Company Strategy - Harmony Energy, a UK battery developer, is planning a capital raise [1] - The company is expanding into new markets in Europe [1]

Market Performance - Tesla Megapack 的 Autobidder 优化项目 Connolly 在 1 月 1 日至 5 月 16 日期间，在 ERCOT North 负荷区成为盈利最高的电池项目，以每兆瓦每年为单位计算 [1]

Financial Data and Key Metrics Changes - The company reported Q2 revenue of $7.5 million, exceeding guidance and reflecting a 98% year-over-year increase, driven by strong product demand [3][29] - Non-GAAP gross margin reached 31%, attributed to a favorable product mix, particularly in the defense sector [3][30] - Operating expenses were $28.8 million, down 5% year-over-year, indicating disciplined spending while executing growth initiatives [30] - The net loss per share improved to $0.03, better than the guidance range of $0.15 to $0.21 [31] Business Line Data and Key Metrics Changes - The A1 product platform was launched, featuring a battery with 900 watt hours per liter and a 3C charge rate, now in commercial qualification with customers [4][3] - The company has begun sampling the A1 battery to major smartphone OEMs and AR eyewear customers, indicating a shift towards commercialization [2][8] - Progress in the defense sector was noted, with increased customer interest and sampling efforts underway [14][21] Market Data and Key Metrics Changes - The company is experiencing strong demand in the smartphone and AR markets, with expectations for increased orders following successful testing [8][10] - The defense market is also expanding, with the company leveraging its Korean asset to meet demand from U.S. defense companies [14][21] Company Strategy and Development Direction - The company aims to establish itself as the battery of choice within the AR ecosystem, collaborating with various technology partners to enhance product offerings [12][10] - A focus on vertical integration in battery manufacturing is emphasized, with recent acquisitions aiding in cost reduction and performance improvements [22][24] - The company is preparing for a significant ramp-up in production capacity, with plans to build out additional manufacturing lines [38][60] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to meet customer specifications and the growing demand for high-energy-density batteries, particularly in smartphones and AR devices [66][72] - The management highlighted the importance of energy density in the context of increasing battery requirements across various consumer electronics [24][66] - Future growth is anticipated as the company continues to secure orders and expand its market presence [93][66] Other Important Information - The company issued a warrant dividend to reward shareholders and fund future growth initiatives [2][21] - The factory in Malaysia is operational, with significant progress in customer qualification efforts and production capabilities [14][21] Q&A Session Summary Question: When will Enovix batteries appear in products? - The company is currently sampling the A1 battery to multiple customers, particularly in the smartphone sector, with expectations for product launches following successful testing [34][35] Question: Can you explain the need for the warrants and their intended use? - Proceeds from the warrants will be used to complete the build-out of Fab 2, which is designed to support four full production lines [36][38] Question: Can you discuss customer engagement and product specifications? - The company is finalizing specifications with its first customer and has begun sampling to a second smartphone OEM, with expectations for production next year [41][43] Question: How prepared are capital equipment suppliers for expansion? - The company is working with suppliers experienced in complex semiconductor equipment, ensuring readiness for manufacturing ramp-up [51][52] Question: How important is the airline safety certification? - The certification is crucial for shipping batteries by air and provides confidence in the safety of the new battery design [96][97]

Robot Battery Technology - Figure AI's F03 robot battery achieves a 78% cost reduction and a 94% increase in energy density, reaching 2300Wh, with 2kW fast charging and robust safety features [1] - UBTECH's Walker S2 robot features a 3-minute battery swap capability, enabling 24/7 operation with dual-battery balancing and standardized battery modules, suitable for continuous factory operations [1] - Tesla's Optimus robot uses a 2300Wh battery and autonomous navigation to charging stations, leveraging Tesla's AI and self-driving expertise, though specific charging details are not yet public [1] Tesla Production and Operations - Tesla is contacting US users who registered interest in Robotaxi to discuss vehicle upgrades, suggesting a private initiative to prepare for Robotaxi services, with newer vehicles like those equipped with AI 4 being more suitable [1] - Tesla patented a paint-free body panel manufacturing process (WO 2025/151308) using a special mold surface and high-gloss layer, reducing costs and VOC emissions, aligning with Tesla's unbox manufacturing process [1][2] - Tesla is collaborating with Australian and New Zealand authorities to launch FSD, starting with Hardware 4 (HW4) vehicles like some Model Y and Model S models, aiming for a full rollout by the end of 2025 [2] Vehicle Safety - Tesla vehicles have a fire incident rate of one per 130 million miles, which is eight times lower than the US average of one per 18 million miles, attributed to lithium-ion battery safety, advanced Battery Management System (BMS), and rigorous testing [2]

Regulatory Changes - China's Ministry of Commerce adjusted the "Catalogue of Technologies Prohibited and Restricted from Export from China," adding battery cathode material preparation technology to the restricted technology list [1] - Restrictions on non-ferrous metal metallurgy technology now include five control points related to lithium extraction, such as spodumene to lithium carbonate/hydroxide, metallic lithium (alloy) and lithium material preparation, brine lithium extraction, and lithium-containing purification liquid preparation technologies [1] - Modifications were made to the control points for gallium extraction technology [1]

Industry Trend - The industry is observing GM's attempt to challenge China's LFP (Lithium Iron Phosphate) battery monopoly [1] Company Strategy - GM is upgrading its battery factory to compete in the LFP battery market [1]

US Battery Industry & China's Role - US's Inflation Reduction Act allows Chinese battery manufacturers to establish joint ventures in the US and receive \$35 per kilowatt-hour in tax credits, potentially benefiting Chinese suppliers by \$35 billion [2] - The joint venture policy requires a gradual reduction of reliance on Chinese materials, with 60% of materials from the US or other countries by 2026 and 85% by 2030 [2] - Despite the potential benefits, former President Trump's policies, including tariffs on China and reduced tax incentives, could deter battery manufacturers [2] - Local opposition, as seen with Gotion's battery plant plan in Michigan, can hinder the implementation of favorable policies [2] Tesla's Optimus Project - Tesla's Optimus project is temporarily suspended from mid-June 2025 for two months to redesign hardware and software [2] - Tesla is optimizing key areas, including joint actuators' thermal control, hand load-bearing capacity, transmission mechanism durability, and battery life [2] - The project's leader, Milan Kovac, left Tesla in June 2025, potentially impacting the future development of Optimus [2] Tesla's Market Performance & Strategy - Tesla dominated the South Korean imported electric vehicle market in the first half of 2025, accounting for approximately 60% of sales with 19,212 vehicles [3] - Elon Musk hinted at the potential launch of Full Self-Driving (FSD) in South Korea [3] - Xiaomi CEO Lei Jun recommended the Model Y to customers who are unwilling to wait for Xiaomi's YU7 SUV, acknowledging Tesla's technological and market leadership [3]

Battery Production - Tesla is completing a new LFP battery cell factory in Sparks, Nevada [1] - The factory is considered "vital to America" for ramping up domestic battery production [1]

Strategic Concerns - A significant strategic error is currently underway, potentially harming the solar/battery industry and leaving the United States vulnerable in the future [1] Industry Forecast - By 2030, China may possess the capacity to produce enough solar and storage infrastructure annually to equal the entire electricity generation capacity of the United States [1]

Project Overview - Good Faith Energy 完成了加勒比地区最大的太阳能+电池项目，地点位于安提瓜的Jumby Bay Island [1] - 该项目包含一个 233.28 kW 的 Tesla Solar Roof [1] System Components - 该系统由 9 个逆变器供电，并配备 9 个 SolArkSolar L3-HV-40KWH 电池组（包含 72 个电池模块） [1]