SES AI Corp (SES) 2025 Q3 法說會逐字稿

Hello and welcome to the SES AI third quarter 2025 earnings release and call. My name is Carla and I will be coordinating your call today.

大家好，歡迎參加 SES AI 2025 年第三季財報發表會和電話會議。我叫卡拉，今天將由我負責協調您的通話。

(Operator Instructions)

（操作說明）

I will now hand you over to the Chief Legal Officer, Kyle Pilkington to begin. Please go ahead when you're ready.

現在我將把發言權交給首席法務官凱爾·皮爾金頓，由他開始。準備好了就請開始吧。

Hello everyone and welcome to our conference call covering our third quarter 2025 results. Joining me today are Dr. Qichao Hu, founder and Chief Executive Officer, and Jing Nealis, Chief Financial Officer. We issued our shareholder letter just after 4 p.m. today, which provides a business update as well as our financial results. You'll find a press release with a link to our shareholder letter and today's conference call webcast in the investor relations section of our website at sesai.com. Before we get started, this is a reminder that the discussion today may contain forward-looking information or forward-looking statements within the meaning of applicable securities legislation. These statements are based on our predictions and expectations as of today.

大家好，歡迎參加我們關於2025年第三季業績的電話會議。今天與我一同出席的有創辦人兼執行長胡啟超博士，以及財務長景尼利斯。今天下午 4 點剛過，我們發布了致股東信，信中提供了業務最新進展以及財務表現。您可以在我們網站sesai.com的投資者關係版塊找到新聞稿，其中包含我們致股東信的連結以及今天電話會議的網路直播連結。在會議開始之前，請注意，今天的討論可能包含適用證券法意義上的前瞻性資訊或前瞻性陳述。這些聲明是基於我們截至目前為止的預測和預期。

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. 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.

此類聲明涉及某些風險、假設和不確定性，可能導致我們的實際或未來業績與這些聲明中明示或暗示的業績有重大差異。可能導致我們的業績與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在最新收益報告和提交給美國證券交易委員會的文件中詳細列出的風險和不確定性。

This afternoon we will review our business as well as results for the quarter. With that, I'll pass it over to Qichao.

今天下午我們將回顧公司業務以及本季業績。這樣，我就把麥克風交給啟超了。

Thanks Kyle. Thanks everyone for joining today.

謝謝你，凱爾。感謝各位今天的參與。

We had a record third quarter with more than $7 million in revenue. That's more than 100% growth over the second quarter.

我們第三季業績創下歷史新高，營收超過700萬美元。這比第二季度增長了100%以上。

Our all in on AI strategy is working remarkably.

我們全力投入人工智慧的策略取得了顯著成效。

Today, I want to highlight some of the successes we've seen with this strategy and what it means for the future.

今天，我想重點介紹我們透過這項策略所取得的一些成功，以及它對未來的意義。

We reached a major milestone this quarter that we expect to have far-reaching consequences across the revenue machine we described in detail during our last call.

本季我們達到了一個重要的里程碑，我們預計這將對我們在上次電話會議上詳細描述的收入體系產生深遠的影響。

That milestone was the release of our latest version of the molecular universe, MU 1.0.

那個里程碑是我們發布了最新版本的分子宇宙模型 MU 1.0。

MU 1.0 is a powerful and complete end to end AI conscience workflow that includes 5 features.

MU 1.0 是一個強大且完整的端對端 AI 意識工作流程，包含 5 項功能。

Ask an agentic LLN with access to what we believe is the world's largest database of battery relevant literature.

向一位有影響力的LLN（語言、知識、技術、護理學）專家諮詢，他可以訪問我們認為是世界上最大的電池相關文獻資料庫。

Search and formulate what we believe are the world's largest databases of battery relevant molecule and formulation level properties enabled by GPU accelerated quantum mechanics computation and machine learning accelerated property prediction.

利用 GPU 加速的量子力學運算和機器學習加速的性質預測，搜尋並建立我們認為世界上最大的電池相關分子和配方級性質資料庫。

And design and predict chemistry-specific and chemistry agnostic machine learning models, respectively, that can accurately predict better state of health and end of life.

並分別設計和預測化學特定和化學無關的機器學習模型，以準確預測更好的健康狀況和生命終點。

Due to the popularity of the enterprise tier, we also launched 3 sub tiers within enterprise to provide greater value to more enterprise users.

由於企業版套餐廣受歡迎，我們也在企業版套餐內推出了 3 個子套餐，為更多企業用戶提供更大的價值。

In addition to cloud-based molecular universe, we expect to launch on-premise molecular universe, providing greater data security to more enterprise users.

除了基於雲端的分子宇宙之外，我們還計劃推出本地部署的分子宇宙，為更多企業用戶提供更高的資料安全性。

This new on-premise capability, which we will be describing in more detail in the coming months, addresses specific security and privacy needs of the world's largest battery makers that should unlock the greater share of our addressable market.

我們將在未來幾個月內更詳細地介紹這項新的本地部署功能，它滿足了全球最大電池製造商的特定安全和隱私需求，這應該能夠釋放我們更大市場份額。

We are incorporating MU 1.0 ask, design, and predict into our ESS products deployed by U around the world to collect data for on-site model training.

我們將 MU 1.0 的詢問、設計和預測功能整合到我們部署在世界各地的 ESS 產品中，以收集資料進行現場模型訓練。

This unprecedented ability for safety and health prediction combined with reduced maintenance costs, truly helps differentiate our products and attract new customers.

這種前所未有的安全和健康預測能力，加上降低的維護成本，確實有助於使我們的產品脫穎而出，吸引新客戶。

Since we completed the acquisition of UZ Energy in mid September, our ESS revenue has been growing and is already responsible for approximately 45% of our third quarter revenue. We're very excited about the revenue potential of deploying molecular universe to enhance our ESS products.

自 9 月中旬完成對 UZ Energy 的收購以來，我們的 ESS 收入一直在成長，目前已占我們第三季營收的約 45%。我們對利用分子宇宙技術增強 ESS 產品所帶來的收入潛力感到非常興奮。

MU 1.0 search and formula are also helping our users identify several new electrolyte materials that we are commercializing.

MU 1.0 搜尋和公式也能幫助我們的使用者辨識出我們正在商業化的幾種新型電解質材料。

These include:

其中包括：

one, improved low temperature rate performance of lithium iron phosphate, lithium ion cells for ESS applications.

一、提高磷酸鐵鋰鋰離子電池在低溫速率下的性能，使其適用於儲能係統應用。

two, improved cycle life for 12% silicon lithium ion cells for EV application.

第二，提高了電動車應用中 12% 矽鋰離子電池的循環壽命。

And three, improved cycle life for lithium metal and 100% silicon lithium ion for drones and UA applications and many more.

第三，提高了鋰金屬和 100% 矽鋰離子電池的循環壽命，適用於無人機和無人飛行器等應用領域。

To supply these materials discovered by Mole Universe to our customers, we entered into a joint venture agreement with Heisen new Energy materials, a leading electrolyte manufacturer with 150,000 tons of annual capacity to contract manufacture these materials, so we stay CapEx light, laying the groundwork for exciting revenue growth in the coming quarters.

為了向我們的客戶供應 Mole Universe 發現的這些材料，我們與領先的電解液製造商海森新能源材料公司簽訂了合資協議，該公司年產能達 15 萬噸，負責這些材料的代工生產，從而保持較低的資本支出，為未來幾個季度的強勁收入增長奠定基礎。

Another revenue opportunity we expect to grow in 2026 and beyond is in drones. A dependable supply chain of high energy density pouch sales is extremely rare and critical to the development of the American drones industry.

我們預計無人機將成為 2026 年及以後另一個成長的收入機會。可靠的高能量密度氣囊銷售供應鏈極為稀缺，對美國無人機產業的發展至關重要。

To better address this burgeoning market, we are leveraging our Chnghu South Korea cell factory, incorporating the latest materials discovered from molecular universe to meet customer demands.

為了更好地滿足這個蓬勃發展的市場需求，我們正在利用我們在韓國清湖的細胞工廠，結合從分子宇宙中發現的最新材料，來滿足客戶的需求。

In terms of potential revenues from EV, we completed the sample line site acceptance test this summer with one auto OEM. As a result, in 2026, we expect to start commercial supply of electrical materials and partner with them for cell production.

就電動車的潛在收入而言，我們今年夏天與一家汽車OEM廠商完成了樣品生產線現場驗收測試。因此，我們預計將於 2026 年開始商業化供應電氣材料，並與他們合作進行電池生產。

Overall, it's hard for us to comprehend a more consequential period than what we have experienced over the past two quarters, particularly as it relates to delivering on the goals we outlined coming into this year. For instance, we know that we wanted to break into the ES market in a big way. Now we've done so with the acquisition of UZ Energy, and the acquisition has already delivered significant revenue in 2025.

總的來說，我們很難想像還有比過去兩季所經歷的更具重大意義的時期，尤其是在實現我們今年年初制定的目標方面。例如，我們知道我們想要大舉進軍ES市場。現在，我們透過收購 UZ Energy 實現了這一目標，而且此次收購已在 2025 年帶來了可觀的收入。

We launched 3 versions of Molecular Universe this year. The discoveries made by us and our customers so far have accelerated our push into materials to supply them through the Heisen JV.

今年我們推出了 3 個版本的 Molecular Universe。我們和我們的客戶迄今為止所取得的發現，加速了我們透過海森合資企業向他們供應材料的進程。

We'll have more to share on our fourth quarter call about how we expect 2026 to shape up for us, but we expect success for us will look like a hardware software integrated platform with multi-prone and multi-revenue streams. As molecular universe, a complete Afo science workflow A platform accelerates innovation across all battery chemistries. We are working with our JV partners to provide a dependable hardware supply chain for the cells developed from the molecular universe.

我們將在第四季度電話會議上分享更多關於我們對 2026 年的預期，但我們預計我們的成功將是一個具有多通路和多收入來源的硬體軟體整合平台。作為分子宇宙，完整的 Afo 科學工作流程平台加速了所有電池化學領域的創新。我們正與合資夥伴合作，為從分子世界開發的細胞提供可靠的硬體供應鏈。

Just as AI for Science is completely changing other industries, the molecular universe is now transforming all battery chemistries across all applications. We are excited about the revenue growth potential brought by molecular universe and will continue to assemble the best talent, data, and compute resource needed to build AIfa science for energy transition.

正如人工智慧在科學領域正在徹底改變其他產業一樣，分子世界現在正在改變所有應用領域的電池化學。我們對分子宇宙帶來的收入成長潛力感到興奮，並將繼續匯集最優秀的人才、數據和運算資源，以建構用於能源轉型的 AIfa 科學。

Lastly, I want to express my gratitude for our teams who are working super hard to make all of this happen, and thanks to all of you for being on this journey with us.

最後，我要感謝我們團隊的辛勤付出，感謝他們讓這一切成為可能；也感謝大家與我們一路同行。

And now, here's Jing for financial updates.

現在，請Jing為大家帶來財經新聞。

I will discuss our financial performance for the third quarter of 2025 and provide some context on how we are deploying our capital to support SES AI's long-term growth and then the all-in on AI strategy Qiang mentioned earlier.

我將討論我們 2025 年第三季的財務業績，並介紹我們如何部署資本來支援 SES AI 的長期成長，以及 Qiang 之前提到的全力投入人工智慧策略。

Revenue for the third quarter was $7.1 million, representing a $3.6 million or 102% increase from the previous quarter. Our Q3 revenue was approximately a 55%-45% split. Between our service revenue from our automotive OEM customers to develop AI enhanced lithium metal and lithium-ion battery materials for EV applications and product revenue primarily from using energy storage system sales.

第三季營收為 710 萬美元，較上一季成長 360 萬美元，增幅達 102%。我們第三季的所得分配比例約為 55%-45%。我們的收入來源包括為汽車 OEM 客戶開發用於電動車應用的 AI 增強型鋰金屬和鋰離子電池材料的服務收入，以及主要來自儲能係統銷售的產品收入。

For the full year 2025, we're updating our revenue guidance to $20 million to $25 million due to E's contributions going forward.

由於 E 的持續貢獻，我們將 2025 年全年的營收預期更新為 2,000 萬美元至 2,500 萬美元。

Gross margin was 51% for the third quarter, which is a combination of 78% growth margin from the service revenue and 15% growth margin from the product revenue. As a reminder, with UC Energy now part of SES, we expect growth margin variation from quarter to quarter as our service and product revenue mix will fluctuate.

第三季毛利率為 51%，其中服務收入成長 78%，產品收入成長 15%。提醒大家，由於 UC Energy 現在是 SES 的一部分，我們預期隨著服務和產品收入組合的波動，季度利潤率也會有所變化。

A GAAP net loss for the third quarter was $20.9 million, or $0.06 per share. In Q2 2025, a GAAP net loss was $22.7 million, or negative $0.07 per share.

第三季以美國通用會計準則計算的淨虧損為 2,090 萬美元，即每股虧損 0.06 美元。2025 年第二季度，以美國通用會計準則計算的淨虧損為 2,270 萬美元，即每股虧損 0.07 美元。

As of September 30th, we had 365 million class A and Class B shares outstanding, which were down $1.3 million from the previous quarter, mainly due to the share repurchase we executed during the third quarter.

截至 9 月 30 日，我們共有 3.65 億股 A 類和 B 類流通股，比上一季減少了 130 萬美元，這主要是由於我們在第三季度執行了股票回購。

In the third quarter, we repurchased and canceled 1.3 million Class A shares for a total investment of $1.6 million or roughly $1.20 per share.

第三季度，我們回購並註銷了 130 萬股 A​​ 類股票，總投資額為 160 萬美元，即每股約 1.20 美元。

We utilized $14.3 million in cash for operations in the third quarter. We exited the third quarter with a strong liquid position of $214 million.

第三季度，我們動用了1,430萬美元現金用於營運。第三季末，我們擁有2.14億美元的強勁流動資金。

As mentioned, we closed the UZ acquisition in September and recognized some UE revenue during the third quarter.

如前所述，我們在 9 月完成了對 UZ 的收購，並在第三季確認了一些 UE 收入。

We see a tremendous opportunity to grow the UC energy business from approximately $10 million to $15 million in projected full year 2025 revenue to a much larger growth in the coming years as we execute a go to market strategy that Qichao outlined to make market share gains in the 300 billion global ESS market.

我們看到了巨大的發展機遇，UC能源業務預計在2025年全年收入將從約1000萬美元到1500萬美元增長到未來幾年更大的增長，因為我們將執行啟超概述的市場進入戰略，以在全球3000億美元的儲能係統市場中獲得市場份額。

When we report Q4 earnings, we expect to provide a more definitive outlook on how we see the full year 2026 revenue growth shaping up from this growth in ESS, that description, use, contributions from high and JV and potential for the start of commercial production of electrolytes and or battery cells from automotive OEMs, drones, and robotics. The potential growth of these revenue streams which all have different margin profiles, will be much larger than what we have experienced in 2025. But the growth isn't linear from quarter to quarter and the margin may vary quarter to quarter as well.

當我們公佈第四季度收益時，我們預計將對 2026 年全年收入成長前景做出更明確的展望，包括 ESS 的成長、描述、用途、高收益和合資企業的貢獻，以及從汽車 OEM、無人機和機器人領域開始商業化生產電解液和/或電池的潛力。這些收入來源的利潤率各不相同，但它們在 2025 年的潛在成長將遠大於我們所經歷的。但季度之間的成長並非線性成長，利潤率也可能因季度而異。

Looking ahead, we remain focused on executing our strategy by continuing to grow our top-line while remaining financially disciplined. With substantial liquidity, we are well positioned for sustainable growth and long-term success.

展望未來，我們將繼續專注於執行我們的策略，在保持財務紀律的同時，繼續提高營收。憑藉充足的流動資金，我們已做好充分準備，實現永續成長和長期成功。

We appreciate your continued support and confidence in SES AI.

感謝您一直以來對SES AI的支持與信任。

Thank you. Now, I will turn the call back to the operator.

謝謝。現在，我將把電話轉回給接線生。

Derek Soderberg with Cantor Fitzgerald.

Derek Soderberg 與 Cantor Fitzgerald。

On the hyphen JV, can you talk about how that opportunity came about? Was the company paying for molecular universe access or was this sort of an internal project at SES, and then what type of battery will this electrolyte enable?

關於合資企業，您能談談這個機會是如何產生的嗎？該公司是否付費獲取了分子宇宙的存取權限，或者這只是 SES 的內部項目？如果是這樣，這種電解質將用於哪種類型的電池？

Hey Derek, yeah, so really good question. And actually the Heisen JV came as a request by some of the Molecular Universe enterprise users. So, Molecular Universe, since we launched this, earlier this year has been growing really fast, and then we had almost every major battery company and battery materials company in the world. Trialing this and then so in addition to the fast platform, both on the cloud and also on-premise, several of the battery companies, that are, using the universe enterprise tier also asked us, okay, we found these materials, these formulations, these molecules through Molecular Universe. Why don't you just, make these and then sell these to us, because they currently buy electrolytes, from companies. So it, it's a quite mature business model. So we say, okay, yeah, we're happy to sell these materials to you. These are new formulations that they cannot buy anywhere else. And then so we form this joint venture. It's a CapEx, JV we control it. We control 90% of the JV and we contract manufacturer this company called Hzone, to produce this formulation, and then we sell that formulation to the cell makers and then some of the applications, So in the call, I listed 3, and then actually ALL3 are being produced. So the most popular one is is a new formulation to improve low temperature performance of LFP for ESS batteries. A lot of these these LP batteries for ESS when they're deployed in like Northern Europe, these cold places, they don't work so well when, it's it's at low temperature. Another one is for cell phone applications, so it's a high voltage electrolyte for LCL cells. And then another is a 14% silicon lithium ion cells for EV applications also to improve the cycle. So these three we are requested by the the user, the cell maker to actually supply these materials at commercial scale to them. And this was discovered through the universe platform.

嘿，德瑞克，嗯，這真是個好問題。事實上，海森合資企業的成立是應 Molecular Universe 的一些企業用戶的要求。所以，自從我們今年稍早推出 Molecular Universe 以來，它的發展速度非常快，我們幾乎與世界上所有主要的電池公司和電池材料公司都有了合作關係。試用後，除了雲端和本地的快速平台之外，一些使用 Molecular Universe 企業級平台的電池公司也問我們，我們透過 Molecular Universe 找到了這些材料、這些配方、這些分子。你們為什麼不自己生產這些產品，然後賣給我們呢？因為他們目前是從其他公司購買電解液的。所以，這是一種相當成熟的商業模式。所以我們會說，好的，我們很樂意把這些材料賣給您。這些都是他們在其他地方買不到的新配方。於是，我們就成立了這家合資企業。這是資本支出項目，合資企業由我們控制。我們控制合資企業 90% 的股份，並與一家名為 Hzone 的公司簽訂合同，生產這種配方，然後將該配方出售給細胞製造商和一些應用領域。在電話會議中，我列出了 3 種應用，但實際上所有 3 種應用都在生產中。因此，最受歡迎的是提高磷酸鐵鋰電池低溫性能的新配方。許多用於儲能係統的液化石油氣電池，當部署在北歐等寒冷地區時，在低溫環境下工作效果並不理想。另一種是用於手機應用的，所以它是用於 LCL 電池的高壓電解液。還有一種是含矽量為 14% 的鋰離子電池，用於電動車應用，也是為了提高循環性能。因此，用戶（電池製造商）要求我們以商業規模向他們供應這三種材料。這是透過宇宙平台發現的。

Got it, that, that's helpful and I guess just to that point, I guess I wasn't imagining, JV coming out of this first the molecular universe. Can you just talk about how you expect the monetization of that business to sort of play out over the next year, beyond sort of JVs do you expect?

明白了，這很有幫助，我想說的是，我之前並沒有想像 JV 是從分子宇宙中走出來的。您能否談談您預計該業務在未來一年內的盈利模式，除了合資企業之外，您還預期會有哪些其他方式？

But like the universe to grow sort of as a traditional software as a service business where every quarter you sort of add additional seats or you know do you expect there to be sort of like a stair stepper, stair step up on revenue as you sign kind of larger agreements. How do you sort of see the monetization of MU playing out sort of over the next year? How should we think about it?

但就像宇宙發展成傳統的軟體即服務業務一樣，每個季度你都會增加額外的席位，或者你知道，你期望隨著你簽署更大的協議，收入也會像階梯一樣逐步增長。您認為MU在未來一年的商業化過程會如何發展？我們該如何看待這個問題？

Yeah, it's, so MU is a mix of SA platform and materials. And then, so the fast platform and then we laid out the different tier pricing on the website, molecular-universe.com. And so we have the individual tiers and then the number of individual tiers is growing. And then also we have the enterprise tiers. These are the major battery companies and then the the material companies and the chemical companies. And then and a lot of these companies prefer on premise. So we also sell them this molecular universe in a box on-premise solution, so we charge them monthly subscription and also we sell this this this computer that we actually deploy on site and also servers on top of that.

是的，MU 是 SA 平台和材料的混合體。然後，我們推出了快速平台，並在網站 molecular-universe.com 上列出了不同程度的定價。目前我們有多個級別，而且級別數量還在增加。此外，我們還有企業級套餐。這些是主要的電池公司，然後是材料公司和化學公司。而且很多公司都喜歡本地部署。所以我們也向他們出售這種「分子宇宙」的盒裝本地解決方案，我們按月收取訂閱費，我們還出售這種計算機，我們實際部署在現場，以及在此基礎上提供的伺服器。

I think the fast platform we do expect to see a growing number of seeds per month and also per quarter and then the material supply, because a lot of these companies eventually want us to supply the materials, but the revenue coming from the molecular Universe discovery materials is actually going to be much higher than the fast revenue.

我認為，我們預計快速平台每月和每季的種子數量都會不斷增長，材料供應也會增加，因為許多公司最終都希望我們供應材料，但分子宇宙發現材料帶來的收入實際上會比快速平台的收入高得多。

Got it, that's helpful. And then just one final one for me, just a broad update on molecular universe. I think in the past you said you've got like 2 dozen or so companies in trial testing. Can you just give us an update on maybe where that is and I think in the past you have mentioned, there are other potential large or medium sized battery OEMs, as part of that group. Where are you at with, some of those players in negotiations, when do you expect maybe a medium or large size OEM to sign on to MU through a joint development.

明白了，這很有幫助。最後，我還要補充一點，簡單介紹一下分子宇宙的最新情況。我記得你之前說過，你們大約有二十幾家公司正在進行試驗測試。您能否給我們更新這方面的資訊？我想您之前也提到過，該集團中還有其他潛在的大型或中型電池OEM廠商。您目前與一些正在進行談判的廠商的進展如何？您預計什麼時候會有中型或大型OEM廠商透過共同開發的方式與MU簽約？

Yeah, so the number now is getting close to 40, enterprise, and then, and it's gone through MU 25 trial, MU 1.0 trial, which is the latest version, and it's gone through the initial cloud-based trial, and now we are planning for on-premise deployment because a lot of these Medium size, especially the larger size enterprises, they can do the cloud trial, but then eventually they will need this on-premise, actual to actually deploy this. This is why we're moving towards this universe in a box on premise solution.

是的，現在企業用戶數量接近 40 家，而且它已經完成了 MU 25 試用、MU 1.0 試用（最新版本）以及最初的雲端試用，現在我們正在計劃本地部署，因為很多中型企業，尤其是大型企業，他們可以進行雲端試用，但最終他們需要本地部署才能真正部署它。這就是為什麼我們要朝著這種「盒裝宇宙」的本地部署解決方案邁進的原因。

(Operator Instructions)

（操作說明）

Winnie Dong with Deutsche Bank.

Winnie Dong任職於德意志銀行。

Hi, thanks so much for taking my question. I just wanted to follow-up with that last question that was asked. You talked about, launching three sub tiers within the enterprise subscription, I was wondering if you can maybe just elaborate on that. What are they sort of looking for, what are your customers looking for? And then if you can just maybe just remind us of the other subscription options that's also bringing you this recurring revenue opportunity.

您好，非常感謝您回答我的問題。我只是想就剛才提出的最後一個問題做個後續說明。您剛才提到要在企業訂閱中推出三個子級別，我想請您詳細說明一下。他們到底在找什麼？你的客戶到底在找什麼？如果您能提醒我們其他訂閱選項，這些選項也能為您帶來持續的收入機會，那就太好了。

Yeah, we need, so the enterprise 1, 2, 3, basically they differ in terms of size of multi database. The depth of the models used and also the knowledge and the know-how the models are trained on. For example, Enterprise one, we see that as like a PhD student level, and the Enterprise 2 is like a postdoc level, and the Enterprise. Is a senior scientist level. And then, for example, Enterprise one when they answer a question, they'll answer a question typically less than 3 minutes, and then Enterprise 2 pulse ox level answer question in about 5 minutes. Enterprise 3 will answer a question in more than 30 minutes, but the depth and the quality and the new discoveries are much deeper.

是的，我們需要企業版 1、2、3，它們的差異主要在於多資料庫的規模。所用模型的深度，以及訓練這些模型所依據的知識和技術。例如，企業一就像博士生水平，企業二就像博士後水平，而企業。屬於高級科學家級別。例如，Enterprise 1 回答問題時，通常會在 3 分鐘內回答完一個問題；而 Enterprise 2 回答問題時，大約需要 5 分鐘。企業號 3 可以在 30 分鐘以上回答一個問題，但其深度、品質和新發現要深刻得多。

So a lot of the enterprise ones are a medium sized companies and also some startups and then the larger companies, and then so for enterprise 1 and 2, we offer only cloud, and then for enterprise 3 and even higher tiers joint development, we offer a combination of cloud and also, on-premise, which most of the larger companies want.

因此，許多企業級客戶都是中型企業，還有一些新創公司，以及規模較大的公司。對於企業級 1 和 2，我們只提供雲端服務；而對於企業級 3 及更高級別的聯合開發，我們提供雲端和本地部署相結合的服務，這也是大多數大型公司所希望的。

And then in addition to these tiers, we can also do the joint development tier with the larger customers. That's where, so now the cloud version multi universe is trained only on SES internal data. But then for the joint development, we will actually put our multi universe in the box encrypted, and then also, organize the user's data, the cell maker's data, and then have that train our universe in the box. And then we're helping them do something that they've always wanted to do, but they've never had the resource and then never had the capability to do that.

除了這些層級之外，我們還可以與大客戶進行共同開發。因此，現在雲端版本多元宇宙僅使用 SES 內部資料進行訓練。但是，為了進行聯合開發，我們實際上會將我們的多宇宙加密放入盒子中，然後整理用戶數據、單元製造商數據，然後讓這些數據訓練我們盒子中的宇宙。然後，我們幫助他們做他們一直想做但以前沒有資源也沒有能力做的事情。

Got it. That's very detailed.

知道了。非常詳細。

Thank you so much. .

太感謝了。。

And then, so this quarter you saw some very, meaningful revenue contribution from using energy. So I was just curious if you can just maybe take a step back and help us sort of get re-engage with the background of this company, where the markets are, what you think, the growth could be from this business. And then maybe more broadly speaking, as you look out to the different revenue streams, so using energy more like in the universe, you have the relationships with OEM partners for electrolyte productions, just maybe give us a sense of, which channel you're most optimistic about, as you head out to grow in the next, 2 to 3 years.

因此，本季能源使用帶來了非常可觀的收入貢獻。所以我很好奇，您能否退後一步，幫助我們重新了解這家公司的背景，市場現狀，以及您認為這家公司未來的成長潛力。然後，更廣泛地說，當我們審視不同的收入來源時，例如利用能源，就像在宇宙中一樣，我們與 OEM 合作夥伴建立了電解液生產關係，請您談談，在未來 2 到 3 年的發展中，您對哪個管道最有信心。

Yeah, so UZ Energy is an energy storage company and they serve, mainly the behind the meter commercial and industrial applications. And before we acquired UZ, we actually used to supply this database machine learning model to U. To help improve the accuracy of their BMS battery management system in terms of predicting battery health and then end of life. And then since we acquired them, now we are adding more of these machine learning-based models which is the predict feature in the universe MU 1.0. We are adding that into their BMS. So when we sell these, when UZ deploys these packs to customers around the world, a lot of the customers, for example, in Norway or Northern Europe, they complain that the packs, especially in winter, are just not so accurate and the BMS is just stop working. So by adding this predict, we can. Actually, so each U pack is a box, is a molecular universe in a box, and then we can gather data, train the predict feature of Mac universe locally in the box, and then make predictions about these issues before the customers can actually find out about the issues. And then, so since we've added this predict, the amount of customer calls, their complaints actually dropped, and then we plan to continue to do that. . So this application is actually really exciting, so think of each.

是的，UZ Energy 是一家儲能公司，主要服務於用戶表後的商業和工業應用。在我們收購 UZ 之前，我們實際上曾向 U 提供這個資料庫機器學習模型，以幫助提高其 BMS 電池管理系統在預測電池健康狀況和壽命終止方面的準確性。自從我們收購它們以來，我們現在正在添加更多基於機器學習的模型，這是 Universe MU 1.0 中的預測功能。我們正在將其添加到他們的 BMS 中。所以當我們銷售這些產品，當 UZ ​​將這些電池組部署到世界各地的客戶時，很多客戶，例如挪威或北歐的客戶，都抱怨說這些電池組，尤其是在冬天，精度不夠高，電池管理系統 (BMS) 會停止工作。所以透過加入這個預測，我們就可以做到。實際上，每個 U 包都是一個盒子，一個盒子裡的分子宇宙，然後我們可以在盒子裡收集數據，本地訓練 Mac 宇宙的預測特徵，然後在客戶實際發現這些問題之前對這些問題進行預測。自從我們添加了這項預測功能後，客戶來電和投訴數量實際上下降了，我們計劃繼續這樣做。。所以這個應用其實非常令人興奮，請仔細想想每一個細節。

ESS pack as a life universe in a box and then we collect the data, we do local training, and we make predictions on the safety and then I think that's a really exciting connection. So we get data and we get revenue.

ESS 就像一個裝在盒子裡的生命宇宙，然後我們收集數據，進行本地訓練，並對安全性進行預測，我認為這是一個非常令人興奮的聯繫。這樣我們既能獲得數據，又能獲得收入。

In terms of the overall growth of revenue of the different businesses, the opportunities that we mentioned, using this year, revenue, we expect to pull about $15million to $20 million, and I think next year ESS we can at least double that. So this is one area, another is is grown Drones. This year we're getting our initial contracts and also a lot of the drones customers in the US really want cells made outside of China. So we are making these cells in our Chengju South Korea facility. Actually, the amount of capacity for pouch sales for drones outside China is like super rare. It's hard to find health cells capacity outside of China. We have that, so we expect drones to also grow, in a big way for us next year. And then E and so for example, the joint development we had with Hyundai Motors, and also Honda.

就不同業務的整體收入成長而言，考慮到我們提到的機遇，以今年的收入來看，我們預計能達到 1500 萬至 2000 萬美元，我認為明年 ESS 我們至少可以翻一番。這是其中一個領域，另一個領域是無人機的種植。今年我們獲得了首批合同，而且美國許多無人機客戶都非常希望使用中國以外地區生產的電池。所以我們正在韓國城州工廠生產這些細胞。事實上，中國以外地區無人機包裝袋的銷售量非常少見。在中國以外的地方很難找到健康細胞的供應能力。我們擁有這些資源，所以我們預計無人機業務明年也將大幅成長。還有E，例如我們與現代汽車和本田的共同開發。

We are using like universe to discover these new electrolytes, and then once we identify these electrolytes, then our plan is to use the Hyson JV to counter manufacture this and then supply. So I think next year, revenue wise, total, we should be able to at least double, if not triple, what we did this year because of all these opportunities that are, enabled by this universe platform.

我們正在利用類似宇宙的方法來發現這些新的電解質，一旦我們確定了這些電解質，我們的計劃就是利用 Hyson 合資企業來反向生產並供應這些電解質。所以我認為，明年總收入方面，我們應該至少能夠比今年翻一番，甚至翻兩番，因為這個宇宙平台帶來了所有這些機會。

That's very helpful.

那很有幫助。

(Operator Instructions)

（操作說明）

And as we have no further audio questions, I will hand back over to Kyle for the other questions.

由於沒有其他音頻方面的問題，我將把發言權交還給凱爾，讓他回答其他問題。

Thank you. As in past quarters, we have received some written questions from investors, and time permitting we'll go through a selection of those questions which have not yet been addressed on the call.

謝謝。與過去幾個季度一樣，我們收到了一些投資者的書面提問，如果時間允許，我們將逐一解答其中一些尚未在電話會議上討論的問題。

So the first question that we have relates to liquidity and whether management has a view on. Where liquidity is expected to be at the end of 2025 and we kind of scaling up the molecular universe or the use the energy integration impact the patch burn or CapEx plans.

所以我們的第一個問題與流動性有關，以及管理階層對此有何看法。預計到 2025 年底流動性將達到一定水平，我們正在擴大分子宇宙的規模，或利用能源整合來影響補丁燃燒或資本支出計劃。

Yeah, I'll take that. So our liquidity balance, is very strong, and given that we, closed thee acquisition also we did some stock repurchase, based on our program we still expect to exit the year with somewhere between $195 million to $200 million of liquidity. And then the other thing I wanted to probably emphasize is we are later focused on funding growth, so our liquidity balance is sufficient to kind of grow our revenue from different streams that Qichao just mentioned, whether it's ESrons or materials or sets from NTU. So the, cash balance is no longer to fund runway. We have a CapEx right business model, so the acquisition is helping us to grow revenue with positive growth margin. All of our revenue sources come in on day one with positive growth margin. So it's not a capact heavy business. So, our liquidity balance will be sufficient to fund the growth going forward.

好的，我接受。因此，我們的流動性餘額非常強勁，而且鑑於我們完成了收購，也進行了一些股票回購，根據我們的計劃，我們仍然預計到年底將擁有 1.95 億美元至 2 億美元的流動資金。還有一點我想強調的是，我們之後會專注於為成長提供資金，所以我們的流動資金足以增加我們從不同管道獲得的收入，就像齊超剛才提到的那樣，無論是ESrons、材料還是來自NTU的套裝。因此，現金餘額不再用於維持營運。我們擁有正確的資本支出商業模式，因此此次收購有助於我們實現收入成長並獲得正成長利潤率。我們所有收入來源在第一天就實現了正成長。所以這不是一項對產能要求很高的業務。因此，我們的流動資金餘額足以支持未來的成長。

Great. The next question, relates to the molecular universe, and it goes, MU 1.0 is impressive. Can you share the roadmap for MU for 2026 and what other features have been requested?

偉大的。下一個問題與分子宇宙有關，問題是：MU 1.0 令人印象深刻。能否分享一下MU在2026年的路線圖，以及用戶還要求增加哪些其他功能？

Yeah, so for now MU 1.0 has been mainly focused on electrolyte materials, and then we've been requested to expand that to cover electrode process optimization and also cell design and manufacturing optimization. And then another big request from some of the major battery companies, they want their own molecular universe, which is quite exciting because a lot of these battery companies, they want to expand. They want to build factories overseas in different continents and they need a battery bible, so to speak, basically put all their know-how to train this model into a portable molecular universe. So that is going to be a really exciting project that we're going to be working on with these battery companies.

是的，目前 MU 1.0 主要集中在電解質材料方面，然後我們被要求將其擴展到電極製程優化以及電池設計和製造最佳化。然後，一些大型電池公司提出了另一個重要要求，他們想要自己的分子宇宙，這非常令人興奮，因為很多電池公司都想擴張。他們想在海外不同大洲建廠，他們需要一本電池聖經，基本上就是把他們所有的專業知識都投入這個便攜式分子宇宙模型中。所以，這將是一個我們將與這些電池公司合作的非常令人興奮的項目。

Excellent. And I think we have time for one more.

出色的。我覺得我們還有時間再來一個。

So the last question is if you could provide an update on the status on 2,170 and LMA pouch cells for robotics, drones, and UAM. Are you seeing good prospects for sales, or do you see a need for scale up before promoting these more heavily?

最後一個問題是，您能否提供關於用於機器人、無人機和城市空中交通的 2,170 和 LMA 軟包電池的最新進展？您認為銷售前景好嗎？還是需要先擴大規模，再增加推廣力道？

Yeah, so the power cells, especially for drones, we're seeing a very interesting convergence and standardization of the format in the drones industry, around the 10 a power cells, and so that's quite exciting. And then, we are converting our Chonghu line which we build both the EV line as well as the UAM line. We're converting that capacity to make this power cell. And then so far the capacity that we have meets the needs, but we're also seeing fast growing demands, especially since it's produced in Korea. So we do see a quite exciting growth in the market.

是的，特別是對於無人機而言，我們看到無人機行業的電池規格出現了非常有趣的融合和標準化，尤其是在 10A 電池方面，這非常令人興奮。然後，我們正在改造我們建造的崇湖線，這條線路既有電動車線路，也有城市空中交通線路。我們正在利用這種產能來製造這種電池。目前我們的產能能夠滿足需求，但我們也看到需求正在快速成長，尤其是在韓國生產的情況下。因此，我們確實看到了市場令人振奮的成長。

Great, with that, I'll pass it back to the operator for closing remarks.

好的，那麼，我就把麥克風交還給接線員，讓他做總結發言。

Thank you everyone. This concludes today's call.

謝謝大家。今天的電話會議到此結束。

Thank you for joining you and I disconnect. Have a great rest of your day.

感謝您的參與，我這就斷開連結。祝您今天餘下的時間過得愉快。