Pioneer Power Solutions Inc (PPSI) 2025 Q1 法說會逐字稿

Greetings, and welcome to the Pioneer Power first-quarter 2025 earnings conference call. (Operator Instructions) As a reminder, this conference is being recorded.

您好，歡迎參加先鋒電力 2025 年第一季財報電話會議。（操作員指示）提醒一下，本次會議正在錄音。

It is now my pleasure to introduce your host, Brett Maas of Hayden Investor Relations. Thank you. You may begin.

現在我很高興介紹您的主持人，Hayden Investor Relations 的 Brett Maas。謝謝。你可以開始了。

Thank you, operator. The call today will be hosted by Nathan Mazurek, Chairman and Chief Executive Officer; Walter Michalec, Chief Financial Officer; and Geo Murickan, President of Pioneer E-Mobility.

謝謝您，接線生。今天的電話會議將由董事長兼執行長 Nathan Mazurek、財務長 Walter Michalec 和 Pioneer E-Mobility 總裁 Geo Murickan 主持。

Following this discussion, there will be a Q&A session open to participants on the call. We appreciate the opportunity to review the first quarter financial results and recent business highlights. Before we get started, let me remind you this call is being recorded and webcast.

討論結束後，將有一個向電話會議參與者開放的問答環節。我們很高興有機會回顧第一季的財務表現和近期的業務亮點。在我們開始之前，請允許我提醒您，本次通話將被錄音並進行網路直播。

During this call, management may make forward-looking statements. These statements are based on current expectations and assumptions and are subject to risks and uncertainties that could cause actual results to differ materially. Please refer to the cautionary text regarding forward-looking statements contained in the earnings release issued last Thursday, May 15, which applies to the content of the call.

在本次電話會議中，管理階層可能會做出前瞻性陳述。這些聲明是基於目前的預期和假設，並受可能導致實際結果大不相同的風險和不確定性的影響。請參閱 5 月 15 日星期四發布的收益報告中包含的有關前瞻性陳述的警告文字，該文字適用於電話會議的內容。

I'd like to now turn the call over to Nathan Mazurek, Chairman and CEO. Nathan, please go ahead.

現在我想將電話轉給董事長兼執行長 Nathan Mazurek。內森，請繼續。

Thank you, Brett. Good afternoon, and thank you all for joining us today. We are off to a strong start in 2025 with first quarter revenue more than doubling to $6.7 million. This growth is a clear reflection of the accelerating demand for our on-site power solutions and continued penetration of vertical markets for these solutions. Q1 revenue indeed validates the significant investments we have made to develop and expand the scope of our e-Boost solutions.

謝謝你，布雷特。下午好，感謝大家今天的參加。2025 年我們開局強勁，第一季營收成長一倍多，達到 670 萬美元。這一增長清楚地反映了我們現場電力解決方案的需求不斷增長以及這些解決方案對垂直市場的持續滲透。Q1 的收入確實證明了我們為開發和擴展 e-Boost 解決方案範圍所做的大量投資。

The primary contributor to first quarter revenue was the initial completion of 10 e-Boost units to one of the largest public school districts in the United States.

第一季收入的主要貢獻者是美國最大的公立學區之一首次完成了 10 個 e-Boost 單元的安裝。

This order, which was announced in June of 2024 is for a total of 25 e-Boost mobile power units to charge the school district's first 200 electric school buses. Specifically, this order was a landmark order for Pioneer and represents the largest RFP ever administered and awarded for a mobile EV charging system. The balance of the 25 units are scheduled to be completed and delivered in the current quarter. The project was awarded after a short and intense competitive bidding process.

該訂單於 2024 年 6 月宣布，共採購 25 台 e-Boost 行動電源，為該學區的首批 200 輛電動校車充電。具體來說，該訂單對於先鋒公司來說是一個具有里程碑意義的訂單，是有史以來針對行動電動車充電系統管理和授予的最大規模的招標書。其餘 25 個單元計劃於本季完工並交付。該項目經過短暫而激烈的競爭性招標過程後最終中標。

At the time, we made the strategic decision to compete for the project at a highly competitive price in order to secure a marquee customer and prove the value of our technology at scale. As a result, our gross margins in Q1 reflected the early cost dynamic of such a large and complicated project. The first units that we developed and produced carried higher costs as we refined our processes and optimized production workflows.

當時，我們做出了策略決策，以極具競爭力的價格競爭該項目，以確保獲得大客戶並大規模證明我們技術的價值。因此，我們第一季的毛利率反映瞭如此龐大而複雜的專案的早期成本動態。隨著我們改進流程和優化生產工作流程，我們開發和生產的第一批產品的成本更高。

As we continue to execute on this order, we see improved efficiencies and benefits. We remain confident that the succeeding units will result in a better gross margin contribution for Pioneer in Q2. At the end of the first quarter, our total backlog was $23.2 million, an increase of 18% compared to the prior quarter. In addition to these current orders, our sales pipeline of potential new opportunities continues to expand.

隨著我們繼續執行此訂單，我們看到了效率和效益的提高。我們仍然相信後續部門將為先鋒公司第二季帶來更好的毛利率貢獻。截至第一季末，我們的總積壓訂單為 2,320 萬美元，較上一季成長 18%。除了這些現有訂單外，我們的潛在新銷售機會管道也不斷擴大。

We are in active discussions with dozens of municipalities, transit authorities, shipping ports and with several major national package delivery providers who have already committed to a multiyear electrical vehicle phasing in with the ultimate objective of 100% fleet electrification. In most instances, these delivery operators have already made the decision to transition to an all-electric fleet but lack the requisite charging infrastructure.

我們正在與數十個市政當局、交通管理部門、航運港口以及幾家主要的全國包裹遞送供應商進行積極討論，他們已經承諾在多年內逐步推行電動車，最終目標是實現 100% 的車隊電氣化。大多數情況下，這些送貨業者已經決定轉向全電動車隊，但缺乏必要的充電基礎設施。

E-Boost offers an off-grid, immediately deployable mobile solution that does not rely on extensive permitting, grid upgrades or long lead times. Beyond our core e-Boost charging platform, we have developed a residential/light commercial power system announced in March of 2024, tentatively named HOMe-Boost. This new platform is a game-changing power solution that will revolutionize the way homeowners and small facility owners address energy resilience and fast charging.

E-Boost 提供離網、可立即部署的行動解決方案，不依賴大量授權、電網升級或較長的交貨時間。除了我們的核心 e-Boost 充電平台之外，我們還開發了 2024 年 3 月發布的住宅/輕型商用電力系統，暫定名為 HOMe-Boost。這個新平台是一個改變遊戲規則的電源解決方案，它將徹底改變房主和小型設施業主解決能源彈性和快速充電的方式。

This cutting-edge product integrates a prime-rated natural gas engine with optional DC fast charging, providing the facility owner with the ability to generate at their option, 100% of their energy and charging needs 24 hours a day. With its exceptional efficiency, compact and futuristic design, HOMe-Boost is perfectly positioned to meet the evolving and ever-increasing power demand from the residential and light commercial energy market.

這款尖端產品整合了頂級天然氣引擎和可選的直流快速充電功能，使設施所有者能夠根據自己的選擇全天 24 小時發電並滿足 100% 的能源和充電需求。HOMe-Boost 具有卓越的效率、緊湊和未來主義的設計，完全能夠滿足住宅和輕型商業能源市場不斷變化和增長的電力需求。

We are essentially providing the large home and the facility owner with a private power plant to operate independent of their grid connection or in tandem with such connection. Our confidence is burnished by the enthusiastic reception we've already seen from potential customers and channel partners. And additionally, in the residential sector and additionally, the light commercial market from medical-related businesses like MRI, dialysis, cataract-type centers to commercial bakeries and cement producers, where power needs and fast EV charging are critical and increased and reliable grid power availability is somewhat restricted.

我們本質上是為大型住宅和設施所有者提供一個私人發電廠，使其能夠獨立於電網連接運作或與電網連接協同運作。我們已經看到潛在客戶和通路合作夥伴的熱情歡迎，這增強了我們的信心。此外，在住宅領域以及輕型商業市場中，從醫療相關企業（如 MRI、透析、白內障中心）到商業麵包店和水泥生產商，電力需求和快速電動車充電至關重要，而增加和可靠的電網電力供應受到一定限制。

As we prepare for a dynamic launch in the second half of this year, we're confident that HOMe-Boost will be a major driver of growth and innovation for our company in 2026 and beyond.

在我們為今年下半年的動態發布做準備的同時，我們相信 HOMe-Boost 將成為我們公司在 2026 年及以後成長和創新的主要驅動力。

With that, I will turn the call over to Walter.

說完這些，我會把電話轉給沃特。

Thank you, Nathan, and good afternoon, everyone. Please be advised that we have included a non-GAAP financial measure of operating loss from continuing operations, which excludes corporate overhead expenses, research and development costs and nonrecurring professional fees. Please refer to our press release issued on Thursday, May 15, for further information, including a reconciliation between GAAP and non-GAAP financial measures.

謝謝你，內森，大家午安。請注意，我們已納入非公認會計準則持續經營業務的經營虧損財務指標，其中不包括公司管理費用、研發成本和非經常性專業費用。請參閱我們於 5 月 15 日星期四發布的新聞稿以獲取更多信息，包括 GAAP 和非 GAAP 財務指標之間的對帳。

The press release can be found on our website at www.pioneerpowersolutions.com/investors/newsroom. Such non-GAAP measures should not be used as a substitute or alternative to any measure of financial performance calculated and presented in accordance with US GAAP. Instead, we believe this non-GAAP measure should be used to supplement our financial measures derived in accordance with US GAAP in order to provide a more complete understanding of the trends affecting the business.

新聞稿可在我們的網站 www.pioneerpowersolutions.com/investors/newsroom 上查閱。此類非公認會計準則 (Non-GAAP) 指標不應取代或取代任何依照美國公認會計準則 (US GAAP) 計算和呈現的財務績效指標。相反，我們認為應使用非公認會計準則衡量指標來補充我們根據美國公認會計準則得出的財務指標，以便更全面地了解影響業務的趨勢。

First quarter revenue was $6.7 million compared to $3.3 million in the year ago quarter, an increase of 103%. The increase was primarily due to a significant increase in sales and rentals of our suite of mobile EV charging solutions, e-Boost. First quarter gross profit was $148,000 or a gross margin of approximately 2% compared to gross profit of $535,000 or a 16% gross margin in the first quarter of last year.

第一季營收為 670 萬美元，而去年同期為 330 萬美元，成長 103%。成長主要歸因於我們的行動電動車充電解決方案套件 e-Boost 的銷售和租賃大幅成長。第一季毛利為 148,000 美元，毛利率約為 2%，而去年第一季毛利為 535,000 美元，毛利率為 16%。

The decrease is primarily due to what Nathan alluded to earlier regarding the completion of the initial 10 units from the large 25-unit order we received in June of 2024. The first unit that we deployed and produced carried higher costs as we refined our processes and optimize production workflows. As we continue to execute on this order, we will see improved production efficiencies. We remain confident that the remaining units will result in more positive gross margin contributions for Pioneer.

下降的主要原因是 Nathan 之前提到的，我們在 2024 年 6 月收到的 25 個單位的大訂單中，最初的 10 個單位已經完成。隨著我們改進流程和優化生產工作流程，我們部署和生產的第一個單元的成本更高。隨著我們繼續執行此訂單，我們將看到生產效率的提高。我們仍然相信，剩餘的部門將為先鋒帶來更多的毛利率貢獻。

During the first quarter of 2025, Pioneer incurred an operating loss from continuing operations of $2.3 million compared to an operating loss from continuing operations of $1.7 million in the first quarter of last year. The variance was primarily due to the decrease in our gross profit and an increase in selling, general and administrative expense.

2025 年第一季度，先鋒公司持續經營業務的營運虧損為 230 萬美元，而去年第一季持續經營業務的營運虧損為 170 萬美元。差異主要是由於我們的毛利下降以及銷售、一般及管理費用增加所致。

During the first quarter of 2025, Pioneer generated a non-GAAP operating loss from continuing operations of $989,000, which again excludes corporate overhead expenses, R&D expense and nonrecurring professional fees as compared to a non-GAAP operating loss from continuing operations of $319,000 for the same quarter in 2024.

2025 年第一季度，先鋒公司產生的非 GAAP 持續經營營業虧損為 989,000 美元，其中再次不包括公司管理費用、研發費用和非經常性專業費用，而 2024 年同期的非 GAAP 持續經營營業虧損為 319,000 美元。

Net loss from continuing operations for the first quarter of 2025 was $2.1 million compared to a net loss from continuing operations of $1.7 million during the first quarter of 2024. Taking a look at our balance sheet. As of March 31, 2025, we had cash on hand of $25.8 million, 0 bank debt and working capital of $26.2 million compared to $41.6 million of cash on hand, 0 bank debt and working capital of $26.7 million as of December 31, 2024.

2025 年第一季持續經營淨虧損為 210 萬美元，而 2024 年第一季持續經營淨虧損為 170 萬美元。看一下我們的資產負債表。截至 2025 年 3 月 31 日，我們庫存現金為 2,580 萬美元、銀行債務為 0，營運資金為 2,620 萬美元，而截至 2024 年 12 月 31 日，我們庫存現金為 4,160 萬美元、銀行債務為 0，營運資金為 2,670 萬美元。

The cash on hand as of March 31, 2025, represents cash per share of approximately $2.32. The decrease in our cash on hand during the first quarter is primarily due to the payment of a onetime special cash dividend of an aggregate of $16.7 million on January 7, 2025. Today, we are reaffirming our guidance for revenue of $27 million to $29 million for the full year of 2025.

截至2025年3月31日，庫存現金約為每股2.32美元。第一季庫存現金減少的主要原因是2025年1月7日支付了總計1,670萬美元的一次性特別現金股利。今天，我們重申 2025 年全年營收預期為 2,700 萬至 2,900 萬美元。

This concludes my remarks. I will now turn the call back over to Nathan for any questions.

我的發言到此結束。現在我將電話轉回給 Nathan，以便他回答任何問題。

Operator, you can open the lines for questions, if you will.

接線員，如果您願意的話，您可以開通問答熱線。

(Operator Instructions) Rob Brown, Lake Street Capital Markets.

（操作員指示）Rob Brown，Lake Street Capital Markets。

On the margin in the quarter, I understand the start-up kind of margin issue. How do you see margins recovering? And as this sort of goes forward, where do you think you can get the margins to for this product line?

關於本季的利潤率，我了解新創企業的利潤率問題。您如何看待利潤率的復甦？隨著這種情況的進展，您認為您可以從哪裡獲得該產品線的利潤？

Yes. So I mean, the last quarter was more indicative of where that's what we shoot for and that's what we get on the -- especially the e-Boost product, it's a super high-value integrated special product. On this particular job, when you start, and it's on me at the end, when you start with a lower sales price, that's -- only perfect execution will give you any kind of good contribution, less-than-perfect execution starts to hurt worse.

是的。所以我的意思是，上個季度更能說明我們的目標和成果——尤其是 e-Boost 產品，它是一款超高價值的整合式特殊產品。對於這項特定的工作，當你開始的時候，最後責任在我身上，當你以較低的銷售價格開始時，那就是——只有完美的執行才能給你帶來任何好的貢獻，不完美的執行會給你帶來更大的傷害。

So I think that the second half of the year, where we're not so overwhelmed by all these units, 25 units is a lot. I don't know of any other RFP -- I don't know of any other award that size for this type of the system. They've recovered already for the second quarter. They're not going to be the outsized or outstanding margins that we produced in the fourth quarter, but at least they'll be making better contributions. And as the other products in the third quarter and fourth -- the other projects really, same product, but the other jobs that we're doing come through in the third and fourth quarter so the margin should recover to something similar to the fourth of last year.

所以我認為，到今年下半年，我們不會被這些單位壓垮，25 個單位已經很多了。我不知道有任何其他 RFP——我不知道有任何其他針對此類系統的如此規模的獎項。他們已經恢復到第二季的狀態。它們不會像我們在第四季度那樣產生超額或出色的利潤，但至少它們會做出更好的貢獻。和第三季和第四季的其他產品一樣 - 其他項目實際上都是相同的產品，但我們正在進行的其他工作將在第三季和第四季完成，因此利潤率應該會恢復到與去年第四季類似的水平。

Okay. Great explanation. And then on the, I guess, e-Boost pipeline, in particular, I think you said dozens of quotes and activity. But -- how do you kind of characterize that as these come in? Is that really building for 2026 revenue?

好的。很好的解釋。然後，我想，特別是在 e-Boost 管道上，我認為您提到了幾十個引述和活動。但是——當這些出現時，您如何描述它們？這真的能為 2026 年的營收帶來成長嗎？

And when do you sort of need to close those to get into '26 bookings?

您什麼時候需要關閉這些才能獲得 26 個預訂？

Yes. Probably by the end of June, that -- it's a little bit arbitrary, but something like that, then we're really just talking about '26 afterwards. Of course, there are exceptions. We happen to have everything in stock, and it's on the smaller size and so forth, less customization and so forth and so on, but those also don't produce the same revenue that the larger units do. So the end of June is kind of a reasonable cutoff.

是的。可能是在六月底，這有點隨意，但差不多是這個時間，然後我們實際上只是在談論 26 年之後的事情。當然，也有例外。我們恰好有庫存，而且尺寸較小，定製程度較低等等，但這些也不能產生與較大單位相同的收入。因此，六月底是一個合理的截止時間。

After that, everything is '26 oriented.

此後，一切都以 26 為導向。

Okay. Good. And then HOMe-Boost, I think you talked about a fair amount of progress on the channel and the product interest. But how is the pipeline shaping up there? And are you kind of able to receive orders?

好的。好的。然後是 HOMe-Boost，我認為您談到了通路和產品興趣方面的相當大的進展。但那裡的管道狀況如何？能接收訂單嗎？

Or is that product still not -- still launching in the back half, and that's when you'll start to see the order flow?

或者該產品仍未——仍在下半年推出，那時您才會開始看到訂單流？

Yes, it's still launching in the back half. We just -- and it's all on me too. We redesigned its look, it's mechanical fit and form. It's colors, even internally did a lot to eliminate the excessive cost that we think we could do without -- at the same time, it's a premium product. So we wanted to really be that premium product, not just in look but in function for the user.

是的，後半部仍在啟動。我們只是──這一切都是我的錯。我們重新設計了它的外觀、機械配合和形狀。它的顏色，甚至內部都做了很多工作來消除我們認為可以不用的過高成本——同時，它是一款優質產品。因此，我們希望真正成為高端產品，不僅在外觀上，而且在功能上也為用戶提供優質產品。

So I think we're essentially complete. We're pushing internally. Everybody is gearing up for a very, very strong and dynamic launch second half of the year. As we've said on other calls, but it bears repeating, none -- HOMe-Boost doesn't factor into any of the guidance that we gave for '25. We're hoping to be successful from an order rate in the second half of '25 only with delivery into '26.

所以我認為我們基本上已經完成了。我們正在內部推動。每個人都在為今年下半年非常強勁和充滿活力的發布做準備。正如我們在其他電話會議上所說的那樣，但值得重複的是，沒有——HOMe-Boost 沒有考慮到我們對 25 年給予的任何指導。我們希望 2025 年下半年的訂單率能夠成功，並在 2026 年交付。

So none of the guidance is impacted by its rollout for '25.

因此，該指南不會受到 25 年推出的影響。

(Operator Instructions) Next question here is from [Heresto Vakkowski] a private investor.

（操作員指示）下一個問題來自私人投資者 [Heresto Vakkowski]。

My questions were, of course, about the margins and you answered those. Thanks for that. About HOMe-Boost, would you -- would that be suitable for people with solar panels for them to be able to completely disconnect from the grid?

我的問題當然是關於利潤率的，而您已經回答了這些問題。謝謝。關於 HOMe-Boost，您認為它是否適合擁有太陽能板的人，讓他們可以完全脫離電網？

If they chose to do that, whether they have solar panels or not, they would be able to go on island mode, they'd be able to disconnect if that's what they wanted to do. It has the logic and the control to move loads back and forth between this unit and the utility feed that the person might be getting. But if they wanted to go on to island mode, yes, they can go off the grid completely as long as they have a natural gas connection.

如果他們選擇這樣做，無論他們是否有太陽能電池板，他們都能夠進入孤島模式，如果他們願意，他們就可以斷開連接。它具有邏輯和控制功能，可以在該裝置和人們可能獲得的公用電源之間來回移動負載。但如果他們想進入孤島模式，是的，只要有天然氣連接，他們就可以完全脫離電網。

But would it be able to kind of do the, I guess, the variable production that's required for solar panels, the fact that solar panels will kind of drop off in the evenings and so on. Will it be able to intermittently start and stop?

但它是否能夠滿足太陽能電池板所需的可變生產需求，而太陽能電池板在晚上就會逐漸減少等等。它能間歇地啟動和停止嗎？

It can intermittently start and stop, yes.

是的，它可以間歇地啟動和停止。

All right. And I wanted to ask you, and this is an argument I've been having with my investors about your company, and it's a bit of a devil's advocate argument in that one may say that your -- that e-Boost is kind of like a temporary solution for people to -- that cannot yet connect to the grid and that nobody moves to electric just so they can generate electricity through a propane engine. And how do you view this? Like how long will this market last? I mean I know you're doing great right now.

好的。我想問您，這是我與投資者就貴公司進行的爭論，這有點像魔鬼代言人的論點，因為有人可能會說您的——e-Boost 有點像是為那些還不能連接到電網的人提供的臨時解決方案，而且沒有人會僅僅為了通過丙烷發動機發電而轉向電力。您如何看待此事？例如這個市場會持續多久？我的意思是我知道你現在做得很好。

Does it have legs?

它有腿嗎？

Yes. So that is the ultimate question. So there's two parts to it. One is that this grid gap or this period of time, which people three years ago thought won't be more than three years is going into -- I can't see it stopping for the next five years. It just keeps growing because of the difficulty that businesses are having in getting these kinds of connections.

是的。所以這是最終的問題。所以它有兩個部分。一是這個電網缺口或這段時間，人們三年前認為不會超過三年，但我認為它在未來五年內不會停止。由於企業在建立此類聯繫方面遇到困難，這一問題才不斷增長。

They've also seen the value as more -- as we put more units out there, more school districts, more municipalities, they see the value and the optionality of mobility.

他們也看到了更多的價值——隨著我們在那裡建立更多的單位、更多的學區、更多的市政當局，他們看到了流動性的價值和可選性。

And they look at it is that why am I spending all this money on fixed infrastructure when I can have a mobile solution for essentially the same price and then have the optionality of moving it, not moving it. If I lease the facility, I can still take it with me and things like that. In addition is even if somebody can get a connection, and that's what the school district that we're delivering right now, their issue, and they're a major city and you would think that the utility is kowtowing to a major -- one of the country's largest cities is that they can't get enough power even if they had a connection.

他們的想法是，既然我可以以基本相同的價格獲得行動解決方案，並且可以選擇移動它，而不是不移動它，那麼為什麼我要在固定基礎設施上花費這麼多錢呢？如果我租賃該設施，我仍然可以將其隨身攜帶等等。此外，即使有人可以獲得連接，這就是我們現在提供的學區的問題，他們的問題，他們是一個大城市，你會認為公用事業公司正在向一個大城市卑躬屈膝——這個國家最大的城市之一，即使他們有連接，他們也無法獲得足夠的電力。

They don't want to just trickle charge their buses then they're having buses sit for 40 hours to recharge themselves. That's not tenable -- that's not a solution for them, their utilization rate plummets. So for them to fast charge as many buses as they want as quickly as they can, in the case of this particular system, they're doing 8 buses at a time. We have eight chargers hanging off the trailer with our really large unit producing power on a mobile off-grid way. So they're not beholden to the utility at all.

他們不想只是對公車進行涓流充電，而是讓公車停放 40 個小時來自己充電。這是站不住腳的——這對他們來說不是一個解決方案，他們的利用率會下降。因此，為了盡可能快速地為盡可能多的公車進行快速充電，就這個特定的系統而言，他們一次可以為 8 輛公車充電。我們的拖車上掛著八個充電器，我們的大型裝置以移動離網方式發電。所以他們根本不受效用的影響。

I don't know if that answers it for you, but that's the reality that we're finding.

我不知道這是否能解答您的疑問，但這就是我們發現的現實。

Okay. Yes, that does answer it. And just to be clear, I think I know the answer to that, but I want you on the record. I mean even if they do have your solution that does have an internal combustion engine, there's still significant savings compared to diesel, right? I mean natural gas is just cheaper in terms of energy per dollar.

好的。是的，這確實回答了這個問題。需要明確的是，我想我知道答案，但我希望你能記錄下來。我的意思是，即使他們確實有你的解決方案，即使用內燃機，與柴油相比仍然可以節省很多，對嗎？我的意思是，就每美元能源而言，天然氣更便宜。

It's -- we never -- I'm going to say never because rarely, we never get it compared to diesel really. It's compared to what -- if we had a connection to the grid, what would it be, and this is still much cheaper. Gas is producing your own power on site. I mean there's no transmission charges. There's no delivery charge of the power, is for sure cheaper.

我們從來沒有——我要說從來沒有，因為與柴油相比，我們很少得到它。與我們連接到電網的情況相比，這仍然便宜得多。天然氣正在現場生產您自己的電力。我的意思是沒有傳輸費用。沒有電力運送費，肯定更便宜。

Those that are coming up with this solution, diesel defeats any kind of purpose, meaning if I spent the money to have an electric bus or a van to reduce emissions, it's kind of optically and realistically a little hypocritical to use diesel to charge it.

那些提出這個解決方案的人認為，柴油違背了任何目的，這意味著如果我花錢買了一輛電動公車或貨車來減少排放，那麼使用柴油為其充電在視覺上和現實上都有點虛偽。

Well, what I meant is that it's cheaper than having diesel trucks and putting diesel in the trucks .

嗯，我的意思是，這比柴油卡車和在卡車裡加柴油更便宜。

Yes, it's Cheaper than having diesel trucks. That's correct, by far.

是的，它比柴油卡車便宜。到目前為止，這是正確的。

And diesel and diesel buses and so on.

以及柴油引擎和柴油客車等等。

Correct. Correct. You are 100% correct. Yes.

正確的。正確的。你100%正確。是的。

Next question is from [Howard Ruth] a private investor.

下一個問題來自私人投資者[Howard Ruth]。

Congrats on the excellent progress. I have two questions. One is on the distribution network. I mean it's -- to me, it's impressive on these large orders you've gotten so quickly out of the box with the new product. It means that you've got credibility established.

祝賀您的優異進展。我有兩個問題。一是分銷網絡。我的意思是——對我來說，你們如此迅速地推出新產品來獲得如此多的大額訂單，這令人印象深刻。這意味著你已經建立了信譽。

And your distribution, it seems like it's multilayered with distributors and other people outside the company working with it. Can you talk a little bit about how you see that growing and how you see that changing when you get the HOMe-Boost out there as well?

您的分銷似乎是多層次的，有分銷商和公司外部的其他人在合作。您能否稍微談談您如何看待這種發展，以及當您推出 HOMe-Boost 時您如何看待這種變化？

Yes. So thank you, Howard. That's true. I mean we evolved as well. I mean it's -- I don't want to say it's impossible, but it's close impossible for us to cover everything with our sales force.

是的。所以謝謝你，霍華德。這是真的。我的意思是我們也進化了。我的意思是——我不想說這是不可能的，但我們的銷售人員幾乎不可能涵蓋所有的事情。

So we would never see the city of X on our own. We just don't have enough personnel out there. So we use a lot of channel partners/distributors that act as the feet on the street. We do a lot of things directly as well. When it comes specifically to municipalities and states and things like that, we use a variety of distributors.

所以我們永遠不可能獨自看到X市。我們只是沒有足夠的人員。因此，我們利用許多通路合作夥伴/分銷商作為實地走訪的管道。我們也直接做了很多事。當具體涉及市政當局和州等事務時，我們會使用各種分銷商。

Sometimes it's the bus dealers, the truck dealers themselves with corporates' approval and confidence in what -- in the solutions that they're offering. It helps them move more electric trucks and buses.

有時是公車經銷商、卡車經銷商本身，他們提供的解決方案得到了企業的認可和信任。它可以幫助他們運輸更多的電動卡車和巴士。

In the case of the investor-owned businesses, that's so far to date a more direct approach. We need probably -- we have some intermediaries. We need more intermediaries and channel partners who are doing, I don't even know if there's a real name for what they're doing, energy development or things like that, charging development, integrators, one-stop solutions, turnkey people and so forth.

對於投資者所有的企業來說，這是迄今為止更直接的方法。我們可能需要——我們有一些中間人。我們需要更多的中間商和通路合作夥伴，我什至不知道他們所做的事情是否有一個真正的名稱，能源開發或類似的東西，充電開發，整合商，一站式解決方案，交鑰匙人員等等。

We need more of them because it's impossible -- I mean unless we hire 100 people to work all day, all night, we can't see everything. On the home thing, that's a little bit of a work in progress. I have some ideas. Our team has some ideas of how best. We've sort of already tested the product from a marketing point of view with these different types of -- I don't want to reveal too much distributors and dealers within that industry.

我們需要更多這樣的人，因為這是不可能的——我的意思是，除非我們僱用 100 個人整天整夜工作，否則我們就無法看到所有的東西。關於家庭的事情，這還是一項正在進行的工作。我有一些想法。我們的團隊對於最佳做法有一些想法。我們已經從行銷的角度對這些不同類型的產品進行了測試——我不想透露太多該行業內的分銷商和經銷商。

But I think like the original HOMe-Boost product, the market is going to move us and shift us in ways that I can't anticipate right now from a distribution point of view.

但我認為，就像最初的 HOMe-Boost 產品一樣，市場將以我現在從分銷角度無法預測的方式推動和改變我們。

Okay. That's helpful. Then my second question is kind of looking into 2026, and I know it's early and you guys got a lot of stuff on your plate. But as you look, you've got this rapidly growing e-Boost product line out there. And then you're adding something that I would say has even more potential with HOMe-Boost, and you've got pinch points all along the process from manufacturing, management time, marketing sales, all of that.

好的。這很有幫助。我的第二個問題是展望 2026 年，我知道現在還早，你們有很多事情要做。但正如您所看到的，您已經擁有了這個快速成長的 e-Boost 產品線。然後你添加一些我認為在 HOMe-Boost 中更有潛力的東西，而且你會在整個過程中遇到瓶頸，從製造、管理時間、行銷銷售等等。

How do you see your focus in 2026? How big do you see HOMe-Boost being as a percentage of your attention or a percentage of your kind of your push in next year's efforts?

您如何看待自己 2026 年的重點？您認為 HOMe-Boost 在明年的努力中佔多大比例？或佔多大比例？

Yes. So that's a great question. We're struggling with that all the time. So just to take some of it off the table, we've already -- because HOMe-Boost will only be in, call it -- in our minds, and again, it's arbitrary, four versions of it. So it's a much more standard product than we're used to on the traditional e-Boost side.

是的。這是一個很好的問題。我們一直在為此奮鬥。因此，為了排除其中的一些問題，我們已經 — — 因為 HOMe-Boost 只會存在於我們心中，而且，它是任意的，它的四個版本。因此，它比我們在傳統 e-Boost 方面所習慣的產品更標準。

So we've already contracted sort of with another manufacturer close to us to make these for us initially at size and scale without duplicating because otherwise, then we're just adding capital expenditures and so forth and so on. So that's kind of a little bit off the table, which is helpful to us at price points that we think are favorable for everybody. To be able to bring this product out to market so we can really concentrate on the design engineering and the marketing and selling of this particular product.

因此，我們已經與我們附近的另一家製造商簽訂了合同，最初按尺寸和規模為我們生產這些產品，而不會重複，因為否則，我們只是增加資本支出等等。所以這有點不太可能，但對我們有幫助，因為我們認為這個價格對每個人都有好處。為了能夠將該產品推向市場，我們能夠真正專注於該產品的設計工程以及行銷和銷售。

As far as management time, I would say that really starting now, it's occupying for me, for Walter, for Geo Murickan, it's occupying probably 50% of our mind space because we believe the same thing that you just highlighted. We believe it could be a far larger, even more profitable product for us. So we're very excited. But the proof is always in the pudding. So we got to do the work.

就管理時間而言，我想說從現在開始，它佔據了我、沃爾特、喬·穆里坎大約 50% 的思維空間，因為我們相信您剛才強調的同樣的事情。我們相信，對我們來說，它可能是一個更大、更有利可圖的產品。所以我們非常興奮。但事實總是如此。所以我們必須做這項工作。

This concludes the question-and-answer session. I'd like to turn the floor back to management for any closing comments.

問答環節到此結束。我想將發言權交還給管理階層，請他們發表最後的評論。

Thank you all for joining. Thank you all for your support, and we look forward to updating you all on our next earnings call. Thank you.

感謝大家的加入。感謝大家的支持，我們期待在下次財報電話會議上向大家通報最新情況。謝謝。

This concludes today's teleconference. You may disconnect your lines at this time. Thank you again for your participation.

今天的電話會議到此結束。現在您可以斷開線路。再次感謝您的參與。