SES AI Corporation (SES) 2026 Q2 法說會逐字稿

Thank you. Hello, everyone. Thank you for joining us and welcome to the SES AI second quarter earnings release and call. After today's prepared remarks, we will host a question and answer session. (Operator Instructions)

謝謝。各位好。感謝各位加入我們，歡迎參加 SES AI 2026 年第二季財報發布與電話會議。在今天的預先準備發言之後，我們將進行問答環節。(接線員指示)

I will now hand the conference over to Kyle Pilkington, Chief Legal Officer. Kyle, please go ahead.

我現在把會議交給法務長 Kyle Pilkington。Kyle，請開始。

Hello, everyone, and welcome to our conference call covering our second quarter 2026 results. Joining me today are Qichao Hu, Founder and Chief Executive Officer; and Ray Liu, Chief Financial Officer. We issued our shareholder letter just after 4:00 PM today, which provides a business update as well as our financial results. You will 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 ses.ai.

各位好，歡迎參加我們針對 2026 年第二季業績的電話會議。今天與我一同出席的有：創辦人兼執行長胡啟超，以及財務長 Ray Liu。我們已於今天下午 4:00 剛過發布股東信，內容包含業務更新以及財務結果。您可在 ses.ai 網站的投資人關係專區找到新聞稿，其中包含股東信連結以及今日電話會議網路直播連結。

Before we get started, this is a reminder that the discussion today may contain forward-looking information or forward-looking statements within the meaning of applicable securities legislation. These statements are based on our predictions and expectations as of today. 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.

在開始之前，提醒各位，今天的討論可能包含在適用證券法規意義下的前瞻性資訊或前瞻性陳述。這些陳述係基於我們截至今日的預測與預期。此類陳述涉及若干風險、假設與不確定性，可能導致我們的實際或未來結果與表現與這些陳述所明示或暗示者存在重大差異。

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. On this call, we will discuss non-GAAP financial measures as a supplement to our GAAP results. These non-GAAP measures are not prepared in accordance with generally accepted accounting principles but are intended to illustrate alternative measures of the company’s operating performance that may be useful. These non-GAAP measures should not be considered in isolation or as a substitute for any GAAP measure, and our definitions may differ from those used by other companies reporting similarly titled measures. Reconciliations of the non-GAAP financial measures to the most directly comparable GAAP measures can be found in our latest earnings release.

可能導致我們的結果與目前預期出現重大差異的風險與不確定性包括但不限於我們最新的財報新聞稿以及向 SEC 提交文件中所詳述者。在本次電話會議中，我們將討論非 GAAP 財務衡量指標，以作為 GAAP 結果的補充。這些非 GAAP 指標並非依一般公認會計原則編製，而是旨在呈現公司營運表現的替代衡量方式，可能具有參考價值。非 GAAP 指標不應被單獨考量或作為任何 GAAP 指標的替代；且我們的定義可能與其他公司對同名指標的定義不同。非 GAAP 財務衡量指標與最直接可比 GAAP 指標之調節表可在我們最新的財報新聞稿中找到。

With that, I will pass it over to Qichao.

接下來我把時間交給啟超。

Thank you, Kyle. SES is solving two of the most difficult challenges in energy storage: accelerating product development using AI for materials and building a robust supply chain to manufacture these products. We originally focused on EV and pivoted more than a year ago to ESS and drones applications. In Q2, we began seeing significant commercial milestones, and we are very excited about the path we are on. Our Q2 revenue grew by more than 40% compared to Q2 last year, and our gross margin improved from 18% to more than 22% due to our differentiated technology and robust supply chain. We are reaffirming our 2026 revenue guideline of $30 million to $35 million.

謝謝你，Kyle。SES 正在解決能源儲存領域兩項最困難的挑戰：運用 AI 進行材料研發以加速產品開發，以及建立強健的供應鏈來製造這些產品。我們最初聚焦於電動車（EV），並在一年多前轉向儲能系統（ESS）與無人機應用。在第二季，我們開始看到顯著的商業里程碑，對目前的發展路徑感到非常振奮。我們第二季營收較去年第二季成長超過 40%，且由於我們具差異化的技術與強健的供應鏈，毛利率由 18% 提升至超過 22%。我們重申 2026 年營收指引為 3,000 萬至 3,500 萬美元。

On accelerating product development using AI for materials, we released Molecular Universe MU-3.0, our first agentic workflow platform that works for sodium chemistry as well as lithium chemistry and can be integrated with autonomous labs deployed fully secured and on-premise. We shipped our first Search-in-a-Box order to one of the world’s largest battery manufacturers, and some of the materials discovered by Molecular Universe have completed testing and entered pilot commercial deployment.

在運用 AI 進行材料研發以加速產品開發方面，我們發布了 Molecular Universe MU-3.0，這是我們第一個代理式（agentic）工作流程平台，既適用於鈉化學也適用於鋰化學，並可與完全安全、可在本地端部署的自主實驗室整合。我們已向全球最大的電池製造商之一出貨首筆 Search-in-a-Box 訂單，且由 Molecular Universe 發現的部分材料已完成測試並進入試點商業部署。

On building a robust supply chain to manufacture these products, for ESS, this is our largest revenue-generating unit. We are making great progress, especially in the US market. We were selected by Sol-Ark as a certified battery partner, and we brought on Paul Diemer, ex-CTO of Flex Power, to our Board to help guide our ESS strategy. We continue to hire a stellar team with background in leading AI data center total solution providers to execute and deliver our exciting ESS growth.

在建立強健供應鏈以製造這些產品方面，就 ESS 而言，這是我們營收貢獻最大的業務單元。我們正取得重大進展，尤其是在美國市場。我們獲 Sol-Ark 選為認證電池合作夥伴，並延攬前 Flex Power 技術長 Paul Diemer 加入董事會，以協助指導我們的 ESS 策略。我們也持續招募優秀團隊成員，其背景來自領先的 AI 資料中心整體解決方案供應商，以推動並交付我們令人振奮的 ESS 成長。

For drones and unmanned systems, we are recruiting a team with a proven track record of selling to defense and commercial drones. We expect to start producing 1 million NDAA-compliant cells per year in about one month at our Korea plant. Based on the strong customer demand we are seeing, we are looking at taking orders well into 2028. I will dive into each topic separately.

在無人機與無人系統方面，我們正在招募一支具備向國防與商用無人機客戶銷售實績的團隊。我們預計約一個月後在韓國工廠開始每年生產 100 萬顆符合 NDAA 規範的電芯。基於我們目前看到的強勁客戶需求，我們正評估接單可延伸至 2028 年。我將分別深入說明各項主題。

On ESS, while most competitors sell either pure hardware that do not have intelligent software or pure software that are not trained on real-world data, our Edgebox-enabled ESS systems are trained on the specific cells that we use in our hardware systems, allowing for one-to-one matching, accurate state of health, and safety management. This prediction accuracy not only helps preventing fire and other incidents, this is tremendous saving for our customers across residential, commercial, industrial and data centers.

在 ESS 方面，多數競爭對手要嘛只賣缺乏智慧軟體的純硬體，要嘛只賣未以真實世界數據訓練的純軟體；而我們的 Edgebox 賦能 ESS 系統，係以我們硬體系統所使用的特定電芯進行訓練，得以做到一對一匹配、精準的健康狀態（state of health）判定與安全管理。這種預測精準度不僅有助於預防火災與其他事故，也能為我們在住宅、商用、工業與資料中心等領域的客戶帶來可觀的成本節省。

One of the leading US-based FCC-authorized inverter producers, Sol-Ark, certified our subsidiary, UZ’s low-voltage residential batteries for their hybrid inverter systems. We believe this certification with Sol-Ark will greatly accelerate the growth of UZ’s revenue in the US, especially given the recent FCC restrictions around foreign-produced inverters and other electronics.

美國一家領先且獲 FCC 授權的逆變器製造商 Sol-Ark，已認證我們子公司 UZ 的低電壓住宅用電池可搭配其混合式逆變器系統。我們相信，與 Sol-Ark 的此項認證將大幅加速 UZ 在美國的營收成長，尤其是在近期 FCC 對外國製造的逆變器及其他電子產品施加限制的背景下。

We were also honored to bring on Paul Diemer to our Board of Directors. Paul served as the CTO of Flex Power, where he ran critical and embedded power group that was responsible for delivering power solutions to data centers and other industrial systems. Paul also ran new EV product architecture at BorgWarner. Paul’s transition from EV to data centers is very similar to that of SES.

我們也很榮幸邀請 Paul Diemer 加入我們董事會。Paul 曾任 Flex Power 技術長，領導關鍵與嵌入式電源事業群，負責為資料中心及其他工業系統提供電源解決方案。Paul 也曾在 BorgWarner 負責新的電動車產品架構。Paul 從 EV 轉向資料中心的歷程，與 SES 的轉型非常相似。

On drones and unmanned systems, we expect to complete the scale-up of our Korea-based NDAA-compliant cell production from 200,000 cells a year to 1 million cells a year in about one month. We expect to start producing at 1 million cells a year full speed starting this Q4. We have already hosted many of the largest American and allied drones makers for line audits, with many more in the queue later this year. We expect revenue contribution from NDAA-compliant cells produced in our Korea line to start in a meaningful way in Q4 this year, and really start to take off first half next year.

在無人機與無人系統方面，我們預計約一個月內完成韓國基地符合 NDAA 規範電芯產能的擴產，從每年 20 萬顆提升至每年 100 萬顆。我們預期自今年第四季起，以每年 100 萬顆的速度全速生產。我們已接待多家最大規模的美國及盟國無人機製造商進行產線稽核（line audit），今年稍晚還有更多客戶排隊等候。我們預期韓國產線所生產的符合 NDAA 規範電芯，將於今年第四季開始以具意義的方式貢獻營收，並在明年上半年真正加速成長。

Even at 1 million NDAA-compliant pouch cells, which we believe is one of the largest NDAA-compliant pouch manufacturing capacities in the world, and combined with our best-in-class energy density and performance, we are looking at securing orders well into 2028. We are also seeking additional NDAA-compliant manufacturing capacities for both pouch and cylindrical cells to address the strong demand for these products.

即使在每年 100 萬顆符合 NDAA 規範的軟包電芯產能下——我們相信這是全球最大的符合 NDAA 規範軟包製造產能之一——再加上我們同級最佳的能量密度與性能表現，我們正著眼於取得可延伸至 2028 年的訂單。我們也在尋求額外的符合 NDAA 規範製造產能，涵蓋軟包與圓柱電芯，以因應這些產品的強勁需求。

These cells will be for drones, but also broader unmanned and mobility applications. We recently announced a framework agreement with Doroni, where we will be responsible for designing and developing the complete battery pack for their H1-X eVTOL. It is a really cool two-seater. With Molecular Universe, we released MU-3.0. This is the most powerful and complete end-to-end workflow automation in energy storage. We sold a Search-in-a-Box module to one of the largest battery makers in the world, and we are trialing full MU-3.0 workflow integrated with autonomous labs, with many more.

這些電芯將用於無人機，同時也適用於更廣泛的無人化與移動載具應用。我們近期宣布與 Doroni 達成一項框架協議，我們將負責為其 H1-X eVTOL 設計與開發完整的電池模組（battery pack）。這是一款非常酷的雙人座機型。透過 Molecular Universe，我們發布了 MU-3.0。這是能源儲存領域最強大且最完整的端到端工作流程自動化方案。我們已向全球最大的電池製造商之一售出一套 Search-in-a-Box 模組，並正與多家客戶在自主實驗室整合下試行完整的 MU-3.0 工作流程，後續還有更多進展。

We do have competitors for AI for materials, but none offer solutions as complete, accurate, and most importantly, secure as ours. Many of our customers switch to MU after trying our competitors’ offerings. Many of our competitors try to offer building blocks in a cloud-based toolkit, but product development is more than a toolkit, and very few enterprise customers would allow their proprietary data to leave their premises or be used to train external models. It requires a fully secured on-premise integration of domain expertise, experimental data, and computation chemistry simulation full stack.

在材料 AI 方面我們確實有競爭對手，但沒有任何一家能提供像我們一樣完整、精準，且最重要的是安全的解決方案。許多客戶在嘗試過競爭對手的產品後，轉而採用 MU。不少競爭對手試圖在雲端工具包中提供一些建構模組，但產品開發不只是工具包，而且很少有企業客戶會允許其專有資料離開自家場域，或被用來訓練外部模型。這需要在本地端（on-premise）以完全安全的方式，整合領域專業、實驗數據與計算化學模擬的全棧能力。

Some of the materials discovered by Molecular Universe have completed testing and entered revenue-generating early-stage commercial pilot development. We expect to release MU-4.0 later this year. It will feature ability to generate new molecules based on desired properties, and it will be integrated with autonomous labs, A-Labs hardware, so users can generate or discover new molecules, synthesize them, validate them in full devices, and provide actual experimental data back to train their own foundation models, all fully secured on premise.

Molecular Universe 所發現的部分材料已完成測試，並進入可帶來營收的早期商業試點開發階段。我們預期將在今年稍晚發布 MU-4.0。它將具備依據目標性質生成新分子的能力，並將與自主實驗室、A-Labs 硬體整合，使使用者能生成或發現新分子、進行合成、在完整裝置中驗證，並將實際實驗數據回饋以訓練其自有的基礎模型（foundation models），全程在本地端完全安全地運行。

This flywheel connects simulation with experimental validation, can organize and generate high-quality data, and train models fully secured and on premise. Without humans in the loop, it can run much faster than humans ever can.

這個飛輪機制把模擬與實驗驗證連結起來，能夠組織並生成高品質數據，並在完全安全且本地端的環境中訓練模型。在無需人類介入的情況下，其運行速度可遠快於人類所能達到。

I do think a lot of investors are underestimating Molecular Universe, especially purely through the lens of near-term monetization. I believe in the next 3 to 5 years, Molecular Universe will power majority of product development, definitely in energy storage, and expanding to complex fluids, and eventually other material applications.

我確實認為許多投資人低估了 Molecular Universe，尤其是僅從短期變現的角度來看。我相信在未來 3 到 5 年內，Molecular Universe 將驅動大多數的產品開發，肯定會先在能源儲存領域，並擴展到複雜流體，最終延伸至其他材料應用。

The SES team is solving two of the most difficult challenges in energy storage, accelerating product development using AI for materials, and building a robust supply chain to manufacture these products. We have a healthy cash runway, highly differentiated capability across products and manufacturing, and one of the most dedicated teams. I am incredibly proud to work with our team on these critical challenges, even when the market may perhaps underestimate us. I would like to thank the team for their hard work.

SES 團隊正在解決能源儲存領域兩項最困難的挑戰：運用材料 AI 加速產品開發，以及建立強健的供應鏈來製造這些產品。我們擁有充足的現金續航期、在產品與製造方面高度差異化的能力，以及最投入的團隊之一。即使市場可能低估我們，我仍非常自豪能與團隊一起面對這些關鍵挑戰。我要感謝團隊的辛勤付出。

Now here is Ray for the financial updates.

接下來請 Ray 進行財務更新。

Thank you, Qichao. I will walk through our second quarter 2026 financial results. Second quarter revenue was $5.1 million, compared to $6.7 million in the first quarter of 2026, and $3.5 million in the second quarter of 2025. Notably, this quarter validated our commercial momentum. For the first time, we saw revenue contribution across all product lines: ESS, drone battery cells, materials, and Molecular Universe. Our GAAP gross margin was 22.6% in the quarter, an improvement from 18.1% in the first quarter. The improvement was particularly driven by the ESS business, where we saw a higher mix of international sales and continued pricing discipline.

謝謝你，Qichao。我將帶大家回顧我們 2026 年第二季的財務結果。第二季營收為 510 萬美元，相較於 2026 年第一季的 670 萬美元，以及 2025 年第二季的 350 萬美元。值得注意的是，本季驗證了我們的商業動能。我們首次看到所有產品線都有營收貢獻：ESS、無人機電池電芯、材料，以及 Molecular Universe。本季 GAAP 毛利率為 22.6%，較第一季的 18.1% 提升。此改善主要由 ESS 業務帶動，我們看到國際銷售占比提高，並持續維持價格紀律。

Turning to operating expenses, our GAAP operating expenses for the second quarter were $20.3 million, compared to $19.1 million in the first quarter. The slight sequential increase was primarily due to a bad debt provision related to a legacy EV service contract. Year-over-year, however, operating expenses were down 26%, and we remain confident in our ability to sustain the expense reduction of more than 20% year-over-year.

接著看營業費用，我們第二季 GAAP 營業費用為 2,030 萬美元，較第一季的 1,910 萬美元增加。這個小幅的季增主要是因一項與既有 EV 服務合約相關的呆帳提列。不過，年對年而言，營業費用下降了 26%，我們仍有信心維持年對年超過 20% 的費用降幅。

Our GAAP net loss for the second quarter was $17.8 million, or $0.05 loss per share, compared to a GAAP net loss of $12.1 million, or $0.04 loss per share in the first quarter. I want to remind everyone that our GAAP net loss can be impacted by non-cash mark-to-market movement in the fair value of our sponsor earnout liabilities, which are required to be remeasured each reporting period under GAAP.

第二季 GAAP 淨損為 1,780 萬美元，或每股虧損 0.05 美元；相較第一季 GAAP 淨損 1,210 萬美元，或每股虧損 0.04 美元。我想提醒大家，我們的 GAAP 淨損可能會受到贊助方（sponsor）或有對價（earnout）負債公允價值的非現金按市價評估（mark-to-market）變動影響；依 GAAP 規定，該負債需在每個報導期間重新衡量。

In the first quarter, we recorded a $4.2 million non-cash gain related to these liabilities. That impact was insignificant in the second quarter. Excluding change in sponsor earnout liabilities, stock-based compensation, depreciation and amortization, and including interest income, our non-GAAP net loss for the second quarter was $13.1 million or $0.04 loss per share compared to a non-GAAP net loss of $11.1 million or $0.03 loss per share in the first quarter. The sequential widening in non-GAAP net loss was primarily due to lower revenue in the second quarter and the bad debt provision that I mentioned earlier.

在第一季，我們就這些負債認列了 420 萬美元的非現金收益。第二季該影響不顯著。排除贊助方 earnout 負債變動、股份基礎給付、折舊與攤銷，並納入利息收入後，我們第二季非 GAAP 淨損為 1,310 萬美元，或每股虧損 0.04 美元；相較第一季非 GAAP 淨損 1,110 萬美元，或每股虧損 0.03 美元。非 GAAP 淨損的季增主要是因第二季營收較低，以及我先前提到的呆帳提列。

Looking ahead, we expect our net loss to narrow in the second half of the year, driven by a pickup in revenue and continued reductions in operating expenses as our cost reduction program takes full effect. Adjusted EBITDA for the second quarter was a loss of $14.6 million, compared to a loss of $12.8 million in the first quarter. A detailed reconciliation of GAAP net loss to adjusted EBITDA and non-GAAP net loss is included in the financial tables at the end of the shareholder letter.

展望未來，我們預期下半年淨損將收斂，主要受營收回升，以及隨著成本削減計畫全面發揮效果而持續降低營業費用所帶動。第二季調整後 EBITDA 為虧損 1,460 萬美元，相較第一季虧損 1,280 萬美元。GAAP 淨損與調整後 EBITDA 及非 GAAP 淨損之間的詳細調節表，已收錄於股東信末尾的財務表格中。

Turning to capital allocation, we ended the second quarter with cash equivalents, and short-term investments of approximately $163 million. Our CapEx-light business model remains a core financial discipline, and we are confident our current liquidity provides a runway to fund operations and execute on our 2026 growth initiatives.

在資本配置方面，我們於第二季末持有現金及約當現金與短期投資約 1.63 億美元。我們的輕資本支出（CapEx-light）商業模式仍是核心財務紀律，我們有信心目前的流動性可提供足夠續航，以支應營運並推動 2026 年的成長計畫。

We are actively looking for inorganic growth opportunities, including M&A, that complement our strategy while maintaining financial discipline. We believe the second quarter demonstrates continued execution against the plan we laid out, broadening revenue contribution across all our products, continued gross margin improvement, and disciplined cost management.

我們正積極尋找符合策略且同時維持財務紀律的非有機成長機會，包括併購（M&A）。我們認為第二季展現了我們持續依照既定計畫執行：擴大各項產品的營收貢獻、持續改善毛利率，以及有紀律的成本管理。

We are reaffirming our full year 2026 revenue guidance of $30 million to $35 million. As we look to the second half of the year, our priorities are clear. Continue to scale energy storage systems and Edge Box distribution, convert our drone qualification pipeline into commercial orders as the Chungju ramp completes, and close our supply agreement for materials discovered through Molecular Universe.

我們重申 2026 全年營收指引為 3,000 萬至 3,500 萬美元。展望下半年，我們的優先事項很明確。持續擴大能源儲存系統與 Edge Box 的出貨與通路，隨著 忠州（Chungju）產能爬坡完成，將無人機認證管線轉化為商業訂單，並完成針對 Molecular Universe 所發現材料的供應協議簽署。

With that, I will hand over to the operator.

那麼，我把時間交給接線員。

(Operator Instructions)

(接線員指示)

Winnie Dong, Deutsche Bank.

Winnie Dong，德意志銀行。

I wanted to touch on the back half of this year. If you can remind us the mix of revenue that is going to be driven by across the different business lines. If you can also talk about the backlog at the energy segment. It seems like you have got some important certifications that might be good for the USA. What kind of demand should we might would be looking at for 2027? I have a follow-up.

我想談一下今年下半年。能否請您提醒我們，營收組合將如何由不同業務線所帶動。也請談談能源事業部門的在手訂單（backlog）。看起來你們取得了一些重要認證，可能對美國市場很有利。那麼對於 2027 年，我們應該預期會看到什麼樣的需求？我還有一個追問。

Winnie, in terms of the split, first half is basically majority ESS, almost more than 70% ESS. But in the second half, we do expect drones and materials to pick up. Still more than half from ESS.

Winnie，就拆分而言，上半年基本上以 ESS 為主，ESS 佔比接近、甚至超過 70%。但在下半年，我們預期無人機與材料業務會回升。不過 ESS 仍將貢獻超過一半。

And then in terms of the certification with Sol-Ark, basically if you are not certified, then you are competing with 20 other companies. Once you are certified, and there is only less than five, there is Enphase, there is Tesla, there is Sol-Ark, then really you are competing with three. Later half this year, we expect a hockey stick to start to pick up and then a lot more next year.

至於與 Sol-Ark 的認證，基本上如果你沒有通過認證，你就是在跟另外 20 家公司競爭。一旦通過認證，而且名單不到五家，有 Enphase、有 Tesla、有 Sol-Ark，那你實際上就是在跟三家競爭。我們預期今年下半年會開始出現「曲棍球棒」式的拉升，明年會更多。

We do not have the exact number yet, but we are quite excited to be certified by Sol-Ark because now we go from competing with 20 other players to now competing with just Enphase and Tesla.

我們目前還沒有精確數字，但我們對通過 Sol-Ark 認證感到非常興奮，因為我們從原本要跟 20 個競爭者競爭，變成現在只需要跟 Enphase 和 Tesla 競爭。

And then I was wondering maybe just on the capital allocation side, it seems like you’re sticking with that CapEx-like approach. You do have $160 million plus cash runway. What kind of CapEx might you be looking to spend it on?

另外我想問一下資本配置方面，看起來你們仍維持類似資本支出（CapEx）的做法。你們有超過 1.6 億美元的現金續航。你們可能會把 CapEx 花在哪些項目上？

And then you also alluded to M&A. What are some of the pipelines that you’re looking at? What could we anticipate? I think if I look back to the capacity you have for your drone sales out of Korea, it seems like there is demand and order into 2028. Would you need capacity expansion there and the use of CapEx for that?

你們也提到併購（M&A）。目前在看的標的管線有哪些？我們可以預期什麼？如果我回頭看你們在韓國的無人機電池銷售產能，似乎需求與訂單已排到 2028 年。你們是否需要在那邊擴產，並把 CapEx 用在這上面？

We definitely do. If we just have 1 million cells out of Korea, then literally we’re going to supply at most three drone customers that need NDA, at most. So without additional capacity, and based on this pipeline, we are looking at 2028.

我們確實需要。如果我們在韓國只有 100 萬顆電芯的產能，那麼實際上最多只能供應三個需要 NDA（保密協議）的無人機客戶，最多就是這樣。所以在沒有額外產能的情況下，依照這個管線，我們看到的是 2028 年。

Now if we can double the capacity in Korea to 2 million or triple that or find additional NDA compliant capacity in Southeast Asia, so if we quadruple or even more of that capacity, then all that pipeline that we were going to supply in 2028, now we can supply in 2027.

但如果我們能把韓國產能加倍到 200 萬顆、或三倍，或是在東南亞找到額外符合 NDA 要求的產能；也就是說，如果我們把產能擴到四倍甚至更多，那麼原本要在 2028 年供應的那一整段管線，現在就能在 2027 年供應。

In terms of line, not so much this year because most of that has already been spent. Again, most of the Korea CapEx, we built that back during the JDA with GM. So now it’s not really building new CapEx, it’s more modifying that. So not so much this year.

就產線而言，今年不會太多，因為大部分已經花掉了。再說一次，韓國的大部分 CapEx 是我們在與 GM 的 JDA（聯合開發協議）期間就建好的。所以現在不是在建新的 CapEx，而是更多在做改造。因此今年不會太多。

And then later this year or next year, if we’re to invest in additional CapEx, either through direct investment or through investing in JVs or companies that own those CapEx, I think that’s TBD. Again, for drones, we’re not talking about gigawatt hours scale. We’re talking about, for example, 20 megawatt hours, 50 megawatt hours, way smaller than gigawatt hours. So I think the spending is a lot more efficient than the EV CapEx.

至於今年稍晚或明年，如果我們要投資額外的 CapEx，不論是直接投資，或是投資於合資公司（JV）或擁有那些 CapEx 的公司，我認為目前仍待定（TBD）。同樣地，無人機不是在談 GWh（吉瓦時）等級。我們談的是例如 20MWh、50MWh（兆瓦時），遠小於 GWh。所以我認為這類支出會比電動車（EV）的 CapEx 有效率得多。

And then what about the M&A portion? Any pipelines that you might be looking at? Anything that we should anticipate?

那併購（M&A）部分呢？有任何你們正在看的管線嗎？有什麼是我們應該預期的？

We are exploring. I think there are some companies that have interesting manufacturing capacities in Korea in the drone space, in the ESS space, companies that make pouch cells for drones or prismatic LFP. We are very interested in working with them, both cell companies as well as pack companies. We are still evaluating some of those capacities.

我們正在探索。我認為在韓國有一些公司在無人機領域、ESS 領域擁有有趣的製造產能，例如為無人機製作軟包電芯（pouch cells）或方形 LFP（磷酸鐵鋰）電芯的公司。我們非常有興趣與他們合作，包括電芯公司以及電池包（pack）公司。我們仍在評估其中一些產能。

Winnie, internally we set up some, just want to add, internal guardrails on doing M&A. Anything we want to do is going to fit into our strategy and also it is going to be business and revenue accretion to our business. We are just looking to, as Qichao was mentioning, expand with the cash we have on hand.

Winnie，我補充一下，我們內部對進行併購（M&A）設了一些護欄。我們想做的任何事情都必須符合我們的策略，同時也必須對我們的業務帶來增益、並對營收有增厚（accretion）。我們只是希望如 Qichao 所提到的，運用手上的現金來擴張。

Dave Storms, Stonegate.

Dave Storms，Stonegate。

Just wanted to maybe start with your comments around the expected gross margin improvement. Could you help us understand maybe what might be driving this? Is this going to be continued pulling from on pricing? Is this volume increases, mix as you’re moving into more drones in the back half? Any further color here would be great.

我想先從你們對毛利率改善的預期談起。你能否幫我們理解一下，可能是什麼在驅動這件事？這會是持續來自定價的拉動嗎？還是出貨量增加、或是因為下半年更多轉向無人機而帶來的組合改善？如果能再多給一些說明會很有幫助。

Yeah, I can add some color. I think the improvement, as I mentioned in the announcement, is primarily from our ESS business. That is mostly driven by increased international sales, which we typically, especially in the North America, we typically see a higher margin on the sales in North America.

好的，我可以補充一些說明。我認為如我在公告中提到的，改善主要來自我們的 ESS 業務。這主要是由國際銷售增加所帶動；而我們通常、尤其是在北美，北美的銷售毛利率通常會更高。

Additionally, we have maintained a price discipline on the ESS business, so that has contributed. I think the back half of the year, as the drone revenue picks up, we will see margin increase because a drone sale typically carries a higher margin compared to the ESS business. So we will see margin improvements in the second half.

此外，我們在 ESS 業務上維持了價格紀律，因此也有所貢獻。我認為今年下半年，隨著無人機營收回升，我們會看到毛利率上升，因為無人機銷售的毛利率通常高於 ESS 業務。所以我們會在下半年看到毛利率改善。

Yeah, I think one of the key drivers to the gross margin, especially in ESS, is the price of the cells. And then nine months to a year ago, cells were really expensive, and we did not have Edge Box. So we were required to buy cells produced by one vendor out of one of their lines. So we have very little pricing leverage. Since we have Edge Box, now we are able to source cells from multiple vendors and multiple lines, because we are able to monitor and balance between the cells. So that has reduced the price of cells.

是的，我認為毛利率的關鍵驅動因素之一，尤其在 ESS，是電芯價格。而在九個月到一年前，電芯非常昂貴，而且我們還沒有 Edge Box。因此我們必須向單一供應商、從其某一條產線採購電芯。所以我們在價格上幾乎沒有議價能力。自從有了 Edge Box，我們就能從多家供應商、以及多條產線採購電芯，因為我們能夠在不同電芯之間進行監控與平衡。因此降低了電芯價格。

That’s great commentary. I really appreciate that. Maybe switching to drones, you mentioned that you are exploring beyond drones, the broader unmanned and mobility applications. You called out a new partnership there. Maybe if you could spend a little bit of time talking about maybe some of the technical challenges between drones versus the broader unmanned ecosystem, if there are any. Maybe how that market looks in terms of margins or demand or TAM compared to your current market. Anything you can tell us there would be very helpful.

這些說明很棒。非常感謝。或許切換到無人機，你提到你們正在探索無人機以外、更廣泛的無人化與移動載具應用。你也提到了一個新的合作夥伴。也許你可以花點時間談談無人機與更廣泛無人化生態系之間，是否存在一些技術挑戰差異。以及相較於你們目前市場，那個市場在毛利、需求或 TAM（可服務總市場）方面大概是什麼樣子。你能分享的任何資訊都會很有幫助。

A lot of it is just timing and go-to-market investment and also timing. And then we focus on drones because that market we have seen that is consolidating around one up to three major form factors. The cells we build would definitely, first and foremost, sell to drones.

其中很大一部分就是時機，以及上市（go-to-market）投資的節奏，還有時機。接著我們聚焦在無人機，因為我們看到那個市場正在整併，主要集中在一到三種主要外形規格。我們製造的電芯，毫無疑問，首先且最重要的會銷售給無人機。

Now, there are other applications that recently have surfaced. Marine applications, boats, submarines. Applications that also care about weight, NDAA compliance, as well as some of the cargo planes, manned eVTOLs, as well as unmanned eVTOLs. All of the form factors that we have matured for drones applications, we’re also selling those to the other adjacent markets.

現在，最近也浮現出其他應用。海事應用、船舶、潛艇。同樣重視重量、NDAA 合規性的應用，還包括部分貨機、有人駕駛 eVTOL，以及無人 eVTOL。我們為無人機應用所成熟的所有外形規格，也正在銷售到這些相鄰市場。

Craig Irwin, Roth Capital.

Craig Irwin，Roth Capital。

Good evening, and thank you for taking my questions. I wanted to ask about Molecular Universe. Qichao, you’re clearly excited about this as a longer-term opportunity and the potential for both revenue and IP out of the library that you’ve developed.

晚安，謝謝你們回答我的問題。我想問一下 Molecular Universe。Qichao，你顯然對這個作為較長期機會感到很興奮，並且你們所建立的資料庫在營收與 IP（智慧財產）方面都有潛力。

Can you maybe talk about customer engagement? How actively are you marketing this to new customers at the moment? Do you have strong leads for additional new customers at the moment? If you could maybe give us a little color on the breadth of the customer interest. And how long do you think it will take as far as customers that are already looking for leads out of your database to make those commercial and have those revenue-generating opportunities?

你能否談談客戶互動的情況？目前你們有多積極地把這個產品行銷給新客戶？目前是否有很強的新客戶線索？如果可以的話，能否提供一些關於客戶興趣廣度的細節。另外，對於已經在你們資料庫中尋找線索的客戶，你認為需要多久才能把這些線索商業化並產生營收機會？

I would say we have about three customers, three battery companies that we are deeply engaged with. When I say deeply, I mean there’s at least three to five teams within each company that are evaluating different parts of Molecular Universe. The entry level, basically ones that buy modules, for example, you mentioned Search-in-a-Box. Some people buy Predict-in-a-Box. Some people buy Design-in-a-Box, some buy Search-in-a-Box, some buy Formulate-in-a-Box. That’s the entry level. Companies buy these modules.

我會說我們大約有三個客戶、三家電池公司正在深度合作。我所謂的深度，是指每家公司至少有三到五個團隊在評估 Molecular Universe 的不同部分。入門層級基本上是購買模組的客戶，例如你提到的 Search-in-a-Box。有些人買 Predict-in-a-Box。有些人買 Design-in-a-Box，有些買 Search-in-a-Box，有些買 Formulate-in-a-Box。這就是入門層級。公司會購買這些模組。

Second level, companies will buy the entire workflow, Ask, Search, Predict, Design, Manufacture. Basically, this entire workflow, and also with MU-StarSeeker, so it’s an agentic workflow. The third tier, companies that buy what we call AM Labs. AM Labs is an integration of the entire agentic MU-StarSeeker with autonomous labs. We will actually combine the MU-StarSeeker with corresponding autonomous labs.

第二個層級，公司會購買整個工作流程：Ask、Search、Predict、Design、Manufacture。基本上是整套流程，並且搭配 MU-StarSeeker，因此這是一個代理式（agentic）的工作流程。第三個層級，是購買我們所稱的 AM Labs 的公司。AM Labs 是把整個代理式 MU-StarSeeker 與自動化實驗室整合在一起。我們會把 MU-StarSeeker 與相對應的自動化實驗室結合。

For example, Ask and Search is integrated with a new molecule synthesis A-Lab. Formulate is integrated with electrolyte A-Lab. Design and Predict are integrated with electrode optimization A-Lab. Also part of Predict is integrated with cell testing A-Lab. Before we had pure software platforms installed on premise. Instead of having this pure software in a box delivered on premise, now the software is delivered together with a lab. A customer could just provide us 1,000 to 1,500 square meters of space, and then we will lay out all the A-Labs and the corresponding software.

例如，Ask 和 Search 會與新的分子合成 A-Lab 整合。Formulate 會與電解液 A-Lab 整合。Design 和 Predict 會與電極最佳化 A-Lab 整合。Predict 的一部分也會與電芯測試 A-Lab 整合。過去我們是把純軟體平台安裝在客戶端（on premise）。現在不再只是把這種「盒裝」純軟體交付到客戶端，而是軟體會與實驗室一起交付。客戶只要提供 1,000 到 1,500 平方公尺的空間，我們就會配置所有 A-Labs 以及相對應的軟體。

On the customer side, instead of needing 30 people, 50 people to run this lab, now you need just one PM, one project manager with this entire software and this entire A-Lab together, AM Lab, and then you can have a complete battery workflow. There are three major customers that we are, I would say, at the third-tier discussion. Hopefully, we’ll announce some revenues at the AM Lab level. And then beyond these three, there are also other battery companies that we are in the module level and the workflow level.

在客戶端，以前可能需要 30 人、50 人來運作這個實驗室；現在有了這整套軟體與整套 A-Lab（也就是 AM Lab）一起，你只需要一位 PM、一位專案經理，就能完成完整的電池工作流程。目前我們有三個主要客戶，我會說已經在第三層級進行討論。希望我們能在 AM Lab 層級宣布一些營收。此外，除了這三家之外，還有其他電池公司在模組層級與工作流程層級與我們合作。

My second question is about the cells coming online in Korea. You are going from 200,000 cells a year in capacity to 1 million cells a year in capacity. When I look at your current capacity of 200,000 cells, that is quite small versus the needs of a lot of the defense suppliers, the drone producers, and other companies that use lithium-ion batteries in military equipment. But 1 million cells a year sort of gets you in the game.

我的第二個問題是關於在韓國上線的電芯產能。你們的產能將從每年 20 萬顆電芯提升到每年 100 萬顆電芯。以你們目前每年 20 萬顆的產能來看，相較於許多國防供應商、無人機製造商，以及其他在軍用設備中使用鋰離子電池的公司需求，確實很小。但每年 100 萬顆電芯就算是讓你們進入競爭行列。

Have you received any sort of soft commitments from these NDAA-constrained customers, the defense market customers, as far as probable orders or potential orders on that 1 million cells a year? What is your confidence level that you will see the offtake there? Actually, I guess another question is it possible we see revenue from the incremental capacity at the end of this current quarter within the month of September?

對於這些受 NDAA 限制的客戶、國防市場客戶，你們是否已收到任何形式的軟性承諾，例如可能的訂單或潛在訂單，針對每年 100 萬顆電芯的產能？你們對於那邊的出貨承接（offtake）有多大信心？另外我想再問一個問題：我們是否有可能在本季末、也就是 9 月這個月內，看到新增產能帶來的營收？

Yeah. In total, our pipeline for drones for just NDAA, not counting the non-NDAA, we are talking about 50 plus, just all NDAA. And then the large customers, and we define large customers are the ones that need about 200,000 to 300,000 NDAA-compliant cells a year. We have maybe five large customers.

是。整體而言，僅就無人機的 NDAA（不含非 NDAA）來看，我們的管線有 50 家以上，全部都是 NDAA。至於大型客戶，我們定義大型客戶是每年需要約 20 萬到 30 萬顆符合 NDAA 的電芯。我們大概有五家大型客戶。

Just the top five large customers, we have already exceeded 1 million. We are at 1.5 million, right? And then 1 million is the capacity, if you take into account some quality, some downtimes, this and that, probably we deliver 700,000, 800,000. Yes, we are way under capacity, purely in terms of NDAA compliance.

光是前五家大型客戶，我們的需求就已經超過 100 萬顆。我們大概在 150 萬顆，對吧？而 100 萬顆是名目產能；若考量一些良率、停機等因素，實際交付可能是 70 萬、80 萬顆。是的，單就 NDAA 合規的需求而言，我們的產能遠遠不夠。

Now we are doing two things. One is we are evaluating other capacities in Korea, either through our own investment or through a contract manufacturing, so that we are hoping to double, maybe triple the NDAA compliant capacity in Korea. We are also looking at additional capacities in Southeast Asia. This is one.

現在我們在做兩件事。第一，我們正在評估韓國的其他產能，可能透過自有投資或委託代工製造，希望把韓國的 NDAA 合規產能翻倍，甚至三倍。我們也在東南亞尋找額外產能。這是第一點。

Number two, the customers do have a range, a spectrum of NDAA compliance. We have ones that want 100% NDAA compliance. Means cathode, anode, electrolyte, separator, pouch, and the entire assembly, everything must be done in Korea. Completely NDAA compliant.

第二，客戶對 NDAA 合規的要求有一個範圍與光譜。有些客戶要求 100% NDAA 合規。也就是正極、負極、電解液、隔離膜、鋁塑膜（pouch）以及整個組裝，所有環節都必須在韓國完成。完全 NDAA 合規。

We also have customers that are okay with 40% NDAA compliant, 50% NDAA compliant. In some cases, Korea’s own article 1, article 2 compliance, where you can have cathode from Korea, pouch from Korea, but then cell assembly done in China just for one year. We reserve the 1 million capacity in Korea purely for those that want 100% NDAA compliant. We do have additional capacity for those that want maybe 40%, 50%, 60% NDAA compliant.

我們也有客戶可以接受 40% NDAA 合規、50% NDAA 合規。在某些情況下，依照韓國自身的第 1 條、第 2 條合規要求，你可以使用韓國的正極、韓國的鋁塑膜，但電芯組裝可以在中國進行一年。我們把韓國的 100 萬顆產能完全保留給那些要求 100% NDAA 合規的客戶。對於希望 40%、50%、60% NDAA 合規的客戶，我們也有額外產能可供應。

We do have alternative capacities for those that don’t want 100% NDAA compliance, but some portion of NDAA compliance, as well as we’re looking for additional capacities in Korea and Southeast Asia.

對於不想要 100% 符合 NDAA 規範、但希望部分符合 NDAA 規範的客戶，我們確實有替代產能；同時我們也在韓國與東南亞尋找額外產能。

My last question is you’re increasing capacity or increasing your capacity commitment there fivefold. I do realize that you’re using contract manufacturing, so probably you don’t see as big a potential improvement in cost.

我最後一個問題是，你們正在把那邊的產能或產能承諾提高五倍。我也理解你們採用委外代工，所以成本方面可能看不到那麼大的改善空間。

Is there an improvement in cost that you can expect on this capacity increase? The five customers that are very large in the drone market that you mentioned, have they already started sampling cells, given that you’re going to be using nearly identical production, identical cell recipe to produce the commercial products?

在這次產能提升下，你們預期成本會有改善嗎？你提到的無人機市場那五家非常大的客戶，鑑於你們將使用幾乎相同的製程、相同的電芯配方來生產商用產品，他們是否已經開始進行電芯送樣？

I just want to confirm that 1 million, 100% NDAA compliant cells out of Korea, those are entirely our own production. And then we have several other million, less than 100% NDAA compliant. Those are through contract manufacturers.

我只是想確認，來自韓國的 100 萬顆、100% 符合 NDAA 規範的電芯，這些完全是我們自有生產。然後我們還有另外數百萬顆，符合度低於 100% NDAA 規範。那些是透過委外代工廠生產的。

And then in terms of where we are with the customers, they’ve done sample testing, multiple rounds. They’ve done a line audit, one to two rounds, and then they’re waiting for that 1 million cell capacity to be operational in September, and then visit again for additional quality audits.

至於我們與客戶的進展，他們已經做過樣品測試，且有多輪。他們也做過產線稽核，一到兩輪，接著他們在等 9 月那 100 萬顆電芯產能正式投產，之後會再來進行額外的品質稽核。

In terms of pricing, yes, going from 200K to 1 million would significantly reduce the price.

在定價方面，是的，從 20 萬顆提升到 100 萬顆，價格會顯著下降。

Mark Shooter, William Blair.

Mark Shooter，William Blair。

On the ESS business, I am interested in if you can update us and give us a little bit of color on exactly what niche of this segment you are looking to play in, ideally. Can you update us on if you are still trying to sell a product that is the full solution, including the battery and the BMS or Edge Box, or is there an opportunity to just sell the Edge Box to potentially a utility or an integrator?

關於 ESS 業務，我想請你更新一下，並更具體說明你們理想上想在這個細分市場中扮演的利基定位。你能否更新一下：你們是否仍在嘗試銷售包含電池與 BMS 或 Edge Box 在內的完整解決方案產品？或者是否有機會只銷售 Edge Box 給公用事業公司或系統整合商？

I would divide them into three categories. One is it is just residential, and then this new certification. In residential, most companies buy batteries and inverters in one pack, right? People do not really just buy a battery or just buy an inverter. You buy those two connected together.

我會把它們分成三類。第一類是純住宅端，以及這個新的認證。在住宅端，多數公司是把電池和逆變器一起打包購買，對吧？人們通常不會只買電池或只買逆變器。你會買這兩個連在一起的產品。

Recently, when some of those foreign-produced inverters got blocked, that did also impact their co-sell, co-marketing relationship for the battery suppliers, because those two are sold a lot of times together. And then this partnership with Sol-Ark. Sol-Ark is one of the three, along with Enphase and Tesla, that have US-produced inverters. This will help the residential. Yes, we do include the Edge Box there.

最近，當一些海外生產的逆變器被禁止後，也影響了電池供應商的聯合銷售、聯合行銷關係，因為很多時候這兩者是一起賣的。另外還有與 Sol-Ark 的合作夥伴關係。Sol-Ark 是三家之一，另外兩家是 Enphase 和 Tesla，它們都有美國製造的逆變器。這將有助於住宅端。是的，我們在那裡也會包含 Edge Box。

Second is more larger scale data centers. This is quite new for us. This is not an area that UZ Energy was in. UZ Energy was familiar with residential, not so much in AIDC. Here we are trying to provide a total solution. The entire UPS, sometimes it is the best together with the Edge Box. This is also why we brought on Paul to help us navigate the go-to-market strategy here.

第二類是更大規模的資料中心。這對我們來說相當新。這不是 UZ Energy 原本涉足的領域。UZ Energy 熟悉住宅端，但在 AIDC 方面就沒那麼多。在這裡我們嘗試提供整體解決方案。整套 UPS，有時候搭配 Edge Box 一起是最好的。這也是我們找 Paul 加入、協助我們在此制定市場進入策略的原因。

And then third one, some of the battery inverter distributors are open to us installing the Edge Box. We are testing with them, and that may also pick up as a revenue source.

第三類是，有些電池與逆變器的經銷商願意讓我們安裝 Edge Box。我們正在與他們測試，這也可能成為一個收入來源。

Now talking about that second piece of the hyperscalers, is there anything available or that you’re ready to update us on that and give us a little bit more detail on the level of engagement?

現在談到第二部分、也就是超大規模業者（hyperscalers），目前有沒有任何進展可以分享？你們是否準備好更新並提供更多關於互動參與程度的細節？

Yeah, I think we can discuss and share more in Q3 or Q4. I think now a lot of those are a bit early.

是的，我想我們可以在第三季或第四季再多討論並分享。我認為現在很多都還在比較早期的階段。

Okay, understood. Thought I would try. Also in the shareholder letter, you mentioned that most competitors just sell hardware without software. The competitors I’m thinking of have very complex and sophisticated software programs attached. Who do you consider your key contenders in the space?

好的，了解。我想說試著問問看。另外在股東信中，你提到大多數競爭對手只賣硬體而沒有軟體。我想到的競爭對手其實都有非常複雜且成熟的軟體方案搭配。你們認為在這個領域的主要競爭者是誰？

I think some of the competitors that you’re thinking of, they do. The large ones, they do. I think for the majority, they either use a third-party software or they use an internal software that’s not specifically trained on those cells. For example, say the pack system is using a 314 amp hour LFP prismatic produced Q1 this year out of the line from, say, CATL or EVE. Our Edge Box will be trained on that batch of cells, literally the exact batch of cells that go inside the pack.

我想你所想到的一些競爭對手，確實有。大型的那些，確實有。但我認為多數業者要嘛使用第三方軟體，要嘛使用內部軟體，但那套軟體並不是針對那些電芯做專門訓練。例如，假設某個電池包系統使用的是 314 安時的 LFP 方形電芯，是今年第一季由某條產線生產、可能來自 CATL 或 EVE。我們的 Edge Box 會針對那一批電芯進行訓練，字面上就是針對放進電池包裡的那一個「確切批次」電芯。

And then if we switch to even a different vendor that makes the same 314 amp hour LFP prismatic, we will retrain the software. The software gets retrained on the specific cell, the specific vendor, the specific chemistry that we actually put inside the pack.

然後如果我們改用另一家供應商、同樣生產 314 安時的 LFP 方形電芯，我們就會重新訓練軟體。軟體會針對我們實際放進電池包裡的特定電芯、特定供應商、特定化學體系進行重新訓練。

There appear to be no further questions at this time. This concludes today's call. Thank you for attending. You may now disconnect.

目前似乎沒有進一步的問題。今天的電話會議到此結束。感謝各位參與。您現在可以掛線。