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    Winnie Dong

    Research Analyst at Deutsche Bank

    Winnie Dong is a Research Analyst at Deutsche Bank specializing in the automotive and battery technology sectors, with significant coverage of companies such as SES AI and QuantumScape. Her performance track record includes recent recommendations that have delivered impressive returns, such as a 169.2% gain on SES AI and a 50% gain on QuantumScape, highlighting her strong analytical capabilities and market insight. Dong has hosted major industry events like the 2025 Deutsche Bank Global Auto Industry Conference and has established herself as a respected figure in equity research since joining Deutsche Bank. She maintains relevant professional credentials required for research analysts and is recognized for both qualitative and quantitative contributions to the field.

    Winnie Dong's questions to Luminar Technologies, Inc./DE (LAZR) leadership

    Winnie Dong's questions to Luminar Technologies, Inc./DE (LAZR) leadership • Q2 2025

    Question

    Winnie Dong inquired about the potential size of adjacent commercial markets, updates on customer engagements in those sectors, and sought clarification on the 'unfavorable economics' mentioned for Iris sensor shipments.

    Answer

    CEO Paul Ricci stated that while the commercial markets are very large, he was not prepared to provide specific sizes or customer names, but confirmed the Halo platform would be leveraged. CFO Tom Fenimore explained that due to lower-than-expected volumes, Iris sensors are currently sold at a loss, and the company is taking actions like transitioning production to Thailand to improve unit economics.

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    Winnie Dong's questions to SES AI (SES) leadership

    Winnie Dong's questions to SES AI (SES) leadership • Q2 2025

    Question

    Winnie Dong of Deutsche Bank inquired about the strategic rationale for acquiring Uzi Energy, SES AI's plans to leverage the acquisition, and the company's broader M&A strategy and pipeline.

    Answer

    Qichao Hu, Founder, Chairman & CEO, explained that Uzi Energy provides essential hardware integration capabilities for the Energy Storage Systems (ESS) market. This allows SES AI to combine its Molecular Universe AI platform for material discovery (LFP, sodium-ion) and its PRECISE health monitoring system with Uzi's hardware. Hu emphasized that this integration provides access to high-quality, real-world battery data, which is crucial for enhancing the AI model. He also confirmed that SES AI remains open to other M&A opportunities that can leverage the Molecular Universe platform across materials, production, and various applications.

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    Winnie Dong's questions to SES AI (SES) leadership • Q3 2024

    Question

    Winnie Dong of Deutsche Bank asked for details on the revenue potential from the Urban Air Mobility (UAM) customer pipeline, specifics on the SoftBank agreement, help in sizing the AI business opportunity for 2025, and the company's progress on pooling cell data from peers to enhance its AI models.

    Answer

    CFO Jing Nealis stated that specific contract details with UAM customers like SoftBank are confidential but confirmed the project will begin in November and run into the first half of the next year. While declining to provide 2025 guidance, she noted 'tremendous interest' in the AI solutions. CEO Qichao Hu clarified that for electrolyte discovery, SES generates its own proprietary data, but for AI in manufacturing, it does receive and utilize cell data from its OEM partners, covering both lithium metal and lithium-ion chemistries.

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    Winnie Dong's questions to QuantumScape (QS) leadership

    Winnie Dong's questions to QuantumScape (QS) leadership • Q2 2025

    Question

    Winnie Dong inquired about the new Joint Development Agreement (JDA) with a second automotive OEM, asking what steps remain before a full licensing deal. She also sought clarity on the milestones for the new $131M PowerCo agreement versus the original $130M, and the accounting treatment for the initial $10M payment.

    Answer

    CEO Siva Sivaram explained the new JDA follows the same 'playbook' as the PowerCo deal, focusing on adapting QuantumScape's core technology to the customer's specific needs before a full technology transfer. He clarified the new $131M is distinct from the prior licensing prepayment and is intended to monetize near-term joint scale-up activities. CFO Kevin Hettrich confirmed the initial payment will improve the bottom line but will likely not be treated as revenue, with a full accounting update to come.

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    Winnie Dong's questions to QuantumScape (QS) leadership • Q3 2024

    Question

    Winnie Dong of Deutsche Bank inquired about the specific division of responsibilities between QuantumScape and PowerCo in the B-sample development and testing phase. She also asked for more details on the economic structure of the PowerCo agreement beyond the disclosed $130 million royalty prepayment.

    Answer

    CFO Kevin Hettrich stated that specific economic details like the royalty rate and outperformance share are confidential to protect both parties in future negotiations. CEO Siva Sivaram clarified the roles, explaining that QuantumScape provides deep expertise in solid-state battery technology, materials, and processes, while PowerCo contributes its extensive experience in manufacturing scale-up, industrialization, supply chain management, and factory operations.

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    Winnie Dong's questions to NKLA leadership

    Winnie Dong's questions to NKLA leadership • Q4 2023

    Question

    Asked for an update on the 2025 EBITDA positive target and the future gross margin profile for the BEV trucks.

    Answer

    The company aims to achieve positive variable margin per truck by the end of 2024, which is the key step toward becoming EBITDA positive as volume ramps in 2025. The gross margin for future BEV production has not been guided, though the initial 100 units from inventory will have a positive cash contribution.

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