Palladyne AI Corp (PDYN) 2023 Q2 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Q2 2023 Sarcos Technology & Robotics Corporation Earnings Call.

美好的一天，感謝您的支持。歡迎參加 Sarcos Technology & Robotics Corporation 2023 年第二季度財報電話會議。

(Operator Instructions) Please be advised that today's conference is being recorded.

（操作員指示）請注意，今天的會議正在錄製中。

I would now like to hand the conference over to your speaker today, Moriah Shilton.

現在我想將會議交給今天的發言人莫里亞·希爾頓 (Moriah Shilton)。

Thank you, operator. Good afternoon, everyone, and welcome to the Sarcos Technology and Robotics Corporation Second Quarter 2023 Earnings Call. Joining us on the call this afternoon are Sarcos Interim President and Chief Executive Officer; Laura Peterson; and Chief Financial Officer, Drew Hamer. Laura will start the call with a discussion of business highlights from the second quarter and recent events. And Drew will then talk in more detail about the financial results before management takes questions from analysts.

謝謝你，接線員。大家下午好，歡迎參加 Sarcos 技術和機器人公司 2023 年第二季度財報電話會議。今天下午加入我們電話會議的還有 Sarcos 臨時總裁兼首席執行官；勞拉·彼得森；和首席財務官德魯·哈默。勞拉將首先討論第二季度的業務亮點和最近發生的事件。然後，德魯將在管理層回答分析師提問之前更詳細地討論財務業績。

Before we begin, we must state that today's call will contain forward-looking statements, including statements concerning future commercial production and availability of our products, product features and capabilities, target markets and market trends, size and expectations, customer demand and future financial results, condition and cash flows, including future revenues, costs and cost trends, cash usage, restructuring charges and liquidity. 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 projected. Among those risks and uncertainties are those described in our report on Form 10-Q filed today with the SEC and those mentioned in today's earnings press release.

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，包括有關我們產品的未來商業生產和可用性、產品特性和功能、目標市場和市場趨勢、規模和期望、客戶需求和未來財務業績的陳述、狀況和現金流，包括未來收入、成本和成本趨勢、現金使用、重組費用和流動性。這些陳述代表了管理層對截至今天的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。這些風險和不確定性包括我們今天向 SEC 提交的 10-Q 表格報告中描述的風險和不確定性以及今天的收益新聞稿中提到的風險和不確定性。

We encourage you to review the risks and uncertainties described in this press release and 10-Q and in our other filings with the SEC for further information regarding these actual and potential risks and uncertainties. We also encourage you to review the special notes regarding forward-looking statements included in our earnings release and 10-Q for the second quarter 2023 filed with the SEC this afternoon and which we posted in the Investors section of our website at sarcos.com and on the SEC's website.

我們鼓勵您查看本新聞稿和 10-Q 以及我們向 SEC 提交的其他文件中描述的風險和不確定性，以獲取有關這些實際和潛在風險和不確定性的更多信息。我們還鼓勵您查看今天下午向 SEC 提交的收益報告和 2023 年第二季度 10-Q 報告中包含的有關前瞻性陳述的特別說明，我們已將其發佈在 sarcos.com 網站的投資者部分，在美國證券交易委員會的網站上。

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 the 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.

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。在整個電話會議中，除非另有說明，所有財務指標都將採用公認會計原則。任何非GAAP 衡量標準與最直接可比的GAAP 衡量標準的調節以及此類衡量標準的描述、限制和理由均包含在今天下午向SEC 提交的收益報告中，可在我們的網站和SEC 的網站上查看。網站。

A recording of this call will also be available on our website until September 9, 2023. The information that we're giving on the call is as of today's date, and we undertake no obligation to update the information subsequently, except as may be required by law.

本次通話的錄音也將在 2023 年 9 月 9 日之前在我們的網站上提供。我們在通話中提供的信息截至今天，我們不承擔隨後更新信息的義務，除非可能需要根據法律。

At this point, I'd like to turn the call over to Laura Peterson, Interim President and CEO of Sarcos. Laura?

現在，我想將電話轉給 Sarcos 臨時總裁兼首席執行官 Laura Peterson。勞拉？

Thank you, Moriah, and good afternoon to all of you joining us on today's call. I am pleased to be participating in my first call as interim CEO of Sarcos. I am honored to serve the company during this transitional period from being primarily an R&D organization to manufacturing and commercialization. As a member of the Board of Directors since Sarcos became a public company, I've had the opportunity to gain insight into the business. I have spent the past few months applying that knowledge, along with my breadth of experience, to analyze and evaluate the business, which, in turn, has led to decisions about the direction of the company.

謝謝莫里亞，祝參加今天電話會議的所有人下午好。我很高興作為 Sarcos 臨時首席執行官參加我的第一次電話會議。我很榮幸能夠在從主要研發組織向製造和商業化的過渡時期為公司服務。自 Sarcos 成為上市公司以來，作為董事會成員，我有機會深入了解該業務。在過去的幾個月裡，我運用這些知識以及豐富的經驗來分析和評估業務，從而做出有關公司發展方向的決策。

We have realigned our business and refined our sales strategy to focus on products that show the most potential for near-term revenue growth and on strategic opportunities that show the greatest market traction and meets an acute customer need through tailored solutions. As a result of our actions, we have substantially lowered our cash usage through a 20% workforce reduction and by significantly lowering our discretionary expenses. Ultimately, we expect this to result in an average cash usage rate of $3 million per month in the first quarter of 2024, down from $6.5 million in the second quarter of 2023.

我們重新調整了我們的業務並完善了我們的銷售策略，以專注於最具短期收入增長潛力的產品以及具有最大市場吸引力並通過定制解決方案滿足迫切客戶需求的戰略機會。由於我們採取的行動，我們通過減少 20% 的勞動力和大幅降低可自由支配開支，大幅降低了現金使用量。最終，我們預計 2024 年第一季度的平均現金使用率為每月 300 萬美元，低於 2023 年第二季度的 650 萬美元。

Now that we have taken these important steps, we are focused on continued optimization of our operations and execution of solutions delivery for our customers. We are narrowing our focus to robotic solutions for the subsea, aviation and solar end markets, in addition to commercializing our AI software platform to a new software business division named Advanced Technologies to drive revenue opportunities. These 4 businesses are where we see the most immediate customer demand and strategic opportunity.

現在我們已經採取了這些重要步驟，我們將專注於持續優化我們的運營並為客戶執行解決方案交付。除了將我們的人工智能軟件平台商業化到名為先進技術的新軟件業務部門以推動收入機會之外，我們還將重點縮小到海底、航空和太陽能終端市場的機器人解決方案。這4個業務是我們看到最直接的客戶需求和戰略機會的地方。

Further, the energy and aviation industries are experiencing significant macroeconomic forces, creating opportunities in those markets. I'd like to take a look at each of these 4 areas beginning with subsea, which is the end market for our Sea Class robotics solution. Currently, there is a deficit in shipbuilding and repair that threatens global security and supply chains. Our solution is a fully integrated C-class system with a video array of remote-operated vehicle, which offers one of the most advanced underwater inspection capabilities on the market today.

此外，能源和航空業正在經歷巨大的宏觀經濟力量，為這些市場創造了機會。我想從海底開始逐一了解這 4 個領域，這是我們 Sea Class 機器人解決方案的終端市場。目前，造船和維修方面的赤字威脅著全球安全和供應鏈。我們的解決方案是一個完全集成的 C 級系統，帶有遠程操作車輛視頻陣列，可提供當今市場上最先進的水下檢查功能之一。

The next end market we're focused on is aviation. High passenger and cargo volumes, coupled with labor shortages, are putting pressure on the aviation industry. Since the Aviation & Robotics Summit in Pittsburgh in April, there has been a steady pipeline of activity, which is a validation of the potential of this market. We are in discussions with airports and major air carriers for our solutions to labor challenges in baggage handling and exterior aircraft maintenance. Additional field trials are planned this year and early next year in anticipation of commercial production expected to begin in late 2024.

我們關注的下一個終端市場是航空。高客運量和貨運量，加上勞動力短缺，給航空業帶來壓力。自四月份匹茲堡航空與機器人峰會以來，一直有穩定的活動，這驗證了該市場的潛力。我們正在與機場和主要航空公司討論解決行李處理和外部飛機維護方面的勞動力挑戰的解決方案。計劃於今年和明年初進行更多現場試驗，預計將於 2024 年底開始商業生產。

Turning to the solar end market. As we have previously pointed out, solar installations will need to increase 50% over the next 7 years to meet climate targets, which would require more than 800,000 new workers to meet this goal. Robotics hold the promise of increasing worker productivity to mitigate labor pressures in this market, while simultaneously improving safety on the job. We completed field trials with 2 of the largest engineering procurement companies. The trials validated the capabilities of our solution and were used to gain valuable input from subject matter experts to optimize the efficiency and workflow of solar panel installation. We are proud to say we exceeded milestone requirements in both trials.

轉向太陽能終端市場。正如我們之前指出的，未來7年太陽能裝置需要增加50%才能實現氣候目標，這將需要超過80萬名新工人才能實現這一目標。機器人技術有望提高工人生產力，減輕該市場的勞動力壓力，同時提高工作安全性。我們與兩家最大的工程採購公司完成了現場試驗。這些試驗驗證了我們解決方案的功能，並用於獲得主題專家的寶貴意見，以優化太陽能電池板安裝的效率和工作流程。我們很自豪地說，我們在這兩項試驗中都超出了里程碑要求。

We are collaborating with Blattner Company, an industry-leading provider and installer of renewable energy, to focus on the development and refinement of our autonomous mobile robotics system, designed to optimize worker safety and improve the efficiency of solar panel installation and utility-scale projects. Working with Blattner, we intend to test the system through varying environmental conditions across different sites in preparation for commercial launch of the system currently estimated for late 2024.

我們正在與行業領先的可再生能源供應商和安裝商 Blattner Company 合作，專注於自主移動機器人系統的開發和完善，旨在優化工人安全並提高太陽能電池板安裝和公用事業規模項目的效率。我們打算與 Blattner 合作，在不同地點的不同環境條件下測試該系統，為目前預計於 2024 年底推出該系統的商業推出做準備。

Our fourth area of focus is our new Advanced Technology Software division, which will drive revenue from AI software solutions. The division's goal is to progress the development and production of our artificial intelligence and machine learning software platform for generalizable autonomy. The AI and ML software platform will be designed to be usable across a variety of autonomous systems, including factory robots and drones. We are collaborating with industry partners and leveraging their knowledge and expertise of market-specific needs to address those challenges. Our work is bolstered by multiple multimillion dollar, multiyear Department of Defense contracts.

我們的第四個重點領域是我們新的先進技術軟件部門，該部門將推動人工智能軟件解決方案的收入。該部門的目標是推進人工智能和機器學習軟件平台的開發和生產，以實現普遍自治。人工智能和機器學習軟件平台將被設計為可在各種自主系統中使用，包括工廠機器人和無人機。我們正在與行業合作夥伴合作，利用他們針對特定市場需求的知識和專業知識來應對這些挑戰。我們的工作得到了國防部多項價值數百萬美元的多年期合同的支持。

Just a few weeks ago, we announced the award of an expanded contract with the Air Force Research Laboratory for continued development of AI-driven methods and techniques to control autonomous vehicles. The methods we are developing will harness the power of disparate sensor data to enable accurate autonomous operations in dynamic unstructured environment. We anticipate commercial opportunities for our AI software solutions in addition to more government funding for this type of technology in the future.

就在幾週前，我們宣布與空軍研究實驗室簽訂了一份擴大合同，以繼續開發人工智能驅動的方法和技術來控制自動駕駛車輛。我們正在開發的方法將利用不同傳感器數據的力量，在動態非結構化環境中實現準確的自主操作。我們預計，除了政府未來為此類技術提供更多資金外，我們的人工智能軟件解決方案還將帶來商業機會。

Our AI technology builds on years of work developing AI autonomy software, and the beauty of our solution is that we are designing it to be hardware-agnostic, meaning it is relevant not only across our robotic systems, but also those manufactured by others. This opens up a tremendous market opportunity with a strong recurring SaaS revenue model.

我們的人工智能技術建立在多年開發人工智能自主軟件的基礎上，我們的解決方案的優點在於我們將其設計為與硬件無關，這意味著它不僅與我們的機器人系統相關，而且與其他人製造的機器人系統相關。這通過強大的經常性 SaaS 收入模式開闢了巨大的市場機會。

In closing, I know many of you have asked if I'm a candidate to become the permanent CEO. I am not. I was brought in to evaluate the business and make some tough decisions to move the company forward toward commercialization of our products. Coming from the aerospace industry, I understand the possibilities that our solutions enable and the challenges of working in a continually evolving strategic landscape. These past months have involved intensive data-driven analysis with the team in weighing our most compelling opportunities and leveraging the knowledge and the foundational technology built over many years.

最後，我知道你們很多人都問我是否是永久首席執行官的候選人。我不是。我被邀請來評估業務並做出一些艱難的決定，以推動公司朝著產品商業化的方向前進。來自航空航天行業，我了解我們的解決方案所帶來的可能性以及在不斷發展的戰略環境中工作的挑戰。在過去的幾個月裡，團隊進行了密集的數據驅動分析，權衡了我們最引人注目的機會，並利用了多年來積累的知識和基礎技術。

I have told the Board that I will serve in this role until we are firmly on the right path. I am encouraged by the progress we've made in a short time, and we will continue to focus on execution and taking our solutions to commercialization.

我已告訴董事會，我將擔任這一職務，直到我們堅定地走在正確的道路上。我對我們在短時間內取得的進展感到鼓舞，我們將繼續專注於執行並將我們的解決方案商業化。

I'll now turn the call over to Drew to report on the financials.

現在我將把電話轉給德魯，報告財務狀況。

Thank you, Laura. To everyone on the line, it is a pleasure to be here today speaking with you. Please note that our results for last year include the financial performance of RE2 from the close of the transaction on April 25, 2022.

謝謝你，勞拉。對於在線的每個人來說，很高興今天能在這裡與你們交談。請注意，我們去年的業績包括自 2022 年 4 月 25 日交易結束以來 RE2 的財務業績。

Now turning to the financial results. All comparisons I will use are year-over-year. For the second quarter of 2023, revenue was $1.3 million compared to $3 million during the second quarter of 2022. The lower revenue in Q2 was due to various factors, including customer budget constraints, the impact of macroeconomic factors on potential customers, and customers' request for additional features beyond the general purpose products we had available for sale. With the exception of the Sea Class system, our potential customers have indicated a near-term need for solutions tailored to address their specific pain points and use cases.

現在轉向財務業績。我將使用的所有比較都是逐年比較。 2023 年第二季度的收入為130 萬美元，而2022 年第二季度的收入為300 萬美元。第二季度收入較低的原因是多種因素，包括客戶預算限制、宏觀經濟因素對潛在客戶的影響以及客戶的需求。請求超出我們出售的通用產品的附加功能。除 Sea Class 系統外，我們的潛在客戶表示近期需要針對其特定痛點和用例量身定制的解決方案。

Also impacting Q2, 1 customer's budget for product sale that we were expecting was pushed out into next year. Cost of revenue decreased to $900,000 in Q2 2023 as compared to $3.1 million in Q2 2022, mainly due to decreased labor and material expenses charged to product development contracts. Second quarter 2023 total operating expenses, including cost of revenues, were $31.2 million, a slight decrease from the second quarter 2022 operating expenses of $32.0 million.

同樣影響第二季度的是，我們預期的 1 個客戶的產品銷售預算被推遲到了明年。 2023 年第二季度的收入成本下降至 90 萬美元，而 2022 年第二季度為 310 萬美元，這主要是由於產品開發合同中的人工和材料費用減少。 2023 年第二季度的總運營支出（包括收入成本）為 3120 萬美元，比 2022 年第二季度的運營支出 3200 萬美元略有下降。

I'll now discuss the operating expenses in more detail. In connection with the July 12, announced reduction in workforce, we incurred charges of $5.1 million in the second quarter, including $4.4 million due to the write-down of inventory and $700,000 related to the impairment of certain fixed assets. Research and development expenses increased by $4.1 million to $11.7 million in the second quarter. This increase was driven primarily by increased headcount from the acquisition of RE2. Part of this increase was also related to increased direct materials charges.

我現在將更詳細地討論運營費用。由於 7 月 12 日宣布裁員，我們在第二季度產生了 510 萬美元的費用，其中包括因庫存減記而產生的 440 萬美元，以及與某些固定資產減值相關的 70 萬美元。第二季度研發費用增加 410 萬美元，達到 1170 萬美元。這一增長主要是由於收購 RE2 導致員工人數增加所致。這一增長的部分原因還與直接材料費用的增加有關。

General and administrative expenses were down $9.9 million to $8.3 million in the second quarter, primarily due to decreased stock-based compensation expense. Sales and marketing expenses were $4.4 million, an increase of $1.8 million compared to the second quarter of 2022, due to increased costs from a third-party data management platform and increased promotional event expenses. Second quarter 2023 net loss was $28.7 million or a loss of $1.12 per share compared to a net loss of $23.1 million or a loss of $0.95 per share for the second quarter of the prior year. Second quarter non-GAAP net loss was $21.9 million or non-GAAP loss of $0.86 per share compared to a non-GAAP loss of $17.5 million or non-GAAP loss of $0.72 per share in 2022.

第二季度一般及管理費用減少 990 萬美元，至 830 萬美元，主要是由於股票薪酬費用減少。銷售和營銷費用為 440 萬美元，較 2022 年第二季度增加 180 萬美元，原因是第三方數據管理平台成本增加以及促銷活動費用增加。 2023 年第二季度淨虧損為 2870 萬美元，即每股虧損 1.12 美元，而上年第二季度淨虧損為 2310 萬美元，即每股虧損 0.95 美元。第二季度非 GAAP 淨虧損為 2190 萬美元，或非 GAAP 每股虧損 0.86 美元，而 2022 年非 GAAP 虧損為 1750 萬美元，或非 GAAP 每股虧損 0.72 美元。

Please note, on July 5, we affected a 1-for-6 reverse stock split of the company's outstanding shares of common stock. All share and per share amounts have been retroactively adjusted for all periods presented to reflect the reverse stock split. We ended the quarter with $75.1 million in unrestricted cash, cash equivalents and marketable securities.

請注意，7 月 5 日，我們對公司已發行普通股進行了 6 比 1 的反向股票分割。所有列報期間的所有股份和每股金額均已進行追溯調整，以反映反向股票分割。本季度結束時，我們擁有 7510 萬美元的非限制性現金、現金等價物和有價證券。

I am now going to turn to our financial guidance. For the third quarter of 2023, we expect total revenue to range between $1.1 million and $1.4 million. We anticipate incurring restructuring expenses related to the reduction of headcount of approximately $6.0 million net, which includes approximately $1.5 million in cash severance and benefit payments. The balance is primarily noncash items. The restructuring is expected to reduce personnel-related cash usage by approximately $14.6 million annually beginning in 2024. Reflecting the narrowing of our robotic solutions focus, quarterly research and development expenses are expected to decrease by approximately 1/3 in the third quarter when compared to the second quarter of 2023.

我現在要談談我們的財務指導。我們預計 2023 年第三季度的總收入將在 110 萬美元至 140 萬美元之間。我們預計與裁員相關的重組費用淨額約為 600 萬美元，其中包括約 150 萬美元的現金遣散費和福利金。餘額主要是非現金項目。此次重組預計將從2024 年開始每年減少與人員相關的現金使用量約1460 萬美元。由於我們的機器人解決方案重點不斷縮小，預計第三季度的季度研發費用將比去年同期減少約1/3 。 2023 年第二季度。

After adjusting for stock-based compensation expense, we also expect the implementation of our business realignment will result in general and administrative expenses trending down on a quarterly basis until being approximately 50% of the second quarter of 2023 in the first quarter of 2024. Our refined sales strategy is expected to result in sales and marketing decreasing by approximately 50% in the third quarter of 2023 and remaining that way for the rest of the year. We estimate cash usage will be approximately $5.5 million per month in the third quarter. As of June 30, 2023, we had an unconditional purchase commitment of $2 million related to operational expenses. We paid the full amount in July.

在調整股票薪酬費用後，我們還預計業務調整的實施將導致一般和管理費用逐季度下降，直至 2024 年第一季度約為 2023 年第二季度的 50%。精細化的銷售策略預計將導致2023年第三季度的銷售和營銷下降約50%，並在今年剩餘時間內保持這種情況。我們預計第三季度每月現金使用量約為 550 萬美元。截至 2023 年 6 月 30 日，我們有與運營費用相關的 200 萬美元無條件採購承諾。我們在七月份支付了全額費用。

Looking at our balance sheet. We are significantly reducing our cash usage to provide us the runway to continue developing our products and capitalize on anticipated demand. We intend to manage our average monthly cash usage to approximately $3 million in 2024. We believe we have sufficient liquidity to operate in 2025 without additional financing.

看看我們的資產負債表。我們正在大幅減少現金使用量，為我們提供繼續開發產品和利用預期需求的途徑。我們計劃到 2024 年將平均每月現金使用量控制在約 300 萬美元。我們相信，我們有足夠的流動性在 2025 年運營，無需額外融資。

Before I close, I wanted to touch upon our manufacturing services agreement with Jabil. We continue to work with Jabil and expect to maintain our relationship with them in anticipation of future needs. In the near term, we believe the capacity of our Salt Lake City facility is adequate to deliver the products our customers will need.

在結束之前，我想談談我們與捷普的製造服務協議。我們將繼續與捷普合作，並期望維持與他們的關係，以應對未來的需求。在短期內，我們相信鹽湖城工廠的產能足以提供客戶所需的產品。

Now I'd like to turn the call over to the operator. Would you kindly repeat the instructions to ask a question?

現在我想把電話轉給接線員。請您重複一下提問的說明好嗎？

(Operator Instructions) Our first question comes from Rob Mason of Baird.

（操作員說明）我們的第一個問題來自 Baird 的 Rob Mason。

My question, I know you retracted your calendar '23 guidance and you gave the third quarter. So I guess my question is, is there any expectation that you would ship commercialized product this year or in the fourth quarter?

我的問題是，我知道您撤回了 23 年日曆指引，並給出了第三季度的指引。所以我想我的問題是，你們是否期望今年或第四季度推出商業化產品？

So there are a couple of things there. First of all, we do have -- right now, we're focusing on the markets that we believe have the most potential for near-term revenue growth and strategic opportunities that are showing us the greatest market traction and meeting acute customer needs. So we do have a product that's in the market now that we're offering for sale. We expect that, that will ramp for deliveries over the second half of this year. However, the other products, which are solution-based or for specific needs, we expect those to launch more in late 2024. So there is going to be some sales of products here in the second half, but not at the level that we previously anticipated because we're just narrowing the focus.

所以有一些事情。首先，我們現在確實專注於我們認為最有潛力實現短期收入增長和戰略機會的市場，這些市場向我們展示了最大的市場吸引力並滿足了迫切的客戶需求。所以我們現在確實有一種產品在市場上出售。我們預計今年下半年的交付量將會增加。然而，其他基於解決方案或針對特定需求的產品，我們預計這些產品將在 2024 年末推出更多。因此，下半年將會有一些產品銷售，但不會達到我們之前的水平預料之中，因為我們只是縮小焦點。

And just to be clear, Drew, what product is that, that you're referencing is in the market will ramp?

需要明確的是，德魯，您提到的市場上的哪種產品會增加？

Yes. We're anticipating we'll see some Sea Class opportunities here in the second half of the year.

是的。我們預計今年下半年我們會在這裡看到一些 Sea Class 機會。

And then a question around the -- just the thought process in the inventory write-down. Is that a timing -- kind of accounting timing definition that triggered that? Or are you redesigning the product such that the components that you have not applicable going forward?

然後是一個圍繞庫存減記的思考過程的問題。這是一種觸發時間的會計時間定義嗎？或者您是否正在重新設計產品，以便您未來不再適用的組件？

Yes. So I think originally, based on our prior customer interest and feedback, we plan to offer -- I think of them as kind of Swiss Army knife products that could take on multiple jobs. And after additional collaboration and analysis of the customers' needs, we've determined that the near-term adoption is really customers prefer the specialized solutions that require these incremental development to provide greater value and higher ROI for their operations.

是的。因此，我認為最初，根據我們之前的客戶興趣和反饋，我們計劃提供 - 我認為它們是一種可以承擔多種工作的瑞士軍刀產品。經過額外的協作和對客戶需求的分析，我們確定近期採用的確實是客戶更喜歡的專業解決方案，這些解決方案需要這些增量開發為其運營提供更大的價值和更高的投資回報率。

The impact of that is this narrowing of our focus to these other opportunities. So as a result, effectively, we have an inventory that it's advisable under accounting literature, we should be writing off the balance sheet until we're ready to really move products into the market. So right now, we're focused on the more immediate market opportunities that are -- and giving our customers the specialized tools that they need versus the Swiss Army knife products that we had anticipated building a lot of.

其影響是我們將注意力集中在其他機會上。因此，實際上，我們擁有根據會計文獻建議的庫存，我們應該註銷資產負債表，直到我們準備好真正將產品推向市場。因此，現在，我們專注於更直接的市場機會，並為我們的客戶提供他們需要的專用工具，而不是我們預期製造的大量瑞士軍刀產品。

I see. And just last question, and I'll hop back in the queue. But around your expectations for cash burn rate, you mentioned a $2 million expense that was paid in July. Should I view that as a onetime cash item and that's baked into your monthly burn rate for the third quarter that wouldn't repeat? Or does that continue?

我懂了。最後一個問題，我會跳回到隊列中。但圍繞您對現金消耗率的預期，您提到了 7 月份支付的 200 萬美元費用。我是否應該將其視為一次性現金項目，並將其納入您第三季度的每月燒錢率中，並且不會重複？還是這種情況繼續下去？

That's accurate. It was included in the $5.5 million as were -- charges associated with the reorganization of the company. So it's all in, everything is in that $5.5 million. And then as we go through the rest of the year, we're expecting the cash usage will ramp down even further in Q4. And then we'll get to that $3 million in Q1, which approximately it could be up or down, but we're going to be pretty focused on maintaining and managing the business to that $3 million depending upon what happens with the business. So if great opportunities present themselves, we may have to change our direction. But right now, the focus for 2024 is to stay in a pocket that's averaging $3 million of cash usage a month.

這是準確的。它已包含在與公司重組相關的 550 萬美元費用中。所以一切都在這 550 萬美元里。然後，隨著今年剩餘時間的推移，我們預計第四季度的現金使用量將進一步下降。然後我們將在第一季度達到 300 萬美元，大約可能會上升或下降，但我們將非常專注於維護和管理業務，達到 300 萬美元，具體取決於業務情況。因此，如果有很好的機會出現，我們可能必須改變我們的方向。但目前，2024 年的重點是留在每月平均使用 300 萬美元現金的口袋裡。

Our next question comes from Chirag Patel of Jefferies.

我們的下一個問題來自 Jefferies 的 Chirag Patel。

Just wanted to kind of hit a little bit on the existing order book, if there is one, just what you can kind of give us from a framework for what we're -- what we have currently out there, what we can see and actually touch and put out there in the market. And any sort of visibility that we have into each of these 3 focused markets that we have. Are there orders out there? Are there customers that already have the product? Just a little bit more to get us a little comfortable about the trajectory that we can map out here at some point?

只是想稍微了解一下現有的訂單簿，如果有的話，你可以從一個框架中為我們提供什麼——我們目前擁有什麼，我們可以看到什麼，以及實際觸摸並投放到市場上。以及我們對這三個重點市場的任何可見性。那裡有訂單嗎？是否有客戶已經擁有該產品？只是讓我們對我們可以在某個時刻繪製的軌跡感到滿意嗎？

Yes, great question, very fair question. So let's just start with Sea Class. I will follow-up on the comment I just shared with Rob, we are in final stages of negotiations with potential subsea customers. So there are very real opportunities there for us to have these sold units here in the second half of the year. When we look at the aviation space, where -- we have a lot of activity there. We've already announced to you about what we're doing with Changi. There's been press releases released on that. And the work is continuing as well as additional discussions around expanding on that work with them.

是的，很好的問題，非常公平的問題。讓我們從 Sea Class 開始吧。我將跟進我剛剛與羅布分享的評論，我們正處於與潛在海底客戶談判的最後階段。因此，我們有非常真實的機會在今年下半年出售這些單位。當我們觀察航空領域時，我們在那裡有很多活動。我們已經向您宣布了我們在樟宜機場所做的事情。已經就此發布了新聞稿。這項工作仍在繼續，並圍繞擴大與他們的合作進行了更多討論。

So we do have these contracts that are in place. I think in Laura's prepared remarks, when you get a chance to review those, she commented how we had a -- effectively a trade show out here in Pittsburgh, happen to be in Pittsburgh today, sorry. And we have an enormous pipeline of discussions going on with a broad audience of both airports and airlines about the various products that we had demonstrated to them as part of that trade show. Just off the cuff, I mean, one of the interesting comments from one of them was, why didn't even we know that you had this. So this is a really important event for us. So aviation is a really important space. And we have other activities going on with other airlines around other technologies that we'll share with you as those become a little more mature. But there's very active conversations around other use cases for our products in the aviation space.

所以我們確實有這些合同。我認為在勞拉準備好的發言中，當你有機會回顧這些內容時，她評論了我們如何在匹茲堡舉辦了一場實際上是一場貿易展，今天碰巧在匹茲堡，抱歉。我們與機場和航空公司的廣大觀眾就我們在貿易展上向他們展示的各種產品進行了大量的討論。我的意思是，其中一個人的有趣評論之一是，為什麼連我們都不知道你有這個。所以這對我們來說是一個非常重要的事件。因此，航空業是一個非常重要的領域。我們還與其他航空公司圍繞其他技術開展其他活動，當這些技術變得更加成熟時，我們將與您分享。但圍繞我們產品在航空領域的其他用例進行了非常活躍的對話。

When I move over to the solar space, we're really happy that we're able to announce the Blattner deal and shared that with everybody a couple of weeks ago. The Blattner is just a good example. We've previously talked about how we had investments from -- or not investments but had kind of -- well, I think of it as product development contract revenue contracts that we've done with DOE previously to get this product closer to market. We have a number of conversations going on that should lead to contract opportunities with the other ECG. So that is very, very busy with us right now. It's an interesting space because if one gets it, now that they know the Blattner is working on it, the pipeline opened up for us there even more broadly because everybody else wants to have one. So there's some great activity there, which is the reason why we selected that opportunity as well, as well as the advanced stage of where our technologies and products are in each of those spaces.

當我轉向太陽能領域時，我們非常高興能夠宣布與布拉特納的交易，並在幾週前與大家分享了這一消息。布拉特納就是一個很好的例子。我們之前討論過我們如何獲得投資——或者沒有投資，但有某種——嗯，我認為這是我們之前與能源部簽訂的產品開發合同收入合同，以使該產品更接近市場。我們正在進行多次對話，應該會帶來與其他心電圖公司簽訂合同的機會。所以我們現在非常非常忙。這是一個有趣的空間，因為如果有人得到了它，現在他們知道布拉特納正在研究它，管道就為我們打開了更廣泛的空間，因為其他人都想擁有一個。因此，那裡有一些很棒的活動，這也是我們選擇這個機會的原因，也是我們的技術和產品在每個領域的高級階段的原因。

And lastly, in AI and ML, the software platform, there are 2 things here that are really important for us. First of all, the old Robot as a Service model had the company investing in a platform that would allow it to deliver effectively a SaaS style business where we would be monitoring the computers and understanding what's going on with each of them while they were being used by a customer. Now that customers are interested in buying perpetual model or paying a perpetual license for the purchase of the robots, we have been able to stand up that system and make it so that it can be used more broadly in more of a SaaS term license kind of a model so that we can get that up and running.

最後，在人工智能和機器學習軟件平台中，有兩件事對我們來說非常重要。首先，舊的機器人即服務模型讓公司投資一個平台，使其能夠有效地提供 SaaS 風格的業務，我們可以在其中監控計算機並了解每台計算機在使用時的情況由一位客戶。現在，客戶有興趣購買永久模型或支付永久許可證來購買機器人，我們已經能夠建立該系統並使其能夠在 SaaS 術語許可證類型中更廣泛地使用一個模型，以便我們可以啟動並運行它。

The impact of that is the work that is being contracted with the government, which we announced 2 weeks ago, will be part of that platform. And it will be something that will be designed so that it could be generalizable and available to other customers. And it will also be designed so that it's agnostic to the computer. It won't just be Sarcos robots that can use it. It will be other computers as well as other devices. So it could be an HOV or it could be all kinds of -- not HOV, I'm sorry, the UAV and other technologies like that, that will be connecting into the system.

其影響是與政府簽訂合同的工作，我們兩週前宣布，該工作將成為該平台的一部分。它將被設計為可推廣並可供其他客戶使用的東西。它還將被設計為與計算機無關。不僅僅是 Sarcos 機器人可以使用它。它將是其他計算機以及其他設備。因此，它可能是 HOV，也可能是各種類型——抱歉，不是 HOV，而是無人機和其他類似技術，它們將連接到系統中。

So the various opportunities that are presenting themselves are behind each of the decisions that were made around the 4 areas of focus that we're focused on right now. And it is interesting. I will share that we're very confident around the announcement of the AI deal, we believe there will be other contracts that are going to come from the government related to the work we're doing there, and we're looking forward to sharing those when those opportunities are something we can share with you. So a really long answer, Chirag, but I'm hoping to capture a bunch of it and certainly looking for follow-ups if there are any.

因此，圍繞我們目前關注的 4 個重點領域做出的每項決策背後都存在各種機會。這很有趣。我要分享的是，我們對人工智能交易的宣布非常有信心，我們相信政府還會簽訂與我們在那裡所做的工作相關的其他合同，我們期待與大家分享當我們可以與您分享這些機會時。這是一個非常長的答案，奇拉格，但我希望能捕捉到其中的一些內容，並且當然會尋找後續內容（如果有的話）。

No, that's definitely super helpful. And it's great to be able to kind of highlight again the various contracts that you have going and various conversations that have been happening, I think it just highlights the opportunity longer term that we're kind of looking at.

不，這絕對非常有幫助。很高興能夠再次強調您所簽訂的各種合同以及已經發生的各種對話，我認為這只是強調了我們正在尋找的長期機會。

The one other thing I had just on my list here was with the move from Pittsburgh to Salt Lake, any changes to the potential capacity? Are we still looking at the idea that depending on the type of unit and whatnot, there's still the ability to have 300 to 500 units being manufactured once things kind of fully ramp here?

我的清單上的另一件事是從匹茲堡搬到鹽湖城，潛在容量有什麼變化嗎？我們是否仍在考慮這樣的想法：根據單位的類型等，一旦事情完全進展，仍然有能力製造 300 到 500 個單位？

Yes. So we actually are very confident in the capacity that we'll have out of our Salt Lake City facility. With the narrower product focus, we really believe that we'll be comfortable meeting the demands of the customers if we get to look. If we happen to get a larger contract, we still have our relationship with Jabil, and we can kind of scale that up as appropriate to meet the customers' demands if they're beyond what we have in our factory. So we do believe that we have the manufacturing capacity to cover all the demands of the customers going forward.

是的。因此，我們實際上對鹽湖城工廠的產能非常有信心。隨著產品關注範圍的縮小，我們相信，如果我們去看看，我們將很樂意滿足客戶的需求。如果我們碰巧獲得了一份更大的合同，我們仍然與捷普保持著關係，如果客戶的需求超出了我們工廠的能力，我們可以適當擴大規模以滿足客戶的需求。因此，我們相信我們的製造能力可以滿足客戶未來的所有需求。

(Operator Instructions) Seeing no further questions, I would now like to turn the conference back to Laura Peterson for closing remarks.

（操作員指示）由於沒有其他問題，我現在想將會議轉回勞拉·彼得森（Laura Peterson）進行閉幕致辭。

Thank you, Stephen. Before we go, I want to reemphasize that we have taken important steps to realign our cost structure, refine our business plan and reduce our cash usage. I am confident in our ability to execute as we work toward commercialization and revenue realization. Thank you for joining us, and have a great evening.

謝謝你，斯蒂芬。在我們離開之前，我想再次強調，我們已經採取了重要步驟來調整我們的成本結構、完善我們的業務計劃並減少我們的現金使用。我對我們致力於商業化和收入實現的執行能力充滿信心。感謝您加入我們，祝您度過一個愉快的夜晚。

Thank you very much.

非常感謝。

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。您現在可以斷開連接。