Solid Power Inc (SLDP) 2024 Q4 法說會逐字稿

Good afternoon, and welcome to the Solid Power, Inc. fourth-quarter 2024 earnings conference call. (Operator Instructions) Please note, today's event is being recorded.

下午好，歡迎參加 Solid Power, Inc. 2024 年第四季財報電話會議。（操作員指示）請注意，今天的活動正在被記錄。

I would now like to turn the conference over to Melanie Solomon with Investor Relations. Please go ahead.

現在，我想將會議交給投資者關係部門的梅蘭妮·所羅門 (Melanie Solomon)。請繼續。

Thank you, operator. Welcome, everyone, and thank you for joining us today. I'm joined on today's call by Solid Power's President and Chief Executive Officer, John Van Scoter; and Chief Financial Officer, Linda Heller. A copy of today's earnings release is available on the Investor Relations section of Solid Power's website, www.solidpowerbattery.com.

謝謝您，接線生。歡迎大家，感謝大家今天的參加。參加今天電話會議的還有 Solid Power 總裁兼執行長 John Van Scoter；和財務長琳達·海勒（Linda Heller）。今天的收益報告副本可在 Solid Power 網站的投資者關係部分（www.solidpowerbattery.com）上查閱。

I'd like to remind you that parts of our discussion today will include forward-looking statements as defined by US 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.

我想提醒大家，我們今天要討論的內容將包括美國證券法定義的前瞻性陳述。這些前瞻性陳述是基於管理層目前對未來事件的預期和假設，並且基於有關未來事件的結果和時間的當前可用資訊。

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 www.solidpowerbattery.com.

除適用法律另有要求外，Solid Power 不承擔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 www.solidpowerbattery.com 上找到。

With that, let me turn it over to John Van Scoter.

現在，讓我把話題交給約翰範斯科特 (John Van Scoter)。

Thank you, Melanie, and thank you all for joining us. 2024 was an important year for Solid Power as we made progress across the business. On the electrolyte front, we increased our sampling activity, including to new potential customers and opened our state-of-the-art electrolyte innovation center or EIC. We significantly expanded our relationship with long-time partner SK On and grew our Korean presence by adding business development and program management capabilities.

謝謝你，梅蘭妮，也謝謝大家加入我們。 2024 年對 Solid Power 來說是重要的一年，因為我們在業務方面取得了進展。在電解質方面，我們增加了採樣活動，包括針對新的潛在客戶，並開設了最先進的電解質創新中心或EIC。我們大幅擴展了與長期合作夥伴 SK On 的關係，並透過增加業務開發和專案管理能力擴大了我們在韓國的影響力。

We continue to collaborate with BMW and Ford on cell development and extended our JDAs with both partners. We were able to accomplish all this in a difficult macroenvironment with slower-than-expected EV sales and many OEMs and battery manufacturers projecting commercial adoption of solid-state batteries in the late 2020s or early 2030s.

我們繼續與寶馬和福特在電池開發方面進行合作，並與兩家合作夥伴擴大了 JDA。我們在艱難的宏觀環境下完成了所有這一切，電動車銷量低於預期，許多原始設備製造商和電池製造商預計固態電池將在 2020 年代末或 2030 年代初實現商業化應用。

Before I dive into 2024 results, I want to remind everyone of where we view Solid Power in the battery industry and why we believe we are positioned to be a leader in deploying solid-state technologies, both here in the US and abroad. Our core technology is a sulfide-based solid electrolyte material which replaces the liquid or gel electrolyte used in traditional lithium-ion battery cells.

在深入探討 2024 年的結果之前，我想提醒大家我們對 Solid Power 在電池產業的看法，以及為什麼我們相信我們有能力成為在美國和國外部署固態技術的領導者。我們的核心技術是一種基於硫化物的固態電解質材料，它取代了傳統鋰離子電池中使用的液體或凝膠電解質。

We are pursuing a sulfide-based approach because we believe this class of electrolytes has the best-known balance of the ability to move lithium ions quickly and allow cells to be produced on industry standard roll-to-roll manufacturing equipment. Unlike other solid-state approaches, we believe using sulfide solid electrolyte will allow conventional lithium-ion manufacturers to leverage existing processes and know-how to transition to solid-state cells.

我們正在尋求一種基於硫化物的方法，因為我們相信這類電解質具有最為人所知的平衡能力，能夠快速移動鋰離子，並允許在行業標準的捲對卷製造設備上生產電池。與其他固態方法不同，我們相信使用硫化物固態電解質將允許傳統的鋰離子製造商利用現有製程和專業知識過渡到固態電池。

We believe our electrolyte technology has the potential to enable a step-change improvement in battery performance beyond what is currently available in conventional lithium-ion battery cells, including improved energy density, battery life, and safety performance. We are currently targeting the battery electric vehicle market due to its size and perceived demand, though we see no reason that solid-state technologies cannot be deployed in a wide range of markets once the technology matures.

我們相信，我們的電解質技術有潛力使電池性能實現質的飛躍，超越目前傳統鋰離子電池的性能，包括提高能量密度、電池壽命和安全性能。目前，我們瞄準的是電池電動車市場，因為該市場規模龐大，需求旺盛，但我們認為，一旦固態技術成熟，就沒有理由不能在廣泛的市場中部署。

Our in-depth knowledge of both electrolyte materials and cell development is a key differentiator for Solid Power. We think it is critical to have a cell level understanding when developing materials that will be incorporated into a cell. We have been deliberate in developing that capability from the early days as a company.

我們對電解質材料和電池開發的深入了解是 Solid Power 的關鍵差異化因素。我們認為，在開發可融入細胞的材料時，了解細胞層面至關重要。自公司成立之初，我們就一直致力於開發這種能力。

To further our business, we have built a world-class team of electrolyte and cell scientists and engineers. We also operate two pilot manufacturing facilities in Colorado, one focused on electrolyte and the other on cell. We believe having strong electrolyte and cell teams and state-of-the-art equipment allow us the opportunity to enable disruption in the battery market.

為了進一步發展我們的業務，我們建立了一支世界一流的電解質和電池科學家和工程師團隊。我們也在科羅拉多州經營兩家試點製造工廠，一家專注於電解質，另一家專注於電池。我們相信，擁有強大的電解質和電池團隊以及最先進的設備使我們有機會顛覆電池市場。

In addition to our electrolyte, we design and develop cells to improve the performance of our electrolyte and support our partners' cell development programs. Our work on early-stage development, electrolyte materials and the feedback loop with our partners has been very important in advancing our technology and refining our focus.

除了電解質外，我們還設計和開發電池，以提高電解質的性能並支持合作夥伴的電池開發計劃。我們在早期開發、電解質材料和與合作夥伴的回饋迴路方面的工作對於推進我們的技術和完善我們的重點非常重要。

Our commercialization strategy is to manufacture and sell our electrolyte to Tier 1 battery manufacturers and automotive OEMs that choose to produce their own cells. We also intend to pursue licensing arrangements for our cell manufacturing processes and cell designs. This business model distinguishes us from companies who are or plan to be commercial battery manufacturers and allows us to focus on our core strength of electrolyte development and production.

我們的商業化策略是生產並銷售我們的電解質給選擇生產自有電池的一級電池製造商和汽車原始設備製造商。我們還打算為我們的電池製造流程和電池設計尋求許可安排。這種商業模式使我們有別於那些已經或計劃成為商業電池製造商的公司，並使我們能夠專注於電解質開發和生產的核心優勢。

Since we do not plan to produce commercial battery cells, we expect to have significantly lower capital requirements than cell manufacturers. We believe our capital-light business model focused on electrolyte development, supported by in-house cell design is unique in our industry and provides a compelling business model moving forward.

由於我們不打算生產商用電池，因此我們預計資本要求將比電池製造商低得多。我們相信，我們專注於電解質開發的輕資本商業模式，由內部電池設計支持，在我們的行業中是獨一無二的，並提供了一個引人注目的商業模式。

I'll now provide some details on our accomplishments for 2024, beginning with electrolyte. In 2024, we increased our electrolyte sampling program, shipping to new and repeat potential customers with the majority of volume going to Asian Tier 1 cell manufacturers and automotive OEMs. These samples have yielded constructive feedback that we are using to improve our electrolyte.

現在，我將詳細介紹我們在 2024 年的成就，首先是電解質。2024 年，我們擴大了電解質採樣計劃，運送給新客戶和潛在回頭客，其中大部分運往亞洲一級電池製造商和汽車 OEM。這些樣品已經得到了建設性的回饋，我們正在利用這些回饋來改進我們的電解質。

We believe improved production capabilities and continued robust customer sampling will ultimately drive commercialization of our electrolyte. In support of these sampling efforts and continued development of our electrolyte, we commissioned our state-of-the-art electrolyte innovation center, or EIC, in 2024. We use the EIC, which is designed for flexibility, to develop and test production processes at the smaller scale prior to transferring those learnings to our pilot electrolyte manufacturing lines with the goal to improve the performance, manufacturability, and cost of our electrolyte and precursor materials.

我們相信，提高生產能力和持續強勁的客戶採樣最終將推動我們的電解質商業化。為了支持這些取樣工作和電解質的持續開發，我們於 2024 年啟用了最先進的電解質創新中心 (EIC)。我們使用專為靈活性而設計的 EIC 來開發和測試小規模的生產流程，然後將這些知識轉移到我們的試驗電解質生產線，目的是提高電解質和前驅材料的性能、可製造性和成本。

In September 2024, we were selected by the US Department of Energy for a grant of up to $50 million to install the first globally known continuous manufacturing process of sulfide-based solid electrolyte materials for advanced all solid-state batteries and expand our electrolyte production capabilities. We view our selection for funding as validation of the promise sulfide-based all solid-state batteries hold.

2024年9月，我們獲得美國能源部高達5000萬美元的資助，用於安裝全球首個用於先進全固態電池的硫化物基固體電解質材料連續製造工藝，擴大我們的電解質生產能力。我們認為，我們獲得資助的選擇是對基於硫化物的全固態電池前景的驗證。

The expansion is designed to further our technology roadmap and support anticipated small volume programs of current and future customers as they begin to transition from traditional lithium ion to solid-state battery technology. In January 2025, they began to transition from traditional lithium-ion to solid-state battery technology. In January 2025, we and the DOE entered into an agreement, which formalized the terms of the grant.

此次擴張旨在進一步推進我們的技術路線圖，並支援現有和未來客戶在從傳統鋰離子向固態電池技術過渡時預期的小批量專案。2025年1月，他們開始從傳統鋰離子電池技術轉型為固態電池技術。2025年1月，我們與能源部達成協議，正式確定了撥款條款。

Our cost share under the DOE agreement is $60 million. There is some uncertainty regarding the timing of funding under the agreement due to the January 2025 executive order that paused disbursements of funds pending further review. We're keeping in contact with the DOE and hope to have some certainty around the funding in the coming months.

根據 DOE 協議，我們的分擔費用為 6000 萬美元。由於 2025 年 1 月的行政命令暫停了資金支付以等待進一步審查，因此該協議下的資金到位時間存在一些不確定性。我們正在與能源部保持聯繫，希望在未來幾個月內確定資金問題。

Moving on to our partner developments, we deepened our relationship with SK On, one of the largest battery manufacturers in Korea and top 10 in the world at the beginning of 2024 by signing three agreements: a research and development license; a line installation agreement; and an electrolyte supply agreement. With these agreements, we are supporting SK On's efforts to develop solid-state cells based on our technology and operate a solid-state pilot line that we designed to use our electrolyte.

在合作夥伴發展方面，我們透過簽署三項協議加深了與韓國最大的電池製造商之一、全球十大電池製造商 SK On 的關係：一項研發許可；線路安裝協議；以及電解質供應協議。透過這些協議，我們支持 SK On 基於我們的技術開發固態電池的努力，並運營我們設計的使用我們的電解質的固態試驗生產線。

Throughout 2024, we executed on our milestones as we prepare to install the line at SK On later this year. We believe the breadth of work we are doing with SK On is unique and validates both our technological acumen and long-term potential as an electrolyte materials supplier.

在整個 2024 年，我們都在努力實現我們的里程碑，並準備在今年稍後在 SK On 安裝該生產線。我們相信，我們與 SK On 合作的廣度是獨一無二的，並驗證了我們作為電解質材料供應商的技術敏銳度和長期潛力。

In 2024, we extended our joint development agreements with BMW and Ford. Under the JDAs, we have been working with each of them to improve our cell technologies and pilot scale manufacturing. After delivering A-1 cells in late 2023, we shifted our focus to improving the cell design for incorporation into A-2 cells. During 2024, we made progress on multiple cell designs that we expect will improve performance as compared to our A-1 cells, but we have not yet reached a determination as to a consolidated A-2 build.

2024年，我們與寶馬和福特延長了聯合開發協議。在 JDA 的支持下，我們一直與他們各自合作，以改進我們的細胞技術和中試規模生產。在 2023 年底交付 A-1 電池後，我們將重點轉移到改進電池設計以便融入 A-2 電池。2024 年，我們在多種電池設計上取得了進展，預計與 A-1 電池相比，這些電池的性能將有所提高，但我們尚未確定合併的 A-2 版本。

We also made improvements to our production processes that we believe will allow us to produce higher-quality prototype cells. And we worked collaboratively with BMW to enable them to utilize our learnings as they work to bring online their own solid-state cell development capabilities.

我們也對生產流程進行了改進，相信這將使我們能夠生產出更高品質的原型電池。我們與寶馬公司合作，使他們能夠利用我們的經驗，努力實現他們自己的固態電池開發能力。

Finally, in 2024, we expanded our presence in Korea, establishing a home base for driving further engagement across the Peninsula with potential customers, vendors, government-funded research institutes and others at the forefront of battery technology development. With our growing relationships in Asia, along with strong potential customer base, we're excited for what our future could be in Korea.

最後，在 2024 年，我們擴大了在韓國的業務，建立了一個大本營，以推動整個半島與潛在客戶、供應商、政府資助的研究機構以及其他處於電池技術開發前沿的機構的進一步接觸。隨著我們在亞洲的關係不斷發展，以及擁有強大的潛在客戶群，我們對在韓國的未來充滿期待。

I will now turn it over to Linda to discuss our financial results. Linda?

現在我將把話題交給琳達來討論我們的財務結果。琳達？

Thank you, John. We achieved our financial objectives for the year in terms of both revenue recognized and cash flow investment, which is comprised of cash flow from operations plus capital expenditures. In 2024, we generated revenue of $20.1 million, a $2.7 million or 16% increase compared to our 2023 revenue of $17.4 million and slightly above our guidance range of $16 million to $20 million. This increase was driven primarily by the SK On agreement with strong execution on the line installation agreement and completion of key steps in the transfer of our technology, accounting for $11.8 million of our 2024 revenue.

謝謝你，約翰。我們在確認收入和現金流投資（包括營運活動現金流加上資本支出）方面實現了今年的財務目標。2024 年，我們的收入為 2,010 萬美元，與 2023 年的 1,740 萬美元收入相比增加 270 萬美元或 16%，略高於我們的 1,600 萬至 2,000 萬美元的指導範圍。這一成長主要得益於 SK On 協議，該協議有力執行了線路安裝協議並完成了我們技術轉移的關鍵步驟，占我們 2024 年收入的 1,180 萬美元。

Operating expenses were $125.5 million for the year, an increase of $17.5 million compared to 2023. This increase was driven by higher research and development costs to improve the performance of our electrolyte and cell designs, electrolyte production, equipment purchases in support of the SK On agreement and scaling of operations, including establishing Korean operations.

全年營運費用為 1.255 億美元，較 2023 年增加 1,750 萬美元。這一成長主要是由於研發成本的增加，旨在提高電解質和電池設計的性能、電解質生產、支持 SK On 協議的設備採購以及擴大業務規模（包括建立韓國業務）。

Operating loss was $105.3 million and net loss was $96.5 million or $0.54 per share. 2024 capital expenditures totaled $15.9 million, which were primarily investments in our electrolyte development and production capabilities, including the build-out of the EIC.

營業虧損為 1.053 億美元，淨虧損為 9,650 萬美元，即每股 0.54 美元。 2024 年資本支出總計 1,590 萬美元，主要用於投資我們的電解質開發和生產能力，包括 EIC 的建設。

Turning to our balance sheet and liquidity, during 2024, we invested $63.9 million into operations and $15.9 million into CapEx, bringing our total cash investment to $79.8 million. This was below our guidance range of $100 million to $120 million. During the year, we ensured that we were prioritizing projects and outlays to preserve cash runway while still meeting our goals and objectives. As a result of our lower spend, we ended the year with total liquidity of $327.5 million.

談到我們的資產負債表和流動性，2024 年，我們向營運投資了 6,390 萬美元，向資本支出投資了 1,590 萬美元，使我們的總現金投資達到 7,980 萬美元。這低於我們 1 億至 1.2 億美元的指引範圍。在這一年中，我們確保優先考慮專案和支出，以保留現金流，同時仍實現我們的目的和目標。由於我們的支出較低，年底我們的總流動資金為 3.275 億美元。

Moving on to guidance, for 2025, we expect cash investment, representing cash used in operations and capital expenditures, to be in the range of $100 million to $120 million, excluding any benefit from the DOE grant. We anticipate that our most significant capital expenditures in 2025 will relate to facility engineering and construction of a third pilot electrolyte line using a continuous manufacturing process as well as improvements to cell development capabilities.

談到指導，對於 2025 年，我們預計現金投資（代表用於營運和資本支出的現金）將在 1 億至 1.2 億美元之間，不包括能源部撥款的任何收益。我們預計，2025 年最重要的資本支出將與設施工程、採用連續製造流程的第三條試驗電解質生產線的建設以及電池開發能力的改進有關。

We expect 2025 revenue to be consistent with or higher as compared to 2024. However, we are not providing a range. This guidance reflects our continued efforts to balance the investments required to develop and commercialize our electrolyte while managing spend and maintaining financial discipline to increase our cash runway in the context of overall market signals.

我們預計 2025 年的收入將與 2024 年持平或更高。然而，我們不提供範圍。該指引反映了我們持續努力平衡開發和商業化電解質所需的投資，同時管理支出並保持財務紀律，以在整體市場訊號的背景下增加我們的現金流。

I will now turn it back to John for some final thoughts.

現在我將把話題轉回給約翰，請他發表一些最後的想法。

Thank you, Linda. Solid Power's key 2025 focus is on continuing to develop demand for electrolyte through aggressive sampling and exploring additional partnership opportunities. In 2024, multiple new and repeat potential customers requested samples of our electrolyte, and we sampled a greater quantity of electrolyte in 2024 than 2023.

謝謝你，琳達。Solid Power 2025 年的重點是透過積極的採樣和探索更多的合作機會來繼續開發對電解質的需求。2024 年，多個新客戶和潛在回頭客都要求我們提供電解質樣品，我們在 2024 年採樣的電解質數量比 2023 年更多。

We believe this is largely due to Tier 1 cell manufacturers and OEMs coalescing around sulfide solid-state batteries as the preferred solid-state cell architecture of the future, and we view this as a validation of our intended business model. We're encouraged by the number of entities engaging in sulfide-based solid-state development.

我們認為，這在很大程度上是由於一級電池製造商和原始設備製造商 (OEM) 聯合起來，將硫化物固態電池作為未來首選的固態電池架構，我們認為這是對我們預期商業模式的驗證。參與硫化物固態開發的實體數量令我們感到鼓舞。

As we respond to sampling requests, we're seeing a variety of approaches to cell designs and manufacturing processes. This has led us to increase our focus on developing a deeper understanding of how our electrolyte affects certain cell performance parameters, whether in our cell design or in others. We believe this can give Solid Power a competitive advantage and drive commercialization of our electrolyte compared to electrolyte producers that do not have the same level of experience and confidence that we have with cells.

當我們回應採樣請求時，我們看到了各種各樣的電池設計和製造流程方法。這促使我們更加專注於深入了解電解質如何影響某些電池性能參數，無論是在我們的電池設計中還是在其他電池設計中。我們相信，與那些在電池方面經驗和信心不如我們的電解質生產商相比，這可以為 Solid Power 帶來競爭優勢，並推動我們的電解質商業化。

During 2025, we'll focus our cell development teams primarily on supporting the development efforts of our electrolyte team. This continues the natural progression for our business as other companies have expanded their solid-state cell capabilities and now have a need for high-performing, high-quality electrolyte material. Remember, our business model is to supply electrolyte to these cell developers, not to compete with them on the cell front.

2025 年期間，我們的電池開發團隊將主要致力於支援電解質團隊的開發工作。隨著其他公司擴大其固態電池能力並現在需要高性能、高品質的電解質材料，這繼續了我們業務的自然發展。請記住，我們的商業模式是向這些電池開發商提供電解質，而不是在電池方面與他們競爭。

By pursuing this strategy, we will decrease the amount of internal cell development we undertake in the short term, including scaling back on significant cell manufacturing as part of the automotive qualification process. This is driven by our view that our best path to success is to enable worldwide cell development with our electrolyte and help accelerate the adoption of solid-state technologies. However, to be clear, we do still intend to work closely with our partners, including Ford and BMW under their respective JDAs.

透過實施這項策略，我們將在短期內減少內部電池開發的數量，包括減少作為汽車認證過程一部分的重要電池製造。我們認為，成功的最佳方法是利用我們的電解質推動全球電池開發，並幫助加速固態技術的採用。但需要明確的是，我們仍打算與我們的合作夥伴密切合作，包括福特和寶馬在其各自的 JDA 下合作。

We believe this strategy gives Solid Power the best opportunity to be the electrolyte supplier of choice to Tier 1 cell manufacturers and OEMs that choose to produce their own cells. As we embark on another year and with an evolving landscape in mind, we're outlining the following additional operational goals for 2025.

我們相信，這項策略為 Solid Power 提供了最好的機會，使其成為一級電池製造商和選擇生產自己的電池的 OEM 的首選電解質供應商。隨著我們進入新的一年並考慮到不斷變化的形勢，我們為 2025 年制定了以下額外營運目標。

First, we will continue to execute on our electrolyte development roadmap, including creating a continuous manufacturing process by beginning facility engineering and construction of a third pilot line at SP 2. We currently anticipate the continuous process pilot line to be commissioned in the mid-2026 timeframe.

首先，我們將繼續執行電解質開發路線圖，包括透過開始設施工程和在 SP 2 建造第三條試驗生產線來創建連續製造流程。我們目前預計連續製程試驗線將於 2026 年中期投入使用。

In addition, we will continue to work to drive demand for our electrolyte. We currently have significant production capability, which we believe differentiates us from our competition. With the EIC coming online, we expect to be even more flexible and responsive to customer requirements and further demonstrate our leadership position in this industry.

此外，我們將繼續努力推動對電解質的需求。我們目前擁有強大的生產能力，我們相信這使我們與競爭對手脫穎而出。隨著EIC的上線，我們期望能夠更靈活地回應客戶需求，並進一步展示我們在該行業的領導地位。

Next, we plan to execute our partner commitments, specifically the SK On line installation. This is a significant undertaking that requires strong coordination between the Solid Power and SK On teams. As I mentioned, this relationship is unique for us as we have been working to enable SK On efforts to develop solid-state cells based on our technology and operate a solid-state pilot line that we designed to be used with our electrolyte. I'm encouraged by the progress to date, and I look forward to the line being installed at SK On's facility later this year to begin validation efforts.

接下來我們計劃履行對合作夥伴的承諾，特別是SK線上安裝。這是一項重大任務，需要 Solid Power 和 SK On 團隊之間的密切協調。正如我所提到的，這種關係對我們來說是獨一無二的，因為我們一直致力於支持 SK On 開發基於我們的技術的固態電池，並運營我們設計的與我們的電解質一起使用的固態試驗生產線。我對迄今為止的進展感到鼓舞，並期待今年稍後在 SK On 的工廠安裝該生產線以開始驗證工作。

And finally, we expect to maintain financial discipline while ensuring ongoing investments in technology development and production capabilities. I'd like to thank our employees, partners, and stakeholders for their loyalty and dedication. I am energized by our strategy and look forward to a year of technology and customer progress.

最後，我們希望保持財務紀律，同時確保對技術開發和生產能力的持續投資。我要感謝我們的員工、合作夥伴和利害關係人的忠誠和奉獻。我們的策略讓我充滿活力，我期待新的一年技術和客戶將取得更大的進步。

We'll now take your questions. Operator?

我們現在來回答你們的問題。操作員？

(Operator Instructions) Chris Pierce, Needham.

（操作員指示）克里斯皮爾斯，尼德姆。

Just two for me. I guess if we think about '24 and into '25, you sort of laid it out there, but what should we be listening forward to '25? Is it new partners sampling electrolytes? Is it more back and forth between existing partners and then taking larger size samples? Like what's the right kind of path forward? And what should we be listening for as we work through '25?

對我來說只要兩個。我想，如果我們考慮 24 年和 25 年，您已經把它講清楚了，但是我們應該期待 25 年聽到什麼呢？是新夥伴採樣電解質嗎？是否需要在現有合作夥伴之間進行更多溝通，然後取得更大尺寸的樣本？什麼樣的前進道路才是正確的？當我們度過25年時，我們該關注什麼呢？

Chris, good to hear from you again. I think you'll have -- see some of both of those from us. There will continue to be some back and forth, but I think you can expect that there will be larger quantities that will be ordered from existing customers that we've been sampling through '24.

克里斯，很高興再次收到你的來信。我想您會看到我們提出的上述兩種觀點。雙方仍會繼續進行反覆交涉，但我想你可以預期，我們已經在 24 年期間對現有客戶進行了抽樣，他們將訂購更多數量。

Okay. And then on the -- I know it's hard to keep track of all the headlines in the industry, but if you see things like Mercedes 621 miles range just out this week, is that sort of -- should we take that as industry momentum at the OEM level, and that's why you're prioritizing the electrolyte side of the business? Or is it -- I guess I just don't want to conflate two things that aren't related. So I just -- I'd love for you to go a little deeper on the decision to kind of your final comments on moving forward, maybe a little bit with a heavier leverage towards electrolyte sampling.

好的。然後——我知道很難跟踪業內的所有頭條新聞，但如果您看到本週剛發布的梅賽德斯 621 英里續航里程之類的消息，我們是否應該將其視為 OEM 層面的行業發展勢頭，這就是為什麼您優先考慮電解質業務的原因？或者是——我想我只是不想混淆兩件不相關的事情。所以我只是——我希望你能更深入地談論這個決定，或者對未來的最終評論，也許對電解質採樣有更大的影響力。

Yes. Well, first of all, I mean, as you know, Chris, electrolyte and the capital-light model has always been our core business. And so we've carried the flag on cell development for a number of years really to get the industry jump started, if you will. In our strategic assessment, looking at '25, we saw a number of people based on the sampling activities we had in '24 largely that people had picked up that flag and they were starting to carry it at an increased pace. And so that was a lot of what was behind us saying, all right, we've gotten it to this point.

是的。嗯，首先，我的意思是，正如你所知，克里斯，電解質和輕資本模式一直是我們的核心業務。所以，如果你願意的話，我們多年來一直在細胞開發方面發揮著重要作用，真正推動這個產業的起步。在我們的策略評估中，展望25年，根據我們在24年進行的抽樣活動，我們看到許多人已經拿起了這面旗幟，並且開始以更快的速度舉起它。這就是我們背後說的很多話，好吧，我們已經到了這一點。

Let's get back to our core business model, and let's really, really innovate around the electrolytes to make the cell performance of those end customers the best it can be.

讓我們回到我們的核心商業模式，讓我們真正地圍繞電解質進行創新，以使最終客戶的電池性能達到最佳。

Relative to industry announcements, anything that comes out that progresses demo cars or other developments, we welcome. The industry is so nascent at this point that we would welcome any of those kind of advances going forward.

相對於行業公告，任何有關演示車或其他發展的進展，我們都歡迎。目前，該行業尚處於起步階段，我們歡迎任何此類進步。

(Operator Instructions) Mike Shlisky, D.A. Davidson.

（操作員指令）Mike Shlisky，D.A.戴維森。

One quick one for me, just about tariffs. On shipping things back and forth between countries. I know it's mostly Korea and there's some Europe in there as well. But I guess I'm kind of curious, first of all, are the materials that are in your formula currently sourced mostly within the United States or non-tariff countries? Maybe secondly, are there any cost issues when talking about tariffs for the 2025 business here?

我只想簡單問一個問題，關於關稅。關於在國家之間來回運送物品。我知道主要是韓國，也有一些歐洲人。但我想我有點好奇，首先，你們配方中的材料目前主要來自美國還是非關稅國家？其次，談到 2025 年業務的關稅時是否有成本問題？

Yes. We source from around the globe. And so we're still assessing what all of the tariff potentials will be, and we'll adjust accordingly as we go forward. But I would say that we are very well diversified. Yes, we have US suppliers for precursors and equipment, but we do get both precursors and equipment from Korea as well as from Europe. So we're monitoring the situation. As you know well, it's a very dynamic situation, and we'll make adjustments accordingly. But I think at this point, we're very well diversified in terms of continuing the business moving forward.

是的。我們的採購來源遍佈全球。因此，我們仍在評估所有關稅的可能性，並將在未來做出相應調整。但我想說的是，我們的多元化程度非常高。是的，我們有美國的前驅設備和設備供應商，但我們也從韓國和歐洲獲得前體和設備。因此我們正在監視局勢。如你所知，這是一個非常動態的情況，我們會做出相應的調整。但我認為，就目前情況而言，我們在繼續開展業務方面已經實現了很好的多元化。

This concludes our question-and-answer session. I'd like to turn the conference back over to John Van Scoter for closing remarks.

我們的問答環節到此結束。我想將會議交還給約翰·範斯科特 (John Van Scoter) 作最後發言。

Thank you for joining the call today and for your interest in Solid Power. We look forward to updating you again next quarter.

感謝您今天的電話會議以及對 Solid Power 的關注。我們期待下個季度再次為您更新。

Thank you. The conference has now concluded. We thank you all for attending today's presentation. You may now disconnect your lines, and have a wonderful day.

謝謝。會議現已結束。我們感謝大家參加今天的演講。現在您可以斷開連接，享受美好的一天。