Aspen Aerogels Inc (ASPN) 2023 Q4 法說會逐字稿

Good morning, and thank you for attending the Aspen Aerogels, Inc. fourth quarter and fiscal year 2023 financial results call.

早安，感謝您參加 Aspen Aerogels, Inc. 第四季和 2023 財年財務表現電話會議。

All lines have been placed on mute during the presentation portion of the call with question and answer at the end.

在通話的演示部分，所有線路均處於靜音狀態，最後有問答。

I would now like to turn the conference call over to our host, Neal Baranosky, Aspen Senior Director of Corporate Strategy and Finance.

現在我想將電話會議轉交給我們的主持人尼爾·巴拉諾斯基（Neal Baranosky），他是阿斯彭企業策略和財務高級總監。

Thank you.

謝謝。

You may proceed, Mr. Baranosky.

您可以繼續了，巴拉諾斯基先生。

Thank you.

謝謝。

Good morning and thank you for joining us for the Aspen Aerogels Fourth Quarter and Fiscal Year 2023 financial results conference call.

早安，感謝您參加 Aspen Aerogels 第四季和 2023 財年財務業績電話會議。

With us today are Don Young, President and CEO; and Ricardo Rodriguez, Chief Financial Officer.

今天與我們在一起的有總裁兼執行長 Don Young；和財務長里卡多·羅德里格斯。

There are a few housekeeping items I would like to address before turning the call over to down 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, it's available on the Investors section of Aspen's website, www.arrow.com.

在將電話轉交給宣布阿斯彭財務業績和業務發展的新聞稿以及管理層使用非公認會計準則財務指標與最適用的美國公認會計準則的比較之前，我想先解決一些內務管理問題原則或GAAP衡量標準，可在Aspen 網站www.arrow.com 的投資者部分取得。

In addition, I'd like to highlight that we've uploaded to our website, a slide deck that will accompany our conversation today.

此外，我想強調的是，我們已經將幻燈片上傳到我們的網站，該幻燈片將伴隨我們今天的對話。

You can find the deck in the Investors section of our website.

您可以在我們網站的投資者部分找到該套牌。

On today's call, management will make forward-looking statements about our expectations.

在今天的電話會議上，管理階層將對我們的期望做出前瞻性陳述。

These statements are subject to risks and uncertainties that could cause our actual results to differ materially.

這些陳述存在風險和不確定性，可能導致我們的實際結果出現重大差異。

And these risks and uncertainties include the factors identified in our filings with the SEC.

這些風險和不確定性包括我們向 SEC 提交的文件中確定的因素。

Please review the disclaimer statements on pages 1 and 2 of the slide deck as the content of our call will be governed by this link.

請查看投影片第 1 頁和第 2 頁的免責聲明，因為我們的通話內容將受此連結管轄。

During this call, we will refer to non-GAAP financial measures, including adjusted EBITDA.

在本次電話會議中，我們將參考非公認會計準則財務指標，包括調整後的 EBITDA。

These financial measures are not prepared in accordance with GAAP.

這些財務指標並非依據公認會計準則制定。

These non-GAAP financial measures are not intended to be considered in isolation or as a substitute for results prepared in accordance with GAAP definitions and reconciliations of these non-GAAP financial financial measures to the most directly comparable GAAP financial measures and discussion of why we present.

這些非公認會計原則財務指標無意被孤立考慮，也無意取代根據公認會計原則定義準備的結果，以及這些非公認會計原則財務指標與最直接可比的公認會計原則財務指標的調節以及我們提出的原因的討論。

These non-GAAP financial measures are included in yesterday's press release.

這些非公認會計準則財務指標包含在昨天的新聞稿中。

I'd also like to note that from time-to-time in connection with the vesting or pending expiration of restricted stock units and or stock options issued under our long-term equity incentive program.

我還想指出，有時與根據我們的長期股權激勵計劃發行的限制性股票單位和/或股票選擇權的行使或即將到期有關。

But we expect our Section 16 officers will file Form fours to report the withholding by the company or sale of shares related to tax withholdings will the covering of exercise prices in connection with vesting or pending expiration of restricted stock units and or stock options.

但我們預期第16 節官員將提交表格4，報告公司預扣稅款或與預扣稅款相關的股份出售情況，以涵蓋與限制性股票單位和/或股票期權的行權或即將到期相關的行使價格。

Lastly, I want to call out a few near term IR engagements.

最後，我想談談一些近期的 IR 活動。

This Thursday, February 15, Ricardo will participate in a fireside chat in New York at the Wolfe global auto Auto Tech & Mobility Conference.

2 月 15 日星期四，里卡多將參加在紐約舉行的沃爾夫全球汽車技術與移動大會上的爐邊談話。

Don, Ricardo and I will also host one-on-one discussions at this event on March 18.

Don、Ricardo 和我還將在 3 月 18 日的活動中主持一對一的討論。

Dan will be hosting one-on-one investor discussions in Dana Point California at the 36th Annual ROTH Conference.

Dan 將在加州達納角舉行的第 36 屆羅斯年度會議上主持一對一的投資者討論。

I'll now turn the call over to Dan.

我現在將電話轉給丹。

Thank you, Neal, and good morning, everyone.

謝謝你，尼爾，大家早安。

Thank you for joining us for our Q4 2023 earnings call.

感謝您參加我們的 2023 年第四季財報電話會議。

My comments will recap recent announcements highlight our Q4 and 2023 full year performance and provide an early look at 2024, including the status and impact of several critical elements of our strategy.

我的評論將回顧最近發布的公告，重點介紹我們第四季度和 2023 年全年的業績，並提供對 2024 年的初步展望，包括我們策略的幾個關鍵要素的現狀和影響。

Ricardo will dig deeper into our financial performance and outlook and our business strategy.

里卡多將更深入地探討我們的財務表現和前景以及我們的業務策略。

We will conclude with a Q&A session before we do a quick flyover of our recent announcements I like to thank the Aspen team for producing excellent results in Q4, revenue of over $84 million, gross margin of 35% and adjusted EBITDA of over $9 million.

最後，我們將進行問答環節，然後快速瀏覽我們最近發布的公告。我要感謝Aspen 團隊在第四季度取得的出色業績，收入超過8400 萬美元，毛利率為35%，調整後EBITDA 超過900 萬美元。

These numbers Signify record performance and we believe are signs of good things to come.

這些數字標誌著創紀錄的業績，我們相信這是美好事物即將到來的跡象。

Every person in the Company contributed to this success.

公司的每個人都為這一成功做出了貢獻。

Since our last earnings call, we have provided several updates.

自上次財報電話會議以來，我們提供了一些更新。

In December, we announced the PyroThin thermal barrier Design Award from the automotive sales company, or ACC, a battery cell joint venture with Stellantis, SAP total and Mercedes Benz to supply the Stellantis STLA. medium vehicle platform designed to host multiple brands across the world and is aimed at the passenger SUV and crossover vehicle markets with an expected start of production in 2025.

12 月，我們宣布獲得汽車銷售公司 ACC 頒發的 PyroThin 熱障設計獎，ACC 是一家與 Stellantis、SAP Total 和梅賽德斯奔馳合作的電池芯合資企業，為 Stellantis STLA 供貨。中型車平台旨在承載全球多個品牌，面向乘用 SUV 和跨界車市場，預計於 2025 年開始生產。

Stellantis is one of the world's leading automakers with brands, including Jeep, Ram, Fiat, Chrysler, Dodge, Peugeot and several others.

Stellantis 是全球領先的汽車製造商之一，旗下品牌包括 Jeep、Ram、Fiat、Chrysler、Dodge、Peugeot 等。

According to Stellantis, the medium vehicle platform has the potential for up to 2 million vehicles per year built in several plants across the globe starting in Europe.

據 Stellantis 稱，中型汽車平台有潛力每年在全球多家工廠生產多達 200 萬輛汽車，從歐洲開始。

At the same time, we announced that the U.S. Department of Energy loan programs, office invited Aspen into the formal due diligence and term sheet negotiation stage of the process.

同時，我們宣布美國能源部貸款計畫辦公室邀請阿斯彭進入正式的盡職調查和條款清單談判階段。

This loan application is in connection with the construction of Aspen's planned second era, Joe manufacturing facility in Georgia.

該貸款申請與阿斯彭計劃在喬治亞州建造第二代喬製造工廠有關。

While the DOE's invitation to the formal due diligence stage is not an assurance that the DOE will issue alone, we remain deeply engaged with the LPO and its advisors and continue to believe that we are a strong candidate to partner with the DOELPO.

雖然能源部邀請進入正式盡職調查階段並不能保證能源部將單獨發出邀請，但我們仍與 LPO 及其顧問保持深入接觸，並繼續相信我們是與 DOELPO 合作的有力候選人。

In this program, we anticipate providing the next update on this subject during our Q1 2024 earnings call later in December, we announced the 75 million registered direct common stock offering with Wood River Capital Management and certain other institutional investors.

在此計劃中，我們預計在12 月晚些時候的2024 年第一季財報電話會議上提供有關此主題的下一個更新，我們宣布與Wood River Capital Management 和某些其他機構投資者直接發行7500 萬股註冊普通股。

The financing enabled us to finish 2023 with approximately 140 million of cash on the balance sheet.

此次融資使我們能夠在 2023 年結束時資產負債表上擁有約 1.4 億現金。

And we believe it adequately supports the company for additional significant growth in our AV thermal barrier and the energy industrial business segments.

我們相信，它足以支持公司在 AV 熱障和能源工業業務領域中進一步顯著成長。

On January 11th, we provided preliminary revenue levels for the full year 2023 and announced the expectation of positive adjusted EBITDA for the fourth quarter.

1 月 11 日，我們提供了 2023 年全年的初步收入水平，並宣布了第四季度調整後 EBITDA 為正值的預期。

We also announced the successful launch of our supplemental supply to serve our important energy industrial segment this part of our business has been hamstrung by capacity constraints for over a year, and we are now in the position to restock the channel and we believe to support long-term highly profitable growth.

我們也宣布成功啟動補充供應，為我們重要的能源工業領域提供服務，這部分業務一年多來一直受到產能限制的阻礙，我們現在能夠補充渠道庫存，我們相信可以長期支持長期高利潤增長。

Energy industrial activity remained strong across all regions and segments of the business with so much focus on the PyroThin thermal barrier business.

所有地區和業務部門的能源工業活動依然強勁，其中 PyroThin 熱障業務受到高度關注。

It is important not to forget that we are an important supplier to our global energy industrial customers and partners with an installed base that we expect will surpass $1.5 billion in 2024 the energy industrial business is a key part of our multi lever strategy to reach our growth and profitability goals, especially during the early phases of EPEV. penetration.

重要的是不要忘記，我們是全球能源工業客戶和合作夥伴的重要供應商，我們的安裝基礎預計到 2024 年將超過 15 億美元。能源工業業務是我們實現成長的多槓桿戰略的關鍵部分和盈利目標，特別是在EPEV 的早期階段。滲透。

We have an excellent team serving this global market, and we anticipate that it will meet our growth and profitability expectations.

我們擁有一支優秀的團隊服務於這個全球市場，我們預計它將滿足我們的成長和獲利預期。

The January announcement also hinted at a vastly improved profitability profile for the Company overall, with Q4 revenue of over 84 million, gross margin of 35% and adjusted EBITDA of over $9 million.

一月份的公告還暗示公司整體獲利狀況將大幅改善，第四季營收超過 8,400 萬美元，毛利率為 35%，調整後 EBITDA 超過 900 萬美元。

We began to demonstrate the leverage of efficient operations, higher volumes and fuller fixed cost absorption.

我們開始展示高效運作、更高產量和更全面固定成本吸收的槓桿作用。

While we have more work to do, we believe this strong tech trend will continue in 2024.

儘管我們還有更多工作要做，但我們相信這種強勁的科技趨勢將在 2024 年持續下去。

As I noted earlier, Q4 revenue was over $84 million and it substantially exceeded the record revenue of approximately $60 million that we posted just the quarter before.

正如我之前指出的，第四季的收入超過 8,400 萬美元，大大超過了我們上一季公佈的約 6,000 萬美元的創紀錄收入。

Q4 revenue included 53 million of EV PyroThin thermal barriers.

第四季營收包括 5,300 萬個 EV PyroThin 熱障。

The PyroThin thermal barrier business has grown on an annual basis from less than $7 million in 2021 to over $55 million in 2022 and now to over $110 million in 2023 over the past year.

在過去的一年裡，PyroThin 熱障業務每年從 2021 年的不到 700 萬美元成長到 2022 年的超過 5,500 萬美元，現在到 2023 年將成長到超過 1.1 億美元。

Our deep engagement with the various EVOEM.s has helped us accurately calibrate the trajectory of the EV trend.

我們與各個 EVOEM 的深入合作幫助我們準確地校準了電動車趨勢的軌跡。

While we recognize the challenges that EVOEM.s face with launching and scaling new EV nameplates, we are confident that we will see continued substantial PyroThin thermal barrier growth in 2024.

雖然我們認識到 EVOEM.s 在推出和擴展新電動車銘牌方面面臨的挑戰，但我們有信心在 2024 年看到 PyroThin 隔熱層持續大幅成長。

We are finalizing the terms of our six automotive OEM design award and anticipate adding new OEMs to our roster.

我們正在敲定六個汽車 OEM 設計獎項的條款，並預計將新的 OEM 加入我們的名單中。

Throughout the year.

全年。

In addition to the ramping of the PyroThin thermal barrier business and the initiation of our supplemental supply to support the growth and profitability of the energy industrial business a highlight for 2023 was the continued progression of our gross margins through the year, 11% in Q1, 17% in Q2, 23% in Q. 3% and 35% in Q4.

除了 PyroThin 隔熱層業務的擴大以及我們啟動補充供應以支持能源工業業務的增長和盈利能力之外，2023 年的一大亮點是我們的毛利率全年持續增長，第一季度為 11%，第第二季為17%，第二季為23%，第四季為3% 和35%。

Strong gross margin expansion and a careful approach to OpEx translated into a similar quarterly progression for adjusted EBITDA, culminating in adjusted EBITDA margin of positive 11% in Q4.

強勁的毛利率擴張和對營運支出的謹慎態度轉化為調整後 EBITDA 的類似季度進展，最終第四季度調整後 EBITDA 利潤率為正 11%。

We continue to believe that we can drive adjusted EBITDA margins to approximately 25%.

我們仍然相信，我們可以將調整後的 EBITDA 利潤率提高至 25% 左右。

In addition to our progress towards our top line and profitability goals, we continue to advance the three key elements of our strategy.

除了在實現營收和獲利目標方面取得進展外，我們還繼續推進策略的三個關鍵要素。

First, the transition of plant one in East Providence, Rhode Island to support the growth of the PyroThin thermal barrier business.

首先，對位於羅德島州東普羅維登斯的一號工廠進行轉型，以支持 PyroThin 熱障業務的成長。

Second the commencement of our supplemental supply dedicated to the growth of the energy industrial business.

其次，我們開始補充供應，致力於能源工業業務的成長。

And third, the balancing of overall growth, profitability and capitalization on the transition of plant one to PyroThin thermal barrier production.

第三，從一號工廠向 PyroThin 熱障生產過渡時實現整體成長、獲利能力和資本化的平衡。

Our initial Asic estimates for revenue capacity were approximately $400 million.

我們最初的 Asic 估計收入能力約為 4 億美元。

Based on current productivity and yields, we believe annual revenue capacity for PyroThin thermal barriers to now be approximately 500 million.

根據目前的生產力和產量，我們認為 PyroThin 熱障的年收入能力目前約為 5 億件。

When combined with our supplemental supply, which supports our energy industrial business, we believe we have over $650 million of revenue capacity from our existing assets and supply arrangements and can generate 25% adjusted EBITDA margins or over $160 million of adjusted EBITDA.

與支持我們能源工業業務的補充供應相結合，我們相信我們現有的資產和供應安排將擁有超過6.5 億美元的收入能力，並且可以產生25% 的調整後EBITDA 利潤率或超過1.6 億美元的調整後EBITDA。

We believe we are well positioned to attain this level of performance.

我們相信我們有能力達到這個績效水準。

Ricardo, over to you.

里卡多，交給你了。

Thank you, Don, and good morning, everyone.

謝謝你，唐，大家早安。

I'll start by covering our fourth quarter and full year results before walking you through the thought process behind our outlook for 2024.

我將首先介紹我們的第四季和全年業績，然後向您介紹我們對 2024 年展望背後的思考過程。

I'll also spend some time discussing our assessments of forecasts for global EV production and how some of the recent production increases are and capture by most headlines or the current sentiment early last year, we highlighted ahead of the industry that things weren't as great as they seemed and quickly focused on right timing all CapEx in gearing, Aspen for near term profitability.

我還將花一些時間討論我們對全球電動車產量預測的評估，以及最近的一些產量增長是如何被大多數頭條新聞或去年年初的當前情緒所捕捉的，我們在行業之前強調了情況並非如此儘管他們看起來很棒，但很快就專注於調整所有資本支出的正確時機，阿斯彭的近期獲利能力。

Today, we can confidently say that things are not as bad as the headline suggests before handing the call back to Don, I'll also explain why our team will remain heads down, executing with conviction what we believe is a clearly defined long-term plan to build value in our awarded business and quote pipeline.

今天，我們可以自信地說，事情並不像標題所暗示的那麼糟糕，然後再將電話交還給唐，我還將解釋為什麼我們的團隊將保持低調，堅定地執行我們認為明確定義的長期目標計劃在我們獲獎的業務和報價管道中創造價值。

We see a path that maximize our capacity regardless of any potential near term shifts in demand or delays in sourcing decisions to cover our performance.

我們看到了一條最大化我們產能的道路，無論近期需求是否發生任何潛在變化，或者為滿足我們的業績而做出的採購決策是否出現延遲。

I'll start on Slide 4.

我將從幻燈片 4 開始。

Beginning with revenue.

從收入開始。

We delivered 84.2 million of revenue in Q4, which translates into 41% growth year over year and 39% growth quarter over quarter.

第四季我們實現了 8,420 萬美元的收入，年增 41%，季增 39%。

This was an all-time Company record and reflects an annual run rate of $336.8 million.

這是該公司的歷史記錄，年運行率達 3.368 億美元。

That demonstrates the Company's ability to quickly flex up to meet an increase in demand at our sites in Rhode Island in Mexico, along with a bit of capacity from our supplemental supply for energy industrial product, which drove 3.1 million of our revenues in December.

這表明該公司有能力快速且靈活地滿足墨西哥羅德島工廠不斷增長的需求，以及我們為能源工業產品提供補充供應的能力，這為我們 12 月的收入帶來了 310 萬美元的收入。

For all of 2023, our revenue was $238.7 million, which reflects a 32% year-over-year increase as expected, when we first communicated our outlook for the year over 60% of our sales materialized in the second half of the year, and this was due to the nature of the growth ramp that we are on.

2023 年全年，我們的收入為 2.387 億美元，同比增長 32%，符合預期，當時我們首次傳達今年的展望，超過 60% 的銷售額在下半年實現，並且這是由於我們所處的增長斜坡的性質造成的。

For the full year.

全年。

Energy industrial revenue was $128.6 million, an increase of 3% year over year.

能源工業收入為1.286億美元，較去年成長3%。

Revenue continued to be supply in Q4, even though we tested the system during the quarter with supplemental supply manufacturing delivering 3.1 million of product in December, our quarterly sales of 31.3 million reflect a 9% year-over-year decrease and a 12% quarter over quarter increase.

第四季的收入仍然是供應，儘管我們在本季度測試了系統，補充供應製造在12 月交付了310 萬件產品，但我們的季度銷售額為3130 萬件，同比下降9%，季度下降12 %季增。

As we've previously mentioned, our energy business is sold-out to fulfill this excess demand we now have our supplemental supply in place that will continue ramping up as we allocate more of our aerogel production capacity in Rhode Island, two easy thermal barriers, EBITDA on barrier revenue of $52.9 million was up 110% year over year and 61% quarter over quarter, reflecting the accelerating ramp in GM's production of Ultium platform based electric vehicles during the second half of the year and stable volumes on the two auto-related nameplates that we supply along with increasing prototype orders from additional customers our full year EBITDA of various revenue was 110.1 million, representing a 90% increase when compared to 2022.

正如我們之前提到的，我們的能源業務已售罄，以滿足這種過剩的需求，我們現在已經有了補充供應，隨著我們在羅德島州分配更多的氣凝膠產能，這將繼續增加，兩個簡單的熱障，屏障收入的EBITDA 為5,290 萬美元，同比增長110%，環比增長61%，反映出通用汽車下半年基於Ultium 平台的電動車產量的加速增長，以及兩種汽車相關產品銷售的穩定我們提供的銘牌以及更多客戶的原型訂單不斷增加，我們全年各種收入的 EBITDA 為 1.101 億美元，與 2022 年相比增長了 90%。

This growth reflects the benefit of starting a business that supplies the EV market from zero and realizing over 77% of our sales in this segment during the second half of the year.

這一成長反映了我們從零開始向電動車市場供應業務的好處，並在今年下半年實現了該領域超過 77% 的銷售額。

That not surprises Next, I'll provide a summary of our main expenses.

這並不奇怪接下來，我將總結我們的主要開支。

Material expenses of $28.7 million for the quarter made up 34 percentage points of sales, a two percentage point improvement quarter over quarter.

該季度的材料費用為 2,870 萬美元，佔銷售額的 34 個百分點，比上一季提高了兩個百分點。

This continues to reflect the work that our supply chain and procurement groups have put into reducing the cost of some of our main raw materials in a more stable environment along with optimizing our inbound logistics costs.

這繼續反映了我們的供應鏈和採購團隊為在更穩定的環境中降低一些主要原材料的成本以及優化我們的入庫物流成本所做的工作。

We remain vigilant with the goal of ensuring that we can keep these below 40 percentage points of sales, and we prefer to continue conservatively planning with this as our target here, the Q4 performance enabled our total year to date material costs to be of 86.7 million or 36 percentage points of sales.

我們保持警惕，目標是確保我們能夠將這些百分比保持在銷售額的40% 以下，並且我們更願意繼續保守地規劃，以此作為我們的目標，第四季度的業績使我們今年迄今為止的總材料成本達到8,670 萬美元或銷售額的 36 個百分點。

This was 400 basis points favorable to our running target of 40 percentage points of sales conversion costs, which we describe as all production costs required to convert raw materials into finished products were $25.9 million or 31 percentage points of sales in Q4.

這比我們設定的銷售轉換成本40 個百分點的運作目標有利400 個基點，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2,590 萬美元，佔第四季度銷售額的31 個百分點。

These include all elements of direct labor, manufacturing overhead factory supplies, rent, insurance, utilities, process, logistics, quality and inspection.

其中包括直接勞動力、製造間接工廠供應、租金、保險、公用事業、流程、物流、品質和檢驗的所有要素。

These results compare favorably to conversion costs in Q3 of this year, which were 41 percentage points of sales.

這些結果與今年第三季的轉換成本相比毫不遜色，佔銷售額的 41 個百分點。

This is the result of much better fixed cost absorption on our aerogel production costs, driven by the higher sales run rate level of this quarter.

這是由於本季銷售運行率水準較高，我們的氣凝膠生產成本得到了更好的固定成本吸收。

As previously mentioned, our long-term target for these costs at a roughly double revenue run rate is 20 to 25 percentage points of sales.

如前所述，在收入運行率大約翻倍的情況下，我們對這些成本的長期目標是佔銷售額的 20 至 25 個百分點。

So we are not done managing these.

所以我們還沒有完成這些的管理。

The recent work from our team, increasing the uptime of our equipment in Mexico and driving an optimized production mix in Rhode Island, along with improving our production yields at every step of the process is paying off and we still got more opportunity for improvement for the full year.

我們團隊最近的工作，增加了墨西哥設備的正常運行時間，推動了羅德島州優化的生產組合，以及提高了流程每一步的產量，這些工作正在得到回報，我們仍然有更多的改進機會全年。

Our conversion costs of $95.1 million to reflect 40 percentage points of sales, a six percentage point improvement over year year over year.

我們的轉換成本為 9,510 萬美元，反映了 40 個百分點的銷售額，比去年同期提高了 6 個百分點。

In Q4, company-level gross profit margins were 35% and our gross profit of $29.6 million, a 15.3 million improvement over our gross profit of 14.3 million during the same quarter last year.

第四季度，公司級毛利率為 35%，毛利為 2,960 萬美元，比去年同期的毛利 1,430 萬美元提高了 1,530 萬美元。

Our energy industrial segment delivered 9.9 million of gross profit or 9% year-over-year increase in EV thermal barriers, we delivered $19.7 million of gross profit in Q4.

我們的能源工業部門實現了 990 萬美元的毛利，即電動車熱障領域年增 9%，第四季度我們實現了 1,970 萬美元的毛利。

If we compare this quarter with Q. three, our EV thermal barrier gross profit improved by $11.7 million on incremental revenue of 20.1 million.

如果我們將本季與第三季進行比較，我們的電動車熱障毛利潤提高了 1,170 萬美元，增量收入為 2,010 萬美元。

Our fourth quarter of 2023 gross profit and EV thermal barriers was 13.2 million higher than the gross profit of $6.5 million that we incurred in Q4 of last year in this segment, reflecting the benefits of starting to operate on a revenue run rate that aligns with the size of our operation.

我們的 2023 年第四季毛利和電動車熱障比去年第四季該細分市場的毛利 650 萬美元高出 1,320 萬美元，反映出開始按照與我們的營運規模。

The resulting gross profit margins during the quarter were 32% and 37% for energy, industrial and EV thermal barrier segments respectively.

本季能源、工業和電動車熱障細分市場的毛利率分別為 32% 和 37%。

For the full year.

全年。

Our gross profit of 56.9 million reflects a 51.9 million improvement versus our gross profit of $4.9 million last year, 2020 three's revenue level and our teams work at maximizing our asset base to enable a tipping point in our economics with 89% of the incremental revenues falling through the gross profit line, seen 51.9 million of incremental gross profit, while adding only $58.3 million of sales is in my view, the ultimate near term validation of our business model and the gearing of our operations.

我們的毛利為5,690 萬美元，與去年的毛利490 萬美元相比，2020 年第三季的收入水準提高了5,190 萬美元，我們的團隊致力於最大化我們的資產基礎，以實現經濟的轉折點，增量收入的89% 下降在我看來，透過毛利線，增量毛利潤為 5,190 萬美元，而銷售額僅增加 5,830 萬美元，這是對我們業務模式和營運槓桿的最終近期驗證。

Operating expenses, which are sized for our near term projected annual revenue capacity of now over $650 million were at 28.2 million in Q4.

第四季的營運支出為 2,820 萬美元，其規模是根​​據我們目前預計的年收入能力（目前超過 6.5 億美元）計算的。

These were down by about $200,000 quarter over quarter and reflect the first quarterly decrease in OpEx that we've had since Q2 of 2020.

這些費用較上季下降了約 20 萬美元，反映出自 2020 年第二季以來我們的營運支出首次出現季度下降。

Our work optimizing OpEx is not done because although our annual OpEx was $106.1 million, our quarterly run rate of $20.2 million was still about $700,000 away from the quarterly run rate required to have 110 million of annual OpEx putting these elements together, our adjusted EBITDA was $9.1 million in Q4 compared to negative 4.5 million during the same period last year, resulting in a $13.6 million year-over-year reduction in our EBITDA loss last time, our team delivered a positive EBITDA quarter of $500,000 was in Q1 of 2020, so delivering over 9 million here in Q4 is a big milestone for us.

我們優化營運支出的工作尚未完成，因為雖然我們的年度營運支出為1.061 億美元，但我們2,020 萬美元的季度運行率仍距離1.1 億年度營運支出將這些要素放在一起所需的季度運行率約70 萬美元，我們調整後的EBITDA 為第四季度為910 萬美元，而去年同期為負450 萬美元，導致我們上次的EBITDA 損失同比減少了1360 萬美元，我們的團隊在2020 年第一季度實現了50 萬美元的正EBITDA 季度，因此第四季度交付超過 900 萬台對於我們來說是一個重要的里程碑。

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 Q4.

提醒一下，我們將調整後的 EBITDA 定義為未計利息、稅項、折舊、攤提、股票補償費用以及其他我們認為不能反映我們第四季度核心經營業績的其他項目的淨收入或虧損。

These other items included 3.2 million of stock-based compensation, 1 million of interest income and 2.9 million of interest expenses.

其他項目包括股權激勵320萬、利息收入100萬、利息支出290萬。

Our net loss in Q4 decreased to $0.5 million or $0.01 per share versus a net loss of $9.6 million or $0.2 per share in the same quarter of 2022.

我們第四季的淨虧損降至 50 萬美元，即每股 0.01 美元，而 2022 年同一季度的淨虧損為 960 萬美元，即每股 0.2 美元。

We were so close to breakeven for the quarter.

本季我們非常接近收支平衡。

Our full year net loss of $45.8 million is 36.9 million lower than our loss of 82.7 million during last year or down by 45%.

我們全年的淨虧損為 4,580 萬美元，比去年的虧損 8,270 萬美元減少了 3,690 萬美元，即下降了 45%。

Next, I'll turn to cash flow and our balance sheet.

接下來，我將轉向現金流和我們的資產負債表。

Cash used in operations of $2.8 million reflected our adjusted EBITDA of 9.1 million and cash used for working capital of $12.9 million, offset by interest income of 1 million.

營運中使用的現金為 280 萬美元，反映出我們調整後的 EBITDA 為 910 萬美元，用於營運資本的現金為 1,290 萬美元，被 100 萬美元的利息收入所抵銷。

The key items that resulted in the usage of working capital were an increase in accounts receivable and inventory offset by an increase in accounts payable and accrued expenses.

導致營運資金使用的關鍵項目是應收帳款和存貨的增加，抵銷了應付帳款和應計費用的增加。

Our CapEx during the quarter was of $27.8 million.

本季我們的資本支出為 2780 萬美元。

The splitter operating cash needs for the quarter at $30.6 million.

該分拆公司本季的營運現金需求為 3,060 萬美元。

As we work our way through Q1, we're focused on aggressively reducing our working capital needs and freeing up over 20 million of cash by reducing our raw material inventories in what is now more stable procurement environment and staying on top of accounts receivable, our CapEx in 2023 was $175.5 million which is closely in line with our latest guidance of $175 million, $115.2 million were spent towards plan two and the rest funded maintenance and various process improvements in our aerogel plant in Rhode Island, along with equipping our facilities in Mexico with the necessary automated thermal barrier assembly equipment for this year's expected ramp we have incurred $279.7 million in cumulative capital expenses through the end of the fourth quarter towards plan to in Georgia to position the project for a potential restart of construction in the second half of 2024 and only spent $3.3 million of the other CapEx as the team managed to deliver a Q4 EV thermal barrier volumes with existing assets.

在我們第一季的工作中，我們的重點是積極減少營運資金需求，並透過在現在更加穩定的採購環境中減少原材料庫存並控制應收帳款，釋放超過 2000 萬現金。2023 年的資本支出為1.755 億美元，與我們最新的1.75 億美元指導非常一致，其中1.152 億美元用於計劃二，其餘資金用於我們位於羅德島州的氣凝膠工廠的維護和各種工藝改進，以及裝備我們在墨西哥的設施憑藉今年預期坡道所需的自動化熱障組裝設備，到第四季度末，我們已累計資本支出2.797 億美元，以計劃在佐治亞州將該項目定位為可能在2024 年下半年重新啟動建設團隊僅花了 330 萬美元的其他資本支出，就成功利用現有資產交付了第四季度的電動車熱障卷。

On December 20th of last year, we completed a $75 million registered direct offering of common stock to hold River Capital and the handful of other institutional investors at a price of $12.37 per share could reverse interest in making an investment in Aspen before the holidays enabled us to efficiently pull this together and provided a straightforward path for us to continue executing without entertaining large near term financing options outside of our application with the DOE. for plan to I'll go into this later as we review our 2024 CapEx outlook with the support of this transaction, we ended the quarter with $139.7 million of cash and shareholders' equity of 488.1 million.

去年12 月20 日，我們以每股12.37 美元的價格完成了7500 萬美元的註冊普通股直接發行，以持有River Capital 和少數其他機構投資者，這可能會扭轉我們在假期之前投資Aspen 的興趣。有效地將這些整合在一起，並為我們繼續執行提供了一條直接的途徑，而無需在我們向能源部申請之外考慮大量的短期融資選擇。對於計劃，我將在稍後討論這一點，因為我們在這項交易的支持下回顧了 2024 年資本支出前景，本季度結束時，我們的現金為 1.397 億美元，股東權益為 4.881 億美元。

Now I'll turn over to Slide 5.

現在我將翻到投影片 5。

On January 11th of this year, as we preannounced our revenue for last year.

今年1月11日，我們預先公佈了去年的收入。

We also communicated that we expect our revenue to surpass 350 million in 2024, resulting in a 47% year-over-year increase.

我們也表示，預計 2024 年我們的營收將超過 3.5 億，年增 47%。

We thought this communication was pertinent as stakeholders assess some of the press around EVs, along with the earnings releases and the EV production outlooks of various automotive OEMs.

我們認為這種溝通是相關的，因為利害關係人評估了一些有關電動車的新聞，以及各汽車原始設備製造商的收益發布和電動車生產前景。

Today, I'd like to spend a minute here outlining our thinking behind this 300, 50 million baseline revenue expectation, starting with our EV thermal barrier segments.

今天，我想花一點時間概述我們對 300、5000 萬基準收入預期背後的想法，首先從我們的電動車熱障細分市場開始。

It's no surprise that the lion's share of our 39% quarter over quarter.

毫不奇怪，我們的最大份額季度環比達到 39%。

Revenue ramp was driven by a meaningful increase in demand of EV thermal barrier parts for General Motors, Ultium platform vehicles and the GM's production of these vehicles will drive the majority of 2024 demand in this segment for us.

通用汽車、Ultium 平台車輛的電動車熱障零件需求顯著增加推動了收入成長，通用汽車這些車輛的生產將推動我們 2024 年該領域的大部分需求。

With this in mind, let's look at the chart on the left side of the slide, our main EV thermal barrier customer expected to produce 150,000 EVs in 2023.

考慮到這一點，讓我們看一下幻燈片左側的圖表，我們的主要電動車熱障客戶預計將在 2023 年生產 150,000 輛電動車。

For IHS, we estimate we estimate that they produced almost 120,000.

對於 IHS，我們估計他們生產了近 120,000 個。

So around 88, 80% of GM's target on January 30th of this year, GM broadly communicated that it expects to make 200 to 300,000 EVs in 2024 and that it has discontinued production of non Ultium based EVs.

因此，在今年 1 月 30 日通用汽車目標的 88% 至 80% 左右，通用汽車廣泛表示，預計在 2024 年生產 200 至 30 萬輛電動車，並已停止生產非 Ultium 電動車。

That's a big range for us to plan our operations on particularly our fixed costs and therefore, although we're excited nearly ready for the prospects and potential of higher volumes, we are assuming 80% of GM's 200,000 unit estimate as we develop our 2024 EV thermal barrier revenue outlook, so approximately 160,000 units.

這對我們來說是一個很大的範圍來規劃我們的運營，特別是我們的固定成本，因此，儘管我們對更高產量的前景和潛力感到興奮，幾乎準備好了，但我們在開發2024 年電動車時假設通用汽車20 萬輛預計產量的80%熱障收入展望約為 16 萬台。

For reference, the latest IHS forecast expects 279,000 Ultium based EVs to be produced in 2024.

作為參考，IHS 最新預測預計 2024 年將生產 279,000 輛基於 Ultium 的電動車。

So we're currently discounting IHS's estimate by 42% until we see volumes materialize as we work our way through the year.

因此，我們目前將 IHS 的估計打了 42% 的折扣，直到我們在全年工作中看到銷量實現為止。

On the upper right side of Slide 5.

在幻燈片 5 的右上角。

One can see that GM's estimated production of Ultium vehicles has increased to around 20,000 units in Q4 and that in this 279,000 unit IHS estimate.

可以看出，通用汽車第四季 Ultium 汽車的預計產量已增加至 20,000 輛左右，IHS 預計產量為 279,000 輛。

The ramp is expected to increase significantly in Q2 and Q3 of this year, potentially leading to a demand profile that will look similar to what we experienced last year with approximately 70% of the volume materializing in the second half of the year.

預計今年第二季和第三季產量將大幅增加，可能導致需求狀況與去年相似，約 70% 的銷售量將在下半年實現。

Gm is launching several important high-volume nameplates this year that drive this production increase and we see that interest in them remains high on Google Trends.

通用汽車今年推出了幾款重要的大量銘牌，推動了產量的成長，我們看到Google趨勢上對它們的興趣仍然很高。

So the onus is on all of us on the value chain to produce and this year.

因此，今年我們價值鏈上的所有人都有責任生產。

Turning over to slide 6 and continuing the topic of our 2024 revenue outlook.

前往投影片 6，繼續我們的 2024 年收入展望主題。

If we take our 160,000 units for Ultium base TVs apply our estimated content per vehicle levels from 2023 and assume our traditional revenues from other customers and prototype sales, we landed at $200 million revenue baseline estimate for 2020 for thermal barriers units produced in 2020 for beyond 160,000 for General Motors, the potential launch of another Accurin nameplate powered by Ultium Cells, additional OEM prototype orders and the mix of larger battery pack vehicles that drives higher content per vehicle will drive upside, which we are ready to capture.

如果我們以160,000 台Ultium 基礎電視為基礎，應用我們對2023 年起每輛車級別的估計內容，並假設我們來自其他客戶和原型銷售的傳統收入，那麼對於2020 年生產的熱障單元，我們的2020 年收入基線估計為2 億美元。通用汽車的160,000 輛、由Ultium 電池驅動的另一款Accurin 銘牌的潛在推出、額外的OEM 原型訂單以及驅動每輛車更高容量的更大電池組車輛的組合將推動上漲，我們已準備好抓住這一點。

But I would prefer to estimate more precisely as it materializes for our energy industrial business.

但我更願意在我們的能源工業業務實現時進行更準確的估計。

The 2024 revenue outlook is easier to size at $150 million, which is our expected capacity in this segment today, upside to the $150 million can be driven by a more favorable product mix that requires less standard hours of our capacity, ramping up additional supplemental supply and utilizing some capacity in Rhode Island that isn't taken up by thermal barrier areas of production in the first half of the year.

2024 年的收入前景更容易確定為1.5 億美元，這是我們今天在該領域的預期產能，1.5 億美元的上升空間可以透過更有利的產品組合來推動，該產品組合需要更少的標準產能時間，從而增加額外的補充供應並利用羅德島州上半年未被熱障生產區佔用的部分產能。

Combining our two segments revenue outlooks for 2020 for result in the total revenue baseline estimate of 350 million, which again would be a 47% year over year increase from our revenues in 2023.

結合我們對 2020 年兩個部門的收入展望，總收入基線估計為 3.5 億美元，這將比 2023 年的收入同比增長 47%。

With this revenue baseline, we believe that we can deliver positive operating income in 2024, which assuming our depreciation and amortization being of around 30 million would translate into over 30 million of EBITDA, even though we deliver 9.1 million of EBITDA in Q4 to 30 million, 2024 EBITDA outlook takes into account some potential headwinds to our near term profitability, such as the cost of new launches, higher bar prototype sales, engineering changes that could lead to inventory obsolescence and expedited freight costs driven by the start-stop nature of some of the nameplates in our thermal barrier demand.

有了這個收入基準，我們相信我們可以在2024 年實現正營業收入，假設我們的折舊和攤銷約為3000 萬美元，則將轉化為超過3000 萬美元的EBITDA，即使我們在第四季度實現910萬美元的EBITDA 至3000 萬美元2024 年EBITDA 展望考慮到了我們近期盈利能力的一些潛在不利因素，例如新產品發布的成本、更高的原型銷售標準、可能導致庫存過時的工程變更以及由某些產品的啟動停止性質驅動的加速貨運成本。我們的熱障需求中的銘牌。

We could also opportunistically decide to add OpEx to continue advancing our R&D in key areas and accelerate the development of our technical sales capabilities.

我們還可以機會主義地決定增加營運支出，以繼續推動我們在關鍵領域的研發並加速我們技術銷售能力的發展。

And fund new program launches.

並資助新計畫的啟動。

On the flip side, if additional demand is there, we expect a disproportionate amount of it to flow to our bottom line.

另一方面，如果有額外需求，我們預計會有不成比例的需求流入我們的利潤。

And our team will continue applying a lot of the lessons learned in 2023 to keep reducing our fixed costs, increasing our production, yields, our uptime and driving the right energy, industrial pricing and mix the favorable trends around raw material costs could also continue to help make up for some of the recent increases the world is seeing on inbound freight costs along some of the main seafreight routes in Europe and the Middle East.

我們的團隊將繼續運用在2023 年學到的大量經驗教訓，不斷降低我們的固定成本，增加我們的產量、產量、正常運作時間，並推動正確的能源、工業定價和混合原材料成本的有利趨勢也可能繼續有助於彌補近期歐洲和中東一些主要海運航線入境貨運成本的上漲。

Continuing on Slide 7, with the rest of our 2024 outlook, $30 million of positive EBITDA would translate into a net loss of 23 million or $0.3 per share, assuming a share count of 76.5 million shares.

繼續投影片 7，根據我們 2024 年展望的其餘部分，假設股數為 7,650 萬股，3,000 萬美元的正 EBITDA 將轉化為 2,300 萬美元或每股 0.3 美元的淨虧損。

Our CapEx, without including plan to this expected to be 50 million for the year.

我們今年的資本支出（不包括計劃）預計為 5000 萬美元。

This is for equipment to fund additional productivity gains at our aerogel plant in Rhode Island, along with equipping our operations in Mexico with the tooling to ramp up our part production capacity in 2025.

這是用於為我們位於羅德島州的氣凝膠工廠額外提高生產力提供資金的設備，以及為我們在墨西哥的業務配備工具，以在 2025 年提高我們的零件產能。

We are not planning to spend more than $30 million advancing the construction of Plant two in Georgia during the first half of the year to ensure that the site is advanced enough to preserve all of our investments made to date and to enable the potential reacceleration of construction in the second half of the year.

我們不打算在今年上半年花費超過 3000 萬美元推進佐治亞州二號工廠的建設，以確保該工地足夠先進，以保留我們迄今為止所做的所有投資，並有可能重新加速建設下半年。

If construction on plan to continues being right time, we expect expenses of $15 million in expenses to be incurred in the second half of the year.

如果按計劃建設繼續在適當的時間進行，我們預計下半年將產生 1500 萬美元的費用。

However, we continue to see an important need for the capacity that plan to brings by 2027 at the latest and continue working our way through the due diligence and term sheet negotiation phase with the US Department of Energy's Loan Programs Office as part of our application to fund the construction through our loan pursuant to the DOE's advanced technology vehicles manufacturing or ATVM program.

然而，我們仍然認為對計劃最遲到 2027 年實現的產能有重要需求，並將繼續努力完成與美國能源部貸款計劃辦公室的盡職調查和條款清單談判階段，作為我們申請的一部分根據美國能源部的先進技術車輛製造或ATVM 計劃，透過我們的貸款為建設提供資金。

On the left side of the slide, one can see that we spent the last 12 months improving the profit potential of our business quarter-over-quarter, while also reducing our CapEx by over 50% from the same quarter last year.

在投影片左側，人們可以看到我們在過去 12 個月中逐季提高了業務的利潤潛力，同時我們的資本支出也比去年同期減少了 50% 以上。

This, along with our current cash position, enables us to manage the company with the right level of liquidity fund all of our CapEx outside of plan to continue driving profitable growth without having to raise outside funds.

這加上我們目前的現金狀況，使我們能夠以適當水平的流動性來管理公司，為計劃之外的所有資本支出提供資金，以繼續推動盈利增長，而無需籌集外部資金。

The main balance sheet focus areas for us over the next four months are two, freeing up working capital by bringing down our raw material and inventories in what is now a more stable sourcing environment and bringing our discussions with the DOE. to a hopefully positive outcome.

未來四個月我們的資產負債表重點關注領域有兩個：在現在更穩定的採購環境中減少原材料和庫存，以及與能源部進行討論，從而釋放營運資金。希望能取得正面成果。

In January, we received 5 million in funding through a sale leaseback of some of our recently purchased hard assets in Rhode Island and the Boston area and we will continue to opportunistically rely on this form of financing to cover some of our CapEx in the near term, preserve liquidity and lower our overall cost of capital.

一月份，我們透過對最近在羅德島州和波士頓地區購買的一些硬資產進行售後回租獲得了500 萬美元的資金，我們將繼續機會主義地依靠這種形式的融資來支付近期的一些資本支出，保持流動性並降低我們的整體資本成本。

Next, I'd like to step back a bit and spend some time driving a fact-based discussion around the EV market.

接下來，我想退一步，花一些時間圍繞電動車市場進行基於事實的討論。

And I'll be referring to slide 8 as I do this, as I mentioned, earlier a year ago, we were quick to assess that in a rising interest rate environment, our potential customers would be forced to reassess some of their EV investment commitments from 2020 and 2021.

正如我在一年前提到的，我將參考幻燈片 8，我們很快就評估到，在利率上升的環境中，我們的潛在客戶將被迫重新評估他們的一些電動車投資承諾從2020 年到2021 年。

At the same time, we foresaw that as soon as light vehicle light vehicle production ramped up to pre-COVID levels, consumers wouldn't necessarily be able to pay Covaro pricing for new vehicles and that either retail inventories would increase or that pricing for new mass market vehicles would need to decrease seeing that things weren't as great as they seemed we decided the right time our investments and accelerate our path to profitability.

同時，我們預見到，一旦輕型汽車產量達到新冠疫情前的水平，消費者不一定能夠支付新車的 Covaro 定價，並且零售庫存會增加，或者新車的定價會增加。大眾市場工具需要減少，因為事情並不像看起來那麼好，我們決定了正確的投資時機，並加速我們的獲利之路。

Now we are encouraged to see that things aren't as bad as they seem.

現在，我們很高興看到事情並不像看起來那麼糟糕。

We have all read the articles of the frozen EVs in Chicago, the consumers for about the charge or the articles of recent price decreases for mass market EVs.

我們都讀過芝加哥凍結電動車的文章、消費者有關收費的文章或最近大眾市場電動車降價的文章。

But comparing reality and the new forecast for global EV production reveal some interesting facts.

但將現實與全球電動車產量的新預測進行比較，揭示了一些有趣的事實。

If we compare IHS' forecast in October of 2021 for global EV production in 2022, with actual production, the actuals outpaced expectations by 27% or 1.7 million vehicles in 2023.

如果我們將 IHS 2021 年 10 月 2022 年全球電動車產量的預測與實際產量進行比較，就會發現 2023 年實際產量比預期高出 27%，即 170 萬輛。

Actual global EV production was 900,000 units higher than the expectations from October of 2021, demonstrating not only the global EV production increased by 28%, but this market continued to grow at a high rate.

自2021年10月起，全球電動車實際產量比預期高出90萬輛，不僅顯示全球電動車產量增加了28%，而且該市場持續高速成長。

This particularly important for a company like ours that started supplying the EV market in 2021 with no prior exposure to the global new vehicle market at all in North America, EV production still grew by 53% from 2022 to 2023, and actual 2023 production was only 200,000 units.

這對像我們這樣在2021 年開始供應電動車市場、之前完全沒有接觸過北美全球新車市場的公司來說尤其重要，從2022 年到2023 年，電動車產量仍然增長了53%，而2023 年實際產量僅200,000 單位。

Short of the forecast from the DTV. sentiment days of October of 2021, 200,000 units in our view is the capacity and supply problem, not a demand.

低於 DTV 的預測。 2021年10月的情緒日，我們認為20萬台是產能和供應問題，而不是需求。

One, we believe that a single OEM could have more than covered this gap in North America last year.

第一，我們相信，去年在北美，單一 OEM 就足以彌補這一差距。

Looking forward, as some key OEMs launched new nameplates in North America, IHS is expecting all the units lost of 2023 and 600,000 units lost relative to the 2021 forecast in 2024 to be made up by 2027 with 1.2 million additional units expected in 2028 over the forecast from 2021.

展望未來，隨著一些主要OEM 在北美推出新銘牌，IHS 預計2023 年損失的所有銷量以及相對2021 年預測損失的60 萬輛將在2027 年得到彌補，預計2028 年將比2024 年增加120 萬輛。預計從 2021 年開始。

We don't believe that this forecast is unreasonable and again, feel that the wind is on our sales in North America as we continue building our EV thermal barrier segment from no revenues in 2020 within the vehicle production market that is expected to compound at 38% per year over the next five years.

我們不認為這項預測不合理，並且再次感到，我們在北美的銷售勢頭強勁，因為我們將在2020 年汽車生產市場的無收入基礎上繼續打造我們的電動車熱障細分市場，預計複合年成長率為38未來五年每年 %。

In Europe, the story is similar as EV production in that market is expected to grow at an average rate of 32% over the next five years.

在歐洲，情況也類似，該市場的電動車產量預計未來五年將以平均 32% 的速度成長。

We believe that the CO2 emissions regulations that lead to a 2.6 million production unit EV market in Europe in 2023 are not going away and as they get stricter, it is not unreasonable to expect 8.9 million EVs to be produced in Europe in 2028.

我們認為，導致歐洲電動車市場在2023 年產量達到260 萬輛的二氧化碳排放法規不會消失，而且隨著法規變得更加嚴格，預計2028 年歐洲電動車產量將達到890 萬輛，這並非沒有道理。

I'll let you spend some more time comparing the EV production forecast from 2021 with the latest expectations.

我將讓您花更多時間將 2021 年的電動車產量預測與最新預期進行比較。

But it is clear to us that production over the last two years shows that this is still a nascent market with more than enough energy and investment behind it to power the growth of a company like ours that is starting without any exposure to it.

但我們很清楚，過去兩年的生產表明，這仍然是一個新興市場，背後有足夠的能源和投資來推動像我們這樣的公司在沒有任何涉足的情況下的發展。

We are in the first inning of a very long game here to show you more specifically how we forecast this growth and optimally plan our capacity.

我們正處於一場漫長比賽的第一局，我們將更具體地向您展示我們如何預測這種成長並優化我們的容量規劃。

Let's turn over to Slide 9.

讓我們翻到幻燈片 9。

If we take the estimated value of our currently awarded in coated business, which assumes our customers' internal volume projections times the price that we've quoted for each part, this demand is significantly higher than our planned thermal bearing capacity from 2025 onwards.

如果我們估算目前塗層業務的價值（假設客戶的內部體積預測乘以我們對每個零件的報價），那麼這一需求將顯著高於我們從 2025 年起計劃的熱承載能力。

For example, for 2024, we are discounting our customers communicated demand by 56% to land at our 200 million thermal barrier baseline revenue outlook as we stand ready to fulfill 500 million for 2025 and 2026.

例如，到 2024 年，我們將客戶傳達的需求折扣 56%，以達到 2 億熱障基線收入預期，同時我們已準備好在 2025 年和 2026 年實現 5 億熱障。

Although we continue working to secure additional demand through OEM award cycle.

儘管我們繼續努力透過 OEM 獎勵週期來確保額外的需求。

Well beyond this year's, we need to discount the estimated demand on hand by 37% and 75%, respectively, to be able to fulfill it with our aerogel capacity in Rhode Island.

遠超過今年，我們需要將現有的估計需求分別折扣 37% 和 75%，才能利用我們在羅德島州的氣凝膠產能來滿足需求。

If we bring plan to online with its estimated incremental 1.2 billion of thermal barrier revenue capacity in 2027, we will need to continue discounting our estimated 2027 and 2028 demand by 41% and 46% to be able to fulfill it with both aerogel plants in summary, over the next five years, we estimate that there are over $4.4 billion of excess demand between our customers' estimates of their demand on our latest capacity plan and assessments.

如果我們將預計在2027 年增加12 億熱障收入產能的計畫付諸實施，我們將需要繼續將我們預計的2027 年和2028 年需求折價41% 和46%，以便能夠通過兩家氣凝膠工廠來滿足這項需求未來五年，我們估計客戶對我們最新容量計畫和評估的需求估計之間存在超過 44 億美元的超額需求。

We believe that this leaves room for plenty of program delays, lower volume ramps, long sourcing processes and multi-stakeholder decisions that are customary in the automotive industry without affecting our ability to go to grow profitably and drive our business model.

我們相信，這為汽車行業常見的大量項目延遲、較低的產量增長、漫長的採購流程和多利益相關者決策留下了空間，而不會影響我們實現盈利增長和推動我們的業務模式的能力。

This is precisely why our team is so motivated and why we continue to execute with conviction and our eyes wide open despite most of what we read in the media around electric vehicles.

這正是我們的團隊如此積極的原因，也是為什麼我們繼續堅定信念並睜大眼睛執行，儘管我們在媒體上讀到了有關電動車的大部分內容。

Speaking of execution.

說到執行。

Before handing the call back to Dan, I'd like to spend a few minutes on slide 10, which we've now been updating for the past two quarters with our results alongside the main annual targets of our business model with our current capacity, which we believe can now deliver $650 million of revenue and 25% EBITDA margins on an annual run-rate basis.

在將電話轉回給 Dan 之前，我想花幾分鐘時間瀏覽幻燈片 10，我們現在一直在更新過去兩個季度的業績以及我們業務模式的主要年度目標和當前產能，我們相信，按年運行率計算，該公司現在可以帶來6.5 億美元的收入和25% 的EBITDA 利潤率。

It's obvious that we've continued to make progress towards our targets by bringing our cost of goods sold to the target of 65 percentage points of sales without relying on outsized revenue growth while continuing to decrease our OpEx as a percentage of sales in Q4.

很明顯，我們在不依賴收入大幅增長的情況下，將銷售成本提高到銷售額的 65%，同時繼續降低第四季度營運支出佔銷售額的百分比，從而在實現目標方面繼續取得進展。

Accelerating this level of scalability was not an easy feat.

加速這種等級的可擴展性並不是一件容易的事。

And I would like to thank everyone in our team for bringing us to this point.

我要感謝我們團隊中的每個人讓我們走到這一步。

I truly can't be more excited about our prospects, happier or prouder of playing a small part in this team as we continue sharpening our acts in 2024.

當我們在 2024 年繼續加強我們的行動時，我真的對我們的前景感到更加興奮，對於在這個團隊中扮演一小部分感到更加高興和自豪。

Thanks again, everyone.

再次感謝大家。

And with that already Don.

唐已經這樣了。

Thank you, Ricardo.

謝謝你，里卡多。

We have covered a significant amount of ground today and reviewing Q for full year 2023, our near term outlook and our longer-term strategy before we move to Q&A, I would like to emphasize the focus on driving significant profitability from our existing resources and commercial opportunities, while at the same time, we are maintaining our full longer-term upside potential as we continue to win design awards from EVOEM.s, grow our baseload energy industrial revenue and leverage our aerogel technology platform into additional high-value markets.

今天我們已經討論了大量內容，並回顧了2023 年全年的Q、我們的近期展望和長期戰略，然後再進行問答，我想強調重點是從我們現有的資源和商業中推動顯著的盈利能力機會，同時，隨著我們繼續贏得 EVOEM.s 的設計獎項，增加我們的基本負載能源工業收入，並利用我們的氣凝膠技術平台進入其他高價值市場，我們將保持全部長期上升潛力。

We believe 2024 will be another significant step towards building this dynamic and highly profitable technology company candidates.

我們相信 2024 年將是打造這家充滿活力且高利潤的科技公司候選人的另一個重要步驟。

Let's turn to Q&A.

讓我們轉向問答。

Thank you, Dan.

謝謝你，丹。

(Operator Instructions) George Gianarikas, Canaccord.

（操作員說明）George Gianarikas，Canaccord。

Hi, good morning.

早安.

Thank you for taking my questions and appreciate it all the detail around your expectations for this year and for next year.

感謝您回答我的問題，並感謝您對今年和明年的期望的所有細節。

I'm wondering if you could just give us a little bit of comfort around previous sales into some of your larger OEM customers.

我想知道您是否可以就之前向一些較大的 OEM 客戶進行的銷售讓我們感到一點安慰。

You just do the quick math around how much material you've shipped into customers like GM versus how much they sell through has been.

您只需快速計算您向通用汽車等客戶運送了多少材料，以及他們的銷售量。

There seems to be a little bit of a discrepancy there and they have some that large customer has indicated that they've had some issues with module production.

那裡似乎存在一點差異，他們有一些大客戶表示他們在模組生產方面遇到了一些問題。

Can we just chalk up some of that, that shipment relative to sell through to issues with module module production or we can?

我們是否可以將其中一些相對於銷售的出貨量歸因於模組生產問題？或者我們可以嗎？

Or is there a worry that that might come back to bite Aspen in the future?

或者是否擔心這可能會在未來再次影響阿斯彭？

Thank you.

謝謝。

Thanks, George.

謝謝，喬治。

Yes, I mean, I think I'm yes, of course, if you run the math.

是的，我的意思是，我想我是肯定的，當然，如果你算一下的話。

It's no secret that it is very likely that some of our parts did not end up in a completed module or a completed vehicle and quite a few of them.

眾所周知，我們的某些零件很可能最終沒有形成完整的模組或完整的車輛，其中有相當多的零件。

So I mean for us, when we look at the signals around this customer's demand pool, we still feel pretty good about the fact that they don't have a ton of inventory of our parts that hasn't made its way into vehicles.

所以我的意思是，對我們來說，當我們查看該客戶需求池周圍的訊號時，我們仍然對他們沒有大量尚未進入車輛的零件庫存感到非常滿意。

And so we think that you may have some variability of around a month in the value chain waiting for a part to ultimately lend into a vehicle, assuming 100% yields within their processes.

因此，我們認為，假設流程中的收益率為 100%，等待零件最終借入車輛的價值鏈中可能會有大約一個月的時間變化。

And we think that that variability so small that is pretty well captured within the discounting that we're doing up.

我們認為這種變化非常小，可以在我們正在進行的折扣中很好地體現出來。

They're at the low end of the production guideline for Ultium for this year and then obviously on a much higher level of discounting that we take to the IHS forecast.

它們處於今年 Ultium 生產指南的低端，顯然處於我們根據 IHS 預測得出的更高水平的折扣。

So I mean, so far, we still see a pay for for parts.

所以我的意思是，到目前為止，我們仍然看到零件付費。

We know that there isn't a ton of inventory in the value chain as these vehicles get built.

我們知道，在這些車輛的製造過程中，價值鏈中並沒有大量庫存。

And as we showed here on some of the slides and they're expected to continue making more vehicles, we actually are on an important part of the solution of improving the yields around module assembly and ultimate vehicle integration.

正如我們在一些幻燈片上展示的那樣，他們預計將繼續生產更多車輛，我們實際上正在解決提高模組組裝和最終車輛整合產量的解決方案的重要組成部分。

And so we we know that that's also Ana on an improving pattern here.

所以我們知道安娜也在改進模式。

Great.

偉大的。

And just as a follow-up, there seems to be a lot of momentum with silicon anodes.

作為後續行動，矽陽極似乎有很大的發展動能。

And I was wondering if you can give us an update on your silicon Battery Materials segment and any traction you have there.

我想知道您是否可以向我們介紹您的矽電池材料領域的最新情況以及您在該領域的吸引力。

Thank you.

謝謝。

Thank you, George.

謝謝你，喬治。

We continue to make progress in our aerogel technology center on on our silicon anode activities.

我們的氣凝膠技術中心在矽陽極活動方面持續取得進展。

And we are very focused on having a cost-advantaged product.

我們非常注重擁有具有成本優勢的產品。

And as we and I would expect that we will sample customers over the course of 2024 with those with those materials, we have some key internal milestones too, and to reach before we do that.

正如我們和我所預期的那樣，我們將在 2024 年對使用這些材料的客戶進行抽樣，因此我們也有一些關鍵的內部里程碑，並在此之前達到目標。

And the team is very talented and very focused on doing that.

團隊非常有才華並且非常專注於做到這一點。

As you know, George, it's a it's a it's a challenging problem and to solve and that's why I'm doing so could be so valuable to us and to the industry overall.

正如你所知，喬治，這是一個具有挑戰性的問題，需要解決，這就是為什麼我這樣做對我們和整個行業來說非常有價值。

So we've got a great team working on it.

因此，我們有一支出色的團隊致力於此。

And I guess I would just say sort of standby.

我想我只想說一種待機。

We're going to continue to I'll make progress over 2024 and very likely talk more about it in subsequent earnings calls.

我們將繼續在 2024 年取得進展，並且很可能在隨後的財報電話會議中更多地討論這個問題。

Thank you.

謝謝。

Colin Rusch, Oppenheimer.

科林‧魯施，奧本海默。

Thanks so much, guys.

非常感謝，夥計們。

Can you talk a little bit about the cadence and the rate of customer sampling and how that's evolved over the last 12 to 15 months for the?

您能否談談客戶抽樣的節奏和比率，以及過去 12 到 15 個月的變化？

Yes.

是的。

I mean, we've scaled our processes there.

我的意思是，我們已經在那裡擴展了我們的流程。

So if you talk to our sales team.

因此，如果您與我們的銷售團隊交談。

I mean, where you came via our building here in mobile, where we build the prototype parts, we're getting prototype parts to new customers for new applications within two to three days of when they ask for them.

我的意思是，您透過我們在行動裝置上的建置來到這裡，我們在那裡建立原型零件，我們將在新客戶提出要求後兩到三天內為新應用程式提供原型零件。

And we're still seeing a lot of the product roadmap set.

我們仍然看到許多產品路線圖已確定。

These OEMs had shaped up in 2020 and 2021 still hold some of these programs are getting into the sourcing phases.

這些 OEM 廠商已於 2020 年和 2021 年完成組建，其中一些計劃仍處於採購階段。

And yes, and I think this is sort of reflected by the the broader market itself, right?

是的，我認為這在某種程度上反映在更廣泛的市場本身上，對吧？

I mean a lot of these decisions that come and the CapEx that was put to work towards launching nameplates in 2021.

我的意思是，為了在 2021 年推出銘牌，我們做出了許多決定，並投入了資本支出。

I mean, those trains have sort of left the station and are in the sourcing stage today.

我的意思是，這些火車已經離開車站，今天正處於採購階段。

And so they'll continue to move on, I think at the same pace that we saw it last year.

因此，他們將繼續前進，我認為與我們去年看到的步伐相同。

It's really the the new product decisions for that will come into sourcing here in 2025 and 2026, where there may be some retiming.

實際上，新產品決策將在 2025 年和 2026 年在這裡進行採購，可能會進行一些重新調整。

But on the climb in the pace, we see it comparable to what it was last year.

但從增速的攀升來看，我們發現它與去年相當。

And what's actually accelerated now is our ability to respond quickly.

現在實際上加速的是我們快速反應的能力。

We've got a larger sales team and and our turnaround time is much faster.

我們擁有更大的銷售團隊，而且我們的周轉時間也更快。

Again, that's super helpful.

再說一次，這非常有幫助。

And then I guess from a pricing strategy perspective, obviously, you guys have been able to demonstrate a fair amount of value in terms of the safety side of things.

然後我想從定價策略的角度來看，顯然，你們已經能夠在安全方面展現出相當大的價值。

But the and the ability to monetize some of the other elements of cost reduction that you're facilitating for your OEMs at the pack level.

但是，您有能力將您在包裝層面為 OEM 提供的其他一些成本降低要素貨幣化。

Can you talk a little bit about your ability to pass price and how that might impact margins or any assumptions that are ends from the commentary you made on that margin profile for the Company?

您能否談談您傳遞價格的能力以及這可能如何影響利潤率，或者您對公司利潤率概況所做的評論所得出的任何假設？

Yes.

是的。

I mean, the so the margin profile and what we've been laying out here for the past several quarters is really more of a framework, right?

我的意思是，所以利潤率概況以及過去幾個季度我們在這裡列出的內容實際上更像是一個框架，對嗎？

And we think that a key tenet in enabling that framework is being sold out, right?

我們認為啟用該框架的關鍵原則正在被拋棄，對吧？

So if you are if you don't have more capacity than you need, you're able to.

因此，如果您的容量沒有超出您的需要，那麼您就可以做到。

I have we have the right pricing discussion and in many ways Stand Your Ground relative to the value that you're creating for the customer and our team.

我們進行了正確的定價討論，並在許多方面堅持您為客戶和我們的團隊創造的價值。

Going back to your earlier question on the sales cycle, our sales team is incredible at saying, yes, to solving the customer's problem.

回到您之前關於銷售週期的問題，我們的銷售團隊令人難以置信地說，是的，解決了客戶的問題。

But we're very good at saying no to bring the price below a level that I think it compensates us for the capital that we're deploying and all of the resources that we have in the Company to solve these customer problems.

但我們非常擅長拒絕將價格降低到一個水平以下，我認為這可以補償我們正在部署的資本以及公司為解決這些客戶問題而擁有的所有資源。

So being sold out is a key tenet of the strategy and then, of course, the team continues to generate additional demand and we'll continue increasing our demand over the next several years.

因此，銷售一空是該策略的關鍵原則，當然，團隊將繼續產生額外的需求，我們將在未來幾年繼續增加我們的需求。

But again, without giving up pricing, we really think that the pricing lever is the main one at driving our business model here.

但同樣，在不放棄定價的情況​​下，我們確實認為定價槓桿是推動我們商業模式的主要槓桿。

I think Colin, also just to turn the wheel a little bit over to the energy industrial side.

我認為科林也只是將方向盤稍微轉向能源工業方面。

Also, I would anticipate that as we continue to convert over to the supplemental supply that that will support the kind of gross margins that we and you expect here over the course of 2024 and that in the years to come.

此外，我預計，隨著我們繼續轉向補充供應，這將支持我們和您在 2024 年以及未來幾年預期的毛利率。

Super helpful, guys.

非常有幫助，夥計們。

Thanks so much.

非常感謝。

Chris Stavos, B. Riley.

克里斯·斯塔沃斯，B.萊利。

Okay.

好的。

Hey, guys.

大家好。

Thanks for taking the questions and congrats on all the progress and the gross margins out there.

感謝您提出問題，並對所有進度和毛利率表示祝賀。

But maybe I can follow up there.

但也許我可以跟進那裡。

Could you talk a bit about if you're already hitting your target model gross margins in the fourth quarter?

您能否談談第四季您的模型毛利率是否已經達到目標？

Like what are the puts and takes between, you know, on the past to 650 million run rate.

就像過去 6.5 億運行率之間的看跌期權和跌幅是多少。

Are there any reasons we should expect continued improvement on the materials and conversion side?

我們是否有理由期待材料和轉換的持續改進？

And if our price downs are kind of scheduled within that kind of a yes, as to that run rate, Mike, what should we be thinking about those puts and takes?

如果我們的價格下跌是在那種肯定的情況下安排的，至於運行率，麥克，我們應該如何考慮這些看跌期權和賣出期權？

Yes.

是的。

No, thanks, Chris.

不，謝謝，克里斯。

Look, I mean, if you look at the performance in Q4.

我的意思是，如果你看看第四季的表現。

As Dan, I have been joking here.

身為丹，我一直在這裡開玩笑。

We almost feel like we ran a six minute mile on the treadmill and our new sort of heard different and so so we just wanted to take it step by step here and can really look at field the various elements of the cost structure that where even though we're already there we still have to keep optimizing it to make it a recurring thing.

我們幾乎感覺我們在跑步機上跑了六分鐘一英里，而我們的新類型聽到了不同的聲音，所以我們只想在這裡一步一步地進行，並且可以真正了解成本結構的各個要素，儘管我們已經做到了這一點，但我們仍然需要繼續優化它，以使其成為重複出現的事情。

And so on the materials side, we again like we're still budgeting for the 40% as a percentage of sales and whether 36% as a percentage of sales was favorable.

因此，在材料方面，我們再次希望我們仍在為佔銷售額的 40% 的百分比進行預算，以及佔銷售額的 36% 的百分比是否有利。

You always want to have a little bit of buffer there for in our case for inbound freight costs, for example.

例如，在我們的例子中，您總是希望有一點緩衝來應對入境運費。

Right.

正確的。

Then on on conversion costs, I mean, we're not there yet, Ray, we're still about at the run rate of Q4.

然後，關於轉換成本，我的意思是，我們還沒有達到目標，雷，我們仍處於第四季的運行速度。

I'd say we're still about 10 percentage points away from where we need to be.

我想說，我們距離我們需要達到的目標還有大約 10 個百分點。

And there's also a buffer in there actually for expedited freight, which as we launch new programs, I mean, we're potentially starting programs with two OEMs here this year.

實際上，那裡還有一個用於加急貨運的緩衝區，當我們啟動新計劃時，我的意思是，我們今年可能會與兩家原始設備製造商啟動計劃。

And if you go back to our cost structure in 2021, we're almost adding P & L's that had that seem to be a pretty bad profit profile as you get ramped up here this year to come in alongside the business that we have.

如果你回到 2021 年我們的成本結構，我們幾乎會添加損益表，這似乎是一個相當糟糕的利潤狀況，因為你今年在這裡與我們現有的業務一起增加。

And so for us, the well, it would be great to assume that and think that we can continue running a six minute mile here on the treadmill, and we'd like to slow it down a little bit as we launch some of these programs deal with the nature of expediting things and the cost of being reactive here when you're still in the launch phase, even on some of the nameplates where we've been supplying parts here for a couple of quarters now and on.

因此，對於我們來說，假設並認為我們可以繼續在跑步機上跑六分鐘一英里，那就太好了，當我們啟動其中一些計劃時，我們希望放慢一點速度當您仍處於啟動階段時，即使在我們幾個季度以來一直在這裡提供零件的一些銘牌上，也要處理加速事情的本質和反應的成本。

And those are really the main ones, right?

這些確實是主要的，對嗎？

Then there's also this element of them, labor costs.

還有其中的一個因素，就是勞動成本。

And there's a point in which you you break into a point where your labor costs actually start being pretty well absorbed, but then building up that next level of capacity could actually have you go finding different types of labor that has a different cost structure.

在某個時刻，你的勞動成本實際上開始被很好地吸收，但隨後建立下一個層次的能力實際上可以讓你去尋找具有不同成本結構的不同類型的勞動力。

And so we want to protect for that here as we as we planned for the year.

因此，我們希望按照今年的計劃來保護這一點。

But those are really the main elements.

但這些確實是主要元素。

It's really the on the cost of being able to react quickly to change that.

這實際上是能夠快速做出反應以改變這種狀況的成本。

We want to factor into the profitability outlook without going into the year, assuming that we can run a six minute mile consistently.

我們希望在不進入今年的情況下考慮獲利前景，假設我們可以持續跑六分鐘一英里。

I would also just just say that we the team, the teams really across Aspen did a lot of the small things really well over the course of the quarter and really over the course of the year, you heard me referenced the gross margin progression starting with 11% in Q. one and making our way all the way to 35%.

我也想說，我們這個團隊，整個阿斯彭的團隊在本季度和這一年中確實很好地做了很多小事情，你聽到我提到了毛利率進展，從第一季為11% ，一路攀升至35%。

So we did a lot of things well, and in Q4, I agree with Ricardo's cautionary comments.

所以我們很多事情都做得很好，在第四季度，我同意里卡多的警告性評論。

I do think the 35% we're certainly a confidence builder for us that we're going to be able to do this over over any period of a period of time and perhaps with some variability and also I mean, don't get us wrong, right?

我確實認為 35% 的人肯定會增強我們的信心，我們將能夠在一段時間內的任何一段時間內做到這一點，也許會有一些變化，而且我的意思是，不要讓我們失望錯了，對吧？

I mean, if the revenue shows up, we actually have a little fun chart that actually looks like a like a set of stairs and the first $50 million, a good amount of that flows to the bottom line, the $50 million on top of that, I mean at least 20% of that flows down to the EBITDA line.

我的意思是，如果收入出現，我們實際上有一個有趣的圖表，實際上看起來像一組樓梯，前 5000 萬美元，其中很大一部分流向底線，最上面的 5000 萬美元，我的意思是至少20% 流向EBITDA 線。

So so we are pretty excited about the prospects of additional revenues and on and that would obviously have us then update our profitability estimates of that revenue starts to materialize.

因此，我們對額外收入的前景感到非常興奮，這顯然會讓我們更新我們對收入開始實現的獲利預測。

Understood.

明白了。

That's really helpful.

這真的很有幫助。

And then maybe just on the 10 additional OEMs and additional programs you talked about as far as general over the next couple of years.

然後可能只是您談到的未來幾年的 10 個其他 OEM 和其他計劃。

I'm curious how many have 2025 launches and whether any vehicles or platforms you've previously been highlighting that you were testing or quoting have moved forward without pirated and to what extent are the opportunities can post it sounds like it's going toward the kind of 2026, 2027, 2020 kind of a potential programs that are on soup seem to be shifting rather than kind of the more near term, but if you could just provide color on that overall pipeline.

我很好奇有多少個會在2025 年發布，以及您之前強調的您正在測試或引用的任何車輛或平台是否已經在沒有盜版的情況下取得進展，以及機會在多大程度上可以發布，聽起來像是正在走向那種2026、2027、2020 年的潛在計劃似乎正在發生變化，而不是近期的計劃，但如果你能在整個管道上提供一些顏色的話。

Yes, sure.

是的，當然。

Well, I referenced in my comments the the sixth one that we've talked about for some time technically work.

好吧，我在評論中提到了我們已經討論了一段時間的技術工作的第六項。

But where were we we reached all the milestones and this is a matter of negotiating some final final terms, if you will, in that announcement in terms of additional ones, we are heavily engaged with additional OEMs as they work through the timing of the development of their own platforms.

但是，我們在哪裡實現了所有里程碑，這是談判一些最終條款的問題，如果您願意的話，在附加條款的公告中，我們與其他原始設備製造商密切合作，因為他們正在製定開發時間他們自己的平台。

And we are we believe that we will be part of those platforms.

我們相信我們將成為這些平台的一部分。

And in terms of timing, I think it's fair to say that on the started production for additional OEM.s, it's probably more likely to be at SOP 2026 and 2025 up.

就時間安排而言，我認為可以公平地說，在為其他 OEM 開始生產時，更有可能在 2026 年和 2025 年的 SOP 上進行。

Quite honestly, I think we have on our hands.

老實說，我認為我們有能力。

So from a revenue demand point of view in 2024 and 2025.

所以從2024年和2025年的收入需求來看。

So that probably suits us quite well.

所以這可能很適合我們。

We are not aware of our hub, I'd say losing a process to other other materials or other solutions.

我們不知道我們的中心，我想說的是，我們失去了其他材料或其他解決方案的流程。

And we think we have a we have an excellent solution that addresses both the of the thermal management and the mechanical challenges associated with these with these costs, there will be areas.

我們認為我們有一個出色的解決方案，可以解決熱管理和與這些成本相關的機械挑戰，將會有一些領域。

So we feel like we're in, we're in good shape.

所以我們感覺我們狀態良好。

Eric Stine, Craig-Hallum.

艾瑞克·斯坦，克雷格·哈勒姆。

I don't know, Ricardo, so there may be.

我不知道，里卡多，所以可能有。

I'm doing well.

我很好。

Thanks, um.

謝謝，嗯。

So maybe if we could just talk about '24 a little bit.

所以也許我們可以稍微談談'24'。

Obviously, you've laid out a pretty it sounds like conservative baseline and some scenarios that are upside for the second half.

顯然，你已經制定了一個聽起來相當保守的基線和一些下半年有上行前景的情景。

I know previously you had talked about a kind of a goal or a 550 million revenue run rate with the expectation that you could hit that as early as third quarter of 24 D?

我知道您之前曾談到一個目標，即 5.5 億美元的收入運行率，並期望最早在 24 日第三季就能實現？

And I'm just curious if you have updated thoughts on that.

我只是好奇你是否對此有更新的想法。

Is that still that type of time line, which is possible?

這仍然是那種可能的時間線嗎？

I think it's still possible, but it's not really up to us, frankly, I mean, I think we're ready to capture it, but it really depends more on our main customer here and there it's still it's still a possibility.

我認為這仍然是可能的，但這並不完全取決於我們，坦率地說，我的意思是，我認為我們已經準備好抓住它，但這實際上更多地取決於我們這裡和那裡的主要客戶，它仍然是一種可能性。

We have we have the capacity in place to be able to do that.

我們有能力做到這一點。

Erika, as we I think one important thing that we took we voice today out was this was this additional capacity from our East Providence facility for thermal barriers from from originally 400 to $500 million.

艾莉卡，我認為我們今天提出的一件重要的事情是，我們東普羅維登斯工廠的隔熱層產能從原來的 400 美元增加到了 5 億美元。

And again, based really empirically on our productivity and yields that were that we're experiencing on today.

再一次，基於我們今天所經歷的生產力和產量的實際經驗。

And then of course, on top of that, it is our supplemental supply that we target at $150 million.

當然，除此之外，我們的目標是 1.5 億美元的補充供應。

So that ability to get out to a run rate of of the five 50 as you sign up even with additional capacity from there.

因此，當您註冊時，即使有額外的容量，也能達到 5 50 的運行率。

So we feel like we've sort of done our part and now we're and now we're on.

所以我們覺得我們已經盡了自己的職責，現在我們正在繼續前進。

We're doing everything we can to make our OEM. successful.

我們正在盡一切努力來製造我們的 OEM。成功的。

Yes.

是的。

No, that makes sense.

不，這是有道理的。

And maybe for my second one, this is just a follow-up on a previous question, you talked about the pricing strength you have especially well in energy industrial because it's capacity constrained.

也許對於我的第二個問題，這只是上一個問題的後續，您談到了能源產業中特別好的定價優勢，因為它的產能有限。

I mean, is there a scenario that you are able to increase that I mean that maybe this is a question a couple of quarters from now, but when you're at one 50, I think in the past you've talked about you see demand in excess of 200 million a year.

我的意思是，有沒有一種情況你能夠增加，我的意思是，也許這是幾個季度後的一個問題，但是當你達到 50 時，我想你過去已經談到過你看每年需求量超過2億。

So just maybe thoughts on that, how do you think about that longer term?

所以也許只是對此的想法，您如何看待長期的問題？

Our team has a strong track record of increasing prices and associated with the value that we're bringing to those to those end users and and on.

我們的團隊在提高價格方面擁有良好的記錄，並與我們為最終用戶等帶來的價值相關。

And so I think you will see us continue to test the market on with us with strong pricing.

因此，我認為您會看到我們繼續以強勁的定價來測試市場。

I'm I'm very pleased with with the arrangement that we that we have with our supplemental supply as a supporting our our cost structure, a pretty known cost structure if you will.

我對我們的補充供應安排非常滿意，作為我們成本結構的支持，如果你願意的話，這是一個眾所周知的成本結構。

And so I as I said in my comments, I think you will see from our energy industrial business meet our expectations.

因此，正如我在評論中所說，我認為您會從我們的能源工業業務中看到滿足我們的期望。

And I think it's got a lot of potential to continue to grow as well from that, that sort of nominal $150 million baseline that we've that we've created both from a demand point of view and from a capacity point of view.

我認為它還有很大的潛力繼續成長，我們從需求的角度和產能的角度創建了名義上 1.5 億美元的基準。

Okay, that's great.

好的，太好了。

Thank you.

謝謝。

Alex Potter, Piper Sandler.

亞歷克斯·波特，派珀·桑德勒。

Okay, excellent.

好的，非常好。

Thanks.

謝謝。

Hi, guys.

嗨，大家好。

Add one question on, I guess incremental OEM., to what extent are they I guess making orders contingent upon as an opening additional capacity in Georgia or elsewhere.

添加一個問題，我猜增量 OEM。我猜他們在多大程度上根據在佐治亞州或其他地方開放額外產能而定訂單。

I know that historically some of these automotive suppliers get a little jittery when they have so much reliance on a single plant.

我知道，從歷史上看，當這些汽車供應商如此依賴一家工廠時，他們會有點緊張。

It's a meteor strikes, the Rhode Island facility, what happens to their supply chain.

這是流星撞擊，羅德島工廠，他們的供應鏈發生了什麼事。

So to what extent is that factoring into conversations that you're having either with existing customers or additional ones?

那麼，您與現有客戶或其他客戶的對話中會在多大程度上考慮到這一因素呢？

I mean, we don't see the same level of sensitivity to the single supply source as one would think.

我的意思是，我們對單一供應源的敏感度並不像人們想像的那麼高。

I mean, they're very concentrated on on cells and actually some of the raw materials throughout the rest of the battery value chain.

我的意思是，他們非常專注於電池，實際上是電池價值鏈其餘部分的一些原始材料。

But for us, I mean, we if and if an OEM is asking us about 2027, we present that as being supplied out of Georgia and that gives our customers a lot of comfort if you combine it with Rhode Island.

但對我們來說，我的意思是，如果OEM 向我們詢問2027 年的情況，我們會表示該產品是從喬治亞州供應的，如果將其與羅德島州結合起來，這會給我們的客戶帶來很大的安慰。

And so right now in our selling efforts, I think customers are just assuming that the Georgia plant will be there in 2027 and this giving them the necessary comfort to commit.

因此，目前在我們的銷售工作中，我認為客戶只是假設喬治亞州工廠將於 2027 年建成，這給了他們必要的安慰來做出承諾。

I think, Alex, that's sort of the the area where they are likely or are I should say, are pushing us a little bit on the fabrication side and especially our European customers.

我認為，亞歷克斯，他們可能或我應該說，在這個領域，他們正在推動我們在製造方面，尤其是我們的歐洲客戶的發展。

I think they would like us to shorten.

我認為他們希望我們縮短時間。

That's part of the supply chain if you will and on.

如果你願意的話，那是供應鏈的一部分。

And so as we as we win more and more European business, I think you may very well see us create a fabrication capability like the one we have in Mexico to serve that, that part of our that part of our market

因此，當我們贏得越來越多的歐洲業務時，我認為您很可能會看到我們創建像我們在墨西哥那樣的製造能力，以服務我們市場的一部分

Or just build up more inventory in Europe, right?

或只是在歐洲增加庫存，對嗎？

Exactly.

確切地。

For instance, the idea are setting up a storage and inspection facility at a neutral point.

例如，這個想法是在中立點建立一個儲存和檢查設施。

Netherlands, Belgium in Europe is something that customers have been totally okay with and we'll probably take that step before looking at manufacturing in Europe.

歐洲的荷蘭、比利時是客戶完全滿意的，我們可能會在考慮歐洲製造之前採取這一步驟。

Okay.

好的。

That's helpful.

這很有幫助。

And then maybe you mentioned you're talking about 2027 and beyond sourcing out of Georgia.

然後也許您提到您正在談論 2027 年及以後從喬治亞州購買。

And obviously, you're not going to be able to provide any incremental commentary on the deal you have on process.

顯然，您將無法對正在進行的交易提供任何增量評論。

But one thing I am sort of interested in something that's come up in conversations with clients is the election again, maybe hard to predict, but to what extent, let's say that the loan isn't finalized and the capital is not deployed prior to November and then who knows how things happened in November, but assuming you have a less maybe DOE friendly administration coming in in November, to what extent does that put your against the DOE loan at risk?

但我對與客戶對話中提到的一件事感興趣的是再次選舉，也許很難預測，但到什麼程度，假設貸款尚未最終確定，資本在 11 月之前尚未部署然後誰知道11 月份的事情是如何發生的，但假設11 月你可能會遇到一個對能源部不太友善的政府，那麼這會在多大程度上使你的能源部貸款面臨風險？

We're working very hard to do it in a timeframe on that.

我們正在非常努力地在規定的時間內做到這一點。

It brings us and there are no assurances here, but brings us to our conditional approval and and final terms.

它給我們帶來了（這裡沒有任何保證），但給我們帶來了有條件的批准和最終條款。

And at that point that money is is allocated from from the from the DOE. and wouldn't be reversed from a November election that might be up and less favorable towards these kinds of programs.

那時這筆錢是從能源部分配的。並且不會因為 11 月的選舉而逆轉，選舉結果可能會上升並且對此類計劃不太有利。

So so we're working hard and fast as possible on this.

因此，我們正在努力、快速地進行這方面的工作。

And and I think again, as I said in my in my comments, the DLPS and on programs, offices is on.

我再次想到，正如我在評論中所說，DLPS 和辦公室專案正在啟動。

We're very engaged with them and their advisers.

我們與他們和他們的顧問保持著密切的聯繫。

And and again, it's a no assurances of them have a final result.

再說一次，我們不能保證他們會有最終結果。

But but we're in really good position.

但是我們處於非常有利的位置。

We believe yes, that is worth highlighting.

我們相信是的，這一點值得強調。

I mean, once you get into this diligence and the term negotiation phase with the DOE, we've actually been very surprised at the speed at which the DOE moves.

我的意思是，一旦進入與能源部的盡職調查和術語談判階段，我們實際上對能源部的行動速度感到非常驚訝。

I mean, it's moving faster than a lot of the private investors that we were encountering last year, right?

我的意思是，它的發展速度比我們去年遇到的許多私人投資者都快，對吧？

The everybody is very actively engaged.

每個人都非常積極地參與。

We actually have to step up our response to the DOE. in many cases.

我們實際上必須加強對能源部的回應。在很多情況下。

And so we feel confident about the timing and where we are today.

因此，我們對時機和我們今天所處的位置充滿信心。

And I feel we're a good candidate that we have proven technology.

我覺得我們是一個很好的候選者，因為我們擁有經過驗證的技術。

We have customers who we lead and we have contracts.

我們有我們領導的客戶，我們有合約。

We're positive EBITDA as of fourth quarter would be.

我們對截至第四季的 EBITDA 持樂觀態度。

Our projections are strong.

我們的預測很強烈。

We have two two different businesses supporting the overall growth of our Company growth and profitability of our company.

我們有兩個不同的業務支持我們公司的整體成長和獲利能力。

We're good.

我們很好。

We're a good candidate, I think, for this program.

我認為我們是該計劃的良好候選人。

Perfect.

完美的。

Very helpful.

很有幫助。

Thanks, guys.

多謝你們。

Tom Curran, Seaport Research Partners.

湯姆‧柯蘭，海港研究夥伴。

Morning, guys.

早安，夥計們。

At East Providence, you've just solved or will unleash another two morning.

在東普羅維登斯，你剛剛解決或將釋放另外兩個早上。

Good morning.

早安.

So any provenance you just saw for and will unleash another 20% of annual capacity?

那麼您剛才看到的任何來源將釋放另外 20% 的年產能？

That's a considerable increase and this is not the first time Aspen as unlock significantly higher throughput and ore yields there.

這是一個相當大的增長，這並不是阿斯彭第一次在那裡實現顯著更高的吞吐量和礦石產量。

Just theoretically, assuming plant one remains dedicated to PyroThin, just how much more productive capacity could you potentially wring out of that facility.

從理論上講，假設一號工廠仍然專用於 PyroThin，那麼您可以從該工廠中榨取多少產能。

I think we're at the point where it really depends more on the mix and who were producing parts for then than finding more capacity through improving the yields increasing line speeds, introducing longer roll lengths, et cetera, which the team is still continuing to work on.

我認為我們正處於這樣一個階段：它實際上更多地取決於組合以及誰在當時生產零件，而不是通過提高產量、增加生產線速度、引入更長的捲長度等來尋找更多的產能，團隊仍在繼續這樣做從事於。

But I think some yes, above that $500 million and your revenue capacity level.

但我認為有些是可以的，高於 5 億美元和你的收入能力水準。

I think if we're producing some of the thinner material for a broader set of customers, there's potential for additional capacity.

我認為，如果我們為更廣泛的客戶生產一些更薄的材料，就有可能增加產能。

But there we sort of need the mix to work in our favor.

但我們需要這種組合才能對我們有利。

But then again, I mean, I think our team has been really incredible at it coming up with a couple of breakthroughs here, particularly in improving our yields and down, and we're still it's working on that.

但話又說回來，我的意思是，我認為我們的團隊在這方面取得了一些突破，特別是在提高我們的產量和產量方面確實令人難以置信，而且我們仍在為此努力。

So so it's a bit of a balance, but I do feel much, much less conservative around the latest capacity assessment than when we were calculating the $400 million a year ago.

所以這有點平衡，但我確實覺得最新的容量評估比我們一年前計算 4 億美元時保守得多。

We made some capital investments over the course of 2023 as we as we convert the three lines in East Providence one at a time from from optimized around energy industrial to optimize around a day.

我們在 2023 年期間進行了一些資本投資，因為我們將東普羅維登斯的三條生產線從圍繞能源工業的優化轉變為圍繞一天進行的優化。

And we still have a little bit more of that to do.

我們還有更多工作要做。

But again, the team has done an excellent job on this.

但同樣，團隊在這方面做得非常好。

And as Ricardo says, we feel confident in what we talked about today.

正如里卡多所說，我們對今天談論的內容充滿信心。

And also, as Ricardo said, I think what you'll see from here is more incremental than that, a big 2020% jump that you that we've talked about earlier today.

而且，正如里卡多所說，我認為您將從這裡看到的比這更多的增量，我們今天早些時候討論過的 2020% 的大幅躍升。

Got it.

知道了。

And I mistakenly said 20%.

我錯誤地說了20%。

I think it's actually 25%, right?

我認為實際上是25%，對吧？

So even even more impressive.

所以更令人印象深刻。

And then a.

然後。

Yes, right, you have you don't Hilton.

是的，對，你有你沒有希爾頓。

We don't want to undercut what your team has achieved.

我們不想削弱您團隊所取得的成就。

Again, very impressive and then based on GM's current Ultium production guidance and sales targets for 2024.

同樣，基於通用汽車當前的 Ultium 生產指導和 2024 年銷售目標，這令人印象深刻。

So not your internal discounted baseline, but InterActual actual bounded plans and then the resultant expected nameplate mix, Ricardo, what is the weighted average range for CPV. that you did to realize for all team sales this year?

因此，不是您的內部折扣基準，而是 InterActual 實際有界計劃，然後是由此產生的預期銘牌組合，Ricardo，CPV 的加權平均範圍是多少。今年您為所有團隊銷售所做的努力是怎麼樣的？

About $900.

大約900美元。

Right.

正確的。

Like 900 to 1,000 vehicles, right?

大約 900 到 1,000 輛車，對吧？

And that would be like the weighted average midpoint of there range.

這就像該範圍的加權平均中點。

We weren't Hormel and I do not expect a really very take to the IHS mix

我們不是荷美爾，我也不指望會真正採用 IHS 組合

(multiple speakers)

（多個發言者）

I mean, it could vary more to the upside.

我的意思是，它可能會出現更多的上行變化。

Frankly, it does seem like some of the larger battery pack models will probably be built first.

坦白說，看起來確實可能會先製造一些較大的電池組模型。

And but we kind of need to wait and see that.

但我們需要等等看。

Understood.

明白了。

Thanks for taking my questions and all the helpful color.

感謝您提出我的問題和所有有用的顏色。

Thanks so much.

非常感謝。

(inaudible)

（聽不清楚）

I guess just one question on the CapEx plans, if any of that dependent on the DOE loan coming through?

我想只有一個關於資本支出計劃的問題，是否有任何一項取決於能源部貸款的通過？

Or is that sort of baked into your guidance, cash flows or cash flow assumptions, et cetera already?

或者這已融入您的指導、現金流量或現金流量假設等？

Now what we've communicated is where we would spend without the DOE's potential funding.

現在我們已經溝通的是，如果沒有能源部的潛在資金，我們將花在哪裡。

If the DOE funding materializes, then we would be basically plotting the the the reacceleration of the construction, and that has a different spend profile for the second half of the year.

如果能源部的資金落實，那麼我們基本上將規劃重新加速建設，下半年的支出將有所不同。

Okay, which were interest-only right now, but it would look a lot like the trajectory that we were on before we decided to write-down the plant.

好吧，現在只付利息，但這看起來很像我們決定減記該工廠之前的軌跡。

Got it.

知道了。

Thank everybody and I am key as there were no additional questions waiting at this time.

謝謝大家，我很關鍵，因為此時沒有其他問題。

I'd like to hand the conference call back over to Tonya for closing remarks.

我想將電話會議交還給托尼亞做總結發言。

Thank you, Candice, for your help today.

謝謝你，坎迪斯，今天的幫忙。

We appreciate your interest in Aspen Aerogels and look forward to reporting to you our first quarter 2024 results in early May.

我們感謝您對 Aspen Aerogels 的興趣，並期待在 5 月初向您報告我們 2024 年第一季的業績。

Well, have a good day.

好吧，祝你有美好的一天。

Thank you.

謝謝。

Ladies and gentlemen, thank you for joining us on today's conference call and have a great rest of your day.

女士們、先生們，感謝您參加今天的電話會議，祝您今天休息愉快。

You may now disconnect.

您現在可以斷開連線。