Advent Technologies Holdings Inc (ADN) 2023 Q4 法說會逐字稿

Good morning, everyone. I will be your conference operator today. At this time, I would like to welcome everyone to Advent Technologies' fourth quarter earnings conference call. After the presentation, there will be a question-and-answer session. (Operator Instructions) On the call today, we are joined by Dr. Vasilis Gregoriou, Advent's Chairman, CEO, and Acting CFO.

大家早安。今天我將擔任你們的會議操作員。此時此刻，我謹歡迎大家參加 Advent Technologies 第四季財報電話會議。演講結束後，將進行問答環節。（操作員說明） Advent 董事長、執行長兼代理財務長 Vasilis Gregoriou 博士參加了今天的電話會議。

Before we begin the prepared remarks, we would like to remind you that Advent issued a press release announcing its fourth quarter 2023 financial results shortly before the market opened today. You may access the materials on the investor relations section of the company's website at www.advent.energy.

在我們開始準備好的發言之前，我們想提醒您，Advent 在今天開市前不久發布了一份新聞稿，宣布了 2023 年第四季的財務業績。您可以在公司網站 www.advent.energy 的投資者關係部分存取這些資料。

I would also like to remind everyone that during the course of this conference call, Advent's management will discuss forecasts, targets, and other forward-looking statements regarding the company's future, customer orders, and the company's business outlook that are intended to be covered by the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 for forward-looking statements.

我還想提醒大家，在本次電話會議期間，安宏資本管理層將討論有關公司未來、客戶訂單和公司業務前景的預測、目標和其他前瞻性陳述，這些內容旨在涵蓋1995 年《私人證券訴訟改革法案》中關於前瞻性陳述的安全港條款。

While these statements represent management's current expectations and projections about future results and performances as of today, Advent's actual results are subject to many risks and uncertainties that could cause actual results to differ materially from those expectations. In addition to any risks highlighted during this call, important factors that may affect Advent's future results are described in its reports filed with the United States Securities and Exchange Commission, including today's earnings press release.

雖然這些陳述代表了管理層對截至目前的未來業績和業績的當前預期和預測，但安宏資本的實際業績受到許多風險和不確定性的影響，可能導致實際結果與這些預期有重大差異。除了本次電話會議中強調的任何風險之外，安宏資本向美國證券交易委員會提交的報告（包括今天的收益新聞稿）中還描述了可能影響安宏資本未來表現的重要因素。

Except as required by applicable law, the company undertakes no obligation to update any of these forward-looking statements for any reason after the date of this call. Lastly, Information discussed on this call concerning the company's industry competitive position in the market in which it operates is based on information from independent industry and research organizations, other third-party sources, and management estimates.

除適用法律要求外，本公司不承擔在本次電話會議之後以任何理由更新任何這些前瞻性聲明的義務。最後，本次電話會議中討論的有關該公司在其經營所在市場中的行業競爭地位的信息基於來自獨立行業和研究組織、其他第三方來源以及管理層估計的信息。

Management estimates are derived from publicly available information released by independent industry analysis and other third-party resources, as well as data from the company's internal research and are based on assumptions made upon reviewing such data and with knowledge of such industry and markets which it believes to be reasonable. These assumptions are subject to uncertainties and risks which could cause results to differ materially from those expressed in the estimates. Please note that this call is being recorded.

管理層的估計來自獨立行業分析和其他第三方資源發布的公開信息，以及公司內部研究的數據，並基於在審查這些數據時做出的假設以及管理層認為對此類行業和市場的了解。合理。這些假設存在不確定性和風險，可能導致結果與估計中表達的結果有重大差異。請注意，此通話正在錄音。

Kicking off the call will be Dr. Vasilis Gregoriou. Dr. Gregoriou, I now turn it over to you.

Vasilis Gregoriou 博士將主持這場電話會議。格雷戈里奧博士，我現在把它交給你。

Thank you, operator. Good morning to everyone listening in and thank you for joining us on Advent's fourth quarter 2023 earnings call. On today's call, I will provide an update on the business and I will also review our financial performance and outlook. I would like to take this opportunity to briefly reintroduce Advent to you, what we do and what makes our technology different.

謝謝你，接線生。大家早安，感謝您參加 Advent 的 2023 年第四季財報電話會議。在今天的電話會議上，我將提供有關業務的最新信息，並將回顧我們的財務業績和前景。我想藉此機會向您簡要介紹 Advent、我們的業務以及我們的技術有何不同。

At Advent, we're developing the High-Temperature PEM fuel cell technology. High-Temperature PEM, as we call it, has unique competitive advantages. Our fuel cells are optimal for using liquid yield fuels made from hydrogen like e-methanol but also biofuels and biogas.

在 Advent，我們正在開發高溫 PEM 燃料電池技術。我們所說的高溫質子交換膜具有獨特的競爭優勢。我們的燃料電池非常適合使用氫製成的液體燃料，例如電子甲醇，以及生物燃料和沼氣。

If you're following market developments, you have recently heard these words more and more. We expect that e-methanol and biogas will dominate the investment in business plans in the next years, moving to deployment much faster than compressed or liquified hydrogen applications. The reason is simple. The cost of infrastructure and the end cost of electrification. Advent’s fuel cells are not limited to pure hydrogen, and this makes them ideal for marine and off-grid power, both of which are turned into methanol.

如果您關注市場發展，您最近會越來越多地聽到這些詞。我們預計電子甲醇和沼氣將在未來幾年的商業計畫投資中佔據主導地位，其部署速度比壓縮或液化氫應用快得多。原因很簡單。基礎設施成本和電氣化的最終成本。Advent 的燃料電池不僅限於純氫，這使得它們成為海洋和離網電力的理想選擇，這兩種電力都可以轉化為甲醇。

Furthermore, due to our high temperature operation, our fuel cells have superior efficiency that can reach 85% when the heat is used and are ideal for aviation and heavy-duty trucks. All these statements have been validated by our strong collaborations with Airbus, US Army, Hyundai, and Siemens Energy, among others, during the last year.

此外，由於我們的高溫運行，我們的燃料電池具有卓越的效率，當熱量被利用時可以達到 85%，是航空和重型卡車的理想選擇。去年我們與空中巴士、美國陸軍、現代和西門子能源等公司的密切合作驗證了所有這些說法。

You are now probably following developments in the battery market and the hundreds of billions invested there. Let us give you a comparison that showcases the importance of our technology. Our fuel cell converts approximately 400 grams of methanol that carry 80 grams of green hydrogen to 1 kilowatt hour of electrical power. Thus, it is equivalent to 2,500 watts per hour per kilogram battery.

您現在可能正在關注電池市場的發展以及數千億美元的投資。讓我們透過比較來展示我們技術的重要性。我們的燃料電池可將約 400 克甲醇（攜帶 80 克綠色氫氣）轉化為 1 千瓦時的電力。因此，相當於每公斤電池每小時 2,500 瓦。

As a comparison, lithium-ion batteries are at one-tenth of the power density and even futuristic batteries are at one-fifth. Moreover, unlike a battery or a hydrogen-based system, our fuel cells can be deployed on the existing infrastructure of transporting and dispensing liquid fuels globally even in the poorest countries.

相較之下，鋰離子電池的功率密度僅為其十分之一，甚至未來電池的功率密度也僅為五分之一。此外，與電池或氫基系統不同，我們的燃料電池可以部署在全球現有的液體燃料運輸和分配基礎設施上，甚至​​在最貧窮的國家也是如此。

You might wonder why High-Temperature PEM has not been more widespread in the past. The issue was the maturity of the technology. Other than using a next-generation membrane and electrode structure called Ion Pair MEA has achieved in 2024 2x the power of previous state-of-the-art fuel cells per square centimeter. We also have concrete data that we will achieve 2x the lifetime of competing High-Temperature PEM systems.

您可能想知道為什麼高溫質子交換膜在過去沒有得到更廣泛的應用。問題在於技術的成熟度。除了使用稱為離子對 MEA 的下一代膜和電極結構外，到 2024 年，每平方公分的功率是先前最先進燃料電池的 2 倍。我們也有具體數據表明，我們的使用壽命將是同類高溫 PEM 系統的兩倍。

These accomplishments can lead to massively lower cost of electrification. And we believe that at scale and in cooperation with OEMs and Tier 1s, we can achieve a levelized cost of electricity, including hardware, fuel and service, in the range of $0.20 to $0.30 per kilowatt hour.

這些成就可以大幅降低電氣化成本。我們相信，透過與原始設備製造商和一級供應商的大規模合作，我們可以實現電力成本的平準化，包括硬體、燃料和服務，在每千瓦時 0.20 至 0.30 美元的範圍內。

This, of course, will not be competitive versus the grid, but it will be highly competitive for all off-grid and backup markets and also for all heavy-duty mobility markets. In fact, it will be the lowest cost solution when compared to battery-only, compressed hydrogen or even fossil fuel alternatives.

當然，這與電網相比不會具有競爭力，但對於所有離網和備用市場以及所有重型移動市場來說，它將具有強大的競爭力。事實上，與純電池、壓縮氫甚至化石燃料替代品相比，它將是成本最低的解決方案。

The relentless pursuit of low-cost green energy is what drives us, and it's our mission. The development of the Ion Pair MEA was and is the core mission of Advent since its public market entry. We're happy to announce that in 2024, we're on pace to meet the demands of the global OEM leaders in the fuel cell industry. Companies like Airbus and Hyundai Motors, which have been highly successful in meeting all the milestones we set with our key OEM partners, and I will discuss this in more detail later.

對低成本綠色能源的不懈追求是我們的動力，也是我們的使命。自 Advent 進入公開市場以來，離子對 MEA 的開發始終是其核心使命。我們很高興地宣布，到 2024 年，我們將努力滿足燃料電池產業全球 OEM 領導者的需求。像空中巴士和現代汽車這樣的公司，在實現我們與主要 OEM 合作夥伴設定的所有里程碑方面非常成功，我將在稍後更詳細地討論這一點。

An Advent High-Temperature PEM fuel cell with equivalent to 2,500 watt hours per kilogram battery performance is ideal for enabling electrification in heavy duty mobility and also off-grid power, large-scale stationary power and backup applications like data centers. We see our fuel cells as the key technology for covering the other 50% of the market that will not and cannot be addressed by batteries or direct electrification.

Advent 高溫 PEM 燃料電池的電池效能相當於每公斤 2,500 瓦時，非常適合實現重型移動以及離網電源、大規模固定電源和資料中心等備援應用中的電氣化。我們將燃料電池視為覆蓋另外 50% 市場的關鍵技術，而這些市場不會也無法透過電池或直接電氣化來解決。

In the marine off-grid power but also in the defense markets, we see methanol as a practical solution today. Methanol is the fuel of tomorrow, available today. We already deploy systems using natural gas-based methanol that is a low-cost interim solution, and it drops emissions 40% lower than this. Tomorrow, as hydrogen and subsequently e-methanol costs drop, we see our fuel cells being highly competitive in most applications while providing net zero green power without pollutants.

在船舶離網電力以及國防市場中，我們將甲醇視為當今的實用解決方案。甲醇是明天的燃料，今天就可以使用。我們已經部署了使用基於天然氣的甲醇的系統，這是一種低成本的臨時解決方案，它的排放量比這低 40%。明天，隨著氫氣和隨後的電子甲醇成本的下降，我們看到我們的燃料電池在大多數應用中具有高度競爭力，同時提供無污染物的淨零綠色電力。

Already there are 130 renewable methanol production projects around the world, 250 marine vessels and we project for the demand for marine and automotive markers will further accelerate the trend.

全球已有 130 個再生甲醇生產項目、250 艘船舶，我們預期船舶和汽車市場的需求將進一步加速這一趨勢。

The Ion Pair MEA technology is a core differentiator for us. Any OEM or Tier 1 manufacturer that has access to our MEA has the capability of producing state-of-the-art High-Temperature FEM fuel cells for completely different applications from data center backup power to heavy duty trucks and from diode electrification to aerospace propulsion.

離子對 MEA 技術是我們的核心優勢。任何能夠使用我們 MEA 的 OEM 或一級製造商都有能力生產最先進的高溫 FEM 燃料電池，用於完全不同的應用，從資料中心備用電源到重型卡車，從二極體電氣化到航空航天推進。

Our business model will from now on focus exclusively on the MEA innovation, IP and MEA manufacturing scale, a business that requires low CapEx, is highly protected by Advent’s specific know-how and can have a healthy margin.

從現在開始，我們的業務模式將專注於 MEA 創新、IP 和 MEA 製造規模，這項業務需要較低的資本支出，受到 Advent 特定專業知識的高度保護，並且可以擁有可觀的利潤率。

Moving to the operational side, over the past year, we have encountered a mix of positive as well as challenging events. On the positive side, the interest for methanol fuel cells and clean power solutions has reached unprecedented levels from a variety of markets. However, the financial markets have not been favorable to clean energy investments lately. Consequently, infrastructure loans and grants from the UN and the US have become the most viable routes for financial support through the entire lengthy bureaucratic processes.

轉向營運方面，在過去的一年裡，我們遇到了積極和具有挑戰性的事件。從積極的一面來看，各個市場對甲醇燃料電池和清潔能源解決方案的興趣已達到前所未有的水平。然而，金融市場最近對清潔能源投資並不有利。因此，聯合國和美國的基礎設施貸款和贈款已成為透過整個漫長的官僚程序提供財政支持的最可行途徑。

In response to these delays, we have proactively streamlined our operations by reducing operational facility expenses. We've made the difficult decision to close subsidiaries and facilities that were not profitable and negatively impacted the company's future trajectory. Accordingly, in 2024, we eliminated our Boston, Denmark, and Philippines operations. Through the years in post-acquisitions, especially for Serenergy, we have developed hardware technology, and we have successfully managed to sell 1,200 hardware systems, primarily to the telecom industry.

為了應對這些延誤，我們透過減少營運設施費用來積極簡化我們的營運。我們做出了艱難的決定，關閉那些無法獲利並對公司未來發展產生負面影響的子公司和設施。因此，我們在 2024 年取消了波士頓、丹麥和菲律賓的業務。經過收購後的這些年，特別是收購 Serenergy，我們開發了硬體技術，並成功銷售了 1,200 個硬體系統，主要針對電信業。

This know-how is utilized to accelerate partnering OEMs through technology transfer and license agreements but is not our intent to become an end product OEM in multiple markets, a fee that will require hundreds of millions in investment and a long time to market. This is the reason we have decided to discontinue operations of certain subsidiary facilities that have been focusing on net system production and were demanding more and more cash for low or even negative margin revenues.

這些專業知識用於透過技術轉移和授權協議加速與 OEM 合作，但我們無意成為多個市場的最終產品 OEM，而這將需要數億美元的投資和較長的上市時間。這就是我們決定停止某些附屬設施的運作的原因，這些設施一直專注於淨系統生產，並要求越來越多的現金以實現低利潤甚至負利潤收入。

The Danish subsidiary especially, which was developing systems based on all their High-Temperature PEM technology, had a production cost exceeding $2,000 per kilowatt while we expected that OEMs with the Ion Pair MEA technology can develop systems that with a cost approach in $500 per kilowatt at scale. These are all dollars.

特別是丹麥子公司，它正在開發基於其所有高溫 PEM 技術的系統，其生產成本超過每千瓦 2,000 美元，而我們預計採用離子對 MEA 技術的 OEM 可以開發成本接近每千瓦 500 美元的系統規模化。這些都是美元。

This will happen from the product plants that will deliver Ion Pair MEAs with 3x the lifetime and 3x the power per square centimeter. The Ion Pair makes all the difference between mass market scale-up and an unprofitable low volume business. These strategic actions position us for a more sustainable and profitable future, allowing us to focus on our core strengths and continue leading in the clean power solutions market.

這將發生在產品工廠中，離子對 MEA 的壽命將延長 3 倍，每平方公分的功率將提高 3 倍。Ion Pair 使大眾市場規模擴大和無利可圖的小批量業務之間產生了巨大的差異。這些策略行動使我們能夠實現更永續和獲利的未來，使我們能夠專注於我們的核心優勢，並繼續在清潔能源解決方案市場中處於領先地位。

The business model shift is significantly reducing Advent's current OpEx and future CapEx needs and keeping a scalable global, civil-executive business model. Despite the challenges of last year, Advent has been extremely successful in its MEA development, where it would make very considerable strides. Our High-Temperature PEM fuel cell technology is gaining recognition from world-leading companies, demonstrated by our collaborations with Airbus, US Army, Hyundai Motor Company, and other top automotive leaders.

業務模式的轉變顯著降低了 Advent 當前的營運支出和未來的資本支出需求，並維持了可擴展的全球民事執行業務模式。儘管去年面臨挑戰，Advent 在 MEA 開發方面取得了巨大成功，並將取得長足進步。我們的高溫質子交換膜燃料電池技術正在獲得世界領先公司的認可，我們與空中巴士、美國陸軍、現代汽車公司和其他頂級汽車領導者的合作證明了這一點。

We're proud to have delivered on our contractual agreement with all aforementioned partners. These strategic partnerships underscore the industry's confidence in our technology and are the first phase before the commercial scale-up planned for 2026.

我們很自豪能夠履行與所有上述合作夥伴的合約協議。這些策略夥伴關係強調了業界對我們技術的信心，也是計劃於 2026 年實現商業規模擴大之前的第一階段。

Additionally, our defense solution under development, the Honey Badger 50, is anticipated to transition to mass production by 2026. We expect that with the introduction of the Ion Pair technology, OEMs will be able to pack 50 kilowatt to 80 kilowatt of power in a small cabinet and combine multiple cabinets for multi-megawatt solutions aimed at data centers, remotely recharged stations, virtual power plants, and microgrid support systems.

此外，我們正在開發的防禦解決方案 Honey Badger 50 預計將於 2026 年過渡到大規模生產。我們預計，隨著離子對技術的引入，OEM廠商將能夠在一個小機櫃中封裝50千瓦至80千瓦的電力，並結合多個機櫃形成針對資料中心、遠端充電站、虛擬發電廠的多兆瓦解決方案和微電網支援系統。

When it comes to new business development, we are seeking to develop joint ventures for technology transfer and license agreement with large-scale local integrators, Tier 1s, and OEMs. Some of the discussions are in the advanced stage, and our technology transfer and license model make sense to all parties. Under this model, we intend to continue to manufacture the MEA and potentially even the fuel cell stack for some markets but will license out the complete balance of plan and net system product.

在新業務開發方面，我們正在尋求與大型本地整合商、一級供應商和原始設備製造商建立合資企業，進行技術轉移和授權協議。一些討論已進入後期階段，我們的技術轉移和授權模式對各方都有意義。在這種模式下，我們打算繼續為某些市場生產 MEA，甚至可能生產燃料電池堆，但將許可計劃和淨系統產品的完整平衡。

This can allow a multitude of different Tier 1 manufacturers to scale up different user specific product configurations with a [codeword] Advent inside High-Temperature PEM MEA in all products. Such a model can be highly scalable, low CapEx and high gross margin for other.

這可以讓眾多不同的 1 級製造商在所有產品的高溫 PEM MEA 內使用 [代號] Advent 來擴展不同用戶特定的產品配置。這種模式可以具有高度可擴展性、低資本支出和高毛利率等特性。

In the automotive market, we're already active in the first level of collaboration. The technology as mentioned in the phase, with four of the top 10 of the world's leading auto manufacturers in terms of annual vehicle production. This is all we can announce and not the names at this point, as every world-class partner has its own specific strategy and goals. We have announced a fifth partner, Hyundai Motor, as they have already moved to the next stage of a joint development agreement.

在汽車市場，我們已經積極進行第一級合作。該技術階段提到，全球汽車年產量前10名的汽車製造商中有四家。這是我們目前可以宣布的全部內容，而不是名稱，因為每個世界級合作夥伴都有自己的具體策略和目標。我們已經宣布了第五個合作夥伴，現代汽車，因為他們已經進入聯合開發協議的下一階段。

Our goal is to conclude the technology assessments by the end of 2024 and then move with one or more of the other companies into a joint development agreement that can provide a significant budget for scaling up. The High-Temperature PEM technology shows unique promise primarily for the truck and heavy-duty vehicle market. The high temperature operation can result in efficient heat rejection, which means that the trucks will be able to run optimally in many countries around the world where there is extreme heat for periods of time.

我們的目標是在 2024 年底前完成技術評估，然後與一家或多家其他公司達成聯合開發協議，為擴大規模提供大量預算。高溫 PEM 技術主要針對卡車和重型車輛市場展現出獨特的前景。高溫運行可以實現有效的散熱，這意味著卡車將能夠在世界上許多長期處於極端高溫的國家中以最佳狀態運行。

Moreover, they will run more efficiently as the cooling requirements are lower. The balance of plant is simpler than a low temperature PEM and there is no water management issues that other fuel cells have, and the promise of also using directly a liquidated fuel is also a promising feature. Our intent is to enter into strategic agreements in 2024 to 2025 that have one or more automatic partners that can become a strong pillar of support for Advent.

此外，由於冷卻要求較低，它們的運作效率會更高。植物的平衡比低溫質子交換膜更簡單，而且不存在其他燃料電池所具有的水管理問題，直接使用液化燃料的承諾也是一個有前途的功能。我們的目的是在 2024 年至 2025 年期間簽訂策略協議，擁有一個或多個自動合作夥伴，可以成為 Advent 的強大支援支柱。

The aerospace market situation is very similar to the automotive one. The one strong difference is that there we have already [forged] a $13 million strategic partnership with Airbus to fast track the development of Avent’s Ion Pair MEA. The goal is to achieve the performance targets required for aviation standards. Our primary focus is on enabling Airbus in its endeavor to power aircraft solely with fuel cells.

航空航太市場的情況與汽車市場非常相似。一個顯著的差異是，我們已經與空中巴士公司建立了價值 1300 萬美元的策略合作夥伴關係，以快速追蹤新安怡離子對 MEA 的開發。目標是實現航空標準所需的性能目標。我們的主要重點是使空中巴士公司能夠僅使用燃料電池為飛機提供動力。

So far, we have managed to achieve the first milestones of the program and we're very optimistic that the progress towards achieving the performance goal that Advent Airbus has set. The joint development agreement duration is two years, calendar years 2024 and 2025, and we at Advent intend to have a follow-up phase that will bring us closer to our hardware system and eventually test flights in the next few years.

到目前為止，我們已經成功實現了該計劃的第一個里程碑，我們對實現 Advent Airbus 設定的效能目標的進展感到非常樂觀。聯合開發協議的期限為兩年，即 2024 年和 2025 年，我們 Advent 打算有一個後續階段，使我們更接近我們的硬體系統，並最終在未來幾年進行試飛。

Airbus has communicated publicly a lot of information about the progress of this formal project, and you can find a lot of online about their intentions, timeframes, et cetera. While the aerospace and automotive markets are not primed for mass production in the 2024-2026 timeframe, they provide the potential strong R&D support and path to massive scale under the same model of Advent manufacture and MEA and potentially license some of its fuel cell stack and system technology.

空中巴士已經公開傳達了很多關於這個正式專案進展的訊息，你可以在網路上找到很多關於他們的意圖、時間表等的資訊。雖然航空航太和汽車市場尚未做好在2024-2026 年期間進行大規模生產的準備，但它們在Advent 製造和MEA 的相同模式下提供了潛在的強大研發支援和大規模生產路徑，並可能授權其部分燃料電池堆和系統技術。

Furthermore, as these markets move to scale up, they bring the market potential to hundreds of megawatts. A pragmatic market estimate and analysis for the High-Temperature PEM technology is also provided in our recent investor presentation.

此外，隨著這些市場規模不斷擴大，市場潛力將達到數百兆瓦。我們最近的投資者演示中還提供了高溫 PEM 技術的務實市場估計和分析。

Let's go to the defense market. Coming to the defense market, we signed back in September and December of 2023 contracts totaling $5 million with the US Department of Defense. These contracts refer to the Honey Badger 50 project. In essence, Honey Badger 50 strands as an ultra-compact fuel cell delivering quite lightweight power for soldiers on the move. With over 70% weight reduction compared to batteries, it operates on a versatile range of fuels including methanol and even windshield washer fuel.

我們來看看國防市場。來到國防市場，我們於 2023 年 9 月和 12 月與美國國防部簽署了總計 500 萬美元的合約。這些合約涉及 Honey Badger 50 項目。從本質上講，Honey Badger 50 是一種超緊湊的燃料電池，為移動中的士兵提供相當輕量的動力。與電池相比，它的重量減輕了 70% 以上，可使用多種燃料，包括甲醇，甚至擋風玻璃清洗燃料。

We're currently in the process of integrating the Ion Pair MEA technology into the Honey Badger 50, enhancing specific components and improving manufacturing process. The objective is to facilitate the shift from low-prototype volume to manufacturable scale volume. The program is advancing steadily with daily collaboration with the US Department of Defense.

我們目前正在將離子對 MEA 技術整合到 Honey Badger 50 中，增強特定組件並改進製造流程。目標是促進從低原型批量向可製造規模批量的轉變。該計劃正在與美國國防部的日常合作中穩步推進。

All milestones today have been successfully achieved. Our dedicated team is now focused on refining the manufacturing process for the enhanced Honey Badger 50 fuel cell system with the objective of achieving high volume production capacity by 2026.

今天的所有里程碑均已成功實現。我們的專業團隊現在專注於改進增強型 Honey Badger 50 燃料電池系統的製造工藝，目標是到 2026 年實現大量生產。

Maritime market. One great example of the above strategy is our entry into the maritime market. Our technology is already installed in San Lorenzo's 50Steel methanol fuel cell superyacht, the Almax, which was officially launched in May 2024. We're confident that methanol, especially its greener variants, biomethanol and e-methanol, are the keys to decarbonizing the marine industry, serving as liquid green fuels and efficient carriers of green hydrogen, they hold immense potential.

海運市場。上述策略的一個很好的例子就是我們進入海運市場。我們的技術已安裝在 San Lorenzo 的 50Steel 甲醇燃料電池超級遊艇 Almax 上，該遊艇於 2024 年 5 月正式推出。我們相信，甲醇，特別是其更環保的變體生物甲醇和電子甲醇，是海洋工業脫碳的關鍵，作為液體綠色燃料和綠色氫的高效載體，它們具有巨大的潛力。

It certainly is widely shared as evidenced by the approximately 130 methanol projects currently underway, with the majority, 60%, dedicated to e-methanol and the remaining 40% to biomethanol. Projections indicate that methanol production capacity will reach 20 million tons by 2028. Advent expects a significant number of yachts to benefit from its High-Temperature PEM fuel cell technology in the near future. This includes both existing yachts looking to retrofit, approximately 10,800 currently upload, and newly built ones around 275 were built last year.

目前正在進行的大約 130 個甲醇項目證明了這一點得到了廣泛認可，其中大多數（60%）致力於電子甲醇，其餘 40% 致力於生物甲醇。預計到2028年甲醇產能將達2,000萬噸。Advent 預計在不久的將來，大量遊艇將受益於其高溫 PEM 燃料電池技術。其中包括尋求改造的現有遊艇（目前約有 10,800 艘），以及去年建造的約 275 艘新建遊艇。

Data centers. When it comes to new markets, we're targeting collaborations with OEMs for the data center off-grid power market, as we see a unique advantage for our fuel cell technology in this sector. Currently, data centers worldwide consume 1% to 2% of overall power, but this percentage is expected to rise to 3% to 4% by the end of the decade, reaching 1,000 terawatt hours per year.

數據中心。當談到新市場時，我們的目標是與資料中心離網電力市場的原始設備製造商合作，因為我們看到我們的燃料電池技術在該領域具有獨特的優勢。目前，全球資料中心消耗的電力佔總電力的 1% 至 2%，但預計到本世紀末，這一比例將上升至 3% 至 4%，達到每年 1,000 太瓦時。

Even at trial levels, the demand for fuel cell is going to be significant. In the US and Europe, this increased demand will drive substantially increased growth, a trend not seen in a generation. As a result, the carbon dioxide emissions of data centers may more than double between 2022 and 2030. To reduce latency, data centers need to be located close to the fiber optic frontline and have dual independent feeds from the power grid.

即使在試驗階段，對燃料電池的需求將會很大。在美國和歐洲，這種需求的增加將推動經濟大幅成長，這是一代人以來從未見過的趨勢。因此，2022 年至 2030 年間，資料中心的二氧化碳排放量可能會增加一倍以上。為了減少延遲，資料中心需要靠近光纖前線，並具有來自電網的雙獨立饋電。

These requirements often place data centers within corporate hubs where launch prices are the premium. Implementing a fuel cell technology can significantly reduce complex investments and accelerate time to market as it eliminates the need for grid updates, solar power permits and build-ups. Our fuel cell can play a primary role at the beginning of a data center project, transitioning to a backup or secondary backup role as demand increases. This flexibility allows data centers to maintain dependence, enhance resilience, and negotiate better terms with all parties involved.

這些要求通常將資料中心放置在企業中心內，而這些中心的啟動價格較高。實施燃料電池技術可以顯著減少複雜的投資並加快上市時間，因為它消除了電網更新、太陽能發電許可和建設的需要。我們的燃料電池可以在資料中心專案開始時發揮主要作用，隨著需求的增加過渡到備份或輔助備援角色。這種靈活性使資料中心能夠保持依賴性、增強彈性並與所有相關方協商更好的條款。

Additionally, our fuel cells can optimize seasonality by operating primarily during peak electricity demand periods and shutting down when demand is low. Our High-Temperature PEM fuel cell technology is ideal for data centers for several reasons. Multi-fuel capability allows immediate deployment with methanol fuel tanks and fuel cell installation, and the system can switch to hydrogen, natural gas, and other fuels without redesign.

此外，我們的燃料電池可以透過主要在電力需求高峰期運行並在需求較低時關閉來優化季節性。出於多種原因，我們的高溫 PEM 燃料電池技術非常適合資料中心。多燃料功能允許立即部署甲醇燃料箱和燃料電池安裝，並且系統可以切換到氫氣、天然氣和其他燃料而無需重新設計。

It can adapt to different levels of methane and fuel of hydrogen, optimizing cost and environmental impact without infrastructure changes. It achieves up to 45% thermal efficiency in a heat pump solution, providing AC and cooling and bringing overall efficiency to above 80%. With its minimal footprint, especially when considering e-fuel or methanol, our technology offers green, quiet power that perfectly fits the evolving needs of data centers.

它可以適應不同程度的甲烷和氫燃料，在不改變基礎設施的情況下優化成本和環境影響。它在熱泵解決方案中實現了高達 45% 的熱效率，提供空調和冷卻，使整體效率達到 80% 以上。我們的技術佔地面積極小，尤其是在考慮使用電子燃料或甲醇時，可提供綠色、安靜的電力，完全滿足資料中心不斷變化的需求。

By leveraging our technology, data centers can achieve faster deployment, greater efficiency, and improve environmental performance. We're currently in discussions with multiple companies looking to benefit from a High-Temperature PEM technology in all scale scenarios.

透過利用我們的技術，資料中心可以實現更快的部署、更高的效率並改善環境績效。我們目前正在與多家公司進行討論，希望在所有規模的場景中從高溫 PEM 技術中受益。

Despite the vast differences in all these markets, the Advent business challenge and plan is singular and highly focused. All our product efforts are in the common underlying fuel cell technology and MEA that targets heavy duty automotive and large scale stationary. MEA's success leads to unlocking all of these markets from a technology point of view. The right partnership will also unlock them from a commercial point of view.

儘管所有這些市場存在巨大差異，但 Advent 的業務挑戰和計劃是獨特且高度集中的。我們所有的產品工作都基於共同的基礎燃料電池技術和 MEA，針對重型汽車和大型固定裝置。MEA 的成功從技術角度打開了所有這些市場的大門。正確的合作夥伴關係也將從商業角度解鎖它們。

Our recent restructuring efforts have been crucial in massively reducing costs and we are targeting total costs below $20 million in 2024 versus $50 million in 2023, a 70% reduction. As a consequence of the change in strategy and the reduction of direct sales effort, especially in more countries, we've seen a reduction in revenue in 2023 and we refrain from mission revenue guidance.

我們最近的重組工作對於大幅降低成本至關重要，我們的目標是到 2024 年將總成本控制在 2,000 萬美元以下，而 2023 年則為 5,000 萬美元，減少 70%。由於策略的改變和直接銷售工作的減少，特別是在更多國家，我們看到 2023 年的收入減少，並且我們不再提供任務收入指導。

Then, now to our financial results. We delivered a revenue of $1.5 million in the fourth quarter compared to $2 million in the prior year quarter. The year-over-year results are due to the decline in orders for the company's stationary fuel cell systems. R&D expenses were $4 million in the fourth quarter, primarily related to internal R&D costs can current needs of our businesses, as well as our cooperative research and development agreement with the Department of Energy.

然後，現在我們的財務表現。我們第四季的營收為 150 萬美元，而去年同期的營收為 200 萬美元。年比業績的原因是該公司固定式燃料電池系統的訂單下降。第四季研發費用為 400 萬美元，主要與我們業務當前的需求以及我們與能源部的合作研發協議有關的內部研發費用。

Administrative and selling expenses were $6.7 million in the fourth quarter. Combined with R&D expenses, total operated expenses were $10.7 million, a year-over-year decrease of $1 million. Net loss in Q4 was $25.7 million or $12.04 per share. Adjusted net loss was $22.1 million or $10.32 a share. The adjusted net loss excludes a $0.03 million gain from the change in the fair value of our outstanding warrants, a $3.71 million goodwill and intangible asset impairment charge.

第四季的管理和銷售費用為 670 萬美元。加上研發費用，總營運費用為 1,070 萬美元，年減 100 萬美元。第四季淨虧損為 2,570 萬美元，即每股 12.04 美元。調整後淨虧損為 2,210 萬美元，即每股 10.32 美元。調整後的淨虧損不包括未償還認股權證公允價值變動帶來的 3 萬美元收益、371 萬美元商譽及無形資產減損費用。

Our restricted cash reserves were $3.6 million as of December 31, 2023, which is a decrease of $0.1 million from September 30. Our existing cash balances and projected cash flows are not expected to be sufficient to support planned operations for the next 12 months. We are exploring opportunities to raise additional capital and expect to provide an update on this very soon. In the meantime, we will continue to manage our costs closely and capitalize on opportunities to reduce costs where possible.

截至 2023 年 12 月 31 日，我們的限制性現金儲備為 360 萬美元，比 9 月 30 日減少 10 萬美元。我們現有的現金餘額和預計現金流量預計不足以支持未來 12 個月的計畫營運。我們正在探索籌集額外資金的機會，並希望很快提供相關最新資訊。同時，我們將繼續密切管理成本，並利用機會盡可能降低成本。

I will now turn to our outlook. Advent ended 2024 with a strong pipeline of opportunities. As we all know, however, not every opportunity in the pipeline will transpire due to factors that are beyond our best control. Opportunities may not materialize or could be delayed. Due to the long-term contract nature of our business model, the time of our revenue can also be difficult to predict. Due to the level of uncertainty caused by these factors, we're not providing a revenue outlook for 2024 at this time.

我現在談談我們的展望。Advent 在 2024 年結束時帶來了大量的機會。然而，眾所周知，由於我們無法控制的因素，並非所有機會都會出現。機會可能不會實現或可能被推遲。由於我們業務模式的長期合約性質，我們的收入時間也很難預測。由於這些因素造成的不確定性，我們目前不提供 2024 年的收入前景。

With that, I will now make some closing remarks. The second half of 2023 and the first half of 2024 are a restructuring year for Advent. We have focused our business model on strategic partnerships and believe we are on the right track. Airbus in aerospace, five top automakers, and the US Department of Defense have done extensive due diligence and have thoroughly scanned the market and our competitors. They have all concluded that the Advent High-Temperature PEM technology has significant advantages, and we believe they will bring products to the market soon, some faster than others.

現在，我將發表一些結束語。2023年下半年和2024年上半年是安宏資本的重組年。我們將業務模式的重點放在策略夥伴關係上，並相信我們正走在正確的軌道上。航空航太領域的空中巴士公司、五家頂級汽車製造商和美國國防部已經進行了廣泛的盡職調查，並徹底掃描了市場和我們的競爭對手。他們都得出結論，Advent 高溫 PEM 技術具有顯著的優勢，我們相信他們很快就會將產品推向市場，其中一些產品比其他產品更快。

Moreover, we have managed to do all this by significantly cutting any fat and not sacrificing our core capabilities, creating a very lean highly technical team that's focused on product development, strategic technology transfer, and joint development relations with world-leading firms. Our lean structure is essential to have the greatest runway possible until the market scales up and to ensure that we can get to EBITDA positive operation by 2025 while having the IP and the leading position in one of the most promising clean energy technologies.

此外，我們透過大幅削減開支而不犧牲核心能力來實現這一切，創建了一支非常精幹的高技術團隊，專注於產品開發、戰略技術轉移以及與世界領先公司的聯合開發關係。我們的精益結構對於在市場規模擴大之前擁有最大的跑道至關重要，並確保我們能夠在 2025 年之前實現 EBITDA 積極運營，同時在最有前途的清潔能源技術之一擁有知識產權和領先地位。

I will summarize now what you should expect from Advent during the next 18 months. Advent has recently announced that it has raised funds and furthermore we have massive cut costs. We are in the process of hiring a new CFO and appoint a new Board. These developments have been delayed and have caused a delay in results announcement.

現在我將總結您在未來 18 個月內對 Advent 的期望。Advent 最近宣布已籌集資金，此外我們也大幅削減成本。我們正在聘請新的財務長並任命新的董事會。這些進展已被推遲，並導致業績公佈的推遲。

During the next 18 months, we'll focus solely on our partnership relationship with Airbus, US Army, automotive partners, and potentially data center partners, and primarily on developing our MEA further, and licensing out our hardware technology. We're not going to focus on achieving revenue targets at any cost or going after negative margin activities. We want to maintain a minimum to zero cash burn and hopefully see some progress on receiving the dissipated R&D funds from Europe and further apply for funds in the US.

在接下來的 18 個月中，我們將只專注於與空中巴士、美國陸軍、汽車合作夥伴和潛在資料中心合作夥伴的合作關係，主要是進一步開發我們的 MEA，並授權我們的硬體技術。我們不會專注於不惜一切代價實現收入目標或追求負利潤活動。我們希望將現金消耗保持在最低至零，並希望在接收來​​自歐洲的研發資金方面取得一些進展，並進一步在美國申請資金。

We would have been a lot more aggressive in our strategy if the Greek government had approved the awarded IPCEI funds, but despite this unexpected delay. We're doing our best to maximize shareholder value in an unfair competition environment where all the other major European hydrogen companies have received the funds from their local governments already.

如果希臘政府批准了授予的 IPCEI 資金，我們的策略將會更加積極，但儘管出現了意外的延誤。我們正在盡最大努力在不公平的競爭環境中實現股東價值最大化，所有其他歐洲主要氫能公司都已經從當地政府獲得了資金。

Previous revenue targets are not valid anymore and we have shut down the end product Denmark factory. The inflection points for massive adoption of the high temperature PEM and MEA technology are set to 2026 and beyond now. We believe that the demand for methanol-based fuel cell will be and already is beyond anyone's expectations.

先前的收入目標不再有效，我們已經關閉了最終產品丹麥工廠。大規模採用高溫 PEM 和 MEA 技術的轉折點預計在 2026 年及以後。我們相信，對甲醇燃料電池的需求將會並且已經超出了任何人的預期。

But what we have learned is that unless our Ion Pair MEA technology coupled with the power of a global OEM brings the cost below $1,000 per kilowatt for fuel cells, venturing into massive cells and manufacturing is a cash burn exercise. We intend to secure the maximum runway for the company and will be providers of a leading world technology in 2026 when the massive scale-up will come.

但我們了解到，除非我們的離子對 MEA 技術與全球 OEM 的力量相結合，使燃料電池的成本低於每千瓦 1,000 美元，否則冒險進入大型電池和製造領域將是一項燒錢的活動。我們打算為公司確保最大的跑道，並在 2026 年大規模擴張到來時成為世界領先技術的提供者。

Finally, I would like to say that Advent's management has recently restructured its compensation to significantly lower levels and has never sold any stock or profited from the stock price of Advent, for tax-related purposes that has to do with stock rank and stock options.

最後，我想說，安宏資本的管理層最近已將其薪酬調整到顯著較低的水平，並且從未出於與股票等級和股票期權有關的稅務相關目的而出售任何股票或從安宏資本的股價中獲利。

Management remains fully committed to running and developing this technology that's crucial for world decarbonization, operate as close as possible to breakeven, innovate beyond expectations of our most demanding OEM partners, and anticipate growth inflection post 2026.

管理層仍然完全致力於運行和開發這項對世界脫碳至關重要的技術，盡可能接近收支平衡，創新超出我們最苛刻的 OEM 合作夥伴的預期，並預計 2026 年後的成長轉折點。

I would like to thank you all for joining us today. We're now ready to answer questions. Thank you very much.

我要感謝大家今天加入我們。我們現在準備好回答問題了。非常感謝。

(Operator Instructions)

（操作員說明）

As there are no questions at this time, this will conclude today's conference call. We thank you for joining. You may now disconnect your lines.

由於目前沒有問題，今天的電話會議將結束。我們感謝您的加入。現在您可以斷開線路。