鼓舞，並相信我們的整合式平台與國內製造能力使我們具備良好的競爭定位。隨著該業務進一步發展，我們將提供最新進展。

Residential remains our foundation. We continue to expand our national installer and distributor network during the quarter with activity across Texas, Puerto Rico and additional new markets. Demand in the quarter was affected by the expiration of the federal solar investment tax credit for individuals at the end of December 2025, which created a near-term headwind across the residential solar and storage market. We believe this is a temporary dynamic. The underlying drivers of residential storage adoption, resiliency, energy independence and cost savings remain firmly in place.

住宅市場仍然是我們的基礎。本季我們持續擴大全國安裝商與經銷商網絡，業務活動遍及德州、波多黎各以及其他新增市場。本季需求受到聯邦個人太陽能投資稅額抵免於2025年12月底到期的影響，對住宅太陽能與儲能市場整體造成短期逆風。我們認為這是暫時性的動態。推動住宅儲能採用的根本因素——韌性、能源自主與成本節省——仍然穩固存在。

We continue to prepare for the commercial launch of NVWave modular platform, which we expect to improve the per system economics and install our throughput as it ramps into the market. In parallel, we are advancing a third-party ownership or TPO financing model for the residential market in collaboration with Luminia. This structure will enable homeowners to deploy NVWave systems with little to no upfront cost, lowering barriers to adoption and generate recurring revenue streams for NeoVolta over time. We will share further updates on this initiative as it develops.

我們持續為NVWave模組化平台的商業化上市做準備，我們預期該平台在逐步導入市場的過程中，將改善單套系統的經濟效益並提升我們的安裝吞吐量。同時，我們正與Luminia合作，推進面向住宅市場的第三方持有（TPO）融資模式。此結構將使屋主能以極低甚至零前期成本部署NVWave系統，降低採用門檻，並隨時間為NeoVolta帶來經常性收入來源。隨著此計畫推進，我們將分享更多更新。

Before I turn it over to Steve, I want to highlight an important external validation of the platform we are building. In April, NeoVolta was named the 2026 Energy Storage Company of the Year by CleanTech Breakthrough, selected from thousands of nominations across more than 16 countries. This recognition reflects the progress we have made in building a differentiated product portfolio and expanding our market reach, and reinforces what we hear directly from our channel partners and customers.

在我把話筒交給Steve之前，我想強調一項對我們正在打造的平台的重要外部驗證。4月，NeoVolta獲CleanTech Breakthrough評選為「2026年度儲能公司」，該獎項從超過16個國家、數千件提名中選出。這項肯定反映了我們在打造具差異化的產品組合與擴大市場觸及方面所取得的進展，也強化了我們從通路夥伴與客戶那裡直接聽到的回饋。

With that, I will turn the call over to Steve to review the financial results. Steve?

接下來，我將把電話會議交給Steve來回顧財務結果。Steve？

Thanks, Ardes, and good morning, everyone. It's been an honor to help build NeoVolta from the ground up and serve as CFO through this transformational period. I'm excited about what lies ahead in my new role leading NeoVolta Power, and I have full confidence in Jing and in this team.

謝謝你，Ardes，各位早安。能夠從零開始協助打造NeoVolta，並在這段轉型期間擔任財務長，是我的榮幸。我對在新職務中領導NeoVolta Power的未來感到振奮，並對Jing以及這個團隊充滿信心。

Now let me turn to the numbers. I'd like to flag at the outset that this is NeoVolta's first quarter reporting on a fully consolidated basis, which includes the financial results of NeoVolta Power, LLC, our manufacturing joint venture in which we held the 60% controlling interest during the quarter and subsequently increased to 80% in April.

現在我來談數字。我想先提醒各位，這是NeoVolta首次以完全合併基礎進行季度申報，其中包含NeoVolta Power, LLC的財務結果；NeoVolta Power是我們的製造合資企業，我們在本季持有60%的控股權益，並於4月將持股提高至80%。

As a result, our income statement and balance sheet for the quarter ended March 31, 2026, reflect the consolidated operations of both the parent company and NeoVolta Power, with the minority interest reflected separately in stockholders' equity. Investors should keep this context in mind when reviewing current results relative to prior periods, which did not include NeoVolta Power.

因此，截至2026年3月31日止季度的損益表與資產負債表，反映了母公司與NeoVolta Power的合併營運，少數股權則在股東權益中另行列示。投資人於檢視本期結果與過往期間比較時，應留意此背景，因為先前期間並未納入NeoVolta Power。

Turning to the results. For the three months ended March 31, 2026, revenue was approximately $2 million, compared to approximately $2 million in the same period last year. Revenue in the quarter was impacted by the expiration of the federal solar investment tax credit for individuals at the end of December 2025, which created a market-wide slowdown in residential solar and storage demand.

接著看營運結果。截至2026年3月31日止三個月，營收約為200萬美元，與去年同期約200萬美元相當。本季營收受到聯邦個人太陽能投資稅額抵免於2025年12月底到期的影響，導致住宅太陽能與儲能需求在整體市場層面放緩。

While this was a near-term headwind, our 9-month revenue of $13.3 million was up approximately 262% year-over-year from $3.7 million and reflects the strong underlying growth trajectory of the business. Gross profit for the quarter was approximately $0.9 million, representing a gross margin of approximately 46%, compared to gross profit of approximately $500,000 and gross margin of approximately 26% in Q3 of last year. The improvement reflects a higher margin product mix during the quarter.

雖然這是短期逆風，但我們9個月營收為1,330萬美元，較去年同期的370萬美元年增約262%，反映出業務強勁的基本成長軌跡。本季毛利約為90萬美元，毛利率約46%；相較之下，去年第三季毛利約50萬美元、毛利率約26%。此改善反映本季較高毛利的產品組合。

I want to note for transparency that the reported Q3 margin includes a correcting entry related to inventory cost recognition in the prior quarter. Excluding that adjustment, Q3 gross margin was approximately 36%.

為了透明起見，我想說明：所揭露的去年第三季毛利率包含一筆與前一季存貨成本認列相關的更正分錄。若排除該項調整，去年第三季毛利率約為36%。

Total operating expenses for the quarter were approximately $3.6 million, compared to approximately $1.9 million in Q3 of last year. The increase reflects continued investment in commercial and operational infrastructure, R&D associated with the NVWave platform ramp and NeoVolta Power operating expenses as the manufacturing facility advances towards production. These are deliberate investments in our growth platform. Net loss for the quarter was $3 million or $0.08 a share compared to a net loss of $1.4 million or $0.04 a share in Q3 of last year.

本季總營業費用約為360萬美元，去年第三季約為190萬美元。增加主要反映我們持續投資於商業與營運基礎建設、與NVWave平台放量相關的研發，以及隨製造設施朝量產推進而產生的NeoVolta Power營運費用。這些都是我們對成長平台的有意投資。本季淨損為300萬美元，或每股0.08美元；相較之下，去年第三季淨損為140萬美元，或每股0.04美元。

Turning to the balance sheet. As of March 31, 2026, we had cash of approximately $11.5 million and net working capital of approximately $19.5 million. This represents a meaningful improvement from December 31, 2025, when we had cash of approximately $212,000 and working capital of approximately $3.4 million, reflecting the equity financing transactions completed during the quarter.

接著看資產負債表。截至2026年3月31日，我們現金約為1,150萬美元，淨營運資金約為1,950萬美元。相較於2025年12月31日當時現金約21.2萬美元、營運資金約340萬美元，這是一項顯著改善，反映本季完成的股權融資交易。

On the joint venture funding, our Phase 2 capital contribution of $8 million is targeted for May 31. We are actively evaluating a range of funding options, including equity, debt and project financing to support this milestone and our ongoing growth capital requirements. In April, we also established a revolving credit facility of up to $3 million with our depository bank, providing additional near-term liquidity and flexibility.

就合資企業資金挹注而言，我們第二階段（Phase 2）8,000萬美元的資本出資目標日期為5月31日。我們正積極評估多元資金選項，包括股權、債務與專案融資，以支持此里程碑及我們持續的成長資本需求。4月，我們也與往來存款銀行建立最高300萬美元的循環信用額度，提供額外的短期流動性與彈性。

With approximately $11.5 million in cash and $19.5 million in net working capital as of March 31 and with the multiple financing options under active evaluation, we believe we have the financial stability to fund our near-term obligations and support the business as we approach this major inflection point.

截至3月31日，我們約有1,150萬美元現金與1,950萬美元淨營運資金，且多項融資選項正在積極評估中；我們相信公司具備財務穩定性，可支應短期義務，並在接近這個重大轉折點之際支持業務發展。

With that, I will turn it back to Ardes for closing remarks before we open the line for questions.

接下來，我將把話筒交回給Ardes，在我們開放提問之前請他做結語。

Thank you, Steve. Let me close with a brief summary of where NeoVolta stands and why we are excited about the second half of 2026. The transformation we described on our last call is translating into real tangible progress. We received our first C&I purchase order from Luminia. We continue to have a robust pipeline for utility scale.

謝謝你，Steve。最後我簡要總結NeoVolta目前的狀況，以及我們為何對2026年下半年感到振奮。我們在上次電話會議中描述的轉型，正轉化為實際且具體的進展。我們收到了來自Luminia的第一筆工商業（C&I）採購訂單。我們在公用事業級市場仍持續擁有強勁的案源管線。

We increased our ownership in NeoVolta Power to 80%. We were recognized as a 2026 Energy Storage Company of the Year, and our Georgia manufacturing facility is on track with equipment starting to arrive on site, installation in June and production ramp beginning in Q3 of this year. We are approaching an inflection point for this company.

我們將NeoVolta Power的持股提高至80%。我們獲評為「2026年度儲能公司」，而我們位於喬治亞州的製造設施進度如期，設備已開始運抵現場，6月進行安裝，並將於今年第三季開始量產爬坡。我們正接近公司的轉折點。

When that facility goes into production, NeoVolta transforms from a platform under construction into an operational vertically integrated energy solutions provider with domestic manufacturing capacity and the ability to compete at scale across all 3 of our market verticals. And I want to close on this point.

當該設施投入生產後，NeoVolta將從「建置中的平台」轉變為具備國內製造能力、可在我們三大市場垂直領域全面以規模競爭的、垂直整合的營運型能源解決方案供應商。我想以這一點作結。

We are one of only a handful of companies in the United States that we'll be able to offer FEOC-compliant, domestically assembled best products qualified for IRA manufacturing and investment tax credits. That distinction is becoming a decisive factor of procurement decisions across every customer segment we serve. We built this platform with that reality in mind. I want to thank our employees, partners and shareholders for their continued support. And I want to again welcome Jing Nealis to the NeoVolta team.

我們是美國少數幾家能夠提供符合 FEOC 規範、在國內組裝之最佳產品的公司之一，且該等產品符合 IRA 製造與投資稅額抵免的資格。這項差異正逐漸成為我們所服務之各客戶族群在採購決策上的決定性因素。我們在打造這個平台時，已將這項現實納入考量。我要感謝我們的員工、合作夥伴與股東持續的支持。我也要再次歡迎 Jing Nealis 加入 NeoVolta 團隊。

We are ready for this next chapter. Steve and I are happy to take your questions. Operator, please open the line for Q&A.

我們已準備好迎接下一個篇章。Steve 和我很樂意回答各位的提問。接線員，請開放問答環節。

(Operator Instructions)

(接線員指示)

Steve Ferazani, Sidoti & Company.

Steve Ferazani，Sidoti & Company。

Ardes, Steve, I know you got a lot going on. So congratulations on reaching certain milestones. But Ardes, Steve, I mean I think the big question here is the pushout on the Phase 2 capital contribution. You had $11.5 million on the books in cash at the end of March, what's the challenges there in meeting these 2 capital contribution? And then behind that Phase 3 is supposed to be a commissioning, which isn't that far off.

Ardes、Steve，我知道你們手上有很多事情在進行。所以恭喜你們達成若干里程碑。不過 Ardes、Steve，我想這裡最大的問題是第二階段資本出資的延後。你們在 3 月底帳上現金為 1,150 萬美元，達成這兩筆資本出資的挑戰是什麼？而在那之後，第三階段應該是試車／投產（commissioning），時間其實也不遠。

What's your ability in hitting those? And you're saying targeted May 31. If you can just provide some general color, I think it's the big question.

你們達成那些目標的能力如何？你們說目標是 5 月 31 日。如果可以提供一些概括性的說明，我想這是最大的問題。

Yes. Steve, thanks for the question. It's a great one. The way I articulate it, it wasn't necessarily a pushout. We were working with our team and the joint venture, and we were coming to closure on some documents that was actually what was a little bit pushed out, and we've gotten into a blackout period, and we were working with them and said, Hey, guys, can we just move it from April to May?

是的。Steve，謝謝你的問題。這問得很好。我表達的方式是，這不一定算是延後。我們一直與團隊及合資公司合作，並且在一些文件上接近定案；真正稍微被往後推的是那些文件的收尾，而我們也進入了禁售期（blackout period），因此我們就跟他們討論說：各位，我們能不能把時間從 4 月移到 5 月？

It makes it very -- a lot simpler for us. Our goal right now, we have a lot of options that we're looking at, a lot of different ways of funding not only the next tranche, but getting all the complete funding through, and we should have that in the coming days. We're working with people on that, and we feel very confident that we're going to be able to reach that. But it wasn't that we weren't able to raise the money. It was more of an agreement between us and our joint venture partner, PotisEdge and LONGi because those dates, I don't want to say they were arbitrary, but they were put in early into the negotiation process.

這樣對我們來說會簡單很多。我們目前的目標是：我們正在評估很多選項、很多不同的資金籌措方式，不僅是為了下一筆分期（tranche），也包括把全部資金到位；我們應該在接下來幾天內就會有結果。我們正與相關人士合作，並且非常有信心能夠達成。但並不是我們無法籌到錢。比較像是我們與合資夥伴 PotisEdge 與 LONGi 之間的共識；那些日期我不想說是隨意訂的，但確實是在談判初期就先放進去的。

And when we got into this, we said, Hey, guys, this would be easier for us to push this out a month". They fully agreed with that, not a problem.

當我們進入執行階段時，我們就說：各位，把這個往後延一個月對我們會更容易。他們完全同意，沒有問題。

Got it. I think that's a really important point and very helpful. Thanks, Ardes for adding that color. In terms of the quarter, we knew it obviously going to be impacted by the temporary slowdown in residential solar. One pleasant surprise, I expected to see costs ramping up more out of the plant start and getting ready for NVWave.

了解。我覺得這點非常重要，也很有幫助。謝謝你，Ardes，補充這些說明。就本季而言，我們知道它顯然會受到住宅太陽能短期放緩的影響。有個令人驚喜的地方是：我原本預期會看到成本因工廠啟動、以及為 NVWave 做準備而更明顯地上升。

How are you thinking about costs ahead of those two big steps?

你們如何看待在那兩個重大步驟之前的成本？

Yes. Well, we're very conscientious on any cost right now in relation to getting revenue and cash in the door. So we've been very -- we've had the ability to be very efficient when it comes to launching the NVWave, and not only the product now, but even the further step two and three of the products in the future associated with the NVWave.

是的。我們目前對任何成本都非常謹慎，尤其是與把營收與現金帶進來相關的支出。因此在推出 NVWave 方面，我們一直能夠非常有效率；不僅是現在這個產品，未來與 NVWave 相關的第二、第三階段產品也一樣。

Our goal right now is to get that product launched and product delivered to customers by the end of the current quarter that we're in now. And we're working right now again as well with our partner, Luminia on a third-party ownership model that we hopefully to be able to get out there at some point, and we're looking at ways to help deploy that product, and we want to do it in the most efficient way possible.

我們目前的目標是在本會計季度結束前把產品推出，並交付給客戶。同時我們也再次與合作夥伴 Luminia 合作，推動第三方持有（third-party ownership）模式；我們希望能在某個時間點推出，並且正在尋找協助部署該產品的方法，我們希望以最高效率的方式來做。

Doing it that way will allow us to kind of have a (inaudible) easier predictor to timing of needing the product to be shipped. So we're being very efficient on the front end on finalizing that development, but we're also being very efficient in how we spend money for raw materials as well.

以這種方式進行，將使我們在需要出貨時間點的預測上更容易一些（聽不清）。因此在前端完成開發定案方面我們非常有效率，同時在原物料的花費上也非常有效率。

Is it tough to be launching a product like this, which obviously is significantly transformational from your previous residential products in a tepid market, a temporarily tempered market?

在一個疲弱的市場、短期降溫的市場中推出這樣的產品（顯然相較你們先前的住宅產品具有重大轉型意義），會不會很困難？

Yes. I think as I was speaking to before, I think the finance models that are out there, if you can get locked into that, I think it helps let you rise above the general market slowdown. And I think there's opportunity as well as just general demand in that. The market has shifted with the loss of the individual investment tax credit for the homeowner. It shifted into this third-party ownership model with the financing.

是的。如同我先前提到的，我認為如果能把市面上的融資模式鎖定下來，將有助於你超越整體市場放緩的影響。我認為其中既有機會，也有一般性的需求。由於屋主個人投資稅額抵免的流失，市場已經發生轉變。它轉向了透過融資的第三方持有模式。

Our goal is to lock into that, and we've had a very strong interaction with customers saying, Hey, if you can bring both of those, we think we can accelerate our deployment actually. So we feel very good about that piece of it, and there will be some good news in the coming days, we think on that piece. But for us, I think the understanding that those two are definitely linked. We want to make sure that we engage that way, so we don't get caught in a catch and see in terms of the cash market as they call it in our industry. The cash market is definitely slowing.

我們的目標是把這一塊鎖定下來；而且我們與客戶互動非常熱絡，客戶表示：如果你能把這兩者都帶來，我們其實可以加速部署。所以我們對這一塊感覺非常好，我們認為接下來幾天在這方面會有一些好消息。但對我們而言，理解這兩者確實是連動的。我們希望確保以這種方式切入，避免在我們產業所謂的現金市場（cash market）上陷入進退兩難。現金市場確實正在放緩。

I do believe in my heart that it will recover itself, it's going to take a little bit more time on that side. But at the same time, we're not going to wait around for that. So we're actively engaged on that piece.

我內心相信它會自行復甦，只是那一端還需要多一點時間。但同時，我們不會坐等它發生。所以我們正在積極推進這一塊。

Got it. That's helpful. And if I could get one more in, in terms of some color around the customer engagements you're currently having ahead of the plant launch in Georgia.

了解。這很有幫助。如果我可以再問一個：關於你們在喬治亞州工廠啟動前，目前正在進行的客戶洽談情況，可否再補充一些說明？

Yes, yes. We're having -- historically speaking, there was opportunities with our partner, PotisEdge in the United States prior to the transformation to NeoVolta Power, LLC. So we've been engaging with those clients, working with our team members from PotisEdge on that. We've obviously engaged with LONGi and what they're doing on their side of the equation. So we've been having some very deep conversations when it comes to utility scale.

是的，是的。我們正在進行——從歷史來看，在 PotisEdge 於美國、在轉型為 NeoVolta Power, LLC 之前，就已經有一些與我們合作夥伴相關的機會。因此我們一直在與那些客戶接觸，並與 PotisEdge 的團隊成員一起推進。我們也當然與 LONGi 以及他們在其環節所做的事情保持互動。因此在公用事業級（utility scale）方面，我們已經進行了一些非常深入的對話。

We've had some natural opportunities come our way just from the announcements of the factory. So we're working with that. On the C&I side of the business, we've got some -- the industry itself is clamoring for a U.S.-made product. So we've had a lot of generation of opportunities. But a bigger -- even bigger piece of that equation is our partnership with Luminia.

僅僅因為工廠公告，我們就自然迎來了一些機會。所以我們正在把握並推進這些機會。在業務的 C&I（商業與工業）端，整個產業本身都在強烈要求美國製造的產品。因此我們產生了很多機會。但這個方程式中更大——甚至更大的一塊，是我們與 Luminia 的合作夥伴關係。

Luminia has got a programmatic way to go to market and they've got tons of opportunities we talked about in the report that they've got several megawatt hours of pipeline as well as backlog that they're getting in right now, and we're working with them to do that. Those opportunities also will be benefit from a third-party ownership model as well, which we are again engaged with Luminia on that. So we feel very confident on the C&I piece and even more confident about the utility scale. We've got opportunities right now that we're looking at for reference projects, and we've got some internal numbers where we think we can hit this year, and we feel very confident that we'll move all that product that we've got in there.

Luminia 有一套程式化的市場推進方式，而且他們有大量機會；我們在報告中也提到，他們目前有數個兆瓦時規模的商機管線，以及正在取得的在手訂單（backlog），我們正與他們合作推進。這些機會也將受益於第三方持有（third-party ownership）模式，我們也再次就此與 Luminia 展開合作。因此我們對 C&I 這一塊非常有信心，對公用事業級（utility scale）則更有信心。我們目前正在評估一些可作為示範/參考專案（reference projects）的機會，也有一些內部數字顯示我們今年可以達成目標；我們非常有信心能把我們那邊的所有產品都推動出貨。

Sean Milligan, Needham & Company.

Sean Milligan，Needham & Company。

On the utility scale side, you hit on the funding and the demand piece. But can you talk a little bit about some of the other things maybe you have to do between now and first order, whether that's like getting some sign-off on the ability to get the tax credits there. UL certification or just bankability of those products?

在公用事業級這一端，你提到了資金與需求的部分。但你能否談談在現在到第一筆訂單之間，可能還需要做哪些其他事情？例如取得稅收抵免資格的核准，UL 認證，或是這些產品的可融資性（bankability）？

Yes. So from a UL certification, we're where we need to be, have full confidence that any changes there on the plant and whatnot in the product. The product is something that we're bringing over in and of itself. We're not changing too much of the design at this point. So that, we feel very confident in.

是的。就 UL 認證而言，我們已達到所需狀態，並且完全有信心，無論是工廠端或產品端的任何變更都能符合要求。產品本身是我們直接導入的。現階段我們不會對設計做太多改動。所以在這方面，我們非常有信心。

From the other piece of it, when you're doing utility scale, what you look for is a few partners that are going to support you on some reference projects at the beginning. That's what we're working towards. But we know over the next coming months, that we're going to continue to have individual engineering reports. We're going to have a lot of people in the factory looking at our QA/QC and that development. And that's all on pace for us to kind of get towards the end of this year to lock in those long-term supply agreements going into next year.

至於另一部分，當你做公用事業級專案時，你會尋找幾個合作夥伴，在一開始支持你做一些示範/參考專案。這正是我們努力的方向。但我們知道在接下來幾個月，我們會持續有各別的工程報告出爐。會有很多人到工廠來檢視我們的 QA/QC（品質保證/品質管制）以及相關開發。而這一切都按進度推進，讓我們能在今年底左右鎖定明年要簽的長期供應協議。

So what we're doing is we're working with the big -- the developers and the ones who're having multi-gigawatt offtake requirements, and we're working with them on what we need to do to satisfy them, not only financially, but from a bankability perspective in the QA/QC. It's all part of the system, and I don't want to say the game, but it is part of the process that has to happen. And we feel very confident right now that we've got not only that reference opportunity line up, a few of those, but also going into next year, what it looks like from a projection on a month-by-month and quarterly basis of supplying product to fulfill at the minimum, the 2 gigawatt hours that we have.

我們正在做的是與大型——也就是那些有多 GW（吉瓦）承購（offtake）需求的開發商合作，並與他們一起確認我們需要做什麼來滿足他們的要求，不僅是財務面，也包括 QA/QC 層面的可融資性（bankability）。這都是整個系統的一部分；我不想說這是一場「遊戲」，但它確實是必須發生的流程之一。而我們目前非常有信心：不僅已經排定了幾個示範/參考機會（reference opportunity），同時也對明年逐月與逐季的供貨預測有清楚輪廓，以至少滿足我們 2 GWh（吉瓦時）的供貨量。

Okay. That's great. And then on cell supply, can you just remind us like what you're eyeing for cell supply more specifically for next year? Like do you have access to enough [non-fat cells you're looking] in the US? Like kind of what's your outlook there?

好的。很棒。另外關於電芯供應，你能再提醒我們更具體地說，你們明年電芯供應的目標是什麼嗎？例如你們在美國是否能取得足夠的（你們要的）非……電芯？你們對這部分的展望如何？

Yes. It's a combination, right? Obviously, we know going into next year, there's going to be a need to change from the Chinese cell capacity. But we're looking at non-Chinese options in places like Southeast Asia to support us that are FEOC-compliant.

是的。這是組合策略，對吧？顯然我們知道，進入明年後，將需要從中國的電芯產能轉換。但我們也在尋找東南亞等地的非中國選項來支援我們，且要符合 FEOC 規範（FEOC-compliant）。

And we're starting to have and we -- not even starting, we have been having conversations with a few of the US suppliers, some that are just US supplier of the product that we need and some of are doing some conversion processes over from EV to stationary storage to look at certain -- meeting certain requirements in the pipeline. We look at it as -- and as everyone is starting to look at as the new IRS guidelines came out this year, or the beginning guidelines, looking at a mix of FEOC and domestic content capable product to meet only the FEOC requirements, but the domestic content requirements.

我們也開始——其實不只是開始，我們一直在與幾家美國供應商對話：有些是能提供我們所需產品的美國供應商；也有些正在把產品從電動車（EV）用途轉換到定置式儲能，來評估在管線中滿足某些要求。我們的看法是——而且大家也開始這樣看——隨著今年 IRS 新指引（或初步指引）發布，會需要搭配 FEOC 與可滿足國產含量（domestic content）能力的產品組合，不僅要符合 FEOC 要求，也要符合國產含量要求。

We have reached the end of the question-and-answer session. I'd now like to turn the call back over to Ardes Johnson for brief closing comments.

問答環節到此結束。接下來我想把電話交回給 Ardes Johnson，請他做簡短的結語。

Thank you. I would like to say at the end of the day that we we're very excited about where we're going. Again, I want to thank Steve for all that he's done for us and all that we will do for us. It's been very important for us at this point to transition ourselves into a company that we can only imagined 1.5 years ago. And at this time, I would just like to say I'm excited about where we're at and where we're going and looking forward to the coming quarters and what we're going to be coming into next year.

謝謝。我想說，總而言之，我們對未來的方向感到非常振奮。再次，我要感謝 Steve 為我們所做的一切，以及他將為我們繼續做的一切。在這個時間點，對我們而言非常重要的是完成轉型，成為一家在 1.5 年前我們只能想像的公司。此刻，我只想說我對我們目前的位置與未來的方向感到興奮，也期待接下來幾個季度，以及我們明年將迎來的進展。

Thank you, everyone.

謝謝各位。

This concludes today's conference. You may disconnect your lines at this time, and we thank you for your participation.

今天的電話會議到此結束。您現在可以掛斷電話線，感謝您的參與。