Pioneer Power Solutions Inc (PPSI) 2025 Q2 法說會逐字稿

Greetings, and welcome to the Pioneer Power second-quarter 2025 earnings conference call. (Operator Instructions) As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Brett Maas of Hayden Investor Relations. Please go ahead.

您好，歡迎參加先鋒電力 2025 年第二季財報電話會議。（操作員指示）提醒一下，本次會議正在錄音。現在我很高興介紹您的主持人，Hayden Investor Relations 的 Brett Maas。請繼續。

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 eMobility. Following this discussion, there'll be a Q&A session open to participants on the call.

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 eMobility 總裁 Geo Murickan 主持。討論結束後，將有一個向電話會議參與者開放的問答環節。

We appreciate the opportunity to review the second-quarter financial results and recent business highlights. Before we get started, let me remind you this call is being recorded and webcast. 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 earlier today, Thursday, August 14, which applies to the content of the call.

我們很高興有機會回顧第二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。在本次電話會議中，管理階層可能會做出前瞻性陳述。這些聲明是基於當前的預期和假設，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。請參閱今天（8 月 14 日，星期四）早些時候發布的收益報告中包含的有關前瞻性陳述的警示性文字，該文字適用於電話會議的內容。

I would now like to 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. I am pleased to report that we delivered strong financial results for the second quarter of 2025, continuing a trend that really began midyear last year, 2024. Specifically, revenue increased 150% year-over-year to $8.4 million, and our non-GAAP operating income from continuing operations was a positive $218,000.

謝謝你，布雷特。下午好，感謝大家今天的參加。我很高興地報告，我們在 2025 年第二季度取得了強勁的財務業績，延續了去年年中（2024 年）開始的趨勢。具體而言，營收年增 150% 至 840 萬美元，而我們的非 GAAP 持續經營營業收入為正 218,000 美元。

A significant driver of the second-quarter revenue growth and profitability improvement was continued execution on the 25-unit e-Boost order for one of the largest public-school districts in the United States. This landmark project is to date, the largest RFP ever awarded for a mobile charging system, which directly supports charging the school district's initial fleet of 200 electric school buses.

第二季營收成長和獲利能力提升的一個重要驅動力是繼續執行美國最大的公立學區之一的 25 個單位的 e-Boost 訂單。這項具有里程碑意義的計畫是迄今為止行動充電系統領域中標的規模最大的計畫招標書，將直接支援該學區最初的 200 輛電動校車的充電。

After delivering the initial 10 units in the first quarter, we delivered the majority of the balance during the second quarter. While the early units carried higher costs due to the complexity of ramping up a project of this scale, our operations team achieved meaningful gains in productivity and cost optimization as the build-out progressed. As a result, gross profit on these units more than doubled in the second quarter. Additionally, this particular school district is scheduled to receive another 600 electric school buses over the next 2 years, and we expect to provide additional e-Boost units to support this ongoing program.

在第一季交付了最初的 10 個單位後，我們在第二季度交付了大部分剩餘單位。雖然由於這種規模的專案的複雜性，早期單位的成本較高，但隨著建設的進展，我們的營運團隊在生產力和成本優化方面取得了顯著的進步。結果，這些部門的毛利在第二季度增加了一倍以上。此外，該學區計劃在未來兩年內再接收 600 輛電動校車，我們希望提供額外的 e-Boost 裝置來支持這項正在進行的計畫。

In the second quarter, we also delivered initial units under our agreement with our channel partner, SparkCharge. The SparkCharge deal potentially worth up to $10 million is a direct result of Pioneer's collaborative relationship with this customer and more importantly, reflects the increasing demand for mobile, clean and rapidly deployable EV charging solutions.

第二季度，我們也根據與通路合作夥伴 SparkCharge 達成的協議交付了首批產品。SparkCharge 交易價值可能高達 1000 萬美元，這是先鋒與該客戶合作關係的直接結果，更重要的是，反映了對移動、清潔和快速部署的電動車充電解決方案日益增長的需求。

Strategically, we continue to be highly encouraged by the breadth and quality of the opportunities ahead. We are actively quoting and designing solutions for a host of government-type agencies, transit authorities, robotaxi enterprises, shipping ports and several major national package delivery providers as they all advance their commitment to electrifying their own fleet operations.

從戰略上講，我們繼續對未來機會的廣度和品質感到非常鼓舞。我們正在積極為眾多政府機構、交通運輸部門、自動駕駛計程車企業、航運港口和幾家主要的國家包裹遞送提供者提供報價和設計解決方案，因為他們都致力於實現自身車隊營運的電氣化。

The electric school bus market, in particular, continues to show strong momentum and remains a key focus area for us. These end customers are fully committed to a zero-emission future and typically have already ordered and received a significant number of either buses, vans and other fleet vehicles, making a return to traditional vehicles highly unlikely.

尤其是電動校車市場持續呈現強勁勢頭，仍是我們關注的重點領域。這些終端客戶完全致力於零排放的未來，並且通常已經訂購併收到了大量的公共汽車、貨車和其他車隊車輛，因此回歸傳統車輛的可能性極小。

We also see immediate and long-term growth potential in autonomous mobility, particularly the burgeoning robotaxi segment, which is essentially an all-electric market. As the adoption of robotaxis accelerates, the demand for flexible, scalable charging infrastructure is growing in parallel. We believe Pioneer's mobile charging platform is uniquely suited to meet the needs of this market, offering an ideal solution for decentralized on-demand EV charging. Simply put, the growth of robotaxis aligns directly with Pioneer's growth.

我們也看到了自動駕駛汽車的近期和長期成長潛力，特別是蓬勃發展的自動駕駛計程車領域，這本質上是一個全電動市場。隨著自動駕駛計程車的普及，對靈活、可擴展的充電基礎設施的需求也同步成長。我們相信先鋒的行動充電平台非常適合滿足這個市場的需求，為分散式按需電動車充電提供了理想的解決方案。簡而言之，自動駕駛計程車的成長與先鋒公司的成長直接相關。

At the end of the second quarter, our total backlog was approximately $18 million, representing a decline of 23% compared to the prior quarter, primarily due to the fulfillment of several larger orders that contributed to our strong revenue growth year-to-date.

截至第二季末，我們的總積壓訂單約為 1,800 萬美元，與上一季相比下降了 23%，這主要是由於完成了幾份較大的訂單，從而推動了我們今年迄今為止的強勁收入成長。

Beyond the current backlog, we are seeing continued momentum in our growing sales pipeline. We are actively engaged in discussions with dozens of municipalities, transit authorities, shipping ports, autonomous driving enterprises and several major national package delivery providers. In addition to our core e-Boost platform, we are preparing to launch our residential and light commercial power system, HOMe-Boost, in the second half of 2025. HOMe-Boost integrates a prime-rated natural gas engine with optional DC fast charging, giving homeowners and small facility owners the ability to generate 100% of their energy and charging needs 24/7 if desired or needed.

除了目前的積壓訂單外，我們還看到銷售管道持續成長的勢頭。我們正在積極與數十個市政當局、交通部門、航運港口、自動駕駛企業和幾家主要的全國包裹遞送供應商進行討論。除了我們的核心 e-Boost 平台外，我們還準備在 2025 年下半年推出我們的住宅和輕型商用電力系統 HOMe-Boost。HOMe-Boost 整合了頂級天然氣引擎和可選的直流快速充電功能，使房主和小型設施業主能夠根據需要全天候產生 100% 的能源和充電需求。

HOMe-Boost essentially functions as a private power plant, operating independently or alongside the grid and is ideally suited for both residential and critical commercial loads such as medical facilities and small-scale manufacturers. Early feedback from prospective customers and partners has been overwhelmingly positive, and we believe this innovative product will be a key growth driver for 2026 and beyond. The introduction of HOMe-Boost is a significant expansion of our addressable market and product scope.

HOMe-Boost 本質上充當私人發電廠，獨立運行或與電網並行運行，非常適合住宅和關鍵商業負載，例如醫療設施和小型製造商。來自潛在客戶和合作夥伴的早期回饋非常積極，我們相信這款創新產品將成為 2026 年及以後的主要成長動力。HOMe-Boost 的推出顯著擴展了我們的目標市場和產品範圍。

In contrast to e-Boost, where e-Boost charging features lead the value proposition to the customer, HOMe-Boost's delivery of pure resilient power leads HOMe-Boost value proposition. Fast DC charging is an additional feature of the unit. In summary, the second quarter marked another meaningful step towards a step forward in our growth trajectory and path to profitability. Our performance reflects not only strong execution and increasing operational efficiency, but also the accelerating demand for innovative off-grid power solutions across multiple sectors.

與 e-Boost 相比，e-Boost 的充電功能引領客戶的價值主張，而 HOMe-Boost 提供的純彈性電源引領了 HOMe-Boost 的價值主張。快速直流充電是該裝置的附加功能。總而言之，第二季標誌著我們朝著成長軌跡和獲利之路邁出了又一步有意義的步伐。我們的業績不僅反映了強大的執行力和不斷提高的營運效率，也反映了多個產業對創新離網電力解決方案日益增長的需求。

Looking ahead, we remain focused on scaling our core business, delivering on our backlog and planning the launch of HOMe-Boost. Our strong performance in the first half of the year, combined with increasing visibility into the second half, reinforces our confidence in both the strength of our business and the demand environment.

展望未來，我們將繼續專注於擴大核心業務、完成積壓訂單並計劃推出 HOMe-Boost。我們上半年的強勁表現，加上下半年前景的日益明朗，增強了我們對業務實力和需求環境的信心。

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 income from continuing operations, which excludes corporate overhead expenses, research and development costs, depreciation and amortization expense and nonrecurring professional fees. Please refer to our press release issued earlier today, August 14, 2025, 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營業收入財務指標，其中不包括公司管理費用、研發成本、折舊和攤提費用以及非經常性專業費用。請參閱我們今天早些時候（2025 年 8 月 14 日）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根據美國公認會計準則 (US GAAP) 計算和呈現的財務績效指標。相反，我們認為應使用此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。

Second-quarter revenue was $8.4 million compared to $3.4 million in the year-ago quarter, an increase of approximately 150%. The increase was primarily due to a significant increase in sales and rentals of our mobile EV charging platform, e-Boost. Second quarter gross profit was $1.3 million or a gross margin of approximately 16% compared to a gross profit of $641,000 or a gross margin of approximately 19% in the second quarter of last year. The increase in gross profit was primarily due to the significant increase in sales and rentals of the company's EBO equipment.

第二季營收為 840 萬美元，而去年同期為 340 萬美元，成長約 150%。這一成長主要歸因於我們的行動電動車充電平台 e-Boost 的銷售和租賃量大幅增加。第二季毛利為 130 萬美元，毛利率約為 16%，而去年第二季毛利為 641,000 美元，毛利率約為 19%。毛利的增加主要由於公司EBO設備銷售及租賃收入的大幅增加。

Along with improved profitability from the delivery of most of the remaining units in the 25-unit e-Boost order for one of the largest public-school districts in the United States. These gains were supported by enhanced productivity and cost optimizations achieved by our operations team as the build-out advanced.

同時，美國最大的公立學校區之一的 25 個 e-Boost 訂單中剩餘的大部分單元的交付也提高了盈利能力。這些收益得益於我們的營運團隊在建設過程中提高的生產力和優化的成本。

During the second quarter of 2025, Pioneer incurred an operating loss from continuing operations of $1.7 million, unchanged from the $1.7 million operating loss from continuing operations recorded during the second quarter of last year. During the second quarter of 2025, Pioneer generated non-GAAP operating income from continuing operations of $218,000, which again excludes corporate overhead expenses, R&D expense, depreciation and amortization and nonrecurring professional fees as compared to a non-GAAP operating loss from continuing operations of $137,000 for the same quarter in 2024, a year-over-year improvement of $355,000.

2025年第二季度，先鋒公司持續經營業務的營業虧損為170萬美元，與去年第二季度記錄的170萬美元持續經營業務的營業虧損持平。2025 年第二季度，先鋒公司根據非公認會計準則計算的持續經營業務營業收入為 218,000 美元，其中同樣不包括公司管理費用、研發費用、折舊和攤銷以及非經常性專業費用，而 2024 年同期根據非公認會計準則計算的持續經營業務營業虧損為 137,000 美元，同比改善 35,005 美元。

Net loss from continuing operations for the second quarter of 2025 was $1.2 million compared to a net loss from continuing operations of $1.7 million during the second quarter of 2024, an improvement of approximately $500,000. Taking a look at our balance sheet. As of June 30, 2025, we had cash on hand of $18 million, 0 bank debt and working capital of approximately $24 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 年第二季持續經營淨虧損為 120 萬美元，而 2024 年第二季持續經營淨虧損為 170 萬美元，改善了約 50 萬美元。看一下我們的資產負債表。截至 2025 年 6 月 30 日，我們擁有現金 1,800 萬美元、銀行債務 0 筆、營運資金約 2,400 萬美元，而截至 2024 年 12 月 31 日，我們擁有現金 4,160 萬美元、銀行債務 0 筆、營運資金 2,670 萬美元。

The cash on hand as of June 30, 2025, represents cash per share of approximately $1.62. The decrease in our cash on hand during the first half of the year is primarily due to the payment of a onetime special cash dividend of an aggregate of $16.7 million in January and the payment of federal and state income taxes totaling approximately $4 million during the second quarter. Today, we are reaffirming our guidance for revenue of $27 million to $29 million for the full year of 2025.

截至2025年6月30日，公司庫存現金約為每股1.62美元。上半年庫存現金減少的主要原因是1月支付了總計1,670萬美元的一次性特別現金股息，以及第二季支付了總計約400萬美元的聯邦和州所得稅。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.

我的發言到此結束。現在我將把電話轉回給內森。

Thank you, Walter. Operator, you can open the lines for questions.

謝謝你，沃特。接線員，您可以開通熱線來回答問題。

(Operator Instructions) Rob Brown, Lake Street Capital.

（操作員指示）Rob Brown，Lake Street Capital。

Congratulations on all the progress. First question is on the e-Boost order with the charging services company. I think you said it could be up to $10 million. Just a little color on kind of how that rolls out and what are the variables on the sizing there?

祝賀你取得的所有進展。第一個問題是關於與充電服務公司的 e-Boost 訂單。我想您說過它可能高達 1000 萬美元。能否稍微解釋一下它的展開方式以及尺寸的變數有哪些？

The real variables are what sizes they want when they want them. It covers -- there's a certain opening that they have. There's a window where we've fixed pricing for buying, we fixed pricing for leasing, and we're holding certain inventory for them. So without disclosing too much, that's kind of how that works. We try to get a -- together, we try to get a fix on what they think they'll be using over, call it, a 24-month period and locking everybody into certain parameters.

真正的變數是他們何時需要什麼尺寸。它涵蓋了——他們有一定的開口。我們有固定的購買價格、固定的租賃價格，並且為他們保留一定的庫存。所以，不必透露太多，事情就是這樣運作的。我們試圖——一起，試圖確定他們認為他們將在所謂的 24 個月期間使用什麼，並將每個人鎖定在某些參數中。

Okay. Perfect. And then on the pipeline, I think there were several markets that were quite active and you said dozens of potential municipalities. But just a sense of how that pipeline matures, the timing on it? And how does that sort of build for orders that give you some visibility into next year?

好的。完美的。然後在管道方面，我認為有幾個市場非常活躍，您說有幾十個潛在的城市。但只是了解該管道如何成熟，時機如何？那麼，這些訂單是如何讓您對明年的情況有所了解的呢？

Yes. I mean we'll be making announcements as things happen of significance. So that will help guide, let's say, in the next couple of months. Government agencies or government themselves, whether it be state or local, work at different paces. Everybody is different. They're almost like people.

是的。我的意思是，當重大事件發生時，我們會發佈公告。因此，這將有助於指導接下來的幾個月。政府機構或政府本身，無論是州政府或地方政府，工作節奏都不同。每個人都不一樣。它們幾乎就像人一樣。

So that's kind of a slower pace. Usually, the good is that they've made a commitment or they're halfway through a deep-seated commitment to going all electric and are trying now to come up with the best solutions or mixture of solutions to support their charging. That's a wide market, a very slow-moving market. Private business, whether -- however they're traded, whether they're privately held or they're publicly traded businesses are motivated differently. Some of that helps us, some of it doesn't. But the speed of those markets are much quicker.

所以速度有點慢。通常，好消息是他們已經做出了承諾，或者正在努力實現全電動化，並且正在嘗試提出最佳解決方案或解決方案組合來支持他們的充電。這是一個廣闊的市場，也是一個發展非常緩慢的市場。私人企業，無論其如何交易，無論是私人控股還是上市公司，其動機都是不同的。有些對我們有幫助，有些則沒有。但這些市場的速度要快得多。

So it's kind of -- it's like what we're doing every day. It's a blend. The large school district is obviously that's part of a large metro city on the West Coast of the United States. SparkCharge is a privately held business that is mostly serving private businesses, non-governmental type businesses. The robotaxi market, which if you would have asked me three months ago, I would have said it's all talk, talk, talk, talk, and we don't see anything.

所以這有點像是我們每天都在做的事情。這是一種混合物。這個大型學區顯然是美國西海岸一個大都市的一部分。SparkCharge 是一家私人企業，主要為私人企業和非政府類型的企業提供服務。如果你三個月前問我關於自動駕駛計程車市場的問題，我會說這都只是空談，我們什麼都沒看到。

But they're way down the road in spending money and providing solutions and rolling out in a competitive way with each other, which is -- which makes it a much more significant market for us going forward and frankly, probably the fastest as far as response time now to POs, it will be the fastest market for us.

但他們在投入資金、提供解決方案和以競爭方式推出產品方面已經取得了長足進步，這使得它成為我們未來更重要的市場，坦白說，就目前對採購訂單的回應時間而言，它可能是最快的，也將成為我們最快的市場。

Okay. And then I guess on the HOMe-Boost product, you're talking about a launch here in the second half. Could you give us a sense of some of the milestones you expect with the rollout and how you see that launch at this point?

好的。然後我想您說的 HOMe-Boost 產品將在下半年推出。您能否向我們介紹一下您對此次推出的一些里程碑的期望，以及您目前對此次推出的看法？

Yes. So the launch has been a little bit delayed. I really -- we wanted to kind of roll out in July. All the delay is on me. We've been experimenting or me primarily experimenting with it mechanically and electrically to both make sure it's fit and form is super functional, attractive and not too big and easily transportable and made some electrical changes to make things a little bit easier and more cost-effective for everybody.

是的。因此發表會稍微推遲了一點。我真的——我們想在七月推出。所有的拖延都是我的錯。我們一直在進行實驗，或者主要是我對其進行機械和電氣實驗，以確保它的適合性和外形超級實用、美觀且不太大且易於運輸，並進行了一些電氣改動，使事情變得更容易一些，對每個人來說都更具成本效益。

But we're not factoring in any revenue for '25. That would be a big bonus. I really don't expect that at all to happen. We do expect orders to happen in 2025, accelerating in the first quarter of 2026 and then hope it's a meaningful part of our revenue for 2026.

但我們沒有將 25 年的任何收入考慮在內。那將會是一筆很大的獎勵。我真的根本不希望發生這樣的事。我們確實預計訂單將在 2025 年出現，並在 2026 年第一季加速成長，然後希望它成為我們 2026 年收入的重要組成部分。

Amit Dayal, H.C. Wainwright.

阿米特·達亞爾、H.C. 溫賴特。

Nathan, congrats on another strong quarter. Good to see the margins bounce back. On that front, should we expect margins to -- should we expect margins to stay at these levels and maybe move higher given that initial buildup costs are now out of the way?

內森，恭喜你又一個季度表現強勁。很高興看到利潤率回升。在這方面，我們是否應該預期利潤率——我們是否應該預期利潤率將保持在目前的水平，甚至可能更高，因為初始建設成本現在已經消除？

Yes. I think that we're always trying to improve the margins. So I think that the margin -- the margins themselves should do no less than where they are and hopefully improve in the third quarter, of which we're halfway through, call it, and improve -- continuing to improve in the fourth quarter. How much is really on us, but that's -- there should be no more margin erosion.

是的。我認為我們一直在努力提高利潤率。因此，我認為利潤率——利潤率本身應該不會低於目前的水平，並希望在第三季度有所改善，我們已經完成了第三季度的一半，稱之為改善——並在第四季度繼續改善。有多少真的取決於我們，但那是——利潤率不應該再受到侵蝕了。

Okay. Understood. And then it looks like your pipeline is really solid, Nathan. I mean lots of opportunities from new avenues that you probably were not anticipating earlier, like you said, the robotaxi stuff.

好的。明白了。那麼看起來你的管道真的很堅固，內森。我的意思是，新途徑中有很多機會是你之前可能沒有預料到的，就像你說的，自動駕駛計程車。

On the other side of it, how are we going to manage this level of interest with the capacity we have? I'm just trying to get a sense of with the setup now or today, how much revenues can the company support with the available capacity, et cetera? And how are you thinking of managing that part of the business going forward?

另一方面，我們如何利用現有的能力來管理這種程度的興趣？我只是想了解一下，在目前的設定下，公司在現有產能下可以支援多少收入等等？您打算如何管理未來這部分業務？

Yes. So that's a discussion that we're having all the time in response to what we believe we can do. And then, of course, we have to respond in real time. So for the large order out West, the 25-unit order, we primarily for 22 out of those -- 22 out of 25 units, we used a contract manufacturer right there in Los Angeles.

是的。因此，我們一直在討論我們認為我們能夠做的事情。然後，當然，我們必須即時做出反應。因此，對於西部的大訂單，即 25 個單位的訂單，我們主要針對其中的 22 個——25 個單位中的 22 個，使用了位於洛杉磯的合約製造商。

We would not have been able to deliver definitely not on time or not that amount in our current facility in Minneapolis. For the balance of the year, we believe that we can deliver the balance of the orders in the year. There, again, the mix helps. It's larger units with higher ticket prices, and we're able to do that in, I guess, a balanced and deliberate fashion. We will not be manufacturing this we decided a while ago, we won't be manufacturing the HOMe-Boost unit ourselves. We're dealing 100% with one contract manufacturer in Minnesota.

在我們目前位於明尼阿波利斯的工廠，我們肯定無法按時交貨，也無法完成那麼多的交貨。對於今年的剩餘時間，我們相信我們可以交付年內剩餘的訂單。再次強調，混合是有幫助的。單位規模更大，票價更高，我想，我們能夠以平衡而慎重的方式做到這一點。我們不會生產這個，這是我們之前決定的，我們不會自己生產 HOMe-Boost 裝置。我們 100% 與明尼蘇達州的一家合約製造商打交道。

So really, I think that would be the majority of the growth in 2026, hopefully, is going to come from the HOMe-Boost product. We kind of have that covered. What you're addressing is kind of the middle. We get another 25-unit type order, is it all the same, not all the same. And how we handle that we'll probably do the same.

所以，我認為 2026 年的大部分成長有望來自 HOMe-Boost 產品。我們已經涵蓋了這一點。您所談論的是一種中間情況。我們又接到了 25 個單位類型的訂單，是不是都一樣，還是不一樣。至於我們如何處理這個問題，我們可能也會做同樣的事情。

We'll handle with a mix of doing it internally and/or using contract manufacturers. There's no plan to expand the capacity in Minneapolis. And there's no reason to fix from a regional point of view on somebody yet.

我們將採用內部處理和/或使用合約製造商的混合方式。目前沒有擴大明尼阿波利斯產能的計畫。目前還沒有理由從地區角度來評判某人。

Okay. No, that's understandable. From a revenue concentration perspective, is majority of the revenues right now coming from like states like California? And how do you expect this to evolve as HOMe-Boost comes to the market and maybe other solutions you bring to the market?

好的。不，這是可以理解的。從收入集中度的角度來看，目前大部分收入是否來自加州等州？隨著 HOMe-Boost 以及其他解決方案進入市場，您預計這一趨勢將如何發展？

Yes. Thank you. That's a great. Right now, it's definitely -- California definitely is number one. And I don't see that really changing.

是的。謝謝。那太棒了。現在，加州絕對是第一名。我不認為這種情況會真正改變。

The market is just too big, too strong, and there's too much incentive for the users to go electric and therefore, helps with our solutions. Listen, success of HOMe-Boost would be the greatest avenue for us, diversifies the market. It's really, as I said in the prepared remarks, it's leading with the power solution. charging is an important but a feature. It's not necessary for the user to actually need the charging.

市場太大、太強大，使用者使用電動車的動力太大，因此有助於我們的解決方案。聽著，HOMe-Boost 的成功對我們來說將是最大的途徑，可以使市場多樣化。正如我在準備好的發言中所說的那樣，它確實在電源解決方案方面處於領先地位。充電是一項重要但重要的功能。用戶其實並不需要充電。

And you really touched on something because, again, we don't trumpet it yet because we haven't done enough, but we're doing more and more or guiding to expanding the business to address more pure power type applications, bespoke distributed generation where we can help with our expertise in the generator part of the business so that we're less -- I guess, less relying on incentives to fuel the business. No pun intended.

您確實觸及了一些問題，因為我們還沒有大肆宣揚這一點，因為我們做得還不夠，但我們正在做越來越多的事情或指導來擴大業務，以解決更多純電力類型的應用，定制分佈式發電，我們可以利用我們在發電機部分的業務專業知識來提供幫助，這樣我們就不會那麼依賴激勵措施來推動業務發展。無意雙關。

Understood. Also along those lines, Nathan, so you're not going to be sort of constrained by these federal budget cuts, et cetera, because most of your customers are local, municipal state level from -- for folks in that segment. And the rest of them are private or public companies. Is that how we should look at it?

明白了。內森，同樣按照這個思路，你不會受到聯邦預算削減等的限制，因為你的大多數客戶都是來自地方、市政和州一級的——對於這個領域的人們來說。其餘均為私營或上市公司。我們應該這樣看待它嗎？

I would look at it with -- yes, with the caveat that federal budget cuts or whatever you want to call it, abandoning certain incentives, that doesn't help. Even states as rich as strong as California and other states, everybody likes when the federal government helps them out.

我會這樣看待這個問題——是的，但需要注意的是，削減聯邦預算或無論你怎麼稱呼它，放棄某些激勵措施，這無濟於事。即使像加州和其他州這樣富裕和強大的州，每個人都喜歡聯邦政府幫助他們。

Now that they've got to do all these incentives on their own, and they are committed, yes, that's true. But in any market, you take your foot off the pedal a little bit. It's not a positive for that particular market. So that's the caveat to what you're saying. Yes, California is committed. Washington is committed. Oregon is committed. Arizona is committed in deep-seated ways. It's them on their own.

現在他們必須自己實施所有這些激勵措施，而且他們已經下定決心，是的，這是真的。但在任何市場中，你都會稍微放鬆一點。這對特定市場來說並不是一個利好消息。這就是你所說的警告。是的，加州已經做出承諾。華盛頓已做出承諾。俄勒岡州已做出承諾。亞利桑那州對此有著堅定的承諾。這是他們自己的事。

(Operator Instructions) [Howard Ruth], Private Investor.

（操作員指示）[Howard Ruth]，私人投資者。

Congratulations on the great growth in the quarter. That's very impressive.

恭喜本季取得巨大成長。這真是令人印象深刻。

Thank you, Howard.

謝謝你，霍華德。

Great. A couple of little questions first for me on the gross margin, impressive going from 2% to 16% in 1 quarter. But as you look forward, I see that you answered the prior question that should tick up, hopefully. But when you bring HOMe-Boost on, will that be a temporary drag on gross margins as you -- or is that going to improve it longer term? How do you see the 2 products matching?

偉大的。首先我想問幾個關於毛利率的小問題，在一個季度內從 2% 上升到 16%，這令人印象深刻。但當你展望未來時，我看到你已經回答了先前的問題，希望這個問題能解決。但是，當您推出 HOMe-Boost 時，這會暫時拖累毛利率嗎？還是會長期改善毛利率？您如何看待這兩種產品的匹配？

Yes. HOMe-Boost, because we're not -- I mean, we have obviously engineering and design and onetime sunken costs and very little maintenance costs, but we're not going to be manufacturing the product. So we're pretty -- other than the SG&A associated with it, we have a very fixed idea of what it's going to cost us. We're going to be pricing at a level that is going to be a consistent -- should move, especially with more volume, should move the gross margins up.

是的。HOMe-Boost，因為我們不是——我的意思是，我們顯然有工程和設計以及一次性沉沒成本和很少的維護成本，但我們不會製造該產品。因此，除了與之相關的銷售、一般和行政費用 (SG&A) 之外，我們對於其成本有一個非常固定的想法。我們的定價將保持一致——應該會有所變動，特別是隨著銷量的增加，應該會提高毛利率。

Okay. Great. Is there a target gross margin you see with your overall business? Are you shooting for 20% or 25%? Or is that 25% too much to ask in your product line?

好的。偉大的。您的整體業務是否有一個目標毛利率？您的目標是 20% 還是 25%？或者說，對於您的產品線來說，25% 的要求是否過高？

Yes. So if you take the full mix of the business, it really would depend on the success of HOMe-Boost. 25% is not too much. Internally, longer term, we're asking for more. We're asking for 30% plus because as e-Boost continues to grow for the most part when we want to, we're taking on service for those units as well and the service business is right there, and it's becoming a more significant piece of what we're doing. So plus 30 is really the more medium-term goals for us.

是的。因此，如果將整個業務組合起來，這確實取決於 HOMe-Boost 的成功。 25% 並不算多。從內部來看，從長遠來看，我們要求更多。我們要求 30% 以上的增幅，因為隨著 e-Boost 在我們希望的大部分時間裡繼續成長，我們也在為這些部門提供服務，而且服務業務就在那裡，它正在成為我們所做工作中更重要的一部分。因此，對我們來說，30+確實是中期目標。

Great. Great. And then I noticed the $1.4 million cash usage kind of listed as a sales-type lease origination. Could you explain what that was? Is that a onetime item? Or is that ongoing?

偉大的。偉大的。然後我注意到 140 萬美元的現金使用被列為銷售型租賃起源。你能解釋一下那是什麼嗎？那是一次性物品嗎？還是這仍在繼續？

That was with the customer. We did a capital lease with them. So that's the use for it. That's how we booked it.

那是和顧客在一起。我們與他們簽訂了資本租賃協議。這就是它的用途。我們就是這樣預訂的。

Okay. Is that a customary thing going forward? Or is that just a one-off?

好的。這是以後的慣例嗎？或者這只是一次性事件？

We're taking leasing opportunities kind of on a step-by-step basis. now that you mentioned, I mean, I'll say we have x, and I don't even remember off the top of my head, what we're expecting to do in lease or rental revenue for this year. But it is something that we would like to grow with the right customers under the right circumstances. If you have a good counterparty, leasing is a much more profitable business for us. It's a much higher return on assets for us.

我們正在逐步抓住租賃機會。既然您提到了，我的意思是，我會說我們有 x，我什至不記得我們今年的租賃或租金收入預期是多少。但我們希望在合適的環境下與合適的客戶一起成長。如果有好的交易對手，租賃對我們來說就是一項更有利可圖的業務。對我們來說，這是更高的資產報酬率。

Okay. And then in terms of guidance, now in the first half, you've done a little over $15 million, and you're guiding to $27 million to $29 million for the year, which would mean a little bit less in the second half. And I can kind of guess at that based on that large order and lumpiness as you're ramping up. But could you just give a little bit more color on how you get to the second half guidance being down from the first half?

好的。就指導而言，現在上半年，你們的銷售額略高於 1500 萬美元，而全年的指導金額為 2700 萬至 2900 萬美元，這意味著下半年的銷售額會略少一些。我可以根據大訂單和您正在增加的不均勻性來猜測這一點。但是，您能否稍微解釋一下，為什麼下半年的業績預期會低於上半年呢？

Yes. The real flip was that there were some units that we were able to get out in -- really in June that I didn't expect that we'd be able to. We don't -- the one thing we don't -- there are many things that we don't do.

是的。真正的轉折是，我們確實能夠在 6 月撤出一些單位，而我沒想到我們能夠做到這一點。我們沒有——有一件事我們沒有做——還有很多事情我們沒有做。

But one of those is we don't sandbag it. If we could invoice it, we did it. Did it make the revenue a little higher this quarter? It would be nice if it was a perfect form up through '25? Yes. But I mean, if we can do it and we're applying the labor and material to it and the customer is ready to take it, we invoice it. So it's just -- I mean, we're so small that $2 million makes a big difference.

但其中之一就是我們不設置沙袋。如果我們可以開立發票，我們就會開立。這是否使得本季的收入略有增加？如果到 25 年為止它都是完美的形式，那會很好嗎？是的。但我的意思是，如果我們能夠做到，並且我們投入了勞動力和材料，並且客戶準備好接受，我們就會開立發票。所以這只是——我的意思是，我們規模太小，200 萬美元能帶來很大的不同。

Okay. That's what I thought. And then in terms of the backlog at $18 million, is all of that $10 million order in your backlog or how do you define one defines backlog differently, but...

好的。我就是這麼想的。然後就 1800 萬美元的積壓訂單而言，所有 1000 萬美元的訂單都包含在您的積壓訂單中嗎？或者您如何定義積壓訂單，但...

Yes. So we define it the same way for at least 10 years. It's actually non-cancelable purchase orders that we expect to deliver in less than 12 months. So it's still the same.

是的。因此，我們至少在未來 10 年內都會以同樣的方式定義它。這實際上是不可取消的採購訂單，我們預計將在 12 個月內交付。所以還是一樣。

Okay. All right. And then finally, on the competitive side, just in general terms, is there anything new in the competition on either the e-Boost or the HOMe-Boost product lines that you see out there? Or how do you see your stacking up against the competition now?

好的。好的。最後，從競爭方面來說，一般來說，您在 e-Boost 或 HOMe-Boost 產品線上看到的競爭有什麼新東西嗎？或者您如何看待自己現在與競爭對手的差距？

Yes, e-Boost, if anything, there's less. Charging has been tough. Some of the people who have started or tried to imitate, whether it's us or somebody else or use a battery solution or even diesel-type solution, whatever it was, it doesn't really make a difference. There's not enough air in the tank for everybody to keep going. So that's been actually unfortunate for those people, the employees and investors in some of those businesses, but that's been a benefit to us.

是的，e-Boost，如果有的話，那就更少了。充電很困難。有些人已經開始或試圖模仿，無論是我們還是其他人，或者使用電池解決方案，甚至是柴油型解決方案，無論是什麼，都沒有什麼區別。油箱裡的空氣不足以讓每個人繼續前進。所以，這對那些人、那些企業的員工和投資者來說其實是不幸的，但對我們來說卻是件好事。

On the HOMe-Boost, we don't see anything yet. We're trying to be a little bit stealthy with it and not come out full force until we are actually ready to be full on it because we want to get the advantage of a first mover, but not really. Any competition to e-Boost is, I don't want to say all the time, but 99% of the time is around the battery type product which we don't really compete with that.

在 HOMe-Boost 上，我們還沒有看到任何東西。我們試圖對此保持謹慎，直到我們真正準備好全力以赴時才會全力以赴，因為我們想獲得先發優勢，但事實並非如此。我不想說 e-Boost 一直都面臨競爭，但 99% 的時間都圍繞著電池類型的產品，而我們實際上並沒有與之競爭。

We're not -- that's low power, low power density, much more expensive. And we -- I don't want to say in a dismissive way, we can do that too and are contemplating even offering those solutions for those customers who really, really want that as part of their solution, just to keep people out of this business.

我們不是——那是低功率、低功率密度，而且價格昂貴得多。而且我們——我不想以輕蔑的態度說，我們也可以做到這一點，並且正在考慮為那些真正想要將其作為解決方案一部分的客戶提供這些解決方案，只是為了讓人們遠離這個行業。

Congrats on an excellent quarter.

恭喜本季取得優異成績。

Thank you, Howard.

謝謝你，霍華德。

Bruce Galloway, Galloway Ventures.

布魯斯‧加洛威 (Bruce Galloway)，加洛威創投公司 (Galloway Ventures)。

Do you see any potential application for your product to provide backup power to the data center market?

您是否認為您的產品在為資料中心市場提供備用電源方面具有潛在的應用？

Yes. So that's a big question. And I don't want to launch into a, I don't know, a silo on data centers today and power and so forth. But right now, pure backup power for a data center, these units are too small. Even the largest unit that we do is -- that would be data centers in 1992. That's the level you're talking.

是的。所以這是一個大問題。我不想陷入當今資料中心、電力等問題的孤立狀態。但目前，對於資料中心來說，純備用電源的這些單元太小了。我們所做的最大的單位甚至是 1992 年的資料中心。這就是你所說的程度。

Seriously, through our -- through the Voltaris business, the switchgear business that we sold, we're intimately involved in that business. We were and continue to monitor that business because we have an equity stake in it. The amount of power that they're sucking and the amount per node of what backup is, the bottom is 1 megawatt already. And it's 99% of the time still diesel sets, monster diesel reciprocating engines.

說真的，透過我們的——透過 Voltaris 業務，也就是我們出售的開關設備業務，我們密切參與了這項業務。我們過去和現在都在監控該業務，因為我們擁有該業務的股權。它們消耗的電量以及每個節點的備份電量，最低已經是 1 兆瓦了。而且 99% 的時間裡它仍然使用柴油機組，也就是巨型柴油往復式引擎。

Got you. To the point you just made, what's the company's remaining equity stake in that business?

明白了。關於您剛才提出的問題，公司在該業務中剩餘的股權是多少？

It's about 6% in that platform, and it's doing -- the business is doing extremely well. And we hope to benefit one day from a value there.

該平台的市佔率約為 6%，而且業務開展得非常好。我們希望有一天能夠從那裡的價值中獲益。

[Chris Lukawski], Private Investor.

[Chris Lukawski]，私人投資者。

Congratulations on the great results from me as well. My question was already asked and answered. I also had the data center question. So thank you for addressing that. So I would just like to say good luck to ourself.

我也對取得的優異成績表示祝賀。我的問題已經被問過並得到答案了。我也有關於資料中心的問題。感謝您解決這個問題。所以我只想祝我們好運。

Thank you, Chris. Thank you for calling in.

謝謝你，克里斯。謝謝您的來電。

Ladies and gentlemen, with no further questions in the question queue. I will now hand over for closing remarks.

女士們、先生們，提問隊伍中沒有其他問題了。現在我將致閉幕詞。

Thank you, operator. With the robust sales pipeline, expanding market opportunities and a clear path towards profitability, we believe Pioneer is exceptionally well positioned to lead in the rapidly evolving power and electric mobility landscape. Thank you all for joining. Thank you all for your continued support, and we look forward to updating you all on our next earnings call.

謝謝您，接線生。憑藉強大的銷售管道、不斷擴大的市場機會和清晰的獲利路徑，我們相信先鋒公司在快速發展的電力和電動車領域處於領先地位。感謝大家的加入。感謝大家一直以來的支持，我們期待在下次財報電話會議上向大家通報最新狀況。

Thank you. Ladies and gentlemen, that concludes this event. Thank you for attending, and you may now disconnect your lines.

謝謝。女士們、先生們，本次活動到此結束。感謝您的參與，現在您可以斷開線路了。