Aspen Aerogels Inc (ASPN) 2023 Q1 法說會逐字稿

Good morning. Thank you for attending the Aspen Aerogels, Inc., Q1 2023 financial results conference call. (Operator Instructions) I would now like to turn the conference over to your host, Neal Baranosky, Aspen's Senior Director, Corporate of Strategy and Finance. Thank you. You may proceed, Mr. Baranosky.

早上好。感謝您參加 Aspen Aerogels, Inc. 2023 年第一季度財務業績電話會議。 （操作員說明）我現在想將會議轉交給您的主持人，Aspen 的戰略與財務公司高級總監 Neal Baranosky。謝謝。你可以繼續，巴拉諾斯基先生。

Thank you, Alexis. Good morning, and thank you for joining us for the Aspen Aerogels fiscal year 2023 first-quarter financial results conference call. With us today are Don Young, President and CEO; and Ricardo Rodriguez, Chief Financial Officer.

謝謝你，亞歷克西斯。早上好，感謝您加入我們的 Aspen Aerogels 2023 財年第一季度財務業績電話會議。今天和我們在一起的是總裁兼首席執行官 Don Young；首席財務官 Ricardo Rodriguez。

There are a few housekeeping items I would like to address before turning the call over to Don. The press release announcing Aspen's financial results and business developments, as well as a reconciliation of management's use of non-GAAP financial measures compared to most applicable US generally accepted accounting principles, or GAAP, measures, is available on the investors section of Aspen's website, www.aerogel.com. Included in the press release are the summary statement of operations, a summary balance sheet, and a summary of key financial and operating statistics for the 2023 first quarter ended March 31, 2023. In addition, I'd like to highlight that we've uploaded to our website a slide deck that will accompany our conversation today. You can find the deck at the investors section of our website. An archive of today's webcast will be on our website for approximately one year.

在將電話轉給 Don 之前，我想解決一些內務事項。公佈 Aspen 財務業績和業務發展的新聞稿，以及管理層使用非 GAAP 財務指標與大多數適用的美國公認會計原則或 GAAP 指標的對賬，可在 Aspen 網站的投資者部分獲取， www.aerogel.com。新聞稿中包含截至 2023 年 3 月 31 日的 2023 年第一季度的運營摘要、資產負債表摘要以及主要財務和運營統計數據摘要。此外，我想強調的是，我們已經上傳到我們的網站的幻燈片將伴隨我們今天的談話。您可以在我們網站的投資者部分找到套牌。今天的網絡廣播存檔將在我們的網站上保留大約一年。

Please note that any discussion today will include forward-looking statements, including any statement regarding outlook, expectations, beliefs, projections, estimates, targets, prospects, business plans, and any other statement that is not historical fact. These forward-looking statements are subject to risks and uncertainties. Aspen Aero's actual results may differ materially from those expressed in these forward-looking statements. A list of factors that could affect the company's actual results can be found in Aspen's press release issued yesterday, page one of the presentation, and are discussed in more detail on the reports Aspen files with the SEC, particularly in the company's most recent annual report on Form 10-Q. The company's press release issued yesterday and filed with the SEC can also be found in the investors section of Aspen's website. Forward-looking statements made today reflect the company's views as of today, May 4, 2023. Aspen Aerogels disclaims any obligation to update these forward-looking statements to reflect future events or circumstances.

請注意，今天的任何討論都將包括前瞻性陳述，包括關於前景、預期、信念、預測、估計、目標、前景、業務計劃的任何陳述，以及任何其他非歷史事實的陳述。這些前瞻性陳述受風險和不確定因素的影響。 Aspen Aero 的實際結果可能與這些前瞻性陳述中表達的結果存在重大差異。可以在 Aspen 昨天發布的新聞稿中找到可能影響公司實際結果的因素列表，演示文稿的第一頁，並在 Aspen 向美國證券交易委員會提交的報告中進行了更詳細的討論，特別是在公司最近的年度報告中在表格 10-Q 上。該公司昨天發布並向美國證券交易委員會備案的新聞稿也可以在 Aspen 網站的投資者部分找到。今天發表的前瞻性陳述反映了公司截至今天（2023 年 5 月 4 日）的觀點。Aspen Aerogels 不承擔任何更新這些前瞻性陳述以反映未來事件或情況的義務。

During this call, we will refer to non-GAAP financial measures, including adjusted EBITDA. These financial measures are not prepared in accordance with GAAP. These non-GAAP financial measures are not intended to be considered in isolation or as a substitute for our results prepared in accordance with GAAP. The definitions and reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures, and a discussion of why we present these non-GAAP financial measures, are included in yesterday's press release. (Operator Instructions)

在本次電話會議中，我們將參考非 GAAP 財務指標，包括調整後的 EBITDA。這些財務措施不是根據公認會計原則編制的。這些非 GAAP 財務措施並非旨在孤立考慮或替代我們根據 GAAP 編制的結果。這些非 GAAP 財務指標與最直接可比的 GAAP 財務指標的定義和對賬，以及我們為何提出這些非 GAAP 財務指標的討論，均包含在昨天的新聞稿中。 （操作員說明）

I'll now turn the call over to Don. Don?

我現在將電話轉給 Don。大學教師？

Thanks, Neal, and welcome to Aspen. Good morning, everyone. Thank you for joining us for our Q1 2023 earnings call. My initial comments will focus on our Q1 performance, our highlights from our EV OEM development work, and our strategy for balancing demand, supply, and financing. Ricardo will dig deeper into our financial results, our EV business, and our strategy. We will conclude with a Q&A session.

謝謝，Neal，歡迎來到 Aspen。大家，早安。感謝您加入我們的 2023 年第一季度財報電話會議。我最初的評論將集中在我們第一季度的表現、我們 EV OEM 開發工作的亮點，以及我們平衡需求、供應和融資的戰略。里卡多將深入研究我們的財務業績、電動汽車業務和戰略。我們將以問答環節結束。

The performance in the first quarter sets us on a path to reach our 2023 outlook of revenue between $200 million and $250 million and positive EBITDA in Q4. We anticipate sequential revenue growth as we work through the year. This growth outlook is a function of a very strong energy industrial backlog and the expected ramping of our EV customers, especially General Motors. This anticipated EV PyroThin ramp is the key factor impacting whether we are at the low or high end of our 2023 revenue outlook. During Q1, we saw continued improvements in operating efficiencies which resulted in an 11% gross margin, which, with continued revenue growth ,we believe keeps us on track for longer-term gross margins at or above 35%. We also maintained careful control of OpEx.

第一季度的業績使我們走上了實現 2023 年收入預期在 2 億至 2.5 億美元之間以及第四季度正 EBITDA 的道路。我們預計，隨著我們全年的工作，收入將連續增長。這種增長前景是非常強勁的能源工業積壓以及我們的電動汽車客戶（尤其是通用汽車）的預期增長的結果。這種預期的 EV PyroThin 增長是影響我們處於 2023 年收入前景低端還是高端的關鍵因素。在第一季度，我們看到運營效率持續提高，毛利率達到 11%，隨著收入的持續增長，我們相信這將使我們的長期毛利率保持在 35% 或以上。我們還保持對 OpEx 的謹慎控制。

During our last call, we announced that we received both a letter of intent from that luxury brand of a major German OEM group and an order for approximately 1.5 million prototype parts from the commercial truck brand within the same German OEM group. Recently, we converted the prototype parts order into a multiyear award with the start of vehicle production in early 2024. We expect to announce the name of the commercial truck brand during the latter part of 2023 as we commence delivery of production parts.

在我們上次通話中，我們宣布我們收到了來自德國一家主要 OEM 集團的豪華品牌的意向書，以及來自同一德國 OEM 集團內商用卡車品牌的約 150 萬個原型零件的訂單。最近，隨著 2024 年初開始車輛生產，我們將原型零件訂單轉換為多年期合同。我們預計在 2023 年下半年開始交付生產零件時宣布商用卡車品牌的名稱。

With respect to the LOI from the sister company within the German OEM group, we believe we will convert it into an award in the very near term. These volumes commence in 2024 and ramp in 2025. We believe the awarded business and the advance stage of the letter of intent position us well to earn broad adoption by other brands of this important German OEM.

關於來自德國 OEM 集團內姊妹公司的意向書，我們相信我們會在近期內將其轉化為獎勵。這些銷量將於 2024 年開始，並於 2025 年實現增長。我們相信，中標業務和意向書的推進階段使我們能夠很好地贏得其他品牌對這家重要德國 OEM 的廣泛採用。

In other EV news, we continue to have a deep technical and commercial engagement with General Motors, and of course a financial relationship through the $100 million term loan which we have yet to drawn upon. In addition, we believe that we are on the cusp of winning more awards with other EV OEMs. We are confident that we will complete 2023 with awards from a broad and interesting array of EV customers.

在其他電動汽車新聞中，我們繼續與通用汽車公司進行深入的技術和商業合作，當然還有通過我們尚未動用的 1 億美元定期貸款建立的財務關係。此外，我們相信我們即將與其他 EV OEM 一起贏得更多獎項。我們有信心，我們將在 2023 年結束時獲得廣泛而有趣的電動汽車客戶的獎勵。

As we look out over 2023, in addition to adding OEM awards, we expect PyroThin thermal barrier revenue to build over the year as automotive OEMs scale their operations. And at the same time, we expect our energy industrial business, with purchase orders received for 2023 of approximately $180 million, to remain strong through the year and to provide a steady baseload of revenue. Even with our large backlog in energy industrial and our growing list of EV customers, we have carefully considered our near-term strategy, especially as it pertains to manufacturing capacity and financing.

展望 2023 年，除了增加 OEM 獎項外，我們預計 PyroThin 熱障收入將在一年內隨著汽車 OEM 擴大運營規模而增加。與此同時，我們預計我們的能源工業業務（2023 年收到的採購訂單約為 1.8 億美元）將在今年保持強勁勢頭，並提供穩定的收入基礎。即使我們在能源工業領域積壓了大量訂單，而且我們的電動汽車客戶名單不斷增加，我們也仔細考慮了我們的近期戰略，尤其是與製造能力和融資有關的戰略。

The current macro environment, the unfavorable financing market, and the potential for a more drawn out industry-wide EV ramp have caused us to reevaluate our current plan. There are several parts to this thought process. During this possible and even likely recession scenario, we are taking a conservative approach to the preservation of our capital, which equaled $205 million at the end of Q1 2023.

當前的宏觀環境、不利的融資市場以及整個行業 EV 爬坡的潛力可能導致我們重新評估當前的計劃。這個思考過程有幾個部分。在這種可能甚至可能出現衰退的情況下，我們採取保守的方法來保護我們的資本，到 2023 年第一季度末，我們的資本為 2.05 億美元。

During this period of time, we plan to reduce our OpEx and CapEx to grow our revenue significantly and to focus on our profitability. The key pivot is to right-time the final stages of the construction of Plant II in Statesboro, Georgia, and, in the meantime, to largely dedicate our Plant I aerogel manufacturing capacity in East Providence to PyroThin thermal barriers in order to serve our EV OEM customers. We estimate that we have the ability to generate approximately $400 million of PyroThin thermal barrier revenue from an EV-dedicated Plant I. Our goal is to time the startup of Plant II to match the revenue ramp of our EV OEMs beyond the approximately $400 million of revenue capacity available for Plant I.

在此期間，我們計劃減少我們的運營支出和資本支出，以顯著增加我們的收入並專注於我們的盈利能力。關鍵的關鍵是正確安排佐治亞州斯泰茨伯勒二號工廠建設的最後階段，與此同時，將我們在東普羅維登斯的一號工廠氣凝膠製造能力主要用於 PyroThin 熱障，以便為我們的電動汽車提供服務貼牌客戶。我們估計我們有能力從 EV 專用工廠 I 產生約 4 億美元的 PyroThin 熱障收入。我們的目標是安排 Plant II 的啟動時間以匹配我們的 EV OEM 的收入增長超過約 4 億美元的Plant I 可用的收入能力。

To put the approximately $400 million revenue number in context, we anticipate thermal barrier revenue of between $70 million and $100 million for the year 2023 and between $250 million and $300 million for 2024. To be clear, we plan to slow our capital investments during 2023 and 2024, but not our growth. And at the same time, we will remain poised to take full advantage of our opportunities.

考慮到大約 4 億美元的收入數字，我們預計 2023 年的熱障收入將在 7000 萬至 1 億美元之間，2024 年將在 2.5 億至 3 億美元之間。明確地說，我們計劃在 2023 年放慢我們的資本投資和 2024 年，但不是我們的增長。與此同時，我們將繼續做好準備，充分利用我們的機會。

With respect to supplying our valuable energy industrial business, after one year of development and negotiations, we have reached a manufacturing agreement with a Chinese aerogel manufacturer to supply energy industrial product to us beginning no later than January 2024. The product will be produced to our quality specifications and shipped by us under our labeling through our distribution into our customers. We believe that the manufacturing agreement enables to maintain and grow our energy industrial business and to largely dedicate Plant I to our EV PyroThin thermal barrier business.

在供應我們寶貴的能源工業業務方面，經過一年的發展和談判，我們已與一家中國氣凝膠製造商達成製造協議，最遲於 2024 年 1 月開始向我們供應能源工業產品。該產品將生產給我們質量規格，並由我們在我們的標籤下通過我們的分銷給我們的客戶運送。我們相信，該製造協議能夠維持和發展我們的能源工業業務，並將第一工廠主要用於我們的 EV PyroThin 隔熱層業務。

In this scenario, from our current manufacturing assets and supply arrangements, we could have annual revenue capacity of $500 million to $600 million, gross margins at or above 35%, and EBITDA meaningfully positive. This strategy enables us to reduce OpEx and CapEx, to generate positive EBITDA, and to preserve our existing capital, and to serve successfully both our EV and energy industrial businesses. Again, we would right-time the remaining construction of Plant II to coincide with the ramp of our EV OEMs beyond the approximately $400 million of revenue capacity of Plant I.

在這種情況下，根據我們目前的製造資產和供應安排，我們的年收入能力可達 5 億至 6 億美元，毛利率達到或超過 35%，EBITDA 顯著為正。這一戰略使我們能夠降低運營支出和資本支出，產生正的 EBITDA，並保留我們的現有資本，並成功地為我們的電動汽車和能源工業業務提供服務。同樣，我們將在合適的時間完成 Plant II 的剩余建設，以配合我們的 EV 原始設備製造商的產能超過 Plant I 約 4 億美元的收入能力。

We anticipate that it would take approximately four quarters after the restart of full construction to complete Plant II. We believe that we continue to have our full upside opportunity, but during a period of potential period of economic uncertainty. And while our EV OEMs ramp, we optimize the use of our existing assets to create a cash-generating business and to avoid unnecessary dilution. Our strategy is to leverage our aerogel technology platform into large dynamic markets. Central to that strategy is our investments in the research, development, commercialization, and the protection of our proprietary technologies.

我們預計在重新開始全面建設後大約需要四個季度才能完成二號廠房。我們相信我們繼續擁有充分的上行機會，但在經濟不確定的潛在時期。在我們的 EV 原始設備製造商增長的同時，我們優化了現有資產的使用，以創建現金產生業務並避免不必要的稀釋。我們的戰略是利用我們的氣凝膠技術平台進入大型動態市場。該戰略的核心是我們對專有技術的研究、開發、商業化和保護的投資。

Our patent portfolio has been consistently validated in courts across the United States, Europe, and Asia. Chinese-made aerogel products have previously been found to infringe our patents in multiple jurisdictions globally. As we announced in April, we filed patent enforcement actions in Korea against Beerenberg, a Norwegian reseller, and associated entities, including their Chinese aerogel manufacturer related to the unlawful import and sale of infringing aerogel products. The actions allege infringement of patents covering our high-performance reinforced aerogel compositions and our process technology, including the Korean counterparts of patents previously enforced successfully by us against Chinese aerogel manufacturers in Germany and the United States.

我們的專利組合一直在美國、歐洲和亞洲的法庭上得到驗證。中國製造的氣凝膠產品此前曾在全球多個司法管轄區被發現侵犯了我們的專利。正如我們在 4 月份宣布的那樣，我們在韓國對挪威經銷商 Beerenberg 和相關實體提起了專利執法行動，其中包括與非法進口和銷售侵權氣凝膠產品有關的中國氣凝膠製造商。這些訴訟指控侵犯了我們的高性能增強氣凝膠組合物和我們的工藝技術的專利，包括我們之前在德國和美國成功針對中國氣凝膠製造商實施的專利的韓國同行。

With these actions against Beerenberg, we again send a clear message to the markets that we will continue to aggressively enforce our intellectual property rights against any manufacturer and distributor or end user of aerogel products that infringe our patents. These actions are coincident with our entering a supply agreement with a Chinese manufacturing company. In essence, we have created an extension of our aerogel supply capabilities controlled by us to meet the demand of our energy industrial customers. Again, under our label and to our quality specifications while also taking any necessary actions to prevent infringing products from entering the market. Aspen continues to be the innovation leader in aerogel technology, and we have the IP portfolio to back it up.

通過針對 Beerenberg 採取的這些行動，我們再次向市場發出明確的信息，即我們將繼續針對侵犯我們專利的任何氣凝膠產品製造商和分銷商或最終用戶積極執行我們的知識產權。這些行動恰逢我們與一家中國製造公司簽訂供應協議。從本質上講，我們已經擴展了我們控制的氣凝膠供應能力，以滿足我們能源工業客戶的需求。同樣，根據我們的標籤和我們的質量規格，同時採取任何必要的措施來防止侵權產品進入市場。 Aspen 繼續成為氣凝膠技術的創新領導者，我們擁有知識產權組合來支持它。

Before I turn the call over to Ricardo, I want to mention a couple of activities we have ongoing in public policy. Aspen is actively in dialogue with lawmakers on Capitol Hill as well as the Department of Energy and the Department of Transportation, including the National Highway Traffic Safety Administration, around strengthening United States' regulations surrounding safety in battery electric vehicles. International harmonization around safety regulation has taken place in China, India, Korea, and Japan, but not formally yet in the United States. We believe stronger safety regulations, and most importantly safer electric vehicles, enhanced consumer confidence in electric vehicles, protect lives, protect property, and help our first responders. We expect that as battery electric vehicles become more prevalent, communities, insurers, and the federal government will advocate for enhanced safety measures and requirements. We intend to be an important part of that conversation.

在我把電話轉給里卡多之前，我想提一下我們在公共政策方面正在進行的幾項活動。 Aspen 正積極與國會山以及能源部和交通部（包括國家公路交通安全管理局）的立法者進行對話，以加強美國對電動汽車安全的監管。中國、印度、韓國和日本已經圍繞安全監管進行了國際協調，但在美國尚未正式進行。我們相信更嚴格的安全法規，最重要的是更安全的電動汽車，可以增強消費者對電動汽車的信心，保護生命，保護財產，並幫助我們的急救人員。我們預計，隨著純電動汽車變得越來越普遍，社區、保險公司和聯邦政府將提倡加強安全措施和要求。我們打算成為該對話的重要組成部分。

The US Department of Energy's Loan Program Office was created to grant loans for large-scale energy infrastructure projects, with the goal of supporting the development of more fuel-efficient products, including the expansion of domestic manufacturing of electric vehicles. Our team, including our external advisers, have been in consultation with the Loan Program Office related to a proposed application for a significant loan as part of its Advanced Technology Vehicle Manufacturing program, which offers loans to support US manufacturing of fuel-efficient, advanced technology vehicles and qualifying components.

美國能源部貸款計劃辦公室的成立旨在為大型能源基礎設施項目提供貸款，目標是支持開發更省油的產品，包括擴大國內電動汽車製造。我們的團隊，包括我們的外部顧問，一直在與貸款計劃辦公室就一項擬議的大額貸款申請進行磋商，作為其先進技術汽車製造計劃的一部分，該計劃提供貸款以支持美國製造節能、先進的技術車輛和合格部件。

The LPO process is uncertain and can be drawn out in time. And there's no guarantee that our proposed application would be looked upon favorably. In fact, our first application for a US Department of Energy grant for advanced battery materials as part of the Bipartisan Infrastructure Act was not funded in 2022. Since that time, we have put considerable effort into the LPO process, and we believe we are a very good candidate for a direct loan as part of the Advanced Technology Vehicle Manufacturing based on the importance of batteries, performance, and safety. Again, timing can be drawn out, but in our case, it may match well with the right-timing strategy for our Plant II.

LPO流程不確定，可以及時抽出。並且不能保證我們提出的申請會受到好評。事實上，作為兩黨基礎設施法案的一部分，我們第一次申請美國能源部先進電池材料撥款的申請在 2022 年沒有得到資助。從那時起，我們在 LPO 流程中投入了大量精力，我們相信我們是基於電池、性能和安全的重要性，作為先進技術汽車製造的一部分，非常適合直接貸款。同樣，時間可以被抽出，但在我們的例子中，它可能與我們 Plant II 的正確時間策略相匹配。

Ricardo, over to you.

里卡多，交給你了。

Thank you, Don. I'll start by providing an update on Plant II, its construction progress, the latest on timing, and our previously projected spend plans towards it. As you can see on the left side of slide 4, the site work and foundations have been completed, while the building construction along with the electrical distribution are on schedule. Our team is on track to power the site at the end of June of this year. The team was on track for commissioning the plant at the end of the first half of 2024.

謝謝你，唐。我將首先提供有關 Plant II 的最新情況、其建設進度、最新的時間安排以及我們之前預計的支出計劃。正如您在幻燈片 4 左側看到的那樣，現場工作和地基已經完成，而建築施工和配電也在按計劃進行。我們的團隊有望在今年 6 月底為網站提供支持。該團隊有望在 2024 年上半年末調試該工廠。

We believe that our near-term EV thermal barrier demand is on track to ramp up in 2023, and that this ramp will fluctuate within the range of our revenue expectations. Thanks to the development of contract manufacturing supply from China in 2024 and investments in our aerogel plant in Rhode Island, we now have the flexibility to be able to right-time and align the start of our Plant II for when it is ultimately needed to ensure alignment between supply and demand. This retiming allows us to reduce our total 2023 CapEx guidance to less than $150 million, including the $40 million that have already been spent towards Plant II in Q1.

我們認為，我們的短期電動汽車熱障需求有望在 2023 年增加，並且這種增加將在我們的收入預期範圍內波動。由於 2024 年來自中國的合同製造供應的發展以及對我們在羅德島的氣凝膠工廠的投資，我們現在可以靈活地在最終需要確保的時間正確安排並調整我們二號工廠的啟動時間供需之間的協調。這種重新安排使我們能夠將 2023 年的總資本支出指導減少到不到 1.5 億美元，包括第一季度已經用於 Plant II 的 4000 萬美元。

In discussions with our current and prospective EV thermal barrier customers, we are reassuring them that our aerogel plant in Rhode Island, combined with our assembly operations in Mexico, can more than meet their demand in 2023, 2024, and the portion of 2025, depending on their volumes. As Don mentioned in his remarks, our aerogel plant in Rhode Island can support multiple customers and deliver over $400 million of annual revenue capacity. And we estimate that the contract manufacturing capacity can add another $150 million of revenues from energy industrial customers, resulting in total revenue capacity of at least $550 million per year, all available in 2024.

在與我們當前和潛在的 EV 熱障客戶的討論中，我們向他們保證，我們在羅德島的氣凝膠工廠與我們在墨西哥的裝配業務相結合，可以滿足他們在 2023 年、2024 年和 2025 年部分時間的需求，具體取決於在他們的捲上。正如 Don 在他的發言中提到的，我們在羅德島的氣凝膠工廠可以支持多個客戶，並提供超過 4 億美元的年收入能力。我們估計，合同製造能力可以從能源工業客戶那裡再增加 1.5 億美元的收入，從而使總收入能力每年至少達到 5.5 億美元，全部在 2024 年可用。

Turning over to slide 5. As we move the startup of Plant II to a different time line, our capital needs over the next 18 months are more than met as we manage the business towards generating positive cash flow, which we believe will in turn enable a lower cost of capital for Aspen. We continue having several discussions with different parties to raise capital that minimizes dilution to ensure that when we decide to reaccelerate our investment in Plant II, we'd be funding it with a mix of operating cash flow and funds already on the balance sheet at that point in time. Before the end of May, we will also be applying for a loan from the DOE's ATVM program, which is exactly focused on situations like ours that can satisfy a broad and long-term set of sustainability and American Competitiveness objectives. A potential positive decision towards the end of this year and the reacceleration of our investments in Plant II could coincide.

翻到幻燈片 5。隨著我們將 Plant II 的啟動轉移到不同的時間線，我們在接下來的 18 個月內的資本需求已經得到滿足，因為我們管理業務以產生正現金流，我們相信這反過來又會實現Aspen 的資本成本較低。我們繼續與不同各方進行多次討論，以籌集資金，最大限度地減少稀釋，以確保當我們決定重新加速對 Plant II 的投資時，我們將通過運營現金流和當時資產負債表上已有的資金為其提供資金時間點。在 5 月底之前，我們還將向美國能源部的 ATVM 計劃申請貸款，該計劃專門針對像我們這樣可以滿足廣泛和長期的可持續性和美國競爭力目標的情況。今年年底可能做出的積極決定和我們對 Plant II 投資的重新加速可能同時發生。

Our cash balance at the end of the quarter of $208 million, combined with $100 million of prospective equipment-backed financing, would provide us with $308 million of total liquidity to manage the company towards generating positive cash flows without investing in Plant II. As a reminder, we currently have an open loan commitment of $100 million from General Motors that is limited to being used for Plant II. We intend to work with General Motors to extend the availability of these funds for when we decide to resume investing in Plant II. We estimate that we need to spend $150 million to drive the company towards generating positive cash flows, and the expected liquidity of $308 million without considering the GM loan to provide us enough flexibility to do that.

我們在本季度末的現金餘額為 2.08 億美元，加上 1 億美元的預期設備支持融資，將為我們提供 3.08 億美元的總流動資金，以管理公司在不投資 Plant II 的情況下產生正現金流。提醒一下，我們目前有通用汽車 1 億美元的公開貸款承諾，僅限於用於 Plant II。我們打算與通用汽車公司合作，以在我們決定恢復對 Plant II 的投資時延長這些資金的可用性。我們估計我們需要花費 1.5 億美元來推動公司產生正現金流，並且在不考慮 GM 貸款為我們提供足夠的靈活性來做到這一點的情況下，預計流動性為 3.08 億美元。

Before moving on to the next slide, I'd like to outline our ATM, or at-the-market, stock, sale, volume, and price of the last 12 months. As one can see, we have restrained ourselves from using ATM sales to fund our plans since August of last year, and raised net proceeds of $72.7 million at an average net share price of $13.88 per share. At the recent range of Aspen's share price, we've refrained from selling shares and do not intend to sell equity below the share price of our most recent equity offering of $9.50 per share in December of 2022.

在轉到下一張幻燈片之前，我想概述一下過去 12 個月我們的 ATM 或市價、庫存、銷售額、數量和價格。正如您所看到的，自去年 8 月以來，我們一直限制自己使用 ATM 銷售為我們的計劃提供資金，並以每股 13.88 美元的平均淨股價籌集了 7270 萬美元的淨收益。在 Aspen 最近的股價範圍內，我們沒有出售股票，也不打算以低於我們最近一次在 2022 年 12 月發行的股票每股 9.50 美元的價格出售股票。

To recap, with the right-timing of Plant II, we have more than enough capital to fund our near-term growth and get to generating positive cash flows. Our revised execution plan is a retiming of our investments, not a delay in our growth, and is aimed at accelerating our path to profitability. Although we are managing our capital strategy for at least eight quarters ahead, we remain focused on short-term execution.

總而言之，在 Plant II 的正確時機，我們有足夠的資金來為我們的近期增長提供資金，並開始產生正現金流。我們修改後的執行計劃是重新調整我們的投資時間，而不是延遲我們的增長，旨在加快我們的盈利之路。儘管我們在未來至少八個季度管理我們的資本戰略，但我們仍然專注於短期執行。

I will now step back to cover the main highlights of the last quarter on slide 6, starting with revenues. We delivered $45.6 million of revenue in Q1, which translates into 19% growth year over year. Energy industrial demand remained strong. As Don mentioned during his opening remarks, purchase orders for the remainder of the year are up over approximately 125% when compared to the same time last year. Our Q1 energy industrial revenues of $33.9 million were 2% lower than the prior quarters and 10% higher year over year. The quarter-over-quarter growth, however, doesn't totally do justice to our ability to produce aerogel in Q1 as we front-loaded the manufacturing of aerogel for subsea projects that will translate into revenue in Q3 of this year.

我現在將退後一步，從收入開始，介紹幻燈片 6 上一季度的主要亮點。我們在第一季度實現了 4560 萬美元的收入，同比增長 19%。能源工業需求依然強勁。正如唐在開場白中提到的那樣，與去年同期相比，今年剩餘時間的採購訂單增長了約 125%。我們第一季度的能源工業收入為 3390 萬美元，比上一季度下降 2%，同比增長 10%。然而，環比增長並不能完全反映我們在第一季度生產氣凝膠的能力，因為我們提前為海底項目製造氣凝膠，這些項目將在今年第三季度轉化為收入。

EV thermal barrier revenues of $11.7 million put us slightly below the revenue run rate that we had in Q3 of 2022 of $12 million, which reflect the delay in GM's ramp-up of Ultium battery platform vehicle production. While revenues in this segment were up 53% year over year, they are down 54% quarter over quarter as we fulfilled a supplemental order from General Motors of approximately $30 million during Q4 of last year and the early part of Q1 of this year. We are in close consultation with GM as they ramp up during the remainder of the year and expect their volumes to increase.

EV 熱障收入為 1170 萬美元，略低於 2022 年第三季度 1200 萬美元的收入運行率，這反映出通用汽車推遲了 Ultium 電池平台汽車生產。雖然該部門的收入同比增長 53%，但環比下降 54%，因為我們在去年第四季度和今年第一季度初完成了通用汽車約 3000 萬美元的補充訂單。我們正在與通用汽車密切協商，因為他們會在今年剩餘時間裡增加銷量，並預計他們的銷量會增加。

Next, I'll provide a summary of our main expenses. Material expenses of $18.7 million for the quarter made up 41 percentage points of sales, which was within single-digit percentage points of where we want to be long term. Conversion costs, which we describe as all production costs required to convert raw materials into finished products, were of $21.8 million and made up 48 percentage points of sales in Q1. These include all elements of direct labor and manufacturing overhead: factory supplies, rent, insurance, utilities, process logistics, quality, and inspection. These compare with cost of 50 percentage points of sales in Q1 of 2022. It is worth highlighting that these costs reflect the lower absorption of fixed costs caused by making aerogel for subsea projects that was not recognized as revenue in Q1.

接下來，我將提供我們主要支出的摘要。本季度 1870 萬美元的材料費用佔銷售額的 41 個百分點，與我們希望的長期目標相差個位數百分比。轉換成本，我們將其描述為將原材料轉換為成品所需的所有生產成本，為 2180 萬美元，佔第一季度銷售額的 48 個百分點。這些包括直接人工和製造費用的所有要素：工廠供應、租金、保險、公用事業、流程物流、質量和檢驗。這些成本與 2022 年第一季度銷售額的 50 個百分點相比。值得強調的是，這些成本反映了為海底項目製造氣凝膠而導致的固定成本吸收較低，這些成本未在第一季度確認為收入。

In Q1, our gross profit margins were up 11%, an increase of nearly $7 million in gross profit when compared to Q1 a year ago. Our gross profit of $5.1 million was composed of $8.9 million from our energy industrial segment and negative $3.8 million from our EV thermal barrier segment. These represent gross profit margins of positive 26% and negative 32%, respectively, for the quarter. For EV thermal barriers, we need a quarterly revenue run rate of $20 million to have positive gross profit, but it is encouraging to see that our gross loss was less than half of what it was in Q3 of last year on a very similar revenue run rate of approximately $12 million per quarter.

第一季度，我們的毛利率上升了 11%，與一年前的第一季度相比，毛利潤增加了近 700 萬美元。我們 510 萬美元的毛利潤包括來自能源工業部門的 890 萬美元和來自電動汽車熱障部門的負 380 萬美元。這些代表本季度的毛利率分別為正 26% 和負 32%。對於 EV 熱障，我們需要 2000 萬美元的季度收入運行率才能獲得正的毛利潤，但令人鼓舞的是，在收入運行非常相似的情況下，我們的毛虧損不到去年第三季度的一半每季度約 1200 萬美元。

Operating expenses, which are enabling our growth, were of $24 million. These remained flat quarter over quarter versus an increase of $2 million in Q4 over Q3 of last year and an increase of $4.6 million in Q2 over Q1 in 2022. We've leveled off our OpEx increases and have focused any increases on delivering two things: one, tangible productivity benefits through our new process development and the implementation of systems that streamline our methods and drive productivity, such as our IT infrastructure and toolchain; and two, new OEM production awards through our EV thermal barrier technical sales efforts, delivering prototype parts and converting these pursuits into awards. At this point, any new investment that drives OpEx to deliver these two things needs to be offset by saving somewhere else in the business during the same timeframe or in anticipation of any potential OpEx increases.

推動我們增長的運營費用為 2400 萬美元。這些季度環比持平，而去年第四季度比去年第三季度增加了 200 萬美元，第二季度比 2022 年第一季度增加了 460 萬美元。我們已經穩定了我們的運營支出增長，並將任何增長集中在實現兩件事上：第一，通過我們的新流程開發和實施簡化我們的方法並提高生產力的系統（例如我們的 IT 基礎設施和工具鏈），切實提高生產力；第二，通過我們的 EV 隔熱技術銷售工作、交付原型零件並將這些追求轉化為獎項，獲得新的 OEM 生產獎項。在這一點上，任何推動 OpEx 交付這兩件事的新投資都需要通過在同一時間段內在業務中的其他地方進行節省或預期任何潛在的 OpEx 增加來抵消。

Putting these elements together, our adjusted EBITDA was of negative $13.9 million in Q1 compared to negative $14.6 million during Q1 of the prior year, resulting in a year-over-year reduction in our EBITDA loss of 5%. As a reminder, we define adjusted EBITDA as net income or loss before interest, taxes, depreciation, amortization, stock-based compensation expenses, and other items that we do not believe are indicative of our core operating performance. In Q1, these other items included $2.3 million of stock-based compensation and $2.1 million of net interest income.

將這些因素放在一起，我們調整後的 EBITDA 在第一季度為負 1390 萬美元，而去年第一季度為負 1460 萬美元，導致我們的 EBITDA 損失同比減少 5%。提醒一下，我們將調整後的 EBITDA 定義為扣除利息、稅項、折舊、攤銷、基於股票的補償費用以及我們認為不代表我們核心經營業績的其他項目前的淨收入或虧損。第一季度，這些其他項目包括 230 萬美元的股票薪酬和 210 萬美元的淨利息收入。

Optimizing our supply site to make the most accretive products in Q1 has yielded benefits and profitability that have put us $4 million ahead of where we expected to be in EBITDA at this point of the year. Our net loss in Q1 decreased to $16.8 million or $0.24 per share versus a net loss of $19.5 million or $0.59 per share in the same quarter of 2022. Our quarter-over-quarter net loss increased by $7.2 million from $9.6 million. It is worth clarifying that for all these earnings-per-share calculations, our number of fully diluted shares outstanding was 30.4 million at the end of 2021, a weighted average 39.4 million shares in 2022, and our number of shares outstanding at the end of the quarter was of 70 million shares.

優化我們的供應站點以在第一季度生產最具增值性的產品已經產生了收益和盈利能力，使我們比今年此時的 EBITDA 預期高出 400 萬美元。我們第一季度的淨虧損減少到 1680 萬美元或每股 0.24 美元，而 2022 年同一季度的淨虧損為 1950 萬美元或每股 0.59 美元。我們的季度淨虧損從 960 萬美元增加了 720 萬美元。值得澄清的是，對於所有這些每股收益的計算，我們在 2021 年底的完全稀釋流通股數量為 3040 萬股，2022 年加權平均為 3940 萬股，我們在 2021 年底的流通股數量該季度有 7000 萬股。

Next, I'll turn to cash flow and our balance sheet. Cash used in operations of $24.7 million reflected our adjusted EBITDA of negative $13.9 million, offset by an increase in cash needs of $10.7 million. That reflects a quarterly decrease in accounts payable of $5.5 million, an increase in accounts receivable of $10 million, and a decrease of inventory of $5 million. These put our operating cash needs for the quarter at $74 million.

接下來，我將轉向現金流和我們的資產負債表。運營中使用的現金為 2470 萬美元，反映出我們調整後的 EBITDA 為負 1390 萬美元，被現金需求增加 1070 萬美元所抵消。這反映了應付賬款每季度減少 550 萬美元，應收賬款增加 1000 萬美元，存貨減少 500 萬美元。這些使我們本季度的運營現金需求達到 7400 萬美元。

Capital expenditures during the quarter of $49.4 million included the partial construction of the main buildings in Statesboro, Georgia for Plant II; assembly equipment for our automated thermal barrier operations in Mexico; and the finishes of our advanced thermal barrier development center in the Boston area. As progress on the construction of our second aerogel manufacturing plant continued, we have incurred $204.2 million in capital expenses through the end of Q1 towards it. We ended the quarter with $207.5 million of cash, and shareholders' equity of $432.5 million.

本季度 4,940 萬美元的資本支出包括在佐治亞州斯泰茨伯勒為 Plant II 建造主要建築的部分建築；用於我們在墨西哥的自動化熱障操作的裝配設備；以及我們在波士頓地區的先進熱障開發中心的完工。隨著我們第二家氣凝膠製造廠建設的繼續推進，截至第一季度末，我們已為此產生了 2.042 億美元的資本支出。我們以 2.075 億美元的現金和 4.325 億美元的股東權益結束了本季度。

Now I'll turn to slide 7. Slide 7 has a lot of content, but we think it's worth covering it today as it provides a view on every macro input that we factor into our thinking as we develop our EV thermal barrier business and strategy to its full potential. There are eight different elements driving our content-per-vehicle opportunity and in turn its revenues. I won't bore you with every detail, and we've included some background materials in the appendix of this presentation to allow you to get into all the details at your own leisure. The top parameters that drive our PyroThin business are global light and heavy-duty vehicle sales; the penetration of battery electric and plug-in hybrid powertrains; and the cell chemistry, form factor, and size or capacity of the batteries powering these vehicles.

現在我將轉到幻燈片 7。幻燈片 7 包含很多內容，但我們認為今天值得介紹它，因為它提供了我們在開發 EV 熱障業務和戰略時考慮的每一個宏觀輸入的視圖發揮其全部潛力。有八個不同的因素推動我們的每輛車內容機會，進而推動其收入。我不會對每個細節都讓您感到厭煩，我們在本演示文稿的附錄中包含了一些背景材料，以便您在閒暇時了解所有細節。推動我們 PyroThin 業務的主要參數是全球輕型和重型汽車銷售；純電動和插電式混合動力系統的普及；以及為這些車輛提供動力的電池的電池化學成分、外形尺寸和尺寸或容量。

PyroThin itself is a cell-to-cell barrier for OEMs that are investing in delaying or stopping thermal runaway and propagation in pouch or prismatic cells. Now that Aspen is two years into the journey of building this market, we are seeing a growing market in the heavy electric vehicle commercial truck space and in the LFP chemistry cell market across the board. As OEMS push the range limits of plug-in hybrids and increase the size of plug-in hybrid vehicle batteries, this also represents additional opportunity.

PyroThin 本身是 OEM 的電池間屏障，OEM 正在投資延遲或停止軟包或棱柱形電池中的熱失控和傳播。既然 Aspen 已經進入建立這個市場的旅程兩年了，我們看到重型電動汽車商用卡車領域和 LFP 化學電池市場的整體市場不斷增長。隨著原始設備製造商突破插電式混合動力車的續航里程限制並增加插電式混合動力汽車電池的尺寸，這也意味著更多的機會。

Turning to slide 8. We take a deep dive into our global EV battery form factor outlook since we've gotten several questions around this from investors. And there seems to be a lot of value placed and speculation around changes in direction or diversification here from some OEMs. We've been spending a lot of time with our customers and outside experts developing an informed view of our outlook, and we'd like to walk you through it. A cell's form factor influences the cell's ability to dissipate and transmit heat to its neighboring cells. There are three dominant type of form factors today: pouch, prismatic, and cylindrical. Aerogel's cell-to-cell thermal barriers are best suited for form factors which require high thermal propagation protection as well as very specific mechanical needs regarding compression between each cell.

轉到幻燈片 8。我們深入探討了我們的全球 EV 電池外形因素展望，因為我們已經從投資者那裡收到了幾個問題。一些原始設備製造商似乎對方向或多元化的變化進行了很多評估和猜測。我們花了很多時間與我們的客戶和外部專家交流，以形成對我們前景的知情看法，我們想帶您一探究竟。電池的形狀因素會影響電池向相鄰電池散熱和傳輸熱量的能力。當今存在三種主要的形狀因素類型：袋狀、棱柱狀和圓柱狀。氣凝膠的電池間隔熱層最適合需要高熱傳播保護的形狀因素以及每個電池之間壓縮的非常具體的機械需求。

Consequently, we see the highest CPV with pouch designs due to the increased probability of thermal propagation and stringent cell compression requirements to accommodate battery swelling. Prismatic designs also represent a significant opportunity for our PyroThin product as they require thermal barriers that can compress to fit into very tight spaces. We have not focused on cylindrical form factors, and to develop a specific product, due to the complex geometric requirements, thus limiting the opportunity for cell-to-cell barriers in cylindrical form factors, but opportunities in the module and pack level could materialize down the road.

因此，由於熱傳播的可能性增加和嚴格的電池壓縮要求以適應電池膨脹，我們看到軟包設計的 CPV 最高。棱柱形設計也為我們的 PyroThin 產品提供了一個重要機會，因為它們需要可以壓縮以適應非常狹窄空間的隔熱層。由於復雜的幾何要求，我們沒有專注於圓柱形規格，也沒有開發特定產品，因此限制了圓柱形規格中電池間壁壘的機會，但模塊和包裝級別的機會可能會下降馬路。

The current global mix of battery form factors varies by region, which is really driven by the market share and battery architecture of specific OEMs within each market. The market is expected to evolve as OEMs continue to experiment and diversify their form factor mix. In North America, we expect to shift away from cylindrical cells as OEMs gain market share from the current market leader. In Europe, the market is projected to experience growing demand for prismatic and cylindrical cells, but pouch cells will remain prevalent, and each form factor is projected to have roughly even share by the end of the decade due to the cost of form factor's decisions on battery assembly investments. Finally, in China, prismatic form factors will remain dominant as local manufacturers seem to have an advantage over major Korean battery manufacturers who focus on pouch cells. Overall, prismatic and pouch designs will continue to represent a significant share of the market with over 70% of the global volume, providing a significant opportunity for our EV thermal barrier business.

當前全球電池外形組合因地區而異，這實際上是由每個市場中特定 OEM 的市場份額和電池架構驅動的。隨著原始設備製造商繼續試驗和多樣化其外形規格組合，預計市場將不斷發展。在北美，隨著原始設備製造商從當前市場領導者手中奪取市場份額，我們預計將不再使用圓柱形電池。在歐洲，預計市場對棱柱形和圓柱形電池的需求將不斷增長，但軟包電池仍將普遍存在，並且由於外形規格決定的成本，預計到本世紀末每種外形規格的份額將大致持平電池組裝投資。最後，在中國，棱柱形因素仍將占主導地位，因為本地製造商似乎比專注於軟包電池的韓國主要電池製造商更具優勢。總體而言，棱柱形和軟包設計將繼續佔據很大的市場份額，佔全球銷量的 70% 以上，這為我們的 EV 熱障業務提供了重要機會。

Moving over to slide 9, we'll now take a closer look at our EV battery chemistry outlook. Cell chemistry dictates how easily a cell will enter thermal runaway and how much heat it will produce. Thermal propagation runaway is prevalent within all cell chemistries, but has the highest probability of occurrence with nickel-based chemistries, which account for 70% -- over 70% of global volume and thus have a higher PyroThin CPV. OEMs choose a particular chemistry, depending on the vehicle's energy requirements, cost targets, and their procurement strategies.

轉到幻燈片 9，我們現在將仔細研究我們的 EV 電池化學前景。電池化學決定了電池進入熱失控的難易程度以及它會產生多少熱量。熱傳播失控在所有電池化學物質中都很普遍，但鎳基化學物質發生的可能性最高，佔全球體積的 70%——超過 70%，因此具有更高的 PyroThin CPV。原始設備製造商根據車輛的能源需求、成本目標及其採購策略選擇特定的化學物質。

In North America, LFP chemistries will see significant growth in entry-level vehicles due to their cost advantages and as OEMs seek to diversify on chemistry. In Europe, base-level vehicles are expected to shift from low-medium nickel chemistries to LFP as well. In China, there is a strong LFP market due to local production, but the country is expected to shift more nickel-rich as vehicle range will be increased and as foreign OEMs enter that market. Globally, each cell chemistry will see a roughly even share of demand as OEMs optimize for different metrics based on vehicle design and class. Semi solid-state batteries are not projected to gain meaningful share in this decade, and it's hard to find experts who see solid state coming out of the research phase within the next 10 years. After speaking with several industry experts and customers, we validated the feedback that our sales team is seeing every day of PyroThin playing a critical role in meeting the requirements of OEMs to mitigate or stop thermal runaway and propagation across all the currently available chemistries.

在北美，由於 LFP 化學品具有成本優勢以及 OEM 尋求化學品多元化，因此入門級車輛的 LFP 化學品將顯著增長。在歐洲，預計基礎級車輛也將從中低鎳化學物質轉向 LFP。在中國，由於本地生產，LFP 市場強勁，但隨著車輛續航里程的增加以及外國 OEM 進入該市場，預計該國將轉移更多富鎳資源。在全球範圍內，隨著原始設備製造商根據車輛設計和類別針對不同指標進行優化，每種電池化學物質的需求份額將大致相等。預計半固態電池在這十年內不會獲得有意義的份額，而且很難找到專家認為固態電池會在未來 10 年內退出研究階段。在與幾位行業專家和客戶交談後，我們驗證了我們的銷售團隊每天看到的反饋，即 PyroThin 在滿足 OEM 減輕或阻止熱失控和所有當前可用化學物質傳播的要求方面發揮著關鍵作用。

Turning over to slide 10, EV chemistry and form factor forecasts are relatively reliable due to the significant development timelines and costs associated when making changes regarding battery packs. OEMs have been investing directly in both pack assembly and cell manufacturing capabilities for the past five years, significantly ramping up these investments over the last two years. These OEMs have incurred a large fixed cost base and are now focused on delivering volumes to meet their profitability goals and recoup these investments.

轉到幻燈片 10，EV 化學成分和外形因素預測相對可靠，因為在對電池組進行更改時，開發時間表和相關成本很重要。在過去五年中，原始設備製造商一直在直接投資於電池組組裝和電池製造能力，並在過去兩年中顯著增加了這些投資。這些原始設備製造商產生了大量的固定成本基礎，現在專注於交付量以滿足其盈利目標並收回這些投資。

Large changes, such as new cell manufacturing plants, can take three to four years with costs in the billions of dollars. We saw this with the newly announced GM and Samsung plant, which will not be completed until 2026 and comes at an initial cost of $3 billion. It's important to note that once completed, this plant will only represent 20% of GM's overall battery production capacity. At Aspen, we are heavily engaged throughout every stage of the battery pack R&D process with every major OEM. This line of sight gives us confidence in our ability to sustain strong growth throughout the decade and get this signed into specific applications of the vehicle nameplate, platform, or battery platform level.

新的電池製造廠等大型變更可能需要三到四年的時間，成本高達數十億美元。我們在新宣布的通用汽車和三星工廠中看到了這一點，該工廠要到 2026 年才能完工，初始成本為 30 億美元。值得注意的是，一旦建成，該工廠將僅佔通用汽車整體電池產能的 20%。在 Aspen，我們與每個主要 OEM 密切合作，貫穿電池組研發過程的每個階段。這種視線讓我們相信我們有能力在整個十年內保持強勁增長，並將其簽署到車輛銘牌、平台或電池平台級別的特定應用程序中。

Now I'll turn over to slide 11. Over the past three years, as EV volumes have increased and more automakers started offering EVs, the risks of thermal runaway and propagation have become more apparent and prevalent. The costs of not managing the inherent issues of how unstable a battery can be are significant to an OEM that does not offer a comprehensive solution to thermal runaway and propagation. We've all read in the news of plants that have been shut down for weeks, the car carrier ship that caught on fire due to an EV's battery going into thermal runaway, or the damaged infrastructure, costing OEMs billions of dollars and reputational damage that is hard to recover from. Over the past year in particular, we've seen more OEMs starting to take a proactive approach to addressing thermal runaway by staffing teams to address not just the potential financial loss and reputational risk, but also because legislation is in the process of making this a requirement over the next few years.

現在我將轉到幻燈片 11。在過去三年中，隨著電動汽車銷量的增加以及越來越多的汽車製造商開始提供電動汽車，熱失控和傳播的風險變得更加明顯和普遍。對於不提供全面的熱失控和傳播解決方案的 OEM 而言，不管理電池不穩定的固有問題的成本非常高。我們都讀過有關工廠關閉數週的新聞，汽車運輸船因電動汽車電池進入熱失控而起火，或基礎設施受損，原始設備製造商損失數十億美元，聲譽受損很難恢復。特別是在過去的一年裡，我們看到更多的原始設備製造商開始採取積極主動的方法來解決人員配備團隊的熱失控問題，這不僅是為了解決潛在的財務損失和聲譽風險，也是因為立法正在製定過程中未來幾年的需求。

On slide 12, we provide an overview of the regulatory landscape regarding thermal runaway and thermal propagation. Government agencies around the world continue to become increasingly aware of the dangers of thermal runaway and propagation, driving meaningful regulation initiatives. All major markets have participated in the enactment of the United Nations' global transportation requirement, which requires a five-minute delay before the dangers to the passenger compartment for hazards such as those caused by thermal runaway. China remains one of the most advanced environments, with a 2021 thermal propagation test mandate requiring flame transfer delay of five minutes after a warning. Europe and the US have followed the lead of the United Nations by participating in the UN GTR Phase 1 enactment.

在幻燈片 12 上，我們概述了有關熱失控和熱傳播的監管環境。世界各地的政府機構越來越意識到熱失控和傳播的危險，推動了有意義的監管舉措。各大市場都參與了聯合國全球運輸要求的製定，要求在客艙發生熱失控等危害前，延遲五分鐘。中國仍然是最先進的環境之一，2021 年的熱傳播測試任務要求在警告後火焰傳遞延遲五分鐘。歐洲和美國效仿聯合國，參與了聯合國 GTR 第一階段的製定。

This is likely only the beginning of regulatory mandates regarding thermal propagation and runaway. The UN GTR will continue to be a key driver of further regulation, as Phase 2 of the GTR requirements continue to evolve and will likely be released over the next few years. In addition, both Europe and the US are looking into developing further standards. Increasing customer awareness of these safety issues will focus the lens on regulators, especially as EV penetration increases and thermal propagation and runaway [events and videos] continue making the headlines. In the long term, the possibility of regulations aimed at completely eliminating runaway or propagation may be explored.

這可能只是有關熱傳播和失控的監管要求的開始。 UN GTR 將繼續成為進一步監管的關鍵驅動力，因為 GTR 要求的第 2 階段不斷發展，並可能在未來幾年內發布。此外，歐洲和美國都在考慮制定進一步的標準。提高客戶對這些安全問題的認識將使監管機構關注焦點，尤其是隨著電動汽車普及率的提高以及熱傳播和失控 [事件和視頻] 繼續成為頭條新聞。從長遠來看，可以探索旨在完全消除失控或傳播的法規的可能性。

While many EV battery system components, such as battery management systems, can help deliver trigger warnings, there has not been an effective active management solution to date. The only current solution to truly mitigate the danger is a passive cell-to-cell thermal barrier. We believe that PyroThin is a solution that allows OEMs not only provide a five-minute delay, but that can play a key part in stopping thermal propagation altogether, turning what is currently a potentially catastrophic event into a serviceable one at a portion of the cost.

雖然許多 EV 電池系統組件（例如電池管理系統）可以幫助發出觸發警告，但迄今為止還沒有有效的主動管理解決方案。當前唯一真正減輕危險的解決方案是被動式電池間熱障。我們相信 PyroThin 是一種解決方案，它不僅可以讓 OEM 提供五分鐘的延遲，而且可以在完全阻止熱傳播方面發揮關鍵作用，將目前潛在的災難性事件轉變為可維修的事件，而成本只是一部分.

Moving over to slide 13. Thanks to the increased focus from OEMs at addressing thermal runaway and our team's progress in working with them, 2023 will be an important year for us as we develop our [commercial] pipeline. We are expecting decisions from various OEMs on programs totaling over $3 billion of lifetime revenue. Our pipeline includes PyroThin quotes across a variety of cell form factors and chemistries. As Don outlined in his remarks, our new commercial truck award demonstrates the strong demand for cell-to-cell barriers, such as PyroThin, for large electric commercial vehicles. In this case, this is an award for cell-to-cell barriers for a pact with prismatic cells. While we are still unable to disclose the identity of the German OEM from which we obtained an LOI in Q4 of 2022, we're continuing to work with this OEM group to document this initial business award as part of a broader set of strategic discussions to expand within their product range.

轉到幻燈片 13。由於原始設備製造商越來越關註解決熱失控問題以及我們的團隊在與他們合作方面取得的進展，2023 年對我們來說將是重要的一年，因為我們正在開發我們的 [商業] 管道。我們期待各種原始設備製造商就總計超過 30 億美元的終身收入的計劃做出決定。我們的管道包括 PyroThin 報價，涉及各種細胞形狀因素和化學物質。正如 Don 在他的發言中概述的那樣，我們的新商用卡車獎項表明，大型電動商用車對 PyroThin 等電池間屏障的強烈需求。在這種情況下，這是對棱柱形電池協議的電池間屏障的獎勵。雖然我們仍然無法透露我們在 2022 年第 4 季度從中獲得意向書的德國 OEM 的身份，但我們將繼續與該 OEM 集團合作，以記錄這一初始業務授予，作為更廣泛的戰略討論的一部分，以在他們的產品範圍內擴展。

With that, I'm happy to hand the call back to Don.

有了這個，我很高興將電話轉回給 Don。

Thank you, Ricardo. We have covered a significant amount of ground today in reviewing Q1 and our strategy. Before we move to Q&A, I'd like to emphasize four points. First, during Q1, we demonstrated continued improvements in operating efficiencies, which resulted in an 11% gross margin, and we believe keeps us on track for longer-term gross margins at or above 35%. We also maintained careful control of OpEx during the quarter.

謝謝你，里卡多。今天，我們在回顧第一季度和我們的戰略時已經涵蓋了大量的內容。在我們進入問答環節之前，我想強調四點。首先，在第一季度，我們展示了運營效率的持續提高，這導致毛利率達到 11%，我們相信這將使我們的長期毛利率保持在 35% 或更高的軌道上。我們還在本季度保持對 OpEx 的謹慎控制。

Second, the commercial truck brand within an important German OEM group chose us for a multiyear award to provide to them PyroThin thermal barriers. We believe that we are on the cusp of winning more awards with other EV OEMs and are confident we will complete 2023 with a strong roster of EV customers that have designed PyroThin thermal barriers into their respective battery platforms.

其次，一家重要的德國 OEM 集團內的商用卡車品牌選擇我們獲得多年獎，為他們提供 PyroThin 隔熱層。我們相信，我們即將與其他 EV 原始設備製造商一起贏得更多獎項，並且有信心我們將在 2023 年結束時擁有強大的 EV 客戶名單，這些客戶已在各自的電池平台中設計了 PyroThin 隔熱層。

Third, we have decided to right-time the final stages of the construction of Plant II in Statesboro, Georgia, and, in the meantime, to largely dedicate our Plant I aerogel manufacturing capacity in East Providence to PyroThin thermal barriers. At the same time, we have reached a manufacturing agreement with a Chinese aerogel manufacturer to supply product to us for our energy industrial business. With this strategy, we believe that we continue to have our full upside opportunity. But during a potential period of economic uncertainty and while our EV OEMs ramp, we optimize the use of our existing assets to create a cash-generating business and to avoid unnecessary dilution.

第三，我們已決定在佐治亞州斯泰茨伯勒建造二號工廠的最後階段，同時，我們將在東普羅維登斯的一號工廠氣凝膠製造能力主要用於 PyroThin 隔熱層。同時，我們已與一家中國氣凝膠製造商達成製造協議，為我們的能源工業業務供應產品。通過這一戰略，我們相信我們將繼續擁有充分的上行機會。但在潛在的經濟不確定時期，當我們的 EV 原始設備製造商數量激增時，我們優化了現有資產的使用，以創建產生現金的業務，並避免不必要的稀釋。

And fourth, in this scenario, from our current manufacturing assets and supply arrangements, we could have annual revenue capacity of $500 million to $600 million, gross margins at or above 35%, and EBITDA meaningfully positive. This strategy enables us to reduce OpEx and CapEx, to generate positive EBITDA, to preserve our existing capital, and to serve successfully both our EV and energy industrial businesses.

第四，在這種情況下，根據我們目前的製造資產和供應安排，我們的年收入能力可以達到 5 億至 6 億美元，毛利率達到或超過 35%，EBITDA 顯著為正。這一戰略使我們能夠降低運營支出和資本支出，產生正的 EBITDA，保留我們的現有資本，並成功地服務於我們的電動汽車和能源工業業務。

Alexis, let's turn to Q&A.

亞歷克西斯，讓我們轉向問答環節。

(Operator Instructions) Eric Stine, Craig-Hallum.

（操作員說明）Eric Stine，Craig-Hallum。

Hi Don, Hi Ricardo.

嗨唐，嗨里卡多。

Hey Eric, how are you?

嘿埃里克，你好嗎？

Good morning. Well, thanks. So maybe just starting with, I guess, slide 13 in the $3 billion plus that you're targeting here over the next three quarters. Just curious if you could maybe break that down. I would assume that the German OEM under LOI today is part of that. But I mean, is that a number that you expect to be made up by a handful of the opportunities you listed on this slide? It's a couple or it's more widespread than that?

早上好。非常感謝。所以也許只是開始，我想，在接下來的三個季度裡，你的目標是 30 億美元以上的幻燈片 13。只是好奇您是否可以將其分解。我假設今天在 LOI 下的德國 OEM 是其中的一部分。但我的意思是，你希望這個數字是由你在這張幻燈片上列出的一些機會組成的嗎？是一對還是比這更普遍？

So I think a handful is the right way to describe it without getting into too much detail of what the size of each award is. The interesting piece is this element of not just getting awards from the OEMs themselves, but these battery joint ventures are actually a very good opportunity to get into multiple OEMs with one award and to have that opportunity grow as their vehicle rollout plans become clearer. So I mean, even though we're talking about the $3 billion figure of awards being added this year, the potential for next year and the following year could be even larger, given that this $3 billion would just be kind of really our initial award into each of these OEM groups.

因此，我認為少數是描述它的正確方式，而無需過多詳細說明每個獎項的規模。有趣的是，這不僅是從原始設備製造商那裡獲得獎項的要素，而且這些電池合資企業實際上是一個很好的機會，可以通過一個獎項進入多個原始設備製造商，並隨著他們的車輛推出計劃變得更加清晰而增加這種機會。所以我的意思是，即使我們談論的是今年增加的 30 億美元的獎勵數字，明年和下一年的潛力可能會更大，因為這 30 億美元實際上只是我們的初始獎勵進入這些 OEM 組中的每一個。

Eric, as I said, we're confident that we're going to have, as I said, a good roster of EV customers by the end of 2023. So I like your handful kind of imagery; that feels right to us as we work our way through the year.

埃里克，正如我所說，我們有信心，正如我所說，到 2023 年底，我們將擁有大量的電動汽車客戶。所以我喜歡你的一些圖像；在我們努力度過這一年的過程中，這對我們來說是正確的。

There's some pretty big fingers and hands.

有一些相當大的手指和手。

All right. No, that's a great description, good color there. Thank you. I guess tough to keep it to two questions, but I will -- I mean, maybe just on the contract manufacturer. Could you just talk about -- I mean, it sounds like so it is an existing aerogel manufacturer. Does that kind of ease the ability to bring that online? I mean, is there CapEx required on the equipment side? Maybe not because they're already in the business. Maybe just talk about some of the considerations there bringing that online but also protecting your IP, which obviously is very, very important to Aspen, but you're using an existing aerogel manufacturer.

好的。不，這是一個很好的描述，那裡的顏色很好。謝謝。我想很難將其保留為兩個問題，但我會 - 我的意思是，也許只是關於合同製造商。你能不能談談——我的意思是，這聽起來像是一家現有的氣凝膠製造商。這是否會簡化將其上線的能力？我的意思是，設備方面是否需要資本支出？也許不是因為他們已經在做生意了。也許只是談談將其帶到網上的一些考慮因素，同時也保護您的 IP，這顯然對 Aspen 非常非常重要，但您使用的是現有的氣凝膠製造商。

Yes. Thank you, Eric. As I indicated, we've been working on this for the better part of a year, and so we are very mindful that this product will be to our specifications, to our quality standards. It will be worked through our distribution with our labeling, et cetera. We've done extensive work with the data book, so to speak, and to be sure that we are able to deliver Aspen material to our energy industrial customers. The IP part of this has been at the forefront of this discussion, and you have seen us for many years be aggressive in representing and defending our intellectual property around the world and of course again recently during the month of April.

是的。謝謝你，埃里克。正如我所指出的，我們已經為此工作了一年的大部分時間，因此我們非常注意該產品將符合我們的規格和質量標準。它將通過我們的標籤等方式進行分發。我們已經對數據手冊進行了大量工作，可以這麼說，並確保我們能夠向我們的能源工業客戶提供 Aspen 材料。知識產權部分一直處於此次討論的最前沿，您已經看到我們多年來在全球範圍內積極代表和捍衛我們的知識產權，當然最近在 4 月份再次出現。

Again, we're very -- those two things might have been a coincidence, but I think they're highly related in many regards. That is to say the enforcement action that we took and the contract manufacturing agreement that we reached. We're really excited about it and for what it can do for our company during this period of time. And as I said in my notes, between our existing assets and Plant I being dedicated to EV thermal barriers and this supplemental supply, to have the revenue capacity of $500 million or $600 million with significant gross margins and significant positive cash flow implications is just a terrific thing for us. We believe and we'll continue to execute on that strategy.

同樣，我們非常 - 這兩件事可能是巧合，但我認為它們在很多方面都高度相關。也就是我們採取的執法行動，我們達成的代工協議。在這段時間裡，我們對它以及它能為我們公司做些什麼感到非常興奮。正如我在筆記中所說，在我們現有的資產和 Plant I 致力於 EV 熱障和這種補充供應之間，擁有 5 億美元或 6 億美元的收入能力，具有可觀的毛利率和顯著的正現金流影響只是一個對我們來說太棒了。我們相信並將繼續執行該戰略。

Yeah, maybe I can -- just got a bit of commentary here on the CapEx question, Eric. So I mean, the team actually was there a couple of weeks ago and completed a pretty good assessment of the equipment and their capabilities, and we don't expect this to drive any capital expenses on our end. It's really just a little bit of incremental OpEx that we were already planning for.

是的，也許我可以 - 埃里克，這裡有一些關於資本支出問題的評論。所以我的意思是，該團隊實際上在幾週前就在那裡，並對設備及其功能進行了很好的評估，我們預計這不會推動我們的任何資本支出。這實際上只是我們已經計劃的一點點增量 OpEx。

Okay. Thank you.

好的。謝謝。

Alex Potter, Piper Sandler.

亞歷克斯波特，派珀桑德勒。

Hi there. Ben Johnson on the line for Alex. First question, (technical difficulty) contract manufacturing. [We've been] modeling CapEx in 2024 and beyond.

你好呀。 Ben Johnson 替 Alex 上線。第一個問題，（技術難度）代工。 [我們一直在] 對 2024 年及以後的資本支出進行建模。

Yes. I mean, for us, it really -- I see two CapEx scenarios, right, for '24 and beyond. One is, which is really the one that we're focused on here until we resume Plant II. But that -- I mean, it's pretty front-loaded and we think that the CapEx that we'll deploy both in Mexico and in Rhode Island this year will set it up. So that maybe we should not be investing more than $50 million of CapEx in '24, '25, and '26 if we don't restart Plant II. But given the demand that we're still seeing out in that '25, 2026 timeframe, we'll have to pretty much retime our expectations for investing in Plant II for that point in time after we decide to restart investing in the plant.

是的。我的意思是，對我們來說，它真的 - 我看到了兩個 CapEx 場景，正確的，'24 及以後。一個是，在我們恢復 Plant II 之前，我們真正關注的是一個。但那 - 我的意思是，它是非常前期的，我們認為我們今年將在墨西哥和羅德島部署的資本支出將對其進行設置。因此，如果我們不重啟 Plant II，也許我們不應該在 24 年、25 年和 26 年投資超過 5000 萬美元的資本支出。但是考慮到我們在 2026 年 25 日的時間框架內仍然看到需求，在我們決定重新開始對工廠的投資之後，我們將不得不重新調整我們對那個時間點投資 Plant II 的預期。

But I mean (multiple speakers) maybe I'll just add one thing really quickly. I mean, for us, really the main driver towards this change in strategy and this right-timing of Plant II is that if you lay out these lower CapEx numbers, I mean, there's a really good chance to create meaningful value here as we start delivering on our revenue later this year and going into next year because we actually start paying back all of the investments over the past two years. Just as the business continues, makes its way towards generating positive cash flows here in the near term.

但我的意思是（多個發言者）也許我會很快添加一件事。我的意思是，對我們來說，真正推動這一戰略變化的主要驅動力和 Plant II 的正確時機是，如果你列出這些較低的資本支出數字，我的意思是，當我們開始時，很有可能在這裡創造有意義的價值今年晚些時候交付我們的收入並進入明年，因為我們實際上開始償還過去兩年的所有投資。隨著業務的繼續，它會在短期內在這裡產生正現金流。

Got it. Thank you. And how much are you guys willing to disclose regarding the financial terms of your relationship with the contract manufacturer?

知道了。謝謝。你們願意透露多少關於你們與合同製造商關係的財務條款？

Well, let me say it this way. That is the negotiations we are focused on having a profitable energy industrial business. And the terms of that enable us to do that. And of course, that was an important part. It wasn't just serving that market in this temporary period; it is serving that market profitably for us and being consistent with our gross margin goals, et cetera.

好吧，讓我這樣說吧。那就是我們專注於擁有有利可圖的能源工業業務的談判。而其中的條款使我們能夠做到這一點。當然，這是一個重要的部分。在這個臨時時期，它不僅僅是為那個市場服務；它正在為我們有利地服務於該市場，並與我們的毛利率目標等保持一致。

So we're not going to get into the arrangement in deep detail, but it's attractive to us. And again, as part of that $500 million to $600 million revenue capacity, the combination of Plant I and that supplemental supply agreement, again, we have the ability to have these 35% gross margins that we've talked about in the past.

因此，我們不打算詳細討論安排，但它對我們很有吸引力。再一次，作為 5 億至 6 億美元收入能力的一部分，Plant I 和補充供應協議的結合，我們再次有能力擁有我們過去談到的 35% 的毛利率。

Colin Rusch, Oppenheimer.

科林·魯施，奧本海默。

Could you talk a little bit about the competitive landscape that you're seeing at this point with other solutions around [heat] management? Obviously, if we're going to have a global standard that we're working to toward, there are going to be multiple entrants. Just curious what you're seeing in terms of early days of competition.

您能否談談您目前看到的與圍繞 [熱] 管理的其他解決方案的競爭格局？顯然，如果我們要製定一個我們正在努力實現的全球標準，就會有多個參與者。只是好奇你在早期的比賽中看到了什麼。

Yes. I mean, this is an area where we've actually been spending a lot of time and actually went through a pretty comprehensive process with the help of some experts and our team here internally to frame out all of our market views. And as we outlined a year ago, this is a systems problem, right? And so there's a bunch of active measures and passive measures that one can implement to try to tackle it without necessarily -- without having the option of swapping one for the other, right? So there's no silver bullet at addressing thermal runaway and propagation; there's only multiple lead bullets in. And on the passive side, we think that, depending on an OEMs objectives, we can be a pretty good lead bullet.

是的。我的意思是，這是一個我們實際上已經花了很多時間的領域，並且在一些專家和我們內部團隊的幫助下實際上經歷了一個非常全面的過程，以構建我們所有的市場觀點。正如我們一年前概述的那樣，這是一個系統問題，對嗎？因此，人們可以採取一系列主動措施和被動措施來嘗試解決這個問題，而不必 - 沒有選擇將一個換成另一個的選擇，對吧？因此，在解決熱失控和傳播方面沒有靈丹妙藥；只有多個鉛彈。在被動方面，我們認為，根據原始設備製造商的目標，我們可以成為一個很好的鉛彈。

What we're seeing on them as we go and quote business, I mean, we're still seeing the same dynamics of last year, and the year before more accelerated. And from a competitive point of view, I mean, we're seeing that it's fairly easy to pull up our website, start calling a product thermal barriers and grab some stock photos and try to get market traction. But the technical dialogue that is required to actually get an award is at a completely different level. These OEMs are not just assessing the capabilities of the material, but they're also assessing the capabilities of our process to deliver consistency at thicknesses that, frankly, two years ago, our team did not expect to have to make. And so we do feel very good about how we're positioned right now, and we don't see that changing dramatically because we just continue extending our lead.

我們在引用業務時在他們身上看到的，我的意思是，我們仍然看到與去年相同的動態，而前一年則更加加速。從競爭的角度來看，我的意思是，我們發現打開我們的網站、開始調用產品熱障並獲取一些庫存照片並嘗試獲得市場吸引力是相當容易的。但實際獲得獎項所需的技術對話處於完全不同的水平。這些原始設備製造商不僅在評估材料的能力，而且還在評估我們的工藝能力，以提供厚度的一致性，坦率地說，兩年前，我們的團隊並不期望必須這樣做。因此，我們確實對我們現在的定位感到非常滿意，而且我們沒有看到這種情況發生巨大變化，因為我們只是繼續擴大領先優勢。

That's helpful. And then just in terms of some of the financing options that you're going through. Obviously, it's a pretty dynamic environment in the commercial [engine] space. I'm just curious what you're seeing in terms of not necessarily rates, but around terms and limitations [undervalued] things like that, in terms of some of these discussions and how that's evolving obviously in a pretty dynamic environment.

這很有幫助。然後就您正在經歷的一些融資方案而言。顯然，這是商業 [引擎] 領域中一個非常動態的環境。我只是很好奇你看到的不一定是利率，而是圍繞條款和限制 [低估] 之類的事情，就其中一些討論以及它在一個非常動態的環境中如何明顯演變而言。

Yes. So I mean, we've been pretty focused on options that minimize dilution, right? So if you look at our menu of financing options, selling equity's at the bottom of the list, especially at the prices that we're currently trading at and just where we know the company is at relative to when we were at $60 a share. And so the markets that we still see open are, for example, on the equipment-backed loan financing or capital lease market. I mean, you can get something with rates in the mid-teens, but obviously you're pledging specific assets, and there's a bit of an administrative burden in getting that. But we do have a pretty clear line of sight into the $100 million that we've outlined there. And if it weren't for the GM loan, we could even take on more of that type of financing as we fund our growth. Not that our CapEx plans are lower. I mean, there's only so much that you can put on those facilities given that they have to be backed by a specific piece of equipment.

是的。所以我的意思是，我們一直非常專注於盡量減少稀釋的選擇，對吧？因此，如果您查看我們的融資選項菜單，就會發現出售股票位於列表的底部，尤其是以我們目前交易的價格以及我們知道公司相對於每股 60 美元時的價格。因此，我們仍然看到開放的市場是，例如，設備支持貸款融資或資本租賃市場。我的意思是，你可以在十幾歲的時候得到一些東西，但顯然你是在抵押特定的資產，而且要做到這一點會有一些行政負擔。但我們確實對我們在那裡概述的 1 億美元有一個非常清晰的視線。如果不是通用汽車貸款，我們甚至可以在為我們的增長提供資金時接受更多此類融資。並不是說我們的資本支出計劃較低。我的意思是，鑑於它們必須得到特定設備的支持，你只能在這些設施上放置這麼多東西。

And then the other area that we're seeing is just -- I mean, we get pitched a lot of convertible products, but are not really focused on that and instead are seeing the private market still pretty much alive, looking at opportunities where there's some equity upside and they are reasonable around the near-term coupon. But at the same time, the timing of those is important. And when we combine those with the DOE, the Loan Program Office -- I mean, obviously, the DOE one is extremely attractive. And now under this new plan, we can actually move that ahead and the timing will potentially line up from when we get a decision and when we ultimately will need to make a call on resuming our investment in Plant II. So I'd say that those are really the three options that we see still alive and where the funding probabilities are good.

然後我們看到的另一個領域是——我的意思是，我們推銷了很多可轉換產品，但並沒有真正專注於此，而是看到私人市場仍然非常活躍，尋找有機會的機會一些股票上漲，並且它們在近期息票附近是合理的。但與此同時，這些時間點很重要。當我們將這些與能源部、貸款計劃辦公室結合起來時——我的意思是，很明顯，能源部非常有吸引力。現在，根據這項新計劃，我們實際上可以提前進行，時間可能會從我們做出決定到我們最終需要呼籲恢復對 Plant II 的投資。所以我想說的是，這確實是我們看到仍然存在的三個選項，而且融資概率很高。

Colin, I think the one thing I would add to that is, in this scenario, we're a different-looking company as well. We're a cash-generating business. That's our plan. As we think through and execute on the Plant I dedicated to EV and the supplemental supply agreement, we have the ability to generate cash. And we all know that those are the best investment dollars you can have, and we're very focused on that.

科林，我想我要補充的一件事是，在這種情況下，我們也是一家看起來不同的公司。我們是一家賺錢的公司。那是我們的計劃。當我們考慮並執行專門用於 EV 的 Plant I 和補充供應協議時，我們有能力產生現金。我們都知道這些是您可以擁有的最好的投資資金，我們非常關注這一點。

Jeff Osborne, TD Cowen.

傑夫·奧斯本，TD 考恩。

Just two quick ones. Ricardo, I was confused on the equipment-backed financing that you mentioned, the $100 million. Is that in place? Or what's your degree of comfort that it will be in place? And if you could be more specific as to what specific equipment you're back leasing there.

只是兩個快速的。里卡多，我對你提到的 1 億美元的設備支持融資感到困惑。到位了嗎？或者您認為它將到位的舒適程度如何？如果你能更具體地說明你在那裡租用的具體設備。

Yes. So I mean, we feel pretty good about that. We mentioned during the previous quarter's call that we actually had three different term sheets already. We've signed -- we've sent back a nonbinding commitment with two of them, and are now basically going through the formalities of the underwriting process. And so we feel pretty good about getting those $100 million.

是的。所以我的意思是，我們對此感覺很好。我們在上一季度的電話會議中提到，我們實際上已經有了三個不同的條款清單。我們已經簽署——我們已經與其中兩家公司發回了一份不具約束力的承諾，現在基本上正在辦理承銷程序的手續。因此，我們對獲得這 1 億美元感到非常高興。

And the type of equipment that can be put under those facilities is -- a lot of the equipment that we're using to upgrade the plant in Rhode Island is going to be put under those. And same thing with both our manual and our automated equipment that's going into our facility in Mexico, plus -- I mean, everything from some of our IT infrastructure investments that we'll be making. And there's a fairly large allowance for soft costs in that as well of approximately 30%. And so we're going to try to put a fair amount of our CapEx on that as we line that up here this quarter.

可以放在這些設施下的設備類型是——我們用來升級羅德島工廠的很多設備都將放在這些設施下。我們在墨西哥的工廠中使用的手動和自動化設備也是如此——我的意思是，我們將進行的一些 IT 基礎設施投資中的一切。這其中還有相當大的軟成本津貼，大約為 30%。因此，當我們在本季度將其排成一行時，我們將嘗試將相當數量的資本支出投入其中。

That's helpful. I just want to make sure it wasn't affiliated with the Georgia facility given the costs there. And then how do we think about the content per vehicle on the truck side? You've given helpful anecdotes or detail on the passenger car side historically, but haven't talked about the truck opportunity.

這很有幫助。鑑於那裡的成本，我只是想確保它不隸屬於佐治亞州的設施。那麼我們如何考慮卡車方面每輛車的內容？你在歷史上提供了乘用車方面的有用軼事或細節，但沒有談到卡車的機會。

Yes. So it's a fairly big opportunity because these packs are very large, right? So we're talking about 180, 200-plus kilowatt-hour batteries. I mean, this is potentially a $1,200 to $1,500 content-per-vehicle opportunity for us even though they're prismatics.

是的。所以這是一個相當大的機會，因為這些包非常大，對吧？所以我們說的是180、200多千瓦時的電池。我的意思是，這對我們來說可能是每輛車價值 1,200 美元到 1,500 美元的機會，即使它們是棱柱形的。

Got it. Is that an all-electric or PHEV? [All-electric or PHEV]?

知道了。那是全電動還是 PHEV？ [全電動或 PHEV]？

These are all electric.

這些都是電動的。

George Gianarikas, Canaccord Genuity.

George Gianarikas，Canaccord Genuity。

Hey, good morning and thanks for taking my questions. I would like to ask you about Toyota and any color you can share what you think their future plans are with electric vehicles, which seems to be a lot of press back and forth. And what -- any way you can help us understand the opportunity there going forward.

嘿，早上好，謝謝你提出我的問題。我想問你關於豐田和任何顏色的問題，你可以分享你認為他們未來的電動汽車計劃，這似乎有很多來回的新聞。還有什麼 - 你可以通過任何方式幫助我們了解未來的機會。

Yes. I was in Japan last week and with the senior team at Toyota. And we've seen and we've all read about, and they talked extensively about it, the sort of change in administration, so to speak, and very much a focus on being more aggressive with their EV program. And we all know they had the dominant position with the Toyota Prius and they had strategically sort of jumped right out to the idea around fuel cells and what have you. And I think they have come to realize that they've got an important franchise with that Prius platform, if you will, or success of that vehicle. And so they have announced and discussed 10 EVs, different nameplates to be launched by 2026, I believe, is what they have said. And we're obviously close to the company and doing everything we can to be in that newly designed battery platform. So there's work to be done, but we have a strong relationship with the company.

是的。上週我在日本和豐田的高層團隊在一起。我們已經看到，我們都讀到了，他們廣泛討論了這種管理上的變化，可以這麼說，並且非常注重在他們的 EV 計劃中更加積極。我們都知道他們在豐田普銳斯上佔據主導地位，他們在戰略上直接跳出了燃料電池和你有什麼的想法。而且我認為他們已經意識到，如果您願意，他們已經擁有 Prius 平台的重要特許經營權，或者該車輛的成功。因此，他們已經宣布並討論了 10 款電動汽車，我相信他們會在 2026 年之前推出不同的銘牌。我們顯然與公司關係密切，並儘我們所能進入新設計的電池平台。所以還有很多工作要做，但我們與公司有著牢固的關係。

Thanks. And maybe just to focus on the DOE opportunity, any timing you can share with us? Any expectation on your part as to when any decision will be made there? Thank you.

謝謝。也許只是為了關注 DOE 機會，您可以與我們分享任何時間嗎？您對何時會在那裡做出任何決定有何期望？謝謝。

I mean, we expect it before the end of this year.

我的意思是，我們預計在今年年底前完成。

Yes. George, we have been in consultation with the Loan Program Office and we have put together a strong internal team with very capable external resources. So we've really leaned into this. And we're playing to win here, and we're putting the resources in place to do that. And as both Ricardo and I said it, the timing of it could align very neatly with this right-timing strategy that we have for our Plant II, but we expect to work through the process over the course of 2023.

是的。喬治，我們一直在與貸款計劃辦公室進行磋商，我們已經組建了一支強大的內部團隊和非常有能力的外部資源。所以我們真的很喜歡這個。我們在這里為取勝而戰，我們正在為此投入資源。正如里卡多和我所說的那樣，它的時機可能與我們為 Plant II 制定的正確時機戰略非常吻合，但我們希望在 2023 年完成這一過程。

Chris Souther, B. Riley.

克里斯·薩瑟 (Chris Souther)、B. 賴利 (B. Riley)。

Just following up on the DOE loan. Can you give us the size of that application for the loan you're applying for there? And then I know you weren't successful with the DOE grant last year, but you've talked about kind of a next round with that. I just wanted to see if that was still something that was potentially on the table for this year as well.

只是跟進美國能源部的貸款。你能告訴我們你在那裡申請的貸款申請的規模嗎？然後我知道你去年沒有成功獲得美國能源部的資助，但你已經談到了下一輪的資助。我只是想看看這是否仍然是今年可能擺在桌面上的東西。

Yes. I mean, we've actually been advised through our dialogue with the loan office and the DOE that size doesn't matter, which is kind of odd as we put together the application together. But we've actually framed out a size, but we're just not in a position to disclose that at this point in time.

是的。我的意思是，通過與貸款辦公室和 DOE 的對話，我們實際上已經被告知規模無關緊要，這在我們將申請放在一起時有點奇怪。但我們實際上已經確定了一個尺寸，但我們目前無法及時透露。

And with respect to the grant, our focus has been now with the Loan Program Office and that process. We are aware that a next round of invitations could be issued around the grant program. As we described last time and as you well know, many of the awards in, I believe it was the October timeframe last year, were given to interesting companies principally working inside the cell. And there was some thought that the next round of grants could be for manufacturing capability in related components, what have you, outside the cell. So we're keeping an eye on that program, but we've really put our resources behind the LPO.

關於贈款，我們現在的重點是貸款計劃辦公室和該流程。我們知道可以圍繞贈款計劃發出下一輪邀請。正如我們上次所描述的那樣，眾所周知，我相信是在去年 10 月的時間範圍內，許多獎項都頒發給了主要在小組內部工作的有趣公司。有人認為下一輪贈款可能用於相關組件的製造能力，你有什麼，在單元之外。因此，我們一直在關注該計劃，但我們確實將資源投入到了 LPO 之後。

Got it. Okay. And maybe just on the margin front and kind of the path to profitability. It seems like the gross margins in the first quarter essentially hit [what you cut it back into] with the guidance, assuming OpEx stays pretty flat, which seems to be the case. On the prior call, you've given expectations of the vast majority of gross margin being first-half or second-half loaded. And now we're talking about positive EBITDA for the fourth quarter. Can you just kind of give us a little bit of a walk on the gross margin and OpEx front for second and third quarter, and then fourth quarter to get that kind of positive EBITDA here? I think it would be helpful for folks.

知道了。好的。也許只是在利潤率方面和盈利之路上。假設 OpEx 保持相當平穩，似乎第一季度的毛利率基本上達到了 [你削減的] 指導，這似乎是這種情況。在之前的電話會議上，您已經給出了絕大多數毛利率在上半年或下半年的預期。現在我們談論的是第四季度的正 EBITDA。你能給我們介紹一下第二季度和第三季度的毛利率和運營支出，然後是第四季度，以獲得這種積極的 EBITDA 嗎？我認為這對人們有幫助。

Yes. I mean, for us, really the way we look at it is, OpEx, at this point, any increases that you see would be after having looked for savings somewhere else in the business. And so it's fair to expect that we're going to keep OpEx within this $100 million annual run rate at worst. And so then it's really all dependent on the revenues, right?

是的。我的意思是，對我們來說，我們真正看待它的方式是，OpEx，在這一點上，你看到的任何增長都是在尋找業務其他地方的節省之後。因此，可以公平地預計，我們將在最壞的情況下將 OpEx 保持在這 1 億美元的年運行率內。那麼這真的完全取決於收入，對吧？

And so as I mentioned in my remarks, I mean, we truly think that for the PyroThin business to be positive from a gross profit standpoint, our quarterly revenue run rate needs to be above $20 million. And as we get closer to that here, hopefully in the second quarter, and the remainder of the year well above that, if GM can accelerate their ramp up, then you're going to see the margins go back and start looking like what they looked like in Q4 of last year, and then just really increase from there as we are able to absorb more of our fixed expenses.

因此，正如我在發言中提到的，我的意思是，我們真的認為，從毛利潤的角度來看，PyroThin 業務要實現正增長，我們的季度收入運行率需要超過 2000 萬美元。隨著我們越來越接近這個目標，希望在第二季度，以及今年餘下的時間裡，如果通用汽車能夠加速他們的增長，那麼你將看到利潤率回落並開始看起來像他們一樣看起來像去年第四季度，然後隨著我們能夠吸收更多的固定支出而真正增加。

And on the energy industrial side, we actually think that the gross profit margin there is really limited by our ability to supply that business with product to sell. And so I think expecting it to continue around where we ended in this quarter is a fair expectation, or maybe even lower, as we take away some supply for it and give it to PyroThin. So it's really hard to answer the question because the demand on the second half is truly what drives our profit engine for this year. And so far, we haven't seen any signals that would make us expect anything lower than what we were expecting three months ago. But I mean, we're ready to go here.

在能源工業方面，我們實際上認為那裡的毛利率確實受到我們為該企業提供產品以供銷售的能力的限制。因此，我認為預計它會在本季度結束時繼續保持在我們結束時的水平是一個合理的期望，或者甚至更低，因為我們為它拿走了一些供應並將其提供給 PyroThin。所以這個問題真的很難回答，因為下半年的需求才是我們今年利潤引擎的真正驅動力。到目前為止，我們還沒有看到任何跡象表明我們的預期會低於三個月前的預期。但我的意思是，我們準備好去這裡了。

Maybe just following up, like squaring that with kind of the EBITDA guidance here. It would seem to suggest gross margins were a lot better than we saw. There's reasons why they should kind of improve throughout the year with additional scale. Is the adjusted EBITDA guidance pretty conservative at this point is kind of a way to think about that?

也許只是跟進，比如將其與此處的 EBITDA 指導進行平方。這似乎表明毛利率比我們看到的要好得多。有一些理由說明為什麼他們應該通過擴大規模在全年有所改善。調整後的 EBITDA 指引在這一點上是否相當保守是一種思考方式？

I would agree. I mean, I think it's just more a reflection of our thoughts on the environment and not necessarily our own specific situation.

我同意。我的意思是，我認為這更多地反映了我們對環境的想法，而不一定是我們自己的具體情況。

Thank you for your question. There are currently no further questions in queue. So I'll now pass the line back to the management team for any additional or closing remarks.

謝謝你的問題。目前隊列中沒有其他問題。因此，我現在將電話轉回給管理團隊，以徵求任何補充意見或結束意見。

Thank you, Alexis. Hey, we appreciate your interest in Aspen Aerogels, and we look forward to reporting to you our second-quarter 2023 results in July. Be well, have a good day. Thanks very much.

謝謝你，亞歷克西斯。您好，感謝您對 Aspen Aerogels 的關注，我們期待在 7 月向您報告我們 2023 年第二季度的業績。身體好，祝你有美好的一天。非常感謝。

That concludes the conference call. Thank you for your participation. You may now disconnect your lines.

電話會議到此結束。感謝您的參與。您現在可以斷開線路。