Eos Energy 2023 Q2 Earnings Call
发布时间 2023-08-30 09:33:09 来源
Good morning and welcome to EOS Energy Enterprise the second quarter 2023 conference call. As a reminder, today's call is being recorded and your participation implies consent to such recording. At this time, all participants are in listen only mode. A brief question and success will follow the formal presentation.
早上好，欢迎参加EOS能源企业2023年第二季度电话会议。作为提醒，本次通话正在录音，您的参与意味着同意录音。目前，所有参与者处于仅听模式。在正式报告结束后，将进行简短的问题与回答环节。
With that, I would like to turn the call over to Liz Higgly, Acting Director of Investor Relations. Thank you. You may begin.
有了这些，我想把电话转给投资者关系的代理主任Liz Higgly。谢谢。你可以开始了。
Thank you. Good morning, everyone, and thank you for joining us for EOS's financial results and conference call for the second quarter 2023. On the call today, we have EOCEO, Joe Mr. Angelo, and CFO Nathan Craker. Before we begin, allow me to provide a disclaimer regarding forward-looking statements. This call, including the Q&A portion of the call, may include forward-looking statements, including the not limited to current expectations with respect to future results for our company, which are subject to certain risks, uncertainties, and assumptions. Should any of these risks materialize, or should our assumptions prove to be incorrect, our actual results may differ materially from our expectations or those implied by these forward-looking statements. The risks and uncertainties that forward-looking statements are subject to are described in our SEC filings. Forward-looking statements represent our beliefs and assumptions only as of the dates such statements are made. We undertake no obligation to update any forward-looking statements made during this call to reflect events or circumstances after today, or to reflect new information or the occurrence of unanticipated events, except as required by law.
谢谢大家。大家早上好，感谢大家参加我们关于EOS第二季度财务结果和电话会议。今天的电话会议上，我们有EOCEO乔·安吉洛和首席财务官内森·克雷克。在我们开始之前，我想提供一段关于前瞻性声明的免责声明。这次电话会议，包括问答环节，可能会包含前瞻性声明，包括但不限于对公司未来业绩的当前预期，这些声明可能受到一定的风险、不确定性和假设的影响。如果这些风险中的任何一个实现，或者我们的假设被证明是错误的，我们的实际结果可能与我们的预期或这些前瞻性声明所暗示的结果有实质性不同。前瞻性声明所受到的风险和不确定性在我们的美国证券交易委员会文件中有所描述。前瞻性声明仅代表我们在这些声明发表时的信念和假设。除非法律要求，我们不会更新本次电话会议中所作的任何前瞻性声明，以反映今天之后的事件或情况，或者反映新的信息或出乎意料的事件的发生。
This conference call will be available for replay via webcast through EOS's Investor Relations website at investors.usc.com. Joe and Nathan will walk you through the company highlights, financial results, and business priorities before we proceed to Q&A.
该电话会议将通过EOS的投资者关系网站（investors.usc.com）以网络直播的形式提供重播。在我们进行问答环节之前，乔和内森将向您介绍公司亮点、财务结果和业务重点。
With that, I'll now turn the call over to EOCEO, Joe Mr. Angelo. On behalf of the 300-plus employees at EOS, I want to welcome everyone to our Q2 earnings call. This is a very important moment in time for both EOS and for industry. As I said before, I've been in the energy industry for nearly 30 years, and EOS has been in existence for 15 years. We're at an important inflection point as you look at what the world needs to power its future.
有鉴于此，我现在将把电话交给EOS的执行官Joe Mr. Angelo。我代表300多名EOS员工欢迎大家参加我们的第二季度盈利电话会议。对EOS和整个行业来说，现在是一个非常重要的时刻。正如我之前所说，我在能源行业已经工作了近30年，EOS已经存在了15年。当你考虑世界未来需要什么来驱动发展时，我们正处在一个重要的转折点上。
When you look right now in the United States, the Texas to Air-Cop market is operating at record highs. California is experiencing high temperatures, which is straining their ability to produce on the grid. You see numerous fires on energy storage projects, which has caused a significant concern about how we can deliver and integrate renewable safely into our grid. Nathan is going to go through later on the details around our order pipeline backlog and some specific customer examples.
当你现在看到美国，德州与空调市场的运作达到了创纪录的高位。加利福尼亚正经历着高温，这对他们在电网上的生产能力构成了压力。你会看到很多能源储存项目发生火灾，这引起了如何安全地将可再生能源整合到我们的电网中的重大关注。内森稍后将详细说明我们的订单管道滞后问题以及一些具体客户示例。
But what I wanted to talk about is what's required to truly grow our business, and ultimately what's required to help decarbonize our energy grid. What's important here is not just the intent of decarbonization. It's having the policies in place to deliver that. At the same time as you have the policy framework in place, which I believe we do in the United States with the IRA legislation, it's then taking those policies and acting, and where we need to work on as an industry and as a company, it's acting and moving faster to deliver on that demand.
但是我想谈论的是真正发展我们的业务所需要的，以及最终帮助减少碳排放的能源网络所需要的。这里重要的不仅仅是减碳的意图，还有将政策落实到位。同时，在我们有了政策框架的同时，我相信美国已经通过了IRA立法，那么我们就需要将这些政策付诸行动，作为行业和公司所需要改进的一点是，我们需要更加迅速地行动起来，以满足市场需求。
What the world is asking for right now is not a two-hour energy storage solution, but a flexible energy storage solution that provides the safety and reliability that we all demand from our power grid. We believe that we have that solution over time to deliver into that market. It's no more evidence by that number on the lower left-hand side of the page. The fact that we've discharged 1.4 gigawatt hours of energy over the lifetime of our product. We still have work to do, we still have things that we need to fix, improve, and refine, but we have a technology that can deliver upon the need in the marketplace that we see every day and talk about every day.
现在世界需要的不是一种两小时的能量存储解决方案，而是一种灵活的能量存储解决方案，它能为我们所有人的电网需求提供安全可靠性。我们相信，经过一段时间，我们可以将这种解决方案投放到市场中。这一点已经在页面左下角的数字上得到证明，即我们的产品在其寿命期间已释放了1.4千兆瓦时的能量。我们仍然有工作要做，仍然需要修复、改进和完善，但我们拥有一种能够满足市场需求的技术，这是我们每天谈论并看到的。
At the same time, we're focused on being able to deliver that product out of the state-of-the-art factory that we like to say, it's a technology that was designed with American minds. It's built with American hands using predominantly American materials on American manufacturing equipment. That's important to note as we talk about also energy security and our ability to deliver the future growth of our country. If you flip the page 4, a picture tells 1,000 stories. Here's a picture of our semi-automated manufacturing line in Turtle Creek, Pennsylvania, with our employees manning their stations and building batteries.
同时，我们专注于能够从我们所说的尖端工厂生产出这种产品。这是一种由美国人设计的技术。它是由美国人使用主要是美国材料、在美国制造设备上建造的。这一点很重要，因为我们也在讨论能源安全和我们能够为我国未来增长提供支持。如果你翻到第4页，一张图片能讲述一千个故事。这是我们位于宾夕法尼亚州的半自动化生产线的照片，我们的员工在自己的岗位上组装电池。
Now, we are in early days of commercial production, but we feel really good about where we are, and we are very proud of what the team is doing and delivering on a day-by-day basis.
现在，我们正处于商业生产的初期阶段，但我们对目前的情况感到非常满意，并对团队每天所做和交付的工作感到非常自豪。
If we move to page 5, I just want to hit on three core concepts here as to why we feel like we have a product that can deliver the future needs of our industry and the world. First one is we've taken a product that has been around for 15 years. We've used the basic same core chemistry, and our challenge technologically has always been, how do you do that and feel that battery so that the battery can perform over a 20-year lifespan? How do you do that at a cost where you can deliver a product and how do you do that at a cycle time that you can scale into a fast-growing market? We've learned a lot over the various generations of our technology, and in every step of the way, we've incorporated that into this new Z3 design.
如果我们翻到第5页，我只想简要谈一下我们为什么觉得我们的产品能够满足我们行业和世界未来需求的三个核心概念。首先，我们将一个已经存在15年的产品作为基础。我们使用了基本相同的核心化学成分，我们在技术上面临的挑战一直是，怎样才能在电池能够使用20年的寿命内，对电池进行优化？我们如何在成本上实现产品交付？我们如何在周期时间上满足不断增长的市场需求？我们在技术的不同发展阶段积累了很多经验，并将这些经验融入到这个新的Z3设计中。
This new Z3 design that the team has developed, the initial results are very promising, but you have to realize what the technological team was able to do in Edison, New Jersey. It's take out the highest cost component in our battery that being titanium and replacing it with conductive polymer. Learning from the ceiling challenges that we had on leaking batteries and taking that and incorporating it into the design of the Z3 battery, which enables us to both reduce cycle time and improve performance.
这款由我们团队在新泽西州爱迪生设计的新Z3型号非常有前景，但你必须了解技术团队在爱迪生做了什么。他们将我们电池中成本最高的组件——钛，替换为导电聚合物。我们从之前电池泄漏问题中吸取教训，并将其应用于Z3电池的设计中，这既减少了循环时间，又提高了性能。
If you move to the center of the page, our initial battery performance is very promising. Now, here I think what we have to do is take an insider's view of what performance means. So I've heard people say and talk about, well, EOS' round-trip efficiency is lower than what else would be lithium ion, and that's true. We sacrifice a couple points of round-trip efficiency for the safety and to reduce the fire risk around our technology that you see in lithium ion. But at the same time, if you measure us at two hours of energy delivery against lithium ion, we also need to then take lithium ion and measure them at 4, 6, 8, 10, and 12 hours discharge time. That same performance that an EOS battery can do with that same round-trip efficiency without requiring the HVAC systems to be able to operate, you get that with an EOS solution. And that's important when you think about these systems are operating in higher temperature environments. That's why you have the high power demand here this summer. So you need something that's going to be safe that doesn't require sophisticated, complex cooling systems to allow them to perform. That's the product that the team has been able to develop. And when you look at the performance of nine modules, so this is a small subset of technology, but that technology is performing exactly as it was designed in the lab.
如果您将页面移动到中心位置，我们最初的电池性能非常有前景。现在，我认为我们需要从内部人士的角度来理解性能的含义。所以我听到有人说，而且谈论，EOS的来回效率低于锂离子电池，这是真的。我们为了安全起见，降低了火灾风险，将几个百分点的来回效率作出了牺牲，这在锂离子电池中可以看到。但是与此同时，如果您将我们在两小时能量传输方面与锂离子电池进行比较，我们还需要将锂离子电池在4, 6, 8, 10和12小时的放电时间内进行测量。EOS电池以相同的来回效率实现同样的性能，而无需让暖通空调系统运行，这就是EOS方案的优势。当您考虑到这些系统在更高温度环境中运行时，这一点非常重要。这就是您今年夏天出现高功率需求的原因。因此，您需要一种安全的解决方案，不需要复杂的冷却系统来实现性能。这就是团队能够开发的产品。当您观察九个模块的性能时，这是一小部分技术，但该技术完全按照实验室设计的方式运行。
Now, there are going to be challenges as we move forward. I've done numerous new product introductions throughout my 30-year career. You don't know until you start building and executing on your roadmap. But what we've seen from our initial performance is really promising as we look to deliver in the future.
现在，我们前进的过程中会面临一些挑战。在我的职业生涯中，我已经进行了许多新产品的推出。只有当你开始制定和执行你的路线图时，你才会知道问题的所在。但是从我们最初的表现来看，我们对未来的交付表现非常有希望。
And then on the far right-hand side of the page, you don't sell an individual battery cell. You don't even sell an individual battery. You sell a system. And inside that system, you've got to look at how you make that cost effective and how you make that operate. And the team here has done a fantastic job of coming up and simplifying our system. Our whole goal here is reduce the amount of wires that you have out in the field, reduce the complexity that you have on the field, allow more energy cubes to operate off of the same power electronics to reduce cost, to simplify the system and allow it to perform in a difficult operating environment and deliver what's expected of the industry and of this product.
然后，在页面的最右边，你不卖单个电池单元，甚至不卖单个电池。你在卖一个系统。在这个系统里，你要考虑如何使其具有成本效益以及如何让其运行起来。这个团队在简化我们的系统方面做得非常出色。我们的整个目标是减少外场所需的电线数量，简化外场的复杂度，让更多的能量单元共同利用同一套电子设备以降低成本，简化系统并使其能够在恶劣的工作环境中运行并满足行业和产品的预期。
So we take those three fundamentals and then flip to page six and talk about our line launch. I'm proud to say that I work at EOS. I'm proud to be part of this team. The team amazes me every day with the work that they do. And if you start off on the left-hand side of this page, that day won a commercial production that happened a few weeks ago. Now, we've been very purposeful about turning on commercial production because of the speed that you manufacture. If you have an inherent problem inside your battery, inside the production process, the compounding cost that it would be to share folders of cash burn, and we've been very, very cautious about how we've launched this product to make sure that we're spending every dollar we have wisely.
那么我们将这三个基本原则拿出来，然后翻到第六页讨论我们的产品发布。我为能在EOS工作感到骄傲。我为能成为这个团队的一部分而自豪。这个团队每天都以他们所做的工作令我惊叹不已。如果你从这一页的左边开始，那一天是几周前发生的一个商业生产赢得了比赛。现在，我们非常有意地开始商业生产，因为你的制造速度非常快。如果你的电池内部存在内在问题、生产过程中存在问题，这将带来大量的现金消耗，而我们在推出这个产品时非常谨慎，确保我们明智地使用我们所拥有的每一美元。
And we've learned at every step of the way how to improve how we build the battery. We started off, you remember, I said this before, Gen 2.3 had a 90-minute cycle time to build the battery. First day, we built batteries. We're at four minutes on the semi-automated line, and we believe we have a path to take that down to two minutes of cycle time as we move forward. And this initial production comes with less than 1% scrap. And the batteries that are coming off of the line are performing like the ones that we showed on the prior page, meeting specification. Now, we're going to put these batteries to the test. We're going to get them out in the field and start operating them. But what the team is doing out in Turtle Creek is nothing short of amazing in my viewpoint.
我们在这个过程的每一步中都学到了如何改善我们建造电池的方法。你可能还记得，我们一开始是第2.3代，每个电池的建造时间是90分钟。第一天，我们就建造了电池。现在，我们在半自动化生产线上的建造时间已经缩短到了4分钟，并且我们相信随着时间的推移，我们可以将其降至2分钟。这个初始生产阶段的废品率少于1%。从生产线上出来的电池的性能和我们之前展示的那一页上的电池一样，符合规格。现在，我们将对这些电池进行测试。我们将把它们放到实地中开始操作。但在Turtle Creek，团队所做的事情在我看来简直是惊人的。
At the same time, I talked about this before, you don't just sell batteries, you sell an overall system. We call that the EOC3CUBE. If you look at that middle picture, that's us starting to run our strings inside of a cube that would go out into the field. Now, we're finding out as we've spent a lot of time here again in Edison, New Jersey in our R&D facility and our software facility developing a simpler battery-imagined system. We do differently than other technologies as we allow our battery to operate across a wide temperature range. We allow it to operate charge and discharge over a wide number of hours. But we do that with a very simple battery-imagined system that allows flexibility for the end users. And what we've been trying to do in the whole trick here is reduce voltage in the system to increase throughput and to increase output of the system. It's not just about what your individual battery does, but how your system performed. The team has spent a lot of time doing that.
与此同时，我之前已经谈过了，你们不仅仅销售电池，你们销售的是整个系统。我们称之为EOC3CUBE。如果你看那张中间的图片，我们开始在一个会进入实际使用的方块中布置我们的线路。现在，我们在我们的研发设施和软件设施中花了很多时间，发展出了一个更简单的电池设想系统。我们与其他技术的不同之处在于，我们允许我们的电池在广泛的温度范围内工作。我们允许它在广泛的小时数内进行充放电。但是，我们采用了一个非常简单的电池设想系统，为最终用户提供了灵活性。我们一直在努力的目标是降低系统中的电压，提高系统的吞吐量和输出。这不仅仅关于你们个别的电池是如何的，而是你们的系统是如何表现的。团队在这方面花了很多时间来做到这一点。
At the same time, I get a lot of questions about where are we on the state-of-the-art manufacturing process. Well, the far right, that's the design of the new line that's going to go into our factory in Turtle Creek. We're in the midst of developing the software and controls logic around that. We've made some purchases of long lead items around robotics. We feel really good about the progress that we're making around this. But this all comes back to, again, how we manage the timing of investment in that line versus the timing and spend on getting product out in the field. What everybody has to remember here before I turn this over to Nathan to talk about becoming profitable in the commercial pipeline is this is an industry where you have to prove yourself out in the field. It's not prove yourself in the laboratory. So we've got to get the Z3 out in the field operating on customer sites. And at the same time, perfect what we're doing, then automate, then scale. And we're trying to do that in a very compressed cycle time. I feel really good about where we are. We'll keep everyone updated on the challenges as we move forward, but I want to turn it over to Nathan who's going to walk you through some more details around our pipeline, around our path to profitability, and then also around the financials for the second quarter.
与此同时，我收到了很多关于我们在先进制造工艺方面的进展的问题。我们的新生产线设计已经完成，并将投入到我们在Turtle Creek的工厂中。我们正在开发与此相关的软件和控制逻辑。我们已经购买了一些机器人技术的长导时间物品，我们对我们在这方面取得的进展感到非常满意。但所有这些都要回到我们如何管理对生产线的投资时间以及在市场营销中的时间和支出。在我把这个问题转给Nathan谈论商业利润之前，大家必须记住这个行业是需要在实地进行验证的，而不是在实验室里。所以我们必须让Z3在用户现场运行起来。同时，我们还要不断完善我们的工作，然后开始自动化，再进行规模化。我们正试图在一个非常紧凑的周期内完成这一切。对于我们目前的进展，我感到非常满意。在我们继续前进的过程中，我们会将挑战情况告知大家，但现在我想将话题交给Nathan，他将为大家详细介绍我们的产品线、盈利路径以及第二季度的财务情况。
Thanks for listening today. Thanks, Joe. Good morning, everybody. I want to take a moment to explain how we're thinking about our path to profitability.
今天谢谢大家的倾听。感谢你，乔。大家早上好。我想花一点时间解释我们对盈利路径的思考方式。
Not only are we improving our bottom line, but we are also focused on improving our top line. As you know, the first step to profitability is getting the positive gross profit. From this point, we can begin to cover our operating expenses, which tend to be more fixed in nature as we achieve economies of scale.
我们不仅在改善我们的底线，还专注于提升我们的顶线。正如你所知，盈利的第一步是获得正的毛利润。从这一点开始，我们可以开始覆盖我们的营业费用，随着规模经济的实现，这些费用往往更加稳定。
Looking at this graph, what you see here is sales prices are currently expected to increase over time. This is a result of increased market demand for long-duration storage combined with a shortage of manufacturing capacity in the market. Some of these prices increases are already baked into our backlog and are expected to be realized following the delivery of some of the earlier projects, which were sold at lower prices in order to secure a foothold in a lithium-dominated marketplace.
看着这个图表，你可以看到销售价格预计会随着时间的推移增加。这是由于市场对长时储能的需求增加，同时市场上制造能力不足所导致的结果。其中一部分价格上涨已经被包含在我们的积压订单中，并预计在之前的一些项目交付之后实现，这些项目以较低的价格售出，以在一个以锂为主导的市场中确保立足点。
As we establish our technology and credibility in the market and secure the needed financing to expand our manufacturing capacity, we expect to see our pricing increase over time. The IRAs 10% domestic content bonus credit is an added tailwind. With our domestic content levels, we expect customers to see this benefit not only for their storage assets, but potentially in helping their overall projects to qualify for this added 10% credit.
在我们确立了技术和市场的可信度，并获得了扩大制造能力所需的融资之后，我们预计会看到我们的定价随着时间的推移而增加。 IRA的10%国内内容奖励积分是一种额外的有利因素。根据我们的国内内容水平，我们预计客户不仅将为他们的存储资产获得这些好处，还可能帮助他们的整体项目符合这个额外的10%积分的要求。
Moving on to COGS, while sales prices are increasing, one of the top priorities of the company is to continue focusing on taking cost out of the product. With our planned cost-out initiatives in place, we expect to reach gross profit break even as we scale our first automated line. This would enable higher throughput, allowing us to absorb more of our fixed costs and gain operating leverage.
转到成本商品销售而言，虽然销售价格在上升，但公司的首要任务之一是继续专注于降低产品成本。在我们计划的成本降低措施实施的基础上，我们预计在扩大我们的第一条自动化生产线时将达到毛利润盈亏平衡点。这将使我们能够提高产品的生产能力，吸收更多的固定成本，并获得运营杠杆效应。
Our cost program for 2023 includes seven discrete projects that are anticipated to either lower our supply costs, increase energy density, or improve the manufacturability of our product. All three of these goals are essential to getting EOS to profitability. On top of taking cost out, another benefit available to us is the $45 per kilowatt hour production tax credit. As we produce storage systems, we are able to realize this benefit as an offset to COGS, which we have already begun accounting for in the first half of the year. While this $45 tax credit will help to accelerate our path to break even, we do not believe it is essential to achieve profitability. We believe this business makes economic sense even without the tax credit, but it certainly acts as an added benefit to us over time.
我们2023年的成本计划包括七个独立项目，预计能够降低供应成本、提高能量密度或改善产品的制造工艺。这三个目标对于将EOS带入盈利至关重要。除了降低成本，我们还可以获得每千瓦时45美元的生产税收抵免额度。在生产储能系统时，我们能够将这个优惠作为成本抵销，这已经在上半年开始计算了。虽然这每千瓦时45美元的税收抵免能够帮助我们加速达到盈亏平衡点，但我们并不认为它是实现盈利的必要条件。我们相信这个业务即使没有税收抵免也是经济合理的，但随着时间推移，税收抵免肯定会成为我们的额外收益。
Despite the progress we are making on improving our backlog and driving out costs, we still expect to see negative margins as we come down our cost curve and deliver on early backlog orders.
尽管我们在改善积压订单和降低成本方面取得了进展，但我们仍然预计在成本曲线下降并履行早期积压订单时将出现负利润率。
Moving on to slide nine, I'm now going to walk you through our classic pipeline page that I'm sure many of you are familiar with. This page is broken out into three key buckets, lead generation, current pipeline, and backlog.
让我们转到第九张幻灯片，我现在要为大家介绍我们经典的流程页面，我相信你们中的许多人都很熟悉。这个页面可以分为三个主要部分，即潜在客户生成、当前流程以及积压项目。
Starting on the left side of the page is lead generation, which at the end of the quarter was $10.9 billion, representing 59 gigawatt hours of storage, up 1.2 billion from the previous quarter. You should think about this stage as customers coming to us with an idea for a project in which they do not yet have a technical use case for us to quote on. We do not count lead generation in our current pipeline, and generally there is a lot of turn here as things drop out or progress into our pipeline.
从页面的左侧开始，是我们的潜在客户生成环节，截至本季度末达到109亿美元，相当于5900吉瓦时的储能，比上个季度增加了12亿美元。你可以将这个阶段理解为客户向我们提出一个项目的构想，但他们尚未有技术使用案例要向我们报价。我们目前的销售线索中不计算潜在客户生成阶段的项目数量，通常这个阶段会有很多项目被淘汰或进入我们的销售渠道。
Moving to the right, we get to our pipeline, and we define pipeline in three segments. One, does it have a technical use case? Two, have we provided a non-binding quote? And three, do we have a signed letter of intent? We do not call something current pipeline unless we have a technical use case where we can provide a technical proposal to the customer, which then leads us to giving them a non-binding quote.
向右移动，我们来到我们的管道，并将管道分为三个部分进行定义。一，它是否具有技术用途？二，我们是否提供了非约束性报价？三，我们是否有一封签署的意向函？除非我们有一个可以向客户提供技术建议的技术用例，否则我们不会称之为当前的管道，这随后会导致我们向他们提供非约束性报价。
Our goal from there is to then get customers to sign an LOI with us, which represents a non-binding agreement, and if the project materializes, they plan to choose EOS as their technology.
我们的目标是让客户与我们签署一份LOI，该协议代表一项非约束性协议，如果项目实现，他们计划选择EOS作为他们的技术。
Our current pipeline is now at $9.7 billion and is up $1.1 billion from the prior quarter. We have $1.6 billion in signed LOIs, an increase of $93 million versus last quarter, representing over 7 gigawatt hours.
我们目前的投资项目管道总额为97亿美元，较上个季度增加了11亿美元。我们已经签署了16亿美元的谅解备忘录，较上个季度增加了9300万美元，相当于7千兆瓦时。
From there, the intention is to materialize projects into booked orders, which then get added to our backlog. We currently expect roughly 30% to be converted from LOIs into booked orders over time.
从那里，意图是将项目变为预订订单，并将其添加到我们的积压订单中。我们目前预计约有30％的意向书将随着时间转化为预订订单。
The backlog stands at $534 million as of June 30, including some long-term service revenue, which represents less than 6% of the total value of our backlog. We expect to grow service revenue as more projects become operational in the field.
截至6月30日，积压订单总额为5.34亿美元，其中包括一些长期服务收入，占我们积压订单总价值的不到6%。随着更多项目在领域投入运营，我们预计服务收入将会增长。
During Q2, we booked a new industrial order in California, and we removed two small projects that no longer met our qualifications to be considered in backlog.
在第二季度，我们在加利福尼亚州签订了一份新的工业订单，同时我们移除了两个不再符合我们备货资格的小项目。
While we didn't see a large increase in orders during the quarter, we continue to feel our pipeline is strong, and we believe many potential customers may be waiting to see our state-of-the-art factory in operation, as well as additional clarity on the IRA tax credits.
尽管本季度我们的订单没有大幅增长，但我们依然觉得我们的销售前景是强劲的。我们相信，许多潜在客户可能正在等待我们先进的工厂投入运营，并希望在IRA税收抵免方面能有更多明确的信息。
Each quarter, we assess the health of our reported backlog. Doing so requires us to exercise judgment about uncertain factors. We sometimes come to a view that a project that was booked in the past is unlikely to materialize, or a change order has been executed, in which case we may adjust our backlog. This assessment has resulted in projects being removed from our backlog in each of the last two quarters.
每个季度，我们会评估我们报告的积压订单的健康状况。为此，我们需要对不确定因素进行判断。有时我们会发现以前预订的项目不太可能实现，或者可能已经执行了变更订单，这种情况下我们可能会调整我们的积压订单。在过去的两个季度中，这种评估导致一些项目从我们的积压订单中被移除。
While we've previously shipped products to 12 customers, our current backlog consists of 13 customers representing 2.2 gigawatt hours, which includes a mix of utilities, developers, IPPs, and industrial customers. Over 50% of our backlog is in the California and Urcott markets, with the remaining 50% spread across other U.S. and international markets.
虽然我们之前已经向12个客户运送过产品，但我们目前积压的订单包括13个客户，总量达到2.2吉瓦时，其中包括公用事业公司、开发商、独立电力生产商和工业客户。我们积压订单的超过50%来自加利福尼亚和Urcott市场，其余50%分布在其他美国市场和国际市场。
Now let's take a deeper dive on a few of the larger customers that we have in our backlog, beginning with BridgeLink. We first signed an MSA with BridgeLink Commodities LLC back in March of last year. This was a multi-year MSA where BridgeLink locked in the price of 240 megawatt hours of storage over a three-year period, and then increased the overall size of the MSA to 1 gigawatt hour in June of last year. BridgeLink is a developer of solar and storage projects and has informed us that it has a logic in its pipeline, and some of these projects have received interconnects, while others are well into the interconnection queue. This is important because an interconnect approval is essential for a project to be able to deliver power to the grid. In today's environment, an interconnect can take years to secure, meaning that these types of projects have a certain amount of intrinsic value, and we believe a number of them will ultimately be able to deliver power to the grid. We were informed by BridgeLink management that its affiliate has reached a confidential settlement with its lender, and the related assets were not sold at auction. BridgeLink recently confirmed that they are actively seeking alternative financing for these projects.
现在让我们更深入地了解一下我们在待办事项中拥有的几个较大客户，首先是BridgeLink。去年3月，我们与BridgeLink Commodities LLC签订了一项多年的主合同（MSA）。这是一项为期三年的多年合同，BridgeLink锁定了240兆瓦时的储能价格，并在去年6月将MSA的总规模增加到10亿瓦时。 BridgeLink是一个太阳能和储能项目的开发者，并告诉我们他们的项目管道中存在一些逻辑，其中一些项目已经获得了互连，而其他项目则处于互连队列中。这很重要，因为互连批准是项目能够向电网输送电力的关键。在今天的环境中，互连可能需要数年时间来确保，这意味着这些类型的项目具有一定的内在价值，我们相信其中一些项目最终能够向电网输送电力。BridgeLink管理层告诉我们，其关联公司已与其贷款人达成了保密协议，并且相关资产未在拍卖中出售。 BridgeLink最近确认他们正在积极寻求这些项目的替代融资。
Moving on to IEP. In 2020, we entered into an agreement to supply 1 gigawatt hour of storage, which was added to the pipeline as a letter of intent. Of this, we have two Texas projects totaling 100 megawatt hours in the backlog, with the remaining 900 megawatt hours included in LOIs. Control of the two Texas projects was transferred to a large North American infrastructure fund, and we currently anticipate breaking ground on the first project later this summer, with delivery scheduled for Q4 of this year.
转向IEP。在2020年，我们达成了一个协议，提供1吉瓦时的储能，这被作为一封意向信加入到了我们的待办项目中。其中，我们在待定项目中有两个德克萨斯项目，总计为100兆瓦时，其余的900兆瓦时包括在意向信中。两个德克萨斯项目的控制权已转移到一家大型北美基础设施基金，我们目前预计将于今年夏天晚些时候开始第一个项目的建设，并计划在今年第四季度进行交付。
Carson Hybrid is another significant customer for us. We have a project in California that is co-located with an active gas turbine peaker plant that is delivering power to the California grid to meet the high summer demand. Construction is expected to begin this fall as soon as we can access the construction site to deliver our products. In addition, we have a 300 megawatt hour project with Carson that has recently received its interconnection approval and is included in our backlog. We have received a deposit or down payment on both contracts.
卡森混合动力对我们来说是又一个重要的客户。我们在加利福尼亚有一个项目，与一个正在向加利福尼亚电网输送电力以满足夏季高峰需求的燃气轮机峰值发电厂同址。预计在我们能够进入建设现场交付我们的产品后，施工将于今年秋天开始。此外，我们还与卡森有一个300兆瓦时的项目，最近已获得互连批准，并包含在我们的积压订单中。我们已经收到了这两项合同的定金或首付款。
Next, we have a confidential customer that is a leading Northeast developer of solar and storage projects that has signed a multi-year MSA with us to lock in the price of our storage systems. The customer is actively pursuing permitting in New York and given the safety of our product relative to other alternatives and the recent fires that have been in the news, we currently expect this market to have significant growth potential. We anticipate cash coming in as POs are issued and production schedules are set under this MSA.
接下来，我们有一个机密客户，是一家领先的东北太阳能和储能项目开发商，已经与我们签署了一份为期多年的主服务协议，以锁定我们储能系统的价格。该客户目前正在纽约积极申请许可证，在与其他替代产品相比，我们的产品更安全，而且最近新闻中发生了一些火灾事件，因此我们预计这个市场具有巨大的增长潜力。我们预计随着采购订单的发布和根据这项主服务协议制定生产计划，将有资金流入。
And finally, we have another confidential customer that has a very large utility and one of the largest operators of energy storage in the U.S. This utility has signed a long-term framework agreement for up to 4 gigawatt hours of energy storage volume, which is included in our pipeline in the LOI's slash firm commitment category. Along with the PO for their first 47 megawatt hour project, which is in our backlog, and we expect to deliver later this year. This is an important project for the team as it represents our opportunity to demonstrate the capability of EOSIS technology to one of the largest utilities in the world.
最后，我们还有一个保密客户，该客户是美国最大的储能设备运营商之一，拥有非常庞大的公用事业。这家公用事业公司已签署了一项长期框架协议，用于储能容量高达4千兆瓦时，这也包含在我们的意向书/确定承诺类别中。除此之外，我们还有他们第一个47兆瓦时项目的采购订单，该项目已在积压订单中，我们预计将于今年晚些时候交付。对于团队来说，这是一个重要的项目，因为它代表了我们向全球最大的公用事业公司之一展示EOSIS技术能力的机会。
The balance of our backlog is a combination of smaller deals, both front of the meter and behind the meter with developers, IPPs, and investment grade utilities.
我们积压订单的平衡是由各种规模较小的交易构成，包括前端和后端与开发商、独立电力生产商和投资级别公用事业公司的交易。
Now, moving on to slide 10. This is a page where we want to walk through the structure of our standard form customer contract as it relates to expected cash flows going forward. In order to offset the high working capital needs of the business, we strive to receive cash early to fund raw material purchases. Generally speaking, our template customer supply contracts are structured so that as we begin to manufacture and deliver storage systems, we expect to receive approximately 60% of cash prior to customer delivery. Amounts received are, of course, subject to the final negotiated terms in each individual agreement.
现在，我们继续到第十张幻灯片。这是一页，我们想要阐述我们的标准客户合同的结构，以及与后续预期现金流相关的内容。为了抵消业务的高工作资本需求，我们努力早日收到现金，以资助原材料采购。一般来说，我们的模板客户供应合同的结构是这样的：当我们开始制造和交付储存系统时，我们希望在客户交付之前获得大约60%的现金。当然，所收到的金额取决于每个单独协议的最终谈判条款。
Now, looking at the page, I want to walk you through the process of what we generally see from assigned letter of intent all the way to commercial operation on the right-hand side of the page. As mentioned earlier, a letter of intent represents the last stage in our pipeline before a deal gets into backlog. You should think about this stage as a non-binding agreement that aligns our interests with the customers and has us on the same side of the table, especially in the case of a developer as they pursue projects out in the marketplace. If the customer wins, EOS wins. To clarify, LOI has never met our criteria for a booked order.
现在，看着这张页面，我想向你介绍我们通常从委托意向书到商业运营的整个过程。正如之前提到的，委托意向书代表了我们在合同进入待定订单阶段之前的最后阶段。你应该将这个阶段看作是一个非约束性协议，它将我们的利益与客户的利益对齐，在同一方面，特别是对于开发者在市场上追求项目的情况。如果客户获胜，EOS也获胜。需要澄清的是，委托意向书从未满足我们的预定订单标准。
What you see next is that an LOI or any active proposal can be formalized into a master supply agreement or MSA. Alternatively, a customer can skip the MSA and go directly to a definitive supply agreement with a PO, which sometimes happens for smaller, more discrete projects. MSA's and PO's can be considered booked orders provided they meet certain internal qualifications, and each agreement can have different cash milestones which are detailed in the contract.
接下来，你将看到一个意向函（LOI）或任何有效的提案可以形成一份主供应协议（MSA）。或者，客户可以跳过主供应协议，直接与一个具有一定合格标准的采购订单（PO）签订确定性供应协议，这在较小、更离散的项目中有时会发生。只要符合一定的内部条件，主供应协议和采购订单都可以视为已确认的订单，而且每个协议中都会详细列出不同的现金里程碑。
We typically require each of our customers to pay a deposit or down payment before they are allocated a slot in our production schedule. You should think of an MSA as a multi-year agreement that defines a commitment to a specific amount of storage capacity being purchased over a defined period of time. As time progresses and specific projects are identified, individual PO's would then be executed under those MSA's. We often get a small deposit of up to 5% and or a cancellation fee with our multi-year MSA's. Even if an MSA does not have a specific project identified, it helps us with long-term capacity planning.
通常情况下，我们要求每位客户在被安排到我们的生产计划中之前支付一笔押金或定金。您应该将MSA视为一项多年协议，其定义了在一定时期内购买的特定存储容量的承诺。随着时间的推移和特定项目的确定，将在这些MSA下执行单独的采购订单（PO）。我们通常通过多年的MSA获得最多5%的小额押金或取消费用。即使没有确定特定项目，MSA也有助于我们进行长期容量规划。
In the case of multi-year MSA's, PO's are then issued when individual projects materialize. When we receive a purchase order, we usually expect to receive 10 to 30% of the total contract price as a down payment. We expect such payments to be a significant source of cash to offset increased working capital needs as some portion of our active proposals, LOIs, and MSA's eventually result in purchase orders.
对于多年期的服务协议，采购订单（PO）会在具体项目实现时发布。当我们收到采购订单时，通常期望能收到总合同金额的10%至30%作为首付款。我们预期这样的付款将成为我们的一项重要现金来源，以抵消增加的运营资金需求，因为一些我们目前正在进行的提案、意向书和服务协议最终会转化为采购订单。
Next, we expect to receive another 20 to 30% of the contract price during the manufacturing stage. During this stage, we're sourcing the raw materials, and we ask that our customers pay a cash milestone prior to manufacturing their systems and or additional cash when the product is ready to ship. Revenue recognition does not necessarily follow the cash flows or the manufacturing cycle, but rather is determined based on our fulfillment of obligations to the customer. A meaningful portion of revenue is recognized when control passes to the customer, again determined by the specific terms of the applicable agreement.
接下来，在制造阶段，我们预计将收到合同价格的另外20%到30%。在这个阶段，我们正在采购原材料，并要求客户在制造系统之前支付现金里程碑款项，或者在产品准备发货时支付额外的现金。收入确认并不一定遵循现金流动或制造周期，而是基于我们履行对客户的义务。当控制权转移到客户时，会确认收入的重要部分，这取决于适用协议的具体条款。
Next, we expect to receive another 25 to 30% when systems are fully delivered. At this point, EOS begins site installation and commissioning, and the last 5 to 10% would be received after commissioning is complete, and the system is placed in operation.
接下来，我们预计在系统完全交付时再收到另外25到30％。在此阶段，EOS将开始现场安装和调试，最后的5到10％将在调试完成后收到，并且系统投入运营。
I'd like to point out that an item we have mentioned briefly in the past is the opportunity for long-term service revenue. While our contracts generally offer a standard two-year warranty, we also provide customers with the option to purchase a long-term service agreement, which can go out as long as 20 years. As we begin to get more systems in operation, we expect this to be an increasing source of cash and revenue in the future.
我想要指出的一点是，我们曾经简要提及过的一个项目是长期服务收入的机会。虽然我们的合同通常提供标准的两年保修期，但我们还为客户提供购买长期服务协议的选项，可长达20年。随着我们开始投入更多的系统运营，我们期望这将成为未来现金和收入的增长来源。
Now, let's move into our second quarter of financial results. Overall, the second quarter was an important quarter for the team, and I'm very proud of our employees as we continue to keep our heads down and focus on getting the Z3 systems into the market. Each day, we become better than the day before, and we expect our financials to begin to reflect these improvements over time.
现在，让我们进入我们的第二季度财务成果。总体而言，第二季度对团队来说是一个重要的季度，我为我们的员工感到非常骄傲，因为我们继续埋头苦干，专注于将Z3系统推向市场。每一天，我们都比前一天更好，我们期望我们的财务状况随着时间的推移开始反映出这些改进。
Revenue for the quarter was $0.2 million as we recognized revenue on our last gen 2.3 systems before beginning the transition of our factory to Z3 production. Cost of goods sold for the quarter was $11.2 million, of which $2.3 million is a non-cash-related item, a decrease of $25.6 million compared to the second quarter of 2022, primarily driven by a decrease in unit volume, partially offset by increases in commissioning costs associated with the Pine Gate project.
本季度营收为200万美元，因我们在将工厂转向Z3生产之前，对我们的上一代2.3系统进行了收入确认。本季度销售成本为1120万美元，其中230万美元是与现金无关的项目，与2022年第二季度相比减少了2560万美元，主要是由于单位销量的下降，部分抵消了与Pine Gate项目相关的投产成本的增加。
R&D investment was $5 million, a slight decrease compared to the second quarter last year, driven by a reduction in third-party services, partially offset by ongoing Z3 development. $0.3 million was non-cash stock compensation and depreciation.
研发投资为500万美元，与去年第二季度相比轻微下降，原因是第三方服务减少，部分抵消了Z3项目的持续开发。其中，300万美元为非现金股票补偿和折旧费用。
SG&A for the quarter was $13.1 million, including $2.2 million of non-cash items, which is $6 million lower than the second quarter of the prior year, driven primarily by decreases in outside consulting expense as we brought several of these functions in-house. Interest expense was $19.6 million for the quarter, of which $4.9 million was driven by the senior secured term loan and the equipment financing facility with Trinity Capital. The other $14.8 million was non-cash related to the interest expense and amortization from our convertible notes.
本季度的销售、一般及管理费用（SG&A）为1,310万美元，其中包含220万美元的非现金项目，较前一年的第二季度下降了600万美元。这主要是因为我们将许多工作职能内部化，导致外部咨询费用减少。本季度的利息费用为1960万美元，其中490万美元来自于与Trinity Capital的首选有担保贷款和设备融资设施。其他的1480万美元与我们的可转换票据相关，并非现金利息费用和摊销费用。
The resulting operating loss was $34.6 million with a net loss of $131.6 million or $28.9 million, excluding non-cash items, which is a year-over-year improvement of 44%. Lastly, I will give you an update on our progress against our full-year company objectives. Second quarter was very much a transitional quarter and there's still a lot of work for us to do in order to reach our goals.
由此导致的营运亏损为3,460万美元，净亏损为1.316亿美元或2890万美元（不包括非现金项目），同比改善了44%。最后，我将向您更新我们对全年公司目标的进展情况。第二季度在很大程度上是一个过渡性季度，我们仍有很多工作要做才能达到我们的目标。
We increased our opportunity pipeline by $1.1 billion in the second quarter, and during the first half of 2023, we had $86.9 million in booked orders with three customers. While three customers may not sound like a lot, the largest order was with the repeat customer, and another one was for an initial project accompanied by a larger framework agreement of up to 4 giga-pours, which is included in our pipeline. We also signed five new letters of intent for a total of 1.2 gigawatt hours during the first half of 2023. We believe there is a line of sight to achieving our booked orders objective for 2023 with nearly $10 billion in our pipeline.
在第二季度，我们的机会线索增加了11亿美元，在2023年上半年，我们与三个客户达成了8690万美元的预订订单。尽管只有三个客户听起来不多，但最大的订单来自重复客户，另一个订单是一个初期项目，附带有多达4吉升的更大框架协议，这也包括在我们的机会线索中。在2023年上半年，我们还签署了五封新的意向书，总计1.2吉瓦时。我们相信我们在2023年的预订订单目标中看到了实现的可能性，我们的机会线索中有将近100亿美元的订单。
If we receive a positive outcome on our loan application, we expect to see increased customer confidence in our product and our ability to deliver long-duration energy storage projects. Next, we remain on track towards our $30 to $50 million revenue objective. If you recall, we said that the upper end of the range was contingent on getting our automated line up and running in Q4, while the lower end was if the automated line pushed into next year. We are now tracking for the lower end of the range.
如果我们的贷款申请获得积极结果，我们预计会看到顾客对我们的产品以及我们交付长周期能量储存项目的能力信心增加。接下来，我们将继续朝着我们3,000万至5,000万美元的营收目标努力。如果你还记得的话，我们曾经说过，营收范围的上限取决于我们自动化生产线能否在第四季度运行，而下限是如果自动化生产线推迟到明年。现在我们正在接近于营收范围的下限。
In the first half of 2023, we had revenue of $9.1 million. As we think about the rest of the year, we currently expect remaining revenue to be back and waited in Q4. With the majority of our revenue recognition occurring at the time of delivery, as opposed to when product is produced, our revenue objective for the year can be somewhat binary depending on the exact delivery timing of one or two large projects. While we believe we will be able to achieve our revenue objective for the year, the specific revenue recognition criteria could potentially push some of this revenue into early 2024.
在2023年上半年，我们的收入达到了910万美元。在思考今年的其他时间，我们目前预计剩余的收入将在第四季度到账。由于我们的大部分收入确认发生在交付时，而不是产品生产时，我们对于今年的收入目标可能有一定的二元性，这取决于一两个大项目的确切交付时间。虽然我们相信我们能够实现年度收入目标，但具体的收入确认标准有可能将部分收入推迟到2024年初。
Lastly, the team continues to stay focused on cost out. And while we have discussed the key projects for 2023, it should be noted we have line of sight into further cost out initiatives that will come in 2024. Thus far, we have achieved two of seven key projects for our year end cost objective, and we believe we remain on track to hit this metric. With that, I want to thank everybody for their time and for listening today. I would now like to turn it over to the operator for questions. Operator, please open the line for questions. Thank you. If you'd like to ask a question, please press star 1-1. If your question hasn't answered and you'd like to remove yourself in the queue, please press star 1-1 again.
最后，团队继续专注于降低成本。虽然我们已经讨论了2023年的关键项目，但需要注意的是，我们已经在2024年看到了进一步降低成本的计划。到目前为止，我们已经实现了七个关键项目中的两个，我们相信我们仍然在实现这一指标的轨道上。在此，我要感谢大家今天的时间和倾听。现在，我想把问题交给运营商。运营商，请开放问题的线路。谢谢。如果您想提问，请按星号键1-1。如果您的问题没有得到解答，并且您想从等候队列中移除自己，请再次按星号键1-1。
Our first question comes from Joseph Osha with Guggenheim. Your line is open. Good morning. This is actually Hillary on for Joe. I just wanted to first touch on some of your earlier comments on the transition to the Z3. If you could just share any more detail on key learnings thus far, if there's been any key manufacturing challenges that you've come across.
我们的第一个问题来自Guggenheim的Joseph Osha。请发言。早上好。实际上，我是代表Joe的Hillary。我想首先谈谈您对过渡到Z3的早期评论。如果您可以分享任何更详细的细节，目前为止是否存在任何关键制造挑战。
Hey, Hillary, good morning. Yeah, I mean, look, at every phase of this, there's been learning. I think what accelerated the development of the Z3 and at the same time at a lower cost position was doing the discrete manufacturing processes first. So if you look at where we started on our line and building our bi-polars, integrating the bi-polars into the tub and then filling the battery, we've changed each one of those technologies as we've gone through. So as we learn things, we've found other technologies that either gave us a higher process capability or a better yield coming out of the overall processor at a faster cycle time. So we made a lot of changes there.
嗨，希拉里，早上好。嗯，我是说，看，每个阶段都有所学。我认为推动Z3的发展并且在更低的成本位置是先进行离散制造过程。所以如果你看看我们在生产线和构建双极接头方面的起点，然后将双极接头整合到套管中，然后注满电池，我们在这些技术上都进行了改变。因此，随着我们学到东西，我们发现了其他技术，可以提供更高的工艺能力或者更好的产量，在更短的周期内从整个加工器中获得结果。所以我们在那方面进行了很多改变。
And then inside of this was a lot of the design work that the technology team has done. A lot of that work is done here in Edison where we're prototyping product. When you bring it out and do it at production scale, you start learning things when you're trying to transport batteries. So there were certain things in the way that we designed the tops of the bi-polars that were causing a potential sloshing, where electrolyte could go between cells and cause an imbalance of the batteries when you're transporting it on trucker by sea that we wound up having to fix.
然后，在其中包含很多技术团队所做的设计工作。这项工作很大程度上是在爱迪生进行产品原型设计时完成的。当你开始以生产规模进行时，尝试运输电池时会开始学到一些东西。因此，我们在双极板的顶部设计上存在一些问题，可能会导致电解质在电池之间溢出，造成电池不平衡，特别是在陆上或海上运输时。我们不得不解决这个问题。
And then the last one, which is the most important one, is as you lay out the material flow in the factory, we start to learn of where do you want people positioned, or do you want the material positioned, how much backs do you want to have going into each one of your manufacturing processes to reduce cycle time. So as we've gone through and done this, as we said on the page, the continuous flow of a battery through the line is four minutes. We think we can have that on the semi-automated line with some of the things that the team's finding. So it truly is where every shift we start off and end with what did you learn, what do we need to change, what do you need to make your job better, because this is truly a learning process. We've only been at commercial production here for a little bit over a week when you really think about in earnest. So every day you get where you're going to learn the most from the people on the factory floor that are building the batteries, and that's going to make us better.
然后最后一个，也是最重要的一个，就是在您布置工厂的物料流向时，我们开始了解您希望人员或物料位于何处，您希望在每个制造流程中有多少回退以缩短周期时间。因此，当我们进行了这些工作后，在页面上所说的，电池在流水线上的连续流动时间是四分钟。我们认为凭借团队发现的一些方法，我们可以在半自动线上实现这一目标。所以，每个班次的开始和结束，我们都会问您学到了什么，我们需要做出什么改变，您需要什么来改善工作，因为这确实是一个学习的过程。当真正认真思考时，我们在商业生产中只经历了一周多一点时间。所以，您每天都会从在工厂车间组装电池的人们中学到最多，而这将使我们变得更好。
Great. And then just as you look to transition to the point that buying an execute on some of the cost out of the initiative, I was just wondering if you could provide some context for how quickly we'll see that start to drive positive risk margin.
太好了。然后，当您考虑转向购买某些成本削减计划的时候，我想知道您能否提供一些背景，让我们了解这个过程会多快开始带来积极的风险利润？
So, sure, happy to elaborate on that a little bit. If you look at the different cost out initiatives that we've got identified, really touch on three different areas. It's supply chain, and some efficiencies in our supply chain. It's improving the energy density of the battery, and then also improving the manufacturer ability. And some of these we are putting into effect now. Like we said, with two of these have already been accomplished, and specifically it's around volume discounts on our cubes, so that's a supply chain related item. Second one is improving the overall power density of the battery, so that falls into second category of improving the energy efficiency. These are things that we can do now, even on our semi-automated line. There are other cost out initiatives that are dependent on getting to a fully automated line. But you won't really see us fully achieving cost out into what we've got there.
所以，当然，很高兴稍微详细解释一下。如果你看一下我们已经确定的不同的成本优化措施，主要涉及到三个不同的方面。第一个是供应链，以及我们供应链方面的一些效率提升。第二个是改善电池的能量密度，第三个是提高制造能力。其中有些措施我们正在实施中。正如我们所说，已经完成了其中的两项，具体来说就是通过大规模采购来获取折扣，这是与供应链相关的。第二项是改善电池的总体功率密度，这属于提高能源效率的第二个类别。这些是我们现在能够做到的事情，即使在我们的半自动生产线上也能实现。还有一些成本优化措施需要依赖于实现全自动化生产线。但是你不会真正看到我们完全实现当前的成本优化措施。
But, and Hillary, the other thing I'd add that I always tell the team here deals, right? So, prior to deals, working at General Electric, right, I was managing product lines that were hundreds of years old, and you are getting 4-5% cost out productivity every year on a very mature product.
但是，希拉里，我要补充的另一件事是我经常告诉团队的是交易，对吧？所以，在与交易有关的工作之前，在通用电氏公司工作时，我管理的产品线已经有几百年的历史，并且每年在一个非常成熟的产品上获得4-5%的成本节约和生产力提升。
This here, as we go through this, we're going to be learning every day and finding ways and updating our cost out pipeline, looking at cycle time reductions and productivity ideas. So, this is going to be an iterative process where it's a funnel, right? You bring ideas in and you want to realize ideas out the back end of this. And I think we're starting to see as you actually start building and operating the product, you start to find more and more ideas on how to take cost out. We just keep our noses to the grindstone and just keep finding ways to improve the competitiveness of what we put out in the field.
在我们进行这个过程的过程中，我们将每天学习并找到方式来更新我们的成本优化管道，寻找周期时间的缩短和提高生产力的想法。所以，这将是一个迭代的过程，就像漏斗一样，你提出了想法，希望能够在最后实现这些想法。我认为当你开始建造和运营产品时，你会发现越来越多的节约成本的想法。我们只需不断努力，找到改进我们在市场上推出的竞争力的方式。
As I was listening to Joe, I realized that I didn't fully address your question. You were asking about gross margin break even, I would say, we won't achieve gross margin break even until we get the efficiencies of the fully automated line. So, that's how I would think of it in terms of timing. And the timing of that is somewhat dependent on capital risk.
我在听乔讲话的时候意识到我没有完全回答你的问题。你问的是毛利率盈亏平衡，我想说，在我们获得全自动化生产线的效益之前，我们无法达到毛利率盈亏平衡。所以，这是我在时间上的考虑方式。而这个时间的确定有一定程度上取决于资本风险。
Great. Thank you for taking my questions. Thanks, Lori. Thank you. Our next question comes from Christopher Souther with B-Reilly Securities. Your line is open.
太好了，谢谢你解答我的问题。谢谢，Lori。谢谢你。下一个问题来自Christopher Souther，来自B-Reilly证券。请提问。
Hey, guys. Maybe just following up on that with the initial B3 ramp, can you please bring in some of the metrics you've called out here for the semi automated manufacturing? Out of those four minute cycle times, and less than 1% scrap rates compared to what we saw with this stage, we've changed 2.3. Can you update us on how the bomb costs today compared to gen 2.3 and what the adoption would be, post the 3D cost emissions, you call that for 2023. This is all kind of prior to the full automation that you talked about.
嘿，大家。也许只是关于最初的B3斜坡发展的后续, 你们能否带入一些你们在半自动化制造方面所提到的指标呢? 在这些4分钟周期时间和低于1%的废品率中，与我们在这个阶段看到的情况相比，我们已经进行了2.3的改变。你们能否向我们更新一下今天的炸弹成本与2.3代相比，以及在2023年后3D成本下的采用情况。这一切都是在你们谈论的全自动化之前。
Right, right. So, Chris, look, I mean, this is night and day. The team of people that went through gen 2.3, there's days where at the end of the day, we're sitting in office and walking and we'll say, do you remember where we were at the same time with gen 2.3? And it's just night and day difference. I mean, like when you think about gen 2.3 at the end of the first week of commercial production, our yields were in the 50% range on a good day. For the first months as we were trying to perfect the infrared welding process, you know, when you look at the stacked up, the important thing that we talked about was you were doing 41 infrared welds, which we were doing this. We were doing those 41 welds. It was the largest surface area that has been done as an infrared weld and it was also the most continuous weld.
是的，对，所以，Chris，看，我的意思是，这简直是天壤之别。那些经历了2.3版的团队，有些日子我们在办公室里坐着走来走去，会说，你还记得我们在同一时间进行2.3版时的情况吗？简直是天壤之别。我是说，当你想到2.3版在商业生产的第一个星期结束时，我们的产量在50%左右的范围内。在接下来的几个月中，我们试图完善红外线焊接工艺，你知道，当你站在一起看，我们讨论的重要事情是你进行了41次红外线焊接，这是有史以来进行的最大面积的红外线焊接，也是最连续的焊接。
So, doing the size of the battery we were doing for 41 welds, no one else was doing that. But you don't get paid by doing technological marvels. So, doing what we're doing now with one, the cycle time being at four minutes, we're probably talking about, you know, you're saving 90 more than an hour and a half per battery as you go through and do this with a lot less material handling. And then I think, look, I think we can actually get better from where we are as we go through and look at the scrap rates and the performance. I think the thing that we've done is, you know, our new manufacturing operations leader, you know, he's got visual management boards hour by hour. But the entire team is focused on what they have to do in each one of their stations. You know, we've used the time here in the last three months to prepare ourselves to grow the company and it's paying dividends here on the startup. So, it is totally different than what we had on Gen 2.3.
所以，关于电池的规模，我们之前是针对41个焊接来进行的，其他人都没有这样做。但是做技术奇迹并不会给你带来报酬。所以，现在我们只需要一个，四分钟的循环时间，你大约可以每块电池节省90分钟以上，并且减少了很多物料处理。然后，我认为我们可以在废料率和性能方面做得更好。我认为我们所做的事情是，我们的新制造业运营负责人，按小时制定可视化管理板。但整个团队都专注于他们各自工作站上的任务。在过去的三个月中，我们利用时间为公司的发展做了准备，并在启动阶段收获了回报。所以，与我们在2.3版时完全不同。
Now, what I would say is we learned a lot on Gen 2.3. I think the biggest thing that we all need to remember, on Gen 2.3, from a manufacturing standpoint, a product design standpoint, we learned a lot about sealing technology, of sealing the battery, and having a good self-assell, not having self-assell leakage, of electrically going from one cell to the other. So, what we learned on that feeling allowed us to come up with the mechanical design on Z3. At the same time, getting Gen 2.3 containers out in the field and operating, we learned a tremendous amount around software's controls and managing and optimizing performance. And that's very important.
现在，我想说的是我们在2.3代上学到了很多。在制造和产品设计的角度来看，我们从密封技术方面学到了很多，学会了如何密封电池并确保良好的自密封性，防止电流从一个电池流到另一个电池。因此，我们从这种感觉中学到的东西赋予了我们在Z3上的机械设计。与此同时，我们将2.3代容器投入实际运营，并进行管理和优化绩效方面的学习非常多。这非常重要。
Like, we spent a lot of time talking about the battery, but what we really provide to the field, as I said, is a system. And that system with the Z3 is much more efficient. Our software and technology leader, Pernesh Raul, like what he and his team have done on the battery management system and how we've been able to introduce this and have it work, coming off of the out-of-prototype development is nothing short of amazing. So, we have a lot of work to do. You don't know. We still have those. We're going to have to be challenged with us. We move forward. But it's very exciting for us to think about where we started and how we did the development of this product and how it's really going.
就像我说的，我们花了很多时间讨论电池，但我们真正为该领域提供的是一个系统。而且这个系统与Z3在效率上要高得多。我们的软件和技术领导者Pernesh Raul喜欢他和他的团队在电池管理系统方面所做的工作，以及我们如何成功地引入并使其运行，这在 原型开发完成后真是令人惊叹。所以，我们还有很多工作要做。你还不知道。我们要面临挑战。但是对我们来说，想一想我们的起点，以及我们是如何开发这个产品的，以及它的发展情况，这真的是非常令人兴奋的。
And when you think about it, Chris, like, we had our first production prototype battery, if you will. It was less than 12 months ago. And to be in production 12 months later with the way we were doing this, with 300 people, that's why I say the team amazes me. And that's why I also say I'm proud to work for this company.
当你想想的时候，克里斯，我们的第一个生产原型电池，如果你愿意这么说的话，不到12个月前刚刚诞生。然后在12个月后以我们的方式、300人的规模进行生产，这就是我为什么说团队让我感到惊讶的原因。这也是我为什么说我为这家公司工作感到自豪的原因。
Got it. Just on the bomb call. Yeah, maybe versus more meaningful today versus kind of that post the three cost emissions you called out for this year. What is the reduction that they can get? And where does it stand today?
明白了。仅就炸弹袭击的事情来说，对比起今天更有意义，还是那种你提到今年的三项成本减少，可能有何种减幅？现在情况如何呢？
Really, I think the picture hasn't changed from what we've said historically, which is this battery or actually this entire system on a kilowatt hour basis was designed at half the cost of where we started with Gen 2.3.
实际上，我认为这张图片与我们历史上所说的并没有变化，也就是说这个电池或者说整个系统在每千瓦时的基础上设计成了我们初始版本Gen 2.3的一半成本。
And we've got seven cost-out initiatives that we're focused on for this year, two of which are completed. When we say completed, like in the case of the containers, I mean, we've negotiated the contract. Don't fully realize the savings coming through our P&L until our call is up. But so those types of things that are going to roll in over time. And then as Joe mentioned, I mean, this is a continuous improvement process. We'll have significant efficiencies. We get the full automation. But even after that, we continue to improve, either supply chain design improvements, et cetera, going forward.
我们已经有了七项成本缩减计划，今年我们着重关注其中的两项已完成。当我们说完成时，比如在容器的情况下，我的意思是我们已经谈判达成了合同。直到我们的报告出来之前，我们才能完全意识到节省的效果。但这些类型的事情会随着时间的推移逐渐增加。正如乔所提到的，这是一个持续改进的过程。一旦我们全面自动化，我们将获得显著的效益。但即使在那之后，我们仍将继续改进，包括供应链设计的改进等等。
With specifics on the bomb, I mean, that's as much granularity as we can get into at this point. I mean, I think it's fair to say that your starting point of the launch is significantly lower than where we were at Gen 2.3, just on the form factor of the battery and the fact that we have no titanium. The seven project that Nathan's talking about, they get at the core of what we do to build the battery.
具体到炸弹的细节，我的意思是，这是我们目前能达到的最详细程度。我的意思是，可以说你们在电池的外形和事实上我们没有钛这方面，发射的起点要比我们在第2.3版上低得多。内森谈到的那个七个项目，涉及到我们构建电池的核心内容。
So Chris, as you look at these seven, this is something else. So a 300 person company going out, building a pipeline of opportunities, building this battery, bringing a factory online. The third piece of this is building an American supply chain. So there's a tremendous cost of opportunity here with us working with companies like Tetra on Electroly and coming up with ways to optimize the formula to optimize the mixing and delivering that to look at what are we doing from the manufacturing of other components to really reduce the total supply chain costs. Both material cost, logistics costs, but going out and saying like, here we are, a 300 person entity in an environment where people say, can America innovate and can America manufacture? And you know what I say? I say, yeah, we can, because 300 people are doing it.
克里斯，当你看到这七个项目时，这是另外一件事情。所以一个300人的公司走出去，建立机会的管道，建造这个电池，上线一个工厂。这其中的第三个部分是建立一个美国供应链。因此，在与Tetra等公司合作开发电解液以及优化配方、混合和交付的方式方面，与我们一起工作存在巨大的机会成本。同时，我们也要从其他组件的制造方面着手，真正降低整个供应链的成本，无论是物料成本还是物流成本。我们要向外界宣示，我们在一个人们质疑美国是否能创新和制造产品的环境中，可以做到这一点。而我可以回答，是的，我们可以，因为有300个人在做到这一点。
And maybe just kind of the focus on American aid and all that. Everything in your commercial activities, like you've grown except for the order backlog. You called out people seeing the factory and the like, but can you give us a sense? Do you guys get a sense that the current, people in the current pipeline are waiting for the DOE loan development order commitment before kind of moving forward? Like what are customers saying as far as kind of the DOE loan process?
也许只是关注美国的援助和所有这些。在您的商业活动中，除了订单积压以外，您的一切都在增长。你提到了有人看到工厂之类的情况，但是你能给我们一个感觉吗？你们是否感受到目前的客户在等待美国能源部贷款开展订单承诺之前再继续前进？客户在美国能源部贷款流程方面说了些什么？
Absolutely, Chris. I mean, we've had a number of conversations, you know, anecdotally, we're saying exactly that, right? We like the technology. We've seen it. We've done a bunch of research, but we just want to make sure that you guys are well-capitalized and you're going to be here to deliver the product and also be here to deliver on the long-term service agreements on the back end. And so I think capital is important. I think just as important as we get Z3 product out in the field in cycling, and customers can go out and see it, and test it, and look at the data and the successes. I think that's very important. And then the third piece that customers are mentioning is just additional clarity around domestic content, IRA credits. There's still a lot of discussion around that and folks we're talking to. So I think as we clarity on those three things, we should see a significant increase in customers moving through our commercial pipeline.
当然，克里斯。我的意思是，我们已经进行了多次对话，你知道的，就是我们正是这样说的，对吧？我们喜欢这项技术。我们已经看到了它。我们进行了大量研究，但我们只是想确保你们有足够的资本，并且能够履行产品交付以及长期服务协议的承诺。因此，资本很重要。当我们将Z3产品引入市场，顾客可以亲眼看到它，测试它，并查看数据和成功案例时，我认为这同样重要。然后，顾客们提到的第三个问题就是对于国内内容和IRA税收优惠的进一步明确。我们和一些人进行了讨论，这个问题仍然存在很多讨论。因此，我认为只要我们在这三个方面明确了，我们应该会看到商业渠道中顾客数量的显著增加。
Chris, I mean, I think Nathan's kind of give you the technical, you know, how we get there response. Like the way I've always thought about this in my 30-year career is that when someone decides to place a purchase order with the company, they're making a bet on you. And when we're talking about these types of projects, and I'm very passionate about the fact that we've got to start speeding up and doing things faster to meet the demand of this market, but you're looking at projects where someone's making a purchasing decision today. And if they're lucky, they're going to get their grid connection in two to three years. So they're sitting there making this decision and saying, I'm making my bet on this company and these people for something that's going to happen two to three years from now. So what we need to do is, Nathan said, secure the financing to scale the factory and show them that we're going to be there to deliver that project. And yes, bringing them and showing them the manufacturing of the product and how the product works helps. But we've got to also show them that we're going to stand by the commitments that we make and we're going to deliver on those commitments as we move forward. And that's as important as anything of having the underlying financials. It's both things. It's the being able to be there from a financing standpoint and being able to be there from a reliable partner that delivers and we're doing both.
克里斯，我的意思是，我觉得内森给你的是技术方面的、关于我们怎么实现的回答。在过去30年的职业生涯中，我一直这样想：当有人决定向公司下订单时，他们其实是在对你们押注。当我们讨论这些项目时，我非常热衷于我们必须加快速度、更快地完成任务以满足市场需求的事实，但是你要考虑的是，那些购买决策是今天做出的。如果他们幸运的话，他们将在两到三年后获得电网接入。所以他们正在做这个决定，说“我对这个公司和这些人押注，押注的对象是两三年后会发生的事情。”所以我们需要做的，就像内森说的那样，是确保融资以扩大工厂规模，并向他们展示我们将会履行项目交付的承诺。当然，带他们参观我们产品的制造过程以及产品的工作原理是有帮助的。但是我们还必须向他们展示，我们将会遵守我们所做的承诺，并且在推进过程中履行这些承诺，这一点和有财务基础一样重要。这两者缺一不可。既要能从融资角度满足需求，又要成为可靠的伙伴并具备交付能力，我们正在两者兼顾。
Well, it's really helpful. I'll hop in the queue. Thanks, Scott. Thanks. Thanks, Chris. Thank you. Our next question comes from Vincent Anderson with Stiefel. Your line is open.
好的，这非常有帮助。我会排队等候。谢谢，斯科特。谢谢。谢谢，克里斯。感谢你。我们接下来的问题来自斯蒂弗尔的文森特·安德森。请发言。
Yeah, thanks. Good morning, everyone. So just maybe to get out of the way, you know, it sounds like you've completed everything you needed to on your end of the loan process, which I believe would include the term sheet. If that's the case, did the 30 day clock start on the Treasury OMB approval process? Or does that still wait until the loan goes through this new call it pre conditional commitment review?
是的，谢谢。大家早上好。也许我们可以先澄清一下，听起来你们在贷款流程的那一边已经完成了所有需要的工作，包括贷款条件表。如果是这样的话，30天的时限是否已经开始计算了，这个时限是指财政部办公管理预算局（Treasury OMB）的批准流程？还是要等到贷款通过这个新的所谓“预条件承诺审核”才会开始计算这个时限呢？
Yeah, good morning, Vincent. I would say yes, we're definitely in that 30 day window. We have been responding to some questions over the last couple of weeks. They're getting fewer and further in between and easier to answer. So we've been working through which makes me feel like we're at the very final stages of answering questions. There are multiple approvals that have to occur in this process. And, you know, it's not necessarily clear from the outside looking in exactly what that process is, but we do believe that we've been informed we're in the very final stages of that. So, you know, we're hopeful that by Labor Day, we've got some great news to talk about, but, you know, like I said, we can't control the exact timing of it.
是的，早上好，文森特。我可以肯定地说，我们肯定处于那30天的时间窗口中。在过去几周里，我们已经回答了一些问题。这些问题越来越少，也越来越容易回答。所以我觉得我们正处于回答问题的最后阶段。在这个过程中，有多个批准步骤。从外部来看，这个过程可能并不明确，但我们确实被告知我们已经处于最后阶段。所以，我们希望在劳动节之前有一些好消息可以分享，但正如我说的，我们无法控制确切的时间。
Okay, no, that's helpful though. And then actually Nathan, thanks for the deep dive on the pipeline. I was actually hoping we could go back to like a 10,000 foot view of the industry really quick. So as far as your customers go, you have companies like Bluechip Utility Companies that are going to be self-funding these projects, but you have a very different structure and a lot of the renewables market in terms of both the structure and the financing. So I was hoping maybe you could just kind of talk about how those projects would compare to something like a large-scale utility customer. And then just kind of ancillary to that. You hinted a couple of times that the interconnect, they might not want to call them delays, but they feel like delays to me. You know, is that having any impact on the pace of leads moving through the pipeline or the funding of those projects?
好的，不过不，这确实很有帮助。然后实际上，Nathan，感谢你对流程进行了深入的探讨。我实际上希望我们能够迅速回顾一下行业的整体情况。就你的客户而言，有一些蓝筹股公用事业公司将自己资助这些项目，但在可再生能源市场中，结构和融资方式都非常不同。所以我希望你能简单讨论一下这些项目如何与大型公用事业客户相比。此外，你曾经暗示过互联互通，他们可能不愿意称之为延迟，但在我看来，它们就是延迟。你知道，这是否对潜在项目的推进速度或资金有任何影响？
Yeah, so I'll take some of these amazing and fill-in. On the last part of the question, look, the news that came out about the new FERC process is great news for the industry, right? And we've got to get projects through the pipeline and projects and projects on to the grid performing. You know, like you look at Texas, it looks like in the last week, it's almost like every other day they set a record output for their grid. California going into highs, like I said earlier, going into a very hot time period here and straining on their reserve margins. So we need these projects and we need to move quickly here to make this happen, to make the new energy future a reality, right? And that process of getting through, it slows down the project in the sense of you're not breaking ground on the project, you're not only asking, you're not charging and discharging on the grid while you're waiting for approval. So we got to find a way to be faster at that.
是的，所以我会拿一些这些惊人的来填写。关于最后一个问题，你看，关于FERC新流程的消息对这个行业来说是个好消息，对吧？我们必须让项目通过管道，并将项目接入电网运行。就像你看看德克萨斯州，看起来在上周，几乎是每隔一天他们就创下一个电网产量的新纪录。加利福尼亚也进入了高峰期，正面临着紧张的备用电力储备。所以我们需要这些项目，我们需要快速行动，使新能源未来成为现实，对吧？但这个通过流程会拖慢项目进展，因为你在等待批准的过程中无法开始施工，也无法在电网上充放电。所以我们必须找到一种更快的方式。
And the way is the entire industry, including policy and government approvals and state approvals that need to happen to get the projects through. On your question, like, blue chip customers, what we need more and more of those coming in and putting us through our paces and working through the pipeline and being in both, you know, some of the backlog confidential customers that Nathan talked about and also in our LOI pipeline. But on the other part of this market, like, and look, you know, you can spend your time and just look in Google or read, you know, any of the trade magazines to see the number of developers out there coming up with storage projects.
这个行业的方式是包括政策和政府批准以及国家批准，这些都需要通过才能进行项目。关于你的问题，我们越来越需要蓝筹客户，他们能够测试我们的能力，与我们一同推进项目，并参与我们的积压订单和谢家的联络意向流程。但在市场的另一方面，你可以花时间搜索谷歌或阅读任何贸易杂志来看到有多少开发者正在推进储存项目。
And the way these projects work are in general, you're doing project development. So you're going out and saying, here's where I want to do my project. I'm going to spend some money to do development and get permitting and get things online. Then once I do get all that done, I'm going to go out and finance my project with either debt or equity. So you're making a partnership with people that have to go out and work through that process and then get through to permitting and then do their project. When we were a flat-selling company, those are the types of people that wanted, you know, we had entrepreneurs who saw an opportunity, you know, a great American story, by the way. I see an opportunity, I have an idea, let's do this together. And those guys have come back, you know, and we've developed and worked through this and are now getting ready to install assets. So you've got to work through that process, side by side.
这些项目通常是通过项目开发来运作的。所以你要去寻找一个地方来进行项目开发。你会投入一些资金进行开发，并获得许可和上线。一旦完成这些工作，你将通过债务或股权来融资项目。因此，你需要与那些必须通过这个过程并完成其项目的人建立合作关系。当我们还只是一家销售公司时，这些人就是我们想要的类型——有魄力看到机会的企业家，这实际上是一个伟大的美国故事。我看到了一个机会，我有一个想法，让我们一起做这个。那些人也回来了，我们一起进行开发并通过这个过程，现在准备好安装设备了。所以你必须与他们并肩努力，一同经历这个过程。
It's a bumpy road. Look, it's a bumpy road when you're at EOS and it was a bumpy road when I was at GE, like where you've got to work through these, you know, like you look at the big players. That's why there was, at the time, a GE Energy Financial Services, or there's a team in financial services, because people know that to accelerate some of these projects, you've got to help and get them through their financing to get them online. We do that more on the technology side and then try to bring in people that we know from our backgrounds, whether that be Nathan's background in the industry, my background in the industry, we've got Jeff Bornstein on our board who was the CFO of GE and the CFO of GE Capital, that we have all these contacts and we're trying to put together the deal to take these L.O.I.s and these opportunities, turn them into backlog, and backlog is not a guarantee of sense. Backlog just means we believe we have a project that's firm enough that we're going to start doing capacity planning around it. Then you've got to gently set it into revenue, and that's where the real hard work starts. But you've got to be a partner all the way through. It goes back to where I started before on Chris's question where somebody's giving you an order. They're taking, they're betting their career on your abilities as a lever, and you've got to put 100% in to deliver that project, and we're going to do that at ease.
这是一条崎岖的道路。你看，当你在EOS时，这是一条崎岖的道路，当我在GE时也是一样，你必须解决这些问题。你要看到那些重要的参与者。这就是为什么当时有一个GE能源金融服务部门，或者有一个金融服务团队，因为人们知道，要加速这些项目的进展，必须通过融资来帮助它们上线。我们在技术方面做得更多，并努力引入我们熟悉的人，无论是纳森在该行业的背景，还是我在该行业的背景，我们的董事会中有杰夫·伯恩斯坦，他曾是GE的首席财务官和GE资本的首席财务官，我们有所有这些联系人，并且我们正在努力达成交易，转化这些意向书和机会，将其转化为积压订单，但积压订单并不保证成功。积压订单只意味着我们相信我们有一个足够稳固的项目，我们将开始计划运营能力。然后，你必须谨慎地将其转化为收入，这才是真正的艰苦工作的开始。但你必须始终成为合作伙伴。这回答了之前克里斯提出的问题，即有人给你下订单时。他们将自己的职业生涯押注在你作为杠杆的能力上，你必须百分之百地努力交付这个项目，我们将在EOS上做到这一点。
That's very helpful. I appreciate it. I think that's all from me. Thank you. Thanks. Thanks, Miss. Thank you. There are no further questions. I'd like to turn the call back over to Joe, Mr. Angelo, for closing remarks. Thank you. Thanks, everyone, for listening today.
非常有帮助。我很感激。我想这就是我要说的全部了。谢谢。谢谢。谢谢你，小姐。谢谢。没有其他问题了。我想把电话交回给乔·安吉洛先生，以作总结性讲话。谢谢。谢谢大家今天的聆听。
Exciting time, a lot of work going on, but extremely energizing. I say that as a dual meaning of what happens every day, whether that be an Edison or a Turtle Creek or out in the field, but also exciting to think about the future of the company where we have to build here, and we're going to continue to be focused on the long-term value creation for our shareholders by bringing a product to market that the market demands, making it as competitive as possible, and helping to power the new energy future. And we're excited to be able to do that.
这是一个令人兴奋的时刻，有很多工作正在进行中，但却非常令人振奋。我这样说是因为每天发生的事情有双重意义，无论是在爱迪生还是在海龟溪或者在实地干活，都让人兴奋不已。同时，我们也对公司的未来感到兴奋，我们将在这里建设，并且我们将继续专注于为股东创造长期价值，通过推出市场需求的产品，使其尽可能具有竞争力，并为新能源未来提供动力。我们对能够做到这一点感到兴奋。
And again, I'll end the call the same way I started on behalf of the 300-plus people that come into work every day at EOS to make this great company. Thank you for your time today.
而且，我会以与一开始相同的方式代表每天进入EOS工作的300多人结束通话。谢谢您今天抽出时间。
Thank you for your participation.
感谢您的参与。
This is the program you may now disconnect.
这是您可以现在断开连接的程序。
Everyone, have a great day.
大家，祝你们愉快的一天。