SES AI Corp (SES) 2024 Q3 法說會逐字稿

Good afternoon.

午安.

Thank you for today's SES AI third-quarter 2024 earnings release and call.

感謝您參加今天的 SES AI 2024 年第三季財報發布和電話會議。

My name is Jaylen, and I'll be a moderator for today.

我叫傑倫，我將擔任今天的主持人。

(Operator Instructions).

（操作員說明）。

I now like to turn the conference over to our host, Kyle Pilkington, Chief Legal Officer.

現在我想將會議交給我們的東道主、首席法務官凱爾·皮爾金頓 (Kyle Pilkington)。

Kyle, you may proceed.

凱爾，你可以繼續了。

Hello everyone, and welcome to our conference call covering our third quarter 2024 results.

大家好，歡迎參加我們關於 2024 年第三季業績的電話會議。

Joining me today are Qichao Hu, Founder, Chairman, and Chief Executive Officer; and Jing Nealis, Chief Financial Officer.

今天加入我的有創辦人、董事長兼執行長胡啟超；和財務長Jing Nealis。

We issued our shareholder letter after market closed today, which provides a business update as well as our financial results.

今天收盤後，我們發布了股東信，其中提供了業務更新以及我們的財務表現。

You'll find a press release with a link to our shareholder letter in today's conference call webcast in the Investor Relations section of our website at ses.ai.

在今天的電話會議網路廣播中，您可以在我們網站 ses.ai 的投資者關係部分找到一份新聞稿，其中包含我們股東信函的連結。

Before we get started, this is a reminder that the discussion today may contain forward-looking information or forward-looking statements within the meeting of applicable securities legislation.

在我們開始之前，謹提醒您，今天的討論可能包含適用證券立法會議中的前瞻性資訊或前瞻性聲明。

These statements are based on our predictions and expectations as of today.

這些陳述是基於我們今天的預測和期望。

Such statements involve certain risks, assumptions, and uncertainties, which may cause our actual or future results and performance to be materially different from those expressed or implied in these statements.

此類陳述涉及某些風險、假設和不確定性，可能導致我們的實際或未來結果和績效與這些陳述中明示或暗示的結果和績效有重大差異。

The risks and uncertainties that could cause our results to differ materially from our current expectations include, but are not limited to those detailed in our latest earnings release and in our SEC filings.

可能導致我們的結果與我們目前預期有重大差異的風險和不確定性包括但不限於我們最新的收益報告和美國證券交易委員會文件中詳細說明的風險和不確定性。

This afternoon, we will review our business, as well as results for the quarter.

今天下午，我們將回顧我們的業務以及本季的業績。

With that, I'll pass it over to Qichao.

說完，我就交給啟超了。

Thanks Kyle.

謝謝凱爾。

Good afternoon and thank you for joining us on our third quarter earnings call.

下午好，感謝您參加我們的第三季財報電話會議。

Here we present an update on our progress toward commercialization of our next generation lithium metal batteries and our three AI solutions.

在這裡，我們介紹了下一代鋰金屬電池和三種人工智慧解決方案商業化的最新進展。

The first, early commercial revenue in urban air mobility and drones.

第一個是城市空中交通和無人機的早期商業收入。

Our UAM lines have completed Site Acceptance test (SAT), and we want cell supply agreements, including with Softbank.

我們的 UAM 生產線已經完成了現場驗收測試 (SAT)，我們希望簽訂電池供應協議，包括與軟銀簽訂的電池供應協議。

Second, B-samples passed EV Safety test.

其次，B樣品通過了EV安全測試。

Our 100-amp power lithium metal B-Sample cells successfully passed the GB38031-2020.

我們的100安培動力鋰金屬B樣品電池成功通過GB38031-2020。

A major milestone towards C-samples and start of production SOP.

C 樣品和開始生產 SOP 的一個重要里程碑。

Third, Revenue Pipeline from AI-accelerated battery material discovery for Lithium Metal and Lithium Ion.

第三，人工智慧加速的鋰金屬和鋰離子電池材料發現的收入管道。

We expect earlier revenue pipeline from the electrolyte projects including both Lithium Metal and Lithium Ion.

我們預計包括鋰金屬和鋰離子在內的電解質項目的收入將較早增加。

The first early commercial revenue in UAM and drones, recently we signed several commercial agreements to supply lithium metal cells with several customers, including Softbank.

第一個早期商業收入來自 UAM 和無人機，最近我們與包括軟銀在內的多家客戶簽署了幾項商業協議，供應鋰金屬電池。

Earlier this year, we converted our EV A-Sample lines to UAM lines.

今年早些時候，我們將 EV A-Sample 生產線轉換為 UAM 生產線。

And we're excited to report that both our Shanghai and [Chungju] EV A-Sample to UAM line conversions have completed Site Acceptance Test (SAT) and achieved ready to use prior to use status.

我們很高興地報告，我們的上海和[忠州] EV A-Sample 至 UAM 生產線的轉換已完成現場驗收測試 (SAT)，並達到使用前準備使用狀態。

The new UAM cells manufactured on these lines have 30-amp powering capacity and are custom designed to meet UAM customer requirements.

這些生產線上製造的新型 UAM 電池具有 30 安培的供電能力，並且經過客製化設計，以滿足 UAM 客戶的要求。

Second B-Samples passed EV safety test.

第二個 B 樣品通過了電動車安全測試。

As the world's first to enter automotive B-Sample joint development for lithium metal.

作為全球首個進入汽車鋰金屬B-Sample聯合開發領域的公司。

Our 100-amp power lithium metal cells developed for our B-Sample JDA's, successfully passed the rigorous industry safety test of GB38031-2020.

我們為 B-Sample JDA 開發的 100 安培動力鋰金屬電池，成功通過了 GB38031-2020 嚴格的產業安全測試。

This is the first time in the industry that a large capacity looking at metal cells successfully passed safety tests required by the global GB38031-2020 EV Traction Battery Safety Standards.

這是業界首次大容量金屬電芯成功通過全球GB38031-2020電動車牽引電池安全標準要求的安全測試。

This certification is required by all of SES AI's EV OEM partner,s as well as many of the other leading manufacturers as a global standard.

SES AI 的所有電動車 OEM 合作夥伴以及許多其他領先製造商都要求該認證作為全球標準。

GB3803-2020 is a mandatory safety standard encompassing a series of rigorous tests, which include over charge, over discharge, external short circuit, heating, temperature cycling and crushing.

GB3803-2020是強制性安全標準，包含一系列嚴格的測試，包括過充電、過放電、外部短路、加熱、溫度循環和擠壓。

Achievement of the standard demonstrates that SES AI's 100-amp power lithium metal cells can effectively manage safety risk, under these stringent test conditions.

該標準的實現表明SES AI的100安培動力鋰金屬電池可以在這些嚴格的測試條件下有效管理安全風險。

This is a major milestone toward C-Sample and startup production sop.

這是 C-Sample 和啟動生產 SOP 的一個重要里程碑。

Third, all AI.

第三，全人工智慧。

Our AI solutions have already borne fruit in advancing our lithium metal plan as outlined earlier.

我們的人工智慧解決方案已經在推進我們先前概述的鋰金屬計劃方面取得了成果。

We're working closely with our OEM partners to broaden the scope of our AI efforts to incorporate other battery chemistry and cell designs.

我們正在與 OEM 合作夥伴密切合作，擴大我們的人工智慧工作範圍，以納入其他電池化學和電池設計。

We anticipate that this will enable us to deliver greater value to a broader customer base, better serving our customers using lithium ion and lithium metal batteries and generating multiple revenue opportunities.

我們預計這將使我們能夠為更廣泛的客戶群提供更大的價值，以更好地為使用鋰離子和鋰金屬電池的客戶提供服務，並產生多種收入機會。

AI Accelerated Battery Material Discovery.

人工智慧加速電池材料的發現。

Earlier this year, we established our electrolyte foundry, formed a partnership with NVIDIA to leverage the latest computing hardware and software, and attracted a team of world-class battery electrolyte scientists, including promoting Dr. [Kang Xu], our Chief Technology Officer

今年早些時候，我們建立了電解液鑄造廠，與NVIDIA 建立了合作夥伴關係，以利用最新的計算硬體和軟體，並吸引了一支世界一流的電池電解液科學家團隊，其中包括晉升我們的首席技術官[Kang Xu] 博士

(CTO).

（首席技術長）。

We achieved remarkable acceleration, which allowed us to compute the largest molecular property database in the world.

我們取得了顯著的加速，這使我們能夠計算世界上最大的分子特性資料庫。

We have the most complete end to end capabilities including molecular property mapping and model development, human domain expertise, the electrolyte Foundry for molecule synthesis, and electrolyte formulation, and cell production, and validation from lab to A-Sample, B-Samples, and beyond.

我們擁有最完整的端到端能力，包括分子特性映射和模型開發、人類領域專業知識、用於分子合成的電解質鑄造廠、電解質配方、電池生產以及從實驗室到 A 樣品、B 樣品和超過。

We expect to enter a pipeline of revenue contracts for the first time later this year, including five projects from two companies, one Electro Manufacturer and one Automaker, to apply our AI-accelerated Battery Material Discovery, end to end capability to solve various lithium metal and lithium-ion electrolyte challenges.

我們預計將在今年稍後首次簽訂一系列收入合同，包括來自兩家公司（一家電子製造商和一家汽車製造商）的五個項目，以應用我們的人工智慧加速電池材料發現和端到端能力來解決各種鋰金屬問題和鋰離子電解質的挑戰。

This is just in the first quarter since we introduced our all in on AI strategy.

這只是我們全面推出人工智慧策略以來的第一季。

AI for manufacturing and safety.

用於製造和安全的人工智慧。

Both our Shanghai and [Chungju] lines now have AI for manufacturing installed and we are currently installing AI for manufacturing for the B-Sample lines at our OEM partner site.

我們的上海和[忠州]生產線現已安裝了用於製造的人工智慧，我們目前正在我們的 OEM 合作夥伴站點為 B-Sample 生產線安裝用於製造的人工智慧。

This tool has helped us detect defects that would have escaped using conventional manufacturing quality control.

該工具幫助我們檢測到使用傳統製造品質控制可能漏掉的缺陷。

All UAM and Drone customers that receive our lithium metal cells and modules will also have our AI safety embedded.

所有收到我們的鋰金屬電池和模組的 UAM 和無人機客戶也將嵌入我們的人工智慧安全。

In addition to conventional battery management system to precisely monitor battery health and predict incidents.

除了傳統的電池管理系統之外，還可以精確監控電池健康狀況並預測事件。

With AI for safety alone, we have achieved 95% prediction accuracy.

僅透過人工智慧確保安全，我們就實現了 95% 的預測準確率。

Achieving the target that we set out earlier this year and with AI for manufacturing integrated with AI for safety, we can achieve 100% prediction accuracy.

實現我們今年稍早制定的目標，透過將製造人工智慧與安全人工智慧結合，我們可以實現100%的預測準確性。

These are based on training from 15,000 lithium metal cells.

這些基於 15,000 個鋰金屬電池的訓練。

Of all, I'm very proud of our achievements in the past quarter.

最重要的是，我對我們上個季度所取得的成就感到非常自豪。

In EV our 100-amp power lithium metal cells successfully passed the rigorous GB38031 Global Industry Safety Test.

在電動車中，我們的 100 安培動力鋰金屬電池成功通過了嚴格的 GB38031 全球產業安全測試。

An industry first for lithium metal and a major milestone toward commercialization of lithium metal for EV.

這是鋰金屬的產業首創，也是電動車鋰金屬商業化的重要里程碑。

In UAM and drones, we now have two lines producing sales for multiple customers including South Bank.

在 UAM 和無人機方面，我們現在有兩條生產線，為包括 South Bank 在內的多個客戶生產和銷售。

Powering the success of our lithium metal is our all in on AI strategy.

我們全力投入人工智慧策略，為鋰金屬的成功提供動力。

We build what we believe to be the world's largest molecular property database, using [STLDR] computing hardware and software.

我們使用 [STLDR] 計算硬體和軟體建立了我們認為世界上最大的分子特性資料庫。

Expect to enter a pipeline of revenue contracts for the first time from our AI Solutions in the fourth quarter of this year and achieved our target of 95% prediction accuracy with AI for safety, 100% accuracy when we integrate AI manufacturing with AI for safety.

預計今年第四季我們的人工智慧解決方案將首次簽訂一系列收入合同，並實現人工智慧安全預測準確率達到95% 的目標，而當我們將人工智慧製造與安全人工智慧整合時，準確率達到100%。

So thank you for your continued interest in SES AI and now I will turn it over to Jing for financial updates.

感謝您對 SES AI 的持續關注，現在我將把它交給 Jing 以獲取最新的財務資訊。

Today, I will cover our third quarter 2024 financial results and discuss our outputting and capital budget for full year 2024.

今天，我將介紹我們 2024 年第三季的財務業績，並討論我們 2024 年全年的產出和資本預算。

In the third quarter, our GAAP operating expenses were $34.2 million, cash used in operations were $22.7 million, and capital expenditures were $1.5 million.

第三季度，我們的 GAAP 營運費用為 3,420 萬美元，營運中使用的現金為 2,270 萬美元，資本支出為 150 萬美元。

We ended the third quarter with $274 million in liquidity, as we continue to be very prudent with our cash and management of our expenditures, we updated our full year 2024 guidance.

截至第三季末，我們的流動資金為 2.74 億美元，由於我們對現金和支出管理仍然非常謹慎，因此我們更新了 2024 年全年指引。

We now expect total cash usage to be in the range of $80 million to $95 million, down from $100 million to $120 million previously.

我們現在預計現金使用總額將在 8,000 萬至 9,500 萬美元之間，低於先前的 1 億至 1.2 億美元。

This range is comprised of cash usage from operations of $70 million to $80 million, compared with $85 million to $95 million previously.

這一範圍包括 7,000 萬至 8,000 萬美元營運現金使用量，而先前為 8,500 萬至 9,500 萬美元。

And capital expenditures in the range of $10 million to $15 million, compared with $15 million to $25 million previously.

資本支出在 1000 萬至 1500 萬美元之間，而之前為 1500 萬至 2500 萬美元。

With our reduced and more capital efficient cash usage and expectation that our all in on AI strategy will start generating revenue in the near future.

隨著我們現金使用量的減少和資本效率的提高，以及我們對人工智慧策略的全力投入將在不久的將來開始產生收入的預期。

We expect our strong balance sheet to provide liquidity for the company well into 2028.

我們預計強勁的資產負債表將為公司提供流動性直至 2028 年。

Now, I would like to hand it over to the operator to start the Q&A section.

現在，我想將它交給操作員，開始問答部分。

We'll now begin our question-and-answer session.

我們現在開始問答環節。

At this time, if you would like to ask a question,

這時候，如果你想問一個問題，

(Operator Instructions).

（操作員說明）。

Shawn Severson with the company Water Tower Research.

肖恩·塞弗森 (Shawn Severson) 與水塔研究公司合作。

Thank you.

謝謝。

Good afternoon.

午安.

Qichao, very exciting on the revenue opportunity in the 4Q from AI, but can you expand a little bit on what the revenue mechanism is going to be?

啟超，對於人工智慧在第四季帶來的收入機會非常令人興奮，但是您能詳細介紹一下收入機制嗎？

Is it like a subscription service or what, what is the, what form is the revenue going to take?

它是像訂閱服務還是什麼？

Yeah, thanks, Sean.

是的，謝謝，肖恩。

So the AI-accelerated Material Discovery, It's really just the beginning.

因此，人工智慧加速的材料發現，實際上只是一個開始。

I think it's going to change the whole battery industry we've already demonstrated.

我認為這將改變我們已經展示的整個電池產業。

So, we found a molecule that improved lithium metal cycle by about 20%, that's really exciting.

因此，我們發現了一種可以將鋰金屬循環提高約 20% 的分子，這確實令人興奮。

And now we're going to apply this to silicon lithium ion and we found silicon anode batteries in terms of electrolyte are actually quite similar to lithium metal.

現在我們將其應用於矽鋰離子，我們發現矽陽極電池在電解質方面實際上與鋰金屬非常相似。

But in terms of business model, our goal is a combination of subscription.

但在商業模式上，我們的目標是訂閱結合。

So, this client says an electric company or battery company can pay us a fee per year as a subscription to use the model.

因此，該客戶表示，電力公司或電池公司可以每年向我們支付一定費用，作為使用該模型的訂閱費用。

And then when we come up with a new molecule, a new electro product, we will also be manufacturing that electro and then supply that.

然後，當我們想出一種新的分子、一種新的電子產品時，我們也會製造該電子產品，然後供應它。

So a combination of subscription to the model as well as the product revenue.

因此，訂閱模式與產品收入結合。

So, when you look at, I guess it's growing the number of customers here.

所以，當你看時，我猜這裡的顧客數量正在增加。

Can you walk me through how this is going to go to market?

你能告訴我這個產品將如何進入市場嗎？

Obviously, sounds like a pilot.

顯然，聽起來像是一名飛行員。

I hate to call a pilot program, but you're going to have something that's actually in use.

我不想稱之為試點計劃，但你將擁有實際使用的東西。

What is this?

這是什麼？

How does this grow?

這是如何成長的？

Do you add other products to the same OEM, or do you have multiple OEMs you're talking to, how does it develop?

您是否將其他產品添加到同一個 OEM，或者您是否有多個正在交談的 OEM，它是如何發展的？

I'm just trying to understand the growth process and the AI revenue.

我只是想了解成長過程和人工智慧收入。

Yeah.

是的。

So, the three OEMs that we have been working with, obviously, those will be the first three customers for this and then in addition to them, also they are electrolyte companies that make electrolytes, for other OEMs that we currently don't have [JD work] but also not just for car applications, but also cell phones, robotics, grid storage, and then other applications.

因此，我們一直在合作的三個原始設備製造商，顯然，這些將是這方面的前三個客戶，然後除了他們之外，他們也是生產電解質的電解質公司，對於我們目前沒有的其他原始設備製造商來說[京東的工作]不僅適用於汽車應用，也適用於手機、機器人、網格儲存等應用。

So, we have already been approached by the top five, I would say electro companies and then top battery makers and then the car companies.

因此，前五名已經與我們接洽，我想說的是電子公司，然後是頂級電池製造商，然後是汽車公司。

So, we have a few projects ongoing and then it's not like we have to develop something that's totally new for each one.

因此，我們有幾個專案正在進行中，我們不必為每個專案開發全新的東西。

There is a lot of commonalities among these.

這些之間有許多共同點。

In the beginning, it will take about nine months to a year per new discovery.

一開始，每個新發現大約需要九個月到一年的時間。

But once we have this arsenal, I mean, now we're at about tenth to seventh, which is the largest in the world and then soon we'll get tenth to the eighth.

但一旦我們擁有了這個武器庫，我的意思是，現在我們大約排名第十到第七，這是世界上最大的，然後很快我們就會達到第十到第八。

Once we have this arsenal, then we expect to come up with a new molecule for so we try to come up with a new electrolyte once every six months, so we can expand this very quickly.

一旦我們擁有了這個武器庫，我們就期望能夠提出一種新的分子，因此我們嘗試每六個月提出一種新的電解質，這樣我們就可以非常迅速地擴展它。

And then my last question is on the spend, CapEx 10 to 15, or even from the operations usage.

我的最後一個問題是關於支出、資本支出 10 到 15，甚至是營運使用。

How is the all in AI fitting into this?

人工智慧如何融入其中？

I'm just trying to understand where the money is going to now versus, if we look back more towards your manufacturing development, but obviously with AI opportunities in front of you.

我只是想了解一下，如果我們回顧更多你們的製造業發展，但顯然人工智慧機會擺在你們面前，那麼這些錢現在會流向哪裡。

Yeah.

是的。

I can answer that and then you can also jump in.

我可以回答這個問題，然後你也可以加入。

So, the B-Sample line, part of the CapEx for this year will be for the B-Sample line, but also the A-Sample line, the B-Sample lines, what they are, they are part of this complete end to end capability for this.

因此，B-樣品線，今年資本支出的一部分將用於 B-樣品線，還有 A-樣品線，B-樣品線，它們是什麼，它們是這個完整的結束的一部分對此的最終能力。

This AI accelerated material discovery.

這種人工智慧加速了材料的發現。

A lot of companies they will do just the AI and recommend molecules but they don't synthesize and don't test in batteries.

許多公司只做人工智慧並推薦分子，但他們不進行合成，也不在電池中進行測試。

So you can revalidate.

所以你可以重新驗證。

But what we're trying to do and then this is really important is we have to map the property space which we're doing.

但我們正在嘗試做的事情非常重要，那就是我們必須繪製我們正在做的財產空間。

That's basically computation chemistry, we have the best team in the world and then we filter down and then recommend molecules.

這基本上是計算化學，我們擁有世界上最好的團隊，然後我們過濾並推薦分子。

But then you have to synthesize the molecules.

但接下來你必須合成分子。

That's what our electrode foundry is about.

這就是我們的電極鑄造廠的使命。

We build that earlier this year and then once we have the molecule synthesized, we formulate the electrolyte and then we test them in A-Sample cells in B-Sample cells.

我們在今年早些時候建造了該產品，一旦合成了分子，我們就配製電解質，然後在 A 樣品電池和 B 樣品電池中進行測試。

So, all the effort, all the foundry, the teams that we built in the past now they come together.

所以，所有的努力、所有的鑄造廠、我們過去建立的團隊現在都聚集在一起了。

I think we're the only one that has this complete end to end capability for AI accelerative material discovery in the battery space.

我認為我們是唯一一家在電池領域擁有人工智慧加速材料發現的完整端到端能力的公司。

In pharmaceutical, there are other companies that do this but in the battery space, this is the only one.

在製藥領域，還有其他公司這樣做，但在電池領域，這是唯一一家。

So, and then in terms of CapEx a lot of money that we're spending.

因此，就資本支出而言，我們花費了大量資金。

Obviously, talent is always number one GPU, we're getting a good deals from our partners.

顯然，GPU 人才永遠是第一位的，我們從合作夥伴那裡得到了很好的交易。

But these are the main things.

但這些是主要的事情。

If you add something.

如果你添加一些東西。

Yeah, I just wanted to add a little bit of color on the cash spend.

是的，我只是想為現金支出增添一點色彩。

As Qichao mentioned, we are spending money on hiring the best talent and then GPU.

正如啟超所說，我們花錢聘請最優秀的人才，然後聘請 GPU。

But those were in our original plan, and we reduced our CapEx to focus on building one B-Sample line and converting to UAM lines.

但這些都在我們最初的計劃中，我們減少了資本支出，專注於建造一條 B 樣品生產線並轉換為 UAM 生產線。

And we have also significantly decreased [SGA] spending throughout the year.

我們也大幅減少了全年的 [SGA] 支出。

And then also worth mentioning, we are expecting to receive around $7 million in the fourth quarter.

另外值得一提的是，我們預計第四季將收到約 700 萬美元。

Is a combination of milestone payments from our OEM partners as part of the JDAs plus down payment from revenue contracts that we mentioned earlier.

是我們的 OEM 合作夥伴作為 JDA 一部分的里程碑付款加上我們之前提到的收入合約的首付款的組合。

Great.

偉大的。

Thank you.

謝謝。

That's very helpful.

這非常有幫助。

At this time.

此時。

There are no more questions registered in Q. Again.

Q 中不再有任何問題。

If you would like to ask a question, please press star followed by one.

如果您想提問，請按星號，然後按一個。

Winnie Dong with the company Deutsche Bank.

Winnie Dong 任職於德意志銀行。

Thank you so much.

太感謝了。

Can you guys talk about maybe the revenue potentials that are associated with the UAM customer pipeline?

可以談談與 UAM 客戶通路相關的收入潛力嗎？

And then, are there any more details you can potentially share with us on the agreement with Softbank?

那麼，關於與軟銀的協議，您是否可以與我們分享更多細節？

And what when might we see the conversion to sales?

什麼時候我們才能看到轉換為銷售？

Yeah Jing, you want to address that?

是的，Jing，你想解決這個問題嗎？

Sure.

當然。

Yeah, so well, because of confident confidentiality with our customers, we currently really can't discuss too much details about the contract.

是的，好吧，由於我們對客戶保密，我們目前確實無法討論有關合約的太多細節。

But the project will kick off in November.

但該項目將於 11 月啟動。

And then it will continue until the first half of next year.

然後將持續到明年上半年。

That's all I can say right now.

我現在只能說這麼多。

And, but for the AI solution revenue, we're expecting to enter into contract in the next few weeks and that's potentially revenue throughout 2025.

而且，對於人工智慧解決方案收入，我們預計將在未來幾週內簽訂合同，這可能是整個 2025 年的收入。

Got it.

知道了。

Is there any way you can sort of help us size the potential of that kind of opportunity?

您有什麼方法可以幫助我們評估這種機會的潛力嗎？

It sounds like, there are several ways that you guys can monetize this any way to sort of help us with potentially, I don't know, modeling out that kind of trajectory into 2025.

聽起來，你們可以透過多種方式將其貨幣化，以幫助我們潛在地（我不知道）在 2025 年建立這種軌跡。

Yeah, at this moment, we are not really providing guidance for 2025.

是的，目前我們並沒有真正提供 2025 年的指導。

But I think, we could say right now is one we will put out announcement when the when the contract is signed.

但我認為，我們現在可以說，我們將在合約簽署時發佈公告。

Two, we are seeing tremendous interest from our existing partners and then new customers and new partners on all these solutions that we're providing.

第二，我們看到現有合作夥伴以及新客戶和新合作夥伴對我們提供的所有這些解決方案表現出極大的興趣。

So stay tuned for more information when we announced the deal.

因此，當我們宣布這筆交易時，請繼續關注更多資訊。

Okay.

好的。

Got it.

知道了。

And then I think previously you guys have talked about sharing and pulling of cell data from some of your tier battery companies.

我想你們之前已經討論過從一些級別的電池公司共享和提取電池數據。

In order to sort of feed into that model.

為了進入該模型。

Can you maybe talk about, where you might be with this and how that could potentially boost your database?

您能否談談您可能會在這方面取得什麼進展，以及這將如何潛在地提升您的資料庫？

Thanks.

謝謝。

Yeah, we need on the molecule, the electrolyte side, that one we are actually synthesizing the data.

是的，我們需要分子、電解質方面，我們實際上正在合成數據。

So,q all this data we are computing, and this is not just a hardware but also very advanced new software for computing these properties.

因此，我們正在計算的所有這些數據，這不僅僅是一個硬件，而且還是用於計算這些屬性的非常先進的新軟體。

And then because you have to compute fast and also accurate.

然後因為你必須快速且準確地進行計算。

So, this we are computing in house and then we're not relying on any data from other companies because also they don't have that.

因此，我們在內部計算，然後我們不依賴其他公司的任何數據，因為他們也沒有這些數據。

And then on the manufacturing, so as part of the B-Samples, we actually get data from our OEM partners and then the data are for lithium metal as well as lithium ion data manufacturing on the same line.

然後在製造方面，作為 B 樣本的一部分，我們實際上從 OEM 合作夥伴那裡獲取數據，這些數據適用於同一條生產線上的鋰金屬和鋰離子數據製造。

So, we can actually get this data and then train the model.

所以，我們實際上可以取得這些數據，然後訓練模型。

Thank you.

謝謝。

Sean Severson with the company Water Tower Research.

肖恩·塞弗森 (Sean Severson) 與水塔研究公司合作。

So, she tried to follow up on the UAM market.

於是，她嘗試跟進UAM市場。

I know before you had said that it was developing fast, but it may not be a huge commercial market immediately in front of you.

我知道你之前說過它正在快速發展，但在你面前它可能不是一個巨大的商業市場。

But I just wanted to get an update on what you're seeing now if that's changed at all.

但我只是想了解您現在所看到的情況的最新情況（如果情況有任何變化）。

Obviously go to market very quickly there.

顯然，那裡的市場進入速度非常快。

But what do you think today of the commercialization opportunity in UAM?

但您今天如何看待 UAM 的商業化機會？

Yeah.

是的。

So, I think if you look at UAM and then that include both ones that carry passengers as well as like large cargo drones, the market is actually growing quiet fast especially in China and then in other parts.

所以，我認為，如果你看看城市空中交通，包括載客無人機和大型貨運無人機，你會發現這個市場實際上正在快速成長，尤其是在中國，然後是其他地區。

This market is growing quickly and then we actually made a cell that's tailored for for UAM including passenger and large cargo.

這個市場正在快速成長，然後我們實際上製造了一個專為城市空中交通（包括客運和大型貨物）量身定制的單位。

This 30-amp power, it's a smaller than the 100-amp power EV.

這個30安培的功率，比100安培的電動車還要小。

And then the size is meant to replace the 2170 lithium ion sales that these UAM companies currently use.

然後，該尺寸旨在取代這些 UAM 公司目前使用的 2170 鋰離子銷售。

And then they ask us, okay, they want this format.

然後他們問我們，好吧，他們想要這種格式。

So, this market is actually growing quite fast and that's why we opened up this new sell product just for this.

所以，這個市場實際上成長得相當快，這就是為什麼我們專門為此開發了這個新的銷售產品。

And can you remind me, I know lithium metal has some particularly attractive attributes for UAM.

您能否提醒我一下，我知道鋰金屬對 UAM 有一些特別有吸引力的特性。

So, can you just compare and contrast the competitiveness of lithium metal versus lithium ion?

那麼，您能比較一下鋰金屬與鋰離子的競爭力嗎？

Because it seems it seems like you're displacing lithium ion batteries in many of these applications as you go towards commercialization.

因為在走向商業化的過程中，許多應用似乎正在取代鋰離子電池。

Yeah, sure.

是的，當然。

So, for UAM, because they need high power density, a lot of the lithium ions are power cells.

所以，對UAM來說，因為它們需要高功率密度，所以很多鋰離子都是動力電池。

So they are around 250 watts per kg at the cell level.

因此，在電池層面，它們的功率約為 250 瓦/公斤。

And then for lithium metal, the cells that we're supplying there are 400 watts per kg.

對於鋰金屬，我們提供的電池功率為每公斤 400 瓦。

So, that means you can fly almost 50% longer or you can carry 50% more payload, more passengers or more cargoes.

因此，這意味著您可以飛行近 50% 的時間，或者可以多運載 50% 的有效載荷、更多的乘客或更多的貨物。

It's a big change.

這是一個很大的改變。

And then this means a lot for the economics and the profitability of the UAM and large cargo business.

這對於城市空中交通和大型貨運業務的經濟和盈利能力來說意義重大。

All right.

好的。

Thank you.

謝謝。

At this time, I'd like to pass the conference back over to Kyle for more questions.

現在，我想將會議轉回給凱爾，詢問更多問題。

So, you may proceed.

所以，你可以繼續。

Thank you.

謝謝。

We do have one question which was submitted in advance by investors.

我們確實有一個投資者提前提出的問題。

So, the question is for Qichao, SES has produced high energy density cells, one of the remaining concerns is related to cycle life requirements by the EV OEMs is the data indicating that SES is still working on increasing the cycle life.

所以，對於啟超來說，問題是，SES已經生產了高能量密度電池，剩下的擔憂之一與電動車整車廠對循環壽命的要求有關，數據顯示SES仍在努力提高循環壽命。

What are the things that SES is working on to increase cycle life?

SES 正在採取哪些措施來延長循環壽命？

Yeah.

是的。

So, we have a few things that are quite promising.

所以，我們有一些非常有希望的事情。

One is this new molecule that we discovered using the AI accelerated and that improves cycle life by about 20%, and then that's only after we've mapped tenth to the fifth space, but we're going to map tenth to the eighth.

其中一個是我們發現的使用人工智慧加速的新分子，它可以將循環壽命提高約20%，這只是在我們將第十個空間映射到第五個空間之後，但我們將把第十個空間映射到第八空間。

So, that's about 1,000 times bigger that we can map so that improves cycle by 20%.

因此，我們可以繪製的圖表大約大 1,000 倍，從而將週期提高了 20%。

And then also on AI for safety, we're also using the new AI tools to be trained on this cycling data.

然後，在人工智慧安全方面，我們也使用新的人工智慧工具來訓練騎乘資料。

And then we can develop optimized charging protocols that can also improve the cycle life.

然後我們可以開發優化的充電協議，也可以提高循環壽命。

And then also on the website, we publish our cycle life under real world UMA conditions and EV conditions especially, under the UAM conditions, we can actually get to more than 1,000 cycles.

然後還在網站上發布了我們在現實世界 UMA 條件和 EV 條件下的循環壽命，特別是在 UAM 條件下，我們實際上可以達到 1,000 多次循環。

So both at the material level and the charge protocols, both can be improved by our human team as well as the AI accelerated discovery.

因此，無論是在材料層面還是充電協議上，我們的人類團隊以及人工智慧加速發現都可以改進。

Great.

偉大的。

Thanks.

謝謝。

With that, I'll pass it back to the operator.

這樣，我會將其傳回給操作員。

At this time.

此時。

There are no more questions registered in Q. So, I'd like to pass it back to hosting Team for closing remarks.

Q 中沒有更多問題。

Oh yeah, I mean, we're quite excited about this new AI accelerated material discovery that we have and then with the new competition chemistry algorithms that we develop, we are able to really map all the properties of these molecules very fast and very accurately.

哦，是的，我的意思是，我們對這種新的人工智慧加速材料發現感到非常興奮，然後透過我們開發的新競爭化學演算法，我們能夠非常快速且非常準確地真正繪製這些分子的所有特性。

And this has helped us identify new molecules for lithium metal and then we're also going to bring this tool to lithium ion and then this was at the request of our OEM partners.

這幫助我們識別了鋰金屬的新分子，然後我們也將把這個工具引入鋰離子，然後這是應我們的 OEM 合作夥伴的要求。

And then in addition to this, the complete capabilities that we built, including the molecules, the electrode foundry and the A-Sample, B-Samples.

除此之外，我們還建立了完整的能力，包括分子、電極鑄造廠以及 A 樣品、B 樣品。

We've really demonstrated that we can use this for lithium metal.

我們確實證明了我們可以將其用於鋰金屬。

And then next, we're really excited to apply this for lithium-ion as well.

接下來，我們也很高興將其應用於鋰離子電池。

That will conclude today's conference call.

今天的電話會議到此結束。

Thank you for your participation and enjoy the rest of your day.

感謝您的參與，祝您有個愉快的一天。