Solid Power Inc (SLDP) 2022 Q4 法說會逐字稿

Greetings. Welcome to the Solid Power, Inc. Full Year 2022 Financial Results and Business Update Call. Please note that this conference is being recorded.

問候。歡迎參加 Solid Power, Inc. 2022 年全年財務業績和業務更新電話會議。請注意，此會議正在錄製中。

I will turn the conference over to your host, Jennifer Almquist, Investor Relations for Solid Power, Inc. Thank you. You may begin.

我會將會議轉交給您的主持人 Jennifer Almquist，Solid Power, Inc. 的投資者關係部。謝謝。你可以開始了。

Thank you, operator, and thank you, everyone, for joining us today. Joining me on the call today are Solid Power's Interim Chief Executive Officer, President and Chairman, Dave Jansen; and Chief Financial Officer, Kevin Paprzycki. A copy of today's press release is available on the Investor Relations section of Solid Power's website at ir.solidpowerbattery.com.

謝謝接線員，也謝謝大家今天加入我們。今天和我一起參加電話會議的還有 Solid Power 的臨時首席執行官、總裁兼董事長 Dave Jansen；和首席財務官 Kevin Paprzycki。可在 Solid Power 網站 ir.solidpowerbattery.com 的投資者關係部分獲取今天新聞稿的副本。

Before we get started, I'd like to remind you that parts of our discussion today will include forward-looking statements as defined by U.S. securities laws. These forward-looking statements are based on management's current expectations and assumptions about future events and are based on currently available information as to the outcome and timing of future events. Except as otherwise required by applicable law, Solid Power disclaims any duty to update any forward-looking statements to reflect future events or circumstances. For a discussion of the risks and uncertainties that could cause actual results to differ materially from those expressed in today's forward-looking statements, please see Solid Power's most recent filings with the Securities and Exchange Commission, which can be found on the company's website at ir.solidpowerbattery.com.

在我們開始之前，我想提醒您，我們今天討論的部分內容將包括美國證券法定義的前瞻性陳述。這些前瞻性陳述基於管理層對未來事件的當前預期和假設，並基於關於未來事件的結果和時間的當前可用信息。除非適用法律另有規定，否則 Solid Power 不承擔任何更新任何前瞻性陳述以反映未來事件或情況的義務。有關可能導致實際結果與今天的前瞻性陳述中表達的結果存在重大差異的風險和不確定性的討論，請參閱 Solid Power 向美國證券交易委員會提交的最新文件，該文件可在公司網站 ir 上找到.solidpowerbattery.com。

With that, let me turn it over to Dave Jansen.

有了這個，讓我把它交給戴夫詹森。

Thank you, Jen. Good afternoon, everyone. I appreciate you joining the call today. I am excited to speak with you following a busy first few months in the interim CEO role. For those who I haven't spoken to yet, I've been involved with the company since it was founded, and as President and Chair, I've worked with leadership on developing our strategy, business and team.

謝謝你，珍。大家下午好。感謝您今天加入電話會議。在擔任臨時 CEO 職務的頭幾個月忙碌之後，我很高興能與您交談。對於那些我還沒有談過話的人，自公司成立以來我一直參與其中，作為總裁兼主席，我與領導層一起制定我們的戰略、業務和團隊。

Today, I will start with an overview of our '22 results. I will then touch on our business strategy and provide my thoughts on the year ahead. Then I'll pass the call over to Kevin for a review of the financials. After that, I'll provide some concluding remarks and open the call for questions.

今天，我將從概述我們的 22 年成果開始。然後我將談到我們的業務戰略，並提供我對未來一年的想法。然後我會把電話轉給凱文，讓他審查財務狀況。之後，我將提供一些總結性評論並開始提問。

2022 was a very successful year for Solid Power. I'm proud that our team delivered on a number of key milestones, and I continue to believe the company is well positioned for long-term success. Our 2022 objectives were aimed at building the foundation for scaled electrolyte production and cell development. To accomplish this, we first invested in key production capabilities for electrolyte powder and EV cell manufacturing. We scaled and manufactured cells on the EV line. We deepened relationships with our partners. We secured funding for key R&D efforts. And we built an effective public company platform.

2022 年對於 Solid Power 來說是非常成功的一年。我很自豪我們的團隊實現了一些關鍵的里程碑，我仍然相信公司已經做好了長期成功的準備。我們的 2022 年目標旨在為大規模電解液生產和電池開發奠定基礎。為實現這一目標，我們首先投資於電解質粉末和 EV 電池製造的關鍵生產能力。我們在 EV 生產線上縮放和製造電池。我們加深了與合作夥伴的關係。我們為關鍵的研發工作爭取到了資金。我們建立了一個有效的上市公司平台。

Looking at these a little more closely. First, our electrolyte production facility and EV line will play an important role in the next stages of development as we support automotive qualification and work towards commercialization. Second, we delivered both 2 and 20 amp-hour cells to our partners, and the feedback has been encouraging, and as we discussed last quarter, led to our customers to confirm additional orders for our 20 amp-hour cells. We also produced our first EV cells, which I'll touch on shortly.

仔細看看這些。首先，我們的電解液生產設施和 EV 生產線將在下一階段的發展中發揮重要作用，因為我們支持汽車認證並致力於商業化。其次，我們向合作夥伴交付了 2 安培小時和 20 安培小時電池，反饋令人鼓舞，正如我們上個季度討論的那樣，我們的客戶確認了我們 20 安培小時電池的額外訂單。我們還生產了我們的第一個 EV 電池，我將很快談到。

Next, we deepened relationships with our partners. In December, we expanded our relationship with BMW. In addition to increasing development resources during a tight labor market, this paves the way for potential sales of electrolyte once BMW's pilot lines are up and running. This arrangement also lets us work closely with BMW on pack level requirements and vehicle integration. This positions ourselves to power a BMW demo car, which we think would represent an important proof of concept. Further, our relationships with Ford and SKM also remains strong as we continue to work closely with them as well.

接下來，我們加深了與合作夥伴的關係。 12 月，我們擴大了與寶馬的關係。除了在勞動力市場緊張的情況下增加開發資源外，這還為 BMW 試驗線啟動並運行後電解液的潛在銷售鋪平了道路。這種安排還使我們能夠與 BMW 在包裝級別要求和車輛集成方面密切合作。這使我們能夠為 BMW 演示車提供動力，我們認為這將代表一個重要的概念證明。此外，我們與福特和 SKM 的關係也很牢固，因為我們也繼續與他們密切合作。

Also, this being our first year as a public company, we developed a great Board of Directors and hired key personnel to build a strong public company foundation. Again, I'm very proud of our team's progress in 2022 and want to thank them for their continued dedication and hard work.

此外，這是我們成為上市公司的第一年，我們組建了優秀的董事會並聘請了關鍵人員，為上市公司奠定了堅實的基礎。再次，我為我們團隊在 2022 年取得的進步感到非常自豪，並感謝他們的持續奉獻和辛勤工作。

I would now like to take a moment to summarize our strategy. Our approach is unique for the industry and has not changed. Mainly, we see ourselves as a battery material supplier and technology company engaging in the development of advanced solid-state battery cells. We do not envision ourselves as a commercial battery producer over the long term, but rather, we will license our cell designs and intellectual property. This is by design. Battery manufacturing is capital-intensive, competitive and margin-pressured. And it can take decades to develop the manufacturing expertise needed to compete as a battery producer.

我現在想花點時間總結一下我們的戰略。我們的方法在行業中是獨一無二的，並且沒有改變。主要是，我們將自己定位為從事先進固態電池開發的電池材料供應商和技術公司。從長遠來看，我們不會將自己設想為商業電池生產商，而是會許可我們的電池設計和知識產權。這是設計使然。電池製造是資本密集型、競爭激烈且利潤壓力大的行業。開發作為電池生產商競爭所需的製造專業知識可能需要數十年的時間。

To be clear, we currently and we will continue to design and manufacture ourselves for development purposes. We have a great team focused not only on developing our current EV cells but also on next-generation cells, including our nickel- and cobalt-free designs. Thus, our intention is to supply battery manufacturers with our materials rather than compete with them on cell manufacturing. This can open up a much larger market for us as we can supply our electrolyte and work with anyone taking a sulfide-based approach to solid-state batteries, whether they use our cell designs or not.

需要明確的是，我們目前並將繼續為開發目的自行設計和製造。我們擁有一支優秀的團隊，不僅專注於開發我們當前的 EV 電池，還專注於下一代電池，包括我們的無鎳和無鈷設計。因此，我們的目的是為電池製造商提供我們的材料，而不是在電池製造方面與他們競爭。這可以為我們打開一個更大的市場，因為我們可以提供我們的電解質，並與任何採用基於硫化物的固態電池方法的人合作，無論他們是否使用我們的電池設計。

We believe sulfide-based solid state is the best path for EV applications due to its potential for wide temperature performance and manufacturability. There currently are a limited number of sulfide electrolyte producers, and all are at the R&D scale. Given the lack of commercial production and the potential benefits, we believe we can capitalize on the growth of these technologies. We believe our electrolyte can compete based on performance, quality, reliable supply and cost. As we start producing electrolyte from our new facility, we are also working on the next generations of electrolyte with a focus on conductivity, cost and performance.

我們認為基於硫化物的固態是電動汽車應用的最佳途徑，因為它具有廣泛的溫度性能和可製造性潛力。目前硫化物電解液生產商數量有限，且均處於研發規模。鑑於缺乏商業生產和潛在利益，我們相信我們可以利用這些技術的發展。我們相信我們的電解液可以在性能、質量、可靠的供應和成本方面競爭。當我們開始從我們的新工廠生產電解液時，我們也在研究下一代電解液，重點是電導率、成本和性能。

Looking ahead, 2023 will be another important year for us. Starting with our electrolyte, we are targeting 2 key milestones in 2023. The first is to commission and begin producing electrolyte from our new facility. All the equipment has been installed, and we expect validation to be complete by quarter end, if not sooner. Our new facility will have the capability to produce 30 metric tons of powder per year. The facility was designed to support cell development for the APQP process of our current partners. However, we also expect to have additional production capacity for our other customers, which brings me to our second goal, to get our electrolyte into the hands of potential customers. We have engaged with potential customers and are making plans to deliver sample product. The intent is to pave the way for future electrolyte supply agreements. These sales would be independent of our current partner activities. We are excited about the opportunity for others to kick off the testing process of our electrolyte.

展望未來，2023年對我們來說將是又一個重要的一年。從我們的電解液開始，我們的目標是在 2023 年實現 2 個關鍵里程碑。第一個是調試並開始從我們的新工廠生產電解液。所有設備都已安裝，我們預計驗證將在季度末完成，甚至更早。我們的新工廠將有能力每年生產 30 公噸粉末。該設施旨在支持我們當前合作夥伴的 APQP 工藝的電池開發。然而，我們也希望為我們的其他客戶提供額外的生產能力，這讓我想到了我們的第二個目標，將我們的電解液送到潛在客戶手中。我們已與潛在客戶接洽，並正在製定交付樣品的計劃。目的是為未來的電解液供應協議鋪平道路。這些銷售將獨立於我們當前的合作夥伴活動。我們很高興其他人有機會啟動我們電解液的測試過程。

Turning to cell development. We have 2 additional key milestones for 2023. First, continue to improve key cell performance metrics, including energy density, pressure, cycle life, low temperature operation and safety. We have delivered hundreds of 20 amp-hour cells to our partners and have seen some good results, and some that are more challenging as our first batches are being tested. We said on our third quarter call that initial production was impacted by quality issues and some input materials, delays in material availability and tightening in the labor market.

轉向細胞發育。我們還有 2023 年的另外 2 個關鍵里程碑。首先，繼續改進關鍵電池性能指標，包括能量密度、壓力、循環壽命、低溫操作和安全性。我們已經向我們的合作夥伴交付了數百個 20 安培小時的電池，並取得了一些良好的效果，而在我們的第一批產品正在測試中，一些更具挑戰性。我們在第三季度電話會議上表示，初始生產受到質量問題和一些投入材料、材料供應延遲和勞動力市場緊縮的影響。

Our yields were lower than expected, which combined with the significant increase in demand of 20 amp-hour cells resulted in us spending more time anticipated on 20 amp-hour bills. I'm pleased to say that the team did a great job of pausing, analyzing and identifying root causes to address these issues. This allowed our team to make design changes to improve manufacturability and identify enhancements in our manufacturing processes that we believe will benefit in all of our cell production.

我們的收益率低於預期，再加上 20 安培小時電池需求的顯著增加，導致我們在 20 安培小時的賬單上花費了更多時間。我很高興地說，該團隊在暫停、分析和確定解決這些問題的根本原因方面做得很好。這使我們的團隊能夠進行設計更改以提高可製造性，並確定我們認為將使我們所有電池生產受益的製造過程中的改進。

We also encountered mixed performance in our 20 amp-hour cell safety. We passed our UN/DOT certification, which is a gating test to start module and pack development. However, it is taking longer to meet the positive abuse performance results that we saw in our 2 amp-hour cells. This is an area where our JDA partners have been incredibly helpful, and we are grateful for their expertise and support as we collaborate to clear this hurdle.

我們還遇到了 20 安培小時電池安全性能參差不齊的問題。我們通過了 UN/DOT 認證，這是開始模塊和包裝開發的門控測試。然而，要達到我們在 2 安時電池中看到的積極濫用性能結果需要更長的時間。在這方面，我們的 JDA 合作夥伴提供了難以置信的幫助，我們感謝他們在我們合作掃清這一障礙時提供的專業知識和支持。

Our second key cell development milestone for '23 is to deliver EV cells to our joint development partners and officially enter A-sample. As a reminder, on our last call, we stated that we believed we could optimistically deliver our first EV cells by the end of December. But more realistically, it would be in 2023. We began production in October and believe later this year to be a reasonable target for EV cell delivery.

我們 23 年的第二個關鍵電池開發里程碑是向我們的聯合開發合作夥伴提供 EV 電池並正式進入 A 樣品。提醒一下，在我們上次電話會議上，我們表示我們相信我們可以樂觀地在 12 月底之前交付我們的第一批電動汽車電池。但更現實的是，它會在 2023 年。我們於 10 月開始生產，並相信今年晚些時候將是 EV 電池交付的合理目標。

Stepping back a bit and looking at our path to commercialization. Our '23 milestones are designed to support our overall time line. Successful execution is the key to driving value to both our partners as well as our shareholders. After we deliver A-sample cells and scale our electrolyte production, we believe we will have better line of sight into our commercialization path. And at that point, we plan to provide an update on our long-term time line. That said, we can share a few higher-level takeaways as we look at our time line.

退後一步，看看我們的商業化之路。我們的 '23 里程碑旨在支持我們的總體時間表。成功執行是為我們的合作夥伴和股東創造價值的關鍵。在我們交付 A 樣品電池並擴大我們的電解質生產後，我們相信我們將更好地了解我們的商業化路徑。屆時，我們計劃提供有關長期時間表的更新。也就是說，我們可以在查看時間線時分享一些更高層次的要點。

First, our overall schedule for starting electrolyte production remains intact, including prior delays. Our team did a great job of increasing our SP1 production to build inventory and avoid costly expediting fees. Second, we expect EV cell delivery in '23. However, it could be late in '23 if unexpected challenges arise. Given our previous target was December '22, this delay will impact our overall commercialization time line.

首先，我們開始電解液生產的總體時間表保持不變，包括之前的延誤。我們的團隊在增加 SP1 產量以建立庫存並避免昂貴的加急費用方面做得很好。其次，我們預計 EV 電池將在 23 年交付。但是，如果出現意想不到的挑戰，它可能會在 23 年晚些時候出現。鑑於我們之前的目標是 22 年 12 月，這種延遲將影響我們的整體商業化時間表。

More importantly, we are seeing market risk with respect to our overall commercialization time line. This situation remains pretty fluid. However, high-level communications from our partners and others have pointed towards the 2030s for the broader adoption of solid-state battery technology. This could represent a 2- to 3-year delay from our initial projections. Internally, however, we are still driving towards our goal of reaching commercialization by 2028.

更重要的是，我們在整體商業化時間表方面看到了市場風險。這種情況仍然很不穩定。然而，我們的合作夥伴和其他人的高層溝通指出，固態電池技術將在 2030 年代得到更廣泛的採用。這可能比我們最初的預測延遲 2 到 3 年。然而，在內部，我們仍在努力實現到 2028 年實現商業化的目標。

As a management team, we are being aggressive and creative in addressing and mitigating potential risks due to time line by working with our partners and leveraging their resources and expertise, pursuing electrolyte sales to companies who are not currently engaged in cell development with us. And additionally, we have also begun discussions with new potential partners whose skill sets could accelerate development, though it's too soon to say anything definitive.

作為一個管理團隊，我們通過與我們的合作夥伴合作並利用他們的資源和專業知識，積極主動地解決和減輕由於時間限製而導致的潛在風險，向目前未與我們一起從事電池開發的公司銷售電解液。此外，我們還開始與新的潛在合作夥伴進行討論，他們的技能組合可以加速開發，但現在下定論還為時過早。

Before I turn the call over to Kevin, I want to highlight 1 additional accomplishment that occurred early in 2023. In January, we secured an additional $5.6 million in Department of Energy funding to continue our development of nickel- and cobalt-free solid-state cells. If successful, this technology could be a game changer in terms of both input costs and supply chains. It will likely be several years until it comes to fruition, but this technology is already on our product road map.

在我將電話轉給凱文之前，我想強調 2023 年初發生的一項額外成就。1 月，我們從能源部獲得了額外的 560 萬美元資金，以繼續開發無鎳和無鈷固態細胞。如果成功，這項技術可能會在投入成本和供應鏈方面改變遊戲規則。它可能需要幾年時間才能實現，但這項技術已經在我們的產品路線圖上。

With that, I will hand it over to Kevin to take you through our financial results. Kevin?

有了這個，我將把它交給凱文來帶你了解我們的財務結果。凱文？

Thanks, Dave, and good afternoon, everyone. I'll start off with an overview of our financial results and then discuss our '23 and longer-term financial outlook. Our '22 revenue of $11.8 million came in ahead of our initial expectations. Our team, again, did a great job of delivering on program milestones, and we also saw the initial revenue from the new BMW agreement late in the year.

謝謝，戴夫，大家下午好。我將首先概述我們的財務業績，然後討論我們的 23 世紀和長期財務前景。我們 22 年 1180 萬美元的收入超出了我們最初的預期。我們的團隊再次出色地實現了計劃里程碑，我們還在今年晚些時候從新的 BMW 協議中獲得了初步收入。

'22 operating expenses were $70.9 million, up from last year. These represent increased direct program costs on our higher revenues, increased labor and materials driven by the scale-up of our operational and development investment and investments in SG&A to support Solid Power's ops teams and build out our public company platform. Our operating loss was $59.1 million in '22 and net loss was $9.6 million.

'22 運營費用為 7090 萬美元，高於去年。這些代表了我們更高收入的直接項目成本增加、勞動力和材料的增加，這是由於我們擴大運營和開發投資以及對 SG&A 的投資，以支持 Solid Power 的運營團隊並建立我們的上市公司平台。我們在 22 年的經營虧損為 5910 萬美元，淨虧損為 960 萬美元。

Turning to our balance sheet and liquidity position. During '22, we invested $33.8 million in operations. We also invested $58.3 million in CapEx, reflecting the installation of our EV line and the construction of our new electrolyte production facility. As expected, operational and CapEx spending were both favorable to our plan. This was due to the shift in timing on EV cell production and completion of the electrolyte facility. Combined, these shifted around $15 million in operational spend and roughly $25 million in capital spend from 2022 to 2023.

轉向我們的資產負債表和流動性狀況。在 22 年期間，我們在運營方面投資了 3380 萬美元。我們還在資本支出上投資了 5830 萬美元，反映了我們 EV 生產線的安裝和新電解液生產設施的建設。正如預期的那樣，運營和資本支出支出都對我們的計劃有利。這是由於 EV 電池生產和電解質設施完工的時間發生了變化。從 2022 年到 2023 年，這些支出合計轉移了約 1500 萬美元的運營支出和約 2500 萬美元的資本支出。

During the fourth quarter, we also received $6 million from BMW related to our expanded joint development agreement. We ended the year with total liquidity of $496.1 million consisting of cash, marketable securities and long-term investments.

在第四季度，我們還從寶馬那裡收到了 600 萬美元，與我們擴大的聯合開發協議有關。年底，我們的流動資金總額為 4.961 億美元，包括現金、有價證券和長期投資。

Looking ahead to '23, as Dave outlined, our performance this year is important. The '23 guidance we are providing today assumes we execute on these milestones as planned. That in mind, we currently expect that '23 revenue will be in the range of $15 million to $20 million, inclusive of revenue from our BMW agreement as well as expected revenue from government programs. We currently expect our '23 total combined cash investment to be in the range of $120 million to $140 million. That breaks down into $70 million to $80 million of expected operational investment and CapEx investment between $50 million and $60 million, which primarily represents the final build-out and start-up of our electrolyte plant. This leaves us with expected liquidity in the range of $355 million to $375 million.

展望 23 年，正如 Dave 所概述的那樣，我們今年的表現很重要。我們今天提供的 '23 指南假定我們按計劃執行這些里程碑。考慮到這一點，我們目前預計 23 年的收入將在 1500 萬至 2000 萬美元之間，其中包括來自我們的 BMW 協議的收入以及來自政府計劃的預期收入。我們目前預計我們的 23 年總現金投資將在 1.2 億美元至 1.4 億美元之間。這分為 7000 萬至 8000 萬美元的預期運營投資和 5000 萬至 6000 萬美元的資本支出投資，這主要代表我們電解質工廠的最終擴建和啟動。這使我們的預期流動性在 3.55 億美元至 3.75 億美元之間。

Regarding the long-term time line from a financial perspective, we've begun to model our long-term cash burn should our commercialization time line shift. I want to point out that we are glad to have such a solid balance sheet. Our ability to manage our cash is really bolstered by our unique business model, which keeps our capital needs lighter than others in the battery space. Likewise, because we accelerated our operational and equipment investments, our annual spend in '22 and '23 is likely to be higher than our spend going forward. We're also planning to be prudent with our investments and will match timing with what we're hearing from our customers.

從財務角度來看長期時間線，如果我們的商業化時間線發生變化，我們已經開始模擬我們的長期現金消耗。我想指出，我們很高興擁有如此穩健的資產負債表。我們管理現金的能力確實得到了我們獨特的商業模式的支持，這使我們的資本需求比電池領域的其他人更輕。同樣，由於我們加快了運營和設備投資，我們在 22 年和 23 年的年度支出可能會高於我們未來的支出。我們還計劃謹慎對待我們的投資，並將時間與我們從客戶那裡聽到的相匹配。

While there is still work to be done, right now, we believe that our current cash, along with revenues we expect to take in from our government programs and current partnerships, will take us out into the late '20s. We have significant flexibility with our capital spend. And with the benefit of additional project finance or grant funding towards our planned SP3 mass production plant, it's our view that we can run all the way to commercialization without having to raise additional cash. Again, this is a testament to Solid Power's business model.

雖然現在仍有工作要做，但我們相信，我們目前的現金，以及我們預計從政府計劃和當前合作夥伴關係中獲得的收入，將使我們進入 20 年代後期。我們的資本支出具有很大的靈活性。借助額外的項目融資或對我們計劃中的 SP3 大規模生產工廠的贈款，我們認為我們可以一直運行到商業化，而無需籌集額外的現金。這再次證明了 Solid Power 的商業模式。

With that, I'll now turn the call back to Dave.

有了這個，我現在將電話轉回給戴夫。

Thanks, Kevin. Before I turn the call over for questions, I want to briefly touch on 1 last item, our ongoing search for a permanent Chief Executive Officer. We are targeting individuals who can continue to drive the development and commercialization of our technology and have been impressed with the quality of people who are interested in the position. It is still too early to give a target date for any kind of announcement. However, we feel good about the team in place as well as our ability to drive things forward until we find a permanent CEO.

謝謝，凱文。在我轉交問題之前，我想簡要談談最後一項，即我們正在尋找一位常任首席執行官。我們的目標是能夠繼續推動我們技術的開發和商業化並且對對該職位感興趣的人的素質印象深刻的個人。現在為任何類型的公告給出目標日期還為時過早。然而，我們對現有團隊以及我們推動事情向前發展的能力感到滿意，直到我們找到一位永久 CEO。

With that, let's open it up to questions. Operator?

有了這個，讓我們打開它來提問。操作員？

Thank you. (Operator Instructions) Our first question is from the line of P.J. Juvekar with Citi.

謝謝。 （操作員說明）我們的第一個問題來自花旗的 P.J. Juvekar。

Yes. Dave, question for you on your SP2 electrolyte facility. How much of your revenues in 2023 will come from the -- say, from that facility? And what do you think is a demand for sulfide electrolytes either from your partners or from third party that you talked about?

是的。戴夫，請問您有關 SP2 電解液設施的問題。您在 2023 年的收入中有多少將來自——比如說，來自那個設施？您認為您談到的合作夥伴或第三方對硫化物電解質的需求是什麼？

P.J., it's Kevin. I'll take the first one. Very little of our '23 revenue will come from powder out of this new SP2 facility. So we're not dependent upon this facility for any of our '23 revenues.

P.J.，是凱文。我要第一個。我們 23 年的收入中很少有來自這個新 SP2 設施的粉末。因此，我們 23 年的任何收入都不依賴於此設施。

What was the second part of the question? Sorry.

問題的第二部分是什麼？對不起。

The second part of the question was, how is the demand looking for this powder from your existing customers and the new customers that you talked about?

問題的第二部分是，您談到的現有客戶和新客戶對這種粉末的需求如何？

Yes. Great question. So right now, we're in the process of talking to our partners as well as new potential partners on looking at using our powder in their designs. We are at early stages of those discussions. We are, however, in more detailed discussions with our current partners. So I can't really give you any guidance on revenues, but we are looking optimistically at going forward with those guys.

是的。很好的問題。所以現在，我們正在與我們的合作夥伴以及新的潛在合作夥伴討論在他們的設計中使用我們的粉末。我們正處於這些討論的早期階段。但是，我們正在與我們當前的合作夥伴進行更詳細的討論。所以我真的不能給你任何關於收入的指導，但我們樂觀地期待與這些人一起前進。

Okay. And last year, you talked about delaying your EV pilot line because of issues with scaling above your 20 amp-hour cell. As you ramp up your EV pilot line and deliver your first EV cell, can you talk about the technical specifications of that cell? Like is it a 50 amp-hour cell, a 100 amp-hour cell? What are the densities you're targeting? Can you just give us some idea of what you're trying to get at with this EV cell?

好的。去年，你談到了延遲你的 EV 試產線，因為在你的 20 安時電池上擴展存在問題。在您擴大 EV 試驗線並交付您的第一個 EV 電池時，您能談談該電池的技術規格嗎？比如它是 50 安培小時電池還是 100 安培小時電池？你的目標密度是多少？你能告訴我們你想用這個 EV 電池達到什麼目的嗎？

P.J., it's sort of dependent upon what our customers want long term. And so the EV cells could be anywhere from -- we've seen in the 60 amp hours all the way up to the 100 amp hours. It's probably long term going to be in the midpoint of that range is what we're thinking. But again, things can change and they do change quickly as we work with our partners.

P.J.，這在某種程度上取決於我們客戶的長期需求。因此，EV 電池可以在任何地方——我們已經看到從 60 安培小時一直到 100 安培小時。我們的想法可能是長期處於該範圍的中點。但同樣，事情可能會發生變化，而且隨著我們與合作夥伴的合作，它們確實會迅速發生變化。

Our next question is from the line of Brian Dobson with Chardan Capital Markets.

我們的下一個問題來自 Brian Dobson 與 Chardan Capital Markets 的合作。

So the expanded partnership with BMW is very exciting. What do you see as some key benchmarks that you think that you'll need to meet there in order to further expand to that agreement?

因此，與寶馬擴大合作夥伴關係非常令人興奮。您認為需要滿足哪些關鍵基準才能進一步擴展該協議？

Yes. We are really excited about the new agreement with BMW. It's a natural progression since 2016 when we were working with BMW of having the next -- taking the next steps forward of really working with BMW closely on the design of cells specifically for them, looking at things like pack integration, vehicle integration, those kind of things, and then actually having the BMW people on site helping us and learning about our design so we can move the technology forward. I can't really say at this point right now what the exact parameters and whatnot will be, but that will be a main focus of our program going forward.

是的。我們對與寶馬的新協議感到非常興奮。這是自 2016 年以來的自然進展，當時我們與 BMW 合作進行下一步 - 邁出下一步，真正與 BMW 密切合作，專門為他們設計電池，研究電池組集成、車輛集成等問題的事情，然後實際上讓現場的寶馬人員幫助我們並了解我們的設計，以便我們能夠推動技術向前發展。我現在真的不能說確切的參數是什麼以及諸如此類的東西，但這將是我們未來計劃的主要重點。

Well, we look forward to hearing more about it. You also mentioned some powder sample deliveries to potential customers. I know it's early, but can you share any initial feedback that you've received from that?

好吧，我們期待聽到更多關於它的信息。您還提到了向潛在客戶交付的一些粉末樣品。我知道現在還早，但您能分享一下您從中收到的任何初步反饋嗎？

Yes. We have a lot of interest. There's a lot of entities out there that are exploring the sulfide solid-state battery space, and we've been in contact with a variety of those folks. And we're in the process -- excuse me, the process now of looking at sampling agreements, material transfer agreements, those kind of things, and getting the powder into their hands for them to test.

是的。我們很感興趣。有很多實體正在探索硫化物固態電池領域，我們已經與其中的許多人進行了接觸。我們正在這個過程中——對不起，現在正在研究抽樣協議、材料轉讓協議之類的東西，並將粉末交到他們手中供他們測試。

(Operator Instructions) Our next question is from the line of Mike Shlisky with D.A. Davidson.

（操作員說明）我們的下一個問題來自 Mike Shlisky 和 D.A.戴維森。

This is David Johnson on for Mike. I just want to get a sense for what the labor situation looks like. Do you have all the people you need to deliver on your 2023 goals at this point?

這是邁克的大衛約翰遜。我只是想了解一下勞工情況。此時，您是否擁有實現 2023 年目標所需的全部人員？

Yes, great question. Clearly, the labor market has been tight, but we've added -- I think we've over-doubled our employees since last year. I think we're about 240 people. We're always looking for good talent. However, one of the key things about what we're doing is -- with our partners is we look at this as sort of a force multiplier. With our partners helping us and having BMW folks on site and those kind of things, those people can actually be a tremendous value to help us move the technology forward. And they have very relevant experience, domain expertise of the kind of technology that we're developing as well. I think we feel pretty good about being able to move things forward and getting our goals in line for 2023.

是的，很好的問題。顯然，勞動力市場一直吃緊，但我們補充說——我認為自去年以來我們的員工人數增加了一倍以上。我想我們大約有 240 人。我們一直在尋找優秀的人才。然而，關於我們正在做的事情的關鍵之一是——與我們的合作夥伴一起，我們將其視為一種力量倍增器。通過我們的合作夥伴幫助我們，讓寶馬人員在現場以及諸如此類的事情，這些人實際上可以成為幫助我們推動技術向前發展的巨大價值。他們擁有非常相關的經驗，以及我們正在開發的技術領域的專業知識。我認為我們對能夠推動事情向前發展並實現 2023 年的目標感到非常高興。

That's great to hear. Maybe a last one for me. Sorry if I missed it, but can you just give us a sense of the cash usage in the first half of 2023 compared to the second half?

聽到這個消息我很高興。也許對我來說是最後一個。對不起，如果我錯過了，但你能告訴我們 2023 年上半年與下半年相比的現金使用情況嗎？

Good question, Mike. It's probably skewed a little bit towards the first half of the year, the usage. And the primary driver there is, again, as we complete this SP2 facility, you're going to see the capital spend -- probably 2/3 of the capital spend is going to be in the first and second quarter with the remaining coming over the back half of the year. So cash usage is probably first half of the year. And I'd say probably middle half of the year is probably a little bit heavy for the operational investment because we've got a lot of development materials and things like that, that are going to hit them. So it's probably first half-weighted in -- by, I would say, 2/3 or so.

好問題，邁克。它可能有點偏向今年上半年的使用情況。再次，主要的驅動因素是，當我們完成這個 SP2 設施時，您將看到資本支出——可能 2/3 的資本支出將在第一季度和第二季度出現，其餘的將在第一季度和第二季度出現下半年。所以現金使用量可能是今年上半年。我想說，對於運營投資來說，今年中半年可能會有點沉重，因為我們有很多開發材料和類似的東西，這些都會對他們產生影響。所以它可能是第一個一半加權 - 我會說，2/3 左右。

(Operator Instructions) As there are no further questions at this time, I would like to turn the floor back over to Dave Jansen for closing comments.

（操作員說明）由於此時沒有其他問題，我想將發言權轉回 Dave Jansen 以徵求結束意見。

Thank you all for joining us today. We really appreciate your attendance, and we look forward to updating you on our progress throughout the year.

感謝大家今天加入我們。我們非常感謝您的出席，我們期待著向您介紹我們全年的最新進展。

Thank you. This concludes today's teleconference. You may disconnect your lines at this time. Thank you for your participation.

謝謝。今天的電話會議到此結束。此時您可以斷開線路。感謝您的參與。