Colin Rusch • Oppenheimer & Co. Inc.

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Chairman and CEO Dr. Sean Hsu clarified that the PERC asset write-off amounted to $46 million, taken in Q2 as the company ceased PERC manufacturing. Regarding safe-harboring, Dr. Hsu stated that Canadian Solar is very familiar with the process and the new guidance confirms their existing strategy is prudent. He noted the company plans to safe harbor an additional 2.3 GW of projects. Ismail Guerrero, President of Recurrent Energy, added that their strategy of using off-site start of construction has proven effective and aligns with the new regulations.

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Chairman and CEO Dr. Shawn Qu stated that it was too early to comment on the FEOC draft, as it was only two days old and expected to change significantly. Regarding the balance sheet, Senior VP and CFO Xinbo Zhu explained that Recurrent Energy's leverage will increase as it builds its IPP portfolio, while CSI Solar aims to maintain its current leverage ratio.

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CEO Shawn Qu stated that while the core LFP chemistry remains, new technologies are improving cycle times and reducing degradation, with most savings passed to customers while Canadian Solar maintains reasonable margins. Ismael Arias, President of Recurrent Energy, noted that U.S. projects are proceeding smoothly and that Europe is seeing a strong push for storage installations to complement high PV penetration.

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CEO Kang Sun confirmed that Q2 showed a successful transition of customers from qualification to revenue, with more expected in Q3. President Tom Stepien added that the focus is on deepening relationships to secure larger orders. CFO Sandra Wallach stated that with Sycor driving growth, gross margins are expected to continue improving. She also expressed confidence in the company's financial runway, citing a strong cash position and low operating burn.

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Executive Kang Sun stated that existing large customer contracts are expected to be completed by the end of the year. He confirmed that a new contract manufacturing facility outside of China will be established in 2025 and announced 'very soon.' To support growth, Sun highlighted plans to strengthen three key areas: R&D to maintain technology leadership, manufacturing management to oversee partnerships, and an expansion of the sales team.

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CEO Kang Sun detailed a three-tiered customer qualification process, expressing confidence in converting a large portion of the customer pipeline in 2025. He also outlined a strategy to supplement existing China-based contract manufacturing with new partners in Korea and Europe to mitigate geopolitical risks. CFO Sandra Wallach noted that the company had not used its ATM facility since December 31 due to a blackout period.

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An executive, likely CEO Kang Sun, stated that Amprius is in conversation with three additional high-volume potential customers. CFO Sandra Wallach elaborated that the SiCore product is profitable from day one, providing a clear path to operational profitability without major capital investment. She also noted that recent hiring has focused on a few critical sales and R&D roles, and significant further OpEx increases are not immediately required.

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CFO Ricardo Rodriguez identified Stellantis and Daimler as key future revenue drivers, noting that other OEM timelines are shifting due to policy changes but quoting activity remains high. President and CEO Don Young added that the R&D team is deeply engaged with global OEMs on various battery chemistries and highlighted the increasing importance of Aspen's U.S.-based supply chain.

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Ricardo Rodriguez, Chief Financial Officer, stated that the company's clear goal is to capture value from the Georgia facility as soon as possible through equipment sales and listing the plant for sale. President and CEO Don Young added that the company has observed a decrease in distributor and contractor inventory levels and expects Energy Industrial revenue to build throughout the year, reaching a level similar to 2024.

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CFO Ricardo Rodriguez explained the $8 million in quarterly savings are from structural cost reductions, with benefits starting in Q2 2025. He noted an acceleration in customer interest but a deceleration in OEM sourcing decisions. He also stated that European OEM programs, like Audi/Scania, are expected to launch in late 2025 and early 2026.

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CFO Ricardo Rodriguez explained that while OEMs are committed to currently awarded programs, they are struggling with execution and manufacturing scale-up. For post-2027 programs, OEMs are being more thoughtful about efficiency, leading to opportunities for sell-to-pack designs. Regarding the CapEx range, Rodriguez stated the main variable is the desired speed of construction; a faster timeline would be more expensive.

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CEO Shuky Nir detailed R&D efforts focused on creating integrated solutions combining PV, storage, and energy management software to maximize value and enable grid services like VPPs. CFO Asaf Alperovitz affirmed that cost reduction is a continuous effort and highlighted that the upcoming NexSys platform has a more attractive cost structure, which will contribute to better marginality.

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CFO Asaf Alperovitz explained that pricing is based on the value delivered to customers and competitive advantages, noting that European promotions are showing positive results. On inventory, he stated that while there is no specific target, reducing Days Inventory Outstanding (DIO) is a top priority, with a focus on consuming existing inventory in Europe.

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CFO Ariel Porat characterized the restatement as a conservative accounting treatment for an amended contract, noting that providing loans is not part of normal business, implying low risk of recurrence. CEO Yehoshua Nir announced the new 'NexSSS' product line is set for initial volumes in Q4 2025, targeting the U.S. and German markets first.

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Interim CEO Ronen Faier explained that achieving positive free cash flow relies on three main factors: selling existing, paid-for inventory from non-U.S. markets, monetizing IRA tax credits, and reduced capital expenditures. He detailed that new products, including a 20-kilowatt inverter for Europe and a second-generation battery, are expected to roll out during 2025, but the company's near-term cash flow plans are not heavily dependent on them.

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Founder, Chairman & CEO Richard Cohen explained that the denser new structure will shorten bot travel times, increasing transaction rates and reducing the number of bots needed per system. He also mentioned ongoing innovation in bot technology, including LiDAR and advanced vision. For new materials, he highlighted perishables and freezer environments as key targets, where the new structure's density creates significant value by reducing the need for expensive, temperature-controlled facility space.

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CEO Rick Cohen explained that technology integration is accelerating, with LiDAR and vision already in use, leading to learnings that will increase innovation. He noted a new battery with 10x the energy will also contribute to more reliable machines and lower operating costs. CFO Carol Hibbard responded that they have not seen significant demand for financing from customers, as the GreenBox 'Warehouse as a Service' model is designed to serve customers with less CapEx capability.

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CFO Carol Hibbard explained that a significant portion of COGS is supply-based, managed through long-term agreements, while Symbotic's own labor costs are monitored. CEO Rick Cohen detailed the company's multi-year investment in AI and vision systems, highlighting the development of 'Teletiops' which allows bots to learn from remote human operators. He emphasized that Symbotic's vast operational data (1 billion annual transactions) provides a significant competitive advantage in training AI models.

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President & CRO Paul Dickson stated that while the opportunity to acquire portfolios exists, Sunrun is not currently pursuing it, preferring to focus on optimizing its own fleet. He confirmed they have visibility into significant battery innovations from partners that could improve costs and functionality.

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CEO Mary Powell stated that the company is not seeing any negative labor impacts and maintains a strong talent pipeline. President and CRO Paul Dickson added that Sunrun is viewed as a 'safe haven' in the industry, successfully attracting sales and installation talent from competitors.

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President and CRO Paul Dickson stated that the company is not facing labor constraints and is seeing 'strong demand and growth' across its field and operations roles. He confirmed 'nice progress' on automation, citing the successful use of the customer app to sell retrofit batteries at higher and faster conversion rates as an example of technology implementation bearing fruit.

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President & CEO Joseph Bartolacci highlighted a significant synergy, explaining that automated warehouses use conveyors with barcodes, creating a new market for their printhead technology where they currently don't operate. Regarding M&A, Bartolacci stated that while the primary focus is on debt reduction, the company is pursuing growth through software-focused partnerships, such as embedding its software into autonomous robots, rather than large capital investments.

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Joseph Bartolacci, President and CEO, stated that the majority of the $100 million in quotes are for mass production, indicating customers are well past initial testing. He mentioned plans to have a production-level machine available for customer use by September/October to facilitate turnkey solutions. For warehouse automation, Bartolacci highlighted the new partnership with Teradyne as a key strategic move, emphasizing that Matthews' software-centric approach allows it to uniquely integrate robotic solutions and augment existing customer facilities.

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CEO Joseph Bartolacci stated that Matthews still considers Tesla a customer with a significant backlog to deliver, though their future relationship is Tesla's choice. He emphasized that the company has continued to invest in and evolve its DBE technology for over a decade and that the recent ruling allows them to discuss these advancements more freely with all customers.

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CEO Brandon Moss stated that customers prioritize product quality for plant uptime, where Shoals' BLA product line has a proven track record of durability. He added that the company's 2kV product line is progressing through UL certification and is expected to be specified in projects in 2026, enabling higher power generation capabilities.

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CEO Brandon Moss explained that international projects, such as the one with UGT/Sun Africa, utilize products very similar to those sold in the U.S., leveraging the advantage of easy installation in regions with less skilled labor. He added that the company is deeply engaged with its suppliers and sees significant opportunities for cost savings and efficiency gains through its new consolidated manufacturing facility and automation initiatives.

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CEO Brandon Moss described labor as a major challenge for EPCs, not expected to improve in 2025, and noted that customers are becoming more strategic with project planning to manage labor pools. CFO Dominic Bardos clarified that the guidance range is driven more by the unpredictability of project delays rather than uncertainty around book-and-turn business, which they are confident in securing.

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CEO Brandon Moss acknowledged that competition is constant but stated Shoals is focused on strengthening its market position through deep customer collaboration, product innovation like 2kV, and providing additional value through flexible kitting and packaging. He expressed confidence that these efforts will help maintain and grow market share.

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KR Sridhar, Founder, Chairman & CEO, confirmed that the skid-mounted, modular design makes their systems ideal for temporary or mobile power applications, terming it "grid to go." He emphasized this flexibility is a key selling point, allowing units to be easily relocated, fragmented, or aggregated to meet changing customer needs.

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K.R. Sridhar (Founder, Chairman, and CEO) asserted that Bloom's supply chain is geographically diverse, not dependent on China, and has been 'battle tested' during the COVID pandemic. On international growth, he identified the current focus areas as Italy, Germany, and the U.K. in Europe, and Taiwan in Asia, expecting them to become significant markets within two years.

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CEO KR Sridhar stated that consistent double-digit cost reduction is core to Bloom's DNA and helps mitigate potential headwinds like tariffs. He emphasized that Bloom is not dependent on a Chinese supply chain. Regarding infrastructure, he explained that project readiness varies and is a key factor in their guidance range, as some sites have gas available while others require more time.

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CFO Dan Berenbaum clarified that product revenue is generally recognized on shipment and there have been no policy changes. CEO KR Sridhar emphasized that ongoing double-digit cost reductions, driven by supply chain diversity and manufacturing efficiency, help mitigate potential tariff headwinds, noting a lack of dependency on China. He added that varied project readiness for gas infrastructure is factored into guidance.

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CEO K.R. Sridhar stated that Bloom focuses on value pricing where its solution offers unique capabilities that alternatives like gas turbines cannot. He asserted that customers transact because Bloom provides sufficient value, evidenced by the fact that over two-thirds of their order book comes from repeat customers.

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John Kosiba, CFO, SVP & Treasurer, explained that the company is currently labor-constrained, not space-constrained, operating on a single shift which provides flexibility to hire more labor or add a second shift before needing new facilities. Daniel McGahn, Chairman, President & CEO, added that both pricing and geography are potential growth levers. He noted that the company's integrated offerings create more value, justifying price conversations, and that while the focus has been on the US, global expansion is a strategic consideration that could be accelerated via acquisitions.

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Daniel McGahn, Chairman, President and CEO, responded that the company has moved beyond 'cross-selling' and is now simply 'selling' a unified portfolio of solutions to customers, particularly in markets like semiconductor fabs. He stated they are not delineating wins by specific product offerings anymore. Regarding margins, McGahn explained that the team is focused on driving manufacturing and sourcing efficiencies, leveraging lessons from past supply chain challenges, and being strategic about passing on pricing changes to customers to ensure they capture appropriate value.

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Chairman, President and CEO Daniel McGahn explained that the company has significant financial leverage and can manage growth primarily through labor, noting any future capital-intensive capacity expansion would be a 'miniscule' cost relative to their cash balance. On M&A, McGahn said the company seeks targets with the right people, product, profit, and price, and that current market uncertainty could present new opportunities.

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CEO Daniel McGahn explained that AMSC's IP advantage stems from its ability to make power electronics systems smaller and less complex, particularly through advanced thermal management and system-level controls, which delivers premium value to customers. Both McGahn and CFO John Kosiba addressed margins, stating that while project mix can cause some variability, the company's increasing revenue scale should lead to less volatility and create opportunities for gross margin expansion over time as the impact of any single project is smoothed out.

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CEO Kent Masters stated he does not see the government getting involved in setting market prices. On technology, he highlighted process chemistry and DLE as key areas of focus. He characterized China's EV policy as a long-term strategic priority for the country to own the segment, with short-term incentives being minor adjustments.

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CFO Neal Sheorey detailed the company's focus on achieving a consistent operating cash conversion rate of 60-70% and maintaining a net debt to adjusted EBITDA ratio below 2.5x across the cycle. He emphasized that the management team is using these benchmarks to guide daily actions and enhance financial flexibility.

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CEO Chris Urmson explained that while the system performs well in rain, the company is prioritizing a thorough validation process to ensure safety before a full driverless launch in those conditions, targeted for year-end. Regarding LiDAR, Urmson highlighted the significant cost reductions expected with each hardware generation, from in-house to Fabrinet and then Continental, noting the move to "LiDAR on a chip" is a key, on-track development for cost-down.

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CEO Chris Urmson emphasized that simulation is a critical part of their validation process, allowing them to test for rare and never-before-seen events systematically. Regarding pricing, CFO David Maday noted it's premature to focus on that, as the immediate goal is proving the technology's value through safety, fuel efficiency, and utilization. Urmson added that while it will be a premium product, they will balance pricing with market share growth.

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CEO Amnon Shashua corrected that their key metric is not "hallucinations" but "mean time between failure" (MTBF), for which they are on track to meet year-end KPIs. He asserted that the DRIVE system is already a very lean, low-cost platform using in-house cameras, ECUs, and imaging radars. Future cost reductions could come from reducing LiDARs or moving to the IQ7 chip, but he emphasized the cost-effectiveness of the current system.

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CEO Amnon Shashua explained that reinforcement learning is a critical tool for precision and that the company continuously evaluates new techniques. He described imaging radar as a 'game-changing sensor' that is seeing significant acceptance from OEMs for future Chauffeur platforms, with more updates expected during 2025.

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Chief Products Officer Raghu Belur highlighted the significant advantage of upselling to the 4.9 million Enphase-powered homes, noting the low customer acquisition cost and the simplicity of adding new products to its AC-coupled architecture. President & CEO Badri Kothandaraman added that Australia is expected to resume growth in Q3, driven by a new government battery rebate. He also noted steady growth in India and a promising new market entry in Japan, with new products planned for all regions.

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Chief Products Officer Raghu Belur stated that VPP capabilities improve homeowner ROI, which drives battery adoption and market share. President and CEO Badri Kothandaraman added that with 85% of microinverters now made in the U.S. and battery assembly scaling in Texas, the company's raw material logistics streams are well-established and have not faced significant disruptions.

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President and CEO Badrinarayanan Kothandaraman confirmed that Enphase's receivables are in good shape as they primarily sell through healthy distributors. However, he acknowledged that installers are facing a difficult cash flow environment. Regarding the IQ9, he stated there is no expected impact from tariffs due to a highly diversified manufacturing footprint (U.S., India) and a non-Chinese supply chain for key components like Gallium Nitride (GaN) transistors, which are sourced from Europe, North America, and Japan.

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President and CEO Badri Kothandaraman detailed the EV charger strategy, highlighting the Q4 launch of its second-generation IQ EV charger in Europe, targeting a $1.4 billion market. He also discussed development of bidirectional chargers for both the U.S. and Europe. For the commercial market, he noted positive traction for the IQ8P microinverter, with over 380 sites installed, and expects demand to grow with the upcoming IQ9 for 480-volt systems and the availability of domestic content ITC adders.

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CEO Soroush Dardashti explained that the new strategic partnership is designed to expand Aeva's reach beyond automotive into consumer electronics and to accelerate growth in industrial applications. He highlighted that the partner, a subsidiary of a Fortune 500 company, will also serve as the Tier 2 manufacturer for the top 10 passenger OEM program. Regarding SICK AG, Dardashti emphasized the massive opportunity in the $4 billion industrial sensor market, noting the long-standing partnership with SICK is aimed at transitioning a significant portion of their portfolio to Aeva's FMCW technology. He also mentioned that Aeva has already booked over 1,000 sensor orders from SICK and LMI Technologies.

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CEO Soroush Dardashti detailed the significant opportunity in industrial robotics and factory automation, citing a $10 billion-plus market. He highlighted the partnership with Sick AG, aiming to increase industrial sensor shipments by approximately 1000% in 2025, with a long-term potential for a $100 million-plus annual business. On manufacturing, he confirmed that Aeva is on track to complete its automated production line in 2025 with an annual capacity of over 100,000 units to meet growing demand.

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CEO Soroush Dardashti detailed the significant momentum in the industrial security sector, highlighting the new multiyear production win with The Indoor Lab for airport deployments. He estimated a revenue potential of up to $50 million over the next few years from industrial security applications. Regarding the Daimler Truck program, Dardashti confirmed they are on track for the 2026 start of production, having hit all milestones. The current focus is on scaling Atlas sensor deliveries for the Torc fleet and completing automotive qualifications for the mass production line.

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CEO Andy Marsh and executive Jose Crespo reported that the Georgia plant had a record production month in April and is operating smoothly, while the Louisiana plant benefits from a cleaner, improved design. For material handling, Crespo highlighted new deployments with BMW and STEF in Europe as positive signs of new activity and opportunities in the European market.

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Sanjay K. Shrestha, executive, detailed that two major near-term electrolyzer projects are well-structured with secured offtakes, minimizing financing risk. CEO Andrew Marsh added that for Material Handling, a major customer committed to a $200 million deal, and the company's restructuring is expected to reassure customers and improve business, supported by significant cost-saving measures.

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CFO Paul Middleton stated that inventory monetization is directly tied to sales, with significant reductions anticipated in Q4 2024 and the first half of 2025. Regarding restricted cash, Middleton explained they are pursuing releases through routine facility servicing, specific transaction closures, and exploring back-leveraging options, similar to a previous deal with Generate Capital.

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CEO Kevin Hostetler stated that lead times remain at 14 weeks with no significant project pull-ins yet, noting near-term booking challenges due to customer uncertainty in pricing PPAs. President and COO Neil Manning highlighted competitive advantages in extreme weather solutions and simplified installation with the Skylink product. Kevin Hostetler added that the OmniTrack product now accounts for 30% of 2025 revenues, showing rapid adoption.

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President & COO Neil Manning detailed that R&D is focused on enhancing the customer's deployment experience to lower their field costs. Key initiatives include the SkyLink wireless platform to reduce trenching, developing more adaptable system architectures for smaller land parcels, and investing in robotics and automation for easier and faster module installation.

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CEO Kevin Hostetler characterized the market as consistently competitive among the top players but not deteriorating into a price war. He noted that some competitors appear to be using their 45X benefits to lower prices on certain projects and expressed confidence that Array's own strong domestic margins provide ample room to compete effectively.

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CEO Raj Talluri linked the demand for larger batteries to the high power consumption of on-device GenAI applications, viewing it as a significant tailwind for average selling prices (ASPs). On competition, he stated that the primary competitors are still incumbent graphite batteries with low silicon content (5-10%). He emphasized that Enovix's 100% active silicon architecture provides a durable competitive advantage, as competitors face swelling issues with higher silicon percentages in large cells.

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CEO Raj Talluri stated that Enovix continues to command a price premium for its high energy density batteries and reaffirmed the long-term target of 50% gross margins at scale. CFO Farhan Ahmad clarified this is a cash gross margin target and noted that Q4 revenue guidance is driven mostly by legacy products, with only a small contribution from Agility line sampling.

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CEO Raj Talluri confirmed that specs for the first customer are finalized and samples have been sent to a second smartphone OEM. He noted cycle life projections have improved to 1,000 cycles. Chairman Thurman John Rodgers emphasized the company's improved, customer-centric approach to defining product specifications. Regarding equipment, Raj Talluri mentioned that Enovix is working with advanced semiconductor-grade suppliers and has placed initial purchase orders for the second high-volume manufacturing line.

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CEO Raj Talluri confirmed active collaboration with chip companies to align with silicon battery characteristics, such as lower operating voltages. COO Ajay Marathe stated that Fab2 yields will start where Fab1's left off and then ramp to world-class levels. CFO Farhan Ahmad added that while COGS will rise with the ramp, overall cash burn is expected to improve sequentially in Q3 and Q4 due to significant cost-reduction actions.

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