Palladyne AI Corp (PDYN) 2022 Q3 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Third Quarter 2022 Sarcos Technology and Robotics Corporation Earnings Call. (Operator Instructions) Please be advised that today's conference is being recorded.

您好，感謝您的支持。歡迎參加 Sarcos 技術和機器人公司 2022 年第三季財報電話會議。 （操作員指示）請注意，今天的會議正在錄音。

I would now like to hand the conference over to your speaker today, Ben Mimmack, Head of Investor Relations. Please go ahead.

現在，我想將會議交給今天的發言人、投資者關係主管 Ben Mimmack。請繼續。

Thanks, Amy. Good afternoon, everyone, and welcome to the Sarcos third quarter earnings call. Joining us on the call this afternoon are Sarcos President and Chief Executive Officer, Kiva Allgood; and Chief Financial Officer, Drew Hamer. Kiva will start the call with an overview of the first quarter and recent events, and Drew will then talk in more detail about our financial results before we take questions from analysts.

謝謝，艾米。大家下午好，歡迎參加 Sarcos 第三季財報電話會議。今天下午參加電話會議的有 Sarcos 總裁兼執行長 Kiva Allgood；和財務長德魯·哈默（Drew Hamer）。 Kiva 將在電話會議上概述第一季和近期事件，然後 Drew 將更詳細地介紹我們的財務業績，之後我們將回答分析師的問題。

Before we begin, we must state that today's call will contain forward-looking statements including statements concerning future commercial availability of our products, market trends, revenues, cost and liquidity. In addition, any statements about future performance related to our acquisition of RE2, including our expectations regarding the benefits we achieved, the financial performance of the combined company, future market or revenue opportunities, integration plans and other statements regarding the combination of the 2 companies are forward-looking statements. These statements represent management's beliefs and expectations as to future events as of today, but there are many risks and uncertainties that could cause actual results to differ from what we have predicted.

在開始之前，我們必須聲明，今天的電話會議將包含前瞻性陳述，包括有關我們產品未來商業可用性、市場趨勢、收入、成本和流動性的陳述。此外，任何與我們收購 RE2 有關的未來業績的聲明，包括我們對所取得的效益的預期、合併後公司的財務業績、未來市場或收入機會、整合計劃以及有關兩家公司合併的其他聲明均為前瞻性聲明。這些聲明代表了管理層對當今未來事件的信念和期望，但存在許多風險和不確定性，可能導致實際結果與我們的預測不同。

Among those risks and uncertainties are those described in our quarterly report on Form 10-Q filed today with the SEC and those mentioned in today's earnings press release. We encourage you to review the risks and uncertainties described in this press release and in our filings with the SEC for further information regarding these actual and potential risks and uncertainties.

這些風險和不確定性包括我們今天向美國證券交易委員會提交的 10-Q 表季度報告中所述和今天的收益新聞稿中提到的。我們鼓勵您查看本新聞稿和我們向美國證券交易委員會提交的文件中所描述的風險和不確定性，以獲得有關這些實際和潛在風險和不確定性的更多資訊。

We also encourage you to review the special note regarding forward-looking statements included in our earnings release and 10-Q for the third quarter of 2022, and 8-Ks filed with the SEC this afternoon and which will be posted in the Investors section of our website at sarcos.com and on the SEC's website.

我們也鼓勵您查看我們收益報告和 2022 年第三季的 10-Q 以及今天下午向 SEC 提交的 8-K 中包含的關於前瞻性陳述的特別說明，這些說明將在我們網站 sarcos.com 的投資者部分和 SEC 網站上發布。

In addition, we will be discussing certain non-GAAP financial measures on our call today. Throughout this call, all financial measures will be GAAP, unless otherwise noted. A reconciliation of any non-GAAP measures to their most directly comparable GAAP measures as well as the description, limitations and rationale for such measures are included in the earnings release filed with the SEC this afternoon and which is available on our website and on the SEC's website. A recording of this call will also be archived on our website. The information that we're giving you on the call is as of today's date, and we undertake no obligation to update the information subsequently.

此外，我們將在今天的電話會議上討論某些非公認會計準則財務指標。在整個電話會議期間，除非另有說明，所有財務指標均採用 GAAP。今天下午向美國證券交易委員會提交的收益報告中包含了任何非公認會計準則指標與最直接可比較的公認會計準則指標的對賬表以及此類指標的描述、限制和理由，該報告可在我們的網站和美國證券交易委員會的網站上查閱。此次通話的錄音也將存檔在我們的網站上。我們在電話中向您提供的資訊截至今天為止，我們不承擔隨後更新該資訊的義務。

So thanks again for joining us. At this point, I'd like to turn the call over to our President and CEO, Kiva Allgood.

再次感謝您的加入我們。現在，我想將電話轉給我們的總裁兼執行長 Kiva Allgood。

Thanks, Ben. Good afternoon, and welcome to everyone joining us on the call today. The third quarter has been one of milestone celebrations and significant product and market developments for Sarcos. But before I update you on the third quarter, I wanted to welcome Drew Hamer to his first Sarcos earnings call. I'm delighted to have Drew on board as our new Chief Financial Officer.

謝謝，本。下午好，歡迎大家參加今天的電話會議。第三季是 Sarcos 的里程碑慶祝活動之一，也是產品和市場發展最重要的季度之一。但在我向您介紹第三季的進展之前，我想歡迎德魯·哈默 (Drew Hamer) 參加他的第一次 Sarcos 財報電話會議。我很高興德魯加入我們擔任新任財務長。

Drew has over 25 years of financial leadership in the high-growth technology world. He has led teams at companies such as Velodyne Lidar, ON24 and Keynote. Drew's experience and skills will be invaluable as we work to bring our products to market. So welcome to the Sarcos family, Drew.

德魯在高成長科技領域擁有超過 25 年的財務領導經驗。他曾領導 Velodyne Lidar、ON24 和 Keynote 等公司的團隊。當我們致力於將產品推向市場時，德魯的經驗和技能將是無價的。歡迎加入 Sarcos 大家庭，Drew。

Following my remarks on the quarter, Drew will provide the financial update. We will then open up the call to questions from analysts.

在我對本季度發表評論之後，德魯將提供財務最新情況。然後我們將開始回答分析師的問題。

During the third quarter, Sarcos celebrated the 1-year anniversary of our public listing on the NASDAQ global market. To celebrate this milestone, I was honored to stand alongside our Co-Founder and Executive Chairman, Ben Wolff as he rang the NASDAQ opening bell on July 25. For me, it was a real delight to see our team members, their families and especially our products on the NASDAQ Tower in Times Square. And it reinforces the importance of our mission, to improve worker safety, productivity through robotics.

第三季度，Sarcos慶祝了在納斯達克全球市場上市一週年。為了慶祝這一里程碑，我很榮幸能與我們的聯合創始人兼執行主席本·沃爾夫一起在 7 月 25 日敲響納斯達克開市鐘。這也強調了我們的使命的重要性：透過機器人技術提高工人的安全性和生產力。

During the quarter, our engineers and development teams were in the field with partners and customers, demonstrating the capability of our robotic system. One of the most involved in demanding field tests was our participation in the Navy's Repair Technology Exercise or REPTX. This took place at Port Hueneme, California.

在本季度，我們的工程師和開發團隊與合作夥伴和客戶一起在現場展示了我們機器人系統的功能。我們參加的最艱鉅的現場測試之一是海軍的修復技術演習（REPTX）。事件發生在加州的波特休尼米。

Over almost a week, 4 Sarcos robotic systems were put to work. These included the Defense version of our teleoperated dexterous robots, the Guardian DX, the Sapien 6M and the Sapien Sea Class. We also demonstrated the capabilities of a remote visual inspection robot, the Guardian S.

在近一周的時間裡，4 個 Sarcos 機器人系統投入工作。其中包括我們的遙控靈巧機器人的防禦版本，Guardian DX、Sapien 6M 和 Sapien Sea Class。我們也展示了遠端視覺檢查機器人 Guardian S 的功能。

Our robotics systems were required to take on various jobs, both on and off ship, including at dock, on ground, at height and underwater. A critical part of this exercise was the element of surprise. To demonstrate the field readiness of each robotic system, the team was required to execute previously unknown job to validate the agility of our robotic systems.

我們的機器人系統需要承擔船上和船下的各種工作，包括碼頭、地面、高空和水下。這次演習的關鍵部分是出其不意。為了證明每個機器人系統的現場準備情況，團隊需要執行以前未知的工作來驗證我們的機器人系統的靈活性。

The robots carried out jobs, including rust and paint removal at height, off-shelf tools, laser ablation, plasma ablation and cold spray tools. The Sapien Sea Class performed tasks underwater, including inspections and object retrieval.

機器人執行的工作包括高空除鏽和除漆、現成工具、雷射燒蝕、等離子燒蝕和冷噴塗工具。 Sapien Sea Class 執行水下任務，包括檢查和物件檢索。

Successful execution in the field is vital as Sarcos continues to design and develop robotic solutions for unstructured environments. This is especially critical as we integrate field experience back into the product design and road map and prepare for commercialization of Guardian XT, Sapien 6M and Sea Class products.

由於 Sarcos 繼續為非結構化環境設計和開發機器人解決方案，因此現場成功執行至關重要。當我們將現場經驗重新融入產品設計和路線圖並為 Guardian XT、Sapien 6M 和 Sea Class 產品的商業化做準備時，這一點尤其重要。

Although the field trials took place in Navy property, and the Navy is a valued partner of Sarcos, the jobs that our robotic systems executed are applicable to work done on commercial ships and at commercial shipyards throughout the U.S. and across the globe. We believe Sarcos robotics systems can play a huge role in the development of commercial shipyards.

儘管現場試驗是在海軍財產內進行的，並且海軍是 Sarcos 的重要合作夥伴，但我們的機器人系統執行的工作適用於美國乃至全球的商業船舶和商業造船廠的工作。我們相信Sarcos機器人系統可以在商業造船廠的發展中發揮巨大作用。

REPTX also provided a perfect opportunity for the first field test of our combined product line. Our newly integrated One Sarcos team brought the best of the best from Salt Lake City and Pittsburgh to ensure that the daily requirements and the dirty and dangerous jobs were executed collaboratively across the portfolio.

REPTX 也為我們組合產品線的首次現場測試提供了絕佳的機會。我們新整合的 One Sarcos 團隊匯集了鹽湖城和匹茲堡最優秀的人才，以確保整個投資組合中日常需求以及骯髒危險的工作能夠協同執行。

Similar collaboration has been taking place across the business as we have successfully completed the integration of several IT and infra systems and standard operating procedures, eliminating many of those initial integration pain points and creating synergies across the 2 locations. There's more work to do, of course, but we just celebrated our 6-month anniversary as a combined company, and I'm delighted by how much we have achieved and the opportunities in front of us.

由於我們已成功完成多個 IT 和基礎設施系統以及標準操作程序的集成，消除了許多初始集成痛點並在兩個地點之間創造了協同效應，因此類似的合作也在整個企業中展開。當然，還有更多工作要做，但我們剛剛慶祝了合併後的公司成立六個月，我對我們所取得的成就和擺在我們面前的機會感到非常高興。

As I usually do on these calls, I'd like to give you an update on the development of our combined product line and where we stand on the path to commercialization. Our expanded product line now comprises of 3 different offerings. The first of these is our range of teleoperated robotics system. These solutions are designed to allow humans to use robots to undertake tasks in unstructured environments.

正如我通常在電話會議上所做的那樣，我想向大家介紹一下我們合併後的產品線的發展情況以及我們在商業化道路上所取得的進展。我們擴大的產品線現包含 3 種不同的產品。其中第一個是我們的遙控機器人系統系列。這些解決方案旨在讓人類使用機器人在非結構化環境中執行任務。

In many cases, such environments put people at risk of injury, will require them to undertake dexterous tasks that are difficult or unpleasant. By using teleoperation and task autonomy, our products can retain the skills and dexterity of the human worker and allow them to be deployed in a safer location.

在許多情況下，這樣的環境會使人們面臨受傷的風險，需要他們執行困難或不愉快的靈巧任務。透過使用遠端操作和任務自主性，我們的產品可以保留人類工人的技能和靈活性，並允許他們部署在更安全的地方。

The first of these solutions, the Sapien 6M system is an intelligent robotic solution capable of control by both teleoperation and supervised autonomy. The other teleoperated solution is our Guardian XT which is designed to have more dexterity and effective and also could be expected to be equipped with capability for supervised autonomy.

這些解決方案中的第一個，Sapien 6M 系統，是一種智慧機器人解決方案，能夠透過遠端操作和監督自主進行控制。另一個遙控解決方案是我們的 Guardian XT，其設計更加靈活、高效，並且有望配備監督自主能力。

I'm happy to let you know that we have completed the final build of our pre-commercial system of the Guardian XT and have allocated these units for additional customer engagement, developing our manufacturing revenue and reliability testing as we prepare for initial production of commercial systems and commercial release. We continue to expect to start initial production of commercial systems with the Guardian XT for the end of this year to be available for delivery to customers in early 2023.

我很高興地告訴大家，我們已經完成了 Guardian XT 預商用系統的最終構建，並已將這些單元分配給更多客戶參與、發展我們的製造收入和可靠性測試，為商用系統的初始生產和商業發布做準備。我們繼續預計在今年年底開始使用 Guardian XT 進行商業系統的初始生產，並於 2023 年初交付給客戶。

I am equally as delighted to be able to tell you that we actually began production of the commercial 6M units ahead of schedule in the third quarter. Beginning production ahead of schedule was a real testament to the hard work of our entire team and demonstrates the energy and commitment of everyone at Sarcos to bring the workforce of the future to life. Potential customers continue to express strong demand for commercial versions of both these products, and we believe initial customers for our teleoperated systems will most likely come from shipyards, aviation and vegetation management industries.

我同樣高興地告訴大家，我們實際上在第三季就提前開始生產 600 萬台商用設備。提前開始生產真正證明了我們整個團隊的辛勤工作，並展示了 Sarcos 每個人為未來勞動力注入活力的活力和承諾。潛在客戶繼續對這兩種產品的商業版本表現出強烈需求，我們相信我們的遙控系統的初始客戶很可能來自造船廠、航空和植被管理行業。

In addition to the 6M, the Sapien line also includes the Sea Class, a 1 or 2-armed highly dexterous robotic system suitable for complex underwater environments. The Sea class can be used for commercial applications, industrial tasks or military operations and reduce the need to put divers in the water and explore depths that are unsafe for humans. From inspection of ships underway to oil rigs and offshore wind farms and many other use cases, we believe the potential demand for a robotic system such as Sea Class which can stay submerged at depths for up to 2 hours and operate autonomously or via teleoperation is significant.

除了 6M 之外，Sapien 系列還包括 Sea Class，這是一種適用於複雜水下環境的 1 或 2 臂高度靈巧的機器人系統。 Sea 級潛艇可用於商業用途、工業任務或軍事行動，減少潛水員下水探索對人類不安全的深度的需求。 從檢查航行船舶到石油鑽井平台和離岸風電場以及許多其他用例，我們相信對 Sea Class 等可以在深水中潛水長達 2 小時並可自主或透過遙控操作的機器人系統的潛在需求是巨大的。

The second product line is the powered full-body exoskeleton, the Guardian XO which will be a strength and productivity multiplier designed to eliminate fatigue and injury. We continue to make advancements in the development of this groundbreaking system. During the quarter, we implemented a new piece of control architecture in the software that improves the accuracy and responsiveness of the arms and legs by including a new development called feedforward control. This leverages the power of predictive models into the way the motors and joints behave and enables faster and more accurate responses to differences between request and action. These changes will not only benefit the exoskeleton but they can be implemented in the Guardian XT and Sapien systems.

第二條產品線是動力全身外骨骼 Guardian XO，它將成為力量和生產力的倍增器，旨在消除疲勞和傷害。我們在這突破性系統的開發中不斷取得進步。在本季度，我們在軟體中實現了一種新的控制架構，透過納入一種稱為前饋控制的新開發，提高了手臂和腿部的準確性和響應能力。這利用預測模型的力量來了解馬達和關節的行為方式，並能夠對請求和動作之間的差異做出更快、更準確的回應。這些變化不僅有利於外骨骼，而且可以在 Guardian XT 和 Sapien 系統中實現。

The third product line is our supervised autonomy, software-as-a-service capabilities, which we intend to offer as additional services to customers of our robotic systems.

第三條產品線是我們的監督自主性、軟體即服務功能，我們打算將其作為附加服務提供給我們的機器人系統客戶。

Therefore, depending on the product, our commercial production time line expectations are ahead of or unchanged from the guidance we gave on our last call. But we continue to see challenges on these expectations from supply chain constraints and the availability of skilled employees, both in-house and at development partners.

因此，根據產品的不同，我們的商業生產時間表預期將高於或保持不變（與我們上次電話會議中給出的指導相比）。但我們繼續看到這些期望面臨挑戰，因為供應鏈限制以及公司內部和開發合作夥伴缺乏熟練員工。

At Sarcos, meeting our projected time line is a core focus as we firmly believe that there's a significant and unmet demand for the products that we are about to bring to market. We also believe that this demand is growing consistently in several new areas.

在 Sarcos，滿足我們預期的時間表是我們關注的核心，因為我們堅信我們即將推向市場的產品存在巨大的未滿足的需求。我們也相信，這種需求在幾個新領域持續成長。

The most critical example is the availability of workers to fill positions in growing segments like renewable energy. The inflation Reduction Act was signed into law in August 18. Among other measures, the Act authorizes significant funding and incentives for U.S. companies to enable decarbonization of the power grid, with the ultimate goal of moving the U.S. on 100% carbon solution free electricity by 2035. This is a significant development for the entire industry and companies like Sarcos that aim to provide the tools to assist with this transition.

最關鍵的例子是是否有勞動力來填補再生能源等不斷增長的領域的職缺。 《降低通貨膨脹法案》於 8 月 18 日簽署成為法律。

The decarbonization of the U.S. economy is a massive undertaking and will require significant investments. [First] estimates of public and private climate spending could total $1.7 trillion over the next 10 years.

美國經濟脫碳是一項艱鉅的任務，需要大量投資。 [初步]估計未來10年公共和私人氣候支出總額可能達到1.7兆美元。

One of the challenges facing the power generation industry is a lack of workers to undertake the installation of new generating sites like solar arrays. Commercial solar farm installation is hard work and often takes place in inhospitable or remote locations. Finding a sufficient workforce to accomplish solar installation is a significant problem for solar installers.

發電產業面臨的挑戰之一是缺乏工人來安裝太陽能板等新的發電設施。商業太陽能發電場的安裝工作很艱苦，而且通常發生在荒涼或偏遠的地方。尋找足夠的勞動力來完成太陽能安裝對於太陽能安裝人員來說是一個重大問題。

The number of people employed by the solar industry fell significantly during the pandemic and haven't recovered. In order to meet this target of 100% electricity generation in 2035, the solar industry is expected to have to fill 900,000 new positions, a 380% increase on the number of people employed by the industry today.

疫情期間，太陽能產業就業人數大幅下降，至今仍未恢復。為了實現 2035 年 100% 發電的目標，太陽能產業預計將需要填補 90 萬個新職位，比目前該產業僱用的人數增加 380%。

For an industry that is already impacted by hiring challenges, this will be difficult, if not impossible. As a result, solar installation firms need solutions that improve the productivity of workers and make employment in the field more desirable.

對於已經受到招募挑戰影響的行業來說，這將是困難的，甚至是不可能的。因此，太陽能安裝公司需要能夠提高工人生產力並使該領域就業更具吸引力的解決方案。

In 2021, RE2 began working with the Department of Energy on its O-AMPP program to develop a system to deliver and install PV modules autonomously. We have made tremendous progress in this area, and we are increasing our efforts given the significant opportunities. The Renewable Energy segment is just one example, whether it be solar, wind, where Sarcos is focused on bringing to market the robotic systems that allow customers to do more with less.

2021 年，RE2 開始與能源部合作進行 O-AMPP 計劃，以開發自主交付和安裝光伏組件的系統。我們在這一領域已經取得了巨大進步，並且我們正在抓住重大機遇，加強努力。再生能源領域只是一個例子，無論是太陽能還是風能，Sarcos 都致力於將機器人系統推向市場，讓客戶能夠用更少的資源做更多的事情。

This is just one area of developing demand. We continue to be focused on aviation, work at height and construction.

這只是需求發展的其中一個領域。我們將繼續專注於航空、高空作業和建築。

I'll end it there for now. But before I do, I'd like to thank the entire 280 strong Sarcos team members for a job well done this quarter. Some of the integration work was disruptive as we moved through the quarter, but we adapted and we moved forward, and the progress achieved was significant. To meet our product development time lines was a huge accomplishment, especially given the supply chain challenges and war for technical talent.

現在我就到此為止了。但在此之前，我想感謝 Sarcos 團隊全體 280 名成員本季所做的出色工作。在本季度，一些整合工作帶來了一些幹擾，但我們進行了調整併繼續前進，取得了重大進展。滿足我們的產品開發時間表是一項巨大的成就，特別是在供應鏈挑戰和技術人才爭奪戰的情況下。

I'm extremely proud of the team that despite these external challenges, we are still on target to start initial production of the Guardian XT by the end of the year and ahead of schedule on the Sapien 6M commercial unit. The team did so by living up to our core values, trust, respect and teamwork. You are all brilliant. Thank you.

我為團隊感到非常自豪，儘管面臨這些外部挑戰，我們仍然預計在年底前開始 Guardian XT 的初始生產，並提前完成 Sapien 6M 商用裝置的生產。團隊透過實踐我們的核心價值、信任、尊重和團隊合作做到了這一點。你們都很出色。謝謝。

With that, I'll turn it over to Drew for his Sarcos earnings call debut.

說完這些，我將把話題交給德魯，讓他首次出席 Sarcos 財報電話會議。

Hello, everyone. I'm Drew Hamer. It's an honor to be speaking with you today, and thank you, Kiva, for the warm welcome. I'm delighted to be joining the Sarcos team.

大家好。我是德魯·哈默。今天能與您交談是我的榮幸，感謝 Kiva 的熱情歡迎。我很高興加入Sarcos團隊。

Obviously, I'm relatively new to the business, and there's a lot for me to get my arms around. But what has struck me so far is just how much knowledge and enthusiasm there is throughout the company for the transition to commercial availability of our products. I joined Sarcos to help make a difference in the world of work and to bring products to market. I can't wait to start doing that.

顯然，我對這個行業還比較陌生，還有很多東西要我去掌握。但到目前為止令我印象深刻的是整個公司對於我們產品的商業化過渡有多少了解和熱情。我加入 Sarcos 是為了幫助改變工作世界並將產品推向市場。我迫不及待地想開始做這件事。

Kiva just outlined the excellent progress the business made during the third quarter. I'm now going to update you on the numbers behind the business performance.

Kiva 剛剛概述了該公司在第三季度取得的出色進展。我現在將向你們通報業務績效背後的數字。

This afternoon, we released our third quarter earnings and filed our 10-Q. Please note that our results for this year include the financial performance of RE2 from the close of the transaction on April 25. The 2021 results do not include results from RE2.

今天下午，我們發布了第三季財報並提交了 10-Q 報表。請注意，我們今年的業績包括 RE2 自 4 月 25 日交易結束以來的財務表現。

Now turning to the actual results. For the third quarter of 2022, quarterly revenue was $4.7 million compared to revenue in the third quarter of 2021 of $1.1 million. This increase was primarily due to the addition of revenues from RE2 following the acquisition.

現在來談談實際結果。 2022 年第三季的季度營收為 470 萬美元，而 2021 年第三季的營收為 110 萬美元。這一成長主要歸因於收購 RE2 後增加的收入。

The primary impact of revenue was an increase in revenue from research and development services to $4.5 million in the third quarter. This was an increase of $3.8 million as compared to the third quarter of 2021.

收入的主要影響是第三季研發服務收入增加至 450 萬美元。與 2021 年第三季相比，增加了 380 萬美元。

We expect future R&D revenues to continue to be higher year-over-year in the near term, but a focus on accepting only those development contracts that are aligned with our product commercialization efforts may cause these revenues to fluctuate over time.

我們預計未來的研發收入在短期內將繼續同比增長，但我們只接受與我們的產品商業化努力相一致的開發合同，這可能會導致這些收入隨著時間的推移而波動。

Revenue derived from product sales in the third quarter was $179,000, down from $435,000 in the equivalent period of 2021. All product sales in the current and prior year periods were related to sales of our Guardian S and HLS products. As we have mentioned before, sales of these legacy products are not expected to form a material part of our revenue in the future as we focus on the commercial launch of our Guardian XT, Sapien 6M, Sapien Sea Class and Guardian XO lines.

第三季產品銷售收入為 179,000 美元，低於 2021 年同期的 435,000 美元。正如我們之前提到的，由於我們專注於 Guardian XT、Sapien 6M、Sapien Sea Class 和 Guardian XO 系列的商業發布，這些傳統產品的銷售預計不會成為我們未來收入的重要組成部分。

Total third quarter operating expenses were $31.9 million, down from $41.6 million in the third quarter of 2021. This decrease was primarily due to a $21.9 million decline in stock-based compensation expense. The comparative quarter in 2021 reflected the impact of stock grants divested upon the closing of the business combination last year.

第三季總營運費用為 3,190 萬美元，低於 2021 年第三季的 4,160 萬美元。 2021 年比較季度反映了去年業務合併完成後剝離的股票贈與的影響。

General and administrative expense was $14.6 million in the third quarter representing a 57% decline from the equivalent period in 2021. This decline was due primarily to the reduction in stock-based compensation, offset in part by the impact of increased headcount and related expenses following the RE2 acquisition.

第三季的一般及行政開支為 1,460 萬美元，較 2021 年同期下降 57%。

Research and development expenses increased by $6 million to $10.5 million in the third quarter. This increase was driven primarily by increased headcount from the addition of RE2, driving related expenses higher, as well as increased third-party service provider costs focused on the development of our Guardian XT, Sapien 6M and Guardian XO products.

第三季研發費用增加了600萬美元，達到1,050萬美元。這一增長主要由於 RE2 的加入導致員工人數增加，從而導致相關費用增加，以及專注於開發我們的 Guardian XT、Sapien 6M 和 Guardian XO 產品的第三方服務提供者成本增加。

Sales and marketing expenses for the third quarter were relatively flat on a year-over-year basis with a current year expenses of $2.4 million. Lastly, the company incurred $800,000 of intangible amortization expense in the third quarter of 2022 due to the recognition of amortization expenses of certain intangible assets with definite lives that were identified as part of the RE2 acquisition.

第三季的銷售和行銷費用與去年同期相比基本持平，當年的費用為 240 萬美元。最後，由於確認了在 RE2 收購中確定的某些具有確定使用壽命的無形資產的攤銷費用，該公司在 2022 年第三季發生了 80 萬美元的無形資產攤銷費用。

Excluding stock-based compensation expenses, we continue to expect year-over-year increases in G&A, R&D and sales and marketing expense for the remainder of the year as we work on the commercial release of our products next year, public company compliance efforts and incur additional costs relating to the acquisition of RE2.

除股票薪酬費用外，我們繼續預計今年剩餘時間的一般行政費用、研發費用以及銷售和行銷費用將同比增長，因為我們致力於明年產品的商業發布、上市公司合規工作以及承擔與收購 RE2 相關的額外成本。

During the third quarter, we booked a $1.5 million benefit from the change in the valuation of our warrant liability as well as a deferred tax benefit of $2.5 million due to an adjustment to our previously recorded valuation allowance resulting from the acquisition of RE2.

第三季度，我們因認股權證負債估值變動而獲得了 150 萬美元的收益，同時由於收購 RE2 導致我們調整了先前記錄的估值準備金而獲得了 250 萬美元的遞延所得稅收益。

Our third quarter net loss on a GAAP basis was $22.5 million or $0.15 per diluted share down from a net loss of $37 million or $0.35 per diluted share in the third quarter of 2021.

根據 GAAP 計算，我們第三季的淨虧損為 2,250 萬美元或每股攤薄虧損 0.15 美元，低於 2021 年第三季的淨虧損 3,700 萬美元或每股攤薄虧損 0.35 美元。

As we have noted on previous calls, we are required to report the change in the value of certain of our warrants on our statements of operations and comprehensive loss. Since changes in the value of this liability are driven by changes in our stock price, this obligation will introduce volatility into our earnings each quarter until the warrants are fully exercised or expired and will make it difficult for us to forecast the effect of warrant accounting on our financial statements.

正如我們在先前的電話會議中指出的那樣，我們必須在我們的經營成果和綜合損失報表中報告某些認股權證價值的變化。由於該負債價值的變化是由我們股票價格的變化所驅動的，因此，在認股權證完全行使或到期之前，該義務將給我們每個季度的收益帶來波動，並且將使我們難以預測認股權證會計對我們的財務報表的影響。

Excluding stock-based compensation expenses, changes in the value of our warrant liability and certain other items related to the closing of the acquisition of RE2, including the deferred tax benefit, our third quarter 2022 non-GAAP net loss per share was $0.12. Excluding the same items from the third quarter of 2021, our non-GAAP net loss per share was $0.08. Our earnings press release filed this afternoon contains a full reconciliation of the non-GAAP net loss calculation.

不包括股票薪酬費用、認股權證負債價值變動以及與 RE2 收購結束相關的某些其他項目（包括遞延稅項收益），我們 2022 年第三季的非 GAAP 每股淨虧損為 0.12 美元。不包括 2021 年第三季的相同項目，我們的非 GAAP 每股淨虧損為 0.08 美元。我們今天下午提交的收益新聞稿包含非公認會計準則淨虧損計算的完整對帳。

The fully diluted weighted average number of shares for the quarter was 150.9 million. As of October 28, our outstanding share count was 154.7 million.

本季全面攤薄的加權平均股數為1.509億股。截至 10 月 28 日，我們已發行股票總數為 1.547 億股。

During the third quarter, our monthly cash used in operating activities was $16.5 million or an average operating cash burn of approximately $5.5 million a month. In addition, we used $1.1 million during the quarter to pay tax obligations related to the withholding of shares upon the vesting of equity awards.

第三季度，我們每月經營活動所用的現金為 1,650 萬美元，平均每月經營現金消耗約 550 萬美元。此外，本季我們使用了 110 萬美元來支付與股權獎勵歸屬時預扣股份相關的稅務義務。

Overall company inventory increased by $1.3 million during the third quarter, which included the purchase of approximately $1 million of parts and components related to the 2023 production of our commercial systems.

第三季度，該公司整體庫存增加了 130 萬美元，其中包括購買與 2023 年商業系統生產相關的價值約 100 萬美元的零件和零件。

As a result of these expenditures, our unrestricted cash, cash equivalents and marketable securities totaled approximately $135.4 million at the end of September. We continue to believe that the cash we have available as of today will be sufficient to enable us to continue initial production of commercial systems of our Sapien 6M robotic systems and begin initial production of our Guardian XT teleoperated robot and to meet other operating needs for at least the next 12 months.

由於這些支出，截至 9 月底，我們的無限制現金、現金等價物和有價證券總額約為 1.354 億美元。我們仍然相信，截至今天我們可用的現金將足以讓我們繼續初始生產我們的 Sapien 6M 機器人系統的商業系統，並開始初始生產我們的 Guardian XT 遙控機器人，並滿足至少未來 12 個月的其他營運需求。

As we guided previously, our quarterly cash burn has been more heavily weighted towards the latter part of 2022 as we prepared for the commercial release of our products and made investments in that process. We continue to expect this trend to hold true in the fourth quarter and anticipate that our monthly cash burn from operations will average approximately $7 million.

正如我們之前的指導一樣，我們的季度現金消耗更多地集中在 2022 年下半年，因為我們為產品的商業發布做準備並在此過程中進行了投資。我們繼續預計這一趨勢將在第四季度保持下去，並預計我們每月的營運現金消耗平均約為 700 萬美元。

This number includes lump-sum payments that are only expected to impact the fourth quarter. In addition, we anticipate an additional total quarterly impact to cash of approximately $1 million to pay tax obligations related to the holding of shares upon the vesting of equity awards during the same period. The stock-related cash impact is not expected to continue at the same rate in 2023.

該數字包括預計只會影響第四季度的一次性付款。此外，我們預計，本季現金總支出將額外增加約 100 萬美元，用於支付同一時期股權獎勵歸屬時持有股票相關的稅務義務。預計股票相關的現金影響在 2023 年不會以同樣的速度持續。

I mentioned earlier in my remarks that we have prepurchased approximately $1 million of materials and components for the manufacture of our commercial systems next year. We continue to estimate the total impact of 2022 cash burn for these purchases will be approximately $3 million.

我之前在演講中提到，我們已經預先購買了價值約 100 萬美元的材料和零件，用於明年製造商業系統。我們繼續估計，2022 年這些採購的現金消耗總影響將約為 300 萬美元。

We now anticipate that our full year revenue for 2022 will be between $13 million and $15 million. This revenue forecast is slightly lower than the guidance we gave in our last quarterly call, as the delivery of services on certain contracts is expected to move from the fourth quarter into Q1 of 2023.

我們現在預計 2022 年全年收入將在 1,300 萬美元至 1,500 萬美元之間。該收入預測略低於我們在上次季度電話會議上給出的指引，因為某些合約的服務交付預計將從第四季度移至 2023 年第一季。

While we are still confident of ultimately realizing this revenue, the availability of key technical staff, both in-house and at third-party providers, continues to be a concern and is a risk to our ability to generate revenue in the near term.

雖然我們仍然有信心最終實現這一收入，但內部和第三方供應商的關鍵技術人員的可用性仍然是一個問題，並且對我們短期內創造收入的能力構成了風險。

That concludes my remarks on the financial performance of the company. On a personal note, I would like to thank Kiva and the rest of the Sarcos team for making me feel so welcome over the past few weeks. I have met many of the team in person already, and I look forward to meeting the rest of the team very soon.

這是我對公司財務表現的評論。就我個人而言，我要感謝 Kiva 和 Sarcos 團隊的其他成員，感謝他們在過去幾週給予我的熱情歡迎。我已經親自見過團隊中的許多成員，並期待很快見到團隊的其他成員。

Sarcos has the technology and opportunity to transform the way physical tasks get done, and I joined the company to help take full advantage of that opportunity. I look forward to continuing the positive momentum that we all achieved in the third quarter.

Sarcos 擁有改變實體任務完成方式的技術和機會，我加入公司就是為了幫助該公司充分利用這個機會。我期待著繼續保持我們在第三季度取得的積極勢頭。

We will now open the line for questions. Operator, please, will you repeat the instructions to ask a question?

我們現在將開放問答熱線。接線員，請您重複指令以提問嗎？

(Operator Instructions) Our first question comes from Vraj Patel with Jefferies.

（操作員指示）我們的第一個問題來自 Jefferies 的 Vraj Patel。

A quick question around the supply chain. In prior quarters, you mentioned the lack of component availability delayed the development of the XO and XT units. Is that largely behind you? And do you have a clean path to commercialization now?

關於供應鏈的一個快速問題。在前幾季中，您提到缺乏組件可用性延遲了 XO 和 XT 單元的開發。這些基本上已經成為過去式了嗎？現在你們是否有一條清晰的商業化路徑？

Great question. Thanks, and also appreciate you joining. As we have also mentioned in previous calls, we have done a lot of prepurchasing, which is also noted by Drew. So we do have nice solid line of sight to commercialization and product production for the 2 targeted products XT and Sapien 6M.

好問題。謝謝，也謝謝您的加入。正如我們在之前的電話會議中提到的那樣，我們已經做了很多預採購工作，德魯也注意到了這一點。因此，我們對兩種目標產品 XT 和 Sapien 6M 的商業化和產品生產確實有著良好的預期。

That doesn't mean -- clearly don't have a crystal ball. But as of right now, we really have put a lot of effort into making sure that we have all the preproduction parts required.

這並不意味著——顯然沒有水晶球。但截至目前，我們確實付出了很多努力來確保我們擁有所需的所有預生產零件。

Understood. And a quick follow-up. You laid out a variety of end markets and industries that could benefit from Sarcos' products. How many of these industries have customers that are currently testing either the XO or XT? And have we seen any orders from them?

明白了。並快速跟進。您列出了可以從 Sarcos 產品中受益的各種終端市場和行業。其中有多少行業有客戶目前正在測試 XO 或 XT？我們有看過他們的訂單嗎？

Yes. Great question. So we're very focused, as you know, laser-focused on the aviation market. So as we communicated earlier, we've been in-field and testing the trials which is part of our development cycle. So if you remember, as you walk through that process, typical first step is making sure that we have proof of concept and then that drives to commercial trials.

是的。好問題。因此，如您所知，我們非常專注於航空市場。正如我們之前所說的，我們一直在現場進行試驗，這是我們開發週期的一部分。所以如果你還記得的話，當你經歷這個過程時，典型的第一步是確保我們有概念證明，然後再進行商業試驗。

So in the segments that we've highlighted, vegetation management at height, the port and construction and aviation, those are where we're really focused right now getting to those commercial trials.

因此，在我們強調的領域中，高空植被管理、港口、建築和航空，這些是我們目前真正關注的重點，以進行商業試驗。

Your next question comes from Guy Hardwick with Credit Suisse.

您的下一個問題來自瑞士信貸的 Guy Hardwick。

Could you expound a little bit on the comments regarding the contract manufacturer and how that kind of tallies with the kind of long-term gross margin guidance? I imagine that a ramp in the contract manufacturer has some impact on the profile of gross margin.

您能否稍微闡述一下有關合約製造商的評論，以及這與長期毛利率指引如何相符？我認為合約製造商的成長會對毛利率狀況產生一定影響。

Exactly, yes. So we have identified our contract manufacturing partner. They've been on site. We've been ramping. They've had their technicians on. They were actually really helping us, providing some great input and insights on how we can scale more quickly. But you are correct in the sense that as we manufacture on prem, that does have an impact on gross margin. But as we grow in scale, our hope is that with the contract manufacturing partner we'll be able to see increased scalability which clearly will impact gross margin.

確實如此。因此我們已經確定了我們的合約製造合作夥伴。他們已經到過現場了。我們一直在加大力度。他們已經派技術人員來了。他們確實在幫助我們，為我們如何能夠更快地擴大規模提供了一些很好的意見和見解。但您說得對，由於我們在本地生產，這確實會對毛利率產生影響。但隨著規模的擴大，我們希望與合約製造合作夥伴一起能夠看到可擴展性的提高，這顯然會影響毛利率。

And just as a follow-up, obviously, you've begun commercial production of the Sapien 6M. So in terms of numbers of units, are you building an inventory there? And that suggests you have confidence in making sales in at least the next month, a few months, surely? I'm understanding that correctly?

作為後續行動，顯然，你們已經開始了 Sapien 6M 的商業化生產。那麼就單位數量而言，您在那裡建立庫存嗎？這說明您有信心至少在下個月或幾個月內實現銷售，不是嗎？我的理解正確嗎？

This is Drew. I'll take a stab at this one. So as Kiva mentioned earlier, there is a sales process that we go through, which leads up to and includes what we call field trials. Field trials is one of those kind of last 2, 3 steps before we get to that commercial contract with the customers. As those -- the pipeline has formed in a number of these different industries, as Kiva alluded to earlier, and so the production of these units is now in anticipation that we should see some contracts closing, but we can't announce anything until we've got them signed and in hand.

這是德魯。我會嘗試一下這個。正如 Kiva 之前提到的，我們會經歷一個銷售流程，其中包括所謂的現場試驗。現場試驗是我們與客戶簽訂商業合約之前的最後兩三個步驟之一。正如 Kiva 之前提到的那樣，這些管道已在許多不同的行業中形成，因此現在預計這些裝置的生產應該會看到一些合約的完成，但在我們簽署並拿到這些合約之前，我們不能宣布任何消息。

So we'll continue down this road. We are advance purchasing the components. We are building the units, and we're looking forward to some successes and the pipeline continues to fill at the back end of the funnel as well as on the front end of the funnel.

因此我們會繼續沿著這條路走下去。我們正在提前採購零件。我們正在建造這些單元，我們期待著取得一些成功，並且管道將繼續在漏斗的後端和前端填充。

And I'm showing no further questions at this time. I would now like to turn the conference back to Kiva Allgood for closing remarks.

我現在沒有其他問題了。現在，我想請 Kiva Allgood 致閉幕詞。

Thank you, Amy. I hope the update today has you as excited about the future of Sarcos as we are and our expanded portfolio. We've begun manufacturing our first commercial robotic system, redesigned human possibilities while enabling the safest most productive workforce.

謝謝你，艾米。我希望今天的更新能讓您像我們一樣對 Sarcos 的未來和我們擴大的產品組合感到興奮。我們已經開始製造我們的第一個商用機器人系統，重新設計人類的可能性，同時實現最安全、最高效的勞動力。

This is a huge milestone for the Sarcos team and looking forward to sharing more with you about it later in the year. Thank you.

對於 Sarcos 團隊來說，這是一個重要的里程碑，我們期待在今年稍後與您分享更多相關資訊。謝謝。

This concludes today's conference call. Thank you for participating. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。