Yep, syo, just 2 phantoms...but then again it also has pretty decent condensers built in as well, one at each end a foot apart. If you can use those - they work great for acoustic guitar and room ambience for instance, you can use 4 condensers already. Me, I use a small mixer to provide the third phantom (I only need three; 2 for overheads and snare, the rest is passive mics.)

It records fantastically with just batteries&the two in-built mics, and the best thing is it really weighs next to nothing.