QuantumScape Corporation (QS) 2026 Q2 法說會逐字稿

Thank you for standing by. Welcome to QuantumScape's second quarter 2026 earnings conference call. (Operator Instructions) As a reminder, today's program is being recorded.

感謝您稍候。歡迎參加 QuantumScape 2026 年第二季財報電話會議。(接線員指示) 提醒您，今天的節目正在錄音。

And now I’d like to introduce your host for today’s program, Sam Kamath, QuantumScape’s Senior Director, Investor Relations. You may begin, sir.

現在我想介紹今天節目的主持人：QuantumScape 投資人關係資深總監 Sam Kamath。先生，您可以開始了。

Thank you, operator. Good afternoon, and thank you to everyone for joining QuantumScape’s second quarter 2026 earnings call. To supplement today’s discussion, please go to our investor relations website at ir.quantumscape.com to view our shareholder letter.

謝謝，接線員。各位下午好，感謝大家參加 QuantumScape 2026 年第二季財報電話會議。為補充今天的討論，請前往我們的投資人關係網站 ir.quantumscape.com 查看我們的股東信。

Before we begin, I want to call your attention to the Safe Harbor provision for forward-looking statements that is posted on our website as part of our quarterly update. Forward-looking statements generally relate to future events, future technology progress, or future financial or operating performance.

在開始之前，我想提醒各位注意我們網站上、作為季度更新一部分所發布的「前瞻性陳述」安全港條款。前瞻性陳述通常涉及未來事件、未來技術進展，或未來的財務或營運表現。

Our expectations and beliefs regarding these matters may not materialize. Actual results and financial periods are subject to risks and uncertainties that could cause actual results to differ materially from those projected.

我們對這些事項的預期與信念可能不會實現。實際結果與財務期間受到風險與不確定性影響，可能導致實際結果與預測存在重大差異。

There are risk factors that may cause actual results to differ materially from the content of our forward-looking statements for the reasons that we cite in our shareholder letter, Form 10-K, and other SEC filings, including uncertainties posed by the difficulty in predicting future outcomes.

如我們在股東信、Form 10-K 與其他 SEC 申報文件中所述，存在可能導致實際結果與前瞻性陳述內容出現重大差異的風險因素，其中包括因難以預測未來結果所帶來的不確定性。

Joining us today will be QuantumScape’s CEO, Dr. Siva Sivaram, and our CFO, Kevin Hettrich. With that, I’d like to turn the call over to Siva.

今天與會的有 QuantumScape 執行長 Siva Sivaram 博士，以及財務長 Kevin Hettrich。接下來，我想把電話交給 Siva。

Thank you, Sam. I’d like to start by discussing our automotive commercialization progress. This quarter, we announced a partnership with Honda. This is a multi-year agreement aimed at advancing our solid-state lithium metal battery technology for automotive and other applications in the Honda product portfolio.

謝謝你，Sam。我想先談談我們在汽車商業化方面的進展。本季我們宣布與本田（Honda）建立合作夥伴關係。這是一項多年期協議，旨在推進我們的固態鋰金屬電池技術，用於汽車及本田產品組合中的其他應用。

Honda is renowned for their engineering excellence and product quality and has made significant investments in scaling up solid-state battery manufacturing capabilities. This partnership results from one of the most rigorous assessments of our technology to date.

本田以卓越的工程能力與產品品質聞名，並已在擴大固態電池製造能力方面投入大量資本。這項合作夥伴關係源自迄今對我們技術所進行最嚴格的評估之一。

Our ceramic separator and anode-free lithium metal architecture enables QS to provide solutions to unlock the full potential of solid-state batteries. With Honda’s diverse product portfolio, this collaboration allows us an additional pathway to expand into new high-value markets.

我們的陶瓷隔膜與無負極（anode-free）鋰金屬架構，使 QS 能夠提供解鎖固態電池全部潛力的解決方案。憑藉本田多元的產品組合，這項合作也為我們提供另一條途徑，得以拓展至新的高價值市場。

We recently updated our ongoing collaboration and licensing arrangement with Volkswagen PowerCo with a set of milestones and payments focused on automotive cell development, larger format cells, and our future technology roadmap.

我們近期更新了與 Volkswagen PowerCo 的持續合作與授權安排，新增一系列里程碑與付款，聚焦於汽車電芯開發、更大尺寸規格的電芯，以及我們未來的技術路線圖。

We are also working with two other top 10 automotive OEM customers under existing joint development agreements. We continue to strengthen our relationships with automakers in North America, Europe, and Japan.

我們也在既有的共同開發協議下，與另外兩家前十大汽車 OEM 客戶合作。我們持續強化與北美、歐洲與日本車廠的合作關係。

On this front, we have shipped cells to an additional automotive OEM customer. We also see broad-based interest in our technology across a variety of applications beyond electric vehicles, including AI data centers and other advanced applications such as aerospace and defense.

在這方面，我們已向另一家汽車 OEM 客戶出貨電芯。我們也看到，除電動車之外，我們的技術在多種應用上都受到廣泛關注，包括 AI 資料中心，以及航太與國防等其他先進應用。

We believe that all these end markets can be served by our fundamental technology stack, but each customer can benefit from an individually tailored go-to-market approach.

我們相信，這些終端市場都可由我們的核心技術堆疊來服務，但每位客戶都能受益於量身打造的市場進入（go-to-market）策略。

In order to serve our diverse and growing customer base, we are establishing three business verticals: QSEV for electric vehicles, QSDC for AI data centers, and QSAS for advanced solutions for applications including aerospace and defense.

為了服務我們多元且持續成長的客戶群，我們正在建立三個事業垂直領域：QSEV（電動車）、QSDC（AI 資料中心）以及 QSAS（先進解決方案，涵蓋航太與國防等應用）。

QSEV is working with auto OEMs around the world, including Volkswagen and Honda. QSDC is engaged with ODMs to design solutions based on QSE 5 technology for the fast-moving AI data center market. QSAS has shipped QSE 5 cells to a major American defense prime and is engaged with global players across the aerospace and defense industries.

QSEV 正與全球汽車 OEM 合作，包括 Volkswagen 與本田。QSDC 正與 ODM 合作，基於 QSE 5 技術為快速變動的 AI 資料中心市場設計解決方案。QSAS 已向一家美國主要國防主承包商出貨 QSE 5 電芯，並與航太與國防產業的全球業者展開合作。

Next, an update on the Eagle Line, our highly automated pilot cell production line in San Jose, California. The Eagle Line serves several purposes.

接下來更新 Eagle Line 的進展；這是我們位於加州聖荷西的高度自動化試量產電芯生產線。Eagle Line 具有多項用途。

Greater cell volumes allow us to meet customer demand for samples, higher throughput accelerates the process development cycle, and automated equipment serves as a proving ground for scaling up production. Demonstrating scalable production of a unique technology on a first-of-a-kind automated line is a significant challenge, and as such, it is one of our four key annual goals.

更高的電芯產量讓我們能滿足客戶對樣品的需求；更高的產出速率可加速製程開發週期；而自動化設備則可作為擴產的驗證平台。在首創的自動化產線上展示一項獨特技術具備可擴展的量產能力，是一項重大挑戰，因此它也是我們年度四大關鍵目標之一。

Applying our systematic, methodical, and iterative approach, we have made significant operational progress with the Eagle Line. Core tools are showing uptime greater than 90%. Key metrics of productivity are hitting our targets, and we are currently ramping sample volumes and shipping cells to customers.

透過我們系統化、嚴謹且反覆迭代的方法，我們在 Eagle Line 的營運上取得顯著進展。核心設備的稼動率已超過 90%。生產力的關鍵指標達到我們的目標，我們目前正提升樣品產量並向客戶出貨電芯。

As we continue to improve process stability and control, we aim to further double cell output in the second half of 2026 and anticipate customer sample shipments accelerating across all three verticals.

隨著我們持續改善製程穩定性與控制能力，我們目標在 2026 年下半年將電芯產出再翻倍，並預期三個垂直領域的客戶樣品出貨都將加速。

We are orchestrating a network of partners within the QS technology ecosystem with the aim of scaling up cell production. As part of this effort, we are working closely with established battery equipment vendors to lay the groundwork for future factories.

我們正協調 QS 技術生態系中的合作夥伴網絡，以擴大量產電芯為目標。作為此項努力的一部分，我們正與既有的電池設備供應商密切合作，為未來工廠奠定基礎。

We also continue to collaborate with our ecosystem partners at Murata Manufacturing and Corning, working towards high volume ceramic separator production using our Cobra process. Next, two updates on our technology. First, we have received consistent customer feedback that in addition to the combination of energy density and power capability, the safety profile of our technology is highly valuable.

我們也持續與 Murata Manufacturing 與 Corning 等生態系夥伴合作，推進使用我們 Cobra 製程的高產量陶瓷隔膜生產。接下來提供兩項技術更新。第一，我們持續收到客戶一致回饋：除了能量密度與功率能力的組合之外，我們技術的安全特性也極具價值。

Competing next-generation approaches such as silicon or lithium metal anodes with liquid electrolytes, can pose serious safety hazards. In contrast, our proprietary ceramic separator is non-flammable and non-combustible, which enables an improved safety profile relative to lithium-ion cells.

其他競爭性的下一代方案，例如搭配液態電解液的矽或鋰金屬負極，可能帶來嚴重的安全風險。相較之下，我們的專有陶瓷隔膜不易燃且不可燃，因而相對於鋰離子電芯可提供更佳的安全特性。

Thanks to the increased cell output from the Eagle Line, we are able to conduct larger scale safety testing across a broad range of commercially relevant tests, including nail penetration, external short circuit, and thermal stability testing up to 300 degrees Celsius, whereas conventional lithium-ion testing stops at 200 degrees.

受惠於 Eagle Line 提升的電芯產出，我們得以在更大規模下進行安全測試，涵蓋多項具商業相關性的測試，包括釘刺（nail penetration）、外部短路，以及最高至攝氏 300 度的熱穩定性測試；而傳統鋰離子測試通常止於攝氏 200 度。

We are pleased to report that larger scale testing continues to show that QSE 5 is a significantly safer cell design compared to both conventional and next generation lithium-ion cells. We have also seen customer interest for our technology in cell form factors that are larger than the QSE 5. One benefit of larger format cells is improved packing efficiency, which can result in higher cell level energy density.

我們很高興報告，更大規模的測試持續顯示，與傳統及下一代鋰離子電芯相比，QSE 5 是顯著更安全的電芯設計。我們也看到客戶對於大於 QSE 5 的電芯外形尺寸（form factors）之技術需求。更大尺寸電芯的一項優勢是可提升封裝效率，進而可能帶來更高的電芯層級能量密度。

In response to this customer interest, we have demonstrated that our Cobra process can produce larger area separators for higher capacity cell designs, which shows the flexibility and scalability of our ceramic separated technology to meet customer requirements. Lastly, I want to take a step back and look at the big picture.

為回應這項客戶需求，我們已證明 Cobra 製程可生產更大面積的隔膜，以支援更高容量的電芯設計，展現我們陶瓷隔膜技術的彈性與可擴展性，以滿足客戶要求。最後，我想退一步，從更宏觀的角度來看。

QS was founded with the mission to revolutionize energy storage. Today, it’s becoming clear just how consequential that mission is. Transportation, AI, and defense are simultaneously undergoing fundamental transformations. Electric vehicles are reshaping the global automotive market. Drones and unmanned systems are rewriting the rules of defense strategy.

QS 成立的使命是徹底革新能源儲存。如今，這項使命的重要性正變得愈發清晰。運輸、AI 與國防正同時經歷根本性的轉型。電動車正在重塑全球汽車市場。無人機與無人系統正在改寫國防戰略的規則。

AI is unlocking new capabilities for every business and person on the planet. These extraordinary developments all have one thing in common. They all need better batteries. We are positioning our organization to take advantage of these technology transformations.

AI 正在為地球上的每一家企業與每一個人解鎖全新能力。這些非凡的發展都有一個共同點。它們都需要更好的電池。我們正讓組織就位，以把握這些技術轉型帶來的機會。

QSDC is working to capitalize on exciting high value opportunities in the AI data center market, QSAS is engaging in customers in high value aerospace and defense applications. With QSEV, we are advancing automotive commercialization with our four top 10 OEM customers, including the newly announced Honda partnership.

QSDC 正在努力把握 AI 資料中心市場中令人振奮的高價值機會，QSAS 正在與客戶合作，切入高價值的航太與國防應用。透過 QSEV，我們正與四家全球前十大 OEM 汽車客戶推進車用商業化，其中包括新近宣布的本田合作夥伴關係。

The Eagle Line is ramping up to enable increased customer shipments in the second half of the year. We are investing in future technology roadmap with larger format cells and more in the pipeline. There is much work still to do, but our team has the talent and tenacity to overcome challenges as we industrialize our technology to make the most of these transformational opportunities.

Eagle Line 正在加速爬坡，以在今年下半年支援客戶出貨量提升。我們正投資於未來技術路線圖，包括更大尺寸的電芯，以及更多在研項目。仍有許多工作要做，但在我們推動技術工業化、把握這些轉型機會的過程中，我們的團隊具備克服挑戰所需的人才與韌性。

Thank you for your support. We look forward to sharing more updates in the months ahead. With that, I’ll turn things over to Kevin for a word on our financial outlook.

感謝各位的支持。我們期待在未來幾個月分享更多更新。接下來我把時間交給 Kevin，請他談談我們的財務展望。

Thank you, Siva. GAAP operating expenses and GAAP net loss in Q2 were $106.1 million and $98.2 million respectively. Adjusted EBITDA loss was $64.2 million in Q2, in line with expectations. For full year 2026, we reiterate our Adjusted EBITDA loss guidance of between $250 million and $275 million.

謝謝你，Siva。第二季的 GAAP 營業費用與 GAAP 淨損失分別為 1.061 億美元與 9,820 萬美元。第二季調整後 EBITDA 虧損為 6,420 萬美元，符合預期。針對 2026 全年，我們重申調整後 EBITDA 虧損指引為 2.50 億至 2.75 億美元。

A table reconciling GAAP net loss and Adjusted EBITDA is available in the financial statement at the end of our shareholder letter. Capital expenditures in the second quarter were $4.6 million. Q2 CapEx was primarily composed of investment into our technology roadmap and associated facility spend.

GAAP 淨損失與調整後 EBITDA 的調節表，載於股東信末尾的財務報表中。第二季資本支出為 460 萬美元。Q2CapEx 主要由對我們技術路線圖的投資及相關設施支出構成。

For full year 2026, we lower our guidance for CapEx to be between $27 million and $37 million, reflecting capital discipline and cost savings on specific capital projects. We set a public goal for customer billings in 2026 to exceed customer billings in 2025. As of today, we have achieved this goal.

針對 2026 全年，我們將 CapEx 指引下調至 2,700 萬至 3,700 萬美元，反映資本紀律，以及在特定資本專案上的成本節省。我們曾公開設定 2026 年客戶開立帳單金額要高於 2025 年的目標。截至今日，我們已達成此目標。

Customer billings in Q2 were $10.8 million. Total customer billings through Q2 2026 are $21.8 million, exceeding fiscal year 2025 customer billings of $19.5 million. Customer billings as a metric represents the total value of all invoices issued by QuantumScape to our customers and partners in the period, regardless of accounting treatment.

第二季客戶開立帳單金額為 1,080 萬美元。截至 2026 年第二季的累計客戶開立帳單金額為 2,180 萬美元，已超過 2025 會計年度的 1,950 萬美元。作為一項指標，客戶開立帳單金額代表 QuantumScape 在該期間向客戶與合作夥伴開立之所有發票的總價值，不論其會計處理方式為何。

As a reminder, customer billings may vary from quarter to quarter due to fluctuations in activity as we progress through various phases of engagement. This operational metric is not a substitute for revenue under US GAAP.

提醒各位，客戶開立帳單金額可能因我們在不同合作階段的活動量波動，而在各季之間有所變化。此營運指標不能取代美國 GAAP 下的營收。

We ended Q2 with $859 million in liquidity and will remain prudent with our strong balance sheet going forward. As always, we encourage investors to read more on our financial information, business outlook, and risk factors in our quarterly and annual SEC filings on our investor relations website.

第二季末我們的流動性為 8.59 億美元，未來也將在強健的資產負債表基礎上保持審慎。一如既往，我們鼓勵投資人至投資人關係網站閱讀我們向 SEC 提交的季度與年度申報文件，以了解更多財務資訊、業務展望與風險因素。

Thanks, Kevin. We will begin today's Q&A portion with a few questions we received from investors that I believe would interest investors. Five, we are now halfway through 2026. What proof point should investors evaluate to know if quantitate is striking to our annual goal?

謝謝你，Kevin。我們將以幾個投資人提交的問題開始今天的問答環節，我相信這些問題也會讓投資人感興趣。第五個問題：我們現在已經走到 2026 年的一半。投資人應該評估哪些驗證點，才能判斷 QuantumScape 是否正朝年度目標邁進？

Goal number one is to demonstrate scalable production with the Eagle Line. Taking a unique technology on a highly automated process from the ceramic separator to the unit cell to the fully assembled QSC price that meets customer requirements is a significant challenge. We are making strong operational progress and remain on track.

第一個目標是透過 Eagle Line 展示可擴展的量產能力。將一項獨特技術導入高度自動化製程，從陶瓷隔離膜到單體電芯，再到符合客戶需求的完整組裝 QSC 產品，是一項重大挑戰。我們在營運上取得強勁進展，並仍按計畫推進。

Goal number two is to advance automotive commercialization with QS EB. We are working with 4 of the top 10 global automakers, including our new deal with Honda. Adding another paying customer is a big step forward in our commercialization efforts. We also updated the Powerco collaboration and licensing arrangement with milestones for automotive cell development, and we shift sales to an additional automotive OEM in this past quarter.

第二個目標是透過 QS EB 推進車用商業化。我們正與全球前十大車廠中的 4 家合作，包括與本田的新協議。新增另一位付費客戶，是我們商業化努力的一大步。我們也更新了與 Powerco 的合作與授權安排，納入車用電芯開發的里程碑，並且在上一季將銷售擴展至另一家汽車 OEM。

Goal three is to enter into new high-value markets. We are very excited about the progress we are making in these new business verticals. We have appointed talented leaders to run QSBC and QSS. QSBC is engaging with audience and data center architects to provide solutions for this fast-growing market.

第三個目標是進入新的高價值市場。我們對在這些新業務垂直領域取得的進展感到非常振奮。我們已任命優秀的領導者來負責 QSBC 與 QSS。QSBC 正與受眾以及資料中心架構師合作，為這個快速成長的市場提供解決方案。

QSS has shipped QLC 5 cells to a major American defense prime and we are engaged with global customers in aerospace, defense and other advanced applications.

QSS 已向一家美國主要國防主承包商出貨 QLC 5 電芯，並正與全球客戶在航太、國防及其他先進應用領域展開合作。

Goal four is to go beyond QSC 5 with our future technology road map. This quarter, we showed larger format separated from COBRA, which enables higher energy density sales. We have also shown new safety data this quarter, with thermal stability, external short cert and nail penetration results that are particularly outstanding compared to competitors. We are committed to sharing more on our technology road map later in this year.

第四個目標是透過未來技術路線圖，超越 QSC 5。本季我們展示了從 COBRA 分離出的更大尺寸格式，能夠實現更高的能量密度銷售。本季我們也展示了新的安全性數據，包括熱穩定性、外部短路認證與釘刺測試結果，與競爭對手相比尤其出色。我們承諾將在今年稍晚分享更多關於技術路線圖的內容。

We're making the progress Site discussed toward our technical and commercial goals while remaining disciplined stewards of capital, we have reiterated adjusted EBITDA guidance and total customer billings for 2026 are already higher than last year ever.

在朝 Siva 所談的技術與商業目標持續推進的同時，我們也維持嚴謹的資本管理；我們已重申調整後 EBITDA 指引，而且 2026 年的客戶開立帳單總額已經高於去年全年。

We are now organized into three business verticals, what is our approach to serving automotive and nonautomotive markets. We see broad-based demand for better batteries across the board, AI data centers aerospace, consumer electronics, medical devices, defense and many other applications.

我們現在已組織為三個業務垂直領域，我們服務車用與非車用市場的方式是什麼？我們看到各領域對更好電池都有廣泛需求，包括 AI 資料中心、航太、消費性電子、醫療器材、國防以及許多其他應用。

We believe they're all capable of being served by the QS technology platform. the benefits of energy density, power, safety, US supply chain and workforce all resonate with our customers. For the QSEV vertical, our automotive customers all have development pilot lines for batteries and high-volume manufacturing capabilities.

我們相信這些都能由 QS 技術平台來服務。能量密度、功率、安全性、美國供應鏈與勞動力等優勢，都能引起客戶共鳴。就 QSEV 垂直領域而言，我們的車用客戶都具備電池開發試產線與大規模量產能力。

For QSBC and QSS customers, this may not be the case. They are fast moving the number of customers is largest, go-to-market have different channels. We may involve ODMs and product integration looks different with more opportunities for value creation.

對於 QSBC 與 QSS 的客戶而言，情況可能並非如此。他們節奏更快、客戶數量更多，上市策略也有不同通路。我們可能會引入 ODM，而產品整合方式也會不同，並帶來更多價值創造的機會。

These new verticals increased the size of the market, strengthen the fundamental technology platform and benefit the QS ecosystem, which adds value to our customers across all verticals.

這些新的垂直領域擴大了市場規模、強化了核心技術平台，並使 QS 生態系受益，進而為我們在所有垂直領域的客戶增值。

See, what should investors take away from the recent updates to the VW and Powercor relationship? And how do they reflect the progress being made towards commercialization.

Siva，投資人應如何看待近期與 VW 及 Powerco 關係的更新？這些更新如何反映我們在商業化方面取得的進展？

And the relationship with VW Powerco continues to be strong, and the two teams are working closely together on site here in San Rule. The overall objectives of the collaborations are unchanged. Industrialize the US technology and transfer the technology to Volkswagen PowerCo for automotive commercialization.

我們與 VW Powerco 的關係依然穩固，兩個團隊正在加州聖荷西（San Jose）的現場密切合作。合作的整體目標並未改變。推動 QS 技術在美國實現工業化，並將技術移轉給 Volkswagen PowerCo，以推進車用商業化。

Over the past two years, we have continued to update and revise the scope of work as we progress this relationship. The updated scope of work includes milestones related to larger form factor cells as well as technology elements from QuantumScape's advanced product road map, and we look forward to sharing more on that soon.

在過去兩年中，隨著我們推進這段合作關係，我們持續更新並修訂工作範圍。更新後的工作範圍包含與較大尺寸（form factor）電芯相關的里程碑，以及 QuantumScape 先進產品路線圖中的技術要素；我們也期待很快能分享更多內容。

From a financial perspective, customer billings under the 2025 VW PowerCo collaboration agreement represent a cost share for QS expenses incurred under the agreed scope of work. Under the new scope of work, we've signed payments to deliverables aligned to our product road map.

從財務角度來看，依據 2025 年 VW PowerCo 合作協議向客戶開立的帳單，代表對在既定工作範圍下所發生之 QS 費用的成本分攤。在新的工作範圍下，我們已簽署與我們產品路線圖一致之交付成果對應的付款安排。

Additionally, we eliminated Moto E related milestones, given that the organizers put that race series on hiatus. As a result, even though the total possible payments under the agreement have reduced from approximately $131 million to approximately $75 million, we now project significantly reduced expenses for the project.

此外，鑑於主辦方已讓該賽事系列暫停，我們取消了與 Moto E 相關的里程碑。因此，儘管協議下的總可得付款已由約 1.31 億美元降至約 7,500 萬美元，我們現在也預期該專案的費用將大幅降低。

We forecast a net neutral financial impact in terms of cash when compared to the 2025 scope work. I'd refer investors to the 8-K on file for more information.

相較於 2025 年的工作範圍，我們預估在現金面上的財務影響為淨中性。更多資訊請投資人參閱已提交的 8-K 文件。

Okay. Thanks so much, Kevin. We are now ready to begin the live portion of today's call. Operator, please open up the line for questions.

好的。非常感謝你，Kevin。我們現在準備開始今天電話會議的現場問答部分。接線員，請開放提問線路。

(Operator Instructions) Gabriel Gonzalez from UBS.

(接線員指示) 來自 UBS 的 Gabriel Gonzalez。

So firstly, on the updated PowerCo agreement. The updated milestone framework appears to have shifted away from execution-oriented targets like battery cell delivery and validation over the next two years towards cell development and technology-related objectives.

首先，關於更新後的 PowerCo 協議。更新後的里程碑架構似乎已從未來兩年以電芯交付與驗證等執行導向目標，轉向電芯開發與技術相關的目標。

Can you just help us understand the reasoning behind that change? And should we view the absence of the earlier milestones as a change in expectations regarding the timing or achievability?

你能否協助我們理解這項變更背後的原因？另外，我們是否應將先前里程碑的缺席視為對時程或可達成性預期的改變？

The Volkswagen Powerco agreements, we have bid in every year. We have done that three years in a row. As the relationship progresses, we updated based on the milestones yet to come, and we have done that consistently.

關於 Volkswagen PowerCo 的協議，我們每年都會重新議定。我們已連續三年這麼做。隨著合作關係推進，我們會依據尚未到來的里程碑進行更新，而且我們一直都很一致地這麼做。

The relationship is very strong, and our objectives remain the same. This reflects that we will be paid based on the milestones that we both have agreed that we need to achieve, which are aligned with our technology road map. For instance, the largest pharma, the future technology milestones that we need to get, et cetera. There is not anything philosophically different about the objectives of the joint program.

這段合作關係非常穩固，我們的目標也維持不變。這反映的是：我們將依據雙方同意需要達成、且與我們技術路線圖一致的里程碑來獲得付款。例如，較大尺寸（form factor）、我們需要達成的未來技術里程碑等等。就聯合計畫的目標而言，並沒有任何理念上的不同。

Got it. Okay. And Kevin, you mentioned a neutral impact to cash flow, the lower expenses for the project offsetting the lower cash inflow. But is there any impact to the $130 million royalty prepayment from PowerCo?

了解。好的。Kevin，你提到對現金流的影響為中性，也就是專案較低的費用會抵銷較低的現金流入。但這是否會影響來自 PowerCo 的 1.3 億美元權利金預付款？

And if not, what's the progress update there? And should we expect those funds to come in this year or next year?

如果不會，那邊的進度更新是什麼？我們應預期這筆資金會在今年還是明年入帳？

Great question, Gabe. You're correct that the $130 million prepay is unchanged here and is released by technical milestones and alignment on the form factor. And there, as we've laid out in the letter, we've made nice progress, as we've outlined with the Eagle Line and also with the demonstration of those larger separators coming off of our COBRA line.

好問題，Gabe。你說得沒錯，這裡的 1.3 億美元預付款不變，並會依技術里程碑以及對尺寸規格（form factor）的對齊而釋放。在這方面，如同我們在信函中所述，我們已取得不錯的進展，包括 Eagle Line，以及我們 COBRA 產線上更大尺寸隔膜的展示。

Ethan McKelly from TD Cowen.

來自 TD Cowen 的 Ethan McKelly。

So a super quick question. So you guys highlighted QSA, the shipments of the QS5 cells in the quarter. I guess, can you help us understand maybe some of the nuance around that shipment? Was it just natural ramp cadence associated with the Eagle Line, is there any kind of the deferral of milestones that might have freed up some incremental capacity that allowed those shipments?

我有個非常快速的問題。你們在本季提到 QSA，也就是 QS5 電芯的出貨。我想請你們協助我們理解這次出貨的一些細節。這是否只是與 Eagle Line 相關的自然爬坡節奏？或是否因里程碑的遞延而釋出一些額外產能，從而促成這些出貨？

Just trying to get a better understanding, I guess, of maybe how that ramp is kind of progressing on yields, line time, cycle times and any improvements or color you can provide at least on that AI model update for the reliability improvements that may have contributed there as well?

我想更了解這個爬坡目前的進展，例如良率、產線時間、週期時間，以及你能提供的任何改善或補充說明；也包括那個 AI 模型更新在可靠度改善方面是否也有所貢獻？

Justin, great question. So the answer is yes. The Eagle Line, obviously, is improving in productivity, as you would expect, taking a brand-new technology, a very unique technology into a new highly automated line and getting the product out to meet customer demand is a difficult challenge. And we've been doing very good progress on the Eagle Line through the last three months since we installed a line in February.

Justin，好問題。答案是肯定的。Eagle Line 的生產力顯然正在提升，這也符合預期：把全新且非常獨特的技術導入新的高度自動化產線，並產出產品以滿足客戶需求，是一項艱鉅的挑戰。自從我們在 2 月安裝該產線以來，過去三個月我們在 Eagle Line 上已取得非常好的進展。

And this allows us the increased volume allows us to, there are three major benefits out of this. A, clearly, it gives us more samples to ship to customers, be the higher volume allows us to learn rapidly; and three, the even line itself serves as the basis for the technology transfer for the higher volume lines later on with our customers. So this naturally allowed us to be able to ship this out of the Eagle Line for a customer demand in the US defense frank.

而這讓我們的產量提升，並帶來三個主要好處。第一，顯然能讓我們有更多樣品可出貨給客戶；第二，更高的產量讓我們能快速學習；第三，Eagle Line 本身也可作為日後與客戶合作之更高產量產線進行技術移轉的基礎。因此，這自然使我們能從 Eagle Line 出貨，以滿足美國國防領域客戶的需求。

Super helpful. And then maybe on QSDC while we're on the topic, like how far away do you kind of envision the initial shipments of samples into that vertical? Obviously, there's been progress in the quarter. Just trying to get an understanding of maybe the time line as to when samples start hitting them and how quickly the conversion rate might be relative to the AF side of the business now?

非常有幫助。另外，既然談到這個，也想問一下 QSDC：你們大概預期距離向該垂直領域首次出貨樣品還有多遠？顯然本季已有進展。我想了解樣品何時開始送達，以及相較於目前業務的 AF 端，轉換速度可能會有多快？

Yes, SDC, as you all observed, is a very fast-moving business. And the demands are going up rapidly, and there are significant players involved. We are working closely with data center architects and ODMs that supply to these architects.

是的，SDC 如各位所見，是一個節奏非常快的業務。需求正在快速上升，而且有重要的參與者投入其中。我們正與資料中心架構師以及供應這些架構師的 ODM 緊密合作。

We are working closely to develop designs that can be delivered to these ODMs to integrate. And it also allows us to do higher value in our integration in the product. So this is all coming together very rapidly. We have a new General Manager for the business. Share is getting ramped up on this very, very rapidly.

我們正緊密合作開發可交付給這些 ODM 進行整合的設計。這也讓我們能在產品整合中創造更高的價值。因此，這一切正在非常快速地整合到位。我們也為該業務任命了一位新的總經理。相關投入正在非常、非常快速地加速。

Perfect. And then if I could sneak one final one in before jumping into more mechanic wise. On the Q2 billings of the $10.8 million, how much of that was power because I guess just trying to square up maybe the 75% in context of, I believe it was 20% as of the end of Q1.

很好。最後在進入更偏機制面的問題前，我再插問一題。關於第二季 1,080 萬美元的開立帳單，其中有多少是 PowerCo 的？因為我想把 75% 放在脈絡中理解；我記得在第一季末大約是 20%。

Just trying to figure out the incremental to see how much is left at least on that milestone update that you guys provided from a payment perspective.

我想估算一下增量，看看至少就你們提供的里程碑更新而言，從付款角度還剩下多少。

Yes. Thank you for the question. So they're certainly part of the mix. We don't as practice break out the billings into finer detail. I would mention that as part of our annual goals.

是的。謝謝你的提問。他們確實是組成的一部分。但我們的慣例是不把開立帳單拆分到更細的明細。我會補充說明，這也屬於我們年度目標的一部分。

We have a number of customer-facing ones. One is advanced automotive collaboration. The update to VW today. You have the Honda relationship.

我們有多個面向客戶的項目。其中一個是先進汽車合作。今天對大眾（VW）的更新。你們也有與本田的合作關係。

Further success there means advancing those relationships and adding more and also the letter goes into detail with making progress in other customer segments, including the AI data center and the advanced solution spaces. So the goal is to advance those relationships as well and you get a broader and broader portfolio customer activity across that metric.

在那方面取得更進一步的成功，意味著推進這些合作關係、增加更多合作；同時，信函也詳細說明了我們在其他客戶細分市場的進展，包括 AI 資料中心以及先進解決方案領域。因此，目標也是推進這些合作關係，並且在該指標下，你會看到我們的客戶活動組合愈來愈廣、愈來愈多元。

One other brief plug on the Eagle Line, we did put out a video today between our COO, Luca and his VP of Automation Hardware talking about the importance of the line and what it meant to bring it up. And also in the quarter, to the extent there's interest in the data center piece, we do have that new GM talking about the data center piece, the segment that we're targeting and some early details on go to market.

另外簡短補充一下 Eagle 產線，我們今天發布了一支影片，由我們的營運長 Luca 與其自動化硬體副總裁談到這條產線的重要性，以及把它建置上線所代表的意義。此外，在本季度，如果大家對資料中心這一塊有興趣，我們也有一位新的總經理談到資料中心業務、我們鎖定的細分市場，以及一些初步的上市策略細節。

Laisha Zaack from HSBC.

接下來是來自匯豐（HSBC）的 Laisha Zaack。

I just wanted to touch a little bit on the new verticals. Do you have any plans to expand the business into other different verticals. I'm thinking about consumer and how the technology you're developing its flow into it, but I'm just wondering if the new business verticals like data centers and pace will be your main focus along with automotive? Or are you open to exploring other opportunities?

我想稍微談一下新的垂直領域。你們是否有計畫把業務擴展到其他不同的垂直領域？我在想消費性市場，以及你們正在開發的技術如何導入其中；但我想確認的是，像資料中心和 pace 這類新的業務垂直領域，是否會和汽車一起成為你們的主要重點？或者你們也願意探索其他機會？

Rishad to hear from you. Thank you. Yes, is the answer to that question. We have clearly separated our QS EV, and we have clearly separated our QSBC, which is the data center business. The Advanced Solutions business explores all of the other opportunities, including aerospace, defense, medical devices and consumer electronics and other interesting areas.

Rishad，很高興聽到你的聲音。謝謝。是的，答案是肯定的。我們已清楚區分 QS EV，也清楚區分 QSBC（也就是資料中心業務）。先進解決方案（Advanced Solutions）業務則探索所有其他機會，包括航太、國防、醫療器材、消費性電子，以及其他有趣的領域。

We do see substantive opportunities for the QS technology platform in many of these, particularly the SC5 form factor. The existing product can be shipped into many of these products. So we are actively exploring these opportunities as well.

我們確實看到 QS 技術平台在其中許多領域具有實質機會，特別是 SC5 的外形規格（form factor）。現有產品可以出貨並導入到許多這些產品中。因此，我們也正在積極探索這些機會。

Okay. And just another follow-up. You have noted in the remarks that data centers are transitioning to 800-volt designs that are similar to EV architectures. So just given that there's urgent constrained or power constraint actually that the hyperscalers are facing today.

好的。再追問一點。你們在談話中提到，資料中心正轉向 800 伏特設計，這與電動車架構相似。因此，考量到超大規模業者（hyperscalers）目前面臨的迫切限制——其實是電力限制。

Could that mean that QSC could potentially reach higher volume commonization faster than serious because of this very intent or a strong demand in the market, which is required some complex vehicle integration? Is that mature?

這是否意味著，相較於需要複雜車輛整合的情況，QSC 可能因為市場上非常明確的意圖或強勁需求，而更快達到更高量產的共通化（commonization）？這是否已經成熟？

Laisha, I do understand the question. The fact that the data center market has a lot of need, especially from energy to power high-quality power delivery is one of their biggest bottlenecks and we, with our high energy and power density and particularly safety is a great fit for this market means that there is a lot of opportunity here.

Laisha，我理解你的問題。資料中心市場有很大的需求，尤其在能源到電力的高品質供電方面，這是他們最大的瓶頸之一；而我們具備高能量與高功率密度，特別是安全性，非常適合這個市場，這代表這裡有很大的機會。

So this is the reason we have stood up three verticals so that we can put the focus on each of these verticals without sacrificing our go-to-market focus on each of these. We will be giving data center with this 80 world transition coming up, all the attention to make sure we capture that market as quickly as possible.

因此，我們才會建立三個垂直事業，讓我們能在不犧牲各自上市（go-to-market）聚焦的前提下，對每個垂直領域投入專注。隨著即將到來的 80 伏特轉換，我們會給予資料中心充分的關注，確保我們能盡快拿下這個市場。

And last, if you recall, expanding into high-value markets in one of our four annual goals or any operating plan includes investments into go-to-market and commercialization capability, notably in sales, product management and engineering. The hiring is going well, and we did reiterate our adjusted EBITDA guidance on this call.

最後，如果你還記得，擴展到高價值市場是我們四項年度目標之一；我們的任何營運計畫都包含對上市與商業化能力的投資，特別是在銷售、產品管理與工程方面。招募進展良好，我們也在本次電話會議中重申了調整後 EBITDA 的指引。

John Sager from Evercore.

接下來是來自 Evercore 的 John Sager。

Wanted to get some additional clarity on the PowerCo agreement. So my understanding is be under the old agreement, you had up to $130 million that would be billed through Q2 of 2027.

我想就 PowerCo 協議再釐清一些細節。我的理解是，在舊協議下，你們到 2027 年第二季為止，最多可開立帳單達 1.30 億美元。

Under this new agreement, it's $75 million through Q2 of 2028. So if were to say like roughly $41 million remaining through Q2 '28, is that correct? Sorry, $34 million remaining through Q2 of '28 because you build around $40 million so far, I think.

在新協議下，則是到 2028 年第二季為止為 7,500 萬美元。所以如果說到 2028 年第二季大約還剩 4,100 萬美元，這樣對嗎？抱歉，應該是到 2028 年第二季還剩 3,400 萬美元，因為我記得你們目前大概已經開立了約 4,000 萬美元的帳單。

Yes. You have the up two correct. We haven't clearly kind of broken out which portion of that from PowerCo is over time. But I would just reiterate that you have the basics right, the F2 changed.

是的。你前面兩點理解正確。我們尚未非常明確地拆分 PowerCo 那部分在時間上的分布。但我想重申，你掌握的基本方向是對的，F2 有所變更。

The forecast expenses also went down and we see a neutral cash impact when related to the 2025 scope work. That's correct, John.

預估費用也下降了，而且就 2025 年範圍內的工作而言，我們看到現金影響為中性。沒錯，John。

And then on the timing of Power Co. I think the last understanding is that they had said started production begin, are you still on track there? And what are the next like milestones that we'll kind of hear about as it relates to this partnership so that we can track like your progress towards that 2029 date?

另外關於 PowerCo 的時程，我記得先前的理解是他們曾說要開始量產，你們仍然按計畫進行嗎？以及接下來有哪些里程碑是我們會聽到的、可用來追蹤這項合作的進展，讓我們能追蹤你們朝 2029 年那個日期前進的進度？

So John, all of our work goes through the Eagle Line. The Eagle Line progress is what determines how quickly we can transfer the technology to arc to take it up there. and we are seeing great progress here.

John，我們所有的工作都透過 Eagle 產線進行。Eagle 產線的進展決定了我們能多快把技術移轉到 arc，並在那邊把它放大；而我們在這裡看到非常好的進展。

Eagle Line got installed and released in February. And from February to now, we have integrated all the pieces of the Eagle Line and now making sure they are up time is high. The productivity is good and now continue to work on process stability and process control.

Eagle 產線在 2 月完成安裝並釋出。從 2 月到現在，我們已整合 Eagle 產線的所有組件，並確保其稼動率（uptime）維持在高水準。生產力表現良好，接下來會持續在製程穩定性與製程控制上努力。

These are the kind of things that allow us to increase the volume of output, which we plan to double in the second half of the year, that allows us the confidence to work with to Volkswagen and Power Cote transfer.

這些都是讓我們能提高產出量的關鍵；我們計畫在今年下半年將產出量翻倍，這也讓我們有信心與大眾（Volkswagen）及 PowerCo 進行技術移轉。

And is 2029 still the target?

那 2029 年仍然是目標嗎？

Four That is correct. We have not announced any change from our original plans.

是的，沒錯。我們尚未宣布任何偏離原始計畫的變更。

Okay. And on the two new business lines, if I could ask one more, what is the focus for those business lines this year? Are you more focused on driving customer demand and JDAs, or are you looking to sort of build out the ecosystem, meaning that like the first step is kind of you need to sign some more, sign a battery manufacturing partner?

好的。再問一個關於兩條新業務線的問題：今年這兩條業務線的重點是什麼？你們更著重於推動客戶需求與 JDA（聯合開發協議），還是更著重於建立生態系，例如第一步需要再簽一些——簽下一個電池製造合作夥伴？

Yes. John, so these two new businesses as we are starting up, the big advantage is that they use the power of the QSC 5 platform. The QSC 5 platform with its no compromise performance across all aspects is the foundation on which they are built.

是的。John，這兩項新業務在啟動之際，一個很大的優勢是它們運用 QSC 5 平台的能力。QSC 5 平台在各方面都能提供不妥協的性能，是它們建立的基礎。

Our immediate next focus is on go to market. We are reinforcing the good market personnel strategies to make sure we are able to service these customers as rapidly as possible. You are right immediately afterwards, we should be focused on getting volumes out to them.

我們眼前的下一個重點是上市（go-to-market）。我們正在強化上市端的人才與策略，確保能以最快速度服務這些客戶。你說得對，緊接著之後，我們就應該專注於把量交付給他們。

Okay. So first step customers, second step find a partner to do the actual manufacturer.

好的。所以第一步是客戶，第二步是找一個合作夥伴來做實際的製造。

Yes. And John, if you recall, in the summer 2025 amendment to the Power collaboration agreement, we expanded capacity of that license up to 85 gigawatt hours, and that incremental 5 gigawatt hours was permitted by BW PowerCo to go outside of the automotive market.

是的。而且約翰，如果你還記得，在 2025 年夏季對 Power 合作協議的修訂中，我們將該授權的產能擴大到 85 吉瓦時，而新增的 5 吉瓦時由 BW PowerCo 允許可用於汽車市場以外。

So PowerCo is certainly one channel. In the fullness of time, we are engaged with multiple different customers in that Comsat Advanced Solutions channel. The Eagle Line is a very powerful capability to do customer sampling. But in the fullness of time, we absolutely, we'll need to add capacity.

所以 PowerCo 當然是一個管道。隨著時間推進，我們也在 Comsat Advanced Solutions 這個管道中與多個不同客戶合作。Eagle Line 是一項非常強大的能力，可用於客戶送樣。但隨著時間推進，我們絕對需要增加產能。

Mark Delaney from Goldman Sachs.

高盛的 Mark Delaney。

You've got Auchan for Mark Delaney. And on billings, nice to see the progress there with 2026 billings already exceeding 2025. Can you discuss the outlook for overall customer billings in the second half of the year maybe relative to the first half?

Mark Delaney，這題給你。關於開立帳單（billings），很高興看到進展，因為 2026 年的 billings 已經超過 2025 年。你能否談談今年下半年整體客戶 billings 的展望，或許相對於上半年？

So thank you. We have made kind of steady progress. Last quarter, we added ecosystem partners for the first time. And as you mentioned, we have exceeded the 2025 levels in 2026, now that we're at $28 million. In addition to VW Powerco, as highlighted in this letter, we added Honda, an amazing top 10 OEM partner with strength in engineering, both within automotive and a broader set of product offerings at the end of a quite extensive kind of diligence and selection process.

謝謝。我們已經取得某種穩健的進展。上個季度，我們首次新增了生態系合作夥伴。而如你所提到的，2026 年我們已經超過 2025 年的水準，現在達到 2,800 萬美元。除了 VW PowerCo 之外，如本信函所強調，我們也新增了 Honda——一家令人驚豔的前十大 OEM 合作夥伴，工程實力雄厚，涵蓋汽車領域以及更廣泛的產品供應，這是在相當廣泛的盡職調查與遴選流程之後達成的。

So we going to keep making nice progress there. As I referred to earlier, you should expect kind of customer billings to be a metric that has some variability into it. The things that we control would be to advance their relationships individually and to continue to add additional automotive partners as well as to start to add partners from these new spaces and to increasingly turn it into a portfolio.

所以我們會持續在這方面取得良好進展。如我先前提到，你應該預期客戶 billings 這個指標會帶有一定的波動性。我們能掌控的事情，是逐一推進各自的合作關係，並持續新增更多汽車合作夥伴，同時也開始加入來自這些新領域的合作夥伴，並逐步把它轉變成一個投資組合。

And one more for me. On the sort of nonautomotive markets, SDC and QSS and again, nice to see the progress there. Can you discuss some of the time lines you're seeing from customers and production volumes that prospective customers are requesting? And how closely do these specifications align with your more traditional automotive road map?

我再問一個。關於非汽車市場，QSDC 和 QSS，而且同樣很高興看到那邊的進展。你能否談談你們從客戶那邊看到的一些時間表，以及潛在客戶所要求的產量規模？以及這些規格與你們較傳統的汽車路線圖有多一致？

Good question. Now going back to the prior questions to finish your thought. Kevin was talking about Honda, adding netheraying customer that we can disclose is actually a big deal that helps us rounding out that portfolio. Now back on to QS DC and QSS. The automotive specifications are very well known.

好問題。先回到前面的問題把你的思路補完。Kevin 剛才談到 Honda；新增另一個我們可以揭露的客戶，其實是一件大事，有助於我們把那個投資組合補齊。現在回到 QSDC 和 QSS。汽車規格是非常眾所周知的。

Each of the others have their own unique spec needs. For instance, safety is across the board very, very, very important to all of them. Esprit in a data center right next to very high-value GPUs, safety is extremely critical power, especially in the case of data center is discharge power that is needed.

其他每一個領域都有其獨特的規格需求。例如，安全性在所有領域都非常、非常、非常重要。尤其是在資料中心、緊鄰高價值 GPU 的環境中，安全性極其關鍵；另外，特別是在資料中心的情況下，所需要的是放電功率。

In the case of the data center again, low temperature operation is not important, but higher temperate operation is important. In the case of military applications that we are looking at, not losing capacity while being able to discharge substantive power is an important characteristic.

再以資料中心為例，低溫操作並不重要，但較高溫度下的操作很重要。在我們正在評估的軍用應用中，在能夠輸出相當功率的同時不損失容量，是一項重要特性。

These are what we credit on the QSC platform that it is a no compromise platform that is able to supply power without losing capacity, et cetera. So you can see that these new businesses, new verticals are complementary and they play off of the basic capabilities of the platform.

這些正是我們對 QSC 平台的定位：它是一個不妥協的平台，能在不損失容量等情況下提供功率，等等。所以你可以看到，這些新業務、新垂直領域是互補的，並且能夠利用該平台的基本能力。

Winnie Dong from Deutsche Bank.

德意志銀行的 Winnie Dong。

First one to Honda. I was wondering if you can sort of describe the next steps to securing a deal like Parc for Honda. Any sort of high-level time lines you have been on internally?

第一個問題關於 Honda。我想請你們描述一下，接下來要如何推進，才能為 Honda 確保一個像 Parc 這樣的交易。你們內部是否有任何高層級的時間表？

Thank you, Winnie. As you know, Honda is renowned for their engineering expertise. They have spent a lot of money on Tata battery development entity. They have a large pilot facility.

謝謝你，Winnie。如你所知，Honda 以其工程專業聞名。他們在 Tata 的電池研發實體上投入了大量資金。他們有一個大型試點設施。

They came in and did an incredibly deep evaluation of the technology and saw the synergies, how their core investments can be leveraged with our architecture.

他們進來後對這項技術做了極其深入的評估，並看到了協同效應，也看到了他們的核心投資如何能與我們的架構相互加乘。

The ceramic is common the Japanese ecosystem that exists that we have spent so much in creating, they all go together with the ceramic, the separator and the lithium metal anode free architecture.

陶瓷材料在我們投入大量資源打造的日本生態系中是共通的；這些都能與陶瓷、隔膜以及無鋰金屬負極的架構相互配合。

They clearly see that this is the way for them to enhance their solid state portfolio across all of their products. So immediate job is to move this joint development into the next level of development and move it along the same template that we have developed with Poco Volkswagen. So we can move very quickly across their product portfolio.

他們清楚看到，這是他們在所有產品上強化其固態電池產品組合的方向。因此眼前的工作，是把這個聯合開發推進到下一個開發層級，並依照我們與 PowerCo Volkswagen 所建立的同一套範本來推進。如此我們就能在他們的產品組合上非常快速地推展。

Got it. And then on the QSDC and QS, I was wondering if you can perhaps talk about some specific milestones that you guys have in mind for those two business lines. For instance, would it be like still shipping sales to the data center customers or some form of partnership or any sort of announcement that we expect to see this year or perhaps into next year?

了解。接著關於 QSDC 和 QS，我想請你們談談這兩條業務線你們心中一些具體的里程碑。例如，是否會是持續向資料中心客戶出貨樣品，或某種形式的合作夥伴關係，或是今年或明年可能看到的任何公告？

So Winniee, yes, you will see announcements from us on both of these, and that will give you a time line. But on a general sense, I can use QS DC as an example. The 800 world transition is in front of us.

所以 Winnie，是的，你會看到我們在這兩個領域的公告，屆時會給你一個時間表。但就一般性而言，我可以用 QSDC 作為例子。800V 的全球轉換就在眼前。

The megawatt rack also is just ahead of us. These all are going to be deployed in data centers towards the end of 2028, which means we need to be ahead of that with respect to developing an integrated product and delivering it to them. So you can see natural deadlines developing when these transitions are happening in the marketplace.

兆瓦級機櫃（megawatt rack）也即將到來。這些都將在 2028 年底前後部署到資料中心，這意味著我們需要在此之前完成整合式產品的開發並交付給他們。所以你可以看到，當市場發生這些轉換時，自然的期限就會形成。

This does conclude the question-and-answer session of today's program. I'd like to hand the program back to Steve for any further remarks.

今天節目的問答環節到此結束。我想把節目交回給 Steve，請他做進一步的說明。

Thank you, operator. I'd like to recognize the entire QS team for their execution and to thank our shareholders for their continued support. We look forward to updating you on our progress in the months ahead. Thank you.

謝謝，接線員。我想肯定整個 QS 團隊的執行力，並感謝股東持續的支持。我們期待在未來幾個月向各位更新我們的進展。謝謝。

Thank you, ladies and gentlemen, for your participation in today's conference. This does conclude the program. You may now disconnect. Good day.

各位女士、先生，感謝您參與今天的電話會議。本節目到此結束。您現在可以掛線。祝您有美好的一天。